,QKDOWVYHU]HLFKQLV

(LQIKUXQJJLQGLH7KHPDWLN

'LYHUVLW\0DQDJHPHQW

'HUU'LYHUVLW\$QVDW]]LQGHUUSHUVRQHOOHQ/HLVWXQJVEHUHLWVWHOOXQJ

.ULWLNNXQGG:UGLJXQJGHV'LYHUVLW\$QVDW]HV

,,

(LQIKUXQJLQGLH7KHPDWLN

(LQOHLWXQJJ

'DVV'LYHUVLW\0DQDJHPHQWWLVWWDOVV$QVDW]]XUU9HUEHVVHUXQJGHUU&KDQFHQJOHLFKKHLWDXVVGHU +XPDQQ 5LJKWVV %HZHJXQJ LQQ GHQQ 86$$ GHUU HUU -DKUHH HQWVWDQGHQ &XOWXUDOO 'LYHUVLW\ 0DQDJHPHQWWNDQQQDOVVNXOWXUHOOH9LHOIDOWWLQQ2UJDQLVDWLRQHQQYHUVWDQGHQQZHUGHQ'DV3HUVR QDONRQ]HSWWEHLQKDOWHWGDVVV,QGLYLGXHQQLQQLKUHUU9HUVFKLHGHQDUWLJNHLWWZHUWJHVFKlW]WWZHUGHQ XQGGGXUFKK1XW]XQJGHUUYLHOIlOWLJHQQ3RWHQ]LDOHHHLQQSRVLWLYHUU(IIHNWWIUUDOOHHHQWVWHKW 'LHH ]XQHKPHQGHH .RPSOH[LWlWW GHUU 0lUNWHH ]ZLQJW 8QWHUQHKPHQQ 5DKPHQEHGLQJXQJHQQ ]X VFKDIIHQGLHHYLHOIlOWLJHXQGGNUHDWLYHH,QQRYDWLRQHQEHJQVWLJW'LHH*OREDO3OD\HUUVLQGGDXI JUXQGG LKUHUU G\QDPLVFKHQ XQGG KHWHURJHQHQQ 8PZHOWW DXIIHLQHH IOH[LEOHH $QSDVVXQJVIlKLJNHLWW DQJHZLHVHQ $EHUUDXFKKLQQHUKDOEEQDWLRQDOHUU0lUNWHPVVHQQVLFKK8QWHUQHKPHQQDXIISOXUD OLVWLVFKHHXQGGLQGLYLGXDOLVLHUWHH*HVHOOVFKDIWHQQHLQVWHOOHQ 'HXWVFKHH8QWHUQHKPHQ PDFKHQQEHUHLWVV0LOOLDUGHQXPVlW]HHLPP$XVODQGGXQGGZHUGHQGXUFKK ]XQHKPHQGHH,QWHUQDWLRQDOLVLHUXQJVEHVWUHEXQJHQQPLWWQRFKKJU|‰HUHUUNXOWXUHOOHUU9LHOIDOWWNRQ IURQWLHUWVHLQ$OVV0XVWHUEHLVSLHOOZlUH6LHPHQVV]XXQHQQHQZHOFKHVVFDVHLQHVV8P VDW]HVVLP$XVODQGGHUZLUWVFKDIWHW 'LHHHQJOLVFKVSUDFKLJHQQ/lQGHUUYHUOLHUHQGXUFKKDXIVWUH EHQGHH/lQGHUQQZLHH,QGLHQXQGGYD&KLQDDLKUHHZLUWVFKDIWOLFKHH'RPLQDQ]'LHH$EVDW]XQGG %HVFKDIIXQJVPlUNWH ZHUGHQ VRPLWW QRFKK YLHOIlOWLJHU 6SUDFK XQG .XOWXUNRPSHWHQ]HQ HU ODQJHQQGDGXUFKKHLQHQQLPPHUUJU|‰HUUZHUGHQGHQQ6WHOOHQZHUW6LHVLQGGYLHOHQQ0LJUDQWHQEH UHLWVVLQQGLHH:LHJHHJHOHJWZHUGHQQDEHUUQLFKWWJHQXW]WWXQGGYHUNPPHUQ 'DVV 'LYHUVLW\ 0DQDJHPHQWW ELHWHWW VLFK KLHU DOVV LQWHUHVVDQWHV ,QVWUXPHQW XPP GLH PDUNW RULHQWLHUWHQ%HGUIQLVVHGHU8QWHUQHKPHQPLWWGHQQYLHOIlOWLJHQ4XDOLILNDWLRQHQQVHLQHU0LW DUEHLWHU,QQHQQ]XYHUELQGHQ 'XUFKK'LYHUVLWlWWLQQGHUU%HOHJVFKDIWVVWUXNWXUUN|QQWHHGHQQ+HU DXVIRUGHUXQJHQGHU0lUNWHHEHJHJQHWZHUGHQ'LHGHXWVFKHH8QWHUQHKPHQVODQGVFKDIWNDQQQ GXUFKKJHHLJQHWHH3HUVRQDOSROLWLNNQDFKKDOWLJHH:HWWEHZHUEVYRUWHLOHHHU]LHOHQQXQGGJOHLFK]HLWLJ HLQHQQ%HLWUDJOHLVWHQXPGDVVVRJÄ0LJUDQWHQSUREOHP³³LQHLQHHÄ.XOWXUFKDQFH³³]XZHQGHQ ,Q =HLWHQQ GHPRJUDSKLVFKHQQ :DQGHOVV ZHUGHQ )DFK XQG )KUXQJVNUlIWHH ]XUU KHL‰‰ XP NlPSIWHQQ 5HVVRXUFH ,Q QDKHUU =XNXQIWW ZLUG GDV 3HUVRQDOPDUNHWLQJ HLQHV GHUU ZLFKWLJVWHQQ )DNWRUHQ]XU4XDOLWlWVVLFKHUXQJGHVV+XPDQNDSLWDOV

9JO/LQGDX$QMDD6 9JO7KLHOH0LFKDHO6 9JO7RPDVFKHN1LQR6 9JO.|SSHO3HWUD

(VVJLOWWPHKUGHQQQMH$QUHL]HIUU)DFKXQGG)KUXQJVNUlIWHH]XXVFKDIIHQ'DVV'LYHUVLW\0D QDJHPHQWWNDQQ]XUU6WHLJHUXQJGHU8QWHUQHKPHQVDWWUDNWLYLWlWWXQGGELQGXQJJHQXW]WZHUGHQ XQGGELHWHWWHEHQVRRLQWHUQH/HLVWXQJVVWHLJHUXQJVSRWHQ]LDOH -HGRFKKLVWW'LYHUVLW\0DQDJHPHQWWNHLQQEOR‰HV=XVDPPHQZUIHOQQYRQQ.XOWXUHQ(LQHVWUD WHJLVFKH XQGG V\VWHPDWLVFKHH 3HUVRQDOEHGDUIVSODQXQJ XQGG HLQHH TXDOLIL]LHUWHH 3HUVRQDOEH VFKDIIXQJXQGGDXVZDKOOVROOHQQGDVV8QWHUQHKPHQQSHUVRQHOOOVRRZHLWWDXVVWDWWHQGDVVVHVVGHQ G\QDPLVFKHQQXQGGKHWHURJHQHQQ$EVDW]XQGG%HVFKDIIXQJVPlUNWHQQJHZDFKVHQQLVW'D]XJLOW HVV 3RWHQ]LDOHH ]X HUNHQQHQQ XQGG IUU GDVV 8QWHUQHKPHQQ ]XX JHZLQQHQ :HUWVFK|SIXQJ GXUFK :HUWVFKlW]XQJVWHKWWKLHUULPP0LWWHOSXQNW

=LHOVHW]XQJJXQGG$XIEDXXGHU$UEHLW

=LHOOGLHVHUU$UEHLWWLVWWHVVGDU]XVWHOOHQZLHHVLFKKGLHH$QZHQGXQJGHVV&XOWXUDOO'LYHUVLW\0D QDJHPHQW DXII GLH YHUVFKLHGHQHQQ %HUHLFKHH GHU SHUVRQHOOHQQ /HLVWXQJVEHUHLWVWHOOXQJ DXV ZLUNHQQXQGGZLHHGDEHLL3RWHQ]LDOHHYRQQ0LJUDQWHQQLQGHXWVFKHQQ8QWHUQHKPHQEHUFNVLFKWLJWW ZHUGHQ N|QQHQ 'DEHL ZHUGHQ (LQIOXVVIDNWRUHQ DXII GHQQ 3HUVRQDOEHGDUI YHUVFKLHGHQH 0|JOLFKNHLWHQQ GHUU 3HUVRQDOEHVFKDIIXQJ XQGG ,QVWUXPHQWHH GHUU 3HUVRQDODXVZDKOO EHWUDFKWHW $XIIGLHH6FKZLHULJNHLWHQQGHUU%HZHUWXQJKHWHURJHQHUU%HZHUEHUUZLUGGYHUVWlUNWWHLQJHJDQJHQ 'DEHLLVROOOGHUU%DODQFHDNWW]ZLVFKHQQGHU$XIQDKPHHNXOWXUHOOHU9LHOIDOWWXQGG(UKDOWXQJYRQQ Ä%HZlKUWHP³ DOV JHVWDOWHULVFKHU 5DKPHQQ GLHQHQ GDD YLHOH 8QWHUQHKPHQ LQQ 'HXWVFKODQGG EHIUFKWHQ]XXJUR‰HH9LHOIDOWZLUNHHVLFKKQHJDWLYDXV

,QGLHVHPP6LQQHHZLUGGGDVV'LYHUVLW\0DQDJHPHQWWJUXQGOHJHQGGHUNOlUWXQGGDOVV0DQDJHPHQW LQVWUXPHQWWJU|‰WHQWHLOVVDQKDQGGVWUDWHJLVFKKRULHQWLHUWHU/LWHUDWXUPLWW3UD[LVEHLVSLHOHQGDUJH VWHOOW 'D]XX ZHUGHQQ ]XQlFKVWW HLQLJHH %HJULIIOLFKNHLWHQQ DXIJHVFKOVVHOWW XQGG GHILQLHUW ,P ZHLWHUHQQ9HUODXIIZLUGGGDQQQGHVVgIWHUHQQDXIIGLHH(UNHQQWQLVVHHDXVVGHQQ*UXQGODJHQQYHUZLH VHQQXQGGDXFKKZHLWHUUYHUWLHIW$EVFKOLH‰HQGGZHUGHQGLHH(UJHEQLVVHHGHU$UEHLWW]XVDPPHQJH IDVVWWXQGGGLVNXWLHUWWXQGGGHUU%HLWUDJ]XUUVR]LDOHQQ9HUDQWZRUWXQJPLWHLQEH]RJHQ *UXQGODJH IU GLHVH $UEHLWW ZLUGG GLH DNWXHOOHH DEHUU DXFKK HLQVFKOlJLJHH lOWHUH /LWHUDWXUU GHVV +XPDQQ5HVVRXUFHH0DQDJHPHQWVHLQ=XVlW]OLFKKZHUGHQQGLHGDULQHQWKDOWHQHQQHPSLULVFKHQQ 8QWHUVXFKXQJHQQ XQGG HLQLJH DXVJHZlKOWHH ,QWHUQHWTXHOOHQQ ]XUU 8QWHUPDXHUXQJ GLHQHQ $XVV 9HUHLQIDFKXQJVJUQGHQQ ZLUGG GHUU %HJULIII 0LJUDQW,QQHQQ QDFK GHU 'HILQLWLRQQ GHVV 6WDWLVWL VFKHQQ %XQGHVDPWHV IU 0HQVFKHQQ PLWW 0LJUDWLRQVKLQWHUJUXQGG EHUQRPPHQ 'DVV VFKOLH‰W DOOHH 0HQVFKHQQ VRZLHH GHUHQQ 1DFKNRPPHQQ ELVV ]XUU *HQHUDWLRQQ HLQ GLHH QDFKK QDFK

9JO6WXEHU0LFKDHO6LQ:lFKWHUU++UVJ7ULHUHUU%HLWUlJHH]XP'LYHUVLW\0DQDJHPHQW 9JOZZZGHVWDWLVGH

'LYHUVLW\\0DQDJHPHQW

,Q'HXWVFKODQGGOHEHQQ0LOOLRQHQQ0LJUDQWHQQDXVVNQDSSS/lQGHUQ (VVLVWWVRPLWWHLQHV GHU NXOWXUHOOO YLHOIlOWLJVWHQQ /lQGHU GHU :HOW OlXIW MHGRFKK *HIDKU GLHVHVV 3RWHQ]LDOO ]XX YHU JHXGHQ'LHHSRODULVLHUHQGHH.RQWURYHUVHHEHUPXVOLPLVFKH0LJUDQWHQQEHVWlWLJWHVRZRKOOGLH %ULVDQ] DOVV DXFKK GHQQ +DQGOXQJVEHGDUII DXII GHP *HELHWW LQWHUNXOWXUHOOHQQ =XVDPPHQOHEHQVV XQGGWUXJDXFKK]XUU7KHPHQZDKOOGLHVHUU$UEHLWWEHL

'LHHVR]LDOHQQ3UREOHPHHDEHUUDXFKGLHH5FNZDQGHUXQJVWHQGHQ]YRQQJXWWDXVJHELOGHWHQQXQG VFKHLQEDU LQWHJULHUWHQ 0LJUDQWHQ VROOWHQQ $ODUPZLUNXQJ KDEHQ 'HQQQ GLHVHUU %UDLQQ 'UDLQQ XQGGGLHH1LFKWEHDFKWXQJLKUHUULQWHUNXOWXUHOOHQQ3RWHQ]LDOHHXQGGLKUHUU.HUQNRPSHWHQ]HQQZHU GHQQVLFKK]ZDQJVOlXILJQHJDWLYYDXIGLHHGHXWVFKHH:LUWVFKDIWWXQGG*HVHOOVFKDIWWDXVZLUNHQ 'LHHHXURSlLVFKGHXWVFKH,QLWLDWLYHHÄ9LHOIDOWWDOVV&KDQFH³ ZR]XXVLFKKELVZHLOHQQGHXW VFKH8QWHUQHKPHQPLWWEHUIQI0LOOLRQHQQ%HVFKlIWLJWHQQEHNHQQHQYHUIROJWWGHQQ'LYHUVLW\ $QVDW]DXIIYHUVFKLHGHQHQ(EHQHQQXQGGLVWWDOVV*HJHQULFKWXQJ]XUU6WLJPDWLVLHUXQJXQGG'LV NULPLQLHUXQJ ]XX YHUVWHKHQ 1HEHQQ GHUU (UIOOXQJJ GHUU VR]LDOHQQ 9HUSIOLFKWXQJ HUNHQQWW PDQQ DOOPlKOLFKKDXFKLQQ(XURSDGLHEHWULHEVZLUWVFKDIWOLFKHQ&KDQFHQGLHVHU5LFKWXQJ

‹–‡”‰”ò†‡‡—†–Š‡‘”‡–‹•…Š‡””–ƒ†

:DVVEHLPP )X‰EDOOO IXQNWLRQLHUWW XQGG ZRUEHUU LQQ GHUU gNRORJLHH .RQVHQVV KHUUVFKW LVWW LQQ GHUU GHXWVFKHQQ:LUWVFKDIWWQRFKKQLFKWWIHVWWYHUDQNHUW:lKUHQGGPDQQEHLPPgNRORJLVFKHQQ'LYHUVL W\GLH9RUWHLOHGHU6WDELOLWlW1DFKKDOWLJNHLWWXQGG)OH[LELOLWlWWNHQQWWXQGGVFKlW]W EHVWHKWWLQQ GHUU :LUWVFKDIWW GLH 7HQGHQ] ]XUU +RPRJHQHVLHUXQJ 'LH +XPDQNDSLWDOWKHRULHH EHJUQGHW 'LIIHUHQ]HQQ OHGLJOLFKK PLWW GHPP $XVELOGXQJVJUDGG XQGG NDQQQ GDKHUU QXUU EHJUHQ]WW HUNOlUHQ ZHVKDOEEJHZLVVHVR]LDOH*UXSSHQEHQDFKWHLOLJWWXQGGDOVV+XPDQUHVVRXUFHQLQDNWLYLHUWEOHL EHQ $UEHLWJHEHUUXQGG%HVFKlIWLJWHHKDEHQLQGLYLGXHOOHH%HGUIQLVVHYLHOIlOWLJHH ,QWHUHVVHQ XQGG SHUV|QOLFKH 3UlIHUHQ]HQ 6LHH VLQGG PLWJHVWDOWHQGH $NWHXUHH XQGG QLFKWW ]X WUHQQHQQ YRQ LKUHU$UEHLWVOHLVWXQJ'DKHULVWWGHU$UEHLWVPDUNWWZHGHUUDWLRQDOOQRFKKYROONRPPHQ *DQ]KHLWOLFKHH %HWUDFKWXQJHQ HQWZLFNHOWHQQ QHXHV 9HUVWlQGQLV IU GLHH 5HVVRXUFHH 0HQVFK ,P *HJHQVDW]] ]XU NODVVLVFKHQQ EHWULHEOLFKHQQ 3HUVRQDOZLUWVFKDIWW LVWW GDVV +XPDQQ 5HVVRXUFH 0DQDJHPHQWW DOVV LQWHJULHUWHUU %HVWDQGWHLOO GHUU 8QWHUQHKPHQVVWUDWHJLHH ODQJIULVWLJ XQGG SUR DNWLYYDXVJHULFKWHW$QJHVWUHEWWZLUGGHLQQKDUPRQLVFKHUU%HWULHEVDEODXIIGXUFK,QWHUHVVHQVDXV JOHLFK $XWRQRPLHH XQGG :HUWVFKlW]XQJ GHUU XPIDVVHQGHQ ,GHQWLWlW ZRR DXFKK GDVV 'LYHUVLW\

KWWSZZZGHVWDWLVGHMHWVSHHGSRUWDOVHDUFKUHVXOWVSVPO KWWSZZZVSLHJHOGHVSLHJHOKWPO

9JO6SHKO+6,Q:lFKWHU+9HGGHU*)KULQJ03HUVRQHOOH9LHOIDOWLQ2UJDQLVDWLRQHQ ^{9JO6HVVHOPHLHU:%ODXHUPHO*6}

0DQDJHPHQW DQVHW]W (VV LVW HLQ XQWHUQHKPHULVFKHUU $QVDW] GHUU EHUU GDVV UHLQHH 9HUZDOWHQ VHLQHUU0LWDUEHLWHUUKLQDXVJHKWWXQGGGHQQ)RUVFKXQJVKLQWHUJUXQGGGLHVHUU$UEHLWWGDUVWHOOW ,P *HJHQVDW]] ]XU IUDQ]|VLVFKHQ ,QLWLDWLYH GHU DQRQ\PHQ %HZHUEXQJHQ ZHOFKH GLHH YHU VFKLHGHQHQQ VR]LR|NRQRPLVFKHQQ XQGG QDWUOLFKHQ 0HUNPDOHH GHUU %HZHUEHU LQQ GHQQ +LQWHU JUXQGGUlQJHQZLOO VHW]WGDVV'LYHUVLW\0DQDJHPHQWQHEHQGHQUHLQVDFKOLFKHQQ4XDOLIL NDWLRQHQEHZXVVWDQQHEHQGLHVHQQ8QWHUVFKLHGHQDQ(VVI|UGHUWEHZXVVWWXQGJH]LHOWW9LHOIDOW LQGHUU%HOHJVFKDIWVWUXNWXUZlKUHQGGHVVEHLPPIUDQ]|VLVFKHQQ0RGHOOOGXUFKKTXDVLL)DUEHQEOLQ GHH $XVZDKOYHUIDKUHQQ ]XX GLHVHUU 9LHOIDOWW NRPPHQQ VROO -HGRFKK LVWW DQ]XQHKPHQ GDVVV GDV IUDQ]|VLVFKHH0RGHOOOOHGLJOLFKKGLHHHUVWHH+UGHH]XP$XVZDKOJHVSUlFKKQHKPHQQNDQQ$XFKK 4XRWHQUHJHOXQJHQZLHHVLHHDXVVGHP$IILUPDWLYHH$FWLRQQLQGHQQ86$KHUYRUJLQJHQGURKWHQQ KLHUU'HXWVFKODQGGDQQGHUU$N]HSWDQ]]XXVFKHLWHUQ

,QGHUGHXWVFKVSUDFKLJHQ3HUVRQDOZLVVHQVFKDIWWLVWWGDVV7KHPD'LYHUVLW\JU|‰WHQWHLOVVDXIGLH *HQGHUSUREOHPDWLNN UHGX]LHUW 'LH $XVHLQDQGHUVHW]XQJ PLWW GHU .XOWXUHEHQH LVWW ELVV LQQ GLH HUU-DKUHHXQWHUUGHPP%HJULIIGHVVÄLQWHUNXOWXUHOOHQQ3HUVRQDOPDQDJHPHQWV³³JHIKUWWZRU GHQQ XQGG UHGX]LHUWHH GHQQ $QVDW] DXII GLHH $QSDVVXQJ GHU %HOHJVFKDIWW DQQ GLHH LQWHUNXOWXUHOOHH 9LHOIDOWWGHU*HVHOOVFKDIW'DEHLODJGLH0RWLYDWLRQ]XQlFKVWWQXUGDULQGHPP'UXFNNH[WHUQHU )DNWRUHQQ QDFK]XNRPPHQ 'LHVHH N|QQHQQ UHFKWOLFKH WDULIOLFKHH RGHUU JHVHOOVFKDIWOLFKHH +LQ WHUJUQGHHKDEHQ

$OVV7HLOEHUHLFKKGHVVLQWHUNXOWXUHOOHQQ0DQDJHPHQWVVZLUG'LYHUVLW\0DQDJHPHQWWDOVVHLQQ$Q VDW]] PLW SRVLWLYHP (LJHQLQWHUHVVH YHUVWDQGHQ 'DKHU LVWW GLH ,PSOHPHQWLHUXQJ QLFKWW QXU DXIIGDV3HUVRQDOPDQDJHPHQWWUHGX]LHUWVRQGHUQQHUIROJWWLQQDOOHQQ%HUHLFKHQ 'HUWKHRUHWL VFKHH %H]XJVUDKPHQQ VWHOOWW GLHH Ä7KHRULHH GHU $OOJHPHLQHQQ +DQGOXQJVV\VWHPH³³ YRQQ 3DUVRQVV GDU 'LYHUVLW\ ZLUGG DOVV 5HVVRXUFHH YHUVWDQGHQ ZHOFKHH GLHH ([LVWHQ] HLQHUU 2UJDQLVDWLRQQ VL FKHUQQXQGGGLHH6WUXNWXUHQVWDELOHUUPDFKHQQNDQQ 'DVV8QWHUQHKPHQQZLUGGDOVVR]LDOHVRIIH QHVG\QDPLVFKHVVXQGGNRPSOH[HVV6\VWHPPDXIJHIDVVW³

(PSLULVFKHH'DWHQ]XUUELVKHULJHQQ$QZHQGXQJ

'LHH6WXGLHQQYRQQ6‰.OHLQHUUDXVVXQGG.|SSHO ELVV GHUGHXWVFKHQQ8QWHUQHKPHQQ$QZHQGXQJ

9JO2HFKVOHU:$6

KWWSZZZPLJUDWLRQERHOOGHZHEGLYHUVLW\BDVSS 9JO%ORP+HUPDQ6 9JO.LPPHOPDQQ1LFROHH6 9JO6WXEHUU0LFKDHO6I 9JO$UHW]+DQV-UJHQ+DQVHQ.DWULQ6 9JO%RUFKHUW-DQ(ULFF6 9JO6VV6WHIDQ.OHLQHU0DUNXV6 9JO.|SSHO3HWUD

ILQGHWJDEHQQLQQGHU6WXGLHHYRQQ6‰.OHLQHUUDQHUVWWJDUUNHLQHH.HQQWQLVVHHEHUUGDV 7KHPDD]XKDEHQ %HLGHQ6WXGLHQQ]XIROJHLVWW'LYHUVLW\0DQDJHPHQWWLQGHQ86$$XQGG8. ZHLWHVWJHKHQGG PLWW ELVV LPSOHPHQWLHUW+LHUVSLHOHQMHGRFKKUHFKWOLFKH9RUJD EHQQHLQHH5ROOH$EHUUDXFKKGHPP(8'XUFKVFKQLWWYRQQ KLQNWW'HXWVFKODQGGKLQWHUKHU %H]LHKWWPDQQQRFKKGLHH8QWHUQHKPHQVKHUNXQIWWPLWWHLQZLUGGGLHH'LVNUHSDQ]QRFKKGHXWOLFKHU GDD YLHOHH DPHULNDQLVFKHH 8QWHUQHKPHQQ HVV LQQ 'HXWVFKODQG DQZHQGHQQ XQGG VRPLWW GLHH 4XRWH HUK|KHQ

'LHH6WXGLHHYRQQ6‰.OHLQHUUHUJDEEGHVV:HLWHUHQGDVVVGLHH$QZHQGXQJVKlXILJNHLWWVWDUNNYRQQ GHUU 8QWHUQHKPHQVJU|‰HH DEKlQJLJ LVW 8QWHUQHKPHQQ PLW ZHQLJHUU DOVV 0LWDUEHLWHUQQ ZHQGHQQHVVOHGLJOLFKK]XDQ8QWHUQHKPHQQPLWWPHKUDOVV0LWDUEHLWHUQQ]XX

6RR EHVWlWLJHQQ XQGG HUZHLWHUQQ /HHQHQVV %HIUDJXQJHQQ DXV GLHVHVV %LOG +LHUU JDEHQQ YLHUU YRQQ]Z|OIIGHUUNOHLQHQQXQGGPLWWOHUHQQ8QWHUQHKPHQQXQGVHFKVVYRQQVLHEHQQGHUU*UR‰EHWULHEH DQ0LJUDQWHQQLQQJHHLJQHWHQQ%HUHLFKHQQHLQ]XVHW]HQ6HFKVVYRQQ8QWHUQHKPHQQVLQGGGDEHLL LPP 'LHQVWOHLVWXQJVVHNWRU YHUWUHWHQ (LQQ *UR‰WHLOO GHUU GLHH 0LJUDQWHQQ JH]LHOWW HLQVHW]HQGHQQ 8QWHUQHKPHQQVLQGG)LUPHQZHOFKHHDXFKKHLQHQQK|KHUHQQ$QWHLODOVV]Z|OII3UR]HQWDQQ0LJUDQ WHQQEHVFKlIWLJHQ8QWHUQHKPHQGLHNHLQHRGHUWHLOZHLVHJH]LHOWH$QZHQGXQJVP|JOLFKNHL WHQQ QXW]HQ JDEHQ DPP KlXILJVWHQQ PDQJHOQGH 6SUDFKNHQQWQLVVH XQGG 4XDOLILNDWLRQHQQ GHUU 0LJUDQWHQQDOV*UXQGDQQRGHUUVDKHQQGLHVDOVV]XNQIWLJH+HUDXVIRUGHUXQJGHVV3HUVRQDOPD QDJHPHQWV

ZDVVPLWWGHPPGHPRJUDSKLVFKHQQ:DQGHOGHUUIRUWVFKUHLWHQGHQ*OREDOLVLHUXQJXQGGGHUU9RU JDEHGHU(85LFKWOLQLHQ HUNOlUWWZHUGHQQNDQQ

'LHH (UJHEQLVVHH GHUU $QZHQGXQJVVWXGLHQQ ]HLJHQ GDVVV 'LYHUVLW\ 0DQDJHPHQWW LQQ 'HXWVFK ODQGGELVKHU YHUQDFKOlVVLJW ZXUGHMHGRFK YLHOIlOWLJH &KDQFHQQELHWHQ N|QQWH GD KLHUU QRFKK 9RUUHLWHUUROOHQQ HLQ]XQHKPHQQ VLQG 'DVVV GLHH JUR‰HQQ 8QWHUQHKPHQQ HLQHH ZHVHQWOLFKK K|KHUH $QZHQGXQJYRUZHLVHQKlQJWYHUPXWOLFKKPLWWGHPP9RUKDQGHQVHLQQHLQHVVTXDOLIL]LHUWHQQ3HU VRQDOPDQDJHPHQWVV XQGG GHPP $JLHUHQQ DXII LQWHUQDWLRQDOHQQ 0lUNWHQQ]XVDPPHQ 'LHH NOHLQH UHQQ8QWHUQHKPHQQZHLVHQRIWWQRFKKÄ(LQ0DQQ%HWULHEH³DXVLQQGHQHQQGHU,QKDEHUUJOHLFK

9JO6VV6WHIDQ.OHLQHU0DUNXV6 9JO6VV6WHIDQ.OHLQHU0DUNXV6 9JO.|SSHO3HWUD 9JOHEG 9JO6VV6WHIDQ.OHLQHU0DUNXV6 9JO6VV6WHIDQ.OHLQHU0DUNXV6

9JO/HHQHQ:ROI5DLQHU6FKHLW]D$OH[DQGHU:LHGHPH\HU0LFKDHO6 9JO6VV6WHIDQ.OHLQHU0DUNXV6 5/(*(*(*(*

]HLWLJDOVV%XFKKDOWHU0DUNHWLQJYHUDQWZRUWOLFKHUXQGG3HUVRQDOPDQDJHUDJLHUW2IWRSHULH UHQQ GLHH NOHLQHUHQ XQGG PLWWOHUHQQ %HWULHEHH DXFK LQQ %UDQFKHQ ZHOFKHH UHODWLYY PRQRNXOWXUHOO JHSUlJWWVLQGXQGGHUDFKWHQQHVVGDKHUUIUUZHQLJVLQQYROO'LYHUVLW\HLQ]XIKUHQ

8QNODUU EOHLEWW EHLL GHQQ 6WXGLHQ REE VLFKK GLHH 'LYHUVLWlW DXII DOOHQQ +LHUDUFKLHHEHQHQQ DEVSLHOW RGHUUQXUUELVV]XXJHZLVVHQQ3RVLWLRQHQQHUVWUHFNW+LHUZlUHQQGLIIHUHQ]LHUWHUHHPSLULVFKHH6WX GLHQQ ZQVFKHQVZHUW =XGHP VFKHLQW HV HLQH 1HEHQWHQGHQ] GHU $EVRQGHUXQJ GXUFKK GLH %LOGXQJ QHXHUU 6SDUWHQ ZLHHEHLL (3OXVV GXUFKK GLH *UQGXQJ GHUU 7RFKWHUU D\ \LOGL] ]X JH EHQ %HJUHQ]WW PDQQ GLH 8PVHW]XQJ QXU DXI JHZLVVH 3RVLWLRQHQQ RGHU VRQGHUWW JDU 8QWHU QHKPHQVEHUHLFKHHDXVZHUGHQQGLHHÄQHXHQQ(OHPHQWH³³NDXP(LQIOXVVVDXIIGLH8QWHUQHKPHQV VWUXNWXUU QHKPHQQ N|QQHQ 1LPPWW PDQQ &XOWXUDOO 'LYHUVLW\ 0DQDJHPHQWW MHGRFKK HUQVW VR PXVVVGDPLWWEHJRQQHQQZHUGHQGLH6WlUNHQNXOWXUHOOODQGHUVJHSUlJWHU0HQVFKHQQLQQGLHHJH VDPWHH %HWULHEVVWUXNWXUU ]XX LQWHJULHUHQ VWDWWW VLHH OHGLJOLFKK DXII .XQGHQQ PLWW JOHLFKHPP %DFN JURXQGG DQ]XVHW]HQQ XQGG GHQQ 8QWHUQHKPHQVNHUQQ ]XX NRQVHUYLHUHQ (LQQ LQWHJUDWLYHUU XQG ]X JOHLFKKSOXUDOLVWLVFKHUU$QVDW]GLHQWKLHUUDOV,GHDO

:DVVLVWW&XOWXUDOO'LYHUVLW\"""

'DD HVV NHLQHH DOOJHPHLQJOWLJHH 'HILQLWLRQQ IUU 'LYHUVLW\ 0DQDJHPHQWW JLEWW XQGG .XOWXUU HLQQ QLFKWWLPPHUUHLQGHXWLJHUU%HJULIILVWVROOOKLHUDXIIQlKHUUHLQJHJDQJHQQXQGGIUUXQVHUHH=ZHFNHH GHILQLHUWW ZHUGHQ 'DEHLL ZLUGG DXII YHUVFKLHGHQH 7KHRULHQQ XQGG 'LPHQVLRQHQQ GHVV 'LYHUVLW\ HLQJHJDQJHQQXQGGYHUVXFKWGLHH5HOHYDQ]GHVVNXOWXUHOOHQQ+LQWHUJUXQGVVIUU GDVV ,QGLYLGXXPP XQGGGDUDXVVDEOHLWHQGGDXFKIUU8QWHUQHKPHQQ]XXHUOlXWHUQ(VVZLUGGGLHH3UREOHPDWLNNGHUU6WH UHRW\SHQELOGXQJDQJHVSURFKHQQXQGGGLHH$XVZLUNXQJHQQYRQQ+RPRJHQLWlWWXQGG+HWHURJHQLWlWW LQQ 2UJDQLVDWLRQHQQ GDUJHVWHOOW hEHUU GLHH 9HUELQGXQJ ]XX YHUVFKLHGHQHQQ 0lUNWHQQ XQGG GHQQ &KDQFHQQXQGG5LVLNHQQGHV'LYHUVLW\ZLUGGHLQQ/HLWELOGEHJUQGHW

'LPHQVLRQHQGHVV'LYHUVLW\

'DVV $OOJHPHLQH *OHLFKEHKDQGOXQJVJHVHW]] EHQHQQWW DFKW .HUQGLPHQVLRQHQ GLHH QLFKWW ]X EHQDFKWHLOLJHQQ VLQG 'DV *HVFKOHFKW GDV $OWHU GLH 5DVVH RGHU (WKQLH GLH 5HOLJLRQQ RGHUU :HOWDQVFKDXXQJXQGG%HKLQGHUXQJRGHUUVH[XHOOHH2ULHQWLHUXQJ

/RGHQ 5RVHQHU XQWHUVFKHLGHQQ QDFKK GHUU SULPlUHQQ XQGG GHUU VHNXQGlUHQQ 'LPHQVLRQ ZREHL VLFKK(UVWHUHHDXVVGHP$OWHUGHP*HVFKOHFKWGHUU5DVVHGHUUHWKQLVFKHQQ=XJHK|ULJNHLWGHUU VH[XHOOHQQ 2ULHQWLHUXQJ RGHU DXFK HLQHU YRUKDQGHQHQQ %HKLQGHUXQJ ]XVDPPHQVHW]W 'LHH 0HUNPDOHHVLQGGDQJHERUHQQXQGGXQYHUlQGHUOLFK'LHHVHNXQGlUH'LPHQVLRQQXPIDVVWWGDJHJHQ HUZRUEHQHHXQGGYHUlQGHUOLFKHH0HUNPDOHGLHHGXUFK(U]LHKXQJ$XVELOGXQJJXQGG /HEHQVHU

^{9JO.|SSHO3HWUD6DQGQHU'RPLQLN6} †$**

IDKUXQJ DQJHQRPPHQQ ZHUGHQ 'LHH 5HOLJLRQV]XJHK|ULJNHLWW RGHU :HOWDQVFKDXXQJ XQGG GLHH GDUDXVVUHVXOWLHUHQGHQQ:HUWHHXQGG1RUPHQDEHUDXFKKGLHHJHRJUDSKLVFKHH/DJHGLHHIDPLOLlUHH 6LWXDWLRQQXQGGQDKH]XDOOHH0HUNPDOHGLHHDOVV8QWHUVFKLHGH]XPP6HOEVWELOGZDKUJHQRPPHQ

'LYHUVLW\ NDQQQ DEHU DXFKK LQ GHPRJUDSKLVFKHH $OWHU *HVFKOHFKW 5DVVH SV\FKRORJLVFKHH :HUWH (LQVWHOOXQJ :LVVHQ XQGG RUJDQLVDWLRQDOH %HWULHEV]XJHK|ULJNHLW )XQNWLRQ +LHU DUFKLHHEHQHQ'LPHQVLRQHQQZHLWHUUDXVGLIIHUHQ]LHUWZHUGHQ XQGGOlVVWWVLFKKLQQZDKUQHKP EDUHHXQGGNDXPPZDKUQHKPEDUHH(UVFKHLQXQJVIRUPHQQXQWHUWHLOHQ 6WXEHUHUZHLWHUWGHQ$Q VDW]QRFKLQGHPPHUUGLHH9LHOIDOWWLQQGHUU5HDOLWlWWPLWW:HUWHQQYHUELQGHWWXQGGLQQ%H]LHKXQJ]XX

=X QHQQHQQ LVWW QRFKK GDVV 'LIIHUHQ]LHUXQJVPRGHOOO Ä /D\HUVV RII 'LYHUVLW\³ LQ $EE YRQQ *DUGHQZDUW]5RZHZHOFKHHDOVV8UKHEHULQQHQQGHU'LYHUVLW\'HILQLWLRQQJHOWHQ

$EE/D\HUVVRII'LYHUVLW\

'DDGDV0RGHOOOLQQGHU/LWHUDWXUDOOJHPHLQH$N]HSWDQ]]ILQGHWJXWWGDUVWHOOEDUXQGGQDFKYROO ]LHKEDUULVWVROOOHVVNXU]EHVFKULHEHQQZHUGHQQXQGGGLHQWWKLHUUDOVV2ULHQWLHUXQJ 'LHH3HUV|QOLFKNHLWEHVFKUHLEWGLHH(LQ]LJDUWLJNHLWMHGHQQ&KDUDNWHUV6LHH]HLFKQHWVLFKKGXUFKK 0HUNPDOHHZLHH([WUDYHUVLRQ2IIHQKHLWWXQGGHPRWLRQDOHUU6WDELOLWlWWDXV'DDVLHHVFKZHUUIDVV

9JO/RGHQ0DULO\Q5RVHQHU-XG\%6

^{9JO&UDLJ5REHUW/6 9JO-DFNVRQ6XVDQ( 9JO6WRFNGDOH0DUJDUHW6&URVE\)D\HH-6 9JO6WXEHU0LFKDHO6} 9JO*DUGHQVZDUW]/HH5RZH$QLWD

EDUUXQGGDOVVQLHHJDQ]YHUlQGHUEDUHUULQQHUVWHUU.HUQQJLOWEOLHEEVLHHELVKHUUDXFKHKHUUXQEHUFN VLFKWLJWIUUGLHH3UD[LVGHVV'LYHUVLW\0DQDJHPHQW

'LHH LQWHUQH 'LPHQVLRQ EHLQKDOWHWW ]XPHLVWW GHXWOLFKK VLFKWEDUHH .HQQ]HLFKHQ GLH DQJHERUHQ XQGGELRORJLVFKKEHGLQJWVLQG6LHHVSLHOWWELVZHLOHQQGLHHJU|‰WHH5ROOHHIUUGDVV'LYHUVLW\0DQD JHPHQWWXQGGGDKHUU DXFKK IUUGLHVHH$UEHLW6RRKDWWGLHH/XIWKDQVDDEHUHLWVVVHLWWGHPP-DKUU

XQGG)RUG OHJHQQLKUHQQ)RNXVVDXIIGLHH(EHQHQQGHVV*HQGHUGHVV*HQHUDWLRQHQPDQDJHPHQWV XQGGGHUU,QWHUQDWLRQDOLWlW

'LHH H[WHUQH 'LPHQVLRQ NDQQQ EHZXVVWW EHHLQIOXVVWW ZHUGHQ 6RR ZLUGG EHUHLWVV QHEHQQ GHUU %H UXIVHUIDKUXQJ DXFK GHU )DPLOLHQVWDQGG LQQ GHU 3HUVRQDOSUD[LVV EHUFNVLFKWLJW 6$33 EHNHQQW VLFKKQHEHQQGHUUNXOWXUHOOHQQ9LHOIDOWWDXFKK]XXIDPLOLlUHQQ:HUWHQQXQGGI|UGHUWWGXUFKKGLHH$EWHL OXQJÄ+HDOWKK'LYHUVLW\³YHUVFKLHGHQH%HUHLFKHGHU)DPLOLHQEHWUHXXQJ 'LHHRUJDQLVDWLRQDOHH'LPHQVLRQEHVFKUHLEWWGLHH)XQNWLRQGHQQ2UWWXQGGGHQQ6WDWXVVLPP8QWHU QHKPHQ $XII GLHVHUU 'LPHQVLRQQ WUlJWW GDVV 8QWHUQHKPHQQ GXUFK VHLQHH (QWVFKHLGXQJHQQ GLH 9HUDQWZRUWXQJIUU9LHOIDOWWRGHUU$XVJUHQ]XQJ

'DVV0RGHOOOEDVLHUWWDXIIGHPP*UXQGPRGHOOOYRQQ/RGHQ5RVHQHUWHLOWWDEHUUGLHHSULPlUHQQXQG VHNXQGlUHQQ'LPHQVLRQHQGLIIHUHQ]LHUWHUUDXI'DEHLLVRQGHUWWHVVHLQHHRUJDQLVDWLRQDOHH'LPHQ VLRQQDXVZHOFKHHLQQ%H]LHKXQJ]XPP8QWHUQHKPHQVWHKWXQGGGDKHUUHLQHHZLFKWLJHH(EHQHHGDU VWHOOW'LHH+HUDXVIRUGHUXQJIU8QWHUQHKPHQQOLHJWWLPP(UNHQQHQQYRQQ3RWHQ]LDOHQQXQGGGHPP 0LQLPLHUHQQYRQQ1DFKWHLOHQ'LYHUVLW\LVWWDOVRHLQQJHGDQNOLFKHVVSV\FKRVR]LDOWKHRUHWLVFKHVV .RQVWUXNW XQGG JOHLFK]HLWLJ ZDKUQHKPEDUHH XQG RGHUU XQWHUVFKZHOOLJHH 5HDOLWlWW PLW $XV ZLUNXQJHQQDXIILQWHUSHUVRQDOHUUXQGGRUJDQLVDWLRQDOHUU(EHQH

'LHH'LPHQVLRQQGHUU.XOWXU

'HQQ.XOWXUEHJULIIIXQGLHUWW]XHUNOlUHQZUGHGHQ5DKPHQQGLHVHUU$UEHLWWVSUHQJHQ'DKHU VROOHUUQXUUREHUIOlFKOLFKKDXIIGLHHIUUXQVVUHOHYDQWHQQ(LJHQVFKDIWHQQGLVNXWLHUWZHUGHQ.XOWXU ELOGHWW HLQQ 6\VWHPP NROOHNWLYHUU 9HUKDOWHQVQRUPHQ PXVWHUU XQGG UHVXOWDWHQ ZHOFKHVV GXUFKK GLHH6R]LDOLVDWLRQQDQJHHLJQHWWZLUGGXQGGVRPLW(LQIOXVVDXIIGLHH3HUV|QOLFKNHLWWQLPPW .XO WXULVWWUHODWLYYVWDELO GDDVLHHMHGRFKKGXUFKK0HQVFKHQQYHUEDOOXQGGQRQYHUEDOOEHUPLWWHOWWZLUG

^{KWWSYHUDQWZRUWXQJOXIWKDQVDFRPGHVR]LDOHYHUDQWZRUWXQJGLYHUVLW\KWPO} KWWSZZZGDLPOHUFRPQDFKKDOWLJNHLWGLYHUVLW\

KWWSZZZIRUGGH8HEHU)RUG)RUGLQ'HXWVFKODQG8QWHUQHKPHQVSROLWLN'LYHUVLW\ KWWSZZZVDSFRPFRUSRUDWHGHRXUFRPSDQ\RXUSHRSOHHS[ 9JO/LQGDX$QMDD6 9JO.HOOHU(XJHQYRQ6 9JOHEG