$PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ .UDQNHQKDXVVWDWLVWLN ±.UDQNHQKlXVHU± 7HLO,,'LDJQRVHQPDVFKLQHOOH/LHIHUXQJ .+' $PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ 5HIHUDW±+RFKVFKXOH6FKXOH%UDQGHQEXUJ *HVXQGKHLWVZHVHQ 7UDQLW]HU6WUDH &RWWEXV 5FNVHQGXQJELWWHELV$SULO $QVFKULIW GHV7UlJHUV $QVSUHFKSDUWQHULQIU5FNIUDJHQIUHLZLOOLJH$QJDEH 1DPH 7HOHIRQ 7HOHID[ 8 67 (5 (0DLO $QVFKULIW GHV.UDQNHQKDXVHV HUUHLFKHQXQVEHU 6LHHUUHLFKHQXQVEHU )UDX0|ELXV )UDX0|ELXV DX0|ELX )UDX3LORW )UDX3LORW +HUU+HUEHUW] +HUU+HUEHUW] )UDX9RLJW )UDX9RLJW 7HOHID[ 7H 7HOHID[ (0DLO (0D NUDQNHQKDXV KDXV (0DLO NUDQNHQKDXV#VWDWLVWLNEEEGH 8QWHUULFKWXQJQDFK%XQGHVVWDWLVWLNJHVHW] LNJHVHW] HVHW .UDQNHQKDXVQXPPHU /DQG ZLUGYRPVWDWLVWLVFKHQ$PWDXVJHIOOW *H *HKHLPKDOWXQJ (VKDQGHOWVLFKXPHLQHMlKUOLFKH9ROOHUKHEXQJGHU.UDQNHQKlXVHU OHUKHEXQJGHU.UDQNHQKlXVHU HEXQJGHU.UDQNHQKl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lWWHQDQ.UDQNHQKlXVHUQ]XPDFKHQ'LH(U WWHQDQ.UDQNHQKlXVHUQ]XPDFK QDQ.UDQNHQKlXVHUQ]XPDFK JHEQLVVHGHU.UDQNHQKDXVVWDWLVWLNELOGHQGLHVWDWLVWLVFKH%DVLV NHQKDXVVWDWLVWLNELOGHQGLHVWDWLVW XVVWDWLVWLNELOGHQGLHVWDWLVW IUYLHOHJHVXQGKHLWVSROLWLVFKH(QWVFKHLGXQJHQGHV%XQGHVXQG GKHLWVSROLWLVFKH(QWVFKHLGXQJHQG KHLWVSROLWLVFKH(QWVFKHLG GHU/lQGHUXQGGLHQHQGHQDQGHU.UDQNHQKDXVILQDQ]LHUXQJEH QGGLHQHQGHQDQGHU.UDQNHQ QGGLHQHQGHQDQGHU.UDQNHQKDX WHLOLJWHQ,QVWLWXWLRQHQDOV3ODQXQJVJUXQGODJH'LH(UKHEXQJOLHIHUW WLRQHQDOV3ODQXQJVJUXQGODJ ZLFKWLJH,QIRUPDWLRQHQEHUGLH6WUXNWXUGHUVWDWLRQlUHQ9HUVRU LRQHQEHUGLH6WUXN LRQHQEHUGLH6WUXNWXU JXQJEHUGLH=XVDPPHQKlQJH]ZLVFKHQ0RUELGLWlWVXQG.RV PPHQKlQJH]ZLV PPHQKlQJH]ZLVF QNHQKDXVEHU WHQHQWZLFNOXQJLP.UDQNHQKDXVEHUHLFKVRZLHEHUGLHUHJLRQDOH VDUWHQ VDUWHQ6 +lXILJNHLWYRQ.UDQNKHLWVDUWHQ6LHGLHQWGDPLWOHW]WOLFKDXFKGHU J :LVVHQVFKDIWXQG)RUVFKXQJXQGWUlJW]XU,QIRUPDWLRQGHU%HY|O NHUXQJEHL 'LHHUKREHQHQ(LQ]HODQJDEHQZHUGHQQDFK%6WDW*JUXQG VlW]OLFKJHKHLPJHKDOWHQ1XULQDXVGUFNOLFKJHVHW]OLFKJHUHJHOWHQ $XVQDKPHIlOOHQGUIHQ(LQ]HODQJDEHQEHUPLWWHOWZHUGHQ 5HFKWVJUXQGODJHQ %HL'LDJQRVHVWDWLVWLNHQGLH+DXSWGLDJQRVHJHJOLHGHUWQDFK $OWHUVJUXSSHQLQ9HUELQGXQJPLW3DWLHQWHQ]DKO9HUZHLOGDXHU XQGGHU$QJDEHRERSHULHUWZRUGHQLVW 0 $UW8PIDQJXQG=ZHFNGHU(UKHEXQJ .UDQNHQKDXVVWDWLVWLN9HURUGQXQJ.+6WDW9YRP$SULO %*%O,6]XOHW]WJHlQGHUWGXUFK$UWLNHOEGHV*HVHW]HV YRP0lU]%*%O,6LQ9HUELQGXQJPLW GHP%XQGHVVWDWLVWLNJHVHW]%6WDW*YRP-DQXDU %*%O,6]XOHW]WJHlQGHUWGXUFK$UWLNHOGHV *HVHW]HVYRP-XOL%*%O,6 (UKREHQZHUGHQGLH$QJDEHQ]X1XPPHU.+6WDW9'LH $XVNXQIWVSIOLFKWHUJLEWVLFKDXV.+6WDW9LQ9HUELQGXQJPLW %6WDW*'DQDFKVLQGGLH7UlJHUGHU.UDQNHQKlXVHUXQG 9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQDXVNXQIWVSIOLFKWLJ *HPl$EVDW]%6WDW*KDEHQ:LGHUVSUXFKXQG$QIHFK WXQJVNODJHJHJHQGLH$XIIRUGHUXQJ]XU$XVNXQIWVHUWHLOXQJNHLQH DXIVFKLHEHQGH:LUNXQJ .+' (LQHhEHUPLWWOXQJGHUHUKREHQHQ$QJDEHQLVWQDFK $EVDW].+6WDW9LQ9HUELQGXQJPLW$EVDW]%6WDW* DQGLHIDFKOLFK]XVWlQGLJHQREHUVWHQ%XQGHVXQG/DQGHVEHK|U GHQLQ)RUPYRQ7DEHOOHQPLWVWDWLVWLVFKHQ(UJHEQLVVHQ]XOlVVLJ DXFKVRZHLW7DEHOOHQIHOGHUQXUHLQHQHLQ]LJHQ)DOODXVZHLVHQ'LHV JLOWQLFKWIUGLHGLDJQRVHEH]RJHQHQ'DWHQQDFK1XPPHU .+6WDW9VRZHLWVLHGLIIHUHQ]LHUWHUDOVDXI.UHLVHEHQHDXVJH ZLHVHQZHUGHQ0LW=XVWLPPXQJGHU.UDQNHQKlXVHUN|QQHQGHQ REHUVWHQ/DQGHVEHK|UGHQQDFK$EVDW].+6WDW9IU=ZHFNH GHU.UDQNHQKDXVSODQXQJ7DEHOOHQPLWVWDWLVWLVFKHQ(UJHEQLVVHQ GHV7HLOV,,'LDJQRVHQGHU.UDQNHQKDXVVWDWLVWLNIUHLQ]HOQH.UDQ NHQKlXVHUEHUPLWWHOWZHUGHQDXFKVRZHLW7DEHOOHQIHOGHUQXU HLQHQHLQ]LJHQ)DOODXVZHLVHQZHQQQLFKWPHKUDOVGLHIROJHQGHQ 'DWHQYHUEXQGHQZHUGHQ %HL(LQ]XJVJHELHWVVWDWLVWLNHQGLH:RKQJHPHLQGHLQ6WDGW VWDDWHQ6WDGWWHLOHLQ9HUELQGXQJPLW)DFKDEWHLOXQJ+DXSW GLDJQRVHXQG3DWLHQWHQ]DKO 1DFK$EVDW]%6WDW*LVWHV]XOlVVLJGHQ+RFKVFKXOHQRGHU VRQVWLJHQ(LQULFKWXQJHQPLWGHU$XIJDEHXQDEKlQJLJHUZLVVHQ VFKDIWOLFKHU)RUVFKXQJIUGLH'XUFKIKUXQJZLVVHQVFKDIWOLFKHU 9RUKDEHQ(LQ]HODQJDEHQGDQQ]XU9HUIJXQJ]XVWHOOHQZHQQ GLHVHVRDQRQ\PLVLHUWVLQGGDVVVLHQXUPLWHLQHPXQYHUKlOWQLV PlLJJURHQ$XIZDQGDQ=HLW.RVWHQXQG$UEHLWVNUDIWGHP %HIUDJWHQRGHU%HWURIIHQHQ]XJHRUGQHWZHUGHQN|QQHQ 6HLWH QRFK8QWHUULFKWXQJQDFK%XQGHVVWDWLVWLNJHVHW] (LQHhEHUPLWWOXQJYRQ(LQ]HODQJDEHQPLW1DPHQXQG$QVFKULIWLVW DXVJHVFKORVVHQ'LH3IOLFKW]XU*HKHLPKDOWXQJEHVWHKWDXFKIU 3HUVRQHQGLH(PSIlQJHUYRQ(LQ]HODQJDEHQVLQG +LOIVPHUNPDOH7UHQQHQXQG/|VFKHQ 2UGQXQJVQXPPHUQ 'HU1DPHGHV.UDQNHQKDXVWUlJHUV1DPHXQG$QVFKULIWGHV .UDQNHQKDXVHVVRZLH1DPH(0DLO$GUHVVH7HOHIRQXQG7HOH ID[QXPPHUGHUIU5FNIUDJHQ]XU9HUIJXQJVWHKHQGHQ3HUVRQ VLQG+LOIVPHUNPDOHGLHOHGLJOLFKGHUWHFKQLVFKHQ'XUFKIKUXQJ GHU(UKHEXQJGLHQHQ6LHZHUGHQQDFKDEJHVFKORVVHQHU3UIXQJ GHU$QJDEHQYHUQLFKWHWE]ZJHO|VFKW'LHYHUZHQGHWH.UDQNHQ KDXVQXPPHUGLHQWHEHQIDOOVGHUWHFKQLVFKHQ'XUFKIKUXQJGHU 6WDWLVWLNVLHHQWKlOWNHLQH0HUNPDOHEHUSHUV|QOLFKHRGHUVDFK OLFKH9HUKlOWQLVVH 0LW=XVWLPPXQJGHU%HWURIIHQHQVLQGGLH6WDWLVWLVFKHQbPWHU GHU/lQGHUJHPl$EVDW].+6WDW9EHUHFKWLJWMlKUOLFKLP 5DKPHQHLQHV9HU]HLFKQLVVHV1DPH$QVFKULIW7UlJHU$UWGHV .UDQNHQKDXVHV)DFKDEWHLOXQJHQXQG%HWWHQ]DKOYRQ.UDQNHQ KlXVHUQVRZLHYRQ9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFKWXQJHQ ]XYHU|IIHQWOLFKHQ :HLWHUH,QIRUPDWLRQHQ]XU.UDQNHQKDXVVWDWLVWLN $EJUHQ]XQJGHV(UKHEXQJVEHUHLFKVÄ.UDQNHQKDXV³ 'LH(UKHEXQJHUVWUHFNWVLFKDXIDOOH.UDQNHQKlXVHUHLQVFKOLHOLFK GHUPLWLKQHQYHUEXQGHQHQ$XVELOGXQJVVWlWWHQ$XVJHQRPPHQ VLQG.UDQNHQKlXVHULP6WUDIRGHU0DUHJHOYROO]XJVRZLH3ROL]HL NUDQNHQKlXVHU.UDQNHQKlXVHULP6LQQHGLHVHU(UKHEXQJVLQG (LQULFKWXQJHQGLHJHPl$EVDW]6*%9 ± GHU.UDQNHQKDXVEHKDQGOXQJRGHU*HEXUWVKLOIHGLHQHQ QNHQKlXVHUQ QNHQKlXVHUQ]XY 8P=XVDW]DXIZDQGLQGHQ.UDQNHQKlXVHUQ]XYHUPHLGHQVROOHQ VWPDVFKLQHOOGHU VWPDVFKLQHOOGHUYRUKD GLH3DWLHQWHQGDWHQP|JOLFKVWPDVFKLQHOOGHUYRUKDQGHQHQ%DVLV YHUVFKLHGHQHQ8QWHUODJ YHUVFKLHGHQHQ8QWHUODJHQG GRNXPHQWDWLRQE]ZGHQYHUVFKLHGHQHQ8QWHUODJHQGHU3DWLHQWHQ RPPHQZHUGHQ HQZHUGHQ GDWHQYHUZDOWXQJHQWQRPPHQZHUGHQ 67 (5 ± IDFKOLFKPHGL]LQLVFKXQWHUVWlQGLJHUlU]WOLFKHU/HLWXQJVWHKHQ EHUDXVUHLFKHQGHLKUHP9HUVRUJXQJVDXIWUDJHQWVSUHFKHQGH GLDJQRVWLVFKHXQGWKHUDSHXWLVFKH0|JOLFKNHLWHQYHUIJHQXQG QDFKZLVVHQVFKDIWOLFKDQHUNDQQWHQ0HWKRGHQDUEHLWHQ DXIHOHNWURQLVFKHP:HJDQGLHVWDWLVWLVFKHQbPWHU]XEHUPLW WHOQ+LHU]XVLQGGLHYRQGHQVWDWLVWLVFKHQbPWHUQ]XU9HUIJXQJ JHVWHOOWHQ2QOLQH9HUIDKUHQ]XQXW]HQ,PEHJUQGHWHQ(LQ]HOIDOO FKE NDQQDXIIRUPORVHQ$QWUDJHLQH]HLWOLFKEHIULVWHWH$XVQDKPHYRQ HUGHQ GHQ GHU2QOLQH0HOGXQJYHUHLQEDUWZHUGHQ ± PLW+LOIHYRQMHGHU]HLWYHUIJEDUHPlU]WOLFKHP3IOHJH)XQN WLRQVXQGPHGL]LQLVFKWHFKQLVFKHP3HUVRQDOGDUDXIHLQJHULFKWHW VLQGYRUZLHJHQGGXUFKlU]WOLFKHXQGSIOHJHULVFKH+LOIHOHLVWXQJ .UDQNKHLWHQGHU3DWLHQWHQ3DWLHQWLQQHQ]XHUNHQQHQ]XKHLOHQ LKUH9HUVFKOLPPHUXQJ]XYHUKWHQ.UDQNKHLWVEHVFKZHUGHQ]X OLQGHUQRGHU*HEXUWVKLOIH]XOHLVWHQ XQGLQGHQHQ UGHQ ± GLH3DWLHQWHQ3DWLHQWLQQHQXQWHUJHEUDFKWXQGYHUSIOHJWZHUGHQ N|QQHQ 8 RGHU HU 9RQ.UDQNHQKlXVHUQ]XXQWHUVFKHLGHQVLQG9RUVRUJHRGHU VD DW]6*%9 6*%9 5HKDELOLWDWLRQVHLQULFKWXQJHQLP6LQQHYRQ$EVDW]6*%9 RQ Q VRZLHVWDWLRQlUH3IOHJHHLQULFKWXQJHQLP6LQQHYRQ DELOLWDWLRQVHLQULFK WDWLRQVH $EVDW]6*%;,)U9RUVRUJHRGHU5HKDELOLWDWLRQVHLQULFK DXFKZHQQVLHYRP HQQVLHY WXQJHQVLQGHLJHQH)UDJHERJHQDXV]XIOOHQDXFKZHQQVLHYRP N LPJOHLF LPJ KHQ*HElXGH *HElXGH VHOEHQ7UlJHUDXIGHPVHOEHQ*UXQGVWFNLPJOHLFKHQ*HElXGH QULFKWXQJHQVLQGQLFKW FKWXQJHQVLQGQLFKW EHWULHEHQZHUGHQ6WDWLRQlUH3IOHJHHLQULFKWXQJHQVLQGQLFKW WLN LN *HJHQVWDQGGHU.UDQNHQKDXVVWDWLVWLN 0 (UIDVVXQJHLQHV.UDQNHQKDXVHVLV UIDVVXQJHLQHV.UDQNHQKDXVHV 0DJHEOLFKIUGLHVWDWLVWLVFKH(UIDVVXQJHLQHV.UDQNHQKDXVHVLVW GLHXQWHUHLQKHLWOLFKHU9HUZDOWXQ XQWHUHLQKHLWOLFKHU9HUZDOWXQ MHGHRUJDQLVDWRULVFKH(LQKHLWGLHXQWHUHLQKHLWOLFKHU9HUZDOWXQJ ODJHGHUNDXIPlQQLVFKHQ%XFKI DJHGHUNDXIPlQQLVFKHQ%XFKI VWHKWXQGIUGLHDXI*UXQGODJHGHUNDXIPlQQLVFKHQ%XFKIKUXQJ WHOOWZLUG(LQ.UDQNHQKDXVDOV(L HOOWZLUG(LQ.UDQNHQKDXV HLQ-DKUHVDEVFKOXVVHUVWHOOWZLUG(LQ.UDQNHQKDXVDOV(LQKHLW lQGLJJHOHLWHWH)DFKDEWHLOXQJHQ QGLJJHOHLWHWH)DFKDEWHLOXQJH NDQQPHKUHUHVHOEVWVWlQGLJJHOHLWHWH)DFKDEWHLOXQJHQRGHU)DFK %EHL8QLYHUVLWlWVNOLQLNHQ %EHL8QL YHUVLWlWVNOLQLNHQ NOLQLNHQXPIDVVHQZLH]%EHL8QLYHUVLWlWVNOLQLNHQ,QGLHVHP)DOO PWH.UDQNHQKDXVD PWH.UDQNHQKDXVDE] LVWGLH0HOGXQJIUGDVJHVDPWH.UDQNHQKDXVDE]XJHEHQ 0HOGXQJ]XU6WDWLVWLN HW HWU )UMHGHV.UDQNHQKDXVVLQGMlKUOLFKJHWUHQQWH$QJDEHQ]X7HLO, Ä*UXQGGDWHQ³]X7HLO,,Ä'LDJQRVHQ³XQG]X7HLO,,, Ä.RVWHQ³]XPDFKHQ 'LH$QJDEHQ]XGHQ'LDJQRVHQVLQGELV]XP$SULODQGDV ]XVWlQGLJHVWDWLVWLVFKH$PW]XEHUPLWWHOQ 'HU*HVHW]JHEHUKDWGLHhEHUPLWWOXQJGHU0HOGXQJHQDQGLH VWDWLVWLVFKHQbPWHUQHXJHUHJHOW JHQVLQG9ROOVWlQGLJNHLWXQG5LFKW HQVLQG9ROOVWlQGLJNHLWXQG5LFK %HLGHQ(LQWUDJXQJHQVLQG9ROOVWlQGLJNHLWXQG5LFKWLJNHLWGHU$Q VWHOOHQ'LHDOOJHPHLQHQ* VWHOOHQ'LHDOOJHPHLQHQ*UXQGVl JDEHQVLFKHU]XVWHOOHQ'LHDOOJHPHLQHQ*UXQGVlW]HIUGLH'RNX G4XDOLWlWVNRQWUROOHGHU'DWHQ G4XDOLWlWVNRQWUROOHGHU'DWHQZL PHQWDWLRQXQG4XDOLWlWVNRQWUROOHGHU'DWHQZLHVLHGHUÄ/HLWIDGHQ QLVFKHQ%DVLVGRNXPHQWDWLRQQDF LVFKHQ%DVLVGRNXPHQWDWLRQQDF ]XU0HGL]LQLVFKHQ%DVLVGRNXPHQWDWLRQQDFK6*%9³HQWKlOW EHUFNVLFKWLJHQ%LWWHDFKWHQ6 EHUFNVLFKWLJHQ%LWWHDFKWHQ6LH VLQG]XEHUFNVLFKWLJHQ%LWWHDFKWHQ6LHGDUDXIGDVVGLHKLHU JHZLHVHQH$Q]DKOGHUHQWODVVHQH QDFKJHZLHVHQH$Q]DKOGHUHQWODVVHQHQVWDWLRQlUHQ3DWLHQWHQ DWLHQWLQQHQHLQVFKOLHOLFK6WHUEHIl WLHQWLQQHQHLQVFKOLHOLFK6WHUEHI 3DWLHQWLQQHQHLQVFKOLHOLFK6WHUEHIlOOHPLWGHQ$QJDEHQ]X7HLO, *UXQGGDWH Ä.UDQNHQEHWWHQ% *UXQGGDWHQ NHQEHWWHQ *UXQGGDWHQÄ.UDQNHQEHWWHQ%HUHFKQXQJVXQG%HOHJXQJVWDJH XQG3DWLHQWHQEHZHJXQJ³6SD XQG3DWLHQWHQEHZHJXQJ³6SDOWHXQG6SDOWHEHUHLQVWLPPW ,QGLHVHQ9HUJOHLFKZHUGHQ ,QGLHVHQ9HUJOHLFKZHUGHQ ,QGLHVHQ9HUJOHLFKZHUGHQGLHQLFKWNUDQNKHLWVEHGLQJWEHKDQG OXQJVEHGUIWLJHQ1HXJHE UIWLJHQ1 OXQJVEHGUIWLJHQ1HXJHERUHQHQHQWVSUHFKHQGGHQ)DOOSDXVFKDOHQ 3'XQG3'QDF 3'XQG3'QDFK 3'XQG3'QDFK$EVDW]GHU)DOOSDXVFKDOHQYHUHLQ EDUXQ EDUXQJ )39 39 EDUXQJ)39QLFKWPLWHLQEH]RJHQGDVLHLP7HLO, *UXQGGD *UXQGGDWHQQLFKW *UXQGGDWHQQLFKW]X]lKOHQVLQG 'LH(UKH 'LH(UKHEXQJ 'LH(UKHEXQJVPHUNPDOHMH3DWLHQW3DWLHQWLQN|QQHQGHP VWDWLVWLVFKH LVWLVF VWDWLVWLVFKHQ$PWDOV$6&,,RGHUDOV;0/'DWHLEHUPLWWHOW ZHUGHQ ZHUGHQ ZHUGHQ)ROJHQGHVLVWGDEHL]XEHDFKWHQ $6& 'DWHQVlW]HPVVHQHQWVSUHFKHQGGHUEHLJHIJWHQ $6&,, 'DWHQVDW]EHVFKUHLEXQJHUVWHOOWZHUGHQ'LH6DW]OlQJHEH WUlJWNRQVWDQW=HLFKHQ-HGHU'DWHQVDW]LVWPLWHLQHP 5(7851DE]XVFKOLHHQ ;0/ 'LH/LHIHUYHUHLQEDUXQJHQILQGHQ6LHXQWHU KWWSZZZVWDWVSH]GHFRUHOLHIHUYHUHLQEDUXQJHQ KWPOHYDV 'LHMHZHLOLJHQ'DWHLHQVROOWHQGLHVWHOOLJH.UDQNHQKDXVQXPPHU DOV1DPHQHUKDOWHQ ,QIRUPDWLRQHQEHUHLQHQVLFKHUHQ8SORDGGHU'DWHLHQVRGDVV DXIHLQHhEHUVHQGXQJGHU'DWHQWUlJHUYHU]LFKWHWZHUGHQNDQQ HUKDOWHQ6LHEHLP]XVWlQGLJHQVWDWLVWLVFKHQ$PW 'DPLWHLQH=XRUGQXQJGHUYHUVFKLHGHQHQ(UKHEXQJVWHLOH,±,,, *UXQGGDWHQ'LDJQRVHQ.RVWHQMH.UDQNHQKDXVHUIROJHQNDQQ PXVVGDUDXIJHDFKWHWZHUGHQGDVVEHLGHQYHUVFKLHGHQHQ'DWHQ OLHIHUXQJHQHLQHV+DXVHVGLHJOHLFKH.UDQNHQKDXVQXPPHUDQJH JHEHQLVW 1DFKD%XQGHVVWDWLVWLNJHVHW]YRP-DQXDU %*%O,6GDV]XOHW]WGXUFK$UWLNHOGHV*HVHW]HV YRP-XOL%*%O,6JHlQGHUWZRUGHQLVWVLQGDOOH %HWULHEHXQG8QWHUQHKPHQJHVHW]OLFKYHUSIOLFKWHWLKUH$QJDEHQ 6HLWH .+' $PWIU6WDWLVWLN%HUOLQ%UDQGHQEXUJ .+' .UDQNHQKDXVVWDWLVWLN ±.UDQNHQKlXVHU± 7HLO,,'LDJQRVHQPDVFKLQHOOH/LHIHUXQJ %HDFKWHQ6LHIROJHQGH+LQZHLVH SIOHJHVDW]YHURUGQXQJDEJHUHFKQHWZHUGHQVLQGQDFK$EJDQJ DXVGHUYROOVWDWLRQlUHQ%HKDQGOXQJGLHLP'DWHQVDW]HQW KDOWHQHQ)UDJHQYROOVWlQGLJ]XEHDQWZRUWHQ'LHVH$QJDEHQ EHWUHIIHQDXFKGLHLP.UDQNHQKDXVYHUVWRUEHQHQ3DWLHQWHQ 3DWLHQWLQQHQVRIHUQVLH]XYRUYROOVWDWLRQlULP.UDQNHQKDXV DXIJHQRPPHQZXUGHQ%LWWHQHKPHQ6LHDXFKJHVXQGH1HX JHERUHQHLQGHQ1DFKZHLVDXI1LFKWQDFKJHZLHVHQZHUGHQ U YRUVWDWLRQlUQDFKVWDWLRQlUWHLOVWDWLRQlURGHUDPEXODQWEH HQWLQQH KDQGHOWH3DWLHQWHQ3DWLHQWLQQHQVRZLH%HJOHLWSHUVRQHQ P*'5*) P*'5*)DOOS )lOOHGLHQDFKGHP*'5*)DOOSDXVFKDOHQV\VWHP HUGHQ UGHQ DEJHUHFKQHWZHUGHQ *LOWLQIU.UDQNHQKlXVHUQDFKE$EVDW]6DW] .UDQNHQKlXVHUQDFK HUVWHU+DOEVDW].+* VDW].+* 8 67 (5 ,QGHU.UDQNHQKDXVGLDJQRVHVWDWLVWLNZHUGHQDOOHLP-DKU HQWODVVHQHQYROOVWDWLRQlUEHKDQGHOWHQ3DWLHQWHQ3DWLHQWLQQHQ HLQVFKOLHOLFK6WHUEHIlOOHXQGQLFKWNUDQNKHLWVEHGLQJW EHKDQGOXQJVEHGUIWLJH1HXJHERUHQHHQWVSUHFKHQGGHQ)DOO SDXVFKDOHQ3'XQG3'QDFK$EVDW]GHU)DOOSDX VFKDOHQYHUHLQEDUXQJ)39LP)ROJHQGHQÄJHVXQ GH1HXJHERUHQH³JHQDQQWQDFKJHZLHVHQ(UIDVVWZLUGGLH XQXQWHUEURFKHQHYROOVWDWLRQlUH%HKDQGOXQJLP.UDQNHQKDXV XQDEKlQJLJYRQGHU=DKOGHUGDEHLGXUFKODXIHQHQ)DFKDEWHL OXQJHQ%LWWHDFKWHQ6LHGDUDXIGDVVGLHKLHUQDFKJHZLHVHQH $Q]DKOGHUHQWODVVHQHQYROOVWDWLRQlUHQ3DWLHQWHQ3DWLHQWLQQHQ HLQVFKOLHOLFK6WHUEHIlOOHPLWGHQ$QJDEHQ]X7HLO,*UXQG GDWHQÄ.UDQNHQEHWWHQ%HUHFKQXQJVXQG%HOHJXQJVWDJH XQG3DWLHQWHQEHZHJXQJ³6SDOWHXQG6SDOWHEHUHLQ VWLPPW =XP-DQXDUZXUGHGDV)DOOSDXVFKDOHQV\VWHP *HUPDQ'LDJQRVLV5HOHDWHG*URXSV±*'5*JUXQGVlW]OLFK LQDOOHQ.UDQNHQKlXVHUQYHUSIOLFKWHQGHLQJHIKUW'LH(QWJHOWH UHJHOWGDV.UDQNHQKDXVHQWJHOWJHVHW].+(QWJ*9RQ GLHVHP*HVHW]DXVJHQRPPHQVLQG.UDQNHQKlXVHUQDFK EH $EVDW]6DW].+(QWJ*)UGLH'LDJQRVHVWDWLVWLNEH DFKWHQ6LHGHVKDOEIROJHQGHV QJ J )lOOHGLHQDFKGHU%XQGHVSIOHJHVDW]YHURUGQXQJ DEJHUHFKQHWZHUGHQ *LOWLQIU.UDQNHQKlXVHUQDFKE$EVDW]6DW] VDW]6DW] ]ZHLWHU+DOEVDW].+*E]Z$EVDW]%3IO9 9 3DWLHQWHQ DWLHQWH MHGHYRO HGH YROOVWDWLR )UMHGHQYROOVWDWLRQlUEHKDQGHOWHQ3DWLHQWHQMHGHYROOVWDWLR /HLVWXQJHQQDFKGHU%XQGHV QJHQQDFKGHU%XQGHV QlUEHKDQGHOWH3DWLHQWLQIUGLH/HLVWXQJHQQDFKGHU%XQGHV GHQ3DW GHQ3DWLHQWHQ MHGH3DWL HGH3DW HQWLQI )UMHGHQ3DWLHQWHQMHGH3DWLHQWLQIUGHQGLHHLQH*'5* OSDXVFKDOHDEJHUHFKQHWZXUGH SDXVFKDOHDEJHUHFKQHWZXUG )DOOSDXVFKDOHDEJHUHFKQHWZXUGHGLHHLQHQYROOVWDWLRQlUHQ $XIHQWKDOWXPIDVVWVLQGQDFK$ XIHQWKDOWXPIDVVWVLQGQDFK$ $XIHQWKDOWXPIDVVWVLQGQDFK$EJDQJDXVGHUYROOVWDWLRQlUHQ %HKDQGOXQJGLHLP'DWHQV %HKDQGOXQJGLHLP'DWHQVDW] %HKDQGOXQJGLHLP'DWHQVDW]HQWKDOWHQHQ)UDJHQYROOVWlQGLJ ]XEHDQWZRUWHQ'LHVH$Q ]XEHDQWZRUWHQ'LHVH$QJ ]XEHDQWZRUWHQ'LHVH$QJDEHQEHWUHIIHQDXFKGLHLP.UDQ NHQKDXVYHUVWRUEHQHQ3 YHUVWRUEHQHQ NHQKDXVYHUVWRUEHQHQ3DWLHQWHQ3DWLHQWLQQHQVRIHUQVLH]X YRUYROOVWDWLRQlULP. YRUYROOVWDWLRQlULP.UDQNHQKDXVDXIJHQRPPHQZXUGHQ%LWWH QHKPHQ6LHDXFK QHKPHQ6LHDXFKJHVXQGH1HXJHERUHQHLQGHQ1DFKZHLV DXI1LF DXI1LFKWQDFKJ DXI1LFKWQDFKJHZLHVHQZHUGHQYRUVWDWLRQlUQDFKVWDWLRQlU WHLOVWDWLRQlUR HLOVWDWLRQ WHLOVWDWLRQlURGHUDPEXODQWEHKDQGHOWH3DWLHQWHQ3DWLHQWLQQHQ VRZLH%HJ H%HJ VRZLH%HJOHLWSHUVRQHQ%LWWHEHDFKWHQ6LHGDVVEHLHLQHU :LHGHUD :LHGHUDXIQDKPHQDFKXQGHLQHU5FNYHUOHJXQJQDFK $ $EVDW]GHU9HUHLQEDUXQJ]XP)DOOSDXVFKDOHQV\VWHP I IU.UDQNHQKlXVHU)DOOSDXVFKDOHQYHUHLQEDUXQJ±)39 GLH$XIHQWKDOWH]XHLQHP)DOO]XVDPPHQ]XIKUHQVLQG (UOlXWHUXQJHQ]XP'DWHQVDW] 'DWHQVDW] DWHQVD 'LHGHQ(UKHEXQJVPHUNPDOHQYRUDQJHVWHOOWHQ1XPPHUQ UNPDOHQYRUDQJHVWHOOWHQ1XPPH NPDOHQYRUDQJHVWHOOWHQ1XP VDXIGLH1XPPHUGHV(LQJDEHI DXIGLH1XPPHUGHV(LQJDEH EH]LHKHQVLFKMHZHLOVDXIGLH1XPPHUGHV(LQJDEHIHOGHV() HVFKUHLEXQJ UHLEXQJ LQGHU'DWHQVDW]EHVFKUHLEXQJ .UDQNHQKDXVQXPPHU KDXVQXPPHU 0 6ROOWHHVVLFKMHGRFKXPHLQH:LHGHUDXIQDKPHQDFK RGHUHLQH5FNYHUOHJXQJQDFK$EVDW])39 KDQGHOQZHUGHQGLH)lOOH]XHLQHP)DOO]XVDPPHQJH IKUW*HEHQ6LHGDQQELWWHGDV$XIQDKPHGDWXPGHV HUVWHQ$XIHQWKDOWVXQGGDV(QWODVVXQJVGDWXPGHV OHW]WHQ$XIHQWKDOWVDQ 'LH9HUVFKOVVHOXQJVQXPPHUIU,KU.UDQNHQKDXVZLUG FKOVVHOXQJVQXPPHUIU,KU FKOVVHOXQJVQXPPHUIU,KU ,KQHQYRP]XVWlQGLJHQVWDWLVWLVFKHQ$PWPLWJHWHLOWXQG ]XVWlQGLJHQVWDWLVWLVFK ]XVWlQGLJHQVWDWLVWLVFKH HFNEODWWPLWGHQ,Q LVWDXIGHP'HFNEODWWPLWGHQ,QIRUPDWLRQHQ]XU.UDQNHQ HJHEHQ6LH KDXVVWDWLVWLNDQJHJHEHQ6LHPXVVKLHUEHUQRPPHQ ZHUGHQ :LUGHLQ3DWLHQWHLQH3DWLHQWLQIUHLQHQ7DJPHKUHUH 7DJHEHXUODXEWLVWHEHQIDOOVQXUHLQ)DOO]X]lKOHQ :LUGHLQ3DWLHQWHLQH3DWLHQWLQLQQHUKDOEHLQHV.UDQNHQ KDXVHVYHUOHJWXQGNRPPWHVGDGXUFK]XHLQHUbQGHUXQJ GHV$EUHFKQXQJVV\VWHPVEHLVSLHOVZHLVH9HUOHJXQJDXV GHUÄ,QQHUHQ0HGL]LQ³LQGLHÄ3V\FKLDWULHXQG3V\FKR WKHUDSLH³RGHUXPJHNHKUWVRZHUGHQGLH]ZHL7HLOEH UHLFKHZLH]ZHLHLJHQVWlQGLJH.UDQNHQKlXVHUEHKDQGHOW GKHVILQGHWHLQH)DOOWUHQQXQJVWDWW =XXQG$EJDQJVGDWXP $OV=XJDQJVGDWXPLVWGHU$XIQDKPHWDJLQGHQYROO VWDWLRQlUHQ%HUHLFKGHV.UDQNHQKDXVHV]XHUIDVVHQ $OV$EJDQJVGDWXPLVWGHU(QWODVVXQJVWDJDXVGHP YROOVWDWLRQlUHQ%HUHLFKGHV.UDQNHQKDXVHVDQ]XJHEHQ 'LH$QJDEHQ]XP=XXQG$EJDQJVGDWXPGLHQHQLQ 9HUELQGXQJPLWGHP*HEXUWVGDWXPGHU%HVWLPPXQJGHV $OWHUVGHV3DWLHQWHQGHU3DWLHQWLQ]XP=HLWSXQNWGHV %HJLQQVGHU.UDQNHQKDXVEHKDQGOXQJ -HGHU.UDQNHQKDXVDXIHQWKDOWHLQHVYROOVWDWLRQlUEH KDQGHOWHQ3DWLHQWHQHLQHUYROOVWDWLRQlUEHKDQGHOWHQ 3DWLHQWLQLVWDOVHLQHLJHQHU)DOO]X]lKOHQ .+' 9HUZHLOGDXHU )UGLH9HUZHLOGDXHUJHEHQ6LHELWWHGLH$Q]DKOGHU %HUHFKQXQJV%HOHJXQJVWDJHDQ6ROOWHHVVLFKLQHLQHP (LQ]HOIDOOMHGRFKXPHLQH:LHGHUDXIQDKPHQDFKRGHU HLQH5FNYHUOHJXQJQDFK$EVDW])39KDQGHOQ VRGDUIGLHWDWVlFKOLFKH9HUZHLOGDXHUDXFKNU]HUVHLQ DOVGLHUHFKQHULVFKH'LIIHUHQ]DXV=XJDQJVXQG $EJDQJVGDWXP 6HLWH XQWHUJOLHGHUWLVWIUGLH)DFKDEWHLOXQJPLWGHUOlQJVWHQ 9HUZHLOGDXHUGLHMHZHLOLJHPLWHQGHQGH6FKOVVHO QXPPHUIU´1LFKWXQWHUJOLHGHUWHV)DFKJHELHWVRZLH VRQVWLJH³DQ]XJHEHQ 6WHUEHIDOO +LHULVWDQ]XJHEHQREGHUYROOVWDWLRQlUEHKDQGHOWH 3DWLHQWGLHYROOVWDWLRQlUEHKDQGHOWH3DWLHQWLQZlKUHQG GHV$XIHQWKDOWVLP.UDQNHQKDXVYHUVWRUEHQLVW 0DJHEOLFKIUGLH=XRUGQXQJLVWGLH'DXHUGHV .UDQNHQKDXVDXIHQWKDOWVXQGQLFKWGHU6FKZHUSXQNW GHUHUEUDFKWHQPHGL]LQLVFKHQ/HLVWXQJHQ +DXSWGLDJQRVH(QWODVVGLDJQRVH*'5*'DWHQVDW] 'LH+DXSWGLDJQRVHVROOJHPlGHQ'HXWVFKHQ.RGLHU ULFKWOLQLHQDQJHJHEHQZHUGHQ $XV*UQGHQHLQKHLWOLFKHU=lKOZHLVHZLUGDXIGHQJH VRQGHUWHQ$XVZHLVHLQHU)DFKDEWHLOXQJÄ,QWHQVLYPHGL]LQ³ YHU]LFKWHW%HKDQGOXQJHQYRQ3DWLHQWHQ3DWLHQWLQQHQLQ GHU)DFKDEWHLOXQJÄ,QWHQVLYPHGL]LQ³ZHUGHQGHUDEJH EHQGHQE]ZIDOOVGLH$XIQDKPHYRQDXHUKDOEHUIROJW ZDUGHUDXIQHKPHQGHQ)DFKDEWHLOXQJ]XJHRUGQHW $XVVFKOLHOLFKLQGHU)DFKDEWHLOXQJÄ,QWHQVLYPHGL]LQ³ EHKDQGHOWH)lOOHVLQGHEHQIDOOVHLQHUGHUDXIJHIKUWHQ )DFKDEWHLOXQJHQ]X]XUHFKQHQ 'LH+DXSWGLDJQRVHZLUGGHILQLHUWDOVGLH'LDJQRVH GLHQDFK$QDO\VHDOVGLHMHQLJHIHVWJHVWHOOWZXUGHGLH KDXSWVlFKOLFKIUGLH9HUDQODVVXQJGHVVWDWLRQlUHQ $XIHQWKDOWVGHV3DWLHQWHQGHU3DWLHQWLQYHUDQWZRUWOLFK LVW,P*'5*$EUHFKQXQJVV\VWHPHQWVSULFKWGLHVGHU (QWODVVGLDJQRVH 'LH+DXSWGLDJQRVHLVWHQWVSUHFKHQGGHU,QWHUQDWLR QDOHQ6WDWLVWLVFKHQ.ODVVLILNDWLRQGHU.UDQNKHLWHQ XQGYHUZDQGWHU*HVXQGKHLWVSUREOHPH5HYLVLRQ *0*HUPDQ0RGLILFDWLRQLQGHUMHZHLOVLP%H ULFKWVMDKUJOWLJHQ9HUVLRQ]XPHOGHQ8QEHUFNVLFKWLJW EOHLEHQ$QJDEHQDXVGHP.DSLWHO;;bXHUH8UVDFKHQ YRQ0RUELGLWlWXQG0RUWDOLWlW9<< RKQJ +LHULVWGLH3RVWOHLW]DKOGHU:RKQJHPHLQGHDQ]XJHEHQLQ QGHQVWlQ GHQV GHUGHU3DWLHQWGLH3DWLHQWLQGHQVWlQGLJHQ:RKQVLW]KDW %HL3DWLHQWHQ3DWLHQWLQQHQPLWVWlQGLJHP:RKQVLW]LP QHQPLWVWlQGL QWUDJXQJHUIROJ $XVODQGGDUINHLQH(LQWUDJXQJHUIROJHQ )U3DWLHQWHQ3DWLHQWLQQHQGLHLQGHQ6WDGWVWDDWHQ 3DWLHQWHQ3DWLHQWLQQHQGLHLQG +DPEXUJ%UHPHQXQG%HUOLQZRKQHQLVWDXFKGHU6WDGW DPEXUJ%UHPHQXQG%HUOLQZ WHLOHLQ]XWUDJHQ $XIGLH$QJDEHHLQHUIQIWHQ6WHOOHZLUGYHU]LFKWHW'LH =XVDW]NHQQ]HLFKHQVLQGQLFKW%HVWDQGWHLOGHU(UKHEXQJ %HL3DWLHQWHQ3DWLHQWLQQ %HL3DWLHQWHQ3DWLHQWLQQHQPLWVWlQGLJHP:RKQVLW]LP VODQGLVWQXUGHU1 $XVODQGLVWQXUGHU1DPHGHVDXVOlQGLVFKHQ6WDDWHV VHW]HQ HLQ]XVHW]HQKLHUEHLPXVVGHU1DPHGXUFKHLQIKUHQGHV HQPDUN =HLFKHQPDUNLHUWZHUGHQ$QVWHOOHGHV1DPHQVGHV MHZHLOLJHQ/D MHZHLOLJHQ/DQGHVLQVHLQHURIIL]LHOOHQ6FKUHLEZHLVHNDQQ GDE GDEHLGDVLQWHUQDWLRQDOHLQKHLWOLFKH1DWLRQDOLWlWVNHQQ ]HLF ]HLFKHQDQJHJHEHQZHUGHQ HLQH 'LHLP'DWHQVDW]HQWKDOWHQHQ5HVHUYHIHOGHUVLQGIUHLQH P|JOLFKHUZHLVH]XNQIWLJH(UKHEXQJHLQHUIQIWHQ6WHOOH 6WHOOH W]NHQQ NHQQ GHU+DXSWGLDJQRVHRGHUGLH(UKHEXQJYRQ=XVDW]NHQQ VLFKHUKHLW UKHLW ]HLFKHQIUGLH'RNXPHQWDWLRQGHU'LDJQRVHVLFKHUKHLW Q XQGRGHUGHU6HLWHQORNDOLVDWLRQYRUJHVHKHQ 2SHUDWLRQLP=XVDPPHQKDQJPLWGHU+DXSWGLDJQRVH HU+DXSWGLDJQRVH DXSWGLDJ $OV $OV:RKQRUWQLFKWVHVVKDIWHU3DWLHQWHQ3DWLHQWLQQHQLVW G GHU6LW]*HPHLQGHGHVEHKDQGHOQGHQ.UDQNHQKDXVHV HLQ]XWUDJHQ GLH GLH3DWLH QWLQZlKUHQG QZlKUH +LHULVWDQ]XJHEHQREGHU3DWLHQWGLH3DWLHQWLQZlKUHQG =XVDPPHQKDQJPLWGHU XVDPPHQKDQJPLWGHU GHV.UDQNHQKDXVDXIHQWKDOWVLP=XVDPPHQKDQJPLWGHU H +DXSWGLDJQRVHRSHULHUWZXUGH 8PHLQHDXWRPDWLVFKH8PVHW]XQJGHU3RVWOHLW]DKOXQG GHV*HPHLQGHQDPHQVLQGLHDPWOLFKH6FKOVVHOQXPPHU YRUQHKPHQ]XN|QQHQPXVVGDUDXIJHDFKWHWZHUGHQ GDVV $OV2SHUDWLRQJHOWHQDXVVFKOLHOLFKGLHLQ.DSLWHO FKOLHOLFKGLHLQ.DSLWHO HQ2SHUDWLRQHQVFKOVVHOV ELVGHVDPWOLFKHQ2SHUDWLRQHQVFKOVVHOV 236QDFK6*%9DXIJHIKUWHQ0DQDKPHQ 6*%9DXIJHIKUWHQ0DQD ±QXUGHUDPWOLFKH1DPHGHU:RKQJHPHLQGHXQG 0 )DFKDEWHLOXQJPLWGHUOlQJVWHQ9HUZHLOGDXHU PLWGHUOlQJVWHQ9HUZHLOGDX ±NHLQH$ENU]XQJHQYRQ*HPHLQGHQDPHQ )DFKDEWHLOXQJHQVLQGRUJDQLVDWRULVFKDEJUHQ]EDUH QGRUJDQLVDWRULVFKD lQGLJYHUDQWZRU YRQbU]WHQbU]WLQQHQVWlQGLJYHUDQWZRUWOLFKJHOHLWHWH ZHLOLJHQ $EWHLOXQJHQPLWIUGHQMHZHLOLJHQ)DFKEHUHLFKW\SLVFKHQ H)DF %HKDQGOXQJVHLQULFKWXQJHQ'LH)DFKDEWHLOXQJVJOLHGH UXQJRULHQWLHUWVLFKDQGHU*HELHWVXQG6FKZHUSXQNW EH]HLFKQXQJGHUbU]WH$XVQDKPHQVWHOOHQGLH)DFK DEWHLOXQJHQ*HULDWULHXQG6XFKWGDU ,QHLQHPQDFK)DFKDEWHLOXQJHQJHJOLHGHUWHQ.UDQNHQ KDXVVLQGGLHHQWVSUHFKHQGHQ2UJDQLVDWLRQVHLQKHLWHQ HLQHUGHUDXIJHIKUWHQ)DFKDEWHLOXQJHQ]X]XRUGQHQ YHUZHQGHWZHUGHQ5HLFKWGHUYRUKDQGHQH3ODW]QLFKW DXVVRLVWGHU1DPHGHU*HPHLQGHVRZHLWZLHP|JOLFK DXV]XVFKUHLEHQXQGHUVWDP6FKOXVVDE]XNU]HQ .UDQNHQKlXVHUGLHEHU6RIWZDUH]XU8PVHW]XQJGHU 3RVWOHLW]DKOXQGGHV*HPHLQGHQDPHQVLQGLHDPWOLFKH 6FKOVVHOQXPPHUYHUIJHQELWWHQZLUYHUVFKOVVHOWH $QJDEHQ]XP:RKQRUWGHV3DWLHQWHQGHU3DWLHQWLQ]X EHUPLWWHOQ 6HLWH *HPHLQGHVFKOVVHO .UDQNHQKlXVHUGLHGLH3RVWOHLW]DKOXQGGLH:RKQJHPHLQ GHLQGLHDPWOLFKH6FKOVVHOQXPPHUXPVHW]HQZROOHQ N|QQHQKLHUGLHYHUVFKOVVHOWHQ$QJDEHQ]XP:RKQRUW GHV3DWLHQWHQGHU3DWLHQWLQHLQWUDJHQ +LHULVWGHU6LJQLHUVFKOVVHOMHQHU)DFKDEWHLOXQJHLQ]X WUDJHQLQZHOFKHUGHU3DWLHQWGLH3DWLHQWLQZlKUHQGGHV $XIHQWKDOWVDPOlQJVWHQJHOHJHQKDW'DV6FKOVVHOYHU ]HLFKQLVLVWQDFKVWHKHQGDEJHGUXFNW%LWWHYHUZHQGHQ6LH DXVVFKOLHOLFKGLHYRQXQVYRUJHJHEHQHQ6FKOVVHO 6LQGHLQ]HOQH)DFKDEWHLOXQJHQGHV.UDQNHQKDXVHV QLFKWLQVHOEVWVWlQGLJH)DFKULFKWXQJHQ)DFKEHUHLFKH :RKQRUW $OV:RKQRUWLVWGLH:RKQJHPHLQGHDQ]XJHEHQLQGHU WLVWGLH:RKQJHPHLQ QW GLH3 QWLQGHQVWlQGL GHU3DWLHQWGLH3DWLHQWLQGHQVWlQGLJHQ:RKQVLW]KDW 1LFKWNUDQNH=XVWlQGHZHUGHQQDFKGHP.DSLWHO;;, Ä)DNWRUHQGLHGHQ*HVXQGKHLWV]XVWDQGEHHLQIOXVVHQXQG ]XU,QDQVSUXFKQDKPHGHV*HVXQGKHLWVZHVHQVIKUHQ³ YHUVFKOVVHOW 3RVWOHLW]DKO 8 67 (5 'LH+DXSWGLDJQRVHLVWELVDXIGLHLQGHU,&'*0YRU JHVHKHQHQ$XVQDKPHQJUXQGVlW]OLFKYLHUVWHOOLJXQG RKQHGHQ7UHQQSXQNWDQ]XJHEHQ%HLVSLHO&%|V DUWLJH1HXELOGXQJ&RORQVLJPRLGHXP & :LUEHGDQNHQXQVVHKUKHU]OLFKIU,KUH0LWDUEHLW .+' 6FKOVVHOGHU)DFKDEWHLOXQJHQ %LWWHYHUZHQGHQ6LHDXVVFKOLHOLFKGLHYRQXQVYRUJHJHEHQHQ 6FKOVVHOGHVQDFKVWHKHQGHQ6FKOVVHOYHU]HLFKQLVVHV *HULDWULH $XJHQKHLONXQGH .LQGHUFKLUXUJLH &KLUXUJLH .LQGHUKHLONXQGH *HIlFKLUXUJLH 7KRUD[FKLUXUJLH .LQGHUNDUGLRORJLH 8QIDOOFKLUXUJLH 1HRQDWRORJLH 9LV]HUDOFKLUXUJLH 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ.LQGHUKHLONXQGH³ VRZLHÄ6RQVWLJHXQGDOOJHPHLQH.LQGHUKHLONXQGH³ 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ&KLUXUJLH³ VRZLHÄ6RQVWLJHXQGDOOJHPHLQH&KLUXUJLH³ .LQGHUXQG-XJHQGSV\FKLDWULHSV\FKRWKHUDSLH )UDXHQKHLONXQGHXQG*HEXUWVKLOIH FKWV 0XQG.LHIHU*HVLFKWVFKLUXUJLH 1HXURFKLUXUJLH H *HEXUWVKLOIH 1HXURORJLH 1LFKWXQWHUJOLHGHUWHV)DFKJHELHW Ä)UDXHQKHLONXQGHXQG*HEXUWVKLOIH³VRZLH Ä6RQVWLJH)UDXHQKHLONXQGHXQG*HEXUWVKLOIH³ 1XNOHDUPHGL]LQ PHGL]L PHGL]LQ +DOV1DVHQ2KUHQKHLONXQGH +DXWXQG*HVFKOHFKWVNUDQNKHLWHQ +HU]FKLUXUJLH 2UWKRSl 2UWKRSlGLH 5KHXPDWRORJLH2UWKRSlGLH 5KHXPDW 5KHX RORJL 2UWKR RORJLH 2UWKRSlGLH SlG 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ2UWKRSlGLH³ 1LFKWXQWHUJOLHGHUWHV)DF 1LFKWXQ WHUJOLHGHUWHV)D VRZLHÄ6RQVWLJHXQGDOOJHPHLQH2UWKRSlGLH³ VRZLHÄ6RQVWLJHXQG VRZLHÄ6RQVWLJHXQGD 3ODVWLVFKH&KLUXUJLH 3ODVWLV VFKH&K 7KRUD[FKLUXUJLH 67 (5 )UDXHQKHLONXQGH 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ+HU]FKLUXUJLH³ UJLH³ XUJLH³ VRZLHÄ6RQVWLJHXQGDOOJHPHLQH+HU]FKLUXUJLH³ 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ3V\FKLDWULHXQG 3V\FKRWKHUDSLH³VRZLHÄ6RQVWLJHXQGDOOJHPHLQH 3V\FKLDWULHXQG3V\FKRWKHUDSLH³ ,QQHUH0HGL]LQ $QJLRORJLH (QGRNULQRORJLH 8 *DVWURHQWHURORJLH 3V\FKLDWULHXQG3V\FKRWKHUDSLH 3V\ 3V\FKL 6XFKW 6X 6XF 3V\FKRWKHUDSHXWLVFKH0HGL]LQ3V\FKRVRPDWLN QWHUQLVWLVFKH2QNRORJLH WHUQLVWLVFKH2QN +lPDWRORJLHXQGLQWHUQLVWLVFKH2QNRORJLH 6WUDKOHQWKHUDSLH .DUGLRORJLH 8URORJLH H 1HSKURORJLH 0 3QHXPRORJLH RORJLH ORJLH 6RQVWLJH)DFKEHUHLFKH$OOJHPHLQPHGL]LQE]Z .UDQNHQKDXVRKQHDEJHJUHQ]WH)DFKDEWHLOXQJHQ RORJLH ,QQHU ,QQHUH0HGL]LQ H0HGL 5KHXPDWRORJLH,QQHUH0HGL]LQ HGHUWHV)DFKJHE HGHUWHV)DFKJHELH 1LFKWXQWHUJOLHGHUWHV)DFKJHELHWÄ,QQHUH0HGL]LQ³ XQGDOOJHPH VRZLHÄ6RQVWLJHXQGDOOJHPHLQH,QQHUH0HGL]LQ³ .+' 6HLWH
© Copyright 2025 ExpyDoc