WHQELVVLHNKOLVW
QLFKWVWDUWHQ
'(
%HHSDXVXQGGLH.DIIHHDEJDEHVWDUWHW
3DXVH)XQNWLRQ]XP6HUYLHUHQGHV.DIIHHV
8PGHQ.DIIHHYRUGHP(QGHGHV.DIIHHDEJDEH]XPVHUYLHUHQNDQQPDQHLQIDFKGLH.DQQHDXV
GHU+HL]SODWWHQHKPHQ
8PGLH.DQQHKHUDXVQHKPHQZDUWHQ6LHELWWHELVPLQGHVWHQV7DVVHQDEJHJHEHQVLQG
'LH.DIIHHDEJDEHVWRSSWDXWRPDWLVFKIU6HNXQGHQ8PGLH$EJDEHIRUW]XIKUHQGLH.DQQH
DXIGHU+HL]SODWWHVWHOOHQ
$FKWXQJ
9HUEUHQQXQJVJHIDKUEHLP.RQWDNWPLWGHPKHLHQ.DIIHHGHUDXVGHU$EJDEHWOOHDXVÀLHW
'LH.DQQHPXVVLQQHUKDOEYRQ6HNXQGHQQDFKGHPVLHKHUDXVJHQRPPHQZXUGHZLHGHU
DXIGHU+HL]SODWWHJHVWHOOWZHUGHQ
)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ
,VWGDV*HUlWHLQJHVFKDOWHWZLUGHVDEHUQLFKWJHEUDXFKWVRDNWLYLHUWVLFKQDFKFD0LQXWHQ
GLH)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ'LH)XQNWLRQVFKDOWHWGDV6WDQGE\0RGXVIUGDV
*HUlWHLQXQGDOOH+HL]IXQNWLRQHQDXV
'LH9RUEHUHLWXQJHLQHU]ZHLWHQ.DIIHHNDQQH
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV'HQ6WHFNHUDXVGHU6WURPVWHFNGRVH
]LHKHQ
$FKWXQJ
9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU'DPSIVSULW]HQ%HYRU6LHZLHGHU:DVVHULQ
GHQ7DQNIOOHQZDUWHQ6LHELWWHPLQGHVWHQV0LQXWHQ:DUWHQELVDOOHZDUPHQ7HLOHGHV
*HUlWVNKOVLQG
9RUGHP6WDUWGHV.DIIHHDEJDEHVWHOOHQ6LHELWWHVLFKHUGDVVLP7DQNDXVUHLFKHQG:DVVHU
YRUKDQGHQLVW:HQQGDV:DVVHUXQWHUGHPPLQLPDOHQ6WDQGLVWVROOPDQGLH.DIIHHDEJDEH
QLFKWVWDUWHQ
'HQ*HUlWHGHFNHO|IIQHQ'HU*ULIIGHV.DIIHH¿OWHUKHEHQ'HQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHU
KHUDXV]LHKHQ'LH.DIIHHUHVWHDXVGHP)LOWHUHQWIHUQHQ
'HQ)LOWHUKDOWHUDXVGHP*HUlWHQWIHUQHQ'LH.DQQHXQGGHQ)LOWHUKDOWHUPLWIULVFKHP:DVVHU
'HQ7DQNPLWIULVFKHP1DWXUZDVVHUELV]XPJHZQVFKWHQ)OOVWDQGDXIIOOHQ
'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ0
'HQ)LOWHUKDOWHULQVHLQHQ6LW]HLQVWHFNHQ$EE'HQ.DIIHH¿OWHULQGHQ)LOWHUKDOWHUHLQVHW]HQ
$EE'HQ.DIIHHLQGHQ)LOWHUKDOWHUGRVLHUHQ(LQH7DVVH.DIIHHHQWVSULFKWHLQHPJHVWULFKH
QHP(VVO|IIHO3XOYHUNDIIHH
'HQ'HFNHOVFKOLHHQ'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVWDUWHWGHQ.DIIHHDEJDEHYRUJDQJ
1h7=/,&+(5$76&+/b*(=85925%(5(,781*(,1(6*87(1.$))((
8PHLQHQJXWHQ.DIIHHYRU]XEHUHLWHQPXVVPDQGDV*HUlWVDXEHUKDOWHQ'LH5HLQLJXQJXQG
GLH(QWNDONXQJVROOHQUHJHOPlLJZLHLP$EVDW]5HLQLJXQJGHV*HUlWVHUIROJHQ
,PPHUIULVFKHV:DVVHUYHUZHQGHQ
0LW IHLQHU JHPDKOHQHQ .DIIHHVRUWHQ ZLUG HLQHQ UHLFKKDOWLJHUHQ .DIIHH YRUEHUHLWHW %HL HLQHU
'(
UHJHOPlLJHUHQ 0DKOYRUJDQJ EHQ|WLJW PDQ PHKU .DIIHH XP GDV JHZRKQWH *HVFKPDFN ]X
HUODQJHQGDVPDQQRUPDOHUZHLVHPLWIHLQHUJHPDKOHQHQ.DIIHHVRUWHQYRUEHUHLWHW
'LH .DIIHHSXOYHU IULVFK XQG WURFNHQ ODJHUQ 'LH DQJHEURFKHQHQ 3DFNXQJHQ LP .KOVFKUDQN
KHUPHWLVFKJHVFKORVVHQKDOWHQ
8PHLQHQRSWLPDOHQ*HVFKPDFN]XHUODQJHQLVWHVEHVVHUGHQ.DIIHHLQ%RKQHQ]XNDXIHQXQG
LKQGDQQYRUGHU9RUEHUHLWXQJ]XPDKOHQ
'HU HUZlUPWH .DIIHH KDW HLQ QLFKW RSWLPDOHV *HVFKPDFN 'HU .DIIHH KDW VHLQ EHVWHV *H
VFKPDFNJOHLFKQDFKGHU9RUEHUHLWXQJ
'DV9RUKDQGHQVHLQNOHLQHUHUgOWURSIHQDXIGHU.DIIHHÀlFKHLVWGHUYHUOlQJHUWHQ9HUZHQGXQJ
YRQJHEUDWHQHQ/|VXQJHQ]XUFN]XIKUHQ'LH5HLQLJXQJUHJHOPlLJGXUFKIKUHQ
3)/(*('(6*(5b7(6
'LHVHV*HUlWEHQ|WLJHLQHQLHGULJH:DUWXQJ(VHQWKlOWNHLQHYRP%HQXW]HUUHSDULHUEDUHQ7HLOH
-HGHU(LQJULIIGHUGDV$XVEDXHQYRQ*HUlWVWHLOHQEHQ|WLJWPXVVYRQHLQHPDXWRULVLHUWHQ6HUYLFH
&HQWHUGXUFKJHIKUWZHUGHQ
$FKWXQJ
%HLDOOHQQDFKVWHKHQGDXIJHIKUWHQ5HLQLJXQJVXQG3ÀHJHDUEHLWHQPXVVGDV*HUlWDXVJH
VFKDOWHWXQGGHU6WHFNHUDXVGHU6WHFNGRVHJH]RJHQVHLQ
$FKWXQJ
(LQHJXWH3ÀHJHXQGUHJHOPlLJH5HLQLJXQJODVVHQGDV*HUlWEHUHLQHQOlQJHUHQ=HLW
UDXPJXWIXQNWLRQLHUHQ'LH*HUlWHWHLOHQLFKWLQGHU6SOPDVFKLQHVSOHQ.HLQHQGLUHNWHQ
:DVVHUVWUDKOYHUZHQGHQ
$FKWXQJ
-HGHQ(LQJULIIVROODXIGHPNDOWHQ*HUlWDXVJHIKUWZHUGHQ
5HLQLJXQJGHV)LOWHUVXQGGHV)LOWHUKDOWHUV
1DFKMHGHU9HUZHQGXQJGHQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHUKHUDXV]LHKHQ'LH.DIIHHUHVWHDXV
GHP)LOWHUHQWIHUQHQ'HQ)LOWHUPLWIULVFKHP:DVVHUVSOHQ'HQ)LOWHUKDOWHUKHUDXV]LHKHQXQGLKQ
PLWZDUPHQ:DVVHUXQG6HLIHZDVFKHQ
5HLQLJXQJGHU.DUDIIH
$FKWXQJ
8PGLH.DQQHQLFKW]XEHVFKlGLJHQVLHPLW9RUVLFKWKHEHQ'LH.DQQHGDUIQLFKWJHJHQ
DQGHUH*HJHQVWlQGHVWRHQ(VEHVWHKWGLH*HIDKUGDVVGDV*ODVEULFKW:lKUHQGGDV
$XIIOOHQGHU.DQQHPLW:DVVHUQLFKWJHJHQGHQ:DVVHUKDKQVWRHQ
'LH.DQQHPLWZDUPHQ:DVVHUXQG6HLIHVSOHQ'HQ.DQQHQGHFNHOZDVFKHQ'DEHLGLH.DIIHH
UHVWHPLWHLQHU%UVWHQHQWIHUQHQ'LH.DQQHPLWHLQHUZHLFKHQXQGIHXFKWHQ/DSSHQUHLQLJHQ
XPGLH*ODVÀlFKHQLFKW]XEHVFKlGLJHQ.HLQH0HWDOOVFKZlPPHRGHUDQGHUHVFKHXHUQGHQ0LWWHO
YHUZHQGHQ
5HLQLJXQJGHV:DVVHUEHKlOWHUV
0DQHPS¿HKOWGDV,QQHUHGHV*HUlWHVPLWHLQHP6FKZDPPRGHUHLQHPZHLFKHQ7XFKUHJHOPlLJ
]XUHLQLJHQ
'(
5HLQLJXQJGHV*HUlWVN|USHUV
$FKWXQJ
'LHIHVWHQ7HLOHGHV*HUlWVPLWHLQHPIHXFKWHQQLFKWVFKHXHUQGHQ7XFKUHLQLJHQXPGDV
*HKlXVHQLFKW]XEHVFKlGLJHQ
6(/%675(,1,*81*
'DV*HUlWPLQGHVWHQVHLQPDOLP0RQDWUHLQLJHQ
:HQQ6LHHLQHQ:DVVHU¿OWHUVHSDUDWHUKlOWOLFKJHNDXIWKDEHQ]LHKHQ6LHLKQYRUGHPDXWRPDWL
VFKHQ5HLQLJXQJVYRUJDQJDXVGHP7DQNKHUDXV
'LH.DQQHPLWHLQHU/|VXQJDXV7DVVHQ:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ'HQ
7DQNPLWGHU/|VXQJIOOHQ
'HQ7DVVHQ3DSLHU¿OWHULQGHQ)LOWHUKDOWHUHLQVWHFNHQ'HQ'HFNHOVFKOLHHQ
'LH7DVWH02'(IQIPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQNHQ'LH7DVWH6(/]XU
%HVWlWLJXQJGUFNHQ
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWJLEWHLQHQ%HHSDXVXQGGHU6HOEVWUHLQLJXQJVYRUJDQJ
VWDUWHW(LQ7HLOGHU/|VXQJZLUGLQGLH.DQQHDEJHJHEHQZlKUHQGGHU5HVWLQGHQ*HUlWHNUHL
VHQIUFD0LQXWHQEOHLEWEHYRUVLHLQGLH.DQQHNRPSOHWWDXVÀLHW'HUJDQ]H6HOEVWUHLQL
JXQJVYRUJDQJGDXHUW0LQXWHQ6REDOGGHU6HOEVWUHLQLJXQJVYRUJDQJEHHQGHWLVWJLEWGDV
*HUlWHLQHQ%HHSKHUDXVXQGVFKDOWHWVLFKDXWRPDWLVFKDXV
'LH.DQQHPLWIULVFKHP:DVVHUVSOHQ
9RUGHU.DIIHHYRUEHUHLWXQJ.DQQHQPLWQXUIULVFKHQ1DWXUZDVVHUDEJHEHQ'LHVHQW
IHUQWHYHQWXHOOH:DVVHUXQG(VVLJUHVWHDXVGHP*HUlW
(17.$/.81*
*XWHXQGUHJHOPlLJH:DUWXQJVXQG5HLQLJXQJVHLQJULIIHVFKW]HQXQGHUKDOWHQGDV*HUlWIU
HLQHOlQJHUH=HLWZLUNVDPXQGVFKUlQNHQGDV5LVLNRYRQ.DONDEODJHUXQJHQVWDUNHLQ.RPPWWURW]
GHU:DUWXQJVXQG5HLQLJXQJVHLQJULIIHQDFKHLQHUJHZLVVHU=HLW]X%HWULHEVVW|UXQJHQLP)ROJH
YRQGHPKlX¿JHQ*HEUDXFKYRQKDUWHPXQGNDONKDOWLJHQ:DVVHUVRNDQQPDQGDV*HUlWHQWNDO
NHQXPGLH%HWULHEVVW|UXQJ]XEHVHLWLJHQ'D]XYHUZHQGHQ6LHDXVVFKOLHOLFKGDV=LWUXVVlXUH
(QWNDONXQJVPLWWHO12&$/YRQ$ULHWH'LHVHV3URGXNWLVWEHLGHQ7HFKQLVFKHQ6HUYLFHFHQWHUQYRQ
$ULHWHHUKlOWOLFK$ULHWHEHUQLPPWNHLQH9HUDQWZRUWXQJIU6FKDGHQDQGHQLQQHUHQ%HVWDQGWHLOHQ
GHU.DIIHHPDFKLQHGLHGXUFKGHQ*HEUDXFKYRQQLFKWNRQIRUPHQ3URGXNWHQZHJHQGDV9RUKDQ
GHQVHLQYRQFKHPLVFKHQ=XVDW]PLWWHOQYHUXUVDFKWZHUGHQ
'LH(QWNDONXQJHLQPDOLP0RQDWGXUFKIKUHQ:HQQGDV:DVVHUVHKUKDUWXQGNDONKDOWLJLVW
GLH5HLQLJXQJMHGHU]ZHL:RFKHQDXVIKUHQ
'LH.DQQHPLWHLQHU/|VXQJDXV7DVVH:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ
'HQ7DQNPLWGHU/|VXQJIOOHQ
'HQ$EJDEHYRUJDQJVWDUWHQXQGZDUWHQELVGLH.DQQHELV]XU+lOIWHJHIOOWLVW
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV
(VLVWQRUPDOGDVVEHLP:DUWHQDXIGHQ'DPSINOHLQH'DPSIVW|HDXVWUHWHQN|QQHQ
:HQQGDV:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ'DV
:DVVHU0LQXWHQDENKOHQODVVHQ
'(
'HQ7DQNPLWGHULQGHU.DQQHYRUKDQGHQHQ/|VXQJIOOHQ'HQ'HFNHOVFKOLHHQ'LH.DQQH
DXIGLH+HL]SODWWHVWHOOHQ
'HQ$EJDEHYRUJDQJQRFKPDOVVWDUWHQXQGZDUWHQELVGLH.DQQHNRPSOHWWJHIOOWLVW:HQQGDV
:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ
'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV
0LQXWHQZDUWHQXPGDV*HUlWDENKOHQ]XODVVHQ6WHOOHQ6LHELWWHVLFKHUGDVVGHU)LOWHULP
)LOWHUKDOWHUVWHFNW
'LH.DQQHPLWIULVFKHP1DWXUZDVVHUIOOHQXQGGHQ$EJDEHYRUJDQJZLHGHUKROHQXPGLHLQQH
UHQ*HUlWHNUHLVHQ]XVSOHQ$P(QGHGHV6SOYRUJDQJHVGLH.DIIHHWDVWH GUFNHQXP
GDV*HUlWDXV]XVFKDOWHQ'LH.DQQHDXVOHHUHQ
'LH.DQQHVSOHQGHQHQWIHUQEDUHQ)LOWHUKDOWHUXQGGHQ.DIIHH¿OWHUPLWZDUPHQ:DVVHUXQG
6HLIHZDVFKHQ$OOH7HLOHDEWURFNQHQ
:HQQGDV*HUlWNKOLVWGLH$XHQVHLWHQPLWHLQHPZHLFKHQ/DSSHQZLVFKHQ
'DV*HUlWDXIEHZDKUHQ
'HQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQ
'DV*HUlWLQHLQHUNKOHQXQGWURFNHQHQ6WHOOHDXIEHZDKUHQ
'DV*HUlWQLHLP6WDQGE\0RGXVPLWDQJHVFKORVVHQHQ6WURPVWHFNHUODVVHQ
$866(5%(75,(%6(7=81*
)UGLH$XHUEHWULHEVHW]XQJGDV*HUlWHOHNWULVFKDXVVFKDOWHQGHQ:DVVHUWDQNXQGGLH.DQQH
HQWOHHUHQ'LH5HLQLJXQJGHU7HLOHDXVIKUHQVLHKH$EVFKQLWW5HLQLJXQJGHV*HUlWV,P)DOOH
GHU9HUVFKURWWXQJVLQGGLHXQWHUVFKLHGOLFKHQIUGLH+HUVWHOOXQJGHV*HUlWHVYHUZHQGHWHQ6WRIIHQ
]XWUHQQHQXQGHQWVSUHFKHQGLKUHU=XVDPPHQVWHOOXQJXQGGHULQGHU9HUZHQGXQJVODQGJHOWHQGHQ
1RUPHQ]XHQWVRUJHQ
(6
$3523Ð6,72'((67(0$18$/
$XQTXHORVDSDUDWRVKD\DQVLGRUHDOL]DGRVVHJ~QODV1RUPDWLYDVHXURSHDVHVSHFL¿FDVYLJHQWHV
\HVWpQSRUORWDQWRSURWHJLGRVHQWRGDVODVSDUWHVSRWHQFLDOPHQWHSHOLJURVDVOHDQFRQDWHQFLyQ
HVWDVDGYHUWHQFLDV\XWLOLFHQHODSDUDWRVyORSDUDHOXVRDOTXHKDVLGRGHVWLQDGRSDUDHYLWDUDF
FLGHQWHV\GDxRV7HQHUVLHPSUHDODOFDQFHHVWHPDQXDOSDUDIXWXUDVFRQVXOWDV6LTXLHUHQFHGHU
HVWHDSDUDWRDRWUDVSHUVRQDVUHFXHUGHQLQFOXLUWDPELpQHVWDVLQVWUXFFLRQHV/DVLQIRUPDFLRQHV
FRQWHQLGDVHQHVWHPDQXDOHVWiQPDUFDGDVSRUORVVLJXLHQWHVVtPERORVTXHLQGLFDQ
3HOLJURSDUDORVQLxRV
3HOLJURGHELGRDHOHFWULFLGDG
3HOLJURGHGDxRVGHELGRVDRWUDVFDXVDV
$GYHUWHQFLDUHODWLYDDTXHPDGXUDV
$WHQFLyQ±GDxRVPDWHULDOHV 86235(9,672
6H SXHGH XWLOL]DU HO DSDUDWR SDUD SUHSDUDU HO FDIp (VWH DSDUDWR KD VLGR SUR\HFWDGR VROR SDUD
XQXVRSULYDGR\SRUORWDQWRVHGHEHFRQVLGHUDULQDGHFXDGRSDUDXQXVRFRPHUFLDORLQGXVWULDO
&XDOTXLHURWURWLSRGHXWLOL]DFLyQGHODSDUDWRQRHVWiSUHYLVWRSRUHO)DEULFDQWHTXHVHH[LPHGH
FXDOTXLHUUHVSRQVDELOLGDGSRUGDxRVGHWRGRWLSRRULJLQDGRVSRUXQXVRLQDSURSLDGRGHOPLVPR
DSDUDWR(OXVRLQDSURSLDGRDGHPiVDQXODWRGRWLSRGHJDUDQWtD
5,(6*265(67$17(6
/DVFDUDFWHUtVWLFDVGHFRQVWUXFFLyQGHODSDUDWRREMHWRGHHVWDSXEOLFDFLyQQRSHUPLWHQSURWHJHU
HOXVXDULRGHXQSRVLEOHFRQWDFWRFRQVDOSLFDGXUDVGHYDSRURGHDJXDFDOLHQWH
£$WHQFLyQ
3HOLJURGHTXHPDGXUDVSRUURFLDGRVRVDOSLFDGXUDVGHDJXDFDOLHQWHRFDIp1RDEUDODWDSD
GXUDQWHODHURJDFLyQGHOFDIp