&KULVWRSKK+|EHOO

(LQOHLWXQJ

'DD ÄGLHH :LUNXQJ GHVV 6RNUDWHVV QRFKK LQQ GHUU 1DFKZHOWW >@ JUR‰³ LVW XQGG HUU LQQ ÄYLHOHQ =HLWDOWHUQ >@ DOVV GDVV ,GHDOELOG GHVV :HLVHQ³ JDOW LVWW GLH 5ROOH GHU SKLORVRSKLVFKHQ 6NHSVLVV±HUVWQDFKK6RNUDWHVVGXUFKK$UNHVLODRVVLQQGLHH3ODWRQLVFKHH$NDGHPLHHJHEUDFKW ± LQ6RNUDWHV¶/HEHQQRIIHQ9RQQGHUU)LJXUUGHVV6RNUDWHVVOHLWHQQVLFKKGLHHXQWHUVFKLHGOLFKVWHQQ SKLORVRSKLVFKHQQ 6FKXOHQQ DE GDD HUU DOVV Ä%HJUQGHUU GHU DXWRQRPHQ SKLORVRSK>LVFKHQ@@ (WKLN³ JLOWWXQGGGLHH6FKXOHQQGHUUÄ.\UHQDLNHU³³XQGGGHUUÄ.\QLNHU³ ]XMHQHQQJHK|UHQGLHH VLFKKDXILKQQEH]LHKHQ+LHUVROOOXQWHUVXFKW ZHUGHQLQZLHIHUQ6RNUDWHVV HLQ9RUELOGIUU GHQQ6NHSWL]LVPXVVJHZHVHQVHLQQNRQQWH:DUU6RNUDWHVVHLQQ6NHSWLNHU" $OVV *UXQGODJHH ]XUU %HDQWZRUWXQJ GHUU )UDJH ZLUGG GLH ÄV\VWHPDWLVFKH 'DUVWHOOXQJJ GHUU DQWLNHQ 6NHSVLV³ YRQQ 6H[WXVV (PSLULFXV Ã*UXQGUL‰‰ GHUU S\UUKRQLVFKHQQ 6NHSVLVµ YHUZHQGHW %HLVSLHOKDIWW ZLUGG DQQ GHP 7H[W Ã$SRORJLHµ GHVV 3ODWRQV HU|UWHUW LQZLHIHUQQ GHUUYRQQLKPPGDUJHVWHOOWHH6RNUDWHVVEHVWLPPWHH$VSHNWHGHUUS\UUKRQLVFKHQQ6NHSVLVVHUIOOW =X GLHVHQ ]lKOHQQ GLHH 3ULQ]LSLHQQ GHUU 6NHSVLV GLH 7URSHQQ GHUU =XUFNKDOWXQJ XQGG GLHH VNHSWLVFKHQQ 6FKODJZRUWH 8P GLHH VNHSWLVFKHQQ +DOWXQJHQQ 6RNUDWHV¶ ]X HUDUEHLWHQ LVW HLQHHJHQDXHH%HWUDFKWXQJGHVV7H[WHVVYRQQ|WHQ

+LHUU VHLL QRFKK NXU] GHU %HJULII GHU 6NHSVLV HUOlXWHUW 6NHSVLVV LVW ODXW GHPP JUR‰HQ %URFNKDXVVÄGLHHEHIUDJHQGHSUIHQGH%HWUDFKWXQJGLH*UXQGKDOWXQJGHVV=ZHLIHOQVVXQGG GHU 8UWHLOVHQWKDOWXQJ³ 'HU ÃGWY$WODVV 3KLORVRSKLH¶ EH]HLFKQHW GLHH 6NHSVLVV DOVV HLQH 6WU|PXQJÄGLHGLHSKLORVRSK>LVFKHQ@@/HKUJHElXGHUDGLNDOHP=ZHLIHOXQWHU]LHKWZREHL KLHUEHLLYRUUDOOHPP3\UUKRQYRQQ(OLV]XQHQQHQQLVW³ 1DFKKGHP3KLORVRSKLH/H[LNRQQYRQ +JOLLXQGG/EFNHHVWDPPWGHUU%HJULIIÄ6NHSWL]LVPXV³³YRPPJULHFKLVFKHQÃVNRSHR¶ZDV

'HUJURVVH%URFNKDXV=HKQWHU%DQG5LQ6RN:LHVEDGHQ6 (EG6 9JO(EG6

$EELOGXQJVVHLWHQQLQ)DUEH0QFKHQQ 6 (EG6 'HUJURVVH%URFNKDXV6

3ODWRQ $SRORJLHH GHVV 6RNUDWHV *ULHFKLVFK'HXWVFK hEHUVHW]WW XQG KHUDXVJHJHEHQ YRQ ^0DQIUHGG )XUKPDQQ 6WXWWJDUW ,P ZHLWHUHQ 9HUODXI ZHUGHQ =LWDWH DXV GLHVHP 3ULPlUWH[W E]Z 9HUZHLVH GDUDXIGXUFKKLQ.ODPPHUQQGDKLQWHUJHVHW]WHH6HLWHQ]DKOHQEH]HLFKQHW 'HUJURVVH%URFNKDXV6 .XQ]PDQQ%XUNDUG:LHGPDQQGWY$WODVV3KLORVRSKLH6

&KULVWRSKK+|EHOO

VRYLHOEHGHXWHWZLHÄVSlKHQXPKHUVFKDXHQEHWUDFKWHQXQWHUVXFKHQQDFKGHQNHQ³ 6R VROOO GHU 6NHSWL]LVPXVV ÄGLH 0|JOLFKNHLWW VLFKHUHU RGHUU REMHNWLYHU (UNHQQWQLVV EHVWUHLWH>Q@³ +LHUZLUGGGHUU%H]XJJGHV6NHSWL]LVPXVVDXI6RNUDWHVVGDGXUFKKDQJHGHXWHW GDVVVGLHH6FKXOHHGHVV6NHSWL]LVPXVVÄ$QVFKOX‰‰DQQGHQQ3ODWRQLVPXV³ IDQG 'LHH5ROOHGLHHHLQHHP|JOLFKHH9RUIRUPPGHUU6NHSVLVVLQQ6RNUDWHV¶/HEHQVSLHOWZLUGGQXQQ VFKULWWZHLVHH XQWHUVXFKW ZREHLL ]XHUVW XQWHUVXFKW ZLUG LQZLHZHLW 6RNUDWHV¶ 6HOEVWYHUVWlQGQLVVXQGGVHLQHH0HWKRGHHVNHSWLVFKHQQ&KDUDNWHUUDXIZHLVHQ ,QHLQHPZHLWHUHQQ6FKULWWWZLUGGDQKDQGGGHUU$XIIDVVXQJGHV7RGVGXUFKK6RNUDWHVZLHVLH YRQQ 3ODWRQQ LQQ VHLQHU $SRORJLH GDUJHVWHOOWW ZLUG XQGG DQKDQGG GHUU YRQQ 6RNUDWHVV GDUJHVWHOOWHQQ P|JOLFKHQ $XVZLUNXQJHQQ VHLQHV 7RGHVV SXQNWXHOOO DQ $XVVDJHQQ XQG )RUPXOLHUXQJHQQ 6RNUDWHV¶ XQWHUVXFKW ZLHH VNHSWLVFKK HUU NRQNUHWHQQ 'LQJHQQ JHJHQEHUU VWDQG

6NHSVLVLP/HEHQGHV6RNUDWHV

6RNUDWHV¶¶6HOEVWYHUVWlQGQLV

'DVV6HOEVWYHUVWlQGQLVVGHVV6RNUDWHVVZLUGGYRQQ3ODWRQQLQQGHQQ.DSLWHOQQXQGGVHLQHUU $SRORJLH GDUJHVWHOOW 6R ZHUGHQ ]X %HJLQQQ GHU 9HUWHLGLJXQJVUHGHH YRQ 6RNUDWHVV ]X HLQLJHQ JUXQGOHJHQGHQQ *HJHEHQKHLWHQQ 6WHOOXQJJ JHQRPPHQ 6FKRQQ GHUU HUVWH 6DW] EHLQKDOWHWW HLQHH GHQ 8PVWlQGHQQ JHJHQEHU VNHSWLVFKHH (LQVWHOOXQJ 6RNUDWHV¶ Ä:HOFKHH :LUNXQJ0lQQHUUYRQQ$WKHQPHLQHH$QNOlJHUUDXIHXFKKDXVJHEWKDEHQZHL‰‰LFKKQLFKW³ :REHLHUUKLHUEHLGLHH0|JOLFKNHLWWGHU.HQQWQLVVLQQ)UDJHVWHOOW0LWWGLHVHU(UNOlUXQJ HUIOOWW6RNUDWHVDOVRRLP)DOOHVHLQHU$SRORJLHGLH)RUGHUXQJGHV6H[WXVV(PSLULFXVGDVV GHU6NHSWLNHUVLFKKHLQJHVWHKWWÄLFKKHUNHQQHHQLFKW³ ZREHLGLHVVÄHLQQ(UOHEQLVVDQ>]HLJW@ QDFKK GHP GHUU 6NHSWLNHUU IUGHQJHJHQZlUWLJHQQ =HLWSXQNWW GDUDXIYHU]LFKWHW HWZDVV YRQ

^{+JOL$QWRQ3RXOO/EFNHH+UVJ3KLORVRSKLHOH[LNRQ3HUVRQHQQXQG%HJULIIHYRQQGHU$QWLNHELV]XUU *HJHQZDUW5HLQEHNEHLL+DPEXUJ} 6 ^(EG6 (EG6

6H[WXVV (PSLULFXV *UXQGUL‰ GHUU S\UUKRQLVFKHQ 6NHSVLV (LQJHOHLWHWW XQG EHUVHW]W YRQQ ^0DOWHH +RVVHQIHOGHU)UDQNIXUWDP0DLQ6

&KULVWRSKK+|EHOO

GHQQ XQHUIRUVFKWHQ YHUERUJHQHQQ *HJHQVWlQGHQQ ]X VHW]HQ RGHUU DXI]XKHEHQ³ 'HU $XVGUXFNN ÄZHL‰‰ LFKK QLFKW³³ NDQQQ DOVV HLQQ (UNHQQXQJVPHUNPDOO IUU 6RNUDWHVV JHGHXWHWW ZHUGHQGHUUPLWWGHUU9HUZHQGXQJGLHVHVV0HUNPDOVVJOHLFKK]X%HJLQQQGHQ0lQQHUQQYRQQ $WKHQQ LQVV *HGlFKWQLV UXIW ZHUU GDD DQJHNODJW ZLUG :HLWHUKLQQ ]HLJW GLHVHVV (UNHQQXQJVPHUNPDODXIGDVVV6RNUDWHVVLQQVHLQHPP/HEHQGLHVHH8QNHQQWQLVVDOVVJHJHEHQ DN]HSWLHUWH XQGG YRQQ LKU DXVJHKHQGG KDQGHOWH ZREHLL 6RNUDWHVV QLFKWW RKQHH (UNHQQWQLVV EOHLEHQQP|FKWHHXQGGLQQVHLQHPP+DQGHOQQDXI(UNHQQWQLVVDXVVLVW 6RNUDWHVVOHJWHLQHHJHVFKLFNWHH9HUWHLGLJXQJVVWUDWHJLHHJHJHQQGLHH$QNODJHQQGDULQGHPPHUU QlPOLFKKJHQDXGLH:LUNXQJGHUU5HGHHGHUU$QNOlJHUGDUVWHOOW(UVFKUHLEWHUÄKlWWHXQWHUU LKUHPP(LQGUXFNEHLQDKH >VLFK@ VHOEVW YHUJHVVHQ³³ ZREHLL HUU VRIRUWW LQQ GHU(U|IIQXQJ VHLQHUU 5HGH GDUDQQ JHPDKQW GDVVV HUU ÄVLHH VRIRUWGXUFKK 7DWVDFKHQ³ ZLGHUOHJHQQ ZLUG 'D]XLVWHUWURW]GHU6FKZHUHHGHUU:LUNXQJGHUUYRUKHUJHKHQGHQQ5HGHHGHUU$QNODJHHIlKLJ GDD HU DXVV GHUU VNHSWLVFKHQQ +DOWXQJ KHUDXVV ZHL‰ GDVVV ÄMHGHP $UJXPHQWW >@@ HLQ JOHLFKZHUWLJHVV HQWJHJHQVWHKW³ 6H[WXVV (PSLULFXVV EHVWLPPWW GLHVHVV VNHSWLVFKH 6FKODJZRUWW QlKHU LQGHPP HUU DQIJW ÄMHGHP YRQ XQVV JHSUIWHQQ $UJXPHQW³ 'LHVHU 6SH]LIL]LHUXQJZLUGG6RNUDWHVVEHLGHUU:LGHUOHJXQJGHU$QNODJHGXUFKKGDVV%HIUDJHQQGHUU 3ROLWLNHUGHU'LFKWHUXQGGHUU+DQGZHUNHUUIJHUHFKW

'LHHGDUDXIIROJHQGHH$XVVDJHH6RNUDWHV¶LVW]ZLHVSlOWLJLQQ+LQVLFKWWDXIGLH8QWHUVXFKXQJ LKUHUU %HGHXWXQJ IU HLQH VNHSWLVFKHH +DQGOXQJ DXI GHUU HLQHQQ 6HLWH KDQGHOW 6RNUDWHVV QLFKWVNHSWLVFKLQGHPPHUDQQVLFKKVHOEVWWGHQQ$QVSUXFKHUKHEWGLH:DKUKHLWW]XVDJHQ ZlKUHQGG HLQQ 6NHSWLNHUU VLFKK QLHPDOVV VLFKHUU LVW ZDV GLH :DKUKHLWW GDUVWHOOW GHQQQ GLH 6NHSVLVV ZLOO GXUFKK GLHH =XUFNKDOWXQJÄZHGHUU HWZDVV DXIKHEHQQ QRFKK VHW]HQ³ 6RR NDQQ VLFKK6RNUDWHVV]ZDULP)DOOHVHLQHU:LGHUOHJXQJGHUU$QNODJHHGHUU:DKUKHLWWJHZLVVVVHLQ MHGRFKK ZUGH GLHVHUU :DKUKHLWVDQVSUXFK DXI VHLQ /HEHQQ DXVJHZHLWHW GLH 0|JOLFKNHLW GHVV,UUWXPVVDXVVFKOLH‰HQ$XIGHUUDQGHUHQQ6HLWHEHVFKUlQNWVLFKK6RNUDWHVQLFKWGDUDXI GLHH$QNODJH]XZLGHUOHJHQVRQGHUQHUUKlOWWVLFKKIUHLQH5HYLVLRQQVHLQHV8UWHLOVVRIIHQ LQGHPPHUVDJWÄGDQQQELQLFKKEHUHLW]X]XJHEHQGD‰LFK>@@HLQ0HLVWHUUGHUU5HGHHELQ³³

6H[WXVV(PSLULFXV3\UUKRQLVFKH6NHSVLV6

^{(EG6 (EG6} (EG6

&KULVWRSKK+|EHOO

,P .DSLWHOO GHU $SRORJLH EHJUQGHWW 6RNUDWHV VHLQHQQ (QWVFKOXVV GHQQ 7RGG QLFKWW ]X IUFKWHQQ XQGG VLFKK VHOEVW WUHX ]X EOHLEHQ 'D ODXWW 6H[WXVV (PSLULFXVV ÄGDV PRWLYLHUHQGH 3ULQ]LSGHU6NHSVLV>@@GLH+RIIQXQJDXI6HHOHQUXKH³ VHLÄGHQQQGHUU6NHSWLNHUUEHJDQQ ]X SKLORVRSKLHUHQ XPP GLH 9RUVWHOOXQJHQ ]X EHXUWHLOHQ XQGG ]X HUNHQQHQ ZHOFKH ZDKU VLQGGXQGGZHOFKHIDOVFK GDPLWHUU5XKHH ILQGH³ VFKHLQWWGLH(LQVWHOOXQJ6RNUDWHV¶GHP 7RGGJHJHQEHUUGXUFKDXVHLQHHVNHSWLVFKHH]XVHLQ +LHUVHLLJH]HLJWGDVVV6RNUDWHVVVHLQHU $XIJDEHWUHXEOHLEHQQZLOOGDDHUUPHLQW

VRR LVW¶VV GRFKK ULFKWLJ LKUU 0lQQHU YRQQ $WKHQ ZRR HLQHU VLFKK DXIVWHOOWWLPP*ODXEHQHVVVHLLGDVV%HVWHHVRRGHUUZRRHUUYRQQVHLQHP 9RUJHVHW]WHQQDXIJHVWHOOWWZLUGGRUWWPX‰‰HUPHLQHLFKDXVKDUUHQQ XQGG GLHH *HIDKUU DXI VLFK QHKPHQ RKQHH DQQ GHQQ 7RGG ]X GHQNHQQ RGHUUDQQLUJHQGGHWZDVVDQGHUHVVDX‰HUUGHUU6FKDQGHH

6RPLWWHUUHLFKWWHUVHLQH5XKHLQGHPPHUUÄPD‰YROOHVV/HLGHQ³ HUIlKUWXQGGGDGXUFKGDVV HUU ÄGHQQ EHLJHPHQJWHQQ *ODXEHQ GD‰‰ MHGHVV GLHVHUU 'LQJHH >QDWUOLFKHH 8QJHPDFK@ YRQQ 1DWXUUEHOVHLEHLVHLWH>UlXPW@³

6RNUDWHV VWHOOWW LPP .DSLWHOO GHU $SRORJLHH NODU VHLQQ =LHO VHL VHLQH 0LWPHQVFKHQQ ]X HLQHPP ÄP|JOLFKVWW JXWHQQ =XVWDQGG HXUHUU 6HHOH³³ ]X EULQJHQ ZDVV DXFK GDVV =LHO GHUU 6HHOHQUXKHLQQGHUU6NHSVLVVLVW :HLWHUKLQQHUKlOWWHUUDXFKGLH0|JOLFKNHLWWDXI5HYLVLRQ VHLQHUU$XIIDVVXQJHUUYHUEUHLWHNHLQQhEHOGDDHUURIIHQQOlVVWGDVVÄZHQQQLFKKQXQLQGHP LFKK GLHVV VDJH GLH MXQJHQQ /HXWH YHUGHUEH GDQQ >LVW@ GDV YRP hEHO³ -HGRFK YHUNQGHWW HU GHXWOLFK GDVVV HU DXI %HIHKOO GHVV *RWWHVV KDQGHOWW 'LHVHVV +DQGHOQQ EH]LHKWW VLFKK DXI GHQ 6SUXFKK GHVV 2UDNHOVV LQQ 'HOSKL GDVV YHUNQGHWW KDWWH ÄQLHPDQGG VHLL ZHLVHU³³DOVV6RNUDWHV'DUDXIKLQQEHVFKORVVV6RNUDWHVVLQQVNHSWLVFKHUU0DQLHU±DXIGHU 6XFKHHQDFKKÄXQYHUWUlJOLFKHQQ$UJXPHQWHQ³ ±VHLQH%HIUDJXQJGHUZHLVHQ0lQQHUGDD HUUVLFKIUDJWHÄZDVPDJGHU*RWWZRKOOPHLQHQXQGGZDVV JLEWHUPLUGDIUHLQ5lWVHO DXI",FKZHL‰‰QlPOLFKKJDQ]JHQDXGD‰‰LFKKQLFKWWZHLVHHELQZHGHUUYLHOQRFKKZHQLJ:DV PHLQWWHUDOVRZHQQQHUUVDJWLFKKVHLLGHU:HLVHVWH"³³

6H[WXVV(PSLULFXV3\UUKRQLVFKH6NHSVLV6 (EG6

'LHVVZLUGMHGRFKLQHLQHPHLJHQHQ.DSLWHOOGLHVHU$UEHLWWGDUJHVWHOOW (EG6 (EG6 9JOHEG6 (EG6