6RQRJUDSKLVFKGDUVWHOOEDUH/XQJHQJUHQ]HQEHLNOLQLVFKJHVXQ GHQ .lOEHUQ OXQJHQNUDQNHQ .lOEHUQ PLW LQVSLUDWRULVFKHU

'\VSQRH XQG OXQJHQNUDQNHQ .lOEHUQ PLW H[VSLUDWRULVFKHU '\VSQRH

=XQlFKVWZXUGHQ'DWHLHQJHELOGHWPLWGHQ(UJHEQLVVHQDOOHU8QWHUVXFKXQJHQ

• NOLQLVFKJHVXQGHU7LHUH6WDWXV'\VSQRHW\SGLHVZDUHQ8QWHUVXFKXQ JHQEHL7LHUHQ

• OXQJHQNUDQNHU7LHUH6WDWXVPLWLQVSLUDWRULVFKHU'\VSQRH'\VSQRHW\S GLHVZDUHQ8QWHUVXFKXQJHQEHL7LHUHQXQG

• OXQJHQNUDQNHU7LHUH6WDWXVPLWH[VSLUDWRULVFKHU'\VSQRH'\VSQRHW\S GLHVZDUHQ8QWHUVXFKXQJHQEHL7LHUHQ

,QMHGHUGLHVHUGUHL'DWHLHQZXUGHIUMHGHQGHU8QWHUVXFKXQJVSXQNWHGHUUHFK WHQE]ZOLQNHQ/XQJHGHUSUR]HQWXDOH$QWHLOGHU8QWHUVXFKXQJHUUHFKQHWEHLGHP VRQRJUDSKLVFKH +LQZHLVH DXI /XQJHQJHZHEH YRUODJHQ %HL GHQ UHVWOLFKHQ 8QWHUVX FKXQJHQ ZXUGHQ HQWVSUHFKHQG DP MHZHLOLJHQ 8QWHUVXFKXQJVSXQNW DQGHUH 2UJDQH E]Z6WUXNWXUHQVRQRJUDSKLVFKHUID‰W(VEOLHEGDEHLXQEHUFNVLFKWLJWREGDV6FKDOO ELOGDXINOLQLVFKJHVXQGH7LHUHKLQZLHV:LHGHUKROXQJVDUWHIDNWHRGHUSDWKRORJLVFKH

%HIXQGHHUKREHQZXUGHQ'LH:HUWHZXUGHQLQHLQHU7DEHOOH]XVDPPHQJHID‰W

'LH/XQJHQJUHQ]HQIUNOLQLVFKJHVXQGH.lOEHUXQGNOLQLVFKOXQJHQNUDQNH.lOEHUPLW LQVSLUDWRULVFKHUE]ZH[VSLUDWRULVFKHU'\VSQRHZXUGHQLQHLQ6FKHPDPLWVlPWOLFKHQ 8QWHUVXFKXQJVSXQNWHQ JH]HLFKQHW 'DEHL ZXUGHQ GUHL )RUPHQ GHU 'DUVWHOOXQJ JH ZlKOW

• /XQJHQJUHQ]HQ DQKDQG GHU 8QWHUVXFKXQJVSXQNWH EHL GHQHQ EHL PLQGHVWHQV DOOHU8QWHUVXFKXQJHQ VRQRJUDSKLVFKH +LQZHLVH DXI GDV /XQJHQIHOG YRUOD JHQ

• /XQJHQJUHQ]HQ DQKDQG GHU 8QWHUVXFKXQJVSXQNWH EHL GHQHQ EHL PLQGHVWHQV DOOHU8QWHUVXFKXQJHQ VRQRJUDSKLVFKH +LQZHLVH DXI GDV /XQJHQIHOG YRUOD JHQ

• /XQJHQJUHQ]HQ DQKDQG GHU 8QWHUVXFKXQJVSXQNWH EHL GHQHQ EHL PLQGHVWHQV DOOHU8QWHUVXFKXQJHQ VRQRJUDSKLVFKH +LQZHLVH DXI GDV /XQJHQIHOG YRUOD JHQ

'LH+lXILJNHLWGHUVRQRJUDSKLVFKHQ+LQZHLVHDXI/XQJHQJHZHEHDQGHQMHZHLOLJHQ 8QWHUVXFKXQJVSXQNWHQ ZXUGH PLWWHOVχð7HVW ]ZLVFKHQ NOLQLVFK JHVXQGHQ .lOEHUQ OXQJHQNUDQNHQ.lOEHUQPLWLQVSLUDWRULVFKHU'\VSQRHXQGOXQJHQNUDQNHQ.lOEHUQPLW H[VSLUDWRULVFKHU'\VSQRHYHUJOLFKHQ

+lXILJNHLWYRQVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQEHL NOLQLVFKJHVXQGHQ.lOEHUQXQGOXQJHQNUDQNHQ.lOEHUQ

,QGLHVH$XVZHUWXQJZXUGHQQXUGLH8QWHUVXFKXQJVSXQNWHHLQEH]RJHQDQGHQHQEHL PLQGHVWHQVGHU8QWHUVXFKXQJHQVRQRJUDSKLVFKH+LQZHLVHDXI/XQJHQJHZHEH YRUODJHQ8QWHUVXFKXQJVSXQNWHDQGHQHQQXUEHLVHKUZHQLJHQ7LHUHQVRQRJUDSKL VFKH +LQZHLVH DXI /XQJHQJHZHEH YRUODJHQ ZXUGHQ QLFKW DXVJHZHUWHW XP HLQHQ IDOVFKHQ (LQGUXFN YRQ VHKU KRKHQ RGHU VHKU QLHGULJHQ 3UlYDOHQ]HQ DXVVFKOLH‰OLFK DXIJUXQGVHKUNOHLQHUDEVROXWHU:HUWH]XYHUPHLGHQ

'LH 'DWHL PLW GHQ (UJHEQLVVHQ DOOHU 8QWHUVXFKXQJHQ ZXUGH JHVSOLWWHW LQ HLQ]HOQH 'DWHLHQPLWGHQ(UJHEQLVVHQ

• NOLQLVFKJHVXQGHU.lOEHU6'7

• NOLQLVFKJHVXQGHU.lOEHUPLW)LHEHU6'7

• OXQJHQNUDQNHU.lOEHUPLWJHULQJJDGLJHULQVSLUDWRULVFKHU'\VSQRH6'7

• OXQJHQNUDQNHU.lOEHUPLWGHXWOLFKHULQVSLUDWRULVFKHU'\VSQRH6'7

• OXQJHQNUDQNHU.lOEHUPLWH[VSLUDWRULVFKHU'\VSQRH6'7

'LH 9HUlQGHUXQJHQ GHV /XQJHQJHZHEHV ZXUGHQ XQWHUVFKLHGHQ LQ .RPHWHQVFKZHL IDUWHIDNWH RKQH .RQVROLGLHUXQJHQ LQ .RQVROLGLHUXQJHQ XQG LQ .RQVROLGLHUXQJHQ PLW .RPHWHQVFKZHLIDUWHIDNWHQ)UDOOHGUHL.DWHJRULHQZXUGHQGLHDEVROXWHQ:HUWHHU PLWWHOWXQGGLHVHLQ5HODWLRQ]XGHU=DKODQGHQHQ/XQJHQJHZHEHVLFKWEDUZDUJH VHW]W'LH$Q]DKOGHU7LHUHZXUGHPLWÄ1³DQJHJHEHQGLH$Q]DKOGHUGXUFKJHIKUWHQ 8QWHUVXFKXQJHQZXUGHGXUFKÄQ³JHNHQQ]HLFKQHW

)UGLHZHLWHUH$XVZHUWXQJGHU(UJHEQLVVHZXUGHHLQH4XDQWLIL]LHUXQJGHV8P IDQJVGHUVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQYRUJHQRPPHQ

+LQVLFKWOLFKGHU.RPHWHQVFKZHLIDUWHIDNWHZXUGHMHGHP8QWHUVXFKXQJVSXQNWDQ GHPVRQRJUDSKLVFKH+LQZHLVHDXI/XQJHQJHZHEHYRUODJHQHLQH3XQNW]DKO]XJHRUG QHW

±NHLQH.RPHWHQVFKZHLIDUWHIDNWHQDFKZHLVEDU$EE

±JHULQJJUDGLJ.RPHWHQVFKZHLIDUWHIDNWH$EE

±PLWWHOJUDGLJ.RPHWHQVFKZHLIDUWHIDNWH$EE

±KRFKJUDGLJ.RPHWHQVFKZHLIDUWHIDNWH$EE

'HU8PIDQJGHU.RPHWHQVFKZHLIDUWHIDNWHEHLGHPEHWUHIIHQGHQ7LHUDQGHPMHZHLOL JHQ8QWHUVXFKXQJVWDJΣ_.6$HUUHFKQHWHVLFKGDQQDXVGHU6XPPHGLHVHU=DKOHQYRQ DOOHQ8QWHUVXFKXQJVSXQNWHQ(VZXUGHGDQQHLQK\SRWKHWLVFKHU0D[LPDOZHUWIUMH GHV7LHUEHUHFKQHWDOVGLH6XPPHDOOHUHLQEH]RJHQHQ8QWHUVXFKXQJVSXQNWHPLW+LQ ZHLVHQDXI/XQJHQJHZHEHPXOWLSOL]LHUWPLWKRFKJUDGLJ.RPHWHQVFKZHLIDUWHIDNWH 'DV (UJHEQLV GHV EHWUHIIHQGHQ 7LHUHV DQ GHP MHZHLOLJHQ 8QWHUVXFKXQJVWDJ HQW VSUDFK GHP SUR]HQWXDOHQ $QWHLO GHU 6XPPH GHU .RPHWHQVFKZHLIDUWHIDNWH DQ GHP K\SRWKHWLVFKHQ 0D[LPDOZHUW GHV 0D[LPDOZHUWHV Σ_.6$ K\SRWKHWLVFKHU 0D[L PDOZHUW

+LQVLFKWOLFKGHU.RQVROLGLHUXQJHQZXUGHMHGHP8QWHUVXFKXQJVSXQNWDQGHPVR QRJUDSKLVFKH+LQZHLVHDXI/XQJHQJHZHEHYRUODJHQHLQH3XQNW]DKO]XJHRUGQHW'LH VHHQWVSUDFKGHUPD[LPDOHQYHUWLNDOHQ$XVGHKQXQJGHU.RQVROLGLHUXQJLQ=HQWLPH WHUGLHPLW+LOIHGHUJHUlWHLQWHUQHQ0H‰VNDODHUPLWWHOWZXUGH:DUHQNHLQH.RQVROL GLHUXQJHQVRQRJUDSKLVFKQDFKZHLVEDUVRZXUGHGHP8QWHUVXFKXQJVSXQNWGHU:HUW ]XJHRUGQHW'LHPLQLPDOH]XYHUOlVVLJDEOHVEDUHYHUWLNDOH$XVGHKQXQJHLQHU.RQ VROLGLHUXQJ ZDU FP GLH PD[LPDOH $XVGHKQXQJ ZDU FP (QWVSUHFKHQG KDWWH MHGHU8QWHUVXFKXQJVSXQNW HLQHQ :HUW ]ZLVFKHQ XQG 'HU 8PIDQJ GHU .RQVROL GLHUXQJHQ EHL GHP EHWUHIIHQGHQ 7LHU DQ GHP MHZHLOLJHQ 8QWHUVXFKXQJVWDJ Σ_.RQV HUUHFKQHWH VLFK DXV GHU 6XPPH GLHVHU =DKOHQ YRQ DOOHQ HLQEH]RJHQHQ 8QWHUVX FKXQJVSXQNWHQ'HUK\SRWKHWLVFKH0D[LPDOZHUWZXUGHIUMHGHV7LHUEHUHFKQHWDOV GLH6XPPH DOOHU HLQEH]RJHQHQ8QWHUVXFKXQJVSXQNWH PLW +LQZHLVHQ DXI /XQJHQJH ZHEHPXOWLSOL]LHUWPLW.RQVROLGLHUXQJPD[LPDOHU$XVGHKQXQJ'DV(UJHEQLVGHV EHWUHIIHQGHQ7LHUHVDQGHPMHZHLOLJHQ8QWHUVXFKXQJVWDJHQWVSUDFKGHPSUR]HQWXD OHQ$QWHLOGHU6XPPHGHU.RQVROLGLHUXQJHQDQGHPK\SRWKHWLVFKHQ0D[LPDOZHUW GHV0D[LPDOZHUWHV Σ_.RQVK\SRWKHWLVFKHU0D[LPDOZHUW

+lXILJNHLW VRQRJUDSKLVFK QDFKZHLVEDUHU 9HUlQGHUXQJHQ GHU OLQNHQXQGUHFKWHQ/XQJH

(VZXUGHQZLHGHUGLH'DWHLHQJHELOGHWPLWGHQ(UJHEQLVVHQ

• NOLQLVFKJHVXQGHU.lOEHU6'7

• OXQJHQNUDQNHU.lOEHUPLWJHULQJJUDGLJHULQVSLUDWRULVFKHU'\VSQRH6'7

• OXQJHQNUDQNHU.lOEHUPLWGHXWOLFKHULQVSLUDWRULVFKHU'\VSQRH6'7XQG

• OXQJHQNUDQNHU.lOEHUPLWH[VSLUDWRULVFKHU'\VSQRH6'7

,QMHGHU'DWHLZXUGHIUDOOH8QWHUVXFKXQJVSXQNWHEHLGHQHQEHLPLQGHVWHQV GHU8QWHUVXFKXQJHQVRQRJUDSKLVFKH+LQZHLVHDXIGDV/XQJHQIHOGYRUODJHQGLH3Ul

YDOHQ] YRQ .RPHWHQVFKZHLIDUWHIDNWHQ E]Z .RQVROLGLHUXQJHQ HUPLWWHOW 'DEHL EOLHE GHU8PIDQJGHUVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQXQEHUFNVLFKWLJW0LWWHOV χð7HVW ZXUGH GLH +lXILJNHLW YRQ .RPHWHQVFKZHLIDUWHIDNWHQ XQG .RQVROLGLHUXQJHQ GHUOLQNHQXQGUHFKWHQ/XQJHYHUJOLFKHQ

.RUUHODWLRQHQ]ZLVFKHQGHP8PIDQJVRQRJUDSKLVFKGDUVWHOOED UHU9HUlQGHUXQJHQXQGGHP6FKZHUHJUDGGHUNOLQLVFKHQ6\P SWRPH

'HUUHVSLUDWRULVFKH6FRUHDP7DJGHUVRQRJUDSKLVFKHQ8QWHUVXFKXQJZXU GH QXQ GHP 8PIDQJ GHU .RPHWHQVFKZHLIDUWHIDNWH DXVJHGUFNW DOV SUR]HQWXDOHU

$QWHLO GHV K\SRWKHWLVFKHQ 0D[LPDOZHUWV E]Z GHP 8PIDQJ GHU .RQVROLGLHUXQJHQ DXVJHGUFNWDOV SUR]HQWXDOHU $QWHLO GHV K\SRWKHWLVFKHQ 0D[LPDOZHUWV JHJHQEHU JHVWHOOW 'LH .RUUHODWLRQHQ ZXUGHQ PLW GHP 3HDUVRQ3URGXFW0RPHQW GHV 6WDWLVWLN SURJUDPPVJHSUIW

,QGLH$XVZHUWXQJZXUGHQQXU(UJHEQLVVHNOLQLVFKJHVXQGHU7LHUHXQGOXQJHQNUDQNHU .lOEHUHLQEH]RJHQ(UJHEQLVVHYRQ.lOEHUQPLW(UNUDQNXQJHQDQGHUHU2UJDQV\VWHPH EOLHEHQXQEHUFNVLFKWLJW

(LQH JHQDXHUH 8QWHUVXFKXQJ GHU %H]LHKXQJ ]ZLVFKHQ UHVSLUDWRULVFKHP 6FRUH XQG 8PIDQJGHUVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQHUIROJWHLQGHPEHLGH3DUD PHWHU LQ MHZHLOV YLHU .ODVVHQ JHWHLOW ZXUGH XQG GLH UHODWLYHQ +lXILJNHLWHQ JHSUIW ZXUGHQ

.RUUHODWLRQHQ]ZLVFKHQGHP8PIDQJVRQRJUDSKLVFKGDUVWHOOED UHU9HUlQGHUXQJHQXQGGHPDXVNXOWDWRULVFKHQ%HIXQG

=XQlFKVWZXUGHQGHQDXVNXOWLHUWHQGRUVDOHQXQGYHQWUDOHQ/XQJHQEHUHLFKHQGLHHQW VSUHFKHQGHQ8QWHUVXFKXQJVSXQNWHGHUVRQRJUDSKLVFKHQ8QWHUVXFKXQJ]XJHRUGQHW

7DE =XRUGQXQJGHUVRQRJUDSKLVFKHQ8QWHUVXFKXQJVSXQNWH]XGHQDXVNXO WLHUWHQGRUVDOHQXQGYHQWUDOHQ/XQJHQEHUHLFKH

$XVNXOWLHUWHV$UHDO 8QWHUVXFKXQJVSXQNWHLP5DKPHQGHUVRQRJUDSKL VFKHQ8QWHUVXFKXQJ

GRUVDOH /XQJHQEHUHLFKH

$±$±$±$±%±%±%±%±%

$±$±$±$±%±%±%

YHQWUDOH /XQJHQEHUHLFKH

&±&±&±&±&±'±'±'

&±'±(±(±(

&±&±&±'±'±'±(±(

9RQDOOHQNOLQLVFKJHVXQGHQ.lOEHUQVRZLHOXQJHQNUDQNHQ.lOEHUQZXUGHQYRQVlPW OLFKHQ8QWHUVXFKXQJHQLQHLQHU'DWHLGLHIROJHQGHQ(UJHEQLVVH]XVDPPHQJHID‰W

• DXVNXOWDWRULVFKHU6FRUHGHUGRUVDOHQ/XQJHQEHUHLFKHGHUOLQNHQ/XQJH

• DXVNXOWDWRULVFKHU6FRUHGHUGRUVDOHQ/XQJHQEHUHLFKHGHUUHFKWHQ/XQJH

• DXVNXOWDWRULVFKHU6FRUHGHUYHQWUDOHQ/XQJHQEHUHLFKHGHUOLQNHQ/XQJH

• DXVNXOWDWRULVFKHU6FRUHGHUYHQWUDOHQ/XQJHQEHUHLFKHGHUUHFKWHQ/XQJH

• DXVNXOWDWRULVFKHU6FRUHGHUJHVDPWHQ/XQJH

• 8PIDQJYRQ.RPHWHQVFKZHLIDUWHIDNWHQLQGHQGRUVDOHQ/XQJHQEHUHLFKHQGHUOLQ NHQ/XQJHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RPHWHQVFKZHLIDUWHIDNWHQLQGHQGRUVDOHQ/XQJHQEHUHLFKHQGHU UHFKWHQ/XQJHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RPHWHQVFKZHLIDUWHIDNWHQLQGHQYHQWUDOHQ/XQJHQEHUHLFKHQGHU OLQNHQ/XQJHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RPHWHQVFKZHLIDUWHIDNWHQLQGHQYHQWUDOHQ/XQJHQEHUHLFKHQGHU UHFKWHQ/XQJHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RPHWHQVFKZHLIDUWHIDNWHQLQGHUJHVDPWHQ/XQJHDOVSUR]HQWXDOHU

$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RQVROLGLHUXQJHQLQGHQGRUVDOHQ/XQJHQEHUHLFKHQGHUOLQNHQ/XQJH DOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RQVROLGLHUXQJHQLQGHQGRUVDOHQ/XQJHQEHUHLFKHQGHUUHFKWHQ/XQ JHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RQVROLGLHUXQJHQLQGHQYHQWUDOHQ/XQJHQEHUHLFKHQGHUOLQNHQ/XQJH DOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RQVROLGLHUXQJHQLQGHQYHQWUDOHQ/XQJHQEHUHLFKHQGHUUHFKWHQ /XQJHDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

• 8PIDQJYRQ.RQVROLGLHUXQJHQLQGHUJHVDPWHQ/XQJHDOVSUR]HQWXDOHU$QWHLODP K\SRWKHWLVFKHQ0D[LPDOZHUWGHV7LHUHV

$OOHGLHVH:HUWHZXUGHQQXQPLWWHOV3HDUVRQ3URGXFW0RPHQWPLWHLQDQGHUNRUUHOLHUW

.RUUHODWLRQHQ]ZLVFKHQGHP8PIDQJVRQRJUDSKLVFKGDUVWHOOED UHU9HUlQGHUXQJHQXQGGHQ(UJHEQLVVHQGHU$QDO\VHGHUDUWH ULHOOHQ%OXWJDVH

=XU%HDQWZRUWXQJGLHVHU)UDJHZXUGHQLQHLQHU'DWHLGLH(UJHEQLVVHE]JOGHV8P IDQJV GHU VRQRJUDSKLVFK GDUVWHOOEDUHQ 9HUlQGHUXQJHQ .RPHWHQVFKZHLIDUWHIDNWH E]Z.RQVROLGLHUXQJHQDOVSUR]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHQ (UJHEQLVVHQGHU%OXWJDVDQDO\VHQS2S&26DW2$D'2JHJHQEHUJHVWHOOW(V

ZXUGHQDXVVFKOLH‰OLFK(UJHEQLVVHEHUFNVLFKWLJWEHLGHQHQGLH%OXWJDVDQDO\VHQXQG GLHVRQRJUDSKLVFKHQ8QWHUVXFKXQJHQDPJOHLFKHQ7DJGXUFKJHIKUWZXUGHQ

$OOH:HUWHZXUGHQPLWWHOV3HDUVRQ3URGXFW0RPHQWPLWHLQDQGHUNRUUHOLHUW

.RUUHODWLRQHQ]ZLVFKHQGHP8PIDQJVRQRJUDSKLVFKGDUVWHOOED UHU 9HUlQGHUXQJHQ XQG GHQ LPSXOVRV]LOORUHVLWRPHWULVFKHQ (U JHEQLVVHQ

,QHLQHU'DWHLZXUGHQGLH(UJHEQLVVHE]JOGHV8PIDQJVGHUVRQRJUDSKLVFKGDUVWHOO EDUHQ 9HUlQGHUXQJHQ .RPHWHQVFKZHLIDUWHIDNWH E]Z .RQVROLGLHUXQJHQ DOV SUR]HQ WXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGHQ(UJHEQLVVHQGHU,26JHJHQEHU JHVWHOOW(VZXUGHQGDEHLJH]LHOWGLH3DUDPHWHUEHUFNVLFKWLJWIUGLHGLHJU|‰WH5H OHYDQ] EHL GHU %HXUWHLOXQJ GHU /XQJHQIXQNWLRQ YRQ .lOEHUQ PLW %URQFKRSQHXPRQLH QDFKJHZLHVHQZXUGHQ9$1%g00(/'LHVZDUHQ$WHPIUHTXHQ]$)$WHP ]XJYROXPHQ9W5HVLVWDQFHEHLXQG+]5XQG5VRZLHGLH5HDFWDQFHEHL XQG+];XQG;%HUFNVLFKWLJWZXUGHQQXU(UJHEQLVVHEHLGHQHQGLHVRQR JUDSKLVFKHQ8QWHUVXFKXQJHQXQGGLH,260HVVXQJHQDPJOHLFKHQ7DJGXUFKJHIKUW ZXUGHQ

$OOH:HUWHZXUGHQPLWWHOV3HDUVRQ3URGXFW0RPHQWPLWHLQDQGHUNRUUHOLHUW

(LQIOX‰GHURUDOHQE]ZSDUHQWHUDOHQ%HKDQGOXQJDXIGLH.RU UHODWLRQVNRHIIL]LHQWHQ

'LH (UJHEQLVVH GHU .RUUHODWLRQVEHUHFKQXQJHQ ELV EDVLHUHQ DXI GHU

$XVZHUWXQJDOOHU8QWHUVXFKXQJHQGKHLQ7HLOGHU7LHUHZDU]XP=HLWSXQNWGHUVR QRJUDSKLVFKHQ8QWHUVXFKXQJXQEHKDQGHOWHLQ7HLOZDUQHXHUNUDQNWXQGHLQZHLWH UHU7HLOEHIDQGVLFKX8QDFKSDUHQWHUDOHU8QWHUVXFKXQJLQGHU5HNRQYDOHV]HQ]

(QWVSUHFKHQGJDOWHV]XSUIHQLQZHOFKHP8PIDQJGLHVH*UXSSHQHLQWHLOXQJGLH(U JHEQLVVHEHHLQIOX‰WH'D]XZXUGHQJHVRQGHUWGLH(UJHEQLVVHYRQ7LHUHQDXVJHZHU WHWGLHZHGHURUDOQRFKSDUHQWHUDO EHKDQGHOWZDUHQ (VKDQGHOWHVLFKKLHUXPGLH 9HUVXFKVWLHUHGHU3ODFHER*UXSSHQ%HUFNVLFKWLJWZXUGHQDOOH8QWHUVXFKXQJHQGLH VHU7LHUHELV]XHLQHUHYHQWXHOOQRWZHQGLJHQSDUHQWHUDOHQ%HKDQGOXQJ$QVFKOLH‰HQG ZXUGHQ GLH .RUUHODWLRQHQ ]ZLVFKHQ GHP 8PIDQJ GHU VRQRJUDSKLVFK GDUVWHOOEDUHQ 9HUlQGHUXQJHQXQGGHP6FKZHUHJUDGGHU NOLQLVFKHQ 6\PSWRPH GHP DXVNXOWDWRUL VFKHQ%HIXQGXQGGHQ(UJHEQLVVHQGHU%OXWJDVDQDO\VHLQGHUEHVFKULHEHQHQ:HLVH JHSUIW

=HLWOLFKHU=XVDPPHQKDQJ]ZLVFKHQGHP8PIDQJVRQRJUD SKLVFKGDUVWHOOEDUHU9HUlQGHUXQJHQXQGGHQNOLQLVFKHQ6\P SWRPHQ

=XQlFKVWVROOWHJHSUIWZHUGHQREVLFKGHU8PIDQJVRQRJUDSKLVFKGDUVWHOOEDUHU9HU lQGHUXQJHQEHLJHVXQGHQ.lOEHUQlQGHUW=XU%HDQWZRUWXQJGLHVHU)UDJHZXUGHQ DOOH.lOEHUDXVJHZlKOWGLHZlKUHQGGHUJHVDPWHQ8QWHUVXFKXQJVSHULRGHNOLQLVFK JHVXQGJHEOLHEHQZDUHQ'LHVZDUHQ7LHUH'HU8PIDQJGHUVRQRJUDSKLVFKGDU VWHOOEDUHQ9HUlQGHUXQJHQ.RPHWHQVFKZHLIDUWHIDNWHE]Z.RQVROLGLHUXQJHQDOVSUR ]HQWXDOHU$QWHLODPK\SRWKHWLVFKHQ0D[LPDOZHUWGLHVHU7LHUHZXUGHJHPLWWHOWXQG GHP0LWWHOZHUWGHVUHVSLUDWRULVFKHQ6FRUHVGHU.lOEHUEHUGHQ%HREDFKWXQJV]HLW UDXPJHJHQEHUJHVWHOOW

$QVFKOLH‰HQGZXUGHJHSUIWZLHVLFKGLHVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQ JHQLP%HREDFKWXQJV]HLWUDXPEHL7LHUHQHQWZLFNHOWHQGLH]XQlFKVWNOLQLVFKJHVXQG ZDUHQXQGGDQQHUNUDQNWHQ8PHLQHQ(LQGUXFNYRQGHU,QWHUGHSHQGHQ]]ZLVFKHQ VRQRJUDSKLVFKHQ%HIXQGHQXQGNOLQLVFKHP%LOG]XHUKDOWHQZXUGHQGLH(UJHEQLVVH YRQ]ZHL*UXSSHQDXVJHZHUWHW

(VZXUGHQGLH.lOEHUDXVJHZlKOWEHLGHQHQZlKUHQGGHV%HREDFKWXQJV]HLW UDXPHVGLHGHXWOLFKVWHQ9HUlQGHUXQJHQLP8PIDQJVRQRJUDSKLVFKQDFKZHLVEDUHU .RQVROLGLHUXQJHQDXVJHGUFNWDOVSUR]HQWXDOHU$QWHLOGHU.RQVROLGLHUXQJHQDP K\SRWKHWLVFKHQ0D[LPDOZHUWQDFKJHZLHVHQZXUGHQ'LH9HUlQGHUXQJHQGHV 8PIDQJVGHUVRQRJUDSKLVFKHQ%HIXQGHZXUGHPLWGHQUHVSLUDWRULVFKHQ6FRUHVLP

%HREDFKWXQJV]HLWUDXPYHUJOLFKHQ

(VZXUGHQGLH.lOEHUDXVJHZlKOWEHLGHQHQGLHGHXWOLFKVWHQ9HUlQGHUXQJHQ LPUHVSLUDWRULVFKHQ6FRUHXQGGDPLWLP6FKZHUHJUDGGHUNOLQLVFKHQ6\PSWRPH HUPLWWHOWZRUGHQZDUHQ'HUHQ9HUlQGHUXQJHQLPUHVSLUDWRULVFKHQ6FRUHZlKUHQG GHV%HREDFKWXQJV]HLWUDXPVZXUGHQGHQNRQVHNXWLYHQ9HUlQGHUXQJHQGHUVRQR JUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQDXVJHGUFNWDOVSUR]HQWXDOHU$QWHLOGHU .RQVROLGLHUXQJHQDPK\SRWKHWLVFKHQ0D[LPDOZHUWJHJHQEHUJHVWHOOW

=Z|OIGHULQVJHVDPW.lOEHUZDUHQLQEHLGHQ*UXSSHQYHUWUHWHQ

(5*(%1,66(

6RQRJUDSKLVFKGDUVWHOOEDUH/XQJHQJUHQ]HQEHLNOLQLVFKJHVXQ GHQ .lOEHUQ OXQJHQNUDQNHQ .lOEHUQ PLW LQVSLUDWRULVFKHU '\VSQRH XQG OXQJHQNUDQNHQ .lOEHUQ PLW H[VSLUDWRULVFKHU '\VSQRH

'LH*U|‰HGHVVRQRJUDSKLVFKGDUVWHOOEDUHQ/XQJHQIHOGHVXQWHUVFKLHGVLFKQLFKWZH VHQWOLFK]ZLVFKHQNOLQLVFKJHVXQGHQ.lOEHUQ6'77DELP$QKDQJOXQJHQ NUDQNHQ .lOEHUQ PLW LQVSLUDWRULVFKHU '\VSQRH 6 '7 7DE LP $QKDQJ XQGOXQJHQNUDQNHQ.lOEHUQPLWH[VSLUDWRULVFKHU'\VSQRH6'77DELP

$QKDQJ'LHFDXGDOH/XQJHQJUHQ]HZDUIDVWLGHQWLVFKVLHODJIUNOLQLVFKJHVXQGH 7LHUHVRJDUWHQGHQWLHOOZHLWHUFDXGDODOVIUOXQJHQNUDQNH.lOEHU$EE$3XQNW$

$EE % 3XQNW ' $EE % 3XQNW & 1DFK FUDQLDO ILHOHQ OHGLJOLFK GLH 3XQNWH$$EE$XQG&$EE%DXIEHLGHQHQLP8QWHUVFKLHG]XGHQ NOLQLVFK JHVXQGHQ .lOEHUQ EHL GHU 0HKU]DKO GHU OXQJHQNUDQNHQ .lOEHU VRQRJUDSKL VFKH+LQZHLVHDXI/XQJHQJHZHEHJHIXQGHQZXUGHQ

(LQ9HUJOHLFKGHUVRQRJUDSKLVFKGDUVWHOOEDUHQ/XQJHQJUHQ]HQGHUEHLGHQ.|USHUVHL WHQ]HLJWHGD‰OLQNVDQGHQ8QWHUVXFKXQJVSXQNWHQ'$EE$XQG'$EE

%LP*HJHQVDW]]XUUHFKWHQ6HLWHNHLQHVRQRJUDSKLVFKHQ+LQZHLVHDXI/XQJHQ JHZHEHQDFKZHLVEDUZDUHQVWDWWGHVVHQZDUDQGLHVHQ3XQNWHQGDV+HU]]XILQGHQ

$EE$XQG%

6RQRJUDSKLVFKQDFKZHLVEDUHV/XQJHQIHOGGDV EHL PLQGHVWHQV DOOHU VRQRJUD SKLVFKHQ8QWHUVXFKXQJHQQDFKZHLVEDUZDU

OLQNH$XQGUHFKWH%/XQJH

NOLQLVFKJHVXQGLQVS'\VSQRHH[VS'\VSQRH

$

%

$

%

&

' (

$

%

&

'

(

$EE$XQG%

6RQRJUDSKLVFKQDFKZHLVEDUHV/XQJHQIHOGGDV EHL PLQGHVWHQV DOOHU VRQRJUD SKLVFKHQ8QWHUVXFKXQJHQQDFKZHLVEDUZDU

$EE$XQG%

6RQRJUDSKLVFKQDFKZHLVEDUHV/XQJHQIHOGGDV EHL PLQGHVWHQV DOOHU VRQRJUD SKLVFKHQ8QWHUVXFKXQJHQQDFKZHLVEDUZDU

+lXILJNHLWYRQVRQRJUDSKLVFKGDUVWHOOEDUHQ9HUlQGHUXQJHQEHL NOLQLVFKJHVXQGHQ.lOEHUQXQGOXQJHQNUDQNHQ.lOEHUQ

'HU3OHXUDOVSDOWZDUEHLNOLQLVFKJHVXQGHQ.lOEHUQLPPHUQDFKZHLVEDU$Q8QWHUVX FKXQJVSXQNWHQ PLW .RQVROLGLHUXQJHQ GHV /XQJHQSDUHQFK\PV ZDU GHU 3OHXUDOVSDOW

EHUZLHJHQG QLFKW PHKU HUNHQQEDU %HL NHLQHU 8QWHUVXFKXQJ ZDU HLQ SDWKRORJLVFK YHUEUHLWHWHU3OHXUDOVSDOWDOV+LQZHLVDXIHLQHQ3OHXUDHUJX‰QDFKZHLVEDU

.OLQLVFKJHVXQGH.lOEHU

.RPHWHQVFKZHLIDUWHIDNWH

$XFKEHLNOLQLVFKJHVXQGHQ.lOEHUQ6'7ZDUHQ.RPHWHQVFKZHLIDUWHIDNWHKlX ILJVRQRJUDSKLVFKQDFKZHLVEDU$EEXQGLP$QKDQJ$EEXQG7DE$

XQG%.RPHWHQVFKZHLIDUWHIDNWHZDUHQFDXGRGRUVDO$XQG%EHLHWZDGHU 8QWHUVXFKXQJHQ FUDQLRGRUVDO EHL HWZD GHU 8QWHUVXFKXQJHQ VRQRJUDSKLVFK QDFKZHLVEDU ,Q GHQ FDXGRYHQWUDOHQ & ELV ( /XQJHQEHUHLFKHQ ZDUHQ .RPHWHQ VFKZHLIDUWHIDNWHEHLHWZDVRQRJUDSKLVFKQDFKZHLVEDULQGHQFUDQLRYHQWUDOHQ XQGPLWWOHUHQYHQWUDOHQ%HUHLFKHQODJGLH,Q]LGHQ]YRQ.RPHWHQVFKZHLIDUWHIDNWHQEHL HWZDGHU8QWHUVXFKXQJHQ$EEXQGLP$QKDQJ$EEXQG7DE

$XQG%

,P9HUJOHLFK]ZLVFKHQNOLQLVFKJHVXQGHQ.lOEHUQ6'7XQGOXQJHQJHVXQGHQ .lOEHUQPLW)LHEHU6'7 ]HLJWHQVLFKNHLQHVLJQLILNDQWHQ8QWHUVFKLHGHLQ GHU+lXILJNHLWYRQ.RPHWHQVFKZHLIDUWHIDNWHQ$EEXQGLP$QKDQJ$EE XQG7DE$XQG%

.RQVROLGLHUXQJHQ

%HLNOLQLVFKJHVXQGHQ.lOEHUQ6'7ZDUHQ.RQVROLGLHUXQJHQLQGHQGRUVDOHQ /XQJHQDUHDOHQ$XQG%VRQRJUDSKLVFKIDVWQLHQDFKZHLVEDULQGHQYHQWUDOHQ/XQ JHQDEVFKQLWWHQ&ELV(ZDUHQ.RQVROLGLHUXQJHQEHLK|FKVWHQVGHU8QWHUVX FKXQJHQQDFKZHLVEDU$EEXQGLP$QKDQJ$EEXQG7DE$XQG%

,P9HUJOHLFK]ZLVFKHQNOLQLVFKJHVXQGHQ.lOEHUQ6'7XQGOXQJHQJHVXQGHQ .lOEHUQPLW)LHEHU6'7]HLJWHQVLFKNHLQHGHXWOLFKHQ8QWHUVFKLHGHLQGHU +lXILJNHLWYRQ.RQVROLGLHUXQJHQ$EEXQGLP$QKDQJ$EEXQG7DE$

XQG%

/XQJHQNUDQNH.lOEHUPLWLQVSLUDWRULVFKHU'\VSQRH

.RPHWHQVFKZHLIDUWHIDNWH

.RPHWHQVFKZHLIDUWHIDNWH ZDUHQ EHL .lOEHUQ PLW LQVSLUDWRULVFKHU '\VSQRH 6 '7 LQGHQFDXGRGRUVDOHQ%HUHLFKHQ$XQG%EHLHWZDGHU 8QWHUVX FKXQJHQLQGHQFUDQLRGRUVDOHQ%HUHLFKHQEHLELVGHU8QWHUVXFKXQJHQVRQR JUDSKLVFKQDFKZHLVEDU ,QGHQ YHQWUDOHQ EHVRQGHUV GHQ FDXGRYHQWUDOHQ %HUHL FKHQXQWHUVFKLHGVLFKGLH,Q]LGHQ]YRQ.RPHWHQVFKZHLIDUWHIDNWHQ]ZLVFKHQOXQJHQ NUDQNHQ .lOEHUQ PLW JHULQJJUDGLJHU LQVSLUDWRULVFKHU '\VSQRH 6 '7 ELV ]X GHU 8QWHUVXFKXQJHQ XQG OXQJHQNUDQNHQ .lOEHUQ PLW GHXWOLFKHU LQVSLUDWRUL VFKHU'\VSQRH6'7PLWHLQHU+lXILJNHLWYRQPD[LPDOGHU8QWHUVXFKXQ JHQ$EEXQGLP$QKDQJ$EEXQG7DE$XQG%$XQG%

.RQVROLGLHUXQJHQ

.RQVROLGLHUXQJHQZXUGHQLQGHQGRUVDOHQ$XQG%XQGFDXGRYHQWUDOHQ&ELV(

/XQJHQEHUHLFKHQ EHL OXQJHQNUDQNHQ .lOEHUQ PLW LQVSLUDWRULVFKHU '\VSQRH 6 '7 VHOWHQGHU8QWHUVXFKXQJHQQDFKJHZLHVHQ,QGHQFUDQLRYHQWUDOHQ

$UHDOHQZDUHQ.RQVROLGLHUXQJHQEHLOXQJHQNUDQNHQ.lOEHUQPLWGHXWOLFKHULQVSLUDWRUL VFKHU'\VSQRH6'7KlXILJHUELV]XGHU8QWHUVXFKXQJHQQDFK]XZHLVHQ DOVEHLOXQJHQNUDQNHQ.lOEHUQPLWJHULQJJUDGLJHULQVSLUDWRULVFKHU'\VSQRH6'7 ELV]XGHU8QWHUVXFKXQJHQ$EEXQGLP$QKDQJ$EEXQG 7DE$XQG%$XQG%

/XQJHQNUDQNH.lOEHUPLWH[VSLUDWRULVFKHU'\VSQRH

.RPHWHQVFKZHLIDUWHIDNWH

%HL .lOEHUQ PLW H[VSLUDWRULVFKHU '\VSQRH 6 '7 ZDUHQ .RPHWHQVFKZHLI DUWHIDNWHGRUVDO$XQG%EHLELV]XGHU8QWHUVXFKXQJHQVRQRJUDSKLVFKQDFK ZHLVEDU,QGHQYHQWUDOHQ/XQJHQEHUHLFKHQ&ELV(ODJGLH,Q]LGHQ]RKQHZHVHQWOL FKHQ 8QWHUVFKLHG ]ZLVFKHQ FDXGDO XQG FUDQLDO ]ZLVFKHQ ELV GHU 8QWHUVX FKXQJHQ$EEXQGLP$QKDQJ$EEXQG7DE$XQG%

.RQVROLGLHUXQJHQ

%HL.lOEHUQPLWH[VSLUDWRULVFKHU'\VSQRH6'7ZXUGHQ.RQVROLGLHUXQJHQLQ GHQGRUVDOHQ%HUHLFKHQ$XQG%VHOWHQQDFKJHZLHVHQ GHU 8QWHUVXFKXQ JHQ%HVRQGHUVKlXILJELV]XGHU8QWHUVXFKXQJHQZDUHQ.RQVROLGLHUXQJHQ FUDQLRYHQWUDO&ELV(VRQRJUDSKLVFKQDFK]XZHLVHQFDXGRYHQWUDOODJGLH,Q]LGHQ]

EHLPD[LPDOGHU8QWHUVXFKXQJHQ$EEXQGLP$QKDQJ$EEXQG 7DE$XQG%

$EE$X%

%HLVSLHOHIUGLHSUR]HQWXDOH+lXILJNHLWYRQVRQRJUDSKLVFKQDFKZHLVEDUHQ.RPHWHQ VFKZHLIDUWHIDNWHQDQGHQ8QWHUVXFKXQJVSXQNWHQ$%&(

NOLQLVFKJHVXQGH.lOEHU61 Q .lOEHUPLW)LHEHU61 Q

OXQJHQNUDQNH.lOEHUPLWJJULQVS'\VSQRH6'71 Q OXQJHQNUDQNH.lOEHUPLWGHXWOLFKHULQVS'\VSQRH6'71 Q OXQJHQNUDQNH.lOEHUPLWH[VS'\VSQRH6'71 Q

$QWHLO.RPHWHQVFKZHLIDUWHIDNWH >GHU8QWHUVXFKXQJHQ@

0 10 20 30 40 50 60 70

FUDQLRYHQWUDO

( FDXGRYHQWUDO

&

$QWHLO.RPHWHQVFKZHLIDUWHIDNWH >GHU8QWHUVXFKXQJHQ@

0 10 20 30 40 50 60 70

FDXGRGRUVDO FUDQLRGRUVDO $

%

$GRUVDO

%YHQWUDO

$EE$X%

%HLVSLHOH IU GLH SUR]HQWXDOH +lXILJNHLW YRQ VRQRJUDSKLVFK QDFKZHLVEDUHQ .RQVROL GLHUXQJHQDQGHQ8QWHUVXFKXQJVSXQNWHQ%%&'

NOLQLVFKJHVXQGH.lOEHU61 Q .lOEHUPLW)LHEHU61 Q

OXQJHQNUDQNH.lOEHUPLWJJULQVS'\VSQRH6'71 Q OXQJHQNUDQNH.lOEHUPLWGHXWOLFKHULQVS'\VSQRH6'71 Q OXQJHQNUDQNH .lOEHU PLW H[VS '\VSQRH 6 '7 1 Q

$QWHLO.RQVROLGLHUXQJHQ >GHU8QWHUVXFKXQJHQ@

0 10 20 30 40 50 60 70

FUDQLRGRUVDO

% FDXGRGRUVDO

%

$QWHLO.RQVROLGLHUXQJHQ >GHU8QWHUVXFKXQJHQ@

0 10 20 30 40 50 60 70

FDXGRYHQWUDO FUDQLRYHQWUDO '

&

$GRUVDO

%YHQWUDO

+lXILJNHLW VRQRJUDSKLVFK QDFKZHLVEDUHU 9HUlQGHUXQJHQ GHU OLQNHQXQGUHFKWHQ/XQJH

.RPHWHQVFKZHLIDUWHIDNWH

%HLNOLQLVFKJHVXQGHQ.lOEHUQ6'7ZDUHQEHLGHUJHSUIWHQ9HUJOHLFKH EHL .lOEHUQ PLW LQVSLUDWRULVFKHU '\VSQRH 6 '7 EHL GHU JHSUIWHQ 9HUJOHLFKHVRZLHEHL.lOEHUQPLWH[VSLUDWRULVFKHU'\VSQRH6'7DQDOOHQ JHSUIWHQ 9HUJOHLFKHQ NHLQH VWDWLVWLVFK VLJQLILNDQWHQ 8QWHUVFKLHGH LQ GHU +lXILJNHLW YRQ.RPHWHQVFKZHLIDUWHIDNWHQDFKZHLVEDU$QGHQUHVWOLFKHQ8QWHUVXFKXQJVSXQNWHQ ZDUHQ .RPHWHQVFKZHLIDUWHIDNWH UHFKWV KlXILJHU DOV OLQNV QDFKZHLVEDU %HL NOLQLVFK JHVXQGHQ.lOEHUQ6'7ZDUHQDQGHQ3XQNWHQ$%(XQG(.RPHWHQ VFKZHLIDUWHIDNWH VLJQLILNDQW UHFKWV KlXILJHU DOV OLQNV QDFKZHLVEDU %HL .lOEHUQ PLW LQVSLUDWRULVFKHU'\VSQRH6'7ZDUHQDQGHQ3XQNWHQ%'XQG' .RPHWHQVFKZHLIDUWHIDNWH VLJQLILNDQW KlXILJHU UHFKWV DOV OLQNV QDFKZHLVEDU %HL .lO EHUQPLWH[VSLUDWRULVFKHU'\VSQRH6'7ZDUHQ]ZLVFKHQUHFKWHUXQGOLQNHU /XQJHNHLQH8QWHUVFKLHGHLQGHU,Q]LGHQ]VRQRJUDSKLVFKQDFKZHLVEDUHU9HUlQGHUXQ JHQYRUKDQGHQ7DE

.RQVROLGLHUXQJHQ

%HLNOLQLVFKJHVXQGHQ.lOEHUQ6'7ZDUHQEHLGHUJHSUIWHQ9HUJOHLFKH EHL.lOEHUQPLWLQVSLUDWRULVFKHU'\VSQRHEHLGHUJHSUIWHQ9HUJOHLFKHXQGEHL .lOEHUQPLWH[VSLUDWRULVFKHU'\VSQRH6'7EHLGHUJHSUIWHQ9HU JOHLFKHNHLQHVWDWLVWLVFKVLJQLILNDQWHQ8QWHUVFKLHGHLQGHU+lXILJNHLWYRQ.RQVROLGLH UXQJHQQDFKZHLVEDU$QGHQUHVWOLFKHQ8QWHUVXFKXQJVSXQNWHQZDUHQ.RQVROLGLHUXQ JHQ EHUZLHJHQG OLQNV KlXILJHU DOV UHFKWV QDFKZHLVEDU 6LJQLILNDQWH 8QWHUVFKLHG ZDUHQEHLNOLQLVFKJHVXQGHQ.lOEHUQDQGHQ8QWHUVXFKXQJVSXQNWHQ%&&&

XQG']XILQGHQEHL.lOEHUQPLWLQVSLUDWRULVFKHU'\VSQRH6'7DQGHQ

8QWHUVXFKXQJVSXQNWHQ%&&&'XQG(XQGEHL.lOEHUQPLWH[VSLUD WRULVFKHU'\VSQRH6'7DQGHQ]ZHL8QWHUVXFKXQJVSXQNWHQ&XQG' 7DE

/HJHQGH]XGHQ7DEHOOHQXQG

>[[@ $Q]DKO GHU 7LHUH E]Z $Q]DKO GHU 8QWHUVXFKXQJHQ GHU EHWUHIIHQGHQ

*UXSSH

\\ $Q]DKOGHUDXVJHZHUWHWHQ8QWHUVXFKXQJHQGHUOLQNHQE]ZGHUUHFKWHQ /XQJH

DPUHFKWHQ6SDOWHQUDQG.RPHWHQVFKZHLIDUWHIDNWHE]Z.RQVROLGLHUXQJHQUHFKWV

KlXILJHUDOVOLQNV

DPOLQNHQ6SDOWHQUDQG .RPHWHQVFKZHLIDUWHIDNWHE]Z.RQVROLGLHUXQJHQOLQNV KlXILJHUDOVUHFKWV

$ DXIEHLGHQ6HLWHQNHLQH.RQVROLGLHUXQJHQQDFKZHLVEDU

6LJQLILNDQ]QLYHDX S!

S!

S

7DE 9HUJOHLFKGHU+lXILJNHLWYRQ.RPHWHQVFKZHLIDUWHIDNWHQGHUOLQNHQXQG UHFKWHQ/XQJHχð7HVW

*UXSSH

7DE 9HUJOHLFKGHU+lXILJNHLWHQYRQ.RQVROLGLHUXQJHQGHUOLQNHQXQGUHFKWHQ

.RUUHODWLRQHQ ]ZLVFKHQ GHP 8PIDQJ VRQRJUDSKLVFK GDUVWHOO

Im Dokument Sonographische Lungenbefunde bei klinisch gesunden und lungenkranken Kälbern (Seite 91-114)