Die Schlacht bei Sedan - Gymnasium Sedanstraße

Transcription

/LHEH/HVHULQQHQXQG/HVHU
DXIJUXQGGHUDNWXHOOHQSROLWLVFKHQ/DJHEH]JOLFKGHV,UDN.ULHJHVP|FKWHQZLUGLH0LWDUEHLWHUGHU$EL]HLWXQJGHV$ELMDKUJDQJHV
LP1DPHXQVHUHUJHVDPWHQ6WXIHXQVYRQMHJOLFKHQ]XIlOOLJHQ3DUDOOHOHQXQVHUHV$ELPRWWRVXQGGHVGD]XJHK|ULJHQ/RJRV
]XGHPHEHQDQJHVSURFKHQHQ.ULHJGHU9HUHLQLJWHQ6WDDWHQYRQ$PHULNDXQGGHQDQGHUHQXQWHUVWW]HQGHQ6WDDWHQJHJHQGHQ,UDN
GLVWDQ]LHUHQ
8QVHU$ELPRWWR Ä6FKOD
NHOQ ZLH Ä6FKODFKW XP
%DJGDG³Rl]XWXQ'LHVHV$ELPRWWRZXUGHLQHLQHUGHPRNUDWLVFKHQ$EVWLPPXQJJHPHLQVDPYRQGHQ6FKOHUQ6FKOHULQQHQ
GLHVHU 6WXIH YRU HLQLJHQ 0RQDWHQ JHZlKOW XQG KDW HLQHQ KLVWRULVFKHQ %H]XJ ]X GHU 6FKODFKW EHL 6HGDQ QDFK GHU GLHVH 6FKXOH
EHQDQQWZXUGHLPGHXWVFKIUDQ]|VLVFKHQ.ULHJZHOFKH]XXQVHUHU*HVFKLFKWHJHK|UWXQGQLFKW]XYHUOHXJQHQLVW
$XFK GDV GD]XJHK|ULJH$ELORJR VROOWH LQ NHLQVWHU :HLVH PLW GHU NULHJIKUHQGHQ 1DWLRQ GHQ 86$ DVVR]LLHUW ZHUGHQ VRQGHUQ
ZXUGHHLQSDDU:RFKHQQDFKGHU:DKOGHV0RWWRVJHPHLQVDPEHVFKORVVHQXQGGUFNWGLHODQJMlKULJH0KHELV]XU(UODQJXQJ
GLHVHV$ELWXUVDXV
=XGHPP|FKWHQZLUKLQ]XIJHQGDVVGLH,QKDOWHGHU6FKOHUVWHFNEULHIHLQGHU9HUDQWZRUWXQJGHVHLQ]HOQHQ6FKOHUVGHUHLQ]HOQHQ
6FKOHULQOLHJHQQXUGL
'LH5XEULNÄ:HUZLUGPDO³VSLHJHOWQLFKWXQEHGLQJWGLH0HLQXQJGHU5HGDNWLRQZLHGHU'LHVH5XEULNEDVLHUWDXIHLQHU8PIUDJH
DOOHU6FKOHU6FKOHULQQHQGLHVHU6WXIHXQGLVWYRQ0LWDUEHLWHUQGHU5HGDNWLRQDXVJHZHUWHWZRUGHQ'DV6HOEHJLOWDXFKIUGLH
ÄWUDGLWLRQHOOH³5XEULNG
$1=(,*(
,QGLHVHP6LQQH
6FKODFKWSODQ
'DV(UJHEQLVLP9ROOEHVLW]XQVHUHUJHLVWLJHQ.UlIWH
(GLWRULDO WH
6FKOHUVWHFNEU
WH±
/.±%HULFKWH
WH±
/HKUHUVWHFNEU
WH±
.RWWZLJ6SHFLD
WH
:HUZLUGPDO
WH±
6FKOHUVWDWLVWL
WH±
/HKUHUVWDWLVWLN
WH±
'LH*HIDOOHQHQ
WH
)RWRFROODJH WH±
7KHKRI'|QEHUJ 6HLWH
,PSUHVVXP 6HLWH
(GLWRULDO
HUVWPDOZROOHQZLUGLH5HGDNWLRQLP1DPHQGHUJHVDPWHQ-DKUJDQJVWXIHGHV*\PQDVLXPV6HGDQVWUDH(XFK,KQHQJDQ]
KHU]OLFK]XP.DXIXQVHUHU$%,=HLWXQJJUDWXOLHUHQGHQQRKQHGLHVHNOHLQH6SHQGHKlWWHQZLUXQVHUHQ$ELEDOOLQGHU%DKQ
KRIVPLVVLRQIHLHUQPVVHQ'LHVLVWDEHU]XP*OFNQLFKWGHU)DOOGHQQHU¿QGHWLQGHU3DUW\VFKHXQHDP*ROIKRWHO9HVSHU
VWDWWZDVGXUFKGHQJURHQ(LQVDW]PHKUHUHU3HUVRQHQHUVWP|JOLFKZXUGH'LHVHU%DOOVROOGDVVKRIIHQZLU]XPLQGHVWMHGHP
JHODGHQHQ*DVWHLQHQVFK|QHQXQGJHOXQJHQHQ$EHQGELHWHQ
:DVZDUGDVGDPDOVIUHLQH=HLWDOVZLULP-DKUHDQGLHVHU6FKXOHYHUVXFKWHQXQVHUHVFKXOLVFKH.DUULHUHIRUW]XVHW]HQ
*XWIU0DQFKHEHJDQQGLHVDXFKVFKRQLP-DKUHDXV)DLUQHVVJUQGHQZROOHQZLUKLHUDOOHUGLQJVNHLQH1DPHQQHQQHQ
'DPDOVLQXQVHUHUMXQJHQGOLFKHQ1DLYLWlWOlFKHOWHQZLUQXUDOVMHPDQG.OXJHVYRPKHXWLJHQ7DJHVSUDFKXQGZLUGLHVHQ
DXFKEDOGHUUHLFKHQZUGHQ'RFKQXQNXU]YRUGHP(UODQJHQXQVHUHV5HLIH]HXJQLVVHVKDEHQZLUVHOEHUDXFKQXUVROFKH
NOXJHQ6SUFKHXQGZXQGHUQXQVZLHVFKQHOOGLH=HLWGRFKHLJHQWOLFKYHUJDQJHQLVW
:LUN|QQHQPLW6LFKHUKHLWE]ZPLWVWDUNHU8QVLFKHUKHLWEHKDXSWHQGDVVZLUGLHVH=HLWJHQRVVHQKDEHQ,QGLHVHU=HLWKDEHQ
ZLUVHKUYLHOHUOHEWZREHLZLUEHVWLPPWDXIYLHOH'LQJHDXFKKlWWHQYHU]LFKWHQN|QQHQ:LUEOLFNHQDXIYLHOH.ODVVHQXQG
.XUVIDKUWHQXQGVRQVWLJH$XVÀJH]XUFNGLHWHLOVVHKUGUDPDWLVFKZDUHQXQGGLH1HUYHQGHU/HKUHUPHKUDOV]XP5HLHQ
EUDFKWHQDEHUDXFKDXIYLHOHSRVLWLYH(UHLJQLVVH'DUXPEHGDQNHQZLUXQVEHLDOOHQEHWHLOLJWHQ/HKUHUQUHFKWKHU]OLFKGDVV
VLHVRYLHO*HGXOGPLWEUDFKWHQXQVLQJXWHQZLHLQVFKOHFKWHQ=HLWHQ]XU6HLWHVWDQGHQXQGQLFKWJOHLFKH[SORGLHUWHQ
:lKUHQGGLHVHU=HLWVLQGYLHOH/HKUHU,QQHQJHNRPPHQXQGJHJDQJHQ0LW(LQLJHQNDPPDQJXW]XUHFKWPLW$QGHUHQKLQJH
JHQZHQLJHUDEHUGLHVLVWDXFKJXWVRGHQQZHOFKHQ5HL]KlWWHGDV/HEHQVRQVW"
,QGHQOHW]WHQ-DKUHKDEHQVLFKDQGHU6FKXOHDXFKQRFKYLHOH'LQJHYHUlQGHUWZREHLHLQLJH'LQJHPHKUDOVVLQQYROOVLQG
ZLH]%WURFNHQH6LW]JHOHJHQKHLWHQDP5DXFKHUKRIXQGGHU.LRVN$EHUHVJDEDXFK9HUlQGHUXQJHQGLHNDXPHLQHQ6LQQ
HUJDEHQZLHGLH*HOlQGHUHUK|KXQJLP$OWEDX'LHVJUHQ]WHKHUDQHLQHDUFKLWHNWRQLVFKH9HUJHZDOWLJXQJGHV6FKXOJHElXGHV
$EHUZLHVRSDVVLHUHQVROFKH9HUlQGHUXQJHQHUVWZHQQZLUJHUDGHGDV6FKODFKWIHOGVLHJUHLFKYHUODVVHQ"+LHUEHU]XGLVNXWLH
UHQLVWMHGRFKZRKOJHQDXVRDXVVLFKWVORVZLHEHUGHQ6LQQGHV/HEHQV]XSKLORVRSKLHUHQ
8PGLHVHPOHHUHQ*HUHGHQXQDEHUHQGOLFKHLQ(QGH]XVHW]HQEOHLEWXQVQXUQRFKYLHO6SDPLWGLHVHU
]DXEHUKDIWHQ/HNWUH]XZQVFKHQ
,QGLHVHP6LQQH
'LHXQHUVFK|SÀLFKH5HGDNWLRQ
36
)DOOV6LH'XPHLQHQPHLQVWGDVVGLHVDOOHVNHLQHQ6LQQHUJLEWGDQQKDEHQKDVW6LH'XYROONRPPHQUHFKW
GHQQZHQQZLUJHUDGHDXIGLH8KUVFKDXHQKDEHQZLU)UHLWDJGHQ$0XQGGLHVVROOWHDOV5HFKWIHUWLJXQJ
JHQJHQGHQQGLH5HGDNWLRQDUEHLWHWMHW]WQDKH]X7DJHRKQH8QWHUEUHFKXQJXQGGLHVH
$UEHLWQLPPWXQGQLPPWHLQIDFKNHLQ(QGHDEHUGDV6FKODIEHGUIQLVQLPPWPHKUXQGPHKU]XGLH9RUDUEHLWHQVLQGVHOEVW
YHUVWlQGOLFKQRFKQLFKWPLWJHUHFKQHW6ROOWHDOVRMHPDQGHLQHQ5HFKWVFKUHLEIHKOHURGHUlKQOLFKHV¿QGHQNDQQHUGLHVHQ
JHUQHEHKDOWHQXQGHLQUDKPHQZLUELWWHQXP9HUJHEXQJ
6WHFNEULHIH
,QGLHVHU6WXIHVHLW
:ROOWLKUPLFKlUJHUQ"
=XNXQIWVWUDXP
%HUXIEHLGHU3ROL]HLOLHEH)UDXXQGYLHOH.LQGHU
'HLQH/.V
%LR'HXWVFK
/LHEOLQJVIlFKHU
,FKKlWWH*HVFKLFKWHQLFKWDEZlKOHQVROOHQ
/LHEOLQJVOHKUHU
+DEHDOOH/HKUHUJHUQGHQGLHHLQHQRGHUDQGHUHQPHKURGHU
ZHQLJHUDOVDQGHUH
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG
,FKNDQQGLH'LQJHULPPHUQRFKQLFKWJDQ]VRULFKWLJDXVIOOHQ$EHURULJLQHOOVLQGGLH
(QWVFKXOGLJXQJHQEHUPHKUHUH7DJHPLWYHUVFKLHGHQHQ*UQGHQ
'UHL6FKULWWHHLQHVW\SLVFKHQ6FKXOPRUJHQV
DXIZDFKHQ
DQ]LHKHQ
VLFKDXIGHQ:HJPDFKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW
6NLNXUVLQGHUXQGGLH.XUVIDKUWLQGHUVLQGDP0HLVWHQKlQJHQJHEOLHEHQ:DUDOOHVVXSHUOXVWLJ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW
(VJLEW*HKHLPQLVVHGLHQLHJHOIWHWZHUGHQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"
-HGHV0DOZHQQLFKHLQHVFKOHFKWH1RWHEHNRPPHGHQNHLFKRELFKZLUNOLFKDXIHLQHP*\PQDVLXPJXWDXIJHKREHQELQ
8QGMHGH(QJOLVFKVWXQGH
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"
(LQHQ)XEDOOHLQH)UDXHLQLJH.KHIUCV'|QHUPDFKHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ
,FKZLOO]ZDUQLFKWVDJHQDOOHVDEHUYLHOHVZHUGHLFKJDQ]VLFKHUYHUPLVVHQ)UHXQGVFKDIWHQ(UOHEQLVVHGLH3DXVHQHLQLJH
/HKUHU
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ
,FKKHLHÄ6HYNHW³ZLUGJHVSURFKHQÄ6FKHZNHW³,FKKRIIHGRFKGDVVLUJHQGZDQQHLQPDOPHLQ1DPHYRQMHGHPULFKWLJ
DXVJHVSURFKHQZLUG+LHUHLQ'DQNHVFK|QDQ)UDX$YHUZHJ
=XVDPPHQIDVVHQGH0HLQXQJGHU6WXIH
8QVHU)XEDOOKHOG'HUFKDUPDQWH7UNLVFK6KDIWDXFKDOV6FKHIIREHNDQQWLVWLPPHUJXWJHNOHLGHW
'HU%HZHLGDVV9RUXUWHLOHHEHQGRFKQXU9RUXUWHLOHVLQGDXHUVHLQVHKQOLFKVWHU:XQVFKHLQHHLJHQH'|QHUEXGH]XEHVLW
]HQ
6WHFNEULHIH
+REE\V
VFKODIHQ%LOODUGLOOHJDOH$XWRUHQQHQVFKODIHQ
,QGLHVHU6WXIHVHLW
VHLWGHU
%HJUQGXQJ
6FKLFNVDO
=XNXQIWVWUDXP
3LORWZHUGHQ
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
6SULQJVWXQGHQ
/LHEOLQJVOHKUHU
%RUQHU0XQ\8HOOHQGDKO
,QIRYHUDQVWDOWXQJHQ
VSDDDDQHQG
%HVWHU/HKUHUVSUXFK
Ä'HP+HUUQ.HOOHUPDQQJHKWHVQRFKYLHOVFKOHFKWHU³E\.RGGL
$ONRKROYHUJLIWXQJPLWDNXWHP(UEUHFKHQ
]XK|UHQ
PHUNHQ
YHUJHVVHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW .RQVWDQWDQVWHLJHQGHQLHDXIK|UHQGH0h',*.(,7
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:,(62,&+"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $XIVWHKHQ]XUHUVWHQRGHUGRFKHUVW]XUIQIWHQ"
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"KPZHUGHLFKPLUEHUOHJHQZHQQHVVRZHLWLVW
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ .DQQLFKQRFKQLFKWVDJHQ«
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ0HLQ*RWW±*(6&+$))7
&KHINRFK*LRYDQQLLVWGDVHLQ]LJUXVVLVFKH0LWJOLHGGHU&KHPLHFUHZ2EZRKO0DUNHÄ)DOVFKSDUNHU³LVW$OEHUWHLQOXVWLJHU
XQGHKUOLFKHU=HLWJHQRVVH
6FKOHUÄ%HKDOWHQZLUVLHLQGHUZHLWHUDOV/HKUHU"³
+HUU.HOOHUPDQQÄ,QGHUZHUGHLFKZRKOQLFKWXQWHUULFKWHQDEHULFKJODXEHGDVVLFKHLQLJH
YRQLKQHQLQGHUQlFKVWHV-DKUQRFKPDOXQWHUULFKWH³
:HUWKZHLQ³3OHDVHFOHDQWKHERDUG´
6FKOHU³+RZGR\RXOLNHLW":HWRUGU\"´
6WHFNEULHIH
+REE\V
5HLVHQPLW)UHXQGHQWUHIIHQ
,QGLHVHU6WXIHVHLW
6RPPHU
%HJUQGXQJ
9RUKHUDXI5HDOVFKXOH1HXH)ULHGULFKVWUDH
=XNXQIWVWUDXP
(UIROJUHLFKVHLQ
'HLQH/.V
%LR*HVFKLFKWH
/LHEOLQJVIlFKHU
)UDQ]|VLVFK(QJOLVFK
/LHEOLQJVOHKUHU
+HUU7VFKDFKH+HUU6FK|IIHO+HUU0LHKH
$XIVWHKHQ
$Q]LHKHQ:DVFKHQ
+DXVYHUODVVHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" 3&&'XQGPHLQH)UHXQGH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0HLQH0lGHOV-DQLQD,VDHWF
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ ǼȁȁǹȈ
6LHLVWGLHLPPHUJXWJHODXQWHVHKUOLHEHLPPHUOlFKHOQGHKEVFKHÀHLLJH*ULHFKLQQDPHQV(OSL1LFNL
6WHFNEULHIH
+REE\V
0RXQWDLQELNH$TXDULVWLN3&
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
$ELWXU
=XNXQIWVWUDXP
5XKP*HOG0DFKW
'HLQH/.V
%LRORJLH*HVFKLFKWH
/LHEOLQJVIlFKHU
/.V
/LHEOLQJVOHKUHU
+HOPXW:DOWHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG6WDX
DXIVWHKHQ
PLFKEHUGLH'%lUJHUQ
+DXVDXIJDEHQPDFKHQ
:DUXPHLQÄYHUQQIWLJHU³0HQVFK/HKUHUZHUGHQZLOO
(LQ+RWHO
'LH)UHL]HLW
,QGHU.DWHJRULHÄ0\VWHU\PDQGHU6WXIH³ZUGHHUVLFKHUOLFKHLQHQ2VNDUJHZLQQHQ-HGHQ7DJQLPPWGDVVHKUVWLOOH*HQLH
GHQZHLWHQ:HJYRQ.|OQQDFK:XSSHUWDODXIVLFKXPDQGLHVHP,QVWLWXWXQWHUULFKWHW]XZHUGHQ
6WHFNEULHIH
+REE\V
6SRUW(LQNDXIHQ7HOHIRQLHUHQ
,QGLHVHU6WXIHVHLW
GHU.ODVVH
=XNXQIWVWUDXP
*OFNOLFKXQG]XIULHGHQ]XVHLQPLWHLQHUJXWHQ$UEHLWXQG
KRKHP9HUGLHQVW
'HLQH/.V
*HVFKLFKWH(QJOLVFK
/LHEOLQJVIlFKHU
6SRUW/LWHUDWXU
/LHEOLQJVOHKUHU
6FK|IIHO'H%UX\Q
,QIRYHUDQVWDOWXQJHQ
:HQQLFKQLFKWVRYLHOPLW0LPVXQG%DEVJHUHGHWKlWWH
ZVVWHLFKMHW]WYLHOOHLFKWZLHPDQ]XP$EL6FKQLWWNRPPW
%HVWHU/HKUHUVSUXFK
)UDX:HOS6FKHUHUÄ(YHU\WKLQJLVDYLFLRXVFLUFOH³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG%XVYHUSDVVW$XFKZHQQLFKVRJXWZLHQHEHQGHU6FKXOHZRKQH
'LH)UDJHÄ*HKHLFKRGHUJHKHLFKQLFKW"³
'LHhEHUZLQGXQJWRWPGHDXI]XVWHKHQ
6FKOHFKWJHODXQWLQGHU6FKXOHDQNRPPHQ
6.,.856/21'21(LQ/DFKNLFNQDFKGHPDQGHUHQ
)DQJPLWHLQHUZLFKWLJHQ6DFKH±ZLHGHU)DFKDUEHLW±QLFKW]ZHL7DJHYRUKHUDQ±9HU]ZHLÀXQJ]XJUR
$OH[HWZDV]XHVVHQXQG0DQG\IU1RWIlOOH
'HQ6SDLQGHQ3DXVHQGDVLP*UXQGHÄHQWVSDQQWH³/HEHQXQGGLH)(5,(1
7URW]]XP7HLOJURHP6WUHVVXQGOlVWLJHP/HUQHQZHUGHLFKPHLQH6FKXO]HLWXQGDOOHQHWWHQ/HXWHDXVGHU6WXIHVHKUYHUPLV
VHQ
2OJDOLDV&KDUO\¶V$QJHO1RVFK|QJHEUlXQWLQLKUHQ0LVV6L[W\.ODPRWWHQZLUNWVLHZLH-DVPLQYRQ$ODGLQ
6WHFNEULHIH
+REE\V
0HLQH%DQG%LNHQ3DUW\PDFKHQ+DUGFRUHK|UHQXQG$XWRV
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
'LHLVWVFKOLPPHU
=XNXQIWVWUDXP
2SHO&RXSHCPLW,UPVFKHU*7567XQHXSIDKUHQ
'HLQH/.V
(QJOLVFK(UGNXQGH
/LHEOLQJVIlFKHU
(UGNXQGH)LOPHJXFNHQ6SRUW
/LHEOLQJVOHKUHU
+HUU8HOOHQGDKOGHU+HOPXWXQG0DQQL
,QIRYHUDQVWDOWXQJHQ
+DEJHK|UWGDVVGDPDOZHOFKHJHZHVHQVHLQVROOHQ
%HVWHU/HKUHUVSUXFK
.DQQPLFKQLFKWHQWVFKHLGHQ
+DMRÄ)UDJPLFKQLFKLQZHVVHQ*HKLUQGLHUHLQJHVFKLVVHQKDEHQ³
%RQL0LQXWHQ3DXVHÄ0DQQKDELFKCQ+XQJHU+DWYLHOOHLFKWHLQHUYRQHXFKQRFKCQ%URWIUPLFK"³
&KURQLVFKH'DXHUHUHNWLRQPLWVFKZHUZLHJHQGHQ0DVWXUEDWLRQVSUREOHPHQXQGQDFKIROJHQGHU+DQGJHOHQNV]HUUXQJ
Ä0RUJHQ³Ä0DKO]HLW³
Ä+DVVH(QJOLVFKJHPDFKW"³
Ä+DWWHQZLUZDVDXI"³
3RPPHO3DXOV$XWRIDKUHUJHVFKLFKWHQYRP:RFKHQHQGH6RPPHUNXU]H5|FNHHQJH+RVHQXQG+XIHLVHQ6LW]RUGQXQJ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW"
:LHVLHKWGDV/HKUHU]LPPHUYRQ,QQHQDXV"
*UHQ]ZHUWHUIDKUXQJHQPLWGHLQHPSV\FKLVFKHQLQQHUHQ6HOEVW"
.XUVIDKUW6HJHOQPLW3RPPHO3DXOLQGLHVHU0LQLNDELQHXQGDP$EHQGYRUKHUKDW3DXO7HOOHU&KLOOL&RQ&DUQHPLWGLFNHQ
%RKQHQJHJHVVHQ%LQIDVWHUVWLFNW
3DOHWWHQ*XPPLElUHQVDIW%LJ3XPD'LDQDXQGHLQH0DXHUXPGHQ2VWHQPHLQHU,QVHOYRP:HVWHQ]XWUHQQHQ
'XUFKVDJHQZLHÄ'HU%OlVHUNUHLVWULIIWVLFKKHXWH³-HGHQ0RUJHQGLHGRRIHQ*HVLFKWHU*OKZHLQLQGHU)UHLVWXQGHEHLP
3OXVJXWHQ*HZLVVHQVYRUGUlQJHOQ]XN|QQHQZHLOGLH3DXVHMDJOHLFKYRUEHLLVW
$OWR%HOOL+DUGFRUHIRUHYHU%DE\
'DGDK|UW*DEEHU
'DGDLVWGLH$QWZRUWDXIÄ:R":R"³
'DGDV/LHEOLQJVIDUEHLVWEUDXQ
6WHFNEULHIH
+REE\V
OHVHQGHU5XKHQDFKMDJHQDEHUDXFK)UHXQGHWUHIIHQ
XQG6SRUW]XP$XVJOHLFK
,QGLHVHU6WXIHVHLW
VHLWGHU.ODVVH
%HJUQGXQJ
0DWKH/DWHLQ(QJOLVFK
=XNXQIWVWUDXP
HLQVLQQHUIOOWHV/HEHQIKUHQ
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
5HOLJLRQ.XQVW
/LHEOLQJVOHKUHU
+HUU+LE\+HUU7VFKDFKH+HUU)ULHGKRII
,QIRYHUDQVWDOWXQJHQ
GDLVWVFKRQ8QWHUULFKWLQWHUHVVDQWHU
6FKOHU0HQVWUXDWLRQVEHVFKZHUGHQ
9HUVXFKGHV:DFKZHUGHQVEHYRUGHU:HFNHUORVJHKW
.RQWHPSODWLRQ
DQ]LHKHQXQG]XU6FKXOHODXIHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW %HJHJQXQJPLWGHP6FKDIXQGGLH0RPHQWHGDQDFK
:LHNDQQLFKPHLQH/HLVWXQJHQRKQHJURH$QVWUHQJXQJVWHLJHUQ"
KDWWHLFKELVKHUYRUDOOHPZlKUHQGGHU'HXWVFKNODXVXUHQ±'LHJLQJHQPLUKlX¿JVHKUDQGLH6XEWDQ]
0HLQHQ%UXGHUGDVPHLVWYHUNDXIWH%XFKGHU:HOWXQGPHLQHQ6FKODIVDFN
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0HLQH)UHXQGH
)UPLFKZDUGLHVH=HLWDP*\PQDVLXPPLWYLHOHQ+|KHQXQG7LHIHQYHUEXQGHQ$OOHVLQHLQHPZLOOLFKVLHDEHULQNHLQHP
)DOOPLVVHQ,FKELQYRUDOOHPGHQ/HKUHUQVHKUGDQNEDUGDVVVLHHLQHQLP1RWIDOOQLFKWLP6WLFKODVVHQ
-RKDQQDGLHPLWGHP6FKDIWDQ]W6HOEVWLQVROFKHQ6LWXDWLRQHQ]HLJWVLH+XPRUXQGNDQQQLFKWQXULP1DFKKLQHLQGUEHU
ODFKHQ'LHNOHLQH.DQWHLVWDXFKVRQVWHLQHJXWH6HHOHXQGIlOOWGXUFKLKUHQ*ODXEHQXQGGHQDOWHUQDWLYHQ/HEHQVVWLODXI
6WHFNEULHIH
,QGLHVHU6WXIHVHLW
.ODVVH
=XNXQIWVWUDXP
0HGL]LQ
'HLQH/.V
%LR(QJOLVFK
/LHEOLQJVIlFKHU
0DWKH6SRUW
/LHEOLQJVOHKUHU
+HUU)ULHGKRII
,QIRYHUDQVWDOWXQJHQ
1|WLJDEHUODQJZHLOLJ
%HVWHU/HKUHUVSUXFK
Ä'HU0RPHQWQDFKGHP2UJDVPXVLVWIUMHGHQ0DQQHLQNOHLQHU7RG³)ULHGKRII
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG*DECVEHLPLUQLFKW"
$XIZDFKHQ
%LVNXU]YRUP*HKHQLP%HWWOLHJHQEOHLEHQ
=XP%XVKHW]HQ
$XHUHLQSDDU$XVQDKPHQPHLQ]ZHLWHU9RUQDPH
6HLWGHUPLWHLQHP/HKUHUDXVNRPPHQGHQLFKQLFKWJHUDGHPDJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQHQ)UHXQG+DQG\=LJDUHWWHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH)HULHQXQGGLH3DXVHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ,FKZHUGCVLUJHQGZLHYHUPLVVHQ
'DV|IWHUVYLHO]XUXKLJH0DWKHJHQLHZLUNWPHLVWVHKUHUQVWXQGLQVLFKJHNHKUW'RFKOHUQWPDQVLHQlKHUNHQQHQIUHXWPDQ
VLFKXPVRPHKUZHQQVLHODFKWXQGLKUHVHQURWHQ%lFNFKHQ]HLJW
0DXVÄ'LHVFKHL.ODPRWWHQKLHUYRQQL[IXQNWLRQLHUW8QG$UEHLWPDWHULDOQHQQWVLFK
GDV³
0LHKHÄ,KUIUDJWHXFKZDUXPLKUGLH%LEHOKLHU2$/'EHQXW]HQVROOWZHQQ*RWWYRUQHDP3XOW
VLW]W"³
6WHFNEULHIH
+REE\V
0XVLN5RFNHQ
,QGLHVHU6WXIHVHLW
HZLJ
%HJUQGXQJ
MXJHQGOLFKHU/HLFKWVLQQ
=XNXQIWVWUDXP
0XVLNPDFKHQ7RXUHQ
'HLQH/.V
(QJOLVFK%LR
/LHEOLQJVIlFKHU
0XVLN/DWHLQ
/LHEOLQJVOHKUHU
+HUU8HOOHQGDKO
,QIRYHUDQVWDOWXQJHQ JlKQVFKQDUFK:D\QHLQWHUHVVLHUW
%HVWHU/HKUHUVSUXFKÄ:LUVFKUHLEHQHLQHQ7HVW±8QGLFKVDPPHOGLH+HIWHHLQ-HW]WK|UWGRFKPDODXI]XODFKHQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 0HQVXUDOH1RWDWLRQ
6FKODIZDQGHOQ:HJ]XU6FKXOH
7LHIVFKODISKDVH±8KU
$XIZDFKHQ8KU
=HLWHQVLQGYDULDEHO
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW5HOLUHIHUDWHPLW.DLYG:
:LHVRNRPPHQJHZLVVH3HUVRQHQ]XMHGHU6WXQGH]XVSlW"
*UHQ]ZHUWHUIDKUXQJHQPLWGHLQHPSV\FKLVFKHQLQQHUHQ6HOEVW",FKVHKHNRPLVFKH0HQVFKHQ
%DQGPLW&UHZ)UHXQGHQ(TXLSPHQWHWF%FKHU%LHU
+PBBBBBPLWHLQSDDU/HXWHQGHQWULVWHQ$OOWDJHUWUlJOLFKHUPDFKHQLQGHPPDQODFKW
2,8$$
(LQHJHZLVVH6]HQHDXVÄ+DOI%DNHG³GLHLQGHP)DVW)RRG5HVWDXUDQW
8QVHU&RHUWHQKDWGDQNVHLQHUYLHOHQ7DOHQWHGLHIUHLH%HUXIVZDKOZHGHUIHKOWLPGDV=HXJ]XP3ROLWLNHUQRFK]XPJURHQ
0XVLNHU,QGLHVHP6LQQH+lFNLKlFNL3DWHQJ
6WHFNEULHIH
+REE\V
/HVHQ0XVLN6SRUW)HLHUQ
,QGLHVHU6WXIHVHLW
-DQXDU
%HJUQGXQJ
ZDUDXIVRYLHOHQ6FKXOHQXQGGDGDFKWLFKPLU6HGDQPXVV
DXFKPLWUHLQ
=XNXQIWVWUDXP
*OFNXQG=XIULHGHQKHLWLVWVFKZHUHU]XHUUHLFKHQDOVPDQ
JODXEW
'HLQH/.V
(QJOLVFKXQG(UGNXQGH
/LHEOLQJVIlFKHU
6RZLGDQNÃ0RQRORJ¶%RUQHU(QJOLVFKGDQN)UDX:HUWKZHLQLFKPDJ6LHZLUNOLFKGDV
PVVHQ6LHPLUJODXEHQ
/LHEOLQJVOHKUHU
VLHKHREHQ+HUU7VFKDFKHHLQIDFKHLQNODVVH0HQVFK+HUU5DWHLNHGDHULPPHUJHPHLQHUWXWDOVHUZLUNOLFKLVW
,QIRYHUDQVWDOWXQJHQ
QHWWHU=HLWYHUWUHLEPDQFKPDOORKQWVRJDU]XK|UHQ
%HVWHU/HKUHUVSUXFK
0DWKH.RWWZLJ:LUVLQGXQVQLFKWXQlKQOLFK,FKKDEDXFKNHLQH/XVWKLHU]XVHLQ'HUHLQ]LJH
8QWHUVFKLHGLVWGDVVLFKGDIUEH]DKOWZHUGHKLHU]XVHLQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGGHUHQWVSUHFKHQGH:RFKHQWDJ
.ODUNRPPHQZDV"VRRRRIUK
9LVXDOLVLHUHQDPEHVWHQGHQ/HKUHU
$QJUHLIHQ$UPKRFKORKQWVLFKVRJDU
KPPPQDFKYHUVFKLHGHQHQ6FKXOHQ"'DJLEWHVHLQLJHV'DV%HVWH/HKUHUVLQGDXFK0HQVFKHQ
(UUDUHPDJLVWUDWXPHVW"
GHU/HKUHUVLW]WLPPHUDPOlQJHUHQ+HEHORIWIUXVWULHUHQG
0HLQH)UHXQGLQHUWUlJOLFKH/HXWHXQGJXWH6WLPPXQJXQGQHGLFNH3DUW\ 'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ
LFKZHUGKLHUMHW]WQLFKWQL[KLQVFKUHLEHQGHQQDOOHVGDQDFKZLUGQRFKVFKOLPPHU
+DEWHXFKOLHEXQGYHUWUDJWHXFK6RVFKOHFKWLVWGDVDOOHVQLFKW,PPHUKLQLVWMHGHU7DJRKQH)UHXQGHHLQYHUORUHQHU7DJ
:DQWHG'HDGRUDOLYH%LOGXQJVÀFKWLQJ.DL.DL.DL%HVRQGHUH.HQQ]HLFKHQKDW.RQWDNWHLQGLHJHKHLPHQ.DWDNRPEHQ
GHU/HKUHUVFKDIW]LHKWDOOHXPVLFKKHUXPLQV&KDRVXQGLVWVFKZHUEHZDIIQHW)XEDOO +DQGJUDQDWH"
%LWWHPHOGHGLFK
6WHFNEULHIH
+REE\V
)UHXQG)UHXQGHIHLHUQ7HQQLVOHVHQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
,FKJODXEWH6DPVRQ(UQLHXQG%HUW]XWUHIIHQ
=XNXQIWVWUDXP
VH%DPELQLVGHQULFKWLJHQ0DQQGD]X
JXWHU%HUXIQHWWHV=XKDXVHJDQ]YLHO*HVXQGKHLW
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
'DPVVWHLFKOJHQ
/LHEOLQJVOHKUHU
+HUU6FK|IIHO+HUU(JHUODQG
,QIRYHUDQVWDOWXQJHQ
-DJHQHLQHPLP%H]XJDXI¶V$EL$QJVWHLQDEHU]XP*OFNYHUVWHKLFKLPPHUQXUGLH+lOIWHZHQQEHUKDXSWXQGVFKODI
QDFK0LQXWHQHLQ
%HVWHU/HKUHUVSUXFK0DWKHLVWQLFKWUHFKQHQ+HUU.RWWZLJ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG0HQVWUXDWLRQVEHVFKZHUGHQFD[SUR0RQDW
DXVGHP%HWWTXlOHQ
LP%XVHLQVFKODIHQ
QDFKGHUOHW]WHQ6WXQGHZLHGHUDXIZDFKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6lPWOLFKH)DKUWHQ6FK|IIHOEHLP7DIHOSXW]HQ-RKDQQDGDV6FKDI
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :ROLHJWGHU7ULFNEHLP7UH|IIQHQ""
0RUJHQVXP8KUDXI]XVWHKHQPDQJHZ|KQWVLFKHLQIDFKQLFKWGUDQ
)UHXQG)UHXQGH(VVHQ0XVLN%HWW*XPPLERRWRGHUGRFKOLHEHUPHLQHQ/DG\VKDYHU"
9LHOHOLHEHQHWWH/HXWH6FK|IIHOVOXVWLJH6SUFKH7ROOSDWVFKLJNHLWURWHU=HWWHODPVFKZDU]HQ%UHWW
ODDDDQJH)HULHQXQVHUHQVFKURWWSODW]UHLIHQ6FKXOEXV
,FKKDEHZlKUHQGPHLQHU6FKXO]HLWYLHOHÄ+RFKV³XQGÄ7LHIV³HUOHEWUFNEOLFNHQGNDQQLFKDEHUVDJHQGDVV6FKXOHJDU
QLFKWVRRRVFKOLPPZDUZLHLFKLPPHUGDFKWH+DEHGDV(LQHRGHU$QGHUHJHOHUQWXQGYRUDOOHPYLHOH)UHXQGHJHIXQGHQPLW
GHQHQLFKHLQHVFK|QH=HLWKDWWHKRIIHQWOLFKDXFKQRFKKDEHQZHUGH
-DDXFKHLQ0DWKHJHQLHNDQQVLFKEHUMHGHVULFKWLJH(UJHEQLVIUHXHQXQVHUH]LHUOLFKH6DUDKLVWGDV3DUDGHEHLVSLHO9RUDOOHP
ZLUGVLHXQVZHJHQLKUHUVXSHUOLHEHQXQGHLQELVVHOWROOSDWVFKLJHQ$UWLQ(ULQQHUXQJEOHLEHQGLHLPPHUZLHGHUGXUFKQHXH
*HVFKLFKWHQPLWGHP77XQGLKUHQUHJHOPlLJHQ$QUXIHQDXILKUHP+DQG\DXIJHIULVFKWZXUGHQ
6WHFNEULHIH
+REE\V
PHLQ)UHXQG0XVLNOHVHQ6SRUW
,QGLHVHU6WXIHVHLW
$XJXVW
%HJUQGXQJ
=XNXQIWVWUDXP
/HKUHULQZHUGHQYLHO=HLW/LHEHIUHLQH)DPLOLH
'HLQH/.V
(QJOLVFK'HXWVFK
/LHEOLQJVIlFKHU
0DWKHIUKHUPDO6SRUW
/LHEOLQJVOHKUHU
JLEW¶VVRZDV"
,QIRYHUDQVWDOWXQJHQ
GDPXVVPDQGXUFKDXHUGHPIlOOWGDGHU8QWHUULFKWDXV
%HVWHU/HKUHUVSUXFK
Ä'HU0RPHQWQDFKGHP2UJDVPXVLVWIU0lQQHUZLHHLQNOHLQHU
7RG³)ULHGKRII
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGGDPLWKDELFK/(,'(5QLH%HNDQQWVFKDIWPDFKHQPVVHQ
$XJHQDXI
:DFKZHUGHQ
LUJHQGZLHYHUVXFKHQZDFK]XEOHLEHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLWÄSODQVFKHQ³LP0RRU.ODVVHQIDKUWÃLQ3DSHQEXUJ
/(51(1NDQQLFKQLFKW=XP*OFNKDW¶VDXFKRKQHLPPHUJHNODSSW"
'$9,'%,%(/086,.
'LH3DXVHQXQGGHQ6FKXOVFKOXGLH)HULHQ"
$XIGLHELEHOIHVWH/HLFKWDWKOHWLQLVWLPPHU9HUODVV6LHEHU]HXJWQLFKWQXUGXUFKLKUVSRUWOLFKHV.|QQHQ
VRQGHUQDXFKGXUFK+LOIVEHUHLWVFKDIWXQGLKUHQ+XPRU
6WHFNEULHIH
+REE\V
1D"*HQDX%DVNHWEDOO
,QGLHVHU6WXIHVHLW
$QIDQJDQ
%HJUQGXQJ
6FKLFNVDO
=XNXQIWVWUDXP
0DWKHJHQLH
'HLQH/.V
(Q(N
/LHEOLQJVIlFKHU
:HQQPDOVWDWW¿QGHWVSVRQVW"
/LHEOLQJVOHKUHU
+:DOWHU+7VFKDFKH
,QIRYHUDQVWDOWXQJHQ
0VVHQVHLQN|QQHQVLFKDEHULQGLH/lQJH]LHKHQLQXQYRUVWHOOEDUH/lQJH
%HVWHU/HKUHUVSUXFK.RWWZLJ:RVWHKWGDV":DVVWHKWGD".|QQHQZLUMHW]WJHKHQ"
,FKELQJHQDXVRGXUFKHLQDQGHUZLH6LHPHLVWHQV
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG .%
$XJHQDXI$XJHQ]X
VFKQDUFK
VFKQDUFK
2KYHUGDPPW]XVSlW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6FKOLWWHQIDKUHQPLWGHP6SRUWNXUV3UREOHPHVODJNHLQ6FKQHH
:LHVFKDIIWHV+HUU.RWWZLJVHLQHEHUVSUXGHOQGH/HEHQVIUHXGHLPPHUZLHGHU]XXQWHUGUFNHQXQG8QWHUULFKW
]XPDFKHQ"
:LHVROOLFKPLUGHQ/HLVWXQJVDEIDOOLQ0DWKHPDWLN-JVWHUNOlUHQ",FKELWWHXP+LOIHDXI
)UDXHQ%DVNHWEDOO0DWKHEXFK
,P*URHQXQG*DQ]HQZDUHVMDVFKRQJDQ]OXVWLJDOVRZHUGHLFKEHVWLPPWPHLQHQ0DWKHNXUVYHUPLVVHQ
,FKKDVVH3IHUGH
8QVHU%DVNHWEDOOVWDULVWWURW]VHLQHU(UIROJHXQG0HGLHQDXIWULWWHDXIGHP%RGHQJHEOLHEHQ:HQQÄ$LU*RUGRQ³
QLFKWJHUDGHVHLQH)DQVLQGHU%%/EHJHLVWHUWWULIIWPDQLKQVLFKHUOLFKGRQQHUVWDJVLQGHU%|UVH
6WHFNEULHIH
+REE\V
0HLQ)UHXQGPHLQH)UHXQGH
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
"
=XNXQIWVWUDXP
JDQ]VSLHLJJOFNOLFKXQGJHVXQGEOHLEHQ
'HLQH/.V
(QJOLVFK%LRORJLH
/LHEOLQJVIlFKHU
)UDQ]|VLVFK3KLORVRSKLH
/LHEOLQJVOHKUHU
+HUU%RUQHU)UDX$YHUZHJ
,QIRYHUDQVWDOWXQJHQ
9LHO9HUDQVWDOWXQJZHQLJ,QIR
%HVWHU/HKUHUVSUXFK
Ä6LHVLW]HQGDZLHHLQYHUVFKUHFNWHV.DQLQFKHQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG:DVEHVVHUHVDOVÄ.UDQNKHLW³LVWXQVQLHHLQJHIDOOHQ
:HFNHUYRQ8KUDXI8KUVWHOOHQ
:HFNHUYRQ8KUDXI8KUVWHOOHQ
'LHYHUEOHLEHQGHGUHLYLHUWHO6WXQGHLP%DGYRUGHP6SLHJHOYHUEULQJHQ
'HU*HVFKLFKWVXQWHUULFKWYRQ-JVW/HKUHUÄ.DQQGDVPDOMHPDQGHUNOlUHQ"/HQD³Ä.DQQGDVPDOMHPDQGEHVFKUHL
EHQ"/HQD³Ä.DQQPDOMHPDQGVHLQH+DXVDXIJDEHQYRUOHVHQ"/HQD³8QGQDWUOLFKGLH6NLIUHL]HLWLQ.ODVVHXQGGLH
.XUVIDKUW/RQGRQ
:DUXPDXIGHQ7RLOHWWHQQLH3DSLHULVW
+l":LHMHW]W"
0HLQHQ)UHXQGPHLQHQ%LNLQL6RQQHQFUHPHHLQHQ6SLHJHOPHLQURVD6FKPLQNWlVFKFKHQPLWGHQVLOEHUQHQJOLW]HUQGHQ
+HU]FKHQGUDXI0XVLNXQG.LQGHUVFKRNRODGHXQGHYWOHLQHQ.KOVFKUDQNGDIU
'DV1DFKVFKPLQNHQXQG/lVWHUQDXIGHP.OR
$EVFKLHGLVWGHU%HJLQQGHU(ULQQHUXQJ
$OVYRQGHQ/HKUHUQYHUNDQQWHV*HQLHVLW]WXQVHUWUDXULJHV*OFNVElUFKLPHLVWYHUVFKFKWHUW
LQGHU(FNHXQGEH]DXEHUWGLH0lQQHUZHOWPLWLKUHQKEVFKHQ$XJHQ$EHUXQVHUH/HQDLVWHLQH
DXIJHZHFNWHMXQJH)UDXGLHQLFKWYHUVXFKWLKUH.LQGHUULHJHOVXFKW]XXQWHUGUFNHQ
6WHFNEULHIH
+REE\V
)XEDOO7HQQLV6FKODIHQ%LHUFKHQVFKOUIHQ
,QGLHVHU6WXIHVHLW
GHPELWWHUHQ$QIDQJ
%HJUQGXQJ
*OFNXQG&OHYHUQHVV
=XNXQIWVWUDXP
'HXWVFKODQGLQGHU0LQXWHLP)LQDOHGHU:0LQ%HUOLQ
PLWPHLQHP)UHLVWRWRU]XP7LWHOVFKLHHQ
'HLQH/.V
'HXWVFKXQG(UGNXQGHOHLGHUJLEWHVNHLQ6SRUWPHKU
/LHEOLQJVIlFKHU
)UHLVWXQGHQXQG6SRUWIlOOWQlPOLFKPHLVWHVDXV
/LHEOLQJVOHKUHU
'HUPXVVHUVWQRFKJHEDFNHQZHUGHQDEHU+HUU.RWWZLJKDW
ZHQLJVWHQV+XPRU
,QIRYHUDQVWDOWXQJHQ %UDXFKWNHLQ0HQVFK
%HVWHU/HKUHUVSUXFK +HUU.RWWZLJÄ,FKN|QQWHPLWMHGHPGHUKLHUVLW]W6WUHLWDQIDQJHQ³+HUU.RWWZLJÄ'LHVHU.XUV
LVWHLQH0RWLYDWLRQVEUHPVH(EHQNDPLFKQRFKYROOHU0RWLYDWLRQKLHUUHLQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG0DJHQ'DUP3UREOHPH(UNlOWXQJ.RSIVFKPHU]HQ
'UHL6FKULWWHHLQHVW\SLVFKHQ6FKXOPRUJHQV 8P8KUQDFKGHU%|UVH]XKDXVHDQNRPPHQXQG=HLWXQJOHVHQ
*HVLFKWZDVFKHQ&ROD'RVHQDXVGHP.HOOHUKROHQ)UKVWFNHLQSDFNHQ8KULQGLH6FKXOHIDKUHQDP$GHU:HOW
SDUNHQ3KLORXQG6RZLVWUDINXUVÄEHUOHEHQ³XQGGDQQQDFKGHU6WXQGHQDFKKDXVHIDKUHQXQGELVDEHQGVGXUFKVFKODIHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 'LH6NLIUHL]HLWZDUJHLO,FKZHUGHQLHYHUJHVVHQZLH)DELDQEHLP1DFKWURGHOQ
KLQWHUGHPPLWNPKVFKQHOOHQXQGIDKUHUORVHQ6FKOLWWHQKHUOLHIXQG]XP6FKOXVVPLWHLQHP+HFKWVSUXQJPLQGHVWHQV
/HXWHQGDV/HEHQUHWWHWH,FKKDWWH3LSLLQGHU+RVHYRU/DFKHQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW 7UlJWFHQVRUHG!HLJHQWOLFK7DQJDV":LHVR
IlQJWGLH6FKXOHQLFKWVSlWHUDQXQGK|UWIUKHUDXI"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 0DWKHPDWLNDEGHU-JVW.XQVWXQWHUULFKWEHL+HUUQ
+LE\=ZHL0DOGLH1RWHLQ0XVLNWHVWV
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" )UDXHQXQGGDQQZlUHLFKGHU+HUUVFKHUXQGZUGHVLH
QXUQDFNWUXPUHQQHQODVVHQ+HKH$QVRQVWHQQRFKCQHQ.DVWHQ%OXHXQGCQHQ)HUQVHKHUIUGLH&KDPSLRQV/HDJXH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ )UHLVWXQGHQGHQ1HUYHQNLW]HOYRUGHU5FNJDEHYRQ.ODXVX
UHQFKLOOHQLQ0DWKHPLWÄ9LHU*HZLQQW³
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ -DGDVULFKWHWVLFKDQDOOHGLHLKU$ELQRFKYRUVLFKKDEHQ/HLGHU
ZLUGGLH6FKXOHLPPHUVFKZHUHUIUHXFK,FKKDEHDOOHVKLQWHUPLU'HU0HQVFKLVWYRQ1DWXUDXVHJRLVWLVFK0LULVWVR
ZDVYRQHJDOZLHHVPLWGHU6FKXOHZHLWHUJHKWDOOHN|QQHQPLFKPDOJHUQHKDEHQLFKOLHEHPHLQHÄQHXH$XIJDEH³GHU
*HVHOOVFKDIW]XGLHQHQZLHHV+HUU.RWWZLJPDODXVGUFNWHLFKELQEHUHLWIUGDVÄIUHLH³/HEHQ$OOH:HLVKHLWHQGLHPLU
DXIGHPKDUWHQVWHLQLJHQ6FKXOZHJPLWJHJHEHQZXUGHQZHUGHLFKDXV3URWHVWVRIRUWYHUJHVVHQ,QGLHVHP6LQQH=LYLOGLHQVW
LFKNRPPH2SDVXQG2PDV]LHKWHXFKZDUPDQLFKNRPPH
2EZRKOUHODWLYNOHLQKDW*XWVHHONHLQ3UREOHPGDPLWVLFKXQWHUDQGHUHPEHLP)XEDOOGXUFK]XVHW]HQ'HUVW\OLVFKH
Ä)UDXHQKHOG³EHU]HXJWGXUFK:LW]XQGLVWVFKRQODQJHQLFKWPHKUYRQ*RUGRQV6HLWHZHJ]XGHQNHQ
6WHFNEULHIH
+REE\V
3IDG¿QGHU$XWRIDKUHQ0DOOH)RWRV1lG
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
HUUDUHKXPDQXPHVW
=XNXQIWVWUDXP
3ROL]HL±ZLUGZRKOLPPHUHLQ7UDXP EOHLEHQ+HXO
'HLQH/.V
(UGNXQGH'HXWVFK
/LHEOLQJVIlFKHU
3KLOR6SRUW
/LHEOLQJVOHKUHU
PDOGHUPDOGHU
,QIRYHUDQVWDOWXQJHQ
.HQQVWHZD\QH"
%HVWHU/HKUHUVSUXFK
Ä/DVVHQVLHXQVGLH:UPHUDXVGHU1DVH]LHKHQ³E\$OIUHG
.RWW\
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGÄ0HLQ$EVDW]LVWDEJHEURFKHQ³
)UKVWFNHQ
,QV.RPDIDOOHQ
0LWWDJHVVHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW )DKUWHQDOOHU$UW6NLIUHL]HLW6HJHOQHWF
:HQQLFKGDVVRRRODQJHJHKHLPKDOWHQNRQQWHZHUGHLFKHXFKGDV-(7=7JDQ]VLFKHUQLFKWDXIGLH1DVHELQGHQ
.HOOHUPDVWHUV1RWHQJHEXQJ$QPG5HGKLHUIHKOWHLQH'HQNEODVHPLW&RPLFDUWLJHQ)OFKHQ
6FKODI]LPPHU%DGH]LPPHU$XWR5LQ3DODFH3L]]D7HOHIRQ6FKPXFN1$''(/3$75,&.HWF
'LH=XVDPPHQDUEHLWLQ0DWKHNODXVXUHQ
.DPLVDKLVLHJWL
2EHUÀlFKOLFKEHWUDFKWHWNHQQHQYLHOHVLHQXUDOV]LFNLJHVÄ*HRJUDSKLHJHQLH³/HUQWPDQVLHMHGRFKQlKHUNHQQHQ
UHDOLVLHUWPDQGDVVGLH'LVFR4XHHQNHLQ%ODWWYRUGHQ0XQGQLPPWXQGLKUHQHLJHQHQ:LOOHQKDW1XUZHQLJH
VFKDXHQGXUFKGLHlXHUHNKOH)DVVDGHXQGVHKHQLKUHQOLHEHQ&KDUDNWHU*H
6WHFNEULHIH
+REE\V
)UHXQGH&RPSXWHU6TXDVK)HLHUQ)DPLOLHPHLQH+DVHQ
,QGLHVHU6WXIHVHLW
ò-DKUHQ
%HJUQGXQJ
+DELFKQRFKQLHYHUVWDQGHQ
=XNXQIWVWUDXP
*OFNOLFKGXHUIROJUHLFKKRIIHQWOLFK
'HLQH/.V
(UGNXQGH7VFKDFKH'HXWVFK(JHUODQG
/LHEOLQJVIlFKHU
0DWKH'HXWVFK
/LHEOLQJVOHKUHU
+U8HOOHQGDKO+U%RUQHU
,QIRYHUDQVWDOWXQJHQ
(LQ0XVVIUMHGHQJXWHQ6FKOHU"
%HVWHU/HKUHUVSUXFK
+HUU.RWWZLJÄ6LQG6LHMHW]WHLQH0DPDIULKQ":RVLQGGDQQ,KUH%UVWH"³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG6FKZHEHEDKQKDWVLFKYHUIDKUHQ
$P7RUVWHKHQ
)UDJH+DVWGXGLH+DXVDXIJDEHQJHPDFKW"
,FKKDENHLQHQ%RFN+,/)(
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6.,.856JHLOGDV%(67(GDVHVJDE
*HQDXGDVZDVMHW]WDXFKQRFKQLFKWJHOIWHWZLUG
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" :DUXPELQLFKKLHU"
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQH.OHLQH
(UGNXQH/.EHL+U7VFKDFKH6SRUWEHL:DOWHU0HLVWHU+HUUQ8HOOHQGDKOXQG%RUQHU
:DUCQHOXVWLJH=HLWKLHUPDQFKPDODXFKPLW3UREOHPHQDEHULFKELQDXFKIURKQDFK-DKUHQKLHUUDXV]XNRPPHQ
:HUPHLQW%LJ%HQZlUHLQ/RQGRQOLHJWIDOVFK$XFKZHQQ%LJ%HQGDFKWHGDV6FKLFNVDOKlWWHLKPHLQHQ6WUHLFKJHVSLHOW
DOVHUHLQHÄ(KUHQUXQGH³GUHKHQPXVVWHVWHOOWHHUVFKRQQDFKNXU]HU=HLWIHVWGDVVHVGDV6FKLFNVDOGRFKJXWPLWLKPPHLQW
QXUVRNRQQWHHUVHLQH6DEULQDNHQQHQXQGOLHEHQOHUQHQ
3RWWKRIIÄ'DVLVWMHW]WHLQVFKOHFKWHV%HLVSLHO$EHUHLQ%HLVSLHOLVWIUHLQ%HLVSLHOLPPHUJXW³
3RWWKRIIÄ,FK¿QGGDVVFKRQEUDXQZHQQMHPDQGEHLP/JHQOJW$FKTXDWVFK,FKPHLQZHQQ
MHPDQGEHLP/JHQQLFKWURWZLUG³
6WHFNEULHIH
+REE\V
5HLWHQ)HLHUQ$UEHLWHQ
,QGLHVHU6WXIHVHLW
$QIDQJDQ
%HJUQGXQJ
SXUHV*OFN
=XNXQIWVWUDXP
+RWHOPDQDJHULQ
'HLQH/.V
'HXWVFK(QJOLVFK
/LHEOLQJVIlFKHU
3KLOR
/LHEOLQJVOHKUHU
)UDX$YHUZHJ+HUU%RUQHU+HUU6FK|IIHO
,QIRYHUDQVWDOWXQJHQ
GLH,QIR]HWWHOKlWWHQDXFKJHUHLFKW
%HVWHU/HKUHUVSUXFKÄ,FKGHQNHDOVRELQLFKKLHUIDOVFK³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGIUKHUGHU%XVLVWYRUEHLJHIDKUHQKHXWHNHLQHQ3DUNSODW]JHIXQGHQ
:HFNHUDXVPDFKHQ
8PGUHKHQZHLWHUVFKODIHQ
6FKHLHVFKRQVRRRRVSlW !PLWEHU¶Q6HGDQVEHUJ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6NLIUHL]HLW=XP*OFNRKQHHUQVWKDIWH9HUOHW]XQJHQWURW]XQJHEUHPVWHQ
)DKUWHQLQ=lXQHXQG7LHIVFKQHHXQGDEHQWHXHUOLFKHQ6WU]HQDXIGHQ+HLPZHJHQYRQ0DULDQGO)lUEHUZLUW
8PZLHYLHO8KUIlQJWHLJHQWOLFKGLHHUVWH6WXQGHDQ"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 6FKXOIHVW
-DQLQD.HDQX5HDYHVRGHU7RP&UXLVH6RQQHQFUHPH3DXOPLW6XUYLYDOZHVWHXQG0HVVHU
'RQQHUVWDJV%|UVH6SRUWEHLP&KDPSODWWH0DFFLDWRLP([WUDEODWWXQGQDWUOLFKPHLQH)UHXQGH
:DUHLQHOXVWLJH=HLWPLWHXFK
/,9(<285'5($0
:LHJXWGDVVZLUQLFKWLP0LWWHODOWHUOHEHQGHQQVRQVWZlUH-DQLQDVURWHUH+lOIWHVLFKHUOLFKYHUEUDQQWZRUGHQ
6RNDQQVLHVLFKWDJVEHULKUHQ3IHUGHQZLGPHQXQGDEHQGVLQVWLOYROOHU.OHLGXQJLQGLH%|UVHEHJHEHQ
6WHFNEULHIH
+REE\V
7HQQLV)XEDOO
,QGLHVHU6WXIHVHLW
GHUIQIWHQ.ODVVH
=XNXQIWVWUDXP
5HLFKZHUGHQ
'HLQH/.V
'HXWVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
5HOLJLRQ
/LHEOLQJVOHKUHU
+HUU3RWWKRII
,QIRYHUDQVWDOWXQJHQ
"""
%HVWHU/HKUHUVSUXFK
+RO]ZHJ+HUU.RWWZLJ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG6FKZHEHEDKQKDWVLFKYHUIDKUHQYRQ1LOV5RKUPDQQ
9HUVFKODIHQ
=XU6FKXOHUHQQHQ
:HLWHUVFKODIHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLNXUV.DURLP/LIW
:DQQGLH6FKXOVWXQGH]X(QGHLVW.RQQWHPLUQLHGLH=HLWHQPHUNHQ
'HXWVFKPLW:HUQHUKDKD
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" 0HLQHQ6FKDW]GHQ%9%%HWW
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0HLQH3ROHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ (QHPHLQHPLVWHHVUDSSHOWLQGHU.LVWH
:HQQPDQGLHVHVUXKLJHOLHEHQHWWH0lGFKHQEHWUDFKWHWNlPHPDQQLHDXIGLH,GHHGDVVVSDQLVFKHV%OXWGXUFKLKUH$GHUQ
ÀLHW9RQ3KLOLSSV6HLWHLVWVLHMHGRFKOlQJVWQLFKWPHKUZHJ]XGHQNHQXQGDXFKEHLP)XEDOOOLHJHQEHLGHDXIHLQHU:HOOHQ
OlQJH
6FKHOSÄ9RQZLHYLHO'URJHQELVWGXHLJHQWOLFKDEKlQJLJ"³
6FK|IIHOÄ-HW]WKDELFK¶VVFKRQZLHGHUYHUUDWHQ,FKELQEHNORSSW³
6WHFNEULHIH
+REE\V
7HQQLV6XUIHQ%LHUWHVWHQ
,QGLHVHU6WXIHVHLW
-DKUHQ
%HJUQGXQJ
ZHQQLFKGDVEORZVVWH
=XNXQIWVWUDXP
HLQHQ%0:IDKUHQHLQ+DXVLQ1RUGGHXWVFK/DQGHLQHEORQGH
)UDX
'HLQH/.V
'HXWVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
6SRUW
/LHEOLQJVOHKUHU
0U0LHKH
,QIRYHUDQVWDOWXQJHQ
,FKZDUQXUN|USHUOLFKDQZHVHQG
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 9HUVWRSIXQJ
=LJDUHWWH
)HXHU]HXJ
UDXFKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW0HLQHHUVWHQ(UIDKUXQJHQPLW$ONRKROGHU6NLNXUVZDUHLQIDFKQXUJHLO
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW*LEW¶VHLQ.ORQODERUIU/HKUHU"
$OVLFKPDOHLQ-DKU0DWKHYHUVWDQGHLQHXQJODXEOLFKH(UIDKUXQJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"*HQXVVPLWWHO)UDXHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 9LHOHQHWWH0HQVFKHQXPPLFK]XKDEHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ,FKKDVVH7HFKQR
/DUVLVWHLQEHNHQQHQGHU%LHUIDQZDVVLFKHUOLFKPLWGDIUYHUDQWZRUWOLFKLVWGDVVHUHLQ6WUDKOHPDQQ
LVWXQGDOOHVORFNHUVLHKW,QVHLQHUDOEHUQHQ$UWHU]lKOWH+DQQHV5LFKWHULQ%DUEDUD6DOHVFKYRU
*HULFKWVHLQH*HVFKLFKWH
6WHFNEULHIH
+REE\V
6SUDFKHQXQG%FKHU.LQR)LOPHIUHPGH/lQGHU
.DQDGD$PHULND$XVWUDOLHQ-DSDQ)UDQNUHLFK
0XVLNWDQ]HQ-RJJLQJ6FKDXVSLHOIRWRJUD¿HUHQ
,QGLHVHU6WXIHVHLW
GHU.ODVVHDOVRVHLW$XJXVW
%HJUQGXQJ
IUHLQDFK&OLQWRQÄP\ORQJKHURLFMRXUQH\PXVWJRIRUHYHU
XSZDUG´"
=XNXQIWVWUDXP
HWZDVVFKDIIHQGDVOlQJHU%HVWDQGKDEHQZLUGDOVLFKVHOEVW
'HLQH/.V
(QJOLVFK0DWKHPDWLN
/LHEOLQJVIlFKHU
'HXWVFK(QJOLVFK)UDQ]|VLVFK/DWHLQ0XVLN3ROLWLN
/LHEOLQJVOHKUHU
8HOOHQGDKO(U¿QGHUGHV.HNVVSLHOV'H%UX\Q'HU8QWHUJDQJ
GHU7LWDQLF+lKQHUGLHXQYHUPHLGOLFKHQ9RNDEHOQ.RWWZLJ
+RO]ZHJ+HLQ]H9HUGDPPWQRFKPDO(JHUODQG:HUWKZHLQ
0LVV$PHULFD:HOS6FKHUHU%RQL
,QIRYHUDQVWDOWXQJHQ +HUU0XQ\LVWHLQIDFKXQYHUJHVVOLFKVWDXEWURFNHQDEHULPPHUPLW'XUFKEOLFN
%HVWHU/HKUHUVSUXFK.RWWZLJÄ.RPPVFKRQ0XVHNVVPLFK:HOFKH/|VXQJKDWJ"³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGPXVVWHGHQ.OHPSQHUUXIHQXPPHLQH.RQWDNWOLQVHQDXVGHP$EÀXVV]XUHWWHQ
]XODQJHJHGXVFKW
]XVSlW]XP%XVJHJDQJHQ
PDOZLHGHUNHLQ)UKVWFNHLQJHSDFNW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW =X%HJLQQGHU6WXQGHDOOHVWHKHQDXIDOVGHU/HKUHUUHLQNRPPW
:LUUXIHQVRODXWHVJHKWLP&KRUÄ*XWHQ0RUJHQ+HUU³'LHPDJLVFKHQ:RUWHÄ(UKDWGLH$UEHLWHQ³
6NLNXUV$PHULNDGLH(LQWHLOXQJPHLQHV/HEHQVLQ(SLVRGHQYRQ0LQXWHQ
'DV6FKLFNVDOXQVHUHUEHLGHQ+HOGHQDXVGHP/DWHLQEXFK&8568612986,ZDVZXUGHDXV0DUFXVXQG&RUQHOLDQDFK
GHPVLH]XVDPPHQLP&RORVVHXPZDUHQ"
'HUNDQDGLVFKH:LQWHU±XPGLH6FK|QKHLWGHU1DWXUIHVW]XKDOWHQQLPPWPDQHVLQ.DXIEHLQDKH]XHUIULHUHQZHLOHVVR
EHUZlOWLJHQGLVW
6RQQHQEULOOH6WUDQGWXFK%DGHVKRUWVXQG6XQEORFNHUGDGLH,QVHOQDWUOLFKLQGHU6GVHHOLHJW$QVRQVWHQ(LQ9LGHRYRQ
Ä.ULHJGHU6WHUQH³HWZDV0XVLNHLQJXWHV%XFKXQGDPEHVWHQHLQHNOHLQH3URSHOOHUPDVFKLQHZHLOLFKHVGRUWGRFKQLFKW
HZLJDXVKDOWHQZHUGH
'HQKDUPRQLVFKHQ'UHLNODQJXQVHUHV6FKXOJRQJVGLH6RPPHUIHULHQ+LW]HIUHLGLHSUlQDWDOH3UlJXQJLQ
(7$+RIIPDQQVÄ)UlXOHLQYRQ6FXGHUL³E]Z'HXWVFKEHL+HUUQ'H%UX\QLQ$OOJHPHLQHQJHPHLQVDPH'LVNXVVLRQHQ
6WHFNEULHIH
'DV*\PQDVLXP6HGDQVWUDHLVWGH¿QLWLYGLHEHVWH6FKXOHGLHVHU6WDGWXQGLFKELQIURKGLH-DKUHKLHUXQGQLFKWDQGHUVZR
YHUEUDFKW]XKDEHQ$XFKZHQQ6WUHQJHXQG$QVSUXFKGLHVHU,QVWLWXWLRQYLHOHKDEHQVFKHLWHUQODVVHQVRN|QQHQGLHMHQLJHQ
GLHDXVGHUÄ6FKODFKWEHL6HGDQ³VLHJUHLFKKHUYRUJHKHQGDUDXIXPVRVWRO]HUVHLQ0LWDQGHUHQ:RUWHQ:LUKDEHQQRFK.ODVVH
XQG1LYHDX:DVXQVHUH6WXIHEHWULIIWVRKlWWHQXQVRIWHWZDVPHKU=XVDPPHQJHK|ULJNHLWVJHIKOVLFKHUQLFKWJHVFKDGHW
:LUVLQGYRUDOOHPHLQH$QVDPPOXQJYLHOHU*USSFKHQGLHQHEHQHLQDQGHUKHUH[LVWLHUHQ$EHUGDVLVWZRKOPHLVWHQVGHU)DOO
,QVJHVDPWLVWXQVHUH-DKUJDQJVVWXIHWURW]GHPJDQ]QHWWHLQLJHZHUGHLFKYHUPLVVHQDQGHUHZHQLJHURGHUJDUQLFKW
)UKHUDOV6WUHEHUYHUVFKULHQLVWHUKHXWHPHKUXQGPHKULQGHU*HPHLQVFKDIWQLFKWQXUDOVÀHLLJHV*HQLHDQHUNDQQW
$XFKLQVHLQHU)UHL]HLWEHZHLWHU.|QQHQEHLP%LOODUGVSLHO'LH0DWUL[LVWDOOJHJHQZlUWLJ
6WHFNEULHIH
+REE\V
6SRUW-D]]0RGHUQ'DQFH)UHXQGH3DUW\V0XVLN)HUQVHKHQ
,QGLHVHU6WXIHVHLW
GHP(QGHPHLQHU*UXQGVFKXO]HLW
%HJUQGXQJ
-DKUH*UXQGVFKXOHUHLFKHQÄOHLGHU³QLFKW
=XNXQIWVWUDXP
=XUFNLQV6FKZDEHQGODQG]LHKHQ
'HLQH/.V
0DWKH%LRORJLH
/LHEOLQJVIlFKHU
0DWKH6SRUW.XQVWIUKHU0XVLN
/LHEOLQJVOHKUHU +HUU=RZH)UDX$YHUZHJ
,QIRYHUDQVWDOWXQJHQHLQVFKOlIHUQGXQQ|WLJDOOHV:LFKWLJHZLUGDXI=HWWHOQDXVJHWHLOW
%HVWHU/HKUHUVSUXFK 'DIUZDUNHLQ3ODW]LQPHLQHP*HGlFKWQLV
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGHLJHQWOLFKLPPHUQXUÄ.UDQNKHLW³
TXlOHQGHV$XIVWHKHQ
,Q]XHQJHQ%XVVHQJHKW¶V]X6FKXOHZLHJHUQKlWWLFKHLQHLJHQHV$XWR
8QGGDQQIlQJWGDV0LQXWHQ]lKOHQDQELVHVZLHGHUQDFK+DXVHJHKW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW/HKUHUÄ:DUXPIlKUVWGXQDFK$PHULNDEULQJWEHLGLUVRZLHVRQLFKWV³
6RYLHOHJLEWHVGDJODXEHLFKJDUQLFKWGHQQ7UDWVFKWDQWHQKDEHQZLU]X+DXILQGHU-DKUJDQVVWXIH
(LQLJH0DWKH/.6WXQGHQLQGHQHQZLUODXW+HUUQ=RZHZHQLJ6WRIIQXU7KHPHQGXUFKJHQRPPHQKDEHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"Ä6SLHJHO³)RFXV/RYHU6RQQHQFUHPH$GUHVVEXFK
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'HQURWHQ=HWWHODPVFKZDU]HQ%UHWW
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ',((5,11(581*LVWGDVHLQ]LJH3DUDGLHVDXVGHPZLUQLFKWYHUWULH
EHQZHUGHQN|QQHQ-HDQ3DXO,QGLHVHP6LQQH6HH\RX0LULDP
0|UMDPGLH0DWKH]LFNHLP%XQGHKDWLPPHUHLQHQJXWHQ6SUXFKDXI/DJHU,KUNQVWOHULVFKHV7DOHQW]HLJWVLFKQLFKWQXU
LP-D]]0RGHUQ'DQFHVRQGHUQDXFKLQYLHOHQ'HXWVFKFROODJHQ
6FK|IIHOÄ,FKJHEMHW]WPDOGLHVHQ3XQNWYRUZHLOLFKPLWGHPVFKRQJHUHFKQHWKDEHEHYRUZLU
ZLHGHULUJHQGHLQHQ6FKHLPDFKHQ³
0LHKHÄ'RQ¶WORRNVRVDG(QJOLVKLVIXQ´
6WHFNEULHIH
+REE\V
3&%DVNHWEDOO%9%6GWULEQH
,QGLHVHU6WXIHVHLW
GHPHVVLHJLEW
%HJUQGXQJ
,VWKDOWVR
=XNXQIWVWUDXP
(ZLJHV/HEHQ
'HLQH/.V
(UGNXQGH0DWKHOHLGHU
/LHEOLQJVIlFKHU
6SRUW(UGNXQGH
/LHEOLQJVOHKUHU
+HUU3RWWKRII+HUU%RUQHU+HUU0XQ\
,QIRYHUDQVWDOWXQJHQ
VFKQDUFKJlKQUDW]
%HVWHU/HKUHUVSUXFK
Ä.|QQWLKUUXKLJZHLWHUHU]lKOHQKlWW¶LFKJHVDJW³HLQ/HKUN|USHUGHUQLFKWQDPHQWOLFKHUZlKQW
ZHUGHQP|FKWH
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGJULSSDOHU,QIHNW]ZLVFKHQGHUXQG6WXQGH
1DFKGUHLPDOLJHP.OLQJHOQGHV:HFNHUVVWHKWPDQYLHO]XVSlWDXI
1DFK0LQXWHQ%XVIDKUWHUUHLFKWPDQQRFKLPPHUYHUVFKODIHQGLH6FKXOH
1DFK0LQXWHQ8QWHUULFKWEH¿QGHWPDQVLFKHQGOLFKZLHGHULQHLQHPUXKLJHQ6FKODI
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6NLNXUV6WXQGHQIUHLQH$EIDKUWQH.DUR"
:HUPXVVHUQVWKDIWZlKUHQGHLQHUVWQGLJHQ.ODXVXUPDODXIV.OR"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 0DWKH/.PLW*HQLHVXQG9HUSHLOHUQQH5RELQ"
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" 0HLQH6HHLQHQJURHQ)HUQVHKHUHLQH<DFKW&UHZ
-HGH3DXVHYRQ+HUUQ%RUQHURGHU+HUUQ$OWHQDDXVGHP*HElXGHJHVFKPLVVHQ]XZHUGHQ"
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ ,FKKDEHIHUWLJ
'HU3K\VLNPLWVFKUHLEHUZHLFKWQXULQGHU6FKXOHPDQFKPDOYRQGHU6HLWHVHLQHUOLHEVWHQ)UHXQGLQ$VWULG1XUZHQQ¶VXP
)XEDOOJHKWNRPPWGHUVRQVWXQDXIIlOOLJH3KLOLSSDXVVLFKKHUDXV$XFKZHQQPRUJHQVQRFKHWZDVPGHXQGPXIIHOLJVWHL
JHUWVLFKVHLQH/DXQHSUR$VWULGHLQKHLWLQV8QHUPHVVOLFKH
)U.HQQÄ:HOFKHQ7H[WVROOHQZLUGHQQDOVQlFKVWHVPDFKHQ"6WLPPHQZLUDE
:HULVWIUGHQ7H[WYRQ=LPPHU"
2.
:HULVWIUGHQ7H[WYRQ.DHKOEUDQG"
1DDXIGHQ=LPPHUKDELFKMHW]WDEHULUJHQGZLHNHLQH/XVWPDFKHQZLUGHQ
.DHKOEUDQG³
6WHFNEULHIH
+REE\V
OHVHQUHWWHQ-8+'58VFKUHLEHQ
5ROOHQVSLHOH0(56'6$*HPHLQGHDUEHLW
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
HVKDWPLFKNHLQHUZLHGHUZHJJHVFKLFNW"
'HLQH/.V
(QJOLVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
'HXWVFK*HVFKLFKWH6SUDFKHQ
/LHEOLQJVOHKUHU
3IIK
,QIRYHUDQVWDOWXQJHQ
0DQFKPDOODXWPDQFKPDOOHLVHDEHULPPHUODQJZHLOLJ
%HVWHU/HKUHUVSUXFKÄ,FKELQHLQHKHUYHUKDOWHQHU/lFKOHU³%RUQHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG $NXWH,QNRQWLQHQ]PLW$Q]HLFKHQYRQFKURQLVFKHP([LWXV
$XIZDFKHQ
Ä(LQQHXHU7DJPLU/HKUHU;<³GHQNHQ
'LH$XJHQIHVW]XVDPPHQNQHLIHQXQGPHLQH([LVWHQ]OHXJQHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW'LH.XUVIDKUWQDFK/RQGRQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"'DVZROOWLKUJDUQLFKWZLVVHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"%FKHUGLH5FNIDKUNDUWH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH)UHXGHEHU3DXVHQ)HULHQ1DMDXQGGLH/HXWHJ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ :UGHQELWWHDXFKHQGOLFKGLH/HW]WHQDXIK|UHQPLFKHUQVW]XQHKPHQ"
J
6WHIDQLH.Q|ÀHUGLH8QVFKHLQEDUHYLHOOHLFKWZLUGGLUGLHVHHKUHQDPWOLFKH-RKDQQLWHULQHLQHV7DJHVGHLQ/HEHQ
UHWWHQXQGGLUOHEKDIW*HVFKLFKWHQHU]lKOHQDXVGHP/HEHQHLQHUVWLOOHQXQGXQDXIIlOOLJHQ3HUVRQHU]lKOHQ
)U.HQQÄ:HOFKHQ7H[WVROOHQZLUGHQQDOVQlFKVWHVPDFKHQ"6WLPPHQZLUDE
:HULVWIUGHQ7H[WYRQ=LPPHU"
2.
:HULVWIUGHQ7H[WYRQ.DHKOEUDQG"
1DDXIGHQ=LPPHUKDELFKMHW]WDEHULUJHQGZLHNHLQH/XVWPDFKHQZLUGHQ
.DHKOEUDQG³
6WHFNEULHIH
+REE\V
DP3&UXPEDVWHOQ0XVLNK|UHQPLW)UHXQGHQWUHIIHQWDQ]HQ
,QGLHVHU6WXIH
YRQ$QIDQJDQ
%HJUQGXQJ
KDE¶LPPHU*OFNJHKDEW
=XNXQIWVWUDXP
LFKODVVGLH=XNXQIWHLQIDFKDXIPLFK]XNRPPHQ
'HLQH/.V
0DWKHXQG(QJOLVFK
/LHEOLQJVIlFKHU
0DWKH*HVFKLFKWH3K\VLN
/LHEOLQJVOHKUHU
+U=RZH
,QIRYHUDQVWDOWXQJHQ
)HKRFKXQG$XJHQ]X±'DVZLFKWLJVWHJLEW¶VQDFKKHUVFKULIW
OLFK
%HVWHU/HKUHUVSUXFK
+LHUGHQ%HVWHQ]XNUHQZlUHXQIDLUGHQDQGHUHQJHJHQEHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGÄNQDWWHUQGH+lPRUULGHQ³
ZLHGLH1DFKWLVWVFKRQYRUEHL"±2NLFKVWHK¶MDVFKRQDXI«LQ0LQXWHQ
LFKEUDXFKHGULQJHQGZDV]XP:DFKZHUGHQ±DPEHVWHQHLQH)UHLVWXQGHLP9LD9HQHWR
ODVWEXWQRWOHDVWHQGHWPDQGRFKLP.ODVVHQUDXP±]XPLQGHVWN|USHUOLFK
'LH)UHXGHZHQQ+HUU*ULPPHUPDQFKPDODOV5HWWHULQGHU1RWXQHUZDUWHWGLH.ODVVHEHWULWW
%HLGHU7UDWVFKHUHLVROO¶VQRFKVRZDVZLH*HKHLPQLVVHJHEHQ"
*UHQ]ZHUWHUIDKUXQJPLWGHLQHPSV\FKLVFKHQLQQHUHQ6HOEVW«"
'DVROOPDOHLQHUYHUVWHKHQZDVPDQFKH/HKUHUGHQNHQ±XQGZDVVLHVDJHQXQGGDPLWPHLQHQ
1RFKVFKOLPPHUZDUHQQXUQRFKGLH]ZHL7DJHXQG1lFKWHLQGHQHQZLUGLHVH=HLWXQJHUVWHOOWKDEHQ«XQGHUVWGHU)UHLWDJ
6FKXOPRUJHQ
0HLQH)UHXQGLQHLQJXWHV%XFKHYWOGHQ3FJLEW¶VGD6WURP"XQGGDV7LFNHWIUGLH5FNUHLVH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 1HEHQGHQHLJHQWOLFKUHFKW]DKOUHLFKHQOXVWLJHQ6WXQGHQGLH
KRIIHQWOLFKYLHOHQURWHQ=HWWHOXQGGHQVFK|QODQJHQ)HULHQYRUDOOHP7HLOHGHU6WXIH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ=XUFNEOLFNHQGPXVVPDQVDJHQGLHVRRRODQJJHJODXEWHQ-DKUHZDUHQ
GRFK]LHPOLFKVFKQHOOUXP±HLJHQWOLFKVFKDGHZDUGRFKQHVXSHU=HLW
9LHOHEHQHLGHQÄ%HQH³XPGHQOHFNHUHQ.XFKHQGHQHUIDVWMHGHQ7DJYRQVHL
QHU0XWWHUPLWJHJHEHQNULHJW'DVEHGHXWHWEHLLKPDEHUNHLQHVZHJVGDVVXQVHU
0DWKHXQG*HVFKLFKWVJHQLHHLQ0XWWHUV|KQFKHQLVW(ULVWVHOEVWEHZXVVWXQGKDW
VRDXFKNHLQH+HPPXQJHQ]XVHLQHU/HLGHQVFKDIWIU¶V7DQ]HQ]XVWHKHQ
6WHFNEULHIH
+REE\V
6SRUW
,QGLHVHU6WXIHVHLW
'HLQH/.V
5XVVLVFK0DWKH
/LHEOLQJVIlFKHU
*HVFKLFKWH5XVVLVFK0DWKH
/LHEOLQJVOHKUHU
+HUU%RUQHU+HUU+lKQHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG'HU=XJDXV'VVHOGRUIKDWVLFKYHUIDKUHQ
8KUDXIVWHKHQ
8KUDXIVWHKHQ
8KUDXIVWHKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW5RPIDKUWNDQQPLFKDEHUVFKOHFKWGUDQHULQQHUQ"
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW ,FKJHK|UH]X.*%
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"8KUDXIVWHKHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"6FKRNRODGHXQGYLHOH7RUWHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ Ä+DVWGXQRFK:HLQ"³
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ,FKGDQNHGLHVHU6WXIHIUGLHVFK|QHQ]ZHL-DKUH
8QVHU1HVWKlNFKHQPLWGHPVHQUXVVLVFKHP$N]HQWNULHJWQLHJHQXJYRQ*OKZHLQ,KUHU,QWHOOLJHQ]YHUGDQNWVLH
HV]ZLVFKHQ5XVVLVFK/.LQ'VVHOGRUIXQG0DWKH/.DQGLHVHU6FKXOH]XSHQGHOQ$XIJUXQGGHUGHXWVFKHQ%DKQMHGRFK
NRPPHQZLUMHGHQ0RUJHQLQGHQ*HQXVVLKUHQHUKHLWHUQGHQ6DW]]XK|UHQÄ0HLQ=XJKDWWH9HUVSlWXQJ³PLWGHPVHQ
UXVVLVFKHQ$N]HQW
6WHFNEULHIH
+REE\V
6FKZLPPHQPHLQ)UHXQG"
,QGLHVHU6WXIHVHLW
'HU.ODVVH
%HJUQGXQJ
:HLLFKVFKRQQHWPHKU
=XNXQIWVWUDXP
'DVhEOLFKHKDOW
'HLQH/.V
(QJOLVFK%LRORJLH
/LHEOLQJVIlFKHU
(QJOLVFK
/LHEOLQJVOHKUHU
*LEWHVVRZDVEHUKDXSW"
,QIRYHUDQVWDOWXQJHQ
gGHDEHUQ|WLJ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG'DJDECVYLHOH
$XIZDFKHQ
1RFK0DOXPGUHKHQ
:LHGHUDXIZDFKHQXQGIHVWVWHOOHQGDVVLQ0LQXWHQGHU8QWHUULFKWEHJLQQW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW'LHJDEHVLUJHQGZLHQLFKW
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW "
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ")UHXQGHXQG0XVLN
.OHLQ&ODXGLDHQWGHFNWHVFKRQIUKLKUH/HLGHQVFKDIWIUGLHPRWRULVLHUWH)RUWEHZHJXQJ2E5ROOHURGHUNOHLQHV$XWRLU
JHQGZLHZLUGPDQDXIGLHVHVQHWWH*HVFK|SILPPHUDXIPHUNVDP
6WHFNEULHIH
+REE\V
+DQGEDOO.ODYLHUPHLQH)UHXQGH%|UVH
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
*OFNXQGHLQELVVHO*ULSV"
=XNXQIWVWUDXP
9ROO]HLWNDVVLHUHULQEHL:$/0$57"
ZDKOZHLVHDXFK/HEHQVPLWWHOFKHPLNHULQ
'HLQH/.V
0DWKHHOLWHNXUVEHL+HUUQ=RZH
(Q*UHDQ7HW]QHUXQG7REL
/LHEOLQJVIlFKHU
0XVLN6SRUW0DWKHXQGQDWUOLFK&KHPLH&KHPLH&UHZ
/LHEOLQJVOHKUHU
DOOHGLHGLH6FKOHUIDLUEHKDQGHOQ*RWWVHLGDQNUHFKWYLHOH
KLHU6LHKHDEHUDXFKEHVWHU/HKUHUVSUXFK
,QIRYHUDQVWDOWXQJHQ RKQH0XQ\ODQJZHLOLJÄ+DEHQ6LHGD]XQRFKLUJHQGZHOFKH)UDJHQ"³
%HVWHU/HKUHUVSUXFKÄ6LHN|QQHQPLWPLUEHUDOOHVRIIHQUHGHQ³DXVGHP0XQGPDQFKHV/HKUN|USHUV
'XVFKH
7DVVHQ.DIIHH
GLHPLQWLJH%XVIDKUWPLWQHXHVWHP1HXLJNHLWHQXQGVFKZLHULJVWHQ6FKZLHULJNHLWHQGHU8QWHUXQG0LWWHOVWXIH
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW9HUVXFK]XU(UGURWDWLRQLQGHUEHL+HUUQ6FK|IIHOÄ1LFKWDWPHQLFKKDEGHQ
9HUVXFKWDJHODQJDXVWDULHUW³±6255<
:LHVRHQWZLFNHOQ/HKUHUHLQ7DIHOELOGLPPHUVRGDVVHVDXINHLQHQ)DOOLQGDV+HIWHLQHV6FKOHUVSDVVHQNDQQ"
$ELIHWHLP%XWDQÄ,FKNDQQQLFKWPHKUÀLHJHQXQGPHLQ7D[LLVWZHJ³0DFEHWKE]Z)DXVW1DFKWUDJGLHVH$EL]HL
WXQJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQ.ODYLHU.DIIHH6RQQHQPLOFKHLQNXVFKHOLJHV%HWW
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ +HUU+lKQHUVURVD+HPG'LH0RWLYDWLRQ)UHLWDJV6WG
]X*HVFKLFKWH]XJHKHQÄ6DUDKKDOWPLFKIHVW³XQGGHUIDUEOLFKGD]XDQJHSDVVWHURWH=HWWHODPVFKZDU]HQ%UHWW
,FKELQIUGLH(LQIKUXQJGHV=HQWUDODELWXUVGDPLWKLHUHQGOLFKPDOVHOHNWLHUWZLUGXQGGDV$ELZLHGHU1LYHDXKDW
8QGQDWUOLFKQRFK )LQQODQGIRUHYHU
ÄhEHUUUUUUDVFKXXXQJ³'LHRIWJHQHUYWH0DWKH]LFNHDXVGHU&KHPLHFUHZOlVVWVLFKQLFKWVJHIDOOHQ(QJDJLHUW
LVWLKU0RWWRÄ7VFKDNNDGXVFKDIIVWHV³ZDVLKUVRJDU]XP)OLHJHQYHUKROIHQKDW(UVWVSlWHUNDQQWHGLHKDQGEDOOVSLHOHQGH
)LQQLQLKUH/HLGHQVFKDIWIUURVD+HPGHQ
6WHFNEULHIH
+REE\V
7LVFKWHQQLV6FKODIHQ)UHXQGH
,QGLHVHU6WXIHVHLW
LFKGHQNHQNDQQ
%HJUQGXQJ
PHLQH(OWHUQGDFKWHQLFKN|QQWHGDV$ELVFKDIIHQ
=XNXQIWVWUDXP
+DPDQQ/DJXQD6HFD,,
'HLQH/.V
(UNXQGH+U7VFKDFKH0DWKH+5=RZH
/LHEOLQJVIlFKHU
(UGNXQGH,QIRUPDWLNPLWJDQ]HQ6FKOHUQ
/LHEOLQJVOHKUHU
+U=RZH+U6FK|IIHO+U:DOWHUDOLDVÄ7KH&KDPS³
,QIRYHUDQVWDOWXQJHQ
QDMDPVVHQKDOWVHLQXQGVLQGWHLOZHLVHVRJDULQIRUPDWLY
%HVWHU/HKUHUVSUXFK
:RVLQGPHLQH6FKOHU"+U(LGPDQQWRWDOYHU]ZHLIHOW
JllKQ
VFKQDUFK
LFKZLOOQDFK+DXVHLQV%HWW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6.,.856HLQIDFKGLHJHLOVWH)DKUWGLHLFKMHHUOHEWKDEH
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:DUXP*HRUJLLPPHU]XVSlWNRPPW
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"QHQ.DVWHQ:LHQLQJHU:HL]HQ%LHU
HLQHQ2UWGHUQHXQ-DKUHPHLQ]X+DXVHZDUXQGPLFKHLQLJH1HUYHQJHNRVWHWKDW
+RIIHQWOLFKZLUGHVGLHVH6FKXOHQRFKODQJHJHEHQXQGJUHLIWZHLWHUQDFKGHP5HJHQERJHQ
.OHLQDEHURKR8QVHU3LPSILVWQLFKWDXIGHQ0XQGHIDOOHQXQGIRUGHUWÄ0HKU5HFKWHIU=ZHUJH³$XFKVHLQ
Ä=ZLOOLQJVEUXGHU³N|QQWHYRQGHU(LQIKUXQJGLHVHV3DUDJUDSKHQLQGDV'|QEHUJHU*UXQGJHVHW]SUR¿WLHUHQ
6WHFNEULHIH
+REE\V
$OOHVZDVPDQQLFKWLQGHU6FKXOHPDFKHQPXVV
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
IUHLZLOOLJHU6HOEVWYHUVXFK
=XNXQIWVWUDXP
+XVWHQERQERQVXQG5HJHQVFKLUPZHJVFKPHLHQN|QQHQ
'HLQH/.V
0DWKH(QJOLVFK
/LHEOLQJVIlFKHU
Kl"
/LHEOLQJVOHKUHU
.RWWZLJ%RQL
,QIRYHUDQVWDOWXQJHQ
JlKQ
%HVWHU/HKUHUVSUXFK
Ä,FKELQNHLQgONRQ]HUQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG0XVVPDQVLFKHQWVFKXOGLJHQ"
6QRR]H
6QRR]H
6QRR]H
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6NLNXUV
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :LHHQWVWHKHQGLH6R0L1RWHQ:,5./,&+"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"'DV6SUXQJJHOHQNZLUGYRQGUHL%lQGHUQXPVSDQQW
$OO\RXFDQHDW5HVWDXUDQW%DVNHWEDOO.RUE&RPSXWHUPLW,QWHUQHW]XJDQJ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQQLFKWV
(LQUXVVLVFKH4XHUGHQNHUGHUQLFKWQXUPLW.UFNHQLPPHU]XVSlWNRPPW(LQIDFK6FKRUVFK
6WHFNEULHIH
+REE\V
5HLVHQ*HVDQJ.LQR
,QGLHVHU6WXIHVHLW
(QGH
%HJUQGXQJ
ZDUQHXLQGHU6WDGWXQGZXVVWHQLFKWZRKLQ"
=XNXQIWVWUDXP
6FKDXVSLHOHULQRGHU6lQJHULQ]XZHUGHQ±ZlUVFKRQQLFKW
VFKOHFKW$EHUPDOUHDOLVWLVFK1HQ%HUXI]X¿QGHQGHUDXFKKDOE
ZHJV6SDPDFKW
'HLQH/.V
(QJOLVFK(UGNXQGH
/LHEOLQJVIlFKHU
PDVSQHH0DOLP(UQVW(Q(N
/LHEOLQJVOHKUHU
+HUU%RUQHU+HUU7VFKDFKH+HUU6FK|IIHO)UDX:HUWKZHLQ
%HVWHU/HKUHUVSUXFK
+U$OWHQDÄ6LHVLQGMDJDUQLFKWVREHVFKHXHUWZLHLFKGDFKWH³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG(LJHQWOLFKLPPHUQXUÄ.UDQNKHLW³
YHUVFKODIHQQDFK,JQRULHUHQVGHV:HFNHUV
DXIJHO|VW]X6FKZHEHEDKQR%XVKHW]HQXQWHUZHJVQRFKZDV]XQDVFKHQNDXIHQ
HQWVHW]WIHVWVWHOOHQPDOZLHGHUGLH+DXVDXIJDEHQYHUJHVVHQ]XKDEHQ
$OOH.ODVVHQIDKUWHQXQGKLHUDQGHU6FKXOHGDVHQGORVH9HUODXIHQLQGHQHUVWHQ7DJHQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" ,QWHUHVVLHUWGDVWDWVlFKOLFKMHPDQGHQ"
(LQHQDQGHUHQOLHEHQ0HQVFKHQRUGHQWOLFKHV6FKXKZHUNJHOHUQWEHLP6HJHOQ"YRUVLFKWVKDOEHUQH5FNIDKUNDUWHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LHYLHOHQQHWWHQ/HXWHGLH)HULHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ :DULP*URHQ*DQ]HQÃQHVHKUVFK|QH=HLWDQGLHLFKPLFKRIWHULQ
QHUQZHUGH:QVFKHDOOHQZHLWHUKLQYLHO(UIROJDOOHV*XWH
6KH¶VRXUVLQJLQJ4XHHQ\RXQJDQGEORQGRXUVK\&RWWEXVVXSHUVWDUZLWKDQHYHUHQGLQJVPLOHRQKHUIDFH«
6WHFNEULHIH
+REE\V
$OOHVPLW0XVLNOHVHQ9ROOH\EDOO$PHULND
,QGLHVHU6WXIHVHLW
'HUHLQH(ZLJNHLW
=XNXQIWVWUDXP
6FKULIWVWHOOHULQXQGRGHU.LQGHUWKHUDSHXWLQZHUGHQ
:HOW0HQVFKHQNHQQHQOHUQHQ
'HLQH/.V
(QJOLVFK'HXWVFK
/LHEOLQJVIlFKHU
bKP(QJOLVFK'HXWVFK/LWHUDWXU
/LHEOLQJVOHKUHU
(JHUODQG%RUQHU
,QIRYHUDQVWDOWXQJHQ
,FKIDQJMHW]WDQ]XYHUVWHKHQZDVXQV)ULHGKRIIXQG%RUQHULQ
GHUNODUPDFKHQZROOWHQ
+L0LPV
+L2OVFK
+L$OH[
6NLNXUVLFKVDJQXU/LIWH-DPHV%RQG+WWH/RQGRQHLQ/DFKNLFNQDFKGHPDQGHUHQ5LFKPRQG&RPPXQLW\+LJK
-HGHQ7DJDXICVE1HXH*HKLFKQDFKKDXVHRGHUEOHLELFKRGHUJHKLFKQDFKKDXVHRGHUEOHLELFKRGHU
)UHXQGH&'3OD\HUXQGJHQXJ]XWULQNHQ+PP/LWHURGHUZLHZDUGDV"0LPVGXNDQQVWPLFKQLFKWHLQKROHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 1DHXFK'LHVLFKDQJHVSURFKHQIKOHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ 6KRRWIRUWKHPRRQ(YHQLI\RXPLVV\RXZLOOODQGDPRQJWKHVWDUV
&KDUO\¶V$QJHO1R%DEVLGDVLQWHOOLJHQWHIUHXQGOLFKH6SUDFKWDOHQWWUlJWLPPHUHLQ/lFKHOQLQLKUHP*HVLFKW
6WHFNEULHIH
+REE\V
([WUHPVSRUWDUWHQ]%%LOODUG)XEDOO
,QGLHVHU6WXIHVHLW
'HU
%HJUQGXQJ
0DOQHXH/HXWH.HQQHQOHUQHQ
=XNXQIWVWUDXP
2EHUKDXSWGHUNDWK.LUFKH
'HLQH/.V
'HXWVFKXQG*HVFKLFKWH
/LHEOLQJVIlFKHU
JDQ]JDQ]IUKHUPDO0DWKH
/LHEOLQJVOHKUHU
0LHKHQRPLQLHUWIUEHVWH0RQRORJHLQ(QJOLVFKXQG
6FKHOS0U,URQLH
,QIRYHUDQVWDOWXQJHQ
=ZHLLQIRUPDWLYH6WXQGHQ
%HVWHU/HKUHUVSUXFK
Ä7KHIXFNLQJERJZDQWVWRWHOOPHIXFNLQJWKLQJV´0LHKH
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG0XVWHUXQJ
.lPSIHQ
:HLWHUNlPSIHQ
8QGWURW]GHPYHUOLHUHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW /HEHQVJHIlKUOLFKH([SHULPHQWHLQ3K\VLN*UXDQ+HUUQ7KHLV
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW0HUNVWGXQRFKZDV"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" /XFKVE]Z/X[LVWWRW
1LFKWVZHLODOOHVYHUJlQJOLFKLVW8QGVRZDVJLEWCVHKQXULP79
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LHXQGPLQ3DXVHQ8QGQDWUOLFKYLHOHGHU/HXWH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQÄ=ZHL/HEHQVVWW]HQEUHFKHQQLH$UEHLWXQG*HEHWKHLHQVLH³
5DPRQIUDQ]$XVJHVSURFKHQ6KDLND'HU3ROHPLWGHP6FKODI]LPPHUEOLFN«V\PSDWKLVFKDXHUJHZ|KQOLFKJHODVVHQ
(LQIDFK6KDLND
6WHFNEULHIH
+REE\V
)XEDOO6SDPDFKHQHQWVSDQQWHLQHQWULQNHQ
,QGLHVHU6WXIHVHLW
'HU.ODVVH
%HJUQGXQJ
.HLQH/XVW]X:LHGHUKROHQ
=XNXQIWVWUDXP
6SLULWXHOOH(UO|VXQJRGHUCQ.DVWHQ3LOV
'HLQH/.V
'HXWVFK%LR
/LHEOLQJVIlFKHU
'HXWVFK6RZL6SRUW
/LHEOLQJVOHKUHU
6FK|IIHO
%HVWHU/HKUHUVSUXFK
Ä+DEHQ6LHHLQH*URPXWWHU"'DQQYHUDUVFKHQ6LH',(³+HUU
%RUQHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG+DEGLH6FKXOHQLFKWJHIXQGHQQLFKWZLUNOLFK
$XIVWHKHQ
$XIHWZDV6SLW]HVRGHU*OLWVFKLJHVWUHWHQEDUIXVV
'HQ7DJYHUÀXFKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 3ODXGHUVWQGFKHQEHL&DSWDLQ.RWWL
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :LHIXQNWLRQLHUW*HOGVFK|SIXQJ"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"-DGDQNH0LW0LOFKELWWH
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"(UQVWKDIW":DV]XVFKUHLEHQ
$OV=LYLYHUPXWOLFKJDUQLFKWVDXHUYLHOOHLFKWPDODEXQG]XJHIRUGHUW]XZHUGHQ
,KUVHLGNODVVH6HOWHQVRHQWVSDQQWHV9RONJHVHKHQ±EHVRQGHUVGLH5RPIDKUW&UHZ'RQCWVWRSMRFKLQJ
'LHVHULQWHOOLJHQWHMXQJH0DQQKDWLPPHUHLQHQJXWHQ6SUXFKDXI/DJHUREZRKOHURIWDXIGHQÄVLOHQWPRGH³VFKDOWHWLVWHU
GRFKÄ7KH+DPPHU³,QGLHVHP6LQQH+RFKGLH7DVVHQ
6WHFNEULHIH
+REE\V
)XEDOO.LQR
,QGLHVHU6WXIHVHLW
$QIDQJDQ
%HJUQGXQJ
8QDXIKDOWVDP
=XNXQIWVWUDXP
,FKP|FKWHJHUQHZLHPHLQ9DWHUZHUGHQ
'HLQH/.V
0DWKH(QJOLVFK
/LHEOLQJVIlFKHU
'HXWVFK0DWKH
/LHEOLQJVOHKUHU
+HUU$OWHQD+HUU=RZH+HUU$KUEHUJ+HUU7VFKDFKH
,QIRYHUDQVWDOWXQJHQ
%HVWHU/HKUHUVSUXFK
$OWHQD]X6FKOHULQÄ,KUHHLQPDOLJH&KDQFH]XGHQNHQ³
)ULHGKRII]X6FKOHULP/RQGRQHU3XEQDFKGHP6FKOHUDXIVHLQH5HFKQXQJYLHO]XYLHO%LHU
EHVWHOOWKDEHQÄ:LOOVWGX$ELPDFKHQWULQNGDV*ODV/ZLOOVWGXJXWHV$ELPDFKHQWULQNGHQ
.UXJ/³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG-XQJHÄ0HQVWUXDWLRQVSUREOHPH³
'HU:HFNHUNOLQJHOW]LHPOLFKDXIGULQJOLFK
(UVWPDOGXVFKHQGDPLWLFKULFKWLJZDFKZHUGH
(VVHQVRQVWJHKWJDUQLFKWV
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 'HXWVFKXQWHUULFKWEHL+HUUQ$OWHQD
:HOFKH7UHQJHGUFNWRGHUJH]RJHQZHUGHQPVVHQKDELFKQLFKWYHUVWDQGHQELVGHU+DXVPHLVWHU6FKLOGHUDQJHEUDFKWKDW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" %LWWHZDV"""
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"6RQMDXQGHLQSDDU%FKHU
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 6RYLHO)UHL]HLWZLHELVKHUZLUGHVZRKOQLHZLHGHUJHEHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ(QGOLFKLVWHVYRUEHL,FKKDEPHLQ$%,
'HUHKUJHL]LJH)XEDOOVSLHOHUGHQDXFKHLQHJHEURFKHQH1DVHQLFKWVWRSSHQNDQQ]HLJWVHLQHQ)OHLQLFKWQXULP
8QWHUULFKWVRQGHUQLPSRQLHUWDXFKPLWVHLQHUHLQ]LJDUWLJHQ6WLPPHLP/LWHUDWXUK|UVSLHO
6WHFNEULHIH
+REE\V
0RWRUUlGHUZZZELHUWHVWZXSSHUWDOGH3DUW\RGHUQLFKWVWXQ
,QGLHVHU6WXIHVHLW
$QIDQJDQ
%HJUQGXQJ
NHLQHZLUNOLFK
=XNXQIWVWUDXP
0LUGLH1DPHQGHU,.($0|EHODXVGHQNHQ
'HQ%LWWHUIHOGHU%HUJHUNOLPPHQ
(LQH0LOOLRQlULQKHLUDWHQXQG)UKUHQWQHUZHUGHQ
'HLQH/.V
'H*H
/LHEOLQJVIlFKHU
*H,I
/LHEOLQJVOHKUHU
6FKHOS)ULHGKRII
,QIRYHUDQVWDOWXQJHQ
EHWUHXWHV6FKODIHQ
%HVWHU/HKUHUVSUXFK
Ä$PEHVWHQVFKODJHQVLHDOOHQXQ,KUH.|SIHJHJHQGLH:DQG³
0XQ\
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG $OVR7%&KDELFKQRFKQLFKWJHQHKPLJWJHNULHJW1RFKQLFKW
DXIVWHKHQ
0LUGLH6LQQIUDJHVWHOOHQ
'LH6LQQIUDJHLJQRULHUHQXQGPLFKLQGLH6FKXOHVFKOHSSHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLIUHL]HLW
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :DVZLUNOLFKLQ)UDX.HQQV7KHUPRVNDQQHLVW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $OVRGLHVH)UDJHJHK|UWGH¿QLWLYGD]X
.LVWH%LHUÄ(VJLEWNHLQ%LHUDXI+DZDLLHVJLEWNHLQ%LHU³
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0LFKVHOEVWNUDQNVFKUHLEHQ]XN|QQHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ+RSIHQXQG0DO]*RWWHUKDOWV
$XFKZHQQHVVFKHLQWDOVZUGH6FXOO\KLQWHUVHLQHP+HOPLPPHUQXUVFKODIHQ]HLJWHUGRFKJXWH
4XDOLWlWHQDOV7UDLQHU2KQHVHLQH'XFDWLXQGVHLQHFKDUDNWHULVWLVFKH.OHLGXQJZlUHHUGHU
ÄSHUIHNWHQHWWH6FKZLHJHUVRKQ³
6WHFNEULHIH
+REE\V
7KHDWHUPDFKHQ0XVLNSDLQWHQ3DUW\
,QGLHVHU6WXIHVHLW
GHPLFKGHQNHQNDQQ
=XNXQIWVWUDXP
XQVHUHQHLJHQHQ6WDDWXQGRGHU6HNWHJUQGHQ
'HLQH/.V
(QJOLVFK(UGNXQGH
/LHEOLQJVIlFKHU
ZHQQPDQGDVDOV8QWHUULFKWEH]HLFKQHQNDQQ
/LWHUDWXUDQVRQVWHQNDQQPDQVLFK(QJOLVFKJDQ]JXWJHEHQDEHU
QXUZHQQHVZLHGHU.OHLQNULHJHJLEW.DLGXELVWXQP|JOLFK
"
/LHEOLQJVOHKUHU
+U%RUQHUDOLDV3LHW+U8HOOHQGDKODQVRQVWHQLVWGDVGRFKHLQ3DUDGR[RQ""
,QIRYHUDQVWDOWXQJHQ
DFKXP,QIRUPDWLRQHQJLQJVGD
%HVWHU/HKUHUVSUXFK
VHW]WYRUDXVGDVPDQGHQ/HKUHUQ]XK|UW)DOOVPDQGDVGRFKWXWZDUGHUUHFKWJHOXQJHQ
6FKOHUÄ+DEHQ6LH.UHLGH"³
6FK|IIHO1XU(LJHQEHGDUI'DVLVWMDQLFKWVWUDIEDU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGELQ]XVDPPHQPLWLUJHQGHLQHP0lGHO]XVDPPHQ]XVSlWJHNRPPHQGDKDELFK
JHVDJWLKUH0XWWHUKDEHYHUJHVVHQXQV]XZHFNHQ
EHWHQ
2KUVW|SVHOUHLQ
XQGGXUFK
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW:5)
0XVLN8QWHUULFKWVRZLHLQ0DWKHDOOHVZDVEHUGDVPDOKLQDXVJHKW
3XKPDQQVFKXQLPPWDOOHVHDV\XQGKDWHLQH/HLGHQVFKDIWIUGDV7KHDWHU'HUHLQ]LJDUWLJHNURDWLVFKH3XKElULVWHLQIDFKIU
MHGHÄ)OLW]HNDFNH³]XKDEHQ
6WHFNEULHIH
+REE\V
$XWR)UHXQGH.LQR«
,QGLHVHU6WXIHVHLW
-DQXDU
%HJUQGXQJ
:ROOWHXQEHGLQJWQHXH/HXWHNHQQHQOHUQHQ
=XNXQIWVWUDXP
0DOVFKDXHQLUJHQGZDV5LFKWXQJ)DKU]HXJWHFKQLN
'HLQH/.V
(UGNXQGH7VFK(QJOLVFK:Z
/LHEOLQJVIlFKHU
(UGNXQGH6SRUW%LR0DWKH
/LHEOLQJVOHKUHU
7VFKDFKH$FNHUPDQQ
,QIRYHUDQVWDOWXQJHQ
Ä$OOHVEHVWH3OlW]H³0LWFK
%HVWHU/HKUHUVSUXFK
Ä+DOWPDOGLH6FKHLHKLHU³)UDX+6SRUWIHVW
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG +DELPPHUC.UDQNKHLWCDOV*UXQGEHQXW]W
:DFKZHUGHQPLW.RIIHLQXQG1LNRWLQ
3DUNSODW]VXFKHDP6HGDQVEHUJ
9RUIUHXGHDXIGHQ8QWHUULFKW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW.XUVIDKUWQDFK)ORUHQ]Ä*LYHPH\RXUSLVWROV³
XQGQDWUOLFKGHU/LWHUDWXUNXUVEHL)UDX.HQQ:DUVHKUOXVWLJXQG
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :LUGMHW]WDXFKQLFKWJHOIWHW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" :DVVROOGHQQVRCQHNRPLVFKH)UDJH"
:HLEOLFKH%HJOHLWXQJ$ONRKROLVFKH*HWUlQNH0XVLN
9ROOH\EDOOEHL+HUUQ7VFKDFKH0DWKHEHLHLQHPLQNRPSHWHQWHQ/HKUHU]XKDEHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ ,FKVFKOLHHPLFK$OSDUV0HLQXQJDQ
6HLQ$XWR±126YHUOlVVW0DUFHOORQXULQVHOWHQHQ$XVQDKPHQ]XP)XEDOOVSLHOHQ]XP%HLVSLHO(ULVW]ZDU
HWZDVVWLOOXQGVFKZHLJVDPGRFKDXFKGDVNDQQVHLQHUHOHJDQWHQ$UWQLFKWVDQKDEHQ
6WHFNEULHIH
+REE\V
+DELVFKQHW
,QGLHVHU6WXIHVHLW
GHU-DKUJDQJVVWXIH
%HJUQGXQJ
'XPPKHLW
=XNXQIWVWUDXP
(YHQW0DQDJPHQW
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
,QIRUPDWLRQVYHUDQVWDOWXQJHQ
/LHEOLQJVOHKUHU
5DWHLNH(JHUODQG
,QIRYHUDQVWDOWXQJHQ
,PPHUZLHGHUOXVWLJ
%HVWHU/HKUHUVSUXFK
Ä'HQNIHKOHU³GDQNH+U(JHUODQGIUGLHVH2IIHQKHLW
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGÄ0HQVWUXDWLRQVSUREOHPH³RGHUÄ9HUJHVVHQ³
$XIVWHKHQ
'RFKZLHGHUKLQOHJHQ
/LHJHQEOHLEHQ
0GLJNHLWGLH(UNHQQWQLVGDVVPDQDOOHVPLQG=ZHLPDOEUDXFKW6SD6NLIUHL]HLW
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW6DJLFKQLFKW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $XIVWHKHQ$XIVWHKHQ$8)67(+(1±GDQQHEHQQLFKW
(LQH.DIND6DPPOXQJGLHPDFKWVFKQHOOHUEHNORSSWXQGGDPLWGLH6DFKHHLQIDFKHU
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ (LQLJH/HXWHDEHUVRQVWQL[
(LJHQWOLFKCQHVFK|QH=HLW±9LD9HQHWR9LHO6SDDEHUDXFKbUJHU±HQGOLFKYRUEHL
'HUJXWJHODXQWH/RODNRFKWULQNWJHUQHPDOHLQHQ.DIIHHEHUGHQ'XUVW,QGHP3DUW\PDFKHUVWHFNWMHGRFKDXFK5HGHJH
ZDQGWKHLWXQGRUJDQLVDWRULVFKHV7DOHQW
6WHFNEULHIH
+REE\V
6SRUW%FKHUYRQ)ORULDQ,OOLHV0XVLN
,QGLHVHU6WXIHVHLW
LPPHU
%HJUQGXQJ
GUHL-DKUHQRFKELOOLJHU%XVIDKUHQ6FKRNRWLFNHWXQGVR
=XNXQIWVWUDXP
-XULVW3V\FKRORJH
'HLQH/.V
*HVFKLFKWH(QJOLVFK
/LHEOLQJVIlFKHU
(QJOLVFK3KLORVRSKLH
/LHEOLQJVOHKUHU
$FKHLJHQWOLFKPDJLFKVLHMDDOOH
,QIRYHUDQVWDOWXQJHQ
+HUU%RUQHUEHJUWDXIµVbXHUVWH
%HVWHU/HKUHUVSUXFK
,FKELQMDKLHUGLH3XVK\8QGMHGHUZHLGDVDXFK
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 'HU.ODVVLNHUJULSSDOHU,QIHNW'HU2ULJLQHOOVWHJULSSDOHU,QIHNWHLQVWQGLJ
VLHKH*UHQ]ZHUWHUIDKUXQJPLWGHLQHPLQQHUHQSV\FKLVFKHQ6HOEVW
:DVIUHLQHQ7DJKDEHQZLUXQGORKQWHVVLFKEHUKDXSWDXI]XVWHKHQ"
'DZDUGRFKZDV"0XVVWHLFKGDNHLQ5HIHUDWKDOWHQ"
'LH0RQWDJPRUJHQGHDQGHQHQGLH'RSSHOVWXQGH%LRLPPHUDXVIlOOWZHQQLFKGDELQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :DUXP7KRPDVµ+DQG\WDWVlFKOLFKNDSXWWJLQJ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"0RUJHQVUHFKWVNDOWOLQNV:DQG0LWWH%HWW*XW
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQH)UHXQGHXQGGLH)UDXHQDXVGHU%DFDUGLZHUEXQJ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ9LHOHOLHEHQHWWH/HXWH6FK|IIHOVOXVWLJH6SUFKH7ROOSDW
VFKLJNHLWURWHU=HWWHODPVFKZDU]HQ%UHWWODDDDQJH)HULHQXQVHUHQVFKURWWSODW]UHLIHQ6FKXOEXV
9LHOHQ'DQNDQGLH0HQVFKHQGLHXQVHUH6FKXO]HLWOHEHQVZHUWJHPDFKWKDEHQ9LHOHQ'DQNDXFKDQGLH/HXWHRKQHGLHZLU
QXUKDOEVRYLHOJHODFKWKlWWHQLKUVHLGGLHZDKUHQ+HOGHQ,FKJODXEµPLFKWULWWHLQ6FKDIQXUDOV%HLVSLHO
1LFKWDOOHNDQQHUPLWVHLQHURIIHQHQXQGHKUOLFKHQ$UWEHU]HXJHQGDHUGDPLWRIWVNUXSHOORVXPJHKW-HGRFKLVWVHLQHKHUU
OLFKLURQLVFKH$UWZHQQPDQVLH]XVFKlW]HQZHLDXFKVHKUDPVDQW(ULVWHLQIDFK21DXFKRKQH%DUW
6WHFNEULHIH
+REE\V
3IDG¿QGHU)RWRV0DOOHbQQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
ZHLOLFKVHLWGHP.LQGHUJDUWHQQHEHQ-RQDVVLW]HQRUPDO
=XNXQIWVWUDXP
1HJHGLHJHQH5DXPIDKUWLQJHQLHXULQZHUGHQ.DL2ODY
KHLUDWHQXQGJDQ]YLHOHNOHLQH.DL2ODYVNULHJHQMLSSLH
'HLQH/.V
0DWKH(UGNXQGH
/LHEOLQJVIlFKHU
3K\VLN6SRUW0DWKH
/LHEOLQJVOHKUHU
.DQQLFKQLFKWVDJHQGLH$QGHUHQZHLQHQVRQVW
,QIRYHUDQVWDOWXQJHQ
:HLWHUDWPHQGDVLVWGHU7ULFN
%HVWHU/HKUHUVSUXFK
0DQVLHKW,KQHQDQGDVVVLHGLHVHV=HXJWULQNHQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGPXVVWHQRFK1lJHOQDFKODFNLHUHQ
YHUVFKODIHQ
%XVXP6HNXQGHQYHUSDVVHQ
QLFKWDXIUHJHQQLFKWDXIUHJHQ1,&+7$8)5(*(1
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLIDKUHQLVWJHLO
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:HQQLKUZVVWHW
:LUVLQGKLHU]XVDPPHQJHNRPPHQXPGHQ5HG+RUVH'RVHQGLHOHW]WH(KUH]XHUZHLVHQVFKQLHIZLPPHU
%0:$QODJH6FKRNRODGH6FKDOHYRP+DNHQ7HOHIRQ5HG+RUVHGLHJROGHQH3RUQRKDQGWDVFKH%DVWLDQ$QQH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0DWWKLDV]XGHPWLJHQKlKl
6RODQJH:,5GLH.LQGHUNULHJHQKDOWHW,+5XQVYHUGDPPWQRFKPDOGLH7UDXI
0I*H
I 1DGGHO
1DGGHOLVWHLQIDFKSRUQR6LHYHUELQGHWÄEUDLQ³XQGGLHÄ0DOORUFDSDUW\PDFKLQH³LQHLQHU3HUVRQ8QVHU:XQGHUNLQGLVW
DEVROXW]XYHUOlVVLJXQGODQGHWPLWLKUHQKEVFKHQ$FFHVRLUHVLPPHUZLHGHUHLQHQ9ROOWUHIIHU*H
6WHFNEULHIH
+REE\V
WDQ]HQOHVHQPHLQ)UHXQG
,QGLHVHU6WXIHVHLW
GHU
%HJUQGXQJ
QLFKWIUHLZLOOLJ
=XNXQIWVWUDXP
QDFKPHLQHP$ELGLH$XVELOGXQJJXWDE]XVFKOLHHQ
PLWPHLQHP)UHXQGZHLWHUKLQJOFNOLFK]XVHLQ
'HLQH/.V
%LR'HXWVFK
/LHEOLQJVIlFKHU
IUKHU%LRMHW]W'HXWVFK
/LHEOLQJVOHKUHU
(JHUODQG)ULHGKRII7VFKDFKH
%HVWHU/HKUHU
6FK|IIHOXQGGHU6FKZDPP
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG *HJHQZLQG
2FKQ|:(VFKRQZLHGHUYRUEHL""
LQ7UDQFH]XU6FKXOH
ODQJVDPHV(UZDFKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLIUHL]HLW5RP
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :R]XEUDXFKLFKGDVQDFKGHU6FKXOH"""
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"'LHIHXFKWIU|KOLFKHQ1lFKWHLQ5RP
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" 0HLQHQ)UHXQG:HLQWUDXEHQ
)HULHQGLHURWHQ=HWWHODPVFKZDU]HQ%UHWWGLH)UHXQGHGLHLFKKLHUJHIXQGHQKDEH
'LH-DKUHGLHLFKDQGLHVHU6FKXOHYHUEUDFKWKDEHZDUHQVRZRKOVWUHVVLJDOVDXFKWHLOZHLVHVXSHUVFK|Q
8QGLFKZHUGHEHLGH6HLWHQZRKOQLHYHUJHVVHQ
7UXOODV(PPDLVWEHNDQQWIULKUH:HLQWUDXEHQDEKlQLJNHLW2EZRKOVLHVWXQGHQODQJ.ODPRWWHQVRUWLHUW
XQGRUGHQWOLFKIDOWHWLVWVLHGRFKHPDQ]LSLHUWXQGPXVV]XPODFKHQQLFKWLQGHQ.HOOHUJHKHQ
6WHFNEULHIH
+REE\V
)UHXQGH)XEDOO3DUW\
,QGLHVHU6WXIHVHLW
GHU.ODVVH
=XNXQIWVWUDXP
.|QLJYRQ1RUZHJHQZHUGHQ
'HLQH/.V
%LR0DWKHQDMDVHOEHU6FKXOG
/LHEOLQJVIlFKHU
6SRUWYRUDOOHPLQGHU2EHUVWXIH
/LHEOLQJVOHKUHU
*ULPPHUGH%UX\Q
,QIRYHUDQVWDOWXQJHQ
ZDVPDQLQ0LQXWHQHUNOlUHQNDQQZLUGLQ6WGÄHUOlXWHUW³
'HU:HFNHUPHLQHU6FKZHVWHUZHFNWPLFK6WGIUKHU
VWHKHDEHU]XVSlWDXI !GHU.DIIHLVWNDOWXQGGDV%U|WFKHQKDUW
PHLQ$XWRVSULQJWQLFKWDQXQGLFKPXVVPLWGHP%XVIDKUHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 'LHJDQ]H.ODVVHKDWJHVFKZlQ]W
+lWWH+HUU$SHOZLUNOLFKHLQHQ7HVWJHVFKULHEHQRGHUPHLQHQ5HOLRUGQHUHLQJHVDPPHOW"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $XVIOOHQGLHVHV)UDJHERJHQVVHKUDQVSUXFKVYROO
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"$QVWRGHQ-DQXQGGHQ/DUVLXQGHLQSDDU.DQQHQ%LHU
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ :DKUVFKHLQOLFKHLQLJH/HXWH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ ,FKJUHGLH-XQJVYRQGHQ3LOV$QJHOV
!ZZZSLOVDQJHOVGH =XVDPPHQIDVVHQGH0HLQXQJGHU6WXIH
'HUVPDUWHVH:HLEHUKHOGDXVGHP%LR/.LVWLPPHUKLOIVEHUHLW6HLQ)XEDOOLQWHUHVVHVWHKWLPVWHWHQ.RQÀLNW]XVHLQHU
3LOVOHLGHQVFKDIW
6WHFNEULHIH
+REE\V
%DVNHWEDOO.LQR
=XNXQIWVWUDXP
$ELWXU"
'HLQH/.V
(QJOLVFK%LR
/LHEOLQJVIlFKHU
6SRUW(UGNXQGH
/LHEOLQJVOHKUHU
7VFKDFKH)ULHGKRII
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG+DEHGHQ%XVYHUSDVVW
,FKNRPPH]XVSlW
+DEHPLUNHLQH(QWVFKXOGLJXQJEHUOHJW
.ULHJHbUJHU
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLIUHL]HLW/RQGRQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW 0DWKHPDWLN
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 0RUJHQVDXIVWHKHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" (LQHQ%DVNHWEDOO/DNULW])UHXQGLQ
'HUlJ\SWLVFKH%DVNHWEDOONLQJYHUVWHPLWVHLQHUVHKUV\PSDWKLVFKHQXQGIUHXQGOLFKHQ$UWGHQ(QJOLVFK/.EHL)UDX
:HUWKZHLQ6RZLUGHUDXFKVRXYHUlQGHQ:HJ]XUÄ*ROGHQ6KRZHU³PHLVWHUQ
6WHFNEULHIH
+REE\V
0XVLNK|UHQ5DXFKHUYRUVLFKVHOEVWUHWWHQHWF
,QGLHVHU6WXIHVHLW
GHU*UQGXQJ
%HJUQGXQJ
+DEQL[EHVVHUHVJHIXQGHQ
=XNXQIWVWUDXP
(LQVFK|QHV/HEHQPLWZHQLJ$UEHLW
'HLQH/.V
0DWKH(QJOLVFK
/LHEOLQJVIlFKHU
0DWKHMHGHQIDOOVPHLVWHQV
/LHEOLQJVOHKUHU
6FK|IIHODXI*UXQGGHV8QWHUKDOWXQJVZHUWVVHLQHUVWlQGLJHQ6WXKO
XQG.DUWHQVWlQGHUNROOLVLRQHQ
,QIRYHUDQVWDOWXQJHQ
VLQGRKQH0XQ\ODQJZHLOLJXQGVLQQORV
%HVWHU/HKUHUVSUXFK
6FK|IIHOEHL9HUVXFKÄ2KHVTXDOPWVFKRQXQGMHW]WLVWHVNDSXWW$EHUZHQQLKUQLFKWVVDJW
VDJLFKDXFKQLFKWV³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG6FKODIVW|UXQJ
$XIZDFKHQ
6FKRFNVHNXQGHEHUZLQGHQ
:LHGHUKLQOHJHQ
%HJLQQHEHL
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:DUXP*HRUJL,00(5]XVSlWNRPPW
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HQVFKHQ"
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ PHLQHU6WXIH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ$QEHVDJWH:lUVFK|QZHQQZLU.RQWDNWKDOWHQ
:HULKQVFKRQOlQJHUNHQQWULHIEHUUDVFKWÄ'DVDOVRZDUGHV3XGHOV.HUQ³)DXVW,9DOVVLFKYRUZHQLJHQ-DKUHQ
GHUJURH:DQGHOYROO]RJ8QVHUJURHUEUDXQHU%lU]HLJWXQVHLQH$OWHUQDWLYH]X+DVV*HZDOWXQG'URJHQ;0DQIRUH
YHU
6WHFNEULHIH
+REE\V
7DQ]HQ/HVHQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
9RUKHULQHLQHU5HDOVFKXOH
=XNXQIWVWUDXP
%LRFKHPLNHULQ
'HLQH/.V
*HVFKLFKWH%LRORJLH
/LHEOLQJVIlFKHU
*HVFKLFKWH%LRORJLH(UGNXQGH
/LHEOLQJVOHKUHU
+HUU6FK|IIHO+HUU)ULHGKRII
,QIRYHUDQVWDOWXQJHQ
,PPHUVHKULQWHUHVVDQWGXUFKHLQDQGHUXQGOXVWLJ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG :DUQLFKWVEHVRQGHUHVGDEHL
$XIVWHKHQ%XVIDKUWW :DFKZHUGHQXQGDOOHEHJUHQGLHPLUEHUGHQ:HJODXIHQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW":DUPDQFKPDOVWUHVVLJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQHQ)UHXQGHLQSDDU)UHXQGHXQG0XVLN
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH3DXVHQXQGXQVHUHQ*HVFKLFKWVNXUV
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ:DUHLQHVHKUVFK|QHXQGOXVWLJH=HLW
(KUJHL]LJZLH/DG\'LLVWGDV2UJDQLVDWLRQVWDOHQWGDVYRUDOOHPLQ/RQGRQ]XP9RUVFKHLQNDPGLHPHLVWH=HLW]XUFNKDO
WHQGXQGVWLOO
6WHFNEULHIH
+REE\V
7KHDWHU%FKHUZHJJHKHQ
,QGLHVHU6WXIHVHLW
GHU.ODVVH
%HJUQGXQJ
JHZLVVHP/HKUHUQLFKWLQGHQ$UVFKJHNURFKHQ
=XNXQIWVWUDXP
UHLFKXQGEHUKPWZHUGHQ
'HLQH/.V
'HXVWFK*HVFKLFKWH
/LHEOLQJVIlFKHU
(QJOLVFK5HOLJLRQ
/LHEOLQJVOHKUHU
+lKQHU:HLJHO.RZDOVNL$SHO
,QIRYHUDQVWDOWXQJHQ
]XGLHVHP=HLWSXQNWZHLGRFKVFKRQMHGHUZDV6DFKHLVWYHUEDFNHQ
%HVWHU/HKUHUVSUXFK
%RUQHUÄ:VFK|QGDVV6LHGDVLQG6LHN|QQHQMDDXFKQLFKWLPPHU]XVROFKHQ8KU]HLWHQNRW]HQ
,FKZUGH,KQHQUDWHQ]XHLQHP.OHPSQHU]XJHKHQXQGGDVDEGLFKWHQ]XODVVHQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG$OWEDX
9RQVFKHL0XVLNJHZHFNW]XZHUGHQ
:LHGHUHLQVFKODIHQXQGEHLP$XIZDFKHQGDV%DGEHVHW]WYRU¿QGHQ
'HQ%XVWURW]9HU]LFKWDXI)UKVWFNXQGNRPSOHWWH6FKXOWDVFKHYHUSDVVHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLWGLYHUVHWUDXPDWLVFKH(UOHEQLVVHPLW)UDX0D\0RRUZDQGHUXQJLQ$XULFK
5RP$OSWUDXP0|VO$OP
:DUXPVLQGLPPHU0DWKH5HOLRGHU/DWHLQVWXQGHQ0RQWDJVLQGHU"""GLH)XQNWLRQVZHLVHGHU+HL]XQJ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" -DKUH6HGDQ"+P/DWHLQEHL+lKQHU
Ä8QVHU³%HWWGHQNRPSOHWWHQ,QKDOWPHLQHV.KOVFKUDQNVHLQH6HJHOMDFKW]XPDEKDXHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 6FKXOEURWYRQ0DPD
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ,UJHQGZLHPDJLFKGLH6FKXOHGRFK
$OVGLHSURIHVVLRQHOOH$N]HQWD5HJDOHLQUlXPHULQZHLVLHJHQDXZDVVLHZLOO$XIIlOOLJGXUFKLKUHQHLJHQHQ6WLOLVWVLHJHER
UHQIUGLH%UHWWHUGLHGLH:HOWEHGHXWHQ
6WHFNEULHIH
+REE\V
+DQGEDOOODXIHQ6NLIDKUHQOHVHQ%ULOOHVXFKHQ
,QGLHVHU6WXIHVHLW
.ODVVH
%HJUQGXQJ
IUDJPHLQH(OWHUQ
=XNXQIWVWUDXP
HLQJHVXQGHVODQJHV/HEHQXQG3K\VLRWKHUDSHXWLQLQGHU)XEDOO
%/
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
'HXWVFK3KLOR
/LHEOLQJVOHKUHU
PHLQH*UXQGVFKXONODVVHQOHKUHULQ
,QIRYHUDQVWDOWXQJHQ
+DEHJHOHUQWZDVHLQURWHUXQGZDVHLQJUQHU6WLIWLVW
Ä'DVN|QQHQ6LHDEHUDXFKDOOHVDXIGHQDXVJHWHLOWHQ=HWWHOQ
QDFKOHVHQ³
%HVWHU/HKUHUVSUXFK0DWKHLVWQLFKW5HFKQHQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 3HQHWUDQWH,QNRQWLQHQ]
DXIVWHKHQ
IHUWLJPDFKHQ
3DQLN:RLVWPHLQH%ULOOH"""
RKQH%ULOOH]X6FKXOHIDKUHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW(LQEHUÀXWHWHV.ODVVHQ]LPPHULQGHU.ODVVH.RPPHQWDUGHV.ODVVHQOHK
UHUVÄ:HUZDUGDV"³.ODVVHQIDKUWLQGHUQDFK%DG+RQQHI6NLNXUVLQGHU
:DUXPNOLQJHOWHV]XU5HJHQSDXVHLPPHUGUHLXQGQLFKW]ZHL0DO"""
:DUXPVLQGLP6RPPHUGLH+HL]XQJHQDQ"""
,QGHQ:HLKQDFKWVIHULHQLP6NLXUODXELQGUHL0HWHUQ+|KHDP%JHOGHV/LIWHV]XKlQJHQ
0HLQHQ)UHXQG0FNHQVSUD\=DKQEUVWHJDQ]YLHOH%FKHUPHLQH%ULOOHZHQQLFKVLH¿QGH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ *DQ]YLHO)HULHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ (LQSDDU/HXWHZHUGHLFKDXVGLHVHU6WXIHZRKOYHUPLVVHQ
'XUFKLKUHODQJH+DQGEDOOHUIDKUXQJZXUGHLKU7HDPJHLVWJHVFKXOWGHUVLHDOVHKUOLFKHXQGKLOIVEHUHLWH3HUVRQDXV]HLFKQHW
/HLGHUZDUHVLQOHW]WHU=HLWHLQHVHOWHQH(KUHGLHLPPXQJHVFKZlFKWH%UQHWWH]X*HVLFKWEHNRPPHQ
6WHFNEULHIH
+REE\V
0$5&(//HVHQ0XVLN0(7$/
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
1DFKGHP.LQGHUJDUWHQYLHU-DKUH*UXQGVFKXOHXQGGDQQVFKOLH
OLFK]XP*\PQDVLXP6HGDQVWUDH
=XNXQIWVWUDXP
0LQGHVWHQVHLQ0DOPLW0DUFHOQDFK/RQGRQ]XUHLVHQ
'HLQH/.V
%LRORJLH(QJOLVFK
/LHEOLQJVIlFKHU
&KHPLH%LRORJLH3KLORVRSKLH
/LHEOLQJVOHKUHU
+HUU%RUQHU+HUU0DXV)UDX$YHUZHJ
,QIRYHUDQVWDOWXQJHQ
1DFKEHUHLWVPHKUPDOLJHUIROJWHUDXVIKUOLFKHU:LHGHUKROXQJGHU)DNWHQÄ$OVRLFKKDEHGDVQRFK
PDODXIHLQHP=HWWHOIU6LH]XVDPPHQJHIDVVWGHQLFK,KQHQMHW]WYRUOHVH³
%HVWHU/HKUHUVSUXFK
+HUU.RWWZLJZlKUHQGHLQHV6WURPDXVIDOOVÄ:HQQZLUDOOHOHLVHVLQGN|QQHQZLUEHVVHUVHKHQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG$NXWH7RWKHLW)OLW]HNDFNH0RQWH]XPDV5DFKH
:HFNHUDXI0LQXWHQVSlWHUVWHOOHQ
:LHGHUKROXQJGHVXQWHUDXIJHIKUWHQ9RUJDQJV
*UXPLJDXVGHP%HWW]ZLQJHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW/21'210DUFHOJHWURIIHQ]XKDEHQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:DUXP/HKUHUQLHPDOVPGHVLQG"
'LH%HVSUHFKXQJYRQ)DXVW8QGGHU0DWKHPDWLNXQWHUULFKWEHL+HUUQ.RWWZLJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HQVFKHQGDPLWVLHQLFKWPHKUHLQVDPZlUH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH)HULHQGLHURWHQ=HWWHOHLQSDDUGHU0LWOHLGHQGHQ
:KHQ\RXZDQWLWLWJRHVDZD\WRRIDVW:KHQ\RXKDWHLWLWDOZD\VVHHPVWRODVW«
$OV6FKODXELGHU&KHPLH&UHZUHSUlVHQWLHUWVLHLKUHQHLJHQHQ6WLO'DW(9,/.ULVWOQLPPWLKUHQ0UV3UHVLGHQW3RVWHQVHKU
HUQVWXQGDXFKLQ.ULVHQVLWXDWLRQHQOHEW6KRWJXQLKUH/LHEH]X/RQGRQRIIHQDXV
6WHFNEULHIH
+REE\V
0HLQH.ROOHJDV5DJJD0XVLF3DUW\
,QGLHVHU6WXIHVHLW
,PPHU
%HJUQGXQJ
%LOGXQJ"
=XNXQIWVWUDXP
CQHNOHLQH+WWHDP6WUDQGYRQ-DPDLND
'HLQH/.V
(QJOLVFK0DWKH
/LHEOLQJVIlFKHU
+PP3K\VLNPLW(LGL"
/LHEOLQJVOHKUHU
%RUQHULVWGHU%XUQHU
,QIRYHUDQVWDOWXQJHQ .RUUHNWNHLQ8QWHUULFKW
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 0HQVFKOLFKHV9HUVDJHQQDMDLFKKDEYHUSHQQW
:HFNHUNOLQJHOW
:HFNHUNOLQJHOWLPPHUQRFK
SLHSSLHSSLHSSLHSSLHSSLHS
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW$PHULND/RQGRQ%DG+RQHII
'HU6LQQGHV/HEHQVRGHUDOOHVZDVHLJHQWOLFKYRQ%HGHXWXQJLVW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" VLHKH/.V
(LQHQ6WURPDQVFKOXVVCQHQ3&CQULHVHQ6RXQGV\VWHPCQH6WUDQGEDUXQGFDQHWWH0HQVFKHQGLHQlFKVWHQ
-DKUHGXUFK]XIHLHUQ
'LH9RUIUHXGHDXIIUHLH7DJHXQGGDUDXIGDVVPDQHVGRFKLUJHQGZDQQJHVFKDIIWKDW
VRPDQ\WKLQJV,JRWWDGR
&KDRWLVFKXQGZLW]LJGDVLVWÄWKH6NDWHUER\$QGUHZ³:RHULVWGDLVWDXFKLUJHQGZRQH3DUW\LQGHU1lKH
0DQNDQQLPPHUDXILKQ]lKOHQDXFKZHQQHUDOOHVORFNHUVLHKW
6WHFNEULHIH
+REE\V
ZREOLHEPLUGHQQ=HLWIU+REELHV"$EHU%DGPLQWRQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
=XNXQIWVWUDXP
*OFNOLFK]XEOHLEHQ
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
'HXWVFK0DWKH
/LHEOLQJVOHKUHU
+HUU+lKQHU+HUU(JHUODQG+HUU3RWWKRII+HUU7VFKDFKH
,QIRYHUDQVWDOWXQJHQ
MD
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGGHQLFKJHK|UWKDEH"'LH6FKZHEHEDKQKDWVLFK
YHUIDKUHQ
'UHL6FKULWWHHLQHVW\SLVFKHQ6FKXOPRUJHQV :HFNHUNOLQJHOW
Ä1RFK0LQXWHQ³
KHW]HQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLWDOVPHLQH1DVHJHEURFKHQZXUGHDQJHEUDFKWKDW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 'HXWVFKNODXVXUEHU.DIND
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"0HLQHQ6FKDW]
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH5RXWLQH
(LQHP0HQVFKHQYHUJHEHQKHLWQLFKWGDVZDVHUJHWDQKDWIUXQJHVFKHKHQHUDFKWHQRGHUVFKOLFKWYHUJHVVHQ9HUJHEHQ
KHLWGLH9HUJDQJHQKHLWHLQHV$QGHUHQNHLQHQ(LQZDQGGDJHJHQVHLQ]XODVVHQGDVVLFKLKQDQQHKPH9HUJHEXQJEHGHXWHW
QLFKWGDV-$]XHLQHUYHUJDQJHQHQ6FKXOGZRKODEHUGDV-$]XHLQHP0HQVFKHQPLWVHLQHUYHUJDQJHQHQ6FKXOG2+
3HVFK
'LHWHPSHUDPHQWYROOH3ROLQ]HLFKQHWVLFKQLFKWQXUZHJHQLKUHU+LOIVEHUHLWVFKDIWDOVJXWH)UHXQGLQDXV6LHLVW
VHOEVWEHZXVVWXQGHKUJHL]LJXQGZLUGXQVDOOHQDOVÄ0DXVL³LQ(ULQQHUXQJEOHLEHQ
6WHFNEULHIH
+REE\V
0HLQH)UHXQGH6SRUW7HOHIRQLHUHQ
,QGLHVHU6WXIHVHLW
'HU
=XNXQIWVWUDXP
(LQIDFKQXUJOFNOLFKVHLQ
'HLQH/.V
(QJOLVFK'HXWVFK
/LHEOLQJVIlFKHU
/LWHUDWXU6SRUW'HXWVFK
/LHEOLQJVOHKUHU
GH%UX\Q
,QIRYHUDQVWDOWXQJHQ
:RUXPJHKWCV"
$XIVWHKHQ
$QNRPPHQ
:HLWHUVFKODIHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 6NLNXUV/LIWIDOOHQEODXH)OHFNHQXQG/DFKHQ
RKQH(QGH/RQGRQ.DNHUODNHQLQGHU'XVFKHXQGPLW2OJXQG%DEVVFKUHLHQGEHUGXQNOH)OXUHODXIHQ
6WXQGHQRKQH6FKODI%HFKHU.DIIHH=LWWHUDQIlOOH)DFKDUEHLWLQ*HVFKLFKWH
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"$OOHPHLQH)UHXQGH&'3OD\HU+DQG\
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'DV*HIKODPOHW]WHQ6FKXOWDJYRUGHQ6RPPHUIHULHQ
=XJHJHEHQ6FKXOHLVWJDUQLFKWVRVFKOHFKWGHQQGLHVFKOLPPVWH9HU]ZHLÀXQJWHLOWPDQPLWDQGHUHQXQGLVWVSlWHU]XP/D
FKHQ
&KDUO\µV$QJHO1RKHLW0LPV$XFKZHQQPDQDXIGHQHUVWHQ%OLFNPHLQWVLHKDEHHLQ6FKZHLJHJHOEGHDEJHOHJWLVW
VLHGRFKVHKUV\PSDWKLVFKXQGWRWDOOLHE9LHOHEHQHLGHQÄ0LVV6L[W\,,³XPLKUHVFK|QHQ+DDUHXQGEHZXQGHUQZLHVLHGLH
.ODXVXUHQPLWLKUHPÄ)DXVW6FKUHLEVWLO³PHLVWHUW
6WHFNEULHIH
+REE\V
WDQ]HQVFKZLPPHQPLW)UHXQGHQWUHIIHQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
PLU¿HONHLQHEHVVHUH6FKXOH
'HLQH/.V
'HXWVFK(QJOLVFK
/LHEOLQJVIlFKHU
(QJOLVFK%LR*.LVWVRRIWDXVJHIDOOHQ
/LHEOLQJVOHKUHU
1DZDFNL
,QIRYHUDQVWDOWXQJHQ
]ZHLHQWVSDQQHQGH)UHLVWXQGHQ
%HVWHU/HKUHUVSUXFK
$SHO.RPPHQWDU]X:0Ä,FKELQ15:0HLVWHULP+DQGJUD
QDWHQZHLWZXUI³
:HFNHUDXVPDFKHQ
ZHLWHUVFKODIHQ
3DUNSODW]NDPSI3DUNSODW]VXFKH
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW:UVWFKHQXQG.DUWRIIHOVDODWLQ0DWKH
:HOFKH*HKHLPQLVVH",FKGDFKWHGDVVLFKVFKRQDOOHVZVVWH
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $ELSDUWLHV
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"6RQQHQPOLFK+lQJHPDWWH.LNL1DWUOLFK%ORQG
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 9LD9HQHWRURWH=HWWHO
0DQVROOLPPHUDXIK|UHQZHQQHVDPVFK|QVWHQLVW&LDR/HXWHGDQNHIUGLHVFK|QH=HLWPLWHXFK
'LHVSRUWOLFKH6FKZLPPHULQYHUEULQJWYLHO=HLWDP%HFNHQUDQG'DQN/HLIKDWVLHYLHOHDXIUHJHQGH
*HVFKLFKWHQ]XHU]lKOHQDXHUVLHLVWGDULQYHUWLHIWLQLKUHU7DVFKHQDFKGHP$XWRVFKOVVHO]XVXFKHQ
6WHFNEULHIH
+REE\V
%DVNHWEDOO0RYLHV.LQR'9'
,QGLHVHU6WXIHVHLW
GHU.ODVVH
%HJUQGXQJ
8QVWRSSDEOH
=XNXQIWVWUDXP
6WRO]XQG]XIULHGHQDXIHLQ]XIULHGHQHV/HEHQ]XUFNEOLFNHQ
]XN|QQHQ
'HLQH/.V
0DWKH(QJOLVFK
/LHEOLQJVIlFKHU
6SRUW'HXWVFK(UGNXQGH
/LHEOLQJVOHKUHU
:DOGR)ULHGKRII$OWHQD
,QIRYHUDQVWDOWXQJHQ
"
%HVWHU/HKUHUVSUXFK+HUU$OWHQD]XHLQLJHQ6FKOHULQQHQÄ+DFK*RWWFKHQLKUZDUWHWZRKODXFKDXIHLQHQUHLFKHQ0DQQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG'LH&DUQDSHUVWUDHZDUJHVSHUUWXQGGHU%XVNDPQLFKWGXUFKGHQ9HUNHKU
9HUVFKODIHQ
%HHLOHQ
ÄPDQFKPDO³]XVSlWNRPPHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW=XYLHOHXPVLHDXI]X]lKOHQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :DVLFKYRQPDQFKHQ/HXWHQKDOWH
%HLPDQFKHQ/HKUHUQUXKLJ]XEOHLEHQXQGQLFKWDXV]XUDVWHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" /HXWHXPQLFKWDOOHLQH]XVHLQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'HQ*RQJ6FKXOVFKOXVVXQGHLQHQ*URWHLOGHU6FKOHU
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ 9LHOOHLFKWVHKHQZLUXQVMDQDFKGHU6FKXO]HLWZLHGHU3HDFH
:HLOHUVLFKXQWHU:HUWYHUNDXIWLVWGDV0DWKH*HQLHLQLKPQLH]XP9RUVFKHLQJHNRPPHQ
1XULP6SRUWNRPPWHUDXVVLFKKHUDXVXQGIDV]LQLHUWPLWVHLQHP7DOHQWIU%DOOVSRUWDUWHQ)U
GLHPHLVWHQLVWHUQXUHLQUXKLJHUXQVFKHLQEDUHU,QGHU
6WHFNEULHIH
+REE\V
WXUQHQIHLHUQPHLQ)UHXQG
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
,PHUVWHQ$QODXIJHVFKDIIW
=XNXQIWVWUDXP
0HLQ+DXVPHLQ$XWRPHLQ*DUWHQ
'HLQH/.V
0DWKH%LRWROOH.RPEL
/LHEOLQJVIlFKHU
0XVLN6SRUW&KHPLH0DWKH
/LHEOLQJVOHKUHU
+HUU=RZH)UDX*UlEH
,QIRYHUDQVWDOWXQJHQ
VHHHKULQIRUPDWLY
%HVWHU/HKUHUVSUXFK
Ä0DWKHLVWQLFKWUHFKQHQ³
DXIVWHKHQ
]XU6FKXOHJHKHQ
ZHLWHUVFKODIHQ
SRVLWLY 6NLIUHL]HLWXQGGLH$EVFKOXVVIDKUWQDFK5RP
QHJDWLY ,FKVDJQXU4XDUWDOVQRWHLP6R:L=XVDW]NXUVEHL+HUUQ+DUVFKHLGW
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW*HKHLPQLVEOHLEW*HKHLPQLV
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" $ELSDUW\VXQG%|UVH
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"/HFNHUHV(VVHQZDV]XWULQNHQPHLQHQ)UHXQG
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 0HLQH)UHXQGHXQGGLHURWHQ=HWWHODPVFKZDU]HQ%UHWW
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ ,FKKDEHGLH=HLWJHQRVVHQDEHUMHW]WUHLFKWHV
(PPDV7UXOODLVWVSRUWOLFKXQGWXUQWVHLWMXQJHQ-DKUHQ0DWKH]LFNH1ULPPHUQXUPDOHLQH)UDJHXQG
OHLGHUDXFKQXUHLQHQ3XQNWLQ=V,PPHUIU|KOLFKLVWHVLKUDXFKNHLQ3UREOHP)UHLWDJVQDFKGHU%|UVHJXW
JHODXQWLQGLH6FKXOH]XODXIHQ
6WHFNEULHIH
+REE\V
)UHXQGHWUHIIHQDUEHLWHQIHLHUQ
,QGLHVHU6WXIHVHLW
LPPHUHZLJ
%HJUQGXQJ
0DWKHZDU]XP*OFNPDOHLQIDFKHU
=XNXQIWVWUDXP
,FKZLOOHLQ+DXVHLQbIIFKHQXQGHLQ3IHUGXQG
1DWUOLFKGLH.LVWHYROOHU*ROGVWFNH
'HLQH/.V
'H(Q
/LHEOLQJVIlFKHU
3KLORVRSKLH
/LHEOLQJVOHKUHU
+lKQHU%RUQHU$YHUZHJ
,QIRYHUDQVWDOWXQJHQ
KDEHQVRPDQFKHQWULVWHQ6FKXOPRUJHQJHUHWWHW
%HVWHU/HKUHUVSUXFK Ä$OVQlFKVWHVEHKDQGHOQZLU'LFKWNXQVW:HUYRQHXFKZLOOGHQKHXWHQRFKGLFKWHUZHUGHQ"³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 2ULJLQHOO".UDQNKHLW
'HU:HFNHUNOLQJHOWPLWWHQLQGHU1DFKWXQGZLUGLJQRULHUW
:$6"6FKRQVRVSlW"
LVWPHLQ*UXQGDXFKJXWJHQXJXPGLHVH9HUVSlWXQJ]XHQWVFKXOGLJHQ"
6NLIUHL]HLWORFNWHDXFKGHQ/HW]WHQKLQWHUµP2IHQKHUYRUE]ZDXIGHQ7LVFKKLQDXI
*LEWHVWDWVlFKOLFKÄ9RJHONXQGOHU³LQXQVHUHU-DKUJDQJVWXIH"
6FKRNRODGH7HOHIRQ-LO5REELH:LOOLDPVRGHUHUVDW]ZHLVHGLHQHWWHQ7\SHQDXVGHQ&DOYLQ.OHLQ:HUEHVSRWV
ODWWH0DFFLDWRLQGHU)UHLVWXQGHGDVNROOHNWLYH(OHQGDP)UHLWDJ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ +$9()81
'LHKEVFKHVFKODQNHEORQGHUH+lOIWH-LOVGDUIVLFKMHGHQ'RQQHUVWDJIUHXHQGDVVPDQIUGLH%|UVHNHLQH*UHHQFDUG
EUDXFKW'RFKLKUHNOHLQHQ)HKOHUVLHKWVLHPLW+XPRUXQGNDVFKLHUWVLHJHVFKLFNWPLW,QWHOOLJHQ]XQG:LW]
6WHFNEULHIH
+REE\V
)UHXQG)DPLOLH7HQQLVVFKZLPPHQIHLHUQ
,QGLHVHU6WXIHVHLW
-DKUHQ
%HJUQGXQJ ZDUHLQIDFK]XGRRIHVIUKHU]XVFKDIIHQ
=XNXQIWVWUDXP
JDQ]NODVVLVFK+DXV)DPLOLH%HUXI)UHXQGHHLQELVVFKHQ
PHKU*HOG
'HLQH/.V
%LR0D\'HXWVFK(JHUODQG
/LHEOLQJVIlFKHU
0DWKH*HVFKLFKWH'HXWVFK
/LHEOLQJVOHKUHU
+U8HOOHQGDKO+U6FK|IIHO+U0LHKH
,QIRYHUDQVWDOWXQJHQ
VHKUHQWVSDQQHQG
%HVWHU/HKUHUVSUXFK
6FK|IIHOÄ['DQLHO[6FK|IIHOGDQQKDEHQZLUGHQ.RSIYRQ)DULGV)UHXQGLQ³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG8QWHUOHLEVVFKPHU]HQZLUNWDXIMHGHQ)DOO
'HQ:HFNHU0DODXVPDFKHQZLHGHUKLQOHJHQ
WURW]GHP]XUVFKXOHIDKUHQ !=LJDUHWWHUDXFKHQ
VLFKHLQH0LQXWHYRU*RQJLQGHQ5DXPVFKOHSSHQ
6NLNXUVZDUHLQIDFKGDV%HVWHXQGDQVRQVWHQGLHVHFKURQLVFKH0GLJNHLWMHGHQ0RUJHQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :DUXPNDQQ+HUU6FK|IIHOQLFKW7DIHOSXW]HQ"
+DEHRIWYHUVXFKWGHQ.ODPRWWHQJHVFKPDFNPDQFKHU/HKUHUQDFK]XYROO]LHKHQKDWQLHJHNODSSW
0HLQHQ6FKDW]XQGPHLQH%HWWGHFNHHLQSDDU/HXWHGLHHLQIDFKQLFKWKLHUEOHLEHQN|QQHQ
'DV+RIIHQXQGGLHIUHXGLJHQ*HVLFKWHUVREDOG+HUU*ULPPHUDXIWDXFKW
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ :DULPJURHQXQGJDQ]HQQHHFKWOXVWLJH=HLW
8QVHUHERGHQVWlQGLJH%LQDKDWLPPHUQHQ6SUXFKIUGH%UX\QEULJ2EZRKOVLHRIWYHUVFKQXSIWLVWIHJW
VLHMHGHQ*HJQHUYRP7HQQLVSODW]XQGDXFKLKUH:LW]HN|QQHQHLQHPYRP+RFNHUKDXHQ
6WHFNEULHIH
+REE\V
-D]]0RGHUQ'DQFH7XUQHQ6QRZERDUGHQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
6SRUW'HXWVFKEHL(JHUODQG
/LHEOLQJVOHKUHU
+HUU=RZH)UDX:HUWKZHLQ
,QIRYHUDQVWDOWXQJHQ
VHKUJHQDXH(UNOlUXQJHQGDPLWHVDXFKDOOHYHUVWHKHQJLEWHV
IUDOOHV)ROLHQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG'LH6FKZHEHEDKQKDWVLFKYHUIDKUHQ
:HFNHUNOLQJHOQ
:HLWHUVFKODIHQ
]XP%XVUHQQHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW6NLIUHL]HLW.XUVIDKUWDXIGHP,LVVHOPHHU$XVWDXVFK86$
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"5HOLNODXVXUHQ
9LHOH)UHXQGH0XVLNXQGDOOHVZDVPDQVRQVWQRFKEUDXFKWXP3DUW\]XPDFKHQ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ -HGHQ0RUJHQVHLQH)UHXQGH]XVHKHQ
$XFKZHQQPDQPRUJHQVRIWJHUQZHLWHUJHVFKODIHQKlWWHKDWWH6FKXOHGRFKZDV6FK|QHV
1HWWOLHEEORQGDEHUQLFKWEO|G .L.L0XWLJVWHOOWVLHVLFKGHU+HUDXVIRUGHUXQJÄ$SHO5HOLLP$EL³)UKHUUlXPWHVLH
QRFKEHL$N]HQWD5HJDOHHLQMHW]WEHU]HXJWGLH3DUW\PDXVEHL7DQ]XQG7XUQIHVWHQ
6WHFNEULHIH
+REE\V
+DQGEDOO'LVFRIDKUHQ
,QGLHVHU6WXIHVHLW
-DKUJDQJVVWXIH
%HJUQGXQJ
+DWWH%RFNDXI$%,
=XNXQIWVWUDXP
6WDUDUFKLWHNWLQ'XEDL
'HLQH/.V
'HXWVFK(UGNXQGHGLH)DOVFKHQ
/LHEOLQJVIlFKHU
'HXWVFK6SRUW5XVVLVFK.XQVW
/LHEOLQJVOHKUHU
3RWWKRII6FK|IIHO(JHUODQG
,QIRYHUDQVWDOWXQJHQ
*XWH(UKROXQJ
%HVWHU/HKUHUVSUXFK
+DEH6NOHURVHXQGGHVKDOEIlOOWPLUNHLQHUHLQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG:HLNHLQHQDEHULFKGHQNHPLUZDVDXVRND\"
6R'LH6FKZHEHEDKQVWDQGLP6WDX
:DFKZHUGHQ
8KUJXFNHQ
:HLWHUVFKODIHQXQG]XVSlWNRPPHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW$UFKLWHNWXUSURMHNWIU+HUUQ5DWHLNH
.HLQH$KQXQJDEHULUJHQGZDVZLUGHVVFKRQJHEHQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 6RZLXQG*HVFKLFKWVVWUDINXUV
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" $OOH'LQJHGLHPLUZLFKWLJVLQG
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 6WHKHQYRUGHP%UHWW.DIIHHWULQNHQEHL5DNLF
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ=XP*OFNPXVVLFKQLFKW]XP%XQG
,P*HVFKLFKWVÄ6WUDI³NXUVGHUQDWUOLFKHUNHLQHULVW«PDFKWVLFK/XNDVDOVSROQLVFKHUÄ3DUWL]LSDWRU³HLQHQ1DPHQ$XFK
ZHQQHUVLFKHUVWVSlW]XXQVJHVHOOWHKDEHQZLUGHQ+DQGEDOOHUZHJHQVHLQHVV\PSDWLVFKHQXQGXQNRPSOL]LHUWHQ:HVHQV
VFKQHOOLQV+HU]JHVFKORVVHQ
6WHFNEULHIH
+REE\V
DOOHVDXHU6FKXOH
,QGLHVHU6WXIHVHLW
.ODVVH
%HJUQGXQJ
GLHZDUVRVFK|QGDUXPQRFKPDO
=XNXQIWVWUDXP
$OOHVQXUQLFKW/HKUHU
'HLQH/.V
(QJOLVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
/LWHUDWXU
/LHEOLQJVOHKUHU+HUU.RWWZLJ+HUU6FKHOS
,QIRYHUDQVWDOWXQJHQZRNDQQPDQEHVVHUUHOD[HQDOVGRUW"
DXIVWHKHQ
3DUNSODW]VXFKHQ
ZHLWHUVFKODIHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW'DVP\VWHUL|VH9HUVFKZLQGHQYRQ+HUUQ.UDXVH
*LEWHVHLQHQ/DGHQIU$Q]LHKVDFKHQQXUIU/HKUHU"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"0RUJHQVDXIVWHKHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"9LHO0XVLNXQGPHLQ$XWR
$OOGHQ6FKODIGHQPDQKLHUNULHJWHXQGGLHJDQ]HQNRPLVFKHQ/HXWH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ%FNGLFK)HH:XQVFKLVW:XQVFK
'HUJURHODQJKDDULJH,QGLYLGXDOLVWLVWWURW]VHLQHVHLHUVFKDOHQZHLHQ6PDUWVLPPHUORFNHUXQGHQWVSDQQW
6WHFNEULHIH
+REE\V
)U|VFKHLP7HUUDULXP
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
ZXVVWHQLFKWZDVDXIPLFK]XNRPPW
=XNXQIWVWUDXP
,UJHQGZRDXIHLQHUHLQVDPHQ,QVHOGLHJU|WH3DUW\PHLQHV/HEHQV
IHLHUQ
'HLQH/.V
0DWKH(UGNXQGH
/LHEOLQJVIlFKHU
%LR3KLOR0DWKH
/LHEOLQJVOHKUHU
)UDX.|KOHU)UDX*UHJHU+HUU(LGPDQQ
,QIRYHUDQVWDOWXQJHQ
LPPHUQRFKEHVVHUDOV8QWHUULFKW
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG.UDQNKHLW
:HFNHUNOLQJHOW
:HFNHUDXVPDFKHQ
:HLWHUVFKODIHQ
:HFNHUNOLQJHOW
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW.XUVIDKUWHQ:RFKHQHQGHQ)HULHQ
:DUXPELQLFKLPPHUQRFKKLHU"
)UHLWDJXKUDXIVWHKHQRGHUZHLWHUVFKODIHQDXIVWHKHQRGHUZHLWHUVFKODIHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"PHLQHEHVWHQ)UHXQGHJXWH0XVLNJHQXJ]XPIHLHUQ
NOHLQHU7HLOPHLQHU-DKUJDQJVVWXIH:RFKHQ)HULHQ(QWVFKXOGLJXQJHQVHOEHUVFKUHLEHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ-DKUHZDUHQHLQHYHUGDPPWODQJH=HLW
2EDOV%DUIUDXLQGHU%|UVHRGHUPRUJHQVIUKLQGHU6FKXOH)UDQ]LGLH)URVFKN|QLJLQLVWLPPHUJXWHU/DXQHXQGHLQIDFKQXU
OLHE,KUPHJD7DWWRRV\PEROLVLHUWHLQIDFKQXUÄ)U|VFKHVLQGVFK|QH7LHUH³
6WHFNEULHIH
+REE\V
7HQQLV7DQ]HQ6QRZERDUGHQ6NLIDKUHQ&9-0
,QGLHVHU6WXIHVHLW
GHU.ODVVH
%HJUQGXQJ
MlKUOLFKH9HUVHW]XQJ
'HLQH/.V
'HXWVFK%LR
/LHEOLQJVIlFKHU
6SRUW
/LHEOLQJVOHKUHU
+HUU7VFKDFKH
,QIRYHUDQVWDOWXQJHQ
:LHVRHU]lKOWGHUGDVEHUKDXSW"6WHKWGRFKVRZLHVRDOOHVDXIGHQ
,QIR=HWWHOQ
%HVWHU/HKUHUVSUXFK
7VFKXOGLJXQJLFKPXVVWHHXFKPDODOV.OREHQXW]HQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG306UDWHWPDO
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW %LR/.LP9LD9HQHWR
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW ,FKNRPPHYRQHLQHPDQGHUHQ3ODQHWHQ"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" 6lPWOLFKH$ELSDUWLHV
0LUNRZHOOH.KOVFKUDQNÃQH6WHFNGRVHXQG0HKUIDFKVWHFNGRVH)HUWLJJHULFKWHXQG(LVFUHPH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LHPHLVWHQ0LWVFKOHUPDQFKH/HKUHUE]ZGHUHQ6SUFKH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ(VZDUHLQHVHKUVFK|QH=HLWPLWHXFK
$XIGHQHUVWHQ%OLFNUXKLJXQGQHWWHQWGHFNWPDQEDOGGLHVSRUWOLFKH'DQFLQJ4XHHQ0LWLKUHP0RWWRÄ6PLOHLWDZD\³EHKlOW
VLHEHLMHJOLFKHU2UJDQLVDWLRQGLHQhEHUEOLFN
6WHFNEULHIH
,QGLHVHU6WXIHVHLW
-JVW
%HJUQGXQJ
:LHGHUKROXQJVIHKOHU
'HLQH/.V
*HVFKLFKWH'HXWVFK
/LHEOLQJVIlFKHU
DOOH)lFKHUGLHLQGLH=HLWHQYRQ8KUELV8KUXQG
8KUELV8KUIDOOHQ
,QIRYHUDQVWDOWXQJHQ
IDOOHQLPPHULQGLH/.6WXQGHQXQGVLQGVXSHULQIRUPDWLY
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG*HJHQZLQG
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW9LD9HQHWR6NLIUHL]HLWPLW-D\XQG.D)HULHQ
86$$XVWDXVFK
'LH)XQNWLRQVZHLVHGHU+HL]XQJ
-|UJ%HUQGXQG%HUQG7LOOL.D7LQH-D\%LUJD
)HULHQXQGGLH=HLWHQYRQ8KUELV8KUXQG8KUELV8KU
:UGH3LDZLH5DSXQ]HOLQHLQHP7XUPHLQJHVSHUUWKlWWHVLHNHLQH3UREOHPHLKUHP3ULQ]HQLKUHODDDDDDDQJHQ+DDUHKHU
XQWHU]XODVVHQ+lWWHHUVLHGDQQEHIUHLWVRZUGHHUDXIHLQHHWZDVVFKFKWHUQHDEHUDXFKQHWWHXQGJXWH*HVSUlFKVSDUWQHULQ
WUHIIHQGLHLKUHQ.|USHUGXUFK6SRUWEHL+HUUQ:DOWHUDXI7UDSSJHKDOWHQKDW
6WHFNEULHIH
"
+REE\V
%LHUWULQNHQ=LJDUHWWHQUDXFKHQ0XVLN0(7$/
,QGLHVHU6WXIHVHLW
$QEHJLQQGHU=HLW
%HJUQGXQJ
,VKDOWVR
=XNXQIWVWUDXP
)UKUHQWH
'HLQH/.V
'HXWVFKXQG%LRORJLH
/LHEOLQJVIlFKHU
6SRUWXQG.XQVW
/LHEOLQJVOHKUHU +HUU7VFKDFKH
,QIRYHUDQVWDOWXQJHQ """"""
%HVWHU/HKUHUVSUXFK+,,1$$8866+HUU.RWWZLJ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 9HUVFKODIHQ
$XIVWHKHQ
.UDW]HQ
/RVUHQQHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 5RP)DKUW5HOLUHIHUDWHPLW'&RQQHWK'RSSHOWHU.LHIHUEUXFK
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW :LHIXQNWLRQLHUWGLH+HL]XQJ"
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" :DV"$FKVR.HLQH$KQXQJ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" .DVWHQ%LHU6WDQJH.LSSHQ0XVLNVLHKHDXFK+REE\V
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LH/HXWHDEHUQLFKWDOOH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ 1,;
'HUJQDGHQORVH)UVWGHU)LQVWHUQLVKDWHLQHQZHLFKHQXQGOLHEHQ.HUQ'HU.LFNHUPHLVWHUVHLQHU+|OOHOLHEWVFKZDU]LQ+OOH
XQGÄ)|OOH³0HWDOOLVWVHLQ/HEHQDXHUHVZUGH9ROOH\EDOOPXVLNJHEHQ
6WHFNEULHIH
+REE\V
7DQ]HQ9ROOH\EDOO$XWRIDKUHQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
YRUKHUDXIGHU5HDOVFKXOHJHZHVHQ
=XNXQIWVWUDXP
'HVLJQHULQ$UFKLWHNWLQ
'HLQH/.V
(UGNXQGH0DWKH
/LHEOLQJVIlFKHU
(QJOLVFK(UGNXQGH
/LHEOLQJVOHKUHU
)UDX.RZDOVNL+HUU)ULHGKRII+HUU3RWWKRII
,QIRYHUDQVWDOWXQJHQ
VHKULQIRUPDWLYXQGOXVWLJ !+HUU%RUQHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGZHLNHLQHQGDLFKVRVHOWHQIHKOH
:HFNHUNOLQJHOWXP8KU
ZDVFKHQDQ]LHKHQ
PLWGHP$XWRLQGLH6FKXOHGVHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW(./..XUVIDKUWDQV,LVVHOPHHU-RKDQQDV$EHQWHXHUPLWGHP6FKDI
0HLQHGUHL)UHXQGLQQHQ1LFNLFR+DQG\XQG6FKODIVDFN
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ (./..ODVVH)UHLVWXQGHQLP9LDYLHO)UHL]HLW
(VZDUVFK|Q(XFKDOOHNHQQHQJHOHUQW]XKDEHQ,FKZQVFKH(XFKDOOHV*XWHIUGLH=XNXQIW
(JDOREJXWRGHUE|VHVLHZHLLPPHUDXIZHOFKHU6HLWHGHU.|QLJLVW6HLWH/LHEXQGHKUJHL]LJLVWVLH
MHGRFK]XU6HOEVWNULWLNIlKLJXQG]XPSHUIHNWHQ+DUU\3RWWHU'RXEOHIHKOWLKUQXUQRFKGLH1DUEHDXIGHU6WLUQ
6WHFNEULHIH
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
YHUUDIIW
=XNXQIWVWUDXP
LFKWUlXPHQLFKW
'HLQH/.V
0D(Q
/LHEOLQJVIlFKHU
6SRUW
/LHEOLQJVOHKUHU
DOOHRGHUNHLQHQ
,QIRYHUDQVWDOWXQJHQ
3DUDGR[RQ
%HVWHU/HKUHUVSUXFK
Ä'XVFKHL.RPPXQLVW³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG0RQWH]XQDV5DFKH,QWHUUROOHQNRQÀLNW
OLQNHU)XYRUGHQUHFKWHQ
UHFKWHU)XYRUGHQOLQNHQ
XQGYRQYRUQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW$PPL+DQG*UXDQ5REHUW'HJXVWDWLRQ*UXDQ.UDXV
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW $OVRELFKGDVYRUP$ELVDJHQZUGH
I[ ^LQQHUHV6HOEVW`
ZDVZROOWLKUYRQPLU""
:HQQHVVRHWZDVJHEHQZUGHZUGHLFKDXFKEHVWLPPWGDUEHUQDFKGHQNHQ
'LHVHÄ)UDJHVWHOOXQJ³LPSOL]LHUWEHL%HDQWZRUWXQJGDVVLFKPHKUHUH6DFKHQYHUPLVVHQZHUGH
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ6LHKH$EL]HLWXQJ6REHQ*UXDQ$OIXVFK
Ä+DOORKLHULVWGHU6WllIIIIIDDDDDDDDDDDDDDDKKKKKKKQQ³2IIHQIUDOOHVMHGRFKDOVÄ1HXOLQJ³NDXPEHNDQQW
(UKDWXQVJH]HLJWGDVVPDQVLFKQLFKWVRHLQIDFKDXVGHU%DKQZHUIHQODVVHQVROO
6WHFNEULHIH
+REE\V
.XQVW/LWHUDWXU
,QGLHVHU6WXIHVHLW
LPPHU
%HJUQGXQJ
GHQ5HVWGHV/HEHQVVFKRQYHUJHVVHQ
=XNXQIWVWUDXP
+DXSWVDFKHZLUGZDKU
'HLQH/.V
'HXWVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
'HXWVFK*HVFKLFKWH.XQVW5XVVLVFK
/LHEOLQJVOHKUHU
%RUQHU+lKQHU6FKHOS(JHUODQG
,QIRYHUDQVWDOWXQJHQ
KDELFKQLHEHJULIIHQ
%HVWHU/HKUHUVSUXFK
-HW]WELQLFKPDOIUHFK(JHUODQG
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQGKDEHGHQZHJQLFKWJHIXQGHQ
:RELQLFK"
:DVIUHLQ7DJLVWKHXWH"
:DVPXVVLFKPDFKHQ"
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW $UFKLWHNWXUSURMHNWIU+HUUQ5DWHLNH
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW:DVGLH:HOWLP,QQHUVWHQ]XVDPPHQKlOW
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW" .DINDXQG4.XKOPDQQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ" $OOGLH'LQJHIUGLHLFKMHW]WNHLQH=HLWKDEH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'DVZHUGHLFKHUVWQDFKPHLQHU6FKXO]HLWIHVWVWHOOHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ2PQHVKRPLQHVQDWXUDVFLUHGHVLGHUDQW$ULVWRWHOHV0HWDSK\VLFD
(LQSROQLVFKHVZDQGHOQGHV/H[LNRQPLWGHP3UlGLNDWLQWHOOHNWXHOOZHUWYROO.QVWOHUPDXVLLVWLPPHUEHVWHQVLQIRUPLHUWXQG
LQWHUHVVLHUWVLFKVHKUIU.XOWXU6RVFKHXWHUDXFKNHLQ%XFKXQGNHLQ0XVHXP
6WHFNEULHIH
+REE\V
3DUW\V)UHXQGH0XVLN$XWR
&RPSXWHUZZZZLZRGHVLJQGH
,QGLHVHU6WXIHVHLW
GHU
%HJUQGXQJ
:HLOZHJHQ$ELKDOW
'HLQH/.V
'HXWVFK(UGNXQGH
/LHEOLQJVIlFKHU
'HXWVFK(UGNXQGH0DWKHPDWLN(QJOLVFKJ
/LHEOLQJVOHKUHU
6FK|IIHO7VFKDFKH%RUQHU
,QIRYHUDQVWDOWXQJHQ
6HLW)ULHGKRIIDXFKVFKRQPDOZDFKHUOHEW
%HVWHU/HKUHUVSUXFK
6FKOHUPDFKW)HQVWHU]X6FK|IIHOÄ'D6LHJHUDGHPDOVWHKHQ
:LUQHKPHQMHW]W,KUHQ.RSIXQGGUHKHQLKQXPGLH]$FKVH³±
6FK|IIHO]X6FKOHUÄ,FKKDEMHW]WULFKWLJ/XVW6LHIHUWLJ]X
PDFKHQXQGODFKW³.XUVNDQQVLFKJDUQLFKWPHKUKDOWHQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG .UDQNKHLW3ULDSLVPXV
:HFNHUZHLWHUVFKODIHQ
:HFNHUDXIVWHKHQ
]XU6FKXOHDEHUHFKW¿[
6NLIUHL]HLWXQG.XUVIDKUW6HOWHQVRYLHO6SDVVJHKDEW8QGPLWGHQ/HXWHQNRQQWHJDUQLFKWVVFKLHIJHKHQ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW ,FKJODXEQLFKW
0DWKHVWXQGHQEHL6FK|IIHO.XUVIDKUWXQG*UHDQ+DUDOG"
/HXWHPLWGHQHQPDQ3DUW\PDFKHQNDQQXQGDOOH8WHQVLOLHQGDIU
0DQFKH6WXIHQNDPHUDGHQXQGGLHH[]HVVLYHQ:RFKHQHQGHQ8QGGDV9LD
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ$:*
8QVHUJXWHU)UHXQG)DELDQLVWHLQULFKWLJHU3DUW\PHQVFK/XVWLJXQGOlVVLJWULIIWPDQLKQPHLVWMHGHQ'RQQHUVWDJLQGHU%|UVH
ZRHUVLFKSV\FKLVFKDXIVHLQ'ULWWIDFK0DWKHYRUEHUHLWHW
6WHFNEULHIH
+REE\V
'LVNXWLHUHQ3KLORVRSKLHUHQ7UDNWRUIDKUHQ
.RQVXPYRQDONRKROLVFKHQ*HQXVVPLWWHOQ
,QGLHVHU6WXIHVHLW
%HJUQGXQJ
7KHDQVZHUP\IULHQGLVEORZLQ¶LQWKHZLQG
=XNXQIWVWUDXP
HLJQNO)DPLOLHXP
PHLQ+DXVPHLQ$XWRPHLQ%RRW]XWHLOHQ
'HLQH/.V
(QJOLVFKEHL)UDX:HUWKZHLQXQG(UGNXQGHEHL+HUUQ7VFKDFKH
/LHEOLQJVIlFKHU
(UGNXQGHXQG0DWKHPDWLN
/LHEOLQJVOHKUHU+HUUGH%UX\Q
+HUU.RWWZLJ
DOLDVÄEHVWGUHVVHGÃ3LQJXLQ0DQQ¶RIWKH\HDU³
DOLDVÄ$OI³+HUU:DOWHUDOLDVÄ1R0HUF\³Ä:DOGR(VPHUDOGR)DOGR³
,QIRYHUDQVWDOWXQJHQ6WXQGHQ%HLQH+RFKXQG$XJHQ]X
'DQDFKYRQMHPDQGZHFNHQODVVHQGHUJHJHQ%HWlXEXQJVPLWWHOLPPXQLVWXQGDOOHVDXI=HWWHOQDFKOHVHQ
%HVWHU/HKUHUVSUXFK )UDX%RQL:HQQXQVMHPDQGYHUVXFKW]XHUVWLFNHQVLQGZLUJHJHQEHUGLHVHU3HUVRQ]XPLQGHVW
VNHSWLVFK+HUU%RUQHU.LQGHUZROOHQNHLQH9RUELOGHU.LQGHUZROOHQ+HOGHQ
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG&KURQLVFKH%DUWKDDUYHUNDSVOXQJ
-HW]WZLOOGHUGLHDXFKQRFK/HLVWXQJVHKHQ :REHNRPP¶LFKKLHUXQGMHW]W/HLVWXQJKHU" :HQQLFKJDQ]JDQ]VWLOO
ELQXQGPLFKXQWHUGHQ7LVFKVDFNHQODVVHNRPPHLFKYLHOOHLFKWELV]XP(QGHGHU6WXQGHPLQQLFKWPHKUGUDQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW 0HUNVDW]6WUJ$±6WUJ&±6WUJ9 )DFKDUEHLWXQJHQJHQG
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW8QGGHU+LPPHO|IIQHWHVLFKXQGHLQH6WLP
PHVSUDFK]XPLU³'XZLUVWQXQ%HNDQQWVFKDIWPLWGHP%|VHQPDFKHQGDUILFKYRUVWHOOHQGDVXVDPHULNDQLVFKH5HFKWV
V\VWHP³
*UHQ]ZHUWHUIDKUXQJHQPLWGHLQHPSV\FKLVFKHQLQQHUHQ6HOEVW"2EVWOHUKLOIWEHUMHQHV%HZXVVWVHLQKLQZHJZHOFKHV
HLQHPVDJWGDVVPDQHLJHQWOLFKJDUNHLQ6NLIDKUHQJHVFKZHLJHGHQQDXIGLHVHQ%UHWWHUQVWHKHQNDQQXQGUHJHQHULHUWPHKU
.|USHUDOV*HLVWQDFK.LORPHWULJHU1DFKWZDQGHUXQJEHL&LFKZlUHVRIRUWZLHGHUGDEHL
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"+RSIHQ0DO]7DEDNPHLQH)UHXQGLQGLHVH=HLWXQJ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ $OO¶GLHMHQLJHQGLH-DKUHLPJOHLFKHQ*UDEHQODJHQXPLQ
GLHVHU6FKODFKW]XVLHJHQJHGHQNHQZLUMHQHUGLHHVQLFKWVFKDIIHQVROOWHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ:LUKDWWHQXQVHUH=HLWGLHHLQHQKDEHQPHKUGDUDXVJHPDFKWGLHDQGH
UHQZHQLJHUDEHUGHQMHQLJHQGLHGDVKLHUPLWPLU]XVDPPHQGXUFKJH]RJHQXQGPLFKDXVJHKDOWHQKDEHQ
DOO¶GHQ7UlXPHUQ'HQNHUQXQG6SLQQHUQZLOOLFKKLHUGDQNHQ
DXIHLQ1HXHV&DUSH'LHP
2EZRKO3RPPHO3DXOHRIW3ROLWLNHUHLJHQVFKDIWHQDQGHQ7DJOHJWXQGDXVVFKZHLIHQGPLW$NWHQNRIIHUXQG
7HUPLQNDOHQGHUJHVWLNXOLHUWVWHFNWLQVHLQHPOLHEHQ&KDUDNWHUGRFK3RZHUYRP%DXHUDXV(OIULQJKDXVHQ
6WHFNEULHIH
+REE\V
QDWUOLFK3DUW\V)UHXQGH%LHUWHVW:XSSHUWDOGH
ZLZR'HVLJQGH
,QGLHVHU6WXIHVHLW
$QIDQJ±YRP$QIDQJDQGDEHL
=XNXQIWVWUDXP
0HLQHLJHQHU036VX
'HLQH/.V
0DWKH(QJOLVFK
/LHEOLQJVIlFKHU
,QIR
/LHEOLQJVOHKUHU
=RZH*LOJHV6FK|IIHO:HUWKZHLQ
,QIRYHUDQVWDOWXQJHQ
(LQHZLOONRPPHQH=ZLVFKHQSDXVH
%HVWHU/HKUHUVSUXFK
Ä6RPDOVHKHQZHUIHKOW³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG 3DUW\
'HQ:HFNHUDEVFKDOWHQXQG]XU6FKXOHIDKUHQ
'HUDEVROXWH3DUNSODW]NULHJ
6LFKODQJVDPZLHGHU]XU5XKHEHWWHQ
6NLIUHL]HLWGLH3K\VLNVWXQGHQEHL+HUUQ(LGPDQQXQGGLH.ODXVXUEHU%0:EHL+HUUQ)ULHGKRII
:DV*HRUJLLQGHQPLQ3DXVHQPDFKWGDVVHULPPHU]XVSlWNRPPW"
1DWUOLFK'LH3K\VLNVWXQGHQ"XQGGDV(UVWHOOHQGLHVHU$ELWXU]HLWXQJ76WXQGHQ
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ")UHXQGH
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ 'LHHUKROVDPHQ3K\VLNVWXQGHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ-HW]WPXVVLFKZRKODQIDQJHQ]XÄDUEHLWHQ³"
.|QQWHPDQVHLQHQ3&LQHLQOHEHQGHV:HVHQIRUPDWLHUHQVRZUGHDXI3DFPDQV$XWRSUDQJHQ-XVWPDUULHGZLWKKLV3&,VW
VHLQH)HVWSODWWHMHGRFKHUVWHLQPDOZDUPJHODXIHQVROHUQWPDQLKQXQGVHLQHZLW]LJH6HLWHQlKHUNHQQHQ$OV.lPSIHUDQGHU
%0:0&6/
YRUGHUVWHQ)URQWEHLGLHVHU6FKODFKWPDFKWHVGDV(UVFKHLQHQGLHVHU=HLWXQJP|JOLFK
6WHFNEULHIH
+REE\V
6NDWVSLHOHQ(*LWDUUHVSLHOHQ0XVLN
+|UHQPLW)UHXQGHQZHJJHKHQ
,QGLHVHU6WXIHVHLW
LPPHU
=XNXQIWVWUDXP
.$
'HLQH/.V
(QJOLVFK'HXWVFK
/LHEOLQJVIlFKHU
(QJOLVFK0DWKHVHLWGHPLFKPHLQHOHW]WH.ODXVXUJHVFKULHEHQ
KDEH
/LHEOLQJVOHKUHU
)DP6FK|IIHO
,QIRYHUDQVWDOWXQJHQ
ZDUHQLPPHUHLQHZLOONRPPHQH$EZHFKVOXQJLP6FKXODOOWDJ
%HVWHU/HKUHUVSUXFK
6RMHW]WZROOHQZLUPDOZLHGHUZDVOHUQHQHLQJHZLVVHU3K\VLNOHKUHU
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG6WUHLNGHV|IIHQWOLFKHQ3HUVRQHQQDKYHUNHKUV
)DKUWLPY|OOLJEHUIOOWHQ%XV
SDVVLY=LJDUHWWHUDXFKHQPLWGHQ/HXWHQGLHHUVWQRFKLKUHQ1LNRWLQEHGDUIHUIOOHQPVVHQ
*DQJ]XPVFKZDU]HQ%UHWWZREHLLPPHUHLQLQWHQVLYHU%OLFNDXIGHQURWHQ=HWWHOIlOOW
6NLIUHL]HLW'LH0HQJHYRQVFK|QHQXQGOXVWLJHQ(ULQQHUXQJHQZUGHUHLFKHQXPGDUEHUHLQGLFNHV%XFK]XVFKUHLEHQ
:DUXPHUIlKUW+HQULNLPPHUDOV/HW]WHUZDVDOOHOlQJVWZLVVHQ"""
1DFKGHPGHU:HFNHU]XP0DOJHNOLQJHOWKDW6ROOLFKJHKHQRGHUVROOLFKQLFKW"""
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ )UHXQGH)HULHQ
6WLOOH:DVVHUVLQGWLHI0LWDQGHUHQ:RUWHQ:DVVWHFNWEORDOOHVLQGLHVHPQRFKLPPHUMXJHQGOLFKDXVVHKHQGHP
7HGG\"7LHIJHKHQGH*HGDQNHQEHU6WW]YHNWRUHQXQGGLH¿QQLVFKH.XOWXU"
6WHFNEULHIH
+REE\V
%DVNHWEDOO$XWR
,QGLHVHU6WXIHVHLW
GLHVHP-DKUVHLW.ODVVH
%HJUQGXQJ
NOXJ
=XNXQIWVWUDXP
3LORW
'HLQH/.V
(QJOLVFK*HVFKLFKWH
/LHEOLQJVIlFKHU
6SRUW
/LHEOLQJVOHKUHU
+HUU:DOWHU
,QIRYHUDQVWDOWXQJHQ
]XODQJ
%HVWHU/HKUHUVSUXFK
)ULHGKRII]X6FKOHUÄ'DV+HPGZDUQLFKWWHXHUQH"6LHKWDXV
ZLHÃQH*DUGLQHEHLPLU]X+DXVH³
2ULJLQHOOVWHU(QWVFKXOGLJXQJVJUXQG /HSUD
DXIVWHKHQ
HVVHQ
JHKHQ
3UlJQDQWHVWH(ULQQHUXQJDQGLH6FKXO]HLW ]XODQJ
:HOFKHV*HKHLPQLVZXUGHDXFKQDFKa-DKUHQ6FKXO]HLWQLFKWJHOIWHW 0HLQHJHKHLPH,GHQWLWlW$TXDPDQ
*UHQ]ZHUWHUIDKUXQJHQPLWGHPLQQHUHQSV\FKLVFKHP6HOEVW"$TXDPDQGHU6XSHUKHOG
:HOFKH'LQJHZUGHVWGXDXIHLQHHLQVDPH,QVHOPLWQHKPHQ"2OJD$XWR%XUJHU.LQJ
'DVZHUGHLFKQDFKPHLQHU6FKXO]HLWDP0HLVWHQYHUPLVVHQ $OOHPHLQH)UHXQGHWlJOLFKVHKHQ
=XJXWHU/HW]W'DVVSULFKWPLUDXVGHP+HU]HQ'HQNDQDOOH
'HU8W]HO$OH[LVWHLQ7\SIUVLFKDEHUYROOLQ2UGQXQJXQGPDQNDQQYLHO6SDPLWLKPKDEHQ$XFKEHNDQQWDOVXQVHU
Ä&KDUO\³LVWHULPPHUIHVFKJHVW\OWXQGGLH)D[HQSROL]HL0LWVHLQHPH[RWLVFKHQ7RXFKN|QQWHPDQLKQJODWWIU$ODGLQKDO
WHQGHUVHLQH-DVPLQVFKRQOlQJVWIUVLFKJHZRQQHQKDW
/.%HULFKWH
0DWKHPDWLN/.0$>+HUU=RZH@
5HLKH7RELDV6DPXV&KULVWRSK.DWHUQGDKO0DWWKLDV3HOVWHU-XOLD/DW]LQ1DGLQH5HLQKROG.DL2ODY5XQNHO*HRUJLH
/XGPLUVNL6WHIDQ:DQHW]N\
5HLKH5RELQ6LQJK3KLOOLS.OHLPHQKDJHQ,VDEHOOD:DORWND-DQLFH6PDLOHV6WHIDQ:RQQHEHUJHU%HQHGLNW.RQUDG$QGUH
6FKUHLEHU
5HLKH)UDQ]LVND8QJHU0LULDP.HKUEHUJHU+HQQLQJ/HRQKDUGW2[DQD.RWFKHJRXUD
,QGHU)URQW+HUU=RZH
/.%HULFKW0DWKH0DQLDFV
8QGPHUNHQ6LHVLFKGDV
IUGHQ*UHQ]ZHUWGHU$QZHVHQKHLWJHJHQVWUHEWGLH$Q]DKOGHU/HUQEHJLHULJHQLQGLHVHP.XUVJHJHQ±'RFKGLHVH
=DKOLVWQLFKWQXUUHLQK\SRWKHWLVFKVRQGHUQUHDOLVWLVFKXQGVWRFKDVWLVFKHLQHLQGHXWLJEHZLHVHQ«DSURSRV6WRFKDVWLN'LH
:DKUVFKHLQOLFKNHLWHUJLEWVLFKQDFK%HUQRXOOLDOVÄ$Q]DKOGHUJQVWLJHQGXUFK$Q]DKOGHUP|JOLFKHQ9HUVXFKVDXVIlOOH³$OVR
PDQVHW]HGHQÄJQVWLJHQ$XVIDOO³DOV(,1(JHPDFKWH+DXVDXIJDEH±GLHÄP|JOLFKHQ9HUVXFKVDXVIlOOH³DOVGLH*U|HGHV
.XUVHV6RPLWHUJLEWVLFKGLH:DKUVFKHLQOLFKNHLW]X±SUR6FKOHU(UJRGHU*UHQ]ZHUWGHUJHPDFKWHQ+DXVDXIJD
EHQJHKWJHJHQ1XOO±4XRG(VW'HPRQVWUDQGXP
'HQQRFKZDUGHU6SDIDNWRUHLQHZLFKWLJH.RQVWDQWHGLHWURW]GHVORNDOHQ6WLPPXQJVWLHISXQNWVDP$QIDQJGHU
/.%HULFKWH
7DIHOGLHQVW")DQJHQZLUZLHGHUEHL.DQ"³0RWLYDWLRQVWUDLQLQJLVWGDV$2GHV2EHUVWXIHQXQWHUULFKWVDOVRYHUVXFKHQZLU
ZLHGHUHLQPDOHLQ.XUVWUHIIHQEHL+HUUQ=RZH]X+DXVH]XRUJDQLVLHUHQXPGLH+\SRWKHVH]XWHVWHQREGHU=ZHUJPLWGHP
EODQNHQ+LQWHUWHLODXVGHU-JVWQRFKVWHKW
=XVDPPHQIDVVHQGGHQNHQZLUGLHYHUJDQJHQHQ-DKUHZDUHQHLQHVFK|QH=HLW$XFKZHQQGHU.XUVPDQFKPDOHLQHP6FKOHX
GHUVLW]JOLFK±ZHUSHQQWZLUGµUDXVJHVFKRVVHQ±VLQGZLU+HUUQ=RZHGDQNEDUIUGHQ*HOHLWVFKXW]GXUFKGDVPDQFKPDOH[
WUHPIHLQGOLFKH7HUULWRULXP:LUKRIIHQGDVVHVDXFKIUXQVHUHQ2EHUVWHQHLQH(KUHZDUPLWXQV]XVDPPHQLP6FKW]JUDEHQ
]XOLHJHQXQGXQVDXVMHGHUSUHNlUHQ6LWXDWLRQIDVWRKQH)URQWYHUOXVWHKHUDXV]XIKUHQ
(VVDOXWLHUW]XP$EVFKLHGLKUH0DWKHPDWLN+RFKOHLVWXQJVNRPSDQLH
%LRORJLH/.%,>)UDX0D\@
5HLKH)DULG6DGHN.DLYRQGHU:HLGHQ
5HLKH)UDX0D\.LQJD&LHVOLN-DQLQD6FKlIHU&ODXGLD.URQHQEHUJ/HQD*HUODFK'DQLHO&RQQHUWK6HYNHW$NNXV.DL
2ODY5XQNHO'LDQD5RWKHU)ORULDQ$UQKROG-DQLFH6PDLOHV.LUVWLQ8QWULVHU0LULDP.HKUEHUJHU-RQDV1HOO
5HLKH(OSLQLFNL$QDVWDVVLRX6DEULQD6WLQQ.ULVWLQD6FKRWWOHU
/.%HULFKWH
'HXWVFK/.'(>+HUU(JHUODQG@
5HLKH$OH[DQGHU5DFN\/XFNDV6]DUHN)DELDQ:LHVGRUI-RQDV1HOO%HQMDPLQ+DIHQPHLVWHU.DLYRQGHU:HLGHQ
5HLKH+HUU(JHUODQG$QWRQ$OEHUW.LUVWLQ8QWULHVHU.LUVWHQ6WUDQ]0DLNH+DDVR6DEULQD6WLQQ'LDQD5RWKHU.DUROL
QD6HLGHO-RKDQQD%URQGD
5HLKH'DQLHO*XWVHHO%DUEDUD0LQNH6DUDK)OOH
'DYRU6HYHNW$NNXV
/.%HULFKW'HXWVFK/.'(
1DMDVRLVWGDVHEHQXQGGRFKULFKWLJVFK|Q
7MDPHLQ/HLVWXQJVNXUV±ZDVIlOOWPLUGD]XHLQ":DVZLUGLQ(ULQQHUXQJEOHLEHQ"=XQlFKVWHLQPDO
,KUZDUWQLFKWVRZLHPDQVLFKDXHUKDOEGHU6FKXOHHLQHQ.XUV]XPDOHLQHQ/.YRUVWHOOW:HQQLFKPLW/HXWHQ]XVDPPHQ
NDPGLHQLFKWVPHKUPLW6FKXOH]XWXQKDEHQGDQQZDUHQGLHRIWIDVVXQJVORVZHQQLFKYRQPHLQHP$OOWDJHU]lKOWH'DV
VWlQGLJH)HKOHQLP8QWHUULFKWHWZDREZRKOLQGHQPHLVWHQ)lOOHQNHLQH.UDQNKHLWYRUODJ'DVLVWXQGEOHLEWHLQbUJHU
QLV$XHUKDOEGHU6FKXOHKDEHLFKDXFKNDXPMHPDQGHQNHQQHQJHOHUQWGHU9HUVWlQGQLVGDIUDXIEUDFKWHGDVVGLH6FKXOH
GDJHJHQQLFKWV:LUNXQJVYROOHVXQWHUQHKPHQNDQQ-HGHUYRQHXFKZHLGDVXQGPHKUHUHKDEHQGDVDXVJHQXW]WLKUH)UHLKHLW
PLVVEUDXFKWMHGHQIDOOVDEXQG]X,FKKDEHRIWGHQ.RSIGDUEHUJHVFKWWHOWXQGLKUKDEWPHLQH0RUDOSUHGLJWHQHXFK
DQK|UHQPVVHQ
/.%HULFKWH
HWZDV*HJHQWHLOLJHVHLQ(LQ6FKOHUYRQHXFKEDWPLFKXPHLQH/LVWHHPSIHKOHQVZHUWHU/LWHUDWXUHUZDUPLWGHUDOOJHPHLQHQ
GLHLP/HVHEXFKDEJHGUXFNWLVWXQGGLHHUQDWUOLFKNDQQWHQLFKW]XIULHGHQ(UZROOWHHLQHVSH]LHOOHDXVJHULFKWHWDXIGLH=HLW
QDFKDXFKPLW6DFKWH[WHQHLQHYRQPLU:DVIUHLQH)UHXGHIUHLQHQ'HXWVFKOHKUHU(VJLEWDOVRGRFKHLQ,QWHUHVVHDQ
%FKHUQ
0LUIDOOHQGLH5HIHUDWHHLQGLHLKUJHKDOWHQKDEWXQGGLHEHUZLHJHQGJXWEHZHUWHWZHUGHQNRQQWHQ:DVGDVIUHLH6SUHFKHQ
XQGGDV8PVHW]HQYRQ,QIRUPDWLRQHQLQ6FKDXELOGHUGLHÄ9LVXDOLVLHUXQJ³DQEHODQJWKDEWLKUYLHOJHOHUQWKDEWJURH)RUW
VFKULWWHJHPDFKW8QGJHUDGHEHLP%HLVSLHOGHU5HIHUDWHIlOOWPLUHLQGDVVHVGRFKHLQH0HQJH6FKOHULQQHQXQG6FKOHUJDE
GLHÀHLLJZDUHQRUGHQWOLFKXQGVRUJIlOWLJJHDUEHLWHWKDEHQ-HGHUYRQHXFKPXVVWHELV(QGHHLQ5HIHUDWKDOWHQPHKUHUH
ZROOWHQHLQZHLWHUHVEHUQHKPHQ*HZLVVKDWGDEHLGLH=HQVXUHQJHEXQJHLQH5ROOHJHVSLHOW,KUZROOWHW3XQNWHVDPPHOQDEHU
GDVLVWMDDXFKOHJLWLP$UEHLWPDFKWHLQ5HIHUDWDOOHPDOXQGGLHVH$UEHLWKDEWLKUEHUQRPPHQXPHLQ=LHO]XHUUHLFKHQ'LH
0|JOLFKNHLWHQGHVVSUDFKOLFKHQ7UDLQLQJVGXUFKVRUJIlOWLJHV$QIHUWLJHQYRQ+DXVDXIJDEHQXQG%HULFKWLJXQJHQKDEHQQXU
HLQLJHJHQXW]W1DMDVRLVWGDVHEHQYLHOOHLFKWZDUGDVQLHDQGHUV$XVXQVHUHQ6FKXO]HLWXQJHQGHV-DKUKXQGHUWVNHQQH
LFKMHGHQIDOOV.ODJHQGHU'HXWVFKOHKUHUEHUGLHPLVHUDEHODQJHIHUWLJWHQXQGGHVKDOEGRFKVRQXW]ORVHQ%HULFKWLJXQJHQGHU
6FKOHUXQGGLH)UDJHREPDQGHVKDOEQLFKWJDQ]GDUDXIYHU]LFKWHQVROOH0HLQH$QWZRUWNHQQWLKU
0LUIlOOWDXFKGLHJXWH$WPRVSKlUHLP.XUVHLQ,FKKDEHPLFKZRKOJHIKOWZLUKDEHQXQVÄYHUWUDJHQ³RGHUVHKHLFKGDV
IDOVFK"*DEHVHLQPDOZLUNOLFKHQ.UDFK]ZLVFKHQXQV",FKNDQQPLFKQLFKWGDUDQHULQQHUQ,FKZHLQXUQRFK,FKELQWURW]
DOOHPLPPHUJHUQ]XHXFKJHNRPPHQDXIGLH/.6WXQGHQKDEHLFKPLFKJHIUHXW
8QGZHQQLFKXQ]XIULHGHQZDUGDQQODJGDVQDWUOLFKPDQFKPDODXFKDQPLUPHLQHQ]XKRFKJHVWHFNWHQ(UZDUWXQJHQ
YLHOOHLFKWZDUGDVDXFKPHLQ)HKOHU$EHUKlWWHLFKZLUNOLFKGLH/DWWHQLHGULJHUOHJHQVROOHQ".HQQWLKUHLQHQHUIROJUHLFKHQ
+RFKVSULQJHUGHULP7UDLQLQJGLH/DWWHLPPHUQLHGULJOHJHQOlVVW"""
2EZRKOLFK]XPMHW]LJHQ=HLWSXQNWVFKRQHLQHLQKDOE-DKUHEHLHXFKELQZHLLFKLPPHUQRFKQLFKWZDVLKUHLQPDOZHUGHQ
ZROOWDEHULFKZHLZDVLFKHXFKZQVFKHJDQ]JOHLFKZHOFKHEHUXÀLFKHQ=LHOHLKUDQVWUHEW'UHL:QVFKHKDWPDQIUHL
VDJWPDQXQGGLHVLQGPLUEHVRQGHUVZLFKWLJ
,FKZQVFKHHXFKDOOHQGDVVHVHXFKJHOLQJWDXVHXUHP/HEHQXQGGDVLVWJHZLVVPHKUDOVGLH$UEHLWV]HLWHWZDV9HUQQI
WLJHV]XPDFKHQHVVFK|SIHULVFKYHUDQWZRUWXQJVYROOXQGVHOEVWNULWLVFK]XJHVWDOWHQÄ&DUSHGLHP³
*DQ]JOHLFKZRPLWLKUHXFKJHUDGHEHVFKlIWLJWYHUJHVVWQLFKWGHQ6DW]YRQ$QGUp*LGH
Ä9HUWUDXHGHQHQGLHQDFKGHU:DKUKHLWVXFKHQXQGPLVVWUDXHGHQHQGLHVLHJHIXQGHQKDEHQ³
9HUJHVVWGLH%FKHUQLFKW'HU86DPHULNDQLVFKH$XWRUXQG9HUOHJHU&KULVWRSKHU0RUOH\KDW5HFKWZHQQHUVFKUHLEW
Ä:KHQ\RXVHOODPDQDERRN\RXGRQ¶WVHOOKLPWZHOYHRXQFHVRISDSHUDQGLQNDQGJOXH±\RXVHOOKLPDZKROHQHZOLIH´
9LHO(UIROJ
(XHUHKHPDOLJHU'HXWVFKOHKUHU
:LOIULHG(JHUODQG
/.%HULFKWH
'HXWVFK/.'(>)UDX.HQQ@
5HLKH5DLPXQG0LVFKDLND7KRPDV=HWWHOPHLHU$VWULG+RFKKHLPHU0LULDP6HXWH/XNDV:HUQHU-LO+DUWPDQQ)UDQN
3RWKHQ
5HLKH.DWULQ6FKlIHU3LD9DKOGLHN)UDX.HQQ
5HLKH(OOHQ)WWHU1DGLQH6LHEHO/DUV-DQVHQ
%RUQHUÄ,FKZQVFKHLKQHQHLQHVWDELOH*HVXQGKHLW8QGLFKZQVFKHLKQHQHLQHJXWH9HUELQGXQJ
]ZLVFKHQKLHUXQG'VVHOGRUI8QGLFKZQVFKHLKQHQHLQHJXWH9RUEHUHLWXQJZHQQVLHKLHUGDV
$ELPDFKHQZROOHQ³
%RUQHUÄ6FK|QGDVVVLHGDVLQG6LHN|QQHQMDDXFKQLFKWLPPHU]XVROFKHQ8Q]HLWHQ
NRW]HQ,FKZUGHLKQHQPDOHPSIHKOHQ]XHLQHP.OHPSQHU]XJHKHQXQGGDVDEGLFKWHQ
]XODVVHQ³
%RUQHUÄ+$UWLNHOPDO%ULOOHDXIVHW]HQGDPLWLFKVLHEHVVHUK|UHQNDQQ³
/.%HULFKWH
5HLKH%HQHGLNW%UHVWHU3DXO0DUWLQ:ROI&KULVWRSK3XK'DQLHO&RQQHUWK)DULG6DGHN.DL)ULHGKRII*RUGHQ*HLE
0LULDP6HXWH/HQD*HUODFK&ODXGLD0DUNRZ.LQJD&LHVOLN
5HLKH0DUFKHOOR3XOHWWR1DGLQH6LHEHO)UDX:HUWZHLQ(OOHQ)WWHUHU-DQLQD6RPPHUODWWH&ODXGLD.URQHQEHUJ
/.%HULFKWH
(QJOLVFK/.(1>)UDX:HOS6FKHUHU@
5HLKH6WHIDQ:DQHW]N\*HRUJLH/XGPLUVNL$OH[DQGHU7HW]QHU
5HLKH$QGUH6FKUHLEHU5RELQ6LQJK0DWWKLDV3HOVWHU6WHIDQ:RQQHEHUJHU+HQGULN5DQN&KULVWRSK.DWHUQGDKO-XOLD
/DW]LQ7RELDV6DPXV
5HLKH2OJD$WKDQDVLRX%DUEDUD0LQNH
HVIHKOW%HQHGLNW.RQUDG
%HULFKW/.(1
/RQGRQLVFDOOLQJ
0LWGLHVHQ:RUWHQKDEHLFKGLH,QIRUPDWLRQHQ]XUJHPHLQVDPHQ6WXGLHQIDKUWQDFK/RQGRQLP6RPPHUHLQJHOHLWHWXQG
VLHGLHQHQQXQDOVhEHUVFKULIWXPPHLQHQ(LQGUXFNXQGPHLQH(UIDKUXQJHQZLHGHU]XJHEHQGLHLFKQDFK]ZHLMlKULJHP8QWHU
ULFKWHQLQGHP/.(QJOLVFKJHVDPPHOWKDEH
/DVVHQ6LHPLFK]XQlFKVW]XGHQ$QIlQJHQGHV.XUVHV]XUFNNHKUHQ$XFKQDFKYLHOHQ-DKUHQELQLFKLPPHUZLHGHUJHVSDQQW
XQGQHXJLHULJDXIHLQHQ/HLVWXQJVNXUVPVVHQ6FKOHUXQG/HKUHUVFKOLHOLFKYLHOH6WXQGHQPLWHLQDQGHUYHUEULQJHQ'LH
HUVWHQ6WXQGHQ]HLJWHQHLQHGHXWOLFKH=ZHLWHLOXQJGHV.XUVHVHLQ7HLOGRPLQLHUWHGDV8QWHUULFKWVJHVFKHKHQ$XI*UXQGHLQHV
OlQJHUHQ$XVODQGVDXIHQWKDOWHVLPDQJORDPHULNDQLVFKHQ5DXPLQGHU-DKUJDQJVVWXIHEHVDGLHVHU7HLOGLHVSUDFKOLFKH
.RPSHWHQ]GLHPDQVLFKDOV(QJOLVFKOHKUHULQLPPHUZQVFKW-HGRFKVWHOOWHVLFKIUPLFKGLHHQWVFKHLGHQGH
/.%HULFKWH
GLH8QWHUULFKWVVWXQGHQDXVPHLQHU6LFKWEDOGGXUFKHLQHUHJH0LWDUEHLWXQGHLQKRKHVLQKDOWOLFKHV1LYHDXJHNHQQ]HLFKQHW
ZDUHQ9LHOH6WXQGHQKDEHQPLUJDQ]HLQIDFK6SDJHPDFKW
(LQJXWHUOHLVWXQJVEHUHLWHU.XUVYHUOHLWHWHPLFK]XÄPHWKRGLVFKHQ:DJQLVVHQ³GLHEHLGHQ3UlVHQWDWLRQVUHLKHQLP=XVDP
PHQKDQJPLWPHLQHU$EZHVHQKHLWZHJHQGHU6FKXOVNLNXUVH]HLJWHQGDVV6FKOHULQQHQXQG6FKOHUVLFKVHOEVWVWlQGLJ7KHPHQ
DQHLJQHQN|QQHQXQGGLHVHVDFKXQGDGUHVVDWHQJHUHFKWSUlVHQWLHUHQN|QQHQ,PÄ=HLWXQJVSURMHNW³(QGHGHU-DKUJDQJVVWXIH
ZXUGHQLFKWQXUGDV*HOHUQWHNRQNUHWDQJHZDQGWJOHLFK]HLWLJEHZLHVHQGLH.XUVWHLOQHKPHU,QQHQGDVVGLH=HLW]ZLVFKHQ
%HNDQQWJDEHGHU1RWHQXQG$XVJDEHGHU=HXJQLVVHHLQHVHKUDUEHLWVLQWHQVLYH3KDVHVHLQNDQQ
/DVVHQ6LHPLFK]XUhEHUVFKULIW]XUFNNRPPHQ,FKPXVVWHGLHVFKULIWOLFKH)RUPGHU,QIRUPDWLRQZlKOHQGDGLH7HLOQHKPHU
GHU6WXGLHQIDKUWVLFKDXVGUHL.XUVHQ]XVDPPHQVHW]WHQ.RQQWHHLQH)DKUWJHOLQJHQGLHDXVHLQHPÄ]XVDPPHQJHZUIHOWHQ
+DXIHQ³EHVWDQG",FKNDQQWH]X%HJLQQGHU)DKUWJDUQLFKWDOOH6FKOHULQQHQXQG6FKOHU:LHLFK,KQHQEHUHLWVPLWJHWHLOW
KDEHZDUHVDXVPHLQHU6LFKWHLQHÄJHOXQJHQH6DFKH³GHQQ6LHKDEHQEHZLHVHQGDVVEHLVLQQYROOHU.RPELQDWLRQYRQ)UHL
]HLWXQG3URJUDPP.XUVIDKUWHQDXFKZHLWHUKLQLKUH%HUHFKWLJXQJLP2EHUVWXIHQEHUHLFKKDEHQ
$QJHVLFKWVGHUSRVLWLYHQ(UIDKUXQJHQHLQHU]ZHLMlKULJHQ$UEHLWLP/.(QJOLVFKZLOOLFKEHLDOOHP:LGHUZLOOHQJHJHQ+DU
PRQLHXPMHGHQ3UHLVQLFKWNUDPSIKDIWQDFKGHP+DDULQGHU6XSSHVXFKHQ±LFKEOHLEHGDEHLHVKDWPLU±PHLVWHQV±6SD
JHPDFKW
,FKZQVFKH,KQHQIU,KUHQZHLWHUHQ/HEHQVZHJDOOHV*XWH
,KUH0RQLND:HOS6FKHUHU
/.%HULFKWH
(UGNXQGH/.(.>+HUU7VFKDFKH@
5HLKH/XNDV6]DUHN3KLOOLS.OHLPHQKDJHQ%HQMDPLQ+DIHQPHLVWHU3DXO0DUWLQ:ROI)DELDQ:LHVGRUI&KULVWRSK3XK
*RUGRQ*HLE'DQLHO*XWVHHO0DUFKHOOR3XOHWWR
5HLKH$OH[DQGHU5DFN\$QWRQ$OEHUW%HQHGLNW%UHVWHU+HQQLQJ/HRQKDUGW)UDQ]LVND8QJHU.DL)ULHGKRII.LUVWHQ
6WUDQ]6DUDK)OOH.DUROLQD6HLGHO
5HLKH&ODXGLD0DUNRZ0DLNH+DDVR1DGLQH5HLQKROG+HUU7VFKDFKH,VDEOOD:DORWND-RKDQQD%URQGD
%HULFKW/.(UGNXQGH/N(N
'DVROOLFKQXQHLQHQ%HULFKWEHUPHLQHQZLHYLHOWHQHLJHQWOLFK"1HXQWHQ"2GHUGRFKVFKRQ]HKQWHQ"/HLVWXQJVNXUV(UG
NXQGHVFKUHLEHQ:DVDQLKP%HVRQGHUHVZDU(LQPDOLJHV-DHLQPDOLJZDUW,KUDOOH-HGHUYRQ(XFK*HUDGHGDVLVWHVMD
ZDVLQPHLQHQ$XJHQGHQ8PJDQJPLWMXQJHQ/HXWHQVREHUHLFKHUW6FKOLPPDOOHUGLQJVZDUGDVVHVJDUQLFKWJHQXJ*HOH
JHQKHLWJDEDXIMHGHQ(LQ]HOQHQHLQ]XJHKHQVHLQHLQGLYLGXHOOHQ)lKLJNHLWHQDEHUDXFKVHLQH3UREOHPH]XHUNHQQHQXQG]X
EHUFNVLFKWLJHQ:LHNDQQPDQGDVVFKRQLQHLQHP2EHUVWXIHQNXUVGHU]X%HJLQQGHU-DKUJDQJVVWXIHDXV]X%HJLQQ
GHU-DKUJDQJVVWXIHLPPHUKLQQRFKDXVXQG]XP$ELWXUVFKOLHOLFKDXV7HLOQHKPHUQEHVWDQG*HUQKlWWHLFKPDQFK
PDOPHKUJHZXVVWEHUGDVSHUV|QOLFKH8PIHOGHLQ]HOQHU6FKOHUXPVLHEHVVHU]XYHUVWHKHQVLHEHVVHUEHXUWHLOHQ]XN|QQHQ
:LHNRPPHQ]XP%HLVSLHOGLH6FKOHUDXV*DVWDUEHLWHURGHU$XVVLHGOHUIDPLOLHQPLWLKUHUVSH]LHOOHQ6LWXDWLRQ]XUHFKW":LH
OHEWVLFK&ODXGLDHLQGLHLKUH)DPLOLHLP6SUHHZDOG]XUFNOLHXQGDOOHLQQDFK:XSSHUWDONDP"8QGGDQQGHU8QWHU
ULFKW:LHOHLFKWNRQQWHVLFKEHLGLHVHU.XUVJU|HMHGHUKLQWHUGHPDQGHUHQYHUVWHFNHQHLQIDFKDEWDXFKHQ1DWUOLFK
/.%HULFKWH
HLQHQNOHLQHUHQ.XUVJHZQVFKW(WZDV%HVRQGHUHVZDUJDQ]VLFKHUXQVHUH.XUVIDKUWLQGLH1LHGHUODQGH'LHNQDSS7DJH
DQ%RUGGHV'UHLPDVWNOLSSHUVÄ/LQGH³ZDUHQHLQYROOHU(UIROJXQGZHUGHQPLUXQYHUJHVVOLFKEOHLEHQQLFKWQXUZHJHQGHV
JHPHLQVDPHQ.XUV76KLUWV
1XQDP(QGH(XUHU6FKXOODXIEDKQKRIIHLFKQXUGDVVLFK(XFKDOOHDXVUHLFKHQGDXIGLH$QIRUGHUXQJHQGHV$ELWXUVYRUEHUHL
WHWKDEH'HQ5HVWPVVWLKUMHW]WVHOEVWVFKDIIHQ'DIUZQVFKHLFK(XFKYLHO(UIROJ
(XHU.XUVOHKUHU
+ROJHU7VFKDFKH
-DQXDU
*HVFKLFKWH/.*(>+HUU6FKHOS@
5HLKH$OH[DQGHU=XFFRQHOOL/XNDV:HUQHU)ORULDQ$UQKROG5DLPXQG0LVFKDLND+HQGULN5DQJ$OH[DQGHU7HW]QHU
5HLKH2OJD$WKDQDVLRX.DWULQ6FKlIHU3LD9DKOGLHN-DQLQD6FKlIHU$VWULG+RFKKHLPHU(OSLQLFNL$QDVWDVVLRX
$P7LVFK+HUU6FKHOS
"AFL=JF@G;@
'JUOFTT
5FOOJT
"FSPCJD
5FOOJTTDIVMF
4BVOB
4PMBSJVN
,JOEFSCFUSFVVOH
(BTUSPOPNJF
"MCSJOHIBVTFS4US
4QSPDLIÚWFM
5FM
JE F S
V
S
H
à
J
G
J J'
U
' JO
J# L
/HKUHUVWHFNEULHIH
'HXWVFK*HVFKLFKWH/LWHUDWXU3ROLWLN
:DVPDFKHQ6LHJHUQHLQLKUHU)UHL]HLW"
0HLQHQ0DQQYHUZ|KQHQ/HVHQNODVVLVFKH0XVLNK|UHQ6SRUW)UHXQGHHLQODGHQXQG
WUHIIHQ
+DEHQ6LHHVMHEHUHXW/HKUHUJHZRUGHQ]XVHLQ"
%LVKHUQLFKW
:DVKDW6LHPLW-DKUHQYRQXQVXQWHUVFKLHGHQ"
0HKU5HLIHQDWUOLFK±LFKVWXGLHUWHLP6HPHVWHU
:HOFKH3HUVRQGHU9HUJDQJHQKHLWZlUHQ6LHJHUQH" .DWKDULQDYRQ%RUD
:HPP|FKWHQ6LHDXINHLQHQ)DOOLQGHU6DXQDEHJHJQHQXQGZDUXP"
+HOPXW.RKO±LFKZUGHPLFKYRUODXWHU6RUJHXPGHVVHQ*HVXQGKHLWQLFKWHQWVSDQQHQN|QQHQ
:DVGHQNHQ6LHZLH6LHDXI6FKOHUZLUNHQ"
'DVVROOWHWLKUEHVVHUHXUH0LWVFKOHUIUDJHQ'HP*HUFKW]XIROJHÄVWUHQJ³±PHLQSlGDJRJLVFKHV3ULQ]LSKHLWDEHUÄOLHEH
YROOH.RQVHTXHQ]³
:RNDXIHQ6LHHLQ" $QYHUVFKLHGHQHQ2UWHQ
:RVLQG6LHDEHQGVQDFK8KUDQ]XWUHIIHQ" 6HOEVWYHUVWlQGOLFKDP6FKUHLEWLVFK
:RGXUFK]HLFKQHWVLFK,KU/.DXV"'XUFKXQJODXEOLFKHQ)OHLUHJH%HWHLOLJXQJDP8QWHUULFKWHUVWNODVVLJH$UEHLWVKDOWXQJ
/HEHQVZHLVKHLWDQGLH-DKUJDQJVVWXIH ³+DEH0XWGLFKGHLQHVHLJHQHQ9HUVWDQGHV]XEHGLHQHQ´.DQW
/HKUHUVWHFNEULHIH
:LOIULHG(JHUODQG
:HOFKH)lFKHUXQWHUULFKWHQ6LH"
'HXWVFK(UGNXQGH
:DVPDKQH6LHJHUQHLQLKUHU)UHL]HLW"
-RJJHQ0DUDWKRQ/HVHQ6LQJHQLP&KRU
1(,1
,FKKDEHYLHOPHKUJHOHVHQELQPHKULQV7KHDWHUJHJDQJHQ
:HOFKH3HUVRQGHU9HUJDQJHQKHLWZlUHQ6LHJHUQH"
,FKOHEHJHUQLQGHU*HJHQZDUW
0LUHJDOZHUGDQRFKKHUXPVLW]W
.HLQH$KQXQJ,FKKRIIHVLHPHUNHQDEXQG]XGDVVLFKDXILKUHU6HLWHELQ
:RNDXIHQVLHHLQ"
:HU",FK"'LH6FKOHU"5)HKOHU")UDJHXQNODU
QXQLVWGDVMHW]WDOVGpIRUPDWLRQSURIHVVLRQHOOH]XEH]HLFKQHQ"$QPG5HG
:RVLQG6LHDEHQGVQDFK8KUDQ]XWUHIIHQ"
$P6FKUHLEWLVFK
:RGXUFK]HLFKQHWVLFK,KU/.DXV"
'DUEHUZHUGHLFKQRFKHLQHQ%HULFKWVFKUHLEHQ
/HEHQVZHLVKHLWDQGLH-DKUJDQJVVWXIH
³&DUSHGLHP´
%RUQHUÄ:LHKHLWGDV1RUPDQNRQWUROOJHULFKWLQ'HXWVFKODQG"³
6FKOHUÄ7h9³
%RUQHUÄ.OlUHQZLU]XHUVWGLH)DPLOLHQYHUKlOWQLVVH+DEHQ6LHHLQH*URPXWWHU"³
6FKOHUÄ1HLQ³
%RUQHUÄ(LQHQ*URYDWHU"³
6FKOHUÄ-D³
%RUQHUÄ'DQQYHUDUVFKHQ6LHGHQ³
%RUQHUÄ0LWZHPLVWGHQQGLH6ZHJ"³
6FKOHUÄ0LW)UDX.HQQXQG+HUUQ6FKHOS³
%RUQHUÄ'DIDKUHLFKGRFKOLHEHUPLWPLUVHOEHUZHJ³
%RUQHUÄ'DQNGHP6WHLQVWRFNNDPHQGLH-lJHUXPVWDWWXP]XU+|KOH]XUFNXQGHUZLVFKWHQ
GLH)UDXHQEHLP1LFKWVWXQ³
/HKUHUVWHFNEULHIH
%LRORJLH(UGNXQGH
/HVHQ6HJHOQ
1XUZHQQHVEHVWLPPWHÄ1DFKULFKWHQ³DXV'VVHOGRUIJDE
'HU+DDUVFKQLWW
.DUO
=X+DXVH
$QJHQHKPHXQGIUHXQGOLFKH6FKOHULQQHQXQG6FKOHU
(UVWGLH$UEHLWGDQQGDV9HUJQJHQXQGGHU.RQVXP
/HKUHUVWHFNEULHIH
=RZH
0DWKH3K\VLN
/HVHQ6SRUW
1HLQ
'LH+DDUOlQJH
)ULW]
:DV6FKOHUGHQNHQXQGZLVVHQZLVVHQQXU6FKOHU
:RNDXIHQ6LHHLQ"
,Q:XSSHUWDO
.RUULJLHUHQGDP6FKUHLEWLVFK
'DV$ELWXUZLUG¶V]HLJHQ
PLW$(LQVWHLQ:HQQLKUQLFKWJHUHFKWHUIULHGOLFKHUXQGEHUKDXSWYHUQQIWLJHUVHLQZHUGHWDOVZLUVLQGE]ZJHZHVHQVLQG
VRVROOHXFKGHU7HXIHOKROHQ
GH%UX\QÄ-D-DLKUZROOWQLFKWPLWPDFKHQ-HW]WLVWHVGDV:HWWHURGHU0RQWDJ6WXQGHPRU
JHQLVW2VWHUQHLQHQ*UXQGKDEWLKULPPHU³
GH%UX\QÄ'DlUJHUQVLFKGLH3UHXHQQ%XFNHOXQGQ$VW³
6FKOHUÄ%HKDOWHQZLUVLHLQGHUZHLWHUDOV/HKUHU"³
+HUU.HOOHUPDQQÄ,QGHUZHUGHLFKZRKOQLFKWXQWHUULFKWHQDEHULFKJODXEHGDVVLFKHLQLJH
YRQLKQHQLQGHUQlFKVWHV-DKUQRFKPDOXQWHUULFKWH³
/HKUHUVWHFNEULHIH
(UGNXQGH6SRUW3ROLWLN
-HGH0HQJHDQ6SRUW0XVLNK|UHOHVHQ±XQGYHUVXFKHQPHLQHQ&RPSXWHU]XYHUVWHKHQ
1HLQQXUEHLP$XVIOOHQVROFKHU)UDJHE|JHQ
'DKDWWHLFKVFKRQPHLQ$ELWXU
$OH[DQGHUYRQ+XPEROGWGHUKDWVRWROOH5HLVHQJHPDFKW
(LQHP6NXQNZHJHQGHV*HVWDQNV9HURQD)HOGEXVFKQXUZHJHQGHU6WLPPHRGHU0HDWORDI
:DVGHQNHQ6LHZLH6LHDXI6FKOHUZLUNHQ" 'DVNRPPWJDQ]DXIPHLQ'HRDQ
:RNDXIHQ6LHHLQ" 'DZRHVDOGLJXWHQ6DFKHQJLEW
:RVLQG6LHDEHQGVQDFK8KUDQ]XWUHIIHQ" +HXWHKLHUPRUJHQGRUW
:RGXUFK]HLFKQHWVLFK,KU/.DXV" 'LHVH)UDJHVWHOOHLFKPLUVHLWQXQPHKU]ZHL-DKUHQ
/HEHQVZHLVKHLWDQGLH-DKUJDQJVVWXIH%OLFNHQ6LHYHUWUDXHQVYROOLQGLH=XNXQIWDXFKIU6LHZLUGLUJHQGZDQQHLQPDO
GLH6RQQHVFKHLQHQ
/HKUHUVWHFNEULHIH
0RQLND:HOS6FKHUHU
(QJOLVFK6SRUW
/HVHQ6SRUWWUHLEHQ
1HLQ
%HUHLWV6WXGHQWLQLQ0DUEXUJRKQH)KUHUVFKHLQ+DQG\XQG3&
/HEHJHUQHLP+LHUXQG-HW]WDOV)UDXJLQJHVXQVQLHEHVVHU
'LHWHU%RKOHQGDLVWVFKRQJHQXJKHLH/XIW
1HWWXQGDGUHWW
:RNDXIHQ6LHHLQ"
.DXISDUN
,QGHU5HJHODWKRPH
*XWH0LWDUEHLWXQG.UHDWLYLWlW
,WWDNHVWZRWRWDQJR
/HKUHUVWHFNEULHIH
(QJOLVK
7UDYHOOLQJUHDGLQJOLVWHQLQJWRPXVLFPHHWLQJIULHQGV
1R
,ZDVDOUHDG\VWXG\LQJDWWKHXQLYHUVLW\
:HOFKH3HUVRQGHU9HUJDQJHQKHLWZlUHQ6LHJHUQH" 0DULH&XULH
:HPP|FKWHQ6LHDXINHLQHQ)DOOLQGHU6DXQDEHJHJQHQXQGZDUXP",ZRXOGOLNHWRUHOD[WKHUH,ZRXOGQWOLNHWRPHHW
DQ\RQH
:DVGHQNHQ6LHZLH6LHDXI6FKOHUZLUNHQ" :HDOONQRZZKDWVWXGHQWVWKLQNDERXWWHDFKHUVGRQWZH"
:RNDXIHQ6LHHLQ" ,EX\P\NOHHQH[DW$OGLV
,SUHIHUSODFHVZKHUHWKHUHDUHQR6HGDQVWXGHQWV,GRQWZDQWWRHPEDUUDVVWKHP
:RGXUFK]HLFKQHWVLFK,KU/.DXV" 4XLHWIULHQGO\±DWWLPHVUHDOO\JRRG
/HEHQVZHLVKHLWDQGLH-DKUJDQJVVWXIH6HL]HWKHGD\
.RWWZLJ6SHFLDO
6FKOHUÄ6LHVLQGHLQ+DOXQNH³
.RWWZLJÄ-D-D=XPHLQHU=HLWGXUIWHQGLH/HKUHUDOOHVXQGGLH6FKOHUQLFKWVKHXWHGUIHQGLH6FKOHU
DOOHVXQGGLH/HKUHUQLFKWV³
.RWWZLJÄ6LHKDEHQVLFKQLFKWEHWHLOLJW6LHKDEHQPLFKGDPLWEHOHLGLJW³
.RWWZLJÄ,Q$XIJDEHVWHKWQLFKWGDVVVLHUHGHQVROOHQ³
.RWWZLJÄ:lUHLFKGRFKHLQ(XURJHZRUGHQ³
.RWWZLJÄ,FKKDEHDXFKNHLQH)UHXQGH³
.RWWZLJÄ,FKZlUHMHW]WLQWHUHVVLHUWDQGHU9RU]HLFKHQVHW]XQJ³
6FKOHUÄ6LHWXQGRFKQXUVR³
.RWWZLJÄ'DVLVWULFKWLJ³
.RWWZLJÄ'DKDEHLFKMHW]WZDVDXIPHLQHP=HWWHOVWHKHQZDVLFKQLFKWYHUVWHKH³
.RWWZLJÄ'DVKDWGHU.XOWXVPLQLVWHUHQWVFKLHGHQGDVVMHGHV-DKU)XQNWLRQHQJHPDFKWZHUGHQVROOHQ'DV
LVWZLH:HLKQDFKWHQ³
.RWWZLJÄ6FKDXHQVLHGRFKPDOLQGLH)RUPHOVDPPOXQJGDVLQGDXFK1XPPHUQGULQ³
.RWWZLJÄ,PPHUZHQQVLHQLFKWZHLWHUZLVVHQPDFKHQVLHHLQH$UW5HYROXWLRQ³
.RWWZLJÄ,FKKDEHMDQRFK+RIIQXQJGDVVVLHGDVLUJHQGZDQQQRFKOHUQHQ³
6FKOHUPXUPHOWÄ'LH+RIIQXQJVWLUEW]XOHW]W³
.RWWZLJÄ0HLQHQVLHEHLLKQHQJHKWGDVVFKQHOOHU"³
.RWWZLJORJLNÄ'LHH)XQNWLRQLVWDEJHOHLWHW'HVKDOELVWGLH$EOHLWXQJGHUH)XQNWLRQGLHH)XQNWLRQ³
6FKOHUÄ%KDWHLQHQ9RUVFKODJJHPDFKW(UP|FKWHGDVVZLUXQVGX]HQ³
.RWWZLJODFKWÄ,FKVROOGX]XGLUVDJHQ"""""³
6FKOHUÄ.|QQHQZLUMHW]WPDODQIDQJHQ"³
.RWWZLJÄ,FKKDEHGRFKVFKRQOlQJVWDQJHIDQJHQ6ROOLFKMHW]WKLHUPLW¶QHU:HUEHXQWHUEUHFKXQJ
ZHLWHUPDFKHQ"³
Ä6ROOLFKGDVKLHUVRZLHLP5DGLRPDFKHQ"+DOORLFKELQLKU0DWKHOHKUHUXQGZLUPDFKHQMHW]W$XIJDEH
VRXQGVR³
.RWWZLJÄ6LHVLQGQLFKWQXUXQK|ÀLFKXQGLJQRUDQWEHUOHJWVRQGHUQDXFKQRFK³
6FKOHUÄ2K3XQNWH³
.RWWZLJÄ1HLQNHLQH3XQNWHVRQGHUQ3XQNWH³
0LQVSlWHU
.RWWZLJÄ.|QQHQVLHGDVMHW]WPDOELWWHUHYLGLHUHQ"3XQNW³
Ä.DQQLFKVLHPDOHLQELVVFKHQKLHUIULQWHUHVVLHUHQ":DKUVFKHLQOLFKQLFKW
.|QQHQVLHZHQLJVWHQVVRWXQDOVREVLH,QWHUHVVHKlWWHQ"³
.RWWZLJKDXWPLWHLQHP*HRGUHLHFNDXIGHQ7LVFKXP5XKH]XEHNRPPHQ
6FKOHUÄ$YH&lVDU³
.RWWZLJJXFNW
.RWWZLJÄ,FKKDEVFKRQJHK|UWZDVVLHVDJWHQGHQ*UXQGKDELFKDEHUQLFKWYHUVWDQGHQ³
.RWWZLJÄ,FKVHKHNHLQHQ6LQQDQLKUHPVWlQGLJHQ*HUHGH³
6FKOHUÄ:LUDXFKQLFKWDQLKUHP³
.RWWZLJÄ0DQHUZDUWHWYRQPLUGDVVLFKZDVHU]lKOHXQGKLQWHUKHUNRPPWGRFKQXU%O|GVLQQUDXV³
:HUZLUGPDO
«6SRUWOHKUHULQ".,567,18175,(6(5
«HLQH0LOOLRQDQGHU%|UVHPDFKHQ" %(1(',.7.215$'
«%OLQN±0LWJOLHG'$1,(/&211(57+
«LQHLQHP5DS9LGHRVHLQ" &+5,6723+38+
«IU$UPDQLPRGHOQ" $/(;=8&&21(//,
«GLH2O\PSLVFKHQ6SLHOHJHZLQQHQ" )$5,'
«GLH:HOWKHUUVFKDIWEHUQHKPHQ"-21$6
«HLQ0DXOZXUIIUV)%,VHLQ" .$,9$1'(5:(,-'(1
«HLQHQ+0PDQDJHQ" 3,$
«)ULVHXULQ" 2/*$
«EHL-DFNDVVVHLQHQ+LQWHUQSLHUFHQODVVHQ"$1'5Ê
«3URIHVVRUDQ+DUYDUG"&+5,6723+.$7(51'$+/
«+DXVPHLVWHUDQGHU6HGDQVUWDH"6(9.(7
«)HUQVHKNRFK" $/(;5$&.<
«/HKUHULQ" (//(1
«(LQH7DONVKRZPRGHULHUHQ"%$5%$5$
«DP$OWHQ0DUNW7HSSLFKUHLQLJHUYHUNDXIHQ" +(15,.
«DXVZDQGHUQ"-$1,1$6&+b)(5
«PHKUDOV.LQGHUKDEHQ" (/3,1,&.,
«IUGHQ)&%D\HUQVSLHOHQ".$,2/$9
«HLQH*ODW]HKDEHQ" %(1(',.7%5(67(5
«LQGHU%LOG]XVHKHQVHLQ" 0$,.(
«LP*XLQQHVV%XFKGHU5HNRUGHVWHKHQ" .,1*$
«6FKXKYHUNlXIHULQ" -2+$11$
«Y|OOLJQDFNWGXUFKHLQ)XEDOOVWDGLRQUHQQHQ" )5$1.
«EHL3RSVWDUVDXIWUHWHQ" &/$8',$0$5.2:
«LKUHLJHQHV0RGHODEHOHQWZHUIHQ" 0,5,$06(87+(
«DOV-DPHV%RQG±*LUOQHEHQ3LHUFH%URVQDQDXIWDXFKHQ" 2;$1$
«YHUNOHLGHW]XU3UHPLHUHYRQ+DUU\3RWWHUNRPPHQ" ,6$%(//$
«6WHZDUGHVVEHLGHU/XIWKDQVD"1$',1(6,(%(/
«EHL*=6=PLWVSLHOHQ" /(1$
«DOV:HLKQDFKWVPDQQYHUNOHLGHW:HUEH]HWWHOYHUWHLOHQ" 5$,081'
«5LFKWHULQ%DUEDUD6DOHVFKVHLQH*HVFKLFKWHQHU]lKOHQ" /$56
«7lQ]HULQEHL3LQD%DXVFK"0,5,$0.(+5%(5*(5
«PLWQRFKGRQQHUVWDJVLQGHU%|UVHUXPKlQJHQ" '$1,(/*876((/
«HLQH6FK|QKHLWV23PDFKHQODVVHQ" .$52
:HUZLUGPDO
«LKU/HEHQODQJLP$N]HQWD5HJDOHHLQUlXPHQ" .$7+5,1
«+DPPHUZHUIHU" /8.$66=$5(.
«3DSDUD]]L" $1721
«ZHJHQ6FKZDU]IDKUHQHLQ1DFKWDEVLW]HQPVVHQ".$,)5,('+2))
«DXVHLQHP)OXJ]HXJPLW)DOOVFKLUPDEVSULQJHQ":$1(7=.<
«'LHWHU%RKOHQVQHXH(QWGHFNXQJ" 1$',1(5(,1+2/'
«HLQHQHXHPDWKHPDWLVFKH)RUPHO¿QGHQ" *(25*,(
«HLQ9HUP|JHQPLWQHUQHXHQZHEVLWHPDFKHQ"67()$1:211(%(5*(5
«VFKWLJQDFK&RPSXWHUVSLHOHQ" )$%,$1
«5HWWXQJVVFKZLPPHULQYRQ0DOLEX" -,/
«3DSVW" :(51(5
«HLQH5HYROXWLRQDQ]HWWHOQ"7,1$
«PLWQRFKEHLVHLQHQ(OWHUQZRKQHQ" )/25,$1
«HLQHQ0LOOLRQlUKHLUDWHQXQGYLHOYLHO*HOGHUEHQ" -$1,1$6200(5/$77(
«+DXVIUDX" $675,'
«81'LSORPDWLQ" .,567(1675$1=
«DOVHUVWHGLH]ZHLWH(KHVFKOLHHQ" 6$5$+
«HLQHQ5ROOV5R\FHIDKUHQ" 0$5&(//2
«HLQHQ%LR%DXHUQKRIEHWUHLEHQ" 3$8/
«/.:)DKUHULQ" -8/,$
«HLQ+DXV*DUWHQ+XQGXQGGLHVWDWLVWLVFKHQ.LQGHUKDEHQ"',$1$
«HLQH(U¿QGXQJ]XP3DWHQWDQPHOGHQ"7+20$6
«DOV*OREHWURWWHUGLH:HOWHUNXQGHQ"$/(;7(7=1(5
«]XP0RQGÀLHJHQ" 52%,1
«EHLHLQHU'HPRYHUKDIWHWZHUGHQ" 72%,
«LQGHU:HUEXQJDUEHLWHQ" )5$1=,
«EHLGHQ%HUOLQHU3KLOKDUPRQLNHUQVSLHOHQ"-$1,&(
«IUGLH/DNHUVVSLHOHQ" *25'21
«GDV%XQGHVYHUGLHQVWNUHX]HUKDOWHQ" +(11,1*
«%HUXIV6ROGDWLQ" &/$8',$.521(1%(5*
«HLQH6FKOlJHUHLDQ]HWWHOQXQGHLQH$Q]HLJHZHJHQ
.|USHUYHUOHW]XQJEHNRPPHQ"3(/67(5
«HLQHQ1REHO3UHLVHUKDOWHQ" 67()),
«VHLQHQ*HEXUWVWDJIHLHUQ"3+,//,3
6FKOHUVWDWLVWLNHQ
4XDVVHOVWULSSH
0lQQOLFK
:HLEOLFK
/lVWHUPlXOHU=LFNHQ
0lQQOLFK
:HLEOLFK
.ODVVHQFORZQ
0lQQOLFK
:HLEOLFK
%HVWHV2XW¿W
0lQQOLFK
:HLEOLFK
6FKOHUVWDWLVWLNHQ
5XKLJ8QDXIIlOOLJ
0lQQOLFK
:HLEOLFK
$P/DXWHVWHQ
0lQQOLFK
:HLEOLFK
$P$XIIlOOLJVWHQ
0lQQOLFK
:HLEOLFK
$P%ORQGHVWHQ
0lQQOLFK
:HLEOLFK
6FKOHUVWDWLVWLNHQ
%HJHKUWHVWHQ
0lQQOLFK
:HLEOLFK
(KUJHL]LJVWHQ
0lQQOLFK
:HLEOLFK
(QJDJLHUWHVWHQ
0lQQOLFK
:HLEOLFK
&KDRWLVFKVWHQ
0lQQOLFK
:HLEOLFK
6FKOHUVWDWLVWLNHQ
&KDUPDQWHVWHQ
0lQQOLFK
:HLEOLFK
6FK|QVWHV/lFKHOQ
0lQQOLFK
:HLEOLFK
*HLOVWHU$UVFK
0lQQOLFK
:HLEOLFK
7UDXPSDUH
5HDO
,PDJLQlU
'DQLHO*6DUDK
1DGLQH5.DL2ODY
.LUVWHQ$OH[5
/HQD6WHIDQ:D
.ULVWLQD'DQLHO&
(OOHQ*HRUJL
0DLNH+HQULN
(OSLQLFNL&KULVWRSK.
)ORULDQ-RKDQQD
/DUV)UDQN
0DLNH+HQQLQJ
$OH[56DUDK
,VDEHOOD*HRUJL
$OH[5+HUUGH%UX\Q
-RKDQQD&KULVWRSK.
'DQLHO*.LUVWHQ
%HQHGLNW%'LDQD
*RUGRQ6SLHJHOELOG
/HKUHUVWDWLVWLNHQ
%HVWH6SUFKH
0lQQOLFK
:HLEOLFK
$P6\PSDWKLVFKVWHQ
0lQQOLFK
:HLEOLFK
%HVWHV2XW¿W
0lQQOLFK
:HLEOLFK
.UHDWLYVWHU8QWHUULFKW
0lQQOLFK
:HLEOLFK
/HKUHUVWDWLVWLNHQ
8QSQNWOLFKVWHQ
0lQQOLFK
:HLEOLFK
:LW]LJVWHQ
0lQQOLFK
:HLEOLFK
6WUHQJVWHQ
0lQQOLFK
:HLEOLFK
7UDXPSDDUH
5HDO
,PDJLQlU
(LGPDQQ0D\
$OWHQD%RQL
(LGPDQQ.HVVHOHU
3RWWKRII0D\
5DWHLNH)HOEHFN
$OWHQD.HQQ
6FK|IIHO*UlEH
6HYNHW1DYDNL
%RUQHU+HLQ]H
)ULHGKRII:HOS6FKHUHU
(LGPDQQ$YHUZHJ
%RUQHU%RQL
GH%UX\Q0D\
)HOEHFN0D\
5DWHLNH+HLQ]H
.RWWZLJ:HUWKZHLQ
'LH*HIDOOHQHQ
$QGH[HU6HEDVWLDQ
,PPHO%HQMDPLQ
3LQWHD&KUVWLQH
$UPHQDW,VDEHO
-DFKHUW6HEDVWLDQ
3OLHV&KULVWRSKHU
%DOOD*DERU
-lJHU$QQLND
3RKOPDQQ0HODQLH
%HFNHUV0LFKDHO
.DPS6WHIDQ
3ROORFN/XNDV
%HKPHQEXUJ&KULVWRSK
.DXIXQJ5HQH
3RXOVHQ/HRQLH
%ROWUHV0DUWLQD
.HPSND0D\D
5DSXWRZ2OJD
%RJXVFK&ODXGLD
.OHHPDQQ-DQ
5HHVH1LHOV
%RUQRII$QGUHD
.OHXVHU-HQV
5HXWHU)UDQVLVND
%RWRU0DJGDOHQD
.OLQNDX-HQQLIHU
5RKUPDQQ1LOV
%RX[KHLP.DL
.RQLHQ]NR%RULV
5RVHQEDXP-DQ
%RYHQNDPS7LOO
.RUWHQ1DGLQH
6DGHN%HQMDPLQ
%UHLGHQEDFK6DKUD
.RUWKDOV1DGLQH
6DUDGDU<DVVLQ
%UHQQHU6WHSKDQLH
.UDKO&KULVWLQH
6RPPHU3DVFDO
%U|VVHO&DUROLQH
.UHVLQ0DUWLQ
6FKlIHU6WHSKDQ
%XFKKRO]'DYLG
.XGZLHQ'HQQLV
6FKHLIHUV'RPLQLN
%\NDWD9HQKDU
.KQHO'DULXV
6FKOHLFKHU6DEULQD
%\NER]NR\XQgPHU
.XKQ1DGLQH
6FKOWHU0DUORQ
&DPSHQ%M|UQ
/LWZD$OLFLD
6FKQHLGHU$QVJDU
&R[7LPRWK\
/RKNDPS0LVFKD
6FKXOW]3DWULFN
&]LFNXV6HEDVWLDQ
/|N$EGXOODK
6FKUPDQQ6HEDVWLDQ
'DUJD]6DQGUD
/RUHQ]0DUFR
6HLGHO6HEDVWLDQ
'LUNV-DQ+HQGULN
/RZLQVNL-DQ
6HXWH-DQLQH
'UHWDNLV0LUDQWD
/XFNH3KLOOLS
6LPRQ3DWULFN
'XGD9LROHWWD
0DUNZDUGW1LNR
6WLIDQRV/LGLD
(IIH\6DVNLD
0DWNRYLF0D\D
6WUREHO$OH[DQGHU
(UDOS2\D
0HKOPDQQ'DYLG
6W|FNHU/LVDQQH
)RQWHQOD)DELDQ
0HLQHU-HVVLFD
6WUDWPDQQ$QGUH
)UDQN3DVFDO
0HOFKLRU.DWULQ
6WUPHU7KRPDV
)UDQ]$OH[DQGHU
0LNRODMLF3DWUL]LD
7HQ9LROHWWD
)UHKVH-RKDQQHV
0RF]LJHPED.DWKDULQD
7HUFDQ'RXJXFDQ
*DEVL+D\HW
0XVD%DQDQ
8KOPDQQ9LFN\
*HUOLQJ(GDXUG
1HXKDXV7LP
9RJHOVDQJ$OLQD
*RHEHOVPDQQ-DQ
1LYDGR6XUH]0HODQLH
:DJQHU&DUROLQH
*URPDQQ5REHUW
2EHUVWH9RUWK0DUFR
:HLJHO3DWULFN
*QWKHU6DUDK
g]GHPLU<DVDU
:LQWHU&KULVWRSK
+DFNIXUWK(IJHQLD
g]VHYHQ&DQDQ
:LQWHU+HLGL
+DQVHQ-HQQLIHU
g]WUN0XUDW
:LWWH&RULQQD
+HLQH.DWKDULQD
3DQDUHR0LFKDHO
=DLPRYLF(GLQ
+HQQLQJ1DGLQH
3DQW&KULVWLDQ
=LHJOHU6WHIDQLH
+|FK0DUFHO
3HGLV1LFRODRV
+|KQ)ORULDQ
3HUNXKQ6LPRQH
)RWRFROODJHQ
)RWRFROODJHQ
)RWRFROODJHQ
7KHKRI '|QEHUJ
,PSUHVVXP
6SHFLDO7KDQ[WR
%HQMDPLQ+DIHQPHLVWHUIUGLH6SRQVRUVXFKH
-XOLD/DW]LQ+HQQLQJ/HRQKDUGW.DL2ODY5XQNHO%HQHGLNW.RQUDG6WHIDQ:RQQHEHUJHUIUGHQ(LQVDW]EHLGHP
=XVDPPHQEDXGHU=HLWXQJ
-XOLD/DW]LQXQG.ULVWLQD6FKRWWOHUIUGLH6WHFNEULHIH
+HQQLQJ/HRQKDUGWIU6WDWLVWLNHQXQG&ROODJHQ
.DL2ODY5XQNHOIUGLH0RWLYDWLRQXQGGHQ(ODQ
7RELDV6DPXVIUGLH/.%HULFKWH
)DP/HRQKDUGWIUGLH+lXVOLFKNHLWHQVRZLH6SHLVXQG7UDQN
.DWULQ6FKlIHUXQG'DQLHO*XWVHHOIUGLH/HKUHUVSUFKH
GHQ=HLFKQHUGHV3LFNHOKDXEHQUHLWHUVDXI6HLWH
XQG$OOHQGLHZLUYHUJHVVHQKDEHQ
7KDQ[WR
)DELDQ:LVGRUI3DXO0DUWLQ:ROIIXQG)UDQN3RWKHQIUGHQ]ZLVFKHQ]HLWOLFKHQ(LQVDW]EHL/HKUHUVSUFKHQXQG
&ROODJHQ
6DEULQD6WLQQ-DQLQD6FKlIHU3DXO0DUWLQ:ROIIXQG&KULVWRSK.DWHUQGDKOIUGLH6SRQVRUVXFKH
.LUVWLQ8QWULHVHU0LULDP6HXWH%DUEDUD0LQNH2OJD$WKDQDVLRXXQG/HQD*HUODFKIUGLH6WDWLVWLNHQXQGÄ:HU
ZLUGPDO"³
GHP(QWGHFNHUGHV&RIIHLQVVFKQDUFK
DOOHQGLHQLFKWHLQHQ)LQJHUNUXPPJHPDFKWKDEHQ
*ULOO:HOWDP'|QEHUJIUGLHN|VWOLFKH9HUSÀHJXQJ
$OGLIUGLH6L[3DFNV5HG+RUVH
GHQ¿QQLVFKHQ:lOGHUQIUGDVNRVWHQORVH3DSLHUZRYRQZLUIDVWÃQHQKDOEHQ:DOGIU7HVWGUXFNHEUDXFKWHQ
([FHOXQGGLHJUDXVDPHQ'LDJUDPPHGLHHVVHOWVDPHUZHLVHQXUDXI+HQQLQJV5HFKQHUJDE
%HQHGLNW.RQUDGIUGLH3DQLNPDFKHDOVHUDXIGHU=LHOJHUDGHQEHKDXSWHWHHLQHQ7HLOGHU
J|WWOLFKHQ$%,=HLWXQJYHUQLFKWHW]XKDEHQ
$UPLQ/HRQKDUGWIUGLHPDWKHPDWLVFKH8QWHUVWW]XQJXP8KU
*UH
DQ)DELDQ:LVGRUIXQGVHLQH0DWUL[
DQ3DXO0DUWLQ:ROIIIUVHLQHHUKHLWHUQGHQ)RWRPRQWDJHQ
DQ)UDQN3RWKHQ)UGHQ/lXVH]RR
DQDOOH*HIDOOHQHQ
)LQDQ]LHOOHV
'LHVH$%,=HLWXQJ¿QDQ]LHUWVLFKNRPSOHWWVHOEHUXQGZLUVLQGVWRO]GDUDXI'DUXPDXFKYLHOHQ'DQNDQDOOH6SRQVRUHQGLH
XQVWDWNUlIWLJXQWHUVWW]WKDEHQ
,QJHGHQNHQDQ-XOLDV+DQGGLHDXIJUXQGHLQH6HKQHQVFKHLGHQW]QGXQJVFKRQODQJVDPHLQHVFKZDU]H
)lUEXQJDQQLPPW6HH\RXLQ+HDYHQ
'UXFNHUHL$ELPDQLDZZZDELPDQLDGH
$XÀDJH 6WFN
6FKXW]JHEKU ¼
(UVFKHLQXQJVWHUPLQ$SULO

Die Schlacht bei Sedan - Gymnasium Sedanstraße

Transcription

Similar documents

HJ-321-E Schrittzähler Walking style One 2.1 1. 2. 3. 4.