&JF
4 F [ FQ U F E FS
/FJTUFSLcDIF
'LHQDFKIROJHQGHQ5H]HSWHVWDPPHQYRQ KWWSZZZQHW]NRFKGH
$XIGHQIROJHQGHQ6...
99 downloads
1041 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
&JF
4 F [ FQ U F E FS
/FJTUFSLcDIF
'LHQDFKIROJHQGHQ5H]HSWHVWDPPHQYRQ KWWSZZZQHW]NRFKGH
$XIGHQIROJHQGHQ6HLWHQILQGHQ6LHHLQHNOHLQH $XVZDKODQ5H]HSWHQGLYHUVHU&KHI XQG 0HLVWHUN|FKHXD+HLQ]:LQNOHU'RULV .DWKDULQD+HVVOHU-RKDQQ /DIHU3DXO%RFXVH (FNDUG:LW]LJPDQQ9LQFHQW.OLQN&KULVWLDQ +HQ]H
+LHUHUVWPDOHLQHNOHLQH$XVZDKOGLYHUVHU&KHI0HLVWHUN|FKH %85*(1/$(1'(5$3)(/63$/7(1,1:(,17(,* %85*(1/$(1'(5%$(5/$8&+6833(
&$11(//21,0,7%581&+)8(//81* &$6628/(7728/286$,1
(,6*8*(/+83),1=,076&+$806$8&(0,7*()8(//7(06&+025$3)(/ (5)857(5%/80(1.2+/7257(
),/(7692067(,1%8770,7=8&.(56&+27(15$9,2/, *()8(//7()25(//('5(,+$6(1
*()8(//7(5(+6&+8/7(50,7%$//(./2(66
*(6&+0257(*$(16(.(8/($8)2'(1:$(/'(5$57
*()/8(*(/%58670,7:$&+2/'(5.5867(720$7(12/,9(1*(08(6( 5H]HSWHYRQ$OIRQV6FKXKEHFN
75$8%(1.$(6(7(55,1(0,7%877(50,/&+%,51(16&+$80 */8(+:(,1*8*/+83) *(08(6( &$53$&&,2
:8(5=,*(56(//(5,(7$/(50,76&+025.$572))(/1
*(%5$7(1(6&$03,$8)$57,6&+2&.(1720$7(1*(08(6( 3,67$=,(1&5(0($8)25$1*(1),/(76
52+0$5,1,(57(5,1')/(,6&+528/$'(0,7.5$(87(51
:,(6(1.5$(87(56$/$70,7*()8(//7(0.$1,1&+(158(&.(1 $/)2166&+8+%(&.63(7(56,/,(1:85=(/6833(
%$',6&+(%$(&.(5.$572))(/10,76$/$7921:(,66(081'*5h1(0 63$5*(/ &$11(//21,*()8(//70,7/$8&+63,1$781'67(,13,/=(1 (//6$(66(5)/$00(.8&+(11$&+$/)2166&+8+%(&.
*()8(//7(*(%5$7(1(*$(16(.(8/(11$&+$/)2166&+8+%(&. *(32(.(/7(*$(16(.(8/($8)6$8(5.5$87
*(6&+0257(.$1,1&+(1.(8/(10,7=8&&+,1,720$7(1*(08(6( +8%(5 6=:(76&+*(1$8)/$8)0,7+$6(/1866(,6 5H]HSWHYRQ3DXO%RFXVH
527%$5%(0,7.$572))(/6&+833(1
&5(0(' $5*(17(8,/28' $63(5*(6 63$5*(/&5(0(6833( +(&+7*(6&+02570,7&+$03,*1216 5+$%$5%(5.8&+(11$&+%2&86( 6&+1(((,(5*,628
6&+:(,16.23)68(/=()520$*('(7(7('(325& 58(+5(,(50,7758())(/1 :$))(/11$&+%2&86(
5H]HSWHYRQ&KULVWLDQ+HQ]H
628))/,(57(56$,%/,1*0,7*5$83(19,1$,*5(77(
%$(5/$8&+68(33&+(10,7*(52(67(7(13,1,(1.(51(1
3(5/+8+1,0*$1=(1*(%5$7(10,76&+025*(08(6(81'32/(17$*5$7,1 (5'%((55+$%$5%(56833(0,7&+$03$*1(5 5H]HSWHYRQ'RULV.DWKDULQD+HVVOHU
*(08(6(6&+$)6.$(6(63,(66(0,7%$6,/,.806$8&( /$8&+3,1,(148,&+(
387(163,(66&+(1,1(5'1866&+,/,%877(5 =$1'(5,063(&.0$17(/
-$.2%6086&+(/1$8)$6,$7,6&+($57 5H]HSWHYRQ9LQFHQW.OLQN
%2'(16((7(8)(/&+(10,7+$6(/18(66(1
*2/'%5$66(0,75$6$/+$1287 /277(0,72/,9(16$8&(
/(&.(5(6)8(563,&.1,&.
+,56&+58(&.(10('$,//210,7'2(553)/$80(181'3,1,(1.(51(1 0$5,//(1.12('(/1$&+9,1&(17./,1. 5H]HSWHYRQ-RKDQQ/DIHU
.$572))(/ *5$7,11$&+-2+$11/$)(5
*()8(//7(.$/%)/(,6&+52(//&+(10,7(00(17$/(581'6$/%(, -2+$11/$)(56(;27,6&+(52%676$/$7
-2+$11/$)(56.2.267257(0,7(,1(0+$8&+921(;27,. -2+$11/$)(567,5$0,687257(
48$5.$35,.26(1.12('(/0,7(5'%((5(181'*5$1'0$51,(56$%$<21 5$(8&+(5/$&+681'/$&+67$7$5,052(67,0,76$/$7(1
*HIOXHJHOOHEHUSUDOLQHQLP.XHUELVNHUQ3XPSHUQLFNHO6HVDPPDQWHODXI*HZXHU]WUDPLQHUJHOHH /$8:$50(6/$&+6&$53$&&,2
&$6628/(792063$5*(/0,7025&+(/181'.5(%6(1 /$0058(&.(1,13$35,.$.5867(
&5(0(%58/((0,7)5,6&+(1(5'%((5(1 *(08(6(6833(
/$&+6'8.$7(1$8)/$8&+0,73),))(5/,1*(1 5,1'(5),/(7,1527:(,1
5+$%$5%(57$57(0,7(5'%((5(1
6(//(5,(6&+$806833(0,76&+:$5=(0758())(/ 67(,13,/=5,62772
5(%+8+10,7/,16(16$8&(
&5(3(60,725$1*(16&+$80
5,1'(5&216200(0,73,6728
67-$.2%6/$&+6,1%/$(77(57(,*
:,/'+$6(1$&+$579213$8/%2&86( 6&+2.2/$'(17(55,1(
+LHUHUVWPDOHLQHNOHLQH$XVZDKOGLYHUVHU&KHI 0HLVWHUN|FKH
%85*(1/$(1'(5$3)(/63$/7(1,1:(,17(,* (UJLEW3RUWLRQHQ
bSIHOVlXHUOLFK=LWURQH6DIWGDYRQ(/5XPJ.ULVWDOO]XFNHU3ULVH =LPW%DFNIHWW3XGHU]XFNHUYDQLOOLHUW]XP%HVWUHXHQ %$&.7(,*
FO:HLZHLQJ0HKO6DO](/gO(LGRWWHU(LONODUJ=XFNHU 48(//(
$XVJHZlKOWH5H]HSWHDXVGHU%XUJHQOlQGLVFKHQ.FKHYRQ0HLVWHUNRFK)UDQ]=RGO 'LHbSIHOVFKlOHQ.HUQJHKlXVHKHUDXVVWHFKHQLQFPGLFNH6FKHLEHQVFKQHLGHQ PLW=LWURQHQVDIWXQG5XPEHWUlXIHOQXQGPLW=XFNHUXQG=LPWEHVWUHXHQ $SIHOVFKHLEHQLQ%DFNWHLJWDXFKHQXQGLQKHLHP)HWWVFKZLPPHQGEHL*UDG JROGEUDXQEDFNHQ $EWURSIHQODVVHQXQGPLWYDQLOOLHUWHP6WDXE]XFNHUEHVWUHXHQ(YHQWXHOOPLWHWZDV 0DULOOHQPDUPHODGHEHVHW]WHQRGHUPLWHWZDV)UXFKWVDXFHVHUYLHUHQ %DFNWHLJ
0HKOPLW(LGRWWHUQgOXQG:HLQYHUUKUHQVDO]HQXQGHWZDVUDVWHQODVVHQ(LNODU PLW=XFNHU]X6FKQHHVFKODJHQXQGXQWHUGHQ7HLJ]LHKHQ $SIHOVSDOWHQLQ:HLQWHLJKHUDXVJHEDFNHQVLQGHLQHHLQIDFKHDEHUXPVR N|VWOLFKHUH66SHLVH
%85*(1/$(1'(5%$(5/$8&+6833( (UJLEW3RUWLRQHQ
J/DXFKJ=ZLHEHOQJ%DHUODXFKJ%XWWHUJ0HKOO *HPVHIRQGRGHU.QRFKHQVXSSH0XVNDW6DO]3IHIIHUIULVFKJHPDKOHQ (LGRWWHUGO6DKQH7/=LWURQHQVDIW 48(//(
$XVJHZlKOWH5H]HSWHDXVGHU%XUJHQOlQGLVFKHQ.FKH9RQ0HLVWHUNRFK)UDQ]=RGO (LQZLHQHULVFKHV)UKOLQJVJHULFKWGXUFK]LHKWGRFKLP0lU]GDVLQWHQVLYH .QREODXFKDURPDGHV%DHUODXFKVGHQ:LHQHUZDOG
)HLQJHVFKQLWWHQH=ZLHEHOQXQG/DXFKLQ%XWWHUDQVFKZLW]HQPLW0HKOVWDXEHQPLW )OVVLJNHLWDXIJLHHQXQGFD0LQXWHQN|FKHOQODVVHQ'HQLQ6WUHLIHQ JHVFKQLWWHQHQ%DHUODXFKGD]XJHEHQZHLWHUH0LQXWHQ]LHKHQODVVHQPLW(LGRWWHUQ XQGYHUUKUWHP2EHUVGLH6XSSHOHJLHUHQXQGPLW=LWURQHQVDIW6DO]XQG0XVNDW DEVFKPHFNHQ
&$11(//21,0,7%581&+)8(//81* (UJLEW3RUWLRQHQ
'RVH7RPDWHQJHVFKlOWPO=ZLHEHO.QREODXFK]HKH(/2OLYHQ|O %XQG%DVLOLNXP6DO]3IHIIHUIULVFKJHPDKOHQ3DSULNDVFKRWHURW 3DFNXQJHQ%UXQFKDJDXVGHP0RONHUHLUHJDO (L&DQQHOORQL)HWWIU GLH)RUPJ0R]DUHOOD 48(//(
0'57HOHWKHNYRQ+HUEHUW)UDXHQEHUJHU 7RPDWHQDXIHLQHP6LHEDEWURSIHQODVVHQXQGJURE]HUNOHLQHUQ=ZLHEHOXQG .QREODXFK]HKHDE]LHKHQXQGIHLQZUIHOQgOLQHLQHU3IDQQHHUKLW]HQXQGEHLGHV GDULQDQVFKZLW]HQ7RPDWHQ]XJHEHQXQGFDIQI0LQXWHQJDUHQ %DVLOLNXPZDVFKHQWURFNHQWXSIHQXQGELVDXIHLQLJH%OlWWFKHQLQIHLQH6WUHLIHQ VFKQHLGHQ'LH+lOIWHXQWHUGLH7RPDWHQVDXFH]LHKHQXQGPLW6DO]XQG3IHIIHU DEVFKPHFNHQ
3DSULNDVFKRWHKDOELHUHQSXW]HQZDVFKHQXQGVHKUIHLQZUIHOQ0LW%UXQFK(LXQG UHVWOLFKHQ%DVLOLNXPVWUHLIHQYHUUKUHQXQGPLW6DO]XQG3IHIIHUDEVFKPHFNHQ .lVHPDVVH LQHLQHQ6SULW]EHXWHOPLWUXQGHU7OOHIOOHQXQGLQGLH&DQQHOORQL VSULW]HQ&DQQHOORQLLQHLQHIODFKHJHIHWWHWH$XIODXIIRUPOHJHQXQGGLH 7RPDWHQVDXFHGDUEHUYHUWHLOHQ 0R]]DUHOODDEWURSIHQODVVHQZUIHOQXQGGDUEHUVWUHXHQ,PYRUJHKHL]WHQ %DFNRIHQEHL*UDG&*DV6WXIH FD0LQXWHQEDFNHQ 0LWGHQEHLVHLWHJHOHJWHQ%DVLOLNXPEOlWWFKHQJDUQLHUWVHUYLHUHQ =XEHUHLWXQJV]HLWFD0LQXWHQ N-NFDOS3
&$6628/(7728/286$,1 (UJLEW3RUWLRQHQ
NJ3HUOERKQHQNHUQHZHL.DURWWH=ZLHEHO.QREODXFK]HKH *lQVHVFKPDO].UlXWHUEQGHO*lQVHNHXOHQLPHLJHQHQ)HWWHLQJHOHJWJ /DPPULSSHQVWFNJ7RXORXVHU:XUVWIULVFK%URWNUPHO 48(//(
1'5.2&+678',2('28$5''(5:(/70(,67(56&+$)76.2&+ %RKQHQNHUQHEHU1DFKWHLQZHLFKHQGDQQLQNDOWHVXQJHVDO]HQHV:DVVHUJHEHQ DXINRFKHQXQGDEVFKlXPHQ'LHNOHLQJHVFKQLWWHQH.DURWWH=ZLHEHOXQG.QREODXFK LQHWZDV*lQVHVFKPDO]DQGQVWHQ]XVDPPHQPLWGHP.UlXWHUEQGHO]XGHQ %RKQHQJHEHQXQGHLQH6WXQGHVDQIWN|FKHOQODVVHQ $P6FKOXVVGDV.UlXWHUEQGHOHQWIHUQHQ'HQ7RSIYRP)HXHUQHKPHQ
$XIGHP%RGHQHLQHV7RQWRSIHVGLH+lOIWHGHU%RKQHQOHJHQ'LH*lQVHNHXOHQGDV /DPPIOHLVFKXQGGLH:XUVWDQEUDWHQXQGEHUGHQ%RKQHQYHUWHLOHQ
0LWGHUDQGHUHQ+lOIWHGHU%RKQHQDEGHFNHQ-HGH6FKLFKWVDO]HQXQGSIHIIHUQ(LQH KDOEH7DVVH.RFKEUKHGD]XJHEHQXQGGDQQHLQHZHLWHUH6WXQGHDXINOHLQVWHU )ODPPHRKQH'HFNHON|FKHOQODVVHQ $OOH0LQGLHREHUHIHVWH6FKLFKWGLHVLFKLPPHUZLHGHUELOGHWPLWHLQHP +RO]O|IIHOVDQIWXQWHUPLVFKHQ$P6FKOXVVJHJULOOWH%URWNUPHOGDUEHUVWUHXHQXQG GDV]HUODVVHQH)HWWGHUHLQJHOHJWHQ.HXOHQGD]XJHEHQ'HQ7RSINXU]LQGHQ2IHQ VFKLHEHQ $XIJHZlUPWVFKPHFNWGHU&DVVRXOHWDPEHVWHQ
(,6*8*(/+83),1=,076&+$806$8&(0,7*()8(//7(0 6&+025$3)(/ (UJLEW3RUWLRQHQ (,6*8*(/+83)
J.DUDPHOO(LHU(LJHOEPO*HVFKODJHQH6DKQH/HENXFKHQJHZU] =LPWJ2UDQJHDWJ5RVLQHQJ&RFNWDLONLUVFKHQJ=LWURQDWJ 0DQGHOQJHU|VWHW$PDUHWWR&RJQDF (LHUXQG(LJHOEHPLWZDUPHQ.DUDPHOOVFKDXPLJVFKODJHQ 'LHLQ$PDUHWWRXQG&RJQDFHLQJHZHLFKWHQ)UFKWHQ0DQGHOQXQG*HZU]H ]XJHEHQ6DKQHXQWHUKHEHQXQGLQ)RUPHQHLQIULHUHQ
(5)857(5%/80(1.2+/7257( (UJLEWHLQHQ.XFKHQ
3DFNXQJ7.%OlWWHUWHLJJJURHU%OXPHQNRKO6DO]=LWURQH6DIWGDYRQ %XQG3HWHUVLOLHJ(PPHQWDOHU.lVHJ3XWHQILOHWVFKLQNHQLQGQQHQ 6FKHLEHQ(LHUPO:HLZHLQWURFNHQJ6DKQH(/%XWWHU3IHIIHU ZHL0XVNDWQXVV 48(//(
0'57HOHWKHNYRQ+HUEHUW)UDXHQEHUJHU %OlWWHUWHLJTXDGUDWHQDFK3DFNXQJVDQZHLVXQJDXIWDXHQODVVHQ%OXPHQNRKOSXW]HQ LQ5|VFKHQWHLOHQXQGLQNRFKHQGHP6DO]ZDVVHUPLW=LWURQHQVDIWELVVIHVWJDUHQ $EJLHHQJXWDEWURSIHQXQGDENKOHQODVVHQ3HWHUVLOLHZDVFKHQJXW WURFNHQWXSIHQXQGIHLQKDFNHQ(PPHQWDOHUUHLEHQ (LQHUXQGHIHXHUIHVWH)RUPRGHU6SULQJIRUP PLWNDOWHP:DVVHUDXVVSOHQPLW %OlWWHUWHLJTXDGUDWHQDXVOHJHQHLQHQ5DQGKRFK]LHKHQXQGDQGUFNHQ
%RGHQPLW3HWHUVLOLHEHVWUHXHQXQGGLFKWPLW%OXPHQNRKOU|VFKHQEHOHJHQGDEHL MHGHV]ZHLWH5|VFKHQYRUKHULQHLQH6FKLQNHQVFKHLEHKOOHQ (LHU:HLZHLQ6DKQHXQG.lVHUDVSHOYHUTXLUOHQXQGPLW6DO]3IHIIHUXQG 0XVNDWQXVVZU]HQ0DVVHJOHLFKPlLJEHUGLH)RUPYHUWHLOHQXQGPLW %XWWHUIO|FNFKHQEHOHJHQ
,PYRUJHKHL]WHQ%DFNRIHQEHL*UDG&*DV6WXIH FD0LQXWHQ JROGEUDXQEDFNHQ
1DFK:XQVFKPLWJHKDFNWHU3HWHUVLOLHEHVWUHXHQXQGPLW]X5|VFKHQJHGUHKWHQ 6FKLQNHQVFKHLEHQJDUQLHUWVHUYLHUHQ
),/(7692067(,1%8770,7=8&.(56&+27(15$9,2/, (UJLEW3RUWLRQHQ
6WHLQEXWWILOHWVDJ6DO]3IHIIHUVFKZDU]=LWURQHPO2OLYHQ|OEHVWH 4XDOLWlW7K\PLDQ]ZHLJ.QREODXFK]HKHJ%XWWHU )8(5',()8(//81*
J7LHINKOHUEVHQ6FKDORWWHIHLQJHKDFNW PO3RUWZHLQZHLPO&UHPH 'RXEOH7/3HWHUVLOLHJHKDFNW3IHIIHUPLQ]EOlWWHUJ%XWWHUNDOW6DO] 3IHIIHU0XVNDW )8(5'(118'(/7(,*
(LJHOE3ULVH6DO]PO2OLYHQ|OJ0HKO7\SH *$51,78581'(,1/$*(
J.DLVHUVFKRWHQJ.DURWWHQJHZUIHOWJ/DXFKLQ6WUHLIHQJ 6HOOHULHLQ:UIHOQ )8(5',(%877(56$8&(
NOHLQHV,QJZHUVWFN/LPRQHPO)LVFKIRQGPO)OVVLJ]XFNHU6DO] 0HKOEXWWHU]XP%LQGHQJ%XWWHUZUIHONDOW 48(//(
5HVWDXUDQW6FKZHL]HU6WXEHLQ:HUWKHLP%HWWLQJHQ )LOHWVYRP6WHLQEXWWPLW/LPRQHQ,QJZHU%XWWHU=XFNHUVFKRWHQ5DYLROL'LH 6WHLQEXWWILOHWVPLW6DO]3IHIIHUXQG=LWURQHZU]HQ,Q2OLYHQ|OPLW7K\PLDQXQG .QREODXFKGUHL0LQXWHQNXU]DQEUDWHQXQG%XWWHU]XIJHQGDEHLHLQLJH0DOH EHUJLHHQ
)UGHQ1XGHOWHLJDXV(LJHOE6DO]XQGgOPLWGHP0HKOXQGHLQHP6SULW]HU:DVVHU HLQHQJODWWHQ7HLJKHUVWHOOHQXQG6WXQGHUXKHQODVVHQ
)UGLH)OOXQJGLH(UEVHQEODQFKLHUHQXQGHLVNDOWDEVFKUHFNHQ'LH6FKDORWWHQPLW 3RUWZHLQDQGQVWHQXQGDXIHLQNRFKHQ'LH&UHPHGRXEOH]XIJHQXQGXPGLH +lOIWHHLQNRFKHQ3HWHUVLOLH0LQ]H%XWWHUXQGGLH(UEVHQ]XJHEHQXQGLP0L[HU]X HLQHP3UHHYHUDUEHLWHQ0LW6DO]3IHIIHUXQG0XVNDWDEVFKPHFNHQ 'LH*HPVHZUIHOXQGJGHU.DLVHUVFKRWHQHEHQIDOOVJHZUIHOW LQOHLFKW JH]XFNHUWHP6DO]ZDVVHUEODQFKLHUHQGHU*HPVHZUIHOIUGLH*DUQLWXU UHVHUYLHUHQGHQ5HVWXQWHUGDV(UEVHQSUHHPLVFKHQXQGQRFKHLQPDO DEVFKPHFNHQ'LHUHVWOLFKHQ.DLVHUVFKRWHQLQ5DXWHQVFKQHLGHQXQGIUGLH *DUQLWXULQ=XFNHUVDO]ZDVVHUEODQFKLHUHQ
'HQ1XGHOWHLJDXVUROOHQGDV(UEVHQSUHHDXIVSULW]HQ5DYLROLIRUPHQXQGLQ
6DO]ZDVVHUNRFKHQ
)UGLH6DXFHGHQ,QJZHUVFKlOHQXQGLQKDXFKGQQH6WUHLIHQVFKQHLGHQ,Q:DVVHU EODQFKLHUHQNDOWDEVFKUHFNHQXQGDEWURSIHQODVVHQ'HQ)LVFKIRQGDXINRFKHQPLW GHP6DIWGHU/LPRQH)OVVLJ]XFNHUXQG6DO]DEVFKPHFNHQ0LWGHU0HKOEXWWHU JDQ]OHLFKWELQGHQXQGPLWGHUNDOWHQ%XWWHUDXIPRQWLHUHQ 9RUGHP$QULFKWHQGLH,QJZHU XQG/LPRQHQVWUHLIHQLQGLH6DXFHJHEHQ'LH JHEUDWHQHQ6WHLQEXWWILOHWVDXI7HOOHUDQULFKWHQ
'LH5DYLROLLQ6DO]ZDVVHUNRFKHQPD[0LQXWHQ0LWHLQHP6WFNFKHQ%XWWHULQ GHU3IDQQHVFKZHQNHQ'LH5DYLROLDQULFKWHQPLWGHU/LPRQHQ ,QJZHUVDXFH XPJLHHQXQGPLWGHQ UHVHUYLHUWHQ*HPVHZUIHOQXQGGHQ.DLVHUVFKRWHQUDXWHQ JDUQLHUHQ
*()8(//7()25(//('5(,+$6(1 )U3HUVRQHQ
)RUHOOHQJ=ZLHEHOQJHKDFNWJ:HLEURWNUXPHGO0LOFK(LJ 0HKOJ%XWWHUGO:HLZHLQ3DSULND3HWHUVLOLH 48(//(
5HVWDXUDQW'UHL+DVHQ0LFKHOVWDGW2GHQZDOG 'DV%URWLQGHU0LOFKHLQZHLFKHQQLFKW]XVWDUNDXVGUFNHQPLWJULQ%XWWHU ZHLJHGQVWHWHQ=ZLHEHOQXQGJHKDFNWHU3HWHUVLOLHYHUPHQJHQPLWGHP(LELQGHQ XQGPLW6DO]XQG3DSULND ZU]HQ 'LH)RUHOOHQGDPLWIOOHQDXIHLQH/DJHKHOODQJHGQVWHWHJHKDFNWH=ZLHEHOQ SODW]LHUHQZU]HQPLWGHP:HLZHLQDQJLHHQXQGLP2IHQSRFKLHUHQ
'HQ)RQGDEJLHHQSDVVLHUHQPLW0HKOEXWWHUYRQJU0HKOXQGJU%XWWHU ELQGHQDXINRFKHQDEVHLWVGHV)HXHUVPLWGHUUHVWOLFKHQ%XWWHUDXIVFKODJHQXQG GLH)RUHOOHQGDPLWQDSSLHUHQ ,PKHLHQ2IHQEHLVWDUNHU2EHUKLW]HOHLFKWEHUEDFNHQ 8QVHU6HUYLHUYRUVFKODJ 'D]XUHLFKHQZLU6DO]NDUWRIIHOQXQG)HOGVDODWPLW6SHFNXQG=ZLHEHOQRGHUIULVFKHQ JHGQVWHWHQ/DXFK
*()8(//7(5(+6&+8/7(50,7%$//(./2(66 (UJLEW3RUWLRQHQ
)8(5',(5(+6&+8/7(5
5HKVFKXOWHUPLW.QRFKHQFDNJJ5HKIOHLVFKIUGLH)DUFH%U|WFKHQ PO:HLQEUDQG6DO]3IHIIHUIULVFKJHPDKOHQ:DFKROGHUEHHUHQJ .DURWWHQJ3HWHUVLOLHQZXU]HOJ/DXFKJ=ZLHEHOQPO5RWZHLQ 0HKO]XP$EELQGHQPO6DKQHJ3ILIIHUOLQJHJ6SHFNZUIHOJ =ZLHEHOIHLQJHVFKQLWWHQ )8(5',(%$//(./2(66
.DUWRIIHOQJHNRFKW0HKO*ULH(LHU6DO]0XVNDW:HLEURWZUIHOJHU|VWHW 48(//(
5HVWDXUDQW'UHL+DVHQ0LFKHOVWDGW2GHQZDOG 'LH5HKVFKXOWHU
'LH5HKVFKXOWHUDXVEHLQHQXQGGLH6HKQHQHQWIHUQHQ'LH.QRFKHQNOHLQKDFNHQ XQGPLWGHQ6HKQHQLQHLQHP%UlWHUDQEUDWHQ'DUDXIZLUGVSlWHUGLHJHIOOWH 5HKVFKXOWHUJHOHJW 'DV5HKIOHLVFKLP0L[HUIHLQKDFNHQ'DV%U|WFKHQLQ:DVVHUHLQZHLFKHQ DXVGUFNHQXQGGD]XJHEHQ0LW:HLQEUDQG6DO]3IHIIHUXQG]HUGUFNWHQ :DFKROGHUEHHUHQZU]HQXQGQRFKPDOVJXWGXUFKPL[HQ
'LH5HKVFKXOWHUDXVEUHLWHQXQGPLWGHU)DUFHIOOHQ'DQQ]XVDPPHQUROOHQXQGPLW GHUHLQHU.FKHQVFKQXU]XVDPPHQELQGHQ0LW6DO]XQG3IHIIHUZU]HQ .DURWWHQ3HWHUVLOLHQZXU]HOXQG/DXFKZDVFKHQSXW]HQXQGLQNOHLQH:UIHO VFKQHLGHQ'LH=ZLHEHOHEHQIDOOVLQ:UIHOVFKQHLGHQ'DV*HPVH]XGHQ DQJHEUDWHQHQ.QRFKHQJHEHQXQGGLH5HKVFKXOWHUGDUDXIOHJHQ%HL*UDGLQ GHQYRUJHKHL]WHQ%DFNRIHQVFKLHEHQ1DFK0LQPLWGHP5RWZHLQDQJLHHQ 1DFK0LQGLH5HKVFKXOWHUKHUDXVQHKPHQXQGZDUPVWHOOHQ
'HQ)RQGGXUFKHLQIHLQHV6LHELQHLQHQ7RSISDVVLHUHQXQGPLWLQ5RWZHLQ DQJHUKUWHP0HKOHWZDVDEELQGHQ'LH6DKQH]XJHEHQXQGJXWGXUFKNRFKHQ ODVVHQ'DQDFK$EVFKPHFNHQ 'LH3ILIIHUOLQJHSXW]HQZDVFKHQXQGPLWIHLQHQ6SHFN XQG=ZLHEHOZUIHOQ DQVFKZLW]HQ0LW6DO]XQG3IHIIHUZU]HQ
'LH5HKVFKXOWHULQ6FKHLEHQVFKQHLGHQXQGDQULFKWHQ'LH3ILIIHUOLQJHGDUEHU JHEHQXQGPLW6RHQDSSLHUHQ %DOOHNORHVV
'LH.DUWRIIHOQ VLHVROOWHQQDFK0|JOLFKNHLW7DJHLP.KOVFKUDQNJHUXKWKDEHQ GXUFKGLH.DUWRIIHOSUHVVHGUFNHQ
0HKO*ULH(LHUXQG0XVNDWKLQ]XJHEHQXQG]XHLQHU0DVVHYHUDUEHLWHQ.ORHVVH IRUPHQXQGLQGLH0LWWHHLQHQJHU|VWHWHQ%URWZUIHOJHEHQ'LH.ORHVVHLQ NRFKHQGHP6DO]ZDVVHUJDUHQELVVLHDQGHU2EHUIOlFKHVFKZLPPHQ'DQQDFK KHUDXVQHKPHQXQGDEWURSIHQODVVHQ
*(6&+0257(*$(16(.(8/($8)2'(1:$(/'(5$57 (UJLEW3RUWLRQHQ
*lQVHNHXOHQFDJDXFK7.:DUHHLJQHWVLFK6DO]3IHIIHUIULVFK JHPDKOHQ )8(5',(6266(
NJ*lQVHNQRFKHQRGHU+KQHUNOHLQPLWWHOJURH=ZLHEHOQ.DURWWH 6HOOHULHJ0HKO(/7RPDWHQPDUN7K\PLDQIULVFK6DOEHLIULVFK1HONHQ /RUEHHUEODWW:DFKROGHUEHHUHQJHVWRHQ3LPHQWN|UQHUO5RWZHLQJ 6DXHUNLUVFKHQDG*ODV 48(//(
(UEDFKHU%UDXKDXV(UEDFKLP2GHQZDOG 'LH*lQVHNHXOHQYRU]XJVZHLVHLP*DHQVHEUlWHUPLWHWZDV0DUJDULQHKHLDQEUDWHQ QLFKW]XKHL 'DQQGLH.HXOHQDXVGHP%UlWHUQHKPHQXQGLPJOHLFKHQ)HWWGLH *lQVHNDUDVVHQRGHUGDV+KQHUNOHLQEUDXQU|VWHQODVVHQ =ZLHEHOQ.DURWWHQXQG6HOOHULHGD]XIJHQHEHQIDOOVDQU|VWHQODVVHQ'DQQGDV 7RPDWHQPDUN]XIJHQ
9RUVLFKWHVGDUIQLFKWYHUEUHQQHQPXVVMHGRFKDXVUHLFKHQGDQU|VWHQGDPLWHV VHLQHQVlXHUOLFKHQ*HVFKPDFNYHUOLHUW
1XQGDV0HKOKLQ]XIJHQXPUKUHQXQGPLWGHP5RWZHLQ DEO|VFKHQ0LWHWZDV :DVVHURGHUEHVVHUPLWHLQHP%UDWHQIRQGXQG)RQGGHU6DXHUNLUVFKHQDXIIOOHQ 'LH*lQVHNHXOHQQXQLQGLH6RHHLQOHJHQXQGLP]XJHGHFNWHQ%UlWHUEHL*UDG LP%DFNRIHQRGHU*UDGLP+HLOXIWRIHQFDPLQVFKPRUHQODVVHQ
'DQDFKGLH.HXOHQDXVGHU6RHSDVVLHUHQXQGDEVFKPHFNHQHYWOQRFKHWZDV QDFKGLFNHQ'DQQGLH6DXHUNLUVFKHQLQGLH6RHJHEHQXQGGLH*lQVHNHXOHQGDPLW QDSSLHUHQGHQ5HVWGHU6RHH[WUDVHUYLHUHQ $OV%HLODJHHLJQHQVLFK.DUWRIIHOQRGHU+HIHNQ|GHOVRZLH6SLW]EXEH5RVHQNRKO 5RWNRKOXQGIULVFKHV(UEDFKHU3UHPLXP3LOV
*()/8(*(/%58670,7:$&+2/'(5.5867(720$7(1 2/,9(1*(08(6( (UJLEW3RUWLRQHQ
)8(5',(%58(67&+(1
+lKQFKHQEUVWFKHQPLW+DXW:DFKROGHUEHHUHQ7/6FKZDU]H3IHIIHUN|UQHU 7/*HOEH6HQIN|UQHU(/2OLYHQ|O6DO]=LWURQHQVDIW )8(5'$6*(08(6(
J&KDPSLJQRQV)UKOLQJV]ZLHEHOQ7RPDWHQ6FKZDU]H2OLYHQ HQWVWHLQWJ%XWWHU3IHIIHUIULVFKJHPDKOHQ 48(//(
%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW )HLQHOHLFKWH.FKH 'LH+DXWGHU%UVWFKHQHLQLJH0DOHNUHX]ZHLVHPLWHLQHPVFKDUIHQ0HVVHU HLQULW]HQ:DFKROGHUEHHUHQ6HQIN|UQHUXQG3IHIIHUN|UQHULQHLQHP0RHUVHUIHLQ ]HUVWRHQXQGPLW(/2OLYHQ|OXQGPLW=LWURQHQVDIWYHUPLVFKHQ'LH+DXWGDPLW HLQVWUHLFKHQXQGPLQGHVWHQV0LQXWHQPDULQLHUHQ )UGDV*HPVHGLH3LO]HSXW]HQXQGYLHUWHOQ'LH)UKOLQJV]ZLHEHOQSXW]HQ ZDVFKHQXQGLQIHLQH5LQJHVFKQHLGHQ7RPDWHQNXU]LQNRFKHQGHV:DVVHU WDXFKHQKlXWHQKDOELHUHQHQWNHUQHQXQGLQIHLQH6WUHLIHQ VFKQHLGHQ
'LH3RXODUGHQEUVWHVDO]HQ(LQH(GHOVWDKO3IDQQHHUKLW]HQGDVUHVWOLFKHgO GD]XJLHHQXQGGLH%UVWFKHQPLWGHU+DXWVHLWHEHLPLWWOHUHU+LW]HNURVVDQEUDWHQ :HQGHQGLH.RFKSODWWHDXVVFKDOWHQXQGGDV%UVWFKHQPLWGHU5HVWZlUPHLQHWZD 0LQXWHQJDU]LHKHQODVVHQ 'LH%XWWHULQHLQHU]ZHLWHQ$QWLKDIW3IDQQHDXIVFKlXPHQODVVHQXQGGLH &KDPSLJQRQV 0LQXWHQDQEUDWHQ'DQQGLH=ZLHEHOULQJHGD]XJHEHQXQGNXU] GXUFKVFKZHQNHQ=XOHW]WGLH7RPDWHQVWUHLIHQXQGGLH2OLYHQXQWHUPLVFKHQXQGPLW 6DO]XQG3IHIIHUZU]HQ 'LHNURVVJHEUDWHQHQ%UVWHPLWHLQHPVFKDUIHQ%UDWHQPHVVHULQVFK|QH 6FKHLEHQVFKQHLGHQXQGIlFKHUDUWLJDXIGHP*HPVHDQULFKWHQ .DORULHQSUR3HUVRQFD
5H]HSWHYRQ$OIRQV6FKXKEHFN
75$8%(1.$(6(7(55,1(0,7%877(50,/&+%,51(16&+$80 )U3RUWLRQHQ
)8(5',(7(55,1(
*UDPP%ODXH:HLQWUDXEHQ*UDPP*UQH:HLQWUDXEHQ*UDPP *RXGD.lVHPLW:DOQVVHQ*UDPP*RXGDPLWWHODOW/LWHUKHOOHU 7UDXEHQVDIW6DO]3IHIIHUIULVFKJHPDKOHQ0XVNDW 3ULVH3LPHQW(VVO|IIHO =LWURQHQVDIW%ODWWJHODWLQHZHL )8(5'(1%877(50,/&+6&+$80
/LWHU%XWWHUPLOFK%LUQHZHLFKJHVFKlOW(VVO|IIHO=LWURQHQVDIW6DO] &D\HQQHSIHIIHU7HHO|IIHO+RQLJ
'LH7UDXEHQKDOELHUHQXQGHQWNHUQHQ'HQ.lVHLQFPGLFNH6FKHLEHQ VFKQHLGHQ(LQH7HUULQHO)OOPHQJH PLW.ODUVLFKWIROLHDXVOHJHQ(LQ'ULWWHOYRP 7UDXEHQVDIWHUZlUPHQXQGGLHJXWDXVJHGUFNWH*HODWLQHGDULQDXIORHVHQ'HQ UHVWOLFKHQ7UDXEHQVDIWGD]XJHEHQZU]HQXQGHUNDOWHQODVVHQ (LQHQ6SLHJHOLQGLH7HUULQHQIRUPJLHHQXQGHUVWDUUHQODVVHQ(LQH6FKLFKW 7UDXEHQKlOIWHQGUDXIOHJHQZLHGHUXPPLWGHP)RQGEHJLHHQXQGHUQHXWHUVWDUUHQ ODVVHQ$OV1lFKVWHVHLQH6FKLFKW.lVHGDUDXIOHJHQ)RQGDXIJLHHQHUNDOWHQ ODVVHQ6RIRUWIDKUHQELVDOOH=XWDWHQYHUEUDXFKWVLQGDQVFKOLHHQGGLH7HUULQHLQ GHQ.KOVFKUDQNVWHOOHQ 'LH%LUQHPLW=LWURQHQVDIWXQG%XWWHUPLOFKLP0L[HUVFKDXPLJDXIVFKODJHQ $EVFKPHFNHQXQG]XUJHVWU]WHQLQ6FKHLEHQJHVFKQLWWHQHQ7HUULQHUHLFKHQ
*/8(+:(,1*8*/+83) )U3RUWLRQHQ
(VVO|IIHO5RWZHLQNOHLQ6WFN=LPWVWDQJH6FKXVV6SXU=LPWJHPDKOHQ 2UDQJHQVFKDOH=LWURQHQVFKDOH*UDPP=XFNHU *UDPP=XFNHU *UDPP%XWWHU(LJHOE*UDPP=DUWELWWHUVFKRNRODGH(LZHL7HHO|IIHO %DFNSXOYHU*UDPP0HKO%XWWHUIUGLH)RUPFKHQ3XGHU]XFNHU]XP %HVWUHXHQ (LQHQ*OKZHLQDXV5RWZHLQ=LPWVWDQJH=LWURQHQ XQG2UDQJHQVFKDOHVRZLH GHU%XWWHUHUKLW]HQDEHUQLFKWDXINRFKHQODVVHQ.DOW VWHOOHQ(VPXVVQLFKWJHUDGH HLQDOWHU%RUGHDX[VHLQGHQ6LHGDIUYHUZHQGHQDEHUHLQJXWHU4XDOLWlWVZHLQPLW NUlIWLJHP$URPDVROOWHHVVFKRQVHLQ 'LHZHLFKH%XWWHUPLWGHQ(LJHOEHQFUHPLJUKUHQ1DFKXQGQDFK=XFNHU HLQULHVHOQODVVHQXQGGLHIHLQJHULHEHQH6FKRNRODGH=LPWVRZLHGHQDEJHNKOWHQ GXUFKJHVLHEWHQ5RWZHLQ]XIJHQ
(LZHL]XVWHLIHP6FKQHHVFKODJHQXQGGDEHL=XFNHU HLQULHVHOQODVVHQ'HU 6FKQHHPXVVVFKQLWWIHVWVHLQXQGJOlQ]HQ'HQ(LVFKQHHDXIGLH6FKDXPPDVVH KlXIHQGDVPLW%DFNSXOYHUYHUPLVFKWH0HKOGDUEHUVLHEHQXQGDOOHVYRUVLFKWLJXQG ORFNHUXQWHUKHEHQ (LQH*XJHOKXSIIRUPDXVIHWWHQXQGHWZD]X]ZHL'ULWWHOPLWGHP7HLJIOOHQ,P KHLHQ%DFNRIHQLQELV0LQXWHQJROGEUDXQEDFNHQ,FKQHKPH*UDG
'HQ.XFKHQHWZD0LQXWHQLQGHU)RUPDXVNKOHQODVVHQGDQQVWU]HQXQGLQ 6WFNHJHVFKQLWWHQPLW6FKODJVDKQHVHUYLHUHQ 6FKXKEHFNV7LSS
3DUIPLHUHQ6LHGLHJHVFKODJHQH6DKQH QDFK/XVWXQG/DXQHPLW.LUVFKZDVVHU $SULNRVHQJHLVW2UDQJHQOLN|U.DIIHHOLN|U *HK|UW ]XP0HQ:LQWHUOLFKHV/LHEHVPHQQDFK$OIRQV6FKXKEHFN
*(08(6( &$53$&&,2 )U3RUWLRQHQ
NOHLQ.RKOUDELJUR0|KUH6SDUJHOVWDQJHQZHLNOHLQ=XFFKLQL6DO] 3IHIIHUIULVFKJHPDKOHQ3ULVH=XFNHU7HHO|IIHO:HLZHLQHVVLJ 7HHO|IIHO %DOVDPHVVLJ(VVO|IIHO7UDXEHQNHUQ|O(VVO|IIHO%DVLOLNXPEOlWWHUDEJH]XSIW (VVO|IIHO%DVLOLNXPEOlWWHUJHKDFNW(VVO|IIHO6FKQLWWODXFKJHVFKQLWWHQ (VVO|IIHO3HWHUVLOLHJHKDFNW'LOO]ZHLJHIULVFK .RKOUDEL0|KUHXQG6SDUJHOVFKlOHQ=XFFKLQLZDVFKHQ$OOH*HPVHVRUWHQLP *DQ]HQQDFKHLQDQGHULQNRFKHQGHP6DO]ZDVVHUELVVIHVWNRFKHQ6DO]3IHIIHU =XFNHUXQGGLH(VVLJVRUWHQYHUUKUHQELVVLFKGDV6DO]JHO|VWKDWXQGXQWHU ZHLWHUHP5KUHQGDVgOGD]XJLHHQ
'LHYRUEHUHLWHWHQ.UlXWHUXQWHUPLVFKHQ'DV*HPVHLQKDXFKGQQHVFKUlJH 6FKHLEHQVFKQHLGHQ$PEHVWHQJHKWHVPLWHLQHU$XIVFKQLWWPDVFKLQH$QVFKQLWWH RGHUPLVVOXQJHQH6FKHLEHQLQNOHLQH:UIHOVFKQHLGHQXQGXQWHUGLH .UlXWHUYLQDLJUHWWHPLVFKHQ
'LH*HPVHVFKHLEHQ YRQLQQHQQDFKDXHQDXI]ZHL7HOOHUQNUHLVI|UPLJXQGOHLFKW EHUODSSHQGDQRUGQHQ'LH*HPVHVFKHLEHQPLWGHU9LQDLJUHWWHEHWUlXIHOQXQGLQ GLH0LWWHHLQHQIULVFKHQ'LOO]ZHLJOHJHQ 2ULJLQDOUH]HSWHDXV$OIRQV6FKXKEHFN/LHEHVPHQV(KUHQZLUWK9HUODJ 0QFKHQ'0
:8(5=,*(56(//(5,(7$/(50,76&+025.$572))(/1 )U3RUWLRQHQ
6HOOHULHNQROOHFDJ/LWHU6DKQH6DO]3IHIIHUIULVFKJHPDKOHQ 0XVNDWQXVVIULVFKJHULHEHQ6WDXGHQVHOOHULHVWDQJH3DSULNDVFKRWHQURW 7RPDWHQ YROOUHLI6FKDORWWH(VVO|IIHO7UDXEHQNHUQ|O(LKDUWJHNRFKW (VVO|IIHO.HUEHOEOlWWFKHQDEJH]XSIW%XWWHU]XP%UDWHQ )8(5',(6&+025.$572))(/1
*UDPP)UKOLQJVNDUWRIIHOQVHKUNOHLQ.PPHO(VVO|IIHOgO(VVO|IIHO .DOEVIRQGDXVGHP*ODV0DMRUDQ]ZHLJH%XQG3HWHUVLOLH*UDPP%XWWHU 'LH6HOOHULHNQROOHVFKlOHQ(UVWLQHWZDFPGLFNH6FKHLEHQGDQQLQ:UIHO VFKQHLGHQ,QHLQHQ7RSIJHEHQPLW6DKQHEHJLHHQXQG]XJHGHFNWLQHWZD 0LQXWHQZHLFKVFKPRUHQ
'DV*HPVHPLWHLQHU*DEHOIHLQ]HUGUFNHQXQGPLW6DO]3IHIIHUXQG0XVNDW ZU]HQ9RQGHU6HOOHULHVWDQJHGLHJUQHQ%OlWWHUHQWIHUQHQXQGEHLVHLWHOHJHQ'LH 6WDQJHLQNOHLQH:UIHOVFKQHLGHQLQ6DO]ZDVVHUNXU]EODQFKLHUHQXQGDXIHLQHP 6LHEDEWURSIHQODVVHQ 3DSULNDVFKRWHQXQWHUGHP*ULOORGHULPKHLHQ%DFNRIHQVRODQJHU|VWHQELVVLFK %ODVHQELOGHQGDQQGLH+DXWDE]LHKHQ'LH6FKRWHQKDOELHUHQXQG6WlQJHODQVlW]H XQG6DPHQNHUQHHQWIHUQHQ(VJLEWLQ)HLQNRVWJHVFKlIWHQJHKlXWHWHHLQJHOHJWH 3DSULNDVFKRWHQ 'LHVFKPHFNHQDXVJH]HLFKQHWXQG6LHVSDUHQVLFKGLHOlVWLJH $UEHLW
'LH7RPDWHQNXU]LQNRFKHQGHV:DVVHUWDXFKHQKlXWHQKDOELHUHQXQGHQWNHUQHQ 'LH6FKDORWWHVFKlOHQXQGDOOHVLQNOHLQH:UIHOVFKQHLGHQ,PHUKLW]WHQgO DQVFKZLW]HQXQGEHLPLWWOHUHU +LW]HPXVLJYHUNRFKHQODVVHQ0LW6DO]XQG3IHIIHU ZU]HQXQGNDOWVWHOOHQ 'LHJUQGOLFKHJHZDVFKHQHQ.DUWRIIHOQLQ6DO]ZDVVHUPLW.PPHOLQHWZD 0LQXWHQJDUNRFKHQ$EJLHHQDEGDPSIHQODVVHQGLH6FKDOHDE]LHKHQXQGGLH .DUWRIIHOQKDOELHUHQ'DVgO LQHLQHU3IDQQHHUKLW]HQXQGGLH.DUWRIIHOKlOIWHQGDULQ JROGEUDXQEUDWHQ
'HQ.DOEVIRQGLPRIIHQHQ7RSIQRFKHWZDVHLQNRFKHQODVVHQ)HLQJHKDFNWH 0DMRUDQEOlWWHUXQG3HWHUVLOLHVRZLHGLH%XWWHU]XGHQ.DUWRIIHOQJHEHQXQGNXU]PLW DQEUDWHQ 9RUGHP6HUYLHUHQPLWGHPKHLHQ)RQGEHJLHHQXQGNXU]GXUFKVFKZHQNHQ'LH 6WDQJHQVHOOHULHZUIHOGDVJHKDFNWH(LXQGGHQ.HUEHOXQWHUGDV6HOOHULHSUHH PLVFKHQXQGZU]LJDEVFKPHFNHQ
$XVGHU0DVVHYLHUUXQGH3OlW]FKHQIRUPHQXQGLQKHLHU%XWWHUDXIEHLGHQ6HLWHQ JROGEUDXQEUDWHQ'LH*HPVHSIODQ]HUOPLWGHP3DSULNDUDJRXWXQGGHQ 6FKPRUNDUWRIIHOQDSSHWLWOLFKDXI]ZHL7HOOHUQDQULFKWHQ
2ULJLQDOUH]HSWHDXV$OIRQV6FKXKEHFN/LHEHVPHQV(KUHQZLUWK9HUODJ 0QFKHQ'0
*(%5$7(1(6&$03,$8)$57,6&+2&.(1720$7(1*(08(6( )U3RUWLRQHQ
)8(5'$6*(08(6(
JUR7RPDWHQNOHLQ$UWLVFKRFNHQ=LWURQH*UDPP%XWWHU(VVO|IIHO %DVLOLNXPEOlWWHUJHKDFNW6DO]3IHIIHUIULVFKJHPDKOHQ3ULVH=XFNHU (VVO|IIHO2OLYHQ|O )8(5',(6&$03,
6FDPSL/DQJXVWLQHQVFKZlQ]H(VVO|IIHO2OLYHQ|O.QREODXFK]HKH6DO] 3IHIIHUJUREJHPDKOHQ=LWURQH6DIWGDYRQ 'LH7RPDWHQNXU]LQNRFKHQGHV:DVVHUWDXFKHQKlXWHQKDOELHUHQXQGHQWNHUQHQ 'DV)UXFKWIOHLVFKLQ:UIHOVFKQHLGHQ'LH$UWLVFKRFNHQHQWVWLHOHQXQGYLHUWHOQGLH KDUWHQ%ODWWVSLW]HQDEVFKQHLGHQ'DV+HXLP,QQHUQKHUDXVO|VHQXQGGLH 6FKQLWWIODFKHQPLW=LWURQHDEUHLEHQ
'LH%XWWHULQHLQHP6FKPRUWRSIHUKLW]HQXQGGLH7RPDWHQVWFNHGDULQDQVFKZLW]HQ 0LW%DVLOLNXP6DO]3IHIIHUXQGHWZDV=XFNHUZU]HQ 'LH$UWLVFKRFNHQYLHUWHOLPKHLHQ2OLYHQ|ODQEUDWHQPLW6DO]XQG3IHIIHUZU]HQ XQGXQWHUGLH7RPDWHQPLVFKHQ(LQLJH0LQXWHQN|FKHOQODVVHQ
'LH6FDPSLZDVFKHQGHQ.RSIDEWUHQQHQXQGPLWHLQHPVFKDUIHQ0HVVHUGHU /lQJHQDFKKDOELHUHQ'HQGXQNOHQ'DUPDP5FNHQHQWIHUQHQ'DV2OLYHQ|OLQ HLQHUJURHQ3IDQQHHUKLW]HQXQGGLHJHVFKlOWHNOHLQJHKDFNWH.QREODXFK]HKHGDULQ JROGJHOEEUDWHQ'LH6FDPSLKlOIWHQLQGDV)HWWJHEHQXQGEHLVWDUNHU+LW]HXQWHU :HQGHQ0LQXWHQVFKDUIDQEUDWHQ'LH+LW]HUHGX]LHUHQXQGQRFKZHLWHUH 0LQXWHQEUDWHQODVVHQ 0LW=LWURQHQVDIWEHWUlXIHOQXQGDXIGHP*HPVHDQULFKWHQ0LWNQXVSULJHP :HLEURWJHQLHHQ 2ULJLQDOUH]HSWHDXV$OIRQV6FKXKEHFN/LHEHVPHQV(KUHQZLUWK9HUODJ 0QFKHQ'0
3,67$=,(1&5(0($8)25$1*(1),/(76 )U3RUWLRQHQ
%ODWWJHODWLQH9DQLOOHVFKRWH(LJHOE*UDPP=XFNHU(VVO|IIHO 2UDQJHQOLN|U/LWHU6DKQH(VVO|IIHO3LVWD]LHQJHKDFNW2UDQJH (VVO|IIHO2UDQJHQPDUPHODGH=LWURQHQPHOLVVH]ZHLJH *HODWLQHLQNDOWHP:DVVHUHLQZHLFKHQ'LH9DQLOOHVFKRWHGHU/lQJHQDFKKDOELHUHQ XQGGDV0DUNKHUDXVNUDW]HQ
(LJHOEPLW=XFNHUXQG9DQLOOHPDUNVRODQJHPLWHLQHP6FKQHHEHVHQVFKODJHQELV HLQHGLFNVFKDXPLJH&UHPHHQWVWHKW'LHJXWDXVJHGUFNWH*HODWLQHPLWGHP 2UDQJHQOLN|UXQGHLQHP(VVO|IIHO:DVVHUEHLVFKZDFKHU+LW]HDXIO|VHQ'LH6DKQH VWHLIVFKODJHQ(WZDVYRQGHU6DKQHPLWGHU*HODWLQHYHUUKUHQGDQQPLWGHU 6FKDXPPDVVHYHUPLVFKHQ 3LVWD]LHQXQGGLHUHVWOLFKH6DKQHXQWHUKHEHQ'LH&UHPHLQHLQHK|KHUH6FKVVHO IOOHQXQGLQHWZD6WXQGHQLP.KOVFKUDQNHUVWDUUHQODVVHQ
'LH2UDQJHVRGLFNVFKlOHQGDVVGLHZHLH+DXWY|OOLJHQWIHUQWLVWXQGGLH )UXFKWVHJPHQWHPLWHLQHPVFKDUIHQ0HVVHUKHUDXVILOHWLHUHQ'HQGDEHL HQWVWHKHQGHQ6DIWDXIIDQJHQXQGPLWGHU2UDQJHQPDUPHODGHHUKLW]HQ'LH 2UDQJHQILOHWVHLQLJH0LQXWHQKLQHLQOHJHQGDQQDXI]ZHL7HOOHUQKEVFKDQRUGQHQ 0LW]ZHLQDVVHQ/|IIHOQ1RFNHUOQDXVGHU&UHPHIRUPHQXQGDXIGHQ7HOOHUQ DQULFKWHQ0LW=LWURQHQPHOLVVHQ]ZHLJHQYHU]LHUHQ 2ULJLQDOUH]HSWHDXV$OIRQV6FKXKEHFN/LHEHVPHQV(KUHQZLUWK9HUODJ 0QFKHQ'0
52+0$5,1,(57(5,1')/(,6&+528/$'(0,7.5$(87(51 )U3RUWLRQHQ
6FKHLEH5LQGHUOHQGHFDJJXWDEJHKDQJHQ%XQG3HWHUVLOLHNOHLQ .QREODXFK]HKH 3LQLHQNHUQH(VVO|IIHO2OLYHQ|ONDOWJHSUHVVW3IHIIHUIULVFK JHPDKOHQ=LWURQHQVDIW6DO] 'LH/HQGHDPEHVWHQJOHLFKYRP0HW]JHUGHU/lQJHQDFKHLQVFKQHLGHQDEHUQLFKW GXUFKVFKQHLGHQODVVHQ0LWGHQ+lQGHQIODFKDXVHLQDQGHUGUFNHQ,QHLQHQ *HIULHUEHXWHOJHEHQXQGPLWGHUJODWWHQ6HLWHHLQHV)OHLVFKNORSIHUVRGHUPLWHLQHP EUHLWHQ0HVVHUJDQ]IODFKNORSIHQ
3HWHUVLOLHQEOlWWHUYRQGHQ6WLHOHQ]XSIHQGLHJHVFKlOWH.QREODXFK]HKHJUREKDFNHQ XQGPLWGHQ3LQLHQNHUQHQLQHLQHP0RHUVHUIHLQ]HUVWRHQ:HQQ6LHNHLQHQ 0RHUVHUKDEHQ HVJHKWDXFKPLWGHU%UHLWVHLWHHLQHVJURHQ0HVVHUV'LH 0LVFKXQJPLWGHU+lOIWHGHVgOV]XHLQHU3DVWHYHUUKUHQDXIGLH)OHLVFKVFKHLEH VWUHLFKHQXQGYRQGHU/lQJVVHLWHKHUDXIUROOHQ 0LW6LFKWIROLHXPKOOWIUHWZD6WXQGHQLQGDV7LHINKOJHUlWOHJHQ.XU]YRUGHP $XIWUDJHQGLH)OHLVFKUROOHPLWHLQHPVHKUVFKDUIHQ0HVVHURGHUQRFKEHVVHUPLW +LOIHHLQHU$XIVFKQLWWPDVFKLQHLQKDXFKGQQH6FKHLEHQVFKQHLGHQ $XI]ZHL7HOOHUQURVHWWHQI|UPLJDQULFKWHQ'DVUHVWOLFKH gOPLW3IHIIHU=LWURQHQVDIW XQG6DO]YHUUKUHQXQGGDV)OHLVFKGDPLWEHWUlXIHOQ.QXVSULJHV:HLEURWGD]X UHLFKHQ 2ULJLQDOUH]HSWHDXV$OIRQV6FKXKEHFN/LHEHVPHQV(KUHQZLUWK9HUODJ 0QFKHQ'0
:,(6(1.5$(87(56$/$70,7*()8(//7(0.$1,1&+(158(&.(1 )U3RUWLRQHQ
:,(6(1.5$(87(56$/$7
3DFNXQJ*HWURFNQHWH/LOLHQEOWHQDXVGHP$VLHQODGHQ (VVO|IIHO 0RVFDWRHVVLJ*UDPP*HPLVFKWH:LOGNUlXWHUGHU6DLVRQ/|ZHQ]DKQ %UXQQHQNUHVVH6DXHUDPSIHU.DSX]LQHUNUHVVH0HOLVVH7K\PLDQ0DMRUDQ %DHUODXFK *UDPP5XFROD%XQG.HUEHO*UDPP)HOGVDODW*UDPP :HLHU6SDUJHO(VVO|IIHO.DOWJHSUHVVWHV2OLYHQ|O6DO]:HLHU3IHIIHUDG0 3ULVH=XFNHU .$1,1&+(1)21'
.QRFKHQXQG$EVFKQLWWHYRQ.DQLQFKHQ0LOOLOLWHUgO*HZUIHOWH=ZLHEHO 7RPDWHQJHKlXWHWJHZUIHOW%XQG6XSSHQJUQJHZUIHOW6DO]6FKZDU]HU 3IHIIHUDG0/LWHU7URFNHQHU5RWZHLQ .$1,1&+(158(&.(1
.DQLQFKHQUFNHQPLW/HEHUQXQG1LHUHQGLH5FNHQYRQGHQ.QRFKHQEHIUHLWGLH )LOHWVVROOHQQRFKDQGHQ%DXFKODSSHQKlQJHQ6DO]:HLHU3IHIIHUDG0 *UDPP%XWWHU 4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW.|VWOLFKHV'HXWVFKODQG3IDO] YRQ$OIRQV6FKXKEHFN
'LH/LOLHQEOWHQEHU1DFKWLP(VVLJHLQZHLFKHQ)UGHQ)RQGGLH.QRFKHQXQG .DQLQFKHQDEVFKQLWWHLPgOVFKDUIDQEUDWHQ=ZLHEHOQ7RPDWHQXQGGDV 6XSSHQJUQ]XJHEHQXQGXQWHU5KUHQPLWDQEUDWHQ0LW6DO]XQG3IHIIHUZU]HQ 6FKOLHOLFKDOOHVPLW5RWZHLQDEO|VFKHQXQGVRYLHO:DVVHUDQJLHHQELVGLH .QRFKHQEHGHFNWVLQG=XJHGHFNWEHLVFKZDFKHU+LW]H6WXQGHQN|FKHOQ $QVFKOLHHQGGXUFKHLQ6LHEJLHHQXQGGHQ)RQGDXIGLH+lOIWHHLQNRFKHQ 1RFKPDOVPLW6DO]XQG3IHIIHUDEVFKPHFNHQ
.UlXWHUXQG6DODWDEEUDXVHQ:DVVHUDEVFKWWHOQXQGDOOHVJUREKDFNHQ6SDUJHO VFKlOHQLQVFKUlJH6FKHLEHQVFKQHLGHQXQGLQ(VVO|IIHO2OLYHQ|OVRODQJH GQVWHQELVHUJDUDEHUQRFKELVVIHVWLVW 'LHHLQJHZHLFKWHQ/LOLHQEOWHQSDVVLHUHQDXVGHU)OVVLJNHLWPLWGHPUHVWOLFKHQ 2OLYHQ|O6DO]3IHIIHUXQG=XFNHUHLQH9LQDLJUHWWHUKUHQ 'LH.DQLQFKHQUFNHQDXIGHU$UEHLWVSODWWHDXVEUHLWHQVDO]HQXQGSIHIIHUQ(LQ 'ULWWHOGHU.UlXWHUVRZLHGLH/HEHUQ1LHUHQXQGEULJHQ)LOHWVWFNFKHQGDUDXI OHJHQXQGDOOHVOlQJVIHVW]XVDPPHQUROOHQ'LH.DQLQFKHQUFNHQLQJHEXWWHUWH $OXIROLHZLFNHOQXQGLP*UDG&KHLHQ2IHQ 0LQXWHQJDUHQ
'LHUHVWOLFKHQ.UlXWHU6DODWHXQGGHQ6SDUJHOPLWGHU9LQDLJUHWWHPDULQLHUHQXQG DXI7HOOHUQDQULFKWHQ'LH.DQLQFKHQUFNHQLQ6FKHLEHQJHVFKQLWWHQDQOHJHQXQG HWZDVKHLHQ)RQGGDUEHUJHEHQ0LW.UlXWHUQXQG%OWHQJDUQLHUWVHUYLHUHQ
=XEHUHLWXQJV]HLW6WXQGHQ
$/)2166&+8+%(&.63(7(56,/,(1:85=(/6833(
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVUHJLRQDOH.FKH 5+(,1/$1' )U3RUWLRQHQ
3HWHUVLOLHQZXU]HO/LWHU)OHLVFKEUKH6DO]3IHIIHUIULVFKJHPDKOHQ%XQG 3HWHUVLOLHJODWW*UDPP6SLQDWEOlWWHUMXQJ*UDPP%XWWHU(VVO|IIHO 6DKQH0XVNDWQXVVIULVFKJHULHEHQ(VVO|IIHO6DKQHVWHLIJHVFKODJHQ 'LH3HWHUVLOLHQZXU]HOQZDVFKHQVFKlOHQXQGLQ:UIHOVFKQHLGHQ%UKHLQHLQHQ 7RSIJHEHQPLW6DO]XQG3IHIIHUZU]HQXQGGLH3HWHUVLOLHQZXU]HOQGDULQZHLFK NRFKHQ
'LHJHNRFKWHQ:XU]HOQPLWHWZDV%UKH3RUWLRQVZHLVHLP0L[HUIHLQSULHUHQGXUFK HLQIHLQHV6LHEVWUHLFKHQRGHUGXUFKGLHIORWWH/RWWHGUHKHQ6RYLHO%UKH XQWHUUKUHQELVGLH6XSSHGLHULFKWLJH.RQVLVWHQ]KDW 3HWHUVLOLHQEOlWWHUYRQGHQ6WLHOHQ]XSIHQXQGZLHGLH6SLQDWEOlWWHUZDVFKHQ%HLGHV LQ6DO]ZDVVHUNXU]EODQFKLHUHQXQGVRIRUWLQHLVJHNKOWHP:DVVHUDEVFKUHFNHQ *XWDXVGUFNHQXQGIHLQKDFNHQ %XWWHUXQG6DKQHLQHLQHP7RSIHUKLW]HQGDV3HWHUVLOLHQZXU]HOSUHHGD]XJHEHQ XQGPLW6DO]3IHIIHUXQG0XVNDWZU]HQ(LQPDODXINRFKHQODVVHQGDQQPLWGHP 3ULHUVWDEDXIPL[HQ :HUGDV6SSFKHQEHVRQGHUVFUHPLJ XQGIHLQP|FKWHVWUHLFKWHVQRFKHLQPDO GXUFKHLQ6LHE'LH6XSSHHUQHXWHUKLW]HQXQGGLHJHVFKODJHQH6DKQHPLWHLQHP /|IIHOVFKOLHUHQDUWLJXQWHU]LHKHQ
%$',6&+(%$(&.(5.$572))(/10,76$/$7921:(,66(081' *5h1(063$5*(/
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVUHJLRQDOH.FKHQ %$'(1 )U3RUWLRQHQ
%$',6&+(%$(&.(5.$572))(/1
*UDPP5LQGIOHLVFKDPEHVWHQYRP-XQJEXOOHQRKQH.QRFKHQ%XQG 6XSSHQJUQ3IHIIHUN|UQHUVFKZDU]/RUEHHUEODWW7K\PLDQ]ZHLJ6DO] *UDPP.DUWRIIHOQPHKOLJNRFKHQGNOHLQ:LUVLQJNRSI=ZLHEHOQ .QREODXFK]HKHQ(VVO|IIHOgO6DO]3IHIIHUIULVFKJHPDKOHQ0XVNDWQXVV IULVFKJHULHEHQ%XWWHUIUGLH)|UPFKHQ/LWHU:HLZHLQWURFNHQ(VVO|IIHO 3HWHUVLOLHIULVFKJHKDFNW 6$/$7921:(,66(081'*58(1(063$5*(/
*UDPP:HLHU6SDUJHO*UDPP*UQHU6SDUJHO6DO]*UDPP )HOGVDODW ',(.$572))(/9,1$,*5(77(
(VVO|IIHO5RWZHLQHVVLJ7HHO|IIHO%DOVDPHVVLJ3IHIIHUIULVFKJHPDKOHQ (VVO|IIHO.HLP|O6FKDORWWHQNOHLQ.DUWRIIHOJHNRFKW(VVO|IIHO.DOEVIRQG $866(5'(0
6FKHLEH.DVWHQZHLEURW*UDPP%XWWHU %DGLVFKH%lFNHUNDUWRIIHOQ 'LH.DUWRIIHOQZDVFKHQVFKlOHQXQGLQGQQH6FKHLEHQVFKQHLGHQ'LH.DUWRIIHOQ GUIHQEHLP.RFKHQUXKLJ]HUIDOOHQGDGXUFKZLUGGLH)OVVLJNHLWHLQZHQLJ JHEXQGHQ 9RP:LUVLQJGLHlXHUHQ%OlWWHUHQWIHUQHQGHQ.RKONRSIKDOELHUHQGHQ6WXQN HQWIHUQHQXQGGLH+lOIWHQLQIHLQH6WUHLIHQVFKQHLGHQ,QNRFKHQGHP6DO]ZDVVHU NXU]EODQFKLHUHQXQGVRIRUWHLVNDOWDEVFKUHFNHQ
=ZLHEHOQXQG.QREODXFKVFKlOHQLQNOHLQH:UIHOVFKQHLGHQ'DVJHNRFKWH)OHLVFK DXVGHU%UKHQHKPHQXQGHLQZHQLJDENKOHQODVVHQ'HQ%DFNRIHQDXI*UDG &YRUKHL]HQ 'DVgOLQHLQHU3IDQQHHUKLW]HQXQGGLH=ZLHEHO XQG.QREODXFKZUIHOGDULQJODVLJ GQVWHQ=ZHL'ULWWHOGHV:LUVLQJVGD]XJHEHQXQGPLW6DO]3IHIIHUXQG0XVNDW DEVFKPHFNHQXQGEHLVHLWHVWHOOHQ
'DVJHNRFKWH)OHLVFKLQHWZDFPGLFNH6FKHLEHQVFKQHLGHQ(LQSDDU6FKHLEHQ LQIHLQH6WUHLIHQVFKQHLGHQXQGIUGLH*DUQLWXUEHLVHLWHOHJHQ
9LHU$XIODXIIRUPFKHQPLW%XWWHUDXVVWUHLFKHQXQGVFKLFKWZHLVH.DUWRIIHO 5LQGIOHLVFKVFKHLEHQXQG:LUVLQJVWUHLIHQKLQHLQJHEHQ
(LQHQKDOEHQ/LWHU)OHLVFKEUKHPLW:HLQYHUPLVFKHQXQGPLW6DO]XQG3IHIIHU DEVFKPHFNHQ-HGHQ$XIODXIGDPLWEHJLHHQXQGHWZDELV0LQXWHQLPKHLHQ %DFNRIHQJDUHQ1LPPWPDQHLQHJURH)RUPYHUOlQJHUWVLFKGLH%DFN]HLWXPHWZD 0LQXWHQ 6DODWYRQZHLHPXQGJUQHP6SDUJHO 'LHZHLHQ6SDUJHOVWDQJHQYRP.RSIELV]XP(QGHKLQVFKlOHQGLHJUQHQ 6WDQJHQQXUDPXQWHUHQ(QGHVFKlOHQ,QNRFKHQGHP6DO]ZDVVHUELVVIHVWNRFKHQ 'LHJUQHQ6WDQJHQQDFKHWZDELV0LQXWHQDXVGHP:DVVHUQHKPHQGLH ZHLHQQDFKELV0LQXWHQMHQDFK'LFNH$EWURSIHQODVVHQ 'HQ)HOGVDODWVRUJIlOWLJSXW]HQXQGPHKUPDOVJUQGOLFKZDVFKHQ'HQ6DODWJXW DEWURSIHQODVVHQ
'LHEHLGHQ(VVLJVRUWHQPLW6DO]VRODQJHPLWHLQHPNOHLQHQ6FKQHHEHVHQYHUUKUHQ ELVVLFKGDV6DO]JHO|VWKDW(VVO|IIHOgOXQWHUZHLWHUHP6FKODJHQPLWGHP 6FKQHHEHVHQGD]XJHEHQXQGGLH0DULQDGHPLW3IHIIHUZU]HQ'LH6FKDORWWHQ VFKlOHQLQNOHLQH:UIHOVFKQHLGHQ'DVUHVWOLFKHgOHUKLW]HQXQGGLH 6FKDORWWHQZUIHOGDULQJODVLJGQVWHQ 'LHJHVFKlOWH.DUWRIIHOHQWZHGHUIHLQ]HUGUFNHQXQGPLWGHP)RQGYHUUKUHQRGHU GLH.DUWRIIHOPLWGHP)RQGLP0L[HUIHLQSULHUHQ'LHSULHUWH.DUWRIIHOPLWGHQ JHGQVWHWHQ6FKDORWWHQXQWHUGLH9LQDLJUHWWHPLVFKHQ
'DV:HLEURWLQVHKUNOHLQH:UIHOVFKQHLGHQXQGLQGHUHUKLW]WHQ%XWWHUJROGEUDXQ XQGNQXVSULJEUDWHQ
&$11(//21,*()8(//70,7/$8&+63,1$781'67(,13,/=(1 4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVUHJLRQDOH.FKH 3LHPRQW )8(5'(118'(/7(,*
*UDPP0HKO*UDPP+DUWZHL]HQJULH(LHU(LJHOE(VVO|IIHO 2OLYHQ|O3ULVH6DO]0HKO]XP$XVUROOHQ )8(5',()8(//81*
/DXFKVWDQJHQ*UDPP6SLQDWEOlWWHUIULVFK=ZLHEHO.QREODXFK]HKH 0|KUHQ*UDPP6WHLQSLO]H*UDPP%XWWHU0LOOLOLWHU+KQHUEUKH6DO] 3IHIIHUIULVFKJHPDKOHQ0XVNDWQXVVIULVFKJHULHEHQ(VVO|IIHO2OLYHQ|O 7HHO|IIHO3XGHU]XFNHU/LWHU:HLZHLQ(VVO|IIHO6SHLVHVWlUNH0LOOLOLWHU 6DKQH $866(5'(0
%XWWHUIUGLH)RUP6FKHLEHQ)RQWLQDNlVH $XVGHQDQJHJHEHQHQ=XWDWHQHLQHPJODWWHQ1XGHOWHLJ]XEHUHLWHQXQG]XJHGHFNW NXU]UXKHQODVVHQ 'LHJHSXW]WHQ/DXFKVWDQJHQLQIHLQH6FKHLEHQVFKQHLGHQODVVHQ6SLQDWEOlWWHU ZDVFKHQXQGDEWURSIHQODVVHQ=ZLHEHO.QREODXFKXQG0|KUHQVFKlOHQXQG KDFNHQ6WHLQSLO]HSXW]HQXQGLQ6WFNHVFKQHLGHQ
'LH%XWWHUHUKLW]HQXQGGLH6WHLQSLO]HGDULQDQVFKZLW]HQ:U]HQ+HUDXVQHKPHQ XQG:DUPVWHOOHQ(WZDV2OLYHQ|OLQGLH3IDQQHJHEHQXQG=ZLHEHO.QREODXFK 0|KUHQXQG/DXFKGDULQDQGQVWHQ0LW%UKHEHJLHHQXQGGDV*HPVH :HLFKJDUHQ'LH6SLQDWEOlWWHUGD]XJHEHQXQG]XVDPPHQIDOOHQODVVHQ'LH *HPVHPLVFKXQJDXIHLQ6LHEJHEHQXQGDEWURSIHQODVVHQ 3XGHU]XFNHUJROGJHOENDUDPHOOLVLHUHQODVVHQPLW:HLZHLQDEO|VFKHQXQG HLQNRFKHQODVVHQ'LH*HPVHIOVVLJNHLWGD]XJHEHQXQGNXU]GXUFKNRFKHQODVVHQ XQGPLW6SHLVHVWlUNHELQGHQ:U]LJDEVFKPHFNHQ'LH6DKQHDXIJLHHQXQGNXU] N|FKHOQODVVHQ'HQ%DFNRIHQDXI*UDG&YRUKHL]HQ6WHLQSLO]HXQWHUGDV *HPVHKHEHQXQGJHJHEHQHQIDOOVQRFKPDOVDEVFKPHFNHQ
1XGHOWHLJDXVUROOHQXQGLQ4XDGUDWHYRQPDOFPVFKQHLGHQXQGLQ NRFKHQGHP6DO]ZDVVHUDOGHQWHNRFKHQ$XIHLQHPWURFNHQHQ7XFKDXVEUHLWHQXQG HLQH+lOIWHPLWGHU)OOXQJEHVWUHLFKHQDXIUROOHQXQGLQHLQHJHIHWWHWH$XIODXIIRUP OHJHQ0LW6DXFHEHU]LHKHQXQGPLW)RQWLQDVFKHLEHQEHOHJHQ(WZD 0LQXWHQ EHUEDFNHQ
(//6$(66(5)/$00(.8&+(11$&+$/)2166&+8+%(&.
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVUHJLRQDOH.FKH (OVDVV (UJLEW%DFNEOHFK *UDPP%URWWHLJIHUWLJ0HKO]XP$XVUROOHQ%XWWHUIUGDV%OHFK *UDPP6SHLVHTXDUN)HWW*UDPP&UHPHIUDLFKH(L6DO]3IHIIHU IULVFKJHPDKOHQ0XVNDWQXVVIULVFKJHULHEHQ=ZLHEHOQ(VVO|IIHOgO 7HHO|IIHO:HLQHVVLJ*UDPP6SHFNVFKHLEHQGXUFKZDFKVHQGQQJHVFKQLWWHQ (VVO|IIHO6SHLVHVWlUNH %URWWHLJGQQDXVUROOHQXQGDXIHLQJHIHWWHWHV%DFNEOHFKOHJHQ
4XDUN&UHPHIUDLFKH6WlUNHXQGGDV(LLQHLQH6FKVVHOJHEHQXQG]XHLQHU JODWWHQ&UHPHYHUUKUHQXQGZU]HQ
=ZLHEHOQLQIHLQH5LQJHVFKQHLGHQgOHUKLW]HQXQGGHQ6SHFNGDULQDXVODVVHQ 'LH=ZLHEHOULQJHGD]XJHEHQXQGNXU]PLWGXUFKVFKZHQNHQ0LW(VVLJEHWUlXIHOW HWZD0LQXWHQPDULQLHUHQ%DFNRIHQDXI*UDG&RGHUK|KHUYRUKHL]HQ
'HQ%URWWHLJPLWGHU4XDUNPDVVHEHVWUHLFKHQ0LWGHQPDULQLHUWHQ=ZLHEHOQXQG GHQ6SHFNVWUHLIHQEHVWUHXHQ,PKHLHQ%DFNRIHQFD0LQXWHQEDFNHQXQGVRIRUW VHUYLHUHQ
*()8(//7(*(%5$7(1(*$(16(.(8/(11$&+$/)216 6&+8+%(&.
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVQHXHUHJLRQDOH 6FKPDQNHUO81*$51
*lQVHNHXOHQIOHLVFKLJ.QREODXFK]HKHQ6DO](VVO|IIHO ,QJZHUJHULHEHQ (VVO|IIHO=LWURQHQVDIW3IHIIHU=ZLHEHONOHLQ$SIHO(VVO|IIHO.HLP|O %HLIXVV]ZHLJ0DMRUDQ]ZHLJ/LWHU+KQHUEUKH3HWHUVLOLHQ]ZHLJH =HUGUFNWH.QREODXFK]HKHPLW6DO],QJZHUXQG=LWURQHQVDIWYHUPLVFKHQXQG GLHVH3DVWHXQWHUGLH+DXWGHU.HXOHQVWUHLFKHQ'LH.HXOHQPLW6DO]XQG3IHIIHU HLQUHLEHQ
=ZLHEHOXQG$SIHOVFKlOHQXQGLQNOHLQH:UIHOVFKQHLGHQ%DFNRIHQDXI*UDG &YRUKHL]HQ 'DVgOHUKLW]HQXQGGLH*lQVHNHXOHQGDULQUXQGKHUXPDQEUDWHQ=ZLHEHO XQG bSIHOZUIHOGD]XJHEHQXQGPLWDQVFKZLW]HQ0LWHWZDGHU+lOIWHGHU%UKH DXIJLHHQ=XJHGHFNWLPKHLHQ%DFNRIHQHWZD6WXQGHQEUDWHQODVVHQGDEHL LPPHUZLHGHUPLW+KQHUEUKHEHJLHHQ
'HFNHODEQHKPHQXQGGLH.HXOHQLQHLQHUZHLWHUHQ6WXQGHEUlXQHQODVVHQ(YWO GLH%DFNRIHQWHPSHUDWXUHUK|KHQ 'DEHLLPPHUZLHGHUPLWGHP%UDWHQVDIW EHJLHHQ .HXOHQKHUDXVQHKPHQXQGZDUPVWHOOHQ*HPVHGXUFKHLQ6LHESDVVLHUHQXQG GLH6DXFHLQHLQHU6DXWHXVHQRFKPDOVDXINRFKHQODVVHQ'LH .UlXWHUGD]XJHEHQ
*(32(.(/7(*$(16(.(8/($8)6$8(5.5$87
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVUHJLRQDOH.FKH 5+(,1/$1'
:DFKROGHUEHHUHQ/RUEHHUEODWW=ZLHEHO*HZU]QHONH*lQVHNHXOHQ JHS|NHOW )8(5',(.5$(87(5.5867(
*UDPP%XWWHU.QREODXFK]HKH7HHO|IIHO+DUWNlVHJHULHEHQ7HHO|IIHO 5RVPDULQJHKDFNW7HHO|IIHO7K\PLDQ7HHO|IIHO3HWHUVLOLH*UDPP 6HPPHOEU|VHO 6DO]3IHIIHUIULVFKJHPDKOHQ )8(5'$66$8(5.5$87
(VVO|IIHO*lQVHVFKPDO](VVO|IIHO3IHIIHUZHLJURE]HUVWRHQ0LOOLOLWHU .RFKVXG(VVO|IIHO6DKQH*UDPP6DXHUNUDXWIHUWLJJHNRFKW 6$8(5.5$87
NOHLQ=ZLHEHO$SIHO]%%RVNRS*UDPP6FKZHLQHVFKPDO]=XFNHU *UDPP6DXHUNUDXWNOHLQ/RUEHHUEODWW7HHO|IIHO.PPHO :DFKROGHUEHHUHQ]HUGUFNW3IHIIHUN|UQHU0LOOLOLWHU:HLZHLQWURFNHQ 0LOOLOLWHU:DVVHU =ZHL/LWHU:DVVHUPLW:DFKROGHUEHHUHQ/RUEHHUEODWWJHVFKlOWHU=ZLHEHOXQG *HZU]QHONHQ]XP.RFKHQEULQJHQ'LH*lQVHNHXOHQHLQOHJHQHLQPDONXU] DXINRFKHQODVVHQXQGHLQHLQKDOE6WXQGHQEHLVFKZDFKHU+LW]H]LHKHQODVVHQ'LH .HXOHQKHUDXVQHKPHQXQGHLQZHQLJDENKOHQODVVHQ'DQQGLH+DXWDE]LHKHQXQG QRFKDQKDIWHQGHV)HWWDEO|VHQ'LH.HXOHQPLWHWZDV6XGEHJLHHQXQGZDUP VWHOOHQ
)UGLH.UlXWHUNUXVWHGLH%XWWHUFUHPLJUKUHQ'LH.QREODXFK]HKHVFKlOHQIHLQ ]HUGUFNHQXQGPLWJHULHEHQHP.lVH.UlXWHUQXQG6HPPHOEU|VHOQXQWHUGLH%XWWHU PLVFKHQ0LW6DO]XQG3IHIIHUKHU]KDIWZU]HQ =HKQ0LQXWHQVWHKHQODVVHQGDPLWVLFKGLH$URPHQGHU.UlXWHUULFKWLJHQWIDOWHQ N|QQHQ'DV*lQVHVFKPDO]LQHLQHP7RSIHUKLW]HQXQGGHQ3IHIIHUOHLFKWDQU|VWHQ 0LWGHP.RFKIRQGGHU*lQVHNHXOHQDEO|VFKHQXQGHLQPDODXINRFKHQODVVHQ
'LH6DKQHGD]XJLHHQ=HKQ0LQXWHQEHLVFKZDFKHU+LW]H]LHKHQODVVHQ'HQ*ULOO RGHU%DFNRIHQDXI*UDG&YRUKHL]HQ'LH3IHIIHUVDXFHGXUFKHLQ6LHESDVVLHUHQ 'LH+lOIWHGDYRQLQHLQHQDXVUHLFKHQGJURHQ7RSIJLHHQXQGGDVIHUWLJJHJDUWH 6DXHUNUDXWXQWHUPLVFKHQ'LHUHVWOLFKH6DXFHZDUPKDOWHQ'LH*lQVHNHXOHQ QHEHQHLQDQGHUDXIHLQHIHXHUIHVWH3ODWWHOHJHQXQGPLWGHU.UlXWHUPDVVHHWZDHLQ =HQWLPHWHUGLFNEHVWUHLFKHQ 8QWHUGHPYRUJHKHL]WHQ*ULOOZHQLJH0LQXWHQEHUEDFNHQ
6DXHUNUDXW =ZLHEHOXQG$SIHOVFKlOHQ$SIHOKDOELHUHQHQWNHUQHQXQGGLH+lOIWHQZLHGLH =ZLHEHOLQNOHLQH:UIHOVFKQHLGHQ'DV6FKPDO]LQHLQHP6FKPRUWRSIHUKLW]HQXQG GLH=ZLHEHO XQGbSIHOZUIHOGDULQDQEUDWHQ0LW=XFNHUEHVWUHXHQGDV]HUSIOFNWH 6DXHUNUDXWGD]XJHEHQXQGNXU]PLWDQEUDWHQG'LH*HZU]HLQHLQNOHLQHV 0XOOVlFNFKHQJHEHQ]XELQGHQXQG]XP.UDXWJHEHQ0LW:HLQXQG:DVVHU DXIJLHHQDXINRFKHQ
*(6&+0257(.$1,1&+(1.(8/(10,7=8&&+,1, 720$7(1*(08(6(
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW6FKXKEHFNVQHXHUHJLRQDOH 6FKPDQNHUO7RVNDQD )8(5',(.$1,1&+(1.(8/(1
.DQLQFKHQNHXOHQ=ZLHEHOQNOHLQ0|KUH*UDPP.QROOHQVHOOHULH 0LOOLOLWHU2OLYHQ|O7HHO|IIHO3IHIIHUJUREJHVFKURWHW3ULVH)HQFKHOVDPHQ 0LOOLOLWHU&KLDQWL/LWHU+KQHUEUKHJUR7K\PLDQ]ZHLJ .UlXWHUZUIHO %DVLOLNXP7K\PLDQ =8&&+,1,720$7(1*(08(6(
*UDPP=XFFKLQLP|JOLFKVWNOHLQJUR7RPDWHQJHKlXWHWHQWNHUQWNOHLQ .QREODXFK]HKH(VVO|IIHO2OLYHQ|O6DO]3IHIIHUIULVFKJHPDKOHQ %DVLOLNXPEOlWWHU(VVO|IIHO%DVLOLNXP|O 'LH.DQLQFKHQNHXOHQZU]HQ=ZLHEHOQ0|KUHQXQG.QROOHQVHOOHULHVFKlOHQXQG LQNOHLQH:UIHOVFKQHLGHQ
(VVO|IIHO2OLYHQ|OHUKLW]HQXQGGLH.HXOHQUXQGKHUXPDQEUDWHQ+HUDXVQHKPHQ XQGPLW$OXIROLHXPKOOHQ5HVWOLFKHV2OLYHQ|OLQGHQ %UlWHUJHEHQ)HQFKHOVDPHQ XQGGDV*HPVHKLQ]XIJHQXQGPLWDQVFKZLW]HQ0LW%UKHDEO|VFKHQXQG HLQNRFKHQODVVHQ0LW5RWZHLQDEO|VFKHQ3IHIIHU7K\PLDQ]ZHLJXQGGHQ .UlXWHUZUIHOGD]XJHEHQGLH.HXOHQGUDXIOHJHQXQG]XJHGHFNWEHLVFKZDFKHU+LW]H DXIGHU.RFKSODWWHJDUZHUGHQODVVHQ =XFFKLQLLQ6FKHLEHQVFKQHLGHQ'LH7RPDWHQLQ6SDOWHQVFKQHLGHQ.QREODXFK IHLQ]HUGUFNHQ
'DV2OLYHQ|OHUKLW]HQXQGGLH=XFFKLQLGDULQDQEUDWHQ.QREODXFKXQG7RPDWHQ GD]XJHEHQXQGYRP+HUG]LHKHQ:U]HQXQGGLHIHLQJHVFKQLWWHQHQ %DVLOLNXPEOlWWHUXQGGDV%DVLOLNXP|OXQWHUPLVFKHQ 'LH.HXOHQKHUDXVQHKPHQXQGNXU]UXKHQODVVHQ'LH6DXFHGXUFKHLQ6LHE SDVVLHUHQXQGVFKDXPLJDXIVFKODJHQ 'LH.HXOHQPLWGHU6DXFHEHU]LHKHQXQGPLWGHP*HPVHDQULFKWHQ 'D]X7RVNDQHU:HLEURW
+8%(5 6=:(76&+*(1$8)/$8)0,7+$6(/1866(,6
4XHOOH%D\ULVFKHU5XQGIXQN*HQLHHQHUODXEW.|VWOLFKHV'HXWVFKODQGYRQ $OIRQV6FKXKEHFN:HUGHQIHOVHU/DQG )U3RUWLRQHQ
+$6(/1866(,6
*UDPP6FKODJVDKQH/LWHU0LOFK9DQLOOHVFKRWH0DUNGDYRQ(LHU *HZLFKWVNODVVH0(LJHOE*HZLFKWVNODVVH0*UDPP=XFNHU*UDPP +DVHOQVVHJHPDKOHQ0LOOLOLWHU5XP =:(76&+*(1$8)/$8)
*UDPP:HLEURWJHZUIHOW0LOOLOLWHU5RWZHLQ0LOOLOLWHU3RUWZHLQ *UDPP=ZHWVFKJHQHQWVWHLQW0LOOLOLWHU$UPDJQDF*UDPP%XWWHU%XWWHU IUGLH)RUPFKHQ(LJHOE*HZLFKWVNODVVH0*UDPP=ZHWVFKJHQPXV (LZHL*HZLFKWVNODVVH0=XFNHUIUGLH)|UPFKHQ $866(5'(0
3XGHU]XFNHU]XP%HVWUHXHQ *UDPP+ROXQGHUPDUN*UDPP&UHPHIUDLFKH 0LQ]HEOlWWFKHQ )UGDV+DVHOQXHLVGLH6DKQHXQGGLH0LOFKPLWGHP9DQLOOHPDUNDXINRFKHQ (LHU(LJHOEXQG=XFNHULQHLQHU6FKVVHOVFKDXPLJVFKODJHQ'LHNRFKHQGH 6DKQHPLVFKXQJXQWHUVWl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|UPFKHQKLQHLQVWHOOHQXQGLP*UDGKHLHQ%DFNRIHQ0LQXWHQJDUHQ =XP6HUYLHUHQGDV+ROXQGHUPDUNDXIZHLH'HVVHUWWHOOHUJHEHQPLW&UHPH IUDLFKHDXV]LHKHQ-H$XIODXISRUWLRQLQGLH0LWWHVWU]HQXQGPLW3XGHU]XFNHU EHVWUHXHQ-H (LVNXJHODQOHJHQXQGGDV'HVVHUWPLW0LQ]HEOlWWFKHQJDUQLHUHQ =XEHUHLWXQJV]HLWHWZD 6WXQGHQ *HIULHU]HLWPLQGHVWHQV6WXQGH
5H]HSWHYRQ3DXO%RFXVH 527%$5%(0,7.$572))(/6&+833(1 *UDPP.DUWRIIHOQNOHLQ6DO]*UDPP%XWWHU(LJHOE*URHVVH/ 5RWEDUEHQILOHWVDJHQWJUlWHWPO:HLZHLQPO:HUPXW WURFNHQ *UDPP6FKDORWWHQIHLQJHZUIHOW*UDPP&UHPHIUDLFKH3IHIIHUZHLDG 0KOH*UDPP0|KUHQ*UDPP=XFFKLQL(VVO2OLYHQ|OFDPO *UDPP%DVLOLNXP 48(//((VVHQ 7ULQNHQ -XELOlXPVKHIW-DKUH 0HLVWHUN|FKHVHUYLHUHQ 5H]HSWYRQ3DXO%RFXVH 'LH.DUWRIIHOQVFKlOHQXQGLQKDXFKGQQH6FKHLEHQVFKQHLGHQGDVJHKWDP EHVWHQPLWGHP$OOHVVFKQHLGHU 'LH.DUWRIIHOVFKHLEHQPLWHLQHPUXQGHQ $XVVWHFKHUI|UPFKHQ]X.UHLVHQYRQPP'XUFKPHVVHUDXVVWHFKHQ
'LH.DUWRIIHONUHLVHLQ6DO]ZDVVHUJHEHQXQG6HNXQGHQEODQFKLHUHQ.DUWRIIHOQ DEVFKUHFNHQJXWDEWURSIHQODVVHQXQGEHKXWVDPWURFNHQWXSIHQ 'LH%XWWHULQHLQHPNOHLQHQ7RSI]HUODVVHQGLHNODUH)OVVLJNHLWGXUFKHLQHQ .DIIHHILOWHUJLHHQ'LH.DUWRIIHOQGDPLWPLVFKHQ
'DV(LJHOEYHUTXLUOHQXQGGLH5RWEDUEHQKlXWHGDPLWEHSLQVHOQ'DQQGLH .DUWRIIHONUHLVHYRPVFKPDOHQ(QGHGHU5RWEDUEHQELVQDFKREHQVRUJIlOWLJ EHUODSSHQGDXIGLH)LOHWVOHJHQVRGDVVHLQ6FKXSSHQNOHLGHQWVWHKW'LH)LOHWVNDOW VWHOOHQ :HLZHLQ:HUPXWXQG6FKDORWWHQZUIHOIDVWY|OOLJHLQNRFKHQODVVHQ&UHPH IUDLFKHGD]XJHEHQXQGDXIHLQNRFKHQODVVHQVDO]HQXQGSIHIIHUQ
'LH0|KUHQXQGGLH=XFFKLQLSXW]HQXQGVHKUIHLQZUIHOQ=XHUVWGLH0|KUHQIU 0LQXWHQLQNRFKHQGHV6DO]ZDVVHUJHEHQQDFK0LQXWHQGLH=XFFKLQLGD]XJHEHQ 'LH*HPVHZUIHODEVFKUHFNHQXQGDEWURSIHQODVVHQ 2OLYHQ|OLQ]ZHLJURHQEHVFKLFKWHWHQ3IDQQHQHUKLW]HQXQGGLH)LOHWVPLWGHU .DUWRIIHOVHLWHQDFKXQWHQKLQHLQOHJHQ6DO]HQSIHIIHUQXQGEHLPLWWOHUHU+LW]H 0LQXWHQJROGEUDXQEUDWHQRKQHVLH]XZHQGHQ
%DVLOLNXPLQ6WUHLIHQVFKQHLGHQLQGLHNRFKHQGH6DXFHJHEHQXQGDOOHVPLWGHP 6FKQHLGVWDEIHLQSULHUHQ*HPVHZUIHOFKHQGD]XJHEHQDXINRFKHQODVVHQXQG QDFKZU]HQ
'LH)LOHWVPLWGHU.DUWRIIHOVHLWHQDFKREHQDXI7HOOHUQDQULFKWHQGLH6DXFHGDUXP YHUWHLOHQXQGVHUYLHUHQ
=XEHUHLWXQJV]HLW6WXQGHQ0LQXWHQ 3UR3RUWLRQJ(LZHL2J)HWWJ.RKOHK\GUDWH 2NFD,N-
&5(0(' $5*(17(8,/28' $63(5*(6 63$5*(/&5(0(6833( *UDPP'LFNHZHLH6SDUJHO/LWHU6DKQHVXSSHPO6HKUIULVFKHGLFNH 6DKQH(WZDVNRFKHQGH0LOFK*HZU]H)UGLH6DKQHVXSSH J0HKOJ %XWWHU/LWHU0LOFK 'HQ6SDUJHOVFKlOHQLQ6WFNHVFKQHLGHQXQG0LQXWHQEHUEUKHQ$EWURSIHQ XQGLQGLHNRFKHQGH6DKQHVXSSHJLHHQ.RFKHQELVGLH6SDUJHOZHLFKVLQG'XUFK HLQIHLQHV6LHJSDVVLHUHQGDEHLGLH6SDUJHOVWFNHIHVWDXVGUFNHQVRGDVVHLQ 6SDUJHOSUHHGXUFKGDV6LHEJHVWULFKHQZLUG (UQHXWDXINRFKHQQ|WLJHQIDOOVLP:DVVHUEDGZDUPKDOWHQ XQGGLUHNWYRUGHP 6HUYLHUHQPLWGHU6DKQHDEUKUHQXQGELQGHQ
:LUGGLH6XSSHGLFNPLWHWZDVNRFKHQGHU0LOFKYHUGQQHQ$EVFKPHFNHQEHL %HGDUIQDFKZU]HQXQGLQHLQHUJXWYRUJHZlUPWHQ6XSSHQVFKVVHOVHUYLHUHQ
$QPGHUhEHUVHW]HU'LHYHUODQJWH6DKQHVXSSHKHUVWHOOHQDXVJ%XWWHUXQGJ 0HKO0HKOGXUFK]LHKHQODVVHQXQGPLWO0LOFKZLH]XHLQHU6DPWVXSSHDXIJLHHQ *ODWWUKUHQXQGDXINRFKHQ 4XHOOH$XV3%RFXVH'LHQHXH.FKH'VVHOGRUI:LHQ6
(UIDVVHU)UDQN'LQJOHU*HSRVWHWQHXPDQQ#VWXGXQLKDQQRYHUGH8OI 1HXPDQQ DPLQGHUHFPDPSI
+(&+7*(6&+02570,7&+$03,*1216 +HFKWFDNJ 6DO]3IHIIHU*UDPP&KDPSLJQRQVP|JOLFKVWNOHLQXQG ZHLPO6KHUU\PO .DOEVIRQGKHOO*UDPP%XWWHUPO&UHPH IUDLFKHPO&RJQDF 'HQ+HFKWVFKXSSHQDXVQHKPHQXQGZDVFKHQ0LW6DO]XQG3IHIIHUUXQGKHUXP JUQGOLFKHLQUHLEHQ(LQHQJHQDXSDVVHQGHQ)LVFKNRFKWRSIPLWHLQHP%HWWDXVGHQ JXWJHUHLQLJWHQ&KDPSLJQRQVDXVIOOHQ'HQ+HFKWGUDXIOHJHQ6HLWOLFKGHQ6KHUU\ XQGGHQ.DOEVIRQGDQJLHHQGHQ)LVFKPLWGHU+lOIWHGHU%XWWHULQNOHLQHQ )O|FNFKHQEHOHJHQ
,QGHQKHLHQ2IHQVFKLHEHQXQGXQEHGHFNW0LQXWHQEUDWHQ=ZLVFKHQGXUFKGHQ +HFKWKlXILJEHJLHHQGDPLWHUQLFKWDXVWURFNQHWXQGDP(QGHHLQHVFK|QH JROGHQH)DUEHKDW 'HQ)LVFKKHUDXVQHKPHQXQGDXIHLQHU6HUYLHUSODWWHDQULFKWHQPLWGHQJXW DEJHWURSIWHQ&KDPSLJQRQVXPOHJHQXQGZDUPKDOWHQ
'HQ%UDWIRQGLQHLQH.DVVHUROOHJLHHQXQGUDVFKDXIGLH+lOIWH HLQNRFKHQ'LH 6DKQH]XJLHHQXQGHUQHXWOHLFKWHLQNRFKHQ9RP)HXHUQHKPHQXQGGLHUHVWOLFKH %XWWHULQNOHLQHQ6WFNFKHQXQWHUVFKODJHQ]XP6FKOXVVPLWGHP&RJQDFZU]HQ $EVFKPHFNHQXQGGHQ+HFKWPLWGLHVHUHOIHQEHLQIDUEHQHQ6DXFHEHJLHHQ 4XHOOH3DXO%RFXVH 'LH1HXH.FKH(UIDVVWYRQ3HWUD+RO]DSIHO
5+$%$5%(5.8&+(11$&+%2&86( )8(5'(17(,*
*UDPP0HKO(VVO%XWWHU9ROOPLOFK=XFNHU*UDPP(LJHOE 3ULVH6DO]%XWWHUIUGLH)RUP )8(5'(1%(/$*
*UDPP5KDEDUEHU%XWWHU%LVNXLWEU|VHO(VVO=XFNHU(L]XP %HVWUHLFKHQ(VVO3XGHU]XFNHU]XP%HVWlXEHQ $OOH=XWDWHQIUGHQ7HLJPLWHLQDQGHUJODWWNQHWHQGHQ7HLJ]XHLQHU.XJHOIRUPHQ XQGLQ.ODUVLFKWIROLHHLQVFKODJHQ(WZDHLQHKDOEH6WXQGHNKOVWHOOHQ)UGLHVHQ .XFKHQEHQ|WLJHQ6LHQXUGLH+lOIWHGHV7HLJVGHQ5HVWN|QQHQ6LHHLQLJH7DJH VSlWHUJHEUDXFKHQRGHUHLQIULHUHQ 'HQ7HLJGXUFKNQHWHQXQGDXIHLQHUPLW0HKOEHVWlXEWHQ$UEHLWVIOlFKHGQQ DXVUROOHQ%RGHQXQG5DQGHLQHUJHEXWWHUWHQ2EVWERGHQIRUPPLW]ZHL'ULWWHOGHV 7HLJVDXVOHJHQ'HQ5KDEDUEHUVFKlOHQXQGLQFDFPODQJH6WFNHVFKQHLGHQ 'LH%XWWHUHUKLW]HQPLWGHQ%LVNXLWEU|VHOQXQGGHP=XFNHUYHUPLVFKHQ
'LH+lOIWHGDYRQDXIGHP7HLJERGHQYHUWHLOHQ'HQ5KDEDUEHUGUDXIJHEHQXQGGLH UHVWOLFKH%U|VHO=XFNHU0LVFKXQJGDUEHUYHUWHLOHQ'HQEULJHQ7HLJ ]XVDPPHQNQHWHQHUQHXWGQQDXVUROOHQXQGPLW+LOIHGHV5ROOKRO]HVDXIGLH)RUP OHJHQ
'HQEHUVWHKHQGHQ5DQGYRUVLFKWLJDEUROOHQXQGHQWIHUQHQ'LH7HLJREHUIOlFKHPLW HLQHPYHUTXLUOWHQ(LEHVWUHLFKHQXQGPLWHLQHU*DEHOHLQLJH/|FKHUHLQVWHFKHQ GDPLWGHU'DPSIHQWZHLFKHQNDQQ ,PYRUJHKHL]WHQ%DFNRIHQEHL*UDGHWZDV0LQXWHQEDFNHQ'HQIHUWLJHQ 5KDEDUEHUNXFKHQPLW3XGHU]XFNHUEHVWlXEHQQRFKODXZDUPLQ7RUWHQVWFNH VFKQHLGHQXQGVHUYLHUHQ (5)$667921$1'5($6.8+5$8(UIDVVXQJVGDWXP4XHOOH 0HLVWHUOLFKNRFKHQ%RFXVH
6&+1(((,(5*,628 =XWDWHQIU3RUWLRQHQ
(LZHL(VVO3XGHU]XFNHU6DO]ZDVVHU(LQLJH0DQGHOVSOLWWHU6WFN :UIHO]XFNHU )8(5',(9$1,//(&5(0(
(LJHOE*UDPP:UIHO]XFNHU/LWHU0LOFK9DQLOOHVFKRWH =XHUVWGLH9DQLOOHFUHPHKHUVWHOOHQ'DV(LJHOEPLWGHP:UIHO]XFNHULQHLQHU 6FKVVHOYHUPLVFKHQXQGVFKDXPLJUKUHQ'LH0LOFKPLWGHPDXVJHVFKDEWHQ0DUN GHU9DQLOOHVFKRWH]XP.RFKHQEULQJHQ'LH0LOFKYRUVLFKWLJXQWHUGLH(LJHOEPDVVH VFKODJHQ ,QHLQHQ7RSIJHEHQDXIGHQ+HUGVWHOOHQXQGEHLJHULQJHU+LW]HPLWHLQHP .RFKO|IIHOVRODQJHUKUHQELVGLH6DXFHFUHPLJZLUG(UQHXWLQHLQH6FKVVHO JHEHQXQGXQWHUVWlQGLJHP5KUHQHUNDOWHQODVVHQ
)UGLH6FKQHH(LHUGDV(LZHLVWHLIVFKODJHQ.XU]EHYRUHVVWHLIZLUGGHQ 3XGHU]XFNHU]XJHEHQ6DO]ZDVVHULQHLQHP7RSIVLHGHQODVVHQXQGGDULQGDV]X JURHQ.XJHOQJHIRUPWH(LZHLSRFKLHUHQ
'LH6FKQHHElOOHJXWDEWURSIHQODVVHQLQHLQHIHXHUIHVWH)RUPJHEHQPLWGHU&UHPH 9DQLOOHEHU]LHKHQXQGPLWGHQ0DQGHOVSOLWWHUQEHVWUHXHQ
'HQ:UIHO]XFNHULQHLQHP7RSINDUDPHOOLVLHUHQODVVHQGLH.DUDPHOO6DXFHEHUGLH 6FKQHH(LHUJHEHQXQGVRIRUWVHUYLHUHQ 48(//('LQQHUIRU7ZR)UDQ]%HW]HOQDFK%RFXVH
6&+:(,16.23)68(/=()520$*('(7(7('(325& =XWDWHQIU6O]H
NOHLQ6FKZHLQVNRSIYRQELVNJ0HHUVDO]/RUEHHUEODWW7K\PLDQ 0DFLVEOXHWH=LPW%RKQHQNUDXW6DOEHL0DMRUDQ%DVLOLNXP0XVNDWQXVV 1HONHQ3IHIIHU*UDPP)ULVFKH6FKZHLQHVFKZDUWHQJUR0|KUHQJUR =ZLHEHOQ*HZU]QHONHQNOHLQ.QREODXFKNQROOHJUR.UlXWHUVWUDX 3HWHUVLOLH7K\PLDQ/RUEHHU 3IHIIHU 'HQ6FKZHLQVNRSIDEIOlPPHQXQGVRUJIlOWLJVFKDEHQ+LUQXQG=XQJH KHUDXVQHKPHQGDQQGHQ.RSIOlQJVVSDOWHQ$XFKTXHUQRFKHLQPDO]HUWHLOHQ'LH YLHU7HLOHZLHGLH=XQJHDXIDOOHQ6HLWHQNUlIWLJPLWJHZU]WHPIHLQ]HUVWRHQHP 0HHUVDO]HLQUHLEHQ
'LHVHV(LQUHLEHQPDOZLHGHUKROHQGDQQGLH.RSIVWFNHXQGGLH=XQJHPLWGHQ 6FKZDUWHQLQHLQH7HUULQHOHJHQPLWHLQHUGQQHQ6DO]VFKLFKWEHVWUHXHQPLWHLQHP 7XFKDEGHFNHQXQG7DJHDQHLQHPNKOHQ2UWS|NHOQODVVHQ 1DFKGLHVHU=HLWGLH)OHLVFKVWFNHKHUDXVQHKPHQGDV6DO]DENORSIHQXQGGLH 6WFNHJXWDEZLVFKHQ0LWGHU=XQJHGHQ6FKZDUWHQGHQ0|KUHQGHQPLW1HONHQ JHVSLFNWHQ=ZLHEHOQGHPJHKlXWHWHQ.QREODXFKXQGGHP.UlXWHUVWUDXLQHLQH DXVUHLFKHQGJURH.DVVHUROOHVFKLFKWHQ 'DEHLGDUDXIDFKWHQGDVVVRZHQLJ+RKOUlXPHZLHP|JOLFKHQWVWHKHQ
0LW:DVVHUDXIJLHHQELVDOOHVHEHQEHGHFNWLVW/DQJVDP]XP.RFKHQEULQJHQXQG GHQDXIVWHLJHQGHQ6FKDXPLPPHUZLHGHUDEVFK|SIHQ-HW]WGLH.DVVHUROOHDXI NOHLQH)ODPPHVHW]HQXQGGHQ.RSI]XJHGHFNWJDQ]OHLVHVLHGHQG6WXQGHQ NRFKHQ'DQQGLH.RSIVWFNHGLH=XQJHXQGGLH6FKZDUWHQKHUDXVKHEHQDEWURSIHQ ODVVHQXQGDXIHLQH3ODWWHOHJHQ :HQQVLHHWZDVDEJHNKOWVLQGDOOH.QRFKHQDXVO|VHQ'LHGQQHQ7HLOHGHU2KUHQ EHLVHLWHOHJHQ'DV)OHLVFKGLH=XQJHXQGGLHGLFNHQ7HLOHGHU2KUHQLQ:UIHOYRQ FP.DQWHQOlQJHVFKQHLGHQ$OOHVLQHLQH6FKVVHOJHEHQXQGEHUSUIHQREGDV )OHLVFKDXVUHLFKHQGJHVDO]HQLVW1|WLJHQIDOOVQDFKVDO]HQDXIMHGHQ)DOOPLWIULVFK JHPDKOHQHP3IHIIHUDEVFKPHFNHQXQGGHUHEHQIDOOVDEJHVFKPHFNWHQ%UKH GXUFKHLQIHLQHV6LHEGDUXHEHUJLHVVHQ
$OOHVPLWHLQDQGHUYHUPLVFKHQ0LWGHQ6FKZDUWHQHLQH7HUULQHHLQH6DODWVFKVVHO RGHUHLQDQGHUHV*HIlDXVOHJHQGDVVLFKDXIMHGHQ)DOOQDFKREHQYHUMQJHQ"" LFKZUGHHKHUVDJHQYHUEUHLWHUQ PXVVGDPLWPDQGHQ6FKZHLQVNRSIVWU]HQRGHU EHVVHUKHUDXVKHEHQNDQQ(UVWGHV)OHLVFKHVXQGGHV.RFKVXGVKLQHLQIOOHQ GDQQGLH+lOIWHGHUIODFKHQ2KUHQGUDXIOHJHQZLHGHUGHV)OHLVFKHVXQG6XG GDUEHUJHEHQPLWGHQUHVWOLFKHQ2KUHQDEGHFNHQXQGPLWGHPEULJHQ)OHLVFKXQG GHP.RFKVXGDEVFKOLHHQ 0LWHLQHP]XJHVFKQLWWHQHQ6WFN$OXIROLH]XGHFNHQXQGHLQSDVVHQGHV +RO]EUHWWFKHQGUDXIOHJHQ+LHUDXIHLQ*HZLFKWYRQJVWHOOHQ6WXQGHQODQJ DENKOHQXQGHUVWDUUHQODVVHQ0DQNDQQGHQ6FKZHLQVNRSI]XP6HUYLHUHQVWU]HQ
RGHUDXFKLQGHU)RUPODVVHQ:LUUDWHQLKQLQGHU7HUULQHRGHU6FKVVHO]XODVVHQ ZHQQHUQLFKWDXIHLQPDOYHUVSHLVWZLUG'DQQNDQQHUQlPOLFKQLFKWVRVWDUN DXVWURFNQHQXQGHVJHQJWLKQPLWHLQHP6WFN$OXIROLHDE]XGHFNHQ 4XHOOH%RFXVH'LHQHXH.FKH(UIDVVWYRQ6\OYLD0DQFLQL
58(+5(,(50,7758())(/1 =XWDWHQIU3RUWLRQHQ
(LHU0HHUVDO]3IHIIHUDXVGHU0KOH*UDPP7UIIHOIULVFKRGHU'RVH GDYRQ7UIIHOVFKHLEHQ]XP*DUQLHUHQ*UDPP%XWWHU(VVO&UHPHIUDLFKH RGHU/|IIHO 7DJ'LH(LHULQHLQH6FKVVHOJHEHQVDO]HQSIHIIHUQXQGGLH(LHUOHLFKW YHUVFKODJHQ'LH7UIIHOGQQVFKlOHQXQGLQNOHLQH:UIHOVFKQHLGHQ'LH3LO]H]X GHQ(LHUQJHEHQXQG]XJHGHFNWEHU1DFKWLQGHQ.KOVFKUDQNVWHOOHQ
7DJ'LH%XWWHULQHLQHIHXHUIHVWH6FKVVHOJHEHQXQGLQV:DVVHUEDGVWHOOHQ'LH 7UIIHO(LPDVVHGD]XJHEHQXQGXQWHUVWlQGLJHP5KUHQHWZD0LQXWHQ VWRFNHQODVVHQ&UHPHIUDLFKHXQWHUUKUHQQRFKPDOVDEVFKPHFNHQXQGDXI7HOOHUQ DQULFKWHQ0LWGQQHQ7UIIHOVFKHLEHQ JDUQLHUHQXQGVHUYLHUHQ 'D7UIIHOUHODWLYWHXHUVLQGXQGQLFKWMHGHUEHUHLWVHLQZLUGVRYLHO*HOG DXV]XJHEHQN|QQHQDXFKDQGHUH6SHLVHSLO]HYHUZHQGHWZHUGHQ$OOHUGLQJVLVWGDV GDQQNHLQ5H]HSWDOD%RFXVHPHKU 1$&+%2&86(DODFDUWHIUDQ]|VLVFK NRFKHQPLWGHP0HLVWHUHUIDVVWYRQ.DZH
:$))(/11$&+%2&86( *UDPP0HKO3ULVH6DO]3ULVH%DFNSXOYHU(VVO=XFNHU/LWHU0LOFK /LWHU6DKQH(LJHOEPO5XP*UDPP=HUODVVHQH%XWWHU(LZHL %XWWHUIUGDV:DIIHOHLVHQ 0HKO6DO]%DFNSXOYHUXQG=XFNHULQHLQHU6FKVVHOYHUPLVFKHQ1DFKXQGQDFK 0LOFK6DKQH(LJHOEXQG5XP]XIJHQXQGDOOHVJUQGOLFKYHUPLVFKHQ6FKOLHOLFK GLH]HUODVVHQH%XWWHUHLQUKUHQXQGGLH]XVHKUVWHLIHP6FKQHHJHVFKODJHQHQ (LZHLXQWHUKHEHQ 'DV:DIIHOHLVHQJXWYRUKHL]HQGLHOQQHQVHLWHQPLW%XWWHUEHVWUHLFKHQXQGDXIGLH XQWHUHZDDJUHFKWJHKDOWHQH)OlFKHVRYLHO7HLJJLHHQGDVVGLH$XVEXFKWXQJHQ JHUDGHDXVJHIOOWZHUGHQ
'DV(LVHQVFKOLHHQXQGXPGUHKHQGDPLWDXFKGLHDQGHUH)OlFKHYROONRPPHQYRQ GHP7HLJHUUHLFKWZLUG:HQQGDV(LVHQKHLJHQXJZDUHUKlOWPDQDXIGLHVH:HLVH KHUUOLFKJROGHQHXQGNQXVSULJH:DIIHOQ 'DV(LVHQVFKOLHHQXQGXPGUHKHQGDPLWDXFKGLHDQGHUH)OlFKHYROONRPPHQYRQ GHP7HLJHUUHLFKWZLUG:HQQGDV(LVHQKHLJHQXJZDUHUKlOWPDQDXIGLHVH:HLVH KHUUOLFKJROGHQHXQGNQXVSULJH:DIIHOQ
5H]HSWHYRQ&KULVWLDQ+HQ]H
628))/,(57(56$,%/,1*0,7*5$83(19,1$,*5(77( )U3HUVRQHQ
)DQJIULVFKH6DLEOLQJH*UDPP)ULVFKHQ/DFKV*UDPP6DKQH(LZHL 7HHO6DO](VVO%XWWHU(WZDV6DO](VVO:HLZHLQHVVLJ(VVO2OLYHQ|O (VVO*HNRFKWH*UDXSHQ(VVO7RPDWHQZUIHO(VVO*HKDFNWH.UlXWHU 9HUVFK%ODWWVDODWH(WZDV6DO]=XFNHU 'LH6DLEOLQJHILOHWLHUHQGLH%DXFKJUlWHQDXVVFKQHLGHQXQGGLH+DXWDE]LHKHQ
'DV/DFKVIOHLVFKIHLQZUIHOQXQGPLWGHU6DKQHXQGGHP(LZHLLQHLQH6FKVVHO JHEHQ6DO]HQ'LH)DUFHQXQLP*HIULHUVFKUDQNFD0LQDQIULHUHQODVVHQ $QVFKOLHHQGLQGHU0RXOLQHWWHIHLQSULHUHQ 'LH6DLEOLQJVILOHWVOHLFKWVDO]HQ
'LH/DFKVIDUFHLQHLQHQ6SULW]EHXWHOPLW6WHUQWOOHIOOHQXQGDXIGLH)LOHWVVSULW]HQ ,QHLQHU7HIORQSIDQQHHWZDV%XWWHU]HUODXIHQODVVHQXQGGLHVRXIIOLHUWHQ 6DLEOLQJVILOHWVEHKXWVDPDQEUDWHQ
'HQ)LVFKDQVFKOLHHQGPLWGHU3IDQQHIU0LQEHL*UDGLQGHQ%DFNRIHQ VFKLHEHQ $XV(VVLJ.UlXWHU7RPDWHQ6DO]=XFNHUgOXQG*UDXSHQHLQH9LQDLJUHWWH EHUHLWHQ'LHYHUVFK%ODWWVDODWHDXIHLQHP7HOOHUDQULFKWHQPLWGHU9LQDLJUHWWH EHUWUlXIHOQXQGDP6FKOXVVGHQVRXIIOLHUWHQ6DLEOLQJGUDXIVHW]HQ
%$(5/$8&+68(33&+(10,7*(52(67(7(13,1,(1.(51(1 )U3HUVRQHQ
*UDPP%DHUODXFK6FKDORWWHQPO%RXLOORQRGHU*HPVHEUKH .QREODXFK]HKH*UDPP%XWWHUPO1RLOO\3UDW(VVO&UHPHIUDLFKH PO 6DKQH(WZDV6DO]3IHIIHU0XVNDW.UHEVVFKZlQ]H(VVO*HU|VWHWH 3LQLHQNHUQH 'HQ%DHUODXFKZDVFKHQGLH6WLHOHDE]XSIHQXQGLQ6WUHLIHQVFKQHLGHQ6FKDORWWHQ VFKlOHQXQGIHLQVFKQHLGHQ
J%XWWHULQHLQHP7RSI]HUODXIHQODVVHQXQGGLH6FKDORWWHQXQGGHQ.QREODXFK GDULQDQVFKZLW]HQGDQQGHQ%DHUODXFK]XJHEHQ0LW1RLOO\3UDWDEO|VFKHQXQGPLW %RXLOORQDXIIOOHQ6DKQHXQG&UHPHIUDLFKH]XJHEHQHLQPDODXINRFKHQODVVHQXQG PLWHLQHP6WDEPL[HUGLH6XSSHIHLQSULHUHQ 0LW6DO]3IHIIHU XQG0XVNDWDEVFKPHFNHQ.XU]YRUGHP6HUYLHUHQGLHUHVWOLFKHQ J%XWWHULQGLH6XSSHJHEHQXQGQRFKPDOVDXIPL[HQ 'LHVFKDXPLJH6XSSHLQYRUJHZlUPWH6XSSHQWHOOHUYHUWHLOHQGLH.UHEVVFKZlQ]H HLQOHJHQXQGPLWGHQJHU|VWHWHQ3LQLHQNHUQHQEHVWUHXHQ
3(5/+8+1,0*$1=(1*(%5$7(10,76&+025*(08(6(81' 32/(17$*5$7,1 )U3RUWLRQHQ
3HUOKXKQNFKHQIHUWLJJ6DO]3IHIIHUDXVGHU0KOH(VVO2OLYHQ|O *UDPP6FKDORWWHQJHVFKlOW*UDPP.DURWWHQJHVFKlOW*UDPP 6HOOHULHJHVFKlOW *UDPP*UQH=XFFKLQL*UDPP*HOEH=XFFKLQLPO 3RUWZHLQPO0DGHLUDPO5RWZHLQ5RVPDULHQ]ZHLJ 32/(17$*5$7,1
/LWHU:DVVHU*UDPP6DO]*UDPP0DLVJULH*UDPP.DOWH%XWWHU PO6DKQH*UDPP3DUPHVDQJHULHEHQ*UDPP*UH\HU]HU.lVHJHULHEHQ 'DV3HUOKXKQXQWHUIOLHHQGNDOWHP:DVVHUZDVFKHQXQGPLW.FKHQNUHSSWURFNHQ WXSIHQ,QQHQXQGDXHQJXWPLW6DO]XQG3IHIIHUZU]HQ'DVgOLQHLQHP%UlWHU HUKLW]HQXQGGDV3HUOKXKQHUVWDXIGHQ.HXOHQGDQQDXIGHU%UXVWDQEUDWHQ 1RFKPDOVZHQGHQXQGDXIGLH)OJHOOHJHQ
'HQ5RVPDULHQ]ZHLJ]XJHEHQXQGLQGHQYRUJHKHL]WHQ%DFNRIHQVFKLHEHQ%HL &FD0LQXWHQVFKPRUHQODVVHQ
'DV*HPVHPLWGHQ6FKDORWWHQLQNOHLQH:UIHOVFKQHLGHQQDFK0LQXWHQLQ GHQ %UlWHUJHEHQXQGPLW3RUWZHLQ0DGHLUDXQG5RWZHLQDXIJLHHQ:HLWHUH0LQXWHQ EHL&VFKPRUHQODVVHQ )UGDV3ROHQWDJUDWLQ:DVVHUPLWGHP6DO]DXINRFKHQXQGGHQ0DLVJULH HLQVWUHXHQ0LQXWHQEHLJHULQJHU+LW]HN|FKHOQODVVHQ'LHNDOWH%XWWHUHLQUKUHQ 'HQ%UHLFDFPGLFNDXIHLQ%OHFKVWUHLFKHQ.DOWVWHOOHQ'LHNDOWH3ROHQWDLQ 5DXWHQVFKQHLGHQXQGLQHLQH*UDWLQIRUPOHJHQ'LH6DKQHDXIJLHHQXQGGLH 3ROHQWDPLW.lVHEHVWUHXHQ'LH3ROHQWDFD0LQXWHQEHL&LQGHQ%DFNRIHQ VFKLHEHQXQGJROGEUDXQEHUEDFNHQ 'DV3HUOKXKQLQ7HLOHWUDQFKLHUHQXQGDQULFKWHQGDV3ROHQWDJUDWLQGD]XJHEHQ XQGPLWGHQ6FKPRUJHQXHVHQXQGGHU6DXFHVHUYLHUHQ
(5'%((55+$%$5%(56833(0,7&+$03$*1(5 *UDPP(UGEHHUHQ6WDQJHQ5KDEDUEHUPO7URFNHQHQ:HLZHLQ 9DQLOOHVWDQJHKDOELHUW(WZDV2UDQJHQVFKDOH=LWURQHQVFKDOH=LPW6WDQJH (VVO=XFNHU2UDQJHQ6DIWGDYRQPO&KDPSDJQHU 'HQJHZDVFKHQHQ5KDEDUEHUVFKlOHQXQGLQFDFPODQJH6WFNHVFKQHLGHQ
'LH5KDEDUEHUVFKDOHQPLW:HLZHLQ9DQLOOHVWDQJH2UDQJHQ XQG=LWURQHQVFKDOH =LPWXQG=XFNHUFD0LQEHLJHULQJHU+LW]HN|FKHOQODVVHQ
'HQ5KDEDUEHUIRQGGXUFKHLQ6LHESDVVLHUHQXQGGLH5KDEDUEHUVWFNHGDULQ YRUVLFKWLJFD0LQN|FKHOQODVVHQ'HQ5KDEDUEHU KHUDXVQHKPHQXQGNDOWVWHOOHQ =XP5KDEDUEHUIRQGQXQGHU(UGEHHUHQJHEHQXQGPLWGHP2UDQJHQVDIW DXIIOOHQ0LWGHP0L[VWDEIHLQSULHUHQXQGNDOWVWHOOHQ
'LHUHVWOLFKHQ(UGEHHUHQLQ6FKHLEHQVFKQHLGHQ=XGHUNDOWHQ6XSSHQXQGHQ &KDPSDJQHUJLHHQ 'LHHLVJHNKOWH6XSSHLQWLHIH7HOOHUYHUWHLOHQXQGPLW5KDEDUEHUVWFNHXQG (UGEHHUVFKHLEHQJDUQLHUHQ
$OOH5H]HSWHYRQ&KULVWLDQ+HQ]HDXV3UREVWULHGLP$OOJlX 5HVWDXUDQW/DQGKDXV +HQ]H
5H]HSWHYRQ'RULV.DWKDULQD+HVVOHU
*(08(6(6&+$)6.$(6(63,(66(0,7%$6,/,.806$8&( )U3RUWLRQHQ
J6FKDIVNlVH&RFNWDLOWRPDWHQNOHLQ=XFFKLQL$XEHUJLQH=ZLHEHO URW7/7K\PLDQIULVFKJHKDFNW7/5RVPDULQIULVFKJHKDFNW .QREODXFK]HKH%XQG%DVLOLNXPO6FKPDQGO2OLYHQ|O6DO]3IHIIHU IULVFKJHPDKOHQ+RO]VSLHH 'HQ6FKDIVNlVHGLH=XFFKLQLGLH$XEHUJLQHXQGGLH=ZLHEHOLQJOHLFKJURH6WFNH VFKQHLGHQ)UGLH0DULQDGHZLUGO2OLYHQ|OPLW7K\PLDQ5RVPDULQXQG ]HUGUFNWHU.QREODXFK]HKHJHPLVFKWXQGPLW 6DO]XQG3IHIIHUJHZU]W 'LH*HPVHXQG.lVHVWFNHDEZHFKVHOQGPLWGHQ&RFNWDLOWRPDWHQDXI+RO]VSLHH VWHFNHQ$QVFKOLHHQGIU0LQXWHQLQGLHgO.UlXWHU0DULQDGHOHJHQ )UGLH6DXFHGLH%DVLOLNXPEOlWWHU]XSIHQXQGPLWGHPUHVWOLFKHQ2OLYHQ|OLP .FKHQPL[HUSULHUHQ'HQ6FKPDQGGD]XPLVFKHQPLW6DO]XQG3IHIIHUZU]HQ
1XQGLH6SLHHEHLGVHLWLJMH0LQXWHDXIGHP*ULOOU|VWHQXQGVLHDQVFKOLHHQGPLW GHU%DVLOLNXPVDXFHVHUYLHUHQ
/$8&+3,1,(148,&+(
48(//($5'%8))(75H]HSWVHUYLFHY'RULV.DWKDULQD+HVVOHU/HFNHUHVIUV 3LFNQLFN )U3RUWLRQHQ J0HKOJ%XWWHULQNOHLQHQ:UIHOQ(LJHOEJURH/DXFKVWDQJHQ .QREODXFK]HKHQJ5LFRWWDLWDOLHQLVFKHU)ULVFKNlVH J3LQLHQNHUQH 3IODQ]HQIHWW=XFNHU0XVNDW3IHIIHU6DO] $XVGHP0HKOGHQ%XWWHUZUIHOQHLQHP(LJHOEXQGMHZHLOVHLQHU3ULVH6DO]XQG =XFNHUHLQHQ7HLJNQHWHQXQGLKQLP.KOVFKUDQN0LQXWHQUXKHQODVVHQ 'DQDFKGHQ7HLJDXVUROOHQXQGLQHLQHUXQGHDXVJHEXWWHUWH6SULQJIRUPJHEHQ 'DEHL HLQHQ5DQGYRQFDFPQDFKREHQVWHKHQODVVHQ
'HQ/DXFKZDVFKHQLQ5LQJHVFKQHLGHQXQGLQ3IODQ]HQIHWWDQEUDWHQ0LW6DO] 3IHIIHUXQG0XVNDWZU]HQDXVGHU3IDQQHQHKPHQXQG]XU6HLWHVWHOOHQ'DQDFK GLH3LQLHQNHUQHRKQH)HWWLQGHU3IDQQHU|VWHQ
1XQGLH.QREODXFK]HKHQSUHVVHQXQGVLHPLWGHP5LFRWWDXQGGHQUHVWOLFKHQ (LJHOEPLVFKHQ0LW6DO]XQG3IHIIHUZU]HQXQGGLHJHEUDWHQHQ/DXFKULQJHXQGGLH 3LQLHQNHUQHGD]XPLVFKHQ 'LH0DVVHDXIGHQ7HLJJHEHQXQGFD0LQXWHQEHL*UDGLPYRUJHKHL]WHQ 2IHQEDFNHQ 'LH4XLFKHNDQQZDUPRGHUNDOWJHJHVVHQZHUGHQ
387(163,(66&+(1,1(5'1866&+,/,%877(5 )U3RUWLRQHQ
J3XWHQEUXVWJ(UGQVVH&KLOLVFKRWHIULVFKURWJ,QJZHUIULVFK J6RMDERKQHQIULVFK.QREODXFK]HKH6FKDORWWH%XQG.RULDQGHUIULVFK O*HIOJHOEUKHFO6DNH5HLVZHLQ =ZLHEHOODXFKVWDQJHQJ %XWWHUZUIHONDOW(UGQXVV|O6SLFH*HZXHU]&KLOLSXOYHU6DO]3IHIIHUIULVFK JHPDKOHQ+RO]VSLHH
48(//($5'%8))(75H]HSWVHUYLFH5H]HSWYRQ'RULV.+HVVOHU6FKDUIHVXQG 3LNDQWHV 'DV3XWHQIOHLVFKNOHLQVFKQHLGHQDXIVSLHHQXQGPLWHWZDV6DO]3IHIIHU &KLOLSXOYHUXQG6SLFH*HZXHU]ZU]HQ
)UGLH6DXFH&KLOL,QJZHU.QREODXFKXQG6FKDORWWHNOHLQVFKQHLGHQ XQGLQHLQHP 7RSIPLW(UGQXVV|ODQVFKZLW]HQ'DQQGLH(UGQVVHGD]XJHEHQXQGPLWU|VWHQ 0LW%UKHDEO|VFKHQ'HQ5HLVZHLQXQGHWZDVJHKDFNWHQ.RULDQGHUKLQ]XJHEHQ $OOHVXPHLQ'ULWWHOHLQNRFKHQODVVHQXQGGXUFKHLQ6LHESDVVLHUHQ
6SlWHUGLH6DXFHPLWGHQ%XWWHUZUIHOQXQGHLQHP7HLOGHVJHKDFNWHQ.RULDQGHUV IHUWLJVWHOOHQ 'HQ=ZLHEHOODXFKLQ5|OOFKHQVFKQHLGHQXQGPLWGHQ6RMDERKQHQLQHLQHU3IDQQH PLW(UGQXVV|ODQEUDWHQPLW6DO]XQG3IHIIHUZU]HQ8QWHUGLH6RMDERKQHQQRFK HWZDV.RULDQGHUJHEHQ ,QHLQHU3IDQQHGLH)OHLVFKVSLHHYRQEHLGHQ6HLWHQNXU]DQEUDWHQXQGVLHVSlWHU PLWGHU(UGQXVV&KLOLEXWWHUVDXFHXQGGHQ6RMDERKQHQDQULFKWHQ
=$1'(5,063(&.0$17(/ )U3RUWLRQHQ
=DQGHUILOHWVDJRKQH+DXWXQG*UlWHQ(/2OLYHQ|OVP/LHEVW|FNHOEXQG 6DO]3IHIIHUIULVFKJHPDKOHQ=LWURQHXQEHKDQGHOWHDEJHULHEHQH6FKDOH GDYRQ(/7K\PLDQEOlWWFKHQ(/5RVPDULQQDGHOQ6FKHLEHQ6SHFN GXUFKZDFKVHQGQQJHVFKQLWWHQJ/LQVHQEUDXQNOHLQJ0|KUHQIHLQ JHZUIHOWJ6HOOHULHNQROOHJHZUIHOWJ6FKDORWWHQIHLQJHZUIHOW(/gO PO+HOOHU*HIOJHOIRQGPO5RWZHLQ(/0DMRUDQEOlWWFKHQJHKDFNW7/ 3IHLOZXU]HOPHKOHUVDW]ZHLVH6SHLVHVWlUNH(/$FHWREDOVDPLFRJ%XWWHUNDOW 48(//((VVHQ 7ULQNHQ-XELODHXPVKHIW-DKUH0HLVWHUN|FKH VHUYLHUHQ
=DQGHUILOHWVPLWHLQHU3LQ]HWWHVRUJIlOWLJHQWJUlWHQPLW2OLYHQ|OHLQVWUHLFKHQ /LHEVW|FNHOEOlWWHUJUREKDFNHQ=DQGHUILOHWVOHLFKWVDO]HQSIHIIHUQXQGPLW /LHEVW|FNHO=LWURQHQVFKDOH7K\PLDQXQG5RVPDULQHWZD7DJDEJHGHFNW PDULQLHUHQ
9RQGHQ)LVFKILOHWVGLH.UlXWHUDEVWUHLIHQGLH)LOHWVWURFNHQWXSIHQ'LH 6SHFNVHKHLEHQ]ZLVFKHQ.ODUVLFKWIROLHOHLFKWIODFKGUFNHQ'DQQMHGHV)LVFKILOHWLQ MH6FKHLEHQ6SHFNHLQZLFNHOQ 'LH/LQVHQLQNRFKHQGHP:DVVHULQFD0LQXWHQJDUNRFKHQDEJLHHQ DEWURSIHQODVVHQ0|KUHQXQG6H,OHULHZUIHOLQ6DO]ZDVVHUEODQFKLHUHQDEWURSIHQ ODVVHQ
)UGLH6DXFHJ6FKDORWWHQZUIHOLQ(OgOOHLFKWDQGQVWHQ'HQ*HIOJHOIRQG XQGGHQ5RWZHLQGD]XJLHVVHQ'HQ0DMRUDQGD]XJHEHQXQGGLH6DXFHDXIHWZD HLQNRFKHQODVVHQ0LWGHPLQNDOWHP:DVVHUJHO|VWHQ3IHLOZXU]HOPHKOOHLFKWELQGHQ %HLVHLWHVWHOOHQ 'LHHLQJHZLFNHOWHQ)LVFKILOHWVPLWGHU1DKWVHLWHQDFKXQWHQLQHLQHU3IDQQHPLW (OgODQEUDWHQGDQDFKZHQGHQ,PDXI*UDG*DV8POXIW*UDG YRUJHKHL]WHQ%DFNRIHQDXIGHU(LQVFKXEOHLVWHYRQXQWHQZLHGHUXPDXIGHU 1DKWVHLWHGHV6SHFNVLQ0LQXWHQIHUWLJJDUHQ 'LHUHVWOLFKHQ6FKDORWWHQZUIHOLPUHVWOLFKHQgOPLWGHQ/LQVHQDQGQVWHQ 0|KUHQXQG6HOOHULHZUIHOGD]XJHEHQPLW6DO]XQG3IHIIHUZU]HQ0LWGHP$FHWR EDOVDPLFRDEO|VFKHQ
'LH6DXFHHLQPDODXINRFKHQODVVHQXQGGLHNDOWH%XWWHUQDFKXQGQDFKHLQUKUHQ =XP$QULFKWHQGDV/LQVHQJHPVHDXIGLH7HOOHUYHUWHLOHQGLH)LVFKILOHWVLQ 6FKHLEHQVFKQHLGHQXQGGUDXIVHW]HQXQGPLWGHU6DXFHXPJLHHQ =XEHUHLWXQJV]HLW6WXQGHSOXV0DULQLHU]HLW
3UR3RUWLRQJ(LZHLJ)HWWJ.RKOHK\GUDWH NFDON-
-$.2%6086&+(/1$8)$6,$7,6&+($57 )U3RUWLRQHQ
-DNREVPXVFKHOQIULVFKGDV)OHLVFKGDYRQJ)UKOLQJV]ZLHEHOQVP &KLOLVFKRWHQURW%XQG.RULDQGHUJUQJ,QJZHUZXU]HOIULVFKIHLQJHKDFNW .QREODXFK]HKHQIHLQJHKDFNW6DO]3IHIIHUDG0KOH PO$XVWHUQVDXFH J*ODVQXGHOQgO]XP$XVEDFNHQJ.PPHOVDDWVFKZDU](/6HVDP|O PO5RWZHLQPO+HOOHU*HIOJHOIRQG7/3IHLOZXU]HOPHKOHUVDW]ZHLVH 6SHLVHVWlUNHJ%XWWHUNDOW J0DQJRERKQHQVSURVVHQ(/(UGQXVV|O 48(//((VVHQ 7ULQNHQ-XELODHXPVKHIW-DKUH0HLVWHUN|FKH VHUYLHUHQ
'LH-DNREVPXVFKHOQPLWHLQHP*HVFKLUUWXFKVHKUJXWWURFNHQWXSIHQ'XUFKGLH JUREH6FKHLEHGHV)OHLVFKZROIVGUHKHQ'LH)UKOLQJV]ZLHEHOQSXW]HQ'DV:HLH XQGGDV+HOOJUQHLQVHKUIHLQH5LQJHVFKQHLGHQ
'DV'XQNHOJUQHDXIEHZDKUHQ&KLOLVFKRWHQKDOELHUHQHQWNHUQHQLQIHLQH:UIHO VFKQHLGHQ.RULDQGHUEOlWWHUJUREKDFNHQ'DV-DNREVPXVFKHOIOHLVFKPLW )UKOLQJV]ZLHEH,Q&KLOLZUIHOQ.RULDQGHUJUQ,QJZHUXQGGHP.QREODXFK YHUPLVFKHQPLW6DO]3IHIIHUXQGPO$XVWHUQVDXFHZU]HQ'LH0DVVHDEJHGHFNW NDOWVWHOOHQ 'LH*ODVQXGHOQDXVHLQDQGHU]XSIHQXQGPLWHLQHU6FKHUHLQHWZDFPODQJH6WFNH VFKQHLGHQ 'DVgO]XP$XVEDFNHQDXIFD*UDGHUKLW]HQ
)UGLH6DXFHGLH .PPHOVDDWLP6HVDP|ODQU|VWHQ0LWGHP5RWZHLQXQGGHP *HIOJHOIRQGDEO|VFKHQXQGDXIPOHLQNRFKHQODVVHQ'LHUHVWOLFKH $XVWHUQVDXFHHLQUKUHQXQGPLWGHPLQZHQLJNDOWHP:DVVHUJHO|VWHQ 3IHLOZXU]HOPHKOOHLFKWELQGHQ8QPLWWHOEDUYRUGHP6HUYLHUHQGLHNDOWH%XWWHULQGLH KHLH6DXFHHLQUKUHQ $XVGHU-DNREVPXVFKHOPDVVHPLW+LOIHHLQHV/RHIIHOVJOHLFKJURH.XJHOQ IRUPHQ9RUVLFKWLJLQGHQ*ODVQXGHOVWFNHQZlO]HQXQGOHLFKWDQGUFNHQ'LH %lOOFKHQLQGHPKHLHQgOSRUWLRQVZHLVH0LQXWHQDXVEDFNHQ
1LFKWPHKUDOV.XJHOQJOHLFK]HLWLJ9RUVLFKWEHLP(LQOHJHQHVVSULW]WHWZDV 'LH .XJHOQPLWHLQHU6FKDXPNHOOHKHUDXVQHKPHQXQGDXI*HVFKLUUWFKHUQDEWURSIHQ ODVVHQ 'LH0XQJRERKQHQVSURVVHQZDVFKHQJXWDEWURSIHQODVVHQXQGLP(UGQXVV|O SRUWLRQVZHLVHDPEHVWHQLQHLQHP:RN NXU]EUDWHQ'DV'XQNHOJUQHGHU )UKOLQJV]ZLHEHOQLQ5LQJHVFKQHLGHQXQGGD]XJHEHQ0LW6DO]XQG3IHIIHUZU]HQ 'DV*HPVHDXI7HOOHUQDQULFKWHQGLHDXVJHEDFNHQHQ-DNREVPXVFKHONXJHOQ GUDXIVHW]HQPLWGHU6DXFHVHUYLHUHQ =XEHUHLWXQJV]HLW6WXQGH0LQXWHQ
3UR3RUWLRQ2NFDON-
5H]HSWHYRQ9LQFHQW.OLQN
%2'(16((7(8)(/&+(10,7+$6(/18(66(1 )U3RUWLRQHQ
%RGHQVHHIHOFKHQJ+DVHOQVVHJUREJHVFKQLWWHQJ%XWWHU=LWURQH 6DIWGDYRQ6DO]3IHIIHU 'LHJHVFKXSSWHQXQGDXVJHQRPPHQ)LVFKHPLWGHP=LWURQHQVDIWEHWUl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
*2/'%5$66(0,75$6$/+$1287 )U3RUWLRQHQ
*ROGEUDVVHQFDJ)UKOLQJV]ZLHEHOQPLW*UQ(/%XWWHU]XP%UDWHQ (/1RLOO\3UDWRGHUWURFNHQHU0DUWLQL7/5DVDO+DQRXW(/.DOWH %XWWHUIORFNHQIUGLH6DXFH6DO] 5DVDO+DQRXWLVWHLQPDURNNDQLVFKHV0LVFKJHZU]GDVLQHLQVFKOlJLJHQ/lGHQ IHUWLJ]XNDXIHQLVW
%UDVVHQDXVQHKPHQVFKXSSHQZDVFKHQXQGILOLHUHQ0LW.FKHQNUHSSWURFNQHQ XQGLQ%XWWHU0LQXWHQYRQEHLGHQ6HLWHQDQEUDWHQ'LH+DXWVHLWHLVWREHQXQGZLUG QDFKGHPZHQGHQPLWHLQHU3DOHWWHQDFKXQWHQJHGUFNW GDVLFKGXUFK6SDQQXQJ GDV)LVFKILOHWQDFKREHQZ|OEWXQGVRQXUGLHlXHUHQ5lQGHUJHEUDWHQZUGHQ :HQQGLH+DXWVHLWHXQWHQEUlWHUK|KWPDQGLH+LW]HXPGHP)LVFKHLQH.UXVWH]X JHEHQ'DVGDXHUWXQJHIlKU0LQXWHQ 'LH)LVFKILOHWVDXVGHU3IDQQHQHKPHQXQGZDUPVWHOOHQ
'LH3IDQQHDXVUHLEHQXQGPLWGHU%XWWHUGLHLQNOHLQH5LQJHJHVFKQLWWHQHQ )UKOLQJV]ZLHEHOQDQGQVWHQ0LW1RLOO\3UDWDEO|VFKHQGDV5DVDO+«QRXW KLQHLQJHEHQ8QWHUVWDUNHP.RFKHQGLH%XWWHUIORFNHQPLWGHP6FKQHHEHVHQ XQWHUTXLUOHQ6RODQJHEHLJURHP)HXHUUKUHQELVGLH6DXFHGLHULFKWLJH .RQVLVWHQ]KDW 'LH)LVFKILOHWLP2IHQZLHGHUDXIKHL]HQGDQQDQULFKWHQXQGGLH6DXFH GDUXHEHUQDSSLHUHQ
=XGLHVHP*HULFKWKDUPRQLHUW3DSULNDJHPVHVHKUJXWXQGVWDWW6DO]NDUWRIIHOQNDQQ DXFK%DJXHWWHEURWJHUHLFKWZHUGHQ
/277(0,72/,9(16$8&( )U3RUWLRQHQ
J/RWWH6HHWHXIHO HQWKlXWHW(/2OLYHQ|O(/6FKZDU]H2OLYHQ6FKDORWWH (/%XWWHU(/:HLZHLQ.QREODXFK]HKH /RWWHLQHLQHLQKDOE=HQWLPHWHUVWDUNH6FKHLEHQ VFKQHLGHQXQGLQGHU3IDQQHYRQ EHLGHQ6HLWHQMHZHLOV0LQXWHQPLW2OLYHQ|OXQGHLQHUJDQ]HQ]HUGUFNWHQ .QREODXFK]HKH0LQXWHQEUDWHQ
:DUPVWHOOHQ'DV)HWWDXVGHU3IDQQHUHLEHQXQGPLWHWZDV%XWWHUGLH6FKDORWWHQ PLWGHQ2OLYHQDQVFKZLW]HQ0LWGHP :HLQDEO|VFKHQXPGLH+lOIWHUHGX]LHUHQYRP )HXHUQHKPHQXQGGLH%XWWHUPLWHLQHP6FKQHHEHVHQHLQDUEHLWHQ $QULFKWHQ
.RPPWHV]X]HLWOLFKHQ9HU]|JHUXQJHQVRNDQQGLH6DXFHQRFKPDOVYRUVLFKWLJ HUZlUPWZHUGHQDOOHUGLQJVQXUXQWHUGDXHUQGHPUKUHQPLW GHP6FKQHHEHVHQ
/(&.(5(6)8(563,&.1,&. )U3RUWLRQHQ
3DSULNDYHUVFKLHGHQIDUELJ=XFFKLQL=ZLHEHOJUREJHZUIHOWO *HPVHEUKH7/2UHJDQRO2OLYHQ|O]XP(LQOHJHQ4XDOLWlW([WUD 9HUJLQH3IHIIHUJURE6DO]0DUPHODGHQJOlVHU 'LH3DSULNDYRQGHQ.HUQHQEHIUHLHQXQGLQSIHQQLJJURH6WFNHVFKQHLGHQ
,QHLQHU3IDQQHPLWZHQLJ2OLYHQ|OEUDXQU|VWHQ1XQGLH=ZLHEHOXQGGLH=XFFKLQL JUREZUIHOQ=XHUVWGLH=ZLHEHOQLQGLH3IDQQHJHEHQ6LQGGLHVHEUDXQNRPPHQ GLH=XFFKLQLZUIHOGD]X0LWGHU*HPVHEUKHDEO|VFKHQXQGGHQ2UHJDQR ]XJHEHQ $OOHVVRODQJHUHGX]LHUHQELVGLH%UKHY|OOLJYHUNRFKWLVW
0LW3IHIIHUXQG6DO]DEVFKPHFNHQ1XQGHQO2OLYHQ|OLQGLH3IDQQHJLHHQXQG DOOHVQRFKPDODXINRFKHQ 'LH0DUPHODGHQJOlVHUKHLDXVVSOHQXQGGDV*HPVHKHLHLQIOOHQ'LH*OlVHU GLFKWYHUVFKOLHHQXQGDENKOHQODVVHQ ,P.KOVFKUDQNNDQQPDQGLH*OlVHUELV]X:RFKHQDXIEHZDKUHQ
+,56&+58(&.(10('$,//210,7'2(553)/$80(181' 3,1,(1.(51(1 )U3RUWLRQHQ
+LUVFKUFNHQILOHWVDJ6FKHLEHQ6FKZHLQHEDXFKJHUDXFKW '|UUSIODXPHQ3ULVH1HONHQ3ULVH3LPHQWO5RWZHLQ7/:DOQVVH JHU|VWHW7/3LQLHQNHUQH7/5RVPDULQQDGHOQ7/3IHLOZXU]HOPHKOPLW HWZDV:DVVHUYHUPLVFKW(/%XWWHU3IHIIHU6DO]%LQGIDGHQ 'LH'|UUSIODXPHQLQ5RWZHLQEHU1DFKWHLQZHLFKHQ5RVPDULQIHLQZLHJHQ1VVH XQG3LQLHQNHUQHJUREKDFNHQXQGLQHLQHU3IDQQHDQU|VWHQ'LHHLQJHZHLFKWHQ 3IODXPHQIHLQKDFNHQXQG]XGHQ1VVHQJHEHQ(EHQVRGHQIHLQJHZLHJWHQ 5RVPDULQXQGGLH*HZU]H'DV*DQ]HSIHIIHUQXQGJXWPLWHLQDQGHUYHUPLVFKHQ
'LH)LOHWVWFNHLQGHU0LWWHHLQVFKQHLGHQXQGPLWHLQHP0HVVHUUXQGXPHLQH7DVFKH IUHLVFKQHLGHQ(WZDHLQHQ7HHO|IIHO3IODXPHQIOOXQJKLQHLQVFKLHEHQXQGGLH )OHLVFKUlQGHU]XVDPPHQGUFNHQ'LH0HGDLOORQVPLWHLQHPRGHU]ZHL6FKHLEHQ 6FKZHLQHEDXFKXPZLFNHOQXQGDOOHVPLW.FKHQELQGIDGHQIL[LHUHQ,Q%XWWHU ODQJVDPYRQEHLGHQ6HLWHQMHZHLOV0LQXWHQEUDWHQ 'HQ%UDWHQVDW]PLWGHP5RWZHLQLQGHQGLH3IODXPHQHLQJHOHJWZDUHQDEO|VFKHQ HWZDVUHGX]LHUHQPLWHWZDV3IHLOZXU]HOPHKOXQGHLQLJHQ%XWWHUIORFNHQELQGHQ
0$5,//(1.12('(/1$&+9,1&(17./,1. )U3RUWLRQHQ
J$SULNRVHQXQJHVFKZHIHOWJHWURFNQHWJ%XWWHUJ3XGHU]XFNHU (LJHOENJ4XDUN J:HFNPHKOYRP+HIH]RSI(/0RQGDPLQ(/5XP 9DQLOOHVFKRWHQ=LWURQHJHULHEHQH6FKDOH3ULVH6DO] 0DULOOHQNQ|GHO$SULNRVHQNQ|GHO EHVWHKHQ]XHLQHP*URVVWHLODXV4XDUN0DQ N|QQWHVLFKEHUOHJHQEHLHLQHP%DXHUQIULVFKH0LOFK]XKROHQXQGEHLGHU 4XDUNKHUVWHOOXQJVHOEVW+DQGDQ]XOHJHQ(VJHKWJDQ]HLQIDFKGLH0LOFKZLUG]XP 6lXHUQDQHLQHQZDUPHQ2UWJHVWHOOW6LHZLUGQDFK]ZHL7DJHQGLFNXQGPDQJLEW VLHGDQQDXIHLQ6LHEGDVPLWHLQHP7XFKDXVJHOHJWZXUGH'DUDXIOlVVWPDQGHQ 4XDUNDEWURSIHQ)UGLH0DULOOHQNQ|GHOPXVVHUQRFKPDOVNUlIWLJPLWHLQHP .FKHQKDQGWXFKDXVJHGUFNWZHUGHQhEULJHQVZXUGHGLH0RONHLQIUKHUHQ=HLWHQ ]XP3XW]HQYRQ0HVVLQJXQG.XSIHUYHUZDQGW$XFKLVWHVVHKU]XHPSIHKOHQGLH UHLFKOLFKHQ0LQHUDOHGHU0RONH]XQXW]HQXQGPLW=LWURQHQVDIWYHUPLVFKW]XHLQHP IULVFKHQGHQ*HWUlQN]XYHUDUEHLWHQ .DUDPHOOLVLHUWHV:HFNPHKO$P%HVWHQLVWJHWURFNQHWHU+HIH]RSIGHQPDQEHLP %lFNHU]HUUHLEHQOlVVW=HKQ(VVO|IIHO%U|VHOPLWGUHL(VVO|IIHO3XGHU]XFNHULQHLQH 3IDQQHJHEHQXQGDXIJURHP)HXHUVRODQJHZHQGHQELVGHU=XFNHUNDUDPHOOLVLHUW XQGGLH%U|VHOGXQNHOZHUGHQ'LH%U|VHOVLQGLQHLQHUOXIWGLFKWHQ'RVHRKQH ZHLWHUHVYLHU:RFKHQ]XODJHUQ,QGHQ.HVVHOGHV5KUJHUlWVJLEWPDQ%XWWHUPLW 3XGHU]XFNHUXQGGHV(LJHOE $OOHVZLUGJXWVFKDXPLJJHVFKODJHQ'HU4XDUNPXVVZLUNOLFKIHVWDXVJHGUFNW ZHUGHQXQGEHUHLWVEU|VHOLJH.RQVLVWHQ]KDEHQ'DV0RQGDPLQPLWGHP5XP DQUKUHQXQGPLWGHP:HFNPHKOGHU=LWURQHQVFKDOHGHU9DQLOOHXQGGHP4XDUN ]XUVFKDXPLJJHUKUWHQ0DVVHJHEHQXQGDOOHVPLWHLQDQGHUJXWGXUFKNQHWHQ 'LH0DULOOHQZHUGHQPLWHWZDV7HLJXPJHEHQXQG]XUXQGHQ.XJHOQJHIRUPW,Q =XFNHUZDVVHU]HKQ0LQXWHQSRFKLHUHQXQGPLWNDUDPHOOLVLHUWHP:HFNPHKO EHVWUHXHQ
'D0DULOOHQNQ|GHOHLQJXWHV:LQWHUJHULFKWVLQGNDQQPDQZHQQNHLQ.RPSRWW YRUKDQGHQLVWDXFK'|UUDSULNRVHQYHUZHQGHQPDQDFKWHDEHUDXIXQJHVFKZHIHOWH :DUH :DVDXIHLQH1RWO|VXQJVFKOLHHQOlVVWKDWUDIILQLHUWHQ*HVFKPDFNXQGHQWVSULFKW GHP:LOOHQLQQHUKDOEGHU6DLVRQDXIGLHMHZHLOLJYHUIJEDUHQ3URGXNWHHLQ]XJHKHQ 'LHJHWURFNQHWHQ0DULOOHQZHUGHQLQ6ZHLQDXIJHNRFKWXQGGUHL7DJHHLQJHOHJW 6LHTXHOOHQDXIXQGHQWZLFNHOQHLQHQLQWHQVLYHUHQ*HVFKPDFNDOVIULVFKH $SULNRVHQPDQPXVVVLFKDEHUEHVWH4XDOLWlWEHVRUJHQGLHXQJHVFKZHIHOWLVW
)UGLH$SULNRVHQVDXFHNRFKWPDQGLHJHWURFNQHWHQ$SULNRVHQLQ:HLZHLQZHLFK XQGPL[WVLH]XHLQHUVlPLJHQ6DXFH1LPPWPDQHLQJHGQVWHWH$SULNRVHQVR WUHLEWPDQVLHGXUFKGHQ0L[HUXQGSDVVLHUWGLH6DXFHYRQ+DXWUHVWHQ-HQDFK %HOLHEHQZLUGGDV$SULNRVHQSUHHJH]XFNHUWXQGGDQQPLWGHQDXIJHZHLFKWHQ 0DULOOHQ]XHLQHP.RPSRWWYHUPLVFKW
5H]HSWHYRQ-RKDQQ/DIHU .$572))(/ *5$7,11$&+-2+$11/$)(5 .QREODXFK]HKH%XWWHUIUGLH)RUP6DO]0XVNDWQXVVJHULHEHQ*UDPP 6DKQH0LOOLOLWHU0LOFK*UDPP.DUWRIIHOQ*UDPP(PPHQWDOHU JHULHEHQ(VVO|IIHO%XWWHU )HXHUIHVWH)RUPPLW.QREODXFKDXVUHLEHQXQGPLW%XWWHUHLQIHWWHQ6DKQHXQG0LOFK PLW6DO]XQGJHULHEHQHP0XVNDWDXINRFKHQ *HVFKlOWHLQGQQH6FKHLEHQJHVFKQLWWHQH.DUWRIIHOQLQGLH)RUPVFKLFKWHQ0LWGHU 6DKQHPLOFKEHUJLHHQ 0LWJHULHEHQHP(PPHQWDOHUXQG)ORFNHQYRQGHU%XWWHU EHUVWUHXHQ%HL *UDGLP2IHQHWZD0LQXWHQEDFNHQ
*()8(//7(.$/%)/(,6&+52(//&+(10,7(00(17$/(581' 6$/%(,
.DOEVVFKQLW]HODJ7HHO|IIHOgO6DO]3IHIIHUDXVGHU0KOH(VVO|IIHO %XWWHU*UDPP6FKDORWWHQZUIHO*UDPP&KDPSLJQRQV*UDPP 6FKLQNHQZUIHO7HHO|IIHO6DOEHLJHVFKQLWWHQ6DO]3IHIIHU (PPHQWDOHUVWlEFKHQFPODQJ FPGLFN6DOEHLEOlWWHUJDQ](VVO|IIHO 2OLYHQ|O7HHO|IIHO)HQFKHOVDPHQ7HHO|IIHO&KLOLJHPDKOHQ 'LH.DOEVVFKQLW]HO]ZLVFKHQ]ZHL.ODUVLFKWIROLHQZHOFKHYRUKHUPLWgOHLQJHSLQVHOW ZXUGHQGQQDXVNORSIHQDQVFKOLHHQGPLW6DO]XQG3IHIIHUZU]HQ %XWWHULQHLQHU3IDQQHHUKLW]HQ6FKDORWWHQZUIHOGDULQDQVFKZLW]HQ&KDPSLJQRQ XQG6FKLQNHQZUIHOEHLJHEHQXQGPLWEUDWHQ =XP6FKOXVVGHQJHVFKQLWWHQHQ6DOEHLGD]XJHEHQXQGPLW6DO]XQG3IHIIHU DEVFKPHFNHQ
'LH&KDPSLJQRQ6FKLQNHQ0DVVHDXI GLHYLHUDXVJHNORSIWHQ6FKQLW]HOYHUWHLOHQ HWZDVJODWWVWUHLFKHQ(PPHQWDOHUVWlEFKHQXQGHLQ6DOEHLEODWWGDUDXIOHJHQXQGZLH HLQH5RXODGH]XVDPPHQUROOHQ0LW]ZHL=DKQVWRFKHUQIHVWVWHFNHQXQGPLW2OLYHQ|O )HQFKHOVDPHQXQGJHPDKOHQHP&KLOLPDULQLHUHQ $QVFKOLHHQGDXIGHQKHLHQ*ULOOJHEHQXQGGLH.DOEIOHLVFKU|OOFKHQFD 0LQXWHQJULOOHQ
-2+$11/$)(56(;27,6&+(52%676$/$7
$QDQDV0DQJR3K\VDOLV3DSD\D.DUDPEROD*UDPP3DSULNDURW JHZUIHOW*UDPP3DSULNDJUXHQJHZUIHOW*UDPP3HNDQQHJHU|VWHW &KLOLVFKRWHURWJHZUIHOW(VVO|IIHO=XFNHU6DO](VVO|IIHO=LWURQHQVDIW (VVO|IIHO6HVDP|O.QREODXFK]HKHQ0LOOLOLWHUgO0LQ]HEOlWWFKHQ 'LH$QDQDVKDOELHUHQGDV)UXFKWIOHLVFKKHUDXVO|VHQGHQ6WUXQNHQWIHUQHQXQGLQ 6FKHLEHQVFKQHLGHQ'LHEULJHQ)UFKWHLQPXQGJHUHFKWH6WFNHVFKQHLGHQ 3DSULNDZUIHOURWXQGJUXHQ3HNDQQVVHJHZUIHOWH&KLOLVFKRWH=XFNHU6DO] =LWURQHQVDIWXQG6HVDP|OGD]XJHEHQ'DV*DQ]HQXQ6WXQGHPDULQLHUHQODVVHQ ,QGHU=ZLVFKHQ]HLWGHQ.QREODXFKVFKlOHQIHLQKDFNHQXQGLQgOJROGEUDXQ DXVEDFNHQ
=XP6FKOXVVGHQIULWWLHUWHQ.QREODXFKXQGGLHIHLQJHVFKQLWWHQHQ0LQ]HEOlWWFKHQ XQWHUUKUHQXQGVHUYLHUHQ
-2+$11/$)(56.2.267257(0,7(,1(0+$8&+921(;27,. )8(5'(1%2'(1
*UDPP%OlWWHUWHLJ*UDPP3XGHU]XFNHU )8(5',(.2.26&5(0(
0LOOLOLWHU6DKQH0LOOLOLWHU.RNRVPDUN*UDPP=XFNHU(LJHOE %ODWWJHODWLQH0LOOLOLWHU.RNRVOLN|U=LWURQH6DIWGDYRQ*UDPP .RNRVIORFNHQ*UDPP6DKQHJHVFKODJHQ0DQJRLQ6SDOWHQJHVFKQLWWHQ 3XGHU]XFNHU]XP%HVWUHXHQ 'HQ%OlWWHUWHLJFDPPGQQDXVUROOHQDXIHLQ%OHFKOHJHQPLWHLQHU*DEHO HLQVWHFKHQPLWHLQHP%DFNRIHQJLWWHUEHVFKZHUHQ'DV*DQ]HEHL*UDG& DXVEDFNHQFD0LQXWHQ $XVGHP%OlWWHUWHLJHLQHQ.UHLVYRQFP'XUFKPHVVHUDXVVWHFKHQPLW 3XGHU]XFNHUHWZEHVWUHXHQXQGGDQQLP%DFNRIHQJULOOEHL*UDG& NDUDPHOOLVLHUHQ .RNRVFUHPH
6DKQHPLWGHP.RNRVPDUNXQGGHP=XFNHUDXINRFKHQ=XGHQ(LJHOEHQJHEHQXQG DOOHVVRODQJHGLFNDEUKUHQELVHLQH%LQGXQJHQWVWHKW'DV*DQ]HGXUFKHLQIHLQHV 6LHESDVVLHUHQ'D]XGLHLQNDOWHP:DVVHUHLQJHZHLFKWH*HODWLQHXQGGHQ .RNRVOLN|UXQWHUUKUHQXQGDENKOHQODVVHQ$QVFKOLHHQGGLHJHVFKODJHQH6DKQH XQWHUKHEHQ 'LHIHUWLJH&UHPHDXIGHQNDUDPHOOLVLHUWHP%OlWWHUWHLJJHEHQGHUPLWHLQHU 6SULQJIRUPXPUDQGHWLVW:HQQGLH.RNRVPDVVHOHLFKWDQ]LHKWPLWGHP 0DQJRVSDOWHQDXVJDUQLHUHQ )UHWZD6WXQGHQNKOVWHOOHQ$XVGHP7RUWHQULQJHQWIHUQHQXQGIHUWLJ
-2+$11/$)(567,5$0,687257( )8(5'(108(5%(7(,*
*UDPP%XWWHU]LPPHUZDUP*UDPP3XGHU]XFNHU(LJHOE3ULVH6DO] 2UDQJH6FKDOHGDYRQ=LWURQH6FKDOHGDYRQ*UDPP0HKO0HKOIUGLH $UEHLWVIOlFKH '81./(5+$6(/1866%,6.8,7
(LJHOE*UDPP=XFNHU (LZHL*UDPP=XFNHU *UDPP0HKO *UDPP6WlUNH*UDPP.DNDRSXOYHU*UDPP+DVHOQVVH%XWWHUIUGLH )RUP0HKO]X%HVWlXEHQ )8(5',()8(//81*
(L(LJHOE*UDPP3XGHU]XFNHU2UDQJH6DIWGDYRQ2UDQJH6FKDOH GDYRQ%ODWWJHODWLQH=HQWLOLWHU$PDUHWWROLN|U*UDPP0DVFDUSRQH *UDPP6DKQHJHVFKODJHQ*UDPP(UGEHHUNRQILWUH7DVVHPO (VSUHVVRYHUPLVFKWPLW*UDPP3XGHU]XFNHU*UDPP.DNDR 0UEHWHLJ
'HU0UEWHLJERGHQGLHQWDOV6WW]HIUGLH7RUWH'LH%XWWHUPLWGHP3XGHU]XFNHU GHP(LJHOEXQGHLQHU3ULVH6DO]OHLFKWYHUUKUHQ'LH2UDQJHQXQGGLH =LWURQHQVFKDOHGD]XJHEHQ'DV0HKOGDUDXIVLHEHQXQGDOOH=XWDWHQ]XHLQHP JODWWHQ7HLJYHUDUEHLWHQ,Q.ODUVLFKWIROLHZLFNHOQXQGPLQGHVWHQV6WXQGHNKO VWHOOHQ 'HQ0UEHWHLJDXIHLQHUEHPHKOWHQ$UEHLWVIOlFKHPPGLFNDXVUROOHQ'HQ 6SULQJIRUPERGHQDXVIHWWHQGHQ7HLJGUDXIOHJHQPLWGHP6SULQJIRUPUDQG DXVVWHFKHQ'HQ%RGHQPLWHLQHU*DEHOHLQVWHFKHQXQGLP2IHQEHL*UDG& EDFNHQKHUDXVQHKPHQXQGDXVNKOHQODVVHQ 'XQNOHU+DVHOQXVVELVNXLWERGHQ
'LH(LJHOEHPLWJ=XFNHUVFKDXPLJVFKODJHQ'DV(LZHLHEHQIDOOVPLWJ=XFNHU VFKDXPLJVFKODJHQ0HKOPLW6WlUNH.DNDRSXOYHUXQGGHQ+DVHOQVVHQPLVFKHQ GHV(LZHLLQGLH(LJHOEPDVVHXQWHUUKUHQ'DV0HKO+DVHOQXVV*HPLVFKXQG GHQ5HVWYRPGHP(LVFKQHHXQWHUKHEHQ ,QHLQHPLW%XWWHUDXVJHSLQVHOWHXQGPLW0HKOEHVWlXEWH6SULQJIRUPIOOHQXQGEHL *UDG&LPYRUJHKHL]WHQ2IHQ0LQXWHQEDFNHQ+HUDXVQHKPHQXQG DENKOHQODVVHQXQGDXVGHU)RUPQHKPHQ 'LH)OOXQJ&UHPH
'DV(LPLWGHQ(LJHOEHQXQGGHP3XGHU]XFNHUEHUHLQHPKHLHQ:DVVHUEDG VFKDXPLJVFKODJHQ6DIWYRQHLQHU2UDQJHXQGGHP$EULHEYRQ2UDQJH EHLJHEHQ'LH*HODWLQH GLHLQNDOWHP:DVVHUHLQJHZHLFKWZXUGHEHLJHEHQXQGGDV *DQ]HDXI(LVVWHOOHQELVGLH0DVVHOHLFKWDEJHNKOWLVW
'HQ$PDUHWWRXQGGLH0DVFDUSRQHFUHPHHLQUKUHQXQGGLHJHVFKODJHQH6DKQH XQWHUKHEHQ'HQJHEDFNHQHQDXVJHNKOWHQ0UEHWHLJERGHQPLW(UGEHHUPDUPHODGH GQQEHVWUHLFKHQ 'HQ+DVHOQXVVELVNXLWERGHQZDDJHUHFKWLQ]ZHLWHLOHVFKQHLGHQ:HQQGHU 7RUWHQERGHQHLQHQ7DJIUKHUJHEDFNHQZLUGOlVVWHUVLFKEHVVHUVFKQHLGHQ 'HQ HUVWHQ7HLOYRP+DVHOQXVVELVNXLWDXIGHQ0UEHWHLJVHW]HQPLWHLQHP7RUWHQULQJ XPVWHOOHQXQGGHQ%RGHQPLWHLQHP7HLOGHU(VSUHVVR3XGHU]XFNHU0LVFKXQJ WUlQNHQ'LH+lOIWHGHU0DVFDUSRQHIOOXQJHLQIOOHQGHQ]ZHLWHQ+DVHOQXVVERGHQ GHUPLWGHP5HVWGHU(VSUHVVR3XGHU]XFNHU0LVFKXQJJHWUlQNWZXUGHGUDXIVHW]HQ XQGGHQ5HVWGHU0DVVHHLQIOOHQ 'DV*DQ]HIU6WXQGHQNDOWVWHOOHQ$QVFKOLHHQGGHQ7RUWHQULQJPLWHLQHP 0HVVHUYRUVLFKWLJO|VHQXQGGHQ5LQJDE]LHKHQ'LH7RUWHGLFNPLW.DNDREHVWUHXHQ XQG6HUYLHUHQ
48$5.$35,.26(1.12('(/0,7(5'%((5(181'*5$1' 0$51,(56$%$<21 )8(5'(1.12('(/7(,*
*UDPP%XWWHU*UDPP=XFNHU(L(LJHOE*UDPP:HLEURW 2UDQJH6FKDOHGDYRQ=LWURQH6FKDOHGDYRQ3DFNXQJ9DQLOOH]XFNHU *UDPP$SULNRVHQJHWURFNQHW*UDPP4XDUNLQHLQHP.FKHQWXFK DXVJHGUFNW*UDPP%XWWHU*UDPP6HPPHOEU|VHO*UDPP=XFNHU EUDXQ=LWURQH6FKDOHGDYRQ3ULVH=LPW3XGHU]XFNHU]XP%HVWUHXHQ ',(0$5,1,(57(1(5'%((5(1
*UDPP(UGEHHUHQ*UDPP3XGHU]XFNHU=HQWLOLWHU2UDQJHQOLN|U '$6*5$1'0$51,(56$%$<21
/LWHUP|JOLFKVWIULVFKHU 2UDQJHQVDIW*UDPP=XFNHU2UDQJH6FKDOH GDYRQ(LJHOE .12('(/7(,*
%XWWHUXQG=XFNHUVFKDXPLJVFKODJHQ(LXQG(LJHOEGD]XJHEHQXQGHEHQIDOOV PLWVFKODJHQ:HLEURWYRP9RUWUDJRKQH5LQGHLQJDQ]NOHLQHVFKQHLGHQ:UIHO XQGGD]XJHEHQ9DQLOOH]XFNHUJHWURFNQHWH$SULNRVHQGLHLQJDQ]NOHLQH:UIHO VFKQHLGHQXQGGD]XJHEHQ$EJHULHEHQ2UDQJHQXQG=LWURQHQVFKDOHQEHLJHEHQ DOOHVJXWYHUUKUHQXQGGHQ7HLJIUHLQH6WXQGHLP.KOVFKUDQN UXKHQODVVHQ 'DQQGDUDXVNOHLQH.Q|GHOIRUPHQXQGLQOHLFKWN|FKHOQGHP6DO]ZDVVHUIUFD 0LQXWHQJDU]LHKHQODVVHQ %XWWHU]HUODXIHQODVVHQ%U|VHOXQGEUDXQHQ=XFNHUGDULQU|VWHQDEJHULHEHQH =LWURQHQVFKDOHXQGGLH0HVVHUVSLW]H=LPW]XJHEHQ.Q|GHODXVGHP :DVVHUQHKPHQJXWDEWURSIHQODVVHQLQGHQ%U|VHOZlO]HQXQGPLW3XGHU]XFNHU EHVWUHXHQ 0DULQLHUWH(UGEHHUHQ
'LH(UGEHHUHQZDVFKHQSXW]HQKDOELHUHQXQGPLWGHP3XGHU]XFNHUXQGGHP 2UDQJHQOLN|UPDULQLHUHQ'LHVHGDQQGHNRUDWLYPLWGHQ.Q|GHOQDXIHLQHPJURHQ 7HOOHUDQULFKWHQ UDQJHQOLN|UVDED\RQ
'HQ2UDQJHQVDIWPLWGHP=XFNHU2UDQJHQVFKDOHXQGGHP(LJHOELQHLQHQ7RSI JHEHQ$OOHVJXWYHUUKUHQXQGGLHVHGDQQLQHLQHPKHLHQ:DVVHUEDGEHU'DPSI ODQJVDPDXIVFKODJHQELVHLQHFUHPLJH0DVVHHQWVWHKW=XP6FKOXVVGHQ 2UDQJHQOLN|UGDUXQWHUVFKODJHQXQGGDQQ]XGHQ.Q|GHOVHUYLHUHQ
5$(8&+(5/$&+681'/$&+67$7$5,052(67,0,76$/$7(1 *UDPP.DUWRIIHOQ(VVO|IIHOgO3ULVH6DO]3IHIIHUDXVGHU0KOH )8(5'$6/$&+67$7$5
*UDPP/DFKVILOHW6FKDORWWH7HHO|IIHO.RULDQGHUIHLQJHPDKOHQ 7HHO|IIHO'LOOJHKDFNW(VVO|IIHO2OLYHQ|O3ULVH6DO]3IHIIHUDXVGHU0KOH =LWURQH6DIW *UDPP5lXFKHUODFKVLQ6FKHLEHQ*UDPPYHUVFKLHGHQH 6DODWH$YRFDGRV(VVO|IIHO:DOQXVV|O(VVO|IIHO%DOVDPLFR(VVLJ3ULVH 6DO]3IHIIHUDXVGHU0KOH3ULVH=XFNHU )8(5',(',//&5(0(
(VVO|IIHO&UHPHIUDLFKH=LWURQH6DIW HLQLJH'LOOVWUlXFKHQHWZDV.DYLDU .DUWRIIHOQZDVFKHQVFKlOHQLQGQQH6FKHLEHQVFKQHLGHQGDQQLQ VWUHLFKKRO]GLFNH6WLIWH
gOLQNOHLQHQ3IDQQHQYHUWHLOHQHUKLW]HQ.DUWRIIHOVWlEFKHQGDULQIODFKGUFNHQ YRQEHLGHQ6HLWHQJROGJHOEEUDWHQVDO]HQSIHIIHUQ /DFKVILOHWLQJDQ]IHLQH:UIHOVFKQHLGHQLQHLQH6FKVVHOJHEHQUHVWOLFKH =XWDWHQEHLJHEHQJXWYHUPHQJHQPLW6DO]3IHIIHUXQG=LWURQHQVDIWDEVFKPHFNHQ 5|VWLDXVGHU3IDQQHQHKPHQ]XP$EWURSIHQDXI.FKHQSDSLHUOHJHQPLWGHP 3DSLHUZLHGHU]XUFNLQGLH3IDQQHOHJHQ
1XQMH]ZHL6FKHLEHQ5lXFKHUODFKVDXIGHQ5|VWLDXVEUHLWHQ/DFKVWDWDUGDUDXI YHUWHLOHQ
'LH3IDQQHQPLW,QKDOWQRFKPDOVNXU]DXIGHU+HUGSODWWHHUKLW]HQGD5|VWLVLFK LQNDOWHP=XVWDQGQLFKWELHJHQODVVHQ5|VWLYRUVLFKWLJ]XVDPPHQUROOHQDXVMHGHU 5ROOH]ZHL7HLOHVFKQHLGHQ 6DODWHSXW]HQXQGZDVFKHQ$YRFDGRVVFKlOHQXQGLQ6SDOWHQVFKQHLGHQPLW :DOQXVV|OXQG%DOVDPLFR(VVLJ6DO]3IHIIHUXQG=XFNHUPDULQLHUHQGHNRUDWLYPLW GHQ5|VWLDXI7HOOHUQDQULFKWHQ $OOH=XWDWHQIUGDV'UHVVLQJLQHLQH6FKVVHOJHEHQJXWJODWWUKUHQ
$XIMHHLQH5|VWLKlOIWHHLQHQ7HHO|IIHO'LOOFUHPHJHEHQPLWIULVFKHP'LOOXQG HYHQWXHOOHWZDV.DYLDUJDUQLHUHQ
*HIOJHOOHEHUSUDOLQHQLP.UELVNHUQ3XPSHUQLFNHO6HVDPPDQWHODXI *HZU]WUDPLQHUJHOHH *UDPP*HIOJHOOHEHU *UDPP%XWWHU]XP%UDWHQ=HQWLOLWHU3RUWZHLQURW (VVO|IIHO6FKDORWWHQZUIHO*UDPP%XWWHU0LOOLOLWHU6DKQH6DO] 3IHIIHU3|NHOVDO]*UDPP.UELVNHUQH6DO]3XPSHUQLFNHOJHKDFNW *UDPP6HVDPZHLXVFKZDU] *(:8(5=75$0,1(5*(/((
/LWHU*HZU]WUDPLQHU%ODWWJHODWLQH(VVO|IIHO5RWZHLQHVVLJ 'LH/HEHULQ%XWWHUDQEUDWHQGLH6FKDORWWHQZUIHOEHLIJHQXQGGDV*DQ]HNXU] EUDWHQODVVHQ0LWGHP3RUWZHLQDEO|VFKHQXQGHLQZHQLJHLQNRFKHQ
'LH%XWWHUZHLFKZHUGHQODVVHQXQGGLH6DKQHHUKLW]HQ'LHVHGUHL=XWDWHQPLW HLQHP0L[HUSULHUHQXQGPLW6DO]3IHIIHUXQG3|NHOVDO]GDPLWHVHLQHVFK|QHURVD )DUEHHUKlOW ZU]HQ 1XQLQHLQHIODFKH)RUPJLHHQXQGHUNDOWHQODVVHQ'LH.UELVNHUQHRKQH)HWW U|VWHQVDO]HQXQGIHLQKDFNHQ0LWHLQHP(LVSRUWLRQLHUHUDXVGHU/HEHUPDVVH NOHLQH.XJHOQDXVVWHFKHQXQGLQGHQ.UELVNHUQHQGHPJHKDFNWHP3XPSHUQLFNHO XQGVFKZDU]HQXQGZHLHP6HVDPZlO]HQ HZU]WUDPLQHUJHOHH
'HQ7UDPLQHUPLWGHP(VVLJDXINRFKHQXQGGLHLQNDOWHP:DVVHUHLQJHZHLFKWH *HODWLQHEHLJHEHQ
5H]HSWHYRQ+HLQ]:LQNOHU $OOH5H]HSWHZXUGHQGHU%URVFKUH6LHPHQV(OHNWURJHUlWH*PE+ 5H]HSWHIU /LHEKDEHU (GLWLRQ+HLQ]:LQNOHU1UHQWQRPPHQ
/$8:$50(6/$&+6&$53$&&,2 )U3RUWLRQHQ
7HHO%DVLOLNXPIHLQJHVFKQLWWHQ(VVO7RPDWHQZUIHONOHLQJHVFKQLWWHQPO 2OLYHQ|O=LWURQH6DIWGDYRQ6DO]*UDPP%XWWHU*UDPP .DVWHQZHLEURW*UDPP:LOGODFKVILOHW7HHO%XWWHU ,QHLQHU6FKVVHO=LWURQHQVDIW2OLYHQ|OXQG6DO]NUlIWLJYHUUKUHQ%DVLOLNXPXQG 7RPDWHQZUIHOXQWHU]LHKHQ7RPDWHQEODQFKLHUHQDE]LHKHQXQGLQNOHLQH:UIHO VFKQHLGHQ'DV:HLEURWHQWULQGHQLQGQQH6FKHLEHQVFKQHLGHQXQG.OHLQZUIHOQ ,QKHLHU%XWWHUJROGEUDXQEDFNHQ$XIHLQ.FKHQNUHSSOHJHQ 'HQ/DFKVLQKDXFKGQQH6FKHLEHQVFKQHLGHQ9LHU7HOOHUPLWZHLFKHU%XWWHU EHVWUHLFKHQGLH/DFKVVFKHLEHQGDUDXIYHUWHLOHQXQGXQWHUGHP*URIOlFKHQJULOO HLQVFKXEK|KH 6WXIHFD0LQXWHQNXU]GQVWHQ'HU/DFKVVROOWHLQQHQQRFK HLQZHQLJURKVHLQ+HUDXVQHKPHQXQGPLWIULVFKJHPDKOHQHP3IHIIHUEHVWUHXHQ 7RPDWHQ%DVLOLNXP9LQDLJUHWWHEHUGHP/DFKVYHUWHLOHQXQGGLH:HLEURWZUIHO GDUXHEHUVWUHXHQ (LQHRIWJHK|UWH(PSIHKOXQJEHKDJWPLUQLFKW)LVFKRGHU5LQGHUILOHWDQIULHUHQ ODVVHQXQGGDQQPLWGHU$XIVFKQLWWPDVFKLQHVFKQHLGHQ,FKILQGHGDVV)LVFKRGHU )OHLVFKGDGXUFKOHLFKWZlVVULJZHUGHQN|QQHQ'DKHUHPSIHKOHLFKIULVFK DXIVFKQHLGHQXQGIODFKNORSIHQ
&$6628/(792063$5*(/0,7025&+(/181'.5(%6(1 )U3RUWLRQHQ 63$5*(/
*UDPP:HLHU6SDUJHO=LWURQH6DIWGDYRQ6DO]3ULVH=XFNHU 6FKHLEH:HLEURW 025&+(/1
*UDPP0RUFKHOQIULVFK*UDPP%XWWHU(VVO*HIOJHOIRQG MHQDFK )HXFKWLJNHLWGHU0RUFKHOQ6DO].UHEVVFKZlQ]H.HUEHOJHKDFNW 'HQ6SDUJHOJUQGOLFKVFKlOHQ,QHLQHPJURHQ7RSIFD :DVVHUPLWGHP =LWURQHQVDIW6DO]GHP=XFNHUEHL6WXIH]XP.RFKHQEULQJHQ'HQ6SDUJHOLQGDV :DVVHUOHJHQXQGMHQDFK6WlUNHGHU6WDQJHQ0LQXWHQVSUXGHOQGNRFKHQ ODVVHQ'HQ6SDUJHOPLWHLQHP6FKDXPO|IIHODXVGHP:DVVHUKHEHQDXIHLQ7XFK OHJHQXQGJXWDEWURSIHQODVVHQ'DQQLQFDFPODQJH6WFNHVFKQHLGHQ
9RQGHQ0RUFKHOQGLH6WlQJHODEVFKQHLGHQ'LH0RUFKHOQJUQGOLFKDEHUVFKQHOO LP:DVVHUZDVFKHQGDPLWVLHVLFKQLFKWYROOVDXJHQ JXWDEWURFNQHQ,QHLQHP7RSI GLH%XWWHUPLWGHP*HIOJHOIRQGHUKLW]HQGLH0RUFKHOQ]XJHEHQXQG 0LQXWHQ OHLFKWGlPSIHQ0LWHLQHP6FKDXPO|IIHOGLH0RUFKHOQKHUDXVQHKPHQ'HQ 0RUFKHOIRQGYRUVLFKWLJLQHLQHNOHLQH6DXWHXVHXPVFKWWHQ'DQQLP0L[HUVWDUN DXIVFKODJHQXQGHYHQWXHOOQRFKPLW6DO]DEVFKPHFNHQ 'LH.UHEVHLQ6DO]ZDVVHUFD0LQXWHQNRFKHQXQGDQVFKOLHHQGDXVGHU6FKDOH EUHFKHQ'LH0RUFKHOQXQGGHQ6SDUJHODXI7HOOHUQDQULFKWHQGLH.UHEVH GUDXIJHEHQXQGPLWGHU6DXFHXPJLHHQ 0LW&URXWRQVXQGJHKDFNWHP.HUEHOEHVWUHXHQ
,QGDV.RFKZDVVHUIUGHQ6SDUJHOJHEHLFKJUXQGVlW]OLFK 6FKHLEHQ:HLEURW )UGHQ)DOOGDVV%LWWHUVWRIIHYRUKDQGHQVLQGVDXJHQVLHGLHVHDXI9|OOLJYHUNHKUW LVWHV6SDUJHO]|JHUOLFK]LHKHQ]XODVVHQ(UPXVVLPVSUXGHOQGNRFKHQGHQ:DVVHU JDUHQVRQVWZLUGHUJXPPLDUWLJ
/$0058(&.(1,13$35,.$.5867( )U3RUWLRQHQ
/$0058(&.(1
/DPPUFNHQDJ7UIIHO|O2OLYHQ|O6DO]3IHIIHUDXVGHU0KOH .5867(10$66(
*UDPP%XWWHU*UDPP3DSULND URWJUXHQXQGJHOENOHLQJHZUIHOW (LJHOE(VVO/DPPIRQG*UDPP:HLEURWJHULHEHQ9HUVFKLHGHQH.UlXWHU %5$81(5/$00)21'
.LOR/DPPNQRFKHQYRP0HW]JHUKDFNHQODVVHQgO]XP$QEUDWHQ(VVO 7RPDWHQPDUN=ZLHEHO6WDXGHQVHOOHULHVWDQJH7RPDWHQ 3HWHUVLOLHQVWlQJHO5RVPDULQ]ZHLJ/RUEHHUEOlWWHU*UDPP3IHIIHUN|UQHU ZHL*UDPP%XWWHUPO:HLZHLQ/LWHU:DVVHU6DO] /DPPUFNHQYRQ6HKQHQEHIUHLHQ/DPPUFNHQPLW7UIIHO|O2OLYHQ|O6DO]XQG 3IHIIHUPDULQLHUHQ'HQ/DPPUFNHQNXU]VFKDUIDQEUDWHQHUNDOWHQODVVHQ'HQ JDQ]HQ3DSULNDXQWHUGHPKHLHQ*ULOOIU0LQXWHQDXIGHU(LQVFKXEK|KHLQ GHQ%DFNRIHQJHEHQELVVLFKGLH+DXWSHOOW'DGXUFKOlVVWVLFKGLH+DXWOHLFKW DE]LHKHQ,QNOHLQH:UIHOVFKQHLGHQ$OOHZHLWHUHQ=XWDWHQIUGLH.UXVWHQPDVVH JXWYHUPLVFKHQXQGNDOWVWHOOHQELVGLH0DVVHOHLFKWDQ]LHKW
'HQDQJHEUDWHQHQ/DPPUFNHQPLWGHU0DVVHEHVWUHLFKHQXQGLP%DFNRIHQIU 0LQXWHQEHL*UDG&PLW'+HLVVOXIWJDUHQ=XP6FKOXVVGLH.UXVWHDXIGHQ /DPPUFNHQVWUHLFKHQXQGXQWHUGHP*ULOOJUDWLQLHUHQ 'DVgOLQGHU3URILSIDQQHKHLZHUGHQODVVHQ.QRFKHQ]XJHEHQXQGLPKHLHQ %DFNURKUEHL*UDG&PLW'+HLVVOXIWFD0LQXWHQ)DUEHQHKPHQODVVHQ 7RPDWHQPDUN]XJHEHQ)DUEHQHKPHQODVVHQ
'LHJHZUIHOWHQ7RPDWHQ*HZU]HXQG.UlXWHU]XIJHQOHLFKWVDO]HQ%XWWHU XQWHUPLVFKHQXQGEHLUHGX]LHUWHU+LW]HZHLWHUH0LQXWHQLP2IHQODVVHQgIWHUV XPUKUHQXQGGHQ%HODJYRP%RGHQVFKDEHQGDPLWDOOHVHLQHGXQNOH)DUEH EHNRPPWRKQH]XYHUEUHQQHQ0LW:HLZHLQXQG0DGHLUDDEO|VFKHQXQGY|OOLJ DXVNKOHQODVVHQ'DVLVWZLFKWLJZHLOGHU)RQGVRQVWQLFKWNDOWZLUG0LWGHP NDOWHQ:DVVHUDXIJLHHQXQG]XP.RFKHQEULQJHQ
,QHLQHQ7RSIXPIOOHQXQGEHL6WXIHRGHUPLWGHP6HQVRUEHL*UDG&FD 6WXQGHQDXIGHP+HUGJDQ]ODQJVDPN|FKHOQODVVHQ
=ZLVFKHQGXUFKLPPHUZLHGHUDEVFKlXPHQ$P(QGHGHU.RFK]HLWPLW6DO] DEVFKPHFNHQGXUFKHLQ6LHEDEJLHHQDENKOHQODVVHQXQGSRUWLRQVZHLVHIURVWHQ )HUWLJVWHOOXQJ&DOGHV/DPPIRQGVXPHLQNRFKHQPLWFDJ%XWWHU YHUNRFKHQXQGPLWGHP6WDEPL[HUDXIVFKODJHQ'LHJHVFKQLWWHQHQ.UlXWHU]XJHEHQ 1HKPHQ6LHGDVJHEUDWHQH6WFN)OHLVFKDXVGHU3IDQQHXQGODVVHQ6LHHVZHQLJH
0LQXWHQDXIHLQHP*LWWHUUXKHQ'DGXUFK]LUNXOLHUWGHU)OHLVFKVDIWXQGVRPLWEOHLEW GDV)OHLVFKZHVHQWOLFKVDIWLJHU
&5(0(%58/((0,7)5,6&+(1(5'%((5(1 )U3RUWLRQHQ
/LWHU&UHPHGRXEOH*UDPP=XFNHU9DQLOOHVWDQJHQ(LHU(LJHOE &UHPHGRXEOHEHL6WXIHRGHUPLWGHP6HQVRUEHL*UDG&HUZlUPHQ 9DQLOOHVWDQJHQGHU/lQJHQDFKDXIVFKQHLGHQXQGGD]XJHEHQ.XU]H=HLW]LHKHQ ODVVHQ=XFNHU(LHUXQG(LJHOEPLWHLQHP6FKQHHEHVHQJXWYHUPLVFKHQHUZlUPWH &UHPHGRXEOHHLQUKUHQXQGJXWHLQHKDOEH6WXQGH]LHKHQODVVHQ1XQDOOHVGXUFK HLQ6LHEVFKWWHQGDV0DUNGHU9DQLOOHVWDQJHQKHUDXVVFKDEHQXQG]XGHU0DVVH JHEHQ )ODFKH)|UPFKHQFD=HQWLPHWHUKRFKGDPLWIOOHQXQGLPYRUJHKHL]WHQ%DFNRIHQ DXIGHUPLWWOHUHQ(LQVFKXEK|KHPLW'+HLVVOXIW*UDG&FD0LQXWHQJDUHQ KHUDXVQHKPHQXQGFD6WXQGHQLQGHQ.KOVFKUDQNVWHOOHQ.XU]YRUGHP 6HUYLHUHQPLWEUDXQHP=XFNHUEHVWUHXHQXQGDXIGHU(LQVFKXEK|KHIU 0LQXWHQXQWHUGHQ*URIOlFKHQJULOOVWHOOHQELVHLQHJROGEUDXQH.UXVWHHQWVWHKW %HL=LPPHUWHPSHUDWXUVHUYLHUHQGDNRPPWGHU9DQLOOHJHVFKPDFNVHKUJXWKHUYRU
*(08(6(6833( )U3RUWLRQHQ
6FKDORWWH6WDXGHQVHOOHULHVWDQJH/DXFKVWFN.DURWWH)HQFKHONQROOH 7RPDWHQ*UDPP%XWWHU6DO]3IHIIHUDXVGHU0KOH/RUEHHUEODWWPO :HLZHLQWURFNHQ/LWHU:DVVHU/LHEVW|FNHO]ZHLJ 'LH6FKDORWWHQGHQ6HOOHULHGHQ/DXFKXQGGLH7RPDWHQZDVFKHQXQGSXW]HQXQG LQHWZDFPJURH6WFNHVFKQHLGHQ'LH%XWWHULQHLQHPKRKHQ7RSIPLWFDFP 'XUFKPHVVHUVFKPHO]HQODVVHQ'LH6FKDORWWHQXQG*HPVHZUIHODXHUGHQ 7RPDWHQGD]XJHEHQXQGEHL6WXIHDQVFKZLW]HQDEHUQLFKWEUDXQZHUGHQODVVHQ 'DV*HPVHOHLFKWVDO]HQXQGSIHIIHUQ'DV/RUEHHUEODWWGD]XJHEHQXQGGDV *HPVHPLWGHP:HLZHLQDEO|VFKHQ'DV*HPVHYRQGHU.RFKVWHOOHQHKPHQ XQGHUNDOWHQODVVHQ
:LFKWLJ'DV*HPVHJDQ]HUNDOWHQODVVHQGDPLWGLH%UKHVSlWHUQLFKWWUEZLUG 'DV*HPVHPLWGHP:DVVHUDXIIOOHQ'LH7RPDWHQGD]XJHEHQXQGDOOHVHUKLW]HQ 'LH6XSSHEHLVFKZDFKHU+LW]HEHL*UDG&PLWGHP6HQVRUODQJVDPNRFKHQ ODVVHQ'DEHLYRQ=HLW]X=HLWGHQ6FKDXPPLWHLQHP6FKDXPO|IIHODEKHEHQ1DFK 0LQXWHQGHQ/LHEVW|FNHO]ZHLJLQGLH%UKHJHEHQ'LH%UKHDESDVVLHUHQ 'LH*HUQXHVHEUKHDENKOHQODVVHQ $OV(LQODJHHLJQHQVLFKIHLQH6FKHLEHQYRQ&KDPSLJQRQVXQGIHLQJHVFKQLWWHQHU 6FKQLWWODXFKGLH6LHLQ7HOOHUJHEHQXQGPLWGHUKHLHQ%UKHEHUJLHHQ
(LQODJH6WDXGHQVHOOHULHGHQ6LHSXW]HQXQGLQZHQLJ%UKHHWZD0LQXWHQEHL 6WXIHJDUHQ'DQQLQNOHLQH:UIHOVFKQHLGHQ0LWGHU%UKHLQGLH7HOOHUJHEHQ XQGGLH6XSSHPLW.HUEHOEOlWWHUJDUQLHUHQ-XQJH(UEVHQXQGLQNOHLQH:UIHO JHVFKQLWWHQH0|KUHQHWZD0LQXWHQLQHWZDV%UKHELVVIHVWJDUHQXQGLQ 6XSSHQWHOOHUQDQULFKWHQ
'LH%UKHLPPHURKQH'HFNHOJDUHQGDGXUFKZLUGGHU*HVFKPDFNHEHQIDOOV LQWHQVLYHU=XNHLQHP=HLWSXQNWGDUIGLH%UKHULFKWLJNRFKHQVRQVWEOHLEWVLHQLFKW NODUVRQGHUQZLUGWUEXQGPXVVLQHLQHP([WUD$UEHLWVJDQJQRFKHLQPDOJHNOlUW ZHUGHQ :HQQ6LHYLHO=HLWIUGLH=XEHUHLWXQJKDEHQODVVHQ6LHGLH%UKHUXKLJOlQJHU NRFKHQ 6LHZLUGGDQQLPPHUNUlIWLJHULP*HVFKPDFN6LHN|QQHQGLH%UKHELV]X 6WXQGHQNRFKHQODVVHQXQGKLHU]XDPEHVWHQGHQ6HQVRU*UDG& HLQVHW]HQ
/$&+6'8.$7(1$8)/$8&+0,73),))(5/,1*(1 )U3RUWLRQHQ
*UDPP/DFKVDXVJHO|VW/DXFKVWDQJHQ/LWHU6DKQH*UDPP%XWWHU *UDPP3ILIIHUOLQJH6DO]3IHIIHU 'HQ/DFKVILOHWLHUHQGLH*UlWHQ]LHKHQXQGLQGQQH6FKHLEHQVFKQHLGHQ0LWHLQHP $XVVWHFKHWFDFP'XUFKPHVVHU 7DOHUDXVVWDQ]HQXQGOHLFKWVDO]HQ'HQ/DXFK SXW]HQZDVFKHQXQGLQ6WUHLIHQVFKQHLGHQ,P6DO]ZDVVHUEODQFKLHUHQ(LQHQ7HLO YRP/DXFKLQ:UIHOVFKQHLGHQXQGLQDEJHVFKPDFNWHU6DKQHZHLFK.RFKHQ $XIGLH/DFKVVFKHLEHQJHEHQXQGMHZHLOV6WFNDXIHLQDQGHUOHJHQ'LH'XNDWHQ DXIHLQPLW%XWWHUEHVWULFKHQHV%DFNEOHFKJHEHQXQGLP%DFNRIHQXQWHUGHP *URIOlFKHQJULOO6WXIHDXIGHU(LQVFKXEK|KHFD0LQXWHQJDUHQ 'LH3ILIIHUOLQJHSXW]HQZDVFKHQ0LW6DKQH6DW]DQNRFKHQDEVFKWWHQXQGGHQ )RQGNUlIWLJDXIPL[HQ DEVFKPHFNHQ
'LH/DXFKVWUHLIHQHUZlUPHQDXI7HOOHUQDQULFKWHQXQGGLH/DFKVGXNDWHQ GUDXIOHJHQ'HQ/DXFKDXIHLQH6FKHLEH/DFKVOHJHQPLWHLQHU]ZHLWHQ6FKHLEH /DXFKDEGHFNHQ'LH3ILIIHUOLQJHGDUEHUYHUWHLOHQ8QWHUGLHDXIJHVFKlXPWH6DXFH QRFKHWZDVJHVFKODJHQH6DKQHUKUHQXQGHEHQIDOOVGDUUHEHUJHEHQ0LWHLQHP .HUEHO]ZHLJJDUQLHUHQ
(LQHOHLFKWH6RPPHUYRUVSHLVH:DVFKHQ6LHGLH3ILIIHUOLQJHEHLODXZDUPHP:DVVHU GDPLWVLHGHQ*HVFKPDFNQLFKWYHUOLHUHQ
5,1'(5),/(7,1527:(,1 )U3RUWLRQHQ
6FKHLEHQ5LQGHUILOHWDJ/LWHU5RWZHLQ7K\PLDQ]ZHLJ 5RVPDULQ]ZHLJ/RUEHHUEODWW3IHIIHUN|UQHU6DO].DURWWHNOHLQHV 6WDXGHQVHOOHULHVWFNNOHLQH=ZLHEHO *(08(6(
)UKOLQJV]ZLHEHOQ-XQJH.DURWWHQNOHLQH=XFFKLQL 6$8&(
/LWHU5RWZHLQPO3RUWZHLQ6FKDORWWHQ*UDPP%XWWHU/LWHU .DOEVIRQG6DO] 'DV*HPVHSXW]HQ]HUNOHLQHUQXQG]XVDPPHQPLWGHP5RWZHLQXQGGHP6DO]LQ HLQHP7RSIDXINRFKHQGLH.UlXWHUXQGGHQ3IHIIHUGD]XJHEHQ.DURWWHQXQG =XFFKLQLLQ)RUPEULQJHQXQGJHWUHQQWLQ6DO]ZDVVHUNQDFNLJNRFKHQXQGGDQDFK PLWNDOWHP:DVVHUDEVFKUHFNHQ
,QHLQHP7RSI5RWZHLQ3RUWZHLQXQGGLHJHVFKQLWWHQHQ6FKDORWWHQDXINRFKHQDXI HLQ'ULWWHOUHGX]LHUHQHWZDVDENKOHQODVVHQXQGQDFKXQGQDFKGLH%XWWHU HLQUKUHQ'XUFKHLQ6LHEJLHHQGHQHUZlUPWHQ)RQGGD]XJHEHQXQGHYHQWXHOO QRFKHWZDVVDO]HQ'HQ5RWZHLQ.UlXWHUVXGDXINRFKHQXQGGLH5LQGHUILOHWVFKHLEHQ KLQHLQOHJHQFD0LQXWHQDXIGHU6WXIHRGHUPLWGHP6HQVRUEHL*UDG& GDULQ]LHKHQODVVHQ'DV*DQ]HVROOWHQLFKWPHKUNRFKHQ $XIYRUJHZlUPWH7HOOHUHLQHQ6DXFHQVSLHJHOJLHHQGLH)LOHWVGXUFKVFKQHLGHQ GUDXIOHJHQXQGDXHQKHUXPGDV*HPVHSODW]LHUHQ
7LHIGXQNHOURWVROOWHGDV5LQGHUILOHWDXVVHKHQGDQQLVWHVVFK|QDEJHKDQJHQ:HQQ HVGDQQQRFKKDXFK]DUWYRQZHLHQ)HWWDGHUQGXUFK]RJHQLVWDOVRPDUPRULHUW GDQQKDEHQ6LHJXWH6WHDNVEHNRPPHQ
5+$%$5%(57$57(0,7(5'%((5(1 )U3RUWLRQHQ
*UDPP0HKO*UDPP%XWWHU*UDPP0DU]LSDQ(LJHOE9DQLOOH]XFNHU 6DO]=LWURQHHWZDVDEJHULHEHQH6FKDOHGDYRQ &5(0(
/LWHU0LOFK9DQLOOHVFKRWH*UDPP=XFNHU*UDPP&UHPHSXOYHU(LHU 5+$%$5%(5
5KDEDUEHUVWDQJHQ=LWURQHQVDIW*UDPP(UGEHHUHQUHLI $OOHV]XHLQHPJHVFKPHLGLJHQ7HLJYHUDUEHLWHQXQG0LQXWHQUXKHQODVVHQ/LHEHU OlQJHUUXKHQODVVHQGDGHU7HLJGDQQQLFKWEHLP$XVUROOHQEULFKW 'LH0LOFKPLWGHP=XFNHUXQGGHU9DQLOOHVFKRWHHUKLW]HQ'DV&UHPHSXOYHUPLW HWZDVNDOWHU0LOFKDQUKUHQPLWGHQ(LHUQ*ODWWUKUHQXQGPLWGHUNRFKHQGHQ0LOFK YHUUKUHQXQG ]XU&UHPH]LHKHQ'DV*DQ]HPLWHLQHU.ODUVLFKWIROLHDEGHFNHQXQL HLQH+DXWELOGXQJ]XYHUPHLGHQ'LHJHEXWWHUWHXQGPHOLHUWH)RUP'XUFKPHVVHU FPFPWLHI PLWGHP7HLJFPDXVJHUROOWDXVOHJHQ'HQURKHQJHVFKQLWWHQHQ 5KDEDUEHUGUDXIJHEHQXQGPLW GHUDEJH]RJHQHQ&UHPHPDVVHDXIIOOHQELVGHU 5KDEDUEHUEHGHFNWLVW0LW'+HLVVOXIWDXIGHU(LQVFKXEK|KHEHL*UDG&LQ 0LQXWHQEDFNHQODVVHQXQGGDEHLPLWDXIJHNRFKWHU$SULNRVHQPDUPHODGH JOlQ]HQGPDFKHQ 0LW*UDQG0DUQLHUXQG3XGHU]XFNHUPDULQLHUWHQ(UGEHHUHQVHUYLHUHQ
9DQLOOHVWDQJHLPPHUGHU/lQJHQRFKGXUFKVFKQHLGHQXQGRUGHQWOLFKDXVNUDW]HQ 'HQ5KDEDUEHUVFKlOHQXQGLQNOHLQH:UIHOVFKQHLGHQPLWHWZDV=LWURQHQVDIW PDULQLHUHQ6WXQGHGDULQ]LHKHQODVVHQ
6(//(5,(6&+$806833(0,76&+:$5=(0758())(/ )U3RUWLRQHQ
*UDPP6HOOHULH6DO](VVO&UHPHGRXEOH*UDPP%UDXQH%XWWHUPO 5LQGHUEUKHPO6DKQH(VVO:HLZHLQUHGX]LHUW(VVO6DKQH JHVFKODJHQ6FKZDU]HU7UIIHOIULVFK 'LH6HOOHULHNQROOHVFKlOHQNOHLQVFKQHLGHQXQGDXIGHU6WXIHLQZHQLJ6DO]ZDVVHU GQVWHQELVVLHZHLFKXQGGDV:DVVHUYHUGDPSIWLVW&UHPHGRXEOHGLH 5LQGHUEUKHGHQUHGX]LHUWHQ:HLZHLQXQGGLH6DKQH]XJHEHQNXU]PLWNRFKHQ XQGPLWGHP0L[HUVHKUIHLQSULHUHQ'LHEUDXQH%XWWHUXQWHU]LHKHQQDFKZU]HQ 'LHJHVFKODJHQH6DKQHXQWHUKHEHQ'HQ7UIIHOVFKlOHQXQGLQGQQH6FKHLEHQ VFKQHLGHQ'LH6HOOHULHFUHPHLQ6XSSHQWDVVHQHLQJLHHQXQGGLH7UIIHOVFKHLEHQ GDUDXIYHUWHLOHQ 'HU7UIIHOLVWQXULQGHQ0RQDWHQ'H]HPEHUXQG -DQXDU]XEHNRPPHQ'LHVH 6XSSHVFKPHFNWVHOEVWYHUVWlQGOLFKDXFKLP)UKMDKUXQGLP6RPPHU*UHLIHQ6LH LQGLHVHQ0RQDWHQDXIGHQ6RPPHUWUIIHO]XUFN
67(,13,/=5,62772
)U3RUWLRQHQ =XWDWHQ *UDPP5HLV$UERULR3DSULNDURW3DSULNDJUXHQ(VVO3DUPHVDQ JHULHEHQ%XQG'LOOPO:HLZHLQ/LWHU*HPVHEUKH*UDPP 6WHLQSLO]H*UDPP%XWWHU6DO] =XEHUHLWXQJVDQZHLVXQJHQ
,QHLQHUJURHQ3IDQQHPLQGHVWHQVFP+|KHJ%XWWHUVFKPHO]HQODVVHQ'HQ 5HLVGD]XJHEHQXQGXQWHUVWlQGLJHP5KUHQ0LQXWHQEHL6WXIH6DXWLHUHQELV HUJODVLJLVW0LWGHUKHLHQ*HPVHEUKHDXIJLHHQVRGDVVGHU5HLVEHGHFNWLVW ,PPHUZLHGHU%UKHGD]XJHEHQXPGHQ5HLVEHGHFNW]XKDOWHQ %HLPLWWOHUHU+LW]HFD0LQXWHQDXIGHU6WXIHRGHUEHL*UDG&6HQVRU JDU NRFKHQ'HQ3DSULNDLQNOHLQH:UIHOVFKQHLGHQ'HQ'LOOIHLQVFKQHLGHQ'HQ 3DSULNDXQGGHQ'LOONXU]EHYRUGHU5HLVJDULVWGD]XJHEHQ0LW6DO]:HLZHLQXQG %XWWHUDEVFKPHFNHQ6WHLQSLO]HSXW]HQXQGLQ6FKHLEHQVFKQHLGHQ,QHLQHU 6DXWHXVHFDJ%XWWHUHUKLW]HQXQGGLH6WHLQSLO]HGDULQUDVFKEHL6WXIH DQVDXWLHUHQ'DV5LVRWWRDXIGLHYRUJHZlUPWHQ7HOOHUJHEHQXQGGLH6WHLQSLO]H GDUDXIYHUWHLOHQXQGPLW3DUPHVDQEHVWUHXHQ 'DV6WHLQSLO]ULVRWWRLVWHLQLGHDOHV*HULFKWZDQQ6LH*lVWHHUZDUWHQ+LHUIUGHQ 5HLVQLFKWJDQ]IHUWLJNRFKHQXQGVFKQHOODENKOHQODVVHQ%HL%HGDUIGHQ5HLVPLW HWZDV%UKHZLHGHUHUZlUPHQXQGQRFKPDOVDEVFKPHFNHQ
5(%+8+10,7/,16(16$8&( )U3RUWLRQHQ
5HEKKQHUEUDWIHUWLJ(VVO2OLYHQ|O.DURWWHNOHLQHV6HOOHULHVWFN :DFKROGHUEHHUHQ3IHIIHUN|UQHU6DO]*UDPP%XWWHU /,16(16$8&(
*UDPP/LQVHQJHWURFNQHW 6WXQGHQHLQZHLFKHQ*UDPP%XWWHU =ZLHEHO.DURWWH*UDPP6SHFNRGHU6SHFNVFKZDUWH7HHO 7RPDWHQPDUN(VVO5RWZHLQ(VVO5RWZHLQHVVLJ/LWHU.DOEVIRQG /LWHU&RQVRPPH(VVO&UHPHGRXEOH6DO]3IHIIHUDXVGHU0KOH 'LHEUDWIHUWLJHQ5HEKKQHUZU]HQ,QHLQHQ%UlWHUJHEHQXQGPLWgO EHWUlXIHOQ,P YRUJHKHL]WHQ%DFNRIHQEHL*UDG&PLW' +HLOXIW (LQVFKXEK|KHODQJVDP DQEUDWHQ 'DV*HPVHSXW]HQXQG,QJUREH:UIHOVFKQHLGHQ'DV*HPVHGLH3IHIIHUN|UQHU GLH:DFKROGHUEHHUHQXQGGLH%XWWHU]XJHEHQ8QGLQFD0LQXWHQIHUWLJEUDWHQ
'DV:XU]HOJHPVHSXW]HQXQGLQJUREH:UIHOFPVFKQHLGHQLQHLQHU6DXWHXVH PLW%XWWHUHUZlUPHQXQGGHQ6SHFNDQEUDWHQXQGGDV:XU]HOJHPVH]XJHEHQ'DV 7RPDWHQPDUNXQWHUUKUHQXQGGLH/LQVHQODQJVDP6WXQGHJXWZHLFKNRFKHQ'LH HLQJHZHLFKWHQ/LQVHQGXUFKHLQ6LHEDEVFKWWHQMHW]WGLH/LQVHQLQGLH6DXWHXVH JHEHQEHL6WXIHRGHUPLW6HQVRUEHL*UDG&DQVFKZLW]HQXQGPLW5RWZHLQ XQG5RWZHLQHVVLJDEO|VFKHQXQGDXIUHGX]LHUHQODVWHQ0LW.DOEVIRQGXQGGHU +lOIWHGHU&RQVRPPHDXIJLHHQ'DQDFKGDV*HPVHXQGGHQ6SHFNPLWGHU*DEHO KHUDXVILVFKHQ'LH/LQVHQVDXFHPLWHLQHP0L[VWDEJDQ]IHLQSULHUHQ:HQQVLH]X GLFNZLUGPLWHWZDV5LQGHUEUKHYHUGQQHQ$QVFKOLHHQGGDV*DQ]HGXUFKHLQ 6LHEVWUHLFKHQGLHUHVWOLFKH%XWWHUXQG&UHPHGRXEOHHLQDUEHLWHQXQGJXW DEVFKPHFNHQ )HUWLJVWHOOXQJ'LH5HEKKQHUDXIYRUJHZlUPWHQ7HOOHUQ]XVDPPHQPLWGHU /LQVHQVDXFH6HUYLHUHQ
5HEKKQHUZLHJHQ]ZLVFKHQELV*UDPPPDQUHFKQHWHLQHVSUR3HUVRQ 2EHLQ5HEKXKQMXQJLVWXQGGDPLW]DUWXQG VDIWLJHUNHQQHQ6LHDQGHQ)VVHQ .DXIHQ6LHGLH5HEKKQHUEHUHLWVJHSXW]WXQGEUDWIHUWLJ -XQJH7LHUHKDEHQJHOEH RGHUEUDXQH)HEHLDOWHQVLQG6LHJUDX
&5(3(60,725$1*(16&+$80 )U3RUWLRQHQ &5(3(7(,*
*UDPP0HKO(LHU*UDPP=XFNHUPO0LOFKPO6H6DKQH 3ULVH6DO]*UDPP%XWWHU2UDQJHQDEJHULHEHQH6FKDOHGDYRQ )8(//81*)8(5&5(3(6
*UDPP&UHPHIUDLFKH*UDPP=XFNHU(VVO*UDQG0DULQHU%ODWW *HODWLQH(LZHL2UDQJH$EULHEGDYRQ 25$1*(16$8&(
*UDPP%XWWHU*UDPP=XFNHUPO2UDQJHQVDIW(LJHOE=LWURQH QDWXUDEJHULHEHQH6FKDOHGDYRQ2UDQJHQDWXUDEJHULHEHQH6FKDOHGDYRQ (VVO2UDQJHQOLN|U2UDQJHQ)LOHWVGDYRQ(VVO2UDQJHQOLN|U 0HKO(LHU6DO]XQG6DKQH]XHLQHPJODWWHQ7HLJYHUUKUHQ'LH%XWWHULQHLQHU KHLHQ3IDQQHEUlXQHQXQGODXZDUPGD]XJHEHQHEHQVRZLHGLHDEJHULHEHQH 2UDQJHQVFKDOH$XVGHP7HLJGQQH&UHSHVEDFNHQ
'DV*HKHLPQLVJXWHU&UHSHVLVWGDVVVLHJDQ]]DUWXQGZHLFKVHLQPVVHQXQGDXI GHU=XQJHIDVW]HUJHKHQ%DFNHQ6LHEHL6WXIHGLH&UHSHVVRGQQZLHP|JOLFK XQGVWDSHOQ6LHVLHEHUHLQDQGHUELVDOOHJHEDFNHQVLQGVREOHLEHQVLHZHLFKXQG ZDUP'LH2UDQJHQPVVHQXQJHVSULW]WVHLQXQGVROOWHQHLQHQVFK|QHQYROOHQ *HVFKPDFNKDEHQ
&UHPHIUDLFKHOHLFKWDQVFKODJHQ(LZHLPLW=XFNHUFUHPLJVFKODJHQ*UDQG0DUQLHU HUZlUPHQXQGGLHHLQJHZHLFKWHQXQGJXWDXVJHGUFNWHQ*HODWLQHEOlWWHUGDULQ DXIO|VHQ]XGHUDXIJHVFKODJHQHQ&UHPHIUDLFKHJHEHQXQGGDV(LZHLXQWHUKHEHQ ,QHLQHU6DXWHXVHYRQFDFP'XUFKPHVVHUGLH%XWWHUPLWGHP=XFNHUXQWHU VWlQGLJHP5KUHQ]XHLQHPPLWWHOEUDXQHQ.DUDPHOOEHL6WXIHRGHUPLW6HQVRUEHL *UDG&NRFKHQ/|IIHOZHLVHGLH+lOIWHGHV2UDQJHQVDIWHVXQWHUUKUHQ 'LHQRFKKHLH)OVVLJNHLWPLW GHP(LJHOELP0L[HUDXIVFKODJHQ'DQQGHQ UHVWOLFKHQ2UDQJHQVDIW]XVDPPHQPLWGHUDEJHULHEHQHQ6FKDOHGDPLWYHUPLVFKHQ XQG]XP6FKOXVVGHQ2UDQJHQOLN|UHLQUKUHQ'LH2UDQJHQILOHWVLQGHP/LN|UNXU] EHL6WXIHHUKLW]HQXQG]XGHU6DXFHJHEHQ
&UHSHVIOOHQ]XVDPPHQUROOHQ0LWGHP0HVVHUKDOELHUHQHWZDVYHUVHW]WDXIOHLFKW DQJHZlUPWH7HOOHUOHJHQ2UDQJHQILOHWVPLWHWZDVZDUPHU6DXFHVHLWOLFKGDYRQ DUUDQJLHUHQXQGDOOHVPLWHWZDV3XGHU]XFNHUEHVWlXEHQ 9HUZHQGHQ6LHHLQHEHVFKLFKWHWH3IDQQHGLH6LFKOHLFKWKDQGKDEHQOlVVWXQG ]XGHPJHVFKPDFNVQHXWUDOLVWRGHUHLQHNOHLQHP|JOLFKVWHLVHUQH3IDQQHGLH6LH DXVVFKOLHOLFKIU(LHUJHULFKWHLQ,KUHU.FKHYHUZHQGHQ'DULQN|QQHQGLH&UHSHV JDUDQWLHUWQLFKWDQVHW]HQ
5,1'(5&216200(0,73,6728 )U3RUWLRQHQ
.12&+(1%58(+(
*UDPP5LQGHUIOHLVFK.LOR5LQGHUNQRFKHQ/LWHU:DVVHU6DO] /DXFKVWFN=ZLHEHO6WDXGHQVHOOHULH/LHEVW|FNHO]ZHLJ7RPDWHQ (JHUOLQJH3IHIIHUN|UQHUGLFNZHLFK 3,6728
*UDPP%XWWHU%XQG%DVLOLNXP+DQGYROO.HUEHO+DQGYROO3HWHUVLOLH 7K\PLDQ]ZHLJH(VVO7UIIHO|OZHL6DO]3IHIIHUDXVGHU0KOH0XVNDW (,1/$*(
)HLQHV*HPVHMHQDFK-DKUHV]HLW]%6WDXGHQVHOOHULH:LUVLQJXVZHWZDVLQ IHLQH6FKHLEHQJHNORSIWHV5LQGHUILOHWPDUNVWFNJUR 'LH.QRFKHQLQNRFKHQGHP6DO]ZDVVHUEODQFKLHUHQDEJLHHQXQGPLWNDOWHP :DVVHUVRODQJHDEVSOHQELVVLHHUNDOWHWVLQG$XIHLQHP6LHEDEWURSIHQODVVHQ
)OHLVFKXQG.QRFKHQPLWONDOWHP:DVVHU,QHLQHPJURHQ7RSIDQVHW]HQ=XP .RFKHQEULQJHQVDO]HQXQG6WXQGHQN|FKHOQODVVHQ
'DQQGDVJHSXW]WHJUREJHZUIHOWH*HPVHEHLJHEHQ'LH=ZLHEHOQKDOELHUHQGLH 6FKQLWWIOlFKHQXQWHUGHP*ULOOEUlXQHQXQGHEHQIDOOV]XJHEHQ
1RFKPDOV6WXQGHDXIGHU6WXIHRGHUPLWGHP6HQVRUEHL*UDG&NRFKHQ ODVVHQ'LH(LQODJHQDESDVVLHUHQXQGGLH%UKH]XP(UNDOWHQLQGHQ.KOVFKUDQN VWHOOHQ/LHEVW|FNHOHUVW0LQXWHQYRU)HUWLJVWHOOXQJEHLJHEHQ,PPHUZLHGHU HQWIHWWHQXQGDEVFKlXPHQ'LH%XWWHU6FKDXPLJUKUHQXQGDOOHV]XVDPPHQLQGHU .FKHQPDVFKLQH]XHLQHP%UHLNXWWHUQ
)HUWLJVWHOOXQJ&RQVRPPHHUKLW]HQ/LHEVW|FNHO]XJHEHQ3LVWRX]XJHEHQXQGHWZD 0LQXWH]LHKHQODVVHQ,QGHU=ZLVFKHQ]HLWGDV*HPVHXQGGLH 5LQGHUILOHWVFKHLEHQLQGLHYRUJHZlUPWHQ7DVVHQHLQIOOHQ'LH&RQVRPPHHYWOPLW 6DO]XQG3IHIIHUQDFKVFKPHFNHQXQGGXUFKHLQIHLQHV6LHEJLHHQ-HW]WDXIGLH 7HOOHUJHEHQ 'LHNDOWJHVWHOOWH%UKH,PPHUZLHGHUHQWIHWWHQXQGDEVFKlXPHQ'LH%XWWHU VFKDXPLJUKUHQXQGDOOHV]XVDPPHQLQGHU.FKHQPDVFKLQH]XHLQHP%UHL NXWWHUQ
67-$.2%6/$&+6,1%/$(77(57(,* )U3RUWLRQHQ ),6&+)$5&(
*UDPP=DQGHU(L*UDPP&UHPHGRXEOH0XVNDW6DO]3IHIIHU (VVO6FKODJVDKQH 67-$.2%6/$&+6
*UDPP6W-DNREVODFKV*UDPP%OlWWHUWHLJJU|HUH:LUVLQJEOlWWHU EODQFKLHUW*UDPP/DFKVILOHWRGHUJDOV+DXSWJDQJ (LJHOE]XP %HVWUHLFKHQ6DO]3IHIIHU (675$*216$8&(
PO:HLZHLQPO1RLOO\3UDW:HUPXW 6FKDORWWH/LWHU)LVFKIRQG /LWHU&UHPHGRXEOH*UDPP%XWWHU7HHO(VWUDJRQHVVLJ*UDPP (VWUDJRQEOlWWHU6DO] *$51,785
NOHLQH7RPDWHQ(VVO%XWWHU6DO] 'DVJXWJHNKOWH=DQGHUIOHLVFKLQ6WFNHVFKQHLGHQVDO]HQXQGLP%OLW]KDFNHUIHLQ ]HUNOHLQHUQ(LQ(L]XJHEHQQDFKXQGQDFKGLH&UHPHGRXEOHHLQDUEHLWHQ0LW 0XVNDW6DO]XQG3IHIIHUDEVFKPHFNHQGXUFKHLQ+DDUVLHEVWUHLFKHQXQGNDOW VWHOOHQ0LWGHU)DUFHJXWYHUPLVFKHQXQGDQVFKOLHHQGGLHJHVFKODJHQH6DKQH XQWHU]LHKHQ'HQ%OlWWHUWHLJKDXFKGQQDXVUROOHQXQG]X5HFKWHFNHQYRQHWZD[ FPVFKQHLGHQ
0LWGHQEODQFKLHUWHQWURFNHQJHWXSIWHQ:LUVLQJEOlWWHUQEHOHJHQ'LH)DUFHDXIGLH %OlWWHUVWUHLFKHQXQGGLHPLW6DW]XQG3IHIIHUJHZU]WHQ/DFKVILOHWVGUDXIOHJHQ'HQ )LVFKHLQVFKODJHQGDEHLEHVRQGHUVGDUDXIDFKWHQGDVVGHU:LUVLQJQLFKWEHUODSSW XQGGDV3lFNFKHQQLFKW]XGLFNZLUGXQGLP%OlWWHUWHLJHLQUROOHQ'DV(LJHOEPLW HWZDV:DVVHUYHUTXLUOHQGLH7HLJREHUIOlFKHGDPLWEHVWUHLFKHQXQGGLH3lFNFKHQ DXIHLQPLWNDOWHP:DVVHUDEJHVSOWHVRGHUPLW%DFNSDSLHUEHOHJWHV%OHFKJHEHQ 0LQGHVWHQV0LQXWHQUXKHQODVVHQGDPLWGHU7HLJEHLP%DFNHQQLFKWUHLW :HLZHLQ1RLOO\3UDWXQGGLHNOHLQJHVFKQLWWHQHJHZDVFKHQH6FKDORWWHNXU] DQNRFKHQPLW)LVFKIRQGDXIIOOHQXQGDXIHLQ9LHUWHOUHGX]LHUHQ&UHPHGRXEOHXQG %XWWHU]XGLHVHU5HGXNWLRQJHEHQXQGZHLWHUH0LQXWHQPLWGHP6HQVRUEHL *UDG&RGHUDXIGHU6WXIHN|FKHOQODVVHQ'LH6DXFHDESDVVLHUHQLP0L[HU DXIVFKODJHQPLW6DO]XQG(VWUDJRQHVVLJDEVFKPHFNHQ'LH(VWUDJRQEOlWWHU ]XJHEHQ 'LH7RPDWHQHQWKlXWHQHQWNDPHQXQGLQ:UIHOVFKQHLGHQ'LH%XWWHULQHLQHU 6DXWHXVHVFKPHO]HQXQGGLH7RPDWHQGDULQJXWYHUNRFKHQ0LW6DO]DEVFKPHFNHQ 'HQ/DFKVLQ%OlWWHUWHLJLPYRUJHKHL]WHQ2IHQEHL*UDG&PLW'+HLVVOXIW PLWWOHUH(LQVFKXEK|KHLQ0LQXWHQEDFNHQ1DFKGHP%DFNHQ0LQXWHQUXKHQ ODVVHQ,Q6FKHLEHQVFKQHLGHQXQGPLWGHQJHVFKPRO]HQHQ7RPDWHQJDUQLHUHQ
,Q)LVFKHUHLIDFKJHVFKlIWHQJLEWHVGLH5lXFKHUSIDQQHXQGGDV5lXFKHUPHKO]X NDXIHQ6LHN|QQHQDEHUDXFKHLQHQ6FKQHOONRFKWRSIYHUZHQGHQ)OOHQ6LHHLQ ELVVFKHQ5lXFKHUPHKODXIVHLQHQLQQHUHQ%RGHQGUHKHQ6LHHLQHQ(LQVDW]KHUXP EXWWHUQ6LHLKQXQGOHJHQ6LHGHQ)LVFKGDUDXI
:,/'+$6(1$&+$579213$8/%2&86( )U3RUWLRQHQ
:LOGKDVHIULVFKPLW NJEHLP:LOGKlQGOHUYRUEHVWHOOHQDE]LHKHQXQG DXVQHKPHQODVVHQGLH/HEHUXQGGDV%OXWIUGLH6RHPLWJHEHQODVVHQ (VVO :HLQEUDQG6FKHLEHQ6SHFNIULVFKJUXHQGQQJHVFKQLWWHQFD[FP JURJURH0|KUHJHSXW]W/RUEHHUEODWW*HZU]QHONHQ=ZLHEHOQ JHVFKlOW6FKDORWWHQ JHVFKlOW.QREODXFK]HKHQ7K\PLDQ]ZHLJ 3HWHUVLOLH]ZHLJ0HHUVDO]3IHIIHUIULVFKJHPDKOHQ/LWHU5RWZHLQHVVLJJXWH 4XDOLWlW/LWHU5RWZHLQ6SlWEXUJXQGHU 'HQ+DVHQPLW.FKHQSDSLHUWURFNHQWXSIHQXQGZLHIROJW]XVDPPHQELQGHQ'LH 9RUGHUOlXIHJHJHQGLH%UXVWXQGGLH.HXOHQJHJHQGHQ%DXFKGHV+DVHQGUFNHQ XQGPLW.FKHQJDUQIHVWELQGHQ'LH+DVHQOHEHUIHLQKDFNHQPLWGHP+DVHQEOXW XQGGHP:HLQEUDQGPLVFKHQEHLVHLWHVWHOOHQ(LQHQ%UlWHUPLWGHP6SHFN DXVOHJHQ=ZHL6SHFNVFKHLEHQDXIGLH0LWWHGHV7RSIERGHQVOHJHQGLHEULJHQVR LQGHQ%UlWHUOHJHQGDVVVLHDP5DQGKRFKOLHJHQ
'HQJHEXQGHQHQ+DVHQLQGHQ%UlWHUOHJHQ'LH0|KUHLQ6WFNHVFKQHLGHQGDV /RUEHHUEODWWPLWGHQ*HZU]QHONHQDXIHLQHU=ZLHEHOIHVWVWHFNHQXQGEHLGHVPLW GHQEULJHQ=ZLHEHOQVRZLHGHQ6FKDORWWHQXQGGHQXQJHVFKlOWHQ.QREODXFK]HKHQ ]XP+DVHQJHEHQ:LH.UlXWHUGUDXIOHJHQVDO]HQSIHIIHUQXQGPLWGHP6SHFN DEGHFNHQ 'HQ5RWZHLQHVVLJXQGHLQHLQKDOE)ODVFKHQ5RWZHLQDQJLHHQ'HFNHODXIVHW]HQ =XP.RFKHQEULQJHQXQGEHL*UDG&DXIGHU(LQVFKXEK|KHPLW,QWHQVLYKLW]H 6WXQGHQODQJVDPVFKPRUHQODVVHQ'HQ+DVHQYRUVLFKWLJKHUDXVKHEHQXQGDXI HLQHUYRUJHZlUPWHQ3ODWWHDEJHGHFNWZDUPVWHOOHQ 'LH6RHGXUFKHLQ6LHEJLHHQGDV*HPVHKHUDXVVXFKHQXQGGLH .QREODXFK]HKHQDXVGHU6FKDOHGUFNHQ6RH*HPVHXQG.QREODXFKHUKLW]HQ GHQEULJHQ:HLQGD]XJHEHQXQGHLQNRFKHQODVVHQ'DQQGLHYRUEHUHLWHWH /HEHUPLVFKXQJXQWHUUKUHQGLH6RHSULHUHQXQGDEVFKPHFNHQ 9RUGHP6HUYLHUHQGDV.FKHQJDUQYRP+DVHQHQWIHUQHQGDV+DVHQIOHLVFK SRUWLRQVZHLVHYRQGHQ.QRFKHQO|VHQXQGPLWGHU6RHDQULFKWHQ'D]XSDVVHQ 6SlW]OHXQG5RVHQNRKO 'HQ+DVHQZlKUHQGGHV6FKPRUHQV|IWHUVZHQGHQ
6&+2.2/$'(17(55,1( )U3RUWLRQHQ
6&+2.2/$'(17(55,1(
*UDPP&RXYHUWVXUH(LZHL*UDPP=XFNHU/LWHU&UHPHGRXEOH %ODWW*HODWLQH 02&&$6$8&(
PO6WDUNHU0RFFD*UDPP+DVHOQXVVQRXJDW*UDPP6WlUNHSXOYHU (VVO/lXWHU]XFNHU(VVO:KLVN\*UDPP6DKQHJHVFKODJHQ 'LH&RXYHUWXUHDPEHVWHQDXVGHU.RQGLWRUHL LQHLQHPNOHLQHQ7RSIODQJVDP VFKPHO]HQGLH*HODWLQHEOlWWHUNXU]LQ:DVVHUHLQZHLFKHQXQGLQGLHKHLH &RXYHUWXUHJHEHQ(LZHLPLWJ=XFNHUFUHPLJVFKODJHQDXFKGLH&UHPHGRXEOH PLWGHQUHVWOLFKHQJ=XFNHUVWHLIDXIVFKODJHQ%HLGHVPLVFKHQXQGXQWHUGLHJXW ZDUPH&RXYHUWXUH]LHKHQ1HKPHQ6LHGDEHLGLH6FKVVHODXVGHP:DVVHUEDG DEHUDFKWHQ6LHGDUDXIGDVVGLH6FKRNRODGHQPDVVHQLFKW]XVWDUNDENKOW (YHQWXHOO]XP6FKOXVVQRFKHLQPDOLQV:DVVHUEDGVHW]HQ'DQQLQHLQH3DUIDLWIRUP IOOHQXQGIU0LQXWHQNKOVWHOOHQ3DUIDLWIRUPPLW)ULVFKKDOWHIROLHDXVOHJHQ GDQQLVWHVOHLFKWHUGLHJHNKOWH7HUULQHKHUDXV]XVWU]HQ
9RQGHP0RFFD(/DEQHKPHQXQGGDULQGDV6WlUNHPHKODQUKUHQ'HQUHVWOLFKHQ 0RFFDEHL6WXIH]XP.RFKHQEULQJHQXQGPLWGHU6WlUNHDEELQGHQ1XVVQRXJDW HUZHLFKHQ]XGHU0RFFDVDXFHJHEHQJXWGXUFKUKUHQXQGHUNDOWHQODVVHQ'DQQ GHQ/lXWHU]XFNHUXQGGHQ:KLVN\]XJLHHQ*ODWWUKUHQGXUFKHLQ+DDUVLHE VWUHLFKHQXQGPLWGHUJHVFKODJHQHQ6DKQHYHUPLVFKHQ 'LH0RFFDVDXFHDXI7HOOHUVSLHJHOJLHHQ'LH7HUULQHVWU]HQLQGQQH6FKHLEHQ VFKQHLGHQXQGLQGLH6DXFHOHJHQ8PVFK|QHJODWWH6FKQLWWIOlFKHQ]XEHNRPPHQ PVVHQ6LHGDV0HVVHUQRFKMHGHU6FKHLEHLQKHLHV:DVVHUWDXFKHQ 8QWHU&RXYHUWXUHYHUVWHKHLFKQLFKWGLHKDQGHOVEOLFKH%DFN&RXYHUWXUHVRQGHUQ GLHEHLP.RQGLWRUHLEHGDUIHUKlOWOLFKH.RQGLWRUHL&RXYHUWXUHPLWGHU0LVFKXQJ 0LWQRUPDOHU&RXYHUWXUHRGHU6FKRNRODGHIHKOWGHU7HUULQHGHUYROOHUXQGH 6FKRNRODGHQJHVFKPDFN