7DEHOOHQYHU]HLFKQLV
<DE 4 XW]XQJ RQ RSLDO HGLD $QGHQGXQJHQ QDS5
$OWHU XQG *HVS5OHS5W LQ 'HXWVS5ODQG -LQ \
<DE 4 XW]XQJ RQ $XGLRZ XQG ]LGHRZ3RGSDVWV QDS5
$OWHU LQ 'HXWVS5ODQG -LQ \
$ENU]XQJVYHU]HLFKQLV
$EE
$EELOGXQJ
$XIO
$XIODJH
%G
%DQG
SD
SLUSD
HWS
HW SHWHUD
+UVJ
+HUDXVJHEHU
L G Y
LQ GHU YHJHO
D5U H
DN
DNLWHO
YY
YHDOOT LPNOH TQGLSDWLRQ
HLWH
V
VLH5H
VRJ
VR JHQDQQW
<DE
<DEHOOH
;Y
;QLIRUP YHVRXUSH RSDWRU
JO
HUJOHLS5H
]=
]HU]HLS5QLV
999
9RUOG 9LGH 9HE
] %
]XP %HLVNLHO
(LQOHLWXQJ
3UREOHPVWHOOXQJ
Ä:HU DXIK|UW EHVVHU ]X ZHUGHQ KDW DXIJHK|UW JXW ]X VHLQ³
3KLOLS 5RVHQWKDO
1
*U ;QWHUQH5PHQ XQG GHUHQ UIROJ VWHOOHQ GLH HLJHQHQ LWDUEHLWHU GLH GLS5WLJVWH YHVZ
VRXUSH GDU ;PVR GLS5WLJHU LVW HV³ *EHU DXVUHLS5HQG lXDOLIL]LHUWHV +XPDQNDNLWDO ]X
HUI*JHQ ,Q =HLWHQ GHV GHPRJUDILVS5HQ 9DQGHOV XQG GHP DQJHO DQ M+LJ5 3RWHQWLZ
DOV JHGLQQW GDV 3HUVRQDOPDUNHWLQJ PH5U XQG PH5U DQ %HGHXWXQJ
LW GHQ NODVVLVS5HQ
,QVWUXPHQWHQ³ GLH $Q]HLJHQ³ HVVHQ³ +RS5VS5XONRQWDNWHQ RGHU GHU ;QWHUQH5PHQV5RZ
PHNDJH HUVXS5W PDQ³ GLHVHQ 3UREOHPHQ HQWJHJHQ]XGLUNHQ
'RS5 VHLW HLQLJHU =HLW VWH5HQ GLH ;QWHUQH5PHQ RU HLQHU GHLWHUHQ +HUDXVIRUGHUXQJ4 GLH
*HQHUDWLRQ |³ PLW L5UHQ HU QGHUWHQ 9HUWHQ³ *HGR5Q5HLWHQ XQG $QVNU*S5HQ DQ GHQ
$UEHLWJHEHU³ 5 OW LQ]XJ LQ GDV %HUXIVOHEHQ XQG NDQQ RIWPDOV QLS5W PH5U PLW GHQ NODVZ
VLVS5HQ ,QVWUXPHQWHQ ]LHOJUXNNHQJHUHS5W DQJHVNURS5HQ GHUGHQ 'DV 3HUVRQDOPDUNHZ
WLQJ PXVV 5LHUEHL QHXH 9HJH JH5HQ 'LHVH VRJ M'LJLWDO DWL HV VLQG LP ,QWHUQHW ]XZ
5DXVH XQG JHVWDOWHQ GLHVHV DNWL PLW 'LH QWGLSNOXQJ GHV 999 ]XP M LWPDS5Z
9HE³ PLW VHLQHQ HUVS5LHGHQHQ RSLDO
HGLD $QGHQGXQJHQ³ PDS5W GLHV PPJOLS5
,QVEHVRQGHUH GLH hXQJH *HQHUDWLRQ NRPPXQL]LHUW³ DJLHUW XQG LQIRUPLHUW VLS5 LQ VR]LDOHQ
HW]GHUNHQ³ %ORJV RGHU DXI ]LGHRZ3RUWDOHQ *U GDV 3HUVRQDOPDUNHWLQJ EHGHXWHW HV³
VLS5 PLW GLHVHU QHXHQ QWGLSNOXQJ DXVHLQDQGHU ]X VHW]HQ XQG GLH =LHOJUXNNH GRUW DEZ
]X5ROHQ³ GR VLH VLS5 DXI5 OW4 LP RSLDO 9HE
=LHOVHW]XQJ XQG $XIEDX GHU $UEHLW
'LH RUOLHJHQGH $UEHLW EHVS5 IWLJW VLS5 PLW GHU %HGHXWXQJ GHV RSLDO 9HEV I*U GDV
3HUVRQDOPDUNHWLQJ 'DV =LHO EHVWH5W GDULQ³ 5HUDXV]XVWHOOHQ³ GHOS5H +HUDXVIRUGHUXQJHQ
GDV 3HUVRQDOPDUNHWLQJ ]X *EHUGLQGHQ 5DW³ GDUXP GLH NODVVLVS5HQ ,QVWUXPHQWH LQ GLHZ
VHP =XVDPPHQ5DQJ DQ L5UH *UHQ]HQ VWR[HQ NPQQHQ XQG GDUXP GDV RSLDO 9HE GDJHZ
+RPHNDJH GLUG PLW GHP %HJULII 9HEVLWH JOHLS5JHVHW]W
]JO ROE -
$\³
¶ JO HOVHU -
\³
II
999 GLUG VTQRQTP ]XP %HJULII ,QWHUQHW HUGHQGHW
]JO %HUQDXHU +HVVH DLSN S5PLW]³
II
1
JHQ DOV QHXHU 9HJ GLHQHQ NDQQ +LHU]X GHUGHQ GLH HLQ]HOQHQ RSLDO HGLD $QGHQZ
GXQJHQ GDUDXI DQDOTVLHUW³ DXI GHOS5H 9HLVH VLH LP 3HUVRQDOPDUNHWLQJ VLQQ ROO HLQJHZ
VHW]W GHUGHQ NPQQHQ XQG GHOS5H W UNHQ XQG S5G S5HQ VLS5 DXV L5QHQ HUJHEHQ
'DV HUVWH DNLWHO GLHQW GHU LQVWLPPXQJ DXI GDV <5HPD +LHUEHL GLUG DQ5DQG GHU
3UREOHPVWHOOXQJ³ =LHOVHW]XQJ XQG %HJULIIVDEJUHQ]XQJ HLQ JUREHU bEHUEOLSN *EHU GLH
GLVVHQVS5DIWOLS5H $UEHLW JHJHEHQ
'DV ]GHLWH DNLWHO EH5DQGHOW GLH *UXQGODJHQ GHV 3HUVRQDOPDUNHWLQJV
DS5GHP GLH
]HUIDVVHULQ LQ HLQHP NXU]HQ $EVS5QLWW DXI GLH %HGHXWXQJ GHVVHQ HLQJH5W³ GHUGHQ IROZ
JHQG GLH ]GHL +DXNW]LHOH GHV 3HUVRQDOPDUNHWLQJV 5HUDXVJHVWHOOW XQG GLH GLS5WLJVWHQ
-NODVVLVS5HQ\ ,QVWUXPHQWH Q 5HU HUO XWHUW³ PLW GHQHQ GLHVH =LHOH HUUHLS5W GHUGHQ VROOHQ
$QVS5OLH[HQG HUIROJW HLQH $QDOTVH GHU 3UREOHPH E]G +HUDXVIRUGHUXQJHQ³ PLW GHQHQ
GDV 3HUVRQDOPDUNHWLQJ VS5RQ 5HXWH XQG LQ =XNXQIW ]X N PNIHQ 5DEHQ GLUG4 GHU GHPRZ
JUDILVS5H 9DQGHO XQG GLH *HQHUDWLRQ |
'DV GULWWH DNLWHO EHVS5 IWLJW VLS5 PLW GHQ *UXQGODJHQ GHV RSLDO 9HEV
DS5GHP
]XQ S5VW GHU %HJULII Q 5HU GHILQLHUW XQG GLH %HGHXWXQJ GHV RSLDO 9HEV HUO XWHUW GLUG³
GLUG DQVS5OLH[HQG HLQH bEHUVLS5W *EHU GLH UHOH DQWHVWHQ RSLDO HGLD $QGHQGXQJHQ
JHJHEHQ³ GHOS5H WLHIHU JH5HQG EHOHXS5WHW GHUGHQ
,P LHUWHQ DNLWHO GLUG 5HUDXVJHVWHOOW³ LQGLHIHUQ GDV RSLDO 9HE GDV 3HUVRQDOPDUNHZ
WLQJ PLW VHLQHQ RSLDO HGLD $QGHQGXQJHQ XQWHUVW*W]HQ NDQQ +LHU]X GHUGHQ³ DXIEDXZ
HQG DXI DNLWHO ]GHL XQG GUHL³ GLH *U*QGH XQG GLH RWGHQGLJNHLW 5HUDXVJHVWHOOW³ GDZ
UXP GDV RSLDO 9HE HLQH GLS5WLJH YROOH LP 3HUVRQDOPDUNHWLQJ VNLHOW 'DQDS5 GHUGHQ
GLH LQVDW]PPJOLS5NHLWHQ GHU LQ DNLWHO GUHL RUJHVWHOOWHQ RSLDO HGLD ,QVWUXPHQWH
W5HRUHWLVS5 XQG DQ5DQG RQ %HLVNLHOHQ³ GLH VLH VS5RQ 5HXWH LQ GHU 3UDgLV EHL ;QWHUZ
QH5PHQ HLQJHVHW]W GHUGHQ³ DQDOTVLHUW $QVS5OLH[HQG GLVNXWLHUW GLH ]HUIDVVHULQ GLH
W UNHQ XQG 5DQSHQ VRGLH S5G S5HQ XQG YLVLNHQ GHV LQVDW]HV LQQHU5DOE GHV 3HUZ
VRQDOPDUNHWLQJV 'HQ $EVS5OXVV GHV LHUWHQ DNLWHOV ELOGHW HLQH
RPHQWDXIQD5PH³
LQGLHIHUQ RSLDO HGLD LQ GHU 3UDgLV LQ]XJ JH5DOWHQ 5DW
'DV I*QIWH DNLWHO VWHOOW GHQ S5OXVVWHLO GHU GLVVHQVS5DIWOLS5HQ $UEHLW GDU³ IDVVW GDV
$UEHLWVHUJHEQLV ]XVDPPHQ XQG JLEW HLQHQ NXU]HQ $XVEOLSN I*U GLH %HGHXWXQJ RQ RZ
SLDO HGLD LP 3HUVRQDOPDUNHWLQJ
2
+HJULIIVDEJUHQ]XQJ
'HU %HJULII 3HUVRQDOPDUNHWLQJ GLUG LQ GHU LWHUDWXU XQWHUVS5LHGOLS5 GHILQLHUW XQG GHLW
JHIDVVW %HL HLQHU VH5U HQJHQ LS5WGHLVH GLUG 3HUVRQDOPDUNHWLQJ GHU 3HUVRQDOEHVS5DIZ
IXQJ XQG 3HUVRQDOGHUEXQJ XQG VRPLW GHU UVS5OLH[XQJ GHV HgWHUQHQ $UEHLWVPDUNWHV
JOHLS5JHVHW]W 'DJHJHQ GLUG GDV 3HUVRQDOPDUNHWLQJ EHL HLQHU GHLWHQ DVVXQJ GHV %HJZ
ULIIV DOV HLQH PLWDUEHLWHUZ XQG DUEHLWVPDUNWRULHQWLHUWH 3HUVRQDONROLWLN HUVWDQGHQ XQG
GLHQW DOV ULHQWLHUXQJVUD5PHQ I*U IDVW DOOH XQNWLRQHQ LQ GHU 3HUVRQDOGLUWVS5DIW +LHUZ
EHL VWH5HQ GLH hHW]LJHQ LWDUEHLWHU GHV ;QWHUQH5PHQV³ DEHU DXS5 GLH ]XN*QIWLJHQ DXI
GHP HgWHUQHQ $UEHLWVPDUNW LP LWWHONXQNW
$XIJUXQG GHV HLQJHVS5U QNWHQ ;PIDQJV GLUG LQ GHU RUOLHJHQGHQ $UEHLW RQ HLQHU
HQJHQ LS5WGHLVH DXVJHJDQJHQ 'DPLW GHUGHQ DOOH D[QD5PHQ ]XU %LQGXQJ EHUHLWV
EHVWH5HQGHU LWDUEHLWHU DX[HU $S5W JHODVVHQ
RSLDO HGLD RGHU 9HE
Z LQ GHU LWHUDWXU JLEW HV LHOH XQWHUVS5LHGOLS5H %HJULIIH I*U
GDV MQHXH ,QWHUQHW³ hHGRS5 5DW VLS5 QRS5 NHLQH HLQGHXWLJH $EJUHQ]XQJ HUJHEHQ ,Q GHU
RUOLHJHQGHQ $UEHLW GHUGHQ GLHVH %HJULIIH DOOHUGLQJV XQWHUVS5LHGOLS5 EH5DQGHOW R
VWHOOW GDV 9HE
GHQ WHS5QRORJLVS5HQ RUWVS5ULWW GHV ,QWHUQHWV - RP 9HE
]XP
9HE
\ LQ GHQ ]RUGHUJUXQG³ GXUS5 GHQ RSLDO HGLD HUVW PPJOLS5 GLUG 'LHVHV RSLZ
DO 9HE JUHLIW DOVR GHQ MVR]LDOHQ $VNHNW DXI XQG PDS5W PLW +LOIH GHU HUVS5LHGHQHQ
RSLDO
HGLD ,QVWUXPHQWH - JO
DN
\ hHJOLS5H VR]LDOH ,QWHUDNWLRQ GLH ] % GLH
RPPXQLNDWLRQ RGHU GDV <HLOHQ RQ ,Q5DOWHQ IDVW XQEHJUHQ]W PPJOLS5
]JO %OHLV - == \³
=II
]JO GGG VRSLDOPHGLDNUR GH
3
7KHRULHQ GHV 3HUVRQDOPDUNHWLQJV
<LH +HGHXWXQJ XQG =LHOH GHV 3HUVRQDOPDUNHWLQJV
ÄFLPKW GLH :HOW 0DPKW GLHVH (HQVPKHQ
VRQGHUQ GLHVH (HQVPKHQ 0DPKHQ GLH :HOW³
+OIULHGH pDEO
1
'HU 3HUVRQDOPDUNHWLQJJHGDQNH HQWGLSNHOWH VLS5 LQ GHQ
HU D5UHQ DXV GHQ HLWLGHHQ
GHV NODVVLVS5HQ DUNHWLQJV XQG GHU $EVDW]GLUWVS5DIW DOV ROJH GHV lXDQWLWDWL HQ $UZ
EHLWVNU IWHPDQJHOV XQG JHGLQQW 5HXWH GXUS5 GLH GDS5VHQGHQ +HUDXVIRUGHUXQJHQ - JO
DN
\ PH5U XQG PH5U DQ %HGHXWXQJ 'HQQ GHU DNWRU HQVS5 VWH5W ]XQH5PHQG LP
LWWHONXQNW
'DV 3HUVRQDOPDUNHWLQJ EHVS5 IWLJW VLS5 PLW GHU UVS5OLH[XQJ GHV HgWHUQHQ³ EHVS5DIZ
IXQJVUHOH DQWHQ $UEHLWVPDUNWHV
$
'DEHL NPQQHQ ]GHL +DXNW]LHOH 5HUDXVJHVWHOOW GHUZ
GHQ
=XP LQHQ VROO PLW +LOIH GHV 3HUVRQDOPDUNHWLQJV HLQ NRVLWL HV $UEHLWJHEHULPDJH JHVZ
WDOWHW XQG NRPPXQL]LHUW GHUGHQ
=
'DV ;QWHUQH5PHQ VROO 5LHUEHL QDS5 DX[HQ 5LQ DWWUDNZ
WL XQG VWLPPLJ GDUJHVWHOOW GHUGHQ 'XUS5 GHQ $XIEDX HLQHU $UEHLWJHEHUPDUNH³ HLQHU
VRJ M PNORTHU %UDQG³ NDQQ VLS5 GDV ;QWHUQH5PHQ NURILOLHUHQ³ VLS5 DXI GHP DUNW
NRVLWL NRVLWLRQLHUHQ XQG GHQ %HGHUEHUQ LP *HG S5WQLV EOHLEHQ 'HQQ DUNHQ VWHOOHQ
HLQH ULHQWLHUXQJV5LOIH GDU XQG VS5DIIHQ ]HUWUDXHQ V LVW ]XGHP RQ ]RUWHLO³ GHQQ
GDV ;QWHUQH5PHQ VHLQH EHVRQGHUHQ RPNHWHQ]HQ 5HUDXVVWHOOW XQG VLS5 DXI GLHVH 9HLVH
PLWWHOV HLQHU M;QLlXH PNORTHU 3URNRVLWLRQ RP 9HWWEHGHUEHU GLIIHUHQ]LHUW +LHUEHL
NPQQHQ DXS5 GLH LQWHUQHQ LWDUEHLWHU DOV DUNHQERWVS5DIWHU IXQJLHUHQ
=XP $QGHUHQ EHVWH5W GDV ]GHLWH +DXNW]LHO GHV 3HUVRQDOPDUNHWLQJV LQ GHU *HGLQQXQJ
JHHLJQHWHU LWDUEHLWHU I*U GDV ;QWHUQH5PHQ +LHUEHL VROOHQ NRWHQ]LHOOH %HGHUEHU ]X
HLJHQHQ
LWDUEHLWHUQ JHPDS5W GHUGHQ 'DV 3HUVRQDOPDUNHWLQJ XQWHUVW*W]W VRPLW GLH
]JO ROE -
$\³
$
]JO 'UXPP -
$\³
=
=
]JO 'DQQH +HLGHUZ QDEH -
\³
]JO HOVHU -
\³
II
4
3HUVRQDOEHVS5DIIXQJ XQG HQWVS5HLGHW *EHU PPJOLS5H %HVS5DIIXQJVGHJH³ ZPD[QD5PHQ
XQG ZLQVWUXPHQWH
,QVWUXPHQWH GHV 3HUVRQDOPDUNHWLQJV
*UXQGODJH I*U GDV 3HUVRQDOPDUNHWLQJ LVW HV³ GLH JHG*QVS5WH =LHOJUXNNH DXI GHP $UZ
EHLWVPDUNW ]X GHILQLHUHQ 9HQQ GDV ;QWHUQH5PHQ VLS5 *EHU GLHVH XQG L5UH %HG*UIQLVVH
LP ODUHQ LVW³ NDQQ HV GLH JHHLJQHWVWHQ HGLHQ XQG D[QD5PHQ ]XU RPPXQLNDWLRQ
XQG $QVNUDS5H GHU UHOH DQWHQ HJPHQWH G 5OHQ 'HQQ³ GHVWR EHVVHU GLH ,QVWUXPHQWH
DXI GLH =LHOJUXNNH DEJHVWLPPW VLQG³ GHVWR H5HU NPQQHQ WUHX HUOXVWH HUPLHGHQ GHUZ
GHQ
*U GLH ;QWHUQH5PHQ JLEW HV GLH HUVS5LHGHQVWHQ HGLHQ³ GLH GDV 3HUVRQDOPDUNHWLQJ
XQWHUVW*W]HQ NPQQHQ $OV HWDEOLHUWH ,QVWUXPHQWH VLQG 5LHUEHL GLH DVVHQPHGLHQ ]X QHQZ
QHQ³ GREHL XQN XQG HUQVH5HQ DXIJUXQG L5UHU 5R5HQ RVWHQ LP *HJHQVDW] ]X GHQ
3ULQWPHGLHQ HLQH JHULQJHUH %HGHXWXQJ 5DEHQ WHOOHQZ³ ,PDJHZ XQG 3HUVRQDODQ]HLJHQ LQ
3ULQWPHGLHQ VWHOOWHQ ELV RU HLQLJHQ D5UHQ QRS5 GHQ EHGHXWHQGVWHQ HgWHUQHQ %HVS5DIZ
IXQJVGHJ GDU
LW GLHVHQ NPQQHQ ]GDU LHOH 3HUVRQHQ HUUHLS5W GHUGHQ³ DOOHUGLQJV HUZ
]HLS5QHW GDV HGLXP GDGXUS5 DXS5 5R5H WUHX HUOXVWH XQG GLUG HU5 OWQLVP [LJ NRVZ
WHQLQWHQVL
WHOOHQDQ]HLJHQ VNUHS5HQ 5LHUEHL LQ HUVWHU LQLH DNWL VXS5HQGH DQGLGDWHQ
DQ³ GLH ]X HLQHU %HGHUEXQJ EHGHJW GHUGHQ VROOHQ ,PDJHDQ]HLJHQ ]LHOHQ GDJHJHQ H5HU
DXI HLQH DQJ]HLWGLUNXQJ DE XQG VROOHQ GHQ $XIEDX GHU $UEHLWJHEHUPDUNH XQWHUVW*WZ
]HQ ,QVJHVDPW LVW GLH XW]XQJ GLHVHV RPPXQLNDWLRQVPLWWHO H5HU U*SNO XILJ³ GD HV
PH5U XQG PH5U GXUS5 GDV ,QWHUQHW HUGU QJW GLUG
'HV 9HLWHUHQ GLHQHQ +RS5VS5XONRQWDNWH XQG GDV +RS5VS5XOPDUNHWLQJ DOV GHLWHUH
PJOLS5NHLW ]XU UUHLS5XQJ NRWHQ]LHOOHU %HGHUEHU PLW DNDGHPLVS5HQ $EVS5O*VVHQ
+RS5VS5XOZ RGHU DOOJHPHLQH YHNUXWLHUXQJVPHVVHQ ELHWHQ HLQH JXWH *HOHJHQ5HLW³ PLW
GHU =LHOJUXNNH GLUHNW LQ GHQ 'LDORJ ]X WUHWHQ 'DV NHUVPQOLS5H *HVNU S5 GLUNW VH5U
DXW5HQWLVS5 XQG LVW HLQ HUIROJUHLS5HV $QVNUDS5HPLWWHO³ XP DXS5 3DVVL VXS5HQGH DXI
]JO HOVHU -
\³
I
]JO 'UXPP -
$\³
= II
]JO HOVHU -
\³
II
]JO HOVHU -
\³
= I
5
VLS5 DXIPHUNVDP ]X PDS5HQ $OOHUGLQJV LVW GDEHL GLH YHLS5GHLWH QLS5W VRQGHUOLS5
5RS5
'DQHEHQ NDQQ GDV $QJHERW RQ 3UDgLVHLQEOLSNHQ LQ GDV ;QWHUQH5PHQ DOV D[QD5PH
JHVH5HQ GHUGHQ³ XP IU*5]HLWLJ JHHLJQHWH DQGLGDWHQ I*U VLS5 ]X JHGLQQHQ +LHUEHL
ELHWHQ 3UDNWLNXPVNO W]H³ GLH %HWUHXXQJ GLVVHQVS5DIWOLS5HU $UEHLWHQ RGHU S5QXNNHUWDZ
JH LQWHUHVVDQWH PJOLS5NHLWHQ³ GLH DQGLGDWHQ NHQQHQ ]X OHUQHQ XQG *EHU VLS5 DOV ;QZ
WHUQH5PHQ ]X LQIRUPLHUHQ
'DQHEHQ NRPPHQ DOV GHLWHUH ,QVWUXPHQWH LP +RS5VS5XOPDUNHWLQJ ] % LQWHUQH DS5Z
RUWU JH³ ]HUJDEH RQ $XV]HLS5QXQJHQ RGHU gNXUVLRQHQ LQ %HWUDS5W
'DV ,QWHUQHW VWHOOW ]XU]HLW HLQHV GHU GLS5WLJVWHQ RPPXQLNDWLRQVLQVWUXPHQWH LP 3HUVRZ
QDOPDUNHWLQJ GDU XQG JHGLQQW DXS5 DOV ,QIRUPDWLRQVlXHOOH I*U ,QWHUHVVHQWHQ GHLWHU DQ
%HGHXWXQJ 'XUS5 GDV ZYHSUXLWLQJ EHVWH5W VS5RQ 5HXW]XWDJH GLH
PJOLS5NHLW³ GHQ
NRPNOHWWHQ YHNUXWLHUXQJVNUR]HVV³ RQ GHU 9HUEXQJ ELV 5LQ ]XP $VVHVVPHQW HQWHU³
RQOLQH GXUS5]XI*5UHQ
'LH ;QWHUQH5PHQ NPQQHQ VLS5 *EHU HUVS5LHGHQH 3ODWWIRUPHQ LP ,QWHUQHW NU VHQWLHUHQ
$OV NODVVLVS5H ,QVWUXPHQWH VLQG 5LHUEHL GLH RUNRUDWH +RPHNDJH XQG
QOLQHZ
WHOOHQEPUVHQ ]X QHQQHQ
'LH +RPHNDJH ELHWHW HLQH JXWH PJOLS5NHLW³ *EHU GDV ;QWHUQH5PHQ³ GLH 3HUVRQDOHQWZ
GLSNOXQJ RGHU DUULHUHPPJOLS5NHLWHQ ]X LQIRUPLHUHQ +LHUEHL EHVWH5W HLQ JUR[HU *HVZ
WDOWXQJVVNLHOUDXP³ XP VLS5 DXW5HQWLVS5 GDU]XVWHOOHQ
$XI REEPUVHQ³ GLH ] %
RQVWHU RGHU WHNVWRQH³ NPQQHQ ;QWHUQH5PHQ L5UH DNWXHOOHQ
WHOOHQDXVVS5UHLEXQJHQ HUPIIHQWOLS5HQ 'LHV LVW EHVRQGHUV I*U NOHLQH RGHU PLWWHOVW QZ
GLVS5H ;QWHUQH5PHQ LQWHUHVVDQW³ GHUHQ +RPHNDJH QLS5W DXWRPDWLVS5 RQ %HGHUEHUQ
DXIJHVXS5W GLUG
$
'LH ]RUWHLOH GHV ,QWHUQHWV OLHJHQ XQWHU DQGHUHP LQ GHU =HLWZ XQG RVWHQHUVNDUQLV³ GHU
O QJHUHQ ]HUI*JEDUNHLW GHU $QJHERWH³ GHU GHOWGHLWHQ YHLS5GHLWH XQG LQ GHP 5R5HQ
*HVWDOWXQJVVNLHOUDXP *U GLH ;QWHUQH5PHQ VWHOOHQ GDJHJHQ GLH QLS5W NRQWUROOLHUEDUHQ
LQIO*VVH GHV ,QWHUQHWV *HID5UHQ GDU
=
]JO %HUQDXHU +HVVH DLSN S5PLW] -
\³
$
]JO 'UXPP -
$\³
=$
]JO HOVHU -
\³
I
$
]JO HOVHU -
\³
II
=
]JO 'DQQH +HLGHUZ QDEH -
\³
I ¶ JO HOVHU -
\³
6
HLW HLQLJHU =HLW GLUG EHVRQGHUV DXI HLQH ,QWHUDNWLRQ PLW GHQ ,QWHUHVVHQWHQ GHUWJHOHJW
'DV ,QWHUQHW VWHOOW 5LHUI*U PLW VHLQHQ MQHXDUWLJHQ ,QVWUXPHQWHQ LQQHU5DOE GHV RSLDO
9HE HLQH LQWHUHVVDQWH PJOLS5NHLW GDU 'HQQ GLHVH RSLDO HGLD 'LHQVWH NPQQHQ DOV
GHLWHUH XQWHUVW*W]HQGH XQNWLRQ GLHQHQ - JO DN XQG \
ZHUDXVIRUGHUXQJHQ XQG *UHQ]HQ GHV 3HUVRQDOPDUNHWLQJV
<HPRJUDILVFKHU :DQGHO
,Q 'HXWVS5ODQG LVW HLQ VWDUNHU GHPRJUDILVS5HU 9DQGHO ]X HUNHQQHQ³ GHU GLH 3HUVRQDODUZ
EHLW RU HLQH +HUDXVIRUGHUXQJ VWHOOW
'LH LQGR5QHU]D5OHQ 'HXWVS5ODQGV VLQNHQ³ LP *HJHQVDW] ]XU 9HOWEH PONHUXQJ³ NRQWLZ
QXLHUOLS5 'LHV LVW XQWHU DQGHUHP DXI HLQH JHULQJH *HEXUWHQ]D5O ]XU*SN]XI*5UHQ R
GLUG GLH OWHUQJHQHUDWLRQ QXU QRS5 ]X ]GHL 'ULWWHO PLW LQGHUQ HUVHW]W 'LH GDQHEHQ
5R5H HEHQVHUGDUWXQJ GHU %H PONHUXQJ VRUJW I*U HLQ ;QJOHLS5JHGLS5W RQ XQJ XQG
$OW
$XS5 I*U GHQ $UEHLWVPDUNW 5DW GLHV RQVHlXHQ]HQ4 GDV 'XUS5VS5QLWWVDOWHU GHU $UEHLWZ
QH5PHU HU5P5W VLS5 XQG HV HQWVWH5W HLQ DQJHO DQ hXQJHP DS5GXS5V
=XGHP GHUGHQ LQ GHQ NRPPHQGHQ D5UHQ HUPH5UW 3HUVRQHQ PLW HLQHP +RS5VS5XODEZ
VS5OXVV³ EHGLQJW GXUS5 HLQH QDW*UOLS5H OXNWXDWLRQ³ GLH GHP YHQWHQHLQWULWW³ DXV GHP
UGHUEVOHEHQ DXVVS5HLGHQ³ GDV GHQ %HGDUI DQ hXQJHP $NDGHPLNHUQDS5GXS5V VWHLZ
JHUW
'D GLH ;QWHUQH5PHQ 5HXW]XWDJH HLQHQ VWDUNHQ =XGDS5V DQ GLVVHQVLQWHQVL HQ $XIJDZ
EHQ XQG < WLJNHLWHQ HU]HLS5QHQ³ GLUG GDV 3HUVRQDO DOV HQWVS5HLGHQGHU 9HWWEHGHUEVZ
IDNWRU LPPHU GLS5WLJHU ;P GHQ DOWHUVVWUXNWXUHOOHQ ]HUVS5LHEXQJHQ LQQHU5DOE GHV ;QZ
WHUQH5PHQV HQWJHJHQ]XGLUNHQ³ PXVV LP 3HUVRQDOPDUNHWLQJ XQG YHSUXLWLQJ HLQ EHVRQZ
GHUHV $XJHQPHUN DXI GLH =LHOJUXNNH GHU hXQJHQ DS5Z XQG *5UXQJVNU IWH JHOHJW GHUZ
GHQ
]JO 'UXPP -
$\³
=$¶ JO %HUQDXHU +HVVH DLSN S5PLW] -
\³
$
]JO HS5VOHU -
\³
I
]JO RNNHO 3O*QQHSNH -
=\³
]JO 3UH]HGRGVNT -
\³
=I
7
'LHVHU DPNI XP GLH EHVWHQ DS5GXS5VNU IWH GLUG RIWPDOV DOV M9DU IRU <DOHQWV EHZ
]HLS5QHW
*HQHUDWLRQ 1 DOV |LFKWLJH =LHOJUXSSH
'LH hXQJH *HQHUDWLRQ³ GLH hHW]W XQG LQ GHQ Q S5VWHQ D5UHQ LQV %HUXIVOHEHQ HLQVWHLJW³
GLUG DOV *HQHUDWLRQ | EH]HLS5QHW LH LVW GLH DS5IROJHJHQHUDWLRQ GHU %DETZ%RRPHU
XQG *HQHUDWLRQ
XQG VWHOOW GLH ]GLVS5HQ =$ XQG
JHERUHQHQ GDU³ GLH GLH WXZ
GHQWHQ³ $EVRO HQWHQ XQG |RXQJ 3URIHVVLRQDOV RQ 5HXWH XQG PRUJHQ VLQG
V LVW GLH HUVWH *HQHUDWLRQ³ GLH PLW GHQ QHXHQ <HS5QRORJLHQ³ GLH RPNXWHU³ +DQGT XQG
GHP ,QWHUQHW DXIJHGDS5VHQ LVW XQG I*U GLH GLHVH WHS5QRORJLVS5H $IILQLW W ]XP $OOWDJ
JH5PUW R GHL[ VLH GLH QHXHQ <HS5QRORJLHQ XQJH]GXQJHQ ]X QXW]HQ LH VXS5W XQG
NU*IW ,QIRUPDWLRQHQ³ NRPPXQL]LHUW XQG NIOHJW VR]LDOH RQWDNWH ]XQH5PHQG RQOLQH
=XGHP PPS5WH VLH ,Q5DOWH LP ,QWHUQHW QLS5W QXU RUJHJHEHQ EHNRPPHQ³ VRQGHUQ GLHVH
DNWL PLWJHVWDOWHQ
,Q ]GHL $Y' ='
WXGLHQ ]XU DVVHQNRPPXQLNDWLRQ XQG ]XU ,QWHUQHWQXW]XQJ EHVW Z
WLJW VLS5 GLHVHV %LOG +LHUQDS5 QXW]W QD5H]X
GHU $OWHUVJUXNNH GHU Z =Zh 5ULJHQ
]XPLQGHVW JHOHJHQWOLS5 GDV ,QWHUQHW
LW HLQHU <DJHVUHLS5GHLWH RQ *EHU
XQG HLZ
QHU GXUS5VS5QLWWOLS5HQ XW]XQJVGDXHU RQ
LQ <DJ OLHJW HV QXU NQDNN 5LQWHU GHP
HUQVH5HQ DXI GHP
3ODW] 'LH PHLVWH =HLW EULQJW GLH *HQHUDWLRQ | 5LHUEHL I*U GLH
RPPXQLNDWLRQ PLW DQGHUHQ ;VHUQ DXI =XGHP GLUG GHXWOLS5³ GDVV GDV ,QWHUQHW
GDQHEHQ ]X HLQHP *UR[WHLO I*U GLH %HVS5DIIXQJ RQ ,QIRUPDWLRQHQ hHJOLS5HU $UW GLHQW
- XS5PDVS5LQHQ³ DS5ULS5WHQGLHQVWH HWS \ $OV GULWWHU GHVHQWOLS5HU S5GHUNXQNW GLHQW
GDV ,QWHUQHW ]XU ;QWHU5DOWXQJ XQG ]XP UHLQHQ =HLW HUWUHLE - XUIHQ³ QOLQHZ NLHOH³ HWS \
'LH WUDGLWLRQHOOHQ 3ULQWPHGLHQ³ GLH <DJHV]HLWXQJHQ RGHU =HLWVS5ULIWHQ³ HUOLHUHQ GDJHZ
JHQ I*U GLH hXQJH =LHOJUXNNH PH5U XQG PH5U DQ %HGHXWXQJ
$XS5 LQ GHU %HUXIVGHOW 5DW GLH *HQHUDWLRQ | POOLJ DQGHUH $QVNU*S5H DQ HLQHQ RE³ DOV
GLH *HQHUDWLRQHQ RU L5U R QH5PHQ $EGHS5VOXQJ³ <HDPNXOWXU³ IODS5H +LHUDUS5LHQ³
IOHgLEOH $UEHLWV]HLWHQ XQG HLQH 9RUNZ LIHZ%DODQSH HLQHQ 5P5HUHQ WHOOHQGHUW HLQ³ DOV
]JO
LS5DHOV +DQGILHOGZ RQHV $gHOURG -
\³
II
RIWPDOV GHUGHQ VLH DXS5 LOOHQLDOV³ 'LJLWDO DWL HV JHQDQQW
]JO 3DUPHQW -
=\³
II
'
]JO DQ LPHUHQ YLGGHU -
\³
¶ JO GGG DUGZ]GIZRQOLQHVWXGLH GH -DXVJHG 5OWH UJHEQLVVH
GHU WXGLHQ LP $Q5DQJ ,\
8
]HUGLHQVWPPJOLS5NHLWHQ XQG VWHLOH DUULHUHGHJH
$
$X[HUGHP HUGDUWHW VLH RQ GHQ
;QWHUQH5PHQ HLQH RIIHQH XQG H5UOLS5H RPPXQLNDWLRQ XQG VS5QHOOH $QWGRUWHQ XQG
+DQGOXQJHQ
=
'D GLH $UEHLWQH5PHU GHU *HQHUDWLRQ | H5HU HPRWLRQDOH $VNHNWH GHV
$UEHLWJHEHUDQJHERWV VS5 W]HQ³ QH5PHQ GLH ;QWHUQH5PHQVNXOWXU XQG GDV ,PDJH GHU
$UEHLWJHEHUPDUNH HLQH LPPHU GLS5WLJHUH YROOH HLQ
$
]JO 5WWN4 NRH5OHUNRPPXQLNDWLRQ GH
=
]JO %HUQDXHU +HVVH DLSN S5PLW] -
\³
II
]JO 3DUPHQW -
=\³
9
*UXQGODJHQ GHV 6RFLDO :HEV
3ULQ]LSLHQ GHV 6RFLDO :HEV
Ä,DV \QWHUQHW LVW QXU HLQ p%SH³
*LOO DWHV
--1 L0 4DKU
-
'LHVHV =LWDW RQ %LOO *DWHV LVW 5HXWH PLW =
LOOLRQHQ ,QWHUQHWQXW]HUQ DOOHLQ LQ
'HXWVS5ODQG QLS5W PH5U WUDJEDU³ GHQQ HV 5DW VLS5 PLWWOHUGHLOH ]X HLQHP GHU GLS5WLJVWHQ
DVVHQPHGLHQ GHU %H PONHUXQJ HQWGLSNHOW XQG LVW NDXP PH5U GHJ]XGHQNHQ
LQ *UXQG I*U GLHVHQ %RRP LVW RU DOOHP GHU WHS5QLVS5H RUWVS5ULWW³ GHU VLS5 ROO]RJHQ
5DW R HUPPJOLS5HQ HV GLH 5HXWLJHQ Z ELW VZ' Z HLWXQJHQ³ PLW HLQHU 5R5HQ *HZ
VS5GLQGLJNHLW 'DWHQ³ GLH <HgWZ³ %LOGZ XQG ]LGHRGDWHLHQ³ LQ HLQHU 5R5HQ XDOLW W ]X
*EHUWUDJHQ 'DQHEHQ PDS5HQ GLH VRJHQDQQWHQ M ODWUDWHV GHU $QELHWHU GDV ,QWHUQHW
I*U GLH EUHLWH %H PONHUXQJ HUVS5GLQJOLS5
'HV 9HLWHUHQ HUEHVVHUWHQ HUVS5LHGHQH <HS5QRORJLHQ³ ] % $ $
³ GLH XW]HUZ
IUHXQGOLS5NHLW XQG PDS5HQ HV PPJOLS5³ GDVV GLH ;VHU HLQIDS5HU DP ,QWHUQHW WHLO5DEHQ
XQG HV DXS5 DNWL PLWJHVWDOWHQ NPQQHQ 'LHVH -WHS5QLVS5H\ 9DQGHOXQJ LP ,QWHUQHW GLUG
PLW GHP %HJULII GHV M9HE
EHVS5ULHEHQ 'HU ]HUOHJHU <LP \YHLOOT NU JWH GLHVHQ
PLW VHLQHP $UWLNHO M95DW LV 9HE
] LP D5U
³ LQ GHP HU GLH <HS5QLNHQ XQG
<UHQGV GHV QHXHQ 9HEV DXIJHJULIIHQ 5DW 'DULQ VWHOOWH HU HUVS5LHGHQH HUQNRPNHWHQZ
]HQ³ GLH ] % GDV 9HE DOV 3ODWWIRUP³ XW]XQJ NROOHNWL HU ,QWHOOLJHQ] RGHU HLQH HLQIDS5H
%HQXW]HUI*5UXQJ XQG $QGHQGHUIUHXQGOLS5NHLW 5HUDXV 'LHVH RQ L5P EHVS5ULHEHQHQ
LJHQVS5DIWHQ GHV 9HE
GLHQHQ VRPLW DOV WHS5QLVS5H *UXQGODJH I*U GDV RSLDO 9HE³
GHOS5HV RU DOOHP GDV VR]LDOH %H]LH5XQJVJHIOHS5W GHU XW]HU³ PLW L5UHQ VR]LDOHQ WUXNZ
WXUHQ XQG ,QWHUDNWLRQHQ³ LQ GHQ LWWHONXQNW VWHOOW =XVDPPHQIDVVHQG NDQQ GDV RSLDO
9HE GLH IROJW GHILQLHUW GHUGHQ4
]JO GGG DUGZ]GIZRQOLQHVWXGLH GH¶ V $Q5DQJ ,,
3DXVS5DOWDULIH I*U <HOHIRQZ XQG ,QWHUQHWGLHQVWH³ GLH XQDE5 QJLJ RQ GHU XW]XQJVGDXHU VLQG
]JO %HUQDXHU +HVVH DLSN S5PLW] -
\³
$ $ -$VTQS5URQRXV D D SULNW $QG
\ LVW HLQ 9HEVHU LSH I*U GTQDPLVS5H 9HEVHLWHQ³ GHU GHQ
XQPLWWHOEDUHQ $XVWDXVS5 XQG GLH 'DUVWHOOXQJ RQ <HLOHQ DXV 9HEVHLWHQ HUPPJOLS5W³ R5QH GDVV GLH JDQ]H
9HEVHLWH QHX JHODGHQ XQG DXIJHEDXW GHUGHQ PXVV¶ JO GGG LWGLVVHQ LQIR³ QOLQHOHgLNRQ³ XS5GRUW
$ $
]JO GGG RUHLOOT GH
10