)LQDQ]ZLUWVFKDIWWW

,/LTXLGLWWWWW

'LHH(UKDOWXQJJGHUU/LTXLGLWWWWLVWWHLQHGHUU.HUQDXIJDEHQQGHUU)LQDQ]SODQXQJ

2KQHHDXVUHLFKHQGHH/LTXLGLWWWWVLQGGNHLQHHQHXHQQ3URMHNWHHGHVV8QWHUQHKPHQVVGHQNEDU )LQDQ]LHOOHH0LWWHOOPPVVHQQGHVZHJHQQQLFKWWQXUUEHVFKDIIWWZHUGHQVRQGHUQQDXFKKLQQ 5HVHUYHHJHKDOWHQQZHUGHQ

,QYHVWLWLRQHQQJDQ]]DOOJHPHLQQPXXXDXVV*UUQGHQQGHVV*OXELJHUVFKXW]HVLQVEHVRQGHUHH GHVV$QOHJHUVFKXW]HVVGLHHHEHUOHJXQJJ]XX*UXQGHOLHJHQREEHVVVEHUKDXSWWGHUU$XIQDKPHH YRQQ)UHPGNDSLWDOORGHUUJHQHUHOOOGHUU,QYHVWLWLRQQ]XUU6WHLJHUXQJJGHUU3URGXNWLYLWWWWEH GDUI

,,4XHOOHQQ

'HUU%HWULHEVDEUHFKQXQJVERJHQ

'XUFKK GHQQ %$%% ZHUGHQQ (LQ]HONRVWHQQ HUIDVVWW XQGG *HPHLQNRVWHQQ DXII GLHH LQQHUEH WULHEOLFKHQQ .RVWHQVWHOOHQQ XPJHOHJW LQQ GHQHQQ VLHH HQWVWDQGHQQ VLQG (UU HQWKKOWW ]HLOHQ ZHLVHHGLHH.RVWHQDUWHQQXQGGVSDOWHQZHLVHHGLHH.RVWHQVWHOOHQ $XVVLKPPZLUGGVLFKWEDUZHOFKHH.RVWHQQQDFKK$UWWXQGG8PIDQJJLQQZHOFKHQQ%HUHLFKHQQ HQWVWDQGHQQVLQG'HUU%$%%HUIIOOWWGLHH)XQNWLRQQHLQHUQDFKWUUJOLFKHQQ.RQWUROOUHFKQXQJJJ LQQ7DEHOOHQIRUPPGXUFKKKEHUZDFKXQJJGHUU*HPHLQNRVWHQQXQGG$XIVWHOOXQJJHLQHUUU

*HVDPWNDONXODWLRQ,QQGHUU6HQNUHFKWHQQILQGHQQVLFKKGLHH*HPHLQNRVWHQLQQGHUU:DDJH UHFKWHQQGLHH.RVWHQVWHOOHQ

52,,,

5HWXUQQRQQ,QYHVWPHQWW.DSLWDOYHU]LQVXQJJRGHUU.DSLWDOUHQGLWH %HLPP52,,JHKWWHVVXPPGLHH)UDJHZLHYLHOOYRPPHLQJHVHW]WHQQ.DSLWDOOZLHGHUU]XUUFNNDOVV 3URILWW]XUUFNIOLHHW(UJLEWWDOVRRZLHGHULQQZHOFKHPP9HUKKOWQLVV,QYHVWLWLRQQXQGG*H ZLQQQVWHKHQ

(UGUUFNWWGHQQSUR]HQWXDOHQQ$QWHLOODXVGHQQGHUU*HZLQQQDQQHLQHUU,QYHVWLWLRQQKDWWXQGG ]HLJWWDXIIGLHVHH:HLVHZHOFKHUU:HUWWDXVVHLQHUU,QYHVWLWLRQQ]XUUFNIOLHHW

52,,EH]HLFKQHWWHLQQ0RGHOOO]XUU0HVVXQJJGHUU5HQGLWHHGHVVHLQJHVHW]WHQQ.DSLWDOV

52,,, *HZLQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ ,QYHVWLHUWHVV.DSLWDOOOOOOOO[[[[ $NWLYLHUXQJVSIOLFKWW

1DFKæ+*%PVVHQDOOH9HUPJHQVZHUWHHDXIIGHUU$NWLYVHLWHHGHUU%LODQ]]DXVJH ZLHVHQQZHUGHQ'DVV8QWHUQHKPHQQPXVVVGLHHJHQDQQWHQQ3RVWHQQDNWLYLHUHQ $XVVFKODJJHEHQGG IIUU GLHH $NWLYLHUXQJJ YRQQ :LUWVFKDIWVJJWHUQQ LVWW GLHH ZLUWVFKDIWOLFKHH =XJHKKULJNHLWW]XPP8QWHUQHKPHQ*HNDXIWHH:DUHQQJHKKUHQQZLUWVFKDIWOLFKK]XPPP

9HUPPJHQQGHVV8QWHUQHKPHQVVREDOGGHVVGLHH9HUIIJXQJVPDFKWWDQQLKQHQQHUODQJWWKDW $OVVZLUWVFKDIWOLFKHVV(LJHQWXPPVLQGGDXFKKXQWHUU(LJHQWXPVYRUEHKDOWWHUZRUEHQHH$QOD JHQQXQGG9RUUUWHHRGHUUDEJHWUHWHQH)RUGHUXQJHQQ]XXDNWLYLHUHQ +HEXQJJVWLOOHUU5HVHUYHQQQ

%HLLVRJVWLOOHQQ5HVHUYHQQQKDQGHOWWHVVVLFKKXP.DSLWDOUHVHUYHQGHUHQQ(QWVWHKXQJJLQQGHUU 5HJHOODXIIHLQHUU0LQGHUEHZHUWXQJJGHUU$NWLYDDEHUXKW'LHH%LOGXQJJJVWLOOHUU5HVHUYHQvv IIKUWW]XXHLQHUU*HZLQQXQGG(LJHQNDSLWDOPLQGHUXQJJGHVV8QWHUQHKPHQV(LQHH8QWHU EHZHUWXQJJGHUU$NWLYDDNDQQQ]%HUIROJHQQGXUFKKKEHUKKKWHHGLUHNWHH$EVFKUHLEXQJHQ]XX QLHGULJHH$QVVW]HHGHVV8PODXIYHUPPJHQVVHWF

&DVKIORZZ

'HUU&DVKIORZZGRNXPHQWLHUWWGLHH,QQHQILQDQ]LHUXQJVNUDIWWHLQHVV8QWHUQHKPHQV(UU HUJLEWWVLFKWWDXVVGHUU'LIIHUHQ]]]ZLVFKHQQ(LQ]DKOXQJHQQXQGG$XV]DKOXQJHQQLQQHLQHPP EHVWLPPWHQQ%HZHUWXQJV]HLWUDXP$XVVLKPPLVWDEOHVEDULQZLHZHLWWGDVV8QWHUQHKPHQQLQQ GHUU/DJHHLVWGLHHQRWZHQGLJHQQ,QYHVWLWLRQHQGLHH6FKXOGHQWLOJXQJJXQGG*HZLQQYHU WHLOXQJJDXVVHLJHQHUU.UDIWW]XXWWWLJHQ-HHJUUUHUUGHUU&DVKIORZZLVWGHVWRRZHQLJHUU)UHPG NDSLWDOOPXVVVDXIJHQRPPHQQZHUGHQXPP]%,QYHVWLWLRQHQQ]XXILQDQ]LHUHQ

&DVKIORZZ ILQDQ]LHOOHH:HUWVFKKSIXQJJLQQHLQHUUEHVWLPPWHQQ3HULRGH *HZLQQ-DKUHVVEHUVFKXVVV QLFKWDXVJDEHZLUNVDPHH$XIZHQGXQJHQQ

E %LODQ]JHZLQQ%LODQ]YHUOXVWW *HZLQQYRUWUDJJDXVV9RUMDKUHQQ 9HUOXVWYRUWUDJJDXVV9RUMDKUHQQ

(UKKKXQJJYRQQ55FNODJHQQ $XIOOVXQJJYRQQ55FNODJHQQ

$EVFKUHLEXQJHQQDXIIGDVV$QODJHYHUPPJHQ

&DVKIORZZ,,

=XIIKUXQJJ]XXODQJIULVWLJHQQ55FNVWHOOXQJHQQ

$XIOOVXQJJYRQQODQJIULVWLJHQQ55FNVWHOOXQJHQ &DVKIORZZ,,,

DXXHURUGHQWOLFKHUUEHWULHEVXQGGSHULRGHQIUHPGHUU$XIZDQGG DXXHURUGHQWOLFKHUUEHWULHEVXQGGSHULRGHQIUHPGHUU(UWUDJ &DVKIORZZ,,,,

'LYLGHQGH

&DVKIORZZ,99

'HUU *HZLQQQ ZLUGG DOVRR XPP QLFKWW ]DKOXQJVZLUNVDPHH (UIROJVNRPSRQHQWHQQ NRUULJLHUW $XVV GHPP (UJHEQLVV ZLUGG GLHH 00JOLFKNHLWW GHUU 6HOEVWILQDQ]LHUXQJJ GHVV 8QWHUQHKPHQVV HUNHQQEDU *OHLFKIDOOVV ODVVHQQ VLFKK GLHH (UWUDJVNUDIW GLHH .UHGLWZZUGLJNHLWW XQGG GLHH ([SDQVLRQVIIKLJNHLWWDEOHVHQ

,,,,QYHVWLWLRQQXQGG)LQDQ]LHUXQJJ*UXQGEHJULIIHHGHUU)LQDQ]SODQXQJJ

(LQQZHVHQWOLFKHVV)LQDQ]LHUXQJV]LHOOLVWWGLH6LFKHUXQJGHUU8QDEKKQJLJNHLWWGHVV8QWHU QHKPHQVV LQQ ILQDQ]LHOOHUU +LQVLFKW $OVV $XVGUXFNN GHVV VRJ )LQDQ]LHUXQJVVXEVWLWXWLRQQ HUIROJWWGLHH$XVZDKOOGHUU)LQDQ]LHUXQJVTXHOOHQ

0LWWGHUULQQHLQHUU%LODQ]]DOVV3DVVLYDDDXVJHZLHVHQHQQ)LQDQ]LHUXQJJVLQGG$NWLYLWWWHQQ]XUU (UODQJXQJJYRQQILQDQ]LHOOHQQ0LWWHOQQIIUUHLQHQQIHVWJHOHJHQQ=HLWUDXPPPJHPHLQW

0LWW,QYHVWLWLRQHQQZLUGGGLHH6HLWHHGHUU%LODQ]]DQJHVSURFKHQDXIIGHUUGLHH$NWLYDDJHEXFKWW ZHUGHQ*UXQGODJHHGDIIUULVWGDVVVPLWW,QYHVWLWLRQHQ9RUJJQJHHJHPHLQWWVLQGEHLLGHQHQQ )LQDQ]PLWWHOOHLQJHVHW]WWZHUGHQXPP:LUWVFKDIWVJJWHU]XXHUZHUEHQ