(7$+RIIPDQQ
%HHWKRYHQV ,QVWUXPHQWDOPXVLN (VVD\
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGH...
12 downloads
251 Views
204KB 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
(7$+RIIPDQQ
%HHWKRYHQV ,QVWUXPHQWDOPXVLN (VVD\
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ-XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQGLQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
6ROOWHZHQQYRQGHU0XVLNDOVHLQHUVHOEVWlQGLJHQ.XQVWGLH5HGH LVWQLFKWLPPHUQXUGLH,QVWUXPHQWDOPXVLNJHPHLQWVHLQZHOFKH MHGH+LOIHMHGH%HLPLVFKXQJHLQHUDQGHUQ.XQVWGHU3RHVLH YHUVFKPlKHQGGDVHLJHQWPOLFKHQXULQLKU]XHUNHQQHQGH :HVHQGLHVHU.XQVWUHLQDXVVSULFKW" 6LHLVWGLHURPDQWLVFKVWH DOOHU.QVWHEHLQDKHP|FKWHPDQVDJHQDOOHLQHFKWURPDQWLVFK GHQQQXUGDV8QHQGOLFKHLVWLKU9RUZXUI 2USKHXV /\UD|IIQHWH GLH7RUHGHV2UNXV'LH0XVLNVFKOLHWGHP0HQVFKHQHLQ XQEHNDQQWHV5HLFKDXIHLQH:HOWGLHQLFKWVJHPHLQKDWPLWGHU lXHUQ6LQQHQZHOWGLHLKQXPJLEWXQGLQGHUHUDOOHEHVWLPPWHQ *HIKOH]XUFNOlWXPVLFKHLQHUXQDXVVSUHFKOLFKHQ6HKQVXFKW KLQ]XJHEHQ +DEWLKUGLHVHLJHQWPOLFKH:HVHQDXFKZRKOQXUJHDKQWLKU DUPHQ,QVWUXPHQWDONRPSRQLVWHQGLHLKUHXFKPKVDPDETXlOWHW EHVWLPPWH(PSILQGXQJHQMDVRJDU%HJHEHQKHLWHQGDU]XVWHOOHQ" :LHNRQQWHHVHXFKGHQQQXUHLQIDOOHQGLHGHU3ODVWLNJHUDGH]X HQWJHJHQJHVHW]WH.XQVWSODVWLVFK]XEHKDQGHOQ"(XUH 6RQQDXIJlQJHHXUH*HZLWWHUHXUH%DWDLOOHVGHVWURLV(PSHUHXUV XVZZDUHQZRKOJHZLJDUOlFKHUOLFKH9HULUUXQJHQXQGVLQG ZRKOYHUGLHQWHUZHLVHPLWJlQ]OLFKHP9HUJHVVHQEHVWUDIW ,QGHP*HVDQJHZRGLH3RHVLHEHVWLPPWH$IIHNWHGXUFK:RUWH DQGHXWHWZLUNWGLHPDJLVFKH.UDIWGHU0XVLNZLHGDVZXQGHUEDUH (OL[LHUGHU:HLVHQYRQGHPHWOLFKH7URSIHQMHGHQ7UDQN N|VWOLFKHUXQGKHUUOLFKHUPDFKHQ-HGH/HLGHQVFKDIW /LHEH +D =RUQ 9HU]ZHLIOXQJHWFZLHGLH2SHUVLHXQVJLEWNOHLGHWGLH 0XVLNLQGHQ3XUSXUVFKLPPHUGHU5RPDQWLNXQGVHOEVWGDVLP /HEHQ(PSIXQGHQHIKUWXQVKLQDXVDXVGHP/HEHQLQGDV5HLFK GHV8QHQGOLFKHQ 6RVWDUNLVWGHU=DXEHUGHU0XVLNXQGLPPHUPlFKWLJHU ZHUGHQGPXWHHUMHGH)HVVHOHLQHUDQGHUQ.XQVW]HUUHLHQ *HZLQLFKWDOOHLQLQGHU(UOHLFKWHUXQJGHU$XVGUXFNVPLWWHO 9HUYROONRPPQXQJGHU,QVWUXPHQWHJU|HUH9LUWXRVLWlWGHU 6SLHOHU VRQGHUQLQGHPWLHIHUHQLQQLJHUHQ(UNHQQHQGHV HLJHQWPOLFKHQ:HVHQVGHU0XVLNOLHJWHVGDJHQLDOH .RPSRQLVWHQGLH,QVWUXPHQWDOPXVLN]XGHUMHW]LJHQ+|KH HUKREHQ
0R]DUWXQG+D\GQGLH6FK|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lGFKHQVFKZHEHQP 5HLKHQWlQ]HQYRUEHUODFKHQGH.LQGHUKLQWHU%lXPHQKLQWHU 5RVHQEVFKHQODXVFKHQGZHUIHQVLFKQHFNHQGPLW%OXPHQ(LQ /HEHQYROO/LHEHYROO6HOLJNHLWZLHYRUGHU6QGHLQHZLJHU -XJHQGNHLQ/HLGHQNHLQ6FKPHU]QXUHLQVHVZHKPWLJHV 9HUODQJHQQDFKGHUJHOLHEWHQ*HVWDOWGLHLQGHU)HUQHLP*ODQ] GHV$EHQGURWHVGDKHUVFKZHEWQLFKWQlKHUNRPPWQLFKW YHUVFKZLQGHWXQGVRODQJHVLHGDLVWZLUGHVQLFKW1DFKWGHQQ VLHVHOEVWLVWGDV$EHQGURWYRQGHP%HUJXQG+DLQHUJOKHQ ,Q GLH7LHIHQGHV *HLVWHUUHLFKVIKUWXQV0R]DUW)XUFKWXPIlQJW XQVDEHURKQH0DUWHULVWVLHPHKU$KQXQJGHV8QHQGOLFKHQ /LHEHXQG:HKPXWW|QHQLQKROGHQ*HLVWHUVWLPPHQGLH1DFKW JHKWDXILQKHOOHP3XUSXUVFKLPPHUXQGLQXQDXVVSUHFKOLFKHU 6HKQVXFKW]LHKHQZLUQDFKGHQ*HVWDOWHQGLHIUHXQGOLFKXQVLQ LKUH5HLKHQZLQNHQGLQHZLJHP6SKlUHQWDQ]HGXUFKGLH:RONHQ IOLHJHQ0R]DUWV6LQIRQLHLQ(V'XUXQWHUGHP1DPHQGHV 6FKZDQHQJHVDQJHVEHNDQQW
6R|IIQHWXQVDXFK%HHWKRYHQV,QVWUXPHQWDOPXVLNGDV5HLFKGHV 8QJHKHXHUQXQG 8QHUPHOLFKHQ*OKHQGH6WUDKOHQVFKLHHQ GXUFKGLHVHV5HLFKHVWLHIH1DFKWXQGZLUZHUGHQ5LHVHQVFKDWWHQ JHZDKUGLHDXI XQGDEZRJHQHQJHUXQGHQJHUXQVHLQVFKOLHHQ XQGXQVYHUQLFKWHQDEHUQLFKWGHQ6FKPHU]GHUXQHQGOLFKHQ 6HKQVXFKWLQZHOFKHUMHGH/XVWGLHVFKQHOOLQMDXFK]HQGHQ7|QHQ HPSRUJHVWLHJHQKLQVLQNWXQGXQWHUJHKWXQGQXULQGLHVHP 6FKPHU]GHU/LHEH+RIIQXQJ)UHXGHLQVLFKYHU]HKUHQGDEHU QLFKW]HUVW|UHQGXQVHUH%UXVWPLWHLQHPYROOVWLPPLJHQ =XVDPPHQNODQJHDOOHU/HLGHQVFKDIWHQ]HUVSUHQJHQZLOOOHEHQZLU IRUWXQGVLQGHQW]FNWH*HLVWHUVHKHU
'HUURPDQWLVFKH*HVFKPDFNLVWVHOWHQQRFKVHOWHQHUGDV URPDQWLVFKH7DOHQWGDKHUJLEWHVZRKOVRZHQLJHGLHMHQH/\UD GHUHQ7RQGDVZXQGHUYROOH5HLFKGHV5RPDQWLVFKHQDXIVFKOLHW DQ]XVFKODJHQ YHUP|JHQ +D\GQIDWGDV0HQVFKOLFKHLPPHQVFKOLFKHQ/HEHQURPDQWLVFK DXIHULVWNRPPHQVXUDEOHUIDOLFKHUIUGLH0HKU]DKO
0R]DUWQLPPWPHKUGDVhEHUPHQVFKOLFKHGDV:XQGHUEDUH ZHOFKHVLP,QQHUQ*HLVWHZRKQWLQ$QVSUXFK%HHWKRYHQV0XVLN EHZHJWGLH+HEHOGHU)XUFKWGHV6FKDXHUVGHV(QWVHW]HQVGHV 6FKPHU]HVXQGHUZHFNWHEHQMHQHXQHQGOLFKH6HKQVXFKWZHOFKH GDV:HVHQGHU5RPDQWLNLVW(ULVWGDKHUHLQUHLQURPDQWLVFKHU .RPSRQLVWXQGPDJHVQLFKWGDKHUNRPPHQGDLKP 9RNDOPXVLNGLHGHQ&KDUDNWHUGHVXQEHVWLPPWHQ6HKQHQVQLFKW ]XOlWVRQGHUQQXUGXUFK:RUWHEHVWLPPWH$IIHNWHDOVLQGHP 5HLFKHGHV8QHQGOLFKHQHPSIXQGHQGDUVWHOOWZHQLJHUJHOLQJW"
'HQPXVLNDOLVFKHQ3|EHOGUFNW%HHWKRYHQVPlFKWLJHU*HQLXVHU ZLOOVLFKYHUJHEHQVGDJHJHQDXIOHKQHQ $EHUGLHZHLVHQ5LFKWHU PLWYRUQHKPHU0LHQHXPVLFKVFKDXHQGYHUVLFKHUQPDQN|QQH HVLKQHQDOV0lQQHUYRQJURHP9HUVWDQGHXQGWLHIHU(LQVLFKW DXIV:RUWJODXEHQHVIHKOHGHPJXWHQ%QLFKWLPPLQGHVWHQDQ HLQHUVHKUUHLFKHQOHEHQGLJHQ3KDQWDVLHDEHUHUYHUVWHKHVLH QLFKW]X]JHOQ'DZlUHGHQQQXQYRQ$XVZDKOXQG)RUPXQJGHU *HGDQNHQJDUQLFKWGLH5HGHVRQGHUQHUZHUIHQDFKGHU VRJHQDQQWHQJHQLDOHQ0HWKRGHDOOHVVRKLQZLHHVLKP DXJHQEOLFNOLFKGLHLP)HXHUDUEHLWHQGH3KDQWDVLHHLQJHEH:LHLVW HVDEHUZHQQQXUHXUHPVFKZDFKHQ%OLFNGHULQQHUHWLHIH =XVDPPHQKDQJMHGHU%HHWKRYHQVFKHQ.RPSRVLWLRQHQWJHKW" :HQQHVQXUDQHXFKOLHJWGDLKUGHV0HLVWHUVGHP*HZHLKWHQ YHUVWlQGOLFKH6SUDFKHQLFKWYHUVWHKWZHQQHXFKGLH3IRUWHGHV LQQHUVWHQ+HLOLJWXPVYHUVFKORVVHQEOLHE" ,Q:DKUKHLWGHU 0HLVWHUDQ%HVRQQHQKHLW+D\GQXQG0R]DUWJDQ]DQGLH6HLWH]X VWHOOHQWUHQQWVHLQ,FKYRQGHP,QQHUQ5HLFKGHU7|QHXQG JHELHWHWGDUEHUDOVXQXPVFKUlQNWHU+HUUbVWKHWLVFKH 0HNQVWOHUKDEHQRIWLP6KDNHVSHDUHEHUJlQ]OLFKHQ0DQJHO LQQHUHU(LQKHLWXQGLQQHUHQ=XVDPPHQKDQJHVJHNODJWLQGHP GHPWLHIHUHQ%OLFNHLQVFK|QHU%DXP%OlWWHU%OWHQXQG)UFKWH DXVHLQHP.HLPWUHLEHQGHUZlFKVWVRHQWIDOWHWVLFKDXFKQXU GXUFKHLQVHKUWLHIHV(LQJHKHQLQ%HHWKRYHQV,QVWUXPHQWDOPXVLN
GLHKRKH%HVRQQHQKHLWZHOFKHYRPZDKUHQ*HQLHXQ]HUWUHQQOLFK LVWXQGYRQGHP6WXGLXPGHU.XQVWJHQlKUWZLUG:HOFKHV ,QVWUXPHQWDOZHUN%HHWKRYHQVEHVWlWLJWGLHVDOOHVZRKOLQK|KHUP *UDGHDOVGLHEHUDOOH0DHQKHUUOLFKHWLHIVLQQLJH6LQIRQLHLQF 0ROO:LHIKUWGLHVHZXQGHUYROOH.RPSRVLWLRQLQHLQHPIRUWXQG IRUWVWHLJHQGHQ.OLPD[GHQ=XK|UHUXQZLGHUVWHKOLFKIRUWLQGDV *HLVWHUUHLFKGHV8QHQGOLFKHQ1LFKWVNDQQHLQIDFKHUVHLQDOVGHU QXUDXV]ZHL7DNWHQEHVWHKHQGH+DXSWJHGDQNHGHVHUVWHQ $OOHJURVGHUDQIDQJVLP8QLVRQRGHP=XK|UHUQLFKWHLQPDOGLH 7RQDUWEHVWLPPW'HQ&KDUDNWHUGHUlQJVWOLFKHQXQUXKYROOHQ 6HKQVXFKWGHQGLHVHU6DW]LQVLFKWUlJWVHW]WGDVPHORGL|VH 1HEHQWKHPDQXUQRFKPHKULQVNODUH 'LH%UXVWYRQGHU $KQXQJGHV8QJHKHXHUQ9HUQLFKWXQJ'URKHQGHQJHSUHWXQG EHlQJVWHWVFKHLQWVLFKLQVFKQHLGHQGHQ/DXWHQJHZDOWVDP/XIW PDFKHQ]XZROOHQDEHUEDOG]LHKWHLQHIUHXQGOLFKH*HVWDOW JOlQ]HQGGDKHUXQGHUOHXFKWHWGLHWLHIHJUDXHQYROOH1DFKW'DV OLHEOLFKH7KHPDLQ*'XUGDVHUVWYRQGHP+RUQLQ(V'XU EHUKUWZXUGH :LHHLQIDFK QRFKHLQPDOVHLHVJHVDJW LVW GDV7KHPDGDVGHU0HLVWHUGHP*DQ]HQ]XP*UXQGHOHJWHDEHU ZLHZXQGHUYROOUHLKHQVLFKLKPDOOH1HEHQ XQG=ZLVFKHQVlW]H GXUFKLKUUK\WKPLVFKHV9HUKlOWQLVVRDQGDVLHQXUGD]XGLHQHQ GHQ&KDUDNWHUGHV$OOHJURVGHQMHQHV+DXSWWKHPDQXU DQGHXWHWHLPPHUPHKUXQGPHKU]XHQWIDOWHQ$OOH6lW]HVLQG NXU]EHLQDKHDOOHQXUDXV]ZHLGUHL7DNWHQEHVWHKHQGXQGQRFK GD]XYHUWHLOWLQEHVWlQGLJHP:HFKVHOGHU%ODV XQGGHU 6DLWHQLQVWUXPHQWHPDQVROOWHJODXEHQGDDXVVROFKHQ (OHPHQWHQQXUHWZDV=HUVWFNHOWHV8QIDEDUHVHQWVWHKHQN|QQH DEHUVWDWWGHVVHQLVWHVHEHQMHQH(LQULFKWXQJGHV*DQ]HQVRZLH GLHEHVWlQGLJHDXIHLQDQGHUIROJHQGH:LHGHUKROXQJGHU6lW]HXQG HLQ]HOQHU$NNRUGHGLHGDV*HIKOHLQHUXQQHQQEDUHQ6HKQVXFKW ELV]XPK|FKVWHQ*UDGHVWHLJHUW*DQ]GDYRQDEJHVHKHQGDGLH NRQWUDSXQNWLVFKH%HKDQGOXQJYRQGHPWLHIHQ6WXGLXPGHU.XQVW ]HXJWVRVLQGHVDXFKGLH=ZLVFKHQVlW]HGLHEHVWlQGLJHQ $QVSLHOXQJHQDXI GDV+DXSWWKHPDZHOFKHGDUWXQZLHGHUKRKH 0HLVWHUGDV*DQ]HPLWDOOHQGHQOHLGHQVFKDIWOLFKHQ=JHQLP *HLVWDXIIDWHXQGGXUFKGDFKWH 7|QWQLFKWZLHHLQHKROGH *HLVWHUVWLPPHGLHXQVUH%UXVWPLW+RIIQXQJXQG7URVWHUIOOW GDVOLHEOLFKH7KHPDGHV$QGDQWHFRQPRWRLQ$V'XU" $EHU DXFKKLHUWULWWGHUIXUFKWEDUH*HLVWGHULP$OOHJURGDV*HPW HUJULIIXQGlQJVWHWHMHGHQ$XJHQEOLFNGURKHQGDXVGHU
:HWWHUZRONHKHUYRULQGHUHUYHUVFKZDQGXQGYRUVHLQHQ%OLW]HQ HQWIOLHKHQVFKQHOOGLHIUHXQGOLFKHQ*HVWDOWHQGLHXQVXPJDEHQ :DVVROOLFKYRQGHU0HQXHWWVDJHQ" +|UWGLHHLJQHQ 0RGXODWLRQHQGLH6FKOVVHLQGHPGRPLQDQWHQ$NNRUGH'XU GHQ GHU%DDOV7RQLNDGHVIROJHQGHQ7KHPDVLQ0ROODXIJUHLIW GDV LPPHUVLFKXPHLQLJH7DNWHHUZHLWHUQGH7KHPDVHOEVW(UJUHLIW HXFKQLFKWZLHGHUMHQHXQUXKYROOHXQQHQQEDUH6HKQVXFKWMHQH $KQXQJGHVZXQGHUEDUHQ*HLVWHUUHLFKVLQZHOFKHPGHU0HLVWHU KHUUVFKW"$EHUZLHEOHQGHQGHV6RQQHQOLFKWVWUDKOWGDVSUlFKWLJH 7KHPDGHV6FKOXVDW]HVLQGHPMDXFK]HQGHQ-XEHOGHVJDQ]HQ 2UFKHVWHUV :HOFKHZXQGHUEDUHNRQWUDSXQNWLVFKH 9HUVFKOLQJXQJHQYHUNQSIHQVLFKKLHUZLHGHU]XP*DQ]HQ:RKO PDJPDQFKHPDOOHVYRUEHUUDXVFKHQZLHHLQHJHQLDOH5KDSVRGLH DEHUGDV*HPWMHGHVVLQQLJHQ=XK|UHUVZLUGJHZLYRQHLQHP *HIKOGDVHEHQMHQHXQQHQQEDUHDKQXQJVYROOH6HKQVXFKWLVW WLHIXQGLQQLJHUJULIIHQXQGELV]XP6FKOXDNNRUGMDQRFKLQGHQ 0RPHQWHQQDFKGHPVHOEHQZLUGHUQLFKWKHUDXVWUHWHQN|QQHQDXV GHPZXQGHUEDUHQ*HLVWHUUHLFKHZR6FKPHU]XQG/XVWLQ7|QHQ JHVWDOWHWLKQXPILQJHQ 'LH6lW]HLKUHU,QQHUQ(LQULFKWXQJ QDFKLKUH$XVIKUXQJ,QVWUXPHQWLHUXQJGLH$UWZLHVLH DQHLQDQGHUJHUHLKWVLQGDOOHVDUEHLWHWDXIHLQHQ3XQNWKLQDXV DEHUYRU]JOLFKGLHLQQLJH9HUZDQGWVFKDIWGHU7KHPDV XQWHUHLQDQGHULVWHVZHOFKHMHQH(LQKHLWHU]HXJWGLHQXUDOOHLQ YHUPDJGHQ=XK|UHULQHLQHU6WLPPXQJIHVW]XKDOWHQ2IWZLUG GLHVH9HUZDQGWVFKDIWGHP=XK|UHUNODUZHQQHUVLHDXVGHU 9HUELQGXQJ]ZHLHU6lW]HKHUDXVK|UWRGHULQGHQ]ZHL YHUVFKLHGHQHQ6lW]HQJHPHLQHQ*UXQGEDHQWGHFNWDEHUHLQH WLHIHUH9HUZDQGWVFKDIWGLHVLFKDXIMHQH$UWQLFKWGDUWXWVSULFKW RIWQXUDXVGHP*HLVWH]XP*HLVWHXQGHEHQGLHVHLVWHVZHOFKH XQWHUGHQ6lW]HQGHUEHLGHQ$OOHJURVXQGGHU0HQXHWWKHUUVFKW XQGGLHEHVRQQHQH*HQLDOLWlWGHV0HLVWHUVKHUUOLFKYHUNQGHW :LHWLHIKDEHQVLFKGRFKGHLQHKHUUOLFKHQ)OJHO.RPSRVLWLRQHQ GXKRKHU0HLVWHUPHLQHP*HPWHHLQJHSUlJWZLHVFKDOXQG QLFKWVEHGHXWHQGHUVFKHLQWPLUGRFKQXQDOOHVZDVQLFKWGLUGHP VLQQLJHQ0R]DUWXQGGHPJHZDOWLJHQ*HQLXV6HEDVWLDQ%DFK DQJHK|UW 0LWZHOFKHU/XVWHPSILQJLFKGHLQVLHE]LJVWHV:HUN GLHEHLGHQKHUUOLFKHQ7ULRVGHQQLFKZXWHMDZRKOGDLFKVLH QDFKZHQLJHUhEXQJEDOGJDUKHUUOLFKK|UHQZUGH8QGVRJXWLVW HVPLUMDGHQQKHXWHDEHQGJHZRUGHQVRGDLFKQRFKMHW]WZLH
HLQHUGHULQGHQ PLWDOOHUOHLVHOWHQHQ%lXPHQ*HZlFKVHQXQG ZXQGHUEDUHQ%OXPHQXPIORFKWHQHQ,UUJlQJHQHLQHV SKDQWDVWLVFKHQ3DUNVZDQGHOWXQGLPPHUWLHIHUXQGWLHIHU KLQHLQJHUlWQLFKWDXVGHQZXQGHUYROOHQ:HQGXQJHQXQG 9HUVFKOLQJXQJHQGHLQHU7ULRVKHUDXV]XNRPPHQYHUPDJ'LH KROGHQ6LUHQHQVWLPPHQGHLQHULQEXQWHU0DQQLJIDOWLJNHLW SUDQJHQGHQ6lW]HORFNHQPLFKLPPHUWLHIHUXQGWLHIHUKLQHLQ 'LHJHLVWUHLFKH'DPHGLHKHXWHPLUGHP.DSHOOPHLVWHU.UHLVHU UHFKWHLJHQWOLFK]X(KUHQGDV7ULR1URJDUKHUUOLFKVSLHOWHXQG YRUGHUHQ)OJHOLFKQRFKVLW]HXQGVFKUHLEHKDWHVPLFKUHFKW GHXWOLFKHLQVHKHQODVVHQZLHQXUGDVZDVGHU *HLVWJLEW]X DFKWHQDOOHVEULJHDEHUYRPhEHOLVW(EHQMHW]WKDEHLFK DXVZHQGLJHLQLJHIUDSSDQWH$XVZHLFKXQJHQGHUEHLGHQ7ULRVDXI GHP)OJHOZLHGHUKROW (VLVWGRFKZDKUGHU)OJHO)OJHO 3LDQRIRUWH EOHLEWHLQPHKUIUGLH+DUPRQLHDOVIUGLH0HORGLH EUDXFKEDUHV,QVWUXPHQW'HUIHLQVWH$XVGUXFNGHVVHQGDV ,QVWUXPHQWIlKLJLVWJLEWGHU0HORGLHQLFKWGDVUHJVDPH/HEHQLQ WDXVHQGXQGWDXVHQG1XDQFLHUXQJHQGDVGHU%RJHQGHV*HLJHUV GHU+DXFKGHV%OlVHUVKHUYRU]XEULQJHQLPVWDQGHLVW'HU6SLHOHU ULQJWYHUJHEHQVPLWGHUXQEHUZLQGOLFKHQ6FKZLHULJNHLWGLHGHU 0HFKDQLVPGHUGLH6DLWHQGXUFKHLQHQ6FKODJYLEULHUHQXQG HUW|QHQOlWLKPHQWJHJHQVHW]W'DJHJHQJLEWHVGLHQRFK LPPHUZHLWEHVFKUlQNWHUH+DUIHDEJHUHFKQHW ZRKONHLQ ,QVWUXPHQWGDVVRZLHGHU)OJHOLQYROOJULIILJHQ$NNRUGHQGDV 5HLFKGHU+DUPRQLHXPIDW XQGVHLQH6FKlW]HLQGHQZXQGHUEDUVWHQ)RUPHQXQG*HVWDOWHQ GHP.HQQHUHQWIDOWHW+DWGLH3KDQWDVLHGHV0HLVWHUVHLQJDQ]HV 7RQJHPlOGHPLWUHLFKHQ*UXSSHQKHOOHQ/LFKWHUQXQGWLHIHQ 6FKDWWLHUXQJHQHUJULIIHQVRNDQQHUHVDP)OJHOLQV/HEHQ UXIHQGDHVDXVGHU,QQHUQ:HOWIDUELFKWXQGJOlQ]HQG KHUYRUWULWW'LHYROOVWLPPLJH3DUWLWXUGLHVHVZDKUHPXVLNDOLVFKH =DXEHUEXFKGDVLQVHLQHQ=HLFKHQDOOH:XQGHUGHU7RQNXQVW GHQJHKHLPQLVYROOHQ&KRUGHUPDQQLJIDOWLJVWHQ,QVWUXPHQWH EHZDKUWZLUGXQWHUGHQ+lQGHQGHV0HLVWHUVDP)OJHOEHOHEW XQGHLQLQGLHVHU$UWJXWXQGYROOVWLPPLJYRUJHWUDJHQHV6WFN DXVGHU3DUWLWXUP|FKWHGHPZRKOJHUDWQHQ.XSIHUVWLFKGHU HLQHPJURHQ*HPlOGHHQWQRPPHQ]XYHUJOHLFKHQVHLQ=XP 3KDQWDVLHUHQ]XP9RUWUDJHQDXVGHU3DUWLWXU]XHLQ]HOQHQ 6RQDWHQ$NNRUGHQXVZLVWGDKHUGHU)OJHOYRU]JOLFKJHHLJQHW
VRZLHQlFKVWGHP7ULRV4XDUWHWWHQ4XLQWHWWHQHWFZRGLH JHZ|KQOLFKHQ6DLWHQLQVWUXPHQWHKLQ]XWUHWHQVFKRQGHVKDOEJDQ] LQGDV5HLFKGHU)OJHONRPSRVLWLRQJHK|UHQZHLOVLQGVLHLQGHU ZDKUHQ$UWGKZLUNOLFKYLHUVWLPPLJIQIVWLPPLJXVZ NRPSRQLHUWKLHUHVJDQ]DXIGLHKDUPRQLVFKH$XVDUEHLWXQJ DQNRPPWGLHGDV+HUYRUWUHWHQHLQ]HOQHU,QVWUXPHQWHLQ JOlQ]HQGHQ3DVVDJHQYRQVHOEVWDXVVFKOLHW
(LQHQZDKUHQ:LGHUZLOOHQKHJHLFKJHJHQDOOGLHHLJHQWOLFKHQ )OJHONRQ]HUWH0R]DUWVFKHXQG%HHWKRYHQVFKH VLQGQLFKWVRZRKO .RQ]HUWHDOV6LQIRQLHQPLWREOLJDWHP)OJHO +LHUVROOGLH 9LUWXRVLWlWGHVHLQ]HOQHQ6SLHOHUVLQ3DVVDJHQXQGLP$XVGUXFN GHU0HORGLHJHOWHQGJHPDFKWZHUGHQGHUEHVWH6SLHOHUDXIGHP VFK|QVWHQ,QVWUXPHQWHVWUHEWDEHUYHUJHEHQVQDFKGHPZDV] %GHU9LROLQLVWPLWOHLFKWHU0KHHUULQJW -HGHV6RORNOLQJWQDFKGHPYROOHQ7XWWLGHU*HLJHUXQG%OlVHU VWHLIXQGPDWWXQGPDQEHZXQGHUWGLH)HUWLJNHLWGHU)LQJHUX GHUJORKQHGDGDV*HPWUHFKWDQJHVSURFKHQZLUG
:LHKDWGRFKGHU0HLVWHUGHQHLJHQWPOLFKVWHQ*HLVWGHV ,QVWUXPHQWVDXIJHIDWXQGLQGHUGDIUJHHLJQHWVWHQ$UWJHVRUJW
(LQHLQIDFKHVDEHUIUXFKWEDUHV]XGHQYHUVFKLHGHQVWHQ NRQWUDSXQNWLVFKHQ:HQGXQJHQ$ENU]XQJHQXVZWDXJOLFKHV VLQJEDUHV7KHPDOLHJWMHGHP6DW]H]XP*UXQGHDOOHEULJHQ 1HEHQWKHPDWDXQG)LJXUHQVLQGGHP+DXSWJHGDQNHQLQQLJ YHUZDQGWVRGDVLFKDOOHV]XUK|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
ZLUNHQYHUPDJLKPVLQGGLH=DKOHQSURSRUWLRQHQZHOFKHGHP *UDPPDWLNHURKQH*HQLXVQXUWRWHVWDUUH5HFKHQH[HPSHO EOHLEHQPDJLVFKH3UlSDUDWHGHQHQHUHLQH=DXEHUZHOW HQWVWHLJHQ OlW
8QHUDFKWHWGHU*HPWOLFKNHLWGLHYRU]JOLFKLQGHPHUVWHQ7ULR VHOEVWGDVZHKPXWVYROOH/DUJRQLFKWDXVJHQRPPHQKHUUVFKW EOHLEWGRFKGHU%HHWKRYHQVFKH*HQLXVHUQVWXQGIHLHUOLFK(VLVW DOVPHLQWHGHU0HLVWHUPDQN|QQHYRQWLHIHQJHKHLPQLVYROOHQ 'LQJHQVHOEVWZHQQGHU*HLVWPLWLKQHQLQQLJYHUWUDXWVLFK IUHXGLJXQGIU|KOLFKHUKREHQIKOWQLHLQJHPHLQHQVRQGHUQQXU LQHUKDEHQHQKHUUOLFKHQ:RUWHQUHGHQGDV7DQ]VWFNGHU ,VLVSULHVWHUNDQQQXUHLQKRFKMDXFK]HQGHU+\PQXVVHLQ
'LH,QVWUXPHQWDOPXVLNPXGDZRVLHQXUGXUFKVLFKDOV0XVLN ZLUNHQXQGQLFKWYLHOOHLFKWHLQHPEHVWLPPWHQGUDPDWLVFKHQ =ZHFNGLHQHQVROODOOHVXQEHGHXWHQG6SDKDIWHDOOHWlQGHOQGHQ /D]]LYHUPHLGHQ(VVXFKWGDVWLHIH*HPWIUGLH$KQXQJHQGHU )UHXGLJNHLWGLHKHUUOLFKHUXQGVFK|QHUDOVKLHULQGHUEHHQJWHQ :HOWDXVHLQHPXQEHNDQQWHQ/DQGHKHUEHUJHNRPPHQHLQ LQQHUHVZRQQHYROOHV/HEHQLQGHU%UXVWHQW]QGHWHLQHQ K|KHUHQ$XVGUXFNDOVLKQJHULQJH:RUWHGLHQXUGHUEHIDQJHQHQ LUGLVFKHQ/XVWHLJHQJHZlKUHQN|QQHQ 6FKRQGLHVHU(UQVWDOOHU %HHWKRYHQVFKHQ,QVWUXPHQWDO XQG)OJHOPXVLNYHUEDQQWDOOHGLH KDOVEUHFKHQGHQ3DVVDJHQDXIXQGDEPLWEHLGHQ+lQGHQDOOHGLH VHOWVDPHQ6SUQJHGLHSRVVLHUOLFKHQ&DSULFFLRVGLHKRFKLQGLH /XIWJHEDXWHQ1RWHQPLWIQI XQGVHFKVVWULFKLJHP)XQGDPHQW YRQGHQHQGLH)OJHONRPSRVLWLRQHQQHXHVWHU$UWHUIOOWVLQG :HQQYRQEORHU)LQJHUIHUWLJNHLWGLH5HGHLVWKDEHQGLH )OJHONRPSRVLWLRQHQGHV0HLVWHUVJDUNHLQHEHVRQGHUH 6FKZLHULJNHLWGDGLHZHQLJHQ/lXIH7ULROHQILJXUHQXGPZRKO MHGHUJHEWH6SLHOHULQGHU+DQGKDEHQPXXQGGRFKLVWLKU 9RUWUDJEHGLQJWUHFKWVFKZHU0DQFKHUVRJHQDQQWH9LUWXRVH YHUZLUIWGHV0HLVWHUV)OJHONRPSRVLWLRQLQGHPHUGHP9RUZXUIHV VHKUVFKZHUQRFKKLQ]XIJWXQGVHKUXQGDQNEDU :DVQXQGLH 6FKZLHULJNHLWEHWULIIWVRJHK|UW]XPULFKWLJHQEHTXHPHQ9RUWUDJ %HHWKRYHQVFKHU.RPSRVLWLRQQLFKWV*HULQJHUHVDOVGDPDQLKQ EHJUHLIHGDPDQWLHILQVHLQ:HVHQHLQGULQJHGDPDQLP %HZXWVHLQHLJQHU:HLKHHVNKQZDJHLQGHQ.UHLVGHU PDJLVFKHQ(UVFKHLQXQJHQ]XWUHWHQGLHVHLQPlFKWLJHU=DXEHU KHUYRUUXIW:HUGLHVH:HLKHQLFKWLQVLFKIKOWZHUGLHKHLOLJH
0XVLNQXUDOV6SLHOHUHLQXU]XP=HLWYHUWUHLELQOHHUHQ6WXQGHQ ]XPDXJHQEOLFNOLFKHQ5HL]VWXPSIHU2KUHQRGHU]XUHLJQHQ 2VWHQWDWLRQWDXJOLFKEHWUDFKWHWGHUEOHLEHMDGDYRQ1XUHLQHP VROFKHQVWHKWDXFKGHU9RUZXUIXQGK|FKVWXQGDQNEDU]X'HU HFKWH.QVWOHUOHEWQXULQGHP:HUNHGDVHULQGHP6LQQHGHV 0HLVWHUVDXIJHIDWKDWXQGQXQYRUWUlJW(UYHUVFKPlKWHVDXI LUJHQGHLQH:HLVHVHLQH3HUV|QOLFKNHLWJHOWHQG]XPDFKHQXQGDOO VHLQ'LFKWHQXQG7UDFKWHQJHKWQXUGDKLQDOOHGLHKHUUOLFKHQ KROGVHOLJHQ%LOGHUXQG(UVFKHLQXQJHQGLHGHU0HLVWHUPLW PDJLVFKHU*HZDOWLQVHLQ:HUNYHUVFKORWDXVHQGIDUELJJOlQ]HQG LQVUHJH/HEHQ]XUXIHQGDVLHGHQ0HQVFKHQLQOLFKWHQ IXQNHOQGHQ.UHLVHQXPIDQJHQXQGVHLQH3KDQWDVLHVHLQ LQQHUVWHV*HPWHQW]QGHQGLKQUDVFKHQ)OXJHVLQGDVIHUQH *HLVWHUUHLFKGHU7|QHWUDJHQ