,QKDOWVYHU]HLFKQLVV

,QGLYLGXDOLVLHUXQJXQGG.RPPXQLVPXV %HIUHLXQJYRQQGHQQ.HWWHQ ([NXUV0RGHUQHVVJOREDOLVLHUWHVV3UROHWDULDW

*HGUXFNWHH4XHOOHQ ,QWHUQHWUHVVRXUFHQ 6HNXQGlUOLWHUDWXU

(LQOHLWXQJ

,Q GHU :RFKHH YRPP 2NWREHUU EUDFKHQ GLHH %|UVHQNXUVHH ZHOWZHLW VRR VWDUNN HLQ GDVVVVHOEVWWGLHH.XUVHLQEUFKHGHU:RFKHYRPP2NWREHUUGHPPÄ6FKZDU]HQQ'RQQHUV WDJ³GHU:HOWZLUWVFKDIWVNULVHEHUWURIIHQQZXUGHQ%HLPPMQJHUHQQ'DWXPPKDQGHOWWHVVLFKKXP GHQQVRJÄ6FKZDU]HQQ)UHLWDJ³ZHOFKHUUHLQQNULWLVFKHU=HLWSXQNWWGHUJHJHQZlUWLJHQQ)LQDQ]NUL VHLVWW6LQQQI1HEHQQGHUU.ULWLNNDPPNDSLWDOLVWLVFKHQQ)LQDQ]XQGG0DUNWV\VWHPPXQG GHUHQQV\VWHPLPPDQHQWHQ)HKOHUZHOFKHXD]XPP$XVPDVVVGHU.ULVHEHLJHWUDJHQQKDEHQVRO OHQZXUGHHDXFKKGDVV,QWHUHVVHHDQEHUHLWVHUOHGLJWJHJODXEWHH:LUWVFKDIWVWKHRULHQQZLHGHUZDFK 6RR YHUNDXIWHH VLFKK GDVV YRQQ .DUOO 0DU[[ YHUIDVVWHH :HUNN 'DV .DSLWDOO LP

'LHVHUU(QWZLFNOXQJHQWVSUHFKHQGSXEOL]LHUWHHGLHDPHULNDQLVFKHH3ROLWLNXQGG:LUWVFKDIWV]HLW VFKULIWW)RUHLJQQ3ROLF\\)3LQQLKUHUU$XVJDEHHIUUGLHH0RQDWHH0DLLXQGG-XQLLHLQHHDXVV/H EHQVPLWWHOQQXQGG6\PEROHQQ]XVDPPHQJHVWHOOWHH&ROODJHYRQQ0DU[¶¶.RQWHUIHL6FKHLQEDUUVHOEVW EHUGLHHLJHQH$XVZDKOGHVV7LWHOELOGHVHWZDVYHUZXQGHUWWLWHOWH)33 GDQHEHQ³0DU[ UHDOO\":K\KHPDWWHUVVQRZ´

(LQQ*UXQGZDUXPP0DU[ZLHGHUUHLQHH5ROOHHVSLHOHQN|QQWHOLHJWHLQPDOOGDULQGDVVVGLH LGHRORJLVFKHQ *HJHQVlW]H ZHOFKH ZlKUHQGG GHPP .DOWHQQ .ULHJJ ]XP 7UDJHQ ND PHQDQQSROLWLVFKHU%ULVDQ]]YHUORUHQQKDEHQ6RRPXVVVVLFKKLQQGHUZHVWOLFKHQQ+HPLVSKlUHKHXWHH QLHPDQGGPHKUGDYRUIUFKWHQQ]XPLQGHVWWQLFKWWLQQJOHLFKHPP0DVVHZLH]XYRUGDVVHURGHUUVLH EHLL HLQHUU |IIHQWOLFKHQQ $XVHLQDQGHUVHW]XQJ PLWW VR]LDOLVWLVFKHQ 7KHRULHQQ DOVV VXEYHUVLYHH .UDIW DQJHVHKHQXQGGSROLWLVFKKYHUIROJWWZLUGG-XGLVVI'D]XXNRPPWGDVVVLQQ0DU[¶6FKULI WHQQWHLOVVDXFKKVRRHWZDVVZLHHHLQHH9RUVHKXQJGHUU|NRQRPLVFKHQQ*HJHQZDUWWJHVHKHQZLUGGXQG GHVZHJHQQQXQQHLQQ,QWHUHVVHHDQQGLHVHQQ6FKULIWHQQEHVWHKWZHOFKHVVEHUUGLHHYRUPDOVVDQWL]LSLHU WHQQ SROLWLVFKHQ ,PSOLNDWLRQHQQ KLQDXVJHKW 6FKOLHVVOLFK VROOHQQ GLH 0DU[¶VFKHQ 7KHRULHQ DXFK DXVVGHUUJHJHQZlUWLJHQQ3HUVSHNWLYHHQRFKPDOVVQHXDQDO\VLHUWWZHUGHQXPPEHZHUWHQ]XXN|QQHQ REEVLHVLFKKDXIIGLHHJHJHQZlUWLJHQQ3UREOHPHZHOFKHHSHULRGLVFKKZLHGHUNHKUHQQZHUGHQDQZHQ GHQQODVVHQQXQGG/|VXQJHQDQELHWHQQYJO3DQLWFKKI

'DDVLFKKGLHH*HVFKLFKWHDEHUUQLFKWZLHGHUKROWZHLVHQQGLHEHLGHQ:LUWVFKDIWVNULVHQYRQ XQGGWURW]LKUHVKLVWRULVFKHQQ*HKDOWVDOV|NRQRPLVFKHH-DKUKXQGHUWHUHLJQLVVHHLQLJHH

HUVFKLHQGLH(UVWDXIODJHHGHVHUVWHQQ%DQGHVGHV.DSLWDOVZREHLLGLHH(UVWDXIODJHQGHVV]ZHLWHQXQGGULWWHQ

%DQGHVSRVWKXPE]ZHUVFKLHQHQXQGYRQ0DU[¶)UHXQG)ULHGULFKK(QJHOVKHUDXVJHJH

EHQZXUGHQ/XW]%DFKPDQQ

9JO.DS(VKDQGHOWVLFKXPGLHH7LWHOVHLWHGHUVHOEHQ$XVJDEHLQZHOFKHUUGLH$UWLNHOYRQ3DQLWFK

XQG-XGLVSXEOL]LHUWZXUGHQ

'LIIHUHQ]HQ DXI 6RR ZXUGHQQ XQPLWWHOEDU QDFK GHPP MQJVWHQQ Ä6FKZDU]HQ )UHLWDJ³ ZlKUHQG GHPPGLHH%|UVHQEHUUGDV:RFKHQHQGHJHVFKORVVHQQZDUHQNRQ]HUWLHUWHH0DVVQDKPHQQGHU* 6WDDWHQ HLQJHOHLWHWZHOFKHHLQHQQWRWDOHQQ=XVDPPHQEUXFKGHV:HOWILQDQ]V\VWHPVVYHUKLQGHU WHQ(VVNDPGHQQQDXFKQLFKWW]XPPHUZDUWHWHQ%DQN5XQDOVRRHLQHPP$QVWXUPYRQQ3ULYDWSHUVR QHQQ DXII GLHH %DQNHQQ XP LKUHH .RQWHQQ DXI]XO|VHQ 'LHH =DKOXQJVXQIlKLJNHLWW GHUU EHWURIIHQHQQ %DQNHQQ ZlUH EHUHLWVV QDFKK NXU]HUU =HLWW GLHH )ROJHH JHZHVHQ ,QQ GHUU =HLWVSDQQHH YRQQ ELVV JLQJHQQVRRDOOHLQHHLQGHQQ86$$UXQGG%DQNHQQEDQNURWWW6LQQQI$EJHVHKHQQ YRQQGHQQXQWHUVFKLHGOLFKHQQ$XVZLUNXQJHQQLVWWGHQQEHLGHQQZLUWVFKDIWOLFKHQQ(UHLJQLVVHQQJOHLFK ZRKOLKUHHJOREDOHH5HLFKZHLWHJHPHLQ)UU0DU[ZDUUGLHVVLQQJHZLVVHP0DVVHHEHUHLWVLP -DKUKXQGHUWWDEVHKEDUDOVHUU]XVDPPHQQPLWW(QJHOVLQQGHUUSROLWLVFKSURJUDPPDWLVFKHQQ6FKULIW 0DQLIHVWWGHUU.RPPXQLVWLVFKHQQ3DUWHLLDXVIKUWHGDVVÄGDV%HGUIQLVQDFKHLQHPVWHWV DXVJHGHKQWHUHQQ $EVDW] IUU LKUH 3URGXNWHH >«@ GLHH %RXUJHRLVLH EHUU GLHH JDQ]HH (UGNXJHO³³ 0(:MDJHQQOlVVWXQGGGLHHgNRQRPLHHGDPLWWÄNRVPRSROLWLVFKKJHVWDOWHW³³0(: ZLUG,QGHUHEHQIDOOVVYRQQ0DU[XQGG(QJHOVVJHPHLQVDPYHUIDVVWHQQ6FKULIWW'LHHGHXWVFKHH,GHR ORJLHHZHOFKH]XXLKUHQQ/HE]HLWHQQQLHSXEOL]LHUWWZXUGHH0DUWLLVSUHFKHQQ GLHHEHLGHQQ$XWRUHQQEHWUHIIHQGGGHQQHEHQEHVFKULHEHQHQ9RUJDQJYRQQHLQHUUÄ8PZDQGOXQJGHU *HVFKLFKWHHLQQ:HOWJHVFKLFKWH³0(::$XFKKGLH$UEHLWHUVFKDIWGDVV3UROHWDULDWLVWWYRQ GLHVHUU(QWZLFNOXQJEHWURIIHQQXQGNDQQÄDOVRRQXUUZHOWJHVFKLFKWOLFKH[LVWLHUHQZLHGHU.RP PXQLVPXV VHLQHH $NWLRQ QXUU DOVV ÃZHOWJHVFKLFKWOLFKH¶ ([LVWHQ]] EHUKDXSWW YRUKDQGHQ VHLQQ NDQQ³³ 0(: :DVV 0DU[ XQWHU GHU ZHOWJHVFKLFKWOLFKHQ ([LVWHQ]] GHU $UEHLWHUNODVVHH YHUVWHKWWXQGGZRR=XVDPPHQKlQJHHPLWWGHUUJOREDOLVLHUWHQ:LUWVFKDIWWEHVWHKHQVROOOKLHUU8QWHU VXFKXQJVJHJHQVWDQGGVHLQ'HVKDOEEOLHJWGLHVHUU$UEHLWWDXFKKIROJHQGHH)UDJHVWHOOXQJ]XJUXQGH :HVKDOEENDQQQGDVV3UROHWDULDWWJHP0DU[[QXUUDOVVZHOWJHVFKLFKWOLFKHDOVRRJOREDOOXPVSDQQHQ GH.ODVVHH[LVWLHUHQ"

'DVVQlFKVWHH.DSLWHOXQWHUVXFKW]HQWUDOH7H[WHGHU0DU[¶VFKHQQ7KHRULHHLQ%H]XJDXIIGLH )UDJHVWHOOXQJYJO.DS8QWHUWHLOWWLQQIQI8QWHUNDSLWHOOEHIDVVWWHVVVLFKK]XHUVWWPLWWHLQLJHQ %HJULIIHQDXIGLHH0DU[UHJHOPlVVLJUHNXUULHUWWXQGGGLHHIUUGDVV9HUVWlQGQLVVHLQHUUhEHUOHJXQ JHQUHOHYDQWWVLQG8PPEHZHUWHQ]XXN|QQHQZLHH0DU[KLVWRULVFKHH9RUJlQJHEHWUDFKWHWZLUGG DQVFKOLHVVHQGG GLHH YRQQ LKPP HQWZLFNHOWHH *HVFKLFKWVWKHRULHH XQWHUVXFKW ,PP GULWWHQQ 8QWHUNDSLWHOO ZLUGG0DU[¶6LFKWZHLVHHDXIIGLHH/DJHHGHVV3UROHWDULDWVVYRUUGHPPKLVWRULVFKHQQ+LQWHUJUXQGGGHVV

'LH* *URXSSRII6HYHQ LVW HLQH 6WDDWHQNRRSHUDWLRQEHVWHKHQG DXV'HXWVFKODQG)UDQNUHLFK,WDOLHQ-DSDQ

.DQDGD GHP 9HUHLQLJWHQQ .|QLJUHLFK XQG GHQ 9HUHLQLJWHQ 6WDDWHQ =ZHFNVV LQWHUQDWLRQDOHU 5HJXOLHUXQJJ YRQ

3UREOHPHQZHOFKHGLH:HOWZLUWVFKDIWEHWUHIIHQILQGHQUHJHOPlVVLJH.RQVXOWDWLRQHQQGHU5HJLHUXQJVXQG5HV

VRUWFKHIVGHUU*VWDWW6FKROWH

$XIGLHH%HJULIIHH%RXUJHRLVLH3UROHWDULDWXDZLUGGLQ.DSZHLWHUUXQWHQHLQJHJDQJHQ

-DKUKXQGHUWVVDQDO\VLHUW6FKZHUSXQNWHHELOGHQQGDEHLLGDVV9HUKlOWQLVV]ZLVFKHQQGHUU,QGLYLGXDOL VLHUXQJ GHUU 3UROHWDULHU XQGG GHPP .RPPXQLVPXV VRZLHH GLHH =XVDPPHQKlQJHH ]ZLVFKHQQ GHQ 3UROHWDULHUQQ XQGG GHUU JOREDOLVLHUWHQQ :LUWVFKDIW 'DVV GDUDXIIROJHQGHH 8QWHUNDSLWHOO EHIDVVWW VLFKK PLWWGHQQ0|JOLFKNHLWHQZHOFKH0DU[]XUU9HUEHVVHUXQJGHUUPLVHUDEOHQQ/DJHHGHUU,QGXVWULHDU EHLWHUYRUVFKOlJWEHYRUVFKOLHVVOLFKKHLQQ([NXUVVVLFKPLWWGHUU/DJHHLQHUJHJHQZlUWLJHQ)RUP GHVV 3UROHWDULDWVV EHVFKlIWLJWW XQGG GDQDFKK IUDJW LQQ ZHOFKHPP 9HUKlOWQLV GHUHQQ /DJHH ]XUU 0DU[¶VFKHQ7KHRULHVWHKW,POHW]WHQ.DSLWHOOZHUGHQQVFKOLHVVOLFKKGLHHYRUDQJHKHQGHH8QWHUVX FKXQJ]XVDPPHQJHIDVVWWXQGG6FKOXVVIROJHUXQJHQQJH]RJHQ

0DU[¶ZHOWJHVFKLFKWOLFKH3HUVSHNWLYHHGHVV3UROHWDULDWVV

=HQWUDOH%HJULIIHGHUU0DU[¶VFKHQ7KHRULH

=XQlFKVWWVLQGGHLQLJHLQQGHQQ7H[WHQQYRQQ0DU[UHJHOPlVVLJZLHGHUNHKUHQGHXQGGIUUGLH VHH8QWHUVXFKXQJ]HQWUDOH%HJULIIHH]XEHWUDFKWHQ%HUHLWVV]XX%HJLQQQGHVV0DQLIHVWVEH]HLFKQHWW 0DU[VHLQHH*HJHQZDUWWDOVVÄ(SRFKHHGHU%RXUJHRLVLH³³0(:LQQGHUUVLFKGLHH*HVHOO VFKDIWWÄPHKUUXQGGPHKUULQQ]ZHLJUR‰HHIHLQGOLFKHH/DJHU³³0(:VSDOWHW'LHVHHEHLGHQQ /DJHUUVLQGGGLHH%RXUJHRLVLHXQGGGDVV3UROHWDULDW'LHH3UROHWDULHUUVLQGGÄGLHPRGHUQHQQ$UEHLWHU³ 0(:ZHOFKHHLKUHHHLJHQH$UEHLWVNUDIWWDQGLHH$UEHLWJHEHUUYHUNDXIHQQPVVHQ$XVVHU GHPP%HVLW]LKUHUUHLJHQHQ$UEHLWVNUDIWWVLQGGGLHH3UROHWDULHUUÄHLJHQWXPVORV³³0(:XQG JHK|UHQQGDKHUU]XUUXQWHUVWHQQ*HVHOOVFKDIWVVFKLFKW1RFKKVFKOHFKWHUUJHKWWHVVQXUUQRFKKGHPP/XP SHQSUROHWDULDW ÄGLHVHH SDVVLYHH 9HUIDXOXQJ GHU XQWHUVWHQQ 6FKLFKWHQQ GHUU DOWHQQ *HVHOOVFKDIW³ 0(:'LHVHLVW±VRZLHDXFKJURVVH7HLOHGHV3UROHWDULDWV±PLWXQWHUGHP3DXSH ULVPXV DOVRR GHUU 0DVVHQ$UPXWW YHUIDOOHQQ XQGG EHVWHKWW XD DXVV Ä9DJDEXQGHQ 9HUEUHFKHUQ 3URVWLWXLHUWHQ³³ 0(: ,P *HJHQVDW] GD]XX VWHKWW GLHH %RXUJHRLVLH 6LHH LVWW GLHH KHUU VFKHQGHH.ODVVHGLHHGHQQLQGXVWULHOOHQQ0LWWHOVWDQGGHUVHW]WWXQGGQXQEHUUHLQJURVVHVV9HUP|JHQQ YHUIJHQG ÄGLHH &KHIVV JDQ]HUU LQGXVWULHOOHUU $UPHHQ³³ 0(: VWHOOW 'LHH %RXUJHRLVLH ZLUGGDXVVHUGHPPDXFKKPLWWGHPP.DSLWDOJOHLFKJHVHW]W0(:ZDVVPLWWGHPP9HUKlOWQLVV ]ZLVFKHQ $UEHLWJHEHU XQG $UEHLWQHKPHU ]XX WXQQ KDW 'LHVHVV 9HUKlOWQLVV lXVVHUW VLFKK LPP .DXI E]Z 9HUNDXII GHUU $UEHLWVNUDIW ZREHLL GHUU *HOGEHVLW]HU GK GHUU %RXUJHRLVV XQGG GHUU $UEHLWV NUDIWEHVLW]HU GK GHU 3UROHWDULHU HLQHQQ JHPHLQVDPHQQ 9HUWUDJ DEVFKOLHVVHQ %HL GLHVHP 9HU WUDJVDEVFKOXVVVKDQGHOWHVVLFKKXPHLQHQQ:DUHQWDXVFK ±*HOGZDUHHJHJHQQ$UEHLWVNUDIWDOVV:D

=XP&KDUDNWHUUGHUU:DUHHVWHOOWW0DU[[XDIROJHQGHVIHVWÄ'HUU:DUHQN|USHUUVHOEVW>«@@LVWW>«@@HLQQ*HEUDXFKV

ZHUWWRGHUU*XW³0(:'DPLWWGLHVHH*WHUU]X:DUHQQZHUGHQEHGDUIHV]XQlFKVWWHLQHUUÄJHVFKLFKWOLFKH>Q@

7DW³0(:GLHGHU:DUHLKUHQ&KDUDNWHUYHUOHLKW:LFKWLJH(LJHQVFKDIWHQGHU:DUHVLQGGDVVPHQVFK

UH±ZREHLGLH0|JOLFKNHLW$UEHLWVNUDIWWDOVV:DUH]XXYHUNDXIHQQLFKWWVFKRQLPPHUUEHVWDQGHQQ KDWWHVRQGHUQQÄGDVV3URGXNWWYLHOHUU|NRQRPLVFKHUU8PZlO]XQJHQ³³0(:LVWWXQGGVLFK VRPLWW KLVWRULVFK HQWZLFNHOWH (UVWW ZHQQQ GHU *HOGEHVLW]HU ÄGHQQ IUHLHQQ $UEHLWHU DXII GHPP :D UHQPDUNW³0(:YRUILQGHWNDQQQHUUVHLQ*HOGGGXUFKKGLHH9HUZHUWXQJGHUU$UEHLWVNUDIWW LQQ.DSLWDOOYHUZDQGHOQ)UHLLVWWGHU$UEHLWHUZHQQHUDOVVIUHLHU0HQVFKEHUVHLQHH$UEHLWV NUDIWWYHUIJHQQNDQQXQGGJOHLFK]HLWLJJIUHLLYRQQMHJOLFKHPPDQGHUHQQ(LJHQWXPPLVWW0(: :HQQQGHUU%RXUJHRLVVHLQPDOOGLHH$UEHLWVNUDIWWGHVV3UROHWDULHUVVEHVLW]WVRRLVWWHUUIRUWDQQ.D SLWDOLVW GDD HUU QXQQ EHUU 3URGXNWLRQVPLWWHO XQGG *HOGG VRZLH GLH $UEHLWVNUDIWW YHUIJW ZREHL 0DU[GDVQHXHQWVWDQGHQH9HUKlOWQLVVZLHIROJWGDUVWHOOWÄ'HUHKHPDOLJH*HOGEHVLW]HUVFKUHL WHWWYRUDQDOVV.DSLWDOLVWGHU$UEHLWVNUDIWEHVLW]HUIROJWLKPPQDFKDOVVVHLQQ$UEHLWHUGHUHLQHEH

'DDGHUU$UEHLWHUUMHW]WWQLFKWWPHKUUIUHLLLVWWZLH]XYRUZLUGGHUUGXUFKKVHLQ$EKlQJLJNHLWVYHU KlOWQLVVJHJHQEHUUGHPP.DSLWDOLVWHQQQXQQ]XPP/RKQDUEHLWHU:lKUHQGGLQQGHUU$QWLNHH/RKQDUEHLW DOVV 6NODYHQDUEHLWW EHUZLHJHQGG XQIUHLL ZDU NDPP ZlKUHQGG GHUU HXURSlLVFKHQ 6WlGWHELOGXQJ LP 0LWWHODOWHUUGHUUVRJIUHLHH/RKQDUEHLWHUUDOVV7DJO|KQHUUDXI'LHH$UWWGHUUIUHLHQQ/RKQDUEHLWWZLHHVLHH 0DU[DXVVVHLQHU*HJHQZDUWWNDQQWHHQWVWDQGGHUVWPLWWGHU(LQIKUXQJGHU*HZHUEHIUHLKHLWWXQG GHUU$EVFKDIIXQJGHU)HXGDOYHUKlOWQLVVHHLQQGHUU/DQGZLUWVFKDIWW]X%HJLQQQGHVV-DKUKXQGHUWVV 7HQIHOGHHD7URW]GHPPVHW]W0DU[GLHVHHIUHLHH/RKQDUEHLWWPLWWGHUUDQWLNHQQ6NOD YHUHLL JOHLFK GHQQQ EHLGH /RKQDUEHLWHUU XQGG 6NODYH VWHKHQQ LQQ HLQHPP $EKlQJLJNHLWVYHUKlOWQLVV ]XLKUHPP$UEHLWJHEHUE]Z+HUUQQXQGGZHUGHQQDXVJHEHXWHW'HUU8QWHUVFKLHGG]ZLVFKHQQ/RKQ DUEHLWHUUXQGG6NODYHHOLHJWQXUULPP9HUZHQGXQJV]ZHFNGHQQGHUU.lXIHUUEHDEVLFKWLJWQLFKWWDEHUU LQQGHUUSHUV|QOLFKHQQ6LWXDWLRQQGHUUEHWURIIHQHQQ,QGLYLGXHQQ0(: 'HU%HJULIIGHVV.DSLWDOVVLVWWPLWWGHPP9HUKlOWQLVV]ZLVFKHQQ$UEHLWJHEHUXQG$UEHLWQHKPHU QRFKKQLFKWWYROOHQGVVDXVJHVFK|SIW]XPDOO0DU[[GHUU'HILQLWLRQQGLHVHVV%HJULIIVVHLQQKXQGHUWHYRQQ 6HLWHQQ VWDUNHVV :HUN JHZLGPHWW KDW (VV VHLL KLHU DEHUU QRFKK EHPHUNW GDVV 0DU[ DPP (QGHH GHVV GULWWHQQ%DQGHVGHV.DSLWDOVHLQHHNXU]H6\QWKHVHHVHLQHUU|NRQRPLVFKHQQ$QDO\VHQ]XPP%HJULII GHVV .DSLWDOVV ]XU 9HUIJXQJ VWHOOW 'RUWW UFNWW HU GLHH JHJHQVWlQGOLFKHQQ $UEHLWVEHGLQJXQJHQ ZHOFKHHVLFKKDXVGHQQSURGX]LHUWHQQ3URGXNWLRQVPLWWHOQXQGGGHU(UGH]XVDPPHQVHW]HQLQVV=HQ WUXPÄ-HQHH3URGXNWLRQVPLWWHOOVLQGGDQQXQGGIUUVLFKYRQQ1DWXU.DSLWDO.DSLWDOOLVWWQLFKWVVDOVV HLQQ EOR‰HUU Ã|NRQRPLVFKHUU 1DPH¶¶ IU MHQHH 3URGXNWLRQVPLWWHO >«@ .DSLWDOO XQGG SURGX]LHUWHVV 3URGXNWLRQVPLWWHOZHUGHQVRRLGHQWLVFKHH$XVGUFNH³³0(:I'HUU*HOGEHVLW]HUUZLUGG DOVRR QLFKWW QXUU GXUFKK GHQQ %HVLW] GHUU $UEHLWVNUDIWW ]XPP .DSLWDOLVWHQ VRQGHUQ HEHQQ DXFKK GXUFK

OLFKH$UEHLWLQLKUYHUJHJHQVWlQGOLFKWLVWZRGXUFKKVLHHLQHQQ:HUWHUKlOWXQGGDVVVVLHLQHLQHPEHVWLPPWHQQJH

VHOOVFKDIWOLFKIHVWJHOHJWHQ$XVWDXVFKYHUKlOWQLVV]XDQGHUHQ:DUHQVWHKWW0(:I

GHQQ*UXQGEHVLW]GHUULKPPHUODXEWVHLQHHPDWHULHOOHQQ3URGXNWLRQVPLWWHOO±±VHLQQ.DSLWDOO±GDXHU KDIWLQQ%HWULHEE]XXQHKPHQ:DUXPPDEHUUHLJHQWOLFKIROJWWGHUREHQ]LWLHUWH$UEHLWHUVHLQHPQHX HQ $UEHLWJHEHU ÄZLGHUVWUHEVDP³ REZRKOO HU VHLQH $UEHLWVNUDIWW IUHLZLOOLJ DQQ GLHVHQ YHUNDXIWW KDW"'DPLWWHUUVHLQHH$UEHLWVNUDIWWUHSURGX]LHUHQQNDQQPXVVVGHUU$UEHLWHUU/HEHQVPLWWHOONRQVX PLHUHQQ XQGG XPP GLHVH HUZHUEHQQ ]X N|QQHQ PXVVV HUU DUEHLWHQ 'HUU :HUWW GHUU $UEHLWVNUDIWW LVW GDKHUUPLWWGHPP:HUWWGHUU]XUU5HSURGXNWLRQQGHUU$UEHLWVNUDIWWQ|WLJHQQ0HQJHDQQ/HEHQVPLWWHOQ LGHQWLVFKK 0(: 'LHH NDSLWDOLVWLVFKH 3URGXNWLRQ ]HLFKQHW VLFKK DEHUU QLFKW QXU GXUFKKGLH3URGXNWLRQQYRQQ:DUHQQDXVVRQGHUQQYDDXFKKGXUFKKGLH3URGXNWLRQQYRQQ0HKUZHUW RGHUUGHUU3OXVPDFKHUHLGKGDVVVGHU$UEHLWHUU]XHLQHPP7HLOOIUUGHQQ.DSLWDOLVWHQVWDWWWIUUVLFK VHOEHUUDUEHLWHWW0(:$XVVGLHVHP*UXQGGIROJWGHUU$UEHLWHUGHPPEHWULHEVDPHQQ .DSLWDOLVWHQQQXUZLGHUZLOOLJLQQGLH)DEULNZHLOOHUHEHQQ]XX*XQVWHQQVHLQHV$UEHLWJHEHUVVDXV JHEHXWHWZLUGGDPLWGLHVHUUVHLQQ.DSLWDOPHKUHQQNDQQ$XFKKVSlWHUUJHUHLFKWGHP$UEHLWHUUGLH VHH$QKlXIXQJYRQQ.DSLWDOO]XNHLQHPP9RUWHLO,QQGLHVHPP0RPHQWWQLPPWGDVV9HUKlOWQLVV]ZL VFKHQQ$UEHLWJHEHUUXQGG$UEHLWQHKPHUSROLWLVFKHQ&KDUDNWHUDQ0LWWGHU3ROLWLVLHUXQJJGHU*H JHQVlW]HGHUUEHLGHQQ6FKLFKWHQ%RXUJHRLVLHHXQGG3UROHWDULDWHQWZLFNHOQQVLFKKVRGDQQQHLJHQWOL FKHH .ODVVHQ ZHOFKHH VLFKK EDOGG LQQ HLQHPP .ODVVHQNDPSI GHU HEHQ HLQQ SROLWLVFKHU .DPSI LVW JHJHQEHUVWHKHQQ 0(: I 'LHH XQJOHLFKHH 6WHOOXQJ ]ZLVFKHQ GHPP .lXIHU XQGG GHPP 9HUNlXIHUGHU$UEHLWVNUDIWWUHVXOWLHUWQLFKWW]XOHW]WWGHVZHJHQZHLOOÄGHU0DQJHOODQ6XEVLVWHQ] RGHUU3URGXNWLRQVPLWWHOQQGLHH9HUNlXIHUU]XPP$EVFKOXVVVHLQHVVIUVLHHXQYRUWHLOKDIWHQQ9HUWUDJV ]ZLQJHQQNDQQ³³0DUWLLXQGGGLHVHHVRRGHQ.lXIHUQQJHJHQEHUUEHQDFKWHLOLJWWVLQG

+LVWRULVFKHUU0DWHULDOLVPXVV

'DPLWWGLH)UDJHHQDFKGHUZHOWJHVFKLFKWOLFKHQQ3HUVSHNWLYHGHVV3UROHWDULDWVVEHDQWZRUWHWW ZHUGHQNDQQLVWZHLWHUGDQDFK]XIUDJHQZDVIUHLQ*HVFKLFKWVELOG0DU[LQVHLQHU7KHRULH HQWZRUIHQKDW,QQGHUU,GHRORJLHEHJUQGHWHXQGHQWZLFNHOWHHHUU]XVDPPHQQPLWW(QJHOVVHLQHH*H VFKLFKWVWKHRULHZHOFKHHDOVV+LVWRULVFKHUU0DWHULDOLVPXVEH]HLFKQHWWZLUGG0DUWLL=X %HJLQQQGLHVHU7KHRULHHVWHKWWGLH.ULWLNNDPPGDPDOVVJHJHQZlUWLJHQ*HVFKLFKWVELOGZHOFKH0DU[ LQHLQHUU5DQGEHPHUNXQJJDOVVÄVRJHQDQQWHHREMHNWLYH*HVFKLFKWVVFKUHLEXQJ³0(:EH ]HLFKQHW$QQGHUVHOEHQQ6WHOOHZLUIWHUGLHVHUHLQHQUHDNWLRQlUHQQ&KDUDNWHUYRUGDJHVFKLFKWOL FKHH9HUKlOWQLVVHHJHWUHQQWWYRQQ7lWLJNHLWHQQDXIJHIDVVWWZUGHQ'DEHLLKDQGHOWWHVVVLFKKXPPHLQHH .ULWLNNDQQGHUÄLGHDOLVWLVFKHQ*HVFKLFKWVDQVFKDXXQJ>«@@>GLHQLFKW@DXIGHPZLUNOLFKHQQ*H VFKLFKWVERGHQ³³0(:VWHKWWXQGGGLHHLQQGHUUYRQQ*HRUJJ:LOKHOPP)ULHGULFKK+HJHOO IRUPXOLHUWHQ*HVFKLFKWVSKLORVRSKLHLKU9RUELOGGILQGHWW0(::)UU+HJHOOLVWW*H VFKLFKWHHHLQQ3UR]HVVEHLLGHPPGDVV:LVVHQQXPPGLHH)UHLKHLWWVWHWVVZlFKVWWXQGGHUHQQ9ROOHQGXQJ

HUULQQGHUUFKULVWOLFKJHUPDQLVFKHQQ:HOWWVLHKWW0DUWLL(VVJHKWWLQQGHUU*HVFKLFKWVSKL ORVRSKLHDOVRRXPPGLH)RUPXOLHUXQJHLQHVÄDOOJHPHLQHQQ6LQQ]XVDPPHQKDQJ>V@@]HLWOLFKHU9HU lQGHUXQJHQQGHVV0HQVFKHQQXQGGVHLQHUU:HOW³³5VHQQ'DEHLLKDQGHOWWHVVVLFKKXPPHLQH HLJHQWOLFKH)RUWVFKULWWVWKHRULHYJO.OH\GDDGLHH9HUlQGHUXQJHQVWHWVV9HUEHVVHUXQ JHQQ IUU GDVV /HEHQQ GHUU 0HQVFKHQQ KHUYRUEULQJHQQ XQGG GLHH :HOWJHVFKLFKWHH HLQHQQ J|WWOLFKHQ Ä(QG]ZHFN³³+HJHOOKDW

(LQQ ZLFKWLJHU $VSHNWW EHLL GHUU %HXUWHLOXQJ YRQQ *HVFKLFKWHH LVWW IUU +HJHOO GLHH 9HUQXQIW 'LHVH PXVVV IUHLOLFKK YRP %HWUDFKWHU GHU *HVFKLFKWH PLWJHEUDFKWW ZHUGHQ DQVRQVWHQQ VLFK GLH (UNHQQWQLVVHH DXVV GHUU *HVFKLFKWHH DOVV OHHUU HUZHLVHQ ÄGHQQQ ZLHH PDQQ GLH *HVFKLFKWH XQGG GLHH :HOWWDQVLHKWVRRVLHKWWVLHHHLQHQQZLHGHUUDQ³+HJHOO:RKOODXFKKGHVKDOEEZHUIHQQ0DU[ XQGG(QJHOVVGHUU+HJHOVFKHQQ*HVFKLFKWVSKLORVRSKLH]XX5HFKWWYRUÄGD‰‰LQQGHUU*HVFKLFKWHVWHWVV *HGDQNHQQ KHUUVFKHQ³³ 0(: XQGG GDPLWWGLHH6SHNXODWLRQ DQVWHOOHH GHUU Ä7DWVDFKHQQ XQG SUDNWLVFKHQQ (QWZLFNOXQJHQ³³ 0(: GDVV YRUKHUUVFKHQGHH (OHPHQWW LQQ GHUU +LVWRULRJUD SKLHVHLhEHUGLHVVKlWWHQQGLHHHLQIDFKHQ/HXWHGHQNODUHUHQQ%OLFNNIUUGLHHPDWHULHOOHQQ8PVWlQ GHDOVVGLHH3KLORVRSKHQÄ:lKUHQGGLPJHZ|KQOLFKHQQ/HEHQMHGHU6KRSNHHSHUUVHKUUZRKOO]ZL VFKHQQ>G@HPP]XXQWHUVFKHLGHQQZHL‰ZDVV-HPDQGG]XVHLQQYRUJLEWXQGGHPZDVVHUZLUNOLFKLVW VRRLVWWXQVUHH*HVFKLFKWVFKUHLEXQJQRFKKQLFKWW]XXGLHVHUWULYLDOHQQ(UNHQQWQLVVJHNRPPHQ³³0(:: GKGDVVVGLHJHZQVFKWH5HDOLWlWVQlKHXQGG%RGHQVWlQGLJNHLWWGHU*HVFKLFKWVVFKUHL EHU JlQ]OLFKK LQH[LVWHQWW LVW (QWJHJHQ GHU +HJHOVFKHQQ /HKUHH NDQQQ IUU 0DU[ GDVV %HZXVVWVHLQ ÄQLHHHWZDVV$QGHUHVVVHLQQDOVVGDVVEHZX‰WHH6HLQXQGGGDVV6HLQQGHUU0HQVFKHQQLKUUZLUNOLFKHUU/H EHQVSUR]H‰³³0(:'DKHUN|QQHQQGLH0HQVFKHQQLKUHHHLJHQHQQ9HUKlOWQLVVHHYHUEHVVHUQ LQGHPPVLHHVLFKKYRQIDOVFKHQQ9RUVWHOOXQJHQWUHQQHQQ0DUWLLGHQQQÄ>Q@LFKWWGDVV%H ZX‰WVHLQQEHVWLPPWWGDV/HEHQVRQGHUQQGDVV /HEHQQEHVWLPPWWGDVV%HZX‰WVHLQ³³0(: VR0DU[XQG(QJHOV(LQH]HQWUDOH5ROOHLQ%H]XJDXIGDV%HZXVVWVHLQVSLHOWDXFKGLH6SUD FKH ZHOFKHH ZLHH GDVV %HZXVVWVHLQ HUVW LP 9HUNHKUU PLW DQGHUHQQ 0HQVFKHQQ HQWVWHKW Ä>'@LH 6SUDFKHHLVWGDVVSUDNWLVFKHDXFKKIUDQGUHH0HQVFKHQQH[LVWLHUHQGHH>«@ZLUNOLFKHH%HZX‰WVHLQ³³ 0(: 'HVKDOEE VLQGG QLFKW GLHH LGHDOHQQ 9RUVWHOOXQJHQQ GHU 0HQVFKHQQ GLHH WUHLEHQGHQ .UlIWHGHU*HVFKLFKWH6WDWWGHVVHQQZHUGHQQGLHVHHGXUFKKÄGLHHlX‰HUHQQ)DNWRUHQQGHUPDWHULHOOHQ /HEHQVIKUXQJ³³ 5VHQQ EHVWLPPW 'LHH 0DU[¶VFKHH Ä*HVFKLFKWVDXIIDVVXQJ EHUXKW DOVRRGDUDXIGHQQZLUNOLFKHQQ3URGXNWLRQVSUR]H‰XQGG]ZDUUYRQQGHUUPDWHULHOOHQQ3URGXNWLRQQGHV XQPLWWHOEDUHQQ/HEHQVVDXVJHKHQG]XXHQWZLFNHOQXQGG>«@DOVV*UXQGODJHHGHUUJDQ]HQQ*HVFKLFK WHHDXI]XIDVVHQ³0(:

1HEHQQGHUUPDWHULHOOHQQ*UXQGODJHHKDWWGLHH*HVFKLFKWHHLQQGHUU0DU[¶VFKHQQ+LVWRULRJUDSKLH DXFKK HLQHQQ =ZHFN lKQOLFKK GHQQ 9RUVWHOOXQJHQQ +HJHOV 8PP DQQ GLHH VLQQOLFKPDWHULHOOHH (UIDK