$XVJDEHYRP1RYELV-DQXDU

-DKUJDQJ/9,,,
1U


*HVLFKW
PLWJUR‰HQ$XJHQ

'HWDLODP6GSRUWDO
XQVHUHV'RPV
 5

'DV$GYHQWVJHVLFKWGHU.LUFKH

$ QGHU$X‰HQVHLWHGHV6GSRUWDOVXQVHUHU'RPSIDUUNLUFKHLVW
REHQLQGHU(FNHHLQXUDOWHU.RSIDEJHELOGHW(LQ*HVLFKW
VFKDXWPLWJUR‰HQ$XJHQGHUDXIJHKHQGHQ6RQQHHQWJHJHQ
(LQVFK|QHV6LQQELOGIUGLH.LUFKHGHV$GYHQWVHLQH.LUFKHGLH
$XVVFKDXKlOWQDFKGHP/LFKWHLQH.LUFKHGLHGLHVHV/LFKWLQ
VLFKDXIQLPPWXQGZHLWHUJLEW
Å'DV9RONGDVLP'XQNHOQOHEWVLHKWHLQKHOOHV/LFKWEHU
GHQHQGLHLP/DQGGHU)LQVWHUQLVZRKQHQVWUDKOWHLQ/LFKW
DXI´-HVVFKUHLEWGHU3URSKHW-HVDMDYRUPHKUDOV-DKUHQ8QGHUEULQJWGD
PLWQLFKWQXUGLH8UVHKQVXFKWGHV0HQVFKHQQDFK/LFKW]XP$XVGUXFNVRQGHUQPLW
SURSKHWLVFKHP%OLFNDXIGLH*HEXUWGHV*RWWHVVRKQHVLQ%HWOHKHPDXFKGLH(UIOOXQJ
GLHVHV]HLWORVHQ7UDXPHVGHU0HQVFKHQ'HQQVRIlKUWHUIRUWÅ8QVLVWHLQ.LQGJH
ERUHQHLQ6RKQLVWXQVJHVFKHQNW´-HV
8QGGHU(YDQJHOLVW-RKDQQHVXPVFKUHLEWGDV:HLKQDFKWVJHKHLPQLVVFKOLFKWXQGHLQ
IDFKPLWGHP6DW]Å'DVZDKUH/LFKWGDVMHGHQ0HQVFKHQHUOHXFKWHWNDPLQGLH
:HOW´-RK:HLKQDFKWHQLVWGDV)HVWGHV/LFKWHVVFKOHFKWKLQ(VEULQJWXQVPLW
GHU4XHOOHGHV/LFKWHVLQ9HUELQGXQJPLWGHU4XHOOHMHQHV/LFKWHVYRQGHPDOOHDQGH
UHQ/LFKWHULQXQVHUHP/HEHQLKUH.UDIWEH]LHKHQ
3DSVW%HQHGLNW;9,VFKUHLEWœ&CUGKIGPVNKEJG)GJGKOPKUWOFCUGUCP9GKJPCEJ
VGPIGJVKUVFCU.KEJVFCUXQO-KPFGMQOOV8QPFKGUGOKPPGTGP.GWEJVGPIKNVGU
UKEJCPUVGEMGP\WNCUUGP&KGUGU.KEJVIKNVGU\WRHNGIGPWPF\WJ×VGPFCOKVGUKPFGT
<WINWHVFGT<GKVPKEJVCWUIGNÑUEJVYKTF&KGUGU.KEJVIKNVGUKPFKG9GNV\WVTCIGP
\WT9GNV\WDTKPIGPő
9RQ%HWKOHKHPKHU]LHKWVLFKHLQH6SXUGHV/LFKWHVXQGGHU/LHEHGXUFKGLH-DKUKXQ
GHUWH'LHVHU6SXUJLOWHV]XIROJHQ9RQGLHVHP/LFKWGUIHQZLUXQVLP$GYHQWXQG
DQ:HLKQDFKWHQZLHGHUQHXHQW]QGHQXQGZlUPHQODVVHQ'LHVHV/LFKWGUIHQXQG
VROOHQZLUKWHQXQGDQDQGHUHZHLWHUJHEHQLQ:RUWXQG7DWLQPHQVFKOLFKHU=XZHQ
GXQJ
,FKZQVFKHDOOHQHLQHJHVHJQHWH$GYHQWV]HLWXQG
HLQYRQ/LFKWHUIOOWHV:HLKQDFKWVIHVW
$GTPJCTF*QN\GT&GMCP


5RUDWH0LWWDJVJHEHW

(LQODGXQJ]XP5RUDWH

  5RUDWHZLUGGLHEHVRQGHUVIHLHU
OLFKJHVWDOWHWHKHLOLJH0HVVHDQGHQ
:HUNWDJHQLP$GYHQWEH]HLFKQHWZHLO
GHU(U|IIQXQJVYHUVGLHVHU(XFKDULVWLH
IHLHUPLWGHP-HVDMDWH[WÅ7DXHWLKU
+LPPHOYRQREHQLKU:RONHQUHJQHW
KHUDEGHQ*HUHFKWHQ´EHJLQQWXQGGDV
:RUWÅWDXHW´DXIODWHLQLVFKÅURUDWH´
KHL‰W
$XFKKHXHUIHLHUQZLULQ9RUEHUHLWXQJ
DXIGDV:HLKQDFKWVIHVWWlJOLFKXP
8KUHLQ5RUDWHDPWLP'RP
,P$QVFKOXVVGDUDQVLQGZLHGHUDOOH]XPJHPHLQVDPHQ)UKVWFNLQV3IDUU
KHLPHLQJHODGHQ8QNRVWHQEHLWUDJ(XUR
'HQYHUVFKLHGHQHQ*UXSSHQVLHKH*RWWHVGLHQVWRUGQXQJZHOFKHGLHIHLHUOLFKH
*HVWDOWXQJGHUHLQ]HOQHQ0HVVHQVRZLHGLH9RUEHUHLWXQJGHV)UKVWFNVEHU
QRPPHQKDEHQVHLLP9RUDXVHLQDXIULFKWLJHV9HUJHOWCV*RWWJHVDJW



0LWWDJVJHEHW
 $QDOOHQ7DJHQGHV
$GYHQWVDX‰HUDQGHQ6RQQ
WDJHQYHUVDPPHOQVLFKDXFK
KHXHUZLHGHU3ULHVWHU9HUWUH
WHUGHU2UGHQXQG/DLHQLP
&KRUJHVWKOGHU'RPSIDUUNLU
FKHYRQ%R]HQ]XP0LWWDJV
JHEHW

'DV*HEHWEHJLQQWXP
8KUXQGGDXHUW
MHZHLOVFD0LQXWHQ

(UVWHV*HEHW
1RYHPEHU



$OOHVLQGKHU]OLFKGD]XHLQJHODGHQ


6SHQGHQDNWLRQIU)ORUHV

$ XIGHULQGRQHVLVFKHQ,QVHO
)ORUHVLVWGDQNGHU,QLWLDWLYHHLQL
JHU$QJHK|ULJHUGHU'RPSIDUUH%R
]HQHLQ+HLPIU6FKOHULQQHQ
HUULFKWHWZRUGHQ6LHEHQ%R]QHUGLH
GHQ6WH\OHU0LVVLRQDU3DWHU
0DQVXHWXV7XVDXV,QGRQHVLHQZlK
UHQGVHLQHU=HLWDOV.RRSHUDWRUGHU
'RPSIDUUH%R]HQNHQ
QHQJHOHUQWKDEHQVFKORVVHQVLFKGD
PDOV]XVDPPHQXPGLH.LQGHUDXI
&CUHGTVKIIGUVGNNVG5EJ×NGTKPPGPJGKO GHU,QVHO)ORUHV]XXQWHUVWW]HQ
$XIGLH%LWWHYRQ30DQVXHWXV7XV
KLQJUQGHWH5REHUW$XHU]XVDPPHQPLWVHFKVZHLWHUHQ%R]QHUQGHQ9HUHLQ
Å3URMHNW)ORUHV²5HFKWDXI%LOGXQJ´GHPDXFKGHUHKHPDOLJH%R]QHU'RP
GHNDQ-RKDQQHV1RLVWHUQLJJDQJHK|UWhEHUGLH'RPSIDUUHZXUGHEHLGHU5DLI
IHLVHQNDVVH%R]HQGDV6SHQGHQNRQWRÅ3URMHNW)ORUHV²5HFKWDXI%LOGXQJ´HU
|IIQHWXQGHLQH%DXVWHLQDNWLRQJHVWDUWHW
'LH$NWLRQZXUGHYRQGHU'RPSIDUUH%R]HQXQWHUVWW]WXQGYLHOH%R]QHUDEHU
DXFKYLHOHDXVDQGHUHQ7HLOHQXQVHUHV/DQGHVGLH3DWHU7XVSHUV|QOLFKNHQQHQ
XQGVFKlW]HQJHOHUQWKDWWHQKDEHQEHUHLWZLOOLJPLW6SHQGHQJHKROIHQ'DQNHL
QHVJUR‰]JLJHQ%HLWUDJVYRP/DQGXQGGHU6WLIWXQJ6SDUNDVVHNRQQWHQUXQG
(XURJHVDPPHOWZHUGHQ'DPLWZXUGHLQ:DHOHQJJDHLQ+HLPIU
6FKOHULQQHQHUULFKWHWGLHMHW]WQLFKWPHKUHLQHQ6FKXOZHJYRQVHFKVXQG]HKQ
.LORPHWHUQDXVGHQ'|UIHUQGHV%H]LUNHV]XUFNOHJHQPVVHQ$OOH6SHQGHQJHO
GHUZXUGHQQDFK)ORUHVJHVFKLFNWDOOIlOOLJH.RVWHQGDUXQWHUDXFKGLH5HLVH
QDFK)ORUHV]XP/RNDODXJHQVFKHLQKDEHQGLH9HUHLQVPLWJOLHGHUDXVHLJHQHU7D
VFKHEH]DKOW
'HU%DXGHV6FKOHUKHLPHVGHUYRUHLQHP-DKUEHJRQQHQKDWLVWLQ]ZLVFKHQ
DEJHVFKORVVHQXQGGDV+DXVDXFKVFKRQHLQJHZHLKW0lGFKHQLP$OWHU]ZL
VFKHQXQG-DKUHQZRKQHQQXQGRUW'LH(OWHUQPVVHQNJ5HLVSUR
0RQDWXQGQRFKHLQHQ*HOGEHWUDJYRQUXQG¼IUGHQ+HLPDXIHQWKDOW
EH]DKOHQ
1DFK)HUWLJVWHOOXQJGHV+HLPHVGDQNWGHU9HUHLQMHW]WDOOHQ6SHQGHUQ
'LH6SHQGHQDNWLRQOlXIWZHLWHUXP*HOGIUGLHlX‰HUVWVSlUOLFKH(LQULFKWXQJ
GHV+HLPHV]XVDPPHOQ



)UDOOHZHLWHUHQ,QIRUPDWLRQHQ -QPVQPWOOGT
VWHKW5REHUW$XHU 4CKHHGKUGPMCUUG$Q\GP
7HO -GPPYQTV&QORHCTTG$Q\GPŌ2TQLGMV(NQTGU
]XU9HUIJXQJ +6#


1HXHU3IDUUJHPHLQGHUDW
(UJHEQLVGHU3IDUUJHPHLQGHUDWVZDKOHQYRP
9RQGHQLQVJHVDPWDEJHJHEHQHQJOWLJHQ:DKOVFKHLQHQHUJLEWVLFK
HQWVSUHFKHQGGHUHUKDOWHQHQ9RU]XJVVWLPPHQIROJHQGH5HLKXQJGHU
(UVWJHZlKOWHQ

.DULQ5|VVOHU2EHUUDXFK
+DQV'XIIHN
(OLVDEHWK*DVVHU2EHUNRIOHU
6U0LUMDP9ROJJHU
0DUNXV3HUZDQJHU
$QQD5RWWHQVWHLQHU6LOEHUQDJO
(OLVDEHWK0DDVV3LFKOHU
7KRPDV7VFKDJHU
.ODXV5RWWHQVWHLQHU
:DOWUDXG$PSODW]3RGLQL
0DULD:LHGHQKRIHU
0RQLND&ULVWRIROHWWL9LHKZHLGHU
0DUJLW6FKZLHQEDFKHU0DVFRWWL
5DLQHU2EHUKROOHQ]HU
 /DXULQ3RELW]HU
 

'HUQHXH3IDUUJHPHLQGHUDWKDWVLFK
DP]XU
NRQVWLWXLHUHQGHQ6LW]XQJJHWURIIHQ
XQGGDEHL


(OLVDEHWK*DVVHU2EHUNRIOHU
]XU9RUVLW]HQGHQXQG


+DQV'XIIHN]XP
6WHOOYHUWUHWHUJHZlKOW


'DV$PWDOV6FKULIWIKUHULQKDW
0DULD:LHGHQKRIHUIUHLQ
-DKUEHUQRPPHQ
(LQKHU]OLFKHV9HUJHOWCV*RWWVHLGHQ0LWJOLHGHUQGHU:DKONRPPLVVLRQJHVDJW
)UDX:DOWUDXG.UDQHELWWHU$XHU9RUVLW]HQGH5RVPDULH/DQJ9LHKZHLGHU
$QWRQ&KLXVROH:DOWHU0D\UXQG3DWUL]LD0DMRU6FKZLHQEDFKHU
,FKZQVFKHGHPQHXHQ3IDUUJHPHLQGHUDWYLHO)UHXGHXQG*RWWHV6HJHQEHL
VHLQHU$UEHLWXQGIUHXHPLFKDXIHLQHJXWH=XVDPPHQDUEHLW
$GTPJCTF*QN\GT&GMCP


 *277(6',(16725'181*


6RQQXQG)HVWWDJH'RP8KU9$ 8KUXQG8KULWDO²

)UDQ]LVNDQHUNLUFKH     8KU  8KU LWDO  ² .DSX]LQHUNLUFKH  8KU
.RKOHUQ8KU².DPSHQQ8KU9$²'HXWVFKKDXV8KU9$8KU²
+HU]-HVX.LUFKH8KU9$8KU
'RPLQLNDQHUNLUFKHLWDO8KU9$8KU
:HUNWDJH'RP8KUPLW5DGLREHUWUDJXQJLP.LUFKHQVHQGHU5*:²
'HXWVFKKDXV8KU)UDQ]LVNDQHUNLUFKH8KU.DSX]LQHUNLUFKH8KU
+HU]-HVX.LUFKH8KU8KULWDO
7lJOLFK$QGDFKWLQGHU*QDGHQNDSHOOHGHV%R]QHU'RPHVXP8KU
PLW5DGLREHUWUDJXQJLP.LUFKHQVHQGHU5*:
%HLFKWJHOHJHQKHLWHQLP7HUULWRULXPGHU'RPSIDUUH
'RPWlJOLFK8KU+HU]-HVX.LUFKHWlJOLFK8KUXQG8KU
)UDQ]LVNDQHUNLUFKHWlJO8KU.DSX]LQHUNLUFKHVDPVWDJVYRQ8KU
 9$ 9RUDEHQGLWDO LWDOLHQLVFKH6SUDFKHP* PLW*HGHQNHQ
$GYHQWVVRQQWDJ7DJGHU+DXVNLUFKH
6D1RYHPEHU 8KU.LQGHUJRWWHVGLHQVW.L*R
 8KU5RUDWH9$
/-<YÑNHOCNITGKGP.GMVQTGP


6R1RYHPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU$QGDFKW
8KU*ORFNHQJHOlXWHDOV(LQODGXQJ]XP+DXVJRWWHVGLHQVW
0R1RYHPEHU 8KU5RUDWHP*DQ9HUVWGHU)DP6FKDW]HU
1TIGN(#%CTKVCU
8KU+O0HVVHP*DQ$ORLV.RKOKDXSWXQG+LOGH3URIDQWHUXQGDQ
 +HLQULFK*LXOLDQL
'L1RYHPEHU *N#PFTGCU
8KU5RUDWH
1TIGN.GMVQTGP
8KU-DKUWDJIU0DULD0RQFKHUXQGKO0HVVHP*DQ7KHUHVLD
  7LQNKDXVHUXQG*RWWKDUG6HHEHU 
0L'H]HPEHU 8KU5RUDWHP*DQ)DP$XVVHUEUXQQHUXQG)DP0HUDQHUXQG
$QJHK|ULJH
&QOEJQT1TIGN-CPVQT
8KU+O0HVVHP*DQ$OIUHG,QDPD
'R'H]HPEHU *N.W\KWU
8KU5RUDWHP*DQ%HWWL/LQGHU
-NGKPGT%JQT/¼PPGTFGT&QORHCTTG
8KU-DKUWDJIU-RVHIXQG0DULD:HUQHU
)U'H]HPEHU *N(TCP\:CXGT
 8KU5RUDWHP*DQ)DP*RMHU
$¼WGTKPPGPEJQT(TCWGPMQPITGICVKQP
 8KU-DKUWDJIU)UDQ]6HHEHUXQGKO0HVVHP*DQ)DP:LQNOHU
6D'H]HPEHU *NN$CTDCTCWPF,QJCPPGUXQP&COCUMWUWPF5GN,QJCPPGU0GRQOWM
XQP6UEJKFGTGTWPF#FQNRJ-QNRKPI
8KU5RUDWHP*DQGLH.ROSLQJIDPLOLH%R]HQ
1TIGN-QNRKPIHCOKNKG
8KU-DKUWDJIU*HUWUXGXQG-RKDQQ+|OOHU


$GYHQWVRQQWDJ
6D'H]HPEHU 8KU.LQGHUJRWWHVGLHQVW.L*R
 8KU5RUDWH9$P*DQ0DULR%HUWRQFHOOR
 
/-<YÑNHOCNITGKGP/KPKUVTCPVGP
 

6R'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU$QGDFKW
0R'H]HPEHU *N0KMQNCWU
8KU5RUDWHP*DQ3IDUUHU+HUPDQQ6SLWDOHU
1TIGN)GDGVUIT
8KU-DKUWDJIU$QQD/HUFKHU
8KU)DPLOLHQJRWWHVGLHQVWLQGHU.LUFKHYRQ6W3HWHU
'L'H]HPEHU *N#ODTQUKWU
8KU5RUDWHP*DQ$QQLXQG+HUWD6XOVHU
1TIGN2)4
8KU-DKUWDJIU3DXOD$VFKEDFKHUXQGKO0HVVHP*DQ
 'DPLDQR/XSSL
+RFKIHVWGHURKQH(UEVQGHHPSIDQJHQHQ-XQJIUDXXQG*RWWHVPXWWHU0DULD
'L'H]HPEHU 8KU5RUDWH
1TIGN.GMVQTGP
 

0L'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU)HVWJRWWHVGLHQVWPLWGHU0lQQHUNRQJUHJDWLRQ

9#/Q\CTV/KUUCDTGXKUKP(H×T5QNK%JQT1TIGN1TEJ
 ,&QJN#XG/CTKC
8KU)HLHUOLFKH$QGDFKWIUGLH0lQQHUNRQJUHJDWLRQPLW
 :HLKHHUQHXHUXQJ
'R'H]HPEHU *N,WCP&KGIQ%WCWJVNCVQCV\KP
8KU5RUDWHIUYHUVWRUEHQH6HHOVRUJHUGHU'RPSIDUUH

1TIGN-QOOWPKQPJGNHGTKPPGP
8KU-DKUWDJIU-RVHI$QQDXQG$QGUHDV9HLW
)U'H]HPEHU 8KU5RUDWHP*DQ+DQQV(JJHUXQG$QQD3ODQNHQVWHLQHU

4QTCVGOWUKI(#.KVWTIKG
8KU+O0HVVHP*DQ=LWD.LQLJDGQHU7KDOHU
6D'H]HPEHU *N&COCUWU+
8KU5RUDWHP*DQ5DLPXQGXQG*UHJRU.RSSHOVWlWWHU

1TIGN6CWHDGINGKVGTKPPGP
8KU+O0HVVHP*DQ+HUWD:DOGQHU
8KU=ZHLVSUDFKLJH(XFKDULVWLHIHLHUIU.UHEVNUDQNHLQGHU
 'RPLQLNDQHUNLUFKH
-TGDUJKNHG5×FVKTQN
$GYHQWVRQQWDJ*DXGHWH
6D'H]HPEHU 8KU.LQGHUJRWWHVGLHQVW.L*R
 8KU5RUDWH9$P*DQ-RVHI3ODWWQHUXQG$QQD
  'UHKKRI
/-<YÑNHOCNITGKGP.GMVQTGP
 

6R'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU7DXIIHLHU
8KU$QGDFKW


 0R'H]HPEHU *NN1FKNKCWPF.W\KC
8KU5RUDWHP*DQ0RQVJ3LXV+RO]NQHFKWXQGDQ/XLVXQG
  (UQD+RO]NQHFKW
4KVC&CWO6TGHHRWPMV(TCWGP
8KU-DKUWDJIU3DXOD3|KO'DOOD7RUUHXQG(OWHUQKO0HVVHP*
DQ.DUO5HJHOHXQGYHUVWRUEHQH$QJHK|ULJH
'L'H]HPEHU *N,QJCPPGUXQO-TGW\
8KU5RUDWHP*DQ/HEHQGHXQG9HUVWRUEHQHGHU0DULDQLVFKHQ
 %UJHUNRQJUHJDWLRQ
1TIGN/CTKCP$×TIGTMQPITGICVKQP
8KU+O0HVVHP*DQ6U/HWL]LD*UR‰JDVWHLJHUXQGDQ2WWRXQG
 +DQV(JJHU
8KU6FKOHUEHLFKWH
0L'H]HPEHU 8KU5RUDWHPJDQ3HWHU3URVFK&QOEJQT1TIGN
8KU+O0HVVHP*DQYHUVWRUEHQHQ9DWHU*LXVHSSHXQGDQ(UQD
 5DEDQVHU)ULW]7KXUQHUXQG-RVHID3ODWWQHU
'R'H]HPEHU 8KU5RUDWH
1TIGN,WPIUEJCT
8KU+O0HVVHP*DQ$ORLVXQG1RWKEXUJD2EHUKROOHQ]HUXQGDQ
 )DP&OHPHQWL
)U'H]HPEHU 8KU5RUDWHP*DQ=LWD.LQLJDGQHU7KDOHU
/5#WHUEJPCKVGT
8KU+O0HVVHP*DQ)ULGD0DOIHUWKHLQHU.DUDGDU
8KU7DL]qJHEHWIUDOOHJHVWDOWHWYRQGHQ)LUPOLQJHQ
6D'H]HPEHU 8KU5RUDWHP*DQ.DVSDUXQG3DXOD7KXUQHU
(TCWGPCO&QO
8KU+O0HVVHP*DQ3DXOD3XVFK
$GYHQWVVRQQWDJ
6D'H]HPEHU 8KU.LQGHUJRWWHVGLHQVW.L*R
 8KU5RUDWH9$P*DQ0DUWLQ(EQLFKHU
 
/-<YÑNHOCNITGKGP.GMVQTGP
6R'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU$QGDFKW
0R'H]HPEHU 8KU5RUDWHP*DQ0DULDQQH6DQGUL
1TIGN)GURT¼EJUTWPFG-($
8KU+O0HVVHPLWGHU)UDXHQNRQJUHJDWLRQXQGP*DQ
 +RFKZ)HUGLQDQG(JJHU2WWLOLD3XSSXQG5LFFDUGR%RLWR
'L'H]HPEHU 8KU5RUDWHP*DQ-RVHILQHXQG+HLQULFK3HUDWKRQHU
4QUGPICTVNGT
8KU+O0HVVHP*DQ*LXVHSSH
0L'H]HPEHU 8KU5RUDWH
&QOEJQT1TIGN
8KU-DKUWDJIU2VZDOG(JJHU

'R'H]HPEHU *N,QJCPPGUXQP-TCMCW
8KU5RUDWH1TIGN8KP\GP\MQPHGTGP\
8KU+O0HVVHP*DQ)DP)UDQ]0DKONQHFKWXQG$QWRQ6DQROO
8KU/LWXUJLVFKH)HLHU]XP(LQWUHIIHQGHV%HWKOHKHPOLFKWHV
)U'H]HPEHU 8KU5RUDWHP*DQ0DULHGO6SULQJHWK
1TIGN2HCTTDNCVVVGCO
8KU+O0HVVHP*DQ/HEHQGHXQG9HUVWRUEHQHGHU
 )DP*DOOPHW]HUXQG8QWHUKRIHU


+HLOLJHU$EHQG
)U'H]HPEHU 8KU.LQGHUPHWWH
8KU(XFKDULVWLHIHLHU]XU(U|IIQXQJGHVVWQGLJHQ
 *HEHWVLQGHU)UDQ]LVNDQHUNLUFKH
8KU&KULVWPHWWH
*2CWNOKEJN&GWVUEJG9GKJPCEJVUNKGFGT
 H×T%JQTWPF1TEJ

+RFKIHVWGHU*HEXUWGHV+HUUQ:HLKQDFKWHQ
6D'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU)HVWJRWWHVGLHQVWPLW%LVFKRI.DUO*ROVHU

.<GPGVVK2CUVQTCNOGUUGH×T5QNK%JQTWPF1TEJ
 *2CWNOKEJN9GKJPCEJVUNKGFGT
8KU)HLHUOLFKH$QGDFKWLQGHU)UDQ]LVNDQHUNLUFKH

)GDGVUVCI
8KU5RVHQNUDQ]LP'RP
)HVWGHU+O)DPLOLH
6R'H]HPEHU 8KU(XFKDULVWLHIHLHU
8KU)HVWOLFKH(XFKDULVWLHIHLHUPLW%LVFKRI.DUO
 *ROVHUDQOlVVOLFKGHVVWHQ*HEXUWVWDJHVYRQ
 -RVHI0D\U1XVVHU
8KU$QGDFKW
0R'H]HPEHU *N,QJCPPGU
8KU-DKUWDJIU$QQD%HUWVFKXQGIU$QWRQXQG&HFLOLD
 +RSIJDUWQHU
'L'H]HPEHU 7PUEJWNFKIG-KPFGT
8KU+O0HVVHQDFK0HLQXQJ
0L'H]HPEHU *N6JQOCU$GEMGV
8KU+O0HVVHQDFK0HLQXQJ
'R'H]HPEHU 8KU+O0HVVHQDFK0HLQXQJ
)U'H]HPEHU *N5KNXGUVGT
8KU-DKUWDJIU$OIUHGXQG/XLVH3LFKOHU
8KU'DQNPHVVH]XP-DKUHVDEVFKOXVV9$
+RFKIHVWGHU*RWWHVPXWWHU0DULD1HXMDKU:HOWIULHGHQVWDJ
6D-lQQHU 8KU(XFKDULVWLHIHLHU
8KU)HVWJRWWHVGLHQVW
#%CTRCPK/KUUCDTGXKU
 *2CWNOKEJN2UCNNKVGWPKIGPKVQ*ÑTVKJTFKG'PIGNUKPIGP
8KU)HLHUOLFKH9HVSHU
6RQQWDJQDFK:HLKQDFKWHQ
6R-lQQHU 8KU(XFKDULVWLHIHLHU
8KU(XFKDULVWLHIHLHU
8KU$QGDFKW

 0R-lQQHU *GKNKIUVGT0COG,GUW
8KU-DKUWDJIU'HNDQ-RVHI5LHU
'L-lQQHU 8KU+O0HVVHQDFK0HLQXQJ
0L-lQQHU 8KU+O0HVVHQDFK0HLQXQJ
(UVFKHLQXQJGHV+HUUQ'UHLN|QLJ
0L-lQQHU 8KU(XFKDULVWLHIHLHU9$
 
'R-lQQHU 8KU(XFKDULVWLHIHLHU
 8KU(XFKDULVWLHIHLHU
.<GPGVVK2CUVQTCNOGUUGH×T5QNK%JQT
 1TIGN1TEJGUVGT*2CWNOKEJN&KG9GKUGPCWUFGO/QTIGPNCPF
8KU)HLHUOLFKH9HVSHU
ÕÕÕÕÕÕÕÕÕÕÕÕ
ÕÕÕÕÕÕÕÕÕÕÕÕ





]XUFNVFKDXHQ DWPHQ
PLW:RKOZROOHQZDKUQHKPHQ GHQ0RPHQWNRVWHQ
VWHKHQODVVHQ KLHUVHLQ
XQGMDVDJHQ XQGMDVDJHQ
*RWWVHJQHGLFKGDIU *RWWVHJQHGLFKGDIU
QDFKYRUQHVFKDXHQ
JHVSDQQWVHLQ
JHODVVHQEOHLEHQ
XQGMDVDJHQ
*RWWVHJQHGLFKPLWGHP1HXHQ-DKU
%JTKUVKCPG$WPFUEJWJ5EJTCOO


9HUDQVWDOWXQJHQXQG7HUPLQH
*HEHWVNUHLVLP3URSVWHL]LPPHUMHGHQ0LWWZRFKYRQELV8KU
%HVLQQOLFKHV$EHQGJHEHWLQGHU$GYHQWV]HLWMHGHQ'RQQHUVWDJXP8KULQ
GHU.RPPHQGH:HJJHQVWHLQ'HXWVFKKDXVPLW6U5HLQKLOGH3ODWWHU
$GYHQWVLQJHQDP)UHLWDJXP8KULP'RPPLWODGLQLVFKHQ&K|UHQ
XQG6LQJJUXSSHQ
0LWWZRFKUXQGHGHU6HQLRUHQ9RUEHUHLWXQJHQIUGLH'UHLN|QLJVDNWLRQ
$GYHQWOLFKHV%HLVDPPHQVHLQ
7DXIQDFKPLWWDJ
7DXIHOWHUQXQG3DWHQWUHIIHQVLFKDP6DPVWDJYRQ8KULP
3IDUUKHLP$QPHOGXQJXQWHU3IDUUEUR
9ROOYHUVDPPOXQJGHU0lQQHUNRQJUHJDWLRQDP6DPVWDJXP8KULP
$QVFKOXVVDQGLH9RUDEHQGPHVVH
(UVWEHLFKWHDP0RQWDJXQGDP'RQQHUVWDJMHZHLOVXP8KU
)LUPXQJ
½7UHIIHQPLW)LUPKHOIHU,QQHQDP'RQQHUVWDJXP8KU3URSVWHLVDDO
½)UHLWDJXP8KU7DL]qJHEHWLP'RPJHVWDOWHWYRQHLQHU)LUPJUXSSH
7UHIISXQNWNDWK)UDXHQEHZHJXQJDP0RQWDJXP8KU
(KHYRUEHUHLWXQJ
½%LOGXQJVKDXV/LFKWHQEXUJYRP%HJLQQ)U8KUELV6R8KU
½&XVDQXV$NDGHPLH%UL[HQMHZHLOVYRQ8KU
,QGHU'RPLQLNDQHUNLUFKH$P0LWWZRFKYRQ8KU.RQ]HUW
RUJDQLVLHUWYRP9HUHLQÅ0XVLFDLQ$XOLV´
5HLVHQDFK%XOJDULHQPLW.DQ-RKDQQHV1RLVWHUQLJJYRP
:HLWHUH,QIRUPDWLRQHQXQG$QPHOGXQJHQLQQHUKDOEEHL.DQ1RLVWHUQLJJ
7HORGHU5HLVHEUR6FKHQNHU7HO
*ORFNHQVSLHO$EGHP$GYHQWVRQQWDJWlJOLFKXP8KUXQGXP8KU
Å+HOIHQPDFKWJOFNOLFK´,GHHQZHWWEHZHUEGHV.9:+LOIVIRQGV$UEHLWHQ
N|QQHQELV)UHLWDJHLQJHUHLFKWZHUGHQ:HLWHUH,QIRVXQWHU
ZZZNYZRUJKIGLGHHQZHWWEHZHUE 


3DWHU-RKDQQHV:HQLQ2)0DXV.DOWHUQ(LQKHU]OLFKHV9HUJHOWCV*RWWIU
GLHJUR‰]JLJHQ*HOGVSHQGHQLP2NWREHU]XJXQVWHQGHU0LVVLRQVDUEHLWGHU
)UDQ]LVNDQHU'LH2SIHUVDPPOXQJHUEUDFKWHHLQHQ(UO|VYRQLQVJHV½

#OWPF&G\GODGT
UKPFFKG5VGTPUKPIGTFGT
&QORHCTTGYKGFGTWPVGTYGIU
5KGHTGWGPUKEJ×DGTGKPGHTGWPFNKEJG
#WHPCJOGWPF+JTG5RGPFG
5RGPFGPYGTFGPCWEJKO2HCTTD×TQWPF
KPFGT5CMTKUVGKGPVIGIGPIGPQOOGP


.LQGHUVHLWH


(LQH1LNRODXV²*HVFKLFKWH


 (VZDU:LQWHUXQGGHU'H]HPEHUUFNWHLPPHU
QlKHU'HUKO1LNRODXVZROOWHVHLQHQ)HVWWDJGLHVPDO
EHVRQGHUVVFK|QIHLHUQXQGVDJWH]XVLFKVHOEHUÅ,FKZLOO
GLH.LQGHUDXIGHU(UGHEHVFKHQNHQGDPLWPDFKHLFKPLU
VHOEHUHLQH)UHXGH´
6RVWLHJHUDXIGLH(UGHXQGVWDSIWHGXUFKGHQYHUVFKQHLWHQ
:DOG(UEHUOHJWHKLQXQGKHUZDVHUGHQ.LQGHUQVFKHQ
NHQVROOWH'DEHJHJQHWHHUHLQHP,JHO'HUKO1LNRODXVIUDJ
WHLKQXPVHLQHQ5DWXQGGHU,JHODQWZRUWHWHÅ:LU,JHOHVVHQ
JHUQHVDIWLJHbSIHOXQGDXFKGLH.LQGHUP|JHQVLHGDVZHL‰
LFK´'HUKO1LNRODXVEHGDQNWHVLFKXQGJLQJZHLWHU
'DKXVFKWHHLQ(LFKK|UQFKHQYRULKPIOXJVDXIHLQHQ%DXP
9RQHLQHP$VWDXVULHIHVKHUXQWHUÅ:LU(LFKK|UQFKHQ
NQDEEHUQJHUQH1VVHGDUXPVROOWHVWGXGHQ.LQGHUQ
1VVHVFKHQNHQ´=XIULHGHQJLQJGHUKO1LNRODXVZHLWHU
GHQQQXQZXVVWHHUVFKRQ]ZHL'LQJHGLHHUGHQ.LQGHUQ
VFKHQNHQNRQQWH
1DFKHLQHU:HLOHEHJHJQHWHHUHLQHPDOWHQ)XFKVGHUNQXUU
WHÅ+DEHJHK|UWGXZLOOVWGHQ.LQGHUQHWZDVVFKHQNHQ"
6FKQHLGHOLHEHUHLQSDDU=ZHLJHIUHLQH5XWHDE'DVLVWGLH
ULFKWLJH*DEHIUGLHVFKOLPPHQ.LQGHU´
'HUKO1LNRODXVVFKPXQ]HOWHGHQQGDUDQKDWWHHUJDUQLFKW
 JHGDFKW(UZDUDEHUHLQVHKUJXWHU0DQQXQGVRNDPHV
 GDVVHUGHQ.LQGHUQELV]XPKHXWLJHQ7DJbSIHO1VVH
  XQGYLHOHDQGHUHOHFNHUH6DFKHQEULQJW
'LH5XWHDEHUGLHEOHLEWLQVHLQHP6DFN
HTGKPCEJ+PIG/)TKOO

,PSUHVVXP 
+HUDXVJHJHEHQYRQ  'RPSIDUUHL0DULD+LPPHOIDKUW%R]HQ
3UHVVHUHFKWOLFKYHUDQWZRUWOLFK 0DUWLQ/HUFKHU
'UXFNXQG9HUODJ  .DUR'UXFN2+*)UDQJDUW
(UPlFKWLJXQJ  /DQGHVJHULFKW%R]HQ1U
1lFKVWHU(UVFKHLQXQJVWHUPLQ -lQQHU
5HGDNWLRQVVFKOXVV  MHZHLOVDPGHV9RUPRQDWV
5HGDNWLRQVWHDP  +HOJD)UDVV:DOWHU0D\U*DEL3LFKOHU$QQD6LOEHUQDJO
  3IDUUSODW]%R]HQ7HOHIRQ)D[
  (0DLOUHGDNWLRQ#GRPSIDUUHLW
%LOGHUHQWQRPPHQDXV  HLJHQHP$UFKLY=HLWVFKULIWÅ,PDJH´3L[HOLRGH