,QKDOW (LQOHLWXQJJ %HJULIIVHUNOlUXQJHQ $UWHQQYRQQ(/HDUQLQJ

2UJDQLVDWRULVFKH5DKPHQEHGLQJXQJHQ

7HFKQLVFKH5DKPHQEHGLQJXQJHQ

3ODWWIRUP,/,$6

8QWHUVFKLHGG(/HDUQLQJ]XUUKHUN|PPOLFKHQQQQ3UlVHQ]YHUDQVWDOWXQJJ

(LJHQH(UIDKUXQJHQQPLWW(/HDUQLQJLPP5DKPHQQGHUUU/HKUYHUDQVWDOWXQJJ

$XVEOLFNNIUU(/HDUQLQJLPP5DKPHQQGHUUU+RFKVFKXODXVELOGXQJJ /LWHUDWXUYHU]HLFKQLV

(LQOHLWXQJ

:LUU N|QQHQQ HLQHUU DQGHUHQQ 3HUVRQQ QLFKWW GLUHNWW HWZDVV OHKUHQ ZLUU N|QQHQQ QXUU LKUU /HUQHQ I|UGHUQ hEHU GLHH 1RWZHQGLJNHLWW XQGG GLHH %HGHXWXQJ OHEHQVODQJHQQ /HUQHQVV JLEWW HVV KHXWH NHLQHQQ=ZHLIHOOPHKU6FKRQQLQQGHQQHUU-DKUHQPLWWGHUU(LQIKUXQJYRQQ&RPSXWHUQQLQQ%URV 9HUZDOWXQJHQQXVZPDFKWHPDQVLFKK*HGDQNHQQEHUUGLHH0|JOLFKNHLWHQQGHVV2QOLQH/HUQHQV $PP $QIDQJJ ZDU GDVV 2QOLQH/HUQHQ UHFKWW VFKZLHULJ ]XX YHUZLUNOLFKHQ DEHU PLWW GHUU ZHOWZHLWHQQ9HUEUHLWXQJJGHVV,QWHUQHWVZXUGHQQGLH3UREOHPHHLPPHUUNOHLQHUXQGG]XUU=HLWWHUOHEWW

=X %HJLQQQ GHUU (QWZLFNOXQJ JODXEWHH PDQ GDVVVHLJHQVWlQGLJH 3URJUDPPH HQWZLFNHOWW ZHUGHQ PVVHQ(VVNULVWDOOLVLHUWHHVLFKKMHGRFKKKHUDXVGDVVGLHVVQLFKWWQRWZHQGLJZDUUXQGGPDQQQXUUHLQH LQWHJULHUWH /HUQXPJHEXQJ QHEHQQ GHU HLJHQWOLFKHQQ EHWULHEOLFKHQ RGHU VFKXOLVFKHQ $QZHQGXQJ EHQ|WLJW 'HUHQQ 8PIDQJ LVWW DEKlQJLJ YRPP MHZHLOLJHQQ $QZHQGHU 6RR LVWW HVV YHUVWlQGOLFK GDVVV PDQ ]XUU 9HUZHQGXQJ LQQ +RFKVFKXOHQ HLQQ EUHLWHUHVV :LVVHQQ LQQ GLHH /HUQXPJHEXQJ HLQEULQJHQQ PXVVV XQGG IUU GHQQ MHZHLOLJHQQ 9HUDQWZRUWOLFKHQQ HLQHQQ JU|‰HUHQ $XIZDQGEHGHXWHW'LHVHH$UEHLWEHU(/HDUQLQJHQWVWDQGGZlKUHQGHLQHVV3LORWSURMHNWVV/9 1U 2QOLQHH /HKUYHUDQVWDOWXQJ (/HDUQLQJ LQQ GHUU 6R]LDODUEHLW DQQ GHUU )DFKKRFKVFKXOHH %UHPHQ )DFKEHUHLFKK 6R]LDODUEHLW 'LH $UEHLWW LVWW LQQ ]ZHLL %HUHLFKHQQ JHJOLHGHUW 'HU HUVWH %HUHLFKK EH]LHKWW VLFKK GDUDXII ZDVV LVWW (/HDUQLQJ HLJHQWOLFKK XQGG ZLHH NDQQQ PDQQ HVV DQZHQGHQ 'HUU ]ZHLWHH 7HLOO KDQGHOW YRQQ PHLQHUU SHUV|QOLFKHQQ (UIDKUXQJ PLWW (/HDUQLQJ LQQHUKDOEE GHU /HKUYHUDQVWDOWXQJ 3LORWSURMHNW $PP (QGHH GHU $UEHLWW ZHUGHQQ =XNXQIWVSHUVSHNWLYHQQ GHU /HUQXPJHEXQJHQQLQQ+RFKVFKXOHQQDXIJH]HLJWWXQGGZHOFKH&KDQFHQQGLHH3ODWWIRUPHQQELHWHQ

%HJULIIVHUNOlUXQJHQ

Ä0XOWLPHGLD³³

(VVJLEWWVHKUXQWHUVFKLHGOLFKHH$XIIDVVXQJHQQGDYRQZDVV0XOWLPHGLDDLVW8PP0LVVYHUVWlQGQLVVHH ]XYHUPHLGHQQXQGGHLQHH9HUVWHKEDUNHLWWGHUU,QKDOWH]XXHUP|JOLFKHQZLUGGKLHUUNXU]YRUJHVWHOOW XQWHU0XOWLPHGLD]XXYHUVWHKHQQLVW$OOH%HGLQJXQJHQEHLGHQHQYHUVFKLHGHQH0HGLHQ3DSLHU 2YHUKHDG)ROLHQ &RPSXWHU3UlVHQWDWLRQHQ RGHU 3UlVHQWDWLRQV0RGLL DXGLWLY YLVXHOO HLQJHVHW]WWZHUGHQXPP,QIRUPDWLRQQ]XYHUPLWWHOQQVLQGGÄPXOWLPHGLDOO'DDGDVV9HUVWlQGQLVVGHUU

&55RJHUV6 YJO]LJUGH ^YJO]LJUGH

Ä1HXHQQ 0HGLHQ GLHVHQQ %HJULIII DEHU VWDUNN JHSUlJW KDW VROO KLHUU DQJHSDVVW DQQ GLHVHV 9HUVWlQGQLVV HLQH ZHLWJHKHQGH (LQVFKUlQNXQJJ YRQQ 0XOWLPHGLDD DXII 3UlVHQWDWLRQVIRUPHQ HUIROJHQ GLH VLFK GXUFKK HLQH hEHUWUDJEDUNHLW GHU ,QIRUPDWLRQHQQ PLWWHOVV HOHNWURQLVFKHUU +LOIVPLWWHOO &RPSXWHU 9LGHRNDPHUD HWF DXV]HLFKQHQ 9LHOIDFKK ZLUGG HUZDUWHW GDVVV GXUFKK GHQQ (LQVDW] YRQQ 0XOWLPHGLDD HLQQ *UR‰WHLOO GHUUELVV GDKLQQ YRUKDQGHQHQQ 3UREOHPHHEHLPP /HKUHQ XQGG /HUQHQQ JHO|VWW ZHUGHQQ N|QQHQ ,QVEHVRQGHUH GDVV /HUQHQQ VROOO OHLFKWHUU IDOOHQQ XQGG PHKUU 6SD‰‰ PDFKHQ 'LH 0RWLYDWLRQQ VROO YHUVWlUNW ZHUGHQ 9LHOOHLFKW VFKDIIW PDQQ HVV VRJDUU GLH 0HQJHHGHVVLQQHLQHPPEHVWLPPWHQ=HLWUDXPPJHOHUQWHQQ6WRIIVV]XXHUK|KHQ:HLWHUKLQQN|QQHQQGLH ,QKDOWHH XPIDVVHQGHUU GDUJHVWHOOWW ZHUGHQ XQGG ]XVlW]OLFKHH ,QIRUPDWLRQQ VLQGG OHLFKWHUU YHUIJEDU ]XMHGHUUEHOLHELJHQQ=HLWXQGGDQQGHQQYHUVFKLHGHQVWHQ2UWHQ Ä(/HDUQLQJ³³

$XVV GHUU 6LFKWW GHUU 6SUDFKZLVVHQVFKDIWW NDQQQ GDVV Ä(³³ DOVV (DV\ (IIHFWLYH (ODERUDWHGG RGHU (QWHUWDLQLQJLQWHUSUHWLHUWWZHUGHQ )UUGLH$UEHLWZXUGHHDXIIGLHHLQGHUU/LWHUDWXUUDPKlXILJVWHQQ DQ]XWUHIIHQGHH ,QWHUSUHWDWLRQQ ]XUFNJHJULIIHQ VRR GDVVV GDVV Ä(³ IU (OHFWURQLFF VWHKW 'HPQDFK ODXWHWWGLHH'HILQLWLRQQIUU(/HDUQLQJIROJHQGHUPD‰HQ

=XGHQ1HXHQ0HGLHQQ]lKOHQEHLVSLHOVZHLVHGDVV,QWHUQHW0XOWLPHGLD&RPSXWHUVRZLH/HUQ 9LGHRV /HUQ.DVVHWWHQ &'5RPV '9'' XVZ 8QWHUU (/HDUQLQJ ZHUGHQ VRPLWW /HKUU XQGG ,QIRUPDWLRQVV\VWHPH YHUVWDQGHQ GLH PLWW +LOIHH GHVV HOHNWURQLVFKHQQ :HJHVV GHPP /HUQHQGHQQ 2QOLQHE]Z2IIOLQHSURGXNWHHXQDEKlQJLJYRQQ=HLWXQGG2UWW]XUU9HUIJXQJVWHOOHQ

$UWHQQYRQQ(/HDUQLQJJ

0DQQXQWHUVFKHLGHWWGUHLL$UWHQQYRQQ(/HDUQLQJGLHHHLQ]HOQQRGHULQQEHOLHELJHQ.RPELQDWLRQHQ HLQJHVHW]WWZHUGHQQN|QQHQ

^YJO8QL/DQGDX YJO.DVHU6I

'HU%HJULIIÄ1HXHH0HGLHQ³³LVWLPPHU5HODWLY]XP=HLWSXQNWGHU9HUZHQGXQJ]XEHWUDFKWHQQ .UHWVFKPHU0DUFF6 ^{YJO'LFKDQ](UQVW6}

0XOWLPHGLDOH$XIEHUHLWXQJJ

=ZHL $UWHQ ZHUGHQQ EHLL GHU PXOWLPHGLDOHQQ $XIEHUHLWXQJ XQWHUVFKLHGHQ GLH GXUFK GHQ VRJHQDQQWHQ gUWOLFKHQQ $VSHNW 2QOLQH2IIOLQH GLIIHUHQ]LHUW ZHUGHQ %HLPP 2QOLQH /HUQHQ ZHUGHQ GLH /HUQLQKDOWH GXUFKK QHW]ZHUNEDVLHUWH .RPPXQLNDWLRQVV\VWHPH ,QWHUQHW ,QWUDQHW EHUPLWWHOW'LHH1XW]XQJJGHVV,QWHUQHWVVHUP|JOLFKWGDVVVVFKQHOOODXIIGHQQ%HGDUIIGHVV/HUQHQGHQ HLQJHJDQJHQQ ZHUGHQQ NDQQ 2IIOLQHH /HUQHQQ HUODXEWW GHPP /HUQHQGHQQ KLQJHJHQQ /HUQLQKDOWHH GXUFK]XDUEHLWHQRKQHHDXIIHLQQYHUQHW]WHVV0HGLXPDQJHZLHVHQ]XXVHLQ=XGHQQ2IIOLQHH0HGLHQ

6\QFKURQHVV7HOH/HKUHQ/HUQHQ

%HLPPV\QFKURQHQQ /HUQHQQE]Z /HKUHQILQGHWWHLQHhEHUPLWWOXQJGHU ,QIRUPDWLRQQXQPLWWHOEDU VWDWW /HKUHQGHUU XQG /HUQHQGHUU QHKPHQQ ]XU JOHLFKHQQ =HLWW DQ GHU .RPPXQLNDWLRQQ WHLO .RPPXQLNDWLRQVPHGLHQGLHHHLQHHV\QFKURQH.RPPXQLNDWLRQQHUP|JOLFKHQQE]ZXQWHUVWW]HQ

$V\QFKURQH/HUQ1HW]ZHUNH

,Q GHU DV\QFKURQHQQ .RPPXQLNDWLRQQ ILQGHWW NHLQHH GLUHNWHH hEHUPLWWOXQJJ YRQQ ,QIRUPDWLRQHQ VWDWW%HLVSLHOHHGDIUUVLQG0DLOV\VWHPH2QOLQH'DWHQEDQNHQQXQGG%XOOHWLQ%RDUG 6\VWHPH (/HDUQLQJJ 3ODWWIRUPHQ ELHWHQQ ]XQHKPHQGG GLH 0|JOLFKNHLW DOOH GUHLL $UWHQQ XQWHU HLQHU HLQ]LJHQQ :HE2EHUIOlFKHH ]X LQWHJULHUHQ 6LHH VWHOOHQQ GDPLWW HLQHH JHHLJQHWH *UXQGODJHH IUU GLHH (QWZLFNOXQJ YLUWXHOOHU /HUQJHPHLQVFKDIWHQ GDU 'LHVHH HQWVWHKHQQ MHGRFKK HUIDKUXQJVJHPl‰‰ QLFKWW YRQQ DOOHLQH VRQGHUQQ EHGUIHQQ QHEHQQ GHUU %HUHLWVWHOOXQJ LQWHJUDWLYHUU 6RIWZDUH 3ODWWIRUPHQQ JH]LHOWHUU 0D‰QDKPHQQ GHUU 0RWLYDWLRQ 0RGHUDWLRQ =LHO $XIJDEHQ XQGG 5ROOHQEHVWLPPXQJ 'LHVHH QHXHQQ 0|JOLFKNHLWHQQ IKUHQQ ]XX HLQHUU =XQDKPHH GHUU VRJHQDQQWHQ YLUWXHOOHQQ0RELOLWlWWYRQQ/HUQHQGHQ

YJO.UHWVFKPHU0DUF6

YJO+WKHU6

^{:KLWHERDUGHOHNWURQLVFKH7DIHODQQGHUJHPHLQVDPDQYHUWHLOWHQQ6WDQGRUWHQ7H[WXQG%LOGLQIRUPDWLRQHQEHDUEHLWHWWZHUGHQN|QQHQQ YJO8QL/DQGDX} %XOOHWLQ%RDUG$QVFKODJWDIHOO

/HUQSODWWIRUP (LQH /HUQSODWWIRUP LVWW HLQH 6RIWZDUH GLH ,QIRUPDWLRQV XQGRGHU .RPPXQLNDWLRQVP|JOLFKNHLWHQQ IU /HUQ]ZHFNH EHLQKDOWHW(LQH/HUQSODWWIRUPNDQQOHGLJOLFKKDXVHLQHU:HEVLWHPLWWHLQLJHQQ7H[WVHLWHQQEHVWHKHQRGHUHLQQXPIDQJUHLFKHV3URJUDPPGDV ,QIRUPDWLRQHQQDOV7H[W9LGHRXQGG$XGLRVRZLH0|JOLFKNHLWHQQ]X9LGHRNRQIHUHQ]HQXQGG&KDWV]XU9HUIJXQJVWHOOWVHLQ'LHPHLVWHQ /HUQSODWWIRUPHQQLQWHJULHUHQQXQWHUVFKLHGOLFKH0|JOLFKNHLWHQ/HUQSODWWIRUPHQJLEWWHVLQDOOHQQ3UHLVODJHQYRQNRPPHU]LHOOHQ$QELHWHUQDOV 6WDQGDUGXQGG,QGLYLGXDOO|VXQJHQ YJO/HDUQLQJODE