P - Steuerlehrgänge Dr. Bannas

An die InteressentInnen der
Steuerlehrgänge Dr. Bannas
Vorbereitung auf das Steuerberaterexamen
Sehr geehrte Interessentin, sehr geehrter Interessent,
vielen Dank für Ihr Interesse an unseren Fernkursen zur Vorberei-
tung auf das schriftliche Steuerberaterexamen. Eine genaue
Beschreibung der Kurse finden Sie im folgenden Prospekt. Wir
möchten Ihnen an dieser Stelle vorab die „Philosophie“ unseres
Fernkurskonzeptes erläutern:
Wir haben uns zum Ziel gesetzt, alle Examenskandidaten in den
Fernkursen in fachlichen Fragen weit über das Ausgeben von
Lehrbriefen, Klausursachverhalten und Lösungshinweisen zu
betreuen. Was wir nicht wollen, ist Sie mit einer großen Anzahl von
Papier alleine lassen. Erfahrungsgemäß ergeben sich nämlich
gelegentlich beim Durcharbeiten der Lehrbriefe und sehr häufig
beim Durcharbeiten der Klausurlösungen, auch wenn diese sehr
ausführlich sind, eine Vielzahl von Fragen und Problemen. Hier
wollen wir durch Einsatz von Dozenten schriftlich (Virtuelles
Tutorium und Besprechungsweb) und im Live-Unterricht (Ergänzen-
der Live Unterricht und Online-Nachbesprechungen) Ihre fachlichen
Defizite beseitigen.
� Virtuelles Tutorium: Hier können Sie Fragen zu den
Lehrbriefen an unser Dozent/innen Team richten.
� Besprechungsweb: Hier können Sie Fragen zu Sachverhalten
und Musterlösungen an unser Dozent/innen Team richten.
� Den Nachteil eines Fernkurses, die Isolation von anderen
Kursteilnehmern und den Lehrkräften, haben wir beseitigt. Die
wichtigsten Themen des Fernkurses vertiefen wir an 30 Aben-
den im ergänzenden Unterricht im virtuellen Klausuren-
raum und für alle Klausuren führen wir eine Online-
Nachbesprechung durch (beides interaktiv per Sprache). Der
Clou: die Nachbesprechungen werden aufgezeichnet und kön-
nen zu jedem späteren Zeitpunkt angehört werden. Das Feed-
back dieser Nachbesprechungen war bisher sehr positiv, be-
sonders die Möglichkeit, die Klausuren mit den aufgezeichne-
ten Nachbesprechungen zu jedem gewünschten Zeitpunkt in
Ruhe durchzuarbeiten.
� Fordern Sie telefonisch oder per per E-Mail unsere Demo-CD
an, auf der Sie eine Einführung in Installation und Nutzung des
virtuellen Klassenraums finden. Zudem sind dort auch ein
Klausurenblock, Skriptproben und einige Online-
Nachbesprechungen gespeichert. Bitte denken Sie daran, dass
die Nachbesprechungen aufgezeichneter Live-Unterricht sind.
Der didaktische Mehrwert liegt in der Aktualität und der Inter-
aktivität. Dies ist kein im Studio produzierter Vortrag.
Bitte beachten Sie die vielfältigen Fördermöglichkeiten durch
Bund und Länder. Informationen finden Sie auf unserer Internetsei-
te.
Nutzen Sie die Möglichkeiten eines großen Lehrgangswerkes. Wir
freuen uns darauf, Ihnen den Weg für Ihre Vorbereitung auf das
Steuerberaterexamen durch unsere mehr als ein Jahrzehnt
währende Erfahrung erleichtern zu können; wir sind sicher, dass Sie
- entsprechende Mitarbeit vorausgesetzt - erfolgreich sein werden.
Wir freuen uns auf Sie.
Mit freundlichen Grüßen
Andreas Wellmann
PS: Gerne beantworte ich Ihre Fragen zu Zulassung, Vorbereitung
und speziell zu unseren Kursen per E-Mail oder Telefon. Wenden Sie
sich direkt an mich (wellmann@steuerlehrgaenge.de)

6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
hEHUEOLFN (LQIÅKUXQJ
(GLWRULDO �EHUEOLFN���(LQI˜KUXQJ
6HKU�JHHKUWH�'DPHQ�XQG�+HUUHQ�
VHLW -DKUHQ EHJOHLWHQ XQG XQWHUVWÅW]HQ ZLU DQJHKHQGH
6WHXHUEHUDWHULQQHQ XQG 6WHXHUEHUDWHU EHL GHU 9RUEHUHLWXQJ DXI
GDV6WHXHUEHUDWHUH[DPHQ
8PGHQYLHOIlOWLJHQ$QIRUGHUXQJHQJHUHFKW]XZHUGHQ HQWZLFNHOQ
ZLU XQVHU .XUVDQJHERW VWHWLJ ZHLWHU $NWXHOO EDXHQ ZLU XQVHU
$QJHERWDQEHUXIVEHJOHLWHQGHQ$EHQG 6DPVWDJVOHKUJlQJHQDXV
1DFKGHPGLHVHEHUHLWVVHLWHLQLJHQ-DKUHQHUIROJUHLFKLQ0ÅQFKHQ
VWDWW¿QGHQ ZHUGHQZLUGLHVHQ.XUVNÅQIWLJDXFKLQ%HUOLQ (VVHQ
+DPEXUJXQG6WXWWJDUWDQELHWHQ
'HQ 6FKZHUSXQNW ELOGHQ ZHLWHUKLQ XQVHUH EHNDQQWHQ 6DPVWDJVOHKUJlQJH GLH ZLU PLWWOHUZHLOH
LQ ÅEHU ]HKQ 6WlGWHQ GXUFKIÅKUHQ VRZLH XQVHU ZDFKVHQGHV $QJHERW DQ 9ROO]HLWDXVELOGXQJHQ
PLWWOHUZHLOH LQ %HUOLQ '|EHOQ (VVHQ 0ÅQFKHQ XQG 6FKHUPEHFN 6R N|QQHQ 6LH VLFK ,KUHQ
EHUX¡LFKHQ XQG SULYDWHQ %HGÅUIQLVVHQ HQWVSUHFKHQG ,KUH LQGLYLGXHOOH $XVELOGXQJVNRPELQDWLRQ
]XVDPPHQVWHOOHQ 'LHHLQ]HOQHQ0RGXOH]XU9RUEHUHLWXQJDXIGDV6WHXHUEHUDWHUH[DPHQZHUGHQLQ
GLHVHU%URVFKÅUHDXVIÅKUOLFKHUOlXWHUW
6ROOWHQ6LHZHLWHUH)UDJHQKDEHQ ZLUGXQVHU7HDP,KQHQJHUQEHUDWHQG]XU6HLWHVWHKHQ ,FKZÅQVFKH
,KQHQYLHO(UIROJEHLGHU3UÅIXQJVYRUEHUHLWXQJXQGDOOHV*XWHIÅU,KUHZHLWHUHEHUX¡LFKH.DUULHUH
,KU
'U 6WHSKDQ %DQQDV
'U %DQQDV
2EZRKO DXV *UÅQGHQ GHU /HVEDUNHLW LP ZHLWHUHQ 9HUODXI GHU %URVFKÅUH GLH PlQQOLFKH )RUP JHZlKOW ZXUGH
EH]LHKHQVLFKGLH$QJDEHQLPPHUDXI$QJHK|ULJHEHLGHU*HVFKOHFKWHU
$Q]HLJH

6WHXHUEHUDWHU
8QVHU3URJUDPP
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJlQJH]XU([DPHQVYRUEHUHLWXQJ
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
,QKDOW
6WHXHUIDFKVFKXOH�'U��%DQQDV�
hEHUXQV
.RQWDNW
$XVELOGXQJ�]XP�6WHXHUEHUDWHU
hEHUEOLFNXQG(LQIÅKUXQJ
%HUXIVEHJOHLWHQGH$XVELOGXQJ
VOJ
N
NS
FN
IU
PS
6DPVWDJV XQG$EHQG 6DPVWDJVOHKUJlQJH
.RPEL3OXV
.ODXVXUHQSUlVHQ]NXUV
&UDVKNXUVH
)DOOUHSHWLWRULXP
9RUEHUHLWXQJPÅQGOLFKH3UÅIXQJ
9ROO]HLWDXVELOGXQJ
YN 9RUNXUV
ZO
WDJ
8KO
:RFKHQ/HKUJDQJ
7DJHVOHKUJlQJH
)HUQNXUV
IN )HUQNXUV,
IN
NI
)HUQNXUV,,
.ODXVXUHQIHUQNXUV
.XUVGDWHQ���*ORVVDU
9RQ1RUGQDFK6ÅG $OOH.XUVGDWHQ
%$11$6YRQ$ = *ORVVDU
%$11$6YRQ$ = 'R]HQWHQ
$QPHOGXQJ
$QPHOGHIRUPXODUHXQG*HVFKlIWVEHGLQJXQJHQ
=HLWSODQ
'U %DQQDV
hEHUEOLFN (LQIÅKUXQJ
'U %DQQDV
8QVHUH�.XUVRUWH
%HUOLQ
%LHOHIHOG
&KHPQLW]
(UIXUW
(VVHQ
)UDQNIXUW
)UHLEXUJ
+DPEXUJ
+DQQRYHU
.DVVHO
.REOHQ]
.|OQ
/HLS]LJ '|EHOQ
0DLQ]
0DQQKHLP
0RVEDFK
0ÅQFKHQ
6DDUEUÅFNHQ
6FKHUPEHFN
6WXWWJDUW
/XGZLJVEXUJ
6HLWH
.|OQ
+DPEXUJ
6WHXHUEHUDWHU
%HUOLQ
6FKHUPEHFN
(VVHQ
+DQQRYHU
%LHOHIHOG
.DVVHO
áhEHUEOLFNXQG(LQIÅKUXQJ
á
.REOHQ]
0DLQ]
6DDUEUÅFNHQ
0DQQKHLP
)UHLEXUJ
)UDQNIXUW
0RVEDFK
(UIXUW
6WXWWJDUW /XGZLJVEXUJ
/HLS]LJ '|EHOQ
&KHPQLW]
0ÅQFKHQ

6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
$OOJHPHLQHVÅEHUGLH6WHXHUIDFKVFKXOH
hEHUEOLFN (LQIÅKUXQJ
�EHU�XQV �EHUEOLFN���(LQI˜KUXQJ
(UIDKUXQJ�VFKDIIW�9HUWUDXHQ
'LH 6WHXHUOHKUJlQJH 'U %DQQDV *PE+ VFKDXW
DXI -DKUH (UIDKUXQJ ]XUÅFN 6HLW *UÅQGXQJ
GHU6WHXHUIDFKVFKXOH KDWVLHVLFK]XHLQHP
GHUEXQGHVZHLWJU|âWHQ$QELHWHUYRQ/HKUJlQJHQ
]XU 9RUEHUHLWXQJ DXI GDV 6WHXHUEHUDWHUH[DPHQ
HQWZLFNHOW 'LH/HKUJlQJHEDVLHUHQ DXI GHP YRQ
'U %DQQDV HQWZLFNHOWHQ &XUULFXOXP PLW 6FKZHU
SXQNW LQ GHU EHUXIVEHJOHLWHQGHQ $XVELOGXQJ )ÅU
,QWHUHVVHQWHQ GLH GLH )UHLKHLW KDEHQ VLFK JDQ]
DXV GHP %HUXIVDOOWDJ YROO RGHU WHLOZHLVH ]XUÅFN
]X]LHKHQ N|QQHQ ELHWHQ ZLU HLQHQ 9ROO]HLWNXUV
VRZLHGHQ.RPEL3OXV.XUVDQ
'DUÅEHU KLQDXV VLQG ZLU DXFK LP %HUHLFK GHU
6WHXHUIDFKZLUWDXVELOGXQJ XQG LQ GHU 0DVWHU
DXVELOGXQJ DNWLY 6WHXHUIDFKZLUWNXUVH IÅKUHQ
ZLU LQ /HLS]LJ 0DQQKHLP XQG 0ÅQFKHQ VRZLH
LQ %HUOLQ IÅU GHQ 6WHXHUEHUDWHUYHUEDQG %HUOLQ
%UDQGHQEXUJ GXUFK 'HQ 6WXGLHQJDQJ 0DVWHU
RI7D[DWLRQ ELHWHQZLUVHLW2NWREHU MHZHLOV
]XP:6DQ JHSODQWLVWGLH'XUFKIÅKUXQJNÅQIWLJ
DXFKIÅU.|OQXQG+DPEXUJ
:HLWHUH,QIRUPDWLRQHQXQWHUZZZEDQQDVFRP
:LU�VWHKHQ�I˜U�4XDOLWÊW
(LQ HUIROJUHLFKHV ([DPHQ KlQJW VWDUN YRQ GHU
3UÅIXQJVYRUEHUHLWXQJDE GLHVHPXVV HQWVSUH
FKHQG HI¿]LHQW VHLQ 'XUFK XQVHU EXQGHVZHLWHV
.XUVDQJHERWVLQGZLULQGHU/DJH ,KQHQHLQ
JURâHVXQGYLHOVHLWLJHV'R]HQWHQ7HDP ]XU9HU
IÅJXQJ ]X VWHOOHQ 8QVHUH 'R]HQWHQ VLQG MHZHLOV
6SH]LDOLVWHQ DXILKUHP *HELHW 6LHVWDPPHQDXV
GHQ )DFKKRFKVFKXOHQ IÅU )LQDQ]HQ VRZLH DXV
GHQ )LQDQ]YHUZDOWXQJHQ GHU HLQ]HOQHQ %XQGHV
OlQGHU HLQ 7HLO YRQ LKQHQ DUEHLWHW DOV VHOEVW
VWlQGLJH 6WHXHUEHUDWHU :LUWVFKDIWVSUÅIHU XQG
5HSHWLWRU 'LH *U|âH XQG 9HUQHW]XQJ XQVHUHV
'R]HQWHQ7HDPV ELHWHW YLHOIlOWLJH 6\QHUJLHHIIHN
WH GLH ZLU ]XP 9RUWHLO GHU $XVELOGXQJVTXDOLWlW
ZLUNVDP QXW]HQ ] % EHL GHU (UVWHOOXQJ XQVHUHU
.ODXVXUHQ =XGHPVLQGZLUVRLQGHU/DJH UHJL
RQDOH %HVRQGHUKHLWHQ VSH]LHOO IÅU GLH PÅQG
OLFKH 3UÅIXQJ EHUÅFNVLFKWLJHQ ]X N|QQHQ 'LH
ÅEHUGXUFKVFKQLWWOLFK KRKH (UIROJVTXRWH XQVHUHU
7HLOQHKPHQGHQ LVW HLQ %HOHJ IÅU XQVHUH KRKH
$XVELOGXQJVTXDOLWlW
'U %DQQDV
6LHKH5XEULN %$11$6$ = 'R]HQWHQ
6WHXHUEHUDWHU 'U %DQQDV
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJlQJH]XU([DPHQVYRUEHUHLWXQJ
hEHUEOLFN (LQIÅKUXQJ
hEHUEOLFN (LQIÅKUXQJ
�EHUEOLFN���(LQI˜KUXQJ
8QVHUH�(UIROJVTXRWH
(QWVFKHLGHQG IÅU GLH 4XDOLWlW GHU ([DPHQV
YRUEHUHLWXQJ LVW GLH (UIROJVTXRWH 'LHVH EHWUXJ
IÅU GLH VFKULIWOLFKH 3UÅIXQJ NQDSS
'LHVH 4XRWH EH]LHKW VLFK DXI GLH 7HLOQHK
PHQGHQ GLHGDV VFKULIWOLFKH ([DPHQ DEVROYLHUW
KDEHQ XQG XQVHUHQ 6DPVWDJV E]Z $EHQG
6DPVWDJVOHKUJDQJ .RPEL3OXV/HKUJDQJ RGHU
:RFKHQ/HKUJDQJ 81' GHQ DQVFKOLH
âHQGHQ .ODXVXUHQNXUV EHVXFKW KDEHQ 'LH
(UPLWWOXQJ HQWVSULFKW GHQ RI¿]LHOOHQ 4XRWHQ
GHU 0LQLVWHULHQ 1DFK GHU VFKULIWOLFKHQ 3UÅIXQJ
ZDUHQGLHV EHLUHFKWKRKHUDOOJHPHL
QHU 'XUFKIDOOTXRWH XQG QDFK GHU
VFKULIWOLFKHQ3UÅIXQJ
2KQH GLHVH DQKDOWHQG KRKHQ (UIROJVTXRWHQ
N|QQWHQ ZLU XQV XQVHU $QJHERW GHQ .XUV EHL
1LFKW%HVWHKHQNRVWHQORV]XZLHGHUKROHQ ZLUW
VFKDIWOLFKJDUQLFKW HUODXEHQ
6WDQG-XQL
'HWDLOVVLHKH*HVFKlIWVEHGLQJXQJHQ
3UREHK�UHQ
0DFKHQ 6LH VLFK VHOEVW HLQ %LOG YRQ GHU
4XDOLWlW XQVHUHU $XVELOGXQJ %HVXFKHQ
6LH HLQHQ XQVHUHU .XUVH ]XU 3UREH (LQH
*DVWK|UHUNDUWH XQG HLQHQ 7HUPLQSODQ XQVHUHU
.XUVH OLHJHQ GHP 3URVSHNW EHL *HUQH
N|QQHQ 6LH GLHVH DXFK SHU 7HOHIRQ RGHU
(0DLOLQXQVHUHP%ÅURDQIRUGHUQ
,QIRUPDWLRQ���%HUDWXQJ
5HJHOPlâLJ IÅKUHQ ZLU ,QIRUPDWLRQVYHUDQ
VWDOWXQJHQ GXUFK 'DQQ HUKDOWHQ 6LH DXVIÅKU
OLFKH ,QIRUPDWLRQHQ ]XU =XODVVXQJ XQG ]XU
9RUEHUHLWXQJ DXI GDV 6WHXHUEHUDWHUH[DPHQ
%LWWH VFKDXHQ 6LH LP ,QWHUQHW QDFK DNWXHOOHQ
7HUPLQHQ *HUQH EHUDWHQ ZLU 6LH DXFK WHOHIR
QLVFK SHU (0DLORGHUQDFK 9HUHLQEDUXQJDXFK
LQHLQHPSHUV|QOLFKHQ*HVSUlFK
,QIRUPDWLRQVYHUDQVWDOWXQJHQ
DOOH7HUPLQHXQG2UWHLPhEHUEOLFN

6WHXHUEHUDWHU������� 6WHXHUEHUDWHU
£� hEHUEOLFN (LQIÅKUXQJ
áhEHUEOLFNXQG(LQIÅKUXQJ
á
%HUXIVEHJOHLWHQGH $XVELOGXQJ
£� 6DPVWDJV XQG$EHQG 6DPVWDJVOHKUJDQJ
£� .RPEL3OXV
£� .ODXVXUHQSUlVHQ]NXUV
£� &UDVKNXUVXQG)DOOUHSHWLWRULXP
£� 9RUEHUHLWXQJPÅQGOLFKH3UÅIXQJ
9ROO]HLWDXVELOGXQJ
£� 9RUNXUV
£� :RFKHQ/HKUJDQJ
£� 7DJHVOHKUJlQJH
)HUQNXUV
£� )HUQNXUVH
£� .ODXVXUHQIHUQNXUV
6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
hEHUEOLFN (LQIÅKUXQJ
�EHUEOLFN���(LQI˜KUXQJ
�EHUEOLFN���(LQI˜KUXQJ
=XODVVXQJVYRUDXVVHW]XQJHQ
'LH=XODVVXQJ ]XU 3UÅIXQJ HUJLEW VLFK DXV GHQ
DOOJHPHLQHQ 3UÅIXQJVYRUDXVVHW]XQJHQ IÅU GDV
6WHXHUEHUDWHUH[DPHQ
6LHKH 5XEULN %$11$6 $ = =XODVVXQJVYRUDXV
VHW]XQJHQ
=XU3UÅIXQJ
'DV VFKULIWOLFKH ([DPHQ ¿QGHW MlKUOLFK EXQ
GHVHLQKHLWOLFK DQ GUHL DXIHLQDQGHU IROJHQGHQ
7DJHQ GHU HUVWHQ YROOHQ 2NWREHUZRFKH VWDWW
'LH.ODXVXUHQJOLHGHUQVLFKZLHIROJW
.ODXVXU 9HUIDKUHQVUHFKW 8PVDW]VWHXHU
%HZHUWXQJVUHFKW (UEVFKDIWVWHXHU
.ODXVXU (UWUDJVWHXHUQ
.ODXVXU %XFKIÅKUXQJ XQG %LODQ]ZHVHQ
8PZDQGOXQJVVWHXHU
3UR .ODXVXU ZHUGHQ VHFKV =HLWVWXQGHQ DQJH
VHW]W -HGH .ODXVXU ZLUG HLQ]HOQ EHZHUWHW ,VW
GHU *HVDPWGXUFKVFKQLWW DOOHU GUHL 1RWHQ QLFKW
VFKOHFKWHU DOV ZLUG PDQ ]XU PÅQGOLFKHQ
3UÅIXQJ]XJHODVVHQ
'LH PÅQGOLFKH 3UÅIXQJ VHW]W VLFK DXV HLQHP
.XU]YRUWUDJ YRQ FD IÅQI ELV ]HKQ 0LQXWHQ
VRZLH VHFKV 3UÅIXQJVJHVSUlFKVUXQGHQ ]XVDP
PHQ )ÅU MHGH HLQ]HOQH 5XQGH HUIROJW HLQH
%HZHUWXQJ GHU 'XUFKVFKQLWW ELOGHW GDQQ
GLH *HVDPWQRWH +DEHQ 6LH ]XVDPPHQ PLW
GLHVHP XQG GHP (UJHEQLV GHU VFKULIWOLFKHQ
3UÅIXQJLP 'XUFKVFKQLWWPLQGHVWHQV GLH1RWH
HUUHLFKW JLOWGLH3UÅIXQJDOVEHVWDQGHQ
/HKUPHWKRGH
8QVHUH .XUVH RULHQWLHUHQ VLFK VWUHQJ DQ GHU
.ODXVXUYRUEHUHLWXQJ G K ZLU ZlKOHQ GLH
SUÅIXQJVUHOHYDQWHQ 7KHPHQ IÅU 6LH DXV 6R
QXW]HQ 6LH GLH 9RUEHUHLWXQJV]HLW HI¿]LHQW XQG
HUK|KHQ ,KUH &KDQFHQ DXI HLQ HUIROJUHLFKHV
([DPHQ
á 2ULHQWLHUXQJDP*HVHW]XQG QXUZRHUIRU
GHUOLFK DQGHU9HUZDOWXQJVDXIIDVVXQJ
á %HVRQGHUHV 7UDLQLQJ GHU 6FKZHUSXQNW
WKHPHQ
á )UÅK]HLWLJHU %HJLQQ GHV .ODXVXUHQ
WUDLQLQJV
$XVELOGXQJVLQKDOWH VFKULIWOLFKH
XQG PÅQGOLFKH 3UÅIXQJ
á %XFKIÅKUXQJXQG%LODQ]ZHVHQ
á 6WHXHUOLFKHV9HUIDKUHQVUHFKW
á 6WHXHUQYRQ(LQNRPPHQXQG(UWUDJ
á %HZHUWXQJVUHFKW
á (UEVFKDIW XQG6FKHQNXQJVWHXHU
á 8PVDW]VWHXHU
á *UXQGODJHQ +DQGHOVUHFKW EÅUJHUOLFKHQ

6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJDQJVNRQ]HSWEHUXIVEHJOHLWHQG
IN �)HUQNXUV�,
�EHUEOLFN���(LQI˜KUXQJ
/HKUJDQJVNRQ]HSW
'HU)HUQXQWHUULFKWKDWVLFKDOVHUIROJUHLFKHXQG
SUD[LVQDKH :HLWHUELOGXQJVIRUP HUZLHVHQ GD
GXUFK ¡H[LEOHV XQG RUWVXQDEKlQJLJHV /HUQHQ
GLH 7HLOQHKPHU GLH 0|JOLFKNHLW KDEHQ LKUH
EHUX¡LFKHQXQG IDPLOLlUHQ9HUS¡LFKWXQJHQ PLW
LKUHQ /HUQLQWHUHVVHQ LQ (LQNODQJ ]X EULQJHQ
)ÅU (LQLJH LVW HV ÅEHUKDXSW GLH HLQ]LJH 0|J
OLFKNHLW DQ HLQHU:HLWHUELOGXQJWHLO]XQHKPHQ
8QVHU )HUQNXUV VWHKW DP $QIDQJ GHU 9RU
EHUHLWXQJ DXI GLH 6WHXHUEHUDWHUSUÅIXQJ 'LH
QRWZHQGLJHQ SUÅIXQJVUHOHYDQWHQ VWHXHUOLFKHQ
6FKZHUSXQNWEHUHLFKHZHUGHQLQ /HKUEULHIHQ
YHUPLWWHOW %HL HLQHP GXUFKVFKQLWWOLFKHQ
8PIDQJ YRQ 6HLWHQ SUR /HKUEULHI NRPPHQ
FD 6HLWHQ6WRIIDXI6LH]X 8PDXFK
DXI QHXHUH H[DPHQVUHOHYDQWH 8UWHLOH XQG GLH
DNWXHOOH 5HFKWVHQWZLFNOXQJ LP 6WHXHUUHFKW
]X UHDJLHUHQ HUJlQ]HQ PLWXQWHU 6RQGHUOHKU
EULHIH GDV /HKUJDQJVZHUN 6R JHZlKUOHLVWHQ
ZLU K|FKVWP|JOLFKH DXI GDV ([DPHQ ¿[LHUWH
$NWXDOLWlWGHV/HKUJDQJVPDWHULDOV
'DV $XWRUHQ7HDP XQVHUHU 8QWHUODJHQ
VHW]W VLFK DXV 'R]HQWHQ XQWHUVFKLHGOLFKHU
)DFKKRFKVFKXOHQ ]XVDPPHQ 'LH MDKUHODQJH
(UIDKUXQJ XQVHUHU 'R]HQWHQ JDUDQWLHUW HLQHQ
-DKUHVOHKUJDQJRKQH3UlVHQ]S¡LFKW
IDFKOLFK XQG GLGDNWLVFK HLQZDQGIUHLHQ $XIEDX
GHU/HKUEULHIH
8P GLH ÅEOLFKH ,VRODWLRQ HLQHV )HUQNXUVHV
]X YHUKLQGHUQ ELHWHQ ZLU HUJlQ]HQG ]X
DXVJHZlKOWHQ 7KHPHQ HLQPDO Z|FKHQW
OLFK $EHQGXQWHUULFKW LQ XQVHUHP YLUWXHOOHQ
.ODVVHQUDXPDQ
$XIEDXHLQHV/HKUEULHIHV
*UXQGVlW]OLFK ZHUGHQ XQVHUH HLQ]HOQHQ
/HKUEULHIH LQGUHL%HUHLFKHJHJOLHGHUW
7HLO ([DPHQVUHOHYDQWHV:LVVHQ
'HU HUVWH 7HLO GHV /HKUEULHIHV YHUPLWWHOW
MHZHLOV GHQ QRWZHQGLJHQ WKHRUHWLVFKHQ 6WRII
$OV +LOIHVWHOOXQJ ZHUGHQ GLH hEHUVFKULIWHQ GHU
HLQ]HOQHQ *OLHGHUXQJVSXQNWH LQ )UDJHIRUP
GDUJHERWHQ XP VR HLQHQ HUVWHQ +LQZHLV
DXI GLH 3UREOHPDWLN GHV 6WRIIHV ]X JHEHQ
7KHRUHWLVFKHV :LVVHQ DOOHLQ JDUDQWLHUW QRFK
NHLQHQ (UIROJ LP ([DPHQ %HL GHU 8PVHW]XQJ
GHV HUOHUQWHQ 6WRIIHV LVW GDKHU HLQ V\VWHPD
WLVFKHV +HUDQJHKHQ DQ HLQHQ )DOO EHVRQGHUV
ZLFKWLJ 'LHVHUIRUGHUWSHUPDQHQWHVhEHQ
6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
7HLO ([DPHQVUHOHYDQWH)lOOH
'LHVHU 7HLO GHV /HKUEULHIHV WUlJW GHP IDOOEH
]RJHQHP $XIEDX GHV 6WHXHUEHUDWHUH[DPHQV
5HFKQXQJ 'DV YHUPLWWHOWH WKHRUHWLVFKH
:LVVHQ ZLUG KLHU DXIEHUHLWHW XQG UHSHWLHUW
'HU 6FKQLWWSXQNW OLHJW ]ZLVFKHQ 7KHRULH XQG
HUIROJUHLFKHU $QZHQGXQJ GHV (UOHUQWHQ LQ GHU
.ODXVXU
7HLO 'HU([DPHQVIDOO
'HU ([DPHQVIDOO EH]LHKW VLFK LPPHU DXI GDV
6FKZHUSXQNWWKHPD GHV EHWUHIIHQGHQ /HKU
EULHIHV +LHU HUKDOWHQ 6LH GLH 0|JOLFKNHLW
XQWHUNODXVXUlKQOLFKHQ%HGLQJXQJHQ ,KUDNWX
HOOHV /HLVWXQJVYHUP|JHQ ]X ÅEHUSUÅIHQ 'HU
6FKZLHULJNHLWVJUDG LVW PLW HLQHU DEJHVFKORV
VHQHQ 7HLODXIJDEH LP ([DPHQ YHUJOHLFKEDU
'DKHU ZLUG HUZDUWHW GDVV 6LH GLHVHQ )DOO
IÅU VLFK ]X +DXVH GXUFKDUEHLWHQ XQG XQV
GLH /|VXQJ ]XVHQGHQ 'LH $UEHLW HUKDOWHQ 6LH
NRUULJLHUW XQG NRPPHQWLHUW ]XUÅFN XQG KDEHQ
VR HLQH HI¿]LHQWH .RQWUROOH ÅEHU ,KUHQ /HUQ
HUIROJ ,P (UJHEQLV HUKDOWHQ 6LH HLQH JXW JH
JOLHGHUWH)DOOVDPPOXQJ GLH,KQHQGDVVSlWHUH
1DFKDUEHLWHQGHV6WRIIHVHUKHEOLFKHUOHLFKWHUQ
ZLUG
6WHXHUEHUDWHU
$XIEDXGHU/HKUJDQJVXQWHUODJHQ
hEHUEOLFN (LQIÅKUXQJ
'DUÅEHU KLQDXV LVW HV DXFK IÅU ,KU VSlWHUHV
%HUXIVOHEHQHLQZLFKWLJHV1DFKVFKODJHZHUN
,KUHLQGLYLGXHOOH=HLWSODQXQJ
)ÅU HLQ HUIROJUHLFKHV ([DPHQ HPSIHKOHQ ZLU
HLQH ODQJIULVWLJ XQG NRQWLQXLHUOLFK DQJHOHJWH
9RUEHUHLWXQJ 6LH HUKDOWHQ SUR :RFKH ]ZHL
/HKUEULHIH GDVEHGHXWHWFD 6HLWHQNRQ]HQ
WULHUWHQ6WRII 'DLQVEHVRQGHUHGDV/HUQHQPLW
GHP*HVHW]HVWH[WYLHO=HLWLQ$QVSUXFKQLPPW
JHKHQZLUEHLGHU%HDUEHLWXQJHLQHV/HKUEULHIHV
YRQ HLQHP GXUFKVFKQLWWOLFKHQ =HLWDXIZDQG
YRQ 0LQXWHQSUR6HLWHDXV 'DV
%HDUEHLWHQ GHU H[DPHQVUHOHYDQWHQ )lOOH XQG
GDV %HDUEHLWHQ GHV ([DPHQVIDOOV JHVWDOWHW
VLFKQRFK]HLWDXIZHQGLJHU
6LH VROOWHQ DOVR UHDOLVWLVFK 6WXQGHQ
SUR :RFKH ]XU %HDUEHLWXQJ GHU /HKUEULHIH
HLQNDONXOLHUHQ
'DXHU
0RQDWH
$QIDQJ6HSWHPEHU (QGH0DL

6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
hEHUEOLFN (LQIÅKUXQJ
*HEÅKUHQ
EHL =XVHQGXQJ GHU 8QWHUODJHQ SHU
(0DLO
EHL =XVHQGXQJ GHU 8QWHUODJHQ SHU
3RVW
9HUWHLOXQJGHU/HKUEULHIHDXIGLHHLQ]HOQHQ)lFKHU
)DFK /% 6HLWHQ]DKO FD
(6W
*HZ6W
,QWHUQ 6W5
%LODQ]
3HUV*
%HZ5 (UE6W
$2 )*2
8PZ6W
.6W
86W
$NWXHOOHV6W5
6XPPH
$QPHOGXQJ
)ÅU GLH $QPHOGXQJ QXW]HQ 6LH GDV $QPHO
GHIRUPXODU DP (QGH GHV +HIWHV 6ROOWHQ 6LH
ZHLWHUH ,QIRUPDWLRQHQ ZÅQVFKHQ ZHQGHQ 6LH
VLFK ELWWH DQ XQVHU %ÅUR LQ 5|VUDWK XQWHU
(LQHQDXVIÅKUOLFKHQ7HUPLQSODQ
¿QGHQ6LHLP,QWHUQHWXQWHU
ZZZEDQQDVFRP
6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
hEHUEOLFN (LQIÅKUXQJ
�EHUEOLFN���(LQI˜KUXQJ
IN
/HKUJDQJVNRQ]HSW
$OV (UJlQ]XQJ ]X GHQ VFKULIWOLFKHQ 8QWHU
ODJHQ GLH 6LH Z|FKHQWOLFK YRQ XQV HUKDO
WHQ IÅKUHQ ZLU YRQ 'H]HPEHU (QGH 0DL
MHGHQ 'LHQVWDJDEHQG XQG MHGHQ ]ZHLWHQ
'RQQHUVWDJDEHQG DQ LQVJHVDPW 7HUPLQHQ
j YLHU 6WXQGHQ 8QWHUULFKW ]X DXVJHZlKOWHQ
7KHPHQ LQ XQVHUHP YLUWXHOOHQ .ODVVHQUDXP
GXUFK $XI :XQVFK VHQGHQ ZLU ,KQHQ JHUQ
HLQH 7KHPHQOLVWH 'HU 8QWHUULFKW ZLH DXFK
GLH 1DFKEHVSUHFKXQJHQ GHV .ODXVXUHQIHUQ
NXUVHV ¿QGHW PLW 7RQ VWDWW 6LH N|QQHQ DOVR
ZLHLP ULFKWLJHQ¥8QWHUULFKW)UDJHQVWHOOHQ GLH
VLFKLP9HUODXIGHU$UEHLWPLWGHQVFKULIWOLFKHQ
8QWHUODJHQ HUJHEHQ KDEHQ 'LH WHFKQLVFKHQ
$QIRUGHUXQJHQ DQ ,KUHQ 3& RGHU /DSWRS VLQG
JHULQJ ]XGHP HUKDOWHQ 6LH 8QWHUVWÅW]XQJ
GXUFKXQVHUHQ('96XSSRUW
'DXHU
0RQDWH
'H]HPEHU (QGH0DLGHV)ROJHMDKUHV
*HEÅKUHQ
6WXQGHQ]DKO
8QWHUULFKWVVWXQGHQ
MHZHLOV GLHQVWDJV XQG MHGHQ ]ZHLWHQ
'RQQHUVWDJYRQ 8KU 8KU
$QPHOGXQJ
)ÅU GLH $QPHOGXQJ QXW]HQ 6LH ELWWH GDV
$QPHOGHIRUPXODU DP (QGH GHV +HIWHV 6ROOWHQ
6LH ZHLWHUH ,QIRUPDWLRQHQ ZÅQVFKHQ ZHQ
GHQ 6LH VLFK ELWWH DQ XQVHU %ÅUR XQWHU GHU
7HOHIRQQXPPHU
6WHXHUEHUDWHU
�)HUQNXUV�,,��HUJÊQ]HQGHU�8QWHUULFKW�
,KUH'R]HQWHQ LPYLUWXHOOHQ.ODVVHQUDXP
*ÅQWHU(QGOLFK :3 6W% 5$ £�%HZ5 (UE6W
6LHJIULHG)UlQ]QLFN 'LSO )LQZ )+ £�86W (6W
3URI 'U %DUGR.lPPHUHU 6W% )+0DLQ] £�$2 )*2
-ÅUJHQ6LHYH 'LSO )LQZ )+ )+5LQWHOQ� £�%LODQ]
0DUWLQ6LHGHQ 'LSO )LQZ )+ )++DPEXUJ� £�(6W
7KRPDV+HQQ 'LSO .IP 6W% .|OQ� £�.6W 8PZ6W
0HOLWD)ULHEHO 'LSO )LQZ )+ )+(GHQNREHQ� £�(6W
7KRPDV5RVVL 'LSO )LQZ )+ )+(GHQNREHQ� £�86W
2UJDQLVDWRULVFKEHGLQJWHbQGHUXQJHQGHUHLQJHSODQWHQ'R]HQWHQYRUEHKDOWHQ

6WHXHUEHUDWHU
.ODXVXUHQIHUQNXUV
NI
/HKUJDQJVNRQ]HSW
'HU .ODXVXUHQIHUQNXUV ULFKWHW VLFK VRZRKO DQ
7HLOQHKPHU GLH GHQ /HKUJDQJ ZHFKVHOQ DOV
DXFKDQGLHMHQLJHQ GLHHLQH]XVlW]OLFKH(UJlQ
]XQJ XQG :LHGHUKROXQJ RGHU HLQ :DUP8S IÅU
GHQ.ODXVXUHQSUlVHQ]NXUVZÅQVFKHQ
8P,KQHQGLH0|JOLFKNHLW]XJHEHQ ODQJVDP¥
HLQ]XVWHLJHQ KDEHQ 6LH IÅU MHGH .ODXVXU GHU
HUVWHQ IÅQI %O|FNH $ ELV ( MHZHLOV VLHEHQ
7DJH =HLW VLH ]X VFKUHLEHQ XQG HLQ]XVHQGHQ
EHYRUZLU,KQHQGLHQlFKVWH.ODXVXU]XVHQGHQ
0lU] -XOL ,QGHQZHLWHUHQYLHU%O|FNHQ)ELV
- $XJXVW XQG6HSWHPEHU VFKUHLEHQ 6LHLQQHU
KDOEYRQ]ZHL:RFKHQHLQHQJDQ]HQ%ORFNYRQ
MHGUHL.ODXVXUHQ
1DFK VSlWHVWHQV ]HKQ 7DJHQ VROOWHQ 6LH GLH
.ODXVXUHQ ]XU .RUUHNWXU HLQVHQGHQ ,QGHP
6LH GHQ ]HLWOLFKHQ XQG SV\FKLVFKHQ 'UXFN
GHV ([DPHQV PHKUPDOV VLPXOLHUHQ N|QQHQ
6LH GDV .ODXVXUHQWUDLQLQJ RSWLPDO QXW]HQ 'LH
HLQ]HOQHQ %O|FNH EHVWHKHQ ZLH LP ([DPHQ
DXV MH GUHL VHFKVVWÅQGLJHQ .ODXVXUHQ HLQHU
%LODQ]VWHXHU HLQHU (UWUDJVWHXHU VRZLH HLQHU
JHPLVFKWHQ .ODXVXU $2 )*2 86W XQG %HZ5
(UE6W
)DFKOLFK HQWVSUHFKHQ GLH .ODXVXUHQ YRQ
%HJLQQ DQ GHP 1LYHDX GHV 6WHXHUEHUDWHU
H[DPHQV 8QVHUH.RUUHNWRUHQVLQGDXVVFKOLHâ
OLFK6WHXHUEHUDWHURGHU0LWDUEHLWHUGHU)LQDQ]
YHUZDOWXQJ
$Q GLHVHU 6WHOOH P|FKWHQ ZLU ,KQHQ EHVRQGHUV
XQVHUH H/HDUQLQJ7RROV 6 X HPS
IHKOHQ
EHUXIVEHJOHLWHQG
�.ODXVXUHQIHUQNXUV
$QPHOGXQJ
'DV SDVVHQGH $QPHOGHIRUPXODU EH¿QGHW VLFK
DP (QGH GLHVHU %URVFKÅUH $XâHUGHP ¿QGHQ
6LHHV]XP'RZQORDGXQWHU
ZZZEDQQDVFRP
$XFKXQVHU%ÅURKLOIW,KQHQJHUQZHLWHU
'R]HQWHQGHU1DFKEHVSUHFKXQJ
VLHKH ,KUH 'R]HQWHQ LP YLUWXHOOHQ .ODVVHQ
UDXP DXI6HLWH
6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
H/HDUQLQJ7RRO %HVSUHFKXQJVZHELP ,QWHUQHW
$OV ZHLWHUHV NRVWHQIUHLHV =XVDW]DQJHERW
ELHWHQ ZLU DOOHQ 7HLOQHKPHU XQVHUHU
.ODXVXUHQNXUVH =XJDQJ ]X XQVHUHP
%HVSUHFKXQJVZHE hEHU HLQ )RUPXODU LP
,QWHUQHW N|QQHQ KLHU )UDJHQ ]XU .ODXVXU XQG
]X GHQ /|VXQJVKLQZHLVHQ HLQJHVHQGHW ZHU
GHQ 8QVHU 'R]HQWHQ7HDP EHDQWZRUWHW DOOH
)UDJHQ XQG VHQGHW VLH SHU (0DLO DQ GHQ
)UDJHVWHOOHU ]XUÅFN $XâHUGHP ZHUGHQ GLH
$QWZRUWHQ LP ,QWHUQHW YHU|IIHQWOLFKW 6RZRKO
)UDJHQ DOV DXFK $QWZRUWHQ VLQG YRQ GHQ
H/HDUQLQJ7RRO 2QOLQHOLYH1DFKEHVSUHFKXQJHQ
'HQ JURâHQ GLGDNWLVFKHQ :HUW XQG GDV
VHKU SRVLWLYH )HHGEDFN GHU .ODXVXUHQ
QDFKEHVSUHFKXQJHQ LQ GHQ 3UlVHQ]NXUVHQ
KDEHQ ZLU ]XP $QODVV JHQRPPHQ HLQ HQW
VSUHFKHQGHV $QJHERW DXFK IÅU 7HLOQHKPHU
GHV .ODXVXUHQIHUQNXUVHV ]X HQWZLFNHOQ
GLH 2QOLQH1DFKEHVSUHFKXQJHQ +LHU ZHUGHQ
DOOH .ODXVXUHQ GHV )HUQNXUVHV EHVSURFKHQ
0LWWHOV HLQHU VSH]LHOOHQ 6RIWZDUH QHKPHQ
6LH DNWLY XQG OLYH DQ GLHVHU 6LW]XQJ LP YLU
WXHOOHQ .ODVVHQ]LPPHU WHLO )ÅU 7HLOQHKPHU
6WHXHUEHUDWHU
hEHUEOLFN (LQIÅKUXQJ
7HLOQHKPHU ELV QDFK GHP VFKULIWOLFKHQ
([DPHQ LP ,QWHUQHW HLQVHKEDU 'DUÅEHU
KLQDXV KDEHQ DOOH 7HLOQHKPHU KLHU *HOHJHQ
KHLW VLFK XQWHUHLQDQGHU IDFKOLFK ÅEHU GLH
.ODXVXUHQ XQG ÅEHU DQGHUH 7KHPHQ DXV]X
WDXVFKHQ XQG ]X GLVNXWLHUHQ 'DV %HVSUH
FKXQJVZHE LVW HLQIDFK ]X EHGLHQHQ ÅEHU
HLQH 6XFKIXQNWLRQ ¿QGHQ 6LH VFKQHOO ZDV
6LHVXFKHQ
GLH QLFKW OLYH DQ GHU 6LW]XQJ WHLOQHKPHQ
VWHKHQ GLH DXIJH]HLFKQHWHQ 1DFKEH
VSUHFKXQJHQ LP ,QWHUQHW ]XP 'RZQORDG ]XU
9HUIÅJXQJ GLH QDFK GHP +HUXQWHUODGHQ
EHOLHELJ RIW DQJHK|UW ZHUGHQ N|QQHQ 0LW
GLHVHP $QJHERW VLQG ZLU 6SLW]HQUHLWHU XQWHU
GHQ /HKUJDQJVDQELHWHUQ ,QVWDOODWLRQ XQG
+DQGKDEXQJ VLQG HLQIDFK XQG XQNRPSOL]LHUW
ZLHGLHYLHOIDFKSRVLWLYH5HVRQDQ]EHVWlWLJW

6WHXHUEHUDWHU
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
EHUXIVEHJOHLWHQG
/HKUJDQJ]XU([DPHQVYRUEHUHLWXQJ
7HUPLQH.ODXVXUHQ 1DFKEHVSUHFKXQJHQ
¨�7HUPLQH
$
%
&
'
(
)
*
+
-
hEHUEOLFN (LQIÅKUXQJ
%ORFN .ODXVXU 6DFKYHUKDOWH /|VXQJVKLQZHLVH 1DFKEHVSUHFKXQJ
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
.ODXVXU
$QJHJHEHQVLQGGLH7HUPLQH DQGHQHQ,KQHQGLH.ODXVXUHQ]XU9HUIÅJXQJ VWHKHQ
:LUYHUVHQGHQGLH.ODXVXUHQHLQHQ7DJ YRUKHU SHU (0DLOE]Z ]ZHL7DJHYRUKHUSHU 3RVW
'LH1DFKEHVSUHFKXQJHQ¿QGHQMHZHLOVYRQ 8KUVWDWW
����9RQ�1RUG�QDFK�6˜G 6WHXHUEHUDWHU
2UJDQLVDWRULVFKH+LQZHLVHXQG
áhEHUEOLFNXQG(LQIÅKUXQJ
,QIRUPDWLRQHQ]XDOOHQ.XUVHQ
á
£� %HUOLQ %LHOHIHOG
£� &KHPQLW]
£� (UIXUW (VVHQ
£� )UDQNIXUW )UHLEXUJ
£� +DPEXUJ +DQQRYHU
£� .DVVHO .REOHQ] .|OQ
£� /HLS]LJ '|EHOQ
£� 0DLQ] 0DQQKHLP 0RVEDFK 0ÅQFKHQ
£� 6DDUEUÅFNHQ 6FKHUPEHFN
£� 6WXWWJDUW /XGZLJVEXUJ

6WHXHUEHUDWHU *ORVVDU
=XVlW]OLFKH ,QIRUPDWLRQHQ]XP
áhEHUEOLFNXQG(LQIÅKUXQJ
VFKQHOOHQ1DFKVFKODJHQ
á
£��YRQ$ =
%$11$6 .OHLQGHGUXFNWHV YRQ$ = $ =
2UJDQLVDWRULVFKH+LQZHLVH
*ORVVDU
% 3 '
hEHUEOLFN :LVVHQVZHUWHVYRQ$ (LQIÅKUXQJ=
�3U˜IXQJ ��%LOGXQJVXUODXE
$EHQG 6DPVWDJVOHKUJDQJ
'HU $EHQG 6DPVWDJVOHKUJDQJ LVW HLQH .RPELQDWLRQ DXV $EHQGOHKUJDQJ XQG
6DPVWDJVOHKUJDQJ 'HU .XUV ¿QGHW DQ HLQHP :RFKHQDEHQG VWDWW GLHQVWDJV RGHU PLWW
ZRFKV MH QDFK .XUVRUW XQG DQ MHGHP ]ZHLWHQ 6DPVWDJ VWDWW 'HQ .XUV ELHWHQ ZLU
LQ%HUOLQ (VVHQ +DPEXUJ 0ÅQFKHQXQG6WXWWJDUWDQ
%LOGXQJVXUODXE
8QVHU .ODXVXUHQNXUV LVW QDFK Ü GHV %)* GHU /lQGHU %HUOLQ %UDQGHQEXUJ 5KHLQODQG 3IDO]
+DPEXUJ 0HFNOHQEXUJ9RUSRPPHUQ 6FKOHVZLJ+ROVWHLQ 1RUGUKHLQ:HVWIDOHQ XQG 6DDUODQG
DQHUNDQQW ,Q +HVVHQ LVW HEHQIDOOV HLQH $QHUNHQQXQJ P|JOLFK %LWWH EHDFKWHQ 6LH GDVV 6LH GHQ
%LOGXQJVXUODXEVSlWHVWHQVVHFKV:RFKHQ LQHLQLJHQ%XQGHVOlQGHUQDFKW:RFKHQ YRU%HJLQQGHV
HUVWHQ .ODXVXUHQEORFNV EHL ,KUHP $UEHLWJHEHU HLQUHLFKHQ GD HU DQGHUQIDOOV QLFKW ]XU )UHLVWHOOXQJ
YHUS¡LFKWHWLVW
'2=(17(1
0DWKLDV $OP 'LSO .IP :LUWVFKDIWVSUÅIHU 6WHXHUEHUDWHU 'R]HQW LQ GHU
6WHXHUEHUDWHU 6WHXHUIDFKZLUW XQG )DFKDQZDOWVDXVELOGXQJ
)DFKEHUHLFKH86W %LODQ]XQG8PZ6W %HUOLQ
'U .DL$OWHPDQQ 5HFKWVDQZDOW 6W% 3DUWQHU GHU )RUXP 5HFKWVDQZlOWH
6WHXHUEHUDWXQJ3DUW*LQ0ÅQFKHQ 6HLWYLHOHQ-DKUHQDOV'R]HQWLQ
GHU6WHXHUEHUDWHUDXVELOGXQJXQG ZHLWHUELOGXQJWlWLJ 0ÅQFKHQ
%ULWW$QJHU 'LSO )LQZ )+ 6DFKJHELHWVOHLWHULQ %HWULHEVSUÅIXQJ DP )$
&KHPQLW] &KHPQLW]
&KULVWLDQ%lKU 2EHUUHJLHUXQJVUDW OHLWHW GHU]HLW GLH 5HFKWVEHKHOIVVWHOOH EHLP
)LQDQ]DPW 0ÅQFKHQ , $OV 'R]HQW IÅU 6WHXHUUHFKW WlWLJ XQG
0LWJOLHG LQ GHQ 3UÅIXQJVDXVVFKÅVVHQ IÅU GLH 6WHXHUEHUDWHU XQG

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
hEHUEOLFN (LQIÅKUXQJ
:LUWVFKDIWVSUÅIHU3UÅIXQJ 0ÅQFKHQ
'U 6WHSKDQ%DQQDV 'LSO .IP 'LSO 9Z *UÅQGHU GHU 6WHXHUOHKUJlQJH 'U %DQQDV
.|OQ
/XFLD%lXPO 9ROOMXULVWLQ 5HJLHUXQJVGLUHNWRULQ 5HIHUDWVOHLWHULQ *HVFKlIWV
SUÅIXQJ2)' &KHPQLW]
0DLN%HUJHU 'LSO )LQZ )+ 2)' 0DJGHEXUJ ODQJMlKULJHU 'R]HQW IÅU GLH
6WHXHUOHKUJlQJH'U %DQQDV %UDXQVFKZHLJ
0DQXHOD%XEH 'LSO +GO :3 XQG6W% 3DUWQHULQLQHLQHU.DQ]OHLXQGODQJMlKULJH
'R]HQWLQLP%HUOLQHU6HPLQDU %HUOLQ
3URI .ODXV'HKQHU 'LSO )LQZ )+ 'R]HQWGHU9HUZDOWXQJVIDFKKRFKVFKXOHLQ/XGZLJV
EXUJXQGIUHLEHUX¡LFKHU'R]HQWLP6WHXHUUHFKW 6WXWWJDUW
-|UJ(OVQHU 'LSO )LQZ )+ 'R]HQWLP%HUHLFK.6W *HZ6WXQG.ODXVXUWHFKQLN
*ÅQWHU(QGOLFK 5HFKWVDQZDOW :LUWVFKDIWVSUÅIHU 6WHXHUEHUDWHU)DFKEHUHLFK $2
)*2
0HOLWD)ULHEHO 'LSO )LQZ )+ 'R]HQWLQ DQ GHU)DFKKRFKVFKXOHIÅU )LQDQ]HQLQ
(GHQNREHQXQG$XWRULQXQWHUVFKLHGOLFKHU:HUNHXQG.RPPHQWDUH
LP6WHXHUUHFKW 1HXVWDGW
6LHJIULHG)UlQ]QLFN 'LSO )LQZ )+ 2EHUDPWVUDW 6DFKJHELHWVOHLWHUIÅU 86W (6W XQG
/RKQVWHXHU$UEHLWJHEHUIUDJHQ 7lWLJ DOV $XVELOGXQJVOHLWHU EHLP
)$ 0$1HFNDUVWDGW XQG /HKUWlWLJNHLW IÅU GLH )+ 5KHLQODQG3IDO]
%HUXIVDNDGHPLH0DQQKHLPXQGGLH6WHXHUOHKUJlQJH'U %DQQDV
$OIRQV*HKOLQJ 'R]HQW )+) 1RUGNLUFKHQ PLW 6FKZHUSXQNW 86W XQG %LODQ] 0LW
DXWRU LQ GHU /HKUEXFKUHLKH )DFKOHKUJDQJ 6WHXHUUHFKW¥ GHV
9HUODJ &+ %HFN %RUNHQ XQG VHLW YLHOHQ -DKUHQ LQ GHU 6WHXHU
EHUDWHUDXVELOGXQJWlWLJ $EVROYHQWGHU6WHXHUEHUDWHUSUÅIXQJ
7LP*HLHU 'LSO )LQZ )+ 0,7D[ 2)'.REOHQ] .|USHUVFKDIWVVWHXHUUHIHUDW
XQG'R]HQWIÅU.6WXQG8PZ6W 6SH\HU
%$11$6 YRQ $ =
6WHIDQ*H\ 'LSO )LQZ )+ +DXSWVDFKJHELHWVOHLWHU (6W LP )$ 0HLâHQ
%$11$6 YRQ$ =
*ORVVDU :LVVHQVZHUWHVYRQ$ =
'
��'R]HQWHQ
/HKUEHDXIWUDJWHU DQ GHU )DFKKRFKVFKXOH GHU 6lFKVLVFKHQ
9HUZDOWXQJ0HLâHQ &KHPQLW]
'U 'LHWHU*LOGHQKDDU 'LSO .IP 8QWHUQHKPHQVEHUDWHU XQG 5HSHWLWRU IÅU %HWULHEV
ZLUWVFKDIWVOHKUH %HUOLQ
*HUKDUG*LUOLFK 'LSO )LQZ )+ .RQ]HUQEHWULHEVSUÅIHU 'R]HQW DQ GHU )+
+HUUVFKLQJ )DFKEHUHLFK %LODQ]
0DWWKLDV*ROGKRUQ 'LSO )LQZ )+ 6DFKJHELHWVOHLWHU%HWULHEVSUÅIXQJDP)LQDQ]DPW
%DXW]HQ /HKUEHDXIWUDJWHU GHU )DFKKRFKVFKXOH GHU 6lFKVLVFKHQ
9HUZDOWXQJ 0HLâHQ XQG 'R]HQW PLW GHP 6FKZHUSXQNW
8PVDW]VWHXHU EHLP 57* %LOGXQJV]HQWUXP IÅU %HWULHEVZLUWVFKDIW
XQG 6WHXHUQ VRZLH EHL GHU 6lFKVLVFKHQ 9HUZDOWXQJV XQG
:LUWVFKDIWVDNDGHPLH 9:$
%HUQG*URWH 'LSO )LQZ )+ 'R]HQW DQGHU)DFKKRFKVFKXOHIÅU)LQDQ]HQ15:
)DFKEHUHLFK %LODQ]
'LUN+DQVHQ 5HJ'LU -XULVW 'R]HQW DQ GHU )DFKKRFKVFKXOH IÅU )LQDQ]HQ LQ
/XNDV+HQGULFNV 'LSO .IP 6W% %RQQ
(GHQNREHQXQG'R]HQWIÅUGLH6WHXHUOHKUJlQJH'U %DQQDV 0DLQ]
7KRPDV+HQQ 'LSO .IP 6W%XQG,QKDEHUHLQHU6WHXHUEHUDWXQJVNDQ]OHL 'R]HQW
LQGHU6WHXHUEHUDWHUDXVELOGXQJPLWGHQ6FKZHUSXQNWWKHPHQ(6W
.6WXQG8PZ6W .|OQ
-ÅUJHQ+ÅQVHOHU 'LSO 9Z 'R]HQW IÅU 9RONVZLUWVFKDIWVOHKUH ,QKDEHU GHV :,62
5HSHWLWRULXPVDQGHU8QLYHUVLWlW]X.|OQ .|OQ
5HQp-DFREL 'LSO )LQZ )+ 6W%PLWHLJHQHU.DQ]OHLLQ%HUOLQ
7RUVWHQ-DKQ 'LSO )LQZ )+ %HWULHEVSUÅIHU XQG 'R]HQW GHU 6WHXHUOHKUJlQJH
'U %DQQDV %HUOLQ
+DQV*HRUJ-DQ]HQ 'LSO )LQZ )+ 6W% %RUNHQ
3URI 'U %DUGR.lPPHUHU -XULVW 6W% 3URIHVVRUIÅU6WHXHUUHFKWDQGHU)DFKKRFKVFKXOH
0DLQ] VHLWYLHOHQ-DKUHQ'R]HQWIÅUGLH6WHXHUOHKUJlQJH'U

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
%DQQDV 0DLQ]
hEHUEOLFN (LQIÅKUXQJ
0DQIUHG.HLO 'LSO )LQZ )+ HKHPDOV 'R]HQW GHU )DNXOWlW 6WHXHUYHUZDOWXQJ
GHU)DFKKRFKVFKXOHIÅU9HUZDOWXQJXQG5HFKWVS¡HJH5LQWHOQ VHLW
YLHOHQ-DKUHQ'R]HQWIÅUGLH6WHXHUOHKUJlQJH'U %DQQDV 5LQWHOQ
8UVXOD.HONHO:LQWHU 'LSO )LQZ )+ )LQDQ]PLQLVWHULXP6DDUEUÅFNHQXQG'R]HQWLQLP
6WHXHUUHFKW 6DDUEUÅFNHQ
0DUWLQ.ORV 5$X 6W% ODQJMlKULJHU'R]HQWLP6WHXHUUHFKW .|OQ
3URI 'U -|UJ.QLHV -XULVW 'R]HQW GHU 9HUZDOWXQJVIDFKKRFKVFKXOH LQ /XGZLJVEXUJ XQG
IUHLEHUX¡LFKHU'R]HQWLP6WHXHUUHFKW 6WXWWJDUW
9DQHVVD/DEVN\ 'LSO )LQZ )+ DOV%HWULHEVSUÅIHULQDP)LQDQ]DPW'RUWPXQGWlWLJ
)ULHGEHUW /DQJ 5HIHUHQW IÅU .|USHUVFKDIWVWHXHU XQG ,QWHUQDWLRQDOHV
6WHXHUUHFKW EHL GHU 2EHUILQDQ]GLUHNWLRQ .DUOVUXKH
'R]HQW DQ %XQGHV¿QDQ]DNDGHPLH DQ GHU 9HUZDOWXQJV
XQG :LUWVFKDIWVDNDGHPLH %DGHQ VRZLH EHL YHUVFKLH
GHQHQ 6WHXHUEHUDWHUNDPPHUQ 0LWDXWRU GHU *UÅQHQ 5HLKH
.|USHUVFKDIWVWHXHU¥XQGHLQHV.|USHUVFKDIWVWHXHU.RPPHQWDUV
)DFKEHUHLFK.6W .DUOVUXKH
/DUV/HLEQHU 'LSO )LQZ )+ 'R]HQW GHU 9HUZDOWXQJVIDFKKRFKVFKXOH LQ
/XGZLJVEXUJXQGIUHLEHUX¡LFKHU'R]HQWLP6WHXHUUHFKW 6WXWWJDUW
-RVHI/ÅFNKDUGW 'LSO )LQZ )+ $PWVUDWEHLGHU2)'.DUOVUXKH
0LFKDHO0DUIHOV -XULVW 5HJLHUXQJVGLUHNWRUXQG'R]HQWDQGHU)DFKKRFKVFKXOHIÅU
)LQDQ]HQ 15: 1RUGNLUFKHQXQGVHLWYLHOHQ-DKUHQ'R]HQWIÅUGLH
6WHXHUOHKUJlQJH'U %DQQDV .DPHQ
%$11$6 YRQ $ =
.DUVWHQ0HO]HU 5$ X 6W% 'R]HQW IÅU GHQ )DFKDQZDOW IÅU 6WHXHUUHFKW XQG
LQ GHU 6WHXHUEHUDWHUYRUEHUHLWXQJ $XWRU EHL 2KUHQPHQVFKHQ¥
6FKZHUSXQNWEHUHLFKH (UEVFKDIW 6FKHQNXQJVVWHXHU %LODQ]
VWHXHUUHFKW LQ GHU )DFKDQZDOWVDXVELOGXQJ DXFK (LQNRPPHQ
VWHXHU .|USHUVFKDIWVWHXHU $2 )*2 'ÅVVHOGRUI
%$11$6 YRQ$ =
*ORVVDU :LVVHQVZHUWHVYRQ$ =
'
��'R]HQWHQ
'U /DUV0LFNHU -XULVW )+1RUGNLUFKHQ )DFKEHUHLFK(6W
6WHIDQLH1DWWNlPSHU 6W% 'LSO )LQZ )+ 6HQLRU0DQDJHULQEHL.30*'ÅVVHOGRUI
0DUNXV3HUVFKRQ 'LSO )LQZ )+ VHOEVWlQGLJHU 6W% XQG 'R]HQW IÅU 6WHXHUUHFKW
+DPEXUJ
3URI 'U 0LFKDHO3UHLâHU 3URIHVVRU IÅU 6WHXHU XQG :LUWVFKDIWVSULYDWUHFKW DQ GHU 8QLYHUVLWlW
/ÅQHEXUJ (U YHU|IIHQWOLFKW MlKUOLFK GDV PHKUElQGLJH /HKUEXFK
'LH 6WHXHUEHUDWHU3UÅIXQJ¥ 6FKlIIHU3RHVFKHO 9HUODJ XQG LVW
0LWEHJUÅQGHUGHVLQWHUQDWLRQDOHQ,QVWLWXWVIÅU6WHXHUUHFKWLQ3DULV
:ROIJDQJ5HLQHIHOG 'LSO )LQZ )+ VHLW 'R]HQW XD DQ GHU )+6 5LQWHOQ
GHU )DFKKRFKVFKXOH GHU :LUWVFKDIW LQ +DQQRYHU XQG EHL GHQ
6WHXHUOHKUJlQJHQ 'U %DQQDV XQG DQGHUHQ /HKULQVWLWXWHQ
6DFKJHELHWH %LODQ] 86W .6W
3URI 5XGROI5LQJZDOG 'LSO 9Z 6W% 3URIHVVRU DQ GHU %HUXIVDNDGHPLH 9LOOLQJHQ
6FKZHQQLQJHQ XQG 'R]HQW LQ GHU 6WHXHUEHUDWHUDXVELOGXQJ
2IIHQEXUJ
7KRPDV5RVVL 'LSO )LQZ )+ (GHVKHLP 'R]HQW DQ GHU )DFKKRFKVFKXOH IÅU
)LQDQ]HQ LQ (GHQNREHQ ODQJMlKULJH 8QWHUULFKWVHUIDKUXQJ LP
6WHXHUUHFKW IÅU XQWHUVFKLHGOLFKH =LHOJUXSSHQ %LODQ]EXFKKDOWHU
%HWULHEVZLUWH :$ 6WHXHUEHUDWHU
7KRPDV5XGROSK 'LSO )LQZ )+ 'R]HQWDQGHU)+690HLâHQ &KHPQLW]
-RKDQQHV5ÅPHOLQ 5HFKWVDQZDOW XQG 6W% EXQGHVZHLW DOV 'R]HQW IÅU 6WHXHUUHFKW
WlWLJ 6WXWWJDUW
)UDQ]6FKHUHU 'LSO )LQZ )+ *URâ XQG .RQ]HUQEHWULHEVSUÅIXQJ )$
6DDUEUÅFNHQ ODQJMlKULJHU 'R]HQW IÅU GLH 6WHXHUOHKUJlQJH 'U
%DQQDV 3ÅWWOLQJHQ
&KULVWRI6FKPHFKHO 5$X 6W% ODQJMlKULJHU'R]HQWLP6WHXHUUHFKW 0ÅQFKHQ
3URI 'U 9RONHU 6FKPLGW 3URI DQ GHU 9HUZDOWXQJVIDFKKRFKVFKXOH +DPEXUJ XQG $XWRU
XQWHUVFKLHGOLFKHU VWHXHUUHFKWOLFKHU /LWHUDWXU XD YHUDQWZRUWOLFK
IÅU GHQ 86W7HLO LP IÅQIElQGLJHQ :HUN GLH 6WHXHUEHUDWHUSUÅIXQJ

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
hEHUEOLFN (LQIÅKUXQJ
YRP6FKlIIHU3RHVFKHO9HUODJ +DPEXUJ
$QGUHDV6FKPLWW 'LSO )LQZ )+ 6W% HKHPDOLJHU 'R]HQW GHU /DQGHV¿QDQ]VFKXOH
5KHLQODQG3IDO]LQ(GHQNREHQXQGDNWXHOO0LWDUEHLWHUGHU=HQWUDOHQ
6WHXHUDEWHLOXQJGHU%$6)$* XQWHUULFKWHWVHLW-DKUHQ(6W .6WXQG
8PZ6W*LP5DKPHQGHU6WHXHUEHUDWHUDXVELOGXQJ 0DQQKHLP
3URI 'U *HRUJ6FKQLWWHU -XULVW 3URI DQ GHU )DFKKRFKVFKXOH IÅU )LQDQ]HQ 15:
1RUGNLUFKHQ EXQGHVZHLW DOV 'R]HQW LP 6WHXHUUHFKW WlWLJ
2EHUKDXVHQ
+DQVMÅUJHQ6FKXVWHU 'LSO .IP :3XQG6W% LVWEXQGHVZHLWDOV'R]HQWIÅU6WHXHUUHFKW
WlWLJ +DPEXUJ
0DUWLQ6LHGHQ 'LSO )LQZ )+ 'R]HQWGHU)DFKKRFKVFKXOHGHU)LQDQ]HQLQ+DP
EXUJ XQG VHLW -DKUHQ LQ GHU EHUXIVEHJOHLWHQGHQ 6WHXHUIDFKZLUW
XQG6WHXHUEHUDWHUDXVELOGXQJ WlWLJ +DPEXUJ
-ÅUJHQ6LHYH 'LSO )LQZ )+ HKHPDOV 'R]HQW DQ GHU )DNXOWlW 6WHXHUYHU
ZDOWXQJ GHU )DFKKRFKVFKXOH IÅU 9HUZDOWXQJ XQG 5HFKWVS¡HJH
LQ 5LQWHOQ VHLW YLHOHQ -DKUHQ 'R]HQW IÅU GLH 6WHXHUOHKUJlQJH 'U
%DQQDV 5LQWHOQ
%HUQKDUG 6XFN ODQJMlKULJHU'R]HQWGHU)DFKKRFKVFKXOHIÅU)LQDQ]HQGHU/lQGHU
+HVVHQXQG7KÅULQJHQLQ5RWHQEXUJXQG*RWKD
:ROI'LHWHU7|OOH 6R]LXV GHU .DQ]OHL 7|OOH 5HFKWVDQZlOWH 6WHXHUEHUDWHU
*HVHOOVFKDIWHU GHU 7|OOH 6WHXHUEHUDWXQJVJHVHOOVFKDIW PE+
%LHOHIHOG 'R]HQW IÅU YHUVFKLHGHQH 9HUElQGH XQG ,QVWLWXWLRQHQ
XQWHUDQGHUHPLQGHU6WHXHUEHUDWHU XQG6WHXHUIDFKZLUWDXVELOGXQJ
VRZLH GHU $XV XQG )RUWELOGXQJ IÅU )DFKDQZlOWH $XWRU XQG
5HGDNWHXUGLYHUVHU)DFKSXEOLNDWLRQHQ )DFKEHUHLFK %HZ5 (UE6W
3URI &KULVWRSK8KOlQGHU -XULVW XQG 'LSO )LQZ )+ 'R]HQW DQ GHU )DFKKRFKVFKXOH IÅU
)LQDQ]HQ 15: 1RUGNLUFKHQXQG$XWRUXQWHUVFKLHGOLFKHU:HUNH
LP6WHXHUUHFKW (VVHQ
%$11$6 YRQ $ =
3HWHU8KO 'LSO .IP :3 XQG 6W% ,QKDEHU GHU 6WHXHUOHKUJlQJH 3HWHU 8KO
%$11$6 YRQ$ =
*ORVVDU :LVVHQVZHUWHVYRQ$ =
' ,
XQG VHLW YLHOHQ -DKUHQ LQ GHU 6WHXHUEHUDWHUDXVELOGXQJ XQG ZHL
WHUELOGXQJWlWLJ 0ÅQFKHQ
(OPDU9RJO 'LSO )LQZ )+ )DFKEHUHLFKVOHLWHU $XVELOGXQJV]HQWUXP
%REULW]VFK )DFKEHUHLFK (6W
'U +HOPXW9ROE /HKUEHDXIWUDJWHU DQ GHU +RFKVFKXOH IÅU :LUWVFKDIW XQG 5HFKW
%HUOLQ ,QKDEHU HLQHU .DQ]OHL XQG 'R]HQW LQ GHU $XV XQG
:HLWHUELOGXQJLP6WHXHUUHFKW )DFKEHUHLFK 8PZ6W
&KULVWLDQ( :DOWKHU 5$ ]HUWL¿]LHUWHU7HVWDPHQWVYROOVWUHFNHUXQG'R]HQW 6DFKJHELHWH
(UEUHFKW (UEVFKDIW XQG6FKHQNXQJVWHXHU 0ÅQFKHQ
'U +HLNH:HEHU 5$ 6W% )UDQNIXUW 3DUWQHULQEHL$OOHQ 2YHU\
+DQV-ÅUJHQ:HLODQG 'LSO )LQZ )+ 3UÅIXQJ ]XP 6W% DOV 'R]HQWDQ GHU+RFKVFKXOH
'DWHQEDQNHQ
IÅU )LQDQ]HQ LQ +DPEXUJ WlWLJ $XWRU HLQLJHU .RPPHQWLHUXQJHQ
+DPEXUJ
bQGHUXQJHQYRUEHKDOWHQ (LQHDNWXHOOH/LVWH¿QGHQ 6LHLP,QWHUQHWXQWHU ZZZEDQQDVFRP
9HUVFKLHGHQH $QELHWHU VWHOOHQ XQVHUHQ .XUVWHLOQHKPHUQ ZlKUHQG GHU $XVELOGXQJ GLH
NRVWHQORVH 1XW]XQJ GHU 2QOLQH9HUVLRQHQ LKUHU 'DWHQEDQN ]XU 9HUIÅJXQJ 6LH KDEHQ
GLH :DKO ]ZLVFKHQ +DXIH 6WHXHU 2I¿FH 2QOLQH 3URIHVVLRQDO¥ '$7(9 /H[LQIRUP¥ XQG
1:% 6WHXHU;SHUW 3UR¿¥ 'LHVH 6WHXHUUHFKWVGDWHQEDQNHQ ELHWHQ ,KQHQ ]XVlW]OLFK XP
IDVVHQGHXQGDNWXHOOH,QKDOWHDXVGHP6WHXHU XQG:LUWVFKDIWVUHFKWVRZLHDXVGHP5HFKQXQJVZHVHQ
'LVNXVVLRQVIRUXP
��'DWHQEDQNHQ
'LHVHVELHWHW([DPHQVNDQGLGDWHQGLH0|JOLFKNHLW ÅEHUGDV,QWHUQHW,QIRUPDWLRQHQXQG(UIDKUXQJHQ
DXV]XWDXVFKHQ 7LSSV ]X JHEHQ XQG ]X VXFKHQ )UDJHQ ]X VWHOOHQ XQG PLW DQGHUHQ .DQGLGDWHQ
.RQWDNWDXI]XQHKPHQ ZZZEDQQDVFRP

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
)DKU XQG $UEHLWVJHPHLQVFKDIWHQ
hEHUEOLFN (LQIÅKUXQJ
=X.XUVEHJLQQZLUGHLQHQDFK3RVWOHLW]DKOHQVRUWLHUWH7HLOQHKPHUOLVWHDXVJHJHEHQ GDPLW)DKU XQG
$UEHLWVJHPHLQVFKDIWHQJHELOGHWZHUGHQN|QQHQ
)|UGHUP|JOLFKNHLWHQ
¨�3UlPLHQJXWVFKHLQ %XQGHVPLQLVWHULXP IÅU )RUVFKXQJ %LOGXQJ *HI|UGHUW ZHUGHQ GHU
.XUVJHEÅKUHQ PD[ SUR.DOHQGHUMDKU 9RUDXVVHW]XQJHQ QXUIÅU(UZHUEVWlWLJH GDV]X
YHUVWHXHUQGHV-DKUHVHLQNRPPHQGDUI RGHU EHLJHPHLQVDP9HUDQODJWHQ
QLFKWÅEHUVWHLJHQ
¨�15: %LOGXQJVVFKHFN *HI|UGHUW ZHUGHQ GHU .XUVJHEÅKUHQ PD[ HLQPDOLJ
9RUDXVVHW]XQJHQ QXU 8QWHUQHKPHQ E]Z 0LWDUEHLWHU YRQ 8QWHUQHKPHQ PLW ELV ]X
%HVFKlIWLJWHQ
¨�6$% 6lFKVLVFKH $XIEDXEDQN (V ZHUGHQ GHU*HEÅKUHQ ¿QDQ]LHUW *HI|UGHUW ZHUGHQ QXU
NOHLQHXQGPLWWOHUH8QWHUQHKPHQPLWPD[LPDO 0LWDUEHLWHUQXQGPLW6LW]RGHU%HWULHEVVWlWWHLQ
6DFKVHQ (VZHUGHQDXFKGLUHNW$UEHLWQHKPHUJHI|UGHUW %HLHLQHP%UXWWRHLQNRPPHQELVPD[LPDO
ZHUGHQ GHU*HEÅKUHQIÅU9RUEHUHLWXQJVNXUVHJHI|UGHUW OLHJWGDV%UXWWRHLQNRPPHQ
GDUÅEHU ZHUGHQXQWHU(LQKDOWXQJEHVWLPPWHU%HGLQJXQJHQ GHU.XUVJHEÅKUHQJHI|UGHUW
¨�,QYHVWLWLRQVEDQN 6DFKVHQ$QKDOW 'LHV LVW HLQ $QJHERW IÅU EHUXIVEHJOHLWHQGH /HKUJlQJH $XI
GLHVHU ,QWHUQHWVHLWH ZHUGHQ DOOH IDFKOLFKHQ )UDJHQ GHU .XUVWHLOQHKPHU YRP 'R]HQWHQ7HDP
EHDQWZRUWHW VR GDVV NRQWLQXLHUOLFKHLQHIDFKOLFKH8QWHUVWÅW]XQJJDUDQWLHUWLVW
¨�:HLWHUHUHJLRQDOH)|UGHUXQJHQJLEWHVLQ1LHGHUVDFKVHQ +HVVHQ 5KHLQODQG3IDO] %UDQGHQEXUJ
XQG+DPEXUJ RIWDEHUPLWUHVWULNWLYHQ(LQVFKUlQNXQJHQ ,QIRUPDWLRQHQXQWHUZZZEDQQDVFRP
0HLVWHUEDI|JZLUGDXINHLQHQ)DOOJHZlKUW
*DVWK|KUHUNDUWH
'LHVH EHUHFKWLJW ]XP HLQPDOLJHQ NRVWHQORVHQ %HVXFK HLQHU /HKUYHUDQVWDOWXQJ HLQHV ODXIHQGHQ
/HKUJDQJV )DOOVGLHVHP3URVSHNWNHLQH*DVWK|UHUNDUWHEHLOLHJW ZHQGHQ6LHVLFKELWWHDQXQVHU%ÅURLQ
5|VUDWKRGHU%HUOLQ
%$11$6 YRQ $ =
%$11$6 YRQ$ =
*ORVVDU
. 3
,QWHUQHWIÅUXQVHUH.XUVWHLOQHKPHU
¨�7HLOQHKPHUVHUYLFH ,Q HLQHP JHVFKÅW]HQ %HUHLFK ¿QGHQ XQVHUH .XUVWHLOQHKPHU XPIDQJ
UHLFKH,QIRUPDWLRQHQ]X=XODVVXQJ $QPHOGXQJ 3UÅIXQJHWF VRZLH0DWHULDOLHQ]XP'RZQORDG
UXQG XP GDV 6WHXHUEHUDWHUH[DPHQ ]% 7HUPLQSOlQH /HKUEULHIH $QPHOGHIRUPXODUH IÅU
3UÅIXQJHQ =XVDW]VNULSWHXVZ
¨�%HVSUHFKXQJVZHE +LHUKDQGHOWHVVLFKXPHLQHQ6HUYLFHIÅU7HLOQHKPHUGHU.ODXVXUHQNXUVH
)HUQ XQG 3UlVHQ]NXUVH =X MHGHU .ODXVXU N|QQHQ 6LH)UDJHQ VWHOOHQ GLHGHU MHZHLOLJH$XWRU
GHU.ODXVXUEHDQWZRUWHW 'LH)UDJHQXQG$QWZRUWHQZHUGHQLP,QWHUQHWYHU|IIHQWOLFKWXQGVWH
KHQDOOHQ.XUVWHLOQHKPHUQ]XU9HUIÅJXQJ
¨�2QOLQH 1DFKEHVSUHFKXQJHQ )ÅU 7HLOQHKPHU GHU .ODXVXUHQIHUQNXUVH ¿QGHW ]X MHGHU .ODXVXU
HLQHGUHLVWÅQGLJHQ2QOLQH1DFKEHVSUHFKXQJ PLWOLYH7RQ VWDWW 'LHVH%HVSUHFKXQJHQZHUGHQDXI
JH]HLFKQHWXQGVWHKHQGDQQDXFKGHQ7HLOQHKPHUGHUEHUXIVEHJOHLWHQGHQ/HKUJlQJH]XU9HUIÅJXQJ
¨�9LUWXHOOHV 7XWRULXP 'LHV LVW HLQ $QJHERW IÅU EHUXIVEHJOHLWHQGH /HKUJlQJH $XI GLHVHU
,QWHUQHWVHLWH ZHUGHQ DOOH IDFKOLFKHQ )UDJHQ GHU .XUVWHLOQHKPHU YRP 'R]HQWHQ7HDP EHDQWZRU
WHW VRGDVVNRQWLQXLHUOLFKHLQHIDFKOLFKH 8QWHUVWÅW]XQJJDUDQWLHUWLVW
.ODXVXUHQ
,P 5DKPHQ GHU EHUXIVEHJOHLWHQGHQ /HKUJlQJH ZHUGHQ ELV ]XP 6RPPHU LQVJHVDPW
VHFKVVWÅQGLJH .ODXVXUHQ ]XU %HDUEHLWXQJ ]X +DXVH XQG VHFKV GUHLVWÅQGLJH .ODX
VXUHQ DOV 3UlVHQ]NODXVXUHQ )UHLWDJDEHQG JHVFKULHEHQ ,P :RFKHQ /HKUJDQJ VLQG
VHFKVVWÅQGLJH .ODXVXUHQ PLW 1DFKEHVSUHFKXQJHQ LQWHJULHUW LP DQVFKOLHâHQGHQ
.ODXVXUHQSUlVHQ]NXUVHQZHUGHQ .ODXVXUHQJHVFKULHEHQ
.ODXVXUHQSUlVHQ]NXUV
'LHVHU .XUV ELHWHW HLQ VSH]LHOOHV .ODXVXUHQWUDLQLQJ PLW LQVJHVDPW VHFKVVWÅQGLJHQ .ODXVXUHQ
'LHVHVLQGLQYLHU.ODXVXUEO|FNHDXIJHWHLOW $XJXVWXQG6HSWHPEHU 'LH%HVSUHFKXQJHUIROJWGLUHNW
LP$QVFKOXVV DQMHGH.ODXVXU
��.ODXVXUHQ
:LVVHQVZHUWHVYRQ$ =

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
.ODXVXUHQIHUQNXUV
�3U˜IXQJ
hEHUEOLFN (LQIÅKUXQJ
'LHVHU EHLQKDOWHW .ODXVXUHQ .ODXVXUEO|FNH LP =HLWUDXP 0lU] 6HSWHPEHU
8QVHU 6HUYLFH %HVSUHFKXQJVZHE XQG 2QOLQH1DFKEHVSUHFKXQJHQ GHU .ODXVXUHQ VLHKH KLHU]X
DXFK,QWHUQHWZZZEDQQDVFRP
.RPEL3OXV
'HU .RPEL3OXV.XUV LVW HLQH 0LVFKXQJ DXV 9ROO]HLWYRUEHUHLWXQJ XQG EHUXIVEHJOHLWHQGHU
9RUEHUHLWXQJ 9LHU :RFKHQ 9ROO]HLW XQG MHGHQ ]ZHLWHQ 6DPVWDJ EHUXIVEHJOHLWHQGHU 8QWHUULFKW
LGHDO IÅU .DQGLGDWHQ GLH HLQH )UHLVWHOOXQJ IÅU GLH 9ROO]HLWSKDVHQ HUKDOWHQ 'HQ .XUV ELHWHQ ZLU
LQ%HUOLQ (UIXUW (VVHQ 0DQQKHLPXQG0ÅQFKHQDQ
0LQGHVWWHLOQHKPHU]DKO
'LHVHOLHJWEHL 7HLOQHKPHUQ IÅU.ODXVXUHQSUlVHQ]NXUVHEHL]HKQ7HLOQHKPHUQ
3UÅIXQJ PÅQGOLFKH
'LHVH ¿QGHW HLQPDO MlKUOLFK DE )HEUXDU VWDWW 1HEHQ GHQ ,QKDOWHQ GHU VFKULIWOLFKHQ 3UÅIXQJ ZLUG
:LVVHQ DXV GHQ %HUHLFKHQ %*% +*% %HUXIVUHFKW %:/ XQG 9:/ DEJHIUDJW 'LH 3UÅIXQJ EHJLQQW
PLWHLQHP PLQÅWLJHQ.XU]YRUWUDJ
3UÅIXQJ VFKULIWOLFKH
%$11$6 YRQ $ =
'LHVH¿QGHWEXQGHVHLQKHLWOLFKHLQPDOMlKUOLFKLQGHUHUVWHQRGHU]ZHLWHQ2NWREHUZRFKHDQGUHLDXI
HLQDQGHUIROJHQGHQ7DJHQVWDWW 7HUPLQH 2NWREHU 2NWREHU VWDWW
$OV *HVHW]HVWH[WH VLQG GLH 7H[WDXVJDEHQ GHU 6WHXHUJHVHW]H GHV %*% +*% *PE+* $NW* XQG
6W%HU* VRZLH GLH 7H[WDXVJDEHQ GHU 6WHXHUULFKWOLQLHQ XQG 6WHXHUHUODVVH /RVHEODWWVDPPOXQJHQ
]XJHODVVHQ 8QWHUVWUHLFKXQJHQ XQG 0DUNLHUXQJHQ VLQG HUODXEW %HPHUNXQJHQ LP 7H[W XQG DP
5DQG JHOWHQ MHGRFK DOV 7lXVFKXQJVYHUVXFK $XIJDEHQ XQG 6DFKYHUKDOWH GHU ([DPHQ VHLW
¿QGHQ6LHLQXQVHUHP,QIR6HUYLFHLP,QWHUQHW ZZZEDQQDVFRP DE DXFKPLW/|VXQJHQ
%$11$6 YRQ$ =
*ORVVDU
3
��3U˜IXQJVYRUEHUHLWXQJ
3UÅIXQJVYRUEHUHLWXQJ ,QKDOWVÅEHUVLFKW
'LH IROJHQGHQ 7KHPHQ PÅVVHQ ]X HLQHU HUIROJUHLFKHQ 9RUEHUHLWXQJ DXI GLH VFKULIW
OLFKH 6WHXHUEHUDWHUSUÅIXQJ EHDUEHLWHW ZHUGHQ 6LH VLQG ,QKDOW XQVHUHU EHUXIVEHJOHLWHQGHQ
9RUEHUHLWXQJVOHKUJlQJHXQGXQVHUHU9ROO]HLWOHKUJlQJH
(UWUDJVWHXHU
(LQNRPPHQVWHXHU (6W
*HZLQQHLQNÅQIWHDOOJHPHLQ
9HUOXVWH
%HWULHEVDXIVSDOWXQJHWF
*HZLQQHUPLWWOXQJ
9HUPLHWXQJXQG9HUSDFKWXQJ
1LHâEUDXFKDQ*UXQGVWÅFNHQ
*HZHUEOLFKHU*UXQGVWÅFNVKDQGHO
YRUZHJJHQRPPHQH(UEIROJH
(UEIlOOHXQG(UEDXVHLQDQGHUVHW]XQJ
Ü 9HUlXâHUXQJYRQ$QWHLOHQDQ.DSLWDOJHVHOOVFKDIWHQEHLZHVHQWOLFKHU
%HWHLOLJXQJ
Ü (LQNÅQIWH DXV SULYDWHQ9HUlXâHUXQJHQ
)DP3HUV*HV *PE+ &R.*
(LQNÅQIWHDXV.DSLWDOYHUP|JHQ
5HQWHQ
*HZHUEHVWHXHU *HZ6W
$XâHQVWHXHUUHFKWXQG,QWHUQDWLRQDOHV 6WHXHUUHFKW $6WXQG,6W5
.|USHUVFKDIWVWHXHU .6W
3HUV|QOLFKH6WHXHUS¡LFKW
6DFKOLFKH6WHXHUS¡LFKW
6DFKOLFKH6WHXHUS¡LFKW Ü E.6W*¥
:LVVHQVZHUWHVYRQ$ =

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
7DULI
7HLOHLQNÅQIWHYHUIDKUHQ
9HUGHFNWH*HZLQQDXVVFKÅWWXQJ
*HVHOOVFKDIWHU)UHPG¿QDQ]LHUXQJ
9HUGHFNWH(LQODJH
2UJDQVFKDIW
(QGHGHU6WHXHUS¡LFKW /LTXLGDWLRQ
%XFKIÅKUXQJXQG%LODQ]LHUXQJ
:LUWVFKDIWVJÅWHU ,PPDWHULHOOH:LUWVFKDIWVJÅWHU
=XUHFKQXQJYRQ:LUWVFKDIWVJÅWHUQ
hEHUEOLFN (LQIÅKUXQJ
=XRUGQXQJYRQ:LUWVFKDIWVJÅWHUQ]XP %HWULHEV RGHU3ULYDWYHUP|JHQ
*UXQGVWÅFNHXQG*UXQGVWÅFNVWHLOHDOV%HWULHEVYHUP|JHQ
%HZHUWXQJGHV%HWULHEVYHUP|JHQVQDFK+DQGHOV XQG6WHXHUUHFKW
*HZLQQHUPLWWOXQJQDFKÜ $EV (6W*XQG:HFKVHOGHU*HZLQQHUPLWWOXQJVDUW
%LODQ]LHUXQJVJUXQGVlW]H
%HWHLOLJXQJHQXQG(UWUlJHDXV%HWHLOLJXQJHQ
6RQGHUSRVWHQPLW5ÅFNODJHDQWHLO
5ÅFNVWHOOXQJHQ
%LODQ]EHULFKWLJXQJXQG%LODQ]lQGHUXQJ
%LODQ]HQ]XVDPPHQKDQJXQG.DSLWDODQJOHLFKXQJ
%HVRQGHUKHLWHQEHL3HUVRQHQJHVHOOVFKDIWHQ
%HVRQGHUKHLWHQEHL.DSLWDOJHVHOOVFKDIWHQ
8PZDQGOXQJVVWHXHU 8PZ6W
Ü 8PZ6W* (LQEULQJXQJ HLQHV %HWULHEV 7HLOEHWULHEV RGHU 0LWXQWHUQHKPHU
DQWHLOVLQHLQH3HUVRQHQJHVHOOVFKDIW
%$11$6 YRQ $ =
ÜÜ ELV 8PZ6W* (LQEULQJXQJ HLQHV %HWULHEV 7HLOEHWULHEV RGHU
%$11$6 YRQ$ =
*ORVVDU
4 6
��4XDOLWÊWVPDQDJHPHQW�
0LWXQWHUQHKPHUDQWHLOVLQHLQH .DSLWDOJHVHOOVFKDIW JHJHQ *HZlKUXQJ YRQ *HVHOO
VFKDIWVDQWHLOHQ
Ü 8PZ6W* )RUPZHFKVHO HLQHU 3HUVRQHQJHVHOOVFKDIW LQ HLQH .DSLWDOJH
VHOOVFKDIW
ÜÜ ELV 8PZ6W* 8PZDQGOXQJ HLQHU .DSLWDOJHVHOOVFKDIW LQ HLQ (LQ]HO
XQWHUQHKPHQ HLQH 3HUVRQHQJHVHOOVFKDIW RGHU LQ HLQH DQGHUH .DSLWDO
JHVHOOVFKDIW
$EJDEHQRUGXQJXQG)LQDQ]JHULFKWVRUGQXQJ $2 )*2
'DV6WHXHUIHVWVHW]XQJVYHUIDKUHQ
'LH=XVWlQGLJNHLWGHU)LQDQ]lPWHU
'LH)HVWVHW]XQJVIULVWÜÜ
%HULFKWLJXQJYRQ9HUZDOWXQJVDNWHQ
bQGHUXQJYRQ6WHXHUEHVFKHLGHQ
'DV (UPLWWOXQJVYHUIDKUHQÜÜ II
'LH$XâHQSUÅIXQJ
'DV DXâHUJHULFKWOLFKH5HFKWVEHKHOIVYHUIDKUHQ
'LH=LQVHQLP6WHXHUUHFKW
+DIWXQJVUHFKW
'DV6WHXHUVWUDIUHFKW
'DV6WHXHUVWUDIYHUIDKUHQÜÜ
'LH)LQDQ]JHULFKWVRUGQXQJ
hEHUVLFKWÅEHUGDV9ROOVWUHFNXQJVUHFKW
%HZHUWXQJVUHFKWXQG(UEVFKDIWVWHXHU %HZ5 (UE6W
$OOJHPHLQH*UXQGODJHQGHV%HZHUWXQJVUHFKWV
'LH%HGDUIVEHZHUWXQJYRQ*UXQGVWÅFNHQ
:LVVHQVZHUWHVYRQ$ =
'LH%HZHUWXQJYRQ%HWULHEVYHUP|JHQIÅU(UE6W=ZHFNH
(UEUHFKW (UEVFKDIWVWHXHUJHVHW] 6FKHQNXQJVWHXHU

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
8PVDW]VWHXHU 86W
8QWHUQHKPHU 8QWHUQHKPHQ
/HLVWXQJ /HLVWXQJVDXVWDXVFK
/LHIHUXQJHQ VRQVWLJH/HLVWXQJHQ
8QHQWJHOWOLFKH:HUWDEJDEHQ
6WHXHUEHIUHLXQJHQ
hEHUEOLFN (LQIÅKUXQJ
%HPHVVXQJVJUXQGODJH bQGHUXQJGHU%HPHVVXQJVJUXQGODJH Ü
6WHXHUVDW]
(QWVWHKXQJGHU6WHXHU
5HFKQXQJHQXQG9RUVWHXHUDE]XJ %HULFKWLJXQJGHV9R6W$E]XJV Ü D
9HUVDQGKDQGHOVUHJHOXQJHQ
(8%LQQHQPDUNW ,QQHUJHPHLQVFKDIWOLFKHU (UZHUE XQG LQQHUJHPHLQVFKDIWOLFKH
/LHIHUXQJQHXHU)DKU]HXJH
6WHXHUEHUHFKQXQJ $QPHOGXQJ $EIÅKUXQJ
6WHXHUVFKXOGGHV/HLVWXQJVHPSIlQJHUV
2UJDQVFKDIW
5HLKHQJHVFKlIW
(&RPPHUFH
4XDOLWlWVPDQDJHPHQW
8QVHU 4XDOLWlWVPDQDJHPHQW GLHQW ]XU (UKDOWXQJ XQG 9HUEHVVHUXQJ GHU 4XDOLWlW XQVHUHU .XUVH
EVSZ GXUFKNRQWLQXLHUOLFKH$NWXDOLVLHUXQJGHUVFKULIWOLFKHQ8QWHUODJHQ
6FKULIWOLFKH8QWHUODJHQ
'LH 8QWHUODJHQ KDEHQ HLQHQ *HVDPWXPIDQJ YRQ FD QHXQ $NWHQRUGQHUQ (V KDQGHOW VLFK GDEHL
XP 6NULSWH hEHUVLFKWVEOlWWHU /|VXQJVKLQZHLVH ]X hEXQJVNODXVXUHQ XQG NXU]H hEXQJVIlOOH
-H QDFK .XUV HUKDOWHQ 6LH DXâHUGHP VHFKVVWÅQGLJH XQG VHFKV GUHLVWÅQGLJH .ODXVXUHQ PLW
/|VXQJVKLQZHLVHQVRZLH VHFKVVWÅQGLJH .ODXVXUHQ
%$11$6 YRQ $ =
%$11$6 YRQ$ =
*ORVVDU
6 =
6WXQGHQ]DKOHQ
'LH 9RUEHUHLWXQJ ]XP 6WHXHUEHUDWHU EHLQKDOWHW LQVJHVDPW 8QWHUULFKWVVWXQGHQ GDYRQ LQ
GHQ EHUXIVEHJOHLWHQGHQ /HKUJlQJHQ 6DPVWDJVOHKUJDQJ $EHQG 6DPVWDJVOHKUJDQJ .RPEL3OXV
/HKUJDQJ LQNO .ODXVXUHQDP)UHLWDJDEHQG LP.ODXVXUHQNXUVXQG LP.XUV]XU9RUEHUHLWXQJ
IÅUGLHPÅQGOLFKH3UÅIXQJ
7H[WSUREHQ
$XIXQVHUHU+RPHSDJHKDEHQ6LHGLH0|JOLFKNHLW VLFKGLH*OLHGHUXQJDOOHU6NULSWHVRZLH6NULSWWHLOH
XQGHLQHQYROOVWlQGLJHQ.ODXVXUHQEORFNDQ]XVFKDXHQXQGKHUXQWHU]XODGHQ
8PVDW]VWHXHU
8QVHUH.XUVSUHLVHVLQGODXW86W*Ü 1U EYRQGHU0HKUZHUWVWHXHUEHIUHLW
9ROO]HLWYRUEHUHLWXQJ
'LHVHV$QJHERWH[LVWLHUWLQ%HUOLQ '|EHOQ (VVHQ 0RVEDFK 6FKHUPEHFNXQG0ÅQFKHQ (VEHVWHKWDXV
9RUNXUV QXULQ%HUOLQ (VVHQ 0ÅQFKHQ DOWHUQDWLY )HUQNXUV :RFKHQ/HKUJDQJXQG.ODXVXUHQNXUV
%HLP :HFKVHO DXV GHU EHUXIVEHJOHLWHQGHQ $XVELOGXQJ ]XP :RFKHQ/HKUJDQJ UHFKQHQ ZLU ELV ]X
:LHGHUKROHQ
��6WXQGHQ]DKOHQ
GHU.XUVJHEÅKUHQDQ
%HL1LFKWEHVWHKHQGHV([DPHQVWURW].XUVEHVXFKELHWHQZLUHLQHNRVWHQORVH:LHGHUKROXQJDQ (VIDOOHQ
OHGLJOLFK .RUUHNWXU XQG .RSLHUNRVWHQHUVWDWWXQJ DQ $XâHUGHP JHZlKUHQ ZLU 5DEDWW IÅU
GLHMHQLJHQ7HLOQHKPHU GLHQLFKWLQV([DPHQJHKHQXQGGHQ.XUVRGHU.XUVWHLOHZLHGHUKROHQ
=XODVVXQJVYRUDXVVHW]XQJHQXQG$QPHOGXQJ]XU3UÅIXQJ
$QIDQJ ZXUGH GDV 6WHXHUEHUDWXQJVJHVHW] LQ HLQLJHQ 3XQNWHQ HUKHEOLFK JHlQGHUW 'LH
3UÅIXQJ ZLUG DE YRQ GHQ 6WHXHUEHUDWHUNDPPHUQ RUJDQLVLHUW ,QKDOWOLFK LVW ZHLWHUKLQ GDV
)LQDQ]PLQLVWHULXPYHUDQWZRUWOLFK +LHUHLQ$XV]XJDXVGHP6W%HU* GDVYROOVWlQGLJH*HVHW]¿QGHQ
6LHXQWHU ZZZJHVHW]HLPLQWHUQHWGH
:LVVHQVZHUWHVYRQ$ =

.OHLQGHGUXFNWHV $ =
2UJDQLVDWRULVFKH+LQZHLVH
3
�3U˜IXQJ
Ü 9RUDXVVHW]XQJHQIÅUGLH=XODVVXQJ]XU3UÅIXQJ
hEHUEOLFN (LQIÅKUXQJ
'LH=XODVVXQJ]XU6WHXHUEHUDWHUSUÅIXQJVHW]W YRUDXV GDVV GHU%HZHUEHU
HLQ ZLUWVFKDIWVZLVVHQVFKDIWOLFKHV RGHU UHFKWVZLVVHQVFKDIWOLFKHV +RFKVFKXOVWXGLXP RGHU HLQ
DQGHUHV+RFKVFKXOVWXGLXPPLWZLUWVFKDIWVZLVVHQVFKDIWOLFKHU)DFKULFKWXQJHUIROJUHLFKDEJHVFKORV
VHQKDWXQG
GDQDFKSUDNWLVFKWlWLJJHZHVHQLVW
'LH SUDNWLVFKH 7lWLJNHLW PXVV ÅEHU HLQHQ =HLWUDXP YRQ PLQGHVWHQV GUHL -DKUHQ DXVJHÅEW ZRUGHQ
VHLQ ZHQQ GLH5HJHOVWXGLHQ]HLWGHV +RFKVFKXOVWXGLXPV QDFK 6DW] 1U ZHQLJHU DOV YLHU -DKUH
EHWUlJW VRQVWÅEHUHLQHQ=HLWUDXP YRQ PLQGHVWHQV]ZHL-DKUHQ
:XUGHLQHLQHP+RFKVFKXOVWXGLXPQDFK6DW] 1U HLQHUVWHUEHUXIVTXDOL¿]LHUHQGHU$EVFKOXVV
XQGLQHLQHP HLQHQVROFKHQHUVWHQ$EVFKOXVVYRUDXVVHW]HQGHQ ZHLWHUHQ+RFKVFKXOVWXGLXPQDFK
6DW] 1U HLQZHLWHUHUEHUXIVTXDOL¿]LHUHQGHU$EVFKOXVVHUZRUEHQ ZHUGHQGLH5HJHOVWXGLHQ]HLWHQ
EHLGHU6WXGLHQJlQJH]XVDPPHQJHUHFKQHW =HLWHQGHUSUDNWLVFKHQ7lWLJNHLWZHUGHQEHUÅFNVLFKWLJW
VRZHLWVLHQDFKGHP(UZHUEGHVHUVWHQEHUXIVTXDOL¿]LHUHQGHQ$EVFKOXVVHVOLHJHQ
(LQ%HZHUEHULVW]XU6WHXHUEHUDWHUSUÅIXQJDXFK]X]XODVVHQ ZHQQHU
HLQH $EVFKOXVVSUÅIXQJ LQ HLQHP NDXIPlQQLVFKHQ $XVELOGXQJVEHUXI EHVWDQ
GHQ KDW RGHU HLQH DQGHUH JOHLFKZHUWLJH 9RUELOGXQJ EHVLW]W XQG QDFK $EVFKOXVV
GHU $XVELOGXQJ ]HKQ -DKUH RGHU LP )DOOH GHU HUIROJUHLFK DEJHOHJWHQ 3UÅIXQJ ]XP JHSUÅI
WHQ%LODQ]EXFKKDOWHURGHU6WHXHUIDFKZLUWVLHEHQ-DKUHSUDNWLVFKWlWLJJHZHVHQLVWRGHU
GHU)LQDQ]YHUZDOWXQJDOV%HDPWHUGHVJHKREHQHQ'LHQVWHVRGHUDOVYHUJOHLFKEDUHU$QJHVWHOOWHU
DQJHK|UW RGHU DQJHK|UW KDW XQG EHL LKU PLQGHVWHQV VLHEHQ -DKUH DOV 6DFKEHDUEHLWHU RGHU LQ PLQ
GHVWHQVJOHLFKZHUWLJHU6WHOOXQJSUDNWLVFKWlWLJJHZHVHQLVW
'LHLQGHQ$EVlW]HQ XQG JHIRUGHUWHSUDNWLVFKH7lWLJNHLW
PXVV VLFK LQ HLQHP 8PIDQJ YRQ PLQGHVWHQV :RFKHQVWXQGHQ DXI GDV *HELHW GHU YRQ GHQ
%XQGHV RGHU/DQGHV¿QDQ]EHK|UGHQYHUZDOWHWHQ6WHXHUQHUVWUHFNHQ
%$11$6 YRQ $ =
1DFKZHLVHÅEHUGDV9RUOLHJHQGHULQGHQ$EVlW]HQ ELV JHQDQQWHQ
9RUDXVVHW]XQJHQ VLQG QDFK 0DâJDEH GHU %HVWLPPXQJHQGHVDPWOLFKHQ 9RUGUXFNV]XHUEULQJHQ
GHU JHPlâ Ü 1U %XFKVWDEH D HLQJHIÅKUW ZRUGHQ LVW 'HU %HZHUEHU KDW GLHVH 8QWHUODJHQ
$QPHOGHERJHQ %$11$6YRQ$ =
1DPH
*ORVVDU
9RUQDPH
.XUV :LVVHQVZHUWHVYRQ$ =
$QPHOGXQJ = ��=ZHLMÊKULJHU�5K\WKPXV
VHLQHP$QWUDJDXI=XODVVXQJ]XU3UÅIXQJEHL]XIÅJHQ
=ZHLMlKULJHU5K\WKPXV
.XUVHLQ.DVVHO .REOHQ] 0DLQ]XQG6DDUEUÅFNHQ¿QGHQ QXUDOOH]ZHL-DKUHVWDWW ,Q.REOHQ]XQG
.DVVHOVWDUWHQGLHQlFKVWHQ.XUVHLP6HSWHPEHU LQ0DLQ]XQG6DDUEUÅFNHQLP6HSWHPEHU

Anmeldebogen
Name
Name:
Kurs:
Straße PLZ Ort
Vorname:
Anmeldung: Hiermit melde ich mich bei den Steuerlehrgängen Dr. Bannas GmbH zu folgenden Klausurenkursen zur
Vorbereitung auf das schriftliche Steuerberaterexamen 2013 2014 2015 an:
Telefon
Arbeitgeber
Telefon Arbeitgeber
Klausurenkurse
Block A: März
Block B: April
Block C: Mai
Block D: Juni
Block E: Juli
Block F:* August
Block G: August
Block H: September
Block J: September
bereits ausgegebene Blöcke***
Präsenzkurs Ich belege die oben angekreuzten Blöcke in: Berlin Bielefeld Chemnitz Erfurt
Essen A Essen B Frankfurt Freiburg Hamburg Hannover Kassel Koblenz Köln
153
E-Mail
Leipzig Mainz Mannheim München A München B München C Saarbrücken Stuttgart
Fernkurs Ich belege den Kurs als E-Mail-Kurs (inkl. Zugang zu den Online-Nachbesprechungen)
Ich belege den Kurs per Post (ohne Zugang zu den Online-Nachbesprechungen)
Anmeldebogen
Kursgebühren
Geb.-Datum
$QPHOGHERJHQ $*%
1DPH
9RUQDPH
6WHXHUOHKUJlQJH'U %DQQDV*PE+
5DLIIHLVHQVWUDâH
5|VUDWK
$QPHOGXQJ
*HVFKlIWVEHGLQJXQJHQ.ODXVXUHQSUlVHQ]NXUVH
'LH 7HLOQDKPHJHEÅKU LVW EHL %HJLQQ GHV HUVWHQ JHEXFKWHQ
.ODXVXUHQEORFNV IlOOLJ 9RQ GHQ .ODXVXUSUlVHQ]NXUVHQ NDQQ
ELV ]XP GHV .XUVMDKUHV RKQH $QJDEH YRQ *UÅQGHQ
NRVWHQORV ]XUÅFNJHWUHWHQ ZHUGHQ DQVFKOLHâHQG IlOOW EHL
5ÅFNWULWW HLQHV %ORFNHV ELV YLHU :RFKHQ YRU %HJLQQ EHL
5ÅFNWULWWELV]XP%HJLQQGHVJHNÅQGLJWHQ%ORFNHV GHU
.XUVJHEÅKU DOV 5ÅFNWULWWVJHEÅKU DQ 'HU 5ÅFNWULWW RGHU
GLH .ÅQGLJXQJ YRQ HLQHP RGHU PHKUHUHQ .ODXVXUEO|FNHQ
EHGHXWHW EHL %XFKXQJ YRQ ZHLWHUHQ %O|FNHQ HLQH HQWVSUH
FKHQGH 9HUlQGHUXQJ EHL GHU (LQVWXIXQJ LQ GLH 5DEDWWVWDIIHO
5ÅFNWULWWVHUNOlUXQJHQ XQG .ÅQGLJXQJHQ KDEHQ VFKULIWOLFK ]X
HUIROJHQ )ÅU GLH .ODXVXUHQSUlVHQ]NXUVH H[LVWLHUW HLQH 0LQ
GHVWWHLOQHKPHU]DKOYRQ )DOOVDXI*UXQGYRQ5ÅFNWULWWE]Z
.ÅQGLJXQJ GLH 0LQGHVWWHLOQHKPHU]DKO HLQHV .ODXVXUEORFNV
XQWHUVFKULWWHQ ZLUG EHKDOWHQ VLFK GLH 6WHXHUOHKUJlQJH 'U
%DQQDV *PE+ YRU GHQ .ODXVXUHQNXUV PLW HLQHP .ODXVXUHQ
NXUV DQ HLQHP DQGHUHQ 6WDQGRUW LQ ]XPXWEDUHU (QWIHUQXQJ
]XVDPPHQ]XOHJHQ ZREHL IÅU GLH 7HLOQHKPHU GHUHQ .XUV
YHUOHJW ZLUG GHU 3UHLV VLFK XP HUPlâLJW ,Q GLHVHP )DOO
EHVWHKWGLH0|JOLFKNHLW LQQHUKDOEYRQ 7DJHQYRPYHUOHJWHQ
.XUVNRVWHQORV]XUÅFN]XWUHWHQ
.ODXVXUHQIHUQNXUV
'LH 7HLOQDKPHJHEÅKU LVW LQ PRQDWOLFKHQ 5DWHQ MHZHLOV ]X
0RQDWVEHJLQQ IlOOLJ %HL %HOHJXQJ DOOHU %O|FNH ZLUG HLQH
PRQDWOLFKH 5DWH YRQ ]X 0RQDWVEHJLQQ IlOOLJ %HL
%HOHJXQJ HLQ]HOQHU %O|FNH VHW]HQ VLFK GLH PRQDWOLFKHQ
5DWHQ DXV GHU 7HLOQDKPHJHEÅKU GLYLGLHUW GXUFK GLH 'DXHU
GHU JHEXFKWHQ %O|FNH LQ 0RQDWHQ ]XVDPPHQ 'LH .XUVWHLO
QDKPH NDQQ MHGHU]HLW PLW :LUNXQJ YRP (QGH GHV ODXIHQGHQ
0RQDWV JHNÅQGLJW ZHUGHQ 'LH .ÅQGLJXQJ KDW VFKULIWOLFK ]X
.XUV
HUIROJHQ 6FKRQ HQWULFKWHWH .XUVJHEÅKUHQ IÅU %O|FNH QDFK
GHU .ÅQGLJXQJ ZHUGHQ XQWHU %HUÅFNVLFKWLJXQJ HLQHU P|J
OLFKHQ9HUlQGHUXQJEHLGHU(LQVWXIXQJLQGLH5DEDWWVWDIIHO
]XUÅFNHUVWDWWHW (LQ $QVSUXFK DXI .RUUHNWXU LP .ODXVXUHQ
IHUQNXUV EHVWHKW QXU EHL (LQVHQGXQJ GHU .ODXVXUHQ LQQHUKDOE
YRQ 7DJHQQDFK(UKDOW 7DJHQEHLGHQ%O|FNHQ)
- 'LH 2QOLQH 1DFKEHVSUHFKXQJHQ ¿QGHQ MHZHLOV
7DJHQDFK(UKDOWGHU/|VXQJVKLQZHLVHHLQHU.ODXVXUYRQ
8KUVWDWW (VN|QQHQ]XVlW]OLFKH.RVWHQIÅU
GLH 9HUELQGXQJ LQV ,QWHUQHW HQWVWHKHQ MH QDFK 3URYLGHU
MH 6WXQGH 'LH 6WHXHUOHKUJlQJH 'U %DQQDV*PE+
VLQG QLFKW IÅU ,QVWDELOLWlWHQ EHL GHU 9HUELQGXQJ LQV ,QWHUQHW
YHUDQWZRUWOLFK ZRKO DEHU EHL HUIROJUHLFKHU (LQZDKO IÅU GLH
6SUDFKYHUELQGXQJ ]XP 'R]HQW XQG ]X GHQ DQGHUHQ .XUV
WHLOQHKPHUQ HLQJHVFKUlQNW IÅU GHQ )DOO GDVV GLH WHFKQLVFKHQ
9RUDXVVHW]XQJHQHUIÅOOWVLQG
:LGHUUXIVEHOHKUXQJ
:LGHUUXIVUHFKW 6LHN|QQHQ,KUH9HUWUDJVHUNOlUXQJLQQHUKDOEYRQ
7DJHQRKQH$QJDEHYRQ*UÅQGHQLQ7H[WIRUP ] % %ULHI )D[ (0DLO
RGHUGXUFK5ÅFNVHQGXQJGHU6DFKHZLGHUUXIHQ 'LH)ULVWEHJLQQWQDFK
(UKDOW GLHVHU %HOHKUXQJ LQ 7H[WIRUP MHGRFK QLFKW EHYRU ,KQHQ HLQH
GHXWOLFK OHVEDUH $EVFKULIW GHU 8UNXQGH DXVJHKlQGLJW ZXUGH XQG QLFKW
YRU =XJDQJ GHU HUVWHQ /LHIHUXQJ GHV /HKUPDWHULDOV =XU :DKUXQJ GHU
:LGHUUXIVIULVW JHQÅJW GLH UHFKW]HLWLJH $EVHQGXQJ GHV :LGHUUXIVRGHU GHU
6DFKH 'HU:LGHUUXILVW]XULFKWHQDQ 6WHXHUOHKUJlQJH'U %DQQDV*PE+
5DLIIHLVHQVWUDâH 5|VUDWK
:LGHUUXIVIROJHQ ,P )DOOH HLQHV ZLUNVDPHQ :LGHUUXIV VLQG GLH EHLGHU
VHLWV HPSIDQJHQHQ /HLVWXQJHQ ]XUÅFN]XJHZlKUHQ XQG JJI JH]RJHQH
1XW]XQJHQ ] % =LQVHQ KHUDXV]XJHEHQ .|QQHQ 6LH XQV GLH HPSIDQ
JHQH /HLVWXQJ JDQ] RGHU WHLOZHLVH QLFKW RGHU QXU LQ YHUVFKOHFKWHUWHP
=XVWDQG ]XUÅFNJHZlKUHQ PÅVVHQ 6LH XQV LQVRZHLW JJI :HUWHUVDW]
OHLVWHQ 3DNHWYHUVDQGIlKLJH 6DFKHQ VLQG DXI XQVHUH .RVWHQ XQG *HIDKU
]XUÅFN]XVHQGHQ 1LFKW SDNHWYHUVDQGIlKLJH 6DFKHQ ZHUGHQ EHL ,KQHQ
DEJHKROW 9HUS¡LFKWXQJHQ]XU(UVWDWWXQJYRQ=DKOXQJHQPÅVVHQLQQHUKDOE
7DJHQHUIÅOOWZHUGHQ 'LH)ULVWEHJLQQWIÅU6LHPLWGHU$EVHQGXQJ,KUHU
:LGHUUXIVHUNOlUXQJRGHUGHU6DFKH IÅUXQVPLWGHUHQ(PSIDQJ
%HVRQGHUH +LQZHLVH 'HU :HUW GHU hEHUODVVXQJ GHV *HEUDXFKV RGHU
GHU %HQXW]XQJ GHU 6DFKHQ RGHU GHU (UWHLOXQJ GHV 8QWHUULFKWV ELV ]XU
$XVÅEXQJGHV:LGHUUXIVLVWQLFKW]XYHUJÅWHQ Ü $EV )HUQ86* 'DV
:LGHUUXIVUHFKW HUOLVFKW LQ GHP =HLWSXQNW LQ GHP GLH 9HUWUDJVSDUWHLHQ
GHQ )HUQXQWHUULFKWVYHUWUDJ YROOVWlQGLJ HUIÅOOW KDEHQ VSlWHVWHQV MHGRFK
PLW $EODXI GHV HUVWHQ +DOEMDKUHV QDFK (LQJDQJ GHU HUVWHQ /LHIHUXQJ Ü
$EV )HUQ86*
2UW 'DWXP 8QWHUVFKULIW
=XODVVXQJGXUFKGLH=)8.|OQ
'HU .ODXVXUHQIHUQNXUV LVW YRQ GHU =HQWUDOVWHOOH IÅU )HUQ
XQWHUULFKWLQ.|OQPLW%HVFKHLGYRP XQWHU
GHU =XODVVXQJVQXPPHU QDFK GHP )HUQXQWHU
ULFKWVVFKXW]JHVHW]]XJHODVVHQ