$UWGHU/HLVWXQJ 3UIXQJVOHLVWXQJ

6WXGLHQJDQJ :LUWVFKDIWSRVWJUDGXDO )DFK :LUWVFKDIWVSULYDWUHFKW

$UWGHU/HLVWXQJ 3UIXQJVOHLVWXQJ

.ODXVXU.Q] 3::353

'DWXP

8PJU|‰WP|JOLFKH*HUHFKWLJNHLW]XHUUHLFKHQLVWQDFKIROJHQG]XMHGHU$XIJDEHHLQH0XVWHUO|VXQJ LQNOXVLYHGHU9HUWHLOXQJGHU3XQNWHDXI7HLODXIJDEHQ]XILQGHQ1DWUOLFKLVWHVXQP|JOLFKMHGH GHQNEDUH/|VXQJDQ]XJHEHQ6WR‰HQ6LHEHLGHU.RUUHNWXUDXIHLQHDQGHUHDOVGLHDOVULFKWLJDQ JHJHEHQH/|VXQJLVWHLQHHQWVSUHFKHQGH3XQNW]DKO]XYHUJHEHQ5LFKWLJH*HGDQNHQXQG/|

VXQJVDQVlW]HVROOWHQSRVLWLYEHZHUWHWZHUGHQ

6LQGLQGHU0XVWHUO|VXQJGLH3XQNWHIUHLQH7HLODXIJDEHVXPPDULVFKDQJHJHEHQVRLVWGLH9HU WHLOXQJGLHVHU3XQNWHDXI7HLOO|VXQJHQGHP.RUUHNWRUEHUODVVHQ

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

6ROOWHHLQ3UIOLQJLP$XIJDEHQEORFN$DOOH)lOOHEHDUEHLWHWKDEHQVRVLQGQXUGLHHUVWHQ)lOOH ]XU%HZHUWXQJKHUDQ]X]LHKHQ

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

$XIJDEHQEORFN$YRQ $XIJDEHQEORFN%YRQ

$XIJDEH ) ) ) Ê

PD[HUUHLFKEDUH3XQNWH

HUUHLFKWH3XQNWH3UIHU HUUHLFKWH3XQNWH3UIHU

127(163,(*(/

1RWH 3XQNWH

$XIJDEHQEORFN$ 3XQNWH

)DOO

.P|FKWHHLQJHEUDXFKWHV$XWRNDXIHQ'HU+lQGOHU+ELHWHWLKPHLQHQJHHLJQHWHUVFKHLQHQGHQ :DJHQIU'0DQ.P|FKWHVLFKQRFKDQGHUZHLWLJXPVFKDXHQXQGYHUHLQEDUWPLW+ELV KDQ]XUXIHQIDOOVHUGDV$XWRQHKPHQZROOH

.UXIWXPKEHL+DQ'LHVHUWHLOWLKPPLWGDVVHUQXQPLWHLQHP'ULWWHQLQ9HUKDQGOXQJHQ VWHKHXQGHUGDKHUNHLQH=XVDJHPDFKHQN|QQH

'DV*HVFKlIWPLWGHP'ULWWHQ]HUVFKOlJWVLFKMHGRFKXQG+UXIWEHL.DQXQGHUNOlUWHUQHKPHGDV .DXIDQJHERWMHW]WGRFKDQ.VROOHELWWHGDV$XWRVRVFKQHOOZLHP|JOLFKDEKROHQXQGEH]DKOHQ 0XVV.GDV$XWRDEQHKPHQXQGEH]DKOHQ"

/|VXQJ]X)DOO YJO6%6 3XQNWH

$QVSUXFKVJUXQGODJHIU+JHJHQ.DXI%H]DKOXQJGHU'0LVW†,,%*% 3XQNWH

$ $QVSUXFKHQWVWDQGHQ"

(LQLJXQJ]ZLVFKHQ+XQG." 3XQNWH

$QJHERWGHV+EHLGHUHUVWHQ.DXIYHUKDQGOXQJ ZLUNVDPH:(

REMHNWLYHU(UNOlUXQJVWDWEHVWDQG:LOOHQVlX‰HUXQJVRZLH5HFKWVELQGXQJVZLOOHVLQGYRUKDQ GHQVXEMHNWLYHU(UNOlUXQJVWDWEHVWDQG+DQGOXQJVZLOOHVRZLHSRWHQWLHOOHV(UNOlUXQJVEHZXVVWVHLQ VLQGYRUKDQGHQ

$EJDEH

=XJDQJ 3XQNWH

UHFKW]HLWLJH$QQDKPHGLHVHV$QJHERWVGXUFK.

5HFKW]HLWLJNHLWLVWKLHUQLFKWJHJHEHQ)ULVWEHVWLPPXQJL6Y†%*% 3XQNWH

NHLQH(LQLJXQJDXIJUXQGGHVHUVWHQ$QJHERWVGHV+ 3XQNWH

1HXHV$QJHERWGHV.PLWVHLQHPYHUVSlWHWHQ$QUXI†,%*%

ZLUNVDPH:( 3XQNWH

REM(UNOlUXQJVWDWEHVWDQG:LOOHQVlX‰HUXQJVRZLH5HFKWVELQGXQJVZLOOHVLQGYRUKDQGHQ VXEM(UNOlUXQJVWDWEHVWDQG+DQGOXQJVZLOOHXQG±VRJDUDNWXHOOHV±(UNOlUXQJVEHZXVVWVHLQ VLQGYRUKDQGHQ

Õ $QJHERWGHV.PLWGHP7HOHIRQDQUXI

$EJDEH

=XJDQJ

5HFKW]HLWLJH$QQDKPHGXUFK+

LVWQLFKWHUIROJW†%*%L9P†,%*% 3XQNWH

ÍNHLQH(LQLJXQJ 3XQNWH

1HXHV$QJHERWGHV+GXUFKGHQOHW]WHQ$QUXI 3XQNWH

5HFKW]HLWLJH$QQDKPHGXUFK.VRIRUWLJH$EOHKQXQJ 3XQNWH

ÍNHLQH(LQLJXQJ]ZLVFKHQ+XQG. 3XQNWH

% .DXIYHUWUDJQLFKW]XVWDQGHJHNRPPHQ 3XQNWH

Í.PXVVGDV$XWRZHGHUDEQHKPHQQRFKEH]DKOHQ 3XQNWH

)DOO

'HU%DXXQWHUQHKPHU8HUULFKWHWHIUGLH6WDGW;HLQQHXHV9HUZDOWXQJVJHElXGH9HUDQWZRUWOLFKHU

%DXOHLWHUGHV8ZDU/'DV%DXJHOlQGHZDUYRQGHU6WUDVVHGXUFKHLQHQHWZDPKRKHQ=DXQ JHWUHQQWGHUGXUFKPHKUHUHRIIHQHXQGXQEHZDFKWH6WHOOHQXQWHUEURFKHQZDU'LHFDPWLHIH XQGYRQ*HUVWHQXPJHEHQH%DXJUXEHZDUEHUHLQH/HLWHU]XHUUHLFKHQ(VEHIDQGVLFKGRUWHLQH .UHLVVlJH DQ GHU GHU $UEHLWHU $ HLQJHVHW]W ZDU $P :RFKHQHQGH ZXUGH QRUPDOHUZHLVH GDV VWURP]XIKUHQGH.DEHOLQHLQHQ%DXZDJHQZHJJHVFKORVVHQ$QHLQHP)UHLWDJKDWWH$]ZDUGDV .DEHO GHU 6lJH DXV GHP VWURP]XIKUHQGHQ .DEHO KHUDXVJH]RJHQ GLHVHV ZXUGH MHGRFK QLFKW ZHJJHVFKORVVHQ

'HUMlKULJH.NRQQWHGHVKDOEDQGLHVHP:RFKHQHQGHLQ6lJHLQ%HWULHEVHW]HQ(UYHUOHW]WH VLFKGDEHLHUKHEOLFK

'HUDOVRUGHQWOLFKJHOWHQGH8EHUXIWVLFKGDUDXIGDVVHUGHQ/±ZDV]XWULIIWGDPDOVRUGHQWOLFK DXVJHZlKOWKDW'DPLWVHLVHLQH6RUJIDOWVSIOLFKWHUIOOW

3UIHQ6LHGLH$QVSUFKHGHV.JHJHQ/XQG8DXV†,%*%

/|VXQJ]X)DOO YJO6%6 3XQNWH

$QVSUXFKGHV.JHJHQ/DXV†,%*%

, 7DWEHVWDQGVPl‰LJNHLW

5HFKWVJXWVYHUOHW]XQJ.|USHU 3XQNW

9HUOHW]XQJVKDQGOXQJ D $NWLYHV7XQGHV/

E 8QWHUODVVHQGHV/

+LHU/DOVYHUDQWZRUWOLFKHU%DXOHLWHUKlWWHDXI6LFKHUXQJGHU%DXVWHOOHDFKWHQPVVHQ

3XQNWH

.DXVDOLWlW

'LH%HDFKWXQJGHU6LFKHUXQJGHU%DXVWHOOHKlWWHGHQ(LQWULWWGHV6FKDGHQVPLWDQ6LFKHUKHLW JUHQ]HQGHU:DKUVFKHLQOLFKNHLWYHUKLQGHUQN|QQHQ=XGHPOLHJWHVQLFKWDX‰HUKDOEMHJOLFKHU /HEHQVHUIDKUXQJGDVV.LQGHU]XP6SLHOHQDXIHLQHXQJHVLFKHUWH%DXVWHOOHODXIHQ

Í6FKDGHQOLHJWYRU

3XQNWH

,, 5HFKWVZLGULJNHLW

,,, 9HUVFKXOGHQ)DKUOlVVLJNHLW

,9 5HFKWVIROJH(UVDW]GHU$U]WNRVWHQ 3XQNWH

$QVSUFKHGHV.JHJHQ8DXV†,%*%

$QVSUXFKDXV†,%*%

, 7EP

5HFKWVJXWVYHUOHW]XQJ.|USHU 3XQNW

9HUOHW]XQJVKDQGOXQJ D $NWLYHV7XQ

E 8QWHUODVVHQGHV8Í'HOHJDWLRQGHU6LFKHUXQJDQ$P|JOLFK +LHUhEHUZDFKXQJVXQG.RQWUROOSIOLFKWGHV8

9HUOHW]XQJGLHVHU3IOLFKWJHJHQEHU.GDRUGQXQJVJHPl‰H$XVZDKOQLFKWDXVUHLFKHQG

3XQNWH

.DXVDOLWlWVR

,,±,9VR 3XQNW

)DOO

+REE\EDXHU%EHVWHOOWLP)UKOLQJEHL+lQGOHU+HLQHQ6DFN6RPPHUJHWUHLGH+VRQGHUWDXV9HU VHKHQHLQHQ6DFN:LQWHUJHWUHLGHDXVXQGEHQDFKULFKWLJW.YRQGHU$EKROP|JOLFKNHLW:RFKHQ VSlWHUVWHOOWVLFKDOOHVKHUDXVGHQQGDV*HWUHLGHUHLIWQLFKWDXV+YHUODQJWQDFK0RQDWHQ=DK OXQJ%GHQNWDEHUHUN|QQHGHQ9HUWUDJZDQGHOQRGHUVRQVWYRP9HUWUDJ]XUFNWUHWHQ(UHUNOlUW GHP+VRIRUWHUVHLPLWGHPJHOLHIHUWHQ*HWUHLGHQLFKWHLQYHUVWDQGHQXQGGHQ.DXISUHLVZROOHHU DXFKQLFKWEH]DKOHQ

.DQQ+GLH=DKOXQJGHV.DXISUHLVHVYHUODQJHQ"

/|VXQJ]X)DOO YJ6%66%6 3XQNWH

$QVSUXFKGHV+JHJHQ%DXI.DXISUHLV]DKOXQJJHPl‰†,,%*%" 3XQNWH

,

:LUNVDPHU.DXIYHUWUDJ†"

+LHUÍ+XQG%KDEHQHLQHQ9HUWUDJEH]JOLFKGHUhEHUHLJQXQJHLQHV6DFNHV*HWUHLGH JHJHQ(QWJHOWDOVRHLQHQ.DXIYHUWUDJJHVFKORVVHQ

$QVSUXFKHQWVWDQGHQ

3XQNWH

,,

*HJHQVHLWLJHU9HUWUDJKLHU.DXIYHUWUDJ]ZLVFKHQ+XQG%

2EMHNWLYHRGHUVXEMHNWLYH8QP|JOLFKNHLWGHU/HLVWXQJ"

YHUHLQEDUWH/HLVWXQJ hEHUHLJQXQJHLQHV6DFNHV6RPPHUJHWUHLGH†6%*%

REMRGHUVXEM8QP|JOLFKNHLW

1LHPDQGNDQQGLH/HLVWXQJHUEULQJHQREMRGHUHLQHGULWWH3HUVRQQLFKWDEHUGHU6FKXOGQHU NDQQGLH/HLVWXQJHUEULQJHQVXEMGLHVZLHGHUXPLVWLQVEHVRQGHUHGDQQGHQNEDUZHQQHV VLFKEHLGHPJHVFKXOGHWHQ*HJHQVWDQGXPHLQH6WFNVFKXOGRGHUHLQHNRQNUHWLVLHUWH*DW WXQJVVFKXOGKDQGHOW

3XQNWH

6WFNVFKXOG HLQQXUHLQPDOH[LVWLHUHQGHU*HJHQVWDQGKLHUÅ*DWWXQJVVFKXOG JHPl‰†,,%*%]XU6WFNVFKXOGNRQNUHWLVLHUWH*DWWXQJVVFKXOG

GHU6FKXOGQHUPX‰GDVVHLQHUVHLWV(UIRUGHUOLFKHJHWDQKDEHQGLHVKlQJWGDYRQDE ZHOFKH$UWGHU6FKXOGYRUOLHJW+RO%ULQJRGHU6FKLFNVFKXOG"

+LHU+ROVFKXOGHVLVW$EKROXQJYHUHLQEDUWZRUGHQ

.RQNUHWLVLHUXQJ$XVVRQGHUQGHU.DXIVDFKHXQG%HQDFKULFKWLJXQJGHV.lXIHUV +LHUIDOVFKHU6DFNZXUGHDXVJHVRQGHUW

.RQNUHWLVLHUXQJ

3XQNWH

$EHU]XEHDFKWHQLVWDX‰HUGHPGDVVHVVLFKKLHUEHLGHU9HUSIOLFKWXQJGHV+XPHLQH/HL VWXQJKDQGHOWGLHQXU]XHLQHUEHVWLPPWHQ-DKUHV]HLWHUEUDFKWZHUGHQNDQQ(VOLHJWKLHUHLQ DEVROXWHV)L[JHVFKlIWYRU

3XQNW

'LHVEHGHXWHWGHVKDOEHLQH8QP|JOLFKNHLWGHU/HLVWXQJGDVSlWHUH(UIOOXQJVLQQORVZlUH

8QP|JOLFKNHLWOLHJWYRU 3XQNW

1DFKWUlJOLFKH8QP|JOLFKNHLW GDUIHUVWQDFK9HUWUDJVVFKOXVVHQWVWDQGHQVHLQKLHU 9HUWUHWHQPVVHQ ZHGHUGHU6FKXOGQHUGHU/HLVWXQJQRFKGHU6FKXOGQHUGHU*HJHQ OHLVWXQJKDIWHWQDFK†%*%RGHU†%*%

3XQNWH

9HUWUHWHQPVVHQGHV+KDIWHWJUGVIU9RUVDW]XQGMHGH)DKUOlVVLJNHLW+KDWGLH8QP|J OLFKNHLW]XYHUWUHWHQZHLOHU]XPLQGHVWOHLFKWIDKUOlVVLJGDV*HWUHLGHYHUZHFKVHOWKDW

†,%*%

3XQNW

8QWHUJDQJZJ5FNWULWWVJHPl‰†,XQGL9P† 3XQNWH

*HJHQVHLWLJHU9HUWUDJVR 1DFKWUlJOLFKH8QP|JOLFKNHLWVR

9HUWUHWHQPVVHQGHV6FKXOGQHUVGHU/HLVWXQJ +DIWXQJJHP††%*%

+LHUVR

3XQNWH

'XUFKIKUXQJGHV5FNWULWWV JHPl‰†PXVVGHU$QVSUXFKVWHOOHUJJGHP$QVSUXFKV JHJQHUGHQ5FNWULWWHUNOlUHQ

+LHU%KDWJJ+HUNOlUWHUVHLPLWGHU:DUHQLFKWHLQYHUVWDQGHQXQGYHUZHLJHUHGLH

=DKOXQJGHV.DXISUHLVHV

5FNWULWWJHPl‰††,XQGL9P

3XQNWH

Í$QVSUXFKXQWHUJHJDQJHQ Í(UJHEQLV

+KDWJHJHQ%.(,1(1$QVSUXFKDXI.DXISUHLV]DKOXQJ 3XQNW

$XIJDEHQEORFN% 3XQNWH

1HQQHQ 6LH GLH YHUVFKLHGHQHQ $UWHQ YRQ 5HFKWVJHVFKlIWHQ XQG

HUOlXWHUQ6LHGLHVHNXU] 3XQNWH

9JO6%6HLWHQ

(LQVHLWLJH 5HFKWVJHVFKlIWH (LQVHLWLJH 5* VLQG :LOOHQVHUNOlUXQJHQ HLQHU 3HUVRQ GLH 5HFKWVZLUNXQJHQWUHWHQHLQGXUFKGLHDEJHJHEHQH:(

0HKUVHLWLJH5HFKWVJHVFKlIWH0HKUVHLWLJH5*VLQG:(PHKUHUHU3HUVRQHQGLH5HFKWV ZLUNXQJHQWUHWHQHUVWHLQEHL:LOOHQVNRQVHQVDOOHUDP5*EHWHLOLJWHQ3HUVRQHQ

9HUSIOLFKWXQJVJHVFKlIWH 9HUSIOLFKWXQJVJHVFKlIWH EHJUQGHQ 6FKXOGYHUKlOWQLVVH GXUFK ZHOFKH GHP 6FKXOGQHU HLQ 7XQ RGHU 8QWHUODVVHQ YHUELQGOLFK DXIHUOHJW ZLUG $XV 9HU SIOLFKWXQJVJHVFKlIWHQ HUZLUEW GHU *OlXELJHU HLQHQ NODJEDUHQ $QVSUXFK JHJHQ GHQ 6FKXOGQHU-HQDFKGHPREHLQHRGHUPHKUHUH3DUWHLHQYHUSIOLFKWHWZHUGHQVSULFKWPDQ YRQHLQVHLWLJHQ9HUSIOLFKWXQJVJHVFKlIWHQRGHUPHKUVHLWLJHQ9HUSIOLFKWXQJVJHVFKlIWHQ 9HUIJXQJVJHVFKlIWH 9HUIJXQJVJHVFKlIWH ZLUNHQ HLQ DXI HLQ EHVWHKHQGHV 5HFKW LQ

GHPGLHVHVJHlQGHUWEHUWUDJHQDXIJHKREHQRGHUEHODVWHWZLUG

.DXVDOH 5HFKWVJHVFKlIWH .DXVDOH 5* VLQG 9HUSIOLFKWXQJVJHVFKlIWH GHUHQ =ZHFN LQ GHU=XZHQGXQJYRQ9HUP|JHQVZHUWHQOLHJW6LHKDEHQHLQHQ5HFKWVJUXQGODWFDXVD IUGLHVH=XZHQGXQJ

$EVWUDNWH 5HFKWVJHVFKlIWH $EVWUDNWH 5* ZLUNHQ XQDEKlQJLJ YRP NDXVDOHQ *UXQGJH VFKlIW'HU5HFKWVJUXQGIUGDV9HUSIOLFKWXQJVJHVFKlIWEHUKUWGDVDEVWUDNWH5*QLFKW

$OOH9HUIJXQJVJHVFKlIWHVLQGDEVWUDNWH5*

3XQNWH 3XQNWH

3XQNWH 3XQNWH

3XQNWH

3XQNWH

:RIULVWGLH.DXIPDQQVHLJHQVFKDIW9RUDXVVHW]XQJ" 3XQNWH

9JO6%6

IUGHQ=XJDQJ]XP+DQGHOVUHJLVWHU+*% 3XQNW

IUGDV5HFKWE]ZGLH3IOLFKW]XU)KUXQJHLQHU)LUPD††II+*% 3XQNWH

IUGDV5HFKW]XU(UWHLOXQJHLQHU3URNXUD††II+*% 3XQNWH

IUGDV%HJUQGHQYRQ$UEHLWVYHUKlOWQLVVHQQDFK6RQGHUUHJHOQIU+DQGOXQJVJHKLOIHQ

††II+*% 3XQNWH

IUGLH0|JOLFKNHLWGHU$VVR]LLHUXQJLQGHU5HFKWVIRUPGHU2+*RGHU.*††IIXQG

+*% 3XQNWH

IUGLH%XFKIKUXQJVSIOLFKW†+*% 3XQNW

(UNOlUHQ6LHGLH)XQNWLRQGHV*UXQGEXFKVXQGQHQQHQ6LHGLHHLQ

WUDJXQJVIlKLJHQ5HFKWH 3XQNWH

9JO6%6

'LH)XQNWLRQGHV*UXQGEXFKVEHVWHKWGDULQGXUFKH[DNWH(LQWUDJXQJGHUDP*UXQGVWFN EHVWHKHQGHQ5HFKWVYHUKlOWQLVVH]XPHLQHQGHQ%HVWDQGGHU*UXQGVWFNVUHFKWH]XVLFKHUQ XQG]XPDQGHUHQGHQ*UXQGVWFNVYHUNHKU]XHUP|JOLFKHQ)HUQHUJDUDQWLHUWGDV*UXQG EXFK]%GHQ3IDQGJOlXELJHUQGHQ%H]XJGHU*HOGUHQWH

(LQWUDJXQJVIlKLJH5HFKWHVLQG

DOOHGLQJOLFKHQ5HFKWHXQGDOOHJUXQGVWFNVJOHLFKHQ5HFKWH DOOHGLQJOLFKHQ5HFKWHDQ*UXQGVWFNVUHFKWHQ

UHODWLYH9HUIJXQJVEHVFKUlQNXQJHQ :LGHUVSUXFKXQG9RUPHUNXQJ

3XQNWH MH3XQNW

(UNOlUHQ6LHGHQ%HJULIIGHV$EVFKOXVVYHUWUHWHUV 3XQNWH

9JO6%6

'HU$EVFKOXVVYHUWUHWHUZLUNWXQPLWWHOEDUEHLP9HUWUDJVVFKOXVVPLW

JLEW DOVR :LOOHQVHUNOlUXQJHQ LP 1DPHQ GHV DXIWUDJJHEHQGHQ 8QWHUQHKPHUV JHJHQEHU 'ULWWHQDE

ZR]XHUDOOHUGLQJVHLQHDOOJHPHLQH9ROOPDFKWQDFKGHQ9RUVFKULIWHQGHU††I%*%EH Q|WLJW

+DQGHOWHVVLFKEHLGHP9ROOPDFKWJHEHUXPHLQHQ.DXIPDQQVRILQGHW†+*%$QZHQ GXQJDXIGHVVHQ*HOWXQJ†,+*%IUGHQ$EVFKOXVVYHUWUHWHUDXVGUFNOLFKKLQZHLVW :XUGH GHU $EVFKOXVVYHUWUHWHU YRQ HLQHP 8QWHUQHKPHU EHDXIWUDJW GHU QLFKW .DXIPDQQ LVW VRJHOWHQGLH9ROOPDFKWVYRUVFKULIWHQJHP†,+*%DXFK

3XQNWH

3XQNWH

3XQNWH

3XQNWH

3XQNWH

(UNOlUHQ 6LH GHQ 8QWHUVFKLHG ]ZLVFKHQ DEVROXWHP XQG UHODWLYHP )L[JHVFKlIW XQG HUOlXWHUQ 6LH GLH 5HFKWVIROJHQ GHV UHODWLYHQ )L[

JHVFKlIWHV

3XQNWH

9JO6%6

$EVROXWHV)L[JHVFKlIW%HL9HU]XJLVWGLH/HLVWXQJQLFKWPHKUQDFKKROEDUGDV5HFKWVJHVFKlIW

ZLUGKLQIlOOLJXQGHVJUHLIHQGLH5HFKWVIROJHQZHJHQ1LFKWHUIOOXQJ†%*% 3XQNWH 5HODWLYHV)L[JHVFKlIW7URW]YHUVSlWHWHU/HLVWXQJVHUEULQJXQJNDQQGLH/HLVWXQJQRFKDQJHERWHQ

XQGÄYHUZHUWHW³ZHUGHQVLHJLOWDOVQRFKQDFKKROEDU 3XQNWH

5)GHVUHODWLYHQ)L[JHVFKlIWV

GHU*OlXELJHUKDWHLQHQ(UIOOXQJVDQVSUXFKXQGNDQQHLQHQ9HU]XJVVFKDGHQVHUVDW]JHOWHQG

PDFKHQ†,%*% 3XQNWH

GHU*OlXELJHUKDWHLQVSH]LHOOHV5FNWULWWVUHFKWHVZLUNWYHUVFKXOGHQVXQDEKlQJLJ

†%*%XQGNDQQRKQH1DFKIULVWVHW]XQJDXVJHEWZHUGHQ 3XQNWH

GHP*OlXELJHUVWHKWHLQ6FKDGHQVHUVDW]DQVSUXFKQDFK†,%*%]XMHGRFKPX‰KLHU

1DFKIULVWDQJHVHW]WZHUGHQ 3XQNWH

1HQQHQ 6LH GLH 9RUDXVVHW]XQJHQ ]XU *HOWHQGPDFKXQJ HLQHV

6FKDGHQVHUVDW]DQVSUXFKHVDXVFLF 3XQNWH

9JO6%6

%HJUQGXQJHLQHVYRUYHUWUDJOLFKHQ5HFKWVYHUKlOWQLVVHV 3XQNWH (LQH3IOLFKWYHUOHW]XQJGHV6FKXOGQHUVLP%HUHLFKYRQ6RUJIDOWV2EKXWVXQG2IIHQEDUXQJV

SIOLFKWHQYRU9HUWUDJVDEVFKOXVV 3XQNWH

(LQWULWWHLQHV6FKDGHQV 3XQNWH

9HUVFKXOGHQGHV6FKXOGQHUV†,%*%ZREHLDEHUKLHUHLQH%HZHLVODVWXPNHKUDQHU

NDQQWLVW±GHU6FKXOGQHUPXVVEHZHLVHQGDVVHUGLH3IOLFKWYHUOHW]XQJQLFKW]XYHUWUHWHQKDW 3XQNWH