%:2353$ 6HLWHYRQ 1RWHQVSLHJHO %HZHUWXQJVVFKOVVHO .ODXVXUDXIJDEHQ

6WXGLHQJDQJ %HWULHEVZLUWVFKDIW )DFK 2SHUDWLRQV5HVHDUFK

$UWGHU/HLVWXQJ 3UIXQJVOHLVWXQJ

.ODXVXU.Q] %:2353

'DWXP

=XU/|VXQJGHUGUHL.ODXVXUDXIJDEHQVWHKHQ,KQHQ0LQXWHQ]XU9HUIJXQJ'LHPD[LPDOHUUHLFKED UH3XQNW]DKOEHWUlJW3XQNWH=XP%HVWHKHQGHU.ODXVXUPVVHQPLQGHVWHQVGHU*HVDPW SXQNW]DKOHU]LHOWZHUGHQ

/DVVHQ6LH5DQGIUGLH.RUUHNWXUHQXQGVFKUHLEHQ6LHOHVHUOLFK 'HQNHQ6LHDQ,KUHQ1DPHQ8QWHUVFKULIWXQG0DWULNHOQXPPHU

%HDUEHLWXQJV]HLW 0LQXWHQ +LOIVPLWWHO

$Q]DKOGHU$XIJDEHQ +|FKVWSXQNW]DKO

7DVFKHQUHFKQHU 6WXGLHQEULHIH

%HZHUWXQJVVFKOVVHO

$XIJDEH Ê

PD[HUUHLFKEDUH3XQNWH

1RWHQVSLHJHO

1RWH

EHL3XQNWHQ

.ODXVXUDXIJDEHQ

$XIJDEH 3XQNWH

*HJHEHQVHLGLHIROJHQGH9RUJDQJVOLVWHHLQHVNOHLQHQ3URMHNWHVGDV QXU0LQLPDOIRUGHUXQJHQ0LQLPDODEVWlQGHDXIZHLVW

89'LII 7\S 9RUJDQJ 'DXHU7DJH

)

*-

($

$$

$

- %

,- ($ &

$ +

($

$$

'

) (( (

% ($ )

, (( *

&

*

($

$$

+

- ,

'LHQDFKVWHKHQGH7DEHOOHQHQQW,KQHQGDV(UJHEQLVGHU6WUXNWXUDQDO\VH

5DQJ5J 89 9RUJDQJ 81

- $QIDQJ%,

)* $ '

$QIDQJ % )

, & +

$+ ' (QGH

) ( (QGH

% ) $(

, * $+

&* + '

$QIDQJ , &*

'( (QGH -

D 1HQQHQXQGLQWHUSUHWLHUHQ6LHGHQ5DQJ$ ^3XQNWH E )KUHQ6LHPLW+LOIHHLQHUJHHLJQHWHQ7DEHOOHGLH=HLWDQDO\VH

GXUFKLQGHPVLHIUGHQ9RUJDQJGLHYLHU9RUJDQJV]HLWSXQNWH )$=6$=)(=6(=XQGIUDOOHHFKWHQ9RUJlQJHGLHJH VDPWH3XIIHU]HLWEHUHFKQHQ%HQXW]HQ6LHKLHUIUGLH9RUODJH DXI6

3XQNWH

F 1HQQHQ6LHGLH3URMHNWGDXHUXQGDOOHNULWLVFKHQHFKWHQ9RU JlQJH

3XQNWH

$XIJDEH 3XQNWH

9RP/|VXQJVZHJGHUIROJHQGHQ/2$XIJDEH , = [ [ [

,, [ [

[ [ [

[ [ [ ,,, [ [ [

= + + “

+ ˆ

+ + ˜

+ + ˆ

˜

PD[

VHL,KQHQQXUGLHOHW]WH6LPSOH[WDEHOOHJHJHEHQ

[ [ [ V V V U6

- - - -

- -

D 1HQQHQ6LHGLH/|VXQJGHU/2$XIJDEHXQGGHQPD[LPDOHQ=LHO IXQNWLRQVZHUW

3XQNWH

E )KUHQ 6LH GLH 6HQVLELOLWlWVDQDO\VH 6HQVLWLYLWlWVDQDO\VH IU GHQ )DOOGXUFKGD‰QXUGLHUHFKWH6HLWHGHUGULWWHQ5HVWULNWLRQLQ,, YRQDXIFJHlQGHUWZLUG1HQQHQ6LHGDV]XJHK|ULJH,QWHU YDOOIUFGLHQHXH2SWLPDOO|VXQJXQG=PD[QHX1HQQHQXQGLQWHU SUHWLHUHQ6LHGHQ]XJHK|ULJHQ6FKDWWHQSUHLV

3XQNWH

F :LHODXWHQPLW%H]XJDXIEGLH2SWLPDOO|VXQJXQG=PD[IDOOVGLH UHFKWH6HLWHGHU5HVWULNWLRQLQ,,YRQDXIJHlQGHUWZLUG"

3XQNWH

G )KUHQ6LHIUGLHXUVSUQJOLFKH/2$XIJDEHGLH6HQVLELOLWlWVDQD O\VHIUGHQ)DOOGXUFKGD‰QXUGHU=LHOIXQNWLRQVNRHIIL]LHQWYRQ [DXIWJHlQGHUWZLUG1HQQHQ6LHGDVHQWVSUHFKHQGH,QWHUYDOO IUWGLHQHXH2SWLPDOO|VXQJXQG=PD[QHX

3XQNWH

$XIJDEH 3XQNWH

(LQ PLW )HUQVHKHUQ ]X EHODGHQGHU 7UDQVSRUWHU VROO YRP 2UW DXV GLH 2UWH XQG LQ EHOLHELJHU 5HLKHQIROJH PLQGHVWHQV HLQPDO DXIVX FKHQ GLH HQWVSUHFKHQGHQ )HUQVHKHU DEOLHIHUQ XQG DEVFKOLH‰HQG ]XP

$XVJDQJVRUW]XUFNNHKUHQ'LHIROJHQGH7DEHOOHQHQQWGLH'LVWDQ]HQ GHUHLQ]HOQHQ2UWHYRQHLQDQGHULQHLQHU(LQKHLW

,QZHOFKHU5HLKHQIROJHVROOWHGHU7UDQVSRUWHUGLH2UWHDXIVXFKHQXPGLH 5XQGUHLVHOlQJH]XPLQLPLHUHQ"

D %HVWLPPHQ 6LH GLH 5HGXNWLRQVWDEHOOHQ XQG GLH 5HGXNWLRQVNRQ VWDQWH

3XQNWH

E 'LHQDFKGHP9HUIDKUHQGHUVXN]HVVLYHQ(LQEH]LHKXQJYRQ6WDWLR QHQDXVGHP.XU]]\NOXV--JHZRQQHQH9HUJOHLFKVUXQGUHLVH LVW

3XQNWH

-- ---

--- *

--- ----

----

---- *

---- --- *

--- --- --- 9HUJOHLFKUXQGUHLVH---PLWO

/|VHQ6LHGLH$XIJDEHPLWGHP9HUIDKUHQGHUEHJUHQ]WHQ(QXPH UDWLRQ :LH ODXWHW GHU NU]HVWH +DPLOWRQ¶VFKH =\NOXV XQG ZHOFKH ZDKUH/lQJHKDWHU"

YRQ QDFK

9RUODJH$XIJDEHE

1DPH9RUQDPH 0DWULNHO1U

89'LII 7\S 9RUJDQJ 'DXHU )$= 6$= )(= 6(= *3

%LWWHJHEHQ6LHGLHVHV%ODWWPLW,KUHU/|VXQJDE

6WXGLHQJDQJ %HWULHEVZLUWVFKDIW )DFK 2SHUDWLRQV5HVHDUFK

$UWGHU/HLVWXQJ 3UIXQJVOHLVWXQJ

.ODXVXU.Q] %:2353

'DWXP

8PJU|‰WP|JOLFKH*HUHFKWLJNHLW]XHUUHLFKHQLVWQDFKIROJHQG]XMHGHU$XIJDEHHLQH0XVWHUO|VXQJLQ NOXVLYHGHU9HUWHLOXQJGHU3XQNWHDXI7HLODXIJDEHQ]XILQGHQ1DWUOLFKLVWHVXQP|JOLFKMHGHGHQNED UH/|VXQJDQ]XJHEHQ6WR‰HQ6LHEHLGHU.RUUHNWXUDXIHLQHDQGHUHDOVGLHDQJHJHEHQH/|VXQJGLH ULFKWLJLVWLVWHLQHHQWVSUHFKHQGH3XQNW]DKO]XYHUJHEHQ6LQGLQGHU0XVWHUO|VXQJGLH3XQNWHIUHLQH 7HLODXIJDEHVXPPDULVFKDQJHJHEHQVRLVWGLH9HUWHLOXQJGLHVHU 3XQNWH DXI 7HLOO|VXQJHQ GHP .RU UHNWRUEHUODVVHQ5HFKHQIHKOHUVROOWHQQXU]XU$EZHUWXQJGHVEHWUHIIHQGHQ7HLOVFKULWWHVIKUHQ:LUG PLW HLQHP IDOVFKHQ =ZLVFKHQHUJHEQLV ULFKWLJ ZHLWHU JHUHFKQHW VR VLQG GLH KLHUIU YRUJHVHKHQHQ 3XQNWH]XHUWHLOHQ

GHULQVJHVDPW]XHUUHLFKHQGHQ3XQNW]DKOKLHUDOVR3XQNWHYRQP|JOLFKHQUHLFKHQ DXVXPGLH.ODXVXUHUIROJUHLFK]XEHVWHKHQ

'LH GLIIHUHQ]LHUWH %HZHUWXQJ LQ 1RWHQ QHKPHQ 6LH ELWWH QDFK IROJHQGHP %HZHUWXQJVVFKHPD YRU

%(:(5781*66&+/h66(/

$XIJDEH Ê PD[HUUHLFKEDUH3XQNWH

127(163,(*(/

1RWH

QRWZ3XQNWH

.RUUHNWXUULFKWOLQLH

/|VXQJ$XIJDEH 3XQNWH

D (VJLOW5J$ (VH[LVWLHUWHLQHLP$QIDQJVNQRWHQEHJLQQHQGHXQGLQ GHQ.QRWHQ$HLQPQGHQGH3IHLOIROJHGLHYRU$9RUJlQJHUDXIZHLVW

.HLQHGHUDUWLJH3IHLOIROJHEHVLW]WPHKUDOV9RUJlQJHUYRU$ 3

E

89'LII 7\S 9RUJDQJ 'DXHU )$= 6$= )(= 6(= *3

- $QIDQJ -

$QIDQJ ($ %

$QIDQJ ($ ,

,- ($ &

% ($ )

, (( *

)

*-

($

$$

$

) (( (

&

*

($

$$

+

$ +

($

$$

'

'( ($ (QGH -

3 3 3 3 3 3

F 'LH3URMHNWGDXHUEHWUlJW7DJH.ULWLVFKH9RUJlQJHVLQG,*+' ³

%:2353/|VXQJHQ 6HLWHYRQ

/|VXQJ$XIJDEH 3XQNWH

D 'LH/|VXQJODXWHW[ [ [ V V V

PLW=PD[

3

E (VZLUGQXUGLHUHFKWH6HLWHGHU5HVWULNWLRQYRQDXIFJH lQGHUW'DPLWVLFKGLH2SWLPDOO|VXQJTXDOLWDWLYQLFKWlQGHUWPX‰EHL YRUOLHJHQGHUˆ5HVWULNWLRQJHOWHQ

3

F

F

F

F

F

F

F F

ˆ

ˆ -

“

ˆ -

“

˜ +

ˆ

“

˜ -

ˆ -

“

˜ +

“

˜ + ÜÜÜ

Ý Û ÌÌ Ì Í Ë ÜÜ Ü Ý Û ÌÌ Ì Í Ë Ü - ÜÜ Ý Û ÌÌ Ì Í Ë

bQGHUWPDQQXUGLHUHFKWH6HLWHGHU5HVWULNWLRQLQ,,YRQDXIF

PLW-ˆF ˆVRODXWHWGLHQHXH2SWLPDOO|VXQJF-FF XQG=PD[QHX =PD[DOWF

'HU6FKDWWHQSUHLVODXWHWp 'DV8QWHUQHKPHQVWLPPWHLQHU(UZHLWH UXQJGHUÄ.DSD]LWlWGHV$JJUHJDWHV³LPRELJHQ5DKPHQ-ˆF ˆ ]XZHQQGLH.RVWHQMH(LQKHLWGHU(UZHLWHUXQJK|FKVWHQV*HOGHLQKHL WHQEHWUDJHQ

3

3

F F HUJLEW F (V JLOW -ˆF = ˆ 'LH QHXH 2SWLPDOO|

VXQJ ODXWHW

(

) (

)

¼=

3

G

[ [ [ V V V U6

W

W W W

ˆ ˆ

--WˆXQG--WˆOLHIHUWLQVJHVDPWW˜-bQGHUWPDQQXUGHQ

=LHOIXQNWLRQVNRHIIL]LHQWHQ YRQ [ DXI W PLW W˜- ODXWHQ GLH 2SWL PDOO|VXQJPLW=PD[QHX W

3

H W OLHIHUW W (V JLOW ˜- 'DPLW ODXWHQ GLH 2SWLPDOO|VXQJ

PLW=PD[QHX ³

3

3

/|VXQJ$XIJDEH 3XQNWH

0LQ

Š Š

Š Š

Š Š

Š Š

Š Š

0LQ

3 3

Š

Š 5HGXNWLRQVNRQ Š VWDQWHr

Š

Š

,Q$XIJDEHQVWHOOXQJYRUJHJHEHQHU/|VXQJVVFKULWW

-- ---

--- *

--- ----

----

---- *

---- --- *

--- --- --- 9HUJOHLFKUXQGUHLVH---PLWO

3

%:2353/|VXQJHQ 6HLWHYRQ

- ----

-- ---

--- --- !

---- -

--- ! --

--- ---

---- ! ----

-- --- QHXH55

--- ---!

---- --

--- ! ---

---! ----!

--! ---

- ----

-- ! --- QHXH55

-- --

--- ---

----! ----

--- --- !

---- ---

--- ! ---- !

-- -!

---

'HUNU]HVWH+DPLOWRQVFKH=\NOXV ODXWHW---(UEHVLW]W GLH ZDKUH /lQJHr

3 )UDOOH 7HLOURXWHQ 3-H)HKOHU E]ZIHK OHQGH)RO JH3$E]XJ