,QKDOWVYHU]HLFKQLVV

6HLWH

(LQOHLWXQJ %LRJUDSKLHHXQGG:HUNHHHH

$UPVWURQJVV*ODXEHQVWKHRULHHGHUU:DKUQHKPXQJJJJJ

:DKUQHKPXQJDOVV(UZHUEEYRQQhEHU]HXJXQJ

'LHH5ROOHHGHUU6LQQHVRUJDQHHHH

:DKUQHKPXQJRKQHHhEHU]HXJXQJ

$UPVWURQJVV.ULWLNNDQQGHUU7KHRULHHGHUU6LQQHVGDWHQQQQ 8QEHZXVVWHH:DKUQHKPXQJ

=XVDPPHQIDVVXQJXQG.ULWLNNNN /LWHUDWXUUUU

(LQOHLWXQJJ

:DVV LVWW :DKUQHKPXQJ EHUKDXSW" (LQHH )UDJH PLWW GHUU VLFKK 'DYLGG $UPVWURQJ ZLHH YLHOHVHLQHU3KLORVRSKHQNROOHJHQEHIDVVWWKDW(UJHK|UWW]XXMHQHQZHOFKHGLH:HOWWDOV XQDEKlQJLJ YRPP *HLVWW H[LVWLHUHQGG DQVHKHQQ XQG EHWUDFKWHWW GLHH :DKUQHKPXQJ YRQ UHDOLVWLVFKHU E]Z HUNHQQWQLVWKHRUHWLVFKHU 6HLWH (U VHOEVWW EH]HLFKQHWW VLFK DOV ÄGLUHNWHU5HDOLVW³RGHUDXFK0DWHULDOLVWWE]Z1DWXUDOLVW$UPVWURQJHQWZLFNHOWHHLQH :DKUQHKPXQJVWKHRULH GLHH GDYRQQ DXVJHKW GDVVV GXUFKK :DKUQHKPXQJ hEHU]HXJXQJHQQHUZRUEHQZHUGHQ

,Q GLHVHUU +DXVDUEHLWW ZHUGHH LFKK VHLQHH 7KHRULHH GHUU :DKUQHKPXQJ GXUFK hEHU]HXJXQJVHUZHUEEGDUVWHOOHQQXQGGKDXSWVlFKOLFKKPLWWGHPP.DSLWHOO³3HUFHSWLRQQDQGG %HOLHI³ LQQ VHLQHP %XFK $$ 0DWHULDOLVWW 7KHRU\ RII 0LQG DUEHLWHQ ZREHL LFK DXV *UQGHQQGHUU2ULHQWLHUXQJGLHH.DSLWHOEHUVFKULIWHQZHLWHVWJHKHQGGEHLEHKDOWH %LRJUDSKLHXQGG:HUNHH

*HERUHQZLUGG'DYLGG0DOHWW$UPVWURQJDPP-XOLLQQ0HOERXUQH$XVWUDOLHQQDOV 6RKQQ HLQHVV 2IIL]LHUVV LQ GHUU $XVWUDOLDQQ 1DY\ XQGG HLQHUU (QJOlQGHULQQ DXVV -HUVH\ &KDQQHOO,VODQGV7RFKWHUGHVV2[IRUGHUU$QWKURSRORJHQQ550DUHWW 1DFKKGHUU6FKXOHHXQG]ZHLL-DKUHQQLQQGHUU1DY\VWXGLHUWW'DYLGG$UPVWURQJJYRQQ 3KLORVRSKLHHDQQGHUU8QLYHUVLW\RII6\GQH\'RUWWEHJHJQHWWHUUGHPP6FKRWWHQQ-RKQ $QGHUVRQQ ,QKDEHUU GHVV /HKUVWXKOVV IUU 3KLORVRSKLHH XQGGSKLORVRSKLVFKHU ,NRQRNODVW GHUU OHXJQHW GDVVV HVV HWZDVV DX‰HUU GHP UDXP]HLWOLFKHQQ 8QLYHUVXPP JHEH DOVRREHLVSLHOVZHLVHLGHDOH*HJHQVWlQGHGLH6HHOH0RUDOIUHLHQQ:LOOHQQRGHU*RWW $UPVWURQJ LVWW GHU JOHLFKHQQ $QVLFKW HU QHQQWW HVV 1DWXUDOLVPXVV E]Z 0DWHULDOLVPXV JHK|UWWMHGRFKKQLHHGHPP.UHLVVGHUU$QKlQJHUU$QGHUVRQV 9RQQELVVVWXGLHUW HUU GHQQ %DFKHORUU GHUU 3KLORVRSKLHH DPP ([HWHUU &ROOHJHH LQQ 2[IRUG 'DPLWW JHUlWW HU YRUU DOOHPP LQQ GHQQ (LQIOXVVNUHLVV GHUU 0lQQHUU *LOEHUW 5\OH 3URIHVVRUU IU PHWDSK\VLVFKHH3KLORVRSKLHHXQGG+HUDXVJHEHUUGHUU=HLWVFKULIWW0LQGG-RKQQ/

3URIHVVRUU IUU /RJLN GHUU VLFKK KDXSWVlFKOLFKK PLWW GHUU :DKUQHKPXQJJ XQGG GHPP 'HQNHQQ EHVFKlIWLJW $UPVWURQJ LQWHUHVVLHUWW VLFK VFKRQQ GDPDOVV VHKUU IUU GDVV 7KHPDD :DKUQHKPXQJ ZHVKDOEE HUU +HQU\ 3ULFHH DOVV VHLQHQQ 6XSHUYLVRUU ZlKOW +HQU\ 3ULFHVV

KWWSZZZLQIRUPDWLRQSKLORVRSKLHGHSKLORVRSKLHDXVWUDOLHQDUPVWURQJKWPO! =XJULII6HSWHPEHUU

:HUN3HUFHSWLRQOHKQWW.DXVDOWKHRULHQQGHUU:DKUQHKPXQJDE3ULFHKLOIWWLKPP VHKUUEHLVHLQHPP$XIVDW]EHUU%HUNHOH\V7KHRU\RI9LVLRQDUEHLWHW$UPVWURQJ DOVV ZLVVHQVFKDIWOLFKHU 0LWDUEHLWHU GHU 3KLORVRSKLH DPP %LUNEHFN &ROOHJH HLQHP $EHQGFROOHJHGHU/RQGRQQ8QLYHUVLW\(UHQWVFKHLGHWWVLFKHLQHQQ3K'LQQ/RQGRQQ]X PDFKHQQXQGGVXFKWWVLFKK1HZ7KHRU\RI9LVLRQYRQ%HUNHOH\DOVV7KHPD'RUWWULIIWHU DXFKK DXII $OIUHGG- $\HUU GHU LKQQ ]X GHUU $XVDUEHLWXQJ HLQHU :DKUQHKPXQJVWKHRULHH DXVV 6LFKWW GHVV GLUHNWHQQ 5HDOLVPXVV HUPXWLJWH NHKUWW HU QDFKK$XVWUDOLHQQ]XUFNXPPGRUWWDOVV'R]HQWDQQGHUU0HOERXUQHH8QLYHUVLW\]XDUEHLWHQ 6HLQQ +DXSWLQWHUHVVH JLOW LPPHU QRFKK GHU :DKUQHKPXQJ (UU VHW]W GLHH $UEHLWW DQQ %HUNHOH\VV WKHRU\ RII YLVLRQQ IRUW ZHOFKHVV YHU|IIHQWOLFKWW ZLUG ,PP JOHLFKHQQ -DKU ZLUGG LKPP GHUU 3K' YRQQ GHUU 0HOERXUQHH 8QLYHUVLW\ YHUOLHKHQ $UPVWURQJ NULWLVLHUWW %HUNHOH\VV 7KHRULH GDVVV GLHH YLVXHOOHQQ 2EMHNWHH GHUU :DKUQHKPXQJ QXU ]ZHLGLPHQVLRQDOO VHLHQ DXIJUXQGG GHUU ]ZHLGLPHQVLRQDOHQQ 1DWXU GHU 5HWLQD 'DKHU VHLHQQ GLHH YLVXHOOHQQ 2EMHNWHH XQGG GLHH DQIDVVEDUHQQ GUHLGLPHQVLRQDOHQQ .|USHUU YRQHLQDQGHUU YHUVFKLHGHQ :HQQQ PDQQ VLFK GDVV :DKUJHQRPPHQHH DOVV 2EMHNWW XQGG DOV UHLQQ ]ZHLGLPHQVLRQDOO YRUVWHOOW GDQQQ N|QQH %HUNHOH\V $UJXPHQW NODSSHQ NRPPHQWLHUWW $UPVWURQJ ,Q]ZLVFKHQQ KlOWW HU %HUNHOH\V 3RVLWLRQQ IUU YHUWUHWEDUHU DOOHUGLQJV LVWW HUU LPPHUU QRFKK QLFKWW GHUU $QVLFKW GDVVV GLHH ,QIRUPDWLRQHQ GLH XQPLWWHOEDUGXUFKGDV6HKHQJHOLHIHUWZHUGHQQXUU]ZHLGLPHQVLRQDOOVLQG ZLUGGVHLQQ%XFKK3HUFHSWLRQQDQGGWKHH3K\VLFDOO:RUOGYHU|IIHQWOLFKWLQQGHPHUGLH :DKUQHKPXQJXQGGGLHHSK\VLVFKHH:HOWWDXVV6LFKWWGHVVGLUHNWHQQ5HDOLVPXVVEHOHXFKWHW XQGG GDEHLL ,OOXVLRQ 9HULILNDWLRQQ VRZLHH .DXVDOLWlWW EHKDQGHOW (EHQVRR YHUVXFKWW HU JHJHQQ GLHH UHSUlVHQWDWLYHH :DKUQHKPXQJVWKHRULH XQGG GHQQ 3KlQRPHQDOLVPXVV ]X DUJXPHQWLHUHQ

,Q GHPP HUVFKLHQHQHQQ :HUNN %RGLO\\ 6HQVDWLRQV YHUVXFKWW $UPVWURQJ *HIKOH ÃVHQVDWLRQV¶ YRQQ +LW]H 6FKPHU] 'UXFNN XVZ XQGG WDNWLOHH XQGG N|USHUOLFKH :DKUQHKPXQJHQQ ]X XQWHUVFKHLGHQ 'LHH ÄVHQVDWLRQV³³ XQWHUWHLOWW HUU LQQ ³WUDQVLWLYHH VHQVDWLRQV³ MHQHH GHUU +LW]H GHVV 'UXFNHV XVZ XQGG ³LQWUDQVLWLYHH VHQVDWLRQV³ MHQH *HIKOHHGHVV6FKPHU]HV6FKPHU]OlVVWWVLFKKQLFKWWYRPP*HIKOOGHVV6FKPHU]HVVWUHQQHQ ZlKUHQGGGLHVVEHLL+LW]HHXQGGGHPP*HIKOOYRQQ+LW]HHVFKRQQP|JOLFKKLVW ZLUGG $UPVWURQJ DOVV 3URIHVVRUU IUU 3KLORVRSKLHH DQQ GLHH 8QLYHUVLW\ RII 6\GQH\ EHUXIHQDQQGHUUHUUELVV]XXVHLQHUU(PHULWLHUXQJLPP-DKUHHEOHLEW

$UPVWURQJ'DYLGG06HOI3URILOHLQ%RGJDQ5-+J'0$UPVWURQJ'RUGUHFKWWXD 63URILOH

(EG6

'DVV:HUNN$0DWHULDOLVWW7KHRU\RIIWKH0LQGGEHVFKlIWLJWVLFKKPLWWGHQQ7KHRULHQ XQGG .RQ]HSWHQQ GHVV *HLVWHV (VV LVWW XQWHUWHLOWW LQQ GUHLL +DXSWDEVFKQLWWH 7KHRULHQQ GHVV *HLVWHV GDVV .RQ]HSWW GHVV *HLVWHVV XQGG GLHH 1DWXU GHVV *HLVWHV ,PP HUVWHQQ $EVFKQLWW NULWLVLHUWW $UPVWURQJ GHQ 'XDOLVPXV (LJHQVFKDIWVWKHRULHQQ XQGG GHQQ %HKDYLRULVPXV XQGG VWHOOWW VHLQHH HLJHQH ³&HQWUDOVWDWH³7KHRULHH GDU ,P ]ZHLWHQQ JHKWW HUU DXII GHQQ :LOOHQ :LVVHQQ XQGG 6FKOXVVIROJHUXQJ :DKUQHKPXQJ XQGG hEHU]HXJXQJ ÄERGLO\ VHQVDWLRQV³³ XQGG 6HOEVW%HREDFKWXQJ HLQ ,P GULWWHQ VHKUU NXU]HQQ $EVFKQLWWW JHKWW HVV XPP GLHH ,GHQWLILNDWLRQQ GHVV 0HQWDOHQQ PLW GHP 3K\VLVFKHQ $UPVWURQJ QHQQWW HVV ÄNRQWLQJHQWH³ ,GHQWLWlW GDV KHL‰W MHGHVV JHLVWLJHH (UHLJQLVV LVWW PLWW HLQHPP SK\VLVFKHQ (UHLJQLVVLPP*HKLUQQLGHQWLVFKDOVV%HLVSLHOOQHQQWWHUGHQQ$EHQGXQGG0RUJHQVWHUQ IROJWW GDVV :HUNN %HOLHI 7UXWKK DQGG .QRZOHGJH 1DFK GHU 9HU|IIHQWOLFKXQJ EHJLQQWW $UPVWURQJ VLFK PLWW 2QWRORJLH XQGG GHPP 8QLYHUVDOLHQSUREOHP ]X EHVFKlIWLJWHQ ,QQ GHUU 'HEDWWHH ]ZLVFKHQQ 1RPLQDOLVPXVV XQGG 5HDOLVPXVV LVWW HUU YRQ $QIDQJ DQQ DXII 6HLWH GHV 5HDOLVPXVV JHZHVHQ 'HU 1RPLQDOLVPXVV EHVWUHLWHWW GLH ([LVWHQ]YRQQ8QLYHUVDOLHQZlKUHQGGGHUU5HDOLVPXVVVLHHDQHUNHQQW$UPVWURQJLVWWGHU $QVLFKW GDVVV (LJHQVFKDIWHQQ XQG %H]LHKXQJHQ 8QLYHUVDOLHQ VLQG (U EHQXW]W 8QLYHUVDOLHQXPPbKQOLFKNHLWHQQ]ZLVFKHQ]ZHLL'LQJHQ]XXHUNOlUHQ'HPQDFKJLEWWHV HLQQ 8QLYHUVDOH GDVV LQQ EHLGHQQ 'LQJHQ ZLHH HUU HVV QHQQWW LQVWDQWLLHUW LVW 'DVV %XFK 8QLYHUVDOVVDQGG6FLHQWLILFF5HDOLVPGDVVGLHVHH7KHPDWLNNEHKDQGHOWHUVFKHLQWW'LH 7KHRULHH GHUU 8QLYHUVDOLHQQ DOVV *UXQGODJHH QHKPHQG HQWZLFNHOWW $UPVWURQJ HLQH 7KHRULHH GHUU 1DWXUJHVHW]H (U EHDUEHLWHW KLHUEHL GLH )UDJH ZDVV GHU RQWRORJLVFKH *UXQGG GHUU 1DWXUJHVHW]H XQGG ZDVV IUU GLH :DKUKHLWW HLQHUU *HVHW]HVDXVVDJH YHUDQWZRUWOLFKKLVWHUVFKHLQWWQRFKKHLQQ:HUNNEHUU8QLYHUVDOLHQ8QLYHUVDOV$Q 2SLQLRQDWHGG ,QWURGXFWLRQ XQGG ZHUGHQQ $$ :RUOGG RII 6WDWHVV RII$IIDLUVV XQGG 7KHH 0LQG%RG\\ 3UREOHP $QQ 2SLQLRQDWHGG ,QWURGXFWLRQ YHU|IIHQWOLFKW GLH VLFK PLWW GHPP/HLE6HHOH3UREOHPEHVFKlIWLJHQ

$UPVWURQJVV*ODXEHQVWKHRULHHGHUU:DKUQHKPXQJ

:DKUQHKPXQJJDOVV(UZHUEEYRQhEHU]HXJXQJ

$UPVWURQJJEHWUDFKWHWW:DKUQHKPXQJDOVVÄ(UZHUEZDKUHURGHUUIDOVFKHUUhEHU]HXJXQJ HU JHEUDXFKWW GDVV HQJOLVFKH :RUW ÄEHOLHI³ EH]JOLFKK GHVV JHJHQZlUWLJHQ =XVWDQGVV

$UPVWURQJ'DYLG0$0DWHULDOLVW7KHRU\RIWKHH0LQG/RQGRQ1HZ

3URILOH6ZZZLQIRUPDWLRQSKLORVRSKLHGH

GHVV 2UJDQLVPXVV VHOEVWW XQGG VHLQHUU 8PJHEXQJ³ $OVV $UJXPHQWW IUU GLHVH 7KHRULHH IKUWWHUDQGDVVGLHH)XQNWLRQQGHUU:DKUQHKPXQJJDXVVELRORJLVFKHU6LFKWWGLHHLVWGHP :DKUQHKPHQGHQQ ,QIRUPDWLRQHQQ EHUU VLFKK XQGG VHLQHH 8PJHEXQJ ]XX JHEHQ GLHH LKP GDVVhEHU/HEHQQHUP|JOLFKHQ,QGHU$UWZLHHGLH:DKUQHKPXQJPLWWGHUUSK\VLVFKHQQ :HOWWEHUHLQVWLPPWWE]ZHVVQLFKWWWXWVWLPPHQQGLHHHUZRUEHQHQhEHU]HXJXQJHQPLWW GHQQ 7DWVDFKHQ EHUHLQQ E]Z WXQQ HVV QLFKW *LEWW HVV hEHUHLQVWLPPXQJ HUZLUEWW PDQQ ZDKUHhEHU]HXJXQJHQJLEWWHVVNHLQHVRRHUZLUEWPDQQIDOVFKHhEHU]HXJXQJHQ:DKUH hEHU]HXJXQJ NDQQQ :LVVHQQ VHLQQ RGHUU DXFKK EOR‰H hEHU]HXJXQJ GLH VLFK DOV ZDKU KHUDXVVWHOOW 'HU (UZHUEE IDOVFKHU hEHU]HXJXQJ NDQQQ PLWW 6LQQHVWlXVFKXQJJ JOHLFKJHVHW]WWZHUGHQ$UPVWURQJVHOEVWWPHUNWWDQGDVVVGHU%HJULIIÄhEHU]HXJXQJ³LQQ GLHVHP)DOOOOHLFKWWIlOVFKOLFKHUZHLVHPLWW5HIOHNWLRQYHUZHFKVHOWWZHUGHQNDQQHVVDEHU VFKZLHULJVHLHLQHQDQGHUHQQ%HJULIII]XILQGHQ0DQQN|QQWHHYRQÄ8UWHLOHQ³VSUHFKHQ $UPVWURQJJ PHLQWW DEHU GDVV VHLL QRFKK YHUZLUUHQGHUU DOVV GHUU %HJULIII ÄhEHU]HXJXQJ³ :HVKDOEE HU GDV VRR VLHKW HUNOlUW HU DOOHUGLQJV QLFKW 6HLQH P|JOLFKH $OWHUQDWLYHH Ä%HZXVVWVHLQ³³ KDWW GHQQ1DFKWHLO GDVVV PDQQ NDXPP YRQQ HLQHPP ÃIDOVFKHQQ %HZXVVWVHLQ¶ VSUHFKHQQNDQQ'HQQ%HJULIIIÄ$EELOGXQJ³³N|QQWHHPDQQYHUZHQGHQ(LQHHÄ$EELOGXQJ³³ NDQQQZDKUURGHUUIDOVFKKVHLQHUZHFNWWDEHUUGHQQ$QVFKHLQDOVVZUGHHQXUUHLQQ(LQGUXFNN DXIIXQVHUHQQ*HLVWWKLQWHUODVVHQQXQGGQLFKWWPHKU'D$UPVWURQJDEHUUEHU]HXJWWLVWGDVVV :DKUQHKPXQJPHKUULVWJHQJWWLKPPGLHVVQLFKW(UVHW]WVFKOLH‰OLFKKÄ,QIRUPDWLRQ³PLW hEHU]HXJXQJ JOHLFK XQWHUVFKHLGHWW DOVRR QLFKWW ]ZLVFKHQQ ,QIRUPDWLRQ XQGG GHUHQ (UJHEQLV GHUU hEHU]HXJXQJ 6LQQHVWlXVFKXQJ ZlUHH LQQ GLHVHPP )DOOO Ä)HKOLQIRUPDWLRQ³ $OOHUGLQJV NDQQQ PDQQ KLHUU OHLFKWW GXUFKHLQDQGHUU NRPPHQQ XQG ,QIRUPDWLRQQE]ZhEHU]HXJXQJPLWW:DKUQHKPXQJJOHLFKVHW]HQ

$QQDQGHUHUU6WHOOHHZHLVWW$UPVWURQJQRFKKHLQPDOOGDUDXIIKLQGDVVVGLHVVHLQHUU$QVLFKWW QDFK QLFKWW GHU )DOOO LVW hEHU]HXJXQJ VHLL PHKU RGHU ZHQLJHUU ODQJHU =XVWDQGG GHVV *HLVWHVGHUVLFKKHQWZHGHUPDQLIHVWLHUWRGHUUDXFKQLFKW:DKUQHKPXQJKLQJHJHQQVHLL HLQQ ]XX HLQHU EHVWLPPWHQ =HLWW VWDWWILQGHQGHVV (UHLJQLV GDVV GDQDFKK ZLHGHU YRUEHLL LVW Ä%HOLHILVVDGLVSRVLWLRQDOOVWDWHRIPLQGGZKLFKKHQGXUHVVIRUUDDJUHDWHUURUUOHVVHUOHQJWKKRII WLPHDQGGWKDWPD\RUPD\QRWWPDQLIHVWWLWVHOIGXULQJWKDWWWLPH%XWWSHUFHSWLRQVVDUH GHILQLWHHYHQWVVWKDWWDNHHSODFHHDWGHILQLWHLQVWDQWVVDQGGDUHHWKHQQRYHU ´´

$UPVWURQJ'DYLG0*ODXEHQVWKHRULHHGHUU:DKUQHKPXQJLQ:LHVLQJ/DPEHUW3KLORVRSKLHHGHUU :DKUQHKPXQJ0RGHOOHHXQG5HIOH[LRQHQ)UDQNIXUWDP0DLQ6*ODXEHQVWKHRULH

(EG6 (EG6

0706