(LQOHLWXQJ 'LH,GHDOHHYRQQ.DUOO0DU[ .DUO0DU[[±gNRQRPRGHUU3KLORVRSK" 'HUU.DSLWDOLVPXVV±:XU]HODOOHQQhEHOV"

'HU.RPPXQLVPXV±±'LH/|VXQJJDOOHUU3UREOHPH"

'LH8G665DOV%HLVSLHOIUGHQ0LVVEUDXFKYRQQ.DUOO0DU[ bUDD/HQLQQ

bUD6WDOLQ 'LHH*HZDOWIUDJH )D]LW

'LHKHXWLJH*HVHOOVFKDIWWXQGGGHUU.RPPXQLVPXV 8PIUDJHH]XUUDOOJHPHLQHQQJHVHOOVFKDIWOLFKHQQ0HLQXQJJ 5HVXOWDWHHGHUU8PIUDJH 6FKOXVVIROJHUXQJHQQDXVVGHUU8PIUDJHH 0HLQXQJVELOGXQJGHVV9RONHVV±±:RKHUUNRPPWGHU(LQIOXVV"" )D]LW

.DUO0DU[±'HU]HLWORVH3KLORVRSK"" .RPPXQLVPXVKHXWH" 6FKOXVVZRUWW

'LHH0DFKWGHUU6SUDFKHH±±HLQQPlFKWLJHVV:HUN]HXJIUUGLHGLHHVVJHVFKLFNWWHLQVHW]HQ N|QQHQ :HQQ 6LHH GDVV :RUWW Ä:LUWVFKDIW³ OHVHQ DVVR]LLHUHQQ 6LHH HVV KHXWH ZDKUVFKHLQOLFK VRIRUWW PLW GHP :RUWW Ä.ULVH³ 'DVV ZDU YRU HLQLJHQ -DKUHQQ YLHOOHLFKWW QLFKWWVR9LHOOHLFKWGDFKWHQQ6LHH EHLLÄ:LUWVFKDIW³³YRUPHKUHUHQ-DKUHQQQRFKKDQ HLQHQ JUR‰HQ(UIROJLQQ,KUHP%HUXIVOHEHQ

$VVR]LDWLRQHQlQGHUQQVLFKK±±ZHQQQHVVGHQQQHLQHQ$QVWR‰GD]XXJLEW 'RFKKPDQFKHH:|UWHUUZHUGHQQ PLW%HGHXWXQJHQQ EHKDIWHWXQG GLHVHZHUGHQQ RIW QLFKW PHKUUKLQWHUIUDJW6LHVFKZLQJHQQPLWWGHP:RUWWPLWWXQGVFKZHEHQQLQQGHU/XIWVREDOGG HV DXVJHVSURFKHQ ZLUG 1DFK HLQLJHU =HLWW VLQG GLHVH $VVR]LDWLRQHQ GLHVH YHUERUJHQHQQ %HGHXWXQJHQQ GHVV :RUWHV JDU VR PlFKWLJ GDVVV VLHH GHQQ HLJHQWOLFKHQQ %HJULIII HUVHW]HQ 'LHVHQ 3UR]HVV UFNJlQJLJ ]XX PDFKHQ LVW IDVW XQP|JOLFK MHH QDFKGHPZLHODQJHHGHU%HJULIIYRQGLHVHQQ$VVR]LDWLRQHQQEHUODJHUWWZLUG

'DVV%HLVSLHODXIGDVVHVVPLUULQIROJHQGHPDQNRPPWLVWWGHU%HJULIIÄ.RPPXQLVPXV³³± GHUU YLHOOHLFKWW PLVVYHUVWDQGHQVWHH %HJULIII GHUU 1HX]HLW :RUDQQ GDVV OLHJW LVWW GLHH IHVWHH hEHU]HXJXQJJGHUU0HKUKHLWW]XXZLVVHQRKQHZLUNOLFK]XZLVVHQHWZDVVKLQ]XQHKPHQQ XQGGQLFKWWPHKU]XKLQWHUIUDJHQ6ROHUQHQQGLHH0HQVFKHQQGLHVHQ%HJULIILQQ9HUELQGXQJJ PLWGHP.DOWHQ.ULHJPLWW(QWHLJQXQJJXQGG'LNWDWXU8QGGVRZLUGGLHVHVV:RUWWJHSUlJW 8QGG QLHPDQG IUDJWW VLFK ZDV HVV HLJHQWOLFKK EHGHXWHW ZHLOO MHGHUU PHLQW HVV EHUHLWV ]XX ZLVVHQ

'LHVHV0LVVYHUVWlQGQLVVJLOWWHVVKLHU]XXHUOlXWHUQ,FKZHUGHH]HLJHQZLH.DUOO0DU[[GHQ .RPPXQLVPXVV GHILQLHUWH XQG DQKDQGG GHV %HLVSLHOV GHU 8G665 HUOlXWHUQ ZLHH GLH 9HUVXFKHH GHUU 5HDOLVLHUXQJ GHV .RPPXQLVPXVV LQ VWDDWOLFKHQ 6\VWHPHQQ DXVVDKHQ XQGGVFKOLH‰OLFKKXQWHUVXFKHQZLHYLHOGLHVHH8PVHW]XQJVYHUVXFKHWDWVlFKOLFKPLWW.DUO 0DU[ ]XX WXQQ KDWWHQ (VV VROO JH]HLJWW ZHUGHQ GDVVV GDV ZDKUH *HVLFKWW GHV .RPPXQLVPXVV HWZDV LVW PLW GHP VLFKK YLHOH LGHQWLIL]LHUHQ GHP YLHOH ]XVWLPPHQQ ZUGHQ

ZHQQGHQQGHUU%HJULIIIPLWVHLQHUUGXQNOHQ9HUJDQJHQKHLWVHOEVWQLFKWWZlUHGHUUGLH 0HQVFKHQGDYRU]XUFNVFKUHFNHQQOlVVW

',((,'($/((9211.$5//0$5;;;

,QQGLHVHP.DSLWHOOZLGPHHLFKPLFKKGHQ$QVLFKWHQXQG,GHDOHQQYRQQ.DUOO0DU['LHVVLVW DQJHVLFKWVV GHU YLHOVFKLFKWLJHQQ 0DU[7H[WH VFKZHU GHQQRFK JLOWW HVV HLQH hEHUVLFKW EHU GLH ZLFKWLJVWHQ .HUQDXVVDJHQ YRQ 0DU[[ ]X JHEHQ GDPLWW LP VSlWHUHQQ 9HUODXII GLHH(UNHQQWQLVVHDXIDQGHUHH8PVWlQGHEHUWUDJHQZHUGHQQN|QQHQ

.DUO0DU[[gNRQRPRGHUU3KLORVRSK"

0DU[¶XQ]lKOLJH:HUNHHNUHLVHQPHLVWXPGHQ%HJULIIÄ.DSLWDOLVPXV³(UEHIDVVWVLFKK PLW XQWHUVFKLHGOLFKVWHQQ )DFHWWHQQ GLHVHVV %HJULIIHV 6R EHVFKUHLEWW 0DU[[ QLFKW QXU LQ VHLQHP :HUNN Ä'DV .DSLWDO³³ LQQ DOOHQQ (LQ]HOKHLWHQ ZLH GLHVHVV 6\VWHP LQQ GHUU 3UD[LVV IXQNWLRQLHUW VRQGHUQ DXFKK LQQ VHLQHQQ DQGHUHQQ 6FKULIWHQ ZLHH GHP Ä0DQLIHVWW GHU .RPPXQLVWLVFKHQ3DUWHL³ RGHUUGHQQÄ3ROLWLVFKgNRQRPLVFKHQ0DQXVNULSWHQ³ JHKWHVV LPPHUUZLHGHUUXPGLHHgNRQRPLH ,VWW0DU[[DOVRRGXUFKKXQGGXUFKHLQQgNRQRP""

'LH $QWZRUW LVWW QHLQ (U YHUVXFKW YLHOPHKU PLWKLOIH GHUU 3KLORVRSKLHH ]X HUIDVVHQ ZLH GHUU .DSLWDOLVPXVV DQGHUH %HUHLFKH GHVV /HEHQVV EHHLQIOXVVW 0DQ PXVVV VLFK QlPOLFK HLQHUU 7DWVDFKH EHZXVVWW VHLQ

0DU[ Ä>LVW@@ XQG >EOHLEW@ HLQQ 3KLORVRSKK XQGG 6R]LRORJH IU GHQQ GLHH )UDJHH GHVV 0HQVFKHQQ GLHH ]HQWUDOH )UDJHH LVW³ 'LH ZLUWVFKDIWOLFKHQQ %HGLQJXQJHQQ VLQGG GLHH

*HVHOOVFKDIW³ 6LHH EHVWLPPHQQ

GHQQhEHUEDXXXQGVRPLWW.XQVW5HFKW3ROLWLN5HOLJLRQQXQG3KLORVRSKLHH$EE (V

9JO 0DU[ .DUO HW DO 0DQLIHVWW GHUU NRPPXQLVWLVFKHQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6II

9JO)HWVFKHU,ULQJJHWDO.DUO0DU[)ULHGULFK(QJHOV6WXGLHQDXVJDEHH,,3ROLWLVFKHHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6II

=LW6FKDII$GDP0DU[LVPXVXQGGGDVVPHQVFKOLFKHH,QGLYLGXXP$XIODJH:LHQ)UDQNIXUW=ULFK(XURSDD 9HUODJ

=LW %URFNKDXV )$ 'HU -XJHQGG %URFNKDXVV LQ GUHL %lQGHQ =ZHLWHUU %DQG *523,$ $XIODJH /HLS]LJ%URFNKDXV)$6

9JO (QJHOKDUW .ODXV 6R]LDONXQGHH IUU GLHH -DKUJDQJVVWXIHQQ XQGG $XIODJH 3DGHUERUQ 9HUODJ )HUGLQDQG6FK|QLQJK6

ZLUGG GHXWOLFK GDVVV WURW] GHQ GHWDLOOLHUWHQQ %HVFKUHLEXQJHQ GHU ZLUWVFKDIWOLFKHQ %HODQJHH XQG GHP (QJDJHPHQW YRQQ 0DU[ EHLL GHU )UDJH ZLH GLH :LUWVFKDIWW IXQNWLRQLHUW LPPHUU GHU 0HQVFK LP 9RUGHUJUXQG VWHKW 6RPLWW ILQGHWW 0DU[[ EHUU GLH :LUWVFKDIW GHQQ :HJJ ]XP 0HQVFKHQ Ä'DV %HZX‰WVHLQQ NDQQ QLH HWZDVV $QGUHV VHLQQ

8QGG0DU[[EHWUDFKWHWHVHKUUJHQDXGDVVÄ6HLQ³

'HU.DSLWDOLVPXV±:XU]HOODOOHQhEHOV"

.HQQ]HLFKQHQG IU 0DU[[ LVW ]XQlFKVW

GDVVV GLHH :HOWJHVFKLFKWH IUU LKQQ HLQH 5HLKHHYRQ.ODVVHQNlPSIHQLVW$QJHOHKQW DQ +HJHO HQWVSUHFKHQ GLH VLFK JHJHQEHUVWHKHQGHQ .ODVVHQQ VR]XVDJHQQ Ä7KHVH³³ XQGG Ä$QWLWKHVH³³ XQGG GHUU .DPSI ]ZLVFKHQ LKQHQQ UHVXOWLHUWW DXIJUXQGG GHVV ]XQHKPHQGHQ $QWDJRQLVPXV LQ HLQHUU Ä6\QWKHVH³ HLQHUU $UW .RPSURPLVV 'LHVH 6\QWKHVH EHVFKUHLEWW HLQH K|KHUHH *HVHOOVFKDIWVIRUP ]X GHUU GLHH 0HQVFKHQQ

GXUFKKGLHVHQ.DPSIJHODQJHQ$EE 0DU[ZLGPHWHVLFKKGHUPRGHUQEUJHUOLFKHQQ *HVHOOVFKDIWDOVRRGHU(SRFKHGHVVÄ.DSLWDOLVPXV³'LHNDSLWDOLVWLVFKHH*HVHOOVFKDIWLVWW IUU LKQ NODUU JHWUHQQW LQ GLH %RXUJHRLVLH PLW GHU HUU GLHH .DSLWDOLVWHQ ]XVDPPHQIDVVW XQGG GLHH $UEHLWHUVFKDIW GDVV VRJHQDQQWHH 3UROHWDULDW (U SURSKH]HLWW HLQH XQYHUPHLGEDUHH5HYROXWLRQDXVVGHUHLQHNODVVHQORVH*HVHOOVFKDIWHQWVWHKHQZLUG 'RFKK ]XQlFKVW ZROOHQ ZLUU XQVV GHQ Ä.DSLWDOLVPXV³³ JHQDXHUU DQVFKDXHQ GHQQQ GHQ .DSLWDOLVPXVV]XXYHUVWHKHQQLVWGHUUHUVWH6FKULWWXP]XXYHUVWHKHQZDV0DU[[NULWLVLHUW XQGG ZRULQ HU GLH 9RUWHLOHH HLQHU NRPPXQLVWLVFKHQQ *HVHOOVFKDIWW IUU GHQ 0HQVFKHQ VLHKW

=LW0DU[.DUOOHWDO'LHH'HXWVFKH,GHRORJLH0(:$XIODJH%HUOLQ'LHW]]9HUODJ6 9JO(QJHOKDUW.ODXVVHWDO6R]LDONXQGHIUGLH-DKUJDQJVVWXIHQ XQG $XIODJH3DGHUERUQ9HUODJJ )HUGLQDQG6FK|QLQJK6

'DVV9HUKlOWQLV]ZLVFKHQ.DSLWDOLVWWXQG$UEHLWHUU

=XHUVW ZROOHQQ ZLUU XQVV GDVV 9HUKlOWQLVV ]ZLVFKHQQ $UEHLWHUU XQGG .DSLWDOLVW JHQDXHUU DQVFKDXHQGDHVV XQVDOV$XVJDQJVSXQNWIUGLHH ZHLWHUHQ(UOlXWHUXQJHQQGLHQW(V VHLLJHVDJWGDVVVZLUHVKLHUUPLWHLQHP8QJOHLFKJHZLFKWW]XXWXQQKDEHQGDGHUU$UEHLWHU YRP.DSLWDOLVWHQQDEKlQJLJLVWGHUU.DSLWDOLVWWDEHUUDXIJUXQGGGHVVKRKHQ$QJHERWVYRQ $UEHLWVNUlIWHQQ QLFKWW DXI GHQQ $UEHLWHUU DQJHZLHVHQQ LVW 6RJDUU RKQHH $UEHLWHUU LVW GHU .DSLWDOLVWWLP9RUWHLOLVWW.DSLWDOOGRFKKQLFKWVDQGHUHVDOVVDXIJHVSHLFKHUWHH$UEHLW$XV GLHVHP *UXQG NDQQQ PDQQ VDJHQ GDVVV OHW]WHUHUU OlQJHUU RKQHH $UEHLWHU DXVNRPPW DOVV GHU $UEHLWHUU RKQHH LKQ (LQ ZHLWHUHUU ZLFKWLJHU 3XQNW XP GLHVHV $EKlQJLJNHLWVYHUKlOWQLVV GHXWOLFKK ]XX PDFKHQ LVWW GLH )HVWVWHOOXQJ GDVVV GHUU $UEHLWHU ÄQLFKWW QRWZHQGLJ PLWW GHP *HZLQQ GHVV .DSLWDOLVWHQQ >JHZLQQW@ DEHUU HUU >QRWZHQGLJ PLWW LKP@@ YHUOLHUW³ +DW GDVV 8QWHUQHKPHQ QlPOLFKK (UIROJ EHGHXWHWW GLHVV QLFKWW HLQH DXWRPDWLVFKHH 9HUEHVVHUXQJ GHUU 9HUKlOWQLVVH IUU GHQ $UEHLWHU *HKW GHUU .DSLWDOLVWW MHGRFK LQ GHUU .RQNXUUHQ] PLWW DQGHUHQQ .DSLWDOLVWHQQ XQWHU VRR YHUOLHUWW GHU $UEHLWHU VHLQHQQ $UEHLWVSODW] XQGG GDPLWW VHLQHQQ /RKQQ RGHU PXVV PLWW /RKQNU]XQJHQQ UHFKQHQ $XI GLHVHQ %HREDFKWXQJHQ EDXWW 0DU[[ DXI XQGG ]HLJW ZLH VLFK GLHVHV 9HUKlOWQLV IUU GHQQ3UROHWDULHU]XQHKPHQGYHUVFKOHFKWHUW

$XVEHXWXQJJXQG9HUHOHQGXQJJGHVV3UROHWDULDWV

'HU ]HQWUDOH %HJULII ZHQQQ PDQ VLFKK PLW 0DU[[ XQGG GHP $UEHLWVORKQQ EHIDVVW LVWW GHUU VRJHQDQQWH Ä0HKUZHUW³ 'LHVHUU 0HKUZHUWW EHVFKUHLEWW GLH $XVEHXWXQJ GLHH GDVV 3UROHWDULDWWGXUFKGLHH%RXUJHRLVLHHHUOHLGHW

9JO)HWVFKHU,ULQJHWDO.DUO0DU[)ULHGULFK(QJHOV6WXGLHQDXVJDEHH,,3ROLWLVFKHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6

9JO (QJHOV )ULHGULFK 8PULVVHH ]XX HLQHU .ULWLNN GHUU 1DWLRQDO|NRQRPLH 0(: $XIODJH %HUOLQ 'LHW]]9HUODJ6

=LW)HWVFKHU,ULQJHWDO.DUOO0DU[)ULHGULFKK(QJHOV6WXGLHQDXVJDEH,,3ROLWLVFKHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6

9JO0DU[.DUOHWDO7KHRULHQQEHUUGHQ0HKUZHUW0(:%HUOLQ'LHW]]9HUODJ6 9JO )ULHGULFK(EHUW6WLIWXQJ .DUOO 0DU[[ /HEHQQ ±± :HUN ± :LUNXQJ ELV ]XUU *HJHQZDUW $XVVWHOOXQJLPP*HEXUWVKDXVVLQ7ULHU$XIODJH%RQQ)ULHGULFK(EHUW6WLIWXQJ6

GHQQ .DSLWDOLVWHQ 'LHVHUU EH]DKOW ZLHGHUXP GHQQ 3UROHWDULHU XP GLHH :DUHH ]XX SURGX]LHUHQ 'HUU$UEHLWHUUZLUGMHGRFKKQLFKWWIUUGHQQYROOHQ:HUWGHU:DUHHHQWORKQW VRQGHUQQ QXUUPLWWHLQHP7HLOOGDYRQ'HUEULJJHEOLHEHQH 0HKUZHUWW LVWGHUU3URILWGHVV

:LOOGHU.DSLWDOLVWVHLQH3URILWUDWHVWHLJHUQRGHUUPXVVVHUUGLH3UHLVHVHQNHQXPVLFK JHJHQQGLHH.RQNXUUHQ]]XXEHKDXSWHQNDQQHUGHQ/RKQQGHV$UEHLWHUVVNU]HQ'HQQ ZLHH ZLUU EHUHLWVV IHVWJHVWHOOWW KDEHQ LVWW GHU $UEHLWHUU YRQ LKP DEKlQJLJ XQG ZLUGG GLH QLHGULJHUHQ/|KQHDN]HSWLHUHQQPVVHQ(LQZHLWHUHV'UXFNPLWWHOOGHVV$UEHLWHUVLVWGLH .RQNXUUHQ] PLWW DQGHUHQQ $UEHLWHUQ VRGDVV HUU JH]ZXQJHQ LVW DXFKK GHVZHJHQQ GLHH QLHGULJHUHQQ /|KQHHDQ]XQHKPHQ 6R ZHUGHQQ GLHH /|KQHH QDFKHLQHUU =HLWEHUDOO DXI HLQlKQOLFKKQLHGULJHVV1LYHDXXJHGUFNWGDGDVV3UROHWDULDWXQGGGDPLWGLH.RQNXUUHQ] XQWHUHLQDQGHU ZlFKVW Ä'HU $UEHLWHU VLQNW LPPHU ZHLWHU ]XP 3DXSHU KLQDE³ 'LH /|KQHH VLQG GDQQQ JHUDGH VRR KRFK XP GHQQ /HEHQVXQWHUKDOWW ]X ILQDQ]LHUHQ GHQ $UEHLWHUU DUEHLWVIlKLJJ ]X KDOWHQQ XQGG GLHH $UEHLWHUUDVVHH QLFKWW DXVVWHUEHQ ]XX ODVVHQ 'DEHLL OHJWW GHUU .DSLWDOLVW QLFKW ZHUW GDUDXI GDVVV GHUU Ä0HQVFK³ QLFKWW DXVVWHUEH VRQGHUQQ GHUU Ä$UEHLWHU³ 'HUU $UEHLWHU EHNRPPW VR]XVDJHQQ GDVV Ä0LQLPXP³ YRQQ GHP ZDVVHUEHNRPPHQQNDQQ

QlFKVWHQHQWVFKHLGHQGHQ3XQNW

9JO )ULHGULFK(EHUW6WLIWXQJ .DUOO 0DU[[ /HEHQQ ±± :HUN ± :LUNXQJ ELV ]XUU *HJHQZDUW $XVVWHOOXQJLPP*HEXUWVKDXVVLQ7ULHU$XIODJH%RQQ)ULHGULFK(EHUW6WLIWXQJ6

9JO )ULHGULFK(EHUW6WLIWXQJ .DUOO 0DU[[ /HEHQQ ±± :HUN ± :LUNXQJ ELV ]XUU *HJHQZDUW $XVVWHOOXQJLPP*HEXUWVKDXVVLQ7ULHU$XIODJH%RQQ)ULHGULFK(EHUW6WLIWXQJ6

9JO (QJHOV )ULHGULFKK /DJHGHUDUEHLWHQGHQ.ODVVHLQ(QJODQG0(:$XIODJH%HUOLQ'LHW]] 9HUODJ6

=LW 0DU[ .DUO HW DO 0DQLIHVW GHU NRPPXQLVWLVFKHQQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6

9JO0DU[.DUOHWDO/RKQDUEHLWXQGG.DSLWDO0(:$XIODJH%HUOLQ 'LHW]]9HUODJ6 =LW)HWVFKHU,ULQJHWDO.DUOO0DU[)ULHGULFKK(QJHOV6WXGLHQDXVJDEH,,3ROLWLVFKHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6

'LHH(QWIUHPGXQJJGHV$UEHLWHUV

+LHU JHODQJHQQ ZLUU ]XX HLQHP GHUU ZLFKWLJVWHQ 3XQNWH GLH 0DU[ DP .DSLWDOLVPXVV NULWLVLHUWW KDW 'LHVHU %HUHLFK KDWW KDXSWVlFKOLFKK PLWW GHP 0HQVFKHQELOG YRQ 0DU[ ]X WXQXQGGLVWWHQJPLWGHQ]ZHLEHUHLWVJHQDQQWHQ3XQNWHQYHUZDQGW

0LW GHUU (QWIUHPGXQJJ GHVV $UEHLWHUVV LVWW $UEHLWW NHLQH Ä%HIULHGLJXQJ GHU %HGUIQLVVH³ PHKU VRQGHUQ YLHOPHKU Ä0LWWHO XPGLH %HGUIQLVVH DX‰HU LKU ]XX EHIULHGLJHQ³ 'HUU $UEHLWHUU LVWW ]XP (LQHQ HQWIUHPGHW YRQQ GHP 3URGXNW VHLQHUU $UEHLW 'DVV 3URGXNWW GHUU $UEHLW LVW NHLQ 3URGXNW GHU HLJHQHQ NUHDWLYHQ LQGLYLGXHOOHQ /HLVWXQJ VRQGHUQ HLQQ YRUJHVFKULHEHQHUU 3UR]HVV GHU GHQ 0HQVFKHQ YRQQ VHLQHPP Ä6HLQ³³ HQWIUHPGHW 'HU $UEHLWHUU YHUNDXIWW OHGLJOLFKK VHLQHH $UEHLWVNUDIWW IUU /RKQ 'DV 3URGXNWW VHLQHUU $UEHLWW JHK|UWLKPQLFKW HUU NDQQQ VLFKK QLFKWW PLWW LKP LGHQWLIL]LHUHQ =XP DQGHUHQQ ILQGHWW GLHH (QWIUHPGXQJ VWDWW ZHLO HUU JH]ZXQJHQ LVW ]XX DUEHLWHQ XQGG GLHVV QLFKW IUHLZLOOLJJ WXW GHQQ GLHVH $UEHLWW JHK|UWW QLFKWW Ä]X VHLQHP :HVHQ³ 'LH YRQQ GHQ .DSLWDOLVWHQ YRUJHVFKULHEHQH$UEHLWLVWIUGHQ$UEHLWHUNHLQH6HOEVWYHUZLUNOLFKXQJPHKUVRQGHUQQ OHGLJOLFK HLQQ 3UR]HVV LQQ GHP GHU $UEHLWHUU VLFKK DXIRSIHUW XPP EHUOHEHQQ ]X N|QQHQ 'LHH LQGLYLGXHOOHQ %HGUIQLVVH ZHUGHQ LQ GHQQ +LQWHUJUXQGG JHVWHOOW GDD PDQQ ]ZDQJVZHLVH XP VHLQHH ([LVWHQ] ]X HUKDOWHQ VHLQH %HGUIQLVVHH GHP .DSLWDOLVWHQ XQWHURUGQHQQ PXVV +LHUU VLHKWW 0DU[ HLQHQ HQWVFKLHGHQHQQ *HJHQVDW]] ]XUU 1DWXU GHV 0HQVFKHQ:lKUHQGHLQQ7LHUOHGLJOLFKKGDVVSURGX]LHUWZDVHVVEUDXFKWDEKlQJLJYRQ GHQQSK\VLVFKHQ%HGUIQLVVHQLVWWGHUIUHLHH0HQVFKXUVSUQJOLFKGD]XXIlKLJIUHLLYRQQ DOOHP ]XX SURGX]LHUHQ 'XUFK GLH (QWIUHPGXQJ MHGRFKK LVWW LKP GLHV YHUZHKUW ZHLOO HU QXUU QRFKK DUEHLWHQQ NDQQ XP VLFKK VHOEVW DP /HEHQ ]XX HUKDOWHQ GLHH $UEHLW ZLUGG DOVR 0LWWHO ]XP =ZHFNN XQGG GDGXUFK ]XP 7LHULVFKHQ 0DU[[ EHVFKUHLEWW HVV VHKUU WUHIIHQGG LQGHP HUU VFKUHLEW GDVVV GXUFKK GLHH (QWIUHPGXQJJ GDVV Ä0HQVFKOLFKH ]XP 7LHULVFKHQ ZLUGXQGGDVV7LHULVFKHH]XP0HQVFKOLFKHQ³

=LW)HWVFKHU,ULQJHWDO.DUOO0DU[)ULHGULFKK(QJHOV6WXGLHQDXVJDEH,,3ROLWLVFKHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6

9JO 0DU[ .DUOO HW DO 0DQLIHVW GHU NRPPXQLVWLVFKHQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6

9JO0DU[.DUO'DVV.DSLWDO$XIODJH%HUOLQ.DUO'LHW]]9HUODJ6

=LW)HWVFKHU,ULQJJHWDO.DUO0DU[)ULHGULFK(QJHOV6WXGLHQDXVJDEHH,,3ROLWLVFKHHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6

'LHH.ULVHQGHVV.DSLWDOLVPXVV

'LHHZLHGHUNHKUHQGHQQ.ULVHQGHVV.DSLWDOLVPXVVVLQGDXIJUXQGGGHUU$UWZLHHGDVV6\VWHP IXQNWLRQLHUW XQDXVZHLFKOLFK 'DVV NRQWURYHUVH KLHUEHLL LVW GDVVV HVV NHLQH .ULVHQQ GHV

(V LVWW GDVV ZLGHUVLQQLJVWH GDV GHU .DSLWDOLVPXVV KHUYRUEULQJW 'LHH .ULVHQQ HQWVWHKHQ GDGXUFK GDVVV LP .DSLWDOLVPXVV QLFKW JHPl‰ GHQQ %HGUIQLVVHQ SURGX]LHUWW ZLUG 'HU .DSLWDOLVWW QXW]W YLHOPHKUU GLH $UEHLW GHVV $UEHLWHUVV LQ MHGHP $UEHLWVWDJJ YROO DXV 6R NRPPWHVV]XHLQHUUhEHUSURGXNWLRQXQGHLQHP$QJHERWZRRNHLQHH1DFKIUDJHHEHVWHKW 'LHVOlVVWGLHH3UHLVHHVLQNHQXQGGDPLWWDXFKKGHQ /RKQ'HU.UHLVVHW]WVLFKKIRUWGD GXUFKK GLH QLHGULJHUHQQ /|KQHH GHUU .RQVXP VLQNW 6FKOLH‰OLFK NRPPW HVV ]X (QWODVVXQJHQ GDD GLH .DSLWDOLVWHQ GLHH /RKQNRVWHQQ HLQVSDUHQQ PVVHQ XP LKUH $XVJDEHQ ]XX YHUULQJHUQ XP P|JOLFKVWW ZHQLJJ 9HUOXVW ]X PDFKHQ 'DVV 9RONN YHUKXQJHUWREZRKO]XYLHOGDLVW:lKUHQGGGLHH:DUHHLPhEHUIOXVVYRUKDQGHQQLVWLVW NHLQQ*HOGGDXPGLHH/HEHQVPLWWHO]XXHUZHUEHQ(VLVWWGHUJU|‰WHH+RKQQGHUU=HLWGDVVV DXI GHP HLQHQ (UGWHLO GLH 0HQVFKHQ DQ 0DQJHOO OHLGHQ ZlKUHQG LQQ GHQQ DQGHUHQ (UGWHLOHQQ ZLHGHUXP 0HQVFKHQ OHLGHQ MHGRFK DP hEHUIOXVV 'LHVHH .ULVHQ OLHJHQ MHGRFKLQQGHUU1DWXUUGHV6\VWHPV

)D]LWW

:LUU KDEHQQ GLHH HQWVFKHLGHQGHQQ .ULWLNSXQNWH YRQ 0DU[[ EH]JOLFKK GHVV .DSLWDOLVPXVV JHVHKHQQXQGGN|QQHQQ]XVDPPHQIDVVHQGVDJHQGDVVVGHUU$UEHLWHULQQGLHVHP6\VWHP HLQH VHKUU VFKZDFKH 3RVLWLRQQ KDW 6HLQH $EKlQJLJNHLWW YRP .DSLWDOLVWHQQ PDFKWW LKQ XQIlKLJJVLFK]XXZHKUHQ

0DQQPXVVVQDWUOLFKKIHVWVWHOOHQGDVVVDXFKGHU.DSLWDOLVPXVVQDFKK0DU[[HLQHH6\QWKHVH ZDUXQGGVRPLWWHLQQ)RUWVFKULWWLP%H]XJDXIGLHH)HXGDOJHVHOOVFKDIWV$EE(UKDWW IUU HQJHUH +DQGHOVEH]LHKXQJHQ XQG )ULHGHQVYHUWUlJH ]ZLVFKHQ GHQQ /lQGHUQ JHVRUJW XQGG GDVV /HEHQ PRGHUQLVLHUWW XQG IUU HLQHQQ $XIVFKZXQJ LQ GHUU :LUWVFKDIWW JHVRUJW 'RFK GLHVH DQIlQJOLFKHQ *HZLQQHH HQWSXSSHQQ VLFKK DOV +DEJLHUU GHU .DSLWDOLVWHQGLHHPLWGHQQ-DKUHQLP/DXIHHGHUU3RODULVLHUXQJJGHUU*HVHOOVFKDIWLPPHU PHKUU ]XP 9RUVFKHLQ NRPPW XQG VLFKK GRFKK LPPHUU DXI QHXHH:HLVHHKLQWHUU5HIRUPHQ

9JO0DU[.DUOOHWDO'DV.DSLWDO'ULWWHU%DQG0(:$XIODJH%HUOLQ'LHW]]9HUODJ 6

9JO 0DU[ .DUO HW DO 0DQLIHVWW GHU NRPPXQLVWLVFKHQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6

9JO 0DU[ .DUO HW DO 0DQLIHVWW GHU NRPPXQLVWLVFKHQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6

]X YHUVWHFNHQQ ZHL‰ GDVV 6\VWHP LVWW HLQH +HXFKHOHL VHLQHVJOHLFKHQ 0DQQ PXVV ]ZDQJVOlXILJ IHVWVWHOOHQ GDVVV DOOO GLHH IUHXQGVFKDIWOLFKHQ %H]LHKXQJHQQ XQGG )ULHGHQVYHUWUlJH RIW QXU DXV GHUU NDOW NDONXOLHUWHQQ *LHU QDFKK 3URILW KHUYRUJHKHQ GHUU VLFKKLP)ULHGHQQDOVVJU|‰HUUHUZHLVWÄ'LHHLQ]LJHQQ5lGHUGLHGLH1DWLRQDO|NRQRPLHLQ %HZHJXQJ VHW]W VLQGG GLHH +DEVXFKWW XQG GHUU .ULHJJ XQWHU GHQQ +DEVFKWLJHQ GLHH

:LUU KDEHQQ DXFKK IHVWJHVWHOOWW ZLHH VHKUU GHU EHUHLWV HUZlKQWHH hEHUEDXX YRQQ GHQ QHJDWLYHQQ$XVZLUNXQJHQGHVV.DSLWDOLVPXVVDXIGHQ$UEHLWHUUOHLGHWÄ(LQ9RONGDPLWWHV VLFKK JHLVWLJ IUHLL DXVELOGH GDUI QLFKWW PHKU LQQ GHU 6NODYHUHLL VHLQHUU N|USHUOLFKHQ %HGUIQLVVHH VWHKHQ QLFKWW PHKUU GHUU /HLEHLJHQHH GHV /HLEHVV VHLQ (VV PXVVV LKP YRU DOOHP=HLWEOHLEHQXPJHLVWLJJ]XXVFKDIIHQXQGGJHLVWLJJJHQLH‰HQQ]XXN|QQHQ³ *HUDGH GDVV LVWW GHP $UEHLWHUU LP .DSLWDOLVPXVV QLFKW JHJHEHQ 'HVZHJHQ PXVVV PDQQ 0DU[ ]XVWLPPHQQ ZHQQQ HU VFKUHLEW Ä'LH *HGDQNHQ GHUU KHUUVFKHQGHQ .ODVVH VLQG LQ MHGHU (SRFKH GLH KHUUVFKHQGHQ *HGDQNHQ GK GLHH .ODVVH ZHOFKH GLHH KHUUVFKHQGH

'HQQ QXU GHU KHUUVFKHQGHQ .ODVVH LVW GLH 0|JOLFKNHLW JHJHEHQ GHQQ hEHUEDXX ]X IRUPHQZlKUHQGGGDVV3UROHWDULDWWDUEHLWHW

8QGG JHUDGH GLHVHVV 3UROHWDULDWW ZlFKVWW PLW GHUU =HLWW XQGG NDQQ VLFK GRFK QLFKWW JHJHQ GLHH]DKOHQPl‰LJJZHLWWXQWHUOHJHQHQQ.DSLWDOLVWHQQZHKUHQ'DVV3UROHWDULDWZlFKVWWGDEHL QLFKW QXU QDWUOLFK VRQGHUQ DXFK GDGXUFK GDVV GLH .RQNXUUHQ] GHUU .DSLWDOLVWHQ XQWHUHLQDQGHU GLH %RXUJHRLVH LQQ GDVV 3UROHWDULDWW KLQDEZLUIW VRGDVV GDVV .DSLWDO DQVFKOLH‰HQGGLQQQRFKKZHQLJHUU+lQGHH]HQWULHUWWLVW 'LHH.OXIWW]ZLVFKHQ$UEHLWHUNODVVHH XQGG%RXUJHRLVLHZLUGLPPHUUJU|‰HU(VLVWWHLQ6\VWHPGHVVHQQXQJHUHFKWH1DWXUUHUVW PLWGHUU=HLWW]XP9RUVFKHLQQNRPPWGDDGLHH9HUKlOWQLVVHGXUFKKGLHVHQQ3UR]HVVVLPPHUU GHXWOLFKHUZHUGHQ:LUKDEHQQHVVDOVRPLWWHLQHP6\VWHP]XXWXQLQQGHPGLHZHQLJHQQ ZRKOKDEHQGHQQ PLWKLOIHH LKUHVV .DSLWDOVV EHUU GLHH YRQ LKUU DEKlQJLJHH 0DVVH UHJLHUHQ 0DQQ NDQQ VDJHQ GDVVV GDVV .DSLWDOO JOHLFKEHGHXWHQGG 0DFKWW LVW GHQQQ HUVWW PLWW GHPP .DSLWDO JHODQJWW PDQ ]XUU )UHLKHLW XQGG HUVWW GXUFK GLHVH 8QDEKlQJLJNHLWW KDWW PDQ ZDKUH0DFKW=XXEHDFKWHQLVWQDWUOLFKGLHH=HLWLQQGHUU.DUOO0DU[[JHOHEWKDW:lKUHQG HVLQQGLHVHP.DSLWHOORIW]XYHUZLVFKHQVFKHLQWREGLHH(SRFKHHYRQQ0DU[[JHPHLQWWLVW

$XIODJH%HUOLQ'LHW]]9HUODJ6

=LW)HWVFKHU,ULQJHWDO.DUOO0DU[)ULHGULFKK(QJHOV6WXGLHQDXVJDEH,,3ROLWLVFKHgNRQRPLH$XIODJH %HUOLQ$XIEDXX7DVFKHQEXFKK9HUODJ6I

=LW0DU[.DUOHWDO'LH'HXWVFKHH,GHRORJLH0(:%HUOLQ'LHW]]9HUODJ6 9JO 0DU[ .DUO HW DO 0DQLIHVWW GHU NRPPXQLVWLVFKHQ 3DUWHL 0(: $XIODJH %HUOLQ 'LHW]] 9HUODJ6