$NWHXUVVWUDWHJLHQQLPP9HUJOHLFK

$NWHXUVVWUDWHJLHQLP9HUJOHLFK

(LJHQLQWHUHVVHQQXQGGZHFKVHOVHLWLJHH%HHLQIOXVVXQJJGHVV

+RPR6RFLRORJLFXVVXQGG+RPR2HFRQRPLFXVVLQQVR]LDOHQQ*UXSSHQ

,QKDOW

6HLWHH

(LQOHLWXQJ

5ROOH%HJULIIXQGG.RQ]HSW

=LHOYHUIROJXQJXQG1XW]HQPD[LPLHUXQJ

6R]LDOHVVXQGVWUDWHJLVFKHVV+DQGHOQ

$VSHNWHGHUU(LQIOXVVQDKPHLQQ*UXSSHQ

:HFKVHOVHLWLJHH%HHLQIOXVVXQJJ]ZLVFKHQQQ

+RPR6RFLRORJLFXVXQGG+RPR2HFRQRPLFXV

(LQOHLWXQJJ

'DVV DOOWDJVZHOWOLFKHH %LOGG GHVV +RPRR 6RFLRORJLFXVV VFKHLQWW VLFKK VRR GDU]X VWHOOHQGDVVVGLHVHUNHLQHHDQGHUHDOVHLQHHQRUPHQRULHQWLHUWHH:DKOKDW XQGGVRPLWGXUFKZHJJIUHPGEHVWLPPWWLVW+LQJHJHQQGHUU+RPR2HFRQRPL FXVVVWHWVVPLWUDWLRQHOOHP.DONOVHOEVWNRPSOH[HH6LWXDWLRQHQQEOLW]VFKQHOO GXUFKGHQNWWXQGG]XXVHLQHPP%HVWHQQDJLHUW,QGHUU*HJHQEHUVWHOOXQJGLH VHU]ZHL$NWHXUVPRGHOOH GHVV+RPR6RFLRORJLFXVVXQGGGHVV+RPRR2HFR QRPLFXV ZHUGH LFKK DXI]HLJHQ ZLHH GLHH 'XUFKVHW]XQJ YRQQ (LJHQLQWHUHV VHQ LQQHUKDOEE VR]LDOHUU *UXSSHQ GXUFKK GHQQ (LQIOXVV YRQQ 1RUPHQQ XQG 5HJHOQ HUVFKZHUW ZLUG XQG JHJHQVHLWLJHH %HHLQIOXVVXQJHQQ GXUFKK GLH XQ WHUVFKLHGOLFKHQQ6WUDWHJLHQQYHUGHXWOLFKHQ'DEHLVLQGGGLHHUHOHYDQWHQQ7KH RULHQQ]XGLHVHP7KHPDDYLHOIlOWLJVLHHEH]LHKHQQVLFKDXIGLHH.ODVVLNHUZLH EVSZ'DKUHQGRUIXQG0HUWRQDOV9HUIHFKWHUXQG%HJUQGHUGHV+RPR 6RFLRORJLFXVVXQGGDQGHUHUVHLWVVDXIILQVEHVRQGHUHH(VVHUUXQGG.LUFKJlVVQHU GLHH ]ZHL XQWHUVFKLHGOLFKHH 6LFKWZHLVHQQ DXII GHQQ +RPRR 2HFRQRPLFXVV YHU WUHWHQ'DQHEHQQZLUGHVV(LQIOVVHHDXVVGHP%HUHLFKKGHUVR]LDOSV\FKRORJL VFKHQQ %HWUDFKWXQJVZHLVHH JHEHQ DQQ GLHVHU 6WHOOH VHLQHQ LQVEHVRQGHUH *+0HDG/)HVWLQJHUUXQG$0DVORZJHQDQQW

$XVJDQJVSXQNWW GHVV 9HUJOHLFKVV LVWW HV HLQHH %DVLVV KHU]XVWHOOHQ GLHH GLH )UDJH HU|UWHUW :HOFKH 5FNZLUNXQJHQ KDW GDV KDQGHOQGH =XVDPPHQ ZLUNHQQ GHUU KLHUU EHQDQQWHQQ $NWHXUVPRGHOOH DXIHLQDQGHU"" 'HPP (LQIOXVV DXI GHU (EHQHH GHU VR]LDOHQQ *UXSSHQQ XQG GHU VR]LDOHQ %H]LHKXQJVQHW]H NRPPWWEHL9HUlQGHUXQJHQQHLQHH]HQWUDOH5ROOH]X'LHKLHUUGDUJHVWHOOWHQ 0RGHOOYRUVWHOOXQJHQQJUHLIHQQGDEHL EHVRQGHUVVDXII GLHH7KHRULHQ GHU.ODV VLNHUU GHUU 5ROOHQWKHRULH ]XUFN XP VLH LQQ LKUHQ IU GLH )UDJHVWHOOXQJJ ZLFKWLJHQ(LJHQVFKDIWHQ]XHU|UWHUQ'D]XZHUGHLFK]XQlFKVWGDV0R GHOO GHVV +RPRR 6RFLRORJLFXVV PLW VHLQHUU (QWVWHKXQJVJHVFKLFKWHH XQGG VHL

YJO6FKLPDQN86II0LWGHP+RPRR6RFLRORJLFXVXQGGHP+RPRR2HFRQRPLFXV VLQG]ZHL0RGHOOHGHU$NWHXUWKHRULHKLHUUDXIJHIKUW(VVLQGXQWHUGHQPLWWOHUZHLOHYLHO]lKOLJHQ $NWHXUVPRGHOOHQZLHEVSZGHU(PRWLRQDOO0DQ,GHQWLWlWVEHKDXSWHU+RPRR$FDGHPLFXV%RXU GLHXRGHUDXFKKGHQQ+RPR5HFLSURFDQV)DONNXQG)LVFKEDFKHUMHGRFKGLH]ZHL]XU]HLWHLQIOXVV UHLFKVWHQ

$NWHXUVVWUDWHJLHQQLPP9HUJOHLFK

QHQQ3KlQRPHQHQQYRUVWHOOHQQXPLPGDUDXI)ROJHQGHQGHQ]HQWUDOHQ%HJ ULII GHU 5ROOH ]X EHVFKUHLEHQ XQG FKDUDNWHULVLHUHQ 0LW .DS ZHQGH LFKPLFKKGHP0RGHOOOGHVV+RPR2HFRQRPLFXVV]XXPHEHQIDOOVV]XQlFKVWW VHLQHH(QWZLFNOXQJJGXUFKKGLHHXQWHUVFKLHGOLFKHQQ6WU|PXQJHQQHLQ]XRUGQHQ XQGG LQVEHVRQGHUHH GHQQ $VSHNWW GHUU =LHOYHUIROJXQJJ XQG GHUU 1XW]HQPD[L PLHUXQJ.DSHLQ]XVFKlW]HQ0LWGHP.DSZHUGHLFKDXIGLH

8QWHUVFKHLGXQJJ YRQQ VR]LDOHQQ XQGG VWUDWHJLVFKHQQ +DQGOXQJHQQ DOVV HLQQ +DQGOXQJVPXVWHU GHU EHLGHQQ 0RGHOOH HLQJHKHQ 'DVV GULWWHH .DSLWHOO EH VFKlIWLJWVLFKGDQQPLWGHP+DXSWWHLOGHU$UEHLWPLWGHU%HDQWZRUWXQJ GHU)UDJHZLHVLFKKGLHHEHLGHQQ0RGHOOHLQQGHUEHVRQGHUHQQ6LWXDWLRQQYRQQ VR]LDOHQQ *UXSSHQQ JHJHQVHLWLJ EHHLQIOXVVHQ (LQHH NXU]HH 'HILQLWLRQQ ]XP %HJULII GHUU VR]LDOHQ *UXSSH PLWW LKUHQQ VSH]LILVFKHQ $VSHNWHQQ ELOGHWW GLH *UXQGODJH 'DUDXI DXIEDXHQGG ]HLJHH LFKK GDQQQ .DS 0DFKWDVSHNWHH XQGG GHUHQ (LQIOXVVVWUXNWXUHQ LQQ *UXSSHQQ DXI XP GLHVHH QDFKIROJHQG .DS DXI GLH +DQGOXQJVP|JOLFKNHLWHQ GHV +RPR6RFLRORJLFXV XQG GHVV +RPR 2HFRQRPLFXVV ]XX EHUWUDJHQ ,QQ HLQHPP )D]LWW ZHUGHH LFKK QLFKW QXUU PHLQHH hEHUOHJXQJHQQ ]XVDPPHQIDVVHQ VRQGHUQ DXFK NULWLVFKH %H PHUNXQJHQGDUOHJHQ

$NWHXUVVWUDWHJLHQLPP9HUJOHLFK

'LH$NWHXUPRGHOOHGHV+RPR6RFLRORJLFXVXQGGHV+RPR2HFRQRPLFXV EHKHUUVFKHQ ELV KHXWH GLH VR]LRORJLVFKH 7KHRULH 'DEHL EHWRQHQ EHLGH 0RGHOOHH Y|OOLJ DQGHUH +DQGOXQJVDQWULHEHH XQGG GDPLWW VWUXNWXUHOOH +DQG OXQJVEHGLQJXQJHQ *HUDGHH DXVV GLHVHP *UXQG LVWW HLQHH *HJHQEHUVWHO OXQJ GLHVHU EHLGHQQ 0RGHOOH LQWHUHVVDQW %HVRQGHUV ZHQQQ PDQ GDYRQ DXVJHKW GDVVV GHUU +RPR 2HFRQRPLFXVV DXVVFKOLH‰OLFKK DOVV (LJHQQXW]HQ PD[LPLHUHUEH]HLFKQHWWZLUGGHUUDWLRQDOLP%H]XJDXIVHLQHHHLJHQH=LHO IXQNWLRQQ KDQGHOW 'HU +RPRR 6RFRLORJLFXVV GDJHJHQQ VHLQQ +DQGHOQQ DQQ DQ GHUHQ0HQVFKHQRULHQWLHUW'DEHLLVWQLFKW]XYHUJHVVHQGDVVGLHVHKLHU ]XJUXQGH JHOHJWHQQ 0RGHOOHH HEHQQ 0RGHOOH VLQG XQG LQVRIHUQ LQ LKUHU 5HLQNXOWXUULQQHUKDOEEHLQHUU$OOWDJVZHOWQLFKWDXIWUHWHQ

YJO6FKLPDQN86I

$NWHXUVVWUDWHJLHQQLPP9HUJOHLFK

'HU+RPR6RFLRORJLFXV

5DOI 'DKUHQGRUI HQWZLUIW LQQ VHLQHP %XFKK Ä+RPRR 6RFLRORJLFXV³³ PD‰JHE OLFKK GLHH 7KHRULH GDVV GHUU 0HQVFKK GXUFKK GLHH (UIOOXQJJ YRQQ 1RUPHQ LQ QHUKDOEVR]LDOHU5ROOHQLQQVHLQHP+DQGHOQQEHVWLPPWWZLUG XQGGLVWQDFK 6FKLPDQNN GDVV Ä$NWHXUPRGHOO GHVV VR]LRORJLVFKHQQ 0DLQVWUHDPV³ 'HU +RPRR 6RFLRORJLFXVV LVWW KLHUEHL HLQQ ZLOOHQVIUHLHUU 0HQVFK GHUU GXUFKK GLH ,QWHUQDOLVLHUXQJYHUVFKLHGHQHU(UZDUWXQJVKDOWXQJHQIUHPGEHVWLPPWLVW 'LHVHH(UZDUWXQJVKDOWXQJHQQOLHJHQQQDFK'XUNKHLPPLQQGHQQÄVR]LRORJLVFKHQ 7DWEHVWlQGHQ³ EHJUQGHW GLH DOV +DQGOXQJV]ZDQJJ SRVWXOLHUW DXIJUXQG YRQQHLQHUUULJLGHQQ:LHGHUKROXQJDXIIGHQQ(LQ]HOQHQQ'UXFNDXVEHQQRU PHQNRQIRUP]XXKDQGHOQ %HL7DOFRWW3DUVRQVNHQQWXQGIROJWGHU$NWHXUU ]XQlFKVWWHEHQIDOOVQXULQWHUQDOLVLHUWHQQ1RUPHQ GLHHQDFKK+DUWPXWW(VVHUU PLWW GHU %HOHJXQJJ XQWHUVFKLHGOLFKHUU 6DQNWLRQHQQ LKUU )RUWEHVWHKHQQ YHUWHL GLJHQ )U GHQ +RPR 6RFLRORJLFXV VLQG VRPLW 1RUPHQ 2EMHNWLYLWlWHQ GLHHHUUGXUFKHLJHQHQQ:LOOHQQQLFKWRKQHHZHLWHUHVVlQGHUQNDQQ ,QVRIHUQ LVWGHU+RPR6RFLRORJLFXVQLFKWLQGHU/DJHGLH3HUVSHNWLYHQ]XZHFK VHOQDXIHLQHUTXDVL0HWDHEHQHHVHLQ+DQGHOQ]XXUHIOHNWLHUHQQXQGVRPLW DQGHUVDOVVQRUPHQNRQIRUP]XXKDQGHOQ$OOHLQHHGLHKHUUVFKHQGHQQ1RU PHQQ VLQGG IUU VHLQQ +DQGHOQQ PD‰JHEOLFKK XQGG VRR YHUIJW GHUU 0HQVFKK DOV +RPRR 6RFLRORJLFXVV XQWHUU GLHVHQQ $QQDKPHQQ EHUU ZHQLJJ +DQGOXQJV VSLHOUDXP *UXQGOHJHQGG LVWW GHPQDFKK GHUU +RPRR 6RFLRORJLFXVV HLQQ YRP XUVSUQJOLFKHQQ0RGHOOOKHUU]XQlFKVWYRQQGHUU.HQQWQLVVXQGG$XVIKUXQJ YRQ VSH]LILVFKHQ 1RUPHQ DEKlQJLJHU 0HQVFK (LQ 0HQVFK GHU VLFK LQ MHGHU6LWXDWLRQQ]XIUDJHQQVFKHLQW:LHHNDQQLFKZLHHGDUILFKZLHHPXVVV LFKK PLFKK KLHUU YHUKDOWHQ XPP GHQQ $QIRUGHUXQJHQQ GLH DQQ PLFKK JHVWHOOW ZHUGHQJHUHFKWW]XXZHUGHQ,QQGHUU:HLWHUIKUXQJJYRQ3DUVRQVV.RQ]HSW GHUU+DQGOXQJVVHOHNWLRQ LVWWDOOHUGLQJVVQRFKKHLQHHZHLWHUHH)UDJHGLHHVLFK GHUU +RPR 6RFLRORJLFXVV VWHOOW HLQJHVFKORVVHQ ZLH ZLOOO LFKK PLFKK YHUKDO

'DKUHQGRUI5RD2 6FKLPDQN86 YJO'XUNKHLP(6

YJO6FKQHLGHU/:6II$XFKLQQGHPPYRQ7DOFRWWW3DUVRQVZHLWHUHQWZLFNHOWHQQ.RQ]HSWW GHVÄXQLWWDFW³KDEHQQ1RUPHQHEHQIDOOVHLQHQQHUK|KWHQQ6WHOOHQZHUWDOOHUGLQJVHQWKlOWWGLHVHV.RQ ]HSWGLH%HGLQJXQJGHU0|JOLFKNHLWWGHVVR]LDOHQ+DQGHOQV

YJO(VVHU+(VVHUXQWHUVFKHLGHWWLP:HLWHUQGUHLLXQWHUVFKLHGOLFKH6XEW\SHQQGHV+RPRR 6RFLRORJLFXVGLHVLFKMHGRFKLQHLQHPPZHVHQWOLFKHQ.ULWHULXPEHUVFKQHLGHQ1RUPHQZHUGHQYRQ DOOHQQ.RVWHQXQDEKlQJLJHLQJHKDOWHQQ6II

YJO'XUNKHLP(6'HPQDFKJLEWWHVHUZDUWXQJHQGLHXQWHUVFKLHGOLFKKEHGHXWHQGH 6DQNWLRQVIRUPHQQHQWKDOWHQ$OOHUGLQJVEOHLEWGHUZLUNOLFKKIUHLJHVWDOWEDUH+DQGOXQJVVSLHOUDXPP JHULQJ

6FKLPDQN86III'HPQDFKVLQG+DQGOXQJV]LHOHVRZRKOOQRUPDWLYYJHSUlJWDOVDXFK JOHLFK]HLWLJ]LHORULHQWLHUWXQGVLQGVRPLWWLQWHUVXEMHNWLY

$NWHXUVVWUDWHJLHQQLPP9HUJOHLFK

WHQ,QQ(VVHUVV$XVIKUXQJJLVWGLHVLQQ$EJUHQ]XQJJ]XX3DUVRQVDOOHUGLQJV HLQQ+LQZHLVVDXIIGLHH:HLWHUIKUXQJJ]XPP+RPRR2HFRORJLFXVGDDGHUU+RPRR 6RFLRORJLFXVEHUNHLQH6HOHNWLRQVUHJHOQYHUIJW ,Q GLHVHPP KDQGOXQJVWKHRUHWLVFKHQQ %H]XJVUDKPHQQ JLEW HVV ]XP HLQHQQ 5DKPHQEHGLQJXQJHQ GHVV +DQGHOQV DXI GLH GHUU $NWHXU NHLQHQQ (LQIOXVV KDWDEHUU]XPPDQGHUHQQDXFKK0|JOLFKNHLWHQQGHVV$NWHXUVGLHLKPDXIIGHU %DVLVVGHUU+DQGOXQJVVHOHNWLRQ*HOHJHQKHLW]XUUHLJHQHQ=LHOHUUHLFKXQJ JHEHQ 8QG DXFK ZHQQ ZLH 6FKQHLGHU EHPHUNW GLHVH=LHOH DOV (UJHE QLVVHHGHUU+DQGOXQJHQQQXUUHLQHH]XIlOOLJHH9DULDWLRQ GDUVWHOOHQVWHOOHQVLH GRFKHLQHQHUVWPDOLJHUNDQQWHQ+DQGOXQJVVSLHOUDXPIUGHQ+RPR6R FLRORJLFXVVGDUHLQVFKUlQNHQGGPXVVVDOOHUGLQJVVGD]XXJHIJWZHUGHQGHUU LPPHUU QRFK QRUPDWLYY JHSUlJWW LVW 'LH 5HLFKZHLWHH GLHVHUU QRUPDWLYHQQ 3UlJXQJVWHOOHLFKPLWGHP.RQ]HSWGHUVR]LDOHQ5ROOHLPIROJHQGHQ.D SLWHOGDU 5ROOH%HJULIIXQG.RQ]HSW

'DVVVGDVV+DQGHOQGHV+RPR6RFLRORJLFXVGXUFKK1RUPHQEHVWLPPWZLUG ZLUGGLQVEHVRQGHUHHGXUFKKGLHH1XW]XQJGHV%HJULIIVVÄ5ROOH³³JHNHQQ]HLFK QHW'HU%HJULIIGHUVR]LDOHQ5ROOHHZXUGHH]XQlFKVWWYRQ5DOSK/LQWRQQLQ GHUDUWDXVJHDUEHLWHWGDVVVHU5ROOHQQDOVQRUPHQEDVLHUWH9HUKDOWHQVXP VHW]XQJGHILQLHUW (LQH5ROOHIDVVWWKLHUEHLGLHQRUPDWLYHQ(UZDUWXQJHQQ ]XVDPPHQGLHDQQGDVV9HUKDOWHQQGHV$NWHXUVLQQHLQHUEHVWLPPWHQVR]L DOHQQ3RVLWLRQQJHVWHOOWZHUGHQ'DEHLLVWMHGHVR]LDOHH3RVLWLRQPLWWHLQHU 5ROOHYHUEXQGHQQXQGGHLQH5ROOHHLQÄ%QGHOYRQQ(UZDUWXQJHQ³ GDDYHU VFKLHGHQH%H]XJVJUXSSHQQGLH(UZDUWXQJHQDQQGLH3HUVRQQULFKWHQ'HUU 5ROOHQVSLHOHUEHZHJWVLFKVRPLWLQHLQHP5ROOHQIHOG9RQ'DKUHQGRUI ZXUGHGHU5ROOHQEHJULIIIDOVV6FKOVVHOEHJULIILQQGLHH0LWWHVHLQHUVR]LRORJL VFKHQQ7KHRULHJHVWHOOW

Ä'HUUROOHQORVH0HQVFKLVWIUGLH*HVHOOVFKDIWXQG6R]LRORJLHHLQQLFKWH[LV

WLHUHQGHV:HVHQ³

YJO(VVHU+6

YJO6FKQHLGHU/:6'LHVH$QQDKPHVWHOOW6FKQHLGHUDOVQRWZHQGLJH.RQVHTXHQ]]GHV ^{XWLOLWDULVWLVFKHQ5DWLRQDOLWlWVNRQ]HSWHVKHUDXVGDVVNHLQH2ULHQWLHUXQJIUGLH6HOHNWLRQYRQQ=LHOHQQ ELHWHW /LQWRQ5 YJO'DKUHQGRUI56} 'DKUHQGRUI56