,QKDOWVYHU]HLFKQLV

$EELOGXQJVYHU]HLFKQLVV ,,, $ENU]XQJVYHU]HLFKQLV ,99 (LQIKUXQJJ 3UREOHPVWHOOXQJJ

=LHOVHW]XQJJXQGG$XIEDXXGHUU$UEHLW %DQNHQQDOVV8QWHUVXFKXQJVREMHNW 6WUXNWXUUGHVV%DQNHQV\VWHPVV =LHOVHW]XQJJXQGG$XVULFKWXQJJGHU%DQNHQJUXSSHQ $VSHNWHHGHUU%DQNVWHXHUXQJ (FRQRPLFF9DOXH$GGHGDOVV8QWHUVXFKXQJVPHWKRGLN .RQ]HSWLRQHOOHH*UXQGODJHQQGHVV(9$

'HILQLWLRQQXQGG%HUHFKQXQJJGHVV(9$$

,,

9HUNQSIXQJJGHU8QWHUVXFKXQJVWDWEHVWlQGH±±3UDNWLVFKH$QZHQGXQJJGHV (9$$.RQ]HSWHVVLQ%DQNHQ

%HVRQGHUKHLWHQQZHUWRULHQWLHUWHU% %DQNVWHXHUXQJ

$QZHQGXQJJGHVV(9$$LQQ%DQNHQQ

%HZHUWXQJJGHUU(LQVDW]P|JOLFKNHLWHQQ )D]LWWXQGG$XVEOLFNN /LWHUDWXUYHU]HLFKQLV

,,

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ+DQGOXQJVIHOGHUUGHUU*HVDPWEDQNVWHXHUXQJ

$EELOGXQJ%HUHFKQXQJGHVV123$7QDFKKGHPCILQDQFLQJDSSURDFKCC

$EELOGXQJ%HUHFKQXQJGHVV12$$QDFKKGHPCRSHUDWLQJDSSURDFKC

$EELOGXQJ(LQIOXVVJU|‰HQQGHVV:$&&&

$EELOGXQJ$FFRXQWLQJ0RGHOOYV(FRQRPLFF0RGHOO

$EELOGXQJ%HVRQGHUKHLWHQQGHUU3HUIRUPDQFHPHVVXQJXQGG6WHXHUXQJLQQ%DQNHQ

$EELOGXQJ8QWHUVFKLHGOLFKHH(UIDVVXQJGHUU.DSLWDONRVWHQ

$EELOGXQJ(9$$9HUJWXQJVV\VWHPYV7UDGLWLRQHOOHVV9HUJWXQJVV\VWHP

$EELOGXQJ(9$$DOVV%DVLVV]XUUHLQKHLWOLFKHQ$XVULFKWXQJXQGG:HUWVWHLJHUXQJJ

$EELOGXQJ%HVWLPPXQJVJU|‰HQQGHVV(9$$YRQQ*HVFKlIWVEHUHLFKHQ

,,,

$ENU]XQJVYHU]HLFKQLV

——

%%

%D)LQ %XQGHVDQVWDOWWIUU)LQDQ]GLHQVWOHLVWXQJVDXIVLFKW

&&

&$300

&)

&)52,, &DVKK)ORZZ5HWXUQQRQQ,QYHVWPHQW

&9$$ &DVKK9DOXHH$GGHG

F .DSLWDONRVWHQQ

''

'$; 'HXWVFKHUU$NWLHQLQGH[

'&)) 'LVFRXQWHGG&DVKK)ORZ

GK GDVVKHL‰WW

'=%DQN 'HXWVFKHH=HQWUDO*HQRVVHQVFKDIWVEDQN

((

(%,7

(((

(..

(33

(9$$ (FRQRPLFF9DOXHH$GGHG

EDQNVSH]LILVFKHUU(FRQRPLFF9DOXHH$GGHG (9$ %%

))

). )UHPGNDSLWDOO

**

*HQ*

*..

,,

,$6

,)56

,.%%

ULVLNRORVHU=LQV L U

,9

..

.): .UHGLWDQVWDOWWIUU:LHGHUDXIEDX

.:** *HVHW]EHUUGDVV.UHGLWZHVHQ

00

09$$ 0DUNHWW9DOXH$GGHG

11

12$

123$77

123$,7

55

5$52&&

52&((

52((

52,

525$&&

U ).

9HUP|JHQVUHQGLWH

88

XD XQWHUUDQGHUHP

8%% 8QWHUQHKPHQVZHUWWGHUU%DQNN

86*$$33 8QLWHGG6WDWHVV*HQHUDOO\$FFHSWHGG$FFRXQWLQJ3ULQFLSOHV

99

9D55 9DOXHHDWW5LVNN

YJO YHUJOHLFKH

::

:$&&& :HLJKWHGG$YHUDJH&RVWWRII&DSLWDOO

==

]% ]XPP%HLVSLHOO

99

(LQIKUXQJ

3UREOHPVWHOOXQJJ

.DXPPHLQQDQGHUHU:LUWVFKDIWVEHUHLFKKLQQ'HXWVFKODQGGVWHKWWYRUYHUJOHLFKEDUHQQ9HUlQGH UXQJHQQ ZLHH GHUU %DQNHQPDUNW 'DVV NODVVLVFKHH 8QLYHUVDOEDQNHQV\VWHPP LVWW HURGLHUWW XQGG QHXHH *HVFKlIWVPRGHOOH QHXHH $QELHWHU )XVLRQHQ VWUDWHJLVFKHH 1HXDXVULFKWXQJHQQ RGHUU GLHH)RNXVVLHUXQJDXII.HUQJHVFKlIWVIHOGHUU]HXJHQYRPP VWUDWHJLVFKHQQ8PEUXFKGHUUGLH JHVDPWHH%DQNHQODQGVFKDIWWLQQ'HXWVFKODQGGHUIDVVWKDW 'LHH(UO|VHHDXVVGHP3URYLVLRQV XQGG =LQVJHVFKlIWW VLQGG HLQJHEURFKHQ JOHLFK]HLWLJ VWHLJHQQ $EVFKUHLEXQJVEHGDUI VRZLH 5FNVWHOOXQJHQQIUQRWOHLGHQGGJHZRUGHQHH.UHGLWHHDXIJUXQGGGHUUGUDPDWLVFKK]XQHKPHQ GHQQ=DKOO YRQQ ,QVROYHQ]HQQGHXWOLFKKDQ'DUEHUUKLQDXVVGUFNHQQQHEHQQGHU(UWUDJVNULVH KRKHHXQGGZHLWHUUVWHLJHQGH.RVWHQQDXIIGDVV*HVFKlIWVHUJHEQLV'LHVVDOOHVVHUIROJWLQQHLQHPP %DQNHQPDUNW GHU DOVV CRYHUEDQNHGC JLOW 9HUOXVWHH LPP .DSLWDOPDUNWJHVFKlIWW KDEHQ VFKOLH‰OLFKKGLHH(UWUDJVNULVHHQRFKPDOVVYHUVFKlUIW

,P (UJHEQLVV IKUHQQ GLHVHH (IIHNWHH ]XX XQEHIULHGLJHQGHQQ .RVWHQ(UWUDJV5HODWLRQHQQ XQG

'LHHDNWXHOOH6LWXDWLRQQHUIRUGHUWWIUUMHGHVV%DQNLQVWLWXWVWHWVVHLQHQQWUDQVSDUHQWHQQ(LQEOLFNN LQQGLHH6WUXNWXUUXQGG+HUNXQIWWYRQQ(UJHEQLVXQGG5LVLNREHLWUlJHQQ]XXHUKDOWHQQXQGGGDUDXI DXIEDXHQGG0D‰QDKPHQQIUUGLHHVWUDWHJLVFKHH$XVULFKWXQJHLQHVV,QVWLWXWHVVVRZLHHGLHHRSH UDWLYHH6WHXHUXQJLPPWlJOLFKHQQ*HVFKlIWW]XXHUJUHLIHQ'LHVHPP=ZHFNNGLHQHQQGHUU$XIEDXX XQGGGLHH,PSOHPHQWLHUXQJJYRQQ6\VWHPHQQ]XU*HVDPW%DQNVWHXHUXQJ'HU$XIEDXXP IDVVHQGHUU6WHXHUXQJVV\VWHPHH]lKOWWIUU%DQNHQGHVKDOEE]XXGHQQGHU]HLWWJU|‰WHQQ+HUDXV IRUGHUXQJHQ 6LFKK ZHLWHU YHUVFKlUIHQGHUU :HWWEHZHUE ]XQHKPHQGHUU 0DUJHQGUXFNN XQGG VWHWLJ VWlUNHU UHJXOLHUHQGHVV $XIVLFKWVUHFKWW PDFKHQQ HLQHH HIIL]LHQWHH XQG HIIHNWLYHH %DQN VWHXHUXQJXQYHU]LFKWEDU)UU%HWVFKKVWHOOWWGLHHÄ,PSOHPHQWLHUXQJJHHLJQHWHUU,QVWUXPHQWHH ]XUU *HVDPWEDQNVWHXHUXQJ³ HLQHVV YRQQ PHKUHUHQQ *UXQGSUREOHPHQQ GDU GLHH ]ZLQJHQGG JHO|VWWZHUGHQQPVVHQXPGHQQ6WUXNWXUZDQGHOOLQGHUU)LQDQ]EUDQFKHHHUIROJUHLFKK]XXJH VWDOWHQ

9JO:HLQULFK-DFREVV6

9JO+DUPV6II

9JOGD]X5ROIHVV6IIVRZLHH.LUP‰HH6II

%HWVFK6

9RUUGLHVHPP+LQWHUJUXQGZHUGHQQVFKRQVHLWWGHQQHXQ]LJHU-DKUHQQQHXH,QVWUXPHQWHHGHU %DQNVWHXHUXQJ HQWZLFNHOWW XQGG LQQ GHUU 3UD[LVV DQJHZHQGHW 'LHH (UWUDJVRULHQWLHUXQJ DOVV .HUQHOHPHQWWGHUU%DQNVWHXHUXQJDXVGHQQHXQ]LJHUU-DKUHQQZLUGYRQQHLQHUUZHUWRULHQWLHU WHQQ%DQNVWHXHUXQJDEJHO|VW6LHHEHWUDFKWHWWLKUHUVHLWVV(UWUDJXQGG.DSLWDOOE]Z5LVLNRRDOV HLQHH(LQKHLW,QWHQWLRQQZHUWRULHQWLHUWHUU6WHXHUXQJVV\VWHPHLVWWGLHHHIIL]LHQWHH9HUZHQGXQJ GHVVHLQJHVHW]WHQQ(LJHQNDSLWDOV'HU.DSLWDOHLQVDW]VROOOVRRHUIROJHQGDVVV HLQQP|JOLFKVWW KRKHUU:HUWEHLWUDJHUUHLFKWHLQQ]XXKRKHVV5LVLNRRDEHUUYHUPLHGHQQZLUG 'HQQ .HUQQ DOOHU ZHUWRULHQWLHUWHQQ 6WHXHUXQJVV\VWHPHH ELOGHQQ ZHUWRULHQWLHUWH .HQQ]DKOHQ 6ROFKH .HQQ]DKOHQQ VLQG NDSLWDOPDUNWRULHQWLHUWH DPP 6KDUHKROGHUU 9DOXHH DXVJHULFKWHWH TXDQWLWDWLYHH%HXUWHLOXQJVJU|‰HQQGHUU*HVFKlIWVWlWLJNHLW,PP5DKPHQQHLQHUUZHUWRULHQWLHU WHQQ8QWHUQHKPHQVIKUXQJPHVVHQQVLHHXQWHUUH[SOL]LHUWHUU%HUFNVLFKWLJXQJGHUUJHVDPWHQQ .DSLWDONRVWHQQ )UHPG XQGG (LJHQNDSLWDO GHQ *HVDPWZHUWW HLQHU 8QWHUQHKPHQVV E]Z HLQHUU8QWHUQHKPHQVHLQKHLWGHQQ0DUNWZHUWWGHVV (LJHQNDSLWDOVVXQGGGHQQLQQ HLQHUU3HULRGHH JHVFKDIIHQHQQ:HUW

'LHHLQQGHUU3UD[LVVJlQJLJVWHQQZHUWRULHQWLHUWHQQ.HQQ]DKOHQQODVVHQQVLFKKLQQ&DVK)ORZZRUL HQWLHUWHH XQG HUJHEQLVRULHQWLHUWHH .DONOHH XQWHUWHLOHQ 3URPLQHQWHUU 9HUWUHWHUU GHV HUJHE QLVRULHQWLHUWHQQ.HQQ]DKOHQW\SVVLVWWGDVV.RQ]HSWWGHVV(FRQRPLFF9DOXHH$GGHGG(9$ (U HUIUHXWWVLFKKVHLWWJHUDXPHUU=HLWWVWHLJHQGHU3RSXODULWlW'LHVVVRZRKOOLQQGHUUWKHRUHWLVFKHQQ

'LHH]XQHKPHQGH%HOLHEWKHLWWGDUIDEHUUQLFKWWGDUEHUUKLQZHJWlXVFKHQGDVV5HVLGXDOJH ZLQQNRQ]HSWHH LPP $OOJHPHLQHQQ XQGG GDVV (9$$ .RQ]HSWW LPP 6SH]LHOOHQQ QLFKWW XQEHVHKHQ DXII%DQNHQQEHUIKUWWZHUGHQQN|QQHQ'LHVVHUJLEWVLFKKDXVVHLQLJHQQ%HVRQGHUKHLWHQQGHVV %DQNJHVFKlIWHV GXUFKK GLHH VLFKK GLHVHH %UDQFKHH YRQ DQGHUHQQ :LUWVFKDIWVVHNWRUHQQ XQWHU VFKHLGHWWXQGGLHHGD]XXIKUHQGDVVVGDVV(9$$.RQ]HSWWÄLPP%HUHLFKGHU,QGXVWULHHEHUHLWV ]XUU$QZHQGXQJNRPPWDOVV,QVWUXPHQWWGHVV:HUWPDQDJHPHQWVVYRQQ%DQNHQQELVKHUUDEHU NDXPP%HDFKWXQJJHIXQGHQQKDW³ 9RUUGLHVHPP+LQWHUJUXQGGOHJWWGLHVHH$UEHLW±±DXIEDXHQG DXIIGHPP%DVLVNRQ]HSWWGHVV(9$$$QVDW]HVV±LKUHQQ)RNXVVDXIIHLQHHhEHUWUDJXQJGHVV.RQ ]HSWHVVDXIIGHQQGHXWVFKHQQ%DQNHQVHNWRU'DEHLL VWHKHQQGLHH$QSDVVXQJVQRWZHQGLJNHLWHQQ

9JO/DQJJXWK6

(9$LVWWHLQYRQ6WHUQ6WHZDUW&RJHVFKW]WHVV0DUNHQ]HLFKHQ

9JOGD]X$PLQLPHKU6IIVRZLHH*UDQWW6II

9JOGD]XXQWHUUDQGHUHP.DXIIPDQQ*|W]HQEHUJHUU6II

6WHLQHU7HEURNH6

HLQHUVHLWVV XQGG GLH (LQVDW]P|JOLFKNHLWHQQ LQQ DXVJHZlKOWHQQ 7KHPHQEHUHLFKHQQ DQGHUVHLWVV LPP9RUGHUJUXQG

=LHOVHW]XQJJXQGG$XIEDXXGHUU$UEHLWW

=LHOO GLHVHUU $UEHLWW LVWW HV GLHH 0|JOLFKNHLWHQ DEHUU DXFKK *UHQ]HQQ GHVV (LQVDW]HVV GHV (FRQRPLFF9DOXHH$GGHGGLQQGHUU%DQNZLUWVFKDIWWDXI]X]HLJHQ 'DEHLLZHUGHQQLPP:HVHQWOLFKHQQIROJHQGHH+DXSW]LHOHHYHUIROJW x %HVFKUHLEXQJXQGG(UOlXWHUXQJGHVVGHXWVFKHQQ%DQNHQV\VWHPVVVRZLHHGHUUYRUKDQ GHQHQQ%DQNHQJUXSSHQ

x 'DUVWHOOXQJ GHUU JUXQGOHJHQGHQQ =LHOHH XQGG (UPLWWOXQJ GHVV (FRQRPLFF 9DOXHH $GGHG

x %HXUWHLOXQJ GHVV JUXQGVlW]OLFKHQQ +DQGOXQJVEHGDUIVV EHLL HLQHUU hEHUWUDJXQJ DXII GHQQ%DQNHQVHNWRU

x (UDUEHLWXQJHLQHUUEDQNVSH]LILVFKHQQ(UPLWWOXQJGHV(9$ x 'DUVWHOOXQJXQGG:HUWXQJJGHVV(9$$LQQDXVJHZlKOWHQQ$QZHQGXQJVIHOGHUQ

'LHH $UEHLWW VHOEVWW JOLHGHUW VLFKK XQWHUU %HUFNVLFKWLJXQJ GHUU DXIJHIKUWHQQ +DXSW]LHOHH LQ IROJHQGHUU:HLVH

,P HUVWHQ .DSLWHOO ZXUGH YRUDEE VFKRQ GLHH DNWXHOOHH 6LWXDWLRQQ GHU %DQNZLUWVFKDIWW EH VFKULHEHQQXQGGDXIIYRUKDQGHQHH3UREOHPHHKLQJHZLHVHQ'DUDQQVFKOLH‰WW VLFKKGLHH(UOlXWH UXQJGHUU9RUJHKHQVZHLVHDQ

'DVV ]ZHLWHH .DSLWHOO HQWKlOWW HLQHH XPIDVVHQGHH %HVFKUHLEXQJ GHUU 6WUXNWXUU GHVV GHXWVFKHQQ %DQNHQV\VWHPV HUJlQ]WW XPP GLHH =LHOVHW]XQJHQQ VRZLHH $XVULFKWXQJ GHUU HLQ]HOQHQQ %DQ NHQJUXSSHQ$EJHVFKORVVHQQZLUGGGLHVHVV.DSLWHOOGXUFKKGLHH(UOlXWHUXQJGHUUZHVHQWOLFKHQQ ,QKDOWHHXQGG+HUDXVIRUGHUXQJHQQHLQHUPRGHUQHQQZHUWRULHQWLHUWHQQ%DQNVWHXHUXQJ 'DVVVLFKKDQVFKOLH‰HQGHH.DSLWHOOEHVFKUHLEWWGDVV.RQ]HSWWGHVV(FRQRPLFF9DOXHH$GGHGGLQQ DOOJHPHLQHUU )RUP +LHUEHLL VWHKHQQ LQVEHVRQGHUHH GLHH %HUHFKQXQJVPHWKRGLNN VRZLHH HLQH (UOlXWHUXQJ GHUU HLQ]HOQHQQ .RPSRQHQWHQQ GLHVHUU .HQQ]DKOO LPP 0LWWHOSXQNW $EJHUXQGHWW ZLUGGGLHVHVV.DSLWHOOGXUFKKHLQHHNXU]HH%HVFKUHLEXQJGHUU(LQVDW]P|JOLFKNHLWHQQGHVV.RQ

]HSWHVV LQQ GHUU 3UD[LVV VRZLHH HLQQ =DKOHQEHLVSLHO ]XUU 9HUGHXWOLFKXQJ GHUU NRQ]HSWLRQHOOHQ 'DUVWHOOXQJ

'DVV YLHUWHH .DSLWHOO ELOGHW GHQQ .HUQQ GLHVHUU $UEHLW (VV EHVFKlIWLJW VLFKK PLWW GHUU $QZHQ GXQJGHVV(FRQRPLFF9DOXH$GGHGGLQQGHUU3UD[LVLQVEHVRQGHUHLPP%HUHLFKKGHUU%DQNZLUW VFKDIW $XII %DVLVV HLQHUU %HVFKUHLEXQJ GHUU %HVRQGHUKHLWHQQ GHUU .RQ]HSWEHUWUDJXQJ DXII GLHH%DQNZLUWVFKDIWWVRZLHHHLQHUU(UOlXWHUXQJGHUUGDUDXVVUHVXOWLHUHQGHQQQRWZHQGLJHQQ$Q SDVVXQJHQQHUIROJWGLHH(UPLWWOXQJHLQHVVEDQNVSH]LILVFKHQQ(9$'DUDXIIDXIEDXHQGGZHU GHQQLPP$QVFKOXVVVGLHHYLHUU$QZHQGXQJVIRUPHQQGHVV(FRQRPLFF9DOXHH$GGHGGEHLL%DQNHQQ DXIJH]HLJW

(LQHHNULWLVFKHH'LVNXVVLRQQGHVV(FRQRPLFF9DOXHH$GGHGHLQHH=XVDPPHQIDVVXQJGHUUGDU JHVWHOOWHQQ$XVVDJHQQVRZLHHHLQQ$XVEOLFNDXIIGLHH=XNXQIWVIlKLJNHLWWGLHVHV.RQ]HSWHVVLP %HUHLFKKGHUU%DQNZLUWVFKDIWWELOGHQQGDVV6FKOXVVNDSLWHOOGLHVHUU$UEHLW 8PPVLHHDXFKKGXUFKKHLQHQSUDNWLVFKHQQ%H]XJDE]XUXQGHQZLUGGGLHHWKHRUHWLVFKHH'DUVWHO OXQJDQQDXVJHZlKOWHQQ7H[WVWHOOHQQXPP(UJHEQLVVHHDXVVHLQHPPSHUV|QOLFKHQQ*HVSUlFKKPLW HLQHPP9HUWUHWHUUGHUU'=%DQNN]XPP(LQVDW]]YRQ(9$$LQQGLHVHPP,QVWLWXWWHUJlQ]W

%DQNHQDOVV8QWHUVXFKXQJVREMHNW

'DVV(UIDKUXQJVREMHNWW%DQNNOlVVWWVLFKKDXVVPHKUHUHQQ3HUVSHNWLYHQQEHWUDFKWHQ,QGHUU/L WHUDWXUUNRPPWWHVV]XXHLQHUU8QWHUVFKHLGXQJ]ZLVFKHQQHLQHUUIRUPDOMXULVWLVFKHQQDXIVLFKWV UHFKWOLFKHQ XQGG HLQHUU |NRQRPLVFKRULHQWLHUWHQQ %HWUDFKWXQJVZHLVH ,PP 5DKPHQQ GHU

$EV.:**MHGRFKKQLFKWWYRQQ%DQNHQVRQGHUQQYRQQ.UHGLWLQVWLWXWHQGHILQLHUWWGLHVHHDOVV 8QWHUQHKPHQGLHH%DQNJHVFKlIWHH±±HLQHVVRGHUUPHKUHUH±JHZHUEVPl‰LJEHWUHLEHQ XQGG EHVFKUHLEWW%DQNJHVFKlIWHGXUFKK$XI]lKOXQJNRQVWLWXLHUHQGHUU(OHPHQWH ,P|NRQRPLVFKRULHQWLHUWHQQ.RQWH[WZHUGHQQ%DQNHQQLPP5DKPHQQHLQHUUVRUWLPHQWVRULHQ WLHUWHQQ $EJUHQ]XQJ DOVV $QELHWHUU YRQ 'LHQVWOHLVWXQJHQ NODVVLIL]LHUW 'LHH EDQNVHLWLJ DQ JHERWHQHQQ'LHQVWOHLVWXQJHQQXPIDVVHQQGDEHLL*HOGXQGG.DSLWDODQODJHQ)LQDQ]LHUXQJHQ =DKOXQJVDEZLFNOXQJHQQVRZLHHVRQVWLJHH/HLVWXQJHQQZLHH]%%HUDWXQJ9HUPLWWOXQJXQG 9HUZDOWXQJ'DGLHVHH%HJULIIVEHVWLPPXQJGLHH%DQNHQQDOVV$QELHWHUYRQQ'LHQVWOHLVWXQ

9JO%VFKJHQ%|UQHUU6II

6LHKHHGD]X††.:*

JHQQGHILQLHUWMHGRFKKDXIJUXQGVlW]OLFKHH.ULWLNNVW|‰W NRPPWHVVLQQGHUU/LWHUDWXUU]XXHL QHUU$ENHKUYRQQGLHVHUU6LFKWZHLVHHKLQQ]XXHLQHUIXQNWLRQVRULHQWLHUWHQQ%HWUDFKWXQJ+LHU EHLL ZHUGHQQ %DQNHQQ DOVV )LQDQ]LQWHUPHGLlUHH EHVFKULHEHQ GLHH VLFKK DOVV HIIL]LHQWHH 7UDQV IRUPDWLRQVHLQULFKWXQJHQQÄLQQHLQHUU$UWW0LWWOHUIXQNWLRQQ]ZLVFKHQQGLHHGLYHUJLHUHQGHQQ.D SLWDODQJHERWVVWUXNWXUHQQ VRZLHH .DSLWDOQDFKIUDJHVWUXNWXUHQQ VFKDOWHQ³ 'LHVHH 0LWWOHU IXQNWLRQQHUIROJWDXIGHQQ(EHQHQQGHUU,QIRUPDWLRQV/LTXLGLWlWVVRZLHH5LVLNRWUDQVIRUPD WLRQ $XIIGHU*UXQGODJHHGLHVHUU'HILQLWLRQHQQEHIDVVWWVLFKKGDVV.DSLWHOOLPP:HLWHUHQPLW GHUU6WUXNWXUUGHVVGHXWVFKHQQ%DQNHQV\VWHPVVVRZLHHGHQQ&KDUDNWHULVWLNDDXQGG=LHOVHW]XQJHQ GHUUHLQ]HOQHQQ%DQNHQJUXSSHQ

6WUXNWXUUGHVV%DQNHQV\VWHPVV

'DVV GHXWVFKHH %DQNHQV\VWHPP LVWW ]ZHLVWXILJ DXIJHEDXWW XQGG VXEVXPLHUWW GLHH 'HXWVFKHH %XQGHVEDQNN VRZLHH GDVV 6\VWHPP GHUU *HVFKlIWVEDQNHQ GDVV VLFKK DXVV HLQHUU 9LHO]DKOO YRQ XQWHUVFKLHGOLFKHQQ XQGG UHFKWOLFKK VHOEVWVWlQGLJHQQ %DQNHQQ ]XVDPPHQVHW]W 'LHH GHXWVFKHH %XQGHVEDQNZHOFKHHJHPl‰‰††.:**NHLQQ.UHGLWLQVWLWXWGDUVWHOOW IXQJLHUWWLQQGLHVHPP =XVDPPHQKDQJDOVV=HQWUDOEDQNNIUGLH%XQGHVUHSXEOLNN'HXWVFKODQG%DQNNGHUU%DQNHQ VRZLHHDOVV:lKUXQJVEDQNPLWWGHPP=LHOGHUU6LFKHUXQJGHUUQDWLRQDOHQQ:lKUXQJ 'LHHZHVHQWOLFKH*UXQGODJHHGHUU*HVFKlIWVEDQNHQQLQGHUU%XQGHVUHSXEOLNN'HXWVFKODQGGLVWW GDVV*HVHW]EHUGDVV.UHGLWZHVHQQ.:*GDVVVLQ†.:**GHQQ%HJULIIIGHUU.UHGLWLQVWL WXWHHÄDOVV8QWHUQHKPHQ³GHILQLHUWÄGLHH%DQNJHVFKlIWHHEHWUHLEHQZREHLLGHUU8PIDQJGLH VHUU *HVFKlIWHH HLQHQQ LQQ NDXIPlQQLVFKHUU :HLVHH HLQJHULFKWHWHQ *HVFKlIWVEHWULHEE HUIRU GHUW³ 0LWWLKQHQQKDWWHVVGLHH$UEHLWEHLLGHUUZHLWHUHQQ%HWUDFKWXQJ]XXWXQ 'DVV6\VWHPPGHUU*HVFKlIWVEDQNHQQEDVLHUWWDXII]ZHL6lXOHQGHQQ8QLYHUVDOEDQNHQQXQGGGHQQ 6SH]LDOEDQNHQ 1DFKK † .:** VWHOOHQQ VLHH .UHGLWLQVWLWXWHH GDU 'DQHEHQQ H[LVWLHUHQQ DOV CGULWWHH6lXOHC8QWHUQHKPHQQPLWWEDQNQDKHUU*HVFKlIWVWlWLJNHLW1DFKK†.:**VLQGGVLH DEHUUNHLQHH.UHGLWLQVWLWXWH

'DLQQGHUU%XQGHVUHSXEOLNN'HXWVFKODQGGDNWXHOOOHLQHH'RPLQDQ]]GHUU8QLYHUVDOEDQNHQQEH VWHKWVSULFKWWPDQQLQQGLHVHPP=XVDPPHQKDQJJKlXILJYRQHLQHPP8QLYHUVDOEDQNHQV\VWHP

6LHKHHGD]X%VFKJHQ%|UQHUU6II

%VFKJHQ%|UQHUU6

=XUU9HUWLHIXQJGLHVHV6DFKYHUKDOWVYJO%VFKJHQ%|UQHUU6

9JO'DYLGVRQ6

^%HWJHH6

$OVV 8QLYHUVDOEDQN ZLUG LQQ GLHVHPP =XVDPPHQKDQJ HLQQ )LQDQ]LQWHUPHGLlUU EH]HLFKQHW GHUU JUXQGVlW]OLFKK VlPWOLFKH LPP .UHGLWZHVHQJHVHW] IHVWJHVFKULHEHQHQQ %DQNOHLVWXQJHQ DQELHWHWW XQGG GDUEHUU KLQDXVV DXFK $QVSUHFKSDUWQHUU IUU /HLVWXQJHQ LVW GLHH WUDGLWLRQHOO QLFKWW]XXGHQQ%DQNOHLVWXQJHQQ]lKOHQQZLHHGLHH9HUVLFKHUXQJVOHLVWXQJHQQRGHUUGLHH%HUHLWVWHO OXQJYRQQ(LJHQNDSLWDOODXVGHPP1LFKWEDQNHQVHNWRU $OVV%HLVSLHOHHKLHUIUJHOWHQQQHEHQQ 6SDUNDVVHQQXQG*HQRVVHQVFKDIWVEDQNHQQYRUDOOHPPGLHHSULYDWZLUWVFKDIWOLFKKRUJDQLVLHUWHQQ .UHGLWEDQNHQ

$OVV *HJHQEHJULII ]XPP 8QLYHUVDOEDQNHQV\VWHP LVWW GDVV 7UHQQEDQNHQV\VWHPP ]XX QHQQHQ ZHOFKHVV DNWXHOOO LQQ GHQQ DQJHOVlFKVLVFKHQ /lQGHUQ VRZLHH GHQQ 86$$ YRUKHUUVFKHQGG LVW 'LHVHVV %DQNHQV\VWHPP XQWHUVFKHLGHWW ]ZLVFKHQ &RPPHUFLDOO %DQNLQJ XQGG ,QYHVWPHQW %DQNLQJ %DQNHQQVSH]LDOLVLHUHQVLFKKGHPQDFKKDXI&RPPHUFLDOORGHUU,QYHVWPHQWW%DQ NLQJ(LQHH9HUPLVFKXQJLVWWQLFKWWJHVWDWWHW

'LHH CGULWWHH 6lXOHC VWHOOHQ GLHH 8QWHUQHKPHQQ PLWW EDQNQDKHUU *HVFKlIWVWlWLJNHLWW GDU +LH UXQWHUU IDOOHQQ ]% 9HUVLFKHUXQJHQ RGHU /HDVLQJJHVHOOVFKDIWHQ GLH QLFKWW UHFKWOLFK DEHU

'LHHOHW]WHQQ-DKUHEHVRQGHUVVGLHH.ULVHQQGHUMQJVWHQQ9HUJDQJHQKHLWWLPP$XVODQGGKDEHQQ JH]HLJWGDVVVGLHHGUHLL6lXOHQQGHVVGHXWVFKHQQ%DQNHQV\VWHPVVLKUHH%HUHFKWLJXQJXQGGLKUHQQ IHVWHQQ 3ODW]] LQQ GHU GHXWVFKHQQ .UHGLWZLUWVFKDIWW KDEHQQ XQGG GDVVV GXUFK GLHVHQQ 'UHLNODQJ HLQQVWDELOHVV%DQNHQV\VWHPPHQWVWDQGHQQLVW

=LHOVHW]XQJJXQGG$XVULFKWXQJJGHUU%DQNHQJUXSSHQQ

$XIIGHUU%DVLVVGHUULQQ.DSLWHOOEHVFKULHEHQHQQ6WUXNWXUUGHVV%DQNHQV\VWHPVZHUGHQQQXQQ EHVWLPPWHH FKDUDNWHULVWLVFKHH 0HUNPDOHH GHUU HLQ]HOQHQQ %DQNHQJUXSSHQQ DXIJH]HLJW 'LHH *UXSSHH GHUU 8QLYHUVDOEDQNHQQ OlVVWW VLFKK KLQVLFKWOLFKK LKUHUU EHWULHEVZLUWVFKDIWOLFKHQQ =LHO VHW]XQJ LQQ JHPHLQZLUWVFKDIWOLFKHH 6SDUNDVVHQ JHQRVVHQVFKDIWOLFKH *HQRVVHQVFKDIWV EDQNHQXQGGHUZHUEVZLUWVFKDIWOLFKHH3ULYDWXQGG*HVFKlIWVEDQNHQ%DQNHQQXQWHUWHLOHQ (LQHHDQGHUH6\VWHPDWLVLHUXQJVP|JOLFKNHLWWEHVWHKWLQQGHUU8QWHUVFKHLGXQJQDFKKGHPPJH RJUDSKLVFKHQQ *HVFKlIWVIHOGG VRZLHH GHUU 5HFKWVIRUP 6LHH IKUW HEHQIDOOVV ]XX GHQQ GUHLL JH QDQQWHQQ%DQNHQJUXSSHQ

9JO+DUWPDQQ:HQGHOV3ILQJVWHQ:HEHUU6

9JO6FKPHLVVHU*HL‰OHU6FKW]]6

=X HLQHUU JHQDXHUHQQ 8QWHUVXFKXQJ GHUU YHUVFKLHGHQHQ $XVSUlJXQJVIRUPHQ GLHVHUU 8QWHUQHKPHQVIRUP

VLHKHH%VFKJHQ%|UQHUU6II

'LHH 3ULYDW E]Z .UHGLWEDQNHQQ YHUIROJHQQ HLQHH HUZHUEVZLUWVFKDIWOLFKHH =LHOULFKWXQJ XQGG VLQGG YRUU DOOHPP GXUFKK LKUHH 5HFKWVSHUV|QOLFKNHLWW JHNHQQ]HLFKQHW 1DFKK GHQQ $XVSUlJXQ JHQQ(LQ]HONDXIPDQQ3HUVRQHQJHVHOOVFKDIWHQQXQGG.DSLWDOJHVHOOVFKDIWHQQODVVHQQVLFKKYLHUU YHUVFKLHGHQHH8QWHUJUXSSHQQEHVWLPPHQGLHH*UR‰EDQNHQGLHH5HJLRQDOEDQNHQGLHHVRQV WLJHQQ .UHGLWEDQNHQQ VRZLHH GLHH =ZHLJVWHOOHQQ DXVOlQGLVFKHUU %DQNHQ 6LHH YHUIROJHQQ HLQHH 6WUDWHJLHGHUUGDXHUKDIWHQXQGGVWHWLJHQQ*HZLQQHU]LHOXQJ$UW0HQJHXQGG=HLWSXQNWWGHUU LPP0DUNWWDE]XVHW]HQGHQQ3URGXNWHHKDEHQQQXUU0LWWHOFKDUDNWHU

'LHH ]ZHLWHH *UXSSHH GHUU 8QLYHUVDOEDQNHQQ ELOGHQQ GLHH 6SDUNDVVHQ &KDUDNWHULVWLVFKK IU GLHVHH%DQNHQJUXSSHHLVWWGDVV*HPHLQQW]LJNHLWVSULQ]LS6LHHVLQGGDQQGHUU/HLWPD[LPHHGHVV |IIHQWOLFKHQQ $XIWUDJVV DXVJHULFKWHWW XQGG EHJUQGHQQ LKUHH ([LVWHQ]] DXII GHPP 3ULQ]LS GHU VWDDWOLFKHQQ 'DVHLQVYRUVRUJH 'LHH *HVFKlIWVWlWLJNHLWW GLHVHUU .UHGLWLQVWLWXWHH LVWW DXII GLH )|UGHUXQJ GHVV 6SDUVLQQV GK HLQHH VLFKHUH *HOGDQODJHH VRZLHH GLHH 9HUP|JHQVELOGXQJ EUHLWHUU %HY|ONHUXQJVJUXSSHQQ DXVJHULFKWHW %HLL GLHVHQQ %DQNHQQ NRPPWW HVV DOVRR ]XX HLQHUU 'RPLQDQ]] GHUU *HPHLQQW]LJNHLWW JHJHQEHUU GHU *HZLQQPD[LPLHUXQJ %DQNJHVFKlIWH VROOHQQQXUGLHHHQWVWHKHQGHQQ.RVWHQQGHFNHQDOVRRNHLQHH*HZLQQPD[LPLHUXQJDQVWUHEHQ *HJHQEHUUGHQ3ULYDWXQGG.UHGLWEDQNHQXQWHUVFKHLGHWWVLFKKGLHVHUU%DQNHQW\SXVVQHEHQQ VHLQHUUVWUDWHJLVFKHQQ$XVULFKWXQJYRUDOOHPPGXUFKKVHLQHHEHVRQGHUHQ+DIWXQJVYHUKlOWQLV VHHVRZLHHGLHH%HVFKDIIXQJJGHVVQDFKK.:**HUIRUGHUOLFKHQQ(LJHQNDSLWDOV *HQRVVHQVFKDIWVEDQNHQQVWHOOHQQGLHHGULWWHH*UXSSHHGHUU8QLYHUVDOEDQNHQQGDU'LHHJHQHUHOOHH $XIJDEHH GLHVHUU %DQNHQJUXSSHH EHVWHKWW QDFKK † *HQ** LQQ GHUU )|UGHUXQJ GHVV (UZHUEV RGHUUGHU:LUWVFKDIWWLKUHU0LWJOLHGHU6LHHVLQGG GDPLWW IRUPDOOGHPP VRJHQDQQWHQQ C)|UGHU DXIWUDJCYHUSIOLFKWHW*HQRVVHQVFKDIWHQQZHUGHQQGDEHLLDOVVÄ*HVHOOVFKDIWHQQPLWWHLQHUUQLFKWW JHVFKORVVHQHQQ 0LWJOLHGHU]DKO GLHH GXUFKK GHQQ JHPHLQVFKDIWOLFKHQQ *HVFKlIWVEHWULHEE XQGG GLHH$EZLFNOXQJDOOHUUEOLFKHQQ%DQNJHVFKlIWHHGHQ(UZHUEEXQGGGLHH:LUWVFKDIWWLKUHUU0LW JOLHGHUUI|UGHUQQZROOHQ³YHUVWDQGHQ *HUDGHHDXIJUXQGGGLHVHUU'HILQLWLRQQXQGGGHUUKHXW ]XWDJHH YRUKHUUVFKHQGHQQ 6FKZLHULJNHLWW GHUU 8QWHUVFKHLGXQJ ]ZLVFKHQQ 0LWJOLHGHUQQ XQGG C1XUNXQGHQC LVWW GHUU )|UGHUDXIWUDJ DNWXHOOO QXUU QRFKK VFKZHUU EHJUQGEDU 'LHH '= %DQNN DOVV 6SLW]HQLQVWLWXWW GLHVHUU %DQNHQJUXSSHH KLOIWW *HOGHUU LQQHUKDOEE GHVV 9HUEXQGHVV DXI]X QHKPHQQ XQGG DQ]XOHJHQQ XQGG XQWHUVWW]WW GLHH *HQRVVHQVFKDIWVEDQN EHLL HUK|KWHUU .UHGLW QDFKIUDJHH RGHUU EHUVFKVVLJHUU /LTXLGLWlW ,P 8QWHUVFKLHGG ]XX GHQQ 3ULYDW XQGG .UHGLW EDQNHQQ VRZLHH 6SDUNDVVHQQ EHVWLPPHQQ VLFKK GLHH *HQRVVHQVFKDIWVEDQNHQQ QHEHQQ LKUHUU EH

9JO %VFKJHQ%|UQHUU6

=XUUZHLWHUHQ9HUWLHIXQJVLHKH%VFKJHQ%|UQHUU6II

^%HWJHH6

WULHEVZLUWVFKDIWOLFKHQQ =LHOVHW]XQJ LQVEHVRQGHUH GXUFKK GLHH =XVDPPHQVHW]XQJ LKUHVV (L JHQNDSLWDOV

'LHH)RUPDO]LHOHHHLQ]HOQHUU%DQNHQJUXSSHQQ]HLJHQQGDPLWW±±DXIIREHUVWHUU(EHQHH±JUXQG VlW]OLFKKHUKHEOLFKHH8QWHUVFKLHGHDXI(LQQIUDOOHH%DQNHQJUXSSHQQJOHLFKHUPD‰HQQJOWL JHV =LHOV\VWHPP H[LVWLHUWW GDPLWW QLFKW /HW]WOLFKK N|QQHQQ DEHU VRZRKOO |IIHQWOLFK UHFKWOLFKH DOVV DXFKK JHQRVVHQVFKDIWOLFKHH %DQNHQJUXSSHQQ ]XUU 6LFKHUVWHOOXQJ GHUU /HLV WXQJV]LHOHHQLFKWWDXIIHLQH9HUIROJXQJYRQQODQJIULVWLJHQ*HZLQQ]LHOHQQYHU]LFKWHQ ,Q GHUUKHXWLJHQQ=HLWWVWHKWWGHVKDOEEDXFKKLQQGLHVHQQ%DQNHQJUXSSHQQÄGLHH*HZLQQHU]LHOXQJDOV SUDNWLVFKHVMHGRFKKRIWWQLFKWWRIIHQQJHlX‰HUWHVV*HVFKlIWV]LHOOLPP9RUGHUJUXQG³ 'LHHDXV GHUU 5HFKWVSHUV|QOLFKNHLWW UHVXOWLHUHQGHQQ JHPHLQQW]OLFKHQQ E]Z JHQRVVHQVFKDIWOLFKHQ )RUPDO]LHOHHWUHWHQQVRPLWWLQQGHQQ+LQWHUJUXQG

1HEHQQ 8QLYHUVDOEDQNHQ H[LVWLHUHQQ LQQ 'HXWVFKODQGG DXFKK GLHH 6SH]LDOEDQNHQ +LHUEHL VLQGG LQVEHVRQGHUH GLHH %DXVSDUNDVVHQQ DOVV EHNDQQWHVWHH $XVSUlJXQJVIRUPP ]XX HUZlKQHQ %DXVSDUNDVVHQQ GHILQLHUHQQ VLFKK LQQ GLHVHPP =XVDPPHQKDQJ DOVV .UHGLWLQVWLWXWH GLHH VLFK GXUFKK (LQODJHQQ YRQQ %DXVSDUHUQQ ILQDQ]LHUHQQ XQGG LPP *HJHQ]XJ DQGHUHQQ %DXVSDUHUQQ IU ZRKQXQJVZLUWVFKDIWOLFKHH 9RUKDEHQQ %DXVSDUGDUOHKQQ ]XX 9HUIJXQJ VWHOOHQ 1HEHQ %DXVSDUNDVVHQQWUHWHQQLQQ GHUU3UD[LVV LQQ GLHVHPP %HUHLFKKQRFKK 5HDONUHGLWLQVWLWXWH 'LUHNW EDQNHQ .DSLWDODQODJHJHVHOOVFKDIWHQ :HUWSDSLHUVDPPHOEDQNHQQ VRZLHH .UHGLWLQVWLWXWH PLWW6RQGHUDXIJDEHQQDXI]XXGHQHQQHWZD8QWHUQHKPHQQZLHHGLHH.UHGLWDQVWDOWWIU:LHGHU DXIEDXX.):VRZLHHGLHHGHXWVFKHH,QGXVWULHEDQNN,.%]lKOHQ

8QWHUQHKPHQ PLWW EDQNQDKHU *HVFKlIWVWlWLJNHLW DXFK DOVV CQHDUU EDQNVC EH]HLFKQHW NRPSOHWWLHUHQQGDVVGHXWVFKHH.UHGLWJHZHUEH$OVVEHGHXWHQGVWHH)RUPPGLHVHUU%DQNHQJUXS SHHJHOWHQQGLHH9HUVLFKHUXQJHQ(LQHHHEHQIDOOVV JUR‰HH%HGHXWXQJLQQGLHVHUU*UXSSHHUIDK UHQQ/HDVLQJJHVHOOVFKDIWHQ8PPGHUU.RQNXUUHQ]]]XXEHJHJQHQGLHHLKQHQQLQGHUU9HUJDQ JHQKHLWW GXUFKK GLHVHH 8QWHUQHKPHQVIRUPHQQ HUZDFKVHQQ VLQG KDEHQQ %DQNHQQ HEHQVR ZLHH 9HUEXQGXQWHUQHKPHQQGHVV6SDUNDVVHQXQGG*HQRVVHQVFKDIWVVHNWRUVV9HUVLFKHUXQJVRGHU /HDVLQJJHVHOOVFKDIWHQQ HUZRUEHQQ RGHUU DOVV 7RFKWHUXQWHUQHKPHQQ JHJUQGHW 6RR HWZDD GLH

9JO%HWJHH6II

9JO%HWJHH6II

+DUWPDQ:HQGHOV3ILQJVWHQ:HEHUU6

'LHVV VLQG .UHGLWLQVWLWXWH GLH LKU 'LHQVWOHLVWXQJVDQJHERWW LQ GHUU 5HJHO DXI JDQ]] EHVWLPPWHH %DQNJH

VFKlIWHHDXVJHULFKWHWWKDEHQ

9JO+DUWPDQQ:HQGHOV3ILQJVWHQ:HEHUU6

6LHKHHGD]X%VFKJHQ6

95/HDVLQJ RGHUU 599 9HUVLFKHUXQJ LPP .RQ]HUQQ GHUU '= %DQNN DOVV *HQRVVHQVFKDIWV EDQN

'LHHEHUJUHLIHQGHH$XVULFKWXQJDXII*HZLQQE]Z(UWUDJZLUGGLQQMQJVWHUU9HUJDQJHQKHLWW DEHUU LPPHUU VWlUNHUU GXUFKK GDVV 3RVWXODWW HLQHUU HUWUDJVRULHQWLHUWHQQ 5LVLNRVWHXHUXQJ DEJH O|VW +LHUDXII ZLUGG LPP QlFKVWHQQ $EVFKQLWWW ]XUU *HVDPWEDQNVWHXHUXQJ QlKHUU HLQJHJDQ JHQ

$VSHNWHHGHUU%DQNVWHXHUXQJJ

'HUU$XIEDXXXQGGGLHH,PSOHPHQWLHUXQJJHHLJQHWHUU,QVWUXPHQWHH]XUU*HVDPWEDQNVWHXHUXQJJ ]lKOHQQ IU %DQNHQQ ]XX GHQQ GHU]HLWW JU|‰WHQQ +HUDXVIRUGHUXQJHQ 6RZRKOO PDUNWVSH]LIL VFKHH XQG JHVFKlIWVSROLWLVFKHH 8PEUFKHH DOVV DXFKK DXIVLFKWVUHFKWOLFKHH 9HUlQGHUXQJHQQ PDFKHQQHLQHHDQJHSDVVWHH*HVDPWEDQNVWHXHUXQJXQYHU]LFKWEDU

:lKUHQGG LQQ GHQQ HUU -DKUHQ GLHH JHVFKlIWVSROLWLVFKHQQ (QWVFKHLGXQJHQQ GHUU %DQNHQQ SUL PlUUYRQQ:DFKVWXPVRULHQWLHUXQJXQG*HVFKlIWVYROXPHQQJHSUlJWZDUHQQ%LODQ]IRNXVVLH UXQJIROJWHHLQQGHQQHUU-DKUHQQHLQHHVWlUNHUH+LQZHQGXQJ]XXHUWUDJVRULHQWLHUWHQQ6WHXH UXQJVNRQ]HSWHQ*HZLQQ5HQWDELOLWlWVIRNXV,QMQJVWHUU=HLWWNDPPHV]XXHLQHUU:HLWHU HQWZLFNOXQJJLQQ5LFKWXQJJLQWHJULHUWHUU(UWUDJVXQG5LVLNRVWHXHUXQJJ:HUWVFK|SIXQJVIR NXV )UU 5ROIHVV VWHOOWW HLQHH LQWHJULHUWHH HUWUDJV XQGG ULVLNRRULHQWLHUWHH *HVFKlIWVSROLWLN YRQQ .UHGLWLQVWLWXWHQQ GHQ ,QEHJULIII HLQHUU *HVDPWEDQNVWHXHUXQJ GDU 'HQ .HUQQ GLHVHU *HVFKlIWVSROLWLNNELOGHWW HLQHH]HQWUDOHH(UJHEQLV .DSLWDOXQGG5LVLNRVWHXHUXQJ6WUXNWX UHOOOODVVHQQVLFKKGDEHLLGLHH.XQGHQHUJHEQLVVWHXHUXQJGLHH5LVLNRVWHXHUXQJVRZLHHGLHH3UR GXNWLYLWlWVVWHXHUXQJVHSDULHUHQ $OOHHGUHLL6WHXHUXQJVIHOGHUUPVVHQQDXIHLQDQGHUUDEJH VWLPPWW XQGG ]XVDPPHQJHIKUWW ZHUGHQ =XUU 8PVHW]XQJ GLHQHQQ 3ODQXQJV /HQNXQJV VRZLHH $OORNDWLRQVPHFKDQLVPHQ GLHH LPP 6LQQHH GHUU *HVDPWEDQNVWHXHUXQJJ GLHH 9HU]DK QXQJGHUUHLQ]HOQHQQ6WHXHUXQJVIHOGHUUXQWHUVWW]HQQVROOHQ

9JO6FKLHUHQEHFN/LVWHU.LUP‰HH6II

9JO%HWVFK6

9JO6FKLHUHQEHFN.LUP‰H7HJHGHUU6II

9JO5ROIHVV6

9JO6FKLHUHQEHFN.LUP‰H7HJHGHUU6II