,QKDOWWW

,QKDOWW (LQIKUXQJJ 0HWKRGHQQ

0LWWHOO]XUU6WHLJHUXQJJYRQQ7HLOIDNWRUHQQGHUU,QWHOOLJHQ] :RUWIOVVLJNHLWW 6SUDFKYHUVWlQGQLVV

5lXPOLFKHVV9RUVWHOOXQJVYHUP|JHQQ 5HFKHQIlKLJNHLWW

Ä'XDOOQ%DFNN7DVNV³XQG0HGLWDWLRQQ 'LVNXVVLRQQ 5HIHUHQ]HQQ

2

(LQIKUXQJJ

'LHHPHQVFKOLFKHH,QWHOOLJHQ]]VHW]WWVLFKKGHUU7KHRULHHYRQQ/RXLVV7KXUVWRQHHHQWVSUHFKHQGG DXVVGHQQ8QWHUIDNWRUHQQUlXPOLFKHVV9RUVWHOOXQJVYHUP|JHQ*HGlFKWQLV 5HFKHQIlKLJNHLW6SUDFKYHUVWlQGQLV:RUWIOVVLJNHLW:DKUQHKPXQJVJHVFKZLQGLJNHLWW XQGGORJLVFKHVV'HQNHQQ]XVDPPHQ2EZRKOOVHLQHH7KHRULHHPLWWOHUZHLOHHDOVVEHUKROWW DQJHVHKHQQZHUGHQQNDQQHLJQHWWVLHHVLFKKVHKUUJXWWXPPGLHH$XVZLUNXQJHQQ OHLVWXQJVVWHLJHUQGHUU6XEVWDQ]HQQDXIIGDVV*HKLUQQ]XXNDWHJRULVLHUHQ1DFKGHPPGHUU $QWHLOOGHUU*HQHHDQQGHUU9DULDQ]]GLHH,QWHOOLJHQ]]HLQHUU3HUVRQQXQJHIlKUUEHWUlJWW XQGGGLHH,QWHOOLJHQ]]HLQHVV0HQVFKHQQJOHLFK]HLWLJJIDVWWQXUULPP.LQGHVXQGG-XJHQGDOWHUU GXUFKK8PZHOWHLQIOVVHHYHUJU|‰HUWWZHUGHQQNDQQHUVFKHLQWWHVVREEGHVV HLQVFKQHLGHQGHQQ(LQIOXVVGHQQVLHHDXIIGDVV6FKLFNVDOOLKUHVV%HVLW]HUVVKDWWQRWZHQGLJ 0LWWHOO]XXILQGHQQXPPZHQLJVWHQVVLQWHOOHNWXHOOOEHQDFKWHLOLJWHQQGLHH0|JOLFKNHLWW]XXJHEHQ LKUHHJHLVWLJHH/HLVWXQJVIlKLJNHLWW]XXVWHLJHUQ,PPIROJHQGHQQ$UWLNHOOZHUGHQQGHVKDOEE 6XEVWDQ]HQQXQGG7HFKQLNHQQYRUJHVWHOOWGLHHJHZLVVHH7HLOEHUHLFKHHGHUUNRJQLWLYHQQ )lKLJNHLWHQQHLQHVV0HQVFKHQQ]XXVWHLJHUQQYHUP|JHQ,FKKZHUGHHGDEHLLLQQHUVWHUU/LQLHH DXIISKDUPDNRORJLVFKHH0DQLSXODWLRQHQQXQGGLKUHH1HEHQZLUNXQJHQQHLQJHKHQDEHUU DXFKKDXIISV\FKRORJLVFKHH7UDLQLQJVPHWKRGHQ

3

0HWKRGHQQ

8PPGLHHIROJHQGHH$UEHLW]XXHUVWHOOHQQKDEHHLFKK]XPPJU|‰WHQQ7HLOOLQQGHQQEHUUGDVV ,QWHUQHWW]XJlQJOLFKHQQ'DWHQEDQNHQQ3XEPHGGXQGG(PEDVHHUHFKHUFKLHUW'LHH 'DWHQEDQNN3XEPHGGLHHXQWHUGHUU,QWHUQHWDGUHVVHHKWWSZZZSXEPHGJRYHUUHLFKEDUU LVWZLUGGYRQQGHUU8661DWLRQDOO/LEUDU\\RI0HGLFLQHH]XUU9HUIJXQJJJHVWHOOW'LHH 'DWHQEDQNN(PEDVHGHUHQQ:HEDGUHVVHHKWWSZZZ(PEDVHFRPLVWWZLUGGGDJHJHQQ YRPP(OVHYLHUU9HUODJJEHWUHXW'LHH'DWHQEDQNHQQZXUGHQQYRQQPLUUXQWHUUDQGHUHPPQDFKK GHQQ.H\ZRUGVV³FRJQLWLYHHLPSURYHPHQWWKHDOWK\³³PHPRU\\LPSURYHPHQWWKHDOWK\³ ³PHPRU\\HQKDQFHPHQW³³GRQHSH]LOOKHDOWK\´³ZRUNLQJJPHPRU\\HQKDQFHPHQW´ ³ZRUNLQJJPHPRU\\KHDOWK\\IDFLOLWDWLRQ´´DPSKHWDPLQHHKHDOWK\\PHPRU\´³PRGDILQLOO KHDOWK\\LPSURYHPHQWWRUUHQKDQFHPHQW´´XQGG³PRGDILQLOOKHDOWK\\HQKDQFHPHQW´ ³PHWK\OSKHQLGDWWZRUNLQJJPHPRU\´´GXUFKVXFKW*HIXQGHQHHXQGGYROOVWlQGLJJ ]XJlQJOLFKHH$UWLNHOOKDEHHLFKKVFKOLH‰OLFKKPLWW+LOIHHGHUUNRPPHU]LHOOOYHUWULHEHQHQ /LWHUDWXUYHUZDOWXQJVVRIWZDUHH&LWDYLLNDWDORJLVHUW

4

0LWWHOO]XUU6WHLJHUXQJJYRQQ7HLOIDNWRUHQQGHUU,QWHOOLJHQ]]

'LHH:RUWIOVVLJNHLWOlVVWWVLFKKLPP0RPHQWWQXUUGXUFKKLQWUDYHQ|VHH9HUDEUHLFKXQJJYRQQ (U\WKURSRHLWLQVWHLJHUQGDVVDXIJUXQGGVHLQHUKlPRG\QDPLVFKHQQ1HEHQZLUNXQJHQQ SULQ]LSLHOOOQLFKWWIUUHLQHH$QZHQGXQJJ]XUU/HLVWXQJVVWHLJHUXQJJJEHL*HVXQGHQQJHHLJQHWW

LVW'DWHQQDXVVGHPP-DKUU ]HLJHQGDVVVHLQHHHLQ]HOQHH ,QMHNWLRQQYRQQLX(32 HLQHH:RFKHHQDFKK*DEHH]XX HLQHUUUHODWLYHQQ9HUJU|‰HUXQJJ GHUU=DKOOYRQQ:|UWHUQGLHHYRQQ

9HUVXFKVSHUVRQHQQLQQ6HNXQGHQQJHVDJWWZHUGHQQN|QQHQLPP9HUJOHLFKK]XUUEHLLGHUU .RQWUROOJUXSSHHJHPHVVHQHQQ=DKOOIKUWYJO$EEQDFKK'LHVHH9HUlQGHUXQJJ N|QQWHHDXIIHLQHHVWlUNHUHHDXIJDEHQEH]RJHQH$NWLYLHUXQJJGHVV+LSSRFDPSXVV ]XUFN]XIKUHQQVHLQ,QQ$QEHWUDFKWWGHUUGXUFKK(U\WKURSRHLWLQDXIWUHWHQGHQQ KlPRG\QDPLVFKHQQ9HUlQGHUXQJHQGLHHEHUUVHLQHH:LUNXQJJGXUFKKGHQQLPP=166 YRUKDQGHQHQQ(325H]HSWRUUDXIGLHH%'1))([SUHVVLRQXQGGGLHH1HXURJHQHVHH KLQDXVJHKHQXQGGGHVVJHULQJHQQ(IIHNWVVDXIIGLHHNRJQLWLYHQQ)lKLJNHLWHQGHUUDXFKKQRFKK QLFKWWDOVV]ZHLIHOVIUHLLHUZLHVHQQJHOWHQQNDQQPXVVVYRQQHLQHUU9HUZHQGXQJJ]XU /HLVWXQJVVWHLJHUXQJJXQDEKlQJLJJYRQQGHQQEHVWHKHQGHQQUHFKWOLFKHQQ*HJHEHQKHLWHQQ DEJHUDWHQQZHUGHQ

'DVV*HGlFKWQLVOlVVWWVLFKKLQQPHKUHH8QWHUEHUHLFKHHXQWHUWHLOHQ9RPP6WDQGSXQNWWGHUU RSWLPLHUXQJJVHLQHUU/HLVWXQJVIlKLJNHLWWDXVVJHVHKHQZlUHHKLHUUYRUUDOOHPPGDVV HSLVRGLVFKHH*HGlFKWQLVV]XXQHQQHQ0LWW+LOIHHGHVV]HQWUDOZLUNVDPHQQ$FHW\O &KROLQHVWHUDVHLQKLELWRUVV'RQHSH]LO ‹ OlVVWWHVVVLFKKDXFKKEHLL*HVXQGHQQYHUEHVVHUQ6RR ]HLJWHHVLFKGDVVVGLHH9HUDEUHLFKXQJJHLQHUU'RQHSH]LO ‹ 'RVLVVYRQQPJJEHUU7DJHH 5