! :3/# 07.9

IU0HGL]LQLVFKH3K\VLNH9

'*03 XQG'5*%HULFKW

'HXWVFKH5|QWJHQJHVHOOVFKDIW

*HVHOOVFKDIWIU0HGL]LQLVFKH5DGLRORJLHH9

'*03%HULFKW1U EHUDUEHLWHWHXQGHUJlQ]WH1HXDXIODJH

,6%1

3UlQDWDOH6WUDKOHQH[SRVLWLRQDXVPHGL]LQLVFKHU,QGLNDWLRQ 'RVLVHUPLWWOXQJ)ROJHUXQJHQIU$U]WXQG6FKZDQJHUH

$UEHLWVDXVVFKXVV]XU(UPLWWOXQJGHUSUlQDWDOHQ6WUDKOHQH[SRVLWLRQ 'HXWVFKH*HVHOOVFKDIWIU0HGL]LQLVFKH3K\VLNH9

,Q=XVDPPHQDUEHLWPLWGHU

$UEHLWVJHPHLQVFKDIW3K\VLNXQG7HFKQLNLQGHUELOGJHEHQGHQ'LDJQRVWLN GHU'HXWVFKHQ5|QWJHQJHVHOOVFKDIW*HVHOOVFKDIWIU0HGL]LQLVFKH5DGLRORJLHH9

XQWHU0LWZLUNXQJ

GHU'HXWVFKHQ*HVHOOVFKDIWIU1XNOHDUPHGL]LQH9 XQGGHU'HXWVFKHQ*HVHOOVFKDIWIU5DGLRRQNRORJLHH9

'HU YRUOLHJHQGH %HULFKW NDQQ GHU +RPHSDJH GHU '*03 ZZZGJPSGH NRVWHQORV KHUXQWHUJHODGHQ ZHUGHQ 9RQ GHQ *HVFKlIWVVWHOOHQ GHU '*03 XQG '5* N|QQHQ DXVJHGUXFNWH([HPSODUHDQJHIRUGHUWZHUGHQ

'RVLVHUPLWWOXQJ)ROJHUXQJHQIU$U]WXQG6FKZDQJHUH hEHUDUEHLWHWHXQGHUJlQ]WH)DVVXQJ

(UVWIDVVXQJ

,QKDOW

(LQOHLWXQJ

0|JOLFKH(IIHNWHQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ

hEHUVLFKW

(IIHNWHQDFK([SRVLWLRQZlKUHQGGHU3UlLPSODQWDWLRQVSHULRGH (IIHNWHQDFK([SRVLWLRQZlKUHQGGHU2UJDQELOGXQJVSHULRGH (IIHNWHQDFK([SRVLWLRQZlKUHQGGHU)HWDOSHULRGH 0DOLJQH(UNUDQNXQJHQQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ 9HUHUEEDUH'HIHNWHQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ

$QZHQGXQJVEHLVSLHOH

$OOJHPHLQH(UOlXWHUXQJGHV6WXIHQ.RQ]HSWV

5|QWJHQGLDJQRVWLN

6WUDKOHQWKHUDSLH

1XNOHDUPHGL]LQ

*UREH$EVFKlW]XQJGHU8WHUXVGRVLV6WXIH,

5|QWJHQGLDJQRVWLN

5DGLRJUDSKLH)OXRURVNRSLH 5|QWJHQ&RPSXWHUWRPRJUDSKLH

6WUDKOHQWKHUDSLH

1XNOHDUPHGL]LQ

%HUHFKQXQJGHU8WHUXVGRVLV6WXIH,,XQG,,,

5|QWJHQGLDJQRVWLN

5DGLRJUDSKLH)OXRURVNRSLH 5|QWJHQ&RPSXWHUWRPRJUDSKLH

6WUDKOHQWKHUDSLH

/LWHUDWXU

=LWDWH

=XVDPPHQIDVVHQGH'DUVWHOOXQJHQXQG2ULJLQDODUEHLWHQ

$QKDQJ$7DEHOOHQXQG'LDJUDPPH]XU'RVLVDEVFKlW]XQJQDFKGHP4XHOOHQ XQG%LOGHPSIlQJHUNRQ]HSW

$QKDQJ%7DEHOOHQYRQ.RQYHUVLRQVIDNWRUHQ

$QKDQJ&7DEHOOHQYRQ*HZHEH/XIW9HUKlOWQLVVHQ

$QKDQJ'$QZHQGXQJVEHLVSLHOH

$QKDQJ(&KHFNOLVWHGHU]XU'RVLVDEVFKlW]XQJEHQ|WLJWHQ'DWHQ

9RUZRUW

'HU'*03 XQG'5* %HULFKWÄ3UlQDWDOH6WUDKOHQH[SRVLWLRQDXVPHGL]LQLVFKHU,QGLNDWLRQ 'RVLVHUPLWWOXQJ)ROJHUXQJHQIU$U]WXQG6FKZDQJHUH³HUVFKLHQLP-XQL'LHVFKQHOOH :HLWHUHQWZLFNOXQJ GHU UDGLRORJLVFKHQ 7HFKQLN GLH GDPLW YHUEXQGHQH (UZHLWHUXQJ GHV

*HUlWHVSHNWUXPV XQG QHXH VWUDKOHQELRORJLVFKH (UNHQQWQLVVH ZDUHQ $QOD‰ GHQ %HULFKW ]X

EHUDUEHLWHQ

,Q GHU 1HXIDVVXQJ ZXUGH GDV YRQ GHP $XVVFKX‰ IU 6WUDKOHQVFKXW] GHU '5*

YRUJHVFKODJHQH 6WXIHQ.RQ]HSW GHU 'RVLVHUPLWWOXQJ EHLEHKDOWHQ GD HV GHQ SUDNWLVFKHQ

%HGUIQLVVHQVHKUJXWHQWVSULFKW$QGHUHUVHLWVZDUDEHUQLFKW]XYHUPHLGHQGDVVGLHQHXHQ 7HFKQLNHQ VLFK VRZRKO LP 8PIDQJ GHV 7H[WHV DOV DXFK LQ GHU .RPSOH[LWlW GHU 'RVLVHUPLWWOXQJ ZLGHUVSLHJHOQ 8P WURW]GHP EHL GHU EHZlKUWHQ )RUP EOHLEHQ ]X N|QQHQ ZXUGHGHU7H[WVWlUNHUJHJOLHGHUW)UGHQUDGLRORJLVFKWlWLJHQ$U]WVLQGYRUDOOHPGLH.DSLWHO ELVYRQ%HGHXWXQJ+LHUILQGHWHUVRZRKOHLQHNXU]JHID‰WHZLVVHQVFKDIWOLFKH%HJUQGXQJ GHV 6WXIHQ.RQ]HSWV DOV DXFK 7DEHOOHQ DXV GHQHQ 6FKlW]ZHUWH GHU 6WUDKOHQH[SRVLWLRQ DE]XOHVHQVLQG'LHGDUDXIIROJHQGHQ.DSLWHOXQGGLHLP$QKDQJ]XVDPPHQJHID‰WHQ'DWHQ VLQG LQ HUVWHU /LQLH IU GHQ IDFKNXQGLJHQ 0HGL]LQSK\VLNHU JHGDFKW (U ILQGHW KLHU DOOH 8QWHUODJHQXPDXV$QJDEHQEHUGLH8QWHUVXFKXQJVEHGLQJXQJHQXQGJJIGLH$EPHVVXQJHQ GHU3DWLHQWLQGLH6WUDKOHQH[SRVLWLRQJHQDXHU]XHUPLWWHOQXQGVRHLQH]XYHUOlVVLJH%DVLVIU ZHLWHUHlU]WOLFKH(QWVFKHLGXQJHQ]XVFKDIIHQ'DVXPIDQJUHLFKH/LWHUDWXUYHU]HLFKQLVVROOKLHU LQ6SH]LDOIlOOHQHLQH+LOIHVHLQ

(LQOHLWXQJ

'LHVHU %HULFKW VROO GHP $U]W GHU HLQH ([SRVLWLRQ HLQHU 6FKZDQJHUHQ DXV PHGL]LQLVFKHU ,QGLNDWLRQYHUDQOD‰WRGHUVHOEVWGXUFKJHIKUWKDWRGHUDXV]ZLQJHQGHU,QGLNDWLRQGXUFKIKUHQ ZLOO+LQZHLVHEHUGLH+|KHGHU'RVLVXQGEHLXQEHDEVLFKWLJWHU([SRVLWLRQIUVHLQZHLWHUHV 9HUKDOWHQ JHEHQ (U ILQGHW LQ 7DE HLQH =XVDPPHQVWHOOXQJ GHU .RUUHODWLRQHQ ]ZLVFKHQ 'RVLVXQGP|JOLFKHQ6FKlGLJXQJHQIUGHQ(PEU\RE]Z)HWXV

$QKDQGYLHOHUSUDNWLVFKHU(UIDKUXQJHQLVWEHNDQQWGDVVLQGHU5|QWJHQ'LDJQRVWLN XQGLQGHU GLDJQRVWLVFKHQ$QZHQGXQJYRQ5DGLRQXNOLGHQLQGHXWOLFKEHUGHU)lOOHHLQ5LVLNRIU HLQH6FKlGLJXQJGHV(PEU\RVE]Z)HWHQLP6LQQHHLQHU)HKOELOGXQJQLFKWYRUOLHJWGDGLH PLWGHU8QWHUVXFKXQJYHUEXQGHQHQ6WUDKOHQGRVHQ]XJHULQJVLQG(VLVWDOVRVLQQYROOVFKQHOO IHVWVWHOOHQ ]X N|QQHQ RE HLQ LQGLYLGXHOOHU )DOO LQ GLHVH JUR‰H *UXSSH IlOOW EHL GHU HLQH

*HIlKUGXQJGHV(PEU\RVRGHU)HWHQQLFKWYRUOLHJW,VWGLHVGHU)DOOVRVROOGLH6FKZDQJHUH YRP $U]W GHU GLH ([SRVLWLRQ GXUFKJHIKUW KDW VRJOHLFK GDYRQ XQWHUULFKWHW ZHUGHQ GDPLW bQJVWHJDUQLFKWHUVWHQWVWHKHQ

:HJZHLVHQG IU GLHVHV 9RUJHKHQ LVW HLQ .RQ]HSW GHV $XVVFKXVVHV IU 6WUDKOHQVFKXW] GHU '5* DXV GHP -DKU >@ 'LH DP 8WHUXV ZLUNVDPH 'RVLV ZLUG GHU +|KH QDFK LQ GUHL 6WXIHQXQWHUWHLOWXQGHLQHHQWVSUHFKHQGDEJHVWXIWH9RUJHKHQVZHLVH]XU(UPLWWOXQJGHU'RVLV HPSIRKOHQ)UGDVSUDNWLVFKH9RUJHKHQILQGHWGHU$U]WLQGHQ7DEXQG 6FKlW]ZHUWHGHU8WHUXVGRVLVEHLU|QWJHQGLDJQRVWLVFKHQXQGQXNOHDUPHGL]LQLVFKHQ9HUIDKUHQ XQG$QOHLWXQJHQ]XU+DQGKDEXQJGLHVHU7DEHOOHQLQGHQ.DSLWHOQXQG'LHVHV.RQ]HSW JHZlKUOHLVWHW GDVV GLH $EVFKlW]XQJ GHU 8WHUXVGRVLV VHKU VFKQHOO HUIROJHQ NDQQ XQG HUK|KW GDPLW GLH 6LFKHUKHLW YRU )HKOHLQVFKlW]XQJHQ GHV PLW GHU 8QWHUVXFKXQJ YHUEXQGHQHQ 6WUDKOHQULVLNRV

:LUG GLH 6WXIH , GHV 'UHLVWXIHQNRQ]HSWV V .DS 'RVLV ELV P6Y DP 8WHUXV QLFKW

EHUVFKULWWHQ VR OLHJW HLQ 5LVLNR IU GDV $XIWUHWHQ YRQ )HKOELOGXQJHQ HLQVFKOLH‰OLFK HLQHU JHLVWLJHQ5HWDUGLHUXQJQLFKWYRU'DV5LVLNRGHU(UK|KXQJGHUSRVWQDWDOHQ7XPRUUDWHLVWVR PLQLPDO GDVV HV ZHLW XQWHU GHQ 5LVLNHQ OLHJW GHQHQ HLQ (PEU\R RGHU )HWXV LQ XWHUR QRUPDOHUZHLVH DXFK RKQH ]XVlW]OLFKH 6WUDKOHQH[SRVLWLRQ DXVJHVHW]W LVW 'HU :HUW P6Y XQWHUVFKHLGHWVLFKEHWUlFKWOLFKYRQGHQ:HUWHQGHU6FKZHOOHQGRVHQLP%HUHLFKYRQP*\

P6Y EHL ORFNHU LRQLVLHUHQGHU 6WUDKOXQJ IU 0L‰ELOGXQJ XQG JHLVWLJH 5HWDUGLHUXQJ ZLHVLHLQ7DEDXIJHIKUWVLQG'LHVH JUR‰H6SDQQHLVWGHVZHJHQ JHZlKOWZRUGHQXP HYWO DXIWUHWHQGH )HKOHU EHL GHUWDEHOODULVFKHQ 'RVLVHUPLWWOXQJ ]X NRPSHQVLHUHQ /LHJW GLH JHVFKlW]WH'RVLVDP8WHUXVDOVRQLFKWEHUP6Y6WXIH,GHV'UHLVWXIHQNRQ]HSWVEHU DOOHU)lOOHVRIHUWLJWGHU$U]WHLQ3URWRNROODQLQGHPGLH(UJHEQLVVHGHU'RVLVVFKlW]XQJ QLHGHUJHOHJW VLQG XQG LQ GHP DX‰HUGHP YHUPHUNW LVW GDVV GLH 6FKZDQJHUH XQWHUULFKWHW LVW GDVV HLQH *HIDKU GLH VLFK DXV GHU 6WUDKOHQH[SRVLWLRQ HUJHEHQ N|QQWH IU GDV .LQG QLFKW EHVWHKW VRPLW HLQH VWUDKOHQELRORJLVFK EHJUQGHWH ,QGLNDWLRQ IU HLQHQ $EEUXFK GHU 6FKZDQJHUVFKDIW QLFKW YRUOLHJW :LH DXV YLHOHQ )lOOHQ EHNDQQW ZHUGHQ YRQ DQGHUHQ lU]WOLFKHQ )DFKGLV]LSOLQHQ JHOHJHQWOLFK JHJHQVlW]OLFKH $XIIDVVXQJHQ YHUWUHWHQ XQG HV ZLUG GDQQ]XP$EEUXFKJHUDWHQ,QGLHVHP)DOOKDWGHU$U]WGHUGLH([SRVLWLRQGXUFKJHIKUWKDW GLH$XIJDEHGLHVHQJHJHQVlW]OLFKHQ$XIIDVVXQJHQ]XP:RKOHGHU6FKZDQJHUHQXQGGHVVLFK HQWZLFNHOQGHQ.LQGHVHQWJHJHQ]XWUHWHQ

,VW GHU 6FKlW]ZHUW GHU 'RVLV JU|‰HU DOV P6Y GDQQ ZLUG QDFK GHP LQ .DS QlKHU HUOlXWHUWHQ'UHLVWXIHQNRQ]HSWYHUIDKUHQ

0|JOLFKH(IIHNWHQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ hEHUVLFKW

=XU%HZHUWXQJHLQHU6WUDKOHQH[SRVLWLRQYRQ(PEU\RRGHU)HWXVH[LVWLHUWHLQHXPIDQJUHLFKH ZLVVHQVFKDIWOLFKH /LWHUDWXU ZREHL IU XPIDVVHQGH ]XVDPPHQIDVVHQGH 'DUVWHOOXQJHQ DXI

%DQGGHU9HU|IIHQWOLFKXQJHQGHU6WUDKOHQVFKXW]NRPPLVVLRQ>@XQGGHQ816&($5 5HSRUW>@YHUZLHVHQZLUG

$XIGHU%DVLVGLHVHU'DUVWHOOXQJHQXQGXQWHU(LQEH]LHKXQJQHXHUHU/LWHUDWXUGDWHQ>@ZHUGHQ LP IROJHQGHQ ELRORJLVFKH (IIHNWH HLQHU 6WUDKOHQH[SRVLWLRQ LQ XWHUR EHVFKULHEHQ XQG ZHQQ P|JOLFK GLH 6FKZHOOHQZHUWH GHU 'RVLV XQG 5LVLNR.RHIIL]LHQWHQ JJIV REHUKDOE GHU 6FKZHOOHQZHUWHDQJHJHEHQ%HLLKUHU$QZHQGXQJLVW]XEHUFNVLFKWLJHQGDVVLQGLHVH:HUWH HLQH5HLKHYRQ$QQDKPHQXQG8QVLFKHUKHLWHQHLQJHKHQEHLVSLHOVZHLVHEHLGHU([WUDSRODWLRQ YRQ WLHUH[SHULPHQWHOOHQ (UJHEQLVVHQ DXI GHQ 0HQVFKHQ RGHU YRQ KRKHQ DXI QLHGULJH 'RVLVZHUWH+LQZHLVHDXIGLHMHZHLOLJH3UREOHPDWLNGHU5LFKWZHUWHVLQGLQGHQ$QPHUNXQJHQ ]XGHQHLQ]HOQHQ(IIHNWHQJHJHEHQ

'LH =LHOVHW]XQJ GHU $QJDEHGHUDUWLJHU :HUWH EHVWHKW GDULQ LP NRQNUHWHQ (LQ]HOIDOO HLQHU 6WUDKOHQH[SRVLWLRQ LQ XWHUR PLW +LOIH HLQHU 'RVLVDEVFKlW]XQJ GLH :DKUVFKHLQOLFKNHLW GHV

$XIWUHWHQV YHUVFKLHGHQHU ELRORJLVFKHU (IIHNW DEVFKlW]HQ XQG EHL GHU 5LVLNRDEZlJXQJ LP 5DKPHQ GHU %HUDWXQJ GHU 6FKZDQJHUHQ EH]JOLFK HLQHU GLDJQRVWLVFKWKHUDSHXWLVFKHQ 0D‰QDKPHRGHUHLQHV6FKZDQJHUVFKDIWVDEEUXFKVEHUFNVLFKWLJHQ]XN|QQHQ

'LH SUlQDWDOH (QWZLFNOXQJ GHV 0HQVFKHQ LVW ZLH EHL DOOHQ 6lXJHUQ GXUFK GLH =HOO 3UROLIHUDWLRQ GLH'LIIHUHQ]LHUXQJ XQG GLH 0LJUDWLRQ JHSUlJW $OOH GLHVH 3UR]HVVH N|QQHQ HPSILQGOLFKGXUFKLRQLVLHUHQGH6WUDKOHQJHVW|UWZHUGHQ,QIROJHGHVVHQHUJLEWVLFKHLQHUHODWLY KRKH6WUDKOHQHPSILQGOLFKNHLWGHV(PEU\RE]Z)HWHQZlKUHQGGHUJHVDPWHQ(QWZLFNOXQJLQ XWHUR$OOHUGLQJVLVWGDV$XVPD‰GHU6HQVLWLYLWlWXQGGLH$UWGHU6WUDKOHQHIIHNWHZlKUHQGGHU YHUVFKLHGHQHQ 3KDVHQ GHU SUlQDWDOHQ (QWZLFNOXQJ XQWHUVFKLHGOLFK 'LH (QWZLFNOXQJ GHV 0HQVFKHQLP0XWWHUOHLEZLUGEOLFKHUZHLVHLQGUHLJUR‰H(QWZLFNOXQJVDEVFKQLWWHHLQJHWHLOW 'LH 3UlLPSODQWDWLRQVSHULRGH 7DJH QDFK GHU .RQ]HSWLRQ SF GLH 2UJDQELOGXQJVSHULRGHHWZDG± :RFKHSFXQGGLH)HWDOSHULRGH± 0RQDWSF )UHLQHJU|‰HUH=DKOYRQ6WUDKOHQHIIHNWHQVLQGLQGLHVHQYHUVFKLHGHQHQ(QWZLFNOXQJVSKDVHQ 'RVLVZLUNXQJVEH]LHKXQJHQGXUFK7LHUH[SHULPHQWHYRUDOOHPDQ0lXVHQXQG5DWWHQHUPLWWHOW ZRUGHQ ,QHLQHU5HLKH YRQ)lOOHQNRQQWHQGLH'DWHQGXUFK8QWHUVXFKXQJHQDP0HQVFKHQ

EHUSUIW XQG YHULIL]LHUW ZHUGHQ ,Q DQGHUHQ )lOOHQ ZHUGHQ ([WUDSRODWLRQHQ YRP 7LHUH[SHULPHQW ]XP 0HQVFKHQ GXUFKJHIKUW )U YLHOH 6WUDKOHQHIIHNWH VLQG VLJPRLGH 'RVLVZLUNXQJVEH]LHKXQJHQ /HWDOLWlW 0L‰ELOGXQJHQ JHLVWLJH 5HWDUGLHUXQJ EHREDFKWHW ZRUGHQ $XV GLHVHQ .XUYHQ N|QQHQ 6FKZHOOHQZHUWH IU GLH 6WUDKOHQGRVHQ DEJHVFKlW]W ZHUGHQQDFKGHQHQGLHEHWUHIIHQGHQ(IIHNWHEHREDFKWHWZHUGHQN|QQHQ$XVGHU6WHLOKHLWGHU GDQQ IROJHQGHQ .XUYHQ ZHUGHQ )DNWRUHQ IU GDV 5LVLNR SUR 'RVLVLQNUHPHQW DEJHVFKlW]W 'LHVHVNDQQMHGRFKQXUDQQlKHUXQJVZHLVHHUIROJHQGD GLH'RVLVZLUNXQJVEH]LHKXQJHQQLFKW OLQHDU VLQG $QGHUH (IIHNWH ZHUGHQ DP EHVWHQ GXUFK OLQHDUH 'RVLVHIIHNWNXUYHQ RKQH 6FKZHOOHQGRVLV]%YHUHUEEDUH'HIHNWH.UHEVEHVFKULHEHQ

7DE HQWKlOW HLQH =XVDPPHQVWHOOXQJ P|JOLFKHU ELRORJLVFKHU (IIHNWH GHV UHOHYDQWHQ

=HLWUDXPVQDFK.RQ]HSWLRQLQGHPHLQH6WUDKOHQH[SRVLWLRQ]XGLHVHQ(IIHNWHQIKUWVRZLH XQWHUH6FKZHOOHQZHUWHGHU'RVLVIUGDV$XIWUHWHQHLQHV(IIHNWHVXQG5LVLNR.RHIIL]LHQWHQ ,P$QVFKOX‰KLHUDQZHUGHQ(UOlXWHUXQJHQ]XGHQHLQ]HOQHQ(IIHNWHQJHJHEHQ$EVFKOLH‰HQG ZLUGDQ]ZHL%HLVSLHOHQGLH$QZHQGXQJGHUJHQDQQWHQ=DKOHQZHUWHGHPRQVWULHUW

7DEHOOH%LRORJLVFKH(IIHNWHHLQHUSUlQDWDOHQ6WUDKOHQH[SRVLWLRQ:HUWHIU5LVLNR.RHIIL]LHQWHQXQGJJI GHV ULVLNRUHOHYDQWHQ =HLWUDXPHV VRZLH XQWHUH 6FKZHOOHQZHUWH GHU 'RVLV IU GDV $XIWUHWHQ GHV MHZHLOLJHQ(IIHNWHVQDFK([SRVLWLRQPLWORFNHULRQLVLHUHQGHU6WUDKOXQJP6Y P*\EHLORFNHU LRQLVLHUHQGHU6WUDKOXQJ:HLWHUH(UOlXWHUXQJHQLP7H[W

(IIHNW =HLWUDXPQDFK

.RQ]HSWLRQ 8QWHUHU 6FKZHOOHQZHUWGHU 'RVLVIU$XIWUHWHQ

GHV(IIHNWV

5LVLNR.RHIIL]LHQW

7RGZlKUHQGGHU3UlLP

SODQWDWLRQVSKDVH G P6Y SURP6Y

0L‰ELOGXQJHQ G :RFKH P6Y SURP6Y

6FKZHUHJHLVWLJH5HWDU

GLHUXQJ :RFKH

:RFKH

P6Y P6Y

SURP6Y

SURP6Y

,45HGXNWLRQ ,QWHOOLJHQ]WHVW

:RFKH :RFKH

,4SURP6Y ,4SURP6Y

0DOLJQH(UNUDQNXQJHQ SURP6Y

9HUHUEEDUH'HIHNWH SURP6YPlQQO

SURP6YZHLEO REHUKDOEGHV6FKZHOOHQZHUWHV

(IIHNWHQDFK([SRVLWLRQZlKUHQGGHU3UlLPSODQWDWLRQVSHULRGH

6WUDKOHQH[SRVLWLRQHQ ZlKUHQG GHU 3UlLPSODQWDWLRQVSHULRGH IKUHQ EHL HQWVSUHFKHQG KRKHQ 'RVHQ ! P6Y ]XP $EVWHUEHQ GHV (PEU\RV KlXILJ EHUHLWV YRU GHU ,PSODQWDWLRQ 'HUDUWLJH (IIHNWH ZHUGHQ EHLP 0HQVFKHQ QLFKW HUNDQQW GD GDV %HVWHKHQ HLQHU 6FKZDQJHUVFKDIWLQGLHVHP6WDGLXPLPDOOJHPHLQHQQLFKWIHVWJHVWHOOWZRUGHQLVW/HWDOLWlWLVW GHU ZHLWDXV GRPLQLHUHQGH (IIHNW 0LVVELOGXQJHQ WUHWHQ QXU lX‰HUVW VHOWHQ GDQQ DXI ZHQQ JHQHWLVFKH 3UlGLVSRVLWLRQHQ GXUFK GLH (OWHUQ YRUOLHJHQ $XI GHU *UXQGODJH HQWVSUHFKHQGHU WLHUH[SHULPHQWHOOHU8QWHUVXFKXQJHQZLUGGLHVHP(IIHNWLP816&($55HSRUW>@HLQ 5LVLNR.RHIIL]LHQWYRQ6YHQWVSUHFKHQGSURP6Y]XJHRUGQHW

(IIHNWHQDFK([SRVLWLRQZlKUHQGGHU2UJDQELOGXQJVSHULRGH

6WUDKOHQH[SRVLWLRQHQ LQ GLHVHU (QWZLFNOXQJVSHULRGH N|QQHQ PDNURVNRSLVFKDQDWRPLVFKH 0LVVELOGXQJHQ :DFKVWXPVKHPPXQJHQ XQG DXFK IXQNWLRQHOOH 6W|UXQJHQ YHUXUVDFKHQ 'LH H[SHULPHQWHOOHQ 8QWHUVXFKXQJHQ HUJHEHQ IU GLH ,QGXNWLRQ GLHVHU (IIHNWH 'RVLVZLUNXQJVEH]LHKXQJHQPLW6FKZHOOHQGRVHQGLHLP%HUHLFKYRQP6YOLHJHQ'DWHQ GLH DQ GHQ $WRPERPEHQEHUOHEHQGHQ LQ +LURVKLPD XQG 1DJDVDNL HUKREHQ ZRUGHQ VLQG ODVVHQ YHUPXWHQ GDVV GLH 6FKZHOOHQGRVHQ EHLP 0HQVFKHQ K|KHU OLHJHQ 'LH 6WXGLHQ LQ +LURVKLPDXQG1DJDVDNL KDEHQYRUDOOHPHLQHQYHUULQJHUWHQ.RSIXPIDQJEHLGHQJHERUHQHQ .LQGHUQQDFK%HVWUDKOXQJLQXWHURPLW'RVHQLQ+|KHYRQHWZDP6YXQGPHKUHUJHEHQ 9RQ 816&($5 >@ ZLUG DQJHQRPPHQ GDVV GDV EHL WLHUH[SHULPHQWHOOHQ 8QWHUVXFKXQJHQ EHREDFKWHWH 5LVLNR HLQHU (UK|KXQJ GHU $Q]DKO IHWDOHU 0L‰ELOGXQJHQ YRQ 6Y HQWVSUHFKHQG SUR P6Y DXFK IU GHQ 0HQVFKHQ JHOWHQ N|QQWH XQG ]ZDU IU GHQ

=HLWUDXP YRQ GHU ELV ]XU :RFKH QDFK .RQ]HSWLRQ 'LH 9HUGRSSOXQJ GHV 0LVVELOGXQJVULVLNRVZLUGHWZDLP'RVLVEHUHLFKYRQP6YDQJHQRPPHQ

(IIHNWHQDFK([SRVLWLRQZlKUHQGGHU)HWDOSHULRGH

'LH(QWZLFNOXQJGHV=HQWUDOQHUYHQV\VWHPVQLPPWHLQHVHKUODQJH =HLW LQ$QVSUXFK'DKHU WUHWHQ QDFK 6WUDKOHQH[SRVLWLRQHQ )HKOHQWZLFNOXQJHQ LQ GLHVHP %HUHLFK JHJHQEHU DQGHUHQ (IIHNWHQ UHODWLY KlXILJ DXI 8QWHUVXFKXQJHQ DQ .LQGHUQ GLH ZlKUHQG LKUHU SUlQDWDOHQ (QWZLFNOXQJ GXUFK GLH $WRPERPEHQNDWDVWURSKHQ LQ -DSDQ VWUDKOHQH[SRQLHUW ZDUHQ KDEHQ UHODWLY KlXILJ VFKZHUH JHLVWLJH 5HWDUGLHUXQJHQ HUJHEHQ 'LHVHV ZDU DOOHUGLQJV QXU EHL GHQMHQLJHQ.LQGHUQGHU)DOOGLHGLH6WUDKOHQH[SRVLWLRQZlKUHQGGHU)HWDOSHULRGHLQGHU±

E]Z ± :RFKH SF HUKDOWHQ KDEHQ 'LH QHXHUHQ $QDO\VHQ KDEHQ JH]HLJW GDVV 6FKZHOOHQGRVHQ LP %HUHLFK YRQ HWZD E]Z 6Y PLW HLQHP XQWHUHQ 9HUWUDXHQVEHUHLFK YRQ HWZD P*\ DXIWUHWHQ 2WDNH HW DO >@ 'HU 5LVLNR .RHIIL]LHQWIUHLQH([SRVLWLRQPLW6WUDKOXQJQLHGULJHQ /(7VLP=HLWUDXP :RFKH ZLUGPLW6Y HQWVSUHFKHQGSURP6YXQGLP=HLWUDXP :RFKH PLW 6YHQWVSUHFKHQGSURP6YDQJHJHEHQ

1HEHQGHUVFKZHUHQJHLVWLJHQ5HWDUGLHUXQJLVWEHL.LQGHUQGLHLQ+LURVKLPDXQG1DJDVDNL H[SRQLHUWZRUGHQVLQGDXFKHLQH$EQDKPHGHV,QWHOOLJHQ]TXRWLHQWHQ,4EHREDFKWHWZRUGHQ )UGLHVHQ(IIHNWJLEWHVRIIHQVLFKWOLFKNHLQH6FKZHOOHQGRVLV1DFK([SRVLWLRQHQLQGHU±

:RFKHSFEHWUXJGLH5HGXNWLRQHWZD,43XQNWHSUR6YXQGLQGHU± :RFKH SFHWZD,43XQNWHSUR6Y

0DOLJQH(UNUDQNXQJHQQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ

)U GLH .UHEVHQWVWHKXQJ ZHUGHQ OLQHDUH 'RVLVZLUNXQJVEH]LHKXQJHQ RKQH 6FKZHOOHQGRVHQ DQJHQRPPHQ ,Q HLQHU JUR‰HQ UHWURVSHNWLYHQ )DOO.RQWUROO6WXGLH GHU VRJ 2[IRUG6WXGLH VLQGEHL.LQGHUQGLHLQXWHURHLQH6WUDKOHQH[SRVLWLRQZHJHQHLQHU5|QWJHQXQWHUVXFKXQJGHU 0XWWHU EHUZLHJHQG 3HOYLPHWULH HUKDOWHQ KDEHQ ELV ]XP $OWHU YRQ -DKUHQ YHUPHKUW /HXNlPLHQ XQG PDOLJQH 7XPRUHQ EHREDFKWHW ZRUGHQ 'HU GHXWOLFKVWH +LQZHLV GDVV 6WUDKOHQH[SRVLWLRQHQ LQ XWHUR EHUHLWV LP QLHGULJHQ 'RVLVEHUHLFK P6Y ]X HLQHU VLJQLILNDQWHQ(UK|KXQJ GHU /HXNlPLH XQG.UHEVUDWHLQGHQHUVWHQ /HEHQVMDKUHQIKUHQ N|QQHQ NRPPW YRQ GHU $QDO\VH GHU (LQ]HO XQG =ZLOOLQJVJHEXUWHQ DXV GHQ 'DWHQ GHU 2[IRUG6WXGLH

,Q ZHLWHUHQ 6WXGLHQ VLQG lKQOLFKH 'DWHQ EHULFKWHW ZRUGHQ HV JLEW DEHU DXFK 5HVXOWDWH YRU DOOHPYRQ.RKRUWHQVWXGLHQGLHGLHVHQ%HIXQGHQZLGHUVSUHFKHQ%HLGHQ.LQGHUQGLHEHLGHQ

$WRPERPEHQDEZUIHQ LQ +LURVKLPD XQG 1DJDVDNL LQ XWHUR H[SRQLHUW ZRUGHQ VLQG VLQG PDOLJQH (UNUDQNXQJHQLQGHQHUVWHQ/HEHQVMDKUHQQLFKWYHUPHKUWJHVHKHQZRUGHQ(V ZLUG KHXWH GDYRQ DXVJHJDQJHQ GDVV ZlKUHQG GHU SUlQDWDOHQ (QWZLFNOXQJ HLQH 6WUDKOHQHPSILQGOLFKNHLWZLHEHL.LQGHUQYRUOLHJW(VZLUGJHVFKlW]WGDVVGLH.UHEVPRUWDOLWlW HWZDEHLSUR6YHQWVSUHFKHQGSURP6YOLHJW)U5LVLNR$EVFKlW]XQJHQZLUG EHL GLHVHQ (IIHNWHQ YRQ HLQHU OLQHDUHQ 'RVLVZLUNXQJVEH]LHKXQJ RKQH 6FKZHOOHQGRVLV DXVJHJDQJHQ,QZHOFKHU:HLVHGDVVWUDKOHQEHGLQJWH.UHEVULVLNRLP9HUODXIHGHUSUlQDWDOHQ (QWZLFNOXQJ VLFK lQGHUW NDQQ DXIJUXQG GHU ELVKHULJHQ 'DWHQ QLFKW HLQGHXWLJ EHXUWHLOW ZHUGHQ 0DQFKH 'DWHQ GHXWHQ GDUDXI KLQ GDVV GLH 6WUDKOHQHPSILQGOLFKNHLW ZlKUHQG GHV HUVWHQ7ULPHVWHUVDPK|FKVWHQLVW

9HUHUEEDUH'HIHNWHQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQ

)UGLH,QGXNWLRQYHUHUEEDUHU'HIHNWHZLUGDQJHQRPPHQGDVVZLHEHLP(UZDFKVHQHQNHLQH 6FKZHOOHQGRVLV EHVWHKW XQG LP %HUHLFK NOHLQHU 'RVHQ OLQHDUH 'RVLVZLUNXQJVEH]LHKXQJHQ

JHJHEHQVLQG'DWHQEHUJHQHWLVFKH9HUlQGHUXQJHQEHLP0HQVFKHQOLHJHQELVKHUQLFKWYRU 7LHUYHUVXFKH KDEHQ HUJHEHQ GDVV ZDKUVFKHLQOLFK EHGLQJW GXUFK GLH JHULQJH 6WUDKOHQVHQVLELOLWlWXQGGDVK|KHUH5HSDLUYHUP|JHQLQGHQIUKHQ(QWZLFNOXQJVVWDGLHQEHL GHU 6WUDKOHQH[SRVLWLRQ GHU .HLPGUVHQ LQ XWHUR GLH +lXILJNHLW GHU ,QGXNWLRQ YHUHUEEDUHU 6FKlGHQQLHGULJHULVWDOVLQGHQSRVWQDWDOHQ(QWZLFNOXQJVVWDGLHQ

$XIGHU*UXQGODJHGHU(UJHEQLVVHWLHUH[SHULPHQWHOOHU8QWHUVXFKXQJHQODVVHQVLFKDXVGHQLP 816&($55HSRUW >@ JHQDQQWHQ $QJDEHQ ]XU:DKUVFKHLQOLFKNHLW VWUDKOHQLQGX]LHUWHU 0XWDWLRQHQ PLW GRPLQDQWHQ (IIHNWHQ XQG UH]LSURNHQ 7UDQVORNDWLRQHQ GLH LQ 7DE ZLHGHUJHJHEHQHQ5LVLNR.RHIIL]LHQWHQIUJHQHWLVFKH$QRPDOLHQLQGHUHUVWHQ*HQHUDWLRQSUR /HEHQGJHEXUWQDFKSUlQDWDOHU6WUDKOHQH[SRVLWLRQGHU.HLPGUVHQKHUOHLWHQ

$QZHQGXQJVEHLVSLHOH

$EVFKOLH‰HQGVHLHQ]ZHL%HLVSLHOH]XU$QZHQGXQJGHULQ7DEJHQDQQWHQ:HUWHJHJHEHQ

%HLVSLHO

'LH'RVLVDEVFKlW]XQJP|JHHLQH6WUDKOHQH[SRVLWLRQYRQ(PEU\RE]Z)HWXVYRQP6YHUJHEHQKDEHQ'LH (IIHNWH GHU7DEVLQGLQGLHVHP)DOOQLFKW]XGLVNXWLHUHQGDGLH'RVLVXQWHUKDOEGHUGRUWDQJHJHEHQHQ 6FKZHOOHQGRVLV OLHJW +DW GLH ([SRVLWLRQ LQ GHU ± :RFKH VWDWWJHIXQGHQ VR ILQGHW HLQH 5HGXNWLRQ GHV ,QWHOOLJHQ]TXRWLHQWHQ LP 0LWWHO XP ZHQLJHU DOV ,43XQNW VWDWW )U GLH ,QGXNWLRQ PDOLJQHU (UNUDQNXQJHQ HUUHFKQHWVLFKHLQ5LVLNRLQGHU*U|‰HQRUGQXQJYRQHQWVSUHFKHQGIUGDV5LVLNRGHU,QGXNWLRQ YHUHUEEDUHU'HIHNWHEHLGHU([SRVLWLRQHLQHVPlQQOLFKHQ)HWHQHLQ:HUWLQGHU*U|‰HQRUGQXQJYRQ HQWVSUHFKHQG EHL GHU ([SRVLWLRQ HLQHV ZHLEOLFKHQ )HWHQ HLQ 5LVLNR YRQ HQWVSUHFKHQG HLQHP5LVLNRYRQ

%HLVSLHO

+DW GLH 'RVLVDEVFKlW]XQJ HLQH ([SRVLWLRQ YRQ (PEU\R E]Z )HWXV YRQ P6Y G K P6Y EHU GHU 6FKZHOOHHUJHEHQVRVLQGDXFKGLH(IIHNWH]XGLVNXWLHUHQ-HQDFKGHPREPDQGLH5LVLNR.RHIIL]LHQWHQDXI GLHHUPLWWHOWH'RVLVDE]JOLFKGHU6FKZHOOHQGRVLVRGHUDXIGLHHUPLWWHOWH'RVLVVHOEVWDQZHQGHWHUKlOWPDQ x EHL HLQHU ([SRVLWLRQ ZlKUHQG GHU 3UlLPSODQWDWLRQVSKDVH HLQ 5LVLNR GHV $EVWHUEHQV GHV (PEU\RV YRU GHU

,PSODQWDWLRQLP%HUHLFKYRQ

x EHLHLQHU([SRVLWLRQLP=HLWUDXP]ZLVFKHQGXQGGHU:RFKHHLQ0L‰ELOGXQJVULVLNRLP%HUHLFKYRQ

x EHLHLQHU([SRVLWLRQ]ZLVFKHQGHUXQG:RFKHHLQ5LVLNRGHU5HGXNWLRQGHV,QWHOOLJHQ]TXRWLHQWHQXP ,43XQNWH

x EHLHLQHU([SRVLWLRQ]ZLVFKHQGHUXQG:RFKHHLQ5LVLNRGHU5HGXNWLRQGHV,QWHOOLJHQ]TXRWLHQWHQXP ,43XQNWH

x HLQ5LVLNRGHU,QGXNWLRQPDOLJQHU(UNUDQNXQJHQLQGHU*U|‰HQRUGQXQJYRQ

x HLQ5LVLNRYHUHUEEDUHU'HIHNWHLQGHU*U|‰HQRUGQXQJPlQQOE]ZZHLEO

'HUDUWLJH =DKOHQZHUWH VLQG DOV QDFK JHJHQZlUWLJHP .HQQWQLVVWDQG NRQVHUYDWLYH

$EVFKlW]XQJHQ GHU *U|‰HQRUGQXQJ GHV 6WUDKOHQULVLNRV DQ]XVHKHQ ZREHL GLH /FNHQKDIWLJNHLWGHU$XVJDQJVGDWHQXQGGLHHLQJDQJVHUZlKQWHQ$QQDKPHQDXIGHQHQGLHVH 5LVLNRDEVFKlW]XQJHQEHUXKHQ]XEHUFNVLFKWLJHQVLQG

$OOJHPHLQH(UOlXWHUXQJGHV6WXIHQ.RQ]HSWV

%HL PHGL]LQLVFK EHGLQJWHQ 6WUDKOHQH[SRVLWLRQHQ ZLUG LP IROJHQGHQ ]ZLVFKHQ 5|QWJHQGLDJQRVWLN 6WUDKOHQWKHUDSLH XQG QXNOHDUPHGL]LQLVFKHU 'LDJQRVWLN E]Z 7KHUDSLH XQWHUVFKLHGHQ

5|QWJHQGLDJQRVWLN

:LHGLH3UD[LV]HLJWZLUGXQWHUDOOHQPHGL]LQLVFKHQ$QZHQGXQJHQLRQLVLHUHQGHU6WUDKOHQGLH )UDJH QDFK HLQHP 6FKZDQJHUVFKDIWVDEEUXFK LP =XVDPPHQKDQJ PLW HLQHU 5|QWJHQXQWHUVXFKXQJ DP KlXILJVWHQ JHVWHOOW 8QWHU %HUFNVLFKWLJXQJ GHU $XVIKUXQJHQ LQ .DSLWHOHUEULJWVLFKHLQH'RVLV XQG5LVLNRDEVFKlW]XQJZHQQGHU(PEU\R)HWXVVLFKQLFKW LP 1XW]VWUDKOHQEQGHO EHILQGHW 'LHV JLOW MHGRFK QLFKW IU GRVLVLQWHQVLYH 3URMHNWLRQVUDGLRJUDSKLHQ RGHU &78QWHUVXFKXQJHQ YRQ DQ GHQ 8WHUXV JUHQ]HQGHQ .|USHUUHJLRQHQ ZHQQ VLH PLW KRKHQ 5|KUHQVWURP=HLW3URGXNWHQ P$V3URGXNWHQ GXUFKJHIKUWZXUGHQVLHKH

$OVUHSUlVHQWDWLYIUGLH6WUDKOHQH[SRVLWLRQGHU/HLEHVIUXFKWZLUGGLHbTXLYDOHQWGRVLV+8LP 8WHUXVDQJHVHKHQ=XU(UPLWWOXQJGHUGXUFKHLQH5|QWJHQXQWHUVXFKXQJEHGLQJWHQ8WHUXVGRVLV ZHUGHQGUHLQDFK$XIZDQGXQG0HWKRGLNXQWHUVFKLHGOLFKH9HUIDKUHQYRUJHVFKODJHQ

6WXIH, JUREH$EVFKlW]XQJQDFK7DEHOOHQ

6WXIH,, $EVFKlW]XQJ GXUFK %HUHFKQXQJ PLW 8QWHUVXFKXQJVSDUDPHWHUQ XQG JHUlWH XQG SDWLHQWHQW\SLVFKHQ'DWHQ

6WXIH,,, %HUHFKQXQJDXIGHU%DVLVLQGLYLGXHOOHU8QWHUVXFKXQJVSDUDPHWHUXQGJHUlWH XQG SDWLHQWHQVSH]LILVFKHU'DWHQ

'DV SULQ]LSLHOOH 9RUJHKHQ LVW LQ $EE LQ )RUP HLQHV $EODXIGLDJUDPPV ]XU VFKQHOOHQ 2ULHQWLHUXQJ EHU GLH ]X WUHIIHQGHQ 0D‰QDKPHQ ]XVDPPHQJHIDVVW 'LH (UPLWWOXQJ GHU 8WHUXVGRVLV LVW DXIJUXQG GHU YLHOIlOWLJHQ 8QWHUVXFKXQJVWHFKQLNHQ NRPSOH[ +LHU ]HLJW VLFK GHU9RUWHLOGHU DEJHVWXIWHQ9HUIDKUHQ]XU'RVLVHUPLWWOXQJZHLOGLHJUREH$EVFKlW]XQJGHU 'RVLV PLW +LOIH GHU LQ .DS DQJHJHEHQHQ 7DEHOOHQ DXV GHP 8QWHUVXFKXQJVYHUODXI XQPLWWHOEDUHUP|JOLFKWZLUG1DFKGHUELVKHULJHQ(UIDKUXQJEOHLEWGLH6WUDKOHQH[SRVLWLRQGHV 8WHUXV LQ GHU EHUZLHJHQGHQ =DKO GHU )lOOH XQWHU P6Y 'LH YRP IDFKNXQGLJHQ 0HGL]LQSK\VLNHU DXV]XIKUHQGHQ 'RVLVEHUHFKQXQJHQ XQG 0HVVXQJHQ VLQG DOVR QXU LQ ZHQLJHQ)lOOHQQRWZHQGLJ

=XQlFKVW ZLUG GLH ]ZLVFKHQ .RQ]HSWLRQ XQG 6WUDKOHQH[SRVLWLRQ YHUJDQJHQH =HLW EHVWLPPW ,VW PLW 6LFKHUKHLW ]X HUPLWWHOQ GDVV K|FKVWHQV 7DJH YHUJDQJHQ VLQG GDQQ LVW NHLQH 'RVLVDEVFKlW]XQJ QRWZHQGLJ ZHLO GLH )UXFKW GHQ P|JOLFKHUZHLVH JHVHW]WHQ 6FKDGHQ ]X UHSDULHUHQYHUPDJRGHUDEVWLUEW'LH0|JOLFKNHLWGHU,QGXNWLRQYRQ0L‰ELOGXQJHQZlKUHQG HLQHUVHKUNXU]HQ3KDVHYRUGHU,PSODQWDWLRQNDQQDX‰HU%HWUDFKWEOHLEHQ

+DWGLH6WUDKOHQH[SRVLWLRQGDJHJHQQDFKGHP7DJSFVWDWWJHIXQGHQZLUG]XQlFKVWHLQH JUREH$EVFKlW]XQJGXUFKJHIKUW'D]XEHQ|WLJWPDQIU'XUFKOHXFKWXQJGLH=HLWZlKUHQG GHU GHU 8WHUXV LP GLUHNWHQ 6WUDKOHQJDQJ ZDU IU $XIQDKPHQ GLH $Q]DKO EHL GHQHQ GHU 8WHUXVLPGLUHNWHQ6WUDKOHQJDQJZDUVRZLHJUREH$QJDEHQEHUGLH.|USHUDEPHVVXQJHQGHU 3DWLHQWLQ:HQQNHLQHJHJHQWHLOLJHQ,QIRUPDWLRQHQYRUOLHJHQLVWGDYRQDXV]XJHKHQGDVVGHU 8WHUXVZlKUHQGGHUJHVDPWHQ'XUFKOHXFKWXQJV]HLWLP6WUDKOHQJDQJJHOHJHQKDW0LWGLHVHQ 'DWHQN|QQHQDXVGHQ7DEXQGLQ.DSJHVFKlW]WH+|FKVWZHUWHIUGLH'RVLV+₈ HQWQRPPHQ ZHUGHQ )U GLH NRQYHQWLRQHOOH 7RPRJUDSKLH HQWVSULFKW HLQH 6FKLFKWDXIQDKPH

DQJHQlKHUW HLQHU 'LUHNWDXIQDKPH XQG NDQQ PLW GHP HQWVSUHFKHQGHQ 7DEHOOHQZHUW EHUFN VLFKWLJWZHUGHQ)UFRPSXWHUWRPRJUDSKLVFKH8QWHUVXFKXQJHQVLQG'RVLVZHUWHLQ.DS 7DEDQJHJHEHQ(UJLEWGLHJUREH$EVFKlW]XQJ'RVLVZHUWHELV]XP6YGDQQLVWNHLQH

=HLWGHU5|QWJHQXQWHUVXFKXQJ SRVWFRQFHSWLRQHP

HUPLWWHOQ

.HLQHZHLWHU%HUHFKQXQJ 3URWRNROOLHUXQJGXUFKGHQ$U]W ,QIRUPDWLRQGHU3DWLHQWLQQXUDXI$QIUDJH

,QWHUUXSWLRVWHKWQLFKW]XU'LVNXVVLRQ

*HVSUlFKPLWGHU3DWLHQWLQ

$EZlJXQJ5LVLNR.LQGHUZXQVFK JJI(PSIHKOXQJ]XU,QWHUUXSWLR

0LW6LFKHUKHLW Wd 7DJH

MD

QHLQ

+Xd P6Y

.HLQHZHLWHU%HUHFKQXQJ 3URWRNROOLHUXQJGXUFKGHQ$U]W ,QIRUPDWLRQGHU3DWLHQWLQQXUDXI$QIUDJH

,QWHUUXSWLRVWHKWQLFKW]XU'LVNXVVLRQ

$EVFKlW]XQJGHU'RVLV+_X 6WXIH,7DEHOOH

MD MD

QHLQ QHLQ

%HUHFKQXQJGHU'RVLV+X

6WXIH,,6WDQGDUGGDWHQ

+Xd P6Y

.HLQHZHLWHU%HUHFKQXQJ 3URWRNROOLHUXQJGXUFKGHQ$U]W

3DWLHQWLQZLUGLQIRUPLHUW

$U]WHPSILHKOWYRQVLFKDXVNHLQH,QWHUUXSWLR

%HUHFKQXQJGHU'RVLV+_X 6WXIH,,,SDWLHQWHQVSH]'DWHQ

+Xd P6Y

MD .HLQHZHLWHU%HUHFKQXQJ

3URWRNROOLHUXQJGXUFKGHQ$U]W 3DWLHQWLQZLUGLQIRUPLHUW

$U]WHPSILHKOWYRQVLFKDXVNHLQH,QWHUUXSWLR

+Xd P6Y QHLQ

QHLQ

*HVSUlFKPLWGHU3DWLHQWLQ

$EZlJXQJ5LVLNR.LQGHUZXQVFK

$U]WXQWHUVWW]W:XQVFKQDFK,QWHUUXSWLR MD

$EELOGXQJ$EODXIGLDJUDPP]XU(UPLWWOXQJGHU'RVLV+₈DP8WHUXVLQGHU5|QWJHQGLDJQRVWLN

ZHLWHUH'RVLVEHUHFKQXQJQRWZHQGLJ(UKlOWPDQKLQJHJHQEHLGHUJUREHQ$EVFKlW]XQJ:HUWH IUGLH8WHUXVGRVLVGLHEHUP6YOLHJHQGDQQVROOWHHLQH'RVLVEHUHFKQXQJDXIGHU%DVLV YRQ W\SLVFKHQ :HUWHQ IU JHUlWH RGHU SDWLHQWHQVSH]LILVFKH 3DUDPHWHU QDFK GHP 4XHOOHQNRQ]HSWRGHUGHP%LOGHPSIlQJHUNRQ]HSWVLHKH.DSE]ZYRUJHQRPPHQ ZHUGHQ6WXIH,,

%HLP 4XHOOHQNRQ]HSW ZLUG GLH (LQIDOOGRVLV EHL .HQQWQLV GHU $XIQDKPH RGHU 'XUFKOHXFK WXQJVSDUDPHWHU DXV GHU .HQQGRVLVOHLVWXQJ HUPLWWHOW %HLP %LOGHPSIlQJHUNRQ]HSW ZLUG DXV GHP 'RVLVEHGDUI DP %LOGHPSIlQJHU PLW HLQHP 6FKZlFKXQJVIDNWRU GLH (LQIDOOGRVLV DEJHVFKlW]W)UEHLGH0HWKRGHQZLUGGLH6WUDKOXQJVTXDOLWlWJHJHEHQGXUFK5|KUHQVSDQQXQJ XQG *HVDPWILOWHUXQJ E]Z +DOEZHUWVFKLFKWGLFNH EHQ|WLJW )U GDV 4XHOOHQNRQ]HSW VLQG ]XVlW]OLFKGDV5|KUHQVWURP=HLW3URGXNWP$V3URGXNWIU$XIQDKPHXQG'XUFKOHXFKWXQJ RGHUGDV'RVLVIOlFKHQSURGXNWHUIRUGHUOLFKZlKUHQGIUGDV%LOGHPSIlQJHUNRQ]HSW$XVVDJHQ ]XP 'RVLVEHGDUI GHV 1DFKZHLVV\VWHPV ]XP 5DVWHUIDNWRU XQG GLH 'XUFKOHXFKWXQJV]HLW EHQ|WLJWZHUGHQ'LH,QIRUPDWLRQEHUGLH3DWLHQWLQEHVFKUlQNWVLFKDXIGLH6FKLFKWGLFNHLQ 6WUDKOULFKWXQJ 'LH JHRPHWULVFKHQ $QJDEHQ VLQG GHU )RNXV+DXW XQG GHU )RNXV

%LOGHPSIlQJHU$EVWDQG XQG GLH )HOGJU|‰H (V EHVWHKW GLH 0|JOLFKNHLW GLH )HOGJU|‰H DXV GHP %LOGIRUPDW XQG GHP )RNXV)LOP$EVWDQG ]X EHUHFKQHQ ZHQQ GLH )HOGUlQGHU DXI GHU 5|QWJHQDXIQDKPH VLFKWEDU VLQG %HL 'XUFKOHXFKWXQJ VROOWHQ GLH 3URMHNWLRQHQ XQG GLH ]XJHK|ULJHQ 'XUFKOHXFKWXQJV]HLWHQ EHNDQQW VHLQ 'LH PLWWOHUH )HOGJU|‰H PX‰ JHVFKlW]W ZHUGHQ

$XVJHKHQG YRQ GHU (LQIDOOGRVLV ZLUG PLW GHP *HZHEH/XIW9HUKlOWQLV GHU UHODWLYHQ 7LHIHQGRVLV RGHU GHP 2UJDQGRVLV.RQYHUVLRQVIDNWRU GLH 8WHUXVGRVLV DEJHVFKlW]W 'LH .RQYHUVLRQVIDNWRUHQZXUGHQPLW0RQWH&DUOR0HWKRGHQDQHLQHPPDWKHPDWLVFKHQ3KDQWRP EHUHFKQHW0LW.RQYHUVLRQVIDNWRUHQGLHVLFKDXIGDV'RVLVIOlFKHQSURGXNWEH]LHKHQNDQQGLH 8WHUXVGRVLVDXFKGLUHNWDXVGHP'RVLVIOlFKHQSURGXNWDEJHVFKlW]WZHUGHQ

(UJLEWGLH$EVFKlW]XQJGHU6WUDKOHQH[SRVLWLRQQDFK6WXIH ,,HLQH8WHUXVGRVLVYRQPHKUDOV P6YGDQQVROOWHGLH8WHUXVGRVLVPLW+LOIHYRQ0H‰ZHUWHQGHU'RVLVRGHU'RVLVOHLVWXQJ IU GHQ 5|QWJHQVWUDKOHU XQG 0H‰ZHUWHQ GHU *HRPHWULH YRQ 3DWLHQWLQ XQG *HUlW EHUHFKQHW ZHUGHQ 6WXIH ,,, 'LH %HUHFKQXQJ HUIROJW ZLHGHUXP QDFK GHP 4XHOOHQNRQ]HSW RGHU GHP

%LOGHPSIlQJHUNRQ]HSW 6WUDKOHQWKHUDSLH

0X‰ EHL GHU 3DWLHQWLQ HLQH 6WUDKOHQEHKDQGOXQJ LQ )RUP HLQHU SHUNXWDQHQ %HVWUDKOXQJ RGHU HLQH $QZHQGXQJ XPVFKORVVHQHU UDGLRDNWLYHU 6WRIIH LQ HLQHU %UDFK\WKHUDSLH GXUFKJHIKUW ZHUGHQ GDQQ LVW GLH (UPLWWOXQJ GHU 8WHUXVGRVLV 'X XQPLWWHOEDU LQ GLH SK\VLNDOLVFKH

%HVWUDKOXQJVSODQXQJ ]X LQWHJULHUHQ XQG PLW GHU HQWVSUHFKHQGHQ 0HWKRGLN P|JOLFK 'LH

$QZHQGXQJ GHV 6WXIHQ.RQ]HSWV HQWIlOOW %HL ]X %HVWUDKOXQJVEHJLQQ XQEHNDQQWHU RGHU ZlKUHQGGHU%HVWUDKOXQJVVHULHHLQWUHWHQGHU6FKZDQJHUVFKDIWLVWHEHQIDOOVHLQH± GLH=DKOGHU DSSOL]LHUWHQ%HVWUDKOXQJVIUDNWLRQHQEHUFNVLFKWLJHQGH± 'RVLVHUPLWWOXQJXQWHU=XKLOIHQDKPH GHV %HVWUDKOXQJVSODQXQJVV\VWHPV P|JOLFK $QJHVLFKWV GHU 6HOWHQKHLW GLHVHU EHVRQGHUHQ 6LWXDWLRQ LP UDGLRRQNRORJLVFKHQ .OLQLNDOOWDJ VROOWH LQGLYLGXHOO LQ MHGHP )DOO JHPHLQVDP GXUFK IDFKNXQGLJH 0HGL]LQSK\VLNHU XQG 5DGLRRQNRORJHQ HQWVFKLHGHQ ZHUGHQ ZHOFKH ZHLWHUHQ +LOIVPLWWHO XQG ZHOFKHU 3ODQXQJV E]Z %HUHFKQXQJVDXIZDQG HLQJHVHW]W ZHUGHQ PX‰XPGLH8WHUXVGRVLVKLQUHLFKHQGJHQDXHUPLWWHOQ]XN|QQHQ

1XNOHDUPHGL]LQ

%HL HLQHU QXNOHDUPHGL]LQLVFKHQ 0D‰QDKPH LVW GLH 6WUDKOHQH[SRVLWLRQ GHV (PEU\RV E]Z )HWHQYRQGHQSK\VLNDOLVFKHQ(LJHQVFKDIWHQGHV5DGLRQXNOLGVGHUDSSOL]LHUWHQ$NWLYLWlWGHP 9HUWHLOXQJVPXVWHU XQG (OLPLQDWLRQVYHUKDOWHQ GHV 5DGLRSKDUPDNRQV DEKlQJLJ $XFK KLHU HQWIlOOW GLH $QZHQGXQJ GHV 6WXIHQ.RQ]HSWV 'LH XQWHU YHUHLQIDFKWHQ $QQDKPHQ EHUHFKQHWH6WUDKOHQH[SRVLWLRQGHU)UXFKWNDQQDXVGHQLQ.DSHQWKDOWHQHQXQGHUOlXWHUWHQ 7DEXQGHQWQRPPHQZHUGHQ

*UREH$EVFKlW]XQJGHU8WHUXVGRVLV6WXIH, 5|QWJHQGLDJQRVWLN

5DGLRJUDSKLH)OXRURVNRSLH

(QWVSUHFKHQG GHP 6WXIHQ.RQ]HSW ]XU (UPLWWOXQJ GHU 8WHUXVGRVLV ZLUG LQ 6WXIH , HLQH JUREH$EVFKlW]XQJPLW+LOIHYRQ7DEHOOHQYRUJHQRPPHQ=LHOGHU JUREHQ$EVFKlW]XQJLVW GLH*HZLQQXQJNRQVHUYDWLYHUDEHUQRFKUHDOLVWLVFKHU+|FKVWZHUWHIU+₈$XIGLHVH:HLVH NDQQ GLH $Q]DKO GHU GXUFK]XIKUHQGHQ DXIZHQGLJHQ %HUHFKQXQJHQ DXI HLQ 0LQLPXP EHVFKUlQNW ZHUGHQ GD GLH :HUWH LPPHU DXI GHU VLFKHUHQ 6HLWH OLHJHQ 9RUDXVVHW]XQJ ]XU

$XIVWHOOXQJHLQHUVROFKHQ7DEHOOHLVWGLH)HVWOHJXQJGHU6WUDKOXQJVTXDOLWlWKLHUPLW N9 EHL HLQHU )LOWHUXQJ YRQ HWZD PP $O XQG HLQH $QQDKPH EHU GHQ 'RVLVEHGDUI DP

%LOGHPSIlQJHU(VZXUGHHLQ'RVLVEHGDUIDP%LOGHPSIlQJHUYRQ—*\SUR$XIQDKPHPLW )LOP)ROLHQ6\VWHPYRQ—*\EHLGLJLWDOHQ%9$XIQDKPHQVRZLHYRQ —*\EHL'6$

$XIQDKPHQ DQJHQRPPHQ )U GLH 'XUFKOHXFKWXQJ ZXUGH YRP PD[LPDOHQ :HUW GHU 'RVLVOHLVWXQJ YRQ —*\V DP %LOGYHUVWlUNHUHLQJDQJ EHL FP %9'XUFKPHVVHU DXVJHJDQJHQ 9RQ GHU $QJDEH GHU 6FKZlFKXQJVZHUWH YRQ 5DVWHU XQG 6WW]ZDQG ZXUGH DEJHVHKHQXQGKLHUGLHMHZHLOVK|FKVWHQ:HUWHDQJHQRPPHQ *HUlWHVFKZlFKXQJVIDNWRUYRQ

8QWHU GLHVHQ $QQDKPHQ ZLUG GLH 'RVLV DP 8WHUXV LP ZHVHQWOLFKHQ QXU QRFK YRQ GHU GXUFKVWUDKOWHQ 3DWLHQWHQGLFNH EHVWLPPW /DJHDQRPDOLHQ GHV 8WHUXV ZXUGHQ QLFKW EHUFNVLFKWLJWXQG]XU9HUHLQIDFKXQJDQJHQRPPHQGDVVGHU8WHUXVEHLHLQHUDS$XIQDKPH EHL GHV 3DWLHQWHQGXUFKPHVVHUV OLHJW E]Z VHLWOLFK HWZD LQ 3DWLHQWHQPLWWH 'LH XQWHU GLHVHQ %HGLQJXQJHQ JHOWHQGHQ'RVLVZHUWHIUGUHLIHVWHGXUFKVWUDKOWH .|USHUGLFNHQVLQGLQ 7DEGLH'RVLVOHLVWXQJVZHUWHLQ7DE]XVDPPHQJHVWHOOW

,VW GHU 'RVLV E]Z 'RVLVOHLVWXQJVEHGDUI DP %LOGHPSIlQJHU NOHLQHU DOV GLH DQJHQRPPHQHQ :HUWH0H‰ZHUWHEHL$EQDKPHSUIXQJGDQQN|QQHQGLH7DEHOOHQZHUWHXPGHQ)DNWRU

7DEHOOH+|FKVWZHUWHGHUbTXLYDOHQWGRVLVIUGHQ8WHUXVLQP6YEHL5|QWJHQDXIQDKPHQ

bTXLYDOHQWGRVLVIUGHQ8WHUXVLQP6YSUR$XIQDKPH

3URMHNWLRQ DS SD ODW

.RQVWLWXWLRQ GQQ

FP

QRUPDO FP

GLFN FP

GQQ FP

QRUPDO FP

GLFN FP

QRUPDO FP 5DVWHUDXIQDKPHPLW)LOP)ROLHQ6\VWHP

'LJLWDOH%LOGYHUVWlUNHU$XIQDKPH

'6$$XIQDKPH

7DEHOOH+|FKVWZHUWHGHUbTXLYDOHQWGRVLVOHLVWXQJIUGHQ8WHUXVLQP6YPLQEHL5|QWJHQGXUFKOHXFKWXQJ bTXLYDOHQWGRVLVOHLVWXQJIUGHQ8WHUXVLQP6YPLQ

3URMHNWLRQ DS SD ODW

.RQVWLWXWLRQ GQQ

FP

QRUPDO FP

GLFN FP

GQQ FP

QRUPDO FP

GLFN FP

QRUPDO FP 'XUFKOHXFKWXQJPLW

%LOGYHUVWlUNHU)HUQVHKNHWWH

YHUPLQGHUWZHUGHQGHUVLFKDXVGHP9HUKlOWQLV]ZLVFKHQGHUIUGLH(UUHFKQXQJGHU7DEHOOH DQJHQRPPHQHQ'RVLVE]Z'RVLVOHLVWXQJXQGGHUWDWVlFKOLFKHQ'RVLVE]Z'RVLVOHLVWXQJDP

%LOGHPSIlQJHUHUJLEW$QDORJNDQQPLWGHP*HUlWHVFKZlFKXQJVIDNWRUYHUIDKUHQZHUGHQ 'LH8WHUXVGRVLVEHL'XUFKOHXFKWXQJVXQWHUVXFKXQJHQLVWVWDUNYRQGHU*HUlWHWHFKQLNXQGGHU 8QWHUVXFKXQJVWHFKQLN DEKlQJLJ ,Q GHU 3UD[LV PX‰ GDKHU YRQ HLQHU JUR‰HQ %DQGEUHLWH DXVJHJDQJHQ ZHUGHQ 'LH 7DEHOOH JHKW YRP XQJQVWLJVWHQ )DOO DXV %HL GHU 'RVLVHUPLWWOXQJVLQGGDKHUQXUGLH'XUFKOHXFKWXQJV]HLWHQHLQ]XUHFKQHQEHLGHQHQGHU8WHUXV LPGLUHNWHQ6WUDKOHQJDQJJHOHJHQKDW

%HLVSLHOIUHLQHJUREH$EVFKlW]XQJGHU8WHUXVGRVLV

(LQH3DWLHQWLQPLWHLQHPVDJLWWDOHQ'XUFKPHVVHUYRQFPZXUGHLQGHU6FKZDQJHUVFKDIWVZRFKH GXUFKIROJHQGH8QWHUVXFKXQJHQH[SRQLHUW

7KRUD[LQ(EHQHQ

%HFNHQDXIQDKPH

$EGRPHQDXIQDKPH

,QWUDRSHUDWLYH'XUFKOHXFKWXQJ0LQXWHQGDYRQLP%HUHLFKGHV%HFNHQV6HNXQGHQ

'XUFKIKUXQJXQG(UJHEQLVGHU$EVFKlW]XQJ

1DFK7DE

'D QXU EHL GHU %HFNHQ XQG $EGRPHQDXIQDKPH GHU 8WHUXV H[SRQLHUW ZXUGH ZHUGHQ DXFK QXU GLHVH ([SRVLWLRQHQHLQEH]RJHQ

PDOP6Y P6Y 1DFK7DE

(V]lKOWQXUGLH([SRVLWLRQLP%HUHLFKGHV%HFNHQV 0LQXWHQP6YPLQ P6Y

(UJHEQLVGHU$EVFKlW]XQJ P6YP6Y P6Y

'HU:HUWOLHJWXQWHUGHP*UHQ]ZHUWYRQP6Y(LQHZHLWHUJHKHQGH%HUHFKQXQJLVWGDKHU QLFKWQRWZHQGLJ'DV(UJHEQLVVROOWHLQGHU3DWLHQWHQDNWHXQWHU+LQZHLVDXIGLHVHQ %HULFKW YHUPHUNWZHUGHQ

5|QWJHQ&RPSXWHUWRPRJUDSKLH

%HVWHKWEHLFRPSXWHUWRPRJUDSKLVFKHQ8QWHUVXFKXQJHQ*UXQG]XU$QQDKPHGDVVGHU8WHUXV LP 1XW]VWUDKOHQIHOG ODJ VR IKUHQ JUREH NRQVHUYDWLYH $EVFKlW]XQJHQ LQ MHGHP )DOO ]X K|KHUHQ 8WHUXVGRVHQ DOV P6Y XQG GDPLW ]XU )RUGHUXQJ QDFK HLQHU JHQDXHUHQ 'RVLVDEVFKlW]XQJ'LHVHLVWHEHQVRLP)DOOHYRQ&78QWHUVXFKXQJHQQRWZHQGLJEHLZHOFKHQ GHU 8WHUXV ]ZDU QLFKW GLUHNW EHVWUDKOW ZXUGH DEHU DQ GHU *UHQ]H ]XU XQWHUVXFKWHQ

.|USHUUHJLRQ ODJ ZHQQ GLH 8QWHUVXFKXQJHQ PLW PHKU DOV FD P$V SUR 6FKLFKW E]Z 5|KUHQXPODXIGXUFKJHIKUWZXUGHQ

*HOWHQGLHRELJHQ(LQVFKUlQNXQJHQQLFKWVRN|QQHQ]XUJUREHQNRQVHUYDWLYHQ$EVFKlW]XQJ GHU 8WHUXVGRVLV EHL EHOLHELJHQ &78QWHUVXFKXQJHQ 'RVLVZHUWH DXV 7DE YHUZHQGHW ZHUGHQ 'LH 'RVLVZHUWH DXV 7DE VLQG GDEHL DXI GDV LP EHWUHIIHQGHQ )DOO YRUOLHJHQGH 5|KUHQVWURP=HLW3URGXNWP$V3URGXNWPLWWHOV'UHLVDW]XP]XUHFKQHQ

7DEHOOH *UREH NRQVHUYDWLYH $EVFKlW]XQJ GHU 8WHUXVGRVLV EHL P$V SUR 6FKLFKW RGHU 8PODXI DP

%HLVSLHOHLQHU&78QWHUVXFKXQJGHU/HQGHQZLUEHOVlXOHYRQ%:.ELV6 5|KUHQVSDQQXQJN9 bTXLYDOHQWGRVLVIUGHQ8WHUXVLQP6YEHL

P$VSUR6FKLFKWE]Z5RWDWLRQ

6WUDKOHQWKHUDSLH

/LHJWGHU8WHUXVDX‰HUKDOEGHVGXUFKGLH%HVWUDKOXQJHUID‰WHQ.|USHUEHUHLFKVNDQQGLHIU GDV 2UJDQ 8WHUXV GXUFK 6WUHXVWUDKOXQJ YHUXUVDFKWH 'RVLV JURE EHU GLH 'XUFKOD‰VWUDKOXQJ DEJHVFKlW]W ZHUGHQ 'LH 6WUHXVWUDKOXQJ ZLUG YRUZLHJHQG LQ 5LFKWXQJ GHU 3ULPlUVWUDKOXQJ HPLWWLHUW 'LH 5LFKWXQJVYHUWHLOXQJ GHU 'XUFKOD‰VWUDKOXQJ DXV GHP 6WUDKOHUNRSI LVW ZHQLJHU DQLVRWURS 'LH *UHQ]ZHUWH GHU 'XUFKOD‰VWUDKOXQJ >@ >@ N|QQHQ ]XU $EVFKlW]XQJ KHUDQJH]RJHQZHUGHQ

+LHUDXV HUKlOW PDQ GLH bTXLYDOHQWGRVLV +₈ DP 8WHUXV GXUFK 0XOWLSOLNDWLRQ PLW GHP 6WUDKOXQJV:LFKWXQJVIDNWRUZ5)UGLHLQGHU6WUDKOHQWKHUDSLHDQJHZHQGHWHQ3KRWRQHQXQG (OHNWURQHQ JLOW Z5 VR GDVV GHU =DKOHQZHUW GHU bTXLYDOHQWGRVLV JOHLFK GHP GHU (QHUJLHGRVLVLVW

'LH JHQDXH $EVFKlW]XQJ XQG GLH %HUHFKQXQJ IU GLH 8WHUXVGRVLV HUIROJW QDFK GHP 4XHOOHQNRQ]HSW PLW 6WDQGDUGZHUWHQ RGHU PLW GHQ DNWXHOOHQ *HUlWHSDUDPHWHUQ GHU

%HVWUDKOXQJVDQODJHPLWGHP%HVWUDKOXQJVSODQXQJVV\VWHP 1XNOHDUPHGL]LQ

'LH(QHUJLHGRVLVGLH(PEU\RE]Z )HWXVEHLHLQHUQXNOHDUPHGL]LQLVFKHQ8QWHUVXFKXQJRGHU

%HKDQGOXQJ HUKDOWHQ KlQJW YRQ GHQ 6WUDKOXQJVHLJHQVFKDIWHQ GHV 5DGLRQXNOLGV GHU DSSOL]LHUWHQ $NWLYLWlW VRZLH GHP 9HUWHLOXQJVPXVWHU XQG (OLPLQDWLRQVYHUKDOWHQ GHV 5DGLRSKDUPDNRQVDE6LHNDQQQLFKWJHPHVVHQZHUGHQVRQGHUQPXVVXQWHUYHUHLQIDFKHQGHQ

$QQDKPHQ EH]JOLFK GHU $QDWRPLH GHU 3DWLHQWLQ XQG GHU %LRNLQHWLN GHV 5DGLRSKDUPDNRQV EHUHFKQHWZHUGHQ

7DE HQWKlOW GLH (UJHEQLVVH GHUDUWLJHU %HUHFKQXQJHQ IU KlXILJH QXNOHDUPHGL]LQLVFKH 8QWHUVXFKXQJV XQG %HKDQGOXQJVYHUIDKUHQ 'LHVH EDVLHUHQ DXI GHQ YRQ 5XVVHOO HW DO >@

SXEOL]LHUWHQ 'RVLVNRHIIL]LHQWHQ IU GHQ (PEU\R E]Z )HWXV LQ YHUVFKLHGHQHQ 6WDGLHQ GHU 6FKZDQJHUVFKDIWXQG0RQDWH(VZXUGHIU7DEGHUMHZHLOVJU|‰WHGHUGRUW DQJHJHEHQHQ :HUWH EHUQRPPHQ ,Q GHU 5HJHO ZHUGHQ 'RVLVNRHIIL]LHQW XQG 'RVLV YRP

$QIDQJ]XP(QGHGHU6FKZDQJHUVFKDIWNOHLQHU

(LQH %HVRQGHUKHLW VWHOOW GHU ,RGVWRIIZHFKVHO GDU 'LH $QUHLFKHUXQJ YRQ 5DGLRLRG LQ GHU IHWDOHQ6FKLOGGUVHEHJLQQWHWZD7DJHQDFKGHU.RQ]HSWLRQ2EZRKO8QWHUVXFKXQJHQGHU

$QUHLFKHUXQJ XQG 5HWHQWLRQ LQ GHU 6FKLOGGUVH GHV PHQVFKOLFKHQ )HWHQ YRUOLHJHQ LVW GLH ]XJHK|ULJH'RVLPHWULHQDFKZLHYRUPLWJUR‰HQ8QVLFKHUKHLWHQEHKDIWHW'DV'RVLVPD[LPXP IUGLHIHWDOH6FKLOGGUVHZLUGEHLHLQPDOLJHU*DEHYRQ5DGLRLRGLGHWZD0LWWHELV(QGHGHV

7DEHOOH (QHUJLHGRVLVIUGHQ(PEU\R)HWXVEHLGLDJQRVWLVFKHQXQGWKHUDSHXWLVFKHQQXNOHDUPHGL]LQLVFKHQ 9HUIDKUHQ )U DEZHLFKHQGH DSSOL]LHUWH $NWLYLWlWHQ VLQG GLH 'RVLVZHUWH HQWVSUHFKHQG ]X PRGLIL]LHUHQ

2UJDQE]Z 5DGLRQXNOLG 5DGLRSKDUPDNRQ 'RVLVNRHIIL]LHQW $SSOL]LHUWH

$NWLYLWlW (QHUJLHGRVLV (PEU\R)HWXV

0HWKRGH —*\0%T 0%T P*\

.QRFKHQ 7FP 0'3+'3

.QRFKHPDUN 7FP 1DQRNROORLG

6FKLOGGUVH , ,RGLG

6FKLOGGUVH , ,RGLG

6FKLOGGUVH 7FP 3HUWHFKQHWDW

1LHUHQ 7FP '73$

1LHUHQ 7FP 0$*

1LHUHQ , +LSSXUDQ

+HU] 7FP (U\WKUR]\WHQ

+HU] 7O &KORULG

+HU] 7FP ,VRQLWULO

+LUQ 7FP +03$2

+LUQ ) )'*

/XQJH 7FP 0LNURVSKlUHQ

/HEHU*DOOHQZHJH 7FP +,'$

6FKLOOLQJWHVW &R 9LWDPLQ%

6FKLOOLQJWHVW &R 9LWDPLQ%

/HXNR]\WHQ ,Q /HXNR]\WHQ

7KURPE]\WHQ ,Q 7KURPER]\WHQ

(QW]QGXQJ 7FP +03$2

(QW]QGXQJ 7FP .ROORLG

7XPRU *D =LWUDW

7XPRU 7FP 0,%,

7XPRU 7O &KORULG

7XPRU ,Q 6RPDWRVWDWLQ

7XPRU , 0,%*

7XPRU , 0,%*

7XPRU ) )'*

7KHUDSLH

+\SHUWK\UHRVH , ,RGLG

7KHUDSLH6WUXPDPDO , ,RGLG

7ULPHVWHUVHUUHLFKW%HLGHU$QZHQGXQJYRQ,]XU7KHUDSLHHLQHU+\SHUWK\UHRVHVLQG GLH 6FKLOGGUVHQGRVHQ EHL )HWXV XQG 0XWWHU GDQQ HWZD JOHLFK JUR‰ 7DE ID‰W GLH (UJHEQLVVHHQWVSUHFKHQGHU%HUHFKQXQJHQ]XVDPPHQ

$XV 7DE HUJLEW VLFK GDVV GLH PHLVWHQ QXNOHDUPHGL]LQLVFKHQ 8QWHUVXFKXQJHQ PLW HLQHU (PEU\RQDO E]Z)HWDOGRVLVYRQZHQLJHUDOVP6YYHUEXQGHQVLQG'DMHGRFKGLHEHLGHU 7KHUDSLH GHU +\SHUWK\UHRVH XQG GHU 6WUXPD PDOLJQD XQWHU 9HUZHQGXQJ YRQ , 1DWULXPLRGLG DXIWUHWHQGHQ 'RVHQ P6Y EHWUDJHQ LVW HLQH 7KHUDSLH PLW , 1DWULXPLRGLGZlKUHQGGHU6FKZDQJHUVFKDIWNRQWUDLQGL]LHUW

7DEHOOH:HUWHGHUIHWDOHQ6FKLOGGUVHQGRVLVEHLHLQPDOLJHU=XIXKUGHV5DGLRSKDUPDNRQV]XYHUVFKLHGHQHQ

=HLWSXQNWHQ GHU 6FKZDQJHUVFKDIW :HUWH IU , QDFK >@ IU GLH DQGHUHQ 1XNOLGH GDUDXV DEJHOHLWHW

0HWKRGH 5DGLRSKDUPDNRQ $SSOL]LHUWH$NWLYLWlW )HWDOH6FKLOGGUVHQGRVLV

0%T P6Y

7DJH 7DJH 7DJH

6'6]LQWLJUDSKLH 7FP 3HUWHFKQHWDW

6'6]LQWLJUDSKLH , ,RGLG

5DGLRLRGWHVW , ,RGLG

7KHUDSLH+\SHUWK\UHRVH , ,RGLG 6Y 6Y 6Y

:LH7DE]HLJWNDQQ,VFKRQEHLGLDJQRVWLVFKHU$QZHQGXQJ]XHUKHEOLFKHQ:HUWHQ GHUIHWDOHQ6FKLOGGUVHQGRVLVIKUHQ'LHWKHUDSHXWLVFKH$SSOLNDWLRQYRQ,EHLGHU0XWWHU IKUWQDFKGHPHUVWHQ7ULPHVWHUPLWKRKHU:DKUVFKHLQOLFKNHLW]XHLQHU$EODWLRQGHUIHWDOHQ 6FKLOGGUVH$XFKGHU5DGLRLRGWHVWZLUGKHXWHMHGRFKIDVWDXVVFKOLH‰OLFKYRUHLQHU7KHUDSLH DQJHZHQGHW XQG DX‰HU ZHQQ lU]WOLFK LQGL]LHUW QLFKW ZlKUHQG HLQHU 6FKZDQJHUVFKDIW 6RIHUQIUHLQH1LHUHQIXQNWLRQVV]LQWLJUDSKLH5DGLRLRGPDUNLHUWHV+LSSXUDQHLQJHVHW]WZLUG ZLUGLQGHU5HJHOHLQHSKDUPDNRORJLVFKH6FKLOGGUVHQEORFNDGHGXUFKJHIKUW

,QVJHVDPW LVW DOVR GLH EOLFKH QXNOHDUPHGL]LQLVFKH 'LDJQRVWLN PLW :HUWHQ GHU PLWWOHUHQ (PEU\RQDO RGHU)HWDOGRVLVYRQPHLVWZHQLJHUDOVP*\YHUEXQGHQ

%HUHFKQXQJGHU8WHUXVGRVLV6WXIH,,XQG,,, 5|QWJHQGLDJQRVWLN

5DGLRJUDSKLH)OXRURVNRSLH

%HLGHU(UPLWWOXQJGHU8WHUXVGRVLVQDFK6WXIH,,E]Z6WXIH,,,OLHJHQGLH8QWHUVFKLHGHQXULQ GHU*HQDXLJNHLWGHU$XVJDQJVGDWHQ:lKUHQGEHL6WXIH,,JHUlWHW\SLVFKH(LQJDQJVJU|‰HQXQG 6WDQGDUGZHUWHIU([SRVLWLRQXQG3DWLHQWHQJHRPHWULHDXVUHLFKHQGVLQGPVVHQEHL6WXIH,,, JHUlWHVSH]LILVFKH (LQJDQJVJU|‰HQ ]% DXV 3URWRNROOHQ GHU $EQDKPHSUIXQJ QDFK † GHU 5|9YHUZHQGHWZHUGHQXQGGLH([SRVLWLRQVEHGLQJXQJHQXQWHU%HUFNVLFKWLJXQJGHU3DWLHQ WHQJHRPHWULH LQGLYLGXHOO EHUHFKQHW RGHU LQ $XVQDKPHIlOOHQ PLW HQWVSUHFKHQGHQ 3KDQWRPHQ PH‰WHFKQLVFKHUID‰WZHUGHQ

'LH%HUHFKQXQJGHU8WHUXVGRVLVJHKWDXVYRQGHU(UPLWWOXQJGHU(LQIDOOGRVLV.( QDFKGHP 4XHOOHQNRQ]HSWRGHU%LOGHPSIlQJHUNRQ]HSWRGHUYRP'RVLVIOlFKHQSURGXNW3₎GDVEHVRQGHUV DQ5|QWJHQDQODJHQIU'XUFKOHXFKWXQJRIWDOV0H‰ZHUWGHUJHVDPWHQ5|QWJHQXQWHUVXFKXQJ YRUOLHJW'LH8WHUXVGRVLVNDQQGDQQQDFKGUHLYHUVFKLHGHQHQ9HUIDKUHQHUPLWWHOWZHUGHQ D PLW +LOIH YRQ 2UJDQGRVLV.RQYHUVLRQVIDNWRUHQ DXV GHU (LQIDOOGRVLV RGHU GHP

'RVLVIOlFKHQSURGXNWVWDQGDUGLVLHUWHU8QWHUVXFKXQJHQ

E PLW+LOIHGHV*HZHEH/XIW9HUKlOWQLVVHVDXVJHKHQGYRQGHU(LQIDOOGRVLVXQGGHUGDUDXV DEJHOHLWHWHQ*HZHEH(QHUJLHGRVLVLQ8WHUXVWLHIHXQG

F PLW +LOIH YRQ 7LHIHQGRVLVWDEHOOHQ DXV GHU (LQIDOOGRVLV RGHU GHU VWUDKOHQHLQWULWWVVHLWLJHQ 2EHUIOlFKHQGRVLV

'DEHLOLHIHUWGDV.RQYHUVLRQVIDNWRUHQNRQ]HSWGLH8WHUXVGRVLVLQGHU5HJHODOVPLWWOHUHGK

EHUGLH0DVVHGHV2UJDQVJHPLWWHOWH2UJDQGRVLV+₇ 2UJDQbTXLYDOHQWGRVLV'LHDQGHUHQ 9HUIDKUHQOLHIHUQGLH2UJDQ(QHUJLHGRVLVE]ZGLH2UJDQbTXLYDOHQWGRVLVDOV3XQNWJU|‰H 'LH (LQIDOOGRVLV .₍ ZLUG QDFK GHP 4XHOOHQNRQ]HSW EHL EHNDQQWHQ $XIQDKPH RGHU 'XUFKOHXFKWXQJV3DUDPHWHUQDXVGHUDXIGHQ5|KUHQVWURPEH]RJHQHQ/XIWNHUPDOHLVWXQJLP )RNXVDEVWDQGG.VDXFK.HQQGRVLVOHLVWXQJHUPLWWHOWQDFK

( . 5

. D

( . ,G , W G G

. ˜ ˜ ˜ *O

,Q*OHLFKXQJEHGHXWHQ

_.

D , G

. 5|KUHQVWURPEH]RJHQH/XIWNHUPDOHLVWXQJLP)RNXVDEVWDQGG_.IU5|KUHQ VWURP,ZLUGDXFKDOV.HQQGRVLVOHLVWXQJ. _D EH]HLFKQHWGLHIUFP )RNXVDEVWDQG DQJHJHEHQXQGPHLVWDXIHLQ5|KUHQVWURP=HLW3URGXNWYRQ P$V EH]RJHQ ZLUG 'LH .HQQGRVLVOHLVWXQJ KlQJW KDXSWVlFKOLFK YRQ GHU 5|KUHQVSDQQXQJXQGGHU*HVDPWILOWHUXQJDEV$EE$

.₍ (LQIDOOGRVLVSUR$XIQDKPHRGHU'XUFKOHXFKWXQJVDEVFKQLWW'LH(LQIDOOGRVLV LVWGLH/XIWNHUPDDXIGHP=HQWUDOVWUDKODP2UWGHV6WUDKOHQHLQWULWWVLQGHQ 3DWLHQWHQRKQH5FNVWUHXXQJDXVGHP3DWLHQWHQ

,5 5|KUHQVWURP

W $XIQDKPH RGHU'XUFKOHXFKWXQJV]HLW

G₍ )RNXVDEVWDQGGHU6WUDKOHQHLQWULWWVVHLWHGHU3DWLHQWLQ)RNXV+DXW$EVWDQG G. %H]XJVIRNXVDEVWDQG]XU$QJDEHGHU.HQQGRVLVOHLVWXQJ

1DFK GHP %LOGHPSIlQJHUNRQ]HSW ZLUG GLH (LQIDOOGRVLV .₍ DXV GHP 'RVLV E]Z 'RVLVOHLVWXQJVEHGDUI GHV %LOGHPSIlQJHUV XQWHU %HUFNVLFKWLJXQJ GHU 6FKZlFKXQJ GHU 5|QWJHQVWUDKOXQJ ]ZLVFKHQ GHU 6WUDKOHQHLQWULWWVVHLWH GHU 3DWLHQWLQ XQG GHP ELOGJHEHQGHQ 6\VWHPEHVWLPPW

(VJLOWIU$XIQDKPHQ .₍ 6˜._% *O

XQGIU'XUFKOHXFKWXQJ .₍ 6˜.^˜_%˜W *O

,QGHQ*OHLFKXQJHQXQGEHGHXWHQ

.( (LQIDOOGRVLVSUR$XIQDKPHRGHU'XUFKOHXFKWXQJVDEVFKQLWW .% 'RVLV/XIWNHUPDSUR$XIQDKPHDP%LOGHPSIlQJHU

. % 'RVLVOHLVWXQJ /XIWNHUPDOHLVWXQJ DP %9(LQJDQJ 0H‰ZHUW PLW JHZHEH lTXLYDOHQWHP 3KDQWRP IDOOV KLQWHU GHP 6WUHXVWUDKOHQUDVWHU JHPHVVHQ

ZHUGHQNDQQ:HQQDQODJHQVSH]LILVFKH0H‰ZHUWHEHQXW]WZHUGHQLVWGLH (QHUJLHDEKlQJLJNHLWGHV%LOGHPSIlQJHUV]XEHUFNVLFKWLJHQ

W 'XUFKOHXFKWXQJV]HLW

6 *HVDPWVFKZlFKXQJVIDNWRU ]ZLVFKHQ GHU 6WUDKOHQHLQWULWWVVHLWH GHU 3DWLHQWLQ XQGGHP%LOGHPSIlQJHU(UOlXWHUXQJGHU.RPSRQHQWHQYRQ6VLHKH7H[W]X GHQ*OHLFKXQJHQELV

'HU *HVDPWVFKZlFKXQJVIDNWRU 6 LVW GDEHL LQ )DNWRUHQ ]HUOHJW GLH GHQ (LQIOX‰ GHU JHRPHWULVFKHQ $QRUGQXQJ *HRPHWULHIDNWRU 6_* G_%G₍ð GLH 6FKZlFKXQJ GXUFK GLH 3DWLHQWLQ 3DWLHQWHQ6FKZlFKXQJVIDNWRU 6₃ GXUFK GHQ /DJHUXQJVWLVFK 7LVFKVFKZlFKXQJVIDNWRU 67 XQG GXUFK GDV 5DVWHU 5DVWHUIDNWRU 65 EHL IHVWHU (LQWULWWVIHOGJU|‰HYRQFPðXQGVFKOLH‰OLFKGLH$EKlQJLJNHLWYRQ)HOGJU|‰HQlQGHUXQJHQ )HOGJU|‰HQIDNWRU6₎ZLHGHUJHEHQ

(VJLOW 6 6_* ˜6₃˜6₇˜6₅˜6₎ *O

1lKHUXQJVZHUWH IU 6₇ XQG 6₅ XQG 6₎ ZHUGHQ LP $QKDQJ $ 7DE $ DQJHJHEHQ

*HPHVVHQH:HUWHIUGLH6FKZlFKXQJGXUFK:DVVHUILQGHQVLFKLQ7DE$

%HWUDFKWHWPDQIUGHQ*HVDPWVFKZlFKXQJVIDNWRU6QXUGHQ3ULPlUVWUDKOXQJVDQWHLODGHU ELOGJHEHQGHQ 6WUDKOXQJ VR VLQG GLH 6FKZlFKXQJVIDNWRUHQ IU GLH 3DWLHQWLQ RGHU GHUHQ :DVVHUlTXLYDOHQWIU/DJHUXQJVWLVFKXQG5DVWHUXQWHUVWUHXVWUDKOXQJVIUHLHQ%HGLQJXQJHQG KEHL)HOGJU|‰H]XHUPLWWHOQ)U6JLOWGDQQ

˜

˜

˜

˜6 6 6

6

6 _{* 3 7 5} *O

'HU 3DWLHQWHQ6FKZlFKXQJVIDNWRU ZLUG DXV GHU 3ULPlUVWUDKOXQJVGXUFKOlVVLJNHLW 6₃ YRQ :DVVHUHUPLWWHOWGLHLQGHQ$EE$ELV$IUGUHL*HVDPWILOWHUZHUWHGDUJHVWHOOWLVW'LH 6FKZlFKXQJVIDNWRUHQ67 XQG65 VLQG.RPSRQHQWHQGHV*HUlWHVFKZlFKXQJVIDNWRUVPGHU QDFK',1>@RGHU',1>@XQWHUVWUHXVWUDKOXQJVIUHLHQ%HGLQJXQJHQHUPLWWHOW ZLUG D LVW GHU 3ULPlUVWUDKOXQJVDQWHLO GHU ELOGJHEHQGHQ 6WUDKOXQJ XQGD GHU $QWHLO GHU 6WUHXVWUDKOXQJ 'HU $QWHLO GHU 6WUHXVWUDKOXQJD KLQWHU HLQHP 6WUHXVWUDKOHQUDVWHU PLW GHU 6HOHNWLYLWlW6NDQQDXVGHP6WUHXVWUDKOHQDQWHLODRKQH5DVWHUPLW

D

D *O

HUPLWWHOWZHUGHQVDXFK',1>@'HU6WUHXVWUDKOXQJVDQWHLODRKQH5DVWHULVWLQGHQ

$EE $ XQG $ LQ $EKlQJLJNHLW YRQ :DVVHUSKDQWRPGLFNH )HOGJU|‰H XQG 5|KUHQ VSDQQXQJGDUJHVWHOOW5LFKWZHUWHIUGLH6HOHNWLYLWlW6YHUVFKLHGHQHU6WUHXVWUDKOHQUDVWHUVLQG LP$QKDQJ$7DE$DQJHJHEHQ

(LQH%HUHFKQXQJGHU(LQIDOOGRVLV.₍ DXVGHPJHPHVVHQHQ'RVLVIOlFKHQSURGXNWVHW]WYRUDXV GDVVEHLHLQHU'XUFKOHXFKWXQJVXQWHUVXFKXQJHLQH8QWHUWHLOXQJLQ$EVFKQLWWHPLWNRQVWDQWHQ 'XUFKOHXFKWXQJVEHGLQJXQJHQ XQG EHNDQQWHU )HOGJU|‰H P|JOLFK LVW 'LH (LQIDOOGRVLV HUJLEW VLFKGDQQJHPl‰

( ) ( 3 )

. PLW )( )%˜

,Q*OHLFKXQJEHGHXWHQ

.( (LQIDOOGRVLVSUR$XIQDKPHRGHU'XUFKOHXFKWXQJVDEVFKQLWW 3₎ 'RVLVIOlFKHQSURGXNW

G_% )RNXV%LOGHPSIlQJHU$EVWDQG

G₍ )RNXVDEVWDQGGHU6WUDKOHQHLQWULWWVVHLWHGHU3DWLHQWLQ)RNXV+DXW$EVWDQG )% )HOGJU|‰HDP%LOGHPSIlQJHU

)( )HOGJU|‰HDQGHU6WUDKOHQHLQWULWWVVHLWHGHU3DWLHQWLQ

1DFKGHP.RQYHUVLRQVIDNWRUHQNRQ]HSWNDQQGLH8WHUXVGRVLV+8VRZRKODXVGHU(LQIDOOGRVLV .₍DOVDXFKDXVGHP'RVLVIOlFKHQSURGXNW3₎QDFK

8 (

8 . I

+ ˜ *O

RGHU +₈ 3₎˜I₈ *O

EHUHFKQHWZHUGHQ

,Q*OXQGEHGHXWHQ

+₈ 2UJDQGRVLV IU GHQ 8WHUXV EHU GLH 2UJDQPDVVH JHPLWWHOWH bTXLYDOHQWGRVLV

.( (LQIDOOGRVLV

3) 'RVLVIOlFKHQSURGXNW

8 8 I

I c 2UJDQGRVLV.RQYHUVLRQVIDNWRU IU 8WHUXV LQ P6YP*\ EHL %H]XJ DXI GLH (LQIDOOGRVLVRGHULQP6YP*\˜FPðEHL%H]XJDXIGDV'RVLVIOlFKHQSURGXNW IUVWDQGDUGLVLHUWH3URMHNWLRQHQ

:HUWHIUI₈E]ZI₈c ILQGHQVLFKPLW%H]XJDXIGLH(LQIDOOGRVLVLP$QKDQJ%7DE%PLW

%H]XJDXIGDV'RVLVIOlFKHQSURGXNWLQGHQ7DE%ELV%

:HLWHUH WDEHOOLHUWH 2UJDQGRVLV.RQYHUVLRQVIDNWRUHQ GLH PLW 0RQWH&DUOR5HFKQXQJHQ IU VWDQGDUGLVLHUWH9HUIDKUHQXQG3KDQWRPHPLW%H]XJDXIGLH(LQIDOOGRVLV.₍EHUHFKQHWZXUGHQ ILQGHQ VLFK LQ '5(;/(5 HW DO >@ RGHU DXFK PLW %H]XJ DXI GLH HLQWULWWVVHLWLJH 2EHUIOlFKHQGRVLV.₂VXUIDFHHQWUDQFHGRVHXQGDXIGDV'RVLVIOlFKHQSURGXNW3₎ LQ153%

65>@

%HUHFKQXQJGHU8WHUXVGRVLV'₈DXVGHU(LQIDOOGRVLV.₍PLWGHP*HZHEH/XIW9HUKlOWQLV 'LH 8WHUXV(QHUJLHGRVLV '₈HUKlOW PDQ GXUFK 0XOWLSOLNDWLRQ GHU (QHUJLHGRVLV '_GP HLQHV

*HZHEHHOHPHQWHVGPIUHLLQ/XIWLP)RNXVDEVWDQGGHV8WHUXVGXUFK0XOWLSOLNDWLRQPLWGHP

*HZHEH/XIW9HUKlOWQLV7_D

8 'G [ ) ' G [ 7 [ )

' ˜ *O

PLW ^'_GP

HUJLEWVLFK '₈ .₍ ˜

'G([8)8 8WHUXVGRVLV2UJDQ(QHUJLHGRVLVLP)RNXVDEVWDQGG([8

'_GPG₍[₈ 'RVLVLP*HZHEHHOHPHQWGPLP)RNXVDEVWDQGG₍[₈IUHLLQ/XIW

[₈ *HZHEHWLHIHGHV8WHUXVLQ6WUDKOULFKWXQJ

)₈ )HOGJU|‰HTXDGUDWLVFKHVbTXLYDOHQWIHOGLQGHU7LHIH[₈ 7D[8)8 *HZHEH/XIW9HUKlOWQLVIU*HZHEHWLHIH [8XQG)HOGJU|‰H)8

WZD 'HU 'RVLVXPUHFKQXQJVIDNWRU WZD LVW GHU 4XRWLHQW GHU 0DVVHQHQHUJLHDEVRUSWLRQVNRHIIL]LHQWHQIU:DVVHUXQG/XIWHUOLHJWLP (QHUJLHEHUHLFKGHU5|QWJHQGLDJQRVWLNNH9EHLr

%HUHFKQXQJGHU8WHUXVGRVLV'8DXVGHU(LQIDOOGRVLV.(PLW+LOIHYRQ7LHIHQGRVLVWDEHOOHQ 0LW+LOIHWDEHOOLHUWHUUHODWLYHU7LHIHQGRVHQNDQQGLH8WHUXV(QHUJLHGRVLV'8DXVGHU*HZHEH 2EHUIOlFKHQGRVLV'₂HUPLWWHOWZHUGHQJHPl‰

UHO 2

8 ' ' [ )

' ˜ *O

PLW '₂ .₍ ˜%˜W_ZD *O

IROJW '₈ .₍ ˜%˜W_ZD˜'_UHO

'2 6WUDKOHQHLQWULWWVVHLWLJH*HZHEH2EHUIOlFKHQGRVLV+DXWGRVLV

% 5FNVWUHXIDNWRU

'_UHO[₈)₍ 5HODWLYH7LHIHQGRVLVIU8WHUXVWLHIH[_X XQG)HOGJU|‰H)₍ 7LHIHQGRVLVWDEHOOHQZXUGHQYRQ:$&+60$11HWDO>@DQJHJHEHQ 'LHbTXLYDOHQWGRVLVDP8WHUXV+₈HUJLEWVLFKGDQQDXVGHU%H]LHKXQJ

5 8

8 ' Z

+ ˜ *O

ZREHL Z₅ GHU 6WUDKOXQJVZLFKWXQJVIDNWRU IU GLH 6WUDKOXQJVTXDOLWlW 5 LVW )U GLH 6WUDKOXQJVTXDOLWlWHQ LQ GHU 5|QWJHQGLDJQRVWLN JLOW Z₅ VR GDVV GHU =DKOHQZHUW GHU bTXLYDOHQWGRVLVJOHLFKGHPGHU(QHUJLHGRVLVLVW

5|QWJHQ&RPSXWHUWRPRJUDSKLH

(LQH JHQDXHUH $EVFKlW]XQJ GHU 8WHUXVGRVLV EHL &78QWHUVXFKXQJHQ Ol‰W VLFK QDFK GHU

%H]LHKXQJ

+ . ^R I ]

X

]

] 8WHUXV

&7

8 ^˜

¦

GXUFKIKUHQ

,Q*OEHGHXWHQ

._&7 0LWWOHUH /XIWNHUPD LQ GHU 6\VWHPDFKVH HQWVSULFKW GHP ,QWHJUDO EHU GDV /XIWNHUPDSURILO .D] ZHOFKHV HLQH &76FKLFKW HQWODQJ GHU 5RWDWLRQVDFKVH IUHL LQ /XIW HU]HXJW GLYLGLHUW GXUFK GLH QRPLQHOOH 6FKLFKWGLFNHV._&7ZLUGLQGHU/LWHUDWXUDXFKDOV&7',_DLUEH]HLFKQHW

³

G]

] V .

._{&7 D}

*O

I_8WHUXV] 2UJDQGRVLVNRQYHUVLRQVIDNWRU P6Y P*\ GHU DXVGUFNW ZHOFKH

8WHUXVGRVLVSUR(LQKHLWYRQ._&7 HLQHFPGLFNHƒ6FKLFKWLQGHU +|KH]FPEH]RJHQDXIGDVXQWHUH5XPSIHQGHEHZLUNW

]_X]_R $EVWDQGGHUXQWHUHQXQGREHUHQ*UHQ]HGHUXQWHUVXFKWHQ.|USHUUHJLRQ JHUXQGHWLQ=HQWLPHWHUYRPXQWHUHQ5XPSIHQGH

(LQLJH %HLVSLHOH IU RULHQWLHUHQGH DXI P$V SUR &76FKLFKW QRUPLHUWH :HUWH IU .&7

.&7 VLQG LQ 7DE DQJHJHEHQ 'LHVH N|QQHQ QDFK GHU *O LQ GLH EHL HLQHU 8QWHUVXFKXQJDXIWUHWHQGHQ:HUWHIU._&7LQP*\XPJHUHFKQHWZHUGHQ

5 W , .

._{&7 &7} ˜ ˜ ˜ *O

,₅WEHGHXWHWGDEHLGDV5|KUHQVWURP=HLW3URGXNWP$V3URGXNWZHOFKHVEHLHLQHUHLQ]HOQHQ 6FKLFKWDXIWULWW%HLVHULHOOHQ&78QWHUVXFKXQJHQVLQGGLH5|KUHQVWURP=HLW3URGXNWHP$V 3URGXNWH SUR (LQ]HOVFKLFKW EHNDQQW %HL 6SLUDO&7 HUJHEHQ VLH VLFK GXUFK 'LYLVLRQ GHV

*HVDPWZHUWHV GHV 5|KUHQVWURP=HLW3URGXNWHV P$V3URGXNWHV GXUFK GLH $Q]DKO GHU 5|KUHQ8POlXIH

(LQH XPIDQJUHLFKH =XVDPPHQVWHOOXQJ YRQ ._&7 E]Z &7',_DLU:HUWHQ EH]RJHQ DXI P$V SUR6FKLFKWILQGHWVLFKEHL1$*(/>@'DEHLLVWYRUDOOHPGLHPRGHUQVWH*HQHUDWLRQYRQ

&7*HUlWHQEHUFNVLFKWLJW

:HUWH IU ._&7 RGHU DXI HLQ DQGHUHV DQ]XJHEHQGHV 5|KUHQVWURP=HLW3URGXNW P$V 3URGXNW EH]RJHQH PVVHQ LQ GHU $EQDKPHSUIXQJ IU 5|QWJHQ&RPSXWHUWRPRJUDSKLH (LQULFKWXQJHQ QDFK ',1 7HLO >@ JHPHVVHQ GRUW DOV µ'RVLV LQ GHU 6\VWHPDFKVH¶

EH]HLFKQHWXQGLQGHQ3URWRNROOHQGD]XDXIJH]HLFKQHWZHUGHQ

7DEHOOH%HLVSLHOHIU/XIWNHUPD:HUWH._&7IUHLLQ/XIWDXIGHU5RWDWLRQVDFKVHSURP$V>@

+HUVWHOOHU 0RGHOO 5|KUHQVSDQQXQJ )RNXV$FKV$EVWDQG 6FKLFKWGLFNH ._&7

N9 PP PP P*\P$V

6LHPHQV $5+3

+,4

3OXV6

*( 3DFH

0D[

3KLOLSV /;

&;4

65

3LFNHU 34

&*5

,P)DOOHVHULHOOHU&78QWHUVXFKXQJHQEHLZHOFKHQGHU3DWLHQWHQWLVFKYRUVFKXE]ZLVFKHQ]ZHL DXIHLQDQGHUIROJHQGHQ6FKLFKWHQJOHLFKGHUQRPLQHOOHQ6FKLFKWEUHLWHLVWRGHUEHL6SLUDO&7

8QWHUVXFKXQJHQPLW3LWFKN|QQHQGLHQDFK*OHLFKXQJHUPLWWHOWHQ._&7:HUWHGLUHNWLQ

*OHLFKXQJHLQJHVHW]WZHUGHQ,QDOOHQDQGHUHQ)lOOHQLVW._&7 GXUFKGDV9HUKlOWQLVYRQ 7LVFKYRUVFKXE]XQRPLQHOOHU6FKLFKWGLFNHE]ZGXUFKGHQ3LWFK]XGLYLGLHUHQ:HLWHUKLQLVW ]X EHUFNVLFKWLJHQ GDVV EHL 6FKLFKWGLFNHQ YRQ XQG PP GDV HIIHNWLYH 6WUDKOHQIHOG HUKHEOLFK EUHLWHU DOV GLH QRPLQHOOH 6FKLFKWGLFNH VHLQ NDQQ /LHJHQ IU GLHVH 6FKLFKWGLFNHQ NHLQH 0H‰HUJHEQLVVH DXV GHU $EQDKPHSUIXQJ YRU VR LVW LQ GLHVHQ )lOOHQ ._&7 PLW GHP 9HUKlOWQLV HIIHNWLYH 6FKLFKWGLFNH ]X QRPLQHOOHU 6FKLFKWGLFNH ]X PXOWLSOL]LHUHQ ,VW GLH HIIHNWLYH 6FKLFKWGLFNH HWZD DXV )LOP 7/'0HVVXQJHQ RGHU GHU $EQDKPHSUIXQJ QLFKW EHNDQQWVRVLQGGLH._&7:HUWHDXV7DEPLWGHP)DNWRU]XPXOWLSOL]LHUHQ

7DEHOOH.RQYHUVLRQVIDNWRUHQI_8WHUXV]]XU%HVWLPPXQJGHU8WHUXVGRVLVIUHLQHHLQ]HOQHƒ6FKLFKWGHU

%UHLWHFPLQGHU+|KH]GXUFKGDVZHLEOLFKH3KDQWRPEHLGHQ6WUDKOXQJVTXDOLWlWHQ$%XQG&

>@

+|KHLP3KDQWRP I_8WHUXV]P6YP*\ $QDWRPLVFKH

]FP $ % & 2ULHQWLHUXQJVSXQNWH

/HQGHQZLUEHO

/HQGHQZLUEHO

/HQGHQZLUEHO

.UHX]EHLQ

6WHLVVEHLQ

6LW]EHLQK|FNHU

5XPSIHQGH

6WUDKOXQJVTXDOLWlWHQLQ7DE

$N9PP$OPP&X

%N9PP$OPP&X

&N9 PP$OPP&X

%HL0HKUVFKLFKW6SLUDO&7*HUlWHQLVWVLFKHU]XVWHOOHQGDVVLQGLH%HVWLPPXQJYRQ.&7 DOV 6FKLFKWGLFNH GLH 'LFNH GHV NROOLPLHUWHQ 6WUDKOHQIlFKHUV HLQJHKW XQG GLH 9HUZHQGXQJ YRQ PL‰YHUVWlQGOLFKHQ %HJULIIHQ ZLH µHIIHNWLYH P$V¶ RGHU µHIIHNWLYHU &7',¶ QLFKW ]X )HKOHUQ

IKUW$XFKGLHXQWHUVFKLHGOLFKH'HILQLWLRQGHV3LWFKGXUFKGLHYHUVFKLHGHQHQ+HUVWHOOHULVW]X EHUFNVLFKWLJHQ

7DEHQWKlOW:HUWHIUI_8WHUXV]ZHOFKHDQHLQHPZHLEOLFKHQPDWKHPDWLVFKHQ3KDQWRP

*U|‰H FP *HZLFKW NJ 'LFNH FP %UHLWH FP EHUHFKQHW ZXUGHQ 'HU

$EVWDQG )RNXV5RWDWLRQVDFKVH EHWUXJ GDEHL FP $XVJOHLFKVILOWHU RGHU 5|KUHQVWURPPRGXODWLRQZXUGHQQLFKWEHUFNVLFKWLJW'LHDQJHQRPPHQHQ6WUDKOHQTXDOLWlWHQ

$ % XQG & VLQG GXUFK $QJDEH GHU 5|KUHQVSDQQXQJ XQG GHU )LOWHUXQJ EHVFKULHEHQ =XU OHLFKWHUHQ 2ULHQWLHUXQJ LP 3KDQWRP VLQG LQ 7DE DQDWRPLVFKH /DQGPDUNHQ DQJHJHEHQ 'LH0LWWHGHV8WHUXVOLHJWLQFDFP+|KHEHUGHP5XPSIHQGH(UKHEOLFKHDQDWRPLVFKH

$EZHLFKXQJHQGHV3KDQWRPVYRQHLQHU3DWLHQWLQN|QQHQWHLOZHLVHEHUFNVLFKWLJWZHUGHQ

,VWGLH/DJHGHV8WHUXVDXVGHU&78QWHUVXFKXQJEHNDQQWVRNDQQGLH]6NDODDXV7DE PLWGLHVHP]XU'HFNXQJJHEUDFKWZHUGHQ

,QIROJHGHVUHODWLYIODFKHQ9HUODXIVGHU7LHIHQGRVLVNXUYHLP=HQWUXPYRQƒ6FKLFKWHQ N|QQHQ (LQIOVVH GHU UDGLDOHQ 3RVLWLRQ GHV 8WHUXV DXI GLH 8WHUXVGRVLV YHUQDFKOlVVLJW ZHUGHQ

$XV (UJHEQLVVHQ YRQ 5HFKQXQJHQ DQ 3KDQWRPHQ XQWHUVFKLHGOLFKHU 'LFNH VRZLH DXV 0HVVXQJHQ GHV *HZHEH/XIW9HUKlOWQLVVHV DQ ]\OLQGULVFKHQ 3OH[LJODV3KDQWRPHQ YHUVFKLHGHQHQ'XUFKPHVVHUVNDQQPDQVFKOLH‰HQGDVVHLQH=XQDKPHGHU3DWLHQWHQGLFNH XPFP]XHLQHU(UQLHGULJXQJGHU8WHUXVGRVLVXPHWZDELVIKUW

*OHLFKXQJNDQQQXUDXIVROFKH6HNWLRQHQHLQHU&78QWHUVXFKXQJDQJHZHQGHWZHUGHQ ZlKUHQG GHUHU GLH 8QWHUVXFKXQJVSDUDPHWHU 5|KUHQVSDQQXQJ 5|KUHQVWURP=HLW3URGXNW P$V3URGXNW 6FKLFKWGLFNH 7LVFKYRUVFKXE E]Z 3LWFK QLFKW JHlQGHUW ZXUGHQ 7UHWHQ GHUDUWLJH 9HUlQGHUXQJHQ GHU 8QWHUVXFKXQJVEHGLQJXQJHQ DXI VR PVVHQ GLH HLQ]HOQHQ 6HNWLRQHQ JHVRQGHUW QDFK *OHLFKXQJ EHKDQGHOW ZHUGHQ XQG GLH MHZHLOV HUPLWWHOWHQ 8WHUXVGRVHQGHUHLQ]HOQHQ6HNWLRQHQ]XUJHVDPWHQ8WHUXVGRVLVVXPPLHUWZHUGHQ

8P EHL 8WHUXVGRVHQ EHU P6Y 6WXIH ,,, GLH 'RVLVDEVFKlW]XQJ ]XYHUOlVVLJHU ]X JHVWDOWHQ VLQG ]XU (UPLWWOXQJ YRQ ._&7 GLH $XI]HLFKQXQJHQ DXV GHU $EQDKPHSUIXQJ ]X YHUZHQGHQ XQG JJI LQ =XVDPPHQDUEHLW PLW GHP *HUlWHKHUVWHOOHU DXI 3ODXVLELOLWlW ]X

EHUSUIHQ,VWGLHVHQLFKWJHJHEHQLVWHLQHHUQHXWH0HVVXQJYRQ._&7XQXPJlQJOLFK

8P DXV]XVFKOLH‰HQ GDVV GXUFK GLH ]ZDQJVOlXILJHQ DQDWRPLVFKHQ 8QWHUVFKLHGH ]ZLVFKHQ 3DWLHQWLQ XQG 3KDQWRP HUKHEOLFKH )HKOHU DXIWUHWHQ LVW LQ =XVDPPHQDUEHLW PLW GHP 8QWHUVXFKHUDXIGHU%DVLVGHU&7%LOGHUGLHJHQDXH/DJHGHV8WHUXV]XHUPLWWHOQXQGVRZHLW ZLHP|JOLFKEHLGHU'RVLVDEVFKlW]XQJ]XEHUFNVLFKWLJHQ

'HVZHLWHUHQLVW]XEHUSUIHQREGLHEHLGHU%HUHFKQXQJGHU.RQYHUVLRQVIDNWRUHQI_8WHUXV] DQJHQRPPHQH %HVWUDKOXQJVJHRPHWULH D[LDOH 6FKLFKWHQ NHLQH *DQWU\1HLJXQJ LP EHWUHIIHQGHQ)DOOYRUODJE]ZRE$EZHLFKXQJHQGDYRQEHUFNVLFKWLJWZHUGHQN|QQHQ

6WUDKOHQWKHUDSLH

'LH JHQDXH $EVFKlW]XQJ XQG GLH %HUHFKQXQJ IU GLH 8WHUXVGRVLV HUIROJW QDFK GHP 4XHOOHQNRQ]HSW PLW 6WDQGDUGZHUWHQ RGHU PLW GHQ DNWXHOOHQ *HUlWHSDUDPHWHUQ GHU

%HVWUDKOXQJVDQODJHPLWGHP%HVWUDKOXQJVSODQXQJVV\VWHP

/LWHUDWXU =LWDWH

>@ 'HXWVFKH 5|QWJHQJHVHOOVFKDIW 'LVNXVVLRQVHQWZXUI 5LFKWOLQLH IU GDV lU]WOLFKH 9HUKDOWHQ QDFK ([SRVLWLRQGHUPHQVFKOLFKHQ)UXFKWPLWLRQLVLHUHQGHU6WUDKOXQJXQGQDFKGHU,QNRUSRUDWLRQUDGLRDNWLYHU 6WRIIHDXVPHGL]LQLVFKHU,QGLNDWLRQ)RUWVFKU5|QWJHQVWU

>@ %XQGHVPLQLVWHU GHV ,QQHUQ :LUNXQJHQ QDFK SUlQDWDOHU %HVWUDKOXQJ 9HU|IIHQWOLFKXQJHQ GHU 6WUDKOHQVFKXW]NRPPLVVLRQ%DQG+UVJ%XQGHVPLQLVWHUGHV,QQHUQ*XVWDY)LVFKHU9HUODJ6WXWWJDUW 1HZ<RUN

>@ 816&($5*HQHWLFDQG6RPDWLF(IIHFWVRI,RQL]LQJ5DGLDWLRQ8QLWHG1DWLRQV1HZ<RUN

>@ ,&533XEOLFDWLRQ3UHJQDQF\DQG0HGLFDO5DGLDWLRQ$QQDOVRIWKH,&539RO1R3HUJDPRQ

>@ 2WDNH06FKXOO:-/HH67KUHVKROGIRUUDGLDWLRQUHODWHGVHYHUHPHQWDOUHWDUGDWLRQLQSUHQDWDOO\

H[SRVHG$ERPEVXUYLYRUVDUHDQDO\VLV,QW-5DGLDW%LRO

>@ ',1 ± 0HGL]LQLVFKH *DPPDEHVWUDKOXQJVDQODJHQ ± 6WUDKOHQVFKXW]DQIRUGHUXQJHQ DQ GLH (LQULFKWXQJ%HXWK9HUODJ*PE+%HUOLQ

>@ ',1 ± 0HGL]LQLVFKH (OHNWURQHQEHVFKOHXQLJHU$QODJHQ 6WUDKOHQVFKXW]DQIRUGHUXQJHQ DQ GLH (LQULFKWXQJ%HXWK9HUODJ*PE+%HUOLQ

>@ 5XVVHOO-56WDELQ0*6SDUNV5%:DWVRQ(5DGLDWLRQDEVRUEHGGRVHWRWKHHPEU\RIHWXVIURP UDGLRSKDUPDFHXWLFDOV+HDOWK3K\V

>@ 6WDELQ0*:DWVRQ((0DUFXV&66DON5'5DGLDWLRQGRVLPHWU\IRUWKHDGXOWIHPDOHDQGIHWXV IURPLRGLQHDGPLQLVWUDWLRQLQK\SHUWK\URLGLVP-1XFO0HG

>@ ',1±.OLQLVFKH'RVLPHWULH 5|QWJHQGLDJQRVWLN%HXWK9HUODJ*PE+%HUOLQ

>@ ',1 0HGL]LQLVFKH 5|QWJHQDQODJHQ ELV N9 5HJHOQ IU GLH 3UIXQJ GHV 6WUDKOHQVFKXW]HV

%HXWK9HUODJ*PE+%HUOLQ

>@ ',15|QWJHQ6WUHXVWUDKOHQUDVWHU± .HQQJU|‰HQ%HXWK9HUODJ*PE+%HUOLQ

>@ 'UH[OHU*3DQ]HU::LGHQPDQQ/:LOOLDPV*=DQNO02UJDQ'RVHVLQ;5D\'LDJQRVLV,Q 7KH&DOFXODWLRQRI'RVHIURP([WHUQDO3KRWRQ([SRVXUHV8VLQJ5HIHUHQFH+XPDQ3KDQWRPVDQG0RQWH

&DUOR0HWKRGV*6)%HULFKW*6) )RUVFKXQJV]HQWUXPIU8PZHOWXQG*HVXQGKHLW1HXKHUEHUJ

>@ 'UH[OHU*3DQ]HU:6WLHYH)(HWDO'LH%HVWLPPXQJYRQ2UJDQGRVHQLQGHU5|QWJHQGLDJQRVWLN

$XIODJH++RIIPDQQ%HUOLQ

>@ '+DUW'--RQHV%):DOO1RUPDOL]HG2UJDQ'RVHVIRU0HGLFDO;5D\([DPLQDWLRQV&DOFXODWHG XVLQJ0RQWH&DUOR7HFKQLTXHV1DWLRQDO5DGLRORJLFDO3URWHFWLRQ%RDUG153%656RIWZDUH 5HSRUW

>@ 1DJHO +' +HUDXVJHEHU 6WUDKOHQH[SRVLWLRQ LQ GHU &RPSXWHUWRPRJUDSKLH =9(,)DFKYHUEDQG (OHNWURPHGL]LQLVFKH7HFKQLN)UDQNIXUW

>@ ',1 6LFKHUXQJ GHU %LOGTXDOLWlW LQ U|QWJHQGLDJQRVWLVFKHQ %HWULHEHQ $EQDKPHSUIXQJ EHL 5|QWJHQ&RPSXWHUWRPRJUDSKLH(LQULFKWXQJHQ%HXWK9HUODJ*PE+%HUOLQ

>@ (XURSHDQ *XLGHOLQHV RQ 4XDOLW\ &ULWHULD IRU &RPSXWHG 7RPRJUDSK\ (XURSHDQ &RPPLVVLRQ (85

%UXVVHOV

>@ =DQNO03DQ]HU:'UH[OHU*2UJDQ'RVHVIURP&RPSXWHG7RPRJUDSKLF([DPLQDWLRQV,Q7KH

&DOFXODWLRQ RI 'RVH IURP ([WHUQDO 3KRWRQ ([SRVXUHV 8VLQJ 5HIHUHQFH +XPDQ 3KDQWRPV DQG 0RQWH

&DUOR0HWKRGV*6)%HULFKW*6) )RUVFKXQJV]HQWUXPIU8PZHOWXQG*HVXQGKHLW1HXKHUEHUJ

>@ ',1 (QWZXUI ± .OLQLVFKH 'RVLPHWULH ± 9HUIDKUHQ ]XU (UPLWWOXQJ GHU 3DWLHQWHQGRVLV LQ GHU 5|QWJHQGLDJQRVWLN%HXWK9HUODJ*PE+%HUOLQ(QWZXUI

>@ 5HL‰.+XQG6WHLQOH%7DEHOOHQ]XU5|QWJHQGLDJQRVWLN7HLO,,6LHPHQV$*%HUHLFK0HGL]LQLVFKH 7HFKQLN(QWZLFNOXQJVDEWHLOXQJ(UODQJHQ

>@ :DFKVPDQQ ) * 'UH[OHU .XUYHQ XQG 7DEHOOHQ IU GLH 5DGLRORJLH $XIO - 6SULQJHU %HUOLQ +HLGHOEHUJ1HZ<RUN