,QKDOWVYHU]HLFKQLV

(LQOHLWXQJ

'LHH&RPSDFW'LVF

7UDQVIRUPDWLRQQGXUFKKGLHH,PSOLNDWLRQGLJLWDOHUU0HGLHQ

$XVZLUNXQJHQQDXIIGHQQ0XVLNPDUNW

'LHH3UREOHPHHGHUU(0,*URXS

$EELOGXQJVYHU]HLFKQLV

/LWHUDWXUYHU]HLFKQLV

//

(LQOHLWXQJ

0XVLNDOLVFKHH (LQIOVVH EHJOHLWHQQ GHQQ $OOWDJ MHGHVV HLQ]HOQHQ YRQQ XQVV VHLW -DKUKXQGHUWHQ 'RFK 0XVLNN LVW NHLQQ UHLQHVV .RQVXPJXW 2IW GUFNW VLHH GDV /HEHQVJHI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lKOHU6

*HVSHLFKHUWH0XVLNNDXI7RQWUlJHUQQJLEWHVVHUVWVHLWHWZD-DKUHQ(LQHHVWlQGLJHH :HLWHUHQWZLFNOXQJ GHUU 0HGLHQ DXII GHUU GLHH 0XVLNN DE]XVSLHOHQQ ZDU XQG QLFKW ]XOHW]W GHUU)RUWVFKULWWEHLLGHQQ$EVSLHOJHUlWHQQIKUWHH]XHLQHPPVWlQGLJZDFKVHQGHQQXQGPLW HLQHUUJUR‰HQQ)OXNWXDWLRQEHKDIWHWHQQ0DUNWGHUU0XVLNZLUWVFKDIW

0LWGLHVHUU$UEHLWP|FKWHLFKKGLHHVXN]HVVLYHH9HUlQGHUXQJGHUU'LVWULEXWLRQQYRQQ0XVLNN YHUDQVFKDXOLFKHQ ,QVEHVRQGHUHH DQKDQG GHU DNWXHOOHQQ ,QQRYDWLRQHQQ GHVV ,QWHUQHWV XQGOHW]WOLFKKGHUU03'DWHL

(LQHV LVWW ]ZHLIHOORV 'DV ,QWHUHVVH DQ 0XVLN LVWW QLFKWW ]XOHW]WW ZHJHQ GHUU JUR‰HQQ 9LHOIDOW GHUHQ 9HU|IIHQWOLFKXQJ XQG GHU KHXWH HLQIDFKHQQ %HVFKDIIXQJ YRQ 0XVLNLQKDOWHQQ GXUFKK GDV ,QWHUQHW JU|‰HU DOVV MHPDOVV ]XYRU 'LHH .RQVXPSWLRQQ GHU 0XVLNN QLPPW LPPHUU DQGHUHH )RUPDQQ DQ 2EE QXQQ EHUU GLJLWDOHVV 5DGLR EHUU 9LGHR 3RGFDVWjjOD

'LHH 8QWHUQHKPHQQ GHU 0XVLNLQGXVWULHH ]HLJHQ VLFKK YRQ GHQQ UDVFKHQQ XQG LPPHQVHQ 9HUlQGHUXQJHQ EHWURIIHQQ XQG EHVFKlIWLJHQ VLFKK VHLW -DKUHQQ GDPLW GHQQ GXUFKK GLH 'LVWULEXWLRQ YRQ 0XVLN EHU GDV ,QWHUQHW VWDUNN UFNOlXILJHQQ 7RQWUlJHUDEVDW] ]X NRPSHQVLHUHQ 8QWHUU DQGHUHPP GXUFKK GLHH 3LUDWHULH GLH IOlFKHQGHFNHQG EHUU GDV ,QWHUQHW EHWULHEHQ ZLUG XQG GDGXUFK NDXP ]X HOLPLQLHUHQ VFKHLQW ZHUGHQ GHQ .RQVXPHQWHQQ YLHOHH 0|JOLFKNHLWHQQ JHJHEHQ 0XVLNN NRVWHQORV DQ]XK|UHQ 'LH +HUDXVIRUGHUXQJHQXQGDXFKKGLHH&KDQFHQGLHHGDV,QWHUQHWDXFKKGHQQ3ODWWHQILUPHQQ ELHWHW PVVHQQ HUNDQQW DQJHQRPPHQQ XQG JHQXW]W ZHUGHQ 6WlKOHU 6

([SOL]LW ZLUGG GLHH 5HDNWLRQQ GHUU 3ODWWHQILUPD (0,, DXII GLHH YHUlQGHUWH 0DUNWVLWXDWLRQQ EHKDQGHOW'LHVHYHUORULQGHQOHW]WHQ-DKUHQDPPHLVWHQ0DUNWDQWHLOH:DUXPXQG ZLHHHVVGD]XXNDPVROOOHLQQJUR‰HV7KHPDGLHVHUU'LVVHUWDWLRQQVHLQ

3URGXNWLRQQXQGG'LVWULEXWLRQQYRQQ7RQWUlJHUQQYRUUGHUUÄ03

5HYROXWLRQ³³

'HUUHUVWHGHUUGLHH,GHHHGHUU.RQVHUYLHUXQJGHVVJHVSURFKHQHQQ:RUWHVVKDWWHZDUGHUU LWDOLHQLVFKHH3K\VLNHUU*LRYDQQLL%DWWLVWDDGHOOD3RUWD9RQQGHVVHQQ,GHHGLHH :RUWHHLQQHLQHPP%HKlOWHUUDXI]XEHZDKUHQXPPVLHH]XHLQHPPVSlWHUHQ=HLWSXQNWZLHGHU KLQDXVV ]XX ODVVHQ OLH‰ VLFKK -DKUHH VSlWHUU GHUU 'LFKWHUU *RWWIULHG $XJXVW %UJHU LQVSLULHUHQQ DOVV HUU LQQ VHLQHUU *HVFKLFKWHH EHUU GLHH GHQQ 7RQ LQQ HLQHP HLQJHIURUHQHQQ3RVWKRUQQNRQVHUYLHUHQQZROOWH*UHYHQHU

2KQHGLH(UILQGXQJGHU7RQWUlJHUZlUHKHXWHQLHGLH5HGHYRQHLQHU0XVLNLQGXVWULH 0XVLNN ZXUGHH VR ]XX HLQHPP KDQGHOEDUHQQ *XW GHQQQ QXUU GXUFKK GLH 7HFKQRORJLHH GHUU 7RQWUlJHU JHOLQJW HV GLH 0XVLN DOV VROFKHV YRQ GHU XUVSUQJOLFKHQ $XIIKUXQJ GHU 0XVLNN]XWUHQQHQQXQGVLHHMHGHUPDQQQ]XJlQJOLFKK]XPDFKHQ=XVlW]OLFKK]XGHUUKHXWH JUR‰HQQ |NRQRPLVFKHQQ %HGHXWXQJ LVW HLQ 7RQWUlJHUU DXFKK LPPHUU QRFKK HLQ .XOWXUWUlJHU

'LHH6FKDOOSODWWH

$XIIGHUU:HOWDXVVWHOOXQJLQ3DULVVVWHOOWHGHUUIUDQ]|VLVFKH'LFKWHUUXQG3KLORVRSK &KDUOHVV&URVGHUUgIIHQWOLFKNHLWHUVWPDOVVHLQHQ7HOHJUDSKHQQYRUGHUULQQGHUU7DWLQQGHUU

/DJHZDU7|QHHDXI]X]HLFKQHQ=Z|OII-DKUHHVSlWHUUEHDXIWUDJWHH 7KRPDV$OYD(GLVRQ GHQQ6FKZHL]HUU)HLQPHFKDQLNHUU.UXHVLQDFKKVHLQHQQ6NL]]HQQGHQQHUVWHQQ3KRQRJUDSKHQ ]XEDXHQ0DVVHQWDXJOLFKZDUUGLHVVDOOHUGLQJVVQRFKKQLFKW (PLOO%HUOLQHUUVRUJWHHPLWVHLQHUU(QWZLFNOXQJGHUU6FKDOOSODWWHDXVV+DUWJXPPLLXQG GHVV 9HUWULHEVV GLHVHUU QHXHQQ 0HGLHQQ DE GHPP -DKUHH GDIU GDVVV HLQQ QHXHU ,QGXVWULH]ZHLJ*HEXUWVVWXQGHHIHLHUQQGXUIWH'LHH3ODWWHQLQGXVWULH*UHYHQHU

(LQH*UDPPRSKRQ3ODWWH6FKHOOHFNSODWWHNRVWHWHHGDPDOVV*ROGPDUNEHLLHLQHPP GXUFKVFKQLWWOLFKHQQ 0RQDWVJHKDOW YRQ HWZDD *ROGPDUN 'LHVHPP KRKHQQ 3UHLV HQWJHJHQZLUNHQG VWHOOWHH PDQQ YRP ELVKHULJHQ :DFKVJXVVYHUIDKUHQQ DXI GDV GHXWOLFKK HIIL]LHQWHUH 0DWUL]HQV\VWHPP XP 0DWUL]HQIRUPHQQ NRQQWHQ LPP *HJHQVDW] ]X LKUHQ ZlFKVHUQHQ 9RUJlQJHUQ EHOLHELJJ RIWW DOV .RSLHUYRUODJH EHQXW]WW ZHUGHQ 'LH 6WFNNRVWHQQ XQG OHW]WOLFKK GHUU 3UHLVV ZXUGHQ VRPLW JHULQJHU $XII TXDOLWDWLYHUU (EHQHH EHGHXWHWHHGLHH(QWZLFNOXQJGHVHOHNWURDNXVWLVFKHQQ$XIQDKPHYHUIDKUHQVVPLWWHOVVHLQHV 0LNURIRQV YRQ GHU %HOO 7HOHSKRQH &RPSDQ\ LP -DKUH HLQHQ 4XDQWHQVSUXQJ GHUU7RQWUlJHULQGXVWULHGDU'HUU=ZHLWH:HOWNULHJYHUKLQGHUWHZHLWHUH)RUWVFKULWWH(V GDXHUWHH ELVV LQVV -DKUU ELVV GLHH 0XVLNZHOWGLHH (QWZLFNOXQJ GHUU 9LQ\OO IHLHUQQ GXUIWH 'LHHGHUUKHXWHLPPHUUQRFKKYHUWULHEHQHQQ6FKDOOSODWWHVHKUUlKQHOQGH9LQ\O3ODWWHZXUGHH LPP JOHLFKHQQ -DKUU YRQ GHUU 3ODWWHQILUPD &ROXPELD PLW 0LNURULOOHQQ EHVWFNW XQGG ZDU IRUWDQDOVVÄORQJSOD\LQJUHFRUG³EHNDQQW(LQ-DKUUVSlWHUUIROJWHVFKOLH‰OLFKKGLHH6LQJOH 3ODWWHGLHHGHXWOLFKKNOHLQHUUZDUUXQGDXFKKZHQLJHUUPXVLNDOLVFKHQQ,QKDOWIDVVHQQNRQQWH 0DUNWZLUWVFKDIWOLFKKVWHOOWHQQGLHVHH,QQRYDWLRQHQHLQHQQVHKUUSURILWDEOHQQ9RUWHLOOGDUGDD GLHH ELVKHULJHQ 6FKHOODFN3ODWWHQQ ]XPP HLQHQ GHXWOLFKK WHXUHU ]XPP DQGHUHQQ GHXWOLFK HPSILQGOLFKHUZDUHQ'LH(0,3ODWWHQILUPDVWHOOWHGLH3URGXNWLRQGLHVHULP-DKU DOV OHW]WH HLQ XQG YHUVFKOLHI ]XQlFKVW GLHVH :HWWEHZHUEVYRUWHLOH YHUVSUHFKHQGH 1HXHUXQJ ,Q GHQQ VHFK]LJHUU -DKUHQQ NRQQWHQ 6LHH GLHVHQQ )DX[SDVV DOOHUGLQJV ZLHGHU UHODWLYLHUHQ DOVV GLHH (0, GLHH PXVLNDOLVFKHQQ 1HXHUVFKHLQXQJHQQ DOV HUVWH 3ODWWHQILUPD DXVVFKOLH‰OLFKK DXII GHQ LQQRYDWLYHQQ 6WHUHR9LQ\O3ODWWHQQ SURGX]LHUWHQ 'LHVHH VROOWHQ VLFKKDXIJUXQGLKUHVUlXPOLFKHQQ.ODQJHUOHEQLVVHVVODQJIULVWLJJDP0DUNWGXUFKVHW]HQ'D 0RQR XQG 6WHUHRV\VWHPHH PLWHLQDQGHUU NRPSDWLEHOO ZDUHQ HUJDEHQ VLFKK KLHUU NHLQH 3UREOHPHHQDFKKGHUU0DUNWHLQIKUXQJ0LWWGHUÄ4XDGURSKRQLH³³HLQHHYLHUNDQDOLJHQRFK UlXPOLFKHUHH 0XVLNZLHGHUJDEH DPP 0DUNWW ]X HWDEOLHUHQQ VFKHLWHUWH DQQ GHPP