,QKDOWVYHU]HLFKQLV (LQOHLWXQJ

*HJHQ|IIHQWOLFKNHLW +LVWRULVFKHU.RQWH[W

'HILQLWLRQ

$NWHXUH

)XQNWLRQHQGHUQHXHQ0HGLHQ

'DVV9HUKlOWQLVVYRQQ*HJHQ|IIHQWOLFKNHLWXQGG0DVVHQPHGLHQQ

6RFLDO0HGLD 'HILQLWLRQ

6RFLDO1HWZRUNV

6RFLDO6KDULQJ

0LNUREORJJLQJ

6RFLDOO0HGLDDDOV0LWWHOGHUUJHJHQ|IIHQWOLFKHQQ%HZHJXQJDP

+DFNLQJ

'LH$UEHLWGHVV&KDRVV&RPSXWHUU&OXEEDOVV

DOV%HLVSLHOGHUU*HJHQ|IIHQWOLFKNHLW

5HQDLVVDQFHGHU*HJHQ|IIHQWOLFKNHLW"

/LWHUDWXUYHU]HLFKQLV

$QKDQJ

(LQOHLWXQJJ

(VV LVW HLQQ 3KlQRPHQ GDV VLFKK LP OHW]WHQQ -DKU LQQ 'HXWVFKODQGG XQGG VHLWW NXU]HP DXFKK LQQ GHU DUDELVFKHQQ :HOWW VWDUN LQWHQVLYLHUW KDW 'HUU %UJHUU GHPRQVWULHUW KLQWHUIUDJW UHEHOOLHUW 8P VHLQH =LHOHHGXUFK]XVHW]HQQXW]WHUUVRZRKOGLHNODVVLVFKH)RUPGHVV'HPRQVWULHUHQVDEHUUDXFKKGLHQHXHQ 0|JOLFKNHLWHQ GHV ,QWHUQHWV 3HU 7ZLWWHU RGHU )DFHERRN ZHUGHQQ $NWLRQHQQ JHSODQWW XQG YRUU DOOHP GLHH .RPPXQLNDWLRQQ XQWHUHLQDQGHU EHWULHEHQ +RPHSDJHV UXQGHQQ GDV ,QIRUPDWLRQVDQJHERWW ]X EHVWLPPWHQQ 7KHPHQQ GHUU 3URWHVWEHZHJXQJHQQ DEE ]% 6WXWWJDUW $QWL$WRPNUDIWW RGHUU DXI LQWHUQDWLRQDOHU%KQH7XQHVLHQ/\ELHQbJ\SWHQQRGHUUGHU,UDQ

(LQLJH :LVVHQVFKDIWOHUU VSUHFKHQQ LQQ GLHVHP =XVDPPHQKDQJ YRQQ HLQHUU QHXHQQ )RUP GHU *HJHQ|IIHQWOLFKNHLW GLHH GDVV :HEE IUU VLFKK HQWGHFNWW KDW 'RFKK ZDV EHGHXWHWW HLJHQWOLFK Ä*HJHQ|IIHQWOLFKNHLW³³XQGGZLHHlX‰HUWWVLHHVLFK"'LHVH)UDJHVROOOYRUOLHJHQGGJHNOlUWWZHUGHQ'D]X PXVVV LQQ ]ZHLL 7HLOHH XQWHUJOLHGHUW ZHUGHQ 'HUU HUVWH 7HLOO 3XQNWW EHWULIIW GLHH 7KHRULHH GHU *HJHQ|IIHQWOLFKNHLWVIRUVFKXQJ+LHUEHLLZLUG]XQlFKVWWGLHHKLVWRULVFKHH(QWVWHKXQJJHJHQ|IIHQWOLFKHU %HZHJXQJVNL]]LHUW$QVFKOLH‰HQGGZLUGDXVVNRPPXQLNDWLRQVZLVVHQVFKDIWOLFKHUU6LFKWGHUU%HJULII GHUU *HJHQ|IIHQWOLFKNHLW GHILQLHUW 'DQDFKK IROJW HLQHH DXVIKUOLFKHH 'DUVWHOOXQJ GHUU HLQ]HOQHQ $NWHXUH VRZLHH GHU )XQNWLRQ GHUU 0HGLHQ $P (QGHH GHV 7KHRULHWHLOVV VROO GDQQQ QRFKK GDV :HFKVHOVSLHOOYRQQ*HJHQ|IIHQWOLFKNHLWWXQGG0DVVHQPHGLHQQDXIJH]HLJWZHUGHQ 'HUU]ZHLWHH7HLOO3XQNWWXQGGGHUU+DXVDUEHLWWEHWUDFKWHW]ZHLLDXVJHZlKOWHH,QVWUXPHQWHGLHHIU GLHH *HJHQ|IIHQWOLFKNHLW YRQQ JUR‰HUU %HGHXWXQJ VLQG 6RFLDOO 0HGLDD XQGG +DFNLQJ 'LHVHH EHLGHQ ,QVWUXPHQWHH ZXUGHQQ YRUZLHJHQGG ZHJHQQ LKUHUU $NWXDOLWlWW EH]JOLFKK GHVV SROLWLVFKHQQ *HVFKHKHQV JHZlKOW6LHHELOGHQQQDWUOLFKKQXUUHLQHQQ$XVVFKQLWWWDXVVGHP*HVDPWUHSHUWRLUHHGHUUJHJHQ|IIHQWOLFKHQ ,QVWUXPHQWH

3XQNWW EHIDVVWW VLFKK DXVVFKOLH‰OLFKK PLWW 6RFLDOO 0HGLD =XHUVW ZLUGG GHUU %HJULIII GHILQLHUW XP DQVFKOLH‰HQG HLQLJHH $QZHQGXQJHQQ QlKHU ]XX HUNOlUHQ $EJHVFKORVVHQQ ZLUGG GLHVHUU 3XQNWW PLWW GHP $QZHQGXQJVEHLVSLHOODQKDQGGHUU3URWHVWHHLP,UDQQ

'HUUGDUDXIIROJHQGHH3XQNWWEHWUDFKWHWWGDVV+DFNLQJ$XFKKKLHUZLUGG]XHUVWHLQHHNXU]HH(LQIKUXQJLQ GDVV 7KHPDD JHJHEHQ EHYRUU HLQLJHH DXVJHZlKOWHH +DFNLQJ7HFKQLNHQQ YHUGHXWOLFKWW ZHUGHQ $OV 3UD[LVEHLVSLHOIUU*HJHQ|IIHQWOLFKNHLWWLQQGLHVHP%HUHLFKKZLUGGGLH$UEHLWWGHVV&KDRVV&RPSXWHUU&OXE YRUJHVWHOOW

3XQNWW IDVVWW GLHH JHVDPPHOWHQQ (UNHQQWQLVVHH QRFKKHLQPDOO ]XVDPPHQQ XQGG JLEWW HLQ DEVFKOLH‰HQGHV )D]LW (EHQVRR VROO KLHUU HLQQ $XVEOLFN DXII GLH ZHLWHUHH (QWZLFNOXQJ ]ZLVFKHQQ :HEE XQG *HJHQ|IIHQWOLFKNHLWJHJHEHQQZHUGHQ

*HJHQ|IIHQWOLFKNHLW

'HUU %HJULIII GHUU *HJHQ|IIHQWOLFKNHLWW LVWW ]ZDUU LQQ XQVHUHP :RUWVFKDW] YRUKDQGHQ HLQH ZHLWHUJHKHQGH'HILQLWLRQQLVWWMHGRFKKGHQQZHQLJVWHQQEHNDQQW$XVVGLHVHP*UXQGGZLGPHWWVLFKK3XQNW DXVVFKOLH‰OLFKK GHUU WKHRUHWLVFKHQQ (UNOlUXQJ GHVV %HJULIIHV +LHU]XX ZLUGG ]XHUVWW GHUU KLVWRULVFKH .RQWH[WW HUOlXWHUW DQVFKOLH‰HQGG ZLUGG HLQHH DOOJHPHLQ JOWLJHH 'HILQLWLRQQ IRUPXOLHUW 'LHH EHLGHQ OHW]WHQQ8QWHUSXQNWHHEHWUHIIHQQVFKOLH‰OLFKK.RQ]HSWHHGHU*HJHQ|IIHQWOLFKNHLWVRZLHGLH)XQNWLRQGHU 0HGLHQ

+LVWRULVFKHU.RQWH[W

'LHH $QIlQJHH GHUU JHJHQ|IIHQWOLFKHQQ %HZHJXQJ VLQG LP XQGG -DKUKXQGHUW ]XUU =HLWW GHU 5HIRUPDWLRQ DQ]XVLHGHOQ 'LHH )OXJVFKULIWHQQ GHUU 5HIRUPDWRUHQQ VWHOOHQQ HLQHH HUVWHH 3UD[LVIRUP GHUU *HJHQ|IIHQWOLFKNHLWGDU$XFKKGLHH$UEHLWHUEHZHJXQJ(QGHHGHVV-DKUKXQGHUWVGLHHLKUHQQ.DPSI JHJHQQ GHQQ GDPDOVV YRUKHUUVFKHQGHQQ .DSLWDOLVPXVV PLWW .DPSIVFKULIWHQQ IKUWH NDQQQ GHU *HJHQ|IIHQWOLFKNHLW]XJHRUGQHWWZHUGHQYJO:LPPHUU'HU%HJULIIIgIIHQWOLFKNHLWZLH HUU KHXW]XWDJHH YHUZHQGHWW ZLUG KDWW VHLQHH :XU]HOQQ LQ GHQQ 6HFK]LJHU XQGG 6LHE]LJHUMDKUHQ 6HLW GDPDOVV Ä>«@@ ZHUGHQQ GDUXQWHUU NODVVLVFKHUZHLVHH GLH $NWLRQHQQ GHUU QHXHQQ VR]LDOHQQ %HZHJXQJHQ 16%XQGGGLHH6WUXNWXUHQXQGG=LHOVHW]XQJHQQDOWHUQDWLYHUU0HGLHQ±±XDGLH$OWHUQDWLYSUHVVHIUHLH 5DGLRVVXQGGRIIHQHH.DQlOHH±±YHUVWDQGHQ³HEGÄ:LFKWLJEHLLGHP.RQ]HSWW*HJHQ|IIHQWOLFKNHLW LVWGDVVVHVVLFKKLQQHLQHUOLQNVSROLWLVFKHQQ7UDGLWLRQQHQWZLFNHOWWKDWGHUHQQ,QKDOWHHHQJDQQGHQQ%HJULII JHNQSIWW VLQG +LHUPLWW LVW ]XP HLQHQQ VSH]LHOOO SROLWLVFKHH .ULWLN JHPHLQW DEHUU DXFKK YLHOH DQGHUH )RUPHQQ GHV $XVOHEHQV YRQ ,QWHUHVVHQ GLH YRQQ GHU VRR JHQDQQWHQ ÄEUJHUOLFKHQ³³ gIIHQWOLFKNHLW QLFKWW DN]HSWLHUW RGHUU VRJDU QHJLHUWW ZHUGHQ³³ )ULVFKH Ä6FKRQ VHLWW (QGHH GHUU 6HFK]LJHU -DKUHIDQGHQVLFKYLHOH*UXSSHQ]XVDPPHQGLHPLW5DGLR)LOP9LGHR)RWRJUDILHXQG=HLWXQJHQ SROLWLVFKNXOWXUHOOXQGGVR]LDOODUEHLWHWHQ6LHHYHUVWDQGHQQVLFKDOV*HJHQJHZLFKWW]XGHQQKHUUVFKHQGHQ 0DVVHQPHGLHQ *HJHQQ GLH 0HLQXQJVPRQRSROHH XQGG GLHH 8QWHUGUFNXQJ EHVWLPPWHUU 1DFKULFKWHQ VROOWHHVLFKKGLHHÄHLJHQH³³1XW]XQJJGHUU0HGLHQQGHUUÄ5HDOLWlW³³VWHOOHQQXQGEHUUDNWXHOOHH(UHLJQLVVHHZLH 'HPRQVWUDWLRQHQQRGHUU6WUHLNVVEHULFKWHQÄÄHEG,QQGHQQDFKW]LJHUU-DKUHQQIDQGHLQHH([SDQVLRQ ZHLWHUHUU %HZHJXQJHQQ VWDWW )HPLQLVWLVFKH XQGG )ULHGHQVEHZHJXQJHQQ DEHU DXFKK $QWL$WRP %HZHJXQJHQQ YJO HEG $NWXHOO ILQGHW YRUU DOOHP HLQH 9HUVFKLHEXQJ GHU $UWLNXODWLRQVNDQlOH GHUU *HJHQ|IIHQWOLFKNHLWVEHZHJXQJ VWDWW 9RU DOOHP GLHH FRPSXWHUYHUPLWWHOWH .RPPXQLNDWLRQ QLPPWWLQQGLHVHP.RQWH[WWHLQHHLPPHUUZLFKWLJHUHH6WHOOXQJHLQ6RVLQGYRUUDOOHP%ORJVLQWHUDNWLYH VR]LDOHH1HW]ZHUNHGLHQVWHZLHH7ZLWWHU)DFHERRNNXQG&RVRZLHH2QOLQHSRUWDOHGLHHGRPLQLHUHQGHQ $XVVSLHONDQlOHHLQQGHUUKHXWLJHQQ=HLWWYJO:LPPHUU

'HILQLWLRQ

8PGHQQ7HUPLQXVV*HJHQ|IIHQWOLFKNHLWGHILQLHUHQQ]XN|QQHQZLUGGDXIIGLH)RUVFKXQJVHUNHQQWQLVVH YRQQ3URIHVVRUU-HIIUH\:LPPHUUYRQQGHUU7HFKQLVFKHQQ8QLYHUVLWlWW,OPHQDXX]XUFNJHJULIIHQ,QQVHLQHQ $XVIKUXQJHQQPHUNWHUUGHVgIWHUHQQDQGDVVGHUU%HJULII*HJHQ|IIHQWOLFKNHLWWQXUULQ=XVDPPHQKDQJJ PLWW GHP 3KlQRPHQQ GHUU gIIHQWOLFKNHLW VLQQYROOO GHILQLHUWW ZHUGHQ NDQQ $OOHUGLQJV ZHL‰W HU DXFK GDUDXI KLQ ÄGDVVV *HJHQ|IIHQWOLFKNHLW >«@ ZHGHU LQ LKUHUU %HGHXWXQJ QRFKK LQ LKUHU 4XDOLWlWW ]X HLQHP ZLUNOLFKHQQ *HJHQSROO HWDEOLHUWHUU gIIHQWOLFKNHLW DYDQFLHUHQQ NRQQWH 0HKUU QRFKK >«@ .RPPHU]LDOLVLHUXQJVXQGG3URIHVVLRQDOLVLHUXQJVWHQGHQ]HQQDXI6HLWHQYLHOHUUÄDOWHUQDWLYHU³³0HGLHQ KDEHQQGLHHXUVSUQJOLFKHQ*UHQ]]LHKXQJHQQ]ZLVFKHQQgIIHQWOLFKNHLWVVSKlUHQQZHLWJHKHQGGYHUZLVFKW³ HEG$XVVGLHVHP*UXQGGZLUGGVRZRKOOZHLWHDOVDXFKKHLQHHHQJHH'HILQLWLRQQDQJHIHUWLJW Ä,QQHLQHPHQJHUHQQ6LQQQYHUZHLVWGHU%HJULII*HJHQ|IIHQWOLFKNHLWDXIYHUVFKLHGHQDUWLJHH3KlQRPHQH |IIHQWOLFKHUU.RPPXQLNDWLRQ GLHHXQWHUU HEHQQ GLHVHP RIWW VWUDSD]LHUWHQQ %HJULIIIVXEVXPLHUWW ZHUGHQ³ HEG 0LW GLHVHQQ 3KlQRPHQHQQ PHLQWW :LPPHUU GLHH NODVVLVFKHQQ $NWLRQHQQ GHUU QHXHQQ VR]LDOHQ %HZHJXQJHQ ZLHH VLHH LQQ .DSLWHOO EHUHLWV YHUGHXWOLFKWW ZXUGHQ %HWUDFKWHW PDQQ GLHH ZHLWH 'HILQLWLRQQ QDFK :LPPHU VR ZHUGHQQ ]ZHLL ZHLWHUHH %HJULIIVGLPHQVLRQHQ GHVV 7HUPLQXV *HJHQ|IIHQWOLFKNHLWHUNHQQEDU

%HJUQGHWWZLUGGGLHVVPLWWGHQQ)XQNWLRQHQQGHUU0HGLHQQIUUGLHH*HVHOOVFKDIW

Ä$OVVHLQHH5HQDLVVDQFHHÄNULWLVFKHUU*HJHQ|IIHQWOLFKNHLW³RGHUUDOVV,QGLNDWRUUHLQHUUDNWLYHQQ

9RUOLHJHQGG ZLUGG MHGRFKK GLHH 'HILQLWLRQQ QDFK .URW] JHQXW]W GLHH DXFKK :LPPHUU DOV DXV 6LFKW GHU .RPPXQLNDWLRQVZLVVHQVFKDIW JOWLJHH $UEHLWVGHILQLWLRQQ DQVLHKW Ä*HJHQ|IIHQWOLFKNHLWW PHLQWW HLQH JHJHQQ HLQHH KHJHPRQLDOHH gIIHQWOLFKNHLW JHULFKWHWHH 7HLO|IIHQWOLFKNHLW GLH XP HLQHQ VSH]LILVFKHQ JHVHOOVFKDIWOLFKHQQ 'LVNXUVV RGHUU 6WDQGSXQNWW KHUXP VWUXNWXULHUWW LVW³³ .URW] D :LPPHU HUJlQ]WW KLHU]X QRFK Ä'LHVHH NULWLVFKHQQ 7HLO|IIHQWOLFKNHLWHQQ N|QQHQQ VLFKK GLHVVHLWVV XQGG MHQVHLWV PDVVHQPHGLDOHU gIIHQWOLFKNHLWW NRQVWLWXLHUHQ³ :LPPHUU 'LHVHH 'HILQLWLRQQ LVW IUU GLH YRUOLHJHQGH$UEHLWDOVJOWLJH$XVVDJH]XEHWUDFKWHQXQGZLUGDOVVROFKHHYHUZHQGHW

$NWHXUHH

8P GDVV .RQ]HSWW GHU *HJHQ|IIHQWOLFKNHLW YROOVWlQGLJ YHUVWHKHQ ]XX N|QQHQ PVVHQQ QDFKK GHU 'HILQLWLRQQ GHVV %HJULIIHVV XQGG GHUU (LQRUGQXQJ LQQ GHQ KLVWRULVFKHQ .RQWH[W QXQQ DXFKK GLHH $NWHXUH EHQDQQWW ZHUGHQ =ZDUU OLHJW GHU 6FKZHUSXQNWW GHUU $UEHLWW DXI GHUU FRPSXWHUYHUPLWWHOWHQ

.RPPXQLNDWLRQGHUU*HJHQ|IIHQWOLFKNHLW8PGDVV*HVDPWNRQ]HSWWDOOHUGLQJVYHUVWHKHQ]XXN|QQHQ EHGDUI HVV HLQHVV JDQ]KHLWOLFKHQQ %OLFNHV ZHVKDOEE DQ GLHVHUU 6WHOOHH DOOHH $NWHXUHH EHQDQQWW XQG GDUJHVWHOOWWZHUGHQ:LPPHUUGHILQLHUWYLHUU,QVWLWXWLRQHQGHUUJHJHQ|IIHQWOLFKHQ%HZHJXQJ'LHHQHXH VR]LDOHH %HZHJXQJ 16% DOWHUQDWLYHH 0HGLHQ .RPPXQLNDWLRQVJXHULOOD XQGG GHQQ 1HW]DNWLYLVPXVV YJOHEG

6HLWWGHQQLJHUU-DKUHQQKDEHQVLFKKYLHOHHYHUVFKLHGHQHQHXHHVR]LDOH%HZHJXQJHQQJHJUQGHWÄGLHHVLFK YRQQ GHUU EUJHUOLFKHQQ 3URYHQLHQ] DE]XKHEHQQ YHUVXFKWHQ LQGHP VLHH VLFKK DQGHUVV YHUKLHOWHQQ XQG DQGHUH:HUWHYHUWUDWHQ:LHHGLHHVR]LRORJLVFKHQQ*HJHQZDUWVGLDJQRVHQQ]HLJHQN|QQHQQ16%%VRPLWW HLQHUVHLWVDOVHLQQ3URGXNWWPRGHUQHU*HVHOOVFKDIWHQQYHUVWDQGHQQZHUGHQDQGHUHUVHLWVDEHUUDXFKKDOV HLQQ NROOHNWLYHUU $NWHXU GHUU IUU VR]LDOHQQ :DQGHO VRUJWW ]% GXUFK GLH 'XUFKVHW]XQJ YRQ %UJHUUHFKWHQ³³HEG6+LHULQQ]HLJWWVLFKKGDV%HVWUHEHQQGHUU%HZHJXQJJHJHQGLHHEHVWHKHQGH JHVHOOVFKDIWOLFKHH 2UGQXQJ VRZLHH GLH YRUKHUUVFKHQGHH gIIHQWOLFKNHLW YRU]XJHKHQQ XQGG GLHH HLJHQHQ ,QWHUHVVHQQVRZLH$QVLFKWHQQ]XYHUEUHLWHQYJO3XQNW'LH6WUXNWXUGHU16%LVWYLHOIlOWLJVRR UHLFKWWVLHHYRQQLQIRUPHOOHQVHOEVWRUJDQLVLHUWHQNOHLQHQUHJLRQDOHQQ*UXSSHQQ]%%UJHULQLWLDWLYHQ ELVV KLQQ ]X RUJDQLVLHUWHQ LQWHUQDWLRQDOHQQ 9HUElQGHQ ]% *UHHQSHDFHH RGHUU $WWDF (LQQ ZLFKWLJHV VWUXNWXUHOOHVV 0HUNPDOO GLHVHUU %HZHJXQJ LVW GLHH $EOHKQXQJ LQWHUQHU IRUPDOOHU 6WUXNWXUHQ +LHU]X :LPPHU Ä(VV OlVVW VLFKK DEVFKOLH‰HQG IHVWVWHOOHQ GDVVV HV KHXWH ]ZDUU LQQ HLQ]HOQHQQ 16% ]XX HLQHU ]XQHKPHQGHQQIRUPHOOHQQ6WUXNWXULHUXQJXQGGHLQHPPDUNDQWHQQ2ULHQWLHUXQJVZDQGHOOJHNRPPHQQLVW 'LHVHH(QWZLFNOXQJEHGHXWHWWDEHUUQLFKW]ZDQJVOlXILJGDVV(QGHHGHUUJHVHOOVFKDIWOLFKHQQ5HOHYDQ]GHU 16%,QVEHVRQGHUHGLHH)ULHGHQVEHZHJXQJIODPPWWMHQDFKK$NWXDOLWlWGHV7KHPDVVZLHGHUDXIXQGHV JHOLQJWLKUWHLOZHLVHLQQNXU]HUU=HLWWGLHH|IIHQWOLFKHH0HLQXQJ]XXPRELOLVLHUHQ³³:LPPHUU I ,QWHUHVVDQW LVWW GLHH 7DWVDFKH GDVVV DXVV HLQLJHQ *UXSSHQQ GHUU IUKHQQ 3URWHVWEHZHJXQJ KHXWH EHGHXWHQGH 2UJDQLVDWLRQHQ XQGG ,QVWLWXWLRQHQQ HQWVWDQGHQQ VLQG VRR ] % *UHHQSHDFH YJO )ULVFKHH (LQQZHLWHUHVZLFKWLJHVV0HUNPDOOGHUUKHXWLJHQQQHXHQQVR]LDOHQQ%HZHJXQJOLHJWGDULQGDVV VLHH ZHQLJHUU YHUVXFKHQQ HLJHQHH *HJHQgIIHQWOLFKNHLWHQQ ]XX VFKDIIHQ VRQGHUQQ HKHUU GDUXP EHPKWW VLQGGLKUHH,QWHUHVVHQQQDFKKDX‰HQQ]XWUDJHQYJO:LPPHUU+LHUIUULQVWUXPHQWDOLVLHUHQQVLH GLHH0DVVHQPHGLHQZRGXUFKKVLHHGLHHÄ)lKLJNHLWW>HUODQJHQ@QHXH6DFKYHUKDOWHHXQGG)UDJHQQ|IIHQWOLFK ]XPDFKHQQ *HJHQWKHPDWLVLHUXQJ³:LPPHUU

(LQQ ZHLWHUHUU $NWHXUU GHUU *HJHQ|IIHQWOLFKNHLW ILQGHW VLFKK LQQ GHUU DOWHUQDWLYHQQ 3UHVVH 6LHH ZLUG JU|‰WHQWHLOVVYRQQGHUU16%%DOVV$UWLNXODWLRQVPHGLXPJHQXW]WKDWVLFKDOOHUGLQJVLQGHQOHW]WHQ-DKUHQ DXFKK ]XX HLQHP VHOEVWVWlQGLJHQQ $NWHXUU IRUPLHUW $OVV ]HQWUDOHVV 0HUNPDOO GLHVHUU 3UHVVHDUWW JLOW GDVV VLHH VLFKK ÄDXVV GHUU $EOHKQXQJ GHUU KHUN|PPOLFKHQQ 3URGXNWLRQVZHLVHH XQGG %HULFKWHUVWDWWXQJ KHUDXV >«@@ HLQHH DOWHUQDWLYH $UW VRZRKOO GHUU 3URGXNWLRQQ DOVV DXFKK GHU .RPPXQLNDWLRQ GK GHQQ ,QKDOWHQ >HQWZLFNHOWWKDW@³³HEG,P0LWWHOSXQNWWGHUUDOWHUQDWLYHQQ0HGLHQQVWHKHQQVRPLWGLHH3DUWL]LSDWLRQ GHVV(LQ]HOQHQQXQGGGLHH*HJHQWKHPDWLVLHUXQJ=XXGHQQ%HVWDQWHLOHQQGHUUDOWHUQDWLYHQQ3UHVVHHJHK|UHQ =HLWXQJHQ =HLWVFKULIWHQ 6WDGWWHLO]HLWXQJHQ IUHLH 5DGLRV VRZLHH VHLWW (QGH GHUU LJHUU -DKUH

DOWHUQDWLYHH ,QIRUPDWLRQVTXHOOHQQ ZLHH :LNLSHGLD DOWHUQDWLYHH 1DFKULFKWHQGLHQVWHH ZLHH :LNLQHZV XQGG DOWHUQDWLYHH3XEOLNDWLRQVSODWWIRUPHQQZLHH,QG\PHGLDYJOHEG

$OVVZHLWHUHH,QVWLWXWLRQQGHVV.RQ]HSWHVVGHUU*HJHQ|IIHQWOLFKNHLWWVLQGGGLHH.RPPXQLNDWLRQVJXHULOODD]X QHQQHQ'LHVHVLQGGDOVV6DPPHOEHJULIIIIUUYHUVFKLHGHQH)RUPHQQGHVV0HGLHQDNWLYLVPXVV]XYHUVWHKHQ YJO HEG Ä'LHVH *UXSSHQ VLQGG ]XP JUR‰HQQ 7HLO VFKRQ VHLWW GHQQ $FKW]LJHUMDKUHQQ DOV 0HGLHQDNWLYLVWHQQWlWLJDEHUHUVWWGLHH0|JOLFKNHLWWGHUUQHXHQQ0HGLHQQXQGGGHUUFRPSXWHUYHUPLWWHOWHQ .RPPXQLNDWLRQQ KDEHQQLKQHQQ ]X HLQHP HQRUPHQQ $XIVFKXE YHUKROIHQ³³HEG 'LHH DXWRQRPH DIULNDJUXSSH GLHH HLQH GHU EHNDQQWHVWHQ *UXSSLHUXQJHQQ DXV GHUU 6SDUWH GHU .RPPXQLNDWLRQVJXHULOOD GDUVWHOOW GHILQLHUWW VLFKK IROJHQGHUPD‰HQ Ä>«@ 7HLOO HLQHVV 3UR]HVVHV LQ GHP JHVHOOVFKDIWOLFKHH +HUUVFKDIWVYHUKlOWQLVVH NULWLVLHUWW XQGG DQJHJULIIHQQ ZHUGHQQ ± QHXHUU XQG DOWHU 1DWLRQDOLVPXV 6H[LVPXVV 3DWULDUFKDW 5DVVLVPXVV XQGG GLHH PLWW LKQHQQ YHUNQSIWH NDSLWDOLVWLVFKH 3URGXNWLRQVZHLVH(VVEHWUDFKWHWGLH1RUPDOLVLHUXQJVROFKHU+HUUVFKDIWVYHUKlOWQLVVHHDXIGHU(EHQH GHUU JHVHOOVFKDIWOLFKHQQ 'LVNXUVHH XQGG GHUU )RUPHQQ GHUU .XOWXUHOOHQQ *UDPPDWLN XQGG IRUPXOLHUW $QVDW]SXQNWHH GDIU ZLHH VLQQ )UDJHH JHVWHOOW ZHUGHQQ N|QQHQ³³ DXWRQRPHH DIULNDJUXSSHH HWW DO 6 6RPLWW LVWW .RPPXQLNDWLRQVJXHULOOD HLQHH )RUP GHVV $NWLYLVPXV ZHOFKHH GLHH )RUP XQG 7DNWLN GHVV *XHULOODNDPSIHV DXII GLHH 6WUXNWXUHQQ GHU .RPPXQLNDWLRQQ EHUWUlJW 'XUFKK JH]LHOWH .DPSDJQHQYRU]XJVZHL‰HHEHUFRPSXWHUYHUPLWWHOWHH.DQlOHZLUGGYHUVXFKWWGLHgIIHQWOLFKNHLWIU GLHH MHZHLOLJHQQ $NWLRQHQQ ]X VHQVLELOLVLHUHQ 'DVV +DXSWLQWHUHVVHH GHUU %HZHJXQJ JLOWW GHP /RVO|VHQ YRQQ DOWHWDEOLHUWHQQ .RPPXQLNDWLRQV XQGG 6R]LDOVWUXNWXUHQ $OVV %HLVSLHOO KLHUIUU NDQQQ GLHH 2SHQ 6RXUFH%HZHJXQJ DOVV 7HLO GHUU .RPPXQLNDWLRQVJXHULOOD JHQDQQWW ZHUGHQ GLH DOVV $OWHUQDWLYH ]XX GHP EHVWHKHQGHQQ 0LFURVRIW%HWULHEVV\VWHP :LQGRZVV GDVV HQWJHOWIUHLH /LQX[ HQWZLFNHOWW KDW YJO :LPPHUU'HUU(UIROJGLHVHVV0RGHOOOOlVVWWVLFKKGDUDQQDEOHVHQGDVVVVLFKKPLWWOHUZHLOHHDXFK 0HGLHQ,QIRUPDWLRQVXQGG0DUNHWLQJJXHULOODDHWDEOLHUWKDEHQ

'LHHYLHUWH,QVWLWXWLRQQYRQQ*HJHQ|IIHQWOLFKNHLWWVWHOOWGHU1HW]DNWLYLVPXVVGDUÄ'HUU%HJULIII>«@@ZLUG LQQ GHU /LWHUDWXU YRUU DOOHP LQQ HLQHP HQJHUHQQ 6LQQ HQWZHGHUU IUU SROLWLVFKH 2QOLQHDNWLYLWlWHQ ]LYLOJHVHOOVFKDIWOLFKHUU $NWHXUHH RGHUU IUU 0XOWLPHGLDNXQVWSURMHNWHH YHUZHQGHW³³ HEG 'HU 1HW]DNWLYLVPXVV KDWW LQQGHQ OHW]HQQ-DKUHQQ VWDUN DQQ %HGHXWXQJ IU GLHH JHJHQ|IIHQWOLFKHH %HZHJXQJ JHZRQQHQ9RUDOOHPGXUFKGLHH=XQDKPHHDQQ6RFLDOO0HGLDXQGG%ORJVXQGGGDVVGDPLWWYHUEXQGHQH 3RWHQ]LDOO LP ,QWHUQHW KDW GLHH )RUP GHVV HOHNWURQLVFKHQQ ]LYLOHQQ 8QJHKRUVDPV HLQHQQ QHXHQ :DFKVWXPVVFKXEEHUKDOWHQ+lXILJZLUGGGHUU1HW]DNWLYLVPXVVDXFKKDOVV1HW]NULWLNEH]HLFKQHWZDVVYRU DOOHP LQQ GHU KHXWLJHQQ =HLWW VHKU WUHIIHQGG LVW +LHUU QHKPHQQ VRJHQDQQWHH :DWFKEORJV ZLHH ]% ELOGEORJGHHRGHUUVSLHJHONULWLNGHHLQHZLFKWLJH3RVLWLRQKLQVLFKWOLFKH[WHUQHU0HGLHQNULWLNHLQXQGG IXQJLHUHQQDOVVNULWLVFKHH%HREDFKWHUUGHVV9HUPLWWOXQJVV\VWHPV-RXUQDOLVPXVVYJO7UPSHUU 'LHH QHXHQQ 0HGLHQQ ELHWHQQ VRPLWW ]DKOUHLFKH QHXHH 0|JOLFKNHLWHQ IUU $NWHXUHH GHU *HJHQ|IIHQWOLFKNHLW'LHVHH0|JOLFKNHLWHQQVROOHQQDFKIROJHQGGLP(LQ]HOQHQQEHWUDFKWHWWZHUGHQ