*OLHGHUXQJ (LQOHLWXQJJ 6

$OOJHPHLQHVV]XUU9HUGXQVWXQJJ 6 3K\VLNDOLVFKHH*UXQGODJHQ 6 (YDSRUDWLRQ 6 7UDQVSLUDWLRQ 6 5HJLRQDOHH9HUGXQVWXQJVYHUWHLOXQJJ 6 *OREDOHH9HUGXQVWXQJVYHUWHLOXQJJ 6 )D]LW 6

$EELOGXQJVYHU]HLFKQLV 6

/LWHUDWXUYHU]HLFKQLVV 6

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ 'HUU:DVVHUNUHLVODXI 6 $EELOGXQJ 6FKHPDDGHUU5HODWLRQQYRQQ(YDSRUDWLRQQXQGG7UDQVSLUDWLRQQ 6 $EELOGXQJ 7DWVlFKOLFKHH9HUGXQVWXQJ 6 $EELOGXQJ 3RWHQWLHOOHH9HUGXQVWXQJJ 6 $EELOGXQJ 7KHHODQGGVXUIDFHHSURFHVVVPRGHOO 6 $EELOGXQJ 0LWWOHUHH-DKUHVYHUGXQVWXQJLQQGHUU6FKZHL] 6 $EELOGXQJ ,VROLQLHQGDUVWHOOXQJPLWWOHUHUUMlKUOLFKHUU 9HUGXQVWXQJVK|KHQ 6 $EELOGXQJ 5HOLHINDUWHH6FKZHL] 6

$EELOGXQJ 5lXPOLFKHH9HUWHLOXQJGHU-DKUHVPLWWHOWHPSHUDWXUU LQQGHUU6FKZHL] 6

$EELOGXQJ 0LWWOHUHHMlKUOLFKHH9HUGXQVWXQJZHOWZHLWWLQQFPP 6

(LQOHLWXQJ

'LHH 9HUGXQVWXQJ VSLHOWW LPP :DVVHUNUHLVODXII HLQH JDQ]] HQWVFKHLGHQGHH XQG JHZLFKWLJH 5ROOH,KUH(UPLWWOXQJLVWQHEHQ1LHGHUVFKODJXQG$EIOXVVVHLQHGHUUZLFKWLJVWHQ*U|‰HQQ GHUU:DVVHUELODQ]XQGGJHK|UWWLQQGHUUK\GURORJLVFKHQQ*UXQGODJHQIRUVFKXQJVHLWWPHKUHUHQQ -DKUHQQ]XXGHQQEHYRU]XJWHQ7KHPHQQ.(//(55

$QKDQGG GHUU IROJHQGHQQ $EELOGXQJ P|FKWH LFKK NXU] QRFKK QlKHUU DXII GHQQ 6WHOOHQZHUWW HLQJHKHQGHQQGLH9HUGXQVWXQJLPP:DVVHUNUHLVODXIIHLQQLPPW

$EE'HUU:DVVHUNUHLVODXIKWWSZZZJHROLQGHPXVLQGHJORVVDUWKHPHQZDVVHUNUHLVODXIKWP

'HXWOLFKKHUNHQQEDUULVWGDVVV9HUGXQVWXQJEHUUGHPP0HHUUDOVVJUR‰HHIUHLHH :DVVHUIOlFKHH HEHQVRRVWDWWILQGHWZLHEHUU6HHQQXQG)OVVHQ)HUQHUUJLEWWHVVDXFKK9HUGXQVWXQJEHUUPLW 3IODQ]HQZXFKVV XQGG 6FKQHHH EHGHFNWHQQ *HELHWHQ 9HUGXQVWXQJ ILQGHWW DOOJHPHLQQ JHVDJW DOVRR DXII GHU JHVDPWHQ (UGREHUIOlFKHH VWDWW XQGG LVW VRPLW HQRUP ZLFKWLJ IUU GDVV *OHLFKJHZLFKW GHVV :DVVHUKDXVKDOWHV :LH HVV VLFKK QXQQ LQQ YHUVFKLHGHQHQQ *HELHWHQQ MHZHLOVVPLWWGHUU9HUGXQVWXQJYHUKlOWWXQGGZHOFKHHSK\VLNDOLVFKHQQ*UXQGODJHQQ]XXGLHVHP 9RUJDQJJHK|UHQZHUGHHLFKKLQQGHUUYRUOLHJHQGHQQ$UEHLWWHU|UWHUQ

$OOJHPHLQHVV]XU9HUGXQVWXQJ

8QWHUU 9HUGXQVWXQJ ZLUG GHU hEHUJDQJ GHVV :DVVHUVV YRPP IOVVLJHQ RGHUU IHVWHQQ LQQ GHQQ JDVI|UPLJHQQ =XVWDQGG YHUVWDQGHQ ZREHLL GD]XX GLHH $XIQDKPH YRQQ ODWHQWHUU :lUPH QRWZHQGLJLVW0LWWODWHQWHUU:lUPHHLVWWGHUU:HUWWYRQQ-JEHLLHLQHUU7HPSHUDWXUUYRQQ ƒ&&XQGGHLQHPPNRQVWDQWHQQ'UXFNNYRQQK3DDJHPHLQW:,/+(/00'HUU

:DVVHUGDPSII JHODQJW GXUFK GHQ 9HUGXQVWXQJVYRUJDQJ GDQQ YRQQ GHQ :DVVHUREHUIOlFKHQ RGHU YRPP )HVWODQGG LQQ GLH $WPRVSKlUH /$8(55 1HEHQQ GHQQ1LHGHUVFKOlJHQQVWHOOWWGHUU 9RUJDQJJGHU9HUGXQVWXQJGLH9HUELQGXQJ]ZLVFKHQQGHQQ JHWUHQQWHQQ :DVVHUYRUNRPPHQQ GHUU (UGH ZRPLW GDVV 9RUKDQGHQVHLQQ YRQQ :DVVHUU LP 0HHU GHUU $WPRVSKlUHH XQGG DXII GHPP )HVWODQGG JHPHLQWW LVW KHU :(&+0$111 )HUQHUU LVWW HVV GLHH +|KHH GHUU 9HUGXQVWXQJ GLHH GDUEHUU HQWVFKHLGHW ÄZDVV YRQQ GHUU :DVVHUHLQQDKPHH DXVV GHPP 1LHGHUVFKODJ IU GHQ $EIOXVVV XQG GDPLWW IUU GLH ZHLWHUH :DVVHUQXW]XQJ EULJ EOHLEW³³ .(//(55 ,QVJHVDPWW LVWW HVV VR GDVVV DXI GHQQ/DQGIOlFKHQDXIIGHPP:HOWPHHUU±±XQGGDXIIGHUUJHVDPWHQQ(UGHHGHV 1LHGHUVFKODJVYROXPHQVV YRQQ OPññ YHUGXQVWHQ $OOHUGLQJV HQW]LHKHQQ VLFKK GLHH YHUGXQVWHWHQQ :DVVHUPHQJHQ ]XPP JU|‰WHQ 7HLOO GHUU :DVVHUEHZLUWVFKDIWXQJ 'LHH 9HUGXQVWXQJ LVWW DEHUU QLFKWW QXUU HLQQ ZLFKWLJHU 7HLOO GHVV :DVVHUKDXVKDOWHV VRQGHUQQ DXFK GHVV:lUPHKDXVKDOWHVVGHUU(UGH6LHLVWWGXUFKGLHHQHUJHWLVFKH9HUIOHFKWXQJHLQQH[WUHP ZLFKWLJHU )DNWRUU IU GLHH DWPRVSKlULVFKH =LUNXODWLRQQ VRZLH IUU GDVV .OLPD %$80*$571(55

3K\VLNDOLVFKH*UXQGODJHQQ

$XVV SK\VLNDOLVFKHU 6LFKWW LVWW GLHH 9HUGXQVWXQJJ DOVV ÄGHUU XQWHUKDOEE GHV 6LHGHSXQNWHV HUIROJHQGHODQJVDPHHhEHUJDQJHLQHUU)OVVLJNHLWLQGHQQJDVI|UPLJHQ=XVWDQG³³GHILQLHUW ,P +LQEOLFNN DXII GDVV :DVVHUU LVWW KLHUPLWW GHVVHQQ hEHUJDQJ YRPP IOVVLJHQ E]Z IHVWHQ =XVWDQGGLQQGLH)RUPPYRQ:DVVHUGDPSII]XXYHUVWHKHQ:(&+0$111'DPLWW 9HUGXQVWXQJ VWDWWILQGHQQ NDQQ ZLUGG :lUPHHQHUJLHH EHQ|WLJW ZHOFKHH DXVV GHUU XPJHEHQGHQQ/XIWWEH]RJHQQZLUG$XIJUXQGGGHVVHQLVWWGLHH9HUGXQVWXQJHLQ3UR]HVVGHU PLWW$ENKOXQJYHUEXQGHQQLVW6SULFKWWPDQQYRQ6XEOLPDWLRQVRRLVWWGLHH9HUGXQVWXQJYRQQ (LVXQGG6FKQHHIOlFKHQQJHPHLQW'LHVHH$UWWGHUUGLUHNWHQQ9HUGXQVWXQJEHQ|WLJWWHLQHHFD K|KHUHH(QHUJLHPHQJHHDOVVGLHH]XUU9HUGXQVWXQJYRQQ:DVVHUUEHQ|WLJWHGLHHEHLL -RXOHHSURR*UDPPPOLHJW/$8(55

6SULFKWW PDQQ YRQQ 9HUGXQVWXQJ VR OlVVWW VLFKK GLHVHU 9RUJDQJ JHQHUHOOO LQQ ]ZHL YHUVFKLHGHQH $UWHQ XQWHUJOLHGHUQ =XPP HLQHQQ JLEWW HVV GLH (YDSRUDWLRQ +LHUPLWW LVWW GLH SDVVLYHH 9HUGXQVWXQJ GHUU YHJHWDWLRQVIUHLHQQ /DQGREHUIOlFKHH %(1',; EH]LHKXQJVZHLVH GLHH 9HUGXQVWXQJ JHPHLQW GLHH EHUDOOO GRUWW VWDWWILQGHW ZRR :DVVHUU LQQ MHGZHGHU )RUPP YRUKDQGHQQ LVW 'DPLWW VLQGG (LV ZLHH DXFKK :DVVHUIOlFKHQQ MHGHU $UW JHPHLQW hEHUU GHQQ JUR‰HQQ :DVVHUIOlFKHQQ GHUU 0HHUHH LVW GLHH (YDSRUDWLRQQ DP EHGHXWHQGVWHQ:(&+0$111=XPDQGHUHQQJLEWWHVQRFKKGHQQ9RUJDQJJGHUU