44
,KU<DUYLN*R7DE7DEOHW3&YHUIJWEHUHLQLQWHJULHUWHV%OXHWRRWK0RGXOPLWGHP6LHHLQH9HUELQGXQJ
PLW%OXHWRRWKNRPSDWLEOHQ=XEHK|UJHUlWHQZLH0lXVHQ7DVWDWXUHQ/DXWVSUHFKHUQXQG.RSIK|UHUQ
KHUVWHOOHQN|QQHQ6FKLHEHQ6LHGLH7DVWHÄ2Q2II³Ä(LQ$XV³IUGHQ%OXHWRRWK0RGXVDXIÄ2Q³Ä(LQ³
XP%OXHWRRWK]XDNWLYLHUHQ
'DUDXIKLQEHJLQQW,KU<DUYLN*R7DE7DEOHW3&DXWRPDWLVFKPLWGHU6XFKHQDFK%OXHWRRWK*HUlWHQLQ
VHLQHUXQPLWWHOEDUHQ8PJHEXQJ6LHN|QQHQGLH6XFKHQDFK%OXHWRRWK*HUlWHQDXFKMHGHU]HLWPDQXHOO
DXVIKUHQLQGHP6LHREHQUHFKWVDXIGHP'LVSOD\Ä6HDUFKIRU'HYLFHV³Ä1DFK*HUlWHQVXFKHQ³
DQWLSSHQ*HJHEHQHQIDOOVPVVHQ6LHDXIGHQ=XEHK|UJHUlWHQPLWGHQHQ6LHHLQH%OXHWRRWK9HUELQGXQJ
KHUVWHOOHQP|FKWHQ]XYRUGHQÄSDLULQJPRGH³.RSSOXQJVPRGXVDNWLYLHUHQ(LQHHQWVSUHFKHQGH
$QOHLWXQJILQGHQ6LHLP%HQXW]HUKDQGEXFKGHVMHZHLOLJHQ=XEHK|UJHUlWV
$QVFKOLHHQGZHUGHQDOOHHUNDQQWHQ*HUlWHLQGHU/LVWHÄ$YDLODEOH'HYLFHV³Ä9HUIJEDUH*HUlWH³
DQJH]HLJW
.OLFNHQ6LHDXIGDVJHZQVFKWHHUNDQQWH%OXHWRRWK*HUlWXP,KUHQ<DUYLN*R7DE7DEOHW3&
GDPLW]XNRSSHOQ'DUDXIKLQ|IIQHWVLFKGDV)HQVWHUÄ%OXHWRRWKSDLULQJUHTXHVW³Ä%OXHWRRWK
.RSSOXQJVDQIRUGHUXQJ³
'LHPHLVWHQ%OXHWRRWK*HUlWHIUDJHQHLQHQ3,1&RGHDEEHYRUVLHGLH9HUELQGXQJKHUVWHOOHQ'LHVHU
&RGHODXWHWEOLFKHUZHLVHRGHU(LQHQP|JOLFKHUZHLVHDEZHLFKHQGHQ3,1&RGHHQWQHKPHQ
6LHELWWHGHP%HQXW]HUKDQGEXFKGHVEHWUHIIHQGHQ%OXHWRRWK=XEHK|UJHUlWV
:HQQ6LHGHQULFKWLJHQ3,1&RGHHLQJHJHEHQKDEHQGUFNHQ6LHÄ2.³Ä2.³
'DUDXIKLQVWDUWHW,KU<DUYLN*R7DE7DEOHW3&GHQ.RSSOXQJVYRUJDQJPLWGHPEHWUHIIHQGHQ%OXHWRRWK
*HUlWXQGVWHOOWLQQHUKDOEZHQLJHU6HNXQGHQGLH9HUELQGXQJGDPLWKHU6REDOGGLH9HUELQGXQJHUIROJUHLFK
KHUJHVWHOOWZXUGHHUVFKHLQWGLH0HOGXQJÄ&RQQHFWHG³Ä9HUEXQGHQ³XQWHUGHPEHWUHIIHQGHQ%OXHWRRWK
*HUlWLQGHU/LVWHÄ$YDLODEOH'HYLFHV³Ä9HUIJEDUH*HUlWH³
6LHN|QQHQDXFKPHKUHUH%OXHWRRWK*HUlWHJOHLFK]HLWLJ]%HLQH0DXVXQGHLQH
7DVWDWXUPLW,KUHP<DUYLN*R7DE7DEOHW3&YHUELQGHQ
DE
7$%(8.B46*B[PPLQGG