The IKMZ Experience

7KH,.0=([SHULHQFH

'DV DUFKLWHNWRQLVFKH .RQ]HSW GHU %78 &RWWEXV DOV 0RGHOO GHV ÃGULWWHQ2UWHVµ

$1'5($6'(*.:,7=

(LQOHLWXQJʹ=XNXQIWEDXHQʹ(LQHQHXH$UWYRQ*HElXGHW\Sʹ(QLJPDWLVFKH +OOHʹ*UDOVEXUJGHV:LVVHQVYVÃGULWWHU2UWµʹ:DV1XW]HUZROOHQʹ7UDGL WLRQHOOH3DUDGLJPHQYV=XNXQIWVH[SHULPHQWʹ/LWHUDWXUXQG,QWHUQHWTXHOOHQ

(LQOHLWXQJ

'DVV%LEOLRWKHNHQWURW]GHVUDXPXQG]HLWXQDEKlQJLJ]XJlQJOLFKHQ,QWHUQHWV LQGHQ PHLVWHQ)lOOHQ YLHOHXQG]DKOUHLFKH1XW]HU KDEHQKlQJWLP5HJHOIDOO QLFKW YRQ GHU $UFKLWHNWXU GHV %LEOLRWKHNVJHElXGHV DE ± ZHLWHUKLQ HUZHLVHQ VLFK %LEOLRWKHNHQ DOV XQYHU]LFKWEDUH 2UWH IU ZLVVHQVFKDIWOLFKHV $UEHLWHQ 'RFK ZHQQVLFKHLQH%LEOLRWKHN]XHLQHUWRXULVWLVFKHQ $WWUDNWLRQHQWZLFNHOW KDWGDVPHLVWHQVDXFKPLWLKUHU$UFKLWHNWXU]XWXQ

$EE'LH/DJHGHV,QIRUPDWLRQV.RPPXQLNDWLRQVXQG 0HGLHQ]HQWUXPV,.0=‹56FKXVWHU

$OOH5HFKWHIUGLHVHXQGDOOHZHLWHUHQ$EELOGXQJHQGLHVHV%HLWUDJHVOLHJHQ EHLP ,.0= GHU %78 %HL QlKHUHP ,QWHUHVVH DQ GHQ )RWRJUDILHQ DXFK LP

,OO ,6%1 /DGHQSUHLV (XUR 3UHSULQW)DVVXQJ RQOLQH PLW 2SHQ

$FFHVVXQWHUKWWSHGRFKXEHUOLQGH

=XNXQIWEDXHQ

:LH%FKHUKDEHQDXFK%LEOLRWKHNVJHElXGHLKUH6FKLFNVDOH8PJHEXQJ XQG 2UW HLQHU %LEOLRWKHN SUlJHQ LKUH $UFKLWHNWXU GLH VLFK HQWZHGHU HKHU DQ GHU 7UDGLWLRQ GHV %LEOLRWKHNVEDXV RULHQWLHUW RGHU DXI 8QDEKlQJLJNHLW YRP WUDGLWLRQHOOHQ3DUDGLJPDVHW]W

'HUQLFKW KLVWRULVFKEHIUDFKWHWHHKHPDOLJH 6SRUWSODW]DXI GHPGDV,.0=

*HElXGH ,QIRUPDWLRQV .RPPXQLNDWLRQV XQG 0HGLHQ]HQWUXP VWHKW ELHWHW HEHQVR ZLH GLH ]HLWOLFK UHFKW EHUVFKDXEDUH DNDGHPLVFKH 7UDGLWLRQ GHV 8QLYHUVLWlWVVWDQGRUWHV &RWWEXV GLH 0|JOLFKNHLW NHLQHUOHL 5FNVLFKW DXI Ã9HUJDQJHQKHLWµQHKPHQ]XPVVHQXQGUHFKWXQEHIDQJHQÃ=XNXQIWµEDXHQ]X N|QQHQ 'DV KHL‰W HWZDV ]X EDXHQ GDV GLH )XQNWLRQ GHV *HElXGHV ZHQLJHU QDFK EHZlKUWHQ 0XVWHUQ VRQGHUQ XQWHU ELEOLRWKHNVEDXOLFKHQ $VSHNWHQ HKHU DOV DUFKLWHNWRQLVFKHV ([SHULPHQW UHDOLVLHUW ,Q GLHVHP =XVDPPHQKDQJ LVW HQWVFKHLGHQG RE GDV %LEOLRWKHNVJHElXGH EHU GLH WUDGLWLRQHOO ZHVHQWOLFKHQ .RPSRQHQWHQ GHV ]HQWUDOHQ /HVHVDDOV XQG HLQGHXWLJ LGHQWLIL]LHUEDUHU 0DJD]LQUlXPH YHUIJW GHQQ GLHVH EHLGHQ 3DUDPHWHU PDFKHQ HLQ *HElXGH QDFKWUDGLWLRQHOOHQ0D‰VWlEHQ]XU%LEOLRWKHN

$EE'DV,.0=YRQ1RUGZHVWHQ‹56FKXVWHU

+LQEOLFN DXI GHUHQ ZHLWHUH 1XW]XQJ RGHU 9HUEUHLWXQJ ZLUG XP 5FNVSUDFKH PLWGHP,.0=6HNUHWDULDWJHEHWHQYJOZZZWXFRWWEXVGHLNP]

(LQHQHXH$UWYRQ*HElXGHW\S

'DV ,.0=*HElXGH KDW ZHGHU HLQHQ ]HQWUDOHQ /HVHVDDO QRFK KDEHQ GLH IU 5HJDOH JHQXW]WHQ )OlFKHQ HLQHQ VR HLQGHXWLJHQ 0DJD]LQFKDUDNWHU GDVV GLH 1XW]XQJDOV0DJD]LQIOlFKHQGLHDOOHLQYRUVWHOOEDUHRGHUGLHIUGLH*HElXGH ZLUNXQJ DOV %LEOLRWKHN HQWVFKHLGHQGH ZlUH =XJOHLFK SUlJHQ GDV ,.0=

*HElXGH GUHL DUFKLWHNWRQLVFKH *UXQGNRPSRQHQWHQ GLH DXI MHGHQ )DOO DX‰HUKDOEGHVWUDGLWLRQHOOHQ3DUDGLJPDVVWHKHQ'LHVVLQGGHURIIHQHXQGGXUFK NHLQHUOHL 7UHQQZlQGH XQWHUWHLOWH 5DXP YRP HUVWHQ 7LHIJHVFKRVV ELV ]XP VHFKVWHQ 2EHUJHVFKRVV GLH )DUEJHVWDOWXQJ LP *HElXGHLQQHUHQ VRZLH GLH 7UHSSHQSODVWLN DOV %OLFNIDQJ XQG 9HUELQGXQJ ]ZLVFKHQ GHQ (WDJHQ $QGHUV XQGEHUVSLW]WJHVDJWELHWHWGDV,.0=HLQ%HLVSLHOGDVWUDGLWLRQHOOHQ$UFKL WHNWXUHOHPHQWHQ GLH PLW %LEOLRWKHNHQ XQG %LEOLRWKHNVJHElXGHQ DVVR]LLHUW ZHUGHQJHUDGH]XZLGHUVSULFKW

$EE'DV,.0=YRQ6GHQ‹56FKXVWHU

$XV 6LFKW GHU $UFKLWHNWHQ +HU]RJ GH 0HXURQ VWHOOW VLFK GDV *HElXGH LQ IROJHQGHU:HLVHGDU

$QIDQJ GHU HU -DKUH ZXUGHQ IU GLH QHXH %78 LQ HLQHP :HWWEHZHUE .RQ]HSWH ]XU 0RGHUQLVLHUXQJ XQG :HLWHUHQW ZLFNOXQJJHVXFKW,QXQVHUHP:HWWEHZHUEVNRQ]HSWVFKOXJHQZLU DXI GHU )UHLIOlFKH |VWOLFK GHV 8QLYHUVLWlWVJHOlQGHV ]ZHL UHFKW

HFNLJH%DXN|USHUYRUGLH%LEOLRWKHNXQGGDV]HQWUDOH+|UVDDO JHElXGH 'LH %HUHLFKH GHU 8QLYHUVLWlW GLH DXFK YRQ GHU

&RWWEXVVHU%HY|ONHUXQJEHQXW]WZHUGHQZUGHQVROOWHQ7HLOGHU 6WDGW ZHUGHQ %HL :LHGHUDXIQDKPH GHV 3URMHNWHV ZDU GDV Ã$XGL0D[µ MHGRFK EHUHLWV DQ DQGHUHU 6WHOOH LP ,QQHUHQ GHV

&DPSXV JHEDXW ZRUGHQ :LU JHODQJWHQ ]XU hEHU]HXJXQJ GDVV IUGLH%LEOLRWKHNQXQHLQHQHXH$UWYRQ*HElXGHW\SQRWZHQGLJ ZDUHLQ6ROLWlUGHULQGHUXPJHEHQGHQVWlGWLVFKHQ%HEDXXQJV VWUXNWXUHLQ =HLFKHQ]XVHW]HQ YHUPRFKWHGHUGHQQHXHQ *HLVW GHU8QLYHUVLWlW]XP$XVGUXFNEULQJHQXQG]XU8PJHEXQJYLHO IlOWLJH%H]LHKXQJHQHLQJHKHQVROOWH

(LQHU$P|EHJOHLFKVFKHLQWVLFKGHU*UXQGULVVDXV]XGHKQHQXQG LQ GLH XPJHEHQGH /DQGVFKDIW ]X IOLH‰HQ (LQH UHLQ ]XIlOOLJH )RUPDOVRDOV5HVXOWDWVSRQWDQHUNQVWOHULVFKHU,QVSLUDWLRQXQG

$XVGUXFNSHUV|QOLFKHU(PSILQGXQJHQGHU$UFKLWHNWHQ":DVDXI GHQ HUVWHQ %OLFN WDWVlFKOLFK DOV UHLQ ]XIlOOLJH )RUP HUVFKHLQW ]HLJW VLFK EHL QlKHUHU %HWUDFKWXQJ DOV DEVLFKWVYROOHV *HIJH YLHOIlOWLJHU %HZHJXQJVDEOlXIH :LU KDEHQ GLH 6HTXHQ]HQ GHU

%HZHJXQJVDEOlXIH PLWWHOV 0RGHOOHQ HQWZLFNHOW XQG EH]JOLFK LKUHU 4XDOLWlW GHQ VWlGWLVFKHQ 5DXP QHX ]X RUGQHQ XQG ]X VWUXNWXULHUHQEHUSUIW

(LQODGHQG VWHKW GHU JOlVHUQH %LEOLRWKHNVN|USHU GHP +DXSW HLQJDQJ GHV &DPSXV JHJHQEHU $XV GLHVHU 3HUVSHNWLYH ]HLJW VLFK GLH %LEOLRWKHN DOV VWDWWOLFKHV 9ROXPHQ GDV LP 3DUN YHUDQNHUW LVW 1lKHUW PDQ VLFK GHP JOHLFKHQ %DXN|USHU YRP 6WDGW]HQWUXP RGHU YRQ 1RUGHQ VR ZLUNW HU Y|OOLJ DQGHUV VFKODQNHUIDVWVFKRQ ZLHHLQIUHLVWHKHQGHU7XUP9RQ ZHOFKHU 6HLWH DXFK LPPHU GHU %HWUDFKWHU DXI GDV *HElXGH ]XJHKW HV HU|IIQHQ VLFK LKP VWHWV QHXH $QVLFKWHQ GHQQRFK EOHLEW GDV

*HElXGH HLQH HLQ]LJH NRQWLQXLHUOLFKH )RUP HLQ IOLH‰HQGHV

*DQ]HV 'HU RUJDQLVFK ZLUNHQGH VFKHLQEDU VR VHKU DXI VLFK VHOEVW EH]RJHQH %DX LVW DOVR GDV 3URGXNW HLQHU VWlGWHEDXOLFKHQ

$EVLFKW QlPOLFK GLHVHP 2UW HLQH QHXH HLQSUlJVDPH WRSR JUDSKLVFKH4XDOLWlW]XJHEHQ

'LHVHV .RQ]HSW ILQGHW VHLQH )RUWVHW]XQJ LP ,QQHUQ GHV

*HElXGHV'LH)RUPGHV%DXN|USHUVHUP|JOLFKWGLH6FKDIIXQJ HLQHU 9LHO]DKO YRQ XQWHUVFKLHGOLFK JUR‰HQ QDFK YHUVFKLHGHQHQ 6HLWHQRULHQWLHUWHQ/HVHVlOHQXQGGHQQRFKLVWGLH%LEOLRWKHNHLQ HLQ]LJHU]XVDPPHQKlQJHQGHU,QQHQUDXPHLQ5DXPNRQWLQXXP

(LQHP RUWKRJRQDOHQ 2UGQXQJVV\VWHP IROJHQG ZHUGHQ GLH HLQ]HOQHQ *HVFKRVVSODWWHQ XQWHUVFKLHGOLFK ]XUFN JHVFKQLWWHQ VRGDVV HLQ 6SDQQXQJVIHOG HQWVWHKW ]ZLVFKHQ GHQ JHVFKQLWWHQHQ

*HVFKRVVHEHQHQXQGGHUNRQWLQXLHUOLFKHQ*HElXGHKOOH

'LH 0|JOLFKNHLW DXI MHGHU (EHQH RGHU LQ MHGHP *HElXGHWHLO EHVWLPPWH %HUHLFKH GHU *HVFKRVVIOlFKH DXV]XODVVHQ JDE XQV JUR‰H )UHLKHLW EHL GHU 6FKDIIXQJ YRQ YLHOIlOWLJHQ UlXPOLFKHQ

$EIROJHQ LQQHUKDOE GHV *HElXGHV (LQLJH /HVHVlOH VLQG ]ZHL RGHU GUHLJHVFKRVVLJ XQG ZLUNHQ VHKU ZHLWUlXPLJ DQGHUH VLQG LQWLPHU PLW HLQHU EHZXVVW WLHIHU JHVHW]WHQ 'HFNH :lKUHQG HLQLJH 5lXPH GLH JHNXUYWH YHUJODVWH *HElXGHKOOH PLW YLHO 7DJHVOLFKW YRQ GHU 6HLWH RGHU YRQ REHQ YROO DXVVFK|SIHQ VLQG GLH $UEHLWVSOlW]H DQ DQGHUHQ 2UWHQ HWZDV DEJHVFKLUPW DXI

*DOHULHQ DQJHRUGQHW 'LH IODFKHQ HLQJHVFKRVVLJHQ XQG GXQNOHUHQ %HUHLFKH GHV 5DXPJHIJHV VLQG JHIOOW PLW GHQ 5HJDOHQGHU)UHLKDQGELEOLRWKHNKLHUZlKQWPDQVLFKIDVWZLHLQ HLQHP0DJD]LQ

(LQH JUR‰]JLJH LP 'XUFKPHVVHU VHFKV 0HWHU EUHLWH :HQGHO WUHSSH GXUFKVFKQHLGHW VlPWOLFKH *HVFKRVVHEHQHQ XQG LVW YHUELQGHQGHV (OHPHQW ]XJOHLFK $OV IUHLVWHKHQGHV VNXOSWXUDOHV 2EMHNW GLHQW VLH DX‰HUGHP GHU 2ULHQWLHUXQJ LQQHUKDOE GHV

*HElXGHV 'LHVH 7UHSSH LVW VR JUR‰]JLJ NRQ]LSLHUW GDVV VLH QLFKW QXU HLOLJHQ %HVXFKHUQ DOV GLUHNWH (UVFKOLH‰XQJ DOOHU

*HVFKRVVH GLHQW VRQGHUQ VLFK DXFK DOV %HJHJQXQJVRUW DOO GHQ 3HUVRQHQ DQELHWHW GLH IU HLQH NXU]H 8QWHUKDOWXQJ DXI GHU 7UHSSHYHUZHLOHQP|FKWHQ

'LH/HVHVlOHVLQGLQ*UDXXQG:HL‰JHKDOWHQKLHUVROOHQ5XKH XQG .RQ]HQWUDWLRQ KHUUVFKHQ 'LH DUFKLWHNWRQLVFKHQ 7KHPHQ VLQG5DXP/LFKWXQG$XVVLFKW,QGHQWLHIHUHQLQQHQOLHJHQGHQ

%HUHLFKHQ GHV *HElXGHV ZR %FKHU XQG DQGHUH 0HGLHQ JHODJHUW VLQG KDEHQ ZLU GDV +DXV LQ )DUEH JHWDXFKW 6SHNWUDOIDUEHQ VLQG LQ 6WUHLIHQ GHP UDWLRQDOHQ RUWKRJRQDOHQ 6\VWHP IROJHQG DXI %RGHQ 6WW]HQ XQG :lQGH JHPDOW $XFK VLH VFKDIIHQ 2ULHQWLHUXQJVKLOIH RKQH HLQH IHVWH &RGLHUXQJ GHV

*HElXGHV QDFK )DFKEHUHLFKHQ YRU]XQHKPHQ 'LH )DUEHQ VSLHJHOQ VLFK LQ QDKH]X SV\FKHGHOLVFKHU :LUNXQJ LQ GHQ PHWDOOHQHQ'HFNHQXQG5HJDOHQ

'LH*ODVKOOHLVWYRQEHLGHQ6HLWHQPLWHLQHP ZHL‰HQ6FKOHLHU EHGUXFNW 7H[WH LQ XQWHUVFKLHGOLFKHQ 6SUDFKHQ XQG 6FKULIWHQ

VLQG VR RIW EHUHLQDQGHU JHOHJW GDVV HLQ 0XVWHU HQWVWHKW GDV NHLQ /HVHQ XQG 9HUVWHKHQ PHKU HUODXEW XQG GHQQRFK VHLQHQ 8UVSUXQJ LQ GHU :HOW GHU =HLFKHQ QLFKW YHUELUJW 'LHVH

%HGUXFNXQJEULFKWGLH6SLHJHOXQJQLPPWGHP*ODVVHLQH+lUWH XQGGHP.|USHUVHLQH+RPRJHQLWlW

$EE'DV,.0=YRQ6GZHVWHQEHL1DFKW‹56FKXVWHU

(QLJPDWLVFKH+OOH

%HPHUNHQVZHUW GDEHL LVW GDVV GLH DUFKLWHNWRQLVFKH 8PVHW]XQJ GHU

%LEOLRWKHNVIXQNWLRQ GHV *HElXGHV WKHPDWLVLHUW DEHU QLFKW DXVIKUOLFK GDUJHVWHOOWZLUG9RUUDQJLJVFKHLQWHVGDUXP]XJHKHQ)RUPHQXQG6WUXNWXUHQ JHElXGHEH]RJHQ XQG VWlGWHEDXOLFK LQ %H]LHKXQJ ]X VHW]HQ ,P 0LWWHOSXQNW VWHKWGLH(U|UWHUXQJGHV6SDQQXQJVYHUKlOWQLVVHV]ZLVFKHQUXQGHQXQGHFNLJHQ

%DXIRUPHQYRQIOLH‰HQGHP5DXPNRQWLQXXPXQGRUWKRJRQDOHQ6\VWHPHQYRQ

%HZHJXQJ/LFKWXQG0DWHULDOVRGDVVELEOLRWKHNVEH]RJHQH)XQNWLRQHQPHKU

$XV+HU]RJ GH0HXURQ,.0=%78&277%86%DVHO

=LWLHUW ZLUG DXV GLHVHU 3URMHNWEHVFKUHLEXQJ GLH YRP $UFKLWHNWXUEUR +HU]RJ GH0HXURQ%DVHO]XU9HUIJXQJJHVWHOOWZXUGH

DOV 9RUZDQG GHQQ DOV =ZHFN GHU DUFKLWHNWRQLVFKHQ )RUPJHEXQJ HUVFKHLQHQ

$OOHUGLQJV VROO GLH PLW %XFKVWDEHQ XQG %XFKVWDEHQIROJHQ YHUVFKLHGHQHU 6SUDFKHQEHGUXFNWH)DVVDGHGHQ%H]XJ]XU*HElXGHIXQNWLRQSUlVHQWLHUHQ0LW DQGHUHQ :RUWHQ 'LH PLW %XFKVWDEHQ YHUUlWVHOWH %HGUXFNXQJ ± XQG QLFKW LQ HUVWHU /LQLH GDV 5 DXPNRQ]HSW ± DUWLNXOLHUW GLH %LEOLRWKHN GLH GDV ,.0=

*HElXGH LVW =XJOHLFK ZLUG GXUFK GLH )DVVDGH GLH GDV *HElXGH EHL 7DJ HQLJPDWLVFK YHUKOOW XQG EHL 1DFKW Ã/LFKW LQ GLH 'XQNHOKHLWµ EULQJW VRZLH GXUFK GLH NUlIWLJHQ 6SHNWUDOIDUEHQ LP *HElXGHLQQHUQ GDV ,.0=*HElXGH VHOEVW]XHLQHP0HGLXP'LHVLQWHQVLYLHUWGDVELEOLRWKHNVEDXOLFKH([SHULPHQW QRFKPDOV

$EE$XVVFKQLWWDXVGHU)DVVDGHGHV,.0=‹56FKXVWHU

*UDOVEXUJGHV:LVVHQVYVÃGULWWHU2UWµ

,Q ZHOFKHU :HLVH ZLUG GDUEHU KLQDXV PLW GHP ,.0=*HElXGH Ã=XNXQIWµ JHEDXW" 'DV DUFKLWHNWRQLVFKH 6HOEVWELOG YRQ %LEOLRWKHNHQ XQWHUOLHJW PLW GHU 9HUEUHLWXQJ GHV ,QWHUQHWV DOV 'LVWULEXWLRQVNDQDO IU ELEOLRWKHNVUHOHYDQWH ,QKDOWHHLQHPQDFKKDOWLJHQ :DQGHO $XIJUXQGLKUHU6SHLFKHUIXQNWLRQ IUGLH SK\VLVFKHQ (LQKHLWHQ SDSLHUJHEXQGHQHU 0HGLHQ YHUELQGHW VLFK PLW

%LEOLRWKHNVJHElXGHQ GLH 0HWDSKHU GHU 6FKDW]NDPPHU RGHU GHV :LVVHQV VSHLFKHUV

$EE'LH7UHSSHPLW%OLFNLQGLH(WDJH‹56FKXVWHU

(QWVFKHLGHQGIUGLH:HUWKDOWLJNHLWGHU%HVWlQGHLVWLKUH*HGlFKWQLVIXQNWLRQ RGHUGLHGHV5HVHUYRLUVWUDGLHUWHQPHQVFKOLFKHQ:LVVHQV'LH([NOXVLYLWlWGHU

%LEOLRWKHN OHJLWLPLHUW VLFK LQ GLHVHP 0RGHOO DXV GHU 9HUJDQJHQKHLW XQG EHJUQGHWVLFKGDPLWDOVÃ*UDOVEXUJGHV:LVVHQVµ(WZDVEHU]HLFKQHWJHVDJW LVWGDEHLGLHIDVWVDNUDO]XQHQQHQGH7UDGLWLRQGHV0HQVFKKHLWVJHGlFKWQLVVHV XQWHU 9HUVFKOXVV XQG VWHKW SULPlU GHU Ã*HPHLQVFKDIW GHU :LVVHQGHQµ ]XU 9HUIJXQJE]ZGHQHQGLHVLFKXP$QHLJQXQJXQG9HUWLHIXQJGLHVHV:LVVHQV DOV/HUQHQGHEHPKHQ

,Q GLUHNWHP *HJHQVDW] GD]X VWHKW GDV 9HUVWlQGQLV YRQ %LEOLRWKHN DOV ,QIRUPDWLRQV XQG .RPPXQLNDWLRQVRUW 'DEHL IXQJLHUW GLH %LEOLRWKHN DOV WUDQVLWRULVFKHU 2UW GHU ZLH GDV VLFK PHKU XQG PHKU ]XP /HLWPHGLXP HWDEOLHUHQGH ,QWHUQHW GXUFK 2IIHQKHLW XQG =XJlQJOLFKNHLW JHNHQQ]HLFKQHW LVW

%LEOLRWKHNVJHElXGH VLQG GDPLW QLFKW PHKU 6FKDW]KlXVHU VRQGHUQ |IIHQWOLFKH 2UWHGLHQHEHQ$UEHLWVSODW]XQG:RKQXQJ]XHLQHPVRJHQDQQWHQÃGULWWHQ2UWµ PXWLHUHQ GHU YRUUDQJLJ ,QIRUPDWLRQV XQG .RPPXQLNDWLRQVEHGUIQLVVH GHFNW'LH%LEOLRWKHNZLUG]XPÃ1RQ/LHXµGHUVLFKXQWHUGHQ%HGLQJXQJHQ GHV DNDGHPLVFKHQ 6WXGLXPV RGHU GHV Ã/LIHORQJ /HDUQLQJµ DXFK DOV /HUQRUW EH]HLFKQHQOlVVW

:LH PDQ OHLFKW HUNHQQW EH]HLFKQHQ ZLU PLW GHP $XVGUXFN Ã1LFKW2UWµ ]ZHL YHUVFKLHGHQH MHGRFK HLQDQGHU HUJlQ]HQGH 5HDOLWlWHQ 5lXPH GLH LQ %H]XJ DXI EHVWLPPWH =ZHFNH 9HUNHKU 7UDQVLW +DQGHO )UHL]HLW NRQVWLWXLHUW VLQG XQG GLH

%H]LHKXQJ GLH GDV ,QGLYLGXXP ]X GLHVHQ 5lXPHQ XQWHUKlOW 'LHVHEHLGHQ6DFKYHUKDOWHEHUODJHUQVLFK]ZDULQZHLWHQ7HLOHQ JHJHQVHLWLJ XQG JDQ] VLFKHU RIIL]LHOO GLH ,QGLYLGXHQ UHLVHQ NDXIHQ VXFKHQ (UKROXQJ DEHU VLH YHUPLVFKHQ VLFK QLFKW LP VHOEHQ 0D‰H GHQQ GLH 1LFKW2UWH YHUPLWWHOQ HLQHQ JDQ]HQ .RPSOH[ YRQ %H]LHKXQJHQ ]X VLFK VHOEVW XQG ]X GHQ DQGHUHQ GLHQXULQGLUHNW PLWLKUHQ =LHOHQ]XVDPPHQKlQJHQ6R ZLHGLH DQWKURSRORJLVFKHQ 2UWH 2UJDQLVFK6R]LDOHV KHUYRUEULQJHQ VR VFKDIIHQGLH1LFKW2UWHHLQHVROLWlUH9HUWUlJOLFKNHLW>«@,QGHU NRQNUHWHQ 5HDOLWlW GHU :HOW YRQ KHXWH EHUVFKQHLGHQ XQG GXUFKGULQJHQ 2UWH XQG 5lXPH 2UWH XQG 1LFKW2UWH VLFK JHJHQVHLWLJ 'LH 0|JOLFKNHLW GHV 1LFKW2UWHV LVW DQ MHGHP EHOLHELJHQ2UWJHJHEHQ'LH5FNNHKU]XP2UWLVWGLH5FNNHKU GHVVHQ GHU GLH 1LFKW2UWH IUHTXHQWLHUW XQG GHU ]XP %HLVSLHO YRQ HLQHP =ZHLWZRKQVLW] WUlXPW DQ GHP HU IHVW LP %RGHQ YHUZXU]HOW LVW 2UWH XQG 1LFKW2UWH YHUKDOWHQ VLFK ]XHLQDQGHU

9JO.HUVWLQJ0HXOHPDQQ6FKPLGW 9RLJW

RGHU YHUZHLVHQ DXIHLQDQGHU ZLH GLH :RUWH XQG GLH %HJULIIH PLWGHQHQVLHEHVFKULHEHQZHUGHQN|QQHQ

$EE'LH7UHSSHXQG%OLFNLQV(UGJHVFKRVV‹56FKXVWHU

$XJp

'LHVH $XVIKUXQJHQ ]HLJHQ QLFKW QXU GLH .RPSOH[LWlW YRQ 1LFKW2UWHQ VRQGHUQ DXFK GHUHQ H[SHULPHQWHOOHQ &KDUDNWHU GHU VLFK LQ WUDGLWLRQHOOHQ

%LEOLRWKHNHQ EHUHLWV DOV 1XW]XQJVV]HQDULR ]HLJW XQG GDV DUFKLWHNWRQLVFKH .RQ]HSWGHV,.0=*HElXGHVJUXQGVlW]OLFKSUlJW2IIHQKHLWXQG7UDQVSDUHQ]

GHU *HElXGHVWUXNWXU ELHWHQ GLH 9RUDXVVHW]XQJHQ IU GHQ ÃGULWWHQ 2UWµ 'LH

%LEOLRWKHNVIXQNWLRQ ZLUG KLQJHJHQ GXUFK GLH HQLJPDWLVFKH %HGUXFNXQJ GHU

$X‰HQIDVVDGH]LWLHUW±PLWDQGHUHQ:RUWHQ'DV$UFDQXPGHU%XFKVWDEHQGDV WUDGLWLRQHOOH%LEOLRWKHNHQDXIJUXQGLKUHV5HLFKWXPVDQJHGUXFNWHQ%HVWlQGHQ XQG 7H[WHQ FKDUDNWHULVLHUW ZLUG DOV 0HWDSKHU ÃEXFKVWlEOLFKµ DXIJHEOlWWHUW RKQHGDEHLHQWVFKOVVHOW]XZHUGHQXQGRKQHVLFKHQWVFKOVVHOQ]XODVVHQ'LH 7H[WXUPHQVFKOLFKHQ:LVVHQVZLUGLP*UXQGHDOV5lWVHO]LWLHUWXQGYHUZHLVW DXIGLH%LEOLRWKHNLP,.0=*HElXGHDOVÃGULWWHQ2UWµ

'LHVIKUW]XGHU)UDJHLQZHOFKHU:HLVH%LEOLRWKHNVJHElXGHYRQ1XW]HU VHLWHDOV2UWHJHQXW]WXQGZDKUJHQRPPHQZHUGHQ

:DV1XW]HUZROOHQ

(WZDVNRQNUHWHUODXWHWGLH)UDJH6LQG%LEOLRWKHNHQHKHU 2UWHGHU5XKH XQG GHU.RQ]HQWUDWLRQRGHUKDQGHOWHVVLFKYLHOPHKUXP2UWHGHU$UEHLWXQGGHU .RPPXQLNDWLRQ" 8QWHU GLHVHP 7LWHO VWHKW GLH 'LSORPDUEHLW YRQ 0LFKDHO 'XIWHU PLW GHU HLQH YHUJOHLFKHQGH 8QWHUVXFKXQJ ]XU :LUNXQJ XQWHUVFKLHG OLFKHU DUFKLWHNWRQLVFKHU .RQ]HSWH DP %HLVSLHO GHU 6lFKVLVFKHQ /DQGHV ELEOLRWKHN ± 6WDDWV XQG 8QLYHUVLWlWVELEOLRWKHN 6/8% 'UHVGHQ XQG GHV ,QIRUPDWLRQV .RPPXQLNDWLRQV XQG 0HGLHQ]HQWUXPV GHU %78 &RWWEXV ,.0=YRUJHOHJWZLUG8PGLH(UJHEQLVVHGHU6WXGLHVWDWLVWLVFK]XEHOHJHQ ZXUGHQ1XW]HUEHIUDJXQJHQGXUFKJHIKUWXQGHQWVSUHFKHQGDXVJHZHUWHW*DQ]

HQWVFKHLGHQG LVW GDEHL GDVV $N]HSWDQ] XQG %HZHUWXQJ GHU EHLGHQ

%LEOLRWKHNVJHElXGH QLFKW QXU XQWHU )XQNWLRQVDVSHNWHQ VRQGHUQ DXFK XQWHU lVWKHWLVFKHQ*HVLFKWVSXQNWHQYRUJHQRPPHQZXUGHQ'LH(UJHEQLVVHZHUGHQ YRQ'XIWHULQIROJHQGHU:HLVH]XVDPPHQJHIDVVW

$UFKLWHNWXU ]HLFKQHW VLFK GXUFK GDV =XVDPPHQZLUNHQ YRQ .RQVWUXNWLRQ )XQNWLRQ XQG )RUP DXV 9HUVWHKW PDQ GLH :LUNXQJ YRQ $UFKLWHNWXU DOV 6SUDFKH GDQQ WUDQVSRUWLHUW GLH EDXOLFKH *HVWDOW ,QKDOWH DXI GHQ %HGHXWXQJVHEHQHQ YRQ

'XIWHU

'LH YRQ 'XIWHU EHWUDFKWHWHQ 3HUVSHNWLYHQ VLQG 1XW]XQJ XQG 1XW]XQJV YHUKDOWHQDUFKLWHNWRQLVFKH%HZHUWXQJ$NWLYLHUXQJ%HDQVSUXFKXQJ$UEHLWV DWPRVSKlUH3HUV|QOLFKNHLW9JO'XIWHU6

'HQRWDWLRQ)XQNWLRQXQG.RQQRWDWLRQ6\PERO:lKUHQGGLH ,QWHUSUHWDWLRQDXI(EHQHGHU'HQRWDWLRQPHLVWHLQGHXWLJJHOLQJW VLQG GLH %HGHXWXQJVLQKDOWH DXI NRQQRWDWLYHU (EHQH PHLVW XQVFKDUI XQG XQVLFKHU 'LH %DVLV GHU ,QWHUSUHWDWLRQ VLQG DVVR]LDWLYH %UFNHQ EHU 6LQQ XQG %HGHXWXQJ 'LH GDIU QRWZHQGLJHQ 3UR]HVVH GHU PHQVFKOLFKHQ ,QIRUPDWLRQV YHUDUEHLWXQJ ODXIHQ ]XP *UR‰WHLO XQEHZXVVW DE >«@ =XGHP ]HLJHQ DUFKLWHNWXUSV\FKRORJLVFKH 6WXGLHQ GDVV (IIHNWH DXI GHU LGHHOOHQV\PEROLVFKHQ(EHQHYRQJHULQJHUHU6WlUNHVLQGDOVDXI GHUQXW]XQJVEH]RJHQHQIXQNWLRQHOOHQ(EHQH

'LH )UDJHVWHOOXQJ GHU 8QWHUVXFKXQJ ZDU HV DOOJHPHLQ GLH lVWKHWLVFKH XQG V\PEROLVFKH :LUNXQJ YRQ $UFKLWHNWXU DXI LKUH 1XW]HUQDFK]XZHLVHQ,QVEHVRQGHUHJLQJHVGDUXPZLHVWDUNGLH NRQNUHWHEDXOLFKH*HVWDOWXQJHLQIHVWVWHKHQGHV%HKDYLRU6HWWLQJ EHHLQIOXVVHQ N|QQH XQG RE VLFK GDV YRQ GHQ %DXIDFKOHXWHQ YRUJHJHEHQH*HVWDOWXQJVNRQ]HSWWDWVlFKOLFKLP8UWHLOGHU/DLHQ ZLGHUVSLHJOH 'D]X ZXUGH HLQ TXDVLH[SHULPHQWHOOHU 9HUJOHLFK ]ZHLHU ]HLWJHQ|VVLVFKHU %LEOLRWKHNHQ LQ )RUP HLQHU )HOGVWXGLH GXUFKJHIKUW 9RQ GHQ *HVWDOWXQJVNRQ]HSWHQ GHU $UFKLWHNWHQ XQG GHU .ULWLN GHU )DFKSUHVVH ZXUGH DEJHOHLWHW GDVV GLH 6lFKVLVFKH /DQGHVELEOLRWKHN ± 6WDDWV XQG 8QLYHUVLWlWV ELEOLRWKHN'UHVGHQ6/8%HKHUHLQÃ2UWGHU.RQ]HQWUDWLRQµVHL GDV ,QIRUPDWLRQV .RPPXQLNDWLRQV XQG 0HGLHQ]HQWUXP GHU

%78 &RWWEXV ,.0= GDJHJHQ HKHU HLQ Ã2UW GHU .RPPXQL NDWLRQµ>«@

%HLGH%LEOLRWKHNHQZXUGHQYRQLKUHQ1XW]HUQLQVJHVDPWSRVLWLY HLQJHVFKlW]W 'HU GLUHNWH 9HUJOHLFK DOOJHPHLQHU LQVWUXPHQWHOOHU XQGTXDOLWDWLYHU.ULWHULHQJLQJVLJQLILNDQW]XJXQVWHQGHU6/8%

DXV'DVLVWHLQ +LQZHLVGDUDXIGDVV*HElXGHGLHHKHUHLQHP WUDGLWLRQHOOHQ )RUPHQNDQRQ HQWVSUHFKHQ DXFK YRQ MXQJHQ (UZDFKVHQHQ 6WXGLHUHQGHQ EHVVHU EHZHUWHW ZHUGHQ 0LW DQGHUHQ:RUWHQGLHXQNRQYHQWLRQHOOJHVWDOWHWH%LEOLRWKHNKDWWH HVVFKZHUHUGLH$QHUNHQQXQJLKUHU1XW]HU]XILQGHQ>«@

'LH %HIUDJXQJ ]HLJWH LP 'HWDLO GDVV VLFK GLH *HVWDOWXQJV DEVLFKWHQ GHU 3ODQHU Ã2UW GHU .RQ]HQWUDWLRQµ YV Ã2UW GHU .RPPXQLNDWLRQµGLHVLFKLQYHUVFKLHGHQHQEDXOLFKHQ)DFHWWHQ DXVGUFNWHQ DXFK LQ GHU :DKUQHKPXQJ XQG LP (UOHEHQ XQG 9HUKDOWHQ GHU 1XW]HU ZLGHUVSLHJHOWHQ 6R ZXUGH GLH 5DXP VWLPPXQJ LQ GHU 6/8% LP 9HUJOHLFK ]X GHU GHV ,.0= DOV

WUDGLWLRQHOOHU NRQ]HQWULHUWHU XQG PHGLWDWLYHU VRZLH DOV VWlUNHU QDFK LQQHQ JHZDQGW HPSIXQGHQ :LH GLH 0HVVXQJ GHU SV\FKLVFKHQ %HDQVSUXFKXQJ HUJDE VSLHOWHQ 0RQRWRQLH XQG 6lWWLJXQJ LP %LEOLRWKHNVNRQWH[W NHLQH 5ROOH $OOHUGLQJV ZDUHQ 8QWHUVFKLHGH EHL GHU .RQ]HQWUDWLRQ XQG GHU SV\FKLVFKHQ (UPGXQJ HUNHQQEDU 'LH /HVHU LQ GHU 6/8% IKOWHQ VLFK VWlUNHU JHLVWLJDNWLYLHUWXQG NRQ]HQWULHUW'DV ZDU PLWJU|‰HUHU SV\FKLVFKHU (UPGXQJ YHUEXQGHQ ZREHL HV VLFK QLFKW XP JHVXQGKHLWVNULWLVFKH :HUWH KDQGHOWH 'LH 1XW]HU GHV ,.0=

EHVFKULHEHQVLFKGDJHJHQHKHUDOVXQWHUIRUGHUWDEHUJOHLFK]HLWLJ DXFK VWlUNHU DOV KHLWHU XQG IULVFK ,QVJHVDPW ZDU GLH .RQ]HQWUDWLRQ VWlUNHU LQ GHU 6/8% DXVJHSUlJW GDV :RKO EHILQGHQVWlUNHULP,.0=

7UDGLWLRQHOOH3DUDGLJPHQYV=XNXQIWVH[SHULPHQW

'LH DXI )XQNWLRQDOLWlW DXVJHULFKWHWH %HZHUWXQJ GHU 1XW]HUVHLWH JLEW GHP WUDGLWLRQHOOHQ 3DUDGLJPD GHU 6/8% 'UHVGHQ JHJHQEHU GHP ÃDOV =XNXQIW JHEDXWHQ ([SHULPHQWµ GHV ,.0= GHQ 9RU]XJ $XI GLHVH :HLVH ZLUG GHP 7UDGLWLRQVPRGHOOÃEHVWSUDFWLFHµDWWHVWLHUWGLHGDVÃ=XNXQIWH[SHULPHQWLHUHQGH

*HElXGHµQRFKJDUQLFKWKDEHQNDQQ

$EE'LH7UHSSHQVFKQHFNHYRQREHQ‹56FKXVWHU

9JO'XIWHU6

'DPLW LVW DOOHUGLQJV QLFKW JHVDJW GDVV GDV ([SHULPHQW JHVFKHLWHUW LVW 6HOEVWYHUVWlQGOLFKIXQNWLRQLHUWDXFKGDV,.0=*HElXGHZLHGDVYRQ'XIWHU HUPLWWHOWH)HHGEDFNYRQ1XW]HUQEHOHJW=XJOHLFKVSULFKWYLHOHVGDIUGDVVGDV 0RGHOOGHVÃGULWWHQ2UWHVµZLHHVGDV,.0=*HElXGHDUWLNXOLHUWGHQZHLWHUHQ :HJIUGLH(QWZLFNOXQJYRQ%LEOLRWKHNVDUFKLWHNWXUEHVWLPPW

'HQQ ZLH GLH (UJHEQLVVH GHU $QDO\VH YRQ 'XIWHU ]HLJHQ RKQH GDEHL GDV 3KlQRPHQ GHV ÃGULWWHQ 2UWHVµ DXVGUFNOLFK ]X WKHPDWLVLHUHQ KDW GLH WUDQVLWRULVFKH)XQNWLRQYRQ%LEOLRWKHNVJHElXGHQGLHWUDGLWLRQHOOVWUXNWXULHUWHQ +lXVHU VFKRQ HUUHLFKW 'LH GDIU JHZlKOWH 'HXWXQJ YRQ GHU Ã7UDGLWLRQ LQ PRGHUQHP*HZDQGµLVWGHVKDOEQLFKWZLUNOLFKSODXVLEHOZHLOHVZHQLJHUXP GLH $XVVWDWWXQJ DOV YLHOPHKU XP JUXQGVlW]OLFKH *HElXGHVWUXNWXUHQ JHKW 6RODQJHGLHWUDGLWLRQHOOHQ6WUXNWXUHQPD‰JHEOLFKZLUNHQVLQGGLH*HElXGHGHU 7UDGLWLRQ YHUSIOLFKWHW GDUDQ lQGHUW DXFK GHU (LQVDW] YRQ 0DWHULDOLHQ ZLH

$OXPLQLXP*ODVXQG6WDKOEHWRQQLFKWV

$EHU ZHQQ VLFK HLQ ÃGULWWHU 2UWµ GXUFK GLH %HGUXFNXQJ VHLQHU )DVVDGH DOV

%LEOLRWKHN FKDUDNWHULVLHUW XQG GDEHL DXI ]HQWUDOH 6WUXNWXUHOHPHQWH GHV WUDGLWLRQHOOHQ %LEOLRWKHNVEDXV YHU]LFKWHW ZLUG JHKW HV XP HLQH DQGHUH QHXH 4XDOLWlWGLHVLFKQDFKJHJHQZlUWLJHP6WDQGEHVVHUDOVÃH[SHULHQFHµGHQQDOV ÃEHVWSUDFWLFHµEH]HLFKQHQOlVVW

/LWHUDWXUXQG,QWHUQHWTXHOOHQ

>@ $8*e 0 2UWH XQG 1LFKW2UWH 9RUEHUOHJXQJHQ ]X HLQHU (WKQRORJLHGHU(LQVDPNHLW)UDQNIXUWDP0DLQ)LVFKHU

>@ '8)7(50%LEOLRWKHNDOV2UWGHU5XKHXQG.RQ]HQWUDWLRQ±

%LEOLRWKHNDOV2UWGHU$UEHLWXQG.RPPXQLNDWLRQ7HFKQLVFKH8QLYHUVLWlW 'UHVGHQ'LSORPDUEHLW.XU]IDVVXQJXG7'⁸⁾⁷⁽⁵0

5,&+7(53*'LH8QLYHUVLWlWVELEOLRWKHNLP0HGLHQ]HLWDOWHUÄ2UWGHU .RQ]HQWUDWLRQ³RGHUÄ2UWGHU.RPPXQLNDWLRQ³"

ZZZDUFKLWHNWXUSV\FKRORJLH

GUHVGHQGHGGDUEHLWHQGXIWHUBELEOLRWKHNHQSGI

>@ .^(567,1*0^(8/(0$1$6^&+0,'7. 9^2,*75Ä'HU'ULWWH 2UW³(LQ%HULFKWYRP^WK)UDQNIXUW6FLHQWLILF6\PSRVLXP$%,7HFKQLN

'LH]LWLHUWHQ,QWHUQHWTXHOOHQZXUGHQ]XOHW]WDPDXIJHUXIHQ