,,

,1+$/769(5=(,&+1,66

$ENU]XQJVYHU]HLFKQLV ,,,

$EELOGXQJVYHU]HLFKQLV ,9

7KHRUHWLVFKHH*UXQGODJHQ

%HJULIIVEHVWLPPXQJGHVV+XPDQNDSLWDOV

%HJULIIVHUNOlUXQJYRQQ%UDLQQ'UDLQQXQGG%UDLQQ*DLQ

9RPP%UDLQQ'UDLQQ]XPP%UDLQQ*DLQQLQQ$VHUEDLGVFKDQ

$VHUEDLGVFKDQVV6WDDWVSROLWLNNJHJHQQ%UDLQQ'UDLQQXQGGIUU%UDLQQ*DLQ

.ULWLVFKHH:UGLJXQJHQ

=XVDPPHQIDVVXQJ

$QKDQJ

,,, $%.h5=81*69(5=(,&+1,6 E]Z EH]LHKXQJVZHLVHH FD FLUFDD

'6++ 'HXWVFKH6SUDFKSUIXQJIUUGHQQ+RFKVFKXO]XJDQJ

'$$'' 'HXWVFKHUU$NDGHPLVFKHUU$XVWDXVFKK'LHQVW

2(&'' 2UJDQLVDWLRQQIUUZLUWVFKDIWOLFKH=XVDPPHQDUEHLWWXQGG(QWZLFNOXQJ

7HVW'DII 7HVW'HXWVFKKDOV)UHPGVSUDFKHH

72()/ 7HVWWRII(QJOLVKKDVVDD)RUHLJQ/DQJXDJH XVZ XQGGVRRZHLWHUU 9JO 9HUJOHLFKHH ]% ]XPP%HLVSLHOO

,9

$%%,/'81*69(5=(,&+1,6

$EELOGXQJ$QNRPPHQGHQQ3HUVRQHQQQDFKK$VHUEDLGVFKDQDXVGHPPP$XVODQGGXQG DEZDQGHUQGHQQ 3HUVRQHQ DXVV $VHUEDLGVFKDQ QDFKK GHPP $XVODQGG IUU VWlQGLJHQQ

$EELOGXQJ %HY|ONHUXQJ QDFKK HWKQLVFKHQQ *UXSSHQQ XQGG 0XWWHUVSUDFKHQQ LQ

$EELOGXQJ6WXGHQWW0LJUDWLRQQXQGG%UDLQQ'UDLQQDXVV$VHUEDLGVFKDQQIUU

$EELOGXQJ $Q]DKOO GHUU +RFKVFKXOHQ XQGG 8QLYHUVLWlWHQQ LQ $VHUEDLGVFKDQ

$EELOGXQJ /lQGHUU IUVV $XVODQGVWXGLXPP PLWW GHPP 5HJLHUXQJVVWLSHQGLXP

$EELOGXQJ 'HXWVFKHH 8QLYHUVLWlWHQQ IUV $XVODQGVVWXGLXPP PLW GHPPPPPPP

$EELOGXQJ $Q]DKOO GHUU DVHUEDLGVFKDQLVFKHQQ 6WXGHQWHQQ LPP $XVODQGVVWXGLXPP GXUFKKGLHH/LQLHHGHU5HSXEOLNN$VHUEDLGVFKDQQ««««««««««

$EELOGXQJ $Q]DKO GHUU DXVOlQGLVFKHQQ 6WXGHQWHQQ LQQ $VHUEDLGVFKDQ ««««««««««

(,1/(,781*

%UDLQQ'UDLQQXQGG%UDLQQ*DLQQLVWWHLQQDNWXHOOHVV7KHPDDIUUDOOH/lQGHULQVEHVRQGHUH IUU GLHH 7UDQVIRUPDWLRQV XQGG 6FKZHOOHQOlQGHU (VV JLEWW LQQ GHUU :HOWW /lQGHU GLH GXUFKK %UDLQQ *DLQQ QRFK VWlUNHUU JHZRUGHQQ VLQG $QGHUVHLWVV KDEHQQ YLHOH /lQGHUU GXUFKK %UDLQQ 'UDLQQ HLJHQHVV +XPDQNDSLWDOO XQGG GLHH &KDQFHH ]XUU VFKQHOOHQQ XQG QDFKKDOWLJHQQ (QWZLFNOXQJ YHUORUHQ ,PP ]ZHLWHQQ .DSLWHOO JHKWW HV XP GLHH WKHRUHWLVFKHQQ*UXQGODJHQGHUU%LOGXQJGHU0LJUDWLRQGHVV+XPDQNDSLWDOVVXQGGGGHV %UDLQ'UDLQXQGG%UDLQ*DLQ,QGHQQIROJHQGHQ.DSLWHOQQZHUGHQQGLHH6LWXDWLRQQGHUU +RFKTXDOLIL]LHUWHQQ LQ GHUU $VHUEDLGVFKDQLVFKHQ 6655 XQGG GDVV %UDLQQ 'UDLQQ DXV $VHUEDLGVFKDQQ QDFK GHU 8QDEKlQJLJNHLWW HUPLWWHOW ,Q GHQQ OHW]WHQQ .DSLWHOQQ GLVNXWLHUW PDQ GLH JHWURIIHQHQ 6WDDWVPD‰QDKPHQQ $VHUEDLGVFKDQVV JHJHQQ %UDLQQ 'UDLQQ XQGG IUU %UDLQQ *DLQ $X‰HUGHPP ZHUGHQQ DNWXHOOHH %UDLQQ 'UDLQ XQGG %UDLQ *DLQ6LWXDWLRQQXQGGGLHH6WDDWVSROLWLNNDQDO\VLHUW

7+(25(7,6&+(*581'/$*(1

0DQQPXVVV]XHUVWWPLWHLQSDDUWKHRUHWLVFKHQ*UXQGODJHQQYHUWUDXWWVHLQEHYRUUPDQ VLFKK PLWW GHPP 7KHPDD Ä%UDLQQ 'UDLQQ XQGG %UDLQ *DLQ³³ EHVFKlIWLJHQQ ZLOO 'D]X PVVHQQ GLHH %HJULIIH Ä%LOGXQJ³ Ä+XPDQNDSLWDO³ Ä0LJUDWLRQ³ XQGG VHOEVWYHUVWlQGOLFKK DXFK Ä%UDLQQ 'UDLQ³ XQGG Ä%UDLQQ *DLQ³³ JHQDXX YHUVWDQGHQ ZHUGHQZHLOOGLHVH%HJULIIHPLWHLQDQGHUUVHKUUVWDUNNYHUNQSIWWVLQG

%(*5,))6%(67,0081*'(5%,/'81*

'LH %LOGXQJ LVWW HLQQ DOWHU YLHOGHXWLJHU XQG KLVWRULVFKHU %HJULII LQQ GHU GHXWVFKHQ 6SUDFKH (V JLEWW DXFK 3UREOHPHH EHLL GHU JHQDXHQQ hEHUVHW]XQJJ GHV :RUWHVV Ä%LOGXQJ³$EHUUDOOJHPHLQQLVWWVFKRQQDQJHQRPPHQGDVVVGHU%HJULIIÄ%LOGXQJ³DXV GHPP :RUWW ÄELOGXQJD³³ YRPP $OWKRFKGHXWVFKHQQ VWDPPW 'DVV :RUWW ÄELOGXQJD³

EHGHXWHWW 6FK|SIXQJ %LOGQLV *HVWDOW (VV JLEWW NHLQH HLQKHLWOLFKH 'HILQLWLRQQ GHU %LOGXQJ $EHU GLH ZLFKWLJVWHQQ $QVlW]H ]XPP 9HUVWHKHQQ YRPP %HJULII Ä%LOGXQJ³³ VLQGG GLHH LQGLYLGXHOOHH 3HUV|QOLFKNHLW ,QWHOOHNWXDOLWlW :LVVHQ /HUQHQ /HKUHQ .HQQWQLVVHH XQGG .XOWLYLHUWKHLWW HLQHVV 0HQVFKHQ 'LH %LOGXQJ LVWW YRU DOOHPP HLQ 0HQVFKHQUHFKWÄ-HGHUUKDWWGDVV5HFKWWDXII %LOGXQJ 'LHH %LOGXQJJLVWWXQHQWJHOWOLFK ]XPP PLQGHVWHQQ GHUU *UXQGVFKXOXQWHUULFKWW XQG GLHH JUXQGOHJHQGHH %LOGXQJ 'HUU *UXQGVFKXOXQWHUULFKWWLVWWREOLJDWRULVFK³ ^{,Q'HXWVFKODQGGXQGGLQQ$VHUEDLGVFKDQQLVW} GHUU *UXQGVFKXOXQWHUULFKWW REOLJDWRULVFK ZHLOO GLHH %LOGXQJ HLQHH JUR‰HH %HGHXWXQJJ IUU GLHH :LUWVFKDIW GLHH *HVHOOVFKDIWW XQGG MHGHQQ 0HQVFKHQQ HLQHVV /DQGHVV KDW 0DQQ NDQQQ GXUFKK GLHH %LOGXQJ VHLQHH DOOJHPHLQHQQ E]Z VR]LDOHQ ZLUWVFKDIWOLFKHQ JHVHOOVFKDIWOLFKHQ VR]LDOHQ NXOWXUHOOHQQ .HQQWQLVVH )lKLJNHLWHQ 9HUVWlQGQLVVHH YHUWLHIHQ XQGG YHUEHVVHUQ /DXWW GHPP %XQGHVPLQLVWHULXP IUU ZLUWVFKDIWOLFKH =XVDPPHQDUEHLWW XQG (QWZLFNOXQJ 'HXWVFKODQGV NDQQQ GLH %LOGXQJJ GLHH &KDQFHQ DXIIZLUWVFKDIWOLFKHVV:DFKVWXPPHUK|KHQQXQGGGDGXUFKKGLHH$UPXWWEHNlPSIWWZHUGHQ :HQQQHLQQ/DQGJXWWDXVJHELOGHWH$UEHLWVNUlIWHKDWVWHLJHQVRPLWWJOHLFK]HLWLJGLHH $UEHLWVOHLVWXQJHQ GHVV /DQGHVV TXDOLWDWLYY XQGG TXDQWLWDWLYY DQ 'DVV %LOGXQJVQLYHDX XQGG GDVV %LOGXQJVV\VWHP HLQHVV /DQGHVV N|QQHQQ DXFKK GLH (QWVWHKXQJVJUQGHH IUU %UDLQQ'UDLQQXQGG%UDLQQ*DLQQVHLQ'LHH0RELOLWlWWGHUU,QWHOOLJHQ]HQQZLHH%UDLQQ'UDLQQ XQGG %UDLQQ *DLQQ LVWW IUU GLHH /lQGHUU LPPHU ZLFKWLJ ZHLOO PDQQ RKQHH TXDOLIL]LHUWH $UEHLWVNUlIWH HLQH QDFKKDOWLJH :LUWVFKDIWVHQWZLFNOXQJ QLFKWW HUUHLFKHQ NDQQ 'HVZHJHQ H[LVWLHUW ]ZLVFKHQ %LOGXQJ %UDLQ 'UDLQ XQG %UDLQ *DLQ HLQ VWDUNHU =XVDPPHQKDQJ $EHU IDOOVV HLQQ /DQGG NHLQQ JXWHVV RGHUU NHLQQ DXVUHLFKHQGHVV %LOGXQJVV\VWHPPKDWNRPPWWHVVLQQGLHVHPP/DQGG]XPP%UDLQQ'UDLQ$EHUUHLQQ/DQG GDVV HLQQ EHVVHUHVV %LOGXQJVV\VWHPP KDW JHZLQQWW VHLQQ +XPDQNDSLWDOO GXUFK %UDLQ *DLQ 'LHVV EHGHXWHW GDVVV GXUFKK GLHH %LOGXQJ HLQHH (UZHUEVEHY|ONHUXQJ HQWVWHKW 'LHVHH (UZHUEVEHY|ONHUXQJ NDQQQ NRPSOH[HUHH $XIJDEHQQ XQGG EHVVHUU EH]DKOWH 7lWLJNHLWHQQDXVEHQ

9JO)UVWHQEHUJ(U]LHKXQJVZLVVHQVFKDIWHQ 9JO%LOGXQJVH[SHUWHQ1HW]ZHUNN

$PQHVW\,QWHUQDWLRQDO$UWLNHOGHUU$OOJHPHLQHQQ(UNOlUXQJGHU0HQVFKHQUHFKWH 5HVROXWLRQ$,,,GHUU*HQHUDOYHUVDPPOXQJYRP'H]HPEHUU

%(*5,))6%(67,0081*'(66+80$1.$3,7$/66

(VV JLEWW NHLQH HLQKHLWOLFKH 'HILQLWLRQQ YRPP +XPDQNDSLWDO 1DFKK 2(&'' EHGHXWHWW GDVV +XPDQNDSLWDO :LVVHQ 4XDOLILNDWLRQHQ .RPSHWHQ]HQQ XQGG VRQVWLJH (LJHQVFKDIWHQ GLHH GHP (LQ]HOQHQQ HLJHQQ VLQGG XQGG HVV LKP HUP|JOLFKHQ SHUV|QOLFKHV VR]LDOHVV XQGG ZLUWVFKDIWOLFKHVV :RKOHUJHKHQQ ]X HU]HXJHQ 'DV +XPDQNDSLWDOO LVWW DXFK HLQQ ZLFKWLJVWHU )DNWRU IUU GDVV ZLUWVFKDIWOLFKH :DFKVWXP XQGGIUUGLHHQDFKKDOWLJHZLUWVFKDIWOLFKHH(QWZLFNOXQJ (VVLVWWEHUHLWVVQDFKJHZLHVHQ ZRUGHQ GDVVV HLQQ /DQG ]% -DSDQ GXUFK GDV +XPDQNDSLWDOO HLQHH QDFKKDOWLJHH :LUWVFKDIWVHQWZLFNOXQJJ HUUHLFKHQQ NDQQ 'DVV +XPDQNDSLWDOO PXVVV YRUU DOOHPP PDNUR XQG PLNUR|NRQRPLVFKK EHWUDFKWW ZHUGHQ ,P PDNUR|NRQRPLVFKHQ 5DXP JHKWW HVV XPP 4XDOLWlW 4XDQWLWlW )lKLJNHLWHQQ XQGG (UIDKUXQJHQQ GHU (UZHUEVEHY|ONHUXQJ $EHU LQQ GHU PLNUR|NRQRPLVFKHQQ (EHQHH ZHUGHQ 4XDOLWlW (UIDKUXQJHQQ XQGG )lKLJNHLWHQ HLQHV ,QGLYLGXXPVV EHUFNVLFKWLJW :HQQQ HV ]ZLVFKHQQ GHQQ %LOGXQJVQLYHDXVV YHUVFKLHGHQHUU /lQGHUU JUR‰HH 8QWHUVFKLHGHH JLEW HQWVWHKHQQ VRPLWW JUR‰H 8QWHUVFKLHGH LQQ GHU 4XDOLWlWW GHU (UZHUEVEHY|ONHUXQJ 6ROFKHH8QWHUVFKLHGHHYHUXUVDFKHQDXFKGLH0RELOLWlWGHUTXDOLIL]LHUWHQ0HQVFKHQ $EHUU%UDLQQ'UDLQQXQGG%UDLQQ*DLQQN|QQHQQDXFKK]ZLVFKHQQGHQQ/lQGHUQQJHVFKHKHQ ZRRGLHH%LOGXQJVQLYHDXVVJOHLFKVLQG,QQGLHVHP%H]XJVSLHOWGDVV:DFKVWXPVWHPSR HLQHVV /DQGHVV HLQHH JUR‰H 5ROOH 'LHH ,QWHOOLJHQ]HQQ E]Z +RFKTXDOLIL]LHUWHH VLQG HLJHQWOLFKKGDVV+XPDQNDSLWDOOE]Z5HLFKWXPPHLQHVV/DQGHV,QGLHVHPP%H]XJNDQQQ PDQDXFKGHU$XIIDVVXQJVHLQGDVVGDV+XPDQNDSLWDOLQ%UDLQ'UDLQXQG%UDLQ *DLQQDOVV%HWURIIHQHUXQGG%HWHLOLJWHUUEHWUDFKWHWWZHUGHQQNDQQ'HVZHJHQQPXVVVHLQ /DQGG GDJHJHQQ DQNlPSIHQ VHLQQ HLJHQHV +XPDQNDSLWDOO QLFKWW ]XX YHUOLHUHQ $X‰HUGHPP PVVHQQ GDVV SK\VLVFKHH .DSLWDOO XQGG GDVV +XPDQNDSLWDOO XQWHUVFKLHGHQQ ZHUGHQ ZHLOO GDVV +XPDQNDSLWDOO QLFKWW YHUNDXIWW ZHUGHQQ NDQQ $EHUU GDVV +XPDQNDSLWDOONDQQQYRQQHLQHPP/DQGGLQQHLQQDQGHUHVVDEZDQGHUQ'LHH$EZDQGHUXQJ XQGG =XZDQGHUXQJ GHUU +RFKTXDOLIL]LHUWHQQ JHVFKHKHQQ GXUFKK 0LJUDWLRQ %UDLQ 'UDLQQXQGG%UDLQQ*DLQQVLQGG)RUPHQQGHUU0LJUDWLRQ

9JO&RUDD/HRQLH0H]JHU6 9JO2(&''%ULDQ.HHOH\6 9JO(QGUHH.DPDUDV6 9JO2(&'%ULDQ.HHOH\6 9JO(QGUHH.DPDUDV6

%(*5,))6(5./b581*'(550,*5$7,211

'LHH%HJULIIVHUNOlUXQJPXVVVGDPLWWEHJRQQHQQZHUGHQGDVVVGHUU%HJULIIIÄ0LJUDWLRQ³³ DXVV GHPP ODWHLQLVFKHQQ :RUWW ÄPLJUDWLRR E]Z PLJUDUH³ ZDQGHUQ :DQGHUXQJ XQGG ZHJ]LHKHQ VWDPPW (VV JLEWW YHUVFKLHGHQH DEHU VHKU lKQOLFKH 'HILQLWLRQHQQ GHU 0LJUDWLRQ )ROJHQGH %HJULIIVHUNOlUXQJHQ N|QQHQQ DOVV DOOJHPHLQQ JOWLJHH 'HILQLWLRQHQQGHUU0LJUDWLRQQDQJHQRPPHQQZHUGHQ

Ä0LJUDWLRQQLVWWGHUUDXII'DXHUUDQJHOHJWHHE]ZGDXHUKDIWWZHUGHQGHH:HFKVHOO LQQHLQHDQGHUH*HVHOOVFKDIWWE]ZLQQHLQHHDQGHUH5HJLRQQYRQHLQ]HOQHQRGHUU PHKUHUHQQ0HQVFKHQ³

ÄÄ 9RQQ 0LJUDWLRQQ VSULFKWW PDQ ZHQQQ HLQH 3HUVRQQ LKUHQ /HEHQVPLWWHOSXQNW UlXPOLFKK YHUOHJW 9RQQ LQWHUQDWLRQDOHU 0LJUDWLRQQ VSULFKWW PDQQ GDQQ ZHQQQ GLHVVEHUU6WDDWVJUHQ]HQQKLQZHJJHVFKLHKW³

$X‰HUU GHUU LQWHUQDWLRQDOHQQ 0LJUDWLRQQ JLEWW HVV DXFKK GLHH %LQQHQPLJUDWLRQ %UDLQ 'UDLQQXQG%UDLQQ*DLQQN|QQHQQQXUGXUFKGLHLQWHUQDWLRQDOHH0LJUDWLRQQ JHVFKHKHQ 'LHH LQWHUQDWLRQDOHH 0LJUDWLRQQ XQGG %LQQHQPLJUDWLRQQ VLQGG XQWHU UlXPOLFKHQQ $VSHNWHQQ GLIIHUHQ]LHUW 0DQQ XQWHUVFKHLGHWW EH]JOLFKK GHUU

:DQGHUXQJVHQWVFKHLGXQJ RGHUU GHUU :DQGHUXQJVXUVDFKH VRZLHH GHUU IUHLZLOOLJHQQQQQQQQQQQQQ ]% $UEHLWVPLJUDWLRQ XQGG GHU HU]ZXQJHQHQQ 0LJUDWLRQ 0DQQ NDQQQ DXFKK GLH 0LJUDWLRQQ XQWHUU ]HLWOLFKHQQ $VSHNWHQQ ]% GDXHUKDIWW RGHU EHJUHQ]W XQWHUVFKLHGHQ 1DFK GHQ 0LJUDWLRQWKHRULHQQ YRQQ (YHUHWWW 6 /HH $OEHUW 2WWRR +LUVFKPDQQ +DUWPXWW (VVHUU XQGG ZHLWHUHQQ gNRQRPHQQ VLQGG GLH 0LJUDWLRQXUVDFKHH GXUFKK GLHH 3XVK XQGG 3XOO)DNWRUHQQ 6FKXE XQGG 6RJIDNWRUHQ IHVWJHVWHOOW =XX GHQQ 3XVK)DNWRUHQQ JHK|UHQQ QLHGULJHU /HEHQVVWDQGDUG IHKOHQGHH |NRQRPLVFKHH 0|JOLFKNHLWHQQ E]Z ,QIUDVWUXNWXU %HY|ONHUXQJVZDFKVWXP VR]LDOH 'LVNULPLQLHUXQJ $UPXW $UEHLWVORVLJNHLW DOVV DXFKK SROLWLVFKH 9HUIROJXQJ $OVV 3XOO)DNWRUHQQ N|QQHQQ GHUU $UEHLWVEHGDUI EHVVHUHVV (LQNRPPHQ |NRQRPLVFKHH 2SSRUWXQLWlWHQ SROLWLVFKHH 6LFKHUKHLWW XQGG )UHLKHLW EHQDQQWW ZHUGHQ 'LHH 3XVK XQGG3XOO)DNWRUHQQN|QQHQQDXFKKIUUGLHH0LJUDWLRQXUVDFKHHGHUU+RFKTXDOLIL]LHUWHQQ JH]lKOWWZHUGHQ'LHH0LJUDWLRQQGHUU+RFKTXDOLIL]LHUWHQE]Z,QWHOOLJHQ]HQQEHGHXWHWW

9JO3HWUXV+DQ6 $QQHWWHH7UHLEHOO6

'DV%XQGHVDPWIUU0LJUDWLRQQXQG)OFKWOLQJH0LJUDWLRQVEHULFKW6 9JO$QQHWWHH7UHLEHOO6 9JO0DWKLDV%|V6 9JO)UDQ]1XVFKHOHUU6 9JO$QQHWWHH7UHLEHOO6