,QKDOWVYHU]HLFKQLVV

(LQOHLWXQJJ

)OLH‰JHZlVVHUVWHOOHQQ/HEHQVUDXPXQGG/HEHQVJUXQGODJHHIU]DKOUHLFKHH$UWHQQGHQ 0HQVFKHQLQEHJULIIHQGDU

'XUFKK IOXYLDOHH 3UR]HVVHH SUlJHQQ )OLH‰JHZlVVHU GLHH /DQGVFKDIWW JHRPRUSKRORJLVFK XQGGVRUJHQQVRPLWWDXFKIUHLQHQQ6WRIIWUDQVSRUWYRQQ*HU|OOHQ*HVFKLHEHQQXQGGJHO|V WHQQ6WRIIHQ

)UGHQQ0HQVFKHQQVLQGVLHYRQQJUR‰HU%HGHXWXQJ)UKHH6LHGOXQJHQQXQGGGDPLWWKHX WLJH 6WlGWH XQG *UR‰VWlGWHH HQWVWDQGHQ DQQ LKUHQQ 8IHUQ )OLH‰JHZlVVHU VWHOOHQ HLQH ZLFKWLJH 4XHOOH ]XU %UDXFK XQG 7ULQNZDVVHUYHUVRUJXQJ GDU XQG VLQGG GHVKDOE XQG DOVV7UDQVSRUWZHJHHZLFKWLJH6WDQGRUWIDNWRUHQQIUGLH:LUWVFKDIW ,PP)ROJHQGHQVROOQXQHLQQ(LQE]ZhEHUEOLFNNEHU)OLH‰JHZlVVHUJHJHEHQQZHUGHQ (VV ZHUGHQQ ]XQlFKVW GLH $UWHQ YRQ )OLH‰JHZlVVHUQ GDUJHVWHOOW XQG DXII GHQ $EIOXVV HLQJHJDQJHQ 'HU $EIOXVVV LVWW GLH *U|‰H GLH GDV :DVVHUYROXPHQQ GDUVWHOOW GDV SUR 6HNXQGH GHQQ )OXVVTXHUVFKQLWW GXUFKIOLH‰W :HLWHU ZLUGG HLQQ 6FKZHUSXQNW DXII GLH DE IOXVVVWHXHUQGHQQ )DNWRUHQQ VRZRKO DX‰HUKDOE DOV DXFKK LP *HULQQHEHWWW HLQJHJDQJHQ =ZHL JlQJLJH 0HWKRGHQQ GHU $EIOXVVPHVVXQJ ZHUGHQQ HEHQIDOOV HUOlXWHUW =XP $E VFKOXVVVZLUGDXII(LQIOVVHHGHVV0HQVFKHQDXIGHQ$EIOXVVVXQGGVRPLWGHU)OLH‰JHZlV VHUHLQJHJDQJHQ $UWHQQYRQQ)OLH‰JHZlVVHUQQ

)OLH‰JHZlVVHUVLQGGGLH(QWZlVVHUXQJHQQHLQHVV(LQ]XJJHELHWHV+LHUEHLLVWWGLH4XHOOH GHU K|FKVWJHOHJHQHH 3XQNW ZRR GDVV *HULQQH HQWVSULQJW GLH 0QGXQJ GHU WLHIVWJHOH JHQHH3XQNWWGHVV6\VWHPV:LOKHOPP

=XQlFKVWW N|QQHQ VLH QDFK GHQQ $EIOXVVJDQJOLQLHQQ E]Z QDFKK LKUHU :DVVHUIKUXQJ XQWHUVFKLHGHQQZHUGHQ8QGG]ZDUREEHLQQ*HZlVVHUSHUUHQLHUHQGSHULRGLVFKRGHUHSL VRGLVFK:DVVHUIKUW3HUUHQLHUHQGHH*HZlVVHUIKUHQQJDQ]MlKULJ:DVVHUXQGGNRP PHQEHLVSLHOVZHLVHHLQGHQQKXPLGHQQDX‰HUWURSLVFKHQ*HELHWHQQXQGGGHQQLPPHUIHXFK WHQQ 7URSHQQ YRU 3HULRGLVFKHH )OVVHH IDOOHQQ PLQGHVWHQVV HLQHQQ 0RQDWW LPP -DKU WURFNHQ ] % ZHFKVHOIHXFKWHH .OLPDWHH 1RUGDPHULNDV ZlKUHQGG HSLVRGLVFKHH 7URFNHQIOVVH :DGLVLQH[WUHPHQQ7URFNHQJHELHWHQQYRUNRPPHQLQQGHQHQQPHKUMlKULJQXUJHOHJHQW OLFKK1LHGHUVFKODJYRUNRPPWWHEGI

%HL)OLH‰JHZlVVHUQLQQ7URFNHQJHELHWHQQNDQQ]XVlW]OLFKKQDFKKLKUHP4XHOORUWWXQGG9HU ODXII GLIIHUHQ]LHUWW ZHUGHQ (QGRUsLVFKH )OVVHH HQWVSULQJHQQ LQ KXPLGHQ 5DQGEHUHL FKHQQYRQQ7URFNHQUHJLRQHQYHUOLHUHQQHLQHQQ7HLOGHVV:DVVHUVGXUFK9HUGXQVWXQJXQG HQGHQQLQHLQHP(QGVHH+LHUYHUGXQVWHWWGDVVUHVWOLFKHH:DVVHU $UsLVFKH)OVVHHHQWVSULQJHQQXQGG(QGHQQLQDULGHQQ*HELHWHQVRR]%:DGLVVLQ1RUGDI ULNDGLDUsLVFKH)OVVH]%1LO1LJHUHQWVSULQJHQQXQGGPQGHQLQQKXPLGHQQ*HELH WHQ 6LH TXHUHQQ XQWHU JUR‰HPP :DVVHUYHUOXVWW DULGHH 5HJLRQHQQ XQGG ZHUGHQ GDD VLH QLFKWW ]X GHQ NOLPDWLVFKHQQ *HJHEHQKHLWHQ GHVV SDVVLHUWHQQ *HELHWV SDVVHQQ DXFKK DOV )UHPGOLQJVIOVVH EH]HLFKQHW :LOKHOPP X *HEKDUGWW HWW DO ,P )ROJHQGHQQZLUGPHKUDXIIGLHSHUUHQLHUHQGHQ*HZlVVHUVFKZHUSXQNWPl‰LJLQ0LWWHO HXURSDDHLQJHJDQJHQ )OXVVRUGQXQJHQQ

'LHHHKHUWULYLDOHH%HQHQQXQJYRQQ*HULQQHQVSULFKKÄ%DFK)OXVVVXQGG6WURPPVLQGGZLV VHQVFKDIWOLFKKQLFKWWHLQGHXWLJGHILQLHUW³:LOKHOPP

'HVKDOEELVWKLHUHLQHH)OXVVRUGQXQJ]XU%HVFKUHLEXQJYRQQ)OXVVDEVFKQLWWHQQLP5DK PHQHLQHU)OXVVQHW]DQDO\VHHJHEUlXFKOLFKHU=XQlFKVWZHUGHQQGLHHXQWHUVFKLHGOLFKHQ )OXVVVWUHFNHQQEHWUDFKWHWbX‰HUH)OXVVVWUHFNHQQKDEHQQDOVVREHUHVV(QGHHHLQH4XHOOH LQQHUH )OXVVVWUHFNHQQ HLQHH =XIOXVVPQGXQJ +LHUYRQQ VLQGG )OXVVDEVFKQLWWH JOHLFKHU )OXVVRUGQXQJDE]XJUHQ]HQQHEG

,QQ 'HXWVFKODQGG ZLUG ]XQlFKVWW ]ZLVFKHQQ +DXSWIOVVHQ GLH LQQ GHU 5HJHO LQVV 0HHU PQGHQ XQGG 1HEHQIOVVHQQ XQWHUVFKLHGHQ 'LHVHH 1HEHQIOVVHH ZHUGHQQ ZLHGHUXP LQ YHUVFKLHGHQHQQ 2UGQXQJHQQ JHJOLHGHUW 'HU 1HEHQIOXVVV HUVWHU 2UGQXQJ IOLH‰WW LQQ GHQQ +DXSWIOXVVGHU]ZHLWHU2UGQXQJLQQGHQQ1HEHQIOXVVVHUVWHU2UGQXQJXVZHEGI )HUQHU JLEWW HVV GLH 0HWKRGHQQ GHU ÄWRSRORJLVFKHQQ XQGG JHRPRUSKRORJLVFKHQQ *HZlV VHUQHW]W\SHQ³HEG

=XPP%HLVSLHOOLHIHUWHQDXIEDXHQG5(+RUWRQQ$16WUDKOHUXQGG5/6KUHYH]LWLHUW LQ:LOKHOPPJUXQGOHJHQGHH$QVlW]HHHLQHUWRSRORJLVFKHQQ)OXVVQHW]DQDO\VH+RU WRQQ EHLVSLHOVZHLVH JHKWW EHL VHLQHU 8QWHUVXFKXQJ YRQQ HLQHU lX‰HUHQQ )OXVVVWUHFNH

2UGQXQJDXIHLQDQGHUHQWVWHKWWHLQH)OXVVVWUHFNHH]ZHLWHU2UGQXQJ 'KYHUHLQHQVLFK]ZHLL)OXVVVWUHFNHQJOHLFKHU2UGQXQJHQWVWHKWHLQHHQlFKVWW+|KHUH :LOKHOPPYJODXFK$EE