Ausgabe_1.2017_fin.pdfJXQJ9HUJHZDOWLJXQJ³ EHWLWHOWH 6W*%ZXUGH HU

K|UWDXFKGLH(LQIJXQJHLQHUQHXHQ6WUDIQRUPPLWGHU hEHUVFKULIWÄ6WUDIWDWHQDXV*UXSSHQ³M6W*%'LH
Ä:HUHLQH 6WUDIWDWGDGXUFKI|UGHUWGDVVHUVLFKDQHLQHU3HUVRQHQ JUXSSH EHWHLOLJW GLH HLQH DQGHUH3HUVRQ ]XU%HJHKXQJ HLQHU 6WUDIWDW DQ LKU EHGUlQJW ZLUGPLW )UHLKHLWVVWUDIH ELV ]X ]ZHL -DKUHQ RGHU PLW *HOGVWUDIH EHVWUDIW ZHQQ YRQHLQHP%HWHLOLJWHQGHU*UXSSHHLQH6WUDIWDWQDFKGHQ RGHULEHJDQJHQZLUGXQGGLH7DWQLFKWLQDQ GHUHQ9RUVFKULIWHQPLWVFKZHUHUHU6WUDIHEHGURKWLVW³
'HU+LQWHUJUXQG GLHVHU(UZHLWHUXQJ GHV $EVFKQLWWV
'DVEHWUlFKWOLFKH$XVPDGHUYRUDOOHPYRQ0LJUDQWHQ
3DUODPHQWDULVFKHQ 8QWHUVXFKXQJVDXVVFKXVV GHV /DQG WDJV15:38$,96LOYHVWHUQDFKWGRNXPHQWLHUW
'LH |IIHQWOLFKH (PS|UXQJ KDW GD]X EHLJHWUDJHQ GDVV DXFK EHL GHQ$EJHRUGQHWHQ GHV 'HXWVFKHQ %XQGHVWDJV
VHU ]X VFKW]HQ ,P 6RPPHU NDP HV ]X EHUSDU WHLOLFKHQhEHUHLQNQIWHQGLH]XHLQHUVFKQHOOHQ5HIRUP
QHQ*HVHW]HQWZXUIGHU%XQGHVUHJLHUXQJJHJHEHQGHULQ
'LH$XWRULQ LVW ,QKDEHULQ GHV /HKUVWXKOV IU 6WUDIUHFKW 6WUDISUR ]HVVUHFKW5HFKWVYHUJOHLFKXQJXQG5HFKWVSKLORVRSKLHDQGHU+XP EROGW8QLYHUVLWlW]X%HUOLQ
$P 1RYHPEHU LVW GDV Ä*HVHW] ]XUbQGHUXQJ GHV 6WUDI
%H]MDN II5HQ]LNRZVNL1-:II+|UQOH

XQWHQ)Q 6]XU*HVHW]JHEXQJVJHVFKLFKWH+|UQOH)QI
GHU5HLFKZHLWHJHULQJIJLJHUHbQGHUXQJHQYRUVDK(LQ GHPMHW]LJHQM6W*%HQWVSUHFKHQGHU7DWEHVWDQGZDU LP5HJLHUXQJVHQWZXUIQLFKWYRUJHVHKHQ,P%HULFKWGHV 5HFKWVDXVVFKXVVHVYRP -XOLZXUGHGLH(LQIK UXQJGLHVHUQHXHQ6WUDIQRUPGDPLWEHJUQGHWGDVV6WUDI WDWHQGLHDXVHLQHU*UXSSHKHUDXVEHJDQJHQZHUGHQIU GDV 2SIHU PLW HLQHP HUK|KWHQ *HIDKUHQSRWHQ]LDO YHU EXQGHQVLQGZHLOGLH9HUWHLGLJXQJVXQG)OXFKWFKDQFHQ VWDUN HLQJHVFKUlQNW VLQG XQGZHLO LQQHUKDOE YRQ*UXS SHQEHVRQGHUHWDWEHJQVWLJHQGH+HPPXQJHQDEEDXHQGH '\QDPLNHQZLUNHQ
'HU$XIEDXGHVM6W*%RULHQWLHUWVLFKLQZHVHQWOL FKHQ3XQNWHQDQ6W*%%HWHLOLJXQJDQHLQHU6FKOl
REMHNWLYH %HGLQJXQJ GHU 6WUDIEDUNHLW 6W*% LVW DQZHQGEDUZHQQGXUFKHLQH6FKOlJHUHLRGHUHLQHQYRQ PHKUHUHQYHUEWHQ$QJULIIGHU7RGHLQHV0HQVFKHQRGHU

JHQ ZHUGHQ DXFK GLH DQGHUHQ *UXSSHQEHWHLOLJWHQ EH VWUDIWREZRKOVLHVHOEVWZHGHU7lWHUQRFK$QVWLIWHURGHU
WDQXQG IUGLHDQGHUHQEHUUDVFKHQGHUIROJWH2EMHNWL YH%HGLQJXQJHQGHU6WUDIEDUNHLW]HLFKQHQVLFKGDGXUFK DXVGDVVGLH]XEHVWUDIHQGH3HUVRQGLH5HFKWVYHUOHW]XQJ ZHGHULQLKUHQ9RUVDW]DXIJHQRPPHQQRFKIDKUOlVVLJJH KDQGHOW KDEHQPXVV ,P6WUDIJHVHW]EXFK VLQGREMHNWLYH
%HLVSLHOHVLQGD6W*%%HJHKXQJHLQHUUHFKWVZLGUL JHQ7DWLP9ROOUDXVFK6W*%IHKOHQGHU1DFKZHLV GHU:DKUKHLWHLQHU7DWVDFKHEHLGHUEOHQ1DFKUHGHRGHU $EV6W*%(U|IIQXQJHLQHV,QVROYHQ]YHUIDKUHQV HWFEHLP%DQNURWWGHOLNW
2EMHNWLYH %HGLQJXQJHQ GHU 6WUDIEDUNHLW ZHFNHQ EHL
%7'UV GD]X:DOWHU -5 II+|UQOH II
%7'UV
EHVRQGHUV GHXWOLFK EHL M 6W*% GHU LQ GHU 6WUDI UHFKWVZLVVHQVFKDIWQHJDWLYDXIJHQRPPHQZLUG-RDFKLP 5HQ]LNRZVNL GHU VFKOLPPVWHQ9HULUUXQJHQ GHV*HVHW]JHEHUV XQG KDW PLW HLQHP UHFKWVVWDDWOLFKHQ 6WUDIUHFKW QLFKWV ]X WXQ³
'HU9RUVLW]HQGH5LFKWHUDP6WUDIVHQDWGHV%*+7KR PDV)LVFKHU NRPPHQWDUGDVVHVVLFKXPÄHLQHSRSXOLVWLVFKJHIlUEWH 'HPRQVWUDWLRQDQJHEOLFKHU6FKXW]EHUHLWVFKDIWLP*HIRO
OH
FKHQHLQHU5HJHOXQJXQWHUKDOEGHU6FKZHOOHGHV9HUGLNWV GHU9HUIDVVXQJVZLGULJNHLWDXI]X]HLJHQGD]X
9HUVWRJHJHQGHQ6FKXOGJUXQGVDW]"
6FKRQ LP *HVHW]JHEXQJVYHUIDKUHQ EUDFKWHQ $EJH RUGQHWH GHU 2SSRVLWLRQVSDUWHLHQ YHUIDVVXQJVUHFKWOL FKH (LQZlQGH JHJHQ M 6W*% YRU (V ZHUGH GHU 6FKXOGJUXQGVDW] PLVVDFKWHW XQG MHPDQG ÄZHJHQ GHU
SHQKDIW³ YHUXUWHLOW 7KRPDV )LVFKHU NRPPW HEHQIDOOV ]XGHP8UWHLOÄHUVFKHLQWXQWHUGHQ$QIRUGHUXQJHQGHV 6FKXOGSULQ]LSV QLFKW YHUWUHWEDU³ 'HU 9RUZXUI HLQHU 8QYHUHLQEDUNHLW PLW GHP 6FKXOGJUXQGVDW] EHGDUI GHU 8QWHUVXFKXQJ8QVWUHLWLJ VLQG GLH$XVJDQJVSXQNWH HL
L9P$UW$EV**XQGGHP5HFKWVVWDDWVSULQ]LSDE ]XOHLWHQ±VRGLHHWDEOLHUWHZHQQDXFKLP'HWDLOZHQLJ SUl]LVH5HFKWVSUHFKXQJGHV%9HUI*$XVGHP6FKXOG JUXQGVDW]IROJWGDVVHLQH3HUVRQQXUGDQQVWUDIUHFKWOLFK YHUDQWZRUWOLFKJHPDFKWZHUGHQGDUIZHQQGLHVHU3HU VRQHLQ6FKDGHQRGHUHLQH5HFKWVYHUOHW]XQJLQGLYLGXHOO ]X]XUHFKQHQLVW
5HQ]LNRZVNL)Q )LVFKHU6W*%$XIOM5Q 6R GLH $EJHRUGQHWH .DWMD .HXO %h1'1,6 ',( *5h1(1
%73OHQDUSURWRNROOHLQHQ9HUVWRJHJHQGDV6FKXOG SULQ]LSVDKHQDXFKGLH$EJHRUGQHWHQ+DOLQD:DZ]\QLDN'LH/LQNH XQG8OOH 6FKDXZV %h1'1,6 ',(*5h1(1 DD2
)LVFKHU %H]MDN)Q+RYHQ :HLJHQG)Q
%9HUI*(]XVDPPHQ IDVVHQG/DQGDX $GDP6FKPLGW6FKXPD FKHU %9HUI*DXVIKUOLFKHU+|UQOH 6II
%9HUI*(
EDUNHLW³EHLJHQDXHUHU%HWUDFKWXQJ"9HUVXFKWPDQGLH
JRULHQ]XNRQNUHWLVLHUHQVRHUJHEHQVLFK]ZHL$QIRUGH
]%GLH9HUOHW]XQJRGHU*HIlKUGXQJHLQHU3HUVRQPLW HLQHU +DQGOXQJ VDPPHQKDQJ JHEUDFKW ZHUGHQ NDQQ 'DEHL NDQQ GHU

GHP6FKXOGJUXQGVDW]VLQGVROFKH6WUDWHJLHQQLFKWYHU
GHUEHVFKXOGLJWHQ3HUVRQGHU9RUZXUIJHPDFKWZHUGHQ NDQQHQWZHGHU9RUVDW]EH]JOLFKGHU)ROJHJHKDEW]X
JHKDQGHOW]XKDEHQ
:lKUHQGGLHVHEHLGHQ9RUDXVVHW]XQJHQIULQGLYLGXHOOH 9RUZHUIEDUNHLWXQVWUHLWLJVHLQGUIWHQNDQQPDQGDU EHU GLVNXWLHUHQZDV DXHUGHP%HVWDQGWHLO GHV YHUIDV VXQJVUHFKWOLFKHQ 6FKXOGJUXQGVDW]HV LVW 6R YHUZHQGHW GDV %9HUI* GHQ %HJULII GHU :LOOHQVIUHLKHLW GHVVHQ %HGHXWXQJ XQG QDWXUZLVVHQVFKDIWOLFKH )XQGLHUXQJ LQ KRKHP0DHNRQWURYHUVVLQG)UXQVHU7KHPDPXVV DEHU DXI GLHVH)UDJHQQLFKW HLQJHJDQJHQZHUGHQ:HU DUJXPHQWLHUWGDVVGHUQHXH7DWEHVWDQGÄ6WUDIWDWHQDXV *UXSSHQ³PLWGHP6FKXOGJUXQGVDW]XQYHUHLQEDUVHLEH DEVLFKWLJWGDPLWQLFKWGLHLQWHUGLV]LSOLQlUH'HEDWWHYRQ 1HXURZLVVHQVFKDIWHQ 3KLORVRSKLH XQG 6WUDIUHFKWVZLV VHQVFKDIWXPGLH:LOOHQVIUHLKHLWGHV0HQVFKHQIRUW]X IKUHQ'LHVHEHWULIIWDOOHVWUDIUHFKWOLFKHQ6FKXOGXUWHLOH
GHQ 7DWEHVWDQG :HU GHP *HVHW]JHEHU PLW %OLFN DXI M6W*%HLQH0LVVDFKWXQJGHV6FKXOGJUXQGVDW]HV YRUZLUIWZLOOGDPLWEHKDXSWHQGDVVHLQ3UREOHPPLWGHU
GLQJVGHUGLIIHUHQ]LHUWHUHQ%HJUQGXQJZDUXPM
EDUNHLWDOV%HVWDQGWHLOGHV6FKXOGJUXQGVDW]HVNROOLGLH
8QWHU EHVWLPPWHQ 8PVWlQGHQ DXFK HLQ 8QWHUODVVHQ 2E XQG ZDV GD]XHWZDPLW%OLFNDXIGLHHUIRUGHUOLFKH*DUDQWHQVWHOOXQJDXVGHP 6FKXOGJUXQGVDW] DEJHOHLWHWZHUGHQ N|QQWH NDQQ IU XQVHU7KHPD GDKLQVWHKHQ
%9HUI*( 6GD]X+|UQOH
IUbQGHUXQJHQLQGHUVWUDIUHFKWOLFKHQ9HUEUHFKHQVOHKUH+LO OHQNDPS
UH'LHYRUVWHKHQGDQJHIKUWH3DXVFKDONULWLNDQM 6W*%OlVVWGLHVHQ3XQNWRIIHQ'LH(LQVFKlW]XQJGDVV ÄGLH 9HUIDVVXQJVPlLJNHLW GHU 5HJHOXQJ HUKHEOLFKHQ
VHLLVW]XXQWHUVXFKHQ
ZUGHVLFKQLFKWDXIGLH)DVVXQJYRQM6W*%NRQ ]HQWULHUHQ VRQGHUQ DOOHQ 6WUDIQRUPHQ JHOWHQ GLH HLQH REMHNWLYH%HGLQJXQJGHU6WUDIEDUNHLWHQWKDOWHQ'DKLQWHU VWQGHGLH7KHVHGDVVHVJHQHUHOOQLFKW]XOlVVLJ VHL LQ HLQHQ6WUDIWDWEHVWDQGHLQ0HUNPDOHLQ]XIJHQGDVHLQH )ROJHEHVFKUHLEWGLHGHU7lWHUDXIGHUREMHNWLYHQ(EHQH QLFKWYHUXUVDFKWXQGDXIGHUVXEMHNWLYHQ(EHQHQLFKWLQ
GLHVVRVLHKWPVVWH]%DXFK6W*%%HWHLOLJXQJ DQHLQHU6FKOlJHUHLHQWZHGHUDOVYHUIDVVXQJVZLGULJHLQ VWXIHQRGHUGLH1RUPVRLQWHUSUHWLHUHQGDVVGLHVFKZH UH)ROJHIDKUOlVVLJYRP7lWHUYHUXUVDFKWRGHUJHI|UGHUW ZRUGHQVHLQPVVHHVVLFKPLWKLQQLFKWXPHLQHREMHNWL YH%HGLQJXQJGHU6WUDIEDUNHLWKDQGOH(VLVWMHGRFKQLFKW EHU]HXJHQGGHQ9RUZXUIGHU9HUIDVVXQJVZLGULJNHLW LQ SDXVFKDOHU:HLVHDXIDOOH7DWEHVWlQGH]XHUVWUHFNHQGLH HLQHREMHNWLYH%HGLQJXQJGHU6WUDIEDUNHLWHQWKDOWHQ(U IRUGHUOLFKLVWHLQHGLIIHUHQ]LHUHQGH%HWUDFKWXQJGLHVLFK DXIGLH7HLOHGHU1RUPNRQ]HQWULHUWGLHQLFKWDOVREMHNWL YH%HGLQJXQJJHIDVVWVLQG
'HU%HIXQGÄ9HUVWRJHJHQGHQ6FKXOGJUXQGVDW]³LVWQXU GDQQEHJUQGHWZHQQVLFKGLH8PVWlQGHGLHGLH(LQRUG QXQJDOVVWUDIZUGLJHV*HVFKHKHQWUDJHQDXVVFKOLHOLFK DXVGHUREMHNWLYHQ%HGLQJXQJGHU6WUDIEDUNHLW HUJHEHQ %HVFKUHLEW GHU 7DWEHVWDQG LP hEULJHQ 9HUKDOWHQ GDV VR]LDODGlTXDW LVW OLHJW HLQ 9HUVWR JHJHQ GHQ 6FKXOG JUXQGVDW]YRU±GDQQZLUGPLWGHUREMHNWLYHQ%HGLQJXQJ GHU6WUDIEDUNHLWGHU*UXQGVDW]GHULQGLYLGXHOOHQ9HUDQW ZRUWXQJGHV7lWHUV IUGDV8QUHFKWXPJDQJHQ(VJLEW LP6W*%HLQHQ7DWEHVWDQG IUGHQGLHVHhEHUOHJXQJHQ UHOHYDQW ZHUGHQ 0LW %OLFN DXI GLH 5DXVFKWDW D 6W*%OlVVWVLFKVWUHLWHQREHVWDWVlFKOLFKVRJHIlKUOLFK LVWVLFK]XEHUDXVFKHQGDVVGLHVXQDEKlQJLJYRQGHURE MHNWLYHQ%HGLQJXQJ%HJHKXQJHLQHUUHFKWVZLGULJHQ7DW LP5DXVFK]XVWDQG DOV VWUDIZUGLJHV8QUHFKW HLQ]XVWX
)LVFKHU)QM5Q ,QGLHVH5LFKWXQJWHQGLHUW6DDO'LH%HWHLOLJXQJDQHLQHU6FKOlJHUHL
6W*%(LQ3OlGR\HUIUGLH6WUHLFKXQJGHUVFKZHUHQ)ROJH
5R[LQ6WUDIUHFKW$7,$XIO5QDUJXPHQWLHUWGDVV 6W*%QXUDQJHZHQGHWZHUGHQVROOZHQQGLHVFKZHUH)ROJH YRUKHUVHKEDUZDU'DHUDOOHUGLQJVQLFKW9HUXUVDFKXQJRGHU)|UGH UXQJGXUFKHLJHQH+DQGOXQJYRUDXVVHW]WYHUODQJWHUQXUHLQHQ7HLO
8PJHNHKUWKlOW3XSSH
GHVPRGHUQHQ6FKXOGVWUDIUHFKWVI
IHQLVW(VJLEWJXWH*UQGHGLHVEHLD6W*%]X
RGHU'URJHQKDUPORVXQGXQJHIlKUOLFKIUGLH8PJHEXQJ GHV%HUDXVFKWHQVHLQZHQQDXFKEHLGHQHUIRUGHUOLFKHQ 4XDQWLWlWHQQLFKWIULKQVHOEVWDEHUGDVLVWIUGLH5HFKW IHUWLJXQJHLQHVVWUDIUHFKWOLFKHQ*HIlKUGXQJVGHOLNWVLUUH OHYDQW$EHUGLH%HGHQNHQEH]JOLFKD6W*%VLQG QLFKWDXIM6W*%]XEHUWUDJHQ9LHOPHKUEHGDUIHV
)UGLH)UDJHGHV9HUVWRHVJHJHQGHQ6FKXOGJUXQGVDW]
0HUNPDOHGLHYRUGHU5HFKWVIROJHXQGYRUGHUREMHNWL YHQ%HGLQJXQJGHU6WUDIEDUNHLWDQJHIKUWZHUGHQVWUDI ZUGLJHV8QUHFKWEHVFKUHLEWGDVGHP7lWHU LQGLYLGXHOO ]XUHFKHQEDULVW,VWGLHV]XEHMDKHQLVWGHP6FKXOGJUXQG VDW]*HQJHJHWDQ8QWHUGLHVHU9RUDXVVHW]XQJZLUNWGDV +LQ]XIJHQHLQHUREMHNWLYHQ%HGLQJXQJGHU6WUDIEDUNHLW OHGLJOLFK VWUDIEDUNHLWVHLQHQJHQG XQG LVW QLFKW JHHLJQHW GDV9HUGLNWÄYHUIDVVXQJVZLGULJ³]XEHJUQGHQ
'LH REMHNWLYH +DQGOXQJVEHVFKUHLEXQJ LQ M 6W*% HQWKlOW ]ZHL (OHPHQWH (UVWHQV PXVV HLQH *UXSSH EH VWDQGHQKDEHQPLQGHVWHQVGUHL3HUVRQHQGLH]XU%H JHKXQJ HLQHU6WUDIWDW HLQH DQGHUH3HUVRQ EHGUlQJW%H GUlQJWZLUGZHUÄPLW1DFKGUXFNDQGHU$XVEXQJVHLQHU %HZHJXQJVIUHLKHLWRGHUVHLQHUVRQVWLJHQIUHLHQ:LOOHQV EHWlWLJXQJJHKLQGHUWZLUG'DEHLPXVVGLH*UXSSHPLWHL QHUJHZLVVHQ+DUWQlFNLJNHLWDXIGDV2SIHUHLQZLUNHQ³
GDGXUFKGLH6WUDIWDWJHI|UGHUWKDEHQ%HWHLOLJXQJLVWVR GLH%HJUQGXQJGHV*HVHW]HVÄQLFKWLP6LQQHGHU ELV6W*%]XYHUVWHKHQVRQGHUQLPXPJDQJVVSUDFKOL FKHQ6LQQ³ 'DPLW LVWJHPHLQWGDVV ÄNHLQEHZXVVWHV
'LHV LVWQDFKYROO]LHKEDUZHQQPDQVLFKYHUJHJHQZlUWLJWGDVV
GHQQXUVHKUORVHYHUEXQGHQHQ*UXSSHQHUIDVVWZHUGHQ VROOHQ8QWHUVROFKHQ%HGLQJXQJHQJLEWHVNHLQH$EVSUD FKHQ DOOHU QHX+LQ]XNRPPHQGHQPLW DOOHQ DQGHUHQ ,Q VXEMHNWLYHU+LQVLFKWPXVVGHU7lWHUPLWPLQGHVWHQVEH
*HJHQGLH(LQRUGQXQJGHU7DWKDQGOXQJÄVLFKEHUDXVFKHQ³DOV8Q UHFKW*HLVOHU )QII'XWWJH PHU +UVJ )6 IU *HSSHUW 6 I5R[LQ )Q 5Q6WHUQEHUJ/LHEHQ+HFNHU 6W*%$XIOD5Q6WUHQJ $XIO5Q
8QGVHOEVWZHQQPDQGHQ8QUHFKWVFKDUDNWHUYRQEHUPlLJHP$O NRKROXQG'URJHQNRQVXPEHMDKWEOHLEWGDV3UREOHPGDVVGLH+|KH GHU6WUDIHYRQGHU$UWGHUUHFKWVZLGULJHQ7DWDEKlQJWYJOD 6W*%PLW2:L**HLVOHU)Q6I'XWWJH)Q 6FK|QNH6FKU|GHU6WHUQEHUJ/LHEHQ+HFNHU)Q
6RIU6W*%*HLVOHU)QI5HQJLHU6WUDIUHFKW%7 ,,$XIO5Q
%7'UV
]HLWLJH(LQVFKFKWHUXQJHWZDGXUFK ÄODXWHV*U|OHQ³JHQJHQLFKW DD2
%7'UVNULW%H]MDN)Q %7'UV
GLQJWHP9RUVDW]KDQGHOQ(UPXVVHVDOVRHUQVWOLFKIU
JUXSSHYRUOLHJWGDVVHLQHDQGHUH3HUVRQEHGUlQJWZLUG GDVV 0LWJOLHGHU GHU *UXSSH QLFKW QRWZHQGLJHUZHLVH
XQG VFKOLHOLFK GDVV HU VHOEVW DOV0LWJOLHG GHU*UXSSH ]XP%HGUlQJXQJVHIIHNWEHLWUlJW
:HULQGLHVHU:HLVHYRUVlW]OLFKKDQGHOWEHJHKWHLJHQHV 8QUHFKW 2E GDIU EHUHLWV GDV JHPHLQVDPH %HGUlQJHQ HLQHUDQGHUHQ3HUVRQJHQJHQZUGHNDQQGDKLQVWHKHQ $XVVFKODJJHEHQG LVW GDVV GHU 7lWHU 9RUVDW] KDW GDVV PLWWHOV%HGUlQJHQV HLQH6WUDIWDW EHJDQJHQZHUGHQ VROO :HU LQ*UXSSHQ LQGLHVHU:HLVHDJLHUWNDQQVLFKQLFKW GDUDXIEHUXIHQGDVVVHLQHLJHQHV9HUKDOWHQVR]LDODGlTXDW XQGXQJHIlKUOLFKVHLXQGHUQXUZHJHQGHU6WUDIWDWHLQHV DQGHUHQ EHVWUDIW ZHUGH GLH LKP QLFKW ]XUHFKHQEDU VHL $QGHUVDOVEHLP7DWEHVWDQGGHU5DXVFKWDWD6W*% EHVWHKWIUM6W*%NHLQ*UXQGHLQHQ9HUVWRJHJHQ GHQ6FKXOGJUXQGVDW]DQ]XQHKPHQ
M6W*%HUZHLWHUWGLH6WUDIEDUNHLWIU%HWHLOLJWH*H
6WHOOXQJQDKPHQDXVGHU/LWHUDWXUEH]ZHLIHOQGDVVHLQH
JHPHLQHQ5HJHOQIU*HKLOIHQXQGDXHUGHPZHUGHGLH
JXQJL$EV66W*%LP*HVHW]DXVGUFNOLFK XQGVWUDIVFKlUIHQGHUZlKQW
IHKO'LH$QZHQGXQJGHUDOOJHPHLQHQ5HJHOQIU0LWWl WHUXQG*HKLOIHQVW|WZHJHQGHUDQVSUXFKVYROOHQ$QIRU GHUXQJHQDQGHQ9RUVDW]DXI]XHQJH*UHQ]HQ)UGLH *HKLOIHQVWUDIEDUNHLWQDFK6W*%IRUGHUWGLHGHXWVFKH 5HFKWVSUHFKXQJ GDVV*HKLOIHQ GLHZHVHQWOLFKHQ0HUN PDOHGHU+DXSWWDWJHNDQQWKDEHQPVVHQ$XFKGLH5H JHOQGHU0LWWlWHUVFKDIWEDVLHUHQDXIGHU*UXQGLGHHGDVV 3HUVRQHQJHPHLQVDPHLQHQÄ7DWSODQ³IHVWVHW]HQXQGYHU IROJHQZHVKDOEHLJHQPlFKWLJH+DQGOXQJHQQLFKWHUIDVVW ZHUGHQ M 6W*% VROO GDJHJHQ DXFK )lOOH HUIDV VHQ LQGHQHQGHU7lWHUQLFKWGDPLWJHUHFKQHWKDW GDVV
YHQ9RUVWHOOXQJHQYRQGHPZDVPLWGHP%HGUlQJHQDXI UHFKWVZLGULJH:HLVH HUUHLFKWZHUGHQ VROO GLIIXVZDUHQ
KDEHQ GDVV GDV %HGUlQJHQ GHU %HJHKXQJ LUJHQGHLQHU
DOGHOLNWVHLQDEHUDXFK]%HLQ'LHEVWDKOHLQ5DXEHLQH
SUl]LVHUH XQG SDVVJHQDXH 9RUVWHOOXQJHQ GDYRQ JHKDEW KDEHQZHOFKHNULPLQHOOHQ$NWLYLWlWHQOHW]WOLFKGXUFKGDV %HGUlQJHQJHI|UGHUWZHUGHQ
%7'UV %H]MDN)Q5HQ]LNRZVNL)Q

'LHVWUHQJHQ$QIRUGHUXQJHQGLHGLH5HFKWVSUHFKXQJLQ GHQ DOOJHPHLQHQ5HJHOQ IU*HKLOIHQXQG0LWWlWHU DXI VWHOOW VLQG QLFKW GXUFK GHQ 6FKXOGJUXQGVDW] ]ZLQJHQG YRUJHJHEHQ'LH%HZHUWXQJGHV8QUHFKWVGHU7lWHUKDQG OXQJKlQJWQLFKWDQGHU'HWDLOJHQDXLJNHLWGHV7lWHUZLV
*UXSSH KHUDXV HLQH 6WUDIWDW JHJHQ HLQ ,QGLYLGXDORSIHU EHJDQJHQ ZHUGHQ VROO XQG GDVV GDV 2SIHU ]X GLHVHP
(V LVW DQJHPHVVHQ GHQMHQLJHQ ]X EHVWUDIHQ GHU GXUFK VHLQH%HWHLOLJXQJDQGHUEHGUlQJHQGHQ*UXSSHYRUVlW] OLFKGLH%HJHKXQJHLQHV'HOLNWVJHJHQGLH3HUVRQI|UGHUW XQG]ZDUDXFKGDQQZHQQLKPGLHJHQDXH1DWXUGLHVHV 'HOLNWVQLFKWHUVLFKWOLFKLVWRGHUZHQQVLFKDQGHUH*UXS SHQPLWJOLHGHU VSRQWDQHQWVFKOLHHQGLHJHPHLQVDPJH

(VLVWLQVEHVRQGHUHYRUKHUVHKEDUGDVVXQWHUEHVWLPPWHQ NXOWXUHOOJHSUlJWHQ3UlPLVVHQXQGVR]LDOSV\FKRORJLVFKHQ '\QDPLNHQPDQFKH0lQQHUHLQHJHVFKDIIHQHSK\VLVFKH
'DVVGDV$UJXPHQWGHU9HUIDVVXQJVZLGULJNHLW WURW]GHP
(VZLUGGDPLWNULPLQDOSROLWLVFKEHJUQGHWHQ(LQZlQGHQ 'UDVWLNYHUOLHKHQ'HUYRUVFKQHOOH5FNJULIIDXIGDV9HU IDVVXQJVUHFKWYHUNHQQWDEHUGDVVGDV*UXQGJHVHW]ZHLWH 6SLHOUlXPHIUJHVHW]JHEHULVFKH(QWVFKHLGXQJHQOlVVW
VDW]³ XQG GHP 8UWHLO ÄLQ MHGHU +LQVLFKW EHU]HXJHQGH 6WUDIQRUP³EOHLEWHLQZHLWHU%HUHLFKIUNULWLVFKHhEHU OHJXQJHQGHQHVLQGLIIHUHQ]LHUWHU:HLVHDXV]XVFK|SIHQ JLOW
$QVDW]SXQNWHIU.ULWLNXQWHUKDOEGHU 6FKZHOOHGHU9HUIDVVXQJVZLGULJNHLW
D'HU9HUZHLVDXIÄV\PEROLVFKHV6WUDIUHFKW³
*HJHQM6W*%ZLUGQHEHQGHP9HUZHLVDXIGHQDQ JHEOLFKHQ9HUVWR JHJHQ GHQ 6FKXOGJUXQGVDW] HLQZHL WHUHVEHOLHEWHV ,QVWUXPHQWDXVGHP:HUN]HXJNDVWHQGHU
EROLN³6RZHLWGDPLWGLH3URJQRVHLQWHQGLHUWLVWGDVVHV YHUPXWOLFKQLFKWYLHOH$QZHQGXQJVIlOOHJHEHQZLUGKDQ GHOWHVVLFKXPHLQHUHDOLWlWVQDKH$QQDKPH'LH*UQGH
6R)LVFKHU)QM5Q 6GD]X*lUGLW]6WDDWIIGHUV
II6WXFNHQEHUJ*$II 6REHUHLWV8OOH6FKDXZV%h1'1,6',(*5h1(1%73OHQDU
SURWRNROO
DQ6LOYHVWHUNRQQWHQQXUIUHLQHQNOHLQHQ7HLOGHU
GHUHQLVWM6W*%QXUGDQQDQZHQGEDUZHQQLGHQWL
LVW9RU DOOHPDQZDOWOLFKEHUDWHQH%HVFKXOGLJWHZHUGHQ YRUEULQJHQ GDVV VLH QLFKW JHZXVVW KlWWHQ GDVV DQGHUH *UXSSHQPLWJOLHGHUHLQH6WUDIWDWSODQWHQXQGGDVVDXVLK UHU6LFKWGDV%HGUlQJHQGHVRGHUGHU2SIHU6HOEVW]ZHFN ZDU

]X EHZHUWHQ VLQG 6\PEROLVFKH$XVVDJHQ ]X WUHIIHQ LVW 7HLO GHU )XQNWLRQHQ GHV 6WUDIUHFKWV.ODXV*lUGLW] EH VFKUHLEW6WUDIUHFKWDOVÄYHUEOLHEHQH:lUPHTXHOOHJHVHOO VFKDIWOLFKLQWHJULHUHQGHU6\PEROLN³
ZUGH ÄV\PEROLVFKHV³ 6WUDIUHFKW HUVW GDQQ ZHQQ HLQH UDGLNDOH 9HUPHKUXQJ ZHLWJHKHQG EHGHXWXQJVORVHU 9RU VFKULIWHQGHQ%HVWDQGDQ9HUERWVQRUPHQIU%UJHUXQG 5HFKWVDQZHQGHUXQEHUVLFKWOLFKPDFKW0DQN|QQWHVLFK GDUEHUVWUHLWHQREGDVGHXWVFKH6WUDIUHFKWLQVEHVRQGHUH
GHU8QEHUVLFKWOLFKNHLW DQQlKHUW$EHUEH]RJHQDXIHLQ HLQ]HOQHV*HVHW] OlVVW VLFK GLH)UDJH RE HLQ*HVHW] ]X NULWLVLHUHQLVWQLFKWVFKOLFKWPLW9HUZHLVDXIVHLQHSURJ
EHDQWZRUWHQ
E)DOVFKH3ODW]LHUXQJGHU1RUP
DQM6W*% WUlJW'LH1RUP LVW V\VWHPZLGULJSODW ]LHUW6LHSDVVWQLFKWLQGHQ$EVFKQLWWGHUGHQ7LWHO
'DV YRP 7lWHU EHJDQJHQH 8QUHFKW ZHLVW NHLQHQ VSH

*lUGLW]6WDDWXQG6WUDIUHFKWVSIOHJH6]XU%HGHXWXQJYRQ 6\PEROLNIUGDV6WUDIUHFKWDXFK*lUGLW]DD2I
GD GLH7DW QDFK RGHU L6W*%QXU REMHNWLYH %HGLQJXQJ GHU 6WUDIEDUNHLW LVW 'LH hEHUVFKULIW Ä6WUDI WDWHQ DXV *UXSSHQ³ EULQJW GLHV HLQHUVHLWV ULFKWLJ ]XP $XVGUXFNVLHYHUGHXWOLFKWDEHUDQGHUHUVHLWVGDVVGLHVHU
K|UW'HP*HVHW]JHEHU LVW YRU]XZHUIHQ EHUP|JOLFKH 7DWNRQVWHOODWLRQHQQLFKWKLQUHLFKHQGQDFKJHGDFKW]XKD EHQ'LH0DWHULDOLHQ]XM6W*%YHUZHLVHQGDUDXI
KHUDXVEHJDQJHQZHUGHQIUGDV2SIHUHLQHUK|KWHV*H IDKUHQSRWHQ]LDOEHUJHQ'LHVLVW]XPHLQHQGDULQEHJUQ GHWGDVVVLFKGDV2SIHUQLFKWQXUHLQHP7lWHUDXVJHVHW]W VLHKW VRQGHUQHLQHU9LHO]DKOYRQ3HUVRQHQ VRGDVVGLH 9HUWHLGLJXQJV RGHU )OXFKWFKDQFHQ IU GDV 2SIHU VWDUN
GXUFKHLQHPRWLYLHUHQGZLUNHQGH'\QDPLNJHNHQQ]HLFK QHWGLHGXUFKGLHJHJHQVHLWLJH%HVWlUNXQJGHU*UXSSHQ PLWJOLHGHUJHVSHLVWZLUGXQGGLHGD]XIKUWGDVVGHU(LQ ]HOQH DQGHUHQIDOOV EHVWHKHQGH +HPPXQJHQ EHUZLQGHW E]ZJDU QLFKW HUVW ]XOlVVW³'LHVHhEHUOHJXQJHQ VLQG DOV SV\FKRORJLVFKH %HVFKUHLEXQJHQ SODXVLEHO DEHU GHU
6WUDIEDUNHLWLVW]XHQJ'LHVHYHUHQJWH3HUVSHNWLYHLVWQXU GDPLW HUNOlUEDU GDVV GHQ$EJHRUGQHWHQ GLH YHUJOHLFKV ZHLVH DNWXHOOHQ XQG LQWHQVLY LQ GHU 0HGLHQEHULFKWHU
$XJHQVWDQGHQ(WZDVPHKU'LVWDQ]]XGLHVHQ$QODVVGH OLNWHQXQGHLQHEUHLWHUH%HVFKlIWLJXQJPLW3KlQRPHQHQ GHU*UXSSHQELOGXQJXQGGHV9HUKDOWHQVHLQ]HOQHULQVRO FKHQ*UXSSHQZlUHQYRU]XJVZUGLJJHZHVHQ

JHQ1|WLJXQJHQXQG(LJHQWXPVGHOLNWHLQGDV6SHNWUXP VRZRKOGHV9RUKDEHQVGHU*UXSSHDOVDXFKGHUP|JOLFKHQ 6LWXDWLRQVDXVQXW]XQJGXUFKHLQ]HOQH*UXSSHQPLWJOLHGHU 9RUVWHOOEDULVW]%GDVVHLQDEJHOHQNWHV2SIHUEHVWRKOHQ ZHUGHQVROOGDQQDEHUGLHVLFKDXIEDXHQGH$JJUHVVLYL WlW GD]X IKUW GDVV HLQ0LWJOLHG GHU*UXSSH ]XVFKOlJW 2GHU XPJHNHKUW NDQQ ]% HLQ0LWJOLHG HLQHU DXI N|U SHUOLFKH$QJULIIH DXVJHULFKWHWHQ*UXSSH+RROLJDQV GHU 9HUVXFKXQJHLQHUJQVWLJHQ*HOHJHQKHLWHUOLHJHQXQGGLH *HOGE|UVHRGHUGDV+DQG\HLQHV2SIHUVDQVLFKQHKPHQ
XQGNRQVLVWHQWHU:HLVH HUIDVVWZHUGHQ VROOHQ GDQQEH GUIWHHVHLQHUEUHLWHUDQJHOHJWHQ1RUPDOVM6W*% 'LHVHZlUHLP$OOJHPHLQHQ7HLOGHV6W*%DQ]XVLHGHOQ 8QGHVPVVWHGLHREMHNWLYH%HGLQJXQJGHU6WUDIEDUNHLW
GLHLQ%HGUlQJXQJVV]HQDULHQQLFKWXQW\SLVFKVLQGPVV WHQDXIJHQRPPHQZHUGHQ
%7'UV
2E HLQH VROFKH$XVZHLWXQJ GHU 7HLOQHKPHUVWUDIEDUNHLW VLQQYROOLVWZlUHPLW6LFKHUKHLW*HJHQVWDQGYRQNRQWUR YHUVHQUHFKWVSROLWLVFKHQ'HEDWWHQ(VJLEWDEHU*UQGH GDUEHU MHGHQIDOOV QDFK]XGHQNHQ 'DV %LOG YRQ 7lWHUQ XQG7HLOQHKPHUQ GDV GHQ 6W*% LQ GHU ,QWHU SUHWDWLRQ GXUFK GLH GHXWVFKH 5HFKWVSUHFKXQJ ]XJUXQGH OLHJW JHKW YRQ ]ZHFNUDWLRQDO KDQGHOQGHQ SODQHQGHQ PLW:LVVHQDJLHUHQGHQ3HUVRQHQDXV'DVZLUGPDQFKHQ
GHP5DVWHU IDOOHQ*UXSSHQGLHHQWKHPPWG\QDPLVFKHV 9HUKDOWHQEHJQVWLJHQXQGGLHDQGHUHUVHLWVQLFKW]HQWUDO RUJDQLVLHUWXQGJHVWHXHUWVLQGVRQGHUQVLFKVLWXDWLRQVEH GLQJW IRUPLHUHQXQGVSRQWDQXQGXQJHSODQW DJLHUHQ(V ZUGH VLFK ORKQHQ EHU GHQ ]X VWDUN DQODVVEH]RJHQHQ M 6W*% KLQDXV ]X XQWHUVXFKHQ LQZLHZHLW 5HJHOQ ]X7lWHUVFKDIWXQG7HLOQDKPHVRZLHGHU7DWEHVWDQGGHV /DQGIULHGHQVEUXFKV 6W*% ]X HQJ DXI0RGHOOH ]XJHVFKQLWWHQVLQGGLHQLFKWGDVJDQ]H6SHNWUXPVR]LDO VFKlGOLFKHU9HUKDOWHQVPXVWHUDEGHFNHQ0DQPXVVNHLQ $QKlQJHUHLQHVÄ%HVWUDIXQJVSHUIHNWLRQLVPXV³VHLQXP VROFKH)UDJHQ]XVWHOOHQ9LHOPHKUVROOWHQVWUDIUHFKWOLFKH 9HUERWVQRUPHQDXIUHDOLVWLVFKHQ$QQDKPHQ]XPHQVFKOL FKHP9HUKDOWHQEHUXKHQ
6RFKDUDNWHULVLHUW5HQ]LNRZVNL)QM6W*%