(LQOHLWXQJJ

Ä3HUV|QOLFKH )UHLKHLWW LVWW XQGG EOHLEWW GDV K|FKVWH *XWW GHV 0HQVFKHQ³ 9JO 3RSSLQJD 'LHVHU 6DW] .RQUDG $GHQDXHUV QHQQW HLQH ZLFKWLJH 6lXOH GHU 'HPRNUDWLH LQ 'HXWVFKODQG ,Q HLQHP GHPRNUDWLVFKHQ 6WDDWVV\VWHP KDW MHGHU PQGLJH %UJHUU GDV 5HFKW ]XUU SROLWLVFKHQ 0LWHQWVFKHLGXQJ GXUFK :DKOHQ XQG $EVWLPPXQJHQ 0HGLHQ XQG 3UHVVH VLQGG GDEHL PD‰JHEOLFKK DQQ HLQHU VRXYHUlQHQQ :LOOHQVELOGXQJJ EHWHLOLJW (LQH XQDEKlQJLJH 3UHVVH NDQQQ GXUFKK LKUH .RQWUROOIXQNWLRQ KHOIHQQ GLH 'HPRNUDWLH ]XX ZDKUHQ XQGG 9HUVW|‰H JHJHQQ GDV 'HPRNUDWLHSULQ]LSS ZLH :LOONU 5HSUHVVLRQ XQGG 0DQLSXODWLRQ DXIGHFNHQ 9JO )|UVWHU *UXQGODJH GHU 3UHVVHIUHLKHLW LVW GLH .RPPXQLNDWLRQVIUHLKHLW GLH VLFKK DXV IUHLHU 0HLQXQJVELOGXQJ XQGG lX‰HUXQJJ XQGG GHU ,QIRUPDWLRQVIUHLKHLW]XVDPPHQVHW]W,P*UXQGJHVHW]]$UW$EVKHL‰WWHV

Ä-HGHU KDWW GDV 5HFKW VHLQH 0HLQXQJJLQ :RUW 6FKULIW XQG %LOGG IUHL]XXlX‰HUQ XQG ]XX YHUEUHLWHQQ XQGG VLFKK DXV DOOJHPHLQQ ]XJlQJOLFKHQ 4XHOOHQ XQJHKLQGHUW ]XX XQWHUULFKWHQ 'LH 3UHVVHIUHLKHLWW XQGG GLH )UHLKHLW GHU %HULFKWHUVWDWWXQJJ GXUFK 5XQGIXQN XQGG )LOPP ZHUGHQ JHZlKUOHLVWHW (LQH =HQVXUU ILQGHW QLFKWW VWDWW³ 9JO GHMXUHRUJ

.RPPXQLNDWLRQVIUHLKHLWXQGGGDPLWWDXFKK3UHVVHIUHLKHLWWVLQGVRPLWW*UXQGUHFKWH(UVWGXUFK XQDEKlQJLJH XQGG YLHOIlOWLJH 0HGLHQDQJHERWH LVWW 0HLQXQJVSOXUDOLVPXV JHZlKUOHLVWHW =XX HLQHP OLEHUDOHQ 6WDDW JHK|UW HLQH IUHLH 3UHVVH 'LH 3UHVVHIUHLKHLW LVW GDPLW HLQ .HUQ HOHPHQW GHU 'HPRNUDWLH 'HUU 3UHVVH XQG GHQ 0HGLHQ LP $OOJHPHLQHQ IlOOW HLQH YHUDQWZRUWXQJVYROOH$XIJDEH]X1HEHQ([HNXWLYH-XGLNDWLYHXQG/HJLVODWLYHRIWPDOVDOV ÄYLHUWH*HZDOW³LP6WDDWEH]HLFKQHWHUIOOWGLH3UHVVHHLQH.RQWUROOIXQNWLRQGLHVLHQLFKW DXVVFKODJHQ GDUI ZLH HVV (ONHH 6FKlIWHU *HVFKlIWVIKUHULQ YRQ Ä5HSRUWHUU RKQH *UHQ]HQ³ WUHIIHQGIRUPXOLHUW

Ä-RXUQDOLVWHQQ JHKHQQ HLQHU 3IOLFKWW QDFKK XQGG GLH LVWW QLFKW VLFKK DXI HLQH 6HLWH ]X VWHOOHQVRQGHUQEHUDOOHH6HLWHQ]XEHULFKWHQ³³9JOVXHGGHXWVFKHGH

hEHUU DOOH 6HLWHQ EHULFKWHQ KHL‰W DXFK 0LVVVWlQGH DXIGHFNHQ .ULWLNN EHQ XQG ]ZLVFKHQ 6WDDWW RGHU :LUWVFKDIWW XQGG GHP %UJHU ]XX YHUPLWWHOQ ,P JOREDOHQQ 9HUJOHLFKK JHQLH‰WW GLHH 3UHVVHIUHLKHLWLQ 'HXWVFKODQGG HLQHQQ KRKHQQ 6WDQG 7URW]GHPP JLEWW HV (LQVFKUlQNXQJHQ IUU -RXUQDOLVWLQQHQQ XQGG -RXUQDOLVWHQ 1LFKWW XQHUKHEOLFK LVW GDEHL GHU (LQIOXVV GHU :LUWVFKDIW DXII GLHH 0HGLHQ 'LHH )UHLKHLW GHUU 3UHVVHH ZLUG GDGXUFK PHKUU XQG PHKUU DQJHJULIIHQ )ROJHQGH$XVDUEHLWXQJJVROOGLH6LWXDWLRQQGHU3UHVVHIUHLKHLWLQQ'HXWVFKODQGGEHOHXFKWHQGLH ZLFKWLJVWHQQ.RQWUROOLQVWDQ]HQQYRUVWHOOHQVRZLH*HIDKUHQQIUUGLH3UHVVHIUHLKHLWDXI]HLJHQ

3

bX‰HUHH3UHVVHIUHLKHLWW

:R]XGLHQWWlX‰HUHH3UHVVHIUHLKHLW""

'HUU 3UHVVH REOLHJWW GLH $XIJDEH DXI YHUVFKLHGHQHQQ :HJHQQ EHUU DNWXHOOH LQWHUHVVDQWH UHOHYDQWH RGHU IU EHVWLPPWHH 3HUVRQHQJUXSSHQ ZLFKWLJH *HVFKHKQLVVHH LQQ GHUU *HVHOOVFKDIW ]X LQIRUPLHUHQ bX‰HUHH 3UHVVHIUHLKHLW EHGHXWHW LQ GLHVHP =XVDPPHQ KDQJJIUHLH0HLQXQJVlX‰HUXQJJXQGG0HLQXQJVYHUEUHLWXQJRKQH*HQHKPLJXQJHQYRQ6HLWHQ GHV 6WDDWHV RGHU DQGHUHQQ $XWRULWlWHQ 9JO %77 RQOLQH 'LHVH $UW GHU )UHLKHLW LVW QLFKW QXU LP 'HXWVFKHQ *UXQGJHVHW]] IHVWW YHUDQNHUW $XFKK LQWHUQDWLRQDOO KDEHQQ VLFK ]DKOUHLFKH 5HJLHUXQJHQ PLW GHUU 7KHPDWLNN EHVFKlIWLJW ,Q GHUU Ä$OOJHPHLQH (UNOlUXQJ GHUU 0HQVFKHQ UHFKWH³³YRQQPDQLIHVWLHUHQGLH9HUHLQWHQ1DWLRQHQQGLH3UHVVHIUHLKHLWLQQ$UWLNHO

Ä-HGHU KDWW GDV 5HFKWW DXI 0HLQXQJVIUHLKHLWW XQGG IUHLH 0HLQXQJVlX‰HUXQJ GLHVHV 5HFKWW VFKOLH‰W GLH )UHLKHLWW HLQ 0HLQXQJHQ XQJHKLQGHUW DQ]XKlQJHQ VRZLH EHUU 0HGLHQ MHGHU $UW XQGG RKQH 5FNVLFKWW DXI *UHQ]HQ ,QIRUPDWLRQHQ XQGG *HGDQNHQ JXWW]XXVXFKHQ]XXHPSIDQJHQQXQGG]XXYHUEUHLWHQ³9JODPQHVW\GH

'LH 0HQVFKHQUHFKWVHUNOlUXQJJ ZXUGH LQQ GLHVHP 3XQNWW ELVKHU YRQ 6WDDWHQ UDWLIL]LHUW 'LH UHFKWOLFKHQQ ,QKDOWH HUP|JOLFKHQQ HV QLFKWW QXU GHQ 0HGLHQQ GDV 9RON XQJHKLQGHUW ]X XQWHUULFKWHQVLHVFKW]HQQDXFK-RXUQDOLVWHQQXQGG,QIRUPDQWHQ1XUGXUFK0HLQXQJVXQG VRPLWW DXFK 3UHVVHIUHLKHLWW NDQQQ XPIDQJUHLFKH 5HFKHUFKH IUHLH 3URGXNWLRQQ XQG XQDEKlQJLJH3XEOLNDWLRQJHZlKUOHLVWHWVHLQ

8P JHUDGH 5HFKHUFKH ]X HUOHLFKWHUQ JLEW HV GLH ,QIRUPDWLRQVIUHLKHLW GHU 3UHVVH GLH LQ GHQQ /DQGHVSUHVVHJHVHW]HQ IU GLH HLQ]HOQHQ %XQGHVOlQGHU lKQOLFKK GHNODULHUW LVW ,P Ä%D\HULVFKHQ3UHVVHJHVHW]³VWHKWGD]XIROJHQGHV

$UWÄ'LH3UHVVHHKDWWJHJHQEHU%HK|UGHQQHLQQ5HFKWWDXI$XVNXQIW6LHNDQQ HV QXUU GXUFK 5HGDNWHXUH RGHU DQGHUHH YRQQ LKQHQQ JHQJHQGG DXVJHZLHVHQH 0LWDUEHLWHUYRQQ=HLWXQJHQRGHUU=HLWVFKULIWHQDXVEHQ³ Ä'DV5HFKWWDXI$XVNXQIWWNDQQQQXUJHJHQEHUGHP%HK|UGHQOHLWHUXQGGGHQYRQ LKPP %HDXIWUDJWHQQ JHOWHQGG JHPDFKWW ZHUGHQ 'LH $XVNXQIW GDUI QXUU YHUZHLJHUW ZHUGHQ VRZHLW DXII *UXQG EHDPWHQUHFKWOLFKHUU RGHU VRQVWLJHU JHVHW]OLFKHUU 9RUVFKULIWHQ HLQHH 9HUVFKZLHJHQKHLWVSIOLFKW EHVWHKW³³ 9JO VWXGLHQNUHLV SUHVVHUHFKWGH

'LHVHV ,QIRUPDWLRQVUHFKWW HUP|JOLFKWW HV -RXUQDOLVWHQ 7UDQVSDUHQ]] LQQ JHVHOOVFKDIWOLFKHH 9HUKlOWQLVVH ]X EULQJHQ XQG VRPLW EHL GHQ /HVHUQ HLQ LP EHVWHQ )DOOH YROOVWlQGLJHV %LOGEHUSROLWLVFKHXQGZLUWVFKDIWOLFKH*HVFKHKQLVVH]XNUHLHUHQ

4

'LH*UHQ]HQQlX‰HUHUU3UHVVHIUHLKHLWW

0DQFKPDO NROOLGLHUW GLH 3UHVVHIUHLKHLWW PLWW DQGHUHQQ GHPRNUDWLVFKHQQ 5HFKWHQ *HVHW]HH ]XUU 0HQVFKHQZUGH ]XU :DKUXQJ GHVV 6WDDWVJHKHLPQLVVHV ]XU 3ULYDWVSKlUH RGHU]XPP-XJHQGVFKXW]ZLHVLHLPP%XQGHVJHVHW]EXFK%*%LPP6WUDIJHVHW]EXFKK6W*% RGHU LPP 6R]LDOJHVHW]EXFK 6*% YHUDQNHUW VLQG PDFKHQQ HLQH YROOVWlQGLJH IUHLH 3UHVVH XQP|JOLFK(LQH9RU]HQVXUDOVRGLH.RQWUROOHXQGGHYHQWXHOOH9HUlQGHUXQJJYRQ6FKULIWHQ YRU LKUHU 9HU|IIHQWOLFKXQJ ILQGHWW ]ZDU LQQ 'HXWVFKODQGG QLFKW VWDWW HLQH 1DFK]HQVXU LVW DEHU P|JOLFK hEHUGXUFKVFKQLWWOLFK RIW ZXUGH 1DFK]HQVXU PLWW 9HUZHLV DXI GDV Ä6FKXQG XQGG 6FKPXW]JHVHW]³ EHJUQGHW (LQH %XQGHVSUIVWHOOH ]HQVLHUWW VHLWW (QWVWHKXQJJ GHU %XQGHVUHSXEOLNVRJHQDQQWHÄMXJHQGJHIlKUGHQGH6FKULIWHQ³9JO7KLHO 'LHH 13' GLH LP 5DKPHQ LKUHU 3DUWHLWDJHH VFKRQ PHKUPDOVV -RXUQDOLVWHQ DQ IUHLHU %HULFKWHUVWDWWXQJJ JHKLQGHUW KDW ± HWZDD LQGHPP VLH GLH 3UHVVH GHV 6DDOHV YHUZLHV ± SUDQJHUW (LQVFKUlQNXQJHQ GHU 3UHVVHIUHLKHLW DXI DQGHUHQ (EHQHQ GHV gIWHUHQ DQ 6LH IRUGHUWWIUHLH0HLQXQJVlX‰HUXQJJLQDOOHQQ%HUHLFKHQ3DUDJUDSKKGHVV6W*%KLQGHUW13' 6\PSDWKLVDQWHQ ]XPP %HLVSLHO DQQ HLQHU |IIHQWOLFKHQQ /HXJQXQJJ GHV +RORFDXVW 'RUW KHL‰W HV

Ä0LW)UHLKHLWVVWUDIHELV]XIQI-DKUHQRGHUPLW*HOGVWUDIHZLUGEHVWUDIWZHUHLQH XQWHU GHU +HUUVFKDIWW GHVV 1DWLRQDOVR]LDOLVPXV EHJDQJHQHH +DQGOXQJJ >«@@ LQQ HLQHU :HLVHGLHJHHLJQHWLVWGHQ|IIHQWOLFKHQ)ULHGHQ]XVW|UHQ|IIHQWOLFKRGHULQHLQHU 9HUVDPPOXQJJELOOLJWOHXJQHWRGHUYHUKDUPORVW³9JO:LNLSHGLD

$XFKGLHSXEOL]LVWLVFKHH'DUVWHOOXQJYHUIDVVXQJVIHLQGOLFKHUU6\PEROHVRZLHHLQHH|IIHQWOLFKHH $XVVDJHJHJHQGLH'HPRNUDWLHVLQGODXW6W*%%YHUERWHQ

(LQVFKUlQNXQJHQ GHU lX‰HUHQ 3UHVVHIUHLKHLW JLEW HVV LQ YLHOHQ %HUHLFKHQ XQG RIWPDOV VFKRQ ZXUGHQ VLHH NRQWURYHUVV GLVNXWLHUW 'DV VRJHQDQQWHH Ä&LFHUR8UWHLO³³ LVW KLHUIUU HLQ %HLVSLHO YHU|IIHQWOLFKWH GDV 3ROLWPDJD]LQQ Ä&LFHUR³³ GHQQ $UWLNHO Ä'HU JHIlKUOLFKVWH 0DQQQ GHU :HOW³³ EHU GHQ 7HUURULVWHQ $EXX 0XVDEE D]=DUTDZL 'HWDLOOLHUWH ,QIRUPDWLRQHQ EHU D]=DUTDZL HUKLHOW GHU ]XVWlQGLJH -RXUQDOLVW %UXQR 6FKLUUD YRQ HLQHP ,QIRUPDQWHQ LP %XQGHVNULPLQDODPW %.$ 1DFK (UVFKHLQHQ GHV $UWLNHOV HUVWDWWHWH GDV %.$ $Q]HLJH JHJHQ %UXQR 6FKLUUD XQG &LFHUR&KHIUHGDNWHXUU :ROIUDP :HLPHUU ZHJHQ %HLKLOIHH ]XUU 9HUOHW]XQJJ GHV 'LHQVWJHKHLPQLVVHV 8PP GHQQ YHUDQWZRUWOLFKHQQ ,QIRUPDQWHQQ DXVILQGLJJ ]X PDFKHQ OHLWHWH GDV /DQGJHULFKW 3RWVGDP HLQ (UPLWWOXQJVYHUIDKUHQ HLQ EHL GHP GLH 5lXPH GHU &LFHUR5HGDNWLRQ GXUFKVXFKW ZXUGHQ :HLPHU NODJWH YRU GHP %XQGHV YHUIDVVXQJVJHULFKWWJHJHQGLH'XUFKVXFKXQJJPLWGHU%HJUQGXQJVLHZUGHHLQHQ(LQJULII LQ GLH lX‰HUHH 3UHVVHIUHLKHLW GDUVWHOOHQ 1DFKK ODQJHU 9HUKDQGOXQJV]HLWW KREE GDV %XQGHVYHUIDVVXQJVJHULFKWW LPP )HEUXDU GHQQ 'XUFKVXFKXQJVEHVFKOXVV DXI *UQGHH GDIU'LHLQGHU9HUIDVVXQJYHUDQNHUWH3UHVVHIUHLKHLWXPIDVVHGHQ6FKXW]GHU5HGDNWLRQ YRU (LQGULQJHQ GHV 6WDDWHV =XGHPP VW|UH HLQH 'XUFKVXFKXQJJ GHU 3UHVVHUlXPH GLH

5

UHGDNWLRQHOOH $UEHLW XQGG ZLUNH HLQVFKFKWHUQG %HLGHV VHL YHUIDVVXQJVZLGULJ 'DV %XQGHVYHUIDVVXQJVJHULFKWW VWHOOWH DEHU JOHLFK]HLWLJ NODU GDVV HLQQ -RXUQDOLVW GXUFKDXV ZHJHQQ %HLKLOIH ]XPP *HKHLPQLVYHUUDWW YHUIROJWW ZHUGHQ N|QQH ZUGHQQ ÄNRQNUHWHH $QKDOWVSXQNWHGDIUYRUOLHJHQGDVVVHLQQ*HKHLPQLVWUlJHUGLH9HU|IIHQWOLFKXQJJJHVFKW]WHUU ,QIRUPDWLRQHQQ EHZLUNHQ ZROOH³ 9JO :LNLSHGLD 'LHVH $XVVDJH ZXUGH XQWHU DQGHUHP YRP6SLHJHOKHIWLJNULWLVLHUW6SLHJHO5HGDNWHXU7KRPDVV'DUQVWlGWHWZDSXEOL]LHUWHHLQHQQ $UWLNHO PLWW GHUU hEHUVFKULIW Ä/DVVV GLFK QLFKW HUZLVFKHQ -RXUQDOLVW³ 'DULQ SUDQJHUWH 'DUQVWlGWW DQ GDVV GLH 5ROOH GHU 3UHVVH GXUFK GDV &LFHUR8UWHLO QLFKWW ZLUNOLFK JHVWlUNWW ZRUGHQZlUH,P$UWLNHOOKHL‰WHV

Ä(LQNODUHV:RUWZlUHQ|WLJJHZHVHQ(QWZHGHUVROOWHQ-RXUQDOLVWHQNQIWLJDQGLH 6WDDWVUDLVRQQ JHEXQGHQ ZHUGHQQ XQGG DXI GLH 9HU|IIHQWOLFKXQJ LQWHUQHU 3DSLHUHH YHU]LFKWHQ 'DQQQ KDEHQQ ZLU ZLHGHU HLQ $PWVJHKHLPQLV ZLH ]XX .DLVHU :LOKHOPV =HLWHQ 2GHU HV JLOWW GDV :RUWW GHV 6WUDIJHVHW]HV ZRQDFKK HLQQ $PWVJHKHLPQLV QXU YRQQ$PWVVZHJHQJHKHLPP]XXKDOWHQQLVWQLFKWWDEHUUYRQQ-RXUQDOLVWHQ'DQQQPVVWHH GLHH JHOWHQGH 5HFKWVDQZHQGXQJ IU YHUIDVVXQJVZLGULJ HUNOlUW ZHUGHQ³³ 9JO 'DUQVWlGW

'LH:DKUXQJJXQGG%HVFKUlQNXQJJlX‰HUHU3UHVVHIUHLKHLWLVWLPPHUZLHGHU*UXQGIUKLW]LJH 'HEDWWHQ -RXUQDOLVWHQQ VRUJHQ VLFKK XPP GDV 9HUWUDXHQVYHUKlOWQLV ]XX LKUHQ ,QIRUPDQWHQ ZHQQQ 9RUUDWVGDWHQVSHLFKHUXQJJ XQGG 2QOLQHGXUFKVXFKXQJHQ P|JOLFK VLQG GHU 6WDDW IUFKWHW XQWHU DQGHUHPP XPP 9HU|IIHQWOLFKXQJJ YRQQ 6WDDWVJHKHLPQLVVHQ $XFKK GLH $EK|UULFKWOLQLHQQ VWR‰HQ XQWHU -RXUQDOLVWHQQ LPPHUU ZLHGHU DXI .ULWLN 'DQDFKK GUIHQ 7HOHIRQDWH RGHU (0DLOV ]ZLVFKHQ 5HGDNWHXUHQ XQGG LKUHQ ,QIRUPDQWHQ QDFKK ULFKWHUOLFKHU *HQHKPLJXQJ DXIJH]HLFKQHW ZHUGHQ -XULVWHQ *HLVWOLFKHH RGHU SROLWLVFKHH $EJHRUGQHWHH KLQJHJHQ VLQGG YRU VROFKHQQ /DXVFKDQJULIIHQ JHIHLW ,VWW XQWHU GLHVHQQ 8PVWlQGHQQ UHDOLWlWVQDKH%HULFKWHUVWDWWXQJJXQGGLQYHVWLJDWLYHU-RXUQDOLVPXVEHUKDXSWWQRFKP|JOLFK" 'HU YRPP .DQ]OHUDPWW JHOHLWHWH %XQGHVQDFKULFKWHQGLHQVWW %1' YHUIROJWH PLWW +LOIH HLQHV7URMDQHUVGLH (0DLO.RPPXQLNDWLRQGHUHKHPDOLJHQQ6SLHJHO5HGDNWHXULQQ6XVDQQH .RHOEO LQQ $IJKDQLVWDQ %1'&KHI (UQVWW 8KUODXX PXVVWH VLFK ]ZDU ZHJHQQ *UXQGUHFKWV YHUOHW]XQJ YRU GHP 3DUODPHQWDULVFKHQ .RQWUROOJUHPLXP YHUDQWZRUWHQ WUXJ DEHU NHLQH VFKZHUZLHJHQGHQ.RQVHTXHQ]HQQGDYRQ2EZRKOGHU*UQHQ$EJHRUGQHWH+DQV&KULVWLDQQ 6WU|EHOH|IIHQWOLFKKGHQQ5FNWULWWW8KUODXVJHIRUGHUWKDWWHGXUIWHHGHU %1'&KHIZHLWHULP $PWWEOHLEHQ9JO5RVHQWKDO

'LH QHXH VFKZDU]JHOEH 5HJLHUXQJJ ZLOO VLFKK QXQQ IU GLH )UHLKHLWVUHFKWH GHU -RXUQDOLVWHQQ HLQVHW]HQ3ULYDWH'DWHQVROOHQGXUFKVWDDWOLFKHH%HK|UGHQQLFKWPHKUUHLQJHVHKHQZHUGHQ N|QQHQQ $XFK VROOHQQ VRJHQDQQWH %HUXIVJHKHLPQLVWUlJHU ]XX GHQHQQ DXFK GLH -RXUQDOLVWHQQ

6