,QKDOWVYHU]HLFKQLVV ,QKDOWVYHU]HLFKQLVV ,, $EELOGXQJVYHU]HLFKQLV 9, 7DEHOOHQYHU]HLFKQLVV9,, $ENU]XQJVYHU]HLFKQLVV9,,, (LQOHLWXQJ

'LHH3UREOHPDWLNNGHVV3KlQRPHQVVGHUU.RUUXSWLRQQ

%HJULIIHXQG$EJUHQ]XQJHQQGHUUSDVVLYHQQ.RUUXSWLRQ 'HUU%HJULIIIGHUU.RUUXSWLRQQ

'LHHPRUDOWKHRORJLVFKHH6LFKWZHLVH 'LHHVR]LRORJLVFKHH6LFKWZHLVHH 'LHHVR]LDOSV\FKRORJLVFKH6LFKWZHLVHH 'LHHSROLWLNZLVVHQVFKDIWOLFKH6LFKWZHLVH 'LHHUHFKWVZLVVHQVFKDIWOLFKHH6LFKWZHLVH 'LHHZLUWVFKDIWVZLVVHQVFKDIWOLFKHH6LFKWZHLVH

3ULQ]LSDOO±±$JHQWW7KHRULH (UVFKHLQXQJVIRUPHQQGHU$QJHVWHOOWHQEHVWHFKXQJJ 9RUIHOGHUVFKHLQXQJHQQGHUU.RUUXSWLRQ 'LHH)XQNWLRQQGHVVVRJ$QIWWHUQVV 'LHH)XQNWLRQQYRQQ9HUPLWWOHUQQ %HVRQGHUVVEHWURIIHQHH%UDQFKHQ *HIlKUGHWHH:LUWVFKDIWVEHUHLFKHXQGG±SRVLWLRQHQQ (LQNDXIIE]Z$XIWUDJVYHUJDEH 9HUWULHEEHLJHQHUU:DUHQQE]Z/HLVWXQJHQ

6SHQGHQQ6SRQVRULQJJ

%RQXVSURJUDPPH

6FKPLHUJHOG]DKOXQJHQ

,,

6FKlGHQQGXUFKKSDVVLYHH.RUUXSWLRQQ 8QWHUQHKPHQVLQWHUQHH6FKlGHQ 0DWHULHOOHH6FKlGHQ ,PPDWHULHOOHH6FKlGHQ

0DWHULHOOHH6FKlGHQ ,PPDWHULHOOHH6FKlGHQ 5HFKWOLFKHH5DKPHQEHGLQJXQJHQQGHUU.RUUXSWLRQQ ††%HVWHFKOLFKNHLWWXQGG%HVWHFKXQJLPPJHVFKlIWOLFKHQQ9HUNHKU (QWVWHKXQJVJHVFKLFKWH

7DWEHVWDQGGGHUUSDVVLYHQQ%HVWHFKXQJJ $XVOlQGLVFKHUU:HWWEHZHUEE 9ROOHQGXQJXQGG5HFKWIHUWLJXQJJ 6WUDIPD‰

hEHUVFKQHLGXQJHQQGHUU6WUDIWDWEHVWlQGH %HVRQGHUVVVFKZHUHH)lOOHHGHUU%HVWHFKOLFKNHLWW %HWUXJ 8QWUHXH (USUHVVXQJXQGG1|WLJXQJ 8QWHUVFKODJXQJ

*HKHLPQLVYHUUDW 6WHXHUKLQWHU]LHKXQJJ

$PWVWUlJHUEHVWHFKXQJJ

8QWHUVFKLHGHXQGG3DUDOOHOHQQ]ZLVFKHQQ††XQGG†††II6W*%% ,QWHUQDWLRQDOH*HVHW]JHEXQJHQPLWW5LVLNHQQIUUGHXWVFKHH8QWHUQHKPHQ hEHUEOLFNNEHUP|JOLFKHhEHUVFKQHLGXQJHQQEHLLSDVVLYHUU.RUUXSWLRQQ (PSLULVFKH 8QWHUVXFKXQJJ ]X 9HUKDOWHQVNRGL]HV GHU 'D[

(LQKDOWXQJGHU*HVHW]HXQGGLQWHUQHQQ5LFKWOLQLHQQ )DLUHUU:HWWEHZHUE 8PJDQJPLWW,QIRUPDWLRQHQ

,,,

(LQVFKDOWXQJYRQQ9HUPLWWOHUQQ ,QWHUHVVHQVNRQIOLNWHH =XZHQGXQJHQ 6SHQGHQQ6SRQVRULQJJ *HVFKHQNHH(LQODGXQJHQ &KHFNOLVWHH]XUU(LQKDOWXQJGHU*UXQGVlW]H %HVRQGHUKHLWHQ 0D‰QDKPHQQDXVV8QWHUQHKPHQVVLFKW %HGHXWVDPNHLWWYRQQLQWHUQHQ0D‰QDKPHQ 2UJDQLVDWRULVFKH3ULQ]LSLHQQXQGG(PSIHKOXQJHQQGHU,&& 'DVVhEHUZDFKXQJVXQGG6WHXHUXQJVV\VWHP

hEHUZDFKXQJVIXQNWLRQ .RUUXSWLRQQDOVV$VSHNWWGHV5LVLNRPDQDJHPHQWV &RPSOLDQFHH0D‰QDKPHQ +LQZHLVJHEHUV\VWHPP:KLVWOHEORZLQJ

.RPPXQLNDWLRQQQDFKKDX‰HQQXQGGVWUDIUHFKWOLFKHH0D‰QDKPHQ 5HVPHHXQGG%HZHUWXQJJGHU$UEHLWVHUJHEQLVVH /LWHUDWXUYHU]HLFKQLVV ,; $QKDQJ ;;9

(QWZLFNOXQJGHU.RUUXSWLRQVVWUDIWDWHQQLQQGHUU3ULYDWZLUWVFKDIW;;9 5HFKWOLFKHH5DKPHQEHGLQJXQJHQQGHUU.RUUXSWLRQ;;9 ††$EV6W*%%HVWHFKOLFKNHLWWLPPJHVFKlIWOLFKHQQ9HUNHKU;;9 =XUU.ULWLNNDPP*HVHW]HVZRUWODXWWGHVV††6W*%%;;; ††6W*%%HVRQGHUVVVFKZHUHH)lOOH;;;, ††††±±6W*%8UNXQGHQIlOVFKXQJJ ;;;,

,QWHUQDWLRQDOHH *HVHW]JHEXQJHQQ PLWW 5LVLNHQQ IUU GHXWVFKH 8QWHUQHKPHQ ;;;,, /LVWHHGHUU'D[8QWHUQHKPHQ ;;;,9

,QWHJULW\ &RPSOLDQFH ,QWHUQHH 9HUKDOWHQVULFKWOLQLH ]XPP 8PJDQJJ PLW (LQODGXQJHQ*HVFKHQNHQQXQGGDQGHUHQ=XZHQGXQJHQ ;;;9 3ULQ]LSLHQQGHVV811*OREDOO&RPSDFWW ;;;9,,, %HLVSLHOHHIUU'DWHQQPLWW*HKHLPQLVFKDUDNWHU ;;;9,,, 7DEHOODULVFKH$XIVWHOOXQJHQGHUU)DOOUHFKHUFKH ;/

,9

-QJVWHHXQGGEHUHLWVVDEJHXUWHLOWHH)lOOH ;/ 9HUGDFKWVIlOOHHE]ZDEZHLFKHQGH$QNODJHSXQNWHHZLHHQXUUYRU GHPP8UWHLO ;/9,,

-QJVWH QRFKK QLFKW DEJHXUWHLOWH QLFKW EHZLHVHQH )lOOH 9HUGDFKWVIlOOH ;/9,,,

=LYLOUHFKWOLFKH$QVSUFKHGHU8QWHUQHKPHQJHJHQQGHQ9HUXUWHLOWHQ /,,

)DOOUHFKHUFKHHE]JO=XZHQGXQJHQ/,9

99

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ 3ULQ]LSDO$JHQWW%H]LHKXQJ4XHOOHHLJHQHH'DUVWHOOXQJJ $EELOGXQJ 9LHUHFNVYHUKlOWQLVVGHUU3ULQ]LSDO$JHQWW7KHRULH $EELOGXQJ 'XUFKK.LFN%DFNNYHUXUVDFKWHUU5FNYHUJWXQJVUDEDWWW $EELOGXQJ ,QGLUHNWHH6FKlGHQQGXUFKK:LUWVFKDIWVNULPLQDOLWlWW $EELOGXQJ 7DXJOLFKH7lWHUGHUUSDVVLYHQQ.RUUXSWLRQ $EELOGXQJ 0|JOLFKHH*HVHW]HVEHUVFKQHLGXQJHQQPLWW††$EV6W*%

$EELOGXQJ 6FKQLWWVWHOOHH]ZLVFKHQQ%HVWHFKOLFKNHLWW8QWUHXH $EELOGXQJ 6FKQLWWVWHOOH]ZLVFKHQQ%HVWHFKOLFKNHLWW1|WLJXQJ(USUHVVXQJ $EELOGXQJ 6FKQLWWVWHOOHH]ZLVFKHQQ%HVWHFKOLFKNHLWW8QWHUVFKODJXQJ $EELOGXQJ 6FKQLWWVWHOOHH]ZLVFKHQQ%HVWHFKOLFKNHLWW8UNXQGHQIlOVFKXQJJ $EELOGXQJ 6FKQLWWVWHOOHH%HVWHFKOLFKNHLWW*HKHLPQLVYHUUDW $EELOGXQJ 6FKQLWWVWHOOHH%HVWHFKOLFKNHLWW6WHXHUKLQWHU]LHKXQJJ $EELOGXQJ 6FKQLWWVWHOOHH%HVWHFKOLFKNHLWW6XEPLVVLRQVYHUIDKUHQ $EELOGXQJ 6FKQLWWVWHOOH%HVWHFKOLFKNHLW8QWUHXH%HWUXJXQG 6WHXHUKLQWHU]LHKXQJJ

$EELOGXQJ 6FKQLWWVWHOOH]ZLVFKHQQ%HVWHFKOLFKNHLW8QWUHXH%HWUXJ 8UNXQGHQIlOVFKXQJXQGG6WHXHUKLQWHU]LHKXQJJ $EELOGXQJ &KHFNOLVWHH]XUU(LQKDOWXQJGHU*UXQGVlW]H $EELOGXQJ $QWHLOOGHUU'HOLNWUXSSHQQLQ3UR]HQWWLQQ $EELOGXQJ $QWHLOOGHUU6FKlGHQQGXUFK:LUWVFKDIWVNULPLQDOLWlWWLQ $EELOGXQJ hEHUZDFKXQJVXQGG6WHXHUXQJVV\VWHPP $EELOGXQJhEHUVLFKWWEHUUHLQQXPIDVVHQGHVV5HJHOV\VWHP $EELOGXQJ $FKWVDPNHLWVUHJHOQQ]XPP8PJDQJPLWW=XZHQGXQJHQ $EELOGXQJ (QWZLFNOXQJGHU6WUDIWDWHQQGHUU†††6W*%YRQQELVV ;;9

9,

  7DEHOOHQYHU HLFKQLVV  

  7DEHOOH hEHUVFKQHLGXQJGHUU6WUDIWDWEHVWlQGH  

  7DEHOOH 'D 8QWHUQHKPHQ 9,,  

  7DEHOOH 3ULQ LSLHQQGHVV811 OREDOO&RPSDFWW 9,,,  

  7DEHOOH HLVSLHOHHI UU'DWHQQPLWW HKHLPQLVFKDUDNWHU /  

  7DEHOOH EJHXUWHLOWHH)lOOH /9,  

  7DEHOOH 1LFKWWQDFKJHZLHVHQHH QNODJHSXQNWH /9,,,  

  7DEHOOH 9HUGDFKWVIlOOHHE ZQRFKQLFKWWDEJHXUWHLOWHH)lOOH/,  

  7DEHOOH LYLOUHFKWOLFKHH QVSU FKHGHVV8QWHUQHKPHQV /,9  

  9,,,  

  EN U XQJVYHU HLFKQLVV  

  JHQWW  

  EVV EVDW  

  22 EJDEHQRUGQXQJJ  

)  XQGHVILQDQ KRII  

  XQGHVJHULFKWVKRI  

  6W (QWVFKHLGXQJVVDPPOXQJJGHVV LQQ6WUDIVDFKHQ  

  (QWVFKHLGXQJVVDPPOXQJJGHVV LQQ LYLOVDFKHQ  

  XQGHVNULPLQDODPW  

  6W O XQGHVVWHXHUEODWW  

7  XQGHVWDJ  

  ',,5 'HXWVFKHVV,QVWLWXWWI U,QWHUQH5HYLVLRQ  

  ', 'HXWVFKHH,QGXVWULHXQGG DQGHOVNDPPHU  

  UR EULWDQQLHQ  

1  HZHUNVFKDIWW1HXHH ULHIXQGG XVWHOOGLHQVWHH  

  5855 HZHUEOLFKHUU5HFKWVVFKXW XQGG8UKHEHUUHFKW  

  ,&& ,QWHUQDWLRQDOHH DQGHOVNDPPHUU  

  ,': ,QVWLWXWWGHU:LUWVFKDIWVSU IHUU  

  ,5 ,QWHUQH5HYLVLRQ  

  L6Y LPP6LQQHHYRQ  

  OLHQWW  

  RQ7UD HVHW XUU9HUEHVVHUXQJGH.UURQWUROOHHXQGG7UDQVSDUHQ  

  1-:: 1HXHH-XULVWLVFKHH:RFKHQVFKULIW HLWVFKULIW  

  16W 1HXH HLWVFKULIWI U6WUDIUHFKW  

33  3ULQ LSDO  

36  3U IXQJVVWDQGDUGV  

  5QQ 5DQGQXPPHUU  

  6W 6WUDIJHVHW EXFK  

  6W55 6WUDIUHFKW  

  7, 7UDQVSDUHQF ,QWHUQDWLRQDO  

  8: HVHW JHJHQQGHQQXQODXWHUHQQ:HWWEHZHUE  

  9JO 9HUJOHLFK  

  9,,,,  

(LQOHLWXQJ Ä-HHNRUUXSWHUUGHUU6WDDWGHVWRPHKUU*HVHW]HHEUDXFKWWHU³ 0LWW 3ODW] YRQQ XQWHUVXFKWHQQ /lQGHUQ JHK|UWW'HXWVFKODQGG LPP ZHOWZHLWHQQ 0D‰VWDEE]XGHQQNRUUXSWHVWHQQ /lQGHUQ :HUNRUUXPSLHUWZLUGPXVVGDPLWUHFK QHQJOHLFKKJHJHQQPHKUHUH'HOLNWHJOHLFK]HLWLJ]XXYHUVWR‰HQ

'LH YRUOLHJHQGH $UEHLWW ]HLJWW UHOHYDQWH *HVHW]HVEHUVFKQHLGXQJHQQ EHLL SDVVLYHU .RUUXSWLRQQDXI6LHGLHQWVRZRKODOVZLVVHQVFKDIWOLFKHH$UEHLWDOVVDXFKKGHPSUDNWL VFKHQQ8PJDQJLQQ8QWHUQHKPHQGDOHLWHQGH$QJHVWHOOWH]XPHLVWWQLFKWDOOH*HVHW ]HXQGGLQWHUQHQQ5LFKWOLQLHQQGHUU8QWHUQHKPXQJVHOEVWWNHQQHQ

'LH3UREOHPDWLNNGHVV3KlQRPHQVVGHU.RUUXSWLRQQ

'XUFKK.RUUXSWLRQQHQWVWHKHQQGHUU%HY|ONHUXQJXQGGHUU:LUWVFKDIWLPPHQVHH6FKl GHQ1DFKK$QJDEHQGHU:HOWEDQNNPXVVVMHGHUU0HQVFKUXQGVHLQHU$UEHLWVOHLV WXQJIU.RUUXSWLRQVVFKlGHQQDXIEULQJHQ 3ULFHZDWHUKRXVH&RRSHUV3:&HUPLW

WHOWHGDVVVDOOHLQQMHGHVVGHUULQQ'HXWVFKODQGGEHIUDJWHQQ8QWHUQHKPHQQLPP'XUFK VFKQLWWWEHU0LOOLRQHQQ(XURIU.RUUXSWLRQVVFKlGHQQDXIZHQGHQQPXVVWH

%LVODQJ HUIXKUU MHGRFKK YHUVWlUNWW GLH .RUUXSWLRQQ LP VWDDWOLFKHQQ %HUHLFKK $XIPHUN VDPNHLWZDVVQLFKWWQXUUDQQGHUUKRKHQQ$Q]DKOGHUUDXIJHGHFNWHQQ)lOOHHOLHJWVRQGHUQQ YRUDOOHPPGDUDQGDVVVGLHHgIIHQWOLFKNHLWWHLQQEHVRQGHUHV,QWHUHVVHDQGHUHQQ$XINOl UXQJKDW

.RUUXSWLRQQLQQGHU3ULYDWZLUWVFKDIWWEOHLEWWGHUgIIHQWOLFKNHLWW]XPHLVWYHUERUJHQGD GLH EHWURIIHQHQ 8QWHUQHKPHQQ DXVV ZLUWVFKDIWOLFKHQQ *UQGHQ ]% ,PDJHYHUOXVW QLFKWW DQQ HLQHUU |IIHQWOLFKHQQ $XINOlUXQJ LQWHUHVVLHUWW VLQG VRQGHUQQ GDVV 3UREOHP YLHOPHKUULQWHUQQO|VHQ

3XEOLXVV&RUQHOLXVV7DFLWXVV±Q&KU

9JO7UDQVSDUHQF\,QWHUQDWLRQDO.RUUXSWLRQVZDKUQHKPXQJVLQGH[6 9JO 7UDQVSDUHQ\ ,QWHUQDWLRQDO +LJKOLJKWV IURP WKH 7UDQVSDUHQF\ ,QWHUQDWLRQDO *OREDO &RUUXSWLRQ5HSRUW6'LHH.RUUXSWLRQVVFKlGHQEH]LHKHQVLFKGDEHLDXVVFKOLH‰OLFKKDXIGHQQ %DXVHNWRUXQGEHWUDJHQQ]ZLVFKHQ±GHV%,3LQQGHQQHQWZLFNHOWHQQ/lQGHUQQXQG±LQGHQ XQWHUHQWZLFNHOWHQQ/lQGHUQ'LH.RUUXSWLRQVVFKlGHQQLQGLHVHP%HUHLFKKODJHQQEHLHLQHPPJHVFKlW] WHQQ:HUWYRQ0UG86''HUJHVDPWH6FKDGHQIUDOOH%UDQFKHQQGUIWHVRPLW ZHLWDXVK|KHU OLHJHQ

9JO3ULFHZDWHUKRXVH&RRSHUVV6,QVJHVDPWZXUGHQ8QWHUQHKPHQLQ'HXWVFKODQG EHIUDJW

'LH9HUJDQJHQKHLWWKDWWJH]HLJWGDVVV.RUUXSWLRQQLQQGHU3ULYDWZLUWVFKDIWWNHLQQ$XV :lKUHQGGGLHH6WUDIWDWHQQ QDKPHIDOOOLVWVRQGHUQHLQHQQVWHWLJHQQ$QVWLHJYHU]HLFKQHW IUU.RUUXSWLRQQQRFKKEHLL)lOOHQQVRZLHHEHVRQGHUVVVFKZHUH)lOOHHGHU %HVWHFKXQJ%HVWHFKOLFKNHLWWODJKDWWVLFKKGLHH=DKOOELVVYHUGRSSHOW

'DPLWWUFNWWGLH$QJHVWHOOWHQEHVWHFKXQJLPPHUPHKULQQGLH|IIHQWOLFKH:DKUQHK PXQJZHVKDOEEGHU*HVHW]JHEHUUGLH'HOLNWHGHU$QJHVWHOOWHQEHVWHFKXQJJDXVVGHPP *HVHW] JHJHQQ GHQQ XQODXWHUHQQ :HWWEHZHUEE ††8:* LQQ GDVV 6WUDIJHVHW]EXFKK ††6W*%YHUODJHUWWKDW

$OOHUGLQJVZHLVWWGDVV*HVHW]DXFKKHLQLJHH$QZHQGXQJVXQGG$EJUHQ]XQJVSUREOHPHH DXIGDDGLH3UD[LVVJH]HLJWWKDWGDVVV.RUUXSWLRQQQLFKWWQXUULQQ)RUPPYRQQ%HVWHFKXQJ E]Z%HVWHFKOLFKNHLWWDXIWULWWVRQGHUQQYLHOPHKUUPHKUHUHH%HJOHLWGHOLNWHHZLHH%HWUXJJ XQGG8QWUHXHHJOHLFK]HLWLJJDXIWUHWHQ-HGRFKKKDEHQ$QJHVWHOOWHHHLQHV8QWHUQHKPHQV KlXILJ HLQ IHKOHQGHVV 8QUHFKWVEHZXVVWVHLQ GDD VLH ZHGHUU GLH ]DKOUHLFKHQQ (UVFKHL QXQJVIRUPHQQ GHVV 3KlQRPHQVV GHUU .RUUXSWLRQQ QRFKK GLHH JHOWHQGHQQ *HVHW]HH RGHU LQWHUQHQ5LFKWOLQLHQQLKUHVV8QWHUQHKPHQVVNHQQHQ

7URW]GLHVHUU3UREOHPDWLNH[LVWLHUHQQELVODQJNHLQHJHHLJQHWHQQ/HKUZHUNHGLHHV\V WHPDWLVFKK HLQHH hEHUVFKQHLGXQJ YRQ PHKUHUHQQ *HVHW]HQQ EHLL SDVVLYHUU .RUUXSWLRQQ GDUVWHOOHQQXQGG]XJOHLFKKGHQQEHWULHEVZLUWVFKDIWOLFKHQQ+LQWHUJUXQGGEHOHXFKWHQ'LH YRUOLHJHQGH$UEHLWW]HLJWWGHVKDOEEhEHUVFKQHLGXQJHQQGHUU7DWEHVWlQGHHEHLSDVVLYHUU .RUUXSWLRQQDXIGLHVLFKGXUFKGLH7DWGHV$QJHVWHOOWHQQHUJHEHQ*OHLFK]HLWLJHQW VWHKHQQ GHQQ EHWURIIHQHQQ 8QWHUQHKPHQ GDGXUFKK KRUUHQGH 6FKlGHQ GLHH HEHQIDOOV XQWHUVXFKWZHUGHQ=XXJXWHUU/HW]WZLGPHWWVLFKGLHVH$UEHLWWGHQQP|JOLFKHQQ0D‰ QDKPHQ GLHH VRZRKOO GHU 6WDDWW DOVV DXFKK 8QWHUQHKPHQQ HUJUHLIHQQ N|QQHQ XP .RU UXSWLRQQZLUNVDPPYRU]XEHXJHQ

*DQJJXQGG0HWKRGLNNGHU8QWHUVXFKXQJJ

'LHH8QWHUVXFKXQJZLUGGPLWWGHUU'HILQLWLRQQ]XU.RUUXSWLRQQHLQJHOHLWHWWYHUJO.DSL WHOO$QKDQGGHLQHUUHLJHQHQQ'HILQLWLRQQIROJWWGHU=XVDPPHQKDQJ]ZLVFKHQQGHU 3ULQ]LSDO$JHQWW 7KHRULH XQGG GHUU 8QWHUVFKHLGXQJ ]ZLVFKHQQ DNWLYHU XQGG SDVVLYHUU .RUUXSWLRQQYHUJO.DSLWHOOXQGG'LHVHUU=XVDPPHQKDQJLVWWPD‰JHEOLFKKIUU

6LHKHGD]X*UDILNLP$QKDQJJ

GDVV9HUVWlQGQLVVGLHVHUU$UEHLW

,Q .DSLWHO ZLUG GDV 3KlQRPHQ GHU .RUUXSWLRQQ DQKDQGG VHLQHUU YHUVFKLHGHQVWHQQ $XVSUlJXQJVXQGG(UVFKHLQXQJVIRUPHQQDXVJHDUEHLWHW

.DSLWHOO EHOHXFKWHW GLHH EHWULHEVZLUWVFKDIWOLFKH 6LFKWZHLVH LQGHPP DXI 6FKlGHQQ HLQJHJDQJHQQ ZLUG GLHH LQQ )ROJHH GHUU .RUUXSWLRQQ IUU GDVV EHWURIIHQH 8QWHUQHKPHQ VRZLHHIUUNRQNXUULHUHQGH8QWHUQHKPHQQDXIWUHWHQ

,Q GHQ .DSLWHOQQ ZLUGG KLHU]XX DXI VR]LDO XQG UHFKWVZLVVHQVFKDIWOLFKH VRZLHH |NRQRPLVFKHH /HKUZHUNH 'LVVHUWDWLRQHQ VRZLHH )DFK XQGG =HLWXQJVDUWLNHOO ]X UFNJHJULIIHQ

.DSLWHOOVWHOOWGDV.HUQHOHPHQWWGHU$UEHLWWGDUXQGGEHOHXFKWHWYRUDOOHPPGLHMXULV WLVFKHH6LFKWZHLVH ,Q.DSLWHOOZHUGHQGLHH*UXQGODJHQQIUUGDVV9HUVWlQGQLVVGHUU %HVWHFKOLFKNHLWW JHVFKDIIHQ VRGDVVV LQQ .DSLWHOO hEHUVFKQHLGXQJHQ ]ZLVFKHQQ XQWHUVFKLHGOLFKHQQ7DWEHVWlQGHQQHUOlXWHUWWZHUGHQQN|QQHQ$QKDQGGYRQQ%HLVSLHOHQ *UDILNHQ*HULFKWVXUWHLOHQMXULVWLVFKHQQ/HKUZHUNHQ*HVHW]HVNRPPHQWDUHQVRZLH )DFKXQGG=HLWXQJVDUWLNHOQQZHUGHQQGLHH*HVHW]HHU|UWHUW

'DVV.DSLWHOOIX‰WWDXIIHLQHUUHPSLULVFKHQQ8QWHUVXFKXQJJ]X9HUKDOWHQVNRGL]HVVGHUU 'D[ 8QWHUQHKPHQ 'DPLWW ZLUGG GLHH |NRQRPLVFKHH 6LFKWZHLVHH JHNOlUWW XQGG HU JlQ]HQGHVV 0DWHULDO QHEHQQ YRUKDQGHQHQQ *HVHW]HQ GDUJHVWHOOW ,Q GHU 9HUJDQJHQ KHLWWKDEHQQ8QWHUQHKPHQQYHUPHKUWEHUUJHVHW]OLFKHH9RUVFKULIWKLQDXVVHLJHQHLQWHU QH5LFKWOLQLHQQIRUPXOLHUW'LHVHGLHQHQLQVEHVRQGHUHDOVV/HLWIDGHQIU)KUXQJV NUlIWHHXQGG]HLJHQQDXIZRUDXII8QWHUQHKPHQQEHVRQGHUHQQ:HUWWOHJHQ'D]XZXUGHQQ *HVFKlIWVEHULFKWHH GHUU 'D[ 8QWHUQHKPHQQ KHUDQJH]RJHQ ZREHLL GLHH PHLVWHQQ 8QWHUQHKPHQQ HLJHQH %HULFKWHH LQQ )RUPP YRQQ 9HUKDOWHQVNRGL]HVV YHU|IIHQWOLFKWW KD EHQ

1DFKGHPP LQQ )UDJH NRPPHQGHH *HVHW]HXQGG 5LFKWOLQLHQQ YRQQ 8QWHUQHKPHQQ GDUJH VWHOOWWZXUGHQN|QQHQPLWWGHPP.DSLWHOO0D‰QDKPHQQHUOlXWHUWWZHUGHQGLHLQVEH VRQGHUHH8QWHUQHKPHQQHUJUHLIHQQVROOWHQXPP.RUUXSWLRQQDNWLYYYRU]XEHXJHQ+LHU]X ZLUGGYRUUDOOHPPDXII/HKUZHUNHH]XUFNJHJULIIHQ

.DSLWHOOIDVVWWGLH(UJHEQLVVHGLHVHU$UEHLWWVFKOLH‰OLFKK]XVDPPHQ

=XEHDFKWHQQLVWGDVVVYLHOHH(LQ]HOKHLWHQQQLFKWLQGHU$UEHLWVHOEVWHUOlXWHUWZHUGHQ MHGRFKK IUU HLQQ WLHIHUHVV 9HUVWlQGQLVV VLQQYROOO VLQG 'LHVHH 'HWDLOVV VLQGG LPP $QKDQJ DXVIKUOLFKKGDUJHVWHOOW'DVVHOEHJLOWWIU%HJULIIHLPP7H[WGLHNXUVLYYKHUYRUJHKR EHQQ ZXUGHQ ,P $QKDQJ ZHUGHQQ VLHH LPP 'HWDLOO HUOlXWHUWW XQGG GDQDFKK LPP ZHLWHUHQQ 9HUODXIIGHUU$UEHLWWDOVVEHNDQQWWDQJHQRPPHQ

%HJULIIHXQG$EJUHQ]XQJHQGHUUSDVVLYHQ.RUUXSWLRQQ

8PP6WUDIWDWEHVWlQGHHEHLLSDVVLYHUU.RUUXSWLRQQDXI]HLJHQQXQGGGDPLWW$EJUHQ]XQJHQ XQGG hEHUVFKQHLGXQJHQQ GDUOHJHQ ]XX N|QQHQ ZLUGG ]XQlFKVWW GHU %HJULII GHUU .RU UXSWLRQQQlKHUGHWDLOOLHUW

'HUU%HJULIIGHUU.RUUXSWLRQ

6HLQHQQ 8UVSUXQJJ ILQGHWW GDVV :RUWW .RUUXSWLRQQ LP ODWHLQLVFKHQQ ÄFRUUXPSHUH³ ZDV PLWW ÄEHVWHFKHQ YHUIKUHQ IlOVFKHQ ]HUEUHFKHQ YHUGHUEHQ ]XJUXQGHH ULFKWHQ $OV ZHLWHUH hEHUVHW]XQJ ILQGHW VLFK LP 'XGHQ GLH YHUQLFKWHQ³³ EHUVHW]WW ZLUG

(UNOlUXQJÄ%HVWHFKOLFKNHLW%HVWHFKXQJGDV9HUGHUEHQ6LWWHQYHUIDOO9HUGHUE QLV³ :HLWWYHUEUHLWHWWLVWWDXFKKGLH'HILQLWLRQQYRQQ7UDQVSDUHQF\,QWHUQDWLRQDOO7, GLHH.RUUXSWLRQQDOVV0LVVEUDXFKKYRQQDQYHUWUDXWHU0DFKWW]XPPSULYDWHQQ1XW]HQQRGHU 9RUWHLOOGHILQLHUW

'LHVHVV 9HUVWlQGQLVV YRQQ .RUUXSWLRQQ VFKHLQWW MHGRFKK ]X XQVSH]LILVFKK XQGG XQVFKDUI IRUPXOLHUW ,P ZHLWHVWHQ 6LQQQ ZLUG GHU %HJULII GHU .RUUXSWLRQQ DOVV 6LWWHQYHUIDOOO GHILQLHUWZlKUHQGGHUULPPHQJHUHQQ6LQQQDOVV%HVWHFKXQJXQGG%HVWHFKOLFKNHLWWDXIJH IDVVWW ZLUG =ZLVFKHQQ GLHVHQQ EHLGHQQ HQJHUHQQ %HGHXWXQJHQQ H[LVWLHUHQQ MHGRFKK YHU VFKLHGHQHH9DULDWLRQHQZHVKDOEEVLFKKHLQHJHQDXHUH$EJUHQ]XQJYRQQ.RUUXSWLRQQLQ GHQQ:LVVHQVFKDIWHQQHPSILHKOW

'HILQLWLRQHQYHUVFKLHGHQHUU:LVVHQVFKDIWV]ZHLJH

'LH .RUUXSWLRQVSUREOHPDWLNN NDQQQ LPP PXOWLIDNWRULHOOHQQ 6LQQQ DOVV LQWHUGLV]LSOLQlUHU )RUVFKXQJVJHJHQVWDQGG YHUVWDQGHQQ ZHUGHQ 'HVKDOEE KlQJW HLQHH 'HILQLWLRQQ DXFKK LPPHUUYRQQLKUHUMHZHLOLJHQQ'LV]LSOLQQDE,P)ROJHQGHQQVHLHQQGLHHZLFKWLJVWHQQ'H ILQLWLRQHQQYRUJHVWHOOW

^3HUWVFK6 'XGHQUHGDNWLRQ6

9JO 7UDQVSDUHQF\ ,QWHUQDWLRQDOO ± 'HILQLWLRQ .RUUXSWLRQ 7,, LVWW HLQ HLQJHWUDJHQHUU 9HUHLQ XQGG YHUIROJWGDVV=LHOOGDVV|IIHQWOLFKH%HZXVVWVHLQEHUGLHHVFKlGOLFKHQ)ROJHQGHU.RUUXSWLRQ]XVFKlU IHQXQG7UDQVSDUHQ]]]XVFKDIIHQ7,DUEHLWHWWGDKHUPLWWGHQEHWHLOLJWHQ$NWHXUHQDXV3ROLWLN:LUW VFKDIWXQG=LYLOJHVHOOVFKDIWW]XVDPPHQXQGRUJDQLVLHUWW|IIHQWOLFKH9HUDQVWDOWXQJHQ6HPLQDUHXQG (LQ]HOJHVSUlFKH

'LHPRUDOWKHRORJLVFKH6LFKWZHLVH

HUNOlUWWGLHHWKHRORJLVFKHH6LFKWZHLVHH]XU%HJULIIVILQGXQJGHUU.RUUXSWLRQ 5HQQVWLFK

GDPLW GDVVV MHJOLFKHH )RUPP YRQQ .RUUXSWLRQQ HLQHQ 9HUWUDXHQVEUXFKK GDUVWHOOHH XQGG VRPLWWDXFKLPPHUHWZDVVPLWW5HOLJLRQQ]XXWXQQKDEH9HUWUDXHQQJHK|UWW]XP:HVHQQ GHU5HOLJLRQGDVLHGLH:XU]HOGHV*ODXEHQVVGDUVWHOOW'HVKDOEENDQQQ.RUUXSWLRQQ DOVVHLQHH+HUDXVIRUGHUXQJDQQGHQQ*ODXEHQQDQJHVHKHQQZHUGHQ

5RWWHU EHWUDFKWHWW .RUUXSWLRQQ LP XPIDVVHQGHQQ 6LQQQ DOVV HLQQ 3KlQRPHQ EHLL GHP GHUU(LJHQQXW]HQQK|KHUUJHVWHOOWWZLUGDOVVGDVV,QWHUHVVHHGHVV*HPHLQZRKOV'LHVVEH JUQGHWW HUU GDPLW GDVVV GHUU 0HQVFKK NHLQQ VLWWOLFKK YROONRPPHQHVV :HVHQ VRQGHUQ YRQQ6QGHHXQGG(UEVQGHJHSUlJWVHL

,QGHUlOWHUHQ7KHRORJLHILQGHWWVLFKHEHQIDOOVVHLQHH%HJULIIVGHILQLWLRQQ]XU.RUUXSWL RQQ ZLHGHU 'RUW ZXUGH GHUU %HJULII (UEVQGHH GXUFKK GDVV ODWHLQLVFKH :RUWW ÄFRUUXSWLR³³EHQXW]WGDVVGLHH9HUGHUEQLVVGHUPHQVFKOLFKHQQ1DWXUUEHVFKUHLEHQQVROO 'LHH9HUGHUEQLVGLHHDQJHERUHQQLVWWXQGGGLHH/XVWW]XP%|VHQQGDUVWHOOWZLUGGDXFKKDOVV (UEVQGHH EHVFKULHEHQ 'LHH (UEVQGHH DOVV HLQQ HLJHQYHUDQWZRUWOLFKHVV /DVWHUU GHVV 0HQVFKHQQ LVWW QDFK GHUU $SRORJLHH HLQQ 0DQJHOO DPP *XWHQQ XQGG +DQJ ]XP %|VHQ .RUUXSWLRQQZDUVRPLWWÄHLQHWUDGLWLRQVJHIKOWH.RQ]HSWLRQ³

'LHHVR]LRORJLVFKH6LFKWZHLVHH

,P 9RUGHUJUXQG GHU VR]LRORJLVFKHQ 3HUVSHNWLYH VWHKHQQ HWKLVFKPRUDOLVFKHH 6WDQ GDUGV GLHH GXUFK HLQQ DEZHLFKHQGHVV 9HUKDOWHQ LQQ HLQHP VR]LDOHQQ 6\VWHP YHUOHW]WW ZHUGHQ'HUU.RUUXSWHHYHUVFKDIIWVLFKKPHLVWWGXUFKKGHQ0LVVEUDXFKKHLQHUUJHHLJQH WHQQ )XQNWLRQQ HLQHQQ 9RUWHLOO XQGG YHUVW|‰WW GDPLWW JHJHQQ IRUPHOOHH E]Z LQIRUPHOOHH 9HUKDOWHQVYRUVFKULIWHQ

'LHHPHLVW]LWLHUWHH'HILQLWLRQQYRQQ1\HLQQGHQ6R]LDOZLVVHQVFKDIWHQQODXWHWWGDKHU

Ä.RUUXSWW QHQQWW PDQQ HLQ 9HUKDOWHQ GDV YRQQ GHQQ IRUPDOHQQ 3IOLFKWHQQ HLQHU |IIHQWOLFKHQQ 5ROOH LQQ GLH PDQ JHZlKOWW RGHU ]XX GHU PDQ JHQDQQWW ZXUGH DEZHLFKWXPPVLFKKSULYDWRULHQWLHUWHSHUV|QOLFKHIDPLOLlUHHLQHUSULYDWHQ &OLTXHH]XJXWHHNRPPHQGHILQDQ]LHOOH9RUWHLOHRGHUU6WDWXVJHZLQQH]XXYHU

^{9JO5HQQVWLFK6 9JO5RWWHUU6 9JO5HQQVWLFK6I} 9JO)UHLVLW]HUU6

VFKDIIHQ RGHU GDVV 5HJHOQQ JHJHQ EHVWLPPWH $UWHQQ GHU SULYDW RULHQWLHUWHQQ (LQIOXVVQDKPHYHUOHW]W³

,QGLHVHP=XVDPPHQKDQJZLUGG]ZLVFKHQQHLQHUUVXEMHNWLYLVWLVFKHQQ3HUVSHNWLYHHXQG HLQHPPVWUXNWXUIXQNWLRQDOLVWLVFKHQQ$QVDW]XQWHUVFKLHGHQ'HUHQWKHRUHWLVFKHH'HIL QLWLRQVYHUVXFKHH KHEHQQ HQWZHGHU VWlUNHUU VXEMHNWLYHH RGHUU REMHNWLYH 6\VWHPHLJHQ VFKDIWHQQKHUYRU

'LH VXEMHNWLYLVWLVFKH 3HUVSHNWLYH IX‰WW DXI PRUDOLVFKH 9HUKDOWHQVVWDQGDUGV GLHH 1\HHLQVHLQHUU'HILQLWLRQQEHZXVVWDXVJUHQ]W'LHVHQQ9HUKDOWHQVVWDQGDUGVVOLHJWHLQ 9HUVWR‰‰JHJHQQSRVLWLYHJHVHW]OLFKH1RUPHQQ]XJUXQGH'DEHLLZLUGXQWHUVXFKWRE GHPP9HUVWR‰‰HLQQ8QUHFKWVEHZXVVWVHLQQREOLHJW

'HUUVWUXNWXUIXQNWLRQDOLVWLVFKHH$QVDW]EHWUDFKWHWW.RUUXSWLRQQRIWWPLWWHLQHPPIXQNWL RQDOHQQ(UIRUGHUQLV'DEHLJHKWWHVVXPPVWUXNWXUHOOHHJHVHOOVFKDIWOLFKHHXQGGREMHNWLYHH %HGLQJXQJHQLQQGHUUVLFKGHUU(LQ]HOQHHEHILQGHW'LHVR]LRORJLVFKH6LFKWZHLVHLVW VLFKK MHGRFKK DXFKK JHZLVVHUU *UHQ]HQQ EHZXVVW GLHH GXUFKK GLH PRUDOLVFKHH ,QWHJULWlW GHU$NWHXUHJHVHW]WWZHUGHQ

'LHHVR]LDOSV\FKRORJLVFKH6LFKWZHLVHH

bKQOLFKK ZLHH GLHH VR]LRORJLVFKHH 3HUVSHNWLYHH JHKWW GLHH 6R]LDOSV\FKRORJLHH YRQQ HLQHUU YRQQGHUU1RUPPDEZHLFKHQGHQQ9HUKDOWHQVZHLVHHDXV(VVZHUGHQQSHUV|QOLFKH9RUWHL OHHDXII.RVWHQQGHUUgIIHQWOLFKNHLWWHU]LHOW'LHVHZHUGHQQW\SLVFKHUZHLVHHJHKHLPJH KDOWHQQ XQGG YHUVFKOHLHUW GDPLWW GLHH gIIHQWOLFKNHLWW YRQQ GLHVHQQ 9RUJlQJHQ QLFKWV HUIlKUWW XQGG GXUFKK GHUHQ 9HUWUDXHQQ GLHH 0|JOLFKNHLWW HLQHUU )RUWVHW]XQJ NRUUXSWHUU 3UDNWLNHQQEHVWHKW

.RUUXSWLRQQZLUGGDXVVGLHVHPP%OLFNZLQNHOODOVVHLQQ 9HUKDOWHQQYHUVWDQGHQGDVVV]ZL VFKHQQHLQHPP(LQ]HOQHQQDOVV7lWHUUXQGGHLQHUU]XJHK|ULJHQQ*UXSSHHVWDWWILQGHW'DEHLL QLPPWWVLFKKGHUU7lWHUU9RUUHFKWHKHUDXVGLHYRQQPRUDOLVFKHQQXQGGQRUPLHUWHQ6WDQ GDUGVVDEZHLFKHQMHGRFKKIUUGLHH*UXSSHHZHLWHUKLQJHOWHQ'LHVVZLUGGDULQQEHJUQ GHW GDVVV GHUU (LQ]HOQHH LPP =XJH VHLQHUU6HOEVWZHUGXQJ DXVV GHUU )UHPGEHVWLPPXQJ GHUU*UXSSHKHUDXVZlFKVWXP]XUU(LJHQEHVWLPPXQJEHU]XJHKHQ

^{=LWLHUWWQDFK)OHFN.X]PLFV6,P2ULJLQDOO1\H6 9JO)OHFN.X]PLFV6 9JO+DFNHUU6} 9JO,OOLHV6

VLHKWW DOVV 5HFKWIHUWLJXQJ IU VROFKK PRUDOYHUOHW]HQGH +DQGOXQJHQQ GDV +DFNHU

6WDDWVLQWHUHVVHH RGHUU GDV 3URILWPRWLY *UXSSHQOR\DOLWlWW RGHUU 3ULQ]LSLHQWUHXHH XQGG ZHLVWWGDPLWWDXIIGLHHNRJQLWLYHH'LPHQVLRQQGHUU.RUUXSWLRQQKLQ

'LHSROLWLNZLVVHQVFKDIWOLFKH6LFKWZHLVH

$XVVGLHVHPP%OLFNZLQNHOOZLUGGGHUU.RUUXSWLRQVEHJULIIILPPXPIDVVHQGHQQ6LQQHHÄ6LW WHQYHUIDOO³ DEJHOHKQW GD GLHVV QLFKWW QXU ]XX HLQHUU XIHUORVHQQ %HJULIIVDQZHQGXQJJ NRPPHQQ ZUGH VRQGHUQ VLFKK DXFKK QLFKWW DXII GHQQ |IIHQWOLFKVWDDWOLFKHQ %HUHLFKK EHJUHQ]HQQOLH‰H

,QZLHZHLWW GDVV SROLWLNZLVVHQVFKDIWOLFKH 9HUVWlQGQLVV GHILQLHUWW LVW KlQJWW YRQQ GHU ,QWHQVLWlWWGHUU%HWUDFKWXQJGHVV*HJHQVWDQGHVVDE)UJUXQGVlW]OLFKHHhEHUOHJXQJHQ VSULFKWWPDQQYRQQ%HVWHFKXQJXQGG%HVWHFKOLFKNHLWWLPP=XVDPPHQKDQJPLWWGHQQHLQ VFKOlJLJHQQ 7DWEHVWlQGHQ GHVV 6WUDIJHVHW]EXFKHV ,PP 5DKPHQ HLQHU GHWDLOOLHUWHQ

$XVHLQDQGHUVHW]XQJOLHJWGHUU6FKZHUSXQNWWKLQJHJHQQDXIIGHUUSROLWLVFKHQQ.RUUXSWL RQ

3ROLWLVFKH .RUUXSWLRQQ ZLUG DOVV HLQH )RUPP GHU ,QWHUHVVHQYHUIROJXQJ LQQ HLQHU 0DFKWVLWXDWLRQQ RGHUU DXFK DOVV ,QWHUHVVHQGXUFKVHW]XQJ LPPSROLWLVFKHQQ 3UR]HVVV YHU VWDQGHQ

,PHQJHUHQ6LQQQLVWWVLHYRUDOOHPPHLQQÄ0LVVEUDXFKK|IIHQWOLFKHU0DFKWW]XU(U]LH OXQJSULYDWHQQ3URILWV³ GHUDXII.RVWHQQGHUUgIIHQWOLFKNHLWWHU]LHOWWZLUG 3ROLWLVFKH

.RUUXSWLRQQ NDQQQ GDEHLL DOVV HLQQ $XVWDXVFKK YRQQ %HORKQXQJHQQ ]ZLVFKHQQ ]ZHLL RGHUU PHKUHUHQ3DUWHLHQQLQWHUSUHWLHUWZHUGHQ 6ROFKHLQQQRUPZLGULJHVV)XQNWLRQlUVYHU

KDOWHQQHUIROJWWHQWJHOWOLFKKXQGGEOHLEWWGDEHLJHKHLP:DVVXQWHUU1RUPZLGULJNHLWWYHU VWDQGHQQZHUGHQQNDQQKlQJWYRQQGHUUMHZHLOLJHQQ3HUVSHNWLYHHDE 6FKHXFK ZHLVWW GDUDXII KLQ GDVVV LQQ KRFKLQGXVWULDOLVLHUWHQQ /lQGHUQQ ZLHH 'HXWVFK ODQGG HLQQ VWUHQJHUHVV 9HUVWlQGQLVV YRQQ OHJDOHUU SROLWLVFKHUU (LQIOXVVQDKPHH KHUUVFKH

^9JO+DFNHUU6I 9JO%HOOHUV6

^{,P'HWDLOOVLHKHHDXFK$EVFKQLWWW9:LUWVFKDIWOLFKH*UXQGODJHQEHLLSDVVLYHU.RUUXSWLRQ 9JO$OHPDQQ.OHLQIHOGG6I =LWLHUWWQDFK6PHOVHUU6 9JO*HUOLFK6 9JO6PHOVHUU6 9JO*HUOLFK6I} 6FKHXFK6

DOVV HWZDD LQQ 6FKZHOOHQ RGHUU (QWZLFNOXQJVOlQGHUQ 'HUU SULYDWHH 3URILWW NDQQQ QDFK 6FKHXFKK X8 DOVV Ä.RUUXSWLRQQ ]XPP :RKOHH GHUU .RUSRUDWLRQ³³ YHUVWDQGHQ ZHUGHQ ZHQQQPDQQEHUFNVLFKWLJWGDVVVOlQGHUVSH]LILVFKK XQWHUVFKLHGOLFKHH0D‰VWlEHHDQJH ZDQGWWZHUGHQQPVVHQ'DPLWWNDQQQGLHH9RUWHLOVDQQDKPHEHLLEHVWLPPWHQ*UXSSHQ DOVVQLFKWNRUUXSWHVV9HUKDOWHQQHLQJHVWXIWWZHUGHQ

'LHHUHFKWVZLVVHQVFKDIWOLFKH6LFKWZHLVHH

,Q GHU 5HFKWVZLVVHQVFKDIWW VWHOOWW VLFK GDV 3UREOHP GHV )HKOHQVV HLQHV VWUDIUHFKWOL FKHQQWHUPLQXVVWHFKQLFXV IUUGHQ %HJULIIIGHUU .RUUXSWLRQZDVV]XUU )ROJHKDWGDVV GLHVHUU QXUU YHUHLQ]HOQGG LQQ 6WLFKZRUWYHU]HLFKQLVVHQQ RGHUU .RPPHQWDUHQQ JHIXQGHQ ZLUG

+lXILJ ZLUGG .RUUXSWLRQ PLW %HVWHFKXQJ JOHLFKJHVHW]W ZHVKDOEE $XVJDQJVSXQNWW MXULVWLVFKHU 'HILQLWLRQVYHUVXFKHH VHLWW GHQ bQGHUXQJHQ GXUFK GDVV .RUUXSWLRQVEH NlPSIXQJVJHVHW]IROJHQGHH6WUDIWDWEHVWlQGHHLPPGHXWVFKHQQ6WUDIJHVHW]EXFKK6W*% VLQG

GLHH$PWVGHOLNWHHGHUU†††6W*%9RUWHLOVDQQDKPH%HVWHFKOLFKNHLW 9RUWHLOVJHZlKUXQJ%HVWHFKXQJXQGGEHVRQGHUVVVFKZHUHH)lOOHHGHUU%HVWHFK OLFKNHLWWXQGG%HVWHFKXQJ

:HWWEHZHUEVGHOLNWHHQDFK††6W*%6XEPLVVLRQVDEVSUDFKH GLHH ††† 6W*% %HVWHFKOLFKNHLWW XQGG %HVWHFKXQJ LPP JHVFKlIWOLFKHQQ 9HUNHKU ††EE6W*%:lKOHUEHVWHFKXQJVRZLH ††HH6W*%$EJHRUGQHWHQEHVWHFKXQJ

6WUDIUHFKWOLFKK ZLUG QXU HLQQ 7HLOO GHVVHQQ HUIDVVW ZDVV XQWHU .RUUXSWLRQQ YHUVWDQGHQ ZLUG 9LHOPHKUU LVWW PDQQ VLFKK GDUEHUU HLQLJGDVV DXFKQLFKWVWUDIEDUH9HUKDOWHQV QRUPHQQKHUDQJH]RJHQQZHUGHQQVROOWHQGLHHVR]LDOHWKLVFKHUU1DWXUUVHLQQN|QQHQ$XVV GLHVHPP*UXQGHHZLUGGKlXILJGHU%HULFKWWGHUNULPLQRORJLVFKHQQ)RUVFKXQJGHVV%.$ KHUDQJH]RJHQ6LHGHILQLHUW.RUUXSWLRQQDOV

Ä0LVVEUDXFKK HLQHUU DPWOLFKHQQ )XQNWLRQ HLQHUU YHUJOHLFKEDUHQQ )XQNWLRQQ LQQ GHU:LUWVFKDIWRGHUHLQHVSROLWLVFKHQ0DQGDWV

^{9JO+HOOPDQQ%HFNHPSHUU6} 9JO%DQQHQEHUJ.DSLWHO5Q

DXI9HUDQODVVXQJRGHUHLJHQLQLWLDWLY (UODQJXQJE]Z$QVWUHEHQQHLQHVVSHUV|QOLFKHQQ9RUWHLOV (LQWULWWWHLQHVVXQPLWWHOEDUHQRGHUUPLWWHOEDUHQ6FKDGHQVVRGHU1DFKWHLOVVIU GLH$OOJHPHLQKHLWWLQQDPWOLFKHURGHUSROLWLVFKHU)XQNWLRQRGHUIUHLQQ8Q WHUQHKPHQQLQQZLUWVFKDIWOLFKHUU)XQNWLRQ *HKHLPKDOWXQJE]Z9HUVFKOHLHUXQJGLHVHU0DFKHQVFKDIWHQ³ 'LHZLUWVFKDIWVZLVVHQVFKDIWOLFKH6LFKWZHLVH

'LHH|NRQRPLVFKHH3HUVSHNWLYHHNRQ]HQWULHUWWVLFKKDXII.RUUXSWLRQQLQQGHUU3ULYDWZLUW VFKDIW5HLQQ|NRQRPLVFKKKDQGHOWWHVVVLFKKXPHLQHQQLOOHJDOHQQ0DUNWWLPP6LQQHHHLQHVV 7DXVFKHVV XQGG VWHOOWW GDPLWW HLQHQQ HLQIDFKHQ $QZHQGXQJVIDOOO GHUU 3UHLVWKHRULHH GDU 0LQGHVWHQVV HLQHH 6HLWH GHVV 7DXVFKHVV YHUVW|‰W JHJHQ JHOWHQGH *HVHW]H RGHUU DOOJH PHLQQ DQHUNDQQWHH 9HUKDOWHQVQRUPHQ gNRQRPLVFKK EHWUDFKWHWW LVWW .RUUXSWLRQQ VR

PLWWGLH(LQIKUXQJHLQHVIUHLHQ0DUNWHVPLWWUHLQQPDUNWZLUWVFKDIWOLFKHQQ*HVHW]HQ 8QWHUU$QZHQGXQJGLHVHU*HVHW]HLVWWVLHHHLQQ0LWWHOXPPNQDSSHH*WHUUZLHH(LQIOXVV RGHUU0DFKWW]XYHUWHLOHQ'DEHLLPVVHQQ]XVlW]OLFKHH$XIZHQGXQJHQQHUEUDFKWWZHU GHQXPGHQQ7DXVFKJHKHLP]XKDOWHQQE]Z$EZHKUPD‰QDKPHQ]XXHUJUHLIHQ'D KHUU KDQGHOWW HVV VLFKK XPP HLQHH VXERSWLPDOHH 9RUJHKHQVZHLVH GLHH MHGRFKK JHZlKOW ZLUGXPPLQQGHQQ0DUNWWHLQWUHWHQQ]XXN|QQHQ

'DVV0RGHOOOGHVV+RPRR2HFRQRPLFXVVEHJUQGHWWGHQQ+DQJ]XNRUUXSWHQQ+DQGOXQ

JHQQ GDULQ GDVVV GHUU 0HQVFKK DXVVFKOLH‰OLFKK DQQ GHU 0D[LPLHUXQJ GHVV (LJHQQXW]HV LQWHUHVVLHUWW LVWW XQGG HUU VLFKK VRPLW QLFKWW DQ:HUWHQQHLQVFKOLH‰OLFKK HLQHUU 5HFKWVRUG QXQJDXVULFKWHW'HUULOOHJDOHH0DUNWWNDQQQGDKHUUGXUFKDXVVGLHHHLQ]LJHH+DQGOXQJVYD ULDQWHGDUVWHOOHQ

6WUDIIKRUVW NRQNUHWLVLHUWWGHQQ%HJULIIGHU.RUUXSWLRQQQRFKKZHLWHUUXQGGXQWHUVFKHL GHWW]ZLVFKHQQHLQHUU%HODVWXQJVXQGGHLQHUU(QWODVWXQJVNRUUXSWLRQ 'LHH %HODVWXQJVNRUUXSWLRQ ZHOFKHH VLFKK LPP *HELHW GHU (USUHVVXQJ DQVLHGHOW IX‰WW DXIIHLQQ0DFKWXQJOHLFKJHZLFKW'DEHLLZLUGGHUU ,QWHUDNWLRQVSDUWQHUU]X=XVDW]OHLV WXQJHQMHJOLFKHU$UWWPRWLYLHUW

'LHH (QWODVWXQJVIXQNWLRQQ KLQJHJHQ GLHH YRQQ ,QWHUDNWLRQVSDUWQHUQQ KlXILJ DOVV ÄZLQ

^{9DKOHQNDPSS6 9JO6WUHLVVOHUU6 9JO%HUJ6 9JO)HOOPDQQ6} 9JO6WUDIIKRUVW6I

ZLQ³³6LWXDWLRQQZDKUJHQRPPHQQZLUGNDQQQDOVVHLQ7DXVFKKEHWUDFKWHWZHUGHQDXVV ZHOFKHPP ]XQlFKVWWEHLGH HLQHQQ 9RUWHLOO IUU VLFKK ]LHKHQQ N|QQHQ +lXILJ KDEHQQ GLHH $NWHXUHH GDEHLL HLQQ IHKOHQGHVV 8QUHFKWVEHZXVVWVHLQQ RGHUU DQGHUHH 1HXWUDOLVDWLRQV WHFKQLNHQGLHGHU$NWHXUEHLGHUUEHJDQJHQHQQ7DWHQWZLFNHOW

:lKUHQGG GLHH %HODVWXQJVIXQNWLRQQ KlXILJ LQQ (QWZLFNOXQJV XQGG 6FKZHOOHQOlQGHUQ SUDNWL]LHUW ZLUG ILQGHWW GLH (QWODVWXQJVIXQNWLRQQ KlXILJ LQ 5HFKWVVWDDWHQQ ZLHH 'HXWVFKODQGG$QNODQJ

,Q GHQ :LUWVFKDIWVZLVVHQVFKDIWHQQ ZLUG .RUUXSWLRQQ YRU DOOHPP PLWW %HVWHFKXQJJ JOHLFKJHVHW]WGDGLH6WUDIWDWEHVWlQGHGHV6WUDIJHVHW]EXFKHVHUIOOWWZHUGHQ

(LJHQH'HILQLWLRQIUU=ZHFNHHGLHVHUU$UEHLW

=XVDPPHQIDVVHQGGNDQQQ IHVWJHVWHOOWWZHUGHQGDVVWURW]JHPHLQVDPHU%DVLVSXQNWHH NHLQH DOOJHPHLQJOWLJH %HJULIIVGHILQLWLRQQ JHIXQGHQ ZHUGHQQ NDQQ (VV JLEWW YLHOH 8UVDFKHQQXQGG)DNWRUHQGLHH.RUUXSWLRQQEHJQVWLJHQLQVEHVRQGHUHGDQQZHQQQVLH ]XVDPPHQWUHIIHQQ XQGG VLFKK JHJHQVHLWLJ YHUVWlUNHQ (QWVFKHLGHQGG EHLL HLQHUU %H JULIIVVXFKHHNDQQQGDKHUUQXUUGLHH=ZHFNPl‰LJNHLWWVHLQ )UUGLH=ZHFNHGLHVHU$UEHLWELHWHQQGLH'HILQLWLRQVDQVlW]HHDXVVGHQQYHUKDOWHQVZLV VHQVFKDIWOLFKHQQ XQGG GHUU WKHRORJLVFKHQQ 3HUVSHNWLYHH HLQHQQ HUVWHQQ (LQGUXFN 6ROFK HLQQ XPIDVVHQGHVV NXOWXUNULWLVFKHVV 9HUVWlQGQLVV YRQQ .RUUXSWLRQQ ZUGHH MHGRFKK GHQQ 5DKPHQQGLHVHUU8QWHUVXFKXQJVSUHQJHQGDDDXFKK(UVFKHLQXQJVIRUPHQQHUIDVVWWZHU GHQZHOFKHUHFKWOLFKKZHUWIUHLLVLQG

'HUU |NRQRPLVFKHH $QVDW] LVWW QW]OLFKK IUU GDVV 9HUVWlQGQLVV GHUU .RUUXSWLRQVXPJH EXQJXQGGNDQQQGXUFKK8UVDFKHQIRUVFKXQJHUVWHH(UNHQQWQLVVHHOLHIHUQ 'LHVWUDIUHFKWOLFKH3HUVSHNWLYHELHWHWHLQHQJXWHQ$QVDW]MHGRFKKZLUGGLH3ULYDW EHVWHFKXQJDOVV+DXSWEHVWDQGWHLOPHLQHUU$UEHLWWQXUWHLOZHLVHHHUIDVVW

8QWHUVFKHLGXQJJLQQDNWLYHUXQGGSDVVLYHU%HVWHFKXQJ .RUUXSWLRQQZLUGGQDFKK†6W*%DOVV%HVWHFKXQJLQWHUSUHWLHUWWXQGGXQWHUVFKHLGHWW VLFKKLQQDNWLYHUU††,,6W*%XQGGSDVVLYHUU††,6W*%%HVWHFKXQJ 'LHH DNWLYHH %HVWHFKXQJEH]HLFKQHWW GLHH 9RUWHLOVJHZlKUXQJE]Z ±YHUVSUHFKXQJ LQQ

9JO6WUHLVVOHUU6%HVWHFKXQJ ZLUGGLQGHUU|NRQRPLVFKHQ/LWHUDWXUU]XUU.RUUXSWLRQQ EHKDQGHOW6LHKHGD]XDXFK6FKPLGW.XUW=XUUgNRQRPLNGHUU.RUUXSWLRQQ

9JO5RWWHUU6

XQODXWHUHU :HLVH 'LH SDVVLYH %HVWHFKXQJ E]Z %HVWHFKOLFKNHLWW PHLQWW GLH 9RU WHLOVDQQDKPHIRUGHUXQJJRGHUUYHUVSUHFKXQJIUUSIOLFKWZLGULJHH+DQGOXQJHQ

3ULQ]LSDO±±$JHQWW7KHRULH

8PP GLHH %HGHXWXQJ GHVV † 6W*% VRZLHH GHU VRQVWLJHQQ .RUUXSWLRQVGHOLNWHH ††† H II 6W*% YHUVWHKHQQ ]XX N|QQHQ PVVHQQ ]XQlFKVWW GLHH VWUXNWXUHOOHQQ 0HUNPDOHGHUU%H]LHKXQJ]ZLVFKHQGHU)KUXQJVNUDIWWGHP$PWVWUlJHUXQGGGHPP 8QWHUQHKPHQQE]ZGHP6WDDWJHNOlUWZHUGHQ

(QWVFKHLGHQGG IUU GDVV 9HUVWlQGQLVV GHUU .RUUXSWLRQQ LVWW GHPQDFKK GLHH 3ULQ]LSDO $JHQW%H]LHKXQJ

%HLLGHU$QJHVWHOOWHQEHVWHFKXQJLVWWGHU8PVWDQGG]XXEHUFNVLFKWLJHQGDVVVHVVLFK XPPHLQHH'UHLHFNVEH]LHKXQJ]ZLVFKHQGHPP8QWHUQHKPHQQ3ULQ]LSDOVHLQHPP$Q JHVWHOOWHQQ $JHQWW DOVV 7lWHUU L6G † , 6W*% XQGG ±± DXII GHUU 0DUNWJHJHQVHLWHH ±

YHUDQVFKDXOLFKWW GLHVH %H]LHKXQJ IU GLH 3ULYDWZLUWVFKDIWW XQG GHPP |IIHQWOLFKHQQ 6HNWRU

$EELOGXQJ 3ULQ]LSDO$JHQWW%H]LHKXQJ

(LJHQHH'DUVWHOOXQJ

'LHH 'UHLHFNVEH]LHKXQJ LVWW GDGXUFKK JHNHQQ]HLFKQHW GDVVV GHUU 3ULQ]LSDO HLQQ 9HU WUDJVYHUKlOWQLVV PLWW GHPP $JHQWHQQ HLQJHKWW XQGG LKPP KLHUIUU $XIJDEHQQ EHUWUlJW 'DIUHUKlOWHUHQWVSUHFKHQGHH9ROOPDFKWHQ'LHVHN|QQHQQVLFKKLQQGHUU3ULYDWZLUW VFKDIWW EHLVSLHOVZHLVHH DXI ILQDQ]LHOOHH (QWVFKHLGXQJVVSLHOUlXPHH GHVV 0DQDJHUVV EH ]LHKHQ GHUU IUU ,QYHVWLWLRQHQQELVV ]X HLQHPPEHVWLPPWHQQ %HWUDJ ]HLFKQXQJVEHUHFK WLJWWLVW

'XUFKKGLH9ROOPDFKWWNDQQQHLQQ ,QWHUHVVHQVNRQIOLNWW]ZLVFKHQQ3ULQ]LSDOOXQGG$JHQWW HQWVWHKHQZHQQQGHUU$JHQWWQLFKWWGHQQ1XW]HQQGHVV3ULQ]LSDOVVRQGHUQQGHQQHLJHQHQ PD[LPLHUW 6RRLVWWHVVP|JOLFKGDVVVGHUU$JHQWWGXUFKVHLQHH3RVLWLRQQ9RUWHLOH]% 6FKPLHUJHOGHU YRPP .OLHQWHQQ DQQLPPW XP LKQQ DOVV *HJHQOHLVWXQJ GHQQ =XVFKODJJ RGHUU$XIWUDJ]XHUWHLOHQ

^{9JO3UDJDO6$OSDUVODQ66)HOOPDQQ6 $OSDUVODQ6} 9JO3UDJDO6)HOOPDQQ6

(UVFKHLQXQJVIRUPHQQGHU$QJHVWHOOWHQEHVWHFKXQJJ :LHLQ.DSLWHOOJH]HLJWLVWWIUGLH%HGHXWXQJGHU$QJHVWHOOWHQEHVWHFKXQJGLH 3ULQ]LSDO$JHQWW%H]LHKXQJHQWVFKHLGHQG,PP)ROJHQGHQZHUGHQQGDUDXIIDXIEDXHQG (UVFKHLQXQJVIRUPHQQXQGJHIlKUGHWHH%HUHLFKHHDXIJH]HLJWLQQGHQHQQVLFKGHU$JHQWW EHVWHFKOLFKK]HLJW

9RUIHOGHUVFKHLQXQJHQGHU.RUUXSWLRQQ

%HUHLWVV YRUU GHU WDWVlFKOLFKHQQ NRUUXSWHQQ +DQGOXQJ EHVWHKHQQ EHVRQGHUH 7DWDQEDK QXQJHQ GLHH IUU GDVV 9HUVWlQGQLVV GHUU $QJHVWHOOWHQEHVWHFKXQJ YRQQ EHVRQGHUHUU %H GHXWXQJVLQG

'LH)XQNWLRQQGHVVVRJ$QIWWHUQV

%HLLGLHVHPP9RUJDQJKDQGHOWWHVVVLFKKXPPGLHHVFKHLQEDUXQYHUIlQJOLFKHH*HZlKUXQJ YRQQ9RUWHLOHQ'DEHLLHUIROJWHLQH6WHLJHUXQJYRQ4XDQWLWlWWXQGG4XDOLWlWWGHUU/HLV WXQJHQ$QJHIDQJHQQYRQQNOHLQHQQ*HVFKHQNHQQJHULQJHQQRGHUUPLWWOHUHQQ:HUWVRKQHH GDIU]XQlFKVWHLQH*HJHQOHLVWXQJ]XXIRUGHUQ'DPLWWZLOOOGHU*HEHUUHLQH9HUVWUL FNXQJGHVV.RUUXPSLHUWHQLQQGDVVEHVWHKHQGHH6\VWHPPJHJHQVHLWLJHUU$EKlQJLJNHLWHQ HUUHLFKHQ

'LH)XQNWLRQQYRQQ9HUPLWWOHUQ

-H K|KHUU HLQH NRUUXSWHH 7DWW DQ]XVLHGHOQQ LVW GHVWRR K|KHU LVWW DXFK GHU 9RUWHLOO GHV $JHQWHQ ZHVKDOEE GLH :DKUVFKHLQOLFKNHLWW EHVRQGHUV JUR‰‰ LVW GDVVV HLQQ 0LWWHOV PDQQQ LQYROYLHUWW ZLUG %HLVSLHOHH HUJHEHQQ VLFKK DXVV )lOOHQQ YRQQ (YREXV RGHUU GHU )LUPDD LQQ 7URLGRUI $XVV GHP 'UHLHFNVYHUKlOWQLVV 3ULQ]LSDO$JHQW.OLHQW HQW VWHKWWGDQQQHLQQ9LHUHFNVYHUKlOWQLVZRGXUFKKGHU$JHQWWLPP+LQWHUJUXQGGEOHLEWWXQGG GLHH 7DWW VHOEVWW QLFKWW DXVIKUW 0DQQ VSULFKWW VRPLWW YRQQ HLQHUU LQGLUHNWHQQ .RUUXSWLRQQ RGHUU.RUUXSWLRQQ]ZHLWHQQ*UDGHV

'HWDLOOLHUWH ,QIRUPDWLRQHQ ]X W\SLVFKHQ )RUPHQ LP |IIHQWOLFKHQ %HUHLFK VLHKHH KLHU]X 'LHQHUV 6

(VVHLGDUDXIKLQJHZLHVHQGDVVGLHHSDVVLYH.RUUXSWLRQGDEHLLP0LWWHOSXQNWGHUU8QWHUVXFKXQJJ VWHKW

^{9JO9DKOHQNDPS.QDX‰‰6'|OOLQJ6& 9JO$QGURXODNLV6 $XVIKUOLFKLP$QKDQJXQWHU} 9JO$QGURXODNLV6

9HUPLWWOHUUEULQJHQQ*HEHUUXQGG1HKPHUU]XVDPPHQQXQGGVFKDIIHQQHLQHH$WPRVSKlUH YRQQJHJHQVHLWLJHPP9HUWUDXHQ6LHHELHWHQQUHFKWOLFKKGXUFKVHW]EDUHHYHUWUDJOLFKHH5H JHOXQJHQQ DQQ XQGG VFKDIIHQ GDPLWW NRUUXSWHH 7UDQVDNWLRQHQQ PLWW HLQHPP OHJDOHQQ $Q VFKHLQ,P)DOOHHGHUU9HU|IIHQWOLFKXQJVRUJHQQVLHHIUU6QGHQE|FNHGLHHIUGLHH7DWW YHUDQWZRUWOLFKKJHPDFKWWZHUGHQQN|QQHQ

0LWWHOVPlQQHU KROHQ EHLVSLHOVZHLVH DXFK ,QIRUPDWLRQHQQ GDUEHU HLQ REE IU GLHH 7DWW.RQWUROOLQVWDQ]HQQHEHQIDOOVVEHVWRFKHQZHUGHQPVVHQ

,P ([WUHPIDOOO N|QQHQQ JDQ]HH 1HW]ZHUNHH NRUUXSWHUU +DQGOXQJHQQ HQWVWHKHQ ELVV KLQQ ]X VRJ Ä.RUUXSWLRQV.DUWHOOHQ³ LQQ GHQHQQ PHKUHUHH 8QWHUQHKPHQQ LQYROYLHUWW VLQG XQGGJHPHLQVDPHH$EVSUDFKHQQWUHIIHQ

'LHH9LHUHFNVNRQVWHOODWLRQQLVWWLQ$EELOGXQJYLVXDOLVLHUW

^{9JO7UDQVSDUHQF\,QWHUQDWLRQDOYRPÄ&RUUXSWLRQ3HUFHSWLRQV,QGH[´ 9JO3UDJDO6} +|IIOLQJ6

$EELOGXQJ 9LHUHFNVYHUKlOWQLVGHUU3ULQ]LSDO$JHQWW7KHRULH

^{(LJHQHH'DUVWHOOXQJ 4XHOOH}

%HVRQGHUVEHWURIIHQH%UDQFKHQQ

$XVVGHPP%XQGHVODJHEHULFKWWJHKWWKHUYRUGDVVVGLHH3ULYDWZLUWVFKDIWWPLWWIDVWWYLHU]LJJ 3UR]HQWW GLH NRUUXSWLRQVDQIlOOLJVWH %UDQFKHH GDUVWHOOW %H]RJHQQ DXII GLHH SDVVLYH

.RUUXSWLRQQVLQGGQDFKKHLQHUUDNWXHOOHQQHLQJHOHLWHWHQ)DOOUHFKHUFKHHLQLJH%UDQFKHQ EHVRQGHUVVDXIJHIDOOHQ

$XWRPRELOEUDQFKH

9JO %XQGHVNULPLQDODPW 6 XPIDVVHQ GLHH JHVDPWHQ DXIJHGHFNWHQ .RUUXSWL RQVGHOLNWHGDYRQVLHGHOQVLFKLQGHU3ULYDWZLUWVFKDIWWDQ

%DQNXQGG)LQDQ]EUDQFKH (OHNWURQLNEUDQFKH (QHUJLHEUDQFKH )RUVFKXQJXQGG(QWZLFNOXQJJ ,PPRELOLHQZLUWVFKDIW 6WDKOXQGG5VWXQJVLQGXVWULHH

*HIlKUGHWHH:LUWVFKDIWVEHUHLFKHHXQGG±SRVLWLRQHQQ

,P )ROJHQGHQQ VROOO XQWHUVXFKWW ZHUGHQ ZHOFKHH 8QWHUQHKPHQVEHUHLFKHH EHVRQGHUVV YRQQSDVVLYHUU.RUUXSWLRQQEHWURIIHQQVLQG:LHEHUHLWVVLQQGHUU'HILQLWLRQQGDUDXIIKLQ JHZLHVHQQ ZXUGH HUKlOW HLQQ (QWVFKHLGXQJVWUlJHUU DOV *HJHQOHLVWXQJ IUU GLH $XV EXQJ VHLQHUU (QWVFKHLGXQJVPDFKWW YRQQ HLQHPP .OLHQWHQQHLQHQQ 9RUWHLO :HVHQWOLFKK IU GLH .RUUXSWLRQVDQIlOOLJNHLWW VLQGG GDKHU 3RVLWLRQHQ GLH GHP .OLHQWHQ HLQH EH VRQGHUVVZHUWYROOHH(QWVFKHLGXQJVNRPSHWHQ]GHVV$JHQWHQYHUPLWWHOQ

(LQNDXIE]Z$XIWUDJVYHUJDEH

%HVRQGHUVVLQQ(UVFKHLQXQJWULWWWGHUU(LQNDXI1HEHQQGHPP(LQNDXIIYRQ+DQGHOVZD UHQQ ]% WHXUH 0DUNHQDUWLNHO LVWW DXFK GHU %H]XJJ YRQQ %HWULHEVPLWWHOQQ ]% 0D VFKLQHQEHWURIIHQ,PP)DOOOYRQQ%0: KDWWHHVLFKKGHUU(LQNlXIHUUQLFKWWQXUUIUUGLH

$XIWUDJVYHUJDEHDQQ=XOLHIHUHUUHLQJHVHW]WVRQGHUQ]XGHPPGLHH(LQNDXIVSOlQHHYRP 8QWHUQHKPHQQYHUUDWHQ

9HUWULHEHLJHQHUU:DUHQE]Z/HLVWXQJHQQ

'LH%HVWHFKXQJZLUGQLFKWWQXUHLQJHVHW]WXPP8QWHUQHKPHQQPLWWEHUWHXHUWHQ:D UHQQE]Z'LHQVWOHLVWXQJHQ]XEHOLHIHUQ9LHOPHKUZHUGHQQ$QJHVWHOOWHDXFKKEHLLGHUU VRJÄXPJHNHKUWHQQ /LHIHUULFKWXQJ³³EHVWRFKHQGKGLHH%HYRU]XJXQJHLQHV1DFK IUDJHUVVQDFKKHLQHUU:DUHHRGHUU/HLVWXQJ

:LHDXVVGHUU)DOOUHFKHUFKHHUVLFKWOLFKLVWWGLHVH.RQVWHOODWLRQQVHOWHQHUDOVVGLH%H VWHFKOLFKNHLWW LPP (LQNDXI GDD ]% GDVV 8QWHUVFKUHLWHQQ GHUU HLJHQHQQ 9HUNDXIVSUHLVHH GXUFKK .RQWUROOLQVWDQ]HQQ HKHUU HQWGHFNWW ZLUGG DOVV EHUK|KWHH *HZLQQPDUJHQQ EHLP (LQNDXI$OOHUGLQJVVLQGGDXFKKKLHUU)DOONRQVWHOODWLRQHQQGHQNEDULQQGHQHQQ.RQWUROO LQVWDQ]HQQIHKOHQQRGHUUDQQGHUU7DWVHOEVWEHWHLOLJWVLQG

^{9JOLP$QKDQJJXQWHU} 9JO5|QQDX,,,,5Q

(LQHHEHVRQGHUHH%HGHXWXQJKDEHQQGLHH.UHGLWYHUJDEHHGXUFKK%DQNHQQXQGG0HUJHUVV $NTXLVLWLRQV*HVFKlIWH

.UHGLWYHUJDEHHGXUFK%DQNHQQ

'LHVHUU%HUHLFKKLVWWEHVRQGHUVNRUUXSWLRQVDQIlOOLJGDD.UHGLWHHHLQQNQDSSHVVXQGGVHKUU EHJHKUWHVV*XWWGDUVWHOOHQ%HVRQGHUVVLQQ.ULVHQQVLQGG.DSLWDOOXQGG/LTXLGLWlWWUDUVR GDVVV VHOEVWW JUR‰HH 8QWHUQHKPHQQ GHQQ =XJDQJ ]X .UHGLWHQQ XQGG ]XPP .DSLWDOPDUNWW +LHUU LVW GHUU $QUHL] %DQNHUU ]XX EHVWHFKHQ JU|‰HUU DOVV JHZ|KQ VFKZHUHUU KDEHQ

OLFK(LQQ%HLVSLHOOGDIU]HLJWWGLH3RRWK$IIlUHLPP=XVDPPHQKDQJPLWWGHU'VVHO GRUIHUU6SDUNDVVHYRQQ

0HUJHUV$NTXLVLWLRQV*HVFKlIWH0$

%HVRQGHUVVYRQQ.RUUXSWLRQQEHWURIIHQQLQQGHQ)lOOHQQGHUUVRJÄXPJHNHKUWHQ/LHIHU ULFKWXQJ³³ VLQGG DXFKK 0$$ *HVFKlIWHH ZLHH GHUU 9HUNDXII JDQ]HUU 8QWHUQHKPHQ )LU PHQIXVLRQHQQXQGG±EHUQDKPHQ

%HLVSLHOVZHLVHH JLEW HVV IUU GHQQ 9HUNDXI HLQHVV SURILWDEOHQQ 8QWHUQHKPHQVV PHKUHUHH ,QWHUHVVHQWHQQXQGGGHUU.OLHQWWPLWWGHPP]ZHLWK|FKVWHQQ$QJHERWWHUKlOWWGHQQ=XVFKODJ GDDHUUGHPP$JHQWHQQ6FKPLHUJHOGGJH]DKOWWKDW

,QVEHVRQGHUHIUU.DSLWDOJHVHOOVFKDIWHQLVWWHVVJHIlKUOLFKZHQQQ$QJHVWHOOWHLQQGLH VHPP %HUHLFKK NRUUXPSLHUHQ GDD GLHH 9HUEXQGHQKHLW GHVV 9RUVWDQGVV E]Z YRQQ )K UXQJVNUlIWHQ ]XPP 8QWHUQHKPHQ JHULQJHU LVWW ZLH HWZD EHL PLWWHOVWlQGLVFKHQQ 8Q WHUQHKPHQ

'LHVZLUGGJHUDGHLQQGHU%UDQFKHGHU,QYHVWPHQWEDQNHQQGHXWOLFKGLH0$$DOVVHLQQ 7HLOEHUHLFK GHU &RUSRUDWHH )LQDQFH EHKDQGHOQ 6LHH HUKDOWHQQ GXUFKK LKUHH %HUDWXQJ EHLPP 9HUNDXII YRQQ 8QWHUQHKPHQVEHWHLOLJXQJHQQ 00$ 9HUPLWWOXQJVOHLVWXQJHQ /LHJHQQGLH9ROOPDFKWHQQIUUGHQ9HUNDXIEHLHLQHUUHLQ]LJHQ)KUXQJVNUDIWVRRLVW GHUU$QUHL]IUU%HVWHFKOLFKNHLWWJUR‰

9JO .ORHSIHUU LQ )UDQNIXUWHU $OOJHPHLQH YRP Ä.DPSI XPV hEHUOHEHQQ ± %DQNHQ JHJHQQ8QWHUQHKPHQ

9JOLP$QKDQJJXQWHU

(VVHLGDUDXIKLQJHZLHVHQGDVVDXFK8QWHUQHKPHQÄ:DUHQ³L6G††6W*%%VLQG9JODXFKK 3UDJDO6

9JO5|QQDX,,,,5Q

'HUMQJVWDXIJHWDXFKWH%D\HUQ/%6NDQGDO]HLJWGDVVVHVVQLFKWWDXV]XVFKOLH‰HQQLVW GDVVVGHUU$JHQW8QWHUQHKPHQVDQWHLOHXQWHUUGHP0DUNWSUHLVVDQQHLQHQQ.OLHQWHQQYHU NDXIWWXQGGGDIUU6FKPLHUJHOGHUUHUKlOW

5HDO(VWDWHH%HUHLFK

$XFKKLPP5HDOO(VWDWHH%HUHLFKKN|QQHQQLQQGHQ)lOOHQQGHUUÄXPJHNHKUWHQQ/LHIHUULFK WXQJ³³NRUUXSWHQQ+DQGOXQJHQQDXIWUHWHQ

(LQQ%HLVSLHOGDIU]HLJWGHUU1RVSD6NDQGDO

*UXQGIRUPHQQGHU.RUUXSWLRQ

:LHHLQQ.DSLWHOOELVVJH]HLJWNRPPHQPHKUHUHH%UDQFKHQQLQQ%HWUDFKWLQQGH QHQQLPP9RUIHOGG7DWDQEDKQXQJHQLQQ(UVFKHLQXQJJWUHWHQQELVVVFKOLH‰OLFKKGLHHWDWVlFK OLFKHH.RUUXSWLRQQLQGHQQJHIlKUGHWHQQ:LUWVFKDIWVEHUHLFKHQQDXIWULIIW ,P)ROJHQGHQQN|QQHQQQXQQGLHH*UXQGIRUPHQQGHUU.RUUXSWLRQQHUOlXWHUWWZHUGHQGLH DOVV *HJHQOHLVWXQJ IUU HLQHH EHVWLPPWHH +DQGOXQJJ E]Z 8QWHUODVVXQJ LQ )UDJH NRPPHQ

6SHQGHQQ6SRQVRULQJ

=XZHQGXQJHQQGLHVHUU$UWWUHIIHQQHKHUULQQGHUU)RUPDXIGDVVV8QWHUQHKPHQQ2UJDQL VDWLRQHQQ 6SHQGHQQ JHZlKUHQ (VV LVWW MHGRFKK DXFKK GHQNEDU GDVVV HLQQ 8QWHUQHKPHQQ ]%DOVV=XOLHIHUHUDQQHLQQDQGHUHVVKHUDQWULWWWXQGG6SHQGHQQRGHU6SRQVRUHQJHOGHU DQELHWHWGLHHMHGRFKKHKHUXQEOLFKKVLQGGXQGGYRQQ8QWHUQHKPHQQLQQGHUU5HJHOOQLFKW JHGXOGHWWZHUGHQ ,QQ=ZHLIHOVIlOOHQQVROOWHQQ0LWDUEHLWHUDQLKUH9RUJHVHW]WHQQRGHU HLQHP&RPSOLDQFHH%HDXIWUDJWHQQKHUDQWUHWHQ

*HVFKHQNHH

,P*HJHQVDW]]XX6SHQGHQQVLQGG*HVFKHQNHHGLHHKlXILJVWHH*UXQGIRUPPGHUU.RUUXSWL RQ6LHHN|QQHQQDOVVOHJLWLPHVV=LHOOYRQQÄ*HVFKlIWVJHVFKHQNHQ³DOVV$QEDKQXQJYRQ *HVFKlIWHQQ XQGG 3IOHJHH ]XX *HVFKlIWVNRQWDNWHQQ JHVHKHQQ ZHUGHQ 6RZHLWW GDVV *H VFKHQNNLQQHLQHPPDQJHPHVVHQHQQ5DKPHQQEHLPP%HVFKHQNWHQQLFKWWGLHH(UZDUWXQJV

9JOLP$QKDQJJXQWHU 9JOLP$QKDQJJXQWHU 9JO]%$GLGDV6'DLPOHUU6

KDOWXQJHLQHU9HUSIOLFKWXQJRGHUHLQHV+DQGOXQJV]ZDQJVGDUVWHOOWVLQGGVLHHEOLFK XQGGDN]HSWLHUW

9RUWHLOV]XZHQGXQJHQQ KLQJHJHQ DOVV HLQH XQ]XOlVVLJH =XZHQGXQJJ LPP 6LQQHH GHU .RUUXSWLRQVGHOLNWHH ††† II †† 6W*% RKQHH HLQH NRQNUHWH *HJHQOHLVWXQJ VLQGGVRZRKOOIUUGHQQ$JHQWHQQDOVVDXFKKIUUGHQQ.OLHQWHQQVWUDIEDU 6ROFKHH XQVSH]LILVFKHQQ =XZHQGXQJHQQ N|QQHQQ DOV LPSHUIHNWH E]Z XQHFKWHH *H VFKHQNH EH]HLFKQHWW ZHUGHQ 6LH NRPPHQQ ]XPHLVW DXI ,QLWLDWLYH GHVV .OLHQWHQ ]X VWDQGHGHUUDQQHLQHUUODQJMlKULJHQQ'LHQVWWlWLJNHLWGHVV$JHQWHQQE]ZDQQHLQHP$XI EDXX HLQHVV 1lKH RGHUU $EKlQJLJNHLWVYHUKlOWQLVVHVV LQWHUHVVLHUWW LVW 1HEHQ GHP 7DWEHVWDQGVPHUNPDOOGHV9RUWHLOV LVWW]XSUIHQREEGLHH=XZHQGXQJHQQVR]LDODGl TXDWW VLQG GK DOV JHZRKQKHLWVUHFKWOLFKK DQHUNDQQWW JHOWHQ $EE ZDQQQ HLQQ *H

VFKHQNNDOVV%HVWHFKXQJDQ]XVHKHQQLVWLVWWLPP*HVHW]QLFKWWJHUHJHOW

(LQQ VFKZLHULJHVV 3UREOHPP EHVWHKWW VRPLWW LQQ GHUU $EJUHQ]XQJ YRQQ LPSHUIHNWHQQ XQGG SRWHQ]LHOOVWUDIEDUHQQ*HVFKHQNHQQ]XGHQQHFKWHQVWUDIORVHQQ*HVFKHQNHQ ,Q GHU 3UD[LVV VLHKWW PDQ GLH UHFKWOLFKHH *UDX]RQH GDQQ EHUVFKULWWHQ ÄZHQQQ GDV *HVFKHQNNREMHNWLYYJHHLJQHWWLVWGDVVJHVFKlIWOLFKHH8UWHLOVYHUP|JHQQXQGGGLHHSURIHV VLRQHOOHH 8QDEKlQJLJNHLWW GHVV %HVFKHQNWHQQ ]XX EHHLQWUlFKWLJHQ³ 'DEHL LVW LUUHOH

YDQW REE GLH 9RUWHLOVJHZlKUXQJ WDWVlFKOLFKK ]XX HLQHU 6FKlGLJXQJ GHVV 3ULQ]LSDOVV JHIKUWKDWÄ9LHOPHKUUUHLFKWHVVDXVGDVVGHUJHZlKUWHH9RUWHLODOOJHPHLQQGLHH*H IDKUUEHJUQGHWGHUU>$JHQW@ZHUGHHQLFKWWPHKUDOOHLQHLPP,QWHUHVVHGHV>3ULQ]LSDOV@ KDQGHOQ³ 'LHVV]HLJWWVLFKDXFKKLQQGHP)DOOOGHVVJHVFKHQNWHQQ)X‰EDOOWLFNHWV PLWW

GHPPHLQQ3HUVRQDOOHLWHU]ZDUQLFKWWVWUDIUHFKWOLFKKEHODQJWWZXUGHMHGRFKK]LYLOUHFKWOL FKHH.RQVHTXHQ]HQQ.QGLJXQJKDWWH

'DEHLLLVWW]XXEHDFKWHQGDVVVLQQGHUIUHLHQQ:LUWVFKDIWPHKU]XOlVVLJJLVWDOVVLPP.RQ WH[W GHU $PWVWUlJHUNRUUXSWLRQ GD GDV 9HUWUDXHQQ GHU $OOJHPHLQKHLWW KLHUEHLL YLHOO

^{9JO+DDV6 9JO$QGURXODNLV6'LHQHUV6 9JO$QGURXODNLV6} 9JOGD]X%9RUWHLO

^{9JO'LHQHUV6,P'HWDLOVLHKHHGD]X%F6R]LDODGlTXDWHH=XZHQGXQJHQQ 9JO6LFKHUKHLWLQIR6 9JO$QGURXODNLV6 +DDV6 +DDV6} 'HWDLOVGD]XLP$QKDQJXQWHU

'HPP*UXQGVDW]QDFKKLVWWLP HPSILQGOLFKHUULVWWDOVVEHLLGHUU$QJHVWHOOWHQNRUUXSWLRQ 'LH %DQGEUHLWH LQ GHU |IIHQWOLFKHQQ %HUHLFKK MHGH =XZHQGXQJ ]X JHQHKPLJHQ 3ULYDWZLUWVFKDIWWOLHJW]ZLVFKHQQ¼¼ELVV¼¼SURR-DKUUGHVVHQWVFKHLGXQJVEHIDVVWHQQ $QJHVWHOOWHQ .HLQHVIDOOVV GUIHQQ *HOG]XZHQGXQJHQQ ZLHH %DUJHOG 'DUOHKHQ :HUWSDSLHUH 6FKHFNVV XQGG VRQVWLJHH DQVW|‰LJH 3URGXNWHH XQGG 'LHQVWOHLVWXQJHQQ DQ JHQRPPHQQ ZHUGHQQ VRZLH 6DFK]XZHQGXQJHQQ ZLHH EHLVSLHOVZHLVHH .DUWHQ IUU HLQ )X‰EDOOEDOOVSLHOOXQGG1XW]]XZHQGXQJHQQZLH5HLVHQQRGHUUÄ*HIlOOLJNHLWHQ³]%LQ )RUPPYRQQ:HUNVXQGG'LHQVWOHLVWXQJHQ (EHQIDOOV]XXYHUPHLGHQQVLQGGÄ*HVFKHQ

NH GLH LQQ GLUHNWHPP =XVDPPHQKDQJ PLWW HLQHUU *HVFKlIWVHQWVFKHLGXQJ ]XJXQVWHQ GHVV6FKHQNHQGHQQVWHKHQ³

%HLL 8QVLFKHUKHLWHQQ PLWW GHPP 8PJDQJ YRQ *HVFKHQNHQQ VROOWHQQ DXI &RPSOLDQFH 5HJHOXQJHQQ ]XUFNJHJULIIHQQ ZHUGHQQ N|QQHQ ,P =ZHLIHOVIDOOO NDQQQ VLFKK GHUU %H VFKHQNHQGHHPLWWVHLQHPP9RUJHVHW]HQDEVWLPPHQ

%RQXVSURJUDPPH

%RQXVSURJUDPPH EHLVSLHOVZHLVHH LQQ )RUPP YRQQ 9LHOIOLHJHUU 3URJUDPPHQQ VLQGG E OLFKKXQGGKDEHQQVLFKKHLQJHEUJHUW6LHHVWHOOHQQMHGRFKLPP*HJHQVDW]]X*HVFKHQNHQ HLQH UHFKWOLFKH *UDX]RQH GDU ZHQQ VLH 0LWDUEHLWHUQ HLQHV 8QWHUQHKPHQV RIIHQ VWHKHQ

:HUGHQQVLHHGXUFKKGLHH*HZlKUXQJYRQQ %RQXV/HLVWXQJHQQLQQ9HUVXFKXQJ JHIKUW LKUHHHLJHQHQQ,QWHUHVVHQEHUUGLHGHVV3ULQ]LSDOVV]XVWHOOHQNDQQQGLHVVSUREOHPDWLVFK VHLQ %HLVSLHOVZHLVHH N|QQWHH HLQQ 0LWDUEHLWHUU HLQHUU )OXJJHVHOOVFKDIWW GLHH $XVZDKOO HLQHVV 'LHQVWOHLVWHUVV GDQDFKK WUHIIHQ EHL ZHP HU GLH PHLVWHQQ 0HLOHQJXWVFKULIWHQQ HUKlOW 5HFKWOLFKKVWHKWWDXIGHU6HLWHGHV$JHQWHQGHU7DWEHVWDQGGGHU%HVWHFKOLFK NHLWGHUULQ††,6W*%%JHUHJHOWWLVW 1DFKGHPP8UWHLOOGHVV%XQGHVDUEHLWVJHULFKWV

%$* YRQ GUIHQQ $UEHLWQHKPHUU JXWJHVFKULHEHQHH 0HLOHQ QXU QRFKK ]X GLHQVWOLFKHQQ=ZHFNHQQXW]HQVRIHUQQGLHSULYDWH1XW]XQJQLFKWWDUEHLWVYHUWUDJOLFK

9JO +HLQHH 'UHL]LJVWHUU $EVFKQLWW 6WUDIWDWHQ LP $PW †† 5Q 'DQQHFNHU 5Q

9JO'LHQHUV6 9JO.RHSVHO6 9JO+DDV66LFKKHLWLQIR6YJODXFK6LHYHUV6 +DDV6 9JO+DDV6 9JO:HLWQDXHUU6

=XGHQUHFKWOLFKHQ5DKPHQEHGLQJXQJHQVLHKHH.DSLWHOO