,,,

=LHOHUUHLFKXQJ

5HFKWVSUHFKXQJVYHU]HLFKQLVV

,99

$%.h5=81*69(5=(,&+1,66

$* $NWLHQJHVHOOVFKDIW $** $OOJHPHLQHVV*OHLFKEHKDQGOXQJVJHVHW]] $,* $PHULFDQ,QWHUQDWLRQDOO*URXS $NW* $NWLHQJHVHW]]

$UE6FK**HVHW]]EHUGLHH'XUFKIKUXQJYRQQ0D‰QDKPHQQGHVV$U

%D)LQ%XQGHVDQVWDOWWIU)LQDQ]GLHQVWOHLVWXQJVDXIVLFKW %'6* %XQGHVGDWHQVFKXW]JHVHW]] %G6W%XQGGHU6WHXHU]DKOHU'HXWVFKODQGGH9 %HWU9*%HWULHEVYHUIDVVXQJVJHVHW]] %*%%UJHUOLFKHVV*HVHW]EXFKK %*++%XQGHVJHULFKWVKRI %.$ %XQGHVNULPLQDODPW %.06 ^Š %XVLQHVVV.HHSHU0RQLWRULQJ6\VWHPP %0:L%XQGHVPLQLVWHULXPPIU:LUWVFKDIWXQG7HFKQRORJLH %5$.%XQGHVUHFKWVDQZDOWVNDPPHU %6( %RYLQHHVSRQJLIRUPHH(Q]HSKDORSDWKLH &3,, &RUUXSWLRQQ3HUFHSWLRQV,QGH[ H*HLQJHWUDJHQHH*HQRVVHQVFKDIW (*05(XURSlLVFKHU*HULFKWVKRIIU0HQVFKHQUHFKWHH (05..(XURSlLVFKHH0HQVFKHQUHFKWVNRQYHQWLRQ (UQVWWWW

*PE+*HVHW]]EHWUHIIHQGGGLHH*HVHOOVFKDIWHQPLWEHVFKUlQNWHU +DIWXQJ

*:*HVHW]]EHUGDVV$XIVSUHQQYRQQ*HZLQQHQQDXVVFKZHUHQQQ 6WUDIWDWHQ K0 KHUUVFKHQGHU0HLQXQJJ ,3,QWHUQHWSURWRNROO

99

30  30 :LUWVFKDIWVSU IXQJVJHVHOOVFKDIWW  

U  QGH.UO QYHOG3HDW0DUZLFNNXQGG RHUGHOHU  

  / /DQGHVNULPLQDODPW  

  //3/LPLWHGG/LDELOLW 3DUWQHUVKLSS  

1*22  1RQ RYHUQPHQWDOO2UJDQL DWLRQQ  

1  -:1HXHH-XULVWLVFKHH:RFKHQVFKULIW  

15  :1RUGUKHLQ:HVWIDOHQ  

2  ( ''2UJDQL DWLRQQIRU(FRQRPLF RRSHUDWLRQQDQGG'HYHORSPHQW  

2:L**HVHW]]  EHU2UGQXQJVZLGULJNHLWHQQ  

3.6  SROL HLOLFKHH.ULPLQDOLWlWVVWDWLVWLN  

3Z&3ULFHZDWHUKRXVH&RRSHUV$**:LUWVFKDIWVSU  IXQJVJHVHOO  

VFKDIW   

6HFW  6HFWLRQ  

6  ( 6HFXULWLHVVDQGG( FKDQJH RPPLVVLRQ  

62  6DUEDQHV2 OH FWW  

6W  6WUDIJHVHW EXFK  

6W326WUDISUR  HVVRUGQXQJ  

7,  7UDQVSDUHQF  ,QWHUQDWLRQDOH9

8  668QLRQQ DQNNRI6ZLW HUODQG  

8  : HVHW JHJHQQGHQQXQODXWHUHQ:HWWEHZHUEE  

  :S HVHW EHUGHQQ:HUWSDSLHUKDQGHO  

533  HLWVFKULIWWI U5HFKWVSROLWLN  

(LQOHLWXQJJ

Ä-HGHUU0HQVFKKLVWEHVWHFKOLFKHQWVFKHLGHQGGLVWQXUGLHH+|KHHGHVV3UHLVHV³ 1DFK GLHVHUU0D[LPHHVFKHLQHQQLPPHUUPHKUU2UJDQLVDWLRQHQQ]XXKDQGHOQ

.RUUXSWLRQQ LVW NHLQ QHXHVV 7KHPD DEHUU HLQHVV PLW QHXHUU %ULVDQ] 'DV |IIHQWOLFKH ,QWHUHVVHHIUUGDVV$XVPD‰DQQ:LUWVFKDIWVNULPLQDOLWlWKDWLQQGHQQYHUJDQJHQHQQ-DKUHQ VWDUNN]XJHQRPPHQ

,Q YLHOHQ 8QWHUQHKPHQ VLQGG %HVWHFKXQJJ XQG .RUUXSWLRQQ DQQ GHUU 7DJHVRUGQXQJ *HVFKlIWVSDUWQHUU ZHUGHQQ EHVWRFKHQ %HWULHEVUlWHH XPJDUQW $XIVLFKWVJUHPLHQ VFKDXHQQZHJ

'LHH .RUUXSWLRQVDIIlUHQQ EHLL 6LHPHQV ,QILQHRQ (QURQ 9: GHUU 'HXWVFKHQQ %DQN &RQWLQHQWDO 0DQQHVPDQQ HWF ±± XP QXUU HLQLJHH %HLVSLHOHH DQ]XIKUHQQ ± PDFKHQQ GLHVVGHXWOLFKXQGGRIIHQEDUHQQ]XJOHLFKKHLQQ]XQHKPHQGHVV,QWHUHVVHHGHUU%HY|ONHUXQJ DQQOFNHQORVHUU$XINOlUXQJ 'LHHVSHNWDNXOlUHQQ3UR]HVVHVLQGGLQQDOOHUU0XQGH$OOHLQQ LP6FKPLHUJHOGVNDQGDOEHLL6LHPHQVVZXUGHHJHJHQQ%HVFKXOGLJWHHHUPLWWHOW

.RUUXSWLRQQEOHLEWHLQQZHOWZHLWHUQVW]XXQHKPHQGHVV3UREOHP 6LHHEHHLQWUlFKWLJWGLHH QDFKKDOWLJHH:HWWEHZHUEVIlKLJNHLWYRQQ8QWHUQHKPHQ%RONRRYRQQ2HWLQJHUUVFKULHEELQ HLQHP%HLWUDJJIUUGDVV0DQDJHU0DJD]LQÄ(QWVFKHLGHQGGIUUGLHH5HWWXQJJGHVV.DSLWD OLVPXVVZLUGGGDVV6HOEVWYHUVWlQGQLVVGHUU8QWHUQHKPHUUVHLQ1DWUOLFKKPVVHQQVLHHLKUH ZLUWVFKDIWOLFKHQQ=LHOHHYHUIROJHQ$EHUUVLHHVROOWHQQGLHHZLUWVFKDIWOLFKHH%HWUDFKWXQJJGHV *HVHOOVFKDIWOLFKHQQ ZLHGHUU PLW GHUU JHVHOOVFKDIWOLFKHQQ %HWUDFKWXQJJ GHV :LUWVFKDIWOL FKHQQYHUELQGHQ³

1LFKWQXUU:LUWVFKDIWVHWKLNHUUXQGG6R]LDOZLVVHQVFKDIWOHUUEHIDVVHQQVLFKKPLWGHUU7KH PDWLNNHLQHUUVFKHLQEDUU ]XQHKPHQGHQQ9HUZDKUORVXQJJGHU8QWHUQHKPHQ.RUUXSWLRQQ XQGGYHUDQWZRUWXQJVORVHP+DQGHOQVWHKHQQ7UUXQGG7RURIIHQZHQQGXUFKKEHWUJH ULVFKHH$EVLFKWHQQVHOEVWLQQVFKHLQEDUUVHUL|VHQQ*UR‰NRQ]HUQHQQHKHPDOVVYHUELQGOLFKH *UHQ]HQEHUVFKULWWHQQZHUGHQ

,QGHUU'HEDWWHXP(WKLNNLQQGHUU:LUWVFKDIWZHUGHQQYLHOIDFKK0RUDOXQGGgNRQRPLHHDOVV ]ZHLL PLWHLQDQGHUU XQYHUHLQEDUHH .RQ]HSWHH GDUJHVWHOOW )UU GHQQ :LUWVFKDIWVDNWHXU

.UXHJHU6 9JO%DQQHQEHUJJ5Q 9JO'HLVHURWK'HUOHGHU6 9JO.OHHV6 9JO2VWHQGRUI6 9JO%DQQHQEHUJJ6 2HWLQJHU6 9JO.OHHV6

HUJHEHQVLFKKGDUDXVV]XQlFKVWVFKHLQEDUUQXUU]ZHLL+DQGOXQJVDOWHUQDWLYHQ(QWZHGHU HUU ULFKWHW VHLQHH $XIPHUNVDPNHLW DXI VHLQHQQ *HZLQQQ XQGG YHUDFKWHW MHGHVV 0RUDOJH IKOORGHUUHUUEHUQLPPWPRUDOLVFKHH9HUDQWZRUWXQJHU]LHOWGDGXUFKDEHUVFKOHFKWHUH (UJHEQLVVH

,QVRIHUQQJLOW]XXXQWHUVXFKHQ ZLHHVLFKKGLHVHH6LWXDWLRQQDXIGDVV3KlQRPHQQGHUU.RU UXSWLRQQDXVZLUNW

8QEHVWULWWHQQ LVW GDVVV .RUUXSWLRQQ LQ GHQQ OHW]WHQ -DKUHQQ ]XJHQRPPHQQ KDW GDVV lX ‰HUQQVHFKVVYRQQ]HKQQ3HUVRQHQQZHOWZHLW

:LUWVFKDIWVNULPLQHOOHVV +DQGHOQQ ZLUGG GD]XX ]XQHKPHQGG YRQQ 8QWHUQHKPHQQ VHOEVWNUL WLVFKK SUREOHPDWLVLHUW /DXW HLQHU UHSUlVHQWDWLYHQQ 8PIUDJHH GHUU .30* DXV GHP -DKUHH HPSILQGHQ EHUU GHU PLWWHOVWlQGLVFKHQQ 8QWHUQHKPHQ XQGG IDVW

GHUUEHIUDJWHQQ7HLOQHKPHU JHKHQQVRJDUUYRQQHLQHUU6WHLJHUXQJJZLUWVFKDIWVNULPLQHOOHU +DQGOXQJHQQ LQQ GHUU =XNXQIW DXV $X‰HUGHP JDEHQQ GHUU EHIUDJWHQ 8QWHUQHK PHUUDQLQQGHQQOHW]WHQQGUHLL-DKUHQQVHOEVW2SIHUYRQQ:LUWVFKDIWVVWUDIWDWHQQJHZHVHQ ]XXVHLQ

,Q GLHVHP =XVDPPHQKDQJJ VWHOOHQ VLFK IROJHQGHH )UDJHQ :HOFKHH |NRQRPLVFKHQ XQGGJHVHOOVFKDIWOLFKHQQ*UQGHHYHUDQODVVHQQ0HQVFKHQQGD]XVLFKKNRUUXSW]XXYHUKDO WHQQXQGGVWUDIIlOOLJJ]XXZHUGHQZHOFKHH0D‰QDKPHQQN|QQHQQ8QWHUQHKPHQQHUJUHLIHQ XPVLFKKJHJHQQ.RUUXSWLRQQ]XXVFKW]HQQXQGGZHOFKHH+DQGOXQJVDOWHUQDWLYHQQELHWHWGLH .RUUXSWLRQVSUlYHQWLRQ

$QJHVLFKWVV PHGLHQZLUNVDPHUU (QWKOOXQJHQQ YRQQ 0LVVVWlQGHQQ LQ 8QWHUQHKPHQQ LVW ZHLWHUKLQQ ]XX IUDJHQ ZDVV 0HQVFKHQQ PRWLYLHUW MHPDQGHQQ ]XX ÄYHUSIHLIHQ³³ XQGG ZHO FKHQQ6FKXW]]XQVHUHH5HFKWVRUGQXQJJGLHVHQQ,QIRUPDQWHQQELHWHWE]ZREEGDIUUEHU KDXSWJHVHOOVFKDIWOLFKHH,QWHUHVVHQQYRUOLHJHQ

9JO7,,E6

.30*$*:LUWVFKDIWVSUIXQJVJHVHOOVFKDIWHLQHH.RQ]HUQJHVHOOVFKDIWWGHU.30*(XURSHH//33 XQGG0LWJOLHGGHV.30*1HW]ZHUNVXQDEKlQJLJHU0LWJOLHGVILUPHQGHPGLHH.30*,QWHUQDWLRQDOO &RRSHUDWLYH.30*,QWHUQDWLRQDOHLQHMXULVWLVFKH3HUVRQQVFKZHL]HULVFKHQQ5HFKWVDQJH VFKORVVHQLVW

$OV0LWWHOVWDQGGZXUGHQODXW.30*GLHH8QWHUQHKPHQQEHQDQQWGLHLQKDEHURGHUIDPLOLHQJH IKUWWVLQGGLQVJ8QWHUQHKPHQ9JO.30*6

,QQ$EJUHQ]XQJJ]XGHQQPLWWHOVWlQGLVFKHQ8QWHUQHKPHQZHUGHQQGLHH*UR‰XQWHUQHKPHQQGHIL QLHUWWLQVJ8QWHUQHKPHQ9JO.30*6 9JO.30*6

3HU6DOGRRZXUGHQEUDQFKHQEHUJUHLIHQGG)KUXQJVNUlIWHHEHIUDJW 9JO.30*6 9JO.30*6

3UREOHPVWHOOXQJJ

%HUHLWVV GHUU HLQIOXVVUHLFKVWHH DPHULNDQLVFKHH 1DWLRQDO|NRQRP XQGG 1REHOSUHLVWUlJHUU 0LOWRQ)ULHGPDQQYHUWUDWGHQQ6WDQGSXQNWGDVVVHVVLQQHLQHUU0DUNWZLUWVFKDIWQXUUHLQHH OHJLWLPH)RUGHUXQJJDQHLQQ8QWHUQHKPHQQJHEHQlPOLFKKGLH*HZLQQPD[LPLHUXQJÄ,Q HLQHPIUHLHQQ:LUWVFKDIWVV\VWHPJLEEHVVQXUUHLQHHLQ]LJHH9HUDQWZRUWXQJIUUGLHH%HWHL OLJWHQVLHEHVDJWGD‰GLHHYHUIJEDUHQ0LWWHOOP|JOLFKVWJHZLQQEULQJHQGGHLQJHVHW]W XQGG 8QWHUQHKPXQJHQQ XQWHUU GHP *HVLFKWVSXQNW GHUU JU|‰WP|JOLFKHQ 3URILWDELOLWlWW JHIKUWZHUGHQQPVVHQQ«³

8QWHUQHKPHQQVLQGGGHPQDFKKGXUFKGHQ:HWWEHZHUEEJH]ZXQJHQHIIL]LHQW]XXSURGX ]LHUHQQ XQG*HZLQQHH ]XPDFKHQ,KUHH$XIJDEHEHVWHKWLQQ(IIHNWLYLWlW XQGG(IIL]LHQ]] XQGGQLFKWLQQPRUDOLVFKHUU9HUDQWZRUWXQJ

(VV LVW GDKHUU ]X NOlUHQ REE gNRQRPLHH XQGG (WKLNN ]XVDPPHQSDVVHQQ RGHUU REE VLH LQ HLQHP XQDXIKHEEDUHQ :LGHUVSUXFKK ]XHLQDQGHUU VWHKHQ :HLWHUKLQQ HUJHEHQQ VLFKK IROJHQGHH )UDJHVWHOOXQJHQ /DVVHQQ VLFK GLH *HVHW]HH GHUU 0DUNWZLUWVFKDIW GXUFK PRUDOLVFKHHXQGGHWKLVFKHH,QVWDQ]HQQEHHLQIOXVVHQ""6ROOWHHWKLVFKHVV9HUVWlQGQLVV]XUU 3IOLFKWNRPSHWHQ]] HLQHV MHGHQQ 0DQDJHUVV JHK|UHQ"" :DVV LVW XQWHUU HWKLVFKHP +DQ GHOQ ]XX YHUVWHKHQ":HOFKHQ1XW]HQVWLIWHW(WKLNIUGLH:LUWVFKDIW",VW*HUHFKWLJ NHLW LQQ GHUU :LUWVFKDIW ]XUU KRKOHQQ 3KUDVHH JHZRUGHQ" :ROOHQQ 0DFKWWUlJHUU GXUFK (LJHQLQWHUHVVHQQ GHQQ IUHLHQQ JHVHOOVFKDIWOLFKHQQ %OLFN HLQVFKUlQNHQ"" 0DFKW LVW GLH )lKLJNHLWGDVV'HQNHQXQGG+DQGHOQQDQGHUHUU0HQVFKHQQ±±DXFKKJHJHQQGHUHQQ:LOOHQQ ±±]XXEHHLQIOXVVHQ :LHHVROOVLFKMHPDQGGYHUKDOWHQZHQQQHLQ8QWHUQHKPHQQ]ZDU I|UPOLFKK ]% LQQ HLQHP 9HUKDOWHQVNRGH[ GLH $QQDKPHH YRQ %HVWHFKXQJVJHOGHUQ ]XUU(UODQJXQJJYRQQ$XIWUlJHQQ YHUELHWHWDEHUUGXUFKK9RUJHVHW]WHVWULNWHH8PVDW]YRU JDEHQQJHVHW]WZHUGHQQXQGGMHQHHJJIVHOEVWIUDJZUGLJH3UDNWLNHQQYHUIROJHQ"

1HEHQGLHVHQQ)UDJHQQULFKWHWVLFKKGHUU%OLFNNDXFKKGDUDXIZLHH]ZHLIHOKDIWHEHWULHEVLQ WHUQHH 3UDNWLNHQ LQ 8QWHUQHKPHQQ DQQ GLHH gIIHQWOLFKNHLW JHODQJHQ GHQQQ GLHH PHLVWHQQ :LUWVFKDIWVGHOLNWH ZHUGHQQ HKHUU ]XIlOOLJJ DXIJHGHFNW 'HQQRFKK JLEW HVV HLQHH 5HLKHH YRQQ)lOOHQGLHHGXUFKK,QVLGHUZLVVHQQSXEOLNNJHPDFKWZHUGHQ 'DEHLLVWHOOHQQ9HU|I

)ULHGPDQQ6 9JO7ULHV5HLQKDUGWW6 9JO.30*6 9JO.LUiO\6 9JO.LUiO\6

+LQZHLVJHEHUU VRJ :KLVWOHEORZHU VLQGG 3HUVRQHQ GLHH EHUU LQWHUQHH ,QIRUPDWLRQHQQ YHUIJHQQ XQG 0LVVVWlQGHH PHOGHQ 'DEHLL VFKUHFNHQQ VLHH ]7 QLFKW GDYRU ]XUFN VLFKK SHUV|QOLFKK SUHLV]XJHEHQQ ±± DXFKK DXI GLHH *HIDKUU KLQ VLFK UHFKWOLFKHQQ .RQVH TXHQ]HQRGHUUVRQVWLJHQ5HSUHVVDOLHQQDXV]XVHW]HQ

'HUU 5HFKWVVFKXW]] YRQQ ,QIRUPDQWHQQ LVW KLHU]XODQGHH TXDVLL DOVV QLFKW YRUKDQGHQQ ]XX EHWUDFKWHQ 'DKHUUPXVVVXQVHUHH5HFKWVRUGQXQJNOlUHQZHOFKHH+LQZHLVJHEHUUVLH

'DVV7KHPDDLVWUHFKWVSROLWLVFKKKRFKKDNWXHOO VSH]LHOOOLP+LQEOLFNNDXIGDVÄ:KLVWOHE ORZHU8UWHLO³³GHVV(*05YRP

=LHOVHW]XQJJ

'LHH YRUOLHJHQGHH $UEHLW XQWHUQLPPW GHQQ 9HUVXFK GDVV 9HUKlOWQLVV ]ZLVFKHQQ HWKLVFK XQWHUQHKPHULVFKHP+DQGHOQQXQGG.RUUXSWLRQGDU]XOHJHQQXQGDXI%DVLVSV\FKRORJL VFKHUU(UNHQQWQLVVHH ]XXDQDO\VLHUHQ'DUEHUKLQDXVV ZLUGGXQWHUVXFKWZHOFKHQQVSH ]LHOOHQQ %HLWUDJJ XQWHUQHKPHUHWKLVFKHH DOVRR SULPlUU VHOEVWYHUSIOLFKWHQGH 6WUDWHJLHQ XQGG.RQ]HSWH]XUU.RUUXSWLRQVSUlYHQWLRQQOHLVWHQN|QQHQ 'LHVHUU)UDJHHZLUGGQDFKJHJDQJHQLQGHPXQWHUVFKLHGOLFKHH3HUVSHNWLYHQQ]XUU8QWHU QHKPHQVXQGG:LUWVFKDIWVHWKLNNEHOHXFKWHWZHUGHQ,P9RUGHUJUXQGGVWHKWGDEHLGLH ZLUWVFKDIWOLFKHHXQGGGLHH]LYLOJHVHOOVFKDIWOLFKHH3HUVSHNWLYH 1HEHQ HLQHUU V\VWHPDWLVFKHQQ $XIDUEHLWXQJ GHV 7KHPDVV LVW HVV HLQQ ]HQWUDOHVV $QOLH JHQQGLHVHUU$UEHLWGLHH $XVHLQDQGHUVHW]XQJJPLWGHP3UREOHPGHUU:LUWVFKDIWVNULPL QDOLWlW IUU 8QWHUQHKPHQQ ]XX HQWWDEXLVLHUHQQ XQG GLHH 'LVNXVVLRQQ HLQHV QDFKK ZLHH YRUU KHLNOHQ7KHPDVV]XXI|UGHUQ

'DVV$XJHQPHUNNZLUGGYRUDOOHPGDUDXIJHULFKWHWZHOFKHQQ(LQIOXVVVGLHH8QWHUQHKPHQ VHOEVW QHKPHQQ N|QQHQ XP :LUWVFKDIWVVWUDIWDWHQQ HIIHNWLY XQGG QDFKKDOWLJJ ]XX EH NlPSIHQ

,P=XVDPPHQKDQJJPLWW$OWHUQDWLYHQQLQQGHUU.RUUXSWLRQVSUlYHQWLRQULFKWHWGLHH8QWHU VXFKXQJJ LKUHQQ %OLFNN DXI GDVV :KLVWOHEORZLQJJ XQGG GLHH GDPLW ]XVDPPHQKlQJHQGHQ WHFKQLVFKHQ (LQULFKWXQJHQQ IUU +LQZHLVJHEHU 'LH $UEHLW VROO $XIVFKOXVVV GDUEHUU JHEHQZLHGXUFKK:KLVWOHEORZHUGHOLNWLVFKHH+DQGOXQJHQQDXIJHGHFNWE]ZYHUKLQGHUW ZHUGHQQN|QQHQ 9JO.LUiO\6 9JO.LUiO\6 9JO5|KULFK67,,D6 9JO.LUiO\6 9JO%5$.6'HLVHURWK'HUOHGHU6

*DQJJGHU8QWHUVXFKXQJ

'LHH YRUOLHJHQGHH %DFKHORU7KHVLVV ]XP 7KHPDÄ:KLVWOHEORZLQJJ PLWWHOV +LQZHLVJH EHUV\VWHPHQ1XW]HQVWLIWHQGHH $OWHUQDWLYHH LQQ GHU .RUUXSWLRQVSUlYHQWLRQ ± DXVV GHP %OLFNZLQNHOOHWKLVFKXQWHUQHKPHULVFKHQQ+DQGHOQV³³EHIDVVWVLFKKPLWGHP3KlQRPHQ GHUU.RUUXSWLRQEHWUDFKWHW8QWHUQHKPHQVXQGG:LUWVFKDIWVHWKLNNXQGG$OWHUQDWLYHQQLQQ GHUU.RUUXSWLRQVSUlYHQWLRQ

=XHUVW ZLUGG HLQQ hEHUEOLFNN EHUU GHQ 6WDQGG GHU )RUVFKXQJ ]XUU 8QWHUQHKPHQV XQGG :LUWVFKDIWVHWKLNN JHJHEHQ ,P HUVWHQQ .DS ZLUGG GLHH )UDJH GHU PRUDOLVFKHQQ 9HUDQW ZRUWXQJJ EHKDQGHOW 'DEHLL ZHUGHQQ ]XQlFKVW GLHH *UXQGODJHQQ GDUJHVWHOOW XP LP :HLWHUHQQDXI+DQGOXQJVSHUVSHNWLYHQQ]XXVSUHFKHQQ]XXNRPPHQGLHHPLWHLQHUU8QWHU QHKPHQVHWKLNNYHUHLQEDUVLQG

.DS EHIDVVW VLFKK PLWW GHP 3KlQRPHQQ GHUU .RUUXSWLRQ =XQlFKVW ZLUG HLQQ NXU]HUU (LQEOLFNNLQQGLHH=HLWJHVFKLFKWHHJHJHEHQXPLP$QVFKOXVVVGDUDQQ.RUUXSWLRQQ]XXGHIL QLHUHQQXQGGYRQQDQGHUHQ+DQGOXQJHQQDE]XJUHQ]HQ'HPVFKOLH‰HQQVLFKK$XVIKUXQ JHQQ ]XP)RUVFKXQJVVWDQGGEHUU7lWHUSURILOHHXQGG 0RWLYHH YRQ:LUWVFKDIWVVWUDIWlWHUQQ DQ

,Q$QOHKQXQJJKLHUDQQZHUGHQQP|JOLFKHH8UVDFKHQXQG$XVZLUNXQJHQQYRQQ.RUUXSWLRQQ HUOlXWHUW +LHUU VROOO GLHH )UDJHH EHDQWZRUWHW ZHUGHQ ZLH .RUUXSWLRQQ ZDKUJHQRPPHQ XQGGHUIDVVWZLUG'DUDXIDXIEDXHQGZLUGXQWHUVXFKWZRRGLH6FKZLHULJNHLWHQQLQQGHU (UIDVVXQJJ YRQ ZLUWVFKDIWVNULPLQHOOHP +DQGHOQ OLHJHQ XQG ZHOFKH 6FKlGHQQ GXUFK .RUUXSWLRQQ HQWVWHKHQ XP GDQDFKK GLHH )UDJHVWHOOXQJ GHUU .RUUXSWLRQVSUlYHQWLRQ EHKDQGHOQQ]XXN|QQHQ

'DUDXI DXIEDXHQGG ZLUG LQQ .DS HLQ DOWHUQDWLYHVV $QWLNRUUXSWLRQVLQVWUXPHQW YRUJH VWHOOW 'DVV .DSLWHOO EHJLQQW PLWW GHUU 'HILQLWLRQQ GHVV :KLVWOHEORZLQJV (VV IROJW HLQHH 'DUVWHOOXQJ GHUU +DQGOXQJVRSWLRQHQ GLH 0LWDUEHLWHUU LP 8PJDQJJ PLW ,QIRUPDWLRQHQQ EHUU LOOHJDOHVV RGHUU XQHWKLVFKHVV 9HUKDOWHQQ LP 8QWHUQHKPHQQ KDEHQ ,Q $QOHKQXQJ KLHUDQ ZHUGHQ GLH $UWHQQ GHVV :KLVWOHEORZLQJV XQWHUVXFKW XQG $XVNXQIW GDUEHUU JHJHEHQZHOFKH5HFKWHXQG3IOLFKWHQQ:KLVWOHEORZHUKDEHQXQGPLWZHOFKHQP|J OLFKHQQ.RQVHTXHQ]HQVLHHVLFKKQDFKKGHXWVFKHP5HFKWDXVHLQDQGHUVHW]HQQPVVHQ

,Q .DS ZHUGHQ WHFKQLVFKHH 6\VWHPHH IUU:KLVWOHEORZHU EHWUDFKWHW XQGG GLHH GDPLW YHUEXQGHQHQQ9RUWHLOHHXQGG5LVLNHQGLHHYRQQ+LQZHLVJHEHUV\VWHPHQQDXVJHKHQQN|Q QHQ)HUQHUUZLUGG(LQEOLFNNLQQGLHH3UD[LVVJHZlKUW

,Q.DSZHUGHQQGLHHZHVHQWOLFKHQQ(UNHQQWQLVVHHGHUU$UEHLW]XVDPPHQJHIDVVW

$OOJHPHLQHH(LQIKUXQJJLQGLH8QWHUQHKPHQVXQGG:LUW VFKDIWVHWKLN

9LHOHHGHUUZHOWZHLWHQQ|NRQRPLVFKHQQ3UREOHPHHDOVVDXFKKGLHH%HGURKXQJ|NRORJLVFKHUU *UXQGODJHQQXQVHUHVV/HEHQVVXQGGhEHUOHEHQV ZHUGHQQ YRQGHQQ 0HQVFKHQQDOVVHWKL VFKHH 3UREOHPHH ZDKUJHQRPPHQ $OOHUGLQJVV KHUUVFKW HLQHH 'LVNUHSDQ]] ]ZLVFKHQ $OOWDJVZDKUQHKPXQJJ XQGG GHQQ WKHRUHWLVFKHQ $QVlW]HQ GHUU 8QWHUQHKPHQV XQGG

'DVV 9HUKlOWQLVV ]ZLVFKHQ GHUU 0DUNWZLUWVFKDIW DXI GHU HLQHQQ XQGG GHUU (WKLNN DXI GHU

:LHH GHUU ZLVVHQVFKDIWOLFKHH %HLUDW GHVV %0:L LQQ VHLQHP *XWDFKWHQQ DXVV GHP -DKUHH IHVWVWHOOWHLVWHLQHDOVVXQJHUHFKWHPSIXQGHQHH9HUWHLOXQJYRQ&KDQFHQJHUHFK WLJNHLWXQGG&KDQFHQJOHLFKKHLWIUUGHUU%HY|ONHUXQJGHUU]HQWUDOHH.ULWLNSXQNWDP 0DUNWZLUWVFKDIWVV\VWHP 'DVV *XWDFKWHQ GHVV %0:LL EHVWlWLJW IHUQHUU HLQH EUHLWH 0DUNWYHUGURVVHQKHLW LQ GHUU %HY|ONHUXQJ (PSLULVFKHQQ 8QWHUVXFKXQJHQ DXVV GHP -DKUU]XIROJHHKDOWHQQXUGHU%XQGHVEUJHUUGLH9HUKlOWQLVVHIUUJHUHFKW GDJHJHQQIUUXQJHUHFKW

Ä:LUWVFKDIWLVWZLFKWLJVLHHLVWVRJDUUVHKUUZLFKWLJ±DEHUUVLHHLVWQLFKWDOOHV6LHHPXVVV HLQJHEHWWHWVHLQLQHLQHOHEHQGLJHWUDJIlKLJH .XOWXUGLHHUVWGHUHQQ :DFKVHQQXQGG *HGHLKHQQHUP|JOLFKW³

0DQJHOQGHH 7UDQVSDUHQ]] LVW QLFKW QXUU HLQ $XVGUXFNN DOOJHPHLQHUU 9HUXQVLFKHUXQJ VRQGHUQQ ZDUU DXFKK LP .HUQQ GDIUU YHUDQWZRUWOLFK GDVV GLHH MQJVWHH )LQDQ]PDUNW

9JO+RPDQQ/GNHH6.OHHV6 9JO+RPDQQ/GNHH6 9JO+RPDQQ/GNHH6 9JO%0:L6 9JO%0:L6 9JO%0:L6 .OHHV6

NULVH DXVJHO|VWZHUGHQXQGGVLFKDXVEUHLWHQNRQQWH 6FKOLH‰OLFKKIDFKWHGLHH*LHUU QDFKKLPPHUK|KHUHQQ5HQGLWHQQGLHHZHOWZHLWHH:LUWVFKDIWVNULVHHDQ 'HUU %XQGHVSUlVLGHQW GLHH .DQ]OHULQ 3ROLWLNHUU DOOHU 3DUWHLHQ *HZHUNVFKDIWHQQ XQGG 6R]LDOYHUElQGHHIRUGHUQQGDKHUUHLQKHOOLJJPHKUU0RUDOOLQQGHUU:LUWVFKDIW 0LWGHP$XVEUHFKHQQGHUUJOREDOHQ)LQDQ]NULVHHVWDQGGGDVLQWHUQDWLRQDOHH)LQDQ]XQG :LUWVFKDIWVV\VWHP DP 5DQGH HLQHVV .ROODSVHV ,QIROJHGHVVHQ ZXUGHQQ OHEKDIWH 'LVNXVVLRQHQQ EHUU GLH 9HUHLQEDUNHLW YRQQ 0DUNW XQGG 0RUDO YRQ :LUWVFKDIW XQGG (WKLN EHUU GLHH 8UVDFKHQQ ±± LQVEHVRQGHUHH EHUU GLHH )HKOEDUNHLW GHVV 0DQDJHPHQWV DXI QDWLRQDOHUU XQG LQWHUQDWLRQDOHUU (EHQHH LP +LQEOLFNN DXI GHVVHQQ PRUDOLVFKHH 9HU DQWZRUWXQJJIUUGLHH*HVHOOVFKDIWXQGG5HDOZLUWVFKDIWW±±JHIKUW %XQGHVSUlVLGHQW &KULVWLDQQ :XOII IDQGG LQQ VHLQHUU 5HGHH DQOlVVOLFKK GHVV ;,; 'HXW VFKHQQ%DQNHQWDJVVDPXQGG0lU]]PDKQHQGHH:RUWHHIUVHLQQ3XEOLNXP (UU KlOW GLHH 8UVDFKHQQ IUU GLHH PDVVLYHQQ 9HUZHUIXQJHQQ QRFKK QLFKW IUU EHUZXQ GHQÄ0DQFKPDOO VFKHLQW PLU GDVVV GDQNN GHUU VWDDWOLFKHQQ .ULVHQPD‰QDKPHQQ GHU 6FKUHFNNEHLYLHOHQQYHUIORJHQQLVWXQGGLHDOWHQ9HUKDOWHQVZHLVHQ]XUFNJHNHKUWVLQG ««'LHH=HLWIUUXQYHUKlOWQLVPl‰LJHH*HZLQQHHXQGGVFKQHOOHH3URILWHHLVWYRUEHLLXQGGDUI VRRQLFKWW]XUFNNRPPHQ³

6SHNXODWLRQHQJHIlKUGHQQGLHH:LUWVFKDIWVHQWZLFNOXQJHQ6WDDWVKDXVKDOWHHXQGG6WDD WHQ $PRUDOLVFKHH$UEHLWVZHLVHQGLH|NRQRPLVFKHH'HVDVWHUUDXVO|VHQODVVHQQVLFKK MHGRFKKHEHQVRRLP|IIHQWOLFKHQQ6HNWRUUDXVILQGLJPDFKHQ%HLLGHUU9HUJDEHHYRQQ$XI WUlJHQQ MHJOLFKHUU &RXOHXU VWHOOHQQ VLFKK ± DXVJHO|VW GXUFKK *HGDQNHQORVLJNHLW LQQ GHQ 3ODQXQJHQ 0lQJHOO EHL GHUU %HVFKDIIXQJJ RGHUU 9HWWHUQZLUWVFKDIW ±± 0LVVVWlQGHH HLQ GLHH .RVWHQH[SORVLRQHQ EHLP %XQG EHLL GHQQ /lQGHUQ GHQQ *HPHLQGHQQ XQGG GHQ

)LQDQ]PDUNWNULVHQQVLQGGJU|‰HUHH9HUZHUIXQJHQQLP)LQDQ]V\VWHPGLHHGXUFKKHLQHQ5FNJDQJJ GHU9HUP|JHQVZHUWHHXQGGGLHH=DKOXQJVXQIlKLJNHLWW]DKOUHLFKHU8QWHUQHKPHQQJHNHQQ]HLFKQHWW VLQGGXQGGGLHGLHH|NRQRPLVFKHH$NWLYLWlWWLQQHLQHPRGHUPHKUHUHQQ/lQGHUQQEHHLQWUlFKWLJHQ 'LHHKLHUHUZlKQWHHZDUHLQHH%DQNHQ)LQDQ]XQGG:LUWVFKDIWVNULVHGLHHLP)UKMDKUPLWWGHU 86,PPRELOLHQNULVHEHJDQQ'LH.ULVHZDUXQWHUDQGHUHP)ROJHHHLQHVVSHNXODWLYYDXIJHEOlKWHQQ :LUWVFKDIWVZDFKVWXPVLQQGHQQ86$$XQGHLQHUZHOWZHLWHQQNUHGLWILQDQ]LHUWHQ0DVVHQVSHNXODWLRQ 'LHH.ULVHHlX‰HUWHVLFKKZHOWZHLWW]XQlFKVWWLQQ9HUOXVWHQQXQGG,QVROYHQ]HQQEHL8QWHUQHKPHQQGHU )LQDQ]EUDQFKH,KUHQQYRUOlXILJHQQ+|KHSXQNWWKDWWHHGLHH.ULVHLP=XVDPPHQEUXFKKGHU86 DPHULNDQLVFKHQQ*UR‰EDQN/HKPDQQ%URWKHUVLP6HSWHPEHU'LH)LQDQ]NULVH]ZDQJJPHK UHUH6WDDWHQJUR‰H)LQDQ]GLHQVWOHLVWHUGDUXQWHUXD$,*)DQQLHH0DH)UHGGLHH0DF8%66XQGG GLHH&RPPHU]EDQNGXUFKVWDDWOLFKH)UHPGXQGG(LJHQNDSLWDOVSULW]HQ]XXUHWWHQ 9JO)UDQNH.UDKQHQQ6 9JO%HFN:LHQHUWW6 9JO*|EHOO6 9JO%HFN:LHQHUWW6.QJJ6 9JO%HFN:LHQHUWW6 :XOII]LWQ'URVW.|KOHU6 9JO.LUFKKRII6

.RPPXQHQQ YHUXUVDFKHQ 'LHVV IKUW ]XX PDVVLYHQQ )HKOOHLWXQJHQ E]Z ]XU 9HU VFKZHQGXQJ|IIHQWOLFKHUU0LWWHO ,P-DKUHHKDEHQQYLHOH.RPPXQHQQDXV15: 0LOOLRQHQQGXUFKKRFKVSHNXODWLYH=LQVZHWWHQQYHUORUHQ

+LVWRULVFKHUU5FNEOLFN

,P |IIHQWOLFKHQQ %HZXVVWVHLQQ KHUUVFKW GHUU *ODXEH GDVVV LQ GHUU 9HUJDQJHQKHLW GLH )KUXQJJ HLQHVV 8QWHUQHKPHQVV VRZLH GLH JHVDPWH:LUWVFKDIW NHLQHH HWKLVFKHQ 1RU PHQQ NDQQWHQ 'LHVHH (LQVFKlW]XQJJ HQWVSULFKW MHGRFKK QLFKW GHQQ JHVFKLFKWOLFKHQQ 7DWVDFKHQ

-DKUKXQGHUWYHU|IIHQWOLFKW LQQ'HXWVFKODQGGEHUHLWVVLP-DKUU ,QQGLHVHUU(SR FKHH ZXUGHQ GLH *UXQGVlW]HH HLQHVV HKUEDUHQ .DXIPDQQVV JHSUlJW GLHH YRUVDKHQ GDVVV 0LWJOLHGHUU Ä'HU 9HUVDPPOXQJJ (LQHV (KUEDUHQQ .DXIPDQQHVV ]XX +DP EXUJJH9³ LP5DKPHQQGHUUJHOWHQGHQQ*HVHW]HHGLHHLP*HVFKlIWVYHUNHKUUDQHUNDQQ WHQQ HWKLVFKHQQ *UXQGVlW]H ]XX EHIROJHQQ KDWWHQ GDVV 3ULQ]LS YRQ 7UHXX XQGG *ODXEHQ EHDFKWHQQ VROOWHQQ XQGG DOOHH +DQGOXQJHQQ XQWHUODVVHQQ VROOWHQ GLHH PLW GHP $QVSUXFK DXINDXIPlQQLVFKHVV9HUWUDXHQQQLFKWYHUHLQEDUUZDUHQ

$OVV %HJUQGHUU GHUU gNRQRPLNN XQGG DOVV 0RUDOSKLORVRSKK HQWZDUI $GDP 6PLWKK LP -DKUKXQGHUWVHLQHH7KHRULHHGHVVVR]LDOHQQ+DQGHOQV'LHVHUU7KHRULHH]XIROJHHOHJW GLHH*HUHFKWLJNHLWGLHH1RUPHQQIHVWLQQHUKDOEEGHUHUUVLFKKGDVV6HOEVWLQWHUHVVHHYRUWHLO KDIWIUUGHQQ(LQ]HOQHQQDXVZLUNHQQNDQQRKQHH'ULWWH]XXVFKlGLJHQ ,QVHLQHP:HUNN Ä7KHRULHH GHUU PRUDOLVFKHQQ *HIKOH³³ GUFNW HUU GLHVV IROJHQGHUPD‰HQQ DXVÄ0DJJPDQ GHQQ 0HQVFKHQQ IUU QRFKK VRR HJRLVWLVFKK KDOWHQ HVV OLHJHQQ GRFK RIIHQEDUU JHZLVVHH 3ULQ]LSLHQQ LQQ VHLQHUU 1DWXU GLHH LKQ GD]XX EHVWLPPHQ DQQ GHP 6FKLFNVDOO DQGHUHUU

9JO'lNHH6 9JO'lNHH6 9JO%G6WW6 9JO)ULVNHH6

9JO)XFKV69HUVDPPOXQJJ(LQHV(KUEDUHQQ.DXIPDQQV]XX+DPEXUJH9 6

9JO)XFKV69HUVDPPOXQJJ(LQHV(KUEDUHQQ.DXIPDQQV]XX+DPEXUJH9 6

'LHH+DPEXUJHU+DQGHOVNDPPHUOlGWWMHGHV-DKUNXU]]YRUGHP-DKUHVZHFKVHO]XUÄ9HUVDPP OXQJHLQHV(KUEDUHQQ.DXIPDQQV]XX+DPEXUJJGHPWUDGLWLRQHOOHQQ-DKUHVUFNEOLFNGHU:LUWVFKDIWW LQQGHU+DQVHVWDGWW+DPEXUJLQQGHU%LODQ]]EHUGLHHYHUJDQJHQHQ]Z|OI0RQDWHHJH]RJHQZLUG 9JO)XFKV66XFKDQHN6 6PLWKK6

'DVV -DKUKXQGHUW ]HLFKQHWH VLFK LQ 'HXWVFKODQGG GXUFK JUR‰HH )DPL OLHQXQWHUQHKPHQQ DXV GLHH DXVV VR]LDOHUU 9HUDQWZRUWXQJJ QLHH GDD JHZHVHQHH 9HU VRUJXQJVZHUNHHVFKXIHQ

,P IUKHQQ -DKUKXQGHUW OHLVWHWH 0D[ :HEHU PLW VHLQHUU 7KHRULHH GHUU SURWHVWDQWL VFKHQQ(WKLNHLQHQQEHGHXWHQGHQ%HLWUDJ]XUU8QWHUQHKPHQVXQGG:LUWVFKDIWVHWKLN

(LQQZHLWHUHUU%HOHJJ]XUUIUKHUHQQ%HVFKlIWLJXQJJPLWW:LUWVFKDIWVXQGG8QWHUQHKPHQV HWKLNNOlVVWVLFKKLQQ0DU[µ:HUNNÄ=XUU7KHRORJLHHGHUU:LUWVFKDIW³ILQGHQ(UPDFKWGHXW OLFKGDVVVGLHH:LUWVFKDIWWQLFKWXPLKUHUUVHOEVW:LOOHQQEHWULHEHQQZHUGHQQNDQQ 9LHO PHKUUPXVVV VLHH VLFKK DP 0HQVFKHQ XQGG DQ GHU *HVHOOVFKDIW RULHQWLHUHQ 'LH 5H JHOQQ XQGG 0D‰VWlEHH GHVV ZLUWVFKDIWOLFKHQQ +DQGHOQVV HUJHEHQQ VLFKK GHPQDFKK IUU MH GHUPDQQQYHUSIOLFKWHQGGDXVVGHUUQDWUOLFKHQQ6LWWOLFKNHLWXQGG(WKLN 'LHVHUU NXU]HH $XVIOXJJ LQ GLHH KLVWRULVFKHQQ hEHUOLHIHUXQJHQQPDFKW GHXWOLFK GDVVV GLH %HVFKlIWLJXQJJPLW(WKLN±±XQGGVHLWFD-DKUHQQDXFKKPLWGHUU8QWHUQHKPHQVHWKLNN

%HJULIIVEHVWLPPXQJHQQ

(LQIKUXQJHQQ LQQ ZLVVHQVFKDIWOLFKHH 'LV]LSOLQHQQ HUIRUGHUQQ KlXILJJ 'HILQLWLRQHQ %HYRUU HLQH %HVFKlIWLJXQJJ PLWW GHUU 8QWHUQHKPHQV XQGG :LUWVFKDIWVHWKLNN HUIROJHQQ NDQQ PVVHQQ GDKHUU GLHH LQQ GLHVHP .RQWH[W VWHKHQGHQQ *UXQGEHJULIIH :HUWH 1RUPHQ (WKLN0RUDO(LJHQLQWHUHVVH,QYHVWLWLRQXQGgNRQRPLNNQlKHUHUOlXWHUWWZHUGHQ

:HUWH

,Q MHGHUU *HVHOOVFKDIWVIRUP VLQGG *UXQGZHUWHH E]Z %DVLVZHUWHH ZLHH )UHLKHLW *OHLFK KHLW*HUHFKWLJNHLWRGHU6LFKHUKHLWYHUDQNHUW ,QGLHVHQ:HUWHQQGRNXPHQWLHUWVLFK

9JO)XFKV6

9JO)XFKV6 =LWLHUWWQDFK)XFKV6 9JO0DU[6I 9JO0DU[6I 9JO0DU[6II 9JO)XFKV6 9JO1ROO6 9JO1ROO6

,QVRIHUQQ OlVVW VLFKK DEOHLWHQ GDVVV:HUWHH $XIIDVVXQJHQ EHUU GLHH 4XDOLWlW GHUU:LUN OLFKNHLWUHIOHNWLHUHQ

/HLWHWPDQQGLHH%HGHXWXQJJGHVV%HJULIIV:HUWHµµDXVVGHP(QJOLVFKHQÄYDOXH³RGHU GHPODWHLQLVFKÄYDOHUH³ ÄJHVXQGGVHLQ³DEVRZLUGGHXWOLFKZRIUU:HUWHVWHKHQ 6LHHVLQGG,QGLNDWRUUIUUGHQQJHVXQGKHLWOLFKHQQ=XVWDQGGHLQHVV8QWHUQHKPHQV :HUWH ZHUGHQ ]XX *UDGPHVVHUQQ IUU GLHH 9HUlQGHUXQJVIlKLJNHLW XQG GHQ =XVWDQGG HLQHVV

1RUPHQQ

1RUPHQQVLQGGLH5LFKWOLQLHQGHV9HUKDOWHQV 6LHGUFNHQVLFKLQ9HUKDOWHQVIRUGH UXQJHQQ PLW YHUSIOLFKWHQGHP &KDUDNWHUU DXV XQGG YHUODQJHQ LQQ XQWHUVFKLHGOLFKHQ 6LWXDWLRQHQQHWZDV%HVWLPPWHVV]XXXQWHUQHKPHQRGHUU]XXXQWHUODVVHQ 1RUPHQQVLQG

+LHULQQ EHVWHKW HLQHH ZHFKVHOVHLWLJH %H]LHKXQJ ZHLOO 1RUPHQQ :HUWHH LQQ GLHH 7DW XP

(WKLN

$ULVWRWHOHVVZDUUGHUU(UVWHGHUUGLHH(WKLNNDOVVDXWRQRPHSKLORVRSKLVFKHH'LV]LSOLQQYHU VWDQGHQQXQGGVLHHYRQQGHQQWKHRUHWLVFKHQQ%HUHLFKHQQGHU3KLORVRSKLHGHUU/RJLN3K\

'LHH %HJULIIH (WKLNN XQGG 0RUDOO ZHUGHQQ KlXILJJ V\QRQ\P YHUZHQGHW XQG PLWHLQDQGHUU YHUZHFKVHOW 'HVKDOEE LVW HVV ZLFKWLJ HLQH EHJULIIOLFKHH 8QWHUVFKHLGXQJ YRU]XQHK

:DLEOOVWHOOWGDKHUUPLW1DFKGUXFNNNODUÄ(WKLNNLVWQLFKW0RUDOOHKUHVRQGHUQQ5HIOH [LRQV7KHRULHGHUU0RUDO³ *HUODFKEHWRQWÄ(WKLNNLVWWGLHZLVVHQVFKDIWOLFKH5HIOH[L

9JO+RPDQQ/GNHH6

9JO6WDGOHU6FKRWWW6 9JO6WDGOHU6FKRWWW6 9JO+RPDQQ/GNHH6 9JO1ROO6 9JO1ROO6 9JO1ROO6 9JO3LHSHU6 9JO%RXLOORQ6+RPDQQ/WJHH6:DLEOO6 9JO)ULVNHH6

:DLEOO6NHLQH+HUYRUKHEXQJHQQZLHHLP2ULJ

RQVIRUPGHUU0RUDO³ :DLEHOVWHOOWWIHVWGDVVÄ(WKLNNGLH(UPXWLJXQJ]XVHOEVWEH VWLPPWHP HLJHQYHUDQWZRUWOLFKHP +DQGHOQQ >LVW@(WKLNN LVWW YRQQ GHUU V\VWHPDWLVFKHQ )UDJHHJHOHLWHWZLHH±±HLJHQEHVWLPPW±PRUDOLVFKKULFKWLJJJHKDQGHOWZHUGHQVROO(WKLN LVW 5HFKHQVFKDIWVOHJXQJJ XQGG NULWLVFKHH +LQWHUIUDJXQJJ YHUERUJHQHU XQUHIOHNWLHUWHU :HUWDQQDKPHQQ PLW GHP =LHO ]XX NRQVLVWHQWHQ :HUWPD‰VWlEHQQ XQGG +DQGOXQJVUH JHOQQ]XXJHODQJHQGLHHHLQHUU3UIXQJJXQWHU]XQHKPHQGGYHUVFKlUIWHQQ%HJUQGXQJV

(WKLNN EHXUWHLOW GDVV 9HUKDOWHQQ YRQQ 0HQVFKHQ XQWHUU GHQQ PRUDOLVFKHQQ $VSHNWHQQ *XWW XQGG %|VH 5HFKW XQGG 8QUHFKW XQGG ZLUG GHVKDOEE DOVV 0RUDOSKLORVRSKLHH EH]HLFK

6FKOLH‰OLFK YHUZHLVW XQVHUU 5HFKW LPPHUU ZLHGHUU DXI HWKLVFKHH .DWHJRULHQ ]% DXI

0RUDOO

'LHH %HVWLPPXQJJ GHVV %HJULIIV Ä0RUDO³³ JHVWDOWHW VLFKK VFKZLHULJ ZHQQJOHLFK QLFKW XQO|VEDU

,P 6FKULIWWXP ILQGHQQ VLFKK ]DKOUHLFKHH $QVDPPOXQJHQQ YRQQ (UNOlUXQJHQQ ZLHGHU ,Q GLHVHP =XVDPPHQKDQJJ VHLL GHUU 9ROOVWlQGLJNHLW KDOEHUU %D\HUW]] DQJHIKUW GHUU HLQ ZHQGHWÄGDV 3KlQRPHQ GHU 0RUDO >LVW@@ KLVWRULVFK XQG NXOWXUHOO XQHLQKHLWOLFK ZDQ GHOEDUUXQGGRIWDXFKKXPVWULWWHQ³ (LQHH'HILQLWLRQQGHVV%HJULIIVVGHUU0RUDOKlOWHUUIU SUREOHPDWLVFKÄ(LQHH'HILQLWLRQQYRQQ0RUDO!!NDQQGDKHUUQLHPDOVVQHXWUDOOVHLQVLHHLVWW LPPHUUVFKRQQHLQHLQKDOWOLFKHHPRUDOLVFKHH6WHOOXQJQDKPHHXQGGNDQQQ DOVHLQHVROFKHH

,P )ROJHQGHQ ZLUGG GHQQRFKK YHUVXFKW HLQHH XPIDVVHQGHH %HJULIIVEHVWLPPXQJJ ]XX JHEHQ

8QWHUU0RUDO OlVVWVLFKKHLQHH$QVDPPOXQJJYRQQKLVWRULVFKKJHZDFKVHQHQ:HUWPD‰ VWlEHQ +DQGOXQJVUHJHOQQ XQGG 6LQQYRUVWHOOXQJHQQ VXEVXPLHUHQ 0RUDO EHVFKUHLEW

*HUODFK6

:DLEOO6NHLQH+HUYRUKHEXQJHQQZLHHLP2ULJ 9JO&ODXVHQ6*|EHOO6:DLEOO6 9JO%RXLOORQ6+RPDQQ/WJHH61ROOO6 9JO*|EHOO6 %D\HUW]]6 %D\HUW]]6 9JO0DUVFKGRUI6 0RUDODEJHOHLWHWWYRQODWPRV 6LWWH%UDXFK 9JO+RPDQQ/WJH61ROOO6:DLEOO6

GLHH JHVHOOVFKDIWOLFKHQQ WDWVlFKOLFKK JHOWHQGHQQ :HUWHH RGHUU ,GHDOH +DOWXQJHQ XQG 1RUPHQ 0RUDOOEH]HLFKQHWGDVZDVVLQQGHQQMHZHLOVVYRUKHUUVFKHQGHQQ.XOWXUNUHLVHQQ DOVV ÄJXW³ ÄVFKOHFKW³ ÄULFKWLJ³³ RGHUU ÄIDOVFK³³ DQJHVHKHQQ ZLUG 0RUDO KDW ± (WKLN VXFKWKLQJHJHQQ*HZLVVKHLWHQ 6LHHELOGHWGLHH/HLWOLQLHHIUULQGLYLGXHOOHVV+DQGHOQQXQG VWHOOWGLHH6XPPHGHUULQQHLQHUU*HVHOOVFKDIWIDNWLVFKKJHOWHQGHQQ5HJHOQQXQGG1RUPHQ GDU 0RUDOO ZLUG GXUFK :HUWH XQGG 1RUPHQQ EHJUQGHW 9HUHLQIDFKW DXVJHGUFNW 0RUDOO NOlUW ZDVV PDQQ LQQHUKDOEE HLQHUU *HVHOOVFKDIW GDUI RGHUU QLFKW GDUI RGHUU ZDV

(LJHQLQWHUHVVH

'LHHELVKHULJHQhEHUOHJXQJHQZHUIHQQGLHH)UDJHHDXIZDVV0RUDOOXQGG(LJHQLQWHUHVVHH JHPHLQKLQQPLWHLQDQGHUU]XXWXQQKDEHQQE]ZREEGLHVHH%HUHLFKHVWULNWYRQHLQDQGHU]X WUHQQHQQVLQG

'DVV (LJHQLQWHUHVVHH EHJUQGHW VLFKK DXI XQVHUHUU JHQHWLVFKHQ 9HUDQODJXQJ HUOHUQ WHP 9HUKDOWHQQ XQGG (UHLJQLVVHQ GLHH XQVV ZLGHUIDKUHQQ VLQG 'LHVHH %HGLQJXQJHQ IKUHQQ GD]X GDVVV 0HQVFKHQQ QLFKW Y|OOLJJ IUHLL LQQ LKUHP :ROOHQQ XQGG .|QQHQQ VLQG VRQGHUQLKUH+DQGOXQJHQQDQ=LHOHQQXQGG,QWHUHVVHQQDXVULFKWHQ 'DV(LJHQLQWHUHV VHHEHLQKDOWHWGLHH*HVDPWKHLWGHUU:QVFKHHXQGG%HGUIQLVVHHHLQHUU3HUVRQGLHHKLH UDUFKLVFKK JHRUGQHW GHQQRFKK YRQHLQDQGHUU XQDEKlQJLJJ VLQGG XQGG VRPLWW HLQ]HOQQ EH

'LHH 9HUIJEDUNHLW YRQ *HOGG ZLUG DOVV HLQHV GHUU ]HQWUDOHQQ =LHOH XQG *UXQGODJHQQ PHQVFKOLFKHQQ +DQGHOQV JHQDQQW GLHH GDVV +DQGHOQQ ]ZDU QLFKW JHQDXX IHVWOHJHQ GHQHQQ PDQQ VLFKK MHGRFKK QLFKW EHOLHELJJ HQW]LHKHQQ NDQQ (LJHQLQWHUHVVHH LVW HLQHH

,P=XVDPPHQKDQJJPLWWGHUU|NRQRPLVFKHQQ(WKLNNVWHOOW6XFKDQHNNIHVWÄ0RUDOOPXVV

9JO%D\HUW]]6)ULVNH61ROOO6

9JO)ULVNHH61ROOO6 9JO:DLEOO6 9JO)ULVNHH6I 9JO1ROO6 9JO1ROO6I 9JO6XFKDQHN6 9JO%D\HUW]]6 9JO6XFKDQHN6 9JO6XFKDQHN6I

6XFKDQHN6NHLQHH+HUYRUKHEXQJHQQZLHHLP2ULJ