You are on page 1of 12

$XVJDEHYRPELV1RYHPEHU

-DKUJDQJ/9,,,
1U

3IDUUJHPHLQGHUDWVZDKOHQ


/LHEH*OlXELJH

$ P1RYHPEHUILQGHQLQGHQ3IDU
UHLHQXQVHUHV/DQGHV3IDUUJHPHLQGHUDWV
ZDKOHQVWDWW)UPLFKLVWGLHVGHU$QODVV
GHQ0LWDUEHLWHULQQHQXQG0LWDUEHLWHUQLQ
GHQ3IDUUJHPHLQGHQXQGVSH]LHOOGHQ3IDUUJH
PHLQGHUlWHQJDQ]KHU]OLFK]XGDQNHQ
,FKVWDXQHLPPHUZLHGHUZLHVHKUVLFKJHUDGHGLH
3IDUUJHPHLQGHUlWHHLQEULQJHQZLHZHUWYROOLKU
'LHQVWLVWXQGZLHHQJDJLHUWVLHLKUH$UEHLWLQGHQ
3IDUUHLHQYHUULFKWHQ(VLVWPLUNODUGDVVHVQLFKW
LPPHUOHLFKWLVWQHEHQ%HUXIXQG)DPLOLHXQG
DQGHUHQ$XIJDEHQVLFKHKUHQDPWOLFK]XHQJDJLH
UHQ²DXFKLQGHQ3IDUUJHPHLQGHQ
'LH.LUFKHOHEWYRQ0HQVFKHQGLHPLWJHVWDOWHQ
XQGPLWWUDJHQ.LUFKHZLUGGDQQOHEHQGLJVHLQ
ZHQQZLUDOOHXQVHUHQ%HLWUDJGD]XOHLVWHQ
$XIGLHVHP*UXQGN|QQHQZLUYROOHU=XYHUVLFKWLQGLH=XNXQIWEOLFNHQ
*HPHLQVDPVLQGZLU.LUFKH
*HPHLQVDPOHEHQZLUXQVHUHQ*ODXEHQXQGWUDJHQLKQZHLWHU-HGHUXQGMHGHVROO
QDFKGHQSHUV|QOLFKHQ)lKLJNHLWHQXQG7DOHQWHQ3IDUUJHPHLQGHPLWJHVWDOWHQ*HQDX
GDVPDFKWGHU3IDUUJHPHLQGHUDWLQHLQGUXFNVYROOHU:HLVHVLFKWEDUZLUDOOHVLQG7HLO
GLHVHU.LUFKHXQGGHU3IDUUJHPHLQVFKDIW
/LHEH*OlXELJHVWHOOHQ6LHVLFKGHU+HUDXVIRUGHUXQJXQGGHU9HUDQWZRUWXQJ6LFKHU
N|QQHQ6LHPLW,KUHU%HUHLWVFKDIWIUGHQ3*5]XNDQGLGLHUHQHLQVLFKWEDUHV=HLFKHQ
IUGLH/HEHQGLJNHLW,KUHU3IDUUJHPHLQGHVHLQ
+JT$KUEJQH
-CTN)QNUGT


1RYHPEHU²3*51HXZDKOHQ
'HUDPWLHUHQGH3IDUUJHPHLQGHUDWKDWEHLVHLQHUOHW]WHQ6LW]XQJDP6HSWHPEHU

GLH:HLFKHQJHVWHOOWIUGLH1HXZDKOHQGHV3IDUUJHPHLQGHUDWHVDP

1RYHPEHUXQGGHQ:DKODXVVFKXVVEHVWHOOW,KPJHK|UHQIROJHQGH3HU
VRQHQDQ$QWRQ&KLXVROH:DOWUDXG.UDQHELWWHU$XHU5RVPDULH/DQJ9LHKZHL
GHU3DWUL]LD0DMRU6FKZLHQEDFKHU:DOWHU0D\UXQG'HNDQ%HUQKDUG+RO]HU
'HU:DKODXVVFKXVVKDWVLFKDP2NWREHU]XUHUVWHQ6LW]XQJJHWURIIHQ
XQGGDEHL:DOWUDXG.UDQHELWWHU$XHU]XU9RUVLW]HQGHQ5RVPDULH/DQJ9LHK
ZHLGHU]XU6WHOOYHUWUHWHULQXQG:DOWHU0D\U]XP6FKULIWIKUHUEHVWLPPW
$XFKZXUGHQEHLGLHVHU6LW]XQJGLH0RGDOLWlWHQIUGLH'XUFKIKUXQJGHU:DKO
IHVWJHOHJW
*HZlKOWZHUGHQNDQQLQDOOHQ.LUFKHQLP7HUULWRULXPGHU'RPSIDUUH
%R]HQYRURGHUQDFKGHQ*RWWHVGLHQVWHQDP 9RUDEHQG
PHVVHHLQJHVFKORVVHQ :DKO]HWWHOXQG,QIRUPDWLRQHQOLHJHQYRU2UWDXI
:LUELWWHQ6LHLQMHQHU.LUFKH]XZlKOHQLQZHOFKHU6LHDPJHQDQQWHQ7DJ
GLH0HVVHEHVXFKHQ(VN|QQHQELV]X9RU]XJVVWLPPHQDEJHEHQZHU
GHQ*HZlKOWZHUGHQNDQQQXUHLQPDO
:DKOEHUHFKWLJWVLQGDOOHJHWDXIWHQ0LWJOLHGHUGHU3IDUUJHPHLQGHGLH
DP:DKOWDJGDV/HEHQVMDKUYROOHQGHWKDEHQXQGQLFKWDXVGHU
.LUFKHDXVJHWUHWHQVLQG:LUELWWHQ6LHGLH3IDUUJHPHLQGHUDWVZDKO]X
QW]HQXQG,KUH6WLPPHQEHZXVVW]XJHEHQGHQQ
x :lKOHQEHGHXWHW,QWHUHVVH]HLJHQPLWJHVWDOWHQ(LQIOXVVQHKPHQ
x :lKOHQHUP|JOLFKW9HUDQWZRUWXQJXQG$XIJDEHQDXIPHKUHUH
 6FKXOWHUQ]XYHUWHLOHQ
x :lKOHQKHL‰W0HQVFKHQ9HUWUDXHQVFKHQNHQ
,FKGDQNHDOOMHQHQGLHVLFKDOV.DQGLGDWLQGHU3IDUUJHPHLQGHUDWVZDKOVWHOOHQ
'LH(UVWJHZlKOWHQELOGHQ]XVDPPHQPLWGHQMHZHLOLJHQ9HUWUHWHUQGHU2U
GHQVJHPHLQVFKDIWHQXQGGHQ0LWJOLHGHUQYRQ$PWVZHJHQGHQQHXHQ3IDUUJH
PHLQGHUDW
'HUQHXH3IDUUJHPHLQGHUDWWULIIWVLFK]XUNRQVWLWXLHUHQGHQ6LW]XQJDP
'RQQHUVWDJ1RYHPEHUXP8KU'DEHLZHUGHQXDGHURGHUGLH
9RUVLW]HQGHVRZLHGLHGUHL0LWJOLHGHUGHV9HUP|JHQVYHUZDOWXQJVUDWHVJHZlKOW
,FKGDQNHDXFKDOOHQGLHXQVZLVVHQOLH‰HQGDVVVLHVLFKQLFKWLP3IDUUJHPHLQGH
UDWZRKODEHULQHLQHPDQGHUHQ%HUHLFKE]ZEHLJDQ]EHVWLPPWHQ3URMHNWHQ
EHWHLOLJHQP|FKWHQ
$XFKP|FKWHLFKELWWHQ1LHPDQGPDFKHVHLQH%HUHLWVFKDIWVLFKLQLUJHQGHLQHU
:HLVHIUGLH3IDUUHLHLQ]XVHW]HQYRQGHU$Q]DKOGHUHUKDOWHQHQ9RU]XJVVWLP
PHQDEKlQJLJ:DKOHQKDEHQRIWJDQ]HLJHQH*HVHW]Pl‰LJNHLWHQ(VNRPPW
PLWXQWHUYRUGDVVVHKUYHUGLHQVWYROOH/HXWHZHLWZHQLJHU9RU]XJVVWLPPHQEH
NRPPHQDOVPDQVLFKHUZDUWHQZUGH:LUVLQGIUMHGH)RUPGHU0LWDUEHLW
DXFKDX‰HUKDOEGHV3IDUUJHPHLQGHUDWHVGDQNEDU-HPHKUVLFK'LHQVWHXQG$XI
JDEHQDXIYLHOH6FKXOWHUQYHUWHLOHQXPVRZHQLJHUEHVWHKWGLH*HIDKUGDVVHLQ
]HOQH3HUVRQHQEHUODVWHWXQGEHUIRUGHUWZHUGHQ
$GTPJCTF*QN\GT&GMCP
 
.DQGLGDWHQOLVWHIUGLH3*5:DKO
3)$55*(0(,1'(5$76:$+/3)$55*(0(,1'(5$76:$+/
 

:DOWUDXG$PSODW] :DOWUDXG+RIHU
3RGLQL (VWJIlOOHU
 
+DXVIUDX /HKUHULQ
 
:HJJHQVWHLQVWU +HLQULFK6WU$
 
 
 

0RQLND&ULVWRIROHWWL (OLVDEHWK0DDVV
9LHKZHLGHU 3LFKOHU
 
0LWDUEHLWHULQLQ +DXVIUDX/HLWHULQ
HLQHPWHFKQ%UR YRQ6HQLRUHQZRFKHQ
 
*HUEHUJDVVH :HJJHQVWHLQVWU






+DQV'XIIHN 5DLQHU
 2EHUKROOHQ]HU
8QWHUQHKPHU 
 )DFKDU]WIU
2VZDOGZHJ .DUGLRORJLH
 
 +HLQULFK6WU%
 


(YD0DULD*DVVHU


0DUNXV3HUZDQJHU
 
3K\VLRWKHUDSHXWLQ .RRUGLQDWRUGHU
]=.RRUGLQDWRULQ 5DL%R]HQ
DQGHU&ODXGLDQD 
 6W-RKDQQ*DVVH
'DQWHVWUD‰H 
 
(OLVDEHWK*DVVHU %ULJLWWH3H]]L
2EHUNRIOHU 6WHJHU
 
.UDQNHQVFKZHVWHU .UDQNHQVFKZHVWHU
]=+DXVIUDX ]=LP/HKUEHUXI
 
6W$QWRQ6WUD‰H +HLQULFK6WU$



.DQGLGDWHQOLVWH
3)$55*(0(,1'(5$76:$+/3)$55*(0(,1'(5$76:$+/


/DXULQ3RELW]HU 0DUJLW
 6FKZLHQEDFKHU
6WXGHQWGHU 0DVFRWWL

:LUWVFKDIWV 2EHUVFKXOOHKUHULQ
ZLVVHQVFKDIWHQ 
 2VZDOGZHJ
'DQWHVWUD‰H 
 


)ULHGULFK3URVVHU 7KRPDV7VFKDJHU
 
$QJHVWHOOWHU 6WXGHQWGHU
 ,QIRUPDWLN

7ULHQWVWUD‰H
 )UDQ]LVNDQHUJDVVH
 :LHQ
 


.DULQ5|VVOHU 6U0LUMDP
2EHUUDXFK 9ROJJHU
 

7HUWLDUVFKZHVWHU
+DXVIUDX 

 .UDQNHQVFKZHVWHU
+HLQULFKVWU PLW/HLWXQJVDXIJDEH
 0DULHQNOLQLN
 

.ODXV 0DULD:LHGHQKRIHU
5RWWHQVWHLQHU 
 *HPHLQGHVHNUHWlULQ
/DQGZLUW 
 'U6WUHLWHU*DVVH
6W3HWHU 
5HLWHUKRI 
 

$QQD5RWWHQVWHLQHU 
6LOEHUQDJO 
 3IDUUJHPHLQGHUDWVZDKO
/HKUHULQLQ3HQVLRQ 
 *HPHLQVDP
6W$QWRQ6WU VLQGZLU.LUFKH





*277(6',(16725'181*


6RQQXQG)HVWWDJH'RP8KU 9$ 8KU XQG8KULWDO ²


)UDQ]LVNDQHUNLUFKH     8KU  8KU LWDO  ² .DSX]LQHUNLUFKH  8KU
.RKOHUQ8KU².DPSHQQ8KU 9$ ²'HXWVFKKDXV8KU 9$ 8KU²
+HU]-HVX.LUFKH8KU 9$ 8KU
'RPLQLNDQHUNLUFKH LWDO 8KU 9$ 8KU
:HUNWDJH'RP8KU PLW5DGLREHUWUDJXQJLP.LUFKHQVHQGHU5*: ²
'HXWVFKKDXV8KU)UDQ]LVNDQHUNLUFKH8KU.DSX]LQHUNLUFKH8KU
+HU]-HVX.LUFKH8KU 8KULWDO 
7lJOLFK$QGDFKWLQGHU*QDGHQNDSHOOHGHV%R]QHU'RPHVXP8KU
PLW5DGLREHUWUDJXQJLP.LUFKHQVHQGHU5*: 
%HLFKWJHOHJHQKHLWHQLP7HUULWRULXPGHU'RPSIDUUH
'RPWlJOLFK8KU+HU]-HVX.LUFKHWlJOLFK8KUXQG8KU
)UDQ]LVNDQHUNLUFKHWlJO8KU.DSX]LQHUNLUFKHVDPVWDJVYRQ8KU
9$ 9RUDEHQGLWDO LWDOLHQLVFKH6SUDFKHP* PLW*HGHQNHQ 

+RFKIHVW$OOHUKHLOLJHQ
0R1RYHPEHU 8KU(XFKDULVWLHIHLHU
8KU)HVWJRWWHVGLHQVW
9#/Q\CTV1TIGNUQNQ/GUUG
 #PVQPKQ5CNKGTK,WUVQTWOCPKOCGH×T%JQTWPF1TEJGUVGT 
8KU*UlEHUVHJQXQJDP6WlGWLVFKHQ)ULHGKRI
GXUFK%LVFKRI.DUO*ROVHU
8KU$QGDFKW
'L1RYHPEHU $OOHUVHHOHQ
8KU-DKUWDJIU$QWRQLR(EQHUXQGKO0HVVHP*DQ0DULD
7KRPDVXQG+DQV8QWHUHJJHU
0L1RYHPEHU *NN*WDGTV2KTOKPWPF/CTVKPXQP2QTTGU
8KU-DKUWDJIU-RVHI.ODPPHU 
'R1RYHPEHU *N-CTN$QTTQO¼WU
8KU+O0HVVHP*DQ/HEHQGHXQG9HUVWRUEHQH
GHU)DP*DOOPHW]HUXQG8QWHUKRIHU
)U1RYHPEHU 8KU+O0HVVHP*DQ3HWHU&DQLQVXQG2VZDOG(JJHU
6D1RYHPEHU *N.GQPJCTF
 8KU-DKUWDJIU0DUWLQ:LHVHUXQG-RVHI+|OOHUKO0HVVHP*DQ
 $QQD0DULDXQG(ULFK0HVVQHU
6RQQWDJLP-DKUHVNUHLV
6D1RYHPEHU 8KU.LQGHUJRWWHVGLHQVW .L*R 

8KU(XFKDULVWLHIHLHU 9$ IUDOOH9HUVWRUEHQHQGHV-DKUHV
6R1RYHPEHU

*2CWNOKEJN/KUUCRTQFGHWPEVKUH×T8)%JQTWPF1TEJ7TCWHH×JTWPI 
8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHUPLW9RUVWHOOXQJGHU(UVWNRPPXQLRQNLQGHU
7DXIIHLHU
8KU$QGDFKW


0R1RYHPEHU 8KU-DKUWDJIU-RVHI3HGHULYDXQGKO0HVVHP*DQ3DXOD
 .DUQXWVFK6FKLIIHUOH
'L1RYHPEHU 9GKJGVCIFGT.CVGTCPDCUKNKMC
8KU+O0HVVHP*DQ+LOGH)OHFNHU.DXIPDQQ
0L1RYHPEHU *N.GQFGT)TQ²G
8KU+O0HVVHP*DQ(OWHUQXQG*HVFKZLVWHU8QWHUHJJHU
'R1RYHPEHU *N/CTVKP
8KU+O0HVVHP*DQ0DUWLQ0DIIHL-RVHI0DUWKXXQGDQ
 )ULHGO0HQ]
)U1RYHPEHU *N,QUCRJCV
8KU+O0HVVHP*DQ)DP&OHPHQWL
6D1RYHPEHU /CTKGP5COUVCI
7JT2CVTQ\KPKWOKP5V/CTVKPKP-CORKNN
8KU+O0HVVHIUGLH0LWJOLHGHUGHUÅ/HJLR0DULl´PLW%LVFKRI
 .DUO*ROVHUXQGP*DQ,UPD2EHUUDXFK
6RQQWDJLP-DKUHVNUHLV&DULWDVVRQQWDJ
6D1RYHPEHU 8KU.LQGHUJRWWHVGLHQVW .L*R 
 #NNG-KPFGTF×THGPKJTG.CVGTPGPOKVDTKPIGP
 8KU(XFKDULVWLHIHLHU
  PLW9RUVWHOOXQJGHU)LUPOLQJH 9$ 
6R1RYHPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU$QGDFKW
0R1RYHPEHU *NN#NDGTVFGT)TQ²GWPF.GQRQNF
8KU+O0HVVHP*DQ(OLVDEHWK0DLUDP7LQNKRIXQG
 6LHJIULG$QUDWHU
'L1RYHPEHU *N/CTICTGVC
8KU-DKUWDJIU6U$OEHUWD3HUQWHU
0L1RYHPEHU *NN(NQTKPWUXQP/CVUEJWPF)GTVTWFXQP*GNHVC
8KU-DKUWDJIU7UXGH$X‰HUEUXQQHUXQGIU0DULD9DOHULD
XQG$ORLV6FDQWDPEXUOR

'R1RYHPEHU 9GKJGVCIFGT$CUKNKMGP5V2GVGTWPF5V2CWN\W4QO
8KU+O0HVVHIUGLH0HVQHUJHPHLQVFKDIWPLW%LVFKRI.DUO
 *ROVHUXQGP*DQ$ORLV.RKOKDXSWXQG+LOGH3URIDQWHU
)U1RYHPEHU *N'NKUCDGVJ
8KU-DKUWDJIU(OVH:LHGHQKRIHU
6D1RYHPEHU /CTKGP5COUVCI
8KU-DKUWDJIU5REHUW5LJKLXQGKO0HVVHP*DQ)HOL[XQG
 0DWKLOGH.HPHQDWHUXQG6RKQ)HOL[
8KU7DXIIHLHU


&KULVWN|QLJVVRQQWDJ&lFLOLHQVRQQWDJ
6D1RYHPEHU 8KU.LQGHUJRWWHVGLHQVW .L*R 
 8KU(XFKDULVWLHIHLHU 9$ 
9#/Q\CTV/GUUGKP)


2CWNOKEJN%CPVCVG&QOKPWOH×T%JQTWPF1TEJGUVGT 
6R1RYHPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHUPLWJYRQGHU6WDGWNDSHOOH%R]HQ
8KU$QGDFKW
0R1RYHPEHU *N%¼EKNKC
8KU+O0HVVHPLWGHU)UDXHQNRQJUHJDWLRQXQG-DKUWDJIU
+LOGHJDUG8QWHUZHJHU
'L1RYHPEHU *NN-QNWODCPWPF-NGOGPU+
8KU-DKUWDJIU0DULDXQG$QWRQ7VFKDJHU
0L1RYHPEHU *N#PFTGCU&WPI.CEWPF)GH¼JTVGP
8KU+O0HVVHP*DQ)DP1LNRODXV+RSIJDUWQHU
'R1RYHPEHU *N-CVJCTKPCXQP#NGZCPFTKGP
8KU+O0HVVHP*DQ7KHUHVLD7LQNKDXVHUXQG*RWWKDUG6HHEHU
8KU3DWUR]LQLXPLQGHU.DWKDULQDNDSHOOHLQ6FKORVV5XQNHOVWHLQ
)U1RYHPEHU *NN-QPTCFWPF)GDJCTF
8KU-DKUWDJIU0DULDXQG%DUEDUD5LHJOHU'LHP
6D1RYHPEHU /CTKGP5COUVCI
8KU-DKUWDJIU+HOJDXQG5REHUW%DXKRIHU
5Q0QXGODGT#FXGPVUUQPPVCI
)QVVGUFKGPUVQTFPWPIKOP¼EJUVGP2HCTTDNCVV 

*GT\NKEJYKNNMQOOGP
6HLW0LWWH2NWREHUKDWGLHHYDQJHOLVFKH&KULVWXVNLUFKHLQ%R]HQ
ZLHGHUHLQHQQHXHQ3DVWRU(VLVW'U0DUFXV)ULHGULFKGHU]XOHW]W
JXWHVLHEHQ-DKUHDOV3IDUUHULQGHU6W:LOOHKDG.LUFKHLP
QRUGIULHVLVFKHQ/HFNZLUNWH
9KTJGK²GPKJPKP$Q\GPJGT\NKEJYKNNMQOOGP
WPFY×PUEJGPKJO)QVVGU5GIGPWPFXKGN'THQNI
DGKUGKPGTPGWGP#WHICDG



$XIUXIIU)UHLZLOOLJH
'LH0LWJOLHGHUGHU9LQ]HQ]NRQIHUHQ]]XUÅ+O1RWEXUJD´ZLGPHQ]ZHL6WXQGHQLQGHU
:RFKHGHUÅFKULVWOLFKHQ.UDQNHQKDXVKLOIH´LP6SLWDOYRQ%R]HQ'LHVHHKUHQDPWOLFKH
$XIJDEHEHVWHKWGDULQGHQ.UDQNHQ=HLWXQG=XZHQGXQJ]XVFKHQNHQ NHLQH3IOHJH 
]XK|UHQVSUHFKHQVSD]LHUHQJHKHQHLQIDFKIUVLHHLQZHQLJGD]XVHLQ
8PGLHVHQÅ/LHEHVGLHQVWDP0LWPHQVFKHQ´ZHLWHUIKUHQXQGDXVEDXHQ]XN|QQHQ
EUDXFKHQZLULPPHUZLHGHUQHXH)UHLZLOOLJHIUGLHHLQHHLJHQH(LQIKUXQJDQJHERWHQ
ZLUG,QWHUHVVLHUWHPHOGHQVLFKELWWHEHLGHU9LQ]HQ]JHPHLQVFKDIW%R]HQ
7HO :LUUXIHQ]XUFN RGHUXQWHU
:LUIUHXHQXQVEHUMHGHQ$QUXI

'RPFKRU
Å«XQGGDV6FK|QHEOKWLP*HVDQJ´

QDFK6FKLOOHU 
0LWYLHO(ODQEHJDQQGHU'RPFKRUXQWHUGHUEHZlKUWHQ/HLWXQJYRQ
3URI+HUEHUW3DXOPLFKODP0RQWDJ6HSWHPEHUPLWGHQ3UREHQ
(LQLJH7DJH]XYRUZDUGHU$XVVFKXVVGHPDXFK'HNDQ+RO]HUDQJHK|UW]X
VDPPHQJHWUHWHQXPGLH:HLFKHQIUGDVQHXH$UEHLWVMDKU]XVWHOOHQ'HU
&KRUZLUGZLHGHUDPXQG6RQQWDJLP0RQDWGLH0HVVHXP8KUPXVL
NDOLVFKJHVWDOWHQDQZHQLJHQ6DPVWDJHQGLH9RUDEHQGPHVVHXP8KU
+HUEHUW3DXOPLFKOKDWVFKRQLQHWZDGDVPXVLNDOLVFKH3URJUDPPIHVWJHOHJW
GDVDXFKQHXHLQ]XVWXGLHUHQGH:HUNHHQWKlOW
$QKRKHQ)HVWWDJHQZLUGGHU&KRUYRP-XJHQGRUFKHVWHUEHJOHLWHWZHOFKHV
QXQGHQQHXHQ1DPHQÅ&ROOHJLXPPXVLFXP´WUlJW
$P+HU]-HVX6RQQWDJXQGDP$XJXVW]XU1DFKSULPL]YRQ1HXSULHVWHU
.*DVVHUVDQJQLFKWQXUGHU'RPFKRUVRQGHUQHVEHWHLOLJWHQVLFKDXFK0LW
JOLHGHUDQGHUHU%R]QHU.LUFKHQFK|UHEHLP5HTXLHPIU$OWODQGHVKDXSWPDQQ
'U6LOYLXV0DJQDJRZDUHQVRJDUEHU6lQJHU,QQHQDXVQDKXQGIHUQEH
WHLOLJW(VZDUHLQHVHKUVFK|QH(UIDKUXQJJHPHLQVDPPLW0LWJOLHGHUQDQGHUHU
&K|UH]XVLQJHQGHVKDOEVROOGLHVDXFKLPNRPPHQGHQ$UEHLWVMDKUEHLEH
VWLPPWHQ$QOlVVHQZLHGHUKROWZHUGHQ
6HKUZLOONRPPHQVLQGXQVVDQJHVIUHXGLJHQHXH0LWJOLHGHUGLHZLUJHUQLQXQ
VHUHVFK|QH&KRUJHPHLQVFKDIWDXIQHKPHQ
,QWHUHVVHQWHQN|QQHQVLFKWHOHIRQLVFKEHL3URI+HUEHUW3DXOPLFKOXQWHU
PHOGHQ
+PITKF1TVNGT



&DULWDV²*HEUDXFKWNOHLGHUVDPPOXQJ
*HEUDXFKWNOHLGHUVDPPOXQJ

$P1RYHPEHUVWHKWJDQ]6GWLUROZLHGHULP=HLFKHQGHUJHOEHQ6lFNH'LH
&DULWDVELWWHWDXFKKHXHUQXUJXWHUKDOWHQH.OHLGHU6FKXKH SDDUZHLVH]XVDPPHQJH
EXQGHQ 7DVFKHQ'HFNHQ%HWWZlVFKH+DQGWFKHU7LVFKGHFNHQXQG9RUKlQJHDE
]XJHEHQ'LHJHEUDXFKWHQ6DFKHQVROOWHQLQGLHJHOEHQ6lFNHJHIOOWXQGGLHVHJXWYHU
VFKQUWZHUGHQ
6FKPXW]LJHVFKDGKDIWH7H[WLOLHQXQGO|FKULJHDEJHWUDJHQH6FKXKHVROOWHQEHUGHQ
5HVWPOOHQWVRUJWZHUGHQ


:DVJHVFKLHKWPLWGHQJHVDPPHOWHQ.OHLGHUQ"


'LH.OHLGHUXQG6FKXKHGLHGLH&DULWDVEHLGHU6DPPOXQJLP1RYHPEHUXQGZlKUHQG
GHV-DKUHVPLWWHOV&RQWDLQHUVDPPHOWZHUGHQXQVRUWLHUWDQGLH$EQHKPHUILUPD
7HVPDSULLQ)ORUHQ]YHUNDXIW'LH:DUHLVWIUGHQZHOWZHLWHQ*HEUDXFKWNOHLGHUPDUNW
EHVWLPPWXQGZLUGQLFKWHLQJHVWDPSIWRGHUDXIJHULVVHQ
0LWGHU:HLWHUYHUZHUWXQJGHUJHEUDXFKWHQ6DFKHQZLUGQLFKWQXUHLQZLUWVFKDIWOLFKHU
VRQGHUQDXFKHLQVR]LDOHUXQG|NRORJLVFKHU3UR]HVVLQ*DQJJHVHW]W:HUWYROOH$UEHLWV
SOlW]HZHUGHQJHVFKDIIHQXQG0OOYHUULQJHUW
)UGLH6GWLUROHU&DULWDVLVWGHU9HUNDXIGHU*HEUDXFKWNOHLGHUHLQHZLFKWLJH8QWHUVWW
]XQJXPGLH$UEHLWIU0HQVFKHQLQYHUVFKLHGHQHQ1RWVLWXDWLRQHQPLW]XILQDQ]LHUHQ


:LHZLUGLQXQVHUHU3IDUUHJHVDPPHOW"


'LHJHOEHQ6lFNHOLHJHQDE(QGH2NWREHULQDOOHQ.LUFKHQGHU'RPSIDUUHLQDOOHQ
'(63$5*HVFKlIWHQXQGLQGHQ*HVFKlIWHQGHU)UDQ]LVNDQHUElFNHUHLGHQ%lFNHUHLHQ
7DPPHUOH*UDQGLXQG+DFNKRIHUDXI


'LHJHOEHQ6lFNHPLWGHQ*HEUDXFKWZDUHQN|QQHQDP


6DPVWDJGHQ1RYHPEHUYRQELV8KU

DQIROJHQGHQ6DPPHOVWHOOHQDEJHOHJWZHUGHQ

x ,QQHQKRIGHU3URSVWHLDP3IDUUSODW] NXU]H3DUNP|JOLFKNHLW 
x DQGHU3IRUWHGHU)UDQ]LVNDQHUNLUFKH
x EHLP&HQWUR*LRYDQLOHLP'XUFKJDQJ:HJJHQVWHLQVWU9LQWOHUVWU
 DP0LWWZRFK'RQQHUVWDJXQG)UHLWDJYRQELV8KUXQGDP
 6DPVWDJYRQELV8KU
x LQGHU6DNULVWHLGHU'RPLQLNDQHUNLUFKHDP0LWWZRFK'RQQHUVWDJXQG
)UHLWDJYRQELV8KU


'DQNHIUGLH%HUHLWVFKDIWGHQ0HQVFKHQ]XKHOIHQ
GLHDXIXQVHUH+LOIHDQJHZLHVHQVLQG


&GMCP$GTPJCTF*QN\GTWPFFKG/KVCTDGKVGT+PPGPXQO(CEJCWUUEJWUU
2HCTTECTKVCUFGT&QORHCTTG$Q\GP


$XVXQVHUHU3IDUUHL
*HEHWVNUHLVLP3URSVWHL]LPPHUMHGHQ0LWWZRFKYRQELV8KU
0LWWZRFKUXQGHGHU6HQLRUHQ
½9RUWUDJYRQXQGPLW)UDX'U=HLVHO+HLGHJJHUÅ*HVXQGXQG
 DEZHKUVWDUNGXUFKGHQ:LQWHU´
½:LU]HLJHQHLQHQ)LOP
½6SLHOHQDFKPLWWDJ
½(LQIKUXQJLQGHQ$GYHQWPLW+HUUQ'HNDQ%+RO]HU
7UHIISXQNWNDWK)UDXHQEHZHJXQJDP0RQWDJXP8KU:HUVLQJHQ
P|FKWHVROOWHELWWHEHUHLWVXP8KUNRPPHQ
(UVWNRPPXQLRQ
½(OWHUQDEHQGDP'LHQVWDJXP8KULP3URSVWHLVDDO
(UVWEHLFKWH
½9RUEHUHLWXQJVWUHIIHQDP'RQQHUVWDJXP8KUXQG 

 DP)UHLWDJXP8KU
½(UVWEHLFKWHDP0RQWDJXQGDP'RQQHUVWDJMHZHLOV 

 XP8KU



)LUPXQJ
½7UHIIHQGHU9RUEHUHLWXQJVJUXSSHDP6DPVWDJXP8KULP
3URSVWHLVDDOPLW3DVWRUDODVVLVWHQWLQ3DWUL]LD
 8KU9RUVWHOOXQJVJRWWHVGLHQVWLP'RPDQVFKOLH‰HQG8PWUXQNIUDOOHLP
 3IDUUKHLP
*ORFNHQVSLHO(VHUNOLQJWWlJOLFKXP8KU


(KHYRUEHUHLWXQJ
½,P%LOGXQJVKDXV/LFKWHQEXUJYRPXQGYRP
½,P+DXVGHU)DPLOLH/LFKWHQVWHUQYRP


7DXIHQ

½ (OLVDEHWK0RQLFD'HPHW]5XQNHOVWHLQVWU
½ /HR&ULVWRIROHWWL4XLUHLQHUVWU
½ 0LFKDHO$OEHU5LWWQHUVWU
½ /DXUDXQG/HD%DURQFKHOOL,WDOLHQDOOHH
½ &DUROLQD6DUDK0HOOH6FKORVV5LHG
½ -DQD7RUQHUL)UDQ]LVNDQHUJDVVH

(KH
½ 0DUFR)DUULVXQG0DQXHOD.HUVFKEDXPHU

7RGHVIlOOH
½ )ULHGO )ULW] 7KXUQHU-DKUH7ULHQWVWU
½ -RVHI5|OO-DKUH.DPSHQQHU:HJ
½ *HUWUXGH1LWVFKH6LOEHUQDJO-DKUH,P'RUI
½*QWKHU6FKU|FN-DKUH9LOOD(XURSD



.LQGHUVHLWH


=XP%HJLQQGHV$GYHQWVODGHQZLU(XFKJDQ]KHU]OLFK]XPWUDGLWLRQHOOHQ
)DPLOLHQQDFKPLWWDJDP6DPVWDJGHQ1RYHPEHUDE8KU
LP3IDUUKHLPHLQ
*HPHLQVDPPLW(XUHQ(OWHUQ2PDV2SDVXQG)UHXQGHQN|QQWLKU
$GYHQWVNUlQ]HZLQGHQ
.HNVHEDFNHQXQGDOOHUKDQGEDVWHOQ






8GTIGUUVDKVVGPKEJV4GKHGP4GDUEJGTGP$NWOGPFTCJV-GT\GP/CUEJGPŗ
OKV\WDTKPIGP&KG6CPPGP\YGKIGDGMQOOVKJTXQPFGT&QORHCTTG

8P8KUK|UHQZLUPLWGHP%DVWHOQDXIUlXPHQJHPHLQVDPDOOHV]XVDP
PHQXQGIHLHUQDQVFKOLH‰HQGGHQ.LQGHUJRWWHVGLHQVWLP'RP

,PSUHVVXP
+HUDXVJHJHEHQYRQ  'RPSIDUUHL0DULD+LPPHOIDKUW%R]HQ
3UHVVHUHFKWOLFKYHUDQWZRUWOLFK 0DUWLQ/HUFKHU
'UXFNXQG9HUODJ  .DUR'UXFN2+*)UDQJDUW
(UPlFKWLJXQJ  /DQGHVJHULFKW%R]HQ1U
1lFKVWHU(UVFKHLQXQJVWHUPLQ 'H]HPEHU
5HGDNWLRQVVFKOXVV  DPGHV9RUPRQDWV
5HGDNWLRQVWHDP  +HOJD)UDVV:DOWHU0D\U*DEL3LFKOHU$QQD6LOEHUQDJO
  3IDUUSODW]%R]HQ7HOHIRQ)D[
  (0DLOUHGDNWLRQ#GRPSIDUUHE]LW
  3IDUUEODWWXQG,QIRVDXIZZZGRPSIDUUHE]LW
%LOGHUHQWQRPPHQDXV  HLJHQHP$UFKLY=HLWVFKULIWÅ,PDJH´ZZZURKHNUHDWLYGH
     



You might also like