Begründen und Rechtfertigen: Eine Untersuchung zum Verhältnis zwischen rationalen Erfordernissen und prävalenten Handlungsgründen 9783110216455, 9783110217131

This book gives an account of the relationship between rational requirements and overriding reasons for action. The auth

186 51 2MB

German Pages 324 [328] Year 2009

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Frontmatter
Inhalt
Einleitung
Kapitel 1: Kant und die Einheit praktischer Vernunft
Kapitel 2: Handlungsgründe und ihre Kohärenz
Kapitel 3: Das deontische Kontoführungsmodell und die Differenzen praktischer Inferenzen
Kapitel 4: Praktische Vernunft und Rationalität
Kapitel 5: Prävalente Handlungsgründe und moralische Motivation
Backmatter
Recommend Papers

Begründen und Rechtfertigen: Eine Untersuchung zum Verhältnis zwischen rationalen Erfordernissen und prävalenten Handlungsgründen
 9783110216455, 9783110217131

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

Konstantin Pollok Begründen und Rechtfertigen



Quellen und Studien zur Philosophie Herausgegeben von Jens Halfwassen, Dominik Perler, Michael Quante

Band 92

Walter de Gruyter · Berlin · New York

Begründen und Rechtfertigen Eine Untersuchung zum Verhältnis zwischen rationalen Erfordernissen und prävalenten Handlungsgründen von

Konstantin Pollok

Walter de Gruyter · Berlin · New York

Gedruckt mit Hilfe der Geschwister Boehringer Ingelheim Stiftung für Geisteswissenschaften in Ingelheim am Rhein und des College of Arts and Sciences der University of South Carolina, Columbia (USA)

앝 Gedruckt auf säurefreiem Papier, 앪 das die US-ANSI-Norm über Haltbarkeit erfüllt.

ISBN 978-3-11-021713-1 ISSN 0344-8142 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. 쑔 Copyright 2009 by Walter de Gruyter GmbH & Co. KG, D-10785 Berlin Dieses Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Printed in Germany Einbandgestaltung: Christopher Schneider, Laufen Druck und buchbinderische Verarbeitung: Hubert & Co., Göttingen

     'HP$QGHQNHQPHLQHV9DWHUV .DUO+HLQ]3ROORN  

     Å(LQ MHGHV 'LQJ GHU 1DWXU ZLUNW QDFK *HVHW]HQ 1XU HLQ YHUQQIWLJHV :HVHQKDWGDV9HUP|JHQQDFKGHU9RUVWHOOXQJGHU*HVHW]HGLQDFK3ULQ FLSLHQ ]X KDQGHOQ >«@´ ,PPDQXHO .DQW *UXQGOHJXQJ ]XU 0HWDSK\VLN GHU 6LWWHQ    Å$VFRPSDUHGZLWKWKHRWKHUDQLPDOVPDQOLYHVQRWPHUHO\LQDEURDGHU UHDOLW\KHOLYHVVRWRVSHDNLQDQHZGLPHQVLRQRIUHDOLW\7KHUHLVDQXQ PLVWDNDEOH GLIIHUHQFH EHWZHHQ RUJDQLF UHDFWLRQV DQG KXPDQ UHVSRQVHV´ (UQVW&DVVLUHU$Q(VVD\RQ0DQ  



   

9RUZRUW

  'LHYRUOLHJHQGH8QWHUVXFKXQJZXUGHLP2NWREHUYRP)DFKEHUHLFK *HVHOOVFKDIWVZLVVHQVFKDIWHQ XQG 3KLORVRSKLH GHU 3KLOLSSV8QLYHUVLWlW 0DUEXUJDOV+DELOLWDWLRQVVFKULIWDQJHQRPPHQ (LQHIUKHUH9HUVLRQGHVHUVWHQ.DSLWHOVLVWXQWHUGHP7LWHOÅÄ:HQQ 9HUQXQIW YROOH *HZDOW EHU GDV %HJHKUXQJVYHUP|JHQ KlWWH¶ ² hEHU GLH JHPHLQVDPH :XU]HO GHU .DQWLVFKHQ ,PSHUDWLYH´ LQ .DQW6WXGLHQ  HUVFKLHQHQ(LQHIUKHUH9HUVLRQGHVIQIWHQ.DSLWHOVZXUGH XQWHU GHP 7LWHO Å.DQW XQG +DEHUPDV EHU GDV SULQFLSLXP H[HFXWLRQLV PRUDOLVFKHU+DQGOXQJHQ´LQ0RUDOLVFKH0RWLYDWLRQKJY+).OHPPH0 .XHKQ ' 6FK|QHFNHU +DPEXUJ )HOL[ 0HLQHU9HUODJ   YHU|IIHQWOLFKW )U LKUH *XWDFKWHQ XQG DGPLQLVWUDWLYH 8QWHUVWW]XQJ LP +DELOLWDWL RQVYHUIDKUHQP|FKWHLFK3HWHU-DQLFK$QGUHD(VVHU0DQIUHG.KQXQG :LQIULHG 6FKU|GHU GDQNHQ 'LH IROJHQGHQ 3HUVRQHQ KDEHQ PLU ZlKUHQG GHU(QWVWHKXQJGLHVHV%XFKVLQPQGOLFKHQRGHUVFKULIWOLFKHQ.RPPHQ WDUHQ'LVNXVVLRQHQXQG.ULWLNHQJXWH*UQGHJHOLHIHUWPHLQH$XIIDVVXQJ YRQ+DQGOXQJVJUQGHQQRFKHLQPDO]XEHUGHQNHQ5/DQLHU$QGHUVRQ 5REHUW %UDQGRP 0LFKDHO %UDWPDQ -RKQ %URRPH 0LFKDHO )ULHGPDQ 'LHWHU+HQULFK1DGHHP+XVVDLQ0DQIUHG.KQ$OEHUW0XHV0DQIUHG 6DJD'LHWHU6FK|QHFNHU5-D\:DOODFHXQG$OOHQ:RRG$XFKZHQQVLH GHP YRUOLHJHQGHQ (QGSURGXNW QLFKW RGHU QLFKW LQ DOOHQ 6WFNHQ ]XVWLP PHQ P|JHQ VR ELQ LFK LKQHQ GRFK ]X JUR‰HP 'DQN YHUSIOLFKWHW )U YHUEOLHEHQH8QNODUKHLWHQXQG'HQNIHKOHUELQVHOEVWYHUVWlQGOLFKLFKDOOHLQH YHUDQWZRUWOLFK 'HU =(,76WLIWXQJ (EHOLQ XQG *HUG %XFHULXV GHU $OH[DQGHU YRQ +XPEROGW6WLIWXQJVRZLHGHP6WDQIRUG+XPDQLWLHV&HQWHUGDQNHLFKIU LKUHJUR‰]JLJH)LQDQ]LHUXQJPHLQHU)RUVFKXQJVDXIHQWKDOWHDQGHU6WDQ IRUG8QLYHUVLW\LQGHQ-DKUHQVRZLH $QQH3ROORNIKUWPLUMHGHQ7DJYRU$XJHQGD‰GDV)HOGGHU+DQG OXQJVJUQGHQLFKWDOOHLQGHQ1XW]HQPD[LPLHUHUQJHK|UWIULKUH1lKHLQ XQGDX‰HUKDOEGHU3KLORVRSKLHELQLFK]XWLHIVWGDQNEDU  &ROXPELD6&LP$SULO   .RQVWDQWLQ3ROORN

,QKDOW 9RUZRUWYLL (LQOHLWXQJ ,)UDJHQ  ,,1RUPDWLYLWlWXQG(UNOlUXQJ  ,,,$UWHQGHU9HUELQGOLFKNHLW ,93UDNWLVFKHhEHUOHJXQJHQXQG+DQGOXQJVJUQGH  97HUPLQRORJLVFKH$EJUHQ]XQJHQ  9,9RUEOLFN  

.DSLWHO.DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

† †  † † † 

(LQOHLWXQJ  %HGLQJWHV6ROOHQXQGGHUHQWVFKHLGHQGH(LQIOX‰GHU 9HUQXQIWDXIXQVHUH+DQGOXQJHQ +HWHURQRPLHXQG$XWRQRPLH 8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV 

† † † †  † † † †  †    

(LQOHLWXQJ  .RKlUHQWLVPXV(UNOlUXQJVZHUWXQG8QVFKlUIH +DQGOXQJHQXQG+DQGOXQJVJUQGH 6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSW YRQ+DQGOXQJVJUQGHQ 6WUXNWXUHOOH5DWLRQDOLWlWXQG0D[LPHQ ,QWHUWHPSRUDOLWlW 6WUXNWXUHOOH,QWHQWLRQDOLWlW .RRSHUDWLRQXQGGLHQRUPDWLYH.UDIWLQWHUSHUVRQHOOHU .RKlUHQ]  .ODVVHQJHEXQGHQH$PRUDOLVWHQ7ULWWEUHWWIDKUHUXQG GDV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 

.DSLWHO+DQGOXQJVJUQGHXQGLKUH.RKlUHQ]

[

,QKDOW

.DSLWHO'DVGHRQWLVFKH.RQWRIKUXQJVPRGHOOXQG  GLH'LIIHUHQ]HQSUDNWLVFKHU,QIHUHQ]HQ  † † † † † †  †  † †  

(LQOHLWXQJ  %UDQGRPV.DQWLDQLVPXV ,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN  1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW  1RUPDWLYH3UDJPDWLNXQGGLH9HUELQGOLFKNHLW HLQHVXQEHGLQJWHQ6ROOHQV 0DWHULDOH,QIHUHQ]HQEHUHFKWLJHQGHXQGIHVWOHJHQGH +DQGOXQJVJUQGH *UQGH6ROOHQXQGQRUPDWLYH(UIRUGHUQLVVH  *LEWHVHLQHQhEHUJDQJ]ZLVFKHQ(UIRUGHUQLVXQG 6ROOHQ5HODWLRQHQ"

† † † † † † † †  † † † † †  

(LQOHLWXQJ  (UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ  3UDNWLVFKH5DWLRQDOLWlWXQG9HUQQIWLJNHLW 3IOLFKWXQG(UODXEQLVLP.RQWH[W  %HJUQGXQJVXQG5HFKWIHUWLJXQJVNRKlUHQWLVPXV 6FDQORQV.RQ]HSWLRQGHV:KDW:H2ZHWR(DFK2WKHU +DQGOXQJVJUQGHJHPl‰DOOJHPHLQHQ3ULQ]LSLHQ 6WDQGSXQNWHP|JOLFKHU=XUFNZHLVXQJYRQ +DQGOXQJVSULQ]LSLHQ  $OOJHPHLQH*UQGH 3HUV|QOLFKH(LQVWHOOXQJHQ 9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV  5HFKWIHUWLJHQXQG%HJUQGHQ  5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLW XQG*HOWXQJ 

† †  † 

(LQOHLWXQJ  Ä7UDQV]HQGHQWDOHbVWKHWLN·LQSUDNWLVFKHU+LQVLFKW² $FKWXQJDOVPRUDOLVFKH7ULHEIHGHU  +DEHUPDV·.RQ]HSWHLQHUSRVWNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIHPRUDOLVFKHU0RWLYDWLRQ 

.DSLWHO3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW 

.DSLWHO3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH  0RWLYDWLRQ 

,QKDOW

[L

 ([NXUV.DQWV0RUDOSlGDJRJLN † 'LH([SOL]LHUXQJYRQ+DQGOXQJVJUQGHQXQGGDVHPRWLYH  )XQGDPHQWGHU6ROLGDULWlW  

%LEOLRJUDSKLH   3HUVRQHQUHJLVWHU   6DFKUHJLVWHU 

     

(LQOHLWXQJ ,)UDJHQ

 :HQQ ZLU YRQ %HJUQGHQ XQG 5HFKWIHUWLJHQ YRQ 5DWLRQDOLWlW 9HUQQI WLJNHLW RGHU 9HUQXQIW VSUHFKHQ GDQQ JHKW HV LPPHU DXFK XP XQV RGHU GRFK ]XPLQGHVW XP XQVHU 9HUKlOWQLV ]X HWZDV XP XQVHUH 3HUVSHNWLYH DXI HWZDVÅ)UGLH7LHUHGHV:DOGHVJLEWHVNHLQH9HUQXQIW:LUVLQGGLHMHQL JHQIUGLH*UQGHELQGHQGVLQGGLHGHUHLJHQWPOLFKHQ.UDIWGHVEHVVH UHQ *UXQGHV XQWHUOLHJHQ´ $EHU ZHU RGHU ZDV ZLUG KLHU ZRGXUFK EH VWLPPW" 6LQG GLH :HVHQ IU ZHOFKH *UQGH ELQGHQG VLQG GDGXUFK JHNHQQ]HLFKQHW GD‰ HV VLFK EHL LKQHQ QLFKW XP GLH Ä7LHUH GHV :DOGHV¶ KDQGHOW" 2GHU VLQG XPJHNHKUW :HVHQ GLH 9HUQXQIW EHVLW]HQ GDGXUFK FKDUDNWHULVLHUW GD‰VLHVLFKGLHVHU HLJHQWPOLFKHQ .UDIW EHVVHUHU*UQGH XQWHUZHUIHQ N|QQHQ" 'LH HUVWH GLHVHU EHLGHQ (UNOlUXQJVVWUDWHJLHQ IKUW ]LHPOLFKGLUHNW]XUFNLQGHQ:DOGGHQQQXQPVVHQHUVWGLH7LHUHXQG LKU8QWHUVFKLHG]XXQVZHLWHUEHVWLPPWZHUGHQEHYRUGLH9HUELQGOLFKNHLW YRQ*UQGHQHLQJHVHKHQZHUGHQNDQQ$EHUZRULQXQWHUVFKHLGHQZLUXQV YRQ GHQ 7LHUHQ VLQG ZLUNOLFK DOOH 7LHUH DX‰HU XQV YHUQXQIWORV XQG ZLH VWHOOHQZLUGDVIHVW" $QVWDWW GLHVH 6WUDWHJLH ZHLWHU ]X YHUIROJHQ VROO LQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ GLH hEHU]HXJXQJ ]XJUXQGH JHOHJW ZHUGHQ GD‰ GLH 6SKlUH GHV9HUQQIWLJHQQLFKWYRQDX‰HQEHWUHWHQZHUGHQNDQQZLUILQGHQQLFKW LQ GHU 1DWXU HLQHQ ORJLVFKHQ 5DXP GHU *UQGH GHU GDGXUFK JHNHQQ ]HLFKQHWZlUHGD‰HUQXUYRQXQVGHQDQLPDOHVUDWLRQDOHVEHZRKQWZUGH :LUILQGHQYLHOPHKUXPJHNHKUWDOOHVZDVZLULQGHU1DWXUILQGHQLQGLH VHP ÅORJLVFKHQ 5DXP GHU *UQGH´ (LQHP VROFKHQ .DQWLDQLVPXV HQW VSUHFKHQG NDQQ QLFKW GLH 1DWXU GHV 0HQVFKHQ EHVFKULHEHQ ZHUGHQ XP GDUDXIKLQ HLQH P|JOLFKH 7HLOQDKPH DP 6SLHO GHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQ ]X HUNOlUHQ VRQGHUQ XPJHNHKUW WUlJW P|JOLFKHUZHLVH HLQH (UNOlUXQJGHVVHQZDVHVKHL‰WHLQ*UXQG]XVHLQ]XXQVHUHP6HOEVWYHU VWlQGQLVEHL'LH(LQO|VXQJGLHVHVOHW]WHUHQ$QVSUXFKVZLUGLQGHQYRUOLH

_____________  %UDQGRPD  6HOODUV



(LQOHLWXQJ 

JHQGHQ$XVIKUXQJHQMHGRFKNHLQH5ROOHVSLHOHQXQVHU6HOEVWYHUVWlQGQLV JHK|UWQLFKW]XGHQKLHUYHUIROJWHQ(UNOlUXQJV]LHOHQ $EHUZDVNDQQHLQ*UXQGZRIUXQGIUZHQVHLQ"*UQGHODVVHQVLFK XQWHU DQGHUHP GDKLQJHKHQG GLIIHUHQ]LHUHQ GD‰ VLH VLFK HQWZHGHU DXI hEHU]HXJXQJHQRGHUDXI+DQGOXQJHQEH]LHKHQLQGHPVLHGLHVHHUNOlUHQ ,P )ROJHQGHQ VROO HV QXU XP GLH 9HUELQGOLFKNHLW RGHU 1RUPDWLYLWlW YRQ +DQGOXQJVJUQGHQJHKHQZRUDXVMHGRFKQLFKWIROJWGD‰DXVVFKOLH‰OLFKYRQ +DQGOXQJHQ GLH 5HGH VHLQ ZLUG GHQQ ]XU %HJUQGXQJ YRQ +DQGOXQJHQ ZHUGHQ VHOEVWYHUVWlQGOLFK DXFK hEHU]HXJXQJHQ DQJHIKUW 8PJHNHKUW GLHQHQ+DQGOXQJVJUQGHDXFKQLFKWLPPHUGD]X+DQGOXQJHQ]XEHJUQ GHQ VRQGHUQ ZHUGHQ ELVZHLOHQ YRUJHEUDFKW XP DOOHLQ +DQGOXQJVDEVLFK WHQ ]X EHJUQGHQ 8QG XP GLH NODUH 'LFKRWRPLH YRQ +DQGOXQJHQ XQG hEHU]HXJXQJHQ ² YRQ 3UD[LV XQG 7KHRULH ² QRFK ZHLWHU HLQ]XWUEHQ QDWUOLFKZHUGHQKlXILJ]XU%HJUQGXQJYRQ+DQGOXQJHQHQWVSUHFKHQGH +DQGOXQJVDEVLFKWHQ JHlX‰HUW ZREHL NHLQHVZHJV NODU LVW RE $EVLFKWHQ HLQH)RUPYRQhEHU]HXJXQJHQVLQG +DQGOXQJVJUQGH EH]LHKHQ VLFK DOVR RIIHQVLFKWOLFK QLFKW QXU DXI +DQGOXQJHQ'RFKVROOHVKLHURKQHKLQQLFKWRGHUPLQGHVWHQVQLFKWYRU UDQJLJXP+DQGOXQJVJUQGHXQGGHUHQ9HUKlOWQLV]X+DQGOXQJHQJHKHQ ,P 0LWWHOSXQNW PHLQHV ,QWHUHVVHV OLHJHQ YLHOPHKU GLH +DQGOXQJVJUQGH VHOEVWXQG]ZDUZLHGHUXPQLFKWKLQVLFKWOLFKLKUHUPDWHULDOHQ9LHOIDOWDOVR ZDV DOV +DQGOXQJVJUXQG ZLUNOLFK DQJHIKUW ZHUGHQ NDQQ VRQGHUQ KLQ VLFKWOLFK LKUHU P|JOLFKHQ )RUPHQ JHQDXHU LKUHU XQWHUVFKLHGOLFKHQ %LQ GXQJVNUDIW RGHU 9HUELQGOLFKNHLW WHFKQLVFKHU LKUHU XQWHUVFKLHGOLFKHQ GH RQWLVFKHQ 5HLFKZHLWH :LH YHUELQGOLFK LVW HLQ HLQVFKOlJLJHU +DQGOXQJVJUXQG ZRULQ XQWHUVFKHLGHQ VLFK GLH 9HUELQGOLFKNHLWHQ HLQHU SHUV|QOLFKHQ (PSIHKOXQJ HLQHU JHQHUHOOHQ (UODXEQLV HLQHU VXEMHNWLYHQ 3UlIHUHQ] HLQHU XQLYHUVDOHQ 3IOLFKW" *LEW HV +DQGOXQJVJUQGH GLH IU MHGH3HUVRQLQHLQHUHQWVSUHFKHQGHQ6LWXDWLRQHLQVFKOlJLJVLQG"8QGZHQQ MDZLHHLQVFKOlJLJVLQGGLHVH*UQGHXQGZRGXUFK]HLFKQHWVLFKLKUH7ULI WLJNHLW DXV" +DQGHOW HV VLFK GDEHL XP REMHNWLYH :HUWH" *UQGH IU XQG ZLGHUHLQH+DQGOXQJPDJHVYLHOHJHEHQDEHUZHOFKHQ*UQGHQVROOHQZLU IROJHQ" ,VW GLH 5HGH YRQ HLQHP 6ROOHQ KLHU EHUKDXSW VLQQYROO" *LEW HV HLQHQ 8QWHUVFKLHG ]ZLVFKHQ GHU %HJUQGXQJ HLQHU +DQGOXQJ XQG GHU 5HFKWIHUWLJXQJHLQHU+DQGOXQJ":HPJHJHQEHUEHJUQGHQZLUXQGZHP JHJHQEHU UHFKWIHUWLJHQ ZLU +DQGOXQJHQ" 8QG PLW ZHOFKHQ .RQVHTXHQ ]HQPVVHQZLUUHFKQHQIDOOVHLQH%HJUQGXQJRGHUHLQH5HFKWIHUWLJXQJ PL‰OLQJW"*LEWHV6WDQGDUGVGHV*HOLQJHQVYRQ%HJUQGXQJHQXQG5HFKW IHUWLJXQJHQ XQVHUHU +DQGOXQJHQ" :LH N|QQWHQ HLQH SRVLWLYH $QWZRUW YRUDXVJHVHW]WGLHVH6WDQGDUGVLKUHUVHLWVEHJUQGHWZHUGHQ"  

,,1RUPDWLYLWlWXQG(UNOlUXQJ 



,,1RUPDWLYLWlWXQG(UNOlUXQJ

 'LH)RUPHQSUDNWLVFKHU1RUPDWLYLWlWVROOHQLP)ROJHQGHQGHWDLOOLHUWFKD UDNWHULVLHUWZHUGHQMHGRFKQLFKWLP6LQQHHLQHU%HVFKUHLEXQJGHUQRUPD WLYHQ 'LIIHUHQ]HQ ]ZLVFKHQ HLQHP :XQVFK HLQHU %LWWH HLQHP $QWUDJ HLQHU$XIIRUGHUXQJHLQHP$XIUXIHLQHU9HURUGQXQJHLQHP%HIHKOHLQHU 3IOLFKW HLQHU 1|WLJXQJ HLQHP 9HUERW HLQHU %LOOLJXQJ HLQHU *HQHKPL JXQJ HLQHU 'XOGXQJ HWF 9LHOPHKU VROO HV XP7\SHQ GHRQWLVFKHU5HLFK ZHLWHQJHKHQGHUHQMHZHLOLJH:HLWHUTXDOLIL]LHUXQJVFKOLH‰OLFKDXFK]XGHQ HEHQJHQDQQWHQXQGYLHOHQDQGHUHQ)RUPHQYRQ+DQGOXQJVJUQGHQIK UHQNDQQ (LQ DOOJHPHLQHU %HJULII SUDNWLVFKHU 1RUPDWLYLWlW XPID‰W GDPLW ZLH VRZRKO 7KRPDV 6FDQORQ DOV DXFK -RQDWKDQ 'DQF\ IHVWKDOWHQ GLH YHU VFKLHGHQHQ9HUELQGOLFKNHLWHQDOOHVGHVVHQZDVIURGHUJHJHQEHVWLPPWH +DQGOXQJHQ VSUHFKHQ NDQQ XQG JHQDX GLHV VROO LP )ROJHQGHQ GHQ IXQ GDPHQWDOHQ%HJULIIGHV+DQGOXQJVJUXQGHVDXVPDFKHQ ,Q HLQHU +LQVLFKW KDW QXQ MHGRFK -RKQ %URRPH YROONRPPHQ UHFKW ZHQQHUGLH3ULPLWLYLWlWGLHVHV%HJULIIVGHV+DQGOXQJVJUXQGHVDQ]ZHLIHOW Å&RXQWLQJ LQ IDYRXU RI LV VRPHWLPHV WKRXJKW WR EH WKH EDVLF QRUPDWLYH QRWLRQ %XW LW FDQQRW EH EHFDXVH LW LV FRPSOH[ ,W LQFRUSRUDWHV WKH WZR HOHPHQWVRIQRUPDWLYLW\DQGH[SODQDWLRQ7KHQRWLRQRIDUHDVRQKDVWKH VDPH FRPSOH[LW\´ 'HPHQWVSUHFKHQG VROO HV LP )ROJHQGHQ QLFKW XP +DQGOXQJVJUQGHSHUVHVRQGHUQQXUXPHLQHQGHUEHLGHQYRQ%URRPH JHQDQQWHQ $VSHNWH JHKHQ QLFKW GLH HUNOlUHQGH VRQGHUQ GLH QRUPDWLYH 'LPHQVLRQYRQ+DQGOXQJVJUQGHQXQGGHUGDULQHQWKDOWHQHQSULQ]LSLHO OHQ 'LIIHUHQ]HQ ZLUG KLHU HLQH 5ROOH VSLHOHQ 6WHSKHQ 'DUZDOO KDW PLW %OLFNDXIHLQH$EJUHQ]XQJ]XU(UNOlUXQJYRQ+DQGOXQJHQGLH%HGHXWXQJ GLHVHUQRUPDWLYHQ'LPHQVLRQYRQ+DQGOXQJVJUQGHQIROJHQGHUPD‰HQKHU YRUJHKREHQ Å:LWKRXW WKH QRUPDWLYH DVSHFW RI UHDVRQV WKHUH ZRXOG EH QRWKLQJWRGLVWLQJXLVKUHDVRQVIRUVRPHRQHWRGRVRPHWKLQJIURPUHDVRQV ZK\ KH GLG RU ZLOO GR LW UHDVRQV WKDW MXVWLI\ RU UHFRPPHQG DFWLRQ IURP

_____________  9JO GD]X 6FDQORQ   Å, ZLOO WDNH WKH LGHD RI D UHDVRQ DV SULPLWLYH $Q\ DW WHPSWWRH[SODLQZKDWLWLVWREHDUHDVRQIRUVRPHWKLQJVHHPVWRPHWROHDGEDFNWR WKHVDPHLGHDDFRQVLGHUDWLRQWKDWFRXQWVLQIDYRURILWÄ&RXQWVLQIDYRUKRZ"·RQH PLJKWDVN Ä%\SURYLGLQJDUHDVRQIRULW· VHHPVWREHWKHRQO\DQVZHU´%HL'DQF\ IKHL‰WHVÅ>«@ZHVKRXOGZHDNHQRXUFRQFHSWLRQRIWKHQRUPDWLYHVRDV WRLQFOXGHDOOIRUPVRIWKHIDYRXULQJUHODWLRQWKHQRQSHUHPSWRU\DVZHOODVWKHSHU HPSWRU\%HLQJQRUPDWLYHLQWKLVZHDNHUVHQVHZLOOWXUQRXWWRKDYHQRWKLQJHVSH FLDOO\WRGRZLWKQRUPV²DWOHDVWQRWLQWKHZD\WKDWZHXVXDOO\WKLQNRIQRUPV´9JO GD]XDXFKXQWHQ†  %URRPHYJOGD]XDXFK5D]



(LQOHLWXQJ 

WKRVH WKDW H[SODLQ LWµ 'LHVHU 8QWHUVFKLHG LVW MHGRFK YRQ JUXQGOHJHQGHU PHWKRGLVFKHU%HGHXWXQJIUGDV$QOLHJHQGDVPDQPLWGHP%HJULIIGHU *UQGH DOV H[SODQDQV YHUIROJW HU WUHQQW SUlVNULSWLYH YRQ GHVNULSWLYHQ $QVlW]HQ²,QWHUHVVDQWHUZHLVHZDUHV,PPDQXHO.DQWPLWGHVVHQ3KLOR VRSKLHVLFKDQVRQVWHQHKHUGLH9RUVWHOOXQJYRQ'XDOLVPHQYHUELQGHW $Q VFKDXXQJ XQG %HJULII 1HLJXQJ XQG 3IOLFKW 6FK|QKHLW XQG (UKDEHQHV HWF GHUGLHVHEHLGHQ'LPHQVLRQHQYRQ+DQGOXQJVJUQGHQVHKUHQJ²LQ .DSVROOVFKOLH‰OLFKJHIUDJWZHUGHQRE]XHQJ²DXIHLQDQGHUEH]RJHQ KDWZHQQHUGLHPRUDOLVFKH4XDOLWlWHLQHU+DQGOXQJLQ5HODWLRQ]XUHQW VSUHFKHQGHQ 7ULHEIHGHU RGHU 0RWLYDWLRQ VHW]W 'LHVH PRWLYDWLRQDOH RGHU HUNOlUHQGH 'LPHQVLRQ GHV %HJULIIV GHV +DQGOXQJVJUXQGHV LVW MHGRFK ]X QlFKVW ]X XQWHUVFKHLGHQ YRQ GHU QRUPDWLYHQ 'LPHQVLRQ GHU *OWLJNHLW RGHU7ULIWLJNHLWYRQ+DQGOXQJVJUQGHQ  

,,,$UWHQGHU9HUELQGOLFKNHLW

 ,QQHUKDOE GLHVHV DOOJHPHLQHQ %HJULIIV YRQ +DQGOXQJVJUQGHQ VROOWH PLW %OLFNDXIGLHJHQDQQWHQRUPDWLYH'LPHQVLRQHLQHZHLWHUH8QWHUVFKHLGXQJ HLQJHIKUWZHUGHQ+DQGOXQJVJUQGHLQHLQHPHQJHUHQ6LQQHVLQG%HUHFKWL JXQJHQ ]X +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ XQG PVVHQ YRQ )HVWOH JXQJHQ DXI +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ XQWHUVFKLHGHQ ZHUGHQ :HUDXIHLQH+DQGOXQJIHVWJHOHJWLVWVROOGLHVH+DQGOXQJDXVIKUHQZR KLQJHJHQ QLHPDQG HLQH +DQGOXQJ DXVIKUHQ VROO ]X ZHOFKHU HU +DQG OXQJVJUQGHLQGLHVHPHQJHUHQ6LQQHKDWDOVROHGLJOLFKEHUHFKWLJWLVW $QDORJ]XP%HJULIIGHV+DQGOXQJVJUXQGHVXQGGHVVHQ6SH]LIL]LHUXQJ XQWHU QRUPDWLYHQ *HVLFKWVSXQNWHQ ILQGHW KLHU HLQH (LQVFKUlQNXQJ PLW %OLFNDXIGHQ6SUDFKJHEUDXFKGHV6ROOHQVVWDWW(VVROOKLHUDXVVFKOLH‰OLFK XP HLQ QRUPDWLYHV 6ROOHQ JHKHQ 'LH 5HGHZHLVH GD‰ MHPDQG DP $EHQG HUVFK|SIW VHLQ VROOWH ZHLO HU RGHU VLH JHUDGH HLQH DQVWUHQJHQGH %HUJWRXU KLQWHUVLFKKDWLVWHUNOlUHQGXQGLQGLHVHP6LQQHQLFKWSUlVNULSWLY]XYHU VWHKHQ 9RQ HLQHP VROFKHQ 6ROOHQ LP 5DKPHQ NDXVDOHU (UNOlUXQJHQ GHU (UZDUWEDUNHLWYRQ(UHLJQLVVHQLVWKLHUQLFKWGLH5HGH :LOOPDQGLHVHEHLGHQ%HJULIIHGHV*UXQGHVXQGGHV6ROOHQVPLW%OLFN DXIGHQDOOJHPHLQHQ%HJULIIGHU+DQGOXQJVJUQGHLQ%H]LHKXQJVHW]HQVR Ol‰WVLFKIHVWKDOWHQGD‰)HVWOHJXQJHQDXI+DQGOXQJHQE]Z+DQGOXQJVDE VLFKWHQ KlXILJ ]XJOHLFK HLQH %HUHFKWLJXQJ ]X GLHVHQ +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ GDUVWHOOHQ ZRKLQJHJHQ %HUHFKWLJXQJHQ HEHQ QLFKW DXI HQWVSUHFKHQGH +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ IHVWOHJHQ :HU

_____________  'DUZDOO

,,,$UWHQGHU9HUELQGOLFKNHLW 



HLQH+DQGOXQJDXVIKUHQVROOKDWHLQHQ HYHQWXHOOVRJDUJXWHQ *UXQG]X GLHVHU +DQGOXQJ DEHU ZHU HLQHQ HYHQWXHOO VRJDU JXWHQ  *UXQG IU HLQH +DQGOXQJKDWXQWHUOLHJWNHLQHUOHLHQWVSUHFKHQGHP6ROOHQ %HUHLWV KLHU EHJHJQHW PDQ QXQ GHP 3UREOHP GHU XQWHUVFKLHGOLFKHQ GHRQWLVFKHQ5HLFKZHLWHYRQ+DQGOXQJVJUQGHQGHQQHVNDQQXQWHU8P VWlQGHQ PLW JXWHQ *UQGHQ EHVWULWWHQ ZHUGHQ GD‰ ZLU *UQGH ]X HLQHU +DQGOXQJE]Z+DQGOXQJVDEVLFKWKDEHQDXIGLHZLUJOHLFKZRKOIHVWJHOHJW VLQG:HUUHFKW]HLWLJ]XHLQHU9HUDQVWDOWXQJNRPPHQZLOOLVWGDPLWXQWHU 8PVWlQGHQ GDUDXI IHVWJHOHJW PLW EHUK|KWHU *HVFKZLQGLJNHLW $XWR ]X IDKUHQ2EGLHVHU7HUPLQDEHUHLQHQ JXWHQ *UXQGIUULVNDQWHV$XWRIDK UHQGDUVWHOOWPDJPDQEH]ZHLIHOQ (VZLUGDOVRZLFKWLJVHLQ]XXQWHUVFKHLGHQREHLQH3HUVRQYRQVLFK VHOEVW RGHU YRQ HLQHU DQGHUHQ 3HUVRQ E]Z 3HUVRQHQ DOV ]X HLQHU +DQG OXQJE]Z+DQGOXQJVDEVLFKWEHUHFKWLJWRGHUDXIGLHVHIHVWJHOHJWJHKDOWHQ ZLUG'LHVHU'LIIHUHQ]LQGHU=XVFKUHLEXQJVSHUVSHNWLYHJLOWGDV+DXSWLQ WHUHVVHGHUYRUOLHJHQGHQ8QWHUVXFKXQJ1LFKWIUGHQ%HUHLFKGHUSULPD IDFLH*UQGH DOVR GHU *UQGH LP REHQ JHQDQQWHQ HQJHUHQ 6LQQH YRQ %HUHFKWLJXQJHQ ]X +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ VRQGHUQ IU GHQ%HUHLFKGHV6ROOHQVRGHUGHU)HVWOHJXQJKDWEHUHLWV.DQWGLHVHQ8Q WHUVFKLHGLQGHU9HUELQGOLFKNHLWKHUYRUJHKREHQÅ'LH5DWKJHEXQJHQWKlOW ]ZDU1RWKZHQGLJNHLWGLHDEHUEOR‰XQWHUVXEMHFWLYHU]XIlOOLJHU%HGLQJXQJRE GLHVHURGHUMHQHU0HQVFKGLHVHVRGHUMHQHV]XVHLQHU*OFNVHOLJNHLW]lKOH JHOWHQ NDQQ GDJHJHQ GHU NDWHJRULVFKH ,PSHUDWLY GXUFK NHLQH %HGLQJXQJ HLQJHVFKUlQNW ZLUG XQG DOV DEVROXW REJOHLFK SUDNWLVFKQRWKZHQGLJ JDQ] HLJHQWOLFKHLQ*HERWKHL‰HQNDQQ´0LWGLHVHU$EVWXIXQJLQGHU1RWZHQ GLJNHLW HLQHU +DQGOXQJVIRUGHUXQJ LVW VFKOLH‰OLFK .DQWV 'LIIHUHQ]LHUXQJ SUDNWLVFKHU ,PSHUDWLYH LQ K\SRWKHWLVFKH XQG GHQ NDWHJRULVFKHQ YHUEXQ GHQÅ:HQQQXQGLH+DQGOXQJEOR‰ZR]XDQGHUVDOV0LWWHOJXWVHLQZU GH VR LVW GHU ,PSHUDWLY K\SRWKHWLVFK ZLUG VLH DOV DQ VLFK JXW YRUJHVWHOOW PLWKLQDOVQRWKZHQGLJLQHLQHPDQVLFKGHU9HUQXQIWJHPl‰HQ:LOOHQDOV 3ULQFLSGHVVHOEHQVRLVWHUNDWHJRULVFK´'D‰HLQH+DQGOXQJDQVLFKJXW LVW KHL‰W IU .DQW GD‰ GHU *UXQG IU VLH LQ GHU $OOJHPHLQJOWLJNHLW GHV *HVHW]HV OLHJW GDV VLH JHELHWHW ,P *HJHQVDW] ]X ÅIXQNWLRQDOHQ *UQ

_____________  :HQQPLW%OLFNDXI+DQGOXQJVJUQGHYRQÄSULPDIDFLH·GLH5HGHLVWVRZLUGQRUPD OHUZHLVHGHUHSLVWHPLVFKH$VSHNWDQJHVSURFKHQ GLHYRUOlXILJH(LQVLFKWLJNHLW LP*H JHQVDW]GD]XULFKWHWVLFKGLH5HGHYRQÄSURWDQWR·QRUPDOHUZHLVHDXIGHQPHWDSK\VL VFKHQ $VSHNW GDV YRUOlXILJH %HVWHKHQ E]Z GDV UHODWLYH *HZLFKW  GHV +DQGOXQJVJUXQGVYJOGD]X'DYLGVRQIXQG%URRPH²)UNOlUHQGH 'LVNXVVLRQHQ ]X GLHVHP .RQ]HSW GHU ÄSULPD IDFLH· +DQGOXQJVJUQGH GDQNH LFK 0L FKDHO%UDWPDQ  .DQW,9+HUYRUKHEXQJ.3  .DQW,9+HUYRUKHEXQJ.3



(LQOHLWXQJ 

GHQ´GLHHLQH+DQGOXQJIUHLQH3HUVRQDOV]ZHFNGLHQOLFKNOXJXQGGD PLW VXEMHNWLY QRWZHQGLJ HUVFKHLQHQ ODVVHQ RULHQWLHUHQ VLFK ÅQLFKW IXQNWLRQDOH 3ULQ]LSLHQJUQGH´ DQ GHU LQWHUVXEMHNWLYHQ RGHU ² ZLH .DQW VDJW ² ÅREMHFWLYYRUJHVWHOOWH>Q@ 1RWKZHQGLJNHLW´ GHU HQWVSUHFKHQGHQ +DQGOXQJ ,Q KLVWRULVFKHU +LQVLFKW JHKWHV PLU LP )ROJHQGHQXP HLQ 9HUVWlQGQLV GHVÄHQWVFKHLGHQGHQ(LQIOXVVHVGHU9HUQXQIWDXIXQVHUH+DQGOXQJHQ¶GHQ .DQWJHOWHQGPDFKWXPGLHQRUPDWLYH.UDIWVRZRKOGHUK\SRWKHWLVFKHQ ,PSHUDWLYH DOV DXFK GHV NDWHJRULVFKHQ ,PSHUDWLYV ]X FKDUDNWHULVLHUHQ 'HU%HJULIIGHUVLQQOLFKHQ1HLJXQJXQGGLHŁEHUVLQQOLFKH,GHHGHVVLWW OLFK*XWHQ´VROOHQEHLGLHVHUNDQWLDQLVFKHQ5HNRQVWUXNWLRQXQWHUVFKLHG OLFKHU 9HUELQGOLFKNHLWHQ YRQ +DQGOXQJVJUQGHQ GLH VFKOLH‰OLFK QHEHQ GHQ EHLGHQ )RUGHUXQJVUHODWLRQHQ RGHU ,PSHUDWLYHQ DXFK SULPD IDFLH *UQGH XPIDVVHQ PX‰ HEHQVR ZHQLJ LQ $QVSUXFK JHQRPPHQ ZHUGHQ ZLHHLQHRQWRORJLVFKH'LIIHUHQ]LHUXQJ]ZLVFKHQHLQHPPXQGXVVHQVLELOLV XQGHLQHPPXQGXVLQWHOOLJLELOLV ,QV\VWHPDWLVFKHU+LQVLFKWJHKWHVLP)ROJHQGHQXP6WDQGDUGVGHU.R KlUHQ] P|JOLFKHU +DQGOXQJVJUQGH 'HU =LHOSXQNW GHU $UJXPHQWDWLRQ EHWULIIWGDEHLHUVWHQVGLH.RKlUHQ]]ZLVFKHQSUDNWLVFKHQ)HVWOHJXQJHQXQG %HUHFKWLJXQJHQGLHVLFKHLQH3HUVRQVHOEVW]XZHLVW]ZHLWHQVGLH.RKlUHQ] ]ZLVFKHQSUDNWLVFKHQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQGLHHLQHU3HUVRQ YRQDQGHUHQ3HUVRQHQ]XJHZLHVHQZHUGHQXQGGULWWHQVGLH.RKlUHQ]]ZL VFKHQ HUVWHUHQ XQG OHW]WHUHQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ G K 6WDQGDUGVGHUEHUHFKWLJWHUZHLVHHLQJHJDQJHQHQXQG]XJHZLHVHQHQ)HVWOHJXQ JHQDXIXQG%HUHFKWLJXQJHQ]XEHVWLPPWHQ+DQGOXQJHQE]Z+DQGOXQJV DEVLFKWHQ  

,93UDNWLVFKHhEHUOHJXQJHQXQG+DQGOXQJVJUQGH

 :DV KLHU DOV HLQH+DQGOXQJ XQG ZDV DOV HLQ +DQGOXQJVJUXQG EH]HLFKQHW ZHUGHQVROOPX‰QDFKIROJHQGLPHLQ]HOQHQHU|UWHUWZHUGHQGRFKYRUDE NDQQ EHUHLWV DQQlKHUXQJVZHLVH IHVWJHKDOWHQ ZHUGHQ GD‰ +DQGOXQJHQ DOV VROFKH PHQVFKOLFKHQ 9HUKDOWHQVZHLVHQGHILQLHUWVLQGIUGLHZLU*UQGH IRUGHUQ XQG OLHIHUQ N|QQHQ (LQ +DQGOXQJVJUXQG ZLHGHUXP NDQQ DOOJH

_____________     

.|KO (EG .DQW,9 9JO.DQW,9XQGXQWHQ† .DQW9

,93UDNWLVFKHhEHUOHJXQJHQXQG+DQGOXQJVJUQGH 



PHLQ DOOHV DXVPDFKHQ ZDV IU RGHU JHJHQ HLQH EHVWLPPWH +DQGOXQJ VSULFKW RGHU XP DXI GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ (UNOlUXQJ XQG 1RU PDWLYLWlW ]XUFN]XNRPPHQ DOOHV ZDV HLQH +DQGOXQJ ]XP HLQHQ HUNOlUW XQG]XPDQGHUHQHUIRUGHUOLFKRGHUDN]HSWDEHOHUVFKHLQHQOl‰W'DEHLVROO GHU DOOJHPHLQH %HJULII GHV +DQGOXQJVJUXQGHV LP )ROJHQGHQ EHLEHKDOWHQ ZHUGHQDQVWDWWLKQGHQ8PVWlQGHQHQWVSUHFKHQGGXUFKGLH%HJULIIHGHU 3IOLFKWGHV9HUERWVRGHUGHU(UODXEQLV]XHUVHW]HQ YJO† 'HQQGLH VHU %HJULII GHV +DQGOXQJVJUXQGHV HUODXEW VR GLH KLHU ]XJUXQGHOLHJHQGH +HXULVWLN HLQH WUDQVSDUHQWHUH 4XDOLIL]LHUXQJ VHLQHU P|JOLFKHQ 9HUELQG OLFKNHLWVIRUPHQ 'RFK ZDV ]HLFKQHW QXQ HLQHQ VWlUNHUHQ +DQGOXQJVJUXQG JHJHQEHU HLQHPVFKZlFKHUHQDXV"8QGZHOFKHQ6LQQNDQQGLHPHFKDQLVWLVFKH0H WDSKRULNYRQGHUQRUPDWLYHQRGHU%LQGXQJV.UDIWGHU*UQGHLKUHUMHZHL OLJHQ6WlUNHXQGLKUHPhEHUZLHJHQKDEHQVRIHUQVLHEHUKDXSWDQJHPHVVHQ LVW" :RGXUFK ]HLFKQHQ VLFK SUlYDOHQWH RGHU GRPLQLHUHQGH +DQGOXQJV JUQGHDXVXQG]ZDUMHQVHLWVGHUEOR‰IRUPDOHQ%HVWLPPXQJDOVQRWZHQ GLJXQGKLQUHLFKHQGXPHLQH+DQGOXQJ]XHUNOlUHQ]XHUIRUGHUQXQG]X DN]HSWLHUHQ" +DQGOXQJVJUQGHKDEHQDOOJHPHLQZLHREHQEHUHLWVEHPHUNWGLH)RUP YRQ%HUHFKWLJXQJHQ]XSUDNWLVFKHQ)HVWOHJXQJHQXQGDOVVROFKHVLQGVLHNULWL VLHUEDUGKDQIHFKWEDUDXVGHU3HUVSHNWLYHDOWHUQDWLYHUSUDNWLVFKHU)HVW OHJXQJHQ RGHU%HUHFKWLJXQJHQ 'RPLQLHUHQGVLQG+DQGOXQJVJUQGH DOVR QXU VRODQJH VLH QLFKW YRQ DQJHPHVVHQHUHQ EHVVHUHQ VWlUNHUHQ +DQG OXQJVJUQGHQDEJHO|VWRGHUEHUVWLPPWZHUGHQ'LHVHP|JOLFKH$QIHFK WXQJ JHVFKLHKW DXIJUXQG SUDNWLVFKHU hEHUOHJXQJHQ GLH GHQ XUVSUQJOL FKHQ +DQGOXQJVJUXQG LP /LFKWH DQGHUHU +DQGOXQJVJUQGH ]HLJHQ $P (QGH HLQHV VROFKHQ hEHUOHJXQJVSUR]HVVHV HUODQJW HLQ +DQGOXQJVJUXQG P|JOLFKHUZHLVH+DQGOXQJVHIIHNWLYLWlW(UIKUWDOVREHUGLH%LOGXQJHLQHU HQWVSUHFKHQGHQ $EVLFKW G K GHU $QHUNHQQXQJ HLQHU HQWVSUHFKHQGHQ )HVWOHJXQJ ]X HLQHU HQWVSUHFKHQGHQ +DQGOXQJ ² 'DPLW VROO NHLQHVZHJV JHVDJW VHLQ GD‰ SUDNWLVFKH hEHUOHJXQJHQ VWHWV ]XU $XVELOGXQJ YRQ HQW VSUHFKHQGHQ$EVLFKWHQXQGVFKRQJDUQLFKW]XHQWVSUHFKHQGHQ+DQGOXQ JHQIKUHQ=XHQWVSUHFKHQGHQ$EVLFKWHQIKUHQVLHQLFKWQRWZHQGLJ LP 6LQQH YRQ UDWLRQDO HUIRUGHUOLFK  LQVRIHUQ ZLU SUDNWLVFKH hEHUOHJXQJHQ UDWLRQDOHUZHLVH GXUFKIKUHQ N|QQHQ XQG KlXILJ DXFK GXUFKIKUHQ RKQH VFKOLH‰OLFK KDQGHOQ ]X ZROOHQ ]X HQWVSUHFKHQGHQ +DQGOXQJHQ IKUHQ SUDNWLVFKHhEHUOHJXQJHQ EHLJHJHEHQHQ$EVLFKWHQ QLFKWQRWZHQGLJ LP 6LQQH YRQ DOOJHPHLQ  LQVRIHUQ ]ZLVFKHQ GHU $EVLFKW XQG GHU +DQGOXQJ GDV 3KlQRPHQ GHU :LOOHQVVFKZlFKH DXIWUHWHQ NDQQ $XI GLH *WH GHV +DQGOXQJVJUXQGHV PX‰ GLHV MHGRFK NHLQHUOHL 5FNZLUNXQJ KDEHQ *DQ] JOHLFKREPLWRGHURKQH+DQGOXQJVHIIHNWLYLWlW+DQGOXQJVJUQGHVWHOOHQ



(LQOHLWXQJ 

GLH VWHWV NULWLVLHUEDUH %HUHFKWLJXQJ ]X HLQHU HQWVSUHFKHQGHQ SUDNWLVFKHQ )HVWOHJXQJRGHU$EVLFKWGDU 3UDNWLVFKH hEHUOHJXQJHQ KDEHQ GDPLW GLH SULPlUH $XIJDEH GLH $Q JHPHVVHQKHLW YRQ +DQGOXQJVJUQGHQ DE]XZlJHQ XP KHUDXV]XILQGHQ ZHOFKHU +DQGOXQJVJUXQG LQ JHJHEHQHU 6LWXDWLRQ HLQVFKOlJLJ LVW 6R LVW PHLQ:XQVFKHLQHQ.DIIHH]XWULQNHQHLQ*UXQGGDIU.DIIHH]XPDK OHQXQGHLQH7DVVHXQWHUGHQ%UKNRSI]XVWHOOHQ'RFKZHQQJOHLFKPHLQ :XQVFKPLFK]XGLHVHQ+DQGOXQJHQEHUHFKWLJWVROHJWHUPLFKGHQQRFK QLFKW DXI GLHVH +DQGOXQJHQ E]Z GLH $XVELOGXQJ HLQHU HQWVSUHFKHQGHQ $EVLFKW IHVWLFKN|QQWHPLFKHEHQVRJXWGDIUHQWVFKHLGHQLQHLQ&DIp ]XJHKHQ'RFKVWHOOWHLQHVROFKHhEHUOHJXQJQXULQVHNXQGlUHU+LQVLFKW HLQHSUDNWLVFKHhEHUOHJXQJGDULQVRIHUQHVKLHUOHGLJOLFKXPGDVÄWHFKQL VFKH¶3UREOHPGHVEHVWHQ:HJV]XU(UIOOXQJGHVEHVWHKHQGHQ:XQVFKHV JHKW9RQHLQHUSUDNWLVFKHQhEHUOHJXQJLPHQJHUHQ6LQQHLVWLQDOOHU5HJHO GDQQGLH5HGHZHQQGHU+DQGOXQJVJUXQGVHOEVWHURGHUDEJHZRJHQZLUG ZHQQDOVRZLHHVJHZ|KQOLFKGHU)DOOLVWQHEHQGLHVHP+DQGOXQJVJUXQG DQGHUHNRQNXUULHUHQGH+DQGOXQJVJUQGHH[LVWLHUHQ%HLVSLHOVZHLVHPX‰GHU :XQVFKHLQHQ.DIIHH]XWULQNHQHYHQWXHOOQLFKWDEJHZRJHQZHUGHQJH JHQEHU GHP :XQVFK HLQ 6WFN .XFKHQ ]X HVVHQ ZHQQJOHLFK GLHVHU ]XVlW]OLFKH:XQVFKHLQJXWHU*UXQGGDIUVHLQNDQQLQV&DIp]XIDKUHQ ZHQQZLU]X+DXVHNHLQHQ.XFKHQKDEHQ 'RFKNDQQGLHVHULQJHJHEH QHU 6LWXDWLRQ GRPLQLHUHQGH DJJORPHUDWLYH +DQGOXQJVJUXQG GHU :XQVFK QDFK.DIIHHXQG.XFKHQ P|JOLFKHUZHLVHYRQHLQHPDQGHUHQ+DQGOXQJV JUXQG ÄEHGURKW¶ ZHUGHQ %HL JHQDXHUHU hEHUOHJXQJ N|QQWH LFK QlPOLFK EHPHUNHQGD‰GHU:XQVFKQDFKGHP%HVXFKHLQHVVFKDWWLJHQ%LHUJDUWHQV PRPHQWDQ QRFK VWlUNHU LVW DOV GHU :XQVFK QDFK .DIIHH XQG .XFKHQ ZHQQJOHLFK HU GHQ OHW]WHUHQ QLFKW DXIKHEW DOOHUGLQJV KDEH LFK YLHOOHLFKW VFKRQ GLH (UIDKUXQJ JHPDFKW GD‰ VLFK GHU :XQVFK QDFK .DIIHH XQG .XFKHQOHJWVREDOGLFKLQGLHVHP%LHUJDUWHQVLW]H 3UDNWLVFKHhEHUOHJXQJ IKUW GDQQ GD]X GD‰ GHU ]ZHLWH +DQGOXQJVJUXQG GHQ HUVWHQ EHUZLHJW XQGLFKVFKOLH‰OLFKHLQHHQWVSUHFKHQGH$EVLFKWELOGH'RFKZlKUHQGLFK GLH 'HWDLOV GLHVHU $EVLFKW UHIOHNWLHUH GUlQJW P|JOLFKHUZHLVH HLQ ZHLWHUHU +DQGOXQJVJUXQG LQ PHLQH hEHUOHJXQJHQ 0LU ZLUG QlPOLFK NODU GD‰ HV WURW]GHUELVKHULJHQhEHUOHJXQJHQEHVVHULVWVRZRKODXI.DIIHHXQG.X FKHQ DOV DXFK DXI GDV %LHU XQG GLH QHEHQEHL JHVXFKWH $EOHQNXQJ YRQ PHLQHU$UEHLW ]XYHU]LFKWHQXQGVWDWWGHVVHQGRFKGHQ9RUVWHOOXQJVYRU WUDJ HLQHV )UHXQGHV ZHLWHU]XOHVHQ GHVVHQ .RPPHQWLHUXQJ LFK LKP IU KHXWH DEHQG YHUVSURFKHQ KDEH 3UDNWLVFKH hEHUOHJXQJ NDQQ QXQ GD]X IKUHQLQGLHVHP9HUVSUHFKHQHLQHQLQJHJHEHQHU6LWXDWLRQGRPLQLHUHQ GHQ*UXQG]XVHKHQGHUPLFKGD]XEHUHFKWLJWDP6FKUHLEWLVFKVLW]HQ]X EOHLEHQ XQG ZHLWHU]XOHVHQ :HOFKH )RUP KDW QXQ HLQ *UXQG ZLH GLHVHU ZHQQ HU JHJHQEHU GHQ :QVFKHQ LQV &DIp RGHU LQ GHQ %LHUJDUWHQ ]X

,93UDNWLVFKHhEHUOHJXQJHQXQG+DQGOXQJVJUQGH 



JHKHQ GRPLQLHUW" :LHVR EHWUDFKWHQ ZLU GHQ HLQHQ *UXQG GDV JHJHEHQH 9HUVSUHFKHQYLHOOHLFKWVRJDUDOVHLQH1RUPGHUPDQIROJHQVROOXQGGLH DQGHUHQ*UQGHDOVSHUV|QOLFKH:QVFKHRGHU:HUWHGHQHQPDQIROJHQ NDQQ" (LQ GRPLQLHUHQGHU +DQGOXQJVJUXQG VHL GDPLW LQ HUVWHU $QQlKHUXQJ HLQVROFKHU*UXQGGHUHLQH+DQGOXQJLQ%H]XJDXIHLQHEHVWLPPWH6LWXD WLRQKLQUHLFKHQGOHJLWLPLHUHQNDQQXQGGDEHLYRQNHLQHPDQGHUHQ*UXQG EHUVWLPPW ZLUG 'RFK LVW GDPLW QRFK NHLQHVZHJV DXVJHPDFKW RE GLH HQWVSUHFKHQGH3HUVRQDXFKGLHVHP*UXQGHQWVSUHFKHQGKDQGHOQVROOXQG IUGHQ)DOOGD‰VLHVRKDQGHOQVROOWHDXVZHOFKHU3HUVSHNWLYHGLHVHV6RO OHQIRUPXOLHUWZHUGHQN|QQWH,VWGLH3HUVRQDXIJUXQGHLJHQHU(LQVWHOOXQ JHQ DOVR DXV GHU (UVWH3HUVRQ3HUVSHNWLYH ]X HLQHP HQWVSUHFKHQGHQ +DQGHOQ EHUHFKWLJW RGHU JDU DXI HLQ HQWVSUHFKHQGHV +DQGHOQ IHVWJHOHJW RGHU LVW VLH GLHV DXV GHU =ZHLWH3HUVRQ3HUVSHNWLYH DOVR LQ GHQ $XJHQ DQGHUHU3HUVRQHQ" =XP=ZHFNWHUPLQRORJLVFKHU.ODUKHLWVROOHQGDKHULQ]ZHLWHU$QQl KHUXQJDOVGRPLQLHUHQGH*UQGHQXUVROFKHEH]HLFKQHWZHUGHQGLHYRQ GHU 3HUVRQ ZHOFKH GLHVH *UQGH EHVLW]W HLQ HQWVSUHFKHQGHV +DQGHOQ IRUGHUQ 'RFK DXFK PLW GLHVHU %HVWLPPXQJ EOHLEW RIIHQ RE GLH 3HUVRQ DXIJUXQGHLJHQHU)HVWOHJXQJHQGLHVHU)RUGHUXQJXQWHUOLHJWRGHUREDQGH UH3HUVRQHQGLHHQWVSUHFKHQGH+DQGOXQJYRQLKUIRUGHUQ.OlUXQJVEHGDUI EHVWHKW GDQHEHQ ZHLWHUKLQEH]JOLFK GHU )UDJH ZLH GLHVH *UQGH ]X LK UHPGRPLQLHUHQGHQ&KDUDNWHUJHODQJHQ:DVEHGHXWHWRGHUZHUGHILQLHUW ZLH LKUH 1RWZHQGLJNHLW LKUH =XOlQJOLFKNHLW" :LH HUODQJHQ VLH EHUKDXSW LKUHQRUPDWLYH.UDIWXQGZRULQEHVWHKWGLHVH"*LEWHVHLQHLQ]LJHVXPIDV VHQGHV.ULWHULXPLKUHU9DOLGLWlW²XQGLPSRVLWLYHQ)DOOZRULQEHVWHKWHV LPQHJDWLYHQZRULQEHVWHKHQP|JOLFKH.ULWHULHQXQGZLHVLQGVLHYRQHLQ DQGHUXQWHUVFKLHGHQXQGDXIHLQDQGHUEH]RJHQ"$XIGLHVH)UDJHQYHUVXFKW GLHYRUOLHJHQGH$EKDQGOXQJ$QWZRUWHQ]XOLHIHUQ ,Q HLQHU GULWWHQ $QQlKHUXQJ DQ GDV =HQWUXP PHLQHV ,QWHUHVVHV XQG GLHQDFKIROJHQGH$UJXPHQWDWLRQVROOHQZLHGHUXP]XQlFKVWLP6LQQHHLQHU 1RPLQDOGHILQLWLRQ QXU VROFKH *UQGH DOV GRPLQLHUHQGH RGHU ZHQLJHU PHFKDQLVWLVFKSUlYDOHQWH+DQGOXQJVJUQGHEH]HLFKQHWZHUGHQGLHHQWVSUH

_____________  'DV ÄNDQQ· EH]LHKW VLFK KLHU QLFKW DXI HLQH )lKLJNHLW GHU KDQGHOQGHQ 3HUVRQ G K QLFKWDXIGLHP|JOLFKH(UJUHLIXQJKLQUHLFKHQGHU0LWWHO]XU5HDOLVLHUXQJGHUHQWVSUH FKHQGHQ$EVLFKWVRQGHUQDXIGLH%HUHFKWLJXQJGD]X  ,PGHXWVFKHQ6SUDFKJHEUDXFKILQGHWVLFKGLH9HUZHQGXQJGHV$XVGUXFNVÄGRPLQLH UHQG·LQ9HUELQGXQJPLWGHPGHU+DQGOXQJVJUQGHYRUDOOHPLQGHVNULSWLYHQ LQVEH VRQGHUH|NRQRPLVFKHQ =XVDPPHQKlQJHQLP6LQQHYRQÄTXDQWLWDWLYYRUKHUUVFKHQG· 'LHVHU6LQQLVWKLHUDXVGUFNOLFKQLFKWJHPHLQW(VJHKWQLFKWXPGLHIDNWLVFKH$QHU NHQQXQJ YRQ +DQGOXQJVJUQGHQ VRQGHUQ DXVVFKOLH‰OLFK XP GHUHQ SUREOHPDWLVFKH $QHUNHQQXQJVZUGLJNHLW 'HU %HJULII GHV +DQGOXQJVJUXQGHV VROO KLHU DOV HLQ ÄGXUFK



(LQOHLWXQJ 

FKHQGH+DQGOXQJHQLGHDOHUZHLVHLQGHQ$XJHQDOOHUEHWURIIHQHQ3HUVRQHQ YHUODQJHQ ZRKLQJHJHQ *UQGH GLH HQWVSUHFKHQGH +DQGOXQJHQ QXU LQ GHQ$XJHQGHUKDQGHOQGHQ3HUVRQYHUODQJHQDOVUDWLRQDOH(UIRUGHUQLVVHEH ]HLFKQHWZHUGHQVROOHQ  

97HUPLQRORJLVFKH$EJUHQ]XQJHQ

 (EHQIDOOV LQ %HJULIIHQ XQWHUVFKLHGOLFKHU $UWHQ YRQ +DQGOXQJVJUQGHQ XQG QLFKW XQWHUVFKLHGOLFKHU $UWHQ GHU 3IOLFKW E]Z GHU (UODXEQLV ZXUGH LQ MQJHUHU9HUJDQJHQKHLWEHU'LIIHUHQ]HQLQGHU9HUELQGOLFKNHLWYRQ)HVW OHJXQJHQ DXI +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ VRZLH HQWVSUHFKHQ GHQ %HUHFKWLJXQJHQ ]X VROFKHQ )HVWOHJXQJHQ GLVNXWLHUW ,Q )UDJH VWDQG XQGVWHKWGDEHLQDFKZLHYRUGLHP|JOLFKH3UlYDOHQ]YRQ+DQGOXQJVJUQ GHQ 8P QLFKWLQWHQGLHUWH $VVLPLODWLRQHQ ]X YHUPHLGHQ VHL KLHU GHVKDOE IHVWJHKDOWHQGD‰SUlYDOHQWH*UQGHLP]XOHW]WHUOlXWHUWHQ6LQQHQLFKWPLW GHP LGHQWLIL]LHUW ZHUGHQ VROOWHQ ZDV -RVHSK 5D] DOV ÅH[FOXVLRQDU\ UHD VRQV´ XQG VFKOLH‰OLFK ÅSURWHFWHG UHDVRQV´ DQVSULFKW 0LW GLHVHP %HJULII KDW 5D] *UQGH QDPKDIW JHPDFKW GLH DOV *UQGH ]ZHLWHU 2UGQXQJ EH VWLPPWH +DQGOXQJVJUQGH HUVWHU 2UGQXQJ HQWZHUWHQ VROOHQ QLFKW ZHLO GLHVHNHLQH*OWLJNHLWEHVl‰HQVRQGHUQZHLOGLHKDQGHOQGH3HUVRQVLWXDWL RQVVSH]LILVFK QLFKW DXI LKU HLJHQHV 8UWHLO YHUWUDXW 5D] QHQQW GDEHL 0 GLJNHLW DOV HLQ SURPLQHQWHV %HLVSLHO LQ ZHOFKHP GLH 5DWLRQDOLWlW GHUDUW HLQJHVFKUlQNW VHLQ NDQQ GD‰ EHVWLPPWH +DQGOXQJVJUQGH ÄDXVJHVHW]W¶ ZHUGHQÅ$VHFRQGRUGHUUHDVRQLVDQ\UHDVRQWRDFWIRUDUHDVRQRUWRUHIUDLQ IURPDFWLQJIRUDUHDVRQ$QH[FOXVLRQDU\UHDVRQLVDVHFRQGRUGHUUHDVRQWR UHIUDLQIURPDFWLQJIRUVRPHUHDVRQ´=XP9HUVWlQGQLVGLHVHV.RQ]HSWV XQG GHU 5HODWLRQHQ GLHVHU XQWHUVFKLHGOLFKHQ *UQGH ]XHLQDQGHU VROOWHQ ZLUQDFK5D]]XU.HQQWQLV]XQHKPHQÅ>«@WKDWFRQIOLFWVEHWZHHQILUVW RUGHUUHDVRQVDUHUHVROYHGE\WKHUHODWLYHVWUHQJWKRIWKHFRQIOLFWLQJUHD VRQVEXWWKDWWKLVLVQRWWUXHRIFRQIOLFWVEHWZHHQILUVWRUGHUDQGVHFRQG RUGHUUHDVRQV´,QHLQHP3RVWVFULSWKDW5D]VFKOLH‰OLFKGHQ%HJULIIGHU ÅH[FOXVLRQDU\ UHDVRQV´ GXUFK GHQ GHU ÅSURWHFWHG UHDVRQV´ ]X HUOlXWHUQ YHUVXFKWXPIROJHQGHV'LOHPPD]XO|VHQÅ,IDUXOHLVMXVWLILHGE\FHUWDLQ

_____________ XQGGXUFK·QRUPDWLYHU%HJULIIDXIJHID‰WZHUGHQ²'HP$XVGUXFNSUlYDOHQWHQWVSULFKW GHULQHQJOLVFKVSUDFKLJHQ'HEDWWHQJlQJLJH$XVGUXFNRYHUULGLQJOHW]WHUHUEHVLW]W]ZDU HEHQIDOOV PHFKDQLVWLVFKH 8QWHUW|QH GRFK ZLUG HU IDNWLVFK LP 6LQQH PHLQHV SUlYDOHQW YHUZHQGHW  5D]  5D]

97HUPLQRORJLVFKH$EJUHQ]XQJHQ 



UHDVRQVWKHQHLWKHUWKHDFWLRQLWUHTXLUHVLVLQYDULDEO\WKHDFWLRQUHTXLUHG E\WKHXQGHUO\LQJUHDVRQVLQZKLFKFDVHRQHPLJKWMXVWDVZHOOUHO\RQWKH UHDVRQ UDWKHU WKDQ WKH UXOH RU HOVH WKH DFWLRQ WKH UXOH UHTXLUHV GHYLDWHV IURPWKDWMXVWLILHGE\WKHXQGHUO\LQJUHDVRQVLQZKLFKFDVHIROORZLQJWKH UXOHLVXQMXVWLILHG+HQFHUXOHVDUHHLWKHUUHGXQGDQWRUXQMXVWLILHG´8P GLHV]XYHUPHLGHQNDQQPDQQDFK5D]VLWXDWLRQVUHODWLYEHVWLPPWH5HJHOQ JHJHQ HLQ P|JOLFKHV hEHUVWLPPWZHUGHQ GXUFK NRQNXUULHUHQGH *UQGH ÄVFKW]HQ¶ ,Q PHLQHP 9HUVWlQGQLV N|QQHQ LP *HJHQVDW] ]X GLHVHU 9RUVWHOOXQJ SUlYDOHQWH*UQGHGHQ6WDWXVYRQ5HJHOQEHVLW]HQDEHUVLHPVVHQGLHV QLFKW 6FKOLH‰OLFK NDQQ DXFK GLH .OlUXQJ GHV 3RVWVFULSWV QLFKWV DQ 5D]· GRFK EHWUlFKWOLFKHP 6FKZDQNHQ LQ GHU %HJULIIOLFKNHLW YRQ H[FOXVLRQDU\ UHDVRQVUXOHVXQGSURWHFWHGUHDVRQVlQGHUQZLHDXV)ROJHQGHPGHXWOLFKZLUG Å7KHUHDVRQQRWWRFRPSO\ZLWKDQRWKHUUHDVRQLVDQH[FOXVLRQDU\UHDVRQ 6LQFH UXOHV FDQ RQO\ IXQFWLRQ DV UXOHV LI RQH WDNHV WKHP DV UHDVRQV IRU DFWLRQ DQG DYRLGV WU\LQJ WRFRPSO\ ZLWK WKH XQGHUO\LQJ UHDVRQV DOO UXOHV DUHH[FOXVLRQDU\UHDVRQV´.XU]]XYRUGHILQLHUW5D]MHGRFKÅ5XOHVDQG FRPPLWPHQWVDUHZKDW,FDOOSURWHFWHGUHDVRQVLHDV\VWHPDWLFFRPELQD WLRQRIDUHDVRQWRSHUIRUPWKHDFWRQHKDVXQGHUWDNHQWRSHUIRUPRUWKH RQHUHTXLUHGE\WKHUXOHDQGDQH[FOXVLRQDU\UHDVRQQRWWRDFWIRUFHUWDLQ UHDVRQV IRU RU DJDLQVW WKDW DFW ´ :HQQ 5HJHOQ DEHU DOV ÅH[FOXVLRQDU\ UHDVRQV´GHILQLHUWZHUGHQGDQQN|QQHQVLHQLFKW]XJOHLFKDOVHWZDVGHIL QLHUW ZHUGHQ ÅSURWHFWHG UHDVRQV´  GHVVHQ 7HLOEHJULII ZLHGHUXP GXUFK ÅH[FOXVLRQDU\ UHDVRQV´ EH]HLFKQHW ZLUG 'RFK XQDEKlQJLJ GDYRQ HU VFKHLQW 5D]· .RQ]HSW GHU ÅH[FOXVLRQDU\ UHDVRQV´ DXFK QDFK GHP 3RVW VFULSW IUDJZUGLJ 'HQQ IDOOV GLH hEHUOHJXQJHQ GLH GXUFK ÅH[FOXVLRQDU\ UHDVRQV´DEJHZLHVHQZHUGHQVROOHQHLQVFKOlJLJVLQGVRLVWNDXPHLQ]XVH KHQZHVKDOEVLHQLFKWDXFKLQGLH$EZlJXQJGHU*UQGHPLWHLQEH]RJHQ ZHUGHQ VROOWHQ )DOOV VROFKH hEHUOHJXQJHQ DQGHUHUVHLWV QLFKW HLQVFKOlJLJ VLQGVRLVWNDXPHLQ]XVHKHQLQZLHIHUQVLHEHUKDXSWHUZlKQHQVZHUWVLQG XQG HLQHV $XVVFKOXVVHV EHGUIHQ ,P )ROJHQGHQ VROO GHPHQWVSUHFKHQG GHUHQWVFKHLGHQGH*UXQG]XHLQHU+DQGOXQJQLFKWGDGXUFKDXVJH]HLFKQHW

_____________    

5D]SRVWVFULSW (EG (EG 9JO 5LFKDUGVRQ   5LFKDUGVRQV $XIVDW] ² ZLH EHUHLWV 5LFKDUGVRQ  $EVFKQLWW²GLHQWGHU$UJXPHQWDWLRQJHJHQGLHÄEDODQFH·9RUVWHOOXQJYRQ*UQGHQ LQVJHVDPW*HJHQ5D]·KLHUDUFKLVFKH7UHQQXQJYRQ*UQGHQKDWEHUHLWV/XEDQ)RO JHQGHVJHOWHQGJHPDFKWÅ2QFHWKH ILUVWRUGHU PRUDODVVHVVPHQWLVLQLWLVDOLWWOHWRR ODWH WR UHVW FRQWHQW ZLWK VHFRQGRUGHU UHDVRQV IRU LJQRULQJ LW´ /XEDQ    9JO ]X NULWLVFKHU 'LVNXVVLRQ YRQ 5D]· .RQ]HSWLRQ DXFK %UDWPDQ   6FDQORQVRZLH:DOODFH0V



(LQOHLWXQJ 

ZHUGHQGD‰HUZHLWHUHHLQVFKOlJLJHhEHUOHJXQJHQVLVWLHUWVRQGHUQXPJH NHKUWVROOHQSUlYDOHQWH+DQGOXQJVJUQGHHLQH4XDOLWlWEHVLW]HQGLHLKUHU VHLWVHUVWGD]XIKUHQNDQQNHLQHZHLWHUHQVLWXDWLRQVVSH]LILVFKHQhEHUOH JXQJHQ GXUFKIKUHQ ]X PVVHQ GRFK DXFK GDV VROO QLFKW EHGHXWHQ GD‰ NHLQH ZHLWHUHQ VLWXDWLRQVVSH]LILVFKHQ hEHUOHJXQJHQ GXUFKJHIKUW ZHUGHQ N|QQWHQRGHUJDUVROOWHQ (LQH JHZLVVH $IILQLWlW KDW GDV KLHU YHUIROJWH .RQ]HSW SUlYDOHQWHU +DQGOXQJVJUQGH PLW GHP ZDV :LOOLDP ' 5RVV DOV ÄDEVROXWH 3IOLFKWHQ¶ LP*HJHQVDW]]XÄSULPDIDFLH3IOLFKWHQ¶EH]HLFKQHW5RVVVLHKWGLHÅDFWXDO RUDEVROXWHGXW\WRGRRQHSDUWLFXODUDFWLQSDUWLFXODUFLUFXPVWDQFHV´DOV HLQH 3IOLFKW DQ GLH LQ HEHQ GLHVHU 6LWXDWLRQ GLH K|FKVWH 9HUELQGOLFKNHLW EHVLW]W0DQN|QQWHEHLGLHVHUDEVROXWHQ3IOLFKW²LQ$GDSWLRQGHU)UDQN IXUW·VFKHQ 7HUPLQRORJLH ² YLHOOHLFKW DXFK YRQ GHU MHZHLOV ÄKDQGOXQJVHI IHNWLYHQ 3IOLFKW¶ VSUHFKHQ 6R PDJ HV QDFK 5RVV HLQH SULPDIDFLH 3IOLFKW JHEHQ9HUVSUHFKHQ]XKDOWHQGRFKNDQQGLHVH3IOLFKWVLWXDWLYEHUVWLPPW ZHUGHQYRQGHU3IOLFKWEHVWHKHQGH1RW]XOLQGHUQLQGHPHLQ9HUVSUHFKHQ QLFKWJHKDOWHQZLUG'LHWDWVlFKOLFKHRGHUDEVROXWH3IOLFKWYHUODQJWGDKHU LQ GLHVHU 6LWXDWLRQ HLQH DQGHUH 3IOLFKW ]X YHUOHW]HQ RKQH GD‰ GDPLW MH GRFK OHW]WHUH DQ *OWLJNHLW YHUOLHUW ² VLH ZLUG OHGLJOLFK EHUVWLPPW ZDV VLFKEHLVSLHOVZHLVHLQ*HZLVVHQVNUXSHOQlX‰HUQNDQQDXFKZHQQGHUWDW VlFKOLFKHQ3IOLFKW ÅGXW\SURSHU´ JHKRUFKWZXUGH$OVSULPDIDFLH3IOLFK WHQQHQQW5RVVÅGXWLHVRIILGHOLW\´ÅGXWLHVRIUHSDUDWLRQ´ÅGXWLHVRIJUDWL WXGH´ ÅGXWLHV RI MXVWLFH´ ÅGXWLHV RI EHQHILFHQFH´ ÅGXWLHV RI VHOI LPSURYHPHQW´ VRZLH GLH EHUDXV YHUELQGOLFKH ÅGXW\ RI QRQ PDOHILFHQFH´ $OOJHPHLQ YHUVWHKW 5RVV XQWHU HLQHU ÅÄSULPDIDFLH GXW\¶ RU ÄFRQGLWLRQDOGXW\¶>«@WKHFKDUDFWHULVWLF TXLWHGLVWLQFWIURPWKDWRIEHLQJ DGXW\SURSHU ZKLFKDQDFWKDVLQYLUWXHRIEHLQJRIDFHUWDLQNLQG HJ WKHNHHSLQJRIDSURPLVH RIEHLQJDQDFWZKLFKZRXOGEHDGXW\SURSHULI LWZHUHQRWDWWKHVDPHWLPHRIDQRWKHUNLQGZKLFKLVPRUDOO\VLJQLILFDQW :KHWKHUDQDFWLVDGXW\SURSHURUDFWXDOGXW\GHSHQGVRQDOOWKHPRUDOO\ VLJQLILFDQW NLQGV LW LV DQ LQVWDQFH RI´ 5RVV OLHJW QXQ QLFKW DQ HLQHU 3IOLFKWHQNDVXLVWLNYLHOPHKUVLHKWHUKLHUHLQH $ULVWRWHOLVFKH VLWXDWLRQVEH ]RJHQH hEHUOHJXQJ DOV XQKLQWHUJHKEDU HUIRUGHUOLFK DQ 'DPLW EOHLEW 5DXPJHQXJIUGHQMHZHLOVQRWZHQGLJHQ5HFKWIHUWLJXQJVGLVNXUVKLQVLFKW OLFKGHUMHZHLOVDXVVFKODJJHEHQGHQ3IOLFKW'RFKLVW5RVV·6SUDFKJHEUDXFK

_____________     

5RVV 9JOXQWHQ)Q 9JO5RVVI 5RVVI 9JO5RVVÅ)RUWKHHVWLPDWLRQRIWKHFRPSDUDWLYHVWULQJHQF\RIWKHVHSULPD IDFLHREOLJDWLRQVQRJHQHUDOUXOHVFDQVRIDUDV,FDQVHHEHODLGGRZQ´

97HUPLQRORJLVFKH$EJUHQ]XQJHQ 



]XPHLQHQQLFKWSUl]LVHJHQXJXPHQWVSUHFKHQGHPLWGHP.RQ]HSWYHU EXQGHQHLQKDOWOLFKH3UREOHPHO|VHQ]XN|QQHQ=XPDQGHUHQVFKHLQWPLU HLQH$QQlKHUXQJDQGLHVH3UREOHPHOHLFKWHUEHUGHQDOOJHPHLQHUHQ%HJ ULIIGHV+DQGOXQJVJUXQGHV]XVHLQHLQH.HQQ]HLFKQXQJRGHU.ODVVLIL]LH UXQJYRQ+DQGOXQJVJUQGHQKLQVLFKWOLFKLKUHU.DXVDOUHODWLRQ]X*HIKOHQ ZLH6FKDP5HXHRGHU*HZLVVHQVVNUXSHOZLH5RVVVLHPLWEH]XJDXISUL PDIDFLH 3IOLFKWHQ YRUQLPPW HUVFKHLQW DXV GLHVHU 3HUVSHNWLYH GDQQ DOV EHUIOVVLJ (LQH GHWDLOOLHUWH .ULWLN YRQ 5RVV· VFKZDQNHQGHP 6SUDFK JHEUDXFK ]ZLVFKHQ ÅGXW\ VDQV SKUDVH´ ÅGXW\ SURSHU´ ÅDFWXDO GXW\´ XQG ÅDEVROXWHGXW\´ILQGHWVLFKEHUHLWVEHL-RKQ6HDUOHGHU]XQlFKVWGHQQDFK 5RVV HQWVFKHLGHQGHQ 6WXIHQXQWHUVFKLHG UHIRUPXOLHUW XP VFKOLH‰OLFK DXI JUXQG GHV DV\PPHWULVFKHQ ,QNOXVLRQVYHUKlOWQLVVHV GHU 7HUPLQRORJLH YRQ +DQGOXQJVJUQGHQ GHQ 9RU]XJ YRU GHUMHQLJHQ YRQ 3IOLFKWHQ ]X JHEHQ Å2EOLJDWLRQV DQG VLPLODUO\ ZLWK GXWLHV UHVSRQVLELOLWLHV FRPPLWPHQWV HWF SURYLGHUHDVRQVIRUDFWLQJ´ (LQH ZHLWHUH GHP 1DFKIROJHQGHQ DXI GHQ HUVWHQ %OLFN QDKHVWHKHQGH 'LIIHUHQ]LHUXQJ YRQ +DQGOXQJVJUQGHQ KDW 7KRPDV 1DJHO LP $XVJDQJ YRQ 'HUHN 3DUILW PLW %OLFN DXI GLH %H]LHKXQJ ]ZLVFKHQ *UQGHQ XQG KDQGHOQGHU 3HUVRQ YRUJHVFKODJHQ Å,I D UHDVRQ FDQ EH JLYHQ D JHQHUDO IRUPZLFKGRHVQRWLQFOXGHDQHVVHQWLDOUHIHUHQFHWRWKHSHUVRQZKRKDV LWLWLVDQDJHQWQHXWUDOUHDVRQ>@,IRQWKHRWKHUKDQGWKHJHQHUDOIRUPRI DUHDVRQGRHVLQFOXGHDQHVVHQWLDOUHIHUHQFHWRWKHSHUVRQZKRKDVLWLWLV

_____________  9JO]XGHQJHQDQQWHQ*HIKOHQ5RVVVRZLH]XP%HJULIIGHU3IOLFKWXQWHQ †  6HDUOHYJODXFKHEGÅ5HODWLYHWRDJLYHQVLWXDWLRQDSULPDIDFLHREOLJD WLRQFDQEHFRPHDQDEVROXWHREOLJDWLRQLILWRYHUULGHVDOORWKHUREOLJDWLRQV´6HDUOHDU JXPHQWLHUWMHGRFKQLFKWQXUJHJHQGLH5RVV·VFKH'LIIHUHQ]LHUXQJYRQ3IOLFKWHQVRQ GHUQ DXFK JHJHQ HLQH HQWVSUHFKHQGH 'LIIHUHQ]LHUXQJ YRQ *UQGHQ LQ SULPDIDFLH *UQGH RWKHU WKLQJV EHLQJ HTXDO  XQG DEJHZRJHQH *UQGH DOO WKLQJV FRQVLGHUHG  ZLH VLH %DLHU II YRUJHQRPPHQKDW$XIGLHVH.ULWLN6HDUOHVEH]LHKWVLFKVFKOLH‰ OLFK*QWKHU  GHUVHLQHUVHLWV]ZLVFKHQJOWLJHQ1RUPHQXQG1RUPHQ GLH JOWLJ XQG ]XJOHLFK DXFK DQJHPHVVHQ VLQG XQWHUVFKHLGHW Å1XUGDQQ ZHQQ HLQH 1RUPK\SRWKHVH PLW DOOHQ DQGHUHQ QRUPDWLYHQ $VSHNWHQ GHU 6LWXDWLRQ YHUHLQEDU LVW Ol‰WVLHVLFKDOVDQJHPHVVHQEH]HLFKQHQ´ (EG 6WDWWGHUÅDEVXUGHQ´'LIIHUHQ ]LHUXQJ]ZLVFKHQ]ZHLYHUVFKLHGHQHQ*HOWXQJVEHJULIIHQ²ÅHLQHSULPDIDFLH*HOWXQJ EHLGHUXQNODU EOHLEWLQZHOFKHP *UDGHVLHYHUSIOLFKWHWXQGHLQH DEVROXWH*HOWXQJ GLH QLFKW HLQJHVFKUlQNW ZHUGHQ GDUI´ HEG   ² GLIIHUHQ]LHUW *QWKHU LQ :HLWHU IKUXQJ GHV 6HDUOH·VFKHQ $QVDW]HV GLH EHLGHQ )RUPHQ KLQVLFKWOLFK GHU LQ VLH MHZHLOV HLQJHKHQGHQVLWXDWLRQVUHOHYDQWHQ,QIRUPDWLRQ'LH$QJHPHVVHQKHLWYRQ*UQGHQLQ HLQHUVSH]LILVFKHQ6LWXDWLRQVRZLHLKUHMHZHLOLJH9HUELQGOLFKNHLWZHUGHLFKLQGHQ.DS XQGQLFKWDOVHLQH)XQNWLRQMHZHLOV]XJlQJOLFKHU,QIRUPDWLRQ]XHUOlXWHUQYHUVX FKHQ VRQGHUQ DOV HLQH )XQNWLRQ GHRQWLVFKHU 6WDWXV GLH 3HUVRQHQ DXIJUXQG HQWVSUH FKHQGHU6HOEVWRGHU)UHPG=XVFKUHLEXQJHQEHVLW]HQ



(LQOHLWXQJ 

DQ DJHQWUHODWLYH UHDVRQ´ 'DV .RQ]HSW SUlYDOHQWHU *UQGH VROO LP )RO JHQGHQ VR HQWZLFNHOW ZHUGHQ GD‰ LKQHQ 1HXWUDOLWlW ]XNRPPW RKQH MH GRFK DXI 1DJHOV +LQWHUJUXQGPHWDSK\VLN IHVWJHOHJW ]X VHLQ GLH QHXWUDOH *UQGH PLW LPSHUVRQDOHQ :HUWHQ NRUUHOLHUW 'DUEHU KLQDXV LVW GDV .RQ]HSW GHU DJHQWUHODWLYH UHDVRQV DOV VROFKHV QRFK ]X XQJHQDX XP XQWHU VFKLHGOLFKH GHRQWLVFKH 5HLFKZHLWHQ EHVWLPPHQ ]X N|QQHQ 6R PDJ ]ZDU NODUVHLQGD‰3HUVRQHQGLHLP5HJHQVWHKHQHLQHQJXWHQ*UXQGKDEHQ VLFKXQWHUHLQH0DUNLVH]XVWHOOHQ$EHULVWGLHVH$NWRUUHODWLYLWlWGLHVHOEH ZLHEHL3HUVRQHQGLHGHU$XIIDVVXQJVLQGGD‰QXUGDVWlJOLFKH7UDLQLQJ DQGHU.OHWWHUZDQGVLH]XUEHDEVLFKWLJWHQ7RXUDQGHU1RUGZDQGYRQ+DOI 'RPH LP ]ZGHP:LOOHQXQGGHVVHQ2EMHNW.3@HVEHUXKHQXQDXIGHU1HLJXQJ RGHU DXI 9RUVWHOOXQJHQ GHU 9HUQXQIW Ol‰W QXU K\SRWKHWLVFKH ,PSHUDWLYHQ P|JOLFK ZHUGHQLFKVROOHWZDVWKXQGDUXPZHLOLFKHWZDVDQGHUHVZLOO'DJHJHQVDJWGHUPRUDOL VFKHPLWKLQNDWHJRULVFKH,PSHUDWLYLFKVROOVRRGHUVRKDQGHOQRELFKJOHLFKQLFKWV DQGHUHVZROOWH=(MHQHUVDJWLFKVROOQLFKWOJHQZHQQLFKEHL(KUHQEOHLEHQZLOO GLHVHUDEHULFKVROOQLFKWOJHQREHVPLUJOHLFKQLFKWGLHPLQGHVWH6FKDQGH]X]|JH´

†(LQOHLWXQJ 



SUDNWLVFKHU $EVLFKW QDFK 3ULQFLSLHQ D SULRUL XUWKHLOW >«@´ $EJHVHKHQ YRQGHU3UREOHPDWLNGHU3URWDVLVGLHZHLWHUXQWHQQRFK]XWKHPDWLVLHUHQ LVWVFKHLQWHVPLQGHVWHQVSULPDIDFLHIUDJOLFK]XVHLQGD‰.DQWGHQ$Q VSUXFKGHU$SRGRVLVGLH,GHQWLWlWWKHRUHWLVFKHU6SRQWDQHLWlWXQGSUDNWL VFKHU$XWRQRPLHDUJXPHQWDWLYHLQJHO|VWKDW'LHVH VFKRQYRQGHQIU KHVWHQ .DQW5H]LSLHQWHQ DXIJHZRUIHQH  3UREOHPDWLN HLQHV HLQKHLWOLFKHQ %HJULIIVGHU9HUQXQIWDOVRGLH(LQKHLWHSLVWHPLVFKHUXQGSUDNWLVFKHU1RUPD WLYLWlW VROO LP IROJHQGHQ MHGRFK DXVJHNODPPHUW EOHLEHQ 6WDWWGHVVHQ VROO GLH(LQKHLWDOOHLQGHUSUDNWLVFKHQ9HUQXQIWWKHPDWLVLHUWZHUGHQ,VWÅSUDN WLVFKH 9HUQXQIW´ JHPl‰ GHU .DQWLVFKHQ .RQ]HSWLRQ HLQH *DWWXQJ GLH YHUVFKLHGHQH$UWHQXQWHUVLFKEHID‰W":RULQEHVWHKHQGDQQ(LQKHLWXQG 'LIIHUHQ]]ZLVFKHQHLQHPEHGLQJWHQXQGHLQHPXQEHGLQJWHQ6ROOHQ" ,FK ZHUGH ]XQlFKVW DXI GLH KLHUIU HLQVFKOlJLJH 'LIIHUHQ] ]ZLVFKHQ GHQ.DQWLVFKHQ,PSHUDWLYHQHLQJHKHQZREHLVLFKKHUDXVVWHOOHQZLUGGD‰ K\SRWKHWLVFKH,PSHUDWLYHHLQHQOHLFKWHUHQ=XJDQJ]XP%HJULIISUDNWLVFKHU 9HUQXQIW HUP|JOLFKHQ DOV GHU NDWHJRULVFKH ,PSHUDWLY JOHLFKZRKO GLH 1RUPDWLYLWlWMHQHUPLWHUKHEOLFKHQ3UREOHPHQEHKDIWHWLVW0LWGHU(UOlX WHUXQJ XQG %HDQWZRUWXQJ GHU )UDJH QDFK GHU QRUPDWLYHQ .UDIW LQVWUX PHQWHOOHU 5DWLRQDOLWlW ZLUG ]XJOHLFK GLH V\VWHPDWLVFKH 9HUNQSIXQJ GHU K\SRWKHWLVFKHQ ,PSHUDWLYH PLW GHP NDWHJRULVFKHQ ,PSHUDWLY VLFKWEDU

_____________  .DQW9  9JO GD]X EHLVSLHOVZHLVH 5HLQKROGV )RUGHUXQJ QDFK HLQHU ÅJHPHLQVFKDIWOLFKHQ )XQ GDPHQWDOZLVVHQVFKDIW´ 5HLQKROGYJODXFKHEGIXQG (LQHLQ GLHVHU +LQVLFKW DWWUDNWLYH .DQW,QWHUSUHWDWLRQ XQG 9HUWHLGLJXQJ ILQGHW VLFK EHL 2·1HLOOGLHVLHIROJHQGHUPD‰HQUHVPLHUWÅ5HDVRQ>«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«@.DQW·VVWUDWHJ\LVUDWKHUWRJLYHDFRQVWUXFWLYLVWDFFRXQWRIWKHDXWKRULW\RI UHDVRQ>«@´ 2·1HLOO   9RQ HLQHU 4XHOOH GHU 1RUPDWLYLWlW VROOWH QXU LQ VHQVX VWULFWR DOV GHU %HGLQJXQJ GHU 0|JOLFKNHLWYHUVFKLHGHQHU)RUPHQYRQ1RUPDWLYLWlW %LWWH$XIUXI9RUVFKULIW1|WL JXQJHWF JHVSURFKHQZHUGHQ.RUVJDDUGKDQGHOW]XQlFKVWYRQ1RUPDWLYLWlWLP3OX UDO GHU LKUHP %XFK 7KH 6RXUFHV RI 1RUPDWLYLW\ GHQ 7LWHO JHJHEHQ KDW  ZHQQ VLH YHU VFKLHGHQH'LPHQVLRQHQGHU9HUELQGOLFKNHLWDXI]lKOWÅREOLJDWLRQULJKWQHVVJRRGQHVV PHDQLQJNQRZOHGJHEHDXW\DQGYLUWXH>«@2EOLJDWLRQWKHPRVWREWUXVLYHO\QRUPD WLYH RI WKHVH FRQFHSWV VHHPV VWHUQO\ WR FRPPDQG ZKLOH EHDXW\ RQO\ WR DWWUDFW DQG PHDQLQJSHUKDSVWRVXJJHVWµ .RUVJDDUGE .RUVJDDUGLVWVFKOLH‰OLFKMH



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

'LH (QWGHFNXQJ GHU JHPHLQVDPHQ :XU]HO P|JOLFKHU ,PSHUDWLYH IKUW QHEHQEHL]XHLQHU1HXEHZHUWXQJGHU%HJULIIHYRQ+HWHURQRPLHXQG$X WRQRPLHEH]JOLFK LKUHU 5HOHYDQ] IU GLH.DQWLVFKH 9RUVWHOOXQJ YRQGHU %HVWLPPXQJGHV0HQVFKHQ0HLQH)UDJHLVWKLHUEHLMHGRFKQLFKWREEHL VSLHOVZHLVH 7LHUH RGHU +HLOLJH NOXJ RGHU JDU PRUDOLVFK KDQGHOQ N|QQHQ VRQGHUQYLHOPHKUZHOFKH9RUDXVVHW]XQJHQHUIOOWVHLQPVVHQGDPLWHLQH $XIIRUGHUXQJ]XNOXJHPRGHUJDUPRUDOLVFKHP+DQGHOQEHUKDXSWVLQQ YROO LVW :LU NHQQHQ ² VR .DQWV $QWZRUW ² DX‰HU GHP 0HQVFKHQ NHLQ :HVHQEHLGHPGLHV]XWUlIH  

†%HGLQJWHV6ROOHQXQGGHUHQWVFKHLGHQGH(LQIOX‰GHU 9HUQXQIWDXIXQVHUH+DQGOXQJHQ †%HGLQJWHV6ROOHQ

 'LHKHXWHJlQJLJHXQGLQGHU(LQOHLWXQJEHUHLWVDQJHVSURFKHQH'LIIHUHQ ]LHUXQJ YRQ LQVWUXPHQWHOOHU SUXGHQWLHOOHU XQG PRUDOLVFKHU 5DWLRQDOLWlW UHIOHNWLHUW PHKU RGHU ZHQLJHU JHQDX GLH .DQWLVFKH 8QWHUVFKHLGXQJ YRQ K\SRWKHWLVFKHQ,PSHUDWLYHQGHU*HVFKLFNOLFKNHLWXQGGHU.OXJKHLWVRZLHGHP NDWHJRULVFKHQ,PSHUDWLYGHU0RUDOLWlW $XIGHQHUVWHQ%OLFNVFKHLQWGLH6ROO*HOWXQJGHVNDWHJRULVFKHQ,PSH UDWLYVPLWZHQLJHU3UREOHPHQEHKDIWHW]XVHLQDOVGLHGHUK\SRWKHWLVFKHQ ,PSHUDWLYH 'HU NDWHJRULVFKH ,PSHUDWLY ² Å+DQGOH VR GD‰ GLH 0D[LPH GHLQHV :LOOHQV MHGHU]HLW ]XJOHLFK DOV 3ULQFLS HLQHU DOOJHPHLQHQ *HVHW]JH EXQJ JHOWHQ N|QQH´ ² Ol‰WDXIJUXQGVHLQHV )RUPDOLVPXV VHLQHU,QKDOWV OHHUH QLFKW QXU NHLQHQ 3ODW] IU $EZlJXQJHQ YRQ ,QWHUHVVHQ VHLHQ VLH HJRLVWLVFKHU RGHU DOWUXLVWLVFKHU $UW .DQW HQWELQGHW YLHOPHKU GXUFK GLH XQEHGLQJWH 9HUELQGOLFKNHLW GLHVHV ,PSHUDWLYV GLHMHQLJH 3HUVRQ GLH DXV $FKWXQJ YRU GHP 6LWWHQJHVHW] KDQGHOW YRQ MHGHU ZHLWHUHQ 3IOLFKW GLH

_____________ GRFK HQWJHJHQ GLHVHU 'LYHUVLILNDWLRQ YRQ 1RUPDWLYLWlW XQG GDPLW DXFK LQ JHZLVVHU +LQVLFKWGHP%XFKWLWHO]XZLGHU GHU$XIIDVVXQJGD‰HLQÅXQLILHGDFFRXQWRIQRUPD WLYLW\´ HEG P|JOLFKLVWDXI.RUVJDDUGV,QWHUSUHWDWLRQYRQ.DQWV1RUPDWLYLWlWVNRQ ]HSWLRQZHUGHLFKLQ†HWZDVJHQDXHUHLQJHKHQ  :HQQ LP IROJHQGHQ YRP 0HQVFKHQ YRQ PHQVFKOLFKHU 5DWLRQDOLWlW RGHU 9HUQXQIW XQGGHUHQ1RUPDWLYLWlWGLH5HGHLVWVRZLUGGDPLWLP6LQQHYRQ.DQWV5HOLJLRQVVFKULIW   HLQ %HJULII DQJHVSURFKHQ GHU GLH $QODJHQ ]XU 7LHUKHLW ]XU 0HQVFKKHLW XQG ]XU3HUV|QOLFKNHLWXPID‰W YJO.DQW9,VRZLHGD]X.DLQ 7UDQV ]HQGHQWDOSKLORVRSKLVFKLVWPHQVFKOLFKH5DWLRQDOLWlWQDFK.DQWGXUFK6LQQOLFKNHLWXQG 9HUVWDQG9HUQXQIWGHILQLHUWYJO]%.U9$%   .DQW9  9JO.DQW,9

†%HGLQJWHV6ROOHQ 



HQWVSUHFKHQGH+DQGOXQJ]XUHFKWIHUWLJHQ:HULQ$QHUNHQQXQJGHV6LW WHQJHVHW]HVGKVRKDQGHOWGD‰GLH0D[LPHVHLQHU+DQGOXQJ DOVGHUHQ KLQUHLFKHQGH %HJUQGXQJ  NRQIOLNWIUHL DXFK YRQ DOOHQ DQGHUHQ 3HUVRQHQ DOV+DQGOXQJVJUXQGDQHUNDQQWZHUGHQNDQQKDQGHOWULFKWLJE]ZVLWWOLFK 'DV6LWWHQJHVHW]ZLH.DQWHVIUHQGOLFKH:HVHQDOVNDWHJRULVFKHQ,PSH UDWLY IRUPXOLHUW KDW Ol‰W NHLQHQ 5DXP VWUDWHJLVFKHU hEHUOHJXQJ HV LVW ZHGHU 'LVNXVVLRQVYRUVFKODJ QRFK 9HUKDQGOXQJVEDVLV XQG ² ]XPLQGHVW QDFK .DQW ² VHOEVW ÅIU GHQ JHPHLQVWHQ 9HUVWDQG JDQ] OHLFKW XQG RKQH %HGHQNHQ HLQ]XVHKHQ´ ZHLO HV LP *HJHQVDW] ]X 1DWXUJHVHW]HQ QLFKW HUVFKORVVHQ XQG HUNDQQW VRQGHUQ DQHUNDQQW RGHU PL‰DFKWHW  ZLUG 'LH :LOOHQVQ|WLJXQJGHVNDWHJRULVFKHQ,PSHUDWLYVNRPPWXQJHIUDJWXQGIUDJ ORVDXIXQV]XVLHWULIIWXQVDOVÅ)DFWXPGHUUHLQHQ9HUQXQIW´²REZLU ZROOHQRGHUQLFKW1XUVHLQH$QHUNHQQXQJUHVSHNWLYH0L‰DFKWXQJHUIRU GHUWHLQHQ$NWYHUQQIWLJHU)UHLKHLWGHQ.DQWDOV$XWRQRPLHEH]HLFKQHW $QGHUV YHUKlOW HVVLFK GDJHJHQ PLW GHQ K\SRWKHWLVFKHQ ,PSHUDWLYHQ 6LHÅ>«@VWHOOHQGLHSUDNWLVFKH1RWKZHQGLJNHLWHLQHUP|JOLFKHQ+DQGOXQJ

_____________  'D‰.DQWLQGHU*UXQGOHJXQJGLH*OWLJNHLWGHVNDWHJRULVFKHQ,PSHUDWLYVKLQVLFKWOLFK LQQHUHUlX‰HUHUVRZLHHQJHUHUZHLWHUHUE]ZYROONRPPHQHUXQYROONRPPHQHU3IOLFK WHQGLIIHUHQ]LHUW QLFKWOHW]WHUH DXVHUVWHUHPDEOHLWHWYJOGD]X.KQ0V WDQ JLHUW QLFKW GLH XQEHGLQJWH *OWLJNHLW GHV NDWHJRULVFKHQ ,PSHUDWLYV VRQGHUQ EHWULIIW QXUGLHXPVWDQGVVSH]LILVFKHÅ(LQWHLOXQJGHU3IOLFKWHQ´ ,9 XQGGDPLWGLH$Q ZHQGXQJVNRQWH[WHGHVXQHLQJHVFKUlQNWJHOWHQGHQGKNDWHJRULVFKHQ,PSHUDWLYV  .DQW9  .DQW 9  $XI GDV Ä)DNWXP¶ XQG GHQ GDPLW YHUEXQGHQHQ %HJULII GHU $FKWXQJ ZHUGH LFK LQ .DS  QRFK QlKHU HLQJHKHQ 1XU VRYLHO NDQQ EHUHLWV DQ GLHVHU 6WHOOH IHVWJHVWHOOWZHUGHQ)U.DQWLVWPLWGLHVHP%HZX‰WVHLQGHV6LWWHQJHVHW]HVGLHVHUVLWW OLFKHQ(LQVLFKWNHLQHVIDOOVHLQ,QWXLWLRQLVPXVLP6LQQH3ULFKDUGVYHUEXQGHQ3ULFKDUG ZHLVW MHJOLFKH 0|JOLFKNHLW ]XUFN PRUDOLVFKH $QVSUFKH DXV EHVWLPPWHQ hEHU]HX JXQJHQ XQG hEHUOHJXQJHQ DE]XOHLWHQ Å'DV *HIKO GHU 9HUSIOLFKWXQJ ]X HLQHU EH VWLPPWHQ+DQGOXQJRGHUGLH5LFKWLJNHLWGLHVHU+DQGOXQJLVWDEVROXWSULPlU GKYRQ QLFKWV DQGHUHPDEJHOHLWHW E]ZXQPLWWHOEDU>«*@HVHW]WGHQ)DOO GD‰ZLUGXUFKHL QHQ3UR]H‰EHLGHPHVVLFKQDWUOLFKQXUXPHLQHQ3UR]H‰DOOJHPHLQHUXQGQLFKWPR UDOLVFKHUhEHUOHJXQJHQKDQGHOW]XGHU(UNHQQWQLVJHODQJHQGD‰ZLUPLWGHUJHSODQ WHQ +DQGOXQJ GDV (UJHEQLV $ LQ HLQHU %H]LHKXQJ % KHUEHLIKUHQ ZHUGHQ GDQQ HUNHQQHQZLUGLH9HUSIOLFKWXQJXQPLWWHOEDURGHUGLUHNWZREHLGLHVH(UNHQQWQLVHLQH 7lWLJNHLWGHVPRUDOLVFKHQ'HQNHQVLVW´ 3ULFKDUG ,QVRIHUQ0D[LPHQLP6LQQH .DQWVPRUDOLVFKHhEHU]HXJXQJHQGDUVWHOOHQXQGLQVRIHUQGHUNDWHJRULVFKH,PSHUDWLY HLQ*UXQGVDW]LVWVSLHOHQIU.DQWLP*HJHQVDW]]X3ULFKDUGJHQXLQPRUDOLVFKHhEHU OHJXQJHQHLQHHQWVFKHLGHQGH5ROOHEHLGHU(UPLWWOXQJGHU5LFKWLJNHLWHLQHU+DQGOXQJ .DQWV .RJQLWLYLVPXV EHVWHKW LQ VFKDUIHP .RQWUDVW ]XP ,QWXLWLRQLVPXV GDULQ GD‰ PRUDOLVFKH 6lW]H HLQHQ SURSRVLWLRQDOHQ *HKDOW EHVLW]HQ GHU ]XVWLPPXQJVIlKLJ XQG EHVWUHLWEDU LVW JOHLFKZRKO VWHKW DXFK IU .DQW GDV %HZX‰WVHLQ GHU *OWLJNHLW GLHVHU JHQXLQPRUDOLVFKHQ8UWHLOHLQNHLQHPGHGXNWLYHQ9HUKlOWQLV]XDQGHUHQDX‰HUPRUDOL VFKHQ 8UWHLOHQ DXFK QLFKW VROFKHQ EHU GLH )UHLKHLW GHV 0HQVFKHQ =XPLQGHVW JLOW GLHVIUGHQ.DQWGHU.ULWLNGHUSUDNWLVFKHQ9HUQXQIWYJOGD]XXQWHQ)Q



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

DOV 0LWWHO ]X HWZDV DQGHUHP ZDV PDQ ZLOO RGHU GRFK P|JOLFK LVW GD‰ PDQHVZROOH ]XJHODQJHQYRU´'LHVH,PSHUDWLYHVLQGLQVRIHUQK\SR WKHWLVFK DOV GLH LQ LKQHQ DXVJHGUFNWH 1RWZHQGLJNHLW HLQHU +DQGOXQJ EHGLQJWLVWGXUFKGLH9RUJDEHHLQHVEHVWLPPWHQ=ZHFNV=ZDUYHUIROJW DXFK GHU LP HQJHUHQ 6LQQH PRUDOLVFK KDQGHOQGH 0HQVFK HLQHQ =ZHFN ZHVHQWOLFK ]ZHFN RGHU DEVLFKWVORVHV 9HUKDOWHQ ZlUH DXFK IU .DQW HLQ EOR‰ QDWXUDOHV *HVFKHKHQ 'RFK KlQJW EHL LKP GLH SUDNWLVFKH 1RWZHQ GLJNHLWGHU+DQGOXQJJHUDGHQLFKWYRQGLHVHP=ZHFNDE:lKUHQGGDV *HERW .ODYLHU ]X EHQ QXU IU GLHMHQLJH 3HUVRQ JLOW GLH GLH )lKLJNHLW HUODQJHQ ZLOO .ODYLHU ]X VSLHOHQ JLOW EHLVSLHOVZHLVH GDV/JHQYHUERW XQG PLWLKPDOOHLPHQJHUHQ6LQQHPRUDOLVFKUHOHYDQWHQ*HERWHXQG9HUERWH ]ZHFNLQYDULDQW]XPLQGHVWEHVDJWGLHVGLH.DQWLVFKH.RQ]HSWLRQ ,P*HJHQVDW]]XPNDWHJRULVFKHQ,PSHUDWLYJLEW.DQWYRQGHQK\SR WKHWLVFKHQ ,PSHUDWLYHQ NHLQH DOOJHPHLQJOWLJH )RUPHO DQ 'LHWHU 6FK|Q HFNHU XQG $OOHQ :RRG KDEHQ MHGRFK DXV GHQ .DQWLVFKHQ %HLVSLHOHQ GLH IROJHQGH LQ PHLQHQ $XJHQVHKU KLOIUHLFKH )RUPHO H[WUDKLHUW Å:HQQ >@ L  ]ZLVFKHQ GHP =ZHFN S XQG GHP 0LWWHO T HLQ 9HUKlOWQLV GHU $UW EH VWHKWGD‰QXUGLH(UJUHLIXQJYRQTGLH5HDOLVDWLRQYRQSHUP|JOLFKW LL  PDQTHUJUHLIHQNDQQXQG LLL PDQSZLOOVRVROOPDQTHUJUHLIHQ´8Q

_____________  .DQW,9  1DFK 3DW]LJ    OHQNW DXFK &UDPHU LQ GLHVHP =XVDPPHQKDQJ GLH $XI PHUNVDPNHLW YRQ GHU VSUDFKOLFKHQ )RUP DXI PDWHULDOH hEHUOHJXQJHQ Å6R KlQJW GLH (QWVFKHLGXQJ GDUEHU RE HLQ ÄNDWHJRULVFK¶ RGHU ÄK\SRWKHWLVFK¶ IRUPXOLHUWHU ,PSHUDWLY ÄNDWHJRULVFK¶RGHUK\SRWKHWLVFK¶ÄXQEHGLQJW¶RGHUÄEHGLQJW¶JHELHWHWQLFKWYRQVSUDFKOL FKHQ(UZlJXQJHQVRQGHUQYRQVDFKOLFKHQ8QWHUVFKHLGXQJHQXQGGHUHQ%HJUQGEDU NHLWDE,PSHUDWLYHZLHÄ9HUVSULFKQLFKWOJHQKDIW¶LP8QWHUVFKLHG]XÄ=LHKGLFKZDUP DQ¶XQGÄ:HQQGXGLFKQLFKWXPGHLQHQ.UHGLWEULQJHQZLOOVWVRKDOWHGHLQH9HUVSUH FKHQ¶LP8QWHUVFKLHG]XÄ:HQQGXHLQ9HUVSUHFKHQDEJHJHEHQKDVWVRKDOWHHV¶PD FKHQ KLHUDXI DXIPHUNVDP´ &UDPHU    9JO GD]X DXFK /XGZLJ     9JO.DQW9  ,Q GHU *UXQGOHJXQJ ,9  KHL‰W HV ODSLGDU ÅPRUDOLVFK G L NDWHJRULVFK´ ² 'LH =ZHFNLQYDULDQ]GHU*OWLJNHLWYRQGHUKLHUGLH5HGHLVWZLGHUVSULFKWQLFKWGHUREHQ HUZlKQWHQXPVWDQGVVSH]LILVFKHQÅ(LQWHLOXQJGHU3IOLFKWHQ´ YJO)Q XQGLVWGDKHU QLFKW]XYHUZHFKVHOQPLWHLQHU6LWXDWLRQVLQYDULDQ]LP%HLVSLHOGDV/JHQYHUERWEH VLW]WXQEHGLQJWH*OWLJNHLWGKXQDEKlQJLJYRP=ZHFNGHU/JHDEHUHVNRPPWQD WUOLFKQXULQEHVWLPPWHQLQWHUSHUVRQDOHQXQGVSH]LILVFKLOORNXWLRQVVHQVLEOHQ.RQWH[ WHQ]XU*HOWXQJ  6FK|QHFNHU:RRG   YJO EHUHLWV :RRG  [[LL VRZLH PHLQHQ 9HUZHLV DXI%URRPH0VLQ)Q:ROOWHPDQGLHVHQ6DW]JUDPPDWLNDOLVFKLQHLQHLP SHUDWLYH )RUP EULQJHQ KlWWH HU HWZD IROJHQGH )RUP ÅZHQQ GX GHQ =ZHFN S ZLOOVW XQGGDVGD]XQRWZHQGLJH0LWWHOTHUJUHLIHQNDQQVWVRHUJUHLIHT´²'D‰GLHVLWXDWL RQVEHGLQJWH(LQVHW]XQJIUTXQGSHLQH.RQWLQJHQ]DXIGLHVHQK\SRWKHWLVFKHQ,P SHUDWLYEHUWUlJWVWHOOWPHLQHV(UDFKWHQVNHLQ+LQGHUQLVIUHLQHDEVWUDNWH)RUPXOLH

†%HGLQJWHV6ROOHQ 



WHUGHQ9RUDXVVHW]XQJHQDOVRGD‰PDQHUVWHQVHLQHQEHVWLPPWHQ=ZHFN YHUIROJWXQG]ZHLWHQVGLH]XGHVVHQ5HDOLVLHUXQJQ|WLJHQ0LWWHOHUJUHLIHQ NDQQVROOPDQGLHVH0LWWHOHUJUHLIHQ²'LHVHVVROOLVWGDVMHQLJHZDVLP )ROJHQGHQDXIGHP6SLHOVWHKW .DQW XQWHUVFKHLGHW ]ZDU LQQHUKDOE GHU K\SRWKHWLVFKHQ ,PSHUDWLYH QRFK DVVHUWRULVFKSUDJPDWLVFKH GHU .OXJKHLW YRQ SUREOHPDWLVFK WHFKQLVFKHQGHU*HVFKLFNOLFKNHLW'RFKLVWGLHVH'LIIHUHQ]LHUXQJIUGHQ JHJHQZlUWLJHQ .RQWH[W QLFKW ]HQWUDO XQG VHL GHVKDOE KLHU QXU IOFKWLJ UHVPLHUW:lKUHQGEHL,PSHUDWLYHQGHU.OXJKHLWGHU=ZHFNDOVYRQGHU PHQVFKOLFKHQ1DWXUYRUJHJHEHQDQJHQRPPHQZLUG²DOOH0HQVFKHQKD EHQ GDV =LHO GHU HLJHQHQ *OFNVHOLJNHLW ² LVW EHL ,PSHUDWLYHQ GHU *H VFKLFNOLFKNHLWGHU=ZHFNVHOEVWQLFKWVFKRQYRUJHJHEHQVRQGHUQEHLXQ WHUVFKLHGOLFKHQ 0HQVFKHQ LQ XQWHUVFKLHGOLFKHQ 6LWXDWLRQHQ YHUVFKLHGHQ 'LHVH'LIIHUHQ]LHUXQJLQQHUKDOEGHUK\SRWKHWLVFKHQ,PSHUDWLYHLVWMHGRFK PLW JUR‰HQ H[HJHWLVFKHQ 6FKZLHULJNHLWHQ EHKDIWHW .DQW OHJW VLFK EHL VSLHOVZHLVH QLFKW HLQGHXWLJ IHVW ZHOFKHQ GHVNULSWLYHQ RGHU QRUPDWLYHQ 6WDWXVGLH*OFNVHOLJNHLWDOV=ZHFNVRZLHGHVVHQNOXJH9HUIROJXQJEHVLW ]HQ 0DQ PX‰ LQ GHQ HLQVFKOlJLJHQ 3DVVDJHQ OHW]WOLFK HLQ JHZLVVHV 6FKZDQNHQNRQVWDWLHUHQREQlPOLFKGDV6WUHEHQQDFKHLJHQHU*OFNVHOLJ NHLWHLQH LQGLUHNWH 3IOLFKWVHLRGHUHLQHÅ$EVLFKWGLHPDQVLFKHUXQGD SULRULEHLMHGHP0HQVFKHQYRUDXVVHW]HQNDQQZHLOVLH]XVHLQHP:HVHQ JHK|UW´'HVZHLWHUHQOl‰WVLFKQDFK.DQWQLFKWDOOJHPHLQJOWLJDQJHEHQ ZRULQ GLHVHU *OFNVEHJULII EHVWHKW XQG GLHVH 8QEHVWLPPWKHLW GHV *OFNVEHJULIIV ]LHKW HLQH ZHLWHUH 8QEHVWLPPWKHLW GHU 0LWWHO QDFK VLFK .DQW VWHOOW VFKOLH‰OLFK IHVW ÅGD‰ GLH $XIJDEH VLFKHU XQG DOOJHPHLQ ]X EHVWLPPHQ ZHOFKH +DQGOXQJ GLH *OFNVHOLJNHLW HLQHV YHUQQIWLJHQ :H

_____________

     

UXQJ PLW 9DULDEOHQ GDU YJO ,9   'LH 6FK|QHFNHU:RRG)RUPHO XQWHUVFKHLGHW VLFKLQJHZLVVHU+LQVLFKWYRQGHUMHQLJHQ+LOOVÅ,IDSHUVRQZLOOVDQHQGDQGFHUWDLQ PHDQVDUHQHFHVVDU\WRDFKLHYHWKDWHQGDQGDUHZLWKLQKLVSRZHUWKHQKHRXJKWWRZLOO WKRVHPHDQV´ +LOO 'LHYRQPLUYRUJHQRPPHQH+HUYRUKHEXQJLQGLHVHP =LWDW]HLJWGLH'LIIHUHQ]]ZLVFKHQGLHVHU$EVWUDNWLRQXQGGHUYRUVWHKHQGHQGLHYRQ .DQW YJO,9 VHOEVWQDKHJHOHJWZLUG9RQGHU8QP|JOLFKNHLWHLQHUDOOJHPHLQHQ )RUPHOK\SRWKHWLVFKHU,PSHUDWLYHJHKWGDJHJHQ/XGZLJ  DXVREZRKOVLFK DXFKQDFK/XGZLJV$XVIKUXQJHQHLQHDOOJHPHLQH)RUPHOQDKHOHJWÅ:HUKDQGHOWLVW JHQ|WLJWVLFK]ZLVFKHQ(LQVDW]GHVDOVQRWZHQGLJHUNDQQWHQ0LWWHOV>0@XQG9HU]LFKW DXIGLH5HDOLVLHUXQJGHV=ZHFNV>=@]XHQWVFKHLGHQ´ /XGZLJ$QP  9JO.DQW,9 9JO.DQW,9 9JO.DQW,9 9JO.DQW,9 9JO.DQW,9 .DQW,9



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

VHQVEHI|UGHUQZHUGHY|OOLJXQDXIO|VOLFKPLWKLQNHLQ,PSHUDWLYLQ$QVH KXQJGHUVHOEHQP|JOLFKVHL>@´ )UGLHJHJHQZlUWLJH7KHPDWLNLVWVWDWWGLHVHU'LIIHUHQ]HLQH*HPHLQ VDPNHLW]ZLVFKHQGHQEHLGHQP|JOLFKHQ)RUPHQK\SRWKHWLVFKHU,PSHUD WLYHEHGHXWVDPLP*HJHQVDW]]XPNDWHJRULVFKHQ,PSHUDWLYGHUHLQÅV\Q WKHWLVFKSUDNWLVFKHU 6DW] D SULRUL´ LVW EH]HLFKQHW .DQW VRZRKO GLH DVVHUWRULVFKHQ,PSHUDWLYHGHU.OXJKHLWDOVDXFKGLHSUREOHPDWLVFKHQ,P SHUDWLYHGHU*HVFKLFNOLFKNHLWDOVÅDQDO\WLVFKSUDNWLVFKH´6lW]H3UDNWLVFK VLQG GLHVH 6lW]H LQVRIHUQ VLH GLH 9RUVFKULIW HLQHU +DQGOXQJ EHLQKDOWHQ DQDO\WLVFK VLQG VLH LQVRIHUQ VLH EOR‰ GLH QRWZHQGLJHQ 0LWWHO ]X HLQHP YRUDXVJHVHW]WHQ=ZHFNEHWUHIIHQ'LHJHIRUGHUWH+DQGOXQJLVWDOVRDXVGHP =ZHFN DEOHLWEDU 'LHV VFKHLQW HLQH NODUH %HVWLPPXQJ ]X VHLQ XQG .DQW VWHOOW PLW %H]XJ DXI K\SRWKHWLVFKH ,PSHUDWLYH XQG LQ $EVHW]XQJ YRP NDWHJRULVFKHQ ,PSHUDWLY ODSLGDU IHVW Å(V LVW DOVR LQ $QVHKXQJ GHU 0|J OLFKNHLW HLQHV VROFKHQ >VF K\SRWKHWLVFKHQ .3@ ,PSHUDWLYV DXFK NHLQH 6FKZLHULJNHLW´'RFKVFKHLQWGLHVQRFKNHLQHVZHJVDXVJHPDFKWZLHPDQ EHLQlKHUHU%HWUDFKWXQJGHU%HJUQGXQJIHVWVWHOOHQPX‰ 'LH6FKZLHULJNHLWÅLQ$QVHKXQJGHU0|JOLFKNHLWHLQHVVROFKHQ,PSH UDWLYV´ ULFKWHW VLFK ]ZDU QLFKW DXI GDV SUDNWLVFKDQDO\WLVFKH 9HUKlOWQLV ]ZLVFKHQ GHP =ZHFN XQG GHQ QRWZHQGLJHQ 0LWWHOQ ² ZHU HLQHQ =ZHFN ZLOO PX‰ GLH ]X GHVVHQ (UUHLFKHQ QRWZHQGLJHQ 0LWWHO HUJUHLIHQ VRQVW HUUHLFKWHUVHLQHQ=ZHFNHEHQQLFKW$EHUPLWGHU&KDUDNWHULVLHUXQJHLQHV 6DW]HV DOV DQDO\WLVFK VFKHLQW VHLQH LPSHUDWLYH )RUP XQYHUHLQEDU ]X VHLQ 8QGGLHVHLPSHUDWLYH)RUPLVW²MHQVHLWVUHLQIRUPDOVSUDFKOLFKHUhEHUOH JXQJHQ²GDVMHQLJHZDVGLH)UDJHQDFKGHU0|JOLFKNHLWMHJOLFKHU,PSHUDWLYH DXVPDFKW .DQW EHWRQW QlPOLFK Å'LHVH )UDJH YHUODQJW QLFKW ]X ZLVVHQ ZLHGLH9ROO]LHKXQJGHU+DQGOXQJZHOFKHGHU,PSHUDWLYJHELHWHWVRQGHUQ ZLH EOR‰ GLH 1|WKLJXQJ GHV:LOOHQV GLH GHU ,PSHUDWLY LQ GHU $XIJDEH DXV GUFNW JHGDFKW ZHUGHQ N|QQH´ (U VWHOOW GLHVH )UDJH QXQ QLFKW ² ZLH

_____________ .DQW,9 .DQW,9 9JO.DQW,9 .DQW,9.DQWKDQGHOWDQGLHVHU6WHOOHHLJHQWOLFKQXUYRPSUXGHQWLHOOHQ,PSHUD WLYVHW]WGLHVHQDEHUJOHLFK]HLWLJDXIGLHVHOEH6WXIHZLHGHQLQVWUXPHQWHOOHQ6WHLJOHGHU DUEHLWHWLQHLQHULQVWUXNWLYHQXQGWH[WQDKHQ$QDO\VHHLQHP|JOLFKH5HOD WLRQ ]ZLVFKHQ ÅWHFKQLVFKHQ ,PSHUDWLYHQ´ XQG Å5DWVFKOlJHQ GHU .OXJKHLW´ KHUDXV ZREHLHUGHUHQK\SRWKHWLVFKHQ SUREOHPDWLVFKHQ UHVSHNWLYHDVVHUWRULVFKHQ&KDUDNWHU DOV HQWVFKHLGHQGH ,QWHUSUHWDPHQWH EHKDQGHOW 9JO ]X 6WHLJOHGHUV $UJXPHQWDWLRQ ]X K\SRWKHWLVFKHQ,PSHUDWLYHQLP6LQQHHLQHU5DWLRQDOLWlWVIRUGHUXQJHEGII  ,9 +HUYRUKHEXQJ.3     

†%HGLQJWHV6ROOHQ 



PDQ YLHOOHLFKW HUZDUWHQ N|QQWH ² QXU IU GHQ NDWHJRULVFKHQ ,PSHUDWLY VRQGHUQ HEHQ H[SOL]LW DXFK IU GLH K\SRWKHWLVFKHQ ,PSHUDWLYH (U IUDJW QDFKGHU0|JOLFKNHLWGHU:LOOHQVQ|WLJXQJGXUFKHLQHQVROFKHQK\SRWKHWL VFKHQ ,PSHUDWLY 'RFK VHLQH $QWZRUW VFKHLQW DXI GHQ HUVWHQ %OLFN YHU EOIIHQGGHQQHUJLEWDOV%HJUQGXQJGHV6ROOHQVHLQHQGHVNULSWLYHQ6DW] DQGHQHUVHOEVWZLHGHUXPDOVDQDO\WLVFKFKDUDNWHULVLHUWÅ:HUGHQ=ZHFN ZLOO ZLOO VR IHUQ GLH 9HUQXQIW DXI VHLQH +DQGOXQJHQ HQWVFKHLGHQGHQ (LQIOX‰KDW DXFKGDVGD]XXQHQWEHKUOLFKQRWKZHQGLJH0LWWHOGDVLQVHL QHU*HZDOWLVW'LHVHU6DW]LVWZDVGDV:ROOHQEHWULIIWDQDO\WLVFKGHQQLQ GHP:ROOHQHLQHV2EMHFWVDOVPHLQHU:LUNXQJZLUGVFKRQPHLQH&DXVDOL WlWDOVKDQGHOQGH8UVDFKHGLGHU*HEUDXFKGHU0LWWHOJHGDFKWXQGGHU ,PSHUDWLY]LHKWGHQ%HJULIIQRWKZHQGLJHU+DQGOXQJHQ]XGLHVHP=ZHFNH VFKRQ DXV GHP %HJULII HLQHV :ROOHQV GLHVHV =ZHFNV KHUDXV >@´ 'LH

_____________  9JOGD]XLQGHU*UXQGOHJXQJ,9GLH9RUDUEHLW]XGHQ3UROHJRPHQD6FKHIIQHU 1DFKOD‰ ;;,,,  VRZLH PHLQH (LQOHLWXQJ ]XU 1HX(GLWLRQ YRQ .DQWV 3UROHJRPHQD +DPEXUJ0HLQHU [LI  'D‰PDQKLHUDXFKLQ.DQWV6LQQHYRQHLQHP6DW]QLFKWQXUYRQHLQHP8UWHLOVSUH FKHQNDQQEHVWlWLJHQ$XVVDJHQGLHLQGHU-lVFKH/RJLNGRNXPHQWLHUWVLQGÅ,P8UWKHL OHZLUGGDV9HUKlOWQL‰YHUVFKLHGHQHU9RUVWHOOXQJHQ]XU(LQKHLWGHV%HZX‰WVHLQVEOR‰ DOVSUREOHPDWLVFKJHGDFKWLQHLQHP6DW]HKLQJHJHQDOVDVVHUWRULVFK(LQSUREOHPDWL VFKHU 6DW] LVW HLQH FRQWUDGLFWLR LQ DGMHFWR (KH LFK HLQHQ 6DW] KDEH PX‰ LFK GRFK HUVW XUWKHLOHQXQGLFKXUWKHLOHEHUYLHOHVZDVLFKQLFKWDXVPDFKHZHOFKHVLFKDEHUWKXQ PX‰VREDOGLFKHLQ8UWKHLODOV6DW]EHVWLPPH´ .DQW,;   .DQW,9²'HUOHW]WH6DW]GLHVHV=LWDWVJLOWPXWDWLVPXWDQGLVDXFKIUGDV6LW WHQJHVHW] $XFK GDV 6LWWHQJHVHW] LVW HLQ DQDO\WLVFKHU 6DW] ² DOOHUGLQJV QXU IU HLQHQ SUREOHPDWLVFKHQ  ÅKHLOLJHQ :LOOHQ´ LFK ZHUGH GDUDXI LQ †  ]XUFNNRPPHQ ² %URRPHKDWKLQVLFKWOLFKGHU5DWLRQDOLWlWVNODXVHOLPHUVWHQ6DW]GHVRELJHQ=LWDWVGDU DXIDXIPHUNVDPJHPDFKWGD‰GLH0LWWHOHUVWHQVDXIVROFKHUHVWULQJLHUWVLQGGLHYRQ GHUKDQGHOQGHQ3HUVRQDOVQRWZHQGLJJHZX‰WVLQGXQGGD‰GLH0LWWHO]ZHLWHQVQRUPD OHUZHLVH QLFKW ÄXQHQWEHKUOLFK QRWZHQGLJ¶ ]XU 5HDOLVLHUXQJ GHV =ZHFNHV VHLQ PVVHQ Å5DWLRQDOLW\UHTXLUHVRI1WKDWLI1LQWHQGVWKDWHDQGLI1EHOLHYHVWKDWHZLOOQRWEH VRXQOHVVPLVVRDQGLI1EHOLHYHVPZLOOQRWEHVRXQOHVVVKHLQWHQGVWKDWPWKHQ1 LQWHQGVWKDWP>«@7KLVLVDZLGHSULQFLSOHRILQVWUXPHQWDOUDWLRQDOLW\,WLQFRUSRUDWHV DUHQGHULQJRI.DQW·VUHPDUN:KRZLOOVWKHHQGZLOOV VRIDUDVUHDVRQKDVDGHFLVLYH LQIOXHQFHRQKLVDFWLRQV DOVRWKHPHDQVZKLFKDUHLQGLVSHQVDEO\QHFHVVDU\DQGLQKLV SRZHU>«@.DQWPDGHDVOLJKWHUURUKHVKRXOGKDYHVDLGÄ«WKHPHDQVKHEHOLHYHVWR EHLQGLVSHQVDEO\QHFHVVDU\«¶DQGWKDWLVFRUUHFWHGLQP\IRUPXOD0RUHLPSRUWDQWO\ P\IRUPXODGRHVQRWDSSO\RQO\WRPHDQV\RXEHOLHYHDUHLQGLVSHQVDEO\QHFHVVDU\,ILW GLG LW ZRXOG UDUHO\ KDYH PXFK DSSOLFDWLRQ @´ $XFK K\SRWKHWLVFKH ,PSHUDWLYHÄJHELHWHQ¶DOVR

_____________ PLON XQOHVV \RX EX\ LW IURP D VKRS 7KHUHIRUH P\ IRUPXOD SUREDEO\ GRHV DSSO\ WR \RX>@%HFDXVH.DQWLPSRVHGWKHFRQGLWLRQWKDW \RXEHOLHYH²KHVKRXOGKDYHVDLG  WKHPHDQVVKRXOGEHLQ\RXUSRZHUKHFRXOGKDYHGLVSHQVHGZLWKWKHFRQGLWLRQWKDW \RXEHOLHYH²KHVKRXOGKDYHVDLG LWLVLQGLVSHQVDEO\QHFHVVDU\7KDWLVZKDW,KDYH GRQH´ %URRPH 0V  .DS  Å5HTXLUHPHQWV RI UDWLRQDOLW\´  $XI GLH 1RWZHQ GLJNHLWGHU(UJUHLIXQJEHVWLPPWHU0LWWHOZHUGHLFKLPIROJHQGHQQLFKWZHLWHUHLQJHKHQ GLH(UNHQQWQLVDGlTXDWHU0LWWHOVSLHOWIUPHLQH'LVNXVVLRQNHLQH]HQWUDOH5ROOH:LFK WLJLVWIUPLFKDOOHLQGD‰GLHKDQGHOQGH3HUVRQYRQGHU1RWZHQGLJNHLWHLQHVJHZLVVHQ 0LWWHOHLQVDW]HV]XU(UUHLFKXQJHLQHVJHVHW]WHQ=ZHFNHVZHL‰HJDOZLHYLHOHOHLVWXQJV lTXLYDOHQWH0LWWHOQXQ]XU$XVZDKOVWHKHQXQGZHOFKHV0LWWHOOHW]WOLFK]XP(LQVDW] NRPPW  9JOGD]XEHUHLWV&UDPHU  =ZHL ZHLWHUH )RUPXOLHUXQJHQ ILQGHQ VLFK QXU ZHQLJH =HLOHQ QDFK GHU EHUHLWV DQJH IKUWHQ LQ HEHQ GLHVHP Å=ZHLWHQ $EVFKQLWW´ GHU *UXQGOHJXQJ ,9   YJO GD]X DXFK6FK|QHFNHU:RRG  .DQW,9YJODXFK,9XQGLQGHU.S9Å'LH,PSHUDWLYHQVHOEHUDEHUZHQQ VLH EHGLQJW VLQG G L QLFKW GHQ :LOOHQ VFKOHFKWKLQ DOV :LOOHQ VRQGHUQ QXU LQ $QVH KXQJHLQHUEHJHKUWHQ:LUNXQJEHVWLPPHQGLK\SRWKHWLVFKH,PSHUDWLYHQVLQGVLQG >@ SUDNWLVFKH 9RUVFKULIWHQ >@´ .DQW 9  +HUYRUKHEXQJ .3  9JO GD]X DXFK 0RUDOSKLORVRSKLH&ROOLQV;;9,,VRZLH0RUDO0URQJRYLXV;;9,,,P $QVFKOX‰ DQ &UDPHU    KDW 6WDHJH GDUDXI KLQJHZLHVHQ GD‰ GDV =ZHFN 0LWWHO3ULQ]LS XQG PLW LKP GHU K\SRWKHWLVFKH ,PSHUDWLY VWHWV LQ GHU HUVWHQ 3HUVRQ 6LQJXODUIRUPXOLHUEDUVHLQPVVHQÅ'DGHUPLWHLQHP7RNHQGHV6DW]HVÄ'XZLOOVW=¶ $QJHUHGHWH GHQ 6LQQ GLHVHV 6DW]HV GXUFK HLQ 7RNHQ GHV 6DW]HV Ä,FK ZLOO =¶ DXIIDVVW

†%HGLQJWHV6ROOHQ 



'DV ,QWHUHVVH DQ GHU QRUPDWLYHQ .UDIW DQDO\WLVFKSUDNWLVFKHU 6lW]H XQGGDPLWDQGHU8PZDQGOXQJGHV=ZHFN0LWWHO3ULQ]LSVLQHLQHQK\SR WKHWLVFKHQ,PSHUDWLYOl‰WVLFKGDPLWZHLWHUVSH]LIL]LHUHQ:DVLVWGLH'LI IHUHQ] ]ZLVFKHQ GHP DQDO\WLVFKHQ 8UWHLO Å:HU GHQ =ZHFN ZLOO ZLOO VR IHUQGLH9HUQXQIWDXIVHLQH+DQGOXQJHQHQWVFKHLGHQGHQ(LQIOX‰KDW DXFK GDV GD]X XQHQWEHKUOLFK QRWKZHQGLJH 0LWWHO GDV LQ VHLQHU *HZDOW LVW´ DXIGHUHLQHQ6HLWHXQGGHPK\SRWKHWLVFKHQ,PSHUDWLY LQHLQHUDOOJHPHL QHQ)RUPXOLHUXQJ DXIGHUDQGHUHQÅZHQQGXGHQ=ZHFNSZLOOVWXQGGDV GD]XQRWZHQGLJH0LWWHOTHUJUHLIHQNDQQVWVRHUJUHLIHT´" 'LH HQWVFKHLGHQGH 'LIIHUHQ] EH]LHKW VLFK DXI GLH 5DWLRQDOLWlWVNODXVHO LQQHUKDOE GHV =ZHFN0LWWHO3ULQ]LSV 'LHVH 5DWLRQDOLWlWVNODXVHO GHU .ODPPHUDXVGUXFN LQ GHP DQDO\WLVFKHQ =ZHFN0LWWHO3ULQ]LS LVW YHUDQW ZRUWOLFKIUGLH8PZDQGOXQJGHVDQDO\WLVFKHQ8UWHLOVLQHLQHQ,PSHUDWLY'HU .ODPPHUDXVGUXFNÅ VRIHUQGLH9HUQXQIWDXIVHLQH+DQGOXQJHQHQWVFKHL GHQGHQ (LQIOX‰ KDW ´ LVW GDVMHQLJH ZDV VLFK DOOHLQ LP =ZHFN0LWWHO 3ULQ]LS XQG QLFKW LP K\SRWKHWLVFKHQ ,PSHUDWLY ILQGHW 'LH DQGHUHQ %H VWLPPXQJHQGHV=ZHFN0LWWHO3ULQ]LSV²GLHEHLGHQ9RUDXVVHW]XQJHQGHV JHJHEHQHQ =ZHFNV XQG GHU %HKHUUVFKXQJ HUIRUGHUOLFKHU 0LWWHO ² JHKHQ XQYHUlQGHUW LQ GLH LPSHUDWLYH )RUPXOLHUXQJ HLQ 'LH 5DWLRQDOLWlWVNODXVHO HQWKlOW VRPLW GHQ *UXQG IU GHQ hEHUJDQJ YRP DQDO\WLVFKHQ =ZHFN 0LWWHO3ULQ]LS ]X GHU 1|WLJXQJ GHV :LOOHQV DQJHVLFKWV HLQHV JHJHEHQHQ =ZHFNVGLHIUGHVVHQ5HDOLVLHUXQJHUIRUGHUOLFKHQ0LWWHO]XHUJUHLIHQ,Q GLHVHU5DWLRQDOLWlWVNODXVHOEHILQGHWVLFKGHPQDFKGLH4XHOOHGHU1RUPDWL YLWlWK\SRWKHWLVFKHU,PSHUDWLYH,KU$XIJHKHQLP,PSHUDWLYOl‰WVLFKSUl VNULSWLYXQGDOOJHPHLQVRXPIRUPXOLHUHQÅJHVWDWWHGHU9HUQXQIWHQWVFKHL GHQGHQ (LQIOX‰ DXI GHLQH +DQGOXQJ´ 'LHVH $XIIRUGHUXQJ OLHJW V\VWHPDWLVFK HLQH (EHQH XQWHU GHQK\SRWKHWLVFKHQ,PSHUDWLYHQ (UVW GLH 9HUNQSIXQJ GLHVHU $XIIRUGHUXQJ PLW GHU =ZHFN0LWWHO5HODWLRQ QXQ RKQH GLH 5DWLRQDOLWlWVNODXVHO  HUJLEW HLQHQ K\SRWKHWLVFKHQ ,PSHUDWLY G K HLQH $XIIRUGHUXQJ GDV =ZHFN0LWWHO3ULQ]LS ]X UHDOLVLHUHQ 'LH HQWVSUH FKHQGH5HIRUPXOLHUXQJGHVK\SRWKHWLVFKHQ,PSHUDWLYVODXWHWDOVR DXVGHU 3HUVSHNWLYHHLQHUGULWWHQ3HUVRQ  (LQH3HUVRQGLH L LPVWDQGHLVW=ZHFN0LWWHO5HODWLRQHQ]XHUNHQQHQ LL HLQ*HERWHUODVVHQXQG LLL GLHVHVDXFKVHOEVWEHIROJHQNDQQ

_____________ ZLUGGHUPLWHLQHPK\SRWKHWLVFKHQ,PSHUDWLY$QJHUHGHWH]XP$GUHVVDWHQGHV,PSH UDWLYV ZHQQ HU GHQ 6DW] Ä,FK ZLOO =¶ EHKDXSWHW 'HU ,PSHUDWLY ULFKWHW VLFK QLFKW DQ GHQ GHU = ZLOO VRQGHUQ DQ GHQ GHU VLFK GDV 3UlGLNDW ÄZLOO =¶ ]XVFKUHLEW´ 6WDHJH  .DQWV7H[WHIRUGHUQGLHVHUHVWULNWLYH/HVDUW]ZDUQLFKWH[SOL]LWVWHKHQLKU DEHUZLHGLHHEHQ]LWLHUWH3DVVDJHLQ.DQW,9]HLJWDXFKQLFKWLP:HJ  .DQW,9



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

JHELHWHWVLFKZHQQVLHVLFKHLQHQ=ZHFNJHVHW]WKDWLSVRIDFWRGHQ(LQ VDW]YRQ0LWWHOQGLHVLHIU]ZHFNGLHQOLFKKlOW,QGHU.DQWLVFKHQ)RU PXOLHUXQJGHV=ZHFN0LWWHO3ULQ]LSV]LHOWGLH5DWLRQDOLWlWVNODXVHODXIGLH 5HDOLVLHUXQJRGHU8PVHW]XQJYRQ L  LL XQG LLL  -HDQ+DPSWRQKDWLQGLHVHP=XVDPPHQKDQJ]X5HFKWGDUDXIKLQJH ZLHVHQ GD‰ GLH 1RUPDWLYLWlW K\SRWKHWLVFKHU ,PSHUDWLYH QLFKW DXI GLH LQ GHP =ZHFN RGHU =LHO HQWKDOWHQHQ 3UlIHUHQ]HQ UHGX]LHUW ZHUGHQ NDQQ Å>«@DFDUHIXOORRNDWKLVDFFRXQWRIWKHIRUFHRIK\SRWKHWLFDOLPSHUDWLYHV VKRZVKH>VF.DQW.3@EHOLHYHVWKDWZHDUHPRWLYDWHGWRIROORZWKHP QRWE\WKHGHVLUHVDVVXPHGE\VXFKLPSHUDWLYHVEXWE\UHDVRQ²WKDWLVE\ WKH LQVWUXPHQWDO DQG QRW WKH PRUDO  FRPSRQHQW RI UHDVRQµ 8QG KLQ VLFKWOLFK GHV &KDUDNWHUV GLHVHU $XWRULWlW GHU 9HUQXQIW IlKUW VLH IRUW Å$ K\SRWKHWLFDOLPSHUDWLYHLVDQRUPWKDWJHQHUDWHVDUHDVRQIRUDQDJHQWWR SXUVXH DQ LQVWUXPHQWDOO\ HIILFDFLRXV DFWLRQ ZKRVH DXWKRULW\ RYHU WKH DJHQWLVREMHFWLYH VKHPXVWIROORZWKLVGLUHFWLYHRUHOVHEHFRQGHPQHGDV LUUDWLRQDO :KHQDUDWLRQDODJHQWDFWVRQDK\SRWKHWLFDOLPSHUDWLYHVKHLV QRWPRWLYDWHGWRGRVRE\WKHGHVLUHDVVXPHGLQWKHLPSHUDWLYHEXWE\WKH DXWKRULW\ RI WKH LPSHUDWLYH >«@ VR WKDW WKH LPSHUDWLYH LV PRWLYDWLRQDOO\ HIILFDFLRXVE\YLUWXHRILWVDXWKRULW\µ1LFKWGHU=ZHFNQ|WLJWGLHKDQGHOQGH 3HUVRQ ]XU (UJUHLIXQJ HQWVSUHFKHQGHU 0LWWHO 9LHOPHKU EH]LHKW VLFK GLH 1RUPDWLYLWlW K\SRWKHWLVFKHU ,PSHUDWLYH DXI GLH .RKlUHQ] GHU =ZHFN 0LWWHO5HODWLRQ LQVJHVDPW ZHOFKH GDGXUFK HLQJHO|VW ZHUGHQ NDQQ GD‰ HQWZHGHUGLH0LWWHOHUJULIIHQZHUGHQRGHUGHU=ZHFNIDOOHQJHODVVHQZLUG

_____________  9JOREHQ)Q]XU'LIIHUHQ]]ZLVFKHQGLHVHUXQGGHU.DQWLVFKHQ)RUPXOLHUXQJ  +DPSWRQ  +DPSWRQI+DPSWRQV6LFKWZHLVHNDQQDOVHLQH7UDQVIRUPDWLRQYRQ+HQU\ $OOLVRQV VRJHQDQQWHU ¶LQFRUSRUDWLRQ WKHVLV· YRP %HUHLFK GHU 0RUDO ]X GHP GHV LQ VWUXPHQWHOOHQ+DQGHOQVDXIJHID‰WZHUGHQYJOGD]X$OOLVRQVRZLH+LOO XQG5HDWK/HW]WHUHUKDQGHOWHEHQIDOOVYRQHL QHP GHUDUWLJHQ hEHUJDQJ VWHKW GDEHL MHGRFK LQ GHU *HIDKU HLQHU $VVLPLOLHUXQJ GHU EHLGHQ .DQWLVFKHQ ,PSHUDWLY)RUPHQ GLHVH VROO LP )ROJHQGHQ XPJDQJHQ ZHUGHQ (LQHlKQOLFKH6LFKWZHLVHZLH+DPSWRQVFKHLQWDXFK'DUZDOO]XKDEHQZHQQHUIHVW VWHOOWÅ7KHLGHDEHKLQGWKHK\SRWKHWLFDOLPSHUDWLYHLV>@WKDWWKHIRUFHRIUHDVRQVLV DVLWZHUHWUDQVIHUUHGEDFNDQGIRUWKDORQJWKHOLQHFRQQHFWLQJDQHQGDQGLWVQHFHV VDU\PHDQV>@,IWKHUHDUHQRUHDVRQVWRLQWHQGWRGR$WKHQWKHUHLVQRWKLQJWREH WUDQVIHUUHGWRWKHLQWHQWLRQWRWDNHWKHQHFHVVDU\PHDQVWR$µ 'DUZDOOI  9JO]XPKLHUDXIWUHWHQGHQ3UREOHPGHVÄERRWVWUDSSLQJ¶DXFK)QVRZLHGHQGD]X JHK|ULJHQ $EVDW] ,P /LFKWH %URRPHV 8QWHUVFKHLGXQJ ]ZLVFKHQ *UQGHQ XQG QRU PDWLYHQ (UIRUGHUQLVVHQ HUVFKHLQW 'DUZDOOV %HVFKUHLEXQJ MHGRFK ZHVHQWOLFK XQWHU NRPSOH[ YJOXQWHQ†   .DQWVHOEVWKlOWEHUHLWVIHVWGD‰Å>«@ZDVEOR‰]XU(UUHLFKXQJHLQHUEHOLHELJHQ$E VLFKW ]X WKXQ QRWKZHQGLJ LVW DQ VLFK DOV ]XIlOOLJ EHWUDFKWHW ZHUGHQ NDQQ >XQG@ ZLU YRQGHU9RUVFKULIWMHGHU]HLWORVVHLQN|QQHQZHQQZLUGLH$EVLFKWDXIJHEHQ´ .DQW ,9   9JO ]X HLQHU QRUPDWLYHQ ,QWHUSUHWDWLRQ GHV QLFKWPRUDOLVFKHQ +DQGHOQV

†%HGLQJWHV6ROOHQ 



'LHVHV9HUKlOWQLVYRQ1RUPDWLYLWlWXQG9HUQXQIWLVWYRQIXQGDPHQWDOHU %HGHXWXQJ GHQQ ZLH +DPSWRQ KHUDXVJHVWULFKHQ KDW ZRKQW QDFK .DQW 1HLJXQJHQ DOV VROFKHQ NHLQH ² DXFK QLFKW LQVWUXPHQWHOOH ² 1RUPDWLYLWlW LQQH 'HU ÄHQWVFKHLGHQGH (LQIOX‰ GHU 9HUQXQIW¶ JHKWGDUDXI GHP SUDNWL VFKHQ .RQGLWLRQDO LQVJHVDPW JHUHFKW ]X ZHUGHQ 2GHU HWZDV IRUPDOHU DXVJHGUFNW GLH .RQNOXVLRQ GHV SUDNWLVFKHQ .RQGLWLRQDOV NDQQ QLFKW PLWWHOVPRGXVSRQHQVDEJHWUHQQWZHUGHQHLQH%HVWLPPXQJDXIGLHLFKLQ †QRFKHLQPDO]XUFNNRPPHQZHUGH .DQW ]HLJW VLFK GDPLW² LP*HJHQVDW] ]X +XPH GHUGDYRQ DXVJHKW GD‰ GLH QRUPDWLYH $XWRULWlW GLH =ZHFN0LWWHO5HODWLRQHQ HQWIDOWHQ N|Q QHQ OHGLJOLFK GHQ EHWHLOLJWHQ :QVFKHQ XQG QLFKW GHU 9HUQXQIW HQW VWDPPW ² HLQHV 3UREOHPV EHZX‰W GDV 0LFKDHO %UDWPDQ PLW GHP $XV GUXFNÄERRWVWUDSSLQJ¶EH]HLFKQHWKDW(VEHVWHKWLQHLQHP0L‰YHUVWlQGQLV GHU ORJLVFKHQ 5HLFKZHLWH GHV 6ROOHQV GDV EHL JHJHEHQHP =ZHFN GLH (U JUHLIXQJGHUHUIRUGHUOLFKHQ0LWWHOJHELHWHW'DV$XVELOGHQHLQHVEHVWLPP WHQ +DQGOXQJV]ZHFNV DOV VROFKHV YHUOHLKW GHU (UJUHLIXQJ HQWVSUHFKHQG HIIHNWLYHU0LWWHOQLFKWSHUVHQRUPDWLYH.UDIWVRQVWN|QQWHEHUGLH$Q JHPHVVHQKHLWHLQHUVROFKHQ0LWWHOHUJUHLIXQJQLFKWPHKUVLQQYROOGLVNXWLHUW ZHUGHQMHGHUIDNWLVFKH=ZHFNVFKIHGDQQHLQHQXUGXUFKQRFKÄVWlUNHUH¶ :QVFKH DQWDVWEDUH 1RUPDWLYLWlW XQG JHQDX GDULQ EHVWQGH GDV ÄERRWVWUDSSLQJ¶ ,Q HLQHP %HLVSLHO GLH YRQ HLQHU 3HUVRQ DOV ZHUWYROO EH WUDFKWHWH+DQGOXQJMHPDQGHQ]XW|WHQZUGHDXWRPDWLVFKDXFKGDV.DX IHQHLQHU:DIIH]XHLQHUZHUWYROOHQ+DQGOXQJPDFKHQ'LHVLVWDEHURI IHQNXQGLJ QLFKW SHU VH GHU )DOO PDQ NDQQ GXUFKDXV XQWHUVFKLHGOLFKHU $QVLFKWEHUGHQ:HUWHLQHVVROFKHQ.DXIHVVHLQ'LHVHVÄERRWVWUDSSLQJ¶ GDV $XVVWDWWHQ EHOLHELJHU +DQGOXQJHQ PLW HLQHU 1RUPDWLYLWlW NDQQ QXQ HEHQGXUFKHLQH'LIIHUHQ]LHUXQJ]ZLVFKHQHLQHPÄHQJHQ6ROOHQ¶GDVVLFK DXIGLH(UJUHLIXQJ]ZHFNEHGLQJWHU0LWWHOEH]LHKWXQGHLQHPÄZHLWHQ6RO OHQ¶GDVVLFKDXIGLH=ZHFN0LWWHO5HODWLRQDOVJDQ]HEH]LHKWYHUKLQGHUW ZHUGHQ $XV GHU 3HUVSHNWLYH HLQHU GULWWHQ 3HUVRQ Ol‰W VLFK GDKHU VDJHQ :HGHU VROO GLHVH 3HUVRQ RGHU DQGHUH 3HUVRQHQ GLH GHQVHOEHQ :XQVFK YHUVSUHQ GLH:DIIHNDXIHQQRFKKDWGLHVH3HUVRQ RGHUDQGHUH3HUVR QHQ GLH GHQVHOEHQ :XQVFK YHUVSUHQ  HLQHQ *UXQG GLH :DIIH ]X NDX IHQ:DVYLHOPHKUJLOWLVWGD‰GLH3HUVRQDXIJUXQGLKUHU)HVWOHJXQJDXI GLH HQWVSUHFKHQGH (LQVWHOOXQJ DXFK DXI GLH (UJUHLIXQJ HQWVSUHFKHQGHU 0LWWHOIHVWJHOHJWLVWGDV6ROOHQVHOEVWDOVRHLQNRQGLWLRQDOHVXQGGHU,PSH

_____________ QDFK.DQWDXFK5HDWKGRFKXQWHUVFKHLGHWHUQLFKW]ZLVFKHQGHQZHVHQW OLFKYHUVFKLHGHQHQ)RUPHQYRQ%HJUQGXQJ5HFKWIHUWLJXQJ MXVWLILFDWLRQ LPK\SRWKH WLVFKHQE]ZLPPRUDOLVFKHQ.RQWH[W  9JOGD]XEHUHLWV:DWVRQ  9JOXQWHQ†]XU8QWHUVFKHLGXQJ]ZLVFKHQ6ROOHQXQG*UQGHUHODWLRQHQ



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

UDWLY HLQ K\SRWKHWLVFKHU LVW (LQH VROFKH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ ÄHQ JHP¶XQGÄZHLWHP6ROOHQ¶LVWXQWHUGHUDOOHLQLJHQ$XWRULWlWYRQ%HGUIQLV VHQ :QVFKHQ RGHU 1HLJXQJHQ QLFKW ]X HUIDVVHQ OHW]WHUH VLQG OHGLJOLFK LQVWDQWDQH$QWULHEH]XP+DQGHOQ 0LW GHP *HERW GHU (UJUHLIXQJ GHU IU GHQ DQJHVWUHEWHQ =ZHFN DOV QRWZHQGLJ HUNDQQWHQ 0LWWHO LVW QDWUOLFK HLQ HQWVSUHFKHQGHV +DQGHOQ

_____________  9JO]XU(UOlXWHUXQJGHVÄERRWVWUDSSLQJ¶%UDWPDQZREHL%UDWPDQ RIIHQOl‰W ZHVKDOE GLH XUVSUQJOLFKH $EVLFKW LUUDWLRQDO LVW G K NHLQH $XVVDJH ]XU 'RPLQDQ] EHLVSLHOVZHLVH PRUDOLVFKHU hEHUOHJXQJHQ PDFKW ,Q VHLQHP %HLVSLHO HQW VFKHLGHW VLFK GHU 3UlVLGHQWVFKDIWVNDQGLGDW 0RQGDOH LQ HLQHU :DKONDPSIGHEDWWH PLW VHLQHP.RQWUDKHQWHQ5HDJDQIUGLHLQGLHVHP=XVDPPHQKDQJVLQQYROOVWHYRQGUHL )UDJHQ ]XP 5DNHWHQDEZHKUV\VWHP 6', DQ 5HDJDQ REZRKO HU ]XYRU GLH SROLWLVFKH 8QNOXJKHLWGLHVHV7KHPDEHUKDXSWDQ]XVFKQHLGHQEHUHLWV HLQJHVHKHQKDW)ROJHQ GH GHQ 5DWLRQDOLWlWVUDKPHQ HUZHLWHUQGH 'LIIHUHQ]LHUXQJ QLPPW %UDWPDQ GDEHL VFKOLH‰OLFKYRUÅ:HPD\SXWWKHSRLQWLQWHUPVRIDGLVWLQFWLRQEHWZHHQWZRNLQGVRI RXJKWMXGJPHQWV,QKLVGHOLEHUDWLRQ0RQGDOHDLPVDWUHDFKLQJDMXGJPHQWRIZKDWKH RXJKWRQEDODQFHWRGR²ZKHUHWKLVRXJKWMXGJPHQWLVWREHPDGHIURPWKHLQWHUQDO SODQFRQVWUDLQHG SHUVSHFWLYH RI KLV GHOLEHUDWLRQ &DOO WKLV DQ LQWHUQDORXJKW MXGJPHQW )URP WKH H[WHUQDO SRLQW RI YLHZ RI QRQSODQFRQVWUDLQHG UDWLRQDOLW\ ZH VHHN DQ RQ EDODQFH H[WHUQDORXJKW MXGJPHQW $OWKRXJK ERWK RXJKW MXGJPHQWV DUH UHODWLYL]HG WR 0RQGDOH·V DWWLWXGHV 0RQGDOH·V SULRU LQWHQWLRQV DQG SODQV SOD\ D GLUHFW UROH ZLWK UH VSHFWWRWKHIRUPHUEXWQRWWKHODWWHU:HVKRXOGQRWVXSSRVHWKDWHLWKHURXJKWMXGJ PHQWLVPRUHREMHFWLYHWKDQWKHRWKHU%RWKFRQFHUQDUHODWLRQEHWZHHQDW\SHRIDF WLRQ DQG FHUWDLQ DWWLWXGHV RI WKH DJHQW·V 1RU VKRXOG ZH VXSSRVH WKDW RQH JHQHUDOO\ WDNHV SUHFHGHQFH RYHU WKH RWKHU 5DWKHU HDFK KDV LWV GLVWLQFWLYH UROH WR SOD\ LQ RXU FRPSOH[ SUDFWLFHV RI GHOLEHUDWLRQ DQG UDWLRQDO DVVHVVPHQW ,QWHUQDORXJKWMXGJPHQWV ZLOOEHFHQWUDOWRGHOLEHUDWLRQZKLOHWKHDYDLODELOLW\RIH[WHUQDORXJKWMXGJPHQWVLVRQH SDUWRIRXUVROXWLRQWRSUREOHPVDERXWERRWVWUDSSLQJ´ (EG %UDWPDQV'LIIHUHQ ]LHUXQJ QRUPDWLYHU $VSHNWH LQ LQWHUQH XQG H[WHUQH 5DWLRQDOLWlWVQRUPHQ RGHU VWDQ GDUGV VFKDIIW HLQHQ %H]XJVUDKPHQ LQQHUKDOE GHVVHQ GDV SKLORVRSKLVFK LQDN]HSWDEOH 3UREOHPGHVÄERRWVWUDSSLQJ¶YHUPLHGHQZHUGHQNDQQLQDN]HSWDEHOGHVKDOEZHLOMHGH (QWVFKHLGXQJ DOV UDWLRQDO DXVJHZLHVHQ RGHU ZHQLJVWHQV QLFKW DOV LUUDWLRQDO NULWLVLHUW ZHUGHQNDQQZHQQHLQHIUKHUHLUUDWLRQDOH(QWVFKHLGXQJ*UQGHGDIUOLHIHUQNDQQ HLQH VSlWHUH (QWVFKHLGXQJ LP /LFKW GHU IUKHUHQ DOV UDWLRQDO HUVFKHLQHQ ]X ODVVHQ 5D]  I EHWRQW GLH QRWZHQGLJH *WH HLQHV +DQGOXQJVJUXQGV XP EHUKDXSW (OHPHQWHLQHUJOWLJHQSUDNWLVFKHQ,QIHUHQ]]XVHLQÅ&UXFLDOO\WKHZD\JRDOVDFTXLUH WKHLUQRUPDWLYHUHOHYDQFHLVE\EHLQJFRQGLWLRQVRQWKHDSSOLFDELOLW\RUVWULQJHQF\RI UHDVRQV7KHUHIRUHWKH\FDQKDYHWKDWHIIHFWRQO\LIWKHJRDOVDUHZRUWKSXUVXLQJLQ WKHILUVWSODFH>@,W>VFP\DFFRXQW@FRPELQHVWZRHOHPHQWVWKHQRUPDWLYHLPSDFW RIDSRWHQWLDOJRDOGHSHQGV D RQLWVEHLQJZRUWKZKLOHWKDWLVRQWKHUHEHLQJUHDVRQV WRDGRSWWKHJRDODQG E RQWKHFRQWLQJHQWIDFWWKDWLWLVDFWXDOO\WKHDJHQW·VJRDO,I HLWKHULVPLVVLQJWKHQWKHFRQGLWLRQDOUHDVRQGRHVQRWDSSO\´'LHYRUOLHJHQGH.RQ ]HSWLRQIROJWMHGRFKQLFKW5D]·5HDOLVPXVEH]JOLFK+DQGOXQJVJUQGHQ YJOGD]XXQ WHQ †   9JO ]XP 3UREOHP GHV ÄERRWVWUDSSLQJ¶ DXFK 6FDQORQ  I   %URRPH E XQG+ROWRQ  VRZLHDXI.ULWLNHUUHDJLHUHQG%UDW PDQ 0V YJO%URRPHXQG0V]XPEHJULIIOLFKHQ*HJHQVDW]ÄHQ JHVZHLWHV6ROOHQ¶

†%HGLQJWHV6ROOHQ 



QRFKQLFKWJDUDQWLHUWGDV3KlQRPHQGHU:LOOHQVVFKZlFKHDOVRQLFKWDXV JHVFKORVVHQ'RFKVRZRKOGLH$QDO\WL]LWlWK\SRWKHWLVFKHU,PSHUDWLYHGLH Ä$EOHLWEDUNHLW¶GHU0LWWHODXVGHP=ZHFNDOVDXFKGLH$XWRULWlWK\SRWKHWL VFKHU,PSHUDWLYHLKU5HNXUVDXIGLH+DQGOXQJVHIIHNWLYLWlWGHU9HUQXQIWLQ hEHUHLQVWLPPXQJ PLW XQVHUHQ NRQWLQJHQWHQ =ZHFNHQ VLQG GDPLW HU NOlUW (LQH $XIJDEH K\SRWKHWLVFKHU ,PSHUDWLYH LVW HV GHPQDFK ]X YHU KLQGHUQGD‰HLQDXIJUXQGHLQHVJHVHW]WHQ=ZHFNVEHVWHKHQGHU:LOOH]XP EOR‰HQ :XQVFK GHJUDGLHUW ZLUG 'HQQ LP *HJHQVDW] ]X OHW]WHUHP KDW .DQW GLHVHQ :LOOHQ ÅDOV GLH $XIELHWXQJ DOOHU 0LWWHO´ FKDUDNWHULVLHUW ÅVR ZHLW VLH LQ XQVHUHU *HZDOW VLQG´ :LUG GLHVH $XIELHWXQJ HUIRUGHUOLFKHU 0LWWHOQLFKWJHOHLVWHWXQGJOHLFK]HLWLJDP=ZHFNIHVWJHKDOWHQVRKDQGHOWHV VLFKXPGDV3KlQRPHQGHU:LOOHQVVFKZlFKHJHJHQZHOFKHVLFKGLH$XWR ULWlWK\SRWKHWLVFKHU,PSHUDWLYHJHUDGHZHQGHW  

_____________  9JOGD]X&UDPHUÅÄ9HUQQIWLJNHLW¶GHVHPSLULVFKHQ:LOOHQVEHGHXWHWGD‰ GLH 9RUVWHOOXQJ HLQHV 2EMHNWV XQG HLQHU HPSLULVFKHQ 5HJHO GLH HV DOV :LUNXQJ ]X EHVWLPPHQ HUODXEW ÄREMHNWLYHU %HVWLPPXQJVJUXQG¶ LVW´ 9JO LP 6LQQH GHU RELJHQ $QDO\VHDXFK6FK|QHFNHU:RRGÅ(VJHK|UW>@]XU%HGHXWXQJGHV$NWHV VLFK HLQHQ =ZHFN ]X VHW]HQ GD‰ PDQ VLFK GDPLW VHOEVW JHELHWHW DXFK GLH HQWVSUH FKHQGHQ0LWWHO]XZROOHQ'DVKHL‰WQLFKWGD‰PDQGLH0LWWHOZLOOZHQQPDQHLQHQ =ZHFNZLOODEHUHVKHL‰WGD‰PDQGLH0LWWHOZROOHQVROO'HUK\SRWKHWLVFKH,PSHUD WLYLVWDOVRLQGHP6LQQHDQDO\WLVFKGD‰HLQQRUPDWLYHV3ULQ]LS²QlPOLFKGHUK\SR WKHWLVFKH ,PSHUDWLY VHOEVW ² PLW GHU $NWLYLWlW GHV =ZHFNHVHW]HQV YHUEXQGHQ LVW´ $XFK6FK|QHFNHU:RRGJHKHQDOVRGDYRQDXVGD‰QLFKWGLHLQGHQ=ZHFNHQHQWKDO WHQHQ3UlIHUHQ]HQVHOEVWVRQGHUQHLQHLJHQHVÄ*HELHWHQ¶GLH4XHOOHGHU1RUPDWLYLWlW GDUVWHOOW9JO]XUYRUVWHKHQGHQ,VRODWLRQGHVDXVGHU5DWLRQDOLWlWVNODXVHOJHQHULHUWHQ QRUPDWLYHQ3ULQ]LSVDXFKGLH5HNRQVWUXNWLRQ*HUKDUG6HHOVGHUPHLQHU%DVLVIRUPHO SUDNWLVFKHU 9RUVFKULIWHQ ÅJHVWDWWH GHU 9HUQXQIW HQWVFKHLGHQGHQ (LQIOX‰ DXI GHLQH +DQGOXQJ´  YHUJOHLFKEDU HLQ 3ULQ]LS Å6 ´ DXIVWHOOW Å(QGOLFKH YHUQQIWLJH :HVHQ VROOHQVLFKEHLLKUHU:LOOHQVELOGXQJYRQGHU9HUQXQIWEHVWLPPHQODVVHQ´ 6HHO  (UIlKUWGD]XIRUWÅ>@PLW+LOIHYRQ6Ol‰WVLFKVRZRKOGHUNDWHJRULVFKHDOV DXFK GHU K\SRWKHWLVFKH ,PSHUDWLY EHJUQGHQ 'LHV EHUHFKWLJW XQV ]X GHU $QQDKPH GD‰.DQWGLHVHV3ULQ]LSDN]HSWLHUWKlWWH>@hEHUGLH)UDJHZDUXP.DQWQLFKWVHOEVW DXIHLQVROFKHVREHUVWHV3ULQ]LSGHUSUDNWLVFKHQ9HUQXQIWYHUIDOOHQ LVWOl‰WVLFKQXU VSHNXOLHUHQ9HUPXWOLFKKlQJWGDVPLWGHUEHLLKPYRUKHUUVFKHQGHQ7HQGHQ]]XVDP PHQ GLH EHLGHQ %HUHLFKH GHU SUDNWLVFKHQ 9HUQXQIW VFKDUI YRQ HLQDQGHU ]X WUHQQHQ XQGGLHWHFKQLVFKH9HUQXQIWJHJHQEHUGHUUHLQHQSUDNWLVFKHQ9HUQXQIWDE]XZHUWHQ´ (EG   $XI GLH GHU 5DWLRQDOLWlWVNODXVHO LP =ZHFN0LWWHO3ULQ]LS DQDORJH 3DUHQ WKHVHLP.RQWH[WGHV6LWWHQJHVHW]HVE]ZGHVNDWHJRULVFKHQ,PSHUDWLYVXQGGDPLWGLH YRQ .DQW VHOEVW ZHQQJOHLFK HEHQ QXU SDUHQWKHWLVFK  DQJHGHXWHWH 9HUNQSIXQJ GHU EHLGHQ,PSHUDWLYIRUPHQJHKW6HHOMHGRFKHEHQVRZHQLJHLQZLHDXIGLHLPIROJHQGHQ EHKDQGHOWHQ .RQVHTXHQ]HQ GLH GLHVH ,QWHUSUHWDWLRQ IU GDV %HJULIIVYHUKlOWQLV YRQ +HWHURQRPLHXQG$XWRQRPLHKDW  .DQW,9



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

†+HWHURQRPLHXQG$XWRQRPLH

 *HPl‰GHUYRUVWHKHQGHQ,QWHUSUHWDWLRQYRQ.DQWV.RQ]HSWLRQK\SRWKH WLVFKHU ,PSHUDWLYH LVW GLH 0|JOLFKNHLW GHV 0HQVFKHQ XQYHUQQIWLJ ]X KDQGHOQLQGHPPDQGLH]XHLQHPVHOEVWJHVHW]WHQ=ZHFNEHGLQJWHQ0LWWHO QLFKWHUJUHLIWXQGGDPLWGHQ:LOOHQ]XPEOR‰HQ:XQVFKGHJUDGLHUWPLW YHUDQWZRUWOLFKIUGLH0|JOLFKNHLWK\SRWKHWLVFKHU,PSHUDWLYH,QJHZLVVHU +LQVLFKW VWHKW GLHVH ,QWHUSUHWDWLRQ GDPLW GHUMHQLJHQ +HUEHUW - 3DWRQV QDKHLQVRIHUQGLHVHULQGHU+HWHURQRPLHGHV0HQVFKHQGDVWKHRUHWLVFKH (UIRUGHUQLVK\SRWKHWLVFKHU,PSHUDWLYHVLHKW $XFK 3DWRQ PDUJLQDOLVLHUW GLH DVVHUWRULVFKSUDJPDWLVFKHQ ,PSHUDWLYH GHU.OXJKHLWPLW%H]XJDXIGLH$QDO\WL]LWlWK\SRWKHWLVFKHU,PSHUDWLYHXQG GLVNXWLHUW OHW]WHUH LP .RQWH[W SUREOHPDWLVFKWHFKQLVFKHU ,PSHUDWLYH GHU *HVFKLFNOLFKNHLW3DWRQV$XVJDQJVSXQNWLVWGHU6DW]ÅÄWRZLOOWKHHQGLVWR ZLOOWKHPHDQV¶´YRQGHPVRGDUIPDQLQWHUSROLHUHQNHLQ:HJ]XHLQHP ,PSHUDWLYZHOFKHPDXFKLPPHUIKUW.DQWHUZHLWHUWQDFK3DWRQGDKHU GLHVHQ 6DW] ]X GHP REHQ GLVNXWLHUWHQ =ZHFN0LWWHO3ULQ]LS ÅÄ$Q\ UD WLRQDO DJHQW ZKR ZLOOV WKH HQG ZLOO QHFHVVDULO\ ² VR IDU DV UHDVRQ KDV D GHFLVLYH LQIOXHQFH RYHU KLV DFWLRQV ² ZLOO WKH PHDQV ZKLFK DUH LQ KLV SRZHU¶´ 'HU HQWVFKHLGHQGH 6FKULWW YRQ GLHVHP DQDO\WLVFKHQ 6DW] ]XP K\SRWKHWLVFKHQ ,PSHUDWLY EHVWHKW QXQ LQ GHU (UVHW]XQJ GHU 3DUHQWKHVH GXUFK GLH HQWVSUHFKHQGH $XIIRUGHUXQJVIRUPHO ÅÄ,I DQ\ UDWLRQDO DJHQW ZLOOVWKHHQGKHRXJKWWRZLOOWKHPHDQV¶´ 'HU *UXQG IU GDV 6ROOHQ GHU K\SRWKHWLVFKHQ ,PSHUDWLYH OLHJW GHP QDFK LP P|JOLFKHQ $QWDJRQLVPXV ]ZLVFKHQ XQVHUHP UDWLRQDOHQ :ROOHQ XQG HLQHU GDYRQ DEZHLFKHQGHQ 1HLJXQJ ZHOFKH OHW]WHUH VLFK DOV KDQG OXQJVOHLWHQG GXUFKVHW]HQ NDQQ 3DWRQ ID‰W GLHV IROJHQGHUPD‰HQ ]XVDP PHQ Å3HUKDSV LW ZRXOG EH EHWWHU WR VD\ DW OHDVW ZKHUH WKH LQFOLQDWLRQ SUHYDLOVWKDWDUDWLRQDOYROLWLRQLVRYHUFRPHE\DOHVVUDWLRQDOYROLWLRQ,WLV WKH SRVVLELOLW\ RI VXFK GHIHDW WKDW JLYHV ULVH WR LPSHUDWLYHV DQG XQOHVV ERWKW\SHVRIYROLWLRQZHUHSUHVHQWLQXVRUDWOHDVWSRVVLEOHLQXVWKHUH ZRXOGEHQRLPSHUDWLYHV´

_____________    

3DWRQ (EG (EG (EG &UDPHU  I  YHUIHKOW PHLQHV (UDFKWHQV EHL VHLQHU DXFK JHJHQ 3DWRQ JHULFKWHWHQ,QWHUSUHWDWLRQGHUK\SRWKHWLVFKHQ,PSHUDWLYHGDV3KlQRPHQGHU:LOOHQV VFKZlFKHZHOFKHVYRUOLHJWZHQQHLQEHUHLWVJHVHW]WHU=ZHFNEHLEHKDOWHQZLUGRKQH MHGRFKGLHDOVQRWZHQGLJXQGP|JOLFKHUNDQQWHQ0LWWHO]XGHVVHQ(UUHLFKXQJ]XHU JUHLIHQ :LUN|QQHQ²VR]XVDJHQ ZLGHUEHVVHUHV :ROOHQ²HLQHPNRQVWDQWHQ=ZHFN ]XZLGHUKDQGHOQ V LP IROJHQGHQ .RUVJDDUGV %HLVSLHO GHU Ä3UXGHQFH¶  (LQH ZLOOHQV

†+HWHURQRPLHXQG$XWRQRPLH 



'LH %HGURKXQJ XQVHUHV UDWLRQDOHQ :ROOHQV GXUFK GLH ,UUDWLRQDOLWlW YRQ 1HLJXQJHQ GLH VLFK GHP UDWLRQDOHQ :ROOHQ XQG GDPLW GHU +DQG OXQJVDEVLFKW JHPl‰ GHU QDFK ZLH YRU DOV ULFKWLJ HLQJHVHKHQHQ =ZHFN 0LWWHO5HODWLRQ HQWJHJHQVWHOOHQN|QQHQLVWGHU*UXQGIUGLH:LOOHQVQ| WLJXQJLP.RQWH[WLQVWUXPHQWHOOHU5DWLRQDOLWlW 'D‰GDPLWMHGRFKGLH$NWHQGHULQVWUXPHQWHOOHQ5DWLRQDOLWlWQLFKWEH UHLWVJHVFKORVVHQVLQGHUNHQQWPDQQXUZHQQPDQLP*HJHQVDW]]X3D WRQQLFKWGHU$XIIDVVXQJLVWGD‰GLHK\SRWKHWLVFKHQ,PSHUDWLYHLP.RQ WH[W SUDNWLVFKHU 3KLORVRSKLH OHW]WOLFK EHGHXWXQJVORV VLQG Å$OO KH >VF .DQW@LVGRLQJLVWRFOHDUWKHPRXWRIWKHZD\DQGVRJHWRQWRWKHPRUDO SUREOHP´ 3DWRQ NDQQ VLFK PLW GLHVHU %HPHUNXQJ ]ZDU DXI GLH VSlWHUH (QWZLFNOXQJ.DQWVEHUXIHQMDPDQNDQQJHJHQEHUHLQHUV\VWHPDWLVFKHQ $XIZHUWXQJ K\SRWKHWLVFKHU ,PSHUDWLYH VRJDU JHOWHQG PDFKHQ GD‰ .DQW VLFKQXULQGHU*UXQGOHJXQJDXVIKUOLFKPLWLKQHQEHVFKlIWLJWKDW'RFK .DQWJHKWQDFKZLHYRUGDYRQDXVGD‰=ZHFN0LWWHO3ULQ]LSLHQQRUPDWL

_____________ VFKZDFKH3HUVRQGHUHQ0|JOLFKNHLW.DQWPLWGHU$XIVWHOOXQJK\SRWKHWLVFKHU,PSH UDWLYHXQWHUVWHOOWZLUGHEHQJHUDGHQLFKWDOVHLQHGLHLKUH=ZHFNHlQGHUWDGlTXDWEH VFKULHEHQ 8QWHU JHZLVVHQ 8PVWlQGHQ GD‰ QlPOLFK GLH ULFKWLJHQ 0LWWHO ]XU =ZHFN UHDOLVLHUXQJ HUNDQQW ZXUGHQ XQG DXFK LQ GHU *HZDOW GHU EHWURIIHQHQ 3HUVRQ VLQG NDQQGDV$QVLQQHQÅ>@DXVGHP=XVWDQGGHV:QVFKHQVLQGHQGHV:ROOHQVEHU ]XJHKHQ´E]ZLQ%H]XJDXIGDV3KlQRPHQ:LOOHQVVFKZlFKHHKHUDXVGHP=XVWDQG GHV:ROOHQVQLFKWLQGHQGHVEOR‰HQ:QVFKHQVEHU]XJHKHQVHKUZRKOGLHÅ)XQNWL RQHLQHVK\SRWKHWLVFKHQ,PSHUDWLYV´ &UDPHU VHLQ  3DWRQ  ,QGHU.ULWLNGHUSUDNWLVFKHQ9HUQXQIWKDW.DQWGLHDP$XIEDXGHU.ULWLNGHUUHLQHQ9HU QXQIW RULHQWLHUWH ZHQQJOHLFK GDYRQ DXFK VLJQLILNDQW DEZHLFKHQGH PRUDOSKLORVRSKL VFKH *HVDPWNRQ]HSWLRQ LP $XJH XQG NRQ]HQWULHUW VLFK GHPHQWVSUHFKHQG QLFKW DXI K\SRWKHWLVFKH,PSHUDWLYHVRQGHUQHUVWHQVDXIGDVHLQHÅ*UXQGJHVHW]GHUUHLQHQSUDN WLVFKHQ9HUQXQIW´ 9 ]ZHLWHQVDXIGHQÅ%HJULII>@ HLQHV*HJHQVWDQGHVGHUUHL QHQSUDNWLVFKHQ9HUQXQIW´ 9 GHQ%HJULIIGHV*XWHQDOVRXQGGULWWHQVDXIGLH Å7ULHEIHGHUQGHUUHLQHQSUDNWLVFKHQ9HUQXQIW´ 9 GHQ%HJULIIGHU$FKWXQJYRU GHP*HVHW]8QGVFKOLH‰OLFKLVWHULQGHU.ULWLNGHU8UWHLOVNUDIWGHU$XIIDVVXQJGD‰DOOH ÅWHFKQLVFKSUDNWLVFKH5HJHOQ>@]XUWKHRUHWLVFKHQ3KLORVRSKLHJH]lKOWZHUGHQ´PV VHQ .DQW9YJODXFK(UVWH(LQOHLWXQJLQGLH.ULWLNGHU8UWHLOVNUDIW;; LQVEHVGLH$QP]X .DQWNHKUWGDPLWLQGLHVHU+LQVLFKW]XVHLQHUYRUNULWLVFKHQ $XIIDVVXQJ]XUFNYJO.DQW,,VRZLHGD]X6FKZDLJHU'LHK\SR WKHWLVFKHQ,PSHUDWLYHKDEHQDOVRGDVJHQXLQH,QWHUHVVH.DQWVYHUORUHQZHLOVLHVHLQHU QHXHQ$QVLFKWQDFKQLFKW]XP.HUQEHVWDQGGHUSUDNWLVFKHQ3KLORVRSKLHJHK|UHQLQ VRIHUQVLHGLH5LFKWLJNHLWGHU+DQGOXQJGKGLH.OXJKHLWRGHU*HVFKLFNOLFKNHLWQXU DQ HSLVWHPLVFKHQ 6WDQGDUGV JHPHVVHQ EHWUHIIHQ 9JO GD]X DXFK 6WDQJH    GHUGHU$XIIDVVXQJLVW.DQWKDEHGLHK\SRWKHWLVFKHQ,PSHUDWLYHLP/DXIVHLQHU (QWZLFNOXQJ ]X 5HFKW DXV GHU 3UDNWLVFKHQ 3KLORVRSKLH LQ GLH 7KHRUHWLVFKH 3KLORVR SKLH YHUVFKREHQ VRZLH LP *HJHQ]XJ &UDPHU   Å(V LVW HLQ WULYLDO ]X QHQ QHQGHU 6DFKYHUKDOW GD>‰@ HLQH WHFKQLVFKH RGHU SUDJPDWLVFKH 9RUVFKULIW EH]JOLFK GHVVHQZDVVLHYRUVFKUHLEWDOVWKHRUHWLVFKH$XVVDJHDXIJHID‰WZHUGHQPX‰'LHVEH GHXWHWDEHUQRFKQLFKWGD‰VLHQLFKWDOV9RUVFKULIWRGHU*HERWDXIWUHWHQNDQQ´



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

YH.UDIWEHVLW]HQZHQQHULQGHU.ULWLNGHU8UWHLOVNUDIWWHFKQLVFKSUDNWLVFKH 5HJHOQ YRQ HLJHQWOLFKHQ 1DWXUJHVHW]HQ DEJUHQ]W Å'RFK KHL‰HQ GHUJOHL FKHQ SUDNWLVFKH 5HJHOQ QLFKW *HVHW]H HWZD VR ZLH SK\VLVFKH  VRQGHUQ QXU 9RUVFKULIWHQ XQG ]ZDU GDUXP ZHLO GHU :LOOH QLFKW EOR‰ XQWHU GHP 1DWXUEHJULIIHVRQGHUQDXFKXQWHUGHP)UHLKHLWVEHJULIIHVWHKW>@´6R EDOG ZLU 9RUVFKULIWHQ IU P|JOLFK XQG VLQQYROO KDOWHQ KDEHQ ZLU GHQ %HUHLFKGHU1DWXUEHUHLWVKLQWHUXQVJHODVVHQ 'LH)UDJHLVWDOVRLQZLHIHUQK\SRWKHWLVFKH,PSHUDWLYHDXFKLP.RQ WH[W SUDNWLVFKHU 3KLORVRSKLH HLQH 5HOHYDQ] EHVLW]HQ GLH EHU HLQH EOR‰ WHFKQLVFKHXQGGDPLWWKHRUHWLVFKH'LVNXVVLRQKLQDXVJHKW'D]XHPSILHKOW HVVLFKHLQHZHLWHUHSURPLQHQWH,QWHUSUHWDWLRQGLHVHV.DQWLVFKHQ7KHRULH VWFNVKHUDQ]X]LHKHQ,P*HJHQ]XJ]X3DWRQVDXVVFKOLH‰OLFKDQ+HWHUR QRPLHRULHQWLHUWHU,QWHUSUHWDWLRQK\SRWKHWLVFKHU,PSHUDWLYHVLHKW&KULVWL QH 0 .RUVJDDUG LQ GLHVHQ EHUHLWV GHQ .RQWDNW ]XU HLJHQWOLFKHQ .DQWLVFKHQ 0RUDOSKLORVRSKLH XQG GHUHQ =HQWUXP GHP NDWHJRULVFKHQ ,PSHUDWLY .RUVJDDUG QlKHUW VLFK GHU QRUPDWLYHQ 4XHOOH LQVWUXPHQWHOOHU 5DWLR QDOLWlW EHU HLQH 'LVNXVVLRQ YRQ SUDNWLVFKHU ,UUDWLRQDOLWlW E]Z :LO OHQVVFKZlFKHÅ7LPLG3UXGHQFHVD\VVKHKDVUHVROYHGWROHDGDPRUHDG YHQWXURXVOLIHEXWZKHQWKHRSSRUWXQLW\IRUDGYHQWXUHNQRFNV3UXGHQFH DOZD\VVD\VÄWRPRUURZ¶´ 'UHLP|JOLFKH(UNOlUXQJHQIU3UXGHQFH·9HUKDOWHQVLQGQDFK.RUV JDDUGQXQGHQNEDU L  3UXGHQFH ZLOO HLJHQWOLFK JDU QLFKW XQWHUQHKPXQJVOXVWLJHU ZHUGHQ PLW LKUHU =ZHFN$XVVDJH XQWHUOLHJW VLH HQWZHGHU HLQHU 6HOEVWWlXVFKXQJ RGHU VLH EHOJW LKUH0LWPHQVFKHQ YRQ :LOOHQVVFKZlFKH ZUGHQ ZLU LQ HLQHP VROFKHQ)DOOQLFKWVSUHFKHQ LL  3UXGHQFH ZLOO ]ZDU ]XQlFKVW XQWHUQHKPXQJVOXVWLJHU ZHUGHQ JHKW MH GRFKYRQGLHVHP=LHODEDOVVLHEHPHUNWZHOFKH0LWWHOVLHGD]XHUJUHLIHQ P‰WH LQNOXVLYHVROFKHUGLHVLHHYHQWXHOOLQV*HIlQJQLVEHI|UGHUQN|QQ WHQ DXFKLQGLHVHP)DOOZUGHQZLUQLFKWYRQ:LOOHQVVFKZlFKHVSUHFKHQ HV OLHJW KLHU YLHOPHKU HLQH P|JOLFKHUZHLVH YROONRPPHQ UDWLRQDOH $EZl JXQJYRUZRIU%UDWPDQIROJHQGHWUHIIHQGH&KDUDNWHULVLHUXQJJHIXQGHQ KDWÅ2QHSHUVRQ·VPRGXVSRQHQVLVDQRWKHU·VPRGXVWROOHQV´

_____________  .DQW9+HUYRUKHEXQJ.3  .RUVJDDUG  %UDWPDQ1HEHQGLHVHQEHLGHQ$EZHLFKXQJHQYRQGHUJHlX‰HUWHQ+DQG OXQJVDEVLFKWGLHVLFKDXIGHQ=ZHFNEH]LHKHQN|QQWHPDQVLFKDXFKHLQHVROFKHYRU VWHOOHQ GLH VLFK YRUUDQJLJ DXI GLH 0LWWHO JHQDXHU GHUHQ )HKOHLQVFKlW]XQJ EH]LHKW 'RFKNDQQGDPLWHEHQIDOOVQLFKWGDV3KlQRPHQGHU:LOOHQVVFKZlFKHJHNOlUWZHUGHQ ZLH 6WDHJH GLHV QDKHOHJW Å'LH 8QYHUQQIWLJNHLW GHV :LOOHQV GLH GLH 6RIHUQ.ODXVHO YHUVWlQGOLFKPDFKHQZUGHN|QQWHDOOHQIDOOVGDULQJHVXFKWZHUGHQGDVVGDVDOVQRW

†+HWHURQRPLHXQG$XWRQRPLH 



LLL  3UXGHQFH EOHLEW EHL LKUHP 9RUVDW] DXFK XQWHU .HQQWQLVQDKPH GHU Q|WLJHQ 0LWWHO GRFK VREDOG VLFK GLH *HOHJHQKHLW HLQHV :DJQLVVHV ELHWHW ZLUGVLHYRQ)XUFKWVDPNHLW7UlJKHLWRGHU'HSUHVVLRQEHUZlOWLJWVRGD‰ VLH GDV =LHO ]ZDU ZHLWHUKLQ IU HUVWUHEHQVZHUW HUDFKWHW VLFK MHGRFK VFKOLFKWDX‰HUVWDQGHVLHKWHQWVSUHFKHQG]XKDQGHOQHUVWLQGLHVHP6]HQD ULR]HLJW3UXGHQFH:LOOHQVVFKZlFKHLQGHPVLHQLFKWVRKDQGHOWZLHVLHHV VHOEVWLQGLHVHU6LWXDWLRQIUGDV%HVWHKlOWXQGYHUOHW]WGDPLWGDV=ZHFN 0LWWHO3ULQ]LS 'LHVHV)DOOEHLVSLHOJLEW.RUVJDDUGQXQGLH0|JOLFKNHLWGLH.DQWLVFKH 3RVLWLRQ PLWKLOIH SUDNWLVFKHU 6\OORJLVPHQ ]X UHNRQVWUXLHUHQ Å:KRHYHU ZLOOVWKHHQGZLOOVWKHPHDQV,ZLOOWKHHQG→,ZLOOWKHPHDQV´'LH RIIHQNXQGLJH )HKOHUKDIWLJNHLW GLHVHV 6\OORJLVPXV EHUXKW DXI GHU ² ZLH 3UXGHQFH· 9HUKDOWHQ JH]HLJW KDW ² IlOVFKOLFK DQJHQRPPHQHQ 0DLRU XQG IKUW.DQWVR.RUVJDDUGV,QWHUSUHWDWLRQ]XP(LQVFKDOWHQGHU5DWLRQDOL WlWVNODXVHO Å:KRHYHU ZLOOV WKH HQG ZLOOV WKH PHDQV LQ VR IDU DV KH LV UDWLRQDO , ZLOO WKH HQG → 7KHUHIRUH , ZLOO WKH PHDQV LQ VR IDU DV , DP UDWLRQDO→7KHUHIRUH,RXJKWWRZLOOWKHPHDQVµ

_____________ ZHQGLJYRUJHVWHOOWH0LWWHOQLFKWLGHQWLVFKLVWPLWGHP WDWVlFKOLFK QRWZHQGLJHQ0LW WHOGHU:LOOHVHLQHQ=ZHFNDOVRLUUWPOLFKXQWHU(LQVDW]HLQHV]ZHFNZLGULJHQ0LWWHOV YHUIROJW´ 6WDHJH)Q (LQGHIL]LWlUHU:LOOH DQGHQVLFKHLQ,PSHUDWLY ULFKWHQ NDQQ  XQWHUVFKHLGHW VLFK DEHU ZHVHQWOLFK YRQ HLQHU GHIL]LWlUHQ (UNHQQWQLV .RUVJDDUGJHKWLKUHUVHLWVDXIGHQ)DOOGHV,UUWXPVQLFKWHLQIRUGHUWIULKUH9HUKDO WHQVGLVMXQNWLRQDEHUDXFKNHLQH9ROOVWlQGLJNHLW  .RUVJDDUG  9JOGD]XEHUHLWV&UDPHUÅ'DGLHLQGHUÄ6RIHUQ¶.ODXVHOJHQDQQWH%HGLQ JXQJ GHUHQ (UIOOXQJ HLQ GHUDUWLJHV *HERW DQDO\WLVFK DXVVFKOLH‰W HEHQ QLFKW LPPHU HUIOOW LVW PX‰ MHPDQGHP DXI GHVVHQ +DQGOXQJHQ 9HUQXQIW >]X HUJlQ]HQ ÅP|JOL FKHUZHLVH´.3@NHLQHQHQWVFKHLGHQGHQ(LQIOX‰KDWGDV(UJUHLIHQGHV0LWWHOVJHER WHQZHUGHQGDVLQVHLQHU*HZDOWLVW'LHVKlWWHQXUGDQQNHLQHQ6LQQZHQQGHUGHQ :LOOHQQLFKWQlKHUTXDOLIL]LHUHQGH6DW]Ä:HUGHQ=ZHFNZLOOZLOODXFKGDVXQHQWEHKU OLFKH0LWWHOGDVLQVHLQHU*HZDOWLVW¶HLQDQDO\WLVFKHU6DW]ZlUH'RFKLVWGLHVHU6DW] VRVFKHLQWHVQXQQLFKWQXUNHLQDQDO\WLVFKHUVRQGHUQQLFKWHLQPDOHLQZDKUHU6DW] >@'LH=XVDW]EHGLQJXQJGLHLQGLH3URWDVLVHLQ]XIKUHQLVWXPGHQ*HERWVFKDUDNWHU GHU$SRGRVLVXQGGDPLWGLH1|WLJXQJGHV:LOOHQVYHUVWlQGOLFK]XPDFKHQLVWHLQJH IKUWZHQQGLHLQGHUÄ6RIHUQ¶.ODXVHOGHU5HJHOJHQDQQWH%HGLQJXQJQLFKWHUIOOWLVW 8QGIUGLHVH0|JOLFKNHLWVFKHLQWGLHHUIDKUXQJVPl‰LJQXU]XRIWNRQVWDWLHUEDUH'H IL]LHQ]GHU9HUQXQIWLQ$QVHKXQJGHV(LQVDW]HVUDWLRQDOHLQVLFKWLJHU0LWWHOIU=ZH FNH GLH PDQ ZLOO LQ GHU 7DW HLQ]XVWHKHQ´ 9JO ]XU $QDO\WL]LWlW GHV =ZHFN0LWWHO 3ULQ]LSVDXFK.RUVJDDUGÅ7KHRQO\SURSRVLWLRQZKLFK.DQWFDQFODLPLVDQDQDO\WLF WUXWKLVWKHRQHZLWKWKHFDYHDWLQLW´ .RUVJDDUG   (EG².RUVJDDUGVZHLWHUUHLFKHQGH.ULWLNGLHVHV6\OORJLVPXVEH]LHKWVLFKDXIGLH VFKHLQEDUEOR‰GHQKLVWRULVFKHQ8PVWlQGHQJHVFKXOGHWH+LQWHUJUXQGPHWDSK\VLNGLH .DQW GD]X EHZHJW KDEH GLHVHV 6ROOHQ YRP VWHWV UDWLRQDOHQ :ROOHQ HLQHV J|WWOLFKHQ RGHU KHLOLJHQ :LOOHQV DE]XOHLWHQ Å*RG GRHV VRDQGVR RU D SHUIHFWO\ UDWLRQDO EHLQJ GRHVVRDQGVR DQGWKHUHIRUH,RXJKWWRGRVRDQGVR´ (EG .DQWVHW]W]ZDUQLFKW



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

.RUVJDDUGV]HQWUDOH7KHVHLQGLHVHP.RQWH[W²ÅWKDWWKHUHFDQEHQR LQVWUXPHQWDOQRUPVXQOHVVWKHUHDUHDOVRXQFRQGLWLRQDOQRUPV´²UFNW QXQ K\SRWKHWLVFKH ,PSHUDWLYH ]ZDU LQ HLQH VFKHLQEDU JHIlKUOLFKH 1lKH ]XP NDWHJRULVFKHQ ,PSHUDWLY (V VFKHLQW GLH DXV .DQWLVFKHU 3HUVSHNWLYH ]X YHUKLQGHUQGH $VVLPLODWLRQ GHV NDWHJRULVFKHQ ,PSHUDWLYV DQ GLH K\SR WKHWLVFKHQ,PSHUDWLYH]XGURKHQ'RFK]XPHLQHQOl‰WVLFKGLHVH*HIDKU DXVVFKOLH‰HQ GD GLH SKLORVRSKLVFKH %HGHXWXQJ GHV %HVWLPPXQJVJUXQGV ]X HLQHU+DQGOXQJGDYRQXQEHUKUWEOHLEW .RUVJDDUGJHKWGDUDXIVRZHLWLFK VHKH QLFKW HLQ  =XP DQGHUHQ ZHLVW GLHVH 6WUDWHJLH HLQHQ LQWHUHVVDQWHQ :HJ]XGHUHLQ]LJHQ4XHOOHSUDNWLVFKHU1RUPDWLYLWlW 'LHHQWVFKHLGHQGH)UDJHEH]LHKWVLFKGDUDXIZLHZLUGHQ]LHOJHULFKWH WHQ:LOOHQNRQ]LSLHUHQN|QQHQGHUZHGHUSHUVHGLHHUIRUGHUOLFKHQ0LWWHO HUJUHLIWQRFKXQDEKlQJLJYRQGHU2ULHQWLHUXQJDXIGLH0LWWHOYHUVWDQGHQ ZHUGHQNDQQÅ7KHDQVZHULVWKDWZLOOLQJDQHQGMXVWLVFRPPLWWLQJ\RXUVHOI WRUHDOL]LQJWKHHQG>@7RZLOODQHQGLVWRJLYHRQHVHOIDODZKHQFHWR JRYHUQRQHVHOI7KDWODZLVQRWWKHLQVWUXPHQWDOSULQFLSOHLWLVVRPHODZ RIWKHIRUP5HDOL]HWKLVHQG´.RUVJDDUGPDFKWGDUDQDQVFKOLH‰HQGNODU LQZLHIHUQ K\SRWKHWLVFKH ,PSHUDWLYH WDWVlFKOLFK LQ GLH SUDNWLVFKH 3KLORVR SKLH JHK|UHQ XQG VHOEVW LQVWUXPHQWHOOH 5DWLRQDOLWlW QXU LQ QRUPDWLYHQ 7HUPLQLDXVEXFKVWDELHUWZHUGHQNDQQÅ,WPHDQVWKDW\RXUZLOOLQJWKHHQG JLYHV LW D QRUPDWLYH VWDWXV IRU \RX WKDW \RXU ZLOOLQJ WKH HQG LQ D VHQVH PDNHV LW JRRG 7KH LQVWUXPHQWDO SULQFLSOH FDQ RQO\ EH QRUPDWLYH LI ZH WDNH RXUVHOYHV WR EH FDSDEOH RI JLYLQJ ODZV WR RXUVHOYHV ² RU LQ .DQW·V RZQSKUDVHLIZHWDNHRXURZQZLOOVWREHOHJLVODWLYH>@:KRPDNHVDODZ IRUZKRP"7KHDQVZHULQWKHFDVHRIWKHLQVWUXPHQWDOSULQFLSOHLVWKDW, PDNH D ODZ IRU PH >VF ZLWKRXW XQLYHUVDOL]LQJ LW .3@ $QG WKLV LV D ODZ ZKLFK,DPFDSDEOHRIREH\LQJRUGLVREH\LQJ´ :LH LFK LP )ROJHQGHQ DUJXPHQWLHUHQ ZHUGH LVW ]ZDU QDFK .DQW GLH 8QLYHUVDOLVLHUXQJ QLFKW GLH HQWVFKHLGHQGH 'LIIHUHQ] ]ZLVFKHQ GHP )HOG

_____________ *RWWRGHUHLQYROONRPPHQHV:HVHQDOV5HFKWVJUXQGGHVPHQVFKOLFKHQ6ROOHQVYRUDXV VFKOLH‰OLFKEHWRQWHUKlXILJGD‰ 5HOLJLRQ DXI0RUDOIROJHQQLHPDOVDEHUGLHVHUYR UDXVJHKHQNDQQYJO] %9I EHLPÅKHLOLJHQ:LOOHQ´ ,9 KDQGHOWHVVLFK GHPHQWVSUHFKHQGXPHLQH1RPLQDOEHVWLPPXQJGHUHQREMHNWLYH5HDOLWlWLQGHU(WKLN NHLQDUJXPHQWDWLYHV*HZLFKWWUlJW*OHLFKZRKOJLOWLKP²XQGQLFKWQXULKP²GLHRQ WRORJLVFKH3UlYDOHQ]GHV,QWHOOLJLEOHQDOVXQXPVW|‰OLFK,QEH]XJDXIGHQ%HJULIIGHU 1RUPDWLYLWlWPDFKWGLHVH3UlYDOHQ]GLHLQGHU'HGXNWLRQGHVNDWHJRULVFKHQ,PSHUD WLYV LQQHUKDOE GHU *UXQGOHJXQJ VRJDU GHVVHQ 5HFKWVJUXQG EH]HLFKQHW MHGRFK QXU GDV HLQHGHVVHQEHLGHU .RQVWLWXHQWLHQDXV'LH DQGHUH6HLWHGHU0HGDLOOHLVWGLH+HWHUR QRPLH  .RUVJDDUG)Q  (EG  (EG

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 



PRUDOLVFKHUXQGGHP)HOGWHFKQLVFKHUE]ZSUDJPDWLVFKHU+DQGOXQJVPD [LPHQ GHQQ GHU DOOJHPHLQHQ *HVHW]HVKDIWLJNHLW GHU 0RUDO 6LWWHQJHVHW]  HQWVSULFKW GLH DOOJHPHLQH *HVHW]HVKDIWLJNHLW LQVWUXPHQWHOOHU 5DWLRQDOLWlW =ZHFN0LWWHO5HODWLRQ  GLH HQWVFKHLGHQGH 'LIIHUHQ] OLHJW IU .DQW YLHO PHKU LQ GHQ ZHVHQWOLFK XQWHUVFKLHGOLFKHQ %HVWLPPXQJVJUQGHQ ]X HLQHU +DQGOXQJ'DUEHUKLQDXVKlOW.RUVJDDUGGDV0HWDSULQ]LSÅ5HDOL]HWKLV HQG´IUYHUDQWZRUWOLFKIUGHQhEHUJDQJYRQGHU=ZHFN0LWWHO5HODWLRQ ]XP K\SRWKHWLVFKHQ ,PSHUDWLY 'RFK KLOIW XQV GLHVHV 0HWDSULQ]LS ]XP 9HUVWlQGQLVLQVWUXPHQWHOOHU1RUPDWLYLWlWQLFKWZHLWHUGDZLU²SHUK\SR WKHVLV²GHQ=ZHFNEHUHLWVLQWHQGLHUHQHULVWXQVHUIUHLJHZlKOWHU=ZHFN :LUEHQ|WLJHQGDKHUGDVREHQHLQJHIKUWHXQGMHQVHLWVDOOHUIUHLJHZlKOWHQ =ZHFNH OLHJHQGH 0HWDSULQ]LS ÅJHVWDWWH GHU 9HUQXQIW HQWVFKHLGHQGHQ (LQIOX‰ DXI GHLQH +DQGOXQJ´  XP GLH P|JOLFKH 'HJUDGLHUXQJ GHV :LO OHQV ]XP EOR‰HQ :XQVFK ]X YHUKLQGHUQ XQG GLH GHVNULSWLYH =ZHFN 0LWWHO5HODWLRQLQHLQHQ,PSHUDWLY]XEHUIKUHQ $EHU.RUVJDDUGV9HUGLHQVWLVWHVGLHK\SRWKHWLVFKHQ,PSHUDWLYHKLQ VLFKWOLFKLKUHUQRUPDWLYHQ.UDIWDQGHQ%HJULIIGHU$XWRQRPLHZLH.DQW LKQ LP .RQWH[W GHV NDWHJRULVFKHQ ,PSHUDWLYV GLVNXWLHUW KHUDQJHIKUW ]X KDEHQ 2E MHGRFK GLH 9HUQDFKOlVVLJXQJ HLQHU LUUDWLRQDOHQ $QIHFKWXQJ EHLGHU)UDJHQDFKGHUQRUPDWLYHQ.UDIWK\SRWKHWLVFKHU,PSHUDWLYHHLQ&KD UDNWHULVWLNXP GHU .DQWLVFKHQ 7KHRULH VHOEVW RGHU HLQH V\VWHPDWLVFKH .RPSOHWWLHUXQJ GXUFK .RUVJDDUGV HQWVSUHFKHQGHV HLJHQHV 7KHRUHPVHLQ VROO ZLUG DXV LKUHQ $XVIKUXQJHQ QLFKW JDQ] GHXWOLFK :LFKWLJ VFKHLQW PLUGDKHUQHEHQ.RUVJDDUGV%HWRQXQJGHU$XWRQRPLHLP.RQWH[WK\SR WKHWLVFKHU,PSHUDWLYHDXFKGLH:UGLJXQJYRQ3DWRQV+HUDXVDUEHLWHQGHU 6LQQOLFKNHLW DOV %HGLQJXQJ GHUHQ $XWRULWlW XQG ]ZDU LP 6LQQH GHU 8UVDFKH HLQHU GURKHQGHQ 1LHGHUODJH GHU 9HUQXQIW 3DWRQV XQG .RUVJDDUGV 3HU VSHNWLYHQDXIGLHK\SRWKHWLVFKHQ,PSHUDWLYHEH]HLFKQHQGLHEHLGHQ6HLWHQ SUDNWLVFKHU5DWLRQDOLWlW+HWHURQRPLHXQG$XWRQRPLHNHQQ]HLFKQHQQDFK .DQW GHQ VSH]LILVFK JHERWVRIIHQHQ :LOOHQ GHV 0HQVFKHQ ZLH LFK QXQ QlKHUHUOlXWHUQZHUGH  

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ

 ,FKKDEHGLH$QDO\VHYRQ.DQWV.RQ]HSWSUDNWLVFKHU1RUPDWLYLWlWELVODQJ DQKDQG GHU K\SRWKHWLVFKHQ ,PSHUDWLYH GXUFKJHIKUW GHU HQWVFKHLGHQGH

_____________  9JOGD]XLQGHU.ULWLNGHUSUDNWLVFKHQ9HUQXQIW††  9JO GD]X DEHU DXFK EHUHLWV 2·1HLOO   $OOLVRQ   XQG +LOO   9JOLQVEHV.RUVJDDUG)Q



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

=XVDW]GHUDSSHOODWLYH5HNXUVDXIGLH9HUQXQIWGHV0HQVFKHQGHULQ9HU ELQGXQJ PLW GHP DQDO\WLVFKHQ =ZHFN0LWWHO3ULQ]LS ]X HLQHP ,PSHUDWLY ZLUGLVWKLHUVHKUGHXWOLFK]XHUNHQQHQ (V LVW QDWUOLFK NHLQ =XIDOO GD‰ .DQW GHQ VRHEHQ DXV GHU =ZHFN 0LWWHO5DWLRQDOLWlW KHUDXVJHVFKlOWHQ .HUQ SUDNWLVFKHU 1RUPDWLYLWlW DQ XQVHUHYHUQQIWLJH LP*HJHQVDW]]XUEOR‰VLQQOLFKHQ 9HUID‰WKHLWNQSIW 'RFKZLUGGLHVQRFKJUHLIEDUHUZHQQPDQVLFKGLH0HGDLOOHGHU:LOOHQV EHVWLPPXQJ YRQ GHU DQGHUHQ 6HLWH GHP NDWHJRULVFKHQ ,PSHUDWLY KHU DQVLHKW 1DFKGHP LFK GHQ NDWHJRULVFKHQ ,PSHUDWLY DOVR ]XQlFKVW DXVJH NODPPHUW KDEH ZHLO $EZlJXQJ XQG GDPLW LQVWUXPHQWHOOH 5DWLRQDOLWlW LQ LKP NHLQH 5ROOH VSLHOHQ ]HLJW VLFK QXQ GD‰ VHLQH %HUFNVLFKWLJXQJ LQ GLHVHP.RQWH[WJHQDXGDQQORKQWZHQQPDQJHVHKHQKDWGD‰VLFKVHOEVW KLQWHUGHP.RQ]HSWLQVWUXPHQWHOOHU5DWLRQDOLWlWEHL.DQWHLQHLUUHGX]LEHO QRUPDWLYH'LPHQVLRQHU|IIQHW,PIROJHQGHQP|FKWHLFKGDKHUVWDWWGHU +DXSWGLIIHUHQ] ]ZLVFKHQ P|JOLFKHQ ,PSHUDWLYHQ LKUH JHPHLQVDPH :XU]HO EHKDQGHOQ 7KHVHQDUWLJ Ol‰W VLFK PHLQH ,QWHUSUHWDWLRQ IROJHQGHUPD‰HQ ]XVDPPHQIDVVHQ (UVWHQVGD‰DXVGHP=ZHFN0LWWHO3ULQ]LSHLQH1|WLJXQJGHV:LOOHQV ZLUG HUIRUGHUW ZLH LP YRUVWHKHQGHQ DXVJHIKUW HLQHQ 5HNXUV DXI GHQ (LQIOX‰GHU9HUQXQIWDXIXQVHUH+DQGOXQJ=ZHLWHQVGD‰DXVGHP6LWWHQ JHVHW]GDVIUGHQJHVDPWHQPXQGXVLQWHOOLJLELOLVDOVRIUDOOHYHUQQIWL JHQ:HVHQJLOWHLQNDWHJRULVFKHU,PSHUDWLYXQGGDPLWHEHQIDOOVHLQH1| WLJXQJ GHV :LOOHQV ZLUG HUIRUGHUW HLQHQ QHJDWLYHQ  5HNXUV DXI XQVHUH (QGOLFKNHLW E]Z 6LQQOLFKNHLW 'ULWWHQVGLH 4XHOOH GHU1RUPDWLYLWlW OLHJW DOOHLQLQXQVHUHUVSH]LILVFKHQGOLFKHQ9HUQXQIWGLHYRQGHU6HLWHK\SR WKHWLVFKHU,PSHUDWLYHDXVEHWUDFKWHWHLQHhEHUVWHLJXQJEOR‰HQ9HUKDOWHQV KLQ]XHLQHPDEVLFKWVYROOHQXQGEHJUQGHWHQ+DQGHOQXQGYRQGHU6HLWH GHV NDWHJRULVFKHQ ,PSHUDWLYV DXV EHWUDFKWHW HLQ 8QWHUODXIHQ DEVROXWHU 6LWWOLFKNHLWGXUFKVLQQOLFKH$IIHNWLRQHUP|JOLFKW 3UDNWLVFKH1RUPDWLYLWlWEOHLEWEHL.DQWQLFKWDXIK\SRWKHWLVFKH,PSH UDWLYHEHVFKUlQNW'LHGRUWJHIXQGHQH5DWLRQDOLWlWVNODXVHOGLHVLFKIUGHQ LPSHUDWLYHQ&KDUDNWHUGHUK\SRWKHWLVFKHQ,PSHUDWLYHYHUDQWZRUWOLFK]HLJ WHILQGHWVLFKPXWDWLVPXWDQGLVDXFKDPNDWHJRULVFKHQ,PSHUDWLYZLHGHU 'DVEHGHXWHWRGHUEHJUQGHWQLFKWGD‰HLQHGHUEHLGHQ,PSHUDWLYIRUPHQ² ZLH DXFK LPPHU ² DXI GLH DQGHUH UHGX]LHUEDU RGHU DXV GLHVHU DE]XOHLWHQ ZlUHHLQHVROFKH7KHVHYHUWUHWHLFKDXVGUFNOLFKQLFKW:RKOJLEWHVGHQ 8QWHUVFKLHG]ZLVFKHQLQVWUXPHQWHOOHUSUXGHQWLHOOHUXQGPRUDOLVFKHU5DWL RQDOLWlW'RFKGLH7DWVDFKHGD‰.DQWDXFKGLHHUVWHQEHLGHQDOVRLQVWUX PHQWHOOH XQG SUXGHQWLHOOH 5DWLRQDOLWlW LQ QRUPDWLYHQ 7HUPLQL EHKDQGHOW XQG LQVRIHUQ YRQ K\SRWKHWLVFKHQ ,PSHUDWLYHQ VSULFKW UFNW DXFK GLHVH

_____________  9JO]XGLHVHP%HJULIIREHQ)Q

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 



)RUPHQGHU5DWLRQDOLWlWDXVGHP%HUHLFKSV\FKRORJLVFKHU'HVNULSWLRQLQ HLQH QRUPDWLYH 6SKlUH ,QQHUKDOE GLHVHU 6SKlUH ZHUGHQ ,PSHUDWLYH VFKOLH‰OLFKQXUQRFKGDKLQJHKHQGXQWHUVFKLHGHQGD‰VLHHQWZHGHUPDWHULDO EHVWLPPWVLQGGKGD‰GHU%HVWLPPXQJVJUXQG]XHLQHU+DQGOXQJLP(UUHL FKHQHLQHV=ZHFNVGXUFKGLH(UJUHLIXQJDOVDGlTXDWHUNDQQWHU0LWWHOOLHJW RGHUGD‰VLHIRUPDOEHVWLPPWVLQGGKGD‰GHU%HVWLPPXQJVJUXQG]XHLQHU +DQGOXQJ LQ GHU $QHUNHQQXQJ VLWWOLFKHU *HVHW]Pl‰LJNHLW OLHJW *HQDX GLHVH 9DULDQ] GHU %HVWLPPXQJVJUQGH P|JOLFKHU +DQGOXQJHQ PDUNLHUW GLHGLIIHUHQWLDVSHFLILFD]ZLVFKHQGHQEHLGHQ,PSHUDWLYIRUPHQ .DQW JHKW VRZRKO LQ GHU *UXQGOHJXQJ DOV DXFK LQ GHU .ULWLN GHU SUDNWL VFKHQ9HUQXQIWGDYRQDXVGD‰:HVHQGLHLKUH1HLJXQJHQXQWHUVWlQGLJHU UDWLRQDOHU.RQWUROOHKlWWHQVWHWVVLWWOLFKKDQGHOQZUGHQ(UIKUWLQGLH VHP.RQWH[WQRPLQDODOV.RQWUDVW]XPPHQVFKOLFKHQ:LOOHQGHQ%HJULII GHV ÅKHLOLJHQ :LOOHQ>V@´ HLQ ÅG L HLQHQ VROFKHQ GHU NHLQHU GHP PRUDOL VFKHQ*HVHW]HZLGHUVWUHLWHQGHQ0D[LPHQIlKLJZlUH´$QDORJ]XPDWH ULHOOHQ.|USHUQGLHDXVQDKPVORV1DWXUJHVHW]HQIROJHQJHKRUFKWHQGLHVH UHLQ JHLVWLJHQ 9HUQXQIWZHVHQ VWHWV GHP *HVHW] GHU VLWWOLFKHQ :HOW ,P 6LQQH.DQWVGDUIGDV3ULQ]LSÅLQPXQGRQRQGDWXUFDVXV´YRQGHUVHQVLEOHQ DXI GLH LQWHOOLJLEOH :HOW EHUWUDJHQ ZHUGHQ GHQQ GLH $OOJHPHLQKHLW XQG 1RWZHQGLJNHLWGLHVHU*HVHW]HGXOGHQNHLQH$XVQDKPHQ:HVHQGLHOHGLJ OLFK%UJHUGLHVHULQWHOOLJLEOHQ:HOWVLQGKDQGHOQRKQH$XVQDKPHVLWWHQ JHVHW]OLFK)U:HVHQPLWHLQHPVROFKHQDEVROXWJXWHQ:LOOHQIlOOWGDKHU GDV REMHNWLYH PLW GHP VXEMHNWLYHQ 3ULQ]LS GHV :ROOHQV ]XVDPPHQ ÅGDV REMHFWLYH3ULQFLS>VFGHV:ROOHQV.3@ GLGDVMHQLJHZDVDOOHQYHUQQI WLJHQ :HVHQ DXFK VXEMHFWLY ]XP SUDNWLVFKHQ 3ULQFLS GLHQHQ ZUGH ZHQQ 9HUQXQIWYROOH*HZDOWEHUGDV%HJHKUXQJVYHUP|JHQKlWWH LVWGDVSUDNWLVFKH*H VHW]´ $XI GLH YRQ PLU KHUYRUJHKREHQH .DXWHO ZHUGH LFK VRJOHLFK JHQDXHU HLQJHKHQ ² (LQ ,PSHUDWLY DOVR HLQH $XIIRUGHUXQJ GLHVHP *HVHW] ]X JHKRUFKHQZlUHMHGHQIDOOVEHLVRNRQVWUXLHUWHQ+HLOLJHQEHUIOVVLJHEHQ GHVZHJHQZHLOHLQDOWHUQDWLYHVGKJHVHW]ZLGULJHV9HUKDOWHQGLHVHQ:H VHQ DXIJUXQG GHU DEVROXWUDWLRQDOHQ %HKHUUVFKXQJ LKUHU 6LQQOLFKNHLW JDU QLFKW]XU'LVSRVLWLRQVWQGH EH]RJHQDXILKU:ROOHQQLFKWDXILKU.|Q QHQ 'D‰MHGRFKHLQ,PSHUDWLYEHL+HLOLJHQZHUWORVZlUHEHGHXWHWQLFKW

_____________  .DQW9YJO]XPKHLOLJHQ:LOOHQEHUHLWVGLH*UXQGOHJXQJ ,9 ZR .DQW HLQHUVHLWV ]ZLVFKHQ GHP DEVROXW JXWHQ XQG GHP KHLOLJHQ :LOOHQ XQWHUVFKHLGHW LQVRIHUQHLQ,PSHUDWLYDXIGHQHUVWHUHQQLFKWDEHUDXIOHW]WHUHQDQZHQGEDUVHLQVROO DQGHUHUVHLWV LGHQWLIL]LHUW HU GLH EHLGHQ MHGRFK DXFK PLWHLQDQGHU ² )U GHQ +LQZHLV DXIGLHVHVH[HJHWLVFKH3UREOHPGDQNHLFK$OOHQ:RRG  .DQW.U9%  .DQW,9



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

GD‰ GDV 6LWWHQJHVHW] IU VLH GHVNULSWLYHQ &KDUDNWHU KlWWH 6R]XVDJHQ YRQ DX‰HQ EHWUDFKWHW PDJ GLHV ]ZDU VR DXVVHKHQ GRFK EHVLW]W HV IU GLHVH SUREOHPDWLVFKHQ  DXWRQRPHQ :HVHQ SUlVNULSWLYHQ &KDUDNWHU XQG PX‰ GDPLWYRP1DWXUJHVHW]XQWHUVFKLHGHQZHUGHQ,P*HJHQVDW]]XPIDOOHQ GHQ 6WHLQ IROJWHQ DXFK +HLOLJH ² ZLH DOOH YHUQQIWLJHQ :HVHQ ² HLQHP *HVHW]QXUZHLOVLHGLHVHVDQHUNHQQHQ 'HU 0HQVFK NDQQ ]X PRUDOLVFKHQ +DQGOXQJHQ DXIJHIRUGHUW ZHUGHQ ZHLOHUVLFKQRWZHQGLJDOVHLQ:HVHQEHJUHLIWGDVXQWHULQWHOOLJLEOHQ*H VHW]HQ QXU VWHKW LQVRIHUQ HV GLHVH DQHUNHQQW ]XJOHLFK ÄPX‰¶ HU LP *H JHQVDW] ]X GHQ +HLOLJHQ  ]X PRUDOLVFKHP +DQGHOQ DXIJHIRUGHUW ZHUGHQ ZHLOHUQLFKWSHUVHPRUDOLVFKKDQGHOW.DQWEHQHQQWGHXWOLFKGLH%HGLQ JXQJXQWHUZHOFKHUHLQNDWHJRULVFKHU,PSHUDWLYEHUIOVVLJZlUHZHQQHU ]ZLVFKHQREMHNWLYHPXQGVXEMHNWLYHP3ULQ]LSGHV:ROOHQVXQWHUVFKHLGHW :lKUHQGEHLPÄKHLOLJHQ:LOOHQ¶GLHEHLGHQ3ULQ]LSLHQEHUHLQVWLPPHQLVW EHLP PHQVFKOLFKHQ :LOOHQ HLQH $EZHLFKXQJ QLFKW DXV]XVFKOLH‰HQ Å(LQ YROONRPPHQJXWHU:LOOHZUGHDOVRHEHQVRZRKOXQWHUREMHFWLYHQ*HVHW ]HQ GHV *XWHQ  VWHKHQ DEHU QLFKW GDGXUFK DOV ]X JHVHW]Pl‰LJHQ +DQG OXQJHQJHQ|WKLJWYRUJHVWHOOWZHUGHQN|QQHQZHLOHUYRQVHOEVWQDFKVHLQHU VXEMHFWLYHQ%HVFKDIIHQKHLWQXUGXUFKGLH9RUVWHOOXQJGHV*XWHQEHVWLPPW ZHUGHQNDQQ'DKHUJHOWHQIUGHQJ|WWOLFKHQXQGEHUKDXSWIUHLQHQKHLOL JHQ :LOOHQ NHLQH ,PSHUDWLYHQ GDV 6ROOHQ LVW KLHU DP XQUHFKWHQ 2UWH ZHLO GDV :ROOHQ VFKRQ YRQVHOEVW PLW GHP *HVHW] QRWKZHQGLJ HLQVWLPPLJ LVW 'DKHU VLQG ,PSHUDWLYHQ QXU )RUPHOQ GDV 9HUKlOWQL‰ REMHFWLYHU *HVHW]H GHV:ROOHQVEHUKDXSW]XGHUVXEMHFWLYHQ8QYROONRPPHQKHLWGHV:LOOHQV GLHVHV RGHU MHQHV YHUQQIWLJHQ :HVHQV ] % GHV PHQVFKOLFKHQ :LOOHQV DXV]XGUFNHQ´ %HL 9HUQXQIWZHVHQ GLH QLFKW DXVVFKOLH‰OLFK VLFK VHOEVW EHVWLPPHQ VRQGHUQ DXFK YRQ 1HLJXQJHQ EHVWLPPW ZHUGHQ N|QQHQ DOVR EHLVSLHOV ZHLVH  GHP 0HQVFKHQ DOV HLQHP YRQ Å%HGUIQLVVHQ XQG VLQQOLFKHQ %H ZHJXUVDFKHQDIILFLUWH>Q@:HVHQ´YHUKlOWVLFKGLH6DFKHKLQJHJHQDQGHUV DOV EHLUHLQHQ 9HUQXQIWZHVHQ Å,VW HV >GDVSUDNWLVFKH *HVHW] .3@ QLFKW ]XJOHLFK VXEMHFWLY LPPHU NUlIWLJ JQXJ ]XU +DQGOXQJ>@ VR KHL‰W GLH 1RWKZHQGLJNHLW 9HUELQGOLFKNHLW>@ GLH +DQGOXQJ VHOEVW 3IOLFKW XQG GLH

_____________  9JOGD]X.DQW9Å'LHVHV3ULQFLSGHU6LWWOLFKNHLWQXQ>«@HUNOlUWGLH9HUQXQIW ]XJOHLFK ]X HLQHP *HVHW]H IU DOOH YHUQQIWLJH :HVHQ VR IHUQ VLH EHUKDXSW HLQHQ :LOOHQ G L HLQ 9HUP|JHQ KDEHQ LKUH &DXVDOLWlW GXUFK GLH 9RUVWHOOXQJ YRQ 5HJHOQ ]X EHVWLPPHQ >«@´ +HUYRUKHEXQJ .3  9JO GD]X DXFK :RRG   XQG  VRZLH$QGHUVRQ  .DQW,9  .DQW9

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 



)RUPHOHLQDEVROXWHVVROOHQ´:LUN|QQHQGHP6LWWHQJHVHW]JHPl‰KDQ GHOQDEHUZLUN|QQHQDXFKLKP]XZLGHUKDQGHOQ:LUN|QQHQXQVLQXQ VHUHQ +DQGOXQJHQ YRP $QVSUXFK GHU 0RUDOLWlW EHVWLPPHQ ODVVHQ ZLU N|QQHQXQVGLHVHP$QVSUXFKDEHUDXFKYHUVFKOLH‰HQ'DZLUQLFKWSHUVH VLWWOLFKKDQGHOQQLPPWGDV6LWWHQJHVHW]²DOVRÅQXUGDVMHQLJH]XZlKOHQ ZDVGLH9HUQXQIWXQDEKlQJLJYRQGHU1HLJXQJDOVSUDNWLVFKQRWKZHQGLJ >@ HUNHQQW´ ² IU XQV%UJHU ]ZHLHU :HOWHQ GLH Å)RUP HLQHV ,PSHUD WLYV´DQ1XUIUHQGOLFKH:HVHQZLHXQV0HQVFKHQLVWGHUÅ%HJULIIGHU 3IOLFKW´UHOHYDQWÅGHUGHQHLQHVJXWHQ:LOOHQVRE]ZDUXQWHUJHZLVVHQVXEMHFWL YHQ(LQVFKUlQNXQJHQXQG+LQGHUQLVVHQHQWKlOW´:LU0HQVFKHQPVVHQXQV DOVYRQ+HWHURQRPLHXPODJHUWH$XWRQRPLHYHUVWHKHQZHLOZLUHLQHUVHLWV YRQ1HLJXQJHQGKQLFKWYHUQQIWLJHQ%HZHJJUQGHQDIIL]LHUWZHUGHQ XQVDEHUDQGHUHUVHLWVGLHVHQJHJHQEHUYHUQQIWLJYHUKDOWHQN|QQHQGK ZLUN|QQHQGLHVLWWOLFKH)RUGHUXQJJHJHQEHUVLQQOLFKHQ1HLJXQJHQYRU ]LHKHQ RKQH GD‰ GDGXUFK DOOHUGLQJV XQVHUH 6LQQOLFKNHLW DOV VROFKH YHU VFKZLQGHQZUGH 'HUNDWHJRULVFKH,PSHUDWLYULFKWHWVLFKGHPQDFKDQGHQMHQLJHQ:LOOHQ GHVVHQ VXEMHNWLYHU %HVWLPPXQJVJUXQG GDV SULQFLSLXP H[HFXWLRQLV P|JOL FKHUZHLVHYRPREMHNWLYHQGKVLWWOLFKHQ%HVWLPPXQJVJUXQGGHPSULQFL SLXP GLMXGLFDWLRQLV DEZHLFKW DXV GHU 3HUVSHNWLYH DOOJHPHLQHU PRUDOLVFKHU *HVHW]Pl‰LJNHLW GHU +DQGOXQJHQ VROOHQ GLHVH EHLGHQ 3ULQ]LSLHQ LQ .RQ NRUGDQ] JHEUDFKW ZHUGHQ 'DV IU XQV JHOWHQGH PRUDOLVFKH 6ROOHQ KlQJW GDPLWZHVHQWOLFKGDYRQDEGD‰EHLHQGOLFKHQ:HVHQGLH9HUQXQIWP|JOL FKHUZHLVHQLFKWGLHÄYROOH*HZDOWEHUGDV%HJHKUXQJVYHUP|JHQ¶KDW,Q GLHVHP6LQQHEHVWLPPW.DQWGHQNDWHJRULVFKHQ,PSHUDWLYZLHREHQEH UHLWV DQJHPHUNW DOV HLQHQ ÅV\QWKHWLVFKSUDNWLVFKH>Q@ 6DW] D SULRUL´ ZHLO GXUFKLKQGDV:ROOHQHLQHUEHVWLPPWHQ+DQGOXQJÅPLWGHP%HJULIIHGHV :LOOHQVHLQHVYHUQQIWLJHQ:HVHQVXQPLWWHOEDUDOVHWZDVGDVLQLKPQLFKW

_____________    

.DQW;;,,, .DQW,9 .DQW9 .DQW ,9  +HUYRUKHEXQJ .3 YJO DXFK ,9  XQG ,9  ]XU ZHLWHUHQ %HJULIIVNOlUXQJYRQ3IOLFKWXQG9HUELQGOLFKNHLWEH]JOLFKGHU1RPLQDOGLIIHUHQ]YRQ KHLOLJHPXQGQLFKWKHLOLJHP:LOOHQ9RQGHUQLFKWZHQLJHUGHXWOLFKHQ'LIIHUHQ]LHUXQJ LQ,9EHWRQW.RUVJDDUG]X5HFKWGD‰.DQWVLHYRUGHUZHLWHUHQ'LIIHUHQ]LH UXQJGHU,PSHUDWLYHLQK\SRWKHWLVFKHXQGGHQNDWHJRULVFKHQYRUQLPPWÅ>@LPSHUD WLYHVDUHDGGUHVVHGWREHLQJVZKRPD\IROORZWKHPRUQRW$QGWKLVLVWUXHRIWKHLQ VWUXPHQWDO SULQFLSOH DV ZHOO DV RI WKH RWKHUV´ .RUVJDDUG    8QPL‰YHUVWlQGOLFKKHL‰WHVDXFKLQGHUHWZDSDUDOOHO]XU*UXQGOHJXQJHQVWDQGHQHQ0R UDO 0URQJRYLXV ,, Å'LH ,PSHUDWLYH VLQG DXV HLQHU ,GHH HLQHV YROONRPPHQHQ :LOOHQV KHUJHQRPPHQXQGJHOWHQDOV5HJHOQIUPHLQHQXQYROONRPPHQHQ:LOOHQ3IOLFKWLVW HLQH,GHHHLQHVYROONRPPHQHQDOVHLQHQRUPHLQHVXQYROONRPPHQHQ:LOOHQV´ .DQW ;;,; 



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

HQWKDOWHQ LVW YHUNQSIW´ ZLUG *HUDGH GLHVH 6\QWKHWL]LWlW GHV NDWHJRUL VFKHQ,PSHUDWLYVGKGHUEHLHQGOLFKHQ:HVHQZLHGHP0HQVFKHQP|J OLFKH .RQIOLNW ]ZLVFKHQ HLQHU 0D[LPH XQG GHP 6LWWHQJHVHW] LVW IU GHQ LPSHUDWLYHQ&KDUDNWHUGHV6LWWHQJHVHW]HVIUHQGOLFKH:HVHQYHUDQWZRUWOLFK 'HUNDWHJRULVFKH,PSHUDWLYGKGHU$XIUXI]XU6XEVXPWLRQVXEMHNWL YHU +DQGOXQJVJUXQGVlW]H XQWHU GDV 6LWWHQJHVHW] IRUGHUW GDPLW GLH :LO OHQVEHVWLPPXQJGXUFKGDVDOOJHPHLQH*HVHW]²MHGRFKQLFKWXQPLWWHOEDU VRQGHUQ LP Å6WUHLW>@ GHQ MHW]W GLH PRUDOLVFKH *HVLQQXQJ PLW GHQ 1HL JXQJHQ]XIKUHQKDW´:lKUHQGHLQKHLOLJHU:LOOHEHUHLWVDOVVROFKHUGLH 9HUNQSIXQJGHV:LOOHQVPLWGHUPRUDOLVFKHQ+DQGOXQJYROO]LHKHQZU GHXQWHUODVVHQZLU0HQVFKHQGLHVHP|JOLFKHUZHLVHDXIJUXQGXQVHUHUVXE MHNWLYVLQQOLFKHQ Ä%HIDQJHQKHLW¶ Å,FK YHUNQSIH PLW GHP :LOOHQ RKQH YRUDXVJHVHW]WH %HGLQJXQJ DXV LUJHQG HLQHU 1HLJXQJ GLH 7KDW D SULRUL PLWKLQQRWKZHQGLJ REJOHLFKQXU REMHFWLY G L XQWHU GHU ,GHH HLQHU9HUQXQIW GLH EHUDOOHVXEMHFWLYH%HZHJXUVDFKHQY|OOLJH*HZDOWKlWWH ´'LHKLHUSDUHQWKHWLVFK IRUPXOLHUWH (LQVFKUlQNXQJ EH]JOLFK GHU Å,GHH HLQHU 9HUQXQIW GLH EHU DOOH VXEMHFWLYH %HZHJXUVDFKHQ Y|OOLJH *HZDOW KlWWH´ EH]HLFKQHW GDVVHOEH ZLH GLH EH UHLWV DQJHIKUWH .ODXVHO LQ .DQWV 'LIIHUHQ]LHUXQJ ]ZLVFKHQ VXEMHNWLYHP XQGREMHNWLYHP3ULQ]LSGHV:ROOHQV ÅZHQQ9HUQXQIWYROOH*HZDOWEHU GDV%HJHKUXQJVYHUP|JHQKlWWH´  $XIIlOOLJ LVW QXQ KLHUEHL GD‰ GLHVHU 9RUEHKDOW DQDORJ GHPMHQLJHQ ]X YHUVWHKHQLVWGHUVLFKLP.RQWH[WGHUK\SRWKHWLVFKHQ,PSHUDWLYHLQGHQ %HVWLPPXQJHQ GHU =ZHFN0LWWHO5HODWLRQ HEHQIDOOV DOV 3DUHQWKHVH IDQG +LHUZLHGRUWVWDPPWGLHQ|WLJHQGH.UDIWDXVGHUHLQJHVFKREHQHQ.ODX VHOGLHYHUDQWZRUWOLFKLVWIUGLH8PZDQGOXQJYRQSUDNWLVFKHQ*HVHW]HQ RGHU JHVHW]DUWLJHQ $XVVDJHQ LQ ,PSHUDWLYH 0LW HLQHU *HJHQEHUVWHOOXQJ GHU HQWVSUHFKHQGHQ 9RUEHKDOWH Ol‰W VLFK GLHVH ([SOLNDWLRQ GHV 1RUPDWL YHQGXUFKGHQ$SSHOODQXQVHUHVSH]LILVFKHQGOLFKH5DWLRQDOLWlWYHUGHXWOL FKHQ :DUGHUhEHUJDQJYRPDQDO\WLVFKHQ=ZHFN0LWWHO3ULQ]LS]XPK\SR WKHWLVFKHQ ,PSHUDWLY LQ MHQHP =XVDW] ]X ORNDOLVLHUHQ ÅVR IHUQ GLH 9HU QXQIWDXIVHLQH+DQGOXQJHQHQWVFKHLGHQGHQ(LQIOX‰KDW´VRILQGHWVLFK GHU hEHUJDQJ YRP 6LWWHQJHVHW] ]XP NDWHJRULVFKHQ ,PSHUDWLY LQ GLHVHP

_____________  .DQW,9  .DQW9  .DQW ,9  $QP +HUYRUKHEXQJ .3 .DQW VSULFKW LQ GLHVHU $QPHUNXQJ YRP NDWHJRULVFKHQ,PSHUDWLYXQGGHP6LWWHQJHVHW]SURPLVFXHZDVOHGLJOLFKDOVVSUDFKOLFKH 8QJHQDXLJNHLWJHZHUWHWZHUGHQNDQQGDHULPDQJHIKUWHQ.RQWH[WHLQHVJ|WWOLFKHQ E]ZKHLOLJHQ:LOOHQVHEHQGLHVH8QWHUVFKHLGXQJHLQIKUW  .DQW,9  .DQW,9

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 



ÅZHQQ 9HUQXQIW YROOH *HZDOW EHU GDV %HJHKUXQJVYHUP|JHQ KlWWH´ 'DVLQGLHVHQEHLGHQ.ODXVHOQEHQDQQWH'HVLGHUDWVWHKWGDPLWKLQWHUGHQ EHLGHQP|JOLFKHQ,PSHUDWLYIRUPHQ:DVVLFKLP)DOOK\SRWKHWLVFKHU,P SHUDWLYH DOV :LOOHQVVFKZlFKH LQ EH]XJ DXI GHQ DOV ULFKWLJ HUNDQQWHQ0LW WHOHLQVDW]]XHLQHPVHOEVWJHVHW]WHQ=ZHFNlX‰HUQNDQQNDQQVLFKLP)DOO GHVNDWHJRULVFKHQ,PSHUDWLYVDOV:LOOHQVVFKZlFKHLQEH]XJDXIHLQHDOV VLWWOLFKHUDFKWHWH+DQGOXQJlX‰HUQ 'LH'LIIHUHQ]GHU,PSHUDWLYHEH]LHKWVLFKZLHEHUHLWVEHPHUNWDXIGLH XQWHUVFKLHGOLFKHQ %HVWLPPXQJVJUQGH ]X HLQHU +DQGOXQJ ZlKUHQG GLH 1RUPDWLYLWlWK\SRWKHWLVFKHU,PSHUDWLYHDQGLHDOVJOWLJXQWHUVWHOOWHNRQ NUHWH =ZHFN0LWWHO5HODWLRQ VRZLH HLQHQ HQWVSUHFKHQGHQ ZLOONUOLFK JH VHW]WHQ =ZHFN JHEXQGHQ LVW OLHJW GHU %HVWLPPXQJVJUXQG PRUDOLVFKHU +DQGOXQJHQLQGHUÅ$FKWXQJIUVPRUDOLVFKH*HVHW]´HLQHU6HOEVWDFK WXQJGHU9HUQXQIWGHUÅ$FKWXQJIUVHLQHLJHQHV:HVHQ´GKGLH9HU QXQIWGHUHLJHQHQXQGGHUDQGHUHQ3HUVRQHQ 'LHJHPHLQVDPH:XU]HODOOHU,PSHUDWLYHGLH%HGLQJXQJGHU0|JOLFKNHLW MHJOLFKHQ6ROOHQVOLHJWKLQJHJHQLQGHUSUDNWLVFKHQ9HUQXQIWGHV$GUHVVD WHQ XQG GHUHQ (LQIOX‰ DXI VHLQH +DQGOXQJHQ LQ GHU 6HOEVWELQGXQJ GHU 9HUQXQIWDQGLHYRQLKUDQHUNDQQWHQSUDNWLVFKHQ*HVHW]H(UVWGLH.RQ NUHWLRQGLHVHU*HVHW]HHUJLEWHLQH'LIIHUHQ]LP(LQIOX‰GHU9HUQXQIWDXI XQVHUH+DQGOXQJHQXQGGDPLWHLQH'LIIHUHQ]LQGHU5HLFKZHLWHGHVMHZHL OLJHQ6ROOHQV :DV LP )DOO K\SRWKHWLVFKHU ,PSHUDWLYH PLW GHP 9HUZHLV DXI GHQ VHOEVWJHVHW]WHQ =ZHFN XQG GLH ]X GHVVHQ (UUHLFKXQJ DOV HUIRUGHUOLFK HUNDQQWHQ0LWWHO EHJUQGHWZLUGILQGHWLP)DOOGHVNDWHJRULVFKHQ,PSH

_____________  .DQW,9  9JO ]X .DQWV 6NDOD P|JOLFKHU :LOOHQVVFKZlFKHQ *HEUHFKOLFKNHLW 8QODXWHUNHLW %|VDUWLJNHLW XQWHQ†  .DQW9YJODXFK,9  .DQW9,5DLOWRQEHUVLHKWLQVHLQHU$QDO\VH XQGLQJHZLVVHU+LQVLFKW$VVLPLOLH UXQJ GHU.RQ]HSWHQRUPDWLYHU.UDIWEHL+XPHXQG.DQWGD‰IU.DQWÅ$FKWXQJ´ ]ZDU GHU %HVWLPPXQJVJUXQG PRUDOLVFKHU +DQGOXQJHQ QLFKW DEHU GHU *UXQG SUDNWL VFKHU5DWLRQDOLWlWLVWXQGVHLQNDQQGHQQ$FKWXQJLVWOHGLJOLFKGLHÄ$QWZRUW¶DXIGDV IUHL EHVWLPPWH G K VHOEVWJHVHW]WH 6ROOHQ GHU 0RUDOLWlW :HQQ ZLH .DQW VFKUHLEW ÅGDV PRUDOLVFKH *HVHW] $FKWXQJ DXIHUOHJW´ .DQW 9   GDQQ EHGHXWHW GLHV DXFK GD‰ZLULP%HZX‰WVHLQGHV6LWWHQJHVHW]HVGLHVHP]XZLGHUKDQGHOQN|QQHQ$FKWXQJ NDQQIU.DQWQLFKWDOVÅDNLQGRIGLUHFWOLNLQJDNLQWRWKHH[SHULHQFHRIWKHVXEOLPH´ 5DLOWRQ GHQ*UXQGPRUDOLVFKHU*HVHW]HDXVPDFKHQ.DQWEHWRQWGLHVPLW DOOHU ZQVFKHQVZHUWHQ 'HXWOLFKNHLW Å'LHVHV *HIKO XQWHU GHP 1DPHQ GHV PRUDOL VFKHQ  LVW DOVR OHGLJOLFK GXUFK 9HUQXQIW EHZLUNW (V GLHQW QLFKW ]X %HXUWKHLOXQJ GHU +DQGOXQJHQRGHUZRKOJDU]XU*UQGXQJGHVREMHFWLYHQ6LWWHQJHVHW]HVVHOEVWVRQ GHUQ EORV ]XU 7ULHEIHGHU XP GLHVHV LQ VLFK ]XU 0D[LPH ]X PDFKHQ´ .DQW 9   9JO]XU$XVHLQDQGHUVHW]XQJPLW.DQWV$FKWXQJVNRQ]HSWXQWHQ.DS



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

UDWLYVGLH%HJUQGXQJLQHLQHUP|JOLFKHQDOOJHPHLQHQ*HVHW]JHEXQJGK GLH9HUQQIWLJNHLWGHU+DQGOXQJHQEHVWHKWLQGHPYRQ.DQWIHVWJHVHW]WHQ :HUWGHV,QWHOOLJLEOHQ(LQHZHLWHUH)UDJHÅZR]X"´ZlUHIU.DQWLQGLH VHP .RQWH[W DEZHJLJ ² ODSLGDU KHL‰W HV EHUHLWV LQ GHU *UXQGOHJXQJ ÅGLH YHUQQIWLJH 1DWXU H[LVWLUW DOV =ZHFN DQ VLFK VHOEVW´ 8QG LP =XVDP PHQKDQJ GHU Å'HGXFWLRQ GHV REHUVWHQ 3ULQFLSV GHU 0RUDOLWlW´ HUNOlUW .DQW Å:HLO DEHU GLH 9HUVWDQGHVZHOW GHQ *UXQG GHU 6LQQHQZHOW PLWKLQ DXFK GHU *HVHW]HGHUVHOEHQHQWKlOW>@VRZHUGHLFKPLFKDOV,QWHOOLJHQ]REJOHLFKDQ GHUHUVHLWVZLHHLQ]XU6LQQHQZHOWJHK|ULJHV:HVHQGHQQRFKGHP*HVHW]H GHU HUVWHUHQ G L GHU 9HUQXQIW GLH LQ GHU ,GHH GHU )UHLKHLW GDV *HVHW] GHUVHOEHQ HQWKlOW XQG DOVR GHU $XWRQRPLH GHV :LOOHQV XQWHUZRUIHQ HU NHQQHQ>@´ 'HU,QGLNDWLYGHVQXQPHKUIDFKJHQDQQWHQ.ODPPHUDXVGUXFNVLPLQ VWUXPHQWHOOHQ.RQWH[W ÅVRIHUQGLH9HUQXQIWDXIVHLQH+DQGOXQJHQHQW VFKHLGHQGHQ(LQIOX‰KDW´ HUKHEWXQVDOVRDXVGHU6SKlUHEOR‰LQVWLQNWL YHQ9HUKDOWHQVLQGLH6SKlUHSUDNWLVFKHU1RUPDWLYLWlWXQGVFKDIIWGDPLW HLQHQhEHUJDQJYRPQDWXUDOHQ*HVFKHKHQ]XU9HUELQGOLFKNHLWUDWLRQDOHU .RQVHTXHQ] GHU .RQMXQNWLY GHV .ODPPHUDXVGUXFNV LP PRUDOLVFKHQ .RQWH[W ÅZHQQ 9HUQXQIW YROOH *HZDOW EHU GDV %HJHKUXQJVYHUP|JHQ KlWWH´ KLQJHJHQEH]HLFKQHWJHUDGHGLHREHUH*UHQ]HGLHVHU6SKlUHGLH ]XYHUODVVHQXQVHQGOLFKHQ:HVHQHEHQXQP|JOLFKLVW'HQQGLH7DWVDFKH GD‰ ZLU NHLQHQ DEVROXWJXWHQ :LOOHQ EHVLW]HQ REMHNWLYHV XQGVXEMHNWLYHV 3ULQ]LSGHV:ROOHQVEHLXQVDOVRQLFKWSHUVHLGHQWLVFKVLQGPDUNLHUWKLHU GHQhEHUJDQJYRP3UDNWLVFKHQ*HVHW]]XP.DWHJRULVFKHQ,PSHUDWLY'LH 6SKlUH SUDNWLVFKHU 1RUPDWLYLWlW LVW GDPLW HLQHUVHLWV EHJUHQ]W YRQ YHU QXQIWORVHP9HUKDOWHQXQGDQGHUHUVHLWVYRQGHUÅSUDNWLVFKH>Q@,GHH´HLQHU

_____________  .DQW,9  .DQW,9  .DQW,9IYJOXQWHQ)QVRZLHGHQGD]XJHK|ULJHQ$EVDW]]XU3UREOHPDWLN GLHVHU'HGXNWLRQ  .DQW,9  ,P6LQQHHLQHVVROFKHQhEHUJDQJVVSULFKW.DQWYRP0HQVFKHQDXFKYRQHLQHP7LHU ÅZHOFKHV 'LVFLSOLQ Q|WKLJ KDW´ $QWKURSRORJLH3DURZ YRQ  ;;9  YJO DXFK5HIOH[LRQ;9 9JODXFK.DQWV'HILQLWLRQHLQHVYRUEHJULIIOLFKHQ%H JHKUXQJVYHUP|JHQV LQ GHQ 9RUDUEHLWHQ ]XU 7XJHQGOHKUH Å1DWXUWULHE LQVWLQFW  LVW HLQ %HVWLPXQJVJUXQG GHV %HJHKUHQV YRQ HWZDV YRU DOOHU .HQQWQLV GHV *HJHQVWDQGHV 'XUVW+XQJHU*HVFKOHFKWVWULHE ´ .DQW;;,,,  VRZLHLP*HJHQVDW]]XP,Q VWLQNW.DQWV'HILQLWLRQGHV:LOOHQVDOVHLQHVÅ%HJHKUXQJVYHUP|JHQ>V@VRIHUQHVQXU GXUFK%HJULIIHGLGHU9RUVWHOOXQJHLQHV=ZHFNVJHPl‰]XKDQGHOQEHVWLPPEDULVW´ .DQW9YJODXFK9VRZLH9,   .DQW,9

†8QEHGLQJWHV6ROOHQXQGGLH%HVWLPPXQJGHV0HQVFKHQ 



Å+HLOLJNHLW GHV :LOOHQV´ ([DNW ]ZLVFKHQ GLHVHQ EHLGHQ *UHQ]HQ ]XP EOR‰9HJHWDWLYHQXQG$QLPDOLVFKHQHLQHUVHLWVXQG]XP*|WWOLFKHQDQGH UHUVHLWVEHILQGHWVLFKGLH6SKlUHPHQVFKOLFKHU9HUQXQIWGLH.DQWLP.RQWH[W SUDNWLVFKHU 3KLORVRSKLH GXUFK GDV DXVVFKOLH‰OLFK KLHU ]X ILQGHQGH 6ROOHQ NHQQ]HLFKQHW

_____________  .DQW9  =XU :HLWHUEHVWLPPXQJ GLHVHU 1RUPDWLYLWlW P‰WH PDQ LP 6LQQH .DQWV VHOEVWYHU VWlQGOLFK GLH Å.DWHJRULHQ GHU )UHLKHLW´ .DQW 9   EHUFNVLFKWLJHQ (LQH 9HUELQ GXQJ]ZLVFKHQGHUMHZHLOLJHQQRUPDWLYHQ.UDIWP|JOLFKHU,PSHUDWLYHXQGGLHVHQ.D WHJRULHQ GHU )UHLKHLW VWHOOW %RE]LHQ KHU Å:LH GXUFK GLH .DWHJRULHQ GHU 1DWXU GDV 0DQQLJIDOWLJH GHU VLQQOLFKHQ $QVFKDXXQJHQ XQWHU GLH (LQKHLW GHV DSULRULVFKHQ %H ZX‰WVHLQVÄLFKGHQNH¶JHEUDFKWZLUGVRZLUG>@GXUFKGLH.DWHJRULHQGHUSUDNWLVFKHQ 9HUQXQIWGDV0DQQLJIDOWLJHGHU%HJHKUXQJHQXQWHUGLH (LQKHLWGHV DSULRULVFKHQ%H ZX‰WVHLQV ÄLFK VROO WXQ ¶ E]Z ÄLFK ZLOO DOV YHUQQIWLJ WXQ ¶ JHEUDFKW ZREHL GLHVHV %HZX‰WVHLQLQGHUHUVWHQ)RUPXOLHUXQJXQWHUGHP$VSHNWÄHLQHULPPRUDOLVFKHQ*H VHW]HJHELHWHQGHQ9HUQXQIW¶LQGHU]ZHLWHQ)RUPXOLHUXQJXQWHUGHP$VSHNWÄHLQHVUHL QHQ:LOOHQVDSULRUL¶ 9 JHVHKHQZLUG´ %RE]LHQ $OOHDEVLFKWV YROOHQ+DQGOXQJHQDOVRDOOGDVMHQLJHZDVHQWZHGHU*HJHQVWDQGHLQHVK\SRWKHWLVFKHQ RGHUGHVNDWHJRULVFKHQ,PSHUDWLYVVHLQNDQQNDQQDXVGHU3HUVSHNWLYHHLQHV6ROOHQV E]ZHLQHVYHUQQIWLJHQ:ROOHQVEHWUDFKWHWZHUGHQ%RE]LHQLVWQXQGHU$XIIDVVXQJ GD‰QDFK.DQWIUPRUDOLVFKH+DQGOXQJHQLPHQJHUHQ6LQQHDXFK0RGDOLWlWVNDWHJR ULHQHUIRUGHUWZHUGHQZlKUHQGIU*HJHQVWlQGHGHULQVWUXPHQWHOOHQE]ZSUXGHQWLHO OHQ 5DWLRQDOLWlW GLH HUVWHQ GUHL .DWHJRULHQWLWHO GHU 4XDQWLWlW 4XDOLWlW XQG 5HODWLRQ DXVUHLFKHQÅ,QGLHVHP)DOOHEOHLEWGHQ.DWHJRULHQGHU*UXSSHQELVGLH)XQNWLRQ +DQGOXQJHQDOV:LUNXQJHQYRQ=ZHFNVHW]XQJHQ]XHUNOlUHQ'DVKHL‰WGLH.DWHJRULHQ GLHQHQLQGLHVHP)DOOHQLFKWGD]XHLQH+DQGOXQJDOVSUDNWLVFKHJHOWXQJVGLIIHUHQW]X EHVWLPPHQVRQGHUQGD]XHLQH$QWZRUWDXIGLH WKHRUHWLVFKH )UDJH]XHUP|JOLFKHQ ZDUXP KDW GLHVHV RGHU MHQHV Ä1DWXUHUHLJQLV¶ +DQGOXQJ VWDWWJHIXQGHQ" +LHU]X OLHIHUQ GLH.DWHJRULHQGHQ%HJULIIGHV:RKOV>@VRZLHGHQ%HJULIIGHV1W]OLFKHQ>@´ (EG  'RFK%RE]LHQV$XIWHLOXQJGHU.DWHJRULHQJUXSSHQXQGGDPLWLKUH,QWHUSUHWDWLRQ GHUSUDNWLVFKHQ.DWHJRULHQLQVJHVDPWIKUHQLQHLQH6FKZLHULJNHLWKLQVLFKWOLFKGHURE MHNWLYHQ 5HDOLWlW LQVWUXPHQWHOOHU 9HUQXQIW Å'HU YRQ .DQW LP .DWHJRULHQDEVFKQLWW GXUFKZHJEHWRQWH %H]XJGHU.DWHJRULHQGHUSUDNWLVFKHQ9HUQXQIWDXIGLHIUHLH :LOO NU ZLH DXFK VFKRQ GLH %HQHQQXQJ GLHVHU .DWHJRULHQ DOV Ä.DWHJRULHQ GHU )UHLKHLW¶ ]HLJHQGD‰.DQWKLHUQXUGLH PRUDOLVFK SUDNWLVFKH)XQNWLRQGHU.DWHJRULHQEHKDQ GHOW ²XQG DXFK QXU IU GLHVH )XQNWLRQ GHU .DWHJRULHQ ZXUGH GLHREMHNWLYH 5HDOLWlW EHZLHVHQ$QGUHUVHLWVPX‰HLQHWKHRUHWLVFKH(UNOlUXQJGHU+DQGOXQJHQDOV(UVFKHL QXQJHQVWHWVSULQ]LSLHOODXFKP|JOLFKVHLQGDPLWGHU.DXVDO]XVDPPHQKDQJLQQHUKDOE GHUÄ(UVFKHLQXQJVZHOW¶QLFKWGXUFKEURFKHQZLUG´ (EG 'LH.RQVHTXHQ]DXVGLHVHU ,QWHUSUHWDWLRQLVWDEHUGD‰GLHHUVWHQGUHL.DWHJRULHQJUXSSHQNHLQHREMHNWLYH5HDOLWlW KDEHQVRODQJHVLHQLFKWDXIPRUDOLVFKHGKJXWHE|VH+DQGOXQJHQDQJHZDQGWZHU GHQ 'DPLW KDEHQ VLH DEHU GLH YRQ %RE]LHQ YHUDQVFKODJWH Å1HEHQIXQNWLRQ >@ DOV WKHRUHWLVFKH RGHU WHFKQLVFKSUDNWLVFKH %HJULIIH´ HEG  JHUDGH QLFKW GHQQ LKUH GLHV EH]JOLFKH *HOWXQJ EHGUIWH HLQHU HLJHQHQ WUDQV]HQGHQWDOHQ 'HGXNWLRQ /HW]WHUHV ZLUG YRQ %RE]LHQ QLFKW LQ (UZlJXQJ JH]RJHQ +DQGOXQJHQ GHUHQ WHFKQLVFK SUDNWLVFKH %HWUDFKWXQJ QLFKW EOR‰ HLQ 'XUFKJDQJVVWDGLXP ]XU PRUDOLVFK JHOWXQJVYDULDQWHQ%HWUDFKWXQJGDUVWHOOW ]%GDV6FKXKHELQGHQ N|QQWHQQDFK%RE



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

-HQVHLWVGHUIU.DQW]ZHLIHOORVJHZLFKWLJHQ'LIIHUHQ]]ZLVFKHQK\SR WKHWLVFKHQ ,PSHUDWLYHQ XQG GHP NDWHJRULVFKHQ ,PSHUDWLY EH]JOLFK GHU PDWHULDOHQ E]Z IRUPDOHQ %HVWLPPXQJVJUQGH ]X HLQHU +DQGOXQJ JUQ GHQ EHLGH )RUPHQ LQ GHP .DQWLVFKHQ *UXQGVDW] GD‰ GHU %HJULII GHV 6ROOHQVGHQ%HJULIIGHU9HUQXQIWYRUDXVVHW]W DXVGUFNOLFKQLFKWPLWGLH VHP LGHQWLVFK LVW ZLH .DQWV QRPLQDOH (LQIKUXQJ GHV KHLOLJHQ :LOOHQV ]HLJW  'LH ÅSUDNWLVFKH>«@ %HVWLPPXQJ GHV 0HQVFKHQ´ VHLQH $XV ]HLFKQXQJ JHJHQEHU DEVROXWHU 6LQQOLFKNHLW XQG DEVROXWHU 9HUQQIWLJNHLW VRZLHVHLQH$XIJDEHGHUÅ%HI|UGHUXQJGHVK|FKVWHQ*XWV´EH]LHKWVLFK GDPLWZHVHQWOLFKDXIGHQ$SSHOODQVHLQHYHUQQIWLJH:LOOHQVEHVWLPPXQJ ²LP)DOOK\SRWKHWLVFKHU,PSHUDWLYHGDV:ROOHQGHUDOVDGlTXDWHUNDQQWHQ 0LWWHO]XPKDQGOXQJVHIIHNWLYHQ:ROOHQ]XPDFKHQLP)DOOGHVNDWHJRUL VFKHQ,PSHUDWLYVGDVVXEMHNWLYH3ULQ]LSGHV:ROOHQVLQ(LQNODQJ]XEULQ JHQPLWGHPREMHNWLYHQ3ULQ]LSGHV:ROOHQV'LHVHU$SSHOOGHU9HUQXQIW GHQ HQWVFKHLGHQGHQ (LQIOX‰ DXI XQVHUH +DQGOXQJHQ ]X JHVWDWWHQ G K 9HUQXQIW]XUHDOLVLHUHQLVWP|JOLFKZHLOGHU0HQVFKVLFKNUDIWVHLQHU$XWR QRPLHEHUVHLQHVLQQOLFKHQ$IIHNWLRQHQKLQZHJVHW]HQNDQQXQGLQVRIHUQ HLQ*OLHGGHU9HUVWDQGHVZHOWLVWGLHVHU$SSHOOLVWDEHU]XJOHLFKDXFKQ|WLJ ZHLOGHU0HQVFKQLFKWQDWXUJHPl‰ULFKWLJKDQGHOWVRQGHUQGXUFK+HWHUR QRPLHÄEHGURKW¶LVWXQGLQVRIHUQHLQ*OLHGGHU6LQQHQZHOWLVW 'HU0HQVFKLVW.DQW]XIROJH L HLQGHUhEHUOHJXQJIlKLJHVDOVRUDWL RQDOHV :HVHQ LL  HLQ KHWHURQRPHV XQG LLL  ]XJOHLFK DXWRQRPHV :HVHQ (UVW GLH V\QWKHWLVFKH (LQKHLW GHU OHW]WHQ EHLGHQ $VSHNWH ² +HWHURQRPLH XQG$XWRQRPLHYHUHLQW²HUJLEWGHQ%HJULIIGHV6ROOHQV

_____________ 

  

]LHQV,QWHUSUHWDWLRQQLFKWHLQPDOLPYROOHQ:RUWVLQQH+DQGOXQJHQVHLQZHLOGLHGD]X HUIRUGHUOLFKHREMHNWLYH5HDOLWlWGHU.DWHJRULHQJUXSSHQELVQLFKWJHVLFKHUWLVW $XV V\VWHPDUFKLWHNWRQLVFKHU 3HUVSHNWLYH VWHOOW IU .DQW GLH IU EHLGH ,PSHUDWLYIRU PHQNRQVWLWXWLYH+HWHURQRPLHGHQ*UXQGGDIUGDUGD‰GLH0RUDOSKLORVRSKLHQLFKW 7HLOGHU7UDQV]HQGHQWDOSKLORVRSKLHLVWÅ>@ZHLOVLHGLH%HJULIIHGHU/XVWXQG8QOXVW GHU%HJLHUGHQXQG1HLJXQJHQHWFGLHLQVJHVDPPWHPSLULVFKHQ8UVSUXQJVVLQG]ZDU VHOEVWQLFKW]XP*UXQGHLKUHU9RUVFKULIWHQOHJHQDEHUGRFKLP%HJULIIHGHU3IOLFKW DOV +LQGHUQL‰ GDV EHUZXQGHQ RGHU DOV $QUHL] GHU QLFKW ]XP %HZHJXQJVJUXQGH JHPDFKWZHUGHQVROOQRWKZHQGLJLQGLH$EIDVVXQJGHV6\VWHPVGHUUHLQHQ6LWWOLFKNHLW PLWKLQHLQ]LHKHQPVVHQ´ .U9%YJODXFK$I ,QZLHIHUQDXFKGDVPRUDOL VFKH*HIKOGHU$FKWXQJQDFK.DQWQXUHPSLULVFKHUNDQQWZHUGHQNDQQREZRKOHV VHOEVW DOV :LUNXQJ GHU 9HUQXQIW YHUVWDQGHQ ZHUGHQ VROO VROO LQ .DS  XQWHUVXFKW ZHUGHQ .DQW9 .DQW9 'LHVH 5HNRQVWUXNWLRQ HUP|JOLFKW XQDEKlQJLJ YRQ GHU )UDJH QDFK GHP 6WDWXV GHU YHUVFKLHGHQHQ,PSHUDWLYHLQ.DQWV6SlWSKLORVRSKLH YJOREHQ)Q HLQH,GHQWLIL NDWLRQ VHLQHU NULWLVFKHQ 0RUDOSKLORVRSKLH PLW VSlWHUHQ $XVIKUXQJHQ LQVRIHUQ GLH GUHL HEHQ DQJHIKUWHQ (OHPHQWH +HWHURQRPLH 5DWLRQDOLWlW XQG $XWRQRPLH PLW GHQ

†3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV 



†3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV

 3UREOHPDWLVFK DQ .DQWV .RQ]HSWLRQ SUDNWLVFKHU 9HUQXQIW LVW ZLH GLH YHUJDQJHQHQ ]ZHLKXQGHUW -DKUH NULWLVFKHU $XVHLQDQGHUVHW]XQJ GDPLW JH ]HLJWKDEHQXQWHUDQGHUHPGHU6WDWXVGHV,QWHOOLJLEOHQDOVÅ*UXQGGHU6LQ QHQZHOWPLWKLQDXFKGHU*HVHW]HGHUVHOEHQ´$XFKZHQQ.DQWLQGHU.ULWLNGHU SUDNWLVFKHQ9HUQXQIWQLFKWPHKUDQHLQHUÅ'HGXFWLRQGHVREHUVWHQ3ULQFLSV GHU 0RUDOLWlW´ IHVWKlOW GLH KLHU DQJHVSURFKHQH %HJUQGXQJVUHODWLRQ LVW

_____________ (OHPHQWHQGHU%HVWLPPXQJGHV0HQVFKHQNRUUHOLHUHQGLH.DQWLQGHU5HOLJLRQVVFKULIW DOVÅ7LHUKHLW´Å0HQVFKKHLW´XQGÅ3HUV|QOLFKNHLW´EH]HLFKQHW 9, YJOGD]XDXFK REHQ)Q2·1HLOO  KDW]X5HFKWGDUDXIYHUZLHVHQGD‰.DQW XQG]ZDU PLW%OLFNDXI7KHRULHXQG3UD[LV GLH9HUQXQIWQLFKWDOVHLQHQ%HUHLFKDXIID‰WLQGHQ XQWHUDQGHUHP GLH$XWRQRPLHIlOOWÅ5HDVRQWKHGLVFLSOLQHRIDOOGLVFLSOLQHVFDQRQ O\EHDQGPXVWEHVHOIGLVFLSOLQHG7KHVXERUGLQDWLRQRIWKLQNLQJRUSUDFWLFHWRRWKHU VXSSRVHG DXWKRULWLHV >«@ LV QRW UHDVRQ EXW WKH DEURJDWLRQ RI UHDVRQ 5HDVRQ·V GLV FLSOLQH FDQQRW EH DOLHQ LW PXVW EH DXWRQRPRXV >«@ +H DUJXHV QRW IURP UHDVRQ WR DXWRQRP\ EXW IURP DXWRQRP\ WR UHDVRQ 2QO\ DXWRQRPRXV VHOIGLVFLSOLQLQJ EHLQJV FDQ DFW RQ SULQFLSOHV WKDW ZH KDYH JURXQGV WR FDOO SULQFLSOHV RI UHDVRQ´ 2·1HLOO  ²'DVEHJULIIOLFKH3UREOHP9HUQXQIW5DWLRQDOLWlWZLUGV\VWHPDWLVFKLQ.DS XQWHUVXFKWZHUGHQ=XNXU]JUHLIWMHGRFK6WHLQYRUWKVVFKHLQEDUHLQGHXWLJH,GHQWLIL NDWLRQGHU0RUDOPLWSUDNWLVFKHU9HUQXQIWVFKOHFKWKLQÅ:HQQZLUPRUDOLVFKKDQGHOQ IROJHQZLUQXU3ULQ]LSLHQGHUDOOJHPHLQHQ5DWLRQDOLWlW'LH*UQGHIUPRUDOLVFKHV+DQ GHOQVLQG*UQGHIUGDV+DQGHOQEHUKDXSW´ 6WHLQYRUWKYJOHEG  'LH3UREOHPDWLNGHV(LQIOXVVHVGHU9HUQXQIWDXIXQVHUHLQVWUXPHQWHOOHQhEHUOHJXQ JHQZLUGGDPLWXQWHUVFKODJHQ9JOGD]XDXFKXQWHQ)Q²,QGHU$QWKURSRORJLHLQ SUDJPDWLVFKHU +LQVLFKW YRQ  VFKOLH‰OLFK HUZHLWHUW .DQW GLH %HVWLPPXQJ GHV 0HQ VFKHQQRFKXPGHQ$VSHNWGHU*HVHOOVFKDIWE]ZGHU*DWWXQJ YJO9,, 0DQ PX‰]ZDU]XU.HQQWQLVQHKPHQGD‰GLHVH(UZHLWHUXQJQLFKWEHGHXWHWGD‰6R]LDOLWlW KLQVLFKWOLFK GHV 0HQVFKHQ GDPLW EHJULIIVNRQVWLWXWLYHQ &KDUDNWHU JHZ|QQH V\VWHPDUFKL WHNWRQLVFK WULWW GLH Å$QWKURSRORJLH LQ SUDJPDWLVFKHU $EVLFKW´ 9,,   GDV (UEH GHU SKLORVRSKLVFK LUUHOHYDQWHQ  ÄSV\FKRORJLD HPSLULFD¶ DQ YJO DXFK ;   'RFK LVW GHP %HJULII YHUQQIWLJHU :HVHQ ² QLFKW GHP %HJULII GHV 0HQVFKHQ ² PLW %OLFN DXI HLQH P|JOLFKH DXWRQRPH *HVHW]JHEXQJ IU HLQ Ä5HLFK GHU =ZHFNH¶ VFKRQ YRQ GHU *UXQGOHJXQJ DQ HLQH ZHQQJOHLFK DEVWUDNWH LQWHUVXEMHNWLYH 'LPHQVLRQ HLQJHVFKULHEHQ YJOGD]X5HDWK   .DQW,9  'LH HQWVSUHFKHQGH 'LIIHUHQ] ]ZLVFKHQ GHU *UXQGOHJXQJ XQG GHU .S9 EHVWHKW LQ IRO JHQGHPZlKUHQG.DQWLQGHUHUVWHUHQHLQH'HGXNWLRQGHVNDWHJRULVFKHQ,PSHUDWLYV IUP|JOLFKKlOWXQGLPÅ'ULWWHQ$EVFKQLWW´VRJDUYRUOHJWVSULFKWHULQGHU.S9DQ GHU YHUJOHLFKEDUHQ V\VWHPDWLVFKHQ 6WHOOH YRP Å)DFWXP GHU UHLQHQ 9HUQXQIW GHVVHQ ZLUXQVDSULRULEHZX‰WVLQGXQGZHOFKHVDSRGLNWLVFKJHZL‰LVW´ .DQW9 8QG .DQWIlKUWKLHUIRUWÅ$OVRNDQQGLHREMHFWLYH5HDOLWlWGHVPRUDOLVFKHQ*HVHW]HVGXUFK NHLQH 'HGXFWLRQ GXUFK DOOH $QVWUHQJXQJ GHU WKHRUHWLVFKHQ VSHFXODWLYHQ RGHU HPSLULVFK XQWHUVWW]WHQ9HUQXQIWEHZLHVHQ>@ZHUGHQXQGVWHKWGHQQRFKIUVLFKVHOEVWIHVW´ (EG +HUYRUKHEXQJHQ .3  %HPHUNEDU PDFKW VLFK GLHVHV )DNWXP QDFK .DQW LQ )RUPHLQHUÅ$FKWXQJIUV*HVHW]´GLHHUDXFKDOVÅGLH6LWWOLFKNHLWVHOEVWVXEMHNWLYDOV 7ULHEIHGHU EHWUDFKWHW´ EH]HLFKQHW 9   'LHVH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ GHU $U



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

GDV*UXQGWKHRUHPVHLQHVWUDQV]HQGHQWDOHQ,GHDOLVPXVYRQGHPHUQDFK QLFKWZLHGHUDEJHUFNWLVW 'LHVHU :HUW GHV ,QWHOOLJLEOHQ Ol‰W VLFK EHVVHU YHUVWHKHQ ZHQQ PDQ .DQWV JUXQGOHJHQGH 9RUVWHOOXQJ HLQHU $QDORJLH GHU 6LWWOLFKNHLW ]XU 1D WXUZLVVHQVFKDIW XQG LKUHQ *HVHW]HQ EHUFNVLFKWLJW (LQ HLQKHLWOLFK EH VFKUHLEEDUHV9HUKDOWHQYRQ.|USHUQLQHLQHPEHVWLPPWHQ6\VWHPLVWQXU XQWHUGHU%HGLQJXQJHLQHUDOOJHPHLQHQ*HVHW]Pl‰LJNHLWP|JOLFKIU.DQW LVW HV SDUDGLJPDWLVFK GDV YRQ 1HZWRQLVFKHU *HVHW]Pl‰LJNHLW UHJLHUWH 6RQQHQV\VWHP(LQHVROFKH*HVHW]Pl‰LJNHLWZLHGHUXPLVWQXUGDQQP|J OLFK ZHQQ DOOH HQWVSUHFKHQGHQ .|USHU DOV GLHVHU *HVHW]Pl‰LJNHLW XQWHU ZRUIHQYRUJHVWHOOWZHUGHQ0LWHLQHP%OLFNDXIGLHDQGHUH6HLWHGHU$QD ORJLH N|QQWH PDQ PHWDSKRULVFK GLH Ä$XIIRUGHUXQJ¶ DQ HLQHQ .|USHU VR IRUPXOLHUHQ Ä*HKRUFKH GHQ 1HZWRQLVFKHQ *HVHW]HQ %HZHJH 'LFK VR GD‰GLH.UDIW'HLQHU%HZHJXQJPLWGHQ JUDYLWDWLYHQ .UlIWHQDOOHUDQGH UHQ.|USHUQLP6\VWHP]XVDPPHQVWLPPHQ¶1XUXQWHU%HIROJXQJGLHVHU Ä$XIIRUGHUXQJ¶ LVW HLQ HLQKHLWOLFK EHVFKUHLEEDUHV 9HUKDOWHQ GHU .|USHU P|JOLFK

_____________ JXPHQWDWLRQGHU*UXQGOHJXQJXQGGHUMHQLJHQGHU.S9LVWIUPHLQH=LHOVHW]XQJMHGRFK QLFKW]HQWUDOGDGLHKLQWHUGHU'HGXNWLRQGHU*UXQGOHJXQJVWHKHQGHRQWRORJLVFKH3Ul YDOHQ]GHU9HUQXQIWYRUGHU6LQQOLFKNHLWHLQH.RQVWDQWHLP.DQWLVFKHQ*HVDPWZHUN DXVPDFKW:DV.DQWKLQWHUVLFKJHODVVHQKDWLVWOHGLJOLFKHLQJHZLVVHU,QWHOOHNWX DOLVPXVLQSUDNWLVFKHU+LQVLFKWÅWKHRUHWLVFKH´RGHUÅVSHFXODWLYH´9HUQXQIWYRQGHU HULPHEHQDQJHIKUWHQ=LWDWVSULFKWZUGHGLH*UHQ]HQLKUHV7HUUDLQVEHUVFKUHLWHQ ZHQQVLHHLQSUDNWLVFKHV*HVHW]]XEHZHLVHQYHUVXFKWHGHVVHQ:HVHQHRLSVRQLFKW WKHRUHWLVFKLVW9JO]XGLHVHU'LIIHUHQ]]ZLVFKHQGHQ.DQWLVFKHQ:HUNHQYRQ XQGDXFK+HQULFKIXQG6FK|QHFNHULQVEHV  'DV3HQGDQW]XUSUDNWLVFKHQ3UlYDOHQ]GHV,QWHOOLJLEOHQYRUGHP6HQVLEOHQLVWLQGHU WKHRUHWLVFKHQ3KLORVRSKLHGHU*UXQGVDW]ÅGHU9HUVWDQGVFK|SIWVHLQH*HVHW]H DSUL RUL QLFKWDXVGHU1DWXUVRQGHUQVFKUHLEWVLHGLHVHUYRU´ .DQW,9 'LHVHHSLV WHPRORJLVFKH 6LFKWZHLVH GHU 3DUDOOHOH ]ZLVFKHQ WKHRUHWLVFKHU XQG SUDNWLVFKHU 3KLOR VRSKLH LVW DXI GLH LQWHOOLJLEOH *HVHW]OLFKNHLW LP 6HQVLEOHQ IRNXVVLHUW 'LH DOWHUQDWLYH 6LFKWZHLVHEHWRQWGHQRQWRORJLVFKHQ%HJUQGXQJVVWDWXVGHULQWHOOLJLEOHQ:HOW 'LQJH DQVLFK PLW%OLFN DXIGLHVHQVLEOH:HOW (UVFKHLQXQJHQ +LQVLFKWOLFKGHUV\VWHPDWL VFKHQ$WWUDNWLYLWlWWHQGLHUHLFK]XUPHWDSK\VLVFKVSDUVDPHUHQHUVWHQ6LFKWZHLVHGK ]X $OOLVRQV   Ä=ZHL$VSHNWH7KHRULH¶ XQG JHJHQ $GLFNHV·   Ä7KHRULH GHU GRSSHOWHQ$IIHNWLRQ¶%HLGH6LFKWZHLVHQMHGRFKKDEHQVWDUNH7H[WDUJXPHQWHIUXQG JHJHQVLFKXQGLQVEHVRQGHUHPLW%OLFNDXIGLHSRVLWLYQRXPHQDOH*HVHW]JHEXQJGHU )UHLKHLWLP3UDNWLVFKHQEHVLW]WOHW]WHUH9RUWHLOHJHJHQEHUGHUHUVWHUHQ  9JOGD]X.DQW99,X|

†3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV 



6LWWOLFKHV+DQGHOQDOVHLQHLQKHLWOLFKEHJHKUHQVZHUWHV9HUKDOWHQLQ WHQWLRQDOHU6XEMHNWH²RGHU.DQWLVFK:LOOHQ LP3OXUDO ZREHLLKUH 8Q +HLOLJNHLWQRFKQLFKWDXVJHPDFKWLVW²LVWQXUXQWHUGHU%HGLQJXQJHLQHU DOOJHPHLQHQ *HVHW]Pl‰LJNHLW P|JOLFK (LQH VROFKH *HVHW]Pl‰LJNHLW ZLH GHUXPLVWQXUGDQQP|JOLFKZHQQDOOH:LOOHQDOVGLHVHUVLWWOLFKHQ*HVHW] Pl‰LJNHLW XQWHUZRUIHQ YRUJHVWHOOW ZHUGHQ 'LH $XIIRUGHUXQJ DQ HLQHQ HQGOLFKHQ :LOOHQ ODXWHW GHPHQWVSUHFKHQG Ä*HKRUFKH GHP 6LWWHQJHVHW] +DQGOH VR GD‰ GLH 0D[LPH 'HLQHU +DQGOXQJ PLW GHQ 0D[LPHQ DOOHU +DQGHOQGHQ ]XVDPPHQVWLPPHQ NDQQ¶ 1XU XQWHU %HIROJXQJ GLHVHU $XI IRUGHUXQJLVWHLQHLQKHLWOLFKEHJHKUHQVZHUWHV9HUKDOWHQGHU:LOOHQLQVJH VDPWP|JOLFK 'LH 'LIIHUHQ] GHU HEHQ GDUJHVWHOOWHQ $QDORJLH ]ZLVFKHQ QDWUOLFKHU XQGVLWWOLFKHU*HVHW]Pl‰LJNHLWEH]LHKWVLFKGDUDXIGD‰LPHUVWHQ)DOOHLQH $XIIRUGHUXQJVLQQORVLVWZHLO.|USHUGHUSK\VLNDOLVFKHQ*HVHW]Pl‰LJNHLW VFKOLFKWZHJ XQWHUZRUIHQ VLQG E]Z DOV VROFKH YRUJHVWHOOW ZHUGHQ  ZlK UHQGLP]ZHLWHQ)DOOGLH$XIIRUGHUXQJVLQQYROOLVWZHLOGHU:LOOHVLWWOLFKHQ *HVHW]HQQXUGDGXUFKXQWHUOLHJWGD‰HUVLHDOV$XWRULWlWGHUHUHQWVSUH FKHQNDQQXQGVROODEHUQLFKWHQWVSUHFKHQPX‰DQHUNHQQW'LH'LIIHUHQ] EH]LHKWVLFKGDPLWDXIGLH%HVFKUHLEXQJHQGHVVHQZDVLVWHLQHUVHLWVXQG GHVVHQZDVVHLQVROODQGHUHUVHLWVZLH.DQWLP$UFKLWHNWRQLN.DSLWHOGHU .U9DXVJHIKUWKDWÅ'LH*HVHW]JHEXQJGHUPHQVFKOLFKHQ9HUQXQIW 3KL ORVRSKLH KDWQXQ]ZHL*HJHQVWlQGH1DWXUXQG)UHLKHLWXQGHQWKlOWDOVR VRZRKOGDV1DWXUJHVHW]DOVDXFKGDV6LWWHQJHVHW]DQIDQJVLQ]ZHLEHVRQ GHUHQ]XOHW]WDEHULQHLQHPHLQ]LJHQSKLORVRSKLVFKHQ6\VWHP'LH3KLOR VRSKLHGHU1DWXUJHKWDXIDOOHVZDVGDLVWGLHGHU6LWWHQQXUDXIGDVZDV GDVHLQVROO´ :HQQ DEHU GHU PHQVFKOLFKH :LOOH QXU LQVRIHUQ DQ GHU LQWHOOLJLEOHQ :HOW WHLOKDEHQ NDQQ DOV HU VLWWOLFK HQWVFKHLGHW RGHU YRUVLFKWLJHU DOV HU VLFKIURGHUJHJHQHLQHVLWWOLFKH+DQGOXQJHQWVFKHLGHW GDQQILQGHQDOOH DQGHUHQ :LOOHQVHQWVFKHLGXQJHQ DXVVFKOLH‰OLFK LQ GHU VHQVLEOHQ :HOW VWDWW 'DQQ KDQGHOW HV VLFK EHL GLHVHQ DEHU DXFK QLFKW PHKU XP :LOOHQVHQW VFKHLGXQJHQGHQQGHU:LOOHLQHUVWHU3HUVRQ6LQJXODUGKGHUDSSHU]HS

_____________  'HU$XVGUXFNÄEHJHKUHQVZHUW¶ZLUGYRQ.DQWV6\VWHPDWLNVHOEVWQDKHJHOHJWZHQQHU GLH YHUVFKLHGHQHQ *HPWVYHUP|JHQ GLIIHUHQ]LHUW Å:LU N|QQHQ DOOH 9HUP|JHQ GHV PHQVFKOLFKHQ*HPWKVRKQH$XVQDKPHDXIGLHGUHL]XUFNIKUHQ GDV(UNHQQWQL‰ YHUP|JHQ GDV *HIKO GHU /XVW XQG 8QOXVW XQG GDV %HJHKUXQJVYHUP|JHQ´ .DQW ;;I   'HU XQHQGOLFKH RGHU J|WWOLFKH RGHU KHLOLJH :LOOH KLQJHJHQ ULFKWHW VLFK XQWHU DOOHQ %HGLQJXQJHQDXIGDVJHVHW]Pl‰LJH9HUKDOWHQVHLQHÄ1DWXU¶ LP6LQQHYRQÄ:HVHQ¶ LVW VLWWOLFKRULHQWLHUW YJOREHQ†  .U9$%YJO]XU$QDORJLH]ZLVFKHQ1DWXUXQG6LWWHQJHVHW]DXFK%UDQGW IVRZLH)ULHGPDQ0V



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

WLYH :LOOH NDQQ .DQWV .RQ]HSWLRQ JHPl‰ QLFKW DOV HLQ UHLQHPSLULVFKHV 3KlQRPHQ DXIJHID‰W ZHUGHQ (V UHVXOWLHUHQ NHLQH +DQGOXQJHQ VRQGHUQ EOR‰H9HUKDOWHQVZHLVHQXQGGHUÄHQWVFKHLGHQGH(LQIOX‰GHU9HUQXQIWDXI XQVHUH+DQGOXQJHQ¶IUGHQ.DQWHEHQDXFKLP.RQWH[WK\SRWKHWLVFKHU ,PSHUDWLYHDUJXPHQWLHUWKDWGRUWNHLQHQ*HJHQVWDQGPHKU1DFK.DQWLVW DOOHLQÅGDVPRUDOLVFKH*HVHW]>«@GLHUDWLRFRJQRVFHQGLGHU)UHLKHLW´ 'RFKGLHVH5HVWULNWLRQGHU$XWRQRPLHGHV:LOOHQVDXI6LWWOLFKNHLWPDFKW HV PHWDHWKLVFK XQP|JOLFK PHQVFKOLFKHV +DQGHOQ HQWODQJ GHU =ZHFN 0LWWHO5DWLRQDOLWlWDGlTXDW]XEHVFKUHLEHQ 0LWGLHVHP3UREOHPYHUEXQGHQLVWHLQHZHLWHUH6FKZLHULJNHLWGLHPLW GHUYRUVWHKHQGHQ$QDO\VHYRQ.DQWV.RQ]HSWLRQSUDNWLVFKHU1RUPDWLYL WlW VLFKWEDU ZHUGHQ VROOWH :HQQ .DQW GHQ HQWVFKHLGHQGHQ (LQIOX‰ GHU 9HUQXQIWDXIXQVHUH+DQGOXQJHQVRZRKOLPK\SRWKHWLVFKHQ DVVHUWRULVFK SUDJPDWLVFKHQ E]Z SUREOHPDWLVFKWHFKQLVFKHQ  DOV DXFK LP NDWHJRULVFK PRUDOLVFKHQ .RQWH[W IRUGHUW GDQQ OLHJW LQ GLHVHP %HJULII GHU 9HUQXQIW HLQH 0HKUGHXWLJNHLW 'HU 9HUVWDQG PDJ IU GLH $EZlJXQJ GHU 0LWWHO ]XU 9HUIROJXQJHLQHV=ZHFNVYHUDQWZRUWOLFKVHLQGRFK.DQWOHJW:HUWGDUDXI GD‰ GLH HQWVSUHFKHQGH (UNHQQWQLV QLFKW QRWZHQGLJ ]XU HQWVSUHFKHQGHQ +DQGOXQJ IKUW :LOOHQVVFKZlFKH  XQG VSULFKW GDKHU YRP HQWVFKHLGHQ GHQ(LQIOX‰GHU9HUQXQIWQLFKWQXULP.RQWH[WGHVNDWHJRULVFKHQVRQGHUQ H[SOL]LWXQGDXVVFKOLH‰OLFKDXFKLP.RQWH[WGHUK\SRWKHWLVFKHQ,PSHUDWL YH .DQWKDWGHQ%HJULIIGHU9HUQXQIWLP9HUODXIVHLQHU.ULWLVFKHQ3KLOR VRSKLH²XQGYRUKDWHUGLHVHP%HJULIINHLQV\VWHPDWLVFKHV*HZLFKW EHLJHOHJW²GHUDUWXQWHUVFKLHGOLFKYHUZHQGHWGD‰PDQHLQHQZHLWHQ:HJ EHJULIIOLFKHU $XVVFKOX‰YHUIDKUHQ JHKHQ P‰WH XP VFKOLH‰OLFK JHQDX GDV ]XEH]HLFKQHQZRYRQLQ%H]XJDXIGLHJHQDQQWHQ.RQWH[WHGLH5HGHLVW 6RVSULFKW.DQWLP$UFKLWHNWRQLN.DSLWHOGHU.U9Å>«@YRQGHP3XQNWH >«@ ZR VLFK GLH DOOJHPHLQH :XU]HO XQVHUHU (UNHQQWQL‰NUDIW WKHLOW XQG ]ZHL 6WlPPH DXVZLUIW GHUHQ HLQHU 9HUQXQIW LVW ,FK YHUVWHKH KLHU DEHU XQWHU9HUQXQIWGDVJDQ]HREHUH(UNHQQWQL‰YHUP|JHQXQGVHW]HDOVRGDV

_____________ .DQW9 9JO]XGLHVHP3UREOHPDXFKGLH V\PSDWKHWLVFKHQ.DQW5HNRQVWUXNWLRQHQYRQ$OOL VRQ  +LOO  XQG2·1HLOO  'HU6FKZHUSXQNWGLHVHU ,QWHUSUHWDWLRQHQOLHJWMHGRFKDXIGHU9HUWHLGLJXQJ.DQWVJHJHQGHQ9RUZXUIGD‰NHL QHIUHLH+DQGOXQJPRUDOLVFKIDOVFKVHLQN|QQHZHLOHLQIUHLHU:LOOHXQGHLQ:LOOHXQ WHUPRUDOLVFKHQ*HVHW]HQQDFK.DQWHLQXQGGDVVHOEHVHL YJO.DQW,99  'LH%DVLVOLQLHGHUHQWVSUHFKHQGHQ9HUWHLGLJXQJEHVDJWGD‰HLQXQWHUPRUDOLVFKHQ*H VHW]HQ VWHKHQGHU :LOOH QLFKW lTXLYDOHQW PLW HLQHP PRUDOLVFK XQIHKOEDUHQ :LOOHQ LVW VRQGHUQOHGLJOLFKGD‰GLH+DQGOXQJHQHLQHVIUHLHQ:LOOHQHRLSVRDP6WDQGDUGPRUDOL VFKHU*HVHW]HJHPHVVHQZHUGHQN|QQHQ

†3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV 



5DWLRQDOH GHP (PSLULVFKHQ HQWJHJHQ´ 9HUQXQIW RGHU GDV 5DWLRQDOH ZLUG KLHU DOVR GHU 6LQQOLFKNHLW JHJHQEHUJHVWHOOW ,Q GHU YRUDXVOLHJHQGHQ Å7UDQV]HQGHQWDOHQ $QDO\WLN´ KDWWH .DQW DEHU GLH 9HUQXQIW DOV 7HLO GHV ÅREHUHQ (UNHQQWQL‰YHUP|JHQ>V@´ GHQ EHLGHQ DQGHUHQ 9HUP|JHQ GHV 9HUVWDQGHV XQG GHU 8UWHLOVNUDIW EHLJHRUGQHW 'DUEHU KLQDXV XQWHUVFKHLGHW HU HLQH WKHRUHWLVFKH E]Z VSHNXODWLYH 9HUQXQIW YRQ HLQHU SUDNWLVFKHQ 9HU QXQIWLQQHUKDOEGHUOHW]WHUHQGLH9HUQXQIWYRQGHU1HLJXQJXQGLGHQ WLIL]LHUWVFKOLH‰OLFK XQWHU HEHQ GLHVHP%HJULII GHU 9HUQXQIW GDV Å9HUP| JHQ QDFK *UXQGVlW]HQ ]X XUWKHLOHQ XQG LQ SUDNWLVFKHU 5FNVLFKW  ]X KDQGHOQ´ (V VFKHLQW PLU DQJHVLFKWV GLHVHU NRPSOL]LHUWHQ XQG G\QDPLVFKHQ 9HUP|JHQVNRQ]HSWLRQ .DQWV QLFKW JHUDWHQ GLH 0HKUGHXWLJNHLW GHV 9HU QXQIWEHJULIIVLQQHUKDOE.DQWV.RQ]HSWLRQSUDNWLVFKHU1RUPDWLYLWlWGXUFK GDV%HJULIIVSDDU9HUQXQIW NDWHJRULVFKHU,PSHUDWLY XQG9HUVWDQG K\SR WKHWLVFKH,PSHUDWLYH DXI]XO|VHQGDHEHQ]XYLHOHXQWHUVFKLHGOLFKH'HQR WDWLRQHQ XQG .RQQRWDWLRQHQ GLHVHU %HJULIIH YRUOLHJHQ GDUEHU KLQDXV OHJWH HLQH VROFKH ,QWHUSUHWDWLRQ HLQH VDFKOLFK YHUIHKOWH $VVLPLODWLRQ YRQ .DQWVNULWLVFKHU0RUDOSKLORVRSKLHDQVHLQHYRUNULWLVFKHQDKH=X5HFKW NRQVWDWLHUW &UDPHU GHVKDOE Å'LH Ä9HUQQIWLJNHLW¶ GHV :HVHQV GDV HLQHQ :LOOHQ KDW NDQQ >@ QLFKW PLW ÄUHLQHU SUDNWLVFKHU 9HUQXQIW¶ LGHQWLIL]LHUW ZHUGHQ $XFK GHU :LOOH GHU QLFKW GXUFK UHLQH SUDNWLVFKH 9HUQXQIW EH VWLPPWZLUGLVWLQVRIHUQÄQLFKWVDQGHUHVDOVSUDNWLVFKH9HUQXQIW¶DOVDXFK

_____________ .DQW.U9$ .DQW.U9$YJODXFK9 9JO.DQW9I 9JO.DQW9I .DQW 9,,  GHQ 9HUQXQIWEHJULII E]Z GLH )XQNWLRQHQ GLH JHPl‰ GHU .ULWLN GHU UHLQHQ9HUQXQIWLP9HUQXQIWEHJULIIYHUHLQLJWZHUGHQKDW.DQWHUVWLP/DXIGHUHU -DKUH HQWZLFNHOW %DXP   UHNRQVWUXLHUW GLHVH (QWZLFNOXQJ DOV .DQWV VHOEVWNULWL VFKHQ:HJYRPÅGRJPDWLVFKHQ5DWLRQDOLVPXV´GHU'LVVHUWDWLRQYRQ]XPÅNULWL VFKHQ 5DWLRQDOLVPXV´ GHU HUVWHQ .ULWLN )U GLH =HLW QDFK GHU HUVWHQ .ULWLN PDFKW %UDQGW I LPZHVHQWOLFKHQYLHU)XQNWLRQHQDP9HUQXQIWEHJULIIDXV L GDV 9HUP|JHQGHV6FKOLH‰HQVGDVGHQ9HUVWDQGXQGGLH8UWHLOVNUDIWDOVGLH9HUP|JHQGHU %HJULIIH XQG GHU 6XEVXPWLRQ GHV %HVRQGHUHQ XQWHU GDV $OOJHPHLQH XQWHU VLFK EH JUHLIW LL  GDV 9HUP|JHQ GHU (UNHQQWQLVSULQ]LSLHQ ZHOFKHV GHQ 9HUVWDQG EHL VHLQHU (UNHQQWQLV OHLWHQ VROO LLL  GHQ 8UVSUXQJ GHV =ZHFNEHJULIIV XQG ]ZDU VRZRKO PLW %OLFNDXIGLH1DWXUDOVDXFKDXIGDVPHQVFKOLFKH+DQGHOQXQG LY GDVLQGHU1DWXU OLHJHQGH 9HUP|JHQ GDV GHQ 0HQVFKHQ DOV 9HUQXQIWZHVHQ HUVW HUP|JOLFKW XQG HLQH 6LQQKDIWLJNHLWGHU0HQVFKKHLWVJHVFKLFKWHVWLIWHW 9JO]XGHQKLHUHLQVFKOlJLJHQKLVWRULVFKHQ'LIIHUHQ]HQ+HQULFKVRZLH GLH GHWDLOOLHUWH 8QWHUVXFKXQJ YRQ 6FKZDLJHU   GHU LQVEHVRQGHUH GHQ (LQIOX‰ %DXPJDUWHQVDXI.DQWV(WKLN(QWZLFNOXQJLQHLQGHXWOLFKHV/LFKWUFNW



.DS².DQWXQGGLH(LQKHLWSUDNWLVFKHU9HUQXQIW 

HU VHLQH +DQGOXQJHQ YRQ *HVHW]HQ DEOHLWHW´ 'LH 0HKUGHXWLJNHLW OLHJW GHPHQWVSUHFKHQG LQ .DQWV %HJULII HLQHU SUDNWLVFKHQ 9HUQXQIW DOV $GUHVVDW LQKDOWOLFK VHKU XQWHUVFKLHGOLFKHU )RUGHUXQJHQ ZLH DXFK +DPSWRQV )RU PXOLHUXQJ ² ÅWKH LQVWUXPHQWDO DQG QRW WKH PRUDO  FRPSRQHQW RI UHD VRQµ²YHUGHXWOLFKW:DVJHQDXKDWPDQVLFKDEHUXQWHU.RPSRQHQWHQGHU 9HUQXQIW YRU]XVWHOOHQ" 'D‰ VLFK ,PSHUDWLYH DXI GHQ (LQIOX‰ SUDNWLVFKHU 9HUQXQIWLPHLQHQ)DOOXQGUHLQSUDNWLVFKHU9HUQXQIWLPDQGHUHQEH]LHKHQ VFKHLQW .DQWV 3UREOHP HKHU ]X EHQHQQHQ DOV ]X O|VHQ 8QG .DQW VHOEVW VLHKW HLQH VROFKH $EVWXIXQJ ]ZLVFKHQ HLQHP ÄUHLQHQ :LOOHQ¶ E]Z ÄUHLQ SUDNWLVFKHU 9HUQXQIW¶ XQG HLQHP ÄQLFKWUHLQHQ :LOOHQ¶ E]Z HLQHU ÄQLFKW UHLQSUDNWLVFKHQ 9HUQXQIW¶ KLQVLFKWOLFK GHU 'LIIHUHQ]LHUXQJ ]ZLVFKHQ PRUDOLVFKHP XQG LQVWUXPHQWHOOHP .RQWH[W DXVGUFNOLFK DXFK QLFKW YRU 'HQQ ZHQQ LP LQVWUXPHQWHOOHQ .RQWH[W GHU 9HUQXQIW DQVWDWW GHU 6LQQ OLFKNHLW GHUHQWVFKHLGHQGH(LQIOX‰JHVWDWWHWZLUGVRZLUGNOXJJHKDQGHOW ZRKLQJHJHQ GLH P|JOLFKH (LQVFKUlQNXQJ GLHVHV (LQIOXVVHV HEHQ JHUDGH QLFKW GHQ LQVWUXPHQWHOOHQ .RQWH[W FKDUDNWHULVLHUW VRQGHUQ GHQ 0HQ VFKHQ 'LH.OXIW]ZLVFKHQGHU=ZHFN0LWWHO5DWLRQDOLWlWXQGGHUPRUDOLVFKHQ 9HUQQIWLJNHLW EH]LHKW VLFK GDPLW QLFKW QXU QLFKW DXI GLH 'LIIHUHQ] ]ZL

_____________ &UDPHUIYJOGD]X.DQW,9 +DPSWRQ 9JO .DQW ,9 I Å%HVWLPPW DEHU GLH 9HUQXQIW IU VLFK DOOHLQ GHQ :LOOHQ QLFKW KLQOlQJOLFK LVW GLHVHU QRFK VXEMHFWLYHQ %HGLQJXQJHQ JHZLVVHQ 7ULHEIHGHUQ  XQWHU ZRUIHQGLHQLFKWLPPHUPLWGHQREMHFWLYHQEHUHLQVWLPPHQPLWHLQHP:RUWHLVWGHU :LOOHQLFKWDQVLFKY|OOLJGHU9HUQXQIWJHPl‰ ZLHHVEHL0HQVFKHQZLUNOLFKLVW VRVLQG GLH+DQGOXQJHQGLHREMHFWLYDOVQRWKZHQGLJHUNDQQWZHUGHQVXEMHFWLY]XIlOOLJ>«@´ +HUYRUKHEXQJ .3  (LQH VROFKH $EVWXIXQJ ]ZLVFKHQ HLQHU ÄUHLQSUDNWLVFKHQ 9HU QXQIW¶ XQG HLQHU ÄQLFKWUHLQSUDNWLVFKHQ 9HUQXQIW¶ KLQVLFKWOLFK GHU 'LIIHUHQ]LHUXQJ ]ZLVFKHQPRUDOLVFKHPXQGLQVWUXPHQWHOOHP.RQWH[WOHJW+DEHUPDVQDKH   9RQ GLHVHU .ULWLN DQ VHLQHU .DQW,QWHUSUHWDWLRQ EOHLEW VHLQH V\VWHPDWLVFKH 5HNRQ VWUXNWLRQGHU'LIIHUHQ]HQLP%HJULIIGHUÅSUDNWLVFKHQ9HUQXQIW´VRZLHLPÅ.RQ]HSW GHV:LOOHQV´XQEHUKUW YJO+DEHUPDV 0HLQHV(UDFKWHQVNDQQDXFKGLH 9RUVWHOOXQJHLQHU6WHLJHUXQJGHUÄIUHLHQ:LOONU¶DOV([HNXWLRQVLQVWDQ]K\SRWKHWLVFKHU ,PSHUDWLYH]XHLQHUQRFKK|KHUHQ)RUPGHUÄIUHLHQ:LOONU¶DOV([HNXWLRQVLQVWDQ]GHV NDWHJRULVFKHQ ,PSHUDWLYV GDV 3UREOHP QLFKW NOlUHQ ZLH 6WHLJOHGHU QDKH]XOHJHQ VFKHLQWÅÄ)UHLH:LOONU¶NDQQEHL.DQW]ZHLHUOHLPHLQHQQlPOLFK  HLQGXUFKSUDN WLVFKH P|JOLFKHUZHLVHDEHU QLFKW GXUFKUHLQHSUDNWLVFKH 9HUQXQIWEHVWLPPWHVE]Z EHVWLPPEDUHV%HJHKUXQJVYHUP|JHQ  GDV%HJHKUXQJVYHUP|JHQHLQHV:HVHQVGDV UHLQH SUDNWLVFKH 9HUQXQIW EHVLW]W XQG VHLQH :LOONU HQWVSUHFKHQG EHVWLPPHQ NDQQ 'HU8QWHUVFKLHGEHVWHKWLQGHP6LQQLQGHPGLHDOVIUHLEH]HLFKQHWH:LOONUÄIUHL¶LVW ,PHUVWHQ)DOOLVWGLHÄ)UHLKHLW¶GHUÄIUHLHQ:LOONU¶HLQH P|JOLFKHUZHLVHEOR‰ UHODWLYH >«@,P]ZHLWHQ)DOOPHLQWGLHÄ)UHLKHLW¶GHUÄIUHLHQ:LOONU¶GLH)UHLKHLWHLQHVYHUQQI WLJHQ 6LQQHQZHVHQV GDV GHU )UHLKHLW LP VWUHQJVWHQ XQG HLJHQWOLFKHQ 6LQQH IlKLJ LVW VHOEVWZHQQHVGLHVH)UHLKHLWQLFKWUHDOLVLHUW´ 6WHLJOHGHU 

†3UDNWLVFKH9HUQXQIWXQGGHUPXQGXVLQWHOOLJLELOLV 



VFKHQ9HUVWDQGXQG9HUQXQIWVRQGHUQDXFKQLFKWDXIGLH'LIIHUHQ]]ZL VFKHQ GHQ 9HUP|JHQ GHU 6LQQOLFKNHLW XQG GHU 9HUQXQIW E]Z GLH 'LIIH UHQ] ]ZLVFKHQ 1HLJXQJHQ XQG SUDNWLVFKHQ ,GHHQ 'HQQ ZLH GLH YRUVWH KHQGH $QDO\VH JH]HLJW KDW JHZLQQW GDV 3ULQ]LS GHU =ZHFN0LWWHO 5DWLRQDOLWlWVHLQH $XWRULWlW JHUDGH QLFKW DXV GHQ 1HLJXQJHQ VRQGHUQ DXV GHU9HUQXQIWGDVQRUPDWLYH3UREOHPLVWQLFKWGLH(UNHQQWQLVJHHLJQHWHU 0LWWHO ]XU5HDOLVLHUXQJ HLQHV JHJHEHQHQ =ZHFNV GDV QRUPDWLYH3UREOHP EHVWHKWYLHOPHKULQGHU+DQGOXQJVHIIHNWLYLWlWGLHVHU(UNHQQWQLVHEHQGHP ÄHQWVFKHLGHQGHQ(LQIOX‰GHU9HUQXQIW¶DXIXQVHUH+DQGOXQJHQ8QGGLH VHU(LQIOX‰LVWHVDXFKGHUGLH:LOOHQVEHVWLPPXQJLPPRUDOLVFKHQ.RQ WH[W OHLWHQ VROO ZR .DQW GHP LQVWUXPHQWHOOHQ .RQWH[W DQDORJ YRQ GHU ÄYROOHQ*HZDOWGHU9HUQXQIWEHUGDV%HJHKUXQJVYHUP|JHQ¶VSULFKW 8P .DQWV 3RVWXODW GHU (LQKHLW GHU 9HUQXQIW DXIUHFKW]XHUKDOWHQ XQG GDPLW HLQH Ä6FKL]RSKUHQLH¶GHU 9HUQXQIW PLW EH]XJ DXI HLQHUVHLWVPRUDOL VFKHXQGDQGHUHUVHLWVDOOHDQGHUHQ+DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQ ]X YHUKLQGHUQ VFKHLQW HV PLU JHUDWHQ $XWRQRPLH DOV QRWZHQGLJH %HGLQ JXQJGHU$QHUNHQQXQJYRQ+DQGOXQJVJUQGHQ²VHLHQGLHVHQXQ:QVFKH 1HLJXQJHQ RGHU DXFK PRUDOLVFKH 1RUPHQ ² DXI]XIDVVHQ .DQWV %HJULII GHUSUDNWLVFKHQ9HUQXQIWYHUVWDQGHQDOVGHU*HVDPWXPIDQJPRUDOLVFKHU XQG QLFKWPRUDOLVFKHU :LOOHQVEHVWLPPXQJHQ VROOWH PLWKLOIH GHV %HJULIIV GHU+DQGOXQJVJUQGHVRZLHGHUHQ5HODWLRQHQXQWHUHLQDQGHURSHUDWLRQDOL VLHUW ZHUGHQ N|QQHQ LQGHP PDQ GLH QRUPDWLYH .UDIW YRQ +DQGOXQJV JUQGHQ JHQDXHU GHUHQ GHRQWLVFKH 5HLFKZHLWH EHVFKUHLEW $XI .DQWV PHWDSK\VLVFKH XQG SV\FKRORJLVFKH $QQDKPHQ XQWHUVFKLHGOLFKHU 6HHOHQ YHUP|JHQ VRZLH GHUHQ LPPHU VXEWLOHUH 'LIIHUHQ]LHUXQJHQ  GLH MHZHLOV HLQHQ =XJULII DXI XQWHUVFKLHGOLFKH :HOWHQ EHVLW]HQ N|QQWH GHPHQWVSUH FKHQGYHU]LFKWHWZHUGHQ

_____________ 9JO.DQW,9

   

.DSLWHO+DQGOXQJVJUQGHXQGLKUH.RKlUHQ]

 

.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ]

†(LQOHLWXQJ

 %HL .DQW IXQJLHUWH GDV 3ULQ]LS ÅJHVWDWWH GHU 9HUQXQIW HQWVFKHLGHQGHQ (LQIOX‰ DXI GHLQH+DQGOXQJ´ QLFKW DOV NDWHJRULVFKHU,PSHUDWLY VRQGHUQ DOV%UFNHQSULQ]LS]ZLVFKHQGHPÅSUDNWLVFKH>Q@*HVHW]´DOVGHPÅREMHF WLYH>Q@ 3ULQFLS´ GHU 0RUDO XQG GHP NDWHJRULVFKHQ ,PSHUDWLY HLQHUVHLWV VRZLH DOV %UFNHQSULQ]LS ]ZLVFKHQ GHU =ZHFN0LWWHO5HODWLRQ XQG GHP K\SRWKHWLVFKHQ,PSHUDWLYDQGHUHUVHLWV :DVVLFKEHL.DQWDOVGHU.HUQSUDNWLVFKHU1RUPDWLYLWlWJH]HLJWKDW VFKHLQWQXQDXFKLP+LQWHUJUXQGHLQHUNRKlUHQWLVWLVFKRULHQWLHUWHQ+DQG OXQJVWKHRULH VWHKHQ ]X N|QQHQ =ZDU IRUPXOLHUHQ .RKlUHQWLVWHQ GLHVHV 3ULQ]LS QLFKW ² HEHQVR ZHQLJ ZLH .DQW GLHV JHWDQ KDW ² DOV HLQH %DVLV QRUPDXVZHOFKHUNRQNUHWH1RUPHQ ZHOFKHDXFKLPPHU DEJHOHLWHWZHU GHQN|QQWHQ'RFKVWHOOWDXFKIUGHQ.RKlUHQWLVPXVGHUHQWVFKHLGHQGH (LQIOX‰GHU9HUQXQIWDXIXQVHUH+DQGOXQJHQHLQH%HGLQJXQJGDUGLHIU GHQJHIRUGHUWHQ=XVDPPHQKDQJYRQ+DQGOXQJVJUQGHQHUIOOWVHLQPX‰ :HQQGDKHU6FDQORQGHULP*HJHQVDW]]XRUWKRGR[HQ.DQWLDQHUQQDFK HLQHP ÄUHIOH[LYHQ *OHLFKJHZLFKW¶ ]ZLVFKHQ K|KHUVWXILJHQ 3ULQ]LSLHQ XQG NRQNUHWHQ+DQGOXQJVJUQGHQVXFKWGLHEXFKVWlEOLFKH$XIIRUGHUXQJÅ%H UHDVRQDEOH´ VRZRKO LQ WKHRUHWLVFKHU DOV DXFK LQ SUDNWLVFKHU +LQVLFKW ² XQG KLHU ZLHGHUXP LQVWUXPHQWHOO XQG PRUDOLVFK ² DOV HLQH $XIIRUGHUXQJ LQWHUSUHWLHUW GLH VLFK HQWZHGHU D  DXI GLH $UW ZLH HLQH 3HUVRQ GXUFK hEHUOHJXQJ ÅIURP D VKDUHG ERG\ RI LQIRUPDWLRQ DQG FRQFHSWLRQ RI WKH UHOHYDQWFRQVLGHUDWLRQV´]XHLQHUhEHU]HXJXQJRGHU$EVLFKWJHODQJWEH ]LHKWRGHUDEHU E GDV'UlQJHQEHLQKDOWHWÅWRWDNHLQWRDFFRXQWIDFWVRU UHDVRQVWKDWKHLVSUHVHQWO\LJQRULQJ´GDQQEHQHQQWHUGDPLWGHQ.HUQ SXQNWVHLQHV.RQ]HSWVHLQHUVWUXNWXUHOOHQ5DWLRQDOLWlWÅ:KDWZHDUHFODL PLQJLVWKDWWKHUHLVUHDVRQWRWDNHWKHVH>VFRWKHUSHRSOH·V.3@LQWHUHVWV LQWR DFFRXQW JLYHQ WKH VXSSRVHG DLP RI UHDFKLQJ DJUHHPHQW RU ILQGLQJ D FRXUVHRIDFWLRQWKDWHYHU\RQHZLOOEHKDSS\ZLWK,WLVLQWKLVVHQVHWKDW, DPXVLQJWKHWHUP>VFUHDVRQDEOHQHVV.3@ZKHQ,VD\WKDWDQDFWLRQLV ZURQJ LI LW ZRXOG EH H[FOXGHG E\ DQ\ SULQFLSOHV WKDW QR RQH FRXOG UHD

_____________  .DQW,9

†(LQOHLWXQJ 



VRQDEO\ UHMHFW JLYHQ WKH DLP RI ILQGLQJ SULQFLSOHV WKDW RWKHUV VLPLODUO\ PRWLYDWHGFRXOGDOVRDFFHSWµ$XI6FDQORQV.RQ]HSWGHVÄ:KDW:H2ZH WR(DFK2WKHU¶ZHUGHLFKQRFKQlKHUHLQJHKHQKLHULVW]XQlFKVWQXUGHU 6WDWXV GHV 3ULQ]LSV GHU 9HUQQIWLJNHLW VHOEVW DOV GHV %DVLVSULQ]LSV HLQHU VROFKHQNRKlUHQWLVWLVFKHQ.RQ]HSWLRQZHVHQWOLFK ,QZLHIHUQ NDQQ QXQ HLQ SUDNWLVFKHU .RKlUHQWLVPXV DOV +HUDXVIRUGH UXQJ DQ .DQWV .RQ]HSWLRQ SUDNWLVFKHU 9HUQXQIW DXIJHID‰W ZHUGHQ" $OO JHPHLQ VROOWH YRQ HLQHU VROFKHQ 7KHRULHQNRQVWHOODWLRQ JHOWHQ GD‰ GLH KHUDXVIRUGHUQGH7KHRULHHLQH6FKQLWWPHQJHGHU3UREOHPHEHKDQGHOWGLH DXFK GLH KHUDXVJHIRUGHUWH ]XP *HJHQVWDQG KDW HV PX‰ HLQ 0LQLPXP JHWHLOWHU7KHRUHPHJHEHQEHLGHPVVHQVR]XVDJHQDXIGHPVHOEHQ%RGHQ LQGLHVHP)DOOGHPGHV.RJQLWLYLVPXVVWHKHQ'LHKHUDXVIRUGHUQGH7KHR ULHPX‰DX‰HUGHPVROFKH3UREOHPHO|VHQE]Z3KlQRPHQHHUNOlUHQN|Q QHQGLHDXFKYRQGHUÄDOWHQ¶7KHRULHEHZlOWLJWZXUGHQXQGGDUEHUKLQ DXV VROFKH GLH YRQ MHQHU QLFKW EHZlOWLJW ZXUGHQ 'DEHL GDUI GLH 6XFKH QLFKWQXULQ5LFKWXQJXQJHO|VWHU3UREOHPHJHKHQGLHYRQGHUÄDOWHQ¶7KH RULH DOV VROFKH ZDKUJHQRPPHQ ZXUGHQ RGHU ZHUGHQ NRQQWHQ 9LHOPHKU NDQQ VLFK GLH +HUDXVIRUGHUXQJ DXFK DXI SUREOHPDWLVFKH +LQWHUJUXQGDQ QDKPHQEH]LHKHQGLHVLFKPHKURGHUZHQLJHUH[SOL]LWLQMHQHUILQGHQ (LQHVROFKHDQ7KRPDV6.XKQRULHQWLHUWH%HVFKUHLEXQJLVW]ZDU]X DOOJHPHLQXQGYDJHXPNRQNUHWH$QKDOWVSXQNWHIUGLH6XFKHQDFKHLQHU $OWHUQDWLYH ]X RGHU DXFK HLQHP $QVFKOX‰ DQ .DQW ]X ILQGHQ 'RFK LQ HUVWHU KHXULVWLVFKHU $QQlKHUXQJ Ol‰W VLFK GDV )ROJHQGH IHVWVWHOOHQ 'HU PHWDSK\VLVFKH 3UHLV GHV NDWHJRULVFKHQ ,PSHUDWLYV LQQHUKDOE GHU .DQWL VFKHQ .RQ]HSWLRQ LVW KRFK GLH (LQZlQGH GLH VHLW GHU 3XEOLNDWLRQ YRQ .DQWV *UXQGOHJXQJ JHJHQ GLHVH 0RUDONRQ]HSWLRQ HUKREHQ ZXUGHQ VLQG QLFKWPHKU]XEHUEOLFNHQVLHUHLFKHQYRQ'HWDLONULWLNELV]XUJlQ]OLFKHQ 9HUZHUIXQJHLQHUQRUPDWLYHQ(WKLN1XQOl‰WVLFK]ZDUGLH6FKZLHULJNHLW PLW GHP NDWHJRULVFKHQ ,PSHUDWLY EHUHLWV UHGX]LHUHQ ZHQQ PDQ LP *H JHQVDW] ]XP ,QWXLWLRQLVPXV QLFKW YRQ HLQHU 7RWDODEOHKQXQJ UDWLRQDOHU %HJUQGEDUNHLW SUDNWLVFKHU 6lW]H DXVJHKW 'HQQRFK VFKHLQHQ PLU DXFK GDQQ QRFK QHEHQ GHU LQ †  JHQDQQWHQ .ULWLN YRU DOOHP GLH IROJHQGHQ 3XQNWHYRQ]HQWUDOHU%HGHXWXQJ]XVHLQ =XP HUVWHQ NDQQ PDQ GHQ .DQWLVFKHQ 0HQWDOLVPXV RGHU JDU ,QWURVSHNWLRQLVPXVPLW%OLFNDXIGLH(LQVLFKWLQGDV6LWWHQJHVHW]LQ)UDJH

_____________  6FDQORQ  9JOQHEHQ.XKQ  DXFKGLHV\VWHPDWLVFKH:HLWHUHQWZLFNOXQJYRQ.XKQV7KHR ULHEHL)ULHGPDQ  9JOGD]XREHQ.DS)QXQGXQWHQ.DS)Q  9JO GD]X DXFK GLH DXVJHZRJHQH 'LVNXVVLRQ ZHLWHUHU (LQZlQGH JHJHQ ]HQWUDOH (OH PHQWHGHU.DQWLVFKHQ0RUDOSKLORVRSKLHEHL%DURQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

VWHOOHQ.DQWVHLJHQHU$QVDW]LQGHU]ZHLWHQ.ULWLNKDW]ZDUGHQDXIHLQH 'HGXNWLRQDE]LHOHQGHQ,QWHOOHNWXDOLVPXVGHU*UXQGOHJXQJKLQWHUVLFKJHODV VHQGRFKDXFKHUHUODXEWQXUGLHHQWVSUHFKHQGH)UDJHQLFKWPHKUKLQJH JHQHLQHEHIULHGLJHQGH$QWZRUWÅ:LHQXQGLHVHV%HZX‰WVHLQGHUPRUDOL VFKHQ*HVHW]HRGHUZHOFKHVHLQHUOHLLVWGDVGHU)UHLKHLWP|JOLFKVHLOl‰W VLFKQLFKWZHLWHUHUNOlUHQ>«@´(LQH$OWHUQDWLYWKHRULHP‰WHQXQZHGHU GLHVHV %HZX‰WVHLQ HUNOlUHQ QRFK GHQ %HZX‰WVHLQVEHJULII DEOHKQHQ 6LH P‰WH YLHOPHKU GLH DUJXPHQWDWLYH /DVW GLH HU LQ .DQWV .RQ]HSWLRQ ]X WUDJHQKDWYRQLKPQHKPHQ (LQZHLWHUHV3UREOHPGDVHEHQIDOOVHQJPLW.DQWV.RQ]HSWGHUÄ$FK WXQJYRUGHP*HVHW]¶YHUNQSIWLVWVWHOOWGLH$EVWUDNWKHLWGHU.DQWLVFKHQ (WKLNGDU.DQWKDQGHOWLQGHU7XJHQGOHKUH]ZDUYRQNRQNUHWHQÅ7XJHQG SIOLFKWHQ´ GHUHQ &KDUDNWHULVWLNXP GHU Å6HOEVW]ZDQJ´ LVW LP *HJHQVDW] ]XP MXULVWLVFKHQ lX‰HUHQ =ZDQJ  'RFK HUVHW]W GLHVH 7XJHQGOHKUH NHLQHQ ÄSUDNWLVFKHQ6FKHPDWLVPXV¶GHU]XNOlUHQKlWWHZLHGDVZDVLQIRURLQ WHUQRDXVJHPDFKWZXUGH$QZHQGXQJDXINRQNUHWH$XVHLQDQGHUVHW]XQJHQ ]ZLVFKHQ3HUVRQHQILQGHQNDQQ 0LW GLHVHU $EVWUDNWKHLW XQG *HVHOOVFKDIWVIHUQH ZLHGHUXP YHUEXQGHQ EHVWHKWLQQHUKDOE.DQWV0RUDOSKLORVRSKLHGDV3UREOHPGHU,UUHOHYDQ]YRQ +DQGOXQJVNRQVHTXHQ]HQ IU GLH %HXUWHLOXQJ HLQHU +DQGOXQJ DOV PRUD OLVFK .DQWV SURPLQHQWHVWHV %HLVSLHO LQ GLHVHP =XVDPPHQKDQJ LVW GLH :DKUKDIWLJNHLW LP PHQVFKOLFKHQ 8PJDQJ Å1XQ LVW HV GRFK HWZDV JDQ] DQGHUHVDXV3IOLFKWZDKUKDIW]XVHLQDOVDXV%HVRUJQL‰GHUQDFKWKHLOLJHQ )ROJHQ LQGHP LP HUVWHQ )DOOH GHU %HJULII GHU +DQGOXQJ DQ VLFK VHOEVW VFKRQ HLQ *HVHW] IU PLFK HQWKlOW LP ]ZHLWHQ LFK PLFK DOOHUHUVW DQGHU ZlUWVKHUXPVHKHQPX‰ZHOFKH:LUNXQJHQIUPLFKZRKOGDPLWYHUEXQ GHQ VHLQ P|FKWHQ´ 0DQ ZLUG QXQ ]ZHLIHOORV ]XJHVWHKHQ GD‰ GLH ]XU

_____________  ,QJHZLVVHU+LQVLFKWOl‰WVLFKQLFKW]XOHW]WYRUGHP+LQWHUJUXQGYRQ+HQULFKV$QD O\VHQ]XPMXULVWLVFKHQ8PIHOGGHV'HGXNWLRQVEHJULIIVEHL.DQW YJO+HQULFK  DXFK LQ GHU .S9 YRQ HLQHU 'HGXNWLRQ VSUHFKHQ QXU ZLUG KLHU VR]XVDJHQ GHU :HJ YRP XUVSUQJOLFKHQ )DNWXP ]XU REMHNWLYHQ 5HDOLWlW GHV PRUDOLVFKHQ *HVHW]HV VWDUN YHUNU]W :lKUHQG LQ GHU *UXQGOHJXQJ GDV Ä)DNWXP¶ XP LQ GLHVHU 7HUPLQRORJLH ]X EOHLEHQGDULQEHVWHKWGD‰ZLU%UJHUGHULQWHOOLJLEOHQ:HOWVLQGEHVWHKWGDVÅ)DFWXP GHUUHLQHQ9HUQXQIW´LQGHU.S9VFKOLFKWZHJLPÅ%HZX‰WVHLQGLHVHV*UXQGJHVHW]HV´ .DQW9   .DQW9  ,Q.DSZHUGHLFKQlKHUDXIGLHVHV3UREOHPGHV+DQGHOQVDXV(LQVLFKWLQGDV6LW WHQJHVHW]HLQJHKHQ  9JO.DQW9,  .DQW,99JOGD]XDXFK.DQWV$XIVDW]ÅhEHUHLQYHUPHLQWHV5HFKWDXV0HQ VFKHQOLHEH]XOJHQ´ .DQW9,,, VRZLHLQ.DQWV$QWKURSRORJLHÅ:DKUKDIWLJ NHLWLP,QQHUHQGHV*HVWlQGQLVVHVYRUVLFKVHOEVWXQG]XJOHLFKLP%HWUDJHQJHJHQMH

†.RKlUHQWLVPXV(UNOlUXQJVZHUWXQG8QVFKlUIH 



)ROJHQDEVFKlW]XQJHLQHU+DQGOXQJHUIRUGHUWH.OXJKHLWKlXILJDQLKU(Q GHNRPPWEHYRUGLH+DQGOXQJVIROJHQNODUEHVWLPPWVLQGXQG:DKUKDI WLJNHLWLPNRPPXQLNDWLYHQ8PJDQJGHU0HQVFKHQHLQHK|KHUHGHQQEOR‰ NRQVHTXHQWLDOLVWLVFKH 'LJQLWlW EHVLW]W VFKOLH‰OLFK LVW LKUH %HIROJXQJ HLQH QRWZHQGLJH %HGLQJXQJ YRQ .RPPXQLNDWLRQ 'RFK NDQQ HV XQWHUKDOE GLHVHU(EHQHVLWXDWLRQVYDULDQWHEHQDXFKPRUDOLVFKJHERWHQVHLQNRQWH[W VHQVLEHO XQZDKUKDIWLJ JHJHQEHU EHVWLPPWHQ 3HUVRQHQ ]X VSUHFKHQ XQG ]XKDQGHOQZLHNRQWURYHUVH)lOOHYRQbX‰HUXQJHQJHJHQEHU7HUURULVWHQ RGHU bX‰HUXQJHQ HLQHV $U]WHV JHJHQEHU HLQHP XQKHLOEDUHQ 3DWLHQWHQ EHOHJHQ $OOJHPHLQ Ol‰W VLFK GDIU DUJXPHQWLHUHQ GD‰ GLH Y|OOLJH (QW ZHUWXQJGHU+DQGOXQJVIROJHQ]XJXQVWHQGHU5HLQKHLWGHU:LOOHQVEHVWLP PXQJ DXIJUXQG GHU GDPLW DXVJHVFKORVVHQHQ $EZlJXQJ ]X PRUDOLVFKHQ 'LOHPPDWD IKUHQ NDQQ GLH DXV .DQWV 3HUVSHNWLYH XQO|VEDU HUVFKHLQHQ ZHQQQlPOLFKGLHYRP+DQGHOQGHQDEVHKEDUHQ)ROJHQHLQHUDXV$FKWXQJ YRUGHP6LWWHQJHVHW]JHVFKHKHQHQ+DQGOXQJPLWGHP6LWWHQJHVHW]NRQIOL JLHUHQ  

†.RKlUHQWLVPXV(UNOlUXQJVZHUWXQG8QVFKlUIH

 'LHHLQJDQJVYRUJHQRPPHQH4XDOLIL]LHUXQJGHVLPIROJHQGHQUHOHYDQWHQ %HJULIIV GHV .RKlUHQWLVPXV PX‰ QXQ QRFK ZHLWHU DXVJHIKUW ZHUGHQ GHQQHULVWELVKLHUKHULQWHQVLRQDO]XHQJXQGH[WHQVLRQDO]XZHLWXP]X VXEVWDQWLHOOHQ (UNOlUXQJHQ KHUDQJH]RJHQ ZHUGHQ ]X N|QQHQ :DV DOVR VROO LP )ROJHQGHQ XQWHU .RKlUHQWLVPXV YHUVWDQGHQ ZHUGHQ" :HQQ PDQ QLFKW YRQ HLQHU 5HVWULNWLRQ GHV .RKlUHQWLVPXV DXI hEHU]HXJXQJHQ DXV JHKWVRQGHUQVWDWWGHVVHQDXFKSUDNWLVFKH(LQVWHOOXQJHQZLH:HUWH1RU PHQ:QVFKHVRZLH+DQGOXQJVSOlQHXQGHQWVFKHLGXQJHQPLWHLQEH]LHKW RGHUXPJHNHKUWGHQ%HJULIIGHUhEHU]HXJXQJVRZHLWID‰WGD‰GDUXQWHU DOOHVIDOOHQNDQQZDVHLQHU%HJUQGXQJIlKLJLVWVRNDQQ/DXUHQFH%RQ -RXUV'HILQLWLRQDOVHUVWH2ULHQWLHUXQJIUGDV1DFKIROJHQGHGLHQHQÅ>@ FRKHUHQFHLVDPDWWHURIKRZZHOODERG\RIEHOLHIÄKDQJVWRJHWKHU¶KRZ ZHOOLWVFRPSRQHQWEHOLHIVILWWRJHWKHUDJUHHRUGRYHWDLOZLWKHDFKRWKHU VRDVWRSURGXFHDQRUJDQL]HGWLJKWO\VWUXFWXUHGV\VWHPRIEHOLHIVUDWKHU WKDQHLWKHUDKHOWHUVNHOWHUFROOHFWLRQRUDVHWRIFRQIOLFWLQJVXEV\VWHPV,W LV UHDVRQDEO\ FOHDU WKDW WKLV ÄKDQJLQJ WRJHWKHU¶ GHSHQGV RQ WKH YDULRXV

_____________ GHQ$QGHUHQVLFK]XUREHUVWHQ0D[LPHJHPDFKWLVWGHUHLQ]LJH%HZHLVGHV%HZX‰W VHLQVHLQHV0HQVFKHQGD‰HUHLQHQ&KDUDNWHUKDW´ .DQW9,,   9JO]XHLQHUV\VWHPDWLVFKHQ$XVHLQDQGHUVHW]XQJPLWGHP%HJULIIGHU:DKUKDIWLJNHLW 3ROORN  9JOGD]X0LOOJUDP



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

VRUWV RI LQIHUHQWLDO HYLGHQWLDO DQG H[SODQDWRU\ UHODWLRQV ZKLFK REWDLQ DPRQJWKHYDULRXVPHPEHUVRIDV\VWHPRIEHOLHIVDQGHVSHFLDOO\RQWKH PRUH KROLVWLF DQG V\VWHPDWLF RI WKHVHµ ,Q +DQGOXQJV]XVDPPHQKlQJHQ ZLUG GHPJHPl‰ HLQ KRKHV0D‰ DQ :LGHUVSUXFKVIUHLKHLW ]ZLVFKHQ KDQG OXQJVUHOHYDQWHQ (LQVWHOOXQJHQ VRZLH GLH (LQELQGXQJ GLHVHU UHOHYDQWHQ (LQVWHOOXQJHQLQHLQ1HW]LQIHUHQWLHOOHU5HODWLRQHQHLQ1HW]YRQHLQVHLWL JHQRGHUZHFKVHOVHLWLJHQ$EKlQJLJNHLWHQDQJHVWUHEW,P)ROJHQGHQVROOHV QXQQLFKWXPGHQ0D[LPLHUXQJVDVSHNWGHU.RKlUHQ]DOVVROFKHQJHKHQ VRQGHUQXPGDV.ULWHULXPRGHUGLH.ULWHULHQGLHHUIOOWVHLQPVVHQXP HLQH .RKlUHQ] ]ZLVFKHQ KDQGOXQJVUHOHYDQWHQ (LQVWHOOXQJHQ ]X HU]LHOHQ 'DV ,QWHUHVVH ULFKWHW VLFK QLFKW DXI GLH $Q]DKO XQG GLH %LQGXQJVNUDIW LQIHUHQWLHOOHU5HODWLRQHQ²EHUHFKWLJXQJVXQGIHVWOHJXQJVHUKDOWHQGH,QIH UHQ]HQ²VRZLHGLHGDJHJHQDE]XZlJHQGHQ,QNRPSDWLELOLWlWHQLQHLQHP LQWUD RGHU LQWHUSHUVRQHOOHQ 6\VWHP KDQGOXQJVUHOHYDQWHU (LQVWHOOXQJHQ VRQGHUQDXIHLQ9HUVWlQGQLVGHU)RUGHUXQJQDFKGHUDUWLJHU.RKlUHQ] (LQH JHZLVVH (UZDUWXQJ DQ HLQH NRKlUHQWLVWLVFKH 7KHRULH VROOWH PDQ MHGRFK JDU QLFKW HUVW HQWZLFNHOQ ]XPLQGHVW ZLUG VLH LQ GHU 5HDOLWlW YHU PXWOLFK VWHWV HQWWlXVFKW ZHUGHQ ([DNWKHLW 'HQQ ZHGHU GLH $Q]DKO GHU DE]XZlJHQGHQ(OHPHQWHQRFK²XQGGLHVLVWLQPHLQHQ$XJHQLQSUDNWL VFKHU +LQVLFKW QRFK HQWVFKHLGHQGHU ² GDV Ä*HZLFKW¶ GLHVHU MHZHLOLJHQ (OHPHQWH N|QQHQ H[DNW NDONXOLHUW ZHUGHQ +LODU\ 3XWQDP GHU KROLVWLVFK DUJXPHQWLHUWXQGGDEHLQRUPDWLYH(OHPHQWHQLFKWQXULQ:HUWHDXVVDJHQ VRQGHUQLQMHGHU7DWVDFKHQDXVVDJHIHVWPDFKWVFKUHLEWLQGLHVHPSUDJPD WLVFKHUHQ6LQQHÅ>«@ÄFRKHUHQFH¶LVQRWVRPHWKLQJWKDWZHKDYHDQDOJR ULWKP IRU EXW VRPHWKLQJ WKDW ZH XOWLPDWHO\ MXGJH E\ ÄVHDW RI WKH SDQWV¶ IHHO´'LHVH+HUDEVWLPPXQJGHU(UZDUWXQJVFKHLQWPLUZLFKWLJ]XVHLQ

_____________  %RQ-RXUYJODXFK%DUWHOERUWKIUHLQH$XIVWHOOXQJYRQ%HGLQ JXQJHQHLQHU.RKlUHQ]WKHRULHGHU5HFKWIHUWLJXQJYRQhEHU]HXJXQJHQ'LHYRQLKP VRJHQDQQWH6WDELOLWlWVEHGLQJXQJ G EH]LHKWVLFKGDEHLDXIGLHDXFKLP3UDNWLVFKHQ ZLFKWLJH'LDFKURQLHXQGYHUODQJWYRQHLQHPhEHU]HXJXQJVV\VWHP;Å>@GD‰HVEHU OlQJHUH=HLWKLQZHJVWDELONRKlUHQWJHEOLHEHQLVWGKGD‰HVLQGLHVHU=HLWWURW]P|JOLFKVW ]DKOUHLFKHQ ,QSXWV NHLQH UHYROXWLRQlUHQ bQGHUXQJHQ HUIDKUHQ KDW´ %DUWHOERUWK  8QWHUDQGHUHPZLUGGDPLW²HUNHQQWQLVWKHRUHWLVFKUHOHYDQW²DXFKGHU(U OHEQLVEHULFKWYRP0lUFKHQXQWHUVFKHLGEDU  'LHVHU 9RUJULII DXI %UDQGRPV 9RNDEXODU %UDQGRP D I  ZLUG LQ .DS  HLQJHO|VWZHUGHQ  3XWQDPI$XI3XWQDPVÄLQWHUQHQ5HDOLVPXV¶LQQHUKDOEGHVVHQGHP.RKl UHQ]EHJULIIHLQH]HQWUDOHWKHRUHWLVFKH5ROOHEH]JOLFKHLQHU.RQ]HSWLRQYRQ:DKUKHLW ]XNRPPW RKQHHLQHQ5HODWLYLVPXV]XSURSDJLHUHQ PX‰KLHUQLFKWZHLWHUHLQJHJDQ JHQZHUGHQ(QWVFKHLGHQGLVWDQGLHVHU6WHOOHOHGLJOLFKGD‰.RKlUHQ]HLQ0HKURGHU :HQLJHU QLFKW QXU HUODXEW VRQGHUQ LQ GHU 5HDOLWlW VWHWV GDUVWHOOW 3XWQDP VSULFKW LQ GLHVHP6LQQHYRQ5DWLRQDOLWlWDOVHLQHPÅ*UHQ]EHJULII´ 3XWQDP 

†.RKlUHQWLVPXV(UNOlUXQJVZHUWXQG8QVFKlUIH 



ZHLOVRQVWGHUÅUHDOLW\FKHFNµDXIMHGHQ)DOOQHJDWLYDXVIlOOWGHQQ+DQG OXQJVJUQGH VWUHQJ TXDQWLIL]LHUHQ ]X ZROOHQ LVW VFKOLFKW DEVXUG +HX ULVWLVFK ZHJZHLVHQG VFKHLQW PLU LQ GLHVHP =XVDPPHQKDQJ 0LOOJUDPV 'LIIHUHQ]LHUXQJ GHU EHLGHQ%HUHLFKH GHU +DQGOXQJVSOlQH XQG GHU 0RUDO ]XVHLQGHUHQ9HUVWlQGQLVVR0LOOJUDPZHVHQWOLFKDXINRKlUHQWLVWLVFKHU %HJULIIOLFKNHLW EHUXKW Å3UHVHQWHG ZLWK D KRGJHSRGJH RI JRDOV SRVVLEOH DFWLRQVUHOHYDQWEHOLHIV DERXWZKDWFRQGXFHVWRZKDWDQGDERXWZKDWLV LQFRPSDWLEOHZLWKZKDW DQGPD\EHRWKHUWKLQJV,FDQWUHDWWKHSUREOHP RI ILJXULQJ RXW ZKDW WR GR DV WKH SUREOHP RI VRUWLQJ DV PXFK RI WKH KRGJHSRGJH DV , FDQ LQWR WKH PRVW FRKHUHQW SRVVLEOH SODQ >«@ )LUVW PRUH FRKHUHQW SODQV ZLOO WHQG WR KDYH SDUWV WKDW ZRUN WRJHWKHU UDWKHU WKDQDWFURVVSXUSRVHVDQGWKLVPDNHVWKHSODQDVDZKROHPRUHOLNHO\WR ZRUN6HFRQGXQOLNHWKHVFLHQWLILFWKHRULHV>«@ZLWKWKHLU]HURWROHUDQFH IRU LQFRQVLVWHQF\ DJHQWV WKDW H[HFXWH SODQV DUH QRUPDOO\ DEOH WR DEVRUE DQGFRPSHQVDWHIRUDFHUWDLQUHVLGXDODPRXQWRILQFRKHUHQFHLQDSODQµ :DVQHEHQGLHVHP%HUHLFKGHU+DQGOXQJVSOlQHGHQPRUDOLVFKHQ%HUHLFK EHWULIIW VR XQWHUVFKHLGHW 0LOOJUDP ]ZLVFKHQ HLQHP 5HDOLVPXV XQG HKHU SUDJPDWLVFK RULHQWLHUWHQ 7KHRULHQ Å,I >«@ \RX WKLQN WKDW ZKDW \RX DUH WU\LQJ WR GR LV WR FRPH XS ZLWK WKH WUXH WKH UHDOO\ WUXH  PRUDO WKHRU\ ² WKHQ XVLQJ FRKHUHQFH WR GHFLGH RQ \RXU WKHRU\ GRHV QRW PDNH D ORW RI VHQVH2QWKHRWKHUKDQGLI\RXWKLQNRIHWKLFVDVDZD\ZHVROYHDFRP SOLFDWHG VRFLDO FRRUGLQDWLRQ SUREOHP DQG WKDW VXFFHVVLQ FRRUGLQDWLRQ LV DOOZHFDQUHDOO\GHPDQGRIDQHWKLFDOSUDFWLFH>«@WKHQHWKLFVLVDORWOLNH SODQQLQJZKDW\RXZDQWLVIRUWKHFRRUGLQDWLRQVFKHPHWRZRUNDQGFR KHUHQFHPDNHVLWPRUHOLNHO\WKDWLWZLOO>«@µ'RFKLVWPLWGLHVHQ%H

_____________  0LOOJUDP  0LOOJUDP   LQ HLQHU )X‰QRWH EHPHUNW 0LOOJUDP GD]X Å7KLV IHDWXUH RI SODQ H[HFXWLRQKHOSVXVVHHKRZWZRFKDUDFWHULVWLFVRISODQVGLVFXVVHGE\0LFKDHO%UDWPDQ PHVKWKDWSODQVDUHVWDEOHDQGWKDWWKH\DUHILOOHGLQDV\RXJR´ (EG (LQH]HQWUDOH %HVWLPPXQJYRQ%UDWPDQV+DQGOXQJVWKHRULHEHVWHKWGDULQGD‰GLH(QWVFKHLGXQJIU HLQHQ +DQGOXQJVSODQ HLQH )HVWOHJXQJ DXI 9HUKDOWHQVZHLVHQ EHGHXWHW GLH GLH LQWUD XQG LQWHUSHUVRQHOOH .RRUGLQDWLRQ XQG 2UJDQLVDWLRQ XQVHUHU JHPHLQVDPHQ 3UD[LV QLFKWQXUHUOHLFKWHUWVRQGHUQLQYLHOHU+LQVLFKWHUVWHUP|JOLFKW9JOGD]XDXFKXQWHQ )Q  0LOOJUDP   QHEHQ 5DZOV XQG GHVVHQ .RQ]HSW GHV ÅhEHUOHJXQJVJOHLFKJH ZLFKWV´ † GDVDOV6WDQGDUGEHLVSLHOHLQHVHWKLVFKHQ.RKlUHQWLVPXVJHO WHQNDQQHUZlKQW0LOOJUDPLQGLHVHP.RQWH[WDXFKGLH7KHRULHGHVÅ:KDW:H2ZH WR (DFK 2WKHU´ GHV 5DZOV6FKOHUV 6FDQORQ DXI GLH LFK LQ .DS  QRFK HLQJHKHQ ZHUGH9JO]X5DZOV·.RQ]HSWGHVhEHUOHJXQJVJOHLFKJHZLFKWV'DQLHOV3DUW,  Å7KHNH\LGHDXQGHUO\LQJWKHPHWKRGRIUHIOHFWLYHHTXLOLELUXPLVWKDWZHÄWHVW¶ YDULRXVSDUWVRIRXUV\VWHPRIPRUDOEHOLHIVDJDLQVWRWKHUEHOLHIVZHKROGVHHNLQJFR KHUHQFHDPRQJWKHZLGHVWVHWRIPRUDODQGQRQPRUDOEHOLHIVE\UHYLVLQJDQGUHILQLQJ WKHPDWDOOOHYHOV´(EG (LQHQSUDNWLVFKHQ.RKlUHQWLVPXVYHUWULWWLP$QVFKOX‰DQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

VWLPPXQJHQQRFKNHLQHUOHL/|VXQJEH]JOLFKGHU)UDJHQDFKGHP(LQIOX‰ GHU 9HUQXQIW DXI XQVHUH +DQGOXQJHQ VNL]]LHUW HV KDQGHOW VLFK KLHU HKHU XPGLH)RUPXOLHUXQJYRQ3UREOHPHQ :DV XQWHUVFKHLGHW HLQHQ KDQGOXQJVWKHRUHWLVFKHQ .RKlUHQWLVPXV YRQ HLQHPHWKLVFKHQ.RKlUHQWLVPXVXQGLQZHOFKHP9HUKlOWQLVN|QQHQEHLGH ]XHLQDQGHU VWHKHQ" (LQH HUVWH $QQlKHUXQJ DQ HLQH %HDQWZRUWXQJ GLHVHU )UDJH OLHIHUW GLH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ LQWUDSHUVRQHOOHQ XQG LQWHUSHU VRQHOOHQ.RRUGLQDWLRQHQGRFKPX‰GDEHLLP$XJHEHKDOWHQZHUGHQGD‰ DXFK GLH +DQGOXQJVSOlQH HLQHV ,QGLYLGXXPV GHUHQ .RRUGLQDWLRQ PLW +DQGOXQJVSOlQHQ DQGHUHU ,QGLYLGXHQ HUIRUGHUQ 0DQ ZLUG VLFK DOVR DXI HLQHOlQJHUH*HVFKLFKWHHLQVWHOOHQPVVHQDQGHUHQ(QGHDXFKGHUPRUD OLVFKH 5HDOLVPXV QLFKW PLW HLQHP HLQIDFKHQ +DQGVWUHLFK IU LUUHOHYDQW HUNOlUWZHUGHQNDQQ  

†+DQGOXQJHQXQG+DQGOXQJVJUQGH

 ,QVRIHUQGHUSUDNWLVFKH.RKlUHQWLVPXVDXIDOOHKDQGOXQJVUHOHYDQWHQJHLV WLJHQ=XVWlQGHDE]LHOWIUGLHPDQ9HUDQWZRUWXQJEHUQHKPHQNDQQWULWW HUVWHWVDOVHLQH)RUPGHV.RJQLWLYLVPXVDXI6ROFKHSHUV|QOLFKHQ(LQVWHO OXQJHQLQ*HVWDOWYRQ+DQGOXQJVJUQGHQVLQGGHP.RJQLWLYLVPXV]XIROJH JHUDGH GDVMHQLJH ZDV +DQGOXQJHQ YRQ EOR‰HP 9HUKDOWHQ XQWHUVFKHLGHW =ZDULVWGDPLWQRFKNHLQH$XVVDJHGDUEHUJHWURIIHQZDVDOVHLQ+DQG OXQJVJUXQGIXQJLHUHQNDQQGRFKLVWGDPLWEHUHLWVDP%HJLQQSUDNWLVFKHU hEHUOHJXQJHQGLH$QVLFKWDEJHZLHVHQGD‰LP6LQQH+XPHV'LNWXPYRQ GHU9HUQXQIWDOVGHU6NODYLQGHU/HLGHQVFKDIWHQGLHHLQ]LJH5ROOHGHU9HU QXQIWGDULQEHVWHKH]XNRRUGLQLHUHQZDVYRQGHQ1HLJXQJHQ:QVFKHQ /HLGHQVFKDIWHQYRUJHJHEHQZHUGH9LHOPHKULPSOL]LHUWGLH%HVWLPPXQJYRQ HWZDVGDVHUVWUHEWZLUGEHUHLWVHLQUDWLRQDOHYDOXDWLYHV0RPHQW'HUKLHU YHUIROJWH $QVDW] HUVWUHFNW VLFK GDKHU QLFKW QXU DXI GLH LQWUDSHUVRQHOOH =ZHFN0LWWHO.RKlUHQ] VRQGHUQ DXFK DXI HLQH ZLH PDQ VLH QHQQHQ N|QQWH LQWUD XQG LQWHUSHUVRQHOOH =ZHFN=ZHFN.RKlUHQ] ZDV DXV GHU 6LFKWGHUYRQGHQ+DQGOXQJHQEHWURIIHQHQ3HUVRQHQVXEVWDQWLHOOH8UWHLOH EHU+DQGOXQJV]LHOHRGHU]ZHFNHHUIRUGHUW

_____________ 5DZOV DXFK %ULQN   %ULQN YHUIROJW MHGRFK HLQH ZHVHQWOLFK QLFKW NRQVWUXNWLYLVWLVFKHVRQGHUQUHDOLVWLVFKH7KHRULH YJOHEG PRUDOLVFKH:DKUKHL WHQEH]LHKHQVLFKQDFK%ULQNDXI*WHUPHQVFKOLFKHU:RKOIDKUWVRZLHGHUHQ%HGLQ JXQJHQZHVKDOEHUDXFKYRQHLQHPÅREMHNWLYHQ8WLOLWDULVPXVµ HEG VSULFKW  9JO+XPH%RRN,,3DUW6HFWÅ5HDVRQLVDQGRXJKWRQO\WREHWKHVODYH RI WKH SDVVLRQV DQG FDQ QHYHU SUHWHQG WR DQ\ RWKHU RIILFH WKDQ WR VHUYH DQG REH\ WKHP´ (LQHQ .RKlUHQWLVPXV GHU PLW VHLQHU H[SOL]LWHQ %HWRQXQJ GHU $XWRQRPLH MHQHQKXPHDQLVFKHQ'HIHNWDXVJOHLFKWYHUWULWW(NVWURPÅ$SUHIHUHQFHWKDWLVDXWKRU

†+DQGOXQJHQXQG+DQGOXQJVJUQGH 



,Q HUVWHU $QQlKHUXQJ PDUNLHUW 1LGD5PHOLQ GLH KLHU YHUWUHWHQH NRJQLWLYLVWLVFKH3RVLWLRQGHUHQ*UXQGEHJULIIGHUGHV+DQGOXQJVJUXQGVLVW IROJHQGHUPD‰HQÅ(VLVWDQDO\WLVFKZDKUGDVVZLUIU+DQGOXQJHQ*UQGH DQJHEHQ N|QQHQ :HQQ ZLU IU HLQ EHVWLPPWHV 9HUKDOWHQ NHLQH *UQGH VRQGHUQK|FKVWHQV8UVDFKHQ DQJHEHQN|QQHQGDQQLVWGLHVHV9HUKDOWHQ QLFKW DOV HLQH +DQGOXQJ ]X FKDUDNWHULVLHUHQ´ $P GHXWOLFKVWHQ WULWW GLH 6WlUNHGHV.RJQLWLYLVPXVLQ)lOOHQYRQLQWUDRGHULQWHUSHUVRQHOOHQ.RQ IOLNWHQ]ZLVFKHQYHUVFKLHGHQHQ:QVFKHQKHUYRU6LHN|QQWHQXQWHU9HU ]LFKWDXI%HJUQGXQJVYRNDEXODUQLFKWDXVJHWUDJHQZHUGHQVRQGHUQEOR‰ YRQVWDWWHQ JHKHQ 1LGD5PHOLQ NULWLVLHUW LQ GLHVHP =XVDPPHQKDQJ GDV KLQWHU GHP1RQ.RJQLWLYLVPXVVWHKHQGH0RGHOO HLQHUÅ3K\VLN GHV :RO OHQVXQG+DQGHOQV´GDVYRQHLQHU$QDORJLHYRQSK\VLNDOLVFKHU$WWUDNWLRQ XQG 5HSXOVLRQ HLQHUVHLWV XQG /LHEH XQG +D‰ DQGHUHUVHLWV DXVJHKW XQG PHWDSKRULVFK IHKOJHOHLWHW HLQH IU +DQGOXQJHQ HUIRUGHUOLFKH ÅSV\FKLVFKH (QHUJLH´YRUDXVVHW]W'RFKEUDXFKHQZLUOHW]WHUHHEHQVRZHQLJZLHZLU EHL GHU 5HYLVLRQ HLQHU PDWKHPDWLVFKHQ hEHU]HXJXQJ HLQHQ $XIZDQG HUEULQJHQXQGHLQEHUGLHQHXHhEHU]HXJXQJKLQDXVUHLFKHQGHV0RWLY]XU 5HYLVLRQ EHQ|WLJHQ 'HQQ VHOEVW 1HLJXQJHQ XQG :QVFKH GLH XQVHUH ÄEHVVHUHQ (LQVLFKWHQ¶ KlXILJ ÄEHGURKHQ¶ RGHU GRPLQLHUHQ XQG LQ GLHVHP .RQWH[WVWHWVDOV*HJHQDUJXPHQWHDQJHIKUWZHUGHQKDEHQ+DQGOXQJVUH OHYDQ]OHGLJOLFKDOV+DQGOXQJVJUQGH'LH8QIlKLJNHLW]XUÅYHUEDOHQ:LH GHUJDEH GHV +DQGOXQJVJUXQGHV´ EHLVSLHOVZHLVH EHL XQIDOOEHGLQJWHU $SKDVLHDEHUDXFKEHL.LQGHUQGDUIGDEHLQLFKWEHUHLWVPLWGHP)HKOHQ HLQHV +DQGOXQJVJUXQGV LGHQWLIL]LHUW ZHUGHQ DXI GDV HQWVSUHFKHQGH 9HU KlOWQLV]ZLVFKHQGHP,PSOL]LWHQXQGGHP([SOL]LWHQZHUGHLFKQRFKQl KHUHLQJHKHQ YJO†  :DV GDV EHJULIIOLFKH 9HUKlOWQLV ]ZLVFKHQ +DQGOXQJHQ XQG *UQGHQ IU +DQGOXQJHQ EHWULIIW VR NDQQ PDQ QDFK ZLH YRU 'RQDOG 'DYLGVRQV 7KHRULH DOV GDV 6WDQGDUGPRGHOO EHWUDFKWHQ ZRQDFK MHQVHLWV GHU UHLQHQ

_____________ L]HGIRUPHFRXQWV DVWUXO\PLQHDVRQHWKDW,UHDOO\ZDQWWR KDYHVLQFHLWFRKHUHV ZLWKWKHRWKHUWKLQJVWKDW,SUHIHUDQGDFFHSW´ (NVWURP 8QGPLW%OLFN DXI GHQ %HJULII GHU 3HUVRQ UHVPLHUW VLH VFKOLH‰OLFK JHJHQ GDV KLHUDUFKLVFKH :Q VFKHXQG)UHLKHLWVPRGHOO)UDQNIXUWV Å:KHQ,DFWRQDQDXWKRUL]HGSUHIHUHQFH,DFW LQDZD\WKDWLVDXWRQRPRXVEHFDXVH,FDQJLYHPDQ\UHDVRQVIRUP\DFWUHDVRQVWKDW VXSSRUWHDFKRWKHULQDFRKHUHQWVWUXFWXUH7KHVHDUHWKHUHDVRQVRIP\VHOI+HQFH LQDFWLQJRQWKHVHUHDVRQV,DPVHOIJRYHUQHG,QDFWLQJDXWRQRPRXVO\,DFWLQDZD\ WKDWLVFKDUDFWHULVWLFRIPH² DZD\WKDWFRKHUHVDQGLVQRWDWRGGV ZLWKWKHZD\V, VKRXOGEHKDYHJLYHQZKDW,SUHIHUDQGDFFHSW´ (EGI   1LGD5PHOLQI  9JO1LGD5PHOLQZRHUVLFKH[HPSODULVFKJHJHQ:LOOLDPV  HLQHQ SURPLQHQWHQ PRGHUQHQ 9HUWUHWHU GLHVHV QRQNRJQLWLYLVWLVFKHQ 0RGHOOV ZHQGHW YJO DXFK1LGD5PHOLQ   1LGD5PHOLQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

Ä,PSHWXVWKHRULH¶ :HUWXUWHLOH HLQ HQWVFKHLGHQGHV 0RPHQW DXVPDFKHQ Å:HQQMHPDQGGHU'HXWVFKNDQQDXIULFKWLJVDJWÄ6FKQHHLVWZHL‰¶GDQQ JODXEWHUGD‰6FKQHHZHL‰LVW,VWPHLQH7KHVHULFKWLJVRKDWMHPDQGGHU DXIULFKWLJVDJWÄ(VLVWZQVFKHQVZHUWGD‰LFKGDV5DXFKHQDXIJHEH¶HLQH 3URHLQVWHOOXQJ ]XP $XIJHEHQ GHV 5DXFKHQV (U YHUVSUW HLQH JHZLVVH 1HLJXQJGD]XMDHUZLUGHVWXQZHQQGHPQLFKWVLP:HJHVWHKWZHQQHU ZHL‰ ZLH HV ]XPDFKHQ LVW XQG ZHQQ HU NHLQH HQWJHJHQJHVHW]WHQ :HUWH RGHU:QVFKHKDW8QWHUGLHVHU9RUDXVVHW]XQJLVWHVYHUQQIWLJIROJHQGH 9HUDOOJHPHLQHUXQJDXV]XVSUHFKHQ6RIHUQH[SOL]LWH:HUWXUWHLOH3URHLQVWHO OXQJHQ ZLHGHUJHEHQ N|QQHQ DOOH 3URHLQVWHOOXQJHQ GXUFK :HUWXUWHLOH GLH ZHQLJVWHQV LPSOL]LW VLQG ]XP $XVGUXFN JHEUDFKW ZHUGHQ´ $XVJDQJV SXQNW KDQGOXQJVWKHRUHWLVFKHU hEHUOHJXQJHQ VLQG QDFK 'DYLGVRQ 3URHLQVWHOOXQJHQ G K VlPWOLFKH Å:QVFKH %HJHKUHQ ,PSXOVH 5HL]H XQG HLQH JUR‰H 9LHOIDOW YRQ PRUDOLVFKHQ $QVLFKWHQ lVWKHWLVFKHQ *UXQGVlW]HQ |NRQRPLVFKHQ 9RUXUWHLOHQ JHVHOOVFKDIWOLFKHQ .RQYHQWLR QHQYRQ|IIHQWOLFKHQXQGSULYDWHQ=LHOHQXQG:HUWHQ>@LQVRZHLWGLHVH DOV DXI +DQGOXQJHQ HLQHU EHVWLPPWHQ $UW EH]RJHQH (LQVWHOOXQJHQ HLQHV +DQGHOQGHQJHGHXWHWZHUGHQN|QQHQ´(LQ SULPlUHU +DQGOXQJVJUXQG EHVWHKW 'DYLGVRQ ]XIROJH DXV HLQHU VROFKHQ 3URHLQVWHOOXQJ VRZLH HLQHU EHVWLPPWHQhEHU]HXJXQJ GD‰PDQHWZDVÅJODXEW>@ZHL‰ZDKUQLPPW PHUNWVLFKHULQQHUW´ XQGNDQQIROJHQGHUPD‰HQGHILQLHUWZHUGHQÅ*LVW QXUGDQQHLQSULPlUHU*UXQGZHVKDOEHLQHKDQGHOQGH3HUVRQGLH+DQG OXQJ + XQWHU GHU %HVFKUHLEXQJ E DXVIKUW ZHQQ VLFK * ]XVDPPHQVHW]W DXV HLQHU 3URHLQVWHOOXQJ GHV +DQGHOQGHQ ]X +DQGOXQJHQ PLW HLQHU EH VWLPPWHQ (LJHQVFKDIW VRZLH GHU hEHU]HXJXQJ GHV +DQGHOQGHQ GD‰ + XQWHUGHU%HVFKUHLEXQJEGLHVH(LJHQVFKDIWKDW´ 'LHVHV0RGHOOLVWDXIZHLWUHLFKHQGH.ULWLNJHVWR‰HQYRQGHULFKIU GDV )ROJHQGH UHOHYDQW OHGLJOLFK ]ZHL 3XQNWH HUOlXWHUQ P|FKWH 'DYLG 9HOOHPDQKDWJHJHQGLH8QWHUNRPSOH[LWlWGHUVLFKDXVGHP6WDQGDUGPR GHOOHUJHEHQGHQ'LFKRWRPLH]ZLVFKHQ+DQGOXQJHQXQGEOR‰HP9HUKDOWHQ HLQJHZDQGW GD‰ GDV 6WDQGDUGPRGHOO +DQGOXQJHQ LP 9ROOVLQQH JHUDGH QLFKWHUNOlUHQNDQQZLHHUDQHLQHP%HLVSLHO)UHXG·VFKHU)HKOOHLVWXQJHQ GHPRQVWULHUWÅ%HFDXVHWKHUHZDVDSXUSRVH>VFWRGHVWUR\WKHLQNVWDQGVR DVWRPDNHZD\IRUKLVVLVWHUWRSUHVHQWKLPDQLFHURQHRQWKHQH[WIHVWLYH RFFDVLRQ.3@IRUZKLFKWKHDJHQWEUXVKHGWKHLQNVWDQG·VFRYHURQWRWKH IORRUKLVGRLQJVRFDQQRWEHFODVVLILHGDVVRPHWKLQJWKDWPHUHO\KDSSHQHG

_____________  'DYLGVRQIHQJO  'DYLGVRQHQJO  'DYLGVRQHQJOYJODXFK'DYLGVRQHQJODOOH NRPSOH[HQ +DQGOXQJVJUQGH N|QQHQ QDFK 'DYLGVRQ DXI GHUDUWLJH SULPlUH +DQG OXQJVJUQGHUHGX]LHUWZHUGHQ

†+DQGOXQJHQXQG+DQGOXQJVJUQGH 



WRKLP´$XV%HLVSLHOHQGLHVHU$UWOl‰WVLFKQDFK9HOOHPDQGDV%HGUIQLV HLQHU 8QWHUVFKHLGXQJ ]ZLVFKHQ ÄEHKDYLRU¶ ÄDFWLYLW\¶ XQG ÄDFWLRQ¶ DEOHLWHQ Å6XFKFDVHVUHTXLUHXVWRGHILQHDFDWHJRU\RIXQJRYHUQHGDFWLYLWLHVGLV WLQFW IURP PHUH KDSSHQLQJV RQ WKH RQH KDQG DQG IURP DXWRQRPRXV DFWLRQV RQ WKH RWKHU 7KLV FDWHJRU\ FRQWDLQV WKH WKLQJV WKDW RQH GRHV UDWKHU WKDQPHUHO\ XQGHUJRHV EXW WKDWRQH VRPHKRZ IDLOV WR UHJXODWH LQ WKHPDQQHUWKDWVHSDUDWHVDXWRQRPRXVKXPDQDFWLRQIURPPHUHO\PRWL YDWHGDFWLYLW\7KHSKLORVRSK\RIDFWLRQPXVWWKHUHIRUHDFFRXQWIRUWKUHH FDWHJRULHV RI SKHQRPHQD PHUH KDSSHQLQJV PHUH DFWLYLWLHV DQG DF WLRQVµ(QWVSUHFKHQGGLHVHU'LIIHUHQ]LHUXQJJHKWHVLP)ROJHQGHQOHGLJ OLFKXPPRWLYLHUWH$NWLYLWlWHQXQG+DQGOXQJHQ9HOOHPDQVÄPRWLYDWHGDFWLYL WLHV¶XQGÄDFWLRQV¶ZREHLDXVVFKOLH‰OLFKOHW]WHUH9HUKDOWHQVZHLVHQVLQGGLH HLQHU $XIIRUGHUXQJ ² ZHOFKHU GHRQWLVFKHQ 5HLFKZHLWH DXFK LPPHU ² EHUKDXSW XQWHUOLHJHQ N|QQHQ 9HOOHPDQV 3RLQWH GLHVHU 8QWHUVFKHLGXQJ LVW ZRKOJHPHUNW QLFKW GD‰ GDV 6WDQGDUGPRGHOO GHQ %HJULII GHV +DQG OXQJVJUXQGV Y|OOLJ YHUIHKOW ,QVRIHUQ EHVWLPPWH 3URHLQVWHOOXQJHQ XQG hEHU]HXJXQJHQ DQJHIKUW ZHUGHQ N|QQHQ QLFKW QXU XP HLQH +DQGOXQJ ]XHUNOlUHQVRQGHUQDXFKXPVLH]XUHFKWIHUWLJHQNDQQ'DYLGVRQV7KHR ULHGXUFKDXV]ZLVFKHQ8UVDFKHQXQG*UQGHQXQWHUVFKHLGHQ0LW%OLFN DXIGLH)UHXG·VFKH)HKOOHLVWXQJHUNHQQWPDQMHGRFKGLHEHJUHQ]WH(UNOl UXQJVNUDIWGLHVHV0RGHOOVGHQQREZRKOGDV9HUKDOWHQGHU3HUVRQGLHGHQ 'HFNHOGHV7LQWHQIDVVHV]HUVW|UWGXUFKHWZDVYHUXUVDFKWVHLQPDJGDVLQ GHU7DWDOVHLQ*UXQGGLHVHV9HUKDOWHQVDQJHVHKHQZHUGHQNDQQVRZXUGH HV GHQQRFK QLFKW DXV GLHVHP *UXQG KHUDXV JHWDQ 9HOOHPDQ UHVPLHUW GDKHU Å>«@ WKH PRGHO KDV QRW OLYHG XS WR LWV RZQ DVSLUDWLRQV LW KDVQ·W VSHFLILHG WKH SURFHVVHV LQ YLUWXH RI ZKLFK EHKDYLRU LV EDVHG RQ UHDVRQV >«@+HQFHWKHVWDQGDUGPRGHOLVVXIILFLHQWIRUPRWLYDWHGDFWLYLW\EXWQRW IRU DXWRQRPRXV DFWLRQµ +DQGOXQJHQ DFWLRQV  EHGUIHQ GHPQDFK HLQHU DQGHUHQ(UNOlUXQJDOVGHUGHV6WDQGDUGPRGHOOVXPYRQ9HOOHPDQVÄPRWL YLHUWHQ$NWLYLWlWHQ¶XQWHUVFKLHGHQZHUGHQ]XN|QQHQ

_____________    

9HOOHPDQ 9HOOHPDQ 9JO9HOOHPDQ 9HOOHPDQIYJODXFKHEGÅ6RDOWKRXJKKLVEHKDYLRUKDVEHHQFDXVHGE\ VRPHWKLQJWKDWPD\LQIDFWEHDUHDVRQLWKDVQRWEHHQFDXVHGLQWKHULJKWZD\WRKDYH EHHQGRQHIRUWKDWUHDVRQµ 9HOOHPDQ (QWVFKHLGHQGIUPLFKLVWDQGLHVHU 6WHOOH OHGLJOLFK GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ 9HUKDOWHQ $NWLYLWlW XQG GHP VSH]LIL VFKHQ %HJULII YRQ +DQGOXQJ XQG ]ZDU XQDEKlQJLJ GDYRQ XQWHU ZHOFKHU %HVFKUHL EXQJ+DQGOXQJHQ DFWLRQV DOVYHUXUVDFKWEH]HLFKQHWZHUGHQN|QQHQ'LH1lKHGLHVHV +DQGOXQJVEHJULIIV ]XP %HJULII GHU $XIIRUGHUXQJ VWHOOW EHUHLWV +DKQ  II  KHUDXV



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

'RFK WURW] GLHVHU $XIZHUWXQJ GHV UHIOH[LYHQ 0RPHQWV VSULFKW HEHQ DXFK9HOOHPDQYRQ PHQWDOHQ 3UR]HVVHQGLHGDIUYHUDQWZRUWOLFKVLQGGD‰ HLQ 9HUKDOWHQ DXI *UQGH ]XUFNJHKW $OV ]ZHLWHU (LQZDQG JHJHQ GLH 6WDQGDUGWKHRULHLVWIUHLQHQLFKWQDWXUDOLVWLVFKH3RVLWLRQGDKHUQLFKWZH VHQWOLFKGD‰:QVFKH1HLJXQJHQHWFUHIOH[LYYHULQQHUOLFKWE]Z7HLOGHU ,FK.RQ]HSWLRQ ZHUGHQ :HVHQWOLFK LVW YLHOPHKU HLQH 8PNHKUXQJ GHU %OLFNULFKWXQJ:QVFKH1HLJXQJHQHWFHUVFKHLQHQDOV$QHUNHQQXQJHQYRQ :HUWHQ,QGLHVHP6LQQHXQGPLW%H]XJDXI'DYLGVRQNHKUW%UDQGRPGDV WKHRUHWLVFKH 3ULPDW YRQ 3URHLQVWHOOXQJHQ XQG :HUWXUWHLOHQ XP Å:HU S XQG QLFKW T ZQVFKW RGHU YRU]LHKW ] % OLHEHU %LUQHQ DQVWDWW 3ILUVLFKH HVVHQP|FKWH YHUOHLKWGDPLWSHLQHQK|KHUHQ:HUWDOVTEHWUDFKWHWSLP 9HUJOHLFK]XTDOVYRU]JOLFKHUDOVZQVFKHQVZHUWHU´1HLJXQJHQ:Q VFKH HWF ZHUGHQ GDPLW DXVGUFNOLFK QLFKW JHOHXJQHW (QWVFKHLGHQG LVW MHGRFKGD‰VLHXQDEKlQJLJYRQLKUHU%HZHUWXQJY|OOLJRSDNXQGGDVEH GHXWHW KDQGOXQJVLUUHOHYDQW EOHLEHQ PVVHQ 6FKRODVWLVFKSRLQWLHUW Ol‰W VLFK GDPLW VDJHQ GD‰ %UDQGRPV 3HUVSHNWLYHQZHFKVHO JHJHQEHU 'DYLGVRQ GDULQEHVWHKWGD‰:HUWXUWHLOH²ZLHLPSOL]LWDXFKLPPHU²GLHUDWLRFRJQRV FHQGL XQVHUHU 1HLJXQJHQ :QVFKH HWF VLQG $QNQSIHQG DQ .DS  LVW GDPLW ]XJOHLFK HLQH ZHVHQWOLFKH 3UlPLVVH ]XU .DQWLVFKHQ 'LVNXVVLRQ K\SRWKHWLVFKHU ,PSHUDWLYH EHQDQQW GHUHQ HLQHV (UJHEQLV GDULQ EHVWDQG GD‰GLH$XWRULWlWK\SRWKHWLVFKHU,PSHUDWLYHQLFKWDXVGHQEHWHLOLJWHQ1HL JXQJHQ :QVFKHQ HWF VRQGHUQ DXV GHP HQWVFKHLGHQGHQ (LQIOX‰ GHU 9HUQXQIWLQGHU$QHUNHQQXQJGHU=ZHFN0LWWHO5HODWLRQVWDPPW'LHVH $XWRULWlW NDQQ VLFK VR JLOW HV KLHU IHVW]XKDOWHQ QXU DXI HWZDV EH]LHKHQ GDVVHLQHUVHLWVEHUHLWVLQQRUPDWLYHP/LFKWHUVFKHLQWGKDOVZQVFKHQV ZHUWEHWUDFKWHWZLUG  

†6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSWYRQ +DQGOXQJVJUQGHQ

 ,QH[SOL]LWHU$EVHW]XQJYRQGHU6WDQGDUGDQDO\VHGHU+DQGOXQJVJUQGHLQ :QVFKH XQG hEHU]HXJXQJHQ ID‰W 6FDQORQ LQ VHLQHU QLFKW UHGXNWLRQLVWLVFKHQ NRKlUHQWLVWLVFKHQ .RQ]HSWLRQ GHQ %HJULII GHV +DQG

_____________  %UDQGRPD+HUYRUKHEXQJ.3LPGHRQWLVFKHQ9RNDEXODUGHU)HVWOHJXQ JHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQ YJOGD]XXQWHQ† EHVFKUHLEW%UDQGRP DOVGDV(QWVFKHLGHQGHDQ3URHLQVWHOOXQJHQLP$OOJHPHLQHQGLH7DWVDFKHGD‰VLHGLH 6]HQH PHQVFKOLFKHU +DQGOXQJHQ HUVW GDGXUFK EHWUHWHQ GD‰ VLH DOV %HUHFKWLJXQJ ]X RGHU )HVWOHJXQJ DXI HLQH +DQGOXQJ ]XJHVFKULHEHQ ZHUGHQ ² GHU HLJHQHQ RGHU HLQHU DQGHUHQ3HUVRQYJO%UDQGRPDIVRZLH%UDQGRP  9JOREHQ†LQVEHV)QVRZLHGHQGD]XJHK|ULJHQ$EVDW]

†6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSWYRQ+DQGOXQJVJUQGHQ 



OXQJVJUXQGVDOVHLQHQHLQIDFKHQ%HJULIIDXIGHVVHQ%HGHXWXQJJUXQGOHJHQG GDULQEHVWHKW]XJXQVWHQHLQHU+DQGOXQJ]XVSUHFKHQ (UEHVFKUHLEW]XQlFKVW+DOWXQJHQ(LQVWHOOXQJHQRGHUZLHHUVLHVSH ]LILVFKHU QHQQW ÅMXGJPHQWVHQVLWLYH DWWLWXGHV´ GLH HU DOV $QWZRUW DXI IROJHQGH)UDJHDQVLHKWÅ:KDWLVWKHUDQJHRIWKLQJVIRUZKLFKUHDVRQVLQ WKHVWDQGDUGQRUPDWLYHVHQVHFDQEHDVNHGIRURURIIHUHG">«@6WDWHVRU RFFXUUHQFHV WKDW DUH LQGHSHQGHQW RI DQ\ FRQVFLRXV DJHQW DUH FOHDUO\ H[ FOXGHG0RVWSHUKDSVHYHQDOORIWKHWKLQJVWKDWDUHLQFOXGHGDUHDWWLWXGHV RI UDWLRQDO DJHQWV VXFK DV EHOLHIV LQWHQWLRQV KRSHV IHDUV DQG DWWLWXGHV VXFKDVDGPLUDWLRQUHVSHFWFRQWHPSWDQGLQGLJQDWLRQµ6FDQORQVSULFKW LQ GLHVHP .RQWH[W YRQ ÅUHDVRQV LQ WKH VWDQGDUG QRUPDWLYH VHQVH´ XP GLHVHQ6SUDFKJHEUDXFKYRQGHPZHLWHUHQGHUGHQ%HJULIIGHUHUNOlUHQGHQ 8UVDFKH HLQVFKOLH‰W DE]XJUHQ]HQ Å-XGJPHQWVHQVLWLYH DWWLWXGHV´ VLQG GDPLWQDFK6FDQORQDOV(LQVWHOOXQJHQ]XEHVWLPPHQÅ>«@WKDWDQLGHDOO\ UDWLRQDOSHUVRQZRXOGFRPHWRKDYHZKHQHYHUWKDWSHUVRQMXGJHGWKHUHWR EHVXIILFLHQWUHDVRQVIRUWKHPDQGWKDWZRXOGLQDQLGHDOO\UDWLRQDOSHU VRQ ÄH[WLQJXLVK¶ ZKHQ WKDW SHUVRQ MXGJHG WKHP QRW WR EH VXSSRUWHG E\ UHDVRQV RI WKH DSSURSULDWH NLQG´ =X GLHVHU $UW (LQVWHOOXQJHQ ]lKOHQ +DQGOXQJHQVHOEVWYHUVWlQGOLFKQLFKWGRFKLVWQDFK6FDQORQGDV(QWVFKHL GHQGHDP+DQGOXQJVEHJULIIZLHHUKLHULQ9HOOHPDQVREHQHLQJHIKUWHP 6LQQYRQDFWLRQV QLFKWEOR‰HQDFWLYLWLHV YHUVWDQGHQZHUGHQVROOGDVLQWHQ WLRQDOH0RPHQWÅ7KHFRQQHFWLRQZLWKDFWLRQZKLFKLVHVVHQWLDOWRLQWHQ WLRQVGHWHUPLQHVWKHNLQGVRIUHDVRQVWKDWDUHDSSURSULDWHIRUWKHPEXWLW LV WKH FRQQHFWLRQ ZLWK MXGJPHQWVHQVLWLYH DWWLWXGHV WKDW PDNHV HYHQWV DFWLRQV DQG KHQFH WKH NLQG RI WKLQJV IRU ZKLFK UHDVRQV FDQ VHQVLEO\ EH DVNHGIRUDQGRIIHUHGDWDOOµ :QVFKHKDEHQLQ6FDQORQV+DQGOXQJVWKHRULH²DEJHVHKHQYRQLKUHU )XQNWLRQDOV*UQGH²NHLQH5HOHYDQ]IUGLH5HFKWIHUWLJXQJXQG(UNOl UXQJ YRQ +DQGOXQJHQ bKQOLFK ZLH %UDQGRP JHJHQ GDV YRQ 'DYLGVRQ YHUWUHWHQH6WDQGDUGPRGHOOGHU+DQGOXQJVJUQGHDUJXPHQWLHUWVWHOOW6FDQ ORQ VHLQH 7KHRULH LQ 2SSRVLWLRQ ]X )UDQNIXUW XQG HEHQIDOOV 'DYLGVRQ  ZREHLHUZHLWDXVVSH]LILVFKHUDOV%UDQGRPDXIGLHHQWVSUHFKHQGHQWKHRUH WLVFKHQ'LYHUJHQ]HQHLQJHKW 'LH(LQ]HOKHLWHQGLHVHVYLHOOHLFKWDPZHLWHVWHQHODERULHUWHQQDWXUDOLVWL VFKHQ:XQVFKPRGHOOV+DUU\)UDQNIXUWVGHU]ZLVFKHQÅ:QVFKHQHUVWHU 2UGQXQJ´ XQG Å:QVFKHQ ]ZHLWHU 2UGQXQJ´ XQWHUVFKHLGHW ZUGHQ DQ GLHVHU6WHOOH]XZHLWIKUHQZHVKDOEKLHUQXUGDVIUGDV)ROJHQGH5HOH

_____________    

6FDQORQ 9JO6FDQORQ 6FDQORQ 6FDQORQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

YDQWHGLHVHUWKHRUHWLVFKHQ:HLFKHQVWHOOXQJHUOlXWHUWZHUGHQVROO:lKUHQG :QVFKHHUVWHU2UGQXQJQDFK)UDQNIXUWGDVVFKOLFKWH%HVWUHEHQEHLQKDO WHQ HLQHQ EHVWLPPWHQ =XVWDQG KHUEHL]XIKUHQ EH]LHKHQ VLFK :QVFKH ]ZHLWHU2UGQXQJLKUHUVHLWVDXI:QVFKHHUVWHU2UGQXQJ:QVFKH]ZHL WHU2UGQXQJVLQGDOVR:QVFKH:QVFKHHUVWHU2UGQXQJ]XKDEHQRGHU QLFKW ]X KDEHQ E]Z :QVFKH HUVWHU 2UGQXQJ DOV KDQGOXQJVHIIHNWLYH :QVFKH ]X KDEHQ RGHU QLFKW ]X KDEHQ 6FDQORQ YHUWULWW GDJHJHQ GLH $XIIDVVXQJ GLH5HGH YRQ:QVFKHQ ]ZHLWHU 2UGQXQJ VHL EH]JOLFK GHV GDEHL HUIRUGHUOLFKHQ $EZlJXQJVSUR]HVVHV LUUHIKUHQG LQVRIHUQ LKU YHU PHLQWOLFKHU:XQVFKFKDUDNWHUHLQHUJHVRQGHUWHQ%HJUQGXQJLKUHUVSH]LIL VFKHQ $XWRULWlW EHGUIWH 'LH %HJUQGXQJ P‰WH LP :LGHUVSUXFK ]X )UDQNIXUWV:XQVFKKLHUDUFKLHDXIHWZDVUHNXUULHUHQGDVVHOEVWQLFKWZLH GHUXPHLQVFKOLFKWHUHPRWLRQDOHU,PSXOVVHLQNDQQ 0LW%OLFNDXIGLHVHKXPHDQLVFKDULVWRWHOLVFKH(UNOlUXQJVUHLKHQIROJH² YRQ:QVFKHQEHUÄ,GHQWLILNDWLRQHQ¶PLWGLHVHQ:QVFKHQ]X+DQGOXQ JHQ²NULWLVLHUW6FDQORQ]XHUVWGLHWKHRUHWLVFKH'RPLQDQ]GHU:QVFKHLP 0RWLYDWLRQV]XVDPPHQKDQJ XP GDUDQ DQVFKOLH‰HQG GLH 5ROOH GHU :Q VFKHLP5HFKWIHUWLJXQJV]XVDPPHQKDQJ]XGLVNXWLHUHQ$XIGLH3UREOHPD WLN PRUDOLVFKHU 0RWLYDWLRQ ZHUGH LFK GHWDLOOLHUW HUVW LQ .DS  HLQJHKHQ

_____________  9JO)UDQNIXUWLQVEHV GW   9JO6FDQORQ%HUHLWV*DU\:DWVRQHLQIUKHU.ULWLNHUQLFKWQXU)UDQNIXUWV VRQGHUQ GHV GHVLUHEHOLHI 0RGHOOV LQVJHVDPW XQG %HIUZRUWHU GHU $QQDKPH YRQ 3URHLQVWHOOXQJHQGLHQLFKWDXI:QVFKHUHGX]LHUWZHUGHQN|QQHQKDWDUJXPHQWLHUW GD‰ )UDQNIXUWV ÄVHFRQGRUGHU GHVLUHV¶ RKQH GLH %HUFNVLFKWLJXQJ HLQHV ZHVHQWOLFK QLFKWHPRWLYHQUHIOH[LYHQ0RPHQWVQLFKWDGlTXDWEHVFKULHEHQZHUGHQN|QQHQÅ%XW ZK\GRHVRQHQHFHVVDULO\FDUHDERXWRQH·VKLJKHURUGHUYROLWLRQV"6LQFHVHFRQGRUGHU YROLWLRQVDUHWKHPVHOYHVVLPSO\GHVLUHVWRDGGWKHPWRWKHFRQWH[WRIFRQIOLFWLVMXVW WRLQFUHDVHWKHQXPEHURIFRQWHQGHUVLWLVQRWWRJLYHDVSHFLDOSODFHWRDQ\RIWKRVH LQFRQWHQWLRQ´ :DWVRQ 6HOEVWYHUVWlQGOLFKVHLVLFK)UDQNIXUWVR:DWVRQ GHU3UREOHPDWLNGHVVWHWHQ9HUZHLVHVDXIK|KHUH2UGQXQJHQYRQ:QVFKHQEHZX‰W XQGEHKDXSWHGHVKDOEGLH0|JOLFKNHLWGLH.HWWHK|KHUHU2UGQXQJHQYRQ:QVFKHQ ]XEHVFKOLH‰HQGDGXUFKGD‰PDQVLFKÄHQWVFKORVVHQ¶ ÅGHFLVLYHO\´)UDQNIXUW GW PLWHLQHPGHU:QVFKHHUVWHU2UGQXQJLGHQWLIL]LHUH:DWVRQUHSOL]LHUW GDUDXIIROJHQGHUPD‰HQÅ:HZDQWHGWRNQRZZKDWSUHYHQWVZDQWRQQHVVZLWKUHJDUG WRRQH·VKLJKHURUGHUYROLWLRQV:KDWJLYHVWKHVHYROLWLRQVDQ\VSHFLDOUHODWLRQWRÄRQH VHOI¶" ,W LV XQKHOSIXO WR DQVZHU WKDW RQH PDNHV D ÄGHFLVLYH FRPPLWPHQW¶ ZKHUH WKLV MXVWPHDQVWKDWDQLQWHUPLQDEOHDVFHQWWRKLJKHURUGHUVLVQRWJRLQJWREHSHUPLWWHG 7KLVLVDUELWUDU\>«,@WLVXQFOHDUZK\WKHVHDFWVRILGHQWLILFDWLRQFDQQRWEHWKHPVHOYHV RI WKH ILUVW RUGHU ² WKDW LV LGHQWLILFDWLRQ ZLWK RU FRPPLWPHQW WR FRXUVHV RI DFWLRQ UDWKHUWKDQZLWKRUWRGHVLUHV ²LQZKLFKFDVHQRDVFHQWLVQHFHVVDU\DQGWKHQRWLRQ RIKLJKHURUGHUYROLWLRQVEHFRPHVVXSHUIOXRXV>«@´ :DWVRQI 9JONUL WLVFK ]X )UDQNIXUW DXFK 4XLQQ    VRZLH ]X ZHLWHUHQ .ULWLNHQ XQG )UDQNIXUWV :HLWHUHQWZLFNOXQJ VHLQHU .RQ]HSWLRQ %HW]OHU*XFNHV  VRZLH .XV VHU9JO:DWNLQV  GHUDXV.DQWLVFKHU3HUVSHNWLYHNULWLVFKDXI)UDQN IXUWVVSlWHUH0RGLILNDWLRQHQVHLQHUHLJHQHQ7KHRULHUHDJLHUW

†6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSWYRQ+DQGOXQJVJUQGHQ 



GRFK VROO 6FDQORQV DOOJHPHLQH $XIIDVVXQJ KLHU NXU] HUOlXWHUW ZHUGHQ GD GLH VR EHVWLPPWH (UNOlUXQJVUHLKHQIROJH DOV :HLFKHQVWHOOXQJ IU PHLQH QDFKIROJHQGHQ$XVIKUXQJHQJHOWHQNDQQ 6FDQORQZHQGHWVLFKQLFKWJHJHQGLH$XIIDVVXQJGD‰HVHLQHQ8QWHU VFKLHG ]ZLVFKHQ GHU $QHUNHQQXQJ HLQHV +DQGOXQJVJUXQGV GXUFK HLQH 3HUVRQXQGGHUWDWVlFKOLFKHQ$XVZLUNXQJGLHVHV+DQGOXQJVJUXQGVDXIGLH QDFKIROJHQGH+DQGOXQJGLHVHU3HUVRQJHEH(UZHQGHWVLFKOHGLJOLFKGD JHJHQGD‰GDVMHQLJHZDVGLHVHQ8QWHUVFKLHGEH]HLFKQHWHWZDVLVWGDVZLU EOLFKHUZHLVH DOV :XQVFK EH]HLFKQHQ 'HU 8QWHUVFKLHG EHVWHKW QDFK 6FDQORQYLHOPHKULQHLQHU$EZlJXQJGLHVHV*UXQGVJHJHQDQGHUH*UQGH ZREHLGLH$EZlJXQJPLWXQWHUZHLWGDYRQHQWIHUQWVHLQNDQQ]XHLQHP² LP /LFKWH JU|‰HUHU LQWUD RGHU LQWHUSHUVRQHOOHU =XVDPPHQKlQJH ² JXWHQ *UXQG]XIKUHQ 1XQ LVW HV VR 6FDQORQ Å>«@ WULYLDOO\ WUXHWKDW ZKHQHYHU D SHUVRQ LV PRYHG WR DFW KH RU VKH KDV DQ ÄXUJH¶WR DFW LQWKDW ZD\ %XW WKH LGHD RI VXFKDQXUJHIDLOVWRFRUUHVSRQGWRWKHRUGLQDU\QRWLRQRIGHVLUHµ$P %HLVSLHOGHV'XUVWVEHQHQQW6FDQORQZDVZLULPSOL]LHUHQZHQQZLUGDYRQ DXVJHKHQ GD‰ ZLU DXV 'XUVW JHWUXQNHQ KDEHQ ÅD SUHVHQW VHQVDWLRQ WKH GU\QHVVLQP\WKURDW WKHEHOLHIWKDWVRPHDFWLRQZRXOGOHDGWRDSOHDVDQW VWDWHLQWKHIXWXUHDQGP\WDNLQJWKLVIXWXUHJRRGWREHDUHDVRQIRUVRDFW LQJ´ 'D‰ GLH PRWLYDWLRQDOH .UDIW GLH VFKOLH‰OLFK ]XU +DQGOXQJ IKUW QLFKW DXV GHP N|USHUOLFKHQ *HIKO GHV WURFNHQHQ +DOVHV HUNOlUW ZHUGHQ NDQQ Ol‰W VLFK GDUDQ HUNHQQHQ GD‰ ZLU LPVWDQGH VLQG XQG GLHV KlXILJ DXFKWXQ GHUDUWLJH*HIKOH]XEHUJHKHQLKUH%HGHXWXQJJHJHQEHUGHU %HGHXWXQJDQGHUHU*HIKOHDE]XZlJHQ]XUFN]XVWHOOHQHWF'LHPRWLYD WLRQDOH .UDIW HQWVSULQJW DOVR YLHOPHKU GHU $QHUNHQQXQJ GHV LQ =XNXQIW JHO|VFKWHQ 'XUVWV DOV HLQHV JHJHQZlUWLJHQ +DQGOXQJVJUXQGV %HKDXSWHW ZHUGHQ VROO GHPQDFK QLFKW GD‰ DOOH :QVFKH YRUDXVJHKHQGHQ 8UWHLOHQ HQWVSULQJHQVRQGHUQYLHOPHKUGD‰GDV+DEHQHLQHV:XQVFKHVEHGHXWHW HWZDV DOV HLQHQ +DQGOXQJVJUXQG DQ]XVHKHQ HJDO RE GLHVHU VFKOLH‰OLFK KDQGOXQJVHIIHNWLYZLUGRGHUQLFKW  'DQHEHQ GDUI LQ HLQHU VROFKHQ 7KHRULH MHGRFK QLFKW GDV WUHLEHQGH (OHPHQWYRQ*HIKOHQYHUORUHQJHKHQGHQQZLHVLFKDP'XUVWXQGQDWU OLFK DXFK DQ DQGHUHQ %HGUIQLVVHQ OHLFKW DEOHVHQ Ol‰W EHVLW]HQ *HIKOH P|JOLFKHUZHLVHHLQH,QWHQVLWlWGLHHLQH3HUVRQVR]XVDJHQÄEOLQG¶IUDOOHV DQGHUH XP VLH KHUXP PDFKHQ NDQQ 6FDQORQ VSULFKW GHVKDOE YRQ HLQHP

_____________    

9JOGD]X6FDQORQI 6FDQORQ 6FDQORQ+HUYRUKHEXQJ.3 9JO 6FDQORQ   ]X HLQHU IXQNWLRQDOLVWLVFKHQ .ULWLN DQ 6FDQORQ YJO &RSS6REHO



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

ÅGHVLUH LQ WKH GLUHFWHGDWWHQWLRQ VHQVH >«@ LI WKH SHUVRQ·V DWWHQWLRQ LV GLUHFWHGLQVLVWHQWO\WRZDUGFRQVLGHUDWLRQVWKDWSUHVHQWWKHPVHOYHVDVFRXQWLQJ LQ IDYRU RI3´ 'LHVH *HIKOH RGHU :QVFKH N|QQHQXQVEXFKVWlEOLFK EHUIDOOHQXQGVRODQJHQLFKWPHKUORVODVVHQELVVLHEHIULHGLJWVLQG'RFK JHKWGLHVHUÄ,PSHWXV¶²VROODXVLKPHLQH+DQGOXQJXQGQLFKWEOR‰HV9HUKDO WHQUHVXOWLHUHQ²HEHQQLFKWGLUHNWLQHLQSK\VLVFKHV(UHLJQLVEHUVRQGHUQ GUlQJWVLFKLQQHUKDOEXQVHUHUhEHUOHJXQJHQRGHU*HGDQNHQGHUDUWLQGHQ 9RUGHUJUXQG ELV VFKOLH‰OLFK VFKHLQEDU QLFKWV PHKU JHJHQ GLH (UIOOXQJ GHVHQWVSUHFKHQGHQ:XQVFKHVVSULFKW$XFKLQGHUDUWLJHQ)lOOHQZHUGHQ :QVFKHKDQGOXQJVHIIHNWLYQXUGDGXUFKGD‰GLHKDQGHOQGH3HUVRQVLHDOV DXVVFKODJJHEHQG DQHUNHQQW Å'HVLUH LQWKH GLUHFWHGDWWHQWLRQVHQVH FKDU DFWHUL]HV DQ LPSRUWDQW IRUP RI YDULDELOLW\ LQ WKH PRWLYDWLRQDO HIILFDF\ RI UHDVRQV EXW LW GRHV WKLV E\ GHVFULELQJ RQH ZD\ LQ ZKLFK WKH WKRXJKW RI VRPHWKLQJDVDUHDVRQFDQSUHVHQWLWVHOIUDWKHUWKDQE\LGHQWLI\LQJDPRWL YDWLQJIDFWRUWKDWLVLQGHSHQGHQWRIVXFKDWKRXJKWµ 'RFK ZLH VWHKW HV QXQ PLW :QVFKHQ RGHU *HIKOHQDOV 5HFKWIHUWL JXQJVJUXQGYRQ+DQGOXQJHQ"(VVFKHLQWVFKOLH‰OLFKXQPLWWHOEDUHLQVLFKWLJ ]X VHLQ XQG XQVHUHU $OOWDJVSUD[LV ]X HQWVSUHFKHQ DOV *UXQG IU HLQH +DQGOXQJ HLQHQ :XQVFK DQ]XJHEHQ GLH XQWHUVFKLHGOLFKHQ +DQGOXQJV JUQGH GHU 0HQVFKHQ JHKHQ DXI XQWHUVFKLHGOLFKH :QVFKH GLHVHU 0HQ VFKHQ ]XUFN 0HQVFKHQ VHKHQ +DQGOXQJVJUQGH LQ GHU (UIOOXQJ LKUHU :QVFKH 'LH HQWVSUHFKHQGH SKLORVRSKLVFKH 'HEDWWH JLQJ XQG JHKW VFKOLH‰OLFK GDUXP RE DOOH LQVEHVRQGHUH PRUDOLVFKH XQG SUXGHQWLHOOH *UQGHGHUJHVWDOWDXI:QVFKHQEDVLHUHQ 'LH GLHVHU .RQWURYHUVH ]XJUXQGHOLHJHQGH 8QWHUVFKHLGXQJ ]ZLVFKHQ ,QWHUQDOLVPXVXQG([WHUQDOLVPXVLVW²ZLH6WHIDQ*RVHSDWK]X5HFKWEH

_____________  6FDQORQ   +HUYRUKHEXQJ .3  ² 3 VWHKW IU GLH %HIULHGLJXQJ HLQHV :XQ VFKHV  6FDQORQ  9JO 6FDQORQ   PRGHUQHU $XVJDQJVSXQNW GLHVHU .RQWURYHUVH LVW :LOOLDPV GHVVHQ YRQLKPVHOEVWVREH]HLFKQHWHU Å 6XE +XPHDQLVPXV´DOV.RQWUDVWIROLHDXFK LP +LQWHUJUXQG YRQ 6FDQORQV $XVIKUXQJHQ VWHKW :LOOLDPV DN]HSWLHUW +DQGOXQJV JUQGHDOVVROFKHQXULQVRIHUQVLHHLQH9HUELQGXQJ]XUÅVXEMHNWLYHQPRWLYDWLRQDOHQ 9HUIDVVXQJ´ :LOOLDPV GHV+DQGHOQGHQDXIZHLVHQ(LQH3RLQWHJHJHQEHU GHULQWHUQDOLVWLVFKHQ8UVSUXQJVWKHRULH+XPHV %RRN,,3DUW6HFWVXQG  OLHIHUW6FDQORQLQHLQHU)X‰QRWHÅ7KHLQVLVWHQWFKDUDFWHUWKDWPDUNVGHVLUHVLQWKH GLUHFWHGDWWHQWLRQVHQVHPD\DOVREHSDUWRIZKDW+XPHKDVLQPLQGLQVSHDNLQJRI ÄYLROHQW¶SDVVLRQV>«@,IVRWKHQP\WKHVLVLVLQLPSRUWDQWUHVSHFWVWKHUHYHUVHRIKLV +H VD\V SS    WKDW ZKHUH WKLV FKDUDFWHU LV ODFNLQJ ² LQ WKH FDVH RI ZKDW KH FDOOVÄFDOP¶SDVVLRQV²ZHDUHDSWWRPLVWDNHSDVVLRQIRUWKHRSHUDWLRQRI5HDVRQ,DP DUJXLQJRQWKHFRQWUDU\WKDWZKHUHWKLVHOHPHQWLVSUHVHQWZHPD\PLVWDNHQO\EHOLHYH WKDWWKHPRWLYDWLRQDOIRUFHRIDVWDWHOLHVLQVRPHWKLQJRWKHUWKDQDWHQGHQF\WRVHH VRPHWKLQJDVDUHDVRQµ 6FDQORQ 

†6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSWYRQ+DQGOXQJVJUQGHQ 



PHUNW KDW² MHGRFK ÅHWZDVÄDXVJHOHLHUW¶ ZHLO VLH LQ XQWHUVFKLHGOLFKHQ%H GHXWXQJHQ YRQ YHUVFKLHGHQHQ $XWRUHQ YHUZHQGHW ZLUG´ 'LH DXI : 'DYLG)DON]XUFNJHKHQGH'LIIHUHQ]LHUXQJKDW]XYLHOHÄLVPHQ¶KHUYRU JHEUDFKWXPDOVVROFKHQRFKHLQHQQHQQHQVZHUWHQH[SODQDWRULVFKHQ:HUW ]XEHVLW]HQ,P)ROJHQGHQVROOPLW%H]XJDXI%HJUQGXQJHQXQG5HFKW IHUWLJXQJHQ YRQ +DQGOXQJHQ HLQ ([WHUQDOLVPXV LQ GHP VFKZDFKHQ 6LQQ YHUWUHWHQ ZHUGHQ ZRQDFK SUDNWLVFKH 9HUQXQIW QLFKW GDULQ DXIJHKW GLH ,PSOLNDWLRQHQ RGHU .RQVHTXHQ]HQ XQVHUHU :QVFKH ]X EHQHQQHQ VRQ GHUQGDUEHUKLQDXVLPVWDQGHLVW]XPHLQHQJHQXLQHYDOXDWLYHhEHUOHJXQ JHQ]X:QVFKHQDQ]XVWHOOHQXQG]XPDQGHUHQPLWGLHVHQhEHUOHJXQJHQ QHXDUWLJH0RWLYDWLRQVSHUVSHNWLYHQ]XDOOHUVW]XHU|IIQHQ 'HU 9HUVXFK MHJOLFKH :HUWVFKlW]XQJ ]% YRQ .XQVWZHUNHQ  LQHL QHQ :XQVFK ]X WUDQVIRUPLHUHQ HEQHW QLFKW QXU UHDO EHVWHKHQGH 8QWHU VFKLHGH]ZLVFKHQEHVWLPPWHQ+DQGOXQJVJUQGHQHLQYLHOPHKUIHKOWGHU 5HGXNWLRQYRQ+DQGOXQJVJUQGHQDXI:QVFKHLP%HJUQGXQJVNRQWH[W GDV IU GHQ %HJULII GHV +DQGOXQJVJUXQGV (QWVFKHLGHQGH QlPOLFK GDV 0RPHQW GHU %HZHUWXQJ G K HLQ 8UWHLO GD‰ GLH $XVIKUXQJ HLQHU EH VWLPPWHQ +DQGOXQJ HWZDV *XWHV EHLQKDOWHW VHL GLHVHV *XW QXQ HWZDV

_____________  *RVHSDWKYJO]XU'HEDWWHXP,QWHUQDOLVPXVXQG([WHUQDOLVPXVDXFKGLH hEHUVLFKWPLWZHLWHUIKUHQGHU/LWHUDWXULQ*RVHSDWK  9JO)DONVRZLHDXIGLHVHQUHNXUULHUHQG.RUVJDDUGD  1DFKZLHYRUHLQVFKOlJLJVFKHLQWPLUKLHU1DJHOV$EJUHQ]XQJGHV0RWLYDWLRQVLQWHUQD OLVPXVÅHLQHUJUXQGVlW]OLFKDQWLUDWLRQDOHQHWKLVFKHQ7KHRULHGLH HWZDVVFKOLFKW9RU JHJHEHQHV ]X LKUHP )XQGDPHQW KDW ZLH HLQ *HIKO HLQH ]ZLVFKHQPHQVFKOLFKH %LQ GXQJHLQH1HLJXQJRGHUHLQ%HJHKUHQ´²PDQN|QQWHKLHUDQGLH VSlWHUHQWVWDQGHQH  7KHRULH:LOOLDPVGHQNHQ²YRQ1DJHOVHLJHQHP GXUFK.DQWLQIRUPLHUWHQ 0RWLYDWL RQVLQWHUQDOLVPXV Å(LQ VWULNWHUHU ,QWHUQDOLVPXV PDFKW GLH 0RWLYDWLRQ KLQJHJHQ DP NRJQLWLYHQ *HKDOW HWKLVFKHU $QVSUFKH IHVW XQG SRVWXOLHUW 0RWLYDWLRQVNUlIWH GLH QLFKW PHKU DEZHLVHQ NDQQ ZHU VLFK LKUHU HLQPDO EHZX‰W ZLUG´ 1DJHO    ZRUDXV QDWUOLFKNHLQHVZHJVIROJWGD‰PDQDXFKVWHWVHQWVSUHFKHQGKDQGHOW0LWGLHVHU3RVL WLRQ1DJHOVLVWDXFKLQNRPSDWLEHOZDVGHU0RUDOUHDOLVW$XGLXQWHUGHP%HJULIIÅUHD VRQV LQWHUQDOLVP´ DEOHKQW Å>«@ WKDW D QRUPDWLYH  UHDVRQ IRU DFWLRQ PXVW EH JURXQGHGLQVRPHLQWHUQDOFRQDWLYHRUDWOHDVWQRQFRJQLWYHPRWLYDWLRQDOVWDWHRIWKH DJHQWIRULQVWDQFHDGHVLUHDVRSSRVHGWRGHULYLQJIURPDQH[WHUQDOUHTXLUHPHQWVXFK DV D FDWHJRULFDO LPSHUDWLYH >«@´ $XGL    ,Q $XVHLQDQGHUVHW]XQJ PLW GHQ HQWVSUHFKHQGHQ 3RVLWLRQHQ .DQWV XQG +DEHUPDV· ZLUG VLFK XQWHQ LQ .DS  ]HLJHQ ZLH SUREOHPDWLVFK GLH ,QWHUQDOLVPXV([WHUQDOLVPXV'LVMXQNWLRQ LVW LQVRIHUQ +DEHU PDV ]ZDU GDV ÄSULQFLSLXP GLMXGLFDWLRQLV¶ YRP ÄSULQFLSLXP H[HFXWLRQLV¶ HQWNRSSHOW GHVZHJHQ DEHU ZRKO NDXP DOV 0RWLYDWLRQVH[WHUQDOLVW EH]HLFKQHW ZHUGHQ NDQQ GHQQ HLQHULFKWLJH+DQGOXQJJHVFKLHKWLKP]XIROJHÄDXV(LQVLFKW¶LQGLHUHOHYDQWHQ*UQGH ZHQQJOHLFKQLFKWHQWODQJGHUREMHNWLYLVWLVFKHQ9RUJDEHQ1DJHOV YJOGD]XDXFK6FD UDQRDI  %HLVSLHOVZHLVH DXFK ]ZLVFKHQ GHU +LOIHOHLVWXQJ JHJHQEHU PHLQHP %UXGHU XQG GHU +LOIHOHLVWXQJJHJHQEHUHLQHUYRQPLUDXVGUFNOLFKYHUDEVFKHXWHQ3HUVRQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

$QJHQHKPHVHLQ9RUWHLORGHUVRQVWHWZDV:HUWYROOHV6HOEVWYHUVWlQGOLFK KDEHQXQWHUVFKLHGOLFKH3HUVRQHQXQWHUVFKLHGOLFKH+DQGOXQJVJUQGHLQVR IHUQVLHXQWHUVFKLHGOLFKH:QVFKHXQG9RUOLHEHQEHVLW]HQ6FKOLH‰OLFKKDW PHLQ+DQGOXQJVJUXQG]%HLQHJDQ]EHVWLPPWH&'PLW'RZODQGV/DX WHQPXVLNDQ]XK|UHQDXFKGDPLW]XWXQGD‰PLUGLHVH,QWHUSUHWDWLRQJH IlOOW ZDV DQGHUH 3HUVRQHQ IU LKUHQ *HVFKPDFN HYHQWXHOO YHKHPHQW DE OHKQHQZUGHQ'RFKDXFKLQGLHVHP)DOOEHGDUIHVGHU9RUVWHOOXQJHLQHV ]XNQIWLJHQ (UOHEQLVVHV GHVVHQ (LQEH]LHKXQJ LQ PHLQH JHJHQZlUWLJHQ $EZlJXQJHQXQGVHLQHU$QHUNHQQXQJDOV+DQGOXQJV]ZHFNXPVFKOLH‰OLFK GLH,QWHQWLRQDXV]XELOGHQGDV*HUlWWDWVlFKOLFKHLQ]XVFKDOWHQ :LHEHZX‰WXQGH[SOL]LWGLHVH$EZlJXQJHQQXQDXFKLPPHUGXUFKJH IKUW ZHUGHQ ]ZHLIHOORV LVW KLHU $XVIKUOLFKNHLW NHLQ =HLFKHQ XQVHUHU $OOWDJVHQWVFKHLGXQJHQ HLQHNRQNUHWH+DQGOXQJVDEVLFKW]XKDEHQEHGHX WHW HLQHQ *UXQG ]X EHVLW]HQ GLH HQWVSUHFKHQGH +DQGOXQJ DXV]XIKUHQ XQG ² QRUPDOHUZHLVH ² NHLQHQ EHVVHUHQ *UXQG ]X VHKHQ GLHVH $EVLFKW ZHLWHU]XEHUGHQNHQ6FDQORQZHLVWLQGLHVHP.RQWH[WHUOlXWHUQGGDU DXIKLQGD‰GLHVH5HOHYDQ]YRQ*UQGHQLP*HJHQVDW]]X:QVFKHQDOV DIIHNWLYHQ ,PSXOVHQ QLFKW QXU IU ,QWHQWLRQHQ JLOW VRQGHUQ EHUHLWV IU hEHUOHJXQJHQ GLHMDQLFKWLPPHU]XHQWVSUHFKHQGHQSUDNWLVFKHQ)HVWOH JXQJHQ RGHU ,QWHQWLRQHQ IKUHQ PVVHQ  Å/LNH WKH IRUPDWLRQ RI DQ LQ WHQWLRQ VXFK D ÄWDNLQJ¶ >D FRQVLGHUDWLRQ WR EH UHOHYDQW .3@ LV D PRYH ZLWKLQSUDFWLFDOWKLQNLQJUDWKHUWKDQDVGHVLUHVDUHFRPPRQO\VXSSRVHGWR EHDVWDWHZKLFKVLPSO\RFFXUVDQGLVWKHQDÄJLYHQ¶IRUVXEVHTXHQWGHOLEH UDWLRQ 7KLV LV VKRZQ E\ WKH IDFW WKDW LW FRQWLQXHV WR DIIHFW WKH UHDVRQV RQH KDV RQO\ LQ WKH DEVHQFH RI JURXQGV IRU UHFRQVLGHUDWLRQ µ 'DV IU +DQGOXQJVJUQGH (QWVFKHLGHQGH ZDV :QVFKH LP 6LQQH GLHVHU VHHOLVFK RGHU N|USHUOLFK DXIWUHWHQGHQ %HGUIQLVVH RGHU %HVWUHEXQJHQ QLFKW EHVLW ]HQ LVW LKU VSH]LILVFKHU %HZHUWXQJVLQGH[ LKUH $QHUNHQQXQJ DOV *UXQG 'LHVH$QHUNHQQXQJDOV*UXQGLVWZHGHULGHQWLVFKPLWQRFKUHGX]LEHODXI GDV hEHU]HXJXQJVPRPHQW ÄGD‰ GLH +DQGOXQJ GHQ HQWVSUHFKHQGHQ

_____________  9JOGD]X6FDQORQ  9JO ]XU 5HYLVLRQ YRQ NRPSOH[HQ ,QWHQWLRQHQ XQG 3OlQHQ %UDWPDQ   ² 'DVEHGHXWHWVHOEVWYHUVWlQGOLFKQRFKQLFKWGD‰PDQPLWJXWHQ*UQGHQKDQGHOWDXI GLH HQWVSUHFKHQGHQ 8QWHUVFKLHGH ]ZLVFKHQ JXWHQ  *UQGHQ XQG UDWLRQDOHQ (UIRU GHUQLVVHQJHKHLFKLPQlFKVWHQ.DSLWHOHLQ  6FDQORQYJOHEGÅ>«@ZKHQZHFRQVLGHUWKHYDULRXVVWDWHVWKDWPLJKWEH LGHQWLILHGDVGHVLUHVZHILQGQRQHWKDWFDQSOD\WKHJHQHUDOUROHLQMXVWLILFDWLRQFRP PRQO\DVVLJQHGWRGHVLUHV²WKDWRIVWDWHVZKLFKDUHLQGHSHQGHQWRIRXUSUDFWLFDOUHD VRQLQJDQGZKLFKZKHQWKH\RFFXUSURYLGHUHDVRQIRUGRLQJZKDWZLOOSURPRWHWKHLU IXOILOOPHQW0DQ\RIRXUUHDVRQVGRKDYHVXEMHFWLYHFRQGLWLRQVEXWWKHVHWXUQRXWRQ FORVHULQVSHFWLRQWREHUDWKHUPLVOHDGLQJO\GHVFULEHGE\WKHWHUPLQRORJ\RIGHVLUHDQG GHVLUHIXOILOOPHQWµ

†6FDQORQVQLFKWUHGXNWLRQLVWLVFKHV.RQ]HSWYRQ+DQGOXQJVJUQGHQ 



:XQVFK HUIOOHQ ZLUG¶  GDV LP GHVLUHEHOLHI0RGHOO GDV HLQ]LJ 5DWLRQDOH DXVPDFKWH YJO REHQ †   (LQ :XQVFK PX‰ XP +DQGOXQJVUHOHYDQ] ]X HUODQJHQ HLQ *UXQG ZHUGHQ HU PX‰ ² PLQGHVWHQV DXV HLQHU VXEMHNWLYHQ 3HUVSHNWLYH ² ÄYHUGLHQHQ¶ LQ (UZlJXQJ JH]RJHQ ]X ZHUGHQ XQG GDVEH GHXWHWHUPX‰DOVHWZDVEHWUDFKWHWZHUGHQGDV]XJXQVWHQHLQHUEHVWLPPWHQ +DQGOXQJVSULFKW2KQHGLHVH%HZHUWXQJIKUHQ%HGUIQLVVHQXU]X9HU KDOWHQQLFKW]X+DQGOXQJHQ'DV]ZHLIHOORVLUUHGX]LEHOVXEMHNWLYH0R PHQW EHOLHELJHU +DQGOXQJVJUQGH EHVWHKW GDULQ GD‰ XQWHUVFKLHGOLFKH 3HUVRQHQXQWHUVFKLHGOLFKH'LQJHXQWHUVFKLHGOLFKEHZHUWHQ8QVHUQRUPDWL YHU 8PJDQJ PLW XQVHUHQ VXEMHNWLYHQ 9RUDXVVHW]XQJHQ EHVWLPPW HUVW ZHOFKH +DQGOXQJVJUQGH ZLU KDEHQ 'LH QDWXUDOLVWLVFKH SV\FKROR JLVWLVFKHPHQWDOLVWLVFKH²RGHUDQZHOFKHQLVPHQDXFKLPPHURULHQWLHUWH ²$QDO\VHGHV%HJULIIVGHV+DQGOXQJVJUXQGVNDQQVRIROJHLFK6FDQORQV 9HUPXWXQJ LKU =LHO ZRKO QLH HUUHLFKHQ Å$Q\ H[SODQDWLRQ RI KRZ VRPH WKLQJFDQFRXQWLQIDYRURIVRPHWKLQJHOVHHLWKHUH[SODLQVWKLVLQQRUPD WLYHWHUPVLQZKLFKFDVHLWPD\EHFRQYLQFLQJEXWGRHVQRWH[SODLQUHD VRQVLQJHQHUDORUHOVHRIIHUVDSV\FKRORJLFDOH[SODQDWLRQLQZKLFKFDVH WKHQRUPDWLYHIRUFHRIUHDVRQVLVQRWFRQYLQFLQJO\H[SODLQHG)DFHGZLWK WKLVGLOHPPD,DPLQFOLQHGWRWKLQNWKDWRXULQDELOLW\WRH[SODLQKRZVRPH WKLQJFRXOGEHDUHDVRQLVQRWGXHWRDZHDNQHVVLQRXUSKLORVRSKLFDOUH VRXUFHVEXWUDWKHUWRWKHIDFWWKDWWKHUHODWLRQRIEHLQJDUHDVRQIRULVWRR IXQGDPHQWDO WR EH KHOSIXOO\ H[SODLQHG LQ RWKHU WHUPV´ ,P )ROJHQGHQ ZLUGVLFKMHGRFK]HLJHQGD‰6FDQORQV3HVVLPLVPXVEH]JOLFKGHUQRUPD WLYHQ %HVWLPPXQJ GHV %HJULIIV GHV +DQGOXQJVJUXQGV ² HLQ +DQGOXQJV JUXQG VHL HLQH DEVWUDNW QLFKW ZHLWHU VSH]LIL]LHUEDUH hEHUOHJXQJ GLH IU HLQH+DQGOXQJVSULFKW²KLQVLFKWOLFKGHUORJLVFKHQ5HLFKZHLWHYRQ+DQG OXQJVJUQGHQHWZDVYHUIUKWLVW  

_____________  2E9HOOHPDQVDFWLYLWLHVLQGLHVHP6LQQHDOV9HUKDOWHQRGHUDOV+DQGOXQJ]XEH]HLFKQHQ VLQGKlQJWYRQGHUMHZHLOLJHQ 6HOEVW =XVFKUHLEXQJVSHUSHNWLYHDEYJOREHQ)Q VRZLHXQWHQ†  6FDQORQ   +HUYRUKHEXQJ .3  YJO GD]X DXFK 6FDQORQV HQWVSUHFKHQGHV 5HVPHHÅ,WLVUDUHO\LIHYHUWKHFDVHWKDWVRPHRQHKDVDUHDVRQIRUDFWLRQEHFDXVHVR DFWLQJZRXOGVDWLVI\DGHVLUH:KDWZHQRUPDOO\FDOOÄKDYLQJDGHVLUHIRU[¶LVEHVWXQ GHUVWRRGDVWDNLQJVRPHFRQVLGHUDWLRQVXFKDVWKHIDFWWKDW[ZRXOGEHSOHDVDQWDVD UHDVRQWREULQJ[DERXWDQGLQVXFKDFDVHLWLVWKLVFRQVLGHUDWLRQLWVHOIUDWKHUWKDQ WKHDJHQW·VÄGHVLUH¶WKDWSURYLGHVWKHDJHQWZLWKDUHDVRQ'HVLUHVDUHQRWWKHQEDVLF VRXUFHVRIMXVWLILFDWLRQ1RUDUHWKH\QHFHVVDU\DVVRXUFHVRIPRWLYDWLRQLI,WDNHWKH IDFWWKDWGRLQJ[ZRXOGEHSOHDVDQWRUZRXOGUHSD\DGHEWWREHDJRRGUHDVRQIRUDF WLRQWKLVFDQVXIILFHWRH[SODLQP\IRUPLQJWKHLQWHQWLRQWRGR[DQGGRLQJ[7KHUHLV QRQHHGWRSRVLWDIXUWKHUVWDWHRIGHVLULQJ[´ (EG 



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

†6WUXNWXUHOOH5DWLRQDOLWlWXQG0D[LPHQ

 (LQNRKlUHQWLVWLVFKHV.RQ]HSWYRQ+DQGOXQJVJUQGHQNDQQQXQDXIGHP YRUVWHKHQG EHVFKULHEHQHQ JHPHLQVDPHQ %RGHQ GHV .RJQLWLYLVPXV HLQH +HUDXVIRUGHUXQJDQGLH.DQWLVFKH3RVLWLRQGDUVWHOOHQZHQQHVZLHGLHVH HLQH$OWHUQDWLYH]XP.RQVHTXHQWLDOLVPXVELHWHWRKQHGLHSUREOHPDWLVFKH 3UlPLVVH.DQWV]XWHLOHQGD‰GLH%HUFNVLFKWLJXQJYRQ+DQGOXQJVIROJHQ ZHGHU EHL GHU $XVELOGXQJ HLQHU PRUDOLVFKHQ $EVLFKW RGHU 0D[LPH QRFK EHL GHU %HXUWHLOXQJ HLQHU +DQGOXQJ DOV PRUDOLVFK UHOHYDQW VHL ,Q GLHVHP 6LQQH DQ 6FDQORQ DQNQSIHQG DUJXPHQWLHUW 1LGD5PHOLQ PLW VHLQHU .RQ]HSWLRQ ÅVWUXNWXUHOOHU 5DWLRQDOLWlW´ QLFKW QXU PLW .DQW  JHJHQ GLH VLFK DXI +XPH EHUXIHQGH Å,PSHWXVWKHRULH GHV +DQGHOQV´ VRQGHUQ LQ WHJULHUWQHEHQ1HLJXQJHQNXOWXUHOOHQ3UlJXQJHQXQGVR]LDOHQ5ROOHQDXFK ZLHGHUXP PLW .DQW  ÅQRUPDWLYH *UXQGSULQ]LSLHQ´ XQG GHPHQWVSUH FKHQGJHQXLQPRUDOLVFKH*UQGHEHLVSLHOVZHLVHDXIJUXQGGHV*HERWVGHU 5FNVLFKWQDKPHLQGHQ7KHRULHUDKPHQP|JOLFKHU+DQGOXQJVJUQGH (U ZHQGHW VLFK MHGRFK KLQVLFKWOLFK GHV PRUDOLVFKHQ +DQGHOQV ² XQG GDV LVW GLH NRKlUHQWLVWLVFKH 3RLQWH GLH HV LP )ROJHQGHQ ]X TXDOLIL]LHUHQ JLOW ² JHUDGH JHJHQ .DQWV VFKDUIH 8QWHUVFKHLGXQJ ]ZLVFKHQ .OXJKHLWV JUQGHQXQGPRUDOLVFKHQ*UQGHQ+DQGOXQJVJUQGHGLHP|JOLFKH.RQ VHTXHQ]HQ GHU +DQGOXQJ UHIOHNWLHUHQ VHLHQ QLFKW SHU VH DPRUDOLVFK HV EHVWHKH YLHOPHKU HLQ 6SHNWUXP DQ JXWHQ +DQGOXQJVJUQGHQ GDV QLFKW D SULRUL EHVWLPPW ZHUGHQ N|QQH Å'LH UDWLRQDOH +DQGOXQJ UHSUlVHQWLHUW DN]HSWLHUWHJXWH*UQGHPDQFKHEHUXKHQDXIHUIDKUHQHP:RKOZROOHQPDQ FKH DXI JHJHEHQHQ 9HUVSUHFKHQ DQGHUH DXI JHlX‰HUWHQ :QVFKHQ RGHU JHJHEHQHQ%HIHKOHQHLQLJHDXIHLJHQHQ,QWHUHVVHQRGHUDXIGHQYHUPXWH WHQ ,QWHUHVVHQ DQGHUHU YLHOH DXI 5HFKWHQ XQG 3IOLFKWHQ HLQLJH ZHQLJH GLUHNW  DXI HWKLVFKHQ 3ULQ]LSLHQ´ 2E XQG ZHQQ MD ZLH PRUDOLVFKH

_____________  1LGD5PHOLQ  1LGD5PHOLQ EH]LHKW VLFK LP JHJHQZlUWLJHQ .RQWH[W ]ZDU QLFKWH[SOL]LWDXI6FDQORQHLQHSDXVFKDOHDIILUPDWLYH5HIHUHQ]DXI6FDQORQILQGHWVLFK DEHULQ1LGD5PHOLQ  1LGD5PHOLQ  1LGD5PHOLQ  1LGD5PHOLQ +HUYRUKHEXQJ.3 ,P6LQQHVROFKHUHWKLVFKHQ3ULQ]LSLHQ HLQHV VR]LDOHQ .RKlUHQ]UDKPHQV KDW *HUW ]ZHL 6HWV PRUDOLVFKHU 5HJHOQ YRUJHVFKOD JHQ GLH GDV 9HUERW YHUVFKLHGHQHU 6FKDGHQV]XIJXQJHQ HEHQVR HQWKDOWHQ ZLH YHU VFKLHGHQH :DKUKDIWLJNHLWVJHERWH YJO *HUW   =XVDW] ]XU GW hEHUVHW]XQJ QLFKWLP2ULJLQDOYJO]XGLHVHQ5HJHOVHWVGLH.DSXQGLQ*HUW 'LH'LIIH UHQ]]ZLVFKHQGHQEHLGHQ5HJHOVHWVEHVWHKWGDULQGD‰GHQ]ZHLWHQIQI :DKUKDIWLJ NHLWV 5HJHOQQLFKWJHKRUFKWZHUGHQVROOZHQQGDPLWDQGHUHQ KlXILJ'ULWWHQ 6FKD GHQ ]XJHIJW ZLUG ZREHL VLFK GDV 5DWLRQDOLWlWVNULWHULXP VRZRKO DQ LQWUDSHUVRQHOOHU DOV DXFK DQ LQWHUSHUVRQHOOHU .RKlUHQ] RULHQWLHUW Å,UUDWLRQDOLWlW LVW HLQ LFKEH]RJHQHU

†6WUXNWXUHOOH5DWLRQDOLWlWXQG0D[LPHQ 



*UQGHDOVÄDN]HSWLHUWHJXWH*UQGH¶LQHLQHQ.RKlUHQ]UDKPHQP|JOLFKHU +DQGOXQJVJUQGHEHUKDXSWLQWHJULHUWZHUGHQN|QQHQVROOLQGHQEHLGHQ QlFKVWHQ.DSLWHOQPLWHLQHU'LIIHUHQ]LHUXQJYRQ.RKlUHQ]NULWHULHQZHLWHU XQWHUVXFKW ZHUGHQ 'RFK XQDEKlQJLJ GDYRQ NDQQ PDQ 1LGD5PHOLQ GDULQ]XVWLPPHQGD‰5HFKWIHUWLJXQJHQYRQLQWHUVXEMHNWLYJOWLJHQ.RKl UHQ]NULWHULHQ QLFKW XQDEKlQJLJ YRQ GHU JHQXLQ HQGOLFKHQ PHQVFKOLFKHQ 5DWLRQDOLWlW G K DEVWUDNW RGHU D[LRPDWLVFK ]X KDEHQ VLQG Å%HJUQ GXQJVSIOLFKWHQ WUHWHQ LP *UXQGH QXU GRUW DXI ZR ,QNRKlUHQ]HQ YRUOLH JHQ ,QWHUQH ,QNRKlUHQ]HQ YHUODQJHQ QDFK %HJUQGXQJ JHJHQEHU GHU KDQGHOQGHQ 3HUVRQ VHOEVW H[WHUQH JHJHQEHU NULWLVFKHQ )UDJHQ DQGHUHU >«@(LQHXPIDVVHQGHVWUXNWXUHOOH(QWVFKHLGXQJEHZlKUWVLFKGDQQZHQQ ÄNOHLQHUH¶(QWVFKHLGXQJHQIUGLHVHOEVWZLHGHUXPJXWH*UQGHVSUHFKHQ VLFK LQ GLH JU|‰HUH VWUXNWXUHOOH (QWVFKHLGXQJ HLQEHWWHQ ODVVHQ $QGHUHU VHLWVJHZLQQHQGLHNOHLQHUHQ(QWVFKHLGXQJHQDQ*HZLFKWXQG3ODXVLELOLWlW ZHQQVLHVLFKLQHLQHQVWUXNWXUHOOHQ5DKPHQHLQEHWWHQODVVHQ´'HUÄHQW VFKHLGHQGH (LQIOX‰ GHU 9HUQXQIW DXI XQVHUH +DQGOXQJHQ¶ ULFKWHW VLFK GHPHQWVSUHFKHQG DQ GHU P|JOLFKHQ (LQEHWWXQJ YRQ (LQ]HOHQWVFKHLGXQ JHQ LQ GLHVHQ VWUXNWXUHOOHQ 5DKPHQ DXV 'RFK NODU LVW DXFK GD‰ GLHVHU VWUXNWXUHOOH5DKPHQQLFKWHLQIDFKEHVWHKWVRQGHUQGXUFK+DQGOXQJVSULQ ]LSLHQRGHU0D[LPHQYDULDEOHU$OOJHPHLQKHLWVHOEVWHUVWNRQVWLWXLHUWZLUG $OV VROFKH SUDNWLVFKUDWLRQDOHQ %HVWLPPXQJHQ XQWHUVFKLHGOLFKVWHU (LQVWHO

_____________ %HJULIIGDV KHL‰WGLHHLQ]LJHQLUUDWLRQDOHQ+DQGOXQJHQVLQGVROFKHGLHVLFKLQGHP 6LQQH JHJHQ PHLQ (LJHQLQWHUHVVH ULFKWHQ DOV VLH PLU RKQH KLQUHLFKHQGHQ *UXQG LU JHQGHLQHQ6FKDGHQ]XIJHQRGHU]XP9HUOXVWLUJHQGHLQHV*XWHVIKUHQ*UQGHVLQG MHGRFK QLFKW LFKEH]RJHQ XQG ZDQQ LPPHU ZLU MHPDQGHQ QLFKW QXU XQV VHOEVW  YRU 6FKDGHQEHZDKUHQZDQQLPPHUZLU6FKDGHQYHUKWHQRGHUDXFKOLQGHUQN|QQHQLVW GDVHLQ*UXQGHLQHVRQVWLUUDWLRQDOH+DQGOXQJLQHLQHUDWLRQDOH]XYHUZDQGHOQ>«@ 'HU%HJULIIGHU5DWLRQDOLWlWLVWVRPLWHLQ0LVFKEHJULIIGHUGLH,FKEH]RJHQKHLWGHU,U UDWLRQDOLWlWHEHQVRXPID‰WZLHGLH8QSDUWHLOLFKNHLWYRQ*UQGHQ´ *HUW =XVDW]]XUGWhEHUVHW]XQJQLFKWLP2ULJLQDO 'LHXQWHQLQGHQ.DSXQGPLW5H NXUVDXISUDNWLVFKH,QIHUHQ]HQYHUVXFKWHQ%HVWLPPXQJHQGHVYRQ*HUWDQJHVSURFKH QHQ5DWLRQDOLWlWVEHJULIIVVRZLHGHVYRQLKPHEHQIDOOVDQJHVSURFKHQHQ%HJULIIVSUDNWL VFKHU *UQGH ZHUGHQ GLH 5HVWULNWLRQ DXI Ä(LJHQLQWHUHVVH¶ DXIKHEHQ XQG MHQHV Ä0LVFKYHUKlOWQLV¶DXIO|VHQ'LH3UREOHPHGLHPLW*HUWVRGHUYHUJOHLFKEDUHQ$QVlW]HQ YHUEXQGHQVLQGEHVWHKHQPHLQHV(UDFKWHQV]XPHLQHQGDULQGD‰GHU%HJULIIGHU5D WLRQDOLWlW LQ HLQHP XQWHUEHVWLPPWHQ 9HUKlOWQLV ]XP %HJULII GHV +DQGOXQJVJUXQGV VWHKWXQG]XPDQGHUHQGDULQGD‰YRQGHU:DUWHGHV3KLORVRSKHQDXVHLQHDQWKURSR ORJLVFKH .RQVWDQWH EHVFKULHEHQ ZLUG ÄGHU 0HQVFK IOLHKW hEHO¶  GLH PLW QRUPDWLYHU .UDIWDXVJHVWDWWHWYRUJHVWHOOWZLUGXPDOV+DQGOXQJVE]Z%HXUWHLOXQJVNULWHULXP]X GLHQHQ0LUVFKHLQWGHPJHJHQEHUHLQH.RQ]HSWLRQ DXVVLFKWVUHLFKHU]XVHLQGLHGLH $UWLNXODWLRQSHUV|QOLFKHU(LQVWHOOXQJHQGHQ,QGLYLGXHQVHOEVWEHUOl‰WXQGVWDWWGHV VHQ HLQH EHVWLPPWH )RUP YRQ 5HFKWIHUWLJXQJ DOV OHJLWLP DXVZHLVW 9JO NULWLVFK ]X *HUWV%HJULIIGHUXQSDUWHLOLFKHQ5DWLRQDOLWlWDXFK6LQQRWW$UPVWURQJ  1LGD5PHOLQI



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

OXQJHQQHKPHQGLHVH+DQGOXQJVSULQ]LSLHQHLQHQ]HQWUDOHQ3ODW]LQHLQHP NRKlUHQWLVWLVFKHQ.RQ]HSWGHU+DQGOXQJVOHJLWLPDWLRQHLQ 6FDQORQ EHVWLPPW 0D[LPHQ LQ GLHVHP 6LQQH DOV 3ULQ]LSLHQ GLH GLH $QJHPHVVHQKHLW RGHU 8QDQJHPHVVHQKHLW JHZLVVHU hEHUOHJXQJHQ DOV *UQGH IU HLQH JHZLVVH +DOWXQJ MXGJPHQWVHQVLWLYH DWWLWXGH  VSH]LIL]LHUHQ XQGVLHKWVLFKGDPLW]X5HFKWLQGHU.DQWLVFKHQ7UDGLWLRQÅ>«@IRU.DQW PD[LPVDUHQRWMXVWIHDWXUHVRIPRUDOUHDVRQLQJEXWFHQWUDOFRPSRQHQWV RI SUDFWLFDO UHDVRQLQJ PRUH JHQHUDOO\ DQG P\ SUHVHQW SRLQW LV WKDW WKLV VHHPVLQWXLWLYHO\WREHFRUUHFW0RUDOLW\DVLGHRXUSUDFWLFDOWKLQNLQJWDNHV SODFH ZLWKLQ D IUDPHZRUN RI PD[LPV DQG LV FRQFHUQHG ZLWK DGRSWLQJ LQWHUSUHWLQJ DQG PRGLI\LQJ WKHVH SULQFLSOHV DV ZHOO DV ZLWK GHFLGLQJ ZLWKLQWKHIUDPHZRUNWKH\SURYLGHZKHWKHUZHKDYHVXIILFLHQWUHDVRQIRU DFWLQJLQSDUWLFXODUZD\Vµ ,QVHLQHU*UXQGOHJXQJKDW.DQWGHQ%HJULIIGHU0D[LPHDOVÅSUDNWLVFKH 5HJHOGLHGLH9HUQXQIWGHQ%HGLQJXQJHQGHV6XEMHFWVJHPl‰ |IWHUVGHU 8QZLVVHQKHLWRGHUDXFKGHQ1HLJXQJHQGHVVHOEHQ EHVWLPPW´GHILQLHUW 'DEHLKDEHQZLUZLH.ODXV6WHLJOHGHUNRQVWDWLHUWÅ>@.DQW]XIROJHYRQ HLQHP *HIOHFKW RGHU 1HW] YRQ 0D[LPHQ DXV]XJHKHQ GDV VLFK DXV GHQ (QWVFKHLGXQJHQ HLQHV ,QGLYLGXXPV HUJLEW XQG GDV hEHU XQG 8QWHURUG QXQJHQ YRQ Ä:LOOHQVEHVWLPPXQJHQ¶ YHUVFKLHGHQHQ $OOJHPHLQKHLWVJUDGHV XQGYHUVFKLHGHQHU$UWHQWKlOW'DV6SHNWUXPUHLFKWQDFK.DQWYRQHLQHU JUXQGOHJHQGHQ XQG REHUVWHQ 0D[LPH IU GLH :DKO DOOHU =ZHFNH EHU KDXSWELVKLQ]XGHQ(QWVFKHLGXQJHQNRQNUHWH+DQGOXQJHQDXV]XIKUHQ XPEHVWLPPWH=LHOH]XHUUHLFKHQ´:LUELOGHQVR.DQWLP/DXIHXQVH

_____________  6FDQORQ  .DQW,9I$QP  6WHLJOHGHUYJODXFKHEGHULQWHUSUHWLHUW.DQWV0D[LPHQDOVÅ8U WHLOHLQGHQHQVLFKHLQKDQGOXQJVIlKLJHV6XEMHNWHQWVFKOLH‰WNRQNUHWHRGHUEHUJUHL IHQGH=LHOVHW]XQJHQKDQGHOQG]XYHUIROJHQ´ HEG XQGEHWRQWGDEHLÅ:DVGLH DQJHVSURFKHQHQ$UWHQYRQ0D[LPHQDQEHODQJWVRJLOWHV>«@]XXQWHUVFKHLGHQ]ZL VFKHQGHU,QWHQWLRQ=ZHFNHKDQGHOQG]XHUUHLFKHQXQGGHU,QWHQWLRQ+DQGOXQJHQ DXV]XIKUHQ XP =ZHFNH KDQGHOQ ]X HUUHLFKHQ´ (EG I  9JO ]X .DQWV 0D[L PHQEHJULIIDXFK$OOLVRQ I GHU0D[LPHQPLW9HUZHLVDXI.DQW   DXFKDOV,QWHQWLRQHQDQVSULFKW HLQVFKUlQNHQGGD]X2·1HLOO VRZLH:LO ODVFKHN  GHUYRQHLQHPÅ·KROLVWLVFKHQ¶=XJ´VSULFKWGHQ+DQGOXQJVEH JUQGXQJHQGXUFK0D[LPHQHUKDOWHQÅ(LQH+DQGOXQJOl‰WVLFKQLFKWLVROLHUWEHJUQ GHQ VRQGHUQ LPPHU QXU DOV 7HLO HLQHV =XVDPPHQKDQJV ]X GHP DXFK GLH EULJHQ ,QWHUHVVHQGHV+DQGHOQGHQJHK|UHQXQGGHUGDKHUXQWHUHLQHQXPIDVVHQGHQLGHDOHQ +DQGOXQJVSODQIlOOWGHQGHU+DQGHOQGHPLW%OLFNDXIGLHHLJHQHÄ*OFNVHOLJNHLW¶HQW ZLUIW´ (EG 7LPPHUPDQQ  ZLHGHUXPXQWHUVFKHLGHWEHL.DQWGUHL 0D[LPHQEHJULIIH0D[LPHQDOVGLHÅ3ULQ]LSLHQHUVWHU6WXIHYRQ+DQGOXQJHQ´DOVÅ:LOOHQV DNWH>«@GLHVLFKLKUHUVHLWVDXI:LOOHQVDNWHQLHGHUHU6WXIHHUVWUHFNHQXQGQLFKWGLUHNW ]X+DQGOXQJHQIKUHQ´VRZLHDOVÅEHZX‰WDQJHQRPPHQHEHVRQGHUVNODUHFKDUDNWH ULVWLVFKH+DQGOXQJVSULQ]LSLHQHLQHU3HUVRQ´6RXQWHUVFKLHGOLFKGLHYRUJHQDQQWHQ,Q

†6WUXNWXUHOOH5DWLRQDOLWlWXQG0D[LPHQ 



UHV (UZDFKVHQZHUGHQV G K PLW ]XQHKPHQGHU 5DWLRQDOLWlW SHUV|QOLFKH *UXQGVlW]HDXVGLHVFKOLH‰OLFKXQVHUHQ&KDUDNWHUNHQQ]HLFKQHQXQGVLFK GDUDQRULHQWLHUHQÅQXUGDVMHQLJH]XZlKOHQZDVGLH9HUQXQIWXQDEKlQJLJ YRQGHU1HLJXQJDOVSUDNWLVFKQRWKZHQGLJ>@HUNHQQW´0DQPX‰QXQ NHLQHQUREXVWHQ%HJULIIHLQHV HPSLULVFKHQRGHULQWHOOLJLEOHQ &KDUDNWHUV GHV 0HQVFKHQEHVLW]HQXP YRQ EHUJUHLIHQGHQ +DQGOXQJVVWUXNWXUHQ ]X VSUHFKHQ VRQGHUQ NDQQ LQ OHW]WHUHQ VFKOLFKWZHJ YHULQQHUOLFKWH ZHQQ JOHLFKGXUFKGLH3HUVRQEHJUQGEDUH(QWVFKHLGXQJVPXVWHUVHKHQZHOFKH HLQHQ JOREDOHQ +DQGOXQJV]ZHLIHO SXQNWXHOO VLVWLHUHQ N|QQHQ XQG GDPLW EHUKDXSWHUVWGLH6WDELOLWlWYRQ²DXFKLQWHUVXEMHNWLYHQ²+DQGOXQJVSOl QHQHUP|JOLFKHQ ,P)ROJHQGHQVROOHVQXQOHGLJOLFKXPKDQGOXQJVEH]RJHQH5DWLRQDOL WlWVVWUXNWXUHQ JHKHQ ZHQQJOHLFK EHUJUHLIHQGH 5DWLRQDOLWlWVVWUXNWXUHQ QLFKW DXI +DQGOXQJHQ EHVFKUlQNW VLQGVRQGHUQ YLHOPHKU DOOJHPHLQH 8U WHLOHGDUVWHOOHQGLHGLH$XVELOGXQJEHVWLPPWHUHSLVWHPLVFKHURGHUSUDNWL VFKHU (LQVWHOOXQJHQ KLQVLFKWOLFK GHU $QJHPHVVHQKHLW YRQ GHUHQ %HJUQ GXQJHQOHLWHQRGHUEHVFKUlQNHQ 'DVNRQVHTXHQWLDOLVWLVFKH*HJHQPRGHOO]XGLHVHPVWUXNWXUDOLVWLVFKHQ $QVDW]VWHOOW+DQGHOQGHDOVÄSXQNWXHOOH2SWLPLHUHU¶YRUXQGJHKWGHPHQW VSUHFKHQGGDYRQDXVGD‰HLQH+DQGOXQJGDQQEHJUQGHWLVWZHQQVLHGDV =LHO]XGHVVHQ(UUHLFKXQJVLHDOV0LWWHOHUNDQQWZXUGHWDWVlFKOLFK RGHU

_____________

 



 

WHUSUHWDWLRQVDQVlW]HDXFKVHLQP|JHQVRYHUZHLVHQVLHGRFKDOOHH[SOL]LWRGHULPSOL]LW DXI GDV KROLVWLVFKH 0RPHQW LQ .DQWV 0D[LPHQNRQ]HSWLRQ GDV .DQW 0D[LPHQ ]ZDU VFKZHUSXQNWPl‰LJLPPRUDOLVFKHQ.RQWH[WEHKDQGHOQKLHUMHGRFKVWHWVDXFKDX‰HU PRUDOLVFKH *HJHEHQKHLWHQ HLQEH]LHKHQ Ol‰W =X HLQHU LQVWUXNWLYHQ GLVNXUVHWKLVFKHQ 5HNRQVWUXNWLRQGHV.DQWLVFKHQ0D[LPHQEHJULIIVYJO:HUQHU ,QHLQHU5HIOH[LRQDXVGHQHU-DKUHQKHL‰WHVÅ*HJHQGDVVWH-DKUEHVWLPPWVLFK HUVWUHFKWGHU&KDUDFWHU J'HUJXWH&KDUDFWHUEHUXKWDXIGHPNDOWHQ.RSIXQGZDU PHQ+HU]HQ ´ .DQW;9 .DQW,9.DQWVSULFKWYRPÅPRUDOLVFKH>Q@%HZHJXQJVJUXQG´GHUÅGHUHLQ]LJH LVWZHOFKHUHLQHQ&KDUDNWHU SUDNWLVFKHFRQVHTXHQWH'HQNXQJVDUWQDFKXQYHUlQGHUOL FKHQ0D[LPHQ JUQGHW>«@´ .DQW9 9JO]XU LQWHQVLYHQ 'HEDWWHLQQHUKDOE GHU .DQW)RUVFKXQJ EHU GHQ =XVDPPHQKDQJ YRQ 0D[LPH &KDUDNWHU XQG 7XJHQG EHL.DQWGHQKLVWRULVFKGHWDLOOLHUWHQXQGSKLORVRSKLVFKVHKUDXIVFKOX‰UHLFKHQ$XIVDW] YRQ.KQ0V .DQWVGLHVEH]JOLFKHU6SUDFKJHEUDXFKLVWXQHLQKHLWOLFK:lKUHQGHUEHLVSLHOVZHLVHLQ GHU .U9 $   1DWXU XQG )UHLKHLWVXUVDFKHQ PLW GLHVHP %HJULIIVSDDU XQWHU VFKHLGHQP|FKWH]LHOWGLH5HOLJLRQVVFKULIW YJO.DQW9, GDPLWDXIGLH8QWHUVFKHL GXQJ]ZLVFKHQ/HJDOLWlWXQG0RUDOLWlW 9JO%UDWPDQV$XVIKUXQJHQ]XLQGLYLGXHOOHQXQGNROOHNWLYHQ,QWHQWLRQHQXQG+DQG OXQJVSOlQHQLQ%UDWPDQ LQVEHV3DUW,  9JO6FDQORQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

K|FKVWZDKUVFKHLQOLFK  HUUHLFKHQ Ol‰W 'HU .RQVHTXHQWLDOLVPXV QLPPW GDPLW .DQWV .RQ]HSWLRQ SUREOHPDWLVFKWHFKQLVFKHU ,PSHUDWLYH GHU *H VFKLFNOLFKNHLW HLQH EHVRQGHUH )RUP K\SRWKHWLVFKHU ,PSHUDWLYH DXI XQG JHQHUDOLVLHUW GLHVH $XI GHQ $EZHLV HLQHU GHUDUWLJHQ 9HUHQJXQJ P|JOL FKHU +DQGOXQJVSULQ]LSLHQ ZHUGH LFK QRFK ]XUFNNRPPHQ :LFKWLJ IU PHLQH QDFKIROJHQGH $UJXPHQWDWLRQ LVW ]XQlFKVW OHGLJOLFK HLQH $QDORJLH ]ZLVFKHQLQWUDSHUVRQHOOHUXQGLQWHUSHUVRQHOOHU.RKlUHQ]SUDNWLVFKHU(LQ VWHOOXQJHQ ZR]X HLQH .OlUXQJ GHU 3UREOHPH GHU ,QWHUWHPSRUDOLWlWVRZLH GHUVWUXNWXUHOOHQ9HU]DKQXQJYRQ+DQGOXQJVDEVLFKWHQHUIRUGHUWZLUG  

†,QWHUWHPSRUDOLWlW

 $XIEDXHQG DXI GLH $UEHLWHQ 1DJHOV 6FDQORQV XQG %UDWPDQV DUJXPHQ WLHUW1LGD5PHOLQGLHVEH]JOLFKIUHLQHVSH]LILVFKH5HYLVLRQGHUEHUHLWV HUZlKQWHQ KXPHDQLVFKHQ ÄGHVLUHEHOLHI¶7KHRULH $Q %HLVSLHOHQ ZLH GHP JHJHQZlUWLJHQ (LQNDXI YRQ 1DKUXQJVPLWWHOQ XP UDWLRQDO HUZDUWEDUH

_____________  9RQ GHP .RQVHTXHQWLDOLVPXV ]X VSUHFKHQ LVW ZLH DOOH 5HGH YRQ LVPHQ QDWUOLFK ]X XQVFKDUI XP 3RVLWLRQHQ JHJHQHLQDQGHU SURILOLHUHQ ]X N|QQHQ HV EHGUIWH KLHU DOVR QRFKGHU=XVDW]TXDOLILNDWLRQGXUFKGDV.RQ]HSWGHUGLUHNWHQ0D[LPLHUXQJ:lKUHQG GDV0D[LPLHUXQJVSULQ]LSOHGLJOLFKEHVDJWGD‰GLHMHQLJH+DQGOXQJJHZlKOWZLUGZHO FKHGLH$XVVLFKWDXIGDV(UUHLFKHQHLQHVVXEMHNWLYHQ=LHOVPD[LPLHUWJHKHQVXEVWDQ WLHOOHUH)RUPHQGHV.RQVHTXHQWLDOLVPXVGDYRQDXVGD‰=LHOHDOVPHKURGHUZHQLJHU DOOJHPHLQH:HUWHEHVWLPPWZHUGHQPVVHQLQVRIHUQGLHVLWXDWLYHDGKRF=LHOEHVWLP PXQJQLFKWDXVUHLFKWXPDGlTXDWH0LWWHO]XU(UUHLFKXQJGHV=LHOVDXV]XPDFKHQ,Q VRIHUQGHU:HUWHLQHU+DQGOXQJVLFKDP:HUWGHV6DFKYHUKDOWVGHUGXUFKVLHKHUYRU JHUXIHQ ZLUG EHPHVVHQ ZLUG RULHQWLHUW VLFK SUDNWLVFKH 5DWLRQDOLWlW GLHVHQ VXEVWDQWLHOOHUHQ)RUPHQ YRQ1XW]HQPD[LPLHUXQJJHPl‰QLFKWQXU DQGHU0D[LPLH UXQJGHU:DKUVFKHLQOLFKNHLWGHU=LHOHUUHLFKXQJVRQGHUQDXFKDQGHU:QVFKEDUNHLW GHV =LHOV VHOEVW (V EHGDUI DOVR HLQHU LQKDOWOLFKHQ $EZlJXQJ XQG %HVWLPPXQJ YRQ =LHOHQ HJDOREGLHVGHU.DUULHUHHUIROJHLQHV,QGLYLGXXPVGHUJHVHOOVFKDIWOLFKH1XW ]HQRGHUHWZDVDQGHUHVLVW XPGLHJHHLJQHWHQ0LWWHOEHUKDXSW]XVXFKHQ9JO]XU 8QWHUVFKHLGXQJ ]DKOUHLFKHU )RUPHQ GHV .RQVHTXHQWLDOLVPXV EHLVSLHOVZHLVH 6HQ GHUVHOEVWHLQHVXEVWDQWLHOOH9HUVLRQGHV.RQVHTXHQWLDOLVPXVYHUWULWW  9JO.DQW,9VRZLHREHQ.DS  1LGD5PHOLQ LVW JHJHQZlUWLJ VRZHLW LFK VHKH GHU HLQ]LJH GHXWVFKVSUDFKLJH $XWRU GHULQVHLQHhEHUOHJXQJHQGLHJOHLFKRULHQWLHUWHQ$UEHLWHQGLHVHU$XWRUHQNRQVWUXNWLY HLQEH]LHKW9JO]X1DJHOV$UJXPHQWDWLRQÅ>«@GD‰XQVHUHHLJHQHQ]XNQIWLJHQ,QWH UHVVHQEHUHLWVIUVLFKJHQRPPHQ*UQGHJHEHQXQVHU+DQGHOQLQGHU*HJHQZDUWDQ LKQHQDXV]XULFKWHQXQGGD‰HLQH0RWLYDWLRQGLHVHU$UWHLQHU(UNOlUXQJGXUFKGD]ZL VFKHQJHVFKREHQH JHJHQZlUWLJH :QVFKH RGHU LUJHQGZHOFKH DQGHUHQ YHUPLWWHOQGHQ $QWULHEVTXHOOHQZHGHUIlKLJQRFKEHGUIWLJLVW´ 1DJHOI LQVEHVRQGHUH1D JHO.DS9JODXFK%UDWPDQ GD]XDXFKXQWHQ)Q 6FDQORQ  LQVEHV3DUW, 

†,QWHUWHPSRUDOLWlW 



]XNQIWLJH²QLFKWJHJHQZlUWLJH²%HGUIQLVVH]XEHIULHGLJHQZLUGGHXW OLFKGD‰HLQDOOHLQDXI1HLJXQJHQXQG%HGUIQLVVHUHNXUULHUHQGHV0RGHOO YRQ+DQGOXQJVJUQGHQHLQHUDGlTXDWHQ%HVFKUHLEXQJXQVHUHU$OOWDJVSUD [LVQLFKWJHUHFKWZLUG8QGVHOEVWZHQQPDQGDV]XNQIWLJH%HGUIQLVDOV HLQ JHJHQZlUWLJHV %HGUIQLV LQWHUSUHWLHUW ZHOFKHV GDV ]XNQIWLJH DQWL]L SLHUWVWHOOWVLFKGDV3UREOHPGHU$EZlJXQJJHPl‰VROFKHQ.ULWHULHQGLH GLH *HJHQZDUWVSHUVSHNWLYH EHUHLWV EHUVFKUHLWHQ GHQQ GD‰ GLH VWHWV DXI DNWXHOOH 1HLJXQJVLPSXOVH XQPLWWHOEDUH +DQGOXQJVUHDNWLRQ DXVUHLFKHQ N|QQWHXPPHQVFKOLFKHV+DQGHOQ]XYHUVWHKHQZUGHQZRKOVHOEVW9HU WUHWHU GHU ÄGHVLUHEHOLHI¶7KHRULH NDXP EHKDXSWHQ ZROOHQ 1LGD5PHOLQ VSULFKWGHVKDOEYRQHLQHUÅ'LIIHUHQ]]ZLVFKHQSXQNWXHOOHUXQGVWUXNWXUHO OHU5DWLRQDOLWlW´XQGIRUGHUWÅ(LQHDQJHPHVVHQH7KHRULHSUDNWLVFKHU5D WLRQDOLWlW PXVV ]XODVVHQ GDVV VSH]LILVFKHUH ,QWHQWLRQHQ HUVW LP +LQEOLFN DXI DOOJHPHLQHUH DOV UDWLRQDO JHOWHQ´ (UVW HLQH UHIOH[LYH'LVWDQ]LHUXQJ YRQ DNWXHOO EHVWHKHQGHQ %HGUIQLVVHQ DXIJUXQG GHU UDWLRQDOHQ (UZDUWXQJ ]XNQIWLJHU%HGUIQLVVH²RGHUDXFKDXIJUXQGGHU(LQEH]LHKXQJEHVWLPP WHU:HUWHRGHU1RUPHQ²HUODXEWHLQUDWLRQDOHV+DQGHOQ ,QWUDSHUVRQHOOH.RKlUHQ]EHGHXWHWGDQDFKGD‰HLQH3HUVRQQLFKWDXV VFKOLH‰OLFKDNWXHOOHQ1HLJXQJVLPSXOVHQIROJWRGHUJHQDXHUGD‰HLQH3HU VRQGLHVROFKHQDNWXHOOHQ$IIHNWHQIROJWHLQ+DQGHOQJHPl‰HLQHPVRO FKHQ$IIHNWJHJHQEHU$OWHUQDWLYHQGKHLQHPQLFKWDIIHNWLYHQ+DQGHOQ DEJHZRJHQ KDW ZRGXUFK VHOEVWYHUVWlQGOLFK GDV +DQGHOQ DXV UHLQHP $I IHNWDXIK|UWHLQVROFKHV]XVHLQ =HQWUDOIUGHQ.RKlUHQWLVPXVLVWGDEHL GD‰ QLFKW HLQH MHGH HLQ]HOQH +DQGOXQJ HLQ $EZlJHQ YRQ XQ]lKOLJHQ $O WHUQDWLYHQ ² VFKOLH‰OLFK Ol‰W VLFK ]ZLVFKHQ $OWHUQDWLYHQ HLQ .RQWLQXXP ZHLWHUHU$OWHUQDWLYHQGHQNHQ²YRUDXVVHW]WVRQGHUQGD‰ZLUXQVDXIJUXQG XQWHUVFKLHGOLFKHU %HGUIQLVVH 1HLJXQJHQ VR]LDOHU (UIDKUXQJHQ :HUWH XQG 1RUPHQ GLH ZLU LP /DXI GHU =HLW DXVELOGHQ +DQGOXQJVVWUXNWXUHQ RGHU 0D[LPHQ ]X HLJHQ PDFKHQ DQ GLH ZLU XQV VHOEVW ELQGHQ 'LHVH +DQGOXQJVVWUXNWXUHQZHUGHQHRLSVRLQWHUWHPSRUDODXVJHELOGHWGDSXQN WXHOOH %HGUIQLVVH 1HLJXQJHQ HWF QXU EHU ]HLWOLFKH (UIDKUXQJ KLQZHJ

_____________  1LGD5PHOLQ  1LGD5PHOLQGHPRQVWULHUWGLHVDP%HLVSLHOGHUVFKWLJHQ3HUVRQGLHVLFKYRUQLPPW GLH6XFKW]XEHUZLQGHQXQGVFKOLH‰OLFKGDPLW(UIROJKDWÅ(VZlUHEHUDXVNQVW OLFK GLHVH ODQJH )ROJH YRQ EHZXVVWHQ 8QWHUODVVXQJHQ VLFK HLQH =LJDUHWWH DQ]X]Q GHQ DOV(UJHEQLVHLQHV$EZlJXQJVSUR]HVVHVLPVLQJXOlUHQ)DOO]XLQWHUSUHWLHUHQ(V VLQG QLFKW GLH JHVXQGKHLWVVFKlGOLFKHQ $XVZLUNXQJHQ GHU QlFKVWHQ =LJDUHWWH GLH ]X UDXFKHQ PDQ XQWHUOlVVW GLH HLQHQ GDYRQ DEKDOWHQ GLHVH =LJDUHWWH DQ]X]QGHQ VRQ GHUQHVLVWGLH$EVLFKWPLWGHP5DXFKHQHLQIUDOOH0DODXI]XK|UHQ GKVLFKDQGLH EHWUHIIHQGH 5HJHO GLH GXUFK GLHVH )ROJH YRQ 8QWHUODVVXQJHQ EHIROJW ZLUG ]X KDO WHQ ´ 1LGD5PHOLQ $PGHWDLOOLHUWHVWHQDXVJHDUEHLWHWLVWGLHVHUKROLVWLVFKH =XJYRQ0D[LPHQJHJHQZlUWLJLQ%UDWPDQV3ODQXQJVWKHRULH YJOXQWHQ)Q 



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

LQWHJULHUW+DQGOXQJVPXVWHUDXVPDFKHQN|QQHQ'LH6XPPHGLHVHU+DQG OXQJVVWUXNWXUHQGLHEHLVSLHOVZHLVH]XHLQHUEHVWLPPWHQ:DKOSHUV|QOLFKHU )UHXQGHRGHUDXFKHLQHV%HUXIVIKUHQWUlJWHLQHYRQ3HUVRQ]X3HUVRQ XQWHUVFKLHGOLFKH6LJQDWXU :HOFKH LQKDOWOLFKH 6WUXNWXU GLH 6XPPH GHU +DQGOXQJHQ E]Z +DQG OXQJVJUQGH HLQHU 3HUVRQ EHVLW]W LVW QLFKW DOOJHPHLQ ]X EHVWLPPHQ ZDV ]XPHLQHQDQGHQSHUV|QOLFKHQ(LQVWHOOXQJHQXQGLQGLYLGXHOOHQ6WHOOXQJ QDKPHQXQG]XPDQGHUHQDQLKUHU]HLWOLFKRIIHQHQGKUHYLVLRQVIlKLJHQ )RUP OLHJW 'D‰ GLHVH XQKLQWHUJHKEDUH 6XEMHNWDEKlQJLJNHLW P|JOLFKHU +DQGOXQJVVWUXNWXUHQ GHQQRFK QLFKW QRWZHQGLJ LQ HLQHQ LQWHUSHUVRQHOOHQ ,QGLIIHUHQWLVPXV PQGHQ PX‰ OLHJW DP EHUHLWV HUOlXWHUWHQ WKHRUHWLVFKHQ 3ULPDW GHU *UQGH YRU GHQ :QVFKHQ %HGUIQLVVHQ RGHU 1HLJXQJHQ GD‰DOVRGLHVHKDQGOXQJVUHOHYDQWQXULQ)RUPYRQ*UQGHQZHUGHQN|Q QHQ8PEHVWUHLWHQ]XN|QQHQGD‰HLQEHVWLPPWHV%HGUIQLVIUHLQHDQGH UH3HUVRQHLQHQDGlTXDWHQ+DQGOXQJVJUXQGGDUVWHOOWPX‰PDQVHOEVWGHU $XIIDVVXQJVHLQGD‰GHUDUWLJHVXEMHNWLYH$QOLHJHQEHUKDXSWLQWHUVXEMHN WLYWHLOEDUHXQGPLW$UJXPHQWHQDXV]XVWDWWHQGH+DQGOXQJVJUQGHGDUVWHO OHQN|QQHQ :HOFKHIRUPDOH6WUXNWXUGLH6XPPHGLHVHU+DQGOXQJHQEHVLW]WLVW]ZDU HEHQIDOOVQLFKWDOOJHPHLQ]XEHVWLPPHQGRFKOl‰WVLFKKLHU]XPLQGHVWHLQ .ULWHULXPEHQHQQHQGDVZLULP$OOWDJDXFKVWlQGLJDQZHQGHQGLH5DWLR QDOLWlW HLQHU 3HUVRQ YHUKlOW VLFK GLUHNW SURSRUWLRQDO ]XU .RKlUHQ] GHU 6WUXNWXUYRQ(QWVFKHLGXQJHQXQG+DQGOXQJHQGLHVHU3HUVRQ'HU)RNXV OLHJWKLHUVHOEVWYHUVWlQGOLFKDXIGHUSUDNWLVFKHQ5DWLRQDOLWlWGLHVHU3HUVRQ G K LKUHU NRQDWLYHQ RGHU 3UR(LQVWHOOXQJHQ GRFK LQVRIHUQ GLH $XVELO GXQJYRQ3UR(LQVWHOOXQJHQZLHEHUHLWVHUZlKQWVWHWVDXFKHSLVWHPLVFKH (LQVWHOOXQJHQ hEHU]HXJXQJHQ +\SRWKHVHQ 9HUPXWXQJHQ HWF  HLQEH ]LHKWHUVFKHLQWGLH*UHQ]H]ZLVFKHQWKHRUHWLVFKHUXQGSUDNWLVFKHU5DWLR QDOLWlW]XPLQGHVWDXV6LFKWGHUOHW]WHUHQQLFKWWUHQQVFKDUIEHVWLPPEDU]X VHLQ

_____________  =XP ,QGLIIHUHQWLVPXV LQ GHU WKHRUHWLVFKHQ (UVFKHLQXQJ GHV 5HODWLYLVPXV EHPHUNW 1LGD5PHOLQÅ,QHLQHPDXIIDOOHQGHQ.RQWUDVW]XU3UD[LVQRUPDWLYHU$OOWDJVGLVNXUVH VWHKW GDV YHUEUHLWHWH VXEMHNWLYLVWLVFKH RGHU UHODWLYLVWLVFKH PHWDWKHRUHWLVFKH 8UWHLO LQ XQVHUHP.XOWXUNUHLV'LHJOHLFKHQ3HUVRQHQGLHHUQVWKDIWGDUEHUGLVNXWLHUHQREHL QHEHVWLPPWH+DQGOXQJULFKWLJZDUPHLQHQGDVVHVNHLQHREMHNWLYHQQRUPDWLYHQ.UL WHULHQ JlEH´ 1LGD5PHOLQ    9JO ]XP 5HODWLYLVPXV DOV JHQXLQ ZHVWOLFKHU (UVFKHLQXQJ DXFK +DEHUPDV   LQVEHV  Å$P UDGLNDOVWHQ YHUWUHWHQ ZHVWOLFKH,QWHOOHNWXHOOHVHOEVWGLH%HKDXSWXQJGD‰VLFKKLQWHUGHP$QVSUXFKDXIGLH XQLYHUVDOH *OWLJNHLW GHU 0HQVFKHQUHFKWH QXU HLQ SHUILGHU 0DFKWDQVSUXFK GHV :HV WHQVYHUELUJW´  $P QHJDWLYHQ ([WUHPIDOO YHUGHXWOLFKW 1LGD5PHOLQ GLHVHQ =XVDPPHQKDQJ YRQ .RKlUHQ]XQG SUDNWLVFKHU 5DWLRQDOLWlWIROJHQGHUPD‰HQÅ(LQH3HUVRQRKQHHUNHQQ EDUH +DQGOXQJVVWUXNWXUHQ ZUGH XQEHVWlQGLJ VSUXQJKDIW LQNRKlUHQW ZLUNHQ PDQ

†6WUXNWXUHOOH,QWHQWLRQDOLWlW 



†6WUXNWXUHOOH,QWHQWLRQDOLWlW

 8PGDV$XVELOGHQXQG6WHXHUQYRQ+DQGOXQJVVWUXNWXUHQ]XHUNOlUHQKDW 1LGD5PHOLQ PLW %OLFN DXI GHUHQ LQWUDSHUVRQHOOH .RKlUHQ] GHQ %HJULII GHU VWUXNWXUHOOHQ ,QWHQWLRQDOLWlW HLQJHIKUW Å:LU QHQQHQ HLQH +DQGOXQJ ÄVWUXNWXULQWHQWLRQDO¶ ZHQQ VLH LP +LQEOLFN DXI LKUH 6WUXNWXUNRQIRUPLWlW JHZlKOWZXUGH'LH3HUVRQP|FKWHHLQHEHVWLPPWHWHPSRUDOH+DQGOXQJV VWUXNWXUUHDOLVLHUHQXQGVLHZlKOWGHVZHJHQ VRPRWLYLHUW GLHVH+DQG OXQJ´ 6HOEVWYHUVWlQGOLFK N|QQHQ +DQGOXQJHQ DXFK QDFK SXQNWXHOOHQ

_____________ N|QQWHLKUNHLQHVLFKLQGHU=HLWGXUFKKDOWHQGHQ=LHOHXQG(LQVWHOOXQJHQ]XVFKUHLEHQ +DQGOXQJVJUQGHZUGHQIUHLQHVROFKH3HUVRQYRQHLQHP=HLWSXQNW]XPQlFKVWHQ LKUH %HGHXWXQJ YHUOLHUHQ DQGHUH 3HUVRQHQ ZlUHQ QLFKW LPVWDQGH LKU ]HLWOLFK KLQUHL FKHQG VWDELOH :HUWRULHQWLHUXQJHQ ]X]XVFKUHLEHQ >«@ NXU] (LQH VROFKH 3HUVRQ HU VFKLHQHXQVLQKRKHP0D‰HLUUDWLRQDO´ 1LGD5PHOLQ $P%HJULIIGHU:LO OHQVVFKZlFKH GHU EHUHLWV LP =XVDPPHQKDQJ YRQ .DQWV .RQ]HSW SUDNWLVFKHU 5DWLRQDOLWlWWKHPDWLVLHUWZXUGH YJO† Ol‰WVLFKGLH$IILQLWlWGHV.RKlUHQWLVPXV]X HLQHP.DQWLDQLVPXVYLHOOHLFKWDPGHXWOLFKVWHQDEOHVHQ,Q†ZHUGHLFKQRFKHLQPDO DXI,UUDWLRQDOLWlWXQG:LOOHQVVFKZlFKH]XUFNNRPPHQYJO]XHLQHPhEHUEOLFNEHU YHUVFKLHGHQH .RQ]HSWLRQHQYRQ :LOOHQVVFKZlFKHGLH7H[WHLQ6SLW]OH\VRZLH GLH(LQOHLWXQJHEG  1LGD5PHOLQ   1LGD5PHOLQ JHKW ]ZDU QLFKW HLJHQV DXI %UDWPDQV ÅSODQ QLQJWKHRU\µ %UDWPDQ HLQGRFKVWLPPHQEHLGH.RQ]HSWLRQHQKLQVLFKWOLFK GHV WKHRUHWLVFKHQ 6WHOOHQZHUWV YRQ +DQGOXQJVSOlQHQ E]Z VWUXNWXUHOOHQ ,QWHQWLRQHQ ZHLWJHKHQGEHUHLQ1DFK%UDWPDQN|QQHQDXIGLH=XNXQIWJHULFKWHWH3OlQHDOVSDUD GLJPDWLVFKIU,QWHQWLRQHQLQVJHVDPWDQJHVHKHQZHUGHQDOVRDXFKVROFKHGLHVLFKDXI GLH *HJHQZDUW RGHU GLH XQPLWWHOEDU EHYRUVWHKHQGH =XNXQIW ULFKWHQ 6ROFKH 3OlQH GLHQHQ ]XP HLQHQ GHU %HVWLPPXQJ GHV JHHLJQHWHQ +DQGOXQJV]HLWSXQNWV VRZLH GHV +DQGOXQJVDEODXIVLPYRUDXVXQG]XPDQGHUHQGHU.RRUGLQDWLRQXQVHUHUXQWHUVFKLHG OLFKHQ+DQGOXQJHQVRZLHGHU.RRUGLQDWLRQXQVHUHU+DQGOXQJHQPLWGHQ+DQGOXQJHQ $QGHUHU 'LHVH /HLVWXQJ ZLUG GDGXUFK HUP|JOLFKW GD‰ 3OlQH ]XP HLQHQ ZLOOHQWOLFKH XQG]XPDQGHUHQDXI*UQGHEH]RJHQH)HVWOHJXQJHQVLQGÅ3ODQVVRXQGHUVWRRGDUH LQWHQWLRQVZULWODUJH7KH\VKDUHWKHSURSHUWLHVRILQWHQWLRQVUHFHQWO\QRWHGWKH\UHVLVW UHFRQVLGHUDWLRQ DQG LQ WKDW VHQVH KDYH LQHUWLD WKH\ DUH FRQGXFW FRQWUROOHUV QRW PHUHO\SRWHQWLDOFRQGXFWLQIOXHQFHUVDQGWKH\SURYLGHFUXFLDOLQSXWVIRUIXUWKHUSUDF WLFDOUHDVRQLQJDQGSODQQLQJ´ (EG 'DQHEHQVLQG3OlQHQDFK%UDWPDQLQGHU5H JHOXQYROOVWlQGLJXQGEHVLW]HQHLQHKLHUDUFKLVFKH6WUXNWXU YJOHEG ,KUYROLWLYHU$V SHNW EHWULIIW GLH %HVWLPPXQJ XQVHUHV 9HUKDOWHQV G K GD‰ ZLU SODQPl‰LJ KDQGHOQ VREDOGGHUHQWVFKHLGHQGH0RPHQWJHNRPPHQLVWXQGZLUXQVHUH$EVLFKWQLFKWJHlQ GHUWKDEHQ,KUEHJUQGXQJVEH]RJHQHU$VSHNWEHGHXWHWGD‰3OlQHGLH5LFKWXQJXQG GHQ6SLHOUDXPZHLWHUHUhEHUOHJXQJHQEHVWLPPHQ+LQVLFKWOLFKGHVOHW]WHUHQ$VSHNWV JLOWQDFK%UDWPDQGD‰3OlQHHUVWHQVHLQHQJHZLVVHQ*UDGGHU6WDELOLWlWHUODQJHQPV VHQ *UQGH GLHQHQ KLHU GD]X 3OlQH UHVLVWHQW JHJHQEHU EHVWLPPWHQ hEHUOHJXQJHQ ]X PDFKHQ ZHLO EHLVSLHOVZHLVH GLH 8UWHLOVNUDIW ]XP +DQGOXQJV]HLWSXQNW HLQJH VFKUlQNW VHLQ N|QQWH YJO GD]X +ROWRQ   VRZLH %UDWPDQ    3OlQHEHGUIHQ]ZHLWHQVHLQHU0LWWHO=ZHFN.RKlUHQ]GKGLH0LWWHO]XLKUHU$XV IKUXQJ PVVHQ JHHLJQHW JHZlKOW ZRUGHQ VHLQ 8QG 3OlQH EHGUIHQ GULWWHQV HLQHU .RQVLVWHQ]PLWDQGHUHQ3OlQHQVRZLHPLWXQVHUHQhEHU]HXJXQJHQVRGD‰LKUH$XV



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

*HVLFKWVSXQNWHQ EHDEVLFKWLJW XQG DXVJHIKUW ZHUGHQ RKQH DOV LUUDWLRQDO ]X JHOWHQ QXU PVVHQ DXFK LQ GLHVHP )DOO VHOEVWJHZlKOWH %LQGXQJHQ GXUFK +DQGOXQJVVWUXNWXUHQ HLQH 5ROOH EHL GHU (QWVFKHLGXQJVILQGXQJ JH VSLHOWKDEHQ 'LH NRKlUHQWLVWLVFKH $UJXPHQWDWLRQ YHUOlXIW GDEHL IROJHQGHUPD‰HQ YRQ GHU $QHUNHQQXQJ HLQHV +DQGOXQJVJUXQGV $EVLFKW  ]X HLQHU +DQG OXQJLQVRIHUQZLUGLH$EVLFKWEHVLW]HQHLQHEHVWLPPWH+DQGOXQJ]XYROO ]LHKHQ XQWHU8PVWlQGHQVRJDULQHLQHP5HVWDXUDQWHLQHQ7HOOHU6SDJKHWWL 0DULQDUD ]X HVVHQ ZDV ]XPLQGHVW HLQ EHOLHEWHV %HLVSLHO 1LGD5PHOLQV LVW XQGGLHhEHU]HXJXQJKDEHQGD‰GD]XDQGHUH+DQGOXQJHQ KLHUHLQHU %HGLHQXQJ GDV HQWVSUHFKHQGH *HULFKW DXV GHU 6SHLVHNDUWH ]X VDJHQ HWF  HUIRUGHUOLFKVLQGVREHVLW]HQZLUGLHÅ*HVDPWDEVLFKW VWUXNWXUHOOH,QWHQWL RQ ´ GLH VlPWOLFKH +DQGOXQJHQ XPID‰W ZHOFKH ]XU (UIOOXQJ GHU XU VSUQJOLFKHQ$EVLFKW GDV6SDJKHWWL(VVHQ HUIRUGHUOLFKVLQG)DOOVQXQHLQ .RQIOLNW DXIWULWW LQVRIHUQ ]ZHL JOHLFKZHUWLJH :HJH ]XU (UIOOXQJ GHUVHO EHQ$EVLFKW HVJLEWLQXQPLWWHOEDUHU1lKHHLQ5HVWDXUDQWPLWYHUJOHLFKED UHQ6SDJKHWWL0DULQDUD H[LVWLHUHQVREHVLW]HQZLUGHQQRFKHLQHQ*UXQG LQHLQHVGHUEHLGHQ5HVWDXUDQWV]XJHKHQZRKLQJHJHQGHUSXQNWXHOOH2S WLPLHUHU GHU YRQ +DQGOXQJVVWUXNWXUHQ QLFKWV ZLVVHQ ZLOO VWUHQJ JHQRP PHQ ZLH GHU -RKDQQHV %XULGDQXV IlOVFKOLFKHUZHLVH ]XJHVFKULHEHQH (VHO ]ZLVFKHQ GHQ EHLGHQ +HXKDXIHQ  ]ZLVFKHQ GHQ EHLGHQ 5HVWDXUDQWV YHU KXQJHUQP‰WH²HLQHZHQLJUHDOLVWLVFKH$QQDKPH,QKDOWGHUMHQVHLWVGHV .RQIOLNWV VWHKHQGHQ VWUXNWXUHOOHQ ,QWHQWLRQ RGHU *HVDPWDEVLFKW LVW HV

_____________ IKUXQJDQJHVLFKWVGLHVHUP|JOLFKLVW YJO%UDWPDQ 'LHVH(LJHQVFKDI WHQ XQWHUVFKHLGHQ XQVHUH 3OlQH VR %UDWPDQ YRQ XQVHUHQ :QVFKHQ GLH OHGLJOLFK DXIWDXFKHQXQGHLQHQJHZLVVHQ(LQIOX‰DXIXQVHU+DQGHOQEHVLW]HQMHGRFKDOVVROFKH QLFKW LQ GHU /DJH VLQG GHQ *DQJ XQVHUHU +DQGOXQJHQ VR ]X EHVWLPPHQ ZLH 3OlQH GLHVWXQ,QVRIHUQ3OlQH LP*HJHQVDW]]XhEHU]HXJXQJHQXQG:QVFKHQ LQGHU/D JHVLQGVRZRKOXQVHUHSUDNWLVFKHQhEHUOHJXQJHQPLWXQVHUHP9HUKDOWHQ]XNRRUGL QLHUHQXQGLQGLHVHP6LQQHXQVHUH+DQGOXQJHQIHVW]XOHJHQVSULFKW%UDWPDQYRQLK QHQ DOV ,QWHQWLRQHQ ,QWHQWLRQHQ VLQG GLHVHU .RQ]HSWLRQ ]XIROJH HLJHQVWlQGLJH SURSRVLWLRQDOH(LQVWHOOXQJHQGLHZHGHUDXI:QVFKHQRFKDXIhEHU]HXJXQJHQUHGX ]LHUWZHUGHQN|QQHQ YJOHEG ,QGLHVHP=XVDPPHQKDQJDUJXPHQWLHUWHUJH JHQ GHQ ÅVLPSOH YLHZ´ HEG II  ZRQDFK IU MHGH (LQ]HOKDQGOXQJ HLQH HQWVSUH FKHQGH$EVLFKWYRUDXVJHVHW]WZHUGHQPX‰'LHÄ$EVLFKW[]XWXQ¶LVWQDFK%UDWPDQ NHLQH QRWZHQGLJH %HGLQJXQJ GDIU [ LQWHQWLRQDO ]X WXQ ZLU N|QQHQ EHLVSLHOVZHLVH VSRQWDQLQWHQWLRQDOKDQGHOQRKQHHLQHH[SOL]LWH$EVLFKW]XELOGHQ ]%GHQ)X‰LQ GHQ%XVVHW]HQZHLOZLULQGLH6WDGWIDKUHQZROOHQ ,P5DKPHQVHLQHUÄSODQQLQJWKH RU\¶PDFKW%UDWPDQLP.RQWUDVW]XPÄVLPSOHYLHZ¶JHOWHQGGD‰HLQHEHUJHRUGQHWH $EVLFKW HLQ NRPSOH[HU +DQGOXQJVSODQ LQQHUKDOE GHVVHQ [ ZLVVHQWOLFK DXVJHIKUW ZLUGJHQJWXPGLH,QWHQWLRQDOLWlWGHU+DQGOXQJ[]XJDUDQWLHUHQ YJOHEG  9JO]X%UDWPDQV,QWHQWLRQVEHJULII9HOOHPDQ F VRZLHGLHHQWVSUHFKHQGH5HSOLN %UDWPDQV 0V   1LGD5PHOLQ

†6WUXNWXUHOOH,QWHQWLRQDOLWlW 



JHUDGHHLQHQVROFKHQÄ(VHOV]XVWDQG¶]XYHUPHLGHQGKGLHVH*HVDPWDE VLFKWZLUGXQVDXVGHPÄ(VHOV]XVWDQG¶LQGHPXQVEOR‰HNRQNXUULHUHQGH 7HLODEVLFKWHQKDOWHQZUGHQEHIUHLHQXQG]XHLQHU(QWVFKHLGXQJIKUHQ XQGVHLHVHLQH0Q]H]XZHUIHQ ,QGLHVHP6LQQHVHW]WGLH$XVELOGXQJ YRQ (LQ]HODEVLFKWHQ XQG GLH $XVIKUXQJ HQWVSUHFKHQGHU +DQGOXQJHQ HLQH5HIOH[LRQDXI*UQGHXQGGHUHQLQIHUHQWLHOOH5HODWLRQHQYRUDXVGLH GHQSXQNWXHOOHQ$IIHNWEHUVFKUHLWHQ 'HU .RKlUHQWLVPXV IRUGHUW GDPLW HLQHQ %H]XJVUDKPHQ SHUV|QOLFKHU (LQVWHOOXQJHQ KLQVLFKWOLFK GHVVHQ HLQ 9HUKDOWHQ HUVW DOV +DQGOXQJ EH VFKULHEHQ ZHUGHQ NDQQ (LQ]HOQH 9HUKDOWHQVZHLVHQ ZHUGHQ GDGXUFK ]X 7HLOKDQGOXQJHQGD‰HVHLQHXPIDVVHQGH$EVLFKW]XHLQHU+DQGOXQJJLEW GLH MHQH 7HLOKDQGOXQJHQ LPSOL]LHUW 'LHVH $EVLFKW NDQQ GDPLW DOV +DQG OXQJVJUXQG DXFK IU GLH 7HLOKDQGOXQJHQ JHOWHQ 2E DOVR LQ 'DYLGVRQV EHNDQQWHP%HLVSLHO GDV $ODUPLHUHQ GHV (LQEUHFKHUV HLQH +DQGOXQJ LVW KlQJW GDYRQ DE ZRULQ GHU *UXQG IU GDV $QNQLSVHQ GHV 6FKDOWHUV GHV GDPLW YHUEXQGHQHQ (LQVFKDOWHQ GHV /LFKWV XQG GHV GDPLW YHUEXQGHQHQ %HOHXFKWHQGHV=LPPHUVEHVWHKW'RFKQLFKWGDVNDXVDOH9HUKlOWQLV]ZL VFKHQ (UHLJQLVVHQ N|USHUOLFKHQ 9ROO]JHQ RGHU 9HUKDOWHQVZHLVHQ LQGLYL GXLHUWGLHVHDOV+DQGOXQJHQXQG7HLOKDQGOXQJHQVRQGHUQGHUHQUDWLRQDOH 5HODWLRQHQ ,Q GLHVHP 6LQQH VFKUHLEW %UDQGRP YRP +DQGOXQJVEHJULII ZHQQJOHLFK RKQH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ +DQGOXQJHQ XQG 7HLOKDQG OXQJHQ ÅHLQ $NW >LVW@ XQWHU HLQHU %HVFKUHLEXQJ LQWHQWLRQDO >«@ ZHQQ GLHVH %HVFKUHLEXQJ DOV .RQNOXVLRQ HLQHV 6WFNV SUDNWLVFKHQ %HJUQGHQV DXIWDXFKW GDV GLH *UQGH GHV $NWHXUV GLHVH 3HUIRUPDQ] KHUYRU]XEULQ JHQ RIIHQOHJW´ 'DV EHJUQGXQJVWKHRUHWLVFKH 9HUKlOWQLV ]ZLVFKHQ +DQGOXQJHQ XQG 7HLOKDQGOXQJHQ Ol‰W VLFK VFKOLH‰OLFK PLW 1LGD5PHOLQ IROJHQGHUPD‰HQ EHVWLPPHQ Å:HQQ >HLQH +DQGOXQJ@ + GDGXUFK YROO]R JHQ ZLUG GDVV >GLH (LQ]HOKDQGOXQJHQ@ K K « KQ YROO]RJHQ ZHUGHQ GDQQ VLQG K K « KQ ]XJOHLFK PLW GHU %HJUQGXQJ YRQ + EHJUQGHW >«@ 0HLQH VWUXNWXUHOOH +DQGOXQJVDEVLFKW EHJUQGHW PHLQH SXQNWXHOOHQ

_____________  $XFK%UDWPDQDUJXPHQWLHUWLPYRUVWHKHQGHQ6LQQHIUUDWLRQDOHLQWUDXQGLQWHUSHU VRQHOOH.RRUGLQDWLRQVWDWWIUSXQNWXHOOH2SWLPLHUXQJXQGPDFKWLP5DKPHQVHLQHU 3ODQXQJVWKHRULHJHOWHQGÅ>«@WKDWWKHQHHGIRUGHFLVLRQLQWKHIDFHRIHTXLGHVLUDELOL W\ZKHQWLHGWRRXUQHHGVIRUFRRUGLQDWLRQSURYLGHVLQGHSHQGHQWSUHVVXUHIRUEHLQJ DSODQQLQJDJHQW´ %UDWPDQI ²:DVGHQ%XULGDQLVFKHQ(VHOEHWULIIWVRKDW 0LFKDHO  QDFKJHZLHVHQGD‰GLH3UREOHPDWLNEHUHLWVLQGHU$QWLNHGLV NXWLHUWZLUGGD‰HVEHL%XULGDQQLFKWXPHLQHQ(VHOVRQGHUQXPHLQHQ+XQGJHKW XQGGD‰GLH9HUNQSIXQJ%XULGDQ(VHOHLQH6FK|SIXQJGHVIUKHQ-KLVW  'DYLGVRQI>HQJOI@EHUHLWVY:ULJKW>GW@KDW EHWRQWGD‰GDV9HUKDOWHQYRQ+DQGHOQGHQ XQWHUEHVWLPPWHQMHZHLOLJHQ%HVFKUHLEXQJHQLQ WHQWLRQDOLVW  %UDQGRPDI



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

+DQGOXQJVDEVLFKWHQ´'LH5DWLRQDOLWlWHLQHU+DQGOXQJ²XQGGLHVLVWLP JHJHQZlUWLJHQ=XVDPPHQKDQJYRQEHVRQGHUHU%HGHXWXQJ²KlQJWGDPLW ZHVHQWOLFK YRP %HJUQGXQJVUDKPHQ DE LQQHUKDOE GHVVHQ VLH EHUKDXSW HUVW ]X HLQHU +DQGOXQJ ZLUG 0LW %OLFN DXI GLH DXV GHU 5DWLRQDOLWlW YRQ +DQGOXQJHQUHVXOWLHUHQGH5DWLRQDOLWlWGHUKDQGHOQGHQ3HUVRQNDQQ1LGD 5PHOLQGHVKDOE]X5HFKWUHVPLHUHQÅ(UVWZHQQGLHVWUXNWXUHOOH,QWHQ WLRQ VWDELO JHJHQEHU ,QIRUPDWLRQHQ ]XU :QVFKEDUNHLW SXQNWXHOOHU +DQGOXQJHQLVWGLHGLHVHVWUXNWXUHOOH,QWHQWLRQ SXQNWXHOO UHDOLVLHUHQKDW GLH3HUVRQNRKlUHQWH,QWHQWLRQHQXQGLVWLQGLHVHU+LQVLFKWUDWLRQDO´ $XIGHQ%HJULIIGHU3HUVRQNDQQLFKLQGLHVHP=XVDPPHQKDQJQLFKW QlKHUHLQJHKHQVRQGHUQKDEHLKQEHLGHU5HGHYRQ+DQGOXQJHQ+DQG OXQJVDEVLFKWHQ XQG JUQGHQ VFKOLFKW YRUDXVJHVHW]W =XPLQGHVW HUZlKQW ZHUGHQ VROO MHGRFK HLQ 3UREOHP GDV DXV SHUVRQHQWKHRUHWLVFKHU QLFKW PRUDOSKLORVRSKLVFKHU 3HUVSHNWLYH'HUHN3DUILWJHJHQEHUGLHVHU7KHRULH LQWHUWHPSRUDOHU +DQGOXQJVVWUXNWXUHQ DXIJHZRUIHQ KDW XQG GDV PLW GHQ ELV KLHUKHU HLQJHVHW]WHQ 0LWWHOQ GHV .RKlUHQWLVPXV DOOHLQ QLFKW ]X O|VHQ LVW'LH6WDELOLWlWYRQGHUHEHQGLH5HGHZDUVFKHLQWQlPOLFKEHLJHQDXH UHU$QVLFKWVFKZlFKHUEHJUQGHW]XVHLQDOV]XQlFKVWHUZDUWHWZHQQGLH VWUXNWXUHOOH 3HUVSHNWLYH EHL GHU GLDFKURQHQ $EZlJXQJ ]ZLVFKHQ GHQ JH JHQZlUWLJHQXQGGHQ]XNQIWLJHQ(LQVWHOOXQJHQHLQHU3HUVRQhEHUSDUWHL OLFKNHLWLP6LQQHHLQHVHYHQWXHOOHQ$EVHKHQVYRQJHJHQZlUWLJHQ3UlIHUHQ ]HQ YHUODQJW ZLHVR YHUODQJW GLHVHOEH hEHUSDUWHLOLFKNHLW QLFKW DXFK HLQH V\QFKURQH $VVLPLODWLRQ GHU (LQVWHOOXQJHQ YRQ YHUVFKLHGHQHQ 3HUVRQHQ" :DUXP VROOWHQ ZLU GHQ QXPHULVFKHQ 8QWHUVFKLHG ]ZLVFKHQ SHUVRQDOHQ (LQVWHOOXQJHQ DXIUHFKWHUKDOWHQ ZHQQ ZLU GHQ WHPSRUDOHQ 8QWHUVFKLHG QLYHOOLHUHQ" (UVW EHU HLQH %HVWLPPXQJ GHU LUUHGX]LEOHQ GHRQWLVFKHQ 9HUKlOWQLVVH YRQ 6HOEVW =XZHLVXQJHQ XQG $QHUNHQQXQJHQ YRQ )HVWOH

_____________  1LGD5PHOLQI  1LGD5PHOLQ  3DUILWLQVEHVVRZLHÅ2QWKH5HGXFWLRQLVW9LHZZHDUH OHVVLPSUHVVHGE\WKLVWKUXWK>LHWKHXQLW\RIHDFKOLIH@:HUHJDUGWKHXQLW\RIHDFK OLIHDVLQLWVQDWXUHOHVVGHHSDQGDVDPDWWHURIGHJUHH:HPD\WKHUHIRUHWKLQNWKH ERXQGDULHVEHWZHHQOLYHVWREH OHVVOLNHWKRVHEHWZHHQVD\WKH VTXDUHVRQDFKHVV ERDUG ² GLYLGLQJ ZKDW LV DOO SXUH ZKLWH IURP ZKDW LV DOO MHW EODFN DQG PRUH OLNH WKH ERXQGDULHVEHWZHHQGLIIHUHQWFRXQWULHV7KH\PD\WKHQVHHPOHVVPRUDOO\LPSRUWDQW´ 3DUILW JHKW LQ $QOHKQXQJ DQ +XPHV ÄEXQGOH RI SHUFHSWLRQV¶ DOV %HVFKUHLEXQJ GHV 6HOEVWEHZX‰WVHLQV YRQ HLQHP VFKZDFKHQ 3HUVRQEHJULII DXV GHU OHGLJOLFK IXQNWLRQDO HLQH5HODWLRQ5]ZLVFKHQSV\FKLVFKHQ=XVWlQGHQJHPl‰HLQHUÄSV\FKRORJLFDOFRQWLQXL W\¶XQGHLQHUÄSV\FKRORJLFDOFRQQHFWHGQHVV¶SRVWXOLHUWÄFRQWLQXLW\¶PHLQWEHUODSSHQGH (ULQQHUXQJVNHWWHQXQGÄFRQQHFWHGQHVV¶PHLQWGLUHNWH9HUELQGXQJYRQ(ULQQHUXQJHQ 'D‰GLHVHUUHGXFWLRQLVWYLHZGHPKLHUYHUIROJWHQ$QVDW]QLFKW]XJUXQGHOLHJWVROOWHDXV GHQELVKHULJHQ$XVIKUXQJHQEHUHLWVGHXWOLFKJHZRUGHQVHLQXQGVROOPLWGHPQlFKV WHQ.DSLWHOQRFKGHXWOLFKHUZHUGHQ

†.RRSHUDWLRQXQGGLHQRUPDWLYH.UDIWLQWHUSHUVRQHOOHU.RKlUHQ] 



JXQJHQ DXI EHVWLPPWH (LQVWHOOXQJHQ XQG %HUHFKWLJXQJHQ ]X VROFKHQ )HVWOHJXQJHQ ZLUGVLFKLQGHQEHLGHQQDFKIROJHQGHQ.DSLWHOQHLQ%HJULII GHU 3HUVRQ HUJHEHQ GHU HLQH (LQHEQXQJ GHV QXPHULVFKHQ 8QWHUVFKLHGV ]ZLVFKHQ3HUVRQHQDXVVFKOLH‰W (LQHZHLWHUH)UDJHEH]LHKWVLFKDXIGDV0RPHQWGHU,QWHUSHUVRQDOLWlW GHV KLHU VNL]]LHUWHQ .RKlUHQWLVPXV JLEW HV LQ GLHVHU .RQ]HSWLRQ HLQHQ 3ODW]IUPRUDOLVFKH1RUPHQDOV+DQGOXQJVJUQGHGHUHQ$N]HSWDQ]VLFK QLFKWDXIGLHLQWUDSHUVRQHOOH.RKlUHQ]YRQ,QWHQWLRQHQXQG+DQGOXQJHQ VWW]HQ NDQQ VRQGHUQ GLHVHU ELVZHLOHQ ]XZLGHUOlXIW" :LH NDQQ P|JOL FKHUZHLVH MHPDQGHP GHU NRQVLVWHQW XQG NRKlUHQW UFNVLFKWVORV KDQGHOW XQGLQVRIHUQHLQHQVWDUNHQ&KDUDNWHUEHVLW]WEHJHJQHWZHUGHQ"  

†.RRSHUDWLRQXQGGLHQRUPDWLYH.UDIWLQWHUSHUVRQHOOHU .RKlUHQ]

 'HU$XVJDQJVSXQNW]XU%HDQWZRUWXQJGHUEHLGHQ]XOHW]WDXIJHZRUIHQHQ )UDJHQEHVWHKWLQHLQHP]HQWUDOHQ$UJXPHQWGHVELVKLHUKHUYRUJHVWHOOWHQ .RKlUHQWLVPXV DXIJUXQG GHU 8QP|JOLFKNHLW LQGLYLGXHOOH +DQGOXQJV VWUXNWXUHQ OHGLJOLFK LQ IRUR LQWHUQR VR]XVDJHQ LP SHUVRQHQ RGHU PHQ VFKHQOHHUHQ 5DXP DXV]XELOGHQ G K DXIJUXQG GHU 1RWZHQGLJNHLW HLQHU 9HUQHW]XQJXQVHUHU+DQGOXQJVDEVLFKWHQXQGVFKOLH‰OLFK+DQGOXQJHQPLW GHQHQ DQGHUHU 3HUVRQHQ PVVHQ ZLU QLFKW QXU HLQ LQWUDSHUVRQHOOHV 1HW] YRQ $EVLFKWHQ XQG GHUHQ %HJUQGXQJHQ EHUFNVLFKWLJHQ VRQGHUQ DXFK HLQ HQWVSUHFKHQGHV LQWHUSHUVRQHOOHV 6HOEVW DXV LQGLYLGXHOOHU 3HUVSHNWLYH LVW HV XQHUOl‰OLFK GLH HLJHQHQ +DQGOXQJVDEVLFKWHQ NRPSOH[HQ +DQG OXQJVSOlQHVRZLH+DQGOXQJHQPLWGHQHQ$QGHUHU]XNRRUGLQLHUHQ

_____________  9JOGD]X%UDWPDQIÅ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«@2XUFDSDFLWLHVDVSODQQHUVKHOSXVPHHWWKHVHQHHGV:HIDFLOLWDWH FRRUGLQDWLRQLQSDUWE\FRQVWUXFWLQJODUJHUSODQVIRUWKHIXWXUHSODQVWKDWKHOSFRRU GLQDWHERWKRXURZQDFWLYLWLHVRYHUWLPHDQGRXUDFWLYLWLHVZLWKWKHDFWLYLWLHVRIRWK HUVµ 9JO GD]X DXFK GLH QDFKIROJHQGH )X‰QRWH VRZLH %UDWPDQ    :DV%UDWPDQKLHUDOVÅDFWLYLWLHV´DQVSULFKWLVWPLW%OLFNDXIGLH=XUHFKHQEDUNHLWLGHQ WLVFK PLW GHP REHQ YRQ 9HOOHPDQ EHUQRPPHQHQ %HJULII YRQ DFWLRQV ZRULQ VLFK %UDWPDQVDFWLYLWLHVXQG9HOOHPDQVDFWLRQVMHGRFKXQWHUVFKHLGHQLVWGLH.RQQRWDWLRQHL QHUXPIDVVHQGHUHQ3HUVSHNWLYHZlKUHQGDFWLRQV(LQ]HOKDQGOXQJHQEHQHQQHQN|QQHQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

'LHVJLOWIU+DQGOXQJHQGLHQXUJHPHLQVDPP|JOLFKVLQG]%LQHL QHP 2UFKHVWHU 2ERH ]X VSLHOHQ RGHU LQ HLQHP )X‰EDOOVSLHO GDV 7RU ]X KWHQRGHUDXIGHP0DUNW/HEHQVPLWWHO]XNDXIHQ'LHVJLOWGDQHEHQDEHU DXFKIU+DQGOXQJHQGLHDOOHLQHDXV]XIKUHQ]ZDUP|JOLFKLVW]XGHUHQ JHPHLQVDPHU$XVIKUXQJVLFKGLH%HWHLOLJWHQDEHUIUHLHQWVFKORVVHQKDEHQ] % GDV .OHWWHUQ HLQHU VFKZLHULJHQ %HUJURXWH ,Q DOOHQ +DQGOXQJHQ GLHVHU 7\SHQLVWHLQHHLQVHLWLJH9RUWHLOVQDKPHHLQHUEHWHLOLJWHQ3HUVRQ]XXQJXQV WHQ HLQHU HEHQIDOOV GDUDQ EHWHLOLJWHQ QLFKW XQHLQJHVFKUlQNW P|JOLFK %HL VSLHOVZHLVHVFKHLQWNDXPHLQH6SLHOVWUDWHJLHGHQNEDUGLHPLFKDOV2ERLVW HLQHV2UFKHVWHUVKLQVLFKWOLFKGHVJHZQVFKWHQPXVLNDOLVFKHQ(UJHEQLVVHV DXI .RVWHQ HLQHV DQGHUHQ 2UFKHVWHUPLWJOLHGV EHVVHUVWHOOHQ ZUGH XQG VHOEVW LP 0DUNWEHLVSLHO VHW]W HLQ QRUPDOHU +DQGOXQJVDEODXI PLQLPDOH ZHFKVHOVHLWLJH .RRSHUDWLRQ $QJHERW XQG 1DFKIUDJH  YRUDXV $OV QRW ZHQGLJH(LJHQVFKDIWHQGHUDUWLJHUJHWHLOWHUNRRSHUDWLYHU+DQGOXQJHQKDW%UDW PDQ IROJHQGH 7ULDV EHQDQQW ZHFKVHOVHLWLJH $XIPHUNVDPNHLW )HVWOHJXQJ DXI GLH JHPHLQVDPH +DQGOXQJ )HVWOHJXQJ DXI ZHFKVHOVHLWLJH 8QWHUVWW ]XQJLQGHU$XVIKUXQJGHUJHPHLQVDPHQ+DQGOXQJ

_____________ DFWLYLWLHV LQ%UDWPDQVQLFKWLQ9HOOHPDQV6LQQ DXFKNRPSOH[H+DQGOXQJHQXPIDVVHQ ]%(LQNDXIHQDOVDFWLYLW\bSIHOLQGHQ:DJHQOHJHQDOVDFWLRQ ²,FKGDQNH0LFKDHO %UDWPDQ IU *HVSUlFKH EHU GLHVH XQG LP )ROJHQGHQ WKHPDWLVLHUWH 3UREOHPH LQWHU SHUVRQDOHU+DQGOXQJVNRRUGLQDWLRQ  %UDWPDQ NRPPHQWLHUW GLHVH GUHL .ULWHULHQ IROJHQGHUPD‰HQ Å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´ %UDWPDQ  I  'D‰ NRRSHUDWLYH 3HUVRQHQ ÅHLJHQH ,QWHUHVVHQ´ ]XUFNVWHOOHQ PVVHQÅXPVLFKHU]XJHKHQGDVVHWZDVHUUHLFKWZLUGZDVYRQEHLGHQJHZQVFKWLVW´ ZLH1LGD5PHOLQ  QDKHOHJWLVWGDPLWQRFKQLFKWDXVJHPDFKWGLHVJLOWHUVW LP ,QWHUHVVHQNRQIOLNW ZR ² LP *HJHQVDW] EHLVSLHOVZHLVH ]XP 2UFKHVWHUVSLHO ² .R RSHUDWLRQPLW$EVWULFKHQEHLHLJHQHQ,QWHUHVVHQYHUEXQGHQLVW9JO]XGLHVHPNRP SOH[HQ +DQGOXQJVEHJULII DXFK -DQLFKV 8QWHUVFKHLGXQJ ]ZLVFKHQ Å%HWHLOLJXQJVKDQG OXQJHQ´ ZLH HLQHP :HWWODXI VLH ÅN|QQHQ QXU JHOLQJHQ G K ULFKWLJ YROO]RJHQ ZHUGHQZHQQVLFKHLQHDQGHUH3HUVRQEHWHLOLJW´ XQGÅJHPHLQVFKDIWOLFKHQ+DQGOXQ JHQGLHQXU(UIROJKDEHQN|QQHQZHQQ DQGHUHVLFKEHWHLOLJHQ(LQ%HLVSLHOKLHUIU ZlUHGDV+RFKKHEHQHLQHVVFKZHUHQ%DONHQV´ -DQLFK 'LHVHU%HJULIIGHU ÅJHPHLQVFKDIWOLFKHQ+DQGOXQJHQ´LVWGDPLWHLQHVSH]LHOOH)RUPYRQ%UDWPDQVÄJHWHLO WHQNRRSHUDWLYHQ+DQGOXQJHQ¶LQVRIHUQGHQOHW]WHUHQGLHYRQ-DQLFKDQJHIKUWH([ NOXVLYLWlWIHKOWLFKNDQQGLHVHVFKZLHULJH%HUJURXWHDXFKDOOHLQHEHZlOWLJHQDEHUZHQQ

†.RRSHUDWLRQXQGGLHQRUPDWLYH.UDIWLQWHUSHUVRQHOOHU.RKlUHQ] 



3KLORVRSKLVFKVFKZLHULJHU]XIDVVHQVLQGMHGRFKGLHPRUDOLVFKUHOHYDQ WHQ )lOOH LQ ZHOFKHQ DXFK DXV GHU 6LFKW GHV (LQ]HOQHQ *UQGH IU PLW *UQGHQ JHJHQ .RRSHUDWLRQ NRQNXUULHUHQ 1LGD5PHOLQ VFKOlJW PLW %OLFN DXI GLH 5DWLRQDOLWlW GLHVHU )lOOH HLQH $QDORJLH ]ZLVFKHQ GHU +DQG OXQJVNRRUGLQDWLRQLPLQWUDSHUVRQHOOHQXQGGHU+DQGOXQJVNRRUGLQDWLRQLP LQWHUSHUVRQHOOHQ=XVDPPHQKDQJYRU:DVEH]JOLFKHLQHUHLQ]HOQHQ3HU VRQ VLQQYROO DQ]XQHKPHQ LVW GD‰ GLHVH QlPOLFK UDWLRQDO LQ JHQDX GHP 6LQQHLVWGD‰VLHXPIDVVHQGH+DQGOXQJVVWUXNWXUHQJHJHQEHUGHUSXQNWX HOOHQ2SWLPLHUXQJYRQ(LQ]HOEHGUIQLVVHQDEZlJWVROOWHGDQDFKDXIGHQ LQWHUSHUVRQHOOHQ)DOOEHUWUDJHQZHUGHQN|QQHQÅ:HQQIUHLQH*UXSSH YRQ13HUVRQHQJLOWGDVVMHGHGLHVHU13HUVRQHQHVEHIUZRUWHWGDVVDOOH DXVGLHVHU*UXSSHHLQH5HJHO5EHIROJHQGLHGLH%HUHLWVWHOOXQJHLQHVNRO OHNWLYHQ*XWHVHUP|JOLFKWVRLVWHVXQWHUGHQ%HGLQJXQJHQZHFKVHOVHLWL JHQ 9HUWUDXHQV² G K HLJHQHU .RRSHUDWLRQVEHUHLWVFKDIW XQG GHU (UZDU WXQJGHU.RRSHUDWLRQVEHUHLWVFKDIWGHUhEULJHQ²QLFKWQRWZHQGLJHUZHLVH LUUDWLRQDOGLHVH5HJHODXFKZHQQVLHQLFKWVDQNWLRQLHUWLVWHLQ]XKDOWHQ´ +LHU ZLH EHUHLWV LP 9RUDXVJHKHQGHQ XQWHUVFKHLGHW VLFK GLH 3RVLWLRQ GHV .RKlUHQWLVPXV ZHVHQWOLFK YRP .RQVHTXHQWLDOLVPXV GLUHNWHU 1XW ]HQPD[LPLHUXQJ GHQQ .RRSHUDWLRQ LQ .RQIOLNWIlOOHQ ZLUG HUVW GDGXUFK P|JOLFKGD‰GLH%HWHLOLJWHQJHJHEHQHQIDOOVGLHXQPLWWHOEDUH2SWLPLHUXQJ GHUMHZHLOVHLJHQHQ+DQGOXQJVHUJHEQLVVH]XUFNVWHOOHQXPHLQLQVJHVDPW EHIULHGLJHQGHUHV(UJHEQLV]XHUKDOWHQÅ)UGLH>«@VWUXNWXUHOOH.RQ]HS WLRQSUDNWLVFKHU5DWLRQDOLWlWLVW.RRSHUDWLRQGDJHJHQJHUDGH]XSDUDGLJPD WLVFKUDWLRQDO>«@:HUNRRSHUDWLYKDQGHOWZlKOWVHLQH+DQGOXQJVRGDVV VLH SRWHQWLHOO  7HLO HLQHU LQWHUSHUVRQHOOHQ +DQGOXQJVVWUXNWXU LVW GLH GLH KDQGHOQGH3HUVRQJHJHQEHUGHUMHQLJHQLQWHUSHUVRQHOOHQ+DQGOXQJVVWUXN WXU GLH DXV MH LQGLYLGXHOO RSWLPLHUHQGHP 9HUKDOWHQ UHVXOWLHUHQ ZUGH YRU]LHKW´'HU.RKlUHQWLVPXVIRUGHUWGDKHUHLQH$EZlJXQJLQWUDXQG LQWHUSHUVRQHOOHU(LQ]HODEVLFKWHQJHJHQEHUXPIDVVHQGHQLQWUDXQGLQWHU SHUVRQHOOHQ+DQGOXQJVDEVLFKWHQXQGOLHIHUWGDPLW%HJULIIHGHUVWUXNWXUHO OHQ 5DWLRQDOLWlW VRZRKO HLQHU (LQ]HOSHUVRQ DOV DXFK HLQHU +DQGOXQJVJH PHLQVFKDIW ZHOFKH 5DWLRQDOLWlWHQ IU GHQ =XVDPPHQKDOW HLQHU

_____________ PHLQ6HLOSDUWQHUXQGLFKXQV]XUJHPHLQVDPHQ7RXUHQWVFKORVVHQKDEHQVLQGZLUQRW ZHQGLJHUZHLVHJHPHLQVDPIUGHUHQ*HOLQJHQYHUDQWZRUWOLFK  1LGD5PHOLQLQVHLQHQ$XVIKUXQJHQJHKW1LGD5PHOLQGHQXPJHNHKU WHQ:HJYRQGHUJHVHOOVFKDIWOLFKHQ.RRSHUDWLRQ]XUÄ.RRSHUDWLRQ¶NRQDWLYHU(LQVWHO OXQJHQHLQHU(LQ]HOSHUVRQ9JOGD]XDXFKGLH$XVIKUXQJHQGHV.RRSHUDWLRQVWKHR UHWLNHUV*DXWKLHU  DXIGHVVHQ0RUDOVE\$JUHHPHQWLFKLQ†QRFKNXU] HLQJHKHQZHUGH9JO]XU(QWVFKHLGXQJV6SLHOWKHRULHVRZLHGHPGDPLWYHUEXQGHQHQ 3DUDGLJPDUDWLRQDOHU :DKO1LGD5PHOLQ 7HLO VRZLH6FKPLGW PLWZHLWHUIKUHQGHU/LWHUDWXU  1LGD5PHOLQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

*HVHOOVFKDIWYRQ,QGLYLGXHQGLHLQLKUHP+DQGHOQDXIHLQDQGHUDQJHZLH VHQVLQGRIIHQNXQGLJXQHUOl‰OLFKVLQG 'HU .RKlUHQWLVPXV NDQQ GHVKDOE DXFK DOV HLQ 9HUVXFK DQJHVHKHQ ZHUGHQ GLH YRQ .DQW LP 6LWWHQJHVHW] DXVJHGUFNWH (LQKHLW GHV PXQGXV LQWHOOLJLELOLVLQHLQH.RKlUHQ]PHQVFKOLFKHU+DQGOXQJVJUQGH²DXIJUXQG GHUHQ.RPSDWLELOLWlWVXQG$EKlQJLJNHLWVVWUXNWXUHQ²]XWUDQVIRUPLHUHQ :DV.DQWDOVLQWHOOLJLEOH:HFKVHOZLUNXQJHLQ]HOQHU:LOOHQJHPl‰VLWWOLFKHU )UHLKHLWVJHVHW]H HUNOlUW KDW HUVFKHLQW KLHU DOV :HFKVHOZLUNXQJ SHUV|QOL FKHU (LQVWHOOXQJHQ JHPl‰ HLQHU LQWUD XQG LQWHUSHUVRQHOOHQ VWUXNWXUHOOHQ 5DWLRQDOLWlW 'RFK .DQW VSULFKW HEHQ QLFKW QXU YRP 6LWWHQJHVHW] VRQGHUQ DXFK GDYRQGD‰GLHVHVIUHQGOLFKH:HVHQZLHGHQ0HQVFKHQHLQHLPSHUDWLYH )RUPDQQHKPHQPX‰:DVGHPKLHUYRUJHVWHOOWHQ$QVDW]H[SODQDWRULVFK DOVRQRFKIHKOWLVWGLHQRUPDWLYH.UDIWGLHGLH.RKlUHQ]YRQ+DQGOXQJV JUQGHQ HQWIDOWHQ PX‰ XP HLQ )XQNWLRQVlTXLYDOHQW ]XP NDWHJRULVFKHQ 6ROOHQ EHL .DQW ]X OLHIHUQ 'DV V\VWHPDWLVFK YRUHUVW OHW]WH :RUW GLHVHV .RKlUHQWLVPXV IRUPXOLHUW 1LGD5PHOLQ ZHQQ HU DXI PRUDOLVFKH 1RU PHQLPNRKlUHQWLVWLVFKHQ.RQWH[W]XVSUHFKHQNRPPWÅ(LQH3HUVRQGLH ]XU %HJUQGXQJ LKUHU +DQGOXQJ DQIKUW VLH KDEH GDPLW DXI MHPDQGHQ 5FNVLFKW QHKPHQ ZROOHQ RGHU EHVVHU QXU GLHVH +DQGOXQJ HQWVSUHFKH GHP*HERWGHU5FNVLFKWQDKPHLVWGDGXUFKJHEXQGHQDXFKLQDQGHUHQ YHUJOHLFKEDUHQ 6LWXDWLRQHQ LKU +DQGHOQ HQWVSUHFKHQG UFNVLFKWVYROO ]X JHVWDOWHQ´(VEHVWHKWDOVRHLQH)HVWOHJXQJDXIE]ZHLQH9HUSIOLFKWXQJ ]XGHUUFNVLFKWVYROOHQ+DQGOXQJYRUDXVJHVHW]WGLH3HUVRQKDWVLFKDXI HLQH HQWVSUHFKHQGH +DQGOXQJVQRUPIHVWJHOHJW E]Z EHVWlWLJW GHUHQ 9HU ELQGOLFKNHLW'LH)UDJHLVWMHGRFKREXQWHU%HLEHKDOWXQJGHV7KHRULHUDK PHQV GKGHU$QQDKPHGD‰GLH%KQHPHQVFKOLFKHU+DQGOXQJHQQLFKW YRQ HLQHP QDWXUDOHQ ÄPX‰¶ EHKHUUVFKW ZLUG VRQGHUQ YRQ GHU $QHUNHQ QXQJYRQ*UQGHQGXUFKGLHKDQGHOQGHQ3HUVRQHQ HLQH(UNOlUXQJVP|J OLFKNHLW IU GLH 3UlYDOHQ] YRQ +DQGOXQJVJUQGHQEHVWHKW ZHOFKH JHJHEH

_____________  (LQH .DQW,QWHUSUHWDWLRQ GLH GHQ NDWHJRULVFKHQ ,PSHUDWLY NRKlUHQWLVWLVFK DXVOHJW ILQGHWVLFKEHL2·1HLOOÅ7KH LQWHUHVWRI D .DQWLDQXQLYHUVDOLW\WHVWLVWKDWLWDLPVWR JURXQGDQHWKLFDOWKHRU\RQQRWLRQVRI FRQVLVWHQF\ DQGUDWLRQDOLW\UDWKHUWKDQXSRQ FRQVLGHUDWLRQV RIGHVLUH DQGSUHIHUHQFH .DQW·VXQLYHUVDOLW\WHVW>«@IRFXVHVRQIHD WXUHVRIDFWLRQWKDWDUHDSSURSULDWHFDQGLGDWHVIRUDVVHVVPHQWVRIFRKHUHQFHDQGLQ FRKHUHQFHQDPHO\WKHPD[LPVRUIXQGDPHQWDOLQWHQWLRQVWKDWDJHQWVPD\DGRSWDQG WKHZHERIPRUHVSHFLILFDQFLOODU\LQWHQWLRQVWKDWWKH\PXVWDGRSWLQDJLYHQFRQWH[WLI WKHLUFRPPLWPHQWWRDPD[LPLVJHQXLQH>«@6XFKDWHVWLVSULPDULO\RIXVHWRDJHQWV LQJXLGLQJWKHLURZQPRUDOGHOLEHUDWLRQVDQGFDQRQO\EHXVHGPRVWWHQWDWLYHO\LQDV VHVVLQJWKHPRUDOZRUWKRIRWKHUV·DFWLRQZKHUHZHDUHRIWHQVXUHRQO\DERXWVSHFLILF RXWZDUGDVSHFWVRIDFWLRQDQGQRWDERXWWKHPD[LP´ 2·1HLOO   1LGD5PHOLQ

†.RRSHUDWLRQXQGGLHQRUPDWLYH.UDIWLQWHUSHUVRQHOOHU.RKlUHQ] 



QHQIDOOVGHQ²DXFKOlQJHUIULVWLJHQ²,QWHUHVVHQXQG6HOEVWELQGXQJHQGHV KDQGHOQGHQ,QGLYLGXXPV]XZLGHUODXIHQ 8P GLHVHP 3UREOHP ]X EHJHJQHQ HPSILHKOW VLFK GHU 5FNJULII DXI -HQV%DGXUDV'LIIHUHQ]LHUXQJ]ZLVFKHQHLQHPÅSUREOHPRULHQWLHUWHQ.RKlUHQ WLVPXV GHU HLQH 0HWKRGH ]XU DQZHQGXQJVRULHQWLHUWHQ 6SH]LIL]LHUXQJ DOV JOWLJ XQWHUVWHOOWHU DOOJHPHLQHU PRUDOLVFKHU 3ULQ]LSLHQ GDUVWHOOW´ XQG HL QHP ÅEHJUQGXQJVRULHQWLHUWH>Q@ .RKlUHQWLVPXV GHU PRUDOLVFKH 8UWHLOH XQG 3ULQ]LSLHQ GXUFK HLQ NRKlUHQWLVWLVFKHV %HJUQGXQJVPRGHOO LQ *HOWXQJ VHW]HQ ZLOO´ :lKUHQG LQQHUKDOE GHV HUVWHUHQ GHU VHLQH VWlUNVWH (UNOl UXQJVNUDIWLQQHUKDOEGHUDQJHZDQGWHQRGHU%HUHLFKVHWKLNHQHQWIDOWHWGLH SULQ]LSLHOOH*OWLJNHLWPRUDOLVFKHU1RUPHQYRUDXVJHVHW]WXQGGLHVH1RU PHQ OHGLJOLFK VLWXDWLY NRQNUHWLVLHUW ZHUGHQ VXFKW OHW]WHUHU QDFK .RKl UHQ]SULQ]LSLHQGHU*OWLJNHLWPRUDOLVFKHU1RUPHQ %HL.DQWQLPPWZLHVLFKLQ†JH]HLJWKDWGLHQRUPDWLYH.UDIWGHV 6LWWHQJHVHW]HVHUVWGDGXUFKLPSHUDWLYH)RUPDQGD‰VLHPLWGHU0|JOLFKNHLW KHWHURQRPHQ +DQGHOQV QLFKWKHLOLJHU :HVHQ  NRQIURQWLHUW ZLUG $QDORJ GD]X PVVHQ ² FHWHULV LPSDULEXV ² GLH *HVHW]H GHU .RKlUHQ] GLH EH VWLPPWH+DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQSUlIHUHQ]RULHQWLHUWHU:H VHQYRUVFKUHLEHQLKUHUVHLWVPLWHLQHU9HUELQGOLFKNHLWDXVJHVWDWWHWZHUGHQ XP GDV ]XU LQWHUSHUVRQHOOHQ .RKlUHQ] ELVZHLOHQ HUIRUGHUWH $EVWHKHQ YRQ GHQLQGLYLGXHOOHQDXFKOlQJHUIULVWLJHQ3UlIHUHQ]HQ]XEHJUQGHQ $XVNRQWUDNWXDOLVWLVFKHU3HUVSHNWLYHEHVFKUHLEW'DYLG*DXWKLHUGLHVH $XIJDEHIROJHQGHUPD‰HQÅ(VVWLPPW]ZDUGD‰QLFKWDOOH6LWXDWLRQHQLQ GHQHQ GLH $QWHLOQDKPH JHJHQ GLH HLJHQHQ %HODQJH VWUHLWHW 3UREOHPIlOOH GDUVWHOOHQDEHUGLH0RUDOZLHVLHQRUPDOHUZHLVHYHUVWDQGHQZLUGEHKDQ GHOWHEHQGLH3UREOHPIlOOHZlKUHQGLKU+XPHVFKHURGHUQDWXUDOLVWLVFKHU (UVDW]GLHVQLFKWWXW´*DXWKLHUVNRQWUDNWXDOLVWLVFKHU4XDOLIL]LHUXQJGHU 0RUDO OLHJW HLQ 0RUDOEHJULII ]XJUXQGH GHVVHQ DOOJHPHLQH %HVWLPPXQJ DXFK LP )ROJHQGHQ GLVNXVVLRQVOHLWHQG VHLQ VROO Å'LH 0RUDO VWHOOW HLQH %HVFKUlQNXQJ GDU YRQ GHU PDQ ZLH .DQW HUNDQQW KDW QLFKW DQQHKPHQ GDUIVLHKlQJHQXUYRQXQVHUHQ*HIKOHQDE8QGGDKHUGUIHQZLUDXFK QLFKWDXI*HIKOH]XUFNJUHLIHQXPGLH)UDJHQDFKLKUHQ*UXQGODJHQ]X EHDQWZRUWHQ´ 8QWHU GLHVHU NRJQLWLYLVWLVFKHQ %HJUQGXQJVSHUVSHNWLYH VWHOOW VLFK GLH )UDJH RE LQQHUKDOE GHV NRKlUHQWLVWLVFKHQ 5DKPHQV HLQH )RUPSUlYDOHQWHU*UQGH]XEHVWLPPHQLVW

_____________  %DGXUD   'LHVH $UEHLWVWHLOXQJ GDUI MHGRFK QLFKW GDUEHU KLQZHJWlXVFKHQ GD‰ LQ EHLGHQ 9DULDQWHQ HLQH VFKDUIH 7UHQQXQJ ]ZLVFKHQ GHP $SRVWHULRUL GHU $Q ZHQGXQJXQGGHP$SULRULGHU%HJUQGXQJZHGHUHUIRUGHUOLFKQRFKYHUIJEDULVWGLH .RKlUHQ]EH]LHKWVLFKKLHUZLHGRUWDXIGLHQRUPDWLYH.UDIWYRQ*UQGHQ  *DXWKLHU  *DXWKLHU



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

'HUNU]HVWH:HJ]XHLQHU$QWZRUWDXIGLHVH)UDJHVFKHLQWGDULQ]X EHVWHKHQSUlYDOHQWH*UQGHVFKOLFKWDOVGLHMHQLJHQ*UQGH]XGHILQLHUHQ GLH HLQHUVHLWV GLH LQWUD XQG DQGHUHUVHLWV GLH LQWHUSHUVRQHOOH .RKlUHQ] JHZlKUOHLVWHQ(LQ+DQGOXQJVJUXQGLVWGDQQEHVVHURGHUVFKOHFKWHUUHODWLY ]XP *UDG GHU .RKlUHQ] GLH GXUFK LKQ HUP|JOLFKW ZLUG *HERWH GHU 5FNVLFKWQDKPH DQGHUHQ JHJHQEHU GRPLQLHUHQ LQ GLHVHP 6LQQH P|JOL FKHUZHLVH*HERWHGHU(LJHQOLHEHLQVRIHUQHUVWHUHZHVHQWOLFKHLQHIXQNWL RQLHUHQGH *HVHOOVFKDIW NRQVWLWXLHUHQ LQ ZHOFKHU MHGH HLQ]HOQH 3HUVRQ EHUKDXSWHUVWLKUHLQGLYLGXHOOHQ=LHOHYHUIROJHQNDQQVRODQJHHEHQGLHVH 9HUIROJXQJ GLH LQGLYLGXHOOHQ =LHOH GHU DQGHUHQ 3HUVRQHQ IU GLHVH QLFKW XQHUUHLFKEDU PDFKW (LQH VROFKH VHOEVWPlFKWLJH =HUVW|UXQJ YRQ +DQG OXQJV]LHOHQ DQGHUHU 3HUVRQHQ VHW]WH GHQ +DQGHOQGHQ JHZLVVHUPD‰HQ DX ‰HUKDOE GHV +DQGOXQJV]XVDPPHQKDQJV GHU LKP VHOEVW DXIJUXQG GHVVHQ ZHFKVHOVHLWLJHU 5FNVLFKWVVWUXNWXU GDV 9HUIROJHQ VHLQHU HLJHQHQ =LHOH HUVW HUP|JOLFKW 'LHVH(UNOlUXQJLVWMHGRFKWURW]LKUHV)XQNWLRQVLGHDOVQRFKXQEHIULH GLJHQGLKUHQRUPDWLYH.UDIWLVW]XVFKZDFKXPZLH1LHOVHQLKQQHQQW GHPÅNODVVHQJHEXQGHQHQ$PRUDOLVWHQ´ZHQLJVWHQVHLQ$UJXPHQWDQELH WHQ]XN|QQHQ'LHVHUNODVVHQJHEXQGHQH$PRUDOLVW]HLFKQHWVLFKGDGXUFK DXVGD‰HUJHJHQEHUVHLQHVJOHLFKHQVDJHQZLUHLQHUPHKURGHUZHQLJHU ZRKOKDEHQGHQ 3HUVRQ GLH LQ HLQHP PHKU RGHU ZHQLJHU SURVSHULHUHQGHQ 6WDDWOHEWVHKUUFNVLFKWVYROOLVWQLFKWDEHUEHLVSLHOVZHLVHJHJHQEHUGHP $UEHLWHUDXIHLQHU7DEDNSODQWDJHLQ6LPEDEZH2EPDQGLHVH3HUVRQQXQ DOVNODVVHQJHEXQGHQHQ$PRUDOLVWHQEH]HLFKQHWRGHUDEHU²PHLQHV(UDFK WHQVHEHQVRSODXVLEHO²DOVNODVVHQJHEXQGHQHQ0RUDOLVWHQLVWWKHRUHWLVFK LUUHOHYDQW (QWVFKHLGHQG LVW YLHOPHKU GD‰ DXFK GLHVHU NODVVHQJHEXQGHQH $PRUDOLVWDOV$UJXPHQWHQ]XJlQJOLFKYRUJHVWHOOWZHUGHQPX‰7ULIIWGLHV QLFKWPHKU]XVRKDQGHOWHVVLFKXPHLQ:HVHQEHLGHPZLH.XUW%D\ HUW] HV FKDUDNWHULVLHUW ÅVWDWW 3KLORVRSKLH >«@ 3V\FKRWKHUDSLH XQG JHJH EHQHQIDOOVGLH3ROL]HL YRQQ|WHQVHLQ´GUIWH  

_____________  1LHOVHQFKDUDNWHULVLHUWLKQDOVÅ D HLQH3HUVRQGLH]XUKHUUVFKHQGHQ(OLWHHLQHUVRO FKHQ*HVHOOVFKDIW>VF.ODVVHQJHVHOOVFKDIW.3@JHK|UW E HLQH3HUVRQGHUHQXQHL JHQQW]LJH 6RUJH VLFK OHGLJOLFK DXI LKUHVJOHLFKHQ XQG MHQH 8QWHUJHEHQHQ HUVWUHFNW 'LHQHU0lWUHVVHQXQGGHUJOHLFKHQ IUGLHVLHUHLQ]XIlOOLJ6RUJHWUlJWXQG F HLQH 3HUVRQGLHDOOHDQGHUHQGXUFKJHVFKLFNWH0DQLSXODWLRQEHHLQIOX‰WXQGGLH0RUDODOV PRUDOLVFKH,GHRORJLHHLQVHW]WXPGLHEHVWHKHQGH2UGQXQJ]XHUKDOWHQVRGD‰GLH,Q WHUHVVHQLKUHU.ODVVHXQGGDPLWLKUHHLJHQHQ,QWHUHVVHQJHI|UGHUWZHUGHQ=ZLVFKHQ GHP $PRUDOLVWHQ XQG VHLQHVJOHLFKHQ ² GHQ 0LWJOLHGHUQ MHQHU (OLWH ² EHVWHKHQ HFKWH PRUDOLVFKH%H]LHKXQJHQ´ 1LHOVHQ   %D\HUW]YJODXFKGHUV††

†'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 



†.ODVVHQJHEXQGHQH$PRUDOLVWHQ7ULWWEUHWWIDKUHUXQGGDV 3UREOHPGHU.RRSHUDWLRQVNULWHULHQ †'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ

 2KQH5HNXUVDXI*UQGHVROOWHHLQNDXVDOLWlWVJHEXQGHQHU$EODXIQDWXUD OHU =XVWlQGH JHJHEHQHQIDOOV DOV PHQVFKOLFKHV 9HUKDOWHQ QLFKW DEHU DOV +DQGOXQJ EH]HLFKQHW ZHUGHQ 'HU ÄHQWVFKHLGHQGH (LQIOX‰ GHU 9HUQXQIW DXIXQVHUH+DQGOXQJHQ¶GHUVLFKDXFKEHL.DQWMHQVHLWVGHU'LFKRWRPLVLH UXQJ YRQ K\SRWKHWLVFKHQ XQG NDWHJRULVFKHQ ,PSHUDWLYHQ JH]HLJW KDW HU ZHLVW VLFK LQ GLHVHP 6LQQH DOV HLQ JUXQGOHJHQGHV SUDNWLVFKHV 3ULQ]LS ,VW GLHVH $XVJDQJVEHVFKUHLEXQJ DN]HSWLHUW VR OHJW GLH0|JOLFKNHLW LQWHUWHP SRUDOHU $EZlJXQJ YRQ +DQGOXQJVJUQGHQ DXI LQWUD ZLH DXFK DXI LQWHU SHUVRQHOOHU (EHQH HLQH .RQ]HSWLRQ YRQ +DQGOXQJVJUQGHQ QDKH GLH QLFKWDXIHLQH%HIULHGLJXQJE]Z5HDOLVLHUXQJDNWXHOOHUXQGDXFKQLFKWDXI HLQH%HIULHGLJXQJE]Z5HDOLVLHUXQJLQGLYLGXHOOHU3UR(LQVWHOOXQJHQUHVWULQ JLHUWEOHLEWVRQGHUQ*UQGHIUHLQHQDXIOlQJHUH6LFKWLQVJHVDPWEHVVHUHQ =XVWDQG GHU 3HUVRQ E]Z GHU *UXSSH YRQ 3HUVRQHQ LQWHJULHUHQ NDQQ *UQGHZHUGHQGHPQDFKDQLKUHP.RKlUHQ]EHLWUDJ]XLQGLYLGXHOOHQE]Z LQWHUSHUVRQHOOHQ +DQGOXQJVVWUXNWXUHQ EHPHVVHQ $Q EHVWHKHQGHQ :Q VFKHQ +DQGOXQJVVDQNWLRQHQ PRUDOLVFKHQ 1RUPHQ RGHU UHOLJL|VHQ 9RU VWHOOXQJHQ RULHQWLHUWH *UQGH VLQG GDQDFK QLFKW SHU VH JXWH +DQGOXQJV JUQGH RE VLH MHZHLOV JXWH *UQGH VLQG KlQJW YRQ LKUHU UDWLRQDOHQ (LQELQGXQJLQGLHXPIDVVHQGHLQWUDXQGLQWHUSHUVRQHOOH+DQGOXQJVVWUXN WXUDEGHUHQ7HLOVLHVLQG 'RFK GLH )UDJH GHU 3KLORVRSKLH EOHLEW ZHQQ GLH *WH YRQ +DQG OXQJVJUQGHQGDUDQJHPHVVHQZLUGLQZLHZHLWVLFKLQLKQHQGLHYRUDXVJHVHW] WH 6\VWHPUDWLRQDOLWlW PDQLIHVWLHUW VR PVVHQ GRFK GLH .ULWHULHQ GLHVHU 6\VWHPUDWLRQDOLWlWVHOEVWEHJUQGHWZHUGHQ*HJHQHLQHQSUDNWLVFKHQ.R KlUHQWLVPXV ZLH LFK LKQ ELV KLHUKHU YRUJHVWHOOW KDEH NDQQ GDKHU PLW 5HFKWHLQJHZDQGWZHUGHQGD‰HUNHLQH+DQGKDEHELHWH]ZLVFKHQXQWHU VFKLHGOLFKHQLQVLFKNRKlUHQWHQ6\VWHPHQYRQ(LQVWHOOXQJHQXQG*UQGHQ KLQVLFKWOLFK LKUHU *OWLJNHLW E]Z LKUHU UDWLRQDOHQ $N]HSWLHUEDUNHLW ]X HQWVFKHLGHQ

_____________  (LQHQ(LQZDQGGLHVHV7\SVKDWDXILQWUDSHUVRQHOOHU(EHQHEHUHLWV%UDQGW   YRUJHEUDFKWÅ>@LIZHDVVXPHWKDWQRUPDWLYHSULQFLSOHVKDYHLPSOLFDWLRQVIRUDFWLRQ LWZRXOGEHVHOIGHIHDWLQJWRHVSRXVHLQFRQVLVWHQWRQHV%XWWKLVUHTXLUHPHQWZLOOQRW WDNHXVIDULWUHTXLUHVXVPHUHO\WRKROGDFRQVLVWHQWVHW>@RIMXGJHPHQWVDERXWW\SHV RIDFWLRQ,WGRHVQRWGLFWDWHDQ\SDUWLFXODUZD\RIDGMXGLFDWLQJFRQIOLFWVEHWZHHQVD\ KLJKHUOHYHODQGORZHUOHYHOQRUPDWLYHÄLQWXLWLRQV¶6RSURSRQHQWVRIWKHWKHRU\PXVW ILQGVRPHRWKHUMXVWLILFDWLRQIRUWKHSURFHGXUHVRIPD[LPL]LQJWKHVXPRILQLWLDOFUH GHQFHOHYHOVRURIJLYLQJSUHIHUHQFHWRWKHVHWRIQRUPDWLYHEHOLHIVZHILQGLWHDVLHUWR DFFHSW DVDZKROH >@7KHUHLVD SUREOHPKHUHTXLWHVLPLODUWRWKDWZKLFKIDFHVWKH WUDGLWLRQDO FRKHUHQFH WKHRU\ RI MXVWLILFDWLRQ RI EHOLHI WKDW WKH WKHRU\ FODLPV WKDW D



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

6FDQORQ VWUHLFKW ]ZDU KHUDXV GD‰ GLHVH 8QVLFKHUKHLW KLQVLFKWOLFK GHU .RKlUHQ]NULWHULHQHLQHHKHUWKHRUHWLVFKHGHQQUHDOH0|JOLFKNHLWGDUVWHOOW Å7KH SRVVLELOLW\ LQ TXHVWLRQ LV WKDW GLVDJUHHPHQWV PLJKW SHUVLVW HYHQ WKRXJKERWKJURXSVKDGGRQHHYHU\WKLQJSRVVLEOHWRFKHFNWKHLUYLHZVIRU HUURUV UHQGHU WKHP FRKHUHQW DQG VR RQ , ZRXOG HPSKDVL]H KRZHYHU WKDW DOWKRXJK WKLV SRVVLELOLW\ PD\ EH WKHRUHWLFDOO\ LQWULJXLQJ LW LV RI QR SUDFWLFDO VLJQLILFDQFH VLQFH RXU YLHZV QHYHU PHHW WKLV LGHDO WHVW 6R LQ FDVHVRIDFWXDOGLVDJUHHPHQWWKHUHLVDOZD\VURRPIRUIXUWKHUDUJXPHQWE\ DSSHDO WR LQFRQVLVWHQFLHV DQG RWKHU LQDGHTXDFLHV LQ HDFK RWKHU·V SRVL WLRQVµ'RFKVHOEVWGLHVXQGGDUEHUKLQDXV]XJHVWDQGHQGD‰HVDQDO\ WLVFKZDKULVWGD‰GDVNRKlUHQWHUH]ZHLHUSUDNWLVFKHU%HJUQGXQJVV\VWH PHEHVVHUJHUHFKWIHUWLJWLVWDOVGDVZHQLJHUNRKlUHQWHVREOHLEWGLH)UDJH QDFK GHP $XVZHLV GHU KLHUEHL EHUOHJHQHQ 6\VWHPUDWLRQDOLWlW GHQQRFK EH VWHKHQ 'LH)UDJHJHKWDOVRDXI:HJH]X.ULWHULHQLQWUDXQGLQWHUSHUVRQHOOHU .RKlUHQ]DOV$OWHUQDWLYH]XUWKHRUHWLVFKHQ$QQDKPHRGHU9RUDXVVHW]XQJ HLQHUPRUDOLVFKLQWDNWHQ*HVHOOVFKDIWGHUHQ6\VWHPUDWLRQDOLWlWEHUHLWVGDV LQ )UDJH VWHKHQGH .RKlUHQ]NULWHULXP ELHWHQ ZUGH 'HU .RKlUHQWLVPXV PX‰ GHPQDFK HQWZHGHU DXI PDWHULDOH :HUWH ZLH ,QWHUHVVHQDJJUHJDWLRQ $OOJHPHLQLQWHUHVVH $OOJHPHLQZRKO HWF UHNXUULHUHQ RGHU DEHU IRUPDOH .ULWHULHQLQWUDXQGLQWHUSHUVRQHOOHU.RKlUHQ]DQJHEHQ $UJXPHQWDWLY EQGLJ DQ GLHVH )UDJH DQVFKOLH‰HQ ODVVHQ VLFK VRZRKO HLQSUlVNULSWLYHU5HJHO8WLOLWDULVPXVLP6LQQH5LFKDUG+DUHVDOVDXFKHLQ NRQWUDNWXDOLVWLVFKHV %HJUQGXQJVSURMHNW LP 6LQQH *DXWKLHUV %HJULII GHU DEZlJHQGHQ 5HFKWIHUWLJXQJ XQG GLHVHV LQVWLWXWLRQHQWKHRUHWLVFK ZHLWHU IKUHQGHLQ0RGHOOGHVhEHUOHJXQJVJOHLFKJHZLFKWVLP6LQQH-RKQ5DZOV·

_____________ PRUHFRKHUHQWV\VWHPRIEHOLHIVLVEHWWHUMXVWLILHGWKDQDOHVVFRKHUHQWRQHEXWWKHUH LVQRUHDVRQWRWKLQNWKLVFODLPLVWUXHXQOHVVVRPHRIWKHEHOLHIVDUHLQLWLDOO\FUHGLEOH² DQG QRW PHUHO\ LQLWLDOO\ EHOLHYHG ² IRU VRPH UHDVRQ RWKHU WKDQ WKHLU FRKHUHQFH VD\ EHFDXVHWKH\VWDWHIDFWVRIREVHUYDWLRQ´'LHVHU(LQZDQGOl‰WVLFK PXWDWLVPXWDQGLV YRQ GHU LQWUDSHUVRQHOOHQ DXI GLH LQWHUSHUVRQHOOH (EHQH EHUWUDJHQ 9JO GD]X DXFK 6FDQORQIVRZLHXQWHQ.DS)Q  6FDQORQ   *LEEDUG    VSULFKW GLHVH $QVLFKW XQWHUVWW]HQG DXFK YRQHLQHPÄVRNUDWLVFKHQ(LQIOX‰¶GHULQHLQHP'LVNXUV]XU6LFKHUXQJGHU.RKlUHQ] SHUV|QOLFKHU (LQVWHOOXQJHQ DQJHZDQGW ZHUGHQ NDQQ Å+HDUHUV PD\ DFFHSW ZKDW D VSHDNHUVD\VQRWEHFDXVHWKHVSHDNHUDFFHSWVLWEXWRQWKHEDVLVRIWKLQJVWKH\ZHUH SURQHWRDFFHSW DQ\ZD\LIWKH\WKRXJKWDORQJFHUWDLQOLQHV/HFWXUHVLQPDWKHPDWLFV FDQSURFHHGWKLVZD\6RFUDWLFLQIOXHQFHWKHQFDQZRUNE\DVVHUWLRQVRORQJDVWKH DVVHUWLRQV SURGXFH FRQYLFWLRQ VROHO\ E\ SURGGLQJ OLVWHQHUV WR ZRUN WKLQJV RXW IRU WKHPVHOYHVRQWKHEDVLVRIZKDWWKH\DOUHDG\DFFHSW6RFUDWLFLQIOXHQFHLQVKRUWLVLQ IOXHQFHWKDWFRXOGEHH[HUFLVHGVLPSO\E\DVNLQJDSSURSULDWHTXHVWLRQVµ'RFKLQGHU 3UD[LV PRUDOLVFKHU $XVHLQDQGHUVHW]XQJ VFKHLQW GLH *UHQ]H ]ZLVFKHQ ÄVRNUDWLVFKHP (LQIOX‰¶XQGNOXJHU3URSDJDQGD]XXQVFKDUI]XVHLQXPDOOHLQDXIGLH*WHGHUDUWLJHU (LQIOX‰QDKPHYHUWUDXHQ]XZROOHQ

†'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 



/HGLJOLFK H[HPSODULVFK XQG NXUVRULVFK VHL GHVKDOE DXI GLH IU PHLQ JH JHQZlUWLJHV ,QWHUHVVH HLQVFKOlJLJHQ $VSHNWH GLHVHU 3RVLWLRQHQ VRZLH GLH ]HQWUDOHQGDKLQWHUVWHKHQGHQ3UREOHPHYHUZLHVHQ (LQH HKHU LQGLYLGXHOOVWUXNWXUDOLVWLVFKH SUlVNULSWLYH 3HUVSHNWLYH QLPPW +DUH HLQ ZHQQ HU GLH /DJH EHWUDFKWHW Å>«@ LQ GHU ZLU ZlUHQ ZHQQ ZLU HLQ .LQG DXI]|JHQ XQG XQV QXU VHLQH ,QWHUHVVHQ DP +HU]HQ OlJHQ >«@ 0DQ N|QQWH PHLQHQ GD‰ ZLU GHP .LQG HLQ UHLQ HJRLVWLVFKHV 3ULQ]LSHLQLPSIHQZUGHQGDVMHQLJHQlPOLFKEHLMHGHU*HOHJHQKHLWGDV]X WXQZDVVHLQ(LJHQLQWHUHVVHDPVWlUNVWHQ]XWXQIRUGHUW´'RFKHV]HLJW VLFKVR+DUHGD‰HLQHVROFKH(U]LHKXQJGHP.LQGVHOEVWVFKDGHQZUGH ZREHL GLH (U]LHKXQJVSHUVSHNWLYH KLHU QLFKW ZHVHQWOLFK LVW 9LHOPHKU NRPPW HV +DUH DXI GLH %HJUQGXQJ HLQHU 5DWLRQDOLWlWVIRUP DQ GLH VLFK DXI HLQ ,QGLYLGXXP XQG GHUHQ (LQVWHOOXQJHQ XQG +DQGOXQJHQ EH]LHKW ZHOFKH LKUHUVHLWV DEHU ZHVHQWOLFK LP VR]LDOHQ .RQWH[W JHVHKHQ ZHUGHQ PVVHQ$XFKHUZHQGHWVLFKGDKHUJHJHQGHQEHUHLWVHUZlKQWHQÄSXQNWX HOOHQ2SWLPLHUHU¶Å(VZlUHJDQ]HLQIDFKLPSUDNWLNDEHOXQGVHOEVWZHQQ SUDNWLNDEHOIHKOJHOHLWHWGHU6WUDWHJLH]XIROJHQDQOl‰OLFKMHGHUSUXGHQWLHO OHQ (QWVFKHLGXQJ HLQH HLJHQQW]LJH RGHU HJRLVWLVFKH .RVWHQ1XW]HQ $QDO\VH GXUFK]XIKUHQ 'DIU UHLFKW GLH =HLW QLFKW XQG RIW ZUGHQ ZLU XQVHUH$QWZRUWHQ]XUHFKWVFKXVWHUQ>«@PLWGHP>(UJHEQLV@GD‰GDVZDV QXU GLH XQPLWWHOEDUVWHQ LQ GHP 0RPHQW YHUVSUWHQ %HGUIQLVVH YHUODQ JHQ DXFK VFKRQ GDV SUXGHQWLHOO %HVWH LVW )DVW LPPHU ZUGHQ ZLU GHQ *DQJ]XP=DKQDU]WYHUVFKLHEHQ8PGLHVHU7HQGHQ]HQWJHJHQ]XZLUNHQ EUDXFKHQ ZLU SUXGHQWLHOOH SULPDIDFLH3ULQ]LSLHQ HEHQVR GULQJHQG ZLH PRUDOLVFKHXQGPVVHQLKQHQJHJHQEHUHLQHJDQ]H5HLKHGHUVHOEHQ(LQ VWHOOXQJHQ HQWZLFNHOQ´ 0LW HLQHU 9HUELQGXQJ ]ZLVFKHQ GHU VR]LDO GHVNULSWLYHQ XQG GHU LQGLYLGXHOOSUlVNULSWLYHQ 3HUVSHNWLYH NRQNUHWLVLHUW +DUH GDUDXIKLQ VHLQH NRKlUHQWLVWLVFKHQ 9RUVWHOOXQJHQ Å'LH 0HQVFKKHLW KDW KHUDXVJHIXQGHQ GD‰ PDQ GDV /HEHQ XP YLHOHV HUWUlJOLFKHU PDFKHQ NDQQLQGHPPDQHV]XZHJHEULQJWGD‰VLFKHLQHPRUDOLVFKH/HEHQVIK UXQJ LP JUR‰HQ XQG JDQ]HQ EH]DKOW PDFKW )U IDVW DOOH YRQ XQV LVW HV EHVVHU ZHQQ PLW VR]LDO QW]OLFKHQ UHVSHNWLYH VFKlGOLFKHQ +DQGOXQJHQ VR]LDOH %HORKQXQJHQ UHVSHNWLYH %HVWUDIXQJHQ +DQG LQ +DQG JHKHQ >«@´ 'DPLW GUlQJW VLFK MHGRFK XQYHUPHLGOLFK GLH Ä7ULWWEUHWWIDKUHU¶ )UDJH DXI Å:DUXP GDV .LQG QLFKW GD]X HU]LHKHQ PHLVWHQV GHQ KHUU VFKHQGHQ6LWWHQ]XJHKRUFKHQDEHU]\QLVFKJHJHQVLH]XYHUVWR‰HQZHQQ HV YHUPHLGHQ NDQQ HUWDSSW RGHU EHVWUDIW ]X ZHUGHQ" (LQH 7HLODQWZRUW ODXWHW GD‰ UHFKWVFKDIIHQ ]X VHLQ GLH EHL ZHLWHP HLQIDFKVWH 0HWKRGH LVW

_____________  +DUH  +DUHI  +DUHI



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

UHFKWVFKDIIHQ ]X HUVFKHLQHQ >«@ :HQQ ZLU XQV GDUDQ PDFKHQ XQVHU .LQG ]X GHQ 3ULQ]LSLHQ ]X HU]LHKHQ GLH K|FKVWZDKUVFKHLQOLFK VHLQHP HLJHQHQ*OFNLQVJHVDPWDP]XWUlJOLFKVWHQVLQG>«@GDQQPVVHQZLUHV QLFKWQXU]XHLQHU6WUDWHJLHRGHU3UD[LVGHU%HIROJXQJGLHVHU3ULQ]LSLHQHU ]LHKHQVRQGHUQ]XIHVWHQFKDUDNWHUOLFKHQ'LVSRVLWLRQHQGLH>«@GLHJHJHQVHLWL JH =XVDPPHQDUEHLW XQG =XQHLJXQJ >HUP|JOLFKHQ@ RKQH GLH DOO XQVHUH %HPKXQJHQ IHKOVFKODJHQ XQG DOOH )UHXGH XQG :lUPH LP /HEHQ YHU VFKZLQGHQ ZUGHQ´ (LQ XPVLFKWLJHV 8WLOLWlWVNDONO VFKHLQW VLFK KLHU DOV PDWHULDOHVLQWUDXQGLQWHUSHUVRQHOOHV.RKlUHQ]NULWHULXPKLQVLFKWOLFKSHU V|QOLFKHU (LQVWHOOXQJHQ DQ]XELHWHQ 'D‰ MHGRFK +DUHV 2SWLPLVPXV ZDV GLH 5HFKWVFKDIIHQKHLW XQG GHUHQ JHVHOOVFKDIWOLFKH (UVFKHLQXQJ DQODQJW SULQ]LSLHOOSUREOHPDWLVFKLVW]HLJWGLHEHUHLWVHUZlKQWH)LJXUGHVNODVVHQ JHEXQGHQH$PRUDOLVWHQDXIGLHLFKVRJOHLFKQRFKHLQPDO]XUFNNRPPHQ ZHUGH DXV GHV OHW]WHUHQ 3HUVSHNWLYH HUVFKHLQW GLHVHV .DONO DOV HLQ RSHQ TXHVWLRQ DUJXPHQW RKQH GD‰ GHU 8WLOLWDULVPXV GLHV DOV VROFKHV DQHUNHQQHQ ZUGH *DXWKLHU VNL]]LHUW VHLQ %HJUQGXQJVSURMHNW G K GLH Å0HUNPDOH GHU DEZlJHQGHQ 5DWLRQDOLWlW >«@ GLH HV HUP|JOLFKHQ PD[LPLHUHQGH (QW VFKHLGXQJHQ]XEHVFKUlQNHQ´DXVHLQHUVWlUNHUDQ)UDJHQGHU.RRSHUDWL RQ XQG GDPLW DP .RQWUDNWXDOLVPXV RULHQWLHUWHQ 3HUVSHNWLYH Å'HU *UXQGJHGDQNH LVW GHU GD‰LQ YLHOHQ 6LWXDWLRQHQ GDV (UJHEQLV HLQHU (QW VFKHLGXQJ ZHQQ MHGHU VLFK IU GDV HQWVFKHLGHW ZDV LQ $QEHWUDFKW GHU (QWVFKHLGXQJHQGHUDQGHUHQGHQHLJHQHQHUZDUWHWHQ1XW]HQPD[LPLHUHQ ZUGHIUDOOH%HWHLOLJWHQQDFKWHLOLJLVWYHUJOLFKHQPLWHLQHU$OWHUQDWLYH² MHGHUN|QQWHHLQEHVVHUHV(UJHEQLVHU]LHOHQ>«@$QJHVLFKWVGHU7DWVDFKH GD‰VROFKH6LWXDWLRQHQDOOJHJHQZlUWLJVLQGNDQQMHGHUGHQ9RUWHLOHUNHQ QHQGHULKPSHUV|QOLFKHQWVWHKWZHQQDOOHHLQH3UD[LVYHUIROJHQGLHYHU ODQJWGD‰MHGHUDXIGHQ9HUVXFKYHU]LFKWHWVHLQHQHLJHQHQ1XW]HQXQPLW

_____________  +DUHI.DYNDIRUPXOLHUWLQGLHVHP=XVDPPHQKDQJGUHL'LPHQVLRQHQGHU 1W]OLFKNHLW PRUDOLVFKHU (U]LHKXQJ ZREHL IU LKQ ZLH VFKRQ IU +DUH GHU (U]LH KXQJVDVSHNWQLFKWGDV(QWVFKHLGHQGHLVWYLHOPHKUJHKWHVDXFKLKPXPGLH9HUV|K QXQJYRQ0RUDOXQG.OXJKHLWÅ)UW\SLVFKH(OWHUQGLHVLFKLQEHVRQGHUHP0D‰HXP GDV :RKOHUJHKHQ LKUHU .LQGHU XQG VLFK HLQ ZHQLJ XP GDV :RKOHUJHKHQ DQGHUHU NPPHUQJLEWHVGUHLJHZLFKWLJH*UQGHLKUH.LQGHU]XPRUDOLVFKHQ0HQVFKHQ]X HU]LHKHQ$OOHU:DKUVFKHLQOLFKNHWQDFKZLUGGLHVGHQ.LQGHUQ]XJXWHNRPPHQ HQW VSUHFKHQGXQVHUHQIUKHUHQ$UJXPHQWHQGD‰HVVLFKIUJHZ|KQOLFKDXV]DKOWPRUD OLVFK]XVHLQ DOOHU:DKUVFKHLQOLFKNHLWQDFKZLUGHVDQGHUHQ]XJXWHNRPPHQGLHPLW GHQ .LQGHUQ LQ %HUKUXQJ NRPPHQ XQG HV ZLUG DOOHU :DKUVFKHLQOLFKNHLW QDFK GHQ (OWHUQVHOEVW]XJXWHNRPPHQ ZHLOVLHYRQLKUHQ.LQGHUQEHVVHUEHKDQGHOWZHUGHQ  8QGZHQQ.LQGHUDOVPRUDOLVFKH:HVHQKHUDQZDFKVHQPLWHLQHP*HZLVVHQXQGGHU )lKLJNHLWGLH*HIKOHPRUDOLVFKHU=XIULHGHQKHLW]XHPSILQGHQGDQQOLHJWHV>«@IDVW LPPHU LQ LKUHP ,QWHUHVVH GDPLW IRUW]XIDKUHQ HLQ PRUDOLVFKHV /HEHQ ]X IKUHQ´ .DYND

†'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 



WHOEDU]XPD[LPLHUHQZHQQHLQVROFKHUDOOVHLWLJHU9HU]LFKWIUDOOH%HWHL OLJWHQYRUWHLOKDIWLVW1DWUOLFKNDQQQLHPDQGHLQHQ*UXQGKDEHQLUJHQG HLQH HLQVHLWLJH %HVFKUlQNXQJ VHLQHV PD[LPLHUHQGHQ 9HUKDOWHQV KLQ]X QHKPHQMHGHUSURILWLHUWQXUYRQGHU%HVFKUlQNXQJGLHDXFKYRQVHLQHQ 0LWPHQVFKHQ DN]HSWLHUW ZLUG :HQQ PDQ DEHU YRQ HLQHU GHQ DQGHUHQ DXIHUOHJWHQ %HVFKUlQNXQJ PHKU SURILWLHUW DOV PDQ YHUOLHUW ZHQQ PDQ VHOEVW HLQHU %HVFKUlQNXQJ XQWHUOLHJW GDQQ KDW PDQ XQWHU 8PVWlQGHQ *UXQG HLQH 3UD[LV ]X DN]HSWLHUHQ GLH YHUODQJW GD‰ MHGHU DXFK PDQ VHOEVWHUNHQQHQOl‰WGD‰HUVLFKHLQHUVROFKHQ%HVFKUlQNXQJXQWHUZLUIW :LUN|QQHQGLHVDOVHLQH3UD[LVGDUVWHOOHQGLHEHLUDWLRQDOHQ3HUVRQHQGLH XQWHUVLFKGLH%HGLQJXQJHQDXVJHPDFKWKDEHQXQWHUGHQHQVLHPLWHLQDQ GHUYHUNHKUHQZROOHQHLQKHOOLJ=XVWLPPXQJILQGHQNDQQ8QGGLHVH=X VWLPPXQJ LVW GLH*UXQGODJH GHU 0RUDO´ 'HP QDKHOLHJHQGHQ (LQZDQG GHQEHUHLWV+REEHVGHPÅ7RUHQ´LQGHQ0XQGJHOHJWKDWXQGGHUDXFK YRQ+DUHDQJHGHXWHWZXUGHGD‰HVIUGHQ(LQ]HOQHQQlPOLFKQXUGDQQ UDWLRQDOLVWVLFKDQGLHVH$EPDFKXQJHQ]XKDOWHQXQGJHPl‰VHLQHU=X VWLPPXQJ]XKDQGHOQÅZHQQHUGDPLWXQPLWWHOEDU]XUPD[LPDOHQ%HIULH GLJXQJVHLQHU3UlIHUHQ]HQEHLWUlJW´HQWJHJQHW*DXWKLHULP6LQQHGHVLP 9RUVWHKHQGHQ VNL]]LHUWHQ .RQ]HSWV VWUXNXUHOOHU 5DWLRQDOLWlW EH]JOLFK LQWHUSHUVRQHOOHU.RKlUHQ]Å=XUFNKDOWHQGH0D[LPLHUHUN|QQHQ>«@HKHU PLWJQVWLJHQ*HOHJHQKHLWHQUHFKQHQDOVLKUH0LWVWUHLWHU2EZRKOVLHDXI HLQH JU|‰WP|JOLFKH 3UlIHUHQ]EHIULHGLJXQJ YHU]LFKWHQ LQGHP VLH LKUHQ 0LWPHQVFKHQ EHLVWHKHQ 9HUVSUHFKHQ KDOWHQ XQG YRUKDQGHQH PRUDOLVFKH 3UDNWLNHQEHIROJHQHU]LHOHQVLHGRFKDXIJUXQGLKUHUJU|‰HUHQ0|JOLFKNHL WHQ LQVJHVDPW JHVHKHQ HLQEHVVHUHV (UJHEQLV DOV MHQH GLH LPPHU GHQ HU ZDUWHWHQ1XW]HQPD[LPLHUHQ´

_____________  *DXWKLHUIYJOGD]XDXFK*DXWKLHULQVEHV9RQGHU.RPSD WLELOLWlWGHV*DXWKLHU·VFKHQ.RQWUDNWXDOLVPXV]XPELVKLHUKHUYRUJHVWHOOWHQ.RKlUHQ WLVPXV DEJHVHKHQ WHLOH LFK *DXWKLHUV WKHRUHWLVFKH =XYHUVLFKW KLQVLFKWOLFK GHU PRUDO SKLORVRSKLVFKHQ 7UDJZHLWH VHLQHV HQJHQ 5DWLRQDOLWlWVEHJULIIV QLFKW *DXWKLHU IRUPXOLHUWGLHVIROJHQGHUPD‰HQÅ$FRQWUDFWDULDQWKHRU\RIPRUDOVGHYHORSHGDVSDUW RIWKHWKHRU\RIUDWLRQDOFKRLFH>«@HQDEOHVXVWRGHPRQVWUDWHWKHUDWLRQDOLW\RILP SDUWLDOFRQVWUDLQWVRQWKHSXUVXLWRILQGLYLGXDOLQWHUHVWWRSHUVRQVZKRPD\WDNHQRLQ WHUHVWLQRWKHUV·LQWHUHVW0RUDOLW\LVWKXVJLYHQDVXUHJURXQGLQJLQDZHDNDQGZLGHO\ DFFHSWHG FRQFHSWLRQ RI SUDFWLFDO UDWLRQDOLW\ 1R DOWHUQDWLYH DFFRXQW RI PRUDOLW\ DF FRPSOLVKHVWKLVµ *DXWKLHU 0DQNDQQGXUFKDXVGHPOHW]WHQ6DW]]XVWLP PHQRKQHDXFKGHQYRUOHW]WHQ6DW]GLHVHV=LWDWVXQWHUVFKUHLEHQ]XZROOHQ 9JO+REEHVI .DS III .DS  *DXWKLHU   9JO ]X *DXWKLHUV .RQ]HSW DXFK 9HOOHPDQ  GHU GLHV EH]JOLFK HLQ 3UREOHP VRZLH HLQH HQWVSUHFKHQGH /|VXQJ IRUPXOLHUW Å%XW ZKHQ WKH WLPHIRUIXOILOOLQJWKHDJUHHPHQWDUULYHV*DXWKLHU·VFRQFHSWLRQRISUDFWLFDOUHDVRQLQJ ZLOOQRORQJHUIXUWKHUWKHDJHQW·VJRDOVLQFHKLVJRDOZRXOGEHEHWWHUVHUYHGE\UHD VRQLQJ WKDW SHUPLWWHG KLP WR YLRODWH WKH DJUHHPHQW >«@ 7KH VROXWLRQ UHVWV RQ WKH



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

_____________

FODLP WKDW *DXWKLHU·V FRQFHSWLRQ XQOLNH VWUDLJKWIRUZDUG PD[LPL]DWLRQ LV VHOI VXSSRUWLQJµ (EG   6HOEVWXQWHUVWW]HQG LQ GHP 6LQQH GD‰ ZHU VLFK HLQPDO GLH .RRSHUDWLRQ]XU0D[LPHJHPDFKWKDWGHUHQ*UQGHEHUGLHMHQLJHQIUGLH1XW]HQ 0D[LPLHUXQJ GRPLQLHUHQ HR LSVR QLFKW DXV GHU 0D[LPLHUXQJVSHUVSHNWLYH VRQGHUQ DXVGHU.RRSHUDWLRQVSHUVSHNWLYHXUWHLOWÅ7KHDJHQW·VFXUUHQWFRQFHSWLRQRISUDFWLFDO UHDVRQLQJUHFRPPHQGVWKDWKHDQVZHUVXFKDTXHVWLRQLQDFFRUGDQFHZLWKDFRPSDUL VRQEHWZHHQWKHFRQVHTXHQFHVRIPDNLQJDQGDELGLQJE\KLVFRPPLWPHQWRQWKHRQH KDQGDQGWKHFRQVHTXHQFHVRIQHYHUKDYLQJPDGHLWRQWKHRWKHUHDFKFRQVLGHUHGDV DSDFNDJHGHDO5HDVRQLQJLQWKLV PDQQHUWKHDJHQWZLOOILQGWKDWWKHDGYDQWDJHVRI EHLQJRIIHUHGDFRRSHUDWLYHDJUHHPHQWRXWZHLJKWKHGLVDGYDQWDJHVRIIXOILOOLQJLWDQG VRKHZLOOGHFLGHWRDELGHE\KLVFRPPLWPHQWDQGKHQFHUHWDLQ*DXWKLHU·VFRQFHSWLRQ RI SUDFWLFDO UHDVRQLQJµ (EG   9HOOHPDQ VHOEVW LVW MHGRFK EHU GLHVH V\PSDWKH WLVFKH 5HNRQVWUXNWLRQ GHU 3RVLWLRQ *DXWKLHUV KLQDXV GHU $QVLFKW GD‰ GLH 0D[LPLHUXQJVWHUPLQRORJLHDOOHLQQLFKWDXVUHLFKWXP+DQGOXQJVNULWHULHQ]XHUNOlUHQ VRQGHUQGD]XZHVHQWOLFKGLH+LQWHUJUXQGHLQVWHOOXQJHQGHV(QWVFKHLGXQJVWUlJHUVXQG +DQGHOQGHQHLQEH]RJHQZHUGHQPVVHQÅ,IDQDFWLRQZHUHWKHVRUWRIWKLQJZKRVH VXFFHVVRUIDLOXUHFRXOGEHMXGJHGVROHO\E\XWLOLW\PD[LPL]LQJFRQVLGHUDWLRQVWKHQLW ZRXOGQ·WEHWKHVRUWRIWKLQJWKDWZHFRXOGGHFLGHRQWRGD\LQDZD\WKDWZRXOGQHF HVVDULO\JLYHXVUHDVRQWRSHUIRUPLWWRPRUURZDQGVRLWZRXOGQ·WEHEHKDYLRURYHU ZKLFKUDWLRQDODJHQWVKDYHGLDFKURQLFDXWRQRP\%XWDFWLRQLVWKDWVRUWRIWKLQJ²LWLV EHKDYLRURYHUZKLFKUDWLRQDODJHQWVKDYHGLDFKURQLFDXWRQRP\²DQGVRLWFDQ·WEHWKH VRUWRIWKLQJZKRVHVXFFHVVRUIDLOXUHFDQEHMXGJHGVROHO\E\XWLOLW\PD[LPL]LQJFRQ VLGHUDWLRQVµ (EG   6WDWWGHVVHQ KlOW HU $XWRQRPLH LP 6LQQH HLQHV 6HOEVWYHU VWlQGQLVVHVRGHUHLQHU,FK,GHQWLILNDWLRQIUHLQVXEVWDQWLHOOHV+DQGOXQJV]LHOGHPDQ GHUH +DQGOXQJV]LHOH QLFKW ]XZLGHUODXIHQ GUIHQ RKQH GLH 3HUVRQ LUUDWLRQDO HUVFKHLQHQ ]X ODVVHQ Å:KDW VHWWOHV WKH LVVXH IRU PH LV WKDW VLPSO\ EHLQJ UDWLRQDO DJHQWVHQDEOHVXVWRH[HUFLVHDXWRQRP\RYHURXUIXWXUHVZLWKRXWLPSDLULQJRXUIXWXUH DXWRQRP\ ² VRPHWKLQJ WKDW ZH FRXOGQ·W GR XQOHVV SDVW FRPPLWPHQWV KDG UDWLRQDO ZHLJKWµ (EG  YJO GD]X DXFK +LQFKPDQ   +LQWHU GHP VFKZDQNHQGHQ 6SUDFKJHEUDXFK 9HOOHPDQV DXWRQRP\ VHOINQRZOHGJH YJO DXFK 9HOOHPDQ F  VWHKWGLHVHKUSODXVLEOH$QVLFKWGD‰+DQGOXQJHQGHUHQ*UQGHQLFKWDXILUJHQGHLQH :HLVHPLWDQGHUHQ(LQVWHOOXQJHQGLHVHU3HUVRQYHUEXQGHQVLQGGLHVHU3HUVRQVFKOLFKW XQYHUVWlQGOLFK EOHLEHQ PVVHQ ,Q GLHVHP 6LQQH ² DXVGUFNOLFK QLFKW LQ HLQHP YRQ 9HOOHPDQ LQWHQGLHUWHQ VXEVWDQWLHOOHQ $ULVWRWHOLVFKHQ YJO 9HOOHPDQ  I  ² XQWHUOLHJHQ +DQGOXQJVJUQGH XQG DEVLFKWHQ GHP 6HOEVWYHUVWlQGQLV RGHU GHU $XWR QRPLHGLHVHU3HUVRQ'DUDXVIROJWDEHUQLFKWZLH9HOOHPDQLQ)RUWIKUXQJYRQ$QV FRPEHV ,QWHQWLRQVEHJULIIV DOV ÅNQRZOHGJH ZLWKRXW REVHUYDWLRQ´ $QVFRPEH   LPPHUZLHGHUEHWRQWGD‰GLHVH$XWRQRPLHRGHUGLHVHV6HOEVWYHUVWlQGQLVRGHU 6HOEVWZLVVHQGDVHLJHQWOLFKH+DQGOXQJV]LHODOOHUXQVHUHU+DQGOXQJHQGDUVWHOOW9JO]X HQWVSUHFKHQGHQ (LQZlQGHQ XD 0HOH   +XVVDLQ   %UDWPDQ 0V   VRZLH 9HOOHPDQV (UZLGHUXQJHQ DXI GLHVH XQG DQGHUH (LQZlQGH LQ 9HOOHPDQ DEF3UDNWLVFKH)HVWOHJXQJHQKDEHQZLHGLHLQ.DSGLVNXWLHUWH3UREOHPDWLN ]HLJHQZLUGHLQHZHVHQWOLFKDQGHUH)XQNWLRQDOVHSLVWHPLVFKHZHQQJOHLFKVLHLQIROJH LKUHU LQIHUHQWLHOOHQ *OLHGHUXQJ QDWUOLFK PLW GHP 9HUVWlQGQLV GHV HLJHQHQ +DQGHOQV XQGGDPLWGHUHLJHQHQ3HUVRQ]XVDPPHQKlQJHQGRFKLVWGLHVHEHQZHVHQWOLFKZHQL JHUDOV9HOOHPDQDQQLPPWZHQQHUGDIUDUJXPHQWLHUWGD‰Å>«@WKHZLOOHPHUJHVDV DE\SURGXFWRIFXULRVLW\SOXVVHOIDZDUHQHVV´ 9HOOHPDQF 

†'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 



'LH 1lKH VHLQHV 0RGHOOV HLQHU ÅNRQWUDNWXDOLVWLVFKHQ 0RUDO´ ]XP Å5DZOVVFKHQ .RKlUHQ]WHVW´ GD‰ QlPOLFK Å>«@ PRUDOLVFKH 3UDNWLNHQ GLHJHUHFKWIHUWLJWZHUGHQN|QQHQVROFKHVLQGGLHXQVHUH=XVWLPPXQJH[ DQWHILQGHQ>«@3UDNWLNHQGHQHQZLULQVRIHUQ]XJHVWLPPWKlWWHQDOVVLH GLH %HGLQJXQJHQ XQVHUHU ]XNQIWLJHQ ,QWHUDNWLRQ ELOGHQ ZlUHQ ZLU SHU LPSRVVLELOH LQ GHU /DJH GLHVH %HGLQJXQJHQ IHVW]XOHJHQ´ EHQHQQW *DXWKLHUEHUHLWVVHOEVW'DPLWYHUVXFKWHU²XQGGLHVLVWIUGDV,QWHUHVVH GHUYRUOLHJHQGHQ8QWHUVXFKXQJYRQ]HQWUDOHU%HGHXWXQJ²GHQhEHUJDQJ YRQ GHU LQWUDSHUVRQHOOHQ .RKlUHQ] ]ZLVFKHQ hEHU]HXJXQJHQ XQG 3UR (LQVWHOOXQJHQ]XULQWHUSHUVRQHOOHQ.RKlUHQ]GHUJHVHOOVFKDIWOLFKHQ6WDEL OLWlWKHU]XVWHOOHQÅ>«@GLH0RUDOYHUODQJWGD‰PDQIlKLJLVW9HUSIOLFK WXQJHQ HLQ]XJHKHQ PLW DQGHUHQ HLQH hEHUHLQNXQIW ]X WUHIIHQ LQ GHP YROOHQ%HZX‰WVHLQGD‰PDQVHLQHQ%HLWUDJOHLVWHQNDQQXQGZLUGXQJH DFKWHWGHUYLHOHQEHUHFKWLJWHQ(UZlJXQJHQGLHQRUPDOHUZHLVHLQGLHHLJH QHQ ]XNQIWLJHQ hEHUOHJXQJHQ PLW HLQIOLH‰HQ 8QG GDV LVW PHKU DOV GLH )lKLJNHLWGLHHLJHQHQ:QVFKHXQG,QWHUHVVHQPLWVHLQHQhEHU]HXJXQJHQ ]XHLQHPHLQ]LJHQNRKlUHQWHQ*DQ]HQ]XVDPPHQ]XIJHQ´ :LH LQ *DXWKLHUV .RQ]HSWLRQ GHU 0RUDOV E\ $JUHHPHQW VR LVW DXFK LQ 5DZOV·7KHRU\RI-XVWLFHGLHH[DQWH4XDOLILNDWLRQPRUDOLVFKHU3UDNWLNHQGLH KLHU LQ *HVWDOW HLQHV Å6FKOHLHUV GHV1LFKWZLVVHQV´ LP Å8U]XVWDQG´ HLQ ]HQWUDOHV(OHPHQWDXVPDFKWGHUQHUYXVSUREDQGLGHU7KHRULH1XUGLHVH H[DQWH4XDOLILNDWLRQNDQQHLQHUVHLWVWKHRUHWLVFKYRUGHPNODVVHQJHEXQGH QHQ$PRUDOLVWHQEHZDKUHQGHQQGLH%LQGXQJDQ3ULQ]LSLHQJHVFKLHKWKLHU XQDEKlQJLJYRQGHU.HQQWQLVGHUHLJHQHQ VHLHVQXQSULYLOHJLHUWHQRGHU

_____________ *DXWKLHU (EG (EG'DV(UIRUGHUQLVHLQHV VROFKHQhEHUJDQJVEHQHQQWDXVXPJHNHKUWHU3HU VSHNWLYH YRQ GHU *HVHOOVFKDIW ]XP ,QGLYLGXXP  DXFK 1LHOVHQ Å'D‰ ZLU PRUDOLVFK VHLQ VROOWHQ ² GD‰ ZLU DOV *HPHLQVFKDIW PRUDOLVFKHU ,QVWLWXWLRQHQ EHGUIHQ ² ]HLJW QLFKWZDUXPHLQ,QGLYLGXXPLQHLQHU*HVHOOVFKDIWPLWOHLGOLFKIXQNWLRQLHUHQGHQPR UDOLVFKHQ,QVWLWXWLRQHQVHOEVWMHPDQGPLWPRUDOLVFKHQ3ULQ]LSLHQVHLQVROOWH´ 1LHOVHQ  (VEHGDUIGHPQDFKHLQHUÅ>«@8QWHUVFKHLGXQJ]ZLVFKHQGHPJHJHQEHUGHU KDQGHOQGHQ 3HUVRQ QHXWUDOHQ 6WDQGSXQNW XQG GHP DXI GLH KDQGHOQGH 3HUVRQ EH]RJHQHQ 6WDQG SXQNW>«@´ 1LHOVHQ 9JO]X1LHOVHQVHQWVSUHFKHQGHP3HVVLPLVPXVDXFK XQWHQ)Q 9JO 5DZOV    2EZRKO GLH YRUOLHJHQGH 8QWHUVXFKXQJ ZHGHU GHP 5DZOV·VFKHQ QRFK GHP *DXWKLHU·VFKHQ (UNOlUXQJVLQWHUHVVH IROJW VR VWHKW VLH GRFK GHPHUVWHUHQQlKHUDOVGHPOHW]WHUHQZlKUHQG5DZOVHLQH8QWHUVFKHLGXQJ]ZLVFKHQ ÄUDWLRQDO¶ XQG ÄUHDVRQDEOH¶ IU HUIRUGHUOLFK KlOW ZHLVW *DXWKLHU HLQH VROFKH ]XUFN Å>@ZHFODLPWRJHQHUDWHPRUDOLW\DV DVHWRIUDWLRQDOSULQFLSOHVIRUFKRLFH:HDUH FRPPLWWHG WR VKRZLQJ ZK\ DQ LQGLYLGXDO UHDVRQLQJ IURP QRQPRUDO SUHPLVVHV ZRXOGDFFHSWWKHFRQVWUDLQWVRIPRUDOLW\RQKLVFKRLFHV´ *DXWKLHU $XIGLH VH'LIIHUHQ]LHUXQJZHUGHLFKLQ.DS]XUFNNRPPHQ



.DS²+DQGOXQJVJUQGHXQGLKUH.RKlUHQ] 

EHQDFKWHLOLJWHQ  3RVLWLRQ LQ GHU 5HDOLWlW $QGHUHUVHLWV VFKHLQW ZLH .RP PXQLWDULVWHQ JHJHQEHU GHP 5DZOV·VFKHQ /LEHUDOLVPXV EHWRQHQ HLQH $EVWUDNWLRQ YRQ WDWVlFKOLFKHQ JHVHOOVFKDIWOLFKHQ 9HUKlOWQLVVHQ PLW XQ EHUZLQGOLFKHQ6FKZLHULJNHLWHQYHUEXQGHQ]XVHLQZLUN|QQHQQLFKW XQG GHU NODVVHQJHEXQGHQH $PRUDOLVW NDQQ XQG ZLOO QLFKW  YRQ GHQ UHDOHQ 9HUKlOWQLVVHQDEVWUDKLHUHQ'RFKOl‰WVLFKJHJHQEHUGLHVHP9RUZXUI]X KRKHU$EVWUDNWLRQDXV5DZOV·VFKHU3HUVSHNWLYHGXUFKDXVJHOWHQGPDFKHQ GD‰ HV ]XU %HXUWHLOXQJ XQG .ULWLN DQ GLHVHQ UHDOHQ 9HUKlOWQLVVHQ HLQHV KLQWHU GHP 6FKOHLHU GHV 1LFKWZLVVHQV HUVWHOOWHQ  *HUHFKWLJNHLWVVWDQGDUGV EHGDUI'HUDP.RQ]HSWGHVhEHUOHJXQJVJOHLFKJHZLFKWVRULHQWLHUWH.RKl UHQWLVPXV 5DZOV· LVW GHU 9HUVXFK KLQVLFKWOLFK LKUHU *OWLJNHLW QLFKW HPSLULVFKH(OHPHQWHDOV.ULWHULHQVR]LDOHU.RKlUHQ]]XHQWZLFNHOQ 0HLQ (UNOlUXQJVLQWHUHVVH JHKW LP )ROJHQGHQ QXQ QLFKWDXI HLQH VLFK P|JOLFKHUZHLVH KLHU DQVFKOLH‰HQGH %HVFKUHLEXQJ VR]LDOHU ,QVWLWXWLRQHQ ZHOFKHKLQVLFKWOLFKHLQHVPDWHULDO]XEHVWLPPHQGHQ,GHDOVHLQHUJHUHFKWHQ *HVHOOVFKDIW XQG DXIJUXQGGHU HQWZHGHU KLQWHU GHP 6FKOHLHU GHV 1LFKW ZLVVHQV RGHU DXFK XQWHU %HGLQJXQJHQ PD[LPDOHU ,QIRUPLHUWKHLW  JH WURIIHQHQ9HUHLQEDUXQJHQEHUZHFKVHOVHLWLJH3IOLFKWHQXQG5HFKWH/HJL WLPLWlW EHVLW]HQ %HL GHQ IROJHQGHQ hEHUOHJXQJHQ VROO HV YLHOPHKU XP P|JOLFKH )RUPHQ QRUPDWLYSUDJPDWLVFKHU )HVWOHJXQJHQ DXI +DQGOXQJHQ E]Z+DQGOXQJVDEVLFKWHQVRZLHGHU%HUHFKWLJXQJHQ]XGLHVHQ)HVWOHJXQ JHQJHKHQXP9HUELQGOLFKNHLWVNULWHULHQSUDNWLVFKHU,QIHUHQ]HQH[SOL]LW]X PDFKHQ'LH'DUVWHOOXQJGHUZLHPDQVLHQHQQHQN|QQWHÄ)HLQPHFKDQLN¶ LQWUDXQGLQWHUSHUVRQHOOHU9HUELQGOLFKNHLWLVWGDV'HVLGHUDWHLQHVVROFKHQ SUDNWLVFKHQÅEHJUQGXQJVRULHQWLHUWH>Q@.RKlUHQWLVPXV´

_____________ 9JOGLHIUGLHVH$UJXPHQWDWLRQ]HQWUDOHQXQGDOOJHPHLQGLH'HEDWWH]ZLVFKHQ/LEH UDOLVPXV XQG .RPPXQLWDULVPXV EHOHEHQGHQ 7H[W YRQ 6DQGHO   XQG :DO]HU   2KQH GDPLW EHU GHQ (UNOlUXQJVZHUW GHU 5DZOV·VFKHQ *HUHFKWLJNHLWVWKHRULH HQW VFKHLGHQ]XN|QQHQVFKHLQW]XPLQGHVWPLWWHOIULVWLJ²XQGGDPLWEHXQUXKLJHQGJHQXJ ² ]X JHOWHQ ZDV 1LHOVHQ EHU GLH /HEHQVIlKLJNHLW HLQHU *HVHOOVFKDIW PLW NODVVHQJH EXQGHQDPRUDOLVWLVFKHQ (LQZRKQHUQ XQG GHQ HQWVSUHFKHQGHQ 0RUDO2SWLPLVPXV VFKUHLEWÅ'D‰HLQHVROFKH*HVHOOVFKDIWLQVWDELORGHUZHQLJHUVWDELOLVWDOVHLQH*HVHOO VFKDIW LQ ZHOFKHU GHU PRUDOLVFKH 6WDQGSXQNW YRUKHUUVFKW LVW QLFKW HUVLFKWOLFK >«@ 'LH 6NODYHQJHVHOOVFKDIWHQ KDEHQ VLFK EHU ODQJH =HLW HLQHU JHZLVVHQ 6WDELOLWlW HU IUHXW´ 1LHOVHQ $XVJHRSROLWLVFKHU6LFKWVSULFKWGHVNULSWLYDXFKJHJHQZlU WLJYLHOIUHLQHVWDELOH*HOWXQJGLHVHV0RGHOOV (LQHDQ5DZOVRULHQWLHUWHSROLWLVFKH7KHRULHGHU*HUHFKWLJNHLWLQZHOFKHUGHU6FKOHLHU GHV1LFKWZLVVHQV]XJXQVWHQPD[LPDOHU,QIRUPLHUWKHLWGHU%HWHLOLJWHQIlOOWILQGHWVLFK EHL%DUU\HUJUHLIWLQGLHVHP=XVDPPHQKDQJDXFKDXI]HQWUDOH(OHPHQWHYRQ 6FDQORQV7KHRULH]XUFNGLHLP)ROJHQGHQQRFKGLVNXWLHUWZHUGHQVROOHQ YJOLQVEHV %DUU\†  %DGXUD

†'DV3UREOHPGHU.RRSHUDWLRQVNULWHULHQ 



.DQWVXPIDVVHQGHV.RQ]HSWGHU9HUQXQIWDOV.RKlUHQ]UDKPHQMHJOLFKHU DXWRQRPHU(LQIOX‰QDKPHDXIXQVHU+DQGHOQNDQQQDFKGLHVHU+HXULVWLN ÄGHWUDQV]HQGHQWDOLVLHUW¶ XQG VHLQH 0HKUGHXWLJNHLW KLQVLFKWOLFK GLHVHV (LQIOXVVHVGHU9HUQXQIWDXIXQVHUH+DQGOXQJHQLPLQVWUXPHQWHOOHQXQGLPPR UDOLVFKHQ .RQWH[W VFKOLH‰OLFK PLW %OLFN DXI HLQH 5HFKWIHUWLJXQJVSUD[LV RSHUDWLRQDOLVLHUWZHUGHQ%HOLHELJH(LQVWHOOXQJHQHSLVWHPLVFKHURGHUHYD OXDWLYHU$UWPVVHQGDEHLQRUPDWLYSUDJPDWLVFKDOV*UQGHIUDQGHUHGHUDU WLJH(LQVWHOOXQJHQJHID‰WZHUGHQGHQQGDV6SLHOGHV9HUODQJHQVXQG/LH IHUQV YRQ *UQGHQ LVW ² ]XPLQGHVW SULQ]LSLHOO ² DOV HLQ VR]LDOHV6SLHO ]X EHJUHLIHQ

_____________ 9JO]XGLHVHP%HJULII+DEHUPDV

   

.DSLWHO'DVGHRQWLVFKH.RQWRIKUXQJVPRGHOOXQG GLH'LIIHUHQ]HQSUDNWLVFKHU,QIHUHQ]HQ

 

.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

†(LQOHLWXQJ

 $XIGHQHUVWHQ%OLFNVFKHLQWHVVRDOVZlUH%UDQGRPV,QIHUHQWLDOLVPXVIU GLH6XFKHQDFKLQWUDXQGLQWHUSHUVRQHOOHQ.RKlUHQ]NULWHULHQYRQ+DQG OXQJVJUQGHQLP$QVFKOX‰DQ.DQWQLFKWHLQVFKOlJLJ=ZDUJUHQ]W%UDQ GRPVHLQHQ$QVDW]YRQHLQHPÅ$WRPLVPXV´DEGRFKKDQGHOWHVVLFKEHL LKPXPHLQHQÅ%HJULIIV+ROLVPXV´EH]JOLFKGHVÅLQIHUHQWLHOOH>Q@%HJULII>V@ GHV VHPDQWLVFKHQ *HKDOWV´ ZRKLQJHJHQ LQ GHQ EHLGHQ YRUDXVOLHJHQGHQ .DSLWHOQLQVWUXPHQWHOOHVXQGPRUDOLVFKHV+DQGHOQVRZLH=XVDPPHQKDQJ XQG'LIIHUHQ]HQWVSUHFKHQGHU+DQGOXQJVJUQGHWKHPDWLVLHUWZXUGHQ:LH NDQQDOVR%UDQGRPVÄ%HJULIIVKROLVPXV¶HLQHGHWUDQV]HQGHQWDOLVLHUWH)RUW IKUXQJ GHU .DQWLVFKHQ ]ZLVFKHQ GHP PXQGXV LQWHOOLJLELOLV XQG GHP PXQGXVVHQVLELOLVYHUPLWWHOQGHQ.RQ]HSWLRQSUDNWLVFKHU*UQGHEHLQKDO WHQ" *HKW HV QLFKW EHL .DQWV SUDNWLVFKHQ *UXQGVlW]HQ ]HQWUDO XP HLQH 0RUDOSKLORVRSKLHZlKUHQG%UDQGRPDXI0RUDOQLFKWZHVHQWOLFK]XVSUH FKHQNRPPWXQGVWDWWGHVVHQHLQHVSUDFKSUDJPDWLVFKRULHQWLHUWH3KLORVR SKLHGHV*HLVWHVYRUOHJW" 6LFKHUOLFK%UDQGRPLQWHUHVVLHUWVLFKDXIGHQHUVWHQ%OLFNZHGHUGDIU ]XZHOFKHQ+DQGOXQJHQ3HUVRQHQYHUSIOLFKWHWZHUGHQN|QQHQQRFKGD IUZHOFKH0D[LPHQ3HUVRQHQDXVELOGHQRGHUJDUDXVELOGHQVROOWHQ$XFK LVWLQ%UDQGRPV7KHRULHNHLQ3ODW]IU5HIOH[LRQHQDXIP|JOLFKHPRUDOUH OHYDQWH0RWLYDWLRQHQ'LH2SSRVLWLRQYRQ3IOLFKWXQG1HLJXQJLVWVHLQHP $QVDW] Y|OOLJIUHPG 8PJHNHKUW ZLUG PDQ LQ .DQWV EDURFNHU *HVDPWDU FKLWHNWRQLN XQG D IRUWLRUL LQ .DQWV +DQGOXQJV XQG 0RUDOSKLORVRSKLH YHUJHEOLFK QDFK GHP 2UW HLQHU 6HPDQWLN VXFKHQ 6HOEVW GRUW ZR .DQW

_____________  %UDQGRP  %UDQGRPD%UDQGRPVDOOJHPHLQH&KDUDNWHULVLHUXQJGLHVHV.RQ]HSWVODXWHW IROJHQGHUPD‰HQ Å,QIHUHQ]HQ EHLQKDOWHQ 3UlPLVVHQ XQG .RQNOXVLRQHQ 'LH LQIHUHQ WLHOOH 5ROOH HLQHU 3UlPLVVH KlQJW ZHVHQWOLFK YRQ GHU GHU .RQNOXVLRQ DE XQG XPJH NHKUWhEHUGLHLQIHUHQWLHOOH5ROOHHLQHV*HKDOWVZHL‰PDQJDUQLFKWVRKQHZHQLJVWHQV HWZDVEHUGLHDQGHUHU*HKDOWH]XZLVVHQGLHDXVLKPJHIROJHUWZHUGHQN|QQHQRGHU DXVGHQHQHUJHIROJHUWZHUGHQNDQQ´ (EG 

†(LQOHLWXQJ 



IRUPHOKDIW XQG 1XDQFHQ HKHU YHUGHFNHQG YRQ Å6LQQ XQG %HGHXWXQJ´ VSULFKW LVW QLFKW GLH VSUDFKOLFKH 'LPHQVLRQ GLHVHU 3UREOHPDWLN JHPHLQW VRQGHUQ GLH REMHNWLYH 5HDOLWlW YRQ %HJULIIHQ XQG ]XPHLVW DXFK QXU GLH YRQ %HJULIIHQ D SULRUL (V HUEULJW VLFK EHLQDKH ]X HUZlKQHQ GD‰ DOV .RQVHTXHQ] DXV .DQWV WUDQV]HQGHQWDOSKLORVRSKLVFKHP $SULRULVPXV IU LKQ QHEHQ GHU 6HPDQWLN DXFK GLH IU %UDQGRP DX‰HURUGHQWOLFK ZLFKWLJH SUDJPDWLVFKH 'LPHQVLRQ GHU 6SUDFKH NHLQH 5HOHYDQ] EHVLW]W XQG VFKRQ JDUQLFKWXPGHP%HJULIIGHV*HLVWHVE]ZGHU9HUQXQIWDXIGLH6SXU]X NRPPHQ 'HQQRFKOl‰WVLFK%UDQGRPV3RVLWLRQ²VRGLH+HXULVWLNGLHVHV.DSL WHOV ² EH]JOLFK GHU 1RUPDWLYLWlWVSUREOHPDWLN DOV HLQH )RUP YRQ SUDNWL VFKHP.RKlUHQWLVPXVDXIIDVVHQGLHGLH.DQWLVFKHQ,QWXLWLRQHQKLQVLFKW OLFK GHV HQWVFKHLGHQGHQ (LQIOXVVHV GHU 9HUQXQIW DXI XQVHUH +DQGOXQJHQ DXIQLPPW XQG VLH VSUDFKSKLORVRSKLVFK WUDQVSDUHQW ]X GLIIHUHQ]LHUHQ HU ODXEW,P5DKPHQGHVYRUVWHKHQGVNL]]LHUWHQ.RKlUHQWLVPXVLVW%UDQGRP LQVRIHUQLQWHUHVVDQWDOVHUHLQHQRUPDWLYH7HUPLQRORJLHEHUHLWVWHOOWGLHJHHLJ QHW VFKHLQW VLFK GHP 3UREOHP SUlYDOHQWHU +DQGOXQJVJUQGH ]X QlKHUQ %UDQGRPKDWPLWHLQHPVHKUVSH]LILVFKHQ9RNDEXODUGHUÄ3URGXNWLRQXQG .RQVXPWLRQYRQ*UQGHQ¶GLHÅQRUPDWLYH)HLQVWUXNWXUGHU5DWLRQDOLWlW´ XQWHUVXFKWXQG]ZDULQHLQHPVRXPIDVVHQGHQ6LQQHGD‰GDUXQWHUDXFK GLH)RUPHQSUDNWLVFKHU5DWLRQDOLWlWIDOOHQ :LH GLH )RUPXOLHUXQJ GHU Ä3URGXNWLRQ XQG .RQVXPWLRQ YRQ *UQ GHQ¶ EHUHLWV DQ]HLJW KDQGHOW HV VLFK EHL %UDQGRPV 3RVLWLRQ XP HLQH LP ZHLWHUHQ9HUVWlQGQLVGHV$XVGUXFNVUDWLRQDOLVWLVFKH3RVLWLRQ'LHVIHVW]XKDO WHQLVWLQVRIHUQZLFKWLJDOVVRQVWVHLQH6HOEVW]XVFKUHLEXQJGHVÅ([SUHVVL YLVPXV´ PLW %OLFN DXI GLH SUDNWLVFKH 9HUQXQIW QDWXUDOLVWLVFK PL‰YHUVWDQ GHQ ZHUGHQ N|QQWH %UDQGRP JUHQ]W VHLQH 3HUVSHNWLYH ]ZDU YRQ HLQHP PLWGHP1DPHQ-RKDQQ*RWWIULHG+HUGHUVYHUEXQGHQHQÅWUDGLWLRQHOOH>Q@ URPDQWLVFKH>Q@ ([SUHVVLYLVPXV´ DE GHU Å>«@ GLH 5HODWLRQ ]ZLVFKHQ HL QHPLQQHUHQ*HIKOXQGGHVVHQ$XVGUXFNGXUFKHLQHlX‰HUH*HVWHDOVVHLQ 3DUDGLJPDEHJULII´ 'RFK PX‰ GDQHEHQQRFK HLQH VSH]LILVFKH )RUP GHV ([SUHVVLYLVPXV LQQHUKDOEGHUSUDNWLVFKHQ3KLORVRSKLHYRQ%UDQGRPV3RVLWLRQDEJHJUHQ]W ZHUGHQ'LHVHP([SUHVVLYLVPXV]XIROJHZLHLKQEHLVSLHOVZHLVH*LEEDUG

_____________    

.DQW,99,,,.U9%%IYJODXFK.DQW,9 %UDQGRP %UDQGRP 9JO*LEEDUGIÅ·7RFDOOVRPHWKLQJUDWLRQDOLVWRH[SUHVVRQH·VDFFHSWDQFHRI QRUPVWKDWSHUPLWLW·>«@$FFHSWDQFHLVDVWDWHRIPLQGDQGDJRRGZD\WRLGHQWLI\ WKLVVWDWHRIPLQGPLJKWEHWRH[KLELWLWVSODFHLQDURXJKSV\FKRORJLFDOWKHRU\7KH FDSDFLW\WRDFFHSWQRUPV,SRUWUD\DVDKXPDQELRORJLFDODGDSWDWLRQDFFHSWLQJQRUPV



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

RGHU %ODFNEXUQ YHUWUHWHQ VLQG :HUWXUWHLOH RGHU KDQGOXQJVEH]RJHQH 1RUPHQ$XVGUFNHYRQ*HIKOHQXQG(LQVWHOOXQJHQGLHDOVVROFKH3HUVR QHQGLUHNW]X+DQGOXQJHQEHZHJHQ5HGXNWLYLVWGLHVHU([SUHVVLYLVPXVLQ GHP6LQQHGD‰:HUWH1RUPHQXQGHQWVSUHFKHQGH+DQGOXQJVJUQGHLQ GHU 7HUPLQRORJLH PHQWDOHU =XVWlQGH EHVFKULHEHQ ZHUGHQ GLH GDV PHQVFKOLFKH LQWHQWLRQDOH 9HUKDOWHQ QXU JUDGXHOO YRP 9HUKDOWHQ QLFKW UDWLRQDOHU:HVHQXQWHUVFKHLGHQOl‰W9HUKDOWHQZHOFKHU$UWDXFKLPPHU ZLUG DOV NDXVDOH )ROJH YRQ QLFKWNRJQLWLYHQ (LQVWHOOXQJHQ YHUVWDQGHQ ZHVKDOEGLHVHU([SUHVVLYLVPXVDOVHLQH9HUVLRQGHVPHWDSK\VLVFKHQRGHU GHV SV\FKRORJLVFKHQ 1DWXUDOLVPXV DQJHVHKHQ ZHUGHQ NDQQ 9RQ HLQHP VROFKHQ([SUHVVLYLVPXVXQWHUVFKHLGHWVLFK%UDQGRPGDGXUFKGD‰JHPl‰ VHLQHP ÅUDWLRQDOLVWLVFKH>Q@ ([SUHVVLYLVPXV >«@ GDV $XVGUFNHQ YRQ HWZDV GDUDXI KLQDXV>OlXIW@ HV ]X YHUEHJULIIOLFKHQ´ ,Q JHZLVVHU :HLVH LVW GLHVH 3RVLWLRQQLFKWQXUGHPHEHQVNL]]LHUWHQ([SUHVVLYLVPXVHQWJHJHQJHVHW]W VRQGHUQHLQHPUHGXNWLYHQ1DWXUDOLVPXVLQVJHVDPWZHQQGLHVHUIUJHQX LQ QRUPDWLYH hEHUOHJXQJHQ ZLH VLH VLFK LQ *UQGHQ ZHOFKHU $UW DXFK LPPHUDUWLNXOLHUHQNHLQHQJDUDQWLHUWHQ3ODW]DXIZHLVW%UDQGRPV([SUHV VLYLVPXVEH]LHKWVLFKVRZRKODXIGLH(EHQHGHU$OOWDJVVSUDFKHGLHHWZDV ÅLQ HLQHP EHKDXSWEDUHQ EHXUWHLOEDUHQ GHQNEDUHQ JODXEEDUHQ  G K SURSRVLWLRQDOHQ *HKDOW H[SOL]LW´ PDFKW DOV DXFK DXI GLH )XQNWLRQ ORJL VFKHQ9RNDEXODUVÅ>«@HEHQMHQHLQIHUHQWLHOOHQ5HODWLRQHQLQEHKDXSWED UHU SDUDGLJPDWLVFKHUZHLVH NRQGLWLRQDOHU  )RUP H[SOL]LW ]X PDFKHQ GLH GLH*HKDOWHJHZ|KQOLFKHUQLFKWORJLVFKHU%HJULIIHLPSOL]LWJOLHGHUQZHOFKH

_____________ ILJXUHVLQDSHFXOLDUO\KXPDQV\VWHPRIPRWLYDWLRQDQGFRQWUROWKDWGHSHQGVRQODQ JXDJH1RUPVPDNHIRUKXPDQZD\VRIOLYLQJDQGZHFDQXQGHUVWDQGRXUQRUPDWLYH OLIHDVSDUWRIWKHQDWXUDOZRUOG1RUPDWLYHWDONLVSDUWRIQDWXUHEXWLWGRHVQRWGH VFULEHQDWXUH,QSDUWLFXODUDSHUVRQZKRFDOOVVRPHWKLQJUDWLRQDORULUUDWLRQDOLVQRW GHVFULELQJ KLV RZQ VWDWH RI PLQG KH LV H[SUHVVLQJ LW´ 9JO NULWLVFK GD]X 6NRUXSVNL VRZLHHEHQIDOOVNULWLVFK]XP([SUHVVLYLVPXVXQGGHVVHQ9HUKlOWQLV]XU0RUDO HSLVWHPRORJLH6LQQRWW$UPVWURQJ  9JO %ODFNEXUQ  I Å>«@ WKH VWDWH RI PLQG RI RQH ZKR YDOXHV VRPHWKLQJ LV GLVWLQFWLYHEXWQHYHUWKHOHVVLWLVLWVHOIDQDWXUDODQGQDWXUDOO\GHVFULEDEOHVWDWH2QFH ZHILQGHWKLFVKHUHZHXQGHUVWDQGWKHHVVHQWLDOSKHQRPHQRQZKLFKLVWKDWRISHRSOH YDOXLQJWKLQJV:KHQWKH\YDOXHWKLQJVWKH\H[SUHVVWKHPVHOYHVLQ WHUPVRIZKDWLV JRRGEDGREOLJDWRU\ULJKWMXVWLILDEOHDQGVRRQ>«@6RWKHH[SUHVVLYLVWWKLQNVZH FDQVD\LQWHUHVWLQJO\ZKDWLVLQYROYHGIRUDVXEMHFW6WRWKLQNWKDW;LVJRRG,WLVIRU6 WRYDOXHLWDQGWKLVFDQEHH[SODLQHGLQQDWXUDOWHUPV1DWXUHLWVHOIPD\EHKHDUWOHVV DQGIUHHRIGHVLUHVEXWDPRQJVWWKHFUHDWXUHVLWKDVWKURZQXSDUH VRPHZKLFKDUH QRW KHDUWOHVV DQG QRW IUHH RI GHVLUHV :H XQGHUVWDQG RXU YDOXHV E\ XQGHUVWDQGLQJ RXUVHOYHVDVYDOXLQJDQGWKLVZHFDQGR,I\RXJRRQWRDVNWKLVVWUDWHJLVWZKDWLWLV IRUVRPHWKLQJWREHJRRGWKHUHVSRQVHLVWKDWWKLVLVQRWWKHVXEMHFWRIWKLVWKHRUHWLFDO FRQFHUQ>«@7RDQVZHULWWKHQZRXOGEHWRJRLQVLGHWKHGRPDLQRIHWKLFVDQGVWDUW H[SUHVVLQJRXUVWDQGDUGV´  %UDQGRP+HUYRUKHEXQJ.3

†(LQOHLWXQJ 



ZLUYHUZHQGHQZHQQZLU'LQJHLQGHPDXIGHUHUVWHQ6WXIHDQJHJHEHQHQ 6LQQH[SOL]LWPDFKHQ´ :lKUHQG.DQWZLHVLFKLQ.DSJH]HLJWKDWXQWHU,QDQVSUXFKQDKPH HLQHU GHU WUDGLWLRQHOOHQ 9HUP|JHQVSV\FKRORJLH JHVFKXOGHWHQ 'LIIHUHQ]LH UXQJYRQ6HHOHQYHUP|JHQHLQHUVHLWVXQGHLQHUSODWRQLVLHUHQGHQ'LIIHUHQ ]LHUXQJ]ZLVFKHQHLQHPPXQGXVLQWHOOLJLELOLVXQGHLQHPPXQGXVVHQVLELOLV DQGHUHUVHLWVDUJXPHQWLHUWGD‰GLHP|JOLFKHQ)RUPHQSUDNWLVFKHU1RUPD WLYLWlWDXVGHU.RQIURQWDWLRQYRQ9HUQXQIWXQG1HLJXQJE]Z$XWRQRPLH XQG +HWHURQRPLH UHVXOWLHUHQ JHKW %UDQGRP GDYRQ DXV GD‰ GHU %HJULII GHU 1RUPDWLYLWlW QXU PLWWHOV GHVVHQ OLQJXLVWLVFKVR]LDOHU 2SHUDWLRQDOLVLH UXQJ EHVWLPPW ZHUGHQ NDQQ =LHO YRQ %UDQGRPV 3KLORVRSKLH LVW MHGRFK ZHGHUHLQHIXQNWLRQHOOHQRFKHLQH3UDJPDOLQJXLVWLNYLHOPHKUJHKWHVLKP OHW]WOLFK XP HLQH 7KHRULH GHV *HLVWHV XP GHQ 0HQVFKHQ DOV HLQHV YHU QQIWLJHQ :HVHQV GHVVHQ+DQGHOQ XQG 6SUHFKHQ ÅGXUFK XQG GXUFK ELV DXIGHQ*UXQG´QRUPDWLYYHUID‰WLVW%UDQGRPVXFKWGLHÄ6R]LDOLVLHUXQJ¶ .DQWVGDEHLLQIROJHQGHU5LFKWXQJÅ.DQW·VRULJLQDOVXJJHVWLRQWKDWIUHH GRP FRQVLVWV LQ FRQVWUDLQW E\ QRUPV UDWKHU WKDQ VLPSO\ E\ FDXVHV WKH GLIIHUHQFHEHWZHHQEHLQJIUHHDQGQRWEHLQJIUHHEHFRPHVDVRFLDOUDWKHU WKDQDQREMHFWLYHGLIIHUHQFH7KHGLIIHUHQFHEHWZHHQWKHVHWZRÄUHDOPV¶LV QRWDQRQWRORJLFDORQH7KHUHDOGLVWLQFWLRQLQWKHYLFLQLW\LVEHWZHHQWZR ZD\VRIWUHDWLQJVRPHRQH·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´  

_____________  %UDQGRPYJO]X%UDQGRPV([SUHVVLYLVPXVLQ9HUELQGXQJPLW.DQWDXFK 3ROORN0V  9JO%UDQGRPD  %UDQGRP   %UDQGRP PHUNW ]X GLHVHP )UHLKHLWVEHJULII QRFK NOlUHQG DQ Å7KRXJKRIFRXUVHRQWKLVDFFRXQWWKDWIUHHGRPLVQRWPHUHO\VXEMHFWLYHDQGLPDJL QDU\HLWKHU,WLVUDWKHUDVRFLDOPDWWHUDQGWKHFULWHULDOFODVVLILFDWLRQGLVWLQJXLVKHVWKH VRFLDOIURPERWKWKHVXEMHFWLYH ZKLFKLVZKDWHYHUVRPHLQGLYLGXDOWDNHVLWWREH DQG WKHREMHFWLYH ZKLFKLVZKDWLWLVUHJDUGOHVVRIKRZDQ\RQHWDNHVLWWREH ´ (EG 



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

†%UDQGRPV.DQWLDQLVPXV

 'D LP =HQWUXP PHLQHU QDFKIROJHQGHQ hEHUOHJXQJHQ QLFKW %UDQGRPV GLUHNWH $XVHLQDQGHUVHW]XQJ PLW .DQWV 7KHRULH GHU 1RUPDWLYLWlW VWHKHQ ZLUGVHLKLHUOHGLJOLFKHLQHHQWVSUHFKHQGHNXU]H6NL]]HGLHVHV9HUKlOWQLV VHVYHUVXFKWLQVRZHLWOHW]WHUHVIUHLQHQRUPDWLYSUDJPDWLVFKH([SOLNDWL RQGHVHQWVFKHLGHQGHQ(LQIOXVVHVGHU9HUQXQIWDXIXQVHUH+DQGOXQJUHOH YDQWLVW%UDQGRPPDFKWQLFKWGLHVSH]LILVFKH$IILQLWlWVHLQHU7KHRULH]XU .DQWLVFKHQ0RUDOSKLORVRSKLHQDPKDIW9LHOPHKUEHWUDFKWHWHU.DQWVSUDN WLVFKH XQG WKHRUHWLVFKH 3KLORVRSKLH XQWHU GHP HLQKHLWOLFKHQ $VSHNW GHU 1RUPDWLYLWlW XQG JLEW GDPLW ]XJOHLFK GLH %DVLVOLQLH VHLQHU HLJHQHQ $UJX PHQWDWLRQDQÅ(LQHGHUJUR‰DUWLJHQ(LQVLFKWHQGLHZLU.DQWYHUGDQNHQ EHVDJWGD‰8UWHLOHXQG+DQGOXQJHQDXIJUXQGGHU7DWVDFKHYRQGHQ5HDN WLRQHQEOR‰QDWUOLFKHU:HVHQ]XXQWHUVFKHLGHQVLQGGD‰VLHDOV'LQJH IUGLHZLULQHLQHPEHVWLPPWHQ6LQQHYHUDQWZRUWOLFKVLQGHLQHQEHVRQ GHUHQ QRUPDWLYHQ 6WDWXV EHVLW]HQ .DQW YHUVWDQG %HJULIIH DOV 1RUPHQ GLH HEHQEHVWLPPHQIUZDVZLUXQVGXUFKHLQ]HOQH$NWHGHV8UWHLOHQVXQG +DQGHOQVYHUDQWZRUWOLFKJHPDFKWKDEHQZRUDXIZLUXQVGDGXUFKIHVWJH OHJW KDEHQ XQG ZDV XQV GD]X EHUHFKWLJHQ ZUGH´ (LQH VROFKH 5HNRQ VWUXNWLRQ .DQWV VFKHLQW QLFKW XQYHUWUlJOLFK PLW .DQWV 7KHRULH ]X VHLQ GRFKP‰WHVLHGLHIU.DQWZHVHQWOLFKH'LIIHUHQ]LHUXQJ]ZLVFKHQWKHR UHWLVFKHQ SUDNWLVFKHQ XQG VFKOLH‰OLFK lVWKHWLVFKHQ 6WDQGDUGV XQG GDPLW XQWHUVFKLHGOLFKHQ )RUPHQ YRQ 1RUPDWLYLWlW EHUFNVLFKWLJHQ 'LH .ULWH ULHQ REMHNWLY JOWLJHU (UNHQQWQLVXUWHLOH XQWHUVFKHLGHQ VLFK IU .DQW ZH VHQWOLFK YRQ GHQ .ULWHULHQ REMHNWLY JOWLJHU +DQGOXQJVJUXQGVlW]H RGHU DXFK VXEMHNWLYDOOJHPHLQHU *HVFKPDFNVXUWHLOH GHU IXQGDPHQWDOH 6WDWXV GHV %HJULIIV GHV 8UWHLOV OHJW VRJDU QDKH GLH YHUVFKLHGHQHQ %HUHLFKH GHU 3KLORVRSKLHHQWODQJGHUXQWHUVFKLHGOLFKHQQRUPDWLYHQ6WDQGDUGVHQWVSUH FKHQGHU 8UWHLOH GLHVHU 'LV]LSOLQHQ ]X GLIIHUHQ]LHUHQ ,Q GLHVHP 6LQQH LVW .DQWV 9HUQXQIWSKLORVRSKLH ZHLW HQWIHUQW YRQ HLQHP +ROLVPXV .DQW PDFKWPLWVHLQHQEHLGHQHUVWHQ.ULWLNHQYLHOPHKUXQPL‰YHUVWlQGOLFKNODU GD‰LKPGLH8QWHUVFKHLGXQJ]ZLVFKHQÅVSHNXODWLYHU9HUQXQIW´XQGÅSUDNWL VFKHU 9HUQXQIW´ VDNURVDQNW LVW $QGHUHUVHLWVIRUGHUW .DQW ZLH EHUHLWV LQ .DSGLVNXWLHUWHLQHQHLQKHLWOLFKHQ%HJULIIYRQ9HUQXQIWÅ'LH*HVHW] JHEXQJ GHU PHQVFKOLFKHQ 9HUQXQIW 3KLORVRSKLH  KDW QXQ ]ZHL *HJHQV WlQGH 1DWXU XQG )UHLKHLW XQG HQWKlOW DOVR VRZRKO GDV 1DWXUJHVHW] DOV DXFKGDV6LWWHQJHVHW]DQIDQJVLQ]ZHLEHVRQGHUHQ]XOHW]WDEHULQHLQHP HLQ]LJHQSKLORVRSKLVFKHQ6\VWHP´6ROOYRQ9HUQXQIWLP3OXUDOGLH5HGH

_____________  %UDQGRPI  .U9$

†%UDQGRPV.DQWLDQLVPXV 



VHLQVRPX‰JHNOlUWZHUGHQLQZLHIHUQGLHVHXQWHUVFKLHGOLFKHQÄ/HJLVODWL YHQ¶HLQXQGGHQVHOEHQ1DPHQYHUGLHQHQ.DQWVSULFKWMHGRFKHKHUSUR JUDPPDWLVFKSURVSHNWLYYRQGHU(LQKHLWGHU9HUQXQIWÅ$OOHLQZHQQUHLQH 9HUQXQIWIUVLFKSUDNWLVFKVHLQNDQQXQGHVZLUNOLFKLVWZLHGDV%HZX‰W VHLQGHVPRUDOLVFKHQ*HVHW]HVHVDXVZHLVHWVRLVWHVGRFKLPPHUQXUHLQH XQG GLHVHOEH 9HUQXQIW GLH HV VHL LQ WKHRUHWLVFKHU RGHU SUDNWLVFKHU $E VLFKWQDFK3ULQFLSLHQDSULRULXUWKHLOW>«@´'LHVHQ(LQKHLWVEHJULIIGDV ÅJHPHLQVFKDIWOLFKH 3ULQ]LS´ WKHRUHWLVFKHU XQG SUDNWLVFKHU 9HUQXQIWNULWLN KDW.DQW VHKU]XP%HGDXHUQEHUHLWVPDQFKHV=HLWJHQRVVHQEHLVSLHOVZHL VH&DUO/HRQKDUG5HLQKROGV QLUJHQGZRDQJHJHEHQ :HQQ %UDQGRP QXQ PLW HLQHU LQWHUSUHWDWRULVFKHQ )UHL]JLJNHLW GLH LP EULJHQ JDQ] JHJHQ VHLQ VRQVWLJHV V\VWHPDWLVFKHV %HVWUHEHQ HKHU ]X $VVLPLOLHUXQJ DOV ]X 'LIIHUHQ]LHUXQJ QHLJW VFKUHLEW Å9HUQQIWLJ VHLQ ZLUGKLHU>VFEHL.DQW@DOOJHPHLQYHUVWDQGHQDOVIlKLJVHLQDP6SLHOGHV *HEHQVXQG9HUODQJHQVYRQ*UQGHQWHLO]XQHKPHQDOVRDQHLQHUVSH]L ILVFK VSUDFKOLFKHQ VR]LDOHQ 3UD[LV´ GDQQ LVW GDV %UDQGRP ² QLFKW .DQW 8QG GLHV QLFKW QXU ZHLO HV HUVWHQV GHQ PHWDSK\VLVFKHQ +LQWHUJUXQG HSLVWHPLVFKHU 1RUPDWLYLWlW GHQ .DQW IDUEHQUHLFK DXVJHVWDOWHW LJQRULHUW XQG ]ZHLWHQV LQ .DQWV .RQ]HSWLRQ GLH %HJULIIH GHU hEHU]HXJXQJV XQG GHU +DQGOXQJVJUQGH NHLQHUOHL WKHRUHWLVFK WUDJHQGH )XQNWLRQ EHVLW]HQ VRQGHUQDXFKZHLO%UDQGRPVLFKKLHUDXIVSUDFKOLFKH3UD[HQEH]LHKWYRQ GHQHQ EHL .DQW LQ WUDQV]HQGHQWDOHP .RQWH[W NHLQH 5HGH LVW XQG VHLQ NDQQ.DQWXQWHUVFKHLGHW]ZDU6lW]HYRQ8UWHLOHQGRFKLQWHUHVVDQWHUZHLVH JHUDGH QLFKW KLQVLFKWOLFK LKUHV 6SUDFKEH]XJV (U VLHKW6SUDFKH OHGLJOLFK

_____________  .DQW 9  EHUHLWV LQ GHU 9RUUHGH ]XU *UXQGOHJXQJ DOV VLFK DOVR GLH 1RWZHQGLJNHLW HLQHU]ZHLWHQ.ULWLNDE]HLFKQHWVFKUHLEW.DQWÅ>«@LFK>VFHUIRUGHUH@]XU.ULWLNHLQHU UHLQHQ SUDNWLVFKHQ 9HUQXQIW GD‰ ZHQQ VLH YROOHQGHW VHLQ VROO LKUH (LQKHLW PLW GHU VSHFXODWLYHQ LQ HLQHP JHPHLQVFKDIWOLFKHQ 3ULQFLS ]XJOHLFK PVVH GDUJHVWHOOW ZHUGHQ N|QQHQZHLOHVGRFKDP(QGHQXUHLQHXQGGLHVHOEH9HUQXQIWVHLQNDQQGLHEOR‰LQ GHU$QZHQGXQJXQWHUVFKLHGHQVHLQPX‰´ .DQW,9 'D‰.DQWVLFKVHOEVWQDFK VHLQHUGULWWHQ.ULWLNQRFKQLFKWLP6WDQGHVLHKWGLHVHVJHPHLQVFKDIWOLFKH3ULQ]LSDQ ]XJHEHQKDWLKPZLHHUEULHIOLFKJHJHQEHU*DUYHlX‰HUWHLQHQÅ7DQWDOLVFKH>Q@ 6FKPHUW]´ .DQW;,, EHUHLWHW  Å'DV)XQGDPHQWGHU.ULWLNGHUU9LVW>@QLFKWDOOJHPHLQJHQXJGHQQGLH.ULWLNGHU WKHRUHWLVFKHQ9HUQXQIWEHJUQGHWQXU0HWDSK\VLNXQG]ZDUQXUGHUVLQQOLFKHQ1DWXUXQG GLH.ULWLNGHUSUDNWLVFKHQQXU0HWDSK\VLNGHU6LWWHQ´ 5HLQKROG   9JOXQWHQ)QVRZLHGHQGD]XJHK|ULJHQ$EVDW]  %UDQGRPD  Å$XI GHP 8QWHUVFKLHGH ]ZLVFKHQ SUREOHPDWLVFKHP XQG DVVHUWRULVFKHP 8UWKHLOHQ EHUXKWGHUZDKUH8QWHUVFKLHG]ZLVFKHQ8UWKHLOHQXQG6lW]HQGHQPDQVRQVWIlOVFK OLFK LQ GHQ EOR‰HQ $XVGUXFN GXUFK :RUWH RKQH GLH PDQ MD EHUDOO QLFKW XUWKHLOHQ N|QQWH]XVHW]HQSIOHJW,P8UWKHLOHZLUGGDV9HUKlOWQL‰YHUVFKLHGHQHU9RUVWHOOXQJHQ ]XU(LQKHLWGHV%HZX‰WVHLQVEOR‰DOVSUREOHPDWLVFKJHGDFKWLQHLQHP6DW]HKLQJHJHQ



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

DOV HLQH P|JOLFKH )ROJH GHV 'HQNHQV DQ ZLH GLH 1DFKVFKULIWHQ VHLQHU 9RUOHVXQJHQ]XU0HWDSK\VLN 3|OLW] ]HLJHQZRQDFKHUHLQH$QDO\VHGHU.D WHJRULHQ DOV ÅWUDQVVFHQGHQWDOH *UDPPDWLN´ EH]HLFKQHW ÅGLH GHQ *UXQG GHU PHQVFKOLFKHQ 6SUDFKH HQWKlOW ] % ZLH GDV SUDHVHQV SHUIHFWXP SOXV TXDPSHUIHFWXPLQXQVHUP9HUVWDQGHOLHJWZDVDGYHUELDVLQGXVZµ'RFK PDQ VROOWH DXFK ]XU .HQQWQLV QHKPHQ GD‰ .DQW GLH 9HUELQGXQJ ]ZL VFKHQ 7UDQV]HQGHQWDOSKLORVRSKLH XQG $OOWDJVVSUDFKH ZRKO EHZX‰W PDQ N|QQWH VRJDU VDJHQ VHOEVWYHUVWlQGOLFK ZDU ZLH DXV GHQ 0HWDSK\VLN 9RUOHVXQJHQ 0URQJRYLXV GHXWOLFK ZLUG Å8QVUH JHPHLQH 6SUDFKH HQWKlOW VFKRQ DOOHV GDV ZDV GLH WUDQV]HQGHQWDOH 3KLORVRSKLH PLW 0KH KHUDXV ]LHKW'LHVH.DWHJRULHQVLQGVFKRQDOOHEHLXQVHQWKDOWHQGHQQRKQHVLH ZlUHNHLQH(UIDKUXQJP|JOLFK]%(VLVW6FKQHHJHIDOOHQ+LHULQOLHJW GD‰ 6FKQHH LVW 6XEVWDQ] JHIDOOHQ EHGHXWHW HLQ $N]LGHQV DXI GLH (UGH EHGHXWHWHLQHQ(LQIOX‰GDVLVWDFWLRJHK|UWDOVR]XUFDXVD+HXWHEH]LHKW VLFKDXIGLH=HLWJHIDOOHQDXIGHQ5DXP´'RFKGLHVEHGHXWHWQXUGD‰ XQVHUH $OOWDJVSUDFKH LP 6WDQGH LVW (UIDKUXQJVXUWHLOH ]X DUWLNXOLHUHQ (V EHGHXWHWQLFKWXQGNDQQQLFKWEHGHXWHQGD‰DXVLKUHPUHDOHQ*HEUDXFK HLQHWUDQV]HQGHQWDOH/RJLNDEVWUDKLHUWZHUGHQN|QQWHXQGVHOEVWKLQVLFKW OLFKHLQHV%HOHJVIUGLHREMHNWLYH5HDOLWlWGHUYRQLKPWKHPDWLVLHUWHQ%HJULI IH D SULRUL VWDQGHQ .DQW PLW 6LFKHUKHLW (XNOLGLVFKH  0DWKHPDWLN XQG 1HZWRQLVFKH 1DWXUZLVVHQVFKDIWQlKHUDOVGLH$OOWDJVVSUDFKH

_____________ DOVDVVHUWRULVFK´ .DQW,; 6HOEVWYHUVWlQGOLFKVLQG%UDQGRPWURW]VHLQHUYHUHLQ QDKPHQGHQ %HUXIXQJ DXI .DQW GLHVEH]JOLFK DXFK HLJHQWPOLFKH 'LIIHUHQ]HQ EH ZX‰W Å(U >VF .DQW@ YHUWULHE MHGRFK YLHOH VFKZLHULJH )UDJHQ EH]JOLFK GHV :HVHQV XQGGHV8UVSUXQJVGLHVHU1RUPDWLYLWlWEH]JOLFKGHU9HUELQGOLFKNHLWYRQ%HJULIIHQ DXV GHP YHUWUDXWHQ SKlQRPHQDOHQ 5HLFK GHU (UIDKUXQJ XP VLH LP 5HLFK GHU 1RX PHQD DQ]XVLHGHOQ´ %UDQGRP  I  8QWHU GHP 1DPHQ Å5HLFK GHU =ZHFNH´ EHVWLPPW .DQW LQ GHU SUDNWLVFKHQ 3KLORVRSKLH EHNDQQWOLFK 1RXPHQD SRVLWLY QLFKW ZLHLQGHUWKHRUHWLVFKHQ3KLORVRSKLHQXUQHJDWLYDOV*UHQ]EHJULIIH'LH6SUDFKIHUQH YRQ.DQWVWUDQV]HQGHQWDOSKLORVRSKLVFKHP$QVDW]VWHOOWVHLW(UVFKHLQHQGHUHUVWHQ.UL WLNHLQHQZHVHQWOLFKHQ$QJULIIVSXQNWGDUGHU]XHUVWYRQ-RKDQQ*HRUJ+DPDQQIRU PXOLHUW ZXUGH Å>@ VR EUDXFKW HV NHLQHU 'HGXFWLRQ GLH JHQHDORJLVFKH 3ULRULWlW GHU 6SUDFKHYRUGHQVLHEHQKHLOLJHQ)XQFWLRQHQORJLVFKHU6lW]HX6FKO‰HXQGLKUH+HUDOGLN ]XEHZHLVHQ1LFKWQXUGDVJDQ]H9HUP|JHQ]XGHQNHQEHUXKWDXIGHU6SUDFKH>@ VRQGHUQ6SUDFKHLVWDXFKGHU0LWWHOSXQFWGHV0LVYHUVWDQGHVGHU9HUQXQIWPLWLKUVHOEVW>@ /DXWHXQG%XFKVWDEHQVLQGDOVRUHLQH)RUPHQDSULRULLQGHQHQ1LFKWVZDV]XU(PS ILQGXQJRGHU]XP%HJULIIHLQHV*HJHQVWDQGHVJHK|UWDQJHWURIIHQZLUGXQGGLHZDK UHQ lVWKHWLVFKHQ (OHPHQWH DOOHU PHQVFKO (UNHQQWQLV X 9HUQXQIW´ +DPDQQ    0LW GLHVHU VSH]LILVFKHQ .ULWLN DQ .DQW VWLPPW %UDQGRP MHGRFK QLFKW EHUHLQ GHQQ LP *HJHQVDW] ]X HLQHP VROFKHQ OLQJXLVWLVFKHQ $WRPLVPXV JHKW %UDQGRP YRQ HLQHPVHPDQWLVFKHQ+ROLVPXVDXVGHVVHQ9RUUDQJDXIÅJDQ]HQGHNODUDWLYHQ6lW]HQ´ JHJHQEHUÅVXEVHQWHQWLDOHQ$XVGUFNHQ´ %UDQGRP OLHJW  .DQW;;9,,,YJODXFK.DQW,9I  .DQW;;,;

†%UDQGRPV.DQWLDQLVPXV 



0DQN|QQWHQXQYHUVXFKHQ ZDV%UDQGRPMHGRFKQLFKWXQWHUQLPPW  GLH1RUPDWLYLWlWPHQVFKOLFKHU5DWLRQDOLWlWIROJHQGHUPD‰HQDOVIXQGDPHQ WDOH 9HUELQGXQJ WKHRUHWLVFKHU XQG SUDNWLVFKHU 9HUQXQIW LP 6LQQH .DQWV ]X LQWHUSROLHUHQ .DQWV WUDQV]HQGHQWDOH /RJLN QLFKW PL‰YHUVWDQGHQ DOV 3V\FKRORJLH NRQVWDWLHUWQLFKWZLHGHU0HQVFK%HJULIIHELOGHWXUWHLOWXQG VFKOLH‰W %HUHLWV YRQ GHU /RJLN LP $OOJHPHLQHQ KHL‰W HV YLHOPHKU LQ GHU VRJHQDQQWHQ -lVFKH/RJLN Å'LH /RJLN LVW >«@ HLQH :LVVHQVFKDIW D SULRUL YRQ GHQ QRWKZHQGLJHQ *HVHW]HQ GHV 'HQNHQV DEHU QLFKW LQ $QVHKXQJ EHVRQGHUHU *HJHQVWlQGH VRQGHUQ DOOHU *HJHQVWlQGH EHUKDXSW ² DOVR HLQH :LVVHQVFKDIW GHV ULFKWLJHQ 9HUVWDQGHV XQG 9HUQXQIWJHEUDXFKV EHUKDXSWDEHUQLFKWVXEMHFWLYGKQLFKWQDFKHPSLULVFKHQ SV\FKRORJL VFKHQ  3ULQFLSLHQ ZLH GHU 9HUVWDQG GHQNW VRQGHUQ REMHFWLY G L QDFK 3ULQFLSLHQ D SULRUL ZLH HU GHQNHQ VROO´ 8QG VFKOLH‰OLFK JHKW HV LQ GHU ÅWUDQVVFHQGHQWDOHQ/RJLN´XP ÅGHQ 8UVSUXQJ GHQ 8PIDQJ XQGGLH RE MHFWLYH *OWLJNHLW´ HLQHV ÅUHLQHQ 9HUVWDQGHV XQG 9HUQXQIWHUNHQQWQLVVHV GDGXUFK ZLU *HJHQVWlQGH Y|OOLJ D SULRUL GHQNHQ´ :DQQ XQG ZLH DXFK LPPHU DOVR (UIDKUXQJ LP .DQWLVFKHQ 6LQQH YRQ %HJULIIHQ 8UWHLOHQ XQG 6FKOVVHQVWDWWILQGHWVLHPX‰GHUWUDQV]HQGHQWDOHQ/RJLNJHKRUFKHQGK TXDQWLWDWLYHVTXDOLWDWLYHVUHODWLRQDOHVXQGPRGDOHV%HJUHLIHQYRQJHJHQ VWlQGOLFKHQ9RUVWHOOXQJHQLVWGXUFK1RUPHQGHU9HUQXQIWEHVWLPPW 'HU0HQVFKLVWQXQQDFK.DQWQLFKWSHUVHYHUQQIWLJ².DQWVSULFKW YRP0HQVFKHQDOVHLQHVÅDQLPDOUDWLRQDELOH´GDVDXVVLFKHUVWHLQÅDQLPDO UDWLRQDOH´PDFKHQVROO'D‰GHU0HQVFKYHUQQIWLJVHLQVROOGD‰HUVLFK LQ%UDQGRPV7HUPLQRORJLHDXIGDV6SLHOGHV*HEHQVXQG)RUGHUQVYRQ *UQGHQHLQODVVHQVROOYHUZHLVWDXIHLQHZHVHQWOLFKSUDNWLVFKH'LPHQVLRQ LQGHU%HVWLPPXQJGHV0HQVFKHQGLHVLFKQXUHLQHU$QDO\VHYRQ.DQWV SUDNWLVFKHU3KLORVRSKLHHUVFKOLH‰W,QGHUYHUQQIWLJHQ(UNHQQWQLV]XGHU DXIJHIRUGHUWZLUGOLHJWDOVREHUHLWVHLQSUDNWLVFKHV0RPHQW 'DVEHGHXWHWQHEHQEHLDEHUDXFKGD‰.DQWVELVZHLOHQKHIWLJHU$IIHNW JHJHQEHU HLQHP 6NHSWL]LVPXV GHU MHJOLFKH :LVVHQVFKDIW IU XQP|JOLFK KlOWXQGVLFKPLWGHPÅ6FKHLQGHUhEHU]HXJXQJ´]XIULHGHQJLEWÅZHOFKHU DXIVXEMHFWLYHQ8UVDFKHQGHU$VVRFLDWLRQEHUXKW´LQGHPHUÅVXEMHFWLYH 1RWKZHQGLJNHLWGL*HZRKQKHLWIUHLQHREMHFWLYHDXV(LQVLFKWXQWHU VFKLHEW´QLFKWDOOHLQWKHRUHWLVFK]XHUNOlUHQLVW,Q(QWZUIHQ]XU$QWK URSRORJLH9RUOHVXQJKHL‰W HV GDKHU ODSLGDU Å'HU FXOWLYLUWH 0HQVFKVROWH GLH

_____________     

.DQW,;+HUYRUKHEXQJ.3 .DQW.U9$ 9JO.DQW9,, .DQW.U9$ .DQW,9



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

=ZHFNH GHU 0HQVFKKHLW GXUFK 9HUQXQIW HUUHLFKHQ´ 'DV ,GHDO HLQHU 5HDOLVLHUXQJGHU9HUQXQIWLVWHLQH3IOLFKWGHU0HQVFKKHLWJHJHQEHUVLFK VHOEVW G K JHJHQEHU GHU 9HUQXQIW 1DWUOLFK LVW QLFKW MHGHU 0HQVFK GD]XLQGHU/DJHGHQÅVLFKHUHQ*DQJHLQHU:LVVHQVFKDIW´]XEHI|UGHUQ GRFK LVW HV QDFK .DQW DXFK IU HLQ ,QGLYLGXXP Å>«@ LQ $QVHKXQJ GHU ]XIlOOLJHQ YHUGLHQVWOLFKHQ 3IOLFKWJHJHQVLFKVHOEVW>@QLFKWJHQXJGD‰ GLH+DQGOXQJQLFKWGHU0HQVFKKHLWLQXQVHUHU3HUVRQDOV=ZHFNDQVLFK VHOEVW ZLGHUVWUHLWH >VF ZLH EHLP 6HOEVWPRUG .3@ VLH PX‰ DXFK GD]X ]XVDPPHQVWLPPHQ 1XQ VLQG LQ GHU 0HQVFKKHLW $QODJHQ ]X JU|‰HUHU 9ROONRPPHQKHLWGLH]XP=ZHFNHGHU1DWXULQ$QVHKXQJGHU0HQVFKKHLW LQ XQVHUHP 6XEMHFW JHK|UHQ GLHVH ]X YHUQDFKOlVVLJHQ ZUGH DOOHQIDOOV ZRKO PLW GHU (UKDOWXQJ GHU 0HQVFKKHLW DOV =ZHFNV DQ VLFK VHOEVW DEHU QLFKWGHU%HI|UGHUXQJGLHVHV=ZHFNVEHVWHKHQN|QQHQ´ 'LHVHQ=ZHFN]XEHI|UGHUQGLH3IOLFKW]XULQGLYLGXHOOHQ5HDOLVLHUXQJ GHU 9HUQXQIW PDFKW IU .DQW QHEHQ Ä=LYLOLVLHUXQJ¶ XQG Ä0RUDOLVLHUXQJ¶ HLQH ZHLWHUH 'LPHQVLRQ GHU 'LJQLWlW LQGLYLGXHOOYHUQQIWLJHU 6HOEVWYHU ZLUNOLFKXQJDXV0LWGLHVHU$XIIRUGHUXQJ]XULQGLYLGXHOOHQ5HDOLVLHUXQJ GHU 9HUQXQIW ² QLFKW QXU LQ GHU REHQ GLVNXWLHUWHQ SUDNWLVFKHQ .DS   VRQGHUQDXFKLQWKHRUHWLVFKHU+LQVLFKW²Ol‰WVLFK.DQWV3KLORVRSKLHLQV JHVDPWDOVRXPIDVVHQGHUDOVGHUHQRKQHKLQJHQXLQQRUPDWLYHWKHRUHWLVFK XQG SUDNWLVFKUDWLRQDOH 7HLOH DOV HLQH *HVFKLFKWH FKDUDNWHULVLHUHQ ÅLQ GHUHVGXUFKXQGGXUFKELVDXIGHQ*UXQGXP1RUPHQJHKW´ZLH%UDQ GRP VHLQH HLJHQH 7KHRULH EHVFKUHLEW XQG OHW]WHUH GDPLW ZHQLJ EHUUD VFKHQGDXFKDOVÅHLQHNDQWLVFKH*HVFKLFKWH´EH]HLFKQHW²'LHLQ.DS DXVJHPDFKWH0HKUGHXWLJNHLWKLQVLFKWOLFK.DQWVSUDNWLVFKHQ9HUQXQIWEHJ

_____________ .DQW;9GLH(QWZUIHVWDPPHQDXVGHQHU-DKUHQ .DQW.U9%YLL[[[YLL .DQW,9YJODXFK9,,I 9JO.DQW,9GHQ%H]XJ]ZLVFKHQGHULQGLYLGXHOOHQ5HDOLVLHUXQJGHU9HUQXQIW XQGGHP:HUWGHV,QGLYLGXXPVILQGHWPDQHEHQIDOOVLQGHQ(QWZUIHQ]XU$QWKURSR ORJLH9RUOHVXQJDXVGHQHU-DKUHQÅ'HU0HQVFKÅ>«@NDQVHLQ7DOHQWFXOWLYLUHQ>«@ GHQ 0DQJHO GHVVHOEHQ GXUFK )OHLV XQG HUZRUEHQH *HVFKLNOLFKNHLW HUVHW]HQ >«@ XQG LVW8UKHEHUYRQVHLQHPHLJHQHQ:HUWK´ .DQW;9  'LHVHUDWLRQDOHQ7HLOHGHU3KLORVRSKLHPDFKHQHWZDVJUREJHVSURFKHQGDVDXVZDV .DQWLQVHLQHQGUHL.ULWLNHQGDUJHOHJWKDW'DYRQV\VWHPDWLVFK]XXQWHUVFKHLGHQVLQG LQVHLQHQ6FKULIWHQGLH3UDJPDWLVFKH$QWKURSRORJLHVRZLHGLH3K\VLVFKH*HRJUDSKLH GLHHLQHPHWKRGLVFKH)DNWHQGDUVWHOOXQJGHV0HQVFKHQXQGGHU(UGHEHLQKDOWHQ(LQH =ZLVFKHQSRVLWLRQQHKPHQGLH0HWDSK\VLNGHU6LWWHQXQGGHU1DWXUHLQGDUJHVWHOOWLQ GHQGUHL0HWDSK\VLVFKHQ$QIDQJVJUQGHQ+LHUZLUGHLQHPSLULVFKHU%HJULII]%GHU0D WHULH ]XJUXQGH JHOHJW GHVVHQ %HVWLPPXQJ GXUFK 3ULQ]LSLHQ D SULRUL GHQ P|JOLFKHQ (UNHQQWQLVEHUHLFKGLHVEH]JOLFKHU:LVVHQVFKDIWHQHU|IIQHW  %UDQGRPD    

†%UDQGRPV.DQWLDQLVPXV 



ULIIVEOHLEWYRQGLHVHQhEHUOHJXQJHQXQGGHUYRQ.DQWDQJHGHXWHWHQ(LQ KHLWGHU9HUQXQIWMHGRFKXQEHUKUW 6WDWWXPGLH YHUPHLQWOLFKH $IILQLWlW]ZLVFKHQ%UDQGRPVXQG.DQWV 3KLORVRSKLHLQVJHVDPWVROOHVLP)ROJHQGHQMHGRFKQXUXPHLQHQ7HLODV SHNWJHKHQQlPOLFKGLH.RPSDWLELOLWlWYRQ%UDQGRPVXPIDVVHQGHU7KHR ULHGHU1RUPDWLYLWlWPLWGHQ$QVSUFKHQYRQ.DQWVSUDNWLVFKHU3KLORVR SKLH LVW HV P|JOLFK GLHVH .DQWLVFKHQ $QVSUFKH LQ %UDQGRPV 1RUPDWLYLWlWVWKHRULH GHUDUW ]X LQWHJULHUHQ GD‰ 0RUDO NDWHJRULVFKHU ,P SHUDWLY XQG.OXJKHLW K\SRWKHWLVFKHU,PSHUDWLY YRQHLQDQGHUXQWHUVFKLH GHQXQGDXIHLQDQGHUEH]RJHQZHUGHQN|QQHQRKQHHLQHUVHLWVGLHHLQHLQ GLH DQGHUH RGHU XPJHNHKUW  NROODELHUHQ ]X ODVVHQ XQG ]XJOHLFK RKQH DQGHUHUVHLWVDXIGLH'LIIHUHQ]]ZLVFKHQPXQGXVLQWHOOLJLELOLVXQGPXQGXV VHQVLELOLV UHNXUULHUHQ ]X PVVHQ $P QlFKVWHQ VWHKW %UDQGRPV QRUPDWL YLVWLVFKHU $QVDW] ]ZHLIHOORV GHU .RQ]HSWLRQ K\SRWKHWLVFKHU ,PSHUDWLYH LQQHUKDOE GHU.DQWLVFKHQ3KLORVRSKLH GDV +DEHQ HLQHU $EVLFKW OHJW XQV DXIGLH(UJUHLIXQJHQWVSUHFKHQGHU0LWWHOIHVW'RFKVROOHQ]XQlFKVWYRU HLQHUGLUHNWHQ.RQIURQWDWLRQGLHVHUEHLGHQ7KHRULHQGLHIUHLQHQWVSUH FKHQGHV 9HUVWlQGQLV HUIRUGHUOLFKHQ *UXQGNRRUGLQDWHQ YRQ %UDQGRPV 7KHRULHGHV*HLVWHVLGHQWLIL]LHUWZHUGHQGLHHUDOVUDWLRQDOLVWLVFKHQSUDJ PDWLVWLVFKHQOLQJXLVWLVFKHQH[SUHVVLYLVWLVFKHQXQGKROLVWLVFKHQ,QIHUHQWLD OLVPXVFKDUDNWHULVLHUW 6RYLHOYRUDE:lKUHQG.DQWZLHLQ.DSDXVJHIKUWGHQ%HJULIIGHU 1RUPDWLYLWlW DQ GHQ %HJULII GHU 9HUQXQIW NQSIW GHU VHLQHUVHLWV LQ GHU PHWDSK\VLVFKHQ=ZHL:HOWHQ/HKUHJUQGHW NQSIW%UDQGRPXPJHNHKUW GLH9HUQXQIWDQGDV%HKHUUVFKHQGHVJHQXLQQRUPDWLYHQ6SLHOVGHV5HFKW IHUWLJHQV DOVR GHV 3URGX]LHUHQV XQG .RQVXPLHUHQV YRQ *UQGHQ 1RU PDWLYLWlWJUQGHWDOVRLPHUVWHQ)DOOLQ.DQWV6\QWKHVHYRQ+HWHURQRPLH XQG$XWRQRPLHLP]ZHLWHQ)DOOLQ%UDQGRPV.RQ]HSWLRQNRPPXQLNDWL YHU 3UD[LV 2E HLQH Å'HWUDQV]HQGHQWDOLVLHUXQJ´ YRQ .DQWV $QVDW] LP 6LQQH%UDQGRPVGLH6WlUNHQGHU.DQWLVFKHQ0RUDOSKLORVRSKLHLKUH7KH PDWLVLHUXQJ LQWHUSHUVRQHOOHU 9HUELQGOLFKNHLW EHZDKUHQ NDQQ NDQQ VLFK HUVW ]HLJHQ ZHQQ %UDQGRPV .RQ]HSW HLQHU QRUPDWLYHQ 3UDJPDWLN LQ *UXQG]JHQHLQVLFKWLJLVW  

_____________  9JOGD]XXQWHQ†  9JOGD]XGLH(LQOHLWXQJ]X%UDQGRP  ([SOL]LW EH]HLFKQHW QLFKW %UDQGRP VRQGHUQ +DEHUPDV  HLQHV VHLQHU $QOLHJHQ PLWGLHVHP$XVGUXFN  9JOGD]X%UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN

 =ZDU ILQGHQ VLFK LQ %UDQGRPV V\VWHPDWLVFKHP $QVDW] DXFK VSH]LILVFK ZDKUKHLWV HUNHQQWQLV XQG KDQGOXQJVWKHRUHWLVFKH 3HUVSHNWLYHQ XQG LQ GHU7DWPX‰PDQEHLLKPVWlUNHUQRFKDOVEHL.DQW XQGGDPLWYLHOOHLFKW HKHU GHP 'HQNHQ /HLEQL]· RGHU +HJHOV YHUJOHLFKEDU  VWHWV GHQ JUR‰HQ 5HVWPLWLP%OLFNKDEHQGHQQLQJHZLVVHU:HLVHKlQJWKLHUDOOHVPLWDOOHP ]XVDPPHQ 'RFK LQ HUVWHU 1lKHUXQJ NDQQ PDQ JHOWHQG PDFKHQ GD‰ %UDQGRPV ,QWHUHVVH DQ HLQHU XPIDVVHQGHQ 7KHRULH GHV *HLVWHV GDUDXI DE]LHOWGD‰VLFKLQGHQbX‰HUXQJHQVSUDFKXQGKDQGOXQJVIlKLJHU6XEMHN WH GHUHQ 9HUQXQIW DUWLNXOLHUW GLHMHQLJH Ä)DNXOWlW¶ DOVR DQ ZHOFKH VLFK GLH .DQWLVFKHQ ,PSHUDWLYH ULFKWHQ 'LH $SRVWURSKLHUXQJ GHU )DNXOWlW VROO OHGLJOLFKGHQ9HUVXFKHLQHUhEHUVHW]XQJLQ.DQWLVFKH'LNWLRQDQGHXWHQ %UDQGRPKDQGHOWQLFKWZHVHQWOLFKYRP0HQVFKHQXQGGHVVHQ9HUP|JHQ XQGVFKRQJDUQLFKWYRQGHVVHQ=XJHK|ULJNHLW]XUVHQVLEOHQRGHULQWHOOL JLEOHQ:HOW'RFKGHU%HJULIIGHU1RUPDWLYLWlWOl‰WDXFKQDFK%UDQGRP YHUVWDQGHVIlKLJH YRQ EOR‰ HPSILQGXQJVIlKLJHQ :HVHQ XQWHUVFKHLGHQ HV JHKW%UDQGRPVFKOLH‰OLFKXPVDSLHQFHVWDWWXPVHQWLHQFH$XIGLHVHP:HJH VROO DXFK HLQH $QWZRUW DXI GLH )UDJH ÄZLH N|QQHQ ZLU YHUSIOLFKWHQ XQG YHUSIOLFKWHWZHUGHQ"¶JHIXQGHQZHUGHQ 3UDNWLVFKH 6lW]H D SULRUL VSLHOHQ ZLH EHUHLWV HUZlKQW LQ %UDQGRPV 7KHRULH NHLQH 5ROOH MD LP *UXQGH JHQRPPHQ JHKW HV %UDQGRP EHU KDXSWQLFKWXP0RUDOSKLORVRSKLHZHOFKHDXFKLPPHU:RVLFK%UDQGRP ]XJHQXLQPRUDOSKLORVRSKLVFKHQ3UREOHPHQlX‰HUWJHKWHUEHU$QGHX WXQJHQGHVDXINOlUHULVFKHQ3RWHQWLDOVVHLQHUHLJHQHQ7KHRULHNDXPKLQDXV Å'LHREHUVWH5HJHOLP.DPSIGHU9HUQXQIWJHJHQHLQGXUFK9RUXUWHLOXQG 3URSDJDQGD YHU]HUUWHV 'HQNHQ ODXWHW GD‰ SRWHQWLHOO VWULWWLJH PDWHULDO LQIHUHQWLHOOH)HVWOHJXQJHQDOV%HKDXSWXQJHQH[SOL]LWJHPDFKWZHUGHQVROO WHQ XP VLH DXI GLHVH :HLVH HLQHUVHLWV IUEHJUQGHWH$QIHFKWXQJHQ YHU OHW]OLFK]XPDFKHQXQGDQGHUHUVHLWVGHXWOLFK]XPDFKHQGD‰YHUQQIWLJH 6WUDWHJLHQ ]X LKUHU 9HUWHLGLJXQJ JHIUDJW VLQG (V GDUI QLFKW ]XJHODVVHQ ZHUGHQGD‰VLHVLFKLP,QQHUQYRQDXIJHODGHQHQ3KUDVHQZLHÄ)HLQGGHU 0HQVFKKHLW¶RGHUÄ5HFKWXQG2UGQXQJ¶DXI'DXHUHLQULFKWHQ´*HQHUHOO JLOWGD‰GHU)RNXVYRQ%UDQGRPV7KHRULHGLH0RUDOQLFKWDOVHLJHQVWlQ GLJHV 7KHPD XPID‰W ,QVRIHUQ PDQ QXQ HLQH 5HIOH[LRQ DXI GHQ 6WDWXV GHU5HGHYRQGHPZDVÄQLFKW]XJHODVVHQZHUGHQGDUI¶EHL%UDQGRPYHU

_____________  9JOGD]XDXFKGLH5HNRQVWUXNWLRQVSHUVSHNWLYH.QHOOV E GHULQ%UDQGRP EHUHLWVHLQHÅQRUPDWLYLVWLVFKH:HQGHGHUDQDO\WLVFKHQ3KLORVRSKLH´HQWGHFNW  9JO%UDQGRP  %UDQGRP  9JO%UDQGRPD

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN 



PLVVHQ PDJ NDQQ VLFK GLH )UDJH VWHOOHQ RE GHU WUDGLWLRQHOOH 2UW HLQHU XQEHGLQJW JHELHWHQGHQ 0RUDO KLHU OHHU EOHLEW OHHU EOHLEHQ GDUI RGHU OHHU EOHLEHQ PX‰ ,Q ZHOFKHV NULWLVFKKHUDXVIRUGHUQGHV RGHU DXFK DIILUPDWLY HUJlQ]HQGHV9HUKlOWQLVOl‰WVLFK%UDQGRPV.RKlUHQWLVPXV]XGHULQ.DS  VNL]]LHUWHQ .DQWLVFKHQ 3RVLWLRQ VHW]HQ ZHQQ HU PRUDOSKLORVRSKLVFKH 3UREOHPHJUXQGVlW]OLFKDXVNODPPHUW".DQWV%HJULIIGHUSUDNWLVFKHQ1RU PDWLYLWlW MHQVHLWV GLHVHU Z|UWOLFKHQ %H]HLFKQXQJ GLH HUVW VHLW GHP  -DKUKXQGHUWJHEUlXFKOLFKLVW]HLJWHVLFKVFKOLH‰OLFKDP*UXQGVHLQHU0R UDOSKLORVRSKLH²DXWRQRPH:HVHQVLQGGXUFKHLQH6HOEVWYHUSIOLFKWXQJ]X YHUQQIWLJHP +DQGHOQ EHVWLPPW ² XQG GLH VSUDFKOLFKH 'LPHQVLRQ YRQ 9HUQXQIWXQG1RUPDWLYLWlWVWHOOWHIU.DQWNHLQSKLORVRSKLVFKHV3UREOHP GDU :lKUHQG .DQW JODXEWH VLFK GHU PHQVFKOLFKHQ 9HUQXQIW XQG GHU LKU LQKlUHQWHQ 1RUPDWLYLWlW GLUHNW PHQWDO ]XZHQGHQ ]X N|QQHQ VHW]W %UDQ GRPDQGHUSKlQRPHQDOHQ%DVLVPHQVFKOLFKHU.RPPXQLNDWLRQDQ'DEHL JHKWHVLKPMHGRFKQLFKWXPGLHIDNWLVFKH6SUDFKIlKLJNHLWDOVHLQHUQDWXUD OHQ7DWVDFKHVRQGHUQXPGLHLQGHUZLH+DEHUPDVVLHQHQQWÅ,QIUDVWUXN WXU GHU $OOWDJVNRPPXQLNDWLRQ´ DOVR LP 6SUHFKHQ DOV VR]LDOHU 3UD[LV OLHJHQGH1RUPDWLYLWlW1RUPDWLYLWlWZLUGDOVHLQ:HVHQV]XJGHU9HUQXQIW XQGGDPLWGHV0HQVFKHQ HUVWLQGHUVSUDFKOLFKHQ([SOLNDWLRQEHJUHLIEDU 'LHV PDFKW HLQHQ $VSHNW GHVVHQ DXV ZDV %UDQGRP DOV ÅOLQJXLVWLVFKHQ 3UDJPDWLVPXV´EH]HLFKQHW 'HQ OHLFKWHVWHQ =XJDQJ ]X %UDQGRPV $XIIDVVXQJ HLQHU QRUPDWLYHQ 3UDJPDWLN ILQGHW PDQ GHVKDOE EHU HLQH (LQEH]LHKXQJ VHLQHV .RQ]HSWV HLQHU LQIHUHQWLHOOHQ 6HPDQWLN GDV HU ODSLGDU IROJHQGHUPD‰HQ YRQ HLQHP 5HSUlVHQWDWLRQDOLVPXVDEJUHQ]WÅ7KHFRQFHSWRIPHDQLQJLVDQRUPDWLYH FRQFHSW´ (U VHOEVW GHPRQVWULHUW GLH *UXQG]JH VHLQHU7KHRULH DQ IRO JHQGHU H[HPSODULVFKHQ )UDJHVWHOOXQJ :DV LVW GHU 8QWHUVFKLHG ]ZLVFKHQ HLQHP 3DSDJHL GHU PLW %OLFN DXI HLQ URWHV 6WRIIPXVWHU GDV :RUW ÅURW´ NUlFK]W XQG HLQHP 0HQVFKHQ GHU LQ GHUVHOEHQ 6LWXDWLRQ GLH $XVVDJH Å'DV LVW URW´ WULIIW" +DW GDV :RUW ÅURW´ LQ EHLGHQ bX‰HUXQJHQ GLHVHOEH %HGHXWXQJ"+DWHVEHUKDXSWLQEHLGHQ)lOOHQHLQH%HGHXWXQJ"'HU9HU ZHLV DXI SK\VLRORJLVFKH RGHU ELRORJLVFKH 8QWHUVFKLHGH IKUW KLHU LQVRIHUQ QLFKW ZHLWHU DOV GLHVH QLFKW JDUDQWLHUHQ N|QQHQ GD‰ GHU 3DSDJHL QLFKW

_____________  +DEHUPDV  %UDQGRPYJO]XP)ROJHQGHQDXFK.QHOOV LQVEHV.DS,, LQVWUXNWL YH XQG NULWLVFKH 5HNRQVWUXNWLRQ YRQ %UDQGRPV .RQWRIKUXQJVPRGHOO LP *HVDPW NRQWH[WYRQLQIHUHQWLHOOHU6HPDQWLNQRUPDWLYHU3UDJPDWLNXQGH[SUHVVLYLVWLVFKHU/R JLN  %UDQGRPE



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

GLHVHOEH(UNHQQWQLV!EHVLW]WZLHGHU0HQVFK:LHVRVROOWHHLQZHQLJHU NRPSOH[HU 2UJDQLVPXV DOV GHU 0HQVFK QLFKW ZLH GLHVHU HLQH )DUEHUIDK UXQJ ZDV DXFK LPPHU GDV LVW  KDEHQ N|QQHQ" 'LH )UDJH LVW DOVR :DV XQWHUVFKHLGHW GLH %HKDXSWXQJ GHV 3DSDJHLHQ YRQ GHU %HKDXSWXQJ GHV 0HQ VFKHQ"6LQGEHUKDXSWEHLGHV%HKDXSWXQJHQ" %UDQGRP VWHOOW LQ GLHVHP =XVDPPHQKDQJ HLQ PHWKRGLVFKHV 3ULPDW WKHRUHWLVFKHU'LIIHUHQ]LHUXQJYRUWKHRUHWLVFKHU$VVLPLOLHUXQJDXI'DPLW LVW )ROJHQGHV JHPHLQW XP HLQHQ %HJULII KLHU GHQ GHV YHUQQIWLJHQ :H VHQVJHQDXHU]XEHVWLPPHQLVWHVLQWHUHVVDQWHULQ9HUJOHLFKHQPLWDQGH UHQ :HVHQ GLH 8QWHUVFKLHGH ]ZLVFKHQ EHLGHQ KHUDXV]XDUEHLWHQ DQVWDWW GHUHQbKQOLFKNHLWHQRGHU,GHQWLWlWHQ,P%HLVSLHOPDQNDQQGLHPHQVFK OLFKH %HKDXSWXQJ DQJHVLFKWV GHV YRUJHKDOWHQHQ URWHQ 6WRIIPXVWHUV HYHQ WXHOO DXFK QDWXUDOLVWLVFK DOV 5HL]UHDNWLRQ EHVFKUHLEHQ GRFK JHKW LQ HLQHU VROFKHQ%HVFKUHLEXQJRIIHQNXQGLJJHQDXGDVYHUORUHQZDVGHQ0HQVFKHQ YRP3DSDJHLRGHUDXFKPXWDWLVPXWDQGLVYRQ7KHUPRVWDWHQRGHU/DQG PLQHQXQWHUVFKHLGHW*HJHQVWlQGHQDOVRGLHTXDOLIL]LHUHQGDXI5HL]HUHD JLHUHQ 'LH )UDJH Ol‰W VLFK GDPLW VSH]LIL]LHUHQ ZRULQ XQWHUVFKHLGHW VLFK GLH bX‰HUXQJ GHV 0HQVFKHQ YRQ GHU GHV 3DSDJHLHQ" 'HU 6FKOVVHO ]XU %HDQWZRUWXQJGLHVHU)UDJHOLHJWQDFK%UDQGRPLPQRUPDWLYHQ%HJULIIGHU %HJUQGXQJGHP*HEHQXQG)RUGHUQYRQ*UQGHQ'LH9HUNQSIXQJ]XU %HJUQGXQJ EHQHQQW GLH GLIIHUHQWLD VSHFLILFD ]ZLVFKHQ bX‰HUXQJHQ GLH HYHQWXHOOPLW(UNOlUXQJVPXVWHUQYRQ5HL]HQXQG5HDNWLRQVGLVSRVLWLRQHQ KLQUHLFKHQG EHVWLPPW ZHUGHQ N|QQHQ XQGVROFKHQ EHL GHQHQ GLHVQLFKW GHU )DOO LVW GHP $XIVWHOOHQ YRQ %HKDXSWXQJHQ GHP )RUPXOLHUHQ YRQ hEHU]HXJXQJHQXQG$EVLFKWHQ 'LH HUVWH SURPLQHQWH PRGHUQH $UWLNXODWLRQ HLQHU LQIHUHQWLHOOHQ 6H PDQWLN VWDPPW YRQ :LOIULG 6HOODUV GHU VLFK GDPLW YRQ 6LQQHVGDWHQWKHR ULHQNODVVLVFKHU3UlJXQJGLVWDQ]LHUW1LFKWGD‰6HOODUVGDPLWHLQH$EELOG WKHRULHGHU6XEMHNW3UlGLNDW6lW]HQHJLHUHQZUGH²JHJHQHLQHQVROFKHQ 5HSUlVHQWDWLRQDOLVPXV ZHQGHW VLFK HUVW %UDQGRP 'RFK ZlKUHQG 6HOODUV LQ (LQNODQJ PLW GHU 7UDGLWLRQ VHLW 'HVFDUWHV XQG /RFNH GHQ NDXVDOHQ (LQIOX‰H[WHUQSK\VLNDOLVFKHU*HJHQVWlQGHDIILUPLHUWZHQGHWHUVLFKGRFK JHJHQ HLQH HSLVWHPLVFKH 9HUPLWWOXQJ YRQ 6LQQHVHLQGUFNHQ Å'LH GLUHNWH :DKUQHKPXQJHLQHVSK\VLNDOLVFKHQ*HJHQVWDQGHVZLUGGXUFKGDV$XIWUH WHQ YRQ 6LQQHVHLQGUFNHQ YHUPLWWHOW /HW]WHUH VLQG YROONRPPHQ QLFKW

_____________  9JO]XGHQGLVWDQ]LHUHQGHQ$QIKUXQJV]HLFKHQREHQ(LQOHLWXQJ)Q  Å,P9RUGHUJUXQG>VFYRQ%UDQGRPV7KHRULH.3@VWHKHQ'LVNRQWLQXLWlWHQ]ZLVFKHQ GHP %HJULIIOLFKHQ XQG GHP 1LFKW RGHU 9RUEHJULIIOLFKHQ 'HQ $XVJDQJVSXQNW GHU 'LVNXVVLRQ ELOGHW GDEHL GLH %HVFKlIWLJXQJ PLW GHU )UDJH ZDV GDV %HVRQGHUH RGHU &KDUDNWHULVWLVFKHGHV%HJULIIOLFKHQDOVVROFKHQLVW´ %UDQGRP   9JO6HOODUV RULJ 

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN 



NRJQLWLY>@>'@LHVH9HUPLWWOXQJLVWNDXVDOHUXQGQLFKWHSLVWHPLVFKHU$UW 6LQQHVHLQGUFNH YHUPLWWHOQ QLFKW GDGXUFK GD‰ VLH JHZX‰W ZHUGHQ´ /HLEQL]· 0RQDGHQ KDEHQ EHL 6HOODUV )HQVWHU EHNRPPHQ DEHU GHU *HLVW VLW]WQLFKWGLUHNWGDKLQWHU'DPLWVSUDFKOLFKH$XVGUFNH%HGHXWXQJHUODQ JHQLVWHVQDFK6HOODUVQLFKWEHUHLWVDXVUHLFKHQGDOV6\PSWRPRGHU=HL FKHQ GHU *HJHQZDUW HLQHV EHLVSLHOVZHLVH URWHQ *HJHQVWDQGV XQWHU 6WDQ GDUGEHGLQJXQJHQ GHQ 6DW] Ä'LHV LVW URW¶ ]X lX‰HUQ (V EHGDUI YLHOPHKU EHUHLWVGHV:LVVHQVXPDOOJHPHLQH7DWVDFKHQGHU)RUPÅ;LVWHLQYHUOl‰OL FKHV6\PSWRPIU@´ (U VSULFKW LQ GLHVHP =XVDPPHQKDQJDXFKYRQHLQHPÅ0\WKRVGHV*HJHEHQHQ´XQGEHQHQQW VFKOLH‰OLFKPLWGHULQ]ZLVFKHQEHUKPWHQ)RUPXOLHUXQJGHVÄORJLFDOVSDFH RIUHDVRQV¶VHLQH$OWHUQDWLYHÅ'HUVSULQJHQGH3XQNWOLHJWGDULQGD‰ZLU NHLQH HPSLULVFKH %HVFKUHLEXQJ GLHVHU (SLVRGH RGHU GLHVHV =XVWDQGHV OLHIHUQZHQQZLUHLQH(SLVRGHRGHUHLQHQ=XVWDQGDOVHLQ:LVVHQEH]HLFK QHQ:LUVWHOOHQVLHYLHOPHKULQGHQORJLVFKHQ5DXPGHU*UQGHGHU5HFKWIHUWL JXQJXQGGHU)lKLJNHLW]XU5HFKWIHUWLJXQJGHV*HVDJWHQ´'LHVHUORJLVFKH5DXP YRQ*UQGHQ²LP0RQLVPXV/HLEQL]·EHKHUEHUJWHHUVRZRKOGLH:HOWGHU 7DWVDFKHQ DOV DXFK GLH GHU $XVVDJHQ ² LVW GLH HLQ]LJH 6SKlUH LQ GHU ZLU =XJULII DXI GLH :HOW KDEHQ $XI GHU ZLVVHQVFKDIWVWKHRUHWLVFKHQ (EHQH VSULFKW6HOODUVVFKOLH‰OLFKQLFKWYRQÄLQGXNWLYHQ$UJXPHQWHQ¶]XU*HZLQ QXQJ YRQ *HVHW]HVDXVVDJHQ VRQGHUQ YRP Ä*HLVW GHU 6RNUDWLVFKHQ 0H WKRGH¶ GHPJHPl‰ ZLU +\SRWKHVHQ PLW *UQGHQ XQWHUPDXHUQ E]Z PLW (LQZlQGHQNRQIURQWLHUHQ 'RFKHUVW%UDQGRPKDWGHQYRQ6HOODUVPHKUDQJHGHXWHWHQDOVDXVJH IKUWHQ ,QIHUHQWLDOLVPXV ]X HLQHU V\VWHPDWLVFKHQ 6HPDQWLN MD ]X HLQHU JDQ]HQ3KLORVRSKLHGHV*HLVWHVDXVJHDUEHLWHWÅ'LH,GHHLVWJUREGLHGD‰ GDV SDUDGLJPDWLVFKH UDWLRQDOH 9RUJHKHQ GDV 6HOODUV DOV 6RNUDWLVFKH 0H WKRGH EH]HLFKQHW DXI GHU 0|JOLFKNHLW EHUXKW LPSOL]LWH )HVWOHJXQJHQ DOV %HKDXSWXQJHQ H[SOL]LW ]X PDFKHQ :HQQ PDQ VLH DXI GLHVH :HLVH DXV GUFNWEULQJWPDQVLHLQGDV6SLHOGHV*HEHQVXQG9HUODQJHQVYRQ*UQ GHQHLQLQGHPVLHHLQHEHVRQGHUH5ROOHVSLHOHQNUDIWGHUHQHWZDVEHU

_____________    

6HOODUV[[[L[ (EG (EG (EG+HUYRUKHEXQJ.3



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

KDXSWHLQHQEHJULIIOLFKHQ*HKDOWKDW²HLQHLQIHUHQWLHOOH5ROOHQlPOLFKDOV 3UlPLVVHXQG.RQNOXVLRQYRQ,QIHUHQ]HQ´ 'HU&ORXYRQ%UDQGRPVVHKUNRPSOH[HU7KHRULHGHV*HLVWHVGHU5D WLRQDOLWlWRGHUGHU9HUQXQIWLVWDOVRGD‰HUGLHLQIHUHQWLHOOH6HPDQWLNPLW HLQHUQRUPDWLYHQ3UDJPDWLNXQGHLQHUH[SUHVVLYHQ/RJLNYHUNQSIWÅhEHU %HJULIIH]XUHGHQKHL‰WEHU5ROOHQLQ%HJUQGXQJV]XVDPPHQKlQJHQ]X UHGHQ´ 0LW GHU DP 3DSDJHL9HUJOHLFK YRUJHIKUWHQ 'LIIHUHQ]LHUXQJ ]ZLVFKHQ bX‰HUXQJHQ GHUHQ (UNOlUXQJHQ PLW 0XVWHUQ YRQ 5HL]HQ XQG 5HDNWLRQVGLVSRVLWLRQHQDXVNRPPHQXQGVROFKHQEHLGHQHQGLHVQLFKWGHU )DOO LVW HUVFKOLH‰W VLFK EHUHLWV %UDQGRPV (QJIKUXQJ YRQ LQIHUHQWLHOOHU 6HPDQWLNXQGQRUPDWLYHU3UDJPDWLNREGLHbX‰HUXQJÅGLHVLVWURW´DQJH VLFKWV GHV 6WRIIPXVWHUV DOV :LVVHQVlX‰HUXQJ EHWUDFKWHW ZHUGHQ NDQQ RE GDV:RUWÅURW´LQGLHVHU9HUZHQGXQJDOVR%HGHXWXQJEHVLW]WULFKWHWVLFK VR%UDQGRPQDFKGHU)lKLJNHLWGHV6SUHFKHUVGLHVH%HKDXSWXQJDOV3Ul PLVVHIUZHLWHUH%HKDXSWXQJHQ]%ÅGLHVLVWQLFKWJUQ´RGHUDOV.RQ VHTXHQ]DXVDQGHUHQ%HKDXSWXQJHQ]%ÅGLHVLVWVFKDUODFKURW´EHKDQ GHOQ ]X N|QQHQ 8QG GLHVH )lKLJNHLW VFKUHLEHQ ZLU VR %UDQGRP GHP 6SUHFKHUQLFKWDXIJUXQGQDWXUDOHU.ULWHULHQ]%DOVVSUHFKHQGHP2UJD QLVPXV]X9LHOPHKUHUNHQQHQZLUGLHVH)lKLJNHLWDOVGDVLQGHQbX‰HUXQ JHQ ,PSOL]LHUWH GDV VLFK LP 1HW] VSUDFKOLFKHU ,QIHUHQ]HQ PDQLIHVWLHUHQ PX‰ 'LH bX‰HUXQJ ÅURW´ EHVLW]W DOVR QXU GDQQ %HGHXWXQJ ZHQQ GHU 6SUHFKHULPVWDQGHLVWIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]HQEHUHFKWLJXQJVHU KDOWHQGH,QIHUHQ]HQXQG,QNRPSDWLELOLWlWHQDOVVROFKH]XLGHQWLIL]LHUHQ 'LH%HGHXWXQJHLQHV$XVGUXFNVZLUGYRQ%UDQGRPGDPLWQLFKWDQ5HSUl VHQWDWLRQHQ GHV 6SUHFKHUV DOVR LQWURVSHNWLY ]XJlQJOLFKH PHQWDOH $NWH JHEXQGHQVRQGHUQDQGLHLQWHUVXEMHNWLYVDQNWLRQLHUWHLQIHUHQWLHOOVWUXNWX ULHUWH6SUDFKSUD[LVÅ8PHLQHQEHJULIIOLFKHQ*HKDOW]XEHVLW]HQPX‰HLQH 5HDNWLRQ VFKOLFKW HLQH 5ROOH LQ GHP LQIHUHQWLHOOHQ 6SLHO GHV $XIVWHOOHQV YRQ %HKDXSWXQJHQ GHV *HEHQV XQG 9HUODQJHQV YRQ *UQGHQ VSLHOHQ

_____________  %UDQGRP D  YJO ]XU 'LIIHUHQ] ]ZLVFKHQ 6HOODUV XQG %UDQGRP DXFK %HUW UDP/LSWRZ  %UDQGRP  *HQDXHUEHWUDFKWHWEH]LHKWVLFKGLHKLHUDQJHVSURFKHQH)lKLJNHLW²GLHVHU$XVGUXFN VROOWHQXULQHUVWHU1lKHUXQJYHUZHQGHWZHUGHQGDVHLQHYHUP|JHQVSV\FKRORJLVFKHQ .RQQRWDWLRQHQLQGLH,UUHIKUHQN|QQWHQ²DXIGLHQRUPDWLYHQ(LQVWHOOXQJHQQlP OLFKGHRQWLVFKH6WDWXV )HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQ ]X]XZHL VHQE]ZDQ]XHUNHQQHQ'LHVHQRUPDWLYHQ6WDWXVIKUHQVR%UDQGRP]XÅGUHL9DUL DQWHQ LQIHUHQWLHOOHU 5HODWLRQHQ´ KLQVLFKWOLFK EHKDXSWEDUHU *HKDOWH YJO %UDQGRP I LFKZHUGHLQ.U]HVRZRKODXIGHQ%HJULIIGHU(LQVWHOOXQJDOVDXFKDXI GLHKLHUDQJHVSURFKHQHQLQIHUHQWLHOOHQ5HODWLRQHQ]XUFNNRPPHQ  9JO%UDQGRPD  9JO%UDQGRP.DSLQVEHV

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN 



(LQHQVROFKHQ%HJULII]XEHJUHLIHQRGHU]XYHUVWHKHQKHL‰WGLH,QIHUHQ ]HQ LQ GLH HU YHUZLFNHOW LVW SUDNWLVFK ]X EHKHUUVFKHQ ² ]X ZLVVHQ G K SUDNWLVFK XQWHUVFKHLGHQ ]XN|QQHQ XQG GDV LVW HLQ :LVVHQZLH  ZDV DXV GHU$QZHQGEDUNHLWHLQHV%HJULIIVIROJWXQGZRUDXVGLHVH$QZHQGEDUNHLW LKUHUVHLWVIROJW´'HU:HOWEH]XJGHU6SUDFKHZLUGLQ%UDQGRPV7KHRULH GDGXUFK KHUJHVWHOOW GD‰ EHJULIIOLFKHU ,QKDOW DOV GDV GHILQLHUW ZLUG ZDV GXUFKPDWHULDOULFKWLJH,QIHUHQ]HQEHZDKUWZLUGÅ'LHOHLWHQGH,GHHODXWHW GD‰ VLFK GDV ZDV SURSRVLWLRQDO JHKDOWYROO LVW ZHVHQWOLFK GDGXUFK DXV ]HLFKQHWGD‰HVVRZRKODOV3UlPLVVHDOVDXFKDOV.RQNOXVLRQLQ,QIHUHQ]HQ GLHQHQNDQQ,QGHPPDQHWZDVIUZDKUKlOWEHKDQGHOWPDQHVDOVSRWHQ WLHOOH 3UlPLVVH IU ,QIHUHQ]HQ´ 6WDWW GLH 5HIHUHQ] YRQ 3URSRVLWLRQHQ DOVR EHU GHUHQ UHSUlVHQWDWLRQDOHQ *HKDOW ]X GHILQLHUHQ EHVWLPPW VLH %UDQGRPEHUGLHLQIHUHQWLHOOH*OLHGHUXQJYRQ.RPPXQLNDWLRQ hEHU]HXJXQJHQPLWGHQHQZLUDXIGLH9RUJlQJHXPXQVKHUXPUHDJLH UHQXQWHUVFKHLGHQVLFKYRQ5HDNWLRQHQGLHQLFKWSURSRVLWLRQDOJHKDOWYROO VLQG GLHDOVRLQGLHVHP6LQQHQLFKWYHUVWHKEDUVLQG GDGXUFKGD‰VLHDOV *UQGH IXQJLHUHQ N|QQHQ DOV 3UlPLVVHQ DXV GHQHQ ZHLWHUH .RQNOXVLR QHQHUVFKORVVHQZHUGHQN|QQHQ+DQGOXQJHQGLHDOV5HDNWLRQDXISURSRVL WLRQDO JHKDOWYROOH ,QWHQWLRQHQ GLH 9RUJlQJH XP XQV KHUXP YHUlQGHUQ XQWHUVFKHLGHQVLFKYRQ3HUIRUPDQ]HQGLHEOR‰HV9HUKDOWHQVLQG GLHDOVR QLFKWDQKDQGDXVO|VHQGHUSURSRVLWLRQDOJHKDOWYROOHU$EVLFKWHQYHUVWHKEDU VLQG GDGXUFKGD‰IUVLH*UQGHJHJHEHQZHUGHQN|QQHQVLHN|QQHQDOV .RQNOXVLRQHQSUDNWLVFKHU,QIHUHQ]HQDXIWUHWHQ 'DUDXV HUJLEW VLFK IROJHQGHV GHU UDWLR FRJQRVFHQGL HQWVSUHFKHQG YRP =HQWUXPQDFKDX‰HQ]XOHVHQGHVVHPDQWLVFKHV0RGHOO

_____________  %UDQGRP  %UDQGRP   YJO ]XU PDWHULDOHQ 5LFKWLJNHLW YRQ ,QIHUHQ]HQ DXFK %UDQGRP D  9JO%UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

 ELL  D  FLL  EL  FL  :DKUQHKPXQJ )UZDKU+DOWHQYRQ LQIHUHQWLHOO :DKU0DFKHQ +HUVWHOOXQJHLQHU HLQHUQLFKW %HKDXSWXQJHQDOV JHJOLHGHUWHU YRQ%HKDXSWXQ QLFKWVSUDFKOLFKHQ 'LVNXUV JHQDOVÅGLVNXUVL VSUDFKOLFKHQ ÅGLVNXUVLYH(LQJDQJV 6LWXDWLRQ  6LWXDWLRQ VFKZHOOH´ YH$XVJDQJV  ZDKUQHKPXQJVJHVWW] VFKZHOOH´ WHQLFKWLQIHUHQWLHOOH $EVLFKWHQPLW %HREDFKWXQJVEHULFKWH .RQNOXVLRQV PLW3UlPLVVHQ )XQNWLRQLQ )XQNWLRQLQ,QIHUHQ]HQ ,QIHUHQ]HQ  



:HOWEH]XJ

%UDQGRPV0RGHOOLQIHUHQWLHOOHU6HPDQWLN

 'LHVH )RUP YRQ ,QIHUHQWLDOLVPXV VR %UDQGRP VFKOLH‰W GLH 0|JOLFKNHLW QLFKWLQIHUHQWLHOOHU8PVWlQGHXQG)ROJHQGHU%HJULIIVDQZHQGXQJDXVGUFN OLFK HLQ Å$XI GLHVH :HLVH >@ ZLUG GHU VSH]LILVFK HPSLULVFKH EHJULIIOLFKH *HKDOW GHQ %HJULIIH NUDIW 9HUELQGXQJ ]X 6SUDFKHLQJlQJHQ EHLP :DKU QHKPHQ DXIZHLVHQ XQG GHU VSH]LILVFK SUDNWLVFKH EHJULIIOLFKH *HKDOW GHQ %HJULIIH NUDIW 9HUELQGXQJ ]X 6SUDFKDXVJlQJHQ EHLP +DQGHOQ ]HLJHQ LQ GHQ LQIHUHQWLDOLVWLVFKHQ 5DKPHQ LQWHJULHUW´ 0DQ N|QQWH GLHV DXFK VR IRUPXOLHUHQ XQVHU NDXVDOHU =XJDQJ ]XU :HOW ILQGHW LQ FL  XQG FLL  VWDWW DEHU XQVHU UDWLRQDOHU =XJULII DXI GLH :HOW OlXIW QXU EHU D  XQG E  GK %UDQGRPOHXJQHWQLFKWGLH5HDOLWlWHLQHU:HOWGLHZLUDEHUQLFKWQXUZLU VRQGHUQDXFK$QGHUHVXQG$QGHUHVLQGHUEHKDXSWHWYLHOPHKUGD‰GLHVH :HOW XP XQVHUH :HOW ]X VHLQ GXUFK GDV LQIHUHQWLHOOH 1HW] XQVHUHU 'LV NXUVH VWUXNWXULHUW VHLQ PX‰ 2GHU QRFKPDOV DQGHUV JHZHQGHW DOOHLQ FL  XQG FLL  EHWUHIIHQ GLH NDXVDOH 3HUVSHNWLYH DXI GLH SK\VLVFKH :HOW GHUHQ 7HLOGHU0HQVFKLVWZRKLQJHJHQ EL GLHHSLVWHPLVFKHXQG ELL GLHSUDNWL VFKH3HUVSHNWLYHGHV0HQVFKHQEHVFKUHLEHQ'LHVHPDQWLVFKH3HUVSHNWLYH ZLHGHUXPEHWULIIWOHGLJOLFK D LQQRWZHQGLJHU9HUELQGXQJDOOHUGLQJVPLW GHQ GXUFK E  YHUPLWWHOWHQ 'LPHQVLRQHQ GLH GXUFK F  JHNHQQ]HLFKQHW VLQG 'LH Ä%HKDXSWXQJ¶ YHUVWHKW %UDQGRP GDEHL DOV ÅGDV (LQJHKHQ RGHU $QHUNHQQHQHLQHU)HVWOHJXQJGLHNUDIWLKUHULQIHUHQWLHOOHQ*OLHGHUXQJSURSR VLWLRQDOJHKDOWYROOLVW´'HU$XVGUXFN3HUVSHNWLYHLVWKLHULQVRIHUQVLQQ

_____________  9JOGD]XDXFK%UDQGRPDVRZLH%UDQGRP  %UDQGRPDI  %UDQGRP%UDQGRPEHWRQWPHKUIDFKGHQ6WHOOHQZHUWGHU%HKDXSWXQJYJO EHLVSLHOVZHLVH%UDQGRPDÅ7KHIXQGDPHQWDO VSHHFKDFW ²WKHRQHZKRVH

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN 



YROODOVHUGDUDXIYHUZHLVWGD‰GLHVH'LIIHUHQ]LHUXQJHQZLOONUOLFKHWKHR UHWLVFKH $EVWUDNWLRQHQ NRPSOH[HU 3UR]HVVH VLQG GLH UHDOLWHU DOOH RGHU PLQGHVWHQV PHKUHUH GLHVHU 'LPHQVLRQHQ GLH GXUFK GLHVH 3HUVSHNWLYHQ EHVFKULHEHQZHUGHQXPIDVVHQ 'LH )UDJH ZHOFKH )RUP YRQ $EVLFKWHQ DOV GLVNXUVLYH $XVJDQJV VFKZHOOHEHWUDFKWHWZHUGHQVROOLVWQLFKWHLQIDFK]XEHDQWZRUWHQLQVRIHUQ QHEHQ GHU YRQ %UDQGRP LQ )RUWIKUXQJ YRQ -RKQ 6HDUOH HLQJHIKUWHQ 'LIIHUHQ]LHUXQJ ]ZLVFKHQ Ä+DQGOXQJVDEVLFKWHQ¶ XQG ÄYRUDXVJHKHQGHQ $EVLFKWHQ¶ HLQH ZHLWHUH )RUP YRQ +DQGOXQJ 9HOOHPDQV DFWLYLWLHV YJO REHQ† XQGGHUHQEHJULIIOLFKHV9HUKlOWQLV]X$EVLFKWHQUHOHYDQW]XVHLQ VFKHLQW %UDQGRP EHVFKUHLEW GLH 6\PPHWULH GHV YRUVWHKHQG WDEHOODULVFK GDUJHVWHOOWHQ:HOWEH]XJV]XQlFKVWIROJHQGHUPD‰HQÅ'LH$XVJlQJHDXVGHU 6SUDFKHRGHUGHUGLVNXUVLYHQ.RQWRIKUXQJ LQWHQWLRQDOH+DQGOXQJHQ VLQG DQDORJ ]X GLHVHQ (LQJlQJHQ ZDKUQHKPXQJVJHVWW]WHQ %HREDFKWXQJHQ  ]X YHUVWHKHQ%HLP+DQGHOQIXQJLHUHQbQGHUXQJHQGHUGHRQWLVFKHQ(LQVWHO OXQJ VSH]LHOO $QHUNHQQXQJHQ SUDNWLVFKHU )HVWOHJXQJHQ DOV 5HL]H GLH

_____________ SUHVHQFH LV QHFHVVDU\ DQG VXIILFLHQW IRU WKH SUDFWLFHV LQYROYHG WR TXDOLI\ DV OLQJXLVWLF SUDFWLFHV ² LV DVVHUWLRQ $VVHUWLRQ LV WKH VWDNLQJ RI FODLPV WKDW DUH LQIHUHQWLDOO\ DUWLFX ODWHGLQWKHEDVLFVHQVHRIERWKVWDQGLQJLQQHHGRIUHDVRQVDQGEHLQJILWWRVHUYHDV UHDVRQV´ 9JODXFK%UDQGRPD )UGLHKHUYRUJHKREHQH6WHOOXQJYRQ%H KDXSWXQJHQLVW%UDQGRPV5DWLRQDOLVPXVYHUDQWZRUWOLFKGHUGDV*HEHQXQG)RUGHUQ YRQ*UQGHQLQGHQ9RUGHUJUXQGGHU7KHRULHVWHOOW+DDJ6WXUPEHPHUNHQGDKHU]X %UDQGRPV.RQ]HQWUDWLRQDXIEHKDXSWHQGH6SUHFKDNWHÅ%HKDXSWXQJHQVLQGGLHVSUDFK OLFKHQ3HUIRUPDQ]HQGLHSDUDGLJPDWLVFKHU:HLVHDOVULFKWLJRGHUXQULFKWLJNODVVLIL]LHUW ZHUGHQ N|QQHQ 'DUDXV HUNOlUW VLFK GLH 6FKOVVHOUROOH GLH LKQHQ LP %UDQGRPVFKHQ 7KHRULHUDKPHQ ]XNRPPW 'HQQ ]XP HLQHQ LVW GLH 0|JOLFKNHLW HLQHU .ODVVLILNDWLRQ EHVWLPPWHUbX‰HUXQJHQDOV%HKDXSWXQJHQGDV.ULWHULXPIUGLH=XVFKUHLEXQJYRQRE MHNWLYHPUHSUlVHQWDWLRQDOHP*HKDOW=XPDQGHUHQVLQG%HKDXSWXQJHQVSUDFKOLFKH8UWHL OHXQGHUKHOOHQGDPLWLQEHVRQGHUHU:HLVHGDVZHVHQWOLFKH&KDUDNWHULVWLNXPGHUUHOD WLRQDOHQ$XIIDVVXQJYRQ,QWHQWLRQDOLWlWGLHZHFKVHOVHLWLJH$EKlQJLJNHLWYRQ'HQNHQ XQG6SUHFKHQ´ +DDJ6WXUPI /DIRQWXQWHUPDXHUWVFKOLH‰OLFKGLH6RQGHU VWHOOXQJGHV%HKDXSWHQVKLQVLFKWOLFKXQVHUHVNRJQLWLYHQ:HOWEH]XJVLP$QVFKOX‰DQ %UDQGRPIROJHQGHUPD‰HQÅ,P*HJHQVDW]]XDQGHUHQ6SUHFKDNWHQ ZLH)UDJHQRGHU %HIHKOHQ VLQG%HKDXSWXQJHQ7HLOHLQHV6SUDFKVSLHOVLQGHPHVGDUXPJHKW]XVDJHQ ZLH VLFK GLH 'LQJH LQ GHU :HOW YHUKDOWHQ 'DV LVW GLH 3RLQWH GHV $XIVWHOOHQV YRQ %H KDXSWXQJHQ´ /DIRQW E   'RFK VHOEVWYHUVWlQGOLFK YHUZHLVHQ DXFK )UDJHQ XQGVlPWOLFKHLPSHUDWLYHQbX‰HUXQJHQLPSOL]LWDXIGDVEHKDXSWHQGHDUWLFXODWLQJUHDVRQV ² VR GHU HQJOLVFKVSUDFKLJH 2ULJLQDOWLWHO YRQ %UDQGRPV %HJUQGHQ XQG %HJUHLIHQ %UDQ GRP VSULFKW ]ZDU YRUQHKPOLFK YRQ Ä%HKDXSWHQ¶ GRFK VLQG HEHQ DXFK DOOH DQGHUHQ VLQQYROOHQ6SUHFKDNWHLQVRIHUQVLHDQEHVWLPPWHhEHU]HXJXQJHQJHNQSIWVLQGHLQ JHEXQGHQ LQ GDV 1HW] EHVWLPPWHU ,QIHUHQ]HQ 'D‰ DOVR ] % GLH $XIIRUGHUXQJ Å6SHQGHQ 6LH IU XQVHUH $NWLRQ´ RGHU GLH )UDJH Å+DEHQ 6LH GLHVHV %XFK JHOHVHQ"´ VLQQYROOVLQGVHW]WYRUDXVGD‰EHVWLPPWHLQIHUHQWLHOOH5HODWLRQHQXQG,QNRPSDWLELOL WlWHQGHUYHUZHQGHWHWHQ%HJULIIHLQ6SUHFKKDQGOXQJHQEHKHUUVFKWZHUGHQ  9JOGD]X6HDUOH 7DEHOOH GW 7DEHOOH 



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

QLFKWVSUDFKOLFKH3HUIRUPDQ]HQDXVO|VHQ>«@(LQNRPSHWHQWHU%HREDFK WHU XQWHU JHHLJQHWHQ 8PVWlQGHQ UHDJLHUW DXI GLH 6LFKWEDUNHLW HLQHU URWHQ .XJHOLQGHPHUGLH)HVWOHJXQJDXIGLH%HKDXSWXQJDQHUNHQQWGD‰GDHLQH URWH .XJHO LVW >«@ (LQ NRPSHWHQWHU $NWHXU UHDJLHUW XQWHU JHHLJQHWHQ 8PVWlQGHQDXIGDV(LQJHKHQGHU)HVWOHJXQJGHQ/LFKWVFKDOWHU]XEHWlWL JHQ PLW GHP %HWlWLJHQ GHV /LFKWVFKDOWHUV >«@ 1XU HLQ HQWVSUHFKHQG DXVJHELOGHWHU3K\VLNHUNDQQGDV9RUKDQGHQVHLQHLQHVƬ0HVRQVQLFKWLQIH UHQWLHOOEHULFKWHQXQGGDVQXUPLW+LOIHHLQHU%ODVHQNDPPHUXQGQXUHLQ JXW DXVJHELOGHWHU 3LDQLVW NDQQ QLFKWLQIHUHQWLHOO GLH 0RQGVFKHLQVRQDWH VSLHOHQXQGGDVQXUPLW+LOIHHLQHV.ODYLHUV´'LH)UDJHGLHVLFKQXQ DXIGHUSUDNWLVFKHQ6HLWHVWHOOWEH]LHKWVLFKDXIGHQLQWHQWLRQDOHQ&KDUDN WHUGHU+DQGOXQJ8QGGDPLWLVWGLH)UDJHYHUEXQGHQREHVVLFKEHLGHQ 'LVNXUVDXVJlQJHQXP+DQGOXQJHQRGHU+DQGOXQJVDEVLFKWHQKDQGHOQVROO :HQQ PDQ ZLH LQ .DS  VNL]]LHUW +DQGOXQJHQ DOOJHPHLQ DOV HWZDV EH WUDFKWHWGDVHVDQJHPHVVHQHUVFKHLQHQOl‰WQDFKHLQHP*UXQG]XIUDJHQ VR NDQQ PDQ PLW%UDQGRP ]ZLVFKHQ +DQGOXQJVDEVLFKWHQ XQG YRUJlQJL JHQ$EVLFKWHQXQWHUVFKHLGHQ,PHUVWHQ)DOOEHVWHKWGLH+DQGOXQJGDULQ GD‰Å>«@GLH3HUIRUPDQ]GHUHLQ.RQWRIKUHUGLH6LJQLILNDQ]HLQHU$Q HUNHQQXQJ HLQHU SUDNWLVFKHQ )HVWOHJXQJ >  $EVLFKW .3@ ]XZHLVW GLH +DQGOXQJ VHOEVW LVW´ ,P )DOO GHU YRUJlQJLJHQ $EVLFKWHQ EHVWHKW GLH +DQGOXQJLQHLQHU9HUKDOWHQVZHLVHGLHÅHLQHUYHUOl‰OLFKHQXQWHUVFKHLGHQ GHQ 5HDNWLRQVGLVSRVLWLRQ DXI HLQH VROFKH $QHUNHQQXQJ >VF HLQHU SUDNWL VFKHQ )HVWOHJXQJ@ HQWVSULQJW 8QWHU GHU $QHUNHQQXQJ GHU SUDNWLVFKHQ )HVWOHJXQJNDQQPDQVLFKGLH$EVLFKWYRUVWHOOHQPLWGHUGHU$NWKHUYRU JHEUDFKWZLUG´'LHGLVNXUVLYH$XVJDQJVVFKZHOOHLVWDOVRDOV$EVLFKW]X EHWUDFKWHQ ZREHL VLH LP KLHU HUVWJHQDQQWHQ )DOO +DQGOXQJVDEVLFKW LP *HJHQVDW]]XUYRUJlQJLJHQ$EVLFKW DOVLQGHU+DQGOXQJVHOEVWLPSOL]LHUW GHP+DQGHOQGHQ]XJHVFKULHEHQZLUGQXUGLHVH)RUPYRQLQ+DQGOXQJHQ LPSOL]LHUWHQ$EVLFKWHQNDQQUHLQEHJULIIOLFKJHVHKHQQLFKWXQHUIOOWEOHL EHQ ELL XQG FLL VLQGKLHUQRWZHQGLJPLWHLQDQGHUYHUEXQGHQ

_____________  %UDQGRPDIYJODOOJHPHLQ]X%UDQGRPVYRQ'DYLG/HZLV   EHUQRPPHQHP XQG IRUWHQWZLFNHOWHQ 0RGHOO GHU ÅGHRQWLVFKHQ .RQWRIKUXQJ´ %UDQGRPD.DS  %UDQGRPD%UDQGRPIKUWHLQ%HLVSLHO6HDUOHVDQXPGLHVH+DQGOXQJVDE VLFKWHQ]XYHUDQVFKDXOLFKHQÅ$QJHQRPPHQLFKVLW]HGDGHQNHEHUHLQSKLORVRSKL VFKHV 3UREOHP QDFK XQG SO|W]OLFK VWHKH LFK DXI XQG JHKH LP =LPPHU DXI XQG DE :HQQLFKDXIVWHKHXQGDXIXQGDEJHKHGDQQVLQGGDVJHZL‰DEVLFKWOLFKH+DQGOXQ JHQDEHU HVEHGDUINHLQHUYRUDXVJHKHQGHQ$EVLFKWVLH]XWXQ,FKPX‰LQNHLQHUOHL 6LQQSODQHQDXI]XVWHKHQXQGDXIXQGDE]XJHKHQ:LHVRYLHOHVZDVPDQWXWWXHLFK GLHVH+DQGOXQJHLQIDFK´ %UDQGRPDYJOGD]X6HDUOHGW  %UDQGRPD

†,QIHUHQWLHOOH6HPDQWLNXQGQRUPDWLYH3UDJPDWLN 



$XI HLQH )RUP XQEHZX‰WHU $EVLFKWHQ UHNXUULHUW %UDQGRP LQ VHLQHU &KDUDNWHULVLHUXQJ]ZDUQLFKWJOHLFKZRKONDQQHLQHVROFKH)RUPSUREOHP ORVLQGLHVHLQWHJULHUWZHUGHQLQVRIHUQGDVGHRQWLVFKH0RGHOO%UDQGRPV YRQ +DXV DXV VWDWW HLQHU LQWURVSHNWLRQLVWLVFKHQ GLH LQWHUSHUVRQDOH =X VFKUHLEXQJVSHUVSHNWLYHZlKOWDXVZHOFKHUGHUKDQGHOQGHQ3HUVRQ)HVWOH JXQJHQ XQG %HUHFKWLJXQJHQ ]X GLHVHQ DWWHVWLHUW ZHUGHQ N|QQHQ GLH GLH KDQGHOQGH3HUVRQVHOEVWQLFKWHLQJHKWGKGLHLKUQLFKWJHJHQZlUWLJVLQG 'D‰GDPLWDXVGHU+DQGOXQJQLFKWXQWHUGHU+DQGHLQEOR‰HV9HUKDOWHQ ZLUGZLUGGDGXUFKYHUKLQGHUWGD‰GDVIUDJOLFKH9HUKDOWHQGXUFKZHJXQG NRQVWLWXWLY DOV HLQ VROFKHVEHWUDFKWHW ZLUGYRQ GHP HVJUXQGVlW]OLFK DQ JHPHVVHQ LVW DXI *UQGH KLQ EHIUDJW ]X ZHUGHQ ,QVRIHUQ DOVR DXFK IU GLHQDFK9HOOHPDQV'LIIHUHQ]LHUXQJ YJOREHQ† EHVWHKHQGH=ZLVFKHQ IRUPGHUDFWLYLWLHV*UQGHDQJHJHEHQZHUGHQN|QQHQHUVFKHLQWHVVLQQYROO VLH QHEHQ DFWLRQV  XQWHU GHQ KLHU LQ %UDQGRPV 0RGHOO DQJHVSURFKHQHQ +DQGOXQJVEHJULII]XVXEVXPLHUHQ 1XUGHU9ROOVWlQGLJNHLWKDOEHUVHLKLHUPLW%UDQGRPV9RNDEXODUQRFK HUJlQ]WGD‰²DQDORJGHPUHLQHQ3KDQWDVLHUHQ,PDJLQLHUHQ7UlXPHQDXI GHU Ä%HREDFKWXQJ¶6HLWH ² HV DXFK DXI GHU Ä+DQGOXQJ¶6HLWH GLVNXUVLYH $XVJDQJVVFKZHOOHQJHEHQNDQQGLHWDWVlFKOLFKXQHUIOOWEOHLEHQHLQHUVHLWV GXUFK GDV $XVEOHLEHQ HQWVSUHFKHQGHU 8PVWlQGH ZHQQ GHU %XV LQ GHQ LFKVWHLJHQZLOOQLFKWNRPPWOlXIWGLHHQWVSUHFKHQGH)HVWOHJXQJLQV/HH UH  XQG DQGHUHUVHLWV GXUFK NRQNXUULHUHQGH $EVLFKWHQ GLH VLFK DXIJUXQG DQGHUHU *UQGH LQQHUKDOE GHU LQWHQWLRQDOHQ 6WUXNWXU GHV +DQGHOQGHQ GXUFKVHW]HQXQGGLHXUVSUQJOLFKH)HVWOHJXQJDQQXOOLHUHQ$XIGDVGDPLW YHUEXQGHQH3UREOHPGHU:LOOHQVVFKZlFKHZHUGHLFKQRFKLQ†HLQJH KHQ ,P)ROJHQGHQJHKWHVPLUQXQZHQLJHUXPGLH&KDUDNWHULVLHUXQJGHV SURSRVLWLRQDOHQ*HKDOWVVRZLHGDVGDPLWYHUEXQGHQH3UREOHPGHU2EMHN WLYLWlW 1XU XP 0L‰YHUVWlQGQLVVHQ YRU]XEHXJHQ VHL KLHU DQJHPHUNW GD‰ GLH2EMHNWLYLWlWGDVLQGLVSRQLEOH0RPHQWGHU(UNHQQWQLVQDFK%UDQGRP QLFKW LPQLFKWVSUDFKOLFKHQ%HUHLFK F  ]X ILQGHQ LVWVRQGHUQ LP *HKDOW GHU 'LVNXUVQRUPHQ D  GHU GDPLW LP *HJHQVDW] ]XU ELQGHQGHQ .UDIW GLHVHU 1RUPHQ QLFKW GHU $XWRULWlW GHU 6SUHFKHU XQWHUOLHJW ,P .RQWH[W VHLQHU +HJHO,QWHUSUHWDWLRQ YHUGHXWOLFKW %UDQGRP GLHV IROJHQGHUPD‰HQ Å>@WKHGHWHUPLQDF\RIWKHFRQWHQWRIZKDW\RXKDYHFRPPLWWHG\RXUVHOI WR²WKHSDUWWKDWLVQRWXSWR\RXLQWKHZD\WKDWZKHWKHU\RXFRPPLW\RXU VHOIWRLWLVXSWR\RX²LVVHFXUHGE\WKHDWWLWXGHVRIRWKHUVWRZKRPRQH KDV DW OHDVW LPSOLFLWO\ JUDQWHG WKDW DXWKRULW\ >@ +DYLQJ D FRPPLWPHQW ZLWKDGHILQLWHFRQWHQWLVLQWHOOLJLEOH>@RQO\LQWKHFRQWH[WRIDGLYLVLRQRI ODERXUEHWZHHQWKHRQHZKRXQGHUWDNHVWKHFRPPLWPHQWDQGWKRVHZKR

_____________  9JOGD]X%UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

DWWULEXWHLWDQGKROGWKHXQGHUWDNHUWRLW,JHWWRGHFLGHZKLFKSLHFHLQWKH JDPH,ZLOOSOD\>@EXW,GRQRWWKHQJHWWRGHFLGHZKDW,KDYHFRPPLW WHG P\VHOI WR WKHUHE\ ZKDW IXUWKHU PRYHV DUH DSSURSULDWH RU REOLJDWRU\ IRURQHZKRKDVSOD\HGWKDWSLHFH0\DXWKRULW\LVUHDOEXWLWLVSDUWLDO´

_____________  %UDQGRP   YJO ]X %UDQGRPV 3URMHNWLHUXQJ GHU LQIHUHQWLDOLVWLVFKHQ (UNOl UXQJYRQ5HSUlVHQWDWLRQHQDXFK%UDQGRP D VRZLH]XU'XUFKIKUXQJGLH VHV3URJUDPPVGDVHLQVFKOlJLJH.DSLWHOÅ'DV=XVFKUHLEHQSURSRVLWLRQDOHU(LQVWHO OXQJHQ 'HU VR]LDOH :HJ YRP %HJUQGHQ ]XP 5HSUlVHQWLHUHQ´ LQ %UDQGRP D :HQQLFKULFKWLJVHKHGDQQVLQGYRUDOOHPGLHLQIHUHQWLHOOH6HPDQWLNXQGGLHEHUGHQ :DKUKHLWVEHJULII GDPLW YHUEXQGHQH 7KHRULH GHU 2EMHNWLYLWlW =LHOH GHU .ULWLN DQ %UDQGRPV .RQ]HSW YJO XD 0DFEHWK   0F'RZHOO   5RVHQEHUJ   5RUW\  QRFKPDOV5RUW\  GHUIUGDV9HUVWlQGQLV%UDQGRPVHU KHOOHQGH 8QWHUVFKLHGH ]X 'DYLGVRQ HUOlXWHUW HLQHP *HZlKUVPDQQ %UDQGRPV GHU GHP %HJULII GHU 5HSUlVHQWDWLRQ HEHQIDOOV GDV WKHRUHWLVFKH (UNOlUXQJVJHZLFKW DE]X QHKPHQEHVWUHEWLVW YJO'DYLGVRQ VRGDQQHKHUDSRORJH WLVFK (VIHOG   +DEHUPDV   DXI GLHVHQ XQG %UDQGRP EH]XJQHKPHQG /D IRQW E ZHLWHUKLQ*OHU  .QHOO D 5|GO  6FKHOOHQEHUJ   :LQJHUW  %HUWUDP/LSWRZ  5RVHQNUDQ]  VRZLH7LHW]  9JO DXFK %UDQGRPV Å5HSOLHV´ E  DXI HLQLJH GHU YRUJHQDQQWHQ .ULWLNHU VRZLH VHLQ Å5HSO\ WR +DEHUPDV´ E  0LW %OLFN DXI GLH 2EMHNWLYLWlW YRQ *UQGHQ ² DXFK +DQGOXQJVJUQGHQ²EHPHUNW%UDQGRP)ROJHQGHVÅ$OVHLQ*UXQGLVW]XQlFKVWHLQ PDOGDV]XYHUVWHKHQZDVHLQH*HPHLQVFKDIWLQGHU3UD[LVDOVVROFKHQ*UXQGEHKDQ GHOWXQGGDVJLOWIUGLHSUDNWLVFKH6HLWHGHU+DQGOXQJVJUQGHHEHQVRZLHIUGLHWKH RUHWLVFKH 6HLWH GHU *UQGH IU %HKDXSWXQJHQ ,Q NHLQHP GHU EHLGHQ )lOOH LVW GLHVHU =XJDQJ]XPQRUPDWLYHQ6WDWXV ZR]XPDQZLUNOLFKEHUHFKWLJWRGHUIHVWJHOHJWLVW EHU GLH QRUPDWLYH (LQVWHOOXQJ ZR]X PDQ DOV EHUHFKWLJW RGHU IHVWJHOHJW JLOW  XQYHUHLQEDU GDPLWDP(QGHYRQREMHNWLYHQ1RUPHQVSUHFKHQ]XN|QQHQGLHGLH0|JOLFKNHLWVWW ]HQ GD‰ GLH (LQVWHOOXQJHQ DOOHU LKQHQ JHJHQEHU IDOVFK VHLQ N|QQHQ 'RFK ZDV PLW VROFKHQREMHNWLYHQ5LFKWLJNHLWHQJHPHLQWVHLQN|QQWH²ZDVZLUNOLFKHLQJXWHU*UXQG LVWXQGQLFKWEOR‰DOVHLQVROFKHUEHKDQGHOWZLUG²ZLUGVLFKHUVWDP(QGHHUZHLVHQ´ %UDQGRPD 'LHVHV(QGH²EHL%UDQGRPLVWHVGDV(QGHVHLQHV%XFKHVHL QHUVHLWV XQG GLH 3HUVSHNWLYH GHV +HJHO·VFKHQ ÄDEVROXWHQ :LVVHQV¶ DQGHUHUVHLWV YJO %UDQGRPDVRZLH ²EHWULIIWHLQ,GHDO,FKZHUGH%UDQGRPV .RQ]HSW YRQ 2EMHNWLYLWlW KLHU ZHGHU GLVNXWLHUHQ QRFK ZHUGH LFK HV LPSOL]LW EHDQ VSUXFKHQ P‰WH LFK PLFK MHGRFK DXI HLQ .RQ]HSW WKHRUHWLVFKHU 2EMHNWLYLWlW XQG GDPLW YHUEXQGHQ HLQ :DKUKHLWVNRQ]HSW WKHRUHWLVFKHU hEHU]HXJXQJHQ IHVWOHJHQ VR WHQGLHUWH LFK ]X +DEHUPDV· ÅSUDJPDWLVWLVFKH>U@ $XIIDVVXQJ´ YRQ :DKUKHLW DOV ÅLGHDO JHUHFKWIHUWLJWH$N]HSWDELOLWlW´GLHVLFKDXIHLQHDOVXQYHUIJEDUXQGLGHQWLVFKXQWHU VWHOOWH:HOWEH]LHKWÅ6SUDFKVSLHOHXQG3UDNWLNHQEHZlKUHQVLFKDPZHLWHUHQÄ)XQNWL RQLHUHQ¶ DOVR GXUFK GHQ JHOLQJHQGHQ 9ROO]XJ VHOEVW :HQQ VLH VFKHLWHUQ VSLHOW GLH :HOW QLFKW PHKU LQ GHU HUZDUWHWHQ :HLVH PLW $Q GLHVHP SUDNWLVFK HUIDKUHQHQ 'H PHQWLHLQHV0L‰HUIROJVPLWGHPGLH:HOWSHUIRUPDWLYLKUH%HUHLWVFKDIW]XP0LWVSLH OHQZLGHUUXIWELOGHWVLFKGHU%HJULIIGHU2EMHNWLYLWlW'LHVHUHUVWUHFNWVLFKHLQHUVHLWV DXIGLH5HVLVWHQ]HLQHUXQYHUIJEDUHQ:HOWGLHXQVHUHQ0DQLSXODWLRQHQLKUHQ(LJHQ VLQQ HQWJHJHQVHW]W DQGHUHUVHLWV DXI GLH ,GHQWLWlW HLQHU IU DOOH JHPHLQVDPHQ :HOW :HLOVLFKKDQGHOQGH6XEMHNWHLQLKUHU.RRSHUDWLRQJHJHQVHLWLJXQWHUVWHOOHQGD‰VLFK MHGHUDXVVHLQHU3HUSHNWLYHDXIGLHVHOEH:HOWEH]LHKWÄJLEWHV¶GLH:HOWQXULP6LQJX ODU´ +DEHUPDV Å8QYHUIJEDUNHLWXQG,GHQWLWlWGHU:HOWVLQGGLHEHLGHQ%H

†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 



†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ

 6WDWWXPGLHVH3UREOHPDWLNGHU2EMHNWLYLWlWVROOHVQXQVSH]LILVFKHUXPGLH PLWGLHVHULQIHUHQWLHOOHQ6HPDQWLNYHUNQSIWHQRUPDWLYH3UDJPDWLNJHKHQ (LQ SURSRVLWLRQDOHU *HKDOW WULWW QLFKW LVROLHUW DOV VROFKHU DXI VRQGHUQ LVW VWHWVDQHLQHEHVWLPPWH3HUIRUPDQ]HLQHGLVNXUVLYH3UD[LVJHNQSIW0LW GLHVHU$XIIDVVXQJYHUELQGHW%UDQGRPHLQJHZLVVHV3ULPDWGHU3UDJPDWLN YRUGHU6HPDQWLNZHQQJOHLFKLQVHLQHU.RQ]HSWLRQEHLGHVHKUHQJPLWHLQ DQGHUYHUEXQGHQXQGDXIHLQDQGHUEH]RJHQVLQGÅ0LW6lW]HQXQGDQGHUHQ VSUDFKOLFKHQ $XVGUFNHQ NDQQ PDQ YLHOHUOHL YHUELQGHQ (LQH VHPDQWLVFKH 9HUELQGXQJ OLHJW JHQDX GDQQ YRU ZHQQ PDQ PLW LKU GLH 5LFKWLJNHLWHQ HUNOlUHQ NDQQ GLH GHQ *HEUDXFK GLHVHU $XVGUFNH OHLWHQ >@ 2KQH HLQH 3UDJPDWLNGLHHUNOlUWZDVHVKHL‰WGD‰HLQ*HKDOWRGHUHLQH3URSRVLWLRQ DXVJHGUFNWZLUG>@NDQQGLH%HUHFKWLJXQJGHV7KHRUHWLNHUV]XGHU)HVW OHJXQJ GLH HU HLQJHKW ZHQQ HU GLHVH 9HUELQGXQJHQ DOV VHPDQWLVFKH EH KDQGHOW DQJHIRFKWHQ ZHUGHQ 'LH 6HPDQWLN PX‰ VLFK DQ GHU 3UDJPDWLN RULHQWLHUHQXQGGLH*HKDOW]XVFKUHLEXQJDQ(UNOlUXQJHQGHV*HEUDXFKV´ ,FK ZHUGH LP IROJHQGHQ GLHVH 9HUNQSIXQJ VHPDQWLVFKHU XQG SUDJPDWL VFKHU $VSHNWH LP %HJULII GHV :LVVHQV NXU] VWUHLIHQ GD GHU QRUPDWLY SUDJPDWLVFKH$QVDW]%UDQGRPVJUXQGOHJHQGQLFKWQXUIUVHLQH3HUVSHN WLYHDXIHSLVWHPRORJLVFKHVRQGHUQDXFKDXISUDNWLVFKH)UDJHVWHOOXQJHQLVW XPGLHHVPLUHLJHQWOLFKJHKW 'HU :LW] YRQ %UDQGRPV .RQ]HSWLRQ LVW GDEHL GD‰ HU VLFK GHU 6SUDFKSUDJPDWLN EHU HLQHQ SHUVRQDOHQ RGHU JHQDXHU VR]LDOHQ 8PZHJ QlKHUW HLQHU Ä(LQEH]LHKXQJ GHV $QGHUHQ¶ XP HLQH :HQGXQJ +DEHUPDV· ]XJHEUDXFKHQ6WDWWGLHSUDJPDWLVFKH'LPHQVLRQGHV6SUHFKDNWVGLUHNW]X XQWHUVXFKHQ IUDJW %UDQGRP Å:DV WXW PDQ ZHQQ PDQ GDYRQ DXVJHKW GD‰ MHPDQG :LVVHQ EHVLW]W"´ 0LW GLHVHU LQWHUVXEMHNWLYHQ 3HUVSHNWLYH HLQHUSUDJPDWLVFKHQXQGVR]LDOHQ2SHUDWLRQDOLVLHUXQJGHV:LVVHQVEHJULIIV JHOLQJWHV%UDQGRPMHQHQP\VWHUL|VHQ,QWURVSHNWLRQLVPXVGHQGHUVSlWH :LWWJHQVWHLQ]X5HFKWNULWLVLHUWKDW]XXPJHKHQRKQHGDEHL=XIOXFKWEHL HLQHU TXDVLREMHNWLYHQ 6FKLHGVULFKWHUSHUVSHNWLYH ]X VXFKHQ 1HEHQ GHU 6FKLHGVULFKWHUSHUVSHNWLYHLVWDXFKHLQH,FK:LU3HUVSHNWLYHPLWLKUHUÅP\ WKRORJLVFKHQ 9RUVWHOOXQJ YRQ *HPHLQVFKDIWHQ´ DXV]XVFKHLGHQ GLH GDV ,QGLYLGXXP GHQ LQ HLQHU *HVHOOVFKDIW IDNWLVFK JHOWHQGHQ 1RUPHQ RSSR

_____________    

VWLPPXQJHQYRQÄ2EMHNWLYLWlW¶>«@µ (EGYJODXFKHEG $XIGLHVSH ]LILVFKSUDNWLVFKH)RUPYRQ8QYHUIJEDUNHLWZHUGHLFKLQ†]XUFNNRPPHQ %UDQGRPD %UDQGRP +LHUDXIKDEHQEHUHLWV+DDJ6WXUP XQG KLQJHZLHVHQ %UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

QLHUW 6WDWWGHVVHQ EHKDUUW %UDQGRP DXI HLQHU ,FK'X3HUVSHNWLYH GHUHQ 3RLQWH JHUDGH QLFKW LQ HLQHU ZLH DXFK LPPHU DUWLNXOLHUWHQ JHVHOOVFKDIWOL FKHQ1RUPVRQGHUQLQGHPVWHWVLQGLYLGXHOO]XDNWXDOLVLHUHQGHQÄ.RQWR VWDQG¶ QRUPDWLYHU 6WDWXV EHVWHKW %UDQGRP VSULFKW KLHUEHL YRQ HLQHP Å>@ 2ULHQWLHUXQJVIHKOHU >@ ,FKZLU%H]LHKXQJHQ VWDWW ,FKGX %H]LHKXQJHQDOVGLHJUXQGOHJHQGHVR]LDOH6WUXNWXU]XEHKDQGHOQ%HXUWHL OHQ%LOOLJHQXVZVLQGDOOHV'LQJHGLHZLU(LQ]HOQHWXQXQGHLQDQGHU]X HUNHQQHQ XQG ZRGXUFK HLQH *HPHLQVFKDIW HLQ Ä:LU¶ HQWVWHKW´ 0LW GLHVHPZHLWUHLFKHQGHQ,QGLYLGXDOLVPXVLVWQHEHQEHLHLQZHLWHUHU.RQYHU JHQ]SXQNW ]ZLVFKHQ .DQWV XQG %UDQGRPV 7KHRULHQ GHU 1RUPDWLYLWlW DQ JHGHXWHW GHU LP HLQHQ )DOO DXI LQGLYLGXHOOH $XWRQRPLH LP DQGHUHQ )DOO DXILQGLYLGXHOOHGHRQWLVFKH(LQVWHOOXQJHQEH]RJHQLVW'D‰OHW]WHUH%UDQ GRP QLFKW ]XJOHLFK DXI .DQWV 0RQRORJLVPXV IHVWOHJHQ VHOEVW ZHQQ VLH HLQHQ%HJULIIYRQ$XWRQRPLHLQVWDQ]LLHUHQZLUGDXVVHLQHUIXQGDPHQWDOHQ 'LVNXUVRULHQWLHUXQJGHXWOLFK ,Q GHU $QWZRUW DXI GLH )UDJH Å:DV WXW PDQ ZHQQ PDQ GDYRQ DXV JHKW GD‰ MHPDQG :LVVHQ EHVLW]W"´ RULHQWLHUW VLFK %UDQGRP QXQ DQ GHU NODVVLVFKHQ*:h7KHRULHZRQDFK:LVVHQDOVJHUHFKWIHUWLJWHZDKUHhEHU ]HXJXQJYHUVWDQGHQZHUGHQNDQQXQGUHIRUPXOLHUWGLHVH7KHRULHLQGHRQ WLVFKHQ7HUPLQLZHQQLFKGDYRQDXVJHKHGD‰HLQH3HUVRQ:LVVHQEHVLW]W ZHLVH LFK LKU HLQH hEHU]HXJXQJ ]X DOVR HLQH SURSRVLWLRQDO JHKDOWYROOH )HVWOHJXQJGLHVRZRKODOV3UlPLVVHDOVDXFKDOV.RQNOXVLRQYRQ,QIHUHQ]HQ GLHQHQNDQQLFKZHLVHLKUGDUEHUKLQDXVHLQH%HUHFKWLJXQJ]XGLHVHUhEHU ]HXJXQJ ]X XQG ELOOLJH DX‰HUGHP GLH %HKDXSWXQJ VHOEVW GK LFK VHOEVW JHKHGLHVHOEH)HVWOHJXQJDXFKHLQ 0LW GHQ %HJULIIHQ GHU )HVWOHJXQJ XQG GHU %HUHFKWLJXQJ VLQG EHUHLWV ]ZHL IU GLH 7KHRULH HQWVFKHLGHQGH GHRQWLVFKH7HUPLQL EHQDQQW XQG GLH HUNHQQWQLVWKHRUHWLVFKH 3HUVSHNWLYH XP HLQH VR]LDOH 'LPHQVLRQ HUZHLWHUW 8P GHQ PD‰JHEOLFKHQ 8QWHUVFKLHG ]X UHSUlVHQWDWLRQDOLVWLVFKHQ (SLVWH

_____________  9JO GDJHJHQ +DEHUPDV   XQG   VRZLH %UDQGRPV Å5HSO\´ E  %UDQGRP D  +DEHUPDV· GLHVEH]JOLFKH 6NHSVLV JHJHQEHU %UDQGRPV Ä,FK 'X%H]LHKXQJHQ¶ ² Å>«@ WDWVlFKOLFK NRQVWUXLHUW HU GLHVH DEHU DOV %H]LHKXQJHQ ]ZL VFKHQHLQHUHUVWHQ3HUVRQGLHVLFKDXIGLH:DKUKHLWHLQHU$XVVDJHIHVWOHJWXQGHLQHU GULWWHQ3HUVRQGLHGHUDQGHUHQ²XQWHU9RUEHKDOWHLQHUHLJHQHQ%HXUWHLOXQJ²HLQHQ :DKUKHLWVDQVSUXFK ]XVFKUHLEW´ +DEHUPDV    ² NDQQ LFK QLFKW WHLOHQ %UDQ GRPV%HJULIIGHU=XVFKUHLEXQJOl‰WVLFKPHLQHV(UDFKWHQVYHUOXVWORVHUVHW]HQGXUFK $XVGUFNH ZLH ÄbX‰HUXQJHQ DXIIDVVHQ DOV¶ Ä3HUVRQHQ YHUVWHKHQEHKDQGHOQ DOV¶ XQG GLHVH $XVGUFNH VLQG QXQ WDWVlFKOLFK ZHLW HQWIHUQW YRQ GHU EOR‰HQ %HREDFKWHUSHU VSHNWLYHYLHOPHKUDUWLNXOLHUWVLFKLQLKQHQQHEHQGLHVHU%HREDFKWHUSHUVSHNWLYHLUUHGX ]LEHODXFKGLH7HLOQHKPHUSHUVSHNWLYH  9JOGD]X%UDQGRPDVRZLH%UDQGRP

†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 



PRORJLHQ]XPDUNLHUHQEHGDUIHVDEHUGDUEHUKLQDXVHLQHUNXU]HQ(UOlX WHUXQJGHV%HJULIIVGHUQRUPDWLYHQ(LQVWHOOXQJÅ>@GLHZLUDQGHUHQJHJHQ EHULQHLQHU3UD[LVHLQQHKPHQLQGHPZLUVLHQlPOLFKDOVIHVWJHOHJWRGHU EHUHFKWLJW>@DXIIDVVHQEHKDQGHOQRGHUDXIVLHUHDJLHUHQ´:LVVHQZLUG GDQDFKQLFKWXQWHU5HNXUVDXISULPLWLYH9RUVWHOOXQJHQGLHLPÄ*HLVW¶HLQHU 3HUVRQ DQJHWURIIHQ XQG DXI EHVWLPPWHQ :HJHQ NRQ]HSWXDOLVLHUW XQG NRPPXQL]LHUWZHUGHQVRQGHUQXQWHU5HNXUVDXI=XVFKUHLEXQJHQHSLVWH PLVFKHU XQG DXFK SUDNWLVFKHU  )HVWOHJXQJHQ YRQ3HUVRQHQ DQ 3HUVRQHQ HUNOlUW.RPPXQLNDWLRQXQGDOOJHPHLQVR]LDOH3UDNWLNHQN|QQHQDOV,Q WHUDNWLRQHQ DXIJHID‰W ZHUGHQ Å>«@ LQ GHQHQ MHGHU 7HLOQHKPHU YHUVFKLH GHQH GHRQWLVFKH 6WDWXV KDW ² G K )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ ² XQGMHGHSUDNWLVFKVLJQLILNDQWH3HUIRUPDQ]YHUlQGHUWLQLUJHQGHLQHU:HLVH GLHVH6WDWXV´'RFKVLQGGLHVH6WDWXVQLFKWHVVHQWLDOLVWLVFK]XYHUVWHKHQ DOVHWZDVZDVGLHVH3HUVRQHQVFKOHFKWKLQEHVLW]HQXQGVLHLQVRIHUQNHQQ ]HLFKQHW 9LHOPHKU KlQJHQ GLHVH 6WDWXV YRQ GHU MHZHLOLJHQ 3HUVSHNWLYH HLQHU3HUVRQ$DXIHLQH3HUVRQ%VRZLHYRQGHU3HUVSHNWLYHGLHVHU3HUVRQ %DXIGLH3HUVRQ$DEÅ'LH3UDNWLNHUEHWUDFKWHQRGHUEHKDQGHOQVLFKXQG DQGHUHDOVLP%HVLW]YRQYHUVFKLHGHQHQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQ 6LHIKUHQ.RQWREHUGLHGHRQWLVFKHQ6WDWXVLQGHPVLHVLHDQGHUHQ]XZHL VHQ XQG VHOEVW HLQQHKPHQ 'LH 6LJQLILNDQ] HLQHV $NWHV EHVWHKW LQ GHP 8QWHUVFKLHGGHQHUIUGDVGHRQWLVFKH.RQWRPDFKW²GDVKHL‰WZLHHU GHQ 6WDQG GHU )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ YHUlQGHUW GLH VLFK GLH 3UDNWLNHU HLQVFKOLH‰OLFK GHV $JLHUHQGHQ JHJHQVHLWLJ ]XHUNHQQHQ XQG VHOEVWHUZHUEHQDQHUNHQQHQRGHUHLQJHKHQ´'HUQRUPDWLYH6WDWXVHLQHU )HVWOHJXQJGHU3HUVRQ$DXIGLHhEHU]HXJXQJVZLUGDOVRHUZRUEHQGXUFK GLHQRUPDWLYH(LQVWHOOXQJGHV$QHUNHQQHQVE]Z(LQJHKHQVGLHVHU)HVWOHJXQJ DXIVGXUFKGLH3HUVRQ$VHOEVWVRZLHGXUFKGLHQRUPDWLYH(LQVWHOOXQJGHV =XHUNHQQHQVE]Z=XZHLVHQVGLHVHU)HVWOHJXQJDXIVGXUFK PLQGHVWHQV HLQH 3HUVRQ%'HUQRUPDWLYH6WDWXVGHU%HUHFKWLJXQJGHU3HUVRQ$]XVZLUG HUZRUEHQGXUFKGLHQRUPDWLYH(LQVWHOOXQJGHV$QHUNHQQHQVGLHVHU%HUHFK

_____________  %UDQGRPDI  %UDQGRPD  %UDQGRPDYJOHEGÅ'DVQRUPDWLYH+DXVKDWYLHOH:RKQXQJHQ'LH KLHU LQWHUHVVLHUHQGHQ 1RUPHQ VLQG GLH GLVNXUVLYHQ QRUPDWLYHQ 6WDWXV MHQH )HVWOHJXQ JHQXQG%HUHFKWLJXQJHQGLHEHLP*HEUDXFKYRQ%HJULIIHQHLQH5ROOHVSLHOHQ'LHVH 1RUPHQVRZLUGEHKDXSWHWZHUGHQGXUFKVR]LDOH3UDNWLNHQHWDEOLHUW'LHVVLQG3UDN WLNHQ GLH GLH 8QWHUVFKHLGXQJ GHU VR]LDOHQ 3HUVSHNWLYH ]ZLVFKHQ ]ZHL $UWHQ SUDNWL VFKHU (LQVWHOOXQJ GLH PDQ JHJHQEHU HLQHU )HVWOHJXQJ HLQQHKPHQ NDQQ HQWKDOWHQ GHV 6HOEVW $QHUNHQQHQV XQG GHV (LQHPDQGHUHQ =XHUNHQQHV´ 9JO DXFK HEG  



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

WLJXQJ]XVGXUFKGLH3HUVRQ$VHOEVWVRZLHGXUFKGLHQRUPDWLYH(LQVWHO OXQJGHV=XHUNHQQHQVE]Z=XZHLVHQVGLHVHU%HUHFKWLJXQJ]XVGXUFK PLQ GHVWHQV HLQH3HUVRQ% 'D‰ HLQH QRUPDWLYH (LQVWHOOXQJ QLFKW H[SOL]LHUW ZHUGHQ PX‰ DEHU H[SOL]LHUWZHUGHQNDQQLVWHLQ]HQWUDOHV0HUNPDOGHUDXI6SUDFKSUDJPDWLN NRQ]HQWULHUWHQ.RQ]HSWLRQ%UDQGRPVÅ9RQ:LWWJHQVWHLQV3UDJPDWLVPXV PLW %OLFN DXI GDV 1RUPDWLYH OHUQHQ ]X ZROOHQ KHL‰W GDV %HXUWHLOHQ DOV HWZDV ZDV JHWDQ ZLUG YHUVWHKHQ ]X PVVHQ GLH QRUPDWLYH (LQVWHOOXQJ PX‰DOVHWZDVLQGHU3UD[LVGHV%HXUWHLOHQGHQLUJHQGZLHLPSOL]W(QWKDOWH QHVDXIJHID‰WZHUGHQXQGQLFKWDOVGLHH[SOL]LWH%LOOLJXQJHLQHU3URSRVLWL RQ´:HQQZLUDOVRQDFK*UQGHQIUDJHQRGHUJHIUDJWZHUGHQVRNDQQ GLHVGLH)RUGHUXQJEHGHXWHQHWZDVH[SOL]LW]XPDFKHQZDVLPSOL]LWLQGHU LQWHUGHSHQGHQWHQ6WUXNWXUXQVHUHUhEHU]HXJXQJHQHQWKDOWHQLVW 'LHVR]LDOH2SHUDWLRQDOLVLHUXQJYRQ6HPDQWLNXQG3UDJPDWLNEHVWHKW KLHU GHPQDFK GDULQ GD‰ HUVWHQV ]ZHL (OHPHQWH GHU *:h7KHRULH GHV :LVVHQV LP 0RGXV GHV =XZHLVHQV HLQHU )HVWOHJXQJ XQG HLQHU %HUHFKWL JXQJHLQHU3HUVRQ$GXUFKHLQH3HUVRQ%XQG]ZHLWHQVGDVGULWWH(OHPHQW LP0RGXVGHV(LQJHKHQVHLQHUHQWVSUHFKHQGHQ)HVWOHJXQJGXUFKGLH3HU VRQ%UHIRUPXOLHUWZHUGHQ 3HUVRQ%JHKWGDYRQDXVGD‰3HUVRQ$GHQ:LVVHQVJHKDOWVEHVLW]W ZHQQ L 3HUVRQ%GHU3HUVRQ$GLH)HVWOHJXQJDXIGLHhEHU]HXJXQJV]XZHLVW LL 3HUVRQ%GHU3HUVRQ$GLH%HUHFKWLJXQJ]XGHUhEHU]HXJXQJV]XZHLVW LLL 3HUVRQ%VHOEVWGLH)HVWOHJXQJDXIGLHhEHU]HXJXQJVHLQJHKW 1DFKGHP*:h6FKHPDGHV:LVVHQVEH]LHKWVLFK L DXIGLHhEHU]HXJXQJ LL DXIGLH5HFKWIHUWLJXQJGLHVHUhEHU]HXJXQJXQG LLL DXIGLH:DKUKHLWGLHVHU hEHU]HXJXQJ :lKUHQG L  GLH =XZHLVXQJ HLQHU )HVWOHJXQJ DXI HLQH hEHU]HXJXQJDQJHVLFKWVHLQHUHQWVSUHFKHQGHQ 6SUHFK +DQGOXQJXQPLW WHOEDU YHUVWlQGOLFK HUVFKHLQW VROOWH ]X LL  XQG LLL  QRFK )ROJHQGHV EH PHUNWZHUGHQ =X LL  %UDQGRPV ÅOLQJXLVWLVFKHU 5DWLRQDOLVPXV´ JHKW ZLH EHUHLWV DQJHGHXWHW QLFKW VRZHLW GD‰ HU HLQH MHZHLOLJH H[SOL]LWH 5HFKWIHUWLJXQJ IRUGHUQZUGH,Q$XVHLQDQGHUVHW]XQJPLW.DQWVÅ5HJXOLVPXV´ Ä%HJULIIH DOV H[SOL]LWH 5HJHOQ¶  XQG GHP Å5HJXODULVPXV´ GHV VSlWHQ :LWWJHQVWHLQ GHU 9RUVWHOOXQJ YRQ JHEUDXFKVLPSOL]LWHQ QLFKWVWDWLVFKHQ 5HJHOQ Ä5H

_____________  'LHVH$QHUNHQQXQJGHUHLJHQHQ%HUHFKWLJXQJ]XVPDFKWGDV(OHPHQWGHU:DKUKDI WLJNHLWDQHLQHU:LVVHQVlX‰HUXQJDXVYJOGD]X3ROORN  %UDQGRP D  YJO DXFK %UDQGRP D  9JO GD]X DXFK 3ROORN 0V   9JONULWLVFKGD]XGLHLQ)QJHQDQQWHQ$XWRUHQVRZLH/DQFH    %UDQGRP

†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 



JUH‰DUJXPHQW JHJHQ GDV 5HJHOIROJHQ¶  HQWZLFNHOW HU HLQH 7KHRULH GHU 5HFKWIHUWLJXQJ GLH DXI GLH VR]LDOH 3HUVSHNWLYH ² LQNOXVLYH EHXUWHLOHQGHU SRVLWLYHU RGHU QHJDWLYHU (LQVWHOOXQJHQ DOV 6DQNWLRQHQ ² DEKHEW VRZLH IUGLH)lOOHLQGHQHQHLQH5HFKWIHUWLJXQJQLFKWJHIRUGHUWXQGRGHUJHOLH IHUW ZLUG HLQH QLFKWQDWXUDOLVWLVFKH 9DULDQWH GHU 9HUOl‰OLFKNHLWVWKHRULH ZRQDFKGLH9HUOl‰OLFKNHLWHLQHUEHKDXSWHQGHQ3HUVRQXQWHU(LQEH]LHKXQJ GHUVLHDOVYHUOl‰OLFKEHKDQGHOQGHQ3HUVRQQRUPDWLYNRQ]LSLHUWZLUGNRQ NUHW GHP (LQJHKHQ GHUVHOEHQ %HKDXSWXQJ GXUFK GLH 3HUVRQ % GLH GHU 3HUVRQ$:LVVHQ]XVFKUHLEW =X LLL  $Q %UDQGRPV :DKUKHLWVWKHRULH LVW LKUH PHWKRGLVFKH Ä3DV VXQJ¶DXIIlOOLJGHQQJHPl‰GHPYRQLKPKLQVLFKWOLFKGHUÅSUDJPDWLVFKHQ .UDIW´JHOWHQGJHPDFKWHQÅ9RUUDQJGHV3URSRVLWLRQDOHQ´YRUÅVXEVHQWHQ WLDOHQ $XVGUFNHQ´ HUJLEW VLFK HLQH 5HIHUHQ]WKHRULH VXEVHQWHQWLDOHU $XV GUFNHHLQH7KHRULHGHU2EMHNWLYLWlWHUVWDXVGHU:DKUKHLWVWKHRULHQLFKW XPJHNHKUWÅ*HZ|KQOLFKH$XVVDJHQGDUEHUZDVZDKUXQGIDOVFKLVWXQG ZRUDXIVLFKHLQ$XVGUXFNEH]LHKWVLQGVRZLHVLHVLQGY|OOLJLQ2UGQXQJ GLHDQDSKRULVFKH$QDO\VHHUNOlUWZLHVLH]XYHUVWHKHQVLQG>«@(LQH%H KDXSWXQJ DOV ZDKU ]X EHWUDFKWHQ PX‰ ]XDOOHUHUVW DOV GDV hEHUQHKPHQ HLQHUQRUPDWLYHQ(LQVWHOOXQJYHUVWDQGHQZHUGHQ²HLQH%HKDXSWXQJJXW ]XKHL‰HQXQGGDPLWHLQH)HVWOHJXQJDQ]XHUNHQQHQ'LHVHQRUPDWLYH(LQ VWHOOXQJ ZLUG YRUDXVJHVHW]W ZHQQ HLQH REMHNWLYH (LJHQVFKDIW ]XJHVFKULH EHQ ZHUGHQ VROO XQG LVW QLFKW HWZD DQKDQG YRQ GLHVHU ]X HUNOlUHQ >«@ 'LH H[SUHVVLYH .UDIW YRQ ÄZDKU¶ VRUJW GDIU GD‰ HLQH %HKDXSWXQJ GLH HLQHP *HJHQVWDQG HLQH REMHNWLYH (LJHQVFKDIW ]XVFKUHLEW PLW 5HFKW DOV REMHNWLYZDKURGHUIDOVFKEH]HLFKQHWZHUGHQNDQQ´6HLQWRSGRZQ=X JDQJIKUW%UDQGRPDOVRYRP%HJULIIGHU:DKUKHLW]XGHPGHU5HIHUHQ] GLH YRP :DKUKHLWVEHJULII JHIRUGHUWH Å(LQVWHOOXQJV7UDQV]HQGHQ]´ YHU VXFKW%UDQGRPPLWWHOVGHUGHRQWLVFKHQ'LIIHUHQ]HQ]ZLVFKHQGHGLFWRXQG GHUH=XVFKUHLEXQJHQ E]Z ]ZLVFKHQ %HKDXSWEDUNHLWV XQG :DKUKHLWVEH GLQJXQJHQ ]X EHVFKUHLEHQ 'LH ZDKUKHLWVWKHRUHWLVFKH 'LPHQVLRQ YRQ %UDQGRPV 7KHRULH ZLUG ZLH EHUHLWV EHPHUNW NRQWURYHUV GLVNXWLHUW VLH VWHKW MHGRFK QLFKW LP =HQWUXP PHLQHU JHJHQZlUWLJHQ $XVHLQDQGHUVHW ]XQJ

_____________        

9JO%UDQGRPD 9JOHEG 9JOHEG %UDQGRPI %UDQGRPD %UDQGRP 9JOGD]XGHQ]ZHLWHQ7HLOYRQ%UDQGRPDLQVEHVRQGHUH.DS 9JOGD]XGLHLQ)QDQJHJHEHQH/LWHUDWXU



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

$XFKN|QQHQLPIROJHQGHQGLHPLWGHP*:h6FKHPDYHUEXQGHQHQ .RQWURYHUVHQ ² HV JLEW QDWUOLFK VRZRKO ]X MHGHP GLHVHU %HJULIIH GHU hEHU]HXJXQJGHU5HFKWIHUWLJXQJXQGGHU:DKUKHLWDOVDXFK]XGHUGDUDXV UHVXOWLHUHQGHQ7KHRULHGHV:LVVHQVLQVJHVDPWHLQJDQ]HV%QGHOGLYHUJLH UHQGHU$OWHUQDWLYWKHRULHQ²XQEHUFNVLFKWLJWEOHLEHQLQVRIHUQKLHUQXUGDV ,QHLQDQGHUJUHLIHQ GHU 1RUPDWLYLWlWVEHVWLPPXQJHQ²)HVWOHJXQJXQG%H UHFKWLJXQJ²DOV0HWKRGLNIUGLH7KHPDWLNGHU+DQGOXQJVJUQGHIUXFKWEDU JHPDFKW ZHUGHQ VROO 'LH *OWLJNHLW GHV DXI 3ODWRQV 0HQRQ D II  ]X UFNJHKHQGHQ*:h0RGHOOVGHV:LVVHQVZLUGDOVRIUGDV:HLWHUHQLFKW YRUDXVJHVHW]W )UPHLQJHJHQZlUWLJHV$QOLHJHQLVWOHGLJOLFKGLHVHQWVFKHLGHQG1RU PDWLYLWlW NRPPW QDFK %UDQGRP QLFKW DN]LGHQWHOO ]X EHVWLPPWHQ PRUDOL VFKHQ  )RUPHQ VR]LDOHU 3UD[LV KLQ]X VRQGHUQ EHVFKUHLEW GLH *UXQGODJH MHJOLFKHU.RPPXQLNDWLRQ'DV7RUGXUFKZHOFKHV1RUPDWLYLWlW(LQJDQJ ILQGHW LQ GLH PHQVFKOLFKH .RPPXQLNDWLRQ XQG GDPLW GLHVH EHUKDXSW HUVW DOVVROFKH NRQVWLWXLHUW  VLQG GLH (LQVWHOOXQJHQ GHV =XZHLVHQV XQG$QHU NHQQHQVYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQ1RUPDWLYH6WDWXV DOVR GLH LQWHUVXEMHNWLYUHODWLRQDOHQ Å.RQVWHOODWLRQHQ YRQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ´ ELOGHQ GLH *UXQGODJH PHQVFKOLFKHQ 6SUHFKHQV :LVVHQVXQG+DQGHOQV²LPSOL]LWRGHUH[SOL]LW'DGLHVH6WDWXVGXUFKGLH GLVNXUVLYH 3UD[LV JHVWLIWHW ZHUGHQ NDQQ PDQ YRQ OHW]WHUHU LQ %UDQGRPV .RQ]HSWLRQ DOV GHU Ä4XHOOH GHU 1RUPDWLYLWlW¶ XP .RUVJDDUGV $XVGUXFN VLQJXODULVFK]XYHUZHQGHQVSUHFKHQ=XJOHLFKPVVHQDEHUGDV=XZHLVHQ XQG $QHUNHQQHQ GHRQWLVFKHU 6WDWXV LQ GHU $OOWDJVNRPPXQLNDWLRQ QLFKW VWlQGLJH[SOL]LHUWZHUGHQ(VYHUKlOWVLFKYLHOPHKUVR²XQGGDULQOLHJWGLH 3RLQWH GHU WLWHOJHEHQGHQ )RUPHO PDNLQJ LW H[SOLFLW ² GD‰ HUVW QRUPDWLYHV 9RNDEXODUGLH)XQNWLRQKDWGLHGHRQWLVFKHQ6WDWXVGLHMHJOLFKHUGLVNXUVL YHQ3UD[LVLQQHZRKQHQH[SOL]LWPDFKHQ]XN|QQHQXQG]XPDFKHQ (UZlKQHQVZHUWLQGLHVHP=XVDPPHQKDQJLVWQRFKGD‰GLHVH7KHRULH GHUQRUPDWLYHQ(LQVWHOOXQJHQQLFKWLKUHUVHLWVHLQH PHQWDOLVWLVFKH 7KHRULH GHU,QWHQWLRQDOLWlWYRUDXVVHW]W9LHOPHKUHUJLEWVLFKGHU%HJULIIGHU,QWHQ WLRQDOLWlW ² KDW PDQ HLQPDO GDV 3ULPDW GHU 'LVNXUVLYLWlW KLQVLFKWOLFK GHU (UNOlUXQJVUHLKHQIROJH HSLVWHPLVFKHU DEHU HEHQ DXFK SUDNWLVFKHU *UXQG NDWHJRULHQDN]HSWLHUW²DXVGHQ5HVXOWDWHQGHUKLHUYRUJHVWHOOWHQQRUPDWL YHQ 3UDJPDWLN %UDQGRP XQWHUVFKHLGHW LP $QVFKOX‰ DQ 'HQQHWW ]ZL

_____________  %UDQGRPD  9JO'HQQHWWDVRZLHGHUVEÅ>@DSHUVRQPXVWEHDEOHWRUHFLS URFDWHWKHVWDQFHZKLFKVXJJHVWVWKDWDQLQWHQWLRQDOV\VWHPWKDWLWVHOIDGRSWHGWKHLQ WHQWLRQDOVWDQFHWRZDUGRWKHUREMHFWVZRXOGPHHWWKHWHVW/HWXVGHILQHDVHFRQGRUGHU LQWHQWLRQDOV\VWHPDVRQHWRZKLFKZHDVFULEHQRWRQO\VLPSOHEHOLHIVGHVLUHVDQGRWKHU LQWHQWLRQVEXWEHOLHIVGHVLUHVDQGRWKHULQWHQWLRQVDERXWEHOLHIVGHVLUHVDQGRWKHULQ WHQWLRQV´

†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 



VFKHQGHUÅ,QWHQWLRQDOLWlWHUVWHUXQG]ZHLWHU.ODVVH²MHQHUEHUGLH,Q WHQWLRQDOLWlWV=XZHLVHUYHUIJHQXQGMHQHUGLHGLHMHQLJHQEHVLW]HQGHQHQ ,QWHQWLRQDOLWlW]XJHZLHVHQZLUG´'DPLWZLUGQDFK0D‰JDEHGHUQRUPD WLYHQ 3UDJPDWLN GHU %HJULII HLQIDFKHU LQWHQWLRQDOHU 6\VWHPH YRP %HJULII LQWHUSUHWLHUHQGHULQWHQWLRQDOHU6\VWHPHDEJHOHLWHW:lKUHQGGLHHUVWHDOVR GLH GHULYDWLYH ,QWHQWLRQDOLWlW HLQH 8QWHUVWHOOXQJ LVW GLH VLFK LP 'LVNXUV EHZlKUHQ NDQQ  NDQQ GLH ]ZHLWH GLH XUVSUQJOLFKH ,QWHQWLRQDOLWlW GLH ]XJOHLFK HLQH DQ GLVNXUVLYH 3UD[HQ JHEXQGHQH QRUPDWLYH (LQVWHOOXQJ LVW LK UHUVHLWV]X8QWHUVWHOOXQJHQJHQXW]WZHUGHQ=ZDUNDQQÅ>@GLHQRUPD WLYH (LQVWHOOXQJ >@ DOV HWZDV LQ GHU 3UD[LV GHV %HXUWHLOHQGHQ LUJHQGZLH LPSOL]LW (QWKDOWHQHV DXIJHID‰W ZHUGHQ XQG >PX‰@ QLFKW DOV GLH H[SOL]LWH %LOOLJXQJHLQHU3URSRVLWLRQ>DXIJHID‰WZHUGHQ@´GRFKLVWGLH,QWHOOLJLELOL WlWGLHVHU3UD[LVDQGLH'LVNXUVLYLWlWGHU.RQWRIKUHUJHEXQGHQ'DVEH GHXWHW JHPl‰ %UDQGRPV 3UDJPDWLVPXV VHW]W ]ZDU HLQ :LVVHQGD‰ HLQ :LVVHQZLHYRUDXVGHQQRFKLVWOHW]WHUHV%UDQGRPVÅQRUPDWLYHP3KlQRPH QDOLVPXV´HQWVSUHFKHQGLQWHUVXEMHNWLYQXULP'LVNXUVDOVQRUPDWLYH(LQ VWHOOXQJ HUNHQQEDU XQG GDKHU NDQQ VRODQJH GDV :LVVHQZLH QLFKW H[SOL]LW JHPDFKW ZLUG YRQ :LVVHQ LP HLJHQWOLFKHQ 6LQQH DXFK NHLQH 5HGH VHLQ 'LHV LVW GHU *UXQG GDIU ZHVKDOE %UDQGRP VWHWV DXI GHU ÅFRQFHSWXDO SULRULW\EHWZHHQFRQFHSWXDOQRUPVDQGQRUPVJHQHUDOO\´EHKDUUW

_____________  %UDQGRPD  %UDQGRPHUOlXWHUWGLHVIROJHQGHUPD‰HQÅ=ZLVFKHQHLQIDFKHQLQWHQWLRQDOHQ6\VWHPHQGLH OHGLJOLFKLQWHQWLRQDOLQWHUSUHWLHUEDUVLQGXQGLQWHUSUHWLHUHQGHQLQWHQWLRQDOHQ6\VWHPHQ]XXQ WHUVFKHLGHQ DOVR ]ZLVFKHQ 6\VWHPHQ JHJHQEHU GHQHQ GLH LQWHQWLRQDOH (LQVWHOOXQJ HLQJHQRPPHQ ZHUGHQ NDQQ XQG 6\VWHPHQ GLH GLHVH (LQVWHOOXQJHQ DQGHUHQ JHJHQ EHUHLQQHKPHQN|QQHQKHL‰W]ZLVFKHQLQVWLWXLHUHQGHUXQGLQVWLWXLHUWHU,QWHQWLRQDOL WlW]XXQWHUVFKHLGHQ'LHHLQIDFKH,QWHQWLRQDOLWlWGLHKLHUQDFKLP$XJHGHV%HWUDFK WHUVOLHJWLVWDXVGLHVHP*UXQGDEKlQJLJXQGLQHLQHPZLFKWLJHQ6LQQDEJHOHLWHWYRQGHU ,QWHQWLRQDOLWlW GLH GHQ ,QWHUSUHWHQ ]XNRPPW´ %UDQGRP D   9JO DXFK %UDQGRPE  %UDQGRP D I YJO LQ GLHVHP 6LQQH DXFK %UDQGRP D  VRZLH %UDQ GRPE  %UDQGRPDYJOGD]XDXFK5RVHQ  %UDQGRP E  .QHOO   VRZLH 7HLO   NULWLVLHUW DQ GHU *H VDPWVWUDWHJLHGHVÄ0DNLQJLW([SOLFLW¶GD‰%UDQGRPGLH.RQNUHWLRQVHLQHU7KHRULHLQ WDWVlFKOLFKHQ 6SUDFKSUDNWLNHQ QLFKW H[SOL]LHUW XQG QLFKW H[SOL]LHUHQ NDQQ ZREHL HU VLFK YRU DOOHP DXI %UDQGRPV 7KHVH GHU 6SUDFKNRPSHWHQ]DEKlQJLJNHLW LQWHQWLRQDOHU =XVWlQGHNRQ]HQWULHUW LQVEHVLQ.DSYRQ%UDQGRPD 9JO]XUH[SUHVVLYHQ 5ROOH ORJLVFKHQ 9RNDEXODUV GLH PHWKRGLVFK ]X XQWHUVFKHLGHQ LVW YRQ GHU KLHU DQJHVSURFKHQHQ 5ROOH EHJULIIOLFKHU 1RUPHQ ÅFRQFHSWXDO QRUPV´  LQ $QWZRUW DXI 0DFEHWK  %UDQGRPDÅ>@WKHH[SUHVVLYHUROHRIVXFKORJLFDOYRFDEX ODU\LVSUHFLVHO\WRHQDEOHXVWRPDNHH[SOLFLWLQWKHIRUPRIFODLPVEURDGO\LQIHUHQWLDO FRPPLWPHQWV WKDW FDQ DOUHDG\ LQWHOOLJLEO\ EH GLVFHUQHG DV JRYHUQLQJ WKH XVH RI



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

'DVELVKHU(UUHLFKWHOl‰WVLFKPLW%OLFNDXIGDV3DSDJHL%HLVSLHOIRO JHQGHUPD‰HQ NXU] ]XVDPPHQ]XIDVVHQ (LQ ZHVHQWOLFKHU 8QWHUVFKLHG ]ZLVFKHQ JHQXLQHP :LVVHQ HLQHUVHLWV XQG EOR‰HU 5HL]UHDNWLRQ DQGHUHU VHLWVEHVWHKWGDULQGD‰GLH%HKDXSWXQJÅGDV6WRIIPXVWHULVWURW´QXULP HUVWHQ )DOO VR YHUVWDQGHQ ZLUG GD‰ GDV EHKDXSWHQGH:HVHQ GLH LQIHUHQ WLHOOH9HUELQGOLFKNHLWGLHHVVLFKGDPLWÄDXIJHODGHQ¶KDWDQHUNHQQWXQGLKU LP6SUHFKHQXQG+DQGHOQJHUHFKWZLUG :HVHQGLH9HUQXQIWEHVLW]HQ]HLFKQHQVLFKGDGXUFKDXVGD‰VLH9HU ELQGOLFKNHLWHQQLFKWHLQIDFKIDNWLVFKXQWHUOLHJHQVRQGHUQGLHVHQ9HUELQG OLFKNHLWHQ QXU GDQQ XQWHUOLHJHQ ZHQQ VLH VLH DOV 9HUELQGOLFKNHLWHQ DQHU NHQQHQ 'LHVH $QHUNHQQXQJ GHU $XWRULWlW ZHOFKH XQVHUH HLJHQHQ bX‰HUXQJHQ DXI XQV DXVEHQ ]HLJHQ ZLU LQGHP ZLU GLH VLFK DXV GLHVHQ bX‰HUXQJHQHUJHEHQGHQ.RQVHTXHQ]HQEHIROJHQ,P%HLVSLHOZLUYHUKDO WHQXQVLQXQVHUHQ6SUDFKKDQGOXQJHQGDQQNRUUHNWZHQQZLUGLH%HKDXS WXQJ ÅGLHV LVW URW´ EHLVSLHOVZHLVH DOV LQNRPSDWLEHO PLW GHU %HKDXSWXQJ ÅGLHVLVWJHOE´RGHUDOV.RQVHTXHQ]DXVGHU%HKDXSWXQJÅGLHVLVWURVWURW´ YHUVWHKHQ XQG EHKDQGHOQ :LU HUKDOWHQ GDQQ LQ %UDQGRPV .RQWRIK UXQJVDQDORJLH.UHGLWIUZHLWHUH6SUDFKVSLHOH'HU3DSDJHLPDJVLFK! ]X GHU bX‰HUXQJ ÅGLHV LVW URW´ JHUHL]W IKOHQ! GRFK HU EHUQLPPW ZLH PDQ VHLQHP ZHLWHUHQ 6SUDFKYHUKDOWHQ! DEQHKPHQ NDQQ NHLQHUOHL HSLVWHPLVFKHRGHUSUDNWLVFKH9HUDQWZRUWXQJIUGLHVHbX‰HUXQJ(U]HLJW XQV LQ VHLQHP 9HUKDOWHQ GD‰ HU GLH )HVWOHJXQJ DXI EHVWLPPWH ZHLWHUH %HKDXSWXQJHQQLFKWDQHUNHQQW :LH LP RELJHQ 'LDJUDPP 6   DQJHGHXWHW HUID‰W %UDQGRP PLW VHLQHP LQIHUHQWLDOLVWLVFKHQ 0RGHOO MHGRFK QLFKW QXU GHQ WUDGLWLRQHOOHQ %HJULIIWKHRUHWLVFKHU9HUQXQIWLQVSUDFKSUR]HGXUDOHQ7HUPLQLVRQGHUQLP

_____________ 



 

QRQORJLFDO YRFDEXODU\ EHIRUH VXFK ORJLFDO YRFDEXODU\ LV LQWURGXFHG´ 9JO GD]X DXFK XQWHQ)Q :HVHQWOLFKÄSULYDWHV6SUHFKHQ¶LVWGDPLWNHLQHUHDOH0|JOLFKNHLWÄ3ULYDWHV+DQGHOQ¶LVW ]ZDU VXL JHQHULV QLFKW XQP|JOLFK 'RFK DXIJUXQG GHU$EKlQJLJNHLW GHU SRWHQWLHOOHQ +DQGOXQJVJUQGH GLHGDVHQWVSUHFKHQGH9HUKDOWHQHUVW]XHLQHU$NWLYLWlWE]ZHLQHU +DQGOXQJ PDFKHQ  YRQ YLHOHUOHL HSLVWHPLVFKHQ )HVWOHJXQJHQ LVW ZHVHQWOLFK QLFKW VSUDFKOLFKHVSULYDWHV+DQGHOQDXFKNHLQHUHDOH0|JOLFKNHLWVRQGHUQOHGLJOLFKDOVHLQ GHULYDWLYHU0RGXVGHVSULQ]LSLHOOÄ|IIHQWOLFKHQ+DQGHOQV¶GHQNEDU 9JO GD]X %UDQGRP D  Å1LFKW GLH 5HJHO RGHU 1RUP VHOEVW YHUDQOD‰W XQVHU +DQGHOQVRQGHUQGLH7DWVDFKHGD‰ZLUVLHDQHUNHQQHQ,QGHU5HODWLRQ]ZLVFKHQUHLQ QDWUOLFKHQ *HJHQVWlQGHQ XQG GHQ VLH EHKHUUVFKHQGHQ 5HJHOQ IHKOW HV DQ HLQHU VRO FKHQLQWHUYHQLHUHQGHQ(LQVWHOOXQJ´9JO]XUKLHUEHLLP+LQWHUJUXQGVWHKHQGHQ.DQ WLVFKHQ 9RUVWHOOXQJ GHV =XVDPPHQKDQJV YRQ 9HUQXQIW XQG :LOOH REHQ .DS  )Q VRZLHGHQ$EVFKQLWW]XGHPGLHVH)X‰QRWHJHK|UW 9JOGD]XREHQ)Q 9JOREHQ(LQOHLWXQJ)Q

†1RUPDWLYH6WDWXVXQGQRUPDWLYH(LQVWHOOXQJHQ 



=XVDPPHQKDQJYRQ'LVNXUVDXVJlQJHQDXFKHLQHQ%HJULIIGHVUDWLRQDOHQ :LOOHQV :HVHQGLHHLQHQUDWLRQDOHQ:LOOHQEHVLW]HQ]HLFKQHQVLFKGHPQDFKDOV VROFKHDXVGHUHQ$QHUNHQQXQJHQEHVWLPPWHU)HVWOHJXQJHQJDQ]VSH]LIL VFKH $XVZLUNXQJHQ GDUDXI KDEHQ ZLH VLH QDFKIROJHQG KDQGHOQ Å'DV +DEHQ HLQHV UDWLRQDOHQ :LOOHQV NDQQ GDQQ DOV GDV +DEHQ GHU )lKLJNHLW YHUVWDQGHQ ZHUGHQ YHUOl‰OLFK DXI GLH HLJHQH $QHUNHQQXQJ HLQHU )HVWOH JXQJ HLQHU1RUPGLHHLQHQELQGHW ]XUHDJLHUHQLQGHPPDQXQWHUVFKHL GHQG3HUIRUPDQ]HQKHUYRUEULQJWGLHGHP*HKDOWGHUDQHUNDQQWHQ)HVWOH JXQJHQWVSUHFKHQ´ ,Q %UDQGRPV .RQ]HSW HLQHU QRUPDWLYHQ 3UDJPDWLN VLQG GLH .DQWL VFKHQ .RQ]HSWH YRQ 9HUQXQIW XQG :LOOHQ DXI GHU SKlQRPHQDOHQ %DVLV DOOWDJVVSUDFKOLFKHU 3HUIRUPDQ]HQ LKUHP DOOJHPHLQHQ DXI (UNHQQHQ XQG +DQGHOQEH]RJHQHQ*HOWXQJVDQVSUXFKQDFKUHNRQVWUXLHUWZREHLGLHWUD GLWLRQHOOHQ EHJULIIOLFKHQ $EJUQGH ]ZLVFKHQ (UNHQQHQ 6SUHFKHQ XQG +DQGHOQ KLHU YRQ HLQHP LQIHUHQWLDOLVWLVFKHQ 1HW] EHUVSDQQW ZHUGHQ 1DFK %UDQGRP YHUSIOLFKWHQ ZLU DOVR XQV XQG DQGHUH XQG ZHUGHQ YRQ GLHVHQYHUSIOLFKWHWLQGHPZLUPLWGLHVHQDQGHUHQHLQXQGGLHVHOEHUDWLRQD OH :HOW GHU :DKUQHKPXQJHQ XQG +DQGOXQJHQ WHLOHQ ZHOFKH *HPHLQ VFKDIWVLFKEHUGDV0HGLXPGHU6SUDFKHQRUPDWLYJHVWDOWHQXQGGHVNULS WLY H[SOL]LHUHQ Ol‰W Å5DWLRQDOLW\ FRQVLVWV LQ ERWK EHLQJ VXEMHFW WR DVVHVVPHQWDFFRUGLQJWR FRQFHSWXDOQRUPVDQGEHLQJVHQVLWLYHWRWKHP² EHLQJERWKERXQGE\DQGDEOHWRIHHOWKHIRUFHRIWKHEHWWHUUHDVRQµ ,FKKDEHLQ†EHUHLWVDQJHGHXWHWGD‰%UDQGRPV$XVIRUPXOLHUXQJ YRQÅ.DQWV*UXQGVDW]GD‰ZLUQLFKWQXUQDFK5HJHOQVRQGHUQQDFK5H JHOYRUVWHOOXQJHQ KDQGHOQ´ GD‰ 0HQVFKHQ VLFK DOVR ÅGXUFK QRUPDWLYH (LQVWHOOXQJHQ DXV]HLFKQHQ´ LQQHUKDOE GHU .DQWLVFKHQ 3KLORVRSKLH DP QlFKVWHQGHU.RQ]HSWLRQK\SRWKHWLVFKHU,PSHUDWLYHNRPPWZLHVLHLQ† YRUJHVWHOOW ZXUGH 'LH OHLWHQGH )UDJH ZHOFKH %UDQGRPV VSUDFKSUDJPDWL VFKHQ.RKlUHQWLVPXVPLWGHUSUDNWLVFKHQ3KLORVRSKLH.DQWVNRQIURQWLH UHQ Ol‰W NDQQ GDPLW ZHLWHU SUl]LVLHUW ZHUGHQ LVW 5DWLRQDOLWlW LP HEHQ HU ZlKQWHQ6LQQH%UDQGRPVQlPOLFKHLQHU%LQGXQJDQGLHQRUPDWLYH.UDIW EHJULIIOLFKHU1RUPHQWKHRUHWLVFKJHHLJQHWGLH.DQWLVFKH0HKUGHXWLJNHLW LPÄHQWVFKHLGHQGHQ(LQIOX‰GHU9HUQXQIWDXIXQVHUH+DQGOXQJHQ¶]XH[SOL ]LHUHQ"  

_____________ %UDQGRP %UDQGRP %UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

†3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW

 5DWLRQDOLWlW EHVLW]W ZLH VLFK EHUHLWV LP .DQWLVFKHQ .RQWH[W GHU =ZHFN 0LWWHO5DWLRQDOLWlW K\SRWKHWLVFKHU ,PSHUDWLYH HUJHEHQ KDW GLH .HKUVHLWH GHU ,UUDWLRQDOLWlW RGHU :LOOHQVVFKZlFKH 'RFK LVW ,UUDWLRQDOLWlW XQG :LO OHQVVFKZlFKHLGHQWLVFK",VWHVQLFKWVLQQYROOLQ$EVHW]XQJYRQGHU.DQWL VFKHQ$XVJDQJVWKHRULH]ZLVFKHQWKHRUHWLVFKHUXQGSUDNWLVFKHU,UUDWLRQDOL WlW ]X XQWHUVFKHLGHQ XQG LQQHUKDOE EHLGHU ZLHGHUXP ]ZLVFKHQ YHUVFKLHGHQHQ*UDGHQ" )ROJHQGHQ ZHLWHQ *HEUDXFK GHV :RUWHV ,UUDWLRQDOLWlW LP 6LQQH MHJOL FKHU NRQDWLYHQ )HKOHUKDIWLJNHLW KDW 3DUILW YRUJHVFKODJHQ Å7KH FKDUJH ¶LUUDWLRQDO· LV DW RQH HQG RI D UDQJH RI FULWLFLVPV ,W LV OLNH WKH FKDUJH ¶ZLFNHG·:HPD\FODLPWKDWVRPHDFWWKRXJKQRWVREDGDVWREHZLFNHG LVVWLOORSHQWRPRUDOFULWLFLVP:HPD\VLPLODUO\FODLPWKDWVRPHGHVLUH WKRXJK QRW GHVHUYLQJ WKH H[WUHPH FKDUJH ¶LUUDWLRQDO· LV RSHQ WR UDWLRQDO FULWLFLVP 7RVDYH ZRUGV,VKDOO H[WHQG WKH RUGLQDU\ XVH RI ¶LUUDWLRQDO·, VKDOOXVHWKLVZRUGWRPHDQ¶RSHQWRUDWLRQDOFULWLFLVP·7KLVZLOODOORZ¶QRW LUUDWLRQDO·WRPHDQ¶QRWRSHQWRVXFKFULWLFLVP·µ'DJHJHQIKUW6FDQORQ MHGRFKGDV%HLVSLHOP|JOLFKHUhEHU]HXJWKHLWYRQHLQHPVHKUNRPSOL]LHU WHQDEHUIHKOHUKDIWHQPDWKHPDWLVFKHQ%HZHLVDQXPIUHLQHQHQJHUHQ %HJULIIYRQ,UUDWLRQDOLWlW]XSOlGLHUHQÅ7KLV>VF,VLPSO\IDLOWRVHHWKDWD FHUWDLQ PDWKHPDWLFDOSRVVLELOLW\ KDVEHHQ OHIW RXW .3@ ZRXOG EH D PLV WDNHRQP\SDUWEXWPRUHZRXOGEHUHTXLUHGWRVXSSRUWDFKDUJHRILUUD WLRQDOLW\ >«@ , EHOLHYH WKDW ZH QRUPDOO\ GUDZ D GLVWLQFWLRQ EHWZHHQ DQ DWWLWXGH·VEHLQJLUUDWLRQDODQGLWVEHLQJPLVWDNHQRUÄRSHQWRUDWLRQDOFULWL FLVP·:HQHHGQRWWDNHRUGLQDU\XVDJHDVDXWKRULWDWLYHRQWKLVSRLQWEXW, EHOLHYH WKDW LW LV KHOSIXO WR SUHVHUYH WKLV GLVWLQFWLRQ DQG WR PDUN LW FOHDUO\´,UUDWLRQDOLWlWRGHU:LOOHQVVFKZlFKHWULWWJHPl‰6FDQORQV.RQ ]HSWLRQ GDKHU HUVW DXI Å>«@ ZKHQ D SHUVRQ UHFRJQL]HV VRPHWKLQJ DV D UHDVRQEXWIDLOVWREHDIIHFWHGE\LWLQRQHRIWKHUHOHYDQWZD\V´'RFK JHKWHULP$QVFKOX‰DQ'DYLGVRQHLQHQ6FKULWWEHUGLHVHDOOJHPHLQH(U NOlUXQJ KLQDXV LQGHP HU DXFK YRQ HLQHU ÅDNUDVLD RI EHOLHI´ VSULFKW *H

_____________ 3DUILW 6FDQORQI 6FDQORQ   0LW %OLFN DXI GHQ =XVDPPHQKDQJ YRQ ,QWHQWLRQHQ XQG +DQG OXQJVJUQGHQ HUOlXWHUW 6FDQORQ GLHVH $QVLFKW IROJHQGHUPD‰HQ Å7R DGRSW DQ LQWHQ WLRQMXVWLVWRJLYHFHUWDLQFRQVLGHUDWLRQVDVSHFLDOSODFHLQRQH·VIXWXUHWKLQNLQJ6RWR DGRSWDQLQWHQWLRQDQGWKHQIDLOWRJLYHLWDSODFHLQVKDSLQJRQH·VUHDVRQVLVDFDVHRI LUUDWLRQDOLW\ LQ WKH QDUURZ VHQVH , GHILQHG DERYH´ 6FDQORQ    'DPLW LVW VHOEVWYHUVWlQGOLFK QRFK QLFKW JHVDJW GD‰ MHGH $EVLFKW EHUHLWV HLQ JXWHU +DQGOXQJV JUXQGLVWZLHGDVLQ†GLVNXWLHUWH3UREOHPGHVÄERRWVWUDSSLQJ¶]HLJW

†3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW 



PHLQW LVW GDPLW GDV 3KlQRPHQ GHV 1LFKWZDKUKDEHQ:ROOHQV ZLH 6FDQ ORQDP%HLVSLHOHLQHU3HUVRQGHPRQVWULHUWGLHGHUYRUJHWlXVFKWHQ/R\DOL WlWHLQHUDQGHUHQ3HUVRQWUDXWREZRKOVLHHLJHQWOLFKJHQDXZHL‰ZLHJXW GLHVHDQGHUH3HUVRQ/R\DOLWlWYRUWlXVFKHQNDQQÅ>«@WKHUHLVVRPHWKLQJ WKDW,WDNHWREHDUHDVRQIRUEHOLHYLQJLQKLVJHQXLQHQHVVQDPHO\KLVDS SHDUDQFH RI JHQXLQHQHVV *LYHQ DOO WKDW , NQRZ DERXW KLP RI FRXUVH , NQRZ WKDW WKLV LV QRW D JRRG UHDVRQ LQ WKLV FDVH EXW LW FDQ VHUYH DV P\ UHDVRQ QRQHWKHOHVVµ 'LH *HJHQDXIIDVVXQJ VR 6FDQORQ JHKW IlOVFKOL FKHUZHLVHGDYRQDXVGD‰GLH9HUELQGXQJ]ZLVFKHQGHUhEHU]HXJWKHLWYRQ GHU5HFKWIHUWLJXQJHLQHV8UWHLOVHLQHUVHLWVXQGGHUhEHU]HXJXQJYRQGHP 8UWHLOVHOEVWDQGHUHUVHLWV]XXQPLWWHOEDULVWXPÄ)HKOOHLVWXQJHQ¶5DXP]X ODVVHQ6FDQORQJHKWLQGLHVHP=XVDPPHQKDQJ]ZDUQLFKWDXI%UDQGRPV ,QIHUHQWLDOLVPXVXQGGHVVHQ%HWRQXQJGHU.ROODWHUDOIHVWOHJXQJHQHLQZLH VLHVLFKLQGHUYRUVWHKHQGHQ([SRVLWLRQYRQ%UDQGRPV6HPDQWLNJH]HLJW KDWGRFKHUOlXWHUWHUVHLQH3RVLWLRQLQ$EJUHQ]XQJYRQHLQHP%HJULIIV DWRPLVPXVJDQ]LQGLHVHP6LQQHHUFKDUDNWHULVLHUW]XQlFKVWGLH*HJHQSR VLWLRQ]XVHLQHUHLJHQHQÅ7RWDNH3WREHVXSSRUWHGE\WKHEHVWHYLGHQFH MXVWLVWREHOLHYHLW´8QGIlKUWGDQQIRUWÅ%XWWKLVVHHPVWRPHDPLVWDNH %HOLHI LV QRW PHUHO\ D PDWWHU RI MXGJPHQW EXW RI WKH FRQQHFWLRQV RYHU WLPHEHWZHHQWKLVMXGJPHQWDQGGLVSRVLWLRQVWRIHHOFRQYLFWLRQWRUHFDOO DVUHOHYDQWWRHPSOR\DVDSUHPLVHLQIXUWKHUUHDVRQLQJDQGVRRQ,QVR IDUDVDNUDVLDLQYROYHVWKHIDLOXUHRIWKHVHFRQQHFWLRQVLWFDQRFFXULQWKH FDVHRIEHOLHIDVZHOODVLQWKDWRILQWHQWLRQDQGDFWLRQµ0LUVFKHLQWHLQH VROFKH.RQ]HSWXDOLVLHUXQJVLQQYROO]XVHLQLQGHPVLHHLQHUVHLWVGDVJHQXLQ 3UDNWLVFKHGHU,UUDWLRQDOLWlWLVROLHUEDUPDFKWDQGHUHUVHLWVGHQLP=XVDP PHQKDQJGHU:LOOHQVVFKZlFKHDPKlXILJVWHQGLVNXWLHUWHQ)DOOLQVWUXPHQ WHOOHU5DWLRQDOLWlWLQHLQHQJU|‰HUHQ5DKPHQHLQEHWWHW $OV3Ul]LVLHUXQJYRQ6FDQORQV%HJULIIGHU,UUDWLRQDOLWlWGHU]ZDUVR ZRKODXIWKHRUHWLVFKHZLHDXFKDXISUDNWLVFKH(LQVWHOOXQJHQKLQVLFKWOLFK GLHVHU DEHU DXI HLQH HQJ XPVFKULHEHQH 3KlQRPHQNODVVH EH]RJHQ LVW KDW 1LGD5PHOLQ GDUDXI DXIPHUNVDP JHPDFKW GD‰ VHOEVW GLH SUDNWLVFK LUUDWLRQDOHGKZLOOHQVVFKZDFKH3HUVRQLQHLQHPPLQLPDOHQ6LQQUDWLRQDO VHLQPX‰GDPLWZLULKUH9HUKDOWHQVZHLVHQEHUKDXSWQRFKDOV+DQGOXQ JHQ VHKHQ XQG GLH 3HUVRQ GDIU YHUDQWZRUWOLFK PDFKHQ N|QQHQ (V LVW Å>«@HLQHXQ]XUHLFKHQGH$QDO\VHGHP:LOOHQVVFKZDFKHQ]XXQWHUVWHOOHQ

_____________ 6FDQORQ   YJO DXFK 'DYLGVRQ   HQJO    VRZLH ]X 'DYLGVRQV $XIIDVVXQJ YRQ :LOOHQVVFKZlFKH 6SLW]OH\   XQG %UDWPDQ  9JOGD]XDXFKXQWHQ.DS)Q 6FDQORQ



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

GDVVHUQLFKW*UQGHQVRQGHUQ1HLJXQJHQIROJH´(USOlGLHUWGDEHLIU HLQHQJUDGXHOOHQ%HJULIIYRQ:LOOHQVVWlUNHUHVSHNWLYHVFKZlFKHGHUVLFK DQ GHU UHIOH[LYHQ (LQEH]LHKXQJ VWUXNWXUHOOUDWLRQDOHU *HVLFKWVSXQNWH EH PL‰WÅ$XFKGLHZLOOHQVVFKZDFKH3HUVRQKDQGHOWDXIJUXQGHLQHU6WHOOXQJ QDKPHDOOHUGLQJVDXIJUXQGHLQHU6WHOOXQJQDKPHGLHPLWHLQHUDQGHUHQLQ .RQIOLNW VWHKW GLH HLQHQ VWUXNWXUHOOHQ &KDUDNWHU KDW >«@ 'LH :LOOHQV VFKZlFKHGUFNWVLFKGDULQDXVGDVVGLH3HUVRQHLQHXQDQJHPHVVHQH*H ZLFKWXQJ GHU $XJHQEOLFNVVLWXDWLRQ YRUQLPPW 'DV ZDV JHUDGH ]lKOW LVW GDV 1DKHOLHJHQGH REZRKO HV LKUHU EHVVHUHQ (LQVLFKW ]XZLGHUOlXIW´ (LQH GHUDUWLJH VWUXNWXUHOOH %HWUDFKWXQJ DXV GHU HUVWHQ 3HUVRQ 6LQJXODU YHUKLQGHUW DXFK HLQH YRUHLOLJH =XVFKUHLEXQJ YRQ ,UUDWLRQDOLWlW DXV GHU 3HUVSHNWLYHHLQHUGULWWHQ3HUVRQZLHVLH:LOOLDPVGHQ9HUWHLGLJHUQH[WHU QHU *UQGH XQWHUVWHOOW :LOOLDPV JHKW GDYRQ DXV GD‰ GDV %HVWHKHQ YRQ +DQGOXQJVJUQGHQ VWHWV YRQ GHU ÅVXEMHNWLYHQ PRWLYDWLRQDOHQ 9HUIDV VXQJ´GHUKDQGHOQGHQ3HUVRQDEKlQJWRKQHHLQH9HUELQGXQJ]ZLVFKHQ GHU +DQGOXQJ [ HLQHU 3HUVRQ V XQG GHUHQ DNWXHOOHU +DQGOXQJVPRWLYDWLRQ ODVVH VLFK GLH %HKDXSWXQJ GLHVH 3HUVRQ KDEH *UQGH IU [ QLFKW DXI UHFKWHUKDOWHQ 'RFK ]HLJW GLH (LQEH]LHKXQJ VWUXNWXUHOOUDWLRQDOHU *H VLFKWVSXQNWHGD‰*UQGHQLFKWVROFKHGHUSXQNWXHOOHQ2SWLPLHUXQJVHLQ PVVHQ GDV )HKOHQ OHW]WHUHU *UQGH LQ HLQHU VSH]LHOOHQ 6LWXDWLRQ GHP

_____________ 1LGD5PHOLQYJO]X6FDQORQV(UNOlUXQJGHVEHJULIIOLFKHQ9HUKlOWQLVVHV ]ZLVFKHQ*UQGHQXQG1HLJXQJHQE]Z:QVFKHQREHQ† 1LGD5PHOLQ   $P %HLVSLHO YRQ .OHLQNLQGHUQ GLH LQ GHU 3KDVH GHV 6SUDFKHUZHUEVEHJLQQHQPLW)LQJHU]HLJE]ZHLQIDFKHQVSUDFKOLFKHQbX‰HUXQJHQLK UH +DQGOXQJHQ ]X EHJUQGHQ PDFKW 1LGD5PHOLQ GLHVH *UDGXDOLWlW GHXWOLFK Å'LH YHUIROJWHQ $EVLFKWHQ VLQG ]XQlFKVW VHKU NXU]IULVWLJ XQG NOHLQH .LQGHU ODVVHQ VLFK UDVFKYRQLKUHQ=LHOHQDEEULQJHQLQGHPPDQLKUH$XIPHUNVDPNHLWDXIDQGHUHVOHQNW ,KU 9HUKDOWHQ HUJLEW VLFK DXV GHP $XJHQEOLFN VLH UHDJLHUHQ DXI lX‰HUH 9HUlQGHUXQ JHQLQGHPVLHLKUHYRUKHULJHQ=LHOHDXIJHEHQE]ZYHUJHVVHQVLHYHU]ZHLIHOQUDVFK ZHQQ VLH HWZDV QLFKW HUUHLFKHQ LKUH 6WLPPXQJHQ N|QQHQ VLFK VFKODJDUWLJ lQGHUQ .LQGOLFKHV 9HUKDOWHQ LVW ZLOOHQVVFKZDFK LKP IHKOW GLH 6WUXNWXULHUXQJ GXUFK +DQG OXQJVJUQGH EHU OlQJHUH =HLWUlXPH KLQZHJ´ 1LGD5PHOLQ    (LQH LQWH UHVVDQWH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ :LOOHQVVFKZlFKH XQG ,UUDWLRQDOLWlW LQQHUKDOE HLQHV VWUXNWXUWKHRUHWLVFKHQ 5DKPHQV ILQGHW VLFK EHL $XGL HU EH]HLFKQHW VHLQ ÅEDODQFH RI UHDVRQVPRGHO´VHOEVWDOVÅKROLVWLF´$XGL $XGLIKUW%HLVSLHOHDQLQZHO FKHQGLH+DQGOXQJ]ZDUQLFKWGHUHLJHQHQWDWVlFKOLFKHQSUDNWLVFKHQ(UZlJXQJIROJW XQG LQ GLHVHP 6LQQH DOV ZLOOHQVVFKZDFK ]X EH]HLFKQHQ VHL LQ ZHOFKHQ MHGRFK HLQH ]X VlW]OLFKH5HIOH[LRQDXIÅRXURYHUDOOV\VWHPRIUHDVRQV´ÅRXUPRVWLPSRUWDQWEHOLHIV DQGZDQWVUHOHYDQWWRWKH DFWLRQ´ HEG GXUFKDXVGLH5DWLRQDOLWlWGHU+DQGOXQJ HUZHLVHQ NDQQ :LOOHQVVFKZlFKH XQG 5DWLRQDOLWlW VLQG GHP]XIROJH QLFKW YROOVWlQGLJ GLVMXQNW 'LH GD]X HUIRUGHUOLFKH 3HUVSHNWLYHQGLIIHUHQ] ]ZLVFKHQ  XQG  3HUVRQ WKHPDWLVLHUW$XGLLQGLHVHP=XVDPPHQKDQJMHGRFKQLFKW9JODXFK$XGL  :LOOLDPV

†3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW 



QDFKQLFKWEHUHLWV,UUDWLRQDOLWlWEHGHXWHW XQGGD‰GHUDUWLJH6WUXNWXULQ WHQWLRQHQ+DQGOXQJVSOlQHRGHUJDU/HEHQVHQWZUIHQLFKWVGHVWRWURW]JXWH *UQGHGLHVHUKDQGHOQGHQ3HUVRQVHLQN|QQHQ ,Q %UDQGRPV GHRQWLVFKHU 7HUPLQRORJLH Ol‰W VLFK QXQ GLH =ZHFN 0LWWHO5DWLRQDOLWlWGHUK\SRWKHWLVFKHQ,PSHUDWLYHIROJHQGHUPD‰HQUHNRQ VWUXLHUHQZHQQHLQH3HUVRQGLH5HDOLVLHUXQJHLQHV=ZHFNVZLOOKDWVLHVLFK GDPLWLPSOL]LWDXIGLH(UJUHLIXQJYRQYRQLKUDOVSUREDWHUNDQQWHQ0LWWHOQ IHVWJHOHJW ,QZLHIHUQ KLHU YRQ HLQHU )HVWOHJXQJ VHQVX VWULFWR JHVSURFKHQ ZHUGHQNDQQPX‰DQGLHVHU6WHOOHQLFKWHLJHQVWKHPDWLVLHUWZHUGHQZHQQ ]ZHL'LQJHEHWRQWZHUGHQ VROOGDYRQDXVJHJDQJHQZHUGHQGD‰GLH=ZHFNVHW]XQJVWDELOLVWVREDOG GLH LQ )UDJH VWHKHQGH 3URHLQVWHOOXQJ GXUFK HLQH EHOLHELJH DOWHUQDWLYH 3URHLQVWHOOXQJHUVHW]WZLUGLVWGLH)HVWOHJXQJDXIGLH(UJUHLIXQJSUREDWHU 0LWWHOKLQIlOOLJRGHUQRFKPDOVPLW%UDWPDQÅ2QHSHUVRQ·VPRGXVSRQHQVLV DQRWKHU·VPRGXVWROOHQV´  ZLUG DEJHVHKHQ YRQ GHU 4XDOLIL]LHUXQJ DOV SUREDW QLFKWV ,QKDOWOLFKHV EHU GLH 0LWWHO DXVJHVDJW G K HV EHVWHKW OHGLJOLFK HLQH %HUHFKWLJXQJ ]XU (UJUHLIXQJGLHVHVRGHUMHQHVSUREDWHQ0LWWHOV'HQQRFKEHVWHKWDEHUPLW GHUbX‰HUXQJHLQHU$EVLFKWGDUEHUKLQDXVHLQH)HVWOHJXQJGDUDXILUJHQG HLQHVGHUDOVSUREDWHUNDQQWHQ0LWWHO]XU5HDOLVLHUXQJGHV=ZHFNV]XHU JUHLIHQ²RGHUDEHUGLH$EVLFKWIDOOHQ]XODVVHQ VLHKHZLHGHUXP3XQNW  ,Q%UDQGRPVHQWVSUHFKHQGHP%HLVSLHOZLUGGXUFKGLH3URHLQVWHOOXQJ Å,FK ZQVFKH ]LHKH HV YRU  WURFNHQ ]X EOHLEHQ´ IROJHQGH ,QIHUHQ] JH VWW]WÅ1XUZHQQLFKPHLQHQ6FKLUPDXIVSDQQHEOHLEHLFKWURFNHQDOVR ZHUG· LFK ZRKO PHLQHQ 6FKLUP DXIVSDQQHQ´ .DQWLVFK JHVSURFKHQ LVW KLHUGHU:LOOHE]ZHUQVWKDIWH:XQVFKWURFNHQ]XEOHLEHQHLQ=ZHFNXQG GDV $XIVSDQQHQ GHV 6FKLUPV HLQ GDPLW UDWLRQDO JHZROOWHV G K LPSOL]LW JHVROOWHV0LWWHO'DUDXVIROJWNHLQH3IOLFKWGLHHQWVSUHFKHQGHQ0LWWHO]X

_____________ 9JOGD]XEHUHLWV1DJHO 9JOGD]XDXFKREHQ† %UDWPDQ ,P6LQQHGHU8QWHUVFKHLGXQJ%URRPHV  KDQGHOWHV VLFKKLHUDOVRXPHLQH(U IRUGHUQLV5HODWLRQYJOGD]XXQWHQ† %UDQGRPD IYJO DXFK %UDQGRP'HU:XQVFKWURFNHQ]X EOHLEHQVWW]WZLH%UDQGRPDXVIKUWGDQHEHQQDWUOLFKQRFKHLQHJDQ]H5HLKHDQGH UHUSUDNWLVFKHU,QIHUHQ]HQEHLVSLHOVZHLVHÅ1XUZHQQLFKPLFKXQWHUGLH0DUNLVHVWHO OHEOHLEHLFKWURFNHQDOVRZHUG·LFKPLFKXQWHUGLH0DUNLVHVWHOOHQ´RGHUÅ1XUZHQQ LFK LP $XWR EOHLEH EOHLEH LFK WURFNHQ DOVR ZHUG· LFK LP $XWR EOHLEHQ´ %UDQGRP D  'D‰JHUDGHGDV$XIVSDQQHQGHV6FKLUPVGDVPLWGHPHQWVSUHFKHQGHQ:XQVFKUDWLR QDO JHZROOWH XQG LPSOL]LW JHVROOWH 0LWWHO LVW VHW]W QDWUOLFK YRUDXV GD‰ GLHVHV 0LWWHO YRQ GHU KDQGHOQGHQ 3HUVRQ DOV SUREDW ]XU =ZHFNHUIOOXQJ HUNDQQW ZXUGH GDQHEHQ



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

HUJUHLIHQ ZLH XQWHU GHP 6FKODJZRUW ÄERRWVWUDSSLQJ¶ LQ †  DXVJHIKUW ZXUGH'DUDXVIROJWDEHUDXFKQLFKWGD‰GLH3HUVRQGLH0LWWHOWDWVlFKOLFK HUJUHLIHQZLOOXQGVFKRQJDUQLFKWGD‰VLHGLH0LWWHOWDWVlFKOLFKHUJUHL IHQZLUG'RFKXPJHNHKUWJLOWGD‰ZLUGHUDUWLJHQ)HVWOHJXQJHQHQWVSUH FKHQGKDQGHOQPVVHQXPDOVUDWLRQDO]XJHOWHQ %UDQGRPHUZlKQWLQGLHVHP.RQWH[WH[SOL]LWDXFKGDV3KlQRPHQGHU :LOOHQVVFKZlFKH GDV LQ VHLQHP 9RNDEXODU DXVJHGUFNW GDQQ DXIWULWW Å>@ ZHQQ 6HOEVW=XZHLVXQJHQ SUDNWLVFKHU )HVWOHJXQJHQ GLH GXUFK $XVVD JHQGHU)RUPÄ,FKVROOWH¶H[SOL]LWJHPDFKWZUGHQ QLFKWGLHNDXVDOH6LJ QLILNDQ] YRQ $QHUNHQQXQJHQ SUDNWLVFKHU )HVWOHJXQJHQ EHVLW]HQ GLH GXUFK $XVVDJHQ GHU )RUP Ä,FK ZHUG·¶ H[SOL]LW JHPDFKW ZUGHQ ´ 0LW GLHVHU )RUPXOLHUXQJZLUGGHPYRQ5D]JHOWHQGJHPDFKWHQ9RUZXUIHLQHUXQEH UHFKWLJWHQ 'RPLQDQ] LQVWUXPHQWHOOHU 5DWLRQDOLWlW ]XYRUJHNRPPHQ LQVR IHUQGLHVH)RUPXOLHUXQJ:LOOHQVVFKZlFKHVRZRKOKLQVLFKWOLFKGHU(UJUHL IXQJQRWZHQGLJHU0LWWHO]XU(UUHLFKXQJHLQHVJHJHEHQHQ=ZHFNVDOVDXFK KLQVLFKWOLFK GHU $XVELOGXQJ HLQHV =ZHFNV EHJUHLIHQ Ol‰W :UGH VLFK MHGRFK GLH 3HUVRQ LP LQVWUXPHQWHOOHQ .RQWH[W GLHVH )HVWOHJXQJ DXI GLH (UJUHLIXQJ SUREDWHU 0LWWHO QLFKW HLQPDO ]XZHLVHQ VR P‰WHQ ZLU XQ WHUVWHOOHQGD‰VLHGLH5HODWLRQ]ZLVFKHQGHPYRQLKUJHVHW]WHQ=ZHFNXQG GHQ ]X GHVVHQ 5HDOLVLHUXQJ HUIRUGHUOLFKHQ 0LWWHOQ QLFKW HLQJHVHKHQ KDW XQGLKUHbX‰HUXQJRKQH%HGHXWXQJLVW 'LH %HGHXWXQJVORVLJNHLW HLQHU VROFKHQ bX‰HUXQJ EH]LHKW VLFK VHOEVW YHUVWlQGOLFK QXU DXI =ZHFNVHW]XQJHQ LP HQJHUHQ 6LQQH DOVR VROFKH GLH .DQW DXVVFKOLH‰OLFK GHP :LOOHQ ]XVFKUHLEW 'DV :XQVFKGHQNHQ HLQHU

_____________ N|QQWHPLWGHUVHOEHQ)HVWOHJXQJ WURFNHQ EOHLEHQ]XZROOHQ VHOEVWYHUVWlQGOLFKDXFK MHGHVDQGHUH)XQNWLRQVlTXLYDOHQWDOV0LWWHOJHZlKOWZHUGHQ 'LHV ZLUG EHL %UDQGRP HUVW GXUFK GDV ÄZHUG·¶ GDV HQJOLVFKH VKDOO  LQ GHU $SRGRVLV DQJHGHXWHW %UDQGRPYJODXFK%UDQGRPD 9JOGD]X5D]Å:HDNQHVVRIWKHZLOOFDQPDNHXVIDLOWRDGRSWHQGVWKDWZH NQRZ RUEHOLHYHZHGR WKDWZHVKRXOGDGRSW,I,EHOLHYHWKDW,RXJKWWRFDUHDERXW KRZZHOO,WHDFKP\VWXGHQWVEXW,GRQRW,GLVSOD\ZHDNQHVVLQDGRSWLQJHQGV´5D] VLHKWPLWGLHVHU)RUPYRQ:LOOHQVVFKZlFKHGDV.RQ]HSWLQVWUXPHQWHOOHU5DWLRQDOLWlW LQVJHVDPWDOVZLGHUOHJWDQÅ,WDSSHDUVWKDWWKHUHLVQRVXFKWKLQJDVLQVWUXPHQWDOLUUD WLRQDOLW\7KDWLVWKHUHLVQRGLVWLQFWLYHVHWRIGHOLEHUDWLYHVWDQGDUGVWKDWDUHLQYROYHG LQJHWWLQJXVWRUHDVRQFRUUHFWO\IURPHQGVZHKDYHWRPHDQVDQGWKDWDUHGLIIHUHQW IURP WKRVH WKDW DUH LQYROYHG LQ UHDVRQLQJ DERXW ZKLFK HQGV WR KDYH´ (EG  'RFK VHOEVWYHUVWlQGOLFK DQHUNHQQW DXFK 5D]GHQSKLORVRSKLVFKHQ.RPSOH[GHUGXUFKGLH =ZHFN0LWWHO5DWLRQDOLWlWEHVFKULHEHQZLUG(UZHQGHWVLFKOHGLJOLFKJHJHQHLQH$V VLPLODWLRQMHJOLFKHU5DWLRQDOLWlWDQGLHVHV0RGHOO0LWWHO]XU(UUHLFKXQJHLQHV=ZHFNV QHQQW HU GHVKDOE YRQ GHU 6WDQGDUGEH]HLFKQXQJ ÅLQVWUXPHQWDO UHDVRQV´ DEZHLFKHQG ÅIDFLOLWDWLYHUHDVRQV´ 9JO]X.DQWV8QWHUVFKHLGXQJ]ZLVFKHQEOR‰HP:XQVFKXQG:LOOHDXFKREHQ†

†3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW 



3HUVRQGLHVLFKXPHLQH5HDOLVLHUXQJXQGGLHGD]XHUIRUGHUOLFKHQ0LWWHO QLFKWQXUQLFKWNPPHUWVRQGHUQQLFKWNPPHUQNDQQZHLOVLHDX‰HUKDOE LKUHU0DFKWVWHKHQEOHLEW RKQHGD‰GLHVHV:XQVFKGHQNHQVFKRQEHGHX WXQJVORV ZUGH  LQGLIIHUHQWJHJHQEHU HQWVSUHFKHQGHQ)HVWOHJXQJHQ XQG GDPLW 9HUlQGHUXQJHQ GHV GHRQWLVFKHQ 6WDWXV GHU EHWUHIIHQGHQ 3HUVRQ :QVFKHQNDQQLFKEHLVSLHOVZHLVHHLQHXQPLWWHOEDUH%HVVHUXQJGHU:HOW HUQlKUXQJVVLWXDWLRQ MHGHU]HLW ZROOHQ LP .DQWLVFKHQ 6LQQH NDQQ LFK VLH QLFKWRKQHZHLWHUHVGHQQZHGHUVLQGGLHQ|WLJHQ0LWWHO]XU5HDOLVLHUXQJ GLHVHV:XQVFKHVLQPHLQHU*HZDOWQRFKEHVWHKWEHUKDXSW.ODUKHLWGDU EHUDXIZHOFKH0LWWHOHUJUHLIXQJLFKPLFKGDPLWIHVWJHOHJWKDEH $QDORJ ]X GLHVHU SUDNWLVFKHQ 'LIIHUHQ]LHUXQJ ]ZLVFKHQ EHGHXWXQJV YROOHQIHVWOHJHQGHQbX‰HUXQJHQXQGEHGHXWXQJVYROOHQbX‰HUXQJHQRKQH ZHLWHUUHLFKHQGH )HVWOHJXQJ OLH‰HQ VLFK PLW %UDQGRP LP 7KHRUHWLVFKHQ HLQ]HOQHhEHU]HXJXQJHQDQIKUHQÅ>@GLHNRQVHTXHQWLHOOWUlJHXQGLVR OLHUW YRQ LKUHVJOHLFKHQ VLQG Ä,FK JODXEH HLQIDFK GD‰ .KH EHVFKHXHUW DXVVHKHQGDVLVWDOOHV1LFKWVIROJWGDUDXVXQGLFKELQQLFKWYHUSIOLFKWHW DXIJUXQG GLHVHU hEHU]HXJXQJ LQ LUJHQGHLQHU VSH]LHOOHQ :HLVH ]X KDQ GHOQ¶´ %H]RJHQ DXI GDV HUVWH *OLHG GHU $QDORJLH XQG VROFKH $XVQDK PHQJLOWMHGRFKHVZlUHQLFKWSODXVLEHOZHQQZLUGDYRQDXVJLQJHQGD‰ DOOH XQVHUH LQWHQWLRQDOHQ bX‰HUXQJHQ GHUDUWLJHP UHLQHP :XQVFKGHQNHQ HQWVSUlQJHQ +\SRWKHWLVFKH,PSHUDWLYHEHVLW]HQLQGHPHEHQUHNRQVWUXLHUWHQ6LQQH QLFKW PHKU XQG QLFKW ZHQLJHU DOV GLH QRUPDWLYH .UDIW UDWLRQDOHU .RQVH TXHQ] (LQH HQWVSUHFKHQGH )RUPXOLHUXQJ %UDQGRPV ILQGHW VLFK GDKHU DXFK QLFKW LQ HLQHP VSH]LILVFK SUDNWLVFKHQ .RQWH[WVRQGHUQ LQ GHP DOO JHPHLQHUHQ =XVDPPHQKDQJ YRQ %HKDXSWEDUNHLWVWKHRULHQ XQG GHU YRQ %UDQGRP H[SOL]LHUWHQ ÅQRUPDWLYHQ )HLQVWUXNWXU GHU 5DWLRQDOLWlW´ Å,Q GHPPDQGHQHLQHQ=XJPDFKWYHUSIOLFKWHWPDQVLFKDXIGLH%HUHLWVFKDIW GHQ DQGHUHQ JOHLFKIDOOV ]X PDFKHQ 'DPLW VROO QLFKW JHVDJW ZHUGHQ GD‰ DOOH6SLHOHUWDWVlFKOLFKGLH'LVSRVLWLRQHQKDEHQGLHVLHKDEHQVROOWHQ(VNDQQ VFKRQVHLQGD‰PDQQLFKWVRKDQGHOWZLHPDQHLJHQWOLFKIHVWJHOHJWRGHU YHUSIOLFKWHW LVW ]X KDQGHOQ PDQ NDQQ ]XPLQGHVW LQ EHVRQGHUHQ )lOOHQ GLHVH$UWYRQ6SLHOUHJHOEUHFKHQRGHUDQLKUHU%HIROJXQJVFKHLWHUQRKQH GDGXUFK DXV GHU *HPHLQVFKDIW GHU 6SLHOHU GHV %HKDXSWXQJVVSLHOV DXVJH

_____________ 9JOGD]X.RUVJDDUGÅ:KDWPDNHVZLOOLQJGLIIHUHQWIURPPHUHO\GHVLULQJRU ZLVKLQJRUWKLQNLQJLWZRXOGEHQLFHLILVWKDWWKHSHUVRQZKRZLOOVDQHQGGHWHUPLQHV KLPVHOIWREULQJWKHHQGDERXWWKDWLVWRFDXVHLW$QGWRGHWHUPLQH\RXUVHOIWREHWKH FDXVHRIDQHQGLVWRGHWHUPLQH\RXUVHOIWRVHWRIIDFKDLQRIFDXVHVWKDWZLOOOHDGWR WKHDFKLHYHPHQWRIWKHHQG´'LHVH6HOEVWEHVWLPPXQJLVWEHLPÄEOR‰HQ:XQVFK¶JH UDGHQLFKWJHJHEHQ %UDQGRP %UDQGRP



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

VFKORVVHQ ]X ZHUGHQ 'HQQRFK >«@ PVVHQ %HKDXSWXQJVVSLHOH VROFKH 5HJHOQEHVLW]HQ5HJHOQGHUNRQVHTXHQWLHOOHQ)HVWOHJXQJ´ 2KQHDXIK\SRWKHWLVFKH,PSHUDWLYH]XVSUHFKHQ]XNRPPHQNULWLVLHUW %UDQGRP ]ZDU GD‰ .DQW GLH NRQVHTXHQWLHOOH )HVWOHJXQJ GHP PRUDOL VFKHQ 6ROOHQGHVNDWHJRULVFKHQ,PSHUDWLYVDVVLPLOLHUWKDEHZHQQHUYRQ HLQHU ÅSURNUXVWHVKDIWHQ (UNOlUXQJVRUGQXQJ´ VSULFKW Å'LH NDQWLVFKH .RQ]HSWLRQJOHLFKWDOOH*UQGHIUHLQH+DQGOXQJDQGDVGULWWH0XVWHU>VF XQEHGLQJWHVÄ6ROOHQ¶VWDWWJHQXLQLQVWUXPHQWHOOHPÄ6ROOHQ¶E]ZLQVWLWXWLR QHOOHP Ä6ROOHQ¶ .3@ DQ >'@HU .DQWLDQHU EHVWUHLWHW GD‰ HLQ EOR‰HU :XQVFK HLQHVLQQOLFKH1HLJXQJ HLQHQ+DQGOXQJVJUXQGOLHIHUQN|QQWHVR ODQJHHUQLFKWGXUFKGLH$QHUNHQQXQJHLQHUHQWVSUHFKHQGHQ9HUSIOLFKWXQJ RGHU)HVWOHJXQJEHJOHLWHWZLUG´'LHJHJHQZlUWLJHQ$XVIKUXQJHQVRO OHQ LP *HJHQVDW] ]X GLHVHU (LQVFKlW]XQJ MHGRFK XQWHU DQGHUHP ]HLJHQ GD‰LQVWUXPHQWHOOH9HUQXQIWLP6LQQH.DQWVVLFKLQ%UDQGRPV7HUPLQR ORJLHUHIRUPXOLHUHQOl‰WXQG]ZDURKQH$QJOHLFKXQJDOOHU*UQGHDQGDV 0XVWHUGHVPRUDOLVFKHQ6ROOHQV:LHVLFKLQ.DSJH]HLJWKDWJHKW.DQW ]ZDUGDYRQDXVGD‰VRZRKOLQVWUXPHQWHOOHZLHDXFKPRUDOLVFKH.RQWH[WH QXULQQRUPDWLYHQ7HUPLQLEHVFKULHEHQZHUGHQN|QQHQGDV(QWVFKHLGHQ GHLVWGLH+DQGOXQJVHIIHNWLYLWlWXQVHUHU9HUQXQIW'RFKZlKUHQGGLH1RUPD WLYLWlWLPLQVWUXPHQWHOOHQ.RQWH[WDOVHLQH)XQNWLRQGHU:DKOHLQHV+DQG OXQJV]LHOV LQ 5HODWLRQ ]X GHQ DOV ]X GHVVHQ 5HDOLVLHUXQJ HUIRUGHUOLFKHQ 0LWWHOQEHVFKULHEHQZXUGHLVWQDFK.DQWGLH1RUPDWLYLWlWLPPRUDOLVFKHQ .RQWH[WDOVGDVZDVGLHLQGLYLGXHOOHQ3UlIHUHQ]HQWUDQV]HQGLHUWLQYDULDQW JHJHQEHU EHVWLPPWHQ +DQGOXQJV]LHOHQ ZHVKDOE .DQW DXFK LP HUVWHQ .RQWH[W YRQ DQDO\WLVFKHQ XQG LP ]ZHLWHQ YRQ V\QWKHWLVFKHQ 6lW]HQ VSULFKW2GHUDQGHUVIRUPXOLHUWZlKUHQGGLH%HVWLPPXQJVJUQGH]XHLQHU ÄNOXJHQ¶RGHUÄJHVFKLFNWHQ¶+DQGOXQJLQGHQLQGLYLGXHOOHQ3UlIHUHQ]HQGHU MHZHLOLJHQ=ZHFNVHW]XQJ]XILQGHQVLQGN|QQHQ%HVWLPPXQJVJUQGH]X HLQHUPRUDOLVFKHQ+DQGOXQJQDFK.DQWQXULQGHUHQVLWWOLFKHU4XDOLWlWDOV VROFKHU JHIXQGHQ ZHUGHQ XQG GDV EHGHXWHW LQ GHU 8QDEKlQJLJNHLW YRQ LQGLYLGXHOOHQ 3UlIHUHQ]HQ RGHU SRVLWLY LQ GHU (LQVLFKW LQ XQVHUH LQWHOOL JLEOH%UJHUVFKDIWLP5HLFKGHU=ZHFNH:lKUHQGLP)DOOLQVWUXPHQWHOOHU 5DWLRQDOLWlWGLH)HVWOHJXQJDXIGLH(UJUHLIXQJDOVSUREDWHUNDQQWHU0LWWHO DOVR JDQ]LP6LQQH%UDQGRPV LQGHP0RPHQWHUOLVFKWLQGHPGLHÄVLQQ

_____________ %UDQGRP   GHQ $XVQDKPHQ DXI GLH %UDQGRP DQVSLHOW HQWVSUHFKHQ LP .DQWLVFKHQ0RGHOOGLHHUZlKQWHQEOR‰HQ:QVFKHLP*HJHQVDW]]X:LOOHQVlX‰HUXQ JHQ LP HLJHQWOLFKHQ 6LQQH 'LHVH $XVQDKPHQ EHVWlWLJHQ EXFKVWlEOLFK GLH 5HJHO GLH 0|JOLFKNHLWYRQVROFKHQ$XVQDKPHQ².DQWLVFKJHVSURFKHQÄGD‰GLH9HUQXQIWNHLQHQ HQWVFKHLGHQGHQ (LQIOX‰ DXI XQVHUH +DQGOXQJHQ EHVLW]W¶ ² LVW DOVR GDIU PLWYHUDQW ZRUWOLFKGD‰EHL.DQWXQGEHL%UDQGRPYRQUDWLRQDOHU.RQVHTXHQ]DOVHLQHU0DQL IHVWDWLRQYRQ1RUPDWLYLWlWGLH5HGHLVW %UDQGRP

†3UDNWLVFKH,QIHUHQ]HQ5DWLRQDOLWlWXQG,UUDWLRQDOLWlW 



OLFKH1HLJXQJ¶YHUVFKZLQGHWLVWGLH)HVWOHJXQJDXIHLQHPRUDOLVFKH+DQG OXQJ QLFKW YRQ GHU HLJHQHQ $QHUNHQQXQJ HLQHU HQWVSUHFKHQGHQ %HJUQ GXQJDEKlQJLJ*HQDXGDULQEHVWHKWGHU.DQWLVFKH8QWHUVFKLHGGHUHLQH 0RUDOLVLHUXQJ SUXGHQWLHOOHU +DQGOXQJHQ DXVVFKOLH‰W 2GHU QRFKPDOV DQ GHUV DXFK .DQWV K\SRWKHWLVFKH ,PSHUDWLYH JHKHQ QLFKW EHU %UDQGRPV Å5HJHOQGHUNRQVHTXHQWLHOOHQ)HVWOHJXQJ´KLQDXV 1LFKWVGHVWRWURW] VSULFKW .DQW YRQ K\SRWKHWLVFKHQ ,PSHUDWLYHQ XQG GDPLWLVWIROJHQGHV3UREOHPYHUEXQGHQGDVYHUPXWOLFK]XGHUYHUNU]WHQ 3HUVSHNWLYH%UDQGRPVDXIGLH.DQWLVFKH.RQ]HSWLRQJHIKUWKDW)UHLQH 3HUVRQ[GLHHLQHQ=ZHFNSKDWVFKHLQWGLH(UJUHLIXQJGHU]XU5HDOLVLH UXQJ YRQ S DOV QRWZHQGLJ HUNDQQWHQ 0LWWHO T HQWZHGHU HLQH )UDJH GHV GHVNULSWLYHQ  :LVVHQV RGHU HLQH 7ULYLDOLWlW ]X VHLQ 'HU K\SRWKHWLVFKH ,PSHUDWLYZHQGHWVLFKDEHUJHUDGHQLFKWDQGLHMHQLJH3HUVRQGLHQRFKLP XQNODUHQGDUEHULVWZHOFKH0LWWHO]XPJHZQVFKWHQ=ZHFNIKUHQZHU GHQ HU IRUGHUW QLFKW GD]X DXI GLH QRWZHQGLJHQ 0LWWHO]XVXFKHQ GLHV LVW .DQWLVFK JHVSURFKHQ GLH $XIJDEH GHV 9HUVWDQGHV  HU IRUGHUW YLHOPHKU GD]X DXI GLHVH ]X HUJUHLIHQ 6LQG GLHVH 0LWWHO DEHU EHNDQQW GDQQ VFKHLQW LKUH(UJUHLIXQJHEHQHLQH6HOEVWYHUVWlQGOLFKNHLW]XVHLQ0DQN|QQWHYHU VXFKWVHLQ]XVDJHQZHUGLHVH0LWWHOQLFKWHUJUHLIWZROOWHHLJHQWOLFKDXFK QLFKWGHQ=ZHFN1RUPDWLYLWlWNlPHGDPLWJDUQLFKW]XU6SUDFKH'RFK DXFK .DQW NDONXOLHUW ZLH VLFK LQ .DS  JH]HLJW KDW GLH 0|JOLFKNHLW PHQVFKOLFKHU :LOOHQVVFKZlFKH HLQ XQG ULFKWHW K\SRWKHWLVFKH ,PSHUDWLYH GDKHU DQ HLQHQ :LOOHQ GHU XQWHU P|JOLFKHU $QIHFKWXQJ GXUFK SXQNWXHOO NRQNXUULHUHQGH 1HLJXQJHQ VWHKW 'LH GDEHL DXIWUHWHQGH 1RUPDWLYLWlW LVW NHLQH GHV XQEHGLQJWHQ 6ROOHQV VRQGHUQ HUJLEW ,PSHUDWLYH LP 6LQQH YRQ LQWUDSHUVRQHOOHQ.RKlUHQ]JHERWHQGHU9HUQXQIW 1RFKHLQH%HPHUNXQJVFKHLQWLP.RQWH[WK\SRWKHWLVFKHU,PSHUDWLYH XQG%UDQGRPVHQWVSUHFKHQGHU%H]XJQDKPHQDQJHEUDFKW(VLVW]ZDUZLH GLH YRUVWHKHQGH $UJXPHQWDWLRQ ]HLJHQ VROOWH RIIHQNXQGLJ QLFKW VR GD‰ .DQW DOOH *UQGH GHP PRUDOLVFKHQ 6ROOHQ DVVLPLOLHUW 'HQQRFK VSLHOW LQWHUHVVDQWHUZHLVH :LOOHQVVFKZlFKH EHL .DQW HLQH H[SOL]LWH 5ROOH KDXSW VlFKOLFKLPPRUDOLVFKHQ=XVDPPHQKDQJ3UDNWLVFKH1RUPDWLYLWlWEH]LHKW VLFK QDFK .DQW JUXQGOHJHQG GDUDXI GHU 9HUQXQIW GHQ ÅHQWVFKHLGHQGHQ (LQIOX‰´ DXI XQVHUH +DQGOXQJ ]X YHUOHLKHQ LP )DOO GHU K\SRWKHWLVFKHQ ,PSHUDWLYHGLHDOVYHUQQIWLJHLQJHVHKHQH=ZHFN0LWWHO5HODWLRQ]XUHDOL VLHUHQXQGGDPLWGHQDQDO\WLVFKSUDNWLVFKHQ6DW]ÅLFKVROOHWZDVWXQGDU XP ZHLO LFK HWZDV DQGHUHVZLOO´ ]X UHDOLVLHUHQ LP )DOOGHV NDWHJRULVFKHQ ,PSHUDWLYV GDJHJHQ EHZLUNW GHU ÅHQWVFKHLGHQGH (LQIOX‰´ GHU 9HUQXQIW GD‰ GDV VXEMHNWLYH 3ULQ]LS GHV :ROOHQV PLW GHP REMHNWLYHQ 3ULQ]LS GHV :ROOHQVEHUHLQVWLPPWXQGDXVVFKOLH‰OLFKGLH$FKWXQJYRUGHP6LWWHQJH

_____________ %UDQGRP



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

VHW]XQV]XU+DQGOXQJEHVWLPPW$XIJUXQGGHUJHPHLQVDPHQ:XU]HOGHU .DQWLVFKHQ ,PSHUDWLYH LQ GHU $XIIRUGHUXQJ GHU 9HUQXQIW GHQ HQWVFKHL GHQGHQ (LQIOX‰ DXI XQVHUH +DQGOXQJHQ ]X JHVWDWWHQ VWHOOW VLFK QXQ GLH GLHVHP9HUQXQIWHLQIOX‰HQWJHJHQVWHKHQGH6FKZlFKHQLFKWDOVHLQ3KlQR PHQ GDU GDV DXI LQVWUXPHQWHOOH =XVDPPHQKlQJH UHVWULQJLHUW ZlUH ,P *HJHQWHLOHLQHUHLJHQVWlQGLJHQ$UJXPHQWDWLRQZHUWVLHKW.DQWGLHVH3Kl QRPHQH GHU Å*HEUHFKOLFKNHLW XQG 8QODXWHUNHLW´ ZLH HU %DXPJDUWHQV $XVGUXFN GHU ÅLQILUPLWDV KXPDQD´ NRPPHQWLHUW QXU LP PRUDO E]Z UHOLJLRQVSKLORVRSKLVFKHQ %HUHLFK DQ ZR HU DXFK EHU GLH Å%|VDUWLJNHLW GHUPHQVFKOLFKHQ1DWXU´GLHÅ9HUNHKUWKHLWGHV+HU]HQV´GLHHUDXFKHLQ ÅE|VHV+HU]´QHQQWVSULFKW9RQGHUHLJHQWOLFKHQ:LOOHQVVFKZlFKHDOVR GHU Ä*HEUHFKOLFKNHLW¶ XQWHUVFKHLGHW HU VRZRKO GLH Å%RVKHLW ZHQQ PDQ GLHVHV :RUW LQ VWUHQJHU %HGHXWXQJ QLPPW QlPOLFK DOV HLQH *HVLQQXQJ VXEMHFWLYHV 3ULQFLS GHU 0D[LPHQ  GDV %|VH DOV %|VHV ]XU 7ULHEIHGHU LQ VHLQH 0D[LPH DXI]XQHKPHQ´ ZDV HU QLFKW DOV PHQVFKOLFK VRQGHUQ DOV ÅWHXIOLVFK´ EH]HLFKQHW  DOV DXFK HLQH ÅJHZLVVH 7FNH GHV PHQVFKOLFKHQ +HU]HQV GROXVPDOXV ´GLHVLFKLQHLQHUÅYRUVlW]OLFKH>Q@6FKXOG GROXV ´ XQGGHPHQWVSUHFKHQGYRUVlW]OLFKE|VHQ+DQGOXQJHQlX‰HUW:LOOHQVVFKZl FKH KLQJHJHQ PX‰ QDFK .DQW GHP +DQGHOQGHQ Å]XJHUHFKQHW´ ]XJOHLFK DEHUDXFKDOVÅXQYRUVlW]OLFK´JHNHQQ]HLFKQHWZHUGHQ6LHÅ>«@NDQQPLW HLQHP LP $OOJHPHLQHQ JXWHQ :LOOHQ ]XVDPPHQ EHVWHKHQ XQG HQWVSULQJW DXV GHU *HEUHFKOLFKNHLW GHU PHQVFKOLFKHQ 1DWXU ]X %HIROJXQJ VHLQHU JHQRPPHQHQ*UXQGVlW]HQLFKWVWDUNJHQXJ]XVHLQPLWGHU8QODXWHUNHLW YHUEXQGHQ GLH 7ULHEIHGHUQ VHOEVW JXW EHDEVLFKWLJWHU +DQGOXQJHQ  QLFKW QDFK PRUDOLVFKHU 5LFKWVFKQXU YRQ HLQDQGHU DE]XVRQGHUQ XQG GDKHU ]X OHW]W ZHQQ HV KRFK NRPPW QXU DXI GLH *HPl‰KHLW GHUVHOEHQ PLW GHP *HVHW]XQGQLFKWDXIGLH$EOHLWXQJYRQGHPVHOEHQGLDXIGLHVHVDOVGLH DOOHLQLJH 7ULHEIHGHU ]X VHKHQ´ 'DV 3KlQRPHQ GHU :LOOHQVVFKZlFKH VROOLP)ROJHQGHQMHGRFKQLFKWZHLWHUDQDO\VLHUWZHUGHQHVZXUGHKLHUQXU XQGZLUGLQGHU/LWHUDWXU]XPHLVW HUZlKQWZHLOHVLP6LQQHHLQHU.RQ WUDVWIROLHGLHIUGLHMHZHLOLJHQSUDNWLVFKHQ)HVWOHJXQJHQFKDUDNWHULVWLVFKH 1RUPDWLYLWlWJXWHUNHQQHQOl‰W 1DFK %UDQGRP EHVWHKW GLH VSH]LILVFKH bX‰HUXQJ GHU :LOOHQVVFKZl FKH LP PRUDOLVFKHQ .RQWH[W GDULQ GD‰ ÅGLH LQ GHU GULWWHQ 3HUVRQ WKHRUH WLVFKDQHUNDQQWHQ)HVWOHJXQJHQ>@XQYHUHLQEDU>VLQG@PLWGHQLQGHUHUV

_____________ .DQW,9 .DQW;,; .DQW9,I

†1RUPDWLYH3UDJPDWLNXQGXQEHGLQJWHV6ROOHQ 



WHQ3HUVRQSUDNWLVFKDQHUNDQQWHQ´$XIGLHVHSHUVRQDOH'LIIHUHQ]LHUXQJ KLQVLFKWOLFKGHU+DQGOXQJVJUQGHZHUGHLFKMHQVHLWVGHU3UREOHPDWLNGHU :LOOHQVVFKZlFKHQRFK]XUFNNRPPHQ  

†1RUPDWLYH3UDJPDWLNXQGGLH9HUELQGOLFKNHLWHLQHV XQEHGLQJWHQ6ROOHQV †1RUPDWLYH3UDJPDWLNXQGXQEHGLQJWHV6ROOHQ

 1RUPDWLYLWlWZLUGDOVR²GDVVROOWHGHUYRUDXVJHKHQGH$EVFKQLWWGHXWOLFK JHPDFKWKDEHQ²LQ%UDQGRPV.RQ]HSWLRQQLFKWHUVWLQNRQDWLYHQ.RQ WH[WHQVLFKWEDUVHLHQGLHVHQXQLQVWUXPHQWHOOHUPRUDOLVFKHURGHUDQGHUHU $UW 6LH OLHJW YLHOPHKU MHGHP :HOWEH]XJ ² DXFK GHP HSLVWHPLVFKHQ ² ]XJUXQGH 9HUJHJHQZlUWLJHQZLUXQV]XUZHLWHUHQ.OlUXQJGHV=XVDPPHQKDQJV YRQ+DQGOXQJVJUQGHQXQG1RUPDWLYLWlWPLW%OLFNDXIGLH$XVJDQJVWKH RLH .DQWV XQG GHQ KLHU ZHLWHUYHUIROJWHQ .RKlUHQWLVPXV %UDQGRPV )RO JHQGHVVRZRKO.DQWDOVDXFK%UDQGRPVHKHQ1RUPDWLYLWlWXQG PHQVFK OLFKH  9HUQXQIW DOV DXIHLQDQGHUEH]RJHQH %HJULIIH DQ ² 9HUQXQIWEHWULIIW GLH $QHUNHQQXQJ YRQ $XWRULWlW HJDO RE OHW]WHUH VLFK QXQ DXI 1DWXU 'HQN6SUDFKRGHU+DQGOXQJVJHVHW]HEH]LHKWDXIPHLQHHLJHQH3HUVRQ RGHU DXI DQGHUH 3HUVRQHQ 'RFK ZlKUHQG .DQW HLQH VWULNWH 7UHQQXQJ YRUQLPPW ]ZLVFKHQ SUDNWLVFKHU XQG WKHRUHWLVFKHU 9HUQXQIW LVW LQ GHU .RQ ]HSWLRQ %UDQGRPV NHLQH VROFKH 7UHQQXQJ ]X ILQGHQ ZLH EHUHLWV +DEHU PDV NULWLVFK  NRQVWDWLHUW Å$QGHUV DOV .DQW EULQJW %UDQGRP SUDNWLVFKH XQG WKHRUHWLVFKH 9HUQXQIW DXI GHQVHOEHQ 1HQQHU UDWLRQDOHQ 7XQV 'D QDFKVLQG8UWHLOHXQG0HLQXQJHQHEHQVRQRUPHQJHOHLWHWZLH+DQGOXQJV DEVLFKWHQ VR GD‰ VLH VLFK QLFKW QDFK GHVNULSWLYHQ 7DWVDFKHQ XQG SUl VNULSWLYHQ +DQGOXQJVEH]JHQ GLIIHUHQ]LHUHQ´ +DEHUPDV EHWRQW PLW VHLQHU .ULWLN GLH 8QWHUVFKLHGH ]ZLVFKHQ WKHRUHWLVFKHU XQG SUDNWLVFKHU 9HU QXQIWZLH.DQWVLH]ZLVFKHQÄGHPZDVLVW¶XQGÄGHPZDVVHLQVROO¶JH]R JHQKDW+DEHUPDV·(LQVFKlW]XQJGHVÅHEHQVR´NDQQMHGRFK]XPLQGHVW PLW%OLFNDXIGDV3RWHQWLDOYRQ%UDQGRPVQRUPDWLYHU3UDJPDWLNKLQVLFKW OLFK GHU ÄSUDNWLVFKHQ 9HUQXQIW¶ EH]ZHLIHOW ZHUGHQ =XQlFKVW QXU VRYLHO 1RUPHQJHOHLWHW LVW MHGH 5HIOH[LRQ LQVRIHUQ VLH PLW GHP %HXUWHLOHQ XQG $EZlJHQ YRQ *UQGHQ EHID‰W LVW VHLHQ HV *UQGH IU hEHU]HXJXQJHQ

_____________ %UDQGRP D  YJO HEG  ]X %UDQGRPV 5HIRUPXOLHUXQJ GHU .DQWLVFKHQ 'LIIHUHQ]LHUXQJ ]ZLVFKHQ REMHNWLYHP XQG VXEMHNWLYHP 3ULQ]LS GHV :ROOHQV LQ LQIH UHQWLHOOHQ7HUPLQL +DEHUPDV 9JOGD]X.DQW.U9$VRZLHREHQ†



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

RGHU*UQGHIU+DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQ'HQQRFKEHVWHKW KLQVLFKWOLFK 1RUPHQ GLH LQ 5HODWLRQ ]X :DKUQHKPXQJHQ VWHKHQ XQG 1RUPHQGLHLQ5HODWLRQ]X+DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQVWHKHQ HLQJUDYLHUHQGHU8QWHUVFKLHG %UDQGRPQHJLHUWQLFKWUXQGKHUDXVGLH0|JOLFKNHLWHLQHUJHQXLQSUDN WLVFKHQ 3KLORVRSKLH YLHOPHKU LVW 3KLORVRSKLH IU LKQ LP YRUJHQDQQWHQ 6LQQHYRQ*UXQGDXIHLQH7KHRULHGHU1RUPDWLYLWlWPDJVLHVLFKLQLKUHP ZHLWHUHQ)RUWJDQJQXQPLWWKHRUHWLVFKHQRGHUPLWPRUDOLVFKHQ)UDJHQLP HQJHUHQ6LQQHDXVHLQDQGHUVHW]HQ%UDQGRPV%HJULIIYRQ1RUPDWLYLWlWOl‰W VLFK DOV HLQ LP ZHLWHUHQ 6LQQH GHV $XVGUXFNV WUDQV]HQGHQWDOHV $UJX PHQW YHUVWHKHQ 6SUDFKH 9HUQXQIW :LVVHQ XQG +DQGHOQ N|QQHQ QXU XQWHU GHU 9RUDXVVHW]XQJ HLQHU JOWLJHQ (UNOlUXQJ YRQ 1RUPDWLYLWlW YHU VWDQGHQ ZHUGHQ 'HRQWLVFKH 6WDWXV DOVR )HVWOHJXQJHQ XQG %HUHFKWLJXQ JHQ]X)HVWOHJXQJHQVLQGLQGLH*UXQGVWUXNWXUMHJOLFKHU5DWLRQDOLWlWHLQ JHZREHQ 'HU 9RU]XJ GLHVHU .RQ]HSWLRQ EHVWHKW ]ZHLIHOORV GDULQ GD‰ YRQ1RUPDWLYLWlWJHKDQGHOWZLUGRKQHVWDUNPHWDSK\VLVFKH7KHVHQEHU GLH9HUQXQIWGLH1DWXURGHUGHQ0HQVFKHQEHJUQGHQ]XPVVHQ6WDWW GHVVHQ EOHLEW GLH 7KHRULH DXI GHP %RGHQ VSUDFKOLFKHU $XVGUFNH GHP %HUHLFK D  LQ RELJHP 0RGHOO GHU LQIHUHQWLHOOHQ 6HPDQWLN 6   XQG OLHIHUW XPJHNHKUW HUVW DOV (UJHEQLV HLQ 0HQVFKHQELOG ,Q $QOHKQXQJ DQ .DQWLVFKHV 9RNDEXODU VFKUHLEW %UDQGRP GDKHU Å,QGHP VLH >VF GLH 3UR GXNWHVR]LDOHU,QWHUDNWLRQHQ@GHQLQLKQHQDXIDQJHPHVVHQH:HLVHHQWKDO WHQHQ 3HUIRUPDQ]HQ =XVWlQGHQ XQG $XVGUFNHQ EHJULIIOLFKHQ *HKDOW YHUOHLKHQ LQVWLWXLHUHQ GLHVH 3UDNWLNHQ HLQ 5HLFK GHU .XOWXU >@´ 0HQ VFKHQ YHUVWHKHQ VLFK GDQDFK QLFKW ZHVHQWOLFK DOV $JHQWHQ LQ 5HL] 5HDNWLRQVVFKHPDWDVRQGHUQDOVQRUPDWLYH:HVHQGHUHQ.RPPXQLNDWLRQ YRP=XZHLVHQXQG$QHUNHQQHQYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQDQ DQGHUHXQGVLFKVHOEVWJHVWHXHUWZLUG 'LHV NDQQ LQVRIHUQ DOV HLQH +HUDXVIRUGHUXQJ DQ GLH 7KHRULH .DQWV YHUVWDQGHQZHUGHQDOV%UDQGRPVLFKLP6LQQHYRQ2FNKDPVgNRQRPLH SULQ]LS DXI GLH 6SKlUH GHV VSUDFKOLFK DUWLNXOLHUEDUHQ VR]LDOHQ 6HOEVWYHU VWlQGQLVVHV EHVFKUlQNW GHVVHQ HLQH %HGLQJXQJ HEHQ GLH QRUPDWLY SUDJPDWLVFKH9HUQHW]XQJGXUFKGLH(LQVWHOOXQJHQGHU6SUHFKHULVW%UDQ GRP IKUW GHQ %HJULII GHU 1RUPDWLYLWlW EHUHLWV DXI GHU VHPDQWLVFKHQ (EHQH HLQ GLH .DQW VFKOLFKWZHJ QLFKW EHUFNVLFKWLJW XQG GHVKDOE EHL

_____________ )U GLH JHJHQZlUWLJH 'LVNXVVLRQ VROO GLH IROJHQGH 'HILQLWLRQ 6WHUQV JHQJHQ Å2QH WKLQJ ; LVDQHFHVVDU\FRQGLWLRQIRUWKHSRVVLELOLW\RIVRPHWKLQJHOVH < VRWKDW>@ WKHODWWHUFDQQRWREWDLQZLWKRXWWKHIRUPHUµ 6WHUQÅ,QWURGXFWLRQ´ 9JO]XU 'HEDWWHGLHVHVDXI.DQWV3KLORVRSKLH]XUFNJHKHQGHQ%HJULIIVGLH%HLWUlJHLQ6WHUQ  IU PHLQHQ =XJDQJ UHOHYDQW LQVEHV 'DYLG %HOO Å7UDQVFHQGHQWDO $UJXPHQWV DQG1RQ1DWXUDOLVWLF$QWL5HDOLVP´ %UDQGRP

†1RUPDWLYH3UDJPDWLNXQGXQEHGLQJWHV6ROOHQ 



VHLQHU(LQIKUXQJGHV%HJULIIVDXIVWlUNHUH=XVDW]SUlPLVVHQIHVWJHOHJWLVW .DQWV(UNOlUXQJGHU4XHOOHGHV6ROOHQVGHU,PSHUDWLYHVHLQ5FNJULIIDXI GLH6\QWKHVHYRQ$XWRQRPLHXQG+HWHURQRPLHLP%HJULIIGHVPHQVFKOL FKHQ :LOOHQV HUZHLVW VLFK DOV PLW DQVSUXFKVYROOHUHQ =XVDW]DQQDKPHQ YHUEXQGHQ DOV %UDQGRPV ([SOLNDWLRQ GHU ÅQRUPDWLYHQ )HLQVWUXNWXU GHU 5DWLRQDOLWlW´ 'RFKGDPLWJHZLQQWHLQH)UDJHDQ%HGHXWXQJGLHLQGHUYRUVWHKHQ GHQ 'LVNXVVLRQ LP +LQWHUJUXQG VLFKWEDU ZDU RKQH EHUHLWV H[SOL]LHUW ]X ZHUGHQ NDQQ %UDQGRPV XPIDVVHQGHU XQG JUXQGOHJHQG QRUPDWLY RULHQ WLHUWHU.RKlUHQWLVPXVHLQbTXLYDOHQW]XU/HLVWXQJGHU.DQWLVFKHQ7KHRULH GHU (UNOlUXQJ HLQHU EHU 0D[LPHQ YHUPLWWHOWHQ  +DQGOXQJVGLUHNWLRQ GXUFKGHQ PHWDSK\VLVFKHQ %HJULIIGHU1RUPDWLYLWlWOLHIHUQ"3ULPDIDFLH VFKHLQWNHLQH0|JOLFKNHLWLQ6LFKW]XVHLQGLH.DQWLVFKH$XIIRUGHUXQJVLWW OLFKGKYHUQXQIWJHPl‰]XKDQGHOQLQ%UDQGRPV7HUPLQL]XUHIRUPXOLH UHQ ZHLO ZLU LP 6LQQH %UDQGRPV JDU QLFKW XQYHUQQIWLJ KDQGHOQ N|QQHQ HVVHLGHQQXPGHQWKHRUHWLVFKLQDN]HSWDEOHQ3UHLVGHV9HUOXVWVMHJOLFKHU 6HPDQWLN  6LQQOLFKH 1HLJXQJHQ XQG :QVFKH DOVR GDV ZDV .DQW DOV DPRUDOLVFKXQGXQYHUQQIWLJLQEHVWLPPWHQ)lOOHQVRJDUDOVXQPRUDOLVFK TXDOLIL]LHUW LVW IU %UDQGRP LP QRUPDWLYLQIHUHQWLHOOHQ 1HW] HEHQVR IHVW YHUDQNHUWZLHhEHU]HXJXQJHQ:HUWHJHVHOOVFKDIWOLFKH(WLNHWWHQXQG$Q GHUHV *HQDXDQGLHVH7KHRULHQNRQVWHOODWLRQVFKOLH‰WVLFKQXQGLHEHUHLWVDQ JHGHXWHWH ZHQQJOHLFK LQ QRFK HUNOlUXQJVEHGUIWLJHU +LQVLFKW EHUUD VFKHQGH.ULWLN+DEHUPDV·DQÅ%UDQGRPPL‰YHUVWHKWVLFKJHZLVVHUPD‰HQ VHOEVW ZHLO HU HLQHQ EHULQNOXVLYHQ %HJULII YRQ 1RUPDWLYLWlW YHUZHQGHW XQG 5DWLRQDOLWlWVQRUPHQ LP ZHLWHVWHQ 6LQQH ² ORJLVFKH EHJULIIOLFKH VH PDQWLVFKH HEHQVR ZLH SUDJPDWLVFKH 5HJHOQ ² DQ +DQGOXQJVQRUPHQ DQ JOHLFKW >@ 'LH $IIHNWLRQ GXUFK *UQGH LVW DEHU HWZDV DQGHUHV DOV HLQH 9HUSIOLFKWXQJ GXUFK 1RUPHQ :lKUHQG +DQGOXQJVQRUPHQ GHQ :LOOHQ YRQ$NWRUHQELQGHQOHQNHQ5DWLRQDOLWlWVQRUPHQLKUHQ*HLVW´+DEHUPDV ZLUIW %UDQGRP HLQH XQJHUHFKWIHUWLJWH $VVLPLOLHUXQJ WKHRUHWLVFKHU XQG SUDNWLVFKHU .RQWH[WH YRU ZHQQ HU GLH $QVLFKW lX‰HUW %UDQGRP JOHLWH Å>«@ EHUGHQ VLJQLILNDQWHQ 8PVWDQG KLQZHJ GD‰ GDV QRUPDWLYH 9RND EXODULQGHU$OOWDJVSUD[LVYRUDOOHPGHU+DQGOXQJVRULHQWLHUXQJXQGQLFKW NRJQLWLYHQ=ZHFNHQGHUORJLVFKHQ([SOLNDWLRQGLHQW(UVFKOlJWDOOHVZRU EHU ZLU LQ LUJHQGHLQHU HYDOXDWLYHQ RGHU SUlVNULSWLYHQ 6SUDFKH $XVVDJHQ PDFKHQGHP%HUHLFKQRUPDWLYHU7DWVDFKHQ]X´

_____________ %UDQGRP +DEHUPDVI +DEHUPDV%UDQGRPKDWGDUDXIIROJHQGHUPD‰HQUHDJLHUWÅ,DJUHHWKDWWKLV >VFIDFWVYVQRUPV@LVDFUXFLDOGLVWLQFWLRQ WKRXJK>@,WKLQNWKHWHPSWDWLRQWROLQHLW



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

,FK P|FKWH QXQ LP )ROJHQGHQ GDIU DUJXPHQWLHUHQ GD‰ LQQHUKDOE %UDQGRPVHLJHQHU.RQ]HSWLRQWDWVlFKOLFKNHLQJHQXLQPRUDOLVFKHU6WDQG SXQNWLGHQWLIL]LHUWZLUGGD‰DEHUXQWHUEHVWLPPWHQEHJULIIOLFKHQ9RUHQW VFKHLGXQJHQ %UDQGRPV 9HUVLRQ HLQHV .RKlUHQWLVPXV GLH 0|JOLFKNHLW HLQHU 0RUDOSKLORVRSKLH .DQWLVFKHU $UW GHRQWRORJLVFK NRJQLWLYLVWLVFK IRUPDOLVWLVFKXQLYHUVDOLVWLVFK LPSOL]LHUWZlKUHQGXQWHUEHVWLPPWHQDQGH UHQ EHJULIIOLFKHQ 9RUHQWVFKHLGXQJHQ VLFK HLQ VROFKHU $QVFKOX‰ DOV EHU IOVVLJHUZHLVW 0LW %UDQGRPV (UNOlUXQJ GHU 1RUPDWLYLWlW DOV HLQHU %HGLQJXQJ GHU 0|JOLFKNHLWYRQ:HOWXQG3HUVRQHQEH]JHQVSUHFKKDQGHOQGHU:HVHQ² XQGGDUDXI]LHOW+DEHUPDV·.ULWLN²LVWHWZDV(QWVFKHLGHQGHVYHUEXQGHQ ZHQQZLUÄLPPHUVFKRQ¶VRKDQGHOQGDQQVFKHLQWHLQH3IOLFKWVRXQGQLFKW DQGHUV ]X KDQGHOQ PLW GHQ %RUGPLWWHOQ GLHVHU 7KHRULH GHU 1RUPDWLYLWlW QLFKW PHKU EHVWLPPEDU ]X VHLQ $XV GHU ÅQRUPDWLYHQ )HLQVWUXNWXU GHU 5DWLRQDOLWlW´VFKHLQWNHLQH+DQGOXQJVQRUPXQGVFKRQJDUNHLQ.DQWLVFKHU ,PSHUDWLYDE]XOHLWHQ]XVHLQ:HUHWZDVYHUVWHKW]HLJWVLFKLSVRIDFWREHUHLWV DOVHLQYHUQQIWLJHV²XQGGDVKHL‰WQDFK%UDQGRP²QRUPDWLYHV:HVHQ 'DPLWVFKHLQHQGLH$NWHQGHU1RUPDWLYLWlWJHVFKORVVHQXQGHLQZHLWHUUHL FKHQGHV6ROOHQLQQHUKDOEGLHVHU.RQ]HSWLRQQLFKWIRUPXOLHUEDU]XVHLQ :lKUHQGVLFKREHQ]HLJWHZLHVLFK.DQWVK\SRWKHWLVFKH,PSHUDWLYHLQ %UDQGRPVPRUDOLQYDULDQWHP6LQQHDOVNRQVHTXHQWLHOOH)HVWOHJXQJHQHUIDV VHQOLH‰HQVFKHLQW.DQWV7KHRULHGHU0RUDOLWlWUHVLVWHQWJHJHQEHUHLQHU LQIHUHQWLDOLVWLVFKHQ7UDQVIRUPDWLRQ]XVHLQ'HQQGLH8QEHGLQJWKHLWHLQHV NDWHJRULVFKHQ ,PSHUDWLYV EHQHQQW JHUDGH]X GLH 8QDEOHLWEDUNHLW HLQHU +DQG OXQJVGLUHNWLYHDXVHLQHPZLOONUOLFKJHZlKOWHQ=ZHFNJHPl‰GHPLQIHUHQ WLHOOHQ0XVWHU:HUEHLVSLHOVZHLVHDOV.DXIPDQQRGHU.DXIIUDXJXWH*H

_____________ XSZLWKWKHGLVWLQFWLRQEHWZHHQWKHQRQFRQFHSWXDODQGWKHFRQFHSWXDOVKRXOGEHUH VLVWHG  ,W ZRXOG LQGHHG EH D EDGWKLQJ LI LW JRHV PLVVLQJ EHFRPHV XQLQWHOOLJLEOH RU HYHQLVWUHDWHGDVRIPHUHO\VHFRQGDU\LPSRUWDQFHLQWKHDFFRXQWRIGLVFXUVLYHDFWLYLW\ >@%XW,GRQRWWKLQNWKDWLWGRHVDOWKRXJKWKDWIDFWFDQEHREVFXUHGE\WKHZD\VLQ ZKLFK,XVHÄIDFW¶DQGÄQRUP¶²ZKLFKDUHTXLWHGLIIHUHQWLQVRPHZD\VIURPVWDQGDUG XVDJHVLQFOXGLQJ+DEHUPDV·RZQ7KHGLIIHUHQFHLQTXHVWLRQVKRZVXSLQWKHV\VWHP DWLFDOO\ FHQWUDO GLVWLQFWLRQ EHWZHHQ QRQQRUPDWLYH IDFWV DQG QRUPDWLYH IDFWV 8VLQJ ÄIDFW¶LQVXFKDZD\DVWRDFNQRZOHGJHWKDWWKHUHDUHQRUPDWLYHIDFWVGRHVQRWUHTXLUH EOXUULQJ WKLV GLVWLQFWLRQ 2QH LPSRUWDQW ZD\ RI GLVWLQJXLVKLQJ UHJLRQV RI IDFWV LV E\ WKHYRFDEXODU\QHHGHGWRVWDWHWKHP7KLVLVKRZZHSLFNRXWSK\VLFDOIDFWVPDWKH PDWLFDOIDFWVLQWHQWLRQDOIDFWVWKHSUREOHPDWLFFDWHJRU\RIVHPDQWLFIDFWVDQGVRRQ 1RUPDWLYH IDFWV DUH WKRVH ZKRVH VWDWHPHQW UHTXLUHV QRUPDWLYH YRFDEXODU\ 7KDW LV YRFDEXODU\WKDWSOD\VDGLVWLQFWLYHH[SUHVVLYHUROHFRGLI\LQJFRPPLWPHQWWRSDWWHUQV RISUDFWLFDOUHDVRQLQJ1RUPDWLYHIDFWVWUXHQRUPDWLYHFODLPDEOHVDUHDGLVWLQFWNLQG RIIDFW´ %UDQGRPD $EJHVHKHQGDYRQDOVRGD‰MHJOLFKHGLVNXUVLYH3UD[LV QRUPDWLYÄLPSUlJQLHUW¶LVWOl‰WVLFKMHQVHLWVGLHVHU.RQVWLWXWLRQVHEHQHZHLWHUKLQ]ZL VFKHQ6SUDFKVSLHOHQXQWHUVFKHLGHQGLHVLFKJHQXLQDXISK\VLNDOLVFKHPDWKHPDWLVFKH LQWHQWLRQDOHVHPDQWLVFKHRGHUQRUPDWLYH)DNWHQ²ÅDQGVRRQ´ HEG ²EH]LHKHQ

†1RUPDWLYH3UDJPDWLNXQGXQEHGLQJWHV6ROOHQ 



VFKlIWH PDFKHQ ZLOO KDW VLFK QLFKW DOOHLQ GHVKDOE VFKRQ LPSOL]LW DXI (KU OLFKNHLWGHQ.XQGHQJHJHQEHUIHVWJHOHJW'DVÅPRUDOLVFKH6ROOHQ´PHLQW ZLHVHOEVW%UDQGRPIHVWKlOWPHKUDOVHLQÅ.OXJKHLWV6ROOHQ´ 'DPLWLVWEHUHLWVGLH5LFKWXQJGHUYRQ+DEHUPDVHLQJHNODJWHQ'LIIH UHQ]LHUXQJYRUJHJHEHQXQGGHUHQWVFKHLGHQGH6FKULWWKLQ]XHLQHUP|JOL FKHQ,QWHJUDWLRQHLQHVJHQXLQPRUDOLVFKHQ%HJULIIVGHU9HUSIOLFKWXQJRGHU 9HUELQGOLFKNHLW LQ HLQ NRKlUHQWLVWLVFKHV .RQ]HSW PHQVFKOLFKHU 9HUQXQIW JHWDQÅ'LHÄ6ROOHQ¶GLHGLHKLHUDOV%HLVSLHOHJHZlKOWHQ6SH]LHVGHVSUDNWL VFKHQ%HJUQGHQVH[SOL]LWPDFKHQ²DOVRGDVLQVWUXPHQWHOOHÄ6ROOHQ¶GDV LQVWLWXWLRQHOOHÄ6ROOHQ¶XQGGDVXQEHGLQJWHÄ6ROOHQ¶²VWHOOHQVRPLWDOOHVDPW XQWHUVFKLHGOLFKH$UWHQGHVUDWLRQDOHQÄ6ROOHQV¶GDU(VH[LVWLHUWNHLQDSULRUL *UXQG GHU GDIU VSUHFKHQ ZUGH DOOH MHQH Ä6ROOHQ¶ HLQHU HLQ]LJHQ )RUP HLQ]XYHUOHLEHQ ² EHLVSLHOVZHLVH GHP .OXJKHLWVVROOHQ GHP +XPHVFKHQ 7RWDOLWDULVPXV  ZLH HV 7KHRUHWLNHU ZLH *DXWKLHU  WXQ GLH 5DWLRQDOLWlW DOOHLQXQWHU0D[LPLHUXQJVJHVLFKWVSXQNWHQEHWUDFKWHQ´'HPNDQQPDQ MHGRFK]XVWLPPHQRKQHGDPLWEHUHLWVWKHRULHLPPDQHQWH0LWWHO]XEHVLW ]HQHLQPRUDOLVFKHV6ROOHQ]XEHJUHLIHQ'HQQLP*HJHQVDW]]XP]ZHFN GLHQOLFKHQ RGHU SUlIHULHUHQGHQ 6ROOHQ XQG DXFK LP *HJHQVDW] ]XP VR]LDOHQ RGHU LQVWLWXWLRQHOOHQ 6ROOHQ P‰WH GLH 9HUELQGOLFKNHLW HLQHV XQEHGLQJWHQ 6ROOHQV LQ ZHOFKHP %UDQGRP GHQ ÅDXVVLFKWVUHLFKVWHQ .DQ GLGDWHQ IU ÄPRUDOLVFKHV 6ROOHQ¶´ VLHKW RKQH 5FNVLFKW DXI :QVFKH 3UlIHUHQ]HQRGHUGHQVR]LDOHQ6WDWXVGHUEHWURIIHQHQ3HUVRQUHNRQVWUXLHUW ZHUGHQ'DVKHL‰WGD‰VLFKGLHQRUPDWLYH.UDIWGHVPRUDOLVFKHQ6ROOHQV DXVHLQHUDQGHUHQ4XHOOHVSHLVHQPX‰:RULQMHGRFKGLHVH4XHOOHEHVWHKW VFKHLQWHEHQLP*HJHQVDW]]XPLQVWUXPHQWHOOHQXQGLQVWLWXWLRQHOOHQ6RO OHQQLFKWWKHRULHLPPDQHQWHUNOlUEDU]XVHLQ .RQNUHWDXIGLH)UDJHÄZLHVRVROOWHLFKGHQ6FKLUPDXIVSDQQHQ"¶ODX WHW GLH $QWZRUW ÄZHLO 'X GDQQ WURFNHQ EOHLEVW¶ D  GLH 5DWLRQDOLWlW GHV HQWVSUHFKHQGHQ :XQVFKHV EHUHFKWLJW ]X HLQHU HQWVSUHFKHQGHQ +DQGOXQJV DEVLFKW $XI GLH)UDJH ÄZLHVR VROOWH LFK HLQH .UDZDWWHWUDJHQ"¶ ODXWHW GLH $QWZRUW ÄZHLO HV IU %DQNDQJHVWHOOWH HLQH .OHLGHURUGQXQJ JLEW XQG 'X

_____________ %UDQGRPD %UDQGRPYJODXFK%UDQGRPDÅ5DWLRQDOLWlWLVWGLH*DWWXQJ]X GHUDOOHGLHVH6ROOHQVVSH]LHVJHK|UHQ´9JOGD]XNULWLVFKXQWHQ)QVRZLH6FDQ ORQ +LHU ODXWHW %UDQGRPV %HLVSLHO YJO %UDQGRP D   ,FK P|FKWH WURFNHQ EOHLEHQ XQG GDV $XIVSDQQHQ PHLQHV 6FKLUPV LVW GLH HLQ]LJH 0|JOLFKNHLW WURFNHQ ]X EOHLEHQDOVRZHUG·LFKZRKOGHQ6FKLUPDXIVSDQQHQ +LHUODXWHW%UDQGRPV%HLVSLHO YJO%UDQGRPD %DQNDQJHVWHOOWHPV VHQ HLQH.UDZDWWHWUDJHQXQGLFK ELQHLQ%DQNDQJHVWHOOWHUGHU]XU $UEHLWJHKWDOVR ZHUG·LFKZRKOHLQH.UDZDWWHWUDJHQ %UDQGRPD



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

%DQNDQJHVWHOOWHUELVW¶ E KLHUEHUHFKWLJHQGHUHQWVSUHFKHQGH6WDWXVXQGGLH RIIL]LHOOH 8PJDQJVIRUP ]X GHU HQWVSUHFKHQGHQ +DQGOXQJVDEVLFKW 'LH PRUDOLVFKH 1RUP Å F  -HPDQGHP JUXQGORV ]X VFKDGHQ LVW QLFKW LQ 2UG QXQJ PDQVROOWHHVQLFKW ´EHUHFKWLJWQXQ]ZDU]XHLQHUHQWVSUHFKHQGHQ +DQGOXQJVDEVLFKWDOV$QWZRUWDXIGLH)UDJHÄZLHVRVROOWHLFKNHLQHEOHQ *HUFKWHEHUMHPDQGHQYHUEUHLWHQ"¶'RFKLVWGLHVH%HUHFKWLJXQJVHUKDO WXQJRIIHQEDU]XVFKZDFKXPGLHQRUPDWLYH.UDIWPRUDOLVFKHU1RUPHQ H[SOL]LW]XPDFKHQ %UDQGRPEHWHXHUWQXQ]ZDUHVVHLÅ>@QLFKWGHU6LQQGLHVHU'LVNXV VLRQ HLQH 3RVLWLRQ EH]JOLFK GHU %HVWLPPXQJ VSH]LILVFK PRUDOLVFKHU 1RUPHQ]XEH]LHKHQ>@´GRFKVFKHLQWPLUPLQGHVWHQVHLQ$UJXPHQW GDIU ]X VSUHFKHQ GD‰ HLQH :HLWHUEHVWLPPXQJ GHV PRUDOLVFKHQ 6ROOHQV LP 6LQQH HLQHV ÅXQEHGLQJWHQ 6ROOHQV´ GXUFK 7KHRUHPH JHVWW]W ZHUGHQ P‰WHGLHEHUGDVZDV%UDQGRPVHOEVWH[SOL]LWJHPDFKWKDWKLQDXVJH KHQ 'DV EHGHXWHW MHGRFK QLFKW GD‰ GHU QlFKVWH 6FKULWW HLQH .DVXLVWLN HQWODQJ P|JOLFKHU 6SUHFKDNWH RGHU HLQH Å%HVWLPPXQJ VSH]LILVFK PRUDOL VFKHU 1RUPHQ´ VHLQ PX‰ ZLH %UDQGRP DQGHXWHW ]XPLQGHVW LVW GLHV QLFKW GHU 6FKULWW GHU LP )ROJHQGHQ YHUVXFKW ZHUGHQ VROO 'LH )UDJH LVW ]XQlFKVWYLHOPHKUZRULQGLHQRUPDWLYH'LIIHUHQ]]ZLVFKHQGHQ)lOOHQ D  XQG E HLQHUVHLWVXQGGHP)DOO F DQGHUHUVHLWVEHVWHKW 0LWGHQEHLGHQ%HJULIIHQGHUEHUHFKWLJXQJVHUKDOWHQGHQ,QIHUHQ]XQG GHUIHVWOHJXQJVHUKDOWHQGHQ,QIHUHQ]VROOKLHUHLQH,GHHIUXFKWEDUJHPDFKW ZHUGHQGLH%UDQGRPLPDOOJHPHLQHUHQVHPDQWLVFKHQ.RQWH[WHLQJHIKUW KDW XP GLH QRUPDWLYH 6WUXNWXU VLFKWEDU ]X PDFKHQ LQ GLH EHKDXSWEDUH *HKDOWHHLQJHEHWWHWVLQGÅ'LHKLHUYHUIROJWH(UNOlUXQJVVWUDWHJLHJHKWYRQ 3UDNWLNHQ DXV GLH GHRQWLVFKH 6WDWXV GHU )HVWOHJXQJ XQG %HUHFKWLJXQJ LQVWLWXLHUHQXQG]HLJWGDQQZLHGLHVH3UDNWLNHQGDGXUFKGHP%HKDXSWED UHQ VSH]LILVFK SURSRVLWLRQDOH EHJULIIOLFKH *HKDOWH EHUWUDJHQ ² GLH DOV VROFKHHUNHQQEDUVLQGDXIJUXQGGHUGHRQWLVFKHQ)ROJHUXQJVXQG8QYHU HLQEDUNHLWVEH]LHKXQJHQ LQ GHQHQ VLH VWHKHQ´ 'LH NRQWURYHUVH )UDJH REPLWGLHVHQGHRQWLVFKHQ)ROJHUXQJVXQG8QYHUHLQEDUNHLWVEH]LHKXQJHQ EHUHLWVZLH%UDQGRPDQQLPPWJHQJHQGWKHRUHWLVFKHV0DWHULDO]XU9HU IJXQJVWHKWXPHLQHEHKDXSWEDUNHLWV]HQWULHUWHVHPDQWLVFKH7KHRULHDXI ]XVWHOOHQ HLQH VROFKH DOVR GLH GLH %HGHXWXQJ YRQ $XVGUFNHQ DXV GHQ 5LFKWLJNHLWHQLKUHV*HEUDXFKV]XJHZLQQHQYHUVXFKWPX‰KLHUQLFKWZHL WHU YHUIROJW ZHUGHQ (V VROO KLHU LQQHUKDOE GHU QRUPDWLYHQ 3UDJPDWLN

_____________ %UDQGRPD %UDQGRPD (EG %UDQGRPD 9JOGD]XREHQ)Q

†0DWHULDOH,QIHUHQ]HQEHUHFKWLJHQGHXQGIHVWOHJHQGH+DQGOXQJVJUQGH 



OHGLJOLFKHLQ$QVDW]SXQNWIUGLH(UNOlUXQJJHQXLQSUDNWLVFKHQ5HIOHNWLH UHQVJHVXFKWZHUGHQZREHLGLHGUHLIROJHQGHQYRQ%UDQGRPDXVJHPDFK WHQ 6RUWHQ LQIHUHQWLHOOHU )ROJHUHODWLRQHQ UHOHYDQW VLQG Å:LU KDEHQ HV ]X WXQPLWIHVWOHJHQGHQ GKIHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ]HQHLQH.DWHJR ULHGLHGLHGHGXNWLYH,QIHUHQ]YHUDOOJHPHLQHUWHUPlFKWLJHQGHQ GKEHUHFK WLJXQJVHUKDOWHQGHQ ,QIHUHQ]HQHLQH.DWHJRULHGLHGLHLQGXNWLYH,QIHUHQ] YHUDOOJHPHLQHUWXQGPLW,QNRPSDWLELOLWlWVIROJHQHLQH.DWHJRULHGLHGLHPR GDOH GDV .RQWUDIDNWLVFKH DEVWW]HQGH  ,QIHUHQ] YHUDOOJHPHLQHUW´ 0LW GHU GULWWHQ .DWHJRULH GHU ,QNRPSDWLELOLWlW GHP PDWHULDOHQ .RUUHODW GHU IRUPDOHQ ,QNRQVLVWHQ] LVW PLW %OLFN DXI GLH 6HPDQWLN JHPHLQW GD‰ GLH 8QYHUHLQEDUNHLW EHKDXSWEDUHU *HKDOWH DQKDQG YRQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQHUNOlUWZHUGHQNDQQÅ=XVDJHQGD‰]ZHL%HKDXSWXQJHQ PDWHULDO LQNRPSDWLEOH*HKDOWHKDEHQKHL‰W]XVDJHQGD‰GLH)HVWOHJXQJ DXIGLHHLQHGLH%HUHFKWLJXQJ]XGHUDQGHUHQDXVVFKOLH‰W´0LW%OLFNDXI GHQ SUDNWLVFKHQ .RQWH[W VLQG GLH EHLGHQ HUVWHQ .DWHJRULHQ MHGRFK HLQ VFKOlJLJHU LQVEHVRQGHUH ZDV GHQ %OLFN ÅVWURPDEZlUWV´ EHWULIIW GLH )UDJHDOVRDXIZHOFKH.RQVHTXHQ]HQZLUXQVGXUFKHLQHEHVWLPPWH3UR (LQVWHOOXQJ IHVWJHOHJW KDEHQ E]Z ]X ZHOFKHQ .RQVHTXHQ]HQ GLHVH XQV EHUHFKWLJW  

†0DWHULDOH,QIHUHQ]HQEHUHFKWLJHQGHXQGIHVWOHJHQGH +DQGOXQJVJUQGH

 )U GLH QDFKVWHKHQGHQ $XVIKUXQJHQ LVW HV QLFKW JDQ] XQEHGHXWHQG LQ ZHOFKH )RUP %UDQGRP GLHVH ,QIHUHQ]HQ EULQJW :LHVR KDQGHOW HU QLFKW YRQGHGXNWLYHQE]ZLQGXNWLYHQ,QIHUHQ]HQ"'LH$QWZRUWDXIGLHVH)UDJH

_____________ %UDQGRPYJOGD]XDXFK%UDQGRPIÅ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µ9JOGD]XDXFK.QHOO  %UDQGRPD %UDQGRP



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

OLHJW LQ %UDQGRPV SUDJPDWLVFKH[SUHVVLYLVWLVFKHP =XJDQJ ]XU /RJLN 8P EHL GHQ %HLVSLHOHQ SUDNWLVFKHQ hEHUOHJHQV ]X EOHLEHQ N|QQWH PDQ GHU $XIIDVVXQJ VHLQ GD‰ GHU 6FKOX‰ Å'HQ 7UDWVFK ZHLWHU]XYHUEUHLWHQ ZUGHMHPDQGHPJUXQGORVVFKDGHQDOVRZHUG·LFKLKQZRKOQLFKWZHLWHU YHUEUHLWHQ´XQYROOVWlQGLJLVWGKHLQ(QWK\PHPGDUVWHOOWGDVGXUFKGLH +LQ]XIJXQJ HLQHU ZHLWHUHQ 3UlPLVVH ]X YHUYROOVWlQGLJHQ VHL 'LH ÄXQWHU GUFNWH¶ 3UlPLVVH N|QQWH LQ GLHVHP )DOO ODXWHQ Å-HPDQGHP JUXQGORV ]X VFKDGHQLVWQLFKWLQ2UGQXQJ PDQVROOWHHVXQWHUODVVHQ ´%UDQGRPSOl GLHUW QXQ GDIU 6FKOVVH ZLH GHQ JHQDQQWHQ DOV PDWHULDO ULFKWLJ RGHU IDOVFK]XEHWUDFKWHQMHQDFKGHPZRUDXIVLFKGLH3HUVRQGLHGHQ6FKOX‰ lX‰HUW PLW DQGHUHQ bX‰HUXQJHQ IHVWJHOHJW KDW E]Z ZR]X VLH DX‰HUGHP EHUHFKWLJWLVW6lW]HXQGGHUHQ9HUNQSIXQJHQEHVLW]HQPDWHULDOH5LFKWLJ NHLWHQQRFKEHYRUORJLVFKHV9RNDEXODUH[SOL]LWHLQJHIKUWZLUG-D%UDQ GRP LVW VRJDU XPJHNHKUW GHU $QVLFKW ORJLVFKHV 9RNDEXODU ² SURPLQHQ WHUZHLVH GDV .RQGLWLRQDO ² KDEH OHGLJOLFK GLH $XIJDEH $XVVDJHQ GDUEHU ]X HUP|JOLFKHQ GD‰ HV VLFK EHL GHQ IUDJOLFKHQ PDWHULDOHQ 6FKOVVHQ XP NRUUHNWHRGHULQNRUUHNWHKDQGHOW'RFKDXFKXQDEKlQJLJYRQGLHVHU%HV WlWLJXQJ N|QQHQ 6SUDFKKDQGHOQGH LKUH XQG GLH bX‰HUXQJHQ $QGHUHU DOV NRUUHNWH EHKDQGHOQ RKQH GD‰ GDEHL GHU :HUW GHU ,QIHUHQ]HQ JHJHQEHU GHUHQ)RUPDOLVLHUXQJYHUlQGHUWZLUG0DQNDQQGLHVHU.RQ]HSWLRQ]XIRO JHDOVRGLH%H]LHKXQJ]ZLVFKHQPDWHULDOULFKWLJHQ6FKOVVHQHLQHUVHLWVXQG GHQVLHÄVWW]HQGHQ¶6lW]HQDQGHUHUVHLWVVRDXIIDVVHQGD‰GLH+LQ]XQDKPH GHUÄVWW]HQGHQ¶6lW]HDOV3UlPLVVHQGLHPDWHULDOULFKWLJHQ6FKOVVH]XIRU PDO ULFKWLJHQ PDFKW G K Å>«@ GLH VFKHLQEDU YHUNU]WHQ HQWK\PHPDWL VFKHQ ,QIHUHQ]HQ LQ GLHVHU )RUP DOV RUGQXQJVJHPl‰]X EHWUDFKWHQ XQG GLH .RQGLWLRQDOH QLFKW DOV XQWHUGUFNWH 3UlPLVVHQ ]X EHKDQGHOQ VRQGHUQ DOV HLQ ([SOL]LWPDFKHQ LQ )RUP HLQHU %HKDXSWXQJ  GHVVHQ ZDV LPSOL]LW LQ

_____________ hEHUGLHWKHRUHWLVFKH(UNOlUXQJVUHLKHQIROJHGLHGLH(LQIKUXQJIRUPDOHQ9RNDEXODUV QLFKW DQ GHQ $QIDQJ VRQGHUQ DQV (QGH GHU (UNOlUXQJ YRQ ,QIHUHQ]PXVWHUQ VWHOOW EHPHUNW %UDQGRP Å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´ %UDQGRP 'HQ$XVGUXFN ÅPDWHULDOLQIHUHQFH´EHUQLPPW%UDQGRP D LQGLHVHP.RQWH[WYRQ6HOODUV   'DYLGVRQ KDWWH LQ GLHVHP 6LQQH YRQ Ä9ROOVWlQGLJNHLW¶ HLQHQ ÅSULPlUHQ *UXQGµ HLQHU +DQGOXQJDOVHLQ3DDUDXV3URHLQVWHOOXQJXQGGLHVEH]JOLFKHUhEHU]HXJXQJEHVWLPPW YJOGD]X'DYLGVRQ>HQJO@

†0DWHULDOH,QIHUHQ]HQEHUHFKWLJHQGHXQGIHVWOHJHQGH+DQGOXQJVJUQGH 



GHU %LOOLJXQJ GHU ,QIHUHQ]HQ HQWKDOWHQ LVW´ $XI GHQ SUDNWLVFKHQ .RQ WH[WEH]RJHQIlKUW%UDQGRPVFKOLH‰OLFKIRUWÅ'DVKlWWHGHQ9RUWHLOGD‰ VLFKGLHH[SUHVVLYH5ROOHGHULQHLQHPZHLWHQ6LQQHZHUWHQGHQ:|UWHU ZLH ÄYRU]LHKHQ¶ ÄYHUSIOLFKWHW¶ ÄVROOWH¶  GLH GLHVH3URHLQVWHOOXQJHQ DXVGUFNHQ lKQOLFKZLHGLHGHU.RQGLWLRQDOHYHUVWHKHQOl‰W0DQNDQQGDQQ²REZRKO SUDNWLVFKH,QIHUHQ]HQ>VFZLHGLHHEHQJHQDQQWH.3@NHLQHU(UJlQ]XQJ EHGUIHQXPULFKWLJ]XVHLQ²LQHLQHU6SUDFKHPLWKLQUHLFKHQGH[SUHVVL YHQ 0LWWHOQ GLH LQIHUHQWLHOOHQ )HVWOHJXQJHQ GLH LPSOL]LW LQ GHU %LOOLJXQJ VROFKHU,QIHUHQ]HQHQWKDOWHQVLQGDOV%HKDXSWXQJHQH[SOL]LWPDFKHQ´ $OV (UNOlUXQJVUHLKHQIROJH KDW GLH QLFKWIRUPDOLVWLVFKH $XVGUXFNVZHLVH GHQ HQWVFKHLGHQGHQ 9RUWHLO DOOWlJOLFKHV XQG GDPLW KlXILJ HQWK\PHPDWL VFKHV 6SUDFKKDQGHOQQLFKWDOVLQNRUUHNWRGHUZHQLJVWHQVZHVHQWOLFKGHIL ]LWlUTXDOLIL]LHUHQ]XPVVHQ )U GDV )ROJHQGH JUXQGOHJHQG LVW KLHUEHL GHU 8QWHUVFKLHG ]ZLVFKHQ EHUHFKWLJXQJVHUKDOWHQGHQXQGIHVWOHJXQJVHUKDOWHQGHQ,QIHUHQ]HQGHUPLW %UDQGRPV QRUPDWLYSUDJPDWLVFKHP 9RNDEXODU LQVRIHUQ OHLFKW ]X IDVVHQ LVWDOVPLWGHP([SOL]LHUHQGHU5LFKWLJNHLWHLQHUPDWHULDOHQ,QIHUHQ]GHU :HUWGHV]XGLHVHUMHZHLOLJHQ)HVWOHJXQJEHUHFKWLJHQGHQRGHUDEHUDXIVLH VRJDUIHVWOHJHQGHQ*UXQGHVGHXWOLFKVLFKWEDUZLUG 0LW EH]XJ DXI IHVWOHJXQJVHUKDOWHQGH *UQGH UHVPLHUW%UDQGRP GDV 9HUKlOWQLV ]ZLVFKHQ GHUHQ ,PSOL]LWVHLQ LQ JHZ|KQOLFKHQ ,QIHUHQ]HQ XQG GHUHQ ([SOLNDWLRQ IROJHQGHUPD‰HQ Å:HQQ GLHVH )HVWOHJXQJHQ >GHU $UW F @ HUVW HLQPDO DOV %HKDXSWXQJHQ DXVJHGUFNW VLQG N|QQHQ VLH DQJH IRFKWHQ XQG JHUHFKWIHUWLJW VWDWW HLQIDFK QXU DQHUNDQQW RGHU DEJHOHKQW ZHUGHQ :HQQ ]ZHL .RPPXQLNDWLRQVSDUWQHU EHU GLH 5LFKWLJNHLW HLQHU ,QIHUHQ] ZLH ƣ  XQHLQV VLQG N|QQHQ VLH MHW]W GLVNXWLHUHQ RE F  ZDKU LVW GLH %HUHFKWLJXQJ ]X HLQHU VROFKHQ %HKDXSWXQJ LQ )UDJH VWHOOHQ XQG *HJHQEHKDXSWXQJHQDXIVWHOOHQ(VZLUGHLQQHXHV)RUXP]XU/|VXQJYRQ

_____________ %UDQGRP D  YJO ]X %UDQGRPV ([SUHVVLYLVPXV .QHOO    GHU GHVVHQ6HOEVWlQGLJNHLWJHJHQEHUDEHUDXFKGHQV\VWHPDWLVFKHQ=XVDPPHQKDQJPLW GHULQIHUHQWLHOOHQ6HPDQWLNXQGGHUQRUPDWLYHQ3UDJPDWLN%UDQGRPVKHUDXVDUEHLWHW ]XPHLQHQUXKWGHUORJLVFKH([SUHVVLYLVPXVDXIGHUNRQVWLWXWLRQVWKHRUHWLVFKHQ(UNOl UXQJEHJULIIOLFKHQ*HKDOWV]XPDQGHUHQNDQQOHW]WHUHVHOEVWVRZRKOLQLKUHULQIHUHQ WLHOOVHPDQWLVFKHQDOVDXFKLQLKUHUQRUPDWLYSUDJPDWLVFKHQ+LQVLFKWDOVH[SUHVVLYLVWL VFKHV3URMHNWYHUVWDQGHQZHUGHQ %UDQGRPD Å-HPDQGHPJUXQGORV]XVFKDGHQLVWQLFKWLQ2UGQXQJ PDQVROOWHHVQLFKW ´ $QP .3  Å'HQ7UDWVFKZHLWHU]XYHUEUHLWHQ ZUGHMHPDQGHPJUXQGORVVFKDGHQDOVRZHUG·LFK LKQZRKOQLFKWZHLWHUYHUEUHLWHQ´ $QP.3 



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

0HLQXQJVYHUVFKLHGHQKHLWHQ GDUEHU HU|IIQHW ZDV ZRUDXV IROJW ZHOFKH %HKDXSWXQJHQZHOFKH+DQGOXQJHQUDWLRQDOLVLHUHQ´ 8QEHGLQJWLVWQXQVRPHLQHKLHUYHUIROJWH7KHVHGDV6ROOHQLQ)lOOHQ ZLH F QXUGDQQZHQQHVQLFKWQXUEHUHFKWLJXQJVHUKDOWHQGVRQGHUQDXFK IHVWOHJXQJVHUKDOWHQGLVWGKZHQQHLQHU3HUVRQZHOFKHUGLH)HVWOHJXQJDXI GHQ LQ F  JHQDQQWHQ +DQGOXQJVJUXQG ]XJHZLHVHQ ZLUG LSVR IDFWR DXFK GLH)HVWOHJXQJDXIGLH.RQNOXVLRQLQ ƣ ]XJHZLHVHQZLUG1XUGLHVH)HVWOH JXQJVHUKDOWXQJ JDUDQWLHUW GD‰ F  HLQ LQ GLHVHU 6LWXDWLRQ JHJHQEHU DOOHQ DQGHUHQP|JOLFKHQ*UQGHQSUlYDOHQWHU*UXQGLVW'RFKZRKHUVWDPPW GLH 3UlYDOHQ] GLHVHV *UXQGHV GLH GDIU YHUDQWZRUWOLFK LVW GD‰ HLQH 3HU VRQLQGHUHQWVSUHFKHQGHQ6LWXDWLRQQLFKWQXUHLQHQSULPDIDFLHRGHUSUR WDQWR*UXQG]XGLHVHU+DQGOXQJEHVLW]WVRQGHUQGLHVH+DQGOXQJDXV IKUHQ VROO" ,P *HJHQVDW] ]XP LQVWUXPHQWHOOHQ RGHU LQVWLWXWLRQHOOHQ 6RO OHQ ZR HLQ :XQVFK ZLH LP )DOO D  RGHU HLQH (WLNHWWH ZLH LP )DOO E  QLFKW RKQH ZHLWHUHV ]XU )HVWOHJXQJ DXI GLH HQWVSUHFKHQGH $EVLFKW IKUW HV N|QQWHQ MD DXFK DQGHUH K|KHUZHUWLJH SULPD IDFLH*UQGH IU HLQH DOWHUQDWLYH+DQGOXQJDXIWUHWHQ VROOHLQHPRUDOLVFKH1RUPZLHLP)DOO F  ]XU)HVWOHJXQJDXIHLQHHQWVSUHFKHQGH$EVLFKWIKUHQ)HVWOHJXQJVHUKDO WHQGH ,QIHUHQ]HQ KDQGHOQ ZLH EHUHFKWLJXQJVHUKDOWHQGH ,QIHUHQ]HQ YRQ *UQGHQ QXU XQWHUVFKHLGHQ VLH VLFK YRQ GLHVHQ ZHVHQWOLFK KLQVLFKWOLFK GHVQRUPDWLYHQ6WDWXVGHU5HODWLRQ]ZLVFKHQ3UlPLVVHXQG.RQNOXVLRQ 5D] KDW LQ GLHVHP =XVDPPHQKDQJ GDUDXI KLQJHZLHVHQ GD‰ GLH (LQ IKUXQJGHV3IOLFKWEHJULIIVDOOHLQQLFKWGLHVSH]LILVFKH'LIIHUHQ]]ZLVFKHQ GHP LQVWUXPHQWHOOHQ XQG GHP PRUDOLVFKHQ 6ROOHQ DXVPDFKW 9LHOPHKU IKUHQVR5D]·5HNRQVWUXNWLRQDXFK3IOLFKWHQQXU]XEHUHFKWLJXQJVHUKDO WHQGHQ,QIHUHQ]HQVRODQJHNHLQVLWXDWLRQVXQGSHUVRQHQLQYDULDQWHU6DW]

_____________ %UDQGRPD %UDQGRP HUZlKQW GLHVH %HVWLPPXQJ ]ZDU YHUKlOW VLFK GD]X DEHU ZHGHU DIILUPDWLY QRFK NULWLVFK VRQGHUQ VFKHLGHW MHGH ZHLWHUH HQWVSUHFKHQGH hEHUOHJXQJ DOV EHGHX WXQJVORVIUVHLQ$QOLHJHQDXV YJO%UDQGRPDVRZLHXQWHQ† 'DUDXV GD‰HLQXQEHGLQJWHV6ROOHQQXUGXUFKHLQHIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]H[SOL]LWJH PDFKWZHUGHQNDQQIROJWZLHVLFKQRFKKHUDXVVWHOOHQZLUGQLFKWXPJHNHKUWGD‰DOOH IHVWOHJXQJVHUKDOWHQGHQ,QIHUHQ]HQGXUFKHLQXQEHGLQJWHV6ROOHQJHVWW]WZHUGHQ 9JOGD]XREHQ(LQOHLWXQJ)Q $XVGUFNOLFK YHUZHLVW %UDQGRP GDUDXI GD‰ VHLQH =XVDPPHQVWHOOXQJ YRQ 0XVWHUQ SUDNWLVFKHQ %HJUQGHQV GHQ JHQDQQWHQ )lOOHQ D  E  XQG F  QLFKW DOV YROOVWlQGLJ VRQGHUQOHGLJOLFKDOVEHLVSLHOKDIW]XEHWUDFKWHQVHL YJO%UDQGRPD%UDQ GRP  9JOGD]X%UDQGRPDVRZLHZR%UDQGRPEH]JOLFKIHVWOHJXQJVHUKDO WHQGHU ,QIHUHQ]HQ DXFK YRQ *UQGHQ VSULFKW GLH ÅDOV GRPLQLHUHQG RGHU YRUUDQJLJ EHKDQGHOW´ZHUGHQ'LHVH'RPLQDQ]PX‰MHGRFKZLHGLHQDFKIROJHQGHQhEHUOHJXQ JHQ ]HLJHQ VROOHQ QRFK KLQVLFKWOLFK LKUHU GHRQWLVFKHQ 5HLFKZHLWH GLIIHUHQ]LHUW ZHU GHQGKREVLHOHGLJOLFKLQWUDRGHUDXFKLQWHUSHUVRQHOOJLOW

†0DWHULDOH,QIHUHQ]HQEHUHFKWLJHQGHXQGIHVWOHJHQGH+DQGOXQJVJUQGH 



VRQGHUQOHGLJOLFKGLH:DKOGHU]XU(UIOOXQJIKUHQGHQ0LWWHOEHWUDFKWHW ZLUG Å, PD\ KDYH D GXW\ WR EH LQ 2[IRUG E\ QRRQ DQG EX\LQJ D WUDLQ WLFNHWZLOOIDFLOLWDWHJHWWLQJWKHUH%XWLWGRHVQRWIROORZIURPWKHVHIDFWV DORQHWKDW,KDYHDGXW\WREX\DWUDLQWLFNHWRQO\WKDW,KDYHDUHDVRQWR GRVR7KHIDFWWKDWWKHUHPD\EHDOWHUQDWLYHSODQVIDFLOLWDWLQJIXOILOPHQWRI P\GXW\WKDWRWKHUVPD\EHSUHIHUDEOHHWFPD\H[SODLQWKLVGLPLQXWLRQ LQVWULQJHQF\µ3IOLFKWHQGLHQHQDOVRDOVIHVWOHJHQGH5HFKWIHUWLJXQJHQQXU LQ EH]XJ DXI GLH 3IOLFKWHUIOOXQJ DOV VROFKH ,Q EH]XJ DXI DOWHUQDWLYH 0LWWHO GLHVHU (UIOOXQJ ODVVHQ VLH SULQ]LSLHOO GHQVHOEHQ 6SLHOUDXP ZLH :QVFKH XQGDQGHUHZHUWHQGH(LQVWHOOXQJHQ GHU:XQVFKWURFNHQ]XEOHLEHQNDQQ GXUFKGDV$XIVSDQQHQGHV6FKLUPVHUIOOWZHUGHQRGHUGDGXUFKGD‰PDQ LP+DXVEOHLEWHWF $XIHLQHEHVWLPPWH+DQGOXQJIHVWOHJHQGLVWGLH3IOLFKW QXU GDQQ ZHQQ GLHVH +DQGOXQJ DOV 3IOLFKWHUIOOXQJ VLWXDWLY DOWHUQDWLYORV LVW ,P )ROJHQGHQ ZLUG VLFK MHGRFK PLW +LOIH HLQHU QRWZHQGLJHQ (UJlQ ]XQJ GHV QRUPDWLYHQ 9RNDEXODUV %UDQGRPV KHUDXVVWHOOHQ GD‰ QLFKW QXU 3IOLFKWHQ XQG VFKRQ JDU QLFKW QXU PRUDOLVFKH 3IOLFKWHQ  IHVWOHJHQGH +DQGOXQJVJUQGH DXVPDFKHQ N|QQHQ VRQGHUQ GD‰ )HVWOHJXQJHQ DXI 3URHLQVWHOOXQJHQ MHJOLFKHU $UW IHVWOHJHQGH +DQGOXQJVJUQGH GDUVWHOOHQ N|QQHQ ZHQQ GLH KDQGHOQGH 3HUVRQ GLHVH )HVWOHJXQJ VHOEVW DQHUNHQQW ² GLHVH %HVWLPPXQJ EHUVLHKW 5D] ² XQG GLH 0LWWHO ]XU (UUHLFKXQJ GHV =ZHFNVDOWHUQDWLYORVVLQGE]ZJHQDXHUYRQGHU3HUVRQVHOEVWDOVVROFKH HLQJHVFKlW]W ZHUGHQ 1HEHQ GLHVHU VSH]LILVFKHQ )RUP UDWLRQDOHU .RQVH TXHQ]ZLUGGLHLQWHUHVVDQWH)UDJHVFKOLH‰OLFKVHLQREHVGHRQWLVFKH6lW]H XQEHGLQJWH 3IOLFKWHQ PRUDOLVFKH 1RUPHQ  JLEW GLH XQDEKlQJLJ YRQ GHU 6HOEVW]XZHLVXQJIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]HQVWW]HQN|QQHQ %UDQGRPV 8QWHUVFKHLGXQJ ]ZLVFKHQ SUDNWLVFKHQ *UQGHQ DOV %H UHFKWLJXQJHQ]XHQWVSUHFKHQGHQ)HVWOHJXQJHQ XQGHSLVWHPLVFKHQ*UQ GHQJHZLQQWGDPLWHLQHQHXH3HUVSHNWLYHÅ,PGR[DVWLVFKHQ)DOOJLOWHLQH EHUHFKWLJHQGH 5HFKWIHUWLJXQJ IU MHGHUPDQQ DX‰HU EHL )HVWOHJXQJHQ DXI %HKDXSWXQJHQGLHPLWGHQ3UlPLVVHQRGHUGHU.RQNOXVLRQLQNRPSDWLEHO VLQG,PSUDNWLVFKHQ)DOOEUDXFKWHLQHEHUHFKWLJHQGH5HFKWIHUWLJXQJQLFKW DXI DOOH +DQGHOQGHQ EHUWUDJEDU ]X VHLQ´ (LQH VROFKH 5HFKWIHUWLJXQJ NDQQQXQKLHUZLHGRUWH[SOL]LWJHQDQQWRGHUDEHUYRQDQGHUHQ'LVNXUV WHLOQHKPHUQDXIJUXQGEHVWLPPWHUYRP+DQGHOQGHQEHUHLWVHLQJHJDQJHQHU )HVWOHJXQJHQDOVLQOHW]WHUHQLPSOL]LW]XJHZLHVHQZHUGHQ:DVLP)ROJHQ

_____________ 5D] %UDQGRPD'LHHQWVSUHFKHQGHQSUDNWLVFKHQ,QIHUHQ]PXVWHUN|QQHQQDFK %UDQGRPZHOFKHVHLQGLHGHU.RQWRIKUHUÅ>«@IUMHGHUPDQQIUULFKWLJKlOW XQEH GLQJWHV 6ROOHQ  RGHU IU GHQ +DQGHOQGHQ DXI *UXQGODJH YRQ 6WDWXV LQVWLWXWLRQHOOHV 6ROOHQ RGHUQXUIULKQZRPLWHULKPLPSOL]LWLGLRV\QNUDWLVFKH:QVFKHRGHU3UlIH UHQ]HQXQWHUVWHOOW ]ZHFNGLHQOLFKHV6ROOHQ RGHUVRQVWZHOFKH´ (EG 9JODXFK GLHQDFKIROJHQGH)Q



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

GHQMHGRFKYRUDOOHPLQWHUHVVLHUWVLQGQLFKWEHUHFKWLJHQGHVRQGHUQSUDN WLVFKIHVWOHJHQGH 5HFKWIHUWLJXQJHQ XQG KLHUEHL LQVEHVRQGHUH GLH 3URE OHPDWLNREXQGZHQQMDXQWHUZHOFKHQ%HGLQJXQJHQGHUDUWLJHIHVWOHJHQGH 5HFKWIHUWLJXQJHQ ÅDXI DOOH +DQGHOQGHQ EHUWUDJEDU´ VLQG RGHU WHFKQL VFKHU IRUPXOLHUW LQZLHIHUQ LQ IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ]HQ PLWWHOV PRGXVSRQHQVGLH.RQNOXVLRQDEWUHQQEDULVW DXIGLHVHORJLVFKH6SH]LIL NDWLRQZHUGHLFKQRFK]XUFNNRPPHQ 'DEHLLVWZLFKWLJGD‰DOOHIHVWOH JXQJVHUKDOWHQGHQ,QIHUHQ]HQDXFKEHUHFKWLJXQJVHUKDOWHQGVLQGQLFKWDEHU XPJHNHKUW  

†*UQGH6ROOHQXQGQRUPDWLYH(UIRUGHUQLVVH

 $XIGHQHUVWHQ%OLFNN|QQWHHVVRVFKHLQHQDOVZUGHGLH8QWHUVFKHLGXQJ ]ZLVFKHQ EHUHFKWLJXQJV XQG IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ]HQ HLQH 3D UDOOHOH]XGHUMHQLJHQ]ZLVFKHQ+DQGOXQJVJUQGHQXQG+DQGOXQJVSIOLFKWHQ ELOGHQ'RFKGLH3UREOHPDWLNUHLFKWWLHIHUHVKDQGHOWVLFKQLFKWXPHLQH EOR‰WHUPLQRORJLVFKH6FKZLHULJNHLW,QVRIHUQLQ,QIHUHQ]HQYRQ3UlPLVVHQ XQG.RQNOXVLRQHQGLH5HGHLVWEHGDUIHVLQKDOWOLFKHU%HVWLPPXQJHQGLH GLH HLQH )RUP YRQ *UQGHQ ² VLH VLQG EHUHFKWLJXQJVHUKDOWHQG LQVRIHUQ LKUH =XVFKUHLEXQJ ]X HLQHUSUDNWLVFKHQ.RQNOXVLRQ EHUHFKWLJW ² YRQ HLQHU DQGHUHQ)RUPYRQ*UQGHQ²VLHVLQGIHVWOHJXQJVHUKDOWHQGLQVRIHUQLKUH =XVFKUHLEXQJ DXI HLQH SUDNWLVFKH .RQNOXVLRQ IHVWOHJW ² LP SUDNWLVFKHQ .RQWH[WXQWHUVFKHLGHQOl‰W :HQQ %UDQGRP LP WKHRUHWLVFKHQ  .RQWH[W IHVWOHJXQJVHUKDOWHQGHU ,QIHUHQ]HQ YRQ GHU Å9HUHUEXQJ HLQHU )HVWOHJXQJ GD‰ PDQ DXI HLQH %H KDXSWXQJ DOV )ROJH GHU )HVWOHJXQJ DXI HLQH DQGHUH IHVWJHOHJW LVW ´ VSULFKWVRLVWGDPLWQRFKQLFKWLPDOOJHPHLQHQDXVJHPDFKWREGLH.RQ NOXVLRQ GLHVHU IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ] PLWWHOV PRGXV SRQHQV DEWUHQQEDULVWRGHUQLFKW =XGLHVHUHUIRUGHUOLFKHQLQKDOWOLFKHQ%HVWLPPXQJEHJULIIOLFKHU'LIIH UHQ]HQ ]ZLVFKHQ GHQ JHQDQQWHQ )RUPHQ YRQ ,QIHUHQ]HQ LP SUDNWLVFKHQ

_____________ :HQQEHUHFKWLJHQGH5HFKWIHUWLJXQJHQLP7KHRUHWLVFKHQDXIJUXQGLKUHU:DKUKHLW EHL %UDQGRPGHP(LQJHKHQGHUUHFKWIHUWLJHQGHQ)HVWOHJXQJGXUFKGHQ=XZHLVHU EHUHLWV DXI DOOH DQGHUHQ 3HUVRQHQ EHUWUDJEDU VLQG VR VLQG HV D IRUWLRUL DXFK IHVWOHJHQGH 5HFKWIHUWLJXQJHQ 6R IKUW LP 7KHRUHWLVFKHQ GLH %HJUQGXQJ GHU $XVVDJH ÅGLHVHV 7LHULVWHLQ:LUEHOWLHU´GXUFKGLH$XVVDJHÅGLHVHV7LHULVWHLQ6lXJHWLHU´]XHLQHUIHVW OHJXQJVHUKDOWHQGHQ ,QIHUHQ] XQG LVW DXI DOOH DQGHUHQ 3HUVRQHQ GLH KLQVLFKWOLFK GHU %HGHXWXQJGHUYHUZHQGHWHQ$XVGUFNHEHUHLQNRPPHQ EHUWUDJEDUHUVWHUH$XVVDJH NDQQDXVGHU]ZHLWHQPDWHULDODEJHOHLWHWZHUGHQ 9JO%UDQGRP %UDQGRPD

†*UQGH6ROOHQXQGQRUPDWLYH(UIRUGHUQLVVH 



.RQWH[WP|FKWHLFKDXIHLQH8QWHUVFKHLGXQJUHNXUULHUHQGLH-RKQ%URR PH LQ )RUWIKUXQJ HLQHV $QVDW]HV YRQ 5RGHULFN &KLVKROP HLQJHIKUW KDW %URRPH DQDO\VLHUW GLH YHUVFKLHGHQHQ ORJLVFKHQ ,PSOLNDWLRQHQ YRQ *UQGH 6ROOHQ (UIRUGHUQLV XQG (PSIHKOXQJVUHODWLRQHQ 0LW QRUPDWLYHQ (UIRUGHUQLVVHQ ÅQRUPDWLYHUHTXLUHPHQWV´ VROOIUGHQJHJHQZlUWLJHQ .RQWH[W HLQVFKOlJLJ GDVMHQLJH EH]HLFKQHW ZHUGHQ ZRUDXI PDQ DXIJUXQG HLJHQHU bX‰HUXQJHQ IHVWJHOHJW LVW %HL %UDQGRP KDWWH VLFK JH]HLJW GD‰ GHP Å>«@ %HJULII GHU )HVWOHJXQJ >«@ GHU GHU %HUHFKWLJXQJ ]XU 6HLWH JHVWHOOW >ZHUGHQPX‰.3@=XWXQZRUDXIPDQIHVWJHOHJWLVWLVWLQHLQHP6LQQH DQJHEUDFKW XQG ]X WXQ ZR]X PDQ EHUHFKWLJW LVW LQ HLQHP DQGHUHQ´ 'LHVH 8QWHUVFKHLGXQJ HQWVSULFKW LQ HWZD %URRPHV 'LIIHUHQ] ]ZLVFKHQ HLQHUVHLWV(UIRUGHUQLVXQG6ROOHQUHODWLRQHQVRZLHDQGHUHUVHLWV*UQGHUH ODWLRQHQ'LHYRQ%URRPHDXVJHPDFKWH(PSIHKOXQJVUHODWLRQGHUHQQRU PDWLYH .UDIW QRFKVFKZlFKHU LVW DOV GLHMHQLJH GHU *UQGHUHODWLRQ LVW LP JHJHQZlUWLJHQ =XVDPPHQKDQJ YRQ +DQGOXQJVJUQGHQ RKQH %HGHX WXQJ'RFKYRQZHOFKHP6ROOHQXQGZHOFKHQ*UQGHQLVWKLHUGLH5H GH"

_____________ 9JO&KLVKROP  VRZLH6FDQORQGHULQ5HDNWLRQDXI$XGL  YRQHLQHU7HQ GHQ]VSULFKWÅ>«@WROXPSWRJHWKHUDVÄUHTXLUHPHQWVRIUDWLRQDOLW\¶WZRNLQGVRIUH TXLUHPHQWV WKDW VKRXOG , EHOLHYH EH NHSW GLVWLQFW 5HTXLUHPHQWV RI WKH ILUVW NLQG VSHFLI\WKHIRUPWKDWRXUWKLQNLQJPXVWWDNHLIZHDUHWRDYRLGWKHFKDUJHRILUUDWLRQ DOLW\5HTXLUHPHQWVRIWKHVHFRQGNLQGVSHFLI\ZKDWZHKDYHPRVWUHDVRQWRGRKHQFH ZKDW ZH ZRXOG GR LI ZH ZHUH ¶LGHDOO\ UDWLRQDO·µ 6FDQORQ    $XGLV  I 'LIIHUHQ]LHUXQJ]ZLVFKHQGHPKDQGOXQJVWKHRUHWLVFKHQ,QWHUQDOLVPXVXQGGHP HQWVSUHFKHQGHQ([WHUQDOLVPXVOlXIWDXIGHQHUVWHQ%OLFNSDUDOOHO]XGHUYRUVWHKHQGHQ 8QWHUVFKHLGXQJ 6FDQORQV ZREHL $XGL EHLP ([WHUQDOLVPXV GHQ $N]HQW MHGRFK DXI GHQWDWVlFKOLFKHQ+DQGOXQJVHUIROJOHJWXQGQLFKWZLH6FDQORQDXIGLHEOR‰H5HIOH[LRQ YRQ *UQGHQ GLH JHJHEHQHQIDOOV DXFK ]X HLQHP )DOOHQODVVHQ GHV =ZHFNV IKUHQ NDQQ (UIRUGHUQLVVHGHUHUVWHQ$UW6FDQORQV ÄUHTXLUHPHQWVRIUDWLRQDOLW\¶ EHQHQQHQ KLQJHJHQH[DNWGDVZDV%URRPHDOVÄQRUPDWLYHUHTXLUHPHQWV¶EH]HLFKQHW,P*HJHQ VDW]]X6FDQORQYHUVXFKHLFKLP)ROJHQGHQMHGRFKGLHEHLGHQ$UWHQYRQ(UIRUGHUQLV VHQQLFKWJUDGXHOOVRQGHUQPLW%OLFNDXILKUHQSHUVRQHQUHODWLYHQ*HOWXQJVEHUHLFK]X XQWHUVFKHLGHQ,QHQJHP=XVDPPHQKDQJGHUJHJHQZlUWLJHQ'LVNXVVLRQXPQRUPDWL YH (UIRUGHUQLVVH VWHKW GDEHL GDV SKLORVRSKLVFKH 3UREOHP GHV ÄERRWVWUDSSLQJ¶ YJO REHQ†  6LHELOGHQGHQ+DXSWJHJHQVWDQGYRQ%URRPH %UDQGRPD 9JOGD]X%URRPHI%UDQGRPXQWHUVFKHLGHWMHGRFKPHLQHV(UDFKWHQVQLFKW KLQUHLFKHQG]ZLVFKHQGHPZDV%URRPH*UQGH5HODWLRQQHQQWXQGGHPZDVGLHVHU (UIRUGHUQLV5HODWLRQQHQQWVRQGHUQEHWUDFKWHWEHLGHHLQHUVHLWVDOVDXVVFKOLH‰OLFKEH UHFKWLJXQJVHUKDOWHQG XQG VSULFKW DQGHUHUVHLWV LQ EHLGHQ )lOOHQ XQG GDUEHU KLQDXV DXFK EHLP XQEHGLQJWHQ 6ROOHQ  YRQ HLQHP ÄUDWLRQDOHQ 6ROOHQ¶ YJO %UDQGRP  IVRZLHREHQ)QXQGGHQGD]XJHK|ULJHQ$EVDW] 



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

%URRPHVWHOOWGHQ%HJULIIGHUÄQRUPDWLYHQ(UIRUGHUQLVVH¶LQHLQH2S SRVLWLRQ ]X GHQ %HJULIIHQ VRZRKO GHV 6ROOHQV DOV DXFK GHU *UQGH 'LH OHW]WHUHQ EHLGHQ %HJULIIH ÄRXJKW¶ ÄUHDVRQ¶  JUHQ]W %URRPH IROJHQGHUPD ‰HQ YRQHLQDQGHU DE LQGHP HU GLH EHLGHQ3URSRVLWLRQHQ S XQG T LQ HLQH NRQGLWLRQDOH 5HODWLRQ ]XHLQDQGHU VHW]W Å6XSSRVH S LV WUXH EXW T LV QRW 7KHQLIWKHRXJKWVUHODWLRQ>SRXJKWVTPHDQLQJÄSPDNHVLWWKHFDVHWKDW \RXRXJKWWRT¶.3@KROGV\RXDUHGHILQLWHO\IDLOLQJWRVHHWRVRPHWKLQJ \RX RXJKW WR VHH WR SUHDVRQVTPHDQLQJÄSLVDUHDVRQ IRU\RXWRT¶.3@KROGV\RXPD\EHIDLOLQJWRVHHWRQRWKLQJ\RXRXJKW WRVHHWR@²XQJHDFKWHWGHU:QVFKHRGHU3UlIHUHQ]HQXQGXQJH DFKWHWGHVVR]LDOHQ6WDWXV´VFKHLQWQXQHLQH$XIJDEH]XVHLQ]XGHUHQ /|VXQJ GHU ,QIHUHQWLDOLVPXV %UDQGRPV NHLQH WKHRUHWLVFKHQ 5HVVRXUFHQ EHUHLWKlOW ZDV ZLHGHUXP GHQ YRQ +DEHUPDV HUKREHQHQ 9RUZXUI QDKH OHJWÅ>@GLHSUDNWLVFKH9HUDQWZRUWXQJIUGDVZDVVLH>VFUDWLRQDOH:H VHQ@WXQVROOHQHUVFK|SIWVLFKQLFKWLQGHUHSLVWHPLVFKHQ9HUDQWZRUWXQJ IU GDV ZDV VLH EHKDXSWHQ GUIHQ´ 'RFK KlOW %UDQGRP GLH (QWVFKHLGXQJ EHU GLH .RPSDWLELOLWlW VHLQHU 7KHRULH XQG HLQHU JHQXLQHQ 0RUDOWKHRULH PLW IROJHQGHP +LQZHLV LQ GHU 6FKZHEH Å,W LV QRW FODLPHG WKDW ZH JHW DQ\ VSHFLDO HQOLJKWHQPHQW DERXW PRUDO QRUPV IURPWKLQNLQJ DERXWWKHPRUHIXQGDPHQWDOFODVVRIGLVFXUVLYHRQHVEXWLWLVQDWXUDOWR KRSH WKDW WKLV PLJKW HYHQWXDOO\ WXUQ RXW WR EH SRVVLEOH >@ $ TXHVWLRQ WKHQDULVHVDVWRZKHWKHURQFHRQHKDVXQGHUVWRRGWKHVHQVHLQZKLFKDOO

_____________ %UDQGRPD 9JOGD]X)RUVWEVRZLHXQWHQ† %UDQGRPD +DEHUPDV9JOGD]XDXFK%UDQGRPEVRZLHREHQ†

†*LEWHVHLQHQhEHUJDQJ]ZLVFKHQ(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ" 



FRQFHSWXVHLVQRUPDWLYHWKHUHUHPDLQVDQ\WKLQJVSHFLDOWRVD\DERXWWKH QRUPDWLYLW\RIPRUDOFRQFHSWV´ 0HLQHV(UDFKWHQVHUJLEWVLFKKLHUPLWGLH0|JOLFKNHLW]ZHLZHVHQWOLFK YRQHLQDQGHU YHUVFKLHGHQHQ $UJXPHQWDWLRQVVWUDWHJLHQ ]X IROJHQ XP ]X ]HLJHQ GD‰ %UDQGRPV 7KHRULH ]XP HLQHQ LQNRPSDWLEHO LVWPLW GHQ *HO WXQJVDQVSUFKHQHLQHVVWDUUHQ8QLYHUVDOLVPXVNRQNUHWLQKDOWOLFKHUPRUDOL VFKHU1RUPHQXQG]XPDQGHUHQNRPSDWLEHOLVWPLWGHQ*HOWXQJVDQVSU FKHQ HLQHV GLVNXUVWKHRUHWLVFKHQ .RQVWUXNWLYLVPXV GHU 0RUDO GHVVHQ 8QLYHUVDOLVPXVVHOEVWSUR]HGXUDOJHID‰WZLUG 'LHHLQH6WUDWHJLHGLHMHGRFKLPZHLWHUHQQLFKWYHUIROJWZHUGHQVROO EHVWHKWGDULQ]X]HLJHQGD‰%UDQGRPVQRUPDWLYH3UDJPDWLNHLQHZHVHQW OLFK KLVWRULVFKH 'LPHQVLRQ HLQVFKOLH‰W 0DQ N|QQWH VLH DXFK DOV HLQH +HUDXVIRUGHUXQJ%UDQGRPVDQ HLQHPHLQHV(UDFKWHQVIHKOJHOHLWHWH,QWHU SUHWDWLRQYRQ .DQWIROJHQGHUPD‰HQIRUPXOLHUHQGDVÄXQEHGLQJWH6RO OHQ¶YRQGHPEHL.DQWGLH5HGHLVWNDQQ*HOWXQJQXULQ)RUPYRQ=X VFKUHLEXQJHQYRQ3HUVRQHQDQ3HUVRQHQHUODQJHQ6ROOGHU*HKDOWGLHVHU =XVFKUHLEXQJHQQXQQLFKWDUELWUlUVHLQVRNDQQHUQXUDOVHLQHUVHLWVDE KlQJLJYRQGHQ)HVWOHJXQJHQGHU9HUJDQJHQKHLWXQGDQGHUHUVHLWVYRQGHQ VDQNWLRQLHUHQGHQ$QHUNHQQXQJHQGHU=XNXQIWJHGDFKWZHUGHQ%UDQGRP GLVNXWLHUW GLHVH KLVWRULVFKH 'LPHQVLRQ ZLHGHUXP LP JU|‰HUHQ .RQWH[W EHJULIIOLFKHU1RUPHQEHUKDXSWLOOXVWULHUWVLHDEHUDPNRQNUHWHQ%HLVSLHO GHV)DOOUHFKWV FDVHODZ LP*HJHQVDW]]XPNRGLIL]LHUWHQRGHU*HVHW]HV UHFKW VWDWXWH ODZ  Å3DVW DSSOLFDWLRQV RI FRQFHSWV GHFLVLRQV RI FDVHV  H[HUFLVHDQDXWKRULW\RYHUIXWXUHRQHV)RUWKH\VXSSO\WKHSUHFHGHQWVWKDW FRQVWLWXWHWKHRQO\UDWLRQDOHVDYDLODEOHWRMXVWLI\IXWXUHGHFLVLRQV7KH\DUH WKH VRXUFH RI WKH FRQWHQW RI WKH FRQFHSWV ODWHU MXGJHV DUH FKDUJHG ZLWK DSSO\LQJ>@%XWUHFLSURFDOO\ODWHUDSSOLFDWLRQVRIFRQFHSWVE\WKHMXGJHV ZKR LQKHULWWKH WUDGLWLRQ H[HUFLVH DQ DXWKRULW\ RYHU WKH HDUOLHU RQHV)RU

_____________ %UDQGRPE 'LHVH6WUDWHJLHLVWQLFKW]XYHUZHFKVHOQPLWGHUMHQLJHQGLH%UDQGRPVHOEVWLQ*HJHQ EHUVWHOOXQJ]XU.DQW+DEHUPDV6WUDWHJLHDOVÅQDWXUDONLQGVNHSWLFLVPDERXWWKHPR UDO´VNL]]LHUWYJO%UDQGRPEI )HKOJHOHLWHWLVWGLHVH,QWHUSUHWDWLRQPHLQHU$QVLFKWZHLOLKUH[SODQDWRULVFKHV=HQWUXP LQ .DQWV 7KHRULH YROONRPPHQHU XQG XQYROONRPPHQHU 3IOLFKWHQ OLHJW ZHOFKH .DQW ]XIROJHMHGRFKOHGLJOLFKORNDOH*HOWXQJEHDQVSUXFKHQÅ1XQZROOHQZLUHLQLJH3IOLFK WHQ KHU]lKOHQ QDFK GHU JHZ|KQOLFKHQ (LQWKHLOXQJ GHUVHOEHQ LQ 3IOLFKWHQ JHJHQ XQV VHOEVWXQGJHJHQDQGHUH0HQVFKHQLQYROONRPPHQHXQGXQYROONRPPHQH3IOLFKWHQ´ .DQW ,9   ,Q GHU ]XJHK|ULJHQ $QPHUNXQJ VFKUHLEW .DQW GDUEHU KLQDXV GD‰ GLHVHÅ>«@(LQWKHLOXQJGHU3IOLFKWHQ>«@KLHUDOVRQXUDOVEHOLHELJ XPPHLQH%HLVSLH OH ]X RUGQHQ  GDVWHKH´ %HJUQGXQJVWKHRUHWLVFK JHKW HV PHLQHV (UDFKWHQV EHL .DQW MHGRFK JHUDGH QLFKW XP GLH EHU]HLWOLFKH *OWLJNHLW PDWHULDOHUPRUDOLVFKHU 1RUPHQ GLHDXVGHPNDWHJRULVFKHQ,PSHUDWLYJDUÄDEJHOHLWHW¶ZHUGHQN|QQWHQVRQGHUQXPGLH JHVHW]OLFKH)RUPPRUDOLVFKHU1RUPHQ²ZHOFKHUPDWHULDOHQ)OOXQJDXFKLPPHU



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

WKH VLJQLILFDQFH RI WKH DXWKRULW\ RI WKH WUDGLWLRQ >@ LV GHFLGHG E\ WKH MXGJHV FXUUHQWO\ PDNLQJ GHFLVLRQV 7KH\ DGPLQLVWHU WKHQRUPV PDNH WKHP GHWHUPLQDWHO\ ELQGLQJ´ 'LH VLFK GDUDXV HUJHEHQGH 6WUDWHJLH LQ EH]XJ DXI GDV 3UREOHP GHV 9HUKlOWQLVVHV YRQ %UDQGRPV )XQGDPHQWDOEHJULII YRQ1RUPDWLYLWlWXQGHLQHPVSH]LILVFKPRUDOSKLORVRSKLVFKHQ%HJULIIYRQ 1RUPDWLYLWlWEHVWQGHVRPLWGDULQGLH.DQW+DEHUPDV.ULWLNGHU0RUDO EOLQGKHLWXP]XNHKUHQLQHLQH+HJHO%UDQGRP.ULWLNDQHLQHUEHVWLPPWHQ )RUPYRQ.DQWLDQLVPXV(LQHVROFKH.ULWLNPDFKWH LQ$QDORJLH]X5HL FKHQEDFKVÄUHODWLYHP$SULRUL¶ JHOWHQGGD‰GHU.DQWLDQLVPXVGLH.RQ VWLWXWLRQVEHGLQJXQJHQNRQNUHWHUPRUDOLVFKHU1RUPHQEHUVHKH$XFKHLQ XQEHGLQJWHV6HOEVWPRUGYHUERWEHLVSLHOVZHLVHYHUGDQNWVLFKGLHVHU.UL WLNHQWVSUHFKHQGGHUJHKDOWYROOHQ=XVFKUHLEXQJYRQ3HUVRQHQDQ3HUVR QHQ ]X HLQHP EHVWLPPWHQ =HLWSXQNW %UDQGRP IlKUW GDKHU LP ZHLWHUHQ 6LQQHHLQHUVROFKHQ.ULWLNIRUWÅ:KDWWKHQRUPUHDOO\LV>@LVWKHSURGXFW RI UHFRJQLWLYH QHJRWLDWLRQ EHWZHHQ WKHVH WZR SROHV RI UHFLSURFDO DXWKRULW\ ZKDWWKHFRQWHQWLVIRUWKHSDVWMXGJHVDQGZKDWLWLVIRUWKHSUHVHQWRQH  >@6LQFHWKLVSURFHVVKDVQRHQGSRLQWLQSULQFLSOHQRILQDOO\DXWKRULWDWLYH DXWKRULW\ QRW GHSHQGHQW LQ WXUQ RQ LWV DFNQRZOHGJHPHQW RU UHFRJQLWLRQ WKHQRUPDWLYHVLWXDWLRQLVHQWLUHO\V\PPHWULFDO´'DV3UREOHPYRQPR UDOLVFKHQE]ZUHFKWOLFKHQÄ0L‰YHUVWlQGQLVVHQ¶RGHUÄ)HKOLQWHUSUHWDWLRQHQ¶ O|VWVLFKGLHVHP0RGHOOHQWVSUHFKHQGDXIODQJH6LFKWGXUFKGDV8UWHLOGHU =XNXQIW ,FK ZLOO DQ GLHVHU 6WHOOH QLFKW GLH $XVVLFKW GLHVHU 6WUDWHJLH DXI (UIROJ E]Z GHUHQ H[SODQDWRULVFKH $GlTXDWKHLW GLVNXWLHUHQ GHQQ GD]X P‰WH]XQlFKVWJHNOlUWZHUGHQZRULQJHQDXGLHVHUÄ.DQWLDQLVPXV¶.DQWV RGHU DQGHUHU 0RUDOSKLORVRSKHQ EHVWHKW XQG LQZLHIHUQVLFK GHU $SULRULV PXVVRZLHGHUGDPLWYHUEXQGHQH5LJRULVPXVDOV(LQZDQGJHJHQGLHMHZHL OLJH7KHRULH QLFKWGHUHQ.DULNDWXU HLJQHW %HPHUNHQVZHUWHUZHLVH HU|IIQHW MHGRFK %UDQGRPV 7KHRULH VHOEVW GLH 0|JOLFKNHLW HLQHU $OWHUQDWLYH ]XU KLVWRULVWLVFKHQ (LQHEQXQJ GHV .DQWL VFKHQ 8QLYHUVDOLVPXV XQG VHL HV DXFK HLQHU VROFKHQ (LQHEQXQJ GLH LQ .DQWV7KHRULHGHUYROONRPPHQHQXQGXQYROONRPPHQHQ3IOLFKWHQJHJHQ VLFKVHOEVWXQGDQGHUHHLQHQ$QVFKOX‰]XILQGHQJODXEW %HLGHUQlKHUHQ %HVWLPPXQJ GLHVHU $OWHUQDWLYH ZLUG HV PLU XP HLQH :HLWHUIKUXQJ YRQ

_____________ %UDQGRPIYJOGD]XDXFK(VIHOG 9JO5HLFKHQEDFKLQVEHVVRZLH 9JO]XGLHVHP%HLVSLHO.DQW,9I %UDQGRP +DEHUPDV KDW VRZRKO HLQH NOlUHQGH $XVHLQDQGHUVHW]XQJ ]ZLVFKHQ GHQ $QVSUFKHQ .DQWVXQG+HJHOVDQHLQH0RUDOWKHRULHJHOLHIHUWDOVDXFKGDUEHUKLQDXVGLH'LVNXUV HWKLN ² .DQWNULWLVFK ² JHJHQ DQDORJH (LQZlQGH YHUWHLGLJW YJO EHLVSLHOVZHLVH +D EHUPDVVRZLH 

†*LEWHVHLQHQhEHUJDQJ]ZLVFKHQ(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ" 



%UDQGRPV.RQ]HSWGHUIHVWOHJXQJVHUKDOWHQGHQLQIHUHQWLHOOHQ'LVNXUVJOLH GHUXQJ VRZLH %URRPHV 'LIIHUHQ]LHUXQJ GHU 1RUPDWLYLWlW LQIHUHQWLHOOHU (LQVWHOOXQJVUHODWLRQHQ LP %HUHLFK PRUDOLVFKHU 5HFKWIHUWLJXQJ JHKHQ ,P =XJH GHVVHQ HUODQJW 6FDQORQV .RQ]HSWLRQ GHU VLWXDWLRQVDEKlQJLJHQ XQG SHUVRQHQVSH]LILVFKHQ E]Z XQVSH]LILVFKHQ +DQGOXQJVJUQGH EHVRQGHUH 5HOHYDQ]ZRGXUFKGLHDSULRULVFKH7UHQQXQJGHU.DQWLVFKHQ0RUDOSKLOR VRSKLH]ZLVFKHQ3IOLFKWHQXQG1HLJXQJHQLPSOL]LWXQWHUODXIHQZLUG +LQVLFKWOLFK GHU 7KHRULHNRQVWHOODWLRQHQ GHU 1RUPDWLYLWlW LP JHQXLQ PRUDOSKLORVRSKLVFKHQ.RQWH[WEHVWHKWZLHELVKLHUKHUGHXWOLFKJHZRUGHQ VHLQVROOWHGLHHQWVFKHLGHQGH)UDJHGDULQREVLFKGLHWUDJIlKLJHQ0RPHQ WH GHU 1RUPDWLYLWlWVNRQ]HSWH YRQ .DQW XQG %UDQGRP 8QLYHUVDOLVLHUXQJ RKQH PHWDSK\VLVFK RGHU DQWKURSRORJLVFK DQVSUXFKVYROOH =XVDW]SUlPLV VHQ  DXI GHU HLQHQ 6HLWH XQG OLQJXLVWLVFKVR]LDOH 2SHUDWLRQDOLVLHUXQJ SUDNWL VFKHU 1RUPDWLYLWlW RKQH $VVLPLODWLRQ VlPWOLFKHU +DQGOXQJVJUQGH DQ HSLVWHPLVFKH *UQGH  DXI GHU DQGHUHQ 6HLWH ]X HLQHU VLQQYROOHQ SULQ]L SLHQXQG]XJOHLFKNRKlUHQ]RULHQWLHUWHQ$OOLDQ]YHUELQGHQODVVHQ %UDQGRP VHOEVW ² QLFKW +DEHUPDV GHU HLQH VROFKH .RPSDWLELOLWlW DXVZHLVOLFKVHLQHUKLHUDXIEH]RJHQHQ.ULWLNQLFKWIUP|JOLFKKlOW²GHXWHW HLQH 6WUDWHJLH ]XU )LQGXQJHLQHU 7KHRULHPRUDOLVFKHU9HUELQGOLFKNHLW DXI GHU*UXQGODJHHLQHUQRUPDWLYHQ3UDJPDWLNDQZHOFKHEHUHLQ*HERWGHU EOR‰HQ .RQVLVWHQ] XQG .RKlUHQ] YRQ =ZHFN0LWWHO5HODWLRQHQ ZLH LP )DOOH.DQWLVFKHUK\SRWKHWLVFKHU,PSHUDWLYH KLQDXV]XJHKHQHUODXEWÅ)RU RQH PLJKW >@ IROORZ .DQW DQG +DEHUPDV LQ SXUVXLQJ D WUDQVFHQGHQWDO PRUDOWKHRU\,QWKHLGLRPRI0DNLQJ,W([SOLFLWRQHZRXOGORRNWRJURXQG RQH·V HWKLFV LQ FRPPLWPHQWV WKDW WXUQ RXW WR EH LPSOLFLW LQ HQJDJLQJ LQ GLVFXUVLYHSUDFWLFHVDWDOO,IDQGLQVRIDUDVSOD\LQJWKHJDPHRIJLYLQJDQG DVNLQJ IRU UHDVRQV FRXOG EH VKRZQ LPSOLFLWO\ WR LQYROYH XQGHUWDNLQJ FRPPLWPHQWVWRUHFRJQL]LQJIHOORZSUDFWLWLRQHUVDQGWRWUHDWLQJWKHPLQ VRPHZD\VUDWKHUWKDQRWKHUVWKHH[LVWHQFHRIWKRVHFRPPLWPHQWVZRXOG EH LQGHSHQGHQW RI WKH GLVSRVLWLRQV RI WKH SUDFWLWLRQHUV DFWXDOO\ WR DF NQRZOHGJHWKHP>@$QGWKHSRVVLELOLW\ZRXOGH[LVWRIDQH[SUHVVLYHHWKLFDO WKHRU\ZLWKSUDFWLFDOHIIHFWV6XFKDWKHRU\ZRXOGKDYHDVLWVWDVNPDNLQJ H[SOLFLW LQ GHEDWDEOH EXW DOVR WHDFKDEOH IRUP ZKDW LW GLVFHUQV DV DOZD\V DOUHDG\ LPSOLFLW LQ WDONLQJ DQG WKLQNLQJ DW DOO ,WV DLP ZRXOG EH WR EULQJ SUDFWLWLRQHUV WR DFNQRZOHGJH ² DQG VR DFW XSRQ WUHDW DV UHDVRQV WKDW DUH FDXVDOO\HIILFDFLRXVLQWKHDHWLRORJ\RISUDFWLFDOSHUIRUPDQFHV²WKRVHLP SOLFLWO\XQGHUWDNHQFRPPLWPHQWVµ ,PIROJHQGHQ.DSLWHOVROOQXQQLFKWHLQHXPIDVVHQGH7KHRULHJHPl‰ GLHVHQ 9RUJDEHQ HQWZLFNHOW ZHUGHQ XQG HV VROO DXFK QLFKW GHU ZHQLJ DXVVLFKWVUHLFKH 9HUVXFKXQWHUQRPPHQZHUGHQDXVGHU7HLOQDKPHDQGHU

_____________ %UDQGRPE



.DS²'HRQWLVFKH.RQWRIKUXQJXQGSUDNWLVFKH,QIHUHQ]HQ

$UJXPHQWDWLRQVSUD[LV PDWHULDOH 1RUPHQ ZLH EHLVSLHOVZHLVH GDV /JHQ YHUERWDE]XOHLWHQ'LH)UDJHVWHOOXQJEHVFKUlQNWVLFKYLHOPHKUGDUDXIRE XQG LQZLHIHUQ VLFK GLH JHQDQQWH 3URJUDPPDWLN GDKLQJHKHQG UHDOLVLHUHQ Ol‰WGD‰LQQHUKDOEGHVNRKlUHQWLVWLVFKHQ5DKPHQVGLH0|JOLFKNHLWHU|II QHWZLUGGLH)RUPEHVWLPPWHU+DQGOXQJVJUQGHDOVSUlYDOHQWDXV]X]HLFK QHQ(VJHKWXPGDVÅ6SLHOGHV*HEHQVXQG9HUODQJHQVYRQ*UQGHQ´

_____________ %UDQGRPDX|YJOEHUHLWV%UDQGRPI

   

.DSLWHO3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW .DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

 

†(LQOHLWXQJ

 %UDQGRPV QRUPDWLYH 3UDJPDWLN ]HLFKQHW VLFK ZLH GDV OHW]WH .DSLWHO JH ]HLJWKDEHQVROO]XPHLQHQGDGXUFKDXVGD‰VLHDXIJUXQGGHVGHRQWLVFKHQ 9RNDEXODUVGHU)HVWOHJXQJDXIE]ZGHU%HUHFKWLJXQJ]XHLQHU)HVWOHJXQJ DXIhEHU]HXJXQJHQRGHU$EVLFKWHQHLQHQJPDVFKLJHV1HW]GHUPHQVFKOL FKHQ 5DWLRQDOLWlW RGHU 9HUQXQIW DXIVSDQQW =XP DQGHUHQ JHKW HV LQQHU KDOE GLHVHU )RUP YRQ .RKlUHQWLVPXV YRQ $QIDQJ DQ XP GLH PDWHULDOH 5LFKWLJNHLWYRQ,QIHUHQ]HQ²YRQ$QIDQJDQLQVRIHUQDOVIHVWOHJXQJVHUKDO WHQGHRGHUEHUHFKWLJXQJVHUKDOWHQGH,QIHUHQ]HQJHUDGHDOVVROFKHEHWUDFK WHWZHUGHQGLHHLQHQ/HJLWLPDWLRQVJUXQGLPSOL]LHUHQGHUGXUFKORJLVFKHV 9RNDEXODU SURPLQHQWHUZHLVH GDV .RQGLWLRQDO  OHGLJOLFK H[SOL]LW JHPDFKW ZHUGHQNDQQ

_____________  :DOODFHEHVFKUHLEWGLHVH'LIIHUHQ]]ZLVFKHQGHP,PSOL]LWHQXQGGHP([SOL]LWHQPLW %OLFNDXIGLH0RUDOLWlWDXVGHU3HUVSHNWLYHGHV6HOEVWYHUVWlQGQLVVHVPRUDOLVFKHU$N WHXUHDOV]ZHL(EHQHQÅ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·VGRLQJVWR RWKHUVDSRVLWLRQIURPZKLFKRQHFDQMXVWLI\RQH·VDFWLRQVE\UHIHUHQFHWRFRPPRQ PRUDOSULQFLSOHV3HRSOHZKRDFKLHYHWKLVVWDWXVDUHWKHUHE\DEOHWRHQWHULQWRTXDOLWD WLYHO\VXSHULRUUHODWLRQVKLSVZLWKRWKHUSHRSOH7KH\KDYHQRQHHGWRIHDURUVKXQWKH JD]HRIWKHLUIHOORZVVLQFHWKH\DUHFDSDEOHRIMXVWLI\LQJWKHLUDFWLRQVLQPRUDOWHUPV WHUPVWKDWDOODFFRXQWDEOHDJHQWVVKRXOGHTXDOO\EHDEOHWRXQGHUVWDQGDQGWRDFFHSWµ :DOODFH :DOODFH IKUWGLHVH'LIIHUHQ]PLWGHP=LHOHLQGLHVHQ]ZHLWHQ 6WDWXVDOVHWZDV]XFKDUDNWHULVLHUHQGHPJHJHQEHUZLUXQVLQDOOHU5HJHOQLFKWLQGLI IHUHQW ]HLJHQ ZREHL HU DXFK $XVQDKPHQ GDYRQ GLVNXWLHUW )lOOH LQ GHQHQ DXIJUXQG QRFK PDQJHOQGHU6R]LDOLVDWLRQRGHUHLQHU3V\FKRSDWKLHHLQHHQWVSUHFKHQGH5HDNWLRQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

'LH$XIJDEHGLHDXVGHUYRUVWHKHQGHQ$UJXPHQWDWLRQUHVXOWLHUWEH VWHKW QXQPHKU GDULQ ]X ]HLJHQ ZHOFKHQ 2UW LQQHUKDOE GHV MHJOLFKHQ =XJULII DXI GLH :HOW EHVWLPPHQGHQ GHRQWLVFKHQ 1HW]HV YRQ =XZHLVXQ JHQXQG$QHUNHQQXQJHQYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVW OHJXQJHQDOOJHPHLQJOWLJH1RUPHQLQ)RUPYRQSUlYDOHQWHQ+DQGOXQJV JUQGHQ HLQQHKPHQ N|QQHQ %UDQGRP KDWWH GLH $XIJDEH VR IRUPXOLHUW GD‰PDQLQLKUPLQGHVWHQV]ZHL)UDJHVWHOOXQJHQYRQHLQDQGHUXQWHUVFKHL GHQNDQQ =XP HLQHQ VROO GLH IROJHQGH +\SRWKHVH XQWHUVXFKW ZHUGHQ Å,I DQG LQVRIDU DV SOD\LQJ WKH JDPH RI JLYLQJ DQG DVNLQJ IRU UHDVRQV FRXOG EH VKRZQ LPSOLFLWO\ WR LQYROYH XQGHUWDNLQJ FRPPLWPHQWV WR UHFRJQL]LQJ IHOORZSUDFWLWLRQHUVDQGWRWUHDWLQJWKHPLQVRPHZD\VUDWKHUWKDQRWKHUV WKHH[LVWHQFHRIWKRVHFRPPLWPHQWVZRXOGEHLQGHSHQGHQWRIWKHGLVSRVL WLRQV RI WKH SUDFWLWLRQHUV DFWXDOO\ WR DFNQRZOHGJH WKHPµ 'LH )UDJH LVW KLHU DOVR RE HV HLQH $UW YRQ )HVWOHJXQJHQ DXI +DQGOXQJHQ E]Z +DQG OXQJVDEVLFKWHQ JHEHQ NDQQ GLH HLQHU 3HUVRQ EHUHFKWLJWHUZHLVH ]XJHZLHVHQ ZHUGHQN|QQHQXQDEKlQJLJGDYRQREGLH3HUVRQGLHVH)HVWOHJXQJDXFK DQHUNHQQW RGHU QLFKW 1RPLQHOO XQG LP 9RUEOLFN Ol‰W VLFK EHUHLWV VDJHQ GD‰ HLQH )HVWOHJXQJ HLQHU 3HUVRQ DXI HLQH +DQGOXQJ E]Z HLQH +DQG OXQJVDEVLFKW XQDEKlQJLJ GDYRQ RE GLHVH 3HUVRQ GLHVH )HVWOHJXQJ DXFK DQHUNHQQW RGHU QLFKW QXU GDQQ EHUHFKWLJWHUZHLVH ]XJHZLHVHQ ZHUGHQ NDQQ ZHQQ GLH %HUHFKWLJXQJ GD]X LKUHUVHLWV LQ HLQHU 3URHLQVWHOOXQJ EH VWHKWDXIGLHIHVWJHOHJW]XVHLQDXV6LFKWGLHVHU3HUVRQDQHUNHQQXQJVZU GLJ LVW :LFKWLJ LVW GDEHL GD‰ KLHUPLW NHLQ 4XDVL$XWRPDWLVPXV YHUEXQ GHQ LVW GHUDUW GD‰ VHOEVW LP )DOOH GHU WDWVlFKOLFKHQ H[SOL]LWHQ RGHU LPSOL]LWHQ $QHUNHQQXQJ GLHVHU YRUDXVJHKHQGHQ RGHU EHGLQJHQGHQ RGHU EHUHFKWLJHQGHQ)HVWOHJXQJGXUFKGLHEHWUHIIHQGH3HUVRQGLHVHEHUHLWVGLH GDUDXV DEJHOHLWHWH )HVWOHJXQJ DXI GLH HQWVSUHFKHQGH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW DQHUNDQQW KlWWH 9LHOPHKU NDQQ PDQ VLFK GXUFKDXV ZHLJHUQ GLH )HVWOHJXQJ DXI GLH $EVLFKW GDV *HUFKW QLFKW ZHLWHU]XYHU EUHLWHQ DQ]XHUNHQQHQ REZRKO PDQ GLH )HVWOHJXQJ DXI GLH (LQVWHOOXQJ GD‰GDV:HLWHUYHUEUHLWHQGLHVHV*HUFKWVHLQHU3HUVRQJUXQGORVVFKDGHQ ZUGHXQGPDQHVGHVKDOEQLFKWWXQVROOWHDQHUNDQQWKDW1XUUHVXOWLHUHQ

_____________ QLFKWHUIROJW'RFKLP1RUPDOIDOOVR:DOODFHKDEHQZLUHLQ,QWHUHVVHGDUDQGD‰GHU %OLFNDXIXQVDXFKJHUHFKWIHUWLJWLVWZR]XHLQHHQWVSUHFKHQGH$UWLNXODWLRQVIlKLJNHLW HUIRUGHUOLFKLVW0HLQJHJHQZlUWLJHV$QOLHJHQULFKWHWVLFKGHPJHJHQEHUZHQLJHUDXI XQVHU ,QWHUHVVH DP ([SOL]LWHQ VRQGHUQ PHKU DXI GLH NRQVWLWXWLYHQ %HGLQJXQJHQ GHU 2SHUDWLRQHQGHV([SOL]LHUHQVVHOEVW9JOGD]XDXFKREHQ.DS)QVRZLHGHQ $EVFKQLWW]XGHPGLHVH)X‰QRWHJHK|UW  %UDQGRPE

†(LQOHLWXQJ 



GDUDXVHEHQSUDNWLVFKH3UREOHPHKLQVLFKWOLFKGHUGHRQWLVFKHQ.RQWRIK UXQJ 'LH ]ZHLWH )UDJHVWHOOXQJ EH]LHKW VLFK DXI GLH $UW HLQHU 9HUELQGOLFK NHLW GLH GLH YRQ %UDQGRP LQVLQXLHUWH ÅH[SUHVVLYH HWKLFDO WKHRU\µ ]XP $XVGUXFN EULQJHQ ZUGH Å,WV DLP ZRXOG EHWR EULQJSUDFWLWLRQHUV WR DF NQRZOHGJH²DQGVRDFWXSRQWUHDWDVUHDVRQVWKDWDUHFDXVDOO\HIILFDFLRXVLQ WKH DHWLRORJ\ RI SUDFWLFDO SHUIRUPDQFHV ² WKRVH LPSOLFLWO\ XQGHUWDNHQ FRPPLWPHQWVµ 0LU JHKW HV QXQ EHL ZHLWHP QLFKW XP GLH $UWLNXODWLRQ HLQHUVROFKHQXPIDVVHQGHQ(WKLNXQGDXFKQLFKWVRVHKUXPGLHNDXVDOH :LUNVDPNHLW GLHVHU VSH]LILVFK PRUDOLVFKHQ +DQGOXQJVJUQGH ,P IROJHQ GHQVROOHVYLHOPHKUXPGLHVSH]LILVFKH)RUPGLHVHU1RUPDWLYLWlWJHKHQ GLH PLW GHU YRQ %UDQGRP KLHU DQJHVSURFKHQHQ $QHUNHQQXQJ GHUDUWLJHU PRUDOLVFKHU)HVWOHJXQJHQ)HVWOHJXQJHQDXIEHVWLPPWH+DQGOXQJHQE]Z +DQGOXQJVDEVLFKWHQHLQKHUJHKW 'LHEHLGHQLP)ROJHQGHQOHLWHQGHQ)UDJHQEH]LHKHQVLFKDOVR L DXI GLH )RUP PRUDOLVFKHU )HVWOHJXQJHQ XQG LL  DXI GHUHQ QRUPDWLYH .UDIW 2IIHQEDU PX‰ GDPLW LL  EHDQWZRUWHW ZHUGHQ NDQQ NODU VHLQ ZDV GLH $QWZRUWDXI L LVW'RFKOlXIWXPJHNHKUWGLH%HDQWZRUWXQJYRQ L VR]X VDJHQ LQV /HHUH VRODQJH LL  QLFKW JHNOlUW LVW GLH $QWZRUW DXI L  OLHIHUWH GDQQ OHGLJOLFK HLQH 1RPLQDOGHILQLWLRQ GHUHQ +DQGOXQJVHIIHNWLYLWlW QLFKW QXUIUDJOLFKVRQGHUQXQEHJUQGEDUEOLHEH (VPX‰DOVRYHUVXFKWZHUGHQEHLGH)UDJHQLQZHFKVHOVHLWLJHU$EKlQ JLJNHLWYRQHLQDQGHU]XEHDQWZRUWHQRGHUDOVKHXULVWLVFKHV3ULQ]LSIRUPX OLHUWHVPX‰XPGLH)HVWOHJXQJHLQHU3HUVRQDXIHLQH+DQGOXQJE]Z+DQG OXQJVDEVLFKW JHKHQ ZHOFKH HLQHU 3HUVRQ HLQHUVHLWV ]XJHZLHVHQ ZHUGHQ NDQQ XQDEKlQJLJ GDYRQ RE GLHVH 3HUVRQ GLHVH )HVWOHJXQJ DXFK DQHU NHQQWRGHUQLFKWGLHVLFKDQGHUHUVHLWVDEHUDXIHLQH%HUHFKWLJXQJVWW]W GLHJHHLJQHWLVWDXFKGLH$QHUNHQQXQJGLHVHU)HVWOHJXQJGXUFKGLHVH3HUVRQ]X EHJUQGHQ 'LH$QWZRUWDXIGLHEHLGHQ)UDJHQGLHLFKLP)ROJHQGHQHQWZLFNHOQ P|FKWHZLUGGDULQEHVWHKHQGD‰GLH$UWYRQ)HVWOHJXQJHQDXI+DQGOXQ JHQ E]Z +DQGOXQJVDEVLFKWHQ GLH HLQHU 3HUVRQ EHUHFKWLJWHUZHLVH ]XJH ZLHVHQ ZHUGHQ N|QQHQ XQDEKlQJLJ GDYRQ RE GLH 3HUVRQ GLHVH )HVWOH JXQJ DXFK DQHUNHQQW RGHU QLFKW GDGXUFK JHNHQQ]HLFKQHW LVW GD‰ GLH %HUHFKWLJXQJ]XLKULQSUlYDOHQWHQ+DQGOXQJVJUQGHQOLHJW*UQGHQGLH

_____________  $QDORJ GD]X NDQQ PDQ VLFK DXFK LP HSLVWHPLVFKHQ =XVDPPHQKDQJ ZHLJHUQ GLH )HVWOHJXQJDXIGLHhEHU]HXJXQJGD‰GHUYRUHLQHPVWHKHQGH+XQGHLQ:LUEHOWLHULVW DQ]XHUNHQQHQREZRKOPDQGLH)HVWOHJXQJDXIGLHhEHU]HXJXQJGD‰GLHVHU+XQGHLQ 6lXJHWLHULVWDQHUNDQQWKDWZRUDXVMHGRFKHQWVSUHFKHQGHHSLVWHPLVFKH3UREOHPHUH VXOWLHUHQ  %UDQGRPE



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QLHPDQGYHUQQIWLJHUZHLVH]XUFNZHLVHQNDQQ'LH+HUYRUKHEXQJGHUYHUQQI WLJHUZHLVHQLFKW]XUFNZHLVEDUHQ*UQGHGHXWHWGLHVSH]LILVFKH$UWPRUD OLVFKHU )HVWOHJXQJHQ DQ 'LHVH IHVWOHJHQGHQ SUlYDOHQWHQ +DQGOXQJVJUQGH XQWHUVFKHLGHQPRUDOLVFKH5HFKWIHUWLJXQJHQHLQHUVHLWVZHVHQWOLFKYRQWKH RUHWLVFKHQ IHVWOHJHQGHQ %HJUQGXQJHQ XQG DQGHUHUVHLWV DXFK ZHVHQWOLFK YRQSUDNWLVFKHQEHUHFKWLJHQGHQ%HJUQGXQJHQ0RUDOLVFKHIHVWOHJXQJVHU KDOWHQGH,QIHUHQ]HQXQWHUVFKHLGHQVLFKGDPLWLKUHUVHLWVZHVHQWOLFKHLQHUVHLWV YRQ WKHRUHWLVFKHQ IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ]HQ VRZLH DQGHUHUVHLWV YRQSUDNWLVFKHQEHUHFKWLJXQJVHUKDOWHQGHQ,QIHUHQ]HQ ,QGHUGHRQWLVFKHQ7HUPLQRORJLHYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQ JHQ ]X )HVWOHJXQJHQ NDQQ HLQ PRUDOLVFKHU $QVSUXFK VFKOLH‰OLFK DOV HLQH )HVWOHJXQJ EHJULIIHQ ZHUGHQ GLH HLQH 3HUVRQ % HYWO JHPHLQVDP PLW GHQ 3HUVRQHQ&'(HWF HLQHU3HUVRQ$]XZHLVWGLHGLH3HUVRQ$YHUQQIWL JHUZHLVHDQHUNHQQHQPX‰E]ZDQHUNHQQW'LHVLVWKLQVLFKWOLFKGHVGHRQWL VFKHQ .RQWRVWDQGV GHU EHWHLOLJWHQ 3HUVRQHQ G K ZHU ZHP JHJHQEHU ZHOFKH9HUELQGOLFKNHLWEHVLW]WJOHLFKEHGHXWHQGGDPLWGD‰%·V XQGHYWO &·V'·V(·VHWF %HUHFKWLJXQJ]XP=XZHLVHQHLQHUVROFKHQ)HVWOHJXQJYRQ$ YHUQQIWLJHUZHLVH QLFKW ]XUFNJHZLHVHQ ZHUGHQ NDQQ ² .XUVLY JHVHW]W LQ GLHVHQ 'HILQLWLRQHQ LVW GDV GHRQWLVFKH 9RNDEXODU GRFK GHU 6FKULWW EHU GLHNRQVHTXHQWLHOOH5DWLRQDOLWlWKLQDXVZLHVLHVLFKREHQLQGHU5HIRUPX OLHUXQJ K\SRWKHWLVFKHU ,PSHUDWLYH PLW +LOIH %UDQGRPV 7HUPLQRORJLH HU JHEHQKDWILQGHWVLFKLQGHUXQWHUVWULFKHQHQ=XVDW]TXDOLILNDWLRQGHU9HU QQIWLJNHLW6LHEHGDUIVHOEVWYHUVWlQGOLFKZHLWHUHU(UNOlUXQJ )HVWKDOWHQOl‰WVLFKDEHUEHUHLWVDQGLHVHU6WHOOHGD‰GDV=XZHLVHQYRQ )HVWOHJXQJHQ HLQHU 3HUVRQ GXUFK HLQH DQGHUH 3HUVRQ E]Z GXUFK DQGHUH 3HUVRQHQQLFKWGDV6SH]LILNXPPRUDOLVFKHU$QVSUFKHLVW'LHPLW%UDQ GRPV GHRQWLVFKHP 9RNDEXODU HU|IIQHWH QRUPDWLYVR]LDOH 3HUVSHNWLYH DXFKDXIHSLVWHPLVFKH=XVDPPHQKlQJHZLHVLHREHQVNL]]LHUWZXUGHLVW GDULQ EHJUQGHW GD‰ QDFK 6HOODUV· 9HUDEVFKLHGXQJ GHV ÅP\WK RI WKH JL YHQ´ DXFK (UNHQQWQLV E]Z :LVVHQ QXU LQQHUKDOE GHV ÄORJLFDO VSDFH RI UHDVRQV¶VWDWWILQGHQNDQQ1LFKWQXUIRUGHUQKlXILJDQGHUH3HUVRQHQYRQ XQV%HUHFKWLJXQJHQ]XXQVHUHQ)HVWOHJXQJHQGLHVH$QGHUHQN|QQHQXQV LKUHUVHLWV YLHOPHKU DXFK HSLVWHPLVFKH )HVWOHJXQJHQ ]XZHLVHQ 6R NDQQ HLQH3HUVRQHLQHUDQGHUHQ3HUVRQEHLVSLHOVZHLVHHLQHP.LQGRKQHZHLWH UHVGLH)HVWOHJXQJDXIGLHhEHU]HXJXQJGD‰6WRIIO|ZHQNHLQH7LHUHVLQG

_____________  9JOGD]XREHQ†  'DVÄPVVHQ¶ HEHQVRZLHGDVÄN|QQHQ¶LPIROJHQGHQ6DW] HQWKlOWNHLQH1RUPDWLYLWlW GLHEHUGDVÄYHUQQIWLJHUZHLVH¶KLQDXVJHKWXQGLVWGHVKDOEZHQQGDVÄYHUQQIWLJHU ZHLVH¶EHLJHIJWLVWGHVNULSWLY]XYHUVWHKHQ  9JOGD]XREHQ†  9JO6HOODUVIVRZLHREHQ.DS)QPLWGHPGD]XJHK|ULJHQ$EVDW]

†(LQOHLWXQJ 



]XZHLVHQ ZHLO GLH JHJHQWHLOLJH )HVWOHJXQJ LQNRPSDWLEHO GDPLW LVW GD‰ 7LHUH KHWHURWURSKH 2UJDQLVPHQ VLQG 'HU :LW] GHV /HUQHQV VFKHLQW MD JHUDGHGDULQ]XEHVWHKHQGD‰HV]XU$QHUNHQQXQJYRQ)HVWOHJXQJHQGLHVHU $UW GXUFK GLH OHUQHQGH 3HUVRQ IKUW 5DWLRQDOLWlW LQ HSLVWHPLVFKHQ =X VDPPHQKlQJHQ LVW GHPQDFK GDGXUFK FKDUDNWHULVLHUW GD‰ PDQ LQ GLHVHU $QHUNHQQXQJIHKOJHKHQNDQQZHLOPDQGLH%HUHFKWLJXQJ]XGLHVHU)HVWOH JXQJQRFKQLFKWNDQQWHRGHUZHLOPDQVLFKLUUWHLQGHPPDQVLFK]XLQ NRPSDWLEOHQ)HVWOHJXQJHQEHUHFKWLJWVDK'HULQWHUSHUVRQDOH8PJDQJPLW GLHVHU$UWYRQIHKOHQGHQ$QHUNHQQXQJHQHLJHQHU)HVWOHJXQJHQUHLFKWYRQ GHU =XVFKUHLEXQJ NLQGOLFKHU  8QZLVVHQKHLW EHU ,UUWXP ELV KLQ ]XU =X VFKUHLEXQJHSLVWHPLVFKHU,UUDWLRQDOLWlW GHP$EVSUHFKHQJHZLVVHUNRJQLWL YHU .DSD]LWlWHQ  $OO GLHVH )RUPHQ YRQ IHKOHQGHQ  $QHUNHQQXQJHQ EH VWLPPWHU )HVWOHJXQJHQ ² XQG GDV LVW LP JHJHQZlUWLJHQ =XVDPPHQKDQJ ZLFKWLJ²EH]LHKHQVLFKDXI)RUPHQNRQVHTXHQWLHOOHU5DWLRQDOLWlW 'LHHEHQHLQJHIKUWH2SHUDWLRQDOLVLHUXQJPRUDOLVFKHU$QVSUFKHGXUFK GLH 5HIRUPXOLHUXQJ LQ 7HUPLQL GHV =XZHLVHQV $QHUNHQQHQV RGHU =X UFNZHLVHQVYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQJHKW EHUGLHVH)RUPNRQVHTXHQWLHOOHU5DWLRQDOLWlWLQVRIHUQKLQDXVDOV IHKOHQ GH $QHUNHQQXQJHQYRQ)HVWOHJXQJHQGLHVHU$UWQLFKWV]XWXQKDEHQPLW 8QZLVVHQKHLW,UUWXPRGHU,UUDWLRQDOLWlW*OHLFKZRKOILQGHQVLFKDXFKKLHU $EVWXIXQJHQGHU=XUHFKHQEDUNHLWGLHEHLGHUMHZHLOLJHQ%HVWLPPXQJGHU REHQXQWHUVWULFKHQHQ9HUQQIWLJNHLWEHUFNVLFKWLJWZHUGHQPVVHQ'RFK VWDWW HQWZLFNOXQJV SV\FKRORJLVFK YHUVFKLHGHQH 6WXIHQ GHU 0RUDOLWlW ]X LGHQWLI]LHUHQ ² HLQ LQGXNWLYHV 9HUIDKUHQ YRQ GHP LQGLYLGXHOOH $XVQDK PHQVWHWVP|JOLFKVLQG²VFKHLQWHVPLUVLQQYROOHU]XVHLQQLFKWHUVW]XU %HVWlWLJXQJ GLHVHU SV\FKRORJLVFKHQ $QQDKPHQ VRQGHUQ WKHRUHWLVFK XQ PLWWHOEDUDXIGLHQRUPDWLYH(EHQHGHV=XZHLVHQVXQG$QHUNHQQHQVYRQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ ]X )HVWOHJXQJHQ ]X ZHFKVHOQ +LHU

_____________  'LH (UNOlUXQJ GHP .LQG JHJHQEHU ILQGHW KRIIHQWOLFK HLQHQ LQGLUHNWHQ :HJ EHU .ROODWHUDOIHVWOHJXQJHQXQGHQWVSUHFKHQGH%HUHFKWLJXQJHQ  :DOODFH UHNXUULHUW EHL VHLQHU %HVFKUHLEXQJ PRUDOSV\FKRORJLVFKHU 9RUDXVVHW]XQJHQ QLFKWDXIGDV.RKOEHUJ0RGHOO YJOGD]XXQWHQ.DS)QVRZLHGHQGD]XJHK|UL JHQ$EVDW] VRQGHUQDXI WHPSRUlUH $EZHLFKXQJHQYRQHLQHULQWDNWHQSV\FKLVFKHQ )XQNWLRQVZHLVHKLQVLFKWOLFKPRUDOLVFKHU=XUHFKHQEDUNHLWGLHHUDOVÅSRZHUVRIUHIOHF WLYHVHOIFRQWURO´EH]HLFKQHWXQGIROJHQGHUPD‰HQEHVFKUHLEWÅ,WLQFOXGHVWKHFDSDFLW\ WRJUDVSDQGDSSO\WKHMXVWLILFDWLRQVWKDWVXSSRUWPRUDOGHPDQGVDVZHOODVWKHJHQH UDOFDSDFLW\WRFRPSO\ZLWKPRUDOGHPDQGVEHFDXVHRQHJUDVSVWKHMXVWLILFDWLRQVWKDW VXSSRUWWKHP´ :DOODFH 6HLQ$QOLHJHQLVWXQWHUDQGHUHPJHJHQHLQH$O OHVRGHU1LFKWV6WUDWHJLHKLQVLFKWOLFKPRUDOLVFKHU=XUHFKHQEDUNHLW]XDUJXPHQWLHUHQ 6WDWWGHVVHQ PDFKW HU )lOOH JHOWHQG LQ GHQHQ HV PLQGHVWHQV ]HLWZHLVH XQIDLU ZlUH PRUDOLVFKH 6WDQGDUGV DQ HLQH HQWVSUHFKHQGH 3HUVRQ KHUDQ]XWUDJHQ Å5DWKHU OLNH RWKHU IRUPV RI JHQHUDO FRPSHWHQFH RU FDSDFLW\ WKH SRZHUV RI UHIOHFWLYH VHOIFRQWURO DGPLWRIGHJUHHVWKH\FDQEHPRUHRUOHVVGHYHORSHGVRWKDWVRPHRQHWRZKRPWKHVH



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

ZHUGHQYRQ$QIDQJDQ,QGLYLGXHQLPVR]LDOQRUPDWLYHQ.RQWH[WEHWUDFKWHW 'RFKZRULQEHVWHKWGLHKLHUDQJHVSURFKHQH9HUQQIWLJNHLWGHUHQ1RUPD WLYLWlW QLFKW DXI HLQ 9HUERW YRQ 8QZLVVHQKHLW ,UUWXP RGHU ,UUDWLRQDOLWlW UHGX]LHUWZHUGHQNDQQ" 'LH)RUGHUXQJGLHVHU9HUQQIWLJNHLWNDQQ²VRZHQLJZLHGLHNRQVH TXHQWLHOOH 5DWLRQDOLWlW ² H[WHUQ  EHJUQGHW ZHUGHQ GHU $PRUDOLVW ZXUGH EHUHLWVLQ†HUZlKQWXQGDP(QGHGLHVHV.DSLWHOVZHUGHLFKQRFKHLQ PDODXILKQ]XUFNNRPPHQ-HGRFKN|QQHQ6WDQGDUGVDQJHJHEHQZHUGHQ GHUHQ $QJHPHVVHQKHLWVNULWHULHQ VLQQYROOHUZHLVH GDULQ ]X VHKHQ VLQG GD‰ VLHDXIGHQVSH]LILVFKHQ$QVSUXFKEH]RJHQVLQGGHULQGHUHQWVSUHFKHQ GHQ)HVWOHJXQJHQWKDOWHQLVW %HYRU QXQ DEHU GHU KLHU HLQJHIKUWH %HJULII GHU 9HUQQIWLJNHLW GHU GLH$QHUNHQQXQJEHVWLPPWHU+DQGOXQJVJUQGHDOVDXIEHVWLPPWH+DQG OXQJHQE]Z+DQGOXQJVDEVLFKWHQIHVWOHJHQGOHLWHWZHLWHUTXDOLIL]LHUWZHU

_____________ SRZHUV DUHDVFULEHGPD\ILQGWKDWWKH\DUH VXEVWDQWLDOO\LPSDLUHGHLWKHUWHPSRUDULO\ GXHSHUKDSVWRORFDOFLUFXPVWDQFHVVXFKDVXQXVXDOVWUHVV RUSHUVLVWHQWO\DQGFRQVWL WXWLRQDOO\ DV IRU LQVWDQFH LQ FHUWDLQ FDVHV RI DGGLFWLRQ RU QHXURVLV ´ (EG  'LH LP YRUOLHJHQGHQ$QVDW]DQJHVWUHEWH2SHUDWLRQDOLVLHUXQJGHV*HEHQVXQG)RUGHUQVPRUD OLVFKHU 5HFKWIHUWLJXQJ HUODXEW QXQ HEHQIDOOV HLQH $EVWXIXQJ GHU PRUDOLVFKHQ =XUH FKHQEDUNHLW MHGRFK QLFKW EHU HLQH %HVFKUHLEXQJ YRQ 9HUP|JHQ VRQGHUQ EHU GLH %HVFKUHLEXQJHLQHUHQWVSUHFKHQGHQQRUPDWLYHQ3UDJPDWLN'LH=XUHFKHQEDUNHLWVWHOOW HLQH NRQWLQXLHUOLFKH *U|‰H GDU XQG NDQQ QXU LQ SUD[L EHVWLPPW ZHUGHQ =XUHFKHQ EDUNHLWPX‰VLFKDQGHUNRQNUHWHQ=XZHLVXQJYRQ)HVWOHJXQJHQEHZlKUHQGLH3KLOR VRSKLHNDQQQXU6WDQGDUGVGLHVHU5HFKWIHUWLJXQJVSUD[LVEHVFKUHLEHQ(LQHVWULNWH5H JHOXQJZDQQGLH(LQKDOWXQJGLHVHU6WDQGDUGVDXVUHLFKWXPDOVPRUDOLVFK]XUHFKHQEDU ]X JHOWHQ NDQQ SULQ]LSLHOO QLFKW JHJHEHQ ZHUGHQ GLHV KlQJW YRQ GHU MHZHLOLJHQ %H UFNVLFKWLJXQJ YLHOHU .ROODWHUDOIHVWOHJXQJHQ GHU EHWURIIHQHQ 3HUVRQ VRZLH YRQ GHU =LHOVHW]XQJ GHU 3HUVRQ HQ  GLHVHU =XZHLVXQJ DE GHU 6DW] Å:HU HLQPDO OJW GHP JODXEWPDQQLFKWXQGZHQQHUDXFKGLH:DKUKHLWVSULFKW´ZLUGIUJHZ|KQOLFKQLFKW DOVZDKUHU6DW]EHKDQGHOW (EHQVRZLHLQ:DOODFH·9HUP|JHQVNRQ]HSWLRQ EHVLW]W LQ HLQHU VROFKHQ %HVFKUHLEXQJ GHU %HJULII GHU :LOOHQVIUHLKHLW NHLQHQ H[SODQDWRULVFKHQ :HUWÅ7KHLPSRUWDQWLVVXH>«@LVQRWZKHWKHUWKHDFFRXQW>«@JLYHVRXUPRUDOGLV WLQFWLRQVDUHDOEDVLVLQWKHZRUOG>HJE\DVFULELQJIUHHGRPRIWKHZLOOWRKXPDQEH LQJV.3@EXWZKHWKHULWJLYHVWKRVHGLVWLQFWLRQVWKHULJKWNLQGRIEDVLV,QDVVHVVLQJ WKHDFFRXQWZHQHHGWRDVNZKHWKHUWKHIDFWVLQWHUPVRIZKLFKLWFKDUDFWHUL]HVUH VSRQVLELOLW\HQJDJHRXUJHQXLQHPRUDOLQWHUHVWV²ZKHWKHUWKH\DUHWKHNLQGVRIIDFWV ZH RXJKW WR EH FRQFHUQHG DERXW LQVRIDU DV ZH KROG SHRSOH PRUDOO\ UHVSRQVLEOH >«:@HGRQRWUHDOO\KDYHUHDVRQ WREHFRQFHUQHGDERXWZKHWKHUSHRSOH KDYHIUHH GRP RI ZLOO LQ GHFLGLQJ ZKHWKHU WKH\ DUH PRUDOO\ UHVSRQVLEOH DJHQWV ZKHUHDV IDFWV DERXWWKHLUSRZHUVRIUHIOHFWLYHVHOIFRQWUROKDYHJUHDWQRUPDWLYHVLJQLILFDQFHIRUWKLV SXUSRVHµ :DOODFH ,P9RUOLHJHQGHQJHKWHVQXQHEHQIDOOVZHGHUXPGHQ :LOOHQQRFKXPGHVVHQ)UHLKHLWXQGVFKRQJDUQLFKWXPGHUHQ5HODWLRQ HQ ]XU:HOW VRQGHUQXPGDVGXUFKXQGGXUFKQRUPDWLYH6SLHOGHV9HUODQJHQVXQG/LHIHUQV YRQ NRQWH[WVHQVLEOHQ*UQGHQLQGLHVHU.RQWH[WVHQVLELOLWlWYRQ*UQGHQGLHVLFKLKUHU VHLWVQXULQSUD[LIL[LHUHQOl‰WlX‰HUQVLFKGLHYRQ:DOODFHDQJHVSURFKHQHQ9HUP| JHQRGHU)lKLJNHLWHQ

†(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ 



GHQ NDQQ VROO GHU =XVDPPHQKDQJ ]ZLVFKHQ (UIRUGHUQLV XQG 6ROOHQ 5HODWLRQHQ LP 6LQQH %URRPHV H[SOL]LHUW ZHUGHQ GD YRQ HLQHP VROFKHQ =XVDPPHQKDQJ GDV *HOLQJHQ GHU ,QWHJUDWLRQ HLQHV PRUDOLVFKHQ RGHU XQEHGLQJWHQ 6ROOHQV LP 6LQQH SUlYDOHQWHU +DQGOXQJVJUQGH LQ GHQ YRQ %UDQGRPV QRUPDWLYHU 3UDJPDWLN HU|IIQHWHQ .RKlUHQWLVPXV SUDNWLVFKHU )HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQDEKlQJW  

†(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ

 ,Q†KDWWHVLFKHUJHEHQGD‰QRUPDWLYH(UIRUGHUQLVVHLP*HJHQVDW]]X 6ROOHQXQG*UQGH5HODWLRQHQNHLQH$EWUHQQXQJGHU.RQNOXVLRQPLWWHOV PRGXV SRQHQV HUODXEHQ %URRPHV 1RUPDWLYLWlWV.RQ]HSWLRQ GHU LFK GDEHL JHIROJW ELQ XQWHUVFKLHG GLH 1RUPDWLYLWlW GLH EHL (UIRUGHUQLV 5HODWLRQHQ LP 6SLHO LVW YRQ GHU 1RUPDWLYLWlW GHU 6ROOHQ XQG *UQGH 5HODWLRQHQGDKLQJHKHQGGD‰VLFKGLH1RUPDWLYLWlWLQGHQEHLGHQOHW]WHUHQ )lOOHQDXIGDV.RQVHTXHQVTXQGLPHUVWHQ)DOODXIGLH5HODWLRQ]ZLVFKHQ SXQGTLQVJHVDPWEH]RJ 'LH VLFK GDUDXV HUJHEHQGH XQG LP JHJHQZlUWLJHQ .RQWH[W HQWVFKHL GHQGH.OXIW]ZLVFKHQGHU6ROOHQ5HODWLRQXQGGHU(UIRUGHUQLV5HODWLRQLVW DEKlQJLJ YRQ GHU 3UlPLVVH S  LQ HLQHP SUDNWLVFKHQ .RQGLWLRQDO S Ⱥ T XQG KDW GHVKDOE LP 9RUVWHKHQGHQ ]X GHU )UDJH QDFK HLQHU DOOJHPHLQHQ )RUPYRQ3UlPLVVHQJHIKUWGLHHVHUODXEWGLH(UIRUGHUQLV5HODWLRQ2 S ȺT EHLGHUVLFKGLH1RUPDWLYLWlWDXIGDV.RQGLWLRQDOLQVJHVDPWEH]LHKW LQHLQH6ROOHQ5HODWLRQSȺ2T]XEHUIKUHQEHLGHUVLFKGLH1RUPDWLYL WlWGHU.RQNOXVLRQPLWWHOVPRGXVSRQHQVDEWUHQQHQOl‰W ,P *HJHQVDW] ]X HLQHP $QVDW] YRQ 6FDQORQ GHU LQ GLHVHP =XVDP PHQKDQJ SDXVFKDO YRQ ÅHQGRUVHPHQWµ VSULFKW NDQQ PLW GHP KLHU YHU ZHQGHWHQ 9RNDEXODU GHV =XZHLVHQVXQG $QHUNHQQHQVYRQ )HVWOHJXQJHQ XQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQJHQDXHUEHVFKULHEHQZHUGHQLQZLH IHUQHLQH%LOOLJXQJ ÅHQGRUVHPHQW´ GHU3UlPLVVHGHUSUDNWLVFKHQ,QIHUHQ] S Ⱥ T GDV QRUPDWLYH (UIRUGHUQLV ]X T LQ HLQHQ SULPD IDFLH +DQGOXQJV JUXQGEHUIKUW 6FDQORQEHVFKUHLEWGHQhEHUJDQJYRQHLQHPQRUPDWLYHQ(UIRUGHUQLV ]X HLQHP SULPD IDFLH +DQGOXQJVJUXQG IROJHQGHUPD‰HQ Å7KH FODLP WKDW DQDJHQWPXVWLQVRIDUDVKHLVQRWLUUDWLRQDOWUHDWDFHUWDLQFRQVLGHUDWLRQ DVDUHDVRQFDQIDOOVKRUWRIWKHFODLPWKDWWKLVFRQVLGHUDWLRQLVDUHDVRQIRU WKDWDJHQW7KLVLVVREHFDXVHWKDWFODLPQHHGQRWLQYROYHDQHQGRUVHPHQW RI WKH DWWLWXGHV WKDW PDNH LW LUUDWLRQDO IRU WKH DJHQW WR IDLO WR WUHDW WKDW FRQVLGHUDWLRQ DV D UHDVRQ %XW D FODLP RI WKH IRUPHU VRUW FDQ EH WXUQHG



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

LQWRDFODLPDERXWWKHUHDVRQVWKDWWKHDJHQWLQIDFWKDVE\DGGLQJDQHQ GRUVHPHQWRIWKHVHDWWLWXGHVµ$XFK6FDQORQKDQGHOWYRQPDWHULDOJOWL JHQ ,QIHUHQ]HQ G K VROFKHQ LQ GHQHQ GLH 3UlPLVVH HLQH 3URHLQVWHOOXQJ LPSOL]LHUW GLH GXUFK ORJLVFKHV 9RNDEXODU H[SOL]LW JHPDFKW ZHUGHQ NDQQ Å6XSSRVHIRUH[DPSOHWKDWDQDJHQWFRQFOXGHVWKDWWRPDWRHVDUHGDQJHU RXVWRKLVKHDOWKDQGWKDWKHWKHUHIRUHKDVUHDVRQWRDYRLGIRRGFRQWDLQ LQJWRPDWRHV7KLVGRHVQRWFKDQJHWKHUHDVRQVWKDWKHKDV,IKHLVPLV WDNHQDERXWWKHKHDOWKULVNVRIHDWLQJWRPDWRHVWKHQKHVWLOOKDVQRUHDVRQ QRWWRHDWWKHPHYHQWKRXJKKHWKLQNVKHGRHV%XWZKHWKHUKHLVPLV WDNHQRUQRWDVORQJDVKHMXGJHVWKDWKHKDVUHDVRQQRWWRHDWIRRGFRQ WDLQLQJ WRPDWRHV KH ZRXOG EH LUUDWLRQDO LI ZKHQ KH LV GHFLGLQJ ZKDW WR HDWKHGLGQRWWUHDWWKHIDFWWKDWDIRRGFRQWDLQVWRPDWRHVDVDUHDVRQQRW WRHDWLWµ'LH3URHLQVWHOOXQJGLHGLHVHPDWHULDOH,QIHUHQ]VWW]WN|QQWH HWZD ODXWHQ Ä0DQ VROOWH QLFKWV HVVHQ ZDV GHU HLJHQHQ *HVXQGKHLW VFKD GHW¶ 6LH VWHOOW ]XVDPPHQ PLW GHU hEHU]HXJXQJ GD‰ 7RPDWHQ GHU *H VXQGKHLWVFKDGHQ GHQ IUDJOLFKHQ +DQGOXQJVJUXQG GDU 'RFK ZHOFKH GH RQWLVFKHQ.RQVHTXHQ]HQKDWLPHLQ]HOQHQGLH%LOOLJXQJ ÅHQGRUVHPHQW´  YRQGHU6FDQORQVSULFKW"=XPHLQHQJLOWZLHEHUHLWVDQJHGHXWHWGD‰6FDQ ORQQXUYRQ*UQGHQVSULFKWGHUHQ%LOOLJXQJ²HUJlQ]HGXUFKDQGHUH3HU VRQHQ²GD]XIKUWGD‰GLHKDQGHOQGH3HUVRQGLHIUDJOLFKHQ*UQGHWDW VlFKOLFK ÅLQIDFW´ KDW(VJHKWDOVRGDUXPGD‰HLQH3HUVRQ%HLQHU3HUVRQ $VWDWWGHU(UIRUGHUQLV5HODWLRQ2 SȺT QXQGLH*UQGH5HODWLRQSȺ 5T]XVFKUHLEW SVWHKWZLHGHUXPIUHLQHRGHUPHKUHUH(LQVWHOOXQJHQGLHLQVJHVDPW HLQH +DQGOXQJ T E]Z +DQGOXQJVDEVLFKW ]X T EHJUQGHQ ZREHL T HLQH JDQ]H )DPLOLH VXEVWLWXWLRQVlTXLYDOHQWHU +DQGOXQJHQ E]Z +DQGOXQJVDE VLFKWHQEH]HLFKQHQNDQQ

_____________  6FDQORQI%URRPHVSULFKWLP=XVDPPHQKDQJVHLQHU7KHRULHGHUÅQRUPD WLYHUHTXLUHPHQWV´ÅUHDVRQVUHODWLRQ´XQGÅRXJKWVUHODWLRQ´HEHQIDOOVYRQPDWHULDOHQ .RQGLWLRQDOHQ YJO%URRPH 9JOREHQ†  6FDQORQ  'LH 3IOLFKW HLQHU 3HUVRQ ]X KHOIHQ NDQQ P|JOLFKHUZHLVH HEHQVR DXI YHUVFKLHGHQH +DQGOXQJVZHLVHQ DGlTXDW HLQJHO|VW ZHUGHQ ZLH GHU :XQVFK WURFNHQ ]X EOHLEHQ ² 'LH5HGHYRQ+DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQVROOHLQH,QGLIIHUHQ]JHJHQEHU GHU NDXVDOHQ (IIL]LHQ] YRQ +DQGOXQJVJUQGHQ DXVGUFNHQ +DQGOXQJVJUQGH KDEHQ QLFKW +DQGOXQJHQ RGHU SK\VLNDOLVFKH (UHLJQLVVH DOV LKUH ÄSKlQRPHQDOH 2EHUIOlFKH¶ GXUFK ZHOFKH VLH EHUKDXSW HUVW OHVEDU ZUGHQ GLHVH ÄSKlQRPHQDOH 2EHUIOlFKH¶ LVW QXUVFKHLQEDUDXWKHQWLVFKHURGHUZHQLJHUDQIlOOLJIU7lXVFKXQJHQDOVHQWVSUHFKHQGH VSUDFKOLFKH bX‰HUXQJHQ 'LH VSUDFKOLFKH $UWLNXODWLRQ HLQHU +DQGOXQJVDEVLFKW DOV .RQVHTXHQ]DXVGHU$QHUNHQQXQJHLQHVHQWVSUHFKHQGHQ+DQGOXQJVJUXQGHVPX‰DOV HEHQVR YHUOl‰OLFK EHWUDFKWHW ZHUGHQ ZLH GHUHQ QLFKWVSUDFKOLFKH $UWLNXODWLRQ E]Z 5HDOLVLHUXQJLQHLQHU+DQGOXQJDOV%HOHJGHU)HKOHUKDIWLJNHLWGK8QZDKUKDIWLJNHLW GHUDUWLJHU$UWLNXODWLRQHQEOHLEWXQVQLFKWVDQGHUHVDOVGHUHQ,QNRPSDWLELOLWlWPLWHQW

†(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ 



 'LH(UIRUGHUQLV5HODWLRQ2 SȺT JLOWIU$JGZ $DQHUNHQQWGLH)HVWOHJXQJDXIS JHKWGLH)HVWOHJXQJDXISHLQOHJWVLFK DXISIHVW   'DUDXVIROJWGD‰%$HLQH)HVWOHJXQJVRZRKODXISDOVDXFKDXIT]XZHLVW 'LHVH)HVWOHJXQJJLOWXQDEKlQJLJYRQ$·V%HUHFKWLJXQJ]XS (VEHVWHKWLQGHQ$XJHQ%·VHLQQRUPDWLYHV(UIRUGHUQLVIU$T]XUHDOLVLH UHQ  ,P EHUHLWV JHQDQQWHQ %HLVSLHO EHGHXWHW GLHV GD‰ $ HLQH )HVWOHJXQJ DXI GHQ:XQVFKGLH1RUGZDQGGHV+DOI'RPHLPW@ODVVHQVLFKLPPHU8P VWlQGHGHQNHQXQWHUGHQHQLFKJODXEHQN|QQWHGD‰WHLQHEHVWLPPWH(LJHQVFKDIWEH VLW]H²EHLQDKHYRQHLQHP%lUHQJHIUHVVHQZRUGHQ]XVHLQLQGHU6WDQIRUG%LEOLRWKHN JHVWDQGHQ ]X KDEHQ HLQH =XFNHUVSXU LP 6XSHUPDUNW KLQWHUODVVHQ ]X KDEHQ XVZ ² XQGQLFKWLFK'DVNDQQVLFKLQPHLQHQ+DQGOXQJHQQLHGHUVFKODJHQGHQQHLQHhEHU ]HXJXQJ GLH LFK PLW ÄLFK¶ DXVGUFNHQ ZUGH NDQQ IU PHLQ SUDNWLVFKHV %HJUQGHQ XQG+DQGHOQLQDOOHQGHQNEDUHQ6LWXDWLRQHQLQHLQHU:HLVHYRQ%HGHXWXQJVHLQGHU NHLQH DQGHUV DXVJHGUFNWH hEHU]HXJXQJ HQWVSUHFKHQ NDQQ (V ZLUG LPPHU 6LWXDWLR QHQJHEHQLQGHQHQLFKQLFKWHUNHQQHQNDQQGD‰LFKWELQ,QGLHVHQ)lOOHQZLUGHV PLU QLFKW JHOLQJHQ LQ GHU JOHLFKHQ :HLVH $EVLFKWHQ XQG +DQGOXQJVPRWLYH DXI GHU *UXQGODJHYRQhEHU]HXJXQJHQGDUEHUDXV]XELOGHQZDVWWXQ VROOWHZLHLFKHVDQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

GDVQRUPDWLYH(UIRUGHUQLVMHGHQ7DJDQGHU.OHWWHUZDQG]XWUDLQLHUHQ2E$ LQ GHU 3HUVSHNWLYH YRQ %  ]X GHU )HVWOHJXQJ DXI S EHVWHKHQG DXV GHQ JHQDQQWHQ EHLGHQ 7HLOIHVWOHJXQJHQ  EHUHFKWLJW LVW VSLHOW KLHUEHL NHLQH 5ROOH 'LH'LIIHUHQ]]ZLVFKHQGLHVHU5HODWLRQQRUPDWLYHU(UIRUGHUQLVVHXQG GHU *UQGH5HODWLRQ YRQ GHU 6FDQORQ LQ VHLQHP 7RPDWHQ%HLVSLHO JH VSURFKHQ KDW EHVWHKW QXQ GDULQ GD‰ LQ VHLQHP %HLVSLHO GLH ÄELOOLJHQGH¶ 3HUVRQ % GHU $XIIDVVXQJ LVW GLH KDQGHOQGH 3HUVRQ $ KDEH JXWH *UQGH IU GLH3URHLQVWHOOXQJ GD‰PDQ QLFKWV HVVHQVROOWH ZDV GHU HLJHQHQ*H VXQGKHLWVFKDGHWVRZLHIUGLHhEHU]HXJXQJGD‰7RPDWHQJHVXQGKHLWV VFKlGOLFK VLQG 2E GLH KDQGHOQGH 3HUVRQ VHOEVW GLHVH (LQVWHOOXQJHQ GLH LQVJHVDPWSDXVPDFKHQ QXQLKUHUVHLWVEHVLW]WRGHUQLFKWLVWIUGLHRUG QXQJVJHPl‰H =XVFKUHLEXQJ HQWVSUHFKHQGHU +DQGOXQJVJUQGH GXUFK GLH ÄELOOLJHQGH¶3HUVRQLUUHOHYDQW  'LH*UQGH5HODWLRQSȺ5TJLOWIU$JGZ %ZHLVW$HLQH%HUHFKWLJXQJ]XU)HVWOHJXQJDXIS]X  'DUDXVIROJWGD‰%$HLQH%HUHFKWLJXQJ]XU)HVWOHJXQJDXIT]XZHLVW 'LHVH %HUHFKWLJXQJ JLOW XQDEKlQJLJ YRQ $·V $QHUNHQQXQJ HLQHU )HVWOH JXQJDXIS $EHVLW]WLQGHQ$XJHQ%·VHLQHQ*UXQGT]XUHDOLVLHUHQ 

_____________ VRQVWHQWXQZUGHZHQQHVXPhEHU]HXJXQJHQGDUEHUJHKWZDVLFKWXQVROOWH>@ Ä,FK¶ KDW VHLQ 6SUDFK+HLPVSLHO EHL $QHUNHQQXQJHQ YRQ )HVWOHJXQJHQ DXI HLQ +DQ GHOQXQGLQ]ZHLWHU/LQLHEHLP$XVGUFNHQYRQhEHU]HXJXQJHQXQG:QVFKHQGLH DOV3UlPLVVHQGLUHNWIUSUDNWLVFKH,QIHUHQ]HQUHOHYDQWVLQGGLH$EVLFKWVELOGXQJHQDOV .RQNOXVLRQHQKDEHQ>@Ä,FK¶LVW]ZDUXQWHUEHVWLPPWHQ%HGLQJXQJHQGXUFKDQGHUH $XVGUFNH DXVWDXVFKEDU DEHU GDV NDQQ VWHWV GXUFK HLQH bQGHUXQJ GHU NROODWHUDOHQ )HVWOHJXQJHQXQG:QVFKH DXIHLQH:HLVH DQQXOOLHUWZHUGHQ]XGHUHVLP)DOOYRQ ÄLFK¶NHLQH(QWVSUHFKXQJJLEW'DVOLHJWGDUDQGD‰GDVZDVÄLFK¶DXVGUFNWQlPOLFK GDV(LQJHKHQHLQHU)HVWOHJXQJGXUFK$QHUNHQQHQHWZDVLVWZDVQXULFKWXQNDQQ0LW :HQGXQJHQ GLH EHLP SUDNWLVFKHQ %HJUQGHQ QLFKW ZLH (UVWH3HUVRQ:HQGXQJHQ IXQJLHUHQ HWZD1DPHQRGHU%HVFKUHLEXQJHQ NDQQPDQMHPDQGHP)HVWOHJXQJHQ]X HUNHQQHQ >@ 'RFK GDV $QHUNHQQHQ YRQ )HVWOHJXQJHQ LVW GLH JUXQGOHJHQGH :HLVH VLH HLQ]XJHKHQXQGGDV(LQJHKHQYRQ)HVWOHJXQJHQOl‰WVLFKQLFKWDXIGDV=XHUNHQQHQUHGX ]LHUHQ DXFK QLFKW DQ VLFK VHOEVW´ %UDQGRP D   9JO GD]X 3HUU\  IÅ7KHSURSRVDO>«@LVWKDWWKHUHLVQRWDQLGHQWLW\RUHYHQDQLVRPRUSKLFFRUUH VSRQGHQFHEXWRQO\DV\VWHPDWLFUHODWLRQVKLSEHWZHHQWKHEHOLHIVWDWHVRQHLVLQDQG ZKDWRQHWKHUHE\EHOLHYHV>«@:HKDYHKHUHDPHWDSK\VLFDOO\EHQLJQIRUPRIOLPLWHG DFFHVVLELOLW\$Q\RQHDWDQ\WLPHFDQKDYHDFFHVVWRDQ\SURSRVLWLRQ%XWQRWLQDQ\ ZD\$Q\RQHFDQEHOLHYHRI-RKQ3HUU\WKDWKHLVPDNLQJDPHVV$QGDQ\RQHFDQEH LQWKHEHOLHIVWDWHFODVVLILHGE\WKHVHQWHQFHÄ,DPPDNLQJDPHVV¶%XWRQO\,FDQKDYH WKDWEHOLHIE\EHLQJLQWKDWVWDWH´

†(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ 



:LHGHUXPEHLVSLHOKDIWEHGHXWHWGLHVGD‰%$HLQH%HUHFKWLJXQJ]XGHP :XQVFK WURFNHQ ]X EOHLEHQ VRZLH ]X GHU hEHU]HXJXQJ GD‰ GDV $XI VSDQQHQGHV6FKLUPV$YRU1lVVHVFKW]HQZUGH]XJHZLHVHQKDW'DPLW EHVWHKWDXV%·V3HUVSHNWLYHIU$HLQSULPDIDFLH*UXQGGHQ6FKLUPDXI]X VSDQQHQ2E$VHOEVWHLQH)HVWOHJXQJDXISDQHUNHQQWVSLHOWKLHUEHLNHLQH 5ROOH ,P *HJHQVDW] ]XP QRUPDWLYHQ (UIRUGHUQLV JHOWHQ *UQGH DOOJHPHLQ VLH VLQG QXU YRQ GHU %HUHFKWLJXQJ ]X HLQHU HQWVSUHFKHQGHQ )HVWOHJXQJ GHU KDQGHOQGHQ3HUVRQLQGHQ$XJHQGHV=XZHLVHUVXQGQLFKWYRQGHU$QHU NHQQXQJ GLHVHU+DQGOXQJVJUQGH GXUFKGLH KDQGHOQGH3HUVRQVHOEVW DE KlQJLJ'DPLWLVW]XPHLQHQ6FDQORQV$XVGUXFNGHU%LOOLJXQJGHU+DQG OXQJVJUQGH ÅHQGRUVHPHQW´  GXUFK GLH 3HUVRQ GLH GHRQWLVFKH 6WDWXV ]XZHLVWQRUPDWLYTXDOLIL]LHUW=XPDQGHUHQLVWGDPLWGHU$EWUHQQEDUNHLW GHU .RQNOXVLRQ YRQ GHU %URRPH LP .RQWH[W GHU *UQGH5HODWLRQ JH VSURFKHQ KDW 5HFKQXQJ JHWUDJHQ 'LH *OWLJNHLW GHU .RQNOXVLRQ GLH %HUHFKWLJXQJ]XT LVWKLHULP*HJHQVDW]]XPQRUPDWLYHQ(UIRUGHUQLVDEKlQ JLJYRQGHU*OWLJNHLWGHU3UlPLVVH GLH%HUHFKWLJXQJ]XS LQGHQ$XJHQ GHV=XZHLVHUV(UVWGLHGHRQWLVFKH'LIIHUHQ]]ZLVFKHQ)HVWOHJXQJHQXQG %HUHFKWLJXQJHQ ]X )HVWOHJXQJHQ HUODXEW GDPLW HLQH DGlTXDWH %HVFKUHL EXQJ GHU 'LIIHUHQ] ]ZLVFKHQ +DQGOXQJV *UQGHQ XQG QRUPDWLYHQ +DQGOXQJV (UIRUGHUQLVVHQ )UPHLQJHJHQZlUWLJHV$QOLHJHQLVWQXQGHU8QWHUVFKLHGGHUEHLGHQ YRUJHQDQQWHQ5HODWLRQHQ]XU6ROOHQ5HODWLRQYRQEHVRQGHUHU%HGHXWXQJ  'LH6ROOHQ5HODWLRQSȺ2TJLOWIU$JGZ  %ZHLVW$HLQH)HVWOHJXQJDXIS]X  %ZHLVW$HLQH%HUHFKWLJXQJ]XU)HVWOHJXQJDXIS]X  'DUDXVIROJWGD‰%$HLQH)HVWOHJXQJDXIT]XZHLVW 'LHVH)HVWOHJXQJJLOWXQDEKlQJLJYRQ$·V$QHUNHQQXQJHLQHU)HVWOHJXQJ DXIS $VROOLQGHQ$XJHQ%·VTUHDOLVLHUHQ  ,P HEHQIDOOV EHUHLWV EHNDQQWHQ %HLVSLHO EHGHXWHW GLHV GD‰ % DXIJUXQG ZHOFKHUbX‰HUXQJHQ$·VXQGDQGHUHU8PVWlQGHDXFKLPPHU $  HLQH )HVWOHJXQJ XQG   HLQH %HUHFKWLJXQJ ]X GHU )HVWOHJXQJ DXI GLH 1RUP GD‰PDQQLHPDQGHPJUXQGORVVFKDGHQVROOWHVRZLHDXIGLHhEHU]HXJXQJ GD‰ GDV :HLWHUYHUEUHLWHQ YRQ *HUFKWHQ HLQHU 3HUVRQ JUXQGORV VFKDGHQ ZUGH]XJHZLHVHQKDW'DPLWEHVWHKWIU$HLQSUlYDOHQWHU*UXQGGLH*H UFKWHQLFKWZHLWHU]XYHUEUHLWHQDXVGHU6LFKWGHUEHXUWHLOHQGHQ3HUVRQ%

_____________  9JOREHQ†



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

VROO$HQWVSUHFKHQGKDQGHOQ2E$VHOEVWHLQH)HVWOHJXQJDXISDQHUNHQQW VSLHOWKLHUEHLNHLQH5ROOH ,P *HJHQVDW] ]XP QRUPDWLYHQ (UIRUGHUQLV JHOWHQ SUlYDOHQWH *UQGH DOVR VROFKH GLH DOV3UlPLVVH LQHLQHU 6ROOHQ5HODWLRQ IXQJLHUHQ N|QQHQ DOOJH PHLQGKVLHVLQGQXUYRQHLQHUHQWVSUHFKHQGHQ)HVWOHJXQJGHUKDQGHOQ GHQ3HUVRQLQGHQ$XJHQGHV=XZHLVHUVXQGQLFKWYRQGHU$QHUNHQQXQJ GLHVHU)HVWOHJXQJGXUFKGLHKDQGHOQGH3HUVRQVHOEVWDEKlQJLJ,P*HJHQ VDW]]XP|JOLFKHQRGHUSULPDIDFLH*UQGHQDOVRVROFKHQGLHDOV3UlPLVVHLQ HLQHU*UQGH5HODWLRQIXQJLHUHQN|QQHQEHGUIHQSUlYDOHQWH*UQGHQLFKW QXUGHU=XZHLVXQJHLQHU%HUHFKWLJXQJ]XHLQHU)HVWOHJXQJDXISVRQGHUQ GHU=XZHLVXQJHLQHU)HVWOHJXQJDXIS $OOHLQ GLHVH 'LIIHUHQ]HQ GHU 6ROOHQ5HODWLRQ GLH LQ %UDQGRPV 9HU VWlQGQLVHLQHIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]DXVGUFNWJHJHQEHUHLQHU VHLWV GHU (UIRUGHUQLV5HODWLRQ GLH HEHQIDOOV HLQH IHVWOHJXQJVHUKDOWHQGH ,QIHUHQ] DXVGUFNWVRZLH DQGHUHUVHLWVGHU *UQGH5HODWLRQ GLH HLQH EH UHFKWLJXQJVHUKDOWHQGH,QIHUHQ]DXVGUFNWN|QQHQHUNOlUHQ D LQZLHIHUQLQGHU3HUVSHNWLYHYRQ%GDVQRUPDWLYH(UIRUGHUQLVHLQHU+DQG OXQJ E]Z +DQGOXQJVDEVLFKW T QXQ QLFKWPHKU QXU IU $ DOOHLQ VRQGHUQ JHQHUHOOGKXQDEKlQJLJYRQ$·V$QHUNHQQXQJGHU+DQGOXQJVJUQGHS JLOWXQG E  LQZLHIHUQ $ % & ' HWF  PLW S QLFKW QXU HLQHQ P|JOLFKHQ VRQGHUQ HLQHQ SUlYDOHQWHQ *UXQG ]X HLQHU HQWVSUHFKHQGHQ +DQGOXQJ E]Z +DQG OXQJVDEVLFKWTEHVLW]W 'DUDXVIROJW   GD‰ GLH 6ROOHQ5HODWLRQ GLH 9HUELQGOLFKNHLW GHU (UIRUGHUQLV5HODWLRQ EHVLW]W G K HV JHKW XP HLQH )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQG OXQJVDEVLFKWTXQG]XJOHLFK  GD‰GLH6ROOHQ5HODWLRQGLH:HLWHGHU*UQGH5HODWLRQEHVLW]WGKHV JHKW XP HLQH )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW GLH XQDEKlQJLJ YRQ GHU $QHUNHQQXQJ GLHVHU )HVWOHJXQJ GXUFK GLH KDQGHOQGH 3HUVRQVHOEVWJLOW'DPLWLVWDXFKKLHUGHU$EWUHQQEDUNHLWGHU.RQNOXVLRQ GLH %URRPH IU GLH 6ROOHQ5HODWLRQ JHIRUGHUW KDW 5HFKQXQJ JHWUDJHQ 'LH*OWLJNHLWGHU.RQNOXVLRQLVWKLHUZLHGHUXPLP*HJHQVDW]]XPQRU PDWLYHQ (UIRUGHUQLV YRQ GHU *OWLJNHLW GHU 3UlPLVVH LQ GHQ $XJHQ GHV =XZHLVHUVDEKlQJLJ %URRPHVSULFKWLQGLHVHP=XVDPPHQKDQJYRQHLQHPÄVHWRIUHTXLUHG SURSRVLWLRQV¶ GKHUIRUGHUOLFKLQGHQ$XJHQGHUEHXUWHLOHQGHQ3HUVRQ  RKQH GLHV MHGRFK KLQVLFKWOLFK GHU GHRQWLVFKHQ (LQVWHOOXQJHQ GHV =X ZHLVHQVE]Z$QHUNHQQHQV]XGLIIHUHQ]LHUHQÅ>«@VXSSRVHWKHFRGH>RI

_____________  9JOREHQ†  9JOREHQ†

†(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQ 



UDWLRQDOLW\@ KDV WKH VWUXFWXUDO IHDWXUH WKDW UDWLRQDOLW\ UHTXLUHV \RX WR ) ZKHQHYHULWERWKUHTXLUHV\RXWR*DQGUHTXLUHV\RXWR)LI\RX*7KHQ LIWKHVHWRIUHTXLUHGSURSRVLWLRQVFRQWDLQVWKHSURSRVLWLRQWKDW\RX*DQG WKHSURSRVLWLRQWKDW\RX)LI\RX*LWFRQWDLQVWKHSURSRVLWLRQWKDW\RX) ,I WKLV LV VR UDWLRQDO GHWDFKPHQW LV YDOLG´ ,Q GHP KLHU YRQ %UDQGRP EHUQRPPHQHQ0RGHOOGHUGHRQWLVFKHQ.RQWRIKUXQJEHVDJWGDVÄUHTXL UHG¶GLH=XZHLVXQJHLQHU)HVWOHJXQJ XQEHVHKHQHLQHUHQWVSUHFKHQGHQ$Q HUNHQQXQJ 'LH$EWUHQQEDUNHLWGLHIUGHQhEHUJDQJYRQGHU(UIRUGHU QLV5HODWLRQ ]XU 6ROOHQ5HODWLRQ HUIRUGHUOLFK LVW KlQJW GDPLW DQ GHU 3HUVSHNWLYHQGLIIHUHQ]LP=XZHLVHQE]Z$QHUNHQQHQGHU)HVWOHJXQJE]Z %HUHFKWLJXQJ ]XU )HVWOHJXQJ DXI * E]Z S LQ RELJHU 1RWDWLRQ  :LUG * YRQ GHU KDQGHOQGHQ 3HUVRQ DQHUNDQQW XQDEKlQJLJ YRQ GHU =XZHLVXQJ HLQHU%HUHFKWLJXQJGXUFKGLHEHXUWHLOHQGH3HUVRQVRJLOWGLH(UIRUGHUQLV 5HODWLRQ:LUGKLQJHJHQXQDEKlQJLJYRQGHUDNWXHOOHQ$QHUNHQQXQJYRQ *GXUFKGLHKDQGHOQGH3HUVRQHLQH)HVWOHJXQJDXI*VRZLHHLQH%HUHFK WLJXQJ]XGLHVHU)HVWOHJXQJ]XJHZLHVHQVRNDQQGLH.RQNOXVLRQGLHGLH )RUGHUXQJQDFKE]Z)HVWOHJXQJDXI)DEJHOHLWHWZHUGHQ %URRPH EH]HLFKQHW DXV GHU 3HUVSHNWLYH UDWLRQDOHU (UIRUGHUQLVVH GLHVHV ÅUDWLRQDO GHWDFKPHQW´ DOV ÅXQDWWUDFWLYH´ LQVRIHUQ GLH Ä1RWZHQGLJNHLW¶ YRQ*RGHULPGHRQWLVFKHQ9RNDEXODUGLH=XZHLVXQJGHU)HVWOHJXQJDXI *XQEHVHKHQGHU(LQVWHOOXQJHQGHUKDQGHOQGHQ3HUVRQQLFKWXQPLWWHOEDU HLQVLFKWLJ LVW VRQGHUQ ZHLWHUHU 4XDOLIL]LHUXQJ EHGDUI 2GHU ZLHGHUXP GHRQWLVFKHLQHGHUDUWLJH=XZHLVXQJGHU)HVWOHJXQJDXI*EHGDUIGHVP|J OLFKHQ $XVZHLVHV LKUHU %HUHFKWLJXQJ 2KQH GLHVH 4XDOLIL]LHUXQJ JLOW ZDV %URRPH YRQ UDWLRQDOHQ (UIRUGHUQLVVHQ DXVJHPDFKW KDW Å5DWLRQDOLW\ UH TXLUHV \RX WR LQWHQG WR GR RQO\ ZKDW \RX ILUVWSHUVRQDOO\ EHOLHYH \RX RXJKWWRGR´)UPHLQ,QWHUHVVHKLQJHJHQLVWJHUDGHMHQH5HODWLRQPLW

_____________  %URRPH0V.DSÅ5HTXLUHPHQWVRI5DWLRQDOLW\´  %URRPH0V.DSÅ5HTXLUHPHQWVRI5DWLRQDOLW\´%URRPH GLVNXWLHUWHWOLFKH ÄUHTXLUHPHQWVRIUDWLRQDOLW\¶ZREHLOHGLJOLFK)RUPHQYRQ:LGHUVSUXFKVIUHLKHLWYDULLHUW ZHUGHQ,QGLHVHP6LQQHLVW%URRPHDXIMHGHQ)DOO]X]XVWLPPHQZHQQHUGLHVHÄUH TXLUHPHQWVRIUDWLRQDOLW\¶ DOVOHGLJOLFK]X QLFKWDEWUHQQEDUHQ5HODWLRQHQIKUHQGEH WUDFKWHWHUEH]HLFKQHWGLHVH(UIRUGHUQLVVHDOVÅZLGHVFRSHUHTXLUHPHQWV´ HEG LQVR IHUQVLHVLFKQLFKWDXIEHVWLPPWH(LQVWHOOXQJHQEH]LHKHQVRQGHUQOHGLJOLFKDXIJDQ]H .RQGLWLRQDOH Å5HODWLRQV DPRQJ \RXU EHOLHIV DQG LQWHQWLRQV DUH UHJXODWHG E\ RXJKWV WKDWJRYHUQWKHVHUHODWLRQV²ÄZLGHVFRSHRXJKWV¶,VKDOOFDOOWKHP7KH\LPSO\QRQDU URZVFRSHQRUPDWLYHFRQGLWLRQVRQLQGLYLGXDOEHOLHIVRULQWHQWLRQV´ %URRPH YJODXFKHEGII   %URRPH0V.DSÅ5HTXLUHPHQWVRI5DWLRQDOLW\´,P3UDNWLVFKHQVRPHLQH DQ%URRPHV5HVWULNWLRQDQVFKOLH‰HQGH$UJXPHQWDWLRQIRUGHUWGHUhEHUJDQJYRQÄZL GHVFRSH¶]XÄQDUURZVFRSHUHTXLUHPHQWV¶HLQHHLJHQVWlQGLJH4XDOLIL]LHUXQJGLHVHU(U IRUGHUQLV6WDQGDUGV5DWLRQDOLWlWNDQQKLHUQLFKWGXUFKORJLVFKH:LGHUVSUXFKVIUHLKHLW DOOHLQHUID‰WZHUGHQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

GHU Ä1RWZHQGLJNHLW¶ YRQ * E]Z GHUHQ ZHLWHUH 4XDOLIL]LHUXQJ DWWUDNWLY 'HQQ GLHVH $EWUHQQEDUNHLW PDUNLHUW JHUDGH GHQMHQLJHQ %HUHLFK GHRQWL VFKHU (LQVWHOOXQJHQ GHU GLH IUDJOLFKHQ PRUDOLVFKHQ G K LQWHUVXEMHNWLY YHUELQGOLFKHQ+DQGOXQJVHUZDUWXQJHQHLQVFKOLH‰W  

†3UDNWLVFKH5DWLRQDOLWlWXQG9HUQQIWLJNHLW

 (QWODQJ GHU LP YRUVWHKHQGHQ HQWZLFNHOWHQ 'LIIHUHQ]HQ GHRQWLVFKHU 5HLFKZHLWHQ KDW EHUHLWV :0 6LEOH\ GLH 6WDQGDUGV UDWLRQDO UDWLRQDO  XQG YHUQQIWLJ UHDVRQDEOH DOVDXIGLHZHVHQWOLFKXQWHUVFKLHGOLFKHQ(UIRUGHUQLV E]Z 6ROOHQ5HODWLRQHQ LQ %URRPHV 7HUPLQRORJLH  DQZHQGEDU XQWHU VFKLHGHQÅ>«@WRFRQGHPQ>DSHUVRQ@$DVXQUHDVRQDEOHLVQRWLSVRIDFWR WRPDUNKLPDVLUUDWLRQDODQGKHQFHWKHVHWZRWHUPVDUHQRW>@V\QRQ\ PRXVµ 5DWLRQDOLWlW EHGHXWHW QDFK 6LEOH\ LQ HUVWHU 1lKHUXQJ GD‰ GLH 3HUVRQLKUHHLJHQHQ+DQGOXQJV]LHOHNHQQWXQGVLFKGDUEHULPNODUHQLVW LQZLHIHUQ GHUHQ 5HDOLVLHUXQJ QLFKW QXU LKUH HLJHQHQ DQGHUHQ +DQGOXQJV ]LHOHVRQGHUQDXFKGLHMHQLJHQDQGHUHU3HUVRQHQDIIL]LHUHQNDQQOHW]WHUHV DOOHUGLQJV QXU PLW %OLFN DXI GLH P|JOLFKH 5FNZLUNXQJ GHU +DQGOXQJHQ DQGHUHU DXI HLQHQ VHOEVW 0LW %H]XJ DXI GLH 0LWWHO ]XU 5HDOLVLHUXQJ GHU +DQGOXQJV]LHOH YHUODQJW GLHVH VWUXNWXUHOOH 5DWLRQDOLWlW GLH :DKO XQG GLH (UJUHLIXQJ GHU 0LWWHO GLH IU HIIHNWLY JHKDOWHQ ZHUGHQ 9HUQQIWLJNHLW KLQJHJHQ EHGHXWHW QDFK 6LEOH\ ÅWR VHH WKH PDWWHU >«@ IURP WKH RWKHU SHUVRQ·VSRLQWRIYLHZWRGLVFRYHUKRZHDFKZLOOEHDIIHFWHGE\WKHSRVVL EOH DOWHUQDWLYH DFWLRQV DQG PRUHRYHU QRW PHUHO\ WR ÄVHH¶ WKLV IRU DQ\ PHUHO\SUXGHQWSHUVRQZRXOGGRDVPXFK EXWDOVRWREHSUHSDUHGWREH GLVLQWHUHVWHGO\LQIOXHQFHGLQUHDFKLQJDGHFLVLRQE\WKHHVWLPDWHRIWKHVH SRVVLEOHUHVXOWV,PXVWMXVWLI\P\FRQGXFWLQWHUPVRIVRPHSULQFLSOHFDSD EOH RI EHLQJ DSSHDOHG WR E\ DOO SDUWLHV FRQFHUQHG VRPH SULQFLSOH IURP ZKLFK ZH FDQ UHDVRQ LQ FRPPRQµ 'HU 6WDQGSXQNWGHU 9HUQQIWLJNHLW VROOLP1DFKIROJHQGHQQXQLP*HJHQVDW]]X6LEOH\QLFKWLQHLQHUÄGHVLQ WHUHVVLHUWHQ¶ %HREDFKWHUSHUVSHNWLYH VRQGHUQ VR]XVDJHQ PLWWHQ LP *H VFKHKHQORNDOLVLHUWZHUGHQ(VJHKWQLFKWXPGHQÄ%OLFNYRQ1LUJHQGZR¶

_____________  6LEOH\  ,FKKDEH6LEOH\V%HVWLPPXQJKLHUQLFKWYROOVWlQGLJZLHGHUJHJHEHQGLHJHJHQZlUWLJH 'HEDWWHLVWGLHVEH]JOLFKPLWWOHUZHLOH]XZHVHQWOLFKHODERULHUWHUHQ%HVWLPPXQJHQJH ODQJW0HLQHHLJHQH%HVWLPPXQJYHUKlOWVLFKLKUHUVHLWVLQGLIIHUHQWJHJHQEHUGHQGRUW YRUJHQRPPHQHQhEHUOHJXQJHQ]XZHLWHUUHLFKHQGHQ$QQDKPHQKLQVLFKWOLFKGHV:LV VHQVVWDQGV GHU KDQGHOQGHQ 3HUVRQ RGHU GHU ]HLWOLFKHQ 'LPHQVLRQ 9JO GD]X REHQ .DS)Q  6LEOH\+HUYRUKHEXQJ.3

†3UDNWLVFKH5DWLRQDOLWlWXQG9HUQQIWLJNHLW 



VRQGHUQXPHLQHÅ,QWHJUDWLRQYRQ7HLOQHKPHUXQG%HREDFKWHUSHUVSHNWL YHQ´ZLH+DEHUPDVVLHQHQQW'DVEHGHXWHWMHGRFKDXFKGD‰GDV*H VFKHKHQ VHOEVW GLH 5HFKWIHUWLJXQJVSUD[LV DOV GDV 9HUODQJHQ XQG /LHIHUQ YRQ*UQGHQDOVYHUQQIWLJDXVJHZLHVHQZHUGHQN|QQHQPX‰ (EHQVRZHQLJZLH6LEOH\EHUFNVLFKWLJW5DZOVYRQGHPHEHQIDOOVHLQH 'LIIHUHQ]LHUXQJ]ZLVFKHQGHP9HUQQIWLJHQXQGGHP5DWLRQDOHQVWDPPW GLHUHDOH5HFKWIHUWLJXQJVSUD[LV'DV9HUQQIWLJHEHVWLPPW5DZOVDOVÅ>@ HLQH .RQ]HSWLRQ IDLUHU %HGLQJXQJHQ GHU .RRSHUDWLRQ G K VROFKHU %HGLQJXQ JHQ YRQ GHQHQ PDQ HUZDUWHQ GDUI GD‰ MHGHU 7HLOQHKPHU VLH YHUQQIWL JHUZHLVH DQHUNHQQW YRUDXVJHVHW]W DOOH DQGHUHQ HUNHQQHQ VLH HEHQIDOOV DQ´ 'DV 5DWLRQDOH EH]HLFKQHW 5DZOV KLQJHJHQ DOV Å>@ $XVGUXFN HLQHU .RQ]HSWLRQGHVUDWLRQDOHQ9RUWHLOVGHUHLQ]HOQHQ7HLOQHKPHUGHVVHQZDV VLH DOV ,QGLYLGXHQ ]X HUUHLFKHQ WUDFKWHQ´ (QWVFKHLGHQG LVW IU PHLQ JHJHQZlUWLJHV,QWHUHVVHZHQLJHUGLH=LUNXODULWlWGHU'HILQLWLRQHQ²5DZOV *HVDPWNRQ]HSWLRQHLQHUÄ*HUHFKWLJNHLWDOV)DLUQH‰¶NDQQDOVVXEVWDQWLHOOHU QLFKW]LUNXOlUHU.RPPHQWDUGD]XGLHQHQ²HQWVFKHLGHQGLVWKLHUYLHOPHKU GLHEHJULIIOLFKH3ULRULVLHUXQJLQZHOFKHUVLFKGLHPRQRORJLVFKHXQGNRQ VHTXHQWLDOLVWLVFKH *UXQGRULHQWLHUXQJ YRQ 5DZOV· 7KHRULH ZLGHUVSLHJHOW DXVJHKHQG YRQ $NWHXUHQ GLH DXI LKUHQ ÄUDWLRQDOHQ 9RUWHLO¶ EHGDFKW VLQG ÄPVVHQ¶3ULQ]LSLHQJHIXQGHQZHUGHQXPGLHVH9RUWHLOHVR]LDO]XEDODQ FLHUHQXQGGLHVH3ULQ]LSLHQÄN|QQHQ¶JHIXQGHQZHUGHQZHLOGLH$NWHXUH EHU HLQHQ *HUHFKWLJNHLWVVLQQ YHUIJHQ Å>@ GDV 9HUQQIWLJH VHW]W GDV 5DWLRQDOH YRUDXV XQG LVW LKP EHUJHRUGQHW (V OHJW IDLUH %HGLQJXQJHQ VR]LDOHU .RRSHUDWLRQ IHVW GLH IU DOOH LQQHUKDOE HLQHU *UXSSH HLQ]HOQ LGHQWLIL]LHUEDUHU3HUVRQHQDN]HSWDEHOVLQGYRQGHQHQMHGHEHUGLH]ZHL PRUDOLVFKHQ 9HUP|JHQ YHUIJW XQG VLH DXVEHQ NDQQ $OOH KDEHQ HLQH 9RUVWHOOXQJGDYRQZDVIUVLHJXWLVWGLHIHVWOHJWZRULQMHZHLOVLKUUDWLR QDOHU 9RUWHLO EHVWHKW XQG MHGHU KDW HLQHQ QRUPDO ZLUNVDPHQ *HUHFKWLJ

_____________  9JO+DEHUPDV ,QGHU)ROJH5DZOV·VWHKW1DJHOV.RQ]HSWLRQYRQ8QSDU WHLOLFKNHLW Ä7KH9LHZIURP1RZKHUH¶ GLHMHGRFKYRQHLQHUPHWDSK\VLVFKHQ5REXVW KHLWJHSUlJWLVWZLHVLHLP)ROJHQGHQQLFKWEHDQVSUXFKWZHUGHQVROOÅ'HQQREMHNWLYH *UQGHUHSUlVHQWLHUHQGHQ:HUWGHU(UHLJQLVVHQ+DQGOXQJHQXQG6DFKYHUKDOWHQDQ LKQHQ VHOEVW ]XNRPPW QLFKW HWZD LKUHQ :HUW IU GLHVH RGHU MHQH 3HUVRQ 'D REMHNWLYH *UQGHLPSHUVRQDOEHVFKULHEHQH(UHLJQLVVHRGHU8PVWlQGHLQHLQHUQLFKWUHODWLYLHU WHQ)RUPDOVDQVLFKZQVFKHQVZHUWKLQVWHOOHQIROJWHEHQGD‰VLHEHLHLQHULPSHUVRQD OHQ $QZHQGXQJ QLFKWV YRQ LKUHP PRWLYDWLRQDOHQ *HKDOW HLQE‰HQ´ 1DJHO   6WDWWGLHVHV6WDQGSXQNWVLPÄ1LUJHQGZR·GHULPSHUVRQDOHQ%HXUWHLOXQJHLQHU6L WXDWLRQVROO9HUQQIWLJNHLWKLHUDXVGHUSULQ]LSLHOOQRUPDWLYYHUID‰WHQ3HUVSHNWLYHGHU ,QWHUVXEMHNWLYLWlW EHWUDFKWHW ZHUGHQ 9JO DXFK 1DJHO  LQVEHV .DS ,; XQG ; VRZLH'DUZDOO LQVEHV.DSVRZLHVHLQH$XVHLQDQGHUVHW]XQJPLW1DJHOV3R VLWLRQLQ.DS XQG+DPSWRQLQVEHVI  5DZOV  (EG



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

NHLWVVLQQ GLH )lKLJNHLW IDLUH %HGLQJXQJHQ GHU .RRSHUDWLRQ ]X DFKWHQ 'DV9HUQQIWLJHVHW]WGDV5DWLRQDOHYRUDXVGHQQRKQHGLH0LWJOLHGHUGHU *UXSSHEHZHJHQGH.RQ]HSWLRQHQGHV*XWHQZlUHQVR]LDOH.RRSHUDWLRQ XQG %HJULIIH YRQ 5HFKW XQG *HUHFKWLJNHLW VLQQORV REZRKO GXUFK HLQH VROFKH.RRSHUDWLRQ:HUWHYHUZLUNOLFKWZHUGHQGLHEHUGDVKLQDXVJHKHQ ZDVGLHHLQ]HOQHQ.RQ]HSWLRQHQGHV*XWHQIUVLFKJHQRPPHQIHVWOHJHQ 'DV9HUQQIWLJHLVWGHP5DWLRQDOHQEHUJHRUGQHWGHQQVHLQH*UXQGVlW]H EHJUHQ]HQXQG]ZDULQHLQHPNDQWLVFKHQ6LQQHDEVROXWGLHOHW]WHQ=LHOH GLH YHUIROJW ZHUGHQ N|QQHQ´ 'LH YRUOLHJHQGH .RQ]HSWLRQ JHKW KLQJH JHQGDYRQDXV XQGGLHVZLUGLP)ROJHQGHQQRFK]XYHUWLHIHQVHLQ GD‰ GHP SULQ]LSLHOO VR]LDOHQ 6SLHO GHV 9HUODQJHQV XQG *HEHQV YRQ *UQGHQ HLQH9HUQQIWLJNHLWHLQJHVFKULHEHQLVWGLHGHP5DWLRQDOHQLQ5DZOV·6LQQH LQVRIHUQYRUJHRUGQHWLVWDOVVHOEVWGLHHLJHQH9RUWHLOVVXFKH QHEHQDQGH UHQ DXFK DOWUXLVWLVFKHQ 3URHLQVWHOOXQJHQ  SUDNWLVFK UHOHYDQW HUVW GRUW ZLUGZRVLHDOV|IIHQWOLFK]XU'LVSRVLWLRQVWHKHQGHU+DQGOXQJVJUXQGDXI WULWW 'DV EHGHXWHW QLFKW GD‰ GLH HLJHQH 9RUWHLOVVXFKH ² XQG HV VFKHLQW DGlTXDWHU]XVHLQKLHUDOOJHPHLQYRQSHUV|QOLFKHQ(LQVWHOOXQJHQ]XVSUH FKHQ ² VLFK HUVW GLHVHU 9HUQQIWLJNHLW YHUGDQNW XQG HV EHGHXWHW DXFK QLFKW GD‰ ZLU ÄLPPHU VFKRQ¶ YHUQQIWLJ VLQG YLHOPHKU LVW GLH JHQHUHOOH 5HFKWIHUWLJXQJVYHUZHLJHUXQJ GXUFKDXV ]XPLQGHVW GHQNP|JOLFK 'RFK HV EHGHXWHWXPJHNHKUWGD‰YRQGHUHLJHQHQ9RUWHLOVVXFKHNHLQDUJXPHQWDWL YHU :HJ ]XU 9HUQQIWLJNHLW IKUW YLHOPHKU VHW]W GLH UDWLRQDOH 'XUFKVHW ]XQJ GHV HLJHQHQ 9RUWHLOV ZHQQ VLH QLFKW DXI EOR‰ SK\VLVFKHU *HZDOW EHUXKHQ VROO  6R]LDOLWlW LP 6LQQH HLQHU $QHUNHQQXQJ YRQ (LQVWHOOXQJHQ XQG 6WDQGSXQNWHQ $QGHUHUDOV P|JOLFKH DOWHUQDWLYH +DQGOXQJVJUQGH YRU DXV ,FK ZHUGH DXI GLHVH ]HQWUDOH 5ROOH GHU 5HFKWIHUWLJXQJVSUD[LV QRFK ]XUFNNRPPHQ $P QlFKVWHQ VWHKHQ GLH VLFK LQ GHQ YHUVFKLHGHQHQ *UQGH (UIRU GHUQLV XQG 6ROOHQ5HODWLRQHQ DUWLNXOLHUHQGHQ )RUPHQ YRQ 5DWLRQDOLWlW

_____________  (EG  YJO DXV .DQWLVFKHU 3HUVSHNWLYH NULWLVFK ]X 5DZOV DXFK +LOO  I   +DEHUPDV   EDXW VHLQH GHP (UJHEQLV QDFK JOHLFKJHULFKWHWH .ULWLN DQ 5DZOVGDUDXIDXIGD‰GLHÅ+DXSWVRUJH´GHVVHQ YRQGHU7KHRULHGHU*HUHFKWLJNHLWZHLWHU HQWZLFNHOWHU 7KHRULHÅGHUJOHLFKHQ)UHLKHLWHLQHVMHGHQHLQVHOEVWEHVWLPPWHVDXWKHQ WLVFKHV/HEHQ]XIKUHQ´JLOWZRKLQJHJHQGHUÅ.DQWLVFKH5HSXEOLNDQLVPXVZLHLFK >VF +DEHUPDV@ LKQ YHUVWHKH´ GDYRQ DXVJHKW GD‰ ÅGHU LP GHPRNUDWLVFKHQ 3UR]H‰ UHFKWOLFK LQVWLWXWLRQDOLVLHUWH |IIHQWOLFKH *HEUDXFK GHU 9HUQXQIW GHU 6FKOVVHO IU GLH *HZlKUOHLVWXQJ JOHLFKHU )UHLKHLWHQ´ LVW HEG   0RUDOHSLVWHPRORJLVFK SULPlU LVW GHPQDFK QLFKW GDV 6XEMHNW DOV VROFKHV VRQGHUQ GDV 6XEMHNW DOV HLQHV XQWHU DQGHUHQ 6XEMHNWHQ Å:HLO 3HUVRQHQ DOOHLQ DXI GHP :HJH GHU 9HUJHVHOOVFKDIWXQJ LQGLYLGXLHUW ZHUGHQ LVW GLH )UHLKHLW HLQHV ,QGLYLGXXPV PLW GHU DOOHU DQGHUHQ QLFKW QXU QHJDWLY EHUJHJHQVHLWLJH%HJUHQ]XQJHQYHUNQSIW5LFKWLJH$EJUHQ]XQJHQVLQGYLHOPHKUGDV (UJHEQLVHLQHUJHPHLQVDPDXVJHEWHQ6HOEVWJHVHW]JHEXQJ´ (EG 

†3UDNWLVFKH5DWLRQDOLWlWXQG9HUQQIWLJNHLW 



XQG 9HUQQIWLJNHLW ]ZHLIHOORV GHU +DEHUPDV·VFKHQ 'LIIHUHQ]LHUXQJ ]ZL VFKHQ HLQHU ÅNRJQLWLYLQVWUXPHQWHOOH>Q@ 5DWLRQDOLWlW´ XQG HLQHU ÅNRPPX QLNDWLYH>Q@5DWLRQDOLWlW´GLH+DEHUPDVIROJHQGHUPD‰HQHUOlXWHUW(UVWHUH Å>«@ IKUW GLH .RQQRWDWLRQHQ HUIROJUHLFKHU 6HOEVWEHKDXSWXQJ PLW VLFK ZHOFKHGXUFKLQIRUPLHUWH9HUIJXQJEHUXQGLQWHOOLJHQWH$QSDVVXQJDQ %HGLQJXQJHQHLQHUNRQWLQJHQWHQ8PZHOWHUP|JOLFKWZLUG´/HW]WHUHÅ>«@ IKUW .RQQRWDWLRQHQ PLW VLFK GLH OHW]WOLFK ]XUFNJHKHQ DXI GLH ]HQWUDOH (UIDKUXQJ GHU ]ZDQJORV HLQLJHQGHQ NRQVHQVVWLIWHQGHQ .UDIW DUJXPHQWD WLYHU5HGHLQGHUYHUVFKLHGHQH7HLOQHKPHULKUH]XQlFKVWQXUVXEMHNWLYHQ $XIIDVVXQJHQ EHUZLQGHQ XQG VLFK GDQN GHU *HPHLQVDPNHLW YHUQQIWLJ PRWLYLHUWHU hEHU]HXJXQJHQ JOHLFK]HLWLJ GHU (LQKHLW GHU REMHNWLYHQ :HOW XQG GHU ,QWHUVXEMHNWLYLWlW LKUHV /HEHQV]XVDPPHQKDQJV YHUJHZLVVHUQ´ ,QVEHVRQGHUH GLH 2ULHQWLHUXQJ NRPPXQLNDWLYHU 5DWLRQDOLWlW DQ GHU DUJX PHQWDWLYHQ5HGHGHP)RUGHUQXQG/LHIHUQYRQ*UQGHQVFKHLQWPLUEH ]JOLFKGHU6ROOHQ5HODWLRQXQGGHUVLFKLQLKUDUWLNXOLHUHQGHQ9HUQQIWLJ NHLW ]LHOIKUHQG ]X VHLQ +DEHUPDV· %HJULII GHU NRJQLWLYLQVWUXPHQWHOOHQ 5DWLRQDOLWlWKLQJHJHQXPID‰W*UQGH5HODWLRQHQHEHQVRZLH(UIRUGHUQLV 5HODWLRQHQ GHUHQ 'LIIHUHQ] PDQ DP OHLFKWHVWHQ HUNHQQW ZHQQ PDQ GDV P|JOLFKH'HIL]LWDQNRJQLWLYLQVWUXPHQWHOOHU5DWLRQDOLWlWEHWUDFKWHW 0LW %OLFN DXI GLH LP 9RUVWHKHQGHQ GXUFKJHIKUWH GHRQWLVFKH (QW VFKOVVHOXQJ SUDNWLVFKHU .RQGLWLRQDOH YHUKlOW VLFK5DWLRQDOLWlW E]Z 9HU QQIWLJNHLWGHUKDQGHOQGHQ3HUVRQ$EHLGHQGUHLQRUPDWLYHQ5HODWLRQHQ ]ZLVFKHQ +DQGOXQJVJUQGHQ XQG +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ IROJHQGHUPD‰HQ ]X $·V IHKOHQGHU $QHUNHQQXQJ GHU )HVWOHJXQJ E]Z GHU %HUHFKWLJXQJ]XU)HVWOHJXQJDXIT (UVWHQV LP )DOO GHU (UIRUGHUQLV5HODWLRQ JLOW $·V IHKOHQGH $QHUNHQ QXQJHLQHU)HVWOHJXQJDXITDOV,UUDWLRQDOLWlWLP6LQQHPDQJHOQGHUHSLVWHPL VFKHUXQGRGHUNRQDWLYHU.RQVHTXHQ] =ZHLWHQVLP)DOOGHU*UQGH5HODWLRQJLOW$·VIHKOHQGH$QHUNHQQXQJ HLQHU)HVWOHJXQJDXITQLFKWDOV,UUDWLRQDOLWlWZHOFKHU)RUPDXFKLPPHU'LH IHKOHQGH $QHUNHQQXQJ HLQHU )HVWOHJXQJ ]X GHU PDQ OHGLJOLFK EHUHFKWLJW LVW KDW QLFKWV 'HIL]LWlUHV DQ VLFK VRQGHUQ NDQQ LKUHUVHLWV JXW EHJUQGHW VHLQ PDQPDJ]ZDUEHUHFKWLJWVHLQ]XGHP:XQVFKWURFNHQ]XEOHLEHQ XQG GHU hEHU]HXJXQJ GD‰ QXU GDV 6FKLUPDXIVSDQQHQ HLQHQ YRU 1lVVH VFKW]WGRFKNDQQPDQVLFKVWDWWDXIGLHVHQ:XQVFKHEHQDXFKDXIHLQH DQGHUH NRQNXUULHUHQGH 3URHLQVWHOOXQJ IHVWOHJHQ ] % GDUDXI GHQ 6FKLUP HLQHU DQGHUHQ 3HUVRQ OHLKHQ ]X ZROOHQ  $OV LUUDWLRQDO N|QQWH PDQ KLHU

_____________  +DEHUPDV  ,  )ULHGPDQ   PDFKW XQWHU 5HNXUV DXI 5DZOV XQG +DEHUPDV GLH YRUVWHKHQGH 'LIIHUHQ]LHUXQJ +DEHUPDV· IUXFKWEDU IU HLQH (UNOlUXQJ GHUMHZHLOLJHQ5DWLRQDOLWlWXQWHUVFKLHGOLFKHU6WDQGDUGVGHU*HOWXQJZLVVHQVFKDIWOLFKHU $XVVDJHQXQG7KHRULHQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

DOOHQIDOOV $·V IHKOHQGH $QHUNHQQXQJ HLQHU %HUHFKWLJXQJ ]XU )HVWOHJXQJ DXITDQVHKHQGRFKGDHLQHEOR‰H%HUHFKWLJXQJ]XU)HVWOHJXQJDXITDOV HLQ(UEHGHU%HUHFKWLJXQJ]XU)HVWOHJXQJDXISPLW%OLFNDXIHLQH+DQG OXQJVHIIHNWLYLWlWVRODQJHWUlJHLVWDOVQRFKNHLQHHQWVSUHFKHQGH)HVWOHJXQJ DXI S YRUOLHJW LVW GLHVH IHKOHQGH $QHUNHQQXQJ HLQHU %HUHFKWLJXQJ ]XU )HVWOHJXQJ DXI T SUDNWLVFK LUUHOHYDQW XQG VROOWH GDKHU QLFKW PLW )RUPHQ YRQ ,UUDWLRQDOLWlW YHUZHFKVHOW ZHUGHQ ZLH VLH LP =XVDPPHQKDQJ PLW (UIRUGHUQLV5HODWLRQHQDXIWUHWHQN|QQHQ 'ULWWHQV LP )DOO GHU 6ROOHQ5HODWLRQ JLOW $·V IHKOHQGH $QHUNHQQXQJ HLQHU )HVWOHJXQJ DXIT QXQHLQHUVHLWV QLFKW DOV ,UUDWLRQDOLWlW LP 6LQQH PDQ JHOQGHUHSLVWHPLVFKHUXQGRGHUNRQDWLYHU.RQVHTXHQ]XQG]ZDUGHVKDOE QLFKW ZHLO KLHU GLH =XZHLVXQJ GHU )HVWOHJXQJ DXI S DQ $ LP *HJHQVDW] ]XP)DOOGHU(UIRUGHUQLV5HODWLRQXQDEKlQJLJYRQ$·V$QHUNHQQXQJGLHVHU )HVWOHJXQJ DXI S LVW $QGHUHUVHLWV EHVDJW GLH )HVWOHJXQJ DXI T QDWUOLFK GD‰ JHPHVVHQ DQ GLHVHU =XZHLVXQJ LKUH IHKOHQGH $QHUNHQQXQJ GXUFK $ GHIL]LWlUHUVFKHLQW)UGLHVHV'HIL]LWVROOVWDWWGHV$XVGUXFNVGHU,UUDWLR QDOLWlW GHU $XVGUXFN GHU 8QYHUQQIWLJNHLW UHVHUYLHUW ZHUGHQ ZREHL VLFK QDWUOLFKGLH)UDJHVWHOOWLQZHOFKHP6LQQHKLHULQKDOWOLFKYRQ9HUQQIWLJ NHLWE]Z8QYHUQQIWLJNHLWGLH5HGHVHLQVROO 'LHLQSUDNWLVFKHQ.RQWH[WHQZRKOSURPLQHQWHVWH)RUPYRQÄPDWHULD OHU·5DWLRQDOLWlWE]Z,UUDWLRQDOLWlWDOVRHLQHUVROFKHQGLHEHUGLH.ULWH ULHQUHLQIRUPDOHU.RQVLVWHQ]XQG.RKlUHQ]ZLHVLHDOV5DWLRQDOLWlWVPD‰ VWDE GHU (UIRUGHUQLV5HODWLRQ DXVJHPDFKW ZXUGHQ LVW GLHMHQLJH GLH GDV (LJHQLQWHUHVVH DOV 0D‰VWDE EHVLW]W 'LHVH )RUP YRQ 5DWLRQDOLWlW KDW MH GRFK NHLQH K|KHUH 'LJQLWlW DOV P|JOLFKH DQGHUH LQVRIHUQ (LJHQLQWHUHVVH DOVPDWHULDOHU0D‰VWDEGHU$N]HSWDQ]YRQ+DQGOXQJVJUQGHQQXUZHQLJH +DQGOXQJHQDOVUDWLRQDOHUNOlUHQNDQQXQG ]X YLHOH+DQGOXQJHQGLHLQ GHQ $XJHQ HLQHV =XZHLVHUV YRQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ JXW EHJUQGHW HUVFKHLQHQ DOV LUUDWLRQDO NHQQ]HLFKQHQ PX‰ +DQGOXQJHQ EHL VSLHOVZHLVH GLH (OWHUQ EHL GHU (U]LHKXQJ LKUHU .LQGHU DXI VLFK QHKPHQ REZRKO VLH LKQHQ JUR‰H 2SIHU DEYHUODQJHQ XQG (OWHUQ GLHV DXFK VR VH KHQ  ZHLO VLH LQ JXWHU .LQGHUHU]LHKXQJ HLQLJH LKUHU 3IOLFKWHQ VHKHQ DOV LUUDWLRQDO]XNHQQ]HLFKQHQZLUNWDXIV*DQ]HJHVHKHQZHQLJEHU]HXJHQG :LUDN]HSWLHUHQLQGHU3UD[LVYLHOH+DQGOXQJVJUQGHDOVJXWH+DQGOXQJV JUQGHGLHGHP(LJHQLQWHUHVVH]XZLGHUODXIHQ$OOJHPHLQHUIRUPXOLHUWRE HJRLVWLVFKHRGHUDOWUXLVWLVFKH+DQGOXQJHQUDWLRQDOVLQGNDQQQLFKWDSULRUL EHVWLPPW ZHUGHQ VRQGHUQ EHPL‰W VLFK DQ GHU MHZHLOLJHQ .RKlUHQ] PLW DQGHUHQ(LQVWHOOXQJHQGLHVHV,QGLYLGXXPV 2EGLHIHKOHQGH$QHUNHQQXQJ$·VLQEH]XJDXIGLH6ROOHQ5HODWLRQLQ HLQHP DQGHUHQ 6LQQH DOV GHP HLJHQLQWHUHVVLHUWHQ GHIL]LWlU LVW KlQJW DOVR

_____________  9JO]XUHQWVSUHFKHQGHQ%HVWLPPXQJEHUHFKWLJXQJVHUKDOWHQGHU,QIHUHQ]HQREHQ†

†3IOLFKWXQG(UODXEQLVLP.RQWH[W 



DOOJHPHLQGDYRQDEREGLH)HVWOHJXQJDXIGLH+DQGOXQJVJUQGHSGXUFK% LKUHUVHLWVEHUHFKWLJWLVW(VZLUG)lOOHJHEHQLQGHQHQHLQH:HLJHUXQJ$·V GLH)HVWOHJXQJDXITDQ]XHUNHQQHQEHUHFKWLJWLVWXQG)lOOHLQGHQHQHLQH VROFKH:HLJHUXQJ$·VXQEHUHFKWLJWLVW $OOJHPHLQOl‰WVLFKLQGHPELVKLHUKHUQRPLQHOOHLQJHIKUWHQ9RNDEX ODUVDJHQGD‰GLH:HLJHUXQJ$·VGLH)HVWOHJXQJDXITDQ]XHUNHQQHQGDQQ EHUHFKWLJWLVWZHQQGLH)HVWOHJXQJ$·VGXUFK%DXIGLH+DQGOXQJVJUQGH SVROFKH+DQGOXQJVJUQGHXPID‰WGLH$YHUQQIWLJHUZHLVH]XUFNZHLVHQ NDQQZRPLWVHOEVWYHUVWlQGOLFKQRFKQLFKWVEHUGLHLQKDOWOLFKH4XDOLIL]LH UXQJGHU+DQGOXQJVJUQGHSJHVDJWLVW 8QG PLW %OLFN DXI GLH $EWUHQQXQJVUHJHO Ol‰W VLFK VDJHQ 2 S Ⱥ T  Ol‰WVLFKJHQDXGDQQLQSȺ2TEHUIKUHQZHQQSLQ+DQGOXQJVJUQGHQ EHVWHKW GLH YHUQQIWLJHUZHLVH QLFKW ]XUFNZHLVEDU VLQG XQG GDPLW GLH IHKOHQGH$QHUNHQQXQJGHU.RQNOXVLRQTGXUFK$DOVGHIL]LWlUHUVFKHLQHQ ODVVHQ :RULQ EHVWHKHQ QXQ +DQGOXQJVJUQGH GLH QLFKW YHUQQIWLJHUZHLVH ]XUFNZHLVEDU VLQG" 2GHU ZHOFKH )RUP PVVHQ 3UlPLVVHQ EHVLW]HQ XP IHVWOHJXQJVHUKDOWHQGH,QIHUHQ]HQVWW]HQ]XN|QQHQEHLGHQHQLP*HJHQ VDW]]XU(UIRUGHUQLV5HODWLRQGLH.RQNOXVLRQDEWUHQQEDULVW"  

†3IOLFKWXQG(UODXEQLVLP.RQWH[W

 0LWGLHVHU5HIRUPXOLHUXQJPRUDOLVFKHU$QVSUFKHLQ7HUPLQLGHRQWLVFKHU .RQWRIKUXQJ LVW HLQ NULWLVFKHU 3XQNW LQQHUKDOE GHU %HDQWZRUWXQJ GHU )UDJHHUUHLFKWREXQGZHQQMDDXIZHOFKH:HLVHHLQSUDNWLVFKHU.RKl UHQWLVPXVGHV3URGX]LHUHQV XQG .RQVXPLHUHQV YRQ *UQGHQ GDV (UNOl UXQJVEHGUIQLVKLQVLFKWOLFKGHU$GlTXDWKHLWYRQ.ULWHULHQVROFKHU*UQGH HUIOOHQNDQQ *HQHUHOO JLOW GD‰ *UQGH NRQWH[WVHQVLEHO VLQG 'LH $QJHPHVVHQKHLW HLQHU$QWZRUWDXIGLH)UDJHQDFKHLQHP*UXQGKlQJWDEYRQNROODWHUDOHQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ ]X )HVWOHJXQJHQ 'LHV JLOW QDWUOLFK QLFKWQXUDEHUHEHQDXFKIU+DQGOXQJVJUQGH6RKlQJWGLH$QJHPHV VHQKHLW GHU %HDQWZRUWXQJ GHU )UDJH Å:DUXP KDVW 'X GLHVHV 7LHU JHW| WHW"´ZHVHQWOLFKGDYRQDEREVLHXQWHU-lJHUNROOHJHQRGHUXQWHU.ROOHJHQ LQHLQHPELRORJLVFKHQ/DERUJHVWHOOWZLUGREVLHYRQHLQHP0HW]JHUPHLV WHUDQHLQHQ$XV]XELOGHQGHQRGHUREVLHYRQHLQHP1DWXUVFKW]HUDQGHQ $QJHVWHOOWHQ HLQHU 1DWLRQDOSDUNDXIVLFKW JHULFKWHW ZLUG (LQH GHUDUWLJH .RQWH[WVHQVLELOLWlWWHLOHQDOOH*UQGH 'RFK PLW GHU 7HUPLQRORJLH LQIHUHQWLHOOHU )HVWOHJXQJHQ XQG HQWVSUH FKHQGHU %HUHFKWLJXQJHQ ODVVHQ VLFK YRQ GLHVHU HPSLULVFKHQ (EHQH DEV



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

WUDKLHUW]ZHLP|JOLFKH.ULWHULHQVROFKHU*UQGHIRUPXOLHUHQYRQGHQHQ ZLHGHUXPHLQHV]ZHLP|JOLFKHXQWHUVFKLHGOLFKH,QGL]HVEHVLW]W =XPHLQHQNDQQGLHEHIUDJWH3HUVRQDXI)HVWOHJXQJHQUHNXUULHUHQGLH VLHH[SOL]LWRGHULPSOL]LWDQHUNDQQWKDW'HU-lJHUDQWZRUWHWGD‰HUGDYRQ DXVJHJDQJHQVHLGD‰DOOHHLQMlKULJHQ7LHUHGLHVHU$UWJHVFKRVVHQZHUGHQ VROOWHQGHU%LRORJHGD‰GLHVHV([HPSODUVHLQHQ9HUVXFKVEHGLQJXQJHQDP EHVWHQHQWVSURFKHQKDWGHU$XV]XELOGHQGHGD‰HUJHOHUQWKlWWHDOOHPRQ WDJVJHOLHIHUWHQ7LHUHP‰WHQDXFKDP0RQWDJJHVFKODFKWHWZHUGHQXQG GHU3DUNDXIVHKHUGD‰GLHVHV7LHUEHUHLWV]ZHLPDOVHLQHQ+XQGDQJHJULIIHQ KlWWH 'DPLW LVW JHPl‰ GHP ZRUDXI VLFK GLH 3HUVRQ IHVWJHOHJW KDW GLH )UDJHEHDQWZRUWHWXQGGDV*HVSUlFKEHHQGHW'LH3HUVRQKDWY|OOLJUDWLR QDOJHKDQGHOWLQVRIHUQLKUHHLJHQHQ(LQVWHOOXQJHQ hEHU]HXJXQJHQVRZLH UHOHYDQWH 3URHLQVWHOOXQJHQ  LKU GLHVH +DQGOXQJ JHERWHQ KDEHQ 'LH 3HU VRQ KDW JHPl‰ GHU (UIRUGHUQLV5HODWLRQ 2 S Ⱥ T  JHKDQGHOW HLQHU +DQG OXQJVSIOLFKWGLHDXVLKUHQHLJHQHQ(LQVWHOOXQJHQDOOHLQDEOHLWEDUZDU 'LH3HUVRQNDQQMHGRFKDXFKGDQDFKEHIUDJWZHUGHQREVLH]XGLHVHU +DQGOXQJEHUHFKWLJWZDU0LWGLHVHU)UDJHHUODQJWGDV*HVSUlFKHLQHQHXH 'LPHQVLRQ LQVRIHUQ QXQ QLFKW PHKU DXVVFKODJJHEHQG VHLQ VROO RE GLH 3HUVRQ VHOEVW LKUH +DQGOXQJ DOV EHJUQGHW DQVLHKW VRQGHUQ RE LKU GLHVH %HUHFKWLJXQJDXFKYRQHLQHUDQGHUHQ3HUVRQRGHUDQGHUHQ3HUVRQHQ]X JHZLHVHQ ZHUGHQ NDQQ ,VW /HW]WHUHV GHU )DOO XQG GLH 3HUVRQ LVW LQ GHQ $XJHQGHUEHXUWHLOHQGHQGKQRUPDWLYH6WDWXV]XZHLVHQGHQ3HUVRQRGHU 3HUVRQHQ EHUHFKWLJW VR LVWGLH +DQGOXQJ HUODXEW 'LHVH (UZHLWHUXQJ GHU 3HUVSHNWLYH UHVXOWLHUW GDULQ GD‰ GLH +DQGOXQJVJUQGH XQDEKlQJLJ YRQ HLQHUVSH]LILVFKHQ)HVWOHJXQJGHUKDQGHOQGHQ3HUVRQDXIVLHDOV5HFKWIHU WLJXQJGHUIUDJOLFKHQ+DQGOXQJJHOWHQ'LH3HUVRQKDWJHPl‰GHU*UQGH 5HODWLRQ S Ⱥ5T JHKDQGHOW HLQHU (UODXEQLV GLH XQDEKlQJLJ YRQ GHQ WDW VlFKOLFKHQ(LQVWHOOXQJHQGHUKDQGHOQGHQ3HUVRQJDOW'LH$N]HSWDQ]GHU *UQGHLQGHQ$XJHQGHUGHRQWLVFKHQ.RQWRIKUHUEHVDJWGD‰GDV.RQ GLWLRQDO DOV VROFKHV LQ 2UGQXQJ LVW ZlKUHQG JHPl‰ GHU (UIRUGHUQLV 5HODWLRQ GLH *OWLJNHLW GHV .RQGLWLRQDOV DEKlQJLJ LVW YRQ GHU $QHUNHQ QXQJGHV$QWH]HQGHQVGXUFKGLHKDQGHOQGH3HUVRQXQGXQDEKlQJLJYRQ GHU HQWVSUHFKHQGHQ %HUHFKWLJXQJ LQ GHQ $XJHQ GHU EHXUWHLOHQGHQ 3HU VRQ 'DPLWLVWVHOEVWYHUVWlQGOLFKQLFKWJHVDJWGD‰DOWHUQDWLYH+DQGOXQJHQ QLFKWHEHQVRHUODXEWZlUHQ'D‰SHLQJXWHU+DQGOXQJVJUXQGGKLQGHQ $XJHQGHUEHXUWHLOHQGHQ3HUVRQHLQH%HUHFKWLJXQJ]XTLVWVFKOLH‰WZHGHU DXVGD‰RQRGHUPQLFKWJOHLFKIDOOVJXWH+DQGOXQJVJUQGHIUTJHZHVHQ ZlUHQQRFKGD‰UVRGHUWQLFKWGXUFKSHEHQIDOOVJXWEHJUQGHWH+DQG OXQJHQJHZHVHQZlUHQ 9HUZHLJHUW GLH EHXUWHLOHQGH 3HUVRQ MHGRFK LKUH =XVWLPPXQJ ]XU LQ )UDJH VWHKHQGHQ +DQGOXQJ ZHLVW VLH DOVR GHU KDQGHOQGHQ 3HUVRQ NHLQH %HUHFKWLJXQJ]XGHUHQWVSUHFKHQGHQ)HVWOHJXQJ]XVREHGHXWHWGLHVGD‰

†3IOLFKWXQG(UODXEQLVLP.RQWH[W 



GLH *UQGH5HODWLRQ EHLVSLHOVZHLVH S Ⱥ 5T  QLFKW LQ 2UGQXQJ LVW 'LH 3HUVRQ PDJ ]ZDU JHPl‰ LKUHQ HLJHQHQ (LQVWHOOXQJHQ Y|OOLJ UDWLRQDO JH KDQGHOWKDEHQQXULVWPLWGHU$N]HSWDQ]YHUZHLJHUXQJGXUFKGLHEHXUWHL OHQGH 3HUVRQ HEHQ NHLQH (UZHLWHUXQJ GHU *OWLJNHLWVSHUVSHNWLYH GHV .RQGLWLRQDOV P|JOLFK *LEW GLH EHXUWHLOHQGH 3HUVRQ QXQ LKUHUVHLWV HLQHQ DOWHUQDWLYHQ+DQGOXQJVJUXQGQDQDXIGHQGLHKDQGHOQGH3HUVRQIHVWJHOHJW VHL VR NDQQ GLHV EHGHXWHQ GD‰ GLH KDQGHOQGH 3HUVRQ LQ GHQ $XJHQ GHU EHXUWHLOHQGHQ 3HUVRQ KlWWH DQGHUV KDQGHOQ VROOHQ DOVR HLQHU )HVWOHJXQJ XQWHUOLHJW GLH ZLHGHUXP XQDEKlQJLJ YRQ GHU $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQ JLOW =XGLHVHU DOWHUQDWLYHQ+DQGOXQJ EHVWHKW GDPLW LQ GHQ$XJHQGHUEHXUWHLOHQGHQ3HUVRQHLQH3IOLFKWHVJLOWIUVLHGLH6ROOHQ 5HODWLRQQȺ2V 0|JOLFKHGHRQWLVFKH%HVWLPPXQJHQYRQ+DQGOXQJVJUQGHQVLQGGD PLW (UODXEQLV XQG 3IOLFKW HWZDV ]X WXQ RGHU ]X XQWHUODVVHQ ,FK ZHUGH MHGRFKLP)ROJHQGHQVWDWWGLHVHUEHLGHQ%HJULIIHEHLP%HJULIIGHV+DQG OXQJVJUXQGVEOHLEHQXQGGLHVHQJHPl‰GHULP9RUVWHKHQGHQHLQJHIKUWHQ GHRQWLVFKHQ3HUVSHNWLYHQGLIIHUHQ]LHUXQJZHLWHUTXDOLIL]LHUHQ,QVEHVRQGH UHGHU3IOLFKWEHJULIILVWZHQLJHUJXW]XHLQHU%HVFKUHLEXQJYRQ9HUELQG OLFKNHLWHQ JHHLJQHW DOV GHU %HJULII GHV +DQGOXQJVJUXQGV ZHQQ OHW]WHUHU KLQVLFKWOLFKVHLQHU5HODWLRQ]XGHRQWLVFKHQ6WDWXVHLQHU3HUVRQEHWUDFKWHW ZLUGLQVRIHUQGHU%HJULIIGHU3IOLFKWDOVVROFKHUHLQHGHUDUWXPIDQJUHLFKH Ä1DFKEDUVFKDIW¶EHVLW]WGD‰VHLQ(UNOlUXQJVZHUWRKQHZHLWHUH(UOlXWHUXQJ ]LHPOLFK JHULQJ DXVIlOOW 'DQHEHQ GUFNW ZHGHU GHU 3IOLFKW QRFK GHU

_____________  .RUVJDDUGQHQQWQXUHLQLJHÄ3IOLFKWHQ¶GLHGLHVYHUGHXWOLFKHQN|QQHQÅ,QSKLORVRSK\ ZHUDLVHTXHVWLRQVDERXWWKHQRUPDWLYLW\RIKLJKEURZODZVOLNHWKRVHRIPRUDOREOLJD WLRQRUWKHRUHWLFDODQGSUDFWLFDOUHDVRQ%XWLWLVZRUWKUHPHPEHULQJWKDWLQHYHU\GD\ OLIH WKH VDPH VRUW RI TXHVWLRQV FDQ EH UDLVHG DERXW WKH QRUPDWLYLW\ RI WKH ODZV DQG GHPDQGV RI SURIHVVLRQDO REOLJDWLRQ ILOLDO REHGLHQFH VH[XDO ILGHOLW\ SHUVRQDO OR\DOW\ DQGHYHU\GD\HWLTXHWWHµ .RUVJDDUG 'HU%HJULIIGHU3IOLFKWEHVLW]WGHPQDFK HLQHJHZLVVH$PELJXLWlW0DQNDQQLKQHLQHUVHLWVRKQHZHLWHUH4XDOLIL]LHUXQJDXIGHU VHOEHQ6WXIHGHU$EVWUDNWLRQVHKHQZLHEHLVSLHOVZHLVHGLH%HJULIIHGHU/R\DOLWlWRGHU GHU(WLNHWWH0DQNDQQLKQDEHUDXFKDXIHLQHUK|KHUHQ6WXIHDQVLHGHOQYRQGHUDXV HLQH 6SH]LIL]LHUXQJ GLHVHV %HJULIIV ]XGHQHQ GHU (WLNHWWH HWF IKUW 'HUDUWLJH 'LIIH UHQ]LHUXQJHQVLQGIUPHLQ$QOLHJHQMHGRFKEHUIOVVLJZHLOVLHGHU6DFKHQDFKGXUFK HLQH 3HUVSHNWLYHQGLIIHUHQ]LHUXQJ KLQVLFKWOLFK GHV =XZHLVHQV XQG $QHUNHQQHQV YRQ )HVWOHJXQJHQVRZLH%HUHFKWLJXQJHQ]X)HVWOHJXQJHQJHQDXHUHUID‰WZHUGHQN|QQHQ :DVLQGHQ$XJHQGHUHLQHQ3HUVRQÄEOR‰H(WLNHWWH¶LVWXQGDOV(LQVWHOOXQJEHKDQGHOW ZLUGGLHOHGLJOLFKEHUHFKWLJXQJVHUKDOWHQGH,QIHUHQ]HQVWW]WNDQQLQGHQ$XJHQHLQHU DQGHUHQ 3HUVRQ DOV ÄVWUHQJH 3IOLFKW¶ XQG GDPLW DOV (LQVWHOOXQJ HUVFKHLQHQ GLH IHVWOH JXQJVHUKDOWHQGH ,QIHUHQ]HQ VWW]W 'DV LP )ROJHQGHQ WKHPDWLVLHUWH 5HFKWIHUWLJHQ YRQ =XZHLVXQJHQ EHVWLPPWHU )HVWOHJXQJHQ HUP|JOLFKW JHJHQEHU HLQHU VWDUUHQ TXDVL GHILQLWRULVFKHQ %HKDQGOXQJ GHU %HJULIIH /R\DOLWlW (WLNHWWH RGHU 3IOLFKW GHUHQ NRQ WH[WVHQVLEOH%HVWLPPXQJ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

(UODXEQLVEHJULIIGDVDXVZDVGXUFKGLH(UIRUGHUQLV5HODWLRQEHVFKULHEHQ ZLUG (VHUVFKHLQWGDKHUJHPl‰GHUJHQDQQWHQ3HUVSHNWLYHQGLIIHUHQ]LHUXQJ VLQQYROO L  YRQ SULPD IDFLH *UQGHQ ]X VSUHFKHQ ZHQQ HV XP *UQGH JHKW GLH HLQH 3HUVRQ LQ GHQ $XJHQ HLQHU EHXUWHLOHQGHQ 3HUVRQ ]X HLQHU +DQGOXQJEHUHFKWLJHQ LL YRQSUlYDOHQWHQ*UQGHQZHQQHVXP*UQGH JHKW GLH HLQH 3HUVRQ LQ GHQ $XJHQ HLQHU EHXUWHLOHQGHQ 3HUVRQ DXI HLQH +DQGOXQJIHVWOHJHQXQG LLL YRQUDWLRQDOHQ(UIRUGHUQLVVHQRGHUVWUXNWX UHOOHQ*UQGHQZHQQHVXP*UQGHJHKWGLHHLQH3HUVRQLQGHQ$XJHQ GHU EHXUWHLOHQGHQ 3HUVRQ DXI HLQH EHVWLPPWH +DQGOXQJ QXU GDQQ IHVWOH JHQZHQQGLHKDQGHOQGH3HUVRQGLHVH*UQGHDQHUNDQQWKDW L NRUUHOLHUW GHU *UQGH5HODWLRQ LL  GHU 6ROOHQ5HODWLRQ LLL  GHU (UIRUGHUQLV 5HODWLRQ :DVVLQGQXQDEHUGLH.ULWHULHQSUDNWLVFKHQhEHUOHJHQVEHLPMHZHLOL JHQhEHUJDQJYRQS]XT" ,P)DOOYRQSULPDIDFLH+DQGOXQJVJUQGHQJLEWHVEHUGLHEOR‰H.RPSDWL ELOLWlWGHU]XJHZLHVHQHQ%HUHFKWLJXQJHQ]XHQWVSUHFKHQGHQ)HVWOHJXQJHQ PLW DQGHUHQ H[SOL]LW RGHU LPSOL]LW ]XJHZLHVHQHQ GHRQWLVFKHQ 6WDWXV GHU KDQGHOQGHQ 3HUVRQ KLQDXV NHLQ .ULWHULXP GHU NRUUHNWHQ +DQGOXQJ E]Z +DQGOXQJVDEVLFKW-HPDQGGHUHLQHQSULPDIDFLH*UXQGKDWHLQH+DQGOXQJ ]XYROO]LHKHQNDQQVLFKY|OOLJNRUUHNWYHUKDOWHQLQGHPHUGLHVH+DQGOXQJ QLFKWYROO]LHKW $QGHUV OLHJHQ MHGRFK GLH )lOOH GHU VWUXNWXUHOOHQ XQG GHU SUlYDOHQWHQ +DQGOXQJVJUQGHLQVRIHUQGLHKDQGHOQGH3HUVRQKLHUDOVDXIGLHHQWVSUH FKHQGH +DQGOXQJ IHVWJHOHJW EHWUDFKWHW ZLUG 'LH +DQGOXQJ NDQQ KLHU VR]XVDJHQ DXV GHP +DQGOXQJVJUXQG DEJHOHLWHW ZHUGHQ ZHQQJOHLFK LP )DOO GHU QRUPDWLYHQ (UIRUGHUQLVVH E]Z VWUXNWXUHOOHQ *UQGH QXU HLQJH VFKUlQNW G K QXU XQWHU $QHUNHQQXQJ GHU +DQGOXQJVJUQGH GXUFK GLH KDQGHOQGH 3HUVRQ XQG RKQH %HUFNVLFKWLJXQJ GHU 4XDOLWlW GHU +DQG OXQJVJUQGHGXUFKGLHEHXUWHLOHQGH3HUVRQ  ,P )DOO GHU UDWLRQDOHQ (UIRUGHUQLVVH RGHU VWUXNWXUHOOHQ +DQGOXQJVJUQGH UH VXOWLHUW GLH )HVWOHJXQJ DXI GLH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW DXV GHU $QHUNHQQXQJ GHU )HVWOHJXQJ DXI EHVWLPPWH +DQGOXQJVJUQGH GXUFK GLH KDQGHOQGH3HUVRQ6LHKDQGHOWLUUDWLRQDOZHQQVLHGLHUHVXOWLHUHQGH)HVWOH

_____________ 0LWGHUWHUPLQRORJLVFKHQ8PJHKXQJGHV%HJULIIVGHU3IOLFKWZLUGDXFKHLQH]HQWUDOH WKHRUHWLVFKH5ROOHGHU%HJULIIHGHU(UODXEQLVXQGGHV9HUERWVDEJHOHKQWGLHIROJHQ GHUPD‰HQLQ2SSRVLWLRQ]XP3IOLFKWEHJULIIJHVHW]WZHUGHQN|QQHQ(VLVWJHERWHQS ]XWXQXQGHVLVWJHERWHQSQLFKW]XWXQ 3IOLFKW9HUERW HVLVWJHERWHQS]XWXQ XQGHVLVWQLFKWJHERWHQS]XWXQ 3IOLFKW(UODXEQLV $XFKEH]JOLFKGHU$UWLNXODWL RQ YRQ (UODXEQLVVHQ XQG 9HUERWHQ VROOWH GHRQWLVFK ]ZLVFKHQ 3HUVSHNWLYHQ XQWHU VFKLHGHQZHUGHQDXVZHOFKHQHLQH)HVWOHJXQJRGHUHLQH%HUHFKWLJXQJ]XHLQHU)HVWOH JXQJ]XJHZLHVHQZLUG

†3IOLFKWXQG(UODXEQLVLP.RQWH[W 



JXQJDXIGLH+DQGOXQJE]Z+DQGOXQJVDEVLFKWQLFKWHEHQIDOOVDQHUNHQQW .ULWHULXPSUDNWLVFKHQhEHUOHJHQVLQGHQ$XJHQGHUEHXUWHLOHQGHQ3HUVRQ LVWKLHUGHPQDFK5DWLRQDOLWlWLP6LQQHHLQHU.RQVLVWHQ]XQG.RKlUHQ]LQQHU KDOEGHU(LQVWHOOXQJHQGHUKDQGHOQGHQ3HUVRQ ,P)DOOGHUSUlYDOHQWHQ+DQGOXQJVJUQGHKDQGHOWGLH3HUVRQEHL0L‰DFK WXQJGHV.RQGLWLRQDOVQLFKWLUUDWLRQDOGHQQVLHPX‰GLH+DQGOXQJVJUQGH VHOEVW QLFKW DQHUNDQQW KDEHQ 9LHOPHKU EHVWHKW GHU $QVSUXFK GLHVHU *UQGH XQDEKlQJLJ YRQ GHU $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQ ZREHL GLHVH )RUPXOLHUXQJ QLFKW EHVDJW GD‰ SUlYDOHQWH *UQGH GHVKDOE JOWLJ VLQG ZHLO GLH KDQGHOQGH 3HUVRQ VLH QLFKW DQHUNHQQW VRQGHUQ YLHO PHKU REZRKO VLH VLH P|JOLFKHUZHLVH QLFKW DQHUNHQQW G K VLH JHOWHQ DXFK GDQQ ZHQQ GLH 3HUVRQ VLH DQHUNHQQW 'RFK KlQJW LKUH *OWLJNHLW HEHQ QLFKW YRQ GLHVHU IDNWLVFKHQ $QHUNHQQXQJ DE :HOFKHV .ULWHULXP UHJHOW RGHUEHVWLPPWGDQQDEHUGLH$EOHLWXQJGHU)HVWOHJXQJDXIGLH+DQGOXQJ E]Z +DQGOXQJVDEVLFKW DXV GHU )HVWOHJXQJ DXI GLH +DQGOXQJVJUQGH" :HOFKH%HUHFKWLJXQJNDQQGLHEHXUWHLOHQGH3HUVRQYRUZHLVHQXPGHUKDQ GHOQGHQ 3HUVRQ HLQH )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDE VLFKW ]X]XZHLVHQ GLH GLHVH P|JOLFKHUZHLVH  QLFKW DQHUNDQQW KDW LQ GHQ $XJHQGHUEHXUWHLOHQGHQ3HUVRQDEHUDQHUNHQQHQVROOWH" %UDQGRPNQSIWGLH%HGLQJXQJGHU0|JOLFKNHLWHLQHU,QWHJUDWLRQGHU DUWLJ GRPLQLHUHQGHU *UQGH LQ GLH .RQ]HSWLRQ HLQHU QRUPDWLYHQ 3UDJ PDWLNGDUDQREXQGLQZLHIHUQÅ>«@SOD\LQJWKHJDPHRIJLYLQJDQGDVNLQJ IRU UHDVRQV FRXOG EH VKRZQ LPSOLFLWO\ WR LQYROYH XQGHUWDNLQJ FRPPLW PHQWV WR UHFRJQL]LQJ IHOORZ SUDFWLWLRQHUV DQG WR WUHDWLQJ WKHP LQ VRPH ZD\VUDWKHUWKDQRWKHUV>«@µ1XQKDWVLFKJH]HLJWGD‰GDV.ULWHULXP NRQVHTXHQWLHOOHU5DWLRQDOLWlWOHGLJOLFKVROFKHSUDNWLVFKHQ,QIHUHQ]HQOHLWHW RGHUEHVWLPPWLQZHOFKHQGLH)HVWOHJXQJDXIHLQH+DQGOXQJE]Z+DQG OXQJVDEVLFKWYRQGHU$QHUNHQQXQJGHUHQWVSUHFKHQGHQ+DQGOXQJVJUQGH GXUFK GLH KDQGHOQGH 3HUVRQ DEKlQJW 3UlYDOHQWH +DQGOXQJVJUQGH N|Q

_____________  6FDQORQ JHKW ]ZDU QLFKW DXI %URRPHV XQG %UDQGRPV %HVWLPPXQJHQ SUDNWLVFKHU .RQGLWLRQDOHE]ZGHUHQGHRQWLVFKH3HUVSHNWLYHQGLIIHUHQ]LHUXQJHLQGRFKZHLVWDXFK HUGDUDXIKLQGD‰HLQH)HVWOHJXQJDXIHLQH+DQGOXQJE]Z+DQGOXQJVDEVLFKWQLFKWYRQ GHUDNWXHOOHQ$QHUNHQQXQJGHUGDPLWIHVWJHOHJWHQ3HUVRQDEKlQJWÅ>«@DSHUVRQFDQ IDOOVKRUWRIDPRUDOVWDQGDUGDQGEHRSHQWRFULWLFLVPRQWKDWDFFRXQWHYHQWKRXJK KHRUVKHLVXQDEOHWRVHHWKHIRUFHRIWKLVVWDQGDUGWKDWLVWRVD\WRVHHDQ\UHDVRQWR WDNHLWVHULRXVO\,QDELOLW\WRVHHDQ\UHDVRQWRFDUHDERXWWKHLQWHUHVWVRIRWKHUVLVDVH ULRXV IDXOW DQG KDV LPSOLFDWLRQV IRU RXU UHODWLRQV ZLWK D SHUVRQ :KHWKHU LW PDNHV VHQVHWRUHPRQVWUDWHZLWKWKHSHUVRQRUWRÄGHPDQG¶LQDPRUHOLWHUDOVHQVHWKDWVKH FRPSO\ ZLWK PRUDO UHTXLUHPHQWV LV >«@ D VHSDUDWH TXHVWLRQµ 6FDQORQ Å5HSOLHVµ  1RFKDOOJHPHLQHUVWHOOWVLFKDEHU]XQlFKVWGLH)UDJHZLHYHUKLQGHUWZHU GHQNDQQGD‰GHUDUWLJHQLFKWDQHUNDQQWH)HVWOHJXQJHQ]XQDFNWHP=ZDQJGHJHQHULH UHQ  %UDQGRPE



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QHQ ZLH DOOH +DQGOXQJVJUQGH ]XUFNJHZLHVHQ ZHUGHQ GLH =XZHLVXQJ HLQHU)HVWOHJXQJGXUFKHLQHDQGHUH3HUVRQQLFKWDQ]XHUNHQQHQPX‰NHL QHVZHJVDOVHLQ=HLFKHQGHU,UUDWLRQDOLWlWJHZHUWHWZHUGHQ'DV6SLHOGHV 3URGX]LHUHQV XQG .RQVXPLHUHQV YRQ *UQGHQ EHVLW]W GDKHU QHEHQ 5H JHOQ NRQVHTXHQWLHOOHU 5DWLRQDOLWlW RIIHQEDU QRFK DQGHUH 5HJHOQ :HOFKH 5HJHOQVLQGGLHVRGHUNRQNUHWZHOFKH+DQGOXQJVJUQGHVLQGGD]XLQGHU /DJHÅ>«@WREULQJSUDFWLWLRQHUVWRDFNQRZOHGJH²DQGVRDFWXSRQWUHDWDV UHDVRQVWKDWDUHFDXVDOO\HIILFDFLRXVLQWKHDHWLRORJ\RISUDFWLFDOSHUIRUP DQFHV²WKRVHLPSOLFLWO\XQGHUWDNHQFRPPLWPHQWVµ" $QGLHVHU6WHOOHORKQWHVVLFKDXI6FDQORQVVXEVWDQWLHOOH7KHRULHYRQ +DQGOXQJVJUQGHQHLQ]XJHKHQXQG]ZDUPLWGHU)UDJHQDFKGHUHQ.RP SDWLELOLWlW PLW HLQHP SUDNWLVFKHQ .RKlUHQWLVPXV GHV 3URGX]LHUHQV XQG .RQVXPLHUHQVYRQ*UQGHQDXIGHU%DVLVHLQHUQRUPDWLYHQ3UDJPDWLN  

†%HJUQGXQJVXQG5HFKWIHUWLJXQJVNRKlUHQWLVPXV

 6FDQORQ IDYRULVLHUW HEHQVR ZLH %UDQGRP HLQHQ %HJUQGXQJVNRKlUHQWLV PXV GHU VRZRKO hEHU]HXJXQJHQ DOV DXFK +DQGOXQJHQ HLQEH]LHKW Å,Q JHQHUDODJLYHQFRQVLGHUDWLRQFRXQWVLQIDYRURIDFHUWDLQEHOLHIRQO\JLYHQ DEDFNJURXQGRIRWKHUEHOLHIVDQGSULQFLSOHVZKLFKGHWHUPLQHLWVUHOHYDQ FH %HFDXVH RI WKHVH FRQQHFWLRQV DFFHSWLQJ D UHDVRQ IRU RU DJDLQVW RQH EHOLHIDIIHFWVQRWRQO\WKDWEHOLHIEXWDOVRRWKHUEHOLHIVDQGWKHVWDWXVRI RWKHUUHDVRQV´'LHVNDQQQHJDWLYEHUSODQH,QNRPSDWLELOLWlWHQJHVFKH KHQ DEHU DXFK EHU HLQ JUDGXHOOHV 8QWHUPLQLHUHQ YRQ WUDJHQGHQ hEHU ]HXJXQJHQGHP9HUULQJHUQGHUHQQRUPDWLYHUGKEHJUQGHQGHU.UDIW RGHUEHUHLQH'LVNUHGLWLHUXQJYRQ(LQZlQGHQJHJHQGLHIUDJOLFKHhEHU ]HXJXQJ 'LHVHQ .RKlUHQWLVPXV YRQ hEHU]HXJXQJHQ EHUWUlJW 6FDQORQ QXQ DXI GHQ SUDNWLVFKHQ %HUHLFK Å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

_____________  %UDQGRPE+HUYRUKHEXQJ.3  (LQ VROFKHU %HJUQGXQJVNRKlUHQWLVPXV LVW XQDEKlQJLJ YRQ HLQHU NRKlUHQWLVWLVFKHQ 6HPDQWLN LP 6LQQH %UDQGRPV ZHOFKH YRQ 6FDQORQ HEHQVR ZHQLJ WKHPDWLVLHUW ZLUG ZLHHLQHEHOLHELJHDQGHUHQLFKWLQIHUHQWLDOLVWLVFKH  6FDQORQ

†%HJUQGXQJVXQG5HFKWIHUWLJXQJVNRKlUHQWLVPXV 



FRQVLGHUDWLRQV DUH UHOHYDQWWR D JLYHQ GHFLVLRQWKDW LVWR VD\ ZLWK LQWHU SUHWLQJDGMXVWLQJDQGPRGLI\LQJWKLVPRUHJHQHUDOIUDPHZRUNRISULQFL SOHVRIUHDVRQLQJµ'LHVHVWUXNWXUHOOH5DWLRQDOLWlWYHUODQJWGD‰QHXKLQ ]XNRPPHQGH )HVWOHJXQJHQ KLQVLFKWOLFK LKUHU Ä3DVVXQJ¶ JHJHQEHU GHQ EHUHLWV EHVWHKHQGHQ H[SOL]LWHQ RGHU LPSOL]LWHQ )HVWOHJXQJHQ EHUSUIW ZHUGHQ²XQGYLFHYHUVD/HW]WHUHVLVWGHVKDOEYRQJUR‰HU%HGHXWXQJZHLO QXUGDPLWGHP9RUZXUIGHV.RQVHUYDWLVPXVDQGHQ.RKlUHQWLVPXVHQW JDQJHQZHUGHQNDQQ6WUXNWXUHOOH5DWLRQDOLWlWLP6LQQHGHUKLHUYHUWUHWH QHQ7KHRULHEHVDJWQLFKWGD‰QHXHhEHU]HXJXQJHQXQG$EVLFKWHQNRQVL VWHQW XQG NRKlUHQW KLQVLFKWOLFK EHUHLWV EHVWHKHQGHU hEHU]HXJXQJHQ XQG $EVLFKWHQ VHLQ PVVHQ ZLH DXFK 6FDQORQ EHWRQW Å7KHVH EDFNJURXQG MXGJPHQWV DERXW WKH NLQGV RI WKLQJV WKDW FDQ FRXQW LQ IDYRU RI FHUWDLQ DWWLWXGHVDUHWKHPVHOYHVRSHQWRTXHVWLRQDQGSLHFHPHDOPRGLILFDWLRQ´ 9LHOPHKUHUIRUGHUWVWUXNWXUHOOH5DWLRQDOLWlWGD‰PDQ)HVWOHJXQJHQGLHLP /LFKWHQHXHUhEHUOHJXQJHQIUDJOLFKXQGVFKOLH‰OLFKPLWGLHVHQhEHUOHJXQ JHQ GLH LQ QHXHQ )HVWOHJXQJHQ UHVXOWLHUHQ LQNRPSDWLEHO HUVFKHLQHQ GD GXUFKDXIKHEWGD‰PDQVLHQLFKWPHKUDQHUNHQQWRGHUVRJDUHLQH%HUHFK WLJXQJ]XLKQHQEHVWUHLWHW 'RFK XQDEKlQJLJ YRQ GHU 0|JOLFKNHLW HLQHU GLDFKURQHQ '\QDPLVLH UXQJGHV.RKlUHQWLVPXVGXUFKGLHEHJUQGHWH5HYLVLRQEHUHLWVHLQJHJDQJH QHU)HVWOHJXQJHQKDW5LFKDUG%UDQGWGLHVH)RUPYRQ.RKlUHQWLVPXVPLW GHP DOOJHPHLQHQ $UJXPHQW XQWHU 'UXFN JHVHW]W GD‰ HLQ 6\VWHP YRQ hEHU]HXJXQJHQ $EVLFKWHQ XQG DQGHUHQ (LQVWHOOXQJHQ JHJHQEHU HLQHP DOWHUQDWLYHQ6\VWHPYRQhEHU]HXJXQJHQ$EVLFKWHQXQGDQGHUHQ(LQVWHO OXQJHQQLFKWGHVKDOEEHVVHUJHUHFKWIHUWLJWVHLQPX‰ZHLOHVLQVLFKEHVVHU JHUHFKWIHUWLJWLVWGKNRKlUHQWHUDOVGDVDOWHUQDWLYH6\VWHPLVWVRODQJHHV QLFKW HLQH *ODXEZUGLJNHLW RGHU 5HFKWIHUWLJXQJ EHVLW]W GLH VWDWW DXI GHU

_____________  6FDQORQI6FDQORQ EHVFKUHLEWGDV(UZlJHQYRQ+DQGOXQJVJUQGHQIROJHQ GHUPD‰HQÅ>«@WKHSURFHVVKHUH LVWRWU\WRFKDUDFWHUL]HWKHSRWHQWLDOUHDVRQPRUH IXOO\WRDVNZKHWKHULWVHHPVVRFKDUDFWHUL]HGWREHDUHOHYDQWUHDVRQIRUWKHDWWLWXGH LQTXHVWLRQ,QDGGLWLRQRQHFDQORRNIRURWKHUFDVHVRQZKLFKLWZRXOGKDYHDEHDU LQJLILWZHUHDJRRGUHDVRQWRVHHZKHWKHULWVHHPVWREHDUHDVRQLQWKRVHFDVHVWR WHVWRQH·VUHDFWLRQVLQWKHVHFDVHVIRUVLJQVRIXQUHOLDELOLW\WRFRQVLGHUWKHSODXVLELOLW\ RI DOWHUQDWLYH H[SODQDWLRQV RI WKHVH UHDFWLRQV DQG VR RQ ,Q VKRUW RQH WULHV WR VHH ZKHWKHUWKLVUHDVRQZRXOGEHLQFOXGHGLQWKHPRVWFRKHUHQWDQGFRPSOHWHDFFRXQWRI ZKDWUHDVRQVWKHUHDUHµ 6FDQORQ   6FDQORQYJOGD]XDXFK%URRPHVRZLHREHQ.DS)Q  6FDQORQlX‰HUWGLHVH$XIIDVVXQJRKQHMHGRFKGDEHLDXIGLH7HUPLQRORJLHGHUGHRQWL VFKHQ.RQWRIKUXQJ]XUHNXUULHUHQÅ>«@WKHDFFHSWHGMXGJPHQWVZLWKZKLFKZHEH JLQDUHQRWWKHPVHOYHVLPPXQHIURPFULWLFLVPDQGUHYLVLRQ>«@DQ\ZD\WKDW,FDQ LPDJLQHRIFULWLFL]LQJWKHVHMXGJPHQWVDQGDUULYLQJDWRWKHUVZRXOGDPRXQWWRDQLQ VWDQFHRIWKLVVDPHJHQHUDOPHWKRG>RIORRNLQJIRUWKHPRVWFRKHUHQWDQGFRPSOHWH DFFRXQWRIZKDWUHDVRQVWKHUHDUH@µ 6FDQORQ 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

.RKlUHQ] DXI GHU REMHNWLYHQ 5HDOLWlW GLHVHU hEHU]HXJXQJHQ HWF EHUXKW EHLVSLHOVZHLVHGXUFKGHQ9HUZHLVDXI%HREDFKWXQJVWDWVDFKHQ'LH3URE OHPH GHV WKHRUHWLVFKHQ .RKlUHQWLVPXVPVVHQKLHU QLFKW ZHLWHU YHUIROJW ZHUGHQ XQG GDPLW DXFK QLFKW GDV 3UREOHP YRQ %HREDFKWXQJVWDWVDFKHQ DOV%HJUQGXQJHLQHUhEHU]HXJXQJ'RFKLP%HUHLFKSUDNWLVFKHQhEHUOH JHQVIKUWGLHVHU(LQZDQGGD]XGD‰EHUGLHLQWHUQH.RKlUHQ]YRQ(LQ VWHOOXQJVV\VWHPHQKLQDXVHLQ.ULWHULXPJHIXQGHQZHUGHQPX‰XPHLQ LQ VLFK NRKlUHQWHV  6\VWHP SUDNWLVFKHU (LQVWHOOXQJHQ YRU HLQHP DQGHUHQ DXV]X]HLFKQHQRGHUDXVGHU3HUVSHNWLYHHLQHUKDQGHOQGHQ3HUVRQIRUPX OLHUWXPGLH$QHUNHQQXQJGHUHLJHQHQIHVWOHJXQJVHUKDOWHQGHQ(LQVWHOOXQ JHQ DXFK YRQ DQGHUHQ IRUGHUQ XQG GDPLW GLH VXEMHNWLYH *OWLJNHLW HLQHU (UIRUGHUQLV5HODWLRQLQGLHLQWHUVXEMHNWLYH*OWLJNHLWHLQHU6ROOHQ5HODWLRQ EHUIKUHQ]XN|QQHQ 2ESDXVGHU3HUVSHNWLYHGHUEHXUWHLOHQGHQ3HUVRQRGHU3HUVRQHQ² XQG GDV EHGHXWHW LQ GHU 5HDOLWlW DQJHVLFKWV DOWHUQDWLYHU 6\VWHPH YRQ hEHU]HXJXQJHQ :HUWHQ XQG DQGHUHQ (LQVWHOOXQJHQ ² HLQ JXWHU +DQG OXQJVJUXQG LQ EHUHFKWLJXQJVHUKDOWHQGHQ ,QIHUHQ]HQ  RGHU RE S JDU HLQ SUlYDOHQWHU +DQGOXQJVJUXQG VHLQ NDQQ LQ IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ ]HQ REDOVRGLHKDQGHOQGH3HUVRQLQGHQ$XJHQGHUEHXUWHLOHQGHQ3HU VRQRGHU3HUVRQHQ]XGHU+DQGOXQJE]Z+DQGOXQJVDEVLFKWTEHUHFKWLJW RGHU VRJDU DXI GLHVH IHVWJHOHJW LVW XQDEKlQJLJ YRQ GHUHQ HLJHQHU $QHU NHQQXQJ GLHVHU )HVWOHJXQJ  LVW HLQH )UDJH GHUHQ %HDQWZRUWXQJ DXI GLH .RKlUHQ]GLHVHUNRPSOH[HQ(LQVWHOOXQJVV\VWHPHDE]LHOW ,FK P|FKWH GHVKDOE GLHVEH]JOLFK YRQ HLQHP SUDNWLVFKHQ 5HFKWIHUWL JXQJVNRKlUHQWLVPXVVSUHFKHQXPLKQYRQHLQHPSUDNWLVFKHQ%HJUQGXQJVNRKl UHQWLVPXV]XXQWHUVFKHLGHQZREHLOHW]WHUHUGLHLQWUDSHUVRQHOOHXQGHUVWHUHU GLHLQWHUSHUVRQHOOH3HUVSHNWLYHEHQHQQW:LHLQ†HUOlXWHUWZXUGHEH GHXWHW GLHV QLFKW GD‰ HV EHLP %HJUQGXQJVNRKlUHQWLVPXV DXVVFKOLH‰OLFK XPGLH(LQVWHOOXQJHQHLQHVHLQ]HOQHQ,QGLYLGXXPVJHKWVRQGHUQOHGLJOLFK GD‰ GLH .RKlUHQ] GHU (LQVWHOOXQJHQ YRP 6WDQGSXQNW HLQHV HLQ]HOQHQ ,QGLYLGXXPV DXV EHXUWHLOW ZLUG G K GD‰ GLH (LQVWHOOXQJHQ $QGHUHU QXU

_____________  9JO%UDQGW YJOREHQ.DS)QVRZLHGHQ$EVFKQLWW]XGHPGLHVH )X‰QRWHJHK|UW XQGNULWLVFKGD]X%ULQNIGHVVHQNRKlUHQWLVWLVFKHQPRUD OLVFKHQ 5HDOLVPXV LFK MHGRFK LP IROJHQGHQ ]XJXQVWHQ HLQHV 3UR]HGXUDOLVPXV DEOHKQH YJOXQWHQ)QVRZLHGHQGD]XJHK|ULJHQ$EVDW] ,QGLHHQWVSUHFKHQGH5LFKWXQJ ZHLVW*LEEDUG +HUYRUKHEXQJ.3 Å7RDFFHSWDQRUPDVDUHTXLUHPHQW RIUDWLRQDOLW\ZHPLJKWVD\LVWRDFFHSWLWDORQJZLWKKLJKHURUGHUQRUPVWKDWUHTXLUH LWV DFFHSWDQFH 7R WUHDW LW DV DQ H[LVWHQWLDO FRPPLWPHQW LV WR DFFHSW LW DORQJ ZLWK KLJKHURUGHUQRUPVWKDWSHUPLWLWEXWWKDWSHUPLWDFFHSWLQJDWOHDVWRQHLQFRPSDWLEOH DOWHUQDWLYHµ 8P GLH 3ULQ]LSLHQ GLH GLHVH %HUHFKWLJXQJ EHVWLPPHQ RGHU EHVVHU EH JUHQ]HQ VROO HV ZHQQJOHLFK QLFKW XQWHU *LEEDUGV PRUDOH[SUHVVLYLVWLVFKHQ 9RU]HL FKHQ LP)ROJHQGHQJHKHQ

†%HJUQGXQJVXQG5HFKWIHUWLJXQJVNRKlUHQWLVPXV 



LQVRIHUQ%HGHXWXQJKDEHQDOVVLHGLH.RKlUHQ]GHU(LQVWHOOXQJHQGLHVHV ,QGLYLGXXPVWDQJLHUHQ(LQVROFKHU%HJUQGXQJVNRKlUHQWLVPXVEHVFKUHLEWHLQ 6\VWHPYRQ(LQVWHOOXQJHQ ]%NRJQLWLYHQHYDOXDWLYHQHPRWLRQDOHQLQWHQWL RQDOHQ  KLQVLFKWOLFK GHVVHQ VWUXNWXUHOOHU5DWLRQDOLWlW (LQ 5HFKWIHUWLJXQJVNR KlUHQWLVPXVEHVFKUHLEWHLQ6\VWHPYRQ6\VWHPHQVROFKHUDUW(LQVWHOOXQJHQKLQVLFKW OLFKGHVVHQVWUXNWXUHOOHU5DWLRQDOLWlWLQEHLGHQ)lOOHQVLQGLGHDOHUZHLVHGLH 7UlJHU GLHVHU (LQVWHOOXQJHQ DXFK 0LWJOLHGHU GHU *UXSSH GHU %HXUWHLOHU GLHVHUVWUXNWXUHOOHQ5DWLRQDOLWlW +LHUJHKWHVQXQQLFKWXPGLHPDWHULDOH$XVJHVWDOWXQJVROFKHU6\VWH PH P|JOLFKHU 5HFKWIHUWLJXQJHQ VRQGHUQ OHGLJOLFK XP .ULWHULHQ LKUHU (WDEOLHUXQJGK.ULWHULHQGHU$EZlJXQJGLYHUJLHUHQGHU(LQVWHOOXQJVV\V WHPH ,P LQWUDSHUVRQHOOHQ.RQIOLNWIDOO VWHKHQVLFK PLQGHVWHQV  ]ZHL XQ YHUHLQEDUH (LQVWHOOXQJHQ JHJHQEHU YRQ GHQHQ PLQGHVWHQV  HLQH DXIJH JHEHQ ZHUGHQ PX‰ XP GLH ,UUDWLRQDOLWlW GHU *HVDPWKHLW GLHVHU LQWUDSHUVRQHOOHQ (LQVWHOOXQJHQ ]X YHUPHLGHQ (V VROOWHQ KLHU GLHMHQLJHQ (LQVWHOOXQJHQ DXIJHJHEHQ ZHUGHQ GLH HLQH JU|‰HUH .RKlUHQ] GHU *H VDPWKHLW YRQ (LQVWHOOXQJHQ YHUKLQGHUQ E]Z VROOWHQ GLHMHQLJHQ (LQVWHO OXQJHQ +DQGOXQJVHIIHNWLYLWlW HUODQJHQ GLH HLQH JU|‰HUH .RKlUHQ] GHU *HVDPWKHLW YRQ (LQVWHOOXQJHQ HUP|JOLFKHQ GLHV YHUODQJW GLH SUDNWLVFKH 5DWLRQDOLWlW GHV ,QGLYLGXXPV ,P LQWHUSHUVRQHOOHQ RGHU PRUDOLVFKHQ )DOO YRQ(LQVWHOOXQJVNRQIOLNWHQVWHKHQVLFK PLQGHVWHQV ]ZHLXQYHUHLQEDUH² ZHQQJOHLFK KLQVLFKWOLFK GHU LQWUDSHUVRQHOOHQ .RKlUHQ] JHJHEHQHQIDOOV VWUXNWXUHOOUDWLRQDOH²(LQVWHOOXQJHQJHJHQEHU $XI GLHVHQ .RQIOLNWIDOO EH]LHKW VLFK QXQ 6FDQORQV 7KHRULH GHUHQ .HUQ LQ IROJHQGHU (LQVLFKW EHVWHKW (LQ +|FKVWPD‰ DQ LQWHUSHUVRQHOOHU

_____________  0LW %H]XJ DXI 6FDQORQV *UQGHNRQ]HSWLRQ XQG %URRPHV *UQGH XQG 6ROOHQ 5HODWLRQHQGLIIHUHQ]LHUW:DOODFH]ZLVFKHQ*UQGHQGLHHLQHÅDVSLUDWLRQDOFKDUDFWHU´ KDEHQÅLQVRIDUDVWKH\FRXQWLQIDYRURIWKHDFWLRQVWKH\UHFRPPHQGLQDZD\WKDW OHDYHV WKH GHOLEHUDWLQJ DJHQW ZLWK VRPH GLVFUHWLRQ WR LJQRUH RU WR GLVFRXQW WKHLU FODLPV´ :DOODFH0V XQGÅGHRQWLFUHDVRQV>WKDW@DUHWREHXQGHUVWRRGLQUH ODWLRQWRFRQFOXVLRQVDERXWZKDWDQDJHQWRXJKWWRGR>«@$VSLUDWLRQDOUHDVRQV>«@ WDNHXVWRÄEHVWV¶UDWKHUWKDQÄRXJKWV¶WKH\WKXVH[KLELWDGLIIHUHQWNLQGRIQRUPDWLYLW\ IURPWKHGHRQWLFLQVRIDUDVWKHSUDFWLFDOFRQFOXVLRQVWKH\WHQGWRVXSSRUWDUHFODLPV DERXWZKDWLWZRXOGEHEHVWWRGR´ (EGI :lKUHQGGDV 1LFKW %HIROJHQGLHVHU ÄDVSLUDWLRQDOUHDVRQV¶NHLQHUOHL$XVZLUNXQJHQDXIGDVLQWHUSHUVRQHOOH1HW]P|JOLFKHU SHUV|QOLFKHU (LQVWHOOXQJHQ KDW EHVLW]HQ ÄGHRQWLF UHDVRQV¶ LKU *HZLFKW JHUDGH PLW %OLFN DXI HLQHQ SUDNWLVFKHQ 5HFKWIHUWLJXQJVNRKlUHQWLVPXV Å1HJOHFWLQJ P\ PRUDO UHDVRQ >«@LWVHOIFKDQJHVP\QRUPDWLYHUHODWLRQVWRRWKHUSHRSOHLQZD\VWKDWLQWXUQJURXQG DOWHUDWLRQVLQWKHLUDWWLWXGHVWRZDUGPH´ (EG 0LW%OLFNDXI.DQWVFKOlJW2·1HLOO    HLQH GHUDUWLJH 'LIIHUHQ]LHUXQJ ]ZHLHU $UWHQ YRQ .RKlUHQWLVPXV YRU GRFKEOHLEWVLH LQWHUSUHWDWRULVFKNRUUHNW KLQVLFKWOLFKGHULQWHUSHUVRQHOOHQ3HUVSHNWLYH EHLP.DQWLVFKHQ0RQRORJLVPXVVWHKHQGKHVJHKWDXFKEHL0D[LPHQPLWLQWHUSHU VRQHOOHU.RQIOLNWDQIlOOLJNHLWQLFKWXP5HFKWIHUWLJXQJ JHJHQEHUDQGHUHQ VRQGHUQXP GDV$EVFKlW]HQP|JOLFKHUDOOJHPHLQHU*HVHW]OLFKNHLWLQIRURLQWHUQR



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

.RKlUHQ]SUDNWLVFKHU(LQVWHOOXQJHQ DOVRVROFKHU(LQVWHOOXQJHQGLHEHVD JHQZLHGLH:HOWVHLQVROOWH ZLUGGDGXUFKHUUHLFKWGD‰GLHMHQLJHQ+DQG OXQJVDEVLFKWHQDXIJHJHEHQZHUGHQGLHDXV+DQGOXQJVJUQGHQUHVXOWLHUHQ ZHOFKH YRQ $QGHUHQ YHUQQIWLJHUZHLVH ]XUFNJHZLHVHQ ZHUGHQ N|QQHQ E]Z GD‰ GLHMHQLJHQ $EVLFKWHQ +DQGOXQJVHIIHNWLYLWlW HUODQJHQ GLH DXV +DQGOXQJVJUQGHQ UHVXOWLHUHQ ZHOFKH YRQ $QGHUHQ QLFKW YHUQQIWLJHU ZHLVH]XUFNJHZLHVHQZHUGHQN|QQHQ :LHEHLPLQWUDSHUVRQHOOHQ.RKlUHQWLVPXVGLHP|JOLFKH%HJUQGXQJVR VSLHOW EHLP LQWHUSHUVRQHOOHQ .RKlUHQWLVPXV GLH P|JOLFKH 5HFKWIHUWLJXQJ HLQHU SUDNWLVFKHQ (LQVWHOOXQJ JHJHQEHU NRQNXUULHUHQGHQ (LQVWHOOXQJHQ GLH]HQWUDOH5ROOH'HU8QWHUVFKLHGEHVWHKWGDULQGD‰LPLQWHUSHUVRQHOOHQ )DOOGLHP|JOLFKH5HFKWIHUWLJXQJYRQ(LQVWHOOXQJHQ]ZLVFKHQYHUVFKLHGH QHQ P|JOLFKHUZHLVH  MHZHLOV LQ VLFK NRKlUHQWHQ 6\VWHPHQ YRQ (LQVWHO OXQJHQ VWDWWILQGHW ² 'LH GHXWVFKH 6SUDFKH EHKDQGHOW GDV 9HUE ÄEHJUQ GHQ¶ DOV ]ZHLVWHOOLJHQ 3UlGLNDWRU HWZDV ZLUG GXUFK HWZDV EHJUQGHW  ZlKUHQGGDV9HUEÄUHFKWIHUWLJHQ¶HLQHQGUHLVWHOOLJHQ3UlGLNDWRUEH]HLFKQHW HWZDV ZLUG GXUFK HWZDV JHJHQEHU MPG JHUHFKWIHUWLJW  %HJUQGXQJHQ EHWUHIIHQ ORJLVFKH 9HUKlOWQLVVH .RQVLVWHQ] XQG .RKlUHQ]  ]ZLVFKHQ HSLVWHPLVFKHQ XQGRGHU SUDNWLVFKHQ (LQVWHOOXQJHQ ZlKUHQG 5HFKWIHUWL JXQJHQORJLVFKH9HUKlOWQLVVH .RQVLVWHQ]XQG.RKlUHQ] ]ZLVFKHQSUDN WLVFKHQ(LQVWHOOXQJVV\VWHPHQEHWUHIIHQ 0LW %OLFN DXI HLQHQ VROFKHQ 5HFKWIHUWLJXQJVNRKlUHQWLVPXV HUNOlUW 6FDQORQ LQZLHIHUQ GLH P|JOLFKH 5HFKWIHUWLJXQJ GHU +DQGOXQJHQ HLQHU 3HUVRQJHJHQEHUDQGHUHQ3HUVRQHQGLH]HQWUDOH5ROOHLQXQVHUHQPRUDOL VFKHQ hEHUOHJXQJHQ VSLHOHQ NDQQ Å>«@ WKH LGHD RI MXVWLILDELOLW\ VKDSHV RXU WKLQNLQJ DERXW ULJKW DQG ZURQJ DQG GHWHUPLQHV WKH FRQWHQW RI WKLV SDUW RI PRUDOLW\ 7KLQNLQJ DERXW WKLV SDUW RI PRUDOLW\ LV >«@ WKLQNLQJ DERXWZKDWZRXOGEHDOORZHGE\SULQFLSOHVWKDWRWKHUVFRXOGQRWUHDVRQD EO\UHMHFW´(VJHKWDOVRXPGLH1LFKW=XUFNZHLVEDUNHLWYRQ3ULQ]LSLHQ GLH GHQ 5DXP LQWHUSHUVRQHOO UHFKWIHUWLJEDUHU +DQGOXQJHQ EHVFKUHLEHQ

_____________  'DV HQJOLVFKH MXVWLILDELOLW\ VFKHLQW PLU PLW 5HFKWIHUWLJEDUNHLW HKHU XQVFK|Q EHUVHW]W GHVKDOE VSUHFKH LFK JOHLFKEHGHXWHQG OLHEHU YRQ P|JOLFKHU 5HFKWIHUWLJXQJ RGHU DXFK 9HUWUHWEDUNHLW  6FDQORQYJOGD]XDXFK6FDQORQIÅ7KHYDOXHRIMXVWLILDELOLW\WR RWKHUVLVWKHXQLI\LQJLGHDXQGHUO\LQJWKDWSDUWRIPRUDOLW\WKDWKDVWRGRZLWKRXUGX WLHVWRRWKHUV%XWQRWHYHU\WKLQJFRPPRQO\FDOOHGÄPRUDO¶FDQSODXVLEO\EHDFFRXQWHG IRURQWKLVEDVLV,GHDOVRIPRUDOSXULW\REMHFWLRQVWRWKHGHVWUXFWLRQRIQDWXUHDQG WKHZURQJIXOQHVVRIIDLOLQJWRUHVSHFWDQGGHYHORSRXUWDOHQWVIRUH[DPSOHFDQQRWEH IXOO\H[SODLQHG DVSDUWVRIÄZKDW ZHRZHWR HDFKRWKHU¶6RRQHFRQVHTXHQFHRIP\ YLHZLVWKHIUDJPHQWDWLRQRIWKHPRUDO>«@7KHLGHDRIUHDVRQDEOHUHMHFWDELOLW\SUR YLGHVDIUDPHZRUNZLWKLQZKLFKZHFDQH[SODLQWKHPRUDOVLJQLILFDQFHRIGLYHUVHFRQ VLGHUDWLRQVLQFOXGLQJQRWRQO\IDFWRUVFRQWULEXWLQJWRSHRSOH·VZHOIDUHEXWDOVRIDLU QHVVFKRLFHDQGUHVSRQVLELOLW\´

†%HJUQGXQJVXQG5HFKWIHUWLJXQJVNRKlUHQWLVPXV 



'LHVH1LFKW=XUFNZHLVEDUNHLWLVWJOHLFKEHGHXWHQGGDPLWGD‰DOOHEHWURI IHQHQ 3HUVRQHQ DOV DXI GLHVH 3ULQ]LSLHQ QLFKW EHUHLWV DXI GLH GXUFK VLH HUODXEWHQ+DQGOXQJHQ IHVWJHOHJWEHWUDFKWHWZHUGHQN|QQHQ ,Q)UDJHVWHKWEHLGHULQWHUSHUVRQHOOHQ.RKlUHQ]DOVRGLHREHQDQJH VSURFKHQH'LIIHUHQ]]ZLVFKHQGHU(UIRUGHUQLV5HODWLRQHLQHUVHLWVXQGGHU *UQGHE]ZGHU6ROOHQ5HODWLRQDQGHUHUVHLWV:HQQLFKPLUDOVKDQGHOQ GH3HUVRQ(LQVWHOOXQJHQLQ)RUPGHV+DQGOXQJVJUXQGVS]XHLJHQPDFKH XQG PLFK JHPl‰ 2 S Ⱥ T  DXI GLH+DQGOXQJ E]Z+DQGOXQJVDEVLFKW T IHVWOHJHGLHVH)HVWOHJXQJDOVRHEHQVRZLHGLHMHQLJHDXISDQHUNHQQHVRLVW GLHVUDWLRQDO9HUQQIWLJLVWHVKLQJHJHQHUVWGDQQZHQQLFKYRQDQGHUHQ 3HUVRQHQ GHUHQ P|JOLFKHUZHLVH NRQIOLJLHUHQGH (LQVWHOOXQJHQ GLH LQWHU SHUVRQHOOH.RKlUHQ]EHWUHIIHQHQWZHGHUGLH%HUHFKWLJXQJ]XSHUKDOWHVR GD‰ LFK DXV GHUHQ 3HUVSHNWLYH JHPl‰ S Ⱥ 5T SULPD IDFLH *UQGH ]X T KDEH RGHU JDU GLH )HVWOHJXQJ DXI S ]XJHZLHVHQ EHNRPPH VRGD‰ LFK DXV GHUHQ3HUVSHNWLYHJHPl‰SȺ2TVRJDUSUlYDOHQWH*UQGH]XTKDEH'LH 1LFKW=XUFNZHLVEDUNHLWYRQ3ULQ]LSLHQTXDOLIL]LHUWLQHLQHPSUDNWLVFKHQ .RQGLWLRQDOGLH$EWUHQQEDUNHLWGHU.RQNOXVLRQTJHQDXGDQQZHQQSGHQ 3ULQ]LSLHQ HQWVSULFKW 'LHV PX‰ LQ GHU VR]LDOHQ 5HDOLWlW QLFKW EHU HLQH H[SOL]LWH $XVHLQDQGHUVHW]XQJ XP GLH 3ULQ]LSLHQ ODXIHQ VRQGHUQ NDQQ LPSOL]LWGXUFKGLHVFKOLFKWH=XZHLVXQJGHU)HVWOHJXQJDXIE]Z%HUHFKWL JXQJ ]X GHU )HVWOHJXQJ DXI S ² RGHU QRFK LPSOL]LWHU DXI T ² GXUFK GLH EHXUWHLOHQGH 3HUVRQ E]Z 3HUVRQHQ JHVFKHKHQ 'DV (QWVFKHLGHQGH LVW MHGRFK GD‰ VLFK GLH 1LFKW=XUFNZHLVEDUNHLW XQG GDPLW GLH 9HUQQIWLJ NHLW GHU IUDJOLFKHQ 3ULQ]LSLHQ DP MHZHLOLJHQ GHRQWLVFKHQ .RQWRVWDQG GHU %HWHLOLJWHQ ZHOFKH )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ VLH HLQDQGHU ]XJH ZLHVHQ E]Z DQHUNDQQW KDEHQ DEOHVHQ Ol‰W ,P .RQIOLNWIDOO LVW HV GDPLW MHGHQIDOOV P|JOLFK +DQGOXQJVJUQGHQ ]XJUXQGHOLHJHQGH 3ULQ]LSLHQ LQ )UDJH]XVWHOOHQ'LHVHÄ.RQWRVWlQGH¶DOVRGLHMHZHLOLJHQ9HUELQGOLFKNHL WHQVLFKWEDUZHUGHQ]XODVVHQPDFKWGDVNULWLVFKH3RWHQWLDOHLQHUGHUDUWL JHQ5HFKWIHUWLJXQJVSUD[LVDXV²'LH$Q]DKOGHUKDQGHOQGHQEHXUWHLOHQ GHQ ² DOOJHPHLQ EHWHLOLJWHQ ² 3HUVRQHQ LVW KLHU HEHQVR RIIHQ ZLH GLH 9HUWHLOXQJGHU$XWRULWlWOHW]WHUHVROOLQGLHVHUIRUPDOHQ5ROOHQYHUWHLOXQJ

_____________  9JOGD]X%UDQGRPÅ'LHREHUVWH5HJHOLP.DPSIGHU9HUQXQIWJHJHQHLQ GXUFK9RUXUWHLOXQG3URSDJDQGDYHU]HUUWHV'HQNHQODXWHWGD‰SRWHQWLHOOVWULWWLJHPD WHULDOLQIHUHQWLHOOH )HVWOHJXQJHQ DOV %HKDXSWXQJHQ H[SOL]LW JHPDFKW ZHUGHQ VROOWHQ XPVLHDXIGLHVH:HLVHHLQHUVHLWVIUEHJUQGHWH$QIHFKWXQJHQYHUOHW]OLFK]XPDFKHQ XQGDQGHUHUVHLWVGHXWOLFK]XPDFKHQGD‰YHUQQIWLJH6WUDWHJLHQ]XLKUHU9HUWHLGLJXQJ JHIUDJWVLQG´9JODXFK%UDQGRPD'LHVH([SOL]LHUXQJGHU%HUHFKWL JXQJ]XHLQHU=XZHLVXQJHLQHU)HVWOHJXQJDQHLQH3HUVRQLVWGHU2UWDQGHPVLFKGLH =XJlQJOLFKNHLWYRQ*UQGHQIUGLHKDQGHOQGH3HUVRQHUZHLVHQPX‰XPZLHGHUXP UHFKWIHUWLJHQG XQG PRWLYLHUHQG VHLQ ]X N|QQHQ PX‰ GLH =XJlQJOLFKNHLW SUDNWLVFKHU *UQGHVLFKHUJHVWHOOWVHLQ YJO(QGUHV 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QLFKW DOV EHUHLWV HLQHU 3HUVRQ RGHU Ä3DUWHL¶ ]XJHZLHVHQ EHWUDFKWHW ZHUGHQ 2EDOVRGLH=XZHLVXQJHLQHU)HVWOHJXQJEHUHFKWLJWLVWNDQQQLFKWHLQVHLWLJ YRQGHU:DUWHGHU%HXUWHLOHUDXVVRQGHUQPX‰LQ$XVHLQDQGHUVHW]XQJPLW GHUKDQGHOQGHQ3HUVRQVHOEVWEHVWLPPWZHUGHQGHUUHDOHE]ZLGHDOH&KD UDNWHUGLHVHU$XVHLQDQGHUVHW]XQJZLUGLPIROJHQGHQQRFKHLQH5ROOHVSLH OHQ0|JOLFKH.RQIOLNWIlOOHEHVWHKHQMHGHQIDOOVGDULQGD‰GLHEHXUWHLOHQGH 3HUVRQ HLQH %HUHFKWLJXQJ ]X HLQHU )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW YHUZHLJHUW RGHU GD‰ GLH KDQGHOQGH 3HUVRQ HLQH LKU ]XJHZLHVHQH)HVWOHJXQJQLFKWDQHUNHQQW :DVHLQHHQWVSUHFKHQGH$XVHLQDQGHUVHW]XQJPLWRIIHQHP$XVJDQJG K RKQH 9RUHQWVFKHLGXQJ GXUFK HLQH GHU EHWHLOLJWHQ 3DUWHLHQ H[SOL]LHUHQ VROO LVW GLH PLW GHP 6SLHO GHV 9HUODQJHQV XQG *HEHQV YRQ +DQGOXQJV JUQGHQXQWHUVWHOOWH9HUQQIWLJNHLW'DPLWLVWNHLQHUOHL9RU)HVWOHJXQJDXI EHVWLPPWH+DQGOXQJVJUQGHYHUEXQGHQDOVRPDWHULDOHQ1RUPHQGHQHQ ZLU ÄLPPHU VFKRQ¶ XQWHUOLHJHQ ZUGHQ 9LHOPHKU VROO GLHVH 8QWHUVWHOOXQJ OHGLJOLFKEHVDJHQGD‰GLHEHLGHQ.RQIOLNWSDUWHLHQSHUIRUPDWLYLKUH%HUHLW VFKDIWHUNOlUHQGDV6SLHOGHV9HUODQJHQVXQG*HEHQVYRQ*UQGHQ HLQH UHFKWIHUWLJHQGH $XVHLQDQGHUVHW]XQJ PLW GHP =LHO HLQHV $EJOHLFKV GHU EHWURIIHQHQ (LQVWHOOXQJHQ  EHUKDXSW ]X VSLHOHQ ² DQVWDWW EHLVSLHOVZHLVH DXIGDV$UJXPHQW!GHU0DFKWGHV6WlUNHUHQ]XUHNXUULHUHQ'LHLQGHU $XVHLQDQGHUVHW]XQJ H[SOL]LHUWHQ 3ULQ]LSLHQ VLQG GDPLW DEKlQJLJ ZHQQ JOHLFKQLFKWIRUPDODXVGLHVHUGHGX]LHUEDU YRQGHU$QHUNHQQXQJGHU$Q GHUHQLP6LQQHGHU$QHUNHQQXQJGHU)HVWOHJXQJDXI7HLOQDKPHDPLQWHU VXEMHNWLYHQ 6SLHO GHV )RUGHUQV XQG *HEHQV YRQ *UQGHQ 'HU %HUHLFK GHUXQWHUVWHOOWHQ9HUQQIWLJNHLWLVWGDPLWNRH[WHQVLRQDOPLWGHP%HUHLFK GHUDXIJUXQGZHOFKHU3HUIRUPDQ]DXFKLPPHUGXUFKGLH%HUHLWVFKDIW]XU 5HFKWIHUWLJXQJXPVFKULHEHQLVW 6FDQORQ PDFKW GLHVH (LQVFKUlQNXQJ GHV (UNOlUXQJVEHUHLFKV HLQHU 0RUDOWKHRULHZHOFKH+DQGOXQJVJUQGHXQGGDPLWGLHP|JOLFKH5HFKWIHU WLJXQJ YRQ +DQGOXQJHQ DOV =HQWUXP EHVLW]W YRQ YRUQKHUHLQ GHXWOLFK Å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

_____________  9JO]XGHQGLVWDQ]LHUHQGHQ$QIKUXQJV]HLFKHQREHQ(LQOHLWXQJ)Q

†6FDQORQV.RQ]HSWLRQGHV:KDW:H2ZHWR(DFK2WKHU 



DQGRQO\LILWZRXOGEHGLVDOORZHGE\DQ\SULQFLSOHWKDWVXFKSHRSOHFRXOG QRW UHDVRQDEO\ UHMHFW µ 'LH +HUYRUKHEXQJ LQQHUKDOE GLHVHV =LWDWV EH WRQW QRFK HLQPDO GLH XQWHUVWHOOWH 9HUQQIWLJNHLW :HU GLH 7HLOQDKPH DQ GLHVHP6SLHOGHV9HUODQJHQVXQG*HEHQVYRQ*UQGHQGHUHQ6LWXDWLRQV DGlTXDWKHLW VLFK LKUHUVHLWV QXU LQ GLHVHP 6SLHO HUZHLVHQ NDQQ XQG PX‰ YHUZHLJHUWVWHKWDX‰HUKDOEGLHVHU8QWHUVWHOOXQJ(VJLEWGHPQDFKNHLQHQ $XWRPDWLVPXV GHU YRP 6WDWXV GHV 0HQVFKHQ DOV HLQHV GHQNHQGHQ XQG KDQGHOQGHQ :HVHQV QRUPDWLY ]XU $QHUNHQQXQJ YRQ )HVWOHJXQJHQ DXI +DQGOXQJHQE]Z+DQGOXQJVDEVLFKWHQIKUHQZUGH(LQHU8QWHUVWHOOXQJ NDQQ PDQ DQGHUV DOV HLQHU YHUPXWHWHQ .|USHUIXQNWLRQ  JHUHFKW ZHUGHQ RGHUQLFKWJHUHFKWZHUGHQ(VJHKWEHLGLHVHP6SLHOGHV9HUODQJHQVXQG *HEHQV YRQ +DQGOXQJVJUQGHQ DOVR XP 8UWHLOH GLH PLW GHP =LHO GHU LQWHUSHUVRQHOOHQ%LOOLJXQJSUDNWLVFKH(LQVWHOOXQJHQH[SOL]LWPDFKHQ  

†6FDQORQV.RQ]HSWLRQGHV:KDW:H2ZHWR(DFK2WKHU

 ,Q GLHVHP 6LQQH HLQHU 6XFKH QDFK LQWHUSHUVRQHOOHU%LOOLJXQJ SHUV|QOLFKHU (LQVWHOOXQJHQVSULFKW6FDQORQYRQVHLQHU7KHRULHDXFKLQ%HJULIIHQHLQHV .RQWUDNWXDOLVPXV (U LVW VLFK MHGRFK GHU P|JOLFKHUZHLVH LUUHIKUHQGHQ $VVR]LDWLRQHQGLHPLWGLHVHP%HJULIIYHUEXQGHQVLQGEHZX‰WXQGJUHQ]W GHVKDOE VHLQH $XIIDVVXQJ YRQ $XIIDVVXQJHQ GLH XQWHU GHPVHOEHQ 7LWHO YHUKDQGHOWZHUGHQDE'LHVWlUNVWH$IILQLWlWEHVWHKWYHUPXWOLFK]ZLVFKHQ 6FDQORQV HLJHQHU 7KHRULH XQG GHU 7KHRULH GHU *HUHFKWLJNHLW VHLQHV /HKUHUV -RKQ5DZOVGRFKXQWHUVFKHLGHW6FDQORQVHLQHHLJHQHQ%HPKXQJHQDXFK YRQ 5DZOV· 7KHPD GHU *HUHFKWLJNHLW VR]LDOHU ,QVWLWXWLRQHQ LQVRIHUQ 5DZOV· 7KHRULHLP*HJHQVDW]]XVHLQHUHLJHQHQQLFKWSULPlUGLH*WHHLQ]HOQHU (QWVFKHLGXQJHQ XQG +DQGOXQJVZHLVHQ EHWULIIW 'LHV KDW $XVZLUNXQJHQ DXIGLHUHVXOWLHUHQGHQ3ULQ]LSLHQZLH6FDQORQDP%HLVSLHOGHU3ULRULWlWGHU 6FKOHFKWHUJHVWHOOWHQYHUGHXWOLFKWZHOFKHLQ5DZOV·.RQ]HSWLRQHLQH]HQW UDOH5ROOHVSLHOWÅ$SULQFLSOHJLYLQJWKHLQWHUHVWVRIWKHZRUVWRIISULRULW\ LQHYHU\VRFLDOGHFLVLRQZRXOGEHPXFKOHVVSODXVLEOHWKDQRQHJLYLQJWKHLU LQWHUHVWV SULRULW\ LQ DUJXPHQWV DERXW WKH MXVWLFH RI WKH LQVWLWXWLRQV WKDW OHDYHWKHPZRUVWRII´

_____________  6FDQORQ+HUYRUKHEXQJ.3  6FDQORQZDVLQ5DZOV·7KHRULHDOVRVLQQYROOVHLQPDJHUVFKHLQWXQWHUGHU 3HUVSHNWLYH LQGLYLGXHOOHU $XVHLQDQGHUVHW]XQJHQ QLFKW VWHWV XQG QRWZHQGLJ VLQQYROO %HL5DZOVODXWHWHHLQH7HLOIRUPXOLHUXQJGHV=ZHLWHQ*HUHFKWLJNHLWVJUXQGVDW]HVIU,Q VWLWXWLRQHQ Å6R]LDOH XQG ZLUWVFKDIWOLFKH 8QJOHLFKKHLWHQ PVVHQ >@ XQWHU GHU (LQ VFKUlQNXQJ GHV JHUHFKWHQ 6SDUJUXQGVDW]HV GHQ DP ZHQLJVWHQ %HJQVWLJWHQ GHQ JU|‰WP|JOLFKHQ9RUWHLOEULQJHQ>@´ 5DZOV 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

*HQHUHOOJLOWZLHEHUHLWVDQJHGHXWHWGHU8QWHUVFKLHG]ZLVFKHQ6FDQ ORQV7KHRULHGLHDXIGHU%HUHLWVFKDIW]XU7HLOQDKPHDQHLQHU5HFKWIHUWL JXQJVSUD[LV EDVLHUW XQG HLQHP OHGLJOLFK DXI 6HOEVWLQWHUHVVH JHJUQGHWHQ .RQWUDNWXDOLVPXV ZRUXQWHUMHGRFKDXFKGHU5DZOV·VFKHQLFKWIlOOW Å>«@ ÄFRQWUDFW¶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ÄFRQWUDFWXDOLVW¶ LV WR HPSKDVL]H LWV FRQQHFWLRQ ZLWK WKLV WUDGLWLRQµ'RFKVROOWHGLHVH=XRUGQXQJQLFKWGD]XIKUHQ$UJXPHQWH DXV GLHVHU 7UDGLWLRQ VWLOOVFKZHLJHQG ]X DGDSWLHUHQ YLHOPHKU EHDQVSUXFKW 6FDQORQV7KHRULHÄDXIHLJHQHQ)‰HQ¶]XVWHKHQ'HP9RUZXUIGHU=LUNX ODULWlW²]XU)LQGXQJYHUQQIWLJHU3ULQ]LSLHQLP.RQIOLNWIDOOLQWHUSHUVRQHO OHU (LQVWHOOXQJHQ ZHUGH GLH 9HUQQIWLJNHLW EHUHLWV YRUDXVJHVHW]W ² PX‰ DOVRHLJHQVEHJHJQHWZHUGHQ

_____________  6FDQORQ   %DUU\    EHWRQW GLH 9HUELQGXQJ ]ZLVFKHQ GHU 6R]LDOYHU WUDJVWKHRULHXQGHLQHU9HUVLRQGHV.RQVWUXNWLYLVPXVÅ&RQVWUXFWLYLVPLQJHQHUDOLV, VKDOOVD\WKHGRFWULQHWKDWZKDWZRXOGEHDJUHHGRQLQVRPHVSHFLILHGNLQGRIVLWXDWL RQFRQVWLWXWHVMXVWLFH:KHWKHUWKHVLWXDWLRQLWVHOIKDVWREHFKDUDFWHUL]HGE\IDLUQHVV IRUWKHRXWFRPHWREHMXVWLVOHIWDVDQRSHQTXHVWLRQ´'LH7ULIWLJNHLWYRQ+DEHUPDV· (LQZDQGJHJHQGHQ.RQWUDNWXDOLVPXVKlQJWYRQGLHVHUÄRIIHQHQ)UDJH¶DEÅ$EHUDXV GHU6XPPHGHUUDWLRQDOHQ0RWLYHGLHMHGHQ(LQ]HOQHQLP/LFKWVHLQHUMHHLJHQHQ3Ul IHUHQ]HQ]XU=XVWLPPXQJEHZHJHQHUNOlUWVLFKQRFKQLFKWGHUVSH]LILVFKYHUSIOLFK WHQGH&KDUDNWHUGHUYHUHLQEDUWHQ1RUPHQ²DOVRGLHGHRQWLVFKH9HUELQGOLFKNHLWPLW GHUZLUDOV0LWJOLHGHUHLQHUPRUDOLVFKHQ*HPHLQVFKDIWHLQEHVWLPPWHV9HUKDOWHQYRQ HLQDQGHUHUZDUWHQ´ +DEHUPDV %DUU\LVWVLFKGHU6FKZlFKHHLQHVVRNULWLV LHUEDUHQ .RQVWUXNWLYLVPXV DOV UHLQHV Ä%DUJDLQLQJ¶ EHZX‰W Å7KHUH LV DQ DOWHUQDWLYH YLHZZKLFKPDNHVDJUHHPHQWRQUHDVRQDEOHWHUPVVRPHWKLQJRIYDOXHLQLWVHOIUDWKHU WKDQ D PRUH RU OHVV HIILFLHQW PHDQV WR WKH VXFFHVVIXO SXUVXLW RI RQH·V HQGV´ %DUU\  6HLQHLJHQHUVXEVWDQWLHOOHUDQ6FDQORQ DOOHUGLQJVZLH5DZOVPLW%OLFNDXI VR]LDOH,QVWLWXWLRQHQ RULHQWLHUWHU.RQVWUXNWLYLVPXVLVWGDKHUPHLQHV(UDFKWHQVJHJHQ +DEHUPDV·(LQZDQGLPPXQGDGDULQUHDOH3UR]HGXUHQ]XU)LQGXQJYHUELQGOLFKHU3ULQ ]LSLHQYRUJHVHKHQVLQGÅ)LQDOO\WKHWKLUGVHWWLQJ>VFRIFRQVWUXFWLRQ@LVRQHWKDW5D SRSRUWFDOOVLQFRQWUDVWWRDJDPHDGHEDWHÄ7KHREMHFWLYHLVWRFRQYLQFH\RXURSSR QHQW WR PDNH KLP VHH WKLQJV DV \RX VHH WKHP¶ %XW ZH VKRXOG DGG WKDW FRQYLFWLRQ PXVW EH FRQFHLYHG RI DV D WZRZD\ SURFHVV 7KH SDUWLHV LQ WKLV WKLUG FRQVWUXFWLRQ PXVWGHEDWHLQJRRGIDLWKZKLFKPHDQVWKDWWKH\PXVWEHSUHSDUHGWREHFRQYLQFHG DVZHOODVWRWU\WRFRQYLQFHRWKHUV´ %DUU\YJODXFK%DUU\

†6FDQORQV.RQ]HSWLRQGHV:KDW:H2ZHWR(DFK2WKHU 



:DV 6FDQORQV 7KHRULH YRQ .DQWV .RQ]HSWLRQ GHV XQEHGLQJWHQ 6RO OHQVPLWGHUVLHQLFKWVGHVWRWURW]KLQVLFKWOLFKGHV8QLYHUVDOLVPXVXQGGHP 9RUUDQJ GHV *HUHFKWHQ YRU GHP *XWHQ HLQH HQJH 9HUELQGXQJ EHVLW]W XQWHUDQGHUHPXQWHUVFKHLGHWEHWULIIWGLH%HIROJXQJGHUÄDQDO\WLVFKHQ0H WKRGH¶ LP 6LQQH YRQ .DQWV 3UROHJRPHQD 6FDQORQ JHKW QlPOLFK YRP 6SLHO GHV9HUODQJHQVXQG*HEHQVYRQ+DQGOXQJVJUQGHQLPDOOJHPHLQHQXQG YRQ HLQHU PRUDOLVFKHQ 5HFKWIHUWLJXQJVSUD[LV LP EHVRQGHUHQ DXV XQG ÄVWHLJW]XGHQ%HGLQJXQJHQDXI¶GLHGLHVDOOHLQP|JOLFKPDFKHQ0HWKR GLVFK DQDORJ ]X %UDQGRPV =XJDQJ ]X GHQ QRUPDWLYHQ 3ULQ]LSLHQ GHV :LVVHQVXQGGHV+DQGHOQVEHUHLQHQRUPDWLYH 6SUDFK 3UDJPDWLNVHW]W 6FDQORQ PDWHULDOH SUDNWLVFKH (LQVWHOOXQJHQ YRUDXV GLH KDQGHOQGH :HVHQ LPVR]LDOHQ.RQWH[WDUWLNXOLHUHQXQGGLHJHQDXGDULQ]XHQWVSUHFKHQGHQ .RQIOLNWHQIKUHQN|QQHQ (LQ QRUPDWLYLVWLVFKHU $QVDW] SUlYDOHQWHU *UQGH ZLH HU KLHU XQWHU hEHUQDKPHEHVWLPPWHU$UJXPHQWHGLHVHU7KHRULHQYHUIROJWZLUGXQWHU OlXIWGDPLWGLHREHQLQ†IRUPXOLHUWH.ULWLNDQ.DQWV%HDQWZRUWXQJGHU )UDJH QDFK GHU %HVFKUHLEXQJ HLQHV XQEHGLQJWHQ 6ROOHQV 'LHVH 7KHRULHQ VXFKHQ UHNXUVLY QDFK 3ULQ]LSLHQ GLH GLH .RKlUHQ] NRJQLWLYHU HYDOXDWL YHULQWHQWLRQDOHUXQGDQGHUHU)HVWOHJXQJHQOHLWHQ2GHUXPHVPLW%OLFN DXI .DQW ]X SRLQWLHUHQ LP .DQWLVFKHQ 6LQQH KHWHURQRPH +DQGOXQJV JUQGHVLQGQLFKWQXUKlXILJJXWH+DQGOXQJVJUQGHVLHVLQGGDUEHUKLQ DXV GDV JHPHVVHQ ZRUDQ VLFK DXFK GLH 9HUQQIWLJNHLW DOOJHPHLQHU 3ULQ]L SLHQHUZHLVHQPX‰+DQGOXQJV]ZHFNH,QWHUHVVHQ:QVFKHXQG$QGHUHV EHVFKUHLEHQ GDPLW GLH :HOW GLH EHL GHU )LQGXQJ PRUDOLVFKHU 3ULQ]LSLHQ QLFKW QXU EHUFNVLFKWLJW ZHUGHQ PX‰ YLHOPHKU VLQG GLHVH NRQWLQJHQWHQ +DQGOXQJV]ZHFNH ,QWHUHVVHQ :QVFKH HWF GLHMHQLJHQ Ä*HJHQVWlQGH¶ RGHUEHVVHUSUDNWLVFKHQ(LQVWHOOXQJHQJHJHQEHUZHOFKHQ LQVWDQWLLHUWLQ HQWVSUHFKHQGHQ3HUIRUPDQ]HQYRQ3HUVRQHQ GLH5HFKWIHUWLJXQJHUIROJHQ PX‰,QJHQDXGLHVHP6LQQHVLQGZLU%UJHUQXUHLQHUHLQ]LJHQ:HOW:DV ZLUHLQDQGHUVFKXOGHQ²JHPl‰6FDQORQVWLWHOJHEHQGHU)RUPXOLHUXQJGHV :KDW:H2ZHWR(DFK2WKHU²VFKXOGHQZLUHLQDQGHUDOV%UJHUGLHVHUVR]L DOHQ :HOW GHUHQ HLQHV .RQVWLWXHQV ZHQQJOHLFK UHFKW YLHOIDUELJ  XQVHUH :QVFKH GLH .DQWLVFKHQ Ä1HLJXQJHQ¶ VLQG ,Q VFKURIIHP *HJHQVDW] ]X .DQWV PXQGXV VHQVLELOLV EHVLW]HQ GLHVH Ä1HLJXQJHQ¶ LQ GHU VR]LDOHQ :HOW YRQ+DXVDXVHLQQRUPDWLYHV.OHLG²VLHZHUGHQDOV*UQGHIU+DQGOXQ JHQ EHWUDFKWHW VSUHFKHQ IU RGHU JHJHQ EHVWLPPWH +DQGOXQJHQ 'DV .DQWLVFKHÄVHQVLELOLV¶LVWY|OOLJLUUHOHYDQWVREDOGÄ1HLJXQJHQ¶QLFKWKLQVLFKW OLFKLKUHVQDWXUDOHQ&KDUDNWHUVEHVFKULHEHQVRQGHUQKLQVLFKWOLFKLKUHULQWUD XQG LQWHUSHUVRQHOOHQ .RKlUHQ] EHZHUWHW ZHUGHQ ,P *HJHQVDW] ]X .DQWV

_____________  9JO.DQW,9  9JO]XGLHVHP%HJULIIXQWHQ)Q



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

$UJXPHQWDWLRQGLHGLH9HUPHLGXQJYRQ*HVHW]ZLGULJNHLWHQLQQHUKDOEGHV PXQGXV LQWHOOLJLELOLV DOV 0D[LPHQNRUUHNWLY DXIVWHOOW NDQQ JHPl‰ HLQHU 7KHRULH GHUHQ %H]XJVSXQNW NRQNUHWH (LQVWHOOXQJHQ VLQG HLQH /JH HLQ 9HUWUDJVEUXFK XQG VRJDU HLQH 7|WXQJ P|JOLFKHUZHLVH QLFKW QXU HUODXEW VRQGHUQ LQ GLVNXUVLY ]X UHFKWIHUWLJHQGHQ ([WUHPIlOOHQ  VRJDU JHERWHQ VHLQ:LU²GDVVLQG+DQGHOQGHPLWDOOHQP|JOLFKHQNRQNUHWHQ(LQVWHOOXQ JHQ²VFKXOGHQ$QGHUHQ²GDVVLQGZLHGHUXP+DQGHOQGHPLWDOOHQP|JOL FKHQ NRQNUHWHQ (LQVWHOOXQJHQ ² VROFKH +DQGOXQJHQ GHUHQ *UQGH YRQ GLHVHQ$QGHUHQQLFKWYHUQQIWLJHUZHLVH]XUFNJHZLHVHQZHUGHQN|QQHQ ,Q GLHVHP 6LQQH JHKW HV EHL GHU )LQGXQJ YRQ +DQGOXQJVSULQ]LSLHQ DXFK QLFKW ZLH EHL .DQW GDUXP VLFK JHGDQNOLFK LQ GLH 3RVLWLRQ HLQHV UDWLRQDOHQ:LOOHQVLPPXQGXVLQWHOOLJLELOLV]XYHUVHW]HQRGHULQ*HGDQNHQ GLH 3RVLWLRQ HLQHU DQGHUHQ YRQ PHLQHQ +DQGOXQJHQ EHWURIIHQHQ 3HUVRQ HLQ]XQHKPHQ VHL HV GXUFK +LQ]XIJHQ P|JOLFKVW YLHOHU ,QIRUPDWLRQHQ EHUGLHDNWXHOOHQ(LQVWHOOXQJHQGLHVHU3HUVRQZLH+DUHGLHVYRUVFKOlJW VHL HV GXUFK :HJQDKPH P|JOLFKVW YLHOHU ,QIRUPDWLRQHQ ZLH 5DZOV GLHV PLWGHPÄ6FKOHLHUGHV1LFKWZLVVHQV¶YRUVFKOlJW6WDWWGHVVHQJHKWHVKLHU XP GLH GLUHNWH $XVHLQDQGHUVHW]XQJ GDV =XZHLVHQ XQG $QHUNHQQHQ YRQ )HVWOHJXQJHQ DXI EHVWLPPWH +DQGOXQJVZHLVHQ XQG %HUHFKWLJXQJHQ ]X VROFKHUDUW)HVWOHJXQJHQ 0LWGHP%HJULIIGHU9HUQQIWLJNHLWLP*HJHQVDW]]XP%HJULIIGHU5DWLR QDOLWlW VROOHQ QXQ hEHUOHJXQJHQ LQWHJULHUW ZHUGHQ N|QQHQ GLH QLFKW GLH LQWUDSHUVRQHOOH .RKlUHQ] GHU SHUV|QOLFKHQ (LQVWHOOXQJHQ GHV RGHU GHU +DQGHOQGHQDOV.ULWHULXPEHVLW]HQ'LHhEHUWUDJXQJGLHVHVLQWUDSHUVRQHOO ]ZHLIHOORV DXFK XQWHU %HGLQJXQJHQ VWUXNWXUHOOHU hEHUOHJXQJHQ JOWLJHQ +DQGOXQJVNULWHULXPV GHU 5DWLRQDOLWlW DXI GHQ LQWHUSHUVRQHOOHQ %HUHLFK ZUGH P|JOLFKHUZHLVH ]X 3ULQ]LSLHQ IKUHQ GLH YRQ $QGHUHQ PLW JXWHQ *UQGHQ]XUFNJHZLHVHQZHUGHQN|QQHQXQGLQGLHVHP6LQQHDXFKXQVH

_____________  9JO+DUH  9JO5DZOV 5DZOVVWHOOWVHLQH7KHRULHLQGLHVHU+LQVLFKWMHGRFKDXFK H[SOL]LWLQHLQHQ.DQWLVFKHQ=XVDPPHQKDQJÅ:HQQHWZD.DQWXQVDXIIRUGHUWXQVH UH0D[LPH]XSUIHQLQGHPZLUXQVIUDJHQZDVGHU)DOOZlUHZHQQVLHHLQDOOJHPHL QHV1DWXUJHVHW]ZlUHVRPX‰HUYRUDXVVHW]HQGD‰ZLUXQVHUHQ3ODW]LQGLHVHPYRU JHVWHOOWHQ6\VWHPGHU1DWXUQLFKWNHQQHQ´ 5DZOV   9JO GD]X 6FDQORQ    DOOHUGLQJV ZLHGHUXP QLFKW LP DQDO\WLVFK WUDQVSDU HQWHUHQ 9RNDEXODU GHRQWLVFKHU (LQVWHOOXQJHQ Å7KLV JLYHV XV D GLUHFW UHDVRQ WR EH FRQFHUQHGZLWKRWKHUSHRSOH·VSRLQWVRIYLHZQRWEHFDXVHZHPLJKWIRUDOOZHNQRZ DFWXDOO\ EH WKHP RU EHFDXVH ZH PLJKW RFFXS\ WKHLU SRVLWLRQ LQ VRPH RWKHU SRVVLEOH ZRUOGEXWLQRUGHUWRILQGSULQFLSOHVWKDWWKH\DVZHOODVZHKDYHUHDVRQWRDFFHSW´ ²(LQH.DQW,QWHUSUHWDWLRQ²RGHUEHVVHU5HNRQVWUXNWLRQ²HQWODQJGLHVHUVR]LDORUL HQWLHUWHQ $UJXPHQWDWLRQVOLQLHQ 6FDQORQV ILQGHW VLFK EHL 5HDWK   YJO GD]XDXFKXQWHQ)Q

†6FDQORQV.RQ]HSWLRQGHV:KDW:H2ZHWR(DFK2WKHU 



UHQ PRUDOLVFKHQ $OOWDJVLQWXLWLRQHQ XP GHUHQ .RQ]HSWXDOLVLHUXQJ HV KLHU JHKWQLFKWJHUHFKWZHUGHQ 6RODQJH HV XP 3ULQ]LSLHQ JHKW GHUHQ %HIROJXQJ DOOH %HWHLOLJWHQ EHV VHUVWHOOHQ DOV DOWHUQDWLYH 3ULQ]LSLHQ GLHV WXQ ZUGHQ JHQJW HLQ EHU GLH $Q]DKOGHU%HWHLOLJWHQLQWHJULHUWHV.ULWHULXPGHU5DWLRQDOLWlW'RFKLQGHU 5HDOLWlWJHKWHVKlXILJXP3ULQ]LSLHQGLHHLQLJH%HWHLOLJWHQEHVVHUDOVDQ GHUHVWHOOHQXQGHVLVWQLFKWXQPLWWHOEDUHLQVLFKWLJGD‰GDV3ULQ]LSGHVVHQ %HIROJXQJVFKOLFKWZHJPHKU3HUVRQHQEHVVHUVWHOOHQZUGHDOVHLQDOWHUQD WLYHV3ULQ]LSGLHVWXQZUGHEHVVHUEHJUQGHWZHUGHQNDQQDOVGLHVHVDOWHU QDWLYH3ULQ]LS 'HQ 3UR]H‰ GHU PDWHULDOHQ hEHUOHJXQJ XQG LQWHUSHUVRQHOOHQ $XVHLQDQ GHUVHW]XQJ DQVWHOOHHLQHUTXDQWLWDWLYHQ$XIUHFKQXQJHLQHVIRUPDOHQ.DO NOV GHULQGLHVHQ6LWXDWLRQHQ]X+DQGOXQJVJUQGHQIKUHQVROOGLHYRQ GHQ +DQGHOQGHQ E]Z GHQ YRQ GHU +DQGOXQJ %HWURIIHQHQ QLFKW ]XUFN JHZLHVHQ ZHUGHQ N|QQHQ EH]HLFKQHW 6FDQORQ DOV YHUQQIWLJ (V ZHUGHQ VXEVWDQWLHOOH8UWHLOHYHUODQJWGLHP|JOLFKHNRQNUHWH(LQZlQGHJHJHQGLH %HUHFKWLJXQJ]XHLQHU)HVWOHJXQJDXIHLQHEHVWLPPWH+DQGOXQJZLHGHUJH EHQ XP GLH 'LVTXDOLILNDWLRQ HLQHU +DQGOXQJ EHJUQGHQ ]X N|QQHQ 'LH SKLORVRSKLVFKH7KHRULHVHOEVWJLEWJOHLFKZRKONHLQHVXEVWDQWLHOOHQ8UWHLOH RGHU 3ULQ]LSLHQ YRU VRQGHUQ EHVFKUHLEW OHGLJOLFK .ULWHULHQ ]XU )LQGXQJ VROFKHUVXEVWDQWLHOOHQ8UWHLOHRGHU3ULQ]LSLHQ,QGLHVHP=XVDPPHQKDQJ JUHLIW6FDQORQGHQ9HUGDFKWDXIGD‰]XU)LQGXQJPRUDOLVFKYHUQQIWLJHU 3ULQ]LSLHQ LP .RQIOLNWIDOO LQWHUSHUVRQHOOHU (LQVWHOOXQJHQ HLQ PRUDOLVFK EHVWLPPWHV.RQ]HSWYRQ9HUQQIWLJNHLWGHU%HWHLOLJWHQEHUHLWVYRUDXVJH VHW]WZHUGHÅ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´ 'RFKOHW]WHUH6WUDWHJLH²HLQHQXUVFKHLQEDUPHWDSK\VLVFKDQVSUXFKV ORVHUH7KHRULH²EHVLW]WGLHVHOEH$UJXPHQWDWLRQVSIOLFKWKLQVLFKWOLFKHLQHV VROFKHQLQWHUSHUVRQHOOHQ5DWLRQDOLWlWVNULWHULXPV'HQQOHW]WHUHVPX‰HEHQ QRWZHQGLJHUZHLVH HLQ PDWHULDOHV VHLQ 2GHU NRQNUHWHU (LJHQQXW] LVW DXFK  LP LQWHUSHUVRQHOOHQ .RQWH[W HEHQ QLFKW LGHQWLVFK PLW ORJLVFKHU .RQVLVWHQ] XQG .RKlUHQ] $Q GLHVHU $UJXPHQWDWLRQVSIOLFKW VFKHLWHUW GLHVH 6WUDWHJLH VFKOLH‰OLFK LQVRIHUQ VLH QLFKW E]Z QXU PLW H[WUHP

_____________  6FDQORQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

NRQWUDLQWXLWLYHQ0LWWHOQHLQ]XO|VHQLVW(VP‰WHHLQHEHOLHELJH)RUPYRQ ZLHDXFKLPPHUYHUVWDQGHQHP(LJHQLQWHUHVVH:RKOHUJHKHQRGHUDQGHUHQ DXIGDVHLJHQH:RKOJHULFKWHWHQ3UlIHUHQ]HQGHU%HWHLOLJWHQDOVXQLYHUVD OHV PDWHULDOHV .ULWHULXP HLQHV .RQVHQVHV DXVJHZLHVHQ ZHUGHQ 'LHVH 6WUDWHJLHLVWQXQQLFKWQXUSV\FKRORJLVFKIUDJZUGLJZHQQQLFKWJDUDXV VLFKWVORV VLH LVW YRU DOOHP GHU $OWHUQDWLYVWUDWHJLH ZHVHQWOLFK XQWHUOHJHQ LQVRIHUQOHW]WHUH]XPHLQHQGDV]XHQJH5DWLRQDOLWlWVNULWHULXPGHV(LJHQ LQWHUHVVHVQHEHQDQGHUHQ.ULWHULHQLQVLFKDXIQLPPWXQGRSHUDWLRQDOLVLHUW XQG]XPDQGHUHQHLQHQPDWHULDOHQ=LHONRQVHQVEHLVSLHOVZHLVHGDV:RKO HUJHKHQGHUPHLVWHQRGHUGLH%HVVHUVWHOOXQJGHU6FKOHFKWHVWJHVWHOOWHQYRQ GHPKHUVLFKGDV5DWLRQDOLWlWVNULWHULXPEHVWLPPHQODVVHQVROOQLFKWWKHR UHWLVFKYRUJLEWXQGLQGLHVHP6LQQHPHWDSK\VLVFKDQVSUXFKVORVHULVW 'LH$OWHUQDWLYVWUDWHJLHEHVWHKWDOVRGDULQQLFKWLPYRUDXVHLQHQPDWH ULDOHQ=LHONRQVHQV :RKOHUJHKHQGHUPHLVWHQ%HVVHUVWHOOXQJGHU6FKOHFK WHVWJHVWHOOWHQHWF ]XGHILQLHUHQGHUDOOHLQDXIJUXQGGLHVHV5DWLRQDOLWlWVNUL WHULXPV HUUHLFKEDU VHL VRQGHUQ IRUPDOH 9HUIDKUHQVQRUPHQ GHV 5HFKWIHUWLJHQV H[SOL]LW ]X PDFKHQ GLH QHEHQ DQGHUHP DXFK ZHVHQWOLFK 5DXPIUVXEVWDQWLHOOH$UJXPHQWHGHV(JRLVPXVXQGGHV$OWUXLVPXVELH WHQ9RUDXVJHVHW]WZLUG9HUQQIWLJNHLWGDPLWOHGLJOLFKLQGHP6LQQHGD‰ GLH EHWURIIHQHQ 3HUVRQHQ EHUHLW VLQG LKUH SHUV|QOLFKHQ VXEVWDQWLHOOHQ (LQVWHOOXQJHQ PLW GHP $QVSUXFK DXI $QHUNHQQXQJ LQ GHQ Ä5DXP GHU *UQGH¶]XVWHOOHQ]XYHUWHLGLJHQXQGJHJHEHQHQIDOOV]XPRGLIL]LHUHQDXI GLHVH%HUHLWVFKDIWZHUGHLFKQRFKHLQPDO]XUFNNRPPHQ:HOFKHPRUDOL VFKHQ 3ULQ]LSLHQ HV MHGRFK VFKOLH‰OLFK VLQG GLH GLHVHQ 5DXP YHUQQIWL JHUZHLVHEHKHUUVFKHQZLUGYRQGHU7KHRULHQLFKWEHVWLPPW(LQWKHRUHWL VFKHU'XUFKJULII]XGHQPRUDOLVFKHQ1RUPHQILQGHWGDKHUQLFKWVWDWW

_____________  :DVPDWHULDOYRUDXVJHVHW]WZLUGVRHUOlXWHUW6FDQORQVLQGPRUDOLVFKUHOHYDQWH(LQVWHO OXQJHQ QLFKW MHGRFK GLHVH RGHU MHQH EHVWLPPWHQ PRUDOLVFKHQ (LQVWHOOXQJHQ (U UlXPW VHLQHU7KHRULHGDEHLGHQ$QVFKHLQHLQHVYLWL|VHQ=LUNHOVHLQÅVLQFHLWPXVWEHJLQZLWK VXEVWDQWLYHFODLPVDERXWPRUDOUHOHYDQFH%XWWKLVLVQRWDVHULRXVREMHFWLRQ1RWKH RU\ZKHWKHUFRQWUDFWXDOLVWRUQRWFDQDYRLGEHJLQQLQJZLWKVRPHFODLPRIWKLVNLQG «@ HLQH 6DFKH GHU JHJHQVHLWLJHQ 6WW]XQJYLHOHU(UZlJXQJHQGHV=XVDPPHQVWLPPHQV]XHLQHUHLQKHLWOLFKHQ$XIIDV VXQJ´EH]HLFKQHWZLUGYJO5DZOV VRZLHREHQ.DS)Q0LW%OLFN DXINRQNUHWHPRUDOLVFKH.RQIOLNWHEHLVSLHOVZHLVHGHUlU]WOLFKHQ/JHJHJHQEHU3DWL HQWHQKDW'H0DUFRGLHVH2IIHQKHLWVRHUOlXWHUWÅ7KHDWWHPSWRIG\QDPLFFRKHUHQFH LVWRRUGHUDQGJXLGHPRUDOH[SHULHQFH,WVWULYHVWRILQGZD\VWRPDNHOHYHOVRIPRUDO FRQFHUQ DQG DVSHFWV ZLWKLQ WKRVH OHYHOV PXWXDOO\ VXSSRUWLQJ ,W DWWHPSWV WR VKRZ ZKRLQZKDWFLUFXPVWDQFHVKDVWKHPRUDOEXUGHQ RI SURRIDQGKRZLWPD\EHPHW $QGLWVXSSRUWVSULQFLSOHVUXOHVSUDFWLFHVQRUPVDQGVRRQLQUHODWLRQWRWKHZKROH RIPRUDOH[SHULHQFHµ 'H0DUFRI 'H0DUFRVNRKlUHQWLVWLVFKHU$QVDW]XQ WHUVFKHLGHWVLFKMHGRFKYRPYRUOLHJHQGHQLQVRIHUQDOVMHQHUVWDWWIRUPDOHU9RUJDEHQ IU GLH 5HFKWIHUWLJXQJVSUD[LV GUHL QHJDWLYH XQG GUHL SRVLWLYH PDWHULDOH 3ULQ]LSLHQ DQ JLEW GLH GLH .RKlUHQ] JDUDQWLHUHQ VROOHQ GLH QDFK GHU YRUOLHJHQGHQ .RQ]HSWLRQ MH GRFKHLQHUVHLWV]XYDJHVLQGXP]XHLQGHXWLJHQ+DQGOXQJVGLUHNWLYHQIKUHQ]XN|Q QHQXQGDQGHUHUVHLWV]XNRQNUHWXPPLW$XVQDKPHVLWXDWLRQHQXPJHKHQ]XN|QQHQ GDPLW N|QQHQ XQG PVVHQ VLH VHOEVW NRQNUHWLVLHUW DEJHZRJHQ EHJUQGHW XQGJHJH EHQHQIDOOV]XUFNJHZLHVHQZHUGHQ6HLQH3ULQ]LSLHQVLQGÅ'RQRKDUP'RQRW LQWHUIHUHZLWKIUHHGRP'RQRWEHXQMXVW>«@(DFKSULPDU\SULQFLSOHKDVDÄGXDO¶ SULQFLSOHZKLFKLQDPRUHFRQVHTXHQWLDOLVWPDQQHUDGYRFDWHVEULQJLQJLQWRWKHZRUOG PRUHZHOIDUHIUHHGRPDQGMXVWLFH3URPRWHJRRG(QKDQFHIUHHGRP3URPR WHMXVWLFH´ 'H0DUFR 

†6WDQGSXQNWHP|JOLFKHU=XUFNZHLVXQJYRQ+DQGOXQJVSULQ]LSLHQ 



DVNHGWRWDNHWKHUHOHYDQWLQWHUHVWVLQWRDFFRXQW :KHQLQWKHOLJKWRIRXU EHVWXQGHUVWDQGLQJRIWKLVPRUDOUDWLRQDOHZHPDNHDMXGJPHQWDERXWWKH VXIILFLHQF\RIWKHUHDVRQVIRUDQDFWLRQLQDSDUWLFXODUFDVHWKLVMXGJPHQW LVJXLGHGE\DQGH[SUHVVHVRXUXQGHUVWDQGLQJRIDPRUDOSULQFLSOHµ  

†6WDQGSXQNWHP|JOLFKHU=XUFNZHLVXQJYRQ +DQGOXQJVSULQ]LSLHQ

 %HLGHU6XFKHQDFK3ULQ]LSLHQGLHQLHPDQGYHUQQIWLJHUZHLVH]XUFNZHL VHQ NDQQ E]Z NRQNUHW GHP +DQGOXQJVJUXQG S GHU VROFKHQ 3ULQ]LSLHQ HQWVSULFKW ZLUG JHIRUGHUW 6WDQGSXQNWH HLQHU P|JOLFKHQ =XUFNZHLVXQJ LQGLHhEHUOHJXQJHQHLQ]XEH]LHKHQGLH]XU=XZHLVXQJE]Z$QHUNHQQXQJ HLQHU)HVWOHJXQJDXIHLQHHQWVSUHFKHQGH+DQGOXQJE]Z+DQGOXQJVDEVLFKW IKUHQN|QQHQ 'LH *OWLJNHLW GHU 6ROOHQ5HODWLRQ GD‰ GHU +DQGOXQJVJUXQG S DOVR QLFKW QXU DXIJUXQG VHLQHU IDNWLVFKHQ $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQDXIGLHHQWVSUHFKHQGH+DQGOXQJE]Z+DQGOXQJVDEVLFKWTIHVWOHJW 2 SȺT KlQJWYRQGLHVHU9HUQQIWLJNHLWYRQSDE(UVWGDPLWJLOWHLQ SUlYDOHQWHU RGHU GRPLQLHUHQGHU +DQGOXQJVJUXQG S EHVLW]W $QVSUXFK DXI *OWLJNHLW XQDEKlQJLJ YRQ GHU IDNWLVFKHQ $QHUNHQQXQJ GXUFK GLH KDQ GHOQGH3HUVRQ :HQQQXQGLH$EOHLWXQJGHU)HVWOHJXQJDXIGLH+DQGOXQJE]Z+DQG OXQJVDEVLFKWDXVGHU)HVWOHJXQJDXIGLH+DQGOXQJVJUQGHGHVKDOEP|JOLFK VHLQ VROO ZHLO GLH *UQGH VROFKH VLQG GLH 3ULQ]LSLHQ HQWVSUHFKHQ GLH QLHPDQG G K DXFK QLFKW GLH KDQGHOQGH 3HUVRQ YHUQQIWLJHUZHLVH ]X UFNZHLVHQNDQQVRZLUGPDQGDGXUFKWKHRUHWLVFK]XUFNJHIKUW]XHLQHU $QHUNHQQXQJ GHU )HVWOHJXQJ GXUFK GLH KDQGHOQGH 3HUVRQ 0LW DQGHUHQ :RUWHQ SUlYDOHQWH *UQGH JHOWHQ XQDEKlQJLJ YRQ GHU $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQ QXU GDQQ ZHQQ VLH YRQ GLHVHU 3HUVRQ XQG DQGHUHQ3HUVRQHQGLHYRQGHUIUDJOLFKHQ+DQGOXQJEHWURIIHQVLQGDQHU NDQQWZHUGHQN|QQHQGKDQHUNHQQXQJVZUGLJVLQG 'DV0HVVHQHLQHV+DQGOXQJVJUXQGVDQGHUP|JOLFKHQ=XUFNZHLVXQJ GXUFK GLH EHWURIIHQHQ 3HUVRQHQ LVW LQVRIHUQ HLQ .RQVWLWXHQV SUlYDOHQWHU *UQGH DOV RKQH HLQH VROFKH (LQEH]LHKXQJ GLH 5HFKWIHUWLJXQJVSUD[LV VFKOLFKW DXIK|UW ]X H[LVWLHUHQ 'DV =XZHLVHQ GHU )HVWOHJXQJ OlXIW RKQH GHUHQ P|JOLFKH $QHUNHQQXQJ OHHU GDV 6SLHO GHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQ GHJHQHULHUW JHQDX GDGXUFK ]XP EOR‰HQ 6SLHO GHU 0DFKW ZHOFKHV *UQGH LQVJHVDPW EHUIOVVLJ PDFKW E]Z HQWZHUWHW :LUG GDV

_____________  6FDQORQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQLPSUDNWLVFKHQ.RQWH[WPLW GHP=LHOJHVSLHOWSUlYDOHQWH*UQGH]XILQGHQDOVRVROFKHGHUHQ*OWLJ NHLW GLH )HVWOHJXQJVHUKDOWXQJ HLQHU ,QIHUHQ] GDGXUFK JDUDQWLHUW GD‰ GLH XQLYHUVHOOH $QHUNHQQXQJ GHU )HVWOHJXQJ DXI GLH +DQGOXQJVJUQGH ]ZDU QLFKW QRWZHQGLJ RGHU JDU ZLUNOLFK DEHU GRFK YHUQQIWLJHUZHLVH P|JOLFK LVW VR EHGHXWHW GLHV GD‰ GLH =XZHLVXQJ GHU )HVWOHJXQJ LKUHUVHLWV JHJHQEHU GHU KDQGHOQGHQ3HUVRQDOVEHUHFKWLJWDXVJHZLHVHQZHUGHQN|QQHQPX‰8QGGLHVZLHGHU XPKHL‰WGD‰GHU6WDQGSXQNWGHUKDQGHOQGHQ3HUVRQLKUHP|JOLFKH$Q HUNHQQXQJ GLHVHU )HVWOHJXQJ RGHU GHUHQ EHJUQGHWH =XUFNZHLVXQJ  EHUFNVLFKWLJWZHUGHQPX‰'LHKLHUWKHPDWLVLHUWHSUDNWLVFKH9HUQQIWLJ NHLW Ol‰W VLFK GDPLW DXFK IROJHQGHUPD‰HQ EHVWLPPHQ GHU 0|JOLFKNHLW GHU $QHUNHQQXQJDXIVHLWHQGHUKDQGHOQGHQ3HUVRQNRUUHVSRQGLHUWHLQH1RWZHQGLJNHLWGHU 5HFKWIHUWLJXQJHLQHU=XZHLVXQJGHUHQWVSUHFKHQGHQ)HVWOHJXQJDXIVHLWHQGHUEHXUWHLOHQ GHQ 3HUVRQ ZHQQGLHVH ]XJHZLHVHQH )HVWOHJXQJ HLQIHVWOHJXQJVHUKDOWHQGHU RGHUSUlYDOHQWHU+DQGOXQJVJUXQGVHLQVROO 'DUDXVIROJWZRKOJHPHUNWQLFKWGD‰GLH=XZHLVXQJHLQHU)HVWOHJXQJ QXUGDQQEHUHFKWLJWLVWZHQQVLHYRQGHUKDQGHOQGHQ3HUVRQDXFKWDWVlFK OLFK DQHUNDQQW ZLUG VRQVW N|QQWH HV EHLVSLHOVZHLVH NHLQH EHUHFKWLJWHQ 9RUZUIH SRVW IHVWXP JHEHQ GHU 6DW] ÅGX KlWWHVW DEHU DQGHUV KDQGHOQ VROOHQ´ZUGHVR]XVDJHQQRUPDWLYOHHUODXIHQ 'RFKDOOHLQGLHVH%HUFN VLFKWLJXQJ GHU 6WDQGSXQNWH P|JOLFKHU =XUFNZHLVXQJ NDQQ ]X GHU %H UHFKWLJXQJ IKUHQ GLH GLH EHXUWHLOHQGH 3HUVRQ YRUZHLVHQ N|QQHQ PX‰ XP GHU KDQGHOQGHQ 3HUVRQ HLQH )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW]X]XZHLVHQGLHGLHVH P|JOLFKHUZHLVH QLFKWDQHUNDQQW KDW YRQ GLHVHU%HUFNVLFKWLJXQJ KlQJW GLH/HJLWLPLWlW GHU =XZHLVXQJ GHU IUDJOLFKHQ)HVWOHJXQJDE3UREOHPDWLVFKGDEHLLVWVHOEVWYHUVWlQGOLFKQRFK GLH$XWRULWlWGHUEHXUWHLOHQGHQ3HUVRQE]Z3HUVRQHQ *UQGHVLQGQXUGDQQEHUKDXSW*UQGHZHQQHQWZHGHUGLHZLUNOLFKH $QHUNHQQXQJ RGHU DEHU GLH P|JOLFKH $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQ JHZlKUOHLVWHW LVW *LOW GLH (UIRUGHUQLV5HODWLRQ VR EHGDUI HV GHU ZLUNOLFKHQ $QHUNHQQXQJ JLOW GLH *UQGH E]Z GLH 6ROOHQ5HODWLRQ VR EHGDUIHVGHUP|JOLFKHQ$QHUNHQQXQJ]XHLQHP.RQIOLNWNDQQHVMHGRFK QXUNRPPHQZHQQGLH6ROOHQ5HODWLRQJHOWHQVROOGHQQQXUKLHUOLHJWLP *HJHQVDW]]XU*UQGH5HODWLRQHLQHIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]YRU 1XQ LVW GDV ,GHDO HLQHU P|JOLFKHQ $QHUNHQQXQJ GXUFK GLH KDQGHOQGH 3HUVRQ VHOEVWYHUVWlQGOLFK GHUHQ ZLUNOLFKH $QHUNHQQXQJ G K XQWHU YROO VWlQGLJ YHUQQIWLJHQ 9HUKlOWQLVVHQ WUDQVIRUPLHUHQ DOOH %HWURIIHQHQ DOV KDQGHOQGH XQG EHXUWHLOHQGH 3HUVRQHQ GLH HQWVSUHFKHQGHQ 6ROOHQ 5HODWLRQHQLQ(UIRUGHUQLV5HODWLRQHQ'RFKNDQQXQGPX‰YRQGLHVHP

_____________  .DQWVQRPLQHOOHLQJHIKUWH:HVHQPLWHLQHPÅKHLOLJHQ:LOOHQ´ .DQW9 HQWVSUl FKHQGLHVHP,GHDO,QGHP6LQQLQGHP%URRPHQRUPDWLYH(UIRUGHUQLVVHYRQ6ROOHQ

†6WDQGSXQNWHP|JOLFKHU=XUFNZHLVXQJYRQ+DQGOXQJVSULQ]LSLHQ 



,GHDOHEHQQLFKWDXVJHJDQJHQZHUGHQYLHOPHKUWUlJWJHUDGHGLH5HFKWIHUWL JXQJVSUD[LV GLH HUIRUGHUOLFKH $XVIDOOEUJVFKDIW XQG ZLUG GDPLW ]X HLQHP .RQVWLWXHQVGHU0RUDOGLH*OWLJNHLWSUlYDOHQWHU*UQGHJUQGHWVLFKDXI HLQHP|JOLFKH$QHUNHQQXQJGHU%HWURIIHQHQLKUH*HOWXQJKlQJWVFKOLH‰ OLFKYRQGHUWDWVlFKOLFKHQ$QHUNHQQXQJGXUFKGLHVH3HUVRQHQDE 'LH=XZHLVXQJHLQHU)HVWOHJXQJRKQHGLHVHYHUQQIWLJHUZHLVHP|JOLFKH $QHUNHQQXQJGXUFKGLHEHWURIIHQH3HUVRQEHGHXWHWHLQHSULQ]LSLHOOH,JQR UDQ]JHJHQEHUGHU5HFKWIHUWLJXQJVSUD[LVDOVVROFKHUXQGIKUWDXIVJDQ]H JHVHKHQ ]X GHUHQ =XVDPPHQEUXFK 2GHU DXV GHU 3HUVSHNWLYH GHU KDQ GHOQGHQ 3HUVRQ IRUPXOLHUW GLH HLJHQH )HVWOHJXQJ DXI +DQGOXQJVJUQGH GLH PLW GHU ]XJHZLHVHQHQ)HVWOHJXQJ NRQIOLJLHUHQ G K GLH EOR‰H1LFKW $QHUNHQQXQJGHU]XJHZLHVHQHQ)HVWOHJXQJIKUWQLFKWQRWZHQGLJHUZHLVH ]XU$XIKHEXQJGLHVHU)HVWOHJXQJDEHUVLHPX‰LQGLH5HFKWIHUWLJXQJVSUD [LV HLQEH]RJHQ ZHUGHQ XP GLH *OWLJNHLW GHU ]XJHZLHVHQHQ )HVWOHJXQJ XQGGDPLWGHUSUlYDOHQWHQ*UQGHDXVZHLVHQ]XN|QQHQ2GHUDQVFKDXOL FKHULQHLQHP%HLVSLHOIRUPXOLHUW(YHQWXHOOH*UQGHIUHLQH7|WXQJ ]% HLQHVEHZDIIQHWHQ$QJUHLIHUV PVVHQLP.RQIOLNWIDOOEHUFNVLFKWLJWZHU GHQ XP *UQGH JHJHQ GLHVH LQ )UDJH VWHKHQGH 7|WXQJDOV SUlYDOHQW DXV ZHLVHQ ]X N|QQHQ 6FDQORQ VWUHLFKW DQKDQG JOHLFKJHODJHUWHU )lOOH HLQHQ ZLFKWLJHQ $VSHNW GHU %HGHXWXQJ GHU 5HFKWIHUWLJXQJVSUD[LV IU GLH )LQ GXQJ GRPLQLHUHQGHU *UQGH KHUDXV Å>«@ QRW HYHU\ DFWLRQ WKDW FDQ EH IRUHVHHQWROHDGWRVRPHRQH·VGHDWKRUWKDWFDXVHVSDLQHYHQWRDEDE\LV ZURQJ6XFKDFWLRQVPD\RUPD\QRWEHZURQJGHSHQGLQJRQZKDWMXVWLIL FDWLRQWKHUHPD\EHIRUWKHP>«@0RUHRYHULQDVVHVVLQJVXFKMXVWLILFD WLRQVZHDUHQRW>«@PHUHO\EDODQFLQJWKHGLVYDOXHRIKDYLQJVRPHRQHGLH RUKDYLQJSDLQRFFXUDJDLQVWWKHYDOXHRIKDYLQJ>«@RWKHUWKLQJVKDSSHQ 5DWKHUZHDUHDVNLQJZKHWKHUWKHUHDVRQVIRUWKHVHRWKHUWKLQJVSURYLGH DQDGHTXDWHUHVSRQVHWRWKHUHDVRQVWKDWWKHYLFWLPVWKHPVHOYHVKDYHIRUZDQW LQJ WR OLYH ORQJHU RU WR QRW EH LQ SDLQ 7KDW LV WR VD\ ZH DUH DVNLQJ

_____________ 5HODWLRQHQ XQWHUVFKHLGHW VSULFKW .DQW PLW EH]XJ DXI GLHVH :HVHQ GDYRQ GD‰ ÅGDV 6ROOHQ>@KLHUDPXQUHFKWHQ2UWH´ .DQW,9 VHLYJOGD]XREHQ†  1LFKWPLW%OLFNDXI+DQGOXQJVJUQGHLPDOOJHPHLQHQXQGNRQNUHWH+DQGOXQJVJUQ GHGLHQLFKWYHUQQIWLJHUZHLVH]XUFNJHZLHVHQZHUGHQN|QQHQLPEHVRQGHUHQVRQ GHUQ PLW %OLFN DXI 1RUPHQ GLH LQ HWZD GHP HQWVSUHFKHQ ZDV KLHU PLW 6FDQORQ DOV 3ULQ]LSLHQEH]HLFKQHWZXUGHVSULFKW+DEHUPDVDQDORJYRQ*HOWXQJ Å(VLVWGHU)DOO GD‰TJHERWHQLVW´ XQG*OWLJNHLW Å(VLVWJHERWHQGD‰T´ Å'D‰HLQH1RUPLGHDOL WHU JLOW EHGHXWHW VLH YHUGLHQW GLH =XVWLPPXQJ DOOHU %HWURIIHQHQ ZHLO VLH +DQGOXQJV SUREOHPHLQGHUHQJHPHLQVDPHP,QWHUHVVHUHJHOW'D‰HLQH1RUPIDNWLVFKEHVWHKWEH GHXWHW KLQJHJHQ GHU *HOWXQJVDQVSUXFK PLW GHP VLH DXIWULWW ZLUG YRQ GHQ %HWURIIHQHQ DQHUNDQQW XQG GLHVH LQWHUVXEMHNWLYH $QHUNHQQXQJ EHJUQGHW GLH VR]LDOH *HOWXQJ GHU 1RUP´ +DEHUPDV  , I YJO    9JO ]XU GDPLW YHU ZDQGWHQ UHFKWVUHOHYDQWHQ 'LIIHUHQ] ]ZLVFKHQ /HJDOLWlW XQG /HJLWLPLWlW +DEHUPDV· 7DQQHU/HFWXUHVÅ5HFKWXQG0RUDO´LQ+DEHUPDVLQVEHV



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

ZKHWKHUWKHVHFRXQWHUYDLOLQJFRQVLGHUDWLRQVVXIILFHWRMXVWLI\WKHDFWLRQVWR WKHPµ 'LH(LQEH]LHKXQJDQGHUHU6WDQGSXQNWHLVWGHPJHPl‰HLQHQRWZHQGL JH %HGLQJXQJ GHU /HJLWLPDWLRQ SUlYDOHQWHU +DQGOXQJVJUQGH 6LH LVW GLH QRWZHQGLJH%HGLQJXQJIUGLH%HUHFKWLJXQJHLQHU=XZHLVXQJHLQHU)HVW OHJXQJIDOOVOHW]WHUHXQDEKlQJLJYRQGHU$QHUNHQQXQJGLHVHU)HVWOHJXQJ GXUFKGLHKDQGHOQGH3HUVRQ*OWLJNHLWEHVLW]HQVROOGKIDOOVGHU6FKOX‰ YRQ GHQ +DQGOXQJVJUQGHQ DXI GLH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW QLFKW JHPl‰ GHU (UIRUGHUQLV5HODWLRQ RGHU GHU *UQGH5HODWLRQ  VRQ GHUQJHPl‰GHU6ROOHQ5HODWLRQJHOWHQVROO :DV NHQQ]HLFKQHW QXQ GHUDUWLJH 6WDQGSXQNWH" *HQHUHOO JLOW YRQ +DQGOXQJVJUQGHQ GD‰ VLH LQ HLQHU EHVWLPPWHQ +LQVLFKW |IIHQWOLFK VLQG 6HOEVW GLH (UIRUGHUQLV5HODWLRQ 2 S Ⱥ T  JLOW ² EHL MHZHLOV VXEMHNWLYHU $QHUNHQQXQJYRQS²IUDOOH3HUVRQHQDXIGLHGLHHQWVSUHFKHQGH6LWXDWL RQVEHVFKUHLEXQJ]XWULIIW DIRUWLRULLVWGLHVEHLEHUHFKWLJXQJVRGHUIHVWOH JXQJVHUKDOWHQGHQ,QIHUHQ]HQGHU)DOOLQZHOFKHQGLH.RQNOXVLRQPLWWHOV PRGXV SRQHQV DEWUHQQEDU LVW  )U GLH (UIRUGHUQLV5HODWLRQ JLOW :HQQ HLQH 3HUVRQ ]X GHU hEHU]HXJXQJ JHODQJW GD‰ EHVWLPPWH (LQVWHOOXQJHQ GLHHLQHVSH]LILVFKH6LWXDWLRQEHWUHIIHQLQVJHVDPWHLQHEHVWLPPWH+DQG OXQJ E]Z HLQ 6XEVWLWXWLRQVlTXLYDOHQW HLQHV EHVWLPPWHQ +DQGOXQJVW\SV  HUIRUGHUQ GDQQ JHKW GLHVH 3HUVRQ LPSOL]LW GDYRQ DXV GD‰ MHGH DQGHUH 3HUVRQGLHLQGHPVHOEHQ9HUKlOWQLV]XGLHVHUVSH]LILVFKHQ6LWXDWLRQVWHKW GHPVHOEHQ (UIRUGHUQLV XQWHUOLHJW 6FDQORQ ZHLVW LQ GLHVHP =XVDPPHQ KDQJ GDUDXI KLQ GD‰ GLHVH )RUP YRQ gIIHQWOLFKNHLW RGHU $OOJHPHLQKHLW *UQGHQDOVVROFKHQLQQHZRKQWÅ>«@VLQFHDQ\MXGJPHQWDERXWRXURZQ UHDVRQVHQWDLOVFODLPVDERXWWKHUHDVRQVWKDWRWKHUVKDYHRUZRXOGKDYHLQ FHUWDLQ FLUFXPVWDQFHV´ 2GHU QRFKPDOV LQ GHU KLHU YRUJHVFKODJHQHQ

_____________  6FDQORQ  6FDQORQYJOGD]XEHUHLWV.DPEDUWHOÅ0LWGHP$QVSUXFKEHJUQGH WHUSUDNWLVFKHUXQGWKHRUHWLVFKHU2ULHQWLHUXQJHQGDVVROOKHL‰HQEHJUQGHWHUGDVMH ZHLOLJH6LWXDWLRQVYHUVWlQGQLVOHLWHQGHU,QWHUHVVHQXQG)HVWVWHOOXQJHQYHUODVVHQZLU>@ GLH 6SKlUH SULYDWHU RGHU JUXSSHQUHODWLYHU 0HLQXQJHQ XQG =LHOVHW]XQJHQ LQ 5LFKWXQJ DXI HLQH QLFKWPDQLSXOLHUWH  9HUVWlQGLJXQJ GHU %HWURIIHQHQ NXU] HLQH WUDQVVXEMHNWLYH 2ULHQWLHUXQJ´ 9JO ]X HLQHU NDQWLDQLVFKHQ ,QWHUSUHWDWLRQ GHU 7UDQVVXEMHNWLYLWlW DOV Å)UHLKHLWYRQVLFKVHOEVW´DXFK.DPEDUWHO+LQWHU.DPEDUWHOV9HUZHQ GXQJGHV%HJULIIVGHU7UDQVVXEMHNWLYLWlWVWHKW/RUHQ]HQVHQWVSUHFKHQGH%HVWLPPXQJ Å>«@ÄWUDQVVXEMHFWLYLW\¶>«@LVVWLOOVXEMHFWLYLW\EXWDVXEMHFWLYLW\ZKLFKLVDZDUHRILWV RZQOLPLWV²DQGWULHVWRRYHUFRPHWKHP7UDQVVXEMHFWLYLW\LVQRWDIDFWEXWLWLVQRWD SRVWXODWHHLWKHU7UDQVVXEMHFWLYLW\LVVLPSO\DWHUPFKDUDFWHUL]LQJWKDWDFWLYLW\LQZKLFKZH DUHDOZD\VDOUHDG\LQYROYHGLIZHEHJLQWRUHDVRQDWDOO´ /RUHQ]HQ+HUYRUKHEXQJ .3 9JO/RUHQ]HQHEG]XPH[SOL]LWHQ$QVFKOX‰GLHVHV3ULQ]LSVDQ.DQWVNDWHJRUL VFKHQ ,PSHUDWLY $XV /RUHQ]HQV 3ULQ]LS GHU 7UDQVVXEMHNWLYLWlW IROJW MHGRFK QLFKW XQGLVWDXFKQLFKWPLWLKPLGHQWLVFK GDVÅ3ULQ]LSGHU7UDQVVXEMHNWLYLWlW´RGHUÅ9HU

†6WDQGSXQNWHP|JOLFKHU=XUFNZHLVXQJYRQ+DQGOXQJVSULQ]LSLHQ 



$GDSWDWLRQ YRQ %URRPHV 9RNDEXODU GLH $OOJHPHLQKHLW GLH *UQGHQ DOV VROFKHQLQKlULHUWJLOWQLFKWQXUYRQ3UlPLVVHQGHU*UQGHRGHU6ROOHQ 5HODWLRQHQVRQGHUQDXFKYRQ3UlPLVVHQLQ(UIRUGHUQLV5HODWLRQHQLQVR IHUQ KLHU GDV 9HUKlOWQLV GHU 3HUVRQ ]X GHU VSH]LILVFKHQ 6LWXDWLRQ RGHU GHRQWLVFKIRUPXOLHUWLKUH$QHUNHQQXQJGHU+DQGOXQJVJUQGHYRUDXVJH VHW]WZLUG 6FDQORQ KDW DXI HQWVSUHFKHQGH (LQZlQGH *DXWKLHUV KLQ VHLQH .RQ ]HSWLRQGHUÅXQLYHUVDOLW\RIUHDVRQMXGJPHQWV´ZHLWHUSUl]LVLHUWZREHLHU VHLQH .RQ]HSWLRQ VFKOLH‰OLFK IROJHQGHUPD‰HQ UHVPLHUW Å>«@ WKH FODLP WKDW;LVDUHDVRQIRURQHSHUVRQWRGR$HQWDLOVWKHFODLPWKDWLWLVDOVRD UHDVRQ IRU DQ\RQH HOVH ZKRVH FLUFXPVWDQFHV DUH VLPLODU LQ UHOHYDQW UH VSHFWV >«@ 7KH XQLYHUVDOLW\ RI UHDVRQV MXGJPHQWV VHHPV WR PH ZRUWK QRWLQJGHVSLWHLWVWDXWRORJRXVFKDUDFWHUEHFDXVHLWLPSRVHVDXVHIXOGLVFL SOLQHRQRXUFODLPVDERXWUHDVRQV7KHUHLVDWHQGHQF\,WKLQNWRJUDQW WKDW RWKHUV PD\QRW KDYH WKH UHDVRQV ZH WDNH RXUVHOYHV WR KDYH ZLWKRXW FRQVLGHULQJZKDWWKLVLPSOLHVDERXWWKHQDWXUHRIRXURZQUHDVRQV7DNLQJ DFFRXQW RI WKH XQLYHUVDOLW\RI UHDVRQ MXGJPHQWVIRUFHV XVWRPDNH WKHVH FRQVHTXHQFHVH[SOLFLWDQGWKXVWRFODULI\WKHFODLPVZHDUHPDNLQJ´'LH DXINOlUHULVFKH)XQNWLRQYRQ6FDQORQVÅXQLYHUVDOLW\RIUHDVRQMXGJPHQWV´ 'RNWULQEHVWHKWLQ)ROJHQGHPÅ>«@LIZHFODLPWKDW;LVDUHDVRQIRURQH RIWKHVHSHRSOHWRGR$EXWQRWIRUWKHRWKHUWKHQZHDUHFRPPLWWHGWR WKH FODLP WKDW WKHUH LV VRPH UHOHYDQW GLIIHUHQFH EHWZHHQ WKHLUVLWXDWLRQV >«:HDUHIRUFHG@WRLGHQWLI\RXUGLVDJUHHPHQWDVDVXEVWDQWLYHGLVDJUHH PHQWDERXWZKLFKFRQVLGHUDWLRQVDUHUHOHYDQWWRWKHUHDVRQVDSHUVRQKDV ²LQSDUWLFXODUDERXWZKHWKHUWKHZD\DFRQVLGHUDWLRQÄVWULNHV¶DQDJHQWLV RULVQRWDUHOHYDQWFRQVLGHUDWLRQLQDVLWXDWLRQRIWKHNLQGLQTXHVWLRQµ

_____________ QXQIWSULQ]LS´ GDV 6FKZHPPHU IU VSH]LILVFK SUDNWLVFKH 'LVNXUVH DXIJHVWHOOW KDW Å'DV9HUQXQIWSULQ]LSN|QQHQZLUVROHVHQDOVGLH)RUGHUXQJNHLQHEOR‰VXEMHNWLYHQ EOR‰ IDNWLVFKHQ  0HLQXQJHQ RGHU =ZHFNVHW]XQJHQ ]X KDEHQ´ 6FKZHPPHU   'LHVLVWNHLQHVLQQYROOH)RUGHUXQJIU0HQVFKHQGLHVLQQYROOH)RUGHUXQJODXWHW YLHOPHKUJHPl‰/RUHQ]HQV3ULQ]LSHLQHQ/HJLWLPDWLRQVRUWMHQVHLWVGHUIDNWLVFKHQXQG LUUHGX]LEHO VXEMHNWLYHQ =ZHFNVHW]XQJHQ ]X ILQGHQ 9JO GD]X DXFK -DQLFKV $EJUHQ ]XQJGHV%HJULIIVGHU7UDQVVXEMHNWLYLWlWYRP%HJULIIGHU,QWHUVXEMHNWLYLWlWZlKUHQG VLFKLQWHUVXEMHNWLYH*HOWXQJDXIGLHÅ]ZLVFKHQ6XEMHNWHQIDNWLVFKHhEHUHLQVWLPPXQJ´ EH]LHKWVROOPLWGHU7UDQVVXEMHNWLYLWlWÅGDVhEHUVFKUHLWHQGHU6XEMHNWLYLWlWDOVSULQ]L SLHOOHU *HOWXQJVDQVSUXFK ]XP $XVGUXFN JHEUDFKW ZHUGHQ 'LH *HOWXQJ HLQHV 6DW]HV WUDQVVXEMHNWLY ]X QHQQHQ KHL‰W DOVR VHLQH =XVWLPPXQJVIlKLJNHLW SULQ]LSLHOO IU MHGH 3HUVRQ ]X EHDQVSUXFKHQ XQG GDIU SULQ]LSLHOO IU MHGH 3HUVRQ QDFKYROO]LHKEDUH %H JUQGXQJHQYRU]XOHJHQ´ -DQLFKI 9JO]XP%HJULIIGHUWUDQVVXEMHNWLYHQ*HO WXQJDXFK+DEHUPDVXQGGHVVHQ5HNXUVDXI(PLO/DVNV6\VWHPGHU/RJLNLQ+DEHUPDV   6FDQORQYJOGD]X*DXWKLHU  6FDQORQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

'D KDQGHOQGHQ 3HUVRQHQ LKUH )HVWOHJXQJHQ DXI EHVWLPPWH hEHU]HX JXQJHQRGHU3UR(LQVWHOOXQJHQQLFKWVWHWVEHZX‰WVLQGLQVRIHUQPDWHULDO JOWLJH ,QIHUHQ]HQ GLH XQVHUH DOOWlJOLFKH $UJXPHQWDWLRQVSUD[LV EHKHUU VFKHQ QRUPDOHUZHLVH HLQH JDQ]H $Q]DKO YRQ ZHLWHUHQ NRQVHTXHQWLHOOHQ RGHU.ROODWHUDOIHVWOHJXQJHQLPSOL]LHUHQGLHLQGHU$UJXPHQWDWLRQVSUD[LV HUVW H[SOL]LW JHPDFKW XQG GDPLW RIIHQJHOHJW ZHUGHQ N|QQHQ LVW HV LQ HL QHPSUDNWLVFKHQ DEHUDXFKEHUHLWVLQHLQHPHSLVWHPLVFKHQ .RQWH[WYRQ %HGHXWXQJ GLH 6WDQGSXQNWH $QGHUHU ]X EHUFNVLFKWLJHQ 'HQQ GLHVH 6WDQGSXQNWHN|QQWHQ7HLOEHVFKUHLEXQJHQGHVHLJHQHQ6WDQGSXQNWVLPSOL ]LHUHQ(LQVWHOOXQJHQDOVRDXIGLHPDQVLFKVHOEVWEHZX‰WRGHUXQEHZX‰W IHVWJHOHJWKDWGKGHUHQ)HVWOHJXQJPDQHQWZHGHUEHUHLWVDQHUNDQQWKDW RGHU HEHQ QRFK  QLFKW RKQH MHGHQIDOOV VLFK GDUEHU LP NODUHQ ]X VHLQ ZRUDXIPDQVLFKGDPLWDX‰HUGHPIHVWJHOHJWKDW6FDQORQUHVPLHUWGDKHU IUGHQSUDNWLVFKHQ.RQWH[WXQGGLHSULQ]LSLHOOHgIIHQWOLFKNHLWYRQ+DQG OXQJVJUQGHQ Å7KH XQLYHUVDOLW\ RI UHDVRQ MXGJPHQWV LV D IRUPDO FRQVH TXHQFHRIWKHIDFWWKDWWDNLQJVRPHWKLQJWREHDUHDVRQIRUDFWLQJLVQRWD PHUH SURDWWLWXGH WRZDUG VRPH DFWLRQ EXW UDWKHU D MXGJPHQW WKDW WDNHV FHUWDLQ FRQVLGHUDWLRQV DV VXIILFLHQW JURXQGV IRU LWV FRQFOXVLRQ >«@ :H WKXV KDYH ZKROO\ VHOIUHJDUGLQJ UHDVRQV IRU KDYLQJ YLHZV DERXW WKH FRU UHFWQHVVRULQFRUUHFWQHVVRIWKHMXGJPHQWVSHRSOHPDNHDERXWWKHUHDVRQV WKH\KDYHVLQFHWKHVHMXGJPHQWVLPSO\FRQFOXVLRQVDERXWWKHUHDVRQVZH KDYHµ 'LHVH UHDOH $UJXPHQWDWLRQVSUD[LV EHVFKUHLEHQG IlKUW 6FDQORQ VFKOLH‰OLFKIRUWÅ6RVLWXDWLRQVFDQDULVHLQZKLFKLIWKHLU>VFRWKHUSHR SOH·V@MXGJPHQWVDERXWWKHLUUHDVRQVIRUDFWLRQDUHFRUUHFWRXUMXGJPHQWV DERXWRXURZQUHDVRQVPXVWEHPLVWDNHQ,QRUGHUIRUVXFKFRQIOLFWVWREH UHDO ERWK SDUWLHV PXVW EH PDNLQJ MXGJPHQWV DERXW WKH VDPH WKLQJ IRU H[DPSOHDERXWZKHWKHUFHUWDLQFRQVLGHUDWLRQVGRLQIDFWFRXQWLQIDYRURI D JLYHQ DWWLWXGHIRU D SHUVRQ LQ D FHUWDLQ VLWXDWLRQ7KLV PHDQV WKDW WKH\ PXVWEHWDONLQJDERXWWKHVDPHDWWLWXGHDQGWKDWWKH\PXVWEHHPSOR\LQJ VLPLODU VHWV RI HYDOXDWLYH FDWHJRULHVµ $XI 6FDQORQV $QVLFKW GD‰ GDV (LQ]HOXUWHLOVHOEVWXQGQLFKWZLHKLHUYHUWUHWHQGLH5HFKWIHUWLJXQJVSUD[LV LQVJHVDPWGLH,QVWDQ]LVWYRUGHUGLH*OWLJNHLWSUlYDOHQWHU*UQGHVWDQG KDOWHQ PX‰ ZHUGH LFK QRFK HLQJHKHQ ,FK EHWUDFKWH GLHVH 5HFKWIHUWL JXQJVSUD[LV GHQ 2UW DOVR DQ GHP LPSOL]LWH (LQVWHOOXQJHQ H[SOL]LW JH

_____________  9JO]XGLHVHU%HJULIIOLFKNHLW%UDQGRPDÅ/HJWPDQVLFK DXIGLH%HKDXS WXQJ IHVW GD‰ 3LWWVEXUJK ZHVWOLFK YRQ 3KLODGHOSKLD OLHJW VR LVW GDV HLQH :HLVH GLH )HVWOHJXQJ DXI GLH %HKDXSWXQJ HLQ]XJHKHQ GD‰ 3KLODGHOSKLD |VWOLFK YRQ 3LWWVEXUJK OLHJW'LHVHNRQVHTXHQWLHOOHQ)HVWOHJXQJHQZHUGHQQLFKWXQEHGLQJWDQHUNDQQWZLUDQHU NHQQHQQLFKWLPPHUHLQH)HVWOHJXQJDXI DOOH)ROJHQGHU)HVWOHJXQJHQGLHZLU DQHU NHQQHQ1LFKWVGHVWRWURW]VLQGDXFKVLH)HVWOHJXQJHQ´  6FDQORQ+HUYRUKHEXQJHQ.3  6FDQORQ

†$OOJHPHLQH*UQGH 



PDFKW ZHUGHQ DOV GLH 4XHOOH GHU 1RUPDWLYLWlW SUlYDOHQWHU +DQGOXQJV JUQGHPHLQHQWVSUHFKHQGHVSULQ]LSLHOOHV9HUWUDXHQLQGLH9HUQQIWLJNHLW GHUDQGHUHQ7HLOQHKPHUDP6SLHOGHV9HUODQJHQVXQG*HEHQVYRQ*UQ GHQVRZLHGDVGLHVHP9HUWUDXHQNRUUHVSRQGLHUHQGHSULQ]LSLHOOH0L‰WUDXHQ JHJHQEHUGHUHLJHQHQ8QIHKOEDUNHLWLP8UWHLOVWHKWGDPLWHLQHU2EMHNWL YLWlW YRQ JOWLJHQ 3ULQ]LSLHQ DQ GHQHQ XQVHU ,QWHOOHNW JHZLVVHUPD‰HQ WHLOKDEHQ NDQQ JHJHQEHU 'RFK XQDEKlQJLJ YRQ GHP WKHRUHWLVFKHQ :HUWGHQPDQGHU5HFKWIHUWLJXQJVSUD[LVDOVVROFKHUEHLPL‰WLVWGLHKLHU DQJHVSURFKHQH SULQ]LSLHOOH gIIHQWOLFKNHLW YRQ *UQGHQ JOHLFKEHGHXWHQG PLW GHU P|JOLFKHQ hEHUHLQVWLPPXQJ ]ZLVFKHQ RGHU $EOHKQXQJ YRQ DQGHUHQ 6WDQGSXQNWHQGK$UWLNXODWLRQHQSHUV|QOLFKHU(LQVWHOOXQJHQ  

†$OOJHPHLQH*UQGH

 8PGLH$UWGLHVHULQGLHSUDNWLVFKHhEHUOHJXQJHLQ]XEH]LHKHQGHQ6WDQG SXQNWHQlKHU]XEH]HLFKQHQIKUW6FDQORQGHQ%HJULIIGHUÅJHQHULFUHD VRQV´ HLQ %HUHLWV DXV GHU DOOJHPHLQHQ +DQGOXQJVVWUXNWXU GHU (LJHQDUW YRQ+DQGOXQJHQGD‰VLH(IIHNWHEHVLW]HQN|QQHQGLHQLFKWQXUGLHKDQ GHOQGH 3HUVRQ XQG DXFK QLFKW QXU GLH KDQGHOQGH XQG GLH EHXUWHLOHQGH 3HUVRQ JHPHLQVDP EHWUHIIHQ VRQGHUQ P|JOLFKHUZHLVH 'ULWWH EHUKUHQ IROJW GD‰ EHL GHU )UDJH QDFK 3ULQ]LSLHQ GLH QLFKW YHUQQIWLJHUZHLVH ]X UFNJHZLHVHQZHUGHQN|QQHQDXFKGLHVH6WDQGSXQNWHHLQEH]RJHQZHUGHQ PVVHQ 'XUFK GLH +DQGOXQJVRULHQWLHUXQJ DQ 3ULQ]LSLHQ VFKOLH‰OLFK GLH DOV 0D‰VWDE NRQNUHWHU VLWXDWLRQVDEKlQJLJHU +DQGOXQJVJUQGH JHOWHQ VRO OHQLVWGHU+RUL]RQWYRQGHUVSH]LILVFKHQ+DQGOXQJKLQDXIHLQHDOOJHPHL QH 8Q 5HFKWPl‰LJNHLW GHUDUWLJHU +DQGOXQJHQ LQNOXVLYH GHUHQ .RQVH TXHQ]HQHUZHLWHUW :LHLPOHW]WHQ$EVFKQLWWEHUHLWVEHWRQWZXUGHXQWHUVFKHLGHQVLFK8U WHLOH GLH GLH 5LFKWLJNHLW RGHU )DOVFKKHLW  HLQHU +DQGOXQJ EHWUHIIHQ ZH VHQWOLFK YRQ YLHOHQ DQGHUHQ 8UWHLOHQ GLH HEHQIDOOV HYDOXDWLYHQ &KDUDNWHU KDEHQ ,P *HJHQVDW] ]X 8UWHLOHQ GLH GLH 5LFKWLJNHLW HLQHU +DQGOXQJ EHWUHIIHQ YHUODQJHQ EHLVSLHOVZHLVH 8UWHLOH GLH GLH *HOXQJHQKHLW HLQHV

_____________  6FDQORQ   ² )U NOlUHQGH 'LVNXVVLRQHQ ]X GLHVHP .RQ]HSW GHU ÅJHQHULF UHDVRQV´GDQNHLFK1DGHHP+XVVDLQ  )RUVWIKUWPLW%OLFNDXIGLHDOOJHPHLQH*OWLJNHLWYRQ+DQGOXQJVJUQGHQLQ6FDQORQV 6LQQHDXVÅ6RNRQNUHWGLHMHZHLOLJH5HFKWIHUWLJXQJVVLWXDWLRQDXFKLVWVRPVVHQGRFK GLH *UQGH GLH KLHU UHFKWIHUWLJHQG VLQG VROFKH VHLQ GLH IU HLQHQ MHGHQ 0HQVFKHQ YHUQQIWLJHUZHLVHDN]HSWDEHOZlUHQ+LHU]HLJWVLFKGLH9HUELQGXQJYRQ9HUQXQIWXQG 0RUDO 5HFKWIHUWLJHQGH *UQGH PVVHQ SULQ]LSLHOO HLQHU MHGHQ YHUQQIWLJHQ 3HUVRQ ]XJlQJOLFKXQGIUVLHHLQVLFKWLJVHLQ´ )RUVWE 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

.XQVWZHUNVRGHUDXFKHLQHV:LW]HVEHWUHIIHQQLFKWXQEHGLQJWQDFKHLQHU %HJUQGXQJ'RFKGHU6FKULWWEHUGLHEOR‰H)HVWVWHOOXQJGHU5LFKWLJNHLW HLQHU +DQGOXQJ KLQDXV ]X HLQHU HQWVSUHFKHQGHQ %HJUQGXQJ LVW TXD %H JUQGXQJEHUHLWVHLQ6FKULWWLQ5LFKWXQJDXIGDKLQWHUVWHKHQGH3ULQ]LSLHQ 'LH +DQGOXQJVJUQGH GLH VR]XVDJHQ ]ZLVFKHQ GHU 6LWXDWLRQVEHVFKUHL EXQJ XQG GHQ IUDJOLFKHQ 3ULQ]LSLHQ VWHKHQ XQG YHUPLWWHOQ LQGHP VLH HL QHQ 6LWXDWLRQVLQGH[ WUDJHQ ]XJOHLFK DEHU EHU GLH YRUOLHJHQGH VLQJXOlUH 6LWXDWLRQ KLQDXVZHLVHQ FKDUDNWHULVLHUW 6FDQORQ DOV ÅJHQHULF UHDVRQV´ 6LH VLQGGXUFKDOOJHPHLQ]XJlQJOLFKH,QIRUPDWLRQHQJHNHQQ]HLFKQHWGLH3HU VRQHQ P|JOLFKHUZHLVH EHVLW]HQ XP GDV IUDJOLFKH 3ULQ]LS ]X DN]HSWLHUHQ RGHU ]XUFN]XZHLVHQ Å*HQHULF UHDVRQV DUH UHDVRQV WKDW ZH FDQ VHH WKDW SHRSOHKDYHLQYLUWXHRIWKHLUVLWXDWLRQFKDUDFWHUL]HGLQJHQHUDOWHUPVDQG VXFKWKLQJVDVWKHLUDLPVDQGFDSDELOLWLHVDQGWKHFRQGLWLRQVLQZKLFKWKH\ DUH SODFHG´ 'HU )LQGXQJVSUR]H‰ GHUDUWLJHU *UQGH NDQQ QLFKW YRUDE GHWHUPLQLHUWZHUGHQGLH4XHOOHGHU*OWLJNHLWHQWVSUHFKHQGHU3ULQ]LSLHQ EHVWHKWQLFKWLQVLQJXOlUHQ8UWHLOHQ6WDWWGHVVHQZLUGHLQ$EZlJXQJVSUR ]H‰HUIRUGHUWGHU$OWHUQDWLYHQEHUFNVLFKWLJWGHUHQ/DVWHQIUP|JOLFKH EHWURIIHQH3HUVRQHQUHIOHNWLHUWHYHQWXHOO$XVQDKPHQTXDOLIL]LHUWHWF 1XU DP 5DQGHVHL KLHU EHPHUNW GD‰ GLHVHU |IIHQWOLFKH 3UR]H‰ QLFKW IU MHGH +DQGOXQJVVLWXDWLRQ HLJHQV GXUFKJHIKUW ZHUGHQ PX‰ 9LHOPHKU NDQQEHLVSLHOVZHLVHDXFKGLH,QVWLWXWLRQGHV5HFKWVDOV%HVFKUHLEXQJHLQHU 7HLOPHQJHDOOHUUHOHYDQWHQ(LQVWHOOXQJHQEHWUDFKWHWZHUGHQGLHVLFKGLH MHQLJHQ GLH XQWHU GHP 5HFKW OHEHQ XQWHUHLQDQGHU XQG GHU 6WDDWVJHZDOW ]XVFKUHLEHQ 8P EHLVSLHOVZHLVH GDV 3ULQ]LS ]X HUPLWWHOQ GDV EHVWLPPW ZLHYLHOH7HVWVHLQH%UFNHGXUFKODXIHQPX‰EHYRUVLHGHUgIIHQWOLFKNHLW EHUJHEHQZLUGZLUGGHUDOOJHPHLQH+DQGOXQJVJUXQG JHQHULFUHDVRQ XQWHU VWHOOWGD‰N|USHUOLFKH9HUOHW]XQJ]XYHUPHLGHQLVW:LUZLVVHQGDQQQLFKW ZHOFKH3HUVRQHQDXIZHOFKH:HLVHYRQGHP3ULQ]LSEHWURIIHQVHLQZHU GHQDEHUHVLVWEHNDQQWGD‰GLH$Q]DKOGHU3HUVRQHQPLWJHJHQOlXILJHQ (LQVWHOOXQJHQ ]% 6HOEVWPRUGDEVLFKWHQ  QXU EHL XQJHIlKU   GHU %HY|ONHUXQJOLHJW:lUHGHUHQ$Q]DKOMHGRFKZHVHQWOLFKJU|‰HUVRP‰ WHQ GHUHQ (LQVWHOOXQJHQ DXIZHQGLJHU LQ GHQ $EZlJXQJVSUR]H‰ HLQEH]R JHQZHUGHQ'DVVHOEHJLOWKLHULQXQWHUVFKLHGOLFKHQ$EVWXIXQJHQDXFKIU GLHILQDQ]LHOOHQ,QWHUHVVHQGHU%DXE]ZGHUHQ9HUVLFKHUXQJVILUPHQGLH

_____________  6FDQORQYJOHUJlQ]HQGGD]XDXFK6FDQORQIÅ:KHWKHUDSULQ FLSOHFRXOGUHDVRQDEO\EHUHMHFWHGGHSHQGVLQP\YLHZRQDFRPSDULVRQRIWKHUHD VRQVWKDWFDQEHRIIHUHGDJDLQVWLWZLWKWKRVHWKDWFDQEHRIIHUHGLQLWVIDYRUDJDLQVW DOWHUQDWLYH SULQFLSOHV>«@ >«@WKHSRLQWVRIYLHZ,WDNHWREHUHOHYDQW DUHWKRVHRI SHRSOH ZKR RFFXS\ YDULRXV SRVLWLRQV LQ D VLWXDWLRQ RI WKH NLQG LQ TXHVWLRQ WKDW RI ZRXOGEHDJHQWSRVVLEOHYLFWLPDQGVRRQ DQGZKDWP\YLHZFDOOVIRULVDFRPSDUL VRQRIWKHUHDVRQVDVVRFLDWHGZLWKWKHVHSRVLWLRQV´

†$OOJHPHLQH*UQGH 



,QWHUHVVHQ GHU .RPPXQH DQ GHU VFKQHOOHQ ,QEHWULHEQDKPH XQG DQGHUH KDQGOXQJVUHOHYDQWH(LQVWHOOXQJHQ 'RFKVHOEVWZHQQGHU3UR]H‰QLFKWYRUDEEHVWLPPWZHUGHQNDQQVR NDQQGHQQRFKHLQHVDOOJHPHLQYRQHQWVSUHFKHQGUHVXOWLHUHQGHQ3ULQ]LSLHQ DXVJHPDFKW ZHUGHQ GD‰ QlPOLFK XQEHJUQGHWH $XVQDKPHQ YRQ GHQ /DVWHQHLQHU(UODXEQLVHLQHV*HERWVRGHUHLQHV9HUERWV]XJXQVWHQHLQHU 3HUVRQ RGHU 3HUVRQHQJUXSSH YHUQQIWLJHUZHLVH ]XUFNJHZLHVHQ ZHUGHQ N|QQHQGDLKQHQP|JOLFKHUZHLVHGDV²H[K\SRWKHVLXQEHUFNVLFKWLJWH² %HGUIQLV DQGHUHU 3HUVRQHQ QDFK HEHQVROFKHQ $XVQDKPHQ NRUUHVSRQ GLHUW 'HU 3UR]H‰ HLQHU hEHUSUIXQJ YHUQQIWLJHU =XUFNZHLVEDUNHLW HLQHV3ULQ]LSVLVWVR]XVDJHQGHU6FKXW]ZDOOJHJHQEHUZLOONUOLFKHQ $XV QDKPH %HVWLPPXQJHQ YRQ 3ULQ]LSLHQ 'DV 6SLHO GHV)RUGHUQV XQG /LH IHUQVYRQ*UQGHQJHQDXHUGHVVHQ9HUIDKUHQVUHJHOQDXIGLHVLFK3HUVR QHQ LQ HLQHU KDQGOXQJVEH]RJHQHQ 5HFKWIHUWLJXQJVSUD[LV H[SOL]LW RGHU LPSOL]LW IHVWJHOHJW KDEHQ EHVLW]W DOVR DXIJUXQG GHU SULQ]LSLHOOHQ gIIHQW OLFKNHLWYRQ8UWHLOHQGLH+DQGOXQJVJUQGHEHQHQQHQHLQHQ%H]XJDXIGLH $OOJHPHLQKHLWGHUYRQGHU+DQGOXQJLQZHOFKHU:HLVHDXFKLPPHUEHWURI IHQHQ3HUVRQHQ 'LH KLHUEHL JHIRUGHUWH P|JOLFKH $QHUNHQQXQJ HLQHU )HVWOHJXQJ DXI HLQH+DQGOXQJE]Z+DQGOXQJVDEVLFKWGXUFKGLHEHWURIIHQH3HUVRQEULQJW ]XU*HOWXQJGD‰GHU,QKDOWJHQHULVFKHU*UQGHXQGGHUHQ,QVWDQWLDWLRQLQ YHUVFKLHGHQHQ6WDQGSXQNWHQGLHMHZHLOVLQGLYLGXHOOH$UWLNXODWLRQYRQ*UQ GHQ DXV HLQHP EHVWLPPWHQ 6WDQGSXQNW KHUDXV EHWULIIW 2GHU DQGHUV IRU PXOLHUW+DQGOXQJVJUQGHDOVGLH3UlPLVVHQSUDNWLVFKHU,QIHUHQ]HQEHGU IHQ HLQHU 9HUDQWZRUWXQJVLQVWDQ] VLH XPIDVVHQ GDPLW ZHVHQWOLFK SHUV|QOLFKH (LQVWHOOXQJHQ DOVR hEHU]HXJXQJHQ :QVFKH :HUWH 1RU PHQHWFEHWURIIHQHU3HUVRQHQÅ*HQHULFUHDVRQVDUHUHDVRQVWKDWSHRSOH LQDFHUWDLQVLWXDWLRQKDYHIRUREMHFWLQJWRDSULQFLSOHÄRQWKHLURZQEHKDOI¶ >«@ 7KLV UXOHV RXW ÄLPSHUVRQDO¶ UHDVRQV WKDW D SHUVRQ PLJKW KDYH IRU REMHFWLQJ WR D SULQFLSOH VLPSO\ EHFDXVH LW ZRXOG OHDG WR VRPHWKLQJ WKDW ZRXOG EH EDG IURP DQ LPSHUVRQDO SRLQW RI YLHZ 7KH UHVWULFWLRQWR UHD VRQV WKDW SHRSOH KDYH ÄRQ WKHLU RZQ EHKDOYHV¶ DOVR UXOHV RXW DJJUHJDWLYH UHDVRQV ² WKDW LV WR VD\ UHDVRQV IRU UHMHFWLQJ D SULQFLSOH EHFDXVH RI WKH VXPRILWVHIIHFWVRQPDQ\GLIIHUHQWSHRSOH´'DPLWZLUGGLH5HOHYDQ] SHUV|QOLFKHU(LQVWHOOXQJHQLQV%OLFNIHOGJHUFNW   

_____________  6FDQORQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

†3HUV|QOLFKH(LQVWHOOXQJHQ

 =XUFNJHZLHVHQ ZHUGHQ NDQQ HLQ +DQGOXQJVSULQ]LS YRQ HLQHU 3HUVRQ P|JOLFKHUZHLVHZHQQGDVHQWVSUHFKHQGJHIRUGHUWH+DQGHOQGLHVHU3HUVRQ RGHUDXFKGDV+DQGHOQDQGHUHU3HUVRQHQJHPl‰GLHVHP3ULQ]LSJHJHQGLH (LQVWHOOXQJHQ GLHVHU 3HUVRQ JHULFKWHW LVW 'LH =XUFNZHLVXQJVJUQGH HU ZDFKVHQ DOVR DXV GHU $IIHNWLRQ GHU HLJHQHQ 3HUVRQ GXUFK GLH IUDJOLFKH +DQGOXQJ (LQHQ .DWDORJ P|JOLFKHU YHUOHW]EDUHU (LQVWHOOXQJHQ YRUDE ]X JHEHQVFKHLQWXQP|JOLFKMHGRFKDXFKXQQ|WLJ]XVHLQGHQQHQWVFKHLGHQG LVWOHGLJOLFKGD‰GLHIUDJOLFKH3HUVRQHLQHQ=XUFNZHLVXQJVJUXQGEHVLW]W 2EHUJHJHQEHUGHQ+DQGOXQJVJUQGHQGLHDXVGHPMHZHLOVLQVLQXLHUWHQ 3ULQ]LSHUZDFKVHQGRPLQLHUHQGLVWNDQQQLFKWYRUDEEHVWLPPWZHUGHQ 6FDQORQ JLEW LQ GLHVHP =XVDPPHQKDQJ HLQH NXU]H $XIOLVWXQJ GLH GHXWOLFKPDFKHQVROOGD‰GHUDUWLJH=XUFNZHLVXQJVJUQGHQLFKWVWHWVXQG DXVVFKOLH‰OLFK DXI GDV :RKOHUJHKHQ HLQHU 3HUVRQ EH]RJHQ VHLQ PVVHQ Å7KHVH UHDVRQV LQFOXGH QRW RQO\ FRQVLGHUDWLRQV RI ZHOOEHLQJ EXW DOVR VXFKWKLQJVDVWKHYDOXHRIKDYLQJRXWFRPHVGHSHQGRQRQH·VFKRLFHVDQG WKHGLVYDOXHRIEHLQJWUHDWHGDUELWUDULO\DQGRIKDYLQJRQH·V FHQWUDOLQWH UHVWVQRWWDNHQLQWRDFFRXQW´'HQPLWGLHVHU8QP|JOLFKNHLWGHUWKHRUH WLVFKHQ 9RUDEEHVWLPPXQJ JOWLJHU =XUFNZHLVXQJVJUQGH YHUEXQGHQHQ 9RUZXUIGHV,QWXLWLRQLVPXVNDQQPDQPLW6FDQORQLQGHP6LQQHDN]HSWLH UHQ GD‰ HV WDWVlFKOLFK GHU %HXUWHLOXQJ NRQNUHWHU 6LWXDWLRQHQ EHGDUI XP GLH7ULIWLJNHLWYRQ+DQGOXQJVJUQGHQEHVWLPPHQ]XN|QQHQPDQGHQNH GDEHL DQ GDV TXDQWLWDWLYH Ä$XIZLHJHQ¶ VRZLH GDV TXDOLWLWDWLYH Ä$EZlJHQ¶ YRQ /DVWHQ E]Z $UWHQ YRQ /DVWHQ ZHOFKHV DXIJUXQGGHU GDULQ VWHFNHQ GHQ.RQWLQXDHLQHDSULRUL%HVWLPPXQJDXVVFKOLH‰W'RFKKDQGHOWHVVLFK QLFKW XP HLQHQ ,QWXLWLRQLVPXV GHPJHPl‰ HLQH %HZHUWXQJ HLQHV +DQG OXQJVJUXQGV LKUHUVHLWV QLFKW ZHLWHU H[SOL]LHUW ZHUGHQ N|QQWH GD HV YRQ $QIDQJ DQ XP GDV VR]LDOH 6SLHO GHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQ JHKWVLQGGLH8UWHLOHIURGHUJHJHQHLQ+DQGOXQJVSULQ]LSVWHWVNULWLVLHU EDUXQGYHUWHLGLJEDU(QWVFKHLGHQGLVWKLHUOHGLJOLFKGD‰HVDXIJUXQGGHU

_____________  6FDQORQ  9JO GD]X 6FDQORQ GHU JHJHQ HLQHQ ,QWXLWLRQLVPXV GLHVHU 3ULFKDUG·VFKHQ  $UW IRO JHQGHV$UJXPHQWDQIKUWHUKlOWHVIUWKHRUHWLVFKDEZHJLJÅ>«@WRFRQVWUXHWDNLQJ VRPHWKLQJWREHDUHDVRQDVDNLQGRISHUFHSWLRQVLQFHLWODFNVWKHFUXFLDOHOHPHQWRI EHLQJDPHFKDQLVPRIUHSUHVHQWDWLRQWKURXJKZKLFKWKLQJVDWDGLVWDQFHDUHSUHVHQWHG WRXV:HGRVRPHWLPHVVSHDNRIÄVHHLQJ¶VRPHWKLQJDVDUHDVRQEXWVLQFHLWLVQRWD PDWWHURISLFWXULQJRUUHSUHVHQWDWLRQLWLVQRWDNLQGRISHUFHSWLRQDQ\PRUHWKDQDQ\ RWKHUPRGHRILQWHOOHFWXDOXQGHUVWDQGLQJµ 6FDQORQI 2KQHDXIHLQHHQW VSUHFKHQGH6LQQHVGDWHQWKHRULHHLQJHKHQ]XPVVHQVFKHLQWPLUNODU]XVHLQGD‰GDV +DEHQYRQ:DKUQHKPXQJHQXQGGDV%HDQVSUXFKHQYRQ*UQGHQPLW%OLFNDXIGLH MHZHLOLJH 9HUDQWZRUWOLFKNHLW ZHVHQWOLFK YHUVFKLHGHQ VLQG *UQGH ZLGHUIDKUHQ XQV

†3HUV|QOLFKH(LQVWHOOXQJHQ 



UHOHYDQWHQ$IIHNWLRQGXUFKGLHIUDJOLFKHQ+DQGOXQJHQE]ZGHUHQ.RQVH TXHQ]HQ XP JHQHUHOO QLFKWGHOHJLHUEDUH $UWLNXODWLRQHQ YRQ SHUV|QOLFKHQ (LQVWHOOXQJHQJHKW 'LH ]ZHLIHOORV NRPSOH[H XQG DX‰HURUGHQWOLFK VFKZLHULJH )UDJH GHU 7UHXKDQGVFKDIWKLQVLFKWOLFKGHU$UWLNXODWLRQYRQ+DQGOXQJVJUQGHQNDQQ KLHU QLFKW XPIDVVHQG HU|UWHUW ZHUGHQ $OV HUVWH $QQlKHUXQJ XQG GDPLW HLQHQZHLWUHLFKHQGHQ.RQVHQVVSLHJHOQGVROOWHPHLQHV(UDFKWHQVMHGRFK GDYRQ DXVJHJDQJHQ ZHUGHQ GD‰ GLH 0HQJH GHU :HVHQ ZHOFKHQ JHJHQ EHU QLFKW YHUQQIWLJHUZHLVH ]XUFNZHLVEDUH+DQGOXQJVJUQGH YRUJHKDO WHQ ZHUGHQ PVVHQ DOO GLHMHQLJHQ XPID‰W GLH YRQ 0HQVFKHQ JHERUHQ ZXUGHQRGHUZHUGHQZREHLGDV(QWVFKHLGHQGHLVWGD‰ZLUGLHVHQ:HVHQ (LQVWHOOXQJHQ ]XVFKUHLEHQ GLH VLH P|JOLFKHUZHLVH DOV *UQGH EHKDQGHOQ DXFKZHQQVLHGLHVQRFKQLFKWRGHUDXIJUXQGN|USHUOLFKHU%HKLQGHUXQJHQ QLFKWRGHUQLFKWPHKUYHUEDOLVLHUHQN|QQHQ²:DVJHZ|KQOLFKDOVJHLV WLJH%HKLQGHUXQJ!EH]HLFKQHWZLUGIDVVHLFKXQWHUN|USHUOLFKH%HKLQGH UXQJ,FKKDOWHGHQ%HJULIIJHLVWLJH%HKLQGHUXQJ!IUHLQH'LIIDPLHUXQJ GHUGDPLWDQJHVSURFKHQHQ0HQVFKHQ ZLHSROLWLVFKKLVWRULVFKDXFKLPPHU HUNOlUEDU  LQVRIHUQ ÄJHLVWLJ¶ LP *HJHQVDW] ]X ÄN|USHUOLFK¶ LQVLQXLHUW RGHU PLQGHVWHQVLPSOL]LHUWGLHVH:HVHQVHLHQYHUDQWZRUWOLFKIULKUH%HKLQGH UXQJ 'DJHJHQ LVW PDQ VLFK KHXWH PHGL]LQLVFK HLQLJ GD‰ DOOH GHU VRJH

_____________ QLFKW9JOGD]XDXFKGHQ7KHRULHQEHUEOLFNEHL+DOELJIIVRZLHREHQ.DS )Q  'LHVH %HVWLPPXQJ LVW EHZX‰W NRQVHUYDWLY JHID‰W LQVRIHUQ VLH VLFK UHWURVSHNWLY DXI GLH XQV EHNDQQWH 0HQVFKKHLWVJHVFKLFKWH EH]LHKW 6LH LVW DEHU ]XJOHLFK RIIHQ JHQXJ XP SURVSHNWLY 9HUlQGHUXQJHQ DQ GHQ 6XEMHNWHQ GLHVHU *HVFKLFKWH QLFKW SULQ]LSLHOO DXV]XVFKOLH‰HQ SUREOHPDWLVFK VLQG GHUDUWLJH 9HUlQGHUXQJHQ QXU LP 9HUVWlQGQLV LQ WHQWLRQDOWHFKQLVFKHU(LQJULIIHZREHLGLHVHPHLQHV(UDFKWHQVQLFKWGHILQLWRULVFKHLQ RGHUDXVJHVFKORVVHQVRQGHUQQXULQUHDOHQ]HLWQDKHQXQGSUREOHPVSH]LILVFKHQ'LV NXUVHQJHVHOOVFKDIWOLFKHUXQGZLVVHQVFKDIWVHWKLVFKHU$UWEHZHUWHWZHUGHQVROOWHQ,P 6LQQHGLHVHUXQYROOVWlQGLJHQ%HVWLPPXQJGHV%HJULIIVGHV0HQVFKHQVWLPPHLFKGD KHU .|KOHU  I  ]X Å:HQQ GLH 0HQVFKHQUHFKWH IU DOOH XQG QXU IU 0HQ VFKHQ DOVR IU GLH 6SH]LHV 0HQVFK JHOWHQ GDQQ JHKW HV QLFKW XP GHQ VRJHQDQQWHQ 6SH]LH]LVPXVVRQGHUQXPGLH)UDJHREPDQDOOHPZDVHLQPHQVFKOLFKHV$QWOLW]KDW HLQHQ SHUVRQDOHQ 6WDWXV ]XVFKUHLEHQ VROO DOVR DXFK .RPDW|VHQ )|WHQ RGHU JHLVWLJ VFKZHU EHKLQGHUWHQ 0HQVFKHQ -HGH $QWZRUW DXI GLHVH )UDJH PX‰DPELYDOHQW NRQ WURYHUVXQGVFKZLHULJEOHLEHQ´1XUQHEHQEHLXQGHLQHPUDGLNDOHQ6NHSWL]LVPXV]X YRUNRPPHQGVHLKLHUEHPHUNWGD‰ZLUQLFKWY|OOLJIUHLVLQGLQGHU=XVFKUHLEXQJSHU V|QOLFKHU (LQVWHOOXQJHQ 'LH HQWVSUHFKHQGH :LOONU VW|‰W GRUW DQ LKUH *UHQ]HQ ZR VLFKXQVHUH.ROODWHUDOIHVWOHJXQJHQDXIGHQ8PJDQJPLWGLHVHQ:HVHQDXVZLUNHQ(L QHU IUHPGHQ DOWHQ 3HUVRQ NHLQHUOHL SHUV|QOLFKH (LQVWHOOXQJHQ ]X]XVFKUHLEHQ LVW EHL VSLHOVZHLVH LQNRPSDWLEHO PLW DQGHUZHLWLJHQ )HVWOHJXQJHQ IDOOV GLHVH HLQH HQWVSUH FKHQGH $QGHUVEHKDQGOXQJ HLQHU JHOLHEWHQ 3HUVRQ EHLQKDOWHQ HV JHKW KLHU DXVGUFNOLFKQLFKWXPDIIHNWLYH'LIIHUHQ]HQVRQGHUQXPGLHÄ(QWVFKHLGXQJ¶GLH LQ :DKUKHLW HEHQ NHLQH (QWVFKHLGXQJ LVW ]ZLVFKHQ GHP =XVFKUHLEHQ SHUV|QOLFKHU (LQVWHOOXQJHQEHUKDXSWXQGGHVVHQ9HUZHLJHUXQJ 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QDQQWHQJHLVWLJHQ%HKLQGHUXQJHQ!DXI+LUQVFKlGLJXQJHQEDVLHUHQXQG GDV*HKLUQLVWHLQ.|USHUWHLO%HKLQGHUWH0HQVFKHQVLQGZHGHUÄLUUH¶ÄYHU UFNW¶ RGHU ÄE|VH¶ QRFK EHVWUDIEDU IU LKUH %HKLQGHUXQJ ² ,Q GLHVHQ )lOOHQHLQHU%HKLQGHUXQJZlUHHLQHUHFKWOLFKH9HUWUHWXQJDOV%HWUHXXQJV WlWLJNHLW ]%$QJHK|ULJH YRU]XVHKHQGLH]XHLQHUK\SRWKHWLVFKHQ5HFKW IHUWLJXQJ YRQ +DQGOXQJHQ E]Z +DQGOXQJVSULQ]LSLHQ JHJHQEHU GLHVHQ :HVHQ IKUHQ P‰WH 1LPPW PDQ DOV .ULWHULXP GHV PRUDOLVFKHQ 6WDWXV QLFKWGLH)lKLJNHLW]XPRUDOLVFKHU5FNVLFKWQDKPHVRQGHUQGLH)lKLJNHLW ]XKDQGOXQJVUHOHYDQWHQSHUV|QOLFKHQ(LQVWHOOXQJHQVRLVWGLH.ODVVHGHU PRUDOSDWLHQWVJU|‰HUDOVGLHGHUPRUDODJHQWVHLQHHQWVSUHFKHQGH9HUWUHWXQJ EHPL‰W VLFK DQ GHU 8Q )lKLJNHLW (LQVWHOOXQJHQ HLQGHXWLJ ]X DUWLNXOLH UHQ (LQH GHUDUW SULQ]LSLHOOH $QWZRUW DXI GLH )UDJH QDFK GHU *U|‰H GHU .ODVVHGHUMHQLJHQ:HVHQJHJHQEHUZHOFKHQHLQH5HFKWIHUWLJXQJYHUODQJW ZLUGUHLFKWIUGDVJHJHQZlUWLJH$QOLHJHQDXV,QZHOFKHQ)lOOHQWDWVlFK OLFKHLQH$IIHNWLRQGHU,QWHUHVVHQYRQ$QGHUHQVWHOOYHUWUHWHQGEHUFNVLFK WLJWZHUGHQPX‰ZDQQXQGLQZHOFKHP8PIDQJDOVRGLH,QWHUHVVHQEHL VSLHOVZHLVH YRQ QLFKW PHKU RGHU QRFK QLFKW OHEHQGHQ 0HQVFKHQ YRQ NOHLQHQ.LQGHUQYRQ6FKZHUVWEHKLQGHUWHQRGHUDOWHQ0HQVFKHQGLHLKUH (LQVWHOOXQJHQQLFKWPHKUDUWLNXOLHUHQN|QQHQVWHOOYHUWUHWHQGLQGLH5HFKW IHUWLJXQJYRQ+DQGOXQJHQE]Z+DQGOXQJVSULQ]LSLHQHLQEH]RJHQZHUGHQ PVVHQLVWHLQHPDWHULDOH$XVHLQDQGHUVHW]XQJGLHGHQUHDOHQ'LVNXUVXQG GDUDXV HUZDFKVHQGH 3ULQ]LSLHQ HUIRUGHUW ZLH VLH LQ XQWHUVFKLHGOLFKHQ %HUHLFKVHWKLNHQ HUZRJHQ ZHUGHQ XQG VFKOLH‰OLFK (LQJDQJ LQV *HVHW]JH EXQJVYHUIDKUHQ ILQGHQ $XI GHU KLHU YHUKDQGHOWHQ 6WXIH DOOJHPHLQHU

_____________  $XFK ZHQQ GHU $XVGUXFN JHLVWLJH %HKLQGHUXQJ! QDFK ZLH YRU 7HLO GHV GHXWVFKHQ 5HFKWVLVWVRLVWVHLWGRFK]XPLQGHVWHLQH(QWPQGLJXQJLQ'HXWVFKODQGQLFKW PHKUP|JOLFK²=XXQG!DOVGLVWDQ]LHUHQGH$QIKUXQJV]HLFKHQYJOREHQ(LQOHL WXQJ)Q  9JO ]XP %HJULII GHV PRUDOLVFKHQ 6WDWXV DXFK PLW %OLFN DXI PHGL]LQHWKLVFKH )UDJH VWHOOXQJHQXQGZHLWHUIKUHQGH/LWHUDWXU'ZHOOVRZLH]XP3UREOHPGHUDGYR NDWRULVFKHQ'LVNXUVH:HUQHU  GHU]XGHP(UJHEQLVNRPPWGD‰Å>«@ DOOH :HVHQ GLH HPSILQGXQJVIlKLJ VLQG XQG %HGUIQLVVH KDEHQ DOV PRUDOLVFKH $Q VSUXFKVVXEMHNWH DQ]XVHKHQ´ HEG   VLQG 0HLQHV (UDFKWHQV PX‰ GLHVH %HVFKUHL EXQJGLHHYHQWXHOODXFKDXI7LHUH]XWULIIWGXUFKGHQ=XVDW]HUJlQ]WZHUGHQGD‰ZLU GLHVHQ:HVHQ(LQVWHOOXQJHQ]XVFKUHLEHQGLHVLHP|JOLFKHUZHLVH DOV *UQGHEHKDQGHOQ DXFKZHQQVLHGLHVQRFKQLFKWRGHUDXIJUXQGN|USHUOLFKHU%HKLQGHUXQJHQQLFKWRGHU QLFKWPHKUYHUEDOLVLHUHQN|QQHQ  ,QHLQHPDOOJHPHLQHUHQ=XVDPPHQKDQJKDW*HWKPDQQIROJHQGH)RUPHQYRQ7UHX KlQGHUVFKDIW XQWHUVFKLHGHQ Å'HU )DOO YRQ =XVWLPPXQJVNRPSHWHQ] GLH IDNWLVFK QLFKWDXVJHEWZHUGHQNDQQRGHUVROOLVWOHEHQVZHOWOLFKGXUFKDXVEHNDQQW,QYLHOHQ 6LWXDWLRQHQ JHKHQ 0HQVFKHQ LQ OHEHQVZHOWOLFKHQ =XVWLPPXQJV]XVWlQGLJNHLWHQ YRQ GHU 'HOHJDWLRQ GLHVHU =XVWlQGLJNHLW DXV GLHV JLOW HWZD IU GHQ %HUHLFK GHU (U]LHKXQJ

†3HUV|QOLFKH(LQVWHOOXQJHQ 



%HVWLPPXQJHQ YRQ IRUPDOHQ 9RUJDEHQ IU GHUDUWLJH 5HFKWIHUWLJXQJHQ NDQQEHLVSLHOVZHLVHHLQHlU]WOLFKH(QWVFKHLGXQJEHUGDVÄ,QWHUHVVH¶HLQHU LUUHYHUVLEHONRPDW|VHQ3HUVRQQLFKWDQWL]LSLHUWZHUGHQVRQGHUQEOHLEWGHU QRUPHQJHOHLWHWHQ $EZlJXQJ HQWVSUHFKHQGHU (QWVFKHLGXQJVWUlJHU DQ KHLPJHVWHOOW :HVHQWOLFKLVWKLHUMHGRFKGD‰GLHVH,GHHGHU7UHXKlQGHUVFKDIWQLFKW HLQ NRQVWLWXWLYHV 0RPHQW GHU 3ULQ]LSLHQILQGXQJ DXVPDFKW ZLH HV EHL VSLHOVZHLVHEHL5DZOV·0RGHOOHLQHVÄ6FKOHLHUVGHV1LFKWZLVVHQV¶LPÄ8U]X VWDQG¶GHU)DOOLVW'DUZDOOYHUZHQGHW²PLW5DZOV·=XVWLPPXQJ²GLHVHQ $XVGUXFN H[SOL]LW EHL GHU HQWVSUHFKHQGHQ %HVFKUHLEXQJ Å,W LV >«@ DS SURSULDWHWRFKDUDFWHUL]HLW>VF5DZOV·RULJLQDOSRVLWLRQ.3@DVDVWDQGSRLQW WKDWH[SUHVVHVDQLQWHUHVWLQVHOYHVRULQGLYLGXDOUDWLRQDODJHQWVDVVXFK7R XQGHUVWDQG WKLV VXSSRVH WKDW WKH SDUWLHV DUH QRW GLUHFWHG WR SLFN SULQFL SOHVRIMXVWLFHLQWKHLURZQLQWHUHVWEXWDUHDVVXPHGWREHXWWHUO\XQFRQ FHUQHG DERXW WKHPVHOYHV DQG FRQVXPHG ZLWK FRQFHUQ IRU WKH UDWLRQDO  LQWHUHVWVRIDVLQJOHRWKHUSHUVRQ6XSSRVHWKDWLVWKDWWKH\DUHWUXVWHHVHDFK IRURQHRWKHUµ :lKOW PDQ DOV 3HUVSHNWLYH DXI SUlYDOHQWH +DQGOXQJVJUQGH GLH 5HFKWIHUWLJXQJVSUD[LVGDV6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQ ZHOFKHOHW]WHUHDXIJUXQGLKUHU%LQGXQJDQGLH$UWLNXODWLRQGXUFK,QGLYL GXHQ VWHWV NULWLVLHUEDUH XQG YHUWHLGLJEDUH  SHUV|QOLFKH (LQVWHOOXQJHQ ]X LKUHP,QKDOWKDEHQVRLVWHLQ$JJUHJDWLRQVNDONOYRQ9RUXQG1DFKWHL OHQGLHDXVGHU+DQGOXQJJHPl‰GHVMHZHLOVLQ)UDJHVWHKHQGHQ3ULQ]LSV HUZDUWHWZHUGHQDOVJHQHUHOOHU6WDUWSXQNWGHUhEHUOHJXQJHQDXVJHVFKORV VHQ3ULQ]LSLHQZHUGHQXQWHUGLHVHU3HUVSHNWLYHQLFKWDXIJUXQGHLQHV6LFK LQ$QGHUH+LQHLQYHUVHW]HQVLQPHKURGHUZHQLJHUHLQVDPHU(QWVFKHLGXQJ JHIXQGHQ VRQGHUQ VLQG YLHOPHKU GDV (UJHEQLV HLQHV SULQ]LSLHOO |IIHQWOL FKHQ $EZlJXQJVSUR]HVVHV ² SHUV|QOLFKH (LQVWHOOXQJHQ VLQG SULQ]LSLHOO

_____________ XQG 9RUPXQGVFKDIW (LQ DQGHUHU 7\S YRQ 6LWXDWLRQHQ LVW GXUFK GLH 1RWZHQGLJNHLW DXVJH]HLFKQHW $QWL]LSDWLRQHQ YRQ =XVWLPPXQJ YRU]XQHKPHQ E]Z ]X]XODVVHQ 6FKOLH‰OLFK XQWHUVWHOOHQ ZLU VHOEVWYHUVWlQGOLFK GD‰ )RUPHQ YRQ QLFKW LQVWLWXWLRQDOLVLHUWHU  5HSUlVHQWDWLRQ EHL JUXQGVlW]OLFKHU $QHUNHQQXQJ YRQ =XVWLP PXQJVNRPSHWHQ]XQYHUPHLGOLFKVLQG)RUPHQGHOHJLHUWHUDQWL]LSLHUWHUXQGUHSUlVHQ WDWLYHU=XVWLPPXQJVNRPSHWHQ]VROOHQPLWGHP7HUPLQXVÄILNWLYH=XVWLPPXQJVKDQGOXQJ¶ ]XVDPPHQJHID‰W ZHUGHQ >'@LH DXIJUXQG ILNWLYHU =XVWLPPXQJVKDQGOXQJHQ HQWVWH KHQGHQVR]LDOHQ5HDOLWlWHQVROOHQVRUHNRQVWUXLHUWZHUGHQGD‰GLH%HGLQJXQJHQLKUHU 'LVNXUV]XJlQJOLFKNHLW VLFKWEDU ZHUGHQ´ *HWKPDQQ  I  /HW]WHUHV LVW HQW VFKHLGHQGGDZLHDXFK*HWKPDQQEHWRQWGLHVH7UHXKlQGHUVFKDIWHQÅ>@GXUFK,UU WXPXQG0L‰EUDXFKMHGHU]HLWDQJHIRFKWHQVLQG´ HEG   9JOGD]XDXFK6FDQORQVRZLH.DPP  'DUZDOOLQHLQHU)X‰QRWHIJWHUKLQ]XÅ5DZOVKDVVXJJHVWHGWKLVWHUP>VF WUXVWHH .3@ WR PH LQ FRUUHVSRQGHQFHµ 9JO ]X 5DZOV· ÄRULJLQDO SRVLWLRQ¶ XQG GHP ÄYHLORILJQRUDQFH¶5DZOV



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QLFKW GHOHJLHUEDU 2GHU DQGHUV JHVDJW GLH 3ULQ]LSLHQILQGXQJ ILQGHW GLHV VHLWV GHV 6FKOHLHUV GHV 1LFKWZLVVHQV VWDWW XQG QXU LQ EHJUQGHWHQ $XV QDKPHIlOOHQJUHLIWGDV.RQ]HSWGHU7UHXKDQGVFKDIW 'LHVHQRWZHQGLJH(LQEH]LHKXQJDOOHUUHOHYDQWHQSHUV|QOLFKHQ(LQVWHO OXQJHQEHGHXWHWQLFKWGD‰VLFKEHLVSLHOVZHLVHGLH(LQZlQGHYRQ0LQGHU KHLWHQ JHJHQ HLQ +DQGOXQJVSULQ]LS VWHWV JHJHQEHU DOWHUQDWLYHQ 3ULQ]L SLHQ GLH HLQHU 0HKUKHLW 9RUWHLOH YHUVFKDIIHQ ZUGHQ GXUFKVHW]HQ PVVHQ 'RFK HV JLOW XPJHNHKUW GD‰ GDV 2SIHU GDV EHLVSLHOVZHLVH HLQH HLQ]LJH 3HUVRQ XQWHU GHU *HOWXQJ HLQHV EHVWLPPWHQ 3ULQ]LSV HUEULQJHQ P‰WH QLFKW VFKRQ DOOHLQ GDGXUFK DXIJHZRJHQ ZHUGHQ NDQQ GD‰ XQWHU GHPVHOEHQ 3ULQ]LS HLQH EHUZlOWLJHQGH 0HKU]DKO YRQ 3HUVRQHQ HLQHQ 1XW]HQ HUODQJHQ N|QQWH (V EHGDUI YLHOPHKU DXFK HLQHU TXDOLWDWLYHQ $E ZlJXQJGLHVHUSHUV|QOLFKHQ(LQVWHOOXQJHQ6RVLQG]XP%HLVSLHOGLH7DVWD WXUHQRGHUWRXFKVFUHHQVYLHOHU*HOGDXWRPDWHQIUVHKUNOHLQJHZDFKVHQH 0HQVFKHQXQG5ROOVWXKOIDKUHUXQEHGLHQEDU'LH(LQEH]LHKXQJGHU$UJX PHQWHGLHVHU3HUVRQHQJUXSSHQ]%GD‰HVIUVLHGDQHEHQNHLQHHUUHLFK EDUH $OWHUQDWLYH GHU %DUJHOGEHVFKDIIXQJ JHEH N|QQWH ]XP hEHUGHQNHQ GHU HYHQWXHOO |NRQRPLVFK VLQQYROOHQ 2ULHQWLHUXQJ DP .RPIRUW IU GLH 0HKUKHLWGHU%DQNNXQGHQIKUHQ'LH$OWHUQDWLYH]XU0D[LPLHUXQJVSHU VSHNWLYH JOHLFKJOWLJ RE VLFK GLH 9RUWHLOVPD[LPLHUXQJ DXI +DQGOXQJHQ RGHU DXI +DQGOXQJVSULQ]LSLHQ EH]LHKW IRUGHUW MHGHQIDOOV GLH 5HFKWIHUWL JXQJJHJHQEHUGHQSHUV|QOLFKHQ(LQVWHOOXQJHQNRQNUHWHU,QGLYLGXHQ 6FDQORQVFKOlJWLQGLHVHP=XVDPPHQKDQJHLQHLQWUDSHUVRQHOOHDQVWHOOH HLQHULQWHUSHUVRQHOOHQ$JJUHJDWLRQYRUXPEHU3ULQ]LSLHQ]XHQWVFKHLGHQ GLHYLHOHQ3HUVRQHQUHODWLYJHULQJH9RUWHLOHHUEULQJHQZHQLJHQRGHUVRJDU HLQHUHLQ]LJHQ3HUVRQKLQJHJHQUHODWLYJUR‰H2SIHUDEYHUODQJHQ,QHLQHP VROFKHQ )DOO VFKHLQW GLH =XUFNZHLVXQJ HLQHV 3ULQ]LSV P|JOLFKHUZHLVH YHUQQIWLJ GHVVHQ %HIROJXQJ GLH HUQVWKDIWH 9HUOHW]XQJ HLQHU 3HUVRQ LQ .DXIQLPPWXPGHQ.RPIRUWVHKUYLHOHU3HUVRQHQ]XHUK|KHQRGHUZH QLJVWHQV QLFKW ]X VFKPlOHUQ 'DV (QWVFKHLGHQGH LVW GHPHQWVSUHFKHQG GD‰ DXFK LQ .RQIOLNWIlOOHQ YRQ GHU LQGLYLGXHOOHQ 3HUVSHNWLYH DXI +DQG

_____________  )ROJHQGH6LWXDWLRQIKUW6FDQORQGDEHLDOV%HLVSLHODQÅ6XSSRVHWKDW-RQHVKDVVXI IHUHGDQDFFLGHQWLQWKHWUDQVPLWWHUURRPRIDWHOHYLVLRQVWDWLRQ(OHFWULFDOHTXLSPHQW KDVIDOOHQRQKLVDUPDQGZHFDQQRWUHVFXHKLPZLWKRXWWXUQLQJRIIWKHWUDQVPLWWHU IRUILIWHHQPLQXWHV$:RUOG&XSPDWFKLVLQSURJUHVVZDWFKHGE\PDQ\SHRSOHDQG LWZLOOQRWEHRYHUIRUDQKRXU-RQHV·VLQMXU\ZLOOQRWJHWDQ\ZRUVHLIZHZDLWEXWKLV KDQGKDVEHHQPDVKHGDQGKHLVUHFHLYLQJH[WUHPHO\SDLQIXOHOHFWULFDOVKRFNV6KRXOG ZHUHVFXHKLPQRZRUZDLWXQWLOWKHPDWFKLVRYHU"'RHVWKHULJKWWKLQJWRGRGHSHQG RQ KRZ PDQ\ SHRSOH DUH ZDWFKLQJ ² ZKHWKHU LW LV RQH PLOOLRQ RU ILYH PLOOLRQ RU D KXQGUHGPLOOLRQ",WVHHPVWRPHWKDWZHVKRXOGQRWZDLWQRPDWWHUKRZPDQ\YLHZ HUVWKHUH DUH >«@µ 6FDQORQ 9JOGD]X DXFK6FDQORQXQG .DPP 

†3HUV|QOLFKH(LQVWHOOXQJHQ 



OXQJVJUQGHDXVJHJDQJHQZLUGXQGGLH(LQVFKUlQNXQJHLQHV,QGLYLGXXPV QXUGDQQP|JOLFKHUZHLVHJHUHFKWIHUWLJWZHUGHQNDQQZHQQGLH$OWHUQDWLYH HLQ DQGHUHV ,QGLYLGXXP RGHU DQGHUH ,QGLYLGXHQ PLQGHVWHQV LP VHOEHQ $XVPD‰HLQVFKUlQNHQZUGH 'RFKZHGHUVLQGGLHVH%HVWLPPXQJHQ]XIRUPDOLVLHUHQXQG]XYHUDOO JHPHLQHUQQRFKLVWGDYRQDXVJHKHQGHLQHUHOHYDQWH.DVXLVWLNHUKlOWOLFK GDZLHEHUHLWVEHPHUNW4XDQWLWlWXQG4XDOLWlWYRQ9RUXQG1DFKWHLOHQ GLHDXVGHU%HIROJXQJYRQ3ULQ]LSLHQHUZDFKVHQNHLQHGLVNUHWHQ*U|‰HQ GDUVWHOOHQ(VNRPPWKLHUOHGLJOLFKDXIGHQ6WDUWSXQNWGHUhEHUOHJXQJHQ DQ XQG GLHVHU NDQQ QLFKW HLQ EHU JHZLVVH 3HUVRQHQ]DKOHQ LQWHJULHUWHV .DONOVHLQVRQGHUQOHGLJOLFKGLH%HUFNVLFKWLJXQJLQGLYLGXHOOHU$UWLNXODWL RQHQSHUV|QOLFKHU(LQVWHOOXQJHQ(LQH5HFKWIHUWLJXQJVSUD[LVGLH1DFKWHL OH IU 0LQGHUKHLWHQ SDXVFKDO HLQHU 0D[LPLHUXQJ GHV 1XW]HQV IU HLQH 0HKUKHLW XQWHURUGQHW LVW GDPLW EHUHLWV ]X HWZDV GHJHQHULHUW GDV QLFKW PHKUDQGLH6SLHOUHJHOQGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQJHEXQ GHQLVW ,P=XVDPPHQKDQJGHU([SOL]LHUXQJGHUÄ6SLHOUHJHOQ¶GHUKDQGOXQJV EH]RJHQHQ 5HFKWIHUWLJXQJVSUD[LV LVW QHEHQ GLHVHU LQWUDSHUVRQHOOHQ XQG TXDOLWDWLYHQ $JJUHJDWLRQ YRQ 9RU XQG 1DFKWHLOHQ GLH GLH %HIROJXQJ HLQHV +DQGOXQJVSULQ]LSV PLW VLFK EULQJW QRFK HLQ ZHLWHUHU $VSHNW YRQ +DQGOXQJVJUQGHQHUZlKQHQVZHUWGLHGLH=XUFNZHLVXQJHLQHV3ULQ]LSV YHUQQIWLJ HUVFKHLQHQ ODVVHQ N|QQHQ 'LH %LQGXQJ GHU MHZHLOLJHQ +DQG OXQJVJUQGHDQGLH$UWLNXODWLRQGXUFK,QGLYLGXHQEHVDJWZLHELVKLHUKHU DXVJHIKUWGD‰GLH*UQGHGLHGLH=XZHLVXQJ²UHVSHNWLYH$QHUNHQQXQJ RGHU$EOHKQXQJ²HLQHU)HVWOHJXQJDXIHLQH+DQGOXQJE]Z+DQGOXQJVDE VLFKW UHFKWIHUWLJHQ N|QQHQ SHUV|QOLFKH (LQVWHOOXQJHQ ]XP ,QKDOW KDEHQ 1HJDWLYIRUPXOLHUWEHGHXWHWGLHVGD‰XQSHUV|QOLFKH:HUWHNHLQH+DQGOXQJV JUQGH NRQVWLWXLHUHQ N|QQHQ 'LHVH $XVVDJH Ol‰W VLFK IROJHQGHUPD‰HQ TXDOLIL]LHUHQ (V LVW QDWUOLFK NHLQHVZHJV XQJHZ|KQOLFK GD‰ DOV *UQGH IU RGHU JHJHQJHZLVVH+DQGOXQJHQGHU6FKXW]EHVWLPPWHU*HJHQVWlQGHDQJHIKUW ZLUG 6R NDQQ PDQ GHU $XIIDVVXQJ VHLQ GD‰ QRFK  XQEHUKUWH RGHU GDIUJHKDOWHQH /DQGVFKDIWHQHLQHQ(LJHQZHUWGDUVWHOOHQGHUJHJHQ|NR QRPLVFKH RGHU DQGHUH ,QWHUHVVHQ LQV 6SLHO JHEUDFKW ZHUGHQ XQG JHJHQ EHUGLHVHQHLQH3ULRULWlWEHDQVSUXFKHQNDQQ*OHLFKHVJLOWIUEHVWLPPWH )RUPHQ YRQ 9LHOIDOW VHL HV YRQ 7LHUDUWHQ 3IODQ]HQDUWHQ RGHU DXFK YRQ PHQVFKOLFKHQ 6SUDFKHQ XQG 'LDOHNWHQ +LHU ZHUGHQ RGHU ]XPLQGHVW VFKHLQW HV VR DOV ZUGHQ KLHU XQSHUV|QOLFKH Ä:HUWH DQ VLFK¶ JHJHQEHU

_____________  =%XPPRUDOLVFKHQ'LOHPPDWD]XHQWJHKHQLQVROFKHQ)lOOHQPDJGLH%HIROJXQJ HLQHV3ULQ]LSVJHELOOLJWZHUGHQN|QQHQRKQHMHGRFKGDPLWGLH9HUOHW]XQJGHVNRQNXU ULHUHQGHQ3ULQ]LSVDXI]XKHEHQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

SHUV|QOLFKHQ (LQVWHOOXQJHQ LQV )HOG JHIKUW 'LHV NDQQ YRQ HLQIDFKHQ %HLVSLHOHQZLHGHP3URILWVWUHEHQHLQHV7RXULVPXVNRQ]HUQVGHUHLQHVHO WHQHJHIlKUOLFKH6FKODQJHQVRUWHLQHLQHPJUR‰HQ$UHDOEHNlPSIWELVKLQ ]X NRPSOH[HQ 3KlQRPHQHQ GHU PHGLDOHQ $QJORPDQLH UHVSHNWLYH $XVO| VFKXQJ YRQ 0LQGHUKHLWHQ'LDOHNWHQ XQG NXOWXUHQ UHLFKHQ 1LFKW ]XOHW]W HQWKlOWEHLVSLHOVZHLVHGLH(XURSlLVFKH*UXQGUHFKWH&KDUWDYRP'H]HPEHU  HLQHQ $UW  LQ GHP HV KHL‰W Å'LH 8QLRQ DFKWHW GLH 9LHOIDOW GHU .XOWXUHQ5HOLJLRQHQXQG6SUDFKHQ´ 6FDQORQV.RQ]HSWGHVVHQZDVZLUHLQDQGHUVFKXOGHQGDVIUGLH$XV ]HLFKQXQJ SUlYDOHQWHU +DQGOXQJVJUQGH LQVRIHUQ HLQVFKOlJLJ LVW DOV HV 6WDQGDUGVGHU5HFKWIHUWLJXQJYRQ=XZHLVXQJHQYRQ)HVWOHJXQJHQGLHXQDE KlQJLJ YRQ LKUHU $QHUNHQQXQJ *OWLJNHLW EHVLW]HQ VROOHQ YHUIJEDU PDFKWHUP|JOLFKWHLQH+DQGKDEHGHUDUWLJHUXQSHUV|QOLFKHU:HUWHLQQHU KDOE GHU 5HFKWIHUWLJXQJVSUD[LV Å5HDVRQV IRU UHMHFWLQJ D SULQFLSOH >«@ FRUUHVSRQGWRSDUWLFXODUIRUPVRIFRQFHUQWKDWZHRZHWRRWKHULQGLYLGX DOV´8QSHUV|QOLFKH:HUWHZLHGLHHEHQJHQDQQWHQRGHUDQGHUHVLQGDOVR JHQDX GDQQ LQ GLH 5HFKWIHUWLJXQJVSUD[LV HLQ]XEH]LHKHQ ZHQQ VLH LQGLUHNW HUVFKHLQHQQlPOLFKLQ)RUPYRQSHUV|QOLFKHQ(LQVWHOOXQJHQ'DVEHGHX WHWHQWVFKHLGHQGDQXQSHUV|QOLFKHQ:HUWHQLVW²XQGGLHVLVWNHLQHVZHJV HLQH 7ULYLDOLWlW VRQGHUQ ]HLJW GHQ KRKHQ 6WHOOHQZHUW GHU 5HFKWIHUWLJXQJV SUD[LVEHLGHU)LQGXQJSUlYDOHQWHU*UQGH²GD‰VLHDOV$QVSUFKHYRQ 7HLOQHKPHUQDP6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQDXIWUHWHQ PVVHQ 6FDQORQ GLIIHUHQ]LHUW GLHVH :HUWSHUVSHNWLYHQ IROJHQGHUPD‰HQ Å)URPDQLQGLYLGXDO·VSRLQWRIYLHZZKDWLVSULPDU\LQPRVWFDVHVLVWKH LPSHUVRQDO  YDOXH RI WKHVH DLPV DQG SXUVXLWV ,Q GHWHUPLQLQJ ZKDW ZH RZH WR HDFK RWKHU KRZHYHU ZKDW PDWWHUV LV WKH FRQWULEXWLRQ WKDW WKHVH YDOXHV PDNH WR LQGLYLGXDO OLYHV´ 'HU HUVWH $QVFKHLQ HLQHV $QWKURSR ]HQWULVPXV GLHVHV .RQ]HSWV ZLUG DOVR LQ HLQHU +LQVLFKW EHVWlWLJW XQG LQ HLQHUDQGHUHQZLGHUOHJWXQSHUV|QOLFKH:HUWHKDEHQDOVVROFKHWDWVlFKOLFK NHLQH %HJUQGXQJVUHOHYDQ] HLQH RQWRORJLVFKH $UJXPHQWDWLRQ IU GHQ 1DWXUVFKXW] ZLH VLH VLFK EHLVSLHOVZHLVH LQ +DQV -RQDV· 9HUDQWZRUWXQJV HWKLNILQGHWOLHIHUWNHLQHGLUHNWHQ+DQGOXQJVSULQ]LSLHQLPKLHUYHUIROJ

_____________  6FDQORQ  6FDQORQ  =ZDUNRSSHOWDXFKGHU:HUWHREMHNWLYLVW-RQDVGLH:HUWKDIWLJNHLWYRQHWZDVDN]LGHQ WHOODQGLH:HUWVFKlW]XQJGXUFK-HPDQGHQÅ>@:HUWRGHUGDVÄ*XWH¶ZHQQHVGHU JOHLFKHQ JLEW LVW >@ GDV (LQ]LJH GDV YRQ VLFK KHU DXV GHU EOR‰HQ 0|JOLFKNHLW DXI ([LVWHQ]GULQJW>@²DOVRHLQHQ$QVSUXFKDXI6HLQHLQ6HLQVROOHQEHJUQGHWXQGZR GDV6HLQYRQZDKOIUHLHP+DQGHOQDEKlQJWHVGLHVHP]XU3IOLFKWPDFKW(VLVW]XEH DFKWHQGD‰PLWGHUEOR‰HQ=XVSUHFKEDUNHLWYRQ:HUWDQ6HLHQGHV>@GHU9RUUDQJGHV 6HLQVEHUGDV1LFKWV>@EHUHLWVHQWVFKLHGHQLVW>@'LH)lKLJNHLW]X:HUWLVWVHOEHU HLQ:HUWGHU:HUWDOOHU:HUWHGDPLWVRJDUDXFKGLH)lKLJNHLW]X8QZHUWLQVRIHUQGLH

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV 



WHQ 6LQQH SUlYDOHQWHU *UQGH *OHLFKZRKO KDEHQ GLHVH XQSHUV|QOLFKHQ :HUWHHLQHKRKH'LJQLWlWLQQHUKDOENRQNUHWHU5HFKWIHUWLJXQJVSUD[HQXQG VLQG GDPLW DOV ,QKDOWH SHUV|QOLFKHU (LQVWHOOXQJHQ LQ GLH $EZlJXQJ HQW VSUHFKHQGHU+DQGOXQJVSULQ]LSLHQHLQ]XEH]LHKHQ  

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV

 3UlYDOHQWH +DQGOXQJVJUQGH ² DOVR IHVWOHJXQJVHUKDOWHQGH +DQGOXQJV JUQGHGHUHQ*OWLJNHLWQLFKWYRQGHUIDNWLVFKHQ$QHUNHQQXQJGXUFKGLH KDQGHOQGH3HUVRQDEKlQJWZHOFKHUGLH)HVWOHJXQJDXIGLHVH*UQGH]X JHZLHVHQ ZXUGH RGHU QRFK HLQPDO DQGHUV IRUPXOLHUW +DQGOXQJVJUQGH GLH IHVWOHJXQJVHUKDOWHQGH ,QIHUHQ]HQ VWW]HQ LQ ZHOFKHQ GLH .RQNOXVLRQ DEWUHQQEDULVWZHLOGLH)HVWOHJXQJDXIVLHXQDEKlQJLJYRQGHUIDNWLVFKHQ $QHUNHQQXQJ GHU +DQGOXQJVJUQGH GXUFK GLH KDQGHOQGH 3HUVRQ JLOW ² SUlYDOHQWH+DQGOXQJVJUQGHDOVRVLQGVROFKHGLHQLFKWYHUQQIWLJHUZHLVH

_____________ EOR‰H =XJlQJOLFKNHLW IU GHQ 8QWHUVFKLHG YRQ :HUW XQG 8QZHUW DOOHLQ VFKRQ GHP 6HLQ GLH DEVROXWH :lKOEDUNHLW EHU GDV 1LFKWV VLFKHUQ ZUGH´ -RQDV   +HUYRUKHEXQJ.3 :LFKWLJLVWQXQDEHUGLHSKLORVRSKLVFKH3HUVSHNWLYHLQZHOFKHU :HUWHREMHNWLYLVWHQ HLQ 3ULPDW GHV Ä6HLQV¶ JHJHQEHU SHUV|QOLFKHQ (LQVWHOOXQJHQ VH KHQÅ'DVÄ*XWH¶RGHUGHQÄ:HUW¶LP6HLQJUQGHQKHL‰WGLHDQJHEOLFKH.OXIWYRQ6HLQ XQG6ROOHQEHUEUFNHQ'HQQGDV*XWHRGHU:HUWYROOHZHQQHVGLHVYRQVLFKKHU XQGQLFKWHUVWYRQ*QDGHQHLQHV%HJHKUHQV%HGUIHQVRGHU:lKOHQVLVWLVWHEHQVHL QHP%HJULIIHQDFKGDVMHQLJHGHVVHQ0|JOLFKNHLWGLH)RUGHUXQJQDFKVHLQHU:LUNOLFK NHLWHQWKlOWXQGGDPLW]XHLQHP6ROOHQZLUGZHQQHLQ:LOOHGDLVWGHUGLH)RUGHUXQJ YHUQHKPHQXQGLQ+DQGHOQXPVHW]HQNDQQ´ (EG 'LHGHRQWLVFKH3HUVSHNWLYH GHV YRUOLHJHQGHQ $QVDW]HV VFKOLH‰W HLQ VROFKHV WKHRUHWLVFKHV 3ULPDW GHV 2QWLVFKHQ YRUGHU3UD[LVDXV(LQH:HUWHDNWLYLWlWGHVÄ6HLQVDQVLFK¶N|QQWHVHOEVWZLHGHUXPQXU XQWHUGHUGHRQWLVFKHQ3HUVSHNWLYHGHV=XZHLVHQVEHJUQGHWZHUGHQXQGLVWGDPLWHL QHP ÄUHLQHQ 9HUQHKPHQ¶ EHUHLWV XQHUUHLFKEDU 6HOEVW 5D] GHU ]ZDU QLFKW DXI -RQDV· /LQLH DUJXPHQWLHUW DEHU GHQQRFK HLQGHXWLJHU :HUWHREMHNWLYLVW XQG 0RUDOUHDOLVW LVW NQSIW:HUWHDQGHUHQ6FKlW]XQJÅ0\FODLPZDVQRWRQO\WKDWWKHYDOXHRISDUWLFXODU REMHFWV LV SRLQWOHVV ZLWKRXW YDOXHUV EXW WKDW WKH H[LVWHQFH RI YDOXHV WKHPVHOYHV LV SRLQWOHVVZLWKRXWYDOXHUV7KHWKRXJKWLVQRZIDLUO\FOHDUZKDWSRLQWFDQWKHUHEHLQ WKHH[LVWHQFHRIYDOXHVLIWKHUHLVQRSRLQWLQWKHLULQVWDQWLDWLRQLQREMHFWVRIYDOXH"´ 5D] 'RFKWUHQQW5D]GLHÅH[LVWHQFHRIYDOXHV´YRQGHUHQÅDSSUHFLDWLRQ´ XQGVLHKW:HUWHDOVP|JOLFKH'LQJHLJHQVFKDIWHQÅ,GRQRWPHDQWKDWZLWKRXWYDOXHUV QRWKLQJFDQEHRIYDOXH´ 5D]YJOMHGRFKDXFK5D]Å>«@LWLV XQLQWHOOLJLEOHWRVD\RIVRPHWKLQJWKDWLWLVJRRGRUYDOXDEOHLILWLVLPSRVVLEOHWKDWLW EHRIYDOXHWRDQ\RQH´ 9JODXFK:LOOLDPV·(LQZlQGHJHJHQ5D]LQ5D]   9JOGD]XDXFK6FDQORQ  VRZLH:DWVRQV I .ULWLNDQ6FDQORQV .RSSHOXQJXQSHUV|QOLFKHU:HUWHDQSHUV|QOLFKH(LQVWHOOXQJHQXQGVFKOLH‰OLFK6FDQ ORQV Å5HSOLHV´ (UZLGHUXQJDXI:DWVRQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

]XUFNJHZLHVHQZHUGHQN|QQHQ6LHN|QQHQDOV3UlPLVVHQLQIHVWOHJXQJV HUKDOWHQGHQ,QIHUHQ]HQGHU)RUPSȺ2T 6ROOHQ5HODWLRQ IXQJLHUHQ ,QHSLVWHPLVFKHQ=XVDPPHQKlQJHQZHUGHQIHVWOHJXQJVHUKDOWHQGH,Q IHUHQ]HQ GXUFK GLH 1RUPDWLYLWlW NRQVHTXHQWLHOOHU 5DWLRQDOLWlW JHVWW]W :HUGHUhEHU]HXJXQJLVWGD‰GDVYRULKPVWHKHQGH7LHUHLQ6lXJHWLHULVW KDW VLFK GDPLW LPSOL]LW DXI GLH hEHU]HXJXQJ IHVWJHOHJW GD‰ YRU LKP HLQ :LUEHOWLHUVWHKW'LH]ZHLWH)HVWOHJXQJNDQQDXVGHUHUVWHQDEJHOHLWHWZHU GHQZHLOVLHYRQHLQHPXQLYHUVDOJOWLJHQ*HVHW]JHVWW]WZLUGGDVVLFK GDULQ DXVGUFNW GD‰ GLH hEHU]HXJXQJ GD‰ DOOH 6lXJHWLHUH ]XJOHLFK :LU EHOWLHUH VLQG YRQ QLHPDQGHP UDWLRQDOHUZHLVH ]XUFNJHZLHVHQ ZHUGHQ NDQQ)DOOVPDQGLHVH]ZHLWH)HVWOHJXQJQLFKWDQHUNHQQWE]Z]XUFNZHLVW ]HLJW PDQ GDPLW JHPHVVHQ DQ GHU LQWUD XQG LQWHUSHUVRQHOOHQ .RKlUHQ] YRQhEHU]HXJXQJHQHLQH)RUPYRQ8QZLVVHQ,UUWXPRGHUJDUHSLVWHPL VFKHU,UUDWLRQDOLWlW GDV1LFKW:DKUKDEHQ:ROOHQ  ,PSUDNWLVFKHQ.RQWH[WN|QQHQQXQIHVWOHJXQJVHUKDOWHQGH,QIHUHQ]HQ QLFKW VFKOHFKWKLQ GXUFK GLH 1RUPDWLYLWlW NRQVHTXHQWLHOOHU 5DWLRQDOLWlW JH VWW]WZHUGHQ1XUVWUXNWXUHOOH+DQGOXQJVJUQGHDOVRVROFKHGHUHQ*HO WXQJYRQLKUHU$QHUNHQQXQJGXUFKGLHKDQGHOQGH3HUVRQDEKlQJWEHVLW ]HQ HLQH GHUDUWLJH 1RUPDWLYLWlW NRQVHTXHQWLHOOHU 5DWLRQDOLWlW :HU KLQJHJHQGHUhEHU]HXJXQJLVWGD‰GLH:HLWHUYHUEUHLWXQJYRQ*HUFKWHQ HLQHU3HUVRQJUXQGORVVFKDGHQZUGHKDWVLFKGDPLWQXUXQWHUHLQHUEH VWLPPWHQ%HGLQJXQJLPSOL]LWDXIGLH$EVLFKWGLH*HUFKWHQLFKWZHLWHU ]XYHUEUHLWHQ IHVWJHOHJW 'LH %HGLQJXQJ EHVWHKW GDULQ GD‰ GLH $EOHLWXQJ GHU]ZHLWHQ)HVWOHJXQJDXVGHUHUVWHQ)HVWOHJXQJYRQHLQHP+DQGOXQJV SULQ]LSJHVWW]WZLUGGDVYRQQLHPDQGHPYHUQQIWLJHUZHLVH]XUFNJHZLH VHQ ZHUGHQNDQQ LQGLHVHP %HLVSLHO DOVRGLH SUDNWLVFKH (LQVWHOOXQJ GD‰ PDQQLHPDQGHPJUXQGORVVFKDGHQVROOWH'LH*OWLJNHLWGHUDUWLJHUPDWHUL DOHU 3ULQ]LSLHQ NDQQ QLFKW YRQ HLQHU IRUPDOSKLORVRSKLVFKHQ :DUWH DXV EHVWLPPW ZHUGHQ 9LHOPHKU WUlJW DOOHLQ GLH UHDOH 5HFKWIHUWLJXQJVSUD[LV GDV3URGX]LHUHQXQG.RQVXPLHUHQYRQ*UQGHQGLHVHPDWHULDOH%HJUQ GXQJVODVW9RQSKLORVRSKLVFKHU:DUWHDXVNDQQGLHVH5HFKWIHUWLJXQJVSUD [LVOHGLJOLFKWKHRUHWLVFKGDKLQJHKHQGEHVWLPPWZHUGHQGD‰ L GLHNRQNUH WHQ +DQGOXQJVJUQGH LQQHUKDOE GLHVHU 3UD[LV LP %OLFN DXI VLWXDWLRQVVSH]LIL]LHUHQGH 3ULQ]LSLHQ YHUKDQGHOW ZHUGHQ GD‰ LL  PLW GHU SULQ]LSLHOOHQgIIHQWOLFKNHLWYRQ+DQGOXQJVJUQGHQGHUHQ3HUVSHNWLYHXQG GDPLW GHU VLWXDWLRQVYDULDQWH 5HFKWIHUWLJXQJVGUXFN NHLQH $XVQDKPH YRQ IU GLHVH 6LWXDWLRQ UHOHYDQWHQ 6WDQGSXQNWHQ ]XOl‰W XQG GD‰ LLL  +DQG OXQJVJUQGH DOV VROFKH HLQH 9HUDQWZRUWXQJVLQVWDQ] EHVLW]HQ XQG GDKHU SHUV|QOLFKH(LQVWHOOXQJHQZLHGHUJHEHQPVVHQ:LHDOVRHLQHKDQGOXQJV EH]RJHQH 5HFKWIHUWLJXQJVSUD[LV EHVFKDIIHQ LVW ZRUDXIVLFK LKUH7HLOQHK PHU DOV 3URGX]HQWHQ XQG .RQVXPHQWHQ YRQ *UQGHQ IHVWJHOHJW KDEHQ ZXUGHKLHUSKLORVRSKLVFKEHVFKULHEHQKLQJHJHQGD‰+DQGHOQGHDQGLHVHU

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV 



5HFKWIHUWLJXQJVSUD[LV WHLOQHKPHQ NDQQ GLH 3KLORVRSKLH DOOHLQ QLFKW PLW *UQGHQIRUGHUQ ,QVHLQHU)RUWIKUXQJYRQ6FDQORQV.RQ]HSWGHV:KDW:H2ZHWR(DFK 2WKHUKDW5DLQHU)RUVWDXI]ZHL3XQNWHDXIPHUNVDPJHPDFKWGLHZHVHQW OLFK VLQG IU GLH KLHU YRUJHVWHOOWH )RUP HLQHV SUDNWLVFKHQ 5HFKWIHUWL JXQJVNRKlUHQWLVPXV =XPHLQHQ KDW HU 6FDQORQV%HJULII GHU 9HUQQIWLJ NHLW LQKDOWOLFK DXI HLQH :HLVH ZHLWHUEHVWLPPW GLH GLH 3UR]HGXUDOLVLHUXQJ GHU*OWLJNHLWHLQHVSUlYDOHQWHQ*UXQGHVE]ZGHU$QHUNHQQXQJVZUGLJ NHLW HLQHU )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDEVLFKW EHWRQW XQGGDPLWGLHHEHQYRUJHVWHOOWHQQRUPDWLYHQ0RPHQWHSUDNWLVFKHU5HFKW IHUWLJXQJVYHUIDKUHQUHIOHNWLHUW ² GLH2ULHQWLHUXQJ DQ 3ULQ]LSLHQ GDV (LQ EH]LHKHQ VLWXDWLRQVUHOHYDQWHU 6WDQGSXQNWH VRZLH SHUV|QOLFKH (LQVWHOOXQ JHQ DOV HLQ]LJ P|JOLFKH *HKDOWH SUDNWLVFKHU *HOWXQJVDQVSUFKH =XP DQGHUHQKDWHUGDPLWYHUEXQGHQHLQHEHVWLPPWH)RUPYRQPRUDOLVFKHP 5HDOLVPXV HQWNUlIWHW GHU KLQWHU 6FDQORQV .RQ]HSW PRUDOLVFKHU +DQG OXQJVSULQ]LSLHQVWHKWRGHUZHQLJVWHQVPLWGLHVHPNRPSDWLEHOLVWLFKZHU GHLQ†QRFKGDUDXI]XUFNNRPPHQ =XQlFKVWLVWZLHLP9RUVWHKHQGHQDXVJHIKUWPLWGHUV\VWHPDWLVFKHQ %LQGXQJ DOOJHPHLQH $QHUNHQQXQJ YHUGLHQHQGHU +DQGOXQJVSULQ]LSLHQ DQ GLH5HFKWIHUWLJXQJVSUD[LVDXFKGHUHQ%LQGXQJDQSHUV|QOLFKH(LQVWHOOXQ JHQXQGLQGLYLGXHOOH8UWHLOHJHJHEHQ+DQGOXQJVSULQ]LSLHQHQWVWHKHQOHJL WLPHUZHLVHQLFKWDQRQ\PÄLQGHU*HVHOOVFKDIW¶VRQGHUQVHW]HQGLHMHZHLOV NRQNUHWH $UWLNXODWLRQ YRQ HLQHP NULWLVLHUEDUHQ XQG YHUWHLGLJEDUHQ  LQGL YLGXHOOHQ 6WDQGSXQNW YRUDXV 6FDQORQ KDW KLHUDXI EHUHLWV H[SOL]LW KLQJH ZLHVHQ GRFK VFKHLQW HV VR DOV ZUGH HU GLH UHDOH 5HFKWIHUWLJXQJVSUD[LV ]XUUHLQHQ,QIRUPDWLRQVYHUDQVWDOWXQJGHJUDGLHUHQÅ>«@ZKLOHLQWHUDFWLRQ ZLWKRWKHUVSOD\VDFUXFLDOUROHLQDUULYLQJDWZHOOIRXQGHGPRUDORSLQLRQV >«@ UHDFKLQJ D FRQFOXVLRQ DERXW ULJKW DQG ZURQJ UHTXLUHV PDNLQJ D MXGJPHQWDERXWZKDWRWKHUVFRXOGRUFRXOGQRWUHDVRQDEO\UHMHFW7KLVLVD MXGJPHQW WKDW HDFK RI XV PXVW PDNH IRU KLP RU KHUVHOIµ 6HOEVWYHU VWlQGOLFK JHKW 6FDQORQ QLFKW YRQ GHU 8QIHKOEDUNHLW GHV HLJHQHQ 8UWHLOV DXVDEHUHVZLGHUVSULFKWLQJHZLVVHU+LQVLFKWVRJDUVHLQHUHLJHQHQ%HWR QXQJ GHV LQGLYLGXHOOHQ 6WDQGSXQNWV ZHQQ IU GLH EHKDXSWHWH *OWLJNHLW HLQHV VROFKHQ 8UWHLOV GLH %HUFNVLFKWLJXQJ DNWXHOOHU DQGHUHU 6WDQGSXQNWH EHUJDQJHQ ZHUGHQ NDQQ 6FDQORQ EH]HLFKQHW VHLQH HLJHQH 3RVLWLRQ LQ GLHVHPVSH]LILVFKHQ6LQQHVHOEVWPLW5HNXUVDXI+DEHUPDVDOVÅPRQRORJL FDO´'DVNULWLVFKH3RWHQWLDOSHUV|QOLFKHU(LQVWHOOXQJHQKLQVLFKWOLFKGHV

_____________  6FDQORQI  6FDQORQYJODOV5HIHUHQ]GD]X+DEHUPDVIÅ'HU.DWHJRULVFKH ,PSHUDWLY>.DQWV@ULFKWHWVLFKQLFKW]XIlOOLJDQHLQH]ZHLWH3HUVRQLP6LQJXODUXQGHU ZHFNW GHQ (LQGUXFN DOV N|QQH MHGHU IU VLFK LQ IRUR LQWHUQR GLH HUIRUGHUOLFKH 1RU



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

VHQÄZDVZLUHLQDQGHUVFKXOGHQ¶²6FDQORQV:KDW:H2ZHWR(DFK2WKHU² NDQQGDPLWQLFKWYROOHQWIDOWHWZHUGHQ 'HPJHJHQEHUVFKHLQWHVJHUDGHYRQGLHVHU3RVLWLRQDXVVLQQYROOHU]X VHLQGDVQRUPDWLYH*HZLFKWDXIGLHYRQ6FDQORQDQJHVSURFKHQHÄ,QWHUDN WLRQPLW$QGHUHQ¶]XOHJHQGKGLHDNWXHOOH$UWLNXODWLRQYRQMHZHLOVSHU V|QOLFKHQ (LQVWHOOXQJHQ 'LH 9HUDQWZRUWXQJVLQVWDQ] SHUV|QOLFKHU (LQVWHO OXQJHQ 6FDQORQV ÄMXGJPHQW VHQVLWLYH DWWLWXGHV¶  LVW VHOEVWYHUVWlQGOLFK GDV ,QGLYLGXXPGRFKGLH*OWLJNHLWHLQHV+DQGOXQJVSULQ]LSV²REHVDOVR$QHU NHQQXQJ YHUGLHQW ² NDQQ QLFKW YRQ HLQHP ,QGLYLGXXP HWDEOLHUW ZHUGHQ 'HQQGHP,QGLYLGXXPHLQHQSULYLOHJLHUWHQ=XJDQJ]XHLQHUHQWVSUHFKHQ GHQ*OWLJNHLW]X]XELOOLJHQIKUWHLP.RQIOLNWIDOOOHW]WOLFKZLHGHUXP]XU LQWHUVXEMHNWLYHQ3HUVSHNWLYHGHU5HFKWIHUWLJXQJVSUD[LV ,P *HJHQVDW] ]X 6FDQORQ KDEHQ $OH[\3HF]HQLN HLQHQ DUJXPHQWDWL YHQ =XVDPPHQKDQJ ]ZLVFKHQ GHU 5HFKWIHUWLJXQJ YRQ (LQVWHOOXQJHQ GHU .RKlUHQ]HLQHV6\VWHPVYRQ(LQVWHOOXQJHQXQGGHPUHDOHQ'LVNXUVKHUJH VWHOOWGHUPLUIUGDV*HJHQZlUWLJHHLQVFKOlJLJHUVFKHLQWÅ>«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µ$OH[\3HF]HQLNKDEHQ EHL 1RUPHQ RGHU :HUWHV\VWHPHQ SDUDGLJPDWLVFK 6\VWHPH SRVLWLYHQ 5HFKWVYRU$XJHQGRFKQLFKWQXUEHVWHKHQGLH.ULWHULHQGHUHQ/HJLWLPLWlW QDFK $OH[\3HF]HQLN LQ GHU P|JOLFKHQ 5HFKWIHUWLJXQJ GLHVHU 1RUPHQ RGHU :HUWHV\VWHPH JHJHQEHU DOOHQ GDYRQ %HWURIIHQHQ YLHOPHKU VHKHQ DXFK VLH LQ GHU .RKlUHQ] HLQHV VROFKHQ 6\VWHPV GDV ]HQWUDOH .ULWHULXP GHVVHQ .RUUHNWKHLW XQWHU GHU %HGLQJXQJ GD‰ HV VLFK EHL GHU /HJLWLPLHUXQJ XP HLQHQ |IIHQWOLFKHQ5HFKWIHUWLJXQJVSUR]H‰ KDQGHOW ZRPLW DXVJHVFKORV

_____________ PHQSUIXQJYRUQHKPHQ7DWVlFKOLFKYHUODQJWDEHUGLHUHIOH[LYH$QZHQGXQJGHV9HU DOOJHPHLQHUXQJVWHVWVHLQH%HUDWXQJVVLWXDWLRQLQGHUMHGHUJHQ|WLJWLVWGLH3HUVSHNWLYH DOOHUDQGHUHQHLQ]XQHKPHQXP]XSUIHQREHLQH1RUPDXVGHU6LFKWHLQHVMHGHQYRQDO OHQJHZROOWZHUGHQN|QQWH'DVLVWGLH6LWXDWLRQHLQHVDXI9HUVWlQGLJXQJDE]LHOHQGHQ UDWLRQDOHQ'LVNXUVHVDQGHPDOOH%HWURIIHQHQEHWHLOLJWVLQG$XFKGHPHLQVDPXUWHLOHQ GHQ6XEMHNWHUOHJWGLHVH,GHHHLQHUGLVNXUVLYHQ9HUVWlQGLJXQJJU|‰HUH%HJUQGXQJV ODVWHQDXIDOVHLQPRQRORJLVFK]XKDQGKDEHQGHU9HUDOOJHPHLQHUXQJVWHVW´  $OH[\3HF]HQLN

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV 



VHQZHUGHQNDQQGD‰HVVLFKEHLGHUUHVXOWLHUHQGHQ.RKlUHQ]XPHLQ²DQ GHU5HDOLWlWJHPHVVHQ²VXERSWLPDOHV(UJHEQLVKDQGHOW=XQlFKVWVWHOOHQ VLH XQWHU DQGHUHP IROJHQGH .RKlUHQ]NULWHULHQ DXI Å   >«@ WKH PRUH VWDWHPHQWV EHORQJLQJ WR D WKHRU\ DUH VXSSRUWHG WKH PRUH FRKHUHQW WKH WKHRU\>«@  >«@WKHORQJHUWKHFKDLQVRIUHDVRQVEHORQJLQJWRDWKHRU\ DUHWKHPRUHFRKHUHQWWKHWKHRU\>«@  >«@WKHPRUHVWDWHPHQWVEH ORQJLQJWRDWKHRU\DUHVWURQJO\VXSSRUWHGE\RWKHUVWDWHPHQWVWKHPRUH FRKHUHQWWKHWKHRU\>«@  >«@WKHJUHDWHUWKHQXPEHURILQGHSHQGHQW VHWVRISUHPLVHVZLWKLQWKHWKHRU\LQTXHVWLRQVRWKDWWKHVDPHFRQFOXVLRQ IROORZVIURPHDFKRQHRIWKHVHVHWVWKHPRUHFRKHUHQWWKHWKHRU\>«@   ,I WKH WKHRU\ LQ TXHVWLRQ FRQWDLQV SULQFLSOHV WKHQ >«@ WKH JUHDWHU WKH QXPEHURISULRULW\UHODWLRQVEHWZHHQWKHSULQFLSOHVWKHPRUHFRKHUHQWWKH WKHRU\>«@  >«@WKHJUHDWHUWKHQXPEHURIUHFLSURFDOHPSLULFDO DQDO\WLF DQG QRUPDWLYHUHODWLRQV EHWZHHQVWDWHPHQWV EHORQJLQJ WR D WKH RU\ WKH PRUH FRKHUHQW WKH WKHRU\ >«@   >«@ WKH PRUH VWDWHPHQWV ZLWKRXWLQGLYLGXDOQDPHVDWKHRU\XVHVWKHPRUHFRKHUHQWWKHWKHRU\>«@  >«@WKHJUHDWHUWKHQXPEHURIJHQHUDOFRQFHSWVEHORQJLQJWRDWKH RU\DQGWKHKLJKHUWKHLUGHJUHHRIJHQHUDOLW\WKHPRUHFRKHUHQWWKHWKH RU\>«@  >«@WKHPRUHFRQFHSWVDJLYHQWKHRU\7FRQWDLQVZKLFK UHVHPEOHFRQFHSWVXVHGLQDQRWKHUWKHRU\7WKHPRUHFRKHUHQWWKHVH WKHRULHVDUHZLWKHDFKRWKHU>«@  >«@WKHJUHDWHUQXPEHURILQGLYLGXDO FDVHV D WKHRU\ FRYHUV WKH PRUH FRKHUHQW WKH WKHRU\ >«@   >«@ WKH PRUHILHOGVRIOLIHDWKHRU\FRYHUVWKHPRUHFRKHUHQWWKHWKHRU\µ=ZL VFKHQGLHVHQ.ULWHULHQPX‰VHOEVWYHUVWlQGOLFKMHZHLOVDEJHZRJHQZHUGHQ G K GD‰ EHLVSLHOVZHLVH GLH .HWWH YRQ UHFKWIHUWLJHQGHQ *UQGHQ P|JOL FKHUZHLVH ]X ODQJ VHLQ N|QQWH ZHQQ GLHVH /lQJH DXI .RVWHQ GHU GDULQ DUWLNXOLHUWHQ$OOJHPHLQKHLWJLQJHLVROLHUWEHWUDFKWHWZHUGHQVROOWHLQMHGHP )DOONHLQHVGHU.ULWHULHQ'LHVHQRWZHQGLJH$EZlJXQJIKUWDEHUVFKOLH‰ OLFK]XHLQHU9HUGHXWOLFKXQJGHV|IIHQWOLFKHQ&KDUDNWHUVGLHVHV5HFKWIHU WLJXQJVSUR]HVVHVXPGHQHVPLUKLHUJHKWÅ7KHFULWHULDRIFRKHUHQFHGR

_____________  :HQQ 3ULQ]LSLHQ NROOLGLHUHQ VWHOOW VLFK KlXILJ QLFKW GLH )UDJH ZHOFKHV RGHU ZHOFKH GLHVHU 3ULQ]LSLHQ IDOOHQJHODVVHQ ZHUGHQ N|QQHQ VRQGHUQ ZLH PDQ GLHVHQ 3ULQ]LSLHQ LQQHUKDOE GHV 6\VWHPV MHZHLOV PD[LPDOH *HOWXQJ YHUVFKDIIHQ NDQQ ² $QPHUNXQJ .3  +LHULQVSLHJHOWVLFKZDV5DZOVÄhEHUOHJXQJVJOHLFKJHZLFKW¶QHQQW YJOREHQ)Q  GRFKLVWGLHVHV.ULWHULXP²ZLHNHLQHVGHUKLHUJHQDQQWHQ²DOOHLQQLFKWDXVUHLFKHQG XP ]X GLHVHP hEHUOHJXQJVJOHLFKJHZLFKW ]X JHODQJHQ PX‰ QlPOLFK JHJHEHQHQIDOOV HQWVFKLHGHQZHUGHQ REHLQH3ULRULWlW]XJXQVWHQDOOJHPHLQHUHURGHU HKHUEHVRQGHUHU 3ULQ]LSLHQ EHVWHKW ÄDQDO\WLF UHODWLRQV¶ VROOHQ VLFK KLHU EHLVSLHOVZHLVH DXI =XVDPPHQ KlQJH]ZLVFKHQGHP%HJULIIGHV5HFKWVVWDDWVXQGGHPGHU*UXQGUHFKWHEH]LHKHQ² $QPHUNXQJ.3  $OH[\3HF]HQLN



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

QRWDOZD\VOHDGWRDXQLTXHDQVZHUWRWKHTXHVWLRQRIZKHWKHURQHV\VWHP LVPRUHFRKHUHQWWKDQDQRWKHU>«@7KHFKRLFHEHWZHHQWKHV\VWHPVUH TXLUHVWKHQDQHYDOXDWLRQZKLFKFDQQRWEHEDVHGVROHO\RQFULWHULDRIFR KHUHQFH>«@IXOILOOPHQWRIWKHFULWHULDUHVWULFWVLUUDWLRQDOLW\DQGLQMXVWLFH $QRWKHU@ OLPLWDWLRQ >«@ UHVXOWV IURP WKH QHFHVVDU\ LQFRPSOHWHQHVV ÄRSHQ WH[WXUH¶  RI DOO QRUPDWLYH V\VWHPV UHJDUGOHVV RI WKHLU GHJUHHRI FRKHUHQFH >«@ 7KHVH OLPLWDWLRQV >«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µ 'LHVHU =XVDPPHQKDQJ ]ZLVFKHQ GHU 5HFKWIHUWL JXQJ YRQ (LQVWHOOXQJHQ GHU .RKlUHQ] HLQHV 6\VWHPV YRQ (LQVWHOOXQJHQ XQG GHP UHDOHQ 'LVNXUV IKUW ]X GHU EHUHLWV DQJHGHXWHWHQ 'LIIHUHQ] JH JHQEHU 6FDQORQV PRQRORJLVFKHP =XJDQJ 'LH $XVELOGXQJ GHU KDQG OXQJVHIIHNWLYHQ$EVLFKWGLH(QWVFKHLGXQJ]XHLQHU+DQGOXQJXQGVFKOLH‰ OLFK GLH 9HUDQWZRUWXQJ IU GLHVH +DQGOXQJVDEVLFKW VRZLH GLH +DQGOXQJ VHOEVW VLQG DQ GLH LQGLYLGXHOOH 8UWHLOV XQG +DQGOXQJVLQVWDQ] JHEXQGHQ 'RFKNDQQGLH/HJLWLPDWLRQHQWVSUHFKHQGHU+DQGOXQJVSULQ]LSLHQQLFKWLQ IRURLQWHUQRHU]LHOWZHUGHQZHQQDQGHUVGDV6SLHOGHV)RUGHUQVXQG/LH IHUQVYRQ*UQGHQQLFKW]XHLQHPÄEOR‰HQ6SLHO¶YHUNRPPHQN|QQHQVROO 'D‰OHW]WHUHVDXFKQDFK6FDQORQDXVJHVFKORVVHQVHLQVROOEHOHJWGLH]HQW UDOH 5ROOH GLH HU WURW] DOOHP GHU ,QWHUDNWLRQ PLW $QGHUHQ EHL GHU (UUHL FKXQJPRUDOLVFKHUhEHU]HXJXQJHQ]XZHLVW ,P$QVFKOX‰DQ6FDQORQVSULFKWQXQ)RUVWDQHLQHUWKHRULHlTXLYDOHQ WHQ6WHOOHYRQHLQHPÅ3ULQ]LSGHU5HFKWIHUWLJXQJ´GDVGDULQEHVWHKWÅ>@ GD‰ QRUPDWLYH $QWZRUWHQ DXI SUDNWLVFKH )UDJHQ DXI JHQDX GLH :HLVH ]X

_____________  $OH[\3HF]HQLNI+HUYRUKHEXQJ.39JO]XGHQ1RUPHQHLQHUUDWLRQD OHQ$UJXPHQWDWLRQDXFK$OH[\GLHGRUWDXIJHVWHOOWHQ5HJHOQXQG)RUPHQ GHVSUDNWLVFKHQ'LVNXUVHVVLQGJHJHQEHUGHQREHQYRUJHVWHOOWHQXQGDQ6FDQORQRUL HQWLHUWHQ IRUPDOHQ 9RUJDEHQ GHV 5HFKWIHUWLJXQJVYHUIDKUHQV XQVSH]LILVFKHU ZHLO VLH QLFKW DXI GDV $UJXPHQWDWLRQV]LHO QLFKW YHUQQIWLJHUZHLVH ]XUFNZHLVEDUHU 3ULQ]LSLHQ EHVFKUlQNWVLQGDQZHOFKHQVLFKNRQNUHWH+DQGOXQJVJUQGH]XRULHQWLHUHQKDEHQVRQ GHUQGLHYHUQQIWLJHGLVNXUVLYH%HDQWZRUWXQJMHGHUHLQ]HOQHQSUDNWLVFKHQ)UDJHEH VFKUHLEHQVROOHQ  9JO6FDQORQI

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV 



UHFKWIHUWLJHQ VLQG DXI GLH LKU *HOWXQJVDQVSUXFK YHUZHLVW´ XQG IKUW GD]X6FDQORQV%HJULIIGHV9HUQQIWLJHQVXEVWLWXLHUHQG)ROJHQGHVDXVÅ'LH ]HQWUDOH%HVWLPPXQJGHU*UQGHGLHPRUDOLVFKH$QVSUFKHUHFKWIHUWLJHQ N|QQHQ ODXWHW >«@ GD‰ GLHV QLFKW YHUQQIWLJHUZHLVH ² G K QLFKW UH]LSURN DOOJHPHLQ ² ]XUFNZHLVEDUH *UQGH VHLQ PVVHQ $OV VROFKH EHJUQGHQ VLH 1RUPHQ ² XQG HQWVSUHFKHQG +DQGOXQJVZHLVHQ ² GLH HLQHQ PRUDOLVFK XQEHGLQJWHQ6ROOHQVFKDUDNWHUEHVLW]HQXQGLQHLQHPVWULNWHQ6LQQHNDWHJR ULVFK ELQGHQG VLQG >@´ 0LW GHQ %HJULIIHQ GHU 5H]LSUR]LWlW XQG GHU $OOJHPHLQKHLW LVW GDPLW HLQH 9HUQQIWLJNHLW EHQDQQW GLH REHQ ² PLW GHU 6XFKHQDFK3ULQ]LSLHQGHP(LQEH]LHKHQVLWXDWLRQVUHOHYDQWHU6WDQGSXQNWH VRZLH SHUV|QOLFKHQ (LQVWHOOXQJHQ DOV GHQ LUUHGX]LEOHQ *HKDOWHQ SUDNWL VFKHU*HOWXQJVDQVSUFKH²DOVHLQH([SOL]LHUXQJGHVVHQZRUDXIVLFK3HU VRQHQGLH+DQGOXQJHQJHJHQEHUDQGHUHQ3HUVRQHQUHFKWIHUWLJHQIHVWJH OHJW KDEHQ HUOlXWHUW ZXUGH ,QGLYLGXHOOH $XVQDKPHQ YRQ HLQHP EHVWLPPWHQ +DQGOXQJVSULQ]LS VLQG GHPQDFK ]XOlVVLJ XQG DXIJUXQG GHU .RPSOH[LWlWUHDOHU(QWVFKHLGXQJVVLWXDWLRQHQIDNWLVFKVHKUZDKUVFKHLQOLFK 'RFKPVVHQGHUDUWLJH$XVQDKPHQZLHREHQHUOlXWHUWLKUHUVHLWVZLHGHU XPEHJUQGEDUVHLQ

_____________ )RUVWE )RUVWE:LFKWLJVFKHLQWPLULQGLHVHU)RUPXOLHUXQJGLHÄPRUDOLVFKH8QEH GLQJWKHLW¶ DOV 4XDOLIL]LHUXQJ GHV 6ROOHQVFKDUDNWHUV GHQQ ZLH *HWKPDQQ EHWRQW KDW VLQGGHUDUWLJH3ULQ]LSLHQRGHU1RUPHQ]ZDUÄNRQWH[WYDULDQW¶DEHU]XJOHLFKÄSDUWHLHQ LQYDULDQW¶Å6RZHLWXQLYHUVHOOH$XIIRUGHUXQJHQ]XUHFKWGHQ$QVSUXFKDXI*HOWXQJIU MHGHUPDQQ HUKHEHQ VLQG VLH SDUWHLHQLQYDULDQW 'HPJHJHQEHU LVW QLFKW QRWZHQGLJ GD‰LKUH*HOWXQJYRQ%HGLQJXQJHQIUHLLVW´ *HWKPDQQ 8QGZHLWHUÅ>«@ GLH3DUWHLHQLQYDULDQ]>EHLQKDOWHW@GHQ9HU]LFKWDXIGLH$XV]HLFKQXQJ 3ULYLOHJLHUXQJ  EHVWLPPWHU1RUPDXWRUHQ>«@HVPX‰JUXQGVlW]OLFKEHOLHELJVHLQZHU$XWRUXQGZHU $GUHVVDW GHU $XIIRUGHUXQJ LVW´ (EG   ² ,P +LQWHUJUXQG YRQ )RUVWV $QDO\VHQ VWHKW GHXWOLFK HUNHQQEDU GLH 'LVNXUVHWKLN +DEHUPDV· GHU PLW %OLFN DXI .RKOEHUJV 7KHRULHGHU(QWZLFNOXQJGHUPRUDOLVFKHQ8UWHLOVIlKLJNHLWGHUHQK|FKVWHRGHUÅSRVW NRQYHQWLRQHOOH(EHQH´IROJHQGHUPD‰HQFKDUDNWHULVLHUWKDWÅGLHYROOVWlQGLJH5HYHUVLEL OLWlWGHU6WDQGSXQNWHYRQGHQHQDXVGLH%HWHLOLJWHQLKUH$UJXPHQWHYRUEULQJHQ8QL YHUVDOLWlW LP 6LQQH HLQHU ,QNOXVLRQ DOOHU %HWURIIHQHQ VFKOLH‰OLFK GLH 5H]LSUR]LWlW GHU JOHLFKPl‰LJHQ $QHUNHQQXQJ GHU $QVSUFKH HLQHV MHGHQ %HWHLOLJWHQ GXUFK DOOH DQGH UHQ´ +DEHUPDV    9JO ]X +DEHUPDV· $XVHLQDQGHUVHW]XQJ PLW .RKOEHUJ DXFKXQWHQ.DS 9JO GD]X )RUVW D  Å'LHVH EHLGHQ .ULWHULHQ ]XVDPPHQJHQRPPHQ YHUOHLKHQ PRUDOLVFKHQ 3HUVRQHQ HLQ JUXQGOHJHQGHV ZHQQJOHLFK TXDOLIL]LHUWHV 9HWRUHFKW ² HEHQ GDV EDVDOH 5HFKW DXI 5HFKWIHUWLJXQJ 'LHVHV 9HWRUHFKW LVW LQVRIHUQ ÄTXDOLIL]LHUW¶ ]X QHQQHQ DOV GHU PRUDOLVFKH (LQVSUXFK VHOEVW GLH .ULWHULHQ YRQ 5H]LSUR]LWlW XQG $OO JHPHLQKHLWEHDFKWHQPX‰>«@'HU9RUWHLOGLHVHUQHJDWLYHQ)RUPXOLHUXQJ>VFÄQLFKW UH]LSURNDOOJHPHLQ¶@ OLHJW GDULQ GD‰ DQVWHOOH HLQHV VLPSOHQ .RQVHQV.ULWHULXPV HLQ TXDOLIL]LHUWHUHVWULWWGDVHVHUODXEWDXFKLP)DOOHYRQ'LVVHQVHQGLH5HFKWIHUWLJXQJV IlKLJNHLWYRQ3RVLWLRQHQ]XEHXUWHLOHQ´'LHREHQHUZlKQWH=XODVVXQJXQG4XDOLIL]LH UXQJYRQ$XVQDKPHQ YRQHLQHP 3ULQ]LSLVWGHPQRFKKLQ]X]XIJHQGLHUHFKWIHUWL



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

3UlPLVVHQ LQ SUDNWLVFKHQ ,QIHUHQ]HQ VLQG SHUV|QOLFKH (LQVWHOOXQJHQ GLHDXVHLQHULQGLYLGXHOOHQ3HUVSHNWLYHKHUDXVDUWLNXOLHUWZHUGHQGKHLQH EXFKVWlEOLFKH %HYRUPXQGXQJ LQGHP GLH $UWLNXODWLRQ $QGHUHU GXUFK HLJHQH *UQGH HUVHW]W ZLUG IKUW ]XU 'HJHQHUDWLRQ MHJOLFKHU 5HFKWIHUWL JXQJVSUD[LV'LHVH%HVWLPPXQJHQVLQGLP%HJULIIGHU5H]LSUR]LWlWHQWKDO WHQ 'DV6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ+DQGOXQJVJUQGHQNDQQQXU PLW YHUWHLOWHQ 5ROOHQ JHVSLHOW ZHUGHQ $QGHUHQIDOOV ZUGH GHRQWLVFKHV 9RNDEXODUGDV=XZHLVHQXQG$QHUNHQQHQYRQ)HVWOHJXQJHQXQG%HUHFK WLJXQJHQ]X)HVWOHJXQJHQVLQQHQWOHHUWLQVRIHUQGDV=XZHLVHQYRQ)HVWOH JXQJHQ RKQH GLH %HUFNVLFKWLJXQJ GHUHQ $QHUNHQQXQJ XQG GDPLW GHU =XZHLVXQJ HLQHU %HUHFKWLJXQJ LQ XPJHNHKUWHU 5LFKWXQJ  LQV /HHUH OlXIW GK]XPEOR‰HQ=ZDQJZLUG:HQQLFKGDKHUREHQGLH6ROOHQ5HODWLRQ S Ⱥ2T VRJHNHQQ]HLFKQHWKDEHGD‰GLH=XZHLVXQJHLQHU)HVWOHJXQJDXIT DQ$XQDEKlQJLJYRQ$·V$QHUNHQQXQJHLQHU)HVWOHJXQJDXISJLOWVRKDW VLFK QXQ LP 9RUVWHKHQGHQJH]HLJW GD‰ GLHV HLQH 4XDOLILNDWLRQ YRQ S DOV QLFKW UH]LSURNDOOJHPHLQ ]XUFNZHLVEDU YHUODQJW 'DV EHGHXWHW GD‰ GLH %HVWLPPXQJYRQSDOVLQGLHVHP6LQQHDQHUNHQQXQJVZUGLJLGHDOHUZHLVHGD]X IKUW GD‰ T YRQ $ QRUPDWLY HUIRUGHUW ZLUG ZHLO $ HLQH HQWVSUHFKHQGH IHVWOHJXQJVHUKDOWHQGH5HFKWIHUWLJXQJSDQHUNDQQWKDWGKIU$GLH(U IRUGHUQLV5HODWLRQ2 SȺT JLOW 'LH$OOJHPHLQKHLWDOV]ZHLWH4XDOLIL]LHUXQJGHV%HJULIIVGHU9HUQQIWLJ NHLWEHVDJWQDFK)RUVWGD‰NHLQÅ$XVVFKOX‰GHU(LQZlQGH%HWURIIHQHU´

_____________ JXQJVEH]RJHQH4XDOLIL]LHUXQJLVWGHVKDOEHUIRUGHUOLFKZHLORKQHVLHWDWVlFKOLFKNHLQH 5H]LSUR]LWlWPHKUYRUOLHJHQZUGH )RUVWV%HVWLPPXQJGHU5H]LSUR]LWlWODXWHWÅ>«@GDVVEHLGHU%HJUQGXQJE]Z,QIUD JHVWHOOXQJHLQHUPRUDOLVFKHQ1RUP E]ZHLQHU+DQGOXQJVZHLVH QLHPDQGEHVWLPPWH $QVSUFKH HUKHEHQ GDUI GLH HU DQGHUHQ YHUZHLJHUW 5H]LSUR]LWlW GHU ,QKDOWH  XQG GDVVQLHPDQGDQGHUHQGLHHLJHQH3HUVSHNWLYHHLJHQH:HUWVHW]XQJHQhEHU]HXJXQJHQ ,QWHUHVVHQ RGHU %HGUIQLVVH HLQIDFKKLQ XQWHUVWHOOHQ GDUI 5H]LSUR]LWlW GHU *UQGH  VRGDVVPDQHWZDEHDQVSUXFKWHLPÄHLJHQWOLFKHQ¶,QWHUHVVHGHU$QGHUHQ]XVSUHFKHQ RGHU LP 1DPHQ HLQHU VFKOHFKWKLQ QLFKW EH]ZHLIHOEDUHQ :DKUKHLW GLH MHQVHLWV GHU 5HFKWIHUWLJXQJVWQGH´ )RUVWYJOGD]XEHUHLWV)RUVWE  )RUVW E  (U HUOlXWHUW GDV .ULWHULXP GHU $OOJHPHLQKHLW GDKLQJHKHQG Å>«@ GDVVGLH(LQZlQGHYRQNHLQHUEHWURIIHQHQ3HUVRQDXVJHVFKORVVHQZHUGHQGUIHQXQG GDVVGLH*UQGHGLHHLQH1RUPOHJLWLPLHUHQVROOHQYRQDOOHQ3HUVRQHQJHWHLOWZHUGHQ N|QQHQ PVVHQ >«@´ )RUVW    =XU (UVHW]XQJ GHU Ä9HUQQIWLJNHLW¶ GXUFK Ä5H]LSUR]LWlW¶XQGÄ$OOJHPHLQKHLW¶ IKUW)RUVWVFKOLH‰OLFK)ROJHQGHVDXVÅ'LHVH)RU PXOLHUXQJKDW]ZHL9RUWHLOH(UVWHQVEHUFNVLFKWLJWGLHVGHQ)DOOYRQPRUDOLVFK]XOlV VLJHQ1RUPHQGLHOHJLWLPHUZHLVHDEJHOHKQWZHUGHQN|QQHQ²XQGGDPLWQLFKWNDWHJR ULVFK YHUELQGOLFK VLQG ² GLH DEHU DXFK YHUQQIWLJHUZHLVH DN]HSWLHUW ZHUGHQ N|QQHQ XQG ]ZDU LP %HUHLFK GHV 6XSHUHURJDWRULVFKHQ 8QG ]ZHLWHQV ZLFKWLJHU QRFK HUODX EHQHVGLH.ULWHULHQGHUUH]LSURNDOOJHPHLQHQ=XUFNZHLVEDUNHLWDXFKLP)DOOHYRQ² HUZDUWEDUHQ²'LVVHQVHQRGHUEHLÄIDOVFKHQ¶.RQVHQVHQ GLH]XP%HLVSLHODXILOOHJLWL

†9HUQQIWLJNHLWXQG5HFKWIHUWLJXQJVSUD[LV 



YRUOLHJHQGDUI1HEHQGHUHLJHQPlFKWLJHQ3URMHNWLRQHLJHQHUSHUV|QOLFKHU (LQVWHOOXQJHQDXIDQGHUH3HUVRQHQVRZLHGHUXQEHJUQGHWHQ%HVWLPPXQJ YRQ$XVQDKPHQYRQHLQHP3ULQ]LSNDQQGLH5HFKWIHUWLJXQJVSUD[LVDXFK GDGXUFK]XPEOR‰HQ0DFKWVSLHOGHJHQHULHUHQGD‰GLH6WDQGSXQNWH$QGH UHU QLFKW EHUFNVLFKWLJW ZHUGHQ 'DPLW LVW QLFKW JDUDQWLHUW GD‰ VLFK DOOH LQGLYLGXHOO DUWLNXOLHUWHQ (LQVWHOOXQJHQ LP UHVXOWLHUHQGHQ 3ULQ]LS SRVLWLY ZLHGHUILQGHQVRQGHUQOHGLJOLFKGD‰GDV3ULQ]LSLKQHQE]ZLKUHP6WDQG SXQNW JHJHQEHU JHUHFKWIHUWLJW ZHUGHQ NDQQ XQG LQIROJHGHVVHQ LKUH =X VWLPPXQJ HUKlOW $OOH (LQVWHOOXQJHQ %HWURIIHQHU PVVHQ GHPHQWVSUH FKHQG(LQJDQJLQGLH5HFKWIHUWLJXQJVSUD[LVILQGHQ 0LW %H]XJ DXI GLH /HJLWLPDWLRQ HQWVSUHFKHQGHU +DQGOXQJVSULQ]LSLHQ PDFKW)RUVWQXQ)ROJHQGHVJHOWHQGÅ'D‰NHLQHJXWHQ*HJHQJUQGHJH JHQGLH1RUPVSUHFKHQEHGHXWHWGD‰VLHUH]LSURNHXQGDOOJHPHLQH*HO WXQJEHDQVSUXFKHQNDQQJHJHQEHUMHGHUHLQ]HOQHQ3HUVRQXQGGHUPRUD OLVFKHQ *HPHLQVFKDIW LQVJHVDPW >@ )UDJW PDQ YRQ GLHVHP *HOWXQJVDQVSUXFKUHNXUVLY]XUFNQDFKVHLQHU(LQO|VXQJVRYHUODQJWGLHV QDFK HLQHP GLVNXUVLYHQ 5HFKWIHUWLJXQJVYHUIDKUHQ LQ GHP GLH $GUHVVDWHQ GHU 1RUP GHUHQ UH]LSURNDOOJHPHLQH *HOWXQJ EHUSUIHQ N|QQHQ ² HLQ 9HUIDKUHQ LQ GHP GLH .ULWHULHQ YRQ 5H]LSUR]LWlW XQG $OOJHPHLQKHLW EH VWLPPHQGVLQG´ :HVHQWOLFKYHUEXQGHQPLWGHP%HJULIIGHU9HUQQIWLJNHLWZLHHUKLHU JHID‰WZXUGHHUVFKHLQWGDKHUHLQHJUXQGOHJHQGH)RUPYRQgIIHQWOLFKNHLW]X VHLQ 'HQQ GLH PLW GLHVHP %HJULII GHU 9HUQQIWLJNHLW XQYHUHLQEDUH %H

_____________ PHU%HHLQIOXVVXQJ(LQVFKFKWHUXQJRGHUPDQJHOQGHU,QIRUPDWLRQEHUXKHQ GLH4XD OLWlW GHU MHZHLOV HUKREHQHQ $QVSUFKH ]X EHUSUIHQ XQG ]X EHVWLPPHQ ZDQQ HLQH YHUQQIWLJH=XUFNZHLVXQJHLQHV$QVSUXFKVYRUOLHJWE]ZYRUOLHJHQN|QQWH´ )RUVW   )RUVW E  9JO ]XP %HJULII GHU 5HNXUVLYLWlW DXFK GLH .DQW,QWHUSUHWDWLRQ 2·1HLOOV Å%HFDXVH WKH VWUXFWXUH RI KXPDQ FRPPXQLFDWLRQ LV QRW SUHHVWDEOLVKHG LWV FRQGXFWLVDSUDFWLFDOSUREOHP:HDUHQRWJXDUDQWHHGFRRUGLQDWLRQZLWKRWKHUVVRZH PXVW DVN ZKLFK PD[LPV RU SUDFWLFDO SULQFLSOHV FDQ EHVW JXLGH XV ZKHQ ZH VHHN WR FRPPXQLFDWHDQGPXVWWU\WRDYRLGSULQFLSOHVWKDWFRXOGQRWUHJXODWHFRPPXQLFDWLRQ DPRQJD SOXUDOLW\RI VHSDUDWHIUHHDQGSRWHQWLDOO\UHDVRQLQJEHLQJV ,IZHILQGVXFK ÄSULQFLSOHVRIFRPPXQLFDWLRQ¶WKHLUMXVWLILFDWLRQPXVWEHUHFXUVLYHWKH\ZLOOVLPSO\EH SULQFLSOHV E\ ZKLFK SUDFWLFHV RI FRPPXQLFDWLRQ FDQ EH PDLQWDLQHG DQG GHYHORSHG UDWKHU WKDQ VWXOWLILHG´ 2·1HLOO    8QG LQ (UOlXWHUXQJ GHV 3ULQ]LSV YRP 6WDQGSXQNW $QGHUHU DXV ]X GHQNHQ IlKUW 2·1HLOO IRUW Å7KHUH LV QR ORIW\ SRVLWLRQ DERYH WKH GHEDWH DV SHUKDSV WKHUH PLJKW EH LI KXPDQ UHDVRQ KDG D WUDQVFHQGHQW VRXUFH7KHUHLVRQO\WKHSRVLWLRQRIRQHZKRVWULYHVWRUHDFKDQGXQGHUVWDQGWKHSHU VSHFWLYHVRIRWKHUVDQGWRFRPPXQLFDWHZLWKUDWKHUWKDQSDVWWKHP2QO\FRPPXQL FDWLRQ WKDW FRQIRUPV WR WKH PD[LP RI HQODUJHG WKRXJKW FDQ UHDFK ÄWKH ZRUOG DW ODUJH¶´ (EG   :HQLJHU LQ GLHVHP HWKLVFKHQ 6LQQH VRQGHUQ HKHU PHWKRGLVFK EH ]HLFKQHW)RUVWDOVUHNXUVLYÅ>«@GLH5HIOH[LRQGDUDXIIUZHOFKHSUDNWLVFKHQ1RUPHQ ZHOFKH$UWYRQJHOWXQJVHLQO|VHQGHU5HFKWIHUWLJXQJJHERWHQLVW´ )RUVWE 



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

YRUPXQGXQJ$QGHUHUVHLHVLPhEHUJHKHQYRQGHUHQ(LQVWHOOXQJHQVHL HVLQGHUHLJHQPlFKWLJHQ)HVWVHW]XQJKDQGOXQJVUHOHYDQWHU3ULQ]LSLHQOLHJW ]XPLQGHVW DOV 0|JOLFKNHLW LQ MHJOLFKHU UHLQ SULYDWHQ %HVWLPPXQJ YRQ +DQGOXQJVSULQ]LSLHQ DXFK GHU VRJHQDQQWHQ ÄJXW JHPHLQWHQ¶  HQWKDOWHQ %HUHFKWLJXQJHQ ]X )HVWOHJXQJHQ DXI +DQGOXQJHQ E]Z +DQGOXQJVDEVLFKWHQ VRZLH GLH QLFKW YHUQQIWLJHUZHLVH ]XUFNZHLVEDUHQ 3ULQ]LSLHQ GLH GLHVH %HUHFKWLJXQJHQ DOOJHPHLQ DUWLNXOLHUHQ YHUGDQNHQ VLFK GHPQDFK HLQHU 5HFKWIHUWLJXQJVSUD[LV  

†5HFKWIHUWLJHQXQG%HJUQGHQ

 'LHVHU6WHOOHQZHUWGHU5HFKWIHUWLJXQJVSUD[LVDOV(QWVWHKXQJVRUWOHJLWLPHU +DQGOXQJVSULQ]LSLHQLVWQXQLQIROJHQGHP6LQQHYRQHQWVFKHLGHQGHU%H GHXWXQJ2EHQKDWWHQVLFKLP=XVDPPHQKDQJGHU%HVWLPPXQJGHUSUDN WLVFKHQ(UIRUGHUQLV5HODWLRQVRZLHGHUSUDNWLVFKHQ6ROOHQ5HODWLRQGHUHQ EHLGH*OWLJNHLWVNULWHULHQGHU5DWLRQDOLWlWE]ZGHU9HUQQIWLJNHLWDOVLUUH GX]LEHO HUZLHVHQ ZHGHU LVW HV LUUDWLRQDO HLQ QDFK GHQ KLHU EHVWLPPWHQ 9RUJDEHQ HUUHLFKWHV +DQGOXQJVSULQ]LS ]X LJQRULHUHQ XQG VWDWWGHVVHQ JH

_____________ )RUVW EHVWLPPW GLH VR]LDOH 3UD[LV GHU 5HFKWIHUWLJXQJ GHPHQWVSUHFKHQG Å5HFKWIHUWL JXQJZLUG>«@DOVGLVNXUVLYHU3UR]H‰YHUVWDQGHQGHVVHQSULPlUH$GUHVVDWHQGLHLQUH OHYDQWHU :HLVH %HWURIIHQHQ VLQG´ )RUVW E   'LH SULQ]LSLHOOH ]HLWOLFKH 2I IHQKHLW HLQHV VROFKHQ 5HFKWIHUWLJXQJVSUR]HVVHV KDW ]XYRU .DPEDUWHO  I EHWRQWÅ-HGHVEHJUQGHWH6\VWHPYRQ+DQGOXQJVUHJHOQNDQQ>@QXUDOV(UJHEQLVHL QHU(QWZLFNOXQJEHJULIIHQZHUGHQ$P$QIDQJVWHKHQSULPDIDFLHJXWH+DQGOXQJVUH JHOQGLHDXIEHJUQGHWH,QWHUHVVHQXQG3ULRULWlWVQRUPHQJHVWW]WVLQG(LQHHQWVSUH FKHQG RULHQWLHUWH 3UD[LV JHUlW LQ HLQH 6LWXDWLRQ LQ GHU QHXH ,QWHUHVVHQ RGHU +DQGOXQJVDOWHUQDWLYHQ ]X EHUFNVLFKWLJHQ VLQG 'DKHU PX‰ GLH YRUKHULJH %HJUQ GXQJVEDVLVHLQHUWUDQVVXEMHNWLY]XOHLVWHQGHQhEHUDUEHLWXQJXQWHU]RJHQZHUGHQ'LH GDUDXV KHUYRUJHKHQGH EHJUQGHWH 0RGLILNDWLRQ LVW GHU $QIDQJ HLQHV QHXHQ 'UHL VFKULWWHVGHUEHVFKULHEHQHQ$UWXVIELV]XUJHJHQZlUWLJHQ(QWVFKHLGXQJVVLWXDWLRQ>@ 'D‰ ZLU IU EHJUQGHWH (QWVFKHLGXQJHQ DXIJHUXIHQ VLQG QLFKW QXU ELVKHULJH (QW ZLFNOXQJVVFKULWWHQRUPDWLY]XUHIOHNWLHUHQVRQGHUQDXFKELVKHU%HJUQGHWHVYRQGHU JHJHQZlUWLJHQ6LWXDWLRQKHUDXIGLH1RWZHQGLJNHLWHLQHU0RGLILNDWLRQ]XSUIHQGD‰ ZLUXQVVHOEVWDOVRQLFKWQXUDOV%HWUDFKWHUVRQGHUQDXFKDOV$NWHXUHGHV9HUQXQIWSUR ]HVVHVEHJUHLIHQPVVHQYHUVWHKW VLFK DXVGHU8QDEVFKOLH‰EDUNHLWQRUPDWLYHU5HIOH [LRQYRQVHOEVW´0LWVHLQHUDQ:LWWJHQVWHLQRULHQWLHUWHQ(LQEHWWXQJPRUDOLVFKHU5H IOH[LRQ LQ Ä/HEHQVIRUPHQ¶ VFKHLQW .DPEDUWHO VSlWHU MHGRFK HLQH SULQ]LSLHOOH *UHQ]H GHU .ULWLVLHUEDUNHLW ]X LQWHQGLHUHQ ZHQQ HU YRQ Å/HEHQVJHZL‰KHLWHQ´ VSULFKW YJO .DPEDUWHOVRZLHYD 9JOLP*HJHQVDW]GD]X*HWKPDQQ  GHU GDIU DUJXPHQWLHUW Å>«@ GD‰ 7UDGLWLRQ ,QVWLWXWLRQ XQG 2UJDQLVDWLRQ ]ZDU QLFKW YRQ IDNWLVFKHQ =XVWLPPXQJVKDQGOXQJHQ DEKlQJHQ GLHV ZUGH LKUHQ KDQG OXQJVHQWODVWHQGHQ (IIHNW ]HUVW|UHQ  JOHLFKZRKO DEHU QLFKW HR LSVR GLVNXUVHQW]RJHQ VLQG VRPLW MHGHU]HLW ]XP 'LVNXUVWKHPD JHPDFKW ZHUGHQ N|QQHQ´ +HUYRUKHEXQJ .3 

†5HFKWIHUWLJHQXQG%HJUQGHQ 



Pl‰GHUHLJHQHQ)HVWOHJXQJDXIHLQH DOOJHPHLQ]XUFNZHLVEDUH (LQVWHO OXQJ]XKDQGHOQQRFKLVWHVXQYHUQQIWLJYRQHLQHU+DQGOXQJE]Z+DQG OXQJVDEVLFKW DE]XVHKHQ E]Z DE]XJHKHQ LQGHP PDQ GHU HLJHQHQ )HVWOH JXQJ NHLQH +DQGOXQJVHIIHNWLYLWlW YHUOHLKW G K GLH GDUDXV UHVXOWLHUHQGH )HVWOHJXQJQLFKWDQHUNHQQW'LH$UJXPHQWDWLRQELVDXIGLHVHQJHJHQZlU WLJHQ3XQNWKDWGLHVHEHLGHQ.RQWH[WHIHVWOHJXQJVHUKDOWHQGHU,QIHUHQ]HQ KLQVLFKWOLFKGHU$EWUHQQEDUNHLWGHUHQ.RQNOXVLRQHQXQGGDPLWHLQHUZH VHQWOLFKHQVSH]LILVFKHQ'LIIHUHQ]EHWUDFKWHW:HGHUNDQQGLH(UIRUGHUQLV 5HODWLRQDXIGLH6ROOHQ5HODWLRQUHGX]LHUWZHUGHQQRFKLVWGHUXPJHNHKU WH)DOOP|JOLFKLQGLHVHP6LQQHVLQG5DWLRQDOLWlWXQG9HUQQIWLJNHLWGH UHQLUUHGX]LEOH*OWLJNHLWVNULWHULHQ 'DPLWHUJLEWVLFKHLQHJHJHQEHUGHU.DQWLVFKHQ%HVWLPPXQJLQYHUVH 9RUDXVVHW]XQJIUHLQH3ULRULWlWGHU9HUQQIWLJNHLWJHJHQEHUGHU5DWLR QDOLWlWDOVGHUEHLGHQP|JOLFKHQ.ULWHULHQSUDNWLVFKH,QIHUHQ]HQDXILKUH *OWLJNHLWKLQ]XSUIHQ²ZRKOJHPHUNWRKQHGD‰GDPLW5DWLRQDOLWlWDXI 9HUQQIWLJNHLW UHGX]LHUEDU ZlUH .DQWV HQWVSUHFKHQGH 9RUDXVVHW]XQJ HLQHUVROFKHQ3ULRULWlWEHVWDQGGDULQGD‰GHU0HQVFKQLFKWDOVSKlQRPH QDOHV G K JHPl‰ .DQWV WKHRUHWLVFKHQ (UNHQQWQLVSULQ]LSLHQ REMHNWLY UHDOHV :HVHQ VRQGHUQ DOV 7HLO GHU LQWHOOLJLEOHQ :HOW DOV 1RXPHQRQ EH WUDFKWHWZLUG1XQLVWQDFKGHQKLHUJHPDFKWHQ9RUJDEHQQDWUOLFKNHLQH 8PNHKU GLHVHU 5HODWLRQ P|JOLFK LQVRIHUQ .DQWV 'XDOLVPXV KLHU QLFKW WKHRULHOHLWHQGZDUPLWZHOFKHU5DQJRUGQXQJ]ZLVFKHQ3KDHQRPHQDXQG 1RXPHQDDXFKLPPHU'LHQLFKWNDQWLVFKH9RUDXVVHW]XQJIUHLQH3ULRUL WlW GHU 9HUQQIWLJNHLW JHJHQEHU GHU5DWLRQDOLWlW PX‰DOVR LQ IROJHQGHP 6LQQH EHVWLPPW ZHUGHQ *UQGH (UIRUGHUQLV XQG 6ROOHQ5HODWLRQHQ GUIHQQLFKWTXDVLREMHNWLYDXVGHU3HUVSHNWLYHHLQHUGULWWHQ3HUVRQVRQ GHUQ PVVHQ KLQVLFKWOLFK LKUHU UHDOHQ $UWLNXODWLRQHQ LQ 5ROOHQYHUWHLOXQJ EHWUDFKWHWZHUGHQRGHUZLH%UDQGRPHVQHQQWDXVGHU3HUVSHNWLYHYRQ :HVHQGLHÄ:LU¶VDJHQN|QQHQ,QGLHVHP6LQQHEHVWLPPWHUGHQ%HJULII GHV 0HQVFKHQ QLFKW XQWHU 5HNXUV DXI GDV .ULWHULXP GHU 9HUQXQIW RGHU DQGHUH lTXLYDOHQWH (VVHQWLDOLHQ  VRQGHUQ XQWHU 5HNXUV DXI GLH 3UD[LV 'LQJH DOV *UQGH IU DOOH P|JOLFKHQ )RUPHQ YRQ (LQVWHOOXQJHQ XQG +DQGOXQJHQ]XEHWUDFKWHQXQGGLHVH*UQGHVFKOLH‰OLFKDXFK]XIRUGHUQ XQG ]X OLHIHUQ Å8QVHU 8PJDQJ PLW DQGHUHQ 'LQJHQ XQG PLWHLQDQGHU EHGHXWHW HWZDV IU XQV LQ HLQHP EHVRQGHUHQ XQG FKDUDNWHULVWLVFKHQ 6LQQH HUKDWIUXQVMHZHLOVHLQHQEHJULIIOLFKHQ,QKDOWZLUYHUVWHKHQLKQLQHLQHUEH VWLPPWHQ:HLVH*HQDXGLHVH$EJUHQ]XQJVVWUDWHJLHELOGHWGLH*UXQGODJH GDIU GD‰ ZLU NODVVLVFKHUZHLVH DOV YHUQQIWLJH :HVHQ LGHQWLIL]LHUW ZHUGHQ )UGLH7LHUHGHV:DOGHVJLEWHVNHLQH9HUQXQIW:LUVLQGGLHMHQLJHQIU GLH *UQGH ELQGHQG VLQG GLH GHU HLJHQWPOLFKHQ .UDIW GHV EHVVHUHQ *UXQGHVXQWHUOLHJHQ'LHVH.UDIWLVWHLQHQRUPDWLYHHLQUDWLRQDOHVÄ6ROOHQ¶ 9HUQQIWLJVHLQKHL‰WGLHVHQ1RUPHQGHU$XWRULWlWYRQ*UQGHQXQWHU



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

ZRUIHQVHLQ,QGLHVHP6LQQHÄZLU¶]XVDJHQKHL‰WXQVJHPHLQVDPLQGHQ 5DXPGHU*UQGH]XVWHOOHQLQGHPZLU*UQGHIUXQVHUH(LQVWHOOXQJHQ XQG9HUKDOWHQVZHLVHQJHEHQXQGYHUODQJHQ´ 5HFKWIHUWLJXQJVUHODWLRQHQ ]ZLVFKHQ PHQVFKOLFKHQ 6XEMHNWHQ VROOHQ GHPQDFKQLFKWGDGXUFKHUNOlUWZHUGHQGD‰GLHVH6XEMHNWHDOVYHUQQIWLJ XQGLQZHFKVHOVHLWLJHU$EKlQJLJNHLWVWHKHQGDXVJHZLHVHQZHUGHQVRQGHUQ XPJHNHKUWZLUGHLQH.ODVVHYRQ:HVHQGDGXUFKDOVZHVHQWOLFKVR]LDOXQG YHUQQIWLJ EHVWLPPW GD‰ VLH (LQVWHOOXQJHQ DOV *UQGH EHKDQGHOQ N|QQHQ LQGHPVLHVLFKHQWVSUHFKHQGYHUKDOWHQGK*UQGHDOVJOWLJHXQJOWLJH RGHUIHKOHQGH3UlPLVVHQLQEHOLHELJHQ,QIHUHQ]HQEHKDQGHOQXQGVFKOLH‰ OLFK H[SOL]LHUHQ N|QQHQ ,Q GLHVHP 6LQQH HLQHU QRUPDWLYHQ 3UDJPDWLN ZLUG .DQWV %HVWLPPXQJ GHV 0HQVFKHQ DOV HLQHV UDWLRQDOHQ KHWHURQRPHQ XQG ]XJOHLFKDXWRQRPHQ:HVHQVGHWUDQV]HQGHQWDOLVLHUWXPDOV9RUDXVVHW]XQJ GDIUGLHQHQ]XN|QQHQGD‰GHUSUDNWLVFKHQ9HUQQIWLJNHLWHLQHK|KHUH 'LJQLWlW ]XJHZLHVHQ ZLUG DOV GHU SUDNWLVFKHQ 5DWLRQDOLWlW ² GLH %HJULIIH GHU 9HUQQIWLJNHLW XQG 5DWLRQDOLWlW LQ GHP KLHU HQWZLFNHOWHQ HQJHQ DXV GHU *HJHQEHUVWHOOXQJ YRQ 6ROOHQ XQG (UIRUGHUQLV5HODWLRQHQ UHVXOWLH UHQGHQ 9HUVWlQGQLV QLFKW LP 6LQQH GHV YRUVWHKHQGHQ =LWDWV %UDQGRPV GHUÄYHUQQIWLJ¶XQGÄUDWLRQDO¶KLHUQLFKWLQ5HODWLRQ]XHLQDQGHUVRQGHUQ JOHLFKVHW]W 'LH3ULRULWlWGHU9HUQQIWLJNHLWYRUGHU5DWLRQDOLWlWJLOWQXQXQWHUGLH VHU 9RUDXVVHW]XQJ HLQHU QRUPDWLYHQ 3UDJPDWLN DOV GHP 6WDUWSXQNW GHU $UJXPHQWDWLRQLQIROJHQGHP9HUVWlQGQLV 'DV )RUGHUQ XQG /LHIHUQ YRQ +DQGOXQJVJUQGHQ KDW VHLQHQ ORJLVFKHQ 8U VSUXQJGRUWZR$QHUNHQQXQJHQYRQ]XJHZLHVHQHQ)HVWOHJXQJHQE]Z%H UHFKWLJXQJHQ ]X VROFKHQ =XZHLVXQJHQ SUREOHPDWLVLHUW ZHUGHQ N|QQHQ XQG XPJHNHKUW LVW HLQH GHUDUWLJH 3UREOHPDWLVLHUXQJ ZHVHQWOLFK PLW GHP $Q

_____________ %UDQGRP D  YJO GD]X DXFK %UDQGRP D  VRZLH EHUHLWV +DEHU PDVIÅ>@'LVNXUVH>VLQG@QLFKWQXUNRQWLQJHQWHUZHLVHVRQGHUQV\VWHPD WLVFKLQHLQHQ/HEHQV]XVDPPHQKDQJHLQJHODVVHQ>@GHVVHQHLJHQWPOLFK]HUEUHFKOL FKH)DNWL]LWlWLQGHU$QHUNHQQXQJGLVNXUVLYHU*HOWXQJVDQVSUFKHEHVWHKW:HUQLFKWDQ $UJXPHQWDWLRQHQ WHLOQLPPW RGHU WHLO]XQHKPHQ EHUHLW LVW VWHKW JOHLFKZRKO ÄLPPHU VFKRQ¶LQ=XVDPPHQKlQJHQNRPPXQLNDWLYHQ+DQGHOQV,QGHPHUGDVWXWKDWHUGLHZLH LPPHUDXFKNRQWUDIDNWLVFKHUKREHQHQLQ6SUHFKDNWHQHQWKDOWHQHQXQGDOOHLQGLVNXU VLY HLQO|VEDUHQ *HOWXQJVDQVSUFKH QDLY VFKRQ DQHUNDQQW ² DQGHUQIDOOV KlWWH HU VLFK YRPNRPPXQLNDWLYHLQJHOHEWHQ6SUDFKVSLHOGHU$OOWDJVSUD[LVO|VHQPVVHQ´+DEHU PDV·$VVLPLODWLRQVYRUZXUIDQ%UDQGRPKLQVLFKWOLFKGHUYHUVFKLHGHQHQ6ROOHQVIRUPHQ YJOREHQ† VROOWHPLWGHU%UDQGRPV$QVDW]ZHLWHUIKUHQGHQ6SH]LILNDWLRQSUDNWL VFKHU IHVWOHJXQJVHUKDOWHQGHU ,QIHUHQ]HQ (UIRUGHUQLV E]Z 6ROOHQ5HODWLRQ  5HFK QXQJJHWUDJHQVHLQ 9JO%UDQGRP E GHUDXIGLH*OWLJNHLWVNULWHULHQDQGHQHQVLFKHLQhEHU JDQJ]ZLVFKHQ(UIRUGHUQLVXQG6ROOHQ5HODWLRQHQEHPL‰WMHGRFKQLFKW]XVSUHFKHQ NRPPW

†5HFKWIHUWLJHQXQG%HJUQGHQ 



VSUXFK DXI $EJOHLFK SULQ]LSLHOO JOHLFKZHUWLJHU SHUV|QOLFKHU (LQVWHOOXQJHQ YHUEXQ GHQ 9HUQQIWLJNHLW DOV *OWLJNHLWVNULWHULXP SUDNWLVFKHU ,QIHUHQ]HQ LVW DOVRPLW%OLFNDXIDOOHVR]LDOHQ,QWHUDNWLRQHQLQ.UDIWLQZHOFKHQGLH$Q HUNHQQXQJYRQ+DQGOXQJVJUQGHQSUREOHPDWLVLHUWZHUGHQNDQQGKEHUHLWV GRUW ZR HV XP GLH LQWHUVXEMHNWLYH .RRUGLQDWLRQ VXEMHNWLYHU +DQGOXQJV VWUDWHJLHQJHKWZLHVLFKREHQLQ†XQGGHU7KHPDWLVLHUXQJYRQ%UDW PDQVVKDUHGFRRSHUDWLYHDFWLYLW\JH]HLJWKDW+LQJHJHQEHVLW]W5DWLRQDOLWlWDOVR JHPl‰GHP]XKDQGHOQZRUDXIPDQVLFKVHOEVWIDNWLVFKIHVWJHOHJWKDWDOV *OWLJNHLWVNULWHULXPSUDNWLVFKHU,QIHUHQ]HQLQVRIHUQNHLQHLQWHUVXEMHNWLYH 'LPHQVLRQDOVHV]ZDUDXI*UQGHQLFKWDEHUZHVHQWOLFKDXIGDVVR]LDOH 6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQUHNXUULHUWGLH(UIRUGHUQLV 5HODWLRQJLOWEHUKDXSWQXUZHQQGLH$QHUNHQQXQJGHUIHVWOHJXQJVHUKDO WHQGHQ3UlPLVVHQGXUFKGLHKDQGHOQGH3HUVRQVHOEVWJHJHEHQLVW 0LWGHUJHQDQQWHQ3UREOHPDWLVLHUXQJ²HLQHU)RUGHUXQJQDFK([SOLND WLRQ YRQ SUDNWLVFKHQ *HOWXQJVDQVSUFKHQ QDFK 5HFKWIHUWLJXQJ RGHU 5FNIKUXQJ SHUV|QOLFKHU (LQVWHOOXQJHQ DXI +DQGOXQJVSULQ]LSLHQ RGHU QRFKPDOV DQGHUV JHZHQGHW HLQHU )RUGHUXQJ GDQDFK GHQ HLJHQHQ 6WDQG SXQNW]XU'LVSRVLWLRQ]XVWHOOHQ²QLPPWPDQLSVRIDFWRDQHLQHP3UR]H‰ WHLOGHU²XQWHUGHU%HGLQJXQJGD‰GLH%HWHLOLJWHQLKUH)HVWOHJXQJHQDXFK DQHUNHQQHQ²3ULQ]LSLHQDOVLGHDOH=LHOSXQNWHEHVLW]WGLHNHLQHGHUEHWHL OLJWHQ3HUVRQHQYHUQQIWLJHUZHLVH]XUFNZHLVHQNDQQ'DEHLLVWIHVW]XKDO WHQGD‰GLH7HLOQDKPHDP5HFKWIHUWLJXQJVSUR]H‰LKUHUVHLWVGXUFK+DQG OXQJHQ DOVR NHLQ EOR‰HV 9HUKDOWHQ *HVFKHKHQ RGHU :LGHUIDKUQLV  EHVWLPPWLVW'LH7HLOQDKPHDP5HFKWIHUWLJXQJVSUR]H‰LVWZHGHUHLQQD WXUDOLVWLVFK ]X YHUVWHKHQGHU $XWRPDWLVPXV GHP 0HQVFKHQ DOV VROFKH XQWHUOlJHQ QRFK HLQH PHWDSK\VLVFK ]X YHUVWHKHQGH (LJHQVFKDIW ] % %UJHUHLQHVPXQGXVLQWHOOLJLELOLV]XVHLQ VRQGHUQHLQGHRQWLVFKHU6WDWXV HLQH)HVWOHJXQJGLHVLFKDNWLYÄ]XJH]RJHQ¶KDWZHUSUDNWLVFKH)HVWOHJXQ JHQ ZLHLPSOL]LWDXFKLPPHU LQ)UDJHVWHOOWGLH7HLOQDKPHDP5HFKWIHU WLJXQJVSUR]H‰ NDQQ JHOLQJHQ XQG PL‰OLQJHQ VLH LVW GDPLW LKUHUVHLWV HLQH )HVWOHJXQJ GHU PDQ JHUHFKW ZHUGHQ NDQQ DEHU QLFKW JHUHFKW ZHUGHQ PX‰

_____________ 'DV EHGHXWHW GD‰ GHP 6SLHO GHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQ VHOEVW NHLQH +LHUDUFKLVLHUXQJ P|JOLFKHU )UDJH RGHU $QWZRUWSRVLWLRQHQ HLQJHVFKULHEHQ LVW YJO GD]XDXFK+DEHUPDVÅ'HQ$XVJDQJVSXQNWELOGHW DOVRGHUQRUPDWLYH*H KDOWMHQHUÄXQDXVZHLFKOLFKHQ¶SUDJPDWLVFKHQ9RUDXVVHW]XQJHQDXIGLHVLFK$UJXPHQ WDWLRQVWHLOQHKPHULPSOL]LWHLQODVVHQPVVHQVREDOGVLHVLFKEHUKDXSW²PLWGHP=LHO GHU(LQO|VXQJNRQWURYHUVHU*HOWXQJVDQVSUFKH²DQHLQHUNRRSHUDWLYHQ:DKUKHLWVVX FKHLQ*HVWDOWHLQHV:HWWEHZHUE>V@XPEHVVHUH$UJXPHQWHEHWHLOLJHQ'HUSHUIRUPD WLYH 6LQQ GHU $UJXPHQWDWLRQVSUD[LV EHVWHKW MD GDULQ GDVV LP +LQEOLFN DXI UHOHYDQWH )UDJHQ XQG DXI GHU *UXQGODJH DOOHU HLQVFKOlJLJHQ ,QIRUPDWLRQHQ GHU Ä]ZDQJORVH =ZDQJGHVEHVVHUHQ$UJXPHQWV¶GHQ$XVVFKODJJHEHQVROO  ´



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

'LHHLQ]LJHEHJULIIOLFKH$OWHUQDWLYHKLQVLFKWOLFKGHV$EJOHLFKVSHUV|Q OLFKHU (LQVWHOOXQJHQ ]X GLHVHU 5HFKWIHUWLJXQJVSUD[LV LVW GLH PHKU RGHU ZHQLJHU VSUDFKORVH LQ MHGHP )DOO DEHU %HYRUPXQGXQJ XQG =ZDQJ LQ .DXI QHKPHQGH 0DFKWSUD[LV ÄEHJULIIOLFKH $OWHUQDWLYH¶ GHVKDOE ZHLO GLH VR]LDOH 5HDOLWlW QDWUOLFK YRQ HLQHP JDQ]HQ 6SHNWUXP ]ZLVFKHQ GLHVHQ EHLGHQ$OWHUQDWLYHQJHNHQQ]HLFKQHWLVW²(LQ$UJXPHQWJHJHQHLQHGHUDUWL JH0DFKWSUD[LVLVWGDPLWQLFKWIRUPXOLHUW XQGNDQQYHUPXWOLFKQLFKWIRU PXOLHUW ZHUGHQ  HV JHKW KLHU OHGLJOLFK XP GLH )HVWOHJXQJ G K XP GHQ GHRQWLVFKHQ6WDWXVGHQMHPDQGEHVLW]WGHUSUDNWLVFKH*HOWXQJVDQVSUFKH SUREOHPDWLVLHUWDOVRQDFK*UQGHQE]Z%HUHFKWLJXQJHQ]X)HVWOHJXQJHQ IUDJWXQGVHOEVW]XP/LHIHUQYRQ*UQGHQE]ZGHP$XVZHLVHQVROFKHU %HUHFKWLJXQJHQEHUHLWLVW 'LHVH LQWHUVXEMHNWLYH 3UREOHPDWLVLHUXQJ SUDNWLVFKHU *HOWXQJVDQVSUFKH LVWDOVRGHUQRUPDWLYH$QJHOSXQNWVHOEVWGHVUDWLRQDOHQ+DQGHOQVGDVQXU DQGHUQRWZHQGLJHQ.RRUGLQDWLRQGHUHLJHQHQ3OlQHPLWGDUDQ%HWHLOLJWHQ LQWHUHVVLHUWLVW([SOL]LW]XPDFKHQZDVHLQ+DQGOXQJVJUXQGMHZHLOVLVW E]Z H[SOL]LW ]X PDFKHQ ZDV LPSOL]LW DOV HLQ +DQGOXQJVJUXQG EHKDQGHOW ZHUGHQ NDQQ LVW GLH )RUGHUXQJ LQQHUKDOE GHU 5HFKWIHUWLJXQJVSUD[LV VHL QHQHLJHQHQ6WDQGSXQNW]XU'LVSRVLWLRQ]XVWHOOHQ 'DV6SLHOIHOGGHU5HFKWIHUWLJXQJVSUD[LVZLUGDOVRPLW%OLFNDXI+DQG OXQJHQ EHWUHWHQ VRZRKO L  PLW GHU +HUDXVIRUGHUXQJ GHU *OWLJNHLW GHU 3UlPLVVHLQHLQHU6ROOHQ5HODWLRQGXUFK3HUVRQ$ZHOFKHUYRQ3HUVRQ% GLH )HVWOHJXQJ DXI GDV LQ GHU 3UlPLVVH HQWKDOWHQH +DQGOXQJVSULQ]LS ]X JHZLHVHQZXUGHDOVDXFK LL PLWGHU+HUDXVIRUGHUXQJGHU*OWLJNHLWGHU 3UlPLVVH LQ HLQHU (UIRUGHUQLV5HODWLRQ GXUFK GLH ]XZHLVHQGH 3HUVRQ % GLHYRQGHQ(LQVWHOOXQJHQGHUKDQGHOQGHQ3HUVRQ$EHWURIIHQLVWGKLQ EHLGHQ )lOOHQ PLW GHU 3UREOHPDWLVLHUXQJ GHU %HUHFKWLJXQJ ]X GHU )HVWOHJXQJ DXI EHVWLPPWH SHUV|QOLFKH (LQVWHOOXQJHQ (QWVFKHLGHQG LVW KLHUEHL GD‰ GLH VR]LDOH 5HFKWIHUWLJXQJVSUD[LV GDV UHDOH 6SLHO GHV LQWHUVXEMHNWLYHQ )RUGHUQV XQG

_____________ 9JOGD]XDXFK+DEHUPDV I9RQHLQHUÅ2ULHQWLHUXQJVSUD[LV´VSULFKWGDKHU .HWWQHUPLW%OLFNDXIGLHVHQJUXQGOHJHQGHQ&KDUDNWHUGHU9HUQQIWLJNHLW²RGHUZLH HU VLH EH]HLFKQHW GHU ÅGLVNXUVLYHQ 9HUQXQIW´ ÅGLVNXUVLYHQ 5DWLRQDOLWlW´ RGHU Å'LV NXUVUDWLRQDOLWlW´Å=ZHFNGLHVHU2ULHQWLHUXQJVSUD[LVLVWHVVLFKPLW*UQGHQDQ*UQGHQ ]XRULHQWLHUHQXQG]ZDUVRGD‰ZLU>«@XQVDXIP|JOLFKVWEHU]HXJHQGH:HLVHGDUEHU YHUVWlQGLJHQ ZHOFKH *UQGH LQ EH]XJ DXI HWZDV IU XQV ,QIUDJHVWHKHQGHV UHOHYDQW XQGZHOFKHGDQQYRQGLHVHQEHVVHUZHOFKHVFKOHFKWHUDOVDQGHUHVLQGLQHLQXQGGHU VHOEHQ +LQVLFKW :DV DOVR LVW GLVNXUVLYH 9HUQXQIW" )DVVHQ ZLU HV LQ HLQH NRPSOH[H )RUPHO ]XVDPPHQ 'LVNXUVUDWLRQDOLWlW LVW GHUMHQLJH 6LQQ YRQ 9HUQQIWLJNHLW LQ ZHO FKHP ZLU GLH DNWXDOLVLHUHQGH 5HYLVLRQ YRQ .RQVHQV DOV (LQKHLW YRQ .RQVHQV XQG 'LVVHQV EHUGLH*WHYRQ*UQGHQÄPHKURGHUZHQLJHUYHUQQIWLJ¶GKDXVPHKU RGHU ZHQLJHU JXWHQ *UQGHQ YROO]LHKHQ >«@ 'LVNXUVLYH 5DWLRQDOLWlW LVW QLFKW GLH JDQ]H5DWLRQDOLWlWDEHUNHLQHDQGHUH5DWLRQDOLWlWNDQQJDQ]RKQHVLHVHLQ´ .HWWQHU I 

†5HFKWIHUWLJHQXQG%HJUQGHQ 



/LHIHUQV YRQ +DQGOXQJVJUQGHQ GHU (QWVWHKXQJVRUW SUlYDOHQWHU +DQG OXQJVJUQGH LVW JHJHQEHU ZHOFKHP GLH OHGLJOLFK LQWUDSHUVRQHOOH *OWLJ NHLW HWDEOLHUHQGH VR]XVDJHQ PRQRORJLVFKH Ä%HJUQGXQJVSUD[LV¶ DOV GHU (QWVWHKXQJVRUW PRPHQWDQLQVWUXPHQWHOOHU RGHU DXFK LQWHUWHPSRUDO H[LVWHQWLHOOHU*UQGHVHNXQGlUHQ&KDUDNWHUEHVLW]WOHW]WHUHEHWUHIIHQGHQ /HEHQVHQWZXUI HLQHV ,QGLYLGXXPV LP JDQ]HQ RGHU .DQWLVFK GHVVHQ *OFNVHOLJNHLW5DWLRQDOLWlWDOVGDV*OWLJNHLWVNULWHULXPYRQIHVWOHJXQJV HUKDOWHQGHQ ,QIHUHQ]HQ GHUHQ .RQNOXVLRQ QLFKW DEWUHQQEDU LVW PDJ HLQ QRWZHQGLJHV GHILQLHQV GHV 0HQVFKHQ DXVPDFKHQ 'RFK HV EOLHEH UHLQ YLUWXHOOVWQGHVR]XVDJHQQRFKÄXQWHU9RUEHKDOW¶ZHQQHVQLFKWDXIHLQHU 3UD[LVDXIUXKHQZUGHGLHGDV)RUGHUQXQG/LHIHUQYRQ*UQGHQEHU KDXSWHUVWHWDEOLHUWH9HUQQIWLJNHLWDOV*OWLJNHLWVNULWHULXPIHVWOHJXQJVHU KDOWHQGHU ,QIHUHQ]HQ GHUHQ .RQNOXVLRQ DEWUHQQEDU LVW EHVLW]W GDPLW IU :HVHQGLHÄ:LU¶VDJHQN|QQHQGLHDOVRJHPl‰%UDQGRPV%HVWLPPXQJHQ GDGXUFK JHNHQQ]HLFKQHW VLQG GD‰ VLH VLFK JHPHLQVDP LQ GHQ 5DXP GHU *UQGHVWHOOHQLQGHPVLH*UQGHIULKUH(LQVWHOOXQJHQXQG9HUKDOWHQV ZHLVHQ JHEHQ XQG YHUODQJHQ HLQ 3ULPDW JHJHQEHU GHU OHGLJOLFK LQWUD SHUVRQHOOH(LQVWHOOXQJVNRKlUHQ]UHJXOLHUHQGHQ5DWLRQDOLWlW $XI6\VWHPHYRQ(LQVWHOOXQJHQVWDWWDXIHLQ]HOQHSUDNWLVFKH,QIHUHQ ]HQEH]RJHQEHGHXWHWGLHVGD‰GLHQRUPDWLYH.UDIWHLQHVSUDNWLVFKHQ5HFKW IHUWLJXQJVNRKlUHQWLVPXVVWlUNHULVWDOVGLHMHQLJHHLQHVSUDNWLVFKHQ%HJUQGXQJVNR KlUHQWLVPXV 0RUDOLVFKH +DQGOXQJVJUQGH LP 6LQQH YRQ QLFKWUH]LSURN DOOJHPHLQ ]XUFNZHLVEDUHQ +DQGOXQJVJUQGHQ EHVLW]HQ GDPLW LP .RQ IOLNWIDOO JHJHQEHU VWUXNWXUHOOHQ +DQGOXQJVJUQGHQ GHUHQ /HJLWLPDWLRQV LQVWDQ]GLHHUVWH3HUVRQ6LQJXODULVWHLQHQ9RUUDQJ'LHVH3ULRULWlWEH

_____________ 9JO +DEHUPDV   GHU GLHVH LQWHUWHPSRUDOH[LVWHQWLHOOHQ +DQGOXQJVJUQGH DXFKDOVHWKLVFK²LP*HJHQVDW]]XHLQHUVHLWVLQVWUXPHQWHOOXQGDQGHUHUVHLWVPRUDOLVFK ²EH]HLFKQHW VLH EH]LHKHQ VLFK DXIVXEMHNWLYH)UDJHQGDQDFKZHU PDQLVW RGHUVHLQ P|FKWH 9JOREHQ)QVRZLHGHQGD]XJHK|ULJHQ$EVDW] 'D‰GLHVQLFKWDXIGLHSULQ]LSLHOOH9RUUDQJVWHOOXQJHLQHV$OWUXLVPXVJHJHQEHUHLQHP (JRLVPXVKLQDXVOlXIWHLQHP0HKUZHUWGHU(LQVWHOOXQJHQ$QGHUHUJHJHQEHUPHLQHQ HLJHQHQ(LQVWHOOXQJHQZXUGHREHQLP=XVDPPHQKDQJPLW6FDQORQV.RQ]HSWGHVVHQ ZDVZLU HLQDQGHUVFKXOGHQHUOlXWHUWVHOEVWYHUVWlQGOLFKLVW HLQ+DQGOXQJVSULQ]LS YHU QQIWLJHUZHLVH ]XUFNZHLVEDU GDV PHLQH HLJHQQW]LJHQ (LQVWHOOXQJHQ QLFKW DGlTXDW EHUFNVLFKWLJWRGHULKQHQJDUGHQ=XWULWW]XU5HFKWIHUWLJXQJVSUD[LVYHUZHLJHUW 9LHOOHLFKW GHXWOLFKHU QRFK DOV LQ GLHVHU )RUPXOLHUXQJ ZLUG GLH 2ULHQWLHUXQJ GLHVHU +LHUDUFKLHDQ.DQWLQ:RRGV%HVFKUHLEXQJÅ7KHRQO\YDOXHIURPZKLFKZHFDQQRW DEVWUDFWLVWKHYDOXHRIWKHFDSDFLW\WRZHLJKUHDVRQVLWVHOIZKLFKZHILQGLQRXUVHOYHV EXWDOVRHTXDOO\LQHYHU\RWKHUPHPEHURIWKHXQLYHUVDOFRPPXQLW\RIUDWLRQDODJHQWV 7KLVLVWKHEDVLVRIPRUDOUHDVRQLQJ,WVSULQFLSOHLVWRWUHDWDOOUDWLRQDODJHQWVDVKDYLQJ DQ REMHFWLYH YDOXH WKDW LV IXQGDPHQWDO VXSUHPH DQG HTXDO ,W LV VROHO\ WKURXJK WKLV PRUDOYDOXHWKDWKDSSLQHVVDFTXLUHVLWVYDOXHDQGWKHSULQFLSOHRISUXGHQFHEHFRPHV



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

UXKWDEHU²XQGGLHVLVWJHJHQEHUHLQHPPRUDOLQWHOOHNWXDOLVWLVFKHQ)XQ GDPHQWDOLVPXV ]X EHWRQHQ ² DXI GHU $QHUNHQQXQJ DQGHUHU ,QVWDQ]HQ DOV GHUHUVWHQ3HUVRQ6LQJXODU]XU/HJLWLPDWLRQYRQ+DQGOXQJHQ:HUVHLQHQ GHRQWLVFKHQ 6WDWXV DOV 7HLOQHKPHU HLQHU 5HFKWIHUWLJXQJVJHPHLQVFKDIW QLFKW DQHUNHQQW ZLUG YRQ GHU ELQGHQGHQ .UDIW QLFKW UH]LSURNDOOJHPHLQ ]XUFNZHLVEDUHU+DQGOXQJVJUQGHQLFKWEHU]HXJWZHUGHQN|QQHQ2GHU HWZDV SODNDWLY JHVDJW *HJHQ GHQ $PRUDOLVWHQ LVW NHLQ DUJXPHQWDWLYHV .UDXW JHZDFKVHQ ² %HUXKLJHQGHUZHLVH H[LVWLHUW HU KDXSWVlFKOLFK LQ PR UDOSKLORVRSKLVFKHQ7KHRULHQXQGZRHUVLFKGRFKUHDOLWHU]HLJWNDQQLKP QXU ZRUDXI REHQ EHUHLWV PLW %D\HUW] KLQJHZLHVHQ ZXUGH PLW 3V\FKR WKHUDSLHXQGJHJHEHQHQIDOOVPLWGHU-XVWL]EHJHJQHWZHUGHQYRQOHW]WHUHU KDW MHGRFK EHUHLWV .DQW HLQH LKUHUVHLWV GHU /HJLWLPDWLRQ EHGUIWLJH =ZDQJVEHIXJQLVDXVJHPDFKW )U HLQHQ 9RUUDQJ GHV 9HUQQIWLJHQ YRU GHP 5DWLRQDOHQ ZHOFKHV OHW]WHUHDXIGLH,FK3HUVSHNWLYHHLQJHVFKUlQNWLVWDUJXPHQWLHUWPLWH[SOL]L WHP5HNXUVDXI.DQWXQG%UDQGRPDXFK3LUPLQ6WHNHOHU:HLWKRIHUZR EHLHUGHQ)RNXVQLFKWVRVHKUDXIGLHQRUPDWLYH.UDIWYRQSHUV|QOLFKHQ (LQVWHOOXQJHQVRQGHUQHKHUDXIGHUHQ0|JOLFKNHLWVEHGLQJXQJHQÅVR]LDO NXOWXUHOOH .RPSHWHQ]HQ XQG GDPLW GLH 7HLOKDEH DQ HLQHU HSLVWHPLVFKHQ :LU*HPHLQVFKDIW´ OHJW Å'DV LQGLYLGXHOOH VWUDWHJLVFKH 'HQNHQ VHW]W QlPOLFK VFKRQ GLH 0|JOLFKNHLW GHU 5HSUlVHQWDWLRQ YRQ =ZHFNHQ GLH $XVZDKO HLQHV OHLWHQGHQ =ZHFNV ]XVDPPHQ PLW GHU %HXUWHLOXQJ YRQ +DQGOXQJVRSWLRQHQ DOV P|JOLFKH 0LWWHO ]XU =ZHFNYHUIROJXQJ GXUFK GLH LQGLYLGXHOOH3HUVRQYRUDXV'HUUHFKWH8PJDQJPLWH[SOL]LWHQ5HJHOQRGHU 3ULQ]LSLHQVHW]WGLH%HKHUUVFKXQJGHV*HEUDXFKVYRQ5HJHOEHQHQQXQJHQ RGHU )RUPXOLHUXQJHQ GHU 3ULQ]LSLHQ YRUDXV 'HU 0|JOLFKNHLWVUDXP LP VWUDWHJLVFKHQ3ODQHQXQGGLH.ULWHULHQ 1RUPHQ GHUÄULFKWLJHQ¶RGHUÄUDWL RQDOHQ¶ +DQGOXQJVZHLVHQ ]XU (UIOOXQJ YRQ 3UlIHUHQ]HQ VLQG QLFKW HLQ

_____________ ELQGLQJRQXVLWLVOLNHZLVHVROHO\WKURXJKWKHYDOXHRIKDSSLQHVVWKDWPRUH OLPLWHG HQGVDQGKHQFHWKHPHDQVWRWKHPDFTXLUHWKHLUYDOXH7KHUHIRUHWKHWKUHHVSHFLHV RI SUDFWLFDO UHDVRQLQJ VWDQG LQ D GHILQLWH RUGHU RI SULRULW\ 0RUDO UHDVRQLQJ WDNHV SUHFHGHQFH RYHU DQG JRYHUQV SUXGHQWLDO UHDVRQLQJ DQG SUXGHQWLDO UHDVRQLQJ WDNHV SUHFHGHQFHRYHUDQGJRYHUQVLQVWUXPHQWDOUHDVRQLQJ´ :RRGE  9JOREHQ† ,Q GHU 5HFKWVOHKUH ILQGHW PDQ GD]X IROJHQGHV .RQGLWLRQDO ÅZHQQ HLQ JHZLVVHU *HEUDXFK GHU )UHLKHLW VHOEVW HLQ +LQGHUQL‰ GHU )UHLKHLW QDFK DOOJHPHLQHQ *HVHW]HQ GLXQUHFKW LVWVRLVWGHU=ZDQJGHUGLHVHPHQWJHJHQJHVHW]WZLUGDOV9HUKLQGHUXQJ HLQHV +LQGHUQLVVHV GHU )UHLKHLW PLW GHU )UHLKHLW QDFK DOOJHPHLQHQ *HVHW]HQ ]XVDP PHQVWLPPHQGGLUHFKW´ .DQW9, 

†5HFKWIHUWLJHQXQG%HJUQGHQ 



IDFKGXUFKGDV,QGLYLGXXPVHOEVWEHVWLPPWVRQGHUQGXUFKHLQH:LVVHQV XQG8UWHLOVJHPHLQVFKDIWGXUFKÄXQV¶´ 8QWHU HLQHU ]XU YRUVWHKHQGHQ $QDO\VH GHU QRUPDWLYHQ .UDIW SUDNWL VFKHU.RKlUHQ]NULWHULHQDQDORJHQGKDXIGLH'LIIHUHQ]]ZLVFKHQQLFKW DEWUHQQEDUHQE]ZDEWUHQQEDUHQ.RQNOXVLRQHQLQSUDNWLVFKHQ,QIHUHQ]HQ DEELOGEDUH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ VWUXNWXUHOOHQ XQG PRUDOLVFKHQ +DQGOXQJVNRQWH[WHQ EHWRQW )RUVW GLH 3UREOHPDWLVLHUXQJ YRQ +DQGOXQJV JUQGHQGXUFKHLQH]ZHLWH3HUVRQÅ(UVWGDGXUFKWULWWGHURGHUGLHhEHU OHJHQGHLQGHQ5DXPLQWHUVXEMHNWLY]XYHUWUHWHQGHU*UQGHHLQGKDOV MHPDQGGHURGHUGLHEHUHLWLVWHLQHQ$QVSUXFKDXIPRUDOLVFKH5LFKWLJNHLW HWZDHLQ]XO|VHQ>@'DV9HUP|JHQ]XSUDNWLVFKYHUQQIWLJHU5HFKWIHUWL JXQJLVWVRPLWIXQGDPHQWDOHUDOVGDV9HUP|JHQ]XUDWLRQDOHU%HJUQGXQJ ZHLOHVGLH5HFKWIHUWLJXQJVGLPHQVLRQGHV+DQGHOQVHLQVFKOLH‰WGHUOHW]WH UHV OHGLJOLFK DXIUXKW HUVW GLHVHV 9HUP|JHQ HUODXEW HV YRQ DXWRQRPHQ +DQGOXQJHQ]XVSUHFKHQGLHHLQH3HUVRQYRUVLFKXQGDQGHUHQYHUDQWZRUWHQ NDQQ´ 'LH 0|JOLFKNHLW ]XU 3UREOHPDWLVLHUXQJ XQVHUHV +DQGHOQV XQG GDPLWGDV%HWUHWHQGHV5DXPVLQWHUVXEMHNWLY]XYHUWUHWHQGHU*UQGHEH JUQGHW GHPQDFK HLQ Ä$XIUXKHQ¶ GHU 5DWLRQDOLWlW DXI GHU 9HUQQIWLJNHLW HLQHQRWZHQGLJH9HUNQSIXQJGHU3HUVRQDOLWlWPLW,QWHUSHUVRQDOLWlW $XV GHU XPJHNHKUWHQ 3HUVSHNWLYH KDEHQ GLH YRUVWHKHQGHQ $QDO\VHQ JH]HLJW GD‰ GLH $EWUHQQEDUNHLW GHU .RQNOXVLRQ HLQHU SUDNWLVFKHQ IHVWOH JXQJVHUKDOWHQGHQ ,QIHUHQ] QRWZHQGLJ PLW GHU QLFKWWULYLDOHQ *OWLJNHLW GHU3UlPLVVHYHUEXQGHQLVWGLHDOVVROFKHGKDXIJUXQGLKUHVSUREOHPD WLVFKHQ&KDUDNWHUVQDFKHLQHU5HFKWIHUWLJXQJYHUODQJW'LHVH1LFKW7ULYLDOLWlW GHU *OWLJNHLW HLQHU 3UlPLVVH LVW JOHLFKEHGHXWHQG PLW LKUHU P|JOLFKHQ 3UREOHPDWLVLHUXQJ2GHUDQGHUVJHZHQGHWGLH7ULYLDOLWlWGHU*OWLJNHLWGHU 3UlPLVVH HLQHU SUDNWLVFKHQ IHVWOHJXQJVHUKDOWHQGHQ ,QIHUHQ] LVW DQ HLQHQ PRQRORJLVFKHQ XQG GDPLW GHULYDWLYHQ 0RGXV GHV 5HFKWIHUWLJHQV JHEXQ GHQ 8QP|JOLFK VLQG GHUDUWLJH LQWUDSHUVRQHOOHQ %HJUQGXQJHQ HQWODQJ GHU (UIRUGHUQLV5HODWLRQ GDPLW VHOEVWYHUVWlQGOLFK QLFKW ² ZLU VLQG PLW LKQHQ XQG GHU VLH OHLWHQGHQ5DWLRQDOLWlW VFKOLH‰OLFK QXU DOO]XYHUWUDXW 1XU VLQG VLHHEHQLQJHQDXGHP0D‰HP|JOLFKDOVHLQ5HGHQ]XVLFKVHOEVWP|JOLFK

_____________ 6WHNHOHU:HLWKRIHUI0LW%OLFNEHUGHQ5DKPHQJHQXLQHU+DQGOXQJVJUQ GH KLQDXV HUZHLWHUW 6WHNHOHU:HLWKRIHU GHQ 3ULPDW GHV Ä:LU¶ QRFK IROJHQGHUPD‰HQ Å'DKHULVWMHGHVVXEMHNWLYH6LQQYHUVWHKHQ>@VHOEVWVFKRQDOVLPSOL]LWH7HLOQDKPHDQ HLQHPNRRSHUDWLYHQ+DQGOXQJVUDKPHQ]XEHJUHLIHQXQGNDQQGDKHUQLFKWHLQIDFKDOV XQHUNOlUWH 9RUDXVVHW]XQJ MHGHU )RUP JHPHLQVDPHQ XQG LQGLYLGXHOOHQ +DQGHOQV XQ WHUVWHOOWZHUGHQ6RJDUVFKRQMHGHVÄ0HLQHQ¶LVWLQJHZLVVHP6LQQÄ7HLOQDKPH¶DQHLQHU :LU+DQGOXQJZHQQZLUQlPOLFKEHDFKWHQGD‰LQQHUH5HGHQDOV5ROOHQVSLHOHJHOHUQW ZHUGHQZHOFKHGLHNRPSHWHQWH7HLOQDKPHDQHLQHU|IIHQWOLFKHQ3UD[LVIRUPLQlKQOL FKHU:HLVHYRUDXVVHW]HQZLHGDVOHLVH/HVHQGDVODXWH6SUHFKHQ´ (EGI  )RUVWEI+HUYRUKHEXQJ.3



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

LVW QlPOLFK DOV GHULYDWLYHU 0RGXV VR]LDOHU .RPPXQLNDWLRQ XQG QLFKW DOV SULYDWVSUDFKOLFKHV)XQGDPHQWXQVHUHUVR]LDOHQ6SUDFKOLFKNHLW (LQH %UFNH YRQ GHU 5HFKWIHUWLJXQJVSUD[LV ]X GHUHQ VXEVWDQWLHOOHQ PRUDOLVFKHQ,PSOLNDWLRQHQOl‰WVLFKGDQDFKIROJHQGHUPD‰HQVFKODJHQ$OV Ä=ZHFN¶XQGQLFKWQXUDOVÄ0LWWHO¶EHWUDFKWHQZLUVR)RUVW:HVHQGHQHQ ZLU HLQ Å5HFKW DXI 5HFKWIHUWLJXQJ´ ]XVFKUHLEHQ HLQ Å5HFKW DOV PRUDOL VFKH3HUVRQJHDFKWHW]XZHUGHQGLH]XPLQGHVWLQGHP6LQQHDXWRQRPLVW GD‰VLHQLFKWDXIHLQH:HLVHEHKDQGHOWZHUGHQGDUIIUGLHLKUQLFKWDQ JHPHVVHQH *UQGH JHOLHIHUW ZHUGHQ N|QQHQ hEHU GLH Ä$QJHPHVVHQKHLW¶ GLHVHU*UQGHHQWVFKHLGHWVLHVHOEVWLPNRQNUHWHQ'LDORJPLWDQGHUHQ>@ +LHUYRQHLQHP5HFKW]XVSUHFKHQXQG]ZDUYRQGHPYRUDOOHQDQGHUHQ JUXQGOHJHQGHQ5HFKWHLQHVMHGHQ0HQVFKHQKHL‰WGD‰KLHULQHLQIXQGD PHQWDOHULQWHUVXEMHNWLYQLFKW]XYHUQHLQHQGHUXQGDEVROXWYHUSIOLFKWHQGHU VXEMHNWLYHU$QVSUXFKOLHJW6RIHUQ5HFKWHDOVHLQHEHVRQGHUH$UWUH]LSURN XQG DOOJHPHLQ QLFKW EHVWUHLWEDUHU XQG HLQIRUGHUEDUHU $QVSUFKH YHUVWDQ GHQZHUGHQLVWHVDQJHPHVVHQGDV5HFKWDXI5HFKWIHUWLJXQJ D HLQPRUD OLVFKHV5HFKW]XQHQQHQXQG E GDVJUXQGOHJHQGH5HFKWGHQQHVLVWVHOEVW NHLQVSH]LILVFKHVLQWHUVXEMHNWLYEHJUQGHWHVXQGDQHUNDQQWHV0HQVFKHQ UHFKW VRQGHUQ GLH *UXQGODJH GHU 5HFKWIHUWLJXQJ NRQNUHWHU 5HFKWH VHOEVW´ 'DPLW LVW QLFKW JHVDJW GD‰ ZLU VWHWV QDFK GHUDUW YHUQQIWLJHQ RGHU SUlYDOHQWHQ*UQGHQKDQGHOQZUGHQVROFKHQDOVRGLH]XU$EWUHQQEDU NHLWGHU.RQNOXVLRQLQHLQHUSUDNWLVFKHQIHVWOHJXQJVHUKDOWHQGHQ,QIHUHQ] IKUHQ XQG GDPLW FHWHULV SDULEXV IU MHGHUPDQQ JHOWHQ =ZLVFKHQ GHU )HVWOHJXQJ DXI HLQH +DQGOXQJ E]Z +DQGOXQJVDEVLFKWXQG GHU $QHUNHQ QXQJ GLHVHU )HVWOHJXQJ NDQQ ² ZLH GDV 3KlQRPHQ GHU :LOOHQVVFKZlFKH DEHUQLFKWQXUGLHVHVVRQGHUQDXFKDOOH)RUPHQPRUDOLVFKHU.RUUXSWLRQ EHZHLVHQ²HLQZHLWHU:HJOLHJHQZHVKDOEGLH0RWLYDWLRQ]XHLQHUVROFKHQ $QHUNHQQXQJHLQHUHLJHQVWlQGLJHQ7KHPDWLVLHUXQJEHGDUI.DQWKDWKLHU EHL PXWDWLV PXWDQGLV YRQ +DQGHOQ DXV $FKWXQJ IUV *HVHW] JHVSUR FKHQ'DPLWLVWDXFKQLFKWJHVDJWGD‰GLHVH*UQGHÄDEVROXWH¶*OWLJ NHLW EHVl‰HQ RGHU JHJHQEHU DQGHUHQ *UQGHQ RQWRORJLVFK ZLH DXFK LPPHUDXVJH]HLFKQHWZlUHQ'DPLWLVWOHGLJOLFKJHVDJWGD‰ZLUXQWHUGHU 9RUDXVVHW]XQJGD‰ZLUDP6SLHOGHV9HUODQJHQVXQG/LHIHUQVYRQ*UQ GHQ WHLOQHKPHQ DXI GLH /LHIHUXQJ GHU JHIRUGHUWHQ5HFKWIHUWLJXQJ $QGH UHQJHJHQEHUIHVWJHOHJWVLQG'LHVHV(UNHQQHQXQG$QHUNHQQHQGHU$QGH UHQ DOV HEHQEUWLJH7HLOQHKPHU DP 6SLHO GHV )RUGHUQVXQG /LHIHUQV YRQ

_____________ 9JO]X:LWWJHQVWHLQV$UJXPHQWDWLRQJHJHQ3ULYDWVSUDFKHQVHLQH3KLORVRSKLVFKH8QWHUVX FKXQJHQLQVEHV†† )RUVWDI 9JOGD]XXQWHQ.DS

†5HFKWIHUWLJHQXQG%HJUQGHQ 



*UQGHQPDFKW GLH ÅLPSOLFLWO\ XQGHUWDNHQ FRPPLWPHQWV´ DXV GLH %UDQ GRPDOVDXV]XZHLVHQGH%HGLQJXQJGDIUDQJHJHEHQKDWGD‰GLHYRQLKP HQWZRUIHQHQRUPDWLYH3UDJPDWLNPLWHLQHU.RQ]HSWLRQSUlYDOHQWHU+DQG OXQJVJUQGHYHUEXQGHQZHUGHQNDQQGKREXQGLQZLHIHUQÅ>«@SOD\LQJ WKH JDPH RI JLYLQJ DQG DVNLQJ IRU UHDVRQV FRXOG EH VKRZQ LPSOLFLWO\ WR LQYROYHXQGHUWDNLQJFRPPLWPHQWVWRUHFRJQL]LQJIHOORZSUDFWLWLRQHUVDQG WRWUHDWLQJWKHPLQVRPHZD\VUDWKHUWKDQRWKHUV>«@µ 'LH3RLQWHEHVWHKWQXQGDULQGD‰%UDQGRPV)RUGHUXQJLQHLQHUJH ZLVVHQ +LQVLFKW HQWWlXVFKW XQG LQ HLQHU DQGHUHQ HUIOOW ZLUG $XV GHP %HJULII GHU 5HFKWIHUWLJXQJVSUD[LV ODVVHQ VLFK NHLQH PRUDOLVFKHQ 1RUPHQ GHGX]LHUHQ G K HV LVW ZLH )RUVW DXVIKUW Å>«@ QLFKW YRUKHUEHVWLPPW ZHOFKH VXEVWDQWLHOOHQ *UQGH DQJHPHVVHQ VLQG ZHOFKH 5HFKWH JHIRUGHUW ZHUGHQRGHUZHOFKH,QVWLWXWLRQHQRGHUVR]LDOHQ9HUKlOWQLVVHJHUHFKWIHUWLJW ZHUGHQN|QQHQ$OVXQLYHUVDOHU.HUQHLQHUMHGHQLQWHUQHQ0RUDOEHUOl‰W GDV5HFKWDXI5HFKWIHUWLJXQJGLHVGHQ0LWJOLHGHUQEHVWLPPWHUNXOWXUHOOHU RGHUVR]LDOHU.RQWH[WH´(VLVWHLQNODUHVQRQVHTXLWXUDXVGHU7HLOQDKPH DP6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQEHLVSLHOVZHLVHDEOHLWHQ ]X ZROOHQ GD‰ GLH 0HLQXQJV XQG 5HGHIUHLKHLW QLFKW HLQJHVFKUlQNW ZHU GHQGUIWHGD‰/JHXQG7lXVFKXQJYHUERWHQZlUHQRGHUGD‰0HQVFKHQ QLFKW JHW|WHW ZHUGHQ GUIWHQ :LH VLFK REHQ LQ $XVHLQDQGHUVHW]XQJ PLW 6FDQORQV.RQ]HSWLRQGHVVHQZDVZLUHLQDQGHUVFKXOGHQJH]HLJWKDWVLQG GHUDUWLJH ÄDEVROXWH¶ 1RUPHQ LQVRIHUQ XQJOWLJ DOV .RQWH[WH YRUVWHOOEDU VLQGGLHLKUH=XUFNZHLVXQJYHUQQIWLJHUVFKHLQHQODVVHQN|QQHQ 'RFKZHUVLFKDXIGDV6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQ HLQOl‰W LVW GDPLW DXI HLQH NRQWH[WJHUHFKWH 7HLOQDKPH DQ GLHVHP 6SLHO IHVWJHOHJWQXUGLHVH)HVWOHJXQJHUP|JOLFKWHVIHKOHQGH.RQWH[WVHQVLELOLWlW ²VHLHVGXUFK0L‰YHUVWlQGQLV%|VDUWLJNHLWRGHUZHOFKH$UWYRQ.RPPX QLNDWLRQVVW|UXQJ DXFK LPPHU EHGLQJW ² DOV VROFKH IHVW]XVWHOOHQ XQG ]X NULWLVLHUHQ1LFKWQXUGLH5HFKWIHUWLJXQJVSUD[LVDOV([SOL]LHUXQJ.ULWLVLH UXQJ XQG 9HUWHLGLJXQJ YRQ )HVWOHJXQJHQ XQG %HUHFKWLJXQJHQ ]X )HVWOH

_____________ %UDQGRPE1LFKWXQWHU5HNXUVDXI%UDQGRPVRQGHUQLQ$XVHLQDQGHUVHW ]XQJPLW+RQQHWK  IKUW)RUVW]XPSUDNWLVFKHQ $Q (UNHQQHQ)ROJHQGHVDXV Å(VJLEWLQSUDNWLVFKHQ.RQWH[WHQNHLQUHLQHVÄ(UNHQQHQ¶DQGHUHUGDVQLFKWDXFKHLQ $QHUNHQQHQ LQ ZHOFKHU )RUP DXFK LPPHU ZlUH )U GLH 0RUDO KHL‰W GDV GDVV GLH PRUDOLVFKH3HUVRQQLFKWHLQHQ0HQVFKHQVLHKWXQGGDQQXQWHU+LQ]XQDKPHZHLWHUHU hEHUOHJXQJHQ ]X GHP 6FKOXVV NRPPW GLHV VHL HLQH DQGHUH PRUDOLVFKH 3HUVRQ´ )RUVW ,QGHUKLHU YRUJHVFKODJHQHQGHRQWLVFKHQ7HUPLQRORJLHKDQGHOWHV VLFK EHL GLHVHU JUXQGOHJHQGHQ $QHUNHQQXQJ DOOJHPHLQ PLQGHVWHQV HLQHUVHLWV XP GLH =XZHLVXQJHLQHU%HUHFKWLJXQJ]X)HVWOHJXQJHQDXISHUV|QOLFKHSUDNWLVFKH(LQVWHOOXQ JHQDQGLHVHDQGHUHQ:HVHQVRZLHDQGHUHUVHLWVGLH$QHUNHQQXQJGHU)HVWOHJXQJDXI 5HFKWIHUWLJXQJGHUHLJHQHQSHUV|QOLFKHQSUDNWLVFKHQ(LQVWHOOXQJHQJHJHQEHUGLHVHQ :HVHQ )RUVWD



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

JXQJHQ VRQGHUQ GDV )XQNWLRQLHUHQ MHJOLFKHU DOVR DXFK GHU QLFKW DUJXPHQWDWLYHQ .RPPXQLNDWLRQ LVW HLQH )ROJH DXV GHU $GlTXDWKHLW YRQ H[SOL]LWHQ G K GLVNXUVLYHQ RGHU LPSOL]LWHQ G K SUDJPDWLVFK EHGHXWXQJVYROOHQ=JHQLQGLHVHP6SLHO'DV9HUVWlQGQLVGHVMHZHLOLJHQ .RQWH[WHVUHVXOWLHUWDXVEHUHLWVHLQJHJDQJHQHQ)HVWOHJXQJHQXQG]XJHZLH VHQHQ %HUHFKWLJXQJHQ GDV 9HUVWlQGQLV GHV MHZHLOLJHQ .RQWH[WHV ]LHKW DEHUDXFKEHVWLPPWH)HVWOHJXQJHQXQG%HUHFKWLJXQJHQQDFKVLFKXQGLVW PLW ZLHGHUXP DQGHUHQ LQNRPSDWLEHO 8P GLHV ]X EHKDXSWHQ PX‰ PDQ VLFKQLFKWEHUHLWVDXIHLQHKROLVWLVFKHGKÄGXUFKXQGGXUFK¶LQIHUHQWLD OLVWLVFKH 6HPDQWLN IHVWOHJHQ HV JHQJW EHUHLWV GLH $N]HSWDQ] GHU 8Q P|JOLFKNHLWYRQ3ULYDWVSUDFKHQGKGHU KLHUYRUDXVJHVHW]WHQ SULQ]LSLHO OHQ 6R]LDOLWlW ² XQG GDV EHGHXWHW HEHQ .RQWH[WDEKlQJLJNHLW ² GHU .RPPXQLNDWLRQ 'LH(UIOOXQJYRQ%UDQGRPV)RUGHUXQJQDFKHLQHP.RPSDWLELOLWlWV DXVZHLV VHLQHV PRUDOLQYDULDQWHQ GHRQWLVFKHQ .RQWRIKUXQJVPRGHOOV EH ]JOLFKSHUV|QOLFKHU(LQVWHOOXQJHQHLQHUVHLWVXQGHLQHU.RQ]HSWLRQSUlYD OHQWHU +DQGOXQJVJUQGH DQGHUHUVHLWV Ol‰W VLFK GHPQDFK IROJHQGHUPD‰HQ IRUPXOLHUHQ:HUVLFKDXIGDVQRUPDWLYH6SLHOGHV)RUGHUQVXQG/LHIHUQV YRQ*UQGHQHLQOl‰WKDWGDPLWLSVRIDFWRVHLQHLJHQHVXQGGDV5HFKWGHU $QGHUHQDXI5HFKWIHUWLJXQJDQHUNDQQWXQGJHUDGHGLHVH$QHUNHQQXQJLVW GHUHQWVFKHLGHQGH6FKULWWDXIGHP:HJ]XUNRQWH[WUHODWLYHQ$XVHLQDQGHU VHW]XQJEHUPRUDOLVFKH1RUPHQQXUEHUGLHVH$QHUNHQQXQJNDQQGHU 'LVNXUV ]X 3ULQ]LSLHQ IKUHQ GLH YRQ NHLQHP GHU %HWHLOLJWHQ YHUQQIWL JHUZHLVH G K UH]LSURNDOOJHPHLQ ]XUFNJHZLHVHQ ZHUGHQ N|QQHQ 'LH 5HJHOQ GLHVHV 6SLHOV JHOWHQ IU XQV QLFKW LQ JOHLFKHU :HLVH ZLH ZLU GHQ *HVHW]HQGHU1DWXUXQWHUZRUIHQVLQG6LHJHOWHQQXUZHQQZLUVLHDQHU NHQQHQ G K ZHQQ ZLU VHOEVW ]X H[SOL]LWHQ RGHU LPSOL]LWHQ 6SLHO]JHQ EHUHLWVLQG'RFKLVWGLHVHVÄ6SLHO¶DXFKQLFKWHLQ6SLHOZLHDQGHUHYLHO PHKULVWGDV)RUGHUQXQG/LHIHUQYRQ*UQGHQ²ZLHLPSOL]LWRGHUH[SOL ]LWYHUEDORGHUQRQYHUEDODXFKLPPHU²HLQJUXQGOHJHQGHV.HQQ]HLFKHQ

_____________ 9JO]%%UDQGRPI 9JO GD]X DXFK %UDQGRP D I  GHU LP =XVDPPHQKDQJ VHLQHU .DQW 5HNRQVWUXNWLRQ YJO .DQW ,9   JHOWHQG PDFKW Å1LFKW GLH 5HJHO RGHU 1RUP VHOEVW YHUDQOD‰W XQVHU +DQGHOQ VRQGHUQ GLH 7DWVDFKH GD‰ ZLU VLH DQHUNHQQHQ ,Q GHU 5HODWLRQ]ZLVFKHQUHLQQDWUOLFKHQ*HJHQVWlQGHQXQGGHQVLHEHKHUUVFKHQGHQ5HJHOQ IHKOWHVDQHLQHUVROFKHQLQWHUYHQLHUHQGHQ(LQVWHOOXQJ>«@'DV%HVRQGHUHDQXQVLVW GLH $UW GHV (UIDVVHQV RGHU $XIQHKPHQV QRUPDWLYHU 6LJQLILNDQ] ]X GHP ZLU LQ GHU /DJHVLQG,QGLHVHP6LQQHHLQHUYRQÄXQV¶]XVHLQKHL‰W6XEMHNWQRUPDWLYHU(LQVWHOOXQ JHQ ]X VHLQ KHL‰W 5LFKWLJNHLWHQ XQG 8QULFKWLJNHLWHQ YRQ 9HUKDOWHQVZHLVHQ DQHUNHQ QHQ]XN|QQHQ KHL‰WHLQH3HUIRUPDQ]DOVULFKWLJRGHUXQULFKWLJEHKDQGHOQ]XN|Q QHQ´ 9JO ]XU GLHVEH]JOLFKHQ &KDUDNWHULVLHUXQJ GHU 'LVNXUVVXEMHNWH DOV 0LWJOLHGHU HLQHU ÅHUVWUHFNXQJVLQGHILQLWH>Q@ *HPHLQVFKDIW WUDQV]HQGHQWDOHU ,QWHUVXEMHNWLYLWlW´ 1LTXHWKLHU

†5HFKWIHUWLJHQXQG%HJUQGHQ 



XQVHUHU)RUPYRQ6R]LDOLWlW'DVIU:HVHQGLHÄ:LU¶VDJHQN|QQHQZH VHQWOLFKH6SLHOGHV)RUGHUQVXQG/LHIHUQVYRQ*UQGHQEHLQKDOWHWGDPLW HLQH)HVWOHJXQJGLHGLH6SLHOHUTXD7HLOQHKPHUDQGLHVHP6SLHOHLQJHJDQ JHQVLQGQlPOLFKGDV=XZHLVHQHLQHU)HVWOHJXQJDXIHLQH+DQGOXQJE]Z +DQGOXQJVDEVLFKWGHUHQ$QHUNHQQXQJQLFKWYRUDXVJHVHW]WZHUGHQNDQQ NRQWH[WUHODWLY G K JHJHQEHU DOOHQ %HWHLOLJWHQ DOVR GHQ 3HUVRQHQ GLH YRQGHU)HVWOHJXQJRGHUGHUHQ.RQVHTXHQ]HQEHWURIIHQVLQGDOVEHUHFK WLJW DXV]XZHLVHQ (UVW DXIJUXQG GLHVHV $XVZHLVHV GHU GLH (LQEH]LHKXQJ NRQIOLJLHUHQGHU SHUV|QOLFKHU (LQVWHOOXQJHQ LQ GLH 5HFKWIHUWLJXQJVSUD[LV YHUODQJW NDQQ GHU HQWVSUHFKHQGH +DQGOXQJVJUXQG EHUKDXSW HUVW GRPL QLHUHQGHQ &KDUDNWHU XQG GDV GDKLQWHU VWHKHQGH 3ULQ]LS GLH NDWHJRULVFKH 9HUELQGOLFKNHLWHLQHUPRUDOLVFKHQ1RUPHUKDOWHQ 'LH.RQWH[WUHODWLYLWlWYRQGHUKLHUGLH5HGHLVWEHVDJW²XQGGLHVVHL KLHU EHVRQGHUV EHWRQW ² GD‰ GDV 6SLHO GHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQQLFKWVHOEVWEHUHLWVYRQPRUDOLVFKHQ5HJHOQEHVWLPPWZLUGGHU 6WDQGSXQNWGHU9HUQQIWLJNHLWLVWQLFKWJOHLFKEHGHXWHQGPLWHLQHU6XPPH PRUDOLVFKHU 1RUPHQ GLH DXV GLHVHP ² lKQOLFK GHU VSHNWUDOHQ =HUOHJXQJ GHV/LFKWVEHLP'XUFKJDQJGXUFKGDV3ULVPD²VFKOLFKWDQDO\VLHUWZHUGHQ N|QQWHQ 6LH EHGUIHQ YLHOPHKU HLQHU DNWXDOHQ (LQJDEH SHUV|QOLFKHU (LQVWHOOXQJHQLQGHQ'LVNXUV

_____________ 9JO ]X HLQHP VROFKHQ GLVNXUVHWKLVFKHQ .XU]VFKOX‰ EHLVSLHOVZHLVH .HOOHUZHVVHO Å=XQlFKVW ZLUG XQWHU HLQHP 'LVNXUV GDVMHQLJH VSUDFKOLFKH 0HGLXP YHUVWDQGHQ LQ QHUKDOE GHVVHQ $UJXPHQWLHUHQ %HVWUHLWHQ XQG %HJUQGHQ VWDWWILQGHQ N|QQHQ ´ .HOOHUZHVVHO Å)HVW]XKDOWHQLVWELVKLHUKHUÄGD‰GHUMHQLJHGHU%HKDXSWXQ JHQ XQG %HJUQGXQJHQ YRUQLPPW VLFK QRWZHQGLJ DXI HLQ 6SLHO HLQOl‰W GDV GXUFK 'LVNXUVUHJHOQ GHILQLHUW LVW¶´ (EG   Å'LH *UXQGLGHH GLHVHU GLVNXUVWKHRUHWLVFKHQ 1RUPHQEHJUQGXQJ ]LHOW GDUDXI DE GD‰ ]ZLVFKHQ GHQ 'LVNXUVUHJHOQ XQG GHP (LQ KDOWHQYRQHLQLJHQ*UXQGQRUPHQGXUFKDXV%H]LHKXQJHQEHVWHKHQGLHQLFKWNRQWLQ JHQWVLQG9LHOPHKUVLQGHLQLJHGLHVHU1RUPHQE]ZLKUH(LQKDOWXQJQRWZHQGLJH%H GLQJXQJHQ IU GDV $FKWHQ GHU 'LVNXUVUHJHOQ :HUGHQ MHQH JUXQGOHJHQGHQ 1RUPHQ YHUOHW]W ZHUGHQ SHU VH GLH ]X DN]HSWLHUHQGHQ 5HJHOQ GHV 'LVNXUVHV JOHLFKHUPD‰HQ YHUOHW]W´ (EG Å 'LH(UPRUGXQJHLQHV'LVNXUVWHLOQHKPHUV>«@ 'LH9HUHL WHOXQJIUHLHU:DKOYRQ6SUHFKDNWHQVHLWHQV'LVNXUVWHLOQHKPHUQGXUFK(LQJULIIHLQGH UHQ,QWHJULWlWE]Z$XWRQRPLH>«@ 5HFKWDXI0HLQXQJVXQG5HGHIUHLKHLW/JHQ XQG 7lXVFKXQJVYHUERW´ (EG   'LH SKLORVRSKLVFKH %HVWLPPXQJ GHUDUWLJHU ÄQLFKWNRQWLQJHQWHU %H]LHKXQJHQ¶ ]ZLVFKHQ 'LVNXUVUHJHOQ XQG PRUDOLVFKHQ 1RUPHQ NDQQMHGRFKLQVRIHUQQLFKWEHU]HXJHQDOVGLHQRUPDWLYH.UDIWRGHU9HUELQGOLFKNHLW PRUDOLVFKHU1RUPHQVHOEVWQLFKWDSULRULIHVWVWHKWVRQGHUQVLFKJHUDGHLP6SLHOGHV )RUGHUQV XQG /LHIHUQV YRQ *UQGHQ NRQVWLWXWLHUW *HJHQ GLH 9RUVWHOOXQJ HLQHU VRO FKHQ$EOHLWEDUNHLWGHUHQ:XU]HOQLQ$SHOV7UDQV]HQGHQWDOSUDJPDWLNOLHJHQ YJOEH UHLWV$SHO KDW+DEHUPDVIUHLQH(EHQHQGLIIHUHQ]LHUXQJDUJX PHQWLHUW Å(LQH PRUDOLVFKH 9HUELQGOLFKNHLW NDQQ VLFK DXV GHU JOHLFKVDP WUDQV]HQGHQWDOHQ 1|WLJXQJ XQYHUPHLGOLFKHU $UJXPHQWDWLRQVYRUDXVVHW]XQJHQ DOOHLQH QLFKWHUJHEHQVLHKDIWHWYLHOPHKUGHQVSH]LHOOHQ*HJHQVWlQGHQGHVSUDNWLVFKHQ'LV NXUVHVDQ²GHQLQLKQHLQJHIKUWHQ1RUPHQDXIGLHVLFKGLHLQGHU%HUDWXQJPRELOLVLHU



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

†5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLWXQG *HOWXQJ

 'LHIXQGDPHQWDOH%HGHXWXQJGHU5HFKWIHUWLJXQJVSUD[LVDOV/HJLWLPDWLRQV RUWPRUDOLVFKHU1RUPHQEULQJWHVPLWVLFKGD‰GLHÄ5HDOLWlW¶GLHVHU1RU PHQE]ZGHUGDUDXVUHVXOWLHUHQGHQ+DQGOXQJVJUQGHHUVWGXUFKGLHRGHU LQGHU5HFKWIHUWLJXQJNRQVWLWXLHUWZLUGHLQH$QVLFKWDXIGLH6FDQORQVHLQH .RQ]HSWLRQ GHVVHQ ZDV ZLU HLQDQGHU VFKXOGHQ QLFKW IHVWJHOHJW VHKHQ ZLOO6FDQORQV3RVLWLRQVFKHLQWHLQHEHVWLPPWH)RUPYRQ5HDOLVPXV]X LPSOL]LHUHQ PLQGHVWHQVDEHU]XEHJQVWLJHQ LQVRIHUQHUGDYRQDXVJHKW GD‰8UWHLOHEHU*UQGHZDKURGHUIDOVFKVHLQN|QQHQ:RULQGLHVHVÄVHLQ¶ MHGRFK EHVWHKW ZLUG YRQ LKP QLFKW ZHLWHU HUOlXWHUW (LQHV LVW MHGRFK DXFK QDFK 6FDQORQ DXVJHVFKORVVHQ Å7KH TXHVWLRQ Ä:KDW LV D UHDVRQ"¶ LV PLVOHDGLQJLQVRIDUDVLWVXJJHVWVWKDWUHDVRQVDUHDVSHFLDORQWRORJLFDOFODVV :KDWLVVSHFLDODERXWUHDVRQVLVQRWWKHRQWRORJLFDOFDWHJRU\RIWKLQJVWKDW FDQ EH UHDVRQV EXW UDWKHU WKH VWDWXV RI EHLQJ D UHDVRQ >«@ 7KH WKLQJV WKDWDUHUHDVRQVDUH>«@WKHVDPHNLQGRIWKLQJVWKDWFDQEHWKHFRQWHQWV RIEHOLHIV²SURSRVLWLRQVRQHPLJKWVD\µ,QVRIHUQ8UWHLOHEHU+DQG OXQJVJUQGHMHGRFKZDKURGHUIDOVFKVHLQN|QQHQEHGDUIHV.ULWHULHQGLH ,UUWPHUDOVVROFKHDXVZHLVHQODVVHQÅ>«@LQRUGHUIRUMXGJPHQWVDERXW UHDVRQVWREHWDNHQWREHDERXWVRPHVXEMHFWPDWWHULQGHSHQGHQWRIXVLQ WKHVHQVHUHTXLUHGIRULWWREHSRVVLEOHIRUXVWREHPLVWDNHQDERXWWKHP ZKDWLVQHFHVVDU\LVIRUWKHUHWREHVWDQGDUGVIRUDUULYLQJDWFRQFOXVLRQV DERXW UHDVRQV &RQFOXVLRQV DERXW UHDVRQV WKDW FDQ EH UHDFKHG RQO\ WKURXJKPRGHVRIWKRXJKWWKDWDUHGHIHFWLYHE\WKHVHVWDQGDUGVDUHPLV WDNHQ>«@,WQHHGQRWEHDPHWDSK\VLFDOTXHVWLRQDERXWZKDWH[LVWVRUDQ HSLVWHPRORJLFDORQHDERXWKRZZHDUHLQWRXFKZLWKLWµ8PHLQHQUR EXVWHQ 5HDOLVPXV ZLH DXFK 6FDQORQ LKQ GDPLW DEOHKQW ]X YHUPHLGHQ

_____________ WHQ *UQGH EH]LHKHQ´ 9JO GD]X EHUHLWV +DEHUPDV   VRZLH +DEHUPDV    (V LVW GXUFKDXV HLQ 'LVNXUV HLQH 5HFKWIHUWLJXQJVSUD[LV YRU VWHOOEDU EHNDQQWOLFKDXFKLQUHFKWVWDDWOLFKHQ'HPRNUDWLHQ GHUHQ(UJHEQLVEHLVSLHOV ZHLVH GLH (LQVFKUlQNXQJ GHV 5HFKWV DXI IUHLH 0HLQXQJVlX‰HUXQJ LVW XQG XQWHU H[ WUHPHQ8PVWlQGHQVRJDUGHQ7RGYRQ0HQVFKHQLQ.DXIQLPPW 9JOGD]XDXFK+DEHUPDVI 9JOGD]XDXFKREHQ† 'LHYRQ6FDQORQQDKHJHOHJWH)RUPYRQJHOWXQJVWKHRUHWLVFKHP*UQGHUHDOLVPXVLVWLQ MHGHP)DOO]XXQWHUVFKHLGHQ YRQ HLQHP:HUWHUHDOLVPXVZLHLKQJHJHQZlUWLJSURPL QHQWHUZHLVH5D]YHUWULWW YJOGD]XREHQ)Q  6FDQORQI 6FDQORQ

†5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLWXQG*HOWXQJ 



VFKHLQWHVPLUVLQQYROO]XVHLQGLH6WDQGDUGVGHU5LFKWLJNHLWYRQ8UWHL OHQ EHU +DQGOXQJVJUQGH DOV LQ GHU 5HFKWIHUWLJXQJVSUD[LV HQWKDOWHQ ]X EHWUDFKWHQ 5LFKWLJH 8UWHLOH EH]JOLFK SUlYDOHQWHU +DQGOXQJVJUQGH VLQG GDV5HVXOWDWGHVSULQ]LSLHOO|IIHQWOLFKHQ6SLHOVGHV3URGX]LHUHQVXQG.RQ VXPLHUHQV YRQ *UQGHQ GHVVHQ LGHDOHU =LHOSXQNW GDGXUFK JHNHQQ]HLFK QHW LVW GD‰ HU DXVVFKOLH‰OLFK QLFKW UH]LSURNDOOJHPHLQ ]XUFNZHLVEDUH 3ULQ]LSLHQ PDUNLHUW HLQH ZHLWHUUHLFKHQGH 9RUDEEHVWLPPXQJ LVW QXU LP :LGHUVSUXFK]XGLHVHU5H]LSUR]LWlWXQG$OOJHPHLQKHLWGHU*OWLJNHLWGHU (UJHEQLVVHGHV5HFKWIHUWLJXQJVSUR]HVVHVP|JOLFK 'LHVH LGHDOLVLHUHQGH Ä9HUIOVVLJXQJ¶ GHU 2EMHNWLYLWlW SUlYDOHQWHU +DQGOXQJVJUQGH PHLQW +DEHUPDV ZHQQ HU GDV ÅPHUNZUGLJH -DQXVJH VLFKW XQEHGLQJWHU *HOWXQJVDQVSUFKH´ EHVFKUHLEW Å$OV $QVSUFKH VLQG GLHVHDXILQWHUVXEMHNWLYH$QHUNHQQXQJDQJHOHJWGDUXPNDQQGLH|IIHQWOL FKH $XWRULWlW HLQHV XQWHU %HGLQJXQJHQ GHV 1HLQVDJHQN|QQHQV GLVNXUVLY HU]LHOWHQ.RQVHQVHVOHW]WOLFKQLFKWGXUFKGLHSULYDWH(LQVLFKW GHVEHVVHU ZLVVHQGHQ (LQ]HOQHQ VXEVWLWXLHUW ZHUGHQ $OV $QVSUFKH DXI XQEHGLQJWH *HOWXQJZHLVHQVLHDEHUEHUMHGHVIDNWLVFKHU]LHOWH(LQYHUVWlQGQLVKLQDXV :DVKLHUXQGKHXWHDOVUDWLRQDODN]HSWLHUWZLUGNDQQVLFKXQWHUEHVVHUHQ HSLVWHPLVFKHQ%HGLQJXQJHQYRUHLQHPDQGHUHQ3XEOLNXPXQGJHJHQEHU NQIWLJHQ(LQZlQGHQDOVIDOVFKKHUDXVVWHOOHQ'LHVHP-DQXVJHVLFKWXQEH GLQJWHU*HOWXQJVDQVSUFKHZLUGHLQH'LVNXVVLRQQXUXQWHUGHULGHDOLVLHUHQ GHQ9RUDXVVHW]XQJJHUHFKWGDVVDOOHUHOHYDQWHQ*UQGHXQG,QIRUPDWLRQHQ GLHEHUKDXSWHUUHLFKEDUVLQG]XP=XJHNRPPHQ0LWGLHVHUVWHLOHQ,GHD OLVLHUXQJEHJHJQHWGHUHQGOLFKH*HLVWGHUWUDQV]HQGHQWDOHQ(LQVLFKWLQGLH

_____________ 0LWGHU9HUZHQGXQJGHV%HJULIIVGHU5LFKWLJNHLWGHUGHQ*HOWXQJVDQVSUXFKKLQVLFKW OLFK 6SUDFK +DQGOXQJHQ]XU+HUVWHOOXQJYRQLQWHUSHUVRQDOHQ%H]LHKXQJHQEH]HLFK QHWLP*HJHQVDW]]XP%HJULIIGHU:DKUKHLWGHUVLFKDXIGLH'DUVWHOOXQJYRQ6DFK YHUKDOWHQ EH]LHKW IROJH LFK +DEHUPDV· XQLYHUVDOSUDJPDWLVFKHP 6SUDFKPRGHOO GDUJHVWHOOWXDLQ+DEHUPDV hEHU GLH NRQNUHWH GHPRNUDWLVFKH $XVJHVWDOWXQJ GLHVHV 3UR]HVVHV GHV )RUGHUQV XQG /LHIHUQVYRQ*UQGHQLVWGDPLWQRFKQLFKWVDXVJHPDFKWGRFKVFKHLQWPLUGLHVEH]J OLFKZHQLJVWHQVHLQH9RUHQWVFKHLGXQJEHUHLWVJHWURIIHQ]XVHLQ(VVWLPPWEHLGHVHV LVWVRZRKOGHU)DOOGD‰$QWZRUWHQDXI)UDJHQZLHZLUGHPRNUDWLVFKLQWHUDJLHUHQVROO WHQULFKWLJRGHUIDOVFK VHLQN|QQHQMHQDFKGHPZHOFKHQ5HFKWIHUWLJXQJVSUR]H‰VLH GXUFKODXIHQKDEHQDOVDXFKGD‰GHUHQ5LFKWLJNHLWXQDEKlQJLJYRQGHQWDWVlFKOLFKHQ (UJHEQLVVHQ GLHVHV 3UR]HVVHV EHVWLPPEDU VHLQ NDQQ 'LHV LVW QXU GDGXUFK P|JOLFK GD‰GLH6WUXNWXUHQGLHVHV3UR]HVVHVVHOEVWHLQH)RUPEHVLW]HQGLHVLHJHHLJQHWPDFKW ]XU 5LFKWLJNHLW HQWVSUHFKHQGHU 8UWHLOH ]X IKUHQ GHU GHPRNUDWLVFKH 5HFKWIHUWL JXQJVSUR]H‰ VSLHOW DOVR HLQH ZHVHQWOLFKH 5ROOH EHL GHU )LQGXQJ YRQ +DQGOXQJVQRU PHQ XQG HU LVW ]XJOHLFK 6WDQGDUGV XQWHUZRUIHQ GLH VHOEVW XQDEKlQJLJ YRQ GLHVHP 5HFKWIHUWLJXQJVSUR]H‰VLQG9JO]XGHQ(LQ]HOKHLWHQGLHVHUNRQNUHWHQLQVWLWXWLRQHQ EH]RJHQHQ$UJXPHQWDWLRQ&RKHQ  (VWOXQG  XQG5L FKDUGVRQ  



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

XQKLQWHUJHKEDUH%HJUQGXQJYRQ2EMHNWLYLWlWLQVSUDFKOLFKHU,QWHUVXEMHN WLYLWlW´ &ULVWLQD/DIRQWKDWQXQLQGLHVHP=XVDPPHQKDQJGHQ(LQZDQGYHU WLHIWGD‰5HFKWIHUWLJXQJQLFKWVFKRQ5LFKWLJNHLWEHGHXWH:HQQPDQPLW %OLFNDXI+DQGOXQJVJUQGHHLQHQ.RJQLWLYLVPXVYHUWULWWGDQQLVWPDQVR /DIRQWDXIHLQH)RUPYRQPRUDOLVFKHP5HDOLVPXVIHVWJHOHJW'DLP9RU VWHKHQGHQQXQHLQHUVHLWVHLQHNRJQLWLYLVWLVFKH3RVLWLRQEH]RJHQXQGDQGH UHUVHLWV HLQ PRUDOSKLORVRSKLVFKHU 5HDOLVPXV DEJHOHKQW ZXUGH VFKHLQHQ /DIRQWV (LQZlQGH KLHU HLQVFKOlJLJ ]X VHLQ *HJHQ +DEHUPDV· 'LVNXUV HWKLN DOV HLQH )RUP YRQ .RJQLWLYLVPXV ² /DIRQW VFKOLH‰W LQ LKUH .ULWLN H[SOL]LWDOOH)RUPHQYRQ.DQWLDQLVPXVUHVSHNWLYH.RJQLWLYLVPXVHLQ² ZHQGHW /DIRQW GDKHU HLQ Å:HQQ >«@ JOHLFKHUPD‰HQ LP JHPHLQVDPHQ ,QWHUHVVHDOOHU%HWURIIHQHQ]XVHLQEHGHXWHWGDV(UJHEQLVGLVNXUVLYHU9HU VWlQGLJXQJGHU%HWURIIHQHQ]XVHLQGDQQZHUGHQVREDOGGLH%HWURIIHQHQ IDNWLVFKEHVFKORVVHQKDEHQDXIZHOFKH1RUPHQVLHVLFKHLQLJHQZROOHQ.ULWLN XQG 5HYLVLRQ GLHVHU 1RUPHQ ]X VLQQORVHQ 8QWHUQHKPXQJHQ´ 'LHV VFKHLQWPLUHLQHUVHLWVULFKWLJ ZHQQJOHLFKQLFKWSUREOHPDWLVFK ]XVHLQXQG DQGHUHUVHLWV GLH 2IIHQKHLW JHJHQEHU .ULWLN YRQ DQGHUHQ 6WDQGSXQNWHQ DXV ]X XQWHUVFKODJHQ ZREHL EHL ZHLWHUHU .ULWLN HEHQ JHZlKUOHLVWHW VHLQ PX‰GD‰VLHJOHLFKIDOOVYRQHLQHPEHWURIIHQHQ6WDQGSXQNWDXVIRUPXOLHUW ZLUG .ULWLN YRQ HLQHP QLFKWEHWURIIHQHQ 6WDQGSXQNW DXV VFKHLQW PLU VLQQORV]XVHLQXQG]ZDUQLFKWLP6LQQHYRQÄYHUJHEOLFK¶ZLHLKQ/DIRQW LQWHQGLHUWVRQGHUQVLQQORVLQGHP6LQQHGD‰VLHVFKOLFKWQLFKWV]XPYHU KDQGHOWHQ7KHPDEHLWUlJWXQGGLHVHVGDPLWYHUIHKOW/DIRQWYHUODQJWGDPLW HLQHUVHLWV ]X YLHO XQG DQGHUHUVHLWV ]X ZHQLJ ,Q GHU 7DW Å>«@ ZHQQ GDV 9HUIDKUHQ 5DXP IU ,UUWPHU OlVVW GDQQ N|QQHQ GLH PLW LKP HUODQJWHQ (UJHEQLVVH QLFKW SHU VH DOV PRUDOLVFK ULFKWLJ EHWUDFKWHW ZHUGHQ´ 'RFK GLHVHV ÄSHU VH¶ HQWKlOW LQ /DIRQWV ,QWHQWLRQ PHKU DOV HLQH 0RUDO OHLVWHQ NDQQ/DIRQWIlKUWGHPHQWVSUHFKHQGIRUWÅ'LH(UIOOXQJGHU9HUIDKUHQV UHJHOQPDFKWQLFKWDOOHVDXVZDVÄPRUDOLVFKULFKWLJ¶KHL‰W9LHOPHKUVWHOOW VLHGLHEHVWHYHUIJEDUHHSLVWHPLVFKH6WW]XQJGHU$QQDKPHGDUGDVVGLH IUDJOLFKHQ1RUPHQWDWVlFKOLFKPRUDOLVFKULFKWLJVLQG(LQHVROFKH3UR]HGXU NDQQGDPLWQLFKWJDUDQWLHUHQGDVVHLQH1RUPPRUDOLVFKULFKWLJLVW²QLFKWV YHUPDJGDV'RFKVLHNDQQXQVGD]XEHUHFKWLJHQGHQ$QVSUXFKDXIPRUDOL VFKH5LFKWLJNHLWIUHLQH1RUP]XHUKHEHQVRODQJHNHLQH*HJHQDUJXPHQ WH DXINRPPHQ VHL HV DXI *UXQG YRQ QHXHQ (UIDKUXQJHQ YRQ )ROJHQ

_____________ +DEHUPDVI $OV5HSUlVHQWDQWHQQHQQWVLH.DQW5DZOVXQG+DEHUPDV YJO/DIRQW  /DIRQWYJOGD]XDXFK/DIRQWD /DIRQW

†5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLWXQG*HOWXQJ 



1HEHQIROJHQ RGHU /HUQSUR]HVVHQ EHUKDXSW ´ 0HKU LVW WDWVlFKOLFK QLFKW]XEHNRPPHQGHUSULYLOHJLHUWH!%OLFNDXIGLHZLUNOLFKHQ!:HUWH LVWQXUXQWHU,QNDXIQDKPHP|JOLFKHU%HYRUPXQGXQJP|JOLFKRGHUDEHU XQWHU GHQ LP 9RUVWHKHQGHQ DXVJHIKUWHQ %HGLQJXQJHQ HLQ %OLFN QDFK 1LUJHQGZR 'RFK EHGHXWHW GLHV ² XQG KLHU VFKHLQW /DIRQW GHP 5HFKWIHUWL JXQJVSUR]H‰ ]X ZHQLJ ]X]XWUDXHQ E]Z ]X YLHO YRQ LKP ]X YHUODQJHQ ² QLFKWGLH8QP|JOLFKNHLWZHLWHUHU.ULWLN'HQQ]XPHLQHQLVWHVSULQ]LSLHOO VWHWVP|JOLFKGD‰QHXHSHUV|QOLFKH(LQVWHOOXQJHQGLHEH]JOLFKGHUIUDJ OLFKHQ1RUPUHOHYDQWVLQGDUWLNXOLHUWZHUGHQ]XPDQGHUHQVLQGGLH9HU IDKUHQVQRUPHQLKUHUVHLWVNRQWUDIDNWLVFKH.ULWHULHQGLHGDV5HVXOWDWEHXU WHLOHQODVVHQ'D‰GLHVH9HUIDKUHQVQRUPHQQLFKWDEVROXWRGHUREMHNWLY LP 6LQQHYRQQLFKWQRUPDWLY EHJUQGHWZHUGHQN|QQHQE]ZGD‰GHU$PR UDOLVW ZHQQ HV LKQ GHQQ JLEW  RGHU .DQWV ÅlUJVWHU %|VHZLFKW´ GLHVHP 9HUIDKUHQ VR]XVDJHQ GLH NDOWH 6FKXOWHU ]HLJW LVW HLQ 3UREOHP GDV HLQH 0RUDO ZHOFKH DXFK LPPHU QLFKW O|VHQ NDQQ GHQQ XP HV PLW )RUVW ]X SRLQWLHUHQHVIKUWÅ>«@NHLQHQLFKWQRUPDWLYH7ULQGHQ5DXPPRUDOL VFKHU1RUPDWLYLWlW>«@VRIHUQZLUGLH3HUVSHNWLYHVHLQHU%HZRKQHUYHU VWHKHQZROOHQ´'D‰MHGRFKLQGHUVR]LDOHQ5HDOLWlWUHOHYDQWH,QIRUPDWL RQHQ GLH GLH =XUFNZHLVXQJ HLQHV +DQGOXQJVSULQ]LS UHFKWIHUWLJHQ ZUGHQ QLFKW LPPHU DXVUHLFKHQG EHUFNVLFKWLJW ZHUGHQ LVW NHLQ )HKOHU GHU5HFKWIHUWLJXQJVSUD[LVDOV/HJLWLPDWLRQVRUWVROFKHU3ULQ]LSLHQVRQGHUQ LQXQGDXIJUXQGGLHVHU5HFKWIHUWLJXQJVSUD[LVEHUKDXSWHUVWIHVWVWHOOEDU

_____________ (EG 'DPLWHUVFKHLQWDXFK%ULQNV5HDOLVPXVDOVK\SHUWURSKZHQQHUGHQ5HFKWIHUWLJXQJV EHJULIIPRUDOWKHRUHWLVFKIU]XOHLVWXQJVVFKZDFKHLQVWXIWÅ$VHFRQGUHDVRQIRUWKLQ NLQJWKDWDFRKHUHQFHWKHRU\RIMXVWLILFDWLRQLQHWKLFVLPSOLHVDQDQWLUHDOLVWFRQVWUXFWL YLVWPHWDHWKLFVLVREMHFWLYLVPDERXWMXVWLILFDWLRQ,IMXVWLILFDWLRQPXVWJXDUDQWHHWUXWK DV REMHFWLYLVP DERXW MXVWLILFDWLRQ FODLPV WKHQ D FRKHUHQFH WKHRU\ RI MXVWLILFDWLRQ LQ HWKLFVFRXOGSURYLGHHYLGHQFHRIPRUDOWUXWKRQO\LIWKHWUXWKRIPRUDOEHOLHIFRQVLVWHG LQLWVFRKHUHQFH´ %ULQN (VVWLPPW]ZDUHLQ5HFKWIHUWLJXQJVREMHNWLYLVPXV LVW ]X HLQHP SKLORVRSKLVFK YHUWUHWEDUHQ 3UHLV QLFKW ]X KDEHQ PRUDOLVFKH :DKUKHLW NDQQ QLFKW JDUDQWLHUW ZHUGHQ 'RFK %ULQNV ÅREMHFWLYH FRQFHSWLRQ RI ZHOIDUH´ HEG  LVW]XVWDUUXP)lOOH]XO|VHQZLH6FDQORQVLHVNL]]LHUWKDWLQZHOFKHQGLH:RKO IDKUWQLFKWÄH[FDWKHGUD¶DOVREHUVWHU:HUWEHVWLPPWZHUGHQNDQQVRQGHUQVWDWWGHVVHQ GDVÄZDVZLUHLQDQGHUVFKXOGHQ¶QXUSUR]HGXUDOLVWLVFKEHVFKULHEHQZHUGHQNDQQ XQG PDQFKPDO]X(UJHEQLVVHQIKUWLQZHOFKHQGLH:UGHHLQHV(LQ]HOQHQGLH:RKOIDKUW GHU9LHOHQEHUZLHJW Ä0RUDOLVFKH:DKUKHLW¶VROOWHGHPQDFKDOVGLHLP)ROJHQGHQPLW +DEHUPDV YHUWHLGLJWH ÅLGHDO JHUHFKWIHUWLJWH %HKDXSWEDUNHLW´ +DEHUPDV   YJODXFK YHUVWDQGHQZHUGHQ .DQW,9 )RUVW



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

(LQHKLVWRULVWLVFKH5HGXNWLRQGHV5LFKWLJHQDXIGDVIUULFKWLJ*HKDO WHQHZLUGGDGXUFKYHUPLHGHQGD‰]ZLVFKHQYHUVFKLHGHQHQ7KHRULHHEHQHQ XQWHUVFKLHGHQ ZLUG GLH PRUDOLVFKHQ 1RUPHQ GLH XQVHU VR]LDOHV /HEHQ SURVSHNWLYDOV*UQGH]XHQWVSUHFKHQGHQ$EVLFKWHQXQGUHWURVSHNWLYDOV 5HFKWIHUWLJXQJHQHQWVSUHFKHQGHU+DQGOXQJHQOHLWHQVLQGQLFKWDSULRUL]X EHVWLPPHQ6RLVWGDV*HERWÅ'XVROOVWQLFKWW|WHQ´PLW6LFKHUKHLWHLQH 1RUP KRKHU 'LJQLWlW XQGVWHOOW LQ GHQ PHLVWHQ )lOOHQHLQHQ SUlYDOHQWHQ +DQGOXQJVJUXQGGDU'RFKGLHVHZLHDXFKDQGHUH1RUPHQ²5FNVLFKW QDKPH9HUWUDJVXQG9HUVSUHFKHQVWUHXH3ULRULWlWGHV:RKOHUJHKHQVGHU 6FKOHFKWHUJHVWHOOWHQJHJHQEHUGHPGHU%HVVHUJHVWHOOWHQXD²VLQGQLFKW GD]X JHHLJQHW HLQHQ .DQRQ REMHNWLYHU :HUWH ]X NRQVWLWXLHUHQ $XI GHU (EHQHGLHVHU+DQGOXQJVJUQGHGLHQLFKWVGHVWRWURW]LQYLHOHQ6LWXDWLRQHQ SUlYDOHQWH +DQGOXQJVJUQGH EH]HLFKQHQ XQG LQ GLHVHP 6LQQH HLQ XQEH GLQJWHV 6ROOHQ DXVGUFNHQ N|QQHQ VLQG OHW]WJOWLJH PDWHULDOH %HVWLPPXQ JHQQLFKWP|JOLFKZHLOVRZRKOGLH'LIIHUHQ]HQYRQ+DQGOXQJVVLWXDWLRQHQ DOVDXFKGLH:HUWHNRQ]HSWLRQHQ6WUXNWXUHQGHU3OXUDOLWlWXQG.RQWLQXLWlW EHVLW]HQ GLH HV XQP|JOLFK PDFKHQ HLQ DSULRULVFKHV 6FKHPD P|JOLFKHU ZHLVHNRQNXUULHUHQGHU1RUPHQ]XHUVWHOOHQ :DV MHGRFK GHU 6LWXLHUXQJ LQ VR]LDOHPSLULVFKHQ =XVDPPHQKlQJHQ HQW]RJHQ LVW LVW GDV .ULWHULXP GDV GLH MHZHLOLJH *OWLJNHLW PRUDOLVFKHU 1RUPHQGKGHUHQ8QEHGLQJWKHLWEHVWLPPHQOl‰W:DVDXFKLPPHULQ HLQHUEHVWLPPWHQ+DQGOXQJVVLWXDWLRQGHUSUlYDOHQWH*UXQG]XHLQHUHQW VSUHFKHQGHQ+DQGOXQJLVWHUPX‰DXI3ULQ]LSLHQEHUXKHQGLHQLFKWUH]L SURNDOOJHPHLQ ]XUFNJHZLHVHQ ZHUGHQ N|QQHQ 'DPLW EH]LHKW VLFK GDV IU ULFKWLJ *HKDOWHQH ]XP HLQHQ DXI NRQNUHWH 6LWXDWLRQHQ RULHQWLHUW VLFK ]XP DQGHUHQ DEHU DQ SUR]HGXUDOHQ .ULWHULHQ GLH LKUHUVHLWV LQ GHU 3UD[LV GHU.RQVXPWLRQXQG3URGXNWLRQYRQ*UQGHQJUQGHQ,QGLHVHP6LQQH KDW +DEHUPDV GHQ IU GLH*OWLJNHLW HLQHV +DQGOXQJVSULQ]LSV NRQVWLWXWL YHQ&KDUDNWHUGHU5HFKWIHUWLJXQJVSUD[LVKHUDXVJHVWULFKHQÅ,GHDOJHUHFKW IHUWLJWH %HKDXSWEDUNHLW LVW GDV ZDV ZLU PLW PRUDOLVFKHU *HOWXQJ PHLQHQ VLHEHGHXWHWQLFKWQXUGD‰GDV)UXQG:LGHULQ$QVHKXQJHLQHVNRQWUR

_____________ ,Q GLHVHP 6LQQH NRPPHQWLHUW +DEHUPDV ]XVWLPPHQG GLH $XVVDJH GHV .DQWLDQHUV 5DZOV·Å>O@RVJHO|VWYRQGHP9HUIDKUHQGLH*HUHFKWLJNHLWVJUXQGVlW]H]XNRQVWUXLHUHQ JLEWHVNHLQHPRUDOLVFKHQ7DWVDFKHQ´ 5DZOV IROJHQGHUPD‰HQÅ%HLGH0R PHQWH GLH GHU 9HUQXQIW HLQJHVFKULHEHQH 3DVVLYLWlW XQG GLH GHP :LOOHQ ]X]XVFKUHL EHQGH$NWLYLWlWPVVHQVLFKYHUELQGHQODVVHQ²LP%HJULIIHLQHUSUR]HGXUDOHQ0RUDOL WlW 'DV 9HUIDKUHQ QDFK GHP ZLU 1RUPHQ EHXUWHLOHQ XQG DOV JOWLJ DN]HSWLHUHQ N|QQHQ VWHKW XQV QLFKW ]XU 'LVSRVLWLRQ VRQGHUQ GUlQJW VLFK XQV DXI JOHLFK]HLWLJ GLHQWGLH9HUIDKUHQVSUD[LVHEHQVRVHKUGHU(U]HXJXQJRGHU.RQVWUXNWLRQZLHGHU(QWGH FNXQJ DOVR GHU PRUDOLVFKHQ (UNHQQWQLV YRQ 3ULQ]LSLHQ HLQHV ULFKWLJ JHUHJHOWHQ =X VDPPHQOHEHQV´ +DEHUPDV    'LH 'LIIHUHQ]HQ ]ZLVFKHQ 5DZOV XQG +D EHUPDV KLQVLFKWOLFK GHU 5HODWLRQ ]ZLVFKHQ %HREDFKWHU XQG 7HLOQHKPHUSHUVSHNWLYHQ EOHLEHQGDYRQXQEHUKUWYJOGD]XREHQ†

†5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLWXQG*HOWXQJ 



YHUVHQ *HOWXQJVDQVSUXFKV HUVFK|SIW LVW VRQGHUQ VLH VHOEVW HUVFK|SIW GHQ 6LQQ YRQ QRUPDWLYHU 5LFKWLJNHLW DOV $QHUNHQQXQJVZUGLJNHLW 'LH LGHDO JHUHFKWIHUWLJWH%HKDXSWEDUNHLWHLQHU1RUPZHLVWQLFKW²ZLHLP)DOOHHLQHV UHFKWIHUWLJXQJVWUDQV]HQGHQWHQ :DKUKHLWVDQVSUXFKV ² EHU GLH *UHQ]HQ GHV'LVNXUVHVKLQDXVDXIHWZDVKLQGDVXQDEKlQJLJYRQGHUIHVWJHVWHOOWHQ $QHUNHQQXQJVZUGLJNHLW Ä%HVWDQG¶ KDEHQ N|QQWH 'LH 5HFKWIHUWLJXQJV LPPDQHQ] YRQ Ä5LFKWLJNHLW¶ VWW]W VLFK DXI HLQ VLQQNULWLVFKHV $UJXPHQW ZHLO GLH Ä*HOWXQJ¶ HLQHU 1RUP GDULQ EHVWHKW GD‰ GLHVH XQWHU LGHDOHQ 5HFKWIHUWLJXQJVEHGLQJXQJHQ DN]HSWLHUW G K DOV JOWLJ DQHUNDQQW ZUGH LVWÄ5LFKWLJNHLW¶HLQHSLVWHPLVFKHU%HJULII´'LHVH$QHUNHQQXQJVZUGLJ

_____________ +DEHUPDVIYJODXFK+DEHUPDV)RUVW  VSULFKWGLHV EH]JOLFK XQG DXI .DQW UHNXUULHUHQG YRP Å)HKOHU HLQHU 2QWRORJLVLHUXQJ UHJXODWLYHU ,GHHQ´9JO]X+DEHUPDV·DQWLUHDOLVWLVFKHU,QWHUSUHWDWLRQYRQ1RUPHQEHLJOHLFK]HL WLJHP)HVWKDOWHQDP.RJQLWLYLVPXVEHUHLWV+DEHUPDVVRZLH+DEHU PDVI,QVHLQHP$XIVDW]Å5LFKWLJNHLWYHUVXV:DKUKHLW´IKUW+DEHUPDVHU OlXWHUQG GD]X DXV Å2KQH HLQHQ UHFKWIHUWLJXQJVWUDQV]HQGHQWHQ %H]XJVSXQNW IU GLH (UIOOXQJ YRQ *HOWXQJVEHGLQJXQJHQ EHKDOWHQ LP SUDNWLVFKHQ 'LVNXUV *UQGH DXFK GHU,GHHQDFKGDVOHW]WH:RUW1XQJLEWHVDEHUVWHWVEHVVHUHRGHUVFKOHFKWHUH*UQ GHQLHPDOVGHQÄHLQ]LJULFKWLJHQ¶*UXQG:HLOGHU5HFKWIHUWLJXQJVSUR]H‰DOOHLQGXUFK *UQGHJHVWHXHUWZLUGVLQGPHKURGHUZHQLJHUÄJXWH¶5HVXOWDWH]X HUZDUWHQMHGRFK NHLQHHLQGHXWLJHQ´ YJOKLHUDXFKIIII ,QHLQHUQHXHUHQ3XEOLND WLRQEULQJW+DEHUPDVGLHVH$UJXPHQWDWLRQVFKOLH‰OLFKNRQNUHWLVLHUHQGJHJHQGLHQHX HQ+HUDXVIRUGHUXQJHQGXUFKGLH%LRWHFKQRORJLHLQ6WHOOXQJÅ'LH,UUHYHUVLELOLWlWGHU )ROJHQ HLQVHLWLJ YRUJHQRPPHQHU *HQPDQLSXODWLRQHQ EHGHXWHW HLQH SUREOHPDWLVFKH 9HUDQWZRUWXQJIUGHQGHUVLFKHLQHVROFKH(QWVFKHLGXQJ]XWUDXW$EHUPXVVVLHSHU VHIUGHQ%HWURIIHQHQHLQH(LQVFKUlQNXQJVHLQHUPRUDOLVFKHQ$XWRQRPLHEHGHXWHQ" $OOH3HUVRQHQDXFKGLHQDWUOLFKJHERUHQHQVLQGYRQLKUHPJHQHWLVFKHQ3URJUDPP LQ GHU HLQHQ RGHU DQGHUHQ :HLVH DEKlQJLJ 'LH $EKlQJLJNHLW YRQ HLQHP DEVLFKWOLFK IHVWJHOHJWHQ JHQHWLVFKHQ 3URJUDPP ZLUG IU GDV PRUDOLVFKH 6HOEVWYHUVWlQGQLV GHU SURJUDPPLHUWHQ3HUVRQDXVHLQHPDQGHUHQ*UXQGHUHOHYDQW,KULVWHVSULQ]LSLHOOYHU VDJWPLWLKUHP3URJUDPPLHUHUGLH5ROOHQ]XWDXVFKHQ'DV3URGXNWNDQQXPHV]X ]XVSLW]HQIUVHLQHQ'HVLJQHUQLFKWVHLQHUVHLWVHLQ'HVLJQHQWZHUIHQ>@'LHHXJHQL VFKH 3URJUDPPLHUXQJ YHUVWHWLJW HLQH $EKlQJLJNHLW ]ZLVFKHQ 3HUVRQHQ GLH ZLVVHQ GDVVHVIUVLHSULQ]LSLHOODXVJHVFKORVVHQLVWLKUHVR]LDOHQ3OlW]H]XZHFKVHOQ(LQHVRO FKH XQXPNHKUEDUH ZHLO DVNULSWLY YHUDQNHUWH VR]LDOH $EKlQJLJNHLW ELOGHW DEHU LQ GHQ UH]LSURNV\PPHWULVFKHQ $QHUNHQQXQJVYHUKlOWQLVVHQ HLQHU PRUDOLVFKHQ XQG UHFKWOL FKHQ*HPHLQVFKDIWYRQIUHLHQXQGJOHLFKHQ 3HUVRQHQHLQHQ)UHPGN|USHU´ +DEHU PDV I 'RFKVFKHLQW+DEHUPDVKLHUGHPVR]LDOHQ5HFKWIHUWLJXQJVSUR]H‰ GHUDUWVNHSWLVFKRGHUJDUUHVLJQDWLYJHJHQEHU]XVWHKHQGD‰HUTXDVLHVVHQWLDOLVWLVFKLQ GLH 5LFKWXQJ HLQHU Ä*DWWXQJVHWKLN¶ ZHLVW ]X GHU XQV GLH ELRWHFKQRORJLVFKHQ XQG VFKOLH‰OLFK WHFKQLVFKHQ*HIDKUHQQ|WLJWHQ(UJLEW]X EHGHQNHQÅ>@GDVVGLHJHQ WHFKQLVFKH(QWZLFNOXQJLP+LQEOLFNDXIGLHPHQVFKOLFKH1DWXUDQWKURSRORJLVFKWLHI VLW]HQGH NDWHJRULDOH 8QWHUVFKHLGXQJHQ ]ZLVFKHQ 6XEMHNWLYHP XQG 2EMHNWLYHP *H ZDFKVHQHPXQG*HPDFKWHPXQVFKDUIZHUGHQOlVVW'HVKDOEVWHKWPLWGHU,QVWUXPHQ WDOLVLHUXQJGHVYRUSHUVRQDOHQ/HEHQVHLQJDWWXQJVHWKLVFKHV6HOEVWYHUVWlQGQLVDXIGHP 6SLHOGDVGDUEHUHQWVFKHLGHWREZLUXQVDXFKZHLWHUKLQDOVPRUDOLVFKXUWHLOHQGHXQG KDQGHOQGH :HVHQ YHUVWHKHQ N|QQHQ :R XQV ]ZLQJHQGH PRUDOLVFKH *UQGH IHKOHQ



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

NHLWRGHUDXFK*OWLJNHLW LP*HJHQVDW]]XUVR]LDOHQ*HOWXQJ YRQGHU KLHU GLH5HGH LVW PDFKW GLH %HUHFKWLJXQJ ]X HLQHU =XZHLVXQJ HLQHU )HVWOH

_____________ PVVHQZLUXQVDQGHQJDWWXQJVHWKLVFKHQ:HJZHLVHUKDOWHQ´ (EG 'LHVH6NHS VLVJHJHQEHUGHPÄ9HUKDQGOXQJVZHJ¶EHGDUIMHGRFKGHU(UOlXWHUXQJ]XGHU+DEHU PDVVFKOLH‰OLFKIROJHQGHVDQIKUWÅ:lKUHQGVLFKGLH:LUNXQJVJHVFKLFKWHYRQNXOWX UHOOHQhEHUOLHIHUXQJHQXQG%LOGXQJVSUR]HVVHQZLH*DGDPHUJH]HLJWKDWLP0HGLXP YRQ)UDJHXQG$QWZRUWHQWIDOWHWZUGHQJHQHWLVFKH3URJUDPPHGLH1DFKJHERUHQHQ QLFKW]X:RUWNRPPHQODVVHQ(LQH*HZ|KQXQJDQGLHSUlIHUHQ]JHOHLWHWHELRWHFKQL VFKH 9HUIJXQJ EHU PHQVFKOLFKHV /HEHQ NDQQ XQVHU QRUPDWLYHV 6HOEVWYHUVWlQGQLV QLFKWXQEHUKUWODVVHQ>«@,QVROFKHQLQVWUXPHQWHOOYHUZLUNOLFKWHQ$EVLFKWHQlX‰HUQ VLFKQLFKW3HUVRQHQ]XGHQHQGLHEHWURIIHQHQ3HUVRQHQDOV$QJHVSURFKHQH6WHOOXQJ QHKPHQN|QQWHQ'HVKDOEEHXQUXKLJWXQVGLH)UDJHREXQGZLHHLQGHUDUWYHUGLQJOL FKHQGHU $NW XQVHU 6HOEVWVHLQN|QQHQ XQG XQVHU 9HUKlOWQLV ]X DQGHUHQ DIIL]LHUW >@ 'LHVHU 8PVWDQG YHUOHLKW GHU DNWXHOOHQ $XVHLQDQGHUVHW]XQJ IUHLOLFK LKUH 6FKlUIH QXU VRODQJHZLHZLUEHUKDXSWQRFKHLQH[LVWHQWLHOOHV,QWHUHVVHGDUDQKDEHQHLQHUPRUDOL VFKHQ*HPHLQVFKDIWDQ]XJHK|UHQ(VLVWMDQLFKWVHOEVWYHUVWlQGOLFKGDVVZLUGHQ6WD WXVHLQHV0LWJOLHGVLQHLQHU*HPHLQVFKDIWHLQQHKPHQP|FKWHQGLHJOHLFKH$FKWXQJIU MHGHQ XQG VROLGDULVFKH 9HUDQWZRUWXQJ IU DOOH YHUODQJW 'DVV ZLU PRUDOLVFK KDQGHOQ VROOHQ OLHJW LP 6LQQ GHU GHRQWRORJLVFK EHJULIIHQHQ  0RUDO VHOEVW EHVFKORVVHQ $EHU ZDUXPVROOWHQZLUPRUDOLVFKVHLQZROOHQ²ZHQQGLH%LRWHFKQLNVWLOOVFKZHLJHQGXQVHUH ,GHQWLWlW DOV *DWWXQJVZHVHQ XQWHUOlXIW (LQH %HZHUWXQJ GHU 0RUDO LP *DQ]HQ LVW QLFKWVHOEVWHLQPRUDOLVFKHVVRQGHUQHLQHWKLVFKHVHLQJDWWXQJVHWKLVFKHV8UWHLO2KQH GDV %HZHJHQGH YRQ PRUDOLVFKHQ *HIKOHQ GHU 9HUSIOLFKWXQJ XQG GHU 6FKXOG GHV 9RUZXUIV XQG GHU 9HU]HLKXQJ RKQH GDV %HIUHLHQGH PRUDOLVFKHU $FKWXQJ RKQH GDV %HJOFNHQGH VROLGDULVFKHU 8QWHUVWW]XQJ XQG RKQH GDV %HGUFNHQGH PRUDOLVFKHQ 9HUVDJHQV RKQH GLH Ä)UHXQGOLFKNHLW¶ HLQHV ]LYLOLVLHUWHQ 8PJDQJV PLW .RQIOLNW XQG :LGHUVSUXFK PVVWHQ ZLU VR PHLQHQ ZLU KHXWH QRFK GDV YRQ 0HQVFKHQ EHZRKQWH 8QLYHUVXPDOVXQHUWUlJOLFKHPSILQGHQ´ (EGI +DEHUPDVVFKHLQWKLHUPLW%OLFN DXIHLQHQ6WDQGSXQNW]XDUJXPHQWLHUHQGHUEHUHLWVDX‰HUKDOEGHV5HFKWIHUWLJXQJVSUR ]HVVHVKLQVLFKWOLFKGHU&KDQFHQXQG5LVLNHQGHU%LRWHFKQRORJLHVHOEVWOLHJW'DPLWJLOW DEHU DXFK +DEHUPDV EHVWlWLJW SHUIRUPDWLY GLH *OWLJNHLW HLQHV SUR]HGXUDOHQ 9HU VWlQGQLVVHVGHU/HJLWLPLWlWYRQ+DQGOXQJVSULQ]LSLHQGHQQEHUGLHVHJDWWXQJVGLPHQ VLRQLHUWHQ5LVLNHQGLH+DEHUPDVJHJHQEHUXQVHUHUKHUN|PPOLFKHQ0RUDODXVPDFKW ZLUG²OHJLWLPHUZHLVH²LQHLQHU YRQLKPQLFKWXQZHVHQWOLFKPLWEHVWLPPWHQ 5HFKW IHUWLJXQJVSUD[LVHQWVFKLHGHQLQZHOFKHUQLFKWQXUZLVVHQVFKDIWOLFKHXQG|NRQRPLVFKH ,QWHUHVVHQYHUKDQGHOWZHUGHQVRQGHUQDXFKPRUDOLVFKHRGHUUHOLJL|VH,QWHUHVVHQGH UHU EHUFNVLFKWLJW ZHUGHQ PVVHQ GLH LQ GHU VR]LDOHQ 1DFKEDUVFKDIW GLHVHU ÄQHXDUWL JHQ¶:HVHQOHEHQP‰WHQÅ'LH%LRWHFKQLN´JLEWHVQLFKWHVKDQGHOWVLFKGDEHLYLHO PHKU XP 3HUVRQHQ GLH HLQJHEHWWHW LQ JHVHOOVFKDIWOLFKH XQG SDUODPHQWDULVFK GHPRNUDWLVFKH 'LVNXUVH IRUVFKHQ XQG (QWVFKHLGXQJHQ KHUEHLIKUHQ 'HUHQ PRUDOL VFKH5HOHYDQ]]HLJWVLFKLQZLHGHUXPYRQGHU'LVNXUVJHPHLQVFKDIWKHUDXVJHIRUGHUWHQ %HJUQGXQJHQ GLH LKUHUVHLWV ]X ZHLWHUHQ 6WHOOXQJQDKPHQ IKUHQ 'LHVHU 3UR]H‰ LVW GHU HLQHU PRUDOLVFKHQ 1RUPHQEHJUQGXQJ LQ GHQ VHOEVWYHUVWlQGOLFK DXFK HWKLVFKH XQG JDWWXQJVHWKLVFKH 8UWHLOH HLQJHKHQ .XU] JDWWXQJVHWKLVFKHQ 8UWHLOHQ LVW LP *H JHQVDW]]XLQGLYLGXDOHWKLVFKHQ8UWHLOHQ LQ+DEHUPDV·6LQQ SHUVHHLQLQWHUVXEMHNWL YHV NRQIOLNW XQG GDV EHGHXWHW PRUDOUHOHYDQWHV 0RPHQW HLQJHVFKULHEHQ YJO GD]X DXFK+DEHUPDV 9JO]XGLHVHU8QWHUVFKHLGXQJREHQ)Q

†5HFKWIHUWLJXQJVSUD[LVXQG5HDOLVPXV²*OWLJNHLWXQG*HOWXQJ 



JXQJDXIHLQH+DQGOXQJE]Z+DQGOXQJVDEVLFKWDXVLQVRIHUQGLHIDNWLVFKH $QHUNHQQXQJGLHVHU)HVWOHJXQJGXUFKGLHKDQGHOQGH3HUVRQQLFKWVHOEVW YHUVWlQGOLFK LVW G K QLFKW LP 6LQQH GHU (UIRUGHUQLV5HODWLRQ YRUDXVJH VHW]WZHUGHQNDQQ 'DV UHDOH RGHU EHVVHUQLFKWNRQVWUXNWLYH 0RPHQW GHUMHQLJHQ *UQ GHGLHQLFKWYHUQQIWLJHUZHLVH]XUFNZHLVEDUVLQGLVWDOVRQLFKWLQ3ULQ ]LSLHQ]XILQGHQGLHÄDQVLFK¶JHOWHQZUGHQXQGGHUHQZLUQXUWHLOKDIWLJ RGHU DQVLFKWLJ ZHUGHQ N|QQWHQ 'DV QLFKWNRQVWUXNWLYH 0RPHQW GHU *UQGHLVWYLHOPHKUGLHVH5HFKWIHUWLJXQJVSUD[LVVHOEVWLQGHUVLFKGLHYRQ %UDQGRPVREHQDQQWH)lKLJNHLWÄZLU¶VDJHQ]XN|QQHQDUWLNXOLHUW%UDQ GRP KDW GLHVHV QLFKWNRQVWUXNWLYH 0RPHQW GHU 1RUPDWLYLWlW YRQ +DQG OXQJVJUQGHQLQHLQHPDOOJHPHLQHUHQ.RQWH[WIROJHQGHUPD‰HQKHUYRUJH KREHQÅ>@WKHGHWHUPLQDF\RIWKHFRQWHQWRIZKDW\RXKDYHFRPPLWWHG \RXUVHOI WR ² WKH SDUW WKDW LV QRW XS WR \RX LQ WKH ZD\ WKDW ZKHWKHU \RX FRPPLW\RXUVHOIWRLWLVXSWR\RX²LVVHFXUHGE\WKHDWWLWXGHVRIRWKHUVWR ZKRP RQH KDV DW OHDVW LPSOLFLWO\ JUDQWHG WKDW DXWKRULW\ >@ +DYLQJ D FRPPLWPHQWZLWKDGHILQLWHFRQWHQWLVLQWHOOLJLEOH>@RQO\LQWKHFRQWH[W RIDGLYLVLRQRIODERXUEHWZHHQWKHRQHZKRXQGHUWDNHVWKHFRPPLWPHQW DQGWKRVHZKRDWWULEXWHLWDQGKROGWKHXQGHUWDNHUWRLW>«@0\DXWKRULW\ LVUHDOEXWLWLVSDUWLDO´ 'HUIHVWH3XQNWDQGHQPRUDOLVFKH*UQGHJHEXQGHQVLQGLVWQLFKW UHFKWIHUWLJXQJVWUDQV]HQGHQW VRQGHUQ OLHJW LQ GHU $Q(UNHQQWQLV GLH XQV HUVW]X:HVHQGLHÄZLU¶VDJHQN|QQHQPDFKWGHU$Q(UNHQQWQLVGHU$X WRULWlW GHV $QGHUHQ DOV EXFKVWlEOLFK XQYHUIJEDU :DV GHQ $QGHUHQ XQV XQYHUIJEDU PDFKW LVW QLFKW GHVVHQ /HEHQ :LH EHUHLWV HUOlXWHUW NDQQ GLHVHVXQWHUEHVWLPPWHQ([WUHPEHGLQJXQJHQ]XU'LVSRVLWLRQVWHKHQ:DV GHQ $QGHUHQ XQV XQYHUIJEDU PDFKW LVW VHLQH $XWRULWlW GHV =XZHLVHQV XQG$QHUNHQQHQVYRQ)HVWOHJXQJHQXQG%HUHFKWLJXQJHQ]X)HVWOHJXQJHQ (UVW GLH 9HUHLQLJXQJ GLHVHU VXEMHNWLYHQ $XWRULWlW PLW LKUHU LQWHUVXEMHNWL YHQ 8QYHUIJEDUNHLW HU|IIQHW GHQ 5DXP GHV Ä:LU¶VDJHQN|QQHQV .DQW KDW GLHVH $XWRULWlW DOV Å,GHH GHU :UGH HLQHV YHUQQIWLJHQ :HVHQV´ EH]HLFKQHW'RFKEOHLEWGHU.DQWLVFKHPXQGXVLQWHOOLJLELOLVVRODQJHRSDN ELVZLUJHJHQ.DQWV,QWHQWLRQGHQ%OLFNDXIGLH3UD[LVGHV)RUGHUQVXQG /LHIHUQV YRQ *UQGHQ ULFKWHQ :HOFKHV 9HUKDOWHQ ZLUGHQ $QGHUHQXQG GLHVH XQV LP HLQ]HOQHQ VFKXOGHQ NDQQ QXU LP )RUGHUQ XQG /LHIHUQ YRQ *UQGHQ GHP $EZlJHQ UH]LSURNDOOJHPHLQHU 3ULQ]LSLHQ EHVWLPPW ZHU GHQ DEHU GD‰ ZLU LKQHQ NRQWH[WUHODWLY *UQGH VFKXOGHQ XQG GDPLW LKUH $XWRULWlW DQHUNHQQHQ GDUDXI KDEHQ ZLU XQV PLW GHU 7HLOQDKPH DQ GHU 5HFKWIHUWLJXQJVSUD[LV IHVWJHOHJW 'LHVH $QHUNHQQXQJ GHU $XWRULWlW GHU

_____________ %UDQGRP .DQW,9



.DS²3UDNWLVFKH9HUQXQIWXQG5DWLRQDOLWlW

$QGHUHQ YHUELHWHW XQG JHELHWHW +DQGOXQJVIRUPHQ XQGVFKOLH‰OLFK +DQG OXQJHQ GHUHQ 9HUQQIWLJNHLW QLFKW D SULRUL EHVWLPPEDU LVW VRQGHUQ VLFK LP5HFKWIHUWLJXQJVSUR]H‰HUZHLVHQPX‰ 0RUDOLVFKH1RUPHQZHOFKHU$UWDXFKLPPHUEH]LHKHQLKUHQRUPDWL YH.UDIWDXVGHU$QHUNHQQXQJSHUV|QOLFKHU(LQVWHOOXQJHQ$QGHUHUDOVGH UHQP|JOLFKH+DQGOXQJVJUQGHGLHXQVDOVVROFKHXQYHUIJEDUVLQG:R GLH $QHUNHQQXQJ GHU HLJHQHQ )HVWOHJXQJ GDUDXI VRZRKO GLH %HUHFKWLJXQJ ]XU=XZHLVXQJYRQ)HVWOHJXQJHQDQDQGHUH3HUVRQHQDOVDXFKGLH%HUHFK WLJXQJ ]X HLJHQHQ LQWHUDNWLRQVIROJHQUHOHYDQWHQ  )HVWOHJXQJHQ DXV]XZHL VHQ IHKOW KDQGHOW HV VLFK XP HLQHQ SUDNWLVFKHQ 6ROLSVLVPXV (LQHP VRO FKHQ SUDNWLVFKHQ 6ROLSVLVPXV RGHU $PRUDOLVPXV PLW $UJXPHQWHQ ÅGHQ $XVZHJDXVGHP)OLHJHQJODV]X]HLJHQ´LVWXQP|JOLFKGHQQGLHVH$U JXPHQWH N|QQHQ LQ HLQHP VROFKHQ *ODV SHU GHILQLWLRQHP QLFKW JHK|UW ZHUGHQ

_____________ :LWWJHQVWHLQ38†YJODXFKHEG†

   

.DSLWHO3UlYDOHQWH+DQGOXQJVJUQGHXQG PRUDOLVFKH0RWLYDWLRQ .DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

 

†(LQOHLWXQJ

 'LHYRUVWHKHQGHQ$XVIKUXQJHQVLQGXQVFKZHUHUNHQQEDUHLQHUH[WHUQD OLVWLVFKHQ3RVLWLRQLQGHU0RUDOWKHRULH]X]XRUGQHQ²GDVYRQ:LOOLDPVVR JHQDQQWH XQG HODERULHUWH ÅVXE+XPHVFKH 0RGHOO´ VWHKW GLHVHU 3RVLWLRQ JHUDGH]X GLDPHWUDO JHJHQEHU 'RFK LVW PLW GLHVHP ([WHUQDOLVPXV HLQH 6FKZLHULJNHLWYHUEXQGHQGLH1LFR6FDUDQRIROJHQGHUPD‰HQVNL]]LHUWKDW Å>«@ZHQQZLUZLVVHQZROOHQZDUXPZLUHLQHPRUDOLVFKJHERWHQH+DQG OXQJDXVIKUHQVROOHQZHQQZLUDOVRQDFKGHU5HFKWIHUWLJXQJGHU+DQG OXQJIUDJHQGDQQLVWXQWHULQWHUQDOLVWLVFKHQ3UlPLVVHQGDPLWQXUQDFKGHU 5HFKWIHUWLJXQJ HLQHV PRUDOLVFKHQ 8UWHLOV JHIUDJW 8QWHU H[WHUQDOLVWLVFKHQ $QQDKPHQ LVW MHGRFK QRFK PHKU YHUODQJW =XVlW]OLFK ]X GHP HQWVSUH FKHQGHQPRUDOLVFKHQ8UWHLOPXVVDXFKGDV0RWLYQRFKEHJUQGHWZHUGHQ :DUXPVROOWHLFKHLQ0RWLYKDEHQGDVDOVPRUDOLVFKULFKWLJ(LQJHVHKHQH DXFKXP]XVHW]HQ"´ :LH VFKRQ EHL GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ HLQHP %HUHLFK JHQXLQ PRUDOLVFKHQXQGHLQHP%HUHLFKLQVWUXPHQWHOOHQ5HIOHNWLHUHQVGLHHLQHU$OOWDJV LQWXLWLRQ HQWVSULFKW XQG ZHOFKHU LQ HLQHU (UNOlUXQJ YRQ +DQGOXQJVJUQ GHQDGlTXDW5HFKQXQJJHWUDJHQZHUGHQPX‰VROl‰WVLFKDXFKLQ%H]XJ DXI GLH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ 5HFKWIHUWLJXQJ XQG %HIROJXQJ HLQHV +DQG OXQJVSULQ]LSV.DQWDOV*HZlKUVSHUVRQDQIKUHQ,Q.DQWV0RUDOSKLORVR SKLHWULWW]XPHUVWHQ0DOGHUGHXWOLFKHXQGDUJXPHQWDWLYJHVWW]WH8QWHU VFKLHG ]ZLVFKHQ HLQHP SULQFLSLXP GLMXGLFDWLRQLV XQG HLQHP SULQFLSLXP H[HFXWLRQLV DXI 'DV SKLORVRSKLVFKH 3UREOHP GLHVHV 8QWHUVFKLHGV VRZLH GHV 9HUKlOWQLVVHV EHLGHU 3ULQ]LSLHQ ]XHLQDQGHU KDW .DQW EHUHLWV DP %H JLQQ GHU $XVDUEHLWXQJ VHLQHU .ULWLVFKHQ 3KLORVRSKLH IRUPXOLHUW Å:HQQ LFKGXUFKGHQ9HUVWDQGXUWKHLOHGD‰GLH+DQGOXQJVLWWOLFKJXWLVWVRIHKOW QRFK VHKU YLHO GD‰ LFK GLHVH +DQGOXQJ WKXH YRQ GHU LFK VR JHXUWKHLOW

_____________  :LOOLDPVYJOGD]XREHQ†  6FDUDQRD



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

KDEH%HZHJWPLFKDEHUGLHVHV8UWKHLOGLH+DQGOXQJ]XWKXQVRLVWGDV GDVPRUDOLVFKH*HIKO'DVNDQQXQGZLUGDXFKNHLQHUHLQVHKHQGD‰GHU 9HUVWDQGVROOWHHLQHEHZHJHQGH.UDIIW]XXUWKHLOHQKDEHQ8UWKHLOHQNDQQ GHU 9HUVWDQG IUH\OLFK DEHU GLHVHP 9HUVWDQGHV8UWKHLO HLQH .UDIIW ]X JH EHQXQGGD‰HVHLQH7ULHEIHGHUZHUGHGHQ:LOOHQ]XEHZHJHQGLH+DQG OXQJDXV]XEHQGDVLVWGHU6WHLQGHU:HLVHQ´ :HQQQXQZLHGDVYRUVWHKHQGH.DSLWHOXQWHUDQGHUHPJH]HLJWKDEHQ VROOHLQLPZHLWHUHQ6LQQHGLVNXUVWKHRUHWLVFKHU$QVDW]DOVHLQHÄ6R]LDOLVLH UXQJ¶ .DQWLVFKHU $QVSUFKH KLQVLFKWOLFK GHV SULQFLSLXP GLMXGLFDWLRQLV DXIJHID‰WZHUGHQNDQQVROHJWVLFKHLQHQWVSUHFKHQGHU9HUJOHLFKKLQVLFKW OLFKGHVSULQFLSLXPH[HFXWLRQLVXQGGHVVHQH[SODQDWRULVFKHU6WlUNHLQQHU KDOE GHU MHZHLOLJHQ 7KHRULH EHLQDKH YRQ VHOEVW QDKH 'RFK .DQWV XQG +DEHUPDV·7KHRULHQPRUDOLVFKHU0RWLYDWLRQHUVFKHLQHQ²]XPLQGHVWSUL PD IDFLH ² ]X KHWHURJHQ XP DXIHLQDQGHU EH]RJHQ ZHUGHQ ]X N|QQHQ +DEHUPDV VXFKW ]ZDU KLQVLFKWOLFK GHU &KDUDNWHULVWLND GHRQWRORJLVFK NRJQLWLYLVWLVFK IRUPDOLVWLVFK XQG XQLYHUVDOLVWLVFK HLQH HQJH $QELQGXQJ VHLQHU 'LVNXUVWKHRULH GHU 0RUDO DQ GLH .DQWLVFKH (WKLN $XVJHUHFKQHW GDV LP JHJHQZlUWLJHQ =XVDPPHQKDQJ UHOHYDQWH GULWWH +DXSWVWFN GHU .ULWLNGHUSUDNWLVFKHQ9HUQXQIWÅ9RQGHQ7ULHEIHGHUQGHUUHLQHQSUDNWLVFKHQ 9HUQXQIW´Ol‰WHUDEHUXQEHUFNVLFKWLJW+LHUPDJVLFKLQ+DEHUPDV·$X JHQGLH9HUZHFKVOXQJGHVÅDXWRQRPHQ:LOOHQ>V@PLWGHPRPQLSRWHQWHQ´ EHVRQGHUV GUDVWLVFK ]HLJHQGHUHQWKDOEHQ .DQW GLHVHQ DXWRQRPHQ :LOOHQ LQV Å5HLFK GHV ,QWHOOLJLEOHQ´ YHUVHW]WH $QVWHOOH HLQHU PLW GLHVHU =ZHL :HOWHQ/HKUHEHODVWHWHQ(WKLNEHDEVLFKWLJW+DEHUPDVMDJHUDGHGLH.RQ ]HSWLRQ HLQHU ÅQDFKPHWDSK\VLVFKHQ´0RUDOWKHRULH IU GLH Å:HOW ZLH ZLU VLHNHQQHQ´LQGHUÅGHU:LOOH:LUNVDPNHLWQXULQGHP0D‰H>HUODQJW@ZLH VLFK GLH 0RWLYDWLRQVNUDIW JXWHU *UQGH JHJHQ GLH 0DFKW DQGHUHU 0RWLYH GXUFKVHW]HQ NDQQ´ 'HVKDOE LVW LQ +DEHUPDV· Å8QLYHUVDOLVLHUXQJVJUXQG VDW]´ VFKOLH‰OLFK GLH 5HGH YRQ GHQ Å,QWHUHVVHQ HLQHV MHGHQ (LQ]HOQHQ´ $XI GHQ QHEHQ GLHVHP 0HWDSK\VLNYRUZXUI ]ZHLWHQ ]HQWUDOHQ XQG PLW

_____________  .DQW   'D‰ .DQW ]XU =HLW GLHVHU 9RUOHVXQJ EHU 0RUDOSKLORVRSKLH LQ GHQ HU-DKUHQQRFKZHLWYRQGHU/|VXQJGLHVHV3UREOHPVZLHHUVLHLQXQGQDFKGHU *UXQGOHJXQJ NRQ]LSLHUW KDW HQWIHUQW LVW EHWRQW .KQ LQ VHLQHU (LQOHLWXQJ ]X GLHVHU (GLWLRQYJOHEGYLL[[[YVRZLH EHUHLWV+HQULFKXQG+HQULFK    9JOGD]XXD+DEHUPDVII  +DEHUPDV  (EG  +DEHUPDV   9JO DEHU DXFK VHLQH VSlWHUH (UZHLWHUXQJ GLHVHV ,QWHUHVVHEH JULIIV LP 6LQQH YRQ Å,QWHUHVVHQODJHQ XQG :HUWRULHQWLHUXQJHQ´    VRZLH VFKOLH‰OLFKGLHGDUEHUQRFKKLQDXVUHLFKHQGH(UZHLWHUXQJGXUFKGHQ%HJULIIGHUÅHLQ VFKOlJLJHQ$QVSUFKH´  YJOGD]XDXFK*RWWVFKDON0D]RX]I

†(LQOHLWXQJ 



GHPHUVWHQYHUEXQGHQHQ 9RUZXUIGHV6XEMHNWLYLVPXV²Å.DQW>KDW@GDV PRUDOLVFKH%HZX‰WVHLQLPLQWHOOLJLEOHQ,FKGHVHLQ]HOQHQ6XEMHNWVYHUDQ NHUW´²ZHUGHLFKQRFK]XUFNNRPPHQ+DEHUPDVVFKHLQWQLFKWQXUNHLQ ,QWHUHVVH DP .DQWLVFKHQ SULQFLSLXP H[HFXWLRQLV VRQGHUQ DQ EHUKDXSW NHLQHU 7KHRULH PRUDOLVFKHU0RWLYDWLRQ ]X KDEHQ ZLH VHLQH +LQZHQGXQJ ]XHLQHUVR]LDOSKlQRPHQDOHQ7KHRULHGHU0RUDODQGHXWHQN|QQWHGHUHQ OHW]WHV=LHOVWHWVHLQH,QVWLWXWLRQHQWKHRULHLVW 8PGHQJHQDQQWHQ9HUGDFKWDXV]XUlXPHQHUVFKHLQWHVVLQQYROO]X QlFKVW GHQ %HJULII GHU $FKWXQJ GHQ GHU NULWLVFKH .DQW DOV SULQFLSLXP H[HFXWLRQLV PRUDOLVFKHU +DQGOXQJHQ HLQJHIKUW KDW VHPDQWLVFK XQG PH WKRGRORJLVFK]XGLIIHUHQ]LHUHQXQGGDQDFKGLH7KHVHPHLQHU5HNRQVWUXN WLRQ GHU LQ)UDJH VWHKHQGHQ 7KHRULHQ ]XIRUPXOLHUHQ(V ZLUG GDEHL ]X QlFKVW ]X ]HLJHQ VHLQ GD‰ QLFKW QXU .DQW VRQGHUQ DXFK +DEHUPDV $FKWXQJ DOV PRUDOWKHRUHWLVFK UHOHYDQWHQ %HJULII EHKDQGHOW ZHVKDOE VLFK HLQH 8QWHUVXFKXQJ GHU GLHVEH]JOLFKHQ EHLGHQ 3RVLWLRQHQ ORKQW 9RQ ,QWHUHVVHLVWKLHUDXFKDQZHOFKHU6WHOOH+DEHUPDVGLHPRWLYDWLRQVWKHRUH WLVFKHQ:HJHGHU.DQWLVFKHQ3KLORVRSKLHYHUOl‰WXQGREGDV7HUUDLQDXI GDVHUVLFKYRQGRUWDXVEHJLEWVLFKHUHULVWDOVGDV.DQWLVFKH (VHUVFKHLQWVLQQYROOEHLP%HJULIIGHU$FKWXQJ]ZLVFKHQPLQGHVWHQV GUHLVHPDQWLVFKHQ+LQVLFKWHQXQGGDUEHUKLQDXV]ZLVFKHQ]ZHLPHWKRGL VFKHQ$QDO\VHHEHQHQ]XXQWHUVFKHLGHQ ,Q$EZDQGOXQJHLQHV%HJULIIVVFKHPDVYRQ8UVXOD:ROIXQWHUVFKHLGH LFK VHPDQWLVFK ]ZLVFKHQ   GHU $FKWXQJ LP 6LQQ HLQHU ]ZHFNUDWLRQDOHQ %HUFNVLFKWLJXQJE]Z%HDFKWXQJYRQHPSLULVFKHQ7DWVDFKHQE]Z:Q VFKHQ   GHU $FKWXQJ LP 6LQQ GHU VSH]LILVFKHQ :HUWVFKlW]XQJ HLQHU EHVWLPPWHQ 3HUVRQ XQG   GHU $FKWXQJ LP 6LQQ HLQHU DEVROXWHQ :HUW

_____________  +DEHUPDV   +DEHUPDV ID‰W VHLQH .ULWLN DQ GHU .DQWLVFKHQ 0RUDOWKHRULH IROJHQGHUPD‰HQ ]XVDPPHQ Å(UVWHQV JLEW GLH 'LVNXUVHWKLN GLH =ZHL5HLFKH/HKUH >LP2ULJLQDOVWHKWKLHU=ZHL5HFKWH/HKUHLFKJHKHGDYRQDXVGD‰PHLQH/HVDUWLQWHQ GLHUWLVWGHQQYRQGHUDUW]ZHLHUOHL5HFKWHQLVWEHL.DQWQLFKWGLH5HGHYJOHEG $QP .3@ DXI VLH YHU]LFKWHW DXI GLH NDWHJRULDOH 8QWHUVFKHLGXQJ ]ZLVFKHQ GHP 5HLFKGHV,QWHOOLJLEOHQGHP3IOLFKWXQGIUHLHU:LOOHDQJHK|UHQXQGGHP5HLFKGHV3Kl QRPHQDOHQGDVXDGLH1HLJXQJHQGLHEOR‰VXEMHNWLYHQ0RWLYHDXFKGLH,QVWLWXWLRQHQ GHV 6WDDWHV XQG GHU *HVHOOVFKDIW XPID‰W >@ =ZHLWHQV EHUZLQGHW GLH 'LVNXUVHWKLN GHQEOR‰LQQHUOLFKHQPRQRORJLVFKHQ$QVDW].DQWVGHUGDPLWUHFKQHWGD‰MHGHU(LQ ]HOQHLQIRURLQWHUQR>@GLH3UIXQJVHLQHU+DQGOXQJVPD[LPHQYRUQLPPW>@'DJH JHQHUZDUWHWGLH'LVNXUVHWKLNHLQH9HUVWlQGLJXQJEHUGLH9HUDOOJHPHLQHUXQJVIlKLJ NHLW YRQ ,QWHUHVVHQ QXU DOV (UJHEQLV HLQHV LQWHUVXEMHNWLY YHUDQVWDOWHWHQ |IIHQWOLFKHQ 'LVNXUVHV >@ 'ULWWHQV HUKHEW GLH 'LVNXUVHWKLN GHQ $QVSUXFK MHQHV %HJUQGXQJV SUREOHPGHP.DQWOHW]WOLFKGXUFKGHQ+LQZHLV DXIHLQ)DNWXPGHU9HUQXQIW²DXI GLH(UIDKUXQJGHV*HQ|WLJWVHLQVGXUFKV6ROOHQ²DXVZHLFKWPLWGHU$EOHLWXQJYRQÄ8¶ >VF GHP 8QLYHUVDOLVLHUXQJVJUXQGVDW] .3@ DXV DOOJHPHLQHQ $UJXPHQWDWLRQVYRUDXV VHW]XQJHQJHO|VW]XKDEHQ´ +DEHUPDVI 



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

VFKlW]XQJ HLQHU DQGHUHQ 3HUVRQ DOV 3HUVRQ $OV 6RQGHUIDOO   PX‰ LQ GLHVHP =XVDPPHQKDQJ QRFK GLH 6HOEVWDFKWXQJ JHQDQQW ZHUGHQ GLH EHL .DQWHLQHQZLFKWLJHQ$VSHNWGHVPRUDOLVFKHQ$FKWXQJVEHJULIIVDXVPDFKW XQG YRQ +DEHUPDV LQ HLQHU 5HDNWLRQ DXI (UQVW 7XJHQGKDW DP 5DQGH EHKDQGHOWZLUG 'LHEHLGHQPHWKRGLVFKHQ$QDO\VHHEHQHQGHV$FKWXQJVEHJULIIVEH]LHKHQ VLFK D  DXI GLH $FKWXQJ DOV %HJULII HLQHU %HJUQGXQJVWKHRULH GHU 0RUDO XQG E  DXI GLH $FKWXQJ DOV %HJULII HLQHU 0RUDOHQWZLFNOXQJVSV\FKRORJLH E]Z0RUDOSlGDJRJLN 'HU 8QWHUVXFKXQJVJHJHQVWDQG Ol‰W VLFK GDPLW IU GLH JHJHQZlUWLJH 7KHPHQVWHOOXQJHLQJUHQ]HQXQGHQGJOWLJSUl]LVLHUHQ =X   :HGHU .DQW QRFK +DEHUPDV JHKW HV LP .RQWH[W GHU 0RUDO ZHVHQWOLFKXP]ZHFNUDWLRQDOHV+DQGHOQEHLGHXQWHUVFKHLGHQ XQWHUDQGH UHP  ]ZLVFKHQ K\SRWKHWLVFK E]Z LQVWUXPHQWHOOSUDNWLVFKHQ 5HIOH[LRQHQ HLQHUVHLWV XQG NDWHJRULVFK E]Z XQLYHUVDOSUDNWLVFKHQ 5HIOH[LRQHQ DQGH UHUVHLWV:HGHUGLH%HDFKWXQJGHU:HWWHUYRUKHUVDJHEHLGHU3ODQXQJHLQHU %HUJWRXUQRFK GLH (LQEH]LHKXQJ GHV *LSIHOZXQVFKHV LQ GLH3ODQXQJ GHU 5RXWH ZUGHQ IU .DQW RGHU +DEHUPDV HLQH XQPLWWHOEDU PRUDOUHOHYDQWH 5ROOHVSLHOHQ =X  :HGHU.DQWQRFK+DEHUPDVJHKWHVZHGHULPEHJUQGXQJV WKHRUHWLVFKHQQRFKLPHQWZLFNOXQJVSV\FKRORJLVFKHQE]ZPRUDOSlGDJRJL VFKHQ.RQWH[WXPGLH:HUWVFKlW]XQJHLQHU3HUVRQDXIJUXQGGHUHQVSH]L ILVFKHQ .HQQ]HLFKHQ RGHU (LJHQVFKDIWHQ 'HU 8QLYHUVDOLVPXV GHU EHLGH 7KHRULHQ ZHVHQWOLFK FKDUDNWHULVLHUW VROO JHUDGH]X DOV *HJHQRSWLRQ ]X HLQHUSDUWLNXODULVWLVFKHQ:HUWHWKLNYHUVWDQGHQZHUGHQ (V EOHLEW DOVR GHU %HJULII GHU $FKWXQJ   LP 6LQQ HLQHU DEVROXWHQ :HUWVFKlW]XQJDQGHUHU3HUVRQHQDOV3HUVRQHQGLHVHU%HJULIIVFKHLQWPLU EHL.DQWXQG+DEHUPDVKLQVLFKWOLFKGHUEHLGHQJHQDQQWHQPHWKRGLVFKHQ

_____________  9JO ]X GLHVHU %HJULIIVDQDO\VH :ROI   PHLQH $EZHLFKXQJ YRQ :ROIV (LQWHLOXQJ²Å D $FKWXQJLP6LQQGHU%HDFKWXQJRGHU%HUFNVLFKWLJXQJ E $FKWXQJ LP6LQQHGHV5HVSHNWV YRUGHP0lFKWLJHUHQ  F $FKWXQJLP6LQQHGHU:HUWVFKlW ]XQJ´²UKUWGDKHUGD‰LFKHUVWHQVGHQ5HVSHNWYRUHLQHU3HUVRQTXDPlFKWLJHUHU 3HUVRQDOVHLQH$FKWXQJGHU3HUVRQDXIJUXQGGHUHQVSH]LILVFKHQ(LJHQVFKDIWHQDXI IDVVHXQG]ZHLWHQVLQQHUKDOEGHU%HGHXWXQJGHV$FKWXQJVEHJULIIVDOV:HUWVFKlW]XQJ GLHVSH]LILVFKHYRQGHUXQVSH]LILVFKHQXQGGDPLWDEVROXWHQ$FKWXQJYRUHLQHUDQGH UHQ 3HUVRQ XQWHUVFKHLGH 9JO ]X +DEHUPDV· $XVHLQDQGHUVHW]XQJ PLW 7XJHQGKDWV .RQ]HSWGHU6HOEVWDFKWXQJ+DEHUPDV VRZLH]X7XJHQGKDWV$XVHLQ DQGHUVHW]XQJ PLW :ROI XQG VHLQHU HLJHQHQ $XIIDVVXQJ YRP 9HUKlOWQLV GHU 6HOEVW VFKlW]XQJ XQG GHV ZHFKVHOVHLWLJHQ 5HVSHNWV 7XJHQGKDW   'DUZDOOV SURPLQHQWH 'LIIHUHQ]LHUXQJ GHV $FKWXQJVNRQ]HSWV ZHUGH LFK NXU] EHUKUHQ QDFK GHP LFK GDV HQWVSUHFKHQGH .DQWLVFKH 7KHRULHVWFN GLVNXWLHUW KDEH YJO XQWHQ )Q  

†(LQOHLWXQJ 



$QDO\VHHEHQHQHLQH]HQWUDOH5ROOHLQGHUPRUDOSKLORVRSKLVFKHQ$XVHLQDQ GHUVHW]XQJ]XVSLHOHQ 'LHPHWKRGLVFKHQ$QDO\VHHEHQHQ D XQG E ODVVHQVLFKPLWHQWVSUH FKHQGHQ)UDJHQFKDUDNWHULVLHUHQ:lKUHQGPDQLQHLQHU%HJUQGXQJVWKH RULH GHU 0RUDO QDFK GHQ $GlTXDWKHLWVEHGLQJXQJHQ HLQHV %HVWLPPXQJV JUXQGHV PRUDOLVFK ULFKWLJHU +DQGOXQJHQ IUDJW GLH 1RUPDWLYLWlW GLHVHU )UDJHXQWHUVFKHLGHWVLHYRQGHUHQWVSUHFKHQGHQGHVNULSWLYHQ)UDJHVWHOOXQJ GHU0RWLYDWLRQVSV\FKRORJLH JHKWHVEHLGHUHQWZLFNOXQJVSV\FKRORJLVFKHQ E]ZSlGDJRJLVFKHQ)UDJHQDFKGHUPRUDOLVFKHQ$FKWXQJXPGLH(QWGH FNXQJ GHU /HKU XQG /HUQSUR]HVVH GLH EHL HLQHP ,QGLYLGXXP DOV 7HLO HLQHU *UXSSH  ]XU $XVELOGXQJ HQWVSUHFKHQGHU +DQGOXQJVNRPSHWHQ]HQ IKUHQ'DPLWEH]XJDXI E ZHGHU.DQWQRFK+DEHUPDVVWUHQJ]ZLVFKHQ GHQ VLFK ]ZHLIHOORV EHUODSSHQGHQ  )UDJHVWHOOXQJHQ ² ÄZHOFKH SV\FKL VFKHQ3UR]HVVHIKUHQ]XGLHVHU+DQGOXQJVNRPSHWHQ]"¶XQGÄZLHHU]LHKW PDQHLQ,QGLYLGXXP DOV7HLOHLQHU*UXSSH ]XGLHVHU+DQGOXQJVNRPSH WHQ]"¶²XQWHUVFKHLGHQZHUGHLFKLPIROJHQGHQGLHVHEHLGHQ$VSHNWHGHU (QWZLFNOXQJVSV\FKRORJLH GHU 0RUDO XQG GHU 0RUDOSlGDJRJLN HEHQIDOOV JHPHLQVDPEHKDQGHOQ 'DV PRWLYDWLRQVWKHRUHWLVFKH 3UREOHP GHU (WKLN LVW QHEHQEHL DXFK QRFK ]X XQWHUVFKHLGHQ YRP QDKHOLHJHQGHQ  3UREOHP GHU $QZHQGXQJ =ZDUEH]LHKHQVLFKEHLGH3UREOHPHDXIGLH$NWXDOLVLHUXQJRGHU5HDOLVLH UXQJHLQHVNDWHJRULVFKE]ZXQLYHUVDOJOWLJHQ0RUDOSULQ]LSVLQGHU+DQG OXQJVSUD[LV 'RFK ZlKUHQG GDV $QZHQGXQJVSUREOHP GLH (LJQXQJ RGHU 3DVVXQJ HLQHV DEVWUDNWHQ 3ULQ]LSV IU HLQH NRQNUHWH 6LWXDWLRQ EHQHQQW VWHKWEHLGHUPRUDOLVFKHQ0RWLYDWLRQGHUVLWXDWLRQVXQDEKlQJLJHDXVO|VHQ GH$VSHNWDGlTXDWHUGKJHERWHQHU+DQGOXQJHQLQ)UDJH,P*HJHQVDW] ]X.DQWLVWVLFK+DEHUPDVGLHVHU'LIIHUHQ]EHZX‰W:lKUHQG+DEHUPDV QlPOLFK $QZHQGXQJVSUREOHPH DXV VHLQHU 7KHRULHELOGXQJ VFKZHUSXQNW Pl‰LJDXVNODPPHUW²Å(WKLNHQGHV.DQWLVFKHQ7\SVVLQGDXI)UDJHQGHU 5HFKWIHUWLJXQJ VSH]LDOLVLHUW )UDJHQ GHU $QZHQGXQJ ODVVHQ VLH XQEHDQWZRU WHW´²LVWIULKQGLH+DQGOXQJVPRWLYDWLRQHLQ]XNOlUHQGHU$VSHNWGHU

_____________  +DEHUPDV   +DEHUPDV JHKW GHQQRFK EHUHLWV LQ VHLQHQ Å(UOlXWHUXQJHQ ]XU 'LVNXUVHWKLN´ DXI GDV 9HUKlOWQLV YRQ 1RUPHQEHJUQGXQJ XQG 1RUPHQDQZHQGXQJ HLQXQGQLPPWGDEHLGLH$XVIKUXQJHQ*QWKHUV  IUVHLQH(UNOlUXQJLQ $QVSUXFK YJO +DEHUPDV   +DEHUPDV  I MHGRFK DXFK *RWW VFKDON0D]RX]VRZLH:HUQHU7HLO $QVWHOOHGHUQHRDULVWRWHOL VFKHQ(UVHW]XQJGHUSUDNWLVFKHQ9HUQXQIWGXUFKHLQHNRQWH[WJHEXQGHQH8UWHLOVNUDIW EHKDUUW +DEHUPDV VFKOLH‰OLFK GDUDXI Å>@ GD‰ VLFK DXFK LQ GHU NOXJHQ $QZHQGXQJ YRQ1RUPHQDOOJHPHLQH*UXQGVlW]HGHUSUDNWLVFKHQ9HUQXQIWGXUFKVHW]HQ>@]% GLHYRQGHUMXULVWLVFKHQ7RSLNHQWZLFNHOWHQ*UXQGVlW]HGHU%HDFKWXQJDOOHUUHOHYDQ WHQ$VSHNWHHLQHV)DOOHVRGHUGHU9HUKlOWQLVPl‰LJNHLWGHU0LWWHOZHOFKHGHPPRUDOL VFKHQ*HVLFKWVSXQNWHLQHUXQSDUWHLOLFKHQ$SSOLNDWLRQ*HOWXQJYHUVFKDIIHQ´ +DEHUPDV  9JO]XU'LIIHUHQ]]ZLVFKHQGHPÅNRJQLWLYH>Q@3UREOHP D GHU$QZHQGXQJ



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

0RUDOWKHRULH XQG GDPLW DXFK GHU (QWZLFNOXQJVSV\FKRORJLH GHU 0RUDO E]ZGHU0RUDOSlGDJRJLN 6RZRKO.DQWDOVDXFK+DEHUPDVGLIIHUHQ]LHUHQ]ZLVFKHQGHU$FKWXQJ HLQHU3HUVRQYRUHLQHUDQGHUHQ3HUVRQDOV3HUVRQXQGGHU$FKWXQJHLQHU 3HUVRQYRUHLQHUDQGHUHQ3HUVRQ ZHJHQGHUHQÅKHUYRUUDJHQGHQ/HLVWXQ JHQ´%HLGHVSUHFKHQYRQ+DQGOXQJHQÅDXV3IOLFKW´GLHZLU]XPHLQHQ QLFKW GHVKDOE YROO]LHKHQ ZHLO XQV GLH HQWVSUHFKHQGH 1RUP ÄDXIHUOHJW¶ ZRUGHQLVWVRQGHUQZHLOZLUVLHXQVVHOEVWÄJHJHEHQ¶KDEHQGLHZLU]XP DQGHUHQDEHUDXFKQLFKWGHVKDOEYROO]LHKHQZHLOGLHHQWVSUHFKHQGH1RUP GXUFK7UDGLWLRQXQG*HZRKQKHLWÄEHJODXELJW¶ZRUGHQLVWVRQGHUQZHLOZLU VLH IU ÄEHJUQGHW¶ KDOWHQ $XFK VFKHLQW KLQVLFKWOLFK GHU (QWZLFNOXQJV SV\FKRORJLHGHU0RUDOE]Z0RUDOSlGDJRJLN+DEHUPDV GHUHQWVSUHFKHQ GHQ.RQ]HSWLRQ.DQWVQDKH]XVWHKHQGLHGLHVHULQVHLQHUÅ0HWKRGHQOHKUH GHUUHLQHQSUDNWLVFKHQ9HUQXQIW´GDUJHVWHOOWKDWLQVRIHUQHUPLWVHLQHPDQ .RKOEHUJVVR]LRPRUDOLVFKHQ3HUVSHNWLYHQRULHQWLHUWHQ0RGHOOGHUÅ,QWHU DNWLRQVVWXIHQ 6R]LDOSHUVSHNWLYHQ XQG 0RUDOVWXIHQ´ GLH RQWRJHQHWLVFKH .RQVWLWXWLRQHLQHUPRUDOLVFKHQ:HOWVLFKWUHNRQVWUXLHUW+DEHUPDVWKHPD WLVLHUW GHQ PRUDOLVFKHQ %HJULII GHU $FKWXQJ DOVR QLFKW QXU DXI GHQ JH QDQQWHQEHLGHQPHWKRGLVFKHQ(EHQHQVRQGHUQIROJWGDEHLSDUWLHOO.DQWL VFKHQ ,QWXLWLRQHQ XQG LVW GDKHU LPSOL]LW DXI ZHVHQWOLFK .DQWLVFKH $QQDKPHQ IHVWJHOHJW ZHQQ HU REJOHLFK LQ PRGHUQHU 'LNWLRQ  DQ GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ ÄSIOLFKWJHPl‰¶ XQG ÄDXV 3IOLFKW¶ IHVWKlOW +D EHUPDV· $QWZRUW DXI GLH 6FKZLHULJNHLWHQ GLH PLW .DQWV 7ULHEIHGHUOHKUH YHUEXQGHQVLQGEHVWHKWLQHLQHU(QWNRSSHOXQJGHVSULQFLSLXPH[HFXWLRQLV YRPSULQFLSLXPGLMXGLFDWLRQLV

_____________

    

DOOJHPHLQHU3ULQ]LSLHQDXIJHJHEHQH6LWXDWLRQHQ´XQGGHPÅPRWLYDWLRQDOH>Q@3UREOHP E GHU9HUDQNHUXQJHLQHV9HUIDKUHQVGHUPRUDOLVFKHQ5HFKWIHUWLJXQJLP3HUV|QOLFK NHLWVV\VWHP´DXFK+DEHUPDV%HUHLWV+DEHUPDVISUREOHPDWL VLHUW DXFK GLH VLWXDWLYH =XPXWEDUNHLW PRUDOLVFK JHERWHQHU +DQGOXQJHQ Å>«@ QDFK GHP ZLU GLH GHP )DOO HLQ]LJ DQJHPHVVHQH 1RUP IHVWJHVWHOOW KDEHQ NDQQ HV HUIRUGHUOLFKZHUGHQ]XSUIHQREGDVGDUDXVIROJHQGHVLQJXOlUH8UWHLOHLQH+DQGOXQJ IRUGHUWGLHH[LVWHQWLHOOXQ]XPXWEDULVW´ (EG (VLVW DOVRP|JOLFK GD‰HLQHJOWLJH PRUDOLVFKH1RUPLP/LFKWHHWKLVFKHU(UZlJXQJHQLP(LQ]HOIDOOVXVSHQGLHUWXQGGD PLWVLWXDWLYUHODWLYLHUWZLUG(VVFKHLQWPLUMHGRFKIHVW]XVWHKHQGD‰DXFKHLQHVROFKH 5HODWLYLHUXQJ DXIJUXQG HLQJHVFKUlQNWHU =XPXWEDUNHLW DOOJHPHLQ ]XJHVWDQGHQ ZHUGHQ PX‰XQGGDVEHGHXWHWLP'LVNXUVDOVWUDQVVXEMHNWLYJOWLJEHJUQGHWZHUGHQNDQQ 9JOGD]XXDGLH7DEHOOHLQ+DEHUPDVI².DQWKLQJHJHQVSULFKWLQ9 PLW %OLFN DXI GDV SULQFLSLXP H[HFXWLRQLV DXVGUFNOLFK YRQ $QZHQGXQJ XQG XQWHU VFKHLGHWGDPLWEHLGH%HUHLFKHQLFKW +DEHUPDV .DQW,9 9JOGD]X+DEHUPDV +DEHUPDVI

†(LQOHLWXQJ 



8PGLHVH$UJXPHQWDWLRQVVWUDWHJLHMHGRFKDGlTXDWEHOHXFKWHQ]XN|Q QHQJLOWHV]XQlFKVWGHQPRUDOLVFKHQ%HJULIIGHU$FKWXQJEHLGHU3KLORVR SKHQ LQ GHQ EHLGHQ JHQDQQWHQ +LQVLFKWHQ ]X SURILOLHUHQ XQG ]X NULWLVLH UHQ=XQlFKVWVROOGHVKDOE.DQWVPRUDOSKLORVRSKLVFKHV.RQ]HSWGHU$FKWXQJ YRQ3HUVRQHQJHJHQEHU3HUVRQHQDOV3HUVRQHQH[SRQLHUWZHUGHQ'DEHL ZHUGH LFK PLFK DXI GHQ ÄNULWLVFKHQ¶ .DQW GHU *UXQGOHJXQJ GHU .ULWLN GHU SUDNWLVFKHQ 9HUQXQIW XQG LQ QDFKJHRUGQHWHU %HGHXWXQJ GHU 6FKULIWHQ GHU HU -DKUH EHVFKUlQNHQ XQG LQ GLHVHP 6LQQH GLH $FKWXQJ YRQ 3HUVRQHQ JHJHQEHU3HUVRQHQDOV3HUVRQHQJOHLFKVHW]HQPLWGHU$FKWXQJYRUGHP 6LWWHQJHVHW]'LHVH3Ul]LVLHUXQJLVWGHVKDOEYRQ%HGHXWXQJZHLO.DQWLQ GHQHU-DKUHQEHLVSLHOVZHLVHLQ9RUOHVXQJHQEHU0RUDOGLHVH,GHQWLIL NDWLRQ XQG GDPLW HUKHEOLFKH NRQ]HSWLRQHOOH 6FKZLHULJNHLWHQ  QRFK QLFKW KDWWH ZDV QLFKW KHL‰HQ VROO GD‰ GLH IUKHUH 7KHRULH VHLQHU NULWLVFKHQ EHUOHJHQLVW ,Q HLQHP ]ZHLWHQ 6FKULWW ZHUGH LFK +DEHUPDV· .RQ]HSW HLQHU SRVW NRQYHQWLRQHOOHQ(QWZLFNOXQJVVWXIHPRUDOLVFKHU0RWLYDWLRQVRZLHGLHMHQL JH6\VWHPVWHOOHLQQHUKDOEVHLQHU'LVNXUVHWKLNEHQHQQHQDQGHUHQ$QDOR JRQ .DQW GHQ $FKWXQJVEHJULII ORNDOLVLHUWKDWWH (V ZLUG VLFK ]HLJHQ GD‰ +DEHUPDVEH]JOLFKGHVVXEMHNWLYHQ%HVWLPPXQJVJUXQGHVPRUDOLVFKULFK WLJHU+DQGOXQJHQHLQHPHWKRGLVFKH(QJIKUXQJGHUEHJUQGXQJVWKHRUHWL VFKHQ VRZLH GHU HQWZLFNOXQJVSV\FKRORJLVFKHQ E]Z PRUDOSlGDJRJLVFKHQ %HJULIIH GHU $FKWXQJ E]Z GHUHQ )XQNWLRQVlTXLYDOHQWH YRUQLPPW 'LHVH $XVIKUXQJHQ+DEHUPDV·HUZHLVHQVLFKDOVNRPSDWLEHOPLWGHU EOR‰UX GLPHQWlU GXUFKJHIKUWHQ  HQWZLFNOXQJVSV\FKRORJLVFKHQ E]Z PRUDOSlGD JRJLVFKHQ $UJXPHQWDWLRQ .DQWV LQ GHU 0HWKRGHQOHKUH GHVVHQ ]ZHLWHU .ULWLN GLHVH.DQWLVFKH$UJXPHQWDWLRQZHUGHLFKKLHUQXUVWUHLIHQ  'DPLWVROOWHQGLH*UXQGODJHQHLQHUNULWLVFKHQ.RQIURQWDWLRQGHUEHL GHQ .RQ]HSWLRQHQ XQG HLQHU NULWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GLHVHQ JHVFKDIIHQ VHLQ XP VFKOLH‰OLFK DE]XZlJHQ D  RE +DEHUPDV· NULWLVFKH )RUWIKUXQJGHU.DQWLVFKHQ0RUDOWKHRULHHLQ/HLVWXQJVlTXLYDOHQWIUGLH 7ULHEIHGHU'RNWULQ .DQWV DXIZHLVW XQG E  RE +DEHUPDV· 7KHRULH PLW GHUVHOEHQ +\SRWKHN EHODVWHW LVW ZLH GLH .DQWLVFKH KLHUEHL ZLUG PLQGHV WHQVSDUWLHOOGLHNRQ]HSWXHOOH8PJHEXQJGHU'LVNXUVHWKLNPLWHLQEH]RJHQ ZHUGHQPVVHQ     



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

†Ä7UDQV]HQGHQWDOHbVWKHWLN¶LQSUDNWLVFKHU+LQVLFKW² $FKWXQJDOVPRUDOLVFKH7ULHEIHGHU †$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU

 Å+DQGOHVRGD‰GLH0D[LPHGHLQHV:LOOHQVMHGHU]HLW]XJOHLFKDOV3ULQ]LS HLQHUDOOJHPHLQHQ*HVHW]JHEXQJJHOWHQN|QQH´.DQWV]ZHLWH.ULWLNVHW]W HLQPLWGLHVHPÅ*UXQGJHVHW]GHUUHLQHQSUDNWLVFKHQ9HUQXQIW´GHPND WHJRULVFKHQ,PSHUDWLYJHKWEHU]XGHQÅ.DWHJRULHQGHU)UHLKHLWLQ$Q VHKXQJGHU%HJULIIH GHV*XWHQXQG%|VHQ´XPLPGULWWHQ+DXSWVWFN GLH )UDJH ]X EHDQWZRUWHQ ZLH ÅHLQ *HVHW] GHU )UHLKHLW DXI +DQGOXQJHQ DOV %HJHEHQKHLWHQ GLH LQGHU 6LQQHQZHOW JHVFKHKHQ >@ DQJHZDQGW ZHU GHQVROO´ 'HU SUDNWLVFKHQ 9HUQXQIW JHKW HV QLFKW XP GLH (UNHQQWQLV YRQ *H JHQVWlQGHQ VRQGHUQ XP GLH (UNHQQWQLV GHU 5HDOLVLHUXQJVEHGLQJXQJHQ YRQ*HJHQVWlQGHQQLFKWXPGLH(UNHQQWQLVGHVVHQZDVLVWVRQGHUQGHV VHQZDVVHLQVROO'DV%HZX‰WVHLQHLQHV*HVHW]HVGLHVHU5HDOLVLHUXQJLVW GDV (UVWH GHU SUDNWLVFKHQ 9HUQXQIW HLQ ÄDSULRULVFKHV )DNWXP¶ GHPJH

_____________  .DQW9  .DQW9  .DQW9YJO]XPPHWKRGLVFKHQ9RUJHKHQ.DQWVLQGHU.S9LP*HJHQVDW]]XU .U9%UDQGW8QWHUHLQHU7ULHEIHGHUYHUVWHKW.DQWGHQÅVXEMHFWLYH>Q@ %HVWLPPXQJVJUXQGGHV:LOOHQV´ .DQW9 YJODXFK9VRZLHGLH.DQWLVFKHQ 'LIIHUHQ]LHUXQJHQ GHU %HJULIIH Å%HVWLPPXQJVJUXQG´ Å%HZHJJUXQG´ XQG Å7ULHEIH GHU´EHL/HH  9JO.U9$X|  9JO.DQW98PGHQHSLVWHPLVFKHQ6WDWXVGLHVHV)DNWXPVLQ.DQWV6LQQH ]XYHUVWHKHQLVWHVKLOIUHLFKVLFKGLHÅlVWKHWLVFKH>Q@9RUEHJULIIHGHU(PSIlQJOLFKNHLW GHV*HPWKVIU3IOLFKWEHJULIIHEHUKDXSW´GLHÅPRUDOLVFKH>Q@%HVFKDIIHQKHLWHQGLH ZHQQPDQVLHQLFKWEHVLW]WHVDXFKNHLQH3IOLFKWJHEHQNDQQVLFKLQLKUHQ%HVLW]]X VHW]HQ´ .DQW9, YRU$XJHQ]XIKUHQGHQQKLHUEHKDQGHOW.DQWQHEHQ GHP ÅPRUDOLVFKH>Q@ *HIKO´ GHU Å0HQVFKHQOLHEH´ XQG GHU Å$FKWXQJ´ DXFK GDV Å*HZLVVHQ´ GDV ]XP HLQHQ XQVHUHP KHXWLJHQ 6SUDFKJHEUDXFK QlKHU VWHKW DOV GDV Ä)DNWXPGHU9HUQXQIW¶XQGGDV]XPDQGHUHQQDFK.DQWGDVÅ%HZX‰WVHLQHLQHVLQQH UHQ*HULFKWVKRIHVLP0HQVFKHQ ÄYRUZHOFKHPVLFKVHLQH*HGDQNHQHLQDQGHUYHUNOD JHQRGHUHQWVFKXOGLJHQ¶ ´ HEG9, LVW*OHLFKJOWLJZLHPDQGLH0HWDSKHUYRP SUDNWLVFKHQ  Ä*HULFKWVKRI¶ XQG GHVVHQ 9HUKlOWQLV ]XP GRUW DQJHZDQG WHQDXVJHOHJWHQ  Ä6LWWHQJHVHW]¶ DXIO|VW EHLGH GDV %HZX‰WVHLQ GHV 6LWWHQJHVHW]HV XQG GDV*HZLVVHQEHVLW]HQGHQ6WDWXVHLQHVLQWHOOLJLEOHQ)DNWXPVLQVRIHUQZLUVLHXQVHLQHU VHLWV]XUHFKQHQDEHUDQGHUHUVHLWVLQDFWXQLFKWEHUVLHYHUIJHQN|QQHQ'HU=XVDW] ÄLQDFWX¶LVWZLFKWLJZHLOXQVGDV *HZLVVHQ QDWUOLFKLQHLQHULQGLUHNWHQ3HUVSHNWLYH GDV KHL‰W LP 6LQQH VHLQHU .XOWLYLHUXQJ YHUJOHLFKEDU GHU SHUVSHNWLYLVFKHQ 'LIIHUHQ] ]ZLVFKHQVSRUWOLFKHUhEXQJXQG:HWWNDPSI VHKUZRKO]XU'LVSRVLWLRQVWHKW²:LO ODVFKHN   YJO DXFK HEG   KDW DXI GLH 1RWZHQGLJNHLW KLQJHZLHVHQ ÄIDFWXP¶ EHJULIIOLFK VWUHQJ YRQ ÄGDWXP¶ ]X XQWHUVFKHLGHQ XQG GDV HUVWHUH LP .DQWL VFKHQ6LQQHPLW%HFN II DOVÅÄ7DW¶GHU9HUQXQIW´]XYHUVWHKHQÅGLHGDULQ

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



Pl‰GLH%HJULIIHGHU*HJHQVWlQGHGHU+DQGOXQJGDV*XWHXQGGDV%|VH EHVWLPPWXQGVFKOLH‰OLFKGLH0RGLVHLQHUP|JOLFKHQ%HIROJXQJDXIJH]HLJW ZHUGHQ(VVFKHLQWQDFK.DQWP|JOLFK]XVHLQVR]XVDJHQRKQH3URILWG KVFKOLPPVWHQIDOOVXQWHU7RGHVGURKXQJPRUDOLVFK]XKDQGHOQDOVREHL VSLHOVZHLVH HLQ IDOVFKHV =HXJQLV ]X YHUZHLJHUQ REZRKO PDQ GDIU PLW GHP7RGEHVWUDIWZHUGHQZLUG'LHVH+DQGOXQJVP|JOLFKNHLW QLFKWLKUH :LUNOLFKNHLW GHPRQVWULHUWGDV%HZX‰WVHLQGHV6LWWHQJHVHW]HVDOVHLQ)DN WXP*OHLFKZRKO²XQGGDVLVWHLQZHQQQLFKWGHUHQWVFKHLGHQGH6FKULWWLQ GHU.DQWLVFKHQ7KHRULH²LVWGDV%HZX‰WVHLQGHV6LWWHQJHVHW]HVGLH(LQ VLFKWLQVHLQH*HOWXQJQLFKWJOHLFK]XVHW]HQPLWGHUHQWVSUHFKHQGHQ+DQG OXQJVPD[LPH :LU N|QQHQ GLH 5LFKWLJNHLW GHV 6LWWHQJHVHW]HV HLQVHKHQ RKQHGDQDFK]XKDQGHOQGDV:LVVHQGHV*XWHQLVWQLFKWVFKRQGDV*XWH VHOEVW(VEHGDUIDOVRHLQHV=ZLVFKHQVFKULWWHVYRP6LWWHQJHVHW]]XUVLWWOL FKHQ +DQGOXQJ GDV %HZX‰WVHLQ GHV 6LWWHQJHVHW]HV VROO KDQGOXQJVDXVO| VHQGVHLQ ,P GULWWHQ XQG OHW]WHQ +DXSWVWFN GHU Å$QDO\WLN GHU UHLQHQ SUDNWL VFKHQ9HUQXQIW´WKHPDWLVLHUW.DQWGHPHQWVSUHFKHQGGLHÅ7ULHEIHGHUQGHU UHLQHQSUDNWLVFKHQ9HUQXQIW´DXIJUXQGZHOFKHUSUDNWLVFKHQ/HLVWXQJLVW GHU 0HQVFK ² GHQQ QXU EH]JOLFK HQGOLFKHU :HVHQ ZLH GHP 0HQVFKHQ VWHOOWVLFKGHUHPRWLYH$QWULHEDOVPRUDOWKHRUHWLVFKHV3UREOHP²]XHLQHU JXWHQ+DQGOXQJIlKLJ"'LHVHV7KHRULHVWFN]XP%HJULIIGHU$FKWXQJLVW EHL .DQW VWUHQJ ]X XQWHUVFKHLGHQ YRP PRUDOSV\FKRORJLVFKHQ E]Z  SlGDJRJLVFKHQ.RQWH[W(VVROOXPGLH0|JOLFKNHLWGHU5HDOLVLHUXQJHLQHV PRUDOLVFKHQ *HVHW]HV LQ HLQVFKOlJLJHQ 6LWXDWLRQHQ JHKHQ QLFKW XP GLH )UDJHZLHPDQ0HQVFKHQ]XJXWHQ7DWHQEHZHJHQN|QQH'DV%HZX‰W VHLQGHV6LWWHQJHVHW]HVGKGLH$FKWXQJYRUOHW]WHUHPVROODOV7ULHEIHGHU ]XU WDWVlFKOLFKHQ +DQGOXQJVLQLWLDWLYH ZHUGHQ $FKWXQJ VROO VRZRKO EH JULIIOLFK XQG REMHNWLY VLWWOLFK VHLQ DOV DXFK NRQNUHW XQG VXEMHNWLY KDQG OXQJVEHVWLPPHQG.DQWIKUWLQGLHVHP.RQWH[WEHNDQQWOLFKHLQHIROJHQ

_____________ EHVWHKW GHP ÄREMHNWLYHQ¶ 6LWWHQJHVHW] VXEMHNWLYH *HOWXQJ ]X YHUVFKDIIHQ LQGHP VLH HLQ *HIKO GHU $FKWXQJ YRU GHP *HVHW] ÄZLUNW¶ XQG VR GHQ Ä:LOOHQ ]XU 7KDW EH VWLPPW¶´ :LOODVFKHN    9JO GD]X EHUHLWV +HQULFK  VRZLH /DXHQHU LQVEHVII.RQKDUGW)RUVW.HXO 2·1HLOO   6FDUDQR E 6WHLJOHGHU   VRZLH LP $QVFKOX‰ DQ +HQULFK  )RUVWYJODXFKREHQ.DS)Q.DS)Q  9JO.DQW9  .DQW9  'LH/HJLWLPDWLRQGLHVHU$EWUHQQXQJOLHJWGDULQGD‰VRODQJHQLFKWGHU%HJULIIVLQKDOW GHU$FKWXQJJHNOlUWLVWHLQHPRUDOSV\FKRORJLVFKHXQGSlGDJRJLVFKH%HKDQGOXQJGHV 3UREOHPVRKQH)XQGDPHQWLVW'LH.DQWLVFKH0HWKRGHQOHKUHVHW]WGLHHQWVSUHFKHQGH (OHPHQWDUOHKUH YRUDXV 2GHU DXI GHU +DQGOXQJVHEHQH IRUPXOLHUW PDQ PX‰ ZLVVHQ ZDV PDQ EHLVSLHOVZHLVH .LQGHUQ DQHU]LHKW ZHQQ PDQ VLH $FKWXQJ YRU GHP *HVHW] OHKUW



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

VFKZHUH'LIIHUHQ]LHUXQJHLQYRQ0RUDOLWlWN|QQHQXUJHVSURFKHQZHUGHQ VRIHUQGDV6LWWHQJHVHW]DXFKVXEMHNWLYHU%HVWLPPXQJVJUXQG]XU+DQGOXQJ LVW :LUG KLQJHJHQ DXV EHOLHELJHQ DQGHUHQ 0RWLYHQ KHUDXV PRUDOLVFK JH KDQGHOW VR ZLUG HLJHQWOLFK QLFKW PRUDOLVFK JHKDQGHOW 'LH +DQGOXQJ JH VFKLHKWÅSIOLFKWPl‰LJDEHUQLFKWDXV3IOLFKW´DOVRQLFKWDXV$FKWXQJIUV *HVHW]'LH+DQGOXQJLVWOHJDODEHUVLHLVWQLFKWPRUDOLVFK (LQ K\SRWKHWLVFKHU 9RUEOLFN DXI GDV )ROJHQGH VROO YHUGHXWOLFKHQ LQ ZHOFKHP$XVPD‰GLH7UDJIlKLJNHLWGHUJHVDPWHQ.DQWLVFKHQ0RUDOWKHR ULH YRQ GHU *OWLJNHLW GLHVHV $FKWXQJVEHJULIIV DEKlQJW VROOWH GHU .DQWL VFKH %HJULII GHU $FKWXQJ DOV 7ULHEIHGHU PRUDOLVFKHU +DQGOXQJHQ QLFKW KLQUHLFKHQGEHVWLPPWVHLQVREOLHEHDXFKGHU%HJULIIGHU0RUDOLWlWXQJH NOlUW GD QDFK .DQW HEHQ QXU GLHMHQLJH +DQGOXQJ PRUDOLVFK LVW GLH DXV 3IOLFKW G K DXV $FKWXQJ YRU GHP 6LWWHQJHVHW] JHVFKLHKW 1HUYXV SUR EDQGLGHU7KHRULHLVW]ZDUGLHP|JOLFKH%HXUWHLOXQJYRQ+DQGOXQJHQGRFK VHW]WGLH%HZHUWXQJHLQHU+DQGOXQJJHPl‰GHPSULQFLSLXPGLMXGLFDWLRQLV DOVPRUDOLVFKHP.ULWHULXPDOVRGHP6LWWHQJHVHW]HLQ:LVVHQGDYRQYRU DXVZDVLPMHZHLOLJHQ)DOOKDQGOXQJVHIIHNWLYDOVRSULQFLSLXPH[HFXWLRQLV LVWRGHUZDU'DGLH0RUDOLWlWGKGLH$FKWXQJYRUGHP*HVHW]LQGHU ,QWHQWLRQ HLQHV +DQGHOQGHQ GHU +DQGOXQJ QLFKW ÄDQJHVHKHQ¶ MD QLFKW HLQPDO YRP +DQGHOQGHQ VHOEVW PLW 6LFKHUKHLW JHZX‰W ZHUGHQ NDQQ EHGDUIHVQDFK.DQWHLQHV,QGLNDWRUVXPGLH+DQGOXQJKLQVLFKWOLFKLKUHU 0RUDOLWlW ]X TXDOLIL]LHUHQ'LHVHU,QGLNDWRU IU GDV XQHUNHQQEDUH *HIKO GHU $FKWXQJ LVW GDV JXW HUNHQQEDUH *HIKO GHU 8QOXVW 'LH SDUDGR[H .RQVHTXHQ] ZlUH GHPQDFK GD‰ LQ GHU%HXUWHLOXQJ ² XQG QXU KLHU ]HLJW VLFK GLH 0RUDOLWlW ² GLH VLWWOLFKH 4XDOLWlW HLQHU +DQGOXQJ QXQ GRFK GHU 6FKLOOHUVFKHQ %HIUFKWXQJ HQWVSUHFKHQG  DQ GHU hEHUZLQGXQJ HLQHV VLQQOLFKHQ +LQGHUQLVVHV KlQJW 'DPLW JlEH GLH SDWKRORJLVFKH bX‰HUXQJ GHU 8QOXVW XQG QLFKW GLH $FKWXQJ GHQ .DQWLVFKHQ .RPSD‰ PRUDOLVFKHU %HZHUWXQJ DE 6ROOWH GLHV ]XWUHIIHQ VR ZlUH GHU 5HLQKHLWVDQVSUXFK GHU .DQWLVFKHQ0RUDOWKHRULHYRQ*UXQGDXINRUUXPSLHUW

_____________ .DQW,9 9JO.DQW9XQG .DQWVFKHLQWGLHVH.RQVHTXHQ]QLFKWJHJHQZlUWLJJHZHVHQ]XVHLQ YJO.DQW9  9JO ]XU 8QP|JOLFKNHLW YROOVWlQGLJHU ,QWURVSHNWLRQ .DQW .U9 $  ,9  XQG 9,,,IIVRZLHXQWHQ)Q  9JOEHLVSLHOVZHLVH.DQW,9IVRZLH9IXQG9,  Å*HUQHGLHQ·LFKGHQ)UHXQGHQGRFKWKX·LFKHVOHLGHUPLW1HLJXQJ8QGVRZXUPW HVPLURIWGD‰LFKQLFKWWXJHQGKDIWELQ'DLVWNHLQDQGHUHU5DWKGXPX‰WVXFKHQ VLH]XYHUDFKWHQ8QGPLW$EVFKHXDOVGDQQWKXQZLHGLH3IOLFKWGLUJHEHXW´ 6FKLO OHU;HQLHQÅ'LH3KLORVRSKHQ´ 9JOGD]X5HLQHU    

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



(V HUVFKHLQW QXQ XQP|JOLFK HLQHP 9HUVWlQGQLV GLHVHV $FKWXQJVEH JULIIVXQGGDPLWHLQHU$QWZRUWDXIGLH)UDJHQDFKGHPZDVZLUWXQZHQQ ZLUDXV3IOLFKWDXV$FKWXQJIUV*HVHW]KDQGHOQGDGXUFKQlKHU]XNRP PHQ GD‰ PDQ YRUNDQWLVFKH (WKLNHQ QDFK GLHVHP %HJULII EHIUDJW 9LHO PHKUEOHLEWPDQEHLGHU$QDO\VHGHV$FKWXQJVEHJULIIVLQHWKLVFKHP=X VDPPHQKDQJYHUZLHVHQDXIGLHNULWLVFKHQ7H[WH.DQWVYRUQHKPOLFKDOVR GLH*UXQGOHJXQJGLH]ZHLWH.ULWLNVRZLHGLH0HWDSK\VLVFKHQ$QIDQJVJUQGHGHU 7XJHQGOHKUH 'HU %HJULII ILQGHW VLFK V\VWHPDWLVFK DXVJHIKUW LQ NHLQHU

_____________  'DGHU%HJULIIGHU$FKWXQJEHL.DQWLQNRQVWLWXWLYHP=XVDPPHQKDQJPLWGHPGHV .DWHJRULVFKHQ,PSHUDWLYVVWHKWGHUHUVWLP/DXIHGHUVLHE]LJHU-DKUHYRQLKPHQWZL FNHOW ZXUGH WUDJHQ DXFK GLH YRUNULWLVFKHQ 6FKULIWHQ QLFKWV ]XU (UKHOOXQJ GLHVHV %H JULIIVEHL:HQQ.DQWDOVRLQGHQ%HREDFKWXQJHQEHUGDV*HIKOGHV6FK|QHQXQG(UKDEHQHQ   YRQ $FKWXQJ VSULFKW VR LVW GDPLW QLFKW GDV 9HUELQGXQJVJOLHG ]ZLVFKHQ GHP UHLQHQ6LWWHQJHVHW]XQGGHUPRUDOLVFKHQ+DQGOXQJLQWHQGLHUW YJO.DQW,, 'DV PRUDOLVFKH*HIKOLVWKLHUVHOEVWYLHOPHKU*UXQGPRUDOLVFKHU*UXQGVlW]H YJODXFK .DQW ,,   *HJHQ (QGH GHV -DKUHV  VFKUHLEW .DQW VFKOLH‰OLFK DQ 0DUFXV +HU]Å'HUREHUVWH*UXQGGHU0RUDOLWlWPX‰QLFKWEORVDXIGDV:RKOJHIDOOHQVFKOLH ‰HQODVVHQHUPX‰VHOEVWLPK|FKVWHQ*UDGHZRKOJHIDOOHQGHQQHULVWNHLQHEORVVSH NXODWLYH9RUVWHOOXQJVRQGHUQPX‰%HZHJNUDIWKDEHQXQGGDKHUREHU]ZDULQWHOOHFWXDO LVWVRPX‰HUGRFKHLQHJHUDGH%H]LHKXQJDXIGLHHUVWH7ULHEIHGHUQGHV:LOOHQVKD EHQ´ .DQW; 'DPLWLVWHLQZLFKWLJHU6FKULWWKLQ]XUNULWLVFKHQ7KHRULHPRUDOL VFKHU+DQGOXQJHQJHWDQGLHHQGJOWLJH$ENHKUYRQGHUYRUNULWLVFKHQ0RUDOSKLORVR SKLH MHGRFK QRFK QLFKW YROO]RJHQ :RKOJHIDOOHQ DXFK HLQ UHOLJL|V JHIlUEWHV  LVW IU GHQNULWLVFKHQ.DQWPRUDOLUUHOHYDQW,QGHUVRJHQDQQWHQ0RUDO9RUOHVXQJ.DHKOHUDXV GHU0LWWHGHUHU-DKUHGLIIHUHQ]LHUW.DQWQDFKULFKWOLFK]ZDUEHUHLWV]ZLVFKHQGHP ÅSULQFLSLXPGHUGLLXGLFDWLRQGHU9HUELQGOLFKNHLW´XQGGHPÅSULQFLSLXPGHU([HFXWLRQRGHU /HLVWXQJ GHU 9HUELQGOLFKNHLW´ XQG IKUW GD]X DXV Å5LFKWVFKQXU XQG 7ULHEIHGHU LVW KLHU]XXQWHUVFKHLGHQ5LFKWVFKQXULVWGDV3ULQFLSLXPGHU'LLXGLFDWLRQXQG7ULHEIHGHU >VF GDV 3ULQFLSLXP@ GHU $XVEXQJ GHU 9HUELQGOLFKNHLW LQGHP PDQ QXQ GLHVHV YHU ZHFKVHOWHVRZDUDOOHVLQGHU0RUDOIDOVFK´ .DQW .DQWNRQNUHWLVLHUWGLHVH %HVWLPPXQJZHLWHULQGHP6LQQHGHQZLUDXVGHQ3XEOLNDWLRQHQGHUHU-DKUHNHQ QHQÅ'LH%LOOLJXQJGHU+DQGOXQJLVWGHURELHFWLYH*UXQGDEHUQRFKQLFKWGHUVXEMHF WLYH*UXQG'DVMHQLJHZDVPLFKDQWUHLEWGDV]XWKXQZRYRQGHU9HUVWDQGVDJWLFK VROOHVWKXQGDVVLQGGLHPRWLYDVXEMHFWLYHPRYHQWLD´ .DQW 'RFKYRQHL QHPYHUQXQIWEHZLUNWHQ*HIKOLVWKLHUQRFKLPPHUNHLQH5HGHVWDWWGHVVHQZLUGGLH PRUDOLVFKH 0RWLYDWLRQ DOV JHQXLQHV *HIKO DQJHVSURFKHQ Å>@ GDV REHUVWH SULQFLSL XP DOOHV PRUDOLVFKHQ $QWULHEHV GLHVH +DQGOXQJ ]X WKXQ OLHJW LP +HUW]HQ GLHVH 7ULHEIHGHULVWGDVPRUDOLVFKH*HIKO´ (EG 8QGVFKOLH‰OLFKILQGHWPDQZHQLJH$E VlW]H VSlWHU LQ GLHVHU 1DFKVFKULIW HLQH )RUPXOLHUXQJ JHJHQ GHUHQ 7HQGHQ] VLFK GHU NULWLVFKH .DQW JHUDGH ZHQGHW Å0DQ KDW DOVR PLW 5HFKW HLQJHVHKHQ GD‰ RKQH HLQHQ REHUVWHQ 5LFKWHU DOOH PRUDOLVFKHQ *HVHW]H RKQH (IIHFW ZlUHQ DOVGHQQ ZlUH NHLQH 7ULHEIHGHUNHLQH%HORKQXQJXQGNHLQH%HVWUDIXQJ$OVRGLH(UNHQQWQL‰*RWWHVLVWLQ $QVHKXQJGHU$XVEXQJGHUPRUDOLVFKHQ*HVHW]HQRWKZHQGLJ´ .DQW ,P 6LQQHGHVNULWLVFKHQ.DQWNULWLVLHUW+HQULFKGLHVHQ$VSHNWGHUYRUNULWLVFKHQ0RUDOSKL ORVRSKLH .DQWV Å(LQ *HVHW] GDV QLFKW IU VLFK VHOEVW YHUELQGOLFK LVW VRQGHUQ HUVW GDQQYHUELQGHQGH.UDIWJHZLQQWZHQQLFKYRP'DVHLQHLQHVLQWHOOLJLEHOHQ8UZHVHQV EHU]HXJWELQHQWKlOWNHLQH0RWLYHLQVLFKHLQVROFKHV'DVHLQDQ]XQHKPHQ´ +HQ



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

IUKHUHQ 0RUDONRQ]HSWLRQ $FKWXQJ KDW LQ GHU 3KLORVRSKLH ELV ]X .DQW OHGLJOLFKGLHHLQJDQJVJHQDQQWHPRUDOSKLORVRSKLVFKDEHUK|FKVWHQVPDU JLQDOH%HGHXWXQJYRQ$XIPHUNVDPNHLW DWWHQWLRREVHUYDWLR  8PHLQHLQKDOWOLFKH)OOXQJGHV$FKWXQJVEHJULIIV]XHUUHLFKHQ NDQQ HUKLQVLFKWOLFKVHLQHVP|JOLFKHQ2EMHNWEHUHLFKVPLWGHP%HJULIIGHU1HL JXQJ NRQWUDVWLHUW ZHUGHQ 1HLJXQJHQ N|QQHQ VLFK QDFK .DQW HLQHUVHLWV DXI +DQGOXQJHQ DQGHUHUVHLWV DXI 3URGXNWH YRQ +DQGOXQJHQ EH]LHKHQ $FKWXQJKLQJHJHQVROOVLFKZHGHUDXI+DQGOXQJHQQRFKDXI+DQGOXQJVHU JHEQLVVH QRFK DXI 1HLJXQJHQ EH]LHKHQ N|QQHQ ,KU 2EMHNW LVW DOOHLQ GLH ,QWHQWLRQHLQHU3HUVRQ²RGHULQ.DQWV:RUWHQQLFKWGLH:LUNXQJVRQ GHUQ EOR‰ GLH Å7KlWLJNHLW HLQHV :LOOHQV´ /DSLGDU KHL‰W HV LQ GHU .ULWLN GHU SUDNWLVFKHQ 9HUQXQIW Å$FKWXQJ JHKW MHGHU]HLW QXU DXI 3HUVRQHQ >@´ $XVIRUPXOLHUW EHGHXWHW GLHV GD‰ XQVHUH $FKWXQJ YRU HLQHU 3HUVRQ HLQH $FKWXQJYRUGHU0HQVFKKHLW²XQPL‰YHUVWlQGOLFKHUGHP0HQVFKVHLQG KGHU)UHLKHLW²GLHVHU3HUVRQYRUGHUSUDNWLVFKHQ9HUQXQIWGLHVHU3HU VRQXQGGDPLWYRUGHP6LWWHQJHVHW]LVW 'RFK DXFK QDFK GLHVHU GHQ %HJULII GHU 3HUVRQ XQG GHQ %HJULII GHV 6LWWHQJHVHW]HVYHUNQSIHQGHQ%HVWLPPXQJGHVP|JOLFKHQ2EMHNWEHUHLFKV GHU $FKWXQJ EOHLEW GLH )UDJH QDFK GHP ,QKDOW GHV $FKWXQJVEHJULIIV EH VWHKHQ 8QG .DQWV $QWZRUW ODXWHW Å(LJHQWOLFK LVW $FKWXQJ GLH 9RUVWHO OXQJYRQHLQHP:HUWKHGHUPHLQHU6HOEVWOLHEH$EEUXFKWKXW´:LHVLFK REHQ LQ †  JH]HLJW KDW EHVWHKW GHU +LQWHUJUXQG GLHVHU 1HJDWLYEHVWLP PXQJ GDULQ GD‰ PRUDOLVFKH +DQGOXQJHQ GLH XQWHU GHP %HJULII GHU 3IOLFKWVWHKHQN|QQHQVLQQYROOHUZHLVHQXUYRQVROFKHQ:HVHQ]XIRUGHUQ VLQG GLH GDEHL +LQGHUQLVVH EHUZLQGHQ PVVHQ %HL K\SRWKHWLVFK ]X GHQNHQGHQ  :HVHQ GLH QLFKW JHJHQ QHLJXQJVEHGLQJWH +LQGHUQLVVH DQ

_____________

   



ULFK    ,QQHUKDOE GHU HLQVFKOlJLJHQ NULWLVFKHQ 6FKULIWHQ NDQQ LFK NHLQHQ :DQGHOKLQVLFKWOLFKGHV%HJULIIVGHU$FKWXQJDXVPDFKHQ6LHN|QQHQPHLQHV(UDFK WHQVGLHVEH]JOLFKJOHLFKZHUWLJEHKDQGHOWZHUGHQ9JOGD]X/HHXQG GDJHJHQ %HFN   YJO ]XU (QWZLFNOXQJ GHU YRUNULWLVFKHQ (WKLN .DQWV +HQ ULFK  XQG   VRZLH /HH   0D\HU  KDW JHJHQEHU 1XQQHU:LQNOHU  I XQG  JH]HLJW LQZLHIHUQ GHU NULWLVFKH .DQW JHUDGH QLFKWDXIUHOLJL|VH$UJXPHQWHUHNXUULHUWYJOGD]XDXFK/HLVW5LFNHQ XQG6WHLJOHGHU 9JOGD]X0LVJHOGI .DQW,9 .DQW9YJO]XP%HJULIIGHU3HUV|QOLFKNHLWDXFKGLHLQ.DS)QDQJHJHEH QHQ3DVVDJHQLQ.DQWV7H[WHQ 9JO.DQW,9I9$QPVRZLHGD]X.|KOXQGGLH 'LIIHUHQ]LHUXQJ GHU JHQDQQWHQ %HVWLPPXQJHQ EHL .OLPFKXN 9JO]XGHQ%H JULIIHQGHV0HQVFKHQXQGGHU0HQVFKKHLW.U9$VRZLHGLH$QWKURSRORJLH)ULHG OlQGHU :LQWHU .DQW;;9IIXQGREHQ.DS)Q .DQW,9

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



NlPSIHQPVVHQPDFKWGLH9HUZHQGXQJGHV%HJULIIVÄ6ROOHQ¶XQGGDPLW YHUEXQGHQ GLH GHU %HJULIIH GHV *HERWHV XQG GHU $FKWXQJ GDYRU NHLQHQ 6LQQ %HL :HVHQ PLW HLQHP GHUDUWLJHQ YROONRPPHQ JXWHQ KHLOLJHQ RGHU J|WWOLFKHQ:LOOHQN|QQWHOHGLJOLFKYRQHLQHPÄ:ROOHQ¶JHVSURFKHQZHUGHQ LKUH+DQGOXQJVPD[LPHQHQWVSUlFKHQVWHWVXQGDXVVFKOLH‰OLFKGHP6LWWHQ JHVHW]YRQ1|WLJXQJHLQHUÅQHFHVVLWDWLRRELHFWLYD´N|QQWHGDEHLNHLQH 5HGHVHLQ (LQ+DQGHOQDXV$FKWXQJVHW]WEHL0HQVFKHQDOVRDOVPRUDOLVFKUHOH YDQW GDV 1HJDWLYH GLH hEHUZLQGXQJ YRQ +LQGHUQLVVHQ YRQ 1HLJXQJHQ YRUDXV RKQHMHGRFKGXUFK1HLJXQJHQYHUXUVDFKW]XVHLQ *OHLFKZRKOLVW GLHVH hEHUZLQGXQJ QLFKW VFKRQ GLH ]XUHLFKHQGH %HGLQJXQJ ² QLFKW MHGH +DQGOXQJ GLH GHU 1HLJXQJ ]XZLGHUOlXIW LVW GDGXUFK DOOHLQ VFKRQ PRUD OLVFK(LQ$OWUXLVWGHUVLFKJHOHJHQWOLFKHJRLVWLVFKYHUKlOWKDQGHOWGHVZH JHQQLFKWVFKRQPRUDOLVFK (VEHGDUIDOVRHLQHUZHLWHUUHLFKHQGHQSRVLWLYHQ%HVWLPPXQJGHV$FK WXQJVEHJULIIV $FKWXQJ EHVWHKW JHPl‰ GHU EHUKPWHQ $QPHUNXQJ LP (UVWHQ$EVFKQLWWGHU*UXQGOHJXQJLQHLQHP*HIKOGDVMHGRFKQLFKWGXUFK 2EMHNWHGHV%HJHKUHQVKHUYRUJHUXIHQXQGGDPLWIUHPGEHVWLPPWLVWVRQ GHUQGXUFKGLH9HUQXQIWVHOEVWXQG]ZDUGXUFKGHUHQSUDNWLVFKHV*HVHW] EHZLUNWZLUG.DQWIKUWDOVRLQVHLQH$UJXPHQWDWLRQIUGDVSULQFLSLXP H[HFXWLRQLV PRUDOLVFKHU +DQGOXQJHQ GLH %HJULIIH YRQ 8UVDFKH XQG :LU NXQJHLQ(LQH+DQGOXQJLVWGDQQXQGQXUGDQQPRUDOLVFKZHQQGLH8U VDFKH GHV *HIKOV GHU $FKWXQJ QLFKW HLQ YHUQXQIWIUHPGHV 2EMHNW VRQ GHUQGLH9HUQXQIWVHOEVWDOV%HZX‰WVHLQGHVNDWHJRULVFKHQ,PSHUDWLYVLVW 'HU .DQWLVFKH ,QWHUQDOLVPXV EHVWHKW GHPQDFK GDULQ GD‰ GDV 3IOLFKWEH ZX‰WVHLQLQGHU*HVWDOWHLQHV$FKWXQJVJHIKOVDOOHLQDXVUHLFKWGLH:LOONU ]XEHVWLPPHQRGHUDQGHUVIRUPXOLHUWGD‰GHULQQHUH6LQQLQPRUDOLVFKHU +LQVLFKWEOR‰H5H]HSWLYLWlWGHV,QWHOOLJLEOHQLVW

_____________  .DQW;,; 5HIO YJODXFK.DQW,9.DQW9X|  9JO.DQW,9DXFK9XQG9,I  9RU $OOLVRQ GHU GLHVEH]JOLFK YRQ Å.DQW·V LQWHUQDOLVP´    VSULFKW KDW EHUHLWV1DJHO.DQWPLW%OLFNDXIGHQNDWHJRULVFKHQ,PSHUDWLYDOV0RWLYDWLRQVLQWHUQD OLVWHQ FKDUDNWHULVLHUW Å:DV GLH )RUGHUXQJHQ IU XQV EHUKDXSW JOWLJ PDFKW PX‰ VHOEVWGDVMHQLJHVHLQZDVXQVHUH0RWLYDWLRQVVWUXNWXUGD]XEHVWLPPWHQWVSUHFKHQG]X KDQGHOQ>«@*LQJHHVQDFK .DQWZUGHXQVHUH %LQGXQJDQPRUDOLVFKH,PSHUDWLYH DXVXQVHUHP6HOEVWYHUVWlQGQLV DOVIUHLH:HVHQKHUIOLH‰HQXQGPRUDOLVFKH0RWLYDWLRQ IlQGHLKUH (UNOlUXQJMHGHU]HLWLQ GHUVRKHUJHOHLWHWHQ$QHLJQXQJGHV*HVROOWHQ'DV ZlUH]XGHPNHLQH(UNOlUXQJDXV0RWLYHQVRQGHUQHLQH(UNOlUXQJVDUWGLHVWDWWYRQ GHP 0RWLYDWLRQVJHIJH *HEUDXFK ]X PDFKHQ HLQHQ VHLQHU JUXQGOHJHQGHQ =JH HU NOlUHQG EHVFKUHLEW´ 1DJHO    (V LVW ZLFKWLJ IHVW]XKDOWHQ GD‰ DXFK QDFK .DQWV $QVLFKW GLHVHV *HIKO GHU $FKWXQJ YRQ DQGHUHQ SDWKRORJLVFKHQ  *HIKOHQ EHJOHLWHW²XQGGDVEHGHXWHWXQWHUVWW]WRGHUEHUVWLPPW²ZHUGHQNDQQ:HGHUJLEW HV HLQHQ $XWRPDWLVPXV GHU YRP *HIKO GHU $FKWXQJ ]XU PRUDOLVFKHQ +DQGOXQJ



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

6RZHLWGLHPHWDSK\VLVFKH.RQVWUXNWLRQGLHLQIROJHQGHP6LQQHVFKRQ DEHQWHXHUOLFKJHQXJLVW'HU%HJULIIVLQKDOWGHU$FKWXQJLVWQLFKWHLQHUVHLWV LQWHOOHNWXHOO 6LWWHQJHVHW] XQGDQGHUHUVHLWVVLQQOLFK *HIKO ZLHGLHVEHL HLQHP hEHUJDQJ YRP PXQGXV LQWHOOLJLELOLV ]XP PXQGXV VHQVLELOLV HUIRU GHUOLFKZlUH9LHOPHKULVWQDFKGHU.DQWLVFKHQ.RQ]HSWLRQGLH8UVDFKH GHV $FKWXQJVJHIKOV HLQ *HJHQVWDQG GHU 9HUQXQIW VLH VHOEVW DEHU LVW QLFKWV DQGHUHV DOV HLQ *HIKO GDV EHJULIIOLFK PHVVHUVFKDUI JHWUHQQW LVW YRP 9HUQXQIWJHVHW] HEHQ GXUFK GDV UHODWLRQDOH %HJULIIVSDDU 8UVDFKH :LUNXQJ G K GHU .DWHJRULH GHU .DXVDOLWlW GLH LKUHUVHLWV DOV .DXVDOLWlW GHU)UHLKHLWXQGGDPLWDOVQLFKWVFKHPDWLVLHUW LQWKHRUHWLVFKHP9HUVWlQG QLV  G K DOV XQ]HLWOLFK YRUJHVWHOOW ZHUGHQ VROO $EJHVHKHQ KLHUYRQ LVW DEHU GDGXUFK GD‰ GLHVH .RQVWUXNWLRQ EOR‰ EHU 9HUKlOWQLVVH EHILQGHW QRFKNHLQHLQKDOWOLFKH$XVVDJHEHUGLH5HODWLRQVEHJULIIHVHOEVWJHWURIIHQ 'HUHLQHGHUEHLGHQ%HJULIIHGLH8UVDFKH 9HUQXQIWJHVHW] VROOKLHUQLFKW ZHLWHUXQWHUVXFKWVHLQH,QKDOWVEHVWLPPXQJVROODOVNRQVLVWHQWXQGNRKl UHQWYRUDXVJHVHW]WZHUGHQ'HUDQGHUH%HJULIIDEHUGDVVLQQOLFKH*HIKO GHU $FKWXQJ ² ÅGHQQ HLQ LQWHOOHFWXHOOHV ZlUH HLQ :LGHUVSUXFK´ ² DOV :LUNXQJPX‰QRFKZHLWHUEHVWLPPWZHUGHQ 'DV QHJDWLYH *HIKO GHU 'HPWLJXQJ XQG GHV 6FKPHU]HV DQOl‰OLFK GHU (LQVFKUlQNXQJ RGHU 9HUQLFKWXQJ GHU 6HOEVWOLHEH GXUFK GDV %HZX‰W

_____________ IKUWQRFKGUIHQRGHUEHVVHUPVVHQZLUXQVGHQÅlUJVWH>Q@%|VHZLFKW´ .DQW,9  DOVHLQHPRUDOLVFKWDXEH3HUVRQYRUVWHOOHQGLHGDQQHEHQQLFKWHLQPDOPHKU3HU VRQ ZlUH ZHLO VLH LP VWULNWHQ 6LQQH NHLQH PRUDOLVFKH 9HUDQWZRUWXQJ PHKU WUJH 'RFKVHOEVWZHQQLPSRVLWLYHQ)DOOGLH$FKWXQJIUV*HVHW]QLFKWDOOHLQKLQUHLFKWGLH PRUDOLVFKH +DQGOXQJ ]X PRWLYLHUHQ XQG DQGHUH *HIKOH XQWHUVWW]HQG KLQ]XNRP PHQVREOHLEWIU.DQWGRFKHQWVFKHLGHQGGD‰GLHVHV+LQ]XWUHWHQIUGHQPRUDOLVFKHQ 6WDWXVGHU+DQGOXQJY|OOLJLUUHOHYDQWLVW9JOGD]XDXFK7LPPHUPDQQ JHJHQ .|KO   7LPPHUPDQQ EHWRQW ]XGHP LQ $XVHLQDQGHUVHW]XQJ PLW $OOLVRQ   XQG 0F&DUW\   ]X 5HFKW GD‰ GDV .UlIWHVSLHO KDQG OXQJVUHOHYDQWHU*HIKOHQLFKWPHFKDQLVWLVFKYHUVWDQGHQZHUGHQGDUIDXFK1HLJXQJHQ PVVHQ DOV +DQGOXQJVJUQGH DEJHZRJHQ ZHUGHQ GHQQ ZUGHQ *HIKOH QXU ÄKLQWHU XQVHUHP5FNHQ¶ZLUNHQN|QQWHYRQHLQHU+DQGOXQJVFKOLH‰OLFKNHLQH5HGHVHLQGDV 9HUKDOWHQZlUHQLFKW]XUHFKHQEDU  (LQH VROFKH $UJXPHQWDWLRQ KlWWH LKU WKHRUHWLVFKHV $QDORJRQ LP Ä6FKHPDWLVPXV GHU UHLQHQ9HUVWDQGHVEHJULIIH¶ YJOGD]X.U9$I 'LH3UREOHPDWLNGHU.DQWLVFKHQ $XVIKUXQJHQ]XHLQHPÄSUDNWLVFKHQ6FKHPDWLVPXV¶EHVWHKWGDULQGD‰DQGHU6FKQLWW VWHOOH ]ZLVFKHQ PXQGXV LQWHOOLJLELOLV GHP 6LWWHQJHVHW] XQG GHP PXQGXV VHQVLELOLV GHU+DQGOXQJGHU]ZHLVWHOOLJH5HODWLRQVEHJULIIGHU.DXVDOLWlWHLQJHIKUWZLUGGHVVHQ HLQHV 5HODWXP GLH 8UVDFKH 6LWWHQJHVHW]  PLW GHP DQGHUHQ 5HODWXP GHU :LUNXQJ *HIKO LP$FKWXQJVEHJULIIYHUNQSIWZHUGHQVROO YJOGD]X.DQW9II 7KHR ULHDUFKLWHNWRQLVFKSUREOHPDWLVFKDQGLHVHU(LQIKUXQJGHU.DXVDOLWlWLVW.DQWVHLJHQH VLQQJHPl‰H'HILQLWLRQGHV7ULHEIHGHU.DSLWHOVDOVÄ7UDQV]HQGHQWDOHbVWKHWLN·LQSUDN WLVFKHU+LQVLFKWYJOGD]X.DQW9IVRZLH%UDQGW  .DQW9

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



VHLQGHV6LWWHQJHVHW]HVKDWQDFK.DQWDOVSRVLWLYH.HKUVHLWHHLQ%HZX‰W VHLQ GHV 0HQVFKHQ DOV 3HUVRQ ÅVR LVW GLH +HUDEVHW]XQJ GHU $QVSUFKH GHUPRUDOLVFKHQ6HOEVWVFKlW]XQJGLGLH'HPWKLJXQJDXIGHUVLQQOLFKHQ 6HLWHHLQH(UKHEXQJGHUPRUDOLVFKHQGLGHUSUDNWLVFKHQ6FKlW]XQJGHV *HVHW]HV VHOEVW DXI GHU LQWHOOHFWXHOOHQ PLW HLQHP :RUWH $FKWXQJ IUV *HVHW]DOVRDXFKHLQVHLQHULQWHOOHFWXHOOHQ8UVDFKHQDFKSRVLWLYHV*HIKO GDVDSULRULHUNDQQWZLUG´6HOEVWOLHEHLVWQDFK.DQWHLQSDWKRORJLVFKHV *HIKO G K QLFKW JHVHW]HV VRQGHUQ QHLJXQJVEHGLQJW 6LH PX‰ GXUFK HWZDV EHUVWLPPW ZHUGHQ GDV QLFKW SDWKRORJLVFKHU 1DWXU LVW 'D GLHVH 6HOEVWOLHEHDOV*HIKOQXQHLQPDOVREHVWLPPWLVWEOHLEWHVQDFK.DQW² ]XPLQGHVWGHPNULWLVFKHQ.DQW²QDWUOLFKDXVJHVFKORVVHQGD‰VLHGXUFK HLQH DQGHUH )RUP YRQ /LHEH EHUVWLPPW ZHUGHQ NDQQ RKQH GDPLW GDV )HOGGHU0RUDOLWlW]XYHUODVVHQ.DQWYHUVWHKW/LHEHDOV=XQHLJXQJXQGHLQH

_____________  .DQW9.DQWV3RVLWLRQXQWHUVWW]HQGEHVFKUHLEW+RQQHWKGHQV\VWH PDWLVFKHQ=XVDPPHQKDQJ]ZLVFKHQGHU6HOEVWOLHEHGHU$EEUXFKJHWDQZLUGXQGGHU 9RUVWHOOXQJYRP:HUWHLQHU3HUVRQDXVLQWHUVXEMHNWLYLVWLVFKHU3HUVSHNWLYHÅ>«@GDV 6XEMHNW HUZLUEW JHZLVVHUPD‰HQ JOHLFKXUVSUQJOLFK PLW GHU $FKWXQJ DXFK EHUHLWV GLH 0RWLYDWLRQJHJHQEHUGHPJHDFKWHWHQÄ:HUW¶DXIDOOH+DQGOXQJHQ]XYHU]LFKWHQGLH HLQIDFK GDV 5HVXOWDW VHLQHU HJR]HQWULVFKHQ ,PSXOVH ZlUHQ >@ ,Q GHQ H[SUHVVLYHQ *HVWHQGLHDXIHLQIDFKHU6WXIHJHZ|KQOLFK$QHUNHQQXQJVLJQDOLVLHUHQNRPPWH[DNW GLHVHOEHPRWLYDWLRQDOH%HUHLWVFKDIW]XP$XVGUXFNGLH.DQWDOVÄ$EEUXFK¶YRQ6HOEVW OLHEH EHVFKUHLEW >@ ,P DQHUNHQQHQGHQ 6XEMHNW YROO]LHKW VLFK HLQH 'H]HQWULHUXQJ ZHLOHVHLQHPDQGHUHQ6XEMHNWHLQHQ:HUWHLQUlXPWGHUGLH4XHOOHYRQOHJLWLPHQ$Q VSUFKHQLVWGLHGHUHLJHQHQ6HOEVWOLHEH$EEUXFKWXQ´(LQHV\VWHPDWLVFKLQWHUHVVDQWH 9DULDWLRQGHU.DQWLVFKHQ%HJULIIHGHU$FKWXQJXQGGHU/LHEHVFKOLH‰W+RQQHWKXQ PLWWHOEDUGDUDQDQÅ>«@REZLUHLQHQDQGHUHQ0HQVFKHQDOVOLHEHQVZHUWDOVDFKWHQV ZHUWRGHUDOVVROLGDULWlWVZUGLJEHWUDFKWHQVWHWVNRPPWLQGHPHUIDKUHQHQ:HUWQXU HLQDQGHUHU$VSHNWGHVVHQ]XU*HOWXQJZDVHVKHL‰WGD‰0HQVFKHQLKU/HEHQLQUDWL RQDOHU 6HOEVWEHVWLPPXQJ YROO]LHKHQ PVVHQ %H]LHKW VLFK GLHVH Ä9RUVWHOOXQJ YRQ HL QHP:HUW¶GDVHLQH0DOVWlUNHUDXIGLH:HLVHGHUELRJUDSKLVFKHQ/HEHQVEHZlOWLJXQJ /LHEH GDVDQGHUH0DOVWlUNHUDXIGLH$UWGHVSUDNWLVFKHQ(QJDJHPHQWV 6ROLGDULWlW  VRJLOWVLHLP)DOOGHU$FKWXQJGHU7DWVDFKHVHOEHUGD‰0HQVFKHQ]XUUHIOH[LYHQ2UL HQWLHUXQJDQ*UQGHQNHLQH$OWHUQDWLYH KDEHQLQVRIHUQDXFKLVWMHQHOHW]WH(LQVWHO OXQJQLFKWZHLWHUJUDGXLHUEDUZlKUHQGGLHEHLGHQDQGHUHQ)RUPHQGHU$QHUNHQQXQJ YLHOH6WXIHQGHU6WHLJHUXQJHUODXEHQ´ (EG (LQH(UNOlUXQJGLHVHV$FKWXQJVEHJ ULIIVHLQH'HWDLODUJXPHQWDWLRQPLWRGHUJHJHQ.DQWOLHJWQLFKWLP)RNXVYRQ+RQ QHWKV$XVIKUXQJHQGLHVLFKDXIGLH0DNURHEHQHGHU$FKWXQJGKGHUHQ5ROOHEHL GHU .RQVWLWXWLRQ YRQ ,QWHUVXEMHNWLYLWlW NRQ]HQWULHUHQ :DV GLH ,QWHUSUHWDWLRQ GHU .DQWLVFKHQ 7KHRULH EHWULIIW VR VLQG /|KUHUV =ZHLIHO DQ GHU $QJHPHVVHQKHLW YRQ .DQWV %HVFKUHLEXQJ GLHVHV Å=XVDPPHQKDQJ>V@ YRQ +DQGOXQJVKHPPQLVVHQ XQG  EHI|UGHUXQJHQQDFK$UWNRPPXQL]LHUHQGHU5|KUHQ´GXUFKDXVQDFK]XYROO]LHKHQÅ6R LVWIUDJOLFKREGLH(QWIHUQXQJYRQ+DQGOXQJVKLQGHUQLVVHQ]ZLQJHQGKDQGOXQJVPRWL YLHUHQGZLUNWXQGREPLWGHU,QWHQVLYLHUXQJYRQ'HPWLJXQJHQGLH(LQVLFKWLQ*H JHQVWlQGHGHU$FKWXQJ]XQLPPW FI.S9 ´ /|KUHU *OHLFKZRKO VROOHVEHLGHUYRUOLHJHQGHQ.ULWLNDQ.DQWV$FKWXQJVNRQ]HSWQLFKWXPGLH$EZlJXQJ GHVVHQSV\FKRORJLVFKHU3ODXVLELOLWlWJHKHQ



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

VROFKHLVWZLHGHU$XVGUXFNLP'HXWVFKHQDQ]HLJWVLQQOLFKXQGGDPLWLP .DQWLVFKHQ-DUJRQSDWKRORJLVFKHJDOREVLHVLFKDXIPLFKRGHUDXIDQGHUH 3HUVRQHQULFKWHWVLHLVWEOR‰VXEMHNWLY'DGXUFKVFKHLGHWVLHIU.DQWDOV LQKDOWOLFKH%HVWLPPXQJGHV$FKWXQJVEHJULIIVDXV'D‰DEHUGLHhEHUZLQ GXQJ HLQHV1HLJXQJVKLQGHUQLVVHV GXUFK GLH 9HUQXQIWWlWLJNHLW EHZHUNVWHOOLJW ZLUG XQG GDGXUFK ]X HLQHP VLQQOLFKHQ *HIKO GHU $FKWXQJ  ZLUG ² DQ VRQVWHQEOHLEWGHUhEHUJDQJXQJHNOlUW²LVWGDPLWQLFKWHUZLHVHQ:DVLVW HLQH9HUQXQIWZLUNXQJDXIGLH6LQQOLFKNHLWXQGZLHNDQQVLHVHOEVWDOV*H IKODXIJHID‰WZHUGHQ" .DQWVXQJHO|VWHV3UREOHPKLQVLFKWOLFKGHUPRUDOLVFKHQ7ULHEIHGHUEH VWHKWDOVRLQIROJHQGHP'LOHPPDHLQ*HIKOLVWVLQQOLFKXQGNDQQHRLSVR QLFKW DSULRULVFK VHLQ ² GLHV LVW DXFK GHU *UXQG ZHVKDOE HV QDFK .DQW QLFKW*UXQGGHU0RUDOVHLQGDUI$XIGHUDQGHUHQ6HLWHDEHUPX‰HLQEH VWLPPWHV *HIKO DSULRULVFKHV (OHPHQW GHU 0RUDO VHLQ VRQVW LVW HEHQ GLH .OXIW ]ZLVFKHQ REMHNWLYJHVHW]JHEHQGHP :LOOHQ XQG VXEMHNWLY KDQGOXQJVEHVWLPPHQGHU:LOONUXQEHUEUFNEDU'DWUlJWDXFKGLHLQGHU 6HNXQGlUOLWHUDWXUELVZHLOHQYRUJHEUDFKWH(UNOlUXQJ$FKWXQJVHLREMHNWLY EHWUDFKWHWGDV%HZX‰WVHLQGHU:LOOHQVEHVWLPPXQJVXEMHNWLYDEHUVHLGLH VHOEH$FKWXQJHLQ*HIKOQLFKWV]XU/|VXQJGHV3UREOHPVEHLGHQQGLH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ REMHNWLY XQG VXEMHNWLY LVW HKHU GD]X JHHLJQHW GLHEHVWHKHQGH.OXIW]XEHQHQQHQDOVVLH]XVFKOLH‰HQ $XFKGLH'LIIHUHQ]LHUXQJDOOHU*HIKOH²VLHVLQGLQVJHVDPWVLQQOLFK² LQSDWKRORJLVFKHGLHHLQHP*HVHW]YRUDXVJHKHQXQGPRUDOLVFKHE]ZHLQ PRUDOLVFKHVGDVDXIGDV6LWWHQJHVHW]IROJWNDQQ]XU.OlUXQJGLHVHVSDUD GR[HQ%HJULIIVQLFKWVEHLWUDJHQZHLOGLH)UDJHQDFKHLQHP*HIKOGDVDXI HLQ EHJULIIOLFKHV  *HVHW] QLFKW QXU IROJHQ VRQGHUQ YRQ GLHVHP EHZLUNW VHLQ VROO EHVWHKHQ EOHLEW (LQ PRWLYDWLRQDOHU *UXQG GHU 8QWHUZHUIXQJ GHV:LOOHQVXQWHUGDV6LWWHQJHVHW]LVWGDPLWHQWJHJHQGHU3UlWHQWLRQQLFKW

_____________  9JO DXFK .DQW 9 I VRZLH /DXHQHU   6FDUDQR E  XQG EHUHLWV+HQULFKGHUGD]XNULWLVFKEHPHUNWÅ'LH.DQWLVFKH7KHRULHPDFKW>«@QLFKW PHKU YHUVWlQGOLFK DOV GLH :HUWVFKlW]XQJ HLQHV *HJHQVWDQGHV ÄHLQJHVFKUlQNWH 6LQQ OLFKNHLW¶'LH:HUWVFKlW]XQJJLOWDOVRQLFKWGHU0DFKWXQGGHP$QVSUXFKGHV*HVHW ]HV GHU PLU HQWJHJHQWULWW VRQGHUQ VHLQHU :LUNXQJ LQ GHU 6LQQOLFKNHLW 'DPLW LVW GLH ,QWHQWLRQGHVVLWWOLFKHQ%HZX‰WVHLQVJHUDGH]XLQLKU*HJHQWHLOYHUNHKUWXQG]ZDULP *HJHQVDW] ]X GHP ZDV LQ GHU $EVLFKW GHU .DQWLVFKHQ 7KHRULH ODJ 'LHVH KDW NHLQH 0|JOLFKNHLW HLQH SRVLWLYH %H]LHKXQJ GHV %HZX‰WVHLQV ]XP *HVHW] ]X HUNOlUHQ GLH ,GHQWLIL]LHUXQJZlUHXQGGDPLW'LVWDQ]XQG(LQKHLW]XJOHLFK´ +HQULFK   9JO.DQW,9I  9JO]%:HLSHU  9JO.DQW9XQGEHUHLWVGLH5HIOYRP(QGHGHUHU-DKUH.DQW;9, ,,

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



EHQDQQW ² GLH $FKWXQJ YRU GHP *HVHW] VROOWH MD VRZRKO HLQH TXDVL ]XIlOOLJHDOVDXFKHLQHTXDVLPHFKDQLVFKH3IOLFKWJHPl‰KHLWYHUKLQGHUQ $XI GLH 8Q]XOlQJOLFKNHLW GHU 7ULHEIHGHUEHVWLPPXQJ KDEHQ GLH 5H]L SLHQWHQYRQ.DQWV0RUDOSKLORVRSKLHVFKRQ]XGHVVHQ/HE]HLWHQDXIPHUN VDPJHPDFKW,FKZLOODQGLHVHU6WHOOHMHGRFKQLFKWZHLWHUDXIGHUDUWLJH LQJHZLVVHU1lKH]XUYRUVWHKHQGHQ'LDJQRVHVWHKHQGH.ULWLNGHU.DQWL VFKHQ (WKLN GXUFK IUKH 5H]LSLHQWHQ HLQJHKHQ VRQGHUQ VWDWWGHVVHQ HLQH $OWHUQDWLYHHUZlJHQGLHVLFKLP$QVFKOX‰DQGLH.DQWLVFKH7KHRULHVHOEVW E]Z GHUHQ :HLWHUELOGXQJ GXUFK .DQW DQELHWHW 'DEHL PX‰ HV VRYLHO VFKHLQWPLUDQGLHVHU6WHOOHEHUHLWVIHVW]XVWHKHQXPHLQH'HLQWHOOHNWXDOL VLHUXQJGHV0RWLYDWLRQVEHJULIIVGHU$FKWXQJJHKHQ1XUVRNDQQGDVVSH ]LILVFK HPRWLRQDOH (OHPHQW GHU 0RWLYDWLRQ DOV SULQFLSLXP H[HFXWLRQLV PRUDOLVFKHU +DQGOXQJHQ DGlTXDW EHVWLPPW ZHUGHQ (V OHJW VLFK GDKHU QDKH GDV HQJH -XQNWLP GDV QDFK .DQW GLH 3ULQ]LSLHQ GHU 'LMXGLNDWLRQ XQGGHU([HNXWLRQNHQQ]HLFKQHWDXI]XKHEHQRGHUPLQGHVWHQV]XORFNHUQ )ROJHQGH 2SWLRQ VFKHLQW VLFK DXI GHQ HUVWHQ %OLFN DQ]XELHWHQ (LQH )RUGHUXQJVUHVWULNWLRQ DXI VLWWOLFKH 3IOLFKWHUIOOXQJ GXUFK 3IOLFKWJHPl‰KHLW N|QQWH GLH 0|JOLFKNHLW VFKDIIHQ GHQ LQ GHU .DQWLVFKHQ 0RUDOWKHRULH SDUDGR[HQ%HJULIIGHU$FKWXQJPLWGHU$QVFKDXXQJGHV:RKOZROOHQV]X IOOHQGLHLKQQXQDXFKXQZLGHUVSUFKOLFKDOV*HIKOTXDOLIL]LHUHQZUGH 'LH7DWVDFKHGD‰HLQVROFKHV:RKOZROOHQ ZLHMHGHVDQGHUH*HIKOHEHQ VR QLFKWJHIRUGHUWZHUGHQNDQQN|QQWHHLQ*UXQGGDIUVHLQLP%HUHLFK PRUDOLVFKHU)RUGHUXQJYHUVFKLHGHQHVLWWOLFKH+DQGOXQJVPRWLYH]X]XODVVHQ 'HUDXIGLHVH:HLVHLVROLHUWHVLWWOLFKH%HUHLFKGHUÅ/HJDOLWlW´HQWKLHO WHGLH*DUDQWLHGDIUGD‰QLFKWHLQ*HIKOGLH4XHOOHPRUDOLVFKHU%HZHU WXQJRGHUJDUGHQ*UXQGGHV6LWWHQJHVHW]HVDXVPDFKWGHQQNHLQHU3HUVRQ ZUGHKLHUGDV5HFKWHLQJHUlXPWZHUGHQVLFKXQWHU%HUXIXQJDXIHYHQWX

_____________  5HSUlVHQWDWLY VHL KLHU QXU GLH .ULWLN YRQ 5HKEHUJ DQJHIKUW Å(V PX‰ DOVR MHQHU 8HEHUJDQJGXUFKHWZDVPLWGHP6LQQOLFKHQJOHLFKDUWLJHVJHVFKHKHQZRGXUFKGLHUHL QH9HUQXQIWGHU=HLWEHVWLPPXQJXQWHUZRUIHQZLUGRKQHVLQQOLFK]XZHUGHQ'LHVHV LVWGDVPRUDOLVFKH*HIKOGLH$FKWXQJJHJHQGDV*HVHW]$EHULVWGLHVH$FKWXQJNHL QH(PSILQGXQJ".DQWZLQGHWXQGGUHKHWVLFKLPWHQ+DXSWVWFNHGHU$QDO\WLNDXI GLH PDQQLFKIDOWLJVWH $UW XP ]X EHZHLVHQ GD‰ VLH NHLQ VLQQOLFKHV *HIKO VH\ $EHU KLHU LVW HU JDQ] XQEHIULHGLJHQG >@ 'HU *HGDQNH GD‰ GDV *HVHW] VHOEVW QLFKW DEHU GDV 9HUJQJHQ DP *HVHW]H GLH 7ULHEIHGHU GHU 6LWWOLFKNHLW VH\Q PVVH LVW VHOEVW 6FKZlUPHUH\'HQQZDVLVWHVDQGHUVDOV6FKZlUPHUH\" GLHLQGHU(UGLFKWXQJEHU VLQQOLFKHU *HJHQVWlQGH EHVWHKW  ZHQQ $FKWXQJ IUV *HVHW] HLQ *HIKO XQG GRFK NHLQHVLQQOLFKH(PSILQGXQJVH\QVROO"´ 5H]HQVLRQGHU.ULWLNGHUSUDNWLVFKHQ9HUQXQIW ,Q$OOJHPHLQH/LWHUDWXU=HLWXQJ1UDXQGEYRP$XJXVW6SKLHU II]LWLHUWQDFK6FKXO] 9JO]X*DUYHV.ULWLNXQG.DQWV5HSOLN7HLO,,,GHU Å(LQOHLWXQJ´YRQ.KQLQ.DQW[YL[[YVRZLHIUZHLWHUH]HLWJHQ|VVLVFKH5H DNWLRQHQDXI.DQWV(WKLN%LWWQHU&UDPHU  .DQW9



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

HOOH8QDQQHKPOLFKNHLWHQGHUVLWWOLFKHQ3IOLFKW]XHQW]LHKHQ'LHJHIRUGHU WH3IOLFKWJHPl‰KHLWPHQVFKOLFKHU+DQGOXQJHQEHVWQGHXQDQJHVHKHQGHV 6SHNWUXPV VLWWOLFKHU 0RWLYDWLRQ 'DV 3UREOHP GHU ,QWURVSHNWLRQ WUlWH GHPHQWVSUHFKHQG LP %HUHLFK PRUDOLVFKHU %HXUWHLOXQJ XQG (LQNODJEDUNHLW QLFKW DXI 0RUDOLWlW ZlUH GDPLW LQWHUVXEMHNWLY EHUSUIEDU XQG VDQNWLR QLHUEDU 8QDEKlQJLJ YRQ GLHVHU PRUDOLVFKHQ %HZHUWXQJ N|QQWHQ GLH JHQXLQ HPRWLYHQ $QWULHEH UHIOHNWLHUW ZHUGHQ ZREHL VLFK ]XPLQGHVW SULPD IDFLH GHU%HJULIIGHU3KLODQWKURSLHDOVRGHV0LWJHIKOVRGHUGHU6\PSDWKLHDXI GHU *UXQGODJH HLQHU (PSDWKLH DOV HLQ JHHLJQHWHU .DQGLGDW IU GHQ %H VWLPPXQJVJUXQG VLWWOLFKHU +DQGOXQJHQ ]X HPSIHKOHQ VFKHLQW 'DPLW ZlUH GLH %HVWLPPXQJ GHU 6\PSDWKLH ZHQLJHU ÅZLQGLJH EHUIOLHJHQGH SKDQWDVWLVFKH 'HQNXQJVDUW´ DOV HV GLH XQVSH]LILVFKH )RUGHUXQJ HLQHV ÄYHUQXQIWEHZLUNWHQ *HIKOV¶ LVW ² $XI GLH YRQ +DEHUPDV LQ GLHVHP =XVDPPHQKDQJ JHOWHQG JHPDFKWH hEHUOHJHQKHLW HLQHV 6ROLGDULWlWVNRQ ]HSWVJHJHQEHUGLHVHP%HQHYROHQ]NRQ]HSWZHUGHLFKLQ†QRFKHLQ JHKHQ 'HU .DQW GHV NULWLVFKHQ -DKU]HKQWV VWHKW HLQHU VROFKHQ .RQ]HSWLRQ ]ZDUHQWJHJHQGRFKHVJLEWDXFKHLQHQDQGHUHQ.DQWGHQPDQLQ2SSR VLWLRQ]XGHP$XWRUGHU.ULWLNGHUSUDNWLVFKHQ9HUQXQIWEULQJHQNDQQ'LHVHU DQGHUH.DQWIOOWLQVHLQHPHUVFKLHQHQHQXQGZHQLJEHDFKWHWHQ$XI VDW]'DV(QGHDOOHU'LQJHGHQ%HJULIIGHU$FKWXQJLQKDOWOLFK²XQG]ZDULP YRUJHQDQQWHQ6LQQHÅ>@ZHQQHVQLFKWEOR‰DXI3IOLFKWYRUVWHOOXQJVRQ GHUQDXFKDXI3IOLFKWEHIROJXQJDQNRPPWZHQQPDQQDFKGHPVXEMHFWL YHQ *UXQGH GHU+DQGOXQJHQ IUDJW DXV ZHOFKHP ZHQQ PDQ LKQ YRUDXV VHW]HQGDUIDPHUVWHQ]XHUZDUWHQLVWZDVGHU0HQVFKWKXQZHUGHQLFKW EOR‰QDFKGHPREMHFWLYHQZDVHUWKXQVROOVRLVWGRFKGLH/LHEHDOVIUHLH $XIQDKPHGHV:LOOHQVHLQHV$QGHUQXQWHUVHLQH0D[LPHQHLQXQHQWEHKUOL FKHV(UJlQ]XQJVVWFNGHU8QYROONRPPHQKHLWGHUPHQVFKOLFKHQ1DWXU ]X

_____________  9JOGD]XEHUHLWV+HQULFKIÅ(V>VFGDVVLWWOLFKH%HZX‰WVHLQ.3@HUNHQQW QXUMHQH%HIULHGLJXQJDOVVLWWOLFKHDQGLH]XJOHLFK%HZX‰WVHLQJHWDQHU3IOLFKWXQGGHU )UHXGHEHUGLHJHOXQJHQH=XZHQGXQJRGHUGHU7UDXHUEHULKU0L‰OLQJHQLVW(VLVW ZRKO ZDKU GD‰ GDQQ ZHQQ QDFK EHVWHP :LVVHQ XQG EHVWHU .UDIW JHJHEHQH +LOIH XQZLUNVDP EOHLEW GHU JXWH :LOOH GHQQRFK ÄZLH HLQ -XZHO JOlQ]HW¶ (EHQVR ZDKU LVW DEHUGD‰GLHVHUJXWH:LOOHGDQQYHUGlFKWLJZLUGZHQQHUVLFKPKHORVDXFKLP8Q WHUJDQJGHVVHQGHPHUKHOIHQVROOWHGDPLWWU|VWHWGD‰HVJHQXJLVWQDFKGHP5HFK WHQ]XVWUHEHQ8QGGDVGHVKDOEZHLOLP)DOOHGHU3IOLFKWJHJHQGHQ$QGHUHQGLH,Q WHQWLRQGHVJXWHQ:LOOHQVDXILKQDOVGHQ$QGHUHQJHKWXQGKLHUQLFKWQXUHLQHQ)DOO GHU$QZHQGXQJYRQ*HVHW]HQYRUVLFKVLHKW´  .DQW9  9JO.DQW9I

†$FKWXQJDOVPRUDOLVFKH7ULHEIHGHU 



GHP ZDV GLH 9HUQXQIW GXUFKV *HVHW] YRUVFKUHLEW JHQ|WKLJW ZHUGHQ ]X PVVHQ >@´ (LQHVROFKH.RUUHNWXUDPHQWVSUHFKHQGHQ7KHRUHPGHU]ZHLWHQ.UL WLN GLH 8QWHUIWWHUXQJ GHV $FKWXQJVEHJULIIV GXUFK HLQ .RQ]HSW GHU Å0HQVFKHQOLHEH 3KLODQWKURSLH ´NDQQMHGRFKQLFKWEUXFKORVLQGLHDOWH 7KHRULHHLQJHIJWZHUGHQ'HQQ]XPHLQHQLVWGDPLWGLHÄ5HLQKHLW¶PRUD OLVFKHU %HZHJJUQGH XQWHUZDQGHUW ² HLQH 7ULHEIHGHU GHU 6\PSDWKLH KlOW GHU NULWLVFKH .DQW VFKOLFKWZHJ IU ÅSDWKRORJLVFK´ =XP DQGHUHQ EOHLEW GLH6FKZLHULJNHLWGHU.RSSHOXQJGHV([HNXWLRQVSULQ]LSVDQGDV'LMXGLND WLRQVSULQ]LSGKGHU%HXUWHLOXQJHLQHU+DQGOXQJDOVPRUDOLVFKULFKWLJMH QDFKGHPREVLHDXV3IOLFKWRGHUEOR‰SIOLFKWPl‰LJJHVFKHKHQLVWZHLWHU KLQEHVWHKHQ .DQWVWLPPWLQGHU0HWDSK\VLNGHU6LWWHQ]ZDUGHQ$QVSUXFKGHU0RUD OLWlW]XHLQHUZLHHUHVQHQQWÅZHLWH>Q@9HUELQGOLFKNHLW´KHUDEVRGD‰ QLFKWPHKUGLH+DQGOXQJHQVHOEVWDXV3IOLFKWJHVFKHKHQPVVHQVRQGHUQ OHGLJOLFK GDV $XVELOGHQ HQWVSUHFKHQGHU 0D[LPHQ GHP VLWWOLFKHQ *UXQG VDW]GHU0RUDOLWlWJHKRUFKHQVROOWH'DPLWLVWQHEHQGHU'HLQWHOOHNWXDOLVLH UXQJ GHV $FKWXQJVEHJULIIV DXFK GLH ]ZHLWH NULWLVFKH )RUGHUXQJ HUIOOW QlPOLFKGLH%HXUWHLOXQJGHU+DQGOXQJHQYRQGHU XQP|JOLFKHQ ,QWURVSHN WLRQ ]X HQWODVWHQ 'RFK ]XP HLQHQ ULFKWHW VLFK QXQ GLH ,QWURVSHNWLRQLV PXVNULWLNVWDWWDXI+DQGOXQJHQDXI+DQGOXQJVPD[LPHQXQG]XPDQGHUHQ LVWDXFKGDPLWHLQHKLQUHLFKHQGH7UHQQXQJYRQSULQFLSLXPGLMXGLFDWLRQLV XQGSULQFLSLXPH[HFXWLRQLVQRFKQLFKWHUUHLFKWLQVRIHUQVLFKGDV%HZHU WXQJVSUREOHPOHGLJOLFKDXIGLHKLQWHUGHQ+DQGOXQJHQOLHJHQGHQ0D[LPHQ YHUVFKREHQKDW

_____________  .DQW9,,,I+HUYRUKHEXQJ.39JOGD]XDXFKGLHVXEWLOHXQGV\PSDWKHWLVFKH ,QWHUSUHWDWLRQ:RRGVGHUEH]JOLFKGHV.RQ]HSWVGHU/LHEHHLQHV\VWHPDWLVFKH9HU ELQGXQJ]ZLVFKHQ.DQWV(WKLNLQGHU*UXQGOHJXQJXQGLQGHU0HWDSK\VLNGHU6LWWHQKHU VWHOOW :RRGD Å>«@LIWKH*URXQGZRUNDQGWKHVHFRQG&ULWLTXHDUHWREH SURSHUO\XQGHUVWRRGWKHQWKH\QHHGWREHUHDGLQWKHOLJKWRI7KH0HWDSK\VLFVRI0R UDOV´ (EG   .DQW9,  .DQW9  .DQW9,=XP3UREOHPGHU,QWURVSHNWLRQYJODXFK.DQW,99,9,, XQG9,,,IIVRZLH%UDQGWIXQG1HLPDQ9JODXFK %HUQHFNHU  LQVEHV  GHU LQ VHLQHU 5HNRQVWUXNWLRQ GLHVEH]JOLFK ]X HL QHPZHVHQWOLFKRSWLPLVWLVFKHUHQ(UJHEQLVJHODQJW  8QWHU V\VWHPDWLVFKHQ *HVLFKWVSXQNWHQ KDW 'DUZDOO ]ZLVFKHQ ]ZHL $UWHQ YRQ $FK WXQJ XQWHUVFKLHGHQ ZREHL VHLQ %HJULII GHV ÅUHFRJQLWLRQ UHVSHFW´ GHP .DQWLVFKHQ $FKWXQJVEHJULIILQVRIHUQQDKHVWHKWDOV'DUZDOOKLHUEHLYRQHLQHPUDWLRQDOHQ(OHPHQW LQHLQHU(LQVWHOOXQJDQGHUHQJHJHQEHUDXVJHKWÅ5HVSHFWLQWKLVVHQVHLVVRPHWKLQJ RQHFDQJLYHRUIDLOWRJLYH>«@5HFRJQLWLRQUHVSHFWLQYROYHVDQRWLRQRILQWHUVXEMHF WLYHYDOXH>«@>DQRWLRQRI@LPSHUVRQDOSUHIHUHQFH>«DQG@WKHMXGJPHQWWKDWVRPH



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

†+DEHUPDV·.RQ]HSWHLQHUSRVWNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIHPRUDOLVFKHU0RWLYDWLRQ †+DEHUPDV·.RQ]HSWPRUDOLVFKHU0RWLYDWLRQ

 0DQ N|QQWH QXQ YHUVXFKW VHLQ GLH 6FKZLHULJNHLWHQ GLH PLW GHP .DQWL VFKHQ $FKWXQJVEHJULII YHUEXQGHQ VLQG GHU VSH]LILVFK .DQWLVFKHQ .RQ ]HSWLRQ HLQHU UHLQHQ SUDNWLVFKHQ 9HUQXQIW ]X]XUHFKQHQ XQG LQ GLHVHP 3XQNW DEZHLFKHQGH 3RVLWLRQHQ GDYRQ XQEHUKUW JODXEHQ 6R EHWRQW +D EHUPDV DOV HLQ VROFKHU .DQW.ULWLNHU ZLHGHUKROW GHQ VR]LDOHQ &KDUDNWHU VHLQHV 9HUQXQIWNRQ]HSWV ZHVKDOE HLQH SULYDWH ,QWURVSHNWLRQ ]XU 9HUJH ZLVVHUXQJ GHU 0RUDOLWlW EHL LKP DXFK JDU QLFKW HUVW LQV %OLFNIHOG JHUlW 0DQVXFKWLQ+DEHUPDV·GLVNXUVHWKLVFKHQ$XVIKUXQJHQYHUJHEOLFKQDFK HLQHP Ä+DXSWVWFN¶ EHU GLH Ä7ULHEIHGHUQ GHU SUDNWLVFKHQ 9HUQXQIW¶ GDV VXEMHNWLYPRWLYDWLRQDOH 0RPHQW GHU 0RUDO (V JHKW LKP LQ HUVWHU /LQLH XP GLH $XIVWHOOXQJ XQG +HUOHLWXQJ HLQHV 8QLYHUVDOLVLHUXQJVJUXQGVDW]HV YRQGHPHUVFKUHLEWÅ'DV0RUDOSULQ]LS>VFGHU8QLYHUVDOLVLHUXQJVJUXQG VDW] .3@ EHUQLPPW QXU GLH 5ROOH HLQHU $UJXPHQWDWLRQVUHJHO IU GLH %HJUQGXQJPRUDOLVFKHU8UWHLOHDOVVROFKHNDQQHVZHGHU]XP(LQWULWWLQ

_____________ WKLQJLVZRUWK\RIUHVSHFWWKDWLVZRUWK\RIDQ\RQH·VUHVSHFWµ 'DUZDOOI YJODXFK'DUZDOOI 'DUZDOOV.RQ]HSWGHVÅDSSUDLVDOUHVSHFW´DXIGHUDQGH UHQ6HLWHNRPPWGHU.DQWLVFKHQ6\PSDWKLHQDKHLQVRIHUQGDULQHLQJHQXLQDIIHNWLYHV 0RPHQWHQWKDOWHQLVW'RFKGLH6FKZLHULJNHLWYRQ'DUZDOOV.RQ]HSWLRQEHVWHKWGDU LQ GD‰ HU YRQ GLHVHU )RUP GHU $FKWXQJ HLQHUVHLWV EHKDXSWHW Å8QOLNH UHFRJQLWLRQ UHVSHFWLWLVQRWVRPHWKLQJWKDWZHJLYHRUIDLOWRJLYH>«@$Q\SHUVRQFDQFODLPWLWOH WRUHFRJQLWLRQUHVSHFWDSHUVRQPD\RUPD\QRWGHVHUYHDSSUDLVDOUHVSHFW´ 'DUZDOO  'DPLWLVWGHUJHQXLQH*HIKOVFKDUDNWHUGHVOHW]WHUHQEH]HLFKQHW$QGHUHU VHLWVPDFKW'DUZDOOSDXVFKDOJHOWHQGÅ5HVSHFWLVDIWHUDOODQDWWLWXGHFORVHO\DVVRFLD WHGZLWKWKHPRUDO$SSUDLVDOUHVSHFWPD\EHFRQVLGHUHGDQDVVHVVPHQWRIDVSHFWVRID SHUVRQ UHOHYDQW WR PRUDO SUDLVH DQG EODPHµ 'DUZDOO  I  9JO GD]X DXFK 'DUZDOOÅ$SSUDLVDOUHVSHFWEULQJVLQWRIRFXVWKHLGHDRIYLUWXH>«@7KHODW WHU>VFDSSUDLVDOUHVSHFW.3@LVDSRVLWLYHDSSUDLVDORIDQLQGLYLGXDOPDGHZLWKUHJDUG WRWKRVHIHDWXUHVZKLFKDUHH[FHOOHQFHVRISHUVRQV$VVXFKLWLVQRWRZHGWRHYHU\ RQHIRULWPD\RUPD\QRWEHPHULWHGµ'DJHJHQKDW*LEEDUGDUJXPHQWLHUWGD‰DXFK 'DUZDOOV ÅUHFRJQLWLRQ UHVSHFW´ DOV JHQXLQHV *HIKO TXDOLIL]LHUW ZHUGHQ PX‰ XP +DQGOXQJVHIIHNWLYLWlW]XHUP|JOLFKHQXQGGDIUVHLGLHVHV*HIKO]XVFKZHUYRQDQ GHUHQ HLQVFKOlJLJHQ *HIKOHQ ZLH :RKOZROOHQ ]X WUHQQHQ Å5HVSHFW LQ VKRUW PD\ VHHP WKH FUXFLDO PRUDO VHQWLPHQW EXW LWV FRQWHQW LV HOXVLYH´ *LEEDUG    0DQN|QQWH DXFKXPJHNHKUW DUJXPHQWLHUHQGD‰ÅDSSUDLVDOUHVSHFW´ZHQQHVGHQQ ZLH'DUZDOOEHKDXSWHWJHJHQEHUHLQHU3HUVRQHUEUDFKWZLUGRGHU HEHQ DXFKQLFKW NDXPPHKU]XXQWHUVFKHLGHQLVWYRQLGLRV\QNUDWLVFKHQ(LQVWHOOXQJHQZLHSHUV|QOLFKHU =XQHLJXQJ)UHXQGVFKDIW%HZXQGHUXQJRGHUbKQOLFKHPXQGGDPLWYRP=HQWUDOEH UHLFK GHU PRUDOLVFKHQ )RUGHUXQJ LQ GHQ %HUHLFK GHV 6XSHUHURJDWLYHQ YHUVFKREHQ ZXUGH'DUZDOOYHUVWHKWÅDSSUDLVDOUHVSHFW´VFKOLH‰OLFKDXFKLQ $ULVWRWHOLVFKHQ 7HU PLQLGHV&KDUDNWHUVZDVGLH8QWHUVFKHLGXQJRGHUbKQOLFKNHLW]ZLVFKHQGHQEHLGHQ )RUPHQ YRQ $FKWXQJ EH]JOLFK LKUHU HPRWLYHQ .RPSRQHQWH QRFK HUVFKZHUW YJO 'DUZDOO 

†+DEHUPDV·.RQ]HSWPRUDOLVFKHU0RWLYDWLRQ 



PRUDOLVFKH $UJXPHQWDWLRQHQ YHUSIOLFKWHQ QRFK ]XU %HIROJXQJ PRUDOL VFKHU(LQVLFKWHQPRWLYLHUHQ´ 'RFK )ROJHQGHV VWHKW HLQHU 0DUJLQDOLVLHUXQJ GHU 0RWLYDWLRQVSUREOH PDWLNHQWJHJHQ.DQWV.RQ]HSWGHU$FKWXQJKlQJW]XPLQGHVWLQGHVVHQ +DXSWZHUNHQDQGHP3RVWXODW]ZLVFKHQ EOR‰ OHJDOHQXQGPRUDOLVFKHQ +DQGOXQJHQ]ZLVFKHQSIOLFKWJHPl‰HQ+DQGOXQJHQXQG+DQGOXQJHQDXV 3IOLFKW XQWHUVFKHLGHQ ]X N|QQHQ XQG ]X PVVHQ 'LH %HXUWHLOXQJ HLQHU +DQGOXQJDOVPRUDOLVFKVRVWHOOWHVLFKKHUDXVKlQJWDQGHUHQWVSUHFKHQ GHQ LQKDOWOLFKHQ )OOXQJ GHV SULQFLSLXP H[HFXWLRQLV 6ROOWH +DEHUPDV GLHVHRGHUHLQHDQDORJH8QWHUVFKHLGXQJHEHQIDOOVWUHIIHQVRLVWHUPLQGHV WHQV DXI HLQH DQDORJH WKHRUHWLVFKH )UDJHVWHOOXQJ ² ZHQQ DXFK QLFKW DXI GLHVHOEH$QWZRUW²IHVWJHOHJW :lKUHQG PDQ EHL .DQW GDV SULQFLSLXP H[HFXWLRQLV LQ GHU %HJUQ GXQJVWKHRULH GHU 0RUDO MHGRFK GLUHNW DQVWHXHUQ NDQQ HPSILHKOW HV VLFK EHL+DEHUPDVGHQPHWKRGLVFKHQ8PZHJEHUGHQHQWZLFNOXQJVSV\FKR ORJLVFKHQ E]Z PRUDOSlGDJRJLVFKHQ $VSHNW VHLQHU 7KHRULH ]X JHKHQ ,Q GLHVHP=XVDPPHQKDQJVHLQHPDQ.RKOEHUJVVR]LRPRUDOLVFKHQ3HUVSHN WLYHQRULHQWLHUWHQ0RGHOOGHUÅ,QWHUDNWLRQVVWXIHQ6R]LDOSHUVSHNWLYHQXQG 0RUDOVWXIHQ´KDQGHOW+DEHUPDVH[SOL]LWYRPÅ%HJULIIGHU0RWLYDWLRQ´ (UVWHOOWLQVHLQHP0RGHOOGHURQWRJHQHWLVFKHQ.RQVWLWXWLRQHLQHUPR UDOLVFKHQ :HOWVLFKW GLH YHUVFKLHGHQHQ P|JOLFKHQ +DQGOXQJVW\SHQ XQWHU DQGHUHPLQ5HODWLRQ]XHQWVSUHFKHQGHQ%HJULIIHQGHU0RWLYDWLRQ'DEHL ]HLJW VLFK GD‰ DXI HLQHU SUlNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIH GHV ,QGLYL GXXPVDOVREHLDXWRULWlWVJHVWHXHUWHQ,QWHUDNWLRQHQE]ZLQWHUHVVHQJHVWHX HUWHQ .RRSHUDWLRQHQ OHGLJOLFK GLH /R\DOLWlW JHJHQEHU 3HUVRQHQ XQG GLH 2ULHQWLHUXQJ DQ %HORKQXQJ E]Z %HVWUDIXQJ P|JOLFKH +DQGOXQJVPRWLYH EHVWLPPHQ(LQH]ZHLWHNRQYHQWLRQHOOH(QWZLFNOXQJVVWXIHVHLJHNHQQ]HLFK QHWGXUFK5ROOHQKDQGHOQVRZLHQRUPHQJHOHLWHWH,QWHUDNWLRQKLHUNRQNXU ULHUHQ RGHU NRRSHULHUHQ  DOV HQWVSUHFKHQGH +DQGOXQJVPRWLYDWLRQHQ

_____________  +DEHUPDV'HU8QLYHUVDOLVLHUXQJVJUXQGVDW]Ä8¶ODXWHWÅEHLJOWLJHQ1RU PHQ PVVHQ (UJHEQLVVH XQG 1HEHQIROJHQ GLH VLFK YRUDXVVLFKWOLFK DXV HLQHU DOOJH PHLQHQ%HIROJXQJIUGLH%HIULHGLJXQJGHU,QWHUHVVHQHLQHVMHGHQHUJHEHQYRQDOOHQ ]ZDQJORVDN]HSWLHUWZHUGHQN|QQHQ´ +DEHUPDV 9JO]X)RUPXOLHUXQJVYD ULDQWHQ VRZLH QHXHUHQ GLVNXUVHWKLVFKHQ $XVHLQDQGHUVHW]XQJHQ PLW Ä8¶ XQG GHP GLV NXUVHWKLVFKHQ*UXQGVDW]Ä'¶2WWXQG*RWWVFKDON0D]RX]  +DEHUPDV IYJO]X.RKOEHUJV(QWZLFNOXQJVPRGHOODEHUDXFKGLHHPSLUL VFKHQ8QWHUVXFKXQJHQYRQ1XQQHU:LQNOHU  GLHQDKHOHJHQGD‰EHUHLWVNOHLQH .LQGHU)RUPHQPRUDOLVFKHU6HOEVWELQGXQJNHQQHQGLHGXUFK6DQNWLRQVRGHU$XWRUL WlWVPRGHOOH QLFKW YROOVWlQGLJ HUNOlUEDU ]X VHLQ VFKHLQHQ YJO GD]X DXFK +DEHUPDV   'LHVHV NRRSHULHUHQ LVW HLQH ,QWHUSRODWLRQ PHLQHUVHLWV ZlKUHQG DXI GHU SRVWNRQYHQWLR QHOOHQ6WXIHGLHH[NOXVLYH2SSRVLWLRQYRQÅLGHDOH>U@YVVR]LDOH>U@*HOWXQJ´DOV%HJULII GHU$XWRULWlWVRZLHGLHHEHQIDOOV H[NOXVLYH2SSRVLWLRQYRQÅ$XWRQRPLHYV+HWHUR



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

3IOLFKWXQG1HLJXQJEH]JOLFKGHQDXVGHU%HREDFKWHUSHUVSHNWLYHHUZDUW EDUHQ +DQGOXQJHQ 6FKOLH‰OLFK NRQNXUULHUHQ DXI GHU SRVWNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIHGHVNRPPXQLNDWLYHQ+DQGOXQJVW\SVDOVRGHV'LVNXU VHV $XWRQRPLH XQG +HWHURQRPLH ZREHL GLH DXWRQRPH +DQGOXQJ GD GXUFKJHNHQQ]HLFKQHWVHLGD‰VLHDXV(LQVLFKWLQGLH*UQGHGHUHQWVSUH FKHQGHQ1RUPHUIROJW²YRUOlXILJXQG.DQWLVFKJHVSURFKHQÄDXV3IOLFKW¶ E]Z ÄDXV $FKWXQJ IUV *HVHW]¶ +DEHUPDV DUJXPHQWLHUW DXVIKUOLFK GDIUGD‰GLHVH+LHUDUFKLVLHUXQJGHUSUlNRQYHQWLRQHOOHQNRQYHQWLRQHOOHQ XQG SRVWNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIHQ WDWVlFKOLFK HLQHQ HQWZLFN OXQJVORJLVFKHQ =XVDPPHQKDQJ GDUVWHOOW LQVRIHUQ GLH YHUVFKLHGHQHQ (OH PHQWH GHU Å3HUVSHNWLYHQVWUXNWXU´ GHU Å6WUXNWXU GHU 9HUKDOWHQVHUZDU WXQJ´ GHV Å%HJULIIV GHU $XWRULWlW´ GHV Å%HJULIIV GHU 0RWLYDWLRQ´ GHU Å6R]LDOSHUVSHNWLYHQ´XQGGHUGLHVHQHQWVSUHFKHQGHQÅ*HUHFKWLJNHLWVYRU VWHOOXQJHQ´ VRZLH GHU Å6WXIHQ GHV PRUDOLVFKHQ 8UWHLOV´ DXI GHU MHZHLOV K|KHUHQ6WXIHDOVRGHUNRQYHQWLRQHOOHQE]ZGHUSRVWNRQYHQWLRQHOOHQGLH HQWVSUHFKHQGHQ(OHPHQWHGHUMHZHLOVQLHGULJHUHQ6WXIHQDOVRGHUSUlNRQ YHQWLRQHOOHQE]ZGHUNRQYHQWLRQHOOHQYRUDXVVHW]HQ)UGHQJHJHQZlUWL JHQ =XVDPPHQKDQJ GHV %HJULIIV GHU +DQGOXQJVPRWLYDWLRQ YHUDQVFKDX OLFKW+DEHUPDVGLHVIROJHQGHUPD‰HQÅ%HLVSLHOVZHLVHYHUZDQGHOWVLFKGLH $XWRULWlWVDXVEXQJGHU%H]XJVSHUVRQDXIGHUQlFKVWHQ6WXIHLQGLHEOR‰H :LOONU GLH PLW OHJLWLPHU :LOOHQVlX‰HUXQJ NRQWUDVWLHUW DXV SHUV|QOLFKHQ /R\DOLWlWHQRGHU/XVW8QOXVW2ULHQWLHUXQJHQZHUGHQEOR‰H1HLJXQJHQGLH PLW3IOLFKWHQNRQWUDVWLHUHQ(QWVSUHFKHQGZLUGGLH/HJLWLPLWlWYRQ+DQG OXQJVQRUPHQDXIGHUQlFKVWHQ6WXIHDOVHLQHQXUQRFKIDNWLVFKHEOR‰VR ]LDOH*HOWXQJNRQ]LSLHUWGLHGHULGHDOHQ*HOWXQJHQWJHJHQJHVHW]WLVWZlK UHQG GDV +DQGHOQ DXV NRQNUHWHQ 3IOLFKWHQ QXQ DOV HWZDV +HWHURQRPHV JLOWGHPGLH$XWRQRPLHJHJHQEHUVWHKW´'DV/HW]WHUHLVWHQWVFKHLGHQG /HJLWLPLWlWZLUGLPhEHUJDQJYRQGHUNRQYHQWLRQHOOHQ]XUSRVWNRQYHQWL RQHOOHQ6WXIH]XEOR‰HU/HJLWLPLWlWSIOLFKWJHPl‰H+DQGOXQJHQVWHKHQDX WRQRPHQ +DQGOXQJHQ JHJHQEHU XQG ]ZDU EH]JOLFK GHUVHOEHQ 6\VWHP VWHOOH GLH GLHVH %HJULIIH LQ GHU .DQWLVFKHQ 7KHRULH HLQQHKPHQ (V JHKW KLHUXPGHQ%HJULIIGHUPRUDOLVFKHQ0RWLYDWLRQXQG+DEHUPDVGLIIHUHQ ]LHUW GDEHL .DQW YHUJOHLFKEDU ]ZLVFKHQ EOR‰ OHJDOHQ XQG PRUDOLVFKHQ

_____________ QRPLH´NRQVWLWXWLYIUGDV9HUVWlQGQLVGLHVHU6WXIHXQGGDV6HOEVWYHUVWlQGQLVGHU$N WRUHQDXIGLHVHU6WXIHLVWJLEW+DEHUPDV·7KHRULHNHLQHQ$QKDOWVSXQNWGDIUDXIGHU NRQYHQWLRQHOOHQ 6WXIH 3IOLFKW XQG 1HLJXQJ DOV %HJULIIH GHU 0RWLYDWLRQ H[NOXVLY ]X RSSRQLHUHQLQVRIHUQGDVÅ5ROOHQKDQGHOQ´HEHQVRJXWZLHGLHÅQRUPHQJHOHLWHWH,QWHU DNWLRQ´DXVLQWHUQDOLVLHUWHU9HUSIOLFKWXQJRGHUXQGDXV1HLJXQJHQKHUDXVJHVFKHKHQ NDQQ  9JOGD]XGLHhEHUVLFKWLQ+DEHUPDVIVRZLH+DEHUPDV  +DEHUPDV YJO]XP9HUKlOWQLVÄEOR‰HU1HLJXQJHQ¶LP.RQWUDVW]X3IOLFK WHQDXIGHUNRQYHQWLRQHOOHQ6WXIHREHQ)Q

†+DEHUPDV·.RQ]HSWPRUDOLVFKHU0RWLYDWLRQ 



+DQGOXQJHQ ZREHL HU GDV :RUW Ä$FKWXQJ¶ YRQ .DQW DEZHLFKHQG LP 6LQQH GHU EOR‰ ÅIDNWLVFKHQ $QHUNHQQXQJ´ YHUZHQGHW ÅQXQ ]lKOW QLFKW PHKUGLH$FKWXQJYRUGHP*HVHW]SHUVHDOVVLWWOLFKHV0RWLY'HU+HWH URQRPLHGKGHU$EKlQJLJNHLWYRQEHVWHKHQGHQ1RUPHQZLUGGLH)RU GHUXQJ HQWJHJHQJHVHW]W GD‰ GHU +DQGHOQGH DQVWHOOH GHU VR]LDOHQ *HOWXQJ HLQHU1RUPYLHOPHKUGHUHQ*OWLJNHLW]XP%HVWLPPXQJVJUXQGVHLQHV+DQGHOQV HUKHEW´   ([NXUV.DQWV0RUDOSlGDJRJLN  .DQWGDVVHLKLHUOHGLJOLFKQHEHQEHLEHPHUNWKDWVLFKLQGHU0HWKRGHQ OHKUHVHLQHU]ZHLWHQ.ULWLNHEHQIDOOV]XGLHVHPPRUDOSV\FKRORJLVFKHQE]Z SlGDJRJLVFKHQ$VSHNWJHlX‰HUWZHQQHUIUDJWÅ>@ZLHPDQGHQ*HVHW ]HQ GHU UHLQHQ SUDNWLVFKHQ 9HUQXQIW (LQJDQJ LQ GDV PHQVFKOLFKH *HPW (LQIOX‰ DXI GLH 0D[LPHQ GHVVHOEHQ YHUVFKDIIHQ´ N|QQH (U EULQJW GD]X GUHL(QWZLFNOXQJVVWXIHQLQ$QVFKODJ=XQlFKVWJHKHHVGDUXPGHU-XJHQG %HLVSLHOHYRQ0RUDOLWlWYRU$XJHQ]XIKUHQXQWHUDQGHUHPLQÅ%LRJUD SKLHQDOWHUXQGQHXHU=HLW´'DPLWVROOGHQ+HUDQZDFKVHQGHQGLHPRUD OLVFKH3HUVSHNWLYHDXILKUH8PZHOWÅJOHLFKVDP]XU*HZRKQKHLW´ZHUGHQ VLH VROOHQ GXUFK Å%HREDFKWXQJ´ XQG Å%HXUWHLOXQJ´ OHUQHQ Å>@ RE GLH +DQGOXQJREMHNWLYGHPPRUDOLVFKHQ*HVHW]H´JHPl‰VHL$XIHLQHU]ZHLWHQ 6WXIHVROOGLH$XIPHUNVDPNHLWYRQGHU/HJDOLWlWGHU+DQGOXQJDXIGHUHQ 0RUDOLWlWLPHQJHUHQ6LQQHJHOHQNWZHUGHQXP]XHUNHQQHQÅ>@REGLH +DQGOXQJ DXFK VXEMHNWLY  XP GHV PRUDOLVFKHQ *HVHW]HV ZLOOHQ JHVFKHKHQ´ VHL'HUZLFKWLJVWH6FKULWWLQGHU$XVELOGXQJHLQHUPRUDOLVFKHQ:HOWVLFKW EHVWHKW MHGRFK QLFKW LQ GHU %HXUWHLOXQJ IUHPGHU +DQGOXQJHQ QDFK GHUHQ REMHNWLYHQXQGVXEMHNWLYHQ9HUIDVVXQJGHQQGDEHLLVWYRQGHPHQWVFKHL GHQGHQ Å,QWHUHVVH DQ GHQ +DQGOXQJHQ XQG LKUHU 0RUDOLWlW VHOEVW´ QRFK JDUNHLQH5HGH

_____________  +DEHUPDVI+HUYRUKHEXQJ.3  .DQW9ZXUGHREHQDXIGLHEHJUQGXQJVWKHRUHWLVFKH'LIIHUHQ]GHUPRUDOLVFKHQ 0RWLYDWLRQ]ZLVFKHQGHPYRUNULWLVFKHQXQGGHPNULWLVFKHQ.DQWKLQJHZLHVHQVROl‰W VLFK LP PRUDOSV\FKRORJLVFKHQ E]Z SlGDJRJLVFKHQ =XVDPPHQKDQJ HLQH ZHLWUHL FKHQGH hEHUHLQVWLPPXQJ ]ZLVFKHQ GHQ YHUVFKLHGHQHQ 6FKDIIHQVSKDVHQ IHVWVWHOOHQ YJO.DQW   .DQW9  .DQW9  (EG  .DQW9+HUYRUKHEXQJ.3



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

(UVWGLH6HOEVWDFKWXQJGLHLFKLQPHLQHU%HJULIIVDQDO\VHHLQJDQJVDOV 6RQGHUIDOO  GHU$FKWXQJLP6LQQHLQHUDEVROXWHQ:HUWVFKlW]XQJHLQHU 3HUVRQDOV3HUVRQHLQJHIKUWKDEHNDQQGLHVHV,QWHUHVVHDQGHU0RUDOLWlW HUZHFNHQ 0DQ NDQQ GLHVH 6HOEVWDFKWXQJ GHP -XJHQGOLFKHQ VR .DQW GDGXUFK DQGHPRQVWULHUHQ GD‰ PDQ LKP %HLVSLHOH HLQHU Å5HLQLJNHLW GHV :LOOHQV´ YRUOHJW Å>@ YRUHUVW QXU DOV QHJDWLYHU 9ROONRPPHQKHLW GHVVHO EHQVRIHUQLQHLQHU+DQGOXQJDXV3IOLFKWJDUNHLQH7ULHEIHGHUQGHU1HL JXQJHQDOV%HVWLPPXQJVJUQGHDXILKQHLQIOLH‰HQZRGXUFKGHU/HKUOLQJ GRFKDXIGDV%HZX‰WVHLQVHLQHU)UHLKHLWDXIPHUNVDPHUKDOWHQZLUGXQG REJOHLFK GLHVH (QWVDJXQJ HLQH DQIlQJOLFKH (PSILQGXQJ YRQ 6FKPHU] HUUHJW GHQQRFK >@ GDV *HPWK IU GLH (PSILQGXQJ GHU =XIULHGHQKHLW DXV DQGHUHQ 4XHOOHQ HPSIlQJOLFK JHPDFKW ZLUG´ :LH EHUHLWV LP EH JUQGXQJVWKHRUHWLVFKHQ.RQWH[WQlKHUWVLFK.DQWDOVRDXFKLPHQWZLFN OXQJVSV\FKRORJLVFKHQ E]Z PRUDOSlGDJRJLVFKHQ .RQWH[W GHU SRVLWLYHQ )UHLKHLWDOV$XWRQRPLHEHUGLHQHJDWLYH)UHLKHLWDOV/RVO|VXQJYRQ1HL JXQJHQ,KUHÅLQQHUH)UHLKHLW´HUNHQQHQ+HUDQZDFKVHQGHLQGHU'LVWDQ ]LHUXQJYRQGHUÅXQJHVWPHQ=XGULQJOLFKNHLWGHU1HLJXQJHQ´0LWGLH VHU (UNHQQWQLV LVW VFKOLH‰OLFK GLH SV\FKRORJLVFKH XQG SlGDJRJLVFKH 9RUDXVVHW]XQJIUGLHWDWVlFKOLFKH(UJUHLIXQJXQG$QHLJQXQJGHU0RUDOL WlW JHJHEHQ Å$XI GLHVH >VF $FKWXQJ IU XQV VHOEVW@ ZHQQ VLH ZRKO JH JUQGHWLVWZHQQGHU0HQVFKQLFKWVVWlUNHUVFKHXHWDOVVLFKLQGHULQQH UHQ6HOEVWSUIXQJLQVHLQHQHLJHQHQ$XJHQJHULQJVFKlW]LJXQGYHUZHUIOLFK ]XILQGHQNDQQQXQMHGHJXWHVLWWOLFKH*HVLQQXQJJHSIURSIWZHUGHQ´ .DQW KDW VHLQH HQWZLFNOXQJVSV\FKRORJLVFKHQ E]Z PRUDOSlGDJRJL VFKHQ 9RUVWHOOXQJHQ GHU PRUDOLVFKHQ +DQGOXQJVPRWLYDWLRQ LQ GHU .ULWLN GHU SUDNWLVFKHQ 9HUQXQIW PHKU DQJHGHXWHW DOV DXVJHIKUW *OHLFKZRKO NDQQ PDQKLHUHLQHGHP+DEHUPDV·VFKHQ.RQ]HSWGHURQWRJHQHWLVFKHQ$XINOl UXQJ ]XU SRVWNRQYHQWLRQHOOHQ 6WXIH lKQOLFKH 7KHRULH ILQGHQ GHQQ GLH VXN]HVVLYH Å,QWHJUDWLRQ YRQ 7HLOQHKPHU XQG %HREDFKWHUSHUVSHNWLYHQ´ ZLH+DEHUPDVVLHQHQQWLVWZHQQJOHLFKXQWHUXPJHNHKUWHQ9RU]HLFKHQ GHU .HUQJHGDQNH YRQ .DQWV SUDNWLVFKHU 0HWKRGHQOHKUH :lKUHQG +D EHUPDVGHQ)RUWVFKULWWLQGHU(LQEH]LHKXQJHLQHU%HREDFKWHUSHUVSHNWLYH LQGLH5HIOH[LRQDXIVR]LDOH,QWHUDNWLRQVLHKWJHKHQ.DQWLVFKH0RUDODWKOH WHQGHQXPJHNHKUWHQ:HJYRQGHU=XVFKDXHUWULEQHDXIGDV6SLHOIHOG  

_____________    

.DQW9IYJOGD]XDXFK.|KO .DQW9 (EG 9JO+DEHUPDV

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



†'LH([SOL]LHUXQJYRQ+DQGOXQJVJUQGHQXQGGDV HPRWLYH)XQGDPHQWGHU6ROLGDULWlW †+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW

 .DQWIKUWZLHDXVGHP9RUVWHKHQGHQGHXWOLFKZHUGHQVROOWHLPEHJUQ GXQJVWKHRUHWLVFKHQ .RQWH[W GHQ %HJULII GHU $FKWXQJ HLQ XP GDPLW GLH 0RUDOLWlW YRQ +DQGOXQJHQ ]X EH]HLFKQHQ 'LH PDWHULDOH hEHUHLQVWLP PXQJYRQSULQFLSLXPGLMXGLFDWRQLVXQGSULQFLSLXPH[HFXWLRQLVVROOWHGLH REMHNWLYH XQG VXEMHNWLYH 5LFKWLJNHLW GHU +DQGOXQJ JDUDQWLHUHQ 'D .DQW GLHVH 5HLQKHLW GHU %HVWLPPXQJVJUQGH YRQ 1HLJXQJHQ DOV ,QGLNDWRU GHU 0RUDOLWlW DQVHW]W PX‰ LKP OHW]WHUH XQHUNHQQEDU EOHLEHQ 'HU .DQW GHU HU-DKUHP‰WH²GLHVHV\VWHPDWLVFKH/FNHDN]HSWLHUW²GDV.ULWHUL XP PRUDOLVFKHU +DQGOXQJHQ KHUDEVWLPPHQ YRQ GHU 0RUDOLWlW DXI GLH /HJDOLWlWGHQQQXUOHW]WHUHNDQQVLFKHUHUNDQQWXQGGDPLW0D‰VWDEHLQHU SUDNWLVFKHQ%HXUWHLOXQJZHUGHQ 'RFK MHQH .ULWLN GHU 8QHUNHQQEDUNHLW DN]HSWLHUW VWHOOW VLFK QXQ GLH )UDJHREHLQHGHUDUWLJH+HUDEVWLPPXQJDXI/HJDOLWlWQLFKWEHUHLWVJOHLFK EHGHXWHQG LVW PLW HLQHP +REEHVLDQLVPXV GHU LQ MHGHP )DOO XQYHUHLQEDU ZlUHPLWHLQHU.RQ]HSWLRQSUlYDOHQWHU*UQGHZLHVLHLQGHQYRUVWHKHQ GHQ .DSLWHOQ DXVJHIKUW ZXUGH 8QWHU ]DKOUHLFKHQ P|JOLFKHQ )RUPHQ HLQHU NRQWUDNWXDOLVWLVFKHQ .RQVHTXHQ] DXV GLHVHU.DQW.ULWLNILQGHW VLFK HLQH ]HLWJHQ|VVLVFKH 9DULDQWH EHL *UHJRU\ .DYND GHU LQ GLHVHP 6LQQH ÅPRUDOLVFKH$QIRUGHUXQJHQQLFKWLP6LQQHGHU(LQVHLWLJNHLWVRQGHUQGHU *HJHQVHLWLJNHLWLQWHUSUHWLHUW´'DPLWYHUEXQGHQLVWHLQH8QWHUVFKHLGXQJ ]ZLVFKHQ HLQHU ÄLGHDOHQ¶ 0RUDO GLH VLFK DXI Å6WDQGDUGVPRUDOLVFKHU 9RU WUHIIOLFKNHLW DXI 9HUKDOWHQVIRUPHQ GLH LQ HLQHU 7UDGLWLRQ DOV YRUELOGOLFK XQGGDKHUDOVQDFKDKPHQVXQGEHZXQGHUQVZHUWJHOWHQ´XQGHLQHUÄSUDN WL]LHUWHQ¶ 0RUDO GLH VLFK DXI 6WDQGDUGV EH]LHKW ÅXP GHUHQWZLOOHQ 0HQ VFKHQYHUDQWZRUWOLFKJHPDFKWNULWLVLHUWXQGEHVWUDIWZHUGHQZHLOVLHVLFK QLFKW LKQHQ JHPl‰ YHUKDOWHQ KDEHQ´ ,P $QVFKOX‰ DQ +REEHV XQWHU VFKHLGHW.DYND]ZLVFKHQRIIHQVLYHQXQGGHIHQVLYHQ9HUVW|‰HQJHJHQGLH EHVWHKHQGH0RUDOZREHLRIIHQVLYH9HUVW|‰HDOVRHLQ$EZHLFKHQYRQGHQ 5HJHOQ REZRKO VLFK DQGHUH GDUDQ KDOWHQ DOV XQNOXJ TXDOLIL]LHUW ZHUGHQ XQG GHIHQVLYH 9HUVW|‰H DOVR HLQ $EZHLFKHQ YRQ GHU 5HJHO XQWHU GHU ZDKUVFKHLQOLFKHQ $QQDKPH GD‰ GLH DQGHUHQ VLFK HEHQIDOOV QLFKW DQ VLH KDOWHQQLFKWJHJHQGLH0RUDOYHUVWR‰HQLQGHPGLHVHHEHQQLFKWYHUODQJHQ NDQQÄHLQVHLWLJ¶PRUDOLVFK]XKDQGHOQÅ'DVOHLWHQGH3ULQ]LSGHU+REEHVV FKHQ0RUDOLVWDOVRGLHYRQPLUVRJHQDQQWH.XSIHUQH5HJHOÄWXHDQGHUHQ ZDVVLHGLUWXQ¶>«@:HQQZLUXQV>«@GHU3UD[LVXQGMHQHQ9HUKDOWHQV

_____________  .DYND  (EG



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

VWDQGDUGV ]XZHQGHQ GLH DOV PRUDOLVFKH $QIRUGHUXQJHQ ZLUNOLFK*HOWXQJ KDEHQGDQQVWHOOHQZLUIHVWGD‰GLH.XSIHUQH5HJHOPLWLKUHU*HJHQVHL WLJNHLWHLQLJHUPD‰HQZLHGHUJLEWZDVZLUKlXILJEHREDFKWHQN|QQHQ>«@ 'HPHQWVSUHFKHQG GDUI GHU HLQ]HOQH LQ 1RWZHKU W|WHQ GLH *HVHOOVFKDIW GDUI9HUEUHFKHULKUHU)UHLKHLWEHUDXEHQ9HUWUlJHGUIHQJHEURFKHQZHU GHQ ZHQQ QLFKW ]X HUZDUWHQ LVW GD‰ GLH *HJHQVHLWH VLH HUIOOW XQG VR ZHLWHU´'RFKXPHLQY|OOLJHVÄ9HUGDPSIHQ¶GHU0RUDOLQGHU.OXJKHLW ]XYHUKLQGHUQGKXPGHU+REEHV·VFKHQ([WHUQDOLVLHUXQJGHU0RWLYDWL RQGLHLQVRIHUQSUREOHPDWLVFKLVWDOVVLH]XPHLQHQELVZHLOHQGUDNRQLVFKH 6WUDIDQGURKXQJHQYHUODQJWXPHLQH+DQGOXQJDOVNOXJHUVFKHLQHQ]XODV VHQXQG]XPDQGHUHQVHOEVWGDPLW*HOHJHQKHLWHQ]XXQODXWHUHP9RUWHLO QLFKWYHUKLQGHUQNDQQ]XHQWJHKHQPX‰DXFK.DYND DXIHWZDV]XUFN JUHLIHQZDVEHL.DQWXQWHUGHP7LWHOÅbVWKHWLVFKH9RUEHJULIIHGHU(PS IlQJOLFKNHLWGHV*HPWKVIU3IOLFKWEHJULIIHEHUKDXSW´ILUPLHUW.DYND VSULFKW GDKHU YRQ ÅSV\FKLVFKHQ 6WUXNWXUHQ GLH XQPRUDOLVFKHV 9HUKDOWHQ EHVWUDIHQXQGWXJHQGKDIWHV%HQHKPHQEHORKQHQ´0LWHLQHPGHUDUWLJHQ %HJULII YRQ ÅLQQHUHQ 6DQNWLRQHQ´ GLH .DYND QRFK KLQVLFKWOLFK LKUHV QHJDWLYHQ UHVSHNWLYH SRVLWLYHQ &KDUDNWHUV GLIIHUHQ]LHUW LVW MHGRFK JHQDX GHU %HUHLFK GHU 0RUDOLWlW DQJHVSURFKHQ GHU HLJHQVWlQGLJH YRQ OHJDOLVWL VFKHQ.DONOHQXQDEKlQJLJH([HNXWLRQVSULQ]LSLHQP|JOLFKHU+DQGOXQJHQ HQWKlOW 2EZRKO+DEHUPDVQXQGLHGHP.RQWUDNWXDOLVPXV]XJUXQGHOLHJHQGH .ULWLNDQ.DQWV8QWHUVFKHLGXQJ]ZLVFKHQ0RUDOLWlWXQG/HJDOLWlWDN]HS WLHUWZLOOHUGHQQRFKHUVWHUHQLFKWDXIOHW]WHUHUHGX]LHUWZLVVHQ6HLQH9RU VWHOOXQJ HLQHU +LHUDUFKLVLHUXQJ GHU +DQGOXQJVW\SHQ XQG GHUHQ HQWZLFN OXQJVORJLVFKHQ =XVDPPHQKDQJV LQVEHVRQGHUH VHLQH 9RUVWHOOXQJ HLQHV SULQFLSLXP H[HFXWLRQLV PRUDOLVFKHU +DQGOXQJHQ DXI GHU EHUHLWV DQJHVSUR

_____________  .DYNDIYJO+REEHV .DS 'LH8QNOXJKHLWGHVRIIHQ VLYHQ 5HJHOYHUVWR‰HV EH]LHKW VLFK DXI LQGLYLGXHOOHU (EHQH GDUDXI GD‰ LQ DOOHU 5HJHO hEHOWlWHU IUKHU RGHU VSlWHU DOV VROFKH HQWGHFNW XQG EHVWUDIW ZHUGHQ YJO .DYND    $XI LQWHUSHUVRQHOOHU (EHQH LVW .DYND VFKOLH‰OLFK GHUVHOEHQ RSWLPLVWL VFKHQ $QVLFKWGD‰HVOHW]WOLFKVRJDUIUUHLFKHXQGPlFKWLJH*UXSSHQLQHLQHU*H VHOOVFKDIWVRZLHDXILQWHUQDWLRQDOHU(EHQHIUUHLFKHXQGPlFKWLJH1DWLRQHQMDGDU EHU KLQDXV DXIJUXQG XQVHUHV Å%HGUIQLV>VHV@ QDFK Ä6HOEVWWUDQV]HQGHQ]¶´ HEG   VRJDUIU/HEHQGHJHJHQEHU]XNQIWLJHQ*HQHUDWLRQHQGRFKLP,QWHUHVVHGHU+DQ GHOQGHQLVWGLHMHZHLOLJHQÅ>«@0LWJOLHGHUVFKZDFKHU*UXSSHQGLHRIIHQEDUQLFKWLQ GHU/DJHVLQG*XWHVPLW*XWHPXQG%|VHVPLW%|VHP]XYHUJHOWHQDQVWlQGLJ]XEH KDQGHOQXQGLKQHQ]XKHOIHQVRZLHHVGLH0RUDOYHUODQJW´ HEG 9JO]XHLQHU ZHVHQWOLFKSHVVLPLVWLVFKHUHQ(LQVFKlW]XQJREHQ.DS)QVRZLHGHQ$EVFKQLWW ]XGHPGLHVH)X‰QRWHJHK|UW  9JO.DQW9,  .DYND  9JOHEG

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



FKHQHQ SRVWNRQYHQWLRQHOOHQ (QWZLFNOXQJVVWXIH VFKOLH‰W HLQH GHUDUWLJH 5HGXNWLRQDXV .RQGLWLRQDOKDWWHLFKYRUDXVJHVFKLFNWGD‰ZHQQ+DEHUPDVHLQH8Q WHUVFKHLGXQJ]ZLVFKHQSIOLFKWJHPl‰HQ+DQGOXQJHQXQG+DQGOXQJHQDXV 3IOLFKW YRUVHKH HU DXFK HWZDV EHU GHQ =XVDPPHQKDQJ ]ZLVFKHQ GHU 'LMXGLNDWLRQ XQG GHU ([HNXWLRQ PRUDOLVFKHU +DQGOXQJHQ VDJHQ PVVH 1XQ]HLJWHVLFKGD‰HUGLHVHU.DQWLVFKHQ'LIIHUHQ]LHUXQJPLWVHLQHU8Q WHUVFKHLGXQJ ]ZLVFKHQ +DQGOXQJHQ DXV (LQVLFKW LQ GLH *OWLJNHLW HLQHU 1RUPXQG+DQGOXQJHQDXV(LQVLFKWLQGLHEOR‰VR]LDOH*HOWXQJIROJWXQG HUZDUWXQJVJHPl‰lX‰HUWHUVLFKDXFK]XHLQHUK|FKVWHQ(QWZLFNOXQJVVWXIH PRUDOLVFKHU 0RWLYDWLRQ Å$XWRQRPLH YV +HWHURQRPLH´ 6SlWHVWHQVPLW GHP%HJULIIGHU$XWRQRPLHLVWGLH2SWLRQHLQHVKREEHVLDQLVFKHQ7KHRULH UDKPHQV NHLQHUHDOH 0|JOLFKNHLW PHKU +DEHUPDV PX‰ DOVR HLQ (OHPHQW LQ VHLQH 7KHRULH LQWHJULHUHQ GDV HLQHUVHLWV HLQH VROFKH 8QWHUVFKHLGXQJ HUP|JOLFKWGDVDEHUDQGHUHUVHLWVGLH.ULWLNDP.DQWLVFKHQ$FKWXQJVNRQ ]HSW XQWHUOlXIW 'HQQ GLH HQWVFKHLGHQGH )UDJH EHL HLQHU $GDSWDWLRQ GHV .DQWLVFKHQ 7KHRUHPV ÄDXV 3IOLFKW¶ LVW RE +DEHUPDV· NULWLVFKH )RUWIK UXQJ GHU .DQWLVFKHQ 0RUDOWKHRULH HLQ /HLVWXQJVlTXLYDOHQW IU GDV SURE OHPDWLVFKH7ULHEIHGHU.DSLWHOGHU]ZHLWHQ.ULWLN.DQWVDXIZHLVW:LHVLFK LP )ROJHQGHQ ]HLJHQ VROO VLQG HV GLH NROODWHUDOHQ )HVWOHJXQJHQ VHLQHU GLVNXUVLYHQ$XVOHJXQJYRQ$XWRQRPLHXQGGHUHQPRWLYDWLRQDOHU,QVXIIL ]LHQ]GLHGHQ*UXQGGHUhEHUOHJHQKHLWEHU.DQWV.RQ]HSWPRUDOLVFKHU +DQGOXQJVPRWLYDWLRQHUZHLVHQ 'LHNULWLVFKH)UDJHODXWHWZLHOl‰WVLFKPLW+DEHUPDV·PRUDOWKHRUHWL VFKHQ0LWWHOQDXVEXFKVWDELHUHQZDVXQWHUHLQHU+DQGOXQJDXV3IOLFKWHLQHU PRUDOLVFKULFKWLJHQ+DQGOXQJ]XYHUVWHKHQLVW":LHJHVFKLHKWHLQH+DQG OXQJDXV(LQVLFKWLQGLH*OWLJNHLWHLQHU1RUP"+DEHUPDV·ODSLGDUH8P IRUPXOLHUXQJ GHV .DQWLVFKHQ $XVGUXFNV ÄDXV 3IOLFKW¶ ² ÅPRUDOLVFK KDQ GHOW ZHU DXV (LQVLFKW KDQGHOW´ ² VFKHLQW QDKH]XOHJHQ HU ZROOWH GDV .DQWLVFKH3UREOHPGHU$FKWXQJVFKOLFKWPLW+LOIHHLQHUEHU.DQWQRFK KLQDXVJHKHQGHQ ,QWHOOHNWXDOLVLHUXQJ PRUDOLVFKHQ +DQGHOQV O|VHQ 'RFK NDQQ GDPLW VHOEVWYHUVWlQGOLFK NHLQ ,QWURVSHNWLRQLVPXV XQG DXFK NHLQ SUDNWLVFKHU .XU]VFKOX‰ GHU )RUP JHPHLQW VHLQ GD‰ QXQ ² HWZDV EHU VSLW]W IRUPXOLHUW ² GLH .DQWLVFKH :LUNXQJ GHU 9HUQXQIW DXI GDV *HIKO GXUFK HLQH :LUNXQJ GHV 9HUVWDQGHV DXI GDV *HIKO HUVHW]W ZUGH *H PHLQW LVW GDPLW YLHOPHKU HLQH GLVNXUVLYH 2IIHQOHJXQJ GHU $FKWXQJ YRU

_____________  (UVWDXIGLHVHU6WXIHN|QQHQ*HOWXQJVDQVSUFKHQLFKWQXUSUDNWLVFKHVRQGHUQDXFK WKHRUHWLVFKH XQG VXEMHNWLYH[SUHVVLYH DOV VROFKH WKHPDWLVLHUW ZHUGHQ YJO GD]X +D EHUPDVIVRZLHI  +DEHUPDV  +DEHUPDV



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

GHP*HVHW](LQH+DQGOXQJDXV(LQVLFKWJHKWIU+DEHUPDVPLWGHU)l KLJNHLW HLQKHU PRUDOLVFKH *UQGH IU GLHVH RGHU MHQH +DQGOXQJ JHEHQ ]X N|QQHQ VDJHQ ]X N|QQHQ LQZLHIHUQ GLHVH RGHU MHQH +DQGOXQJ PRUDOLVFK JHERWHQLVW 'LHVVFKHLQWDXIGHQHUVWHQ%OLFNQLFKWDOO]XZHLWYRQGHU.DQWLVFKHQ +DQGOXQJ ÄDXV $FKWXQJ IUV *HVHW]¶ HQWIHUQW ]X VHLQ 'HQQ GHU Å$Q VSUXFK GD‰ VLFK GLH %HLOHJXQJ YRQ +DQGOXQJVNRQIOLNWHQ DOOHLQ DXI EH JUQGHWH 8UWHLOH VWW]W´ JLOW DXFK YRQ .DQWV 7KHRULH 'RFK GHU VSULQ JHQGH 3XQNW LVW 0RUDOLWlW KlQJW IU .DQW JHUDGH QLFKW DQ HLQHU ([SOL]LHUXQJ GHU +DQGOXQJVJUQGH GLHVH N|QQWHQ MD OHLFKWKLQ YRUJHVFKREHQ RGHUJDUYRUJHWlXVFKWVHLQ VRQGHUQDPVLWWOLFKHQ%HZX‰WVHLQGHV+DQGHOQ GHQ'LHREHQDXVJHIKUWH.ULWLNHLQHVPRWLYDWLRQDOHQ,QWURVSHNWLRQLVPXV EOHLEWDOVREHVWHKHQ +DEHUPDV VSULFKW LQ GLHVHP =XVDPPHQKDQJ ]ZDU GHU .DQWLVFKHQ 3RVLWLRQ YHUJOHLFKEDU YRP DXWRQRPHQ :LOOHQ XQG YRQ SUDNWLVFKHU 9HU QXQIW Å$XV 3IOLFKW EHIROJHQ ZLU JHOWHQGH 1RUPHQ QLFKW ZHLO GLHVH XQV XQWHU$QGURKXQJYRQ6DQNWLRQHQDXIHUOHJWZRUGHQVLQGVRQGHUQZHLOZLU VLHXQVVHOEVWJHJHEHQKDEHQ>@$XV3IOLFKWEHIROJHQZLUJHOWHQGH1RUPHQ QLFKW ZHLO VLH GXUFK 7UDGLWLRQ XQG *HZRKQKHLW EHJODXELJW VLQG VRQGHUQ ZHLOZLUVLHIUEHJUQGHWKDOWHQ>@(UVWDXVGHU9HUELQGXQJEHLGHUhEHU OHJXQJHQJHKHQÄDXWRQRPHU:LOOH¶XQGÄSUDNWLVFKH9HUQXQIW¶DOVJOHLFKXU VSUQJOLFKH .RQ]HSWH KHUYRU´ 'LHVH %HVWLPPXQJHQ VLQG PLQGHVWHQV QRFKNRPSDWLEHOPLWGHQ$XVIKUXQJHQ.DQWV'DVlQGHUWVLFKDXFKGRUW QRFKQLFKWZHVHQWOLFKZR+DEHUPDVGLHUHIOH[LYH(EHQHGHUHUVWHQ3HU VRQ 6LQJXODU .DQWV .RQVWLWXWLRQVUDKPHQ GHU SUDNWLVFKHQ 9HUQXQIW XQG GHV DXWRQRPHQ :LOOHQV YHUOl‰W XQG GDV 6R]LDOH GLH $QHUNHQQXQJVYHU KlOWQLVVHGHVÄ,FK¶XQGÄ'X¶XQGVFKOLH‰OLFKGHVÄ:LU¶PLWHLQEH]LHKWÅ$XV GHU6LFKWGHU,QWHUVXEMHNWLYLWlWVWKHRULHEHGHXWHW$XWRQRPLHQLFKWGLH9HU IJXQJVJHZDOWHLQHV6XEMHNWVGDVVLFKVHOEVW]XP(LJHQWXPKDWVRQGHUQ GLH GXUFK %H]LHKXQJHQ UH]LSURNHU $QHUNHQQXQJ HUP|JOLFKWH 8QDEKlQ JLJNHLW GHV (LQHQ GLH QXU PLW GHU V\PPHWULVFKHQ 8QDEKlQJLJNHLW GHV $QGHUHQ]XVDPPHQEHVWHKHQNDQQ´$XFK.DQWPX‰DXIGHU.RQVWLWXWL RQVHEHQHVHLQHU0RUDOGHQ$QGHUHQPLWUHIOHNWLHUHQ²GLH9HUVHKUEDUNHLW XQG GLH )UHLKHLW GHU DQGHUHQ 3HUVRQ PVVHQ YRUDXVJHVHW]W ZHUGHQ XP GHP $GUHVVDWHQ GHV .DWHJRULVFKHQ,PSHUDWLYV HLQHQ Ä2EMHNWEHUHLFK¶ VHL QHUDOOJHPHLQHQ*HVHW]JHEXQJ]XHU|IIQHQ

_____________    

(EG +DEHUPDVI (EG 9JO GD]X DXFK GLH ]ZHLWH Å0D[LPH>@ GHV JHPHLQHQ 0HQVFKHQYHUVWDQGHV´ LQ GHU .ULWLNGHU8UWHLOVNUDIWÅ$QGHU6WHOOHMHGHVDQGHUQGHQNHQ´'HQÅ0DQQYRQHUZHLWHU

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



'RFK GHU QXQ IROJHQGH XQG ULFKWXQJVZHLVHQGH 6FKULWW LQ +DEHUPDV· 7KHRULHVWDQG.DQW]ZHLIHOORVQLFKWDOVP|JOLFKH2SWLRQYRU$XJHQGK JHQDX KLHU YHUOl‰W+DEHUPDV GHQ :HJ .DQWV Å'HUPRUDO SRLQW RIYLHZ NDQQ QLFKW LQ HLQHP ÄHUVWHQ¶ 3ULQ]LS RGHU LQ HLQHU ÄOHW]WHQ¶ %HJUQGXQJ DOVR DX‰HUKDOE GHV .UHLVHV GHU $UJXPHQWDWLRQ VHOEHU JHIXQGHQ ZHUGHQ 5HFKWIHUWLJHQGH .UDIW EHKlOW DOOHLQ GDV GLVNXUVLYH 9HUIDKUHQ GHU (LQO| VXQJQRUPDWLYHU*HOWXQJVDQVSUFKHXQGGLHVH.UDIWYHUGDQNWGLH$UJX PHQWDWLRQ OHW]WOLFK LKUHU 9HUZXU]HOXQJ LP NRPPXQLNDWLYHQ +DQGHOQ´ +DEHUPDVNHQQ]HLFKQHWDXIGLHVH:HLVHMHGRFKQLFKWQXUGLH.RQVWLWXWL RQVHEHQHVHLQHU'LVNXUVWKHRULHGHU0RUDOVRQGHUQNQSIWDQHEHQGLHVHQ *HGDQNHQ GHU DUJXPHQWDWLYHQ ([WHUQDOLVLHUXQJ YRQ .DQWV EHJUQGXQJV WKHRUHWLVFKHU (LQVLHGHOHL DXFK HLQH GLVNXUVWKHRUHWLVFKH )XQGLHUXQJ GHV SULQFLSLXPH[HFXWLRQLVÅ9HUSIOLFKWHWIKOHQZLUXQVQXUGXUFK1RUPHQYRQ GHQHQ ZLU PHLQHQ JHJHEHQHQIDOOV HUNOlUHQ ]X N|QQHQ ZDUXP VLH $QHU NHQQXQJLP.UHLVHGHU$GUHVVDWHQ XQGGHU%HWURIIHQHQ YHUGLHQHQ>«@ 3IOLFKWHQ ELQGHQ GHQ :LOOHQ GHU $GUHVVDWHQ DEHU VLH EHXJHQ LKQ QLFKW 6LH ZHLVHQ GHP :LOOHQ HLQH 5LFKWXQJ RULHQWLHUHQ LKQ DEHU VLH WUHLEHQ LKQ QLFKW ZLH ,PSXOVH DQ VLH PRWLYLHUHQ GXUFK *UQGH XQG YHUIJHQ QLFKW EHUGLH7ULHENUDIWDXVVFKOLH‰OLFKHPSLULVFKHU0RWLYH´ $XI +DEHUPDV· $QVLFKW GD‰ GLH PRWLYDWLRQDOH .UDIW GLHVHU *UQGH QLFKW EHUVFKlW]W ZHUGHQ VROOWH ZHUGH LFK QRFK ]XUFNNRPPHQ 'RFK GHU HQWVFKHLGHQGH 6FKULWW YRQ .DQWV $FKWXQJVNRQ]HSW KLQ ]X HLQHU GLV NXUVHWKLVFKHQ (LQO|VXQJ GHVVHOEHQ WKHRUHWLVFKHQ $QVSUXFKV LVW GDPLW EHUHLWV JHWDQ :LH VLFK VRJOHLFK ]HLJHQ ZLUG EDKQW VLFK GDPLW DXFK +D EHUPDV· (QWNRSSHOXQJ GHV SULQFLSLXP GLMXGLFDWLRQLV YRP SULQFLSLXP H[HFXWLRQLV DQ GHU $QVSUXFK GHU .DQWLVFKHQ 7KHRULH QlPOLFK EHLGH 3ULQ]LSLHQGHFNXQJVJOHLFK]XIDVVHQZLUGIDOOHQJHODVVHQXQGGLH0RUDOLWlW DOV GLVNXUVLY HLQO|VEDUH )HVWOHJXQJHQ EHVWLPPW 'LH (QWVFKHLGXQJ GDU

_____________ WHU 'HQNXQJVDUW´ HUNHQQW PDQ GHPJHPl‰ GDUDQ ÅGD‰ HU VLFK EHU GLH VXEMHFWLYHQ 3ULYDWEHGLQJXQJHQGHV8UWKHLOVZR]ZLVFKHQVRYLHOHDQGHUHZLHHLQJHNODPPHUWVLQG ZHJVHW]W XQG DXV HLQHP DOOJHPHLQHQ 6WDQGSXQNWH GHQ HU GDGXUFK QXU EHVWLPPHQ NDQQGD‰HUVLFKLQGHQ6WDQGSXQNW DQGHUHUYHUVHW]W EHUVHLQHLJHQHV 8UWKHLOUHIOHFWLUW´ .DQW 9 I +HUYRUKHEXQJ .3  9JO GD]X DXFK :RRG    VRZLH .HXO  ]X HLQHP HLQJHKHQGHQ 9HUJOHLFK GHU 3RVLWLRQHQ .DQWV XQG +DEHUPDV· EH]JOLFK GHV 3UREOHPIHOGV 6XEMHNWLYLWlW,QWHUVXEMHNWLYLWlW LQ GHU SUDNWLVFKHQ 3KLOR VRSKLH .HXO DUEHLWHW VRZRKO bKQOLFKNHLWHQ GLHVHU 7KHRULHQ XQG HQWVSUHFKHQGH %H ]XJQDKPHQGHU'LVNXUVWKHRULHDXI.DQWDOVDXFK'LIIHUHQ]SXQNWHKHUDXV  +DEHUPDV  +DEHUPDV  (LQH PRUDOHSLVWHPRORJLVFKH ,VRODWLRQ YRQ 8UWHLOHQ XQG *HIKOHQ LVW PLW GLHVHU (QWNRSSHOXQJMHGRFKQLFKWLQWHQGLHUWÅ9RQDQGHUHQ*HIKOHQXQWHUVFKHLGHQVLH>PR UDOLVFKH *HIKOH GHU $EVFKHX (PS|UXQJ .UlQNXQJ 5HVVHQWLPHQW 6FKDP 6FKXOG DEHUDXFK%HZXQGHUXQJ/R\DOLWlW'DQNEDUNHLW.3@VLFKQlPOLFKGDGXUFKGD‰VLH



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

EHU RE HLQH +DQGOXQJ DXV 3IOLFKW HUIROJW RGHU QLFKW ZLUG QLFKW LQ IRUR LQWHUQR JHWURIIHQ VRQGHUQ PX‰ DXV GHU lX‰HUHQ 'LVNXUVWHLOQHKPHUSHU VSHNWLYHJHPl‰GHUGLVNXUVLYHQ5HDOLVLHUXQJGHV8QLYHUVDOLVLHUXQJVJUXQG VDW]HVDPNRQNUHWHQ)DOOJHWURIIHQZHUGHQ0RUDOLWlWEHPL‰WVLFKLQGLH VHP 6LQQH DQ GHU %HZlKUXQJ LQ IRUR H[WHUQR RKQH GDGXUFK ]XU EOR‰HQ /HJDOLWlW GHJUDGLHUW ]X ZHUGHQ GHQQ ]ZLVFKHQ GHU EOR‰HQ .RQIRUPLWlW PLW HLQHP EHVWHKHQGHQ 1RUPHQV\VWHP XQG GHU +DQGOXQJ DXV (LQVLFKW EHVWHKWHLQZLFKWLJHU8QWHUVFKLHG:lKUHQGGLH1RUPHQNRQIRUPLWlW GHV NRQYHQWLRQHOOHQ+DQGOXQJVW\SV QLFKWQDFK*UQGHQIUDJWPX‰VLFKGLH UDWLRQDOH6HOEVWEHVWLPPXQJGHU0RUDOLWlWLP9HUODXIGHVNRPPXQLNDWLYHQ +DQGHOQVGLVNXUVLY]HLJHQXQGDXVZHLVHQODVVHQGLH9RUWlXVFKXQJPRUD OLVFKHU0RWLYHOl‰WVLFKDXIGLHVHP:HJGLVNXUVLYHQWODUYHQ'DPLWVWHKW +DEHUPDV GHP ORJLVFKHQ ([SUHVVLYLVPXV %UDQGRPV GHU GHP 6SLHO GHV )RUGHUQVXQG/LHIHUQVYRQ*UQGHQNRQNUHWGHP([SOL]LHUHQYRQ.RO ODWHUDOIHVWOHJXQJHQ GLH /DVW MHJOLFKHU $QVSUXFKVOHJLWLPDWLRQ DXFK GHU PRUDOLVFKHQDXIHUOHJWQlKHUDOVHV]XQlFKVWGHQ$QVFKHLQKDEHQPRFK WH 8QDEKlQJLJ YRQ GHU %HXUWHLOXQJ HLQHU +DQGOXQJ DOV PRUDOLVFK RGHU XQPRUDOLVFKEHVWLPPW+DEHUPDVGDVSULQFLSLXPH[HFXWLRQLVQRFKZHLWHU 'LH GDEHL VWDWWILQGHQGH (QWODVWXQJ GHV SULQFLSLXP H[HFXWLRQLV YRQ GHU 0RUDOLWlWHLQHU+DQGOXQJPDUNLHUWDXVPRWLYDWLRQVWKHRUHWLVFKHU3HUVSHNWL YHGHQVRHEHQYRP'LMXGLNDWLRQVSULQ]LSDXVEHWUDFKWHWHQ'LIIHUHQ]SXQNW ]ZLVFKHQGHUGLVNXUVWKHRUHWLVFKHQ6R]LDOHWKLN+DEHUPDV·XQGGHPPRUDO WKHRUHWLVFKHQ,QWURVSHNWLRQLVPXV.DQWV +DEHUPDVLVW²VRZHQLJZLH.DQW²HLQEOLQGHU5DWLRQDOLVWÅ9RQGHU GLVNXUVLY JHZRQQHQHQ (LQVLFKW JLEW HV NHLQHQ JHVLFKHUWHQ 7UDQVIHU ]XP +DQGHOQ´(UGHSRWHQ]LHUWGLHPRWLYDWLRQDOH.UDIWGHU(LQVLFKWVFKOLH‰OLFK VRZHLWGD‰LKUH,QVXIIL]LHQ]XQG(UJlQ]XQJVEHGUIWLJNHLWGHXWOLFKVLFKW EDU ZHUGHQ ZHQQ HU YRQ GHU ÅLUULJHQ $QQDKPH´ PDQ GDUI HUJlQ]HQ PRGHUQHU ,QWHUQDOLVWHQ  VSULFKW ÅNRJQLWLYLVWLVFKH (WKLNHQ ZUGHQ RGHU P‰WHQEHKDXSWHQGD‰GLHPRUDOLVFKH(LQVLFKWVFKRQHLQKLQUHLFKHQGHV 0RWLYIUPRUDOLVFKHV+DQGHOQVHL(VJHK|UWDEHU]XPNRJQLWLYLVWLVFKHQ 9HUVWlQGQLVYRQ0RUDOGD‰EHJUQGHWHPRUDOLVFKH*HERWHXQGHQWVSUH FKHQGH PRUDOLVFKH (LQVLFKWHQ QXU GLHVFKZDFK PRWLYLHUHQGH .UDIW JXWHU

_____________ PLWUDWLRQDOHLQNODJEDUHQ9HUSIOLFKWXQJHQYHUZREHQVLQG:LUYHUVWHKHQGLHVHbX‰H UXQJHQ HEHQ QLFKW DOV $XVGUXFN EOR‰ VXEMHNWLYHU (PSILQGXQJHQ XQG 3UlIHUHQ]HQ´ +DEHUPDV+HUYRUKHEXQJ.3   9JO]XP%HJULIIGHU.ROODWHUDOIHVWOHJXQJHQREHQ†XQG.DS)QVRZLH]X +DEHUPDV·.ULWLNDQ%UDQGRPREHQ†  +DEHUPDV

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



*UQGHPLWVLFKIKUHQ´(VEHGDUIDOVRHLQHU(UJlQ]XQJXPHLQVSH]L ILVFKHPRWLYHV0RPHQW'HQQGLHPRWLYDWLRQDOH(QWODVWXQJGLHVHU*UQ GHLVWQLFKWEHUHLWVGXUFKHLQHÅ(UJlQ]XQJGHUQXUVFKZDFKPRWLYLHUHQGHQ 0RUDOGXUFK]ZLQJHQGHVXQGSRVLWLYHV5HFKW´HUOHGLJWLQVRIHUQGLH,Q VWLWXWLRQHQGHU0RUDOXQGGHV5HFKWVVLFKJHUDGHLQGHU+HWHURQRPLHLQ .DXI QHKPHQGHQ 6WUDIEHZHKUWKHLW GHU OHW]WHUHQ XQG GHU DXI $XWRQRPLH JUQGHQGHQ8QEHGLQJWKHLWGHUHUVWHUHQXQWHUVFKHLGHQ 'RFKZDVYHUVWHKWQXQ+DEHUPDVVHLQHUVHLWVXQWHUHLQHUÅ$QWHLOQDK PHDP6FKLFNVDOGHVÄ1lFKVWHQ¶GHURIWGHU)HUQVWHLVW´HLQHUÅPRWLYD WLRQDOHQ9HUDQNHUXQJPRUDOLVFKHU(LQVLFKWHQ´GLHHUDXFKDOVÅ9HULQQHU OLFKXQJ YRQ $XWRULWlW´ DQVSULFKW" :HQQ LFK ULFKWLJ VHKH EHVWHKW LQ GLHVHU+LQVLFKWHLQHJHZLVVH8QEHVWLPPWKHLWLQQHUKDOE+DEHUPDV·7KHR ULH 'HQQ LQ VHLQHP $XIVDW] Å0RUDOEHZX‰WVHLQ XQG NRPPXQLNDWLYHV +DQGHOQ´YRQQlKHUWVLFK+DEHUPDVPLWGHPHEHQDQJHVSURFKHQHQ .RQ]HSW GHU 9HULQQHUOLFKXQJ RKQH H[SOL]LWHQ 5HNXUV  GHU HQWVSUHFKHQ GHQ3RVLWLRQGHV.DQWGHUHU-DKUH+DEHUPDVVSULFKWGDEHLYRQHLQHU Å,QWHJUDWLRQ YRQ (UNHQQWQLVOHLVWXQJHQ XQG *HIKOVHLQVWHOOXQJHQ´ GLH ÅMHGHV DXVJHUHLIWH PRUDOLVFKH 8UWHLOVYHUP|JHQ´ NHQQ]HLFKQHQ XQG JUHQ]W ÅGLHVHV .RQ]HSW GHU 5HLIH´ YRQ GHQ Å(UVFKHLQXQJHQ GHV PRUDOLVFKHQ 5LJRULVPXVDOV%HHLQWUlFKWLJXQJHQGHV8UWHLOVYHUP|JHQV´DE6FKOLH‰OLFK IRUGHUWHUDOVPRWLYDWLRQDOHV(OHPHQWPRUDOLVFKHU+DQGOXQJHQHLQHÅLGHD OH5ROOHQEHUQDKPH´Å6LHYHUODQJWDQVSUXFKVYROOHNRJQLWLYH2SHUDWLRQHQ 'LHVH VWHKHQ ZLHGHUXP LQ LQWHUQHQ %H]LHKXQJHQ ]X 0RWLYHQ XQG *H IKOVHLQVWHOOXQJHQ ZLH ] % GHU (PSDWKLH >@ bKQOLFKH 9HUELQGXQJHQ ]ZLVFKHQ .RJQLWLRQ (LQIKOXQJVYHUP|JHQ XQG $JDSH N|QQHQ IU GLH KHUPHQHXWLVFKH /HLVWXQJ GHU NRQWH[WVHQVLWLYHQ $QZHQGXQJ DOOJHPHLQHU 1RUPHQ JHOWHQG JHPDFKW ZHUGHQ´ :LH EHUHLWV GHU VSlWH .DQW VR IRUGHUWDXFK+DEHUPDVHLQH,QWHJUDWLRQYRQ.RJQLWLRQXQG(PSDWKLH ,QVHLQHP$XIVDW]Å*HUHFKWLJNHLWXQG6ROLGDULWlW´YRQ DOV9RU WUDJJHKDOWHQ VWHOOWHUGHPPRUDOLVFKHQSULQFLSLXPGLMXGLFDWLRQLVGHU *HUHFKWLJNHLWDXIGHUÅ(LQVWHOOXQJVHEHQH´GKDOVSULQFLSLXPH[HFXWLR QLV MHGRFK GLH 6ROLGDULWlW DQ GLH 6HLWH ² XQG H[SOL]LW QLFKW Å>@ 0LWOHLG

_____________       

+DEHUPDV +DEHUPDVZHLVWLQGLHVH5LFKWXQJ +DEHUPDVI 9JOGD]XHEG (EG (EGI 9JO.DQW9,,,IXQGREHQ†



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

/LHEH]XP1lFKVWHQ+LOIVEHUHLWVFKDIWLPZHLWHVWHQ6LQQHDEHUDXFK*H PHLQVLQQ´ 'LH ZHVHQWOLFKH hEHUOHJHQKHLW GLHVHV GLVNXUVWKHRUHWLVFKHQ 6ROLGDUL WlWVNRQ]HSWV EHU GDV JHQDQQWH %HQHYROHQ]NRQ]HSW ² XQG QLFKW +DEHU PDV·hEHUZLQGXQJGHVÄ5LJRULVPXV¶GXUFKGLH(LQEH]LHKXQJGHUGH]LGLHUW HPRWLRQDOHQ .RPSRQHQWH LQ VHLQH (WKLN ² EHJUQGHW PHLQHV (UDFKWHQV GLHPRWLYDWLRQVWKHRUHWLVFKHhEHUOHJHQKHLWYRQ+DEHUPDV·'LVNXUVWKHRULH GHU 0RUDO EHU .DQWV 0RQRORJLVPXV (UVW PLW GHU 'LVNXUVRULHQWLHUXQJ GHU6ROLGDULWlWWULWW+DEHUPDVHQGJOWLJDXVGHP.DQWLVFKHQ6FKDWWHQGHU 3ULYDWKHLWPRUDOLVFKULFKWLJHU+DQGOXQJHQXQGGHUKDQGOXQJVDXVO|VHQGHQ 0RWLYHKHUDXV+DEHUPDVKHEW]ZDUQLFKWGHXWOLFKKHUYRUGD‰6ROLGDULWlW LQVHLQHU.RQ]HSWLRQGLHHLJHQWOLFKH)XQNWLRQGHVSULQFLSLXPH[HFXWLRQLV EHUQLPPW GRFK VFKHLQW PLU GLHV HLQ V\VWHPDWLVFK DQJHPHVVHQHV 9HU VWlQGQLV]XVHLQÅ$XVNRPPXQLNDWLRQVWKHRUHWLVFKHU6LFKWHUJLEWVLFK>@ HLQHQJHU=XVDPPHQKDQJGHU6RUJHIUGDV:RKOGHV1lFKVWHQPLWGHP ,QWHUHVVHIUGDVDOOJHPHLQH:RKOGLH,GHQWLWlWGHU*UXSSHUHSURGX]LHUW VLFKEHULQWDNWH9HUKlOWQLVVHUH]LSURNHU$QHUNHQQXQJ'DUXPLVWGHU]XU LQGLYLGXHOOHQ *OHLFKEHKDQGOXQJ NRPSOHPHQWlUH *HVLFKWVSXQNW QLFKW %HQHYROHQ]VRQGHUQ6ROLGDULWlW'LHVHV3ULQ]LSZXU]HOWLQGHU(UIDKUXQJ GD‰HLQHUIUGHQ$QGHUHQHLQVWHKHQPX‰ZHLODOOHDOV*HQRVVHQDQGHU ,QWHJULWlW LKUHV JHPHLQVDPHQ /HEHQV]XVDPPHQKDQJV LQ GHUVHOEHQ :HLVH LQWHUHVVLHUWVHLQPVVHQ´ $QGLHVHU6WHOOH]HLJWVLFKIROJHQGHDQGHQEHLGHQ%HJULIIHQGHVSULQ FLSLXPGLMXGLFDWLRQLVXQGGHVSULQFLSLXPH[HFXWLRQLVDXVJHULFKWHWH6WUXN WXU GHU 7KHRULH +DEHUPDV· EHLGH 3ULQ]LSLHQ GDV GHU *HUHFKWLJNHLW XQG GDV GHU 6ROLGDULWlW ZHUGHQ EHU GHQ 'LVNXUV DXIHLQDQGHU EH]RJHQ ZR GXUFK LQVEHVRQGHUH OHW]WHUHV VHLQHQ .DQWLVFK RSDNHQ &KDUDNWHU YHUOLHUW %HLGH3ULQ]LSLHQZHUGHQDEHUDXFKGHXWOLFKYRQHLQDQGHUJHWUHQQW 8P GLHVH 6WUXNWXU IUHL]XOHJHQ LVW HV MHGRFK HUIRUGHUOLFK HLQH 'LIIH UHQ]LHUXQJLP%HJULIIGHU6ROLGDULlWYRU]XQHKPHQGLHLQ+DEHUPDV·7KH RULH YRUJH]HLFKQHW LVW YRQ LKP VR DEHU QLFKW QDPHQWOLFK EHQDQQW ZLUG YLHOPHKUODXIHQEHL+DEHUPDVGLHREMHNWLYHXQGGLHVXEMHNWLYH'LPHQVLRQ GLHVHV%HJULIIVGXUFKHLQDQGHU'LH8QWHUVFKHLGXQJGLHVHUEHLGHQ'LPHQ VLRQHQYHUVFKDIIWVHLQHU7KHRULHMHGRFKQLFKWQXUPHKU.ODUKHLWVRQGHUQ HU|IIQHW]XJOHLFKGLH0|JOLFKNHLW]ZHL)XQNWLRQVHOHPHQWHVHLQHU7KHRULH QHX]XEHVWLPPHQ 'LHREMHNWLYH6HLWHGHV%HJULIIVGHU6ROLGDULWlWEH]LHKWVLFKDXIHLQH,Q WHUDNWLRQVVWUXNWXUGLHQLFKWGXUFKGLHUHLQH5H]LSUR]LWlWGHU+DQGOXQJHQ EHVWLPPW LVW VRQGHUQ HLQVHLWLJH +LOIHOHLVWXQJHQ HLQVFKOLH‰W ,Q GLHVHP

_____________  +DEHUPDV  (EG

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



6LQQH VSULFKW +DEHUPDV QLFKW QXU YRQ *HUHFKWLJNHLW VRQGHUQ DXFK YRQ 6ROLGDULWlWDOVÅQRUPDWLYHQ9HUSIOLFKWXQJHQ´XQGEHVWLPPWEHLGHIROJHQ GHUPD‰HQÅ*HUHFKWLJNHLWEH]LHKWVLFKDXIGLHJOHLFKHQ)UHLKHLWHQXQYHUWUHW EDUHU XQG VLFK VHOEVW EHVWLPPHQGHU ,QGLYLGXHQ ZlKUHQG VLFK 6ROLGDULWlW DXIGDV:RKOGHULQHLQHULQWHUVXEMHNWLYJHWHLOWHQ/HEHQVIRUPYHUVFKZLV WHUWHQ*HQRVVHQEH]LHKW²XQGGDPLWDXFKDXIGLH(UKDOWXQJGHU,QWHJULWlW GLHVHU/HEHQVIRUPVHOEVW´ 'LHVXEMHNWLYH6HLWH²XQGGDPLWLVWGLH6ROLGDULWlWDOVSULQFLSLXPH[H FXWLRQLVDQJHVSURFKHQ²EH]LHKWVLFKDXIGHQHPRWLYHQ$VSHNWGHUDXFK GHUDOOWDJVVSUDFKOLFKHQ9HUZHQGXQJGHV%HJULIIVDOV*HPHLQVLQQDOV=X VDPPHQJHK|ULJNHLWVJHIKO5HFKQXQJWUlJW 'D‰ +DEHUPDV GHQ VXEMHNWLYHQ $VSHNW GHV 6ROLGDULWlWVEHJULIIV DOV .DQGLGDW IU HLQ SULQFLSLXP H[HFXWLRQLV LQ QRWZHQGLJHU (UJlQ]XQJ GHU ÄVFKZDFKPRWLYLHUHQGHQ.UDIWJXWHU*UQGH¶ LP%OLFNKDWZLUGGHXWOLFK ZHQQHUGLHVH6ROLGDULWlWDOVDIIHNWLYH%HGLQJXQJGHU |IIHQWOLFKHQ 5HDOL VLHUXQJ YRQ *HUHFKWLJNHLW FKDUDNWHULVLHUW Å%HLGHV WULIIW ]X RKQH GLH XQ HLQJHVFKUlQNWH LQGLYLGXHOOH )UHLKHLW GHU 6WHOOXQJQDKPH ]X QRUPDWLYHQ *HOWXQJVDQVSUFKHQ N|QQWH GLH IDNWLVFK HU]LHOWH hEHUHLQVWLPPXQJ QLFKW ZDKUKDIWDOOJHPHLQVHLQDEHURKQHGLHVROLGDULVFKH(LQIKOXQJHLQHVMHGHQ LQ GLH /DJH DOOHU DQGHUHQ N|QQWH HV ]X HLQHU NRQVHQVIlKLJHQ /|VXQJ JDU QLFKWNRPPHQ´'LHREMHNWLYH*HUHFKWLJNHLWJLOWDOV,QGLNDWRUDOVSULQFL SLXPGLMXGLFDWLRQLVPRUDOLVFKHQ+DQGHOQV'LHVXEMHNWLYHPSIXQGHQH6ROLGD ULWlW ZLUNW DOV 0RWRU DOV SULQFLSLXP H[HFXWLRQLV PRUDOLVFKHQ +DQGHOQV $OV VROFKHVLQGEHLGH3ULQ]LSLHQYRQHLQDQGHUIXQNWLRQDOYHUVFKLHGHQZlKUHQG 3HUVRQHQ]XJHUHFKWHP+DQGHOQYHUSIOLFKWHWZHUGHQN|QQHQLVWGLH9HU SIOLFKWXQJ]XHLQHP=XVDPPHQJHK|ULJNHLWVJHIKO ZLHGLH9HUSIOLFKWXQJ ]XMHGZHGHP*HIKO HLQEHJULIIOLFKHV8QGLQJ %HLGH *HUHFKWLJNHLW XQG 6ROLGDULWlW VLQG QDFK +DEHUPDV DEHU DXFK DXIHLQDQGHU EH]RJHQ ² XQG KLHU ]HLJW VLFK GLH 1RWZHQGLJNHLW QLFKW QXU HLQHU(QJIKUXQJGHUVXEMHNWLYHQXQGREMHNWLYHQ'LPHQVLRQHQGHV6ROL GDULWlWVEHJULIIVVRQGHUQDXFKHLQHU(QJIKUXQJYRQEHJUQGXQJVWKHRUH WLVFKHQXQGPRUDOSV\FKRORJLVFKHQE]ZSlGDJRJLVFKHQ+LQVLFKWHQ'HQQ *HUHFKWLJNHLWXQG6ROLGDULWlWVSHLVHQVLFKEHJUQGXQJVWKHRUHWLVFKDXVGHQ 'LVNXUVYRUDXVVHW]XQJHQ EHU GHQ 'LVNXUV N|QQHQ DEHU EHLGH DXFK HUVW PRUDOSV\FKRORJLVFKE]ZSlGDJRJLVFKHWDEOLHUWZHUGHQ 'LHHUVWHEHJUQGXQJVWKHRUHWLVFKH+LQVLFKWEHWULIIW+DEHUPDV·$EOHL WXQJ GHV 8QLYHUVDOLVLHUXQJVJUXQGVDW]HV DOV $UJXPHQWDWLRQVUHJHO IU GLH %HJUQGXQJ PRUDOLVFKHU 8UWHLOH DXV GHQ DOOJHPHLQHQ 'LVNXUVYRUDXVVHW ]XQJHQ gIIHQWOLFKNHLW*OHLFKEHUHFKWLJXQJ:DKUKDIWLJNHLWXQG=ZDQJOR

_____________  (EGI  (EG



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

VLJNHLW  'LH ]ZHLWH PRUDOSV\FKRORJLVFKH E]Z SlGDJRJLVFKH +LQVLFKW EHWULIIW GLH GLVNXUVWKHRUHWLVFKH 9HUNQSIXQJ EHLGHU 3ULQ]LSLHQ Å6R WUlJW GDV 9HUIDKUHQ GLVNXUVLYHU :LOOHQVELOGXQJ GHP LQQHUHQ =XVDPPHQKDQJ EHLGHU$VSHNWH5HFKQXQJGHU$XWRQRPLHXQYHUWUHWEDUHU,QGLYLGXHQXQG LKUHU YRUJlQJLJHQ (LQEHWWXQJ LQ LQWHUVXEMHNWLY JHWHLOWH /HEHQVIRUPHQ EHUKDXSW´ 'HXWOLFK ZLUG EHL GLHVHU (QJIKUXQJ YRQ *HUHFKWLJNHLW XQG 6ROLGDULWlW MHGRFK DXFK GD‰ HV VLFK KLHU QLFKW XP GLH %HREDFKWXQJ HLQHV XUZFKVLJHQ 6DFKYHUKDOWV KDQGHOW VRQGHUQ XP GHQ =LHOSXQNW GHU 6R]LDOLVDWLRQ XQG 0RUDOHQWZLFNOXQJ (UVW HLQH .XOWXU UDWLRQDO JHIKUWHU 'LVNXUVHNDQQGLHÅ*UHQ]HQHLQHUNRQNUHWHQ/HEHQVZHOWGHU)DPLOLHGHV 6WDPPHV GHU 6WDGW RGHU GHU 1DWLRQ´ EHUVFKUHLWHQ XQG GDPLW ]X GHU DOOJHPHLQHQ XQG ÅUH]LSURNHQ $QHUNHQQXQJ ]XUHFKQXQJVIlKLJHU 6XEMHNWH >IKUHQ.3@GLHLKU+DQGHOQDQ*HOWXQJVDQVSUFKHQRULHQWLHUHQ´ 0LWGHPVSlWHQ.DQWGHUQLFKWQXUGLHXQLYHUVHOOH*OWLJNHLWGHV6LW WHQJHVHW]HVYHUWHLGLJWVRQGHUQDXFKGHQ%HJULIIGHUÅ/LHEHDOVIUHLH$XI QDKPHGHV:LOOHQVHLQHV$QGHUQXQWHUVHLQH0D[LPHQ´HLQEH]LHKWJHKW GLHVH.RQ]HSWLRQGHVSULQFLSLXPH[HFXWLRQLVLQVRIHUQNRQIRUPDOV HQW JHJHQ GHU +DEHUPDV·VFKHQ $EJUHQ]XQJ  EHLP VSlWHQ .DQW YRQ HLQHU UDWLRQDOLVWLVFKHQ,QGLYLGXDOLVLHUXQJNHLQH5HGHPHKUVHLQNDQQGHUVSlWH .DQW WKHPDWLVLHUW GLH DIIHNWLYH Ä(LQEH]LHKXQJ GHV $QGHUHQ¶ 'HU 8QWHU VFKLHGEHWULIIWYLHOPHKUZLHEHUHLWVEHWRQWGLH'LVNXUVLYLWlWGHU:LOOHQV ELOGXQJGLH.DQWDX‰HU$FKWJHODVVHQKDWWH+DEHUPDV·SULQ]LSLHOOH'LV NXUVRULHQWLHUXQJGLHVLFKLQGHPGLVNXUVHWKLVFKHQ*UXQGVDW]Ä'¶lX‰HUW Å>@GD‰QXUGLH1RUPHQ*HOWXQJEHDQVSUXFKHQGUIHQGLHGLH=XVWLP PXQJDOOHU%HWURIIHQHQDOV7HLOQHKPHUHLQHVSUDNWLVFKHQ'LVNXUVHVILQGHQ RGHUILQGHQN|QQWHQ ´IKUW]XHLQHUUHFKWIHUWLJXQJVRULHQWLHUWHQ6R]LD OLVLHUXQJ GHU .DQWLVFKHQ 0RUDOWKHRULH GHUHQ $XIJDEH QlPOLFK Å>@ GLH %HGLQJXQJHQ]XH[SOL]LHUHQXQWHUGHQHQMHZHLOVGLH%HWHLOLJWHQVHOEVWHLQH YHUQQIWLJH $QWZRUW ILQGHQ N|QQWHQ´ LP 9HUJOHLFK ]XU .DQWLVFKHQ 0HWDSK\VLNGHU6LWWHQJUXQGOHJHQGQHXEHVWLPPWLVW +DEHUPDV· $XIIDVVXQJ YRQ ,QWHUSHUVRQDOLWlW NDQQ LP JHJHQZlUWLJHQ PRWLYDWLRQVWKHRUHWLVFKHQ 5DKPHQ DOV HLQ ZHLWHUHU 'LIIHUHQ]SXQNW GHU 7KHRULHLP*HJHQVDW]]X.DQWVDWRPLVWLVFKHUERWWRPXS.RQ]HSWLRQQXU EHQDQQWQLFKWDEHUZHLWHUYHUIROJWRGHUNULWLVLHUWZHUGHQ3HUVRQHQZHU

_____________ 9JO+DEHUPDVVRZLHGHUVI +DEHUPDV (EG .DQW9,,, +DEHUPDV +DEHUPDV +DEHUPDV

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



GHQQDFK+DEHUPDVÅ]X,QGLYLGXHQDOOHLQGDGXUFKKHUDQJHELOGHWGD‰VLH LQ HLQH 6SUDFKJHPHLQVFKDIW XQG GDPLW LQ HLQH LQWHUVXEMHNWLY JHWHLOWH /H EHQVZHOW KLQHLQZDFKVHQ ,Q GLHVHQ %LOGXQJVSUR]HVVHQ HQWVWHKHQ XQG HU KDOWHQ VLFK JOHLFKXUVSUQJOLFK GLH ,GHQWLWlW GHV (LQ]HOQHQ XQG GLH GHV .ROOHNWLYV GHP GLHVHU DQJHK|UW´ :lKUHQG .DQW VHLQ %LOG YRQ GHU PHQVFKOLFKHQ3UD[LVLPGRSSHOWHQ5DKPHQGHVPXQGXVLQWHOOLJLELOLVXQG GHV PXQGXV VHQVLELOLV ]HLFKQHW EHILQGHW VLFK +DEHUPDV· %LOG ZLH EHL PRGHUQHQ%LOGHUQKlXILJ QLFKWLQHLQHP5DKPHQVRQGHUQLQWHJULHUWGLH PHWDSK\VLVFKHQRGHUNRQWUDIDNWLVFKHQ$QQDKPHQLQGDV%LOGVHOEVW'LH $QHUNHQQXQJVWKHRULHDXIGHUVHLQH'LVNXUVWKHRULHGHU0RUDODXIUXKWLVW VHOEVW7HLOHLQHUXPIDVVHQGHQ(UNOlUXQJPHQVFKOLFKHU3UD[LV 1LFKW QXU GLH *HUHFKWLJNHLW VRQGHUQ DXFK GLH 6ROLGDULWlW VXEMHNWLY ZLH REMHNWLY KLQVLFKWOLFK LKUHV *HOWXQJV ZLH LKUHV (QWVWHKXQJVDVSHNWV EHGUIHQ]XLKUHU(UNOlUXQJZHVHQWOLFKGHUGLVNXUVLYHQ(LQEH]LHKXQJGHV $QGHUHQ 0LW +DEHUPDV· 0RUDOSULQ]LS GHP 8QLYHUVDOLVLHUXQJVJUXQGVDW] Ä8¶DOV$UJXPHQWDWLRQVUHJHO]XU$XIILQGXQJPRUDOLVFKHU1RUPHQPLWÄ'¶ GHU9HUIDKUHQVUHJHOPRUDOLVFKHU$UJXPHQWDWLRQVRZLHPLWGHP.RQ]HSW GHU $QHUNHQQXQJ VLQG GLH NROODWHUDOHQ )HVWOHJXQJHQ VHLQHV 6\VWHPV EH QDQQWGLHHLQJDQJVGLHVHV.DSLWHOVDOVNRQ]HSWLRQHOOQRWZHQGLJH9HUDQNH UXQJ YRQ +DEHUPDV· %HJULII HLQHU PRUDOLVFKHQ0RWLYDWLRQ DQJHVSURFKHQ ZXUGHQ $EVFKOLH‰HQGLVWQXUQRFKDXIGLHOHEHQVZHOWOLFKH(LQEHWWXQJGHV0R WLYDWLRQVNRQ]HSWV KLQ]XZHLVHQ GLH MHGRFK NHLQHVZHJV UHVLJQDWLY YHUVWDQ GHQZHUGHQVROOWH:DVDXVSKLORVRSKLVFKHU6LFKW]XPSULQFLSLXPH[HFX WLRQLVPRUDOLVFK ULFKWLJHU+DQGOXQJHQ ]X VDJHQ LVW ZXUGH EHUHLWV JHVDJW (LQHZHLWHUUHLFKHQGH)RUGHUXQJQDFKGHU%HJUQGXQJPRUDOLVFKHQ+DQ GHOQV ZLH EHLVSLHOVZHLVH YRQ $SHO YRUJHEUDFKW LVW DOV SKLORVRSKLVFKH +\EULV ]XUFN]XZHLVHQ 6WDWWGHVVHQ ILQGHW VLFK QXQ LP .RQWH[W GHU 5HDOLVLHUXQJYRQ0RUDOLWlW²QLFKWGHPGHUSKLORVRSKLVFKHQ%HJUQGXQ JHQ²HLQ.RQYHUJHQ]SXQNW]XU(WKLN.DQWVGHUMD]XPLQGHVWLQGHU$XV DUEHLWXQJ YRQ  KLQWHU GLH Ä%HJUQGXQJVOHKUH¶ GHU 0RUDO HLQH 0HWKR GHQOHKUH LQ SUDNWLVFKHU E]Z SUDJPDWLVFKHU +LQVLFKW JHVWHOOW KDW .DQW HLQVFKOLH‰HQG EHVFKUHLEW +DEHUPDV GHQ =XVDPPHQKDQJ ]ZLVFKHQ DEV WUDNWHQ 1RUPHQ XQG GHU /HEHQVZHOW IROJHQGHUPD‰HQÅ:DV PRUDOLVFKHV XQGYRUDOOHPXQPRUDOLVFKHV9HUKDOWHQEHGHXWHWHUIDKUHQZLUXQGOHUQHQ ZLUYRUDOOHU3KLORVRSKLHGDVEHJHJQHWXQVLP0LWOHLGHQPLWGHUYHUVHKUWHQ ,QWHJULWlWDQGHUHUQLFKWZHQLJHUDXIGULQJOLFKDOVLP/HLGHQDQGHUYHUOHW]

_____________ +DEHUPDV 9JO +DEHUPDV   ÅhEHUIRUGHUW ZLUG GLH 3KLORVRSKLH YRQ MHQHU )UDJH GLH $SHO ÄGLH H[LVWHQWLHOOH )UDJH QDFK GHP 6LQQ GHV 0RUDOLVFKVHLQV¶ QHQQW´ 9JO GD]X $SHO



.DS²3UlYDOHQWH+DQGOXQJVJUQGHXQGPRUDOLVFKH0RWLYDWLRQ

WHQHLJHQHQ,GHQWLWlWRGHULQGHU$QJVWXPGHUHQ*HIlKUGXQJ'LHXQDXV GUFNOLFKHQ 6R]LDOLVDWLRQVHUIDKUXQJHQ YRQ 6FKRQXQJ VROLGDULVFKHU +LOIH XQG)DLUQH‰SUlJHQXQVHUH,QWXLWLRQHQXQGEHOHKUHQXQVGDUEHUEHVVHU DOV DOOH $UJXPHQWH HV YHUP|FKWHQ´ 'DPLW VLQG ZLU HQGJOWLJ EHL GHQ ÅHQWJHJHQNRPPHQGHQ/HEHQVIRUPHQ´DQJHNRPPHQDXIGLHMHGHXQLYHU VDOLVWLVFKH 0RUDO DQJHZLHVHQ LVW %HGDXHUQ NDQQ GLHV QXU ZHU GHQ JUXQGOHJHQGHQ 8QWHUVFKLHG ]ZLVFKHQ LQWUDSHUVRQDOHQ %HJUQGXQJHQ XQG LQWHUSHUVRQDOHQ5HFKWIHUWLJXQJHQEHUVLHKWRGHUHLQHEQHW +DEHUPDVJHKWZLHYRULKP.DQWYRQHLQHU8QWHUVFKHLGXQJ]ZLVFKHQ EOR‰HU  /HJDOLWlW XQG 0RUDOLWlW DXV 3IOLFKWJHPl‰H +DQGOXQJHQ VWHKHQ KLQVLFKWOLFK LKUHU PRUDOLVFKHQ 'LJQLWlW XQWHUKDOE GHU +DQGOXQJHQ DXV 3IOLFKW'RFKZlKUHQGGHUNULWLVFKH.DQWGLHVH0RUDOLWlWHLQHU+DQGOXQJLQ HLQH MHJOLFKHU 9HULILNDWLRQ XQ]XJlQJOLFKH :LUNXQJ GHU 9HUQXQIW DXI GDV *HIKOYHUOHJWZHQGHW+DEHUPDVGLHVHQ,QWURVSHNWLRQLVPXVQDFKDX‰HQ XQGNDSSWGDPLWGLH.DQWLVFKH9HUELQGXQJ]ZLVFKHQGHPREMHNWLYHQXQG GHPVXEMHNWLYHQ+DQGOXQJVSULQ]LSGHU0RUDOGHPSULQFLSLXPGLMXGLFDWL RQLVXQGGHPSULQFLSLXPH[HFXWLRQLVZREHLGLHIROJHQGHQEHLGHQ3XQNWH YRQ]HQWUDOHU%HGHXWXQJVLQG (UVWHQV(LQH+DQGOXQJDXV3IOLFKWZLUGQLFKWOlQJHUGDUDQJHPHVVHQ ZHOFKHKDQGOXQJVDXVO|VHQGHQ0RWLYH]XGLHVHU+DQGOXQJJHIKUWKDEHQ VRQGHUQGDUDQREGLH+DQGOXQJ]XPHLQHQYRQHLQHU(LQVLFKWLQGLHHQW VSUHFKHQGH1RUPXQG]XPDQGHUHQYRQGHU(LQVLFKWLQGLHHLJHQH)HVWOH JXQJDXIGLHVH1RUPJHOHLWHWLVW'LHVH(LQVLFKWHQPVVHQ²XQGGDVLVW GHUHQWVFKHLGHQGH6FKULWWLQGHU$UJXPHQWDWLRQ²LP6SLHOGHV)RUGHUQV XQG/LHIHUQVYRQ*UQGHQGLVNXUVLYHLQJHO|VWZHUGHQN|QQHQ'DPLWLVW +DEHUPDV· $UJXPHQWDWLRQ IU GDV SULQFLSLXP GLMXGLFDWLRQLV HLQHU PRUDOL VFKHQ+DQGOXQJJHVFKORVVHQXQG]XJOHLFK%UDQGRPV3URMHNWGHU([SOLND WLRQ GHRQWLVFKHU 6WDWXV XQG (LQVWHOOXQJHQ LQ GHU 0RUDOSKLORVRSKLH UHDOL VLHUW =ZHLWHQV'DVSULQFLSLXPH[HFXWLRQLVHLQHU+DQGOXQJZLUGGDGXUFKYRQ GHU QRUPDWLYHQ /DVW GHU 0RUDOLWlW EHIUHLW GD‰ HV DOV $QWZRUW DXI HLQH DQGHUH)UDJHDXIJHID‰WZLUG'DVSULQFLSLXPH[HFXWLRQLVOLHIHUWQLFKWZLH EHL.DQWGHQ%HZHLVJUXQGPRUDOLVFKHU+DQGOXQJHQVRQGHUQEHQHQQWGLH EHLHQGOLFKHQ:HVHQZLHXQV0HQVFKHQIDNWLVFKHUIRUGHUOLFKH5DKPHQEH GLQJXQJVROFKHU+DQGOXQJHQ'DVLVWQLFKWQLFKWVDEHUHVLVWZHQLJHUDOV GDVEHJUQGXQJVWKHRUHWLVFKUHOHYDQWH*HIKOGHU$FKWXQJEHL.DQW+D EHUPDV·.RQ]HSWGHU6ROLGDULWlWDOVVXEMHNWLYH'LVSRVLWLRQDOVNXOWLYLHUED UHV XQG ]X NXOWLYLHUHQGHV (LQIKOXQJVYHUP|JHQ VWHKW DOV VROFKHV QLFKW ]XUPRUDOLVFKHQ%HZHUWXQJHLQHUDNWXHOOHQ+DQGOXQJDQ'D‰ PLWGLHVHP

_____________ +DEHUPDV 9JO+DEHUPDV

†+DQGOXQJVJUQGHXQGGDVHPRWLYH)XQGDPHQWGHU6ROLGDULWlW 



:LVVHQ JHVHOOVFKDIWVSROLWLVFKGLH6FKDIIXQJHLQHVVROLGDULVFKHQ.OLPDVDOV %HGLQJXQJJHOHEWHU0RUDOLWlWVHOEVW]XHLQHU$XIJDEHXQG3IOLFKWZHUGHQ NDQQ VWHKW DXI HLQHP DQGHUHQ %ODWW 6R]LDOH 5DKPHQEHGLQJXQJHQ IU 6ROLGDULWlW ]X VFKDIIHQ LVW VHOEVW HLQ PRUDOLVFK XQG VFKOLH‰OLFK SROLWLVFK UHOHYDQWHV=LHO'RFKLQQHUKDOEGLHVHV5DKPHQVZLUG0RUDOLWlWQLFKWXQG NDQQ0RUDOLWlWQLFKWDQ*HIKOHQJHPHVVHQZHUGHQ

   

%LEOLRJUDSKLH

  $GLFNHV (ULFK   .DQWV /HKUH YRQ GHU GRSSHOWHQ $IIHNWLRQ XQVHUHV ,FK DOV 6FKOVVHO]XVHLQHU(UNHQQWQLVWKHRULH7ELQJHQ $OH[\5REHUW  Å(LQH7KHRULHGHVSUDNWLVFKHQ'LVNXUVHV´LQ1RU PHQEHJUQGXQJ²1RUPHQGXUFKVHW]XQJ0DWHULDOLHQ]XU1RUPHQGLVNXVVLRQ KJY:LOOL2HOPOOHU%G3DGHUERUQ6 $OH[\5REHUW3HF]HQLN$OHNVDQGHU  Å7KH&RQFHSWRI&RKHUHQFH DQG ,WV 6LJQLILFDQFH IRU 'LVFXUVLYH 5DWLRQDOLW\µ LQ 5DWLR -XULV   $OH[\ 5REHUW   Å1RUPHQEHJUQGXQJ XQG 1RUPDQZHQGXQJ´ LQ GHUV 5HFKW 9HUQXQIW 'LVNXUV 6WXGLHQ ]XU 5HFKWVSKLORVRSKLH )UDQN IXUW0 $OOLVRQ +HQU\ (   Å7UDQVFHQGHQWDO ,GHDOLVP 7KH ¶7ZR $VSHFW· 9LHZ´ LQ 1HZ (VVD\V RQ .DQW KJ Y % G 2XGHQ  0 0RHQ 1HZRULJ@ +DEHUPDV -UJHQ   0RUDOEHZX‰WVHLQ XQG NRPPXQLNDWLYHV +DQGHOQ )UDQNIXUW0>RULJ@ +DEHUPDV-UJHQ  (UOlXWHUXQJHQ]XU'LVNXUVHWKLN)UDQNIXUW0 +DEHUPDV-UJHQ  )DNWL]LWlWXQG*HOWXQJ%HLWUlJH]XU'LVNXUVWKHRULH GHV 5HFKWV XQG GHV GHPRNUDWLVFKHQ 5HFKWVVWDDWV )UDQNIXUW0 >RULJ @ +DEHUPDV-UJHQ  'LH(LQEH]LHKXQJGHV$QGHUHQ6WXGLHQ]XUSROLWLVFKHQ 3KLORVRSKLH)UDQNIXUW0 +DEHUPDV -UJHQ   'LH SRVWQDWLRQDOH .RQVWHOODWLRQ 3ROLWLVFKH (VVD\V )UDQNIXUW0 +DEHUPDV-UJHQ  :DKUKHLWXQG5HFKWIHUWLJXQJ3KLORVRSKLVFKH$XIVlW]H )UDQNIXUW0

%LEOLRJUDSKLH



+DEHUPDV -UJHQ   .RPPXQLNDWLYHV +DQGHOQ XQG GHWUDQV]HQGHQWDOLVLHUWH 9HUQXQIW6WXWWJDUW +DEHUPDV-UJHQ  'LH=XNXQIWGHUPHQVFKOLFKHQ1DWXU$XIGHP:HJ ]XHLQHUOLEHUDOHQ(XJHQLN)UDQNIXUW0>RULJ@ +DEHUPDV -UJHQ   =ZLVFKHQ 1DWXUDOLVPXV XQG 5HOLJLRQ 3KLORVRSKLVFKH $XIVlW]H)UDQNIXUW0 +DKQ6XVDQQH  hEHUOHJXQJVJOHLFKJHZLFKW H 3UIXQJHLQHU5HFKWIHUWLJXQJV PHWDSKHU)UHLEXUJ%U +DOELJ&KULVWRSK  Å1RUPDWLYH*UQGH1HXH%HLWUlJH]XU7KHRULH SUDNWLVFKHU9HUQXQIW ,, ´LQ'HXWVFKH=HLWVFKULIWIU3KLORVRSKLH  +DPDQQ-RKDQQ*HRUJ  Å0HWDNULWLNEHUGHQ3XULVPXPGHU9HU QXQIW´   LQ %ULHIZHFKVHO %G  KJ Y $ +HQNHO )UDQN IXUW0 +DPSWRQ -HDQ   7KH $XWKRULW\ RI 5HDVRQ +J Y 5LFKDUG +HDOH\ &DPEULGJH +DPSWRQ-HDQ  Å&RQWUDFWVDQG&KRLFHV'RHV5DZOV+DYHD6RFLDO &RQWUDFW7KHRU\µLQ-RXUQDORI3KLORVRSK\ +DUH5LFKDUG0  0RUDOLVFKHV'HQNHQ6HLQH(EHQHQVHLQH0HWKRGHVHLQ :LW] hEHUV 9 &KULVWRSK )HKLJH XQG *HRUJ 0HJJOH )UDQN IXUW0>HQJO2ULJLQDO0RUDO7KLQNLQJ,WV/HYHOV0HWKRGDQG3RLQW 2[IRUG@ +HQULFK 'LHWHU   ÅhEHU .DQWV IUKHVWH (WKLN 9HUVXFK HLQHU 5H NRQVWUXNWLRQ´LQ.DQW6WXGLHQ +HQULFK 'LHWHU   Å'HU %HJULII GHU VLWWOLFKHQ (LQVLFKW XQG .DQWV /HKUHYRP)DNWXPGHU9HUQXQIW´LQ.DQW=XU'HXWXQJVHLQHU7KH RULHYRQ(UNHQQHQXQG+DQGHOQKJY*HUROG3UDXVV.|OQ +HQULFK'LHWHU  Å(WKLNGHU$XWRQRPLH´LQGHUV6HOEVWYHUKlOWQLVVH 6WXWWJDUW +HQULFK 'LHWHU   Å.DQW·V 1RWLRQ RI D 'HGXFWLRQ DQG WKH 0HWKR GRORJLFDO%DFNJURXQGRIWKH)LUVW&ULWLTXHµLQ.DQW·V7UDQVFHQGHQWDO 'HGXFWLRQV7KH7KUHH&ULWLTXHVDQGWKH2SXV3RVWXPXPKJY(FNDUW )|UVWHU6WDQIRUG +LOO7KRPDV(-U  Å7KH+\SRWKHWLFDO,PSHUDWLYH´LQ3KLORVRSKLFDO 5HYLHZ +LOO7KRPDV(-U  'LJQLW\DQG3UDFWLFDO5HDVRQLQ.DQW·V0RUDO7KHRU\ ,WKDFD +LQFKPDQ(GZDUG6  Å7UXVWDQG'LDFURQLF$JHQF\´LQ1RXV  +REEHV 7KRPDV   /HYLDWKDQ RGHU 'LH 0DWHULH )RUP XQG 0DFKW HLQHV NLUFKOLFKHQ XQG VWDDWOLFKHQ *HPHLQZHVHQV >2ULJLQDO /RQGRQ @ +DPEXUJ +RHUVWHU1RUEHUW  Å=XP3UREOHPHLQHUDEVROXWHQ1RUPJHOWXQJ´ LQ6WDDWVUHFKWLQ7KHRULHXQG3UD[LV)HVWVFKULIWIU5REHUW:DOWHUKJY +HLQ]0D\HU:LHQ



%LEOLRJUDSKLH 

+ROWRQ 5LFKDUG   Å5DWLRQDO 5HVROYH´ LQ 3KLORVRSKLFDO 5HYLHZ   +RQQHWK $[HO +J    .RPPXQLWDULVPXV (LQH 'HEDWWH EHU GLH PRUDOL VFKHQ*UXQGODJHQPRGHUQHU*HVHOOVFKDIWHQ)UDQNIXUW0 +RQQHWK$[HO  Å8QVLFKWEDUNHLWhEHUGLHPRUDOLVFKH(SLVWHPROR JLH YRQ Ä$QHUNHQQXQJ¶´ LQ GHUV 8QVLFKWEDUNHLW 6WDWLRQHQ HLQHU 7KHRULHGHU,QWHUVXEMHNWLYLWlW)UDQNIXUW0 +XPH'DYLG  $7UHDWLVHRI+XPDQ1DWXUH%HLQJDQ$WWHPSWWR,QWUR GXFHWKH([SHULPHQWDO0HWKRGRI5HDVRQLQJLQWR0RUDO6XEMHFWV/RQGRQ +XVVDLQ1DGHHP-=  Å'LVFXVVLRQ²¶7KH*XLVHRID5HDVRQ·µLQ 3KLORVRSKLFDO6WXGLHV -DQLFK 3HWHU   .XOWXU XQG 0HWKRGH 3KLORVRSKLH LQ HLQHU ZLVVFKHQVFKDIWOLFK JHSUlJWHQ:HOW)UDQNIXUW0 -RQDV +DQV   'DV 3ULQ]LS 9HUDQWZRUWXQJ 9HUVXFK HLQHU (WKLN IU GLH WHFKQRORJLVFKH=LYLOLVDWLRQ)UDQNIXUW0 .DLQ 3DWULFN   Å3UXGHQWLDO 5HDVRQ LQ .DQW·V $QWKURSRORJ\´ LQ (VVD\VRQ.DQW·V$QWKURSRORJ\KJY%ULDQ-DFREVXQG3DWULFN.DLQ &DPEULGJH .DPEDUWHO)ULHGULFK  Å0RUDOLVFKHV$UJXPHQWLHUHQ²0HWKRGLVFKH $QDO\VHQ]XU(WKLN´LQ3UDNWLVFKH3KLORVRSKLHXQGNRQVWUXNWLYH:LV VHQVFKDIWVWKHRULHKJY)ULHGULFK.DPEDUWHO)UDQNIXUW0 .DPEDUWHO)ULHGULFK  3KLORVRSKLHGHUKXPDQHQ:HOW)UDQNIXUW0 .DPP )UDQFHV 0   Å2ZLQJ -XVWLI\LQJ DQG 5HMHFWLQJ´ LQ 0LQG  .DQW ,PPDQXHO   *HVDPPHOWH 6FKULIWHQ +HUDXVJHJHEHQ YRQ GHU .| QLJOLFK 3UHX‰LVFKHQ $NDGHPLH GHU :LVVHQVFKDIWHQ %HUOLQ >5|PL VFKH=LIIHUQJHEHQGHQ%DQGDQDUDELVFKH=LIIHUQGLH6HLWHQ]DKO GHV%DQGHVGLH.ULWLNGHUUHLQHQ9HUQXQIW .U9 ZLUGQDFKGHQ2UL JLQDOSDJLQLHUXQJHQGHU$XVJDEHQYRQ $ XQG % ]L WLHUW@ .DQW,PPDQXHO  9RUOHVXQJ]XU0RUDOSKLORVRSKLH+JY:HUQHU6WDUN PLW HLQHU (LQOHLWXQJ YRQ 0DQIUHG .KQ %HUOLQ >]LWLHUW QDFK GHU RULJLQDOHQ3DJLQLHUXQJ@ .DYND*UHJRU\6  Å'DV9HUV|KQXQJVSURMHNW´LQ:DUXPPRUDOLVFK VHLQ"KJY.XUW%D\HUW]3DGHUERUQ .HWWQHU 0DWWKLDV   Å*XWH *UQGH 7KHVHQ ]XU GLVNXUVLYHQ 9HU QXQIW´LQ'LHHLQH9HUQXQIWXQGGLHYLHOHQ5DWLRQDOLWlWHQKJY.DUO 2WWR$SHOXQG0DWWKLDV.HWWQHU)UDQNIXUW0 .HXO+DQV.ODXV  Å6XEMHNWLYLWlWXQG,QWHUVXEMHNWLYLWlW=XP)UHL KHLWVEHJULIIEHL.DQWXQG+DEHUPDV´LQ'HXWVFKH=HLWVFKULIWIU3KL ORVRSKLH .OLPFKXN 'HQQLV   Å7KUHH $FFRXQWV RI 5HVSHFW IRU 3HUVRQV LQ .DQW·V(WKLFV´LQ.DQWLDQ5HYLHZ

%LEOLRJUDSKLH



.QHOO6HEDVWLDQ D Å(LQHGHIODWLRQLVWLVFKH7KHRULHGHU,QWHQWLRQDOL WlW" %UDQGRPV $QDO\VH GHUHVSH]LIL]LHUHQGHU (LQVWHOOXQJV]X VFKUHLEXQJHQ´LQ'HXWVFKH=HLWVFKULIWIU3KLORVRSKLH .QHOO 6HEDVWLDQ E  Å'LH QRUPDWLYLVWLVFKH :HQGH GHU DQDO\WLVFKHQ 3KLORVRSKLH=X5REHUW%UDQGRPV7KHRULHEHJULIIOLFKHQ*HKDOWV XQG GLVNXUVLYHU 3UD[LV´ LQ $OOJHPHLQH =HLWVFKULIW IU 3KLORVRSKLH   .QHOO6HEDVWLDQ  3URSRVLWLRQDOHU*HKDOWXQGGLVNXUVLYH.RQWRIKUXQJ(LQH 8QWHUVXFKXQJ ]XU %HJUQGXQJ GHU 6SUDFKDEKlQJLJNHLW LQWHQWLRQDOHU =X VWlQGHEHL%UDQGRP%HUOLQ .|KO+DUDOG  .DQWV*HVLQQXQJVHWKLN%HUOLQ .|KO +DUDOG   Å0RUDO XQG .OXJKHLW 5RUW\V .ULWLN DQ HLQHU NDQWL VFKHQ8QWHUVFKHLGXQJ´LQ'HXWVFKH=HLWVFKULIWIU3KLORVRSKLH  .|KOHU :ROIJDQJ 5   Å'DV 5HFKW DXI 0HQVFKHQUHFKWH´ LQ 5HFKW DXI0HQVFKHQUHFKWH0HQVFKHQUHFKWH'HPRNUDWLHXQGLQWHUQDWLRQDOH3ROLWLN KJ Y +DXNH %UXQNKRUVW :ROIJDQJ 5 .|KOHU 0DWWKLDV /XW] %DFKPDQQ)UDQNIXUW0 .RQKDUGW .ODXV   Å)DNWXP GHU 9HUQXQIW" =X .DQWV )UDJH QDFK GHP ÄHLJHQWOLFKHQ 6HOEVW¶ GHV 0HQVFKHQ´ LQ +DQGOXQJVWKHRULH XQG 7UDQV]HQGHQWDOSKLORVRSKLHKJY*HUROG3UDXVV)UDQNIXUW0  .RUVJDDUG&KULVWLQH0 D &UHDWLQJWKH.LQJGRPRI(QGV&DPEULGJH .RUVJDDUG&KULVWLQH0 E 7KH6RXUFHVRI1RUPDWLYLW\&DPEULGJH .RUVJDDUG &KULVWLQH 0   Å7KH 1RUPDWLYLW\ RI ,QVWUXPHQWDO 5HD VRQ´LQ(WKLFVDQG3UDFWLFDO5HDVRQKJY*DUUHWW&XOOLW\XQG%HU\V *DXW2[IRUG .RUVJDDUG &KULVWLQH 0   6HOI&RQVWLWXWLRQ $JHQF\ ,GHQWLW\ DQG ,QWHJ ULW\2[IRUG .XHKQ0DQIUHG 0V Å,V.DQW·V(WKLFVD7\SHRI9LUWXH(WKLFV"´ .XKQ7KRPDV6  'LH6WUXNWXUZLVVHQVFKDIWOLFKHU5HYROXWLRQHQ$XIO )UDQNIXUW 2ULJLQDO 7KH 6WUXFWXUH RI 6FLHQWLILF 5HYROXWLRQV &KLFDJR   .XVVHU$QQD  Å=ZHL6WXIHQ7KHRULHXQGSUDNWLVFKHhEHUOHJXQJ´ LQ$XWRQRPHV+DQGHOQ%HLWUlJH]XU3KLORVRSKLHYRQ+DUU\*)UDQNIXUW KJY0RQLND%HW]OHUXQG%DUEDUD*XFNHV%HUOLQ /DIRQW &ULVWLQD D  Å+RZ &RJQLWLYLVW LV 'LVFRXUVH (WKLFV´ LQ 1L TXHW 0DUFHO +J  'LVNXUVHWKLN *UXQGOHJXQJHQ XQG $QZHQGXQJHQ :U]EXUJ /DIRQW &ULVWLQD E  Å,VW 2EMHNWLYLWlW SHUVSHNWLYLVFK" (LQ 9HUJOHLFK ]ZLVFKHQ %UDQGRPV XQG +DEHUPDV· .RQ]HSWLRQ YRQ 2EMHNWLYL WlW´LQ'LHgIIHQWOLFKNHLWGHU9HUQXQIWXQGGLH9HUQXQIWGHUgIIHQWOLFK NHLW)HVWVFKULIWIU-UJHQ+DEHUPDVKJY/XW]:LQJHUWXQG.ODXV *QWKHU)UDQNIXUW0



%LEOLRJUDSKLH 

/DIRQW&ULVWLQD  Å5HDOLVPXVXQG.RQVWUXNWLYLVPXVLQGHUNDQWLDQL VFKHQ0RUDOSKLORVRSKLH²GDV%HLVSLHOGHU'LVNXUVHWKLN´LQ'HXW VFKH=HLWVFKULIWIU3KLORVRSKLH /DQFH 0DUN   Å7KH 6LJQLILFDQFH RI $QDSKRULF 7KHRULHV RI 7UXWK DQG 5HIHUHQFH´ LQ7UXWK KJ Y (QULTXH 9LOODQXHYD 3KLORVRSKLFDO ,VVXHV  /DXHQHU +HQUL   Å'HU V\VWHPDWLVFKH 6WHOOHQZHUW GHV *HIKOV GHU $FKWXQJLQ.DQWV(WKLN´LQ'LDOHFWLFD /HH0LQJ+XHL  'DV3UREOHPGHVPRUDOLVFKHQ*HIKOVLQGHU(QWZLFNOXQJ GHU.DQWLVFKHQ(WKLN%RQQ8QLY'LVV /HLVW $QWRQ   Å6HOEVWELQGXQJ PLW RGHU JHJHQ 8QLYHUVDOLWlW´ LQ (UZlJHQ:LVVHQ(WKLN /HZLV'DYLG.  Å6FRUHNHHSLQJLQD/DQJXDJH*DPH´LQ-RXUQDORI 3KLORVRSKLFDO/RJLF /LSWRZ -DVSHU  %HUWUDP *HRUJ :   Å=X HLQHU DQWLGXDOLVWLVFKHQ 5HNRQVWUXNWLRQVSUDFKOLFKHU%HGHXWXQJ5REHUW%%UDQGRPXQG :LOIULG6HOODUV´LQ3KLORVRSKLVFKH5XQGVFKDX /|KUHU*XLGR  Å.DQWV3UREOHPHLQHU1RUPDWLYLWlWDXVUHLQHU9HU QXQIW´ LQ 1RUPDWLYLWlW XQG )DNWL]LWlW 6NHSWLVFKH XQG WUDQV]HQGHQ WDOSKLORVRSKLVFKH 3RVLWLRQHQ LP $QVFKOX‰ DQ .DQW KJ Y *HUKDUG 6FK|QULFK'UHVGHQ /RUHQ]HQ3DXO  1RUPDWLYH/RJLFDQG(WKLFV0DQQKHLP /XEDQ'DYLG  /DZ\HUVDQG-XVWLFH$Q(WKLFDO6WXG\3ULQFHWRQ /XGZLJ%HUQG  Å:DUXPHVNHLQHÄK\SRWKHWLVFKHQ,PSHUDWLYH¶JLEW XQGZDUXP.DQWVK\SRWKHWLVFKJHELHWHQGH,PSHUDWLYHNHLQHDQD O\WLVFKHQ 6lW]H VLQG´ LQ $XINOlUXQJ XQG ,QWHUSUHWDWLRQ 6WXGLHQ ]X .DQWV 3KLORVRSKLH XQG LKUHP 8PNUHLV KJ Y +HLQHU ) .OHPPH %HUQG/XGZLJ0LFKDHO3DXHQXQG:HUQHU6WDUN:U]EXUJ  0DFEHWK 'DQLHOOH   Å%UDQGRP RQ ,QIHUHQFH DQG WKH ([SUHVVLYH 5ROH RI /RJLF´ LQ 7UXWK KJ Y (QULTXH 9LOODQXHYD 3KLORVRSKLFDO ,VVXHV  0F&DUW\5LFKDUG  Å0RWLYDWLRQDQG0RUDO&KRLFHLQ.DQW·V7KHRU\ RI5DWLRQDO$JHQF\´LQ.DQW6WXGLHQ 0D\HU9HUHQD  Å6HOEVWELQGXQJZR]X"´LQ(UZlJHQ:LVVHQ(WKLN  0F'RZHOO-RKQ  Å%UDQGRPRQ5HSUHVHQWDWLRQDQG,QIHUHQFH´LQ 3KLORVRSK\DQG3KHQRPHQRORJLFDO5HVHDUFK 0HOH$OIUHG5  Å'LVFXVVLRQ²9HOOHPDQRQ$FWLRQDQG$JHQF\µ LQ3KLORVRSKLFDO6WXGLHV 0LFKDHO%HUQG  -RKDQQHV%XULGDQ6WXGLHQ]XVHLQHP/HEHQVHLQHQ:HU NHQXQG]XU5H]HSWLRQVHLQHU7KHRULHQLP(XURSDGHVVSlWHQ0LWWHODOWHUV 8QLY'LVV%HUOLQ 0LOOJUDP (OLMDK   Å&RKHUHQFH 7KH 3ULFH RI WKH 7LFNHWµ LQ 7KH -RXUQDORI3KLORVRSK\

%LEOLRJUDSKLH



0LVJHOG'LHWHU  $UWLNHOÅ$FKWXQJ´LQ5LWWHU-RDFKLP*UQGHU .DUOIULHG+LVWRULVFKHV:|UWHUEXFKGHU3KLORVRSKLH%G%DVHO 1DJHO7KRPDV  7KH9LHZIURP1RZKHUH2[IRUG 1DJHO7KRPDV  'LH0|JOLFKNHLWGHV$OWUXLVPXV%RGHQKHLP>2ULJLQDO 7KH3RVVLELOLW\RI$OWUXLVP2[IRUG@ 1HLPDQ6XVDQ  7KH8QLW\RI5HDVRQ5HUHDGLQJ.DQW2[IRUG 1LGD5PHOLQ -XOLDQ   Å3UDFWLFDO 5HDVRQ RU 0HWDSUHIHUHQFHV" $Q 8QGRJPDWLF'HIHQVHRI.DQWLDQ0RUDOLW\´LQ7KHRU\DQG'HFLVLRQ  1LGD5PHOLQ-XOLDQ +J   3UDNWLVFKH5DWLRQDOLWlW*UXQGODJHQSUREOHPH XQGHWKLVFKH$QZHQGXQJHQGHVUDWLRQDOFKRLFH3DUDGLJPDV%HUOLQ 1LGD5PHOLQ-XOLDQ  Å$QJHPHVVHQKHLWDOVSUDNWLVFKH.RKlUHQ]´ LQ $QJHPHVVHQKHLW =XU 5HKDELOLWLHUXQJ HLQHU SKLORVRSKLVFKHQ 0HWDSKHU KJY%DUEDUD0HUNHU*HRUJ0RKUXQG/XGZLJ6LHS:U]EXUJ  1LGD5PHOLQ-XOLDQ  6WUXNWXUHOOH5DWLRQDOLWlW(LQSKLORVRSKLVFKHU(VVD\ EHUSUDNWLVFKH9HUQXQIW6WXWWJDUW 1LGD5PHOLQ-XOLDQ  (WKLVFKH(VVD\V)UDQNIXUW0 1LHOVHQ.DL  Å1RFK(LQPDO:DUXPVROOLFKPRUDOLVFKVHLQ"´LQ :DUXPPRUDOLVFKVHLQ"KJY.XUW%D\HUW]3DGHUERUQ 1LTXHW0DUFHO  1LFKWKLQWHUJHKEDUNHLWXQG'LVNXUV3UROHJRPHQD]XHLQHU 'LVNXUVWKHRULHGHV7UDQV]HQGHQWDOHQ%HUOLQ 1R]LFN 5REHUW   7KH 1RUPDWLYH 7KHRU\ RI ,QGLYLGXDO &KRLFH >2ULJ @1HZ2ULJLQDO@ 7LHW]8GR  Å1RUPHQ5HJHOQXQG,QWHUSUHWDWLRQHQ5REHUW%UDQ GRPV 3URMHNW HLQHU SUDJPDWLVFKHQ 7KHRULH GHU 5DWLRQDOLWlW´ LQ =HLWVFKULIWIUSKLORVRSKLVFKH)RUVFKXQJ 7LPPHUPDQQ-HQV  6LWWHQJHVHW]XQG)UHLKHLW8QWHUVXFKXQJHQ]X,PPD QXHO.DQWV7KHRULHGHVIUHLHQ:LOOHQV%HUOLQ 7XJHQGKDW(UQVW  3UREOHPHGHU(WKLN6WXWWJDUW 9HOOHPDQ-'DYLG  7KH3RVVLELOLW\RI3UDFWLFDO5HDVRQ2[IRUG 9HOOHPDQ-'DYLG D Å3UpFLVRI7KH3RVVLELOLW\RI3UDFWLFDO5HDVRQµLQ 3KLORVRSKLFDO6WXGLHV 9HOOHPDQ - 'DYLG E  Å5HSOLHV WR 'LVFXVVLRQ RQ 7KH 3RVVLELOLW\ RI 3UDFWLFDO5HDVRQLQ3KLORVRSKLFDO6WXGLHV 9HOOHPDQ-'DYLG F Å:KDW*RRGLVD:LOO"µLQ$FWLRQLQ&RQWH[W KJY$QWRQ/HLVW%HUOLQ 9RVVHQNXKO:LOKHOP  Å)UHLKHLW]XKDQGHOQ$QDO\WLVFKHXQGWUDQV ]HQGHQWDOH $UJXPHQWH IU HLQH NDXVDOH +DQGOXQJVWKHRULH´ LQ 3ULQ]LS )UHLKHLW (LQH $XVHLQDQGHUVHW]XQJ XP &KDQFHQ XQG *UHQ]HQ WUDQV]HQGHQWDOSKLORVRSKLVFKHQ 'HQNHQV KJ Y +DQV 0LFKDHO %DXP JDUWQHU)UHLEXUJ 9RVVHQNXKO :LOKHOP   Å)UHH $JHQF\ $ 1RQ5HGXFWLRQLVW &DXVDO $FFRXQW´LQ*UD]HU3KLORVRSKLVFKH6WXGLHQ :DOODFH 5 -D\   5HVSRQVLELOLW\ DQG WKH 0RUDO 6HQWLPHQWV &DP EULGJH0DVV :DOODFH5-D\  Å5HDVRQDQG5HVSRQVLELOLW\´LQ(WKLFVDQG3UDFWLFDO 5HDVRQKJY*DUUHWW&XOOLW\XQG%HU\V*DXW2[IRUG :DOODFH 5 -D\   Å1RUPDWLYLW\ &RPPLWPHQW DQG ,QVWUXPHQWDO 5HDVRQµLQ3KLORVRSKHU·V,PSULQW



%LEOLRJUDSKLH 

:DOODFH5-D\ 0V Å'HRQWLF6WUXFWXUH´XQYHU|IIHQWOLFKWHV0DQX VNULSW :DO]HU 0LFKDHO   6SKlUHQ GHU *HUHFKWLJNHLW (LQ 3OlGR\HU IU 3OXUDOLWlW XQG*OHLFKKHLW)UDQNIXUW0>HQJO2ULJLQDO6SKHUHVRI-XVWLFH$'H IHQVHRI3OXUDOLVPDQG(TXDOLW\1HZ