ŠƒŽ–

,, (LQOHLWXQJ

,,, 5HJLRQQ

,,,, 5HJLRQDOLVLHUXQJ(LQQhEHUEOLFN

,,,7HQGHQ]HQQGHUU5HJLRQDOLVLHUXQJ

,9 'LHH%HGHXWXQJYRQQUHJLRQDOHQQ1HW]ZHUNHQQIUGLH:LUWVFKDIW

I9)OH[LEOHH6SH]LDOLVLHUXQJJ

99 6WDQGRUWIDNWRUHQ

9:LVVHQQDOV6WDQGRUWIDNWRU

9Ä6R]LDOH³³6WDQGRUWIDNWRUHQ

9.RQNXUUHQ]XQGG7UDQVSDUHQ]

9$UEHLWVNUlIWHHDOVV6WDQGRUWIDNWRU

9%HLVSLHOHHIUU5HJLRQDOLVLHUXQJ)RUPHQQGHUU$JJORPHUDWLRQ

9,, *ORNDOLVLHUXQJLQGXVWULHOOHU3URGXNWLRQ

9,,,, )D]LW

/LWHUDWXUYHU]HLFKQLV

‹Ž‡‹–—‰‰

Ä'LHVHUU ]XJOHLFK XQDQVHKQOLFKH XQGG VHOEVWEHZXVVWHH 2UW ZDU GLHH 6WDGW *UDVVHH VHLW HLQLJHQ -DKU]HKQWHQQ XQXPVWULWWHQH 3URGXNWLRQV XQGG +DQGHOVPHWURSROHH IUU 'XIWVWRIIH 3DUIXPHULHZDUHQ 6HLIHQQ XQGG gOH *XLVHSSHH %DOGLQLL KDWWHH LKUHQQ 1DPHQQ LPPHUU PLWW VFKZlUPHULVFKHUU 9HU]FNXQJ DXVJHVSURFKHQQ (LQ 5RPP GHUU 'IWH VHLL GLH 6WDGWW GDV JHOREWHH /DQG GHU 3DUIXPHXUHH XQGG ZHUU QLFKW VHLQHH6SRUHQQKLHUUYHUGLHQWWKDEHHHGHUUWUDJHHQLFKWW]XX5HFKWWGHQ1DPHQQ3DUIXPHXU>«@1LFKWWZHQLJHU DOVV VLHEHQ 6HLIHQNRFKHUHLHQQ PDFKWHH *UHQRXLOOHH EHL VHLQHPP 5XQGJDQJ DXV HLQ 'XW]HQG 3DUIXPHULH XQGG +DQGVFKXKPDFKHUPHLVWHU XQ]lKOLJHH NOHLQHUH 'HVWLOOHQQQ 3RUPDGHDWHOLHUVV XQGG 6SH]HUHLHQQ XQG VFKOLH‰OLFKKHLQLJHHVLHEHQQ+lQGOHUGLHH'IWHHHQQJURVVYHUWULHEHQQ³

:DVV3DWULFN6‰NLQGGLQVHLQHP5RPDQQÄ'DVV3DUIXP³³EHVFKUHLEWWLVWWHLQHHUHJLRQDOHH%UDQFKHQKlXIXQJ (LQQ *UR‰WHLOO GHUU :HUWVFK|SIXQJVNHWWH GHU 3DUIXPHULHEUDQFKHH LVW KLHUU UHJLRQDOO NRQ]HQWULHUWWW YRP 5RKVWRIIKlQGOHUU EHUU YHUVFKLHGHQHH 8QWHUQHKPHQQQ GLHH VLFKK DXII HLQ]HOQH 9HUHGHOXQJVVFKULWWH VSH]LDOLVLHUWW KDEHQQQ ELVV KLQQ ]XP *UR‰KDQGHOOO $EHUU DXFKK DX‰HUKDOE YRQQ 5RPDQHQQ ILQGHQQ VLFK HEHQVROFKH %HLVSLHOHHH ZLH 8KUHQQ DXVV GHUU 6FKZHL] 0HVVHUU DXVV 6ROLQJHQQQ )LOPHH DXVV +ROO\ZRRGGG 6RIWZDUHH DXVV GHP 6LOLFRQQ 9DOOH\ XQGG 3DSLHUPDVFKLQHQQ DXVV +HLGHOEHUJ 'RFKK VLQGG GLHV EHVRQGHUH (LQ]HOIlOOH"" $XVV GHQQ 0HGLHQQ XQGG GHUU :LVVHQVFKDIWW LVWW GHUU %HJULIII *OREDOLVLHUXQJ VHLWW HLQLJHQQ -DKU]HKQWHQQ QLFKWW PHKUU ZHJ]XGHQNHQQ XQGG HVV HQWVWHKWW GDVV *HIKO GDVVV GLHVHU 3UR]HVV ZHGHU XPNHKUEDUU QRFKK DXI]XKDOWHQQ VHLLL *HWULHEHQ ZLUGG GLHVHH (QWZLFNOXQJ GXUFKK GDV ,QWHUQHW XQ]lKOLJH DQGHUHH LQQRYDWLYHH 7HFKQRORJLHQQQ YRUU DOOHP LP %HUHLFKK GHU ,QIRUPDWLRQVV XQG .RPPXQLNDWLRQVV\VWHPHHH QHXHH $QIRUGHUXQJHQQ DQQ 3URGXNWHH XQGG :HUWVFK|SIXQJHQQQ YHUULQJHUWH 7UDQVSRUWNRVWHQXQGNU]HUHH3URGXNWOHEHQV]\NOHQQQXPQXUHLQLJHH)DNWRUHQ]XXQHQQHQQQ%HGHXWHWWGLHVH (QWZLFNOXQJ HLQHH /RVO|VXQJ ZLUWVFKDIWOLFKHUU 3UR]HVVHH DXVV UlXPOLFKHQQ 6WUXNWXUHQQQ XQGG VSLHOHQ UHJLRQDOHH 6SH]LILNDD IUU |NRQRPLVFKHH 3UR]HVVH NHLQH 5ROOHH PHKU"" 6ROOWH DOOHVV :LVVHQQ H[SOL]LW VHLQ VRZLHH ,QIRUPDWLRQHQQQ .DSLWDOO XQGG DXFKK GLHH $UEHLWW DOVV 3URGXNWLRQVIDNWRUHQQ EHUDOOO XQGG ]X UHODWLYY lKQOLFKHQQ.RVWHQQYHUIJEDUVHLQQQPVVWHQGRFKUHJLRQDOHHXQGGORNDOHH8QWHUVFKLHGHZHJIDOOHQQQ'DGXUFK ZUGHQQ 'LVSDULWlWHQQ LQQ GHU 5HVVRXUFHQDXVVWDWWXQJ DXVJHJOLFKHQQQ XQGG GLHH (UGHH N|QQWHH DOVV KRPRJHQHH %HZLUWVFKDIWXQJVIOlFKHHDQJHVHKHQQZHUGHQQQ=LHOOGLHVHUU$UEHLWWVROOHVVVHLQQQ]XKLQWHUIUDJHQQQLQZLHZHLW ORNDOHH *HJHEHQKHLWHQQ ZLUWVFKDIWOLFKHVV +DQGHOQ EHHLQIOXVVHQQQ :DVV ]HLFKQHWW GHQQ %HJULII 5HJLRQDOLVLHUXQJ DXVV XQGGLQ ZHOFKHP 9HUKlOWQLVVVWHKWW HU ]XUU *OREDOLVLHUXQJ 6LQGG GLHVV JHJHQOlXILJH 3UR]HVVHHHZLUNHQQVLHH]XVDPPHQQRGHUUEHGLQJHQQVLHHLQDQGHU"

‡‰‹‘

8PGHQQ3UR]HVVVGHU5HJLRQDOLVLHUXQJJHQDXHUUDQDO\VLHUHQ]XXN|QQHQQQLVWHVVQRWZHQGLJVLFKKPLWGHP 5HJLRQVEHJULIII DXVHLQDQGHU]XVHW]HQQQ GHUU QLFKWW DOOJHPHLQJOWLJ GHILQLHUWW LVWWW $QDO\WLVFK N|QQHQQ ]ZHLL 7\SHQQYRQQ5HJLRQHQQXQWHUVFKLHGHQQZHUGHQQQ(LQHYRQQ]DKOUHLFKHQ'HILQLWLRQHQEHVFKUHLEWHLQH5HJLRQ

6FKLHOH6

9JO.LHVH6

DOVV YRP =HQWUDOVWDDWWW DOVR ÄYRQQ REHQ³ XQWHU IXQNWLRQDOHQQ $VSHNWHQQ IUU =ZHFNHH GHUU 9HUZDOWXQJ 3ODQXQJ 5DXPRUGQXQJ RGHUU :LUWVFKDIW JHVFKDIIHQH *HELHWVN|USHUVFKDIW GLH LQQ XQWHUVFKLHGOLFKHU SROLWLVFKKLQVWLWXWLRQHOOHUU )RUP PLWW (LJHQNRPSHWHQ]HQ DXVJHVWDWWHW VHLQQ NDQQQQ $QGHUHUVHLWVV NDQQQ HLQH 5HJLRQ DEHU DXFK HLQH KLVWRULVFK JHZDFKVHQH (LQKHLW VHLQ GLH GXUFK GLH WHUULWRULDOH 9HUGLFKWXQJ NXOWXUHOOHUUUVSUDFKOLFKHUUUQDWXUUlXPOLFKHUURGHUUZLUWVFKDIWOLFKHUU0HUNPDOHHJHNHQQ]HLFKQHWWLVWWXQGGVLFK YRQQDQJUHQ]HQGHQQ*HELHWHQXQWHUVFKHLGHW (LQHZHLWHUHH'LIIHUHQ]LHUXQJHUP|JOLFKWWHLQHH(LQWHLOXQJLQ SROLWLVFKKDGPLQLVWUDWLYHH 9HUZDOWXQJVJUHQ]HQQQQ ZLUWVFKDIWOLFKHH 3URGXNWLRQVFOXVWHU XQGG VR]LDOH $UEHLWVPDUNWWW VRZLHH NXOWXUHOOQDWXUUlXPOLFKHH /DQGVFKDIWW XQGG ,GHQWLWlWWW 5HJLRQVDEJUHQ]XQJHQQ ,Q GHUU6LFKWZHLVHGHUHXURSlLVFKHQQ5HJLRQDOOXQGG6WUXNWXUSROLWLNVLQGG5HJLRQHQQ(LQKHLWHQQXQWHUKDOEEGHU ]HQWUDOVWDDWOLFKHQ (EHQHHH 5HJLRQHQQ LQQ GLHVHP 6LQQH VLQGG WHUULWRULDOHH (LQKHLWHQ ZLHH GLH VSDQLVFKHQ 3URYLQ]HQQQ IUDQ]|VLVFKHQ 'HSDUWHPHQWVVV VFKZHGLVFKHQQ /lQV EULWLVFKHQQ &RXQWLHVVV GHXWVFKHQ %XQGHVOlQGHUU RGHUU JUHQ]EHUVFKUHLWHQGH 5lXPH PLWW GHUU XQWHUVFKLHGOLFKVWHQ $XVGHKQXQJ $XV |NRQRPLVFKHUU 3HUVSHNWLYHH JHOWHQQ DOVV :LUWVFKDIWVUHJLRQHQQ ]XQlFKVW *UR‰UlXPHHH GLHH GXUFK LQWHUQDWLRQDOHH =XVDPPHQVFKOVVHH ZLHH GLH 1$)7$$$ $6($1 RGHUU GLHH (XURSlLVFKHH 8QLRQQ GHILQLHUW VLQGG XQGG GHVV:HLWHUHQ NOHLQUlXPLJHUHH :LUWVFKDIWVNRQVWUXNWHH ZLHH GDVV 5KHLQQ0DLQQ *HELHW :HQQQLQ GLHVHUU $UEHLWW YRQQ UlXPOLFKHUU .RQ]HQWUDWLRQQ RGHUU 5HJLRQQ JHVSURFKHQQ ZLUGGG LVW GDPLWW HLQQ EHJUHQ]WHU 5DXPJHPHLQWWWGHUUHKHUGLHH*U|‰HHHLQHV%H]LUNHVVRGHUUHLQHVV%XQGHVODQGHVEHVFKUHLEWWDOVVGLH)OlFKH GHUU(888

‡‰‹‘ƒŽ‹•‹‡”—‰‹o„‡”„Ž‹…

,Q GHUU /LWHUDWXUU ODVVHQQ VLFK ]DKOUHLFKHH $UEHLWHQQ ]XUU ,QWHUQDWLRQDOLVLHUXQJ YRQQ :HUWVFK|SIXQJVNHWWHQ XQGGJOREDOHQQ:LUWVFKDIWVDNWLYLWlWHQLP.RQWH[WWGHUU*OREDOLVLHUXQJILQGHQQQ$OVV7UlJHUUXQGGZHVHQWOLFKHH 7UHLEHU GLHVHV 3UR]HVVHV ZHUGHQ GDEHL 0XOWLQDWLRQDOH 8QWHUQHKPHQQ 01888 DQJHIKUWW 8QEHVWULWWHQ LVWWGDVVVGHUU(LQIOXVVGLHVHU*OREDO3OD\HUULQGHQQOHW]WHQQ-DKU]HKQWHQQVRZLHHGLHHYRQQGLHVHQQJHWlWLJWHQ DXVOlQGLVFKHQQ 'LUHNWLQYHVWLWLRQHQQ PDVVLY ]XJHQRPPHQQ KDEHQQQ $OOHUGLQJVV ODVVHQQ VLFKK WURW] GLHVHU ZHOWZHLWW JHVWUHXWHQQ $NWLYLWlWHQQ UHJLRQDOHH &KDUDNWHULVWLNDD KHUDXVVWHOOHQQQ 6RR EHILQGHQQ VLFK EHLVSLHOVZHLVHHGLHH+DXSWVLW]HHGHUUXPVDW]VWlUNVWHQ.RQ]HUQHHLQQQXUU5HJLRQHQQQ$X‰HUGHP]HLJW HLQHH6WXGLHHYRQQ5XJPDQQXQGG9HUEHNHHHGDVVVGHUUZHOWJU|‰WHQQ)LUPHQQÄUHJLRQDOO\EDVHG³³VLQGGGZDV EHGHXWHWGDVVVPHKUUDOVVVVGHUU8PVlW]HHLP+HLPDWPDUNWWJHQHULHUWWZHUGHQQ :DVVZLUGGQXQQDEHUUXQWHU 5HJLRQDOLVLHUXQJ YHUVWDQGHQ XQGG ZHOFKHVV $XVPD‰‰ KDW VLHH E]Z LQQ ZHOFKHP 9HUKlOWQLVV VWHKWW VLHH ]XU *OREDOLVLHUXQJ"" 8QWHUU |NRQRPLVFKHUU 5HJLRQDOLVLHUXQJ ZLUGG YHUHLQIDFKWW DXVJHGUFNWWW HLQHH GXUFKK 0DUNWNUlIWH KHUYRUJHUXIHQHH 9HUGLFKWXQJ GHVV ZLUWVFKDIWOLFKHQ %H]LHKXQJVJHIOHFKWHV ]ZLVFKHQ UlXPOLFKHQQ *HELOGHQ 5HJLRQHQQ YHUVWDQGHQQQ EHL GHUU HLQH 2ULHQWLHUXQJ DQQ GHQQ ZLUWVFKDIWOLFKHQ 0|JOLFKNHLWHQGHVUHJLRQDOHQQ8PIHOGVVVWDWWILQGHWWW5HJLRQDOLVLHUXQJLVWWHLQ3UR]HVVVVEHLGHP$NWHXUH

9JO%RYHUPDQQ/DQJHPDQQQQQQQ

9JO%XFKKRO]]]]]]]]]]6 9JO.LOSHUUUUUUU6 9JO0HKDQQD6

PLWHLQDQGHUUNRRSHULHUHQQXQGG1HW]ZHUNHHELOGHQQQGLHHUHJLRQDOHH6WUXNWXUHQQYHUVWlUNHQQRGHUUQHXXVFKDIIHQ 'DYRQQVWULNW]XXXQWHUVFKHLGHQQLVWGHUU7HUPLQXVVGHVV|NRQRPLVFKHQQ5HJLRQDOLVPXVVVGHUUHLQHQQSROLWLVFK DQJHUHJWHQQ 3UR]HVVV GHUU |NRQRPLVFKHQQ 9HU]DKQXQJ ]ZHLHUU RGHUU PHKUHUHU 5HJLRQHQQ PLWWHOV

,Q ZHOFKHUU 9HUELQGXQJ VWHKHQQ ORNDOHH XQGG JOREDOHH 3UR]HVVH"" 'DQLHO]\NN XQGG 2VVHQEUFNHH JHKHQQ DXI GUHLL EHVWHKHQGHH )DFHWWHQ GLHVHVV 9HUKlOWQLVVHVV HLQQQ ,QQ HLQHP HUVWHQQ 9HUVWlQGQLVV ZLUGG GDYRQ DXVJHJDQJHQQQ GDVVV GDVV *OREDOHH GLHH UHJLRQDOHQQ 9HUKlOWQLVVHH VWHXHUW 'DEHLL YHUVXFKHQQ UHJLRQDOHH XQG ORNDOHH$NWHXUHOHW]WOLFKKHKHUUSDVVLYDXIIJOREDOHH$QIRUGHUXQJHQQXQGG8PVWUXNWXULHUXQJHQQ]XXUHDJLHUHQ XQGG GLHH 1DFKWHLOHH HLQ]XGlPPHQQQ (LQHH ]ZHLWHH9DULDQWHH VLHKWW *OREDOLVLHUXQJ XQGG 5HJLRQDOLVLHUXQJ LQ HLQHP GLDOHNWLVFKHQQ 9HUKlOWQLVV ]XHLQDQGHUUU 'KK MHH ZLUNVDPHUU 3UR]HVVH GHU *OREDOLVLHUXQJ |NRQRPLVFKHH 0RPHQWHH EHHLQIOXVVHQQ GHVWRR PlFKWLJHUU ZHUGHQQ *HJHQWHQGHQ]HQQ DXI GHUU ORNDOHQQ XQG UHJLRQDOHQQ (EHQHHH 'LHVV IKUWW ]X )RUGHUXQJHQQ QDFKK WHUULWRULDOHUU (LJHQVWlQGLJNHLWW LQQ +LQEOLFN DXII GLH *HVWDOWXQJ GHUU :LUWVFKDIW 3ROLWLN XQGG NXOWXUHOOHQQ $VSHNWHQQQ XP VSH]LILVFKK DXII $QIRUGHUXQJHQ UHDJLHUHQQ ]X N|QQHQQQ (LQH GULWWHH 9DULDQWHH SRLQWLHUWW HLQHQQ %HGHXWXQJVJHZLQQQ UHJLRQDOHUU .RQWH[WHH :HQQQ UDXP]HLWOLFKHH XQGG SROLWLVFKKUHFKWOLFKHH %DUULHUHQ DXIJHZHLFKWW ZHUGHQQQ (QWIHUQXQJHQQ LUUHOHYDQW ZHUGHQQ XQGG ,QIRUPDWLRQHQQ LQQHUKDOEE NU]HVWHUU =HLW EHUPLWWHOWW ZHUGHQ N|QQHQQQ GDQQQ JHZLQQHQ UHJLRQDOVSH]LILVFKHH $XVVWDWWXQJVXQWHUVFKLHGHH DQQ %HGHXWXQJ ,QZLHZHLWW HLQHH GLHVHUU 6LFKWZHLVHQQ GLH 5HDOLWlWWDPWUHIIHQGVWHQQZLHGHUJLEWLVWWVFKZHUU]XEHXUWHLOHQQXQGG$QVLFKWVVDFKHHH

,Q GHUU /LWHUDWXUU ILQGHQQ VLFK MHGRFKK HLQLJHH 0HLQXQJHQQQ GLHH GLHH *UHQ]HQQ GHUU *OREDOLVLHUXQJ GHXWOLFK KHUDXVVWHOOHQ 6RR ZLUGG EHLVSLHOVZHLVHH DQJHIKUWWW GDVVV LQGXVWULHRUJDQLVDWRULVFKHH ,QQRYDWLRQHQQ GHU UlXPOLFKHQQ 1lKHH HLQH QHXHH %HGHXWXQJ YHUOHLKHQ XQGG GDPLWW GHUU ,QWHUQDWLRQDOLVLHUXQJ YRQ :HUWVFK|SIXQJVSUR]HVVHQ 6FKUDQNHQQ YRUJHEHQQQ )OH[LELOLWlWW XQGG VFKQHOOH $QSDVVXQJVIlKLJNHLW JHZLQQHQQLQQLPPHUUG\QDPLVFKHUHQ:HWWEHZHUEVVLWXDWLRQHQQXQGGEHLLNU]HUHQQ3URGXNWOHEHQV]\NOHQQDQ 6LJQLILNDQ]6ROFKH(LJHQVFKDIWHQN|QQHQQ0188DEHUQXUUELV]XXHLQHPJHZLVVHQQ*UDGGHUUHLFKHQQ(LQH 0|JOLFKNHLWW ]X (UKDOWXQJ GLHVHUU )lKLJNHLWHQ NDQQQ HLQHH )RNXVVLHUXQJ KLQ ]XX .HUQNRPSHWHQ]HQQ VHLQ ZDVVPLWW2XWVRXUFLQJVRZLHYHUWLNDOHQQXQGGKRUL]RQWDOHQ.RRSHUDWLRQHQQHLQKHUJHKWZDVVEHLLUlXPOLFKHU 1lKHH JHQHUHOOO HLQIDFKHU XPVHW]EDUU ]X VHLQQ VFKHLQWWW ,QZLHZHLWW .RRSHUDWLRQHQQ LP 5DKPHQQ GHUU

‡†‡œ‡†‡”””‡‰‹‘ƒŽ‹•‹‡”—‰

7HQGHQ]HQQGHUU5HJLRQDOLVLHUXQJVLQGGHLQQDOOJHPHLQHVVJHVHOOVFKDIWOLFKHVV3KlQRPHQQQ,QGHUUSROLWLVFKHQ 6SKlUHH VFKOlJW VLFKK GLHVHV 0HUNPDOO DXII (88(EHQHH LP 6ORJDQQ Ä(XURSDD GHUU 5HJLRQHQ³³ QLHGHUUU $XFK ZHUGHQQ HWKQLVFKKUHJLRQDOH 6WLPPHQQ QDFKK JU|‰HUHU $XWRQRPLHH LQQHUKDOEE YRQQ 1DWLRQDOVWDDWHQQ EHLVSLHOVZHLVHH LQQ .DWDORQLHQQQ LPPHUU ODXWHUUU ,QQ NXOWXUHOOHUU +LQVLFKW ZHUGHQQ UHJLRQDOHH 7UDGLWLRQHQQ

9JOKWWSSSZZZUHJLRQDOLVLHUXQJGHHHH9JO0HUN6

9JO*HEKDUGGGGGGG6 9JO+H‰‰‰‰‰‰‰6I