,QKDOWVYHU]HLFKQLV

(LQOHLWXQJ

&RPDQGRR9HUPHOKRDOVVQLFKWVWDDWOLFKHUU$NWHXUU

*HZDOWEHJULIIIQDFKK*DOWXQJJ

'LHH0DQLIHVWDWLRQQYRQQ*HZDOWWLQQGHQQEUDVLOLDQLVFKHQQ*UR‰VWlGWHQ

0LOL]HQ

3DUDOOHOPDFKW-DDRGHUUQHLQ"

/LWHUDWXUYHU]HLFKQLV

(LQOHLWXQJ

³'LJR QR DD XQQ JRELHUQR FRUUXSWRR TXHH QR JDUDQWL]DD QXHVWUDD VHJXULGDG´ ± 'LHVHU $XVVSUXFKK N|QQWHH YRQQ HLQHPP %HZRKQHUU GHUU (OHQGVYLHUWHOO )DYHODV LQQ 5LRR GHH -DQHLURR RGHU 6mRR 3DXORR VWDPPHQ 'LHH EHLGHQQ EUDVLOLDQLVFKHQQ 6WlGWH ELOGHQQ GHQ 6FKZHUSXQNWW GHUU YRUOLHJHQGHQQ $UEHLW 'RFKK ZDUXPP NDQQQ GLHH GRUWLJHH 5HJLHUXQJ NHLQH 6LFKHUKHLWW IUU GLHH %HY|ONHUXQJ JDUDQWLHUHQ" ,PP )ROJHQGHQQ ZLUG ]XQlFKVW YHUGHXWOLFKW ZLH GLH 3ROL]HL LQ %UDVLOLHQ DOVV VWDDWOLFKHH ,QVWLWXWLRQQ RUJDQLVLHUW LVWW XQGG ZHOFKH 'HIL]LWHH VLFKK GDUDXVV HUJHEHQ 'HPP ZLUG LPP GULWWHQQ .DSLWHOO PLWW GHPP &RPDQGRR 9HUPHOKR HLQQ ZLFKWLJHU QLFKWVWDDWOLFKHU $NWHXUU JHJHQEHUJHVWHOOW 'LHH .RQIURQWDWLRQQ EHLGHUU *UXSSHQQ IKUWW IRUWODXIHQGG ]X KHIWLJHQQ $XVHLQDQGHUVHW]XQJHQ :HOFKHH .RQVHTXHQ]HQQ VLFKK GDEHLL IUU GLHH =LYLOEHY|ONHUXQJ HUJHEHQ ZLUGGDQVFKOLH‰HQGGDXVIKUOLFKKXQWHUVXFKW$XVJHKHQGYRPP*HZDOWEHJULIIQDFKK-RKDQQ*DOWXQJ ZLUGGGLHVHUUDPP%HLVSLHOOGHUUEUDVLOLDQLVFKHQQ*UR‰VWlGWHH]XUU$QZHQGXQJJHEUDFKW'DVVIQIWH .DSLWHOOJHKWWVFKOLH‰OLFKKDXIGDVVQHXH3KlQRPHQGHU0LOL]HQHLQ

=LHOGHUYRUOLHJHQGHQQ$UEHLWLVWHVDXIIGHUU*UXQGODJHHGLHVHUU%HWUDFKWXQJHQ]XXHU|UWHUQRELQQ GHQQEUDVLOLDQLVFKHQQ)DYHODVVHLQHSDUDOOHOH0DFKWW]XP6WDDWKHUUVFKW

2UJDQLVDWLRQQGHUUEUDVLOLDQLVFKHQQ3ROL]HLL 'LHH EUDVLOLDQLVFKHQQ 0HWURSROHQQ 6mRR 3DXORR XQGG 5LRR GH -DQHLURR ZDFKVHQQ LQVV 8QHUPHVVOLFKH %HVRQGHUVV LQ GHQQ )DYHODVV (OHQGVYLHUWHO QHKPHQQ GLH %HY|ONHUXQJV]DKOHQQ XQGG GDPLWW HLQKHUJHKHQG GLHH .ULPLQDOLWlWVUDWHQQ VWHWLJ ]X 'DVV HUVFKZHUWW PHKUU XQGG PHKUU GLH VWDDWOLFKH .RQWUROOHH LQQ GHQQ $UPHQYLHUWHOQ 'RFK EHUHLWVV MHW]WW LVWW GHU EUDVLOLDQLVFKH 6WDDW LQQ HLQLJHQQ *HELHWHQ QLFKWW LQQ GHUU /DJHH IUU 6LFKHUKHLWW ]XX VRUJHQQ VRZLHH 5HFKWW XQGG 2UGQXQJJ DXIUHFKW ]X HUKDOWHQ (QWVFKHLGHQGG LVWW GDEHL QLFKW GDVVV GLH =DKO GHU JHZDOWWlWLJHQ 9HUEUHFKHQ ]XQLPPW VRQGHUQ GDVVV MHQH ,QVWLWXWLRQHQ GLH IUU 6LFKHUKHLW VRUJHQ VROOHQ ]X GLHVHP $QVWLHJ EHLWUDJHQ DQVWDWWW LKPP HQWJHJHQQ ]XX ZLUNHQ (VV LVWW GHVKDOEE ZLFKWLJ ]X YHUVWHKHQZLHHGLHH3ROL]HLLLQQ%UDVLOLHQQRUJDQLVLHUWLVWWXQGGZHOFKH'HIL]LWHHVLFKKGDUDXVVHUJHEHQ 'LHEUDVLOLDQLVFKH3ROL]HLWHLOWWVLFKLQQPHKUHUHH6SDUWHQQDXI'LH3ROtFLD&LYLOYHUIROJWLQHUVWHUU /LQLHH 6WUDIWDWHQQ XQGG HQWVSULFKWW VRPLWW GHUU GHXWVFKHQ .ULPLQDOSROL]HL (QWVSUHFKHQGG GHUU GHXWVFKHQQ 6FKXW]SROL]HL JLEWW HV LQQ %UDVLOLHQQ GLH 3ROtFLDD 0LOLWDU 30 6LH LVW GDIU YHUDQWZRUWOLFK GLHH gIIHQWOLFKHH 2UGQXQJ DXIUHFKW]XHUKDOWHQQ XQGG ]X VFKW]HQ 'DQHEHQ

%DQGHLUDD

9JO+DDVHH 9JO&DOGHLUDD

H[LVWLHUW GLH 3ROtFLDD )HGHUDO %XQGHVSROL]HL ZHOFKHH XQPLWWHOEDUU GHP %XQGHVPLQLVWHULXPP XQWHUOLHJW

,QGHU9HUIDVVXQJYRQVWHKWGDVVVLQQHUVWHU/LQLHHGHUU6WDDWWIUGLHH$XIUHFKWHUKDOWXQJGHUU LQQHUHQQ 6LFKHUKHLWW YHUDQWZRUWOLFKK LVW -HGRFKK VFKHLQWW GLHH 3ROL]HLL PHKUU 6FKUHFNHQQ ]X YHUEUHLWHQQ DOVV IUU 5XKHH XQGG 2UGQXQJ ]XX VRUJHQ %HVRQGHUVV GLHH 3ROtFLDD 0LOLWDU LVW IU LKU EUXWDOHVV 9RUJHKHQQ EHNDQQW =ZLVFKHQQ XQGG W|WHWHH GLHH 3ROL]HLL LQQ 6mRR 3DXORR LQVJHVDPWW0HQVFKHQGDYRQQILHOHQQDOOHLQGHUU300]XPP2SIHU

(VV IlOOWW ZHLWHUKLQQ DXI GDVVV GLH $Q]DKOO GHU *HW|WHWHQ GLH GHU 9HUZXQGHWHQ ZHLWW EHUVWHLJW 'DVVVSULFKWWIUUGLHHXQYHUJOHLFKOLFKH6NUXSHOORVLJNHLWPLWWGHUUGLHH0LOLWlUSROL]HLLYRUJHKW *LOEHUWRR&DOFDJQRWWRRHUOlXWHUWVHKUXPIDVVHQGZRULQGLH'HIL]LWHGHUEUDVLOLDQLVFKHQQ3ROL]HL OLHJHQ =XPP HLQHQ YHUGLHQHQ GLH 3ROL]LVWHQQ YHUJOHLFKVZHLVH ZHQLJ 6FKPLHUJHOG]DKOXQJHQ ZHUGHQ VRPLWW DWWUDNWLYHU 2IWW LVWW GLH 3ROL]HLL VRJDU VHOEVWW LQQ GLH 2UJDQLVLHUWH .ULPLQDOLWlWW YHUZLFNHOW$QGHUHH JHKHQHLQHUU1HEHQEHVFKlIWLJXQJLPPLOOHJDOHQQ6LFKHUKHLWVGLHQVWWQDFKXP LKUU *HKDOWW DXI]XEHVVHUQ 'LHH GRSSHOWH %HODVWXQJ YHUXUVDFKWW 6WUHVV XQGG NDQQQ VRR ]XX JHZDOWWlWLJHQhEHUUHDNWLRQHQQIKUHQ'HVV:HLWHUHQQKlOWWHLQQJUR‰HU7HLOOGHU%HY|ONHUXQJGLHH 3ROL]HLVFKOLFKWWIULQHIIL]LHQW5LYDOLWlWHQQ]ZLVFKHQGHU3ROtFLDD&LYLOXQGGHUU3ROtFLDD0LOLWDU IKUHQQ]XX.RRUGLQDWLRQVVFKZLHULJNHLWHQQXQGVRPLWW]X9HU]|JHUXQJHQQEHLLGHUU(UPLWWOXQJJYRQQ 6WUDIWDWHQ (UVFKZHUHQGG NRPPW KLQ]X GDVVV VLHH VHKUU VFKOHFKW DXVJHUVWHW VLQG 'DVV EUXWDOH 9RUJHKHQOlVVWWVLFKKXDGDUDXI]XUFNIKUHQGDVVGLHYHUPHLQWOLFKHQQ9HUEUHFKHUDXVV0DQJHOO DQQ %HZHLVHQQ JH]ZXQJHQQ ZHUGHQ 7DWHQQ ]X JHVWHKHQ GLHH VLHH QLFKWW EHJDQJHQQ KDEHQ 9LHOH 6WUDIWDWHQQ MHGRFKK ZHUGHQ GHUU 3ROL]HL JDUU QLFKW HUVWW JHPHOGHW 'LHH PHLVWHQQ VFKZHLJHQQ DXV $QJVWW YRUU 5DFKHDNWHQ RGHUU GDYRU DXI 8QYHUVWlQGQLVV ]X VWR‰HQ (LQQ DXVUHLFKHQGHU =HXJHQVFKXW]]LVWWLQQ%UDVLOLHQQQLFKWWJHZlKUOHLVWHW

'RUWZRRGHU6WDDWVHLQHQQ3IOLFKWHQQLFKWWPHKUQDFKNRPPWWE]ZVHLQH/HJLWLPDWLRQQYHUORUHQ KDW YHUVXFKHQ DQGHUH QLFKWVWDDWOLFKH *UXSSHQQ GLHVH /FNH ]XX IOOHQ 'LH )DYHODVV GHUU EUDVLOLDQLVFKHQQ *UR‰VWlGWH ]lKOHQ ]XX GHQQ VRJHQDQQWHQ 5lXPHQQ EHJUHQ]WHU 6WDDWOLFKNHLW LQQ GHQHQQ ÄQLFKWVWDDWOLFKH $NWHXUH PLWW VWDDWOLFKHQQ $NWHXUHQ XPP GLHH

5HJHOGXUFKVHW]XQJVIlKLJNHLWWE]ZGDVV*HZDOWPRQRSROONRQNXUULHUHQ³

9JO&DOFDJQRWWR 9JO&DOGHLUDD 9JO&DOFDJQRWWR 9JO&DOGHLUDD 9JO&DOFDJQRWWR 9JO&DQRR ,QWHUQHW6)%%