&U\VWDO:HWWHUVWDWLRQ
0RGHOO%$
%(',(181*6$1/(,781*
(,1/(,781*
:LUGDQNHQ ,KQHQ GDVV6LHVLFK IU GLH :HWWHUVWDWLRQYRQ
2UHJRQ 6FLHQWL¿F
70
HQWVFKLHGHQ KDEHQ +DOWHQ 6LH ELWWH
GLHVH $QOHLWXQJ EHUHLW GD VLH $QZHLVXQJHQ XQG ZLFKWLJH
+LQZHLVHIUGHQ8PJDQJPLWGLHVHP*HUlWHQWKlOW
352'8.7h%(56,&+7
&U\VWDO:HWWHUYRUKHUVDJHWHLO
/('/LFKWHU
,QIUDURW%HZHJXQJVPHOGHU
6\PEROIU)XQNVLJQDO
6WXQGHQDXVJOHLFKIU=HLW]RQH
$Q]HLJHYRQ8KU]HLWXQG7HPSHUDWXU
&/2&.6WHOOWGLH8KU]HLWHLQ
$NWLYLHUW GHDNWLYLHUW )XQNXKU HUK|KW
YHUULQJHUW(LQVWHOOXQJVZHUW
&)bQGHUW0DHLQKHLW
5(6(76HW]W*HUlWDXI6WDQGDUGHLQVWHOOXQJHQ]XUFN
5LFKWXQJVDQ]HLJHIU:HWWHUV\PERO
6WXQGHQXKU
7HPSHUDWXUHLQKHLW
%DVLVHLQKHLW
$872 21 2)) 6FKDOWHW GLH DXWRP 8PVFKDOWXQJ
]ZLVFKHQ7HPSHUDWXUXQG=HLWDQ]HLJHHLQDXV
(88.:lKOWGDVQlFKVWJHOHJHQH)XQNVLJQDODXV
7HPSHUDWXUVHQVRU
$QVFKOXVVIU1HW]DGDSWHU
:$5181*1LFKWGLUHNWLQGDV/('/LFKWVFKDXHQGDHV
,KUHQ$XJHQVFKDGHQNDQQ
(,15,&+781*
6WHFNHQ 6LH GHQ 1HW]DGDSWHU HLQ XP GDV *HUlW
HLQ]XVFKDOWHQ
6WHOOHQ6LHGLH8KUHLQZLHLP$EVFKQLWW8+5GDUJHVWHOOW
6WHOOHQ6LHGHQ&U\VWDO:HWWHUYRUKHUVDJHWHLOYRUVLFKWLJ
DXI GLH %DVLVHLQKHLW 9HUJHZLVVHUQ 6LH VLFK GDVV
GLHVHUJHQDXDXIGLH %DVLVJHVHW]WZLUG XQGGDVVGLH
:HWWHUV\PEROHLQGHUNRUUHNWHQ:HLVHSRVLWLRQLHUWVLQG
+,1:(,6%HDFKWHQ6LHELWWHGDV:DUQVFKLOGDXIGHU5FNVHLWH
GHV*HUlWV
+,1:(,68P]XEHUSUIHQREGDV*HUlWULFKWLJHLQJHULFKWHW
LVW VWHOOHQ 6LH VLFKHU GDVV GLH :HWWHUV\PEROH DXI GHU
%DVLVHLQKHLW LQ GHUVHOEHQ 5LFKWXQJ SRVLWLRQLHUW VLQG ZLH GLH
6\PEROHDXIGHP&U\VWDO7HLO
:$5181* 'HU .ULVWDOO:HWWHUYRUKHUVDJHWHLO LVW VHKU
]HUEUHFKOLFKXQGVROOWHPLW9RUVLFKWJHKDQGKDEWZHUGHQ2UHJRQ
6FLHQWL¿FLVWQLFKWKDIWEDUIU%HVFKlGLJXQJHQRGHU9HUOHW]XQJHQ
GLHGXUFKHLQHIDOVFKH+DQGKDEXQJGLHVHV3URGXNWVHQWVWHKHQ
+,1:(,6'LHVHV3URGXNWIXQNWLRQLHUWHYHQWXHOOQLFKWULFKWLJ
ZHQQ )XQNVW|UXQJHQ DXI GHU $&1HW]OHLWXQJ DXIWUHWHQ
'DV *HUlW ZLUG GHQ QRUPDOHQ %HWULHE ZLHGHU IRUWVHW]HQ
VREDOGGLH6W|UXQJEHHQGHWLVW6WHOOHQ6LHVLFKHUGDVVGHU
$GDSWHUDQVFKOXVVIUGDV*HUlWSUREOHPORV]XJlQJOLFKLVW
=(,76,*1$/(03)$1*
'LHVHV3URGXNWV\QFKURQLVLHUWDXWRPDWLVFKVHLQH8KUVREDOG
HVVLFKLP(PSIDQJVEHUHLFKHLQHV)XQNVLJQDOVEH¿QGHW
'&)ZLUGLQ)UDQNIXUW'HXWVFKODQGIU0LWWHOHXURSD
HU]HXJW
06)ZLUGLQ5XJE\(QJODQGHU]HXJW
'LH 8KU HPSIlQJW GLH )XQNVLJQDOH MHGHV 0DO ZHQQ VLH
VLFK LP 8PNUHLV YRQ NP HLQHV 6LJQDOV EH¿QGHW
9HUVFKLHEHQ6LHGHQ6FKDOWHU(88.DXIGLH,KUHP6WDQGRUW
HQWVSUHFKHQGH 6WHOOXQJ :LHGHUKROHQ 6LH GHQ 9RUJDQJ
MHGHV0DOZHQQ6LHGDV*HUlW]XUFNVHW]HQ
+,1:(,6 6WHOOHQ 6LH GDV *HUlWIURSWLPDOH (UJHEQLVVH
LQGLH1lKHHLQHV)HQVWHUVPLWIUHLHU6LFKWDXIGHQ+LPPHO
DEHUQLFKWXQPLWWHOEDUQHEHQPHWDOOLVFKH*HJHQVWlQGHRGHU
HOHNWULVFKH*HUlWH
6RDNWLYLHUHQGHDNWLYLHUHQ6LHHLQH6LJQDOVXFKH
+DOWHQ6LH
JHGUFNW
67$5.(6 6&+:$&+(6 .(,16,*1$/
6,*1$/ 6,*1$/
+,1:(,6 (V QLPPW ELV ]X 0LQXWHQ LQ$QVSUXFK ELV
HLQJOWLJHV 6LJQDOHPSIDQJHQZLUG :HQQGDV )XQNVLJQDO
VFKZDFKLVWNDQQHVMHGRFKELV]X6WXQGHQGDXHUQ
$1=(,*(b1'(51
8P GLH $Q]HLJH GHU ,QQHQWHPSHUDWXU XQG 8KU]HLW
DXWRPDWLVFKXP]XVFKDOWHQVFKLHEHQ6LH GHQ6FKDOWHU
$872212))DXI21
8PGHQ%HZHJXQJVPHOGHU]XUbQGHUXQJGHU$Q]HLJH
]XYHUZHQGHQEHZHJHQ6LH ,KUH+DQGTXHUEHUGHQ
%HZHJXQJVPHOGHU
8+5
6R VWHOOHQ 6LH GLH 8KU HLQ EHL GHDNWLYLHUWHP
)XQNHPSIDQJ
+DOWHQ6LH&/2&.6HNXQGHQODQJJHGUFNW
'UFNHQ6LHDXI
XPGLH(LQVWHOOXQJ]XlQGHUQ
'UFNHQ6LH]XU%HVWlWLJXQJDXI&/2&.
'LH5HLKHQIROJHGHU(LQVWHOOXQJHQODXWHW6WXQGHQDXVJOHLFK
6WXQGHQIRUPDW6WXQGHXQG0LQXWH
:(77(5925+(56$*(
'LH:HWWHUYRUKHUVDJHGHUQlFKVWHQELV6WXQGHQZLUG
GXUFKGLH)DUEHGHV:HWWHUV\PEROVGDUJHVWHOOW
6<0%2/ )$5%( %('(8781*
5RW 6RQQLJ
%ODX %HZ|ONW
*UQ 5HJQHULVFK
7(03(5$785
'UFNHQ6LHDXI&)XPGLH0DHLQKHLW]XlQGHUQ
5(6(7
'UFNHQ 6LH DXI 5(6(7 XP GDV *HUlW DXI GLH
6WDQGDUGHLQVWHOOXQJHQ]XUFN]XVHW]HQ
9256,&+760$661$+0(1
6HW]HQ6LHGDV*HUlWNHLQHUH[WUHPHQ*HZDOWHLQZLUNXQJ
XQG NHLQHQ 6W|HQ DXV XQG KDOWHQ 6LH HV YRQ
EHUPlLJHP6WDXE+LW]HRGHU)HXFKWLJNHLWIHUQ
'(
.21)250,1)2/*(1'(1/b1'(51
$OOH(*6WDDWHQGLH6FKZHL]&+
XQG1RUZHJHQ1
6LHGUIHQGLH%HOIWXQJV|IIQXQJHQQLFKWPLW*HJHQVWlQGHQ
DEGHFNHQZLH]%=HLWXQJHQ9RUKlQJHXVZ
7DXFKHQ6LHGDV*HUlWQLHPDOVLQ:DVVHU)DOOV6LHHLQH
)OVVLJNHLWEHUGDV*HUlWYHUVFKWWHQWURFNQHQ6LHHV
VRIRUWPLWHLQHPZHLFKHQIDVHUIUHLHQ7XFK
5HLQLJHQ 6LH GDV *HUlW NHLQHVIDOOV PLW VFKHXHUQGHQ
RGHUlW]HQGHQ0LWWHOQ
0DFKHQ 6LH VLFK QLFKW DQ GHQ LQWHUQHQ .RPSRQHQWHQ
GHV*HUlWV ]X VFKDIIHQGD GLHV ]X HLQHP 9HUOXVWGHU
*DUDQWLHIKUHQNDQQ
9HUZHQGHQ 6LH QXU QHXH %DWWHULHQ 9HUZHQGHQ 6LH
NHLQHVIDOOVQHXHXQGDOWH%DWWHULHQJHPHLQVDP
'LH LQ GLHVHU $QOHLWXQJ GDUJHVWHOOWHQ $EELOGXQJHQ
N|QQHQVLFKYRP2ULJLQDOXQWHUVFKHLGHQ
(QWVRUJHQ 6LH GDV *HUlW DXVVFKOLHOLFK LQ GHQ GDIU
YRUJHVHKHQHQNRPPXQDOHQ6DPPHOVWHOOHQGLH6LHEHL
,KUHU*HPHLQGHHUIUDJHQN|QQHQ
:HQQGLHVHV3URGXNWDXIEHVWLPPWH+RO]ÀlFKHQJHVWHOOW
ZLUGNDQQGLH2EHUÀlFKHEHVFKlGLJWZHUGHQ2UHJRQ
6FLHQWL¿F LVW QLFKW KDIWEDU IU VROFKH %HVFKlGLJXQJHQ
(QWVSUHFKHQGH +LQZHLVH HQWQHKPHQ 6LH ELWWH GHU
3ÀHJHDQOHLWXQJ,KUHV0|EHOKHUVWHOOHUV
'HU,QKDOWGLHVHU$QOHLWXQJGDUIRKQH*HQHKPLJXQJGHV
+HUVWHOOHUVQLFKWYHUYLHOIlOWLJWZHUGHQ
9HUEUDXFKWH %DWWHULHQ JHK|UHQ QLFKW LQGHQ +DXVPOO
%LWWHJHEHQ6LHVLHEHLHLQHU6DPPHOVWHOOHIU$OWEDWWHULHQ
E]Z6RQGHUPOODE
%LWWH EHDFKWHQ 6LH GDVV PDFKH *HUlWH PLW HLQHP
%DWWHULHXQWHUEUHFKXQJVVWUHLIHQEHVWFNW VLQG 9RUGHP
HUVWHQ *HEUDXFK PVVHQ 6LH GHQ 6WUHLIHQ DXV GHP
%DWWHULHIDFK]LHKHQ
+,1:(,6'LHWHFKQLVFKHQ'DWHQIUGLHVHV3URGXNWXQGGHU
,QKDOWGHU %HGLHQXQJVDQOHLWXQJN|QQHQ RKQH$QNQGLJXQJ
JHlQGHUWZHUGHQ
7(&+1,6&+('$7(1
7<3 %(6&+5(,%81*
/;%;+ [[PP
*HZLFKWGHU.ULVWDOOHLQKHLW JSIG
*HZLFKWGHU%DVLVHLQKHLW JSIG
)XQNIUHTXHQ] '&)RGHU06)
8KU]HLWIRUPDW 6WXQGHQ
(UIDVVXQJVEHUHLFKGHV ELVFP
,QIUDURW6HQVRUV
7HPSHUDWXUEHUHLFK ELV&
ELV)
7HPSHUDWXUDXÀ|VXQJ &)
6WURPYHUVRUJXQJ 1HW]DGDSWHU
h%(525(*216&,(17,),&
%HVXFKHQ6LHXQVHUH:HEVLWHZZZRUHJRQVFLHQWL¿FGHXQG
HUIDKUHQ6LHPHKUEHUXQVHUH2UHJRQ6FLHQWL¿F3URGXNWH
$XI GHU :HEVLWH ¿QGHQ 6LH DXFK ,QIRUPDWLRQHQ ZLH 6LH
LP%HGDUIVIDOO XQVHUHQ .XQGHQGLHQVW HUUHLFKHQ XQG 'DWHQ
KHUXQWHUODGHQN|QQHQ
)U LQWHUQDWLRQDOH $QIUDJHQ EHVXFKHQ 6LH ELWWH XQVHUH
:HEVLWH
ZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS
(8.21)250,7b76(5./b581*
+LHUPLW HUNOlUW 2UHJRQ 6FLHQWL¿F GDVV GLH &U\VWDO
:HWWHUVWDWLRQ%$PLWGHQJUXQGOHJHQGHQ$QIRUGHUXQJHQ
XQGDQGHUHQ UHOHYDQWHQ9RUVFKULIWHQGHU5LFKWOLQLH
(*EHUHLQVWLPPW(LQH.RSLHGHUXQWHUVFKULHEHQHQXQGPLW
'DWXP YHUVHKHQHQ .RQIRUPLWlWVHUNOlUXQJ HUKDOWHQ 6LHDXI
$QIUDJHEHUXQVHUHQ2UHJRQ6FLHQWL¿F.XQGHQGLHQVW