,QKDOW

(LQOHLWXQJ63

=XU(QWVWHKXQJ7UDQVMRUGDQLHQV

'LHH9RU]HLFKHQQGHVVMRUGDQLVFKEULWLVFKHQ9HUKlOWQLVVHVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV65

$EGDOODKKDOVV(PLUYRQQ7UDQVMRUGDQLHQ

'LHH(QWZLFNOXQJVHLQHUU3RVLWLRQQ]ZLVFKHQQGHQQ%ULWHQQXQGGGHQQ1DWLRQDOLVWHQQXQGGG

GHUHQQ(LQIOXVVEHUHLFKHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH67 =XVDPPHQIDVVXQJ62 /LWHUDWXUYHU]HLFKQLVV65

2

(LQOHLWXQJ

'HUU=HUIDOOOGHVV2VPDQLVFKHQQ5HLFKHVVKLQWHUOLH‰‰HLQQ0DFKWYDNXXPPLPP1DKHQQ2VWHQQXQGGERWW GHQQ HXURSlLVFKHQ 0lFKWHQ QDPHQWOLFKK )UDQNUHLFK XQGG *UR‰EULWDQQLHQ HLQH HLQPDOLJH &KDQFHDXIGLHH1HXJHVWDOWXQJGLHVHUU5HJLRQQ(LQIOXVVV]XXQHKPHQ

,Q GLHVHUU +DXVDUEHLWW VROOO HVV QXQQ XPP GDVV ]XX GLHVHPP =HLWSXQNWW XQWHUU EULWLVFKHPP 0DQGDWW VWHKHQGHH 7UDQVMRUGDQLHQ JHKHQQ XQGG GDUXP ZRR HVV VLFKK LQQ GLHVHUU *UDX]RQHH GHUU 6RXYHUlQLWlWW HLQRUGQHQQ OlVVW E]Z REE XQGG ZLHH HVV WURW] WDWVlFKOLFKHUU $EKlQJLJNHLWW YRQQ *UR‰EULWDQQLHQQ *HVWDOWXQJVVSLHOUlXPHH XQGG 0|JOLFKNHLWHQ IU HLJHQHH SROLWLVFKHH (QWVFKHLGXQJHQQ DXI WUDQVMRUGDQLVFKHUU6HLWHHJDE

'LHH$XWRUHQQGHUU7H[WHGLHHIUGLHVHH$UEHLWWYHUZHQGHWWZXUGHQVLQGGVLFKKLPP*UXQGWRQQHLQLJ (VV LVWW HLQHH 7DWVDFKH GDVVV 7UDQVMRUGDQLHQQ DOVV VROFKHVV YRUU GHPP =HUIDOOO GHVV 2VPDQLVFKHQ 5HLFKHVVQLFKWWH[LVWLHUWWKDWWXQGGQXUJHVFKDIIHQQZRUGHQQLVWXPPEULWLVFKHQ,QWHUHVVHQ]XXGLHQHQ (VVNDQQQODXWWLKQHQQDOVRNHLQHH'LVNXVVLRQQJHEHQREE*UR‰EULWDQQLHQQ7UDQVMRUGDQLHQQXQWHUUGHU 0DQGDWVKHUUVFKDIWWXQDEKlQJLJKDQGHOQQOLH‰VRQGHUQQQXUULQQZLHZHLWWGHUU(PLU$EGDOODKVHLQH ,QWHUHVVHQQPLWWGHQHQQGHUU%ULWHQQYHUHLQHQQXQGGVRRHLJHQH=LHOHHHUUHLFKHQQNRQQWH

(VVJLEWWGUHLL$UEHLWHQDXIGLHH]HQWUDOO%H]XJJHQRPPHQQZLUG

(LQHH GDYRQQ VWDPPWW YRQ 1DVHHUU + $UXUL 3URIHVVRUU IUU 3ROLWRORJLHH DQQ GHUU 8QLYHUVLWlWW YRQQ 0DVVDFKXVHWWVV 'DUWPRXWK GHUU EHLL $PQHVW\ ,QWHUQDWLRQDOO 0LWJOLHGG GHVV %RDUG RII 'LUHFWRUV XQGGEHLPP+XPDQQ5LJKWVV:DWFKK0LGGOH(DVWW0LWJOLHGGHVV%RDUGRII'LUHFWRUVV HQJDJLHUWWZDU

(UUEHOHXFKWHWWLQQVHLQHU$UEHLWWÄ-RUGDQ$VWXG\LQSROLWLFDOOGHYHORSPHQW³³YRQQ]XQlFKVWW GDVV 3KlQRPHQQ GHVV 1DWLRQDOLVPXVV DOVV VROFKHV XPP GDQQ LPP 9HUODXII VSH]LHOOO DXI 7UDQVMRUGDQLHQQ HLQ]XJHKHQ 'LHH GHUU .RQWUROOHH GLHQHQGHQQ 6WUXNWXUHQ GLHH GLHH %ULWHQ HUULFKWHWHQKDEHQQIUU$UXULLHLQGHXWLJNRORQLDOLVWLVFKHH=JH

Ä$EGXOODKWKXVDFFHSWHGGWKHHUROHHRIIDD%ULWLVKKVKHULIIILQQ7UDQVMRUGDQDQQLQVWUXPHQWWRII%ULWLVK FRORQLDOOSROLF\³

'LHH .ULWLN GLHH ]XUU 6SUDFKHH NRPPW LVWW MHGRFKK QLFKWW YRUQHKPOLFKK JHJHQQ GLHH 0DQGDWVPDFKWW JHULFKWHW VRQGHUQQ YLHOPHKUU JHJHQQ GLHH HQJH HLJHQQW]LJHH .RRSHUDWLRQQ (PLUU $EGDOODKVV PLWW GHQQ%ULWHQQXQGGGLHH9HUQDFKOlVVLJXQJGHUU%HY|ONHUXQJ

^{9JO$UXUL1DVHHUU+-RUGDQ$VWXG\LQSROLWLFDOGHYHORSPHQWW6RXWKHDVWHUQ0DVVDFKXVHWWV 8QLYHUVLW\0DUWLQXV1HMKRII'HQ+DDJ6}

3

Ä$QQ$QJOR+DVKHPLWHHROLJDUFK\\ZDVVHQWUHQFKHGGLQQSRZHUULQQDVWDWHHZKRVHERXQGDULHVV««KDG QRRUHODWLRQQWRRDQHDUOLHUUSROLWLFDOOXQLWDQGZKRVHLQVWLWXWLRQVFUHDWHGGWRRVXLWWWKHLQWHUHVWVVRI WKDWWROLJDUFK\ERUHHQRRFRQQHFWLRQQZLWKKWKHPRUHVVRIIWKHHLQGLJHQRXVVSRSXODWLRQ´

6WUXNWXUHOOO JHKWW 7UDGG $EGHOQDELL LQQ VHLQHUU LPP -DKUU IHUWLJJHVWHOOWHQQ 'RNWRUDUEHLWW Ä3UREOHPHH GHUU SROLWLVFKHQQ XQGG ZLUWVFKDIWOLFKHQQ (QWZLFNOXQJ -RUGDQLHQV³³ lKQOLFKK ZLHH $UXULL YRU LQGHPP HUU VLFKK HUVWW HLQHPP DOOJHPHLQHQQ 7KHPD ZLGPHW KLHUU GHPP 3UREOHPP GHUU 6WDDWVZHUGXQJXQGG,QWHJUDWLRQXQGGGDQQQDXIIGHQQVSH]LHOOHQQ)DOOO7UDQVMRUGDQLHQQEHUJHKW,P 9RUGHUJUXQGGVWHKHQQGLHH0RWLYDWLRQQXQGGGLHH+DQGOXQJHQQ*UR‰EULWDQQLHQVVXQGGZLHHVLHHVLFKKDXI 7UDQVMRUGDQLHQQDXVZLUNWHQ

'LHH GULWWHH $UEHLWW ZXUGHH YRQQ 0DU\ & :LOVRQQ YRPP ,QVWLWXWW IUU *HVFKLFKWHH DQQ GHU 8QLYHUVLWlWWYRQQ0DVVDFKXVHWWV$PKHUVWWYHUIDVVW

6LHH OHJWW LKUHQQ 6FKZHUSXQNWW DXII GLHH 3HUV|QOLFKNHLWW (PLUU $EGDOODKV XQGG DXII VHLQH *UDWZDQGHUXQJ ]ZLVFKHQ 7UHXHH ]XPP HLQHQQ DXVV GHUU IDNWLVFKHQQ $EKlQJLJNHLWW KHUDXV ]XP DQGHUHQDXVV(LJHQQXW]]XX*UR‰EULWDQQLHQVHLQHH6HOEVWEHKDXSWXQJXQGGGHPPMRUGDQLVFKHQQXQG SDQDUDELVFKHQQ1DWLRQDOLVPXV

'LHVHGUHL:HUNHHVLQGGGLH$XVJDQJVSRVLWLRQQEHLLGHPP9HUVXFKGDVPDFKWSROLWLVFKH9HUKlOWQLV ]ZLVFKHQQ (PLUU $EGDOODKK XQGG *UR‰EULWDQQLHQQ LQQ GHUU =ZLVFKHQNULHJV]HLWW ]X EHOHXFKWHQ 6LH VLQGGGLHH*UXQGODJHHIUUGLHH8QWHUVXFKXQJGHUUGUHLL+DXSWSXQNWHQlPOLFKK REE HVV HLJHQHH SROLWLVFKHH *HVWDOWXQJVP|JOLFKNHLWHQQ IUU (PLUU $EGDOODKK YRQ 7UDQVMRUGDQLHQQXQWHUUGHUU0DQGDWVPDFKWW*UR‰EULWDQQLHQQJDE ZHOFKHH0|JOLFKNHLWHQQHUUKDWWHQHLJHQHH=LHOHHXP]XVHW]HQQXQGGG

ZLHH VLFKK GDVV 1HW]ZHUNN YRQQ $QKlQJLJNHLWHQQ ]ZLVFKHQQ GHQQ YHUVFKLHGHQHQQ EHWHLOLJWHQQ *UXSSHQQ ± GHQQ +DVFKHPLWHQ PLWW 6KHULII +XVVHLQ GHQQ (PLUHQQ )DLVDOO XQGG $EGDOODK GHQQ %ULWHQ GHQQ :DKKDELWHQ GHQQ MRUGDQLVFKHQQ XQGG DUDELVFKHQQ 1DWLRQDOLVWHQ GHQ QRPDGLVFKHQQ6WlPPHQQHWF±±LQQGLHVHPP.RQWH[WWHLQRUGQHQQOlVVW

9JO$UXUL1DVHHUU+-RUGDQ$VWXG\LQSROLWLFDOGHYHORSPHQWW6RXWKHDVWHUQ0DVVDFKXVHWWV 8QLYHUVLW\0DUWLQXV1HMKRII'HQ+DDJ6

ñ'LH+DVFKHPLWHQQVLQGHLQQDUDELVFKHU6WDPPGHUQDFKKGHPP8UJUR‰YDWHUGHV3URSKHWHQ+DVFKLPLEQ$EGG 0DQDIEHQDQQWLVWXQGDXIGHVVHQ$EVWDPPXQJVLFKEHUXIHQZLUG

'LHH:DKKDELWHQVLQGGLHH$QKlQJHUUHLQHUUNRQVHUYDWLYHQXQGGGRJPDWLVFKHQ5LFKWXQJGHVVXQQLWLVFKHQ,VODPV 'LH%HZHJXQJJUQGHWDXIIGHQ/HKUHQQ0XKDPPDGLEQQ$EGDO:DKKDEVXQGQLPPWWIUVLFKKLQQ$QVSUXFKGLH LVODPLVFKH/HKUHDXWKHQWLVFK]XXYHUWUHWHQ

4

=XUU(QWVWHKXQJJ7UDQVMRUGDQLHQVV

'LHH9RU]HLFKHQQGHVVMRUGDQLVFKEULWLVFKHQQ9HUKlOWQLVVHVV

:LHH VFKRQQ HUZlKQWW H[LVWLHUWHH 7UDQVMRUGDQLHQ YRUU GHPP =XVDPPHQEUXFK GHVV 2VPDQLVFKHQ 5HLFKHVV QRFK QLFKWW DOVV 1DWLRQDOVWDDW VRQGHUQQ ZDUU QXU HLQQ 7HLOO GHUU RVPDQLVFKHQQ 3URYLQ] 6\ULHQ

$OVVVLFKKGLHH1LHGHUODJHHGHU7UNHQQXQGGDVV(QGHHGHVV2VPDQLVFKHQQ5HLFKHVDE]HLFKQHWH KDQGHOWHQQGHUU)UDQ]RVHH&KDUOHV*HRUJHVV3LFRWWXQGGGHUU%ULWHH0DUFF6\NHVVHLQQ$ENRPPHQQDXV GDVV GLHH $XIWHLOXQJJ GHUU DUDELVFKHQ *HELHWH LQQ EULWLVFKHH XQGG IUDQ]|VLVFKHH 9HUZDOWXQJVJHELHWH ]XPP*HJHQVWDQGGKDWWH

,PJOHLFKHQQ=HLWUDXPPVWDQGHQQDXFKKGHUUEULWLVFKHH+RFKNRPPLVVDUUYRQQbJ\SWHQ6LU +HQU\0F0DKRQXQGGGHUUKDVFKHPLWLVFKHH6KHULIIYRQQ0HNND+XVVHLQQLEQQ$OLLQQ9HUELQGXQJ (UVWHUHU VLFKHUWHH +XVVHLQ DOVV *HJHQOHLVWXQJ IU GLHH DUDELVFKH +LOIHH JHJHQQ GDV 2VPDQLVFKH 5HLFK 8QWHUVWW]XQJ EHL GHUU (UULFKWXQJ HLQHV DUDELVFKHQQ .|QLJUHLFKHVV ]X VRIHUQQ GLH IUDQ]|VLVFKHQQ,QWHUHVVHQQGDEHLLQLFKWWYHUOHW]WZUGHQ

'LHVHV ]ZLHVSlOWLJH 9HUKDOWHQQ *UR‰EULWDQQLHQVV OlVVWW VLFKK P|JOLFKHUZHLVHH PLW GHU GDPDOLJHQ (QWZLFNOXQJ GHVV .ULHJHV HUNOlUHQ =XPP HLQHQQ VWDQG GLH *XWVWHOOXQJ PLW GHQ $UDEHUQ LP 9RUGHUJUXQG GHUHQQ 8QWHUVWW]XQJ LPP .DPSII JHJHQQ GLH 7UNHQQ ZLFKWLJ ZDU 'DUXPP VWHOOWHH PDQQ6KHULII+XVVHLQQHLQQJUR‰HVVDUDELVFKHVV.|QLJUHLFKKLQQ$XVVLFKW =XPP DQGHUHQQ ZDUU GLH .RQWUROOH 3DOlVWLQDV ZLFKWLJ IUU GLH $PELWLRQHQQ GHVV EULWLVFKHQ $X‰HQPLQLVWHUVV $UWKXUU -DPHV %DOIRXU (UU VLFKHUWH GLH EULWLVFKH 8QWHUVWW]XQJ EHL GHU 6FKDIIXQJHLQHUUMGLVFKHQQ+HLPVWlWWHLQQ3DOlVWLQD]XXPPVRGRUWWVSlWHUUDXIIGDVV:RKOZROOHQ LQQ 3DOlVWLQDD ]lKOHQQ ]X N|QQHQ ZHOFKHVV PDQ GLHH ZLFKWLJHH 3RVLWLRQQ ]ZLVFKHQQ bJ\SWHQQ XQGG GHPP ,UDNN EHGHQNHQG EUDXFKWH 9RUU GLHVHPP +LQWHUJUXQGG PVVHQQ GLHH 6\NHV3LFRW 9HUKDQGOXQJHQQ JHVHKHQ ZHUGHQ 6LHH OLH‰HQQ *UR‰EULWDQQLHQQ QlKHUU DQ GLH .RQWUROOH EHUU 3DOlVWLQDDUFNHQQXQGGVWDWWHWHQQGLHH%ULWHQQJOHLFK]HLWLJPLWWGHPP*HELHWW|VWOLFKKGHVV-RUGDQVVDXV PLWW GHPP VLH EHU HLQQ SRWHQWLHOOHVV =XIOXFKWVODQGG IU GLH 3DOlVWLQHQVHU GLH IUU HLQH QDWLRQDOH +HLPVWlWWHHGHUU-XGHQQ3ODW]PDFKHQQPVVWHQYHUIJWHQ

'HPP 6\NHV3LFRW$ENRPPHQQ ]XIROJH KlWWH 3DOlVWLQD DOOHUGLQJV LQWHUQDWLRQDOO YHUZDOWHWW ZHUGHQQVROOHQ'DKHUUWUDIIPDQQVLFKKLPP$SULOOLQQ6DQQ5HPRZRRGLHH$XIWHLOXQJHQDXIIGLH PDQQ VLFKK JHHLQLJW KDWWH XQGG GDPLWW DXFKK GHUU 6WDWXVV 3DOlVWLQDVV QHX YHUIDVVWW ZXUGHQ )UDQNUHLFKK VLFKHUWHH VLFK GDQDFKK 6\ULHQQ XQG GHQ /LEDQRQ *UR‰EULWDQQLHQ HUKLHOWW 3DOlVWLQD HLQVFKOLH‰OLFKKGHV|VWOLFKKGHVV-RUGDQVVJHOHJHQHQ7UDQVMRUGDQLHQXQGGGHQQ,UDN'LHVHH*HELHWHH ZDUHQQ YRQQ GRUWW DEE NHLQHH 9HUZDOWXQJV]RQHQQ PHKU VRQGHUQQ YRPP 9|ONHUEXQGG OHJLWLPLHUWHH

5