6WHOOXQJQDKPH GHV'HXWVFKHQ
*HZHUNVFKDIWVEXQGHV
*HVHW]HQWZXUI
*HVXQGKHLWVV\VWHP
PRGHUQLVLHUXQJVJHVHW]*0*
'UXFNVDFKH
$OOJHPHLQHU7HLO
'LH%XQGHVUHJLHUXQJKDWPLWGHPYRUOLHJHQGHQ(QWZXUIHLQHV*HVHW]HV]XU0RGHUQL VLHUXQJGHV*HVXQGKHLWVZHVHQV*0*LKUH9RUVWHOOXQJHQ]XU*HVXQGKHLWVUHIRUPLQ NRQNUHWH)RUPHQJHJRVVHQ1DFKPHKUHUHQd-DKUKXQGHUWUHIRUPHQoLQGHQOHW]WHQ ]ZHL-DKU]HKQWHQXQGHLQHU9LHO]DKOYRQNOHLQHUHQ*HVHW]HQGLHGHQ$QVSUXFKKDWWHQ JUDYLHUHQGH)HKOVWHXHUXQJHQLP*HVXQGKHLWVZHVHQ]XEHVHLWLJHQVROOHQPLWGHUDQ VWHKHQGHQ*HVXQGKHLWVUHIRUPGLH:HLFKHQIÔUGLH:HLWHUHQWZLFNOXQJGHV*HVXQG KHLWVV\VWHPVQHXJHVWHOOWZHUGHQ'DV=LHOHLQHUKÎKHUHQ4XDOLW¼WLQGHUJHVXQGKHLWOL FKHQ9HUVRUJXQJVROOHEHQVRZLHHLQH$EVHQNXQJGHU%HLWUDJVV¼W]HGHU*.9HUUHLFKW ZHUGHQ'HU$QVSUXFKPHKU:LUWVFKDIWOLFKNHLWXQGKÎKHUH(IIL]LHQ]EHLGHU/HLVWXQJV HUEULQJXQJ]XHUUHLFKHQVWHKWQHEHQGHU$EVLFKWGLH3DWLHQWHQLP*HVXQGKHLWVZHVHQ QDFKKDOWLJ]XVW¼UNHQ'HU'*%KDWIÔUGLHDQVWHKHQGH*HVXQGKHLWVUHIRUPNRQNUHWH9RUVWHOOXQJHQHUDUEHLWHW XQGLQGLHSROLWLVFKH'HEDWWHHLQJHEUDFKW
$XIGLHVHU*UXQGODJHEHJUÔ·WGHU'*%GHQ(QWZXUIGHV*0*LQZHLWHQ7HLOHQDOVHLQ PXWLJHV5HIRUPNRQ]HSW4XDOLW¼WVYHUEHVVHUXQJXQG3DWLHQWHQRULHQWLHUXQJVRZLHQRW ZHQGLJH6WUXNWXUYHU¼QGHUXQJHQZHUGHQLQGHQ0LWWHOSXQNWGHUYRUJHVHKHQHQ5HIRUP JHVWHOOW'LHLQGHQOHW]WHQ-DKUHQLQWHQVLYJHIÔKUWH'LVNXVVLRQXPGLH:HLWHUHQWZLFN OXQJGHV*HVXQGKHLWVZHVHQILQGHWVLFKLQGHQYRUJHVFKODJHQHQ0D·QDKPHQDOV.RQ VHTXHQ]DXVGHU'HIL]LWDQDO\VHXQGGHQ3UREOHPOÎVXQJVVWUDWHJLHQZLHGHU
'DQHEHQOHKQWGHU'*%GLH9RUVFKO¼JH]XU1HXRUGQXQJGHU)LQDQ]LHUXQJDE6LHGLH QHQÔEHUZLHJHQGGHUVSÔUEDUHQHLQVHLWLJHQILQDQ]LHOOHQ%HODVWXQJYRQ9HUVLFKHUWHQ XQG3DWLHQWHQ0LWGHU=LHOVHW]XQJGHU%HLWUDJVVDW]VHQNXQJZHUGHQGXUFKGLHDOOHLQLJH )LQDQ]LHUXQJGHV.UDQNHQJHOGHVVHLWHQVGHU9HUVLFKHUWHQGLH8QWHUQHKPHQHLQVHLWLJ HQWODVWHW3DWLHQWHQXQG9HUVLFKHUWHVROOHQGDUÔEHUKLQDXVGXUFKKÎKHUH=X]DKOXQJHQ ]X$U]QHLPLWWHOQXQG3UD[LVJHEÔKUHQVW¼UNHUDOVELVKHUEHODVWHWZHUGHQ'LHYRUJHVH KHQHQ0D·QDKPHQVLFKHUQZHGHUPLWWHOQRFKODQJIULVWLJGLHILQDQ]LHOOH6LWXDWLRQGHU
*.9$XFKGHUNXU]IULVWLJDQJHOHJWH(IIHNWGHU(QWODVWXQJZLUGHEHQVRNXU]IULVWLJGXUFK 8QZLUWVFKDIWOLFKNHLWHQ)HKODOORNDWLRQHQXQG'RSSHOVWUXNWXUHQLQGHUJHVXQGKHLWOLFKHQ 9HUVRUJXQJQHXWUDOLVLHUW'LHHLQVHLWLJH(UKÎKXQJGHUILQDQ]LHOOHQ%HODVWXQJGHU$U EHLWQHKPHU9HUVLFKHUWHQXQG.UDQNHQLVWHLQH,QYHVWLWLRQLQHLQ]XQIWP¼·LJRUJDQLVLHU WHVXQGXQ]XUHLFKHQGLQGHU4XDOLW¼WDXVJHULFKWHWHV9HUVRUJXQJVV\VWHPGDVPRGHU QHQ$QIRUGHUXQJHQQLFKWPHKUJHQÔJW'LHVH,QYHVWLWLRQLVWGHP]XIROJHHLQH)HKOLQYH VWLWLRQGLHGHU'*%QLFKWPLWWU¼JW
)ÔUGLH*HZHUNVFKDIWHQYÎOOLJLQDN]HSWDEHOLVWGLH(UKÎKXQJGHU%HLWU¼JHIÔU$UEHLW QHKPHUDXI3UR]HQWEHLJOHLFK]HLWLJHU5HGX]LHUXQJGHU%HLWU¼JHIÔUGLH$UEHLWJHEHU DXI3UR]HQWPLWGHPGLH)LQDQ]LHUXQJGHV.UDQNHQJHOGHVDOOHLQDXIGLHGHQ$UEHLW QHKPHUÔEHUWUDJHQZHUGHQVROO+LHUPLWVROOGHU(LQVWLHJLQGHQ$XVVWLHJDXVGHUSDUL W¼WLVFKHQ)LQDQ]LHUXQJGHU*.9YROO]RJHQZHUGHQ'HU'*%VLHKWLQGLHVHP:HJGHQ IDOVFKHQ$QVDW]GLHVROLGDULVFKH*HVHW]OLFKH.UDQNHQYHUVLFKHUXQJ]XNXQIWVVLFKHU]X JHVWDOWHQ6WDWWGHVVHQPÔVVHQ/ÎVXQJHQJHVXFKWZHUGHQGLHGLH)LQDQ]LHUXQJVJUXQG
ODJHQJHUHFKWHUXQGVROLGHUJHVWDOWHQ'HQQQXUPLWÎNRQRPLVFKVRZLHJHVHOOVFKDIWV XQGJHVXQGKHLWVSROLWLVFKVLQQYROOHQ/ÎVXQJHQNÎQQHQGLH)LQDQ]LHUXQJVJUXQGODJHQVR VWDELOJHVWDOWHWZHUGHQGDVVGLH*.9DXFKLQ=XNXQIWLKUHU$XIJDEHJHUHFKWZHUGHQ NDQQ'LHVH$XIJDEHEHVWHKWIÔUGHQ'*%GDULQDXFKLQ=XNXQIWDOOHQ0HQVFKHQLP .UDQNKHLWVIDOOXQDEK¼QJLJYRQLKUHP(LQNRPPHQGLHPHGL]LQLVFKH%HKDQGOXQJ]X NRPPHQ]XODVVHQGLHVLHEHQÎWLJHQ
0RGHUQLVLHUXQJGHU6WHXHUXQJGHV6\VWHPV
'HU'*%EHJUÔ·WGDVVPLWGHPYRUOLHJHQGHQ*HVHW]HQWZXUIHLQ:HJ]X(QGHJHJDQ JHQZHUGHQNDQQGHUPLWGHU(LQIÔKUXQJGHUIUHLHQ.DVVHQZDKOEHJRQQHQZXU GH9HUVLFKHUWHHUKLHOWHQGLH0ÎJOLFKNHLWGHUIUHLHQ.DVVHQZDKOE]ZGHV.DVVHQZHFKVHOV XQDEK¼QJLJYRQLKUHU%HUXI]XJHKÎULJNHLWXQG$UWGHU%HVFK¼IWLJXQJ'LH(UIDKUXQJKDW JH]HLJWGDVVGLH+ÎKHGHV%HLWUDJVVDW]HVDXVVFKODJJHEHQGIÔUGLH.DVVHQZDKOHQW VFKHLGXQJGHU9HUVLFKHUWHZDU'LHVHU$QUHL]VROOWH]XVW¼UNHUZLUWVFKDIWOLFKDXVJHULFK WHWHQ.DVVHQKDQGHOQIÔKUHQ'RFKGHU%HLWUDJVVDW]UHIOHNWLHUWELVODQJÔEHUZLHJHQGGLH 5LVLNRVWUXNWXUGHU9HUVLFKHUWHQE]ZGLH9RU]ÔJHRGHU1DFKWHLOHDXVGHP2UJDQLVDWL RQVUHFKWGHU.UDQNHQNDVVHQGLHEHVWLPPWH.DVVHQDUWHQEHYRU]XJHQRGHUEHQDFKWHLOL JHQ0LWGHP*HVHW]]XU5HIRUPGHV5LVLNRVWUXNWXUDXVJOHLFKLQGHU*HVHW]OLFKHQ.UDQ NHQYHUVLFKHUXQJVLQGEHUHLWV5HJHOXQJHQDXIGHQ:HJJHEUDFKWGHQ5LVLNRVWUXNWXU DXVJOHLFKZHVHQWOLFK]XYHUEHVVHUQ'HUPRUELGLW¼WVRULHQWLHUWH5LVLNRVWUXNWXUDXV JOHLFKVZLUGDEGD]XEHLWUDJHQGDVV%HLWUDJVVDW]XQWHUVFKLHGHDXIJUXQGGHUXQ WHUVFKLHGOLFKHQ5LVLNRVWUXNWXUQLFKWPHKUDXIWUHWHQNÎQQHQ
'HU'*%VLHKWLPYRUOLHJHQGHQ*HVHW]HQWZXUIHLQHQPXWLJHQ6FKULWW:LFKWLJLVWGLH
$EVLFKW9RUVFKULIWHQDXVGHPDOWKHUJHEUDFKWHQ2UJDQLVDWLRQVUHFKWGHU.UDQNHQNDVVHQ XQG.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQZHLWHUHQWZLFNHOWHQ$QIRUGHUXQJHQDQ]XSDVVHQ 1DFKJHOWHQGHP5HFKWPÔVVHQ.DVVHQJHPHLQVDPXQGHLQKHLWOLFK9HUWU¼JHPLWGHQ .DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQRGHUPLWGHQ.UDQNHQK¼XVHUQDEVFKOLH·HQ'LH1HX UHJHOXQJHQVHKHQYRUGDVVLP%HUHLFKGHUIDFK¼U]WOLFKHQ9HUVRUJXQJHLQHIOH[LEOHUH 9HUWUDJVJHVWDOWXQJPÎJOLFKLVW'HU6LFKHUVWHOOXQJVDXIWUDJGHUIÔUGLHDPEXODQWH9HU VRUJXQJELVODQJDXVVFKOLH·OLFKEHLGHQ.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQDQJHVLHGHOW ZDUZLUGJHWHLOW'DQDFKPÔVVHQ.UDQNHQNDVVHQNÔQIWLJGLHIDFK¼U]WOLFKH9HUVRUJXQJ VLFKHUVWHOOHQGLH.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQGLHDOOJHPHLQ¼U]WOLFKH9HUVRUJXQJ LQNOXVLYHGHUNLQGHUXQGDXJHQ¼U]WOLFKHQVRZLHGHUJ\Q¼NRORJLVFKHQ9HUVRUJXQJ,P 5DKPHQHLQHU´EHUJDQJVUHJHOXQJNÎQQHQMHW]WSUDNWL]LHUHQGH)DFK¼U]WHLPELVKHULJHQ NROOHNWLYYHUWUDJOLFKHQ6\VWHPYHUEOHLEHQ1HX]XJHODVVHQHU]WHZHUGHQLQGHUQHXHQ )RUPGHU(LQ]HOYHUWU¼JHSUDNWL]LHUHQ
%HLGHUDQJHVWUHEWHQVXN]HVVLYHQ9HU¼QGHUXQJGHV.ROOHNWLYYHUWUDJVUHFKW]XP(LQ]HO YHUWUDJVUHFKWPXVVGDVJHRUGQHWH1HEHQHLQDQGHUYRQDOWHQXQGQHXHQ6WUXNWXUHQLP 6LQQHHLQHUEHGDUIVRULHQWLHUWHQXQGPHGL]LQLVFKQRWZHQGLJHQ9HUVRUJXQJ]ZLQJHQG JHZ¼KUOHLVWHWVHLQ+LHU]XVLQGIROJHQGH%HGLQJXQJHQ]XHUIÔOOHQ
HLQVROGLGDULVFKXQGSDULW¼WLVFKILQDQ]LHUWHUHLQKHLWOLFKHU/HLVWXQJVNDWDORJ
rGLH:HLWHUHQWZLFNOXQJGHV5LVLNRVWUXNWXUDXVJOHLFKV]XHLQHPPRUELGLW¼WVRULHQWLHUWHQ 5LVLNRVWUXNWXUDXVJOHLFK
rHLQXQHLQJHVGFKU¼QNWHU=XJDQJIÔUDOOH3DWLHQWHQXQG9HUVLFKHUWH]XU9HUVRUJXQJ GLH'HILQLWLRQYHUSIOLFKWHQGHLQ]XKDOWHQGHU4XDOLW¼WVVWDQGDUGV
:HLWHUHQWZLFNOXQJGHU9HUVRUJXQJVVWUXNWXUHQ
'HUYRUOLHJHQGH*HVHW]HQWZXUIHQWK¼OWGDUÔEHUKLQDXVZHVHQWOLFKH6FKULWWH]XUGULQ JHQGEHQÎWLJWHQ:HLWHUHQWZLFNOXQJGHU9HUVRUJXQJVVWUXNWXUHQGLHGHU'*%VHLWODQ JHPHLQIRUGHUW'D]XJHKÎUWLQVEHVRQGHUHGLHLQWHJULHUWH9HUVRUJXQJGLHGXUFKGHQ$EEDXEÔURNUDWL VFKHU+HPPQLVVHJHIÎUGHUWZHUGHQVROO'DPLWZLUGGLHVW¼UNHUVHNWRUHQÔEHUJUHLIHQG DUEHLWHQGHLQWHJULHUWH9HUVRUJXQJDOVDOWHUQDWLYH5HJHOYHUVRUJXQJDX·HUKDOEGHV.RO OHNWLYYHUWUDJVV\VWHPVDXVJHEDXW,P6LQQHGHV$XIEDXVHLQHU9HUVRUJXQJGHU3DWLHQ WHQDXVHLQHU+DQGLVWGLHVDOVHLQZHVHQWOLFKHU)RUWVFKULWW]XEHZHUWHQGHQQQLFKW]X OHW]WKDEHQVLFKGLH5HJHOXQJHQGHV*HVXQGKHLWV5HIRUP*HVHW]HVDOVKHPPHQG IÔUGHQ$XIEDXLQWHJULHUWHU9HUVRUJXQJVIRUPHQHQWZLFNHOW
'LH)RUGHUXQJGHV'*%QDFKGHP$XIEDXYRQ*HVXQGKHLWV]HQWUHQVLHKWGHU*HVHW]
HQWZXUIHEHQIDOOVYRU1DFKGHP9RUELOGGHU3ROLNOLQLNHQLQGHQQHXHQ/¼QGHUQNÎQQHQ
*HVXQGKHLWV]HQWUHQXQWHUQHXHQYHUWUDJOLFKHQXQGTXDOLW¼WVRULHQWLHUWHQ%HGLQJXQJHQ EXQGHVZHLWHQWZLFNHOWZHUGHQ'DPLWZLUGLQGHUDPEXODQWHQ9HUVRUJXQJHLQHQHXH
%HWULHEVIRUPHLQJHIÔKUWGLHHLQHVLQQYROOHEHWULHEVZLUWVFKDIWOLFKH$OWHUQDWLYH]XU(LQ ]HODU]WSUD[LVGDUVWHOOW
'LH9HUKDQGOXQJHQEHLGHU(QWZLFNOXQJYRQ'LVHDVH0DQDJHPHQW3URJUDPPHQDEHU DXFKGLH/RJLNGHU,QWHJULHUWHQ9HUVRUJXQJKDEHQQRFKHLQPDOVHKUGHXWOLFKJHPDFKW GDVVLQWHJULHUWH9HUVRUJXQJVIRUPHQQXUXQWHU%HWHLOLJXQJGHUVWDWLRQ¼UHQ9HUVRUJXQJ 6LQQPDFKHQ'HVZHJHQEHJUÔ·HQZLUGLH5HJHOXQJGDVV.UDQNHQK¼XVHUNÔQIWLJZHL WHUH0ÎJOLFKNHLWHQHUKDOWHQVLFKDQGHUDPEXODQWHQIDFK¼U]WOLFKHQ9HUVRUJXQJ]XEH WHLOLJHQ'LH®IIQXQJGHU.UDQNHQK¼XVHUIÔUKRFKVSH]LDOLVLHUWHIDFK¼U]WOLFKH/HLVWXQ JHQIÔU(LQ]HOYHUWU¼JHLP5DKPHQGHULQWHJULHUWHQ9HUVRUJXQJVRZLHLQXQWHUYHUVRUJ WHQ5HJLRQHQIÔUGLHDPEXODQWHIDFK¼U]WOLFKH%HKDQGOXQJHUDFKWHWGHU'*%]XU)ÎUGH UXQJXQG$XVEUHLWXQJGHULQWHJULHUWHQ9HUVRUJXQJDOVQRWZHQGLJ
$XFKGLH$EVLFKWHLQ+DXVDU]WV\VWHPHLQ]XIÔKUHQLQGDVVLFK9HUVLFKHUWHIUHLZLOOLJ HLQVFKUHLEHQNÎQQHQZLUGYRP'*%VHKUEHJUÔ·W=LHOLVWHVGDVVGHU3DWLHQWHLQHQ /RWVHQEHNRPPWGHULKQGXUFKGDVXQÔEHUVLFKWOLFKH*HVXQGKHLWVV\VWHPOHLWHW=XEH DFKWHQLVWDEHULQVEHVRQGHUHGDVVGDVLQGHQHLQ]HOQHQ9HUVRUJXQJVEHUHLFKHQYRU KDQGHQH:LVVHQÔEHUDOOHPHGL]LQLVFKHQ'DWHQGHV3DWLHQWHQEHLGHP+DXVDU]W]X VDPPHQO¼XIW'DQHEHQLVWVLFKHU]XVWHOOHQGDVVIÔUGDV+DXVDU]WV\VWHP]XJHODVVHQH
U]WHÔEHUVSH]LHOOH$XVELOGXQJHQXQGQHXH4XDOLILNDWLRQHQYHUIÔJHQGLHGHQ$QIRU GHUXQJHQDQHLQHQ/RWVHQLP6\VWHPHQWVSUHFKHQ
:HLWHUHQWZLFNOXQJGHV¼U]WOLFKHQ9HUJÔWXQJVXQG$EUHFKQXQJVV\VWHPV
'HU'*%EHZHUWHWGLHYRUJHVHKHQH0RGHUQLVLHUXQJGHV¼U]WOLFKHQ9HUJÔWXQJVV\VWHPV LP(LQNODQJPLWGHU:HLWHUHQWZLFNOXQJGHU9HUVRUJXQJVVWUXNWXUHQDOVQRWZHQGLJXQG DQJHPHVVHQ6FKRQODQJHLVWEHNDQQWGDVVGDV9HUJÔWXQJVV\VWHPGHU0RUELGLW¼WV HQWZLFNOXQJQLFKWPHKUDQJHPHVVHQLVW)ÔUGLH)DFK¼U]WHVLQG.RPSOH[JHEÔKUHQXQG )DOOSDXVFKDOHQYRUJHVHKHQ+DXV¼U]WHVROOHQQDFK)DOOSDXVFKDOHQYHUJÔWHWVRGDVVU]WHPLWHLQHUKRKHQ=DKOYRQEHWUHXXQJVLQWHQVLYHQ3DWLHQWHQQLFKWO¼QJHUEHQDFKWHL OLJWZHUGHQ=XGHPHUKDOWHQVLHVW¼UNHUH$QUHL]H]XU(UEULQJXQJHLQHUKÎKHUHQ4XDOL W¼W$XFKIÔUNRRSHUDWLYH9HUVRUJXQJVIRUPHQVLHKWGHU*HVHW]HQWZXUIVSH]LIL]LHUWH )DOOSDXVFKDOHQYRU'DPLWZHUGHQ9HUJÔWXQJVDQUHL]HJHVFKDIIHQZHOFKHGLH(LQIÔK UXQJHIIL]LHQWHU9HUVRUJXQJVIRUPHQZLHGLHLQWHJULHUWH9HUVRUJXQJIÎUGHUQ
9HUEHVVHUXQJGHU4XDOLW¼WGHU3DWLHQWHQYHUVRUJXQJ
'HU'*%EHJUÔ·WGLH$EVLFKWGHU%XQGHVUHJLHUXQJPLWGHQLP*HVHW]HQWZXUIYRUJH VHKHQHQ0D·QDKPHQGHURIWPDQJHOQGHQ4XDOLW¼WLQGHUJHVXQGKHLWOLFKHQ9HUVRUJXQJ ]XEHJHJQHQ=XU%HVFKUHLEXQJGHVXQDQJHPHVVHQHQ3UHLV/HLVWXQJVYHUK¼OWQLVVHVLQ GHU(UEULQJXQJYRQ*HVXQGKHLWVOHLVWXQJHQZLUGRIWGHU.DXIHLQHV0LWWHONODVVHZDJHQV ]XP3UHLVHLQHV0HUFHGHV]LWLHUW'LHYRUJHVFKODJHQHQ5HJHOXQJHQVROOHQ$EKLOIH VFKDIIHQ1HEHQGHP4XDOLW¼WVZHWWEHZHUEÔEHU(LQ]HOYHUWU¼JHIÔUIDFK¼U]WOLFKH/HL VWXQJHQVROOHLQ'HXWVFKHV=HQWUXPIÔU4XDOLW¼WLQGHU0HGL]LQJHVFKDIIHQZHUGHQ=LHO LVWHVGLHPHGL]LQLVFKH9HUVRUJXQJVW¼UNHUDQZLVVHQVFKDIWOLFKHQ(UNHQQWQLVVHQGHU VRJHQDQQWHQHYLGHQ]EDVLHUWHQ0HGL]LQ]XRULHQWLHUHQ'DV=HQWUXPHUK¼OWGLHIROJHQ GHQ$XIJDEHQ%HZHUWXQJPHGL]LQLVFKHU/HLVWXQJHQQDFKLKUHPPHGL]LQLVFKHQ1XW]HQ XQGGHU4XDOLW¼WGHU/HLVWXQJHQ(UVWHOOXQJYRQ(PSIHKOXQJHQIÔUHLQH)RUWVFKUHLEXQJ GHV/HLVWXQJVNDWDORJV.RVWHQ1XW]HQ%HZHUWXQJYRQ$U]QHLPLWWHOQ(UVWHOOXQJSIOHJH ULVFKHU6WDQGDUGVIÔUDXVJHZ¼KOWH.UDQNKHLWHQ'HU'*%LVWGHU0HLQXQJGDVVHLQ'HXWVFKHV=HQWUXPIÔU4XDOLW¼WLQGHU0HGL]LQGD]X EHLWUDJHQZLUGGLH4XDOLW¼WGHU9HUVRUJXQJ]XYHUEHVVHUQXQGQDFKQHXHVWHQZLVVHQ VFKDIWOLFKHQ(UNHQQWQLVVHQ]XJHVWDOWHQ)ÔUGDV*HOLQJHQLVWHVDEHUDXFKQRWZHQGLJ GDVVGLH$UEHLWGHV=HQWUXPVYRQGHQ%HWHLOLJWHQLQVEHVRQGHUHYRQGHQU]WHQDQHU NDQQWZLUG'HVKDOEPXVVJHZ¼KUOHLVWHWVHLQGDVVGDV,QVWLWXWGLH9RUDUEHLWHQIÔUGLH (QWVFKHLGXQJHQGHUJHPHLQVDPHQ6HOEVWYHUZDOWXQJOHLVWHWGLH(QWVFKHLGXQJHQDEHU ZHLWHUKLQEHLGHU6HOEVWYHUZDOWXQJYHUEOHLEHQ,QGHUYRUOLHJHQGHQ)DVVXQJKDEHQGLH (PSIHKOXQJHQGHV=HQWUXPVHLQHQ]XVWDUNYHUELQGOLFKHQ&KDUDNWHU
(LQZHLWHUHU%HLWUDJ]XU(UKÎKXQJGHU4XDOLW¼WLQGHU9HUVRUJXQJVWHOOHQGLHYRUJHVH KHQHQQGHUXQJLP5DKPHQGHU¼U]WOLFKHQ)RUWELOGXQJGDUGLHYRP'*%DXVGUÔFNOLFK XQWHUVWÔW]WZHUGHQ'DQDFKPÔVVHQU]WHDOOHIÔQI-DKUHGHQ1DFKZHLVGHU7HLOQDKPH DQYHUSIOLFKWHQGHQ)RUWELOGXQJHQHUEULQJHQ(UEULQJHQVLHGLHVH1DFKZHLVHLP=HLW UDXPDQJHPHVVHQHU)ULVWHQQLFKWNÎQQHQVLHDXVGHUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJ DXVJHVFKORVVHQZHUGHQ,QGLHVHU0D·QDKPHVLHKWGHU'*%HLQJHHLJQHWHVXQGVLQQ
YROOHV,QVWUXPHQWGHU)ÎUGHUXQJGHU¼U]WOLFKHQ)RUWELOGXQJVRZLHGHU$QSDVVXQJDQ GLHJ¼QJLJH)RUWXQG:HLWHUELOGXQJVHUZDUWXQJGHU8QWHUQHKPHQGHQHQVLFKKHXWH DOOH%HVFK¼IWLJWHQVWHOOHQPÔVVHQ
9HUEHVVHUXQJGHU7UDQVSDUHQ]
'LHYRQGHU%XQGHVUHJLHUXQJYRUJHVHKHQHQ0D·QDKPHQ]XU(UKÎKXQJGHU7UDQVSD UHQ]IÔU9HUVLFKHUWH3DWLHQWHQEHKDQGHOQGH(LQULFKWXQJHQXQG.UDQNHQNDVVHQVLQG QDFK0HLQXQJGHV'*%ULFKWLJH6FKULWWHGDV9HUVRUJXQJVJHVFKHKHQHIIHNWLYHUHIIL ]LHQWHUXQGJHVXQGKHLWVSROLWLVFKVLQQYROOHU]XJHVWDOWHQ'HU*HVHW]HQWZXUIHQWK¼OWHL QH5HLKHYRQ9HUEHVVHUXQJHQ6RVROOHQ3DWLHQWHQ]XNÔQIWLJDXI9HUODQJHQHLQH3DWLHQ WHQTXLWWXQJHUKDOWHQDXIGHUVLHGLHHUVWHOOWHQ/HLVWXQJHQXQGGHUHQYRUDXVVLFKWOLFKH .RVWHQQDFKYROO]LHKHQXQGJHJHEHQHQIDOOVNRQWUROOLHUHQNÎQQHQ$EVROOGLH(LQIÔKUXQJGHUHOHNWURQLVFKHQ*HVXQGKHLWVNDUWHDXIIUHLZLOOLJHU%DVLV HUIROJHQ'LHHOHNWURQLVFKH*HVXQGKHLWVNDUWHKDWHLQH5HLKHYRQ)XQNWLRQHQVLHGLHQW DOVHOHNWURQLVFKHV5H]HSWDOV$XVODQGVNUDQNHQVFKHLQIÔU(8/¼QGHUXQGDOVHOHNWURQL VFKH3DWLHQWHQDNWHGLHGHU9HUPHLGXQJYRQ'RSSHOXQWHUVXFKXQJHQXQG:HFKVHOZLU NXQJHQYRQWKHUDSHXWLVFKHQ0D·QDKPHQIÔUGLH3DWLHQWHQGLHQW$XV6LFKWGHV'*%
PÔVVHQGLH5HJHOXQJHQGHV'DWHQVFKXW]HVVLFKHUVWHOOHQGDVVGHU3DWLHQWGLH+RKHLW ÔEHUVHLQH'DWHQEHK¼OWXQG0LVVEUDXFKVPÎJOLFKNHLWHQGXUFK'ULWWH]%$UEHLWJHEHU YHUKLQGHUWZHUGHQ'LH.DUWHGDUIHUVWQDFK(LQZLOOLJXQJGHU3DWLHQWHQJHQXW]WZHUGHQ XQG=XJULIIVPÎJOLFKNHLWHQPÔVVHQNODUGHILQLHUWZHUGHQ
'HU'*%K¼OWGLH6FKDIIXQJYRQREMHNWLYHQ'DWHQJUXQGODJHQ]XUEHGDUIVJHUHFKWHQ 6WHXHUXQJGHU9HUVRUJXQJIÔUXQDEGLQJEDUXQGEHJUÔ·WGHP]XIROJHGLH5HJHOXQJHQ ]XU'DWHQWUDQVSDUHQ].UDQNHQNDVVHQXQG.%9VROOHQHLQH$UEHLWVJHPHLQVFKDIW]XU'D WHQWUDQVSDUHQ]ELOGHQ$XIJDEHZLUGHVVHLQHLQHYHUVLFKHUWHQEH]RJHQH6WLFKSUREH PLW$EUHFKQXQJVXQG/HLVWXQJVGDWHQVHNWRUHQÔEHUJUHLIHQGDXI]XEDXHQ'LHVZLUGHL QHQHUKHEOLFKHQ'XUFKEUXFKIÔUGLH*HVXQGKHLWVEHULFKWHUVWDWWXQJGLH*HVXQGKHLWV YHUVRUJXQJVIRUVFKXQJDEHUDXFKIÔUGLH*HVXQGKHLWVSODQXQJEHGHXWHQ6RNÎQQHQ 5RXWLQHGDWHQHUPLWWHOWZHUGHQGLHHVHUODXEHQGHQ:HJGHU9HUVLFKHUWHQÔEHUGLH 9HUVRUJXQJVVHNWRUHQKLQZHJ]XYHUIROJHQXQGHQWVSUHFKHQGH$QKDOWVSXQNWH]XU2S WLPLHUXQJGHU9HUVRUJXQJ]XHUKDOWHQ.ODUH5HJHOXQJHQ]XU3VHXGRQ\PLVLHUXQJPÔV VHQVLFKHUVWHOOHQGDVVGHU'DWHQVFKXW]JHZ¼KUOHLVWHWLVW
9HUEHVVHUXQJGHU$U]QHLPLWWHOYHUVRUJXQJ
'HUYRUOLHJHQGH*HVHW]HQWZXUIHQWK¼OWHLQH5HLKHYRQ0D·QDKPHQ]XU9HUEHVVHUXQJ GHU$U]QHLPLWWHOYHUVRUJXQJXQWHUGHU=LHOVHW]XQJHLQHUEHVVHUHQ:LUWVFKDIWOLFKNHLWGLH YRP'*%EHJUÔ·WZHUGHQ6RVROOGHUEXQGHVHLQKHLWOLFKH$SRWKHNHQYHUNDXIVSUHLVIÔU QLFKWYHUVFKUHLEXQJVSIOLFKWLJH$U]QHLPLWWHOGXUFKHLQH/LEHUDOLVLHUXQJGHU$U]QHLPLW WHOSUHLVYHURUGQXQJDXIJHKREHQZHUGHQ,P'LVWULEXWLRQVEHUHLFKVROOGHU9HUVDQGKDQ GHO]XJHODVVHQXQGGDV0HKUEHVLW]YHUERWIÔU$SRWKHNHQJHORFNHUWZHUGHQ$XV6LFKW GHV'*%VLQGGLHVHQ0D·QDKPHQ]X]XVWLPPHQGDVLH]XHLQHUUDWLRQDOHUHQXQGNRVWHQJÔQVWLJHUHQ$U]QHLPLWWHOYHUVRUJXQJEHLWUDJHQRKQHGLH4XDOLW¼WGHU$U]QHLPLWWHO YHUVRUJXQJIÔU3DWLHQWHQHLQ]XVFKU¼QNHQ=XGHPZLUGGHUJHVHW]OLFKH5DKPHQIÔU 9HUHLQEDUXQJHQ]ZLVFKHQ$U]QHLPLWWHOKHUVWHOOHUQXQG.DVVHQÔEHU5DEDWWHDXVJHZHL WHW$OOHUGLQJVLVWKLHUDQ]XUHJHQGLHVH9HUWU¼JHQLFKWQXUZLHYRUJHVHKHQJHPHLQ VDPXQGHLQKHLWOLFKDE]XVFKOLH·HQYLHOPHKUVROOWHHLQHZHLWHUH®IIQXQJGHV9HUWUDJV ZHVHQVHUIROJHQ
)HUQHULVWYRUJHVHKHQQLFKWYHUVFKUHLEXQJVSIOLFKWLJHU$U]QHLPLWWHODXVGHU*.9 (UVWDWWXQJVSIOLFKWKHUDXV]XQHKPHQ%HLGHU+HUDXVQDKPHQLFKWYHUVFKUHLEXQJVSIOLFK WLJHU$U]QHLPLWWHODXVGHU(UVWDWWXQJLVWGDUDXI]XDFKWHQGDVVGHU(LQVSDUHIIHNWQLFKW GXUFK$XVZHLFKHQDXIWHXUHUH$U]QHLPLWWHO]X/DVWHQGHU*.9NRQWHUNDULHUWZLUGE]Z 3DWLHQWHQVDFKJHUHFKWLQGL]LHUWH0HGLNDPHQWHDXFKHUKDOWHQ'LH(LQEH]LHKXQJSDWHQW JHVFKÔW]WHU$QDORJSU¼SDUDWHLQGLH)HVWEHWUDJVUHJHOXQJLVWLP6LQQHHLQHUNRVWHQJÔQ VWLJHUHQ$U]QHLPLWWHOYHUVRUJXQJJUXQGV¼W]OLFK]XEHJUÔ·HQ%HLGHU)HVWEHWUDJVUHJH OXQJVROOWHQDFKGUHLELVIÔQI-DKUHQDOOHUGLQJVJHSUÔIWZHUGHQREGLH(LQRUGQXQJLQ GDV)HVWEHWUDJVUHJLPHEHLEHKDOWHQZHUGHQVROO
(UKÎKXQJGHU=X]DKOXQJHQ
'HUYRUOLHJHQGH*HVHW]HQWZXUIVLHKWHLQH5HLKHYRQ0D·QDKPHQYRUGLHGLH=X]DK OXQJVUHJHOXQJHQIÔU3DWLHQWHQQHXGHILQLHUHQ'DEHLJLEWHVHLQHUVHLWV5HJHOXQJHQGLH HLQHQJHVXQGKHLWVSROLWLVFKVLQQYROOHQ6WHXHUXQJVHIIHNWKHUYRUEULQJHQDQGHUHUVHLWV VLQGHUKHEOLFKH=X]DKOXQJVHUKÎKXQJHQYRUJHVHKHQGLHOHGLJOLFKGDV=LHOGHU(LQQDK PHYHUEHVVHUXQJGHU*.9GLHQHQ]X/DVWHQGHU.UDQNHQYHUIROJHQ'LH=X]DKOXQJIÔU$U]QHLPLWWHOVROOMHQDFK3DFNXQJVJUηHYRQELVKHU(XURDXI(XURHUKÎKW ZHUGHQ'DQHEHQLVWGLH(LQIÔKUXQJHLQHU3UD[LVJHEÔKUYRQ(XUREHLP%HVXFKHL QHV)DFKDU]WHVRKQH´EHUZHLVXQJGHV+DXVDU]WHVYRUJHVHKHQ6FKOLH·OLFKVROODXFK GLH=X]DKOXQJIÔU.UDQNHQKDXVDXIHQWKDOWHYRQDXI(XURDP7DJDQJHKREHQZHU GHQ'HU'*%OHKQWGLHJHQDQQWHQ=X]DKOXQJVHUKÎKXQJHQDE6WHXHUXQJVZLUNXQJHQ VLQGYRQGLHVHQ(UKÎKXQJHQQLFKW]XHUZDUWHQGD3DWLHQWHQZHGHU$U]QHLPLWWHOYHU RUGQXQJHQQRFK.UDQNHQKDXVDXIHQWKDOWHVHOEVWLQGL]LHUHQXQGVRPLWHLQEHZXVVWHUHV 9HUKDOWHQHU]LHOWZHUGHQNÎQQWH
'HU'*%EHIÔUZRUWHWGDJHJHQGLH5HGX]LHUXQJGHU=X]DKOXQJIÔU9HUVLFKHUWHGLHVLFK DP+DXVDU]WV\VWHPDQ'LVHDVH0DQDJHPHQW3URJUDPPHQRGHUDQHLQHULQWHJULHUWHQ 9HUVRUJXQJEHWHLOLJHQ=XSUÔIHQLVWMHGRFKREGLH$QUHL]IXQNWLRQVW¼UNHUDXVJHVWDOWHW ZHUGHQPXVV6RVROOWHQ9HUVLFKHUWHGLHVLFKDQGHQEHVRQGHUHQ9HUVRUJXQJVIRUPHQ EHWHLOLJHQJ¼Q]OLFKYRQ=X]DKOXQJHQEHIUHLWZHUGHQ
1HXRUGQXQJGHU)LQDQ]LHUXQJ
'HU'*%EHJUÔ·WGLH$EVLFKWGHU%XQGHVUHJLHUXQJGLH*HVHW]OLFKH.UDQNHQYHUVLFKH UXQJGXUFKHLQH%HWHLOLJXQJGHV%XQGHVDQGHQYHUVLFKHUXQJVIUHPGHQ/HLVWXQJHQZLH 0XWWHUVFKDIWVJHOG/HLVWXQJHQEHL6FKZDQJHUVFKDIWXQG0XWWHUVFKDIW(PSI¼QJQLVYHU KÔWXQJHWF]XHQWODVWHQ'LHVHUPÎJOLFKWHLQHV\VWHPJHUHFKWHUH)LQDQ]LHUXQJYRQID
PLOLHQSROLWLVFKHQ/HLVWXQJHQ'HU'*%NULWLVLHUWGDVVGLH+ÎKHGHV%XQGHV]XVFKXVVHV DEK¼QJLJJHPDFKWZLUGYRQGHQ(UOÎVHQDXVGHU7DEDNVWHXHUVWHXHUHUKÎKXQJGHUHQ WDWV¼FKOLFKHV9ROXPHQGHU]HLWQLFKWDEVFK¼W]EDULVW(VLVWDOOHUGLQJVGDYRQDXV]XJH KHQGDVVGLH(LQQDKPHQDXVGHU7DEDNVWHXHUHUKÎKXQJHLQH.RPSHQVDWLRQGHU$XV JDEHQIÔUYHUVLFKHUXQJVIUHPGH/HLVWXQJHQYRQFD0LOOLDUGHQ(XURM¼KUOLFKQLFKW HUPÎJOLFKHQZHUGHQ=XGHPLVWGLH)HVWVFKUHLEXQJGHU%HWHLOLJXQJGHV%XQGHVDE DXIGHP9RUMDKUHVQLYHDXGHU0HKUHLQQDKPHQQLFKWJHUHFKWIHUWLJW
'HU'*%OHKQWGLH9RUVFKO¼JHGHVYRUOLHJHQGHQ*HVHW]HQWZXUI]XU1HXRUGQXQJGHU)L QDQ]LHUXQJDE6LHGLHQHQGHUHLQVHLWLJHQILQDQ]LHOOHQ%HODVWXQJGHU$UEHLWQHKPHUXQG GHU(QWODVWXQJGHU$UEHLWJHEHU6LHELHWHQGDUÔEHUKLQDXVNHLQHO¼QJHUIULVWLJH3HUVSHN WLYH]XU1HXRUGQXQJGHU)LQDQ]LHUXQJVJUXQGODJHQGHU*HVHW]OLFKHQ.UDQNHQYHUVLFKH UXQJ(VLVWGDYRQDXV]XJHKHQGDVVNXU]IULVWLJH(LQQDKPHHIIHNWH]X/DVWHQGHU$UEHLW QHKPHUEHUHLWVNXU]IULVWLJGXUFKEHVWHKHQGH8QZLUWVFKDIWOLFKNHLWHQDXIJHKREHQZHU GHQ
'LHLP*HVHW]HQWZXUIYRUJHVHKHQH5HJHOXQJGDVVNÔQIWLJ$UEHLWQHKPHU3UR]HQW XQG$UEHLWJHEHU3UR]HQWGHV%HLWUDJVVDW]HVGHU*HVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJ ILQDQ]LHUHQVROOHQ'DVVPLWGHU9HUVFKLHEXQJGHU3DULW¼WGDV.UDQNHQJHOGYRQGHQ%H VFK¼IWLJWHQNÔQIWLJDOOHLQILQDQ]LHUWZHUGHQVROOILQGHWVLFKMHGRFKQXUQRFKLQGHU%H JUÔQGXQJ]XGHP*HVHW]HVWH[W'HU'*%ZHUWHWGLHVHV9RUKDEHQDOVGLHZLOONÔUOLFKH
$XIJDEHGHV3ULQ]LSVGHUSDULW¼WLVFKHQ)LQDQ]LHUXQJGLHHQWVFKLHGHQDEJHOHKQWZLUG 'LHVEHGHXWHWGHQ(LQVWLHJLQGHQ$XVVWLHJDXVGHUSDULW¼WLVFKHQ)LQDQ]LHUXQJ 'HU'*%OHKQWGLHYRUJHVHKHQH5HJHOXQJZRQDFK5HQWQHUPLW9HUVRUJXQJVEH]ÔJHQ XQG(LQNRPPHQDXVVHOEVW¼QGLJHU$UEHLWPLWGHPYROOHQ*.9%HLWUDJVVDW]EHOHJW ZHUGHQVROOHQJOHLFKIDOOVDE'LHQGHUXQJGHU%HLWUDJVEHPHVVXQJIÔUHLQ]HOQH9HUVL FKHUWHQJUXSSHQLVWLP5DKPHQGHV*0*QLFKWDQJHPHVVHQXQGPXVVLP=XJHGHU :HLWHUHQWZLFNOXQJGHU)LQDQ]LHUXQJVJUXQGODJHQGHU*.9LP*UXQGVDW]JHUHJHOWZHU GHQ
'DV=LHOHLQHUHIIL]LHQWHQ6WHXHUXQJGHV*HVXQGKHLWVZHVHQVXQGHLQHUUDWLRQDOHQ0LW WHOYHUZHQGXQJLVWPLWGHUHLQVHLWLJHQ%HODVWXQJGHU%HVFK¼IWLJWHQQLFKW]XHUUHLFKHQ
*OHLFK]HLWLJNRQWHUNDULHUHQ]XV¼W]OLFKH%HLWUDJVODVWHQIÔUGLH9HUVLFKHUWHQGDV=LHOGHU KÎKHUHQ.RQVXPQDFKIUDJHGLH]XU%HOHEXQJGHV:LUWVFKDIWVVWDQGRUWHVGULQJHQGEH QÎWLJWZLUG
'HU'*%VLHKWLQGHQYRUJHVHKHQHQ0D·QDKPHQ]XU1HXRUGQXQJGHU)LQDQ]LHUXQJ GHU*.9JUR·H*HIDKUHQXQGOHKQWGLHVHDE
'HU'*%ZLOO)LQDQ]LHUXQJGHU*.9]XNÔQIWLJJHUHFKWHUJHVWDOWHQXQGQLHGULJHUH%HL WUDJVV¼W]HHUUHLFKHQ
8QEHVWULWWHQLVWGDVVVLFKGLH)LQDQ]LHUXQJVSUREOHPHGHU*.9VHLW-DKUHQEHVW¼Q GLJYHUVFK¼UIWKDEHQ'LHLQGLHVHP=HLWUDXP]XUHJLVWULHUHQGHQ%HLWUDJVVDW]VWHLJHUXQ JHQYRQGXUFKVFKQLWWOLFKDXIVLQG]XHLQHPHUKHEOLFKHQ7HLODXIHLQHVLQNHQ
GH/RKQTXRWHGKGHQ$QWHLOGHU$UEHLWQHKPHUXQG5HQWQHUDP9RONVHLQNRPPHQ ]XUÔFN]XIÔKUHQ'LHKRKH$UEHLWVORVLJNHLWGHUNRQWLQXLHUOLFKZDFKVHQGH$QWHLOGHU 5HQWQHUDQGHQ*.90LWJOLHGHUQVRZLHHLQVWDJQLHUHQGHV1LYHDXGHU5HDOOÎKQHKDEHQ GLH%HLWUDJV]DKOHULQQHQVW¼UNHUEHODVWHWDOVGLH$XVJDEHQVWHLJHUXQJHQ+LQ]XNRPPHQ VWDDWOLFKHUVHLWVYHUIÔJWH(QWODVWXQJHQDQGHUHU6R]LDOYHUVLFKHUXQJV]ZHLJHXQGGHV
%XQGHVKDXVKDOWHV]X/DVWHQGHU*.9d9HUVFKLHEHEDKQKÎIHo(LQH5HIRUPGHU*.9 )LQDQ]LHUXQJVWHKWGDKHUQHEHQGHQGULQJHQGQRWZHQGLJHQ6WUXNWXUYHU¼QGHUXQJHQDXI GHUJHVXQGKHLWVSROLWLVFKHQ5HIRUPDJHQGDZHLWYRUQH'LH/HLWOLQLHIÔUHLQH5HIRUPGHU )LQDQ]LHUXQJVJUXQGODJHQGHU*.9PXVVVRZRKODXVYRONVZLUWVFKDIWOLFKHQZLHDXVVR ]LDOHQ*UÔQGHQGLH6W¼UNXQJGHV6ROLGDULW¼WVSULQ]LSVVHLQ1XUVRLVWXQVHU$QVSUXFK HLQ]XOÎVHQDOOHQ%ÔUJHUQGHQJOHLFKHQ=XJDQJ]XHLQHUJXWHQPHGL]LQLVFKHQ9HUVRU JXQJ]XJDUDQWLHUHQ
'HULQGHU'LVNXVVLRQEHILQGOLFKH9RUVFKODJGLHVROLGDULVFKH%HLWUDJVILQDQ]LHUXQJ GXUFKHLQHÔEHU.RSISDXVFKDOHQILQDQ]LHUWHSULYDWH3IOLFKWYHUVLFKHUXQJ]XHUVHW]HQ OHKQWGHU'*%DE'LH8PVWHOOXQJGHU*.9)LQDQ]LHUXQJDXI.RSISDXVFKDOHQIÔKUW]X VR]LDOHU8QJHUHFKWLJNHLWXQGWU¼JWQLFKWV]XU9HUEHVVHUXQJYRQ:LUWVFKDIWOLFKNHLWXQG 4XDOLW¼WLP*HVXQGKHLWVZHVHQEHL8QDEK¼QJLJYRQGHUNRQNUHWHQ$XVJHVWDOWXQJ ZÔUGHQLQVEHVRQGHUH)DPLOLHQGHUXQWHUHQXQGPLWWOHUHQ(LQNRPPHQVJUXSSHQEH QDFKWHLOLJW'LHYRQSULYDWHQ9HUVLFKHUXQJVJHVHOOVFKDIWHQXQG8QWHUQHKPHUYHUE¼QGHQ JHIRUGHUWH)LQDQ]LHUXQJHLQHVVR]LDOHQ$XVJOHLFKVÔEHUGLH(LQNRPPHQVVWHXHUZÔUGH QLFKWQXUHLQHYRONVZLUWVFKDIWOLFKXQVLQQLJHVWDDWOLFKH6XEYHQWLRQVVSLUDOHLQ*DQJVHW ]HQ'LHVH)LQDQ]LHUXQJLVWDXFKDX·HURUGHQWOLFKLQWUDQVSDUHQWXQGYHUNRPSOL]LHUWGDV 6WHXHUUHFKWDQVWDWWHVZLHDOOJHPHLQJHIRUGHUW]XYHUHLQIDFKHQ=XGHPZÔUGHGLH
*HVWDOWXQJGHV*HVXQGKHLWVZHVHQV]XQHKPHQGVW¼UNHUKDXVKDOWHULVFKHQ*HVLFKWV SXQNWHQXQWHUOLHJHQXQGQLFKWSULP¼UDXIGLH%HGÔUIQLVVHYRQ9HUVLFKHUWHQXQG3DWLHQ WHQDXVJHULFKWHWVHLQ
'HU'*%VFKO¼JWHLQH5HIRUPGHU*.9)LQDQ]LHUXQJPLWIROJHQGHQ(FNSXQNWHQYRU
• 'LH%HLWU¼JHRULHQWLHUHQVLFKVWULNWDP3ULQ]LSGHU/HLVWXQJVI¼KLJNHLW'LHSDULW¼ WLVFKH)LQDQ]LHUXQJGXUFK9HUVLFKHUWHXQGGHUHQ$UEHLWJHEHUEOHLEWEHVWHKHQ
• *HSUÔIWZHUGHQVROOWHGLH(UZHLWHUXQJGHU9HUVLFKHUXQJVSIOLFKWDXIZHLWHUH3HU VRQHQNUHLVH%HDPWLQQHQXQG%HDPWHVROOWHQHLQ:DKOUHFKW]ZLVFKHQ%HLKLOIHXQG SULYDWHU9HUVLFKHUXQJVRZLHIUHLZLOOLJHU0LWJOLHGVFKDIWLQGHU*.9XQGK¼OIWLJHP
$UEHLWJHEHUDQWHLOHUKDOWHQ
• 'LHEHLWUDJVIUHLH0LWYHUVLFKHUXQJYRQ)DPLOLHQDQJHKÎULJHQEOHLEWHUKDOWHQ
• 'LH9HUVLFKHUXQJVSIOLFKWJUHQ]HVROOWHVFKULWWZHLVHDQJHKREHQZHUGHQ'DPLW ZÔUGHQ*XWYHUGLHQHQGHGLHVLFKELVKHUSULYDWDEVLFKHUQNÎQQHQLQGLH*.9HLQ EH]RJHQ'LH%HLWUDJVV¼W]HGHU.UDQNHQNDVVHQNÎQQWHQGDGXUFKJHVHQNWZHUGHQ
• 'LH%HLWUDJVEHPHVVXQJVJUHQ]HVROOWHHEHQIDOOVDQJHKREHQZHUGHQ'DGLH 6XPPHGHUEHLWUDJVSIOLFKWLJHQ(QWJHOWHGDGXUFKVWHLJWNÎQQHQGLH%HLWUDJVV¼W]H HQWVSUHFKHQGQLHGULJHUDXVIDOOHQ'LH%HODVWXQJGHU$UEHLWQHKPHUXQGGHU$UEHLW JHEHUEOLHEHXQYHU¼QGHUW'LH9HUWHLOXQJGHU%HODVWXQJDOOHUGLQJV¼QGHUWVLFK(LQ
NRPPHQELV]XUGHU]HLWLJHQ%HLWUDJVEHPHVVXQJVJUHQ]HZÔUGHQHQWODVWHWKÎKHUH (LQNRPPHQZÔUGHQVW¼UNHUDOVELVKHU]XU)LQDQ]LHUXQJKHUDQJH]RJHQ(QWVSUH FKHQGZÔUGHQ$UEHLWJHEHUMHQDFK%HVFK¼IWLJWHQVWUXNWXUHQWRGHUEHODVWHW
• 'LH.UDQNHQYHUVLFKHUXQJVEHLWU¼JHGHU%H]LHKHUYRQ$UEHLWVORVHQJHOG,XQG,, ZHUGHQZLHGHUDXIGDVYRUGHU$UEHLWVORVLJNHLWYRQGHQ%HWURIIHQHQHU]LHOWH(LQ NRPPHQ
EH]RJHQ
• 'LH)LQDQ]LHUXQJGHUVRJHQDQQWHQYHUVLFKHUXQJVIUHPGHQ/HLVWXQJHQLQGHU
*.9PXVVDXV6WHXHUPLWWHOQHUIROJHQ'KGHUJHVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJ LVWHLQ%XQGHV]XVFKXVV]X]DKOHQRGHUIÔUEHVWLPPWH/HLVWXQJHQ]%/HLVWXQJHQ GLHNHLQHQGLUHNWHQ.UDQNKHLWVEH]XJDXIZHLVHQGLH.RVWHQ]XHUVWDWWHQ(VPXVV VLFKHUJHVWHOOWVHLQGDVVDOOHVWHXHUILQDQ]LHUWHQ/HLVWXQJHQGHU*.9ZHLWHUKLQ/HL VWXQJHQGHU.UDQNHQNDVVHQEOHLEHQXQGQLFKWDOV$XIJDEHQDQGHUHQ6WHOOHQÔEHU WUDJHQ
ZHUGHQ
• 'HUNDVVHQDUWÔEHUJUHLIHQGH5LVLNRVWUXNWXUDXVJOHLFK56$ZLUG]XHLQHPPRU ELGLW¼WVRULHQWLHUWHQ56$ZHLWHUHQWZLFNHOWGDQXUPLWGLHVHPHLQ:HWWEHZHUELQGHU
*.9PÎJOLFKLVWGHUGDV6ROLGDULW¼WVSULQ]LSQLFKWEHVFK¼GLJW
'HU'*%K¼OWDP3ULQ]LSGHUSDULW¼WLVFKHQ%HLWUDJVILQDQ]LHUXQJIHVWXQGOHKQWDOOH9RU VFKO¼JHDEGLHDXIHLQHVW¼UNHUH%HODVWXQJGHU9HUVLFKHUWHQrLQVEHVRQGHUHGHUXQWH UHQXQGPLWWOHUHQ(LQNRPPHQKLQDXVODXIHQ
'HU'*%ZLOOPLWGLHVHQ(FNSXQNWHQ]XU)LQDQ]LHUXQJGHU*.9GLHVROLGDULVFKH.UDQ NHQYHUVLFKHUXQJ]XNXQIWVVLFKHUPDFKHQ'HQ+HUDXVIRUGHUXQJHQHLQHU¼OWHUZHUGHQ GHQ*HVHOOVFKDIWXQGQHXHQWHFKQRORJLVFKHQ$QIRUGHUXQJHQLQGHU0HGL]LQNDQQPLW GLHVHQ0D·QDKPHQZLUNVDPEHJHJQHWZHUGHQ
'LH'HIL]LWHLQGHU9HUVRUJXQJYRQ3DWLHQW,QQHQVLQGQLFKWHLQHP0DQJHODQ*HOGLP
*HVXQGKHLWVZHVHQJHVFKXOGHWVRQGHUQÔEHUNRPPHQHQ9HUVRUJXQJVIRUPHQXQGr VWUXNWXUHQ'HVZHJHQJHKWHVXQVQLFKWXPHLQd0HKU*HOGLQmV6\VWHPoVRQGHUQLQ HUVWHU/LQLHXP6WUXNWXUUHIRUPHQ0LWZHLWHUHQ%HODVWXQJHQGHU9HUVLFKHUWHQXQG3DWL HQW,QQHQZHUGHQGLH3UREOHPHQLFKWJHOÎVWVRQGHUQYHUVFK¼UIW
)D]LW
$XV6LFKWGHV'*%ZLUGGHUYRUOLHJHQGH*HVHW]HQWZXUIGHQ)RUGHUXQJHQGHV'*%
QDFKHLQHU6WUXNWXUUHIRUPLP*HVXQGKHLWVZHVHQVJHUHFKWXQGHUI¼KUWPLW$XVQDKPH GHULPVSH]LHOOHQ7HLODXIJHIÔKUWHQ9HUEHVVHUXQJVYRUVFKO¼JHXQVHUHYROOH=XVWLP PXQJ'LH5HJHOXQJHQ]LHOHQDXIGLH9HUEHVVHUXQJGHU4XDOLW¼WDXIGLHGULQJHQGH5H IRUPGHU9HUVRUJXQJVVWUXNWXUHQXQGDXIGLH(QWZLFNOXQJHLQHV:HWWEHZHUEVXPTXDOL WDWLYKRFKZHUWLJH/HLVWXQJHQ'DPLWILQGHWGHU'*%VLFKDXIGHU*UXQGODJHVHLQHUHU DUEHLWHWHQ5HIRUPYRUVWHOOXQJHQZLHGHU
'HU'*%OHKQWMHGRFKGLH5HJHOXQJHQ]XU1HXRUGQXQJGHU)LQDQ]LHUXQJDE:LUVFKOD JHQVWDWWGHVVHQYRUHUVWH6FKULWWHGHU:HLWHUHQWZLFNOXQJGHU*.9]XHLQHU(UZHUEVW¼ WLJHQYHUVLFKHUXQJEHUHLWVMHW]WDQ]XJHKHQ1XUVRNÎQQHQVLHVFKRQDEHLQHHQW ODVWHQGH:LUNXQJDXIGLH%HLWUDJVV¼W]HHQWIDOWHQ
6SH]LHOOHU7HLO
9HUEHVVHUXQJGHU4XDOLW¼WGHU3DWLHQWHQYHUVRUJXQJ
$UWLNHO,6*%9
3IOLFKW]XUIDFKOLFKHQ)RUWELOGXQJ
=X1XPPHUG
'LH(LQIÔKUXQJHLQHU3IOLFKW]XUIDFKOLFKHQ)RUWELOGXQJZLUGEHJUÔ·W6LHVFKDIIWPHKU 7UDQVSDUHQ]XQGPHKU4XDOLW¼W'DPLWNDQQVLFKMHGH3DWLHQWLQXQGMHGHU3DWLHQWGDU DXIYHUODVVHQGDVVTXDOLW¼WVJHVLFKHUWH)RUWELOGXQJYRQMHGHP9HUWUDJVDU]WLQ$Q VSUXFKJHQRPPHQZXUGH(EHQVRZHUGHQU]WLQQHQXQGU]WHGLHVLFKVFKRQELVKHU UHJHOP¼·LJIRUWJHELOGHWKDEHQQLFKWPHKUJHJHQÔEHUIRUWELOGXQJVXQZLOOLJHQ.ROOHJHQ EHQDFKWHLOLJW
%LVKHUHQWK¼OWGDV.UDQNHQYHUVLFKHUXQJVUHFKWNHLQH5HJHOXQJGLHDEVLFKHUWGDVVGHU 9HUWUDJVDU]WRGHUGLH9HUWUDJV¼U]WLQGDV)DFKZLVVHQGDV]X%HJLQQGHU%HUXIVW¼WLJNHLW HUZRUEHQZXUGHLP/DXIHGHUYHUWUDJV¼U]WOLFKHQ7¼WLJNHLWDNWXDOLVLHUWXQGDQGLH)RUW VFKULWWHGHU0HGL]LQDQSDVVWZXUGH$XFKZHQQDQ]XHUNHQQHQLVWGDVVHLQLJHU]WH NDPPHUQ$NWLYLW¼WHQHQWZLFNHOWKDEHQGLH,QDQVSUXFKQDKPHYRQ)RUWELOGXQJ]XYHU EHVVHUQJHVFKDKGLHVELVKHUDXIXQWHUVFKLHGOLFKVWHP4XDOLW¼WVQLYHDX8Q]XUHLFKHQGH 3UD[LVUHOHYDQ]GLH9HUQDFKO¼VVLJXQJSUDNWLVFKHUXQGLQWHUSHUVRQHOOHU.RPSHWHQ]HQ VRZLHHLQHHLQJHVFKU¼QNWH*ODXEZÔUGLJNHLWYLHOHU$QJHERWHGXUFKPDQJHOQGH1HXWUD OLW¼WRGHU7UDQVSDUHQWPDFKXQJGHU4XDOLW¼WGHU)RUWELOGXQJHQZDUHQIHVW]XVWHOOHQ(L QHJHQHUHOOHYHUWUDJV¼U]WOLFKH3IOLFKWGHQ1DFKZHLVÔEHUGLH´EHUHLQVWLPPXQJGHVHL JHQHQ.HQQWQLVVWDQGHVPLWGHPDNWXHOOHQPHGL]LQLVFKHQ:LVVHQ]XHUEULQJHQEHVWHKW Q¼POLFKELVKHUQLFKW'LHVH/ÔFNHVFKOLH·WGHU*HVHW]JHEHUPLWGHULQGJHUHJHOWHQ 3IOLFKW]XUIDFKOLFKHQ)RUWELOGXQJGHU9HUWUDJV¼U]WH
'LH1HXUHJHOXQJLVWDXFKGHVKDOEHUIRUGHUOLFKZHLOVLFKGDVPHGL]LQLVFKHQ:LVVHQV SUR-DKU]HKQWLQHWZDYHUGRSSHOWXQG
VLFKGLH$XIIDVVXQJHQYRQXQGGLH$QIRUGHUXQJHQDQGLHdJXWH¼U]WOLFKH3UD[LVoGHXW OLFKLQQHUKDOEZHQLJHU-DKUHYHU¼QGHUQYJODXFK6DFKYHUVW¼QGLJHQUDWIÔUGLH.RQ]HU WLHUWH$NWLRQLP*HVXQGKHLWVZHVHQ*XWDFKWHQ
%HJUÔ·WZLUGDXFKGLH9RUJDEHGDVVGLH%XQGHVDXVVFKÔVVHGHUU]WHXQG.UDQNHQ NDVVHQDXI(PSIHKOXQJHQGHV'HXWVFKHQ=HQWUXPVIÔU4XDOLW¼WLQGHU0HGL]LQ$UW,Q KDOWXQG]HLWOLFKHQ8PIDQJGHU)RUWELOGXQJIHVWOHJHQ'DGXUFKZLUGLQVEHVRQGHUHGLH ZLVVHQVFKDIWOLFKH1HXWUDOLW¼WGHU)RUWELOGXQJVLQKDOWHJHZ¼KUOHLVWHW
'LH3IOLFKW]XUIDFKOLFKHQ)RUWELOGXQJLQGJLOWJHP¼·$EVQLFKWQXUIÔUU]
WHVRQGHUQDXFKIÔU=DKQ¼U]WHXQG3V\FKRORJLVFKH
3V\FKRWKHUDSHXWHQGLHDQGHUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJWHLOQHKPHQ
1RWZHQGLJZ¼UHDOOHUGLQJVGDVVTXDOLIL]LHUWH)RUWELOGXQJVPD·QDKPHQDXIJUXQGYRQ (PSIHKOXQJHQGHV'HXWVFKHQ=HQWUXPVIÔU4XDOLW¼WLQGHU0HGL]LQIÔUDOOH%HUXIV JUXSSHQLP*HVXQGKHLWVZHVHQYHUSIOLFKWHQGDQJHERWHQZHUGHQ$XIJUXQGGHVYHU VW¼UNWHQ:HWWEHZHUEV]ZLVFKHQGHQ(LQULFKWXQJHQGHV*HVXQGKHLWVZHVHQVVLQGVRO FKHGLH4XDOLW¼WEHWUHIIHQGHQ9RUJDEHQHUIRUGHUOLFK'LH5HJHOXQJHQLPIÔQIWHQELV QHXQWHQ$EVFKQLWWGLHVHV.DSLWHOVVROOWHQGDKHUQLFKWDOOHLQDXIYHUWUDJOLFKHU*UXQGODJH
HQWVWHKHQVRQGHUQYHUSIOLFKWHQG(PSIHKOXQJHQGHV'HXWVFKHQ=HQWUXPVIÔU4XDOLW¼W LQGHU0HGL]LQEHUÔFNVLFKWLJHQ
9HUSIOLFKWXQJ]XU4XDOLW¼WVVLFKHUXQJ
=X1XPPHUD$EV
0LWGLHVHUQGHUXQJZLUGGLH9HUSIOLFKWXQJHQ]XP4XDOLW¼WVPDQDJHPHQWDXI9HU WUDJV¼U]WH3V\FKRWKHUDSHXWHQ9HUWUDJV]DKQ¼U]WH(UEULQJHUYRQDPEXODQWHQ9RUVRU JHOHLVWXQJHQXQG5HKDELOLWDWLRQVPD·QDKPHQVRZLHDXI/HLVWXQJVHUEULQJHUGLH9RU VRUJHXQG5HKDELOLWDWLRQVPD·QDKPHQIÔU0ÔWWHUXQG9¼WHUGXUFKIÔKUHQDXVJHGHKQW 'DPLWZHUGHQ/HLVWXQJVHUEULQJHULPDPEXODQWHQ%HUHLFKHUVWPDOVDXFKJHVHW]OLFK YHUSIOLFKWHWV\VWHPDWLVFKXQGXPIDVVHQGGLH4XDOLW¼WLKUHU$UEHLW]XKLQWHUIUDJHQXQG
$QVWUHQJXQJHQ]XXQWHUQHKPHQGLH4XDOLW¼WLKUHU/HLVWXQJHQ]XYHUEHVVHUQ'LHMH ZHLOLJHQ9HUWUDJVSDUWQHUKDEHQGLHVH0D·QDKPHQGXUFK9HUHLQEDUXQJHQ]XNRQNUHWL VLHUHQ
4XDOLW¼WVSUÔIXQJLP(LQ]HOIDOO
=X1XPPHU
'LH.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQKDEHQ4XDOLW¼WVVLFKHUXQJVPD·QDKPHQLQGHUYHU WUDJV¼U]WOLFKHQ9HUVRUJXQJ]XIÎUGHUQXQGGXUFKGLH4XDOLW¼WVSUÔIXQJHQGDV(UJHEQLV LKUHU%HPÔKXQJHQ]XEHZHUWHQ
6LHKDEHQHLQHVW¼UNHUH9HUSIOLFKWXQJGLH4XDOLW¼WVVLFKHUXQJVPD·QDKPHQGHU9HU WUDJV¼U]WH]XIÎUGHUQ8PGLH(IIHNWLYLW¼WGLHVHU0D·QDKPHQ]XJHZ¼KUOHLVWHQVLQG
=LHOHGHU4XDOLW¼WVVLFKHUXQJIHVW]XOHJHQGLHVHVRZLHLKUH(UJHEQLVVH]XGRNXPHQWLH UHQXQGLQJHHLJQHWHU)RUPLQVEHVRQGHUHDXFKÔEHUGDV,QWHUQHWDOOJHPHLQ]XJ¼QJ OLFK]XPDFKHQ
'DGXUFKZLUGGLH7UDQVSDUHQ]JHIÎUGHUW 'HU'DWHQVFKXW]LVWHLQ]XKDOWHQ
'LH$QIRUGHUXQJHQLQVJHVDPWZHUGHQEXQGHVHLQKHLWOLFKJHVWDOWHW
4XDOLW¼WVVLFKHUXQJLQGHUYHUWUDJV]DKQ¼U]WOLFKHQ9HUVRUJXQJ
=X1XPPHUDXQG]X1XPPHUE$EV
'LH9HU¼QGHUXQJHQEHZLUNHQGDVVGLH%XQGHVDXVVFKXVVGHUU]WHXQG.UDQNHQNDVVHQ LQ5LFKWOLQLHQGLH$QIRUGHUXQJHQDQGDVHLQULFKWXQJVLQWHUQH4XDOLW¼WVPDQDJHPHQW IHVW]XOHJHQKDEHQ
(VKDQGHOWVLFKXPJUXQGOHJHQGH0LQGHVWDQIRUGHUXQJHQGLHHLQULFKWXQJVVSH]LILVFKH
*HJHEHQKHLWHQXQG%HGLQJXQJHQdYRU2UWoEHUÔFNVLFKWLJHQ)ÔUGLH=DKQ¼U]WHLVWHLQH JOHLFKODXWHQGH5HJHOXQJYRUJHVHKHQ
4XDOLW¼WVVLFKHUXQJEHL]XJHODVVHQHQ.UDQNHQK¼XVHUQ
=X1XPPHU$EV6DW]1U
'XUFKGLH(UJ¼Q]XQJVLQGDOV0LQGHVWDQIRUGHUXQJHQDQGLH6WUXNWXUTXDOLW¼WDXFK9HU HLQEDUXQJHQ]X)RUWELOGXQJVSIOLFKWHQGHULP.UDQNHQKDXVW¼WLJHQ)DFK¼U]WH]XWUHIIHQ 'LH]XHUVWHOOHQGHQ4XDOLW¼WVEHULFKWHPÔVVHQNÔQIWLJDXFKGHQ$VSHNWGHU)RUWELOGXQJ PLWHUIDVVHQ
'HU9HUVRUJXQJVYHUWUDJPLWHLQHP]XJHODVVHQHQ.UDQNHQKDXVNDQQJHNÔQGLJWZHUGHQ ZHQQGLHVHVQLFKWGLH*HZ¼KUIÔUHLQHOHLVWXQJVI¼KLJHTXDOLW¼WVJHVLFKHUWH.UDQNHQ KDXVEHKDQGOXQJELHWHW'LHVLVWGHU)DOOZHQQGDV.UDQNHQKDXVQLFKWLQDXVUHLFKHQ GHP0D·HTXDOLIL]LHUWHV¼U]WOLFKHV3HUVRQDOYRUK¼OWXQGGHVKDOEGLH9HUVRUJXQJVTXDOL W¼WJUDYLHUHQGJHI¼KUGHWLVW(LQHVROFKH5HJHOXQJZLUGEHJUÔ·W8QWHUGHU3U¼PLVVH GDVVIÔUHLQHJXWH.UDQNHQKDXVEHKDQGOXQJTXDOLIL]LHUWHVKDXVZLUWVFKDIWOLFKHVSIOHJH ULVFKHVXQGWKHUDSHXWLVFKHV3HUVRQDOHUIRUGHUOLFKLVWPXVVGLHVH4XDOLW¼WVDQIRUGHUXQJ ÔEHUGHQ¼U]WOLFKHQ%HUHLFKKLQDXVJHOWHQ
$UEHLWVJHPHLQVFKDIWIÔU4XDOLW¼WVVLFKHUXQJXQG 3DWLHQWHQEHDXIWUDJWHU
=X1XPPHUE6DW]
'LH9RUVFKULIWUHJHOWGLH%HWHLOLJXQJGHURGHUGHV%HDXIWUDJWHQGHU%XQGHVUHJLHUXQJ IÔUGLH%HODQJHGHU3DWLHQW,QQHQGHU$UEHLWVJHPHLQVFKDIWIÔU4XDOLW¼WVVLFKHUXQJ'D GXUFKZLUG3DWLHQWHQEHWHLOLJXQJJHVW¼UNW
$XVVFKXVV.UDQNHQKDXVXQG4XDOLW¼WV]HQWUXP
=X1XPPHUDF
,QGLH(QWVFKHLGXQJHQGHV$XVVFKXVVHV.UDQNHQKDXV]XU4XDOLW¼WGHUVWDWLRQ¼UHQPH GL]LQLVFKHQ9HUVRUJXQJVLQGGLH(PSIHKOXQJHQGHVQHXHQ'HXWVFKHQ=HQWUXPVIÔU 4XDOLW¼WLQGHU0HGL]LQÔEHU8QWHUVXFKXQJVXQG%HKDQGOXQJVPHWKRGHQLP.UDQNHQ KDXVHLQ]XEH]LHKHQ
'HVZHLWHUHQZLUGGDV%0*6]XP(UODVVHLQHU5HFKWVYHURUGQXQJHUP¼FKWLJWGLHVL FKHUVWHOOHQVROOGDVVGLH(PSIHKOXQJHQGHV'HXWVFKHQ=HQWUXPVIÔU4XDOLW¼WLQGHU 0HGL]LQ9HUELQGOLFKNHLWIÔUGHQ$NXWNUDQNHQKDXVVHNWRUHUODQJHQ
=X1XPPHUG$EV
'XUFKGLH(LQIÔJXQJZLUGEHVWLPPWGDVVLPDPEXODQWHQ9RUVRUJHRGHU5HKDELOLWDWL RQVEHUHLFK$QIRUGHUXQJHQ]XPHLQULFKWXQJVLQWHUQHQ4XDOLW¼WVPDQDJHPHQWVIHVW]XOH JHQVLQG
'LH9RUJDEHQEHVFKU¼QNHQVLFKDXIJUXQGOHJHQGH0LQGHVWDQIRUGHUXQJHQXP4XDOL W¼WVPDQDJHPHQWGHQMHZHLOLJHQ%HGÔUIQLVVHQHQWVSUHFKHQGLQGLYLGXHOO]XHQWZLFNHOQ
.RRUGLQLHUXQJVDXVVFKXVV
=X1XPPHUHXQG]X1XPPHUI$EV
=XU6LFKHUVWHOOXQJGHU(QWVFKHLGXQJVI¼KLJNHLWGHV.RRUGLQLHUXQJVDXVVFKXVVHVZLUG JHVHW]OLFKGLH%HVFKOXVVIDVVXQJQDFKGHP0HKUKHLWVSULQ]LSYRUJHVFKULHEHQ'LHVZLUG EHJUÔ·WZHLOLQGHU9HUJDQJHQKHLWGDV*HERWGHU(LQYHUQHKPOLFKNHLW]X%ORFNDGHQJH IÔKUWKDW
6RZHUGHQDXFKHUIRUGHUOLFKH(PSIHKOXQJHQ]XGHQ$QIRUGHUXQJHQDQVWUXNWXULHUWH
%HKDQGOXQJVSURJUDPPHHUOHLFKWHUW
4XDOLW¼WVVLFKHUXQJEHL+LOIVPLWWHOQ
=X1XPPHU
'HU(QWVFKHLGXQJVSUR]H·]XU$XIQDKPHQHXHU+LOIVPLWWHOLQGDV+LOIVPLWWHOYHU]HLFKQLV ZLUGEHVFKOHXQLJW'HU*HVHW]JHEHUVFKUHLEWNÔQIWLJHLQH(QWVFKHLGXQJGHU6SLW]HQYHU E¼QGHGHU.UDQNHQNDVVHQLQQHUKDOEHLQHU)ULVWYRQKÎFKVWHQVVHFKV0RQDWHQYRU (EHQVRKDEHQGLH6SLW]HQYHUE¼QGHGHU.UDQNHQNDVVHQJHPHLQVDPXQGHLQKHLWOLFK (PSIHKOXQJHQIÔU0D·QDKPHQ]XU)RUWELOGXQJXQG4XDOLW¼WVVLFKHUXQJYRQ+LOIVPLW WHOHUEULQJHUQDE]XJHEHQ
'LHNRQWLQXLHUOLFKHQ)RUWELOGXQJIÔU+LOIVPLWWHOHUEULQJHULVWHLQHQRWZHQGLJH9RUDXV VHW]XQJGDIÔUGDVVGLH+LOIVPLWWHOHUEULQJHUGLH9HUVLFKHUWHQHQWVSUHFKHQGGHPDNWXHO OHQ6WDQGGHUPHGL]LQLVFKHQ(UNHQQWQLVVHYHUVRUJHQNÎQQHQ6LHVROOHQGXUFKJHHLJQH WHNRQWLQXLHUOLFKH)RUWELOGXQJVPD·QDKPHQ]XU4XDOLW¼WVVLFKHUXQJXQGrYHUEHVVHUXQJ EHLWUDJHQNÎQQHQ
*HVXQGKHLWV]HQWUHQ
=X1XPPHU
(VZLUGDXVGUÔFNOLFKEHJUÔ·WGDVVQHEHQGHQ9HUWUDJV¼U]WHQNÔQIWLJDXFK*HVXQG KHLWV]HQWUHQLP%HUHLFKGHUKDXVDXJHQXQGIUDXHQ¼U]WOLFKHQ9HUVRUJXQJPLWGHQ 9HUWUDJV¼U]WHQJOHLFKEHUHFKWLJWDOV]XJHODVVHQH/HLVWXQJVHUEULQJHUDQGHUYHUWUDJV¼U]W OLFKHQ9HUVRUJXQJWHLOQHKPHQNÎQQHQ'DZLHNÔQIWLJEHLQLHGHUJHODVVHQHQ)DFK¼U]
WLQQHQXQGr¼U]WHQQXUDXI*UXQGYRQ(LQ]HOYHUWU¼JHQHLQHIDFK¼U]WOLFKH/HLVWXQJHU EUDFKWZHUGHQNDQQLVWHVVHKUVLQQYROOEHUHLWVEHVWHKHQGHQ*HVXQGKHLWV]HQWUHQHL QHQ%HVWDQGVVFKXW]]XJHZ¼KUHQ'LHVZXUGHPLWGHUQGHUXQJLQ$EVDW]
1UHUUHLFKW
*HVXQGKHLWV]HQWUHQVROOHQDOVMXULVWLVFKH3HUVRQHQYRQSULYDWHQRGHUÎIIHQWOLFKHQ7U¼ JHUQEHWULHEHQZHUGHQNÎQQHQXQGLKUHYHUWUDJV¼U]WOLFKHQ/HLVWXQJHQGXUFKDQJHVWHOO WHU]WLQQHQXQGU]WHHUEULQJHQ(EHQVRNÎQQHQDQGHUH/HLVWXQJVHUEULQJHU]%3IOH JHGLHQVWH+HLOPLWWHOHUEULQJHUHWFVLFKGHQ=HQWUHQDQVFKOLH·HQXQGLQHQJHU$E VWLPPXQJPLWGHQGRUWDQJHVWHOOWHQU]WHQ/HLVWXQJHQHUEULQJHQ'DPLWZLUGHLQHIÔU
GLH3DWLHQWHQYHUVRUJXQJVHKUVLQQYROOH0ÎJOLFKNHLWHUÎIIQHWHLQH9HUVRUJXQJdDXVHL QHU+DQGoDQ]XELHWHQ'DPLWZLUGGLH.RRSHUDWLRQ]ZLVFKHQGHQ%HUXIHQGHV*HVXQG KHLWVZHVHQVLQGLHVHU2UJDQLVDWLRQVIRUPJHVW¼UNW
3RVLWLYLVWZHLWHUKLQGDVVLQVEHVRQGHUHMXQJHQU]WHQHLQH0ÎJOLFKNHLWHUÎIIQHWZLUG DQGHUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJWHLO]XQHKPHQRKQHGLHPLWHLQHU3UD[LVJUÔQGXQJ YHUEXQGHQHQZLUWVFKDIWOLFKHQ5LVLNHQHLQJHKHQ]XPÔVVHQ
1LFKWVFKOÔVVLJLVWDOOHUGLQJVGDVV.UDQNHQK¼XVHU9RUVRUJHRGHU5HKDELOLWDWLRQVHLQ ULFKWXQJHQQLFKW*HVXQGKHLWV]HQWUHQHLQULFKWHQNÎQQHQ*HUDGHIÔUGHQVWDWLRQ¼UHQ 6HNWRUZÔUGHGLHVHLQHQJUR·HQ6FKULWWLQ5LFKWXQJHLQHUHFKWHQLQWHJULHUWHQ9HUVRU JXQJEHGHXWHQGLH*HVXQGKHLWVIÎUGHUXQJ3U¼YHQWLRQ%HKDQGOXQJ5HKDELOLWDWLRQ XQG3IOHJHYHUELQGHWXQGGLH9HUVRUJXQJVHLQULFKWXQJHQPLWGHQ/HLVWXQJVHUEULQJHU YHU]DKQW
'HXWVFKHV=HQWUXPIÔU4XDOLW¼WLQGHU0HGL]LQ
=X1XPPHUDrO
'LH(LQULFKWXQJGHV=HQWUXPVZLUGEHJUÔ·W(VGLHQWDXFKGHUVW¼UNHUHQ(LQEH]LHKXQJ YRQ3DWLHQW,QQHQLQWHUHVVHQLQ(QWVFKHLGXQJHQGHUJHPHLQVDPHQ6HOEVWYHUZDOWXQJ 'LH'XUFKVHW]XQJGLHVHU(LQULFKWXQJLVWQDFKGUÔFNOLFK]XXQWHUVWÔW]HQ
'DV=HQWUXPIÔU4XDOLW¼WLQGHU0HGL]LQVFKDIIWGLHZLVVHQVFKDIWOLFKHQ*UXQGODJHQIÔU HLQHXPIDVVHQGHXQGXQDEK¼QJLJH4XDOLW¼WVVLFKHUXQJLQGHU*HVXQGKHLWVYHUVRUJXQJ
%HVRQGHUH6FKZHUSXQNWHVLQGGLH6W¼UNXQJGHU3DWLHQWHQXQG9HUVLFKHUWHQDXWRQR PLHGLH:HLWHUHQWZLFNOXQJGHV/HLVWXQJVNDWDORJVGHU*HVHW]OLFKHQ.UDQNHQYHUVLFKH UXQJ*.9VRZLHGLH%HZHUWXQJPHGL]LQLVFKHU7HFKQRORJLHQEH]ÔJOLFKLKUHU.RVWHQ XQG1XW]HQXQGGLH%HUHLWVWHOOXQJYRQ+DQGOXQJVHPSIHKOXQJHQIÔUDOOH(EHQHQGHU
*HVXQGKHLWVYHUVRUJXQJ'LHDXVJHVSURFKHQHQ(PSIHKOXQJHQXQG%HZHUWXQJHQZHU GHQQDFKHLQHPVWDQGDUGLVLHUWHQZLVVHQVFKDIWOLFKHQ9HUIDKUHQHQWZLFNHOWXQGYHUÎI IHQWOLFKW%HLGHQ%HZHUWXQJHQXQG(PSIHKOXQJHQZHUGHQGLH4XDOLW¼WGHUPHGL]LQL VFKH1XW]HQXQGGLH:LUWVFKDIWOLFKNHLWGHUEHZHUWHWHQ7HFKQRORJLHQQDFK$EV EHUÔFNVLFKWLJW'DV=HQWUXPEHULFKWHW]XGHPLQUHJHOP¼·LJHQ$EVW¼QGHQÔEHUDOOH$U EHLWVSUR]HVVHXQGrHUJHEQLVVH
9RQEHVRQGHUHU%HGHXWXQJLVWGDVVGDV=HQWUXPVHOEVWQXUÔEHUHLQHQNOHLQHQ6WDE YRQFDELVIHVWDQJHVWHOOWHQ0LWDUEHLWHUQYHUIÔJWXQGDOV1HW]ZHUNDXIJHEDXWLVW GDVVLFK]XU'XUFKIÔKUXQJVHLQHU$XIJDEHQH[WHUQHQ6DFKYHUVWDQGHVEHGLHQHQNDQQ :LFKWLJLVWGDVVGHQ3DWLHQW,QQHQQHXH$U]QHLPLWWHOQDFKGHU=XODVVXQJ]HLWQDK]XU 9HUIÔJXQJVWHKHQ%HLGHU.RVWHQ1XW]HQ%HZHUWXQJVROOWHHLQH(QWVFKHLGXQJVÔEHU SUÔIXQJQDFK$EODXIYRQHWZD-DKUHQYRUJHVHKHQZHUGHQ
'LH$XIJDEHQGHV=HQWUXPVXPIDVVHQ
• GLH%HUHLWVWHOOXQJYRQ,QIRUPDWLRQHQÔEHU/HLVWXQJHQ0D·QDKPHQGHU4XDOL W¼WVVLFKHUXQJXQG4XDOLW¼WVLQGLNDWRUHQLQGHUDPEXODQWHQXQGVWDWLRQ¼UHQ9HUVRU JXQJ'DV=HQWUXPHUDUEHLWHW6WDQGDUGVDQ+DQGGHUHU4XDOLW¼WVVLFKHUXQJVPD·
QDKPHQXQG,QGLNDWRUHQEHZHUWHWXQGYHUÎIIHQWOLFKWZHUGHQ$QELHWHUGLH0D·
QDKPHQGHU4XDOLW¼WVVLFKHUXQJYHUÎIIHQWOLFKHQPÔVVHQDXFK$QJDEHQ]XGHU GXUFKGLH0D·QDKPHQHUUHLFKWHQ(UJHEQLVTXDOLW¼WPDFKHQ
• 'LH%HUHLWVWHOOXQJYRQ,QIRUPDWLRQHQJHP¼·GHQEHVWHQYHUIÔJEDUHQZLVVHQ VFKDIWOLFKHQ(UNHQQWQLVVHQ]X'LDJQRVWLNXQG7KHUDSLHLQGHU0HGL]LQ'D]XZHU GHQQDFKVWDQGDUGLVLHUWHQZLVVHQVFKDIWOLFKHQ9HUIDKUHQ$XVZHUWXQJHQGHU/LWHUD WXUGXUFKJHIÔKUWXQGGLHVHDOV+HDOWK7HFKQRORJ\$VVHVVPHQWLQHLQHU([SHUWHQ
$QZHQGHUXQG3DWLHQWHQYHUVLRQYHUÎIIHQWOLFKW
• 'LH(UVWHOOXQJYRQHYLGHQ]EDVLHUWHQ/HLWOLQLHQXQGSIOHJHULVFKHQ6WDQGDUGVLQ YHUVW¼QGOLFKHU)RUPIÔUU]WHXQG3DWLHQWHQIÔUDXVJHZ¼KOWH.UDQNKHLWHQ%HLGHU
$XVZDKOGHU.UDQNKHLWHQXQGPHGL]LQLVFKHQ9HUIDKUHQVLQGGLH$Q]DKOGHUYRQHL QHU.UDQNKHLWEHWURIIHQHQ9HUVLFKHUWHQGLH0ÎJOLFKNHLWHQ]XU9HUEHVVHUXQJGHU 4XDOLW¼WGHU9HUVRUJXQJHLQVHNWRUHQÔEHUJUHLIHQGHU%HKDQGOXQJVEHGDUIHLQKR KHUILQDQ]LHOOHU$XIZDQGGHU(UNUDQNXQJGLH%HHLQIOXVVEDUNHLWGHV.UDQNKHLWVYHU ODXIVGXUFK(LJHQLQLWLDWLYHGHV9HUVLFKHUWHQVRZLHGHU%HLWUDJ]XKDXV¼U]WOLFKHQ 9HUVRUJXQJ]XEHUÔFNVLFKWLJHQ'LHHYLGHQ]EDVLHUWHQ/HLWOLQLHQZHUGHQLQHOHNWUR QLVFKHQXQGQLFKWHOHNWURQLVFKHQ0HGLHQYHUÎIIHQWOLFKW=XGHPXQWHUVWÔW]WGDV
=HQWUXPGLH,PSOHPHQWLHUXQJXQG'LVVHPLQLHUXQJGHU/HLWOLQLHQEHLVSLHOVZHLVH GXUFK$XVOHJHQYRQ3DWLHQWHQOHLWOLQLHQLQ+DXVDU]WSUD[HQXQGGHU2UJDQLVDWLRQ YRQ)RUWELOGXQJVYHUDQVWDOWXQJHQIÔUU]WH3UR-DKUVROOWHQPLQGHVWHQVELV /HLWOLQLHQEHDUEHLWHWZHUGHQGLHLQQHUKDOEYRQ0RQDWHQIHUWLJJHVWHOOWZHUGHQ VROOHQ=XV¼W]OLFK]XGHQ/HLWOLQLHQGHILQLHUWGDV,QVWLWXWIÔUGLHMHZHLOLJHQ(UNUDQ NXQJHQQDWLRQDOH9HUVRUJXQJV]LHOHXQWHUEHVRQGHUHU%HUÔFNVLFKWLJXQJYRQ0D·
QDKPHQGHU3U¼YHQWLRQ'LHVH9HUVRUJXQJV]LHOHGLHQHQDOV%HQFKPDUNIÔUGLH'H ILQLWLRQYRQ´EHU8QWHUXQG)HKOYHUVRUJXQJ+¼XILJH$EZHLFKXQJHQYRQHYL GHQ]EDVLHUWHQ9HUVRUJXQJVVWDQGDUGVVROOWHQLQHLQHP/HLWOLQLHQEHULFKWDXVIRUPX OLHUWZHUGHQXPHLQHNULWLVFKHÎIIHQWOLFKH'LVNXVVLRQDQ]XVWR·HQ
• 'DV=HQWUXPHUDUEHLWHW%HULFKWH*XWDFKWHQXQG6WHOOXQJQDKPHQ]XU4XDOLW¼W GHULP5DKPHQGHU*.9HUEUDFKWHQ/HLVWXQJHQ,QVEHVRQGHUHZLUGGDEHLGHU
$VSHNWGHU´EHU8QWHUXQG)HKOYHUVRUJXQJEHUÔFNVLFKWLJW'D]XZHUGHQ,QGLNDWR UHQIÔUGHQDPEXODQWHQXQGVWDWLRQ¼UHQ%HUHLFKHQWZLFNHOW'LH,QGLNDWRUHQVROOWHQ DXFK]XU.RPELQDWLRQPLW9HUJÔWXQJVDQUHL]HQJHHLJQHWVHLQ
• 'DV=HQWUXPJLEWJHP¼·F*0*(PSIHKOXQJHQDQGLH%XQGHVDXVVFKÔVVH XQGGHQ$XVVFKXVV.UDQNHQKDXVDE
• 'DV=HQWUXPJLEW(PSIHKOXQJHQDQGLH.UDQNHQNDVVHQYHUE¼QGHÔEHU5HIH UHQ]DU]QHLPLWWHO]XU%LOGXQJHLQHVÎIIHQWOLFKHQ)HVWEHWUDJVDE=XGHPEHZHUWHWHV GLH.RVWHQ(IIHNWLYLW¼WQHX]X]XODVVHQGHU$U]QHLPLWWHO'LHSKDUPDNRÎNRQRPL VFKHQ6WXGLHQVLQGYRQJHHLJQHWHQPÎJOLFKVWXQDEK¼QJLJHQ,QVWLWXWLRQHQGXUFK ]XIÔKUHQ'DV=HQWUXPJLEWGD]X/HLWOLQLHQ]XUSKDUPDNRÎNRQRPLVFKHQ(YDOXDWLRQ KHUDXVGLHGLHVSH]LILVFKHQ$QIRUGHUXQJHQDQGLH'XUFKIÔKUXQJXQG%HZHUWXQJ YRQJHVXQGKHLWVÎNRQRPLVFKHQ(YDOXDWLRQHQYRQ$U]QHLPLWWHOQLQ'HXWVFKODQG EHLQKDOWHQ'LH/HLWOLQLHQGLHQHQGHQ$QWUDJVWHOOHUQXQGGHQGXUFKIÔKUHQGHQ,QVWL WXWLRQHQDOV&KHFNOLVWHEHLGHU'XUFKIÔKUXQJGHUJHVXQGKHLWVÎNRQRPLVFKHQ6WXGL HQ'D]XVSH]LIL]LHUHQVLHGDV9RUJHKHQEHLGHU$XVZDKOGHUYHUJOHLFKHQGHQ$OWHU QDWLYWKHUDSLHGLH]XEHUÔFNVLFKWLJHQGHQ.RVWHQNRPSRQHQWHQXQG2XWFRPHSDUD PHWHUVRZLHGLH:DKOYRQ3HUVSHNWLYHXQG(YDOXDWLRQVPHWKRGH'LH%HZHUWXQJ GHV1XW]HQVXQGGHU.RVWHQ(IIHNWLYLW¼WGHU$U]QHLPLWWHOZLUGGXUFKGDV=HQWUXPLQ )RUPHLQHV+HDOWK7HFKQRORJ\$VVHVVPHQWGXUFKJHIÔKUW'D]XNDQQQDFKÎIIHQWOL FKHU$XVVFKUHLEXQJ(YLGHQ]YRQDOOHQLQWHUHVVLHUWHQ6WHOOHQHLQJHUHLFKWZHUGHQ 'LH3KDUPDXQWHUQHKPHQPÔVVHQIROJHQGH'DWHQ]XU9HUIÔJXQJVWHOOHQ
• 'HWDLOOLHUWHSKDUPDNRORJLVFKHXQGPHGL]LQLVFKH,QIRUPDWLRQHQ]XPQHXHQ0H GLNDPHQWXQGGHVVHQPÎJOLFKHQ,QGLNDWLRQVJHELHWHQLQGHU*.9
• 'HWDLOOLHUWH'DWHQH[LVWLHUHQGHUZLVVHQVFKDIWOLFKHU6WXGLHQEHVWHKHQGHU$OWHU QDWLYPHGLNDPHQWHIÔUGLH+DXSWLQGLNDWLRQ
• 'DWHQXQG,QIRUPDWLRQHQ]XYRQLKQHQGXUFKJHIÔKUWHQJHVXQGKHLWVÎNRQRPL VFKHQ0RGHOOLHUXQJHQE]Z6LPXODWLRQHQ
• ,QIRUPDWLRQHQ]XPJHVFK¼W]WHQ$XVPD·GHV]XNÔQIWLJHQ(LQVDW]HVGHV0HGL NDPHQWHVLQGHU*.9
$XIJDEHGHV=HQWUXPVLVWHVGLH4XDOLW¼WXQG(YLGHQ]GHUHLQJHUHLFKWHQ6WXGLHQHU JHEQLVVHXQG'DWHQ]HLWQDK]XSUÔIHQVRZLHHLQH%HZHUWXQJGHV1XW]HQVXQGGHU.R VWHQ(IIHNWLYLW¼WDXV]XVSUHFKHQ'HU1XW]HQHLQHV0HGLNDPHQWHVNDQQQDFKD XQGE*0*GLIIHUHQ]LHUWZHUGHQ
'DV=HQWUXPDUEHLWHWDXIGHP%RGHQGHU0HWKRGHQGHUHYLGHQ]EDVLHUWHQ0HGL]LQXQG VROOWHZRLPPHUPÎJOLFKGXUFK$XVVFKUHLEXQJHQDXIH[WHUQH([SHUWHQ]XUÔFNJUHLIHQ 'HU9HUIDKUHQVSUR]HVVPXVVWUDQVSDUHQWVHLQ'D]XZHUGHQYRP=HQWUXP/HLWOLQLHQIÔU GLH(UVWHOOXQJYRQ%HULFKWHQGXUFKH[WHUQH$UEHLWVJUXSSHQKHUDXVJHJHEHQ$OOHH[WHU QHQ$UEHLWVJUXSSHQPÔVVHQDOOHPÎJOLFKHQ,QWHUHVVHQVNRQIOLNWHRIIHQOHJHQ
,QD$EVZHUGHQGLHMHQLJHQ$NWHXUHXQG,QVWLWXWLRQHQJHQDQQWGLHGLH$XIJDEH HLQHUXQDEK¼QJLJHQZLVVHQVFKDIWOLFKHQ%HZHUWXQJGHV=HQWUXPVHUIÔOOHQVROOHQ$Q GLHVHU6WHOOHEHGDUIHVHLQHU5HJHOXQJGLHJHZ¼KUOHLVWHWGDVVGLH(UNHQQWQLVVHGHV )UDXHQJHVXQGKHLWVEHULFKWHVGHU%XQGHVUHJLHUXQJVRZLH(UIDKUXQJHQYRQ)UDXHQ
*HVXQGKHLWV]HQWUHQ(LQJDQJLQGLH$UEHLWGHV'HXWVFKHQ=HQWUXPVIÔU4XDOLW¼WLQGHU 0HGL]LQILQGHQ+LHU]XLVWGLH0LWDUEHLWGHV$.)1HW]ZHUNHVVRZLHGHU([SHUWLQQHQGHV )UDXHQJHVXQGKHLWVEHULFKWHVHUIRUGHUOLFK
:LUEHJUÔ·HQGLHLQE$EVJHIRUGHUWH%HUÔFNVLFKWLJXQJJHVFKOHFKWVDOWHUV XQGOHEHQVODJHQVSH]LILVFKHU%HVRQGHUKHLWHQEHLGHU(UIÔOOXQJGHULQFEHVFKULH EHQHQ$XIJDEHQ
'DVLQGHU%HJUÔQGXQJJHZ¼KOWH%HLVSLHOLVWLQGHU)RUPXOLHUXQJQLFKWJDQ]NODU3U¼]L VHPÔVVWHHVKHL·HQd6RLVWEHLVSLHOVZHLVHEHNDQQWGDVVGLH$U]QHLPLWWHOWKHUDSLHVLFK GHU]HLWÔEHUZLHJHQGDQHLQHPGXUFKVFKQLWWOLFKHQ.ÎUSHUJHZLFKWRULHQWLHUWXQGDOWHUV XQGJHVFKOHFKWVVSH]LILVFKH%HVRQGHUKHLWHQQLFKWDXVUHLFKHQGHQWVSURFKHQZLUG$XFK LP5DKPHQYRQ6WXGLHQZLUGGLHVHQ$VSHNWHQQLFKWDXVUHLFKHQG5HFKQXQJJHWUDJHQo 'DPLWZLUGGHXWOLFKGDVVQLFKWQXULQGHU)RUVFKXQJVRQGHUQDXFKLQGHU7KHUDSLHGLH
%HUÔFNVLFKWLJXQJDOWHUVXQGJHVFKOHFKWVVSH]LILVFKHU$VSHNWHGULQJHQGJHERWHQLVW :LUEHJUÔ·HQGLH%HDFKWXQJYRQ/HEHQVXPVW¼QGHQZLHGLHEHUXIOLFKHXQGIDPLOL¼UH 6LWXDWLRQ'LHVHQWVSULFKWGHQ$QIRUGHUXQJHQHLQHUJHVFKOHFKWHUVHQVLEOHQ*HVXQG KHLWVSROLWLNZLHVLHLP)UDXHQJHVXQGKHLWVEHULFKWDXIJUXQGYRQHPSLULVFKHQ6WXGLHQ IRUPXOLHUWZRUGHQLVW
=XEHJUÔ·HQLVWGLHLQI$EVJHUHJHOWHSDULW¼WLVFKH%HVHW]XQJPLW)UDXHQXQG 0¼QQHUQGHVYRP%0*6LP=XVDPPHQKDQJPLWGHU(UULFKWXQJGHVd'HXWVFKHQ=HQ WUXPVIÔU4XDOLW¼WLQGHU0HGL]LQoHLQEHUXIHQHQ.XUDWRULXPV,QVWLWXWLRQHQGHU6HOEVW
YHUZDOWXQJ/HLVWXQJVHUEULQJHU,QQHQ1XW]HU,QQHQZHOFKHVVHLQHUVHLWVGLH0LWJOLHGHU GHVZLVVHQVFKDIWOLFKHQ%HLUDWHVIÔUGDV=HQWUXPEHVWLPPW
6FKLHGVDPW
1XPPHU
'LHXQSDUWHLLVFKHQ0LWJOLHGHUHUKDOWHQHUKÎKWH(QWVFKHLGXQJVNUDIW
'LH6FKLHGVDPWVUHJHOXQJHQZHUGHQYHUEHVVHUWXQG(QWVFKHLGXQJHQEHVFKOHXQLJW
:HLWHUHQWZLFNOXQJGHU9HUVRUJXQJVVWUXNWXUHQ
9HUWUDJV¼U]WOLFKH9HUVRUJXQJ$EVD6*%9XQG6LFKHUVWHOOXQJGHUIDFK
¼U]WOLFKHQ9HUVRUJXQJGXUFK(LQ]HOYHUWU¼JHE6*%9
'LH6LFKHUVWHOOXQJVYHUSIOLFKWXQJLQGHUDPEXODQWHQ9HUVRUJXQJZLUGLQ$EVD QHXJHUHJHOW,P.ROOHNWLYYHUWUDJVV\VWHPYHUEOHLEHQGLHKDXV¼U]WOLFKHIUDXHQ¼U]WOLFKH XQGDXJHQ¼U]WOLFKH9HUVRUJXQJ%HUHLWV]XJHODVVHQH)DFK¼U]WHYHUEOHLEHQ]XQ¼FKVWLP GXUFKGLH.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQRUJDQLVLHUWHQNROOHNWLYYHUWUDJOLFKHQ6\VWHP HUKDOWHQMHGRFKGLH0ÎJOLFKNHLWIÔUGDVQHXH(LQ]HOYHUWUDJVV\VWHP9HUWU¼JHQDFK
E6*%9]XRSWLHUHQ1HX]XJ¼QJHLQGLHIDFK¼U]WOLFKH9HUVRUJXQJPLWGHUJHQDQQ WHQ(LQVFKU¼QNXQJHUIROJHQQXUQRFKÔEHU(LQ]HOYHUWU¼JHPLWGHQ.DVVHQ6RPLWJHKW GLH6LFKHUVWHOOXQJGHUIDFK¼U]WOLFKHQ9HUVRUJXQJDXIGLH.UDQNHQNDVVHQÔEHU
'DV1¼KHUH]XUIDFK¼U]WOLFKHQ9HUVRUJXQJGXUFK(LQ]HOYHUWU¼JHUHJHOW
E6*%9
$EV.UDQNHQNDVVHQRGHULKUH9HUE¼QGHDXI/DQGHVHEHQHVFKOLH·HQ]XUDP EXODQWHQIDFK¼U]WOLFKHQ9HUVRUJXQJ(LQ]HOYHUWU¼JHPLWU]WHQXQG3V\FKRWKHUD SHXWHQ*HVXQGKHLWV]HQWUHQRGHUJHHLJQHWHQ.UDQNHQKDXV¼U]WHQVRZHLW8QWHUYHU VRUJXQJEHVWHKW
$EV(LQ$QVSUXFKDXI9HUWUDJVDEVFKOXVVEHVWHKWQLFKW'LH$XIIRUGHUXQJ]XU
$EJDEHHLQHV$QJHERWVPXVVDXVJHVFKULHEHQZHUGHQ9HUWUDJVEHVWLPPXQJHQ GLHHLQHQ/HLVWXQJVHUEULQJHUH[NOXVLYDQHLQH.DVVHRGHUHLQHQ9HUEDQGELQGHQ JHOWHQQLFKW
$EV9HUSIOLFKWHQGHU%HVWDQGWHLOGHU9HUWU¼JHLVWGLH*HOWXQJGHU5LFKWOLQLHQ GHU%XQGHVDXVVFKÔVVHQDFK%HLGHU5HJHOXQJ]XU9HUJÔWXQJJHOWHQGLHDPW OLFKHQ*HEÔKUHQRUGQXQJHQQLFKW
$EV$OOHIÔQI-DKUHKDEHQGLHU]WHE]Z3V\FKRWKHUDSHXWHQHLQHQ)RUWELO GXQJVQDFKZHLV]XHUEULQJHQ1DFKHLQHU1DFKIULVWYRQHLQHP-DKULVWGHU9HUWUDJ ]XNÔQGLJHQ
$EV'LH/DQGHVYHUE¼QGHGHU.DVVHQXQGGLH.DVVHQVHOEVWKDEHQGLHIDFK
¼U]WOLFKH9HUVRUJXQJVLFKHU]XVWHOOHQ'LH6SLW]HQYHUE¼QGHGHU*9.OHJHQKLHU]X JHPHLQVDPXQGHLQKHLWOLFKELV-XQLGLH5DKPHQEHGLQJXQJHQIHVW
$EV=XU9HUPHLGXQJYRQ9HUVRUJXQJVOÔFNHQNÎQQHQ9HUWU¼JHPLW.UDQNHQ K¼XVHUQ]XU7HLOQDKPHDQGHUDPEXODQWHQ9HUVRUJXQJDEJHVFKORVVHQZHUGHQ
=XGHPKDEHQQDFK$EODXIGHU9HUWU¼JHGLH/HLVWXQJVHUEULQJHUIÔUHLQKDOEHV-DKU HLQHQDFKZLUNHQGH9HUWUDJVSIOLFKWZHQQDQVRQVWHQGLH6LFKHUVWHOOXQJJHI¼KUGHW LVW$EV%HUHLWVSUDNWL]LHUHQGH)DFK¼U]WHHUKDOWHQHLQ2SWLRQVUHFKWLP.ROOHNWLY
YHUWUDJVUHFKW]XYHUEOHLEHQRGHUGDV9HUWUDJVPRGHOO]XZ¼KOHQ'LHV2SWLRQPXVV EH]ÔJOLFKGHVJHVDPWHQ/HLVWXQJVVSHNWUXPVJHZ¼KOWZHUGHQ
$EV$EV'LH*HVDPWYHUJÔWXQJLVW]XEHUHLQLJHQEHL%HHQGLJXQJGHU7HLO QDKPHHLQHV/HLVWXQJVHUEULQJHUVDQGHUNROOHNWLYYHUWUDJOLFKHQ9HUVRUJXQJLP=X VDPPHQKDQJPLWGHP´EHUJDQJGHV6LFKHUVWHOOXQJVDXIWUDJVDXIGLH.UDQNHQNDV VHQ$EV'LH3IOLFKW]XU4XDOLW¼WVSUÔIXQJLP(LQ]HOIDOOGXUFK6WLFKSUREHQZLUG
DXIGLH.UDQNHQNDVVHQÔEHUWUDJHQ
'HU'*%IRUGHUWGHQ*HVHW]JHEHUDXI]XU6LFKHUVWHOOXQJGHUIDFK¼U]WOLFKHQ9HUVRUJXQJ (LQ]HOYHUWU¼JHXQWHUVWUHQJHQ4XDOLW¼WVNULWHULHQ]XHUPÎJOLFKHQ'DEHLLVW]XJHZ¼KU OHLVWHQGDVVGLH7UDQVSDUHQ]GHUIDFK¼U]WOLFKHQ9HUVRUJXQJYHUEHVVHUWXQGGHUTXDOLWD WLYNRQGLWLRQLHUWH:HWWEHZHUELP6LQQHGHU'*%9RUVWHOOXQJHQHUPÎJOLFKWZLUGHLQ KHLWOLFKHU/HLVWXQJVNDWDORJPRUELGLW¼WVRULHQWLHUWHU5LVLNRVWUXNWXUDXVJOHLFKXQHLQJH VFKU¼QNWHU=XJDQJ'HILQLWLRQYRQ4XDOLW¼WVVWDQGDUGV'HU:HWWEHZHUEGDUIQLFKWZLH LQGHU9HUJDQJHQKHLWXPGLHEHVWHQ5LVLNHQXQGQLHGULJVWHQ.RVWHQJHIÔKUWZHUGHQ VRQGHUQDXVVFKOLH·OLFKXPGLH4XDOLW¼WGHU9HUVRUJXQJ
:HWWEHZHUELVWLP*HVXQGKHLWVZHVHQNHLQ=LHODQVLFK:HWWEHZHUELP*HVXQGKHLWV ZHVHQPXVVLPPHUHLQ,QVWUXPHQWVHLQPLWGHPGDVHLJHQWOLFKH=LHOHUUHLFKWZHUGHQ VROO'LHVHV=LHOGLH9HUEHVVHUXQJGHU4XDOLW¼WGHUPHGL]LQLVFKHQ9HUVRUJXQJGLHDOOHQ 3DWLHQWHQXQG9HUVLFKHUWHQ]X*XWHNRPPW'LH$XVJHVWDOWXQJGHV:HWWEHZHUEVLPVR OLGDULVFKHQ*HVXQGKHLWVZHVHQZLUGVLFKDQGLHVHU=LHOULFKWXQJRULHQWLHUHQPÔVVHQ DQGHUHQIDOOVLVWHUYHUIHKOW1RWZHQGLJLVWGDKHUGLH'HILQLWLRQHLQHV:HWWEHZHUEV UDKPHQVIÔUGLHVROLGDULVFKH.UDQNHQYHUVLFKHUXQJLQQHUKDOEGHVVHQVLFKGLH%HWHLOLJ WHQ]XEHZHJHQKDEHQ(LQHVROLGDULVFKH:HWWEHZHUEVRUGQXQJLVWGLH%DVLVIÔUHLQHQ 4XDOLW¼WVZHWWEHZHUEGHU]XPHKU(IIL]LHQ]IÔKUWXQGQLFKWDXIGHP5ÔFNHQGHU3DWLHQ W,QQHQDXVJHWUDJHQZLUG
'DKHULVWHLQHIÔUGLH9HUVLFKHUWHQSURGXNWLYH:HLWHUHQWZLFNOXQJGHV:HWWEHZHUEVDQ GLHIROJHQGHQ%HGLQJXQJHQ]XNQÔSIHQ
• 9RUDXVVHW]XQJIÔUGHQ$XVEDXGHUVROLGDULVFKHQ:HWWEHZHUEVRUGQXQJLVWHLQ VROLGDULVFKXQGSDULW¼WLVFKILQDQ]LHUWHUHLQKHLWOLFKHU/HLVWXQJVNDWDORJ1XUDXIGLH VHU*UXQGODJHNDQQHLQZHLWHUHU:HWWEHZHUEXP]DKOXQJVI¼KLJH9HUVLFKHUWHYHU KLQGHUWZHUGHQ'HU:HWWEHZHUEVROOVLFKDXIGLH)UDJHNRQ]HQWULHUHQZHUJXWH 4XDOLW¼WJÔQVWLJDQELHWHW'LH)UDJHZHOFKH/HLVWXQJHQHLQH.DVVHILQDQ]LHUWVROOWH QLFKW*HJHQVWDQGGHV:HWWEHZHUEVZHUGHQ
• (LQHZHLWHUH9RUDXVVHW]XQJIÔUGHQ$XVEDXGHUVROLGDULVFKHQ:HWWEHZHUEV RUGQXQJLVWGDVVGHU5LVLNRVWUXNWXUDXVJOHLFKPRUELGLW¼WVRULHQWLHUWDXVJHVWDOWHW
ZLUG)LQDQ]LHOOH$QUHL]HIÔUHLQH5LVLNRVHOHNWLRQVLQGVRZHLWZLHPÎJOLFKDXV]X VFKOLH·HQ-HGH.DVVHPXVVLP(UJHEQLVÔEHUVRYLHOH0LWWHOYHUIÔJHQNÎQQHQGLH LP%XQGHVGXUFKVFKQLWW]XU9HUVRUJXQJLKUHUMHZHLOLJHQ5LVLNRVWUXNWXUEHQÎWLJW ZHUGHQ'DQQORKQWVLFKGDVd5RVLQHQSLFNHQoGHU:HWWEHZHUEXPMXQJHJHVXQGH XQGJXWYHUGLHQHQGH9HUVLFKHUWHQLFKWPHKU'LH.UDQNHQNDVVHQNÎQQHQGDQQLKUH JDQ]H(QHUJLHDXIHLQH9HUEHVVHUXQJGHU9HUVRUJXQJVTXDOLW¼WULFKWHQ
• )ÔUDOOH3DWLHQWHQXQG9HUVLFKHUWHQrXQDEK¼QJLJYRQ$OWHUVR]LDOHU6LWXDWLRQ XQG*HVFKOHFKWLVWGHUXQHLQJHVFKU¼QNWH=XJDQJ]XYHUEHVVHUWHQ9HUVRUJXQJV VWUXNWXUHQPLWHUKÎKWHUPHGL]LQLVFKHU4XDOLW¼WVLFKHU]XVWHOOHQ
• 'DPLWHLQ9HUWUDJVZHWWEHZHUEHQWVWHKHQNDQQLVWGLH'HILQLWLRQYRQ4XDOLW¼WV VWDQGDUGVHUIRUGHUOLFK'LH)UDJHGDQDFKZHUGLH4XDOLW¼WYRQJHVXQGKHLWOLFKHU 9HUVRUJXQJXQGGLH4XDOLILNDWLRQGHU/HLVWXQJVHUEULQJHUGHILQLHUWZLOOGHU'*%DO OHUGLQJVQLFKWGHQ9HUWUDJVSDUWQHUQGHU(LQ]HOYHUWU¼JHÔEHUODVVHQ6WDWWGHVVHQ PXVVHLQH,QVWLWXWLRQZLH]%HLQXQDEK¼QJLJHVVWDDWVIHUQHV=HQWUXPIÔU4XDOLW¼W LQGHU0HGL]LQ6WDQGDUGVXQG/HLWOLQLHQYRUEHUHLWHQ'LH1RUPLHUXQJHQPÔVVHQ DXIKRKHP1LYHDXTXDOLW¼WVJHVLFKHUWGHILQLHUWZHUGHQXQGJHOWHQJUXQGV¼W]OLFKIÔU DOOHDE]XVFKOLH·HQGHQ9HUVRUJXQJVYHUWU¼JH(VVLQG5HJHOXQJHQ]XWUHIIHQGLHHLQ VLQQYROOHV1HEHQHLQDQGHUYRQ.RQWUDKLHUXQJVXQG
9HUWUDJVPRGHOOE]ZHLQHQUHLEXQJVORVHQ´EHUJDQJYRP.RQWUDKLHUXQJVLQGDV 9HUWUDJVPRGHOOHUPÎJOLFKHQ
+DXVDU]WV\VWHPXQG%RQXVD>QHX@
1UQXQG
9HUSIOLFKWXQJGHU.DVVHQLKUHQ9HUVLFKHUWHQGDV+DXVDU]WV\VWHPDQ]XELHWHQ7HLO QDKPHGHU9HUVLFKHUWHQLVWIUHLZLOOLJ%RQXVDQUHL]LVWGLHUHGX]LHUWH=X]DKOXQJIÔU$U]
QHLXQG9HUEDQGPLWWHO
'LH6W¼UNXQJGHV+DXVDU]WHVDOV/RWVHDOVIÔUGLHDNWLYHLQ]XEH]LHKHQGHQ3DWLHQW,QQHQ W¼WLJHU.RRUGLQDWRUGHV%HKDQGOXQJVSUR]HVVHVZLUGEHJUÔ·W
'LH.DQQ%HVWLPPXQJGHVELVKHULJHQDNDQQLQGHU6DW]XQJe%RQXVKDWQLFKW JHJULIIHQVLFKHUOLFKDXFKZHJHQGHU6FKZLHULJNHLWGLH(LQVSDUXQJHQ]XEHUHFKQHQ QDFKGHQHQVLFKGLH+ÎKHHLQHVPÎJOLFKHQ%RQXVEHVWLPPHQVROOWH$XVGLHVHU(UIDK UXQJKHUDXVVFKHLQWGLHMHW]WEHDEVLFKWLJWH9HUSIOLFKWXQJGHU.DVVHQEHJUÔQGHWHQW VSUHFKHQGH$QJHERWHDQLKUH9HUVLFKHUWHQ]XPDFKHQ
*HJHQGLHHLQM¼KULJH%LQGXQJVZLUNXQJGHU:DKOHQWVFKHLGXQJLVWGDQQQLFKWVHLQ]X ZHQGHQZHQQGLH%LQGXQJDQGLHJHZ¼KOWH+DXVDU]WSHUVRQ]%ZJJHVWÎUWHU9HU WUDXHQVEDVLVDXFKYRU$EODXIHLQHV-DKUHVHQGHQNDQQ'LHVLVWrXQDEK¼QJLJYRP
%HJUÔQGXQJVWH[WrGXUFKGLHdVROOor%HVWLPPXQJLQ$EV6DW]JHZ¼KUOHLVWHW 'HU)UDXHQJHVXQGKHLWVEHULFKWKDWdLQGHU*HVDPWVFKDXGHUXQWHUVXFKWHQIUDXHQ]HQ WULHUWHQ$QV¼W]HXQGGHUUÔFNEOLFNHQGHQ%HZHUWXQJYHUVFKLHGHQHU9HUVRUJXQJVHUIDK UXQJHQGXUFK1XW]HULQQHQ>HUJHEHQ@GDVVVLFKGLH%HUÔFNVLFKWLJXQJJHVFKOHFKWVVSH]L ILVFKHU$VSHNWHIÔUHLQHQ9RUUDQJGHU3U¼YHQWLRQJHJHQÔEHUGHUNXUDWLYHQ%HKDQGOXQJ
VRZLHGHUJDQ]KHLWOLFKHQXQG.U¼IWHPRELOLVLHUHQGHQ%HKDQGOXQJJHJHQÔEHUGHP(LQ VDW]YRQ0HGLNDPHQWHQ*HU¼WHQXQGLQYDVLYHQ9HUIDKUHQIÎUGHUOLFKDXVZLUNWo8P HLQHPJHVFKOHFKWHUVHQVLEOHQ$QVDW]JHUHFKW]XZHUGHQPÔVVHQU]W,QQHQGDKLQJH KHQGDXVXQGZHLWHUJHELOGHWZHUGHQGDVVVLHGHQLP)UDXHQJHVXQGKHLWVEHULFKWIRU PXOLHUWHQ$QIRUGHUXQJHQJHUHFKWZHUGHQNÎQQHQ
+DXV¼U]W,QQHQPÔVVHQXPLKUHU/RWVHQIXQNWLRQJHUHFKW]XZHUGHQGLHSV\FKRVR]LDOH /DJHHLQVFK¼W]HQNÎQQHQVRZLHGXUFK6FKXOXQJHQLQGLH/DJHYHUVHW]WZHUGHQVHHOL VFKH6WÎUXQJHQXQGSV\FKLVFKH(UNUDQNXQJHQEHVVHUHUNHQQHQ]XNÎQQHQ:+2XQG 9HUEUDXFKHUYHUE¼QGHPDFKHQGDUDXIDXIPHUNVDPGDVVGHU%OLFNELVODQJ]XHQJDXI .UDQNKHLWHQJHULFKWHWLVW'DGXUFKNÎQQHQLQ=XNXQIWHLQHUVHLWV8QWHUXQG)HKOYHUVRU JXQJHQYHUPLHGHQZHUGHQ,QVEHVRQGHUHEHLZHLEOLFKHQ3DWLHQWHQZHUGHQKHXWHr]%
LP%HUHLFKYRQ+HU]HUNUDQNXQJHQrK¼XILJI¼OVFKOLFKHUZHLVHSV\FKRVRPDWLVFKH(U NUDQNXQJHQGLDJQRVWL]LHUW8PJHNHKUWNÎQQHQSV\FKLVFKH(UNUDQNXQJHQDG¼TXDWEH KDQGHOWZHUGHQ,QGLHVHP=XVDPPHQKDQJEHJUÔ·HQZLUDXFKGLHLP*HVHW]HQWZXUI YRUJHVHKHQH0ÎJOLFKNHLWSV\FKRORJLVFKH3V\FKRWKHUDSHXWHQRKQH´EHUZHLVXQJ GXUFKGHQ+DXVDU]WEHVXFKHQ]XNÎQQHQ
'LH+DOELHUXQJGHU$U]QHLXQG9HUEDQGPLWWHO=X]DKOXQJHQDOVILQDQ]LHOOHU$QUHL]IÔU GLH9HUVLFKHUWHQVLFKGHP+DXVDU]WV\VWHPDQ]XVFKOLH·HQYHUVSULFKWSRVLWLYH6WHXH UXQJVZLUNXQJ
'HU'*%VFKO¼JWGLHYROOVW¼QGLJH%HIUHLXQJYRQ=X]DKOXQJHQYRUXPGLHVH:LUNXQJ QRFK]XYHUVW¼UNHQXQGJOHLFK]HLWLJ]XHUPÎJOLFKHQDXIGLH3UD[LVJHEÔKUJDQ]]XYHU ]LFKWHQVX
=XODVVXQJYRQ.UDQNHQK¼XVHUQ]XUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJEHL8QWHU YHUVRUJXQJ
=X1XPPHU
'LH)HVWVWHOOXQJYRQ8QWHUYHUVRUJXQJXQGGLH]XLKUHU
8PVHW]XQJJHWURIIHQHQ5HJHOXQJHQZDUHQXQ]XUHLFKHQGXQGZHLWJHKHQGZLUNXQJVORV 0LWGHU9RUVFKULIWZLUGJHVHW]OLFKJHUHJHOWGDVV8QWHUYHUVRUJXQJYRUOLHJWZHQQGLH KDXV¼U]WOLFKHQ9HUVRUJXQJXPXQWHUVFKULWWHQZLUG
$EGLHVHP=HLWSXQNWVLQG.UDQNHQK¼XVHU]XUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJGHU9HUVL FKHUWHQ]X]XODVVHQ
1HX]XODVVXQJLQGHUIDFK¼U]WOLFKHQ9HUVRUJXQJ
=X1XPPHU
.ÔQIWLJZLUGHV=XODVVXQJHQQXUQRFKLQGHUKDXVDXJHQVRZLHLQGHUIUDXHQ¼U]WOL FKHQ9HUVRUJXQJJHEHQ,QGHUÔEULJHQIDFK¼U]WOLFKHQ9HUVRUJXQJZLUGGHU1HX]XJDQJ ]XU9HUVRUJXQJNÔQIWLJGXUFK(LQ]HOYHUWU¼JH]ZLVFKHQ.UDQNHQNDVVHQXQG/HLVWXQJV HUEULQJHUQVWDWWILQGHQ'LH5HJHOXQJHQÔEHU=XODVVXQJVEHVFKU¼QNXQJHQLQGHQ ]XNÔQIWLJIDFK¼U]WOLFKHQ9HUVRUJXQJVEHUHLFKHQVROOHQGDKHUJHVWULFKHQZHUGHQ6LH VLQGMHGRFKZHLWHUKLQHUIRUGHUOLFKGDYRUDXVVLFKWOLFKQRFKDXIO¼QJHUH=HLW)DFK¼U]WLQ QHQXQGr¼U]WHVRZLH3V\FKRWKHUDSHXWLQQHQLP.ROOHNWLYYHUWUDJVV\VWHPW¼WLJVHLQ ZHUGHQ
%HJUÔ·WZLUGGDVVIÔUGLH$QVWHOOXQJYRQU]WHQLQ]XJHODVVHQHQ*HVXQGKHLWV]HQWUHQ NHLQH9ROO]HLWW¼WLJNHLWGLHVHUU]WHYRUDXVJHVHW]WZLUGXPIDPLOLHQSROLWLVFKHQ%HGÔUI QLVVHQQDFK9HUHLQEDUNHLWYRQ%HUXIXQG)DPLOLH]XHQWVSUHFKHQ
=X1XPPHUD
'LHV5HJHOXQJHUPÎJOLFKWLQVW¼UNHUHP8PIDQJDOVELVKHUGHQ.DVVHQ¼U]WOLFKHQ9HUHL QLJXQJHQ0D·QDKPHQ]XHUJUHLIHQXPGLHYHUWUDJV¼U]WOLFKH9HUVRUJXQJ]XJHZ¼KU OHLVWHQ]XYHUEHVVHUQRGHU]XIÎUGHUQ'DQDFKLVWHVXDPÎJOLFKJH]LHOWILQDQ]LHOOH
$QUHL]HIÔU9HUWUDJV¼U]WHRGHU1LHGHUODVVXQJVLQWHUHVVLHUWHLQO¼QGOLFKHQ5HJLRQHQ]X VFKDIIHQ1HEHQGHU6XEYHQWLRQLHUXQJHLQHUIÔUGLH9HUVRUJXQJLQHLQHUEHVWLPPWHQ 5HJLRQQRWZHQGLJHQ3UD[LVDXVVWDWWXQJVLQGDXFK=XVFKO¼JH]XP+RQRUDUPÎJOLFK'LH 6LFKHUVWHOOXQJV]XVFKO¼JHVLQGMHZHLOV]XU+¼OIWHYRQGHQ.DVVHQ¼U]WOLFKHQ9HUHLQLJXQ JHQXQGYRQGHQ.UDQNHQNDVVHQ]XILQDQ]LHUHQ'HU.DVVHQDQWHLOZLUG]XV¼W]OLFK]XU
*HVDPWYHUJÔWXQJHQWULFKWHW
'DPLWZLUGHLQVW¼UNHUHUILQDQ]LHOOHU$QUHL]]XU9HUEHVVHUXQJGHU¼U]WOLFKHQ9HUVRUJXQJ LQXQWHUYHUVRUJWHQ5HJLRQHQJHJHEHQ
=X1XPPHU$EVXQG ]X1XPPHUD$EV
'LHQDFKVWDWLRQ¼UH%HKDQGOXQJLP.UDQNHQKDXVZLUGDXIHLQHQ0RQDWYHUO¼QJHUW .ÔQIWLJNÎQQHQHQWVSUHFKHQGH9HUHLQEDUXQJHQ]ZHLVHLWLJYRQGHQ9HUE¼QGHQGHU .UDQNHQNDVVHQXQGGHQ9HUHLQLJXQJHQGHU.UDQNHQKDXVWU¼JHUDXI/DQGHVHEHQHJH VFKORVVHQZHUGHQ
'LH9HUJÔWXQJIÔUGLHQDFKVWDWLRQ¼UH%HKDQGOXQJHUIROJWDXIYHUWUDJOLFKHU*UXQGODJH LQSDXVFKDOLHUWHU)RUPDXIGHU/DQGHVHEHQHDX·HUKDOEGHUYHUWUDJV¼U]WOLFKHQ*HVDPW YHUJÔWXQJ6LHZLUG]ZLVFKHQ
GHU'HXWVFKHQ.UDQNHQKDXVJHVHOOVFKDIWXQGGHQ6SLW]HQYHUE¼QGHQGHU.UDQNHQNDVVHQ LP%HQHKPHQPLWGHU.DVVHQ¼U]WOLFKHQ%XQGHVYHUHLQLJXQJrZLHVFKRQELVKHUSUR
%HKDQGOXQJVWDJPLWHLQHUIDFKDEWHLOXQJVEH]RJHQHQ3DXVFKDOHDEJHUHFKQHW6LHNDQQ QXUDEJHUHFKQHWZHUGHQVRZHLWVLHGLH*UHQ]YHUZHLOGDXHUGHUVWDWLRQ¼UHQ)DOOSDX VFKDOHÔEHUVWHLJW'LHVHHUJLEWVLFKDXVGHPEXQGHVZHLWHQ(QWJHOWNDWDORJIÔU)DOOSDX VFKDOHQ
0LWGHP=LHOHLQHUVDFKJHUHFKWHQ9HUQHW]XQJGHU9HUVRUJXQJGXUFKGLHIOH[LEOH(LQEH ]LHKXQJGHV.UDQNHQKDXVHVLQGLH9HUVRUJXQJVNHWWH]XYHUEHVVHUQZLUGGHU$EVFKOXVV HQWVSUHFKHQGHU9HUHLQEDUXQJHQYRQGHU(EHQHGUHLVHLWLJHU9HUWU¼JHDXIGLH(EHQH ]ZHLVHLWLJHU9HUHLQEDUXQJHQ]ZLVFKHQGHQ/DQGHVYHUE¼QGHQGHU.UDQNHQNDVVHQXQG GHQ9HUHLQLJXQJHQGHU.UDQNHQKDXVWU¼JHULP/DQGYHUODJHUW0LWGHQ.DVVHQ¼U]WOLFKHQ 9HUHLQLJXQJHQLP/DQGLVWOHGLJOLFKQRFKGDV%HQHKPHQKHU]XVWHOOHQVLHVLQGMHGRFK NÔQIWLJQLFKWPHKU9HUWUDJVSDUWHL
$EZHLFKHQGH)ULVWHQUHJHOXQJHQZHUGHQYRQGHQ9HUWUDJVSDUWHLHQQDFK.UDQNKHLWVELO GHUQGLIIHUHQ]LHUWYRUJHQRPPHQ6LHNÎQQHQDXIGLHVH:HLVHHLQKRKHV0D·DQGLIIH UHQ]LHUHQGHU%HKDQGOXQJJH]LHOWDXIGHQXQWHUVFKLHGOLFKHQ9HU]DKQXQJVEHGDUIEHLGHQ YHUVFKLHGHQHQ(UNUDQNXQJHQVLFKHUVWHOOHQ3UREOHPDWLVFKEHLGLHVHULQVJHVDPWSRVLWL YHQ5HJHOXQJLVWGLH$XIUHFKWHUKDOWXQJYRQ)ULVWHQIÔUYRUXQGQDFKVWDWLRQ¼UH%H KDQGOXQJ$XFKGLHPDQJHOQGH$QVSUXFKVJUXQGODJH]XP$EVFKOXVVGHUQXQPHKU ]ZHLVHLWLJHQ9HUWU¼JHNDQQ]X(LQVFKU¼QNXQJHQEHLGLHVHUVHKUJXWHQ9HUVRUJXQJV IRUPDXVHLQHU+DQGIÔKUHQ
$PEXODQWHV2SHULHUHQLP.UDQNHQKDXV
=X1XPPHUE
'LH9HUJÔWXQJGHUDPEXODQWHQ2SHUDWLRQVOHLVWXQJHQVROOWHEHUHLWVQDFKJHOWHQGHP 5HFKWLQ)RUPYRQ)DOOSDXVFKDOHQYHUHLQEDUWZHUGHQ'LH6HOEVWYHUZDOWXQJVSDUWQHU ZXUGHQGXUFKGDV*.9*HVXQGKHLWVUHIRUPJHVHW]EHDXIWUDJWGHQ.DWDORJDPEX ODQWGXUFKIÔKUEDUHU2SHUDWLRQHQXPVWDWLRQVHUVHW]HQGH(LQJULIIH]XHUZHLWHUQGLHLP 5HJHOIDOODPEXODQWGXUFKIÔKUEDUHQ2SHUDWLRQHQJHVRQGHUW]XEHQHQQHQXQGDOOJHPHL QH7DWEHVW¼QGH]XEHVWLPPHQEHLGHUHQ9RUOLHJHQHLQHVWDWLRQ¼UH'XUFKIÔKUXQJHU IRUGHUOLFKVHLQNDQQ(LQH(LQLJXQJZXUGHELVKHUQLFKWHU]LHOW'HQQRFKKDWNHLQHUGHU 6HOEVWYHUZDOWXQJVSDUWQHUYRQVHLQHP5HFKWDXI$QUXIXQJGHV%XQGHVVFKLHGVDPWHV
*HEUDXFKJHPDFKW
1XQPHKUZLUGGLH0ÎJOLFKNHLWGHU(UVDW]YRUQDKPHGXUFKGDV%XQGHVPLQLVWHULXPIÔU
*HVXQGKHLWXQG6R]LDOH6LFKHUXQJDEJHVFKDIIHQ
'DV%0*6ZLUGGDGXUFKLQVEHVRQGHUHHUP¼FKWLJWQDFK)ULVWDEODXIHLQH
5HFKWVYHURUGQXQJÔEHUHLQ)DOOSDXVFKDOHQV\VWHPIÔUDPEXODQWH2SHUDWLRQHQ]XHUODV VHQ
=X1XPPHUXQG
=X1XPPHUDXQGE
'LHQGHUXQJVWHOOWNODUGDVVGLH(UP¼FKWLJXQJYRQ.UDQNHQKDXV¼U]WHQ]XU7HLOQDKPH DQGHUDPEXODQWHQ9HUVRUJXQJGHU.UDQNHQK¼XVHUNÔQIWLJQXUQRFKLQGHQ%HUHLFKHQ VWDWWILQGHWGLHLQGHU6LFKHUVWHOOXQJVYHUSIOLFKWXQJGHU.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQ YHUEOHLEHQ
,QDOOHQÔEULJHQIDFK¼U]WOLFKHQ9HUVRUJXQJVEHUHLFKHQLVWHVNÔQIWLJGLH$XIJDEHGHU .UDQNHQNDVVHQGLH9HUVRUJXQJGXUFK9HUWU¼JHVLFKHU]XVWHOOHQ
'HVZHLWHUHQZLUGQHXPLWGHU(LQEH]LHKXQJGHU.UDQNHQK¼XVHULQGLHDPEXODQWHYHU WUDJV¼U]WOLFKH9HUVRUJXQJLQXQWHUYHUVRUJWHQ*HELHWHQHLQHZHLWHUH0ÎJOLFKNHLW]XU6L FKHUVWHOOXQJGHUYHUWUDJV¼U]WOLFKHQ9HUVRUJXQJJHVFKDIIHQ
(EHQVRZLUGDOV1HXUHJHOXQJIÔUGLH.UDQNHQNDVVHQGLH/DQGHVYHUE¼QGHGHU.UDQ NHQNDVVHQRGHUGLH9HUE¼QGHGHU(UVDW]NDVVHQGLH0ÎJOLFKNHLWHUÎIIQHW]XU'XUFKIÔK UXQJVWUXNWXULHUWHU%HKDQGOXQJVSURJUDPPHDXFK.UDQNHQK¼XVHULQGLHDPEXODQWH/HL VWXQJVHUEULQJXQJHLQ]XEH]LHKHQ'DPLWNÎQQHQVLHLKUHQDQGHPVWUXNWXULHUWHQ%H KDQGOXQJVSURJUDPPHQQDFKJWHLOQHKPHQGHQ9HUVLFKHUWHQHLQH9HUVRUJXQJ dDXVHLQHU+DQGoDQELHWHQ9RUDXVVHW]XQJIÔUGLH7HLOQDKPHGHU.UDQNHQK¼XVHUDQ GHUDPEXODQWHQ%HKDQGOXQJLVWGDVVGLHEHVRQGHUHQ4XDOLW¼WVDQIRUGHUXQJHQDQGLH /HLVWXQJVHUEULQJXQJLQVWUXNWXULHUWHQ%HKDQGOXQJVSURJUDPPHQIÔUGLHMHZHLOLJHFKUR QLVFKH(UNUDQNXQJGLHDPEXODQWH/HLVWXQJVHUEULQJXQJGXUFK.UDQNHQK¼XVHUYRUVHKHQ XQGGDVEHWUHIIHQGH.UDQNHQKDXVGLHVH$QIRUGHUXQJHUIÔOOW
=XGHPNÎQQHQGLH.UDQNHQNDVVHQGLH/DQGHVYHUE¼QGHGHU.UDQNHQNDVVHQRGHUGLH 9HUE¼QGHGHU(UVDW]NDVVHQPLW.UDQNHQK¼XVHUQ9HUWU¼JH]XUDPEXODQWHQ(UEULQJXQJ KRFKVSH]LDOLVLHUWHU/HLVWXQJHQVFKOLH·HQ'LH6SLW]HQYHUE¼QGHGHU.UDQNHQNDVVHQJH PHLQVDPXQGHLQKHLWOLFKYHUHLQEDUHQGHQ.DWDORJPLWGHQ6SLW]HQRUJDQLVDWLRQHQGHU .UDQNHQK¼XVHUXPLQGHUJHVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJHLQKHLWOLFKH/HLVWXQJVLQ KDOWHIÔUGLHVH9HUVRUJXQJVIRUPHQVLFKHU]XVWHOOHQ(UHQWK¼OWKRFKVSH]LDOLVLHUWH/HL VWXQJHQIÔUGHUHQ(UEULQJXQJGDV.UDQNHQKDXVDXIJUXQGGHUEHVRQGHUHQ4XDOLILNDWL
RQGHU.UDQNHQKDXV¼U]WHXQGGHUKRKHQ3DWLHQWHQIUHTXHQ](UIDKUXQJXQG5RXWLQH GHUYRUKDQGHQHQ
6WUXNWXU.RPSHWHQ]EÔQGHOXQJXQGGHU0ÎJOLFKNHLW5LVLNHQLQGHU%HKDQGOXQJEHV VHUEHKHUUVFKHQ]XNÎQQHQ6LFKHUKHLWVDVSHNWEHVRQGHUVJHHLJQHWLVW
'LHOHW]WHUH9HUVRUJXQJVIRUPGÔUIWHNDXPLQGHUDPEXODQWHQ)DFKDUWSUD[LVDQJHERWHQ ZHUGHQNÎQQHQ(VLVWGDYRQDXV]XJHKHQGDVVVLHGDKHUIDVWDXVVFKOLH·OLFKLQ.UDQ NHQK¼XVHUQHUEUDFKWZLUG)ÔU3DWLHQWHQJUXSSHQGLHGLHVHKRFKVSH]LDOLVLHUWHQ/HL VWXQJHQEHQÎWLJHQr]%.UHEVHUNUDQNWHrZLUGVLFKGLH9HUVRUJXQJGDPLWGHXWOLFK YHUEHVVHUQ2EGLHZHLWHUHQ9HUWU¼JHPLW.UDQNHQK¼XVHUQrLQVEHVRQGHUHDXIGHU(EH QHYRQ(LQ]HOYHUWU¼JHQr]XVWDQGHNRPPHQZLUGHKHUEH]ZHLIHOW+LHUYHUZHLVHQZLU DXIXQVHUH$XVIÔKUXQJHQ]XU3UREOHPDWLNGHU(LQ]HOYHUWU¼JHIÔUIDFK¼U]WOLFKH/HLVWXQ JHQ
+RFKVFKXODPEXODQ]HQ
=X1XPPHU
'DNÔQIWLJGLHIDFK¼U]WOLFKH9HUVRUJXQJDXVJHQRPPHQGLHDXJHQXQGIUDXHQ¼U]WOL FKH9HUVRUJXQJQLFKWPHKUQXUNROOHNWLYYHUWUDJOLFKGXUFK]XJHODVVHQHU]WHXQGHU P¼FKWLJWHU]WHXQG(LQULFKWXQJHQVLFKHUJHVWHOOWZLUGVRQGHUQDXFKGXUFK9HUWU¼JH GLHGLUHNW]ZLVFKHQ.UDQNHQNDVVHQXQG/HLVWXQJVHUEULQJHUQDEJHVFKORVVHQZHUGHQ ZLUGDXFKGLH7HLOQDKPHYRQ3ROLNOLQLVFKHQ,QVWLWXWVDPEXODQ]HQDQGHUDPEXODQWHQ 9HUVRUJXQJQLFKWPHKUNROOHNWLYYHUWUDJOLFKGXUFK(UP¼FKWLJXQJHQVRQGHUQHEHQIDOOV YHUWUDJOLFKRUJDQLVLHUW'LH(LQULFKWXQJHQHUKDOWHQZLHQDFKDOWHP5HFKWHLQHQ$Q VSUXFKDXI7HLOQDKPHGHUVLFKMHGRFKQLFKWDXIGLH(UWHLOXQJHLQHU(UP¼FKWLJXQJVRQ GHUQDXIGHQ$EVFKOXVVHLQHV9HUWUDJHVPLWGHQ/DQGHVYHUE¼QGHQGHU.UDQNHQNDVVHQ XQGGHQ9HUE¼QGHQGHU(UVDW]NDVVHQULFKWHW(UEH]LHKWVLFKDXFKDXIGLH9HUVRUJXQJV EHUHLFKHGLHLQGHUÔEULJHQDPEXODQWHQ9HUVRUJXQJZHLWHUKLQLP6LFKHUVWHOOXQJVDXI WUDJGHU.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQYHUEOHLEHQXQGNROOHNWLYYHUWUDJOLFKGXUFK(U WHLOXQJYRQ=XODVVXQJHQXQG(UP¼FKWLJXQJHQXQGVLFKHUJHVWHOOWZHUGHQ
'LHVH5HJHOXQJVWHOOWHLQHVLQQYROOHXQGNODUH$QVSUXFKVJUXQGODJHGDU6LHZLUGYRQ XQVJHQDXVREHJUÔ·WZLHGLHHEHQIDOOVKLHUJHUHJHOWH)LQDQ]LHUXQJYRQ$XVELOGXQJV VW¼WWHQQDFK3V\FK7K*
XQPLWWHOEDUGXUFKGLH.UDQNHQNDVVHQ
3V\FKLDWULVFKH,QVWLWXWVDPEXODQ]HQ
=X1XPPHU
'LH9HU¼QGHUXQJHQLQGHUYHUWUDJOLFKHQ*HVWDOWXQJGHU)DFKDU]WYHUVRUJXQJKDEHQ DXFK:LUNXQJHQDXIGLH,QVWLWXWVDPEXODQ]HQGHUSV\FKLDWULVFKHQ.UDQNHQK¼XVHUXQG DXIGHUHQ7HLOQDKPHDQGHUDPEXODQWHQ9HUVRUJXQJXQGYRQ$OOJHPHLQNUDQNHQK¼X VHUQPLWVHOEVW¼QGLJHQIDFK¼U]WOLFKJHOHLWHWHQSV\FKLDWULVFKHQ$EWHLOXQJHQPLWUHJLR QDOHU9HUVRUJXQJVYHUSIOLFKWXQJ6LHZLUGNÔQIWLJQLFKWPHKUGXUFK(UWHLOXQJHLQHU(U P¼FKWLJXQJVRQGHUQGXUFK$QVSUXFKDXI$EVFKOXVVHLQHV9HUWUDJHVPLWGHQ/DQGHV YHUE¼QGHQGHU.UDQNHQNDVVHQXQGGHQ9HUE¼QGHQGHU(UVDW]NDVVHQXPJHVHW]W'LHVH
$QVSUXFKVJUXQGODJHZLUGEHJUÔ·W
$PEXODQWH%HKDQGOXQJLQ(LQULFKWXQJHQGHU%HKLQGHUWHQKLOIHXQG5HKDELOLWDWL RQVHLQULFKWXQJHQ
=X1XPPHUD
0LWGHU1HXUHJHOXQJVROOIÔU0HQVFKHQPLWJHLVWLJHU%HKLQGHUXQJHLQ]LHOJUXSSHQVSH ]LILVFKHV$QJHERW]XUJHVXQGKHLWOLFKHQ9HUVRUJXQJHUPÎJOLFKWZHUGHQGDVDQGLHEH UHLWV]XP7HLOYRUKDQGHQHQ*HVXQGKHLWVGLHQVWHLQ(LQULFKWXQJHQGHU%HKLQGHUWHQKLOIH DQNQÔSIW'LHDPEXODQWH5HJHOYHUVRUJXQJGXUFKGHQQLHGHUJHODVVHQHQ
$U]WVROOGXUFK¼U]WOLFKJHOHLWHWH$EWHLOXQJHQPLWLKUHQPXOWLSURIHVVLRQHOOHQ$QJHERWHQ HUJ¼Q]WXQGDOVIDFKOLFKVSH]LDOLVLHUWHV.RPSHWHQ]]HQWUXPEHUDWHQG]XU6HLWHVWHKHQ 'HQ7U¼JHUQGHU%HKLQGHUWHQKLOIHXQGGHQ5HKDELOLWDWLRQVHLQULFKWXQJHQZLUGGHU$Q VSUXFKDXIJHPHLQVDPHQXQGHLQKHLWOLFKHQ9HUWUDJVVFKOXVVPLWDOOHQ.UDQNHQNDVVHQ DXI/DQGHVHEHQHHLQJHU¼XPWVRZHLWXQGVRODQJHGLH9HUVLFKHUWHQZHJHQGHU$UWRGHU 6FKZHUHLKUHU%HKLQGHUXQJRGHUZHJHQ]XJUR·HU(QWIHUQXQJ]XJHHLJQHWHQU]WHQ DXIGLHDPEXODQWH%HKDQGOXQJLQGLHVHQ(LQULFKWXQJHQDQJHZLHVHQVLQG'LHVHUEH GDUIVDEK¼QJLJH$QVSUXFKDXI9HUWUDJVVFKOXVVEH]LHKWVLFKLQGLHVHP6RQGHUIDOODXFK DXIGLH9HUVRUJXQJVEHUHLFKHGLHLP.ROOHNWLYYHUWUDJVV\VWHPEOHLEHQGDGLH¼U]WOLFKH
%HKDQGOXQJJHLVWLJ%HKLQGHUWHULQGLHVHQ(LQULFKWXQJHQW\SLVFKHUZHLVHNRPSOH[H3UR EOHPODJHQEHWULIIW
$XFKGLHVH5HJHOXQJVWHOOWHLQHGHXWOLFKH9HUEHVVHUXQJGHU%HKDQGOXQJVTXDOLW¼WIÔU GLHVH%ÔUJHULQQHQXQG%ÔUJHUGDUXQGZLUGGDKHUEHJUÔ·W
,QWHJULHUWH9HUVRUJXQJ
=X1XPPHUD
'LH)ÎUGHUXQJLQWHJULHUWHU9HUVRUJXQJVIRUPHQLVW]HQWUDOH)RUGHUXQJGHU*HZHUN VFKDIW
9HUWU¼JHRKQH(LQEH]LHKXQJGHU.9]%DXFKPLW.UDQNHQK¼XVHUQPÔVVHQOHLFKWHU HUPÎJOLFKWZHUGHQ)ÔUGDV6HJPHQWGHULQWHJULHUWHQ9HUVRUJXQJNDQQHLQ:HWWEH ZHUEXP4XDOLW¼WDOV6XFKSUR]HVVXQG]XU,QQRYDWLRQHUIRUGHUOLFKVHLQ0LWGHU1HX IDVVXQJIÎUGHUWGHU*HVHW]JHEHUGLHVHV$QOLHJHQ
(UYHU]LFKWHWDXIGLHEHVFKUHLEHQGH'DUVWHOOXQJGHULQWHJULHUWHQ9HUVRUJXQJ,P.HUQ NRPPWVLHGXUFK$EVFKOXVVYRQDXWRQRPHQ9HUWU¼JHQGHU.UDQNHQNDVVHQXQG/HL VWXQJVHUEULQJHUDX·HUKDOEGHV6LFKHUVWHOOXQJVDXIWUDJV]XVWDQGH
'LH$QELQGXQJGHULQWHJULHUWHQ9HUVRUJXQJDQGDV9HUVRUJXQJVJHVFKHKHQLP5DKPHQ GHV.ROOHNWLYYHUWUDJVV\VWHPVXQGLQVEHVRQGHUHDQGHQ6LFKHUVWHOOXQJVDXIWUDJGHU.DV VHQ¼U]WOLFKHQ9HUHLQLJXQJHQXQWHUEOHLEW'LHLPJHOWHQGHQ5HFKWYRUJHVHKHQH9HU VFKU¼QNXQJ]ZLVFKHQGHP6LFKHUVWHOOXQJVDXIWUDJXQGGHUHLQ]HOYHUWUDJOLFKHQ$EVSUD FKH]XULQWHJULHUWHQ9HUVRUJXQJPDFKWHGLH5HFKWVODJHXQGGLH$EZLFNOXQJGHUYHU WUDJOLFKHQ5HFKWVEH]LHKXQJHQXQÔEHUVLFKWOLFKXQGXQEHUHFKHQEDU6LHZDUHLQHVGHU +LQGHUQLVVHIÔUGHQ$EVFKOXVVYRQ9HUWU¼JHQ]XULQWHJULHUWHQ9HUVRUJXQJ(VZLUGEH JUÔ·WGDVVGLH9HUDQWZRUWXQJIÔUGLH$EIDVVXQJGHUYHUWUDJOLFKHQ5HFKWHXQG3IOLFK WHQDOOHLQLQGLH9HUDQWZRUWXQJGHU9HUWUDJVSDUWQHUJHJHEHQZLUG(LQH(LQIOXVVQDKPH 'ULWWHUHWZDÔEHUGLHELVKHULJHQ5DKPHQYHUHLQEDUXQJHQQDFKGVFKHLGHWDXV 'HQ9HUWUDJVSDUWQHUQZLUGVRDXFKGLH%HGHXWXQJ
LKUHUDOOHLQLJHQ9HUDQWZRUWXQJIÔUGLH9HUVRUJXQJGHU9HUVLFKHUWHQYHUGHXWOLFKW$XFK HUKDOWHQGDPLWGLHDP$XIEDXLQWHJULHUWHU9HUVRUJXQJ%HWHLOLJWHQGLH9HUKDQGOXQJV XQG*HVWDOWXQJVVSLHOU¼XPH
GLHIÔUGLH$XVJHVWDOWXQJGHUGLH,QWHJUDWLRQNRQVWLWXLHUHQGHQ9HUWU¼JH XQGIÔULQQRYDWLYHV+DQGHOQQRWZHQGLJVLQG
=X1XPPHUE
'HU.UHLVGHUSRWHQWLHOOHQ9HUWUDJVSDUWQHUGHU.UDQNHQNDVVHQZLUGHUZHLWHUW1HEHQ
U]WHQNÎQQHQ7U¼JHUYRQ*HVXQGKHLWV]HQWUHQXQG.UDQNHQK¼XVHUQXQG(LJHQHLQULFK WXQJHQYRQ.UDQNHQNDVVHQ9HUWU¼JHVFKOLH·HQ'LH%HWHLOLJXQJLVWDXFKLQXQWHUVFKLHG OLFKVWHU*HVHOOVFKDIWVIRUPPÎJOLFK
'HVZHLWHUHQVLHKWGLH5HJHOXQJQLFKWPHKUGLH.DVVHQ¼U]WOLFKHQ9HUHLQLJXQJHQDOVSR WHQWLHOOH9HUWUDJVSDUWQHUHLQHULQWHJULHUWHQ9HUVRUJXQJYRU'LHVHVLQGLQGDV6\VWHP HLQHUHLQ]HOYHUWUDJOLFKHQ9HUHLQEDUXQJÔEHUGLH'XUFKIÔKUXQJGHU9HUVRUJXQJRKQH 9HU¼QGHUXQJLKUHUHLJHQWOLFKHQ$XIJDEHGHU(UIÔOOXQJGHV6LFKHUVWHOOXQJVDXIWUDJV QLFKWHLQ]XSDVVHQ6LHVLQGDOVVROFKHQLFKW9HUVRUJHUXQGPDQDJHQGLH9HUVRUJXQJ DXFKQLFKWLP5DKPHQYRQ(LQ]HOYHUWU¼JHQ
8P9HUWUDJVDEVFKOÔVVHQ]XULQWHJULHUWHQ9HUVRUJXQJGHQ:HJ]XEHUHLWHQZLUGGHU
*UXQGVDW]GHU%HLWUDJVVDW]VWDELOLW¼WDQGLHVHU6WHOOHDXVGUÔFNOLFKGXUFKEURFKHQ'LH 9HUWUDJVSDUWQHUGHU.UDQNHQNDVVHQPÔVVHQHLQXQWHUQHKPHULVFKHV5LVLNRHLQJHKHQ 'HU$EVFKOXVVHLQHV9HUWUDJHV]XULQWHJULHUWHQ9HUVRUJXQJEHGLQJWLQDOOHU5HJHOGDVV GLH/HLVWXQJVHUEULQJHUHUKHEOLFKH,QYHVWLWLRQVNRVWHQDXI]XEULQJHQKDEHQ]%IÔU.RQ ]HSWLRQXQGGHU5HFKWVIRUPGHU*HPHLQVFKDIWHQGHU2UJDQLVDWLRQYRQ%LQQHQVWUXNWX UHQGHU9HUJÔWXQJVIRUGHUXQJHQXQGGHU(QWZLFNOXQJHLQHVLQWHUQHQ9HUJÔWXQJVV\
VWHPVIÔUDOOHDQGHULQWHJULHUWHQ9HUVRUJXQJVOHLVWXQJ%HWHLOLJWHQGHUYHUWUDJOLFKHQ /HLVWXQJVEHVFKUHLEXQJHLQVFKOLH·OLFKDUEHLWVWHLOLJHU%HKDQGOXQJVNRQ]HSWHJJIXQWHU
%HWHLOLJXQJYHUWUDJOLFKDQJHEXQGHQHUH[WHUQHU/HLVWXQJVHUEULQJHUGHV%HWULHEV4XD OLW¼WVXQG/HLVWXQJVPDQDJHPHQWVHLQVFKOLH·OLFKGHV'DWHQVLFKHUXQJVXQG'DWHQ VFKXW]V\VWHPVZLHDEHUDXFKGHUVHNWRUÔEHUJUHLIHQGHQ*HVWDOWXQJGHU9HUVRUJXQJV SUR]HVVH
6LQQHLQHULQWHJULHUWHQ9HUVRUJXQJLVWYRUDOOHPGLHELVKHULJH$EVFKRWWXQJGHUHLQ]HO QHQ/HLVWXQJVEHUHLFKH]XÔEHUZLQGHQ6XEVWLWXWLRQVPÎJOLFKNHLWHQÔEHUYHUVFKLHGHQH /HLVWXQJVVHNWRUHQKLQZHJ]XQXW]HQXQG6FKQLWWVWHOOHQSUREOHPHVREHVVHULQGHQ*ULII ]XEHNRPPHQ'LHVLVWPLWGHU1HXUHJHOXQJEHVVHU]XHUUHLFKHQ
,QVEHVRQGHUHLVWDXFKGHU%HLWULWW'ULWWHU]X9HUWU¼JHQGHULQWHJULHUWHQ9HUVRUJXQJ NÔQIWLJDXVJHVFKORVVHQ'LH9HUWUDJVSDUWQHUVROOHQGDUDXIYHUWUDXHQGÔUIHQGDVVGDV YHUWUDJOLFKDEJHVSURFKHQH$XVWDXVFKYHUK¼OWQLVYRQ/HLVWXQJXQG*HJHQOHLVWXQJ9HU JÔWXQJQLFKWGXUFKGHQ%HLWULWW'ULWWHUDXVGHP*OHLFKJHZLFKWJHEUDFKWZLUG
=X1XPPHUXQGGELVK
'LHVH9RUVFKULIWHQZHUGHQDXIJHKREHQZHLOVLH+HPPQLVVH'HIL]LWHXQG+DQGLFDSV XQWHUVFKLHGOLFKVWHU$UWIÔUGHQ$EVFKOXVVYRQ9HUWU¼JHQ]XULQWHJULHUWHQ9HUVRUJXQJ HQWKDOWHQ
'HU9HUWUDJ]XULQWHJULHUWHQ9HUVRUJXQJVROOYRQVROFKHQ(LQIOÔVVHQ,QWHUHVVHQXQG (LQIOXVVQDKPHQ'ULWWHUXQDEK¼QJLJJHPDFKWZHUGHQ'HVZHLWHUHQZXUGHYRQGHU%R QXVUHJHOXQJLQGHULQWHJULHUWHQ9HUVRUJXQJDEJHVHKHQ'HU%RQXVHUZHFNWEHLLQWHU HVVLHUWHQ9HUWUDJVSDUWQHUQGHU.UDQNHQNDVVHQGHQ(LQGUXFNGDVVDQGHQZLUWVFKDIWOL FKHQ(UIROJHQGHULQWHJULHUWHQ9HUVRUJXQJ'ULWWHQ¼POLFKGLH9HUVLFKHUWHQEHWHLOLJW ZHUGHQ'LH*HZHUNVFKDIWK¼OWHVIÔUQRWZHQGLJGDVVIÔUGLH9HUVLFKHUWHQLQHUVWHU/L QLHGHU$QUHL]]XU7HLOQDKPHDQGHULQWHJULHUWHQ9HUVRUJXQJGDULQEHVWHKHQVROOWH GDVVVLHHLQHTXDOLWDWLYYHUEHVVHUWHSDWLHQWHQNRQ]HQWULHUWH9HUVRUJXQJHUZDUWHQGÔU IHQ
:HLWHUHQWZLFNOXQJGHV¼U]WOLFKHQ9HUJÔWXQJVXQG$EUHFK QXQJVV\VWHPV
:LUEHJUÔ·HQGLH:HLWHUHQWZLFNOXQJGHV¼U]WOLFKHQ9HUJÔWXQJVXQG$EUHFKQXQJVV\
VWHPVLQVEHVRQGHUHGLHZLUNVDPHUH3UÔIXQJGHU/HLVWXQJVDEUHFKQXQJHQDXIGHU
*UXQGODJHYRQNDONXODWRULVFKHQ=HLWZHUWHQIÔUGLHDEJHUHFKQHWHQ/HLVWXQJHQ'LH1HX UHJHOXQJLVWEH]ÔJOLFKXQVHUHU)RUGHUXQJQDFKHLQHU6W¼UNXQJGHUEHUDWHQGHQ0HGL]LQ HLQ6FKULWWLQGLHULFKWLJH5LFKWXQJ$XVXQG:HLWHUELOGXQJYRQU]WLQQHQXQGU]WHQ PÔVVHQGLHTXDOLWDWLYH$XVJHVWDOWXQJGLHVHU5HJHOXQJEHJOHLWHQ'LHVJLOWDXFKXQG LQVEHVRQGHUHIÔUGLHLP*HVHW]HQWZXUIDQYLVLHUWH/RWVHQIXQNWLRQGHV+DXVDU]WHV
$EZHLFKXQJYRP*UXQGVDW]GHU%HLWUDJVVDW]VWDELOLW¼W
$EV1U%HVFKOÔVVHGHU%XQGHVDXVVFKÔVVHGHUU]WHXQG.UDQNHQNDVVHQKLQVLFKWOLFKGHU$XI QDKPHQHXHU/HLVWXQJHQLQGHQ/HLVWXQJVNDWDORJVLQGEHLGHU9HUHLQEDUXQJGHU*H VDPWYHUJÔWXQJ]XEHUÔFNVLFKWLJHQ(QWODVWXQJVHIIHNWHDXIJUXQGGHU+HUDXVQDKPHYRQ /HLVWXQJHQVLQGHEHQIDOOV]XEHUÔFNVLFKWLJHQ
'LHUHFKWOLFKH.ODUVWHOOXQJNDQQGD]XGLHQHQ.RQIOLNWH]ZLVFKHQGHQ9HUWUHWHUQGHU
U]WHXQGGHU.UDQNHQNDVVHQ]XYHUPHLGHQ
0LWYHUDQWZRUWXQJGHU.UDQNHQNDVVHQEHLGHU9HUHLQEDUXQJGHV+RQRUDUYHUWHL OXQJVPD·VWDEHV$EV6DW]
%LVKHUZXUGHGHU+RQRUDUYHUWHLOXQJVPD·VWDEHLQVHLWLJYRQGHQ.DVVHQ¼U]WOLFKHQ9HU HLQLJXQJHQEHVFKRVVHQOHGLJOLFKLP%HQHKPHQPLWGHQ9HUE¼QGHQGHU.UDQNHQNDV VHQ.ÔQIWLJLVWGHU+RQRUDUYHUWHLOXQJVPD·VWDE]ZLVFKHQGHU.DVVHQ¼U]WOLFKHQ9HUHL QLJXQJHLQHUVHLWVXQGGHQ9HUE¼QGHQGHU.UDQNHQNDVVHQHLQHUVHLWVJHPHLQVDPXQG HLQKHLWOLFK]XYHUHLQEDUHQ
'LHVW¼UNHUH9HUDQWZRUWXQJGHU.UDQNHQNDVVHQIÔUHLQHOHLVWXQJVJHUHFKWH+RQRUDUYHU WHLOXQJNDQQ]XHLQHU(UKÎKXQJGHU:LUWVFKDIWOLFKNHLWGXUFKGLH.RQWUROOHGHU.UDQNHQ NDVVHQIÔKUHQ6FKOLH·OLFKNÎQQHQ9HUWHLOXQJVNRQIOLNWH]ZLVFKHQYHUVFKLHGHQHQ$U]W JUXSSHQEHVVHUNRQWUROOLHUWZHUGHQGDJUR·H$U]WJUXSSHQGDV*HVFKHKHQQLFKWPHKU GRPLQLHUHQNÎQQHQ
5HJHOOHLVWXQJVYROXPLQD$EV6¼W]HXQG
'LHELVKHUDOV6ROO9RUVFKULIWDXVJHVWDOWHWH5HJHOXQJ]XGHQ5HJHOOHLVWXQJVYROXPLQD ZLUGYHUELQGOLFKYRUJHJHEHQ'DGXUFKZHUGHQGLHYRQGHQU]WHQHUEUDFKWHQ/HLVWXQ JHQELV]XHLQHP*UHQ]ZHUWPLWIHVWHQ3XQNWZHUWHQYHUJÔWHW/HLVWXQJHQGLHGHQ
*UHQ]ZHUWÔEHUVFKUHLWHQZHUGHQPLWDEJHVWDIIHOWHQ3XQNWZHUWHQYHUJÔWHW
'LH0D·QDKPHJLEWGHQU]WHQPHKU.DONXODWLRQVVLFKHUKHLWKLQVLFKWOLFKLKUHU3UD[LV XPV¼W]HXQG(LQNRPPHQ=XGHPZLUGGHU$QUHL]]XHLQHUÔEHUP¼·LJHQ0HQJHQDXV ZHLWXQJEHJUHQ]W
0LQGHVW]HLWDQJDEHQIÔULP(%0DXIJHIÔKUWH/HLVWXQJHQ$EV6DW]
1U
'LHLP(%0DXIJHIÔKUWHQ/HLVWXQJHQVROOHQPLW$QJDEHQIÔUGHQ]XU/HLVWXQJVHUEULQ JXQJHUIRUGHUOLFKHQ=HLWDXIZDQGGHV9HUWUDJVDU]WHVYHUVHKHQZHUGHQ
'LHVH0D·QDKPHHUKÎKWGLH7UDQVSDUHQ]GHU/HLVWXQJVEHZHUWXQJHQLP(%06FKOLH·
OLFKZHUGHQ$EUHFKQXQJVSUÔIXQJHQGDGXUFKHUOHLFKWHUW
(LQIÔKUXQJYRQ)DOOXQG%HKDQGOXQJVSDXVFKDOHQ$EVD6*%9
)ÔUGLHKDXV¼U]WOLFKH9HUVRUJXQJVLQG9HUJÔWXQJVSDXVFKDOHQYRU]XVHKHQPLWZHOFKHQ GLHJHVDPWHKDXV¼U]WOLFK9HUVRUJXQJHLQHV9HUVLFKHUWHQYHUJÔWHWZLUG)DFK¼U]WOLFKH /HLVWXQJHQVLQG]X/HLVWXQJVNRPSOH[HQRGHU)DOOSDXVFKDOHQ]XVDPPHQ]XIDVVHQ)ÔU NRRSHUDWLYH9HUVRUJXQJVIRUPHQVLQG)DOOSDXVFKDOHQIHVW]XOHJHQGLHGHPIDOOEH]RJH QHQ=XVDPPHQZLUNHQXQWHUVFKLHGOLFKHU9HUVRUJXQJVIRUPHQ5HFKQXQJWUDJHQ
'LH5HJHOXQJ]XU(LQIÔKUXQJYRQ/HLVWXQJVNRPSOH[HQRGHU)DOOSDXVFKDOHQVLQG]XEH JUÔ·HQGHQQVLHUHGX]LHUHQGLHHLQHP6\VWHPGHU(LQ]HOOHLVWXQJVYHUJÔWXQJLQK¼UHQ WHQ$QUHL]H]XU/HLVWXQJVDXVZHLWXQJLQGHUDPEXODQWHQ9HUVRUJXQJ'LHVSH]LIL]LHUWHQ )DOOSDXVFKDOHQIÔUNRRSHUDWLYH9HUVRUJXQJVIRUPHQGLHKÎKHUHQ.RRUGLQDWLRQVDXI ZDQGEHUÔFNVLFKWLJHQVHW]HQHLQHQ$QUHL]]XU(LQIÔKUXQJHIIL]LHQWHU9HUVRUJXQJVIRU PHQ'DPLWZLUGHLQHVW¼UNHULQWHJUDWLYH9HUVRUJXQJJHIÎUGHUW0LWGHQ9HUJÔWXQJV SDXVFKDOHQIÔUGLHKDXV¼U]WOLFKH9HUVRUJXQJZLUGGLH6W¼UNXQJGHUKDXV¼U]WOLFKHQ9HU VRUJXQJGXUFKHQWVSUHFKHQGH$QUHL]HLP9HUJÔWXQJVV\VWHPDQJHVWUHEW
9HU¼QGHUXQJHQEHLGHQ:LUWVFKDIWOLFKNHLWVSUÔIXQJHQ
1U0D·QDKPH!
:HJIDOOGHUDU]WEH]RJHQHQ3UÔIXQJ¼U]WOLFKXQG¼U]WOLFKYHURUGQHWHU/HLVWXQJHQQDFK 'XUFKVFKQLWWVZHUWHQ
6WHOOXQJQDKPH!
'LHVHU:HJIDOOHLQHVTXDOLWDWLYPLQGHUZHUWLJHQ3UÔIXQJVYHUIDKUHQLVW]XEHJUÔ·HQ 6RPLWHUKDOWHQGLHU]WHXQG.UDQNHQNDVVHQHLQHQ$QUHL]DXIHIIL]LHQWHUH3UÔIXQJV IRUPHQDXV]XZHLFKHQ
0D·QDKPH!
'LH.%9XQGGLH*.96SLW]HQYHUE¼QGHVROOHQJHPHLQVDPXQGHLQKHLWOLFK5LFKWOLQLHQ ]XP,QKDOWXQG]XU'XUFKIÔKUXQJYRQ=XI¼OOLJNHLWVSUÔIXQJHQYHUHLQEDUHQ
6WHOOXQJQDKPH!
'LHVH1HXUHJHOXQJLVW]XEHJUÔ·HQGDVLHJHZ¼KUOHLVWHQVROOGDVVHLQH]ÔJLJH8PVHW ]XQJGHU5HJHOXQJHQ]XGHQ:LUWVFKDIWOLFKNHLWVSUÔIXQJHQQDFKHLQHPEXQGHVHLQKHLWOL FKHQ9HUIDKUHQHUIROJW
0D·QDKPH!
)ÔUGLH3UÔIXQJVDXVVFKÔVVHGLHDXV9HUWUHWHUQGHU.9HQXQGGHU.UDQNHQNDVVHQLQGHU JOHLFKHQ$Q]DKOEHVWHKHQLVWHLQXQDEK¼QJLJHU9RUVLW]HQGHU]XEHUXIHQ%LVKHUVWHOOWH MHGH6HLWHDEZHFKVHOQGGHQ9RUVLW]HQGHQ'LH%HVFKZHUGHDXVVFKÔVVHZHUGHQDEJH VFKDIIW
6WHOOXQJQDKPH!
'XUFKGLH1HXUHJHOXQJZLUGHLQHHIIHNWLYHUH2UJDQLVDWLRQVVWUXNWXUGHU3UÔIXQJVDXV VFKÔVVHJHVFKDIIHQ'HU(LQVDW]HLQHVQHXWUDOHQ9RUVLW]HQGHQZLUGYHUKLQGHUQGDVV (QWVFKHLGXQJHQ]X*XQVWHQHLQHU6HLWHJHWURIIHQZHUGHQ
0D·QDKPH!
(VZHUGHQ*HVFK¼IWVVWHOOHQGHU3UÔIXQJVDXVVFKÔVVHHLQJHULFKWHWZHOFKHGLH'DWHQIÔU GLH3UÔIXQJHQDXIEHUHLWHQ
'LH*HVFK¼IWVVWHOOHQNÎQQHQEHLHLQHP9HUEDQGGHU.UDQNHQNDVVHQEHLHLQHU.DVVHQ
¼U]WOLFKHQ9HUHLQLJXQJRGHUEHLHLQHUEHUHLWVEHVWHKHQGHQ$UEHLWVJHPHLQVFKDIWHUULFK WHWZHUGHQ
6WHOOXQJQDKPH!
'LH(LQULFKWXQJGHU*HVFK¼IWVVWHOOHQLVW]XEHJUÔ·HQGDGDPLWGLH9RUDXVVHW]XQJHQ IÔUHLQHHIIHNWLYHUH'XUFKIÔKUXQJGHU3UÔIXQJHQJHVFKDIIHQZHUGHQ'LH*HVFK¼IWVVWHO OHQZHUGHQGHQQÎWLJHQ6DFKYHUVWDQG]XU9HUIÔJXQJVWHOOHQ
0D·QDKPH!
'LH%HVFKZHUGHDXVVFKÔVVHZHUGHQDEJHVFKDIIWXQGGLH.ODJHEHIXJQLVJHJHQGLH(QW VFKHLGXQJHQGHU3UÔIXQJVDXVVFKÔVVHZLUGDXIGLH%HWURIIHQHQHLQJHVFKU¼QNW'HQ /DQGHVYHUE¼QGHQGHU.UDQNHQNDVVHQZLUGNHLQH.ODJHEHIXJQLVJHZ¼KUW
6WHOOXQJQDKPH!
'LH$EVFKDIIXQJGHU%HVFKZHUGHDXVVFKÔVVHZLUGGDV3UÔIXQJVYHUIDKUHQEHVFKOHXQL JHQXQGXQEÔURNUDWLVFKHUJHVWDOWHQ
0D·QDKPH!
'HU3UÔIXQJVDXVVFKXVVOHJWGHQ5ÔFNIRUGHUXQJVEHWUDJGHU.UDQNHQNDVVHQJHJHQÔEHU GHP9HUWUDJVDU]WDXIJUXQGLQGLYLGXHOOIHVWJHVWHOOWHU8QZLUWVFKDIWOLFKNHLWEHLYHURUGQH WHQ/HLVWXQJHQIHVW'LH.UDQNHQNDVVHYHUUHFKQHWGHQ(UVWDWWXQJVEHWUDJPLWGHUQ¼FK VWHQDQGLH.9I¼OOLJHQ*HVDPWYHUJÔWXQJ'LH.9KDWHLQHQHQWVSUHFKHQGHQ5ÔFNIRUGH UXQJVDQVSUXFKDQGHQ$U]WVRZHLWGLHVHUQLFKWZLUWVFKDIWOLFKJHI¼KUGHWZLUG
6WHOOXQJQDKPH!
'LH5HJHOXQJZRQDFKGHU3UÔIXQJVDXVVFKXVVNÔQIWLJGHQ(UVWDWWXQJVEHWUDJDQGLHHLQ ]HOQH.DVVHIHVWOHJWLVWDOVSUDNWLNDEHODQ]XVHKHQXQG]XEHJUÔ·HQ
=XEHJUÔ·HQLVWDXFKGLH5HJHOXQJZRQDFKGHU$U]WNHLQHQ5HJUHVV]DKOHQPXVV ZHQQHUVLFKYHUSIOLFKWHWNÔQIWLJSUD[LVEH]RJHQH5LFKWJUηHQHLQ]XKDOWHQ'LHVHDXI GLH=XNXQIWDQVWDWWDXIGLH9HUJDQJHQKHLWEH]RJHQH$XVJOHLFKVYHUSIOLFKWXQJLVW]XEH JUÔ·HQ