Mandarin Seltmann

Page 1

0$1'$5,1



0$1'$5,1

29$/

29$/

GDPLW VLFK ,KUH *lVWH JDQ] ZLH ]X +DXVH I KOHQ VR \RXU JXHVWV IHHO FRPSOHWHO\ DW KRPH

'LH VSH]LHOO I U GHQ %HUHLFK +RWHOOHULH *DVWURQRPLH HQWZLFNHOWH 6HULH 0$1'$5,1 VSULFKW QLFKW QXU GXUFK LKUH lX HUH )RUP DQ VRQGHUQ YHUPLWWHOW GXUFK $N]HQWH LP 'HWDLO GHP *DVW GDV *HI KO LQGLYLGXHOOHU :HUWVFKlW]XQJ 7KH 0$1'$5,1 VHULHV KDV EHHQ GHYHORSHG HVSHFLDOO\ IRU KRWHOV DQG FDWHULQJ ,W GRHV QRW MXVW DSSHDO WKURXJK LWV H[WHULRU VKDSH EXW DOVR IHDWXUHV GHWDLOHG DFFHQWV WKDW PDNH HYHU\ JXHVW IHHO LQGLYLGXDOO\ YDOXHG



0$1'$5,1

.$))(( 7((

&2))(( 7($

'DUI LFK ,KQHQ QRFK HLQHQ .DIIHH EULQJHQ" :RXOG \RX FDUH IRU DQRWKHU FRIIHH"

,Q JHP WOLFKHU $WPRVSKlUH HLQH 7DVVH 7HH ¥ RGHU OLHEHU HLQHQ .DIIHH 5XKH Ò QGHQ EHL HLQHU 7DVVH 7HH RGHU HLQHP .DIIHH .ODUH /LQLHQ NODUH )RUPHQ ¥ NODUH *HGDQNHQ *DVWOLFKNHLW LQ VHLQHU EHVRQGHUHQ )RUP (QMR\LQJ D FXS RI WHD ¤ RU FRIIHH ¤ DPLGVW FRPIRUWDEOH VXUURXQGLQJV ,PELELQJ FDOP ZLWK D FXS RI WHD RU FRIIHH &OHDU OLQHV FOHDU VKDSHV ¤ D FOHDU SKLORVRSK\ $ VSHFLDO NLQG RI KRVSLWDOLW\



0$1'$5,1

581' 5281'

I U GLH IHVWOLFKHQ 0RPHQWH 6LPSO\ LUUHVLVWLEOH

(LQH WUDXPKDIWH 7DIHO 6R ZXUGHQ X D GLH JUR HQ 3ODW]WHOOHU UXQG XQG RYDO DXVJHIRUPW XQG PLW HLQHU EUHLWHQ 7HOOHUIDKQH YHUVHKHQ (LQ ZHLWHUHV PDUNDQWHV 'HWDLO LVW GLH 'RSSHONDQWH EHLP *RXUPHWWHOOHU GHU I U VLFK VFKRQ HLQHQ HLJHQHQ 6WLO GDUVWHOOW 7R VHH ZKDW ZH PHDQ MXVW ORRN DW WKH ODUJH VHUYLFH SODWHV ZLWK ZLGH ULPV DYDLODEOH LQ URXQG DQG RYDO GHVLJQV $QRWKHU H\H FDWFKLQJ GHWDLO LV WKH GRXEOH HGJH RQ WKH JRXUPHW SODWHV ZKLFK FUHDWH D VW\OH DOO RI WKHLU RZQ



0$1'$5,1

(9(17

(9(17

KDUPRQLVFK KDUPRQLRXV

'DV $XJH LVVW PLW (LQH KDUPRQLVFKH ,QV]HQLHUXQJ LVW GHU %HJLQQ GHV NXOLQDULVFKHQ *HQXVVHV $ UHDO IHDVW IRU WKH H\HV $ KDUPRQLRXV SUHVHQWDWLRQ LV WKH ÑUVW VWHS RQ D MRXUQH\ RI FXOLQDU\ HQMR\PHQW



0$1'$5,1

(9(17

(9(17

YLHOVHLWLJ YHUVDWLOH

,P )RNXV VWHKW LPPHU HLQH DQ VSUXFKVYROOH XQG YDULDQWHQUHLFKH 6SHLVHQ 3UlVHQWDWLRQ 'HU )DQWDVLH VLQG KLHU IDVW NHLQH *UHQ]HQ JHVHW]W 7KHUH LV DOZD\V D KLJK TXDOLW\ ULFKO\ YDULHG VHOHFWLRQ RI GLVKHV RQ RIIHU 7KHUH©V DOPRVW QR OLPLW WR WKH LPDJLQDWLRQ KHUH



0$1'$5,1

(9(17

(9(17

XQG LPPHU HLQ (YHQW DQG DOZD\V DQ HYHQW

IXQNWLRQHOO IXQFWLRQDO ,QQRYDWLY XQG PLW JUR HU )LQHVVH ODVVHQ VLFK .RFKN QVWH ¥ PLW 0$1'$5,1 (YHQW ¥ IHVWOLFK XQG SHUIHNW LQV]HQLHUHQ :LWK 0$1'$5,1 (YHQW DUWLVWLF FXLVLQH FDQ DOZD\V EH SUHVHQWHG ZLWK LQQRYDWLRQ WUHPHQGRXV VW\OH DQG WKH XWPRVW SHUIHFWLRQ


)RU D FRV\ QDWXUDO DWPRVSKHUH )RU DQRWKHU EHDXWLIXO ÑQLVK ORRN QR IXUWKHU WKDQ WKH QHZ ZRRG GHFRUDWLRQ ZKLFK JLYHV WKH GUHVVHG WDEOH D FRV\ QDWXUDO DWPRVSKHUH 7KLV GHFRUDWLRQ VKRZV KRZ QDWXUH FDQ EH SHUIHFWO\ FRPELQHG ZLWK VW\OLVK GLQLQJ

'HNRU IHLQ XQG HOHJDQW ) U GHQ JHKREHQHQ $QVSUXFK HQWZLFNHOW JLEW VLFK GHU QHXH 'HNRU PLW ]DUWHP %ODWWZHUN XQG IHLQHU *UDÒN EHUDXV HOHJDQW 0LW GLHVHU ]HLWORV GH]HQWHQ $QPXWXQJ HQW]LHKW VLFK GLHVHU 'HNRU MHGHP VFKQHOOOHELJHQ 7UHQG XQG YHUPLWWHOW DXFK QDFK -DKUHQ HLQ JHGLHJHQHV $PELHQWH

5HÑQHG HOHJDQFH 'HVLJQHG WR SOHDVH WKH PRVW GLVFHUQLQJ WDVWHV WKH QHZ GHFRUDWLRQ H[XGHV HOHJDQFH ZLWK LWV GHOLFDWH IROLDJH DQG UHÑQHG JUDSKLF GHVLJQ 6XEWOH XQREWUXVLYH DQG XWWHUO\ WLPHOHVV WKLV GHFRUDWLRQ WUDQVFHQGV SDVVLQJ IDVKLRQV DQG ZLOO JLYH SOHDVXUH IRU PDQ\ \HDUV WR FRPH

'HNRU :HLFK ZDUP ¥ ZRKOWXHQG 6DQGG QHQ LQ HLQH YRP 6RQQHQDXIJDQJ LQ U|WOLFKHV /LFKW JHWDXFKWH 0HHUHVREHUÓlFKH ¥ $VVR]LDWLRQHQ GLH GHU )DQWDVLH GHV %HWUDFKWHUV EHUODVVHQ EOHLEHQ (LQ 'HNRU GHU PHGLWHUUDQHV )ODLU RGHU V GOlQGLVFKHV /HEHQVJHI KO DXINRPPHQ OlVVW 6RIW ZDUP DQG D SOHDVXUH IRU WKH VHQVHV $ GHVLJQ WKDW FRQMXUHV XS YLYLG LPDJHV LQ WKH PLQG©V H\H VDQG GXQHV SHUKDSV RU D ZLQH UHG VHD OLW E\ WKH ULVLQJ VXQ 7KLV LV D GHFRUDWLRQ WKDW HPERGLHV DOO WKH ]HVW DQG MRLH GH YLYUH RI WKH 0HGLWHUUDQHDQ

$X HUJHZ|KQOLFK LVW DXFK GHU QHXH +RO] 'HNRU GHU GHP JHGHFNWHQ 7LVFK HLQH ZRKOLJ ZDUPH XQG QDWXUDOH $WPRVSKlUH YHUOHLKW 0LW GHP QHXHQ 'HNRU ZLUG NODU GHU 1DWXU ¥ XQG HLQHU VWLOYROOHQ 7LVFKNXOWXU YHUEXQGHQ

'(.25(

'HNRU HLQH ZRKOLJ ZDUPH XQG QDWXUDOH $WPRVSKlUH


9,*1(77(6

9,*1(77(1

,KUH . FKH EULQJW *RXUPHWV LQV 6FKZlUPHQ ,QWHULHXU 'HNRUDWLRQ $FFHVVRLUHV *OlVHU DOOHV LVW YRP )HLQVWHQ )HKOW QXU QRFK HLQ NOHLQHV HQWVFKHLGHQGHV 'HWDLO 'DV LQGLYLGXHOOH GDPLW XQYHUZHFKVHOEDUH /RJR ,KUHV +DXVHV DXI HGOHP 3RU]HOODQ 1DFK ,KUHQ 9RUJDEHQ IHUWLJHQ ZLU ¥ NRVWHQORV XQG XQYHUELQGOLFK ¥ HLQ $QJHERW I U ,KU 9LJQHWWHQ 3RU]HOODQ 6HQGHQ 6LH XQV JDQ] HLQIDFK ,KUH 9RUODJHQ

<RXU FXLVLQH KDV JRW WKH JRXUPHWV JXVKLQJ ZLWK SUDLVH ,QWHULRU GHVLJQ GHFRUDWLRQ DFFHVVRULHV JODVVHV HYHU\WKLQJ LV WKH EHVW RI WKH EHVW $OO WKDW LV PLVVLQJ LV D VPDOO \HW GHFLVLYH GHWDLO <RXU HVWDEOLVKPHQW¨V LQGLYLGXDO DQG WKHUHIRUH XQPLVWDNHDEOH ORJR RQ KLJK TXDOLW\ SRUFHODLQ :H ZLOO EH KDSS\ WR PDNH \RX D SRUFHODLQ VDPSOH EDVHG RQ \RXU VSHFLÑFDWLRQV ¤ IUHH RI FKDUJH DQG ZLWKRXW REOLJDWLRQ -XVW VHQG XV \RXU SDWWHUQV


3ODQH XQG JODWW DEJHUXQGHWH 7HOOHUI H GXUFK 'LDPDQWVFKOLII 9RUWHLO ² 7LVFKREHUÓlFKHQ ZHUGHQ QLFKW ]HUNUDW]W ] % +RO] RGHU *ODV

0LNURZHOOHQIHVW 6DODPDQGHUIHVW 6WDSHOIlKLJ *DUDQWLH GHU )DUEJOHLFKKHLW GHV 3RU]HOODQV 9RUWHLO ² NHLQ )DUEXQWHUVFKLHG EHL YHUVFKLHGHQHQ 6HULHQ RGHU EHL 1DFKNDXI 8PIDQJUHLFKHV 6RUWLPHQW $UWLNHOYLHOIDOW

6(/70$11 :(,'(1 6HOWPDQQ :HLGHQ ZDV IRXQGHG DV D IDPLO\ ÑUP LQ LQ WKH *HUPDQ WRZQ RI :HLGHQ 7KH FRPSDQ\ KDV GHFDGHV RI H[SHULHQFH ZLWK KRWHO SRUFHODLQ :H UHJDUG KLJKHVW TXDOLW\ DV WKH VWDUWLQJ SRLQW +LJKO\ UHVLVWHQW JOD]H $GYDQWDJH ² /RQJ XVHIXO OLIH ² 5HWDLQV LWV OXVWUH )ODW DQG VPRRWKO\ URXQGHG SODWH EDVHV GXH WR GLDPRQG JULQGLQJ $GYDQWDJH ² 1R VFUDWFKHG WDEOHWRSV H J ZRRG RU JODVV

0LFURZDYH SURRI 5HVWDXUDQW VDODPDQGHU SURRI 6WDFNDEOH *XDUDQWHHG FRORXU XQLIRUPLW\ RI WKH SRUFHODLQ $GYDQWDJH ² 1R FRORXU GLVFUHSDQF\ EHWZHHQ GLIIHUHQW VHULHV RU ZKHQ EX\LQJ UHSODFHPHQWV ([WHQVLYH DVVRUWPHQW YDULHW\ RI DUWLFOHV

5$1*( 2) )81&7,216

+RKH :LGHUVWDQGVIlKLJNHLW GHU *ODVXU 9RUWHLO ² OlQJHUH /HEHQVGDXHU ² GHU *ODQ] EOHLEW HUKDOWHQ

6HOWPDQQ :HLGHQ LVW HLQ LQ :HLGHQ JHJU QGHWHV )DPLOLHQXQWHUQHKPHQ PLW MDKU]HKQWH ODQJHP .QRZ KRZ LP %HUHLFK +RWHOSRU]HOODQ +|FKVWH 4XDOLWlW LVW I U XQV 6WDQGDUG

)81.7,21$/,7b7

6(/70$11 :(,'(1


$UWLNHOEH]HLFKQXQJ 'HVFULSWLRQ RI ,WHP

0$1'$5,1

9( ,WHPV S SF

,QKDOW UDQGYROO 9ROXPH OWU R]

*HZLFKW :HLJKW JU JV

+|KH +HLJKW PP LQFK

6WDSHO +|KH 6W LQ PP 6WDFNLQJ KHLJKW SF LQ LQFK

PP

LQFK

PP

LQFK

.DIIHHNDQQH FO &RIIHH SRW &DIHWLqUH &DIIHWWLHUD

7HHNDQQH FO 7HD SRW 7KpLqUH 7HLHUD

6W|YFKHQ NOHLQ :DUPLQJ SODWH 5pFKDXG )RUQHOOR SLFFROR

7HHVLHE 7HD VWUDLQHU 3DVVH WKp ,QIXVRUR

7HHVLHEDEODJHEHKlOWHU 5HVW IRU WHD VWUDLQHU &RQWHQDQW SRXU SDVVH WKp $SSRJJLR LQIXVRUR

=XFNHUGRVH FO 6XJDU ERZO 6XFULHU =XFFKHULHUD

[

[

=XFNHUVFKDOH FP 6XJDU GLVK $VVLHWWH j VXFUH 3LDWWLQR SHU ]XFFKHUR

*LH HU FO *LH HU FO *LH HU FO &UHDPHU &UpPLHU /DWWLHUD

7DVVH FO 2EHUH FO 8QWHUH RYDO [ PP &RIIHH FXS DQG VDXFHU RYDO 7DVVH HW VRXFRXSH RYDOH 7D]]D GD WKq F S RYDOH 0RFFDWDVVH FO 2EHUH FO 8QWHUH RYDO [ PP 0RFKD FXS DQG VDXFHU RYDO 7DVVH j PRND HW VRXFRXSH RYDOH 7D]]D GD FDIIp F S RYDOH 0LOFKNDIIHHWDVVH FO 2EHUH FO 8QWHUH RYDO [ PP &RIIHH FXS DQG VDXFHU RYDO 7DVVH HW VRXFRXSH RYDOH 7D]]D GD ODWWH F S RYDOH %HFKHU PLW +HQNHO FO 0XJ *REHOHW 0XJ .DIIHHWDVVH NRQLVFK FO 2EHUH NRQLVFK FO 8QWHUH RYDO [ PP &RIIHH FXS DQG VDXFHU RYDO 7DVVH HW VRXFRXSH RYDOH 7D]]D GD WKq F S RYDOH 7DVVH NRQLVFK FO 2EHUH NRQLVFK FO 8QWHUH RYDO [ PP &RIIHH FXS DQG VDXFHU RYDO 7DVVH HW VRXFRXSH RYDOH 7D]]D GD WKq F S RYDOH

[

[

[

[

[

[

[

[

[

[

RKQH +HQNHO 6FKQDXSH ZLWKRXW KDQGOH VSRXW VDQV YHUVHXVH DQVH VHQ]D PDQLFR EHFFR VWDEHOEDU VWRFNDEOH HPSLODEOH LPSLODELOH NRQLVFK FRQLF FRQLTXH VYDVDWD


$UWLNHOEH]HLFKQXQJ 'HVFULSWLRQ RI ,WHP

0$1'$5,1

0RFFDWDVVH NRQLVFK FO 2EHUH NRQLVFK FO 8QWHUH RYDO [ PP 0RFKD FXS DQG VDXFHU RYDO 7DVVH j PRND HW VRXFRXSH RYDOH 7D]]D GD FDIIp RYDOH &DIHWHULDWDVVH NRQLVFK FO 2EHUH NRQLVFK FO 8QWHUH RYDO [ PP &KRFRODWH FXS DQG VDXFHU RYDO 7DVVH j FKRFRODW HW VRXFRXSH RYDOH 7D]]D F S RYDOH 0LOFKNDIIHHWDVVH NRQLVFK FO 2EHUH NRQLVFK FO 8QWHUH RYDO [ PP &RIIHH FXS DQG VDXFHU RYDO 7DVVH HW VRXFRXSH RYDOH 7D]]D GD ODWWH F S RYDOH

9( ,WHPV S SF

,QKDOW UDQGYROO 9ROXPH OWU R]

*HZLFKW :HLJKW JU JV

+|KH 6WDSHO +|KH 6W LQ PP +HLJKW 6WDFNLQJ KHLJKW SF LQ LQFK PP LQFK PP LQFK

PP

LQFK

[

[

[

[

[

[

.RPEL 8QWHUH UXQG 6DXFHU 6RXFRXSH URQGH SLDWWLQR WKq URWRQGR

0RFFD 8QWHUH UXQG 0RFKD VDXFHU URXQG 6RXFRXSH PRND URQGH 3LDWWLQR FDIIq URWRQGR

%HFKHU PLW +HQNHO FO NRQLVFK 0XJ *REHOHW 0XJ

(LHUEHFKHU $ (JJFXS $ &RTXHWLHU $ 3RUWDXRYR $

*DUQLWXU 6DO] 3IHIIHU 6DOW DQG SHSSHU 6DOLqUH HW SRLYULHU *XDUQ VDOH SHSH

9DVH 9DVH 9DVH 9DVR

/HXFKWHU &DQGOHVWLFN %RXJHRLU &DQGHOLHUH

$VFKHU $VK WUD\ &HQGULHU 3RUWDFHQHUH

7HOOHU Ó DFK RYDO FP 7HOOHU Ó DFK RYDO FP 7HOOHU Ó DFK RYDO FP 7HOOHU Ó DFK RYDO FP 7HOOHU Ó DFK RYDO FP 3ODWH Ò DW RYDO ZLWK ULP $VVLHWH SODWH j DLOH RYDOH 3LDWWR SLDQR RYDOH

[ [ [ [ [ [ [ [ [ [

7HOOHU WLHI RYDO FP 6RXS SODWH RYDO ZLWK ULP $VVLHWWH FUHXVH j DLOH RYDO 3LDWWR IRQGR RYDOH

[

[

7HOOHU Ó DFK UXQG FP 7HOOHU Ó DFK UXQG FP 7HOOHU Ó DFK UXQG FP 7HOOHU Ó DFK UXQG FP 7HOOHU Ó DFK UXQG FP 3ODWH Ò DW ZLWK ULP URXQG $VVLHWWH SODWH j DLOH URQGH 3LDWWR SLDQR URWRQGR


$UWLNHOEH]HLFKQXQJ 'HVFULSWLRQ RI ,WHP

0$1'$5,1

*RXUPHW 7HOOHU WLHI UXQG FP *RXUPHW 7HOOHU WLHI UXQG FP *RXUPHW 7HOOHU WLHI UXQG FP *RXUPHW SODWH URXQG GHHS $VVLHWWH JRXUPHW URQGH FUHXVH 3LDWWR IRQGR URW JRXUPHW 6XSSHQWDVVH FO 6XSSHQWDVVH 2EHUH FO 8QWHUH RYDO [ PP 6RXS FXS DQG VDXFHU RYDO 7DVVH j ERXLOORQ HW VRXFRXSH RYDOH 7D]]D GD EURGR F S RYDOH

9( ,WHPV S SF

,QKDOW UDQGYROO 9ROXPH OWU R]

*HZLFKW :HLJKW JU JV

+|KH 6WDSHO +|KH 6W LQ PP +HLJKW 6WDFNLQJ KHLJKW SF LQ LQFK PP LQFK PP LQFK

PP

LQFK

[

[

7HUULQH FO 7XUHHQ 6RXSLqUH =XSSLHUD

6DXFLHUH FO *UDY\ERDW 6DXFLqUH 6DOVLHUD

%XWWHUVDXFLHUH FO %XWWHU JUDY\ 6DXFLqUH j EHXUUH 6DOVLHUD SHU EXUUR

%XWWHUQlSIFKHQ FP %XWWHU SDG %HXUULHU %XUULHUD SLFFROD

'HVVHUWVFKDOH RYDO FP 'HVVHUWVFKDOH RYDO FP %RZO RYDO 6DODGLHU RYDOH &RSSHWWD RYDOH 6FK VVHO RYDO FP 6FK VVHO RYDO FP 6FK VVHO RYDO FP %RZO RYDO 6DODGLHU RYDOH ,QVDODWLHUD RYDOH

[

%RZO FP )DKQH %RZO FP )DKQH %RZO 6DODGLHU %ROR

%HLODJH RYDO WLHI FP 2YDO SODWWHU GHHS 3ODW RYDO FUHX[ 3LDWWR RYDOH IRQGR

[

[

3ODWWH RYDO FP 3ODWWH RYDO FP 3ODWWH RYDO FP 3ODWWH RYDO FP 2YDO SODWWHU 3ODW RYDO 3LDWWR RYDOH

[ [ [ [

[ [ [ [

(YHQWWHOOHU Ó DFK RYDO FP (YHQWWHOOHU Ó DFK RYDO FP (YHQWSODWH Ò DW RYDO $VVLHWWH pYpQHPHQW RYDOH 3LDWWR SLDQR RYDOH HYHQW

[ [

[ [

(YHQWWHOOHU WLHI RYDO FP (YHQWWHOOHU WLHI RYDO FP (YHQWWHOOHU WLHI RYDO FP (YHQWSODWH GHHS RYDO $VVLHWWH pYpQHPHQW FUHXVH RYDOH 3LDWWR IRQGR RYDOH HYHQW

[ [ [

[ [

(YHQWWHOOHU WLHI UXQG FP (YHQWSODWH GHHS URXQG $VVLHWWH pYpQHPHQW FUHXVH SODWH 3LDWWR IRQGR URW HYHQW

RKQH +HQNHO 6FKQDXSH ZLWKRXW KDQGOH VSRXW VDQV YHUVHXVH DQVH VHQ]D PDQLFR EHFFR VWDEHOEDU VWRFNDEOH HPSLODEOH LPSLODELOH NRQLVFK FRQLF FRQLTXH VYDVDWD


$UWLNHOEH]HLFKQXQJ 'HVFULSWLRQ RI ,WHP

0$1'$5,1

9( ,WHPV S SF

,QKDOW UDQGYROO 9ROXPH OWU R]

*HZLFKW :HLJKW JU JV

+|KH 6WDSHO +|KH 6W LQ PP +HLJKW 6WDFNLQJ KHLJKW SF LQ LQFK PP LQFK PP LQFK

PP

LQFK

[ [ [ [

[ [ [ [

(YHQWO|IIHO FP (YHQWO|IIHO FP (YHQWO|IIHO FP (YHQWVSRRQ FXLOOqUH HYHQHPHQW &XFFKLDLR HYHQW

(YHQWVFKDOH VFKUlJ FP (YHQWVFKDOH VFKUlJ FP (YHQWVFKDOH VFKUlJ FP (YHQWVFKDOH VFKUlJ FP (YHQWERZO VORSLQJ %RO HYHQHPHQW REOLTXH &RSSHWWD LQFOLQDWD HYHQW ¤ ,QVDODWHULD LQFOLQDWD HYHQW

(YHQW 8QWHUH FP (YHQW 8QWHUH FP (YHQW VDXFHU VRXFRXSH HYHQHPHQW 3LDWWLQR HYHQW

(YHQWVFKDOH RYDO FP (YHQWVFKDOH RYDO FP (YHQWVFKDOH RYDO FP (YHQWVFKDOH RYDO FP (YHQWVFKDOH RYDO FP (YHQWERZO RYDO 6DODGLHU HYHQHPHQW RYDOH 3LDWWR RYDOH IRQGR HYHQW

[ [ [ [ [

[ [ [ [ [

(YHQW &ORFKH FP (YHQW &ORFKH &ORFKH HYHQHPHQW &ORFKH HYHQW (YHQW &ORFKH FP (YHQW &ORFKH &ORFKH HYHQHPHQW &ORFKH HYHQW

(YHQWVFKLIIFKHQ FP &DQRH &DQRH 1DYHWWD HYHQW

[

[

(YHQWERZO FP (YHQWERZO FP (YHQWERZO FP (YHQWERZO FP (YHQWERZO FP (YHQWERZO %RO HYHQHPHQW %ROR HYHQW

(YHQWSODWWH [ FP (YHQWSODWWH [ FP (YHQWSODWWH [ FP (YHQWSODWWH [ FP (YHQWSODWWHU 3ODW HYHQHPHQW 3LDWWR UHWWDQJRODUH HYHQW

SDVVHQG I U (YHQWERZO FP PDWFKLQJ IRU HYHQWERZO FP DGDSWDEOH j ERO HYHQHPHQW FP DGDWWD SHU EROR HYHQW FP SDVVHQG I U (YHQWERZO FP PDWFKLQJ IRU HYHQWERZO FP DGDSWDEOH j ERO HYHQHPHQW FP DGDWWD SHU EROR HYHQW FP SDVVHQG I U 0$1'$5,1 (YHQWVFKDOH FP (YHQWWHOOHU WLHI RYDO FP 6$92< *RXUPHWWHOOHU UXQG FP *RXUPHWWHOOHU HFNLJ FP PDWFKLQJ IRU HYHQWERZO FP HYHQWSODWH GHHS RYDO FP 0$1'$5,1 JRXUPHW SODWH URXQG FP JRXUPHW SODWH GHHS VTXDUHG FP 6$92< DGDSWDEOH j VDODGLHU HYHQHPHQW FP DVVLHWWH pYpQHPHQW FUHXVH RYDOH FP 0$1'$5,1 DVVLHWWH FUHXVH j DLOH DVVLHWWH FUHXVH j DLOH FDUUpH FP DGDWWD SHU LQVDODWLHUD LQFHLQDWD HYHQW FP SLDWWR IRQGR RYDOH HYHQW FP 0$1'$5,1 SLDWWR IRQGR JRXUPHW FP SLDWWR JRXUPHW TXDGUDWR FP 6$92< SDVVHQG I U 0$1'$5,1 7HOOHU WLHI RYDO FP (YHQWWHOOHU WLHI UXQG FP *RXUPHWWHOOHU WLHI UXQG FP 6$92< 7HOOHU Ò DFK FP 7HOOHU Ò DFK HFNLJ FP 7HOOHU WLHI HFNLJ FP PDWFKLQJ IRU SODWH Ò DWH GHHS RYDO FP HYHQWSODWH GHHS URXQG FP JRXUPHW SODWH URXQG GHHS FP 0$1'$5,1 SODWH Ò DW ZLWK ULP FP SODWH Ò DW ZLWK ULP VTXDUHG FP SODWH GHHS ZLWK ULP VTXDUHG FP 6$92< DGDSWDEOH j VDODGLHU HYHQHPHQW FP DVVLHWWH pYpQHPHQW FUHXVH RYDOH FP 0$1'$5,1 DVVLHWWH FUHXVH j DLOH DVVLHWWH FUHXVH j DLOH FDUUpH FP DVVLHWWH SDOWH j DLOH FP DVVLHWWH SODWH j DLOH FDUUpH FP DVVLHWWH FUHXVH j DLOH FDUUpH FP 6$92< DGDWWD SHU SLDWWR IRQGR RYDOH FP SLDWWR IRQGR URWRQGR HYHQW FP SLDWWR IRQGR URWRQGR JRXUPHW FP 0$1'$5,1 SLDWWR SLDQR FP SLDWWR SLDQR TXDGUDWR FP SLDWWR IRQGR TXDGUDWR FP 6$92<



,KU )DFKKlQGOHU \RXU GHDOHU

BVKBNV ©BK

3RU]HOODQIDEULNHQ &KULVWLDQ 6HOWPDQQ *PE+ 3RVWIDFK Å :HLGHQ *HUPDQ\ 7HO Å )D[ ( 0DLO KRWHO#VHOWPDQQ FRP ZZZ VHOWPDQQ ZHLGHQ FRP

:LU EHGDQNHQ XQV EHL

I U GLH IUHXQGOLFKH 8QWHUVW W]XQJ

6SHFLDO WKDQNV WR

IRU WKHLU NLQG VXSSRUW


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.