,QKDOWVYHU]HLFKQLVV ,QKDOWVYHU]HLFKQLV (LQOHLWXQJJ
(QWZLFNOXQJGHVV.RQ]HSWVVLQQGHUU5HFKWVSUHFKXQJ86DPHULNDQLVFKHUU*HULFKWHHELVV 7ULQNR
/RUDLQQ-RXUQDOO&RY8QLWHGG6WDWHV
0&,,Y$77
+HFKWWY3UR)RRWEDOO
D .ULWLNNXQGG%HIUZRUWXQJGHUU(VVHQWLDOO)DFLOLWLHV/HKUHHLQQGHQQ86$$ E 'LHH7ULQNR(QWVFKHLGXQJGDVV(QGHHGHUU(VVHQWLDOO)DFLOLWLHV'RNWULQ" F (QWZLFNOXQJGHU5HFKWVSUHFKXQJ3RVW7ULQNR
5H]HSWLRQQGXUFKK'HXWVFKHVVXQGG(XURSlLVFKHVV:HWWEHZHUEVUHFKWWXQGGVHOEVWlQGLJHH )RUWVFKUHLEXQJJ
D 5H]HSWLRQQGHUU'RNWULQQLQQGHUU3UD[LVVGHUU(XURSlLVFKHQ.RPPLVVLRQQXQGGGHUU 5HFKWVSUHFKXQJGHVV(XURSlLVFKHQQ*HULFKWVKRIV +DIHQ(QWVFKHLGXQJHQ %URQQHUU8UWHLO 0DJLOO8UWHLO +LOWL(QWVFKHLGXQJ ,066+HDOWK
0LFURVRIW:LQGRZVV6FKQLWWVWHOOHQLQIRUPDWLRQHQ E =XJDQJ]XXZHVHQWOLFKHQQ(LQULFKWXQJHQQLQQ'HXWVFKODQGG
EE9HUKlOWQLVV]XXVHNWRUVSH]LILVFKHQQ=XJDQJVUHJHOXQJHQ
%LEOLRJUDSKLH
(LQOHLWXQJJJ
'LHH %HJULIIOLFKNHLWW GHUU (VVHQWLDOIDFLOLWLHVV EHVFKUHLEWW HLQHH DXVV GHQQ 9HUHLQLJWHQQ 6WDDWHQQ YRQ $PHULNDDVWDPPHQGHH/HKUHZHOFKHHGRUWWJHQDXHUUHLQHHEHVWLPPWHH.ODJHDUWWLQQNDUWHOOUHFKWOLFKHQ 6DFKHQQ EH]HLFKQHW 'DEHLL LVWW GLHH /HJLWLPLWlWW GHUU /HKUHH LQQ LKUHPP +HLPDWODQGG NHLQHVIDOOVV XQXPVWULWWHQ:HQQQVLHHQRFKQLFKWWJHVWRUEHQQLVWW±VRRPVVWHHPDQQIRUPXOLHUHQQ±GDQQQLVWWVLH EHLQDKHH KXQGHUWW -DKUH DOW 8QWHUU GHPP %HJULIII ZLUGG DOOJHPHLQQ GLH )UDJHH GLVNXWLHUW REE XQGG
)ROJW PDQ GHUU JDQ]] KHUUVFKHQGHQ 0HLQXQJ VRR ILQGHW VLFK GDV HUVWHH $QZHQGXQJVEHLVSLHO LP 'LNWXP GHUU (QWVFKHLGXQJ8QLWHGG6WDWHVY7HUPLQDO5DLOURDGV$VVRFLDWLRQ86DXVGHP-DKUHHKLHU]XX VSlWHUDXVIKUOLFK
2
XQWHUU ZHOFKHQQ 8PVWlQGHQQ GHUU ,QKDEHUU HLQHUU VRJHQDQQWHQQ ÃZHVHQWOLFKHQ (LQULFKWXQJµµ HWZD HLQHUU ,QIUDVWUXNWXUHLQULFKWXQJ RGHUU HLQHVV 1HW]HV GD]X YHUSIOLFKWHWW XQG JH]ZXQJHQ ZHUGHQ NDQQ 0LWEHZHUEHUQQ GHQ =XJDQJ ]XX GLHVHQQ GLVNULPLQLHUXQJVIUHLL ]X HU|IIQHQ XPP DXII GLHVHH :HLVHH HLQHQQ :HWWEHZHUEE DXII GHP QDFKJHODJHUWHQQ 0DUNWW ]X HUUHLFKHQ 'HUU ,QKDEHUU HLQHU GHUDUWLJHQQ ZHVHQWOLFKHQQ (LQULFKWXQJ ZLUGG LQQ GHU .RQVHTXHQ] GD]XX YHUSIOLFKWHWW :HWWEHZHUEE JHJHQQ VLFKK VHOEVWW ]XX HU|IIQHQ (LQOHXFKWHQGHH %HLVSLHOHH VLQGG ,QIUDVWUXNWXUHLQULFKWXQJHQQ XQG 1HW]H RKQHH GHUHQQ gIIQXQJ ]XX DQGHUHQQ 0DUNWWHLOQHKPHUQQ NHLQQ :HWWEHZHUEE GHQNEDUU ZlUH 0DQQGHQNHHHWZDDDQQGLHH%HUHLWVWHOOXQJYRQQ(OHNWUL]LWlW*DV7HOHIRQGLHQVWOHLVWXQJHQQRGHUUGHUU %DKQ 'HU %HJULIII ZLUG DXFKK LQQ GHUU 7DJHVSUHVVH KlXILJHUU DXIJHJULIIHQQ XQGG NRPPHQWLHUW 'DEHLL LVWW GLHH 7HUPLQRORJLHH NHLQHVIDOOVV LPPHUU HLQKHLWOLFK 'HUU %HJULIII GHUU ZHVHQWOLFKHQ (LQULFKWXQJ (VVHQWLDO IDFLOLW\ RGHUU ÄIDFLOLWpp HVVHQWLHOOH³³ LVWW GDKHUU VHKUU VWDUNN NRQWH[WDEKlQJLJ 'LHVV YHUGHXWOLFKW GDVVV GHUU %HJULIII VWHWVV LQQ VHLQHPP =XVDPPHQKDQJ ]X XQWHUVXFKHQQ LVW 'DEHL ZLUGG GHUU %HJULIII VHOEVWW LQQHUKDOEE HLQHUU 5HFKWVRUGQXQJ QLFKW QRWZHQGLJHUZHLVHH HLQKHLWOLFKK YHUVWDQGHQ %RXGLQ EHVFKUHLEWW GHQQ %HJULIII GHUU (VVHQWLDOO )DFLOLW\DOVVHLQHH0HWDSKHUGLHHYHUVXFKWWHLQHQQVFKZLHULJHUIDVVEDUHQQ%HJULIIIYHUVWlQGOLFKHUU]X PDFKHQ'DEHLLVHLLDEHUEHLLGHUU(LQIKUXQJHLQHUUGHUDUWLJHQQ0HWDSKHUUVWHWVV]XEHGDQNHQGDVVV DXFKK8QVFKlUIHQQHQWVWHKHQQN|QQHQGLHHLJHQWOLFKKXQJHHLJQHWWVLQGGHLQHH3UREOHPDWLNNSUl]LVHH]X EHVFKUHLEHQ
,QMQJHUHUU=HLWWZDUHQQYRUUDOOHPGLHH(QWVFKHLGXQJHQQLP,7%HUHLFKK]XX0LFURVRIWXQGG,QWHOLP *HVSUlFK 6LHH KDEHQQ GDV 7KHPDD LQQ GHQQ 0LWWHOSXQNWW GHUU ZHWWEHZHUEVSROLWLVFKHQQ 'LVNXVVLRQ JHVWHOOW ,PP $OOJHPHLQHQQ EH]LHKWW VLFKK GLHH 'RNWULQQ DXII HLQHH $UWW YRQQ ZHWWEHZHUEVZLGULJHQQ
6LHKHQXU(PPHULFK.DUWHOOUHFKW$XIODJH%HFN0QFKHQ65Q
VLHKHEHLVSLHOKDIWGLHHQDFKIROJHQGHQ$UWLNHO)UDQNIXUWHUU$OOJHPHLQH=HLWXQJ YRP1U6 (LQQQHXHVV'LOHPPDDGHUU:HWWEHZHUEVSROLWLNN$OOJHPHLQHH:HWWEHZHUEVDXIVLFKWWGXUFKGDVV%XQGHVNDUWHOODPWWRGHU VHNWRUVSH]LILVFKH 5HJXOLHUXQJVEHK|UGHQ IU 1HW]LQGXVWULHQ YRQQ $OH[DQGHU (LVHQNRSI )UDQNIXUWHUU $OOJHPHLQH =HLWXQJJ YRP 1U 6 (XUR*HVHW] JLEW .DUWHOOEHK|UGHQ QHXH +DQGKDEHH =XJDQJ ]X ZHVHQWOLFKHQQ(LQULFKWXQJHQZLUGGHUOHLFKWHUWYRQ$QGUHDVV5|KOLQJXQG+ROJHU6WDSSHUW)UDQNIXUWHUU$OOJHPHLQH =HLWXQJYRP1U6'DV(8:HWWEHZHUEVUHFKWEHGURKWGDV8UKHEHUUHFKW.RPPLVVLRQSUIW /L]HQ]SIOLFKWPDUNWEHKHUUVFKHQGHUU8QWHUQHKPHQYRQ)UDQN$,PPHQJD)UDQNIXUWHUU$OOJHPHLQHH=HLWXQJYRP 1U 6 :HWWEHZHUEE LP1HW] )UDQNIXUWHUU $OOJHPHLQHH =HLWXQJ YRP 1U 6
'DV (QGHH GHV 6WURP0RQRSROV (QWIHUQXQJVDEKlQJLJHH 'XUFKOHLWXQJVSUHLVHH ]HPHQWLHUHQ UHJLRQDOHH 0RQRSROH .RPPXQDOH ,QWHUHVVHQQ UHFKWIHUWLJHQ NHLQHH :HWWEHZHUEVEHVFKUlQNXQJHQ YRQ &KULVWRSK %LHU XQG 'LHWHUU 6FKPLGWFKHQ )UDQNIXUWHUU $OOJHPHLQH =HLWXQJ YRP 1U 6 =DKO GHU
8QWHUQHKPHQVIXVLRQHQDXIKRKHP1LYHDXVWDELOLVLHUWW.DUWHOODPWVNHSWLVFKKEHLL=XVDJHQUHJHOXQJHQ:HQLJ(LOHH PLWWGHUU.DUWHOOQRYHOOH*HVSUlFKPLWW3UlVLGHQWW'LHWHUU:ROI
=XXGHUUXQWHUVFKLHGOLFKHQQ%HJULIIOLFKNHLWWLPIUDQ]5HFKWVVFKULIWWXPVLHKHH'H]REU\GHUUXDGLHH+lXILJNHLWWGHUU XQWHUVFKLHGOLFKHQ %H]HLFKQXQJHQ XQWHUVXFKW KDW 6 HWZDD ÄUHVVRXUFHH HVVHQWLHOOH VWUXFWXUHH HVVHQWLHOOH LQVWDOODWLRQHVVHQWLHOOHHWF³³
6LHKHH'H]REU\PLWW]DKOUHLFKHQ%HLVSLHOHQDXVGHUU86DPHULNDQLVFKHQ5HFKWVOHKUH6 %RXGLQ6
6LHKHHKLHU]XX:ROI*XQQDU.DUWHOOUHFKWOLFKHH*UHQ]HQYRQ3URGXNWLQQRYDWLRQHQ±/HKUHQQDXVV9HUIDKUHQJHJHQ ,%00XQG0LFURVRIWIUGLH$QZHQGXQJGHV.DUWHOOUHFKWVLQ+RFKWHFKQRORJLHPlUNWHQ'LVV0QVWHUU
3
9HUKDOWHQ EHLL GHPP HLQ 8QWHUQHKPHQQ PLWW 0DUNWPDFKWW HLQHH µZHVHQWOLFKHH ,QIUDVWUXNWXU (LQULFKWXQJ¶ DXFKK
ERWWOHQHFN
Ä)ODVFKHQKDOV³³ LQQ HLQHPP 0DUNWW LQQHKDWW XQGG 0LWEHZHUEHUQ GHQQ 0DUNW]XJDQJ ]XX GLHVHUU YHUZHLJHUW +LHUEHLL NDQQQ HVV VLFK XP HLQHQQ =XJDQJ ]X ,QIRUPDWLRQHQ3URGXNWHQ'LHQVWOHLVWXQJHQQRGHUU,QIUDVWUXNWXUHQLQVEHVRQGHUHH9HUNHKUVXQGG hEHUWUDJXQJVHLQULFKWXQJHQQKDQGHOQ'XUFKKGLH9HUZHLJHUXQJVLQQWWGDVV8QWHUQHKPHQQGDUDXIII VHLQHH6WHOOXQJJDXIHLQHPQDFKJHODJHUWHQQ0DUNWW]XVFKW]HQ 'LHH(VVHQWLDOO)DFLOLWLHVV'RNWULQQ
LVWW GDKHUU YHUZDQGWW PLWW )lOOHQQ GHUU *HVFKlIWVYHUZHLJHUXQJ
+LHUU ZLUU GRUWW NDQQQ HVV DOVRR XQWHU
EHVWLPPWHQQ 8PVWlQGHQQ ]X HLQHPP .RQWUDKLHUXQJV]ZDQJ IU GDV PDUNWEHKHUUVFKHQGH 8QWHUQHKPHQNRPPHQ'LHH/HKUHVLFKHUWWVRPLWWGHQQ:HWWEHZHUELQGHPPGHUU,QKDEHUYRQQ]XUU (UEULQJXQJ EHVWLPPWHUU 'LHQVWOHLVWXQJHQQ RGHUU ]XUU +HUVWHOOXQJ EHVWLPPWHUU 3URGXNWH ZHVHQWOLFKHQQ(LQULFKWXQJHQQRGHUU,QIRUPDWLRQHQQJH]ZXQJHQQZLUGVHLQHQQ.RQNXUUHQWHQQJHJHQQ DQJHPHVVHQHVV (QWJHOWW 1XW]XQJVUHFKWH E]Z /L]HQ]HQQ IUU HEHQGLHVHH (LQULFKWXQJHQQ RGHU ,QIRUPDWLRQHQQHLQ]XUlXPHQ
'HUU8UVSUXQJGHUU'RNWULQXQGGVHLQHH(QWIDOWXQJ ZLUGGDXFKKYRPPGHXWVFKHQXQGGHXURSlLVFKHQQ 5HFKWVVFKULIWWXP LPP-DKUHHLQQGHQQ86$$DXVJHPDFKWGDEHLLVLQGGDEHULPPYHUPHLQWOLFKHQ 8UVSUXQJVODQGG GHUU /HKUHH VHOEVWW GHUHQQ ([LVWHQ]EHUHFKWLJXQJ XQG YRUU DOOHP GHUHQ ,QKDOWW PLWWOHUZHLOHH lXHUVWW XPVWULWWHQ 'LHVV ZXUGHH QLFKWW YRQQ DOOHQQ 7HLOHQQ GHVV HXURSlLVFKHQ 6FKULIWWXPVV VRIRUWW HUNDQQW 1DFKK GHUU LQQ GHQQ 9HUHLQLJWHQQ 6WDDWHQQ HUJDQJHQHQQ (QWVFKHLGXQJ 9HUL]RQQ Y 7ULQNR DXVV GHPP -DKUHH VWUHLWHW PDQQ GDUEHU REE GLH /HKUH VRIHUQQ VLH
9JO0|VFKHO]XX(*99$UWLQ,PPHQJD0HVWPlFNHU:HWWEHZHUEVUHFKW(*$XIODJH>0LEUDXFKK HLQHUUPDUNWEHKHUUVFKHQGHQ6WHOOXQJ@5Q
6LHKH KLHU]XX JHQDXHU (PPHULFK *HVFKlIWVYHUZHLJHUXQJ LQ'DXVHV +DQGEXFKK GHVV (8:LUWVFKDIWVUHFKWV (UJlQ]XQJVOLHIHUXQJ5Q±±
(PPHULFK65Q0|VFKHOLQ,PPHQJD5Q:HWWEHZHUEVUHFKWW(**PLW%H]XJJDXI8QLWHGG6WDWHVV Y 7HUPLQDO 5DLOURDGG $VVRFLDWLRQ GHUV LQ *:% 0LVVEUDXFK HLQHUU PDUNWEHKHUUVFKHQGHQ 6WHOOXQJ LQQ ,PPHQJD0HVWPlFNHU:HWWEHZHUEVUHFKW*:%$XIODJHH5Q0HVWPlFNHULQ)66=XOHHJ6 I6FKOXVVDQWUlJHGHV*HQHUDODQZDOWVV-DFREVLQGHUÄ%URQQHU³(QWVFKHLGXQJ6OJ,,I7] II (QVWKDOHU %RFN 6 XQG LQVE )Q 'HVHODHUV .RPP YRQ (*99 $UW >0LVVEUDXFK HLQHUU PDUNWEHKHUUVFKHQGHQ 6WHOOXQJ 1L]]D)DVVXQJ@@ LQ *UDELW]+LOI 'DV 5HFKW GHUU (XURSlLVFKHQ 8QLRQ (/ 5Q*XLOODXPHH'H]REU\/DWKpRULHHGHVVIDFLOLWpVVHVVHQWLHOOHV(VVHQWLDOLWppHWWGURLWWFRPPXQDXWDLUHHGHHOD FRQFXUUHQFHSUpIDFHHGHH-HDQ0DUFF7KRXYHQLQELEOLRWKqTXHGHHGURLWLQWHUQDWLRQDO/'*-6 'LHVVHUNHQQHQQ%HFNPDQQ0OOHULQ+RHUHQ6LHEHU5QXQWHUU9HUZHLVDXI$UHHGD$QWLWUXVWW/- PZ1DXFK(PPHULFK65Q5LWWQHU.XOND65Q5LWWQHU'UHKHU(XURSlLVFKHVV
XQG GHXWVFKHV :LUWVFKDIWVUHFKWW ± HLQHH V\VWHPDWLVFKHH 'DUVWHOOXQJ $XIODJH &)) 0OOHUU +HLGHOEHUJ )ULW]] 5LWWQHU0HLQUDGG'UHKHU65Q)Q
6RR OlVVWW HWZDD GLHH 'RNWRUDUEHLWW YRQ 8OULFK +|SIQHU 'HUU =XJDQJ ]XU /HJDF\ 5RRW =XU $QZHQGXQJ GHUU (VVHQWLDOO )DFLOLWLHV 'RNWULQ DXI ,&$11 DXV GHP -DKUHH MHJOLFKHQ +LQZHLV DXII GLHH EHUHLWV -DKUHH DOWH (QWVFKHLGXQJLQ7ULQNRYHUPLVVHQGDVVHOEHJLOWWIUGHQQ%HULFKWWYRQQ-RHO'DYLGRZ5HFHQWW'HYHORSPHQWVVLQ86 $QWLWUXVW:RUOGG&RPSHWLWLRQSS±DXVGHP+HUEVWWRGHUUGLHH'DUVWHOOXQJYRQ,EVFKDXV GHPJHJHQEHUU DEHUU IUKHUHH $UEHLWHQ ZLH6WROOKRIILQVHLQHUU $EKDQGOXQJDXVJOHLFK]X%HJLQQ6 HEHQVRR+RKPDQQQLP-DKUH6Ä(LQH>«@@WLHIHUJHKHQGHH)XQGDPHQWLHUXQJIHKOWELVKHXWH³³ 86RGHUU6&WZLHGHUJHJHEHQLQGHXWVFKHUU6SUDFKHHLQ:X:((.5,QWUHG
/HLWVDW]] XQG*UQGH =XJDQJ]XX7HOHNRPPXQLNDWLRQVQHW]HQQDFK86DPHULNDQLVFKHP.DUWHOOUHFKW VRZLHHLQ
4
EHUKDXSWWMHPDOVV%HVWDQGGKDWWH]XUU$QZHQGXQJNRPPHQQNDQQ+LHUEHLLJHKHQQGLHH0HLQXQJHQ DXVHLQDQGHU
(QWJHJHQQ GHUU VWlQGLJHQQ LQVWDQ]JHULFKWOLFKHQQ 3UD[LVV VWHOOWH VLFKK GHUU 2EHUVWHH *HULFKWVKRIIGRUWWDXVGUFNOLFKKJHJHQQGLHH$QZHQGXQJHLQHUÃHVVHQWLDOOIDFLOLWLHVµ/HKUH6HOEVWW 86DPHULNDQLVFKHH 5HFKWVJHOHKUWHH VSUHFKHQQ KLHUEHLL YRQQ HLQHPP .XULRVXP GHVV &DVHH /DZ
$XFKKGDVVGHXWVFKHH6FKULIWWXPKDWHWZDDPLWW6FKHUHUGLHVHÄWZLVWHGGMRXUQH\³
DOVRRKROSULJH
5HLVHHUNDQQWWXQGGGLVNXWLHUW'LHHULFKWXQJVZHLVHQGHH(QWVFKHLGXQJVROOODEHUDQQVSl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|IIHQWOLFKWHQQ XPJHKHQGG HLQHH 6WHOOXQJQDKPH LQ GHUU VLHH VLFKK YRQ GHUU 0LWWHLOXQJ GHVV -XVWL]PLQLVWHULXPV GLVWDQ]LHUWHQQ XQG LKUHH DEOHKQHQGHH +DOWXQJ EHJUQGHWHQ ,QWHUHVVDQWHUZHLVH ZXUGHH GLHH VR VFKDUII NULWLVLHUWH (UNOlUXQJGHVV-XVWL]PLQLVWHULXPVVJOHLFKKQDFKGHP5HJLHUXQJVZHFKVHOOXQGGGHUU1HXEHVHW]XQJ GHUU :HWWEHZHUEVDEWHLOXQJ GHVV -XVWL]PLQLVWHULXPV PLWW GHUU QHXHQQ $VVLVWDQWW $WWRUQH\ *HQHUDOO
*585,QWUHG/HLWVDW]]XQG*UQGHPLWOHLFKWXQWHUVFKLHGOLFKHUU)RUPXOLHUXQJVLHKHHKLHU]XXGLH :LGHUJDEHHLP$QKDQJ
GHUV 7KHH 7UXWKK $ERXWW 7ULQNR $QWLWUXVWW %XOOHWLQ 9RO $OEHFN 'DYLG % 'HILQLQJJ µ(VVHQWLDO )DFLOLWLHV¶DIWHUU7ULQNRKWWSZZZGDYLGDOEHFNFRPZULWLQJVWULQNRKWP6NLWRO5REHUWW$&RUUHFWW$QVZHUVWRR KWWSZZZDEDQHWRUJDQWLWUXVWDWVRXUFHVNLWROSGI 6LOEHUPDQ $ODQ + 5HDGLQJJ WKHH 7ULQNRR 7HDD /HDYHV KWWSZZZOH[PXQGLFRPLPDJHVOH[PXQGL3')3*B(50B$QWLB6LOEHUPDQSGI VLHKHH DXFK 0LUDD %XUULL 1HQRYDLQ(&(OHFWURQLFF&RPPXQLFDWLRQVDQG&RPSHWLWLRQ/DZ6IPLWZHLWHUHQ1DFKZHLVHQ 6LOEHUPDQ6
6FKHUHU-RDFKLP'DV%URQQHU8UWHLOOGHV(X*+XQGGLH(VVHQWLDOOIDFLOLWLHV'RNWULQLP7.6HNWRUULQ0055 6PLW9HUZHLVDXI.H]VERP*ROGPDQ1R6KRUWFXWWWR$QWLWUXVWW$QDO\VLV7KHHWZLVWHGMRXUQH\RIWKHH (VVHQWLDOO)DFLOLWLHV'RFWULQH&ROXPELDD%XV/5HY6
6LHKHGHQQ6HLWHQXPIDVVHQGHQ%HULFKWµ5HSRUWWRIWKH$QWLWUXVW0RGHUQL]DWLRQQ&RPPLVVLRQ¶¶PLWW$XV]JHQQ LP $QKDQJ 6 II 9RUDQJHVWHOOWW LVWW GHPP 5HSRUWW IROJHQGHVV 'LNWXP ³)LUVW WKH UHSRUWW LVV IXQGDPHQWDOO\\ DQ HQGRUVHPHQWRIIIUHHPDUNHWWSULQFLSOHV7KHVHHSULQFLSOHVV KDYHGULYHQWKHHVXFFHVVVRIWKH 86HFRQRP\DQG ZLOOO FRQWLQXHWRIXHOWKHLQYHVWPHQWWDQGLQQRYDWLRQWKDWWDUHHVVHQWLDOOWRHQVXULQJJRXUFRQWLQXHGZHOIDUH7KH\UHPDLQ DVV DSSOLFDEOHH WRGD\ DVV WKH\ HYHUU KDYHHEHHQ )UHHH WUDGH XQIHWWHUHGE\ HLWKHUUSULYDWHH RUU JRYHUQPHQWDOO UHVWUDLQWV SURPRWHVVWKHPRVWWHIILFLHQWWDOORFDWLRQRIUHVRXUFHVDQGJUHDWHVWWFRQVXPHUUZHOIDUH´ 6LHKH GHQ 6HLWHQ XPIDVVHQGHQ %HULFKWW GHV 'HSDUWPHQW RI -XVWLFHH µ&RPSHWLWLRQ DQGG 0RQRSRO\ 6LQJOH ILUP FRQGXFWW XQGHUU VHFWLRQ RI WKH 6KHUPDQ $FW´´ DXV GHP -DKUHH YROO YHUIJEDUU XQWHU KWWSZZZMXVWLFHJRYDWUSXEOLFUHSRUWVSGIKLHUU.DSLWHOO8QLODWHUDO8QFRQGLWLRQDOO5HIXVDOVVWRR'HDO :LWK5LYDOVHEHQIDOOVRQOLQHYHUIJEDUUXQWHUKWWSZZZMXVWLFHJRYDWUSXEOLFUHSRUWVBFKDSWHUSGI 6LHKH6WDWHPHQWRI&RPPLVVLRQHUVV+DUERXU/HLERZLW]DQGG5RVFKRQWKHH,VVXDQFHHRIWKHH6HFWLRQ5HSRUWWE\ WKHH 'HSDUWPHQWW RI -XVWLFH RQOLQHH YHUIJEDUU XQWHU KWWSZZZIWFJRYRVVHFWLRQVWPWSGI KLHUEHLLZHUIHQVLHHGHP%HULFKWWXDYRUGDVVGLHH7ULQNR(QWVFKHLGXQJIHKOLQWHUSUHWLHUWZUGHYJO6
5
&KULVWLQHH $ 9DUQH\ ]XUFNJH]RJHQ (VV LVW GDKHUU GXUFKDXVV P|JOLFK GDVVV VLFKK PLWW GHP SROLWLVFKHQQ .XUVZHFKVHO DXFKK HLQQ 8PVFKZXQJ LQQ GHUU :HWWEHZHUEVSROLWLNN GHQQ 9HUHLQLJWHQQ 6WDDWHQQ YROO]LHKW 1DFKK $QVLFKWW YRQQ 9DUQH\ ZUGHH GHUU %HULFKWW VFKOLFKWZHJ ]X KRKHH $QIRUGHUXQJHQQ DQQ HLQHH ZLUNVDPH 'XUFKVHW]XQJ GHVV .DUWHOOUHFKWVV GXUFKK GLHH :HWWEHZHUEVEHK|UGHQ VWHOOHQ (LQHH VROFKHH ,QWHUSUHWDWLRQQ GHVV *HVHW]HVV ZUGHH ZHWWEHZHUEVZLGULJHVV 9HUKDOWHQQ HQWJHJHQQ 6HFWLRQQ GHVV 6KHUPDQQ $FWVV QXUU EHIHXHUQ VDJWH 9DUQH\\DXVGUFNOLFK'LH0DQDKPHHYHUGHXWOLFKHGHQQ.XUVZHFKVHOGHQQGLHHQHXHH5HJLHUXQJ YHUIROJH 'LHH :HWWEHZHUEVEHK|UGHQQ ZUGHQQ )lOOH YRQQ ZHWWEHZHUEVZLGULJHPP 9HUKDOWHQ QXQPHKUUZLHGHUUDJJUHVVLYHUUYHUIROJHQ'HUPRPHQWDQQYHUIROJWHHYRUVLFKWLJHH.XUVVVHLL]XVWDUNN DQQ(IIL]LHQ]NULWHULHQQRULHQWLHUWWXQGGYRQQGHUUhEHU]HXJXQJJHOHLWHWGDVVVVLFKKGLHH0lUNWHHVHOEVWW UHJXOLHUHQQN|QQWHQ'LHVVHLLDEHUUIDOVFK1DFKK9DUQH\VROOOVLFKKGLHH:HWWEHZHUEVSROLWLNNQLFKWW OlQJHUU DXII GHUDUWLJHH 6HOEVWKHLOXQJVNUlIWHH YHUWUDXHQ XP :HWWEHZHUEE XQGG 9HUEUDXFKHUU ]X VFKW]HQ
0LWWOHUZHLOHH ZXUGHH GLH /HKUHH LQQ ]DKOUHLFKHH DQGHUHH 5HFKWVRUGQXQJHQQ DXIJHQRPPHQ RGHU DGDSWLHUWW VRR HWZD LP 9HUHLQLJWHQQ .|QLJUHLFK $XVWUDOLHQ 6GDIULND RGHUU GHU
6LHKH 3UHVVHPLWWHLOXQJ GHV 'HSDUWPHQWW RI -XVWLFHH YRP 0DLL RQOLQHH YHUIJEDUU XQWHU KWWSZZZMXVWLFHJRYRSDSU0D\DWKWPO PLW IROJHQGHUU 6FKOXVVIROJHUXQJ ³7KH 'HSDUWPHQWW
EHOLHYHV WKDW WKHUHH LV DD VLJQLILFDQW ULVNN RI ORQJUXQ KDUP WRR FRQVXPHUV IURP DQWLWUXVWW LQWHUYHQWLRQ DJDLQVW XQLODWHUDO XQFRQGLWLRQDOO UHIXVDOVV WR GHDOO ZLWKK ULYDOV SDUWLFXODUO\ FRQVLGHULQJ WKHH HIIHFWVV RI HFRQRP\ZLGH GLVLQFHQWLYHVV DQG UHPHGLDOO GLIILFXOWLHV 7KHH 'HSDUWPHQWW WKXV FRQFOXGHVV WKDWW DQWLWUXVWW OLDELOLW\ IRUU XQLODWHUDO XQFRQGLWLRQDOOUHIXVDOVVWRGHDOOZLWKKULYDOVVVKRXOGQRWWSOD\DDPHDQLQJIXOSDUWWLQVHFWLRQQHQIRUFHPHQW´ 9DUQH\³:LWKGUDZLQJWKH6HFWLRQQUHSRUWWLVVDVKLIWLQQSKLORVRSK\DQGWKHFOHDUHVWZD\WROHWHYHU\RQHNQRZ WKDWWWKHH$QWLWUXVWW'LYLVLRQZLOOOEHDJJUHVVLYHO\SXUVXLQJJFDVHVVZKHUHHPRQRSROLVWVVWU\WRXVHHWKHLUUGRPLQDQFHHLQ WKHHPDUNHWSODFHHWRVWLIOHHFRPSHWLWLRQDQGKDUPFRQVXPHUV´ VLHKHH3UHVVHPLWWHLOXQJ
$XVGHUU5HFKWVSUHFKXQJ$WWKHUDFHVV/WGY%ULWLVK+RUVHUDFLQJ%RDUG/WG>@@(:+&&K³%+% KDVDEXVHGGLWV PDUNHWGRPLQDQFHHE\WKUHDWHQLQJWRWHUPLQDWHWKH VXSSO\RISUHUDFHHGDWDWRR$75HYHQWKRXJK $755LVVDQH[LVWLQJFXVWRPHUURI%+%DQGSUHUDFHHGDWDDLVVDQHVVHQWLDOOIDFLOLW\FRQWUROOHGE\%+%ZLWKRXWWZKLFK $755 ZRXOG EH HOLPLQDWHG IURP WKH PDUNHW 7KHUH LVV QR REMHFWLYHH MXVWLILFDWLRQQ IRUU VXFKK FRQGXFWW RI %+% ,WW LV LUUHOHYDQWW WKDWW %+% DQG $755 DUHH QRWW FRPSHWLWRUV >«@ VLHKHH KLHU]XX GLHH %HVSUHFKXQJJ YRQQ /DLHU LQQ Ã'LH %HULFKWHUVWDWWXQJ EHUU 6SRUWHUHLJQLVVH¶ 6 GLH 5LFKWHUU NDPHQQ KLHUU ]XX GHUU hEHU]HXJXQJ GDVV GLH ,QIRUPDWLRQQEHUUGHQQ$XVJDQJGHUU3IHUGHUHQQHQQ ZHVHQWOLFKKLP5HFKWVVLQQHHVHLLXQGGDVVVGLHVHH,QIRUPDWLRQQXU EHU GLH 3IHUGHVSRUWRUJDQLVDWLRQQ HUKlOWOLFKK VHL VLHKH DXFKK -DKUHEHULFKWW GHU .RPPLVVLRQ 6 KWWSHFHXURSDHXFRPSHWLWLRQSXEOLFDWLRQVDQQXDOBUHSRUWDHFFUBBGHSGI
3HQJLOOH\ :DUUHQ $FFHVV WR HVVHQWLDOO IDFLOLWLHV $ XQLTXHH DQWLWUXVWW H[SHULPHQW LQ $XVWUDOLD $QWLWUXVW %XOOHWLQ QR VLHKH DXFKK GHQ VRJ +LOPHU5HSRUW LQVE 6
KWWSQFSQFFJRYDXGRFV+LOPHUSGI $OOH DNWXHOOHQQ %HULFKWH XQG 8QWHUVXFKXQJHQQ VLQG ]XGHP RQOLQH YHUIJEDU XQWHU KWWSDXVWUDOLDQFRPSHWLWLRQODZRUJUHSRUWVKWPO KLHUU EHVWHKWW GLHH %HVRQGHUKHLW GDVVV GLH DXVWUDOLVFKHQQ :HWWEHZHUEVEHK|UGHQ QHEHQ VHNWRUVSH]LILVFKHQ 5HJHOXQJHQ DXFKK DXII DOOJHPHLQHU JHVHW]OLFKHU *UXQGODJHGHQ=XJDQJ]XVRJHVVHQWLDOOIDFLOLWLHVVQDFKGHPVRJ1DWLRQDOO$FFHVVV5HJLPH1$5ZHLWHVWJHKHQG VHOEVWWEHVWLPPWHQQN|QQHQ
)UU6GDIULNDDVLHKHHHWZDGLHH&RPSHWLWLRQQ&RPPLVVLRQQRI6RXWKK$IULFD
KWWSZZZFRPSFRPFR]DUHVRXUFHVVHSWHPEHUSDJHVBIDFLOLWLHVKWPDXVVGHUU5VSU':,QWHJUDWRUVV&& Y 6$6 ,QVWLWXWHH 3W\ /WG >@@ =$&7 6 $IU *OD[R :HOOFRPHH 3W\ /WG YY 1DW¶OO $VV¶Q RI 3KDUP:KROHVDOHUV>@@=$&$&6$IU
6
(XURSlLVFKHQQ 8QLRQ 'HXWVFKODQGG ]lKOWW ]X GHQQ ZHQLJHQQ 6WDDWHQ GLHH VRJDUU HLQH DXVGUFNOLFKHH JHVHW]OLFKHH 5HJHOXQJ JHVFKDIIHQ KDEHQ ,QQ GHQQ 0LWJOLHGVVDDWHQQ GHU (XURSlLVFKHQQ8QLRQQZLUGGLHH/HKUHXQWHUVFKLHGOLFKKJHKDQGKDEW,Q,UODQGNRPPWWHVV]XHLQHU $QZHQGXQJ DXII *UXQGODJHH GHUU 6HFWLRQQ GHVV &RPSHWLWLRQQ $FWW YRQ $XFKK LQ
(QWZLFNOXQJJGHVV.RQ]HSWVVLQQGHUU5HFKWVSUHFKXQJJ86
$XFKK ZHQQQ GHUU 6XSUHPHH &RXUWW QLHPDOVV HLQH (VVHQWLDO)DFLOLWLHVV 'RNWULQQ DOVV VROFKHH DXVGUFNOLFKKEH]HLFKQHWW KDWVRRZXUGHHGHUU %HJULIIIHLQHUU(QWZLFNOXQJLQGHUU5HFKWVSUHFKXQJJ ]XJHVFKULHEHQ GHU VLFKK ELVV LQQ GDVV-DKUU ]XUFNYHUIROJHQQ OlVVW 'DVV .RQ]HSWW JHKWW VRPLWW DXII HLQHH 5HLKHH YRQQ 6XSUHPHH &RXUW XQGG XQWHULQVWDQ]OLFKHQQ (QWVFKHLGXQJHQQ ]XUFN GLHH VLFKK NRQ]HSWLRQHOOO GXUFKDXVV DOVV HLQHH =XJDQJVDQHUNHQQXQJ ]X ZHVHQWOLFKHQQ (LQULFKWXQJHQ YHUVWHKHQQ ODVVHQ 1DFKK KHXWLJHU $XIIDVVXQJ ZUGHH PDQQ GLHH (QWVFKHLGXQJHQQ ZRKOO GDQDFK XQWHUVFKHLGHQ REE VLHH GLHH .RQWUROOHH HLQHUU VROFKHQQ )DFLOLW\ GXUFK PHKUHUH 8QWHUQHKPHQ
'LHH (QWVFKHLGXQJHQQ VWW]HQQ VLFKK DXII GHQQ 6KHUPDQQ $QWL7UXVWW $FWW JHQDXHUU VHLQHH
VLHKH KLHU]X LP (LQ]HOQHQ GHQ $EVFKQLWWW ]XUU 5H]HSWLRQ LP (XURSlLVFKHQ 5HFKW VRQVW QRFK IU )LQQODQG &KULVWLDQQ :LNXQG6DUL5DVLQNDQJDV&XUUHQWGHYHORSPHQWVLQ0HPEHUU 6WDWHV)LQODQG(XUR&>(XURSHDQ&RPSHWLWLRQ-RXUQDO@
'DUXPZHLDXFKGLHH86DPHULNDQLVFKHH5HFKWVOHKUHVLHKHKLHU]XNXU]]:DOOHU6 KWWSZZZLULVKVWDWXWHERRNLHHQDFWSXEVHFKWPOSDUWLLVHF
XQGGLH*HULFKWVHQWVFKHLGXQJHQGLHDXIIVHLQHU*UXQGODJHHUJDQJHQVLQG$13KDUPDF\/WGY8QLWHG'UXJ /WG>@@,/500DQGG$XWKRULW\\YY2¶5HJDQ2UV>@@,(6&
3KLOLSSH(PPDQXHOO 3DUWVFK 9LQFHQWW :HOOHQV 7KH /X[HPERXUJJ &RPSHWLWLRQQ &RXQFLO UHQGHUVV LWVV ILUVWW HYHU GHFLVLRQDQGQHJDWLYHO\DSSOLHVVWKHHHVVHQWLDOOIDFLOLWLHVVGRFWULQHHLQQWKHHVHFWRURIGLVWULEXWLRQRIGRPHVWLFFKHDWLQJ IXHOZKLOHHKROGLQJWKDWWWUDGHHEHWZHHQ0HPEHUU6WDWHVLVQRWDIIHFWHGG5RFNN)HUQDQG'LVWULEXWLRQV7DQNOX[ $SULOOH&RPSHWLWLRQVQZZZFRQFXUUHQFHVFRP
'DUVWHOOXQJHQQHWZDDEHL:DOOHU6IVRZLH:DOOHUXQG7DVFK6IHEHQVR&RWWHU6IIYDQQ/RRQ6 II /LFHQWLHZHLJHULQJ DOV PLVEUXLNN YDQ PDFKWVSRVLWLHH ,QWHOOHFWXHOH HLJHQGRP DUWLNHO (** HQ GHH EHOHPPHULQJJYDQQLQQRYDWLH
'H]REU\ ]lKOW KLHU]X MHGHQIDOOV GLH (QWVFKHLGXQJHQ 7HUPLQDO 5DLOURDG $VVRFLDWHG 3UHVV 2WWHUU 7DLO XQG $VSHQQ6NLLQJ6
6LHKHH GLHH 8QWHUWHLOXQJJ EHLL +ROJHUU +RKPDQQ 66 I +RKPDQQ +ROJHU 'LH HVVHQWLDOO IDFLOLW\ GRFWULQHH LP 5HFKWGHUU:HWWEHZHUEVEHVFKUlQNXQJHQ$XIODJH%DGHQ%DGHQ
2IIL]LHOOO EH]HLFKQHWW PDQ GHQ $FWW DOVV Ã$Q $FWW WRR 3URWHFW 7UDGHH DQG &RPPHUFHH $JDLQVWW 8QODZIXOO 5HVWUDLQWV DQG 0RQRSROLHV¶ ]XU (LQIKUXQJJ VLHKH :ROI 'LHH DPHULNDQLVFKH $QWLWUXVWW *HVHW]JHEXQJ XQG LKUH LQWHUQDWLRQDOHQ $XVZLUNXQJHQ LQ *585 6 II 'HUU 6KHUPDQ $FW ZDUU GLHH HUVWH 0DQDKPHH GHU DPHULNDQLVFKHQ5HJLHUXQJ]XU5HJXOLHUXQJYRQ.DUWHOOHQXQGG0RQRSROHQDXI%XQGHVHEHQH(UULVWEHQDQQWQDFKKK VHLQHP 8UKHEHUU -RKQQ 6KHUPDQ HLQHP UHSXEOLNDQLVFKHQ 6HQDWRU DXV 2KLR (UU O|VWHH GDPLWW GHQQ ,QWHUVWDWH &RPPHUFH $FWW DE ZHOFKHU HLQH 5HJXOLHUXQJJ GHU (LVHQEDKQJHVHOOVFKDIWHQQ DXII %XQGHVHEHQH YRUVDK ,Q GLHVHPP
7
6HFWLRQQ (YHU\\ SHUVRQQ ZKRR VKDOOO PRQRSROL]H RUU DWWHPSWW WRR PRQRSROL]H RUU FRPELQHH RU FRQVSLUHHZLWKKDQ\\RWKHUUSHUVRQQRUUSHUVRQVWRRPRQRSROL]HHDQ\\SDUWWRIIWKHHWUDGHHRUUFRPPHUFH DPRQJJWKHHVHYHUDOO6WDWHVRUUZLWKKIRUHLJQQQDWLRQVVKDOOOEHHGHHPHGGJXLOW\\RIDDIHORQ\\>@ 'LHVHUULVWWDOVV6WUDIJHVHW]NRQ]LSLHUWWXQGGHLQQ9HUVWRNDQQQVRJDUUPLWW*HIlQJQLVVWUDIHHJHDKQGHW ZHUGHQ 'HUU 6KHUPDQQ $FWW YHUELHWHWW QLFKWW GDVV ,QQHKDEHQQ HLQHUU 0RQRSROPDFKWW SHUU VH (UU YHUODQJW YLHOPHKUU GDVV 7DWEHVWDQGVPHUNPDOO GHU 0RQRSROLVLHUXQJVDEVLFKW +LHUU OLHJW HLQ 8QWHUVFKLHGG ]XP HXURSlLVFKHQQ .DUWHOOUHFKW GHQQ GHUU 6KHUPDQQ $FWW ULFKWHWW VLFKK QLFKWW QXU JHJHQQ GLHH $XVQXW]XQJ HLQHUU HUODQJWHQQ 0DFKWVWHOOXQJ VRQGHUQQ JHJHQQ GHQQ (UZHUEE XQGG GLHH 9HUWHLGLJXQJVROFKHUU0DFKWWXQWHUU(LQVDW]]XQDQJHPHVVHQHUU0LWWHOOÃLPSURSHUUPHDQVµ 'DVV GHUU0RQRSROLVWWVHLQHH6WHOOXQJDXFKKGDGXUFKKHUUHLFKWWKDEHQQN|QQWHGDVVVHUUVHLQHH.RQNXUUHQ] DXIJUXQGG EHUOHJHQHUU /HLVWXQJ RGHUU 3URGXNWHH EHUIOJHOWW KDW ZXUGH YRPP 6XSUHPHH &RXUWW LQQ GHUU YLHOEHDFKWHWHQ $O&2$(QWVFKHLGXQJ KHUDXVJHVWHOOW 1DFKK GLHVHP 'LNWXP ZlUHH HVV LQNRQVHTXHQWMDDVRJDUUZHWWEHZHUEVVFKlGOLFKZHQQQHLQQ8QWHUQHKPHQGDVGLHH%HGUIQLVVHHGHU 9HUEUDXFKHUU HUIOOW DXV GHUU )XUFKWW YRUU HLQHP 0RQRSROO LQQ VHLQHQQ :HWWEHZHUEVKDQGOXQJHQQ EHVFKUlQNWWZUGH
'LHH'XUFKIKUXQJGHUU$QWLWUXVW*HVHW]JHEXQJJREOLHJWQHEHQQGHPP%XQGHVVWDDWVDQZDOWWLQGHUUU $QWLWUXVWW 'LYLVLRQQ GHV 'HSDUWPHQWW RII -XVWLFH HLQHU ]ZHLWHQQ YRP -XVWL]GHSDUWHPHQWW XQDEKlQJLJHQQ %HK|UGH )HGHUDOO 7UDGHH &RPPLVVLRQQ HWZDD Ä%XQGHVNRPPLVVLRQQ IUU GHQ +DQGHO³
,QGLHVHPP7HLOOVROOOHLQQNXU]HUUKLVWRULVFKHUUhEHUEOLFNNGHUU(QWZLFNOXQJLP86DPHULNDQLVFKHQQ 5LFKWHUUHFKWWJHJHEHQQZHUGHQXQGG]ZDUUYRQQGHQQ8UVSUQJHQQELVVKLQQ]XUHUVWHQQDXVGUFNOLFKHQ (UZlKQXQJLQQHLQHUXQWHULQVWDQ]OLFKHQ(QWVFKHLGXQJGHU9HUHLQLJWHQQ6WDDWHQ
%HUHLFKZXUGHHQRFKLP-DKUHHHLQHHLJHQHH.RPPLVVLRQGLH,QWHUVWDWH&RPPHUFHH&RPPLVVLRQJHVFKDIIHQ $XFKEHVWDQGHQYRUKHUUEHUHLWVVHLQ]HOQH$QWL7UXVW*HVHW]HLQGHQ%XQGHVVWDDWHQGHUHQ*OWLJNHLWWDEHUUDXIGHQQ MHZHLOLJHQ 6WDDW EHVFKUlQNW ZDU 'LH (QWVWHKXQJ GHV 6KHUPDQQ $FW LVWW YRU GHPP +LQWHUJUXQG HLQHV KHUDQZDFKVHQGHQQ,QGXVWULHNDSLWDOLVPXVV]XVHKHQ 6LHKHH0OOHU6
6LHKH GLH (QWVFKHLGXQJ GHV 86 &RXUW RI $SSHDOV QG &LUFXLW 8QLWHGG 6WDWHV Y $OXPLQXPP &RPSDQ\\ RI $PHULFDD$O&2$)GG6
$XI *UXQGODJH GHV $FWVV NRPPHQQ QHEHQQ 6FKDGHQVHUVDW]DQVSUFKHQ XQG GHU 8QWHUVDJXQJJ DXFK (QWIOHFKWXQJVPDQDKPHQQLQQ%HWUDFKW%HVWHV%HLVSLHOKLHUIUOLHIHUWGLH(QWVFKHLGXQJLP)DOO$77+LHUEHL JLQJ HVV XP GLHH 0RQRSROLVLHUXQJ GHVV 0DUNWHVV IUU )HUQJHVSUlFKH 1DFKK HLQHP $QWLWUXVW9HUIDKUHQ JHJHQQ GDV 8QWHUQHKPHQQ$77NDPHVVVFKOLHOLFKK]XHLQHPJHULFKWOLFKEHVWlWLJWHQ9HUJOHLFKÃFRQVHQWWGHFUHHµ]ZLVFKHQ GHPP DPHULNDQLVFKHQ -XVWL]PLQLVWHULXPP XQG $77 $XII GHU *UXQGODJH GHV 6KHUPDQ $FWVV NDP HVV QRFK ]X HLQLJHQQ ZHLWHUHQQ EHGHXWHQGHQQ 0DQDKPHQ 6R ZXUGH HWZD GHU DPHULNDQLVFKH 7DEDNKHUVWHOOHU $PHULFDQ 7REDFFRR LP -DKUHH HEHQVRR ZLHH GHUU g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
8
$OVV HUVWHUU XQGG JUXQGOHJHQGHUU )DOOO LQQ GHPP GDVV (VVHQWLDOO )DFLOLWLHVV .RQ]HSWW VHLQHQQ 8UVSUXQJ ILQGHW ZLUGG DOOJHPHLQQ GLHH (QWVFKHLGXQJ GHVV 2EHUVWHQQ *HULFKWVKRI LQQ 8QLWHGG 6WDWHVV Y 7HUPLQDOO 5DLOURDGG $VVRFLDWLRQ ]LWLHUW ,Q GHU 6DFKHH JLQJ HVV XP HLQHH *UXSSHH YRQ (LVHQEDKQJHVHOOVFKDIWHQ GLHH LQQ )RUPP HLQHVV *HPHLQVFKDIWVXQWHUQHKPHQVV VlPWOLFKHH (LVHQEDKQEUFNHQQXQGG5DQJLHUEDKQK|IHGLHHQDFK6W/RXLVVRGHUUDXVV6W/RXLVVKLQDXVVIKUWHQ EHKHUUVFKWH$XIIGLHVHH:HLVHHYHUKLQGHUWHQQVLHHIUUNRQNXUULHUHQGH(LVHQEDKQXQWHUQHKPHQQGHQ 7UDQVSRUWWXQGGEHUKDXSWMHJOLFKHHGLH =XJDQJVP|JOLFKNHLW'DVV *HULFKWWKLHOWWGLHVHVV*HEDUHQQ
6KHUPDQQ$FW'LHH6FKLHQHHVHLLDOVV(LQULFKWXQJÄHVVHQWLDO³DOVRRZHVHQWOLFKKJHZHVHQXPPHLQHQ 0DUNW]XWULWWW ]XX JHZlKUOHLVWHQ 'DVV *HULFKWW HQWVFKLHGG VLFKK VWDWWW HLQHUU =HUVFKODJXQJ GHVV *HPHLQVFKDIWVXQWHUQHKPHQVV GDIU DQGHUHQQ 8QWHUQHKPHQQ HLQHQQ GLVNULPLQLHUXQJVIUHLHQ
,QVHLQHU(QWVFKHLGXQJJ$VVRFLDWHGG3UHVVV Y8QLWHGG6WDWHV EHIDQGGHU2EHUVWHH*HULFKWVKRI GDVVV GLHH LQVJHVDPWW =HLWXQJHQQ YHUHLQHQGHH 1DFKULFKWHQDJHQWXU $VVRFLDWHGG 3UHVV DXFK 1LFKW0LWJOLHGHUQQXQWHUU8PVWlQGHQQGHQQ=XJDQJ]XXGHQQ,QIRUPDWLRQHQQJHZlKUHQQPVVH'DV LQQGHUU6DW]XQJGHUU$VVRFLDWHGG3UHVVVIHVWJHOHJWHH$XIQDKPHYHUIDKUHQQVHLLQLFKWWGHPJHOWHQGHQ :HWWEHZHUEVUHFKWW ]XX YHUHLQEDUHQ GDD HVV ,QWHUHVVHQWHQQ P|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
86VLHKHHKLHU]XGLH|NRQRPLVFKHH%HWUDFKWXQJXQG.ULWLNNYRQQ'DYLGG5HLIIHQDQG$QGUHZZ1
.OHLW 7HUPLQDO 5DLOURDG 5HYLVLWHG )RUHFORVXUHH RI DQQ (VVHQWLDOO )DFLOLW\\ RU 6LPSOH +RUL]RQWDOO 0RQRSRO\" LQ -RXUQDORII/DZDQG(FRQRPLFV9RO1R2FWSSZHOFKHHJHPlGHUU&KLFDJRR6FKRROYRQQ HLQHUU ³LQFRQVLVWHQFHHZLWKHFRQRPLFFWKHRU\´E]ZHLQHUU ³H[RWLFWKHRU\\RIHFRQRPLFEHKDYLRU´´VSUHFKHQ6 XQG6
6LHKHDXFKK0|VFKHO:HWWEHZHUEVUHFKW(*]X$UW(*95Q)Q
'DV*HULFKW IKUWGD]XDXI6HLWHDXVÄ6XFKSODQRIUHRUJDQL]DWLRQ PXVWDOVRRSURYLGHHGHILQLWHO\IRUUWKH
XVHH RI WKHH WHUPLQDOO IDFLOLWLHVV E\ DQ\ RWKHUU UDLOURDG QRWW HOHFWLQJJ WR EHFRPH D MRLQWW RZQHU XSRQ VXFKK MXVWW DQG UHDVRQDEOHH WHUPV DQG UHJXODWLRQV DVV ZLOO LQ UHVSHFWW RI XVH FKDUDFWHU DQG FRVWW RI VHUYLFH SODFHH HYHU\ VXFK FRPSDQ\XSRQDVVQHDUO\DQHTXDOOSODQHHDVVPD\EHHZLWKUHVSHFWWWRRH[SHQVHVVDQGFKDUJHVVDVVWKDWWRFFXSLHGGE\WKH SURSULHWDU\FRPSDQLHV³
866 GDVV *HULFKWW VWHOOWH KLHU DXII GHQQYRQQ HLQHU1DFKULFKWHQDJHQWXU DXVJHKHQGHQ1HW]HIIHNWW DE VLHKHHKLHU]XGLHH'DUVWHOOXQJEHLL7UlQNOH6
9
JURHVV8QWHUQHKPHQZHOFKHVVDOOHUGLQJVZLUNVDPHPP:HWWEHZHUEEDXVJHVHW]WWVHLHWZDDYRQQGHU
'DVV/RUDLQQ-RXUQDOVWHOOWHHGLHHHLQ]LJHH4XHOOHHIUORNDOHH1DFKULFKWHQXQGG:HUEXQJLQQHUKDOEE GHUU 6WDGWW /RUDLQ LQ 2KLR GDU $OVV HLQQ NOHLQHUHUU 5DGLRVHQGHU YHUVXFKWHH LQQ GHU 1DFKEDUJHPHLQGH )X ]X IDVVHQ ZHLJHUWH VLFKK GHUU +HUDXVJHEHU GHV %ODWWHVV $Q]HLJHQQ YRQ 3HUVRQHQQ DQ]XQHKPHQ GLHH DXFKK EHUU GDVV 5DGLRR :HUEXQJ VFKDOWHWHQ $XII GLHVHH :HLVH VRR ZXUGHHGHPP+HUDXVJHEHUUYRUJHZRUIHQEHDEVLFKWLJHHHUUDXIIPLVVEUlXFKOLFKHH$UWWXQGG:HLVHHGHQQ :HWWEHZHUEEDXIIGHP$Q]HLJHQPDUNWW]X]HUVW|UHQ$P(QGHHGHVV3UR]HVVHVQDKPGDVV*HULFKWW DOOHUGLQJV HLQQ $QJHERWW GHVV 6HQGHUVV DQQ NQIWLJ GLH :HUEXQJ GHVV 5DGLRVHQGHUVV KLQ]XQHKPHQ XQGGQLFKWWZHLWHUU]XGLVNULPLQLHUHQ
,QGHP'XUFKOHLWXQJVVDFKYHUKDOWW2WWHUU7DLOO3RZHUU&RY8QLWHGG6WDWHV EHIDQGGGHUU2EHUVWH *HULFKWVKRIGDVVV2WWHUU7DLOHLQQUHJLRQDOHVV9HUVRUJXQJVXQWHUQHKPHQ]X8QUHFKWWHLQHPPQHX JHJUQGHWHQQ6WDGWZHUNNGLHH%HOLHIHUXQJ]XX+lQGOHUNRQGLWLRQHQQYHUVDJW'XUFKKGLHHGRPLQDQWHH 6WHOOXQJ GHVV 1HW]LQKDEHUVV XQGG GLHH :HLJHUXQJ JHJHQEHUU GHPP PDUNWHLQWULWWVZLOOLJHQ 6WDGWZHUNNVDKKGDVV*HULFKWWGHQQ6KHUPDQQ$FWWVHFDOVVYHUOHW]WDQ+LHUEHLLYHUZDUIIGDVV*HULFKWW GLHH YRQQ 2WWHUU 7DLO YRUJHEUDFKWHQQ 5HFKWIHUWLJXQJVJUQGHH ZLUWVFKDIWOLFKHUU $UW ,QQ HLQHPP DEZHLFKHQGHQQ 9RWXPP EUDFKWHQQ GLHH 5LFKWHUU YRU GDVVV GHUU *HVHW]JHEHU JHUDGHH YRQQ HLQHU JHVHW]OLFKHQQ5HJXOLHUXQJIUUGHUDUWLJHH=XJDQJVVDFKYHUKDOWHHDEJHVHKHQQKlWWHHXQGGGDVVV]XGHPP HLQHH 5HJXOLHUXQJVEHK|UGHH YRUJHVHKHQ VHL GLH HKHUU LQQ GHU /DJH VHL GLHH $XIJDEH GHUU =XJDQJVUHJXOLHUXQJ]XXEHZlOWLJHQ
6LHKHHKLHU]XX'RKHUW\6PLW+LQZHLVDXIGLHHGLVVHQWLQJJRSLQLRQYRQ5REHUWVXQGG0XUSK\-- 86 86
6LHKHH KLHU]XX 'RKHUW\ 6 XQG LQVEHVRQGHUH * ( +DOH DQG 5RVHPDU\ ' +DOH 7KHH 2WWHUU 7DLOO 3RZHU &DVH 5HJXODWLRQQ E\ &RPPLVVLRQ RUU $QWLWUXVW /DZV LQ 7KH 6XSUHPH &RXUWW 5HYLHZ 6 GLHH GLHH DOOJHPHLQHQQ NDUWHOOUHFKWOLFKHQQ *HVHW]H IU Y|OOLJJ DXVUHLFKHQG KDOWHQ XP =XJDQJVVDFKYHUKDOWH ]XX UHJHOQ 0U -XVWLFHH6WHZDUWLQ866XQG7KH&RXUWJRHVRQYDJXHO\WRRVXJJHVWWKDWWKHUHHZLOOEHHWLPHHWR
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
10
3Ul]LVLHUWWXQGGNRQWXULHUWWZXUGHHGLH5HFKWVVSUHFKXQJVFKOLHOLFKKLQQGHUU(QWVFKHLGXQJ0&,Y $77 +LHUEHLL JLQJ HV XPP GHQQ YRQ 0&, EHJHKUWHQQ =XJDQJ ]X GHPP YRQQ $777 NRQWUROOLHUWHQQ 2UWVQHW] XPP )HUQJHVSUlFKVYHUELQGXQJHQ DOVV .RQNXUUHQWW YRQQ $77 DQELHWHQ ]XN|QQHQ9RPP%HUXIXQJVJHULFKWWWKK&LUFXLWZXUGHQQYLHUU9RUDXVVHW]XQJHQQIUUGLHH'RNWULQ YHUODQJWHLQQ0RQRSROLVWWPXVVVGLHH.RQWUROOHHEHUUHLQHHZHVHQWOLFKHH(LQULFKWXQJDXVEHQGLHH 'XSOL]LHUXQJ GHU ZHVHQWOLFKHQQ (LQULFKWXQJ GXUFK GHQQ :HWWEHZHUEHU LVWW IDNWLVFKK XQP|JOLFKK RGHUUZLUWVFKDIWOLFKKXQYHUQQIWLJGHUU0RQRSROLVWWJHVWDWWHWGHQQ=XJDQJ]XXVHLQHUU(LQULFKWXQJJ HQWZHGHUU JDUU QLFKWW RGHU QXUU ]XX XQDQJHPHVVHQHQQ .RQGLWLRQHQ XQGG GLHH =XJDQJVJHZlKUXQJ PXVVV WHFKQLVFKK P|JOLFK XQGG GHPP ,QKDEHUU ]XPXWEDUU VHLQ 'LHVHH $XVHLQDQGHUVHW]XQJ GHVV %HUXIXQJVJHULFKWVV PLWW GHUU DXFKK DXVGUFNOLFKK JHQDQQWHQQ (VVHQWLDO)DFLOLWLHVV /HKUH ZXUGH VRGDQQQYRPP6XSUHPHH&RXUWWEHVWlWLJWRKQHHGDVVVDEHUUGLHH(VVHQWLDOO±)DFLOLWLHVV/HKUHHDOVVVROFKH PLWW1DPHQQJHQDQQWWZXUGH
1LFKWW ]XUU $QZHQGXQJJ NDPP GLHH 'RNWULQQ GHPJHJHQEHUU LPP )DOOO $VSHQ 6NLLQJJ &R Y $VSHQQ +LJKODQGVV 6NLLQJJ &RUS 'HUU %HWUHLEHUU XQGG ,QKDEHUU PHKUHUHUU 6NLOLIWHH LQQ 6NLJHELHWHQQ YRQQ $VSHQQLQQ&RORUDGRRKDWWHHGLHH.RRSHUDWLRQQPLWWGHPP(LJHQWPHUUHLQHVVDQGHUHQQ6NLOLIWVVEHHQGHW =XVDPPHQQ KDWWHH PDQQ YRUKHUU HLQHQQ JHPHLQVDPHQQ 6NLSDVVV IUU GDVV JHVDPWHH 6NLJHELHW DQJHERWHQQÃ$OO$VSHQµ7LFNHW'HUU%HWUHLEHUUGHVVJU|HUHQ6NLJHELHWHVVOLHVLFKKYRQQVHLQHU $EVLFKWW GHQQ 9HUWUDJ ]XX EHHQGHQQ DXFKK GDQQQ QLFKWW DEEULQJHQ DOV VHLQQ HKHPDOLJHU .RRSHUDWLRQVSDUWQHUU DQERW GLHH 6NLSlVVHH ]XP (QGSUHLVV DE]XQHKPHQ 'LHVHVV ZLUWVFKDIWOLFK VLQQORVHH 9HUKDOWHQQ GLH $EJDEHH GHU 6NLSlVVHH DQ GHQQ HLQ]LJHQ :HWWEHZHUEHUU ]X YHUZHLJHUQ ZXUGHHDOVVPLVVEUlXFKOLFKKHLQJHVWXIWDXFKKZHQQQJUXQGVlW]OLFKKNHLQHH3IOLFKWWGD]XXEHVWHKWWPLW :HWWEHZHUEHUQQ]XXNRQWUDKLHUHQ 'HUU866XSUHPH&RXUWWJLQJLQQVHLQHU(QWVFKHLGXQJDQGHUVV DOVV GDVV %HUXIXQJVJHULFKWW DXII GLH (VVHQWLDOO )DFLOLW\GRFWULQHH QLFKWW HLQQ XQGG VWHOOWHH JHPl 6HFWLRQQ 6KHUPDQQ $FWW DOOHLQQ DXII GLHH 8QELOOLJNHLWW XQGG 0LVVEUlXFKOLFKNHLWW GHV *HVFKlIWVDEEUXFKV DE ,PP )RNXVV GHUU 5HFKWVILQGXQJ VWDQG VRPLWW ZHQLJHU GLHH %HXUWHLOXQJ RE
0&,,&RPPXQLFDWLRQV&RUSY$77±±)G6XQGWK&LU
9JO %HFNPDQQ0OOHU LQ +RHUHQ6LHEHU +DQGEXFK 0XOWLPHGLD5HFKW (UJlQ]XQJVOLHIHUXQJ 5QQ
³$ PRQRSROLVWVV UHIXVDOO WR GHDOO XQGHUU WKHVHH FLUFXPVWDQFHVV LVV JRYHUQHG E\ WKH VRFDOOHG HVVHQWLDO IDFLOLWLHVV GRFWULQH 6XFK DD UHIXVDOO PD\ EHH XQODZIXOO EHFDXVHH D PRQRSROLVWVV FRQWUROO RI DQ HVVHQWLDOO IDFLOLW\ VRPHWLPHV FDOOHGDDDERWWOHQHFNNFDQQH[WHQGPRQRSRO\SRZHUUIURPRQHVWDJHRISURGXFWLRQQWRDQRWKHUDQGIURPRQHHPDUNHW
LQWR DQRWKHU 7KXV WKHH DQWLWUXVWW ODZV KDYHH LPSRVHGG RQQ ILUPVV FRQWUROOLQJJ DQQ HVVHQWLDOO IDFLOLW\ WKHH REOLJDWLRQQ WR PDNHHWKHHIDFLOLW\DYDLODEOHHRQQRQGLVFULPLQDWRU\WHUPV´VLHKH)G6 $VSHQQ6NLLQJJ&RY$VSHQQ+LJKODQGV6NLLQJJ&RUS866&W
±±7UDGH &DVHVVXQGGLHVSlWHUHH%HWUDFKWXQJLQ6\PSRVLXP$VSHQQ6NLLQJ
11
Arbeit zitieren:
Philipp Hujo, 2010, Die essential facilities-Doktrin und ihr Einfluss auf das Kartellrecht in den USA und in Europa, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Formatvorlage (Microsoft Word) für eine Diplomarbeit, Masterarbeit, Ha...
Für MS Word 2003 - Update 2010
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Formatvorlage (OpenOffice) für eine Diplomarbeit, Masterarbeit, Hausar...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 35 Seiten
Formatvorlage / Vorlage zur Erstellung einer Diplomarbeit, Bachelorarb...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 15 Seiten
Formatvorlage / Vorlage für eine Diplomarbeit / Hausarbeit
Für MS Word 2007 - dotx
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Anleitung zum Erstellen schriftlicher Arbeiten: Der Aufbau einer wisse...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 20 Seiten
Erstellen einer schriftlichen Hausarbeit
Vorlagen, Muster, Formulare, Infobroschüren
Hausarbeit, 14 Seiten
Grundtechniken wissenschaftlichen Arbeitens
Bibliografieren - Reden - Schr...
Vorlagen, Muster, Formulare, Infobroschüren
Skript, 46 Seiten
Ratgeber zur Erstellung wissenschaftlicher Arbeiten. Diplomarbeiten - ...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 39 Seiten
Jura - Zivilrecht / Handelsrecht, Gesellschaftsrecht, Kartellrecht, Wirtschaftsrecht: neuer Titel erschienen: Die essential facilities-Doktrin und ihr Einfluss auf das Kartellrecht in den USA und in Europa
Jura - Zivilrecht / Handelsrecht, Gesellschaftsrecht, Kartellrecht, Wirtschaftsrecht: neuer Titel erschienen: Die essential facilities-Doktrin und ihr Einfluss auf das Kartellrecht in den USA und in Europa
Philipp Hujo hat einen neuen Text hochgeladen
Einfluss des vertikalen Anteils der Vorspannung auf den Durchstanzwide...
Josef Hegger, Frank Häusler
Die Act of State-Doktrin als Zukunftsmodell für Deutschland?
Zur Nachprüfung fremder Hoheit...
Maria Berentelg
Der Einfluß deutscher Emigranten auf die Rechtsentwicklung in den USA ...
Vorträge und Referate des Bonn...
M. H. Hoeflich, M. Lutter, E. C. Stiefel
0 Kommentare