Wissenswerte durch Unternehmensnetzwerke: Eine multiperspektivische Analyse am Beispiell von Corporate Venture Capital

Christiana Weber Wissenswerte durch Unternehmensnetzwerke nbf neue betriebswirtschaftliche forschung Band 360 Chris...

Author: Christiana Weber

6 downloads 401 Views 5MB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

Christiana Weber Wissenswerte durch Unternehmensnetzwerke

nbf neue betriebswirtschaftliche forschung Band 360

Christiana Weber

Wissenswerte durch Unternehmensnetzwerke Eine multiperspektivische Analyse am Beispiel von Corporate Venture Capital

Deutscher Universitäts-Verlag

Bibliografische Information Der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.

Habilitationsschrift, Helmut Schmidt Universität, 2007

1. Auflage Dezember 2007 Alle Rechte vorbehalten © Deutscher Universitäts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2007 Lektorat: Frauke Schindler / Sabine Schöller Der Deutsche Universitäts-Verlag ist ein Unternehmen von Springer Science+Business Media. www.duv.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Umschlaggestaltung: Regine Zimmer, Dipl.-Designerin, Frankfurt/Main Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 978-3-8350-0981-3

9

925:257 'LH YRUOLHJHQGH $UEHLW KDW LKUHQ 8UVSUXQJ LQ PHLQHU 7lWLJNHLW DOV ,QYHVWPHQWPDQDJHULQ GHU &RUSRUDWH 9HQWXUH &DSLWDO (LQKHLW YRQ *UXQHU -DKU (UPXWLJW GXUFK PHLQHQ 'RNWRUYDWHU 0HLQROI 'LHUNHV PHLQH ZLVVHQVFKDIWOLFKH /DXIEDKQ LQ )RUP HLQHU +DELOLWDWLRQ IRUW]XVHW]HQ ZROOWHLFKGHQUHLFKKDOWLJHQLQGHU3UD[LVJHZRQQHQHQ(UNHQQWQLVVHQDXVGHP%HWHLOLJXQJVJH VFKlIW DXI GHQ *UXQG JHKHQ 'DV HLJHQH 9HUKDOWHQ LP 7DJHVJHVFKlIW UHIOHNWLHUHQGJDOW PHLQ EHVRQGHUHV,QWHUHVVHHPSLULVFKGLH%HGHXWXQJGHVÄ5HODWLRQDO)LW³DOV6FKOVVHOJU|HIUGHQ (UIROJ YRQ LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQ LP $OOJHPHLQHQ XQG 8QWHUQHKPHQVEHWHLOLJXQ JHQ LP 6SH]LHOOHQ GDU]XOHJHQ 'LH QXQ YRUOLHJHQGH $UEHLW HUIOOW GLHVHQ $QVSUXFK XQG JHKW ZHLWGDUEHUKLQDXV ,FKGDQNHPHLQHQEHLGHQ+DXSWJXWDFKWHUQ3URI'U*QWKHU2UWPDQQ XQG3URI'U0LFKDHO *DLWDQLGHVIUGLHhEHUQDKPHGHU%HWUHXXQJPHLQHU+DELOLWDWLRQ]XHLQHP=HLWSXQNWDOV3URI 'U0HLQROI'LHUNHVPHLQXUVSUQJOLFKHU(UVWJXWDFKWHUDXVJHVXQGKHLWOLFKHQ*UQGHQOHLGHU GDYRQ$EVWDQGQHKPHQPXVVWH6LHKDEHQPHLQH$UEHLWGXUFKQHXH3HUVSHNWLYHQXQG6FKZHU SXQNWHQDFKKDOWLJEHUHLFKHUW )UNRQVWUXNWLYH'LVNXVVLRQHQXQG]DKOUHLFKH*HVSUlFKHDXFKMHQVHLWVGHVHLJHQWOLFKHQ+DEL OLWDWLRQVYRUKDEHQV GDQNH LFK 'U 0DUNXV *|EHO %HVRQGHUV EHGDQNHQ P|FKWH LFK PLFK EHL PHLQHU =ZLOOLQJVVFKZHVWHU XQG ]XYHUOlVVLJVWHQ .R$XWRULQ ]DKOUHLFKHU 9HU|IIHQWOLFKXQJHQ 'U%DUEDUD:HEHURKQHGHUHQZLHGHUKROWHQ=XVSUXFKXQGHQGORVH7HOHIRQDWHLFKGDVJHVDPWH 9RUKDEHQYLHOOHLFKWQLFKWKlWWHEHHQGHQN|QQHQ 6FKOLHOLFKJLOWPHLQ'DQNPHLQHQ(OWHUQGLHPLFKEHLGHDXILKUH:HLVHVWHWVXQWHUVWW]WXQG DQPHLQHP(UIROJQLHPDOVJH]ZHLIHOWKDEHQ,KQHQYHUGDQNHLFKPHLQHZXQGHUEDUH3ULPlUVR ]LDOLVDWLRQ GLH PLFK JHOHKUW KDW 'LQJH DXFK GXUFK XQEHTXHPH 3KDVHQ KLQGXUFK ]X HLQHP JXWHQ (QGH ]X EULQJHQ 0HLQ JU|WHU 'DQN JLOW PHLQHP 0DQQ (U KDW PLFK LPPHU EHVWlUNW WURW] RGHU JHUDGH ZHJHQ XQVHUHU KHXWH IQI GDPDOV ]ZHL .LQGHU DQ GHP ZLVVHQVFKDIWOLFKHQ .DUULHUHSIDG XQG GHP GDPLW DQJHVWUHEWHQ /HEHQVPRGHOO IHVW]XKDOWHQ (U KDW PLW PLU (UIROJH XQG5FNVFKOlJHJHWHLOWXQGZDUPHLQHJU|WHHPRWLRQDOH6WW]HLQGLHVHUXQHUZDUWHWODQJHQ /HEHQVSKDVH =XOHW]W P|FKWH LFK PHLQHQ IQI VHQ 0lXVHQ /DUV &RQVWDQWLQ /RXLVD /HR QDUG 7KHRGRU XQG )ULHGULFK GDQNHQ 6LH KDEHQ GLH =HLW PHLQHU +DELOLWDWLRQ VXEVWDQWLHOO YHU OlQJHUWXQGGDPLWLFKXQWHUVWHOOHHLQLJHQ*UXQGJHGDQNHQPHLQHU$UEHLWHUVW]XUQ|WLJHQ5HLIH

9,

YHUKHOIHQPVVHQ'HQQVLHVLQGHVGLHLQLKUHU2IIHQKHLW.ODUKHLWXQG8QVFKXOGLJNHLWLPPHU ZLHGHUDXIUXIHQGDV:HVHQWOLFKHYRPOHW]WOLFK8QZHVHQWOLFKHQ]XXQWHUVFKHLGHQ &KULVWLDQD:HEHU

9,,

,1+$/769(5=(,&+1,6 7$%(//(19(5=(,&+1,6;, $%%,/'81*69(5=(,&+1,6 ;,,, :,66(181',1129$7,21,125*$1,6$7,21(1±(,1/(,781*

)RUVFKXQJVOFNH =HQWUDOH)RUVFKXQJVIUDJHQ )RUVFKXQJV]LHOH )RUVFKXQJVJHJHQVWDQGXQG)RUVFKXQJVIRNXV )RUVFKXQJVDQVlW]H0HWKRGHQXQG'DWHQLPhEHUEOLFN

=(175$/(=8*581'(/,(*(1'(.21=(37(

&RUSRUDWH9HQWXUH&DSLWDO -XQJXQWHUQHKPHQQHZYHQWXUHV :LVVHQ:LVVHQVWUDQVIHU:LVVHQVJHQHVH 5HVVRXUFHQ ,QQRYDWLRQ 6R]LDOH1HW]ZHUNHXQG VRFLDOFDSLWDO

$86*(:b+/7(/,7(5$785=8& 9&38'<$'(1%=:&9&75,$'(1

0RWLYDWLRQ=LHOHXQG=LHOHUUHLFKXQJGHU(QWUHSUHQHXUH (QJDJHPHQWGHU9&VE]Z&9&VEHLLKUHQ38V 9&38%H]LHKXQJ &9&38%H]LHKXQJ 8QPLWWHOEDUH9&E]Z&9&38%H]LHKXQJ 9&38%H]LHKXQJ &9&38%H]LHKXQJ =LHOHUUHLFKXQJXQG(UIROJ 38(UIROJLQGHU9&38%H]LHKXQJ 38(UIROJLQ&9&38%H]LHKXQJ 0RWLYDWLRQ=LHOHXQG=LHOHUUHLFKXQJGHV0XWWHUXQWHUQHKPHQV =LHOHGHU,QGXVWULHXQWHUQHKPHQ =LHOHUUHLFKXQJXQG(UIROJ

7+(25(7,6&+((,1%(7781*921&25325$7(9(1785(&$3,7$/

5HVRXUFHEDVHG9LHZ .QRZOHGJHEDVHG9LHZ 6RFLDOFDSLWDOXQG6R]LDOH1HW]ZHUNWKHRULH ,QWHURUJDQLVDWLRQDOH/HUQWKHRULHQ 5HODWLRQDO9LHZ 5HFLSURFDOLQWHUILUPOHDUQLQJ ,QWHURUJDQLVDWLRQDOOHDUQLQJGLOHPPD 'LH/HUQVSLUDOHXQGGDV6(&,0RGHOOYRQ1RQDND ,QVWLWXWLRQHQ|NRQRPLH 3ULQFLSDO$JHQW7KHRULH 7UDQVDNWLRQVNRVWHQWKHRULH 6SLHOWKHRULH

9,,,

675$7(*,(6758.785352=(66(921&25325$7(9(1785(&$37,$/ (,1+(,7(1

(LQIKUXQJ 6WDQGGHU)RUVFKXQJ 3URSRVLWLRQHQ 'DWHQXQG0HWKRGH 6WLFKSUREHXQG)RUVFKXQJVGHVLJQ 0DH (UJHEQLVVH 2UJDQLVDWLRQDOHVWUXNWXUHOOHXQGVWUDWHJLVFKH$VSHNWH 6WUDWHJLVFKHXQGILQDQ]LHOOH=LHOH ,QYHVWPHQWNULWHULHQ )RQGVVWUXNWXU (QWVFKHLGXQJVDXWRQRPLH (UUHLFKXQJGHUVWUDWHJLVFKHQ=LHOH (UUHLFKXQJGHUILQDQ]LHOOHQ=LHOH hEHUSUIXQJGHU3URSRVLWLRQHQ 'LVNXVVLRQ =XVDPPHQIDVVXQJ

&9&$/60,77(/'(6:,66(1675$16)(5681''(6 ,1129$7,2160$1$*(0(176

(LQIKUXQJ 5HODWLRQDO)LWDOVWKHRUHWLVFKHU5DKPHQ $EKlQJLJH9DULDEOHQ 2UJDQLVDWLRQDOHU(UIROJ :LVVHQ :LVVHQVWUDQVIHU .QRZOHGJHVKDULQJURXWLQHV 8QDEKlQJLJH9DULDEOHQ 6WUXNWXUHOOH'LPHQVLRQYRQVRFLDOFDSLWDO±VR]LDOHV1HW]ZHUN 5HODWLRQDOH'LPHQVLRQYRQVRFLDOFDSLWDO .RQDWLYHhEHUHLQVWLPPXQJ $IIHNWLYHhEHUHLQVWLPPXQJ 1RUPHQ 9HUWUDXHQ .QRZOHGJHUHODWHGQHVV±NQRZZKDWXQGNQRZKRZ 'DWHQXQG0HWKRGH 6WLFKSUREHXQG'HVLJQ 0HWKRGRORJLH $EKlQJLJH9DULDEOHQ .QRZOHGJHVKDULQJURXWLQHV :LVVHQVWUDQVIHUXQG:LVVHQVNUHDWLRQ 38(UIROJ 8QDEKlQJLJH9DULDEOHQ 6RFLDOFDSLWDO .QRZOHGJH5HODWHGQHVV (UJHEQLVVHXQG'LVNXVVLRQ =XVDPPHQIDVVXQJ

,;

&9&$/6:,66(16%52.(5±(,1($1$/<6($8662=,$/(5 1(7=:(5.3(563(.7,9(

(LQIKUXQJ 6WDQGGHU)RUVFKXQJ 'DWHQXQG0HWKRGH 0XOWL&DVH$QDO\VH 'DWHQEDVLVXQG'DWHQHUKHEXQJ (UJHEQLVVH 3UH,QYHVWPHQW3KDVH 6WUXNWXUHOOH'LPHQVLRQ 5HODWLRQDOH'LPHQVLRQ 3RVW,QYHVWPHQW3KDVH 6WUXNWXUHOOH'LPHQVLRQ 5HODWLRQDOH'LPHQVLRQ 1HW]ZHUNWUDQVIRUPDWLRQ±2XWSXWXQG,PSOLNDWLRQHQ 'LVNXVVLRQ .RQNOXVLRQ

.2*1,7,9(925$866(7=81*(1,17(525*$1,6$7,21$/(1 :,66(1675$16)(56±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

6&+/866%(75$&+781*81'$86%/,&. /,7(5$7859(5=(,&+1,6

;,

7$%(//(19(5=(,&+1,6 7DEHOOH

9HUJOHLFKGHU:HWWEHZHUEVYRUWHLOHDXVGHU6LFKWYRQ5HVRXUFHEDVHGXQG5HODWLRQDO 9LHZ

7DEHOOH

7\SHVRINQRZOHGJHDQGVRXUFHVRIWDFLWQHVV

7DEHOOH

=LHOHYRQ&9&3URJUDPPHQ

7DEHOOH

,QYHVWLWLRQVNULWHULHQYRQ&9&VXQGXQDEKlQJLJHQ9&VLP9HUJOHLFK

7DEHOOH

(UUHLFKXQJGHUVWUDWHJLVFKHQ=LHOH

7DEHOOH

(UUHLFKXQJGHUILQDQ]LHOOHQ=LHOH

7DEHOOH

=LHOHRUJDQLVDWLRQDOH6WUXNWXUHQXQG3UR]HVVHVRZLH=LHOHUUHLFKXQJGHU&9&V

7DEHOOH

hEHUEOLFNEHUDEKlQJLJHXQGXQDEKlQJLJH9DULDEOHQGHV5HODWLRQDO)LW

7DEHOOH

5HODWLRQDO)LW±.RUUHODWLRQHQ

7DEHOOH

5HODWLRQDO)LW±+DXSWNRPSRQHQWHQDQDO\VH

7DEHOOH

5HODWLRQDO)LW±5HJUHVVLRQNQRZOHGJHRUJDQL]DWLRQDOSHUIRUPDQFH

7DEHOOH

%URNHUDJHFORVXUH6SDQQXQJVIHOG

7DEHOOH

6RFLDOFDSLWDO'LPHQVLRQHQEHU1HW]ZHUNW\SHQKLQZHJ

7DEHOOH

/HUQHQXQG:LVVHQVWUDQVIHULQGHU&9&7ULDGH

7DEHOOH

:LVVHQVXQG5HVVRXUFHQWUDQVIHUIU3RUWIROLRXQWHUQHKPHQ

7DEHOOH

'LVNXUVHLQGHU0DQDJHPHQWIRUVFKXQJ

;,,,

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|UPLJH(YROXWLRQGHU:LVVHQVNRQYHUVLRQ $EELOGXQJ 6SLUDOHGHU:LVVHQVVFKDIIXQJ $EELOGXQJ 'LHYLHU&KDUDNWHULVWLNDYRQ%D $EELOGXQJ 9HUJOHLFKGHU&9&,QYHVWPHQWNDWHJRULHQ $EELOGXQJ 3RWHQ]LDOGHU&9&,QYHVWPHQWNDWHJRULHQ $EELOGXQJ %H]XJVUDKPHQYRQUHODWLRQDOILWLPhEHUEOLFN $EELOGXQJ %H]XJVUDKPHQYRQUHODWLRQDOILWLP'HWDLO $EELOGXQJ ,GHDOW\SLVFKHJHJHQVlW]OLFKH1HW]ZHUNNRQVWHOODWLRQHQ $EELOGXQJ 'DV.RQ]HSWGHUVWUXFWXUDODXWRQRP\ $EELOGXQJ ,OOXVWUDWLRQRIJURXS¶VVRFLDOFDSLWDOFRQGXLWV $EELOGXQJ 6R]LDOHV1HW]ZHUNGHU&9&(LQKHLWLQGHU3UH,QYHVWPHQW3KDVH $EELOGXQJ 6R]LDOHV1HW]ZHUNGHU&9&(LQKHLWLQGHU3RVW,QYHVWPHQW3KDVH $EELOGXQJ 'LHGUHL7\SHQGHU+DQGOXQJVHUNOlUXQJ $EELOGXQJ (LQEHWWXQJGHVLQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUVDXVVR]LDONRQVWUXNWLYLVWLVFKHU 3HUVSHNWLYH

:,66(181',1129$7,21,125*$1,6$7,21(1±(,1/(,781* 8P NRQWLQXLHUOLFK HUIROJUHLFK ]X VHLQ PVVHQ 8QWHUQHKPHQ GLH )lKLJNHLW HQWZLFNHOQ GLH &KDQFHQLKUHUDNWXHOOYRUKDQGHQHQ:HWWEHZHUEVVLWXDWLRQLKUHV:LVVHQVXQGLKUHU)lKLJNHLWHQ ]XQXW]HQXQGDXV]XEDXHQVRZLHVLFKJOHLFK]HLWLJP|JOLFKVWUDVFKDQPHKURGHUZHQLJHUYHU lQGHUWH 8PIHOGEHGLQJXQJHQ DQ]XSDVVHQ 0LW DQGHUHQ :RUWHQ 2UJDQLVDWLRQHQ EHGUIHQ SHU PDQHQWHU ,QQRYDWLRQHQ XP LKUH :HWWEHZHUEVSRVLWLRQ VRZLH LKUH hEHUOHEHQVIlKLJNHLW ]X VL FKHUQ +DXVFKLOGW 'LHVH ,QQRYDWLRQHQ N|QQHQ XQG VROOWHQ ]XP HLQHQ LQNUHPHQWHOOHU ]XPDQGHUHQDXFKUDGLNDOHU1DWXUVHLQ0DUFK 8P ,QQRYDWLRQHQ KHUYRU]XEULQJHQ XQG GLH :HWWEHZHUEVIlKLJNHLW HLQHU 2UJDQLVDWLRQ ]X JH ZlKUOHLVWHQEHGDUIHVXQWHUVFKLHGOLFKVWHU5HVVRXUFHQ:LVVHQVWHOOW±DXVGHU3HUVSHNWLYHGHV .QRZOHGJHEDVHG 9LHZ EHWUDFKWHW ± HLQH EHVRQGHUV EHGHXWHQGH 5HVVRXUFH ]XU QDFKKDOWLJHQ 6LFKHUXQJGHUhEHUOHEHQVIlKLJNHLWGDU.RJXW=DQGHU*UDQW6SHQGHU 'LH *HQHULHUXQJXQGGHU7UDQVIHUYRQ:LVVHQVLQGLQVEHVRQGHUHIULQQRYDWLRQVJHWULHEHQH2UJDQL VDWLRQHQ VRZLH 7HFKQRORJLHEDVLHUWH QHZ YHQWXUHV YRQ %HGHXWXQJ GD HV JHUDGH GLHVH )LUPHQ VLQGGLHDXIHLQHNRQWLQXLHUOLFKH(UQHXHUXQJYRQ:LVVHQDQJHZLHVHQVLQG3/DQH/XEDWNLQ =XVlW]OLFK DNTXLULHUWHV UHOHYDQWHV :LVVHQ ZLHGHUXP KDW ± ZLH YRUDQJHJDQJHQH )RU VFKXQJ]HLJW±HLQHQSRVLWLYHQ(LQIOXVVDXIGLH)lKLJNHLWHLQHU2UJDQLVDWLRQ:HWWEHZHUEVYRU WHLOH ]X HUODQJHQ *UDQW

E]ZGHU6WHLJHUXQJGHU:HWWEHZHUEVIlKLJNHLWDXVJHVFK|SIWH[SORLW XQGDXVJHEDXWH[SORUH ZHUGHQ.HLO &RUSRUDWH9HQWXUH&DSLWDO&9& (LQKHLWHQ GLH LQ MXQJH XQG LQQRYDWLYH QHZ YHQWXUHV LQYHV WLHUHQ NRQVWLWXLHUHQ HLQH )RUP YRQ LQWHURUJDQLVDWLRQDOHU %H]LHKXQJ LQ GHU :LVVHQVWUDQVIHU XQGJHQHVHVRZLHGDUDXIDXIEDXHQGH[SORUDWLRQXQGH[SORLWDWLRQIUGDV,QGXVWULHXQWHUQHKPHQ P|JOLFK ZHUGHQ $XIJUXQG LKUHU WHFKQRORJLVFKHQ ,QQRYDWLRQVIlKLJNHLW XQG WlWLJNHLW ± VLQG GLHVHMXQJHQ8QWHUQHKPHQFKDUDNWHULVLHUWGXUFK8QVLFKHUKHLW5LVNREHUHLWVFKDIW ULVNLQHVV SRWHQ]LHOO KRKH :DFKVWXPVUDWHQ VRZLH HLQ DXHURUGHQWOLFK JURHV WHFKQRORJLVFKHV EUHDNWKURXJK3RWHQ]LDO 6DORPR HW DO 6LH ELHWHQ GDPLW GHP LP &9&*HVFKlIW LQYRO YLHUWHQ,QGXVWULHXQWHUQHKPHQGLHVWUDWHJLVFKH*HOHJHQKHLWIUK]HLWLJQHXH*HVFKlIWVIHOGHU]X HQWGHFNHQ]XHQWZLFNHOQXQGDXI]XEDXHQ.HLO&:HEHU'LHUNHV XQGVRPLWQLFKW QXU ]XVlW]OLFKH 0DUNWDQWHLOH ]X JHZLQQHQ VRQGHUQ DXFK EHUGXUFKVFKQLWWOLFKH 5HQGLWHQ ]X HUZLUWVFKDIWHQ ,P EHVWHQ )DOO NDQQ GDV ,QGXVWULHXQWHUQHKPHQ JHPHLQVDP PLW GHP MXQJHQ 7HFKQRORJLHXQWHUQHKPHQ JlQ]OLFK QHXHV :LVVHQ NUHLHUHQ GD ÄQHZ NQRZOHGJH HPHUJHV WKURXJKWKHGLUHFWLQWHUDFWLRQRIUHVHDUFKSDUWQHUV³0F)DG\HQ&DQQHOOD :lKUHQG GDV0DDQWUDQVIHULHUEDUHP:LVVHQLQGHUDUWLJHQLQWHURUJDQLVDWLRQDOHQ%H]LHKXQJHQLQJHZLV VHU:HLVHGXUFKGLHMHZHLOVYRUKDQGHQHQ:LVVHQVEDVHQOLPLWLHUWLVWVFKHLQWGLHVIUGHQ3UR ]HVV GHU :LVVHQVJHQHULHUXQJ QLFKW GHU )DOO GD ]DKOUHLFKH QHXH .RPELQDWLRQHQ GHU EHLGHQ YRUKDQGHQHQ:LVVHQVEDVHQGHQNEDUVLQG0F)DG\HQ&DQQHOOD (V ZLUG GHXWOLFK GDVV VROFKH LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQ RGHU 1HW]ZHUNH HLQH JURH %HGHXWXQJ IU MHGH 2UJDQLVDWLRQ ]X MHGHP =HLWSXQNW LKUHU /HEHQVGDXHU KDEHQ (QWVSUHFKHQG HUJLEWVLFKGLH1RWZHQGLJNHLWGLHEHUHLWVYRUKDQGHQHQ%H]LHKXQJHQXQG.RQWDNWHSHUPDQHQW DXI LKUH 5HOHYDQ] KLQ ]X KLQWHUIUDJHQ 'LH )ROJH GLHVHU 5HIOHNWLRQ LVW HLQ]HOQH YRUKDQGHQH .RQWDNWHHQWZHGHUJH]LHOW]XSIOHJHQXQG]XYHUVWlUNHQRGHULKQHQDXIJUXQGYHUlQGHUWHU5DK PHQEHGLQJXQJHQZHQLJHU*HZLFKWXQG=HLWEHL]XPHVVHQXQGJOHLFK]HLWLJQHXHVLFKDXVQHXHQ $QIRUGHUXQJHQ XQG *HVFKlIWVWlWLJNHLWHQ HUJHEHQGH .RQWDNWH ]X JHQHULHUHQ XQG ]X VWDELOHQ XQGYHUOlVVOLFKHQ%H]LHKXQJHQDXV]XEDXHQ ,P.RQWH[WGHUYRUOLHJHQGHQ$UEHLWGLHDXILQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUXQG,QQRYD WLRQVPDQDJHPHQW YRQ 2UJDQLVDWLRQHQ DE]LHOW VLQG LQWHURUJDQLVDWLRQDOH %H]LHKXQJHQ XQG 1HW]ZHUNHIUDOOHEHWHLOLJWHQ$NWHXUHJUXQGVlW]OLFKYRQ%HGHXWXQJ+LHUOLHJWGHU)RNXVGHU %HWUDFKWXQJDXI]ZHL%H]LHKXQJVNRQVWHOODWLRQHQ

=XPHLQHQZLUGGLH&9&(LQKHLWEHWUDFKWHWZLHVLHLQQHUKDOELKUHV0XWWHUXQWHUQHKPHQV HLQJHEHWWHWXQGDXVJHVWDWWHWDEHUDXFKHLQJHVFKUlQNWLVWXQGZHOFKH.RQWDNWHE]Z1HW] ZHUNHVLHLQGLH2UJDQLVDWLRQKLQHLQEHVLW]W ]XPDQGHUHQZLUG]XQlFKVWGLH'\DGHDXV&9&XQG3RUWIROLRXQWHUQHKPHQ38 XQGVSlWHU GLH&9&7ULDGHDXV%XVLQHVV8QLWV %8 GHV0XWWHUXQWHUQHKPHQV(QWUHSUHQHXUHQE]Z 3RUWIROLRXQWHUQHKPHQXQG&9&(LQKHLWIRNXVVLHUW ,P )ROJHQGHQ ZHUGHQ QXQ GLH /FNHQ GHU &9&)RUVFKXQJ GLH DOV 7HLO GHU ,QQRYDWLRQVIRU VFKXQJ YHUVWDQGHQ ZHUGHQ NDQQ DXIJH]HLJW XP DQVFKOLHHQG GLH GDUDXV UHVXOWLHUHQGHQ )RU VFKXQJVIUDJHQ XQG )RUVFKXQJV]LHOH IU GLH YRUOLHJHQGH $UEHLW DE]XOHLWHQ (V IROJW HLQH 9RU VWHOOXQJ GHV )RUVFKXQJVJHJHQVWDQGHV XQG GHV )RUVFKXQJVIRNXV .DSLWHO VFKOLHW PLW HLQHP hEHUEOLFNEHUGLHYHUVFKLHGHQHQJHZlKOWHQ)RUVFKXQJVDQVlW]H0HWKRGHQXQG'DWHQVlW]H ,P ]ZHLWHQ .DSLWHO ZHUGHQ GLH LQ GLHVHU $UEHLW YHUZHQGHWHQ ]HQWUDOHQ .RQ]HSWH GDUJHVWHOOW 'DEHLKDQGHOWHVVLFKXP &RUSRUDWH9HQWXUH&DSLWDO -XQJXQWHUQHKPHQ :LVVHQ 5HVVRXUFHQ ,QQRYDWLRQ VRZLH 6R]LDOH 1HW]ZHUNH XQG VRFLDO FDSLWDO 'LH EHVDJWHQ .RQ]HSWH ZHUGHQ ]XQlFKVW GHILQLHUW XQG WKHRUHWLVFK JHUDKPW LKUH ZHLWHUH (LQEHWWXQJ XQG ,QWHJUDWLRQLQYHUVFKLHGHQH7KHRULHQHUIROJWGDQQLQ.DSLWHOE]ZLQ.DSLWHO .DSLWHO JLEW ]XP HLQHQ XQG JDQ] ]HQWUDO $XIVFKOXVV EHU GHQ 6WDQG DXVJHZlKOWHU /LWHUDWXU LP%HUHLFKGHU&9&)RUVFKXQJ]XPDQGHUHQZLUGLPPHUHUJlQ]HQGXQGYHUJOHLFKHQG%H]XJ JHQRPPHQDXIYHUZDQGWHXQGGHQ)RUVFKXQJVJHJHQVWDQGEHUHLFKHUQGH/LWHUDWXUDXVGHU9HQ WXUH&DSLWDO9& )RUVFKXQJ$XIJHEDXWLVWGLHVHhEHUVLFKWGHUJHVWDOWGDVV]XQlFKVWGLHJUXQG OHJHQGH 0RWLYDWLRQ GLH YHUIROJWHQ =LHOH XQG GLH HQWVSUHFKHQGH =LHOHUUHLFKXQJ GHU (QWUHSUH QHXUHE]Z-XQJXQWHUQHKPHQLQGHQ%OLFNJHQRPPHQZHUGHQ$QVFKOLHHQGZHUGHQGLH0RWL YDWLRQGLHYHUIROJWHQ=LHOHXQGGLHHQWVSUHFKHQGH=LHOHUUHLFKXQJGHU&9&3URJUDPPHXQWHU KDOWHQGHQ,QGXVWULHXQWHUQHKPHQIRNXVVLHUW .DSLWHO VWHOOW GLH LP =XVDPPHQKDQJ PLW GHU )RUVFKXQJ ]X &9& ELVODQJ LQ GHU /LWHUDWXU JlQJLJHQXQGPHKURGHUZHQLJHUKlXILJ]XILQGHQGHQ7KHRULHQ5HVRXUFHEDVHG9LHZ.QRZ OHGJHEDVHG9LHZ5HODWLRQDO9LHZ3ULFLSDO$JHQW7KHRULH7UDQVDNWLRQVNRVWHQWKHRULH VRZLH GLH OHGLJOLFK LQ GHU 9&)RUVFKXQJ ]X ILQGHQGHQ 6SLHOWKHRULH XQG GLH P|JOLFKHUZHLVH IU &9&38'\DGHQE]Z&9&38%87ULDGHQXQG1HW]ZHUNHGHQNEDUHQWKHRUHWLVFKHQ(LQEHW WXQJHQ6R]LDOH1HW]ZHUNWKHRULHQ,QWHURUJDQLVDWLRQDOH/HUQWKHRULHQ SUlVHQWLHUW

(LQHYHUJOHLFKHQGH%HWUDFKWXQJLQ.DSLWHOEHVFKlIWLJWVLFKPLWGHURUJDQLVDWRULVFKHQ(LQEHW WXQJ GHQ ,QYHVWLWLRQVVWUDWHJLHQ (QWVFKHLGXQJVDXWRQRPLHQ 6WUXNWXUHQ XQG 3UR]HVVHQ XQG LQVEHVRQGHUHPLWGHP(UIROJYRQLQ'HXWVFKODQGWlWLJHQ&9&(LQKHLWHQ'LH*UXQGODJHELOGHQ IUKHUH (UKHEXQJHQ LQ 'HXWVFKODQG 6FKZHHQ 0DFNHZLF] 3DUWQHU :LWW%UDFKWHQGRUI VRZLH HXURSlLVFKH %LUNLQVKDZ HW DO XQG LQWHUQDWLRQDOH 6WX GLHQ *RPSHUV/HUQHU 6LHJHOHW DO LQ GLHVHP )HOG =LHO GLHVHV 9HUJOHLFKV LVW HV KHUDXV]XILQGHQ ZHOFKH ,QYHVWLWLRQVVWUDWHJLH IU &9&V ODQJIULVWLJ DP PHLVWHQ (UIROJ YHU VSULFKWHLQHVWUDWHJLVFKH2ULHQWLHUXQJZLH*RPSHUVXQG/HUQHU YRUVFKODJHQRGHUGLH YRQ6LHJHOHWDO SURSDJLHUWHILQDQ]LHOOH2ULHQWLHUXQJ .DSLWHO VWHOOW DXI %DVLV XQG LQ GHU .RPELQDWLRQ YRQ .QRZOHGJHEDVHG 9LHZ VRZLH VRFLDO FDSLWDO7KHRULHQ&RUSRUDWH9HQWXUH&DSLWDODOV0LWWHOGHV:LVVHQVWUDQVIHUVXQGGHV,QQRYDWL RQVPDQDJHPHQWV KHUDXV 'DEHL ZLUG GDV QHXH .RQ]HSW GHV UHODWLRQDO ILW HUDUEHLWHW XQG ]XP HLQHQ GHVVHQ (LQIOXVV DXI LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHU XQG JHQHVH VRZLH DXI GLH GDUDXV OHW]WOLFK KHUYRUJHKHQGH /HLVWXQJVIlKLJNHLW GHU 38V HPSLULVFK XQWHUVXFKW XQG ]XP DQGHUHQGLH5REXVWKHLWGHV.RQ]HSWVGHVUHODWLRQDOILWDXIJH]HLJW ,Q.DSLWHOZLUGGLH&9&7ULDGHXQWHUGHP$VSHNWVR]LDOHU1HW]ZHUNWKHRULHQEHWUDFKWHWXQG GLH &9&(LQKHLW DOV %URNHU LQ GLHVHP 1HW]ZHUN GHU VWUXNWXUHOOH /|FKHU VWUXFWXUDO KROHV QDFK LQQHQ ZLH QDFK DXHQ EHUEUFNW LGHQWLIL]LHUW 'DEHL ZLUG ]XP HLQHQ GDV HQJH GLUHNWH 1HW]ZHUN GHU &9&7ULDGH ]XP DQGHUHQ GDV ZHLWHUH 1HW]ZHUN LKUHU HLJHQHQ (LQEHWWXQJ EH WUDFKWHW 'DUEHU KLQDXV ZLUG TXDVL DOV HLQ (UJHEQLV GHU (PSLULH ]ZLVFKHQ 3UH XQG 3RVW ,QYHVWPHQW3KDVHGLIIHUHQ]LHUW'DPLWZHUGHQGLH(PHUJHQ]GHU7ULDGHLQGHU3UH,QYHVWPHQW 3KDVH HLQHUVHLWV XQG P|JOLFKH 8QWHUVFKLHGH GHU ]ZHL 3KDVHQ 3UH XQG 3RVW,QYHVWPHQW LP ZHLWHUHQ =HLWYHUODXI XQG GLH GDPLW YHUEXQGHQH 9HUlQGHUXQJVIlKLJNHLW GHV 1HW]ZHUNHV DQGHUHUVHLWV KHUDXVJHDUEHLWHW 6FKOLHOLFK ZLUG TXD )RUVFKXQJVJHJHQVWDQG HLQH 9HUELQGXQJ YRQLQWUDXQGLQWHURUJDQLVDWLRQDOHU3HUVSHNWLYHKHUJHVWHOOW .DSLWHOZLGPHWVLFKDP%HLVSLHOGHU&9&7ULDGHGHQNRJQLWLYHQ9RUDXVVHW]XQJHQGHVLQWHU RUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUV XQG GHU :LVVHQVJHQHVH LQ 2UJDQLVDWLRQHQ EHU VR]LR NXOWXUHOOEHGLQJWHLQWUDXQGLQWHURUJDQLVDWLRQDOH*UHQ]HQKLQZHJ,Q$EJUHQ]XQJ]XJlQJLJHQ QHRIXQNWLRQDOLVWLVFKHQ7KHRULHQGHV:LVVHQVPDQDJHPHQWVZLUGVLFKGHU)RUVFKXQJVIUDJHDXI

Ä*DSVEHWZHHQFOXVWHUV>«@DUHKROHVLQWKHVWUXFWXUHRILQIRUPDWLRQIORZRUPRUHVLPSO\VWUXFWXUDOKROHV³ %XUW

WKHRUHWLVFKHU(EHQHGXUFKHLQH9HUELQGXQJYRQQHRLQVWLWXWLRQDOLVWLVFKHQ2UJDQLVDWLRQVWKHRULHQ VRZLH7KHRULHQGHU:LVVHQVVR]LRORJLHJHQlKHUW=LHOLVWHVHPSLULVFKGLH5HOHYDQ]LQVWLWXWLR QHOOHU .RQWH[WH IU GLH $XVELOGXQJ YRQ 6LQQV\VWHPHQ KHUDXV]XVWHOOHQ XQG GLH %HGHXWXQJ JHVHOOVFKDIWOLFKHU 'LPHQVLRQHQ IU GHQ 7UDQVIHU XQG GLH *HQHVH YRQ :LVVHQ KHUYRU]XKHEHQ (QWODQJ YRQ YLHU KHUDXVJHDUEHLWHWHQ .DWHJRULHQ RUJDQLVDWLRQDOH /HEHQVZHOWHQ ZHFK VHOVHLWLJH:DKUQHKPXQJHQ :LVVHQVWUDQVIHUXQGJHQHVH WUDQVODWRU]XP:LVVHQVWUDQV IHU ZLUG JH]HLJW GDVV GLH LQ GHU /LWHUDWXU ]DKOUHLFK HUZlKQWHQ QRUPDWLYHQ 9RUDXVVHW]XQJHQ GHV :LVVHQVWUDQVIHUV HLQHU ]XVlW]OLFKHQ VR]LRNXOWXUHOOHQ (LQEHWWXQJ EHGUIHQ GLH]XP HLQHQ DOVYRUJHODJHUW]XPDQGHUHQDXFKDOV(UJHEQLVYHUVWDQGHQZHUGHQNDQQ ,Q .DSLWHO VFKOLHW GLH $UEHLW PLW HLQHU =XVDPPHQIDVVXQJ VRZLH GDUDXI DXIEDXHQGHQ XQG GDUEHU KLQDXVJHKHQGHQ DEVFKOLHHQGHQ ,QWHUSUHWDWLRQHQ GLH LQ HLQHQ $XVEOLFN IU ZHLWHUJH KHQGH)RUVFKXQJPQGHQ )RUVFKXQJVOFNH 'LH REHQ DQJHVSURFKHQHQ %H]LHKXQJVNRQILJXUDWLRQHQ N|QQHQ MHZHLOV DXV XQWHUVFKLHGOLFKHQ %OLFNZLQNHOQ EHWUDFKWHW ZHUGHQ HQWZHGHU DXV GHU 3HUVSHNWLYH GHU 0XWWHUNRQ]HUQH E]Z GHU &9&(LQKHLWHQ.DQQ.HOOH\6SLQHOO\5|SHU RGHUDXVGHU3HUVSHNWLYHGHU ]XPHLVW 7HFKQRORJLHEDVLHUWHQ QHZ YHQWXUHV *RPSHUV/HUQHU 0DXOD0XUUD\ E 0DXOD 'HU *URWHLO GHU $UEHLWHQ EHOHXFKWHW &9&38%H]LHKXQJHQ DXV HQWZHGHU GHU &9&RGHUGHU383HUVSHNWLYH,QGHUYRUOLHJHQGHQ$UEHLWZXUGHQGHVKDOEH[SOL]LWEHLGH6HL WHQGKGLH'\DGHQXQGLQ7HLOHQDXFKGLH7ULDGHQGHU&9&.RQVWHOODWLRQTXDOLWDWLYH(UKH EXQJYRQ XQWHUVXFKW 'LHVHV 9RUJHKHQ HUP|JOLFKW HV GLH .RPSOH[LWlW XQG 9LHOVFKLFKWLJNHLW GHU %H]LHKXQJHQ ]X DQDO\VLHUHQGLH,QWHUGHSHQGHQ]HQGHU$NWHXUH]XXQWHUVXFKHQXQGP|JOLFKH$QVDW]SXQNWHIU HLQH HUK|KWH 3HUVLVWHQ] GLHVHU %H]LHKXQJHQ ]X H[WUDKLHUHQ (LQ EHVRQGHUHV $XJHQPHUN ZLUG GDEHL DXI VROFKH )DNWRUHQ JHOHQNW GLH GHU]HLW LQ GHU %HWUDFKWXQJ YRQ &9& QRFK YHUJOHLFK VZHLVHJHULQJH$XIPHUNVDPNHLWJHQLHHQVRJHQDQQWHZHLFKH)DNWRUHQZLH:LVVHQ$IIHNWL HWF RQ9HUWUDXHQ1RUPHQXQG VRFLDOFDSLWDO (LQ ZHLWHUHV 'HIL]LW GHU )RUVFKXQJ OLHJW LP )HKOHQ YRQ /DQJ]HLW(UKHEXQJHQ ]X &9& 'LH PHLVWHQ 6WXGLHQ EHVFKUlQNHQ VLFK DXI HLQHQ (UKHEXQJV]HLWSXQNW XQG VLQG GDPLW QLFKW LQ GHU /DJHGLH'\QDPLNGHV0DUNWHVLP$OOJHPHLQHQVRZLHGHU&9&38'\DGHE]Z&9&7ULDGH LP%HVRQGHUHQXQGGLHGDPLWYHUEXQGHQHQHUKHEOLFKHQ9HUlQGHUXQJHQ]XHUNHQQHQXQGGDU

]XVWHOOHQ E]Z DE]XELOGHQ 'LH YRUOLHJHQGH 6WXGLH ZXUGH GHVKDOE DOV /DQJ]HLWVWXGLH PLW ]X QlFKVW]ZHL0HVVSXQNWHQDQJHOHJW-DKUHVZHFKVHOXQG-DKUHVZHFKVHO 'DEHL ODJ GHU 6FKZHUSXQNW DXI GHU %URNHU)XQNWLRQ GHU &9&(LQKHLW ]ZLVFKHQ 3RUWIROLRXQ WHUQHKPHQXQG0XWWHUJHVHOOVFKDIW'HVKDOEZXUGHVRZRKOGLH(LQEHWWXQJGHU&9&(LQKHLWLQ LKUH 0XWWHUJHVHOOVFKDIW KLQVLFKWOLFK GHU 6WUXNWXUHQ 3UR]HVVH HWF DOV DXFK GDV 9HUKlOWQLV GHU &9&(LQKHLW]XGHQ38VEHWUDFKWHW (LQHGULWWH)RUVFKXQJVOFNH]HLJWVLFKLQGHUELVKHULQGHU)RUVFKXQJUHFKWHLQKHLWOLFKXWLOLWDULV WLVFKDXVJHULFKWHWHQWKHRUHWLVFKHQ%HWUDFKWXQJGHU&9&38%H]LHKXQJ2EZRKOLQGHU/LWHUD WXU PLW GHP 5HVRXUFHEDVHG 9LHZ 3RVHU GHP .QRZOHGJHEDVHG 9LHZ 0DXOD .HLO GHP 3ULQFLSDO$JHQW$QVDW] 0DXOD XQG GHU ,QVWLWXWLRQHQ|NRQRPLH .DQQ ±DQGHUVDOVLQGHU/LWHUDWXU]XU9&38'\DGH±HLQHUHODWLYH%DQGEUHLWHYRQWKHRUHWL VFKHQ$QVlW]HQXQG%OLFNZLQNHOQDXIGLHVH%H]LHKXQJ]XILQGHQLVWIlOOWGRFKDXIGDVVGLHVH GXUFK HLQH DWRPLVWLVFKH 3HUVSHNWLYH FKDUDNWHULVLHUW VLQG ,Q GLHVHQ 7KHRULHQ VWHKW MHZHLOV GHU HLQ]HOQH $NWHXU LP =HQWUXP HU KDQGHOW LP =ZHLIHOVIDOO RSSRUWXQLVWLVFK XQG RSWLPLHUW GDPLW VHLQHQHLJHQHQ1XW]HQ'HU$XWRULQLVWNHLQH$UEHLWEHNDQQWLQGHUYRQGLHVHUGRPLQDQWXWLOL WDULVWLVFKHQ DXI HLQHP PHWKRGRORJLVFKHQ ,QGLYLGXDOLVPXV EDVLHUHQGHQ 6LFKW DEJHZLFKHQ ZXUGH'LHYRUOLHJHQGH$UEHLW]LHOWGHVKDOEGDUDXIGLHVHLQGHU7KHRULHYRUKHUUVFKHQGH1XW ]HQ PD[LPLHUHQGH $QVFKDXXQJ YRQ &9&$NWLYLWlWHQ E]Z YRQ &9&38%H]LHKXQJHQ ]X KLQWHUIUDJHQXQGP|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lWHUQlKHUHUOlXWHUWZLUG ,P.HUQJHKWHV]XPHLQHQXPGDV7HVWHQWKHRULHEDVLHUWHU+\SRWKHVHQ]XPDQGHUHQXPHLQ H[SORUDWLYHVXQG7KHRULHJHQHULHUHQGHV9RUJHKHQ%HLGH$QVlW]HEDVLHUHQDXIHLJHQHQHPSLUL VFKHQ 'DWHQ GLH LP =HLWUDXP YRQ 'H]HPEHU ELV 'H]HPEHU ]XYLHUXQWHUVFKLHGOL FKHQ=HLWSXQNWHQHUKREHQZXUGHQ =HQWUDOH)RUVFKXQJVIUDJHQ 'LHIROJHQGHQ)UDJHQVROOHQLQGLHVHU$UEHLWDGUHVVLHUWZHUGHQ

:HOFKHEHUJHRUGQHWHQ=LHOHYHUIROJHQ,QGXVWULHXQWHUQHKPHQPLWLKUHP&9&3URJUDPP" ,VWGLHVEHDQWZRUWHWGUlQJWVLFKGLH)UDJHQDFKGHQMHZHLOLJHQ6WUXNWXUHQXQG3UR]HVVHQDXI GLHHLQ&9&3URJUDPP]XHLQHPQDFKKDOWLJHQ(UIROJPDFKHQN|QQHQ :HOFKH6WUXNWXUHQXQGZHOFKH3UR]HVVHVLQGDPEHVWHQJHHLJQHWXPHLQQDFKKDOWLJHUIROJ UHLFKHV&9&3URJUDPP]XHWDEOLHUHQXQGLQZHOFKHU:HLVH YHUlQGHUQVLFKGLHVHLQ$E KlQJLJNHLWYRQGHQMHZHLOLJHQ=LHOHQGLHHLQ0XWWHUXQWHUQHKPHQPLWGHP&9&3URJUDPP YHUIROJW" $XVGHU'HEDWWHXPEHUJHRUGQHWH6WUDWHJLHQXQG=LHOHOHLWHWVLFKHLQHZHLWHUH)UDJHDEGLH DXIGDVRSHUDWLYH*HVFKlIWGHU&9&(LQKHLWHQ]LHOW :HOFKH.ULWHULHQOHJHQGLH&9&(LQKHLWHQEHLLKUHU6XFKHQDFKSRWHQ]LHOOHQ,QYHVWPHQWV DQXQGZHOFKH5ROOHQ VFKUHLEHQVLHVLFKVHOEVWLQQHUKDOEGHU%H]LHKXQJ]XLKUHQ38V]X" 6LQG GLHVH DXI GLH 0XWWHUJHVHOOVFKDIW XQG LKUH &9&(LQKHLW JHULFKWHWHQ )UDJHQ EHDQWZRUWHW UFNW GDV 9HUKlOWQLV YRQ &9&(LQKHLW XQG SRWHQ]LHOOHQ 3RUWIROLRXQWHUQHKPHQ LQ GHQ 0LWWHO SXQNWGHV,QWHUHVVHV0LW%OLFNDXIGHQREHQEHUHLWVDOVHVVHQ]LHOOVNL]]LHUWHQ:LVVHQVWUDQVIHU ]ZLVFKHQ38VXQG&9&E]Z%8VGHU0XWWHUJHVHOOVFKDIWVWHOOWVLFKGLH)UDJHZLHHLQVROFKHU HUUHLFKW E]Z VLFKHUJHVWHOOW ZHUGHQ NDQQ =X GHQ )DNWRUHQ GLH :LVVHQVWUDQVIHU XQG JHQHVH EHHLQIOXVVHQJHK|UHQ]XPHLQHQGLHEHUHLWVDQJHVSURFKHQHQ6WUXNWXUHQXQG3UR]HVVH'DUEHU KLQDXVVLQGDEHUDXFKHLQVWHOOXQJVXQGYHUKDOWHQVEH]RJHQHDOVRVRJHQDQQWHZHLFKH)DNWRUHQ DXI 6HLWHQ GHU $NWHXUH YRQ %HGHXWXQJ 'D GHU lXHUH 5DKPHQ IU GHQ :LVVHQVWUDQVIHU LQ *HVWDOWYRQ6WUXNWXUHQXQG3UR]HVVHQ]XJURHQ7HLOHQYRQGHU0XWWHUJHVHOOVFKDIWYRUJHJHEHQ LVWVLQGHVLQVEHVRQGHUHDXFKGLHVHZHLFKHQ)DNWRUHQDXIGLHGLH&9&(LQKHLWVRZRKOLQGHU 3Ul ZLH DXFK LQ GHU 3RVW,QYHVWPHQW3KDVH LKUH $XIPHUNVDPNHLW OHQNHQ N|QQWH XP GHQ 7UDQVIHUE]ZGLH*HQHVHYRQ:LVVHQXQWHUGHQ%HWHLOLJWHQ]XHUP|JOLFKHQE]Z]XRSWLPLH UHQ (QWVSUHFKHQGZHFKVHOWQXQGHU)RNXVXQGGLHHLQ]HOQH'\DGHE]ZVSlWHUGLH7ULDGHXQGLKUH (QWZLFNOXQJEHUGLH=HLWZLUG*HJHQVWDQGGHU%HWUDFKWXQJ'DEHLZLUGDXIGHQDOOJHPHLQHQ 0HKUZHUWXQGLQVEHVRQGHUHDXIGDV:LVVHQDEJHKREHQGDVGLHMHZHLOLJHQ3DUWQHUZHFKVHOVHL WLJLQGLHVH%H]LHKXQJKLQHLQWUDJHQE]ZLQQHUKDOEGHU%H]LHKXQJJHQHULHUHQN|QQHQ:LVVHQ XPIDVVW KLHU ± ZLH QRFK ]X GHILQLHUHQ VHLQ ZLUG ± DXFK GDV NQRZLQJ ZKR GK GLH VR]LDOHQ .RQWDNWHE]Z1HW]ZHUNHGHUEHWHLOLJWHQ$NWHXUH

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lUHU'DWHQEHVFKULHEHQZDVELVKHULQGHU/LWHUDWXULQGLHVHU)RUPQLFKWHUIROJW LVW =XP DQGHUHQ ZLUG GLH (LQEHWWXQJ GHU 7ULDGH LQ GDV XPIDVVHQGHUH JU|HUH 1HW]ZHUN EH WUDFKWHWXQGEHVFKULHEHQVRZLHGLH5ROOHGHU&9&(LQKHLWDOV0LWWOHURGHUEURNHUKHUYRUJHKR EHQ 'DPLW ZLUG HLQH 9HUELQGXQJ YRQ LQWUD XQG LQWHURUJDQLVDWLRQDOHU 1HW]ZHUNEHWUDFKWXQJ DXIHPSLULVFKHU%DVLVKHUJHVWHOOWZHOFKHLQGHU/LWHUDWXUELVODQJVHOWHQ]XILQGHQLVW :LHHQWVWHKWGDVVR]LDOH1HW]ZHUNHLQHU&9&(LQKHLWZLHVLHKWHLQIXQNWLRQLHUHQGHV1HW] ZHUNDXVXQGZHOFKHQQRWZHQGLJHQ 9HUlQGHUXQJHQXQWHUOLHJWHVEHUGLH=HLW":HOFKH 5HVVRXUFHQZHUGHQDXI%DVLVZHOFKHU.RRUGLQDWLRQVPHFKDQLVPHQLQZHOFKHP8PIDQJLQ QHUKDOE GHV 1HW]ZHUNV DXVJHWDXVFKW" :HOFKH 5ROOHQ VSLHOW GLH &9&(LQKHLW LQ GLHVHP 1HW]ZHUN":HOFKH$EKlQJLJNHLWHQ0DFKWYHUKlOWQLVVHXQG6FKZLHULJNHLWHQODVVHQVLFKLQ QHUKDOE GHU &9&7ULDGH DXVPDFKHQ" :HOFKH (LJHQVFKDIWHQ PVVHQ GLH HLQ]HOQHQ &9& 0DQDJHU PLWEULQJHQ XQG ZHOFKH 6WHXHUXQJVP|JOLFKNHLWHQ VLQG LKQHQ JHJHEHQ XP GLHVH 1HW]ZHUNDEKlQJLJNHLWHQ]XEHJUHQ]HQE]ZLKQHQ]XEHJHJQHQ" =XOHW]W ZLUIW GLH $UEHLW HLQH )UDJH DXI GLH ZHQLJHU DXI NRQNUHWH $VSHNWH GHU &9&7ULDGH HLQJHKW VRQGHUQ YLHOPHKU HLQH $OWHUQDWLYH ]X GHU ]XYRU DOV HLQVHLWLJ EHVFKULHEHQHQ DXI PH WKRGRORJLVFKHP ,QGLYLGXDOLVPXV EDVLHUHQGHQ DOOJHPHLQHQ WKHRUHWLVFKHQ %HWUDFKWXQJ GLHVHU %H]LHKXQJLQGHU/LWHUDWXUELHWHQP|FKWH(VJHKWGDUXPGLH7ULDGHLQLKUHQZHFKVHOVHLWLJHQ $EKlQJLJNHLWHQ XQG GDUDXV UHVXOWLHUHQGHQ QRWZHQGLJHQ $QVFKOXVVIlKLJNHLWHQ VWlUNHU LQ GHQ %OLFN]XQHKPHQXQGGDPLWHLQHQPHWKRGRORJLVFKHQ5HODWLRQLVPXV]XIRNXVVLHUHQ,Q$EJUHQ ]XQJ]XQHRIXQNWLRQDOLVWLVFKHQ7KHRULHQGHV:LVVHQVPDQDJHPHQWVXQGXQWHU%H]XJQDKPHDXI :LVVHQVVR]LRORJLH XQG 1HRLQVWLWXWLRQDOLVPXV ZLUG YHUVXFKW GLH NRJQLWLYHQ 9RUDXVVHW]XQJHQ LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUV GLH LQ NHLQHP GHU QHRIXQNWLRQDOLVWLVFKHQ $QVlW]H H[SOL]LHUWZHUGHQHPSLULVFKKHUDXV]XDUEHLWHQ

:LH JHVWDOWHW VLFK LQWHURUJDQLVDWLRQDOHU :LVVHQV XQG 5HVVRXUFHQDXVWDXVFK EHU VR]LR NXOWXUHOOEHGLQJWHLQWUDXQGLQWHURUJDQLVDWLRQDOH*UHQ]HQKLQZHJXQGZHOFKH6FKZLHULJ NHLWHQZHUGHQGDEHLYLUXOHQW" )RUVFKXQJV]LHOH 'DV EHUJHRUGQHWH =LHO GLHVHU $UEHLW LVW &RUSRUDWH 9HQWXUH &DSLWDO DOV 0LWWHO IU :LVVHQV WUDQVIHU XQG JHQHVH XQG GDPLW DOV ,QVWUXPHQW IU HLQ QDFKKDOWLJHV ,QQRYDWLRQVPDQDJHPHQW YRQ 2UJDQLVDWLRQHQ LQ VHLQHQ YHUVFKLHGHQHQ )DFHWWHQ WKHRUHWLVFKHQ $QVlW]HQ XQG(LQEHWWXQ JHQGDU]XOHJHQGLHIUGHQ(UIROJGLHVHU&9&38%87ULDGHEHHLQIOXVVHQGHQ5DKPHQEHGLQ JXQJHQ XQG )DNWRUHQ KHUDXV]XDUEHLWHQ VRZLH GHQ DEVFKOLHHQGHQ (UIROJ GLHVHV 8QWHUIDQJHQV ]XHUXLHUHQ 'LHGHWDLOOLHUWHQ=LHOHGLHVLFKGDUXQWHUVXEVXPLHUHQODVVHQVLQG ± HLQHQhEHUEOLFN]XJHEHQEHUGHQ6WDQGGHU)RUVFKXQJ]X&RUSRUDWH9HQWXUH&DSLWDOXQG GLH&9&38%8%H]LHKXQJVRZLHEHUGLHYHUVFKLHGHQHQWKHRUHWLVFKHQ$QVlW]HPLWGHQHQ ELVODQJDQGLHVHQ)RUVFKXQJVJHJHQVWDQGKHUDQJHJDQJHQZXUGH ± HLQHXPIDVVHQGH%HVFKUHLEXQJGHVGHXWVFKHQ&9&0DUNWHVXQGVHLQHU9HUlQGHUXQJHQEHU GLH=HLW]XSUlVHQWLHUHQ ± 'LPHQVLRQHQKHUDXV]XDUEHLWHQGXUFKGLH:LVVHQVWUDQVIHUXQGJHQHVHLQQHUKDOEGHU&9& 7ULDGHVWDWWILQGHW ± HPSLULVFKWHVWEDUH+\SRWKHVHQ]XHQWZLFNHOQ ± GLHHQWZLFNHOWHQ+\SRWKHVHQHPSLULVFK]XEHUSUIHQ'LHVEHLQKDOWHWGLH2SHUDWLRQDOLVLH UXQJ GHU YHUZHQGHWHQ 9DULDEOHQ GDV 'HVLJQ GHV (UKHEXQJVLQVWUXPHQWV GLH ,GHQWLILNDWLRQ GHV6DPSOHVGLHHLJHQWOLFKH'DWHQHUKHEXQJVRZLHGLH$XVZDKOGHUJHHLJQHWHQ$QDO\VHYHU IDKUHQ ± GLHREHQJHQDQQWHQLQGHU&9&)RUVFKXQJGRPLQDQWHQWKHRUHWLVFKHQ$QVlW]H]XKLQWHUIUD JHQXQGDXIP|JOLFKH(LQVHLWLJNHLWHQXQG6FKZDFKVWHOOHQKLQ]XXQWHUVXFKHQ ± GDV VR]LDOH 1HW]ZHUN HLQHU &9&(LQKHLW VRZLH VHLQH (PHUJHQ] ]X HUIDVVHQ XQG ]X EH VFKUHLEHQXQGGLH5ROOHGHU&9&(LQKHLWDOVEURNHUDQGHU6FKQLWWVWHOOHYRQLQWUDXQGLQ WHURUJDQLVDWLRQDOHU3HUVSHNWLYH]XIRNXVVLHUHQ'DEHLZLUGQHEHQGHU8QWHUVFKHLGXQJLQHLQ HQJHUHVXQGZHLWHUHV1HW]ZHUNHLQH]HLWOLFKH'LIIHUHQ]LHUXQJ]ZLVFKHQGHU3UHXQG3RVW

,QYHVWPHQW3KDVH YRUJHQRPPHQ XP P|JOLFKH 8QWHUVFKLHGH ]ZLVFKHQ GLHVHQ 3KDVHQ XQG GDPLWGLH'\QDPLNVRZLH9HUlQGHUXQJVIlKLJNHLWGHV1HW]ZHUNHVKHUDXV]XDUEHLWHQ ± H[SORUDWLYXQG7KHRULHJHQHULHUHQGXQWHU9HUZHQGXQJHLQHULQWHUSUHWDWLYHQ$QDO\VHXQGDXI %DVLV TXDOLWDWLYHU 'DWHQ GLH NRJQLWLYHQ 9RUDXVVHW]XQJHQ YRQ :LVVHQVWUDQVIHUXQGJHQHVH LQ GHU &9&%838%H]LHKXQJ HPSLULVFK KHUDXV]XDUEHLWHQ 'LHV EHLQKDOWHW GLH $XVZDKO XQGGDV'HVLJQGHV(UKHEXQJVLQVWUXPHQWVGLHHLJHQWOLFKH'DWHQHUKHEXQJVRZLHGLH:DKO GHVJHHLJQHWHQ$QDO\VHYHUIDKUHQV ± VlPWOLFKH(UJHEQLVVH]XSUlVHQWLHUHQXQG]XGLVNXWLHUHQLKUHWKHRUHWLVFKHQZLHSUDNWLVFKHQ ,PSOLNDWLRQHQ]XWKHPDWLVLHUHQVRZLH9RUVFKOlJHIU]XNQIWLJH)RUVFKXQJ]XXQWHUEUHLWHQ )RUVFKXQJVJHJHQVWDQGXQG)RUVFKXQJVIRNXV ,Q GLHVHU $UEHLW ZHFKVHOW GHU )RUVFKXQJVJHJHQVWDQG PLW GHQ YHUVFKLHGHQHQ )UDJHVWHOOXQJHQ *HKW HV XP GLH =LHOH 6WUXNWXUHQ XQG 3UR]HVVH GHV &9&3URJUDPPV LVW GHU )RUVFKXQJVJH JHQVWDQG ]XQlFKVW GLH&9&(LQKHLW HLQJHEHWWHW LQLKUHQ0XWWHUNRQ]HUQ5FNHQLPZHLWHUHQ )RUVFKXQJVYHUODXI GLH )UDJHQ YRQ :LVVHQVWUDQVIHU XQG NUHDWLRQ LQ GHU &9&38%H]LHKXQJ XQG GLH ]XVlW]OLFK EHWUDFKWHWHQ GLHVH %H]LHKXQJ EHHLQIOXVVHQGHQ ZHLFKHQ )DNWRUHQ LQ GHQ 0LWWHOSXQNW YHUVFKLHEWVLFK GHU )RUVFKXQJVJHJHQVWDQG DXI GLH '\DGH YRQ 3RUWIROLRXQWHUQHK PHQXQG&9&(LQKHLWE]ZDXIGLH7ULDGHYRQ&9&(LQKHLW38XQG%8XQGVHLQH(LQEHWWXQJ ZLHGHUXPLQHLQJU|HUHVXQGXPIDVVHQGHUHV1HW]ZHUN 'HU)RUVFKXQJVIRNXVLVWHEHQIDOOV]ZHLE]ZGUHLJHWHLOW9HUNU]WN|QQWHPDQVDJHQGDVVHV VLFK ]XP HLQHQ XP HLQHQ %OLFN LQ GLH %H]LHKXQJ XQG ]XP DQGHUHQ XP HLQHQ %OLFN DXI GLH %H]LHKXQJKDQGHOW (LQ HUVWHU )RUVFKXQJVIRNXV OLHJW DXI LQWHURUJDQLVDWLRQDOHP :LVVHQVWUDQVIHU XQG JHQHVH XQGDXIGHQKDUWHQXQGZHLFKHQ)DNWRUHQGLHGLHVHQ3UR]HVVEHHLQIOXVVHQ(QWVSUHFKHQG ZLUGGLHVHUHUVWH7KHPHQNRPSOH[JDQ]EHUZLHJHQGDXVGHU3HUVSHNWLYHGHU&9&(LQKHLW E]Z GHV QDFK ,QQRYDWLRQ VWUHEHQGHQ 0XWWHUXQWHUQHKPHQV DQDO\VLHUW 8P DOOHUGLQJV GLH .RPSOH[LWlW5HLFKKDOWLJNHLWXQG)HLQKHLWHQGHU&9&38%H]LHKXQJ]XHUIDVVHQZLUGLQ 7HLOHQ]XVlW]OLFKGLH3HUVSHNWLYHGHU3RUWIROLRXQWHUQHKPHQ&(2VE]Z*HVFKlIWVIKUHU PLWLQGLH$QDO\VHHLQEH]RJHQ 'HU ]ZHLWH )RUVFKXQJVIRNXV OLHJW DXI HLQHU DOOJHPHLQHUHQ '\DGHQ XQG 1HW]ZHUNVWHXH UXQJ +LHU ZHUGHQ GLH WKHRUHWLVFKHQ $QVlW]H ]XP LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHU

PLW GHQHQ VLFK GLH /LWHUDWXU ]XP 7HLO DXFK GHU &9&38%H]LHKXQJ E]Z GHU &9&38 %87ULDGHQlKHUWEHWUDFKWHWXQGLKUHLPSOL]LWHQ$QQDKPHQKLQWHUIUDJW'LHVHU)RNXVEH GDUIHLQHUEHLGVHLWLJHQ3HUVSHNWLYHGKGLH%H]LHKXQJZLUGSDUDOOHODXVGHP%OLFNZLQNHO GHU &9&(LQKHLW VRZLH GHU 3RUWIROLRXQWHUQHKPHQ EHWUDFKWHW XP ,QWHUGHSHQGHQ]HQ XQG :HFKVHOVHLWLJNHLWHQXQWHUVXFKHQ]XN|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lQNWVLFKGLHVH6WXGLHDXIGHQGHXWVFKHQ&9&0DUNWGKGLHLQ'HXWVFK ODQGWlWLJHQ&9&V'DPLWN|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lKLJNHLW YLD :LVVHQVWUDQVIHU XQG JHQHVH QDFKKDOWLJ YHUEHVVHUQKHOIHQ )RUVFKXQJVDQVlW]H0HWKRGHQXQG'DWHQLPhEHUEOLFN $Q GLHVHU 6WHOOH VROO HLQ HUVWHU NXU]HU hEHUEOLFN JHJHEHQ ZHUGHQ EHU GLH YHUVFKLHGHQHQ LQ GLHVHU$UEHLWYHUZHQGHWHQ)RUVFKXQJVDQVlW]HXQGPHWKRGHQ'DWHQHUKHEXQJHQVRZLH$QDO\ VHYHUIDKUHQ

,QGHQIROJHQGHQ.DSLWHOQZHUGHQGUHL)RUVFKXQJVDQVlW]HJHZlKOW HLQ UHLQ TXDQWLWDWLYHU XQG DXI VWDQGDUGLVLHUWHQ )UDJHE|JHQ EHUXKHQGHU =XJDQJ GHU QDFK HLQHU DXVIKUOLFKHQ GHVNULSWLYHQ $QDO\VH LQ .RUUHODWLRQV XQG 5HJUHVVLRQVDQDO\VHQ PQ GHWGLHGHUhEHUSUIXQJ]XYRUHQWZLFNHOWHUWKHRULHEDVLHUWHU+\SRWKHVHQGLHQHQ HLQTXDOLWDWLYTXDQWLWDWLYHU$QVDW]GHUDXIGHU*UXQGODJHHLQHUVWUXNWXULHUWHQ,QKDOWVDQDO\ VH QDFK 0D\ULQJ TXDOLWDWLYH LQ TXDQWLWDWLYH 'DWHQ ÄNRQYHUWLHUW³ XQG VFKOLHOLFK HEHQIDOOVPLWKLOIHYRQ+DXSWNRPSRQHQWHQDQDO\VH.RUUHODWLRQVXQG5HJUHVVLRQVDQDO\VHQ ]XUhEHUSUIXQJGHUWKHRULHEDVLHUWHQ+\SRWKHVHQGLHQWVRZLH HLQH[SORUDWLYHU$QVDW]GHUDXIGHU*UXQGODJHUHLQTXDOLWDWLYHU'DWHQXQGPLWWHOVLQWHUSUH WDWLYHU $QDO\VHYHUIDKUHQ 7KHRULHQ E]Z +\SRWKHVHQ JHQHULHUW GLH LQ HLQHP ZHLWHUHQ 6FKULWWHLQHUVSlWHUHQhEHUSUIXQJEHGUIHQ ,QVJHVDPWZXUGHQ'DWHQ]XPGHXWVFKHQ&9&0DUNW]XIQI=HLWSXQNWHQHUKREHQ =XP -DKUHVZHFKVHO IDQG HLQH HUVWH VWDQGDUGLVLHUWH VFKULIWOLFKH %HIUDJXQJ YRQ GDPDOVDNWLYHQ&9&VLQ'HXWVFKODQGVWDWW,QVJHVDPW&9&VDQWZRUWHWHQZDVHLQHU 5FNODXITXRWHYRQHQWVSULFKW ,P -DQXDU ZXUGH HLQ NXU]HV WHOHIRQLVFKHV HEHQIDOOV VWDQGDUGLVLHUWHV )ROORZXS ,QWHUYLHZ]XDXVJHVXFKWHQ7KHPHQPLWGHQ&9&VJHIKUWGLHVLFKDQGHUHEHQHUZlKQ WHQVFKULIWOLFKHQ%HIUDJXQJEHWHLOLJWKDWWHQ'LHVHV7HOHIRQDWZXUGHJOHLFK]HLWLJGD]XJH QXW]WGHQ.RQWDNWZLHGHUDXI]XIULVFKHQXQGGLH%HUHLWVFKDIW]XHLQHPOlQJHUHQSHUV|QOL FKHQ*HVSUlFKDE]XIUDJHQ$OOH&9&VHUNOlUWHQVLFKEHUHLW 9RQ $SULO ELV -XQL ZXUGHQ TXDOLWDWLYH ,QWHUYLHZV PLW VLHEHQ DXVJHZlKOWHQ &9&V JHIKUW ,P DQVFKOLHHQGHQ =HLWUDXP YRQ -XQL ELV $XJXVW ZXUGHQ LQVJHVDPW 3RUWIROLRXQWHUQHKPHQEHIUDJWGLHMHZHLOV&RUSRUDWH9HQWXUH&DSLWDOYRQHLQHPGHUEHUHLWV XQWHUVXFKWHQ&9&VHUKDOWHQKDWWHQ'DUEHUKLQDXVZXUGHQ/HLWHUDXVJHZlKOWHU%XVLQHVV 8QLWV LQ GHQ 0XWWHUXQWHUQHKPHQ DOV GULWWH $NWHXUH EHIUDJW VR GDVV GLH EHVDJWHQ &9& 7ULDGHQHQWVWHKHQNRQQWHQ =XP -DKUHVZHFKVHO ZXUGH HUQHXW HLQH VWDQGDUGLVLHUWH VFKULIWOLFKH %HIUDJXQJ DOOHU ]X GLHVHP =HLWSXQNW DNWLYHQ &9&V LP GHXWVFKHQ 0DUNW GXUFKJHIKUW 'LHV ZDUHQ GDPDOV'LH5FNODXITXRWHODJEHL'DEHLZXUGHQLQHUKHEOLFKHP8PIDQJVROFKH )UDJHQNRPSOH[HZLHGHUDXIJHJULIIHQGLHEHUHLWV*HJHQVWDQGGHU(UKHEXQJJH

ZHVHQZDUHQXPGHQDQJHVWUHEWHQ9HUJOHLFKLP5DKPHQHLQHU/DQJ]HLWVWXGLH]XHUP|JOL FKHQ ,P -DQXDU ZXUGHQ ]ZHL ]XVlW]OLFKH H[SORUDWLYH ,QWHUYLHZV PLW &9&0DQDJHUQ JH IKUWGLHEHUHLWVVHLWDQGHUYRUOLHJHQGHQ6WXGLHEHWHLOLJWZDUHQ6LHZXUGHQ]XLKUHP MHZHLOLJHQ&9&1HW]ZHUN%HWHLOLJXQJVXQWHUQHKPHQ3DUWQHU9&&RPPXQLW\HWF VRZLH GHWDLOOLHUWHUHQ $XVWDXVFK XQG 6WHXHUXQJVPHFKDQLVPHQ LQQHUKDOE GLHVHV 1HW]ZHUNV EH IUDJW'HV:HLWHUHQZXUGHQ7KHPHQGHV$XIEDXVVRZLHGHV(UKDOWVGLHVHV1HW]ZHUNVDQ JHVSURFKHQ :LH REHQ EHUHLWV HUOlXWHUW ZHUGHQ PLW GHQ YHUVFKLHGHQHQ (UKHEXQJVPHWKRGHQ 'DWHQVlW]HQ XQG $QDO\VHYHUIDKUHQ XQWHUVFKLHGOLFKH =LHOH XQG )UDJHVWHOOXQJHQ YHUIROJW 'LHVH =LHOH XQG )RUVFKXQJVIUDJHQZHUGHQLQGHQ.DSLWHOQELVMHZHLOVDXVIKUOLFKGDUJHOHJW'LHIROJHQGH $EELOGXQJIDVVWGHQ*DQJGHU8QWHUVXFKXQJQRFKHLQPDO]XVDPPHQ

(LQOHLWXQJ .DSLWHO

*UXQGODJHQ GLHVHU $UEHLW .RQ]HSWHLQGLHVHU $UEHLW .DSLWHO

6WDQGDXVJHZlKOWHU & 9&/LWHUDWXU .DSLWHO

7KHRUHWLVFKH(LQEHWWXQJGHU &9&)RUVFKXQJ .DSLWHO

$XVJHZlKOWH )RUVFKXQJVIUDJHQ 6WUDWHJLH6WUXNWXU 3UR]HVVHYRQ&9& .DSLWHO

&9&DO0LWWHO]XP :LVVHQVWUDQVIHUXQG ,QQRYDWLRQPDQDJHPHQW .DSLWHO

&9&DOV:LVVHQVEURNHU LPVR]LDOHQ1HW]ZHUN .DSLWHO

6FKOXVVEHWUDFKWXQJ XQG$XVEOLFN .DSLWHO

.RJQLWLYH9RUDXVVHW]XQ JHQ LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUVEHL&9& .DSLWHO

$EELOGXQJ *DQJGHU8QWHUVXFKXQJ

=(175$/(=8*581'(/,(*(1'(.21=(37( &RUSRUDWH9HQWXUH&DSLWDO 'HU8PIDQJDQ3XEOLNDWLRQHQLP%HUHLFK&RUSRUDWH9HQWXUH&DSLWDOVSLHJHOWGLHEHUGLH-DKUH XQYHUPLQGHUWH ZLUWVFKDIWOLFKH 5HOHYDQ] GLHVHV 6HNWRUV ZLGHU 5LQG +DUG\PRQ HW DO 6LHJHO HW DO 6\NHV %ORFN0DF0LOODQ *RPSHUV XQG /HUQHU EHULFKWHQYRQGUHLZHVHQWOLFKHQÄ&9&:HOOHQ³YRQGHQHQGLHOHW]WHXQGGUDPDWLVFKVWH(QGH GHUHU-DKUHEHJDQQXQGHQGHWH6LHPHUNHQIHUQHUDQGDVVHLQJURHU7HLOGHU )RUVFKXQJ EHU NRQ]HUQHLJHQH 9&3URJUDPPH ZlKUHQG GHU EHLGHQ YRUDQJHJDQJHQHQ &9& :HOOHQGXUFKJHIKUWZXUGH &RUSRUDWH9HQWXUH&DSLWDOZLUGLQGHU/LWHUDWXUXQWHUVFKLHGOLFKEHJULIIHQXQGGHILQLHUWE]ZRIW PLW YHUZDQGWHQ 7HUPLQL EHVFKULHEHQ RGHU DXFK PLW YHUZDQGWHQ .RQ]HSWHQ YHUPLVFKW 6R NXUVLHUHQ GLH %HJULIIH ÄFRUSRUDWH YHQWXULQJ³ 0DF0LOODQ*HRUJH GHU YHUPXWOLFK GHU XPIDVVHQGVWHVHLQGUIWHÄH[WHUQDOFRUSRUDWHYHQWXULQJ³.HLO ÄLQWHUQDOFRUSRUDWHYHQ WXULQJ³%XUJHOPDQ ÄFRUSRUDWHHQWUHSUHQHXUVKLS³*LQVEHUJ+D\ ÄLQWUDSUHQHXUV KLS³3LQFKRW XQGÄFRUSRUDWHYHQWXUHFDSLWDO³(VKDWEHUHLWVYHUVFKLHGHQH$QVWUHQJXQ JHQ LQ GHU /LWHUDWXU JHJHEHQ ]XPLQGHVW HLQ]HOQH GLHVHU .RQ]HSWH ]X GLIIHUHQ]LHUHQ &R YLQ0LOHV 6FKZHHQ 0F1DOO\ .HLO ,Q GHU YRUOLHJHQGHQ $UEHLW ZLUG DXI HLQH 'LVNXVVLRQ GLHVHU XQWHUVFKLHGOLFKHQ XQG VLFK WHLOZHLVH EHUVFKQHLGHQGHQ .RQ]HSWH YHU]LFKWHW 9LHOPHKU ZLUG GLUHNW DXI HLQH 'HILQLWLRQ YRQ &9& ]XJHVWHXHUW 'HQQRFK VROO DOV %HLWUDJ]XUhEHUVLFKWOLFKNHLWHLQH8QWHUVFKHLGXQJYRQ.HLO YRUJHVFKODJHQZHUGHQ VLHKH$EELOGXQJ &RUSRUDWH9HQWXUH&DSLWDO&9& ZLUGLQGLHVHU$UEHLWGHILQLHUWDOV%HWHLOLJXQJVNDSLWDORGHU EHWHLOLJXQJVlKQOLFKHV.DSLWDOGDVGLUHNWLQMXQJHZDFKVWXPVWUlFKWLJH]XPHLVWWHFKQRORJLVFK LQQRYDWLYH UHFKWOLFK VHOEVWVWlQGLJH 8QWHUQHKPHQ LQYHVWLHUW ZLUG EHL GHQHQ GHU ,QYHVWRU HLQ ,QWHUPHGLlUHLQHV HWDEOLHUWHQ,QGXVWULHXQWHUQHKPHQV NHLQH )LQDQ]LQVWLWXWLRQ LVW ZHOFKHV PLW GLHVHQ,QYHVWPHQWVILQDQ]LHOOHXQGVWUDWHJLVFKH=LHOVHW]XQJHQYHUIROJW 6\QRQ\P ]XP 7HUPLQXV ,QGXVWULHXQWHUQHKPHQ ZLUG LP )ROJHQGHQ DXFK GDV :RUW0XWWHUXQ WHUQHKPHQYHUZHQGHW

:LVVHQE]ZDOVHLQH:LVVHQVTXHOOHNQRZZKRNQRZZKDWNQRZKRZ IU,QQRYDWLRQHQGDU %:HEHU&:HEHU&:HEHU 'LH&9&(LQKHLWHQEHILQGHQVLFKGDEHLZLHQRFK JH]HLJWZHUGHQZLUGLQGHU5ROOHHLQHV0LWWOHUVRGHU%URNHUV ,Q GHQ .DSLWHOQ ELV ZLUG GDQQ YHUPHKUW DXFK GLH ]ZHLWH 3HUVSHNWLYH GLH LP )ROJHQGHQ HUOlXWHUWZLUGHLQJHQRPPHQXQGGLH3RUWIROLRXQWHUQHKPHQNRPPHQ]X:RUW

-XQJXQWHUQHKPHQQHZYHQWXUHV

$XFKGLH'HILQLWLRQHQYRQ-XQJXQWHUQHKPHQVLQGLQGHU/LWHUDWXUQLFKWLPPHUHLQGHXWLJXQG XQWHUOLHJHQ ]DKOUHLFKHQ 9DULDWLRQHQ ,QVEHVRQGHUH GLH )UDJH ELV ]X ZHOFKHP =HLWSXQNW HLQ 8QWHUQHKPHQQRFK DOV-XQJXQWHUQHKPHQJLOWZLUGQLFKWHLQKHLWOLFKEHDQWZRUWHW,QGHU/LWH UDWXU KDW VLFK LQ GHU 9HUJDQJHQKHLW HLQ 8QWHUQHKPHQVDOWHU YRQ VHFKV -DKUHQ DOV GRPLQDQW KHUDXVJHVFKlOW5RELQVRQ0F'RXJDOO=DKUDHWDO0DXOD 'HP VROO LQ GHU YRUOLHJHQGHQ$UEHLWJHIROJWZHUGHQ(LQ8QWHUQHKPHQZLUGDOVRELV]XVHFKV-DKUHQDFKVHLQHU *UQGXQJQRFKDOV-XQJXQWHUQHKPHQEH]HLFKQHW :HVHQWOLFKIUGLH'HILQLWLRQYRQ-XQJXQWHUQHKPHQLQGLHVHU$UEHLWLVWGHV:HLWHUHQGDVVHV VLFK±ZLHLQGHU&9&'HILQLWLRQEHUHLWVGHXWOLFKZXUGH±XPVROFKH8QWHUQHKPHQKDQGHOWGLH QLFKWQXUUHFKWOLFKVHOEVWVWl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

:LVVHQ:LVVHQVWUDQVIHU:LVVHQVJHQHVH

(LQVGHU.HUQNRQ]HSWHGLHVHU$UEHLWLVW:LVVHQ'HQQ:LVVHQLVWHLQH6FKOVVHOUHVVRXUFHXQG DOV .HUQ E]Z +DXSWTXHOOH MHGHU 8QWHUQHKPHQVZHUWVWHLJHUXQJ E]Z MHGHV 8QWHUQHKPHQVHU IROJV ]X EHWUDFKWHQ *UDQW &RKHQ/HYLQWKDO '\HU6LQJK 3/DQH/XEDWNLQ 'HU.QRZOHGJHEDVHG9LHZRIWKHILUPEHWUDFKWHW:LVVHQVRJDUDOVGLHVWUDWHJLVFKPLW $EVWDQGEHGHXWHQGVWH5HVVRXUFHHLQHV8QWHUQHKPHQVEHUKDXSW*UDQW6SHQGHU 'LH SUl]LVH 'HILQLWLRQ YRQ :LVVHQ EHVFKlIWLJW GLH 3KLORVRSKLH VHLW LKUHQ $QIlQJHQ 3RMPDQ

(QWVSUHFKHQGH[LVWLHUWHLQH9LHO]DKOYRQ.RQ]HSWHQGD]XZDV:LVVHQLVWXQGLQZHO FKHU :HLVH HV PLW DQGHUHQ .RQ]HSWHQ LQ 9HUELQGXQJ VWHKW $XI HLQH XPIDVVHQGH 'LVNXVVLRQ GLHVHU WKHRUHWLVFKHQ $XVHLQDQGHUVHW]XQJ ZLUG KLHU YHU]LFKWHW XQG DXI .HLO YHUZLHVHQ 9LHOPHKUJHKWHVQXQGDUXPIUGLHVH$UEHLW:LVVHQ]XGHILQLHUHQE]Z]XSRVLWLRQLHUHQ(LQH WUDGLWLRQHOOH ODXW 1RQDND XQG 7DNHXFKL ]XHUVW YRQ 3ODWRQ HLQJHIKUWH 'HILQLWLRQ YRQ :LVVHQ ODXWHW :LVVHQ LVW EHJUQGHWHU E]Z JHUHFKWIHUWLJWHU ZDKUHU *ODXEH ÄNQRZOHGJH LV D MXVWLILHG WUXH EHOLHI³ 'LHVH 'HILQLWLRQ JUQGHW LQ HLQHP ZHVWOLFKHQ HSLVWHPRORJLVFKHQ 9HU VWlQGQLVZHOFKHVDXIGLHH[SOL]LWH1DWXUYRQ:LVVHQDEKHEW%HLGHP9HUVXFK:LVVHQVHLQH 1DWXUXQG+HUNXQIW]XGHILQLHUHQ]HLFKQHQVLFKYHUVFKLHGHQH'LVNXVVLRQVDFKVHQDE (LQH IU GLHVH $UEHLW EHGHXWVDPH $FKVH YHUOlXIW ]ZLVFKHQ 3RVLWLYLVWHQ XQG UDGLNDOHQ .RQV WUXNWLYLVWHQ 'HU SRVLWLYLVWLVFKH 6WUDQJ GHU 3KLORVRSKLH JHKW GDYRQ DXV GDVV DOOHV KDOWEDUH :LVVHQ DXV HLQHU V\VWHPDWLVFKHQ $QDO\VH GHU (UIDKUXQJHQ GLH DXV GHU EHNDQQWHQ 5HDOLWlW JHZRQQHQ ZXUGHQ DEJHOHLWHW LVW 'LH 4XDOLWlW GHV :LVVHQV ZLUG HUPLWWHOW E]Z IHVWJHOHJW LQGHPXQVHUH9RUKHUVDJHQEDVLHUHQGDXIXQVHUHP:LVVHQYHUJOLFKHQZHUGHQPLWGHQ(UIDK UXQJHQ DXV GHU 5HDOLWlW 8QLYHUVDOHV :LVVHQ ÄWUXH DW DOO WLPHV DQG LQ DOO SODFHV³ 6SHQGHU LVWGDQDFKGHUK|FKVWH*UDGGHV:LVVHQV6SHQGHUEHWRQWXQGNULWLVLHUWJOHLFK]HLWLJ GDVV GHU *URWHLO GHU0DQDJHPHQW/LWHUDWXU GLHVH SRVLWLYLVWLVFKH3RVLWLRQPHKURGHUZHQLJHU XQNULWLVFK EHUJHQRPPHQ KDW ÄRUJDQL]DWLRQDO WKHRULVWV KDYH FRQVWUDLQHG WKHLU WKHRUL]LQJ E\ DGRSWLQJ D SRVLWLYLVW WKHRU\ RI NQRZOHGJH WKDW WDNHV OLWWOH DFFRXQW RI WKH PLOOHQQLD RI GHEDWH DERXWWKHSUREOHPDWLFQDWXUHRIKXPDQNQRZOHGJH³HEG (LQH*HJHQSRVLWLRQ]XGHQ3RVLWLYLVWHQQHKPHQEHLVSLHOVZHLVH1RQDNDXQG7DNHXFKL 6SHQGHU VRZLH YRQ .URJK XQG 5RRV HLQ 6LH DUJXPHQWLHUHQ GDVV :LVVHQ LP :HVHQWOLFKHQ GDV (UJHEQLV VR]LDOHU .RQVWUXNWLRQVSUR]HVVH GDUVWHOOW )U 9HUWUHWHU GLHVHU 6LFKWZHLVHLVW:LVVHQNHLQH5HSUlVHQWDWLRQHLQHUIHVWVWHKHQGHQRGHUJHJHEHQHQlXHUHQ5HDOL WlW VRQGHUQ :LVVHQ ÄUDWKHU HQDFWV WKLV UHDOLW\ DV LW LV IRUPHG³ YRQ .URJK5RRV .RQVWUXNWLYLVWHQ VHKHQ :LVVHQ DOV GDV (UJHEQLV YRQ %HREDFKWXQJ GDV DOOHUGLQJV YRP HLQ]L JDUWLJHQE]ZHLQPDOLJHQ6WDQGSXQNWRGHU%OLFNZLQNHOGHUSHUV|QOLFKHQ6LQQVWLIWXQJXQGGHQ LQGLYLGXHOOHQ (UIDKUXQJHQ GHV %HREDFKWHUV DEKlQJW 1RQDND7DNHXFKL ,P .HUQ VWHOOW :LVVHQ GDPLW HLQH ,QWHUSUHWDWLRQ YRQ (UIDKUXQJHQ GDU ZHOFKH DXV GHU 5HDOLWlW KHUUKUHQ :HLFN :LVVHQLVWDOVR±LP*HJHQVDW]]X'DWHQXQG,QIRUPDWLRQHQ±LPPHUDQ3HUVR QHQJHEXQGHQ3UREVWHWDO 'LHVHU3RVLWLRQZLUGLQGHUYRUOLHJHQGHQ$UEHLWJHIROJW

'LH)UDJHQDFKGHPZDV]ZLQJWGD]X:LVVHQLQYHUVFKLHGHQH*HJHQVWlQGH]XXQWHUWHLOHQ,Q GHU/LWHUDWXUJLEWHV]DKOUHLFKH9HUVXFKHGHU1RWZHQGLJNHLWHLQHU.ODVVLIL]LHUXQJRGHU7\SL VLHUXQJ YRQ :LVVHQ 5HFKQXQJ ]X WUDJHQ 6R XQWHUVFKHLGHW 5\OH EHLVSLHOVZHLVH ]ZL VFKHQÄNQRZZKDW³XQGÄNQRZKRZ³,QlKQOLFKHU:HLVHGLIIHUHQ]LHUW-DPHV ]ZLVFKHQ ÄNQRZOHGJH DERXW³ XQG ÄNQRZOHGJH RI DFTXDLQWDQFH³ :LQWHU SUlVHQWLHUW ZHLWHUH *H JHQVDW]SDDUHZHOFKHYHUVFKLHGHQH$UWHQYRQ:LVVHQEHVFKUHLEHQ(UGLIIHUHQ]LHUW :LVVHQLQ ÄWHDFKDEOH³ YV ÄQRW WHDFKDEOH³ ÄDUWLFXODWHG³ YV ÄQRW DUWLFXODWHG³ ÄREVHUYDEOH LQ XVH³ YV ÄQRW REVHUYDEOH LQ XVH³ ÄFRPSOH[³ YV ÄVLPSOH³ XQG ÄLQGHSHQGHQW³ YV ÄDQ HOHPHQWRIDV\VWHP³/XEDWNLQHWDO QHQQHQIQIYHUVFKLHGHQH7\SHQYRQ:LVVHQ ÄNQRZZKDWV³ ÄNQRZKRZV³ ÄNQRZDERXWV³ ÄNQRZZK\V³ XQG ÄNQRZ ZKHUHV³ ,Q GLHVHU $UEHLW ZLUG GHU DP ZHLWHVWHQ YHUEUHLWHWHQ 8QWHUVFKHLGXQJ YRQ 3RODQ\L LQ ÄH[SOLFLWNQRZOHGJH³XQGÄLPSOLFLWNQRZOHGJH³JHIROJWZHOFKHLQLKUHQGHILQLWRULVFKHQ)HLQ KHLWHQ EHU GLH EHUHLWV JHQDQQWH YRQ -DPHV KLQDXVJHKW H[SOL]LWHV :LVVHQ EHU )DNWHQ XQG 7DWVDFKHQZHOFKHV OHLFKW NRGLHUW XQG WUDQVIHULHUW ZHUGHQNDQQVRZLH :LVVHQ]X 3HUVRQHQ E]Z .RQWDNWH XQG LPSOL]LWHV :LVVHQ ZLH )lKLJNHLWHQ XQG ,QWXLWLRQ ZHOFKHV DXV(UIDKUXQJKHUUKUW3RODQ\L1RQDND7DNHXFKL ,PSOL]LWHV:LVVHQLVWRIWVXE MHNWLYXQGXQEHZXVVWHVLVWVFKZHU]XFRGLHUHQRGHUYRQVHLQHPÄ,QKDEHU³]XVHSDULHUHQXQG HQWVSUHFKHQGVFKZHU]XWUDQVIHULHUHQ/XEDWNLQHWDO 'HVKDOEZLUGYRQGLHVHP:LVVHQ RIWDXFKDOV.HUQHOHPHQWQDFKKDOWLJHQ:HWWEHZHUEVYRUWHLOVJHVSURFKHQ.RJXW=DQGHU 'HQQ QHXHV :LVVHQ :LVVHQVWUDQVIHU XQG JHQHVH VLQG IU DOOH QDFK ,QQRYDWLRQ XQG :HWWEH ZHUEVYRUWHLO VWUHEHQGHQ 2UJDQLVDWLRQHQ NULWLVFK GD VLH QHXH *HVFKlIWVPRGHOOH LGHHQ XQG RSSRUWXQLWlWHQHU|IIQHQ3HQURVH VRZLHGDV9HUP|JHQGHU2UJDQLVDWLRQVWHLJHUQGLHVH *HOHJHQKHLWHQDXV]XQXW]HQXQGDXV]XVFK|SIHQ

6LHKH]XGLHVHUDXVIKUOLFKHQ'LIIHUHQ]LHUXQJ6SHQGHU

,QGLHVH'HILQLWLRQYRQ:LVVHQZHUGHQLP.RQWH[WGHUYRUOLHJHQGHQ$UEHLW1HW]ZHUNHXQG.RQWDNWH±ZLHLQ .DSLWHOQRFKDXVIKUOLFKHUOlXWHUWZLUG±ZLHYRQ.RJXW EHVFKULHEHQH[SOL]LWPLWHLQEH]RJHQ

OHQ/HUQHQVVRZLHGHP.RQ]HSWGHUDEVRUSWLYHFDSDFLW\DXIGDVLQ.DSLWHOQRFKQlKHU HLQJHJDQJHQZLUG$EVRUSWLYH FDSDFLW\ LVWGDEHLGHILQLHUWDOVGLH)lKLJNHLWHLQHU2UJDQLVDWLRQ QHXHV :LVVHQ XQG VHLQHQ :HUW IU GLH 2UJDQLVDWLRQ ]X HUNHQQHQ DXI]XQHKPHQ XQG IU GLH HLJHQHQ%HODQJHQXW]EDU]XPDFKHQÄDILUP¶VDELOLW\WRUHFRJQL]HWKHYDOXHRIQHZH[WHUQDO LQIRUPDWLRQ DVVLPLODWH LW DQG DSSO\ LW WR FRPPHUFLDO HQGV³ &RKHQ/HYLQWKDO ,Q hEHUHLQVWLPPXQJPLWGLHVHQ.RQ]HSWHQZHQGHQZLUXQVLP.RQWH[WGHUYRUOLHJHQGHQ$UEHLW +XEHU ]XGHP]XIROJH:LVVHQVWUDQVIHUXQGNUHDWLRQLQQHUKDOERGHU]ZLVFKHQ2UJDQL VDWLRQHQGDQQVWDWWJHIXQGHQKDWZHQQHLQH2UJDQLVDWLRQRGHULKUH7HLOH]%*HVFKlIWVEHUHL FKH RGHU $EWHLOXQJHQ :LVVHQ DNTXLULHUW KDEHQ ZHOFKHV VLH DOV SRWHQ]LHOO KLOIUHLFK IU GLH 2UJDQLVDWLRQHUDFKWHQ'LHVH'HILQLWLRQEH]LHKWVLFKDXIGDVJHVDPWHUHOHYDQWH:LVVHQLPREHQ JHQDQQWHQ6LQQHGKEHU)DNWHQXQG)lKLJNHLWHQKLQDXVEHLQKDOWHWHVDXFK.RQWDNWHÄNQR ZLQJ ZKR³ :LVVHQVWUDQVIHU XQG JHQHVH ZHUGHQ KLHU DOV YRQHLQDQGHU DEKlQJLJ XQG VLFK EHGLQJHQGUHLWHUDWLQJ EHWUDFKWHW:LVVHQVJHQHVHXQG,QQRYDWLRQUHVXOWLHUHQDXVQHXHQ.RP ELQDWLRQHQYRQ:LVVHQXQGDQGHUHQ5HVVRXUFHQ&RKHQ/HYLQWKDO.RJXW=DQGHU *OHLFK]HLWLJVLQG:LVVHQVJHQHVHE]ZWUDQVIHURGHUDQGHUH)RUPHQYRQ$XVWDXVFKZLHGHUXP 9RUDXVVHW]XQJHQ IU QHXH 5HVVRXUFHQNRPELQDWLRQHQ GK IU :LVVHQVNUHDWLRQ E]Z JHQHVH 0RUDQ*KRVKDO ,P )ROJHQGHQ ZHUGHQ GHVKDOE GLH %HJULIIH Ä:LVVHQVWUDQVIHU³ VRZLH Ä:LVVHQVWUDQVIHUXQGJHQHVH³V\QRQ\PYHUZHQGHW

5HVVRXUFHQ

1HEHQ :LVVHQ YHUIJHQ 2UJDQLVDWLRQHQ EHU ZHLWHUH 5HVVRXUFHQ 3HQURVH HUNOlUW LQ LKUHP 5HVRXUFHEDVHG 9LHZ 5HVVRXUFHQ ]XU IXQGDPHQWDOHQ 4XHOOH YRQ 8QWHUQHKPHQVZDFK VWXP6LHGHILQLHUW5HVVRXUFHQDOVÄSK\VLFDOWKLQJVDILUPEX\VOHDVHVRUSURGXFHVIRULWVRZQ XVHDQGWKHSHRSOHKLUHGRQWHUPVWKDWPDNHWKHPHIIHFWLYHO\SDUWRIWKHILUP³3HQURVH $QGHUH $XWRUHQ OHJHQ WHLOZHLVH HLQHQ ZHLWHUHQ %HJULII YRQ 5HVVRXUFHQ ]XJUXQGH 6R YHUVWHKW:HUQHIHOW XQWHU5HVVRXUFHQEHLVSLHOVZHLVHÄDQ\WKLQJZKLFKFRXOGEHWKRXJKW RIDVDVWUHQJWKRUZHDNQHVVRIDJLYHQILUP0RUHIRUPDOO\DILUP¶VUHVRXUFHVDWDJLYHQWLPH FRXOGEHGHILQHGDVWKRVHWDQJLEOHDQGLQWDQJLEOHDVVHWV ZKLFKDUHWLHGVHPLSHUPDQHQWO\WR

2UJDQLVDWLRQDOHV/HUQHQLVWGHILQLHUWQDFK+XEHUÄWKDWDQHQWLW\EHLWDQLQGLYLGXDODJURXSDQRUJDQL]DWLRQ DQLQGXVWU\RUDQHQWLUHVRFLHW\OHDUQVLIWKURXJKLWVSURFHVVLQJRILQIRUPDWLRQWKHUDQJHRILWVSRWHQWLDOEH KDYLRXUVLVFKDQJHG>«@:LWKUHVSHFWWRWKHH[LVWHQFHRIRUJDQL]DWLRQDOOHDUQLQJOHWXVDVVXPHWKDWDQRU JDQL]DWLRQOHDUQVLIDQ\RILWVXQLWVDFTXLUHVNQRZOHGJHWKDWLWUHFRJQL]HVDVSRWHQWLDOO\XVHIXOWRWKHRUJDQL ]DWLRQ³ )UZHLWHUH)RUVFKXQJXQG$UEHLWHQ]X2UJDQLVDWLRQDOHP/HUQHQVLHKH)LRO/\OHV +HGEHUJ/HYLWW0DUFKXQG6KULYDVWYD

WKH ILUP³ HEG $OV %HLVSLHOH IU 5HVVRXUFHQ QHQQW :HUQHIHOW ÄEUDQG QDPHV LQKRXVH NQRZOHGJH RI WHFKQRORJ\ HPSOR\PHQW RI VNLOOHG SHUVRQQHO WUDGH FRQWDFWV PDFKLQHU\ HIIL FLHQWSURFHGXUHVFDSLWDOHWF³HEG bKQOLFKIDVVW%DUQH\XQWHU5HVVRXUFHQÄDOODVVHWVFDSD ELOLWLHVRUJDQL]DWLRQDOSURFHVVHVILUPDWWULEXWHVLQIRUPDWLRQNQRZOHGJHHWFFRQWUROOHGE\D ILUP WKDW HQDEOH WKH ILUP WR FRQFHLYH RI DQG LPSOHPHQW VWUDWHJLHV WKDW LPSURYH LWV HIILFLHQF\ DQGHIIHFWLYHQHVV³ 'LH YHUVFKLHGHQHQ 'HILQLWLRQHQ XQG $QVlW]H ]XP 5HVVRXUFHQEHJULII XQWHUVFKHLGHQ VLFK ZH VHQWOLFK LP +LQEOLFN DXI GLH )UDJH LQZLHZHLW .|QQHQ )HUWLJNHLWHQ XQG .RPSHWHQ]HQ DOV 5HVVRXUFHQ YHUVWDQGHQ XQG LQ GLH 'HILQLWLRQ LQWHJULHUW ZHUGHQ :lKUHQG HLQLJH $XWRUHQ GLH JHQDQQWHQ (OHPHQWH H[SOL]LW HLQVFKOLHHQ %DUQH\ :HUQHIHOW VHSDULHUHQ DQGHUH VLH YRQ DQGHUHQ 5HVVRXUFHQ *UDQW $PLW6FKRHPDNHU $PLW XQG 6FKRHPDNHU GHILQLHUHQGHQ8QWHUVFKLHG]ZLVFKHQ5HVVRXUFHQXQG)lKLJNHLWHQIROJHQGHUPDHQÄ5HVRXUFHV FDQ EH GHILQHG DV VWRFNV RI DYDLODEOH IDFWRUV WKDW DUH RZQHG RU FRQWUROOHG E\ WKH ILUP >«@ &DSDELOLWLHVLQFRQWUDVWUHIHUWRDILUP¶VFDSDFLW\WRGHSOR\UHVRXUFHVXVXDOO\LQFRPELQDWLRQ XVLQJRUJDQLVDWLRQDOSURFHVVHVWRHIIHFWDGHVLUHGHQG³ *UDQW KHEWKHUYRU GDVV5HVVRXUFHQZLHEHLVSLHOVZHLVHHLQ]HOQH0LWDUEHLWHU3DWHQWH0DUNHQQDPHQXQG)LQDQ]HQ VHOWHQ DXV VLFK VHOEVW KHUDXV SURGXNWLY VLQG VRQGHUQ YLHOPHKU PLW GHU +LOIH YRQ JHHLJQHWHQ )lKLJNHLWHQ XQG .HQQWQLVVHQ ]X HLQHP 5HQWHQ JHQHULHUHQGHQ 2XWSXW IKUHQ N|QQHQ 'LHVHU $XIIDVVXQJ VROO KLHU JHIROJW ZHUGHQ 'LH YRUOLHJHQGH $UEHLW GLIIHUHQ]LHUW H[SOL]LW ]ZLVFKHQ 5HVVRXUFHQ XQG :LVVHQ 5HVVRXUFHQ VLQG GDEHL GLH PDWHULHOOHQ XQG LPPDWHULHOOHQ 9HUP| JHQVZHUWHGLHHLQH2UJDQLVDWLRQEHVLW]W:LVVHQLVWHLQ%HVWDQGWHLOGHUKLOIWDXVGLHVHQ5HV VRXUFHQHLQHQK|KHUHQ0HKUZHUW]XJHQHULHUHQ ,QQRYDWLRQ $XFKGHU%HJULIIGHU,QQRYDWLRQZLUGLQGHU/LWHUDWXUQLFKWHLQKHLWOLFKRGHUHLQGHXWLJYHUZHQ GHWXQGLVWGXUFK]DKOUHLFKH'HILQLWLRQHQVRZLH9DULDWLRQHQJHSUlJW6FKXPSHWHU SUl VHQWLHUW]XQlFKVWHLQHUHFKWSUDJPDWLVFKH'HILQLWLRQ(UVSULFKWQRFKQLFKWYRQ,QQRYDWLRQHUVW VRQGHUQ YRQ GHU Ä'XUFKVHW]XQJ QHXHU .RPELQDWLRQHQ³ GLH QLFKW UHJHOPlLJ XQG LQ NOHLQHQ9HUEHVVHUXQJVVFKULWWHQGHV%HVWHKHQGHQHUIROJWVRQGHUQGLVNRQWLQXLHUOLFKDXIWULWWYJO DXVIKUOLFK9RNDPS +DXVFKLOGW JLEWHLQHQhEHUEOLFNEHUGLH%HJULIIVYHUZHQ GXQJLQGHUEHWULHEVZLUWVFKDIWOLFKHQ/LWHUDWXU(UIKUWYHUVFKLHGHQHEHWULHEVZLUWVFKDIWOLFKH 'HILQLWLRQHQ DQ XQG ]HLJW GLH WHLOZHLVH HUKHEOLFKHQ 8QWHUVFKLHGH ]ZLVFKHQ LKQHQ DXI 6HLQH 'XUFKVLFKWPQGHWLQHLQHHUVWH=XVDPPHQIDVVXQJÄ,QQRYDWLRQHQVLQGLP(UJHEQLVTXDOLWDWLY

QHXDUWLJH3URGXNWHRGHU9HUIDKUHQGLHVLFKJHJHQEHUGHPYRUDQJHJDQJHQHQ=XVWDQGPHUN OLFK±ZLHLPPHUGDV]XEHVWLPPHQLVW±XQWHUVFKHLGHQ³HEG =XU .RQNUHWLVLHUXQJ GHV ,QQRYDWLRQVEHJULIIV ELHWHW VLFK ODXW +DXVFKLOGW HLQH $QDO\VH DQKDQGXQWHUVFKLHGOLFKHU'LPHQVLRQHQDQ HLQHVXEMHNWLYH1HXIUZHQ" HLQHLQKDOWOL FKH:DVLVWQHX" HLQHSUR]HVVXDOH:REHJLQQWZRHQGHWGLH1HXHUXQJ" XQG HLQH QRUPDWLYH,VWQHXJOHLFKHUIROJUHLFK" 'LPHQVLRQ +LQVLFKWOLFK GHU )UDJH Ä1HX IU ZHQ"³ VLQG IU GLH EHWULHEVZLUWVFKDIWOLFKH ,QQRYDWLRQVIRU VFKXQJHQWZHGHUGLHEHWULHEVZLUWVFKDIWOLFKHRGHUGLHLQGXVWULH|NRQRPLVFKH6LFKWZHLVHUHOHYDQW HEG )UGLHYRUOLHJHQGH$UEHLWVLQGEHLGH3HUVSHNWLYHQZLFKWLJ$OOHGLHMHQLJHQ3URGXN WHRGHU9HUIDKUHQVLQGLQQRYDWLYGLHLQQHUKDOEHLQHU8QWHUQHKPXQJHUVWPDOLJHLQJHIKUWZHU GHQRGHUQHXIUGLH%UDQFKHGHQ0DUNWRGHUGHQZLFKWLJVWHQ:HWWEHZHUEHUVLQGYJO%UDXQ VFKPLGW +LQVLFKWOLFKGHVÄ:DVLVWQHX"³H[LVWLHUWLQGHU/LWHUDWXUHLQH9LHO]DKOYRQ$EJUHQ]XQJVXQG 'LIIHUHQ]LHUXQJVP|JOLFKNHLWHQVRZLHHLQH9LHO]DKODQ'HILQLWLRQHQIU,QQRYDWLRQVW\SHQXQG GHUHQ,QQRYDWLRQVJUDG,QGHUYRUOLHJHQGHQ$UEHLWZHUGHQXQWHU%H]XJQDKPHDXIHLQHREMHNW EH]RJHQH $EJUHQ]XQJ DXVVFKOLHOLFK 1HXHUXQJHQ LQ GHU 3URGXNWLRQ 3URGXNW E]Z 6HUYLFH XQG3UR]HVVLQQRYDWLRQHQ QLFKWKLQJHJHQLQGHU$GPLQLVWUDWLRQ6WUXNWXUXQG3HUVRQDOLQQR YDWLRQ EHWUDFKWHW'LHVH%HVFKUlQNXQJDXIWHFKQLVFKHXQGWHFKQRORJLVFKH,QQRYDWLRQHQZLUG YRUJHQRPPHQ ZHLO HV VLFK ± ZLH GLH %UDQFKHQ GHU ,QGXVWULHXQWHUQHKPHQ HUNHQQHQ ODVVHQ ZHOFKH &9&3URJUDPPH XQWHUKDOWHQ ± EHL &9&,QYHVWPHQWV LQ GHU 5HJHO ZHQQ QLFKW VRJDU DXVVFKOLHOLFKXPHEHQGLHVHQ7\SYRQ,QQRYDWLRQHQKDQGHOW&:HEHU'LHUNHV 'LHSUR]HVVXDOH'LPHQVLRQLVWLP.RQWH[WGHUYRUOLHJHQGHQ$UEHLWYRQJHULQJHUHU5HOHYDQ]DOV GLH QRUPDWLYH 'LPHQVLRQ GHU ,QQRYDWLRQ QHX HUIROJUHLFK" /HW]WHUH KDW LQVEHVRQGHUH LP 5LVLNRNDSLWDOJHVFKlIWHLQHJURH%HGHXWXQJDOOHUGLQJVJHKWHVKLHUEHLQLFKWXPHLQHQUHDOLVLHU WHQ VRQGHUQ DXVVFKOLHOLFK XP HLQHQ HUZDUWHWHQ ,QQRYDWLRQVHUIROJ :LH GLHVHU OHW]WOLFK ]X GHILQLHUHQXQGHLQ]XVFKlW]HQLVWLVWHLQH)UDJHGHU3HUVSHNWLYHGHU%HPHVVXQJXQG%HZHUWXQJ

+LHUHLQHNOHLQH$XVZDKOGHUH[LVWLHUHQGHQ,QQRYDWLRQVEHJULIIH(VZLUGXQWHUDQGHUHPXQWHUVFKLHGHQ]ZL VFKHQ3URGXNW3UR]HVVPLWWHOLQGX]LHUWHQ]ZHFNLQGX]LHUWHQWHFKQRORJLVFKHQRUJDQLVDWLRQHOOHQJHVFKlIWV EH]RJHQHQ $UFKLWHFWXUDO 0RGXODU 9HUEHVVHUXQJV XQG (YROXWLRQlULQQRYDWLRQHQ YJO +DXVFKLOGW %DNHUHWDO=DKQ:HLGOHU+HQGHUVRQ&ODUN*DOXQLF(LVHQKDUGWIUZHLWHUH$QVlW]H YJOGLHGRUW]LWLHUWH/LWHUDWXU

9JO +DXVFKLOGW 6FKODDN *DUFLD&DODQWRQH XQGGLH GRUW ]LWLHUWH /LWHUDWXU (V ZLUG XQWHU VFKLHGHQ]ZLVFKHQUDGLNDOHQLQNUHPHQWDOHQZLUNOLFKQHXHQGLVNRQWLQXLHUOLFKHQLPLWDWLYHQPRGHUDWHQRGHU UHYROXWLRQlUHQ,QQRYDWLRQHQ

+DXVFKLOGW XQGGDPLWOHW]WOLFKQLFKWHLQGHXWLJRGHUDEVFKOLHHQG]XEHDQWZRUWHQ(EHQ GDULQOLHJWGDV5LVLNR,QGLHVHU$UEHLWZHUGHQVSlWHUGHQQRFKLQGLUHNW(UIROJVPDHGHU,QQR YDWLRQ DQDO\VLHUW LQGHP GHU (UIROJ GHU MHZHLOLJHQ 38V DQKDQG XQWHUVFKLHGOLFKHU .ULWHULHQ XQWHUVXFKWZLUG :LHLQGHU(LQOHLWXQJEHUHLWVGHXWOLFKZXUGHEHGUIHQ2UJDQLVDWLRQHQQLFKWQXUGHUSHUPDQHQ WHQ,QQRYDWLRQVRQGHUQP|JOLFKVWDXFKHLQHVJH]LHOWHQ,QQRYDWLRQVPDQDJHPHQWV'LHVHVNDQQ ]XP HLQHQ SUR]HVVXDO EHWUDFKWHW ZHUGHQ ZREHLGHU 'XUFKVHW]XQJVDVSHNWLQGHQ)RNXVUFNW ,QQRYDWLRQVPDQDJHPHQW ÄLVW GDQDFK GLVSRVLWLYH *HVWDOWXQJ YRQ ,QQRYDWLRQVSUR]HVVHQ³ +DX VFKLOGW ,QQRYDWLRQVPDQDJHPHQWOlVVWVLFKDOOHUGLQJVDXFK±ZLHEHL8KOPDQQ ± V\VWHPWKHRUHWLVFK EHWUDFKWHQ 'DQDFK ZlUH ,QQRYDWLRQVPDQDJHPHQW ÄEHZXVVWH *HVWDOWXQJ GHV,QQRYDWLRQVV\VWHPV³GKQLFKWQXUHLQ]HOQH3UR]HVVHVRQGHUQDXFKGLH,QVWLWXWLRQVHOEVW LQQHUKDOE GHUHU GLHVH 3UR]HVVH DEODXIHQ VLQG GDQQ 7HLO GHV ,QQRYDWLRQVPDQDJHPHQWV 'LH YRUOLHJHQGH$UEHLWIROJWGLHVHU]ZHLWHQ6LFKWZHLVHLQVRIHUQDOVXQWHU,QQRYDWLRQVPDQDJHPHQW GDV 0DQDJHQ YRQ ,QQRYDWLRQVSUR]HVVHQ VWUXNWXUHQ XQG V\VWHPHQ YHUVWDQGHQ ZLUG :LH LQ $EELOGXQJGHXWOLFKZLUGN|QQHQVLFKGLHVH0DQDJHPHQWDNWLYLWlWHQ]XU,QQRYDWLRQVJHQHULH UXQJ QDFK LQQHQ XQG DXHQ RULHQWLHUHQ 6R VLQG ]XP HLQHQ )RUVFKXQJV XQG (QWZLFN OXQJV)( VRZLH7HFKQRORJLHPDQDJHPHQWXQG,QWHUQDO9HQWXULQJ$NWLYLWlWHQDOVP|JOLFKH QDFK LQQHQ JHULFKWHWH 7lWLJNHLWVIHOGHU GHV ,QQRYDWLRQVPDQDJHPHQWV ]X YHUVWHKHQ =XP DQGH UHQ VLQG ]DKOUHLFKH H[WHUQH ,QQRYDWLRQVTXHOOHQ GHQNEDU YJO +DXVFKLOGW 1HEHQ GHP (LQVWHOOHQYRQQHXHP3HUVRQDOVLQGLQVEHVRQGHUHXQWHUVFKLHGOLFKH)RUPHQYRQLQWHURUJDQLVD WLRQDOHQ%H]LHKXQJHQGHQNEDUGXUFKGLHH[WHUQHVQHXHV:LVVHQDOV*UXQGODJHYRQ,QQRYDWLR QHQ DNTXLULHUW XQG WUDQVIHULHUW ZHUGHQ NDQQ 8QWHU GLHVH LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQ IDOOHQEHLVSLHOVZHLVH.RRSHUDWLRQHQXQG1HW]ZHUNHPLW.XQGHQ/LHIHUDQWHQXQG:HWWEHZHU EHUQ0HUJHU $FTXLVLWLRQ0 $ $NWLYLWlWHQ-RLQW9HQWXUHV6WUDWHJLVFKH$OOLDQ]HQVRZLH &RUSRUDWH9HQWXULQJ$NWLYLWlWHQ(LQHVSH]LHOOHXQG)RUPYRQLQWHURUJDQLVDWRQDOHU%H]LHKXQJ HQWVWHKWGXUFKGDV$XIVHW]HQHLQHV&9&3URJUDPPV,QGHPGLH&9&(LQKHLWLQMXQJH]XPHLVW 7HFKQRORJLHEDVLHUWH 8QWHUQHKPHQ LQYHVWLHUW NRQVWLWXLHUW VLH HLQH LQWHURUJDQLVDWLRQDOH %H]LH KXQJPLWGHP=LHOGHU:LVVHQVJHQHULHUXQJXQGGHV:LVVHQVWUDQVIHUV]X,QQRYDWLRQV]ZHFNHQ LQ )RUP YRQ H[SORUDWLRQ XQGRGHU H[SORLWDWLRQ 'LHVH LQWHURUJDQLVDWLRQDOH %H]LHKXQJ LVW *H JHQVWDQGGHUYRUOLHJHQGHQ$UEHLW

RI VRFLDO FDSLWDO ZKHUHDV D IRFXV RQ LQWHUQDO WLHV ZLWKLQ FROOHFWLYLWLHV IRUHJURXQGV µERQGLQJ¶ IRUPVRIVRFLDOFDSLWDO³HEG %DVLHUHQG DXI *UDQRYHWWHUV 8QWHUVFKHLGXQJ LQ VWUXNWXUHOOH XQG UHODWLRQDOH (LQEHWWXQJ HPEHGGHGQHVV GLIIHUHQ]LHUHQ 1DKDSLHW XQG *KRVKDO VRZLH *DEED\ XQG /HHQGHUV XQG DQGHUH JURE ]ZHL 6LFKWZHLVHQ 'LH HUVWH LVW HLQH VWUXNWXUHOOH 6LFKWZHLVH ZLH ZLUG HUUHLFKW" LQ GHU VLFK VRFLDO FDSLWDO DXV GHU VR]LDOHQ 6WUXNWXU GHV 1HW]ZHUNHV DEOHLWHW %DNHU XQG LQ GHU GLH )RUP GHV 1HW]ZHUNHV VRZLH GLH $XVJHVWDOWXQJ GHU 1HW] ZHUN %H]LHKXQJHQVHOEVWDOV5HVVRXUFHDQJHVHKHQZHUGHQGLHHV$NWHXUHQHUP|JOLFKW1XW ]HQ]XJHQHULHUHQ 'LH]ZHLWH6LFKWZHLVHLVWHLQHUHVVRXUFHQRULHQWLHUWHZHUZLUGHUUHLFKW" GLHDXIGLH5HVVRXUFHQDEKHEWZHOFKHHLQHP$NWHXUEHUGLHVR]LDOH1HW]ZHUNVWUXNWXUSRWHQ ]LHOO ]XWHLO ZHUGHQ N|QQHQ %RXUGLHX %XUW 3XWQDP 0LW DQGHUHQ :RUWHQ 'LH 1XW]HQ EULQJHQGH 5HVVRXUFH ZLUG QLFKW PHKU LP 1HW]ZHUN VHOEVW JHVHKHQ VRQGHUQ GDV 1HW]ZHUNLVWYLHOPHKUGDV0LWWHOEHUGDVGLHYRQDQGHUHQ$NWHXUHQNRQWUROOLHUWHQ5HVVRXUFHQ HUUHLFKWXQGDXVJHWDXVFKWZHUGHQN|QQHQ ,QGLHVHQHUVWHQ%HVFKUHLEXQJHQYRQVRFLDOFDSLWDOZLUGEHUHLWVVHLQH0HKUGLPHQVLRQDOLWlWXQG .RPSOH[LWlWGHXWOLFK1DKDSLHW*KRVKDO3XWQDP$GOHU.ZRQ 6RFLDOFDSL WDOLVW±DQGHUVDOVSK\VLVFKHV.DSLWDO±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|Q QHQVFKOLHOLFK*WHU'LHQVWOHLVWXQJHQ,QIRUPDWLRQHQ5DWVFKOlJH,GHHQ8QWHUVWW]XQJRGHU DXFK=XQHLJXQJDXVJHWDXVFKWZHUGHQ 1DKDSLHW XQG *KRVKDO SUlVHQWLHUHQ VFKOLHOLFK HLQH 'HILQLWLRQ YRQ VRFLDO FDSLWDO GLH VRZRKO GLH VR]LDOH 6WUXNWXU DOV DXFK GLH GXUFK VLH EHUHLWJHVWHOOWHQ 5HVVRXUFHQ EHUFNVLFKWLJW

XQG GHU LQ GHU YRUOLHJHQGHQ $UEHLW LP *UXQGVDW] JHIROJW ZLUG 6LH GHILQLHUHQ VRFLDO FDSLWDO ÄDV WKH VXP RI WKH DFWXDO DQG SRWHQWLDO UHVRXUFHV HPEHGGHG ZLWKLQ DYDLODEOH WKURXJK DQG GHULYHG IURP WKH QHWZRUN RI UHODWLRQVKLSV SRVVHVVHG E\ DQ LQGLYLGXDO RU VRFLDO XQLW 6RFLDO FDSLWDO WKXV FRPSULVHV ERWK WKH QHWZRUN DQG WKH DVVHWV WKDW PD\ EH PRELOL]HG WKURXJK WKDW QHWZRUN³HEG 9RQ%HGHXWXQJEHLGLHVHU'HILQLWLRQLVWGDVVGLHEHVFKULHEHQHQVR]LDOHQ 1HW]ZHUNEH]LHKXQJHQQLFKW]ZDQJVOlXILJ]XVRFLDOFDSLWDOIKUHQPVVHQ$GOHU.ZRQ GK GLH .RQWH[WVSH]LILWlW GHV VRFLDO FDSLWDO LVW HQWVFKHLGHQG 0DXUHU HUNOlUW GD]X LP =XVDPPHQKDQJ LKUHU 6WXGLH ]XU *HVWDOWXQJ XQG (QWZLFNOXQJVG\QDPLN GHV VRFLDO FDSLWDO MXQJHU %LRWHFKQRORJLHXQWHUQHKPHQ 1%)V Ä'HU (UIROJ YRQ 1%)V ZLUG YRQ LKUHU )lKLJNHLW DEKlQJHQGLHÃULFKWLJHQ¶%H]LHKXQJHQVWUXNWXUHOOH6LFKW ]XGHQÃULFKWLJHQ¶3DUWQHUQUHVVRXU FHQRULHQWLHUWH6LFKW DXI]XEDXHQXQG]XJHVWDOWHQ³HEG 'LHVH$XVVDJHOlVVWVLFKDXIGLH LQGLHVHU$UEHLWEHWUDFKWHWH%H]LHKXQJ]ZLVFKHQ38VXQG&9&(LQKHLWE]Z%8VGHU0XWWHU XQWHUQHKPXQJ EHUWUDJHQ 'K GLHVH LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQ N|QQHQ LP EHVWHQ )DOO]XVRFLDOFDSLWDO IKUHQLPQHXWUDOHQ)DOOKDEHQVLHNHLQH$XVZLUNXQJHQXQGLPVFKOHFK WHVWHQ)DOOIKUHQVLH]XVRFLDOOLDELOLW\GKVLHN|QQHQKLQGHUOLFKVHLQXQGDQGHUH=LHOHNRQ WHUNDULHUHQ Ä7KXV VRFLDO VWUXFWXUH WKDW LV VRFLDO FDSLWDO IRU VRPH SXUSRVHV LV VRFLDO OLDELOLW\ XQGHURWKHUFLUFXPVWDQFHV³6DQGHIXUHWDO

:LHVSlWHUQRFKDXVJHIKUWZHUGHQZLUGZHUGHQGLH6RFLDO&DSLWDO'LPHQVLRQHQMHGRFKDQGHUVXQWHUWHLOWDOV EHL1DKDSLHWXQG*KRVKDO

)lKLJNHLWHQ XQG GDV :LVVHQ EHLVSLHOVZHLVH EHU 7HFKQRORJLHQ :HWWEHZHUEHU 0lUNWH .XQ GHQXQG=XOLHIHUHU]XJHQHULHUHQXQGEHUHLW]XKDOWHQ'LHVHUPLWGHP5HVVRXUFHQEHGDUIHLQKHU JHKHQGHXQGGDPLWHQJYHUEXQGHQH:LVVHQVEHGDUILVWGDPLWGHU]ZHLWH*UXQGIU-XQJXQWHU QHKPHQ LQWHURUJDQLVDWLRQDOH %H]LHKXQJHQ XQWHUVFKLHGOLFKVWHU $UW HLQ]XJHKHQ /LHEHVNLQG HW DO0F*HH'RZOLQJ3RZHOOHWDO

%H]LHKXQJ=XJDQJ]X]XVlW]OLFKEHQ|WLJWHQ5HVVRXUFHQZLHVSH]LDOLVLHUWHP:LVVHQ3URGXNWL RQVVWlWWHQ 0DUNHQQDPHQ 0DUNHWLQJ XQG 9HUWULHEVXQWHUVWW]XQJ HUZDUWHQ NDQQ %:HEHU&:HEHU0DXOD0XUUD\D0DXOD (V H[LVWLHUW HLQH UHLFKKDOWLJH /LWHUDWXU ]X GHU %H]LHKXQJ ]ZLVFKHQ QHZ YHQWXUHV XQG LKUHQ 5LVLNRNDSLWDOJHEHUQ0DF0LOODQHWDO6DSLHQ]D6DSLHQ]D*XSWD6DSLHQ]DHW DO6DSLHQ]DHWDO6DSLHQ]D.RUVJDDUG &:HEHUXQG'LHUNHV JHEHQ HLQHQ hEHUEOLFN EHU XQWHUVFKLHGOLFKH $VSHNWH GHU 9&38 E]Z &9&38%H]LHKXQJ 6LH EHUFNVLFKWLJHQGDEHL GLH,QYHVWLWLRQVNULWHULHQGHU9&V GDV(QJDJHPHQWE]Z,QYROYH PHQWGHU9&VLQLKUH38VXQGGHQGDPLWYHUPHLQWOLFK YHUEXQGHQHQ0HKUZHUW 6WXGLHQ GLHGHQ(UIROJGHU38VE]ZP|JOLFKH(LQIOXVVIDNWRUHQEHWUDFKWHQVRZLH $UEHLWHQGLHVLFK JH]LHOW PLW GHU &9&38%H]LHKXQJ EHIDVVHQ ,P )ROJHQGHQ ZHUGHQ GUHL YHUVFKLHGHQH )RU VFKXQJVVFKZHUSXQNWH GLVNXWLHUW GLH LQ GHU 9& E]Z GHU &9&/LWHUDWXU DXV 383HUVSHNWLYH EHKDQGHOWZHUGHQ

(QJDJHPHQWGHU9&VE]Z&9&VEHLLKUHQ38V

=XQlFKVWVHLGDV(QJDJHPHQWE]ZGDV,QYROYHPHQWGHU9&VXQG&9&VEHLLKUHQ38VJHQDQQW XQG GHU SRWHQ]LHOOH 0HKUZHUW GHQ VLH LP 5DKPHQ GLHVHV (QJDJHPHQWV IU GDV 38 OLHIHUQ N|QQHQ E]ZGLH)DNWRUHQGLHGLHVEHHLQIOXVVHQ'HQQGDV(QJDJHPHQWXQGGDV/LHIHUQYRQ 0HKUZHUW EHGHXWHW GLH EHQ|WLJWHQ 5HVVRXUFHQ LQ GLHVHU LQWHURUJDQLVDWLRQDOHQ .RQVWHOODWLRQ HQWZHGHU]XWUDQIHULHUHQRGHU]XPLQGHVWHLQHQ=XJDQJGD]X]XJHZlKUHQ'LHPHLVWHQ$UEHL WHQ LQ GLHVHP %HUHLFK EHWUDFKWHQ GHQ 0HKUZHUW GHQ NODVVLVFKH 9&V IU LKUH 38V HUEULQJHQ YJO 5RVHQVWHLQ HW DO XQG *RUPDQ6DKOPDQ 6DSLHQ]D7LPPRQV 0DF0LOODQHWDO 9&38%H]LHKXQJ 'LH6WXGLHYRQ5RVHQVWHLQHWDO DGDSWLHUWGDVDXI9&VJHULFKWHWH8QWHUVXFKXQJVLQVWUX PHQWYRQ0DF0LOODQHWDO IUGLH38V*HVFKlIWVIKUHU&(2V ZXUGHQ]XP8P IDQJXQG1XW]HQGHV(QJDJHPHQWVLKUHU9&VLP38$XIVLFKWVUDWEHIUDJW'LH&(2VJDEHQDQ GDVV GLH IQI ZLFKWLJVWHQ %HUHLFKH LKUHV 9&,QYROYHPHQWV GLH )XQNWLRQ DOV 6RXQGLQJ %RDUGIUGDV0DQDJHPHQW7HDP GLH,QWHUDNWLRQPLWGHQ,QYHVWRUHQ GLHhEHUZDFKXQJ GHUILQDQ]LHOOHQ3HUIRUPDQFH GLH.RQWUROOHGHURSHUDWLYHQ3HUIRUPDQFHXQG SHUVRQHOOH (QWVFKHLGXQJHQ ZDUHQ 5RVHQVWHLQ HW DO NRQQWHQ HEHQVR ZHQLJ ZLH 0DF0LOODQ HW DO

HLQHQ=XVDPPHQKDQJ]ZLVFKHQGHPYRQGHQ&(2VZDKUJHQRPPHQHQ0HKUZHUWYD OXHDGGHG GXUFKGLH9HQWXUH&DSLWDO*HEHUXQGGHP(UIROJGHV38DXVPDFKHQ'LHVHU0HL QXQJ VFKOLHHQ VLFK DXFK %XVHQLW] HW DO D DQ GLH DQKDQG YRQ XQWHUVXFKWHQ 38V HEHQIDOOV NHLQH VLJQLILNDQWH .RUUHODWLRQ ]ZLVFKHQ RSHUDWLYHU 8QWHUVWW]XQJ XQG VWUDWHJLVFKHQ 5DWVFKOlJHQ HLQHUVHLWV XQG 38(UIROJ DQGHUHUVHLWV QDFKZHLVHQ NRQQWHQ 6LH VFKOXVVIROJHUQ Ä>«@RQDYHUDJH9&VGRQRWLQFUHDVHWKHSUREDELOLW\RIYHQWXUHVXFFHVVE\WKHLURSHUDWLRQDO DVVLVWDQFHDQGEXVLQHVVPDQDJHPHQWDGYLFH³HEG 6DSLHQ]D HW DO JLQJHQ GHU )UDJH QDFK ZHOFKH )DNWRUHQ GDV 0D DQ 9&(QJDJHPHQW EHHLQIOXVVHQ 6LH XQWHUVXFKWHQ Ä/HYHO DQG 1DWXUH RI 9&,QYROYHPHQW³ LP HXURSlLVFKHQ 9HU JOHLFK 'DEHL NRQQWHQ VLH HLQ VHOHNWLYHV ,QYROYHPHQW GHU 9&V LQ LKUH 38V DXVPDFKHQ XQG IDQGHQ±DQGHUVDOV0DF0LOODQHWDO ±KHUDXVGDVVGLHVHV,QYROYHPHQWLQ$EKlQJLJNHLW YRQ,QQRYDWLRQVUDWH3KDVHGHU)LQDQ]LHUXQJ6WDUWXS(UIDKUXQJVRZLH%UDQFKHQE]Z,QGXVW ULHHUIDKUXQJGHV380DQDJHPHQWVHUIROJW'DUEHUKLQDXVHUJDELKUH6WXGLHGDVVEHLLQQRYD WLYHQ38VVRZLHEHLEHVRQGHUVKlXILJHQ,QWHUDNWLRQHQXQGRIIHQHUUHODWLYNRQIOLNWIUHLHU.RP PXQLNDWLRQ GHU 0HKUZHUW YRQ $NWLYLWlWHQ GHU 9&V ]XQLPPW Ä7KH QDWXUH DQG VW\OH RI 9& &(2 LQWHUDFWLRQV KDYH D VLJQLILFDQW LPSDFW RQ WKH YDOXH RI YHQWXUH FDSLWDOLVW LQYROYHPHQW VSHFLILFDOO\PRUHLQYROYHGRSHQUHODWLRQVDSSHDUVXSHULRU³HEG 'HV:HLWHUHQNRQQWHQ VLH ± DQGHUV DOV 0DF0LOODQ HW DO DEHU HEHQVR ZLH 6FKHIF]\N XQG *HUSRWW ± HLQHQ SRVLWLYHQ =XVDPPHQKDQJ ]ZLVFKHQ 9&,QYROYHPHQW XQG 383HUIRUPDQFH DXVPDFKHQ 'LH(UJHEQLVVHYRQ6DSLHQ]DHWDO ZHUGHQGXUFKHLQH8QWHUVXFKXQJYRQ)UHGULNVHQHW DO EHVWlWLJW GLH EHOHJW GDVV HQJDJLHUWH 9&V PLWWHOV %HUDWXQJ XQG DQGHUHU QLFKW PDWHULHOOHU8QWHUVWW]XQJHLQHQUHOHYDQWHQ0HKUZHUWIUGLH38VVFKDIIHQGHUVLFKODQJIULVWLJ DXFK|NRQRPLVFKDXV]DKOW'DVRSWLPDOH0DDQ9&(QJDJHPHQWXQGGDPLWGLHHUIROJUHLFKH 6WHLJHUXQJGHV38(UIROJVGXUFKGDV9&,QYROYHPHQWZLUGQDFK$XIIDVVXQJYRQ%DUQH\HWDO ]XPLQGHVW LQ 7HLOHQ GXUFK GLH 2IIHQKHLW XQG /HUQEHUHLWVFKDIW YRQ 387HDPV E]Z GXUFKGHQ:HUWEHVWLPPWGHQHLQ387HDPGHU9&8QWHUVWW]XQJEHLPLVVW 'LH$UEHLWYRQ)ULHGXQG+LVULFK VROOKLHUQlKHUGDUJHVWHOOWZHUGHQGDVLHDOVHLQHGHU JDQ]ZHQLJHQ$UEHLWHQ]X9&383DDUHQQLFKWQXUGLHHLQHRGHUGLHDQGHUH3HUVSHNWLYHVRQ GHUQ GLH NRQNUHWH '\DGH LQ GHQ %OLFN QLPPW 'LH $XWRUHQ XQWHUVXFKHQ GLH 5ROOH GHV 9& *HEHUV DOV /HDG,QYHVWRU EHL 9&383DDUHQ LQGHP VLH PLW EHLGHQ 3DUWQHUQ SHUV|QOLFKH :HUW]XZDFKVGHUGXUFK(LQEULQJHQYRQ0DQDJHPHQW.QRZKRZXQGGLH%HWUHXXQJVHLWHQVGHV9&*HEHUV HU]LHOWZLUG

,QWHUYLHZVIKUWHQ6LHVWHOOHQKHUDXVGDVVGDV(QJDJHPHQWGHU9&VQLFKW]ZDQJVOlXILJSRVL WLYHUE]ZQW]OLFKHU1DWXULP6LQQHGHVYLHOGLVNXWLHUWHQYDOXHDGGHGVHLQPXVVVRQGHUQEHL VFKOHFKWHQ%H]LHKXQJHQDXFKGDV*HJHQWHLOEHZLUNHQNDQQÄ7KH9&FDQEHHLWKHUDFRQVWUXF WLYHIRUFHDQLPSRWHQWRQHRUHYHQDGHVWUXFWLYHIRUFHLQWKHFRPSDQ\³)ULHG+LVULFK $OV KLOIUHLFKH /HLVWXQJHQ GHU9&*HEHU LGHQWLIL]LHUWHQ VLH *HOG 8QWHUVWW]XQJ LP DOOJHPHLQHQ *HVFKlIWVEHWULHE 1HW]ZHUNH ,PDJH PRUDOLVFKHQ %HLVWDQG DOOJHPHLQHV*HVFKlIWVZLVVHQXQG*HVFKlIWVHUIDKUXQJVRZLH 'LV]LSOLQ'HP%H]LHKXQJVDV SHNWZLGPHQVLFK)ULHGXQG+LVULFKDXVIKUOLFK,KUH,QWHUYLHZVHUJDEHQEHLVSLHOVZHLVHGDVV 5LVLNRNDSLWDOJHEHULQ.ULVHQ]HLWHQVHKUZRKOPRUDOLVFKHQ%HLVWDQGOHLVWHQN|QQHQ,VWGLHVGHU )DOOZLUGGLH%H]LHKXQJYRQGHQHQWVSUHFKHQGHQ380DQDJHUQDOVÄVXSSRUWLYH³ÄRSHQ³XQG ÄIULHQGO\³EHVFKULHEHQHEG 'DUEHUKLQDXVPDFKHQ)ULHGXQG+LVULFKGUHL7\SHQYRQ 0DFKW DXV GLH 9&V DXVEHQ N|QQHQ 0DFKW LQ *HVWDOW YRQ *HOG YRQ SHUV|QOLFKHQ %H]LHKXQJHQGKYRQ1HW]ZHUNHQXQG HLQHIRUPDOH0DFKW'LH0DFKWGHUSHUV|QOLFKHQ %H]LHKXQJHQZLUGDOVEHVRQGHUVEHGHXWVDPXQGJOHLFK]HLWLJDXFKDOVNDXPEHZXVVWKHUVWHOOEDU RGHU]XEHHLQIOXVVHQEHVFKULHEHQ &9&38%H]LHKXQJ 'HXWOLFKZHQLJHU$UEHLWHQH[LVWLHUHQ]XGHU)UDJHZHOFKHQ9RUWHLOHVIUHLQ38KDW]XVlW] OLFK HLQHQFRUSRUDWHLQYHVWRU]XJHZLQQHQXQGZHOFKHQ0HKUZHUWGLHVHUGHP-XQJXQWHUQHK PHQOLHIHUQNDQQ(LQHGHUHUVWHQ$UEHLWHQ]XGLHVHP7KHPDVWDPPWYRQ*RPSHUVXQG/HUQHU ,KUH 6WXGLH YRQ 9& XQG &9&ILQDQ]LHUWHQ -XQJXQWHUQHKPHQ HUJDE GDVV GLH -XQJXQWHUQHKPHQPLWJU|HUHU:DKUVFKHLQOLFKNHLWHLQHQLQLWLDOSXEOLFRIIHULQJ,32 UHDOLVLH UHQ GLH PLW GHP VLH ILQDQ]LHUHQGHQ 0XWWHUXQWHUQHKPHQ LQ VWUDWHJLVFKHU +LQVLFKW YHUZDQGW VLQG(LQHZHLWHUH$UEHLWVWDPPWYRQ0DXODXQG0XUUD\E 6LHXQWHUVXFKHQGHQ1XW]HQ YRQ &9& IU 7HFKQRORJLHEDVLHUWH QHZ YHQWXUHV DQKDQG YRQ ,32V YRQ 9& XQG &9& ILQDQ]LHUWHQ-XQJXQWHUQHKPHQ6LHIDQGHQKHUDXVGDVVGLH-XQJXQWHUQHKPHQGLHGXUFKPHKUH UH *OREDO )RUWXQH 8QWHUQHKPHQ FRILQDQ]LHUW ZDUHQ ÄKDYH VXSHULRU SHUIRUPDQFHV ZKHQ FRPSDUHGWRFRPSDQLHVZLWKDVLQJOHFRUSRUDWHLQYHVWRU7KHVHODWWHUFRPSDQLHVZHUHLQWXUQ IRXQGWRKDYHDVXSHULRUSHUIRUPDQFHWRFRPSDQLHVVROHO\ILQDQFHGE\DWUDGLWLRQDOLQGHSHQG HQW YHQWXUH FDSLWDOLVWV³ HEG 'DUDXV IROJHUQ VLH GDVV SURPLQHQWH &9&,QYHVWRUHQ LQ 6\QGLNDWHQ PLW XQDEKlQJLJHQ WUDGLWLRQHOOHQ 9&V GXUFKDXV DOV NRPSOHPHQWlU EHWUDFKWHW ZHU GHQ XQG HLQGHXWLJ ZHUWYROOHQ 0HKUZHUW IU GDV -XQJXQWHUQHKPHQ OLHIHUQ N|QQHQ =XP JOHL FKHQ 6FKOXVV NRPPW DXFK +HOOPDQQ LQ VHLQHU WKHRUHWLVFKHQ $QDO\VH %HLGH $UEHLWHQ

EHUSUIHQ GLHVH $XVVDJH MHGRFK QLFKW HPSLULVFK GXUFK HLQHQ GLUHNWHQ 9HUJOHLFK GHU ]ZHL ,QYHVWRUHQ7\SHQ6SlWHUVFKOLHHQ0DXODXQG0XUUD\E GLHVH/FNHXQGWHVWHQDQKDQG YRQ38VGLHVRZRKO9&DOVDXFK&9&ILQDQ]LHUWZDUHQDFKWP|JOLFKH0HKUZHUWVWLIWHQGH 5ROOHQGHU,QYHVWRUHQ6LHNRPPHQ]XGHP(UJHEQLVGDVVGLH%HLWUlJHGHUMHZHLOLJHQ,QYHVWR UHQ LQ GHU 7DW NRPSOHPHQWlU VLQG 'HU %HLWUDJ GHU XQDEKlQJLJHQ 9&V EHVWHKH LQVEHVRQGHUH GDULQÄKHOSLQJ\RXQJILUPVWRGHYHORSWKHLUVWUDWHJLHVREWDLQDGGLWLRQDOILQDQFLQJDQGUHFUXLW NH\H[HFXWLYHV³HEG 'LH&9&VKLQJHJHQVFKHLQHQLKUHQ%HLWUDJLQVEHVRQGHUHGDGXUFK ]X OHLVWHQ GDVV VLH GLH |IIHQWOLFKH *ODXEZUGLJNHLW GHV -XQJXQWHUQHKPHQV HUK|KHQ ZLFKWLJH .RQWDNWH]X.XQGHQ=XOLHIHUHUQXQGDQGHUHQ3DUWQHUQDQ]LHKHQXQGGLHWHFKQRORJLVFKH(QW ZLFNOXQJGHV38XQWHUVWW]HQ (LQHZLFKWLJH6WXGLHLQGLHVHP)HOGZXUGHYRQ0DXOD YRUJHOHJW(UEHVFKlIWLJWVLFKLQ VHLQHU$UEHLWDXVGHU383HUVSHNWLYHPLWGHU)UDJHGXUFKZHOFKH+DXSWPHFKDQLVPHQ &9&V MXQJHQ7HFKQRORJLHEDVLHUWHQ8QWHUQHKPHQSRWHQ]LHOO0HKUZHUWYHUPLWWHOQXQGZHOFKH)DNWR UHQGLHVH0HFKDQLVPHQZLHGHUXPEHHLQIOXVVHQ'D]XHQWZLFNHOWHUGUHL(LQ]HOPRGHOOHÄPR GHORQWKHYDOXHDGGHGPHFKDQLVPV³ÄUHVRXUFHDQGNQRZOHGJHDFTXLVLWLRQPRGHO³ÄHQGRUVH PHQWPRGHO³ VRZLHHLQLQWHJULHUWHV0RGHOOZHOFKHHUMHZHLOVHPSLULVFKDQKDQGYRQ38V WHVWHWXQGEHVWlWLJHQNDQQ'LHGUHLYRQLKPLGHQWLIL]LHUWHQ+DXSWPHFKDQLVPHQVLQGÄUHVRXUFH DFTXLVLWLRQ³ÄNQRZOHGJHDFTXLVLWLRQ³XQGÄHQGRUVHPHQW³H[WHUQH/HJLWLPDWLRQGLHGDV1HZ 9HQWXUHGXUFKGDV,QYHVWPHQWGHV&9&HUIlKUW 'DV(QGRUVHPHQWZLUGZLHGHUXPEHHLQIOXVVW GXUFK ÄSURPLQHQFH RI WKH &9&³ ÄYHQWXUH DJH³ ÄFXVWRPHU VZLWFKLQJ FRVWV³ VRZLH ÄUHVRXUFH DFTXLVLWLRQ³ ÄNQRZOHGJH DFTXLVLWLRQ³ ZLUG EHHLQIOXVVW GXUFK ÄFRPSOHPHQWDULWLHV³ ÄVRFLDO LQWHUDFWLRQ³XQGHEHQIDOOVÄUHVRXUFHDFTXLVLWLRQ³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|KH 'DUDXV VFKOLHHQ GLH $XWRUHQ Ä:KHQ YLHZHG WRJHWKHU WKH ILQGLQJVVXJJHVWWKDWZKHQDFRUSRUDWHLQYHVWRU¶VLQYROYHPHQWFDSDELOLW\LVOLPLWHGLWPD\EH EHWWHUIRULWWRLQYHVWODUJHUVXPVRIPRQH\LQWRIHZHU&9&LQYHVWPHQWV+RZHYHUZKHQWKH

LQYHVWRU¶VLQYROYHPHQWFDSDELOLW\LVKLJKLWPD\EHEHWWHUIRULWWRVSUHDGWKHODUJHUVXPRYHUD ODUJHUQXPEHURI&9&LQYHVWPHQWV³HEG

8QPLWWHOEDUH9&E]Z&9&38%H]LHKXQJ

(LQ]ZHLWHUVHSDUDW]XEHOHXFKWHQGHU$VSHNWJLOWGHU.DSLWDOQHKPHU.DSLWDOJHEHU%H]LHKXQJ VHOEVW ,Q GLHVHP %HUHLFK GRPLQLHUHQ HLQGHXWLJ GLH $UEHLWHQ DXV GHU 9&)RUVFKXQJ GLH KLHU ]XQlFKVWNXU]VNL]]LHUWZHUGHQ 9&38%H]LHKXQJ 'LH%H]LHKXQJ]ZLVFKHQ9&*HEHUXQG1HKPHUZXUGHELVKHUDXVXQWHUVFKLHGOLFKVWHQ%OLFN ZLQNHOQXQGPLWYHUVFKLHGHQVWHQ=LHOVHW]XQJHQEHOHXFKWHW'LHGLHVEH]JOLFKHQ)RUVFKXQJVHU JHEQLVVHVROOHQKLHUQXUVRZHLWHUZlKQWZHUGHQZLHVLHP|JOLFKH5FNVFKOVVHDXIGLH&9& 38%H]LHKXQJ]XODVVHQ 'HU EHUZLHJHQGH 7HLO DOOHU $UEHLWHQ EHWUDFKWHW GLH 9&38%H]LHKXQJ DXV HLQHU 3ULQFLSDO $JHQW3HUVSHNWLYH $PLW HW DO /DQGVWU|P HW DO 6DSLHQ]D*XSWD 6KH SHUG=DFKDUDNLV 'HQ.HUQGLHVHV.RQ]HSWVELOGHWGLH%H]LHKXQJ]ZLVFKHQ3ULQ]LSDOLQ GLHVHU.RQVWUXNWLRQ]XPHLVWGHU9&*HEHU XQG$JHQW]XPHLVWGHU9&1HKPHU =X3UREOH PHQNRPPWHVGDQQZHQQVLFKGLH=LHOHYRQ3ULQ]LSDOXQG$JHQWXQWHUVFKHLGHQXQGHVIUGHQ 3ULQ]LSDOVFKZLHULJZLUG]XZLVVHQZDVGHU$JHQWWDWVlFKOLFKWXW'DUEHUKLQDXVKDEHQ3ULQ FLSDO XQG $JHQW P|JOLFKHUZHLVH XQWHUVFKLHGOLFKH 5LVLNRZDKUQHKPXQJHQ XQG UHDJLHUHQ HQW VSUHFKHQG XQWHUVFKLHGOLFK DXI GLHVHOEH 6LWXDWLRQ (LVHQKDUGW 0DQLJDUW HW DO XQWHUVXFKHQ DXI %DVLV GHU 3ULQFLSDO$JHQW7KHRULH LP 5DKPHQ HLQHU 6LPXODWLRQ DQKDQG YRQ *UQGHUQXQG8QWHUQHKPHUQGHQ(LQIOXVVYRQ9HUWUDXHQDXIGHUHQ9HUWUlJH,KUHZHVHQW OLFKH(UNHQQWQLVLVWGDVV9HUWUDXHQVLFK]ZDUDXIGLHYRQ8QWHUQHKPHUQJHZQVFKWHQ9HUWUlJH DXVZLUNWQLFKWDEHUDXIGLHMHQLJHQYRQ,QYHVWRUHQ'DUDXV]LHKHQVLHIROJHQGHQ6FKOXVV)U 3DUWHLHQGLHSRWHQ]LHOOPLWJURHQ$JHQF\3UREOHPHQNRQIURQWLHUWZHUGHQ,QYHVWRUHQ VFKHL QHQ9HUWUDXHQXQG.RQWUROOHNRPSOHPHQWlUH5ROOHQ]XVSLHOHQ)U3DUWHLHQGLHPLWNOHLQHUHQ $JHQF\3UREOHPHQ]XWXQKDEHQ8QWHUQHKPHU VFKHLQW9HUWUDXHQHLQ(UVDW]IU.RQWUROOH]X VHLQ 6DSLHQ]DHWDO XQWHUVXFKHQGLH%HGHXWXQJYRQÄ9HUKDOWHQVVLJQDOHQ³EHKDYLRUDOFXHV IUGLH(QWZLFNOXQJYRQ.RRSHUDWLRQLQGHU9&38%H]LHKXQJHPSLULVFK6LHDUJXPHQWLHUHQ GDVVLQVEHVRQGHUHGDV9HUKDOWHQZlKUHQGGHUHUVWHQ.RQWDNWH]ZLVFKHQ,QYHVWRUHQXQG8QWHU

QHKPHUQODQJIULVWLJH$XVZLUNXQJHQDXIGDVJHJHQVHLWLJH9HUWUDXHQKDWXQGGDVVGLH.RRSHUD WLRQVEHUHLWVFKDIW EHLGHU 3DUWQHU VWHLJW ZHQQ LQ GHQ HUVWHQ *HVSUl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|QQHQ'LHVN|QQWHOHW]WOLFKGLH2IIHQKHLWGHV38IU5DWVFKOlJHVHLWHQVGHV9&EHKLQGHUQ 'LH6WXGLHYRQ+LVULFKXQG-DQNRZLF] EHOHXFKWHWGLH5ROOHYRQ,QWXLWLRQLQGHU9&38 %H]LHKXQJNRQNUHWLQGHU%HWHLOLJXQJVHQWVFKHLGXQJ$QKDQGHLQHU3LORWVWXGLHXQGPLWKLOIHGHU VR JHQDQQWHQ UHSHUWRU\ JULG WHFKQLTXH N|QQHQ +LVULFK XQG -DQNRZLF] ]HLJHQ GDVV HV 9& 0DQDJHUJLEWGLHLKUH(QWVFKHLGXQJEHUHLQH%HWHLOLJXQJGXUFKDXVYRQGHU3HUV|QOLFKNHLWGHV ]XNQIWLJHQ3DUWQHUVGKGHV*UQGHUVDEKlQJLJPDFKHQDOVRÄE\KLVLPSUHVVLRQRISHUVRQDO TXDOLW\RIWKHSURSRVHU>@DQGRIWKHPDWFKEHWZHHQKLVRZQSHUVRQDOLW\DQGWKDWRIWKHSUR SRVHU,QRWKHUZRUGVWKHµFKHPLVWU\µKDVWREHULJKW³HEG &:HEHUXQG*|EHO XQWHUVXFKHQDXI%DVLVTXDOLWDWLYHU,QWHUYLHZVYRQDXVJHVXFKWHQ 9&38'\DGHQ GLH MHZHLOLJHQ 4XDOLWlWHQ GLHVHU 7DXVFKEH]LHKXQJHQ $XVJDQJVSXQNW LKUHU 8QWHUVXFKXQJLVWGLH.ULWLNDQHLQHULQGLYLGXDOLVWLVFKHQ.RQ]LSLHUXQJYRQ,QWHURUJDQLVDWLRQV EH]LHKXQJHQXQGGHUHQ6WHXHUXQJ'HQQXQJHDFKWHWGHUXQEHVWUHLWEDUHQ9HUGLHQVWHLQVWLWXWLR QHQ|NRQRPLVFKHU$QDO\VHQPHKUHQVLFKDXFKLQGHU9&)RUVFKXQJGLH=ZHLIHODQLKUHQKDQG OXQJVWKHRUHWLVFKHQ XQG KLHU LQVEHVRQGHUH GHQ PRWLYDWLRQDOHQ 3UlPLVVHQ 0LW %H]XJ DXI GHQ VR]LRORJLVFKHQ1HRLQVWLWXWLRQDOLVPXV]HLJHQGLH$XWRUHQDXI%DVLVLKUHUTXDOLWDWLYHQ$QDO\VH ]XP HLQHQ ZLH VLFK XQWHU 5HNXUV DXI LQWHQWLRQDOHV +DQGHOQ HLQH VR]LRNXOWXUHOOH 2UGQXQJ ELOGHW=XPDQGHUHQDUEHLWHQVLHKHUDXVZLHVLFKXWLOLWDULVWLVFKH+DQGOXQJVVWUDWHJLHQPLWGHQ 'LHUHSHUWRU\JULGWHFKQLTXHZLUGYRQGHQ$XWRUHQEHVFKULHEHQDOVÄDPHWKRGRORJ\EDVHGRQWKHUDWLRQDOH WKDWSHRSOHDVFULEHVLJQLILFDQFHWRDOOSKHQRPHQDE\PHDQVRIWKHLUFRQVWUXFWV\VWHP7KHV\VWHPFRQVLVWVRI LQWHUUHODWHG FRQVWUXFWV ELSRODU DWWULEXWHV DSSOLHG E\ WKH LQGLYLGXDO WR WKH SKHQRPHQD LQ TXHVWLRQ >«@ 7KH SXUSRVHRIDUHSHUWRU\JULGLQWHUYLHZLVWRLGHQWLI\WKHFRQVWUXFWVDUHVSRQGHQWW\SLFDOO\XVHVVLQFHLWLVE\ PHDQV RI WKHVH FRQVWUXFWV WKDW WKH UHVSRQGHQW FRQVWUXHV DVFULEHV PHDQLQJ DQG VLJQLILFDQFH WR KLV RU KHU ZRUOG³+LVULFK-DQNRZLF]

VWHXHUQGHQ)XQNWLRQHQLQVWLWXWLRQHOOHUGKV\PEROLVFKHUXQGPRUDOLVFKHU.RQWH[WEHGLQJXQJHQ YHUELQGHQ+LHUEHLZLUGGHXWOLFKGDVVUH]LSURNHV9HUKDOWHQ±ZLHHWZDLQGHU|NRQRPLVFKHQ 7KHRULHNRQ]LSLHUW±QLFKWOLQHDUDXIXWLOLWDULVWLVFKH7DXVFKNDONOHGHGX]LHUEDULVW(VLVWYLHO PHKU GLH MH VSH]LILVFKH ,QWHUSHQHWUDWLRQ LQGLYLGXHOOHU 1XW]HQNDONOH XQG VWHXHUQGHU 6\PERO XQG 0RUDORUGQXQJ GLH UH]LSURNHQ 7DXVFKDUUDQJHPHQWV 3HUVLVWHQ] XQG LKUHQ MHZHLOLJHQ &KD UDNWHUYHUOHLKHQ$XI%DVLVLKUHU'DWHQN|QQHQVLH]HLJHQGDVV|NRQRPLVFKH(IIL]LHQ]QXUHLQ ±ZHQQDXFK]HQWUDOHV±.ULWHULXPIUGLH6WHXHUXQJYRQ.RRSHUDWLRQVEH]LHKXQJHQLVW'DQH EHQPXVVGLHVR]LDOH$N]HSWDQ]GXUFKUHOHYDQWHJHVHOOVFKDIWOLFKH6WDNHKROGHUHEHQVRZLHGLH 6LFKHUXQJGHV/HJLWLPLWlWVYHUVWlQGQLVVHVLQGHU*HVHOOVFKDIWLQVJHVDPWEHUFNVLFKWLJWZHUGHQ 0LW LKUHU LQWHUSUHWDWLYHQ $QDO\VH OHLVWHQ VLH HLQHQ %HLWUDJ ]XU 7KHRULHELOGXQJ LQGHP VLH DOV (UJHEQLV QHEHQ GHU Ä|NRQRPLVFKHQ 7DXVFKUH]LSUR]LWlW³ GLH VLFK VWDUN DQ $JHQF\ WKHRUHWLVFKHQ$NWHXUVNRQILJXUDWLRQHQRULHQWLHUWGLHÄVR]LDOH3IOLFKWHQUH]LSUR]LWlW³DOVZHLWHUHQ 7DXVFKW\SH[WUDKLHUHQÄ7ZRW\SHVRIH[FKDQJHDUHLGHQWLILHG>«@ZKLFKGLIIHUFRQVLGHUDEO\ LQ WKHLU H[FKDQJH FXOWXUHV PRGHV VWUXFWXUHV DQG UHVRXUFHV³ HEG 0LW GHU ÄVR]LDOHQ 3IOLFKWHQUH]LSUR]LWlWKDEHQVLHDXIHLQHQ7DXVFKW\SDXIPHUNVDPJHPDFKWGHULQGLHVHU)RUPLQ GHU7KHRULHELVKHUQLFKWDEJHELOGHWZXUGH &9&38%H]LHKXQJ ,Q GHU &9&)RUVFKXQJ VLQG GHU $XWRULQ ZHQLJ $UEHLWHQ EHNDQQW GLH VLFK NRQNUHW PLW GHU %H]LHKXQJ GHU EHWHLOLJWHQ 3DUWHLHQ XQG GHQ )DNWRUHQ DXVHLQDQGHUVHW]HQ GLH GLHVH %H]LHKXQJ EHHLQIOXVVHQ'LH$UEHLWYRQ%:HEHUXQG&:HEHU DXIGLHVSlWHUDXVIKUOLFKHLQJH JDQJHQZLUGKDWGHQ(LQIOXVVYRQUHODWLRQDOILWDXIGHQ:LVVHQVWUDQVIHU]ZLVFKHQGHQ3DUWHLHQ XQG OHW]WOLFK DXI GHQ 38(UIROJ XQWHUVXFKW 'LH$UEHLW YRQ &:HEHUXQG*|EHO ]LHOW DXIGLHVR]LRNXOWXUHOOHQ*UHQ]HQLQQHUKDOEGHU&9&7ULDGHGLHHV]XWUDQV]HQGLHUHQJLOWXP GHQDQJHVWUHEWHQLQWHURUJDQLVDWLRQDOHQ$XVWDXVFKXQGGLH*HQHVHYRQ:LVVHQXQG5HVVRXUFHQ LQQHUKDOEGHU&9&7ULDGH]XHUP|JOLFKHQE]Z]XHUOHLFKWHUQ (LQH IU GLH YRUOLHJHQGH $UEHLW EHUHLFKHUQGH 6WXGLH HUDUEHLWHWHQ 0DXOD $XWLR XQG 0XUUD\ D 6LHXQWHUVXFKHQDQKDQGYRQ&(2VE]Z*UQGHUQYRQ7HFKQRORJLHEDVLHUWHQQHXHQ )LUPHQGLH9RUEHGLQJXQJHQIUGLH.UHDWLRQYRQVRFLDOFDSLWDOXQGGDUDXIDXIEDXHQGIUGHQ 5HVVRXUFHQDXVWDXVFKVRZLHGLH:LVVHQVDNTXLVLWLRQLQGHU%H]LHKXQJ]ZLVFKHQ&9&XQG38 $QKDQGHLQHV0RGHOOVN|QQHQVLH]HLJHQGDVV.RPSOHPHQWDULWlWHQGHU3DUWQHUXQGILQDQ]LHOOH $QUHL]HE]Z(LJHQWXPVDQWHLOHZLFKWLJH)DNWRUHQGDUVWHOOHQGLH(LQIOXVVKDEHQDXIGLH(U]HX

JXQJYRQVR]LDOHU,QWHUDNWLRQXQGGLHVLFKGDUDXVHUJHEHQGH:LVVHQVDNTXLVLWLRQLQQHUKDOEGHU 3DUWQHUVFKDIW

=LHOHUUHLFKXQJXQG(UIROJ

(LQ GULWWHU XQG ZHVHQWOLFKHU )RUVFKXQJV]ZHLJ ]X 9&38 E]Z &9&38%H]LHKXQJHQ EH VFKlIWLJWVLFKPLWGHU)UDJHQDFKGHUHQ(UIROJ'LHVHU(UIROJNDQQZLHGHUXPYRQ]ZHL6HLWHQ EHOHXFKWHW ZHUGHQ GHU .DSLWDOJHEHU XQG GHU .DSLWDOQHKPHUVHLWH 6LH VROOHQ LP )ROJHQGHQ JHWUHQQWEHWUDFKWHWZHUGHQ 38(UIROJLQGHU9&38%H]LHKXQJ =XPHLVWZHUGHQHLQ]HOQH)DFHWWHQGHU%H]LHKXQJ]ZLVFKHQGHQ3DUWQHUQ±ZLHDXFKGDVGLVNX WLHUWH9&,QYROYHPHQW±LVROLHUWXQWHUVXFKWXP]XNOlUHQREGLHVH$VSHNWHHLQHQSRWHQ]LHOOHQ (LQIOXVVDXIGHQVSlWHUHQ38(UIROJKDEHQ0DF0LOODQHWDO JHKHQEHLVSLHOVZHLVHGHU )UDJHQDFKLQZLHIHUQ$VSHNWHGHU,QWHUDNWLRQ]ZLVFKHQ9&*HEHUXQG1HKPHUDOVSRWHQ]LHO OH(UIROJVEHVWLPPXQJVJU|HQJHOWHQN|QQHQ'DEHLIDQGHQVLHKHUDXVGDVVMHQDFK,QWHUDNWL RQVLQWHQVLWlWGLH9HUPLWWOXQJSURIHVVLRQHOOHU8QWHUVWW]XQJVRZLHGLHhEHUZDFKXQJRSHUDWLYHU (UJHEQLVVH HUIROJVI|UGHUQG ZLUNHQ N|QQHQ 6DSLHQ]D HUZlKQW LQ VHLQHU 6WXGLH EHUHLWV GLH %HGHXWXQJ GHU 3DUWQHUZDKO XQG GHU NRQWLQXLHUOLFKHQ .RPPXQLNDWLRQ IU GHQ VSlWHUHQ (UIROJÄ>«@FKRRVLQJWKHULJKWRQHDWWKHRXWVHWLVYHU\LPSRUWDQW>DQG@RQFHLQLWLVLPSRUWDQW WRNHHSFRPPXQLFDWLRQFKDQQHOVRSHQ³HEGI 'LHHQRUPH%HGHXWXQJGHUULFKWLJHQ3DV VXQJ ILW ]ZLVFKHQ 5LVLNRNDSLWDOJHEHU XQG 38 KHEHQ DXFK (KUOLFK HW DO KHUYRU 6LH KDOWHQVLHIUHEHQVRZLFKWLJZLHGLH+|KHGHV]XU9HUIJXQJJHVWHOOWHQ.DSLWDOVXQGHUNOlUHQ Ä%HL GHU .DSLWDOVXFKH NDQQ HLQ EHUHLOLJHU *UQGHU IHVWVWHOOHQ GDVV GLH ODQJIULVWLJHQ .RVWHQ GHQ NXU]IULVWLJHQ 1XW]HQ EHL :HLWHP EHUVWHLJHQ ZHQQ GLH EHWHLOLJWHQ 3DUWHLHQ YRQHLQDQGHU DEZHLFKHQGH(UZDUWXQJHQKDEHQ9RQZHPGHU*UQGHUVHLQ*HOGEHNRPPWLVWHEHQVRZLFK WLJZLHGLH+|KHGHV$QIDQJVNDSLWDOV'LHULFKWLJH3DVVXQJNDQQHLQHV\QHUJHWLVFKH%H]LHKXQJ KHUYRUEULQJHQGLHGLH)LUPD]XK|KHUHQ/HLVWXQJVQLYHDXVDQWUHLEW³HEG +LJDVKLGH XQG %LUOH\ XQWHUVXFKHQ 9&38%H]LHKXQJHQ LP +LQEOLFN GDUDXI ZHO FKHQ (LQIOXVV .RQIOLNWH DXI GHQ 38(UIROJ KDEHQ 6LH VWHOOHQ IHVW GDVV NRJQLWLYH VDFKOLFKH XQGLQKDOWOLFKH.RQIOLNWH]ZLVFKHQGHQ3DUWQHUQGHP(UIROJGXUFKDXVI|UGHUOLFKVHLQN|QQHQ ZlKUHQGDIIHNWLYH.RQIOLNWHZLHHWZDSHUV|QOLFKH5HLEXQJHQGLH/HLVWXQJEHHLQWUlFKWLJHQ

,QHLQHUVSlWHUHQ$UEHLWDQDO\VLHUHQ+LJDVKLGHXQG%LUOH\ GDV9HUKlOWQLV]ZLVFKHQ38 (UIROJXQGGHQ)DNWRUHQGLHGLH%HVFKDIIHQKHLWGHUNRPSOH[HQVR]LDOHQLQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQLQWHURUJDQLVDWLRQDOUHODWLRQVKLS,25 YRQ9&XQG*UQGHUWHDPQDFKJHWlWLJWHU ,QYHVWLWLRQ DOVR LQ GHU 3RVW,QYHVWPHQW3KDVH EHHLQIOXVVHQ 9&V ZXUGHQ JHEHWHQ HLQ EHVWLPPWHV38]XEHVFKUHLEHQLQGHPVLHDOV/HDG,QYHVWRUDJLHUWHQ'LH(UJHEQLVVH]HLJHQ GDVV GLH 4XDOLWlW GHU ]ZLVFKHQ 9& XQG 38 DXVJHWDXVFKWHQ ,QIRUPDWLRQHQ LP 6LQQH YRQ EH UHLWZLOOLJHP XQG RIIHQHP ,QIRUPDWLRQVDXVWDXVFK SRVLWLY PLW GHP 38(UIROJ NRUUHOLHUW GDV 9&,QYROYHPHQW KLQJHJHQ NRUUHOLHUW HQWJHJHQ GHQ (UZDUWXQJHQ QHJDWLY PLW GHP 38(UIROJ 'LHVHQHJDWLYH.RUUHODWLRQEHVWlWLJWHLQPDOPHKUGLHZLGHUVSUFKOLFKHQHPSLULVFKHQ(UJHEQLV VH]XPYHUPHLQWOLFKHQ0HKUZHUWGHV9&,QYROYHPHQWV+LJDVKLGHXQG%LUOH\ VFKOXVV IROJHUQ GDVV HLQ HUK|KWHV (QJDJHPHQW ]XP HLQHQ GXUFK HLQH JXWH LQWHUSHUVRQDOH %H]LHKXQJ ]ZLVFKHQ GHQ %HWHLOLJWHQ DXI 6HLWHQ GHU 9&*HEHU XQG 1HKPHU HUJlQ]W ZHUGHQ PXVV =XP DQGHUHQEHGDUIHV]XVlW]OLFKHULQIRUPHOOHURGHUDXFKPHQVFKOLFKHU$VSHNWHZLH.RRSHUDWLRQ ,QWHJUDWLRQHWF(LQZHLWHUHV5HVXOWDWGLHVHU8QWHUVXFKXQJLVWGDVV]ZLVFKHQGHU,QWHUDNWLRQV IUHTXHQ]XQGGHP38(UIROJNHLQ=XVDPPHQKDQJEHVWHKW'LHVZLGHUVSULFKWGHQ(UJHEQLVVHQ YRQ6DSLHQ]D GHUHLQHSRVLWLYHXQGVLJQLILNDQWH.RUUHODWLRQ]ZLVFKHQ,QWHUDNWLRQVIUH TXHQ] XQG GHP GXUFK GHQ 9& HUEUDFKWHQ 0HKUZHUW QDFKZHLVHQ NRQQWH +LQVLFKWOLFK GHU VR JHQDQQWHQ ÄPHQVFKOLFKHQ³ $VSHNWH HUJDEHQ VLFK EHL +LJDVKLGH XQG %LUOH\ WHLOZHLVH VHKU GHXWOLFKH =XVDPPHQKlQJH PLW GHP 38(UIROJ 'HU *UDG DQ .RRSHUDWLRQ NRUUHOLHUWH SRVLWLY PLW GHP 38(UIROJ ZDV YRUDQJHJDQJHQH )RUVFKXQJ EHVWlWLJW 6DSLHQ]D.RUVJDDUG &DEOH6KDQH =ZLVFKHQ GHP 0D DQ JHJHQVHLWLJHU ,QWHJUDWLRQ YRQ 9& XQG 38 XQG GHP 38(UIROJ NRQQWH HQWJHJHQ GHQ (UZDUWXQJHQ NHLQ =XVDPPHQKDQJ KHUJHVWHOOW ZHU GHQZDVPLWGHUP|JOLFKHUZHLVHVFKZLHULJHQ8QWHUVFKHLGXQJYRQ.RRSHUDWLRQXQG,QWHJUDWLRQ HUNOlUWZLUG'HV:HLWHUHQEHWUDFKWHQ+LJDVKLGHXQG%LUOH\ LQLKUHU8QWHUVXFKXQJGUHL )RUPHQYRQ&RPPLWPHQWHLQÄFRQWLQXDQFHFRPPLWPHQW³DOVHLQ&RPPLWPHQWEHLGHP2UJD QLVDWLRQVPLWJOLHGHUÄQHHGWRUHPDLQLQWKHRUJDQLVDWLRQ³HEG GDVÄDIIHFWLYHFRPPLWPHQW³ DOVHLQHVEHLGHP2UJDQLVDWLRQVPLWJOLHGHUÄZDQWWRFRQWLQXHHPSOR\PHQW³HEG 'DVÄHPR WLRQDO FRPPLWPHQW³ ZXUGH QDFKWUlJOLFK LQ GLH 8QWHUVXFKXQJ DXIJHQRPPHQ XQG QLFKW QlKHU GHILQLHUW 'DV 0D DQ ÄFRQWLQXDQFH FRPPLWPHQW³ NRUUHOLHUW QHJDWLY GDV 0D DQ ÄDIIHFWLYH FRPPLWPHQW³ SRVLWLY XQG GDV 0D DQ ÄHPRWLRQDO FRPPLWPHQW³ VWDUN SRVLWLY PLW GHP 38 (UIROJ6LH]LHKHQGDUDXVGHQ6FKOXVVGDVV(PRWLRQHQ]ZLVFKHQ9&*HEHUQXQG1HKPHUQLQ GHU 3RVW,QYHVWPHQW3KDVH HLQH JURH %HGHXWXQJ IU GHQ 38(UIROJ KDEHQ Ä7KHUH LV VWLOO OLNHO\WRH[LVWURRPIRUWKH9&WRLPSURYHKLVKHUVDWLVIDFWLRQZLWKWKHYHQWXUHE\DGMXVWLQJWKH

HPRWLRQVKHVKHDWWDFKHVWRKLVKHULQYHVWHHILUPV>«@IRUWKH9&EHLQJUDWLRQDODVPXFKDV SRVVLEOHPD\QRWDOZD\VEHDULJKWDSSURDFKLQPDQDJLQJWKHSRVWLQYHVWPHQWUHODWLRQVKLSZLWK WKHHQWUHSUHQHXULDOWHDP³HEG 6FKHIF]\ND XQWHUVXFKW38VGLHYRQ]Z|OIGHXWVFKHQ5LVLNRNDSLWDOJHEHUQILQDQ]LHUW ZXUGHQ(UHUNOlUWGDVVGHU%HWHLOLJXQJVHUIROJYRQ9&,QYHVWLWLRQHQSULPlUYRQGHU4XDOLILND WLRQ GHV 0DQDJHPHQW7HDPV DEKlQJW GLFKW JHIROJW YRQ )DNWRUHQ GHU 0DQDJHPHQW XQG )L QDQ]EH]LHKXQJYRQ9&XQG38(UVWHOOWKHUDXVGDVVGLHRULJLQlUH3DVVXQJ]ZDUIUGHQXQ PLWWHOEDUHQ38(UIROJYRQ%HGHXWXQJLVWGLH%H]LHKXQJVLFKMHGRFKDXFKQRFKVSlWHUEHZXVVW XQG DNWLY JHVWDOWHQ OlVVW HEG 6FKHIF]\N XQG *HUSRWW NULWLVLHUHQ GDVV VLFK ]DKOUHLFKH 9&V DXVVFKOLHOLFK RGHU ]XPLQGHVW EHUZLHJHQG DXI ILQDQ]LHOOH $VSHNWH GHV 9& *HVFKlIWV NRQ]HQWULHUHQ XQG GDPLW ZHUWVFK|SIHQGH 8QWHUVWW]XQJ IU GDV 38 QXU EHJUHQ]W UHDOLVLHUHQ6LHN|QQHQDQKDQGYRQ38V]HLJHQGDVVHLQHLQKDOWVRULHQWLHUWH%HUDWXQJXQG DNWLYH %HWHLOLJXQJ DQ IXQNWLRQDOHQ 38(QWVFKHLGXQJHQ SRVLWLYHQ (LQIOXVV DXI GHQ 38(UIROJ KDEHQ 38(UIROJLQ&9&38%H]LHKXQJ 7KRUQKLOOXQG$PLW XQWHUVXFKHQDQKDQGYRQ&RUSRUDWH9HQWXUHVGHQ(LQIOXVVLQWHU QHU VWUDWHJLVFKHU 3DVVXQJ ]ZLVFKHQ GHU 0XWWHUJHVHOOVFKDIW XQG LKUHP 9HQWXUH DXI GHQ 38 (UIROJ6LHXQWHUVFKHLGHQGDEHLHLQHUHODWLRQDOHXQGHLQH|NRQRPLVFKH'LPHQVLRQYRQ3DVVXQJ ILW ]ZLVFKHQGHPFRUSRUDWHLQYHVWRUXQGVHLQHQ38V8QWHUUHODWLRQDOHU3DVVXQJUHODWLRQDO ILW IDVVHQ VLH GLH 2UJDQLVDWLRQVNXOWXU XQG VWUXNWXU ]XVDPPHQ XQWHU |NRQRPLVFKHU 3DVVXQJ YHUVWHKHQVLHGLHPDWHULHOOHQ%HGUIQLVVHXQG$QIRUGHUXQJHQGHV9HQWXUHVVRZLHGLH5HVVRXU FHQ GHU 0XWWHUILUPD Ä$ UHODWLRQDO ILW UHIOHFWV RUJDQL]DWLRQDO FXOWXUH DQG VWUXFWXUH ZKLOH DQ HFRQRPLFILWLVDIXQFWLRQRIWKHQHHGVRIWKHYHQWXUHDQGWKH UHVRXUFHVRIWKHSDUHQW³HEG :HVHQWOLFKHV(UJHEQLVGHU6WXGLHLVWGDVVGHU*UDGDQ3DVVXQJ±LQVEHVRQGHUHGHUUHOD WLRQDOILW±]ZLVFKHQGHP&9&*HEHUXQGGHP38(LQIOXVVDXIGHQ(UIROJKDWÄ7KHGHJUHHRI ILWEHWZHHQDFRUSRUDWHSDUHQWDQGLWVYHQWXUHGRHVDIIHFWWKHVXFFHVVRIDYHQWXUH>«@)XUWKHU WKH UHODWLRQDO GLPHQVLRQ RI WKH SDUHQWYHQWXUH LQWHUIDFH DSSHDUV WR KDYH D JUHDWHU DVVRFLDWLRQ ZLWK YHQWXUH VXFFHVV WKDQ GRHV WKH HFRQRPLF GLPHQVLRQ³ HEG (UIROJ ZXUGH GDEHL DOV GLH )lKLJNHLW HLQHU )LUPD JHPHVVHQ LQWHUQ JHVHW]WH =LHOH UHFKW]HLWLJ ]X HUUHLFKHQ ÄDELOLW\ RI D ILUP WR PHHW LQWHUQDO PLOHVWRQHV RQ VFKHGXOH³ HEG 'DUEHU KLQDXV VWHOOHQ 7KRUQKLOO XQG $PLW IHVWGDVVGLH%H]LHKXQJ]ZLVFKHQGHP&9&*HEHUXQGGHP38LQVRIHUQG\QD

PLVFKHU1DWXULVWDOVVLFKGLH|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lKQWEHGHXWHWGDV$XIVHW]HQHLQHV&9&3URJUDPPVDXVGHU3HUVSHN WLYH GHV ,QGXVWULHXQWHUQHKPHQV HLQ Ä:HUN]HXJ³ DXV GHP %DXNDVWHQ GHU 8QWHUQHKPHQVHQW ZLFNOXQJ XQG GHV ,QQRYDWLRQVPDQDJHPHQWV 5LQG 9HQNDWDUDPDQ0DF0LOODQ %:HEHU&:HEHU &KHVEURXJK 'LHVHU %DXNDVWHQ EHLQKDOWHW DOV ZHLWHUH :HUN ]HXJHLQWHUQDOFRUSRUDWHYHQWXULQJLP6LQQHDXVJHJOLHGHUWHUE]ZLPXQGDXVGHP0XWWHUXQ WHUQHKPHQ KHUDXV HQWVWDQGHQHU XQG HQWZLFNHOWHU 9HQWXUHV 7KRUQKLOO$PLW 6KUD GHU6LPRQ0F*UDWK0F*UDWKHWDO$0LOOHUHWDO &RUSRUDWH(QWUHS UHQHXUVKLS LP 6LQQH XQWHUQHKPHULVFKHU $NWLYLWlWHQ GLH LQQHUKDOE GHV .RQ]HUQJHVFKlIWV HQW VWHKHQ=DKUD*DUYLV&KXQJ*LEERQV=DKUD&RYLQ'0LOOHU $NTXL VLWLRQHQ -RLQW 9HQWXUHV $OOLDQ]HQ HWF )U ZHOFKH )RUP GHU 8QWHUQHKPHQVHQWZLFNOXQJ XQG GHV,QQRYDWLRQVPDQDJHPHQWVVLFKHLQ8QWHUQHKPHQHQWVFKHLGHWKlQJWODXW5REHUWVXQG%HUU\ YRP.RQWH[WVRZLHGHQ8QWHUQHKPHQV]LHOHQDE$OV+DXSWGHWHUPLQDQWHQIUGLH(QW VFKHLGXQJEHUGLH6WUDWHJLHGHU8QWHUQHKPHQVHQWZLFNOXQJVFKODJHQVLHHLQHUVHLWVGLH1HXKHLW XQG9HUWUDXWKHLWPLWHLQHP0DUNWVRZLHDQGHUHUVHLWVGLHGHP3URGXNWRGHUGHP6HUYLFHLQQH ZRKQHQGH 7HFKQRORJLH YRU %OHLEW PDQ LQ LKUHU .DWHJRULVLHUXQJ ELHWHW VLFK &9& GDQQ DQ ZHQQQHXHXQGXQEHNDQQWH0lUNWHRGHU7HFKQRORJLHQHUSUREWZHUGHQVROOHQ

0DUNHW)DFWRUV

1HZDQG XQIDPLOLDU

-RLQW9HQWXUHV

9HQWXUH&DSLWDO RU9HQWXUH1XUWXULQJRU (GXFDWLRQDO $FTXLVLWLRQV

9HQWXUH&DSLWDO RU9HQWXUH1XUWXULQJ RU(GXFDWLRQDO $FTXLVLWLRQV

1HZEXW IDPLOLDU

,QWHUQDO'HYHORSPHQW RU$FTXLVLWLRQV RU-RLQW9HQWXUHV

,QWHUQDO9HQWXUHV RU$FTXLVLWLRQV RU/LFHQVLQJ

9HQWXUH&DSLWDO RU9HQWXUH1XUWXULQJ RU(GXFDWLRQDO $FTXLVLWLRQV

,QWHUQDO%DVH 'HYHORSPHQWV RU$FTXLVLWLRQV

,QWHUQDO9HQWXUHV RU$FTXLVLWLRQV RU/LFHQVLQJ

Ä1HZ6W\OH³ -RLQW9HQWXUHV

&XUUHQW

&XUUHQW

1HZEXWIDPLOLDU

1HZDQGXQIDPLOLDU

7HFKQRORJLHVRU6HUYLFHV(PERGLHGLQWKH3URGXFW

4XHOOHQDFK5REHUWVXQG%HUU\

$EELOGXQJ 9HQWXULQJ6WUDWHJLHQ

=LHOHGHU,QGXVWULHXQWHUQHKPHQ

:LHEHUHLWVGHXWOLFKZXUGHYHUIROJHQGLH,QGXVWULHXQWHUQHKPHQGLH&9&3URJUDPPHDXIVHW ]HQ QHEHQ P|JOLFKHQ ILQDQ]LHOOHQ LQVEHVRQGHUH VWUDWHJLVFKH =LHOH .DQQ .HLO 6LHJHOHWDO&:HEHU'LHUNHV6FKZHHQ6\NHV&KHVEURXJK ,Q GHQYHUVFKLHGHQHQ6WXGLHQZLUGRIIHQVLFKWOLFKGDVVHVQLFKWHLQGRPLQDQWHV=LHOJLEWVRQGHUQ GDVVGLH2UJDQLVDWLRQHQYLHOPHKUXQWHUVFKLHGOLFKH=LHOHDEHUDXFKXQWHUVFKLHGOLFKH6WUDWHJLHQ YHUIROJHQ&:HEHU%:HEHU%LUNLQVKDZHWDO&KHVEURXJK0DXOD $XVIKUOLFKZLUGDXIGLHVH7KHPDWLNLQ.DSLWHOHLQJHJDQJHQ$QGLHVHU6WHOOHVROOMHGRFKLQ DOOHU .U]H XQG ]XP EHVVHUHQ ZHLWHUHQ 9HUVWlQGQLV HLQ HUVWHU hEHUEOLFN EHU GLH =LHOH GHU ,QGXVWULHXQWHUQHKPHQLP9HUJOHLFK]XGHQ9HQWXUH&DSLWDOVXFKHQGHQ-XQJXQWHUQHKPHQJHJH EHQZHUGHQ 'LHELVKHULJH&9&)RUVFKXQJ]HLJWGDVVILQDQ]LHOOHXQGVWUDWHJLVFKH=LHOHGHU,QGXVWULHXQWHU QHKPHQ QLFKW VXEVWLWXLHUEDU VLQG VRQGHUQ GDVV YLHOPHKU EHLGH ZHVHQWOLFKH 0RWLYH VLQG XQG LKUH%HUHFKWLJXQJKDEHQ.DQQ&KHVEURXJK%LUNLQVKDZHWDO .HLO NRPPW LQ VHLQHU H[SORUDWLYHQ 0XOWL&DVH$QDO\VH ]X GHP 6FKOXVV GDVV VWUDWHJLVFKH =LHOH ]ZDURIWGHU$XVO|VHUVLQGXPHLQ&9&3URJUDPPDXI]XVHW]HQHVDEHUGHQQRFKRIWGLHILQDQ ]LHOOHQ.ULWHULHQVLQGDQKDQGGHUHUOHW]WOLFKGLHNRQNUHWH(QWVFKHLGXQJIUGDVHLQHRGHUDQGH UH ,QYHVWPHQW JHWURIIHQ ZLUG $OOHUGLQJV NRQQWHQ &:HEHU XQG %:HEHU LQ LKUHU 6WXGLH GLH ZHLWHU XQWHQ QRFK DXVIKUOLFK YRUJHVWHOOW ZLUG ]HLJHQ GDVV HV IU,QGXVWULHXQWHU

QHKPHQ ZHQLJ (UIROJ YHUVSUHFKHQG LVW EHLGH =LHODUWHQ JOHLFKHUPDHQ ]X YHUIROJHQ 6LH VFKOXVVIROJHUQ GHVKDOE GDVV HLQ =LHO 3ULRULWlW KDEHQ VROOWH XP 3UR]HVVH XQG 6WUXNWXUHQ DQ GLHVHPGRPLQDQWHQ=LHO]XRULHQWLHUHQ ,QVEHVRQGHUHGLHVWUDWHJLVFKHQ=LHOHVLQGYLHOVFKLFKWLJXQGHVJLEWHLQH9LHO]DKODQ6WXGLHQGLH GLHVH XQWHUVFKLHGOLFKHQ =LHOH HUKHEHQ 6LHJHO HW DO 6LOYHU 6\NHV &:HEHU'LHUNHV ,Q HLQLJHQ $UEHLWHQ ZHUGHQ GLH YHUVFKLHGHQHQ =LHOH ZLHGHUXP ]X 8QWHUJUXSSHQ ]XVDPPHQJHIDVVW 6R XQWHUVFKHLGHW .DQQ EHLVSLHOVZHLVH GUHL .ODVVHQ YRQVWUDWHJLVFKHQ=LHOHQ ÄH[WHUQDO5 '³ ÄDFFHOHUDWHGPDUNHWHQWU\³XQG ÄHQKDQ FLQJGHPDQG³.HLO LGHQWLIL]LHUWYLHUVWUDWHJLVFKH=LHOH ÄPRQLWRULQJRIPDUNHWV³ ÄOHDUQLQJ QHZ PDUNHWV DQG WHFKQRORJLHV³ ÄRSWLRQV WR H[SDQG³ VRZLH ÄPDUNHW HQDFW PHQW³&:HEHU NODVVLIL]LHUWGLHYRQLKUDEJHIUDJWHQVWUDWHJLVFKHQ=LHOHGHU&9&VDXI %DVLV HLQHU NRQILUPDWRULVFKHQ +DXSWNRPSRQHQWHQDQDO\VH HEHQIDOOV LQ YLHU *UXSSHQ H[ SORLWDWLRQ KLHU ]X YHUVWHKHQ DOV $XVEDX YRUKDQGHQHU *HVFKlIWVIHOGHU H[SORUDWLRQ LQ GLHVHP.RQWH[WYHUVWDQGHQDOV$XIEDXYRQ2SWLRQHQDXIQHXH*HVFKlIWVIHOGHU ZLQGRZRQ WHFKQRORJ\]XYHUVWHKHQDOV,QIRUPDWLRQVJHZLQQXQJEHU:HWWEHZHUEXQG.XQGHQ VRZLH SHUVRQDOSROLWLVFKH (UZlJXQJHQ ZLH *HZLQQXQJ XQG 0RWLYDWLRQ YRQ 6FKOVVHOSHUVRQDO XQG 6Wl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lTXDWH0D DQ ILUPHQLQWHUQHP ,QYROYHPHQW ZlKOHQ XPGLH38VHQWVSUHFKHQGLKUHUVWUDWHJLVFKHQ,QYHVWLWLRQV]LHOHXQGGHU5HOHYDQ]GHU8UKHEHU UHFKWH]XPDQDJHQ6LHNRPPW]XGHP(UJHEQLVGDVVGLH$UWGHUVWUDWHJLVFKHQ,QYHVWLWLRQV]LH OHXQGGLH6WlUNHGHU3DWHQWHLQGHU%H]LHKXQJ]ZLVFKHQ&9&XQG 38 ZHVHQWOLFKH)DNWRUHQ IUGLH6WUXNWXULHUXQJHLQHVMHGHQ&9&3URJUDPPVVLQG:HQQGLHVWUDWHJLVFKHQ,QYHVWLWLRQV ]LHOHGHU0XWWHUJHVHOOVFKDIWXQGGLH6WlUNHGHU8UKHEHUUHFKWHJURHV3RWHQ]LDOIURSSRUWXQLV WLVFKHV 9HUKDOWHQ VHLWHQV GHU 0XWWHUJHVHOOVFKDIW YHUPXWHQ ODVVHQ VWUXNWXULHUHQ 0XWWHUJHVHOO

VFKDIWHQLKUH&9&3URJUDPPHGHUDUWGDVVVLHGDV9HUWUDXHQVHLWHQVGHU38VHUK|KHQLQGHP VLH]%GXUFKXQDEKlQJLJH9&VRGHUHUVWLQVSlWHUHQ3KDVHQLQGLH38VLQYHVWLHUHQ

=LHOHUUHLFKXQJXQG(UIROJ

6\NHV XQWHUVXFKW LQZLHZHLW &9&3URJUDPPH LKUH =LHOH HUUHLFKW KDEHQ XQG ZHOFKH )DNWRUHQHLQLJHVWUDWHJLVFKDXVJHULFKWHWH&9&3URJUDPPHHUIROJUHLFKHUPDFKHQDOVDQGHUH JURH 2UJDQLVDWLRQHQ ZXUGHQ JHEHWHQ $QJDEHQ ]XP DOOJHPHLQHQ %HLWUDJ 0HKUZHUW ]X PDFKHQGHQLKUH3URJUDPPHIUGLH(UIOOXQJLKUHUVWUDWHJLVFKHQ8QWHUQHKPHQV]LHOHOHLVWHWHQ 6\NHV NRQQWH YLHU )DNWRUHQ DXVPDFKHQ GLH HLQHQ SRVLWLYHQ (LQIOXVV DXI GHQ VWUDWHJL VFKHQ :HUW GHV MHZHLOVHLJHQHQ &9&3URJUDPPV KDWWHQ GLH :DKO GHU SULPlUHQ VWUDWHJL VFKHQ8QWHUQHKPHQV]LHOH GLH,QYHVWLWLRQVUHQGLWHGHV3RUWIROLRV GLH$UWGHV,QYHVWPHQWV GLUHNWRGHULQGLUHNW VRZLH GLH$UWXQG+lXILJNHLWGHU.RPPXQLNDWLRQPLWGHQ9HQWXUHV 6\NHV VWHOOW GDUEHU KLQDXV GLH )UDJH RE GLH ,QWHQVLWlW GHU .RPPXQLNDWLRQ ]ZLVFKHQ GHQ 3DUWQHUQJHPHVVHQDQGHU)UHTXHQ]GHUJHVFKlIWOLFKHQ.RQWDNWH IUGHQVWUDWHJLVFKHQ0HKU ZHUW GHV &9&3URJUDPPV YRQ %HGHXWXQJ LVW 'LH (UJHEQLVVH YHUZHLVHQ DXI HLQHQ GHXWOLFK SRVLWLYHQ=XVDPPHQKDQJ]ZLVFKHQGHU$Q]DKODQJHVFKlIWOLFKHQ.RQWDNWHQPLWGHP9HQWXUH HLQHUVHLWV XQG GHP YRQ GHQ &9&V ZDKUJHQRPPHQHQ VWUDWHJLVFKHQ 0HKUZHUW GHV &9& 3URJUDPPVDQGHUHUVHLWV(LQLJHGHU&9&VHUNOlUWHQ]XGHPGDVVGLH.RPPXQLNDWLRQ]ZLVFKHQ GHP9HQWXUHXQGMHQHQ(LQKHLWHQLP0XWWHUNRQ]HUQGLHHLQEHVRQGHUHVVWUDWHJLVFKHV,QWHUHVVH DQGHP9HQWXUHKDEHQIUHLQHHIIHNWLYH%H]LHKXQJYRQ%HGHXWXQJLVW$XHUGHPZXUGHGLH GLUHNWH SHUV|QOLFKH .RPPXQLNDWLRQ LQ $UEHLWVEHVSUHFKXQJHQ EHLVSLHOVZHLVH JHJHQEHU GHU .RPPXQLNDWLRQ LQ $XIVLFKWVUDWVLW]XQJHQ DOV ZHUWYROOHU HUDFKWHW .RPPXQLNDWLRQVPRGL GLH IU%HUHLFKHYRQEHVRQGHUHPRGHUJHPHLQVDPHP,QWHUHVVHHLQHQGLUHNWHQXQGKlXILJHQ.RQ WDNW]ZLVFKHQGHU*HVHOOVFKDIWXQGGHP9HQWXUHKHUEHLIKUHQSURGX]LHUHQGHQK|FKVWHQVWUD WHJLVFKHQ0HKUZHUW 6\NHV VFKOXVVIROJHUW DXV VHLQHU 8QWHUVXFKXQJ GDVV HLQ ZHVHQWOLFKHU $VSHNW IU GHQ (UIROJ RGHU0LVVHUIROJHLQHV&9&3URJUDPPVGLH:DKOGHUÄULFKWLJHQ³=LHOHLVW8QWHUQHKPHQV]LHOH GLH HLQH JHJHQVHLWLJH 8QWHUVWW]XQJ ZLH EHLVSLHOVZHLVH GLH %LOGXQJ YRQ *HVFKlIWVEH]LHKXQ JHQ ]ZLVFKHQ *HVHOOVFKDIW XQG 9HQWXUH RGHU DXFK VWUDWHJLVFKH 3DUWQHUVFKDIWHQ EHI|UGHUQ KDEHQ EHVVHUH $XVVLFKWHQ DXI (UIROJ 8QWHUQHKPHQV]LHOH GLH HLQHQ SRWHQ]LHOOHQ ,QWHUHVVHQV NRQIOLNW ]ZLVFKHQ GHU *HVHOOVFKDIW XQG GHP 9HQWXUHLQ VLFKEHUJHQ±ZLH]%GDVHLQVHLWLJH ,QWHUHVVHGHV,QYHVWRUVDQHLQHU9HQWXUHhEHUQDKPHRGHUGLH(UZDUWXQJGHV,QYHVWRUVVWUDWH JLVFKKLOIUHLFKH,QIRUPDWLRQHQDXVVFKOLHOLFKLP$XVWDXVFKJHJHQ(LJHQNDSLWDO]XHUODQJHQ±

IKUHQXQWHU8PVWlQGHQ]XHLQHUXQSURGXNWLYHQ8PJHEXQJXQG]XP6FKHLWHUQGHU%H]LHKXQJ 'HVKDOEVROOWHGLH$UEHLWVEH]LHKXQJ]ZLVFKHQGHQ3DUWQHUQVRJHVWDOWHWVHLQGDVVHLQ%HZXVV WVHLQIUGLHVSH]LILVFKHQ%HGUIQLVVHXQG,QWHUHVVHQGHUEHWHLOLJWHQ,QGLYLGXHQYHUPLWWHOWZLUG XQGGLH%HGUIQLVVHEHLGHU6HLWHQJOHLFKHUPDHQ%HUFNVLFKWLJXQJILQGHQVRGDVVHLQODQJIULV WLJHV .RRSHUDWLRQVYHUKlOWQLV DXIJHEDXW ZHUGHQ NDQQ :HLWHUH 6WXGLHQ GLH GHQ (UIROJ YRQ &9&3URJUDPPHQ IRNXVVLHUHQ XQG DXI GLH LQ .DSLWHO QRFK DXVIKUOLFK HLQJHJDQJHQ ZLUG VWDPPHQYRQ&:HEHU'LHUNHV6FKZHHQ0DFNHZLF] 3DUWQHU6LHJHOHWDO +LOOHWDO:LWW%UDFKWHQGRUI*RPSHUV/HUQHUVRZLH6\NHV 'LH EHUEOLFNVDUWLJH =XVDPPHQIDVVXQJ GHU =LHOH XQG (UZDUWXQJHQ EHLGHU 3DUWHLHQ LQ GHU &9&38%H]LHKXQJ]HLJWGDVVEHLGH6HLWHQGDV=LHOYHUELQGHW:LVVHQVWUDQVIHU XQG JHQHVH ]XUHDOLVLHUHQXPVRLKUHMHZHLOLJH,QQRYDWLRQVIlKLJNHLWLKUH:HWWEHZHUEVSRVLWLRQXQGGDUDQ DQVFKOLHHQG LKUHQ QDFKKDOWLJHQ 8QWHUQHKPHQVHUIROJ ]X VLFKHUQ (V ZLUG DOOHUGLQJV HEHQIDOOV GHXWOLFK GDVV HV LQ GLHVHU %H]LHKXQJ ]ZLVFKHQ QHZ YHQWXUH XQG ,QGXVWULHXQWHUQHKPHQ ]X SRWHQ]LHOOHQ ,QWHUHVVHQNRQIOLNWHQ NRPPHQ NDQQ DXI GLH HEHQIDOOV VSlWHU QRFK HLQJHJDQJHQ ZLUG0DXODIDVVWHLQLJH.RQIOLNWH]XVDPPHQÄ3RWHQWLDOFRQIOLFWVRILQWHUHVWLQFOXGHFRPSHWL WLYHPRYHVEDVHGRQWKHGHDOIORZLQIRUPDWLRQLQWKHPDUNHWPRQLWRULQJREMHFWLYHPLVXVHRI WKHLQIRUPDWLRQOHDUQHGIURPWKHYHQWXUHVLQWKHGXHGLOLJHQFHRULQYHVWPHQWUHODWLRQVKLSLQWKH OHDUQLQJREMHFWLYHIRUFLQJWKHYHQWXUHWRVWLFNWRDOHVVWKDQRSWLPDOWHFKQRORJ\SODWIRUPLQWKH WHFKQRORJ\ OHYHUDJH REMHFWLYH DQG XQIDLU XVH RI EDUJDLQLQJ SRZHU LQ WKH OHYHUDJLQJ RI WKH FRPSOHPHQWDU\DVVHWVREMHFWLYH³ ,P)ROJHQGHQXQGHUJlQ]HQG]XGHUEHUHLWVYRUJHVWHOOWHQ/LWHUDWXUZLUGHLQhEHUEOLFNEHUGLH YHUVFKLHGHQHQ7KHRULHQJHJHEHQGLHELVKHULQGHU&9&)RUVFKXQJPHKURGHUZHQLJHUDXVJHS UlJWE]ZKlXILJKHUDQJH]RJHQZXUGHQXQGZHUGHQXQGGLHGHVKDOESRWHQ]LHOOIUGLHVH6WXGLH YRQ%HGHXWXQJVLQG5HVRXUFHEDVHG9LHZ.QRZOHGJHEDVHG9LHZVRFLDOFDSLWDOXQG6R]LD OH1HW]ZHUNWKHRULH,QWHURUJDQLVDWLRQDOH/HUQWKHRULHQ,QVWLWXWLRQHQ|NRQRPLHVRZLHQHRLQVWLWX WLRQDOLVWLVFKH$QVlW]H

7+(25(7,6&+((,1%(7781*921&25325$7(9(1785(&$3,7$/ 5HVRXUFHEDVHG9LHZ 'HU 5HVRXUFHEDVHG 9LHZ 5%9 JHKW ]XUFN DXI GLH $UEHLW YRQ 3HQURVH GLH HLQH 2UJDQLVDWLRQDOVHLQHQ3RROYRQSURGXNWLYHQ5HVVRXUFHQNRQ]LSLHUWPLWKLOIHGHUHUGLH2UJDQL VDWLRQ LKUH SURGXNWLYHQ 2SSRUWXQLWlWHQ SURGXFWLYH RSSRUWXQLW\ DXVVFK|SIW VRZLH LKUH 5HV VRXUFHQEDVLV YHUJU|HUW XQG GDPLW LKU :DFKVWXP VLFKHUW 3HQURVH HUNOlUW GLHVH SURGXNWLYHQ 2SSRUWXQLWlWHQ VHLHQ OHW]WOLFK XQOLPLWLHUW OLPLWLHUW ZUGH GDV 2UJDQLVDWLRQVZDFKVWXP GXUFK VHLQH YRUKDQGHQHQ EHVFKUlQNWHQ 5HVVRXUFHQ VRZLH GXUFK GDV 0DQDJHPHQW ZHOFKH GLHVH 5HVVRXUFHQEDVLVDXVVFK|SIW (UVWLQGHQHU-DKUHQHUODQJWHGLHVH3HUVSHNWLYHGXUFKGLH$UEHLWHQYRQ:HUQHIHOW XQG5XPHOW HUK|KWH$XIPHUNVDPNHLW:HUQHIHOGW IKUWHGHQ7HUPLQXVUHVRXUFH EDVHG LQVHLQHU&KDUDNWHULVLHUXQJHLQHU2UJDQLVDWLRQHLQ5XPHOWVLHKWGHQ:HWWEHZHUEVYRUWHLO HLQHV 8QWHUQHKPHQV GXUFK VHLQH HLQ]LJDUWLJHQ 5HVVRXUFHQ EHVWLPPW Ä>«@ D ILUP¶V FRPSHWL WLYHSRVLWLRQLVGHILQHGE\DEXQGOHRIXQLTXHUHVRXUFHVDQGUHODWLRQVKLSVDQGWKDWWKHWDVNRI JHQHUDOPDQDJHPHQWLVWRDGMXVWDQGUHQHZWKHVHUHVRXUFHVDQGUHODWLRQVKLSVDVWLPHFRPSHWL WLRQDQGFKDQJHHURGHWKHLUYDOXH³± 'LH.HUQLGHHGHV5%9LVWDOVROHW]WOLFKRUJDQLVDWLRQVVSH]LILVFKH)lKLJNHLWHQXQG.RPSHWHQ ]HQ VRZLH DQGHUH PDWHULHOOH XQG LPPDWHULHOOH 5HVVRXUFHQ VR JHQDQQWH VWUDWHJLVFKH 5HVVRXU FHQ DOV %DVLV MHGHQ QDFKKDOWLJHQ :HWWEHZHUEVYRUWHLOV HLQHU 2UJDQLVDWLRQ ]X EHWUDFKWHQ (V JHKW GDUXP GLH YRUKDQGHQHQ 5HVVRXUFHQ HQWVSUHFKHQG HIIL]LHQW ]X QXW]HQ XQG HLQ]XVHW]HQ VRZLH0LWWHOXQG:HJH]XILQGHQGLH5HVVRXUFHQEDVLVDXV]XEDXHQVHLHVGXUFKLQWHUQH(QW ZLFNOXQJRGHUH[WHUQH$NTXLVLWLRQ:HUQHIHOW (LQHUGHUEHGHXWHQGVWHQ9HUWUHWHUGHV5%9LVW%DUQH\(UDUEHLWHWLQVHLQHPYHU|IIHQW OLFKWHQ3DSLHU]ZHL*UXQGVlW]HGHV5%9KHUDXV 'LH5HVVRXUFHQDXVVWDWWXQJYRQ2UJDQLVD WLRQHQLQQHUKDOEHLQHU,QGXVWULHRGHU*UXSSHLVWKHWHURJHQXQG GLH5HVVRXUFHQVLQGQLFKW YROOVWlQGLJ PRELO VLH N|QQHQ DOVR QLFKW RKQH .RVWHQ YRQ HLQHU 2UJDQLVDWLRQ DXI GLH DQGHUH WUDQVIHULHUW ZHUGHQ HEG 'DPLW 5HVVRXUFHQ HLQHQ QDFKKDOWLJHQ :HWWEHZHUEVYRUWHLO VXVWDLQDEOHFRPSHWLWLYHDGYDQWDJH EHJUQGHQN|QQHQPVVHQVLHYLHU%HGLQJXQJHQHUIOOHQ 6LHPVVHQ ZHUWYROOYDOXDEOH IUGDV8QWHUQHKPHQ NQDSSUDUH IUGLHDNWXHOOHQXQG ]XNQIWLJHQ .RQNXUUHQWHQ QXU EHJUHQ]W LPLWLHUEDU LPSHUIHFWO\ LPLWDEOH XQG VWUDWH JLVFK QLFKW OHLFKW VXEVWLWXLHUEDU QRQVXEVWLWXWDEOH VHLQ %DUQH\ II (LVHQ

KDUGW0DUWLQ 'HU5HVVRXUFHQEHJULIIOHJWQLFKW,QKDOWXQG*HVWDOWXQJGHU5HVVRXU FHQVHOEVWIHVWVRQGHUQIRUPXOLHUWHLQ%HGLQJXQJVUDVWHUGDVKLOIWMHQH5HVVRXUFHQ]XLGHQWLIL ]LHUHQGLHGHQODQJIULVWLJHQ8QWHUQHKPHQVHUIROJEHJUQGHQ'LHVZLUGYHUGHXWOLFKWGXUFKGLH 'HILQLWLRQYRQ5HVVRXUFHQDOVÄDOODVVHWVFDSDELOLWLHVRUJDQL]DWLRQDOSURFHVVHVILUPDWWULEXWHV LQIRUPDWLRQNQRZOHGJHHWFFRQWUROOHGE\DILUPWKDWHQDEOHWKHILUPWRFRQFHLYHRIDQGLP SOHPHQW VWUDWHJLHV WKDW LPSURYH LWV HIILFLHQF\ DQG HIIHFWLYHQHVV³ %DUQH\ 9HU VFKLHGHQH$XWRUHQKDEHQHLQ]HOQH5HVVRXUFHQYHUWLHIWXQWHUVXFKWVR]%7HFKQRORJLH7HHFH &KULVWHQVHQ :LVVHQ YRQ .URJK5RRV .RJXW=DQGHU XQG VRFLDO FDSLWDO%XUWXQG GLHDOOHVDPW±VRIHUQVLHGHQ$QIRUGHUXQJHQGHV5HVVRXUFHQEH JULIIHVJHQJHQ± QDFKKDOWLJH:HWWEHZHUEVYRUWHLOHEHJUQGHQN|QQHQ 5HVVRXUFHQ VWHOOHQ DOVR GLH *UXQGODJH GHV 8QWHUQHKPHQVHUIROJV GDU GRFK HUVW GLH XQWHUQHK PHQVVSH]LILVFKHQ)lKLJNHLWHQGLHVH5HVVRXUFHQ]XEHVFKDIIHQ]XNRPELQLHUHQ]XPRELOLVLH UHQ XQG ZHLWHU]XHQWZLFNHOQ HUP|JOLFKHQ GLH 1XW]XQJ LKUHV LQKlUHQWHQ 3RWHQ]LDOV Ä&UHDWLQJ FDSDELOLWLHVLVQRWVLPSO\DPDWWHURIDVVHPEOLQJDWHDPRIUHVRXUFHVFDSDELOLWLHVLQYROYHFRP SOH[ SDWWHUQV RI FRRUGLQDWLRQ EHWZHHQ SHRSOH DQG EHWZHHQ SHRSOH DQG RWKHU UHVRXUFHV³ $PLW6FKRHPDNHU :lKUHQGGHU5%9]XQlFKVWPHKUDXIHLQHLQWUDRUJDQLVDWLRQDOH%HWUDFKWXQJDE]LHOWHKDWHULQ GHQYHUJDQJHQHQ-DKUHQLQVEHVRQGHUHLQGHULQWHURUJDQLVDWLRQDOHQ)RUVFKXQJ$XIPHUNVDPNHLW HUIDKUHQ(LVHQKDUGW6FKRRQKRYHQ+LWWHWDO'XVFKHN7HQJ 0DXOD EHWRQWGDVVGHU5%9LQGHPHUGLH5ROOHGHU5HVVRXUFHQNRPSOHPHQWDULWlWKHU YRUKHEW JURH $XVZLUNXQJHQ IU GLH )RUPLHUXQJ VRZLH GHQ (UIROJ LQWHURUJDQLVDWLRQDOHU %H ]LHKXQJHQYRQ-XQJXQWHUQHKPHQKDW'DVXQG7HQJ EHQXW]HQGHQ5%9EHLVSLHOVZHLVH DOV %H]XJVUDKPHQ LQ LKUHQ 8QWHUVXFKXQJHQ ]X $OOLDQ]HQIRUPLHUXQJ XQG HUIROJ 'DEHL DQHU NHQQHQ DXFK VLH GLH .RPSOHPHQWDULWlW YRQ 5HVVRXUFHQ DOV +DXSWDQWULHEVNUDIW IU $OOLDQ]HQ IRUPLHUXQJXQGHUIROJ'LHVJLOWHEHQVRIULQWHURUJDQLVDWLRQDOH%H]LHKXQJHQ]ZLVFKHQNOHL QHQXQGJURHQ2UJDQLVDWLRQHQ6RZHLVW7HHFH DXIGLH*HIDKUKLQGDVVPDQFKH)LU PHQ WURW] KHUDXVUDJHQGHU ,QQRYDWLRQHQ DXV GHP 0DUNW DXVVFKHLGHQ ZHLO VLH QLFKW EHU GLH QRWZHQGLJHQ +HUVWHOOXQJV XQG 3URGXNWLRQVNDSD]LWlWHQ YHUIJHQ (QWVSUHFKHQG NDQQ HV ODXW 7HHFH IU-XQJXQWHUQHKPHQUDWVDPVHLQ$OOLDQ]HQ]XELOGHQGLHLKQHQGHQ=XJDQJ]X 5HVVRXUFHQHU|IIQHQ PLWKLOIH GHUHUVLH LKUH ,QQRYDWLRQ NRPPHU]LDOLVLHUHQ N|QQHQ 'LHVH $UW YRQ $OOLDQ]HQ ELHWHW VLFK ± ZLH EHUHLWV HUZlKQW ± IU ,QGXVWULHXQWHUQHKPHQ DQ GLH ]XPHLVW

]ZDU EHU GLH HUIRUGHUOLFKHQ 3URGXNWLRQVNDSD]LWlWHQ XQG 0DUNW]XJlQJH YHUIJHQ GHQHQ HV ]XP7HLOMHGRFKDQ,QQRYDWLRQVSRWHQ]LDOPDQJHOW -HQVHLWV VWUDWHJLVFKHU $OOLDQ]HQ DXI GLH GHU 5%9 PDJHEOLFK DQJHZDQGW ZXUGH VWHOOW GDV &9&*HVFKlIWHLQHZHLWHUH)RUPGHULQWHURUJDQLVDWLRQDOHQ%H]LHKXQJGDUGLHDXIGHU*UXQG ODJH GHV 5%9 DQDO\VLHUW ZHUGHQ NDQQ 'LH )RUVFKXQJ LQ GLHVHP )HOG LVW ELVKHU VHKU GQQ .DQQ XQWHUVXFKWEHLVSLHOVZHLVHVWUDWHJLVFKH5LVLNRNDSLWDOILQDQ]LHUXQJGXUFK,QGXVWULH XQWHUQHKPHQ XQWHU DQGHUHP YRU GHP +LQWHUJUXQG GHV 5%9 LQVEHVRQGHUH GHP HUZHLWHUWHQ .RQ]HSW GHV G\QDPLF FDSDELOLWLHV DSSURDFK 'DEHL DUJXPHQWLHUW VLH ÄWKDW D FRUSRUDWH YHQ WXUH FDSLWDOSURJUDP LV D G\QDPLF FDSDELOLW\ WKDW IDFLOLWDWHVWKH DFTXLVLWLRQ RI UHVRXUFHV SUR YLGHV D PHDQV IRU OHYHUDJLQJ H[LVWLQJ UHVRXUFHV PRUH HIIHFWLYHO\ DQG SURYLGHV ILUPV ZLWK RSWLRQV IRU VWUDWHJLF PRYHV LQ WKH IXWXUH³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lQGLJH 5HVVRXUFH YRQ DOOHQ EULJHQ 5HVVRXUFHQ XQWHUVFKLHGHQ XQG DOV GLH IU HLQH 2UJDQLVDWLRQ VWUDWHJLVFK EHGHXWVDPVWH 5HVVRXUFH EHUKDXSW EHWUDFKWHW *UDQW 'LH %H IUZRUWHU GLHVHV $QVDW]HV DUJXPHQWLHUHQ GDVV KHWHURJHQH :LVVHQVEDVHQ XQG )lKLJNHLWHQ ]ZLVFKHQ 2UJDQLVDWLRQHQ GLH +DXSWGHWHUPLQDQWHQ IU QDFKKDOWLJH :HWWEHZHUEVYRUWHLOH XQG HLQHQ EHUGXUFKVFKQLWWOLFKHQ 2UJDQLVDWLRQVHUIROJ GDUVWHOOHQ 'H&DUROLV'HHGV .R JXW=DQGHU *UDQW 'HU .%9 VWHOOW 2UJDQLVDWLRQHQ GDPLW DOV HLQHQ :LVVHQV XQG )lKLJNHLWVVSHLFKHUGDU6SHQGHU.RJXW=DQGHU *HPlGLHVHU%HWUDFKWXQJVZHLVH HQWVWHKHQ :HWWEHZHUEVYRUWHLOH HLQ]HOQHU 2UJDQLVDWLRQHQ GXUFK GHUHQ HUK|KWH )lKLJNHLW :LV VHQ]XWUDQVIHULHUHQXQG]XNUHLHUHQ'HQQQHXH:LVVHQVNUHDWLRQHQXQG,QQRYDWLRQHQHQWVWHKHQ OHW]WOLFK GXUFK QHXH .RPELQDWLRQHQ YRQ :LVVHQ PLW DQGHUHQ 5HVVRXUFHQ &RKHQ/HYLQWKDO

'\QDPLFFDSDELOLWLHVZHUGHQYRQ.DQQ PLW7HHFHHWDO GHILQLHUWDOVÄWKRVHUHVRXUFHVE\ZKLFK PDQDJHUVLQWHJUDWHEXLOGDQGUHFRQILJXUHLQWHUQDODQGH[WHUQDOFRPSHWHQFHVWRDGGUHVVUDSLGO\FKDQJLQJHQ YLURQPHQWV³HEG

.RJXW=DQGHU 'LH$NNXPXODWLRQQHXHQ:LVVHQVGXUFK/HUQSUR]HVVHNRQVWLWXLHUW GDPLWHLQ]HQWUDOHVZHQQQLFKWGDVHQWVFKHLGHQGH(OHPHQWIUGLH(QWZLFNOXQJXQGGDV:DFK VWXPYRQ-XQJXQWHUQHKPHQVRZLHIUGLH,QQRYDWLRQVIlKLJNHLWYRQHWDEOLHUWHQ,QGXVWULHXQWHU QHKPHQ 3HQURVH *UDQW GD :LVVHQVDNTXLVLWLRQ QHXH SURGXNWLYH &KDQFHQ ]XU )ROJHKDWXQGGLH)lKLJNHLWHQGHU2UJDQLVDWLRQVWHLJHUWGLHVHDXV]XQXW]HQ'LHVH6LFKWLPSOL ]LHUWGDVV%H]LHKXQJHQ]XDQGHUHQ2UJDQLVDWLRQHQHLQHEHGHXWHQGH4XHOOHIUQHXH,QIRUPD WLRQHQ GDUVWHOOHQ 'LHV ZLUG HQWVSUHFKHQG YRQ ]DKOUHLFKHQ 6WXGLHQ EHVWl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|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lKQWH$QVDW]GHUDEVRUS WLYHFDSDFLW\GDUZHOFKHODXW&RKHQXQG/HYLQWKDOÄLVFULWLFDOWRLWV>DQRUJDQLVDWLRQ¶V@LQQRYD WLYHFDSDELOLWLHV³ 'LH$XWRUHQDUJXPHQWLHUHQGDVVGLH(IIL]LHQ]LQWHURUJDQLVDWLR QDOHQ/HUQHQVDEKlQJLJLVWYRQGHUbKQOLFKNHLWGHUMHZHLOLJHQ:LVVHQVEDVHQ/HUQHQVHLGDQQ HIIL]LHQW ZHQQ HLQH DXVUHLFKHQGH bKQOLFKNHLW LP %DVLVZLVVHQ GHU MHZHLOLJHQ 2UJDQLVDWLRQHQ YRUOLHJW ZHOFKHV GLH JUXQGVlW]OLFKH .RPPXQLNDWLRQV XQG $QVFKOXVVIlKLJNHLW KHUVWHOOW *OHLFK]HLWLJ VHL MHGRFK HLQH DXVUHLFKHQGH 8QWHUVFKLHGOLFKNHLW GHV MHZHLOLJHQ 6SH]LDOZLVVHQV

*UDQRYHWWHUOLHIHUWEHUHLWV]X%HJLQQGHUHU-DKUHHLQHLQGLHVHP=XVDPPHQKDQJYLHO]LWLHUWH'HILQLWLRQ GHU6WlUNHHLQHU9HUELQGXQJÄWKHVWUHQJWWKRIDWLHLVDSUREDEO\OLQHDU FRPELQDWLRQRIWKHDPRXQWRIWLPH WKHHPRWLRQDOLQWHQVLW\WKHLQWLPDF\PXWXDOFRQILGLQJ DQGWKHUHFLSURFDOVHUYLFHVZKLFKFKDUDFWHUL]HWKH WLH³

ZHOFKHV GHQ 0HKUZHUW DXVPDFKW QRWZHQGLJ 'DUDXI DXIEDXHQG HQWZLFNHOWHQ 3/DQH XQG /XEDWNLQ GDV .RQ]HSW GHU UHODWLYH DEVRUSWLYH FDSDFLW\ XQG /XEDWNLQ )ORULQ XQG 3/DQH GDV0RGHOOGHVUHFLSURFDOLQWHUILUPOHDUQLQJ%HLGH$QVlW]HDXIGLHLQ.DSLWHO QRFKQlKHUHLQJHJDQJHQZLUGVFKHLQHQIUGLHVH$UEHLWJHHLJQHWGDVLHGHQLQWHURUJDQLVDWLR QDOHQ$VSHNWH[SOL]LWHLQEH]LHKHQ 'HU .%9 ZXUGH LQ GHQ YHUJDQJHQHQ ]HKQ -DKUHQ EHUHLWV LQ HLQHU 9LHO]DKO YRQ HPSLULVFKHQ 8QWHUVXFKXQJHQ DQJHZHQGHW )U GLH YRUOLHJHQGH $UEHLW VLQG LQVEHVRQGHUH GLHMQLJHQ GLHVHU 6WXGLHQ YRQ 5HOHYDQ] ZHOFKH LQWHURUJDQLVDWLRQDOH %H]LHKXQJHQ EHWUDFKWHQ LQ GHQHQ :LVVHQ DXVJHWDXVFKWE]ZQHXJHQHULHUWZLUG *HPlGHU*UXQGDXVVDJHQGHV.%9IDQGHQ,QNSHQXQG'LQXU LQLKUHU/DQJ]HLWVWXGLH ]XIQILQWHUQDWLRQDOHQ-RLQW9HQWXUHVGDVVGHU:LVVHQVWUDQVIHULQHLQHPQHJDWLYHQ9HUKlOWQLV ]XUWDFLWQHVVYRQ:LVVHQVWHKWGKMHLPSOL]LWHUGDV:LVVHQGHVWRJHULQJHULVWGHU:LVVHQV WUDQVIHU bKQOLFKH (UJHEQLVVH IDQG 6LPRQLQ LQ LKUHU $QDO\VH YRQ $OOLDQ]HQ YRQ 86.RQ]HUQHQ 7DFLWQHVV XQG GLH .RPSOH[LWlW GHV :LVVHQV HLQHUVHLWV VRZLH NXOWXUHOOH XQG RUJDQLVDWLRQDOH 'LVWDQ] DQGHUHUVHLWV VWDQGHQ LQ HLQHP QHJDWLYHQ 9HUKlOWQLV ]XP $XVPD GHV :LVVHQVWUDQVIHUV 2EZRKOGLHHPSLULVFKH)RUVFKXQJDOVREHVWlWLJWKDWGDVVLPSOL]LWHVXQGPHKUGHXWLJHV:LVVHQ VFKZLHULJHU]XWUDQVIHULHUHQLVWDOVDQGHUHV:LVVHQKDWVLHJOHLFK]HLWLJ)DNWRUHQLGHQWLIL]LHUHQ N|QQHQ GLH GHQ :LVVHQVWUDQVIHU GLHVHV :LVVHQV ZLHGHUXP HUOHLFKWHUQ 'LHV VLQG ]XP HLQHQ HLQHLQWHQVLYH.RPPXQLNDWLRQXQG]XPDQGHUHQVRFLDOFDSLWDO0RZHU\HWDO NRQQWHQ EHLVSLHOVZHLVH LQ LKUHU $QDO\VH YRQ $OOLDQ]HQ ]HLJHQ GDVV VWDUNH 9HUELQGXQJHQ VWURQJ WLHV ]%HTXLW\MRLQWYHQWXUHVHKHUJHQXW]WZXUGHQXPNRPSOH[H)lKLJNHLWHQ]XWUDQVIHULH UHQE]Z]XYHUPLWWHOQDOVVFKZDFKH9HUELQGXQJHQZHDNWLHV ]%FRQWUDFWEDVHGDOOLDQFHV (LQZHLWHUHV(UJHEQLVLKUHU$QDO\VHZDUGDVVVWURQJWLHV]%LQELODWHUDOHQ9HUWUlJHQHIIHN WLYHUZDUHQXP:LVVHQ]XWUDQVIHULHUHQDOVZHDNWLHV]%XQLODWHUDOH9HUWUlJH$XFKNRQQWHQ VLH]HLJHQGDVV$OOLDQ]HQ]ZLVFKHQLQOlQGLVFKHQ3DUWQHUQVRZLH]ZLVFKHQ3DUWQHUQPLW(UIDK UXQJHQ LQ YHUZDQGWHQ WHFKQRORJLVFKHQ )HOGHUQ GK JU|HUH 6HQGHU(PSIlQJHUbKQOLFKNHLW LQJU|HUHP:LVVHQVWUDQVIHUUHVXOWLHUWHQbKQOLFKZLHVHQ.DOHHWDO LQLKUHU)RUVFKXQJ ]X$OOLDQ]HQYRQ862UJDQLVDWLRQHQQDFKGDVVHLQHSRVLWLYH%H]LHKXQJEHVWHKW]ZLVFKHQ %H]LHKXQJVNDSLWDOUHODWLRQDOFDSLWDO HLQHUVHLWVXQGGHP/HUQHQYRP$OOLDQ]SDUWQHUDQGHUHU VHLWV

GDVVVRFLDOFDSLWDOHLQJHEHWWHWLQGLHVH%H]LHKXQJGLH:LVVHQVDNTXLVLWLRQYRQGHQ+DXSWNXQ GHQLQKRKHP0DHHUOHLFKWHUWH:LHEHUHLWVHUZlKQWHUJDEDXFKGLH)RUVFKXQJYRQ3/DQH XQG /XEDWNLQ GDVV GLH DEVRUSWLYH FDSDFLW\ HLQHU 2UJDQLVDWLRQ ,QWHURUJDQLVDWLRQDOHV /HUQHQEHHLQIOXVVW $XFK LP 9&%HUHLFK ODVVHQ VLFK HPSLULVFKH $UEHLWHQ ]X LQWHURUJDQLVDWLRQDOHP /HUQHQ ]ZL VFKHQ-XQJXQWHUQHKPHQXQGLKUHQ9&VILQGHQ6RDQDO\VLHUWHQ%DUQH\HWDO 9& ILQDQ]LHUWH -XQJXQWHUQHKPHQ XQG IDQGHQ V\VWHPDWLVFKH 8QWHUVFKLHGH LQ GHU YRQ GHQ 1HZ 9HQWXUH 7HDPV 197V YRUJHQRPPHQHQ %HZHUWXQJ ZDV GLH /HUQXQWHUVWW]XQJ GXUFK LKUH MHZHLOLJHQ 9&V EHWULIIW ,KUH 6WXGLH HUJDE GDVV 197V PLW JU|HUHU %UDQFKHQHUIDKUXQJ XQG OlQJHUHU $PWV]HLW GHV7HDPV LP DNWXHOOHQ 38 GLH YRQLKUHQ 9&V DQJHERWHQHQ 5DWVFKOlJH LQ %H]XJ DXI GDV 8QWHUQHKPHQVPDQDJHPHQW VRZLH GHVVHQ RSHUDWLYH 8QWHUVWW]XQJ QHJDWLYHU EHZHUWHQ 197V GLH EHUHLWV IUKHU ]XVDPPHQJHDUEHLWHW LKUH SULPlUHQ (UIDKUXQJHQ DEHU DXI HLQHPDQGHUHQ,QGXVWULHVHNWRUHUZRUEHQKDWWHQEHJUWHQWHQGHQ]LHOO5DWVFKOlJHGHV9&]XP 8QWHUQHKPHQVPDQDJHPHQW 'LHVH 5DWVFKOl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lQJW (LQHZHLWHUH$UEHLWLP9&%HUHLFKVWDPPWYRQ'H&OHUFTXQG6DSLHQ]D GLHGHU)UDJH QDFKJHKHQ XQWHU ZHOFKHQ 9RUDXVVHW]XQJHQ 9&V LKUHQ HLJHQHQ $QJDEHQ ]XIROJH YRQ LKUHQ 38V JHOHUQW KDEHQ KLHU ZLUG NHLQ REMHNWLYHV 0D VRQGHUQ PLW %H]XJ DXI

6HKUHUIDKUHQH9&VN|QQWHQGHPQDFKYRQLKUHQ38VGHVKDOEQLFKWPHKUVRYLHOOHUQHQZHLO GHUNQRZOHGJHRYHUODS]XJURLVW'H&OHUFTXQG6DSLHQ]D IDQGHQGHV:HLWHUHQGDVV DXFK 9HUWUDXHQ LQ HLQHP QHJDWLYHQ 9HUKlOWQLV ]XP 9&/HUQHQ VWHKW Ä:KHUHDV ERWK SDUWLHV KDYHWRVWULYHIRUDJRRGVRFLDOUHODWLRQVKLSWRRPXFKFRQILGHQFHLQWKHJRRGZLOORIWKH3&) >SRUWIROLRFRPSDQ\@PD\GLPLQLVKHIIHFWLYHNQRZOHGJHH[FKDQJHEHWZHHQWKHWZRSDUWLHVDQG GHFUHDVH9&)>YHQWXUHFDSLWDOILUP@OHDUQLQJ³HEG 6FKOLHOLFKIDQGHQ'H &OHUFTXQG 6DSLHQ]D GDVV9&VLKUHQ/HUQ]XZDFKVLQ'\DGHQPLWHUIDKUHQHQ38VDOVJU|HUHLQ VFKlW]WHQ ,QGHU&9&/LWHUDWXUILQGHQVLFKDXFKYHUHLQ]HOW$UEHLWHQGLHGHQ:LVVHQVWUDQVIHUE]Z,QWHU RUJDQLVDWLRQDOHV/HUQHQLQGLHVHQ&9&38'\DGHQEHVFKUHLEHQ=XQl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lQJW DE YRQ GHU $UW GHU MHZHLOLJHQ9HUZDQGWVFKDIWHQ UHODWHGQHVV RI VWDUWXSV WR FRUSRUDWH EXVLQHVVHV XQG UHODWHGQHVV DPRQJ YHQWXUHV GHU 6WUHXXQJ GLVSHUVLRQ VRZLH GHU (QWZLFNOXQJVSKDVH GHYHORSPHQW VWDJH GHU QHZ YHQWXUHV 'DV &9&3URJUDPP VHLQHUVHLWV ZLUG EHHLQIOXVVW GXUFK VWUXNWXUHOOH $XWRQRPLH VWUXFWXUDO DXWRQRP\ :LVVHQVWUDQVIHU XQG LQWHJUDWLRQVPHFKDQLVPHQ NQRZOHGJH WUDQVIHU XQG LQWHJUDWLRQ PHFKDQLVPV VRZLH VHLQH DE VRUSWLYHFDSDFLW\VLHKH$EELOGXQJ

$EELOGXQJ &9&LQYHVWPHQWDFWLYLW\&9&RUJDQL]DWLRQSRUWIROLRFKDUDFWHULVWLFVDQG FRUSRUDWHOHDUQLQJ (LQHHPSLULVFKH$UEHLWLQGLHVHP)HOGVWDPPWYRQ6FKLOGW0DXODXQG.HLO 6LHXQWHU VXFKHQ GLH 9RUDXVVHW]XQJHQ H[SORUDWLYHQ XQG H[SORLWDWLYHQ /HUQHQV YRQ H[WHUQDO FRUSRUDWH YHQWXUHVLP%HUHLFKWHFKQRORJLVFKHQ:LVVHQV'LH$XWRUHQYHUJOHLFKHQYHUVFKLHGHQH)RUPHQ YRQ H[WHUQDO FRUSRUDWH YHQWXULQJ DOV 0|JOLFKNHLWHQ LQWHURUJDQLVDWLRQDOHQ /HUQHQV &9& LQ YHVWPHQWV$OOLDQ]HQ-RLQW9HQWXUHVXQG$NTXLVLWLRQHQ6LHWHVWHQGHQ(IIHNWPHKUHUHU%H]LH KXQJVFKDUDNWHULVWLND DXI GDV MHZHLOLJH /HUQHUJHEQLV $QKDQG YRQ DQJHPHOGHWHQ ILOHG 3DWHQWHQGXUFKGLHJU|WHQ|IIHQWOLFKHQ868QWHUQHKPHQGHU,QIRUPDWLRQVXQG.RPPX QLNDWLRQVLQGXVWULHLQGHQHQZLHGHUXPHLQ3DWHQWHLQHULKUHUH[WHUQDOFRUSRUDWHYHQWXUH3DUWQHU ]LWLHUW ZXUGH PDHQ VLH GDV H[SORLWDWLYH E]Z H[SORUDWLYH /HUQHQ GLHVHU 86*URNRQ]HUQH ,KUH$QDO\VHQHUJDEHQGDVVLQVEHVRQGHUH$OOLDQ]HQXQG-RLQW9HQWXUHV]XH[SORUDWLYHP/HU QHQIKUHQXQGGDVVGHU*UDGGHUWHFKQRORJLVFKHQ9HUZDQGWVFKDIW]ZLVFKHQ868QWHUQHKPHQ XQGGHPH[WHUQDOFRUSRUDWHYHQWXUH3DUWQHUHLQHUVHLWVXQGGLH:DKUVFKHLQOLFKNHLWH[SORUDWLYHQ /HUQHQV DQGHUHUVHLWV LQ HLQHP QHJDWLYHQ 9HUKlOWQLV ]XHLQDQGHU VWHKHQ 0LW DQGHUHQ :RUWHQ GLHbKQOLFKNHLWGHU:LVVHQVEDVHQLPWHFKQRORJLVFKHQ:LVVHQUHGX]LHUWGLH:DKUVFKHLQOLFKNHLW H[SORUDWLYHQ /HUQHQV IU GDV 868QWHUQHKPHQ hEHU &9&,QYHVWPHQWV NRQQWHQ GLH $XWRUHQ OHW]WOLFK NHLQH $XVVDJHQ WUHIIHQ GD OHGLJOLFK GHU ]LWLHUWHQ 3DWHQWH YRQ &9& ,QYHVWPHQWV VWDPPWHQ ZDV ]XP HLQHQ GLH )UDJH DXIZLUIW ZDUXP GLHVH *UXSSH EHUKDXSWLQ

GLH$QDO\VHHLQIORVVXQG]XPDQGHUHQ=ZHLIHOGDUDQZHFNWREGLH]LWLHUWHQ3DWHQWHEHUKDXSW JHHLJQHWVLQGH[SORUDWLYHV/HUQHQLP&9&%HUHLFK]XPHVVHQZHLOVLFK3DWHQWHKLHURIWHUVW QRFKLQGHU(QWZLFNOXQJEHILQGHQ 6FKOLHOLFK JHKHQ 'XVKQLWVN\ XQG /HQR[ GHU )UDJH QDFK ZHOFKH %HGLQJXQJHQ GD]X IKUHQGDVV2UJDQLVDWLRQHQLQ&9&DOVP|JOLFKH4XHOOHQHXHULQQRYDWLYHU,GHHQLQYHVWLHUHQ 6LHNRPPHQXQWHUDQGHUHP]XGHP(UJHEQLVGDVVVLFK&9&,QYHVWPHQWVLQVROFKHQ,QGXVWULHQ NRQ]HQWULHUHQ GLH HQWZHGHU GLH JU|WHQ WHFKQRORJLVFKHQ 0|JOLFKNHLWHQ DXIZHLVHQ RGHU HLQH VFKZDFKH LQWHOOHFWXDO SURSHUW\ SURWHFWLRQ DXIZHLVHQ 'HV :HLWHUHQ IDQGHQ VLH %HOHJH GDIU GDVV 2UJDQLVDWLRQHQ PLW JU|HUHU DEVRUSWLYH FDSDFLW\ PLW JU|HUHU :DKUVFKHLQOLFKNHLW &9& ,QYHVWLWLRQHQWlWLJHQ'DEHLNRQ]HQWULHUHQVLFKGLH2UJDQLVDWLRQHQDXIVROFKHQHZYHQWXUHVGLH LQlKQOLFKHQMHGRFKQLFKWLGHQWLVFKHQ)HOGHUQWlWLJVLQG 6RFLDOFDSLWDOXQG6R]LDOH1HW]ZHUNWKHRULH 6RFLDOFDSLWDOLVWZLHEHUHLWVLQ.DSLWHODXVJHIKUWZXUGHHLQPXOWLGLPHQVLRQDOHV.RQ]HSW $GOHU.ZRQ 'LH (QWZLFNOXQJ GHV VRFLDO FDSLWDO %H]XJVUDKPHQV JUQGHW VLFK DXI ,GHHQGLHYRQ7KHRUHWLNHUQGHV6R]LDOHQ$XVWDXVFKVZLH+RPDQV %ODX -DFREV XQG3XWQDP HLQJHIKUWZXUGHQZHOFKHGLHVR]LDOHQ%H]LHKXQJHQ]ZLVFKHQVLFK LQ 7UDQVDNWLRQHQ HQJDJLHUHQGHQ $NWHXUHQ EHWRQHQ $XFK GLH $UEHLW YRQ *UDQRYHWWHU ]XU ÄVRFLDO HPEHGGHGQHVV RI HFRQRPLF DFWLRQ³ NDQQ DOV HLQH *UXQGODJH GHU VRFLDO FDSLWDO 7KHRULHEHWUDFKWHWZHUGHQ&ROHPDQ HQWZLFNHOWHGDVVRFLDOFDSLWDO.RQ]HSWXQGIKUWH HVLQGLHPRGHUQH6R]LRORJLHHLQ(UGHILQLHUWHVRFLDOFDSLWDODOVÄDYDULHW\RIGLIIHUHQWHQWLWLHV ZKLFK FRQVLVWV RI VRPH DVSHFWV RI VRFLDO VWUXFWXUHV DQG IDFLOLWDWHV FHUWDLQ DFWLRQV RI DFWRUV ZLWKLQWKHVWUXFWXUH>«@VRFLDOFDSLWDOLVSURGXFWLYHPDNLQJSRVVLEOHWKHDFKLHYHPHQWRIFHU WDLQHQGVWKDWLQLWVDEVHQFHZRXOGQRWEHSRVVLEOH³HEG %RXUGLHXXQG:DFTXDQWYHUVWH KHQXQWHUVRFLDOFDSLWDO ÄWKHVXPRIUHVRXUFHVDFWXDORUYLUWXDOWKDWDFFUXHWRDQLQGLYLGXDORU JURXSE\YLUWXHRISRVVHVVLQJDGXUDEOHQHWZRUNRIPRUHRUOHVVLQVWLWXWLRQDOL]HGUHODWLRQVKLSV RIPXWXDODFTXDLQWDQFHDQGUHFRJQLWLRQ³ %HLGH'HILQLWLRQHQIRNXVVLHUHQDXIGHQ 1XW]HQ GHU VLFK GXUFKGLH 3DUWL]LSDWLRQ DQ VROFKHQ VR]LDOHQ 1HW]ZHUNHQ E]Z GXUFK GHQ EH ZXVVWHQ $XIEDX XQG GLH 3IOHJH VR]LDOHU %H]LHKXQJHQ HUUHLFKHQ OlVVW ,Q GHQ $UEHLWHQ YRQ %RXUGLHX VRZLH%RXUGLHXXQG:DFTXDQW ZHUGHQGLHVR]LDOHQ%H]LHKXQJHQGLH ,QGLYLGXHQRGHU*UXSSHQHUODXEHQ5HVVRXUFHQDE]XIRUGHUQXQWHUVFKLHGHQYRQGHU0HQJHXQG 4XDOLWlW GLHVHU 5HVVRXUFHQ 'LHVH 8QWHUVFKHLGXQJ YRQ SK\VLVFKHQ 5HVVRXUFHQ HLQHUVHLWV XQG

VRFLDOFDSLWDOZHOFKHVGHQ=XJDQJ]XGLHVHQ5HVVRXUFHQHUP|JOLFKWDQGHUHUVHLWVLVW]HQWUDO XPVRFLDOFDSLWDO]XYHUVWHKHQ3RUWHV (LQ*URWHLOGHU$UEHLWHQ±WKHRUHWLVFKZLHHPSLULVFK±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hEHUJDQJYRQGHPHLQHQ]XPDQGHUHQ7\SEHUGLH=HLW]LH KHQGLH$XWRUHQQLFKWQXUDOV(UNOlUXQJIUGLHVHXQWHUVFKLHGOLFKHQELVKHULQGHU/LWHUDWXUDOV ZLGHUVSUFKOLFKEHKDQGHOWHQ6LFKWZHLVHQKHUDQ6LHVWHOOHQOHW]WOLFKGLH+\SRWKHVHDXIGDVVHV VLFKEHLGLHVHP3UR]HVVXPHLQHPHKURGHUZHQLJHU]ZDQJOlXILJH9HUlQGHUXQJKDQGHOWGLHHLQ 8QWHUQHKPHQ LP =XJH VHLQHV :DFKVWXPV XQG VHLQHU YHUlQGHUWHQ .RQWH[WEHGLQJXQJHQ VRZLH GHU GDUDXV DEJHOHLWHWHQ 6WUDWHJLH GXUFKOlXIW Ä2YHUDOO DV ILUPV UHVSRQG WR WKH UHVRXUFH FKDO OHQJHVFKDUDFWHULVWLFRIHPHUJHQFHDQGHDUO\JURZWKWKHLUQHWZRUNVHYROYHIURPPRUHLGHQWLW\ EDVHGSDWKGHSHQGHQWQHWZRUNGXULQJHPHUJHQFHWRPRUHFDOFXODWLYHLQWHQWLRQDOGXULQJHDUO\ JURZWK 7KLV VKLIW >«@ UHSUHVHQWV D VKLIW LQ WKH VWUDWHJLF FRQWH[W RI WKH ILUP³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lVHQWLHUHQHLQHIUGLHVH$UEHLWLQWHUHVVDQWH6WXGLH]XVRFLDOFDSL WDO1HW]ZHUNHQXQG:LVVHQVWUDQVIHU6LHJHKHQGHU)UDJHQDFKLQZLHZHLWGLHYHUVFKLHGHQHQ 'LPHQVLRQHQ YRQ VRFLDO FDSLWDO LQ XQWHUVFKLHGOLFKHQ 1HW]ZHUNW\SHQ LQWUDRUJDQLVDWLRQDOH

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|QQHQPLWLKUHU $UEHLW]HLJHQGDVVHVLQ%H]XJDXI:LVVHQVWUDQVIHULQ1HW]ZHUNHQVRZRKOLQGHUHPSLULVFKHQ )RUVFKXQJZLHDXFKLQGHU3UD[LVHVVHQ]LHOOLVW]ZLVFKHQGHQ]XXQWHUVXFKHQGHQ1HW]ZHUNW\ SHQ]XQlFKVWNODU]XXQWHUVFKHLGHQGHQQÄHDFKQHWZRUNW\SHKDVGLVWLQFWVRFLDOFDSLWDOGLPHQ VLRQV³XQGGHPHQWVSUHFKHQGÄWKHIDFLOLWDWLQJFRQGLWLRQVYDU\DFURVVQHWZRUNV³HEG 8P DOVR :LVVHQVWUDQVIHU XQG JHQHVH ]X HUOHLFKWHUQ E]Z HIIL]LHQW JHVWDOWHQ ]X N|QQHQ VROOWHQ 2UJDQLVDWLRQHQVRFLDOFDSLWDOSURDNWLYDXIEDXHQXQGVWHXHUQXQGVRPLWQHW]ZHUNW\SVSH]LILVFK DQJHPHVVHQH%HGLQJXQJHQVFKDIIHQ +DUJDGRQ XQG HQWZLFNHOW DXI %DVLV RUJDQLVDWLRQDOHU /HUQWKHRULHQ XQG ,QQRYDWL RQVDQVlW]HVRZLHXQWHU5HNXUVDXI6R]LDOH1HW]ZHUNWKHRULHQ%XUW XQGHLQHPLNURVR]LR ORJLVFKH 3HUVSHNWLYH GDV IU GLHVH $UEHLW LQWHUHVVDQWH .RQ]HSW GHV .QRZOHGJH %URNHUV GDV VLFK EHUHLWV LQ $QVlW]HQ EHL %URZQ XQG 'XJXLG ILQGHW .QRZOHGJH %URNHU ]HLFKQHQ VLFK]XQlFKVWGXUFKLKUHJQVWLJH3RVLWLRQLQQHUKDOEHLQHVVR]LDOHQ1HW]ZHUNHVDXVGLHVLHLQ GLH /DJH YHUVHW]W VWUXFWXUDO KROHV ]X EHUEUFNHQ EULGJH GK ELVKHU XQYHUEXQGHQH 1HW] ZHUNHRGHU1HW]ZHUNWHLOH]XYHUELQGHQXQGVRPLWGLHVWUXNWXUHOOH,VRODWLRQGHU7HLOHE]ZGHU XQWHUVFKLHGOLFKHQ'RPlQHQDXI]XKHEHQ%XUW+DUJDGRQ ,QGHPVLHGLH'RPlQHQ YHUELQGHQ YHUVHW]HQ VLFK .QRZOHGJH %URNHU LQGLH /DJH ]XYRU *HOHUQWHVDXVGHUHLQHQ'R PlQHLQGLHDQGHUHKLQHLQ]XWUDJHQXQGGDGXUFK,QQRYDWLRQHQ]XLQLWLLHUHQE]Z]XJHQHULHUHQ .QRZOHGJH%URNHUÄVHHNVWUDWHJLFDGYDQWDJHVE\JDLQLQJDFFHVVWRDZLGHYDULHW\RILQGXVWULHV 7KH\H[SORLWWKLVSRVLWLRQWROHDUQDERXWDQGOLQNDZLGHUDQJHRIH[LVWLQJSUREOHPVDQGVROX WLRQV FUHDWLQJ LQQRYDWLYH VROXWLRQV LQ WKH IRUP RI QHZ FRPELQDWLRQVRI WKHVH H[LVWLQJ LGHDV³ +DUJDGRQ 8QGZHLWHUÄEURNHUV>«@SURILWE\HQDEOLQJWKHIORZRIUHVRXUFHVIURP ZKHUH WKH\ DUH SOHQWLIXO WR ZKHUH WKH\ DUH VFDUFH HEG +DUJDGRQ DUEHLWHW DXI %DVLV NRJQLWLYHU3V\FKRORJLH5HHYHV:HLVEHUJXQG XQGXQWHU5HNXUVDXI1RQDNDXQG

7DNHXFKL GLH )lKLJNHLW ]X DQDORJHP 'HQNHQ DOV .HUQNRPSHWHQ] HLQHV NQRZOHGJH EURNHUV KHUDXV Ä>«@ DQDORJLHV DOORZ WKHP >NQRZOHGJH EURNHUV@ WR PRYH NQRZOHGJH IURP RQHFRQWH[WWRDQRWKHU³+DUJDGRQ VRGDVVQHXHV:LVVHQLQGHPQHXHQ.RQWH[W GHU QHXHQ 'RPlQH HQWVWHKHQ NDQQ 'HV :HLWHUHQ EHWRQW +DUJDGRQ GLH 2UJDQLVDWLRQVVWUXNWXU XQG NXOWXU GHU NQRZOHGJH EURNHU DOV UHOHYDQWH 'LPHQVLRQHQ IU HUIROJUHLFKHV NQRZOHGJH EURNHULQJ 'LH 6WUXNWXU VROOWH VHLQHU $XIIDVVXQJ VR JHVWDOWHW VHLQ GDVV VLH P|JOLFKVW YLHO .RPPXQLNDWLRQXQG,QWHUDNWLRQPLWXQWHUVFKLHGOLFKVWHQ'RPlQHQLQQHUKDOEXQGDXHUKDOEGHU 2UJDQLVDWLRQHQ ]XOlVVW E]Z I|UGHUW 6R NDQQ VLFKHUJHVWHOOW ZHUGHQ GDVV GLH 2UJDQLVDWLRQ HLQHP NRQWLQXLHUOLFKHQ )OXVV DQ 3UREOHPHQ DXVJHVHW]W LVW GLH QHXH /|VXQJHQ HUIRUGHUQ GLH VHOEVWZLHGHUXPDXIQHXH3UREOHPHDQJHZDQGWZHUGHQ'LH2UJDQLVDWLRQVNXOWXUVROOWHMHQVHLWV IRUPDOHU .RQWUROOPHFKDQLVPHQ GLH %HUHLWVFKDIW GHU 0LWJOLHGHU UHIOHNWLHUHQ P|JOLFKVW YLHO :LVVHQLQXQWHUVFKLHGOLFKVWHQ'RPlQHQÄHLQ]XVDPPHOQ³XQGGLHVHVGDQQZLHGHUXPPLW'ULW WHQ]XWHLOHQXPGHUHQ(UIROJ]XHUP|JOLFKHQ8QWHUVWW]WZHUGHQNDQQGLHVH.XOWXUGLH+DU JDGRQDOVÄDWWLWXGHRIZLVGRP³HEG ]XVDPPHQIDVVWXQGGLHHLQKRKHV0DDQ.RRSHUD WLRQVEHUHLWVFKDIWLPSOL]LHUWGXUFKIRUPDOHXQGLQIRUPHOOH9HUJWXQJVV\VWHPHGHQQÄE\EHLQJ UHZDUGHGIRUVKDULQJLQIRUPDWLRQDQGKHOSLQJRWKHUVHPSOR\HHVOHDUQWRFRRSHUDWHUDWKHUWKDQ FRPSHWH³HEG ,QVHLQHP%HLWUDJYRQVWHOOW+DUJDGRQGDQQDXI%DVLVYRQ)RUVFKXQJVHUJHEQLVVHQDXVGHQ %HUHLFKHQVRFLDOVWUXFWXUHRUJDQL]DWLRQDOSUDFWLFHVVRZLHLQGLYLGXDOFRJQLWLRQ HLQ 0RGHOOGHVNQRZOHGJHEURNHULQJYRUPLWGHPHUGDV=LHOYHUIROJWÄWRGLUHFWDWWHQWLRQWRKRZ SURFHVVHVRIRUJDQL]DWLRQDOOHDQLQJDQGLQQRYDWLRQDUHOLQNHGWKURXJKERWKWKHLUHPEHGGHGQHVV LQPRUHJOREDOFRQWH[WVDQGWKHLUHQDFWPHQWORFDOO\E\LQGLYLGXDOVDQGJURXSV³HEG 'DV 0RGHOO XQWHUWHLOW HU LQ IQI 6WXIHQ DFFHVV EULGJLQJ OHDUQLQJ OLQNLQJ XQG EXLOGLQJVLHKH$EELOGXQJ

Ä$QDORJLHVKLJKOLJKWQRQREYLRXVVLPLODULWLHVEHWZHHQWZRWKLQJVWKDWDSSHDUWREHGLVVLPLODUDQGDQDORJLF WKLQNLQJRFFXUVZKHQDQLQGLYLGXDOIDFLQJDQRYHOSUREOHPVHHVQRQREYLRXVVLPLODULWLHVLQRWKHUSUREOHPV KHRUVKHKDVIDFHGLQWKHSDVW³+DUJDGRQ

6WHS/HDUQLQJ

6WHS$FFHVV

3HRSOHJDLQNQRZOHGJHRIWKHH[LVWLQJ UHVRXUFHVDQGSUREOHPVRIWKHGRPDLQV WKURXJKZKLFKWKH\PRYHWKH\OHDUQDERXW ZKRKDVZKDWNQRZOHGJHLQWKHRUJDQL VDWLRQDQGWKH\OHDUQKRZWROHDUQ

7KHODUJHUVRFLDOVWUXFWXUHSURYLGHVWKH SUHFRQGLWLRQIRUWKHLQQRYDWLRQSURFHVV 1HZFRPELQDWLRQVRIH[LVWLQJUHVRXUFHV VHUYHDVWKHUDZPDWHULDOVIRULQQRYDWLRQ EHFDXVHWKHVRFLDOVWUXFWXUHLVIUDJPHQWHG LQWRPDQ\UHODWLYHO\GLVFRQQHFWHGGRPDLQV 6WHS%ULGJLQJ 5HVRXUFHVIURPRQHGRPDLQRIWHQKDYH .QRZOHGJHEURNHUVJDLQDFFHHVV WR YDOXHEXWJRXQVHHQLQRWKHUV PXOWLSOHGRPDLQVDQGWRWKHUHVRXUFHV DQGSUREOHPVWKDWH[LVWLQRQHGRPDLQ EXWDUHSRWHQWLDOO\YDOXDEOH\HW XQNQRZQLQRWKHUV

6WHS/LQNLQJ 3HRSOHUHFRJQL]HKRZROGUHVRXUFHV FDQVROYHQHZSUREOHPVDQGQHZ UHVRXUFHVFDQVROYHROGSUREOHPVE\ VKDULQJWKHLUNQRZOHGJHZLWKLQWKH RUJDQL]DWLRQ

6WHS%XLOGLQJ 3HRSOHXVHWKHLUNQRZOHGJHDQGQHWZRUNV WRLQWURGXFHWKHVHLQQRYDWLRQVLQWRQHZ GRPDLQVDQGEXLOGVXSSRUWLQJWLHVDURXQG WKHP

4XHOOH+DUJDGRQ

$EELOGXQJ $SURFHVVPRGHORINQRZOHGJHEURNHULQJ

$FFHVVEHVFKUHLEWGLHVWUXNWXUHOOHQ9RUDXVVHW]XQJHQGLHGDV3RWHQ]LDO]XU,QQRYDWLRQLQVLFK WUDJHQE]ZNUHLHUHQ9RQEHVRQGHUHU%HGHXWXQJVLQGGDEHLÄWKHUHFRPELQDQWQDWXUHRILQQR YDWLRQ DQG WKH IUDJPHQWHG QDWXUH RI WKH VRFLDO ZRUOG³ HEG GLH ]XU )ROJH KDW GDVV GLH VR]LDOH:HOWOHW]WOLFKLQYLHOHHLQ]HOQHVPDOOZRUOGVXQWHUWHLOWLVW%ULGJLQJEHVFKUHLEWGLH6WUD WHJLHQYRQ,QGLYLGXHQXQG2UJDQLVDWLRQHQÄWKDWPRYHUHVRXUFHVEHWZHHQWKHVHZRUOGV³HEG :LHGLHVH5HVVRXUFHQZLHGHUXP]XLQQRYDWLYHQ/|VXQJHQEHLWUDJHQN|QQHQLVWODXW+DU JDGRQ DEKl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|VXQJVDQVlW]HLQHLQHUEHVWLPPWHQ'RPlQHE]ZEHUGLH6FKOVVHOSHUVRQHQPLW HLQ]LJDUWLJHP([SHUWHQZLVVHQGLHHVDQ]XVSUHFKHQJLOWDQVDPPHOQ'LHVHVDXVXQWHUVFKLHGOL FKHQ4XHOOHQXQGGXUFKYHUVFKLHGHQH$NWLYLWlWHQDQJHVDPPHOWH:LVVHQIXQJLHUWGDQQZLHGHU DOV5RKPDWHULDOIUQHXH,QQRYDWLRQHQ/LQNLQJEHVFKUHLEWZLH0HQVFKHQHUNHQQHQLQZHOFKHU :HLVH DOWH 5HVVRXUFHQ DXI QHXH XQG SUREOHPDWLVFKH 6LWXDWLRQHQ DQJHZDQGW ZHUGHQ N|QQWHQ LQGHP VLH LKU DQJHVDPPHOWHV :LVVHQ LQQHUKDOE GHU 2UJDQLVDWLRQ WHLOHQ .QRZOHGJH %URNHU ÄOLQNWKHLULQYHQWRU\RIH[LVWLQJSUREOHPGHILQLWLRQVDQGVROXWLRQVWRFXUUHQWVLWXDWLRQVWKURXJK D SURFHVV RI DQDORJLF UHDVRQLQJ³ HEG $QDORJLF UHDVRQLQJ ZLHGHUXP EHVFKUHLEW GHQ 3UR]HVVHLQDNWXHOOHV3UREOHPQHX]XÄUDKPHQ³IUDPLQJ Ä)UDPLQJWKHFXUUHQWVLWXDWLRQWKH WDUJHWSUREOHP LQWHUPVRIDSDVWSUREOHPWKHEDVHDQDORJXH LGHQWLILHVDVHWRISDVWVROXWLRQV WKDW FDQ EH DGDSWHG WR ILW WKH QHZ VLWXDWLRQ³ HEG %XLOGLQJ VFKOLHOLFK EHVFKUHLEW ZLH 2UJDQLVDWLRQHQYRQLQQRYDWLYHQ,GHHQ]XDN]HSWLHUWHQXQGYHUEUHLWHWHQ,QQRYDWLRQHQJHODQJHQ LQGHPVLHQHXH1HW]ZHUNYHUELQGXQJHQDXIEDXHQXQGGLHHPHUJLHUHQGHQ5HNRPELQDWLRQHQYRQ :LVVHQLQHLQHQHXH'RPlQHHLQHQHXH&RPPXQLW\HLQEHWWHQXPGHQHQWVSUHFKHQGHQ(UIROJ ]XJHZlKUOHLVWHQ 'DV0RGHOOGHV NQRZOHGJHEURNHULQJEHGDUIODXW+DUJDGRQ]XVDPPHQIDVVHQG Ä WKHSRWHQWLDOLQKHUHQWLQUHFRPELQDQWLQQRYDWLRQV WKDWGUDZIURPH[LVWLQJLGHDVDUWLIDFWV DQGLQGLYLGXDOVIURPDFURVVPDQ\VPDOOZRUOGV WKHEULGJLQJVWUDWHJLHVWKDWFDQH[SRVHRUJDQL]DWLRQVWRWKHORFDOUHVRXUFHVRIWKHGLIIHUHQW ZRUOGV

WKH OHDUQLQJDFWLYLWLHVWKDWEULQJNQRZOHGJHRIWKHVHUHVRXUFHVLQWRRUJDQL]DWLRQV WKH OLQNLQJ DFWLYLWLHV WKDW UHFRJQL]H KRZ NQRZOHGJH OHDUQHG LQ RQH FRQWH[W FRXOG EH YDOXDEOHLQRWKHUVDQG WKH EXLOGLQJ DFWLYLWLHV WKDW FRQVWUXFW QHZ QHWZRUNV DURXQG WKH HPHUJLQJ LQQRYDWLRQV³ +DUJDGRQ]LHOWEHLVHLQHU%HVFKUHLEXQJXQGVHLQHPGDUDXVDEJHOHLWHWHQ9HUVWlQGQLVGHVNQRZ OHGJH EURNHUV GDV DXI DFKW )DOOVWXGLHQ EHUXKW DXI H[WHUQH %HUDWXQJVJHVHOOVFKDIWHQ VRZLH LQWHUQH 8QWHUQHKPHQVEHUDWXQJHQ DE (LQH &9&(LQKHLW GLH ZHGHU QXU ]ZLVFKHQ H[WHUQHQ )LUPHQ QRFK QXU ]ZLVFKHQ LQWHUQHQ *HVFKlIWVHLQKHLWHQ VRQGHUQ JHQDX DXI GHU 6FKQLWWVWHOOH ]ZLVFKHQLQWUDXQGLQWHURUJDQLVDWLRQDOHQ'RPlQHQHLQH%UFNHVFKODJHQWREULGJH XQGDOV %URNHU YHUPLWWHOQLVWHLQH.RQVWHOODWLRQGLH+DUJDGRQVRELVKHUQLFKWEHVFKULHEHQKDW9LHOH VHLQHU hEHUOHJXQJHQ XQG %HVFKUHLEXQJHQ ODVVHQ VLFK MHGRFK DXI &9&(LQKHLWHQ EHUWUDJHQ XQGLQVEHVRQGHUHWKHRUHWLVFKDXVZHLWHQZLHLQGHQ.DSLWHOQXQGJH]HLJWZHUGHQZLUG (LQHDNWXHOOHHPSLULVFKH$UEHLW]XGLHVHU7KHPDWLNOHJW)UHHVH YRUGHU&9&(LQKHLWHQ DOV :LVVHQVEURNHU EHWUDFKWHW XQG GDIU XQWHU DQGHUHP GLH VR]LDOH 1HW]ZHUNIRUVFKXQJ KHUDQ ]LHKW6HLQ)RNXVOLHJWEHUZLHJHQGDXIGHUVWUXNWXUHOOHQ*HVWDOWXQJGHU&9&(LQKHLWGLHVLH EHQ|WLJW XP DOV :LVVHQVEURNHU ]ZLVFKHQ GHQ XQWHUVFKLHGOLFKHQ 3DUWHLHQ YRQ 0XWWHUJHVHOO VFKDIWXQG38VDJLHUHQXQGYHUPLWWHOQ]XN|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lQNW 6lPWOLFKH QHXHUHQLQWHURUJDQLVDWLRQDOHQ/HUQDQVlW]HGLHGHQ$QVSUXFKKDEHQEHUGLHYRQ)UHHVHYHU ZHQGHWHQ .RQ]HSWH KLQDXV]XJHKHQ ZLH EHLVSLHOVZHLVH GHU 5HODWLRQDO 9LHZ YRQ '\HU6LQJK GLHUHODWLYHDEVRUEWLYHFDSDFLW\YRQ3/DQH/XEDWNLQ GDVUHFLSURFDOLQWHUILUP OHDUQLQJYRQ/XEDWNLQHWDO GDVLQWHURUJDQLVDWLRQDOOHDUQLQJSRUWIROLRYRQ/DUVVRQHW DO GLH $UEHLWHQ YRQ &XPPLQJV XQG 7HQJ VRZLH '\HU XQG 1REHRND ILQGHQ EHL LKP NHLQH %HUFNVLFKWLJXQJ (U HUNOlUW ]ZDU VHOEVW GDVV GLH Ä(QWZLFNOXQJ HLQHV

VFKOVVLJHQDXIHLQHUWKHRUHWLVFKHQ*UXQGODJHEDVLHUHQGHQ0RGHOOV>«@HLQZLFKWLJHU%HLWUDJ ]XP9HUVWlQGQLVGHVSRWHQ]LHOOHQ0HKUZHUWVGXUFK&RUSRUDWH9HQWXUH&DSLWDO$NWLYLWlWHQ³VHL HEG YHUPDJ MHGRFK PLW GHU 'DUVWHOOXQJ VHLQHU YRQ LKP DOV *UXQGODJH DXVJHZlKOWHQ WKHRUHWLVFKHQ$QVlW]HHEHQGLHVQLFKW]XOHLVWHQ (UHQWZLFNHOWHLQHQ%H]XJVUDKPHQXQGGDUDXIDXIEDXHQG]ZHL0RGHOOHGHVLQWHURUJDQLVDWLRQD OHQ :LVVHQVWUDQVIHUV ]ZLVFKHQ 0XWWHUJHVHOOVFKDIW VWUDWHJLVFKHQ *HVFKlIWHLQKHLWHQ XQG GHQ 3RUWIROLRXQWHUQHKPHQDXVGHU3HUVSHNWLYHGHU0XWWHUJHVHOOVFKDIWXQGDXVGHU3HUVSHNWLYHGHV 3RUWIROLRXQWHUQHKPHQV 'LH IROJHQGHQ 'LPHQVLRQHQ ZHUGHQ YRQ LKP GDEHL DOV UHOHYDQW KH UDXVJHVWHOOW GLH LQKDOWOLFKH %H]LHKXQJ GLH ,QWHUDNWLRQVKlXILJNHLW GLH 0DQDJHPHQWXQWHUVWW ]XQJGHV38VGLH1lKHGHV,QGXVWULHVHJPHQWVYRQ38XQG0XWWHUJHVHOOVFKDIWGLH5HSXWDWLRQ GHU&9&(LQKHLWXQGGLH7HLOQDKPHGHU0XWWHUJHVHOOVFKDIWLP,QYHVWPHQWSUR]HVVLQGHU=X VDPPHQDUEHLW XQG EHLP :LVVHQVWUDQVIHU (V LUULWLHUW GDVV LQ GHQ GDQQ KHUDXVJHDUEHLWHWHQ 0RGHOOHQ]XVlW]OLFKH9DULDEOHQHLQIOLHHQZLHÄ&9&LQLWLLHUW=XJDQJ]X([SHUWHQ) (³RGHU Ä'LUHNWHU =XJDQJ 3& ]X &3 >&RUSRUDWH 3DUHQW@³ )UHHVH XQWHUVXFKW LQVJHVDPW &9& (LQKHLWHQ YRQ GHQHQ DOOHUGLQJV QXU LQ 'HXWVFKODQG DNWLY VLQG GLH EULJHQ VWDPPHQ DXV DQGHUHQHXURSlLVFKHQ/lQGHUQVRZLHDXVGHQ86$XQG.DQDGDZDVHLQH9HUJOHLFKEDUNHLWGHU 'DWHQ HUVFKZHUW 'DUEHU KLQDXV EHIUDJW HU 3RUWIROLRXQWHUQHKPHQ GLH VLFK GHQMHZHLOLJHQ&9&(LQKHLWHQ]XRUGQHQODVVHQVRGDVV'\DGHQHQWVWHKHQ 'LH $QDO\VH GHU 'DWHQ EHVWlWLJHQ QDKH]X DOOH YRQ )UHHVH DXIJHVWHOOWHQ +\SRWKHVHQ XQG HU NRPPW]XGHP(UJHEQLVGDVV]XPHLQHQEHLGH0RGHOOHGHV:LVVHQVWUDQVIHUVLQLKUHU*HVDPW VWUXNWXUYDOLGHXQGKDOWEDUVLQGHEG XQGGDVV]XPDQGHUHQGLH%HWUDFKWXQJGHU&9& (LQKHLWYRUGHPWKHRUHWLVFKHQ+LQWHUJUXQGGHV7HFKQRORJLHXQG:LVVHQVEURNHU$QVDW]HVHLQH WKHRUHWLVFKH)XQGLHUXQJGDUVWHOOWGLHGHQHQWVWHKHQGHQVWUDWHJLVFKHQ0HKUZHUWIUGDV,QGXVW ULHXQWHUQHKPHQVRZLHGLHGHQ0HKUZHUWEHHLQIOXVVHQGHQ)DNWRUHQ]XHUNOlUHQHUODXEW6HLQHU JUXQGVlW]OLFKHQ 6FKOXVVIROJHUXQJ GDVV HLQH QHW]ZHUNWKHRUHWLVFKH $QQlKHUXQJ DQ GHQ )RU VFKXQJVJHJHQVWDQGHLQKRKHV0DDQ(UNOlUXQJVPlFKWLJNHLWEHVLW]WNDQQ]XJHVWLPPWZHUGHQ 'DVV VLH MHGRFK DXVUHLFKW XP GHQ DQJHVWUHEWHQ VWUDWHJLVFKHQ 0HKUZHUW VRZLH GLH GHQ 0HKU ZHUWEHHLQIOXVVHQGHQ)DNWRUHQLQLKUHU.RPSOH[LWlW]XÄHUNOlUHQ³VROOKLHUEH]ZHLIHOWZHUGHQ GDZHVHQWOLFKH)DNWRUHQZLHEHLVSLHOVZHLVHGLHLQVWLWXWLRQHOOHVR]LRNXOWXUHOOH(LQEHWWXQJGHU MHZHLOLJHQ$NWHXUHDXHU$FKWJHODVVHQZHUGHQVLHKHKLHU]XDXVIKUOLFK.DSLWHO $XVGHPGHXWVFKVSUDFKLJHQ%HUHLFKVWDPPWGLH$UEHLWYRQ0DXUHU ]XVRFLDOFDSLWDODOV (UIROJVIDNWRUIU-XQJXQWHUQHKPHQ6LHZLOOPLWLKUHU8QWHUVXFKXQJ$XIVFKOXVVJHEHQEHUGLH

*HVWDOWXQJ XQG (QWZLFNOXQJVG\QDPLN GHV 6R]LDOHQ .DSLWDOV MXQJHU %LRWHFKQRORJLHXQWHUQHK PHQ 1%)V XQG GDEHL GHQ )UDJHQ QDFKJHKHQ GXUFK ZHOFKH (EHQHQ 'LPHQVLRQHQ XQG $XVSUlJXQJHQ VLFK GDV 6R]LDOH .DSLWDO HUIROJUHLFKHU 1%)V EHVFKUHLEHQ OlVVW XQG ZHOFKH 5ROOH (QWZLFNOXQJVSIDGH EHL GHU 5HDOLVLHUXQJ 6R]LDOHQ .DSLWDOV VSLHOHQ =XU %HDQWZRUWXQJ GLHVHU)UDJHQZHUGHQLP5DKPHQHLQHVSUR]HVVRULHQWLHUWHQ*URXQGHG7KHRU\$QVDW]HVVRZLH HLQHV YHUJOHLFKHQGHQ )DOOVWXGLHQDQVDW]HV VHFKV MXQJH GHXWVFKH %LRWHFKQRORJLHXQWHUQHKPHQ XQWHUVXFKW'LH(UJHEQLVVHLKUHU8QWHUVXFKXQJ]HLJHQ]XQlFKVWGDVVDOOHYRQLKUEHWUDFKWHWHQ 1%)VÄGHQ=HLWSXQNWLKUHU*UQGXQJQLFKWRKQHMHJOLFKH.RQWDNWHXQG%H]LHKXQJHQ±VR]XVD JHQ DXI GHU JUQHQ :LHVH ± HUOHEHQ³ 0DXUHU *OHLFK]HLWLJ ZLUG GHXWOLFK GDVV GLHVHVDQIlQJOLFKHH[WUHPKLOIUHLFKHVRFLDOFDSLWDOLPZHLWHUHQ9HUODXIGHU8QWHUQHKPHQVHQW ZLFNOXQJ DQ %HGHXWXQJ XQG 1XW]HQ YHUOLHUW GD VLFK QHXH )UDJHQ VWHOOHQ QHXH 5HVVRXUFHQ EHQ|WLJW ZHUGHQ XQG QHXH $QIRUGHUXQJHQ DXI GDV -XQJXQWHUQHKPHQ ]XNRPPHQ GHQHQ HV PLWKLOIH MHQHU XUVSUQJOLFKHQ .RQWDNWH QLFKW PHKU DGlTXDWEHJHJQHQNDQQ0DXUHUIDVVWGLHV IROJHQGHUPDHQÄ6R]LDOHV.DSLWDOLVWNRQWH[WVSH]LILVFK,QIROJHGHVVHQHUIRUGHUQGLHYHUlQGHU WHQ .RQWH[WEHGLQJXQJHQ LQQHUKDOE GHUHU QHXJHJUQGHWH 1%)V RSHULHUHQ GLH 8PJHVWDOWXQJ XQG 1HXJHVWDOWXQJ LKUHU 1HW]ZHUNH³ HEG 'LH (UJHEQLVVH PDFKHQ HEHQIDOOV GHXWOLFK GDVV HUIROJUHLFKH 1%)V GLHVH 9HUlQGHUXQJHQ XQG 1HXRULHQWLHUXQJHQ E]Z VWUXNWXULHUXQJHQ XQG YHUQHW]XQJHQ LQ HLQHP YLHO DXVJHSUlJWHUHQ XQG QDFKKDOWLJHUHQ 0DH YROO]LHKHQ DOV ZHQLJHU HUIROJUHLFKH1%)V0LWGLHVHQ(UJHEQLVVHQEHVWl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lUHQ/DXW0DXUHUXQG(EHUVSURILWLHUHQ)LUPHQ LQHUKHEOLFKHP0DHGDYRQZHQQLKUH0LWJOLHGHUUHJHOPlLJXQGZLHGHUKROWGLH.RQILJXUDWL RQLKUHVVRFLDOFDSLWDOGHQYHUlQGHUWHQ,QIRUPDWLRQVXQG5HVVRXUFHQDQIRUGHUXQJHQGHU2UJD QLVDWLRQ DQSDVVHQ 8PJHNHKUW NDQQ VLFK HKHPDOLJHV VRFLDO FDSLWDO LQ VRFLDO OLDELOLW\ YHUZDQ

GHOQZHQQGLH2UJDQLVDWLRQHQE]ZLKUH0LWJOLHGHUQLFKWLQGHU/DJHVLQGGLHVHQ$QSDVVXQJV XQG 9HUlQGHUXQJVHUIRUGHUQLVVHQ LKUHV VRFLDO FDSLWDO JHUHFKW ]X ZHUGHQ 0DXUHU XQG (EHUV OLHIHUQ GDPLW HLQH G\QDPLVFKH 6LFKWZHLVH DXI GLH .RQGLWLRQHQ XQG 3UR]HVVH GLH ]XP HLQHQ RUJDQLVDWLRQDOH 7UlJKHLW DXVO|VHQ E]Z SURGX]LHUHQ N|QQHQ GLH ]XP DQGHUHQ GLHVH 7UlJKHLW DEHU DXFK EHUZLQGHQ KHOIHQ XQG VR GDV VRFLDO FDSLWDO ]XP 9RUWHLO GHU 2UJDQLVDWLRQ HQWZL FNHOQN|QQHQ'LH$XWRUHQPDFKHQ]ZHL%HKDUUXQJVNUlIWHLQHUWLDOIRUFHV DXVGLHZLHGHUXP HLQH7UlJKHLWGHVVRFLDOFDSLWDOLQHUWLDLQVRFLDOFDSLWDO QDFKVLFK]LHKHQUHODWLRQDOORFNLQ XQG FRJQLWLYH ORFNLQ VLHKH $EELOGXQJ 5HODWLRQDO ORFNLQV HQWVWHKHQ GXUFK ÄUHODWLRQDO REOLJDWLRQVDQG QRUPV RI UHFLSURFLW\ WRJHWKHUZLWK KLJK VWUXFWXUDO GHQVLW\ LQ DFWRUV¶ H[WHUQDO UHODWLRQV³HEG &RJQLWLYHORFNLQVHQWVWHKHQGXUFKEHVWLPPWHNRJQLWLYH&KDUDNWHULVWLND KLQVLFKWOLFKGHVVRFLDOFDSLWDOGHU$NWHXUHÄDKLJKGHJUHHRIVLPLODULW\LQDFWRUV¶LGHQWLWLHVDQG FRJQLWLYHVFKHPHV³HEG JHSDDUWPLWVSH]LILVFKHQVWUXNWXUHOOHQ&KDUDNWHULVWLNDÄLQWHQVH DQGIUHTXHQWUHODWLRQVZLWKDOLPLWHGUDQJHRISDUWQHUV³HEG %HLGH]XVDPPHQEHVFKUlQNHQ GLH 0RWLYDWLRQ GLH .DSD]LWlW XQG GDV 9HUP|JHQ GHU $NWHXUH GLH DNWXHOOH .RPSRVLWLRQ UHV SHNWLYH.RQILJXUDWLRQLKUHUH[WHUQHQ.RQWDNWH]XYHUlQGHUQXQGWUDJHQGDPLW]XU7UlJKHLWGHV VRFLDO FDSLWDO EHL Ä7KH UHVXOWLQJ LQWHQVH DQG VXFFHVVIXO LQWHUDFWLRQ ZLWK OLNHPLQGHG IHOORZ VFLHQWLVWVUHLQIRUFHGWKHHQWUHSUHQHXUV¶SUHYDOHQWLGHQWLWLHVDVVFLHQWLVWVDQGWKHUHODWHGFRJQL WLYHVFKHPHV³HEG =XUhEHUZLQGXQJGLHVHU7Ul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|JOLFKNHLWVLFKLQGLHVHQ%HUHLFKHLQ]XDUEHLWHQGLH6SUDFKHXQGNRJQLWLYHQ'HQNVFKHPDWD EHLVSLHOVZHLVH GHU )LQDQ]ZHOW ]X HUIDVVHQ XQG GXUFK GLHVH QHXHQ VWURQJ WLHV VLFK GLH IU GDV 1HZ9HQWXUH]XGLHVHP=HLWSXQNWHUIRUGHUOLFKHQ,QIRUPDWLRQHQXQG5HVVRXUFHQ]XJlQJOLFK]X PDFKHQÄ6SHFLDOL]DWLRQZLWKLQWKHWRSPDQDJHPHQWWHDPIRUSDUWLFXODUH[WHUQDOFRQWDFWVJDYH DFWRUV VXIILFLHQW WLPH DQG FDSDFLW\ WR OHDUQ DERXW DQG IURP WKHLU UHVSHFWLYH SDUWQHUV³ HEG

QLVPHQQ|WLJ'D]X]lKOHQ0DXUHUXQG(EHUVODWHUDOH.RPPXQLNDWLRQVNDQlOHÄDPRQJERXQGD U\VSDQQHUVDQGNQRZOHGJHPDQDJHPHQWV\VWHPV³HEG ,KUH (UJHEQLVVH ]HLJHQ MHGRFK DXFK GDVV GLH EHVDJWHQ ,QWHJUDWLRQVPHFKDQLVPHQ QXU GDQQ LQHUWLD LQ VRFLDO FDSLWDO EHUZLQGHQ KHOIHQ NRQQWHQ ZHQQ HLQH KRUL]RQWDOH RGHU YHUWLNDOH 'LIIHUHQ]LHUXQJYRUODJGKZHQQGLH0LWJOLHGHUGHV0DQDJHPHQWWHDPVIUXQWHUVFKLHGOLFKH .RQWDNWEHUHLFKH ]XVWlQGLJ ZDUHQ ,Q GHQ ]ZHL 2UJDQLVDWLRQHQ LQ GHQHQ HLQ HQJHV XQG JH VFKORVVHQHV ZLVVHQVFKDIWOLFKHV 1HW]ZHUN DXIUHFKWHUKDOWHQ ZXUGH YHUVWlUNWHQ GLH LQWHJUDWLYHQ 0HFKDQLVPHQ KLQJHJHQ GLH 'LFKWH XQG *HVFKORVVHQKHLW GHV 1HW]ZHUNV YHUKLQGHUWHQ VR HLQH $QSDVVXQJGHVRUJDQLVDWLRQDOHQVRFLDOFDSLWDODQQHXH*HVFKlIWVHQWZLFNOXQJHQXQGKDWWHQVR OHW]WOLFKQHJDWLYH$XVZLUNXQJHQDXIGHQ2UJDQLVDWLRQVHUIROJ 6FKOLHOLFKJHKHQ0DXUHUXQG(EHUVGHU)UDJHQDFKZHOFKH*UQGHGLH-XQJXQWHUQHKPHUGD]X YHUDQODVVWHQ GLH GUHL YRUJHVWHOOWHQ RUJDQLVDWLRQDOHQ 0HFKDQLVPHQ LQ LKUHU 2UJDQLVDWLRQ ]X LPSOHPHQWLHUHQ RGHU DXFK QLFKW $OV ZLFKWLJVWHQ )DNWRU QHQQHQ GLH $XWRUHQ GLH HLJHQH *H VFKlIWVHQWZLFNOXQJ GHV -XQJXQWHUQHKPHQV GLH LPPHU PLW HUIRUGHUOLFKHQ 3URGXNWHQWZLFN OXQJVSUR]HVVHQXQG)LQDQ]LHUXQJVEHPKXQJHQHLQKHUJLQJ'DUEHUKLQDXVNRPPHQVLH]XGHU UHFKWVFKOLFKWHQ)HVWVWHOOXQJGDVVGHUSHUV|QOLFKH:HUGHJDQJXQGGLHSHUV|QOLFKHQ(UIDKUXQ JHQGHUHLQ]HOQHQ8QWHUQHKPHUGLH8UVDFKHIUGLHXQWHUVFKLHGOLFKH$UWLKU%H]LHKXQJVPDQD JHPHQW ]X RUJDQLVLHUHQ GDUVWHOOHQ Ä,PSRUWDQW GLVVLPLODULWLHV EHWZHHQ WKH PRUH DQG WKH OHVV VXFFHVVIXO ILUPV >«@ DUH VPDOO LQLWLDO GLIIHUHQFHV LQ KLVWRULFDO H[SHULHQFH DQG PRWLYDWLRQ DPRQJWKHIRXQGHUV³HEG 0DXUHU XQG (EHUV N|QQHQ PLW LKUHQ (UJHEQLVVHQ GLH :HFKVHOZLUNXQJ E]Z GDV =XVDPPHQ VSLHO XQG GLH YHUVFKLHGHQHQ .RQVHTXHQ]HQ YRQ VRFLDO FDSLWDO DXI )LUPHQ VRZLH DXI ,QGLYL GXDOHEHQH GHPRQVWULHUHQ Ä6WURQJ DQG FRKHVLYH LQGLYLGXDOOHYHO WLHV FDQ KDYH YHU\ GLIIHUHQW FRQVHTXHQFHVIRUILUPVGHSHQGLQJRQZKHWKHUWKH\UHVXOWLQDKRPRJHQRXVRULQDGLIIHUHQWL DWHGFRPSRVLWLRQRIVRFLDOFDSLWDODWWKHILUPOHYHO³HEG *OHLFK]HLWLJOHLVWHQVLHHLQHQ ]XVlW]OLFKHQ %HLWUDJ ]XU VR]LDOHQ 1HW]ZHUNIRUVFKXQJ LQGHP VLH GLH $UJXPHQWDWLRQ VWW]HQ GDVV 5HLFKZHLWH E]Z 8PIDQJ UDQJH XQG $EJHVFKORVVHQKHLW FORVXUH HLQHV 1HW]ZHUNV JOHLFK]HLWLJH ZHQQ DXFK XQWHUVFKLHGOLFKH (IIHNWH DXI XQWHUVFKLHGOLFKHQ $QDO\VHOHYHOQ KDEHQ NDQQÄ)LUPVFDQDSSURSULDWHDWWKHVDPHWLPHERWKWKHEHQHILWVRIVWURQJFRKHVLYHWLHVZLWKD VPDOOUDQJHRIVLPLODUSDUWQHUVDWWKHOHYHORILQGLYLGXDORUJDQL]DWLRQDOPHPEHUV¶VRFLDOFDSLWDO DQGWKHRSSRUWXQLWLHVSURYLGHGE\DZLGHUUDQJHRIWLHVZLWKGLIIHUHQWFRQVWLWXHQFLHVDWWKHILUP OHYHO³HEG

(PSLULVFKH $UEHLWHQ LP &9&%HUHLFK PLW )RNXV DXI VRFLDO FDSLWDO E]Z 6R]LDOH 1HW]ZHUN WKHRULHVLQGQDFKZLHYRUVHOWHQ0DXOD$XWLRXQG0XUUD\D XQWHUVXFKHQEHLVSLHOVZHLVH GLH9RUDXVVHW]XQJHQIUGLH.UHDWLRQYRQVRFLDOFDSLWDOXQG:LVVHQVDNTXLVLWLRQ6LHHQWZHUIHQ XQG WHVWHQ HLQ NOHLQHV 0RGHOO PLWKLOIH GHVVHQ VLH ]HLJHQ N|QQHQ GDVV .RPSOHPHQWDULWlWHQ ]ZLVFKHQ GHQ 3DUWQHUQ GHU &9&38'\DGH VRZLH ILQDQ]LHOOH $QUHL]H (LJHQNDSLWDODQWHLO ZLFKWLJH$XVJDQJVEHGLQJXQJHQIUGLH.UHDWLRQYRQVRFLDOFDSLWDOVRZLHGLHVLFKGDUDXVHUJH EHQGH:LVVHQVDNTXLVLWLRQGDUVWHOOHQ,QHLQHPZHLWHUHQ%HLWUDJGHUVHOEHQ$XWRUHQ XQG DXI %DVLV GHVVHOEHQ 'DWHQVDW]HV YRQ &9& XQG 9&ILQDQ]LHUWHQ 7HFKQRORJLHEDVLHUWHQ -XQJXQWHUQHKPHQJHKHQVLHGHU)UDJHQDFKLQZHOFKHU:HLVHXQGGXUFKZHOFKH$UWGHU.RQ WDNWHVLFK&9&VXQGXQDEKlQJLJH9&VLQGHPYRQLKQHQ]XU9HUIJXQJJHVWHOOWHQ0HKUZHUW IUGLH38VXQWHUVFKHLGHQ'DEHLEH]LHKHQVLFKGLH$XWRUHQHNOHNWLVFKDXIGLHVRFLDOFDSLWDO 7KHRULHVRZLHDXIZLVVHQVXQGOHUQEDVLHUWH$QVlW]H6LHN|QQHQPLWLKUHU6WXGLH]HLJHQGDVV GLH0HKUZHUWJHQHULHUHQGHQ%HLWUlJHYRQ&9&VXQGXQDEKlQJLJHQ9&VHLQGHXWLJXQWHUVFKLHG OLFK GDEHL MHGRFK NRPSOHPHQWlU VLQG Ä,QGHSHQGHQW YHQWXUH FDSLWDOLVWV ZHUH IRXQG WR EH YLHZHGDVEHWWHUDWKHOSLQJSRUWIROLRFRPSDQLHVREWDLQQHZILQDQFLQJUHFUXLWLQJNH\HPSOR\ HHV DQG KHOSLQJ GHYHORS WKH RUJDQL]DWLRQ ,Q FRQWUDVW FRUSRUDWHYHQWXUHFDSLWDOLVWVDSSHDUWR EHVWURQJHUKHOSLQJVWDUWXSVDWWUDFWQHZSDUWQHUVKHOSLQJWKHPDWWUDFWQHZGRPHVWLFDQGIRU HLJQ FXVWRPHUV DQG KHOSLQJ VWDUWXSV GHYHORS WKHLU WHFKQRORJ\³ 0DXOD HW DO )U GLH LQ GLHVHU NRPSOHPHQWlUHQ :HLVH ILQDQ]LHUWHQ 38V EHGHXWHW GLHV HLQHQ NODUHQ 9RUWHLO YRU HLQVHLWLJ ILQDQ]LHUWHQ -XQJXQWHUQHKPHQ Ä,PSRUWDQWO\ WKH WZR IRUPV RI YDOXH DGGHG DSSHDU FRPSOHPHQWDU\ :H FRQFOXGH WKDW LW LV LQ WKH LQWHUHVW RI ERWK SRUWIROLR FRPSDQLHV DQG WKHLU LQYHVWRUVWKDWERWKVRXUFHVRIDGYLFHDQGVXSSRUWDUHDYDLODEOH³HEG ,Q GHU YRUOLHJHQGHQ $UEHLW ZHUGHQ VWUXNWXUHOOH UHODWLRQDOH XQG NRJQLWLYH 'LPHQVLRQHQ YRQ VRFLDO FDSLWDO E]Z VR]LDOHQ 1HW]ZHUNHQ LQ GHQ &9&$NWLYLWlWHQ GHU ,QGXVWULHXQWHUQHKPHQ XQG GHU LQYROYLHUWHQ 3RUWIROLRXQWHUQHKPHQ EHWUDFKWHW 'HU 6FKZHUSXQNW OLHJW GDEHL QLFKW QXU DXI GHU UHODWLRQDOHQ 'LPHQVLRQ VRQGHUQ ± ZLH LQ .DSLWHO GHXWOLFK ZLUG ± GDV .RQ]HSW GHV VRFLDOFDSLWDOZLUGGDUEHUKLQDXVXP]ZHL'LPHQVLRQHQHUJlQ]W ,QWHURUJDQLVDWLRQDOH/HUQWKHRULHQ

5HODWLRQDO9LHZ

'HUÄ5HODWLRQDO9LHZ³ZLUGYRQ&RQWUDFWRUHWDO DOVGHU%HJLQQHLQHVÄWKLUGOHJLQ VWUDWHJ\ WKHRU\³ EH]HLFKQHW GD HU JHZLVVHUPDHQ DOV $QWZRUW DXI GLH .ULWLN GHU EHLGHQ ELV

]LHKXQJHQN|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lUNHQGH &R6SH]LDOLVLHUXQJ GHU MHZHLOLJHQ 1HW]ZHUNUHVVRXUFHQ SDUWQHU VFDUFLW\ UHVRXUFH LQGLYLVLELOLW\XQG LQVWLWXWLRQDOHQYLURQPHQW :HLWHUJHKHQGH)RUVFKXQJGLHVLFKDXIGHQ59EH]LHKWE]ZLKQHPSLULVFKDQZHQGHWLVWQRFK YHUJOHLFKVZHLVH VHOWHQ '\HU XQG 1REHRND ]HLJHQ LQ LKUHU DP 59$QVDW] RULHQWLHUWHQ $UEHLWDP%HLVSLHO7R\RWDGHQJH]LHOWHQ$XIEDXHLQHVÄKLJKSHUIRUPDQFHNQRZOHGJHVKDULQJ QHWZRUNV³ ]XP 0DQDJHPHQW YRUKDQGHQHQ XQG ]XU *HQHULHUXQJ QHXHQ :LVVHQV Ä$QKDQG GLHVHV%HLVSLHOVUHODWLRQDOHUÃLQWHUFRQQHFWHGQHVV¶YRQ:LVVHQLPXQGGXUFKGDV1HW]ZHUNZLUG DXIJH]HLJW ZLH HLQH G\QDPLVFKH /HUQIlKLJNHLW JHQHULHUW ZLUG GLH ]XP HLQHQ HLQ]LJDUWLJH :HWWEHZHUEVYRUWHLOHHUP|JOLFKWXQG]XPDQGHUHQGHUVSH]LILVFKHQZHFKVHOVHLWLJYHUNQSIWHQ 1HW]ZHUNHLQEHWWXQJ EHGDUI ± XQG ]ZDU VRZRKO ]XP $XIEDX DOV DXFK ]XU (UKDOWXQJ GLHVHU )lKLJNHLWHQ³ YJO 'XVFKHN 'LHVH NXPXODWLYHQ ZHFKVHOVHLWLJHQ 9HUNQSIXQJHQ ZLUNHQDOVRQLFKWQXUEH]LHKXQJVVWDELOLVLHUHQGVRQGHUQVFKOLHHQGDUEHUKLQDXV2UJDQLVDWLR QHQDXVGLHQLFKW7HLOGLHVHV1HW]ZHUN]XVDPPHQKDQJHVVLQG$QKDQGGHV)DOOEHLVSLHOV7R\R WD PDFKHQ '\HU XQG 1REHRND GHV :HLWHUHQ GHXWOLFK GDVV HLQHU P|JOLFKHQ ,PLWDWLRQ GXUFK :HWWEHZHUEHU DOOHLQ VFKRQ GLH G\QDPLVFKHQ XQG NXPXODWLYHQ 5HVVRXUFHQYHUNQSIXQJHQ GLH VLFKLQQHUKDOEGHU1HW]ZHUNEH]LHKXQJHUJHEHQLP:HJHVWHKHQ6LH]LWLHUHQGD]XHLQHQ0DQ DJHUYRQ7R\RWDPLWGHQ:RUWHQÄ:HDUHQRWVRFRQFHUQHGWKDWRXUNQRZOHGJHZLOOVSLOORYHU

.RPSOHPHQWlUH5HVVRXUFHQDXVVWDWWXQJHQZHUGHQDOVGLVWLQNWLYH1HW]ZHUNUHVVRXUFHQGHILQLHUWGLHGXUFKHLQ JHPHLQVDPHV V\QHUJHWLVFKHV =XVDPPHQZLUNHQ GHU 1HW]ZHUNSDUWQHU HLQH JU|HUH 5HQWH JHQHULHUHQ DOV GLH 6XPPH GHU 5HQWHQ GLH GXUFK HLQH MH LQGLYLGXHOOH 1XW]XQJ GHU 5HVVRXUFHQEHVWlQGH HU]LHOW ZUGH '\HU6LQJK

WRFRPSHWLWRUV6RPHRILWZLOO%XWE\WKHWLPHLWGRHVZHZLOOEHVRPHZKHUHHOVH³ *DLWDQLGHV ELQGHWLQVHLQHP%XFK]XU3UR]HVVRUJDQLVDWLRQHEHQIDOOVGLH,GHHQGHV59 HLQ$XVJHKHQGYRQGHU7DWVDFKHGDVVGLH,QWHJUDWLRQXQG9HUNQSIXQJYRQ5HVVRXUFHQEHU 8QWHUQHKPHQVJUHQ]HQKLQZHJPLWGHP=LHOGHU*HQHULHUXQJUHODWLRQDOHU5HQWHQQRWZHQGLJHU ZHLVHGLH,QWHJUDWLRQGHU*HVFKlIWVSUR]HVVHGHUEHWHLOLJWHQ8QWHUQHKPHQYRUDXVVHW]WPHUNWHU DQGDVVGLHVRJHVFKDIIHQHQ:HWWEHZHUEVYRUWHLOHGLHVHUHODWLRQDOHQ5HQWHQDXVLQWHURUJDQLVD WLRQDOHQ5RXWLQHQXQG3UR]HVVHQEHLHLQHUP|JOLFKHQ$XIO|VXQJGHV*HVFKlIWVSUR]HVVQHW]ZHU NHV QLFKW RKQH :HLWHUHV LPLWLHUW E]Z VXEVWLWXLHUW ZHUGHQ N|QQHQ 'HQQ VR *DLWDQLGHV PLW %H]XJ DXI 'XVFKHN ÄGLH (QWZLFNOXQJ YRQ HUIROJVNULWLVFKHQ *HVFKlIWVSUR]HVVHQ >LVW@ SIDGDEKlQJLJXQGLGLRV\QNUDWLVFKEHJUQGHW³ 0LWVHLQHP)RNXVDXI3UR]HVVRUJD QLVDWLRQEHWRQW*DLWDQLGHVGLH1RWZHQGLJNHLWIRUPHOOHUZLHLQIRUPHOOHU3UR]HVVHGHU:LVVHQV DQHLJQXQJ XQG GHV :LVVHQVWUDQVIHUV IRNDOHU 1HW]ZHUNEHWUHLEHU ZRGXUFK GDV 0DQDJHPHQW LQWHURUJDQLVDWLRQDOHU *HVFKlIWVSUR]HVVH ]XU ZHVHQWOLFKHQ .HUQNRPSHWHQ] IRNDOHU 8QWHUQHK PHQDYDQFLHUHXPGDV1HW]ZHUNSRWHQ]LDOKLQVLFKWOLFKGHU.RPSHWHQ]HQWIDOWXQJDXVVFK|SIHQ ]XN|QQHQHEG )XQGLHUWHHPSLULVFKH$UEHLWHQLP& 9&%HUHLFKVLQGLQGLHVHP)RUVFKXQJVIHOGQRFKUDU'H &OHUFTXQG6DSLHQ]D SUlVHQWLHUHQÄOHGLJOLFK³HLQHWKHRUHWLVFKH$XVDUEHLWXQJ]XUÄFUHD WLRQRIUHODWLRQDOUHQWVLQYHQWXUHFDSLWDOLVWHQWUHSUHQHXUG\DGV³XQGOHJHQVHOEVWHLQHHPSLUL VFKHhEHUSUIXQJLKUHU+\SRWKHVHQQDKH'LHEHUHLWVREHQYRUJHVWHOOWHHPSLULVFKH$UEHLWYRQ 0DXOD $XWLR XQG 0XUUD\ D ]X VRFLDO FDSLWDO LP &9&%HUHLFK EHGLHQW VLFK LQ LKUHU $UJXPHQWDWLRQPDJHEOLFKGHV5HODWLRQDO9LHZ'LH$XWRUHQIRNXVVLHUHQGDEHLDXI]ZHLGHU YRQ'\HUXQG6LQJK JHQDQQWHQYLHUSRWHQ]LHOOHQ4XHOOHQLQWHURUJDQLVDWLRQDOHU:HWWEH ZHUEVYRUWHLOHGLHNRPSOHPHQWlUHQ5HVVRXUFHQXQG)lKLJNHLWHQHLQHUVHLWVVRZLHGLHNQRZOHG JHVKDULQJURXWLQHVDQGHUHUVHLWV6LHN|QQHQDQKDQGYRQ&9&ILQDQ]LHUWHQMXQJHQ7HFKQR ORJLHXQWHUQHKPHQ]HLJHQGDVV.RPSOHPHQWDULWlWHQ]ZLVFKHQGHQ3DUWQHUQVRZLHGHU$QWHLODQ (LJHQNDSLWDOGHQGHU&9&LQGDV38LQYHVWLHUWKDW(LQIOXVVKDEHQDXIGDV$XVPDVR]LDOHU ,QWHUDNWLRQLQGHU'\DGHXQGGDVVGLHVHVZLHGHUXPGHQ3UR]HVVGHU:LVVHQVDNTXLVLWLRQGLUHNW EHHLQIOXVVW 'LH VR]LDOH ,QWHUDNWLRQ ZLUG KLHU DOVR DOV 0HGLDWRU ]ZLVFKHQ .RPSOHPHWDULWlWHQ XQG(LJHQNDSLWDODQWHLOHLQHUVHLWVVRZLH:LVVHQVDNTXLVLWLRQDQGHUHUVHLWVKHUDXVJHDUEHLWHW

5HFLSURFDOLQWHUILUPOHDUQLQJ

'DV0RGHOOGHVUHFLSURFDOLQWHUILUPOHDUQLQJEDVLHUWDXIGHP.RQ]HSWGHUDEVRUSWLYHFDSDFLW\ &RKHQ/HYLQWKDO JHQDXHUDXIGHPGDUDXIDXIEDXHQGHQ$QVDW]GHU UHODWLYHDEVRUSWLYH FDSDFLW\ 3/DQH/XEDWNLQ ZHVKDOE DXI OHW]WHUHV KLHU NXU] HLQJHJDQJHQ ZHUGHQ VROO 3/DQHXQG/XEDWNLQUHNRQ]HSWLRQDOLVLHUHQGLHDEVRUSWLYHFDSDFLW\XQGEHUWUDJHQVLHDXIHLQH LQWHURUJDQLVDWLRQDOH (EHQH YRQ /HUQDOOLDQ]HQ Ä:H UHFRQFHSWXDOL]H WKH ILUP OHYHO FRQVWUXFW DEVRUSWLYH FDSDFLW\ DV D OHDUQLQJ G\DGOHYHO FRQVWUXFW UHODWLYH DEVRUSWLYH FDSDFLW\³ 'D]XIKUHQVLHGLH,GHHE]ZGLHEHLGHQ5ROOHQHLQHUWHDFKHUXQGHLQHUVWXGHQWRUJDQL VDWLRQ 72E]Z62 HLQGLHQLFKWQXULQQHUKDOEGHU,QWHUDNWLRQVGDXHUVRQGHUQDXFKEH]JOLFK XQWHUVFKLHGOLFKHU7KHPHQXQG:LVVHQVNRPSOH[HZHFKVHOQN|QQHQ'LH9RUDXVVHW]XQJGDIU GDVV HLQH 62 GDV UHOHYDQWH :LVVHQ GHU 72 HUNHQQHQ LGHQWLIL]LHUHQ DXIQHKPHQ XQG OHW]WOLFK IUVLFKVLQQYROOHLQE]ZXPVHW]HQNDQQLVWGHQ$XWRUHQ]XIROJHDEKlQJLJYRQYHUVFKLHGHQHQ )DNWRUHQ Ä>$@ VWXGHQW ILUP¶V DEVRUSWLYH FDSDFLW\ LWV DELOLW\ WR YDOXH DVVLPLODWH DQG DSSO\ QHZ NQRZOHGJH IURP D OHDUQLQJ DOOLDQFH SDUWQHU GHSHQGV XSRQ D WKH VSHFLILF W\SH RI QHZ NQRZOHGJHRIIHUHGE\WKHWHDFKHUILUPE WKHVLPLODULW\EHWZHHQWKHVWXGHQWDQGWKHWHDFKHU ILUP¶VFRPSHQVDWLRQSUDFWLFHVDQGRUJDQL]DWLRQDOVWUXFWXUHVDQGF WKHVWXGHQWILUP¶VIDPLOLDU LW\ZLWKWKHWHDFKHUILUP¶VVHWRIRUJDQL]DWLRQDOSUREOHPV³HEG 'LH,QWHUDNWLRQLQHLQHU /HUQDOOLDQ]LVWLPEHVWHQ)DOOVRHQJGDVVGHU7UDQVIHUDXIGHQ3DUWQHULQGHU625ROOHQLFKW QXU H[SOL]LWHV NQRZZKDW VRQGHUQ LQVEHVRQGHUH LPSOL]LWHV NQRZKRZ :LVVHQ GHU HQWVSUH FKHQGHQ 72 HUP|JOLFKW 3/DQH XQG /XEDWNLQ XQWHUVFKHLGHQ GDUEHU KLQDXV QRFK GDV NQRZ ZK\ ÄWKH VWXGHQW¶V DQG WHDFKHU¶V FRPPHUFLDO REMHFWLYHV³ HEG ZHOFKHV LQVEHVRQGHUH EHHLQIOXVVWZLUGGXUFKGLHMHZHLOLJHGRPLQDQWORJLFGHUHQWVSUHFKHQGHQ2UJDQLVDWLRQHQ $XIGHU*UXQGODJHGLHVHVKLHUNXU]VNL]]LHUWHQ.RQ]HSWVGHUUHODWLYHDEVRUSWLYHFDSDFLW\HQW ZLFNHOWHQ/XEDWNLQHWDO GDV0RGHOOGHV UHFLSURFDO LQWHUILUPOHDUQLQJEHLGHPQLFKW PHKUGLH$NTXLVLWLRQYRQ:LVVHQLP9RUGHUJUXQGVWHKWVRQGHUQYLHOPHKUGDVLQWHUGLV]LSOLQl UH JHPHLQVDPH (QWZLFNHOQ YRQ QHXHP :LVVHQ NQRZOHJH FUHDWLRQ 'LH $XWRUHQ GHILQLHUHQ UHFLSURFDOOHDUQLQJDOVÄWKHEOHQGLQJRINQRZOHGJHDQGVNLOOVE\ILUPVWRMRLQWO\GHYHORSQHZ NQRZOHGJHFDSDELOLWLHVRUSURGXFWV³HEG %DVLHUHQG DXI GHP $QVDW] GHU UHODWLRQDOHQ 6WHXHUXQJ UHODWLRQDO JRYHUQDQFH IKUHQ VLH GDV *HGDQNHQH[SHULPHQW GHV MLJVDZ FODVVURRP HLQHV YRQ GHP DPHULNDQLVFKHQ 3lGDJRJHQ

'DV.RQVWUXNWGHUGRPLQDQWORJLFZLHGLH$XWRUHQHVLQLKUHP7H[WYHUZHQGHQLVWGHPGHU2UJDQLVDWLRQV NXOWXU6FKHLQ VHKUlKQOLFK

(OOLRW $URQVRQ HQWZRUIHQHQ DXV GHU (U]LHKXQJVSV\FKRORJLH HGXFDWLRQDO SV\FKRORJ\ VWDP PHQGHQ0RGHOOVHLQLQ'HXWVFKODQGDXFKXQWHUGHP%HJULII*UXSSHQSX]]OHEHNDQQW ZHOFKH GLH )RUPLHUXQJ YRQ 5H]LSUR]LWlWVQRUPHQ VRZLH NRRSHUDWLYHV /HUQHQ LP .ODVVHQYHUEXQG EH VFKUHLEW %HLGH ]XVDPPHQ ELOGHQ GLH %DVLV IU LKU QRUPDWLYHV 0RGHOO GHU LQWHUILUP OHDUQLQJ UHFLSURFLW\=LHOGLHVHU/HUQUH]LSUR]LWlWLVWJHPHLQVDPHV:LVVHQGXUFKHLQH.RPELQDWLRQGHV YRUKDQGHQHQ :LVVHQV GXUFK HLQ FROHDUQLQJ RGHU GXUFK HLQH MRLQW GLVFRYHU\ ]X HQWZLFNHOQ 'LHV VHW]W YRUDXV GDVV EHLGH 3DUWQHU EHUHLW VLQG GHP MHZHLOLJHQ *HJHQEHU GHQ =XJDQJ ]X LKUHP :LVVHQ ]X HUP|JOLFKHQ 'LH 5ROOHQDXIWHLOXQJ GHU 6FKOHU/HKUHU9HUELQGXQJ ZLUG DXIJHKREHQ XQG GXUFK HLQ ÄUHVHDUFKHUUHVHDUFKHU SDLULQJ³ HEG HUVHW]W 'LH )RU VFKXQJVWHLOQHKPHUEHILQGHQVLFKEH]JOLFK)RUVFKXQJ,QYHVWLWLRQHQXQG(QWZLFNOXQJHQYLHO PHKU DXI HLQHU JOHLFKEHUHFKWLJWHQ (EHQH /XEDWNLQ HW DO XQWHUVFKHLGHQ IQI :LVVHQVW\SHQ GHQHQVLHXQWHUVFKLHGOLFKH(LJHQVFKDIWHQXQG&KDUDNWHULVWLND]XVFKUHLEHQVLHKH7DEHOOH 7DEHOOH

7\SHVRINQRZOHGJHDQGVRXUFHVRIWDFLWQHVV

.QRZOHGJH W\SH

5ROHLQILUP .QRZOHGJH VWUXFWXUH

'HJUHHRI WDFLWQHVV

6RXUFHV RI WDFLWQHVV

([DPSOHV

.QRZZKHUH

,QVWLWXWLRQDOYDOXHV DQGURXWLQHV

+LJK

6SHHG ,QWHUFRQQHFWHGQHVV &DXVDOGHSWK

.QRZLQJZKHUHWKH ILUP¶VWDFLWNQRZOHGJHLV VWRUHG

.QRZZK\

0DUNHWORJLFV

0RGHUDWH KLJK

6SHHG ,QWHUFRQQHFWHGQHVV &DXVDOGHSWK

8QGHUVWDQGLQJ UHODWLRQVKLSVWKDWFRQWDLQ PDQ\XQVSHFLILHGRU XQIDPLOLDUFRQVWUDLQWV

.QRZDERXW

,QWHUQDWLRQDO GRPDLQV

0RGHUDWH

,QWHUFRQQHFWHGQHVV &DXVDOGHSWK

$UHDVRIH[SHUWLVH HJELRWHFKQRORJ\

.QRZKRZ

&DXVHDQGHIIHFW OLQNDJHV

0RGHUDWH

,QWHUFRQQHFWHGQHVV &DXVDOGHSWK

$ELOLW\WRDUWLFXODWH FDXVHDQGHIIHFW UHODWLRQVKLSV

.QRZZKDW

6HPDQWLFVDQG HSLVRGHV

/RZ

&DXVDOGHSWK

-REGHVFULSWLRQVDQG SURIHVVLRQDOMDUJRQ

4XHOOH/XEDWNLQHWDO

5HFLSURFDOOHDUQLQJDOOLDQFHV]HLFKQHQVLFKGDGXUFKDXVGDVVGLHMHZHLOLJHQ2UJDQLVDWLRQHQLQ GHU5HJHODXVKHWHURJHQHQ%HUHLFKHQVWDPPHQXQGVRPLWLQLKUHQP|JOLFKHQ6FKZDFKSXQNWHQ NRPSOHPHQWlUVLQG'LHVH7DWVDFKHELUJWGDV3RWHQ]LDOLQVLFKHLQH+HEHOZLUNXQJLP(QWZLFN OXQJVVWUDQJ GHV MHZHLOLJHQ *HJHQEHU HU]HXJHQ ]X N|QQHQ (V VROO HLQ &R([SHULPHQWLHUHQ YROO]RJHQZHUGHQ(LQHUVHLWVVROOWHQGLH:LVVHQVVWUXNWXUHQDXIHLQHUJOHLFKHQ%DVLVDXIEDXHQ E]ZDXIJHEDXWZHUGHQDQGHUHUVHLWVVROOWHQVLFKGLHNQRZDERXWVNQRZKRZVXQGNQRZZK\V

XQWHUVFKHLGHQ 'LHV EHXJW HLQHP :HWWEHZHUE LQQHUKDOE GHU$OOLDQ] YRU UHGX]LHUW 6FKZLHULJ NHLWHQ LQ GHU 6WHXHUXQJ XQG YHUHLQIDFKW JOHLFK]HLWLJ GHQ =XJDQJ ]X LPSOL]LWHP :LVVHQ GHV 3DUWQHUV Ä(DFK SDUWQHU¶V FRUH NQRZOHGJH UHVLGHV LQ GLVWLQFWO\ GLIIHUHQW LQIRUPDWLRQ GRPDLQV NQRZDERXWV DQGWKXVWKHLUNQRZOHGJHVWUXFWXUHVDUHEXLOWXSRQGLIIHUHQWFDXVHHIIHFWH[SHU WLVHNQRZKRZV 7KHFRPPHUFLDOREMHFWLYHVRIWKHDOLJQLQJILUPVDUHDOVRGLVWLQFWO\GLIIHUHQW NQRZZK\V DVQRQHDUHLQGLUHFWFRPSHWLWLRQLQWKHLUFRUHEXVLQHVVHV(DFKSRVVHVVHVDZHOO NQRZQDQGGLVWLQFWFXOWXUH>«@³HEG 'DV0RGHOOGHVMLJVDZFODVVURRPEHOHXFKWHWJDQ]EHUZLHJHQGGUHLZHFKVHOVHLWLJH$EKlQJLJ NHLWHQGHVJHPHLQVDPHQNRRSHUDWLYHQ/HUQHQV 5HVRXUFH LQWHUGHSHQGHQFH -HGH 3DUWHL VROOWH EHU SRWHQ]LHOO EHGHXWVDPH HLQ]LJDUWLJH Ä7HLOHGHV3X]]OHV³YHUIJHQ5HVVRXUFHQDEKlQJLJNHLW *RDO LQWHUGHSHQGHQFH 'LHVHU $EKlQJLJNHLW OLHJW GLH YHUKDOWHQVSV\FKRORJLVFKH $QQDKPH ]XJUXQGHGDVV.RRSHUDWLRQVEHUHLWVFKDIWDXV(LJHQLQWHUHVVHUHVXOWLHUW,QGHPDOVRYRUGHP +LQWHUJUXQGHLQHUJHPHLQVDPHQ=LHOVHW]XQJFROOHFWLYHDJHQGD ]XVDPPHQJHDUEHLWHWXQG QHXHV:LVVHQJHQHULHUWZLUGZHUGHQOHW]WOLFKGLHJDQ]SHUV|QOLFKHQ=LHOHYHUIROJW=LHODE KlQJLJNHLW 7DVN LQWHUGHSHQGHQFH $XIEDXHQG DXI GHU JHPHLQVDPHQ =LHOVHW]XQJ WHLOHQ GLH 2UJDQLVD WLRQHQRULHQWLHUWDQLKUHQMHZHLOLJHQ.HUQNRPSHWHQ]HQGLHDQIDOOHQGHQ$XIJDEHQXQWHUHL QDQGHU DXI 'XUFK GLHVH $UEHLWVWHLOXQJ NDQQ GLH NROOHNWLYH $JHQGD DP EHVWHQ HUUHLFKW ZHUGHQ$XIJDEHQDEKlQJLJNHLW HEG /XEDWNLQHWDOVWHOOHQUHFLSURFDOOHDUQLQJDOVHLQHQSIDGDEKlQJLJHQHYROXWLRQlUHQ3UR]HVVGDU GHU LQ GHU (QWZLFNOXQJ YRQ :LVVHQVVWUXNWXUHQ DXI LQWHUILUPOHYHO NXOPLQLHUW 'DV YRQ LKQHQ HQWZLFNHOWH0RGHOOVLHKH$EELOGXQJ ZLUGHQWVSUHFKHQGLQGUHL3KDVHQXQWHUWHLOWGLH.RQ YHUJHQ]ÄOHDUQLQJWRUHFLSURFDWH³ GLH'LYHUJHQ]ÄOHDUQLQJWRLQWHUGHSHQGHQWO\VSHFLDOL]H³ VRZLHGLH5HRULHQWLHUXQJÄOHDUQLQJWRFRH[SHULPHQWDQGMRLQWO\GLVFRYHU³ HEG $XV HLQHU SRSXODWLRQV|NRORJLVFKHQ 3HUVHSHNWLYH XQG UHNXUULHUHQG DXI :HLFN IRUPXOLHUHQ GLH $XWRUHQ ÄWKHVH DOOLDQFHV UHSUHVHQW D PHDQV E\ ZKLFK ILUPVµHQDFW DQG VRFLDOO\ FRQVWUXFW WKHLUHQYLURQPHQW¶³/XEDWNLQHWDO

Relative Prior Conditioning

Knowledge Stocks • Know-Whats • Know-Hows • Know-Whys • Know-Abouts

Task Interdependence

Resource and Goal Interdependence

D

Interfirm Knowledge Structures

I

Learn to Learn (Cognitive Learning)

Learn to Co-Discover (Innovating)

E Institutional Values and Routines • Know-Wheres

Convergence

Divergence F c H

A (Behavioral Learning) B

G

Learn to Specialize (Developing Transaction Specific Expertise)

Reputation Know-Whats = semantics and episodes Know-Hows = cause/effect linkages Know-Whys = market logics Know-Abouts = informational domains Know-Wheres = instit. values/routines

4XHOOH/XEDWNLQHWDO

$EELOGXQJ $SURFHVVPRGHORIUHFLSURFDOLQWHUILUPOHDUQLQJ

9RUDXVVHW]XQJHQHUIROJUHLFKHQUH]LSURNHQ/HUQHQV :LHDXFKGHU$QVDW]GHUUHODWLYHDEVRUSWLYHFDSDFLW\JHKHQ/XEDWNLQHWDOGDYRQDXVGDVVGDV %DVLVZLVVHQ NQRZZKDWV XQG NQRZKRZV XQG GLH LQVWLWXWLRQDOLVLHUWHQ 9HUKDOWHQVZHLVHQ XQG 5RXWLQHQNQRZZKHUHV lKQOLFKVHLQVROOWHQ'DUEHUKLQDXVDUJXPHQWLHUHQVLHÄWKDWUHFLSUR FDO OHDUQLQJ LV DOVR GHSHQGHQW RQ GLIIHUHQFHV LQ WKH SDUWQHUV¶ LQIRUPDWLRQDO GRPDLQV NQRZ DERXWV SURSULHWDU\ FDXVHHIIHFW OLQNDJHV DEVWUDFW NQRZKRZV DQG FRPPHUFLDO REMHFWLYHV NQRZZK\V ³HEG ,Q$EELOGXQJEHILQGHQVLFKGLHHEHQDQJHIKUWHQ(LJHQVFKDIWHQ LPHUVWHQ'ULWWHO(VJHQJWMHGRFKEHUGDV:LVVHQGHUDQGHUHQ)LUPDVRYLHO]XOHUQHQGDVV GLH6WUXNWXUHQDQVFKOLHHQGRSWLPDOYHUNQSIWZHUGHQN|QQWHQÄ7KHVHUHODWLRQVKLSVUHVHPEOH DUHVHDUFKHUUHVHDUFKHUUHODWLRQVKLSZKHUHWKHREMHFWLYHLVQRWWROHDUQWKHSDUWQHU¶VNQRZKRZ EXWWRFRQYHUJHERWKLQIRUPDWLRQGRPDLQVDQGFUHDWHQHZNQRZOHGJH>«@7RZDUGVWKLVHQG DEVRUSWLRQLVQRWUHTXLUHGGHVLUHGRUHYHQFRJQLWLYHO\SRVVLEOH7KHSDUWLFLSDWLQJILUPVQHHG RQO\ OHDUQ HQRXJK DERXW WKH RWKHU¶V NQRZOHGJH WR DSSUHFLDWH KRZ WR EHVW OLQN DQG OHYHUDJH WKHLUUHVSHFWLYHFRPSHWHQFLHV³HEG =X YLHO bKQOLFKNHLW ZUGH GLH SRWHQ]LHOOHQ *HZLQQH VFKPlOHUQ XQG GLH :DKUVFKHLQOLFKNHLW RSSRUWXQLVWLVFKHQ 9HUKDOWHQV HUK|KHQ -H ZHQLJHU VLFK GLH NQRZDERXWV EHUODSSHQ GHVWR ZHQLJHUKDWHLQH2UJDQLVDWLRQGDV*HIKOLKU:LVVHQYRU0LVVEUDXFKVFKW]HQ]XPVVHQ(V LVWDXVUHLFKHQGVREHWRQHQGLH$XWRUHQGDVVÄHDFKSDUWQHUPXVWEHDEOHWRVSHDNWKHEDVLFVRI HDFKRWKHU¶VODQJXDJH³HEG XPDQVFKOXVVIlKLJ]XVHLQ'HV:HLWHUHQÄWKHSDUWQHULQJILUPV PXVWWKLQNDQGEHKDYHLQVLPLODUZD\V>«@LHKROGVLPLODULQVWLWXWLRQDOYDOXHVDQGURXWLQHV 7KLVµRUJDQL]DWLRQDOILW¶IDFLOLWDWHVOHDUQLQJDQGUHGXFHVWKHWKUHDWVRIPLVXQGHUVWDQGLQJVµFXO WXUDOFODVKHV¶ DQGRWKHULQWHUILUPFRQIOLFWV³HEG :LHVLFKLQWHURUJDQLVDWLRQDOH7DXVFKSUR]HVVHDXI/HUQHQXQG:LVVHQVWUDQVIHULQ6WUDWHJLVFKHQ $OOLDQ]HQ DXVZLUNHQ LVW 7KHPD GHU 8QWHUVXFKXQJ YRQ 0XWKXVDP\ XQG :KLWH 6LH LGHQWLIL]LHUHQGLHZHFKVHOVHLWLJH9HUSIOLFKWXQJDOVZLFKWLJH(UNOlUXQJVJU|HIU,QWHURUJDQLVD WLRQDOHV /HUQHQ Ä7KH UHFLSURFDO FRPPLWPHQW EHWZHHQ SDUWQHUV LV D VLJQLILFDQW H[SODQDWRU\ IDFWRURILQWHUILUPOHDUQLQJDVLWLPSOLHVWKHPRUDOREOLJDWLRQRISDUWQHUVVHUYLQJDVWKHEDVLV IRUPXWXDOFRPPLWPHQW³HEG 'DVLFKGLHHLQ]HOQHQ7DXVFKSDUWQHUQLHVLFKHUVHLQN|Q QHQZLHVWDUNVLHLQGHU6FKXOGGHV$QGHUHQVWHKHQPVVHQLQGLHVHQ7DXVFKV\VWHPHQEHVWlQ GLJ ÄVWURQJIHHOLQJV RIPRUDO REOLJDWLRQWR UHSD\³ HEG JHQHULHUW ZHUGHQ 6SHLVHQ VLFK ZHFKVHOVHLWLJH6FKXOGXQG$EKlQJLJNHLWVEH]LHKXQJHQYHUVWlUNWDXVXWLOLWDULVWLVFKHQ0RWLYHQ

VREDVLHUWGDVUH]LSURNH(QJDJHPHQWGHVHLQ]HOQHQ7DXVFKDNWHXUVOHW]WOLFKDXIGHP3IOLFKWJH IKOJHJHQEHUGHU$OOLDQ]XQGGHQDQGHUHQ3DUWQHUQ

,QWHURUJDQLVDWLRQDOOHDUQLQJGLOHPPD

/DUVVRQ HW DO EHVFKlIWLJHQ VLFK HEHQIDOOV PLW LQWHURUJDQLVDWLRQDOHP /HUQHQ LQ $OOLDQ ]HQ 6LH JHKHQ GHU )UDJH QDFK ZLH 2UJDQLVDWLRQHQ HLQHUVHLWV HLQ ÄJXWHU 3DUWQHU³ LQQHUKDOE HLQHU/HUQDOOLDQ]VHLQN|QQHQXQGGDEHLJOHLFK]HLWLJGDV]ZLVFKHQGHQ$OOLDQ]SDUWQHUQRIIHQH RGHUYHUVWHFNWHLQWHUQHÄUDFHWROHDUQ³JHZLQQHQN|QQHQ'HQQGDVLQWHURUJDQLVDWLRQDOOHDUQ LQJ GLOHPPD VHKHQ VLH PLW %H]XJ DXI GDV EHNDQQWH *HIDQJHQHQGLOHPPD DXV GHU 6SLHOWKHRULH $[HOURG &DEOH6KDQH JHQDX DQ GLHVHU 6FKQLWWVWHOOH Ä EHLQJ D JRRG SDUWQHU LQYLWHV H[SORLWDWLRQ E\ SDUWQHUV DWWHPSWLQJ WR PD[LPL]H WKHLU LQGLYLGXDO DSSURSULDWLRQ RI WKH MRLQWOHDUQLQJDQG VXFKRSSRUWXQLVWLFOHDUQLQJVWUDWHJLHVXQGHUFXWWKHFROOHFWLYHNQRZOHGJH GHYHORSPHQWLQWKHVWUDWHJLFDOOLDQFH³/DUVVRQHWDO ,QGLHVHP6LQQHHQWZLFNHOQ VLHDXIGHU*UXQGODJHGHUYRQ+DPHO LQ%H]XJDXI LQWHUSDUWQHUOHDUQLQJKHUDXVJHDU EHLWHWHQ 'LPHQVLRQHQ 5H]HSWLYLWlW XQG 7UDQVSDUHQ] VRZLH GHV YRQ 7KRPDV HQWZL FNHOWHQ .RQIOLNWYHUKDOWHQVPRGHOOV HLQH 7\SRORJLH YRQ IQI XQWHUVFKLHGOLFKHQ /HUQVWUDWHJLHQ HLQHU2UJDQLVDWLRQVLHKH$EELOGXQJ ± FROODERUDWLRQ=XVDPPHQDUEHLW

KRKH5H]HSWLYLWlWKRKH7UDQVSDUHQ]

± FRPSHWLWLRQ:HWWEHZHUE

KRKH5H]HSWLYLWlWNHLQH7UDQVSDUHQ]

± FRPSURPLVH.RPSURPLVV

PLWWOHUHPRGHUDWH5H]HSWLYLWlWPLWWOHUH PRGHUDWH7UDQVSDUHQ]

± DFFRPPRGDWLRQ(QWJHJHQNRPPHQ NHLQH5H]HSWLYLWlWKRKH7UDQVSDUHQ] ± DYRLGDQFH9HUPHLGXQJ

NHLQH5H]HSWLYLWlWNHLQH7UDQVSDUHQ]

Ä5HFHSWLYLW\ FRUUHVSRQGV WR WKH DVVHUWLYHQHVV RI DEVRUELQJ WKH GLVFORVHG NQRZOHGJH³ /DUVVRQ HW DO

Ä7UDQVSDUHQF\UHSUHVHQWVWKHFRRSHUDWLYHQHVVRIGLVFORVLQJNQRZOHGJHWRWKHRWKHURUJDQL]DWLRQ³HEG

4XHOOH/DUVVRQHWDO

$EELOGXQJ ,QGLYLGXHOOH6WUDWHJLHQGHV,QWHURUJDQLVDWLRQDOHQ/HUQHQV 'DVMHZHLOLJH$XVPDDQ7UDQVSDUHQ]XQG5H]HSWLYLWlWGHUEHWHLOLJWHQ3DUWQHUKlQJWZLHGHUXP DEYRQGHU0RWLYDWLRQVRZLHGHU)lKLJNHLWGHU2UJDQLVDWLRQHQ]X7UDQVSDUHQ]E]Z5H]HSWLYL WlWDE$XFKYDQ'LMNHWDOXQWHUVWUHLFKHQKLQVLFKWOLFKGHU7UDQVSDUHQ]GLH1RWZHQGLJNHLWYRQ VRZRKO ZLOOLQJQHVV DOV DXFK DELOLW\ HLQHV 3DUWQHUV XP GLH DOOLDQ]UHOHYDQWHQ ,QIRUPDWLRQHQ EHVFKUHLEHQXQGNRPPXQL]LHUHQ]XN|QQHQ 6RJHQJWHVEHLVSLHOVZHLVHQLFKWGDVV HLQH2UJDQLVDWLRQHLQHKRKH%HUHLWVFKDIWDXIZHLVWQHXH,QIRUPDWLRQHQDXI]XQHKPHQVLHPXVV HEHQVR GLH )HUWLJNHLWHQ E]Z GDV $XIIDVVXQJVYHUP|JHQ PLW DQGHUHQ :RUWHQ GLH DEVRUSWLYH FDSDFLW\EHVLW]HQXPGLHVH,QIRUPDWLRQHQLQWHJULHUHQ]XN|QQHQ .RPELQLHUWPDQQXQGLH/HUQVWUDWHJLHQGHUMHZHLOLJHQ3DUWQHUHQWVWHKWHLQH[0DWUL[GHV G\DGLF LQWHURUJDQL]DWLRQDO OHDUQLQJ RXWFRPH GLH $XIVFKOXVV GDUEHU JLEW ZHOFKHQ (UIROJ XQWHUVFKLHGOLFKH /HUQVWUDWHJLHNRPELQDWLRQHQ IU GLH HLQ]HOQHQ 2UJDQLVDWLRQHQ YHUVSUHFKHQ VLHKH$EELOGXQJ

EDUULHUHQ GLH EHUHLWV HUZlKQWH 0RWLYDWLRQ ZLOOLQJQHVV XQG )lKLJNHLW DELOLW\ KLQVLFKWOLFK 7UDQVSDUHQ]E]Z5H]HSWLYLWlWHUQHXWJHQDQQW )lKLJNHLWVEDUULHUHQGHU5H]HSWLYLWlW 'LH5H]HSWLYLWlWHLQHU2UJDQLVDWLRQLVW]XPHLQHQGXUFKGDV9RUKDQGHQVHLQHLQHURUJDQLVD WLRQDOHQ 7UlJKHLW RUJDQLVDWLRQDO VODFN ]XP DQGHUHQ GXUFK GLH DEVRUSWLYH FDSDFLW\ EH VFKUlQNW 6HOEVW ZHQQ 2UJDQLVDWLRQ $ ,QIRUPDWLRQHQ EHUHLWVWHOOW NDQQ GLHVHV XQWHU 8P VWlQGHQ IU GLH SRWHQ]LHOO DXIQHKPHQGH 2UJDQLVDWLRQ % GHQQRFK ZHQLJ 6LQQ HUJHEHQ VR IHUQÄ>LW@GRHVQRWVKDUHWKHH[SHULHQFHRIWKHFRQWH[WLQZKLFKWKHNQRZOHGJHLVEHLQJFUHD WHG³/DUVVRQHWDO 0RWLYDWLRQVEDUULHUHQGHU5H]HSWLYLWlW 'LH5H]HSWLYLWlWHLQHU2UJDQLVDWLRQLVWGHV:HLWHUHQGXUFKGHQ*UDGGHU/HUQLQWHQWLRQEH JUHQ]W+DPHO ,QIROJHYRQ9HUQDFKOlVVLJXQJ'HVLQWHUHVVHRGHUDQGHUHQ3ULRULWlWHQ NDQQGLH2UJDQLVDWLRQHYHQWXHOOXQPRWLYLHUWVHLQLKUH5H]HSWLYLWlW]XDNWLYLHUHQ/DUVVRQ HWDO 6RLVWGHUWHDFKHULQHLQHU$OOLDQ]HKHUZHQLJHU]XUH]HSWLYHP9HUKDOWHQPRWL YLHUWDOVGHUVWXGHQW )lKLJNHLWVEDUULHUHQGHU7UDQVSDUHQ] 7UDQVSDUHQ] LVW PHKU XQG DXFK VFKZLHULJHU DOV HLQIDFK QXU Ä$XIPDFKHQ³ (VVHQ]LHOOHV :LVVHQ NDQQ LPSOL]LW E]Z YHUERUJHQ WDFLW XQGRGHU LQ NRQWH[WVSH]LILVFKH %H]LHKXQJHQ VR]LDOHLQJHEHWWHWVHLQ/DUVVRQHWDO ,QGLHVHQ)lOOHQNDQQVLFKGDV$XIQHKPHQIU 2UJDQLVDWLRQ%XQGGDPLWGDVLQWHURUJDQLVDWLRQDOH/HUQHQlXHUVWSUREOHPDWLVFKJHVWDOWHQ REZRKO 2UJDQLVDWLRQ $ JHZLOOW LVW XQG $QVWUHQJXQJHQ XQWHUQLPPW VLFK ]X |IIQHQ E]Z :LVVHQSUHLV]XJHEHQ 'DV$XVPDGHU7UDQVSDUHQ]NDQQHEHQVRGXUFKGHQVR]LDOHQ.RQWH[W±]%EHL3DUWQHUQ DXV YHUVFKLHGHQHQ /lQGHUQ IUHPGH 6SUDFKHQ%UlXFKH XQG 7UDGLWLRQHQ ± UHGX]LHUW VHLQ GD KLHU GLH .RPPXQLNDWLRQ GHXWOLFK HLQJHVFKUlQNW ZLUG ,P 5HNXUV DXI GDV .RQ]HSW GHU DEVRUSWLYHFDSDFLW\IKUHQ/DUVVRQHWDOLQGLHVHP=XVDPPHQKDQJGDV.RQ]HSWGHUFRP PXQLFDWLYHFDSDFLW\GHU3DUWQHURUJDQLVDWLRQHQHLQYHUVWDQGHQDOVÄDFRUUHVSRQGLQJDELOLW\ IDFWRUOLPLWLQJWKHWUDQVSDUHQF\VLGHRILQWHURUJDQL]DWLRQDOOHDUQLQJ³HEG

0RWLYDWLRQVEDUULHUHQGHU7UDQVSDUHQ] 0LWJOLHGHUHLQHU2UJDQLVDWLRQZHUGHQVR/DUVVRQHWDOVHOWHQEHORKQWRGHUVLQGVHOWHQNXO WXUHOOPRWLYLHUWVLFKHEHQVRVWDUNXPGLH%HODQJHHLQHUDQGHUHQ2UJDQLVDWLRQ]XNPPHUQ ZLHXPGLHLKUHUHLJHQHQ2UJDQLVDWLRQ6RPLWVLHKWVLFKHLQHNROODERUDWLRQVEHUHLWH2UJDQL VDWLRQLPPHUGHP$EHUZLW]IROO\ JHJHQEHUGDVVVLHDXIHLQHHEHQIDOOVNROODERUDWLRQVEH UHLWH3DUWQHURUJDQLVDWLRQKRIIWÄZKLOHWKHH[LVWLQJRUJDQL]DWLRQDOFXOWXUHDQGUHZDUGV\VWHP IDYRUPRUHWDNLQJDQGOHVVJLYLQJWKDWLVFRPSHWLWLRQ³HEG 'LHVHYLHU)DNWRUHQYRQ/DUVVRQHWDODOVSDUWQHUVSH]LILVFKH%DUULHUHQEH]HLFKQHWVLQGLQVR IHUQ QLFKW VWDWLVFK DOV VLH LQ $EKlQJLJNHLW GHU MHZHLOLJHQ 3DUWQHUNRQVWHOODWLRQ YDULLHUHQ N|Q QHQ 'HQQ DXIJUXQG GHU MHZHLOLJHQ 3DUWQHUVSH]LILWlWHQ XQG FKDUDNWHULVWLND ÄLW LV SRVVLEOH IRU RUJDQL]DWLRQVWRDIIHFWWKHVHEDUULHUVQRWRQO\WKURXJKWKHLURZQ PRWLYDWLRQDQGDELOLWLHVEXW DOVRE\WKHVHOHFWLRQRIRWKHUSDUWQHUV³HEG

'LH/HUQVSLUDOHXQGGDV6(&,0RGHOOYRQ1RQDND

$QGLHVHU6WHOOHVROOPLWGHU/HUQVSLUDOH1RQDND7DNHXFKL HLQZHLWHUHV0RGHOORUJDQL VDWLRQDOHQ /HUQHQV DQJHIKUW ZHUGHQ ZHOFKHV ]ZDU QLFKW H[SOL]LW DOV LQWHURUJDQLVDWLRQDOHV /HUQNRQ]HSWHQWZLFNHOWZXUGHVLFKMHGRFKJUXQGVlW]OLFK±ZLHJH]HLJWZLUG±GD]XHLJQHWXQG VSH]LHOO LP .RQWH[W GLHVHU $UEHLW KLOIUHLFK VFKHLQW $XVJDQJVSXQNW GHU hEHUOHJXQJHQ LVW LQ 5HNXUVDXI3RODQ\ GLH8QWHUVFKHLGXQJYRQ:LVVHQLQH[SOL]LWHVXQGLPSOL]LWHV:LVVHQ ZHOFKH DXFK JOHLFK]HLWLJ GDV 8QWHUVFKHLGXQJVPHUNPDO ]ZLVFKHQ GHP ZHVWOLFKHQ XQG GHP MDSDQLVFKHQ:LVVHQVYHUVWlQGQLVGDUVWHOOW1RQDNDXQG7DNHXFKL VWHOOHQGHQ3UR]HVVGHU :LVVHQVJHQHVHDOVHLQHQVSLUDOI|UPLJHQ3UR]HVVGHU8PZDQGOXQJYRQLPSOL]LWHPLQH[SOL]LWHV :LVVHQGDU'DVVWDUNDQ,QGLYLGXHQXQGVR]LDOH.RQWH[WHJHEXQGHQHVFKZHU WUDQVIHULHUEDUH LPSOL]LWH:LVVHQPXVV]XQlFKVWH[SOL]LHUWZHUGHQXPWUDQVIHULHUWXQGDQGHUHQRUWVLPSOHPHQ WLHUW ZHUGHQ ]X N|QQHQ 'D]X HQWZLFNHOQ VLH GDV VR JHQDQQWH 6(&,0RGHOO VRZLH GDV )QI 3KDVHQ0RGHOO GHU :LVVHQVVFKDIIXQJ 'DV 6(&,0RGHOO XPIDVVW YLHU )RUPHQ GHU :LVVHQV XPZDQGOXQJ6R]LDOLVDWLRQ([WHUQDOLVDWLRQ.RPELQDWLRQXQG,QWHUQDOLVDWLRQVLHKH$EELOGXQJ

4XHOOH1RQDND.RQQR

$EELOGXQJ'LHYLHU&KDUDNWHULVWLNDYRQ%D ,QVEHVRQGHUHGLH]ZHL]XHUVWJHQDQQWHQEDVVFKHLQHQLP.RQWH[WGLHVHU$UEHLWYRQ%HGHXWXQJ 'HQQÄRULJLQDWLQJEDLVWKHSULPDU\EDIURPZKLFKWKHNQRZOHGJHFUHDWLRQSURFHVVEHJLQVDQG UHSUHVHQWVWKHVRFLDOLVDWLRQSKDVH³XQGZHLWHUÄRULJLQDWLQJEDLVWKHZRUOGZKHUHLQGLYLGXDOV VKDUHIHHOLQJVHPRWLRQVH[SHULHQFHVDQGPHQWDOPRGHOV³HEG %HLPLQWHUDFWLQJEDVWHKW ZHQLJHU GLH )DFHWRIDFH DOV GLH 3HHUWRSHHU6LWXDWLRQ ]XU ([WHUQDOLVDWLRQ YRQ :LVVHQ LP 9RUGHUJUXQG Ä7KURXJK GLDORJXH LQGLYLGXDO¶V PHQWDO PRGHOV DQG VNLOOV DUH FRQYHUWHG LQWR FRPPRQ WHUPV DQG FRQFHSWV 7KH SURFHVVHV RSHUDWH LQ FRQFHUW LQGLYLGXDOV VKDUH WKH PHQWDO PRGHORIRWKHUVEXWDOVRUHIOHFWDQDQDO\]HWKHLURZQ³HEG 'LH$XWRUHQEHWRQHQGDVV GLH6HQVLWLYLWlWGHU%HWHLOLJWHQIU%HGHXWXQJHQXQHUOlVVOLFKLVWXQGGDVVQHEHQGHUHUIRUGHUOL FKHQ %HUHLWVFKDIW LQVEHVRQGHUH 0HWDSKHUQ XQG $QDORJLHQ GHQ 3UR]HVV GHU 8PZDQGOXQJ YRQ LPSOL]LWHP]XH[SOL]LWHP:LVVHQHUOHLFKWHUQ$XIGLH%HGHXWXQJGLHVHU0HWDSKHUQXQG$QDOR JLHQZLUGLQGHQ.DSLWHOQXQGXQWHU5HNXUVDXI+DUJDGRQV 0RGHOOGHV.QRZOHGJH %URNHUVLQWHQVLYHLQJHJDQJHQ ,QHLQHP%HLWUDJDXVGHP-DKULQWHJULHUHQ1RQDNDXQG7R\DPDGLH6WUXNWXUDWLRQVWKHRULH YRQ *LGGHQV VRZLH +HJHOV GLDOHNWLVFKHV 'HQNHQ LQ VHLQ 0RGHOO GHU :LVVHQVJHQHVH Ä:H XWLOL]H WKH *LGGHQVLDQ YLHZ PDLQO\ WR H[SODLQ WKH LQWHUUHODWLRQ EHWZHHQ WKH DJHQWV DQG WKH FRQWH[W DQG FULWLFDO UHDOLVP DV D PHWKRGRORJ\ WR H[SODLQ WKH LQWHUDFWLRQ EHWZHHQ WDFLW DQG

H[SOLFLWNQRZOHGJHRUEHWZHHQWKHLQYLVLEOHDQGWKHYLVLEOH³ ,KU+DXSWDUJXPHQWLVW GDVV:LVVHQVNUHDWLRQHLQV\QWKHWLVLHUHQGHU3UR]HVVLVWGXUFKGHQHLQH2UJDQLVDWLRQVRZRKOPLW GHQ,QGLYLGXHQDOVDXFKPLWGHU8PZHOWLQWHUDJLHUWXPHPHUJLHUHQGH:LGHUVSUFKHPLWGH QHQ VLFK GLH 2UJDQLVDWLRQ NRQIURQWLHUW VLHKW ]X EHUZLQGHQ Ä7KLV LQWHUFRQQHFWLRQ EHWZHHQ DJHQWVDQGWKHVWUXFWXUHPDNHVWKHNQRZOHGJHSURFHVVWRRFFXUDVDG\QDPLFDQGLQWHUOLQNHG LQWHUDFWLRQIURPDQLQGLYLGXDOWRVRFLHWDOOHYHO³HEG Ä.QRZOHGJHFUHDWLRQLVFRQFHSWXDOL]HG DVDGLDOHFWLFSURFHVVLQZKLFKYDULRXVFRQWUDGLFWLRQVDUHV\QWKHVL]HGWKURXJKG\QDPLFLQWHUDF WLRQVDPRQJLQGLYLGXDOVWKHRUJDQL]DWLRQDQGWKHHQYLURQPHQW³HEG 1RQDNDXQG7R\D PD KHEHQ GLH hEHUZLQGXQJ YRQ ]DKOUHLFKHQ 'LFKRWRPLHQ LPSOL]LW YV H[SOL]LW .|USHU YV *HLVW,QGLYLGXXPYV8QWHUQHKPHQ2UGQXQJYV&KDRV7HLOYV*DQ]HV.UHDWLYLWlWYV(IIL ]LHQ]HWF KHUYRUDXVGHUHQ6\QWKHVHQ1HXHVHQWVWHKHQNDQQ'DEHLLVWYRQ%HGHXWXQJGDVV 6\QWKHVHQLFKWJOHLFK]XVHW]HQLVWPLW.RPSURPLVVRGHUHLQHP0LWWHOZHJ]ZLVFKHQGHQ:LGHU VSUFKHQVRQGHUQÄUDWKHULWLVWKHLQWHJUDWLRQRIRSSRVLQJDVSHFWVWKURXJKDG\QDPLFSURFHVV RIGLDORJXHDQGSUDFWLFH³HEG 'HU+DXSWZLGHUVSUXFKGHQHVLQGHP3UR]HVVGHU:LVVHQVJHQHVH]XEHUZLQGHQJLOWLVWGHU ]ZLVFKHQ GHQ LQWHUQHQ RUJDQLVDWRULVFKHQ 5HVVRXUFHQ HLQHUVHLWV XQG GHU 8PZHOW DQGHUHUVHLWV +LHU NRPPW GLH 6WUXNWXUDWLRQVWKHRULH ]XP 7UDJHQ 1RQDND XQG 7R\DPD EHWUDFKWHQ GLH :LV VHQVJHQHVH DOV HLQHQ GLH LQGLYLGXHOOHQ XQG RUJDQLVDWRULVFKHQ *UHQ]HQ GHV $OWHQ WUDQV]HQGLH UHQGHQ 3UR]HVV GHU LQ HWZDV 1HXHP PQGHW Ä,Q WKH SURFHVV QHZ FRQFHSWXDO DUWLIDFWV DQG VWXFWXUHVIRULQWHUDFWLRQDUHFUHDWHGZKLFKSURYLGHSRVVLELOLWLHVDVZHOODVFRQVWUDLQWKHHQWLWLHV LQ FRQVHTXHQW NQRZOHGJHFUHDWLRQ F\FOHV 7KXV WKH HQWLWLHV FRH[LVW ZLWK WKH HQYLURQPHQW EHFDXVHWKH\DUHVXEMHFWWRHQYLURQPHQWDOLQIOXHQFHDVPXFKDVWKHHQYLURQPHQWLVLQIOXHQFHG E\ WKH HQWLWLHV³ HEG 'LH $XWRUHQ VFKOLHHQ VRPLW DQ ]ZHL .HUQJHGDQNHQ YRQ *LGGHQV¶ 7KHRULHDQ =XPHLQHQGDVVGLHVR]LDOHQ$NWHXUHGXUFKLKUH+DQGOXQJHQGLH%HGLQJXQJHQ 6WUXNWXU UHSURGX]LHUHQGLHLKU+DQGHOQHUP|JOLFKHQXQG ]XPDQGHUHQGDVV6WUXNWXUHQ VRZRKOGDV0HGLXPDOVDXFKGDV(UJHEQLVVR]LDOHQ+DQGHOQVVLQG*LGGHQV 1RQDNDXQG7RNR\DPD ODVVHQlKQOLFKZLH'\HUXQG6LQJK GHQ5XIQDFKHLQHUQHXHQ 7KHRULHMHQVHLWVYRQ3RUWHUXQG5%9ODXWZHUGHQZHOFKHGLHKHUDXVJHDUEHLWHWHQ,QWHUDNWLRQHQ XQG,QWHUGHSHQGHQ]HQVWlUNHUIRNXVVLHUW =XP$EVFKOXVVVHLHQDXVJHZlKOWH|NRQRPLVFKH7KHRULHQNXU]HUZlKQWGDGLHVH$QVlW]HJDQ] EHUZLHJHQGLQGHU)RUVFKXQJ]XNODVVLVFKHQXQDEKlQJLJHQ9&V$QZHQGXQJILQGHQIUYLHOH VLHKH6DSLHQ]D*XSWD$PLWHWDO6FKHIF]\NE/DQGVW|PHWDO GRUW

RSLQJDQHZSURGXFWPD\KDYHDPXFKEHWWHULGHDDERXWZKHWKHUWKHSURGXFWZLOODFWXDOO\ZRUN WKDQ GRHV WKH YHQWXUH FDSLWDOLVW ZKR PD\ ILQDQFH WKH YHQWXUH³ $PLW HW DO ,P ]ZHLWHQ)DOO±PRUDOKD]DUG±OLHJWGDV5LVLNRGDULQGDVVGHU3ULQ]LSDOQDFK9HUWUDJVDEVFKOXVV GLH +DQGOXQJHQ GHV $JHQWHQ QLFKW EHREDFKWHQ RGHU EHXUWHLOHQ NDQQ KLGGHQ DFWLRQ Ä,Q WKLV VLWXDWLRQ RQH SDUW\ WR D WUDQVDFWLRQ FDQQRW FRQWURO RU REVHUYH LPSRUWDQW DFWLRQV WDNHQ E\ WKH RWKHU SDUW\ RU FDQQRW OHJDOO\ YHULI\ WKHVH DFWLRQV ILQDOO\³ $PLW HW DO YJO DXFK /DQGVWU|P HW DO YJO DXFK (LVHQKDUGW (U NHQQW ]ZDU GLH +DQGOXQJVHUJHEQLVVH ZHL DEHU QLFKW LQZLHZHLW GLHVH DXI $QVWUHQJXQJHQ GHV $JHQWHQ RGHU DXI H[RJHQH )DNWRUHQ ]XUFN]XIKUHQVLQG%HLVSLHOVZHLVHÄDYHQWXUHFDSLWDOLVWPLJKWQRWEHDEOHWRREVHUYHZKHWKHU WKHHQWUHSUHQHXULVZRUNLQJKDUGDQGPDNLQJVHQVLEOHGHFLVLRQVRUZKHWKHUWKHHQWUHSUHQHXULV SODQQLQJWRµ7DNHWKHPRQH\DQGUXQ¶³$PLWHWDO %HL GHU $QZHQGXQJ GHU 3ULQFLSDO$JHQW7KHRULH LP .RQWH[W GHU 9&)RUVFKXQJ ZXUGH GHU (QWUHSUHQHXU LQ GHU 5HJHO DOV $JHQW XQG GHU 9& DOV 3ULQ]LSDO EHWUDFKWHW $PLW HW DO /DQGVWU|P HW DO 6DSLHQ]D*XSWD *RPSHUV /HUQHU .DQQ ZHQGHWGLH3ULQFLSDO$JHQW7KHRULHDXIGLH%H]LHKXQJ]ZLVFKHQ&9&XQG38DQXQGHUOlXWHUW DXVIKUOLFKLQZHOFKHU:HLVHVLFKGLHVH%H]LHKXQJYRQHLQHUNODVVLVFKHQ9&38'\DGHXQ WHUVFKHLGHW6LHDUEHLWHWGDEHLDXVGHU3ULQFLSDO$JHQW3HUVSHNWLYHGLHVSH]LILVFKHQ,QWHUHVVHQ NRQIOLNWHXQG5LVLNHQRSSRUWXQLVWLVFKHQ9HUKDOWHQVKHUDXVGLHVLFKLQGLHVHULQVEHVRQGHUHDXI VWUDWHJLVFKH $VSHNWH DE]LHOHQGHQ %H]LHKXQJ HUJHEHQ 6LH NRPPW ]X GHP (UJHEQLV GDVV GHU &9& OHW]WOLFK LQ GHU YRUWHLOKDIWHUHQ 3RVLWLRQ LVW Ä, DUJXH WKDW WKH FRUSRUDWLRQ¶V UHDVRQV IRU WUXVWLQJ WKH HQWUHSUHQHXULDO ILUP DUH VWURQJHU WKDQ YLFH YHUVD VLQFH FRQWUDFWXDO PHFKDQLVPV LQKHUHQWLQYHQWXUHFDSLWDOFRQWUDFWVDOLJQWKHLQFHQWLYHVRIWKHHQWUHSUHQHXUZLWKWKHILQDQFLDO UHWXUQWRWKHLQYHVWRU)URPWKHHQWUHSUHQHXULDOILUP¶VSHUVSHFWLYHVLPLODUFRQWUDFWXDOPHDVXUHV UHJDUGLQJWKHFRUSRUDWLRQ¶VEHKDYLRXUDUHQRWDVUHILQHG³HEG 0DXOD VRZLH0DXODHWDOD VFKODJHQYRUGLH5ROOHQYRQ3ULQ]LSDOXQG$JHQWLQ GHU%HWUDFKWXQJGHU&9&38'\DGHXP]XGUHKHQÄ5HYHUVLQJWKHVHUROHV\LHOGVDXVHIXOSHUV SHFWLYHIRUWKHDQDO\VLVRI&9&LQYHVWPHQWV³0DXODHWDOD 'HU&9&ZLUGGDEHL DOV $JHQW EHWUDFKWHW GHU IU GHQ (QWUHSUHQHXU GHQ 3ULQ]LSDO 0HKUZHUW VWLIWHQGHQ 1XW]HQ OLHIHUW'HU(QWUHSUHQHXUZLHGHUXPZLUGJHVHKHQDOVMHPDQGGHUGLH:DKOKDW]ZLVFKHQHLQHU 3DOHWWHYRQ)LQDQ]GLHQVWOHLVWHUQZLH%DQNHQ%XVLQHVV$QJHOVXQDEKlQJLJHQ9&VXQG&9&V 'DVV HV HLQ JURHV 3RWHQ]LDO DQ ,QWHUHVVHQNRQIOLNWHQ ]ZLVFKHQ -XQJXQWHUQHKPHQ XQG &9&V JLEW KDW YRUDQJHJDQJHQH )RUVFKXQJ EHUHLWV JH]HLJW .DQQ +HOOPDQQ ,Q VHLQHU

5ROOH DOV 3ULQ]LSDO VLHKW VLFK GHU (QWUHSUHQHXU PLW HLQHU 5HLKH YRQ SRWHQ]LHOOHQ $JHQF\ 3UREOHPHQNRQIURQWLHUWÄ,QWKHFRQWH[WRIFRUSRUDWHYHQWXUHFDSLWDOPRUDOKD]DUGULVNVFRXOG DGGLWLRQDOO\LQFOXGHFRUSRUDWLRQVPLVXVLQJRUDSSURSULDWLQJWKHNH\LQWHOOHFWXDOSURSHUW\DVVHWV RIWKHHQWUHSUHQHXUUHVWULFWLQJWKHHQWUHSUHQHXU¶VRSWLRQVWRFRRSHUDWHZLWKRWKHUFRUSRUDWLRQV RUHYHQLQH[WUHPLVWKHFRUSRUDWHSDUWQHUEHFRPLQJDGLUHFWFRPSHWLWRUWRLWVSRUWIROLRFRP SDQ\³0DXODHWDOD .ULWLVLHUWZLUGGLH3ULQFLSDO$JHQW7KHRULHLQGHU5HJHOIULKUHVWULNWHQ$QQDKPHQLQVEHVRQ GHUHKLQVLFKWOLFKGHVXQWHUVWHOOWHQ(LJHQLQWHUHVVHVVRZLHLKUHU5HDOLWlWVIHUQH&:HEHU*|EHO 'HQQ $XVWDXVFK EDVLHUW KLHU DOOHLQH DXI GHQ 1XW]HQ PD[LPLHUHQGHQ .DONOHQ GHU 7DXVFKSDUWHLHQ 6DSLHQ]D XQG .RUVJDDUG UHODWLYLHUHQ GHQQ DXFK GLHVH HLQJHVFKUlQNWH 3HUVSHNWLYH LQGHP VLH GLH 5HOHYDQ] YRQ SUR]HGXUDOHU *HUHFKWLJNHLW LQ (QWVFKHLGXQJVILQ GXQJVSUR]HVVHQ LQQHUKDOE YRQ 9&38%H]LHKXQJHQ KHUDXVVWHOOHQ ,Q lKQOLFKHU :HLVH ZHLVW GLH6SLHOWKHRULH±JHZLVVHUPDHQDOV$QWZRUWDXIGLH.ULWLNDQGHU3ULQFLSDO$JHQW7KHRULH± DXIGLH5HOHYDQ]YRQ)DLUQHVVQRUPHQEHLGHU6WDELOLVLHUXQJYRQ.RRSHUDWLRQVEH]LHKXQJHQKLQ .RQGR

7UDQVDNWLRQVNRVWHQWKHRULH

,P 0LWWHOSXQNW GHV 7UDQVDNWLRQVNRVWHQ$QVDW]HV VWHKW GHU 9HUJOHLFK ]ZLVFKHQ .RVWHQ GLH GXUFK$XVWDXVFKEH]LHKXQJHQDP0DUNWHQWVWHKHQXQG.RVWHQGLH LQIROJHYRQ$XVWDXVFKEH ]LHKXQJHQLQQHUKDOEHLQHU,QVWLWXWLRQ2UJDQLVDWLRQ DQIDOOHQ&RDVH3LFRW *HPl :LOOLDPVRQÄDWUDQVDFWLRQRFFXUVZKHQDJRRGRUVHUYLFHLVWUDQVIHUUHGDFURVVDWHFKQRORJLFDOO\ VHSHUDEOHLQWHUIDFH2QHVWDJHRIDFWLYLW\WHUPLQDWHVDQGDQRWKHUEHJLQV³ -HQDFK 6SH]LILWlW XQG +lXILJNHLW HLQHU 7UDQVDNWLRQ LVW HV NRVWHQJQVWLJHU GLH 7UDQVDNWLRQ EHU GHQ 0DUNWE]ZLQQHUKDOEHLQHV8QWHUQHKPHQVDE]XZLFNHOQ$OV7UDQVDNWLRQVNRVWHQ N|QQHQGDEHL LQ $QOHKQXQJ DQ &RDVH 6XFK XQG ,QIRUPDWLRQVNRVWHQ 9HUKDQGOXQJVNRVWHQ XQG 9HUWUDJVDE VFKOXVV XQG DXVIKUXQJVNRVWHQ EH]HLFKQHW ZHUGHQ &RDVH 'LH 7KHRULH JHKW GDYRQ DXV GDVV 2UJDQLVDWLRQHQ LKUH 7UDQVDNWLRQHQ LQ GHU :HLVH RUJDQLVLHUHQ GDVV VLH GLH 6XPPH LKUHU 7UDQVDNWLRQVNRVWHQ PLQLPLHUHQ :LOOLDPVRQ (QWVSUHFKHQG LGHQWLIL]LHUW GLH 7UDQ VDNWLRQVNRVWHQ|NRQRPLH 7UDQVDNWLRQVHIIL]LHQ] DOV HLQH ZHVHQWOLFKH 4XHOOH YRQ 0HKUZHUW GD HLQHHUK|KWH(IIL]LHQ]UHGX]LHUWH.RVWHQEHGHXWHW$PLW=RWW

$QGHUH $XWRUHQ GLIIHUHQ]LHUHQ ]ZLVFKHQ $QEDKQXQJV 9HUHLQEDUXQJV .RQWUROO XQG $QSDVVXQJVNRVWHQ HLQHV9HUWUDJVVLHKH3LFRW

,QHLQHU:HOWRKQHRUJDQLVLHUWHQ)LQDQ]PDUNWXQGRKQH)LQDQ]LQWHUPHGLlUHVLQG.DSLWDODQELH WHU JH]ZXQJHQ VHOEVWVWlQGLJ 1DFKIUDJHU QDFK .DSLWDO ]X ILQGHQ GLH LQ %H]XJ DXI 5HQGLWH 5LVLNR/RVJU|H)LQDQ]LHUXQJVYROXPHQ XQG=HLWKRUL]RQWLKUHQ3UlIHUHQ]HQHQWVSUHFKHQ'LH KRKHQ .RVWHQ GHV 6XFKSUR]HVVHV YHUPLQGHUQ GDEHL GLH 9HUWUDJVDEVFKOXVVFKDQFHQ XQG YHU WHXHUQ GLH )LQDQ]LHUXQJVEH]LHKXQJ 9&*HVHOOVFKDIWHQ N|QQHQ DOV )LQDQ]LQWHUPHGLlUH GLHVH .RVWHQ YHUULQJHUQ XQG GLH (IIL]LHQ] GHU .DSLWDODOORNDWLRQ HUK|KHQ GD VLH EHU NRPSDUDWLYH .RVWHQYRUWHLOHLQGHU3URGXNWLRQYRQ)LQDQ]NRQWUDNWHQ]ZLVFKHQGHQ.DSLWDOJHEHUQXQG.DSL WDOQHKPHUQYHUIJHQ%HQVWRQ6PLWK =XPHLQHQN|QQHQ,QIRUPDWLRQVEHVFKDIIXQJVNRV WHQ JHVHQNW ZHUGHQ GD LQIROJH GHV 3RROLQJV GHV .DSLWDODQJHERWV EHL HLQHU 9&*HVHOOVFKDIW QLFKW PHKU MHGHU .DSLWDOJHEHU JHVRQGHUW HLQH GXH GLOLJHQFH3UIXQJ YRUQHKPHQ PXVV +DUW PDQQ:HQGHOV $OV SURIHVVLRQHOOH $QOHJHU N|QQHQ 9&*HVHOOVFKDIWHQ ]XP DQGHUHQ GXUFK 5LVLNRVWUHXXQJ GHQ $QODJHSUlIHUHQ]HQ WHQGHQ]LHOO ULVLNRDYHUVHU .DSLWDODQOHJHU EHVVHU HQWVSUHFKHQ DOV GLHV EHL HLQHU 'LUHNWEHWHLOLJXQJ SULYDWHU $QOHJHU DQ QLFKW E|UVHQQRWLHUWHQ 8QWHUQHKPHQGHU)DOOZlUH5|SHU 'DUEHU KLQDXV N|QQHQ VLFK 6SH]LDOLVLHUXQJVYRUWHLOH GHU 9&*HVHOOVFKDIWHQ LQ 7UDQVDNWLRQV NRVWHQYRUWHLOHQ DXVZLUNHQ (LQH SURIHVVLRQHOOH 9&*HVHOOVFKDIW NDQQ LKUH %HWULHEVPLWWHO 6SH]LDOLVWHQ,QIRUPDWLRQHQ(UIDKUXQJHQHWFZLHGHUKROWQXW]HQXQGVRPLW6NDOHQHIIHNWHHU]LH OHQ9&*HVHOOVFKDIWHQVLQGGXUFKLKUH6DFKNHQQWQLVLKUH3URIHVVLRQDOLWlWLQVEHVRQGHUHLQGHU GXH GLOLJHQFH XQG PLW LKUHU 9HUKDQGOXQJVPDFKW LP 9HUJOHLFK ]X HLQHP 'LUHNWLQYHVWPHQW YHUJOHLFKVZHLVHEHVVHULQGHU/DJHGLHYRUKDQGHQHQ,QIRUPDWLRQVDV\PPHWULHQNRVWHQHIIL]LHQW DE]XEDXHQ :LHEHUHLWVGHXWOLFKZLUGOlVVWVLFKGLH7UDQVDNWLRQVNRVWHQWKHRULHLQHUVWHU/LQLHDXIGDVNODV VLVFKH 9&*HVFKlIW DQZHQGHQ GD KLHU DXVVFKOLHOLFK 5HQGLWHQ DOV 6HOHNWLRQVNULWHULHQ KHUDQ JH]RJHQ ZHUGHQ $XIJUXQG GHU VWUDWHJLVFKHQ )UDJHVWHOOXQJHQ LP &9&*HVFKlIW VRZLH GHP )RNXV ÄRQ VLQJOH JRYHUQDQFH PRGH RI UHODWLRQVKLSV³ 0DXOD LVW GLH 7UDQVDNWLRQV NRVWHQWKHRULHQLFKWGLUHNWDXIGLH$QDO\VHGHU&9&38'\DGHE]ZGHU&9&7ULDGHDQZHQG EDU/XEDWNLQHWDOHUOlXWHUQLP.RQWH[WYRQ/HUQDOOLDQ]HQGLH3UREOHPDWLNHLQHVORFNLQVRZLH GDV 5LVLNR RSSRUWXQLVWLVFKHQ 9HUKDOWHQV HLQHU GHU EHLGHQ 7UDQVDNWLRQVSDUWHLHQ Ä7KXV HDFK SDUWQHUPD\SHUFHLYHDQLQFHQWLYHWRPLVUHSUHVHQWWKHZRUWKRILWVNQRZOHGJHZKHQQHJRWLDWLQJ WKH LQLWLDO DJUHHPHQW WR FRRSHUDWH DGYHUVH VHOHFWLRQ RU WR PLVUHSUHVHQW LWV DFWLRQ RQFH WKH DJUHHPHQWLVVLJQHGPRUDOKD]DUG ³ .DQQZHQGHWGLH7UDQVDNWLRQVNRVWHQWKHRULH ]ZDU LP .RQWH[W GHU &9&)RUVFKXQJ DQ DOOHUGLQJV XP GHU )UDJH QDFK]XJHKHQ ÄZKHWKHU D

ILUPVKRXOGFDUU\RXWWKHLQYHVWPHQWSURFHVVLQKRXVHRUWKURXJKDQLQGHSHQGHQWYHQWXUHFDSL WDOILUP³ 'LHVH)UDJHEH]LHKWVLFKDOVRZHQLJHUDXIGLH'\DGHXQGGHUHQ6WHXHUXQJ DOVYLHOPHKUDXIGLH*UXQGVDW]IUDJHGLHVLFKGDV0XWWHUXQWHUQHKPHQ]X%HJLQQHLQHVSRWHQ ]LHOOHQ&9&3URJUDPPDXIEDXVVWHOOW0DXOD LQWHJULHUWGLH7UDQVDNWLRQVNRVWHQWKHRULHLQ GHU:HLVHLQVHLQHU$UEHLWDOVHUGLH3HUVSHNWLYHGHV(QWUHSUHQHXUVHLQQLPPW(UDUJXPHQWLHUW GDVV GDV -XQJXQWHUQHKPHQ 7UDQVDNWLRQVNRVWHQ ]ZLVFKHQ SRWHQ]LHOOHQ .XQGHQ XQG 3DUWQHUQ ÄE\HIIHFWLYHHQGRUVHPHQWVE\FRUSRUDWHYHQWXUHFDSLWDOLQYHVWRUV³HEG UHGX]LHUHQN|QQ WH .ULWLVLHUW ZLUG GLH 7UDQVDNWLRQVNRVWHQWKHRULH LQVEHVRQGHUH ZHJHQ LKUHV HLQVHLWLJHQ)RNXV DXI (IIL]LHQ]GHUGHQ%OLFNYHUVSHUUWIUEHGHXWHQGH4XHOOHQ]XVlW]OLFKHQ0HKUZHUWVZLH,QQRYD WLRQ *KRVKDO0RUDQ VRZLH ZHJHQ LKUHV )RNXV DXI GLH HLQ]HOQH 2UJDQLVDWLRQ 'LHVHU %OLFNDXIGLH.RVWHQPLQLPLHUXQJ HLQHU3DUWHLQHJLHUWGLH$EKlQJLJNHLWHQGHU3DUWHLHQYRQHL QDQGHUVRZLHGHUHQ0|JOLFKNHLWHQHLQHUJHPHLQVDPHQ:HUWPD[LPLHUXQJGLHGLHVH$EKlQJLJ NHLWHQXQWHU8PVWlQGHQPLWVLFKEULQJHQ'\HU'\HU6LQJ*KRVKDO0RUDQ =DMDF2OVHQ 'HV:HLWHUHQZLUG.ULWLNDQGHUVWDWLVFKHQ1DWXUGHU7UDQVDNWLRQVNRVWHQ |NRQRPLH JHEW =DMDF2OVHQ VRZLH DQ LKUHU VWULNWHQ 2SSRUWXQLVPXVDQQDKPH ZHJHQ GHU*UDQRYHWWHU YRQHLQHUÄDVRFLDOWKHRU\³VSULFKW 6SLHOWKHRULH 'LH 6SLHOWKHRULH ZXUGH YRQ -RKQ YRQ 1HXPDQQ XQG 2VNDU 0RUJHQVWHUQ GXUFK LKU JH PHLQVDPHV:HUN7KH7KHRU\RI*DPHVDQG(FRQRPLF%HKDYLRUEHJUQGHW,PHQJHUHQ6LQQH LVW GLH 6SLHOWKHRULH HLQ7HLOJHELHW GHU 0DWKHPDWLN JHQDXHU GHV 2SHUDWLRQV 5HVHDUFK 6LH EH VFKlIWLJWVLFKPLWGHU$QDO\VHYRQ+DQGOXQJVVWUDWHJLHQLQ6\VWHPHQPLWYRUJHJHEHQHQ5HJHOQ 'D]XXQWHUVXFKWGLH6SLHOWKHRULHYRUKHUJHVDJWHVXQGWDWVlFKOLFKHV9HUKDOWHQYRQ$NWHXUHQLQ 6SLHOHQXQGOHLWHWGDUDXVRSWLPDOH6WUDWHJLHQKHU(LQEHUKPWHV%HLVSLHOGHU6SLHOWKHRULHLVW GDV *HIDQJHQHQGLOHPPD ZHOFKHV LQVEHVRQGHUH LQ GLH SV\FKRORJLVFKH VR]LRORJLVFKH XQG |NRQRPLVFKH )RUVFKXQJ (LQJDQJ JHIXQGHQ KDW &DEOH6KDQH )ORRG XQG 'UHVFKHU EH VFKUHLEHQ EHUHLWV LQ GHQ HU -DKUHQ HLQ VR]LDOHV 'LOHPPD DOV =ZHL3HUVRQHQ6SLHO GDV ]HLJWZLHLQGLYLGXHOOUDWLRQDOH(QWVFKHLGXQJHQ]XNROOHNWLYVXERSWLPDOHQ(UJHEQLVVHQIKUHQ N|QQHQ%HLP*HIDQJHQHQGLOHPPDKDQGHOWHVVLFKXPHLQNODVVLVFKHVÄ=ZHL3HUVRQHQ1LFKW 1XOOVXPPHQ6SLHO³Ä7KHHVVHQFHRIWKHGLOHPPDLVWKDWHDFKLQGLYLGXDODFWRUKDVDQLQFHQWLYH WR DFW DFFRUGLQJ WR FRPSHWLWLYH QDUURZ VHOILQWHUHVW HYHQ WKRXJK DOO DFWRUV DUH FROOHFWLYHO\ EHWWHU RII LH UHFHLYH KLJKHU UHZDUGV LI WKH\ FRRSHUDWH³ 3DUDGR[ NDQQ GLHVHV

'LOHPPD JHQDQQW ZHUGHQ ZHLO GLH LQGLYLGXHOO YHUQQIWLJVWH (QWVFKHLGXQJ GHU *HIDQJHQHQ JHVWHKHQ XQG GLH NROOHNWLY YHUQQIWLJVWH (QWVFKHLGXQJ VFKZHLJHQ DXVHLQDQGHUIDOOHQ (LQH HLQGHXWLJH XQG YHUELQGOLFKH +DQGOXQJVDQZHLVXQJ NDQQ IROJOLFK QLFKW RKQH :HLWHUHV DQJHJH EHQZHUGHQ 'HU EHNDQQWHVWH %HLWUDJ LQ GHU 9&)RUVFKXQJ ]XU 6SLHOWKHRULH VWDPPW YRQ &DEOH XQG 6KDQH 6LHJHKHQGHU)UDJHQDFKZDVGLHVHGXUFK,QWHUHVVHQNRQIOLNWHFKDUDNWHULVLHUWH'\DGH ]XVDPPHQKlOWXQGZHOFKH.RRSHUDWLRQVDQUHL]HIUGLHMHZHLOLJHQ$NWHXUHEHVWHKHQ6LHHQW ZLFNHOQGD]XHLQ0RGHOOLQGHPVLHGLH'LPHQVLRQHQGLH]XU.RRSHUDWLRQVE]Z'HIHNWLRQ VHQWVFKHLGXQJYRQ(QWUHSUHQHXUXQG9&IKUHQN|QQHQKHUDXVDUEHLWHQ'DEHLZLUGGHXWOLFK GDVV GLH 6SLHOWKHRULH ± DQGHUV DOV GLH 3ULQFLSDO$JHQW7KHRULH ± DXI GLH 5HOHYDQ] YRQ )DLU QHVVQRUPHQEHLGHU6WDELOLVLHUXQJYRQ.RRSHUDWLRQVEH]LHKXQJHQDEVWHOOW.RQGR ,QGHP VLH )DLUQHVV DOV UHOHYDQW IU GLH *HVWDOWXQJ YRQ .RRSHUDWLRQVEH]LHKXQJ DQVLHKW HUZHLWHUW VLH GLHVWDUUHDXIGLH5HGX]LHUXQJYRQ2SSRUWXQLVPXVJHIDKUIRNXVVLHUWH$XVULFKWXQJGHU3ULQFL SDO$JHQW7KHRULH 2EZRKO HV VLFK DOVR HEHQIDOOV XP HLQH 5DWLRQDO&KRLFH7KHRULH KDQGHOW LQWHJULHUWVLHGDPLWÄWKHG\QDPLFSURFHVVRIFRRSHUDWLYHUHODWLRQVKLSEXLOGLQJLQDZD\WKDWWKH PRUH VWDWLF DJHQF\ WKHRU\ DSSURDFK FDQQRW³ &DEOH6KDQH 'XUFK GLH %HDFKWXQJ GHU5ROOHGLH.RPPXQLNDWLRQVR]LDOH%H]LHKXQJHQ:HUWHNRQJUXHQ]*HQHURVLWlW0DFKWYHU KlOWQLVVH HWF IU GLH *HQHVH XQG 6WDELOLWlW YRQ 9&38%H]LHKXQJHQ VSLHOHQ YHUVXFKW GLH 6SLHOWKHRULH GLH VR]LDOHQ %HGLQJXQJHQ QXW]HQJHWULHEHQHU .RRSHUDWLRQVEH]LHKXQJHQ ]X EH OHXFKWHQ,QGLHVHP6LQQHPDFKHQDXFK&DEOHXQG6KDQHGHXWOLFKÄWKDWHQWUHSUHQHXUYHQWXUH FDSLWDOLVW UHODWLRQVKLSV DUH FORVHU WR WKH LQWHOOHFWXDO WUDGLWLRQ RI *UDQRYHWWHU WKDQ :LO OLDPVRQ EHFDXVH FRRSHUDWLYH VROXWLRQV HQKDQFH WKH ZHOIDUH RI ERWK SDUWLHV³ &D EOH6KDQH ,Q GHU &9&)RUVFKXQJ LVW ELVKHU NHLQ %HLWUDJ EHNDQQW GHU GLH 6SLHOWKHRULH IU GLHVHV )HOG IUXFKWEDUJHPDFKWKlWWH*OHLFKZRKOJLEWHV/LWHUDWXU]X6WUDWHJLVFKHQ$OOLDQ]HQRGHUDQGHUHQ )RUPHQ YRQ .RRSHUDWLRQVEH]LHKXQJHQ 7KHPDWLVFK IU GLHYRUOLHJHQGH$UEHLW HLQVFKOlJLJ LVW KLHUGHUEHUHLWVHUZlKQWH%HLWUDJYRQ/XEDWNLQHWDO LP%HUHLFKGHVLQWHURUJDQLVDWLRQD OHQ/HUQHQVVLHKH.DSLWHO 'LH$XWRUHQ]HLJHQLQLKUHP$XIVDW]]XUHFLSURFDOLQWHUILUP OHDUQLQJ XQG GHQ 6FKZLHULJNHLWHQ GLHVHV ]X VWHXHUQ GDV *HIDQJHQHQGLOHPPD DQKDQG YRQ $NWHXUHQDXIGLHMHZHLOVEHLGHV/HKUHUXQG6FKOHUVLQGXQGGDPLWVRZRKO:LVVHQYRQLKUHP *HJHQEHUHUKRIIHQJOHLFK]HLWLJMHGRFKDXFKJHIRUGHUWVLQGHLJHQHV:LVVHQSUHLV]XJHEHQÄ,W PD\EHUDWLRQDOIRUDSDUWQHUWRWDNHPRUHNQRZOHGJHWKDQLWJLYHVHYHQLIZLWKKROGLQJGLPLQ

LVKHVWKHTXDQWLW\DQGTXDOLW\RINQRZOHGJHFUHDWHGE\WKHDOOLDQFH³HEG (QWVFKHLGHW VLFK$DOVRVHLQ:LVVHQPLW%RIIHQ]XWHLOHQNDQQGLHV%P|JOLFKHUZHLVHHUPXWLJHQRSSRU WXQLVWLVFK]XKDQGHOQZDVZLHGHUXPEHLGHPDXVJHEHXWHWHQ$$NWLRQHQGHU9HUJHOWXQJKHU YRUUXIHQ ZLUG Ä7KXV JDPH WKHRU\ VXJJHVWV WKDW WZRZD\ WUDQVIHUV RI NQRZOHGJH DUH LQKHU HQWO\XQVWDEOHDUDWLRQDOHZKLFKKROGVZKHQUHODWLRQVKLSVKDYHDVKRUWGXUDWLRQDUHOLPLWHGLQ WKHQXPEHURILQWHUDFWLRQVRUZKHQWKHNQRZOHGJHWREHWUDQVIHUUHGLVFOHDUO\VSHFLILHG³HEG $QGLHVHP%HLWUDJZLUGGHXWOLFKGDVVGLH6SLHOWKHRULHIU)RUVFKXQJLP)HOGGHVLQWHURUJDQL VDWLRQDOHQ:LVVHQVWUDQVIHUVHLQHUVHLWVXQGLQGHU&9&)RUVFKXQJDQGHUHUVHLWVVHKUZRKOQXW] EDU JHPDFKW ZHUGHQ NDQQ GD GRUW HEHQ MHQH VWUDWHJLVFKHQ $VSHNWH GHV :LVVHQVWUDQVIHUV XQG GHU :LVVHQVJHQHVH LP 0LWWHOSXQNW GHU ,QYHVWLWLRQVHQWVFKHLGXQJ VWHKHQ GLH /XEDWNLQ HW DO EHVFKUHLEHQ 'HU YRUDQJHJDQJHQH 7HLO KDW GLH YHUVFKLHGHQHQ WKHRUHWLVFKHQ $QVlW]H YRUJHVWHOOW GLH LQ GHU &9&)RUVFKXQJYRUKHUUVFKHQGVLQGRGHU]XP7HLODXFKQXULPSOL]LW$QZHQGXQJILQGHQ:LH EHUHLWV]XYRUHUZlKQWZLUGLQGHUYRUOLHJHQGHQ$UEHLWLQVRIHUQHLQPXOWLWKHRUHWLVFKHU$QVDW] YHUZHQGHW DOV XQWHUVFKLHGOLFKVWH )RUVFKXQJVIUDJHQ LP &9&.RQWH[W EHDQWZRUWHW ZHUGHQ VROOHQ GLH YHUVFKLHGHQH WKHRUHWLVFKH $QVlW]H HUIRUGHUOLFK PDFKHQ 'LHVHV LQWHJUDWLYH YHU NQSIHQGH9RUJHKHQHUP|JOLFKWGLHGLYHUVHQ)DFHWWHQVRZLHGLH.RPSOH[LWlWGLHVHU%H]LHKXQJ E]ZGLHVHV%H]LHKXQJVQHW]ZHUNV]XEHOHXFKWHQXQGKHUDXV]XDUEHLWHQ,QGLHVHU$UEHLWZHUGHQ LQVEHVRQGHUH GHU 5%9 GHU .%9 GHU 59 VRFLDO FDSLWDO XQG 6R]LDOH 1HW]ZHUNWKHRULH VRZLH :LVVHQVVR]LRORJLH XQG 1HRLQVWLWXWLRQHQ|NRQRPLH KHUDQJH]RJHQ ,GHHQ DXV ZHLWHUHQ WKHRUHWL VFKHQ $QVlW]HQ ]% DXV GHU 3V\FKRORJLH ZHUGHQ LQ 7HLOHQ ]XVlW]OLFK HLQEH]RJHQ XP GLH ]XYRUJHQDQQWHQ7KHRULHQ]XNRPSOHPHQWLHUHQE]Z]XHUZHLWHUQ ,P)ROJHQGHQZHUGHQQXQYLHUDXVJHZlKOWH]HQWUDOH)UDJHQGHU&9&)RUVFKXQJGLVNXWLHUW

6LHKHGD]XDXFKGLH$XVIKUXQJHQLQ.DSLWHO]XPLQWHURUJDQLVDWLRQDOOHDUUQLQJGLOHPPDYRQ/DUVVRQHW DO

675$7(*,(6758.785352=(66(921&25325$7(9(1785(&$37,$/ (,1+(,7(1 'HU%HWUDFKWXQJVVFKZHUSXQNWLQGLHVHP.DSLWHOOLHJWDXIGHU&9&(LQKHLWVRZLHLKUHU$QELQ GXQJDQXQG(LQEHWWXQJLQGDV0XWWHUXQWHUQHKPHQ (LQIKUXQJ ,Q GLHVHP .DSLWHO ZHUGHQ DXI %DVLV GHU LQ VWDQGDUGLVLHUW HUKREHQHQ 'DWHQ ]X &9&V LQ 'HXWVFKODQG GHUHQ =LHOH RUJDQLVDWLRQDOHQ 6WUXNWXUHQ XQG 3UR]HVVH VRZLH GHUHQ ,Q YHVWLWLRQVNULWHULHQ DQDO\VLHUW 'HU (UIROJ GLHVHU &9&3URJUDPPH ZLUG XQWHUVXFKW XQG GLH (UJHEQLVVH ± VRZHLW P|JOLFK ± YHUJOLFKHQ PLW GHQHQ XQDEKlQJLJHU 9&*HVHOOVFKDIWHQ VRZLH PLWGHQHQDQGHUHUHXURSlLVFKHUXQG86DPHULNDQLVFKHU&9&V :LHEHUHLWVHLQJDQJVGHXWOLFKZXUGHLVWGLH)RUVFKXQJLP%HUHLFK&RUSRUDWH9HQWXUH&DSLWDO QDFKZLHYRUQLFKWVHKUXPIDQJUHLFKXQGGLHH[LVWLHUHQGHUHOHYDQWH/LWHUDWXUEHWUDFKWHWLQJDQ] EHUZLHJHQGHP0DH GHQDQJORDPHULNDQLVFKHQ0DUNW(LQ*UXQGIUGHQUHODWLYHQ0DQJHO DQ SURIXQGHQ HPSLULVFKHQ 'DWHQ EHU GHQ GHXWVFKHQ &9&0DUNW 5DXVHU 6FKZHHQ :LWW%UDFKWHQGRUI 0DFNHZLF] 3DUWQHU OLHJW GDULQ EHJUQGHW GDVV GDV &9&*HVFKlIW LQ 'HXWVFKODQG QRFK YHUJOHLFKVZHLVH MXQJ XQG VHOWHQ LVW XQG YRU DOOHP QDFK GHP3ODW]HQGHU1HZ(FRQRP\%ODVHGDV,QWHUHVVHXQGGDV(QJDJHPHQWVHLWHQVJURHU,QGXVW ULHXQWHUQHKPHQ GHXWOLFK QDFKJHODVVHQ KDW $OV HLQH QHJDWLYH .RQVHTXHQ] GDUDXV HUJLEW VLFK GDVVDOOH6WXGLHQEHU&9&VLQ'HXWVFKODQGDXIHLQHUH[WUHPNOHLQHQ)DOO]DKOEDVLHUHQ (LQ)RUVFKXQJVVWUDQJYHUJOHLFKW&9&VPLWXQDEKlQJLJHQ9&*HVHOOVFKDIWHQ*RPSHUV/HUQHU 0DXODHWDOD6LHJHOHWDO&:HEHU'LHUNHV 'LH8QWHUVFKLHGH]ZL VFKHQGLHVHQEHLGHQ,QYHVWRUHQJUXSSHQZHUIHQLQWHUHVVDQWH)RUVFKXQJVIUDJHQDXILQVEHVRQGH UHGDQQZHQQGLHMHZHLOLJHQ=LHOVHW]XQJHQXQGGHUHQ(UUHLFKXQJEHWUDFKWHWZHUGHQ,QGLHVHP .DSLWDO ZLUG HEHQIDOOV YHUVXFKW VLFK EHU HLQH YHUJOHLFKHQGH $QDO\VH GHU %HDQWZRUWXQJ GHU )UDJHQDFKGHQLGHDOHQ6WUXNWXUHQXQG3UR]HVVHQHLQHV&9&3URJUDPPV]XQlKHUQ (VZHUGHQGUHL$VSHNWHEHOHXFKWHWE]ZXQWHUVXFKW HLQ9HUJOHLFKXQVHUHU'DWHQ]X&9&VLQ'HXWVFKODQGKLQVLFKWOLFKLKUHU=LHOH(QWVFKHL GXQJVSUR]HVVH)RQGVVWUXNWXUVRZLHLKUHU=LHOHUUHLFKXQJVWUDWHJLVFKHXQGILQDQ]LHOOH=LH

'LH$XVIKUXQJHQLQGLHVHP.DSLWHOVWDPPHQ]XJURHQ7HLOHQDXV&:HEHU%:HEHU

OH PLW XQVHUHQ JOHLFK]HLWLJ HUKREHQHQ 'DWHQ ]X XQDEKlQJLJHQ 9&*HVHOOVFKDIWHQ LQ 'HXWVFKODQGVRZLHPLWDQGHUHQ'DWHQ]XGHXWVFKHQHXURSlLVFKHQXQG86DPHULNDQLVFKHQ &9&VVRZHLW9HUJOHLFKHP|JOLFKZDUHQ HLQH$QDO\VHGHUEHUJHRUGQHWHQVWUDWHJLVFKHQ$XVULFKWXQJGHU&9&3URJUDPPHXQGLKUHU $XVZLUNXQJ DXI GHQ MHZHLOLJHQ VWUDWHJLVFKHQ XQG ILQDQ]LHOOHQ (UIROJ 'LH ,QWHQWLRQ ZDU KHUDXV]XILQGHQREHLQHEHVWLPPWH3ULRULVLHUXQJLQGHUEHUJHRUGQHWHQVWUDWHJLVFKHQ$XV ULFKWXQJ ± HLQH 'RPLQDQ] ILQDQ]LHOOHU =LHOH HLQ )RNXV DXI VWUDWHJLVFKH =LHOH RGHU HLQ JOHLFKJHULFKWHWHU$QVDW]GHUEHLGH=LHOHSDUDOOHOXQGLQJOHLFKHU,QWHQVLWlWYHUIROJW±(LQ IOXVVKDWDXIGHQ(UIROJGHV&9&3URJUDPPV HLQH HPSLULVFKH 8QWHUVXFKXQJ GHU 2UJDQLVDWLRQVVWUXNWXUHQ XQG SUR]HVVH GHU &9& 3URJUDPPHXQGLKU(IIHNWRIGHQMHZHLOLJHQVWUDWHJLVFKHQXQGILQDQ]LHOOHQ(UIROJ'LH,Q WHQWLRQZDUGLHMHQLJHQ6WUXNWXUHQXQG3UR]HVVHYRQ&9&3URJUDPPHQKLQVLFKWOLFKLKUHU 8Q $QKlQJLJNHLWYRP0XWWHUNRQ]HUQ]XLGHQWLIL]LHUHQGLHGHQ JU|WHQ(UIROJYHUVSUH FKHQ 6WDQGGHU)RUVFKXQJ 'DV ,QWHUHVVH DQ &9& XQWHUODJ LQ GHQ YHUJDQJHQHQ -DKU]HKQWHQ HUKHEOLFKHQ 6FKZDQNXQJHQ *RPSHUV XQG /HUQHU LGHQWLIL]LHUWHQ GUHL JURH :HOOHQ GHU %HVFKlIWLJXQJ PLW GLHVHP 7KHPDYRQGHQHQGLHOHW]WHLQGHQVSlWHQHU-DKUHQEHJDQQ'LH.RQMXQNWXUHQGHU)RU VFKXQJ NRUUHVSRQGLHUHQ GDEHL LKUHU 0HLQXQJ QDFK PLW GHU (QWZLFNOXQJ GHU |NRQRPLVFKHQ %HGHXWXQJGLHVHV6HNWRUVEHUGLH=HLW ,QGHQYHUJDQJHQHQIQIELVVHFKV-DKUHQHQWVWDQGHQQXQYHUKlOWQLVPlLJYLHOHQHXH$UEHLWHQ %DQQRFN &RQVXOWLQJ %LUNLQVKDZ HW DO &KHVEURXJK XQG 'XVKQLWV N\/HQR[*RPSHUV/HUQHU+LOOHWDO.DQQ.HLO0DXOD0XUUD\ D XQG E 0DXOD HW DO D XQG E 3RVHU 5DXVHU 7KRUQKLOO$PLW &:HEHU'LHUNHV &:HEHU%:HEHU XQG =ZHL IUKH 9HU|IIHQWOL FKXQJHQ DXI GLH ZLU XQV LP )ROJHQGHQ NRQ]HQWULHUHQ HUODXEHQ HLQHQ QlKHUHQ %OLFN DXI GHQ (UIROJGHU&9&VVRZLHGLHSRWHQ]LHOOHQ(UIROJVIDNWRUHQ *RPSHUVXQG/HUQHU GLHEHUGUHLLJWDXVHQG7UDQVDNWLRQHQYRQ,QGXVWULHXQWHUQHKPHQ XQG NODVVLVFKHQ 9&V LP DPHULNDQLVFKHQ 0DUNW DQDO\VLHUW KDEHQ IDQGHQ KHUDXV GDVV &9& ,QYHVWPHQWVLQ-XQJXQWHUQHKPHQPLQGHVWHQVHEHQVRHUIROJUHLFKZDUHQZLH,QYHVWPHQWVGXUFK NODVVLVFKH 9&V ,KUH 6FKOXVVIROJHUXQJ LVW GDVV ÄWKH SUHVHQFH RI D VWURQJ VWUDWHJLF IRFXV LV

FULWLFDOWRWKHVXFFHVVRI&9&V>«@&RUSRUDWHSURJUDPVZLWKRXWDVWURQJVWUDWHJLFIRFXVDS SHDU WR EH PXFK OHVV VWDEOH IUHTXHQWO\ FHDVLQJ RSHUDWLRQV DIWHU RQO\ D IHZ LQYHVWPHQWV EXW VWUDWHJLFDOO\IRFXVHGSURJUDPVDSSHDUWREHDVVWDEOHDVLQGHSHQGHQWRUJDQL]DWLRQV³HEG 56LHJHO (6LHJHO XQG 0DF0LOODQ XQWHUVXFKWHQ GLH 8QDEKlQJLJNHLW YRQ &9& (LQKHLWHQ KLQVLFKWOLFK LKUHU (QWVFKHLGXQJVDXWRQRPLH XQG LKUHU )RQGVVWUXNWXU VRZLH LKUHQ (UIROJ,KUH6WXGLH]HLJWGDVV&9&VGLHVLFKLQLKUHP,QYHVWLWLRQVYHUKDOWHQVWDUNDQXQDEKlQ JLJHQ9&VRULHQWLHUHQK|KHUH5HQGLWHQHUZLUWVFKDIWHQDOVMHQH&9&VGLHVLFKVWlUNHUDQGHU 6WUDWHJLH GHV 0XWWHUNRQ]HUQV DXVULFKWHQ %HLGH VLQG MHGRFK OHW]WOLFK LQ LKUHU VWUDWHJLVFKHQ =LHOHUUHLFKXQJJOHLFKHUIROJUHLFK'LH$XWRUHQVFKOLHHQGDUDXVGDVVHLQ]XVWDUNDXVJHSUlJWHU )RNXV DXI VWUDWHJLVFKH =LHOH GHV 0XWWHUXQWHUQHKPHQV ]X JUDYLHUHQGHQ 3UREOHPHQ IU GDV hEHUOHEHQGHV&9&3URJUDPPVIKUHQNDQQHEG $OOHLQDXVGHQ3RVLWLRQHQGLHVHUEHLGHQEHNDQQWHQ6WXGLHQZLUGGLH8QHLQLJNHLWXPQLFKW]X VDJHQ =HUVWULWWHQKHLW LQ GHU )RUVFKXQJ LQ GLHVHP 3XQNW GHXWOLFK (V EHVWHKW GHU EHUHFKWLJWH 9HUGDFKW GDVV &9&V ULVNLHUHQ VLFK LQ HLQHP :LGHUVSUXFK ]X YHUIDQJHQ E]Z GDVV VLH VLFK ]XPLQGHVWDXIHLQHU*UDWZDQGHUXQJEHILQGHQ:lKUHQGGLHHLQH6WXGLHHPSILHKOWGDVV&9&V HLQH VWDUNHQ VWUDWHJLVFKHQ )RNXV HLQQHKPHQ VROOWHQ GD GLHV HUIROJVNULWLVFK VHL *RP SHUV/HUQHU ZDUQWGLHDQGHUH6WXGLHGDVVHLQHVWDUNDXVJHSUlJWHVWUDWHJLVFKH2ULHQWLH UXQJVRZRKOGHPVWUDWHJLVFKHQZLHGHP|NRQRPLVFKHQ(UIROJHLQHV&9&3URJUDPPVVFKDGHW 6LHJHO HW DO 'LH EHLGHQ 6WXGLHQ ZXUGHQ LQ HLQHP $EVWDQG YRQ ]HKQ -DKUHQ GXUFKJH IKUW VR GDVV PDQ DUJXPHQWLHUHQ N|QQWH GHU 0DUNW KDEH VLFK LQ GLHVHP =HLWUDXP HQWVSUH FKHQG QDFKKDOWLJ YHUlQGHUW 'HV :HLWHUHQ KDEHQ GLH ]ZHL 6WXGLHQ LQVRIHUQ XQWHUVFKLHGOLFKH $QVlW]H DOV 6LHJHO HW DO 0DQDJHU LQ 9& E]Z &9&2UJDQLVDWLRQHQ LQWHUYLHZWHQ ZlKUHQG*RPSHUVXQG/HUQHU 'DWHQYRQ3RUWIROLRXQWHUQHKPHQDQDO\VLHUWHQ1LFKWVGHV WRWURW]VLQGGLH(UJHEQLVVHLQDXVUHLFKHQGHP0DHYHUJOHLFKEDUXQGOLHIHUQHLQHJXWH%DVLVIU ZHLWHUJHKHQGH)RUVFKXQJXQG'LVNXVVLRQLQGLHVHP)HOG'DV=LHOGLHVHV.DSLWHOVLVWHVGHQQ DXFK GLH 'LVNXVVLRQ YRUDQ]XWUHLEHQ QHXH 'DWHQ LQ GLH 'LVNXVVLRQ HLQ]XEULQJHQ XQG GHQ VFKHLQEDUHQ:LGHUVSUXFKGHUVLFKDXVGHQEHLGHQYRUJHVWHOOWHQ6WXGLHQHUJLEW]XPLQGHVWIU GHQGHXWVFKHQ0DUNW]XHUKHOOHQRGHUVRJDUDXI]XO|VHQ &KHVEURXJK YHUVXFKW GLH EHLGHQ JHQDQQWHQ 3RVLWLRQHQ LQ (LQNODQJ ]X EULQJHQ (U SURSDJLHUW HLQH ,QYHVWLWLRQVVWUDWHJLH GLH LQ $EKlQJLJNHLW YRQ GHP MHZHLOV EHUJHRUGQHWHQ ,QYHVWLWLRQV]LHO±VWUDWHJLVFKRGHUILQDQ]LHOO±VRZLHLQ$EKlQJLJNHLWYRQGHP0DLQGHPGLH $NWLYLWlWHQGHV0XWWHUXQWHUQHKPHQVXQGGLHGHV%HWHLOLJXQJVXQWHUQHKPHQVYHUEXQGHQVLQG±

HQJRGHUORVH±HQWZLFNHOWZLUG(UXQWHUVFKHLGHW]ZLVFKHQYLHUJUXQGVlW]OLFKHQ,QYHVWLWLRQVDQ VlW]HQZHOFKHPLWGHUODQJIULVWLJHQ*HVFKlIWVVWUDWHJLHGHV0XWWHUXQWHUQHKPHQVVRZLHGHVVHQ RSHUDWLRQDOHQ )lKLJNHLWHQ DEJHVWLPPW ZHUGHQ PVVHQ Ä'ULYLQJ ,QYHVWPHQWV³ GLH GXUFK HLQHVWDUNHVWUDWHJLVFKH$XVULFKWXQJVRZLHHLQHHQJH$QELQGXQJGHV-XQJXQWHUQHKPHQVDQGLH *HVFKlIWVWlWLJNHLW GHV 0XWWHUXQWHUQHKPHQV JHNHQQ]HLFKQHW VLQG Ä(QDEOLQJ ,QYHVWPHQWV³ GLH EHUZLHJHQG DXV VWUDWHJLVFKHQ (UZlJXQJHQ KHUDXV JHWlWLJW ZHUGHQ GLH DEHU GDV -XQJXQ WHUQHKPHQ QLFKW HQJ DQ GDV 0XWWHUXQWHUQHKPHQ ELQGHQ Ä(PHUJHQW ,QYHVWPHQWV³ GLH EHUZLHJHQGILQDQ]LHOOPRWLYLHUWVLQGDEHULQGHU=XNXQIWIUGDV0XWWHUXQWHUQHKPHQVWUDWHJL VFKHV3RWHQ]LDOHU|IIQHQN|QQWHQXQG Ä3DVVLYH,QYHVWPHQWV³GLHDXVVFKOLHOLFKILQDQ]LHOOH 5HQGLWHQDEZHUIHQHEG +LOOHWDO JHKHQHEHQIDOOVGHU)UDJHQDFKLQZHOFKHU:HLVHRUJDQLVDWLRQDOHXQG]XVlW] OLFKH ,QYHVWPHQWSRUWIROLR)DNWRUHQ GHQ VWUDWHJLVFKHQ VRZLH ILQDQ]LHOOHQ (UIROJ YRQ &9& (LQKHLWHQEHHLQIOXVVHQ6LHHQWZLFNHOQHLQ0RGHOOLQGHPVLHYLHU)DNWRUHQDOV(LQIOXVVJU|HQ IU GHQ (UIROJ GHU &9&(LQKHLW DXVPDFKHQ ÄUHODWHGQHVV RI LQYHVWPHQWV³ ÄYHUWLFDO DXWRQRP\³ ÄKRUL]RQWDO DXWRQRP\³ XQG ÄFRPPXQLFDWLRQ ZLWK 9& FRPPXQLW\³ +LQ VLFKWOLFKGHVVWUDWHJLVFKHQXQGILQDQ]LHOOHQ(UIROJVUHNXUULHUHQVLHDXIGLH8QWHUVFKHLGXQJYRQ 0RUDQXQG*KRVKDOXQG LQÄYDOXHFUHDWLRQ³VWUDWHJLVFK XQGÄYDOXHDSSURSULDWL RQ³ILQDQ]LHOO 6LHWHVWHQLKU0RGHOOHPSLULVFKDXIGHU*UXQGODJHYRQ3ULPlUXQG6HNXQGlU GDWHQ'DEHLILQGHQVLHLKUH%HKDXSWXQJEHVWlWLJWÄWKDWWKHILQDQFLDODQGVWUDWHJLFRXWFRPHVRI &9&SURJUDPVQHHGWREHXQGHUVWRRGLQWHUPVRIGLVWLQFWLYHVHWVRILQYHVWPHQWDQGRUJDQL]D WLRQDODQWHFHGHQWV³+LOOHWDO :HQGHW PDQ VLFK GHU GHXWVFKHQ /LWHUDWXU ]X ILQGHQ VLFK QHEHQ XQVHUHU HLJHQHQ &:HEHU'LHUNHV&:HEHU%:HEHU LQVEHVRQGHUHGUHLZHVHQWOLFKH$UEHLWHQ]X &9&3URJUDPPHQ LQ 'HXWVFKODQG XQG LKUHP (UIROJ 'LH HUVWH ZXUGH YRQ 6FKZHHQ YRUJHOHJWGDQQIROJWHQ:LWWXQG%UDFKWHQGRUI VRZLH0DFNHZLF] 3DUWQHU (LQH HUKHEOLFKH EHUHLWV HUZlKQWH /LPLWLHUXQJ PLW GHU DOOH HPSLULVFKHQ $UEHLWHQ EHU GHQ GHXWVFKHQ &9&0DUNW ]X NlPSIHQ KDEHQ LVW GLH QDFK ZLH YRU JHULQJH $Q]DKO DQ &9& 3URJUDPPHQLQ'HXWVFKODQG6FKZHHQ XQWHUVXFKWHGLH=LHOH,QYHVWLWLRQVNULWHULHQXQG 2UJDQLVDWLRQVVWUXNWXUHQ YRQ OHGLJOLFK ]Z|OI &9&V LQ 'HXWVFKODQG 6HLQH +DXSWHUJHEQLVVH ZDUHQGDVV]HKQGHU]Z|OI&9&(LQKHLWHQ DQJDEHQEHUZLHJHQGVWUDWHJLVFKH=LHOH]X YHUIROJHQGLHEHLGHQEULJHQ HUNOlUWHQGDVVVLHILQDQ]LHOOHXQGVWUDWHJLVFKH=LHOHJOHL FKHUPDHQ DQVWUHEHQ 'LH 'RPLQDQ] GHU VWUDWHJLVFKHQ =LHOH VSLHJHOWH VLFK HEHQIDOOV LQ GHU

3ULRULVLHUXQJGHUJHQDQQWHQ,QYHVWLWLRQVNULWHULHQ)LQDQ]LHOOH.ULWHULHQVWDQGHQQDFKGUHLVWUD WHJLVFKHQHUVWDQYLHUWHU6WHOOH'HUVWUDWHJLVFKHXQGILQDQ]LHOOH(UIROJGLHVHU&9&3URJUDPPH ZDULQVJHVDPWEHVFKHLGHQ/HGLJOLFK]ZHLGHU]Z|OIYRQ6FKZHHQXQWHUVXFKWHQ&9&V JDEHQDQPLWLKUHPVWUDWHJLVFKHQ(UIROJ]XIULHGHQJHZHVHQ]XVHLQHLQH$XVVDJHGLHHLQHP DULWKPHWLVFKHQ0LWWHOYRQHQWVSUDFK'LHILQDQ]LHOOH=LHOHUUHLFKXQJODJPLWHLQHPDULWKPH WLVFKHQ0LWWHOYRQEHLHLQHPYHUJOHLFKEDUHQ:HUWHEG :LWW XQG %UDFKWHQGRUI DQDO\VLHUWHQ ZDUXP HV ELVKHU QXU ZHQLJHQ ,QGXVWULHXQWHUQHK PHQ JHOXQJHQ LVW LKUH :DFKVWXPVYRUVWHOOXQJHQ ]XPLQGHVW LQ 7HLOHQ PLWWHOV HLQHV &9& 3URJUDPPV]XUHDOLVLHUHQ$XIGHU%DVLVYRQSHUV|QOLFKHQ,QWHUYLHZVPLW&9&VLQ'HXWVFK ODQGNRQQWHQGLH$XWRUHQ]HLJHQGDVVHLQJURHU7HLOGHU%HIUDJWHQQLFKWGHQ(PSIHKOXQJHQ KLQVLFKWOLFK RUJDQLVDWLRQDOHU 6WUXNWXUHQ XQG 3UR]HVVH IROJW ZHOFKH VLFK DXV GHQ (UJHEQLVVHQ LQWHUQDWLRQDOHU )RUVFKXQJ ]X HUIROJUHLFKHQ &9&3URJUDPPHQ HUJHEHQ KDEHQ E]Z GDUDXV DEOHLWHQODVVHQ:LWWXQG%UDFKWHQGRUIVFKOXVVIROJHUQGDVVGLH&9&VLQLKUHP6DPSOHKLQVLFK WOLFKGHU)RQGVVWUXNWXUVRZLHGHU(QWVFKHLGXQJVILQGXQJVSUR]HVVHÄDUHPXFKWRRGHSHQGHQWRQ WKHSDUHQWFRPSDQ\³ (LQZHLWHUHVZHVHQWOLFKHV(UJHEQLVLKUHU6WXGLHLVWGDVVGLH )KUXQJVNUlIWH GHU &9&(LQKHLWHQ VHOEVW ]X ZHQLJ XQWHUQHKPHULVFKH (UIDKUXQJHQ EHVLW]HQ XQGGDVVVLHYRUGHP+LQWHUJUXQGGHVLQYROYLHUWHQ5LVLNRVVRZLHGHUDOOJHPHLQHQ0DUNWNRQGL WLRQHQ LQDGlTXDW HQWORKQW ZHUGHQ 'LH $XWRUHQ VFKOLHHQ PLW GHU )HVWVWHOOXQJ GDVV VLFK HLQH UHODWLYJHULQJH.RQVLVWHQ]DXVPDFKHQOlVVW]ZLVFKHQLQWHUQDWLRQDOHQ(PSIHKOXQJHQHLQHUVHLWV XQGGHUHQWDWVlFKOLFKHU,PSOHPHQWLHUXQJLQGHU3UD[LVDQGHUHUVHLWV 0DFNHZLF] 3DUWQHU IDQGHQDQKDQGLKUHU6WXGLHYRQ&9&VKHUDXVGDVVYRQ LKQHQH[NOXVLYXQGZHLWHUHEHUZLHJHQGVWUDWHJLVFKH=LHOHYHUIROJHQZDVEHGHXWHWGDVV LQVJHVDPWQDKH]XGLH+lOIWH DOOHUYRQLKQHQEHIUDJWHQ&9&VHLQHQVWDUNHQVWUDWHJLVFKHQ )RNXVKDEHQJDEHQDQPLWLKUHP3URJUDPPEHUZLHJHQGXQGZHLWHUHDXVVFKOLHOLFK ILQDQ]LHOOH=LHOH]XYHUIROJHQ(LQ)QIWHOGHU6WLFKSUREH HUNOlUWHEHLGH=LHOHJOHLFKHU PDHQ]XYHUIROJHQ'LH$XWRUHQKHEHQKHUYRU±GDPLWIROJHQVLH6LHJHOHWDO ±GDVV GLH $PELWLRQ XQWHUVFKLHGOLFKH RIW NRQIOLJLHUHQGH =LHOH PLW HLQ XQG GHPVHOEHQ &9& 3URJUDPP]XYHUIROJHQ]XPHLVWHLQKRKHV3RWHQ]LDOIU,QHIIL]LHQ]HQ.RQIOLNWHXQGVFKOLH OLFK GLH *HIDKU LQ VLFK ELUJW ]XPLQGHVW LP +LQEOLFN DXI HLQHV GHU EHLGHQ =LHOH ]X VFKHLWHUQ 0DFNHZLF] 3DUWQHU UDWHQGHVKDOE±ZLHDXFKVFKRQLQlKQOLFKHU:HLVH&KHVEURXJK &:HEHUXQG%:HEHU VRZLH+LOOHWDO ±]XHLQHUIRNXVVLHUWHQ6WUDWH JLH XQG 6WUXNWXU IU &9&(LQKHLWHQ 6LH XQWHUVFKHLGHQ LQ $EKlQJLJNHLW YRQ GHQ ZLFKWLJVWHQ

.HUQ]LHOHQ VHFKV *UXSSHQ YRQ &9&(LQKHLWHQ Ä,QQRYDWRUV³ Ä6DOHVSHRSOH³ Ä2EVHUYHU³ Ä5HQHZHU³(QWUHSUHQHXUV³XQGÄ,QYHVWRUV³ 'LH.HUQ]LHOHODVVHQVLFKLQVEHVRQGHUHLQ%H]XJ DXI GLH ,QWHUDNWLRQ PLW GHP 0XWWHUXQWHUQHKPHQ GHQ 5HLIHJUDG GHV QHZ YHQWXUHV GHQ,QYHVWLWLRQVKRUL]RQWXQG GLH3DUWQHUVFKDIWHQPLWDQGHUHQH[WHUQHQ,QYHVWRUHQGLIIHUHQ ]LHUHQ0DFNHZLF] 3DUWQHU RUGQHQGLHVH7\SHQMHQDFK*UDGGHU$EKlQJLJNHLWYRQ GHP0XWWHUXQWHUQHKPHQXQGGHQ.HUQ]LHOHQGHU&9&(LQKHLWMHZHLOVVRJHQDQQWHQDQJHPHV VHQHQ 2UJDQLVDWLRQVIRUPHQ ]X ]% *HVFKlIWVHLQKHLW *HPHLQVDPHU )RQGV H[WHUQH 9& (LQKHLW IXQG RI IXQG 6LH VWUHLFKHQ GLH %HGHXWXQJ GHU XQEHGLQJWHQ .RQVLVWHQ] ]ZLVFKHQ =LHOHQ HLQHUVHLWV XQG 2UJDQLVDWLRQVVWUXNWXUHQ E]Z SUR]HVVHQ DQGHUHUVHLWV KHUDXV Ä>7@KH JRDOVDQGRUJDQL]DWLRQIRUPPXVWEHDOLJQHG³HEG $OOHUGLQJVYHUPHLGHQGLH$XWRUHQ]X VDJHQZHOFKHU$QVDW]GHQQQXQDPPHLVWHQ(UIROJYHUVSULFKW (LQH ZHJHQ LKUHU 4XDOLWlW HUZlKQHQVZHUWH GHXWVFKH $UEHLW VWDPPW YRQ 5DXVHU (U QLPPWDXVVFKOLHOLFKGLHLQWUDRUJDQLVDWLRQDOH'LPHQVLRQHLQHV&9&9RUKDEHQVLQGHQ%OLFN GK HU XQWHUVXFKW YRU GHP +LQWHUJUXQG SRWHQ]LHOOHU =LHONRQIOLNWH GLH =XVDPPHQDUEHLW YRQ &9&(LQKHLWXQG,QGXVWULHXQWHUQHKPHQE]ZGHQMHZHLOLJHQVWUDWHJLVFKHQ*HVFKlIWVHLQKHLWHQ LP,QYHVWLWLRQVSUR]HVV,Q)RUPHLQHUH[SORUDWLYHQNRPSDUDWLYHQ)DOOVWXGLHQDQDO\VHEHLGHUHU GHQ 5%9 GHQ .%9 GLH VRFLDO FDSLWDO XQG 6R]LDOH 1HW]ZHUNWKHRULH VRZLH GLH 3ULQFLSDO $JHQW7KHRULHDOVP|JOLFKH(UNOlUXQJVDQVlW]HKHUDQ]LHKWJHKW5DXVHUVHLQHP]HQWUDOHQ)RU VFKXQJVDQOLHJHQQDFKÄZLHHVGHQ&9&(LQKHLWHQJHOLQJWLQWHUHVVDQWH*HVFKlIWVHLQKHLWHQGHV .RQ]HUQVLQGHQ,QYHVWLWLRQVSUR]HVV]XLQWHJULHUHQXPHLQHUVHLWV=XJDQJ]XGHPGRUWYRUKDQ GHQHQ :LVVHQ XQG GHQ 7HFKQRORJLHQ ]X HUKDOWHQ JOHLFK]HLWLJ DEHU DXFK GHQ XQWHUQHKPHUL VFKHQ*HLVWVRZLHGLH,QQRYDWLRQVNUDIWGHU6WDUWXS8QWHUQHKPHQLQGLH*HVFKlIWVHLQKHLWHQ]X WUDQVIHULHUHQ³HEG (UZHLVWGDEHLDXIGDVEHUHLWVDQJHVSURFKHQH3DUDGR[RQKLQGDVVGLH &9&(LQKHLWHQGLHVWUDWHJLVFKHQ*HVFKlIWVHLQKHLWHQ]XU=XVDPPHQDUEHLW]X=XJHVWlQGQLVVHQ XQG HLQHP QDFKKDOWLJHQ &RPPLWPHQW EHZHJHQ PVVHQ ZlKUHQG VLH JOHLFK]HLWLJ ZHGHU DXI +LHUDUFKLHQ RGHU :HLVXQJVEHIXJQLVVH QRFK DXI DQJHPHVVHQH $QUHL]V\VWHPH XQG 6DQNWLRQV PHFKDQLVPHQ]XUFNJUHLIHQN|QQHQ 'LHDXVGHUNRPSDUDWLYHQ)DOODQDO\VHJHQHULHUWHQYRUOlXILJHQ+\SRWKHVHQNRQIURQWLHUWHUPLW GHQHQWVSUHFKHQGHQ(PSIHKOXQJHQGHUYRQLKPKHUDQJH]RJHQHQ/LWHUDWXUXQGNRPPW]XGHP (UJHEQLVÄGDVVGLHEHUHLWVH[LVWLHUHQGHQ.RQ]HSWHQLFKWLQGHU/DJHVLQGGLHLP5DKPHQGHU )DOOVWXGLHQDQDO\VHJHZRQQHQHQ(UNHQQWQLVVHDXVUHLFKHQG]XHUNOlUHQ³HEG 0LWGHPYRQ LKP HQWZLFNHOWHQ .RQ]HSW ]XP 0DQDJHPHQW GHU LQWUDRUJDQLVDWLRQDOHQ =XVDPPHQDUEHLW ]ZL

VFKHQ &9&(LQKHLW XQG VWUDWHJLVFKHQ *HVFKlIWVHLQKHLWHQ NRPPW HU ± lKQOLFK ZLH GLH EHUHLWV REHQHUZlKQWHQ$XWRUHQ±]XGHUQLFKWQHXHQ)RUGHUXQJÄQDFKHLQHU9HUNQSIXQJ]ZLVFKHQ GHQ,QYHVWLWLRQVPRWLYHQGHUNRUUHVSRQGLHUHQGHQRUJDQLVDWLRQDOHQ(LQEHWWXQJGHU&9&(LQKHLW VRZLHGHUH[SOL]LWHQ,QYROYLHUXQJGHU*HVFKlIWVHLQKHLWHQLP,QYHVWLWLRQVSUR]HVV³HEG %LUNLQVKDZHWDOKDEHQHLQHDXVIKUOLFKHLQWHUQDWLRQDOH6WXGLHGXUFKJHIKUW'DEHLXQWHUWHL OHQVLHGLH&9&(LQKHLWHQJHPlLKUHUÄRYHUULGLQJLQYHVWPHQWREMHFWLYHV³ LQYLHU 7\SHQ ÄH[WHUQDO ILQDQFLDOV³ ZHOFKH LQ H[WHUQH *HVFKlIWVRSSRUWXQLWlWHQ EHUZLHJHQG DXV *UQGHQGHUILQDQ]LHOOHQ5HQGLWHIUGDV0XWWHUXQWHUQHKPHQLQYHVWLHUHQ ÄH[WHUQDOVWUDWH JLFV³GLHDXVVWUDWHJLVFKHQ(UZlJXQJHQKHUDXVLQH[WHUQH,QYHVWPHQWRSSRUWXQLWlWHQLQYHVWLH UHQ ÄLQWHUQDO JURZWK³ GLH EHL LKUHQ ,QYHVWLWLRQHQ LQ LQWHUQH *HVFKlIWVRSSRUWXQLWlWHQ :DFKVWXPV]LHOH RGHU DQGHUHQ LQWHUQH *UQGH YHUIROJHQ XQG ÄLQWHUQDO VSLQRXWV³ GLH LQ LQWHUQH ,QYHVWPHQWRSSRUWXQLWlWHQ LQYHVWLHUHQ XP LQWHOOHNWXHOOHP (LJHQWXP ]XP 'XUFKEUXFK ]X YHUKHOIHQ VRZLH VROFKH *HVFKlIWVEHUHLFKH DXV]XJOLHGHUQ VSLQRXW GLH QLFKW PHKU OlQJHU ]XP.HUQJHVFKlIWGHV0XWWHUXQWHUQHKPHQVSDVVHQ(LQVLKUHU+DXSWHUJHEQLVVHLVWGDVV&9& (LQKHLWHQ VRZRKO YRP 0XWWHUNRQ]HUW XQDEKlQJLJ DOV DXFK LQ LKQ HLQJHEXQGHQ VHLQ PVVHQ DOOHUGLQJV JHOWH IU VHKU MXQJH &9&(LQKHLWHQ GDVV ÄLQGHSHQGHQFH LV PRUH LPSRUWDQW WKDQ LQWHJUDWLRQ³HEG 'HV:HLWHUHQIDVVHQVLH]XVDPPHQÄ>7@KHUHLVDFOHDUDQGVLJQLILFDQW WUHQGWKDWHTXDWHVJUHDWHULQGHSHQGHQFHLQIXQGLQJZLWKVXSHULRUSHUIRUPDQFH³HEG 'LH $XWRUHQ VWHOOHQ NHLQH HLQGHXWLJH 9HUELQGXQJ KHU ]ZLVFKHQ =LHOHQ HLQHUVHLWV XQG 6WUXNWXUHQ XQG 3UR]HVVHQ DQGHUHUVHLWV PDFKHQ MHGRFK $QGHXWXQJHQ LQ GLHVH 5LFKWXQJ 6R HUNOlUHQ VLH EHLVSLHOVZHLVHGDVVÄLIWKHYHQWXUHXQLWLVDWWHPSWLQJWRGHYHORSVWUDWHJLFRSWLRQVIRULWVSDUHQW FRPSDQ\ LW VKRXOG ± DOO HOVH EHLQJ HTXDO ± QRW FUHDWH VWURQJ OLQNDJHV WR LWV EXVLQHVV XQLWV³ HEG 'LH GUHL XQWHUVFKLHGOLFKHQ LQ GHU /LWHUDWXU SUlVHQWLHUWHQ 7\SHQ YRQ .DWHJRULHQ ZHUGHQ KLHU ]XVDPPHQJHIKUWXQGLQ%H]XJJHVHW]W]XGHULQXQVHUHU6WXGLH]XGHXWVFKHQ&9&3UDNWLNHQ YHUZHQGHWHQ .DWHJRULVLHUXQJ VLHKH $EELOGXQJ 'LH KRUL]RQWDOH $FKVH LQ GHU $EELOGXQJ UHSUlVHQWLHUW GLH EHUJHRUGQHWHQ ,QYHVWLWLRQV]LHOH VWUDWHJLVFK YHUVXV ILQDQ]LHOO 'LHVH $FKVH LVW LGHQWLVFK PLW GHQ 'LPHQVLRQHQ YRQ &KHVEURXJK XQG NRUUHVSRQGLHUW LQ 7HLOHQ PLW GHQ'LPHQVLRQHQYRQ0DFNHZLF] 3DUWQHU ÄNLQGRIJRDO³ %LUNLQVKDZHWDO YHUZHQGHQHLQH%DQGEUHLWHYRQ'LPHQVLRQHQXPLKUHYLHU,QYHVWLWLRQVW\SHQ]XGLIIHUHQ]LHUHQ

'LHPHLVWHQXQWHUVXFKWHQ&9&VVLQGLQGHQ86$.DQDGDXQG(XURSDDQJHVLHGHOW

GHQN|QQHQ'LHYRQ&KHVEURXJK HQWZLFNHOWHQYLHU7\SHQNRPPHQXQVHUHU.DWHJRUL VLHUXQJDPQlFKVWHQ 3URSRVLWLRQHQ (LQHUVHLWV KDEHQ *RPSHUV XQG /HUQHU KHUDXVJHDUEHLWHW GDVV &9&3URJUDPPH PLW HLQHP VWDUNHQ VWUDWHJLVFKHQ )RNXV ± DQGHUV DOV VROFKH RKQH GLHVHQ )RNXV ± EHVRQGHUV VWDELO VFKHLQHQ 'LH (UJHEQLVVH YRQ 6LHJHO HW DO ]HLJHQ DQGHUHUVHLWV GDVV &9&V GLH ILQDQ ]LHOOH=LHOHLQGHQ9RUGHUJUXQGVWHOOHQK|KHUH5HQGLWHQHUZLUWVFKDIWHQXQGVWUDWHJLVFKJHQDX VRHUIROJUHLFKVLQGZLHVROFKH&9&VGLHVWUDWHJLVFKH=LHOHSUlIHULHUHQ$XIEDXHQGDXIGLHVHQ ELVKHULJHQ )RUVFKXQJVHUJHEQLVVHQ ODXWHW XQVHUH 3URSRVLWLRQ ZLH IROJW (LQ NODUHU ,QYHVWPHQW IRNXV±VHLHUEHUZLHJHQGILQDQ]LHOORGHUEHUZLHJHQGVWUDWHJLVFKDXVJHULFKWHW±LVWHUIROJ UHLFKHUDOVHLQLQGLIIHUHQWHUJOHLFKJHULFKWHWHU,QYHVWPHQWIRNXV 3URSRVLWLRQ-HNODUHUGHU,QYHVWLWLRQVIRNXVGHV&9&3URJUDPPVLVWGHVWRJU|HUZLUGGHU VWUDWHJLVFKHXQGILQDQ]LHOOH(UIROJGHV&9&3URJUDPPVVHLQ =XVlW]OLFKOlVVWVLFK)ROJHQGHVEHREDFKWHQ GLH(UIROJVUDWHNODVVLVFKHUHUIDKUHQHU9&VGLHDXVVFKOLHOLFKDXIILQDQ]LHOOH=LHOHRULHQ WLHUWVLQGLVWWHQGHQ]LHOOK|KHUDOVGLHYRQ&9&V DXIODQJH6LFKWNDQQHLQ,QYHVWPHQWQXUGDQQDOVVWUDWHJLVFKHU(UIROJEH]HLFKQHWZHUGHQ ZHQQHVDXFKILQDQ]LHOOKDOWEDURGHUHUIROJUHLFKLVW MHGH*HVFKlIWVHLQKHLWPXVV]XPILQDQ]LHOOHQ(UIROJGHU*HVDPWRUJDQLVDWLRQEHLWUDJHQXP LKUH([LVWHQ]ODQJIULVWLJ]XUHFKWIHUWLJHQ*OHLFK]HLWLJVLQG&9&(LQKHLWHQ±DXIGLHHLQH RGHU DQGHUH $UW ± DQ LKUHQ 0XWWHUNRQ]HUQ JHEXQGHQ XQG PVVHQ GHVVHQ ,QWHUHVVHQ XQG VWUDWHJLVFKH2ULHQWLHUXQJLQDOOLKUHP7XQSHUPDQHQWEHUFNVLFKWLJHQ'HVKDOEN|QQWHVLFK HLQEHUZLHJHQGILQDQ]LHOODXVJHULFKWHWH$QVDW]LQVJHVDPWDOVRVRZRKOLQILQDQ]LHOOHUZLH DXFK LQ VWUDWHJLVFKHU +LQVLFKW DOV HUIROJUHLFKHU HUZHLVHQ DOV HLQ EHUZLHJHQG VWUDWHJLVFK RULHQWLHUWHU$QVDW] 6LHJHOHWDO XQG%LUNLQVKDZHWDO IDQGHQKHUDXVGDVVRUJDQLVDWLRQDOXQDEKlQJL JH&9&VILQDQ]LHOOHUIROJUHLFKHUVLQGDOVZHQLJHUXQDEKlQJLJH&9&V%LUNLQVKDZHWDOHUNOl

'HU=XVDW]ÄEHUZLHJHQG³VROOGHXWOLFKPDFKHQGDVV&9&V±DQGHUVDOVXQDEKlQJLJH9&V±LPPHUDXFKGLH ]ZHLWH=LHORULHQWLHUXQJ±HQWVSUHFKHQGGDQQVWUDWHJLVFKRGHUILQDQ]LHOO±LP+LQWHUNRSIKDEHQPVVHQ

UHQGDVVMXQJH&9&(LQKHLWHQHLQH'LVWDQ]]ZLVFKHQVLFKVHOEVWXQGLKUHQMHZHLOLJHQ0XWWHU XQWHUQHKPHQVFKDIIHQVROOWHQÄWKURXJKDVHSDUDWHIXQGDKLJKOHYHORIGHFLVLRQPDNLQJDXWR QRP\VWURQJOLQNVWRWKH9&FRPPXQLW\DQGLQFHQWLYHVEDVHGRQFDUULHGLQWHUHVWDQGERQX VHV³ 0DFNHZLF] 3DUWQHU EHULFKWHQHEHQIDOOVGDVV([SHUWHQRUJDQLVDWLRQDOH 8QDEKlQJLJNHLWDOVZLFKWLJVWHV.ULWHULXPIUGHQ&9&(UIROJHUDFKWHWKlWWHQ'LHVH%HKDXS WXQJZLUGLQLKUHU6WXGLHMHGRFKZHGHUJHWHVWHWQRFKDQGHUZHLWLJEHOHJW$XIGHU%DVLVXQVHUHU 'DWHQNDQQGLH9DOLGLWlWGLHVHU%HKDXSWXQJEHUSUIWZHUGHQXQG]ZDULQGHP]ZHL9DULDEOHQ XQWHUVXFKWZHUGHQGLHVRZRKOYRQ6LHJHOHWDO DOVDXFKYRQ%LUNLQVKDZHWDO YHUZHQGHW ZXUGHQ XP RUJDQLVDWLRQDOH 8Q $EKlQJLJNHLW DE]XELOGHQ (QWVFKHLGXQJVDXWRQR PLHGHU&9&(LQKHLWVRZLHGLH)RQGVVWUXNWXU 3URSRVLWLRQ D -H JU|HU GLH (QWVFKHLGXQJVDXWRQRPLH GHU &9&(LQKHLW LVW GHVWR HUIROJUHL FKHUZLUGGDV&9&3URJUDPPVHLQ 3URSRVLWLRQ E -H JU|HU GDV ILQDQ]LHOOH &RPPLWPHQW GHV 0XWWHUNRQ]HUQV ]X VHLQHU &9& (LQKHLWLVWGHVWRHUIROJUHLFKHUZLUGGDV&9&3URJUDPPVHLQ $EELOGXQJIDVVWLQHLQIDFKHU)RUP]XVDPPHQZHOFKH$UWHQYRQ&9&3URJUDPPHQDOVGLH PLWGHPODQJIULVWLJK|FKVWHQ(UIROJVSRWHQ]LDOEHWUDFKWHWZHUGHQN|QQHQ(VZLUGGHXWOLFKGDVV GLH &9&V GLH HLQH YHUJOHLFKVZHLVH XQDEKlQJLJH 2UJDQLVDWLRQVVWUXNWXU DXIZHLVHQ XQG EHU ZLHJHQGILQDQ]LHOOH=LHOHYHUIROJHQDXVGHQREHQJHQDQQWHQ*UQGHQDOVGLHPLWGHPK|FK VWHQ 3RWHQ]LDO DQJHVHKHQ ZHUGHQ ODQJIULVWLJ HUIROJUHLFK ]X ZHUGHQ 'LH &9&V GHQHQ GDV JHULQJVWH3RWHQ]LDO]XJHVSURFKHQZLUGVLQGVROFKHGLHEHUZLHJHQGILQDQ]LHOOH=LHOHYHUIRO JHQXQGJOHLFK]HLWLJLQRUJDQLVDWLRQDOHU+LQVLFKWLQVWDUNHU$EKlQJLJNHLW]XLKUHP0XWWHUNRQ ]HUQVWHKHQGDGLHEHLGHQ&KDUDNWHULVWLNDDOVZLGHUVSUFKOLFKXQGGDPLWDOVQLFKW]XUJOHLFKHQ =HLWHUUHLFKEDUDQJHVHKHQZHUGHQ

'LH 9DOLGLWlW XQG GLH 5HOLDELOLWl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lQJLJHQ9&VLQ'HXWVFKODQGYHUJOHLFKHQ]X N|QQHQ ZXUGH ]XU -DKUHVZHQGH GHU JOHLFKH )UDJHERJHQ DQ DOOH GHXWVFKHQ 9&V YHUVDQGW GLH HLQHQ ,QYHVWLWLRQVVFKZHUSXQNW LQ GHU )UKSKDVHQILQDQ]LHUXQJ KDWWHQ 9RQ GHQ ]XGLHVHP=HLWSXQNWLGHQWLIL]LHUWHQ9&VPLW)UKSKDVHQ)RNXVVDQGWHQLKUHQDXVJHIOO WHQ )UDJHERJHQ ZLHGHU ]XUFN 5FNODXITXRWH (LQLJH +DXSWPHUNPDOH GLHVHU 6WLFK SUREH ZXUGHQ PLW GHQ 6WDWLVWLNHQ GHV %XQGHVYHUEDQGHV 'HXWVFKHU .DSLWDOEHWHLOLJXQJVJHVHOO VFKDIWHQ%9. YHUJOLFKHQGHPQDKH]XDOOH9&VLQ'HXWVFKODQGDQJHK|UHQ'LHVHU9HUJOHLFK GLHQWH GD]X GLH 5HSUlVHQWDWLYLWlW XQVHUHU 6WLFKSUREH IU GHQ GHXWVFKHQ 9&*HVDPWPDUNW HLQVFKlW]HQ ]X N|QQHQ (V VWHOOWH VLFK KHUDXV GDVV GLH 9&V XQVHUHU 6WLFKSUREH JU|HUH )RQGV XQG JU|HUH 3RUWIROLRV YHUZDOWHQ XQG K|KHUH GXUFKVFKQLWWOLFKH ,QYHVWLWLRQVVXPPHQ EHUHLWVWHOOHQDOVGHU%9.'XUFKVFKQLWW'LHVOLHYHUPXWHQGDVVGLH9&VXQVHUHU6WLFKSUR EHHKHUGLHJU|HUHQXQGYHUPXWOLFKDXFKEHGHXWHQGHUHQ9&VLPGHXWVFKHQ0DUNWGDUVWHOOHQ ZDVDXFKGHU5HDOLWlWHQWVSUDFK'DVGXUFKVFKQLWWOLFKH*UQGXQJVMDKUZDUGDPLWZDUHQ GLH9&VLP6FKQLWW]ZHL-DKUHlOWHUDOVGLH&9&V 'LH DQDO\VLHUWHQ &9&V GHU HUVWHQ (UKHEXQJVZHOOH EHLQKDOWHWHQ DOOH ]X GLHVHP =HLWSXQNW ZLFKWLJHQ6SLHOHUDXIGHPGHXWVFKHQ&9&0DUNW:LUYHUJOLFKHQXQVHUH'DWHQPLWGHQHQGHU UHODWLY MXQJHQ 6WXGLH YRQ 0DFNHZLF] 3DUWQHU GLH EHUHLWV &9&V LQ 'HXWVFKODQG EHIUDJHQ NRQQWHQ 'HU 9HUJOHLFK HUJDE HLQH UHODWLYH hEHUHLQVWLPPXQJ EHLGHU 6DPSOHV WURW] GHV QLFKW XQHUKHEOLFKHQ 8QWHUVFKLHGV KLQVLFKWOLFK XQVHUHU (UKHEXQJV]HLWSXQNWH 'DV GXUFK VFKQLWWOLFK LQYHVWLHUWH )RQGVYROXPHQ LQ XQVHUHU 6WLFKSUREH ODJ PLW 0LR (XUR SUR &9& QDKHDQGHPYRQ0DFNHZLF] 3DUWQHU EHULFKWHWHQ:HUWYRQ0LR(XURSUR&9&

)UHLQHQGHWDLOOLHUWHQ9HUJOHLFKXQVHUHV6DPSOHPLWGHQ%9.6WDWLVWLNHQVLHKH&:HEHU'LHUNHV

9HUOlVVOLFKH,QIRUPDWLRQHQ]XP)RQGVYROXPHQZDUHQLQEHLGHQ6WXGLHQVFKZHU]XHUKDOWHQGDYLHOH&9&V QLFKWDXVHLQHPNODUGHILQLHUWHQ)RQGVLQYHVWLHUHQ

0DFNHZLF] 3DUWQHU QDQQWHQ HLQHQ 'XUFKVFKQLWWVZHUW YRQ 3RUWIROLRILUPHQ SUR &9& ZlKUHQG XQVHUH 'DWHQ GXUFKVFKQLWWOLFK 3RUWIROLRILUPHQ SUR &9& DXVZHLVHQ 'LHVH =DKOHQZHUGHQMHGRFKGXUFKH[WUHPJURH3RUWIROLRVYRQGUHL&9&VYHU]HUUW'HVKDOEVFKHLQW KLHU GHU 0HGLDQ GHU JHHLJQHWHUH :HUW ]X VHLQ XP GLH 1RUP LP GHXWVFKHQ &9&*HVFKlIW DE]XELOGHQ'HPQDFKKDWHLQ&9& HKHU0LR(XURLQYHVWLHUWXQGQHXQ3RUWIROLRILUPHQLQ VHLQHP3RUWIROLR/HLGHUOLHHQVLFKNHLQHUOHL9HUJOHLFKVGDWHQIUGHQ0HGLDQILQGHQ %HVFKUlQNXQJHQXQVHUHU6WXGLHE]ZGHU(UKHEXQJHUJHEHQVLFKDXV]ZHL)DNWHQ(UVWHQVZDU GHU&9&0DUNWLQ'HXWVFKODQG]XP=HLWSXQNWGHU(UKHEXQJQDFKZLHYRUQRFKYHUJOHLFKVZHL VHMXQJ=ZHLWHQVKDWGHU(LQEUXFKDXIGHPÄ1HXHQ0DUNW³LQGLH([LWSHUVSHNWLYHQIU 9&ILQDQ]LHUWH-XQJXQWHUQHKPHQELVKHXWHHUKHEOLFKUHGX]LHUW'LHVH]ZHL8PVWlQGHEHGHXWH WHQGDVVHLQLJHGHU,QWHUYLHZSDUWQHUQRFK QLFKWLQGHU/DJHZDUHQ)UDJHQ]XLKUHPVWUDWHJL VFKHQ RGHU ILQDQ]LHOOHQ (UIROJ ]X EHDQWZRUWHQ 'LH 7HLOQHKPHU E]Z GLH &9&3URJUDPPH ZDUHQ]XP=HLWSXQNWGHU(UKHEXQJHQWZHGHUQRFKQLFKWODQJHJHQXJDP0DUNWXQGRGHUGLH 0DUNWEHGLQJXQJHQKDWWHQELVKHUNHLQHRGHUQXUZHQLJH([LWVLKUHU%HWHLOLJXQJHQHUP|JOLFKW

0DH

'LH IROJHQGHQ 0DH EDVLHUHQ EHUZLHJHQG DXI 0DHQ DXV YRUDQJHJDQJHQHU YHUJOHLFKEDUHU )RUVFKXQJ6LHZXUGHQXDYRQ6LHJHOHWDO XQG6FKZHHQ EHUQRPPHQ7HLO ZHLVHZXUGHQQHXH0DHKLQ]XJHIJWXP,WHPVDE]XGHFNHQGLHELVKHULQGHU/LWHUDWXUQLFKW RGHUQLFKWDQJHPHVVHQDEJHKDQGHOWZXUGHQ %HGHXWXQJILQDQ]LHOOHUYHUVXVVWUDWHJLVFKHU=LHOHDOV0DIU3URILWYHUVXV6WUDWHJLHRULHQ WLHUXQJE]ZVWUHEHQYRQ&9&(LQKHLWHQ:LUPDHQGLH%HGHXWXQJGLHVHUEHLGHQ7\SHQ YRQ =LHOHQ DXI HLQHU IQIVWXILJHQ /LNHUW6NDOD YRQ ÄDXVVFKOLHOLFK ILQDQ]LHOOH =LHOH³ ELVÄDXVVFKOLHOLFKVWUDWHJLVFKH=LHOH³ GLHZLU6FKZHHQ HQWQDKPHQ

%HGHXWXQJYRQ,QYHVWLWLRQVNULWHULHQDOV0DIUSURILWYHUVXVVWUDWHJLHJHWULHEHQH,QYHVWLWL RQVHQWVFKHLGXQJHQGHU&9&V'LH$QWZRUWHQGHU7HLOQHKPHU]HLJWHQDQZHOFKH$VSHNWH XQG 'LPHQVLRQHQ IU VLH EHL GHU ,QYHVWLWLRQVHQWVFKHLGXQJ LQ SRWHQ]LHOOH 3RUWIROLRILUPHQ YRQ%HGHXWXQJZDUHQ*OHLFK]HLWLJGLHQWHQVLHDOV.RQWUROOIUDJHQIUGLHYRUDQJHJDQJHQH )UDJHVWHOOXQJ,QVJHVDPWZXUGHQSRWHQ]LHOOH,QYHVWLWLRQVNULWHULHQDXIHLQHU6NDODYRQ ÄNHLQH %HGHXWXQJ³ ELV ÄVHKU JURH %HGHXWXQJ³ DEJHIUDJW (LQLJH GLHVHU .ULWHULHQ ZXUGHQYRQ0DF0LOODQHWDO HLQJHIKUWDQGHUHYRQ6FKZHHQ 'LHDFKW]X VlW]OLFKHQ .ULWHULHQ GLH VSH]LHOO XQG DXVVFKOLHOLFK DXI &9&V JHULFKWHW ZDUHQ ZDUHQ

PDFKHQ'LHLQWHUQDOUDWHRIUHWXUQ,55 ±HLQHJHOlXILJH.HQQ]LIIHULQGHU9&%UDQFKH± ZXUGH DXI %DVLV HLQHU IQIVWXILJHQ /LNHUW6NDOD JHPHVVHQ GLH YRQ HLQHU QHJDWLYHQ ,55 ELV]XHLQHU,55YRQEHUUHLFKWH$XFKGLHVH6NDODZXUGHDXVGHQJOHLFKHQREHQDQ JHIKUWHQ*UQGHQXPHLQHVHFKVWH'LPHQVLRQÄ]XIUKXPEHUHLWVHLQH$XVVDJHPDFKHQ ]XN|QQHQ³ HUZHLWHUW/HLGHUH[LVWLHUHQIUGLH86DPHULNDQLVFKHQ&9&VNHLQHH[DNWYHU JOHLFKEDUHQ'DWHQ$XFKKLHUZXUGHHLQDULWKPHWLVFKHV0LWWHOEHUHFKQHWXPHLQHQ]XPLQ GHVW DQQlKHUQGHQ 9HUJOHLFK PLW GHQ (UJHEQLVVHQ YRQ 6FKZHHQ XQG 6LHJHO HW DO ]XHUP|JOLFKHQ (UJHEQLVVH 'LH(UJHEQLVVHEHLGHU(UKHEXQJVZHOOHQ]XGHQ&9&VLQ'HXWVFKODQGZHUGHQKLHULQGHU:HLVH GDUJHVWHOOWGDVVVLHPLWDQGHUHQGHXWVFKHQXQGDPHULNDQLVFKHQ&9&6WXGLHQYHUJOLFKHQZHU GHQ N|QQHQ 'HU HUVWH 7HLO EHVFKlIWLJW VLFK PLW VWUXNWXUHOOHQ XQG VWUDWHJLVFKHQ $VSHNWHQ GHV GHXWVFKHQ&9&0DUNWHVXPHLQHQ%HLWUDJGD]X]XOHLVWHQGLHHLQJDQJVDXIJHZRUIHQHQQDFK ZLH YRU RIIHQHQ )UDJHQ LQ GLHVHP )RUVFKXQJVIHOG ]X EHDQWZRUWHQ ,P ]ZHLWHQ 7HLO ZHUGHQ XQVHUHGHXWVFKHQ(UJHEQLVVHPLWGHQHQHLQHUGHXWVFKHQHLQHUDPHULNDQLVFKHQXQGHLQHULQWHU QDWLRQDOHQ6WXGLHYHUJOLFKHQ

2UJDQLVDWLRQDOHVWUXNWXUHOOHXQGVWUDWHJLVFKH$VSHNWH

'HU HUVWH 7HLO OLHIHUW ,QIRUPDWLRQHQ ]X VWUDWHJLVFKHQ =LHOHQ ,QYHVWLWLRQVNULWHULHQ (QWVFKHL GXQJVDXWRQRPLHVRZLHGHUVWUDWHJLVFKHQXQGILQDQ]LHOOHQ=LHOHUUHLFKXQJ 6WUDWHJLVFKHXQGILQDQ]LHOOH=LHOH 9RQGHQEHIUDJWHQ&9&VJDEHQDQEHUZLHJHQGVWUDWHJLVFKH=LHOH]XYHUIROJHQ IRNXVVLHUWHQDXIILQDQ]LHOOH=LHOHXQGVWUHEWHQILQDQ]LHOOHXQGVWUDWHJLVFKH=LHOHJOHLFKHU PDHQDQVLHKH7DEHOOH

7DEHOOH

=LHOHYRQ&9&3URJUDPPHQ

=LHOH

6FKZHHQ LQ

&:HEHU%:HEHU LQ

0DFNHZLF] 3DUWQHU LQ

$XVVFKOLHOLFKVWUDWHJLVFK

±

hEHUZLHJHQGVWUDWHJLVFK

6WUDWHJLVFKXQGILQDQ]LHOO

hEHUZLHJHQGILQDQ]LHOO $XVVFKOLHOLFKILQDQ]LHOO *HVDPW

'LH(UJHEQLVVHXQVHUHU6WXGLHXQWHUVFKHLGHQVLFKUHFKWDXIIlOOLJYRQGHQHQ6FKZHHQV GHU KHUDXVIDQG GDVV GHU YRQ LKP EHIUDJWHQ &9&(LQKHLWHQ VWUDWHJLVFKH =LHOH YHUIROJWHQ XQG ]ZHL ILQDQ]LHOOH XQG VWUDWHJLVFKH =LHOH JOHLFKHUPDHQ 0DFNHZLF] 3DUWQHU EHULFKWHQGDVVGHUYRQLKQHQEHIUDJWHQ&9&(LQKHLWHQVWUDWHJLVFKH=LHOH EHUZLHJHQGRGHUDXVVFKOLHOLFKIRNXVVLHUHQXQGEHUZLHJHQGRGHUDXVVFKOLHOLFKILQDQ ]LHOOH=LHOHYHUIROJHQ/HLGHUKDEHQZHGHU6LHJHOHWDO QRFK%LUNLQVKDZHWDO HLQHSDUDOOHOH)UDJHJHVWHOOWVRGDVVXQVHUHGHXWVFKHQ'DWHQGLUHNWQXUPLWDQGHUHQGHXWVFKHQ 6WXGLHQYHUJOLFKHQZHUGHQN|QQHQ 1LFKWVGHVWRWURW]VLQGLQGLUHNWH9HUJOHLFKHPLW GHQLQWHUQDWLRQDOHQ 6WXGLHQ P|JOLFK 6LHJHO HW DO NDPHQDXIJUXQGGHU$QWZRUWHQ]XHLQHUlKQOLFKHQ)UDJH]XGHP6FKOXVVGDVVGHU UHWXUQ RQ LQYHVWPHQW GDV IU GLH &9&(LQKHLWHQ EHGHXWHQGVWH =LHO GDUVWHOOW 'XUFKVFKQLWW 9RQGHQVWUDWHJLVFKHQ=LHOHQZDUGDVEHGHXWHQGVWHGLHÄH[SRVXUHWRQHZWHFKQRORJLHV DQGPDUNHWV³'XUFKVFKQLWW %LUNLQVKDZHWDO XQWHUVXFKWHQVLHEHQXQWHUVFKLHGOL FKH*UQGHIU,QGXVWULHXQWHUQHKPHQHLQ&9&3URJUDPP]XHWDEOLHUHQ$XIHLQHU6NDODYRQ ELV ZDU GHU EHGHXWHQGVWH *UXQG ÄWR OHDUQ IURP DQG GHYHORS VWUDWHJLF UHODWLRQVKLSV ZLWK SRUWIROLRFRPSDQLHV³ XQGGHU]ZHLWZLFKWLJVWHÄWRLQFUHDVHGHPDQGIRURXUSURGXFWVDQG VHUYLFHV³ %HLGHVVLQGHLQGHXWLJVWUDWHJLVFKH=LHOH'HU*UXQGDXVILQDQ]LHOOHQ(UZlJXQ JHQKHUDXVLQH[WHUQH6WDUWXSV]XLQYHVWLHUHQZLUGPLWGHXWOLFKQLHGULJHUEHZHUWHW

6LHJHO HW DO HUNOlUHQ MHGRFKGDVV ÄWKH KLJK VWDQGDUG GHYLDWLRQ IRU WKLVREMHFWLYH LQGLFDWHV WKDW WKHUHLV QRW KLJKFRQVHQVXVDVWRWKHLPSRUWDQFHRIWKLVREMHFWLYH,QIDFWQHDUO\RIWKHUHVSRQGHQWVOLVWHGUHWXUQRQ LQYHVWPHQWDVOHVVWKDQHVVHQWLDO³

'LHVH QLHGULJH %HZHUWXQJ N|QQWH EHUUDVFKHQ :LU JODXEHQ GDVV VLH PLW GHU $UW GHU )UDJHVWHOOXQJ YRQ %LUNLQVKDZHWDO]XVDPPHQKlQJWGLHHLQHH[WUHPHQJH)RUPXOLHUXQJZlKOWHQÄLQYHVWPHQWLQLQGHSHQGHQW

,QYHVWPHQWNULWHULHQ 'LH &9&V LQ XQVHUHU 6WXGLH QDQQWHQ Ä(LQ]LJDUWLJNHLW,QQRYDWLRQVJUDG GHV 3URGXNWV E]Z GHU 'LHQVWOHLVWXQJ³DOVGDVZLFKWLJVWH,QYHVWLWLRQVNULWHULXP'XUFKVFKQQLWWDXIHLQHU6NDODYRQ ELV 'LHGHXWVFKHQ9&VEHZHUWHWHQGLHVHV.ULWHULXPYHUJOHLFKEDUKRFKDOOHUGLQJVDXIGHU H[DNW JOHLFKHQ 6WXIH ZLH Ä(UZDUWHWH 5HQGLWH ]XP ([LW]HLWSXQNW³ XQG Ä%UDQFKHQHUIDK UXQJ0DUNWNHQQWQLV GHV 0DQDJHPHQWWHDPV³ VLHKH 7DEHOOH 'LH Ä)lKLJNHLW GHV 0DQDJH PHQWV KRFK TXDOLIL]LHUWH 0LWDUEHLWHU DQ]X]LHKHQ³ ZXUGH YRQ GHQ &9&V DQ ]ZHLWHU 6WHOOH JHQDQQW 'LHÄ(UZDUWHWH5HQGLWH]XP([LW]HLWSXQNW³ODJ]XVDPPHQPLWÄ%UDQFKHQHUIDK UXQJ0DUNWNHQQWQLV GHV0DQDJHPHQWWHDPV³ VRZLH Ä)KUXQJVTXDOLWlWGHV0DQDJHPHQWWHDPV³ GLUHNWGDKLQWHU 7DEHOOH

,QYHVWLWLRQVNULWHULHQYRQ&9&VXQGXQDEKlQJLJHQ9&V LP9HUJOHLFK

,QYHVWPHQWFULWHULD E\DYHUDJHOHYHORIVLJQLILFDQFH

6LHJHOHWDO

&:HEHU %:HEHU

&:HEHU %:HEHU

6FKZHHQ

±±±±±±

±±±±±

&9&V

9&V

9&V

&9&V

1

1

1

1

±±±±± ±±±±±

3URGXFW¶VXQLTXHQHVVRULQQRYDWLYHQHVV

0DQDJHPHQW¶VDELOLW\WRDWWUDFWDQGUHWDLQ KLJKO\TXDOLILHGHPSOR\HHV

±

([SHFWHGUHWXUQDWSRLQWRIH[LWIROG LQFUHDVHLQLQYHVWPHQWLQWR\HDUV

,QGXVWU\H[SHULHQFHPDQDJHPHQWWHDP¶V NQRZOHGJHRIWKHPDUNHW

4XDOLW\RIPDQDJHPHQWWHDP¶VOHDGHUVKLS

&RPSOHWHQHVVRIWKHPDQDJHPHQWWHDP

±

±

3RWHQWLDOVL]HDQGJURZWKRIWKHPDUNHW

$ELOLW\WRHYDOXDWHDQGUHDFWZHOOWRULVN

±

0DQDJHPHQWWHDPZLWKZKRPWKHÄFKHP LVWU\LVULJKW³3HUVRQDOLW\FRPSDWLEOHZLWK PLQH

0DQDJHPHQW¶VDELOLW\WRFRPPXQLFDWH

'HPRQVWUDEOHDFFHSWDQFHRIWKHSURGXFWLQ WKHPDUNHW

VWDUWXSVH[WHUQDOEXVLQHVVLGHDVSXUHO\DVILQDQFLDOLQYHVWPHQWV³+HUYRUKHEXQJLP2ULJLQDO XQG EHWUDFKWHQGDV$QWZRUWYHUKDOWHQGHU&9&VGDPLWDOVQDFKYROO]LHKEDU

0DQDJHPHQWWHDP¶VFRPSOHPHQWDULWLHV

±

(QWUHSUHQHXU¶VFDSDELOLW\RIVXVWDLQHG HIIRUW

±

±

$ELOLW\WRWDNHFULWLFLVP

±

±

7KRURXJKO\IDPLOLDUZLWKWKHSURGXFW

±

±

$ELOLW\WREXLOGFRQYH\RUUHWDLQDQ LPDJHRIWKHFRUSRUDWLRQDVDQLQQRYD WRU

±

±

±

5HSXWDWLRQRIWKHSRUWIROLRFRPSDQ\¶V SDUWQHUVRUFXVWRPHUV

±

±

0DQDJHPHQW¶VH[SHULHQFHZLWKQHZ YHQWXUHV

±

±

7UDFNUHFRUGUHOHYDQWWRWKHYHQWXUH

±

±

3RWHQWLDOVWUDWHJLFEXVLQHVVSDUWQHUVRU DOOLDQFHVIRUWKHFRUSRUDWHPRWKHU

±

±

([SHFWHGWLPHXQWLOSURGXFWLVUHDG\IRU WKHPDUNHWSURWRW\SHH[LVWV

3DWHQWSURWHFWLRQRIWKHSURGXFWV

±

3RWHQWLDOSRRORILGHDVIRUWKHSDUHQW FRPSDQ\

±

±

±

±

±

±

±

&XUUHQWYDOXDWLRQ ,PSRUWDQWPDUNHWIRUWKHSDUHQWFRP SDQ\

6DPHPDUNHWDVWKDWRIWKHSDUHQWFRP SDQ\

1RH[SHFWDWLRQRIUHOHYDQWFRPSHWLWLRQLQ ILUVW\UV

1RWH7KHQXPEHUVLQWKLVWDEOHLQGLFDWHWKHUDQNLQJRIWKHFULWHULD

$YHUDJHYDOXHVRQDVFDOHUDQJLQJIURPXQLPSRUWDQW WRYHU\LPSRUWDQW

$YHUDJHYDOXHVRQDVFDOHUDQJLQJIURPXQLPSRUWDQWWRYHU\LPSRUWDQW

$YHUDJHYDOXHVRQDVFDOHUDQJLQJIURPLUUHOHYDQW WRHVVHQWLDO

5HIHUVRQO\WR&9&V

'LHGUHL7RS3ULRULWlWHQGHU9&VZDUHQGHQHQGHU&9&VVHKUlKQOLFKÄ)KUXQJVTXDOLWlWGHV 0DQDJHPHQWWHDPV³ VWDQG DQ ]ZHLWHU XQG Ä)lKLJNHLW GHV 0DQDJHPHQWV KRFK TXDOLIL]LHUWH 0LWDUEHLWHUDQ]X]LHKHQ³DQGULWWHU6WHOOH,QVJHVDPWZXUGHQGLHVHFKVZLFKWLJVWHQ,QYHVWLWLRQV NULWHULHQYRQGHQ&9&VVRZLHGHQ9&VLQ'HXWVFKODQGVHKUlKQOLFKEHXUWHLOW'LHVOlVVWYHU PXWHQGDVV]ZLVFKHQGLHVHQEHLGHQ*UXSSHQNHLQHJUDYLHUHQGHQ8QWHUVFKLHGHLQGHU$XVZDKO LKUHU,QYHVWPHQWRSSRUWXQLWlWHQH[LVWLHUHQ&:HEHU'LHUNHV ,P*HJHQVDW]GD]XXQWHUVFKHLGHWVLFKGDV.ULWHULHQUDQNLQJLQGHU866WXGLHYRQ6LHJHOHWDO GHXWOLFK YRQ XQVHUHP 'DV PDJ ]XP HLQHQ DXI OHLFKW XQWHUVFKLHGOLFK DEJHIUDJWH E]Z WHLOZHLVHWDWVlFKOLFKDQGHUH.ULWHULHQ]XUFN]XIKUHQVHLQ(VLVWLQWHUHVVDQWIHVW]XVWHOOHQGDVV

LQ GHU 6WXGLH YRQ 6LHJHO HW DO HLQ 0DQDJHPHQWEH]RJHQHV .ULWHULXP ÄHQWUHSUHQHXU¶V FDSDELOLW\ RI VXVWDLQHG HIIRUW³ DQ HUVWHU 6WHOOH VWDQG ZRKLQJHJHQ EHL XQV HLQ 3URGXNW EH]RJHQHV .ULWHULXP GLH /LVWH DQIKUW 'LH &9&V EHL 6LHJHO HW DO EHZHUWHQ ZHLWHU ÄLQGXVWU\H[SHULHQFH³DOV]ZHLWZLFKWLJVWHVXQGÄDELOLW\WRHYDOXDWHDQGUHDFWZHOOWRULVN³DOV GULWWZLFKWLJVWHV.ULWHULXPHEHQIDOOV0DQDJHPHQWEH]RJHQH.ULWHULHQ6FKZHHQV6WXGLH ]HLJWHGDVVDXFKKLHUGLH&9&VYHUJOHLFKVZHLVHJHULQJHQ:HUWDXIILQDQ]LHOOH.ULWHULHQOHJWHQ VLHZXUGHQDXIGHQVLHEWHQ3ODW]YHUZLHVHQ'LHEHLGHQEHGHXWHQGVWHQ.ULWHULHQLQVHLQHU6WX GLH ZDUHQ HLQ 0DUNWEH]RJHQHV .ULWHULXP ÄSRWHQ]LHOOHV 0DUNWZDFKVWXP VRZLH 0DUNWJU|H³ XQG HLQ 0DQDJHPHQWEH]RJHQHV .ULWHULXP ÄGLH )lKLJNHLW 5LVLNR HLQ]XVFKlW]HQ XQG GDPLWXPJHKHQ]XN|QQHQ³ )RQGVVWUXNWXU GHUYRQXQVEHIUDJWHQ&9&VJDEHQDQDXVHLQHP)RQGV]XLQYHVWLHUHQE]ZDXIIUHLQHQ OlQJHUHQ=HLWUDXPIUHLYHUIJEDUHILQDQ]LHOOH0LWWHOIU,QYHVWLWLRQV]ZHFNH]XJUHLIHQ]XN|Q QHQHUNOlUWHQGDVVVLHQLFKWDXVGHUDUWLJGHILQLHUWHQ0LWWHOQLQYHVWLHUWHQVRQGHUQHKHUDG KRF*HOGHU]XU9HUIJXQJJHVWHOOWEHNlPHQVRIHUQNRQNUHWH,QYHVWLWLRQHQDQVWQGHQ 6LHJHO HW DO XQWHUWHLOWHQ LKUH $QWZRUWHQ LQ GUHL .DWHJRULHQ GHU &9&V LQ LKUHU 6WXGLH HUNOlUWHQ GDVV ÄD VHSDUDWH SRRO RI IXQGV LV VSHFLILFDOO\ HDUPDUNHG IRU YHQWXUH FDSLWDO LQYHVWPHQWRQDRQHWLPHEDVLV³ZHLWHUHLQYHVWLHUWHQDXVHLQHPÄVHSDUDWHSRRORIIXQGV ZKLFK LV VSHFLILFDOO\ HDUPDUNHG IRU 9& LQYHVWPHQWV RQ D SHULRGLFEDVLV³XQGJDEHQDQ LKUH'HDOVÄRQDQDGKRFEDVLV³]XILQDQ]LHUHQ'LHHUVWHQEHLGHQ.DWHJRULHQNRUUHVSRQGLHUHQ PHKU RGHU ZHQLJHU PLW XQVHUHU HUVWHQ .DWHJRULH XQG VLQG LQVRIHUQ WHLOZHLVH YHUJOHLFKEDU :HQQ PDQ GLHV DOV HLQHQ YDOLGHQ 9HUJOHLFK EHWUDFKWHW OlJH GHU $QWHLO GHU &9&V PLW HLQHU UHODWLYXQDEKlQJLJHQ*HOGTXHOOHPLWLQVJHVDPWLQGHQ86$K|KHUDOVLQ'HXWVFKODQG ,Q GHU LQWHUQDWLRQDOHQ 6WXGLH YRQ %LUNLQVKDZ HW DO YHUIJHQ GHU &9&(LQKHLWHQ HQWZHGHU EHU HLQHQ JHVFKORVVHQHQ )RQGV GHU YRP 0XWWHUNRQ]HUQ EHUHLWJHVWHOOW ZXUGH RGHU HLQHQ VHSDUDWHQ ÄSRW RIPRQH\ VHW DVLGH IRUFRUSRUDWH YHQWXULQJ³,Q GHU )lOOH ZLUG GDV *HOG DXI %DVLV LQWHUQHU 5HYLHZV ]XU 9HUIJXQJ JHVWHOOW ZDV EHGHXWHW GDVV MHGHV HLQ]HOQH ,QYHVWPHQWGXUFKHLQ5HYLHZ&RPPLWWHHEHJXWDFKWHWZLUGHEG 'LHVH=DKOHQVLQGXQVH UHQ(UJHEQLVVHQVHKUlKQOLFK

(QWVFKHLGXQJVDXWRQRPLH /HGLJOLFKGHU&9&(LQKHLWHQLQXQVHUHPGHXWVFKHQ6DPSOHJDEHQDQGDVV,QYHVWLWLRQV HQWVFKHLGXQJHQ LQQHUKDOE GHU &9&(LQKHLW HQWZHGHU JlQ]OLFK RGHU ]XPLQGHVW ELV ]X HLQHU JHZLVVHQ ,QYHVWLWLRQVVXPPH XQDEKlQJLJ YRP 0XWWHUNRQ]HUQ XQDEKlQJLJ JHWURIIHQ ZUGHQ :HLWHUHWUDIHQLKUH,QYHVWLWLRQVHQWVFKHLGXQJHQJHPHLQVDPXQGLQHQJHU$EVWLPPXQJPLW GHP0XWWHUNRQ]HUQ'LHYHUEOHLEHQGHQHUNOlUWHQGDVVVLH,QYHVWLWLRQVYRUVFKOlJHDQGHQ 0XWWHUNRQ]HUQUHLFKWHQZRGDQQMHGRFKGLH(QWVFKHLGXQJHQDOOHLQJHWURIIHQZUGHQ $XFK LQ GLHVHP )DOO XQWHUVFKLHGHQ VLFK LQ GHQ MHZHLOLJHQ 6WXGLHQ GLH )RUPXOLHUXQJHQ GHU )UDJHQ GHQQRFK VFKHLQW HLQ 9HUJOHLFK VLQQYROO XQG DXVVDJHIlKLJ bKQOLFK GHQ GHXWVFKHQ (UJHEQLVVHQIDQGHQ6LHJHOHWDO GDVVGHU0HKUKHLWLKUHUXQWHUVXFKWHQ&9&VHLQHJH ULQJH $XWRQRPLH LQ GHU )UDJH ]XJHVWDQGHQ ZLUG ZHOFKH ,QYHVWLWLRQHQ JHWlWLJW ZHUGHQ XQG ZHOFKH QLFKW :HQLJHU DPHULNDQLVFKH DOV GHXWVFKH &9&V HUNOlUWHQ GDV HLQH IRUPDOH %HZLOOLJXQJ E]Z =XVWLPPXQJ GXUFK GDV 0DQDJHPHQW GHV 0XWWHUXQWHUQHKPHQV IU DOOH'HDOVQRWZHQGLJVHLGHU&9&VLQGHU866WLFKSUREHJDEHQDQHLQHIRUPDOH%HZLOOL JXQJIU'HDOVEHUHLQHUEHVWLPPWHQ,QYHVWPHQWK|KH]XEHQ|WLJHQ/HGLJOLFKEUDXFKWHQ NHLQHUOHL %HZLOOLJXQJ RGHU =XVWLPPXQJ YRQ 6HLWHQ GHV 0XWWHUNRQ]HUQV VRQGHUQ NRQQWHQ JlQ]OLFKXQDEKlQJLJHQWVFKHLGHQ,Q'HXWVFKODQGZXUGHGLHVH)UHLKHLWOHGLJOLFKHLQHUHLQ]LJHQ &9&(LQKHLW]XJHVWDQGHQ $XFK%LUNLQVKDZHWDONDPHQ]XGHP5HVXOWDWGDVVJURH,QYHVWLWLRQVHQWVFKHLGXQJHQHLQHP VWDUNHQ (LQIOXVV GXUFK GHQ 0XWWHUNRQ]HUQ XQWHUOLHJHQ 6HOEVW EHL NOHLQHUHQ ,QYHVWPHQWV ÄWKH QRUPLVIRUWKHFRUSRUDWHYHQWXUHXQLW¶VGHFLVLRQVWREHUDWLILHGE\RUPDGHLQFRQVXOWDWLRQZLWK WKHSDUHQWFRPSDQ\³ 'LHVH(UJHEQLVVHOHJHQGHQ6FKOXVVQDKHGDVVGLH6LWXDWLRQ KLQVLFKWOLFK GHU (QWVFKHLGXQJVDXWRQRPLH LQ GHQ YRQ %LUNLQVKDZ HW DO XQWHUVXFKWHQ /lQGHUQ lKQOLFKLVWZLHLQ'HXWVFKODQG (UUHLFKXQJGHUVWUDWHJLVFKHQ=LHOH $XVVDJHQ]XP(UIROJPVVHQLQGLHVHU6WXGLHJUXQGVlW]OLFKYRUVLFKWLJLQWHUSUHWLHUWZHUGHQGD HV VLFK GDEHL XP (LJHQGDUVWHOOXQJHQ GHU &9&(LQKHLWHQ DOVR XP VXEMHNWLYH (LQVFKlW]XQJHQ KDQGHOW GHU &9&V LQ XQVHUHU 8QWHUVXFKXQJ JDEHQ DQ GDVV VLH LKUH VWUDWHJLVFKHQ =LHOH YROOVWlQGLJ RGHU EHUZLHJHQG HUUHLFKW KlWWHQ ZHLWHUH EHULFKWHWHQ VLH KlWWHQ LKUH =LHOH OHGLJOLFKLQ7HLOHQRGHUVRJDUEHUZLHJHQGQLFKWHUUHLFKW'LHYHUEOHLEHQGHQHUNOlUWHQLKUH

&9&(LQKHLW VHLHQ QRFK QLFKW ODQJH JHQXJ LP 0DUNW XP HLQH VROFKH $XVVDJH YHUELQGOLFK WUHIIHQ]XN|QQHQVLHKH7DEHOOH 7DEHOOH

(UUHLFKXQJGHUVWUDWHJLVFKHQ=LHOH $QJHJHEHQHV/HYHOGHU=LHOHUUHLFKXQJ

&9&(LQKHLWHQ

9ROOVWlQGLJHUUHLFKW

hEHUZLHJHQGHUUHLFKW

,Q7HLOHQHUUHLFKW

hEHUZLHJHQGQLFKWHUUHLFKW

*DUQLFKWHUUHLFKW

=XIUKXP$XVVDJH]XWUHIIHQ *HVDPW

.RQYHUWLHUW PDQ GLHVH :HUWH LQ HLQ DULWKPHWLVFKHV 0LWWHO DXI HLQHU 6NDOD YRQ ÄEHUKDXSW QLFKWHUUHLFKW³ ELVÄYROOVWlQGLJHUUHLFKW³ XPXQVHUH'DWHQPLWGHQHQYRQ6FKZHHQYHU JOHLFKEDU]XPDFKHQHUJLEWVLFKHLQ:HUWYRQ6FKZHHQV6WXGLHZHLVWHLQDULWKPHWLVFKHV 0LWWHO YRQ IU GLH Ä$OOJHPHLQH =XIULHGHQKHLW PLW GHU VWUDWHJLVFKHQ =LHOHUUHLFKXQJ³ DXV )UGHUYRQXQVXQWHUVXFKWHQ&9&VEHVWDQGGLHVWUDWHJLVFKH=LHOHUUHLFKXQJGDULQGDVVVLH VLFKPLWKLOIHGHV&9&3URJUDPPVQHXHVWUDWHJLVFKH*HVFKlIWVIHOGHUHU|IIQHQNRQQWHQH[SOR UDWLRQ 'LHYHUEOHLEHQGHQNRQQWHQGLHVH$UWGHV(UIROJHVQLFKWYHU]HLFKQHQ*HPlGHU $QJDEHQYRQGHUEHIUDJWHQ&9&VZXUGHQGXUFKGLH&9&$NWLYLWlWHQEHUHLWVEHVWHKHQGH *HVFKlIWVEHUHLFKH GHV 0XWWHUNRQ]HUQV JHVWlUNWH[SORLWDWLRQ LQVEHVRQGHUHGXUFK NQRZKRZ 7UDQVIHU VRZLH GXUFK 3DUWQHUVFKDIWHQ XQGRGHU .RRSHUDWLRQHQ ]ZLVFKHQ *HVFKlIWVEH UHLFKHQGHV0XWWHUXQWHUQHKPHQVXQGGHP-XQJXQWHUQHKPHQ (VLVWDXVGUHL*UQGHQVFKZLHULJXQVHUHGHXWVFKHQ'DWHQPLWGHQHQYRQ6LHJHOHWDO ]XYHUJOHLFKHQ6LHIUDJWHQ ]XP7HLOXQWHUVFKLHGOLFKH=LHOHGLHLQVWUDWHJLVFKHXQGILQDQ ]LHOOH =LHOH NDWHJRULVLHUW ZHUGHQ N|QQHQ XQG ZHQLJHU HLQ 0D GHU =LHOHUUHLFKXQJ DE DOV YLHOPHKU HLQ JHQHUHOOHV /HYHO DQ =XIULHGHQKHLW UHODWLY ]X GHQ ]XYRU JHQDQQWHQ =LHOHQ GHU &9&(LQKHLW ZDV GHQ *UDG GHU 6XEMHNWLYLWlW LQ GHU $EIUDJH QRFK HUK|KW XQG VLH OHJWHQ HLQH DQGHUH 6NDOD YRQ XQVDWLVIDFWRU\ ELV RXWVWDQGLQJ ]XJUXQGH GLH PLW GHU YRQ XQV

'LHVHFKVWH.DWHJRULHÄ]XIUKXPHLQH$XVVDJHWUHIIHQ]XN|QQHQ³ ZXUGHLPDULWKPHWLVFKHQ0LWWHOQLFKW EHUFNVLFKWLJW

YHUZHQGHWHQ QLFKW NRPSDWLEHO LVW 'HVKDOE NDONXOLHUWHQ ZLU HLQHQ ]ZHLWHQ 'XUFKVFKQLWWVZHUW DXV XQVHUHQ 'DWHQ GHU EHL OLHJW XP HLQHQ DQJHQlKHUWHQ :HUW ]X HUKDOWHQ GHU HLQHQ 9HUJOHLFKPLWGHQ(UJHEQLVVHQYRQ6LHJHOHWDO HUP|JOLFKW'LHVHQ(UJHEQLVVHQ]XIROJH LVWÄH[SRVXUHWRQHZWHFKQRORJLHVDQGPDUNHWV³PLWHLQHP'XUFKVFKQLWWVZHUWYRQGDVMHQLJH =LHOPLWGHVVHQ(UUHLFKXQJGLH86DPHULNDQLVFKHQ&9&VDP]XIULHGHQVWHQZDUHQJHIROJWYRQ ÄUHWXUQRQLQYHVWPHQW³'XUFKVFKQLWW 0LWGHQEHLGHQ=LHOHQÄRSSRUWXQLWLHVWRPDQXIDF WXUHDQGPDUNHWQHZSURGXFWV³XQGÄDFTXLVLWLRQFDQGLGDWHV³ZDUHQGLHEHIUDJWHQ&9&VHEHQ IDOOVPHKUDOV]XIULHGHQ'XUFKVFKQLWWE]Z 'DVHLQ]LJH=LHOGDVGLH86&9&VLQ NHLQHU :HLVH DOV ]XIULHGHQ VWHOOHQG HPSIDQGHQ ZDU ÄRSSRUWXQLW\ WR LPSURYH PDQXIDFWXULQJ SURFHVVHV³'XUFKVFKQLWW 6WHOOWPDQGLH'DWHQDXVGHU6WXGLHYRQ6LHJHOHWDOPLWXQVH UHQJHJHQEHUVROlVVWVLFKYHUPXWHQGDVVGDV/HYHODQ=LHOHUUHLFKXQJE]Z=XIULHGHQKHLWEHL GHQ86DPHULNDQLVFKHQ&9&VOHLFKWXQWHUGHPGHUGHXWVFKHQ&9&VODJ (UUHLFKXQJGHUILQDQ]LHOOHQ=LHOH .QDSS GLH +lOIWH GHU YRQ XQV EHIUDJWHQ &9&V HUNOlUW HLQH SRVLWLYH ,55 HU]LHOW XQG GDPLW]XPLQGHVWLQ7HLOHQLKUHILQDQ]LHOOHQ=LHOHHUUHLFKW]XKDEHQZDUHQLQGLHVHU+LQ VLFKW QLFKW HUIROJUHLFK VLHKH 7DEHOOH $XFK EHL GLHVHU )UDJH KDW HLQ'ULWWHO GHU EH IUDJWHQ&9&VDXIJUXQGGHU.U]HLKUHUELVKHULJHQ$NWLYLWlWHQDQJHJHEHQHVVHL]XIUKXP HLQH $XVVDJH ]XU ILQDQ]LHOOHQ =LHOHUUHLFKXQJ PDFKHQ ]X N|QQHQ GD ELVKHU QRFK NHLQH ([LWV HUIROJWVHLHQ.RQYHUWLHUWPDQDXFKGLHVH:HUWHLQHLQDULWKPHWLVFKHV0LWWHOYHUJOHLFKEDUGHQ %HUHFKQXQJHQYRQ6FKZHHQ VRZLH6LHJHOHWDO HUJLEWVLFKHLQ:HUWYRQ 'LHVHV(UJHEQLVNRPPWGHPYRQ6LHJHOHWDO EHULFKWHWHQ:HUWGHUILQDQ]LHOOHQ=LHOHU UHLFKXQJ H[WUHP QDKH 'DV YRQ 6FKZHHQ EHUHFKQHWH DULWKPHWLVFKH 0LWWHO YRQ ODJ GHXWOLFKGDUXQWHU

'LHVHU:HUWLVWQXU]XIlOOLJLGHQWLVFKPLWGHPREHQHUZlKQWHQDULWKPHWLVFKHQ0LWWHO

'LH .DWHJRULH Ä]X IUK XP HLQH $XVVDJH WUHIIHQ ]X N|QQHQ³ ZXUGH LP DULWKPHWLVFKHQ 0LWWHO HUQHXW QLFKW EHUFNVLFKWLJW

7DEHOOH

(UUHLFKXQJGHUILQDQ]LHOOHQ=LHOH ,55 LQ3UR]HQW

&9&VLQGHU 6WLFKSUREH

!

9ROOVWlQGLJHUUHLFKW

±

hEHUZLHJHQGHUUHLFKW

±

(UUHLFKW

±

hEHUZLHJHQGQLFKWHUUHLFKW

hEHUKDXSWQLFKWHUUHLFKW

=XIUKXP$XVVDJH]XWUHIIHQ *HVDPW

LQWHUQDOUDWHRIUHWXUQDOV0DGHU=LHOHUUHLFKXQJ

hEHUSUIXQJGHU3URSRVLWLRQHQ 1DFKGHU3UlVHQWDWLRQXQVHUHU(UJHEQLVVH]XRUJDQLVDWLRQDOHQVWUXNWXUHOOHQXQGVWUDWHJLVFKHQ $VSHNWHQVRZLHGHP9HUJOHLFKPLWDQGHUHQQDWLRQDOHQXQGLQWHUQDWLRQDOHQ'DWHQVlW]HQNRP PHQZLU]XUFN]XUhEHUSUIXQJGHUDQIlQJOLFKDXIJHVWHOOWHQ3URSRVLWLRQHQVLHKH7DEHOOH 3URSRVLWLRQ-HNODUHUGHU,QYHVWLWLRQVIRNXVGHV&9&3URJUDPPVLVWGHVWRJU|HUZLUGGHU VWUDWHJLVFKHXQGILQDQ]LHOOH(UIROJGHV&9&3URJUDPPVVHLQ /HGLJOLFK GHU &9&V GLH EHUZLHJHQG RGHU DXVVFKOLHOLFK VWUDWHJLVFKH =LHOH YHUIROJWHQ JDEHQDQLKUHILQDQ]LHOOHQ=LHOHHUUHLFKW]XKDEHQ9RQGHQ&9&VPLWHLQHUSDUDOOHOHQ=LHOYHU IROJXQJPHLQWHQLKUHILQDQ]LHOOHQ=LHOHUHDOLVLHUW]XKDEHQ&9&VPLWHLQHPNODUILQDQ ]LHOOHQ)RNXVHUNOlUWHQDXVQDKPVORVGDVVVLHLKUHILQDQ]LHOOHQ=LHOHDXFKXPVHW]HQNRQQWHQ 'LH &9&V PLW DXVVFKOLHOLFK RGHU EHUZLHJHQG VWUDWHJLVFKHU $XVULFKWXQJ JDEHQ ]X DQ LKUH VWUDWHJLVFKHQ =LHOH YROOVWlQGLJ RGHU EHUZLHJHQG HUUHLFKW ]X KDEHQ 9RQ GHQ &9&V PLW EHUZLHJHQGILQDQ]LHOOHQ=LHOHQHUNOlUWHQVLFKVRJDUGLHVEH]JOLFKIUHUIROJUHLFK-HGRFK NRQQWHQOHGLJOLFKGHU&9&VPLWHLQHPJHPLVFKWHQ=LHODQVDW]GLH(UUHLFKXQJLKUHUVWUDWH JLVFKHQ=LHOHYHUPHOGHQ'LHVH(UJHEQLVVHVWW]HQXQVHUH3URSRVLWLRQGDVV&9&VPLWHLQHP HLQGHXWLJHQ ,QYHVWLWLRQV]LHO VWUDWHJLVFK RGHU ILQDQ]LHOO VWUDWHJLVFK HUIROJUHLFKHU VLQG DOV GLH GLHYHUVXFKHQEHLGH=LHOHJOHLFKHUPDHQ]XEHGLHQHQ'HV:HLWHUHQZLUGXQVHUH9HUPXWXQJ JHVWW]WGDVVGLHEHUZLHJHQGILQDQ]LHOORULHQWLHUWHQ&9&VLQVJHVDPWPLW$EVWDQGGHQJU|WHQ (UIROJKDEHQ

7DEHOOH

=LHOHRUJDQLVDWLRQDOH6WUXNWXUHQXQG3UR]HVVHVRZLH=LHOHUUHLFKXQJGHU &9&V 6758.785(181'352=(66( ±81 $%+b1*,*.(,7

=,(/(

(LJHQHU )RQGV"

ILQDQ]LHOO

QHLQ

*UHPLXPLQ&RUSPRWKHU

YROOVWlQGLJ

ILQDQ]LHOO

MD

*UHPLXPLQ&RUSPRWKHU

EHUZLHJHQG

:HUHQWVFKHLGHW"

(5)2/* ,55

6WUDWHJLVFKH =LHOHUUHLFKXQJ"

ILQDQ]LHOO

MD

&9&±XSWRDFHUWDLQDPRXQW

EHUZLHJHQG

ILQDQ]LHOO

QHLQ

*UHPLXPLQ&RUSPRWKHU

WHLOZHLVH

ILQDQ]LHOO

QHLQ

,Q$EVWLPPXQJPLW&RUSPRWKHU

VWUDW ILQ

QHLQ

*UHPLXPLQFRUSPRWKHU

VWUDW ILQ

MD

&9&RKQH&RUSPRWKHU

WHLOZHLVH YROOVWlQGLJ EHUZLHJHQG

VWUDW ILQ

MD

*UHPLXPLQ&RUSPRWKHU

WHLOZHLVH

VWUDW ILQ

MD

*UHPLXPLQ&RUSPRWKHU

QRH[LWV WHLOZHLVH

VWUDW ILQ

MD

&9&±ELV]XEHVW6XPPH

QRH[LWV =XMXQJ QRH[LWV =XMXQJ

VWUDW ILQ

MD

*UHPLXPLQ&RUSPRWKHU

VWUDWHJLVFK

MD

*UHPLXPLQ&RUSPRWKHU

VWUDWHJLVFK

MD

*UHPLXPLQ&RUSPRWKHU

VWUDWHJLVFK

QHLQ

VWUDWHJLVFK

MD

,Q$EVWLPPXQJPLW&RUSPRWKHU

YROOVWlQGLJ

VWUDWHJLVFK

MD

*UHPLXPLQ&RUSPRWKHU

EHUZLHJHQG1,&+7

VWUDWHJLVFK

MD

,Q$EVWLPPXQJPLW&RUSPRWKHU

VWUDWHJLVFK

MD

*UHPLXPLQ&RUSPRWKHU

QRH[LWV EHUZLHJHQG

VWUDWHJLVFK

QHLQ

*UHPLXPLQ&RUSPRWKHU

QRH[LWV EHUZLHJHQG

*UHPLXPLQ&RUSPRWKHU

WHLOZHLVH

EHUZLHJHQG WHLOZHLVH

QRH[LWV EHUZLHJHQG

3URSRVLWLRQ D -H JU|HU GLH (QWVFKHLGXQJVDXWRQRPLH GHU &9&(LQKHLW LVW GHVWR HUIROJUHL FKHUZLUGGDV&9&3URJUDPPVHLQ 9RQGHQGUHL&9&(LQKHLWHQGLHDQJDEHQLKUH,QYHVWLWLRQVHQWVFKHLGXQJHQ±]XPLQGHVWELV]X HLQHUJHZLVVHQ,QYHVWLWLRQVK|KH±XQDEKlQJLJYRQGHU0XWWHUJHVHOOVFKDIW]XWUHIIHQHUNOlUWHQ ]ZHL ILQDQ]LHOO HUIROJUHLFK JHZHVHQ ]X VHLQ XQG LKUH VWUDWHJLVFKHQ =LHOH YROOVWlQGLJ RGHU EHUZLHJHQG HUUHLFKW ]X KDEHQ VLHKH 7DEHOOH %HL GHQ &9&V GLH LKUH ,QYHVWLWLRQVHQW VFKHLGXQJHQQLFKWXQDEKlQJLJWUHIIHQNRQQWHQVRQGHUQVWDWWGHVVHQ9RUVFKOlJHDQGLH0XWWHU JHVHOOVFKDIWHLQUHLFKWHQJDEHQOHGLJOLFKDQGDVVVLHILQDQ]LHOOXQGGDVVVLHVWUDWH JLVFKHUIROJUHLFKZDUHQ'LHVH(UJHEQLVVHVFKHLQHQXQVHUH3URSRVLWLRQ]XVWW]HQ

3URSRVLWLRQ E -H JU|HU GDV ILQDQ]LHOOH &RPPLWPHQW GHV 0XWWHUNRQ]HUQV ]X VHLQHU &9& (LQKHLWLVWGHVWRHUIROJUHLFKHUZLUGGDV&9&3URJUDPPVHLQ 9RQGHQ&9&VGLHDXVHLQHPGHILQLHUWHQ)RQGVRGHUODQJIULVWLJIUHLYHUIJEDUHQILQDQ]LHOOHQ 0LWWHOQLQYHVWLHUWHQEHULFKWHWHQGDVVVLHLKUHVWUDWHJLVFKH=LHOHYROOVWlQGLJRGHUEHUZLH JHQGHUUHLFKWKDEHQ,QGHU*UXSSHGHU&9&VGLHHKHUDXVDGKRFEHUHLWJHVWHOOWHQ0LWWHOQLKUH 'HDOVILQDQ]LHUHQVDKHQLKUHVWUDWHJLVFKHQ=LHOHDOVHUIOOWDQVLHKH7DEHOOH (UVWDXQ OLFKHUZHLVHVFKQLWWGLHVH]ZHLWH*UXSSHKLQVLFKWOLFKLKUHUILQDQ]LHOOHQ=LHOHUUHLFKXQJGHXWOLFK EHVVHUDEGLHVHU&9&VJDEHQDQLKUHILQDQ]LHOOHQ=LHOHHUUHLFKW]XKDEHQZlKUHQGHVEHL GHU 9HUJOHLFKVJUXSSH GLH DXV GHILQLHUWHQ *HOGHUQ LQYHVWLHUWHQ OHGLJOLFK ZDUHQ 8QVHUH 3URSRVLWLRQZLUGDOVRQLFKWEHVWlWLJW 'LVNXVVLRQ 0LWXQVHUHQLQHUKREHQHQ'DWHQVDPPHOWHQZLU]XPHUVWHQ0DOQDFKVHFKV-DKUHQ DNWXDOLVLHUWH 'DWHQ ]X =LHOHQ ,QYHVWLWLRQVNULWHULHQ (QWVFKHLGXQJVDXWRQRPLH )RQGVVWUXNWXU XQG=LHOHUUHLFKXQJGHXWVFKHU&9&(LQKHLWHQ'LHVH1HXDXIODJHZDUGULQJHQGHUIRUGHUOLFKGD GHUGHXWVFKH&9&0DUNWLQGLHVHP=HLWUDXPXPPHKUDOVGDV'RSSHOWHJHZDFKVHQZDU'HU 9HUJOHLFKXQVHUHU'DWHQPLWDQGHUHQGHXWVFKHQ&9&6WXGLHQVRZLHGHQLQWHUQDWLRQDOHQ'DWHQ YRQ%LUNLQVKDZHWDO XQGGHQ86DPHULNDQLVFKHQYRQ6LHJHOHWDO HUODXEWHHLQ EHVVHUHV9HUVWlQGQLVXQGHLQHEHVVHUH(LQRUGQXQJGHVGHXWVFKHQ&9&0DUNWHV6RNRQQWHGHU 9HUJOHLFKPLWGHQ(UJHEQLVVHQYRQ6FKZHHQ ]HLJHQREGLH&9&VLQ'HXWVFKODQGLKUH 3ULRULWlWHQKLQVLFKWOLFKLKUHU=LHOHXQG,QYHVWLWLRQVNULWHULHQEHUGLH=HLWYHUlQGHUWKDEHQXQG YRU DOOHP RE VLH GDPLW HUIROJUHLFKHU DJLHUHQ E]Z RSHULHUHQ DOV VHFKV -DKUH ]XYRU 8P ]X HLQHP EHVVHUHQ 9HUVWlQGQLV IU GHQ &9&(UIROJ XQG GLH LKQ EHHLQIOXVVHQGHQ )DNWRUHQ ]X JHODQJHQYHUJOLFKHQZLUXQVHUH'DWHQPLWGHQHQYRQ0DFNHZLF] 3DUWQHU VRZLHGHQ LQWHUQDWLRQDOHQ'DWHQYRQ%LUNLQVKDZHWDO 6ROLHVLFKHUNHQQHQZRVLFKVLJQLILNDQWH bKQOLFKNHLWHQRGHU8QWHUVFKLHGH]ZLVFKHQ&9&VLQ'HXWVFKODQGXQGVROFKHQMHQVHLWVGHXWVFK HU*UHQ]HQDE]HLFKQHQ ,QVJHVDPWODVVHQVLFKGDUDXV0XVWHUIUGLH6WUDWHJLHQYRQ,QGXVWULHXQWHUQHKPHQDEOHLWHQXP GLH:DKUVFKHLQOLFKNHLWHLQHV(UIROJVLKUHV&9&3URJUDPPV]XHUK|KHQ 6WUDWHJLVFKHXQGILQDQ]LHOOH=LHOH 6HLWKDWVLFKHLQHHLQGHXWLJH9HUVFKLHEXQJGHU3ULRULWlWHQYRQVWUDWHJLVFKHQ]XILQDQ ]LHOOHQ =LHOHQ HUJHEHQ ,Q HUNOlUWHQ QRFK GHU EHIUDJWHQ &9&V GDVV VLH DXV

VFKOLHOLFKRGHUEHUZLHJHQGVWUDWHJLVFKH=LHOHYHUIROJWHQZlKUHQGGLHVH=DKOLQXQVHUHU 6WXGLHEHLXQGLQGHU6WXGLHYRQ0DFNHZLF]XQG3DUWQHU EHLOLHJW'LH YHUEOHLEHQGHQ GHU &9&(LQKHLWHQ DXV JDEHQ DQ ILQDQ]LHOOH XQG VWUDWHJLVFKH =LHOH JOHLFKHUPDHQ ]X YHUIROJHQ ,Q XQVHUHU 6WXGLH ODJ GLHVH =DKO PLW HUVWDXQOLFK KRFKEHL0DFNHZLF]XQG3DUWQHU EHWUXJVLHEHL(VVFKHLQWLQVEHVRQGHUHEH PHUNHQVZHUWGDVVGHUYRQXQVXQWHUVXFKWHQ&9&VXQGVRJDUGHU&9&VLQ0D FNHZLF]¶ 6WXGLH HUNOlUWHQ GDVV VLH EHUZLHJHQG ILQDQ]LHOOH =LHOH YHUIROJWHQ ]X]JOLFK GLHDQJDEHQDXVVFKOLHOLFKILQDQ]LHOOH=LHOH]XIRNXVVLHUHQ ,QKDWWHNHLQ&9& GHUDUWLJH =LHO XQG ,QYHVWLWLRQVSULRULWlWHQ JHlXHUW 8QVHUH (UJHEQLVVH OHJHQ QDKH GDVV VLFKGLH3ULRULWlWHQGHU&9&VLQGLHVHP3XQNWGHQHQGHUXQDEKlQJLJHQ9&VWHLOZHLVHDQ JHQlKHUWKDEHQ&:HEHU'LHUNHV 'LHVVFKHLQWLQVRIHUQSODXVLEHODOV±ZLHEHUHLWV DQ DQGHUHU 6WHOOH EHPHUNW ± ILQDQ]LHOOHU (UIROJ QRWZHQGLJ LVW XP HLQ &9&3URJUDPP ODQJIULVWLJ LQ HLQHP ,QGXVWULHXQWHUQHKPHQ ]X UHFKWIHUWLJHQ XQG DXFK VWUDWHJLVFKHU (UIROJ QXUGDQQHLQHQ(UIROJGDUVWHOOWZHQQHUVLFKILQDQ]LHOOODQJIULVWLJQLHGHUVFKOlJW ,QYHVWLWLRQVNULWHULHQ (LQ%OLFNDXIGLHEHGHXWHQGVWHQ,QYHVWLWLRQVNULWHULHQXQWHUVWUHLFKWGLHYHUlQGHUWHQ3ULRULWl WHQLQ5LFKWXQJILQDQ]LHOOHUVWDWWEHUZLHJHQGVWUDWHJLVFKHU=LHOH:lKUHQGILQDQ]LHOOH.UL WHULHQ VRZRKO LQ GHQ 86$ DOV DXFK LQ 'HXWVFKODQG QRFK VWDUN YHUQDFKOlVVLJW ZXUGHQVLQGVLHLQGHU=ZLVFKHQ]HLW]XHLQHPGHUGUHLEHGHXWHQGVWHQ,QYHVWLWLRQVNULWHULHQ GHU&9&VDXIJHVWLHJHQ±QDKH]XYHUJOHLFKEDUPLWGHU3ULRULWlWGLHXQDEKlQJLJH9&VGLH VHP .ULWHULXP LQ GHU ,QYHVWLWLRQVDXVZDKO EHLPHVVHQ &:HEHU'LHUNHV 'LHV EH GHXWHW GDVV GLH &9&V LQ 'HXWVFKODQG LQ GHQ YHUJDQJHQHQIQI ELV VHFKV -DKUHQ KLQVLFK WOLFK LKUHU =LHOH XQG LKUHU ,QYHVWLWLRQVNULWHULHQ HLQHQ VWDUNHQ9HUlQGHUXQJVSUR]HVVGXUFK ODXIHQKDEHQ (UUHLFKXQJVWUDWHJLVFKHU=LHOH 'LH(UUHLFKXQJGHUVWUDWHJLVFKHQ=LHOHKDWVLFKLQGHQYHUJDQJHQHQVHFKV-DKUHQGHILQLWLY YHUEHVVHUW :lKUHQG OHGLJOLFK GHU YRQ 6FKZHHQ XQWHUVXFKWHQ &9&V HUNOlUWHQ LKUH VWUDWHJLVFKHQ =LHOH EHUZLHJHQG RGHU YROOVWlQGLJ HUUHLFKW ]X KDEHQ ODJ GLHVH =DKO EHL'DVDULWKPHWLVFKH0LWWHOIUGLHVWUDWHJLVFKH=LHOHUUHLFKXQJVWLHJLQGLHVHP =HLWUDXPYRQ6FKZHHQ DXILQXQVHUHU6WXGLH'LHVN|QQWHPLWGHU3ULRULWl WHQYHUVFKLHEXQJ KLQ ]X PHKU ILQDQ]LHOOHQ =LHOHQ XQG ,QYHVWLWLRQVNULWHULHQ HUNOlUEDU VHLQ ZDVZLHGHUXPDOV/HUQSUR]HVVLQWHUSUHWLHUWZHUGHQNDQQ'LHYRQXQVEHREDFKWHWHQ9HU

lQGHUXQJHQ VHLW PLW HLQHP /HUQHIIHNW ]X HUNOlUHQ LVW SODXVLEHO ZHLO GHU GHXWVFKH &9&0DUNW]XGLHVHP=HLWSXQNWQRFKLQVHLQHQ.LQGHUVFKXKHQVWHFNWHXQGHLQHJHZLVVH /HUQNXUYH GHVKDOE ]X HUZDUWHQ ZDU 'LHV VFKHLQW LQVEHVRQGHUH DXIJUXQG GHV KRKHQ 3UR ]HQWVDW]HVDQ,QYHVWPHQWPDQDJHUQLQ&9&(LQKHLWHQZDKUVFKHLQOLFKGLHPLWNHLQHURGHU JHULQJHU 9&(UIDKUXQJ DXV LKUHP MHZHLOLJHQ 0XWWHUXQWHUQHKPHQ LQ GDV &9&*HVFKlIW HLQWUDWHQ&:HEHU'LHUNHV (UUHLFKXQJILQDQ]LHOOHU=LHOH 'LH &9&V KDEHQ LQ GHQ YHUJDQJHQHQ -DKUHQ HEHQIDOOV LKUH ILQDQ]LHOOH =LHOHUUHLFKXQJ HU KHEOLFKJHVWHLJHUW:lKUHQGLQOHGLJOLFKGHUXQWHUVXFKWHQ&9&VHUNOlUWHQLKUH ILQDQ]LHOOHQ =LHOH HUUHLFKW ]X KDEHQ ZDUHQ HV LQ XQVHUHU 6WXGLH NQDSS GLH +lOIWH 'DVYRQ6FKZHHQ EHULFKWHWHDULWKPHWLVFKH0LWWHOODJGDPDOVEHLVHFKV -DKUHVSlWHUEHUHLWVEHL(VLVWYHUZXQGHUOLFKXQGDXFKQLFKWOHLFKWHUNOlUEDUGDVVQXU GHUVWUDWHJLHRULHQWLHUWHQ&9&VLKUHILQDQ]LHOOHQ=LHOHHUUHLFKWKDEHQZlKUHQGHVEHL GHQ ILQDQ]LHOO RULHQWLHUWHQ DOOHU &9&(LQKHLWHQ ZDUHQ 'LH JHVWLHJHQH =LHOHUUHL FKXQJEHLGHQILQDQ]LHOOHQ=LHOHQNDQQ]XP7HLODXIYHUlQGHUWH,QYHVWPHQWSULRULWlWHQGHU &9&VLQ5LFKWXQJILQDQ]LHOOHU=LHOH]XUFNJHIKUWZHUGHQ'LHVH(QWZLFNOXQJNDQQHEHQ IDOOV DOV (UJHEQLV HLQHV /HUQSUR]HVVHV LQWHUSUHWLHUW ZHUGHQ 'HQQ HV LVW ZDKUVFKHLQOLFK GDVVGLH&9&VYRQLKUHQHUIDKUHQHUHQXQGHWDEOLHUWHUHQ.ROOHJHQDXVGHPNODVVLVFKHQ9& *HVFKlIW JHOHUQW XQG GLHVHV QHXH :LVVHQ LQ LKUH 2UJDQLVDWLRQ KLQHLQJHWUDJHQWUDQVIHULHUW E]ZDXILKUHVSH]LILVFKHQ%HGUIQLVVHLP5DKPHQGHV0XWWHUNRQ]HUQVDQJHSDVVWKDEHQ $QGLHVHU6WHOOHNDQQQXQGLH]ZHLWHGHUHLQJDQJVHUZl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lWGLHVWUDWHJLVFKHQ3UlIHUHQ]HQGHV0XWWHUXQWHUQHKPHQVEHUFN VLFKWLJHQ NDQQ (LQ 3RUWIROLRXQWHUQHKPHQ GDV PLWWHOIULVWLJ NHLQHQ *HZLQQ DE]XZHUIHQ YHUVSULFKWDEHUODQJIULVWLJXQWHU8PVWlQGHQHLQHQKRKHQVWUDWHJLVFKHQ:HUWIUGDV,QGXVW ULHXQWHUQHKPHQUHSUlVHQWLHUHQN|QQWHLVWHLQ%HLVSLHOIUHLQHQVROFKHQ=LHONRQIOLNW

8QVHUH(UJHEQLVVH]HLJHQGHV:HLWHUHQGDVVHLQHEHUZLHJHQGILQDQ]LHOOH=LHORULHQWLHUXQJ VWUDWHJLVFKXQGILQDQ]LHOOHUIROJUHLFKHULVWDOVHLQEHUZLHJHQGVWUDWHJLVFKHU$QVDW]'DPLW EHVWlWLJHQ XQVHUH (UJHEQLVVH GLH 6FKOXVVIROJHUXQJHQ YRQ 6LHJHO HW DO 'LH EH VFKULHEHQHQ%HREDFKWXQJHQYRQ*RPSHUVXQG/HUQHU N|QQHQ±]XPLQGHVWIUGHQ GHXWVFKHQ &9&0DUNW ± VR QLFKW EHVWlWLJW VRQGHUQ PVVHQ HKHU KLQWHUIUDJW ZHUGHQ 'HU (UIROJHLQHV&9&3URJUDPPVZLUGLQMHGHP)DOOLQHUKHEOLFKHP0DHYRQVHLQHU2UJDQL VDWLRQXQG6WUXNWXULHUXQJLQ$EKlQJLJNHLWYRQGHUGHILQLHUWHQEHUJHRUGQHWHQ=LHORULHQ WLHUXQJEHVWLPPW(LQILQDQ]LHOODXVJHULFKWHWHV&9&3URJUDPPPXVVGHILQLWLYDQGHUVDXI JHVHW]WZHUGHQDOVHLQVWUDWHJLVFKRULHQWLHUWHV 2UJDQLVDWLRQDOOH8Q $EKlQJLJNHLWXQG(UIROJ 6FKOLHOLFK ZHQGHQ ZLU XQV GHU )UDJH ]X RE XQG LQ ZHOFKHU :HLVH RUJDQLVDWLRQDOH 6WUXNWXUHQ XQG 3UR]HVVH ]XVlW]OLFK GHQ (UIROJ GHU &9&3URJUDPPH EHHLQIOXVVHQ %LUNLQVKDZ HW DO :LWW XQG %UDFKWHQGRUI VRZLH 0DFNHZLF] XQG 3DUWQHU IDQGHQKHUDXVGDVVGLH8QDEKlQJLJNHLWHLQHU&9&(LQKHLWYRQKHUDXVUDJHQGHU%H GHXWXQJIUGHQILQDQ]LHOOHQXQGVWUDWHJLVFKHQ(UIROJLVW'HUHPSLULVFKH1DFKZHLVGDVV XQDEKlQJLJHUH&9&(LQKHLWHQHUIROJUHLFKHUVLQGZLUGGXUFKXQVHUHGHXWVFKHQ'DWHQWHLO ZHLVHEHVWlWLJW=XEHGHQNHQLVWMHGRFKGDVVXQVHUH6WLFKSUREHQLFKWQXUVHKUNOHLQVRQ GHUQKLQVLFKWOLFKGLHVHU'LPHQVLRQDXFKVHKUXQDXVJHZRJHQLVW'LH&9&V PLW UHODWLYJHULQJHU(QWVFKHLGXQJVDXWRQRPLHVLQGVRZRKOILQDQ]LHOODOVDXFKVWUDWHJLVFKZHQL JHUHUIROJUHLFKDOVGLHGUHL&9&(LQKHLWHQPLWHLQHUK|KHUHQ(QWVFKHLGXQJVDXWRQRPLH'LH &9&V GLHEHULFKWHQGDVVVLHDXVHLQHPIHVWHQ)RQGVE]ZDXVIUHLYHUIJEDUHQ ILQDQ]LHOOHQ 0LWWHOQ LQYHVWLHUHQ VLQG ]ZDU VWUDWHJLVFK YHUJOHLFKVZHLVH HUIROJUHLFK DOOHU GLQJV±HQWJHJHQXQVHUHU(UZDUWXQJHQ±ILQDQ]LHOOVLJQLILNDQWZHQLJHUHUIROJUHLFKDOVGLH 9HUJOHLFKVJUXSSHPLWHLQHPJHULQJHUHQILQDQ]LHOOHQ&RPPLWPHQWVHLWHQVGHV0XWWHUXQWHU QHKPHQV6RPLWN|QQHQZLUPLWXQVHUHQ'DWHQOHGLJOLFK EHVWlWLJHQGDVVHLQKRKHV0D DQ(QWVFKHLGXQJVDXWRQRPLH±DOV,QGLNDWRUIU8QDEKlQJLJNHLW±HLQHQNULWLVFKHQ(UIROJV IDNWRUIUGLH&9&(LQKHLWGDUVWHOOW &9&VLQ'HXWVFKODQGVLQGWHQGHQ]LHOOYRQLKUHQ0XWWHUJHVHOOVFKDIWHQDEKlQJLJHUDOVLKUH86 DPHULNDQLVFKHQ *HJHQVSLHOHU XQG GLHV DXFK QRFK -DKUH VSlWHU GHU =HLWXQWHUVFKLHG ]ZL VFKHQGLHVHQEHLGHQ6WXGLHQ 'LHVVSLHJHOWVLFKLQHLQHPJHULQJHUHQILQDQ]LHOOHQ&RPPLWPHQW GHUGHXWVFKHQLP9HUJOHLFK]XGHQ860XWWHUXQWHUQHKPHQYV XQGLQHLQHUJHULQ JHUHQ(QWVFKHLGXQJVDXWRQRPLHZLGHU(VGUlQJWVLFKGLH)UDJHDXIZDUXPGLHVDQJHVLFKWVGHU

EHU GLH -DKUH LPPHU ZLHGHUKROWHQ (PSIHKOXQJHQ YRQ 6HLWHQ WKHRUHWLVFKHU XQG HPSLULVFKHU )RUVFKXQJGLHIUDXVUHLFKHQGH$XWRQRPLHXQG8QDEKlQJLJNHLWYRQ&9&(LQKHLWHQSOlGLHUW GHU)DOOLVW0DQN|QQWHVFKOXVVIROJHUQ GDVVGLHGHXWVFKH6LWXDWLRQOHW]WOLFKHLQHEHZXVVWH3UD[LVEHVFKUHLEWLQGHUGLH,QGXVWULH XQWHUQHKPHQ GHU 0HLQXQJ VLQG DXI GLHVH :HLVH ODQJIULVWLJ PLW LKUHQ &9&3URJUDPPHQ HUIROJUHLFKHU]XVHLQ GDVVGLH,QGXVWULHXQWHUQHKPHQVHKUZRKOHLQH9HUlQGHUXQJLKUHUDNWXHOOHQ 6LWXDWLRQ DQV WUHEHQDOOHUGLQJVVHKUVWDUNLQLKUHQDNWXHOOHQ6WUXNWXUHQHLQJHEXQGHQVRZLHLQGHUGHXW VFKHQ .XOWXU YHUZXU]HOW VLQG XQG HLQH 9HUlQGHUXQJ HQWVSUHFKHQG VFKOHSSHQG YRUDQJHKW RGHU GDVVGLH2UJDQLVDWLRQVVWUXNWXUHQGHU,QGXVWULHXQWHUQHKPHQVRZLHLQWHUQHSROLWLVFKH.RQV WHOODWLRQHQHVVFKZLHULJPDFKHQEHLVSLHOVZHLVHPDUNWRULHQWLHUWH$QUHL]V\VWHPHIU&9& (LQKHLWHQ HLQ]XIKUHQ GLH HLQH DQJHPHVVHQH $XVULFKWXQJ YRQ =LHOHQ XQG 6WUXNWXUHQ HU ODXEHQ =XGLHVHP=HLWSXQNWLVWHVQDFKZLHYRUQLFKWOHLFKW]XIULHGHQ VWHOOHQGH RGHUVRJDU DEVFKOLH HQGH$QWZRUWHQ]XOLHIHUQ(VEOHLEW]XQlFKVWEHLGHUEHUVFKDXEDUHQ)HVWVWHOOXQJGDVVGDV $XIVHW]HQ HLQHU &9&(LQKHLW HLQ NRPSOH[HV 8QWHUIDQJHQ LVW EHL GHP ]DKOUHLFKH )DNWRUHQ 'LPHQVLRQHQXQG$VSHNWHEHUFNVLFKWLJWXQGDXIHLQDQGHUDEJHVWLPPWZHUGHQPVVHQ:HLWH UHHPSLULVFKH)RUVFKXQJ]XGLHVHU)UDJHVWHOOXQJDXI%DVLVJURHU6WLFKSUREHQVFKHLQWQRWZHQ GLJXPVRZRKOGLHDXVXQVHUHU6WXGLHDEJHOHLWHWHQ3URSRVLWLRQHQDOVDXFK6FKOXVVIROJHUXQJHQ XQG0RGHOOHDXVGHQDQGHUHQYRUJHVWHOOWHQ6WXGLHQ]XYDOLGLHUHQE]Z]XYHUIHLQHUQ =XVDPPHQIDVVXQJ 'LHVHV .DSLWHO OHLVWHW GUHL %HLWUlJH ]XU &9&'LVNXVVLRQ XQG KDW YHUVFKLHGHQH ,PSOLNDWLRQHQ IUGLHZHLWHUJHKHQGH)RUVFKXQJ(VJLEWHLQHQH[WHQVLYHQhEHUEOLFNEHU&9&3URJUDPPHLQ 'HXWVFKODQGXQGGLH$UWZLHVLHGHU]HLWRUJDQLVLHUWVWUXNWXULHUWXQGJHPDQDJWZHUGHQ8QVHUH 6WXGLHZDUGLHHUVWHSURIXQGH(UKHEXQJVHLWGHP=HLWSXQNW]XGHPGHU&9&0DUNWLQ 'HXWVFKODQG EHUKDXSW %HGHXWXQJ HUODQJW KDW XQG HQWVSUHFKHQG VLJQLILNDQW ZXFKV 'DGXUFK ZDUHVXQVP|JOLFKGLH(QWZLFNOXQJHQXQG9HUlQGHUXQJHQGHUGHXWVFKHQ&9&3UDNWLNHQLP 'HWDLO]XEHVFKUHLEHQXQGGLHVHPLWGHQHQLQDQGHUHQHXURSlLVFKHQ/lQGHUQXQGLQVEHVRQGHUH GHQ86$]XYHUJOHLFKHQ

,QGHP ZLU GLH (UIROJVZDKUVFKHLQOLFKNHLW GHU LQ GHQ -DKUHQ ]XYRU ]XQlFKVW YHUIROJWHQ ,QYHVW PHQWSULRULWlWHQ LQ &9&3URJUDPPHQ LQ 'HXWVFKODQG LQ )UDJH JHVWHOOW KDEHQ NRQQWHQ ZLU ]ZHLWHQVDQKDQGXQVHUHUQHXHUHQ'DWHQ]HLJHQGDVVHLQHLQGHXWLJHU6FKZHUSXQNWLQGHU$XV ULFKWXQJGHV&9&3URJUDPPVDXIHQWZHGHUVWUDWHJLVFKHRGHUILQDQ]LHOOH=LHOHHUIROJUHLFKHULVW DOVHLQJHPLVFKWHU$QVDW] *OHLFK]HLWLJZXUGHGHXWOLFKGDVV&9&3URJUDPPH PLWHLQHPILQDQ]LHOOHQ)RNXVDQGHUVDXI JHEDXW VWUXNWXULHUW XQG JHPDQDJW ZHUGHQ PVVHQ DOV VROFKH PLW HLQHP VWUDWHJLVFKHQ )RNXV ,QVEHVRQGHUH GLHVHV OHW]WJHQDQQWH (UJHEQLV ]X GHP DXFK +LOO HW DO DXI %DVLV LKUHU 'DWHQ JHODQJHQ WUlJW KRIIHQWOLFK ]X HLQHU ZHLWHUHQ 9HUIHLQHUXQJHLQHU7KHRULHEHLGLH±EHL JHJHEHQHQ=LHOHQ±DEVFKOLHHQGH+DQGOXQJVDQZHLVXQJHQIUGHQHUIROJUHLFKHQ$XIEDXHLQHV &9&3URJUDPPV VRZLH GHVVHQ HQWVSUHFKHQGH (LQEHWWXQJ LQ GDV 0XWWHUXQWHUQHKPHQ OLHIHUQ NDQQ 1DFKGLHVHU'LVNXVVLRQEHU6WUXNWXUHQXQG3UR]HVVHYRQ&9&3URJUDPPHQVROOGLH0RWLYD WLRQ GHU ,QGXVWULHXQWHUQHKPHQ GK GLH VWUDWHJLVFKH .RPSRQHQWH YRQ&9& VRZLH GDV :LHLQ GHU 8PVHW]XQJ VWlUNHU LQ GHQ %OLFN JHQRPPHQ ZHUGHQ 'DEHL ZLUG LP IROJHQGHQ .DSLWHO LQVEHVRQGHUHDXIGDVVWUDWHJLVFKH=LHOGHV:LVVHQVWUDQVIHUVE]ZGHU:LVVHQVJHQHVHDOV9RU DXVVHW]XQJ IU GLH QDFKKDOWLJH ,QQRYDWLRQV XQG ODQJIULVWLJH hEHUOHEHQVIlKLJNHLW VRZRKO GHV 3RUWIROLRDOVDXFKGHV0XWWHUXQWHUQHKPHQVIRNXVVLHUW

&9&$/60,77(/'(6:,66(1675$16)(5681''(6 ,1129$7,2160$1$*(0(176 'HU6FKZHUSXQNWLQGLHVHP.DSLWHOOLHJWDXIGHU7ULDGHDXV0XWWHUXQWHUQHKPHQ&9&(LQKHLW XQG3RUWIROLRXQWHUQHKPHQVRZLHLQ7HLOHQGHP1HW]ZHUNLQGDVGLHMHZHLOLJHQ$NWHXUHHLQJH EXQGHQVLQG,QGLHVHP.DSLWHOZLUGGHU(LQIOXVVGHVUHODWLRQDOILW]ZLVFKHQGHXWVFKHQ&9&V XQG GHUHQ 3RUWIROLRXQWHUQHKPHQ DXI GHQ LQWHURUJDQLVDWLRQDOHQ 7UDQVIHU XQG GLH *HQHVH YRQ :LVVHQVRZLHVFKOLHOLFKDXIGLHGDUDXVKHUYRUJHKHQGH/HLVWXQJVIlKLJNHLWGHU38VHPSLULVFK XQWHUVXFKW (LQIKUXQJ 2UJDQLVDWLRQHQ VWUHEHQ QDFK ,QQRYDWLRQHQ XP QDFKKDOWLJH :HWWEHZHUEVYRUWHLOH ]X HU]LHOHQ :LHHLQJDQJVHUZlKQWOLHJWHLQH0|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lIWVLGHHQ ]XJHQHULHUHQXQGEHUGXUFKVFKQLWWOLFKH5HQGLWHQ]XUHDOLVLHUHQ :LVVHQ ± DXV GHP .QRZOHGJHEDVHG 9LHZ EHWUDFKWHW ± VWHOOW HLQH4XHOOH QDFKKDOWLJHQ :HWW EHZHUEVYRUWHLOV GDU *UDQW .RJXW=DQGHU 6SHQGHU 'DV *HQHULHUHQ XQG 7UDQVIHULHUHQYRQ:LVVHQLVWLQVEHVRQGHUHIULQQRYDWLRQVJHWULHEHQH8QWHUQHKPHQXQGWHFKQR ORJLHLQWHQVLYH QHZ YHQWXUHV YRQ %HGHXWXQJ GD GLHVH 2UJDQLVDWLRQHQ HLQHU NRQWLQXLHUOLFKHQ 5HJHQHUDWLRQ YRQ :LVVHQ EHGUIHQ 3/DQH/XEDWNLQ 9RUDQJHJDQJHQH )RUVFKXQJ KDW JH]HLJWGDVV]XVlW]OLFKDNTXLULHUWHVUHOHYDQWHV:LVVHQZLHGHUXPHLQHQSRVLWLYHQ(LQIOXVVDXI GLH)lKLJNHLWHLQHV7HDPVE]ZHLQHU2UJDQLVDWLRQKDW:HWWEHZHUEVYRUWHLOH]XHU]LHOHQ$X WLR6DSHQ]D*UDQW0RKUPDQHWDO
'LHVHV.DSLWHOEDVLHUWPDJHEOLFKDXIGHU$UEHLWYRQ%:HEHU&:HEHU

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lWHQ 6RUUHQWL QR:LOOLDPV HEHQVR ZLH GLH VWUXNWXUHOOH .RQJUXHQ] 6\NHV GLVNXWLHUW 6HOWHQ MHGRFK ZXUGHQ %H]LHKXQJVDVSHNWH ]ZLVFKHQ GHQ 3DUWQHUQ JHQDQQW +LJDVKLGH%LUOH\ &:HEHU'LHUNHV =DFKDUDNLV (EHQ GLHVH /FNH LQ GHU &9&)RUVFKXQJ VROO PLWKLOIHGHUIROJHQGHQ$QDO\VHGHVUHODWLRQDOILWXQGVHLQHP(LQIOXVVDXI:LVVHQVWUDQVIHUXQG DNTXLVLWLRQJHVFKORVVHQZHUGHQ ,P)ROJHQGHQZHUGHQGUHL3XEOLNDWLRQHQGLHYHUZDQGWH)RUVFKXQJVIUDJHQEHDUEHLWHQZHOFKH ±PLW%OLFNDXIGLH$XVHLQDQGHUVHW]XQJPLWGHPUHODWLRQDOILW±UHOHYDQWIUGLH(QWZLFNOXQJ XQVHUHU$UJXPHQWDWLRQVLQGYRUJHVWHOOWXQGGLVNXWLHUW9RQGLHVHQGUHLHQLVWGHUZRKOEHNDQQ WHVWH XQG DP KlXILJVWHQ ]LWLHUWH %HLWUDJ GHU EHUHLWV PHKUIDFK HUZlKQWH YRQ 1DKDSLHW XQG *KRVKDO ,KU9HUVWlQGQLVYRQVRFLDOFDSLWDONRPPWGHPLQGLHVHU$UEHLWYHUZHQGHWHQ DPQlFKVWHQ6LHHQWZLFNHOWHQHLQHQWKHRUHWLVFKHQ%H]XJVUDKPHQZLHVRFLDOFDSLWDO GHQ3UR ]HVV GHU :HUWVFK|SIXQJ YRQ 2UJDQLVDWLRQHQ HUOHLFKWHUQ N|QQWH 'DEHL LGHQWLIL]LHUWHQ VLH GUHL 'LPHQVLRQHQYRQVRFLDOFDSLWDO±HLQHVWUXNWXUHOOHHLQHUHODWLRQDOHXQGHLQHNRJQLWLYH 'LH VWUXNWXUHOOH'LPHQVLRQEHLQKDOWHWGLH9HUELQGXQJHQHLQHVVR]LDOHQ1HW]ZHUNVVRZLHGLH/RND WLRQGHU.RQWDNWHHLQHV$NWHXUVLQQHUKDOEGLHVHUVR]LDOHQ6WUXNWXUHQGHU,QWHUDNWLRQ0LWDQGH UHQ:RUWHQGLHVWUXNWXUHOOH'LPHQVLRQEHKDQGHOWGLH3UlVHQ]RGHU$EZHVHQKHLWXQG$UWYRQ 1HW]ZHUNHQ XQG PDFKW GDPLW $XVVDJHQ ]X ÄZKR \RX UHDFK DQG KRZ \RX UHDFK WKHP³ %XUW 'LHUHODWLRQDOH'LPHQVLRQIRNXVVLHUWDXIGLHVSH]LHOOH%H]LHKXQJVTXDOLWlWGLH0HQ VFKHQYHUELQGHWXQGGLHLKU9HUKDOWHQEHHLQIOXVVWÄ,WLVWKURXJKWKHVHRQJRLQJSHUVRQDOUHOD WLRQVKLSV WKDW SHRSOH DELGH E\ DJUHHG UXOHV DQG FRRSHUDWH DQG DFW LQ WKH FRPPRQ LQWHUHVW³ %:HEHU .HUQHOHPHQWH GLHVHU 'LPHQVLRQ VLQG 9HUWUDXHQ )XNX\DPD XQG 1RUPHQ&ROHPDQ3XWQDP 'LHGULWWHNRJQLWLYH'LPHQVLRQYRQVRFLDOFDSLWDO

ÄUHIHUV WR WKRVH UHVRXUFHV SURYLGLQJ VKDUHG UHSUHVHQWDWLRQV LQWHUSUHWDWLRQV DQG V\VWHPV RI PHDQLQJDPRQJSDUWLHV³1DKDSLHW*KRVKDO 6LHLVWÄHPERGLHGLQDWWULEXWHVOLNHD VKDUHGFRGHRUDVKDUHGSDUDGLJPWKDWIDFLOLWDWHVDFRPPRQXQGHUVWDQGLQJRIFROOHFWLYHJRDOV DQG SURSHU ZD\V RI DFWLQJ LQ D VRFLDO V\VWHP³ 7VDL*KRVKDO 7VDL XQG *KRVKDO WHVWHQGLHVHV0RGHOOHPSLULVFK,KUH(UJHEQLVVH]HLJHQGDVVÄVRFLDOLQWHUDFWLRQ³±HLQH0DQL IHVWDWLRQGHUVWUXNWXUHOOHQ'LPHQVLRQYRQVRFLDOFDSLWDO±XQG9HUWUDXHQ±HLQH0DQLIHVWDWLRQ GHU UHODWLRQDOHQ 'LPHQVLRQ YRQ VRFLDO FDSLWDO ± ÄZHUH VLJQLILFDQWO\ UHODWHG WR WKH H[WHQW RI LQWHUXQLW UHVRXUFH H[FKDQJH ZKLFK LQ WXUQ KDG D VLJQLILFDQW HIIHFW RQ SURGXFW LQQRYDWLRQ³ 'LHNRJQLWLYH'LPHQVLRQ]HLJWHNHLQHQGLUHNWHQ(IIHNWDXI5HVVRXUFHQDXVWDXVFK XQG NRPELQDWLRQ $OOHUGLQJV DUJXPHQWLHUHQ ZLU GDVV GLH YRQ 7VDL XQG *KRVKDO JH ZlKOWH2SHUDWLRQDOLVLHUXQJGHUNRJQLWLYHQ'LPHQVLRQÄVKDUHGYLVLRQ³ QLFKWLQDQJHPHVVHQHU :HLVH GLH EHLGHQ REHQ DXIJHIKUWHQ 'HILQLWLRQHQ UHIOHNWLHUW GLH ZHLWHUH 'LVNXVVLRQ GD]X HUIROJWZHLWHUXQWHQ *HPQGHQ +|JO /HFKOHU XQG 6DDG WUDJHQ ]XP 9HUVWlQGQLV XQVHUHV UHODWLRQDO ILW .RQ]HSWHVEHLLQGHPVLHHLQ.RQ]HSWLQWHURUJDQLVDWLRQDOHQILWVYRUJHVWHOOWKDEHQZHOFKHVZLU PLWXQVHUHP0RGHOOZHLWHUDXVEDXHQ6LHDQDO\VLHUHQGHQ(LQIOXVVGHQGLH6WDUWEHGLQJXQJHQ YRQHXURSlLVFKHQ0XOWL3DUWQHU3URMHNWHQDXIGLH(QWZLFNOXQJXQGGHQ(UIROJGLHVHU3URMHNWH KDEHQ6LHNRQ]HSWLRQDOLVLHUHQXQGWHVWHQHLQ0RGHOO]XPSDUWQHUILWLQGLHVHQ0XOWL3DUWQHU 3URMHNWHQ'LHVHV0RGHOOEHLQKDOWHW VRFLDOILW9HUWUDXHQXQG&RPPLWPHQW UHVRXUFHILW ÄWKHVXPRIWKHSDUWQHUV¶FRPSHWHQFLHVDQGWKHFRPSOHPHQWDULW\RIWKHVHUHVRXUFHV³ XQG JRDOILWRUJRDOFRPSOHPHQWDULW\JRDOFODULW\XQGFRPSDWLELOLW\ 'LHYRQLKQHQGXUFKJHIKUWH HPSLULVFKH8QWHUVXFKXQJEHVWlWLJWDOOH+\SRWKHVHQ'LHPHLVWHQYRQ*HPQGHQHWDO LGHQWLIL]LHUWHQ6WDUWEHGLQJXQJHQZHLVHQHLQHSRVLWLYHVXEVWDQ]LHOOHXQGVLJQLILNDQWH.RUUHODWL RQPLWGHQPHLVWHQ(UIROJVPDHQDXIVRGDVVVLHVFKOXVVIROJHUWHQGDVVHLQEHVVHUHUSDUWQHUILW HLQ0XOWL3DUWQHU3URMHNWHUIROJUHLFKHUPDFKW bKQOLFKGHPYRQ*HPQGHQHWDO HLQJHIKUWHQILW.R]HSWVWHOOHQZLU]XPGULWWHQPLW 6FKROO HLQHQ $XWRU YRU GHU HLQH ZHLWHUH ILW7\SRORJLH HQWZLFNHOW KDW (U IKUW GDEHL ]ZHLQHXHXQGUHOHYDQWH$VSHNWHYRQILWHLQZHOFKHZLULQXQVHUHP0RGHOOEHUQHKPHQZHU GHQ6FKROO HQWZLFNHOWDXVHLQHUSV\FKRORJLVFKHQ3HUVSHNWLYHHLQ%DVLVPRGHOOHIIHNWL YHU 7HDPDUEHLW LQQHUKDOE HLQHU 2UJDQLVDWLRQ (U EHWUDFKWHW GHQ ILW ]ZLVFKHQ GHQ 3DUWHLHQ ± QHEHQ :LVVHQ XQG 0DFKW ± DOV HLQHV GHU IXQGDPHQWDOHQ .RQ]HSWH VR]LDOHU ,QWHUDNWLRQ (U XQWHUVFKHLGHW IQI )RUPHQ GHV ILW E]Z GHU hEHUHLQVWLPPXQJ NRQDWLYH DIIHNWLYH

5HODWLRQDO)LW+ 6RFLDO&DSLWDO 6WUXNWXUHOOH'LPHQVLRQ 6R]LDO1HW]ZHUN+ .QRZLQJZKR 5HODWLRQDOH'LPHQVLRQ &RQDWLYHUILW+ $IIHFWLYHUILW+ *HWHLOWH1RUPHQ+ 9HUWUDXHQ+ .QRZOHGJH5HODWHGQHVV

:LVVHQVWUDQVIHU NUHDWLRQ

+

38(UIROJ

+ .QRZOHGJH VKDULQJURXWLQHV

.QRZLQJZKDW+ .QRZLQJKRZ+ $EE

$EELOGXQJ%H]XJVUDKPHQYRQUHODWLRQDOILWLP'HWDLO $EKlQJLJH9DULDEOHQ

2UJDQLVDWLRQDOHU(UIROJ

'HU (UIROJ MHGHU 2UJDQLVDWLRQ LVW ODQJIULVWLJ GXUFK LKUH )lKLJNHLW EHHLQIOXVVW LKUH :HWWEH ZHUEVIlKLJNHLWDXI]XEDXHQXQG]XKDOWHQ'HU2UJDQLVDWLRQVHUIROJLVWYRQHLQHU9LHO]DKOYRQ )DNWRUHQDEKlQJLJ1HEHQJUXQGVlW]OLFKHQ0DUNWEHGLQJXQJHQGHP0DQDJHPHQWGHQ0DUNH WLQJXQG9HUWULHEVVWUDWHJLHQRSHUDWLRQDOHU(IIL]LHQ]XQGZHLWHUHQ]lKOHQGD]XDXFKGDV0D XQGGLH4XDOLWlWDQ,QQRYDWLRQHQ+DXVFKLOGW ,QVEHVRQGHUHEHL-XQJXQWHUQHKPHQKlQJW LKU (UIROJ LQ KRKHP 0DH YRQ LKUHP 9HUP|JHQ DE LQQRYDWLYH ,GHHQ 7HFKQRORJLHQ HWF ]X JHQHULHUHQXQGGLHVHGDQQLQHLQYHUPDUNWEDUHV*HVFKlIW]XEHUIKUHQ,P(LQNODQJPLWEH UHLWV EHVWHKHQGHQ 'HILQLWLRQHQ 6RUUHQWLQR:LOOLDPV 7KRUQKLOO$PLW VRZLH XQVH UHP)RUVFKXQJV]LHOZLUGKLHUGHURUJDQLVDWLRQDOH(UIROJGHV38VGHILQLHUWGXUFK8PVDW]52, XQG0DUNWDQWHLO

:LVVHQ

:LVVHQ LVW ZLH EHUHLWV HLQJDQJV DXVJHIKUW HLQH .HUQUHVVRXUFH XQG ZHVHQWOLFKH 4XHOOH ]XU :HUWVWHLJHUXQJIUMHGH$UWYRQ2UJDQLVDWLRQ*UDQW&RKHQ/HYLQWKDO'\HU6LQJK 3/DQH/XEDWNLQ 'HU .QRZOHGJHEDVHG 9LHZ RI WKH ILUP EHWUDFKWHW :LVVHQ VRJDU DOV GLH VWUDWHJLVFK ZHUWYROOVWH 5HVVRXUFH HLQHU )LUPD EHUKDXSW *UDQW 6SHQGHU )U2UJDQLVDWLRQHQGLHQDFK,QQRYDWLRQHQVWUHEHQXQGLQVEHVRQGHUHIUKHUDXVUDJHQG

LQQRYDWLRQVLQWHQVLYH 2UJDQLVDWLRQHQ VLQG QHXHV :LVVHQ VRZLH :LVVHQVWUDQVIHU XQG JHQHVH PHKU DOV NULWLVFK GD VLH 2SWLRQHQ DXI QHXH *HVFKlIWVLGHHQ XQG IHOGHU HU|IIQHQ 3HQURVH (LQH0|JOLFKNHLWYRQ2UJDQLVDWLRQHQ]XUH[SORUDWLRQXQGH[SORLWDWLRQGLHVHU2SWLRQHQ HUJLEWVLFKGXUFKGHQ$XVWDXVFKPLWDQGHUHQ2UJDQLVDWLRQHQ'\HU'\HU1REHRND &/DQH'H&OHUFT6DSLHQ]D=DFKDUDNLV 1DFK *UDQW VLQG KHWHURJHQH :LVVHQVEDVHQ XQG )lKLJNHLWHQ YRQ )LUPHQ GLH +DXSWGH WHUPLQDQWHQ IU QDFKKDOWLJH :HWWEHZHUEVYRUWHLOH XQG HLQH EHUGXUFKVFKQLWWOLFKH /HLVWXQJVIl KLJNHLW'LH(QWZLFNOXQJXQGGDV:DFKVWXPYRQVWDUNLQQRYDWLYHQ-XQJXQWHUQHKPHQKlQJWLQ H[WUHPHU:HLVHYRQLKUHUH[WHUQHQ:LVVHQVDNTXLVLWLRQVRZLHYRQLKUHU)lKLJNHLWDEGDVQHX HUZRUEHQH PLW LKUHP EHUHLWV YRUKDQGHQHQ :LVVHQ ]X NRPELQLHUHQ 0F'RXJDOO HW DO :lKUHQG MXQJH WHFKQRORJLHLQWHQVLYH )LUPHQ DXI HLQHQ NRQVWDQWHQ =XIOXVV QHXHQ :LVVHQV DQJHZLHVHQVLQG$XWLRHWDO VLQGVLHJOHLFK]HLWLJLQKRKHP0DHLQLKUHQ5HVVRXUFHQ HLQJHVFKUlQNW0F'RXJDOOHWDO 'LH(UIDKUXQJ]HLJWGDVVMXQJHWHFKQRORJLHLQWHQVLYH )LUPHQQLFKWQXU=HLWXQG*HOGVSDUHQVRQGHUQGDUEHUKLQDXVGXUFKGHQ=XJDQJ]XHLQ]LJDU WLJHQ XQG NRPSOHPHQWlUHQ 5HVVRXUFHQ 1HW]ZHUNH 3URGXNWLRQVVWlWWHQ 9HUWULHEVNDQlOH HWF LQHUKHEOLFKHP8PIDQJYRQHLQHU&9&383DUWQHUVFKDIWSURILWLHUHQ
:LVVHQVWUDQVIHU EHLQKDOWHW KLHU LP .HUQ GHQ $XVWDXVFK ]ZLVFKHQ &9& (LQKHLW XQG 38V XQG GHKQW VLFKGDUEHUKLQDXVLQVlPWOLFKH*HVFKlIWVEHUHLFKHDXVIUGLHGLH&9&(LQKHLWDOV3URPRWRUIXQJLHUW

LQGHU&9&38'\DGHYHUVXFKHQGHPHQWVSUHFKHQGXQWHUVFKLHGOLFKHVRIWLPSOL]LWHV:LVVHQLQ GLH3DUWQHUVFKDIWHLQ]XEULQJHQXQG]XWUDQVIHULHUHQ-HQVHLWVGHUILQDQ]LHOOHQ$QWHLOVEHUQDKPH VLQGGLHZLFKWLJVWHQZHUWVWHLJHUQGHQ$NWLYLWlWHQMHGHU&9&(LQKHLWGHVKDOEGLH8QWHUVWW]XQJ HLQHVHIIHNWLYHQ7UDQVIHUVUHOHYDQWHQ:LVVHQVXQG5HVVRXUFHQIUGDV-XQJXQWHUQHKPHQ0DX ODHWDO

:LVVHQVWUDQVIHU

5HNXUULHUHQG DXI GDV LQ .DSLWHO EHUHLWV H[SOL]LHUWH 9HUVWlQGQLV YRQ :LVVHQVWUDQVIHU XQG JHQHVH ZLUG LQ GHU YRUOLHJHQGHQ $UEHLW LP (LQNODQJ PLW GHQ .RQ]HSWHQ 2UJDQLVDWLRQDOHQ /HUQHQVVRZLHGHU DEVRUSWLYHFDSDFLW\ +XEHU JHIROJW 'HPQDFK ZLUG :LVVHQVWUDQVIHU LQQHUKDOE RGHU ]ZLVFKHQ 2UJDQLVDWLRQHQ GDQQ DOV H[LVWHQW EHWUDFKWHW ZHQQ HLQH GHU EHLGHQ 2UJDQLVDWLRQHQ RGHU HLQH LKUHU *HVFKlIWVHLQKHLWHQ :LVVHQ DNTXLULHUW GDV DOV SRWHQ]LHOO KLOI UHLFKIUHLQHGHU2UJDQLVDWLRQHQDQJHVHKHQZLUG'LHVH'HILQLWLRQEH]LHKWVLFKDXIGDVJHVDP WHUHOHYDQWH:LVVHQLPREHQJHQDQQWHQ6LQQHGKQHEHQ)DNWHQXQG)lKLJNHLWHQEHLQKDOWHWHV DXFK 1HW]ZHUNH XQG DQGHUH ZHUWYROOH NRPSOHPHQWlUH 5HVVRXUFHQ :LVVHQVWUDQVIHU XQG JHQHVHZHUGHQKLHUDOVYRQHLQDQGHUDEKlQJLJXQGVLFKVWlQGLJZLHGHUKROHQGEHWUDFKWHW:LV VHQVJHQHVH XQG ,QQRYDWLRQ VLQG GDV (UJHEQLV QHXHU .RPELQDWLRQHQ YRQ :LVVHQ PLW DQGHUHQ 5HVVRXUFHQ &RKHQ/HYLQWKDO .RJXW=DQGHU (EHQVR VLQG :LVVHQVWUDQVIHU RGHU :LVVHQVDXVWDXVFK ZLHGHUXP HLQH 9RUDXVVHW]XQJ IU QHXH 5HVVRXUFHQNRPELQDWLRQHQ VSULFK :LVVHQVJHQHVH0RUDQ*KRVKDO ,QYRUDQJHJDQJHQHU)RUVFKXQJZXUGHQPLWÄNQRZOHGJHVKDULQJURXWLQHV³'\HU6LQJK ÄVRFLDO FDSLWDO³ 3XWQDP
.QRZOHGJHVKDULQJURXWLQHV

*HPl GHP .QRZOHGJHEDVHG 9LHZ HUIROJW :LVVHQVWUDQVIHU HIIHNWLYHU ZHQQ NQRZOHGJH VKDULQJURXWLQHVYRUKDQGHQVLQG&RKHQ/HYLQWKDO'\HU6LQJK*UDQW *H Pl+RPDQV XQG'H&OHUFTXQG6DSLHQ]D PDFKWVLFKGLH4XDOLWlWYRQNQRZOHG JHVKDULQJ URXWLQHV DQ LKUHU )UHTXHQ] XQG ,QWHQVLWlW IHVW .QRZOHGJHVKDULQJ URXWLQHV VLQG

GHILQLHUWDOVÄUHSHDWHGDFWLYLWLHVWKDWUHSUHVHQWWKHPHFKDQLVPVIRUPXOWLSOHDQGLQWHQVLYHLQWHU DFWLRQVEHWZHHQSDUWLHVLQGHYHORSLQJUHODWLRQDODGYDQWDJHV³'H&OHUFT6DSLHQ]D 'LHVH 5RXWLQHQ HUOHLFKWHUQ GLH .RPPXQLNDWLRQ LQ YLHOIlOWLJHU :HLVH RE SHU 7HOHIRQ (0DLO RGHUSHUV|QOLFKHQIRUPDOHQ%HVSUHFKXQJHQ'LHVHXQWHUVFKLHGOLFKHQ)RUPHQGHU.RPPXQLND WLRQ HUP|JOLFKHQ GHQ 7UDQVIHU NRPSOH[HU NRQWH[WVSH]LILVFKHU ,QIRUPDWLRQHQ HUOHLFKWHUQ 3UREOHPO|VXQJHQ XQG YHUEHVVHUQ GLH (IIHNWLYLWlW GHU %H]LHKXQJVELOGXQJ /LQG=PXG 'H&OHUFTXQG6DSLHQ]DHUNOlUHQGDVVÄZKHQNQRZOHGJHVKDULQJURXWLQHVDUHLQSODFHLQWHUDF WLRQ PD\ OHDG WR DQ LPSURYHG FDSDFLW\ WR H[FKDQJH DQG SURFHVV NQRZOHGJH DQG WKXV OHDG WR RSWLPDOOHDUQLQJRXWFRPHVIRUYHQWXUHFDSLWDOLVWDQGHQWUHSUHQHXU³ (QWVSUHFKHQG HUZDUWHQ ZLU GDVV LQQRYDWLYH -XQJXQWHUQHKPHQ KlXILJH XQG LQWHQVLYH ,QWHUDNWLRQHQ XQWHU VFKLHGOLFKVWHU$UWGKHLQKRKHV/HYHODQNQRZOHGJHVKDULQJURXWLQHV PLWLKUHQ&9&VEHQ| WLJHQZHUGHQXPGHQ:LVVHQVWUDQVIHU]XHUOHLFKWHUQXQGGDPLWGDV3RWHQ]LDOIU,QQRYDWLRQHQ EHL GHQ -XQJXQWHUQHKPHQ ZLH EHLP 0XWWHUXQWHUQHKPHQ ]X QXW]HQ *OHLFK]HLWLJ LVW XQV GDV $UJXPHQWEHZXVVWGDVVHLQHKRKH,QWHUDNWLRQVIUHTXHQ]DXFKGDKLQJHKHQGLQWHUSUHWLHUWZHUGHQ NDQQGDVVHLQ38PLWJURHQ6FKZLHULJNHLWHQNlPSIWZHOFKHHLQHQDFKKDOWLJH8QWHUVWW]XQJ GHV,QYHVWRUVHUIRUGHUQ)UHGULNVHQHWDO 'HQQRFKODXWHWKLHUGLH$UJXPHQWDWLRQ +\SWRKHVH(LQKRKHU*UDGDQNQRZOHGJHVKDULQJURXWLQHV]ZLVFKHQ&9&XQG38NRUUHOLHUW SRVLWLYPLW:LVVHQVWUDQVIHU 8QDEKlQJLJH9DULDEOHQ 6RFLDOFDSLWDO 7KHRULHQ GLH DXI GDV .RQ]HSW GHV VRFLDO FDSLWDO UHNXUULHUHQ EHIDVVHQ VLFK LP .HUQ PLW GHU %HGHXWXQJYRQ%H]LHKXQJHQDOV5HVVRXUFH%DNHU%RXUGLHX%XUW&ROHPDQ 'LH.HUQDXVVDJHLVWGDVVVR]LDOH1HW]ZHUNHGLHVLFK]XPHLVWEHUGLH=HLWHQWZLFNHOW KDEHQGLH%DVLVOLHIHUQIU9HUWUDXHQXQG.RRSHUDWLRQXQGGDPLWHLQHZHUWYROOHDNWXHOOHRGHU SRWHQ]LHOOH 5HVVRXUFH GDUVWHOOHQ GLH GLH |NRQRPLVFKH /HLVWXQJVIlKLJNHLW HLQHU 2UJDQLVDWLRQ HUK|KW%DNHU ,QGLHVHU$UEHLWXQWHUWHLOHQZLUVRFLDOFDSLWDOPLW*UDQRYHWWHU LQHLQHVWUXNWXUHOOHVR ]LDOH1HW]ZHUNYHUELQGXQJHQ XQGHLQHUHODWLRQDOH'LPHQVLRQ9HUWUDXHQXQG1RUPHQ 'DU EHU KLQDXV H[SDQGLHUHQ ZLU H[SOL]LW GDV .RQ]HSW GHV VRFLDO FDSLWDO XQG LQWHJULHUHQ ]ZHL YRQ 6FKROOV 'LPHQVLRQHQGLHNRQDWLYHXQGGLHDIIHNWLYHhEHUHLQVWLPPXQJGLHELVKHUHLQH VHKU JHULQJH $XIPHUNVDPNHLW HUIDKUHQ KDEHQ %HIUZRUWHU HLQHV ÄHQJHQ³ 9HUVWlQGQLVVHV YRQ

VRFLDO FDSLWDO UHGX]LHUHQ GDV .RQ]HSW ± ZLH EHUHLWV HUZlKQW ± LP .HUQ DXI VHLQH VWUXNWXUHOOH 'LPHQVLRQ %XUW XQG DUJXPHQWLHUHQ GDVV VROFK HLQH ÄEUHLWH³ 'HILQLWLRQ YRQ VRFLDO FDSLWDOGDPLWHQGHQZUGHDQGHUH)RUPHQYRQ.DSLWDOXQWHUGHP'DFKGHVVRFLDOFDSLWDO]X VXEVXPLHUHQXQGGDVVGDPLWGDV.RQ]HSWDXV]XXIHUQGURKH$GOHU.ZRQ3RUWHV 1LFKWVGHVWRWURW] IROJHQ ZLU GLHVHP ÄEUHLWHQ³ $QVDW] XQG DUJXPHQWLHUHQ IU HLQ H[SDQVLYHUHV 9HUVWlQGQLV ZHOFKHV GLH JHQDQQWHQ 5HVVRXUFHQ DOV NRQVWLWXWLY IU GDV .RQ]HSW YRQ VRFLDO FDSLWDO XQG QLFKW DOV NRPSOHPHQWlU GD]X EHWUDFKWHW *DEED\/HHQGHUV /LQ (QWVSUHFKHQG DUJXPHQWLHUHQ ZLU PLW $GOHU XQG .ZRQ GDVV ÄWKHUH LV PHULW LQ DOORZLQJ WKDW JLYHQDFWRUV¶VRFLDOFDSLWDOLQFOXGHVWKHUHVRXUFHVWKDWWKH\FRXOGSRWHQWLDOO\PRELOL]HYLDWKHLU VRFLDOUHODWLRQV³ /HDQDXQG9DQ%XUHQLGHQWLIL]LHUWHQEHLVSLHOVZHLVHÄDVVRFLDELOLW\³ DOVHLQH4XHOOHYRQVRFLDOFDSLWDOXQGVHKHQÄDVVRFLDELOLW\³DOVHLQ.RQVWUXNWGHILQLHUWDOVÄWKH ZLOOLQJQHVV DQG DELOLW\ RI LQGLYLGXDOV WR GHILQH FROOHFWLYH JRDOV WKDW DUH WKHQ HQDFWHG FROOHF WLYHO\³ 'LHVHV .RQVWUXNW NRPPW ]XP HLQHQ GHP JRDO ILW YRQ *HPQGHQ HW DO XQG ]XP DQGHUHQ HLQHU .RPELQDWLRQ DXV 6FKROOV DIIHNWLYH XQG FRQDWLYH ILW QD KH (QWVSUHFKHQG DUJXPHQWLHUHQ ZLU GDVV EHLGH 7\SHQ GHU hEHUHLQVWLPPXQJHLJHQVWlQGLJH 'LPHQVLRQHQGDUVWHOOHQZHOFKHXQDEKlQJLJLQGDVLQHLQHPÄEUHLWHQ³6LQQHGHILQLHUWH.RQV WUXNW GHV VRFLDO FDSLWDO LQWHJULHUW ZHUGHQ VROOWHQ Ä7KH\ DUH LQGLVSHQVDEOH UHVRXUFHV ZKHQ WU\LQJ WR WDS LQWR WKH SDUWQHU¶V NQRZOHGJH EDVH WR DFTXLUH DQG H[FKDQJH NQRZOHGJH³ %:HEHU&:HEHU

6WUXNWXUHOOH'LPHQVLRQYRQVRFLDOFDSLWDO±VR]LDOHV1HW]ZHUN

'DV 1HW]ZHUN VR]LDOHU %H]LHKXQJHQ HUP|JOLFKW QHEHQ GHP $XIEDX DXFK GHQ 7UDQVIHU YRQ VRFLDOFDSLWDO'DV(LQJHEHWWHWVHLQLQGDVULFKWLJHVR]LDOH1HW]ZHUNEHIlKLJWGLH2UJDQLVDWLRQ EHUHLWV EHVWHKHQGH .RQWDNWH DXIUHFKW]XHUKDOWHQ XQG QHXH ]X HQWZLFNHOQ 'DPLW UHSUlVHQWLHUW GLHVH (LQEHWWXQJ LQ GDV 1HW]ZHUN SRWHQ]LHOO QW]OLFKHV XQG EHGHXWHQGHV :LVVHQ IU EHLGH 3DUWHLHQGHU&9&38'\DGH3RZHOOHWDO3RGROQ\3DJH 1LFKWDOOH.RQWDNWHGHU HLQHQ 3DUWHL VLQG YRQ :HUW XQG 1XW]HQ IU GLH DQGHUH ZHVKDOE GDV (UJHEQLV GHU (LQEHWWXQJ QLFKW ]ZDQJVOlXILJ VRFLDO FDSLWDO LVW 'LH (LQEHWWXQJ LQ HLQ 1HW]ZHUN NDQQ LP VFKOHFKWHVWHQ )DOO DXFKHLQH VRFLDO OLDELOLW\ EHGHXWHQ RGHU LP /DXIH GHU =HLW GD]X ZHUGHQ GHQQ VR EHWRQW 0DXUHU VRFLDOFDSLWDOLVWNRQWH[WVSH]LILVFK(QWVSUHFKHQGPXVVGDV=LHOEHLGHU3DUWHLHQ

/HDQDXQG9DQ%XUHQ VHOEVWHUNOlUHQGDVVÄDVVRFLDELOLW\³QHEHQHLQHU)HUWLJNHLWVE]Z)lKLJ NHLWVEDVLHUWHQDXFKHLQHDIIHNWLYH.RPSRQHQWHKDEH

VHLQ VR IUK ZLH P|JOLFK GLH :HUWKDOWLJNHLW QHXHU .RQWDNWH ]X HYDOXLHUHQ ,P 6LQQH .RJXWV GHU DXI ÄQHWZRUNV DV NQRZOHGJH³ UHNXUULHUW N|QQHQ VR]LDOH 1HW]ZHUNH VRZRKO DOV %HVWDQGWHLO YRQ VRFLDO FDSLWDO DOV DXFK ± ZLH EHUHLWV LQ GHU 'LVNXVVLRQ EHU :LVVHQVWUDQVIHU DQNODQJ±DOV%HVWDQGWHLOYRQ:LVVHQEHWUDFKWHWZHUGHQ $XIJUXQGGHUVSH]LILVFKHQ8PVWlQGHGHQHQVLFKHLQMXQJHVLQQRYDWLYHV8QWHUQHKPHQJHJHQ EHUJHVWHOOW VLHKW KDEHQ GLHVH 2UJDQLVDWLRQHQ ± ZLH EHUHLWV HUZlKQW ± HLQHQ H[WUHP KRKHQ %HGDUI DQ XQWHUVFKLHGOLFKVWHQ 5HVVRXUFHQ 6DORPR HW DO ZLH ,QYHVWRUHQNRQWDNWH 3UR GXNWLRQVNDSD]LWlWHQ ]XVlW]OLFKHV NQRZKRZ HWF 'DV ULFKWLJH VR]LDOH 1HW]ZHUN NDQQ HQRUP KHOIHQGLHIU-XQJXQWHUQHKPHQW\SLVFKH5HVVRXUFHQNQDSSKHLW]XUHGX]LHUHQ'XELQL$OGULFK 0DXUHU )U GDV 0XWWHUXQWHUQHKPHQ EHGHXWHW GLH ,QWHUDNWLRQ PLW GHP 38 HLQ ZLQGRZRQWHFKQRORJ\XQGHLQH%UFNHLQHLQNRPSOHWWQHXHVP|JOLFKHUZHLVHNRPSOHPHQWl UHV1HW]ZHUNLQQRYDWLYHU8QWHUQHKPHUXQGGHUHQ6R]LDONRQWDNWH'LHVHU=XJDQJ]X7HFKQROR JLHQ XQG 1HW]ZHUNHQ XQWHUVWW]W H[SORUDWLRQ XQG H[SORLWDWLRQ QHXHU *HVFKlIWVRSSRUWXQLWlWHQ GHV0XWWHUXQWHUQHKPHQV.HLO 6R]LDOH 1HW]ZHUNH VHLHQ GLH 9HUELQGXQJHQ GLUHNW RGHU LQGLUHNW VFKZDFK RGHU VWDUN KDEHQ HLQHQ EHGHXWHQGHQ (LQIOXVV DXI :LVVHQVDNTXLVLWLRQ XQG WUDQVIHU LQ GHU &9&38%H]LHKXQJ VRZLHLQGHU38%8%H]LHKXQJ3RGROQ\3DJH 0+DQVHQ NRQQWH]HLJHQGDVV VFKZDFKH9HUELQGXQJHQGLHNRVWHQHIIHNWLYH6XFKHQDFKQHXHQ,QIRUPDWLRQHQVWDUNH9HUELQ GXQJHQ KLQJHJHQ GHQ NRVWHQHIIHNWLYHQ 7UDQVIHU YRQ NRPSOH[HP XQG VFKZHU DXVWDXVFKEDUHP LPSOL]LWHQ:LVVHQEHVFKOHXQLJHQE]ZEHI|UGHUQ'LH%H]LHKXQJHQ]ZLVFKHQ&9&%8VXQG 38N|QQHQDQJHVLFKWVGHU'DXHUGHU%H]LHKXQJGHUYHUWUDJOLFKHQ9HUELQGXQJGHU=LHOHVRZLH GHU ,QWHUDNWLRQVIUHTXHQ] XQG LQWHQVLWlW DOV VWDUNH 9HUELQGXQJHQ DQJHVHKHQ ZHUGHQ 'LHVH VWDUNH 9HUELQGXQJ GHV -XQJXQWHUQHKPHQV ]XP 0XWWHUXQWHUQHKPHQ ± HUP|JOLFKW XQG HQWZL FNHOW GXUFK GLH &9&(LQKHLW LQ LKUHU )XQNWLRQ DOV %URNHU ]ZLVFKHQ GHQ 3DUWHLHQ ± NDQQ GHQ =XJDQJ]XGHPUHLIHQ1HW]ZHUNGHV,QGXVWULHXQWHUQHKPHQVZHOFKHVDXV]XVlW]OLFKHQVWDUNHQ VRZLH]DKOUHLFKHQVFKZDFKHQ9HUELQGXQJHQEHVWHKWHUOHLFKWHUQ:LOVRQHWDO $XVJH KHQG YRQ GHU VWDUNHQ &9&389HUELQGXQJ VWUHEHQ VRZRKO GDV 0XWWHUXQWHUQHKPHQ DOV DXFK LQVEHVRQGHUH GDV 3RUWIROLRXQWHUQHKPHQ DP PHLVWHQ GLYHUVH XQG QLFKWUHGXQGDQWH .RQWDNWH VRZLHGLHGDPLWSRWHQ]LHOOYHUEXQGHQHQ5HVVRXUFHQGHV3DUWQHUVDQGDVLHGDYRQDPVWlUNVWHQ SURILWLHUHQ %XUW (QWVSUHFKHQG DUJXPHQWLHUHQ ZLU GDVV HLQ QHJDWLYHU =XVDPPHQKDQJ ]ZLVFKHQVR]LDOHP1HW]ZHUNXQG:LVVHQVWUDQVIHUH[LVWLHUWGDHLQ1LFKWhEHUODSSHQGHUMHZHL OLJHQVR]LDOHQ.RQWDNWHGHQJU|WHQ(UIROJIUGLH&9&38'\DGHYHUVSULFKW

+\SRWKHVH 'DV hEHUODSSHQ GHV VR]LDOHQ 1HW]ZHUNV YRQ &9& XQG 38 NRUUHOLHUW QHJDWLY PLW:LVVHQVWUDQVIHU

5HODWLRQDOH'LPHQVLRQYRQVRFLDOFDSLWDO

.RQDWLYHhEHUHLQVWLPPXQJ *HWHLOWH,QWHQWLRQHQXQG$QVLFKWHQEH]JOLFKGHU=LHOHUUHLFKXQJlKQOLFKHRGHUNRPSOHPHQWlUH =LHOHVRZLHGDV&RPPLWPHQWHLQ3URMHNWPLW]XWUDJHQVLQGHUIRUGHUOLFKH(FNSXQNWHXPJXWH 4XDOLWlW LP 5DKPHQ YRQ 7HDPDUEHLW ]X HUUHLFKHQ *HPQGHQ HW DO ,Q GLHVHP 6LQQH XQG6FKROO IROJHQGZLUGGLHNRQDWLYHhEHUHLQVWLPPXQJLP)ROJHQGHQDOV.RRSHUDWL RQVEHUHLWVFKDIW YRQ 3DUWQHUQ GHILQLHUW 'LH .RRSHUDWLRQVIRUVFKXQJ KDW HLQH ODQJH +LVWRULH XQWHUVFKLHGOLFKH DNDGHPLVFKH :XU]HOQ XQG ZXUGH YRQ YLHOHQ WKHRUHWLVFKHQ 5LFKWXQJHQ DXV DQDO\VLHUW6PLWKHWDO (QWVSUHFKHQGNDQQGLHNRQDWLYHhEHUHLQVWLPPXQJJHWULHEHQVHLQ YRQ HLQHUDOOJHPHLQHQYHUWUDXHQVEDVLHUWHQ.RRSHUDWLRQVEHUHLWVFKDIW)XNX\DPD XQG )DLUQHVV .RUVJDDUG HW DO 5LQJ9DQ GH 9HQ RGHU YRQ ZLUWVFKDIWOLFKHQ XQG LQVWUXPHQWHOOHQhEHUOHJXQJHQXQG%HXUWHLOXQJHQGDVV.RRSHUDWLRQLQHLQHUEHVWLPPWHQ6LWXD WLRQ YRUWHLOKDIW LVW ZLH EHLVSLHOVZHLVH GLH 1HXH ,QVWLWXWLRQHQ|NRQRPLH DUJXPHQWLHUW $G OHU.ZRQ &:HEHU*|EHO 'DV KHLW 'LH NRQDWLYH hEHUHLQVWLPPXQJ NDQQ GLH )ROJHYRQ9HUWUDXHQXQG)DLUQHVVVHLQGLHVVLQGMHGRFKQLFKWGLHHLQ]LJHQ9RUEHGLQJXQJHQ ,QWHUHVVHQNRQIOLNWHXQGRGHUQLFKWNRPSDWLEOH=LHOHN|QQHQOHLFKW]XP6FKHLWHUQHLQHU%H]LH KXQJ IKUHQ 6\NHV ,Q HLQHU VROFKHQ 6LWXDWLRQ NDQQ HLQH ZLH DXFK LPPHU PRWLYLHUWH NRQDWLYH hEHUHLQVWLPPXQJ HVVHQ]LHOO VHLQ XP ]XU .RQIOLNWO|VXQJ EHL]XWUDJHQ .RUVJDDUG HW DO 5LQJ9DQ GH 9HQ (V NDQQ IHUQHU DQJHQRPPHQ ZHUGHQ GDVV HLQH NRQDWLYH hEHUHLQVWLPPXQJ]XNRRSHUDWLYHP9HUKDOWHQIKUWRGHU]XPLQGHVWGD]XEHLWUlJW :lKUHQG HV NHLQH 6WXGLHQ JLEW GLH GLH NRQDWLYH hEHUHLQVWLPPXQJ ]ZLVFKHQ &9&V XQG 38V RGHUNODVVLVFKHQ9&VXQG38VDQDO\VLHUHQOlVVWVLFKYHUJOHLFKVZHLVHYLHO/LWHUDWXU]XP7KH PD 9HUWUDXHQ VLHKH 'LVNXVVLRQ XQWHQ XQG .RRSHUDWLRQHQ LQ &9&3& '\DGHQ VRZLH GHUHQ 1RWZHQGLJNHLW IU GHQ 38(UIROJ ILQGHQ &DEOH6KDQH 6DSLHQ]D.RUVJDDUG 5LQJ9DQ GH 9HQ &RQWUDFWRU XQG /RUDQJH GRNXPHQWLHUHQ EHLVSLHOVZHLVH GLH

.RRSHUDWLRQ EHGHXWHW LQ GLHVHP .RQWH[W QLFKW HLQH NRPSOHWWH XQG EHGLQJXQJVORVH ,QIRUPDWLRQVIUHLJDEH DQ GLH DQGHUH 3DUWHL 'LHV ZLUG ]XP HLQHQ QLFKW DOV QRWZHQGLJ XQG JLOW ]XP DQGHUHQ LP 5DKPHQ HLQHU *H VFKlIWVEH]LHKXQJDXFKIDVWDOVQDLY(LQHEHUZLHJHQGH.RRSHUDWLRQVEHUHLWVFKDIWZLUGDOVDXVUHLFKHQGHUDFK WHW

SRVLWLYH %H]LHKXQJ ]ZLVFKHQ .RRSHUDWLYLWlW YRQ )LUPHQ XQG GHP VLFK GDUDXV HUJHEHQGHQ KRKHQ/HYHODQ(IIL]LHQ]XQG3URILWDELOLWlW (V H[LVWLHUHQ YHUVFKLHGHQH $UJXPHQWDWLRQVOLQLHQ ]X GHU )UDJH ZDUXP .RRSHUDWLRQ HLQHQ SRVLWLYHQ (LQIOXVV DXI RUJDQLVDWLRQDOHQ (UIROJ KDW 'HXWVFK 6FKROO %HHU HW DO KHEHQKHUYRUGDVV.RRSHUDWLRQHLQH9RUDXVVHW]XQJIU.RRUGLQDWLRQVHLZHOFKHZLH GHUXPDOVQRWZHQGLJIU,QQRYDWLRQXQG:HWWEHZHUEVHUIROJDQJHVHKHQZHUGHQN|QQH6FKROO XQG HUNOlUWGDVV.RRSHUDWLRQ]XHLQHPRIIHQHUHQLQWHQVLYHUHQXQGZHQLJHUYHU IlOVFKWHQ $XVWDXVFK YRQ :LVVHQ IKUW (U NRQQWH ]HLJHQ GDVV VLFK :LVVHQ YRU GHP +LQWHU JUXQGHLQHUNRQDWLYHQhEHUHLQVWLPPXQJDXVEUHLWHWHLQH9HUlQGHUXQJGLHGHQ*UXSSHQHUIROJ HUK|KWH(QWVSUHFKHQGDUJXPHQWLHUHQZLU +\SRWKHVH 'LH NRQDWLYH hEHUHLQVWLPPXQJ ]ZLVFKHQ &9& XQG 38 NRUUHOLHUW SRVLWLY PLW :LVVHQVWUDQVIHU $IIHNWLYHhEHUHLQVWLPPXQJ 'LH DIIHNWLYH hEHUHLQVWLPPXQJ EHVFKUHLEW GLH IXQNWLRQDOH .RPSDWLELOLWlW YRQ (PRWLRQHQ ]ZLVFKHQ ]ZHL RGHU PHKU ,QGLYLGXHQ RGHU 7HDPV :LU NRQ]HQWULHUHQ XQV KLHU HKHU DXI GLH 7HDP DOV DXI GLH LQGLYLGXHOOH (EHQH (PRWLRQHQ KDEHQ QLFKW QXU HLQH NRPPXQLNDWLYH 5HOH YDQ]GLHLQVEHVRQGHUHLQQHXHQXQVLFKHUHQXQGXQJHWHVWHWHQ%H]LHKXQJHQZLHEHLVSLHOVZHLVH GHU&9&38'\DGH]XP7UDJHQNRPPW6FKHUHU7UDQ VLHWUDJHQDXFKLQHUKHEOLFKHP 0DH ]XU HIIHNWLYHQ VR]LDOHQ ,QWHUDNWLRQ 2IIHQKHLW XQG LQVEHVRQGHUH ]XU 9HUWUDXHQVELOGXQJ EHL0F$OOLVWHU6FKROO ZDV±ZLH6FKROO ]HLJHQNRQQWH±ZLHGHUXPHLQH IUHLH0HLQXQJVlXHUXQJXQG:LVVHQVWUDQVIHUI|UGHUW :lKUHQG GHU 6XFKH QDFK /LWHUDWXU ]X (PRWLRQHQ XQG DIIHNWLYHU hEHUHLQVWLPPXQJ ]ZLVFKHQ 3DUWQHUQRGHUSRWHQ]LHOOHQ3DUWQHUQIDQGHQVLFK]DKOUHLFKH6WXGLHQDXVYHUZDQGWHU)RUVFKXQJ LQ GHU 0 $/LWHUDWXU ]XU 3RVW,QWHJUDWLRQVSUREOHPDWLN /DUVVRQ/XEDWNLQ /DUV VRQ)LQNHOVWHLQ&DUWZULJKW&RRSHU'DWWD1DKDYDQGL0DOHN]DGHK 'HU RUJDQLVDWLRQDOHRGHUDXFKSHUVRQDOHPLVILW]ZLVFKHQ]ZHLVLFKYHUELQGHQGHQRGHUIXVLRQLHUHQ GHQ 3DUWQHUQ ± RIW DXFK DOV FXOWXUDO FODVK EH]HLFKQHW ± IKUW ZLH GLH )RUVFKXQJ JH]HLJW KDW VFKQHOOGD]XGDVV:LGHUVWDQGDXVJHO|VWZLUGXQGVLFK&RPPLWPHQWXQG.RRSHUDWLRQXQWHUGHQ DNTXLULHUWHQ0LWDUEHLWHUQLP*HJHQ]XJYHUULQJHUQ%XRQRHWDO GDVVGHU7XUQRYHUXQWHU GHQ DNTXLULHUWHQ 0DQDJHUQ HVNDOLHUW /XEDWNLQ HW DO GDVV GHU 6KDUHKROGHU 9DOXH GHU NDXIHQGHQ2UJDQLVDWLRQUHGX]LHUW&KDWWHUMHHHWDO XQGGDVVGLHRSHUDWLYH/HLVWXQJVIl

KLJNHLWGHUJHNDXIWHQ2UJDQLVDWLRQXQWHUJUDEHQZLUG.XU]XP'HUDUWLJHPLVILWVHQGHQZLHGLH 3UD[LV EHOHJW LQ GHU 5HJHO PLW HLQHP 0LVVHUIROJ 'LH +LQZHLVH DXV GHU 0 $)RUVFKXQJ ]HLJHQGDVVGLH3DUWHLHQGLHHLQHDIIHNWLYHhEHUHLQVWLPPXQJXQWHUHLQDQGHUZDKUQHKPHQVLFK JHJHQVHLWLJDOV LP SRVLWLYHQ 6LQQH NRPSOHPHQWlU YHUVWHKHQXQG XPJHNHKUW $OV )ROJH GLHVHU :DKUQHKPXQJ HQWZLFNHOW VLFK 9HUWUDXHQ VFKQHOOHU GLH .RRSHUDWLRQVEHUHLWVFKDIW VWHLJW XQG :LVVHQVWUDQVIHUZLUGHUOHLFKWHUW(QWVSUHFKHQGODXWHWXQVHUHDXI6FKROO XQGDQJUHQ]HQ GHU)RUVFKXQJ%RZHU7UDQ9LQFH EHUXKHQGH+\SRWKHVH +\SRWKHVH (LQH DIIHNWLYH hEHUHLQVWLPPXQJ ]ZLVFKHQ &9& XQG 38 NRUUHOLHUW SRVLWLY PLW :LVVHQVWUDQVIHU 1RUPHQ 9LHOHWKHRUHWLVFKH 6FKXOHQ GLH RUJDQLVDWLRQDOHQ (UIROJ XQWHUVXFKWKDEHQKHEHQGHQ(LQIOXVV YRQ1RUPHQXQGJHWHLOWHQ(LQVWHOOXQJHQKHUYRU*HPl(OVWHU XQG0D[:HEHU EH]LHKHQ VLFK 1RUPHQ DXI GDV ZDV 0HQVFKHQ WXQ VROOWHQ DXV *UQGHQ EHLVSLHOVZHLVH GHU )DLUQHVV GHU 0RUDO RGHU DQGHUHU .RQYHQWLRQHQ LP *HJHQVDW] ]X HLQIDFKHQ 5HJXODULHQ 1RU PHQ N|QQHQ GDEHL HQWZHGHU GLH (LQVWHOOXQJHQ ÄHYHU\ERG\ WKLQNV WKH VDPH ZD\³ RGHU GDV 9HUKDOWHQÄHYHU\ERG\EHKDYHVWKHVDPHZD\³ EHWUHIIHQ1RUPHQIXQJLHUHQGDPLWDOV6XEVWL WXW RGHU DOV 9HUVWlUNXQJ IU Ä>«@ >IRUPDO@ UXOHV RU FRQWURO PHFKDQLVPV ZLWK WKH UHVXOW WKDW HQIRUFHPHQW DQG SXQLVKPHQW LQVWLWXWLRQV EHFRPH RI VHFRQGDU\ LPSRUWDQFH³ 3ODWWHDX 'DV (UJHEQLV |NRQRPLVFKHQ $XVWDXVFKV XQG RUJDQLVDWLRQDOHU /HLVWXQJ Kl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|QQHQ,P.RQWH[WGHUYRUOLHJHQGHQ8QWHUVXFKXQJLVW GHU(LQIOXVVGHU1RUPHQDXIGHQ:LVVHQVWUDQVIHUQLFKWHLQGHXWLJXQGJHUDGOLQLJ(LQHUVHLWVLVW GLH (QWZLFNOXQJ YRQ 3UR]HVVHQ IU LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHU QLFKW WULYLDO VRIHUQ

NHLQH OHJLWLPLHUWHQ XQG LQVWLWXWLRQDOLVLHUWHQ 5RXWLQHQ EHVWHKHQ GLH GHU 2UJDQLVDWLRQ KHOIHQ ,QIRUPDWLRQHQ ]X DNTXLULHUHQ ]X FRGLHUHQ ]X VSHLFKHUQ ]X LQWHJULHUHQ XQG ]X WUDQVIHULHUHQ $OV JHWHLOW ZDKUJHQRPPHQH 1RUPHQ XQG (LQVWHOOXQJHQ RGHU DXFK lKQOLFKH VR]LDOH +LQWHU JUQGH+LWWHWDO6FKROO ]ZLVFKHQGHQ$NWHXUHQYRQ&9&(LQKHLWXQG38N|Q QHQ MHGRFKGHQ :LVVHQVWUDQVIHU YHUEHVVHUQ&:HEHU $QGHUHUVHLWV LVW JHUDGH GLH 8Q WHUVFKLHGOLFKNHLWGLHVHU]ZHL2UJDQLVDWLRQVNXOWXUHQHLQZHVHQWOLFKHU*UXQGE]ZHLQH9RUDXV VHW]XQJIUGLH)l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lJXQJHQ LQ GHQ REHQ JHQDQQWHQ 3XQNWHQ HQWVSUH FKHQGYHUVFKLHGHQH$XVZLUNXQJHQ±SRVLWLYHZLHQHJDWLYH±DXIGHQ:LVVHQVWUDQVIHULQ2UJD QLVDWLRQHQ :LU DUJXPHQWLHUHQ QLFKWVGHVWRWURW] GDVV GHU SRVLWLYH (LQIOXVV YRQ JHWHLOWHQ 1RU PHQDXIGHQ:LVVHQVWUDQVIHUGRPLQLHUW +\SRWKHVH*HWHLOWH1RUPHQ]ZLVFKHQ&9&XQG38NRUUHOLHUHQSRVLWLYPLW:LVVHQVWUDQV IHU 9HUWUDXHQ 9HUWUDXHQLVW]HQWUDOGDHVLQKRKHP0DHPLWGHQPHLVWHQGHUREHQGLVNXWLHUWHQ'LPHQVLRQHQ LQ :HFKVHOZLUNXQJ VWHKW XQG ± ZLH EHUHLWV GHXWOLFK ZXUGH ± VHOEVW GXUFK YLHOH )DNWRUHQ EH GLQJW ZLUG =XFNHU *HPl 'DVJXSWD XQG )XNXMDPD NDQQ 9HUWUDXHQ GHILQLHUWZHUGHQDOVGLH(UZDUWXQJDXIULFKWLJHQNRRSHUDWLYHQ9HUKDOWHQVYRQ6HLWHQGHUDQGH UHQ$NWHXUHLQQHUKDOEHLQHU*HPHLQVFKDIWDXIGHU*UXQGODJHYRQ1RUPHQ,QHLQHPG\QDPL VFKHQ8PIHOGPLWXQYROOVWlQGLJHQ,QIRUPDWLRQHQHQWVSULFKW9HUWUDXHQHLQHU3UlGLVSRVLWLRQ]XU $XIULFKWLJNHLWGHU%HUHLWVFKDIWVLFKYHUOHW]EDU]X PDFKHQ]XNRRSHULHUHQXQGVLFKLP6LQQH GHU*UXSSHQ]LHOHXQGLQWHQWLRQHQHLQ]XVHW]HQ/LQGVNROG0D\HUHWDO5LQJ9DQ GH9HQ6DSLHQ]DHWDO%:HEHU

'D]X ]lKOHQ EHLVSLHOVZHLVH ZDKUJHQRPPHQH )DLUQHVV 5HOLDELOLWlW ,QWHJULWlW JHWHLOWH 1RUPHQ VR]LDOH bKQOLFKNHLWXQGRUJDQLVDWLRQDOH.RQWH[WHUZlJXQJHQEHWUDFKWXQJHQ

9RUDQJHJDQJHQH)RUVFKXQJVSLHJHOWGLH%HGHXWXQJYRQLQWHUSHUVRQHOOHPXQGLQWHURUJDQLVDWLR QDOHP 9HUWUDXHQ XP LQGLYLGXHOOH XQG RUJDQLVDWLRQDOH /HLVWXQJ DXIUHFKW]XHUKDOWHQ E]Z ]X VWlUNHQ=XFNHU)XNX\DPD0F$OOLVWHU6DSLHQ]D.RUVJDDUG0DQLJDUW HWDO 'LH)RUVFKXQJ]HLJWGHV:HLWHUHQGDVV0HQVFKHQHKHUJHQHLJWVLQGVLFKLQVR]LD OHQ $XVWDXVFKEH]LHKXQJHQ LP $OOJHPHLQHQ ]X HQJDJLHUHQ XQG LQVEHVRQGHUH ]X NRRSHULHUHQ ZHQQ HLQ KRKHV 0D DQ 9HUWUDXHQ LQQHUKDOE LQVWLWXWLRQHOOHU RGHU SHUV|QOLFKHU %H]LHKXQJHQ YRUKDQGHQ LVW (OOLFNVRQ 1DKDSLHW*KRVKDO 1RUWK 9HUWUDXHQ HUK|KW GHQ DOOJHPHLQHQ (UIROJ HLQHU 2UJDQLVDWLRQ GD HV GLH $Q]DKO DQ P|JOLFKHQ 7UDQVDNWLRQHQ HUK|KW XQGGLH.RVWHQHLQHUHWZDLJHQ.RQWUROOHVRZLH9HUWUDJVHLQKDOWXQJGXUFKVHW]XQJGXUFKUHGX ]LHUWHQ2SSRUWXQLVPXVYHUULQJHUW 6FKDXW PDQ DXV GHU LQWHURUJDQLVDWLRQDOHQ (QWUHSUHQHXUVKLS)RUVFKXQJ DXI GLH &9&38 '\DGHGRPLQLHUWGDV$UJXPHQWGHU7UDQVDNWLRQVNRVWHQWKHRULHGDVV9HUWUDXHQ]ZLVFKHQGHQ 3DUWQHUQGLH1RWZHQGLJNHLW]XU.RQWUROOHUHGX]LHUW6DSLHQ]DHWDOVLHKHGD]XDXVIKU OLFK &:HEHU*|EHO 'H &OHUFT XQG 6DSLHQ]D VWHOOHQ GLH 7KHVH DXI GDVV 9HU WUDXHQ GLH (IIHNWLYLWlW YRQ NQRZOHGJHVKDULQJURXWLQHV ]ZLVFKHQ &9& XQG 38 VWHLJHUW 6KH SKHUGXQG=DFKDUDNLV ]HLJHQGHQ(LQIOXVVYRQ9HUWUDXHQDXIGLHNRRSHUDWLYH,QWHUDNWL RQ GHU EHWHLOLJWHQ 3DUWQHU PLWWHOV GHUHU ZLHGHUXP GHU :LVVHQVWUDQVIHU YHUEHVVHUW ZLUG YJO GD]XDXFK'\HU6LQJK1DKDSLHW*KRVKDO +\SWRKHVH9HUWUDXHQLQGHU&9&38%H]LHKXQJNRUUHOLHUWSRVLWLYPLW:LVVHQVWUDQVIHU .QRZOHGJHUHODWHGQHVV±NQRZZKDWXQGNQRZKRZ .QRZOHGJHUHODWHGQHVV ZLUGDOVGDV0DDQbKQOLFKNHLWXQG.RPSDWLELOLWl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lKLJNHLWH[WHUQH:LVVHQVTXHOOHQDXV]XQXW]HQ GDQQ DP EHVWHQ IXQNWLRQLHUHQ ZHQQ GDV EHUHLWV H[LVWLHUHQGH :LVVHQ PLW GHP QHXHQ :LVVHQ YHUZDQGWE]ZYHUEXQGHQLVW=XXQWHUVFKLHGOLFKH:LVVHQVEDVHQ]ZLVFKHQ&9&XQG38N|Q

QHQ DOVR GLH .RPPXQLNDWLRQ XQG GDV JHJHQVHLWLJH 9HUVWlQGQLV ]ZLVFKHQ GHQ 3DUWQHUQ HU VFKZHUHQRGHUXQP|JOLFKPDFKHQDQVWDWW/HUQHQDXV]XO|VHQ0DXOD *OHLFK]HLWLJN|Q QHQ ]X lKQOLFKH :LVVHQVEDVHQ MHGRFK DXFK GHQ SRVLWLYHQ (IIHNW NRQWURYHUVHU 'LVNXVVLRQHQ YHUKLQGHUQGKMHPHKU:LVVHQGHU3DUWQHUEHUODSSHQGLVWGHVWRZHQLJHUN|QQHQVLHYRQHL QDQGHU OHUQHQ &RKHQ/HYLQWKDO 'H &OHUFT6DSLHQ]D 3/DQH/XEDWNLQ /XEDWNLQHWDO :HQQHLQHQDFK,QQRYDWLRQVWUHEHQGH2UJDQLVDWLRQQHXHV:LVVHQJHQH ULHUHQZLOOZHOFKHVVLFKLQGHQPHLVWHQ)lOOHQGHXWOLFKYRQGHPXQWHUVFKHLGHQVROOWHZDVGLH 2UJDQLVDWLRQELVGDKLQSUR]HVVLHUWXQGJHVSHLFKHUWKDWPXVVVLH3DUWQHUVXFKHQGHUHQ:LVVHQ DQJHPHVVHQZHQLJLQ%H]LHKXQJ]XUHLJHQHQ:LVVHQVEDVLVVWHKW.DWLOD 'LHVEHGHXWHW GDVV GLH &9&(LQKHLW E]Z GLH *HVFKlIWVHLQKHLWHQ GHV 0XWWHUXQWHUQHKPHQV XQG LQQRYDWLYH -XQJXQWHUQHKPHQ LKUHQ ZHFKVHOVHLWLJHQ :LVVHQVWUDQVIHU GDQQ RSWLPLHUHQ ZHQQ VLH HLQH DXV UHLFKHQGH JHPHLQVDPH :LVVHQVEDVLV GLH HIIHNWLYH .RPPXQLNDWLRQ VLFKHUVWHOOW WHLOHQ XQG JOHLFK]HLWLJMHGRFKDXFKJHQXJ8QWHUVFKLHGOLFKNHLWDQ:LVVHQPLWEULQJHQ6FKROO :LU DUJXPHQWLHUHQGDVVGLHVHVDXVJHZRJHQH0DDQNQRZOHGJHUHODWHGQHVV]ZLVFKHQGHQ3DUWQHUQ NXUYOLQHDUH )XQNWLRQ GLH :DKUVFKHLQOLFKNHLW GHU ,QQRYDWLRQVJHQHULHUXQJ HUK|KW (V ZLUG GHVKDOE DOV 9RUDXVVHW]XQJ IU RSWLPDOHQ :LVVHQVWUDQVIHU JHVHKHQ GHU SRWHQ]LHOO IU EHLGH 3DUWHLHQYRQ:HUWVHLQXQGGHUHQ:HWWEHZHUEVIlKLJNHLWHUK|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

'DWHQXQG0HWKRGH

6WLFKSUREHXQG'HVLJQ

:LUWHVWHWHQXQVHUH+\SRWKHVHQDXI%DVLVYRQ'DWHQDXVWHLOVWDQGDUGLVLHUWHQOHLWIDGHQJHVWW ]HQ ,QWHUYLHZV :LU EHIUDJWHQ ]Z|OI ,QYHVWPHQW 0DQDJHU YRQ VLHEHQ DXVJHZlKOWHQ &9& (LQKHLWHQ LQ 'HXWVFKODQG 'LH &9&(LQKHLWHQ GLH DOOH PHKU DOV HLQ 38 LQ LKUHP 3RUWIROLR KDWWHQ OLHIHUWHQ 'DWHQ XQG ,QIRUPDWLRQHQ ]X LQVJHVDPW 38V XQG ]X LKUHU %H]LHKXQJ PLW GLHVHQ -XQJXQWHUQHKPHQ 8QVHUH 6WLFKSUREH EHLQKDOWHWH DXVVFKOLHOLFK ,QYHVWPHQWV LQ 6HHG XQG (DUO\6WDJH9HQWXUHV 'HV :HLWHUHQ ZXUGH GLH $XVZDKO GHU 38V JHOHLWHW GXUFK XQVHUH 9RUJDEH DQ GLH &9&V GDVV PLQGHVWHQV HLQ VHKU HUIROJUHLFKHV XQG HLQ EHVRQGHUV HUIROJORVHV 38 EHVFKULHEHQ ZHUGHQ VROOWH %HL ]Z|OI GHU 38V LQ XQVHUHU 6WLFKSUREH IKUWHQ ZLU ZHLWHUH ,QWHUYLHZVPLWHQWZHGHUGHP*UQGHURGHUGHP*HVFKlIWVIKUHUXQGVWHOOWHQLKQHQGLHVHOEHQ )UDJHQGLHZLU]XYRUVFKRQDQGLHHQWVSUHFKHQGHQ&9&VJHULFKWHWKDWWHQ,QVJHVDPWOLHJHQ 'DWHQSXQNWHYRU 'LH,QWHUYLHZVEHLQKDOWHWHQHLQHQQDUUDWLYHQXQGHLQHQLQWHUURJDWLYHQ7HLOHQWODQJGHV/HLGID GHQV =XVlW]OLFK ZXUGHQ JHPl /DPQHN $GKRF)UDJHQ JHVWHOOW XP GDV JHJHQVHLWLJH 9HUVWlQGQLV VLFKHU]XVWHOOHQ ,Q GHQ ,QWHUYLHZV ]X GHQ %H]LHKXQJHQ XQG ]XP :LVVHQVWUDQVIHU ]ZLVFKHQGHQ3DUWQHUQZXUGHQDOOHUHOHYDQWHQ%H]LHKXQJHQLQGLHJHVDPWH2UJDQLVDWLRQVRZLH LQYROYLHUWHE]ZNRRSHULHUHQGH*HVFKlIWVHLQKHLWHQEHUFNVLFKWLJW$OOH,QIRUPDWLRQHQZXUGHQ JHPl]XYRUHQWZLFNHOWHU.DWHJRULHQNODVVLIL]LHUWXQGJHPlGHUVWUXNWXULHUWHQ,QKDOWVDQDO\VH QDFK0D\ULQJ DQDO\VLHUW :LU XQWHUQDKPHQ PHKUHUH 6FKULWWH XP GLH 9DOLGLWlW XQG GLH 5HOLDELOLWlW XQVHUHU 'DWHQ ]X JHZlKUOHLVWHQ =XQlFKVW IKUWHQ ZLU HLQHQ 3UH7HVW GHV /HLWIDGHQV PLW GUHL ,QYHVWPHQW 0DQDJHUQXQGGUHL*UQGHUQE]Z&(2VGXUFK1DFKGHPZLUDOOH,QIRUPDWLRQHQFRGLHUWKDW WHQEDWHQZLUYHUVFKLHGHQH,QWHUYLHZSDUWQHUXQVHUH(LQVFKlW]XQJHQLKUHU$XVVDJHQDXIHLQHU 6NDOD YRQ ELV LQ HLQHP &URVV&KHFN ]X SUIHQ 'D XQV GLH ,QWHUYLHZSDUWQHU OHGLJOLFK LQ ]ZHL)lOOHQPDUJLQDONRUULJLHUWHQEHWUDFKWHQZLUGHQ&URVV&KHFNDOV,QGLNDWRUIUHLQKRKHV 0D DQ 5HOLDELOLWlW 6SH]LILVFKH TXDOLWDWLYH .ULWHULHQ GHU ,QKDOWVDQDO\VH ZLH GLH 9DOLGLWlW GHU ,QWHUYLHZVLWXDWLRQ $XWKHQWL]LWlW 6WDELOLWlW XQG 5HSOL]LHUEDUNHLW GLHQWHQ DOV ]XVlW]OLFKH 0DH GHU/HLWIDGHQ9DOLGLWlWXQG5HOLDELOLWlW0LOHV+XEHUPDQ

0HWKRGRORJLH

:LU XQWHU]RJHQ XQVHUH 'DWHQ HLQHU TXDQWLWDWLYHQ ,QKDOWVDQDO\VH QDFK 0D\HULQJ HLQH 7HFKQLN EHL GHU ZLU GLH VNDOLHUHQGH 6WUXNWXULHUXQJ ,QWHQVLWlWVDQDO\VH Zl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lQGLJNHLW XQG .RQVLVWHQ] EHUSUIW XQG GDQQ PLWKLOIH YRQ .HQGDOO¶V WDX .RUUHODWLRQHQ +DXSWNRPSRQHQWHQDQDO\VH 5HOLDELOLWlWVDQDO\VHQ VRZLH 5HJUHVVLRQVDQDO\VHQ DXVJHZHUWHW

$EKlQJLJH9DULDEOHQ

.QRZOHGJHVKDULQJURXWLQHV .QRZOHGJHVKDULQJURXWLQHVZXUGHQ±ZLHYRQ'H&OHUFTXQG6DSLHQ]D YRUJHVFKODJHQ ± PLWWHOV )UHTXHQ] XQG ,QWHQVLWlW GHU ,QWHUDNWLRQ ]ZLVFKHQ GHQ 3DUWQHUQ JHPHVVHQ )UHTXHQ] ZXUGHDOVGLH*HVDPWPHQJHDOOHU,QWHUDNWLRQHQ,QWHQVLWlWQDFKLKUHU$UWXQGLKUHP)RUPDOLVLH UXQJVJUDG YRQ (0DLO ELV ]X SHUV|QOLFKHP 7UHIIHQ JHPHVVHQ Ä,FK YHUEUDFKWH PHLQHU =HLWPLWGHP0DQDJHPHQWGLHVHV,QYHVWPHQWV³ZXUGHEHLVSLHOVZHLVHHLQH)UHTXHQ]UDWHYRQÄ³ ]XJHRUGQHW%HLGHQ,QWHQVLWlWVPDHQZXUGHILQDQ]LHOOHU4XDUWDOVEHULFKWHUVWDWWXQJHLQHUHKHU IRUPDOHQ)RUPGHU,QWHUDNWLRQ HLQHÄ³DXIGHU,QWHQVLWlWVVNDOD]XJHVFKULHEHQ,P*HJHQVDW] GD]X ZXUGH HLQ JHPHLQVDPHV %LHUWULQNHQ QDFK GHU $XIVLFKWVUDWVVLW]XQJ PLW Ä³ EHZHUWHW )lOOH LQ GHQHQ ,QWHUYLHZSDUWQHU LKUH %H]LHKXQJ ]X LKUHP *HJHQEHU DOV HQJH XQG LQWLPH )UHXQGVFKDIW HUDFKWHWHQ GDV *HIKO EHU IDVW DOOHV PLWHLQDQGHU RIIHQ VSUHFKHQ ]X N|QQHQ HUKLHOWHQ YRQ XQV HLQH Ä³ DXI GHU 6NDOD Ä0LWWOHUZHLOH KDEH LFK PLW ;XQG VHLQHU)UDX HLQH ]LHPOLFKHQJH%H]LHKXQJ:LUJHKHQ]XVDPPHQJROIHQXQGLFKKDEHVLHDXFKLQPHLQ+DXVLQ .DSVWDGWHLQJHODGHQ³

:LVVHQVWUDQVIHUXQG:LVVHQVNUHDWLRQ 'LH ,QWHUYLHZSDUWQHU ZDUHQ EHUZLHJHQG QLFKW LQ GHU /DJH HLQGHXWLJ ]ZLVFKHQ 7UDQVIHU XQG *HQHVHYRQ:LVVHQ]XXQWHUVFKHLGHQ'DGLHVH.RQ]HSWH±ZLHEHUHLWVHUOlXWHUW±YRQHLQDQGHU DEKlQJLJVLQGXQGVLFKVWlQGLJZHFKVHOVHLWLJZLHGHUKROHQNRPELQLHUWHQZLUGLHVH]ZHL$VSHN WH LQ GHU 6NDOLHUXQJ 'LH ,QWHUYLHZSDUWQHU ZXUGHQ XP HLQH (LQVFKlW]XQJ JHEHWHQ ZHOFKHQ 0HKUZHUWVLHLKUHP3DUWQHUOLHIHUQZDVVLHYRQLKUHP3DUWQHUOHUQHQRGHUPLWLKPQHXHQWZL FNHOQNRQQWHQ%HLXQVHUHU0HVVXQJGHV:LVVHQVWUDQVIHUVXQGGHU:LVVHQVJHQHVHEHUFNVLFK WLJWHQZLUQHEHQH[SOL]LWHPXQGLPSOL]LWHP:LVVHQNQRZZKDWXQGNQRZKRZ DXFKGLHVR]LD OHQ 1HW]ZHUNH NQRZZKR NODVVLIL]LHUW DOV GLH VWUXNWXUHOOH 'LPHQVLRQ YRQ VRFLDO FDSLWDO 'DWHQQHXHWHFKQRORJLVFKHXQGILQDQ]LHOOH,QIRUPDWLRQHQJHPHLQVDPH:RUNVKRSVXQGVWUDWH JLVFKHU 6XSSRUW ZXUGHQ DOV NQRZZKDW (UIDKUXQJHQ )lKLJNHLWHQ XQG SUR]HVVXDOHV :LVVHQ ZXUGHQ DOV NQRZKRZ NODVVLIL]LHUW .RJXW=DQGHU 3/DQH/XEDWNLQ =XVDPPHQ DUEHLWLQ)RUPYRQJHPHLQVDPHU(QWZLFNOXQJVSH]LILVFKHU3URGXNWHXQG3URMHNWHILHOLQEHLGH .DWHJRULHQ.RQWDNWH]XQHXHQRGHUSRWHQ]LHOOQHXHQ,QYHVWRUHQ.XQGHQ=XOLHIHUHUQ([SHU WHQLQEHVWLPPWHQ%HUHLFKHQQHXHQ$XIVLFKWVUDWVPLWJOLHGHUQ7RS0DQDJHUQXQG$OOLDQ]SDUW QHUQZXUGHQDOVNQRZZKRNODVVLIL]LHUW0DXUHU +LQVLFKWOLFKGHU6NDOLHUXQJZXUGHHLQH Ä³YHUJHEHQZHQQGHU$QWZRUWHQGHGLH$XIIDVVXQJYHUWUDWQLFKWVJHOHUQWRGHUEHUQRPPHQ ]XKDEHQNHLQHUHOHYDQWHQRGHUZHUWVWLIWHQGHQ,QIRUPDWLRQHQRGHU.RQWDNWHYRQGHUDQGHUHQ 6HLWHHUKDOWHQ]XKDEHQÄ(VZDUVFKUHFNOLFKHQWWlXVFKHQG6LHVDJWHQXQVGDVVVLH]DKOUHLFKH .RQWDNWH IU XQV KlWWHQ DEHU GLHVH .RQWDNWH VWHOOWHQ VLFK OHW]WOLFK IU XQV DOV Y|OOLJ ZHUWORV KHUDXV ³ :HQQ HLQ ,QWHUYLHZSDUWQHU HUNOlUWHGDVV QDKH]X DOOH UHOHYDQWHQ .RQWDNWH GXUFK GLH DQGHUH3DUWHL]XVWDQGHJHNRPPHQZDUHQRGHUGDVVGHU:LVVHQVDXVWDXVFKPLWGHP*HJHQEHU ]X HLQHU VXEVWDQ]LHOOHQ:HUWVWHLJHUXQJ JHIKUW KDEH ZXUGH HLQHÄ³YHUJHEHQÄ:LU>GDV,Q GXVWULHXQWHUQHKPHQ@KDEHQGXUFKGLH=XVDPPHQDUEHLWPLWGLHVHP3RUWIROLRXQWHUQHKPHQHLQHQ HQRUPHQ:HWWEHZHUEVYRUWHLOHU]LHOHQN|QQHQ>«@)UXQVHUH*HVFKlIWVHLQKHLWZDUHVH[WUHP LQWHUHVVDQW PLW GLHVHP MXQJHQ 8QWHUQHKPHQ ]XVDPPHQ]XDUEHLWHQ ZHLO HV XQVHUH ,QWHQWLRQ ZDU GLHVHQ NRPSOHWW QHXHQ 0DUNW ]X EHWUHWHQ 'HUHQ 7HFKQRORJLHHQWZLFNOXQJ VFKLHQ GDEHL H[WUHPKLOIUHLFK³ 38(UIROJ (UIROJ ZXUGH JHPHVVHQ PLWWHOV 8PVDW]ZDFKVWXP 8PVDW]UHQGLWH XQG 0DUNWDQ WHLOVZDFKVWXP 0DXUHU 6RUUHQWLQR:LOOLDPV :LU IUDJWHQ QDFK GHU DEVROXWHQ *U|HGLHVHU0DHXQGZHQQP|JOLFKDXFKQDFKGHU:DFKVWXPVUDWHLP9HUJOHLFK]XP9RU

MDKUVRZLH]XPRULJLQlUHQ%XVLQHVV3ODQ%HLVHKUMXQJHQ8QWHUQHKPHQZDUHQKDUWH)DNWHQRIW VFKZHU]XHUODQJHQRGHUQRFKQLFKWVRQGHUOLFKDXVVDJHIlKLJ=XVlW]OLFKH$XVVDJHQGHU,QWHU YLHZSDUWQHU ZLH ÄGLH )LUPD HQWZLFNHOW VLFK VHKU JXW³ RGHU ÄZLU HUZDUWHQ GHQ %UHDN(YHQ LQ 4 DOOH 0HLOHQVWHLQH ZXUGHQ VRZHLW HUUHLFKW³ HWF ZXUGHQ HEHQIDOOV EHUFNVLFKWLJW XQG VND OLHUW 3RUWIROLRXQWHUQHKPHQ GLH VLFK VHKU VFKOHFKW XQG PLW ZHQLJ $XVVLFKW DXI 9HUEHVVHUXQJ HQWZLFNHOWHQRGHUNQDSSYRUGHU,QVROYHQ]UDQJLHUWHQHUKLHOWHQHLQHÄ³3RUWIROLRXQWHUQHKPHQ PLW KRKHQ 8PVlW]HQ JURHQ 0DUNWDQWHLOHQ RGHU VRJDU HUVWHQ KRKHQ 5HQGLWHQ ZXUGHQ PLW HLQHUÄ³EHZHUWHW6FKOLHOLFKJLQJHQGLHGUHLREHQHUZlKQWHQLQGLYLGXHOOHQ(UIROJVNHQQ]LI IHUQ MHGHV 38V LQ HLQH GXUFK +DXSWNRPSRQHQWHQDQDO\VH JHZRQQHQH EHUJHRUGQHWH 9DULDEOH Ä38(UIROJ³HLQ

8QDEKlQJLJH9DULDEOHQ

:LUDUEHLWHWHQEHUZLHJHQGPLWVLHEHQXQDEKlQJLJHQ9DULDEOHQ-HGHYRQLKQHQZDUHQWZHGHU VRFLDO FDSLWDO RGHU NQRZOHGJH UHODWHGQHVV ]XJHRUGQHW 6RFLDO FDSLWDO XQG NQRZOHGJH UHODWHG QHVVZLHGHUXPNRQVWLWXLHUHQGHQUHODWLRQDOILW$OOH9DULDEOHQZXUGHQDXIHLQHUIQIVWXILJHQ /LNHUW6NDODEHZHUWHWXQGHLQJHVWXIW 6RFLDOFDSLWDO 6WUXNWXUHOOH'LPHQVLRQ 6R]LDOH 1HW]ZHUNH ,Q GLHVH 'LPHQVLRQ JHK|UHQ SHUV|QOLFKH .RQWDNWH ]X XQG 1HW]ZHUNH YRQ VSH]LDOLVLHUWHQ ([SHUWHQ SRWHQ]LHOOHQ .XQGHQ =XOLHIHUHUQ ]XVlW]OLFKHQ )LQDQ]LHUV HWF]XGHQHQGLUHNWHURGHULQGLUHNWHU=XJDQJEHVWHKW0DXUHU :LUIUDJWHQQDFKGHU 9HUEUHLWXQJ XQWHUVFKLHGOLFKHU 1HW]ZHUNH GLH GLH 3DUWQHU DNWLYLHUW XQG IU LKUHQ 3DUWQHU ]XJlQJOLFKJHPDFKWKDWWHQ(LQHÄ³ZXUGHYHUJHEHQEHL6WDWHPHQWVZLHÄ:LUKDEHQGH QHQ DOOHV JHJHEHQ /DERUH LQ XQVHUHU HLJHQHQ ) ($EWHLOXQJ .RQWDNWH]XGHQULFKWLJHQ *HVFKlIWVHLQKHLWHQLQXQVHUHU)LUPDXQVHUH3DWHQWHIUHLQJHULQJHV*HOG'LHQVWOHLVWXQ JHQXQVHUHU35$EWHLOXQJHLQIDFKDOOHV³$XVVDJHQZLHGLHVHEHGHXWHWHQGDVVGLHhEHU ODSSXQJ ]ZLVFKHQ GHQ VR]LDOHQ .RQWDNWHQ YRQ &9&(LQKHLW0XWWHUXQWHUQHKPHQ XQG 38 VHKU JHULQJ XQG GDPLW GLH 1HW]ZHUNH HQWVSUHFKHQG JUDYLHUHQG XQWHUVFKLHGOLFK ZDUHQ ,P *HJHQVDW] GD]X ZXUGHQ $XVVDJHQ ZLH Ä2EZRKO ZLU HUZDUWHW KDWWHQ GDVV VLH PHKU XQG ZHUWYROOH.RQWDNWHIUXQVKlWWHQUHDOLVLHUWHQZLUVHKUVFKQHOOGDVVVLHLQGLHVHPVSH]LHO

OHQ)HOGQLFKWVHKUYLHOPHKU.RQWDNWHKDWWHQDOVZLUVHOEVW³PLWHLQHUÄ³EHZHUWHW(LQH Ä³ZXUGHQLFKWYHUJHEHQ

5HODWLRQDOH'LPHQVLRQ .RQDWLYHhEHUHLQVWLPPXQJ:LUEHZHUWHWHQ 6WDWHPHQWVGLHHLQH.RPSDWLELOLWlWGHU,QWHU DNWLRQVLQWHQWLRQE]Z.RRSHUDWLRQVEHUHLWVFKDIWRGHUGHIDFWRHLQHDNWXHOOHDNWLYH.RRSH UDWLRQ UHIOHNWLHUWHQ 6FKROO )RUPXOLHUXQJ lKQOLFKHU JHPHLQVDP IHVWJHOHJWHU =LHOH EHLVSLHOVZHLVHKLQVLFKWOLFKGHV%XVLQHVVSODQVRGHUGHU([LW3OlQHGHU*HVFKlIWVVWUDWHJLHQ RGHUGHU]XHUUHLFKHQGHQ0HLOHQVWHLQH (LQHÄ³ZXUGHYHUJHEHQZHQQHLQ,QWHUYLHZSDUW QHUHUNOlUWHHUKDEHGHQ(LQGUXFNGDVVGLH3DUWQHUVFKDIWGXUFKNRQIOLJLHUHQGH,QWHUHVVHQ XQG0DFKWVSLHOHJHSUlJWVHLÄ8QGZHQQVLH'LFKLP6DFNKDEHQPXVVW'XDQ'HLQHPHL JHQHQ6WXKOVlJHQDXIGHP'XVLW]W6ROlXIWGDVGRFK'XNDQQVWGDJDUQLFKWPHKUUDXV 'DWDQ]HQ6LHPLWGHP7HXIHO³,P*HJHQVDW]GD]XZXUGHHLQHÄ³GDQQYHUJHEHQZHQQ GLH $QWZRUWHQGHQ LKUH =LHOH DOV NRPSDWLEHO XQG HLQ KRKHV 0D DQ .RRSHUDWLRQVEHUHLW VFKDIWDXI6HLWHQLKUHV*HJHQEHUVHPSIDQGHQ6LHEHVFKULHEHQLKUH3DUWQHUVFKDIWPLWXQWHU ÄDOVHLQH(KHLQGHUPDQLPPHU.RPSURPLVVHILQGHQXQGHLQJHKHQPXVV³XQGLQGHUPDQ HLQIDFK QLFKW DXIJLEW EHYRU HLQH /|VXQJ JHIXQGHQ LVW 'LH *HVSUlFKVSDUWQHU HU]lKOWHQ DXFKYRQLKUHP(LQGUXFNÄDOOHLQHLQHP%RRW³]XVLW]HQGDVPDQVFKOLHOLFKJHPHLQVDP LQ GHQ +DIHQ VWHXHUQ ZROOH 'LHV N|QQH HQWZHGHU JHPHLQVDP JHOLQJHQ RGHU PDQ ZUGH DQGHUHQIDOOVJHPHLQVDPXQWHUJHKHQ $IIHNWLYHhEHUHLQVWLPPXQJ +LHUZXUGHQ'LPHQVLRQHQZLHGHUHUVWH(LQGUXFNGLHZDKU JHQRPPHQHÄ&KHPLH³XQG6\PSDWKLH6FKROO EHWUDFKWHWXQGGHU)UDJHQDFKJHJDQ JHQ RE GLH *HVSUlFKVSDUWQHU VLFK HLQH %H]LHKXQJ PLW LKUHP MHZHLOLJHQ *HJHQEHU DXFK MHQVHLWV LKUHU JHVFKlIWOLFKHQ 9HUELQGXQJHQ YRUVWHOOHQ N|QQHQ GLHVHU ]ZHLWH 7HLO LVW GHU 2SHUDWLRQDOLVLHUXQJ YRQ =DFKDUDNLV HQWQRPPHQ $XVVDJHQ ZLH ÄHU NDP KHUHLQ XQG LFK KDWWH LUJHQGZLH YRP HUVWHQ 0RPHQW HLQ VHKU VFKOHFKWHV *HIKO ,FK ZHL QLFKW ZDUXP(VZDUPHKUVRHLQ%DXFKJHIKODEHULUJHQGZLHPRFKWHLFKGHQ7\SQLFKW³ZXU GHQEHLÄ³HLQJHVWXIW,P*HJHQVDW]GD]XEHZHUWHWHQZLU6WDWHPHQWVZLHÄ,FKZUGHLKQ DOV HLQHQ HQJHQ )UHXQG EH]HLFKQHQ³ RGHU ÄZHQQ ZLU QLFKW LQ GLHVHU *HVFKlIWVEH]LHKXQJ ]XHLQDQGHUVWQGHQKlWWHLFKVRHLQHQJHUQHDOV)UHXQG>«@,FKN|QQWHPLUDXFKYRUVWHO OHQPLWGHPPHLQH)HULHQ]XYHUEULQJHQ³PLWÄ³

*HWHLOWH 1RUPHQ 1RUPHQ ZXUGHQ YRQ XQV DOV YRQ GHQ 3DUWQHUQ JHWHLOW DQJHVHKHQZHQQ VLHHUNOlUWHQJHPHLQVDPH:HUWH9RUVWHOOXQJHQXQG(LQVWHOOXQJHQ]XHUNHQQHQVRZLHHLQH lKQOLFKH 3ULPlU RGHU 6HNXQGlUVR]LDOLVDWLRQ JHKDEW ]X KDEHQ 6FKHLQ 7ULFH%H\HU (LQH Ä³ ZXUGH YHUJHEHQ ZHQQ GLH $QWZRUWHQGHQ $XVVDJHQ PDFKWHQ ZLH Ä]ZHL :HOWHQ WUHIIHQ DXIHLQDQGHU³ RGHU ÄGLH NRPPHQ YRQ HLQHP Y|OOLJ DQGHUHQ +LQWHUJUXQG³ (LQHÄ³ZXUGH]XJHRUGQHWZHQQ,QWHUYLHZSDUWQHUEHULFKWHWHQDXIHLQHVHKUlKQOLFKH6R ]LDOLVDWLRQ ]XUFN]XEOLFNHQ XQG YHUJOHLFKEDUH :HUWH XQG 1RUPHQ ]X WHLOHQ ÄZLU NHQQHQ XQVQRFKDXVDOWHQ6FKXO]HLWHQXQGZLUKDEHQKHXWHHLQHQ]LHPOLFKEHUODSSHQGHQ%HNDQQ WHQXQG)UHXQGHVNUHLV ³RGHUÄ ZHERWKDUH%ULWVFRPLQJIURPWKH6RXWKZHVWZHKDYHWKH VDPHKXPRXUZHWDONDERXWWKH4XHHQ¶VPRWKHUDQGWKH(QJOLVKZHDWKHUZHZHQWWRWKH VDPHEXVLQHVVVFKRRO³(LQHÄ³ZXUGHQLFKWYHUJHEHQ 9HUWUDXHQ:HQQGLH,QWHUYLHZWHQLKUH%H]LHKXQJ]XLKUHP*HJHQEHUDOVIDLUYHUOlVVOLFK LQWHJHUEHUHFKHQEDUXQGJHUHFKWEHVFKULHEHQEHWUDFKWHWHQZLUGLHVDOV$XVGUXFNYRQ9HU WUDXHQ=DFKDUDNLV 'HV:HLWHUHQZXUGHYRQXQVHLQH%H]LHKXQJDOVYHUWUDXHQVYROO LQWHUSUHWLHUWZHQQ.RQWUROOHXQGHLQHHQJH)KUXQJDXIJUXQGGHUJXWHQ%H]LHKXQJDOVYRQ NHLQHURGHUQXUJHULQJHU%HGHXWXQJGDUJHVWHOOWZXUGHQ0DQLJDUWHWDO hEHUKDXSW NHLQ9HUWUDXHQ±ÄLFKKDEHMHJOLFKHV9HUWUDXHQLQLKQYHUORUHQ ³±ZXUGHDXIGHU6NDODEHL Ä³HLQJHVWXIW$XVVDJHQZLHÄLFKYHUWUDXHPHLQHP3DUWQHU]X³HUKLHOWHQHLQHÄ³LQ GHU%HZHUWXQJ .QRZOHGJH5HODWHGQHVV :LUIRNXVVLHUWHQDXIGDVNQRZZKDWXQGGDVNQRZKRZ:LUIUDJWHQXQVHUH,QWHUYLHZSDUWQHU ZLH lKQOLFK RGHU XQWHUVFKLHGOLFK GLH :LVVHQVEDVHQ GHU %HWHLOLJWHQ KLQVLFKWOLFK GLHVHU EHLGHQ 'LPHQVLRQHQ]X%HJLQQGHU3DUWQHUVFKDIWZDUHQ(LQJHULQJHV0DDQNQRZOHGJHUHODWHGQHVV ZLUGJUXQGVlW]OLFKDOVHLQH$XVJDQJVVLWXDWLRQPLWJURHP([SORUDWLRQVSRWHQ]LDOZDKUJHQRP PHQGLH:LVVHQVWUDQVIHUXQGVFKOLHOLFKVHOEVWUDGLNDOH,QQRYDWLRQHQHUP|JOLFKW'HU$QQDK PH IROJHQGGDVVHLQ0LQLPXPDQ JHPHLQVDPHU :LVVHQVEDVLVLPPHUQRWZHQGLJLVWXPHLQH HIIHNWLYH .RPPXQLNDWLRQ ]X HUP|JOLFKHQ HUZDUWHQ ZLU GDV 2SWLPXP GHV :LVVHQVWUDQVIHUV ZHQQ NQRZOHGJH UHODWHGQHVV ]ZDU JHULQJ LVW MHGRFK MHGHQIDOOV H[LVWLHUW :LU YHUPXWHQ HLQHQ PD[LPDOHQ :LVVHQVWUDQVIHU EHL HLQHU NQRZOHGJHUHODWHGQHVV5DWH YRQ XQJHIlKU Ä³ 'DUDXV HUJLEWVLFKGLHEHUHLWVDQJHVSURFKHQHNXUYOLQHDUH)XQNWLRQ(LQQDKH]XLGHQWLVFKHVRGHUH[WUHP lKQOLFKHV :LVVHQ ZlUHPLW Ä³ EHZHUWHW ZRUGHQ GRFK GLHVHU )DOOWUDIDXINHLQH$XVVDJH]X

(LQ VHKU JHULQJHV 0D DQ YHUZDQGWHP :LVVHQ ZHOFKHV NHLQH JHPHLQVDPH :LVVHQVEDVLV HU NHQQHQOLHZXUGHEHLÄ³HLQJHVWXIW NQRZZKDW )DNWHQ EH]JOLFK WHFKQRORJLVFKHQ RGHU ILQDQ]LHOOHQ :LVVHQV ZXUGHQ GHP H[SOL]LWHQ:LVVHQ]XJHRUGQHW.RJXW=DQGHU3/DQH/XEDWNLQ (LQH$XVVDJH ZLHÄ,P*UXQGHZDUHQGDV)RUVFKHURKQHMHJOLFKH*HVFKlIWVHUIDKUXQJGLHNDQQWHQNHLQ 0DUNHWLQJ KDWWHQ NHLQH )LQDQ]NRPSHWHQ] HLQIDFK QLFKWV :DV VLH DOOHUGLQJV KDWWHQ ZDU HLQEHHLQGUXFNHQGWLHIHVXQGSURIXQGHVVHKUVSH]LDOLVLHUWHV7HFKQRORJLH:LVVHQLQLKUHP 6HJPHQW³ZXUGHPLWÄ³EHZHUWHW,P*HJHQVDW]GD]XHUKLHOWHLQ6WDWHPHQWZLHÄDXIGHU WHFKQRORJLVFKHQ6HLWHNRQQWHQZLUGHQHQQLFKWV1HXHVHU]lKOHQGLHXQVDEHUDXFKNDXP³ HLQHÄ³ NQRZKRZ(UIDKUXQJHQXQG)lKLJNHLWHQLQEHVWLPPWHQ,QGXVWULHQ)XQNWLRQHQRGHU$NWL YLWlWHQZXUGHQGHPLPSOL]LWHQ:LVVHQ]XJHRUGQHW.RJXW=DQGHU3/DQH/XEDWNLQ (LQH$XVVDJHZLHÄ8QVHU8QWHUQHKPHQKDWQDWUOLFKHLQHODQJMlKULJH(UIDKUXQJLQ GHU 3URGXNWLRQ XQG LP 0DUNHWLQJ E]Z 9HUWULHE VROFKHU 3URGXNWH ZRYRQ GLHVHV 3RUWIR OLRXQWHUQHKPHQHQRUPSURILWLHUHQNRQQWH'LHZDUHQQLFKWJH]ZXQJHQGLHJHVDPWH/HUQ NXUYHVHOEVWDE]XODXIHQVRQGHUQZLUNRQQWHQLKQHQVDJHQZLHVLHGDVDPEHVWHQPDFKHQ³ 7DEHOOHIDVVWGLHYRUJHVWHOOWHQ9DULDEOHQQRFKHLQPDOEHUEOLFNVDUWLJ]XVDPPHQ

hEHUEOLFNEHUDEKlQJLJHXQGXQDEKlQJLJH9DULDEOHQGHV5HODWLRQDO)LW

5HODWLRQDOH'LPHQVLRQ

62&,$/&$3,7$/ .12:/('*( 5(/$7('1(66

81$%+b1*,*(9$5,$%/(1

6WUXNWXU 'LPHQVLRQ

$%+b1*,*(9$5,$%/(1

7DEHOOH

.QRZOHGJHVKDULQJ 5RXWLQHV

)UHTXHQ]XQG,QWHQVLWlWGHU,QWHUDNWLRQ]ZLVFKHQGHQ 3DUWQHUQ'H&OHUFT6DSLHQ]D

:LVVHQVWUDQVIHU

0HKUZHUWGHQPDQJODXEWVHLQHP3DUWQHU]XOLHIHUQ RGHUGHQPDQJODXEWYRQVHLQHP3DUWQHUWUDQVIHULHUW RGHUPLWLKPQHXHQWZLFNHOW]XKDEHQH[SOL]LWHV LPSOL]LWHV:LVVHQVRZLHVR]LDOH1HW]ZHUNH

38(UIROJ

8PVDW]ZDFKVWXP 8PVDW]UHQGLWHXQG0DUNWDQ WHLOVZDFKVWXP 0DXUHU

6R]LDOH1HW]ZHUNH

SHUV|QOLFKH.RQWDNWH]XXQG1HW]ZHUNHYRQVSH]LDOL VLHUWHQ([SHUWHQSRWHQ]LHOOHQ.XQGHQ=XOLHIHUHUQ ]XVlW]OLFKHQ)LQDQ]LHUVHWF]XGHQHQGLUHNWHURGHU LQGLUHNWHU=XJDQJEHVWHKW0DXUHU

.RQDWLYH hEHUHLQVWLPPXQJ

6WDWHPHQWVGLHHLQH.RPSDWLELOLWlWGHU,QWHUDNWLRQV LQWHQWLRQE]Z.RRSHUDWLRQVEHUHLWVFKDIWRGHUDNWXHO OHDNWLYH.RRSHUDWLRQUHIOHNWLHUHQ6FKROO

$IIHNWLYH hEHUHLQVWLPPXQJ

'LPHQVLRQHQZLHGHUHUVWH(LQGUXFNZDKUJHQRPPH QH&KHPLHXQG6\PSDWKLH6FKROO

*HWHLOWH1RUPHQ

*HPHLQVDPH:HUWH9RUVWHOOXQJHQXQG(LQVWHOOXQJHQ RGHUHLQHlKQOLFKH3ULPlURGHU6HNXQGlUVR]LDOLVDWLRQ ZHUGHQHUNDQQWZDKUJHQRPPHQ6FKHLQ

9HUWUDXHQ

(LQHYRQGHQ,QWHUYLHZWHQDOVIDLUYHUOlVVOLFKLQWH JHUEHUHFKHQEDUXQGJHUHFKWEHVFKULHEHQH%H]LHKXQJ =DFKDUDNLV XQGRGHUHLQH%H]LHKXQJPLW JHULQJHUNHLQHU%HGHXWXQJYRQ.RQWUROOHZXUGHYRQ XQVDOVYHUWUDXHQVYROOLQWHUSUHWLHUW

.QRZZKDW

*UDGGHUbKQOLFKNHLWRGHU8QWHUVFKLHGOLFKNHLWGHU :LVVHQVEDVHQGHU3DUWQHU]X%HJLQQGHU3DUWQHUVFKDIW

.QRZKRZ

*UDGGHUbKQOLFKNHLWRGHU8QWHUVFKLHGOLFKNHLWGHU :LVVHQVEDVHQGHU3DUWQHU]X%HJLQQGHU3DUWQHUVFKDIW

(UJHEQLVVHXQG'LVNXVVLRQ 1DFK HLQJHKHQGHU $QDO\VH OlVVW VLFK VDJHQ GDVV GLH 'DWHQ LQVJHVDPW XQVHUH +\SRWKHVHQ EHVWlWLJHQ 6RFLDO FDSLWDO XQG NQRZOHGJH UHODWHGQHVV EHHLQIOXVVHQ EHLGH GHQ LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHU HQWVSUHFKHQGEHHLQIOXVVWGHUUHODWLRQDOILWGHQ :LVVHQVWUDQVIHUXQG :LVVHQVWUDQVIHUEHHLQIOXVVWGHQRUJDQLVDWLRQDOHQ(UIROJXQGGDPLWGLH:HWWEHZHUEVIlKLJ NHLW

'LH LQGLYLGXHOOHQ +\SRWKHVHQ ZXUGHQ ]XQlFKVW PLWWHOV GHVNULSWLYHU 6WDWLVWLN JHWHVWHW .HQ GDOO¶V WDX.RUUHODWLRQ VLHKH 7DEHOOH XP XQVHUH (UJHEQLVVH ]X VWlUNHQ ZXUGHQ LQ HLQHP ]ZHLWHQ 6FKULWW 5HOLDELOLWlWVDQDO\VHQ VLHKH 7DEHOOH VRZLH 5HJUHVVLRQVDQDO\VHQ VLHKH 7DEHOOH KHUDQJH]RJHQ +RKH .RUUHODWLRQHQ ]ZLVFKHQ GHQ HLQ]HOQHQ 9DULDEOHQ HUZDUWHQG SUIWHQ ZLU ]XQlFKVW RE VRFLDO FDSLWDO GK VR]LDOH 1HW]ZHUNH NRQDWLYH XQG DIIHNWLYH hEHUHLQVWLPPXQJ 1RUPHQ VRZLH9HUWUDXHQ VWDUNPLWNQRZOHGJHUHODWHGQHVVNRUUHOLHUWH7DWVlFKOLFKIDQGHQZLUGDVVGLH YLHU 9DULDEOHQ GHU UHODWLRQDOHQ 'LPHQVLRQ YRQ VRFLDO FDSLWDO KRKH .RUUHODWLRQHQ DXIZLHVHQ GLHJHULQJVWH.RUUHODWLRQODJEHLU ]ZLVFKHQ1RUPHQXQG9HUWUDXHQXQGGLHK|FKVWHPLWU ]ZLVFKHQDIIHNWLYHUhEHUHLQVWLPPXQJ

XQG9HUWUDXHQVLHKH7DEHOOH

&RPSRQHQW .QRZOHGJH .QRZOHGJH 2UJDQL]D UHODWLRQDOILW VKDULQJ WUDQVIHU WLRQDO 5RXWLQHV SHUIRU PDQFH

5HODWLRQDO)LW±.RUUHODWLRQHQ

)DFWXDO &DSDELOLW\ NQRZOHGJH NQRZOHGJH

6RFLDO &RQDWLYHILW QHWZRUNV

.HQGDOO¶VWDXE1

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

&RPSRQHQW UHODWLRQDOILW )DFWXDO NQRZOHGJH &DSDELOLW\ NQRZOHGJH 6RFLDO QHWZRUNV &RQDWLYHILW $IIHFWLYHILW 1RUPV 7UXVW .QRZOHGJH VKDULQJ 5RXWLQHV .QRZOHGJH WUDQVIHU &RPSRQHQW VRFLDOFDSLWDO &RPSRQHQW .QRZOHGJH UHODWHGQHVV &RPSRQHQW VRFLDOQHWZRUNV

9DULDEOHV

7DEHOOH

$IIHFWLYH ILW

1RUPV

7UXVW

'LHVWUXNWXUHOOH'LPHQVLRQYRQVRFLDOFDSLWDOVR]LDOH1HW]ZHUNHNRUUHOLHUWHLQNHLQHU:HLVH VLJQLILNDQWPLWHLQHUGHUDQGHUHQ9DULDEOHQGHUUHODWLRQDOHQ'LPHQVLRQNQRZOHGJHUHODWHGQHVV GHU 'DWHQ XQG )DNWHQ VRZLH NQRZOHGJH UHODWHGQHVV GHU )lKLJNHLWHQ NRUUHOLHUWHQ ZLHGHUXP VLJQLILNDQWPLWHLQDQGHUU .QRZOHGJHUHODWHGQHVV GHU'DWHQXQG)DNWHQNRUUHOLHUWHQLFKW VLJQLILNDQWPLWGHQDQGHUHQ9DULDEOHQGHVVRFLDOFDSLWDO.QRZOHGJHUHODWHGQHVV GHU)lKLJNHL WHQKLQJHJHQNRUUHOLHUWHVLJQLILNDQWPLWDIIHNWLYHUhEHUHLQVWLPPXQJU XQG9HUWUDXHQU ,QHLQHPQlFKVWHQ6FKULWWZROOWHQZLU]HLJHQGDVVGDV.RQ]HSWUHODWLRQDOILWYDOLGHLVW'DIU ZHQGHWHQ ZLU HLQH 5HOLDELOLWlWVDQDO\VH DQ GLH DOOH REHQ YRUJHVWHOOWHQ VLHEHQ XQDEKlQJLJHQ 9DULDEOHQEHLQKDOWHWH&URQEDFK¶VDGMXVWHGDOSKDD 1 =XVlW]OLFKH[SHULPHQWLHUWHQ ZLUPLWHLQHU+DXSWNRPSRQHQWHQDQDO\VHXQGNRQVWUXLHUWHQGLH9DULDEOHÄ5HODWLRQDO)LW³:LU ZlKOWHQGLHHUVWHQLFKWURWLHUWH.RPSRQHQWHGHU$QDO\VHDXV(LJHQZHUW! GLHDOOHVLHEHQ LQGLYLGXHOOHQ9DULDEOHQHQWKlOWXQGGHU9DULDQ]HUNOlUWVLHKH7DEHOOH 'LHVH(UJHE QLVVHVWW]HQXQVHU$UJXPHQWGDVVVRFLDOFDSLWDOXQGNQRZOHGJHUHODWHGQHVV7HLOHLQHV.RQ ]HSWHVVLQG 7DEHOOH

5HODWLRQDO)LW±+DXSWNRPSRQHQWHQDQDO\VH

9DULDEOHQ

&RPSRQHQW UHODWLRQDOILW

9DULDEOHQ

9DULDEOHVH[ SODLQHG

&XPXODWLYHYD ULDQFH H[SODLQHG

&RPSRQHQWV 6RFLDO &DSLWDO

.QRZOHGJH 5HODWHGQHVV

6RFLDO QHWZRUNV

)DFWXDONQRZ OHGJHVTXDUHG

)DFWXDONQRZ OHGJHVTXDUHG

&DSDELOLOLW\ VTXDUHG

&DSDELOLOLW\ VTXDUHG

6RFLDOQHW ZRUNV &RQDWLYHILW

6RFLDOQHWZRUNV &RQDWLYHILW

$IIHFWLYHILW

$IIHFWLYHILW

1RUPV

1RUPV

7UXVW

7UXVW

1 )LUVWFRPSRQHQWXQURWDWHG RISULQFLSDOFRPSRQHQWH[WUDFWLRQHLJHQYDOXH! 7KUHHFRPSRQHQWVURWDWLRQPHWKRG9DULPD[ZLWK.DLVHUQRUPDOL]DWLRQ ORDGLQJVVXSSUHVVHG

'LHHLQ]HOQHQ+\SRWKHVHQGLHLQGHQYRUDQJHJDQJHQHQ$EVFKQLWWHQHQWZLFNHOWZXUGHQZXU GHQ]XQlFKVWDXIGHU%DVLVGHVNULSWLYHU6WDWLVWLNHQJHWHVWHW +\SRWKHVH GLH HUZDUWHW GDVV NQRZOHGJHVKDULQJ URXWLQHV SRVLWLY PLW :LVVHQVWUDQVIHU XQG NUHDWLRQNRUUHOLHUHQZXUGHEHVWlWLJWU +\SRWKHVH NRQQWH HEHQIDOOV EHVWlWLJW ZHUGHQ U +LHU ZXUGH GDYRQ DXVJHJDQJHQ GDVV GLH NRQDWLYH hEHUHLQVWLPPXQJ SRVLWLY PLW :LVVHQVWUDQVIHU NRUUHOLHUW 'LHVH (UJHEQLVVH HQWVSUHFKHQGHQ(UJHEQLVVHQYRQ6FKROO +\SRWKHVH GLHSRVWXOLHUWGDVVHLQHDIIHNWLYHhEHUHLQVWLPPXQJ]ZLVFKHQGHQ3DUWQHUQGHQ :LVVHQVWUDQVIHU HUK|KW NRQQWH HEHQIDOOV EHVWlWLJW ZHUGHQ U $XFK GLHVH (UJHEQLVVH NRUUHVSRQGLHUHQPLWGHQHQYRQ6FKROO +\SRWKHVH EHLGHUHUZDUWHWZLUGGDVVHLQKRKHV0DDQJHWHLOWHQ1RUPHQ]ZLVFKHQ&9& XQG -XQJXQWHUQHKPHQ SRVLWLY PLW :LVVHQVWUDQVIHU NRUUHOLHUW ZXUGH QLFKW EHVWlWLJW 8QVHUH (UJHEQLVVHZDUHQLQGLHVHP3XQNWQLFKWGHXWOLFK'LHVLVWQLFKWY|OOLJEHUUDVFKHQGGDXQWHU VFKLHGOLFKH 1RUPHQ ± ZLH EHUHLWV REHQ GLVNXWLHUW ± HLQHQ SRVLWLYHQ ZLH QHJDWLYHQ (IIHNW DXI :LVVHQVWUDQVIHUKDEHQN|QQHQ +\SRWKHVHGLHDUJXPHQWLHUWGDVV9HUWUDXHQGHQ:LVVHQVWUDQVIHUSRVLWLYEHHLQIOXVVWZXUGH EHVWlWLJWU 'LHVH(UJHEQLVVHVLQGNRQVLVWHQWPLWGHQ5HVXOWDWHQYRUDQJHJDQJHQHU)RU VFKXQJZRQDFK0HQVFKHQHKHUJHQHLJWVLQGVLFKLQVR]LDOHP$XVWDXVFK]XHQJDJLHUHQZHQQ GLHVHSHUV|QOLFKHQ%H]LHKXQJHQHLQKRKHV0DDQ9HUWUDXHQDXIZHLVHQVLHKH'LVNXVVLRQXQG /LWHUDWXUREHQ +\SRWKHVH GLH SRVWXOLHUWGDVV HLQH KRKH hEHUODSSXQJ GHU VR]LDOHQ1HW]ZHUNH ]ZLVFKHQ GHQ EHLGHQ 3DUWQHUQ QHJDWLY PLW :LVVHQVWUDQVIHU NRUUHOLHUW ZXUGH HUVWDXQOLFKHUZHLVH QLFKW EHVWlWLJW U :LU KDEHQ GHU]HLW NHLQH (UNOlUXQJ IU GLHVHV (UJHEQLV (V PDJ PLW GHU NOHLQHQ 6WLFKSUREH ]XVDPPHQKlQJHQ 0|JOLFKHUZHLVH ZDU DXFK XQVHUH 'DWHQHUKHEXQJ LQ GLHVHP3XQNWQLFKWLGHDOXPGDVVR]LDOH1HW]ZHUNGHUMHZHLOLJHQ$NWHXUHDXVUHLFKHQGSUl]LVH DE]XELOGHQ8QVHUHGHU]HLWLJHQ(UJHEQLVVHGHXWHQMHGHQIDOOV]XQlFKVWLQGLH5LFKWXQJGDVVGHU hEHUODSSXQJVJUDGGHUVR]LDOHQ1HW]ZHUNHJHULQJHUHQ(LQIOXVVDXIGHQ:LVVHQVWUDQVIHUKDWDOV DQGHUH)DNWRUHQ +\SRWKHVH XQGDUJXPHQWLHUHQGDVVNHLQHOLQHDUH%H]LHKXQJ]ZLVFKHQNQRZZKDWXQG NQRZKRZHLQHUVHLWVXQG:LVVHQVWUDQVIHUDQGHUHUVHLWVYRUOLHJW:LUNHQQHQGLHH[DNWH)XQNWL RQ QLFKW GLH 7KHRULH OHJW MHGRFK QDKH GDVV HV VLFK KLHUEHL XP HLQH XPJHNHKUWH 8)XQNWLRQ

KDQGHOW:LUKDEHQGDUDXIKLQGLHP|JOLFKHQ)XQNWLRQHQHLQJHJUHQ]WXQGQHKPHQHLQHTXDGUD WLVFKH)XQNWLRQDQ7URW]GHV]XJHJHEHQHUPDHQVHKUNOHLQHQ'DWHQVDW]HVKDEHQZLU]XVlW]OLFK HLQHVWDWLVWLVFKH.XUYHQVFKlW]XQJYRUJHQRPPHQ'LHVHXQWHUVWULFKGLHQLFKWOLQHDUH)RUPGHU %H]LHKXQJ XQG XQWHUVWW]WH GLH TXDGUDWLVFKH 6FKlW]XQJ 'DUDXIKLQ ZXUGHQ GLH EHLGHQ XQDE KlQJLJHQ 9DULDEOHQ ÄNQRZZKDW³ XQG ÄNQRZZKR³ TXDGULHUW XQG GHU MHZHLOV TXDGUDWLVFKH :HUWIUDOOHZHLWHUIKUHQGHQ$QDO\VHQJHQXW]W'LH.RUUHODWLRQVHUJHEQLVVHZDUHQVLJQLILNDQW XQGEHVWlWLJWHQXQVHUH+\SRWKHVHHQWVSUHFKHQGPLWU XQGU ,QLKUHU.RPELQDWLRQHUJHEHQGLH+\SRWKHVHQELV GHQ UHODWLRQDOILW:LUDUJXPHQWLHUHQ GDVV GLHVHU DOV *DQ]HV GHQ :LVVHQVWUDQVIHU HUK|KW 'LH .RUUHODWLRQHQ ZDUHQ VLJQLILNDQW XQG EHVWlWLJWHQGLHVHNRPELQLHUWH+\SRWKHVHU +\SRWKHVHGLHHUZDUWHWGDVV:LVVHQVWUDQVIHUHLQHQSRVLWLYHQ(LQIOXVVDXIGLHRUJDQLVDWLRQD OH /HLVWXQJVIlKLJNHLW XQG GHQ (UIROJ GHV 38 KDW ZXUGH LQ KRKHP 0DH EHVWlWLJW U 'LHVHV (UJHEQLV ZDU NRQVLVWHQW PLW GHQHQ DXV YRUDQJHJDQJHQHU )RUVFKXQJ
$OOH$QDO\VHQ5HJUHVVLRQHQXQG.RUUHODWLRQHQ GLH9DULDEOHQYRQGHU+DXSWNRPSRQHQWHQDQDO\VHHQWKLHO WHQZXUGHQDXFKQRFKPDOVPLWHLQIDFKHQ'XUFKVFKQLWWHQGHU]XJUXQGHOLHJHQGHQ(LQ]HOYDULDEOHQJHUHFKQHW 'LH(UJHEQLVVHZDUHQQLFKWVLJQLILNDQWXQWHUVFKLHGOLFK

7DEHOOH

5HODWLRQDO)LW±5HJUHVVLRQNQRZOHGJHRUJDQL]DWLRQDOSHUIRUPDQFH

9DULDEOHQ &RPSRQHQW UHODWLRQDOILW

:LVVHQV WUDQVIHU

&RPSRQHQWVRFLDOFDSLWDO

&RPSRQHQW.QRZOHGJHUHOD WHGQHVV

&RPSRQHQWVRFLDOQHWZRUNV .QRZOHGJHWUDQVIHU ,QYHVWPHQWBDJH 3KDVH $GM5VTX )

:LVVHQV WUDQVIHU

:LVVHQV WUDQVIHU

&RPSRQHQW &RPSRQHQW 3& 3& SHUIRUPDQFH SHUIRUPDQFH

1

6LJQLILNDQ]OHYHOYRQ

6LJQLILNDQ]OHYHOYRQ

$XIJUXQG GHU 7DWVDFKH GDVV ZLU GLH VLHEHQ 9DULDEOHQ LQ GUHL 8QWHUJUXSSHQ XQWHUWHLOW KDWWHQ NRQQWHQZLUGLH+\SRWKHVHQELV QLFKWVHSDUDWWHVWHQ$OOHUGLQJVVROOWHQGLH(UJHEQLVVH GHU 5HJUHVVLRQVDQDO\VH DQJHVLFKWV GHU KRKHQ .RUUHODWLRQ ]ZLVFKHQ GHQ 9DULDEOHQ MHGHU 8Q WHUJUXSSHJXWH$QQlKHUXQJHQIUGLHLQGLYLGXHOOHQ9DULDEOHQOLHIHUQ8QVHUH(UJHEQLVVHVWW ]HQXQVHUH+\SRWKHVHQ'LHGUHL.RPSRQHQWHQXQVHUHU+DXSWNRPSRQHQWHQDQDO\VH±GLHUHOD WLRQDOH'LPHQVLRQYRQVRFLDOFDSLWDOFRPSRQHQWVRFLDOFDSLWDO NQRZOHGJHUHODWHGQHVVFRP SRQHQWNQRZOHGJH XQGGLHVWUXNWXUHOOH'LPHQVLRQYRQVRFLDOFDSLWDOFRPSRQHQWVRFLDOFDSL WDO DOOHLQHUNOlUHQGHV:LVVHQVWUDQVIHUVXQGGHU:LVVHQVNUHDWLRQ(UVWDXQOLFKHUZHLVHLVW GLH.RQWUROOYDULDEOHÄ$OWHUGHV,QYHVWPHQWV³ZHOFKHHLQH$QQlKHUXQJIU(UIDKUXQJGDUVWHOOW QLFKWVLJQLILNDQW:LUQHKPHQDQGDVVGLH8UVDFKHKLHUIULQGHUNOHLQHQ'DWHQEDVLVOLHJW :DVGHQ38(UIROJEHWULIIWOlVVWHUVLFK]X5 EHUHLWVDOOHLQGXUFK:LVVHQVWUDQVIHU HUNOlUHQ,QWHJULHUWPDQGLH.RQWUROOYDULDEOH,QYHVWLWLRQVSKDVHSKDVH ZHUGHQIDVW]ZHL'ULW WHOHUNOlUW5 7DEHOOH 'LH(UJHEQLVVHEHVWlWLJHQ+\SRWKHVHGDVV:LVVHQVWUDQVIHU HLQHQ VWDUNHQ (LQIOXVV DXI GHQ 38(UIROJ KDW 'HU SRVLWLYH .RHIIL]LHQW GHU .RQWUROOYDULDEOH ÄSKDVH³EHVWlWLJWGLHJHQHUHOOH$QQDKPHGDVV,QYHVWPHQWVLQUHLIHUH)LUPHQHKHUHUIROJUHLFK VLQG &9&(LQKHLWHQ VROOWHQ GHVKDOE P|JOLFKHUZHLVH LQ %HWUDFKW ]LHKHQ VLFK EHL VHKU IUKHQ ,QYHVWPHQWV]XUFN]XKDOWHQXQGHKHULQHWZDVIRUWJHVFKULWWHQHUH-XQJXQWHUQHKPHQ]XLQYHVWLH UHQ EHL GHQHQ GLH $XVVLFKW DXI HLQH HUIROJUHLFKH (QWZLFNOXQJ XQG HQWVSUHFKHQG SRVLWLYH (U JHEQLVVHLQLKUHUHLJHQHQ2UJDQLVDWLRQJU|HUVLQG'LH7DWVDFKHGDVVNHLQHGHUUHODWLRQDOILW

9DULDEOHQRGHUNQRZOHGJHVKDULQJURXWLQHVLQGHU5HJUHVVLRQVDQDO\VHVLJQLILNDQWVLQGVRODQJH :LVVHQVWUDQVIHU PLW LQ GLH $QDO\VH HLQIOLHW XQWHUPDXHUW GLH H[SODQDWRULVFKH .UDIW XQVHUHV 0RGHOOVGDVV UHODWLRQDO ILW GHQ 38(UIROJ HLQGHXWLJ YLD :LVVHQVWUDQVIHU XQG QLFKW GLUHNW EH HLQIOXVVW 'LH (UJHEQLVVH GHU .RUUHODWLRQV XQG 5HJUHVVLRQVDQDO\VHQ VLQG YLHOYHUVSUHFKHQG 'HQQRFK VLQG ]XVlW]OLFKH .RQWUROO XQG ,QVWUXPHQWDOYDULDEOHQ VRZLH HLQ JU|HUHV 6DPSOH QRWZHQGLJ XP GDV 0RGHOO ]X YHUEHVVHUQ E]Z ]X YDOLGLHUHQ 'DUEHU KLQDXV ZlUH HV ZQVFKHQVZHUW ]XVlW]OLFKHXQNRUUHOLHUWH9DULDEOHQDXV]XPDFKHQGLHZHLWHUH7HLOHGHV38(UIROJVHUNOlUHQ =XVDPPHQIDVVXQJ ,QGXVWULHXQWHUQHKPHQ GLH QDFK UDGLNDOHQ ,QQRYDWLRQHQ VWUHEHQ QXW]HQ &9& DOV HLQ 0LWWHO GLH5HVVRXUFHQMXQJHUWHFKQRORJLHRULHQWLHUWHU)LUPHQIULKUHHLJHQHQ,QQRYDWLRQV]ZHFNH]X HUNXQGHQ'LHVH6WXGLH]HLJWGDVVGDVQHXH.RQ]HSWUHODWLRQDOILWLQGHU&9&38'\DGHHLQHQ GLUHNWHQ(LQIOXVVKDWDXI:LVVHQVWUDQVIHUXQGVFKOLHOLFKDXIGHQ38(UIROJ $OOHUGLQJVXQWHUOLHJWXQVHUH6WXGLH%HJUHQ]XQJHQ=XQlFKVWEHWULIIWGLHVGLHNOHLQH'DWHQEDVLV GLHHVUDWVDPHUVFKHLQHQOLHLQGHU$XVZHUWXQJQLFKW]ZLVFKHQ$XVVDJHQGHU&9&VXQG38V ]XXQWHUVFKHLGHQVRGDVVZLUQLFKWLQGHU/DJHVLQG]XVDJHQREGLHVH3DUWHLHQP|JOLFKHUZHL VH IXQGDPHQWDO GLYHUJLHUHQGH $QVLFKWHQ KLQVLFKWOLFK GHU MHZHLOLJHQ UHODWLRQDO ILW9DULDEOHQ YHUWUHWHQ1XUHLQHGHWDLOOLHUWHUH$QDO\VHGLHVHU$VSHNWHN|QQWHGLH)UDJHEHDQWZRUWHQREHLQ UHODWLRQDO ILW ]ZLVFKHQ GHQ 3DUWQHUQ HUIRUGHUW GDVV EHLGH 3DUWHLHQ LGHQWLVFKH RGHU ]XPLQGHVW VHKUlKQOLFKH$QVLFKWHQYHUWUHWHQZHOFKHZLHGHUXPlKQOLFKH$XVVDJHQEH]JOLFKDXVJHZlKO WHU LQGLYLGXHOOHU 9DULDEOHQ PLW VLFK EULQJHQ GUIWH $OWHUQDWLY N|QQWH PDQ XQWHUVXFKHQ RE NRPSOHPHQWlUH$QVLFKWHQGHU3DUWQHUHEHQIDOOVIUHLQHQUHODWLRQDO ILWÄIXQNWLRQLHUHQ³ZUGHQ 8QVHU 0RGHOO LVW P|JOLFKHUZHLVH QRFK YHUEHVVHUXQJVIlKLJ E]Z HV EHGDUI XQWHU 8PVWlQGHQ HLQHU$QSDVVXQJ=XVlW]OLFKH.RQWUROOVRZLHLQVWUXPHQWDOH9DULDEOHQVROOWHQHYHQWXHOOLQGLH 0RGHOOEHWUDFKWXQJHLQIOLHHQGLHGHQQRFKYHUEOHLEHQGHQ7HLOGHV38(UIROJVHUNOlUHQN|QQ WHQ 6FKOLHOLFKELOGHWXQVHUH6WXGLHQXUHLQHQ=HLWSXQNWDEXQGGDPLWQLFKWGLH'\QDPLNGLHMHGHU %H]LHKXQJ LQQHZRKQW (V ZlUH IROJOLFK EHUHLFKHUQG KHUDXV]XILQGHQ RE VLFK XQVHUH 'DUVWHO OXQJHQXQG(UJHEQLVVHGHVUHODWLRQDOILW±EHLVSLHOVZHLVHKLQVLFKWOLFKGHV9HUWUDXHQV±EHUGLH =HLWYHUlQGHUQ'DIUZlUHQHQWVSUHFKHQGH5HSOLNDWLRQHQXQVHUHU$UEHLWDP%HLVSLHODQGHUHU JHHLJQHWHU,QGXVWULHQZQVFKHQVZHUW

8QVHUH 6WXGLH OHLVWHW LQ PHKUIDFKHU :HLVH HLQHQ %HLWUDJ ]XU 2UJDQLVDWLRQV ,QQRYDWLRQV VRZLH &9&)RUVFKXQJ (UVWHQV HUZHLWHUQ ZLU GLH VRFLDO FDSLWDO 7KHRULH LQGHP ZLU ]ZHL ]X VlW]OLFKH$VSHNWHH[SOL]LHUHQGLHELVKHUYHUQDFKOlVVLJWZXUGHQNRQDWLYHXQGDIIHNWLYHhEHU HLQVWLPPXQJ =ZHLWHQV NRPELQLHUHQ ZLU VRFLDO FDSLWDO7KHRULH PLW GHP .QRZOHGJHEDVHG 9LHZ XQG GHPRQVWULHUHQ GDEHL GLH :HFKVHOZLUNXQJHQ NRPELQLHUWH %HGHXWXQJ XQG (UNOl UXQJVPlFKWLJNHLWYRQ:LVVHQVXQGVRFLDOFDSLWDO'LPHQVLRQHQ'ULWWHQVZHLWHQZLU(QWZLFN OXQJHQLQGHUVRFLDOFDSLWDO7KHRULHXQGLP%HUHLFKNQRZOHGJHUHODWHGQHVVDXILQWHURUJDQLVD WLRQDOH%H]LHKXQJHQ]ZLVFKHQ&9&XQG38DXV'DEHLHUZHLWHUQZLUQLFKWQXUGDV9HUVWlQG QLVIUGLHVHNRQNUHWH%H]LHKXQJVRQGHUQKDEHQGDUEHUKLQDXVHLQ0RGHOOPLWJHQHUDOLVLHUED UHQ 'LPHQVLRQHQ HQWZLFNHOW ZHOFKHV DXFK DXI DQGHUH LQWHURUJDQLVDWLRQDOH .RQVWHOODWLRQHQ DQJHZDQGWZHUGHQN|QQWH 1HEHQ GHQ WKHRUHWLVFKHQ (UNHQQWQLVVHQ VLQG HV GLH &9&V XQG GLH 38V VHOEVW GLH YRQ GHQ (UJHEQLVVHQ GLHVHU 8QWHUVXFKXQJ SURILWLHUHQ N|QQHQ GD VLH SUDNWLVFKH $XVZLUNXQJHQ KDEHQ DXI GLH $UW ZLH GLH %HWHLOLJWHQ LKU *HVFKlIW YHUVWHKHQ 'LH %RWVFKDIW ODXWHW HQWVSUHFKHQG %HYRUHLQHGHUDUWLJHODQJIULVWLJH%H]LHKXQJHLQJHJDQJHQZLUGVROOWHUHODWLRQDOHQ$VSHNWHQZLH GHP9HUWUDXHQE]ZGHUÄ&KHPLH³]ZLVFKHQGHQ$NWHXUHQGHUZHFKVHOVHLWLJZDKUJHQRPPH QHQ,QWHQWLRQHQVRZLHGHUVR]LDOHQ$QVFKOXVVIlKLJNHLWHLQHGHXWOLFKHUK|KWH$XIPHUNVDPNHLW XQG3ULRULWlWEHLJHPHVVHQZHUGHQDOVGLHVELVKHURIWGHU)DOOLVW'HQQGLHEHVWH7HFKQRORJLH HLQHV -XQJXQWHUQHKPHQV XQG GLH JHZDOWLJVWHQ 5HVVRXUFHQ HLQHV EHGHXWHQGHQ ,QGXVWULHXQWHU QHKPHQV VLQG YRQ JHULQJHP :HUW ZHQQ GLH 3DUWQHU LKU MHZHLOLJ XQWHUVFKLHGOLFKHV :LVVHQ DXIJUXQGHLQHV UHODWLRQDOPLVILWV QLFKWHUJUQGHQXQGQXW]HQN|QQHQ

&9&$/6:,66(16%52.(5±(,1($1$/<6($8662=,$/(5 1(7=:(5.3(563(.7,9( (LQIKUXQJ :LHHLQJDQJVDXVJHIKUWZXUGHQ:LVVHQVWUDQVIHUXQGJHQHVHLQ GHU&9&)RUVFKXQJ ELVKHU EHUZLHJHQGYRQGHP6WDQGSXQNWGHV5HVRXUFHEDVHG9LHZDNWXHOO7HQJ RGHU.QRZ OHGJHEDVHG 9LHZ EHWUDFKWHW (LQ]HOQH $UEHLWHQ XQWHUVXFKHQ GLHVHQ 3UR]HVV GDUEHU KLQDXV DXFKDXI%DVLVLQVWLWXWLRQHQ|NRQRPLVFKHU$QVlW]H'XVKQLWVN\/HQR[XQG0DXOD RUJDQLVDWLRQDOHU/HUQWKHRULHQZLH0DUFKV $QVDW]GHVH[SORUDWLYHQXQGH[SORLWD WLYHQ/HUQHQV6FKLOGWHWDO GHV5HODWLRQDO9LHZ0DXODHWDOD VRZLHGHUVRFLDO FDSLWDO7KHRULH)UHHVH%:HEHU&:HEHU ,Q GHU &9&/LWHUDWXU ODVVHQ VLFK JUXQGVlW]OLFK YHUVFKLHGHQH 3HUVSHNWLYHQ XQWHUVFKHLGHQ GLH EHL GHU $QDO\VH YRQ :LVVHQVWUDQVIHU XQG JHQHVH LP &9&*HVFKlIW HLQJHQRPPHQ ZHUGHQ hEHUZLHJHQG ZHUGHQ GLH ,QGXVWULHXQWHUQHKPHQ VHOEVW .DQQ 'XVKQLWVN\/HQR[ XQGE.HLO&KHVEURXJKXQG&RYLQ0LOHV3RVHU0DFNHZLW] 3DUWQHU 0DF0LOODQ HW DO RGHU GLH &9&(LQKHLWHQ LQ LKUHU %H]LHKXQJ ]X GHQ 3RUWIROLRXQWHUQHKPHQEHWUDFKWHW:HQQGLHVH&9&38'\DGH)RUVFKXQJVJHJHQVWDQGLVWZLUG LQGHU5HJHOHQWZHGHUGLH&9&IUYLHOHVLHKH%LUNLQVKDZHWDO5|SHU6FKZHHQ :LWW%UDFKWHQGRUI &:HEHU'LHUNHV RGHU GLH 383HUVSHNWLYH IU YLHOH VLHKH*LQVEHUJ+D\*UHHQHHWDO$0LOOHUHWDO JHZlKOW(LQHHPSLULVFKH G\DGLVFKH%HWUDFKWXQJGHU3DDUHJLEWHVQXUYHUHLQ]HOW)UHHVH 6HOWHQZLUGGLH%H]LH KXQJ]ZLVFKHQ&9&(LQKHLWXQG0XWWHUXQWHUQHKPHQE]ZGHQEHWHLOLJWHQ*HVFKlIWVHLQKHLWHQ LQGHQ%OLFNJHQRPPHQ+LHU]XOLHJWPHLQHV:LVVHQVQXUHLQH$UEHLWYRUGLHEHLGH6HLWHQYRQ HLQHP*URXQGHG7KHRU\$QVDW]KHUXQWHUVXFKW5DXVHU 'LHVH8QWHUEHOLFKWXQJGHV7KHPDVLVWXPVRHUVWDXQOLFKHUDOV.HLOEHUHLWVHUNOlUWHGDVV HLQ ÄPLVPDWFK RI VWUXFWXUHV V\VWHPV DQG SURFHVVHV RIWHQ FKDUDFWHUL]HV WKH UHODWLRQVKLS EH WZHHQ WKH QHZ YHQWXUH DQG WKH FRUSRUDWLRQ³ 'LHVH PLVPDWFKHV HQWVSULQJHQ EHL VSLHOVZHLVH DXV XQWHUVFKLHGOLFKHQ =HLWKRUL]RQWHQ .DQWHU &:HEHU DXV XQWHU VFKLHGOLFKHQ 6WUDWHJLHYRUVWHOOXQJHQ %XUJHOPDQ .DQWHU HW DO DXV XQWHUVFKLHGOL FKHQ.RJQLWLRQVXQG:DKUQHKPXQJVPXVWHUQ&:HEHU*|EHO VRZLHDXVXQWHUVFKLHGOL FKHQ0DFKWYHUKlOWQLVVHQGLHWHLOVXQWHUVWW]HQGDEHUHEHQRIWDXFKKHPPHQGDXIGLH%H]LH KXQJZLUNHQ+DUG\'RXJKWHU\ 'HV:HLWHUHQZLUGDXVGHUVWDUN]XQHKPHQGHQ(QWUHS UHQHXUVKLS/LWHUDWXU GHXWOLFK ZLH EHLVSLHOVZHLVH 0F*UDWK XQG 0DF0LOODQ DXVIKUHQ

GDVVQHZYHQWXUHVHLQHDQGHUHVWUDWHJLVFKH3ODQXQJHUIRUGHUQDOVGLHMHZHLOLJHQVWUDWHJLVFKHQ *HVFKlIWVHLQKHLWHQ GHV ,QGXVWULHXQWHUQHKPHQV GHUHQ 3ODQXQJ KlXILJ DXI YRUDQJHJDQJHQHQ (UIDKUXQJVZHUWHQEDVLHUWZHOFKHEHLQHZ YHQWXUHVQLFKWDQJHZDQGWZHUGHQN|QQHQ 'HU $XWRULQ VLQG NHLQH $UEHLWHQ LP &9&%HUHLFK EHNDQQW GLH GDV VR]LDOH 1HW]ZHUN HLQHU &9&(LQKHLWQLFKWQXUWKHRUHWLVFKEHVFKUHLEHQVRQGHUQDXFKHPSLULVFKLQVHLQHU.RPSOH[LWlW HUIDVVHQ'HQQVSlWHVWHQVLQGHULQGLHVHU$UEHLWEHUHLWVPHKUIDFKDXVJHIKUWHQ'LVNXVVLRQXP GHQ5HVVRXUFHQEHGDUIGHV-XQJXQWHUQHKPHQVZLUGGHXWOLFKGDVVGLHVHLQGHU/LWHUDWXU]XPHLVW YRUHLOLJDOV'\DGHGDUJHVWHOOWH%H]LHKXQJEHLQlKHUHU%HWUDFKWXQJNHLQH'\DGHLVW'LH0LQL PDOVWUXNWXU LVW ]XPLQGHVW HLQH 7ULDGH DXV &9&(LQKHLW 3RUWIROLRXQWHUQHKPHQ XQG %XVLQHVV 8QLW GHQQ OHW]WOLFK VLQG HV GLH 6WUDWHJLVFKHQ *HVFKlIWVHLQKHLWHQ GLH GHQ ,QQRYDWLRQVEHGDUI KDEHQE]ZGLHPDJHEOLFKLQGHQ5HVVRXUFHQWUDQVIHUE]ZWDXVFKPLWGHP-XQJXQWHUQHKPHQ LQYROYLHUW VLQG 'LH &9&(LQKHLW IXQJLHUW ± ZLH LP )ROJHQGHQ GDUJHOHJW ZLUG ± YLHOPHKU DOV HLQ %LQGHJOLHG DOV 0LWWOHU RGHU %URNHU ]ZLVFKHQ GLHVHQ SRWHQ]LHOOHQ 3DUWQHUQ RGHU DXFK DOV ERXQGDU\ VSDQQHU ]ZLVFKHQ GHQ LQYROYLHUWHQ 2UJDQLVDWLRQHQ E]Z 2UJDQLVDWLRQVHLQKHLWHQ 'LHVH 6LFKWZHLVH ZLUG PLWXQWHU DXFK LQ GHU QHXHUHQ /LWHUDWXU JHWHLOW )UHHVH %:HEHU&:HEHU KDWELVKHULQGHUHPSLULVFKHQ)RUVFKXQJMHGRFKNHLQHZHLWHUH%H UFNVLFKWLJXQJ JHIXQGHQ E]Z ZXUGH ± P|JOLFKHUZHLVH DXV IRUVFKXQJVWHFKQLVFKHQ (UZlJXQ JHQ±LQGHU(PSLULHOHW]WOLFKZLHGHUDXIHLQH'\DGHUHGX]LHUW)UHHVH =XVlW]OLFK]XGLHVHUODQJIULVWLJLQGHU)RUVFKXQJQLFKWDN]HSWDEOHQ5HGXNWLRQGHU&9&7ULDGH LVWDXFKNHLQHHPSLULVFKH$UEHLWEHNDQQWGLHLQHLQHUGLIIHUHQ]LHUHQGHQ%HWUDFKWXQJGDV&9& 1HW]ZHUNXQWHUVFKHLGHW±EHLVSLHOVZHLVHLQHLQHQJHUHVGLHUHLQH7ULDGH XQGZHLWHUHV1HW] ZHUN GLH (LQEHWWXQJ GHU 7ULDGH 6HOWHQ ZXUGH DXFK LQ GHU 1HW]ZHUN XQG VRFLDO FDSLWDO 7KHRULHGLH=HLWOLFKNHLWE]Z'\QDPLNLQ1HW]ZHUNHQ]XP7KHPD7KRUQKLOOXQG$PLW NRQVWDWLHUHQ GDVV GLH %H]LHKXQJ ]ZLVFKHQ GHP &9&*HEHU XQG GHP 38 LQVRIHUQ G\QDPL VFKHU1DWXULVWDOVVLFKGLH|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

6FKOLHOLFKOlVVWVLFKLQGHUVRFLDOFDSLWDO XQG1HW]ZHUN)RUVFKXQJ]ZDUHLQEUHLWHV6SHNWUXP DQ HPSLULVFKHQ )RUVFKXQJVJHJHQVWlQGHQ DXVPDFKHQ YRQ *HVHOOVFKDIWHQ EHU 1HW]ZHUNH ELV KLQ]XDXVJHVXFKWHQ8QWHUQHKPHQVEHUHLFKHQLQWUDRUJDQLVDWLRQDOH3HUVSHNWLYH (VGRPLQLHUHQ MHGRFKGLH$UEHLWHQGLHVLFKDXVVFKOLHOLFKPLWGHUVWUXNWXUHOOHQ'LPHQVLRQYRQVRFLDOFDSLWDO EHIDVVHQ VLHKH GD]X DXVIKUOLFK (PLUED\HU*RRGZLQ VRZLH :LQGHOHU $UEHLWHQ ]XU UHODWLRQDOHQ 'LPHQVLRQ 1DKDSLHW*KRVKDO %:HEHU&:HEHU VLQG GHXWOLFK VHOWHQHUGLH]XUNRJQLWLYHQ'LPHQVLRQVRJDUH[WUHPUDU0DXUHU(EHUV ,QGHUYRUKHUUVFKHQGHQVWUXNWXUHOOHQ1HW]ZHUNIRUVFKXQJOLHJWZLH:LQGHOHUXQOlQJVWEHPHUNW ÄGDV+DXSWDXJHQPHUNDXI1HW]ZHUNHQ]ZLVFKHQ2UJDQLVDWLRQHQ³ GKGLH2UJD QLVDWLRQXQGLKUH6WUXNWXUHQ]XDQGHUHQ$NWHXUHQVWHKHQLP)RNXV%XUWXQG/DU VRQ /LHEHVNLQG HW DO '\HU1REHRND .RJXW 'XELQL$OGULFK (+DQVHQ +LWH+HVWHUO\ VLHKH DXVIKUOLFK (PLUED\HU*RRGZLQ RGHU DXFK 6\GRZ ,P 5DKPHQ GLHVHV $QVDW]HV ZLUG VHOWHQ HLQH LQWUDRUJDQLVDWLRQDOH 3HUVSHNWLYH HLQJHQRPPHQ0DUWLQ(LVHQKDUGW0+DQVHQ/DELDQFD%UDVV (LQH.RPEL QDWLRQEHLGHU$QVl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|JOLFKH 8QWHUVFKLHGH EHU GLH ]ZHL 3KDVHQ XQG GLH GDPLW YHUEXQGHQH 9HUlQGH UXQJVIl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lQGHUXQJHQ GHU &9&7ULDGH XQG GDPLW GLH 9HUl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lW]OLFKH)LQDQ]JHEHUUHOHYDQWH.XQGHQRGHU =XOLHIHUHUHWFZHUGHQLQGHU8QWHUVXFKXQJLQGLUHNWEHUFNVLFKWLJWMHGRFKQLFKWGLUHNWLQGLH HPSLULVFKH$QDO\VHHLQEH]RJHQ ,P)ROJHQGHQZLUGQXQ]XVlW]OLFK]XGHUEHUHLWVLQGHQ(LQJDQJVNDSLWHOQDXIJHIKUWHQ/LWHUD WXUHLQYHUWLHIHQGHUXQGIRNXVVLHUWHU/LWHUDWXUEHUEOLFNLQ6DFKHQVRFLDOFDSLWDOXQG1HW]ZHUNH YRQ &9&7ULDGHQ JHOLHIHUW GHU NRQNUHW GLH DXIJHIKUWHQ )RUVFKXQJV]LHOH GLHVHV .DSLWHOV EHUFNVLFKWLJW 6WDQGGHU)RUVFKXQJ ,QGHQ.DSLWHOQXQGZXUGHQ VRFLDOFDSLWDO XQG6R]LDOH1HW]ZHUNWKHRULHQEHUHLWVHLQJH IKUWXQGEHKDQGHOWGHVKDOEVROOHQDQGLHVHU6WHOOHQLFKWDOOHEHUHLWVJHQDQQWHQ$XWRUHQ$UEHL WHQXQG'HILQLWLRQHQHUQHXW]LWLHUWZHUGHQ

'LH(QWZLFNOXQJGHVVRFLDOFDSLWDO%H]XJVUDKPHQVJUQGHWVLFKDXI,GHHQZHOFKHYRQ7KHR UHWLNHUQGHV6R]LDOHQ$XVWDXVFKVZLH+RPDQV %ODX -DFREV XQG3XWQDP HLQJHIKUWZXUGHQGLHGLHVR]LDOHQ%H]LHKXQJHQ]ZLVFKHQVLFKLQ7UDQVDNWLRQHQHQJD JLHUHQGHQ$NWHXUHQEHWRQHQ$XFKGLH$UEHLWYRQ*UDQRYHWWHU ]XUÄVRFLDOHPEHGGHG QHVV RI HFRQRPLF DFWLRQ³ NDQQ DOV HLQH *UXQGODJH GHU VRFLDO FDSLWDO7KHRULH EHWUDFKWHW ZHU GHQ'LH7KHRULH]XVR]LDOHQ1HW]ZHUNHQXQGVRFLDOFDSLWDO EDVLHUWDXIGHU$QQDKPHGDVVHLQ 1HW] YRQ VR]LDOHQ %H]LHKXQJHQ IUVHLQH 0LWJOLHGHU SRWHQ]LHOO XQWHUVFKLHGOLFKVWH 5HVVRXUFHQ EHUHLWKlOW%DNHU%RXUGLHX%XUW&ROHPDQ (LQH9LHO]DKOYRQ$XWRUHQ KDWVLFKPLWVRFLDOFDSLWDODOVGHQSRWHQ]LHOO1XW]HQEULQJHQGHQ(IIHNWHQYRQ1HW]ZHUNEH]LH KXQJHQIULKUH0LWJOLHGHUDXVHLQDQGHUJHVHW]W'LHVH0LWJOLHGHUVLQGQLFKWQXU,QGLYLGXHQZLH EHLVSLHOVZHLVH EHL &ROHPDQ RGHU /RXU\ VRQGHUQ GLHV N|QQHQ DXFK VR]LDOH *UXSSHQ E]Z $EWHLOXQJHQ 7VDL 7VDL*KRVKDO 2UJDQLVDWLRQHQ %DNHU *DEED\/HHQGHUV RGHU 5HJLRQHQ E]Z 1DWLRQHQ )XNX\DPD 3XWQDP VHLQ 6RFLDOFDSLWDOLVWDOVRHLQVNDOLHUEDUHV.RQ]HSWGHVVHQ.HUQDXVVDJHQDXIDOOHQ$QDO\VHHEHQHQ YRP ,QGLYLGXXP EHU GLH 2UJDQLVDWLRQ ELV ]X JDQ]HQ 9RONVZLUWVFKDIWHQ $QZHQGXQJ ILQGHQ N|QQHQ:DVVHUPDQ)DXVW 6RFLDO FDSLWDO LVW ± DQGHUV DOV SK\VLVFKHV .DSLWDO ± VFKZHU JUHLIEDU VFKZHU DQ]XHLJQHQ XQG LQVEHVRQGHUH VFKZHU DXIUHFKW]XHUKDOWHQ GD HV LQ GHQ %H]LHKXQJHQ ]ZLVFKHQ GHQ $NWHXUHQ HQWVWHKW XQG LQ VLH HLQJHEHWWHW LVW %XUW &ROHPDQ (V LVW VRPLW VFKOHFKW ]X EH VFKUHLEHQVFKZHU]XORNDOLVLHUHQXQGLQVEHVRQGHUHVFKZHU]XEHJUHQ]HQ6RFLDOFDSLWDONDQQ ]DKOUHLFKH )RUPHQ DQQHKPHQ XQG LVW GXUFK XQWHUVFKLHGOLFKVWH $WWULEXWH FKDUDNWHULVLHUEDU %H]XJQHKPHQGDXI3XWQDP )XNX\DPD &ROHPDQ XQG%XUW QHQ QHQ1DKDSLHWXQG*KRVKDO DOV.HUQGLPHQVLRQHQYRQVRFLDOFDSLWDO QHEHQGHQHLJHQWOL FKHQ6WUXNWXUHQE]Z1HW]ZHUNNRQILJXUDWLRQHQ9HUWUDXHQXQG9HUWUDXHQVZUGLJNHLW1RUPHQ XQG 6DQNWLRQHQ 9HUSIOLFKWXQJHQ (UZDUWXQJHQ XQG ,GHQWLILNDWLRQHQ $XI %DVLV GLHVHU .HUQ GLPHQVLRQHQ N|QQHQ VFKOLHOLFK *WHU 'LHQVWOHLVWXQJHQ ,QIRUPDWLRQHQ 5DWVFKOlJH ,GHHQ 8QWHUVWW]XQJRGHUDXFK=XQHLJXQJDXVJHWDXVFKWZHUGHQ +HUYRUJHKREHQ ZLUG KLHU GHU PHLQHV (UDFKWHQV ZLFKWLJH 3XQNW GDVV VR]LDOH 1HW]ZHUNEH]LH KXQJHQ QLFKW ]ZDQJVOlXILJ ]X VRFLDO FDSLWDO IKUHQ PVVHQ $GOHU.ZRQ GDVV VRFLDO FDSLWDODOVRQXUHLQP|JOLFKHV(UJHEQLVVR]LDOHU1HW]ZHUNHGDUVWHOOWXQGVRPLWGLH.RQWH[WVSH ]LILWlW GHV VRFLDO FDSLWDO HQWVFKHLGHQG LVW 'HQQ VR]LDOH 1HW]ZHUNH YRQ $NWHXUHQ N|QQHQ LQ PDQFKHQ.RQVWHOODWLRQHQXQGLQPDQFKHQ)UDJHVWHOOXQJHQDXFKQHXWUDOHRGHUHEHQDXFKQHJD

WLYH .RQVHTXHQ]HQ VRFLDO OLDELOLW\ ]XU )ROJH KDEHQ VLHKH GD]X DXFK /DELDQFD%UDVV VRZLH0DXUHU(EHUV :LH EHUHLWV HUZl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|QQHQ LOOXVWULHUW GLHIROJHQGH*UDILNVLHKH$EELOGXQJ GLHVHEHLGHQ3RVLWLRQHQ,QGHU6LWXDWLRQGHUFRKHVL RQ$ VLQGYLHOHGHU1HW]ZHUNWHLOQHKPHUPLWGHQHQGHUIRFDODFWRUKLHU-DPHV YHUEXQGHQ LVW ZLHGHUXP VHOEVW PLWHLQDQGHU YHUEXQGHQ 'LHVH JHVFKORVVHQHQ UHGXQGDQWHQ 1HW]ZHUNH ± ÄWKDWLVWRVD\QHWZRUNVLQZKLFKSHRSOHDUHFRQQHFWHGVXFKWKDWQREHKDYLRUJRHVXQQRWLFHG³ %XUW ± EHLQKDOWHQ GHQ 9RUWHLO 5LVLNHQ ]X UHGX]LHUHQ GLH DQGHUQIDOOV ZLHGHUXP 9HUWUDXHQYHUKLQGHUQZUGHQ6RJHKWHVEHLVSLHOVZHLVHGDUXP)HKOYHUKDOWHQ'ULWWHUIUK]HL WLJXQG]XJHULQJHQ.RVWHQDXI]XGHFNHQXQGVR]LDO]XÄEUDQGPDUNHQ³E]ZGHQHQWVSUHFKHQ GHQ$NWHXUDXVGHP1HW]ZHUNDXV]XVFKOLHHQÄ&ORVXUHLVDERXWPRQLWRULQJWRGHWHFWPLVEH KDYLRU5HGXQGDQWFRQWDFWVHQVXUHUHOLDEOHHDUO\ZDUQLQJ>«@7KHRPQLSUHVHQWK\GUDH\HVRI DFORVHGQHWZRUNPDNHLWGLIILFXOWIRUPLVEHKDYLRUWRHVFDSHGHWHFWLRQ³HEG XQGÄDEX VLYHSHRSOHFDQEHVTXHH]HGRXWRIWKHQHWZRUN³HEG 'LH 6LWXDWLRQ GHU VWUXFWXUDO KROHV % FKDUDNWHULVLHUW HLQH 6LWXDWLRQ LQ GHU DQGHUH 7HLOH GHV 1HW]ZHUNHV QXU EHU GHQ IRFDO DFWRU KLHU 5REHUW PLWHLQDQGHU YHUEXQGHQ VLQG VLHKH GD]X DXVIKUOLFK %XUW II 'LHV EHGHXWHW GDVV 5REHUWV %UFNHQEH]LHKXQJHQ EULGJH UHODWLRQV LKP =XJDQJ ]X ZHQLJ UHGXQGDQWHQ ,QIRUPDWLRQHQ YHUVFKDIIHQ XQG GDVV HU JH ZLVVHUPDHQDQHLQHU.UHX]XQJLP)OXVVGHU,QIRUPDWLRQHQ]ZLVFKHQYHUVFKLHGHQHQ*UXSSHQ SRVLWLRQLHUW LVW VR GDVV HU QHXH ,QIRUPDWLRQHQ 7UHQGV XQG 9HUlQGHUXQJHQ LPPHU VHKU IUK

HUIlKUWXQGZHLWHUJHEHQNDQQ±RGHUDXFKQLFKW'LHVH3RVLWLRQLHUXQJVRZLHÄKLVHDUO\DFFHVV WR GLYHUVH LQIRUPDWLRQ PDNHV KLP PRUH DWWUDFWLYH WR RWKHU SHRSOH DV D FRQWDFW LQ WKHLU RZQ QHWZRUNV³ HEG 6FKOLHOLFK EULQJW VHLQH 3RVLWLRQLHUXQJ PLW VLFK GDVV 5REHUW PLW JU|HUHU:DKUVFKHLQOLFKNHLWDOVDQGHUH7HLOQHKPHUGHV1HW]ZHUNVUHFKW]HLWLJEHPHUNHQNDQQ ZDQQ HV VLQQYROO XQG 0HKUZHUW JHQHULHUHQG LVW ELV GDKLQ XQYHUEXQGHQH *UXSSHQ GHV 1HW] ZHUNV ]XVDPPHQ]XIKUHQ 'LHVH 6LWXDWLRQ WULIIW ± ZLH QRFK JH]HLJW ZHUGHQ ZLUG ± IU GHQ &9&0DQDJHULPUHOHYDQWHQ&9&1HW]ZHUN]X $

%

-DPHV

5REHUW

$EELOGXQJ,GHDOW\SLVFKHJHJHQVlW]OLFKH1HW]ZHUNNRQVWHOODWLRQHQ +LWHXQG+HVWHUOH\ YHUVXFKHQGLHVHEHLGHQ6LFKWZHLVHQGHULGHDOHQ1HW]ZHUNNRQILJX UDWLRQNRQ]HSWLRQHOO]XNRPELQLHUHQLQGHPVLHHLQH8QWHUVFKHLGXQJLQ]ZHL3KDVHQHPHUJHQ FHXQGHDUO\JURZWK XQGLQ]ZHLVLFKGDUDXVMHZHLOVHUJHEHQGH1HW]ZHUNW\SHQLGHQWLW\EDVHG XQG FDOFXODWLYH QHWZRUNV YRUQHKPHQ 'HQ hEHUJDQJ YRQ GHP HLQHQ ]XP DQGHUHQ 7\S EHU GLH=HLW]LHKHQGLH$XWRUHQQLFKWQXUDOV(UNOlUXQJIUGLHVHXQWHUVFKLHGOLFKHQELVKHULQGHU /LWHUDWXUZLGHUVSUFKOLFKHQ6LFKWZHLVHQKHUDQ6LHVWHOOHQOHW]WOLFKGLH+\SRWKHVHDXIGDVVHV VLFKEHLGLHVHP3UR]HVVXPHLQHPHKURGHUZHQLJHU]ZDQJOlXILJH9HUlQGHUXQJKDQGHOWGLHHLQ 8QWHUQHKPHQ LP =XJH VHLQHV :DFKVWXPV XQG VHLQHU YHUlQGHUWHQ .RQWH[WEHGLQJXQJHQ VRZLH GHU GDUDXV DEJHOHLWHWHQ 6WUDWHJLH GXUFKOlXIW Ä2YHUDOO DV ILUPV UHVSRQG WR WKH UHVRXUFH FKDO OHQJHVFKDUDFWHULVWLFRIHPHUJHQFHDQGHDUO\JURZWKWKHLUQHWZRUNVHYROYHIURPPRUHLGHQWLW\ EDVHGSDWKGHSHQGHQWQHWZRUNGXULQJHPHUJHQFHWRPRUHFDOFXODWLYHLQWHQWLRQDOGXULQJHDUO\ JURZWK 7KLV VKLIW >«@ UHSUHVHQWV D VKLIW LQ WKH VWUDWHJLF FRQWH[W RI WKH ILUP³ +LWH+HVWHUO\ 'LHVNRQQWHQ0DXUHUXQG(EHUV PLWLKUHU$UEHLWHPSLULVFKXQWHUPDXHUQ

$XFK %XUW YHUELQGHW LQ VHLQHP %XFK GLH EHLGHQ DXI GLHVHQ ]ZHL 1HW]ZHUNNRQ VWHOODWLRQHQEHUXKHQGHQ.RQ]HSWHYRQEURNHUDJHXQGFORVXUH6WDQGHQVLFKGLHVH]ZHL.RQV WHOODWLRQHQODQJHDOVXQWHUVFKLHGOLFKH$XIIDVVXQJHQYRQGHURSWLPDOHQ1HW]ZHUNVWUXNWXUJHJH QEHUDUEHLWHW%XUWQXQGLH1RWZHQGLJNHLWGHU.RPSOHPHQWDULWlWYRQFORVXUHXQGEURNHUDJH IUHLQHUIROJUHLFKHVEURNHULQJKHUDXV(UVWHOOWGDIUGLHLQ7DEHOOHDXIJHIKUWHQ&KDUDNWH ULVWLNDGHUEHLGHQ.RQ]HSWHJHJHQEHUXQG]HLJWGDEHLGHUHQ6SDQQXQJVYHUKlOWQLVEURNHUDJH FORVXUHWHQVLRQ DXI 7DEHOOH

%URNHUDJHFORVXUH6SDQQXQJVIHOG

%URNHUDJH

,QEURNHUDJHVRFLDOFDSLWDOLV FUHDWHGE\EULGJHUHODWLRQVWKDW %URNHUDJHXQGFORVXUH FRRUGLQDWHDFURVVJURXSVZLWK FRQWUDGLFWRQHDQRWKHULQ FRPSOHPHQWDU\UHVRXUFHVNQRZO WKHUROHWKLUGSDUWLHVSOD\LQ HGJHRUSUDFWLFH1HWZRUNEULGJHV VRFLDOFDSLWDO DUHGHILQHGE\WKHODFNRIWKLUG SDUWLHV 1HWZRUNVWUXFWXUH

1HWZRUNFRQWHQW 7KHLQIRUPDWLRQWKDWIORZV WKURXJKVRFLDOVWUXFWXUH SOD\VGLIIHUHQWUROHVLQWKH WZRPHFKDQLVPV

3HUVRQDIIHFWHG 7KHWZRPHFKDQLVPVKDYH GLIIHUHQWWDUJHWV

&ORVXUH ,QFORVXUH¶VUHSXWDWLRQPHFKDQLVP WKLUGSDUWLHVFUHDWHVRFLDOFDSLWDOE\ LPSURYLQJLQIRUPDWLRQIORZPDNLQJ LWSRVVLEOHWRGHWHFWDQGSXQLVKEDG EHKDYLRXUWKHUHE\IDFLOLWDWLQJWUXVW

%URNHUDJHFUHDWHVYDOXHE\H[SRVLQJ &ORVXUH¶VYDOXHFRPHVIURPGULYLQJ SHRSOHWRYDULDWLRQLQLQIRUPDWLRQ YDULDWLRQRXWRIWKHFORVHGQHWZRUN ,QWKHEURNHUDJHDUJXPHQW LQIRUPDWLRQLVYDOXDEOHZKHQLWLV QRQUHGXQGDQW7KDWLVZKDW FRQVWLWXWHVDFFHVVWRYDULDWLRQ

,QWKHFORVXUHDUJXPHQWLQIRUPDWLRQ LVYDOXDEOHZKHQLWLVUHGXQGDQW &ORVXUHOLQNVUHSXWDWLRQWR SUHVFULEHGEHKDYLRXUE\LQFUHDVLQJ WKHSUREDELOLW\RIUHSXWDWLRQHURGLQJ EHKDYLRXUEHLQJGHWHFWHGZLWKLQWKH FORVHGQHWZRUN

,QEURNHUDJHWKHREMHFWRIDFWLRQLV \RXLPSURYLQJ\RXUYLVLRQDQG KHOSLQJ\RXHVFDSHWKHGHPDQGVRI RWKHUSHRSOH

&ORVXUHLVDERXWIRUFLQJRWKHU SHRSOHWREHKDYHLQSUHVFULEHGZD\V &ORVXUH¶VFRQWUROSRWHQWLDOLVWKH UHDVRQIRUFORVXUH¶VXVHLQ FRQWHPSRUDU\RUJDQL]DWLRQVDVD UHSODFHPHQWIRURUFRPSOHPHQWWR WUDGLWLRQDOYHUWLFDOFKDLQVRI FRPPDQGLQDEXUHDXFUDF\

%URNHUDJHIRUFHV\RXWRVHH DOWHUQDWLYHVE\H[SRVLQJ\RXWRWKH GLYHUVLW\RIRSLQLRQDQGSUDFWLFH DFURVVJURXSV7KHFRQIOLFWLQJ GHPDQGVRIPXOWLSOHJURXSVIUHH\RX 1HWZRUNFORVXUHIRUFHVSHRSOHWR IURPH[FHVVLYHGHPDQGVLQDQ\RQH FROODERUDWHE\OLQNLQJUHSXWDWLRQWR JURXS DOLJQPHQWZLWKRWKHUVLQWKHQHWZRUN 4XHOOHQDFK%XUW

'DV GDUJHVWHOOWH 6SDQQXQJVYHUKlOWQLV NDQQ ODXW %XUW DXI GUHLIDFKH :HLVH DXIJHO|VW ZHUGHQ =XPHLQHQLQGHPHLQHPGHUEHLGHQ.RQ]HSWH3ULRULWlWHLQJHUlXPWZLUGXQGGDPLWGDVDQGHUH LQGHQ+LQWHUJUXQGWULWW'DYRQUlWHUMHGRFKDEZHLOGLHVLQGHU5HJHO]X/DVWHQYRQFORVXUH JHVFKlKH GHUHQ %HGHXWXQJ WHLOZHLVH XQWHUVFKlW]W ZUGH Ä>,@W ZRXOG EH LQDFFXUDWH WR UHMHFW

FORVXUH LQ IDYRU RI EURNHUDJH³ HEG =XP ]ZHLWHQ OLHH VLFK GDV 6SDQQXQJVYHUKlOWQLV YHUVWHFNHQ E]Z QHJLHUHQ LQGHP PDQ GLH EHLGHQ 0HFKDQLVPHQ YRQHLQDQGHU WUHQQW XQG GHQ 6WDQGSXQNW YHUWULWW GDVV EHLGH .RQ]HSWH JOHLFK JOWLJ MHGRFK HLQIDFK XQWHUVFKLHGOLFK VHLHQ $XFKGLHVH+HUDQJHKHQVZHLVHLVWQDFK%XUWMHGRFKQLFKW]XHPSIHKOHQÄ6HJUHJDWLQJLVDVDIH RSWLRQ ± DQG D SRSXODU RSWLRQ >«@ 6DIHW\ DQG SRSXODULW\ QRWZLWKVWDQGLQJ WKH VHJUHJDWLRQ RSWLRQLVLQLWVRZQZD\LQDFFXUDWH³HEG =XPGULWWHQOLHHQVLFKGLHEHLGHQ0HFKDQLV PHQLQHLQHPJU|HUHQ0RGHOOLQWHJULHUHQZRIUHUPLWVHLQHP.RQ]HSWGHUVWUXFWXUDODXWR QRP\ HLQHQ 9RUVFKODJ XQWHUEUHLWHW VLHKH $EELOGXQJ Ä%URNHUDJH LV DERXW FRRUGLQDWLQJ SHRSOHEHWZHHQZKRPLWZRXOGEHYDOXDEOHEXWULVN\WRWUXVW&ORVXUHLVDERXWPDNLQJLWVDIH WR WUXVW 7KH NH\ WR FUHDWLQJ YDOXH LV WR SXW WKH WZR WRJHWKHU %ULGJLQJ D VWUXFWXUDO KROH FDQ FUHDWH YDOXH EXW GHOLYHULQJ WKH YDOXH UHTXLUHV WKH FORVHG QHWZRUN RI DFRKHVLYHWHDP DURXQG WKHEULGJH³HEG

4XHOOH%XUW

$EELOGXQJ'DV.RQ]HSWGHUVWUXFWXUDODXWRQRP\

=XHLQHPYHUJOHLFKEDUHQ6FKOXVVNRPPHQDXFK2KHWDO LQLKUHU6WXGLH]XVRFLDOFDSLWDOYRQ*UXS SHQ 6LH WHVWHQ DQKDQG GHU ÄLQIRUPDO VRFLDOL]LQJ WLHV³ YRQ 7HDPV LKUH 3URSRVLWLRQ GDVV GLH (IIHNWLYLWlW YRQ*UXSSHQLP:HJHRSWLPDOHU.RQILJXUDWLRQHQXQWHUVFKLHGOLFKHU.DQlOHFRQGXLWV PD[LPLHUWZLUG'LHVH .DQlOHEHLQKDOWHQÄLQWUDJURXSFORVXUHUHODWLRQVKLSVDQGEULGJLQJUHODWLRQVKLSVWKDWVSDQYHUWLFDODQGKRUL]RQ WDOLQWHUJURXSERXQGDULHV³HEG ,KUH(UJHEQLVVHOLHIHUQHPSLULVFKH8QWHUVWW]XQJIUGLHVH3URSRVLWL RQ

%XUW ]HLJW DQKDQG VHLQHV 6FKDXELOGHV UHFKWV LQ GHU $EELOGXQJ $FKVHQSXQNW $ GDVV (U IROJ GHU VLFK XQWHU DQGHUHP LQ )RUP YRQ ,QQRYDWLRQ QLHGHUVFKODJHQ NDQQ DP JU|WHQ LVW ÄZKHUHQHWZRUNFORVXUHLVKLJKZLWKLQWKHJURXS>«@DQGWKHJURXS¶VH[WHUQDOQHWZRUNEULGJHV VWUXFWXUDO KROHV LQ WKH VXUURXQGLQJ HQYLURQPHQW³ HEG 8QG ZHLWHU Ä>«@ WKHUH LV DQ LQWHUDFWLRQEHWZHHQEURNHUDJHDQGFORVXUH3HUIRUPDQFHDWDKLJKOHYHORIEURNHUDJHDQGFOR VXUHLVPRUHWKDQWKHVXPRIWKHSHUIRUPDQFHH[SHFWHGIURPKLJK EURNHUDJH DORQHSOXV KLJK FORVXUHDORQH³HEG %XUW PDFKW VRPLW GHXWOLFK GDVV HLQ PD[LPDOHU =XJDQJ ]X QHXHQ 3HUVSHNWLYHQ UHOHYDQWHP :LVVHQ XQG EHQ|WLJWHQ5HVVRXUFHQQLFKW QXU YRQ GHU 3RVLWLRQ GHU $NWHXUH LP 1HW]ZHUN XQG LKUHU9HUQHW]XQJDEKlQJWVRQGHUQGDYRQREGLHYRQLKPSURSDJLHUWHVWUXFWXUDOO\DXWRQRPRXV JURXSHQWVWHKHQNDQQ%XUWHUNOlUWGDVVLQ$EKlQJLJNHLWYRQGHU$XVJDQJVODJHHLQHUEHWUDFK WHWHQ2UJDQLVDWLRQVHLQKHLW HQWZHGHU EURNHUDJHRGHUFORVXUHGHUHUIROJVNULWLVFKH)DNWRUVHLQ NDQQ +DQGHOW HV VLFK XP HLQ 8PIHOG UHLFK DQ YHUVFKLHGHQHQ 3HUVSHNWLYHQ )lKLJNHLWHQ XQG 5HVVRXUFHQKlQJWGHU(UIROJGHU*UXSSHRGHU2UJDQLVDWLRQYRQLKUHU)lKLJNHLWDELKUHLQKl UHQWHQ8QWHUVFKLHGH]XEHUZLQGHQXQGVLFK]XHLQHU*UXSSH]XVDPPHQ]XILQGHQGLHDXFKDOV *UXSSH DNWLRQVIlKLJ LVW Ä*URXS SHUIRUPDQFH ZLOO YDU\ ZLWK LQJURXSFORVXUHQRWEURNHUDJH EHFDXVH EURNHUDJH RSSRUWXQLWLHV EH\RQG WKH JURXS DUH IRU HYHU\RQH DEXQGDQW³ HEG *OHLFKHV JLOW HQWVSUHFKHQG DXFK XPJHNHKUW +DW PDQ HV ZLH EHLVSLHOVZHLVH LQ HLQHU 740 6WXGLHYRQ5RVHQWKDO PLWPHKUHUHQ*UXSSHQXQGYHUJOHLFKEDUHU*UXSSHQNRKlVLRQ]X WXQHQWVFKHLGHWVLFKGHU(UIROJGHU*UXSSHQDQLKUHQMHZHLOVXQWHUVFKLHGOLFKHQH[WHUQHQ1HW] ZHUNHQÄ:LWKDOOWHDPVFRKHVLYHSHUIRUPDQFHYDULDQFHLQFUHDVHVZLWKEURNHUDJHEH\RQGWKH WHDP³HEG :LH EHUHLWV HUZlKQW VLQG GHU $XWRULQ NHLQH $UEHLWHQ ]X HLQHU 9HUELQGXQJ YRQ LQWHU XQG LQWUDRUJDQLVDWLRQDOHU 3HUVSHNWLYH EHNDQQW $OOHUGLQJV JLEW HV LQ GLHVHP .RQWH[W ]ZHL VHKU LQWHUHVVDQWH $UEHLWHQ YRQ 2K /DELDQFD XQG &KXQJ E]Z 2K &KXQJ XQG /DELDQFD LQ GHQHQ VLH GLH :HFKVHOZLUNXQJHQ YRQ EURNHUDJH XQG FORVXUH ]ZDU LQQHUKDOE HLQHU 2UJDQLVDWLRQ MHGRFK VRZRKO DXI GHU LQWUD DOV DXFK DXI GHU LQWHURUJDQLVDWLRQDOHQ (EHQH EH WUDFKWHQ6LHSUlVHQWLHUHQHLQÄPXOWLOHYHOPRGHORIJURXSVRFLDOFDSLWDO³2KHWDO XQGNRPPHQlKQOLFKZLH%XUW HEHQIDOOV]XGHP6FKOXVVGDVVÄYHUWLFDODQGKRUL]RQWDO DQGLQWUDJURXSDQGLQWHUJURXSERXQGDULHV>«@PXVWEHEULGJHGWRPD[LPL]HJURXSVRFLDOFDSL WDOUHVRXUFHV³HEG 'DVEHGHXWHWGDVVHLQHRSWLPDOH%DODQFH%XUW VSULFKWKLHU YRQ HLQHP ÄHTXLOLEULXP³ ]ZLVFKHQ EURNHUDJH XQG FORVXUH JHJHEHQ VHLQ PXVV XP ÄJURXS

SHDU FRPSOHPHQWDU\ :H FRQFOXGH WKDW LW LV LQ WKH LQWHUHVW RI ERWK SRUWIROLR FRPSDQLHV DQG WKHLULQYHVWRUVWKDWERWKVRXUFHVRIDGYLFHDQGVXSSRUWDUHDYDLODEOH³0DXODHWDO )UHHVH EHWUDFKWHW&9&(LQKHLWHQDOV:LVVHQVEURNHUXQG]LHKWGDIUXQWHUDQGHUHPGLH VR]LDOH1HW]ZHUNIRUVFKXQJKHUDQ6HLQ)RNXVOLHJWEHUZLHJHQGDXIGHUVWUXNWXUHOOHQ*HVWDO WXQJGHU&9&(LQKHLWXPVLH]XEHIlKLJHQDOV:LVVHQVEURNHU]ZLVFKHQGHQXQWHUVFKLHGOLFKHQ 3DUWHLHQYRQ0XWWHUJHVHOOVFKDIWXQG38V]XDJLHUHQXQG]XYHUPLWWHOQ2EZRKO)UHHVHPHKU IDFKEHWRQWGDVVHUGLH%H]LHKXQJYRQ&9&(LQKHLW0XWWHUJHVHOOVFKDIWXQG38VDOV6FKZHU SXQNW VHLQHU $UEHLW EHWUDFKWHW OlVVW HU GLH %8V LP HPSLULVFKHQ 7HLO OHW]WOLFK DXHQ YRU 'LH MHZHLOLJHQ %8V DOV ZHVHQWOLFKH ,QIRUPDWLRQVTXHOOH KLQVLFKWOLFK GHU )UDJHQ GHV :LVVHQV XQG 5HVVRXUFHQWUDQVIHUVZHUGHQQLFKWPLWLQGLH$QDO\VHGHU$UEHLWHLQEH]RJHQ)UHHVHHQWZLFNHOW HLQHQ%H]XJVUDKPHQXQGGDUDXIDXIEDXHQG]ZHL0RGHOOHDXVGHU3HUVSHNWLYHGHU0XWWHUJH VHOOVFKDIWXQGDXVGHU3HUVSHNWLYHGHV3RUWIROLRXQWHUQHKPHQV GHVLQWHURUJDQLVDWLRQDOHQ:LV VHQVWUDQVIHUV ]ZLVFKHQ 0XWWHUJHVHOOVFKDIW VWUDWHJLVFKHQ *HVFKlIWHLQKHLWHQ XQG GHQ 3RUWIR OLRXQWHUQHKPHQ,P$QVFKOXVVDQVHLQHHPSLULVFKH8QWHUVXFKXQJNRPPWHU]XGHP(UJHEQLV GDVV]XPHLQHQEHLGH0RGHOOHGHV:LVVHQVWUDQVIHUVLQLKUHU*HVDPWVWUXNWXUYDOLGHXQGKDOWEDU VLQGHEG =XPDQGHUHQVFKOXVVIROJHUWHUGDVVGLH%HWUDFKWXQJGHU&9&(LQKHLWDXVGHU WKHRUHWLVFKHQ 3HUVSHNWLYH GHV 7HFKQRORJLH XQG :LVVHQVEURNHU$QVDW]HV HLQH WKHRUHWLVFKH )XQGLHUXQJ GDUVWHOOW GLH GHQ HQWVWHKHQGHQ VWUDWHJLVFKHQ 0HKUZHUW IU GDV ,QGXVWULHXQWHUQHK PHQVRZLHGLHGHQ0HKUZHUWEHHLQIOXVVHQGHQ)DNWRUHQ]XHUNOlUHQHUODXEW )UHHVHEOHLEWOHW]WOLFKKLQWHUVHLQHPHLJHQHQ$QVSUXFK]XUFNXQGZLUGPLWGLHVHP.DSL WHO LQ GHP GH IDFWR GLH &9&7ULDGHQ EHWUDFKWHW ZHUGHQ GK DXFK GLH %XVLQHVV 8QLWV LQ GLH H[SORUDWLYH%HIUDJXQJLQYROYLHUWZHUGHQWUDQV]HQGLHUW(VNDQQPLW6LFKHUKHLWJHVDJWZHUGHQ GDVV ÄPLW HLQHU HPSLULVFKHQ 'DWHQHUKHEXQJ XQG GHU %HDQWZRUWXQJ YRQ )UDJHE|JHQ VRZRKO YRQ 6HLWHQ GHU &RUSRUDWH 9HQWXUH &DSLWDO (LQKHLWHQ DOV DXFK YRQ 6HLWHQ GHU 3RUWIROLRXQWHU QHKPHQXQGGHUDQVFKOLHHQGHQ=XVDPPHQIKUXQJGLHVHU$QWZRUWHQ³)UHHVH GDV YRQ)UHHVHEHDQVSUXFKWHÄZLVVHQVFKDIWOLFKH1HXODQG³QLFKWEHWUHWHQZXUGHGD&:HEHUXQG 'LHUNHV VRZLH&:HEHU HEHQGLHVHVEHUHLWVJHOHLVWHWKDEHQ )UHHVHEH]LHKWVLFKLQVHLQHU$UEHLWWKHRUHWLVFKJDQ]YRUQHKPOLFKDXIGLH$UEHLWHQYRQ+DUJD GRQXQG XQG+DUJDGRQXQG6XWWRQ :LHHLQJDQJVEHUHLWVGDUJHVWHOOWHQW ZLFNHOW+DUJDGRQDXI%DVLVRUJDQLVDWLRQDOHU/HUQWKHRULHQXQG,QQRYDWLRQVDQVlW]HVRZLHXQWHU 5HNXUVDXI6R]LDOH1HW]ZHUNWKHRULHQ%XUW GHQ$QVDW]GHV.QRZOHGJH%URNHUV.QRZ OHGJH %URNHU ]HLFKQHQ VLFK ]XQlFKVW GXUFK LKUH JQVWLJH 3RVLWLRQ LQQHUKDOE HLQHV VR]LDOHQ

1HW]ZHUNHVDXVGLHVLHLQGLH/DJHYHUVHW]WVWUXFWXUDOKROHV]XEHUEUFNHQWREULGJH DOVR ELVKHU XQYHUEXQGHQH 1HW]ZHUNH RGHU 1HW]ZHUNWHLOH ]X YHUELQGHQ XQG VRPLW GLH VWUXNWXUHOOH ,VRODWLRQGHU7HLOHE]ZXQWHUVFKLHGOLFKHU'RPlQHQDXI]XKHEHQ%XUW+DUJDGRQ ,QGHPVLHGLH'RPlQHQYHUELQGHQYHUVHW]HQ.QRZOHGJH%URNHUQLFKWQXUGLHQHXYHUEXQGH QHQ $NWHXUH LQ GLH /DJH VLFK GLUHNW DXV]XWDXVFKHQ VRQGHUQ VFKDIIHQ DXFK GLH 0|JOLFKNHLW ]XYRUVHOEVW*HOHUQWHVDXVGHUHLQHQ'RPlQHLQGLHDQGHUHKLQHLQ]XWUDJHQXQGGDGXUFK,QQRYD WLRQHQ ]X LQLWLLHUHQ E]Z ]X JHQHULHUHQ +DUJDGRQ DUEHLWHW GDEHL GLH )lKLJNHLW ]X DQDORJHP 'HQNHQDOV.HUQNRPSHWHQ]HLQHV.QRZOHGJH%URNHUVKHUDXVVRGDVVQHXHV:LVVHQLQQHXHQ .RQWH[WHQ HQWVWHKHQ NDQQ (U NRQ]HSWLRQDOLVLHUW HLQ 0RGHOO GHV NQRZOHGJH EURNHULQJ VLHKH $EELOGXQJ LQ .DSLWHO GDV DXV IQI 6WXIHQ EHVWHKW ÄDFFHVV³ ÄEULGJLQJ³ ÄOHDUQLQJ³ ÄOLQNLQJ³XQG ÄEXLOGLQJ³ +DUJDGRQ EHWRQW GLH 2UJDQLVDWLRQVVWUXNWXU XQG NXOWXU GHU NQRZOHGJH EURNHUDOVUHOH YDQWH 'LPHQVLRQHQ IU HUIROJUHLFKHV NQRZOHGJH EURNHULQJ 'LH 6WUXNWXU VROOH P|JOLFKVW YLHO .RPPXQLNDWLRQXQG,QWHUDNWLRQPLWXQWHUVFKLHGOLFKVWHQ'RPlQHQLQQHUKDOEXQGDXHUKDOEGHU 2UJDQLVDWLRQHQ]XODVVHQE]ZI|UGHUQ'LH2UJDQLVDWLRQVNXOWXUVROOHGXUFKGLH%HUHLWVFKDIWGHU 0LWJOLHGHUFKDUDNWHULVLHUWVHLQP|JOLFKVWYLHO:LVVHQLQXQWHUVFKLHGOLFKVWHQ'RPlQHQÄHLQ]X VDPPHOQ³ XQG GDQQ ZLHGHUXP PLW 'ULWWHQ ]X WHLOHQ XP GHUHQ (UIROJVFKDQFHQ ]X HUK|KHQ 8QWHUVWW]WZHUGHQN|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lVHQWLHUHQVLHHLQH5HLKHYRQ.RQGLWLRQHQGLHGHQ:LVVHQVWUDQVIHU LQQHUKDOEGHUMHZHLOLJHQ1HW]ZHUNW\SHQXQWHUVWW]HQVLHKH7DEHOOH ,QNSHQXQG7VDQJN|QQHQPLWLKUHU$UEHLW]HLJHQGDVVHVLQGHUHPSLULVFKHQ)RUVFKXQJVRZLH LQGHU3UD[LV]X:LVVHQVWUDQVIHULQ1HW]ZHUNHQHVVHQ]LHOOLVW]ZLVFKHQGHQ]XXQWHUVXFKHQGHQ 1HW]ZHUNW\SHQ ]XQlFKVW NODU ]X XQWHUVFKHLGHQ GHQQ ÄHDFK QHWZRUN W\SH KDV GLVWLQFW VRFLDO FDSLWDO GLPHQVLRQV³ XQG GHPHQWVSUHFKHQG ÄWKH IDFLOLWDWLQJ FRQGLWLRQV YDU\ DFURVV QHWZRUNV³ 8P DOVR :LVVHQVWUDQVIHU XQG JHQHVH ]X HUOHLFKWHUQ E]Z HIIL]LHQW JHVWDOWHQ ]X

VXQJGHVVRFLDOFDSLWDODQYHUlQGHUWH,QIRUPDWLRQVXQG5HVVRXUFHQDQIRUGHUXQJHQYRQ%HGHX WXQJ VLQG GD -XQJXQWHUQHKPHQ VRQVW *HIDKU ODXIHQ GDVV LKU HKHPDOLJHV VRFLDO FDSLWDO ]X VRFLDO OLDELOLW\ GHJHQHULHUW 0DXUHU XQG (EHUV XQWHUWHLOHQ LQ LKUHU %HWUDFKWXQJ ]ZHL 3KDVHQGHV-XQJXQWHUQHKPHQVGLH(DUO\6WDUWXS3KDVHXQGGLH%XVLQHVVGHYHORSPHQW3KDVH (UVWHUHEHUVSDQQWQDFKGHUHQ'HILQLWLRQGLH=HLWYRQHLQHUHUVWHQ)RUPXOLHUXQJGHV%XVLQHVV SODQV EHU GLH OHJDOH )LUPHQJUQGXQJ ELV ]X GHP =HLWSXQNW DQ GHP GLH HUVWH )LQDQ]LHUXQJ QDKH]XDXIJHEUDXFKWLVW'LHIROJHQGH3KDVHEHJLQQWZHQQHUVWH$NWLYLWlWHQIUZHLWHUH)LQDQ ]LHUXQJVUXQGHQDQJHVFKREHQZHUGHQXQGHQGHWPLWGHP%HREDFKWXQJV]HLWUDXPGHU6WXGLH'LH $XWRUHQHUNOlUHQGDVVIUGLHHUIROJUHLFKH(UUHLFKXQJXQG%HZlOWLJXQJGHU]ZHLWHQ3KDVHHLQ YHUlQGHUWHVVR]LDOHV1HW]ZHUNYRQQ|WHQVHL6LHDUEHLWHQ]ZHL%HKDUUXQJVNUlIWHLQHUWLDOIRU FHV KHUDXVGLHZLHGHUXPHLQH7UlJKHLWGHVVRFLDOFDSLWDOLQHUWLDLQVRFLDOFDSLWDO QDFKVLFK ]|JHQUHODWLRQDOORFNLQXQGFRJQLWLYHORFNLQ%HLGH]XVDPPHQEHVFKUlQNWHQGLH0RWLYDWLRQ GLH .DSD]LWlW XQG GDV 9HUP|JHQ GHU $NWHXUH GLH DNWXHOOH .RPSRVLWLRQ.RQILJXUDWLRQ LKUHU H[WHUQHQ.RQWDNWH]XYHUlQGHUQXQGWUJHQGDPLW]XU7UlJKHLWGHVVRFLDOFDSLWDO EHL =XUhEHUZLQGXQJGLHVHU7Ul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lWHQIUQHXH.RQWDNW DQEDKQXQJ LQ GLYHUVH UHOHYDQWH *HVFKlIWVEHUHLFKH QXW]HQ ,QWHJUDWLRQ RI UHODWLRQDO PDQDJH PHQWEH]HLFKQHWGLHKlXILJHQXQGUHJHOPlLJHQLQWHUQHQ0HHWLQJV]XU,QWHJUDWLRQQHXHQ:LV VHQVZHOFKHVDXVGHQGLYHUVHQH[WHUQHQ%H]LHKXQJHQGHUHLQ]HOQHQ0LWJOLHGHULQGLH2UJDQL VDWLRQKLQHLQIOLHW 0DXUHUXQG(EHUVHUKHEHQGHQ$QVSUXFKPLWLKUHQ(UJHEQLVVHQGLH:HFKVHOZLUNXQJE]ZGDV =XVDPPHQVSLHOXQGGLHYHUVFKLHGHQHQ.RQVHTXHQ]HQYRQVRFLDOFDSLWDODXI)LUPHQVRZLHDXI ,QGLYLGXDOHEHQH ]X GHPRQVWULHUHQ Ä6WURQJ DQG FRKHVLYH LQGLYLGXDOOHYHO WLHV FDQ KDYH YHU\ GLIIHUHQW FRQVHTXHQFHV IRU ILUPV GHSHQGLQJ RQ ZKHWKHU WKH\ UHVXOW LQ D KRPRJHQRXV RU LQ D GLIIHUHQWLDWHGFRPSRVLWLRQRIVRFLDOFDSLWDODWWKHILUPOHYHO³HEG 'LH$XWRUHQOHLVWHQ HLQHQ %HLWUDJ LQ GHU VR]LDOHQ 1HW]ZHUNIRUVFKXQJ LQGHP VLH GLH $UJXPHQWDWLRQ VWW]HQ GDVV

5HLFKZHLWHE]Z8PIDQJUDQJH XQG$EJHVFKORVVHQKHLWFORVXUH HLQHV1HW]ZHUNVJOHLFK]HL WLJH DOOHUGLQJV XQWHUVFKLHGOLFKH (IIHNWH DXI XQWHUVFKLHGOLFKHQ $QDO\VHOHYHOQ KDEHQ N|QQHQ Ä)LUPVFDQDSSURSULDWHDWWKHVDPHWLPHERWKWKHEHQHILWVRIVWURQJFRKHVLYHWLHVZLWKDVPDOO UDQJHRIVLPLODUSDUWQHUVDWWKHOHYHORILQGLYLGXDORUJDQL]DWLRQDOPHPEHUV¶VRFLDOFDSLWDODQG WKH RSSRUWXQLWLHV SURYLGHG E\ D ZLGHU UDQJH RI WLHV ZLWK GLIIHUHQW FRQVWLWXHQFLHV DW WKH ILUP OHYHO³HEG 1DFK GLHVHP hEHUEOLFN EHU UHOHYDQWH $QVlW]H XQG )RUVFKXQJVHUJHEQLVVH VROO LQ DOOHU .U]H GLHPHWKRGLVFKH+HUDQJHKHQVZHLVH]XGHUHPSLULVFKHQ$QDO\VHLQGLHVHP.DSLWHODXIJH]HLJW ZHUGHQ6LHHQWVSULFKWWHLOZHLVHGHPEHUHLWVLQYRUDQJHJDQJHQHQ.DSLWHOQEHVFKULHEHQHQPH WKRGLVFKHQ9RUJHKHQ 'DWHQXQG0HWKRGH 'HP /HLWVDW] +HUPDQQV IROJHQG ÄLQWHUHVVDQWHU DOV GDV EORH 7HVWHQ YRQ ,GHHQ LVW >«@ GLH *HQHULHUXQJ QHXHU ,GHHQ GLH ]X DQJHPHVVHQHUHQ 7KHRULHQ IKUHQ³ LVW GDV =LHO GLHVHUHPSLULVFKHQ$QDO\VHQHEHQGHP$XVORWHQGHUEHUHLWVYRUKDQGHQHQVNL]]LHUWHQ7KHRULHQ HLJHQH*HGDQNHQ]XH[SOL]LHUHQGLH]XU7KHRULHELOGXQJLPZHLWHVWHQ6LQQHEHLWUDJHQN|QQHQ 'HU )RUVFKXQJVJHJHQVWDQG LVW GLH &9&7ULDGH LQ LKUHU (LQEHWWXQJ 'LH &9&(LQKHLW VWHOOW GDEHLGLHFRUHRGHUQRGDOXQLW'\HU1REHRND LQGHU7ULDGHGDUGDGLHVHDOVNQRZOHGJH EURNHU]XPHLQHQ ]XQlFKVW GHUHLQ]LJH7HLOQHKPHULVWGHUGLUHNWH9HUELQGXQJHQ]XDOOHQ DQGHUHQ%HWHLOLJWHQLQGHU7ULDGHE]ZGHP1HW]ZHUNXQWHUKlOWXQG]XPDQGHUHQ GHUFRQ YHQRU*UD\'\HU1REHRND GHV1HW]ZHUNVLVW8PGHQ3UR]HVVGHU7ULDGHQXQG 1HW]ZHUNNRQVWLWXWLRQVRZLHVHLQHZHVHQWOLFKHQ)DNWRUHQYHUVWHKHQ]XN|QQHQXPGLH9HUlQ GHUXQJHQ GHV 1HW]ZHUNV EHU GLH =HLW VRZLH GHQ $XIEDX YRQ VRFLDO FDSLWDO EHVFKUHLEHQ XQG XPHLQHGHWDLOOLHUWHUH$QDO\VHYRQHUIROJUHLFKHP:LVVHQVWUDQVIHUXQGJHQHVHLQGLHVHU7ULDGH OLHIHUQ]XN|QQHQVFKLHQHLQH0XOWL&DVH$QDO\VHVLQQYROOXQGKLOIUHLFK

0XOWL&DVH$QDO\VH

)DOOVWXGLHQ RE DOV (LQ]HOIDOO RGHU 0XOWL&DVH$QDO\VHQ ]HLFKQHQ VLFK GDGXUFK DXV GDVV ÄEHVRQGHUV LQWHUHVVDQWH )lOOH KLQVLFKWOLFK P|JOLFKVW YLHOHU 'LPHQVLRQHQ XQG ]XPHLVW EHU HLQHQOlQJHUHQ=HLWUDXPKLQZHJ³/DPQHN LQKDOWVDQDO\WLVFKDXVJHZHUWHWEHVFKULHEHQ XQGDQDO\VLHUWZHUGHQ=LHOLVWÄHLQJDQ]KHLWOLFKHVXQGQXUGDPLWUHDOLVWLVFKHV%LOGGHUVR]LD OHQ :HOW ]X ]HLFKQHQ³ HEG 'LH $QQlKHUXQJ DQ XQVHUHQ )RUVFKXQJVJHJHQVWDQG LP :HJH

HLQHU 0XOWL&DVH$QDO\VH HUODXEW HQWVSUHFKHQG HLQH LQWHQVLYH 8QWHUVXFKXQJ GHU *HQHVH GHU '\QDPLNXQGGHV(QWZLFNOXQJVSUR]HVVHVGHV1HW]ZHUNVVRZLHGHVGDPLWYHUEXQGHQHQVRFLDO FDSLWDO GHU &9&7ULDGH 'DV ZLHGHUXP VWHOOW ZLH ]XYRU DUJXPHQWLHUW HLQH %HGLQJXQJ YRQ :LVVHQVWUDQVIHU XQG JHQHVH GDU ,QNSHQ7VDQJ
'DWHQEDVLVXQG'DWHQHUKHEXQJ

'LH IROJHQGH H[SORUDWLYH 8QWHUVXFKXQJ EHGLHQW VLFK TXDOLWDWLYHU )RUVFKXQJVPHWKRGHQ XQG EDVLHUWHQWVSUHFKHQGDXILQWHUSUHWDWLYHQ$QDO\VHQTXDOLWDWLYHU'DWHQXP]XPHLQHQGLH5HLFK KDOWLJNHLW XQG .RPSOH[LWl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lQJHYRQFD6WXQGHQ6LHZXUGHQDXIJH]HLFKQHWXQGDQVFKOLHHQGWUDQVNUL ELHUW'DUEHUKLQDXVZDUHVGHU$XWRULQDXIJUXQGYRUDQJHJDQJHQHU7lWLJNHLWLQGLHVHP)HOG P|JOLFK VHFKV 0RQDWH DOV WHLOQHKPHQGH %HREDFKWHULQ ]X DJLHUHQ GDV VR]LDOH 8PIHOG GLHVHU %UDQFKH ]X HUIDVVHQ XQG ZHLWHUH 'DWHQ ]X VDPPHOQ 6FKOLHOLFK ZXUGHQ ]XP $EJOHLFK GHU $XVVDJHQ'DWHQDXV]ZHLTXDQWLWDWLYHQVWDQGDUGLVLHUWHQ(UKHEXQJVZHOOHQYRQXQG VRZLH ZHLWHUH 'RNXPHQWH LQ )RUP HLQHU ,QKDOWVDQDO\VH PLW LQ GLH 8QWHUVXFKXQJ

HLQEH]RJHQ'DVKHLWZRLPPHUHVP|JOLFKZDUZXUGHYHUVXFKWGLH$XVVDJHQDXVGHQ,QWHU YLHZV GXUFK $UFKLYGDWHQ VRZLH 'DWHQ DXV GHQ EHLGHQ TXDQWLWDWLYHQ (UKHEXQJVZHOOHQ PLW VWDQGDUGLVLHUWHQ)UDJHE|JHQ]XYHULIL]LHUHQ (UJHEQLVVH Ä'DVJDQ]H*HVFKlIWEHUXKWOHW]WOLFKDXIVHKUYLHOHQ1HW]ZHUNHQDXILQIRUPHOOHQ.RQWDNWHQGHU%HWHL OLJWHQ³%8

8PIUHLQEHVVHUHV9HUVWlQGQLVLP$XIEDXGHV(UJHEQLVWHLOV]X VRUJHQSUlVHQWLHUHQZLULP 9RUKLQHLQ HLQV GHU ZHVHQWOLFKHQ (UJHEQLVVH XQVHUHU 8QWHUVXFKXQJ GDV ZLU VXN]HVVLYH DXV XQVHUHQ 'DWHQ GHGX]LHUW KDEHQ 'LH VR]LDOHQ 1HW]ZHUNH VRZLH GDV VRFLDO FDSLWDO GHU &9& 7ULDGHQ YHUlQGHUQ VLFK EHU GLH =HLW HUKHEOLFK 'LHV EHVWlWLJW GLH (UJHEQLVVH YRQ +LWH XQG +HVWHUO\ VRZLH YRQ 0DXUHU XQG (EHUV ,Q XQVHUHU $QDO\VH ]HLFKQHW VLFK HLQH GHXWOLFKH8QWHUWHLOXQJLQHLQH3UHXQGHLQH3RVW,QYHVWPHQW3KDVHDE+LHUXQWHUVFKHLGHQZLU XQVYRQ0DXUHUXQG(EHUV GLHIUGLHYRQLKQHQEHREDFKWHWHQ%LRWHFKQRORJLH6WDUWXSV XQDEKl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lQGQLVGDVDXIGHUNULWLVFKHQ$QDO\VHGHUYRUDQJHV WHOOWHQ/LWHUDWXUEDVLHUW

3UH,QYHVWPHQW3KDVH

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lOOHQHQWVWHKWGLHVHU.RQWDNW]XIlOOLJEHUHLQH%8GHV+DX VHVÄ:HQQZLU]XIlOOLJDXIHLQHU0HVVHRGHUVRDXIHLQLQWHUHVVDQWHV8QWHUQHKPHQVWRHQPLW

GHPZLUJHUQHZDV]XVDPPHQPDFKHQZUGHQGDQQEULQJHQZLUGLHDXFKPDOVHOEVWPLWXQVH UHQ&9&/HXWHQLQV*HVSUlFK³%8 'DV1HZ9HQWXUHYHUVSULFKWVLFKZLHEHUHLWVHLQJDQJVVHKUGHXWOLFKZXUGHYRQGLHVHP.RQ WDNW EHU GLH UHLQH )LQDQ]LHUXQJ KLQDXV HLQHQ =XJDQJ ]X VRZLH GHQ HQWVSUHFKHQGHQ 7UDQVIHU YRQGHP:LVVHQGHQ5HVVRXUFHQXQGGHQ.RQWDNWHQGHV,QGXVWULHXQWHUQHKPHQVÄ:HDSSUH FLDWHLQWKHFDVHRI;&DSLWDOWKDWWKH\KDYH;PDUNHWLQJPDFKLQHVNQRZOHGJHDQGFRQWDFWVLQ ILQDQFLQJLVVXHVDQGWKDWWKHEXVLQHVVXQLWVKDYHEDVLFDOO\WKH;WHFKQRORJ\PDFKLQH:HJHW DFFHVVWRDOOWKDW³38 'DV0XWWHUXQWHUQHKPHQQXW]WGLH&9&$NWLYLWlWHQXPVLFKNRPSOHWWQHXH1HW]ZHUNHLQQHU KDOE GHU %UDQFKH ]X HUVFKOLHHQ XQG GDPLW QHXHV :LVVHQ DQ]XHLJQHQ 'DV KHLW GLH &9& (LQKHLW HUP|JOLFKW GHP ,QGXVWULHXQWHUQHKPHQ GDV 2KU SHUPDQHQW DP 0DUNW ]X KDEHQ XP VLFKVRHLQVRJHQDQQWHVZLQGRZRQWHFKQRORJ\]XVLFKHUQÄ:LUZROOHQGHQ3XOVGHU=HLWQLFKW YHUOLHUHQXQGVHKHQ&9&DOVHLQH0|JOLFKNHLWXPGDVZLQGRZRQWHFKQRORJ\LPPHUPLW]X QHKPHQXPHLQHQ6HQVRUGUDXHQ]XKDEHQXPQHXH7HFKQRORJLHQIUKJHQXJDQGHQ.RQ ]HUQ]XELQGHQ&9&LVWGHVKDOEKLHUDOVHLQHGHU,QQRYDWLRQVVlXOHQVWUDWHJLVFKDXIJHKDQJHQ³ &9& =XPDQGHUHQYHUVSULFKWVLFKGDV0XWWHUXQWHUQHKPHQHLQHQ=XJDQJ]X,QQRYDWLRQHQ E]Z]X%DXVWHLQHQDXIGHP:HJ]X,QQRYDWLRQHQ Ä2XU LQYHVWPHQWV DUH VWUDWHJLFDOO\ PRWLYDWHG :H ORRN IRU LQQRYDWLYH ,69V >LQGHSHQGHQW VRIWZDUH YHQGRUV@ZKLFKDUHVLJQLILFDQWDQGZKLFKKDYHXQLTXHWHFKQRORJ\:KRQHHGRXUNQRZKRZRXUQHZ WHFKQRORJLHVVRWKDWZHFDQKHOSJHWWKHLUVRIWZDUHRSWLPLVHGVRWKDWWKHQZHFDQVKRZWKHZRUOGZKDW FDQEHGRQHZLWKRXUDUFKLWHFWXUH³%8

'LHIROJHQGHQ$XVIKUXQJHQ]XU3UH,QYHVWPHQW3KDVHZHUGHQJURELQHLQHVWUXNWXUHOOHXQGLQ HLQHUHODWLRQDOH'LPHQVLRQXQWHUWHLOW 6WUXNWXUHOOH'LPHQVLRQ $XVDOOHQ,QWHUYLHZVJHKWKHUYRUGDVVLQGHU3UH,QYHVWPHQW3KDVH]XQlFKVWZHQLJHUGLH7ULD GH DOV YLHOPHKU GLH EHLGHQ '\DGHQ DXV &9&%8 XQG &9&38 GDV UHOHYDQW VHW GHU $NWHXUH GDUVWHOOHQ%LVHV]XHLQHP%HWHLOLJXQJVYHUWUDJE]Z]XU7ULDGHQNRQILJXUDWLRQNRPPHQNDQQ PVVHQGLHEHLGHQDQIDQJVJHWUHQQWHQ&OXVWHULQ)RUPYRQ LQWUDRUJDQLVDWLRQDOHQ&9&%8 '\DGHQ XQG LQWHURUJDQLVDWLRQDOHQ &9&38'\DGHQ ]XQlFKVW HQWVWHKHQ XQG VWDELOLVLHUW ZHUGHQ'DEHLQLPPWGLH&9&(LQKHLWE]ZGHU&9&0DQDJHU]XQlFKVWGLH5ROOHGHVUHLQHQ %URNHUVLP6LQQHHLQHV.RQWDNWKHUVWHOOHUVZDUGHUGDVVWUXFWXUDOKROHVFKOLHWXQGGLHVH7ULD

'HQQZHQQGLHULFKWLJHQ.RQWDNWH]XPULFKWLJHQ=HLWSXQNWQLFKWGDVLQGZLUGHVVFKZLHULJ³ &9& XQG GRUW DXFK HLQH JHZLVVH :DKUQHKPXQJ XQG $QHUNHQQXQJ JHQLHHQ Ä,FK JODXEHHVKlQJWYLHOGDPLW]XVDPPHQZLHVLFKGHU,QYHVWPHQWPDQDJHULQQHUKDOEVHLQHUHLJH QHQ2UJDQLVDWLRQGXUFKVHW]HQNDQQZDVGHUIUHLQH/REE\KDWXQGZDVIU7UXSSHQHUPRELOL VLHUHQ NDQQ :HQQ GDV MHW]W MHPDQG LVW GHU QLFKW ZDKUJHQRPPHQ ZLUG DOV ZLFKWLJ XQG DOV NRPSHWHQWGDQQKDWHVDXFKGDV3RUWIROLRXQWHUQHKPHQHQWVSUHFKHQGVFKZHU³38 0DQFKH&9&0DQDJHUHU]lKOHQHQWVSUHFKHQGYRQDQIlQJOLFKHQ6FKZLHULJNHLWHQMHQVHLWVGHU %HNDQQWKHLW EHUKDXSW HLQH HQWVSUHFKHQGH $N]HSWDQ] GHV &9&3URJUDPPV LQQHUKDOE GHV +DXVHVXQGEHLGHQ]XLQYROYLHUHQGHQ%80DQDJHUQ]XJHQHULHUHQZDVGHQ(UIROJLKUHU$U EHLW HUKHEOLFK HUVFKZHUW Ä(V LVW H[WUHP ZLFKWLJ GDVV LQ GHQ .|SIHQ GHU /HXWH KLHU PDO NODU ZLUG GDVV GLHVH =XVDPPHQDUEHLW PLW MXQJHQ )LUPHQ HLQ ZLFKWLJHV 7KHPD LVW GDVV PDQ GD DXFK JHPHLQVDP (UIROJH XQG WDWVlFKOLFK ]XVlW]OLFKHQ 8PVDW] HU]LHOHQ NDQQ :HQQ ZLU GDV QLFKWVFKDIIHQN|QQHQZLUJOHLFK]XPDFKHQ³&9& 6LQGGLHVHLQWHUQHQ$QODXIVFKZLHULJNHLWHQHUVWEHUZXQGHQXQGVWHKWGLHVHLQWHUQH%H]LHKXQJ DXV &9&(LQKHLW XQG %8V VLHKH $EELOGXQJ DXVUHLFKHQG VWDELO HQWZLFNHOW VLFK EHL GHQ PHLVWHQ&9&(LQKHLWHQ]XQHKPHQGVRFLDOFDSLWDOGDVLKQHQKLOIWLKUH$XIJDEHDOV&9&EHU LQWUDRUJDQLVDWLRQDOH*UHQ]HQKLQZHJEHUKDXSWVLQQYROOZDKU]XQHKPHQ'HQQHLQH9RUDXVVHW ]XQJIUHLQHUIROJUHLFKHV&9&3URJUDPPLVWGDVVÄZLULP*UXQGHXQVHUHQHLJHQHQ.RQ]HUQ DXVGHP(IIHIINHQQHQPVVHQXP]XZLVVHQZRGLH>GLH38V@EHUKDXSWKLQSDVVHQN|QQWHQ 'DVLVWPHLQH$XIJDEH³&9& Ä+HXWH IlOOW GDV YLHO OHLFKWHU ZHLO GLH /HXWH VLFK VFKOLFKW NHQQHQ XQG GLH ZLVVHQ GDV KDW MHW]W HLQ YLHOOHLFKW]ZHLPDOIXQNWLRQLHUWXQGPDQZHLDXIZHOFKHU%DVLVPDQ]XVDPPHQDUEHLWHQNDQQ'DJLEW HVGDQQHLQ9HUWUDXHQVYHUKlOWQLVXQGPDQNDQQEHU'LQJHHLQIDFKYLHORIIHQHUUHGHQ+HXWHUXIWPDQ HLQIDFKMHPDQGDQXQGVDJWÃ+LHULFKKDEHHLQ7KHPDIU6LHRGHUIUGLFKXQGZDVKlOWVWGXGDYRQ"¶ 'DVLVWKHXWHHLQVHKURIIHQHUVHKUDQJHQHKPHU3UR]HVVDQYLHOHQ6WHOOHQ³&9&

1HEHQGHP.RQWDNW]XGHQ%8VLVWHVZLFKWLJGDVVGLH&9&0DQDJHUDXFKGLH%HGDUIVVWUXN WXUHQGHUSRWHQ]LHOOLQ)UDJHNRPPHQGHQ*HVFKlIWVHLQKHLWHQNHQQHQVRZLHGLHVHDXFKUHJHO PlLJ]XDNWXDOLVLHUHQZLVVHQXP$QIUDJHQYRQ38VHQWVSUHFKHQGVFKQHOOXQGJH]LHOWDQGLH ULFKWLJHQ%HUHLFKHZHLWHUOHLWHQ]XN|QQHQÄ:LUKDEHQJHVDJWKLHUVLQGGLHVHJPHQWVGLHXQV LQWHUHVVLHUHQXQGLI\RXFRPHDFURVVDFRPSDQ\LQWKDWVHJPHQWJHWXVLQYROYHG'DVlQGHUW VLFKDOOHSDDU0RQDWHGHVKDOEPVVHQZLUGDVLPPHUZLHGHUQHXEHVSUHFKHQ³%8 Ä6LH >GLH &9&0DQDJHU@ ZLVVHQ VWUDWHJLVFK ZROOHQ GLH >GLH %8@ YRQ $ QDFK % 8P LKUH 6WUDWHJLH XP]XVHW]HQIHKOHQGHQHQYHUVFKLHGHQH.RPSRQHQWHQGLHZLVVHQJHQDXZDVVLHVXFKHQGDVLVWZLHVR HLQH (LQNDXIVOLVWH 'DV KHLW GLH JHEHQ XQV DOVR LKUH 6KRSSLQJOLVWH XQG ZHQQ GLH &9&(LQKHLW ZDV

JHIXQGHQ KDW GDQQ VSUHFKHQ ZLU GLH %8 GDUDXI DQ ZLU KDEHQ KLHU GDV 8QWHQHKPHQ GDV VLHKW JDQ] LQWHUHVVDQWDXV8QGGDQQPVVHQZLUGLHGDKLQIKUHQ³&9&

([WHUQHV1HW]ZHUN&9&38 3DUDOOHO ]X GHU 1HW]ZHUNELOGXQJ QDFK LQQHQ PXVV GLH &9&(LQKHLW E]Z PVVHQ GLH ,QYHVW PHQWPDQDJHULKU1HW]ZHUNQDFKDXHQYLD%XVLQHVVSODQZHWWEHZHUEH0HVVHQXQG.RQJUHVVH DXVELOGHQXQGHWDEOLHUHQPLWDQGHUHQ:RUWHQÄ(VLVWQDWUOLFKZLFKWLJLPPHUGLH.RQWDNWH]X UHOHYDQWHQ 'ULWWHQ DXIUHFKW]XHUKDOWHQ XQG ]X SIOHJHQ GDPLW PDQ EHU GLH DXFK ZLHGHU 'HDOV EHNRPPW³&9& 'HQQGLHVHU'HDOIORZVWHOOWOHW]WOLFKZLHGHUXPGLH%DVLVIUMHGH$UWYRQ &9&$NWLYLWlWGDUH[WHUQHV&OXVWHUVLHKH$EELOGXQJ (LQ7HLOGHU&9&$UEHLWEHLQKDOWHW GDPLW35QDFKDXHQ]XEHWUHLEHQXPGLH&9&(LQKHLWJHJHQEHUGHQQHZYHQWXUHVXQGYRU GHP +LQWHUJUXQG GHV NRPSHWLWLYHQ :HWWEHZHUEVXPIHOGHV LQ )RUP DQGHUHU &9&V XQG NODVVL VFKHU 9&V VR EHU]HXJHQG XQG NRPSHWHQW ]X SRVLWLRQLHUHQ E]Z LKUHUVHLWV DXFK ]X ÄYHUNDX IHQ³GDVVGDV6WDUWXSVLFKIUGLHVHQ,QYHVWRUHQWVFKHLGHW Ä:LUVXFKWHQHLQHQVWUDWHJLVFKHQ,QYHVWRU8QGYRQGHQEHLGHQ$OWHUQDWLYHQZDU;GHUGHUZHVHQWOLFK DNWLYHUXQGNRPSHWHQWHULQGHQ*HVSUlFKHQUEHUNDPGHUVLFKHLQIDFKEHVVHUSUlVHQWLHUWH'LHKDEHQ XQVLQGHQ9RUJHVSUlFKHQDXFKPDOJHIRUGHUWGDVVPDQVWUDWHJLVFKJHPHLQVDPEHUOHJWKDWZRN|QQWH GHQQ GDV KLQJHKHQ ,Q GHQ DQGHUHQ *HVSUlFKHQ KDWWH LFK LPPHU GHQ (LQGUXFN YRQ DKQXQJVORVHQ ,Q YHVWPHQWPDQDJHUQGLHEHUKDXSWQLFKWVYRQXQVHUHP%XVLQHVVYHUVWDQGHQKDEHQ³38

'HU3UR]HVVGHU7ULDGHQXQG1HW]ZHUNELOGXQJ 6SlWHVWHQV QDFK GLHVHP HUVWHQ (LQEOLFN LQ GLH VWUXNWXUHOOHQ 5DKPHQEHGLQJXQJHQ GHU &9& (LQKHLWLVWGHUHQQDWUOLFKH3RVLWLRQLHUXQJDQGHULQWUDRUJDQLVDWLRQDOHQ&9&%8 XQGLQWHURU JDQLVDWLRQDOHQ&9&38 6FKQLWWVWHOOHRIIHQNXQGLJ(VZLUGGHXWOLFKGDVVHVLQGHU1DWXUGHV EHWUDFKWHWHQ)RUVFKXQJVJHJHQVWDQGHVGHU&9&7ULDGHOLHJWGDVVGLH&9&(LQKHLWHLQH%U FNHHLQHQERXQGDU\VSDQQHUEHUGLHVHEHLGHQELVGDKLQXQYHUEXQGHQHQ:HOWHQYRQ,QGXVW ULHXQWHUQHKPHQ XQG 1HZ 9HQWXUH KLQZHJ GDUVWHOOW Ä6LH EDXHQ MD GLH %UFNH ]ZLVFKHQ ]ZHL )LUPHQZRVLHPHLQHQGDVVGLHVWUDWHJLVFK,QWHUHVVHKDEHQN|QQWHQ³&9& (QWVSUHFKHQG NRQ]HQWULHUWVLFKGLH)XQNWLRQGHV&9&0DQDJHUVLQGHU3UH,QYHVWPHQW3KDVHSULPlUDXIGLH GHV %URNHUV GHV ERXQGDU\ VSDQQHU ]ZLVFKHQ LQWHUQHP XQG H[WHUQHP &OXVWHU XQG EHLQKDOWHW IROJOLFKGLH.RQWDNWYHUPLWWOXQJ]ZLVFKHQ38XQG%8Ä,FKVFKDIIHGLH.RQWDNWHGDVLVWPHLQH $XIJDEH ZHLO LFK DXFK GLH /HXWH DXI EHLGHQ 6HLWHQ NHQQH³ &9& Ä$OVR LFK VHKH PHLQH $XIJDEH GDULQ GHQ .RQ]HUQ XQG GLH 3RUWIROLRXQWHUQHKPHQ JH]LHOW ]XVDPPHQ]XEULQJHQ³ &9& 3RVLWLY EHWUDFKWHW LVW GHU &9&0DQDJHU DOVR HLQ %URNHU XQG 0HGLDWRU QHJDWLY EH WUDFKWHWLVWHUHLQÄ*DWHNHHSHU³Ä'DVLVWMDHLQH'UHLHUEH]LHKXQJ]ZLVFKHQGHQHQXQVXQGGHP

Ä,QGLHVHU3KDVHPDFKHQGLHGLHWHFKQLVFKHGXHGLOLJHQFH'LHNRPPHQPLWHLQHPVHKUWLHIHQ,QGXVWULH YHUVWlQGQLV DQ XQG KHOIHQ HLQHP GDV 8QWHUQHKPHQ ]X XQWHUVFKHLGHQ YRQ GHUHQ :HWWEHZHUEHUQ XQG DXFKGDV8QWHUQHKPHQDOVVROFKHVYRQGHU4XDOLWlWKHUEHVVHUHLQ]XVFKlW]HQ'HQQHLQ,QYHVWPHQWPD QDJHU EHNRPPW ]ZDU XQKHLPOLFK YLHO PLW XQG OHUQW MD LQ VR HLQHP 3UR]HVV VHKU YLHO YRQ GHU )LUPD VHOEHUDEHUGLH%8VWHFNWYLHOYLHOWLHIHUGULQ'LHKDEHQZLUNOLFKGLH.HQQWQLVVHGHU7LHIH³&9&

=XPDQGHUHQVROOHQGLH%8VEHLHWZDLJHP,QWHUHVVHDQGHPHQWVSUHFKHQGHQ1HZ9HQWXUHYRQ $QIDQJ DQ PLW LQ GLH 9HUWUDJVYHUKDQGOXQJHQ HLQJHEXQGHQZHUGHQVRGDVV IUK]HLWLJ IUDOOH %HWHLOLJWHQRIIHQNXQGLJZLUGZHUGLHKDQGHOQGHQ$NWHXUHVLQGXQGZHUEHUHLWXQGLQGHU/DJH LVWZHOFKHQ:HUWLQZHOFKHP8PIDQJXQG]XZHOFKHP=HLWSXQNWLQGLH7ULDGHHLQ]XEULQJHQ Ä%HYRUZLULQYHVWLHUHQYHUVXFKHQZLUDXIRSHUDWLYHU(EHQH6XSSRUW]XILQGHQMHPDQGHQGHUVDJWÃ'DV 7KHPD ILQGH LFK VSDQQHQG XQG GDV ZUGHQ ZLU EHL XQV DXFK HLQVHW]HQ¶ GDPLW ZLU ZLVVHQ ZHOFKHV 7KHPDIOLHJHQNDQQXQGZLUDXFKZLUNOLFKGLH&KDQFHKDEHQGDDP(QGHLQLUJHQGHLQHU)RUP6\QHU JLHQ]XKHEHQ%HYRUZLUDOVR]XVFKODJHQVXFKHQZLULQGHPUHOHYDQWHQ3HUVRQHQNUHLVQDFKLQWHUHVVLHU WHQ/HXWHQXQG]LHKHQGLHGDQQYRQ%HJLQQDQGD]X³&9& Ä,PPHU ZHQQ ZLU LQYHVWLHUHQ PXVV HLQ *HQHUDO 0DQDJHU YRQ GHU %XVLQHVV 8QLW KLQNRPPHQ GK 3HUVRQHQGLH5HVVRXUFHQFRPPLWWHQN|QQHQXQGGLHDXFKGDUDQJHPHVVHQZHUGHQ'DVKHLWZHQQZLU HLQ%XVLQHVV$JUHHPHQWPDFKHQ]ZLVFKHQXQVXQGGHU3RUWIROLRILUPDGDQQXQWHUVFKUHLEWHLQ*HQHUDO 0DQDJHUHLQHU%XVLQHVV8QLWGDVGHQQZLUN|QQHQMDEHUVHLQH0LWDUEHLWHU JDUQLFKWYHUIJHQDEHU GHU NDQQ GDUEHU YHUIJHQ 'DV KHLW HV ZHUGHQ QLH ,QYHVWLWLRQHQ RKQH GHQ 6XSSRUW HLQHU %XVLQHVV 8QLWJHWlWLJW³&9&

(V ZLUG RIIHQNXQGLJ GDVV GLH &9&(LQKHLW GLHVH ILQDOH =XVDJH IU NRQNUHWH /HLVWXQJHQ DXV GHU %8 OHW]WOLFK QLFKW PDFKHQ NDQQ $Q GLHVHU 6WHOOH KDW GHU %URNHU JHZLVVHUPDHQ VHLQH 0|JOLFKNHLWHQXQG.RPSHWHQ]JUHQ]HQHUUHLFKWXQGLVWDXIGLHMHZHLOLJH%8DQJHZLHVHQ Ä7KHELJJHVWFRQIOLFWVWKDWXVHGWRRFFXUZDVDOZD\V;&DSLWDOGLGQRWNQRZZKDWWKH\FDQSURPLVH6R WKHELJJHVWGLIILFXOW\LVWKDW&9&GRHVQRWKDYHDVD\RQWKLVIURQWRIZKDWJHWVRIIHUHGRWKHUWKDQWKH GROODUV7KH\DUHQRWLQWKHSRVLWLRQWRJRDQGSURPLVHZHZLOOJLYH\RXDGHYHORSPHQWV\VWHP RUZHZLOOEULQJ\RXLQWRRXUVROXWLRQFHQWUHWKDWFRVWVDZHHN7KH\GRQRWKDYHWKDWDXWKRU LW\$QGWKDWLVZKDWWKHELJJHVWFKDOOHQJHLV7KH\KDYHWRFKHFNZLWKXVDWDQ\WLPHEHFDXVHZHGRQ¶W KDYHXQOLPLWHGUHVRXUFHV³%8

8PGLHVH$EKlQJLJNHLWGHV&9&VYRQGHQ%8VVRZLHGDV3UREOHPGHU8QVLFKHUKHLWIUGDV 38DXIHLQJHULQJHV0D]XUHGX]LHUHQXQG9HUWUDXHQLP9RUIHOGDXI]XEDXHQYHUSIOLFKWHQGLH PHLVWHQ &9&V GLH HQWVSUHFKHQGHQ %8V LQ GHQ NRQNUHWHQ 9HUWUDJVYHUKDQGOXQJHQ VFKULIWOLFK YRUDEEHVWLPPWH/HLVWXQJHQDQGDV38]X]XVDJHQ'LHVH=XVDJHQVLQGGDQQVSlWHUQLFKWQXU HLQNODJEDUVRQGHUQLQ7HLOHQVRJDUDQJHZLVVH6DQNWLRQHQLQGHQ%8VJHNRSSHOW Ä(LQHQWVFKHLGHQGHU3XQNWLVWGDVVPDQLQGHQ%HWHLOLJXQJVYHUWUlJHQIHVWKlOWZLHGLH8QWHUVWW]XQJ ZLH GLHVHV 6PDUW0RQH\ JHQDX DXVVLHKW 6R *RRGZLOO.ODXVHOQ GLH QDFKKHU QLFKW HUIOOW ZHUGHQ N|QQHQJDQ]VFKQHOOQDFKKLQWHQDEJHKHQXQGHLQHQJURHQ)UXVWEHLGHQ3RUWIROLRXQWHUQHKPHQKHUYRU UXIHQ'HVZHJHQJHKHQZLUZHQQZLUGLH9HUWUlJHPDFKHQVHKULQV'HWDLOJHUDGHZDVGLHQLFKWPRQH WlUHQ/HLVWXQJHQDQJHKW:LUKDEHQGDQQJOHLFKHLQH9HUSIOLFKWXQJDXI.RQ]HUQVHLWHGLHVH/HLVWXQJ]X HUEULQJHQ $OOHV DQGHUH PLW *RRGZLOO.ODXVHOQ LVW QHWW DEHU ZHQQ GDV QLFKW IXQNWLRQLHUW KDEH LFK DXFKKDXVLQWHUQNHLQH+DQGKDEH'LHVH+DNHQNODXVHOLVWIUXQVHLQH$EVLFKHUXQJ³&9&

Ä,P,QQHQYHUKlOWQLVPDFKW;>GDV,QGXVWULHXQWHUQHKPHQ@HLQHQ%RQXVYHUWUDJPLWGHQ0LWDUEHLWHUQ(LQ 7HLOYRQGHUHQ.RPSHQVDWLRQOlXIWEHUHLQH%RQXVNODXVHO%HLGHQ0LWDUEHLWHUQGLHGD=XJHVWlQGQLV VHPDFKHQYRU2UWZDV]XOLHIHUQZLUGGDVPLWLQGHQ%RQXVYHUWUDJDXIJHQRPPHQ6DJHQZLUPDOHLQ =LHOJHKDOWYRQXQGLVW%RQXVGDQQKDWGHUIUGLHIQI6DFKHQGLHHULQGHP-DKUPD FKHQZLOOXQGHLQHGDYRQLVWGDV38]XEHWUHXHQXQGGDV]XOLHIHUQZDVHUYHUVSURFKHQKDW$P(QGH GHV-DKUHVZLUGGDQQJHFKHFNWREGHUGDVJHPDFKWKDW³&9&

,QGHP GLH &9&(LQKHLW DOV ERXQGDU\ VSDQQHU DOVR GLH 7ULDGH VR IUK ZLH P|JOLFK ]XVDP PHQEULQJWXQGNRQNUHWH/HLVWXQJHQGHU%8VEHUHLWVLQHLQHP9HUWUDJVHQWZXUILQWHJULHUWN|Q QHQ GLH %HWHLOLJWHQ QRFK YRU 9HUWUDJVDEVFKOXVV QLFKW QXU HLQ *HIKO IU GHQ HQWVSUHFKHQGHQ 0HKUZHUWVRQGHUQLQVEHVRQGHUHDXFKIUGLH0HQVFKHQHUKDOWHQPLWGHQHQVLHP|JOLFKHUZHL VH EHU -DKUH ]XVDPPHQDUEHLWHQ ZHUGHQ 'LHV VFKHLQW RIW GHU VFKZLHULJVWH 3DUW GHQQ ÄZLU UHGHQKLHUYRQ0HQVFKHQGLHVLFKP|JHQRGHUQLFKWP|JHQGDVLVWEHUDOOGDVVHOEH(QWVSUH FKHQGNODSSWGDV9HUPLWWHOQOHLGHUQLFKWEHUDOO³&9& Ä'LH3UREOHPHHQWVWHKHQLPPHUDQ GHQ 6FKQLWWVWHOOHQ ]X GHQ 0HQVFKHQ³ %8 Ä:DV LFK DQ GHU 'UHLHFNVEH]LHKXQJ LPPHU DOV VFKZLHULJHUDFKWHLVW>«@GLHVH:LQZLQ6LWXDWLRQKLQ]XNULHJHQGDVVEHLGHVDJHQMDJXWGDV PDFKW6LQQ'DVLVWDP$QIDQJVFKRQHLQH+HUDXVIRUGHUXQJ³&9& 8PGHQ&9&(LQKHLWHQLKUH%URNHU)XQNWLRQXQGGDPLWGHQ3UR]HVVGHU7ULDGHQXQG1HW] ZHUNELOGXQJ]XHUOHLFKWHUQZHUGHQLQPDQFKHQ,QGXVWULHXQWHUQHKPHQHQWVSUHFKHQGH3UR]HVVH XQGRGHU6WUXNWXUHQDXIJHVHW]W6RHUKDOWHQ%8XQG&9&0DQDJHUKlXILJPDWHULHOOH$QUHL]H Ä0HLQ -DKUHVHQGERQXV ZLUG LQ VLJQLILNDQWHP 0DH GDUDQ EHPHVVHQ ZLH YLHOH QHXH ,GHHQ 6HUYLFHV 7HFKQRORJLHQ LFK KLHU IU GLHVH %HUHLFKH QLFKW QXU ILQGH VRQGHUQ DXFK ZLUNOLFK LQWHJULHUWKDEH,QWHJUDWLRQEHGHXWHWLQGLHVHP)DOO9HUWUDJ$OVRDNWLYHV+DQGOLQJ³&9& Ä'HUMHZHLOLJH$FFRXQW0DQDJHULQGHU%XVLQHVV8QLWGHUGLH$XIJDEHHUKDOWHQKDWVLFKXPHLQEH VWLPPWHV 3RUWIROLRXQWHUQHKPHQ ]X NPPHUQ ZLUG DXI 8PVDW] XQG0DUNWDQWHLO EH]DKOW GK GHU KDW HLQ7DUJHWGDVVHUPLW)LUPD;<=HLQHQJHZLVVHQ8PVDW]RGHUHLQHJHZLVVH3HQHWUDWLRQYRP0DUNW KHU HUUHLFKHQ PXVV XQG GDV LVW VHLQ %RQXV GK DOVR HLQ 7HLO VHLQHU SHUV|QOLFKHQ .RPSHQVDWLRQ LVW HUIROJVDEKlQJLJGLHVH)LUPDHUIROJUHLFK]XPDFKHQ:HQQHUGDVQLFKWVFKDIIWKDWHUKDOWHLQHQJHZLV VHQ$QWHLOYRQVHLQHP*HKDOWYHUVSLHOW'DIULVWHUVHOEVWYHUDQWZRUWOLFK³&9&

'LH &9&(LQKHLWHQ GLH KLHUDUFKLVFK DXI 9RUVWDQGVHEHQH RGHU YHUJOHLFKEDU DXIJHKlQJW VLQG HUIDKUHQWHLOZHLVHGXUFKGLUHNWHQRGHUDXFKLQGLUHNWHQ6XSSRUWDXVGHP7RS0DQDJHPHQWHLQH ZHLWHUH)RUPGHU8QWHUVWW]XQJLQLKUHQEURNHULQJ$NWLYLWlWHQ'HQQDXVGHQ,QWHUYLHZVZLUG GHXWOLFKGDVVHVHLQHQJURHQ8QWHUVFKLHGPDFKWREEHLVSLHOVZHLVHGHU9RUVWDQGVYRUVLW]HQGH VHOEVWGDV&9&3URJUDPP]XVHLQHU6DFKHHUNOlUWRGHUREGLHVH(LQKHLWÄEHLHLQHP&RQWUROOHU LUJHQGZRLP)LQDQ]EHUHLFKGDXQWHQ³DXIJHKlQJWLVW:LUG&9&]XU9RUVWDQGVVDFKHHUNOlUW VWHLJWLQGHU5HJHOGLH%HUHLWVFKDIWGHU%8/HLWHUGHQ$QIUDJHQGHU&9&0DQDJHU]XU.RRSH UDWLRQ XQG 8QWHUVWW]XQJ 5HFKQXQJ ]X WUDJHQ 'LHV JLOW LQVEHVRQGHUH GDQQ ÄZHQQ VLFK GHU

9RUVWDQGVYRUVLW]HQGHGDQQDXFKVFKRQPDOVHOEVWUHLQKlQJW³%8 Ä'DVLVWJODXEHLFKHLQV GHU(UIROJVNULWHULHQ(VPXVVLP9RUVWDQGDXIJHKDQJHQVHLQ³&9& 5HODWLRQDOH'LPHQVLRQ 1DFKGHPGHUVWUXNWXUHOOH$XIEDXXQGGLH(WDEOLHUXQJGHU7ULDGHLQGHU3UH,QYHVWPHQW3KDVH VNL]]LHUW ZXUGHQ ZHUGHQ QXQ VWlUNHU GLH UHODWLRQDOHQ $VSHNWH GHU EHLGHQ &OXVWHU &9&%8 XQG&9&38 VRZLHGHU7ULDGHLQGHQ%OLFNJHQRPPHQ ,QWUDRUJDQLVDWLRQDOHV1HW]ZHUN +DEHQVLFKGLHUHOHYDQWHQ3DUWHLHQLQWHUQDOVR&9&XQG%8 JHIXQGHQXQGHLQH9HUELQGXQJ HWDEOLHUW VWHOOW VLFK GLH )UDJH DXI ZHOFKHU %DVLV XQG LQ ZHOFKHU )RUP VLH LQWHUQ LQWHUDJLHUHQ XQG VLFK ZHFKVHOVHLWLJ XQWHUVWW]HQ 'DEHL ZLUG VFKQHOO GHXWOLFK GDVV GLH =XVDPPHQDUEHLW RUJDQLVDWLRQVLQWHUQJDQ]ZHVHQWOLFKDXIHLQHUZHFKVHOVHLWLJHQ,QWHUHVVHQODJHXQG+LOIHVWHOOXQJ EHUXKWGLH]XP7HLODXFKDOV$EKlQJLJNHLW]ZLVFKHQ&9&(LQKHLWHLQHUVHLWVXQG%8VDQGHUHU VHLWVZDKUJHQRPPHQZLUG Ä'LH %XVLQHVV 8QLWV EULQJHQ VLFK QXU HLQ ZHQQ GLH HLQH HLJHQH 0RWLYDWLRQ KDEHQ ZHQQ VLH VHOEHU GDUDXIJHPHVVHQZHUGHQ8QGZHQQGLHDXIUHYHQXHRGHU6WFN]DKOHQEHZHUWHWZHUGHQXQGGLHGDHLQH )LUPDVHKHQGLHHLQHQ0XOWLSOL]LHUHUGDUVWHOOWGDQQVLQGGLHVHKUKRFKPRWLYLHUW'DQQVHKHQGLHHLQ IDFK GDV *HOG LQ LKUHU 7DVFKH XQG IHUWLJ ± DXV 'LH ,QYHVWPHQWV YRQ XQV LQWHUHVVLHUHQ GLH LP *UXQGH QLFKWGDVLVWQLFKWGHUHQ*HOGGDVLVWGHQHQWRWDOHJDO³&9&

'LHVHZHFKVHOVHLWLJH$EKlQJLJNHLWPDFKWVFKULIWOLFKH9HUWUlJHLQWHUQ]ZLVFKHQ&9&XQG%8 ]XPHLVWEHUIOVVLJGDGHXWOLFKZLUGGDVVDOOH%HWHLOLJWHQHLQHQ1XW]HQDXVGHU.RRSHUDWLRQ ]LHKHQXQGHLJHQH,QWHUHVVHQYHUIROJHQN|QQHQ(VKDQGHOWVLFKDOVRZHQLJHUXP*HIlOOLJNHL WHQDOVXPLQGLYLGXHOOH1XW]HQPD[LPLHUXQJÄ$JDLQ;&DSLWDOWRPHLVDWRROVRLQWKDWVHQVH LWLVQRWWKDW,DPKHOSLQJWKHP7KH\DUHKHOSLQJPHDFKLHYHP\JRDOVWRJHWP\IRRWLQWKH GRRUVRZHZDQWWRZRUNZLWKWKHP³%8 Ä8QVHUH 0RWLYDWLRQ DOV VWUDWHJLVFKH *HVFKlIWVHLQKHLW IU HLQH =XVDPPHQDUEHLW LVW QLFKW SHNXQLlU (V JHKWQLFKWXP*HOG$OVRLQGLUHNWVFKRQDEHUQLFKWGLUHNWZHLOHVMDNHLQH9HUHLQEDUXQJHQJLEW:LU ]DKOHQGHQHQQLFKWVXQGGLH]DKOHQXQVQLFKWV(VH[LVWLHUWLQWHUQQLFKWV'DVLVWDOOHLQHGHU9RUWHLODXI EHLGHQ6HLWHQ³%8

'LH =XVDPPHQDUEHLW EHUXKW VRPLW DXI GHP Ä%HVWUHEHQ ]XU ODQJIULVWLJHQ 3DUWQHUVFKDIW DXI %HLGVHLWLJNHLW³ %8 DXI HLQHU :HFKVHOVHLWLJNHLW GLH GDV *OHLFKJHZLFKW GHV *HEHQV XQG 1HKPHQV DXIUHFKWHUKlOW Ä$V ORQJ DV WKDW VWD\V EDODQFHG ZKHUH LW LV QRW MXVW RQH KHOSLQJ WKH RWKHUEXWLWLVERWKKHOSLQJHDFKRWKHULWLVRN,IZHDUHMXVWFRQVWDQWO\KHOSLQJWKHPEXWZH DUHKHOSLQJWKHPZLWKGHDOVWKDWZHGRQ¶WFDUHDERXWLWLVQRWJRLQJWRJR³%8

Ä'LH 9HUELQGXQJ EHUXKW GHU]HLW DXI UHLQ LQIRUPHOOHU %DVLV (V JLEW NHLQH 9HUSIOLFKWXQJ YRQ NHLQHU 6HLWHGLH9RUWHLOHYRQEHLGHQ6HLWHQVLQGDEHUVRLPPHQVGDVVHVPHLQHV(UDFKWHQVJDUNHLQHQ$QODVV GD]XJLEWGDV*DQ]HDXIHLQHVFKULIWOLFKH%DVLV]XVWHOOHQGHQQHLQHQPHQVFKOLFKHQ.RQWDNWNDQQPDQ VRZLHVRQLFKWEHIHKOHQDXFKQLFKWSHU9HUWUDJ³%8

6RODQJHGLHVH:HFKVHOVHLWLJNHLWYRQEHLGHQ6HLWHQXQKLQWHUIUDJWDXIUHFKWHUKDOWHQZLUGVFKHL QHQVFKULIWOLFKH9HUWUlJHRGHULQWHUQH9HUUHFKQXQJHQDOVRHKHUNRQWUDSURGXNWLY Ä$OVR GLH /HLVWXQJHQ ZHUGHQ QLFKW XQWHUQHKPHQVLQWHUQ DEJHUHFKQHW (V JLEW NHLQH .RQ]HUQYHUUHFK QXQJVSUHLVHRGHUVRZDVVRQGHUQGDVEDVLHUWDOOHVDXI1HW]ZHUNHQ(VZlUHDXFKQLFKWYRQ9RUWHLOGHU $QUHL]ZlUHQLFKWJU|HUZHQQHLQHJDQ]NODUHXQWHUQHKPHQVLQWHUQH$EUHFKQXQJVWDWWILQGHQZUGH,P *HJHQWHLOGDVKDOWHLFKHLQGHXWLJIUNRQWUDSURGXNWLYXQG]ZDUGHVKDOEZHLOGDQQEHUHFKWLJWHUZHLVH HLQ$QVSUXFKVGHQNHQHQWVWHKHQZUGHGDVQLFKWDXIJHJHQVHLWLJH8QWHUVWW]XQJDXV]LHOWVRQGHUQDXI :LHYLHOH6WXQGHQNDQQLFKGDIUDQUHFKQHQ6LHN|QQHQVLFKPLWHLQHP7KHPD]HKQ6WXQGHQEHVFKlI WLJHQRGHUHLQHKDOEHXQGLFKKlWWHGDQQNHLQ,QWHUHVVHPHKUGDUDQGLHVH$QIUDJHQP|JOLFKVWDUEHLWV PlLJ NXU] DE]XDUEHLWHQ VRQGHUQ QXU ,QWHUHVVH GDUDQ P|JOLFKVW ODQJH GDUDQ ]X VLW]HQ XP 3URILW LQ PHLQHQ %HUHLFK ]X KROHQ 'K ZLU ZUGHQ ZDKUVFKHLQOLFK OlQJHU GDEHL VHLQ XQV EHU LUJHQGZHOFKH 6WXQGHQVlW]H XQG 6WXQGHQDEUHFKQXQJHQ ]X VWUHLWHQ DQVWDWW SURGXNWLY ]X DUEHLWHQ 1RFKPDO ZLU VLQG EHLGHQLFKWDXIHLQDQGHUDQJHZLHVHQDEHUEHLGHSURILWLHUHQPDVVLYYRQHLQDQGHU³%8

-HQVHLWVGHU)UDJHYRQLQWHUQHQ9HUWUlJHQEHVWlWLJHQXQVHUHH[SORUDWLYHQ'DWHQYRUDQJHJDQJH QH )RUVFKXQJ GDVV :LVVHQVWUDQVIHU DXFK LQWUDRUJDQLVDWLRQDO QXU HUIROJHQ NDQQ ZHQQ HLQ 0LQGHVWPDDQ9HUWUDXHQ]ZLVFKHQGHQ%HWHLOLJWHQYRUKDQGHQLVW'LHVHV9HUWUDXHQHQWZLFNHOW VLFKLQZLHGHUKROWHQ.RPPXQLNDWLRQV,QWHUDNWLRQVXQGRGHU7DXVFKDNWHQEHUGLH=HLWXQG NDQQGXUFKJHWHLOWH1RUPHQXQG:HUWHVRZLHHLQ0LQGHVWPDDQNRJQLWLYHU$QVFKOXVVIlKLJ NHLWDEVRUSWLYHFDSDFLW\&RKHQ/HYLQWKDO RGHUDXFKUHFHSWLYLW\/DUVVHQHWDO YHUVWlUNWE]ZHUOHLFKWHUWZHUGHQVLHKHGD]XDXFK.DSLWHO 6REHULFKWHQGLH&9&0DQDJHU LQ GHQ PHLVWHQ )lOOHQ YRQ HLQHU JXWHQ .RPPXQLNDWLRQ XQG ,QWHUDNWLRQ PLW GHQ %8V Ä:LU WUHIIHQ XQV UHJHOPlLJ XP GLH %HGDUIVVWUXNWXUHQ DE]XJOHLFKHQRIIHQH )UDJHQ RGHU $QOLHJHQ ]XNOlUHQ'DVLVWHLQJDQ]RIIHQHVXQGDQJHQHKPHV9HUKlOWQLVQDWUOLFKDXFKZHLOLFKYLHOH YRQIUKHUNHQQH³&9& ,QWHURUJDQLVDWLRQDOHV1HW]ZHUN]X38V 8PPLWGHQMHZHLOLJHQ38VGHUHQ.XOWXUVLFKLQGHU5HJHOGHXWOLFKYRQGHUGHV,QGXVWULHXQ WHUQHKPHQV XQWHUVFKHLGHW VLQQYROO LQV *HVSUlFK NRPPHQ ]X N|QQHQ XQG IXQNWLRQLHUHQGH EHODVWEDUHVWURQJWLHV0+DQVHQ DXIEDXHQ]XN|QQHQEHGDUIHVDXFKKLHUZLHGHUHLQHU HQWVSUHFKHQGHQ$QVFKOXVVIlKLJNHLW'LHVH$QVFKOXVVIlKLJNHLWVFKHLQWVLFKDXI]ZHL(EHQHQ]X EH]LHKHQ HLQH IDFKOLFK LQKDOWOLFKH NRJQLWLYH XQG HLQH SHUV|QOLFKH HPRWLRQDOH (EHQH 'LH UHLQIDFKOLFKHSURIHVVLRQVEH]RJHQH(EHQHLVWHLQHGLHODXW$XVVDJHQGHU38VVWLPPHQPXVV GK GLH ,QYHVWPHQWPDQDJHU PVVHQ HLQ 0LQGHVWPD DQ IDFKOLFKHP :LVVHQ JHWHLOWHV %DVLV ZLVVHQYJO3/DQH/XEDWNLQ/XEDWNLQHWDO PLWEULQJHQGDPLWVLHHLQHSRWHQ]LHOO

VLQQYROOHXQG0HKUZHUWVWLIWHQGH9HUELQGXQJ]ZLVFKHQ0XWWHUXQWHUQHKPHQXQG38EHUKDXSW HUNHQQHQXQGKHUVWHOOHQN|QQHQÄ)DFKH[SHUWLVHLVWVFKRQZLFKWLJ+HUU6LVWYRP)DFKHULVW %LRFKHPLNHUXQGKDW3KDUPDHUIDKUXQJHUZDUEHL;;;HUZDUEHL<<<HUKDWGRUW.RRSHUD WLRQHQXQG/L]HQ]HQJHPDFKW$OVRHUYHUVWHKWZDVZLUPDFKHQ'DVLVWJODXEHLFKHLQHJDQ] ZLFKWLJH9RUDXVVHW]XQJGLHHUIOOWVHLQVROOWH³38 'LHVH $XIQDKPH E]Z $QVFKOXVVIlKLJNHLW XQG GDV ZHFKVHOVHLWLJH 9HUVWlQGQLV IUHLQDQGHU KDEHQ DXFK YLHO PLW GHU )UDJH ]X WXQ ZLH QDK &9&(LQKHLW XQG EHJXWDFKWHWHV 38 LQKDOWOLFK ]XHLQDQGHUVWHKHQDOVRLQZLHZHLWHLQVWUDWHJLFILW]ZLVFKHQGHQEHLGHQH[LVWLHUW Ä+LHUZHUGHQ QXUVWUDWHJLVFKH,QYHVWPHQWVHLQJHJDQJHQPDQVSULFKWJODXEHLFKJHUQHYRPVWUDWHJLVFKHQILW GLH)LUPDPXVVHWZDVWXQZRPLWZLUHWZDVDQIDQJHQN|QQHQ'DVKDWGHQ9RUWHLOGDVVZLULQ GHU5HJHOYHUVWHKHQZDVGLH/HXWHGRUWWUHLEHQXQGZLHGLH,QQRYDWLRQIXQNWLRQLHUW³%8 Ä$OVRLFKGHQNHHVLVWDXIMHGHQ)DOOZLFKWLJDXIGHULQKDOWOLFKHQ(EHQHJHPHLQVDPH9RUVWHOOXQJHQ]X KDEHQ (V HQWVWHKHQ VRQVW HLQIDFK ]X YLHOH 5HLEXQJVYHUOXVWH 0DQ PXVV VLFK EHU EHVWLPPWH *UXQG SULQ]LSHQ P|JOLFKVW HLQLJ VHLQ VRQVW IlQJW PDQ LPPHU ZLHGHU EHL $ XQG % DQ ]X GLVNXWLHUHQ XQG NRPPWQLFKWZLUNOLFKYRUDQLQGHULQKDOWOLFKHQ(QWZLFNOXQJ³38

,VWGLHVH9RUDXVVHW]XQJGHUIDFKOLFKHQ$QVFKOXVVIlKLJNHLWGHV&9&0DQDJHUVQLFKWJHJHEHQ EHVWHKW GLH *HIDKU GDVV GDV HLQJDQJV EHVFKULHEHQH DXI 1RQDNDV :LVVHQVVSLUDOH EDVLHUHQGH XQG YRQ +DUJDGRQ DOV HVVHQ]LHOO DQJHVSURFKHQH 'HQNHQ LQ $QDORJLHQ XQG 0HWDSKHUQ QLFKW ]XVWDQGHNRPPHQ NDQQ /DXW +DUJDGRQ LVW MHGRFK HEHQ GLHVHV DQDORJH 'HQNHQ HLQ .HUQEHVWDQGWHLO GHV EURNHULQJ3UR]HVVHV GD QXU GDGXUFK GLH 6WXIH YLHU VHLQHV 0RGHOOV /LQ NLQJ HUIROJUHLFK EHZlOWLJW ZHUGHQ NDQQ:HQQ DQDORJLFDO UHDVRQLQJ EHGHXWHW HLQH DNWXHOOH 6LWXDWLRQLP6LQQHDOWHU3UREOHPHQHX]XÄUDKPHQ³XPHLQÄVHWRISDVWVROXWLRQVWKDWFDQEH DGDSWHGWRILWWKHQHZVLWXDWLRQ³HEG6 ]XLGHQWLIL]LHUHQEHGDUIGLHVLPPHUHLQHV0LQ GHVWPDHVDQIDFKOLFKHP9HUVWlQGQLVIUGLHQHXHQ3UREOHPHXQGGLHYRQGHQ38VGDIUYRU JHVFKODJHQHQ,QQRYDWLRQHQÄ'DV3UREOHPLVWGDVVGLH>&9&0DQDJHU@GRFKRIWGLHHLJHQWOL FKH ,QQRYDWLRQ JDU QLFKW YHUVWHKHQ GD VLH YRQ GHP %XVLQHVV NHLQH WLHIH $KQXQJ KDEHQ 'LH ODXIHQPLWVR+DOEZLVVHQUXPGDVRIWQRFKVFKOLPPHULVWZHLOVLHGHQNHQVLHN|QQWHQPLWUH GHQ³38 :LFKWLJ]XHUZlKQHQLVWGDVVLP*HJHQVDW]GD]X]ZLVFKHQ%8VXQG38VDXIGHU UHLQIDFKOLFKHQ(EHQHGDV9HUVWlQGQLVLQGHU5HJHODOVXQSUREOHPDWLVFKEHVFKULHEHQZLUG'LHV YHUZXQGHUWQLFKWGDKLHU0HQVFKHQDXVGHQJOHLFKHQRFFXSDWLRQDOFRPPXQLWLHV6FKHLQ PLWHLQHPYHUJOHLFKEDUHQWHFKQLVFKHQXQGIDFKOLFKHQ9HUVWlQGQLVDXIHLQDQGHUVWRHQ Ä'LHIDQGHQGDVXQKHLPOLFKSRVLWLYZHLOZLUKDOWPLWJURHP)DFKZLVVHQGRUWUHLQJHNRPPHQVLQG:LU NRQQWHQ XQV GLUHNW EHU GLH 7HFKQRORJLHQ XQWHUKDOWHQ GHQ $EVDW]PDUNW GLH NRPSOHPHQWlUHQ ,QGXVW ULHSDUWQHUGLHGDZDKUVFKHLQOLFKDXIGHP0DUNWVLQGZDVVLQGGLH:HWWEHZHUEVYRUWHLOHZHQVHKHQGLH

DOV.RQNXUUHQWHQGLHKDEHQGDVXQKHLPOLFKJHVFKlW]WGDVVPDQ*HVSUlFKHVRIKUHQNDQQ8QGGDZDU GDQQDXFKDXIGHUSHUV|QOLFKHQ(EHQHUHODWLYVFKQHOOHLQJXWHV9HUWUDXHQ³%8 Ä'LH$QELQGXQJDQXQVHUH*HVFKlIWVHLQKHLWHQNRPPWVHKUJXWDQEHLGHQ8QWHUQHKPHQGHQQZHQQGLH QHZ YHQWXUHV GDQQ LQ HLQHP .RQ]HUQ YHUJOHLFKEDUH *HVFKlIWVEHUHLFKH YRUILQGHQ GLH LKUH %XVLQHVV PHFKDQLFVSUREOHPORVYHUVWHKHQKDWDXFKGHU&9&JOHLFKHLQHDQGHUH*HVSUlFKVVLWXDWLRQ³%8

'LH HPRWLRQDOH $QVFKOXVVIlKLJNHLW VFKHLQW LP H[WHUQHQ 9HUKlOWQLV YRQ &9& XQG 38 HLQH JURH%HGHXWXQJ]XKDEHQXQGZLUGDXFK±VRIHUQHLQH:DKORSWLRQEHVWHKW±DOV$XVZDKONULWH ULXPIUGHQMHZHLOLJHQ,QYHVWRUGXUFKDXVKHUDQJH]RJHQ=XP=HLWSXQNWGHV&9&,QYHVWPHQWV EHILQGHQ VLFK GLH -XQJXQWHUQHKPHQ DQ HLQHP VHKU IUKHQ =HLWSXQNW LKUHU /HEHQVSKDVH 'LHV EHGHXWHW GDVV GLH 38V ]XPHLVW HUVW DP $QIDQJ LKUHU 6WUDWHJLHHQWZLFNOXQJ XQG LKUHV HLJHQHQ 1HW]ZHUNDXIEDXVVWHKHQ'DPLWEHHLQIOXVVWGLH(QWVFKHLGXQJIUHLQHQEHVWLPPWHQ3DUWQHUGLH ZHLWHUHQ *HVFKLFNH GHV -XQJXQWHUQHKPHQV XQJOHLFK VWlUNHU DOV GLHV IU GHQ ,QYHVWRU ]XWULIIW 'LH*UQGHUZLVVHQWUHIIHQVLHGLHVH(QWVFKHLGXQJVWUDWHJLVFKIDOVFKGKEHZHJHQVLHVLFKLQ HLQ 1HW]ZHUN GDV HQWZHGHU IU VLH QLFKW DXVUHLFKHQG VRFLDO FDSLWDO EHUHLW KlOW RGHU DEHU GDV LKQHQ GLHVHV VRFLDO FDSLWDO XQG GDPLW DXFK GDV HQWVSUHFKHQGH :LVVHQ OHW]WOLFK DXIJUXQG SHU V|QOLFKHUPLVPDWFKHVRGHUPDQJHOQGHQ9HUWUDXHQVQLFKW]XJlQJOLFKPDFKWNDQQXQGZLUGGHU :LVVHQVXQG5HVVRXUFHQWUDQVIHUQLFKWVWDWWILQGHQZDVGDV$XVIULKU8QWHUQHKPHQEHGHXWHQ NDQQÄ'LH&KHPLHNDQQHQWZHGHUHLQ.LOOHUNULWHULXPVHLQRGHUKDOWDXFKYLHO3RVLWLYHVEHZLU NHQ%HLXQVKDWVLHHUVWYLHO3RVLWLYHVEHZLUNWXQGXQVVSlWHUGDQQQDFKGHP9RUVWDQGVZHFK VHOWDWVlFKOLFKJHNLOOW$OVRH[WUHPUHOHYDQW³38 (QWVSUHFKHQGEHULFKWHQGLH38VGDVVGLH %H]LHKXQJVHEHQH HLQH ZLFKWLJH *U|H LQ GHU (QWVFKHLGXQJVILQGXQJ IU RGHU JHJHQ HLQHQ ,Q YHVWRUGDUVWHOOWÄ)UXQVZDUZLFKWLJGDVVPDQHLQJHPHLQVDPHV9HUVWlQGQLVDXIEDXHQNDQQ >«@:LUKDEHQLQGHQ(LQ]HOJHVSUlFKHQPLWSRWHQ]LHOOHQ,QYHVWRUHQLPPHUJHVDJWLVWGDVHLQH 6LWXDWLRQGLHLFKPLUIUGLH=XNXQIWYRUVWHOOHQNDQQMDRGHUQHLQ'DVZDUHLQHVGHU+DXSWNUL WHULHQ³38 'DVÄIDOVFKH³1HW]ZHUNZLUGIROJOLFKIUGDV38LQGRSSHOWHU:HLVH]XHLQHP 3UREOHPL HVHUVFKZHUWRGHUYHUKLQGHUWQLFKWQXUGHQ/HUQSUR]HVVVRQGHUQLL HVKLQGHUWGDV 38 DXFK JUXQGVlW]OLFK GDUDQ NXU]IULVWLJ HLQH QHXH 3DUWQHUVFKDIW PLW HLQHP DQGHUHQ P|JOL FKHUZHLVHSDVVHQGHUHQ&9&HLQ]XJHKHQ 'DUEHU KLQDXV NOLQJW EHL GHQ *HVSUlFKVSDUWQHUQ HLQH (EHQH GHVNRJQLWLYHQ 6LFK9HUVWHKHQV DQGLHKLHUQXUDQJHULVVHQXQGDXIGLHLQ.DSLWHOGDQQDXVIKUOLFKHLQJHJDQJHQZLUGÄ:LFK WLJLVWREPDQVHOEHUPLWGHQHQLUJHQGZLHHLQH(EHQHILQGHW]XZLVVHQZLUYHUVWHKHQXQV-D ZHQQLFKZDVVDJHZHLLFKGDVNDQQLUJHQGZLHDQNRPPHQGHUYHUVWHKWZLHLFKWLFNHRGHU LFKYHUVWHKHZLHGHUWLFNW'DVLVWHLQ5LHVHQWKHPD³&9&

Ä,FK JODXEH HV LVW ZLFKWLJ GDVV PDQ HLQH JOHLFKH 6SUDFKH VSULFKW GDVV PDQ VLFK JHJHQVHLWLJ OHLFKW YHUVWHKW LP 6LQQH YRQ ,FK YHUVWHKH ZRYRQGHU DQGHUH UHGHW 0DQ PXVV VLFK QLFKW XQEHGLQJW P|JHQ DEHU PDQ VROOWH GDV *HIKO KDEHQ GDVV PDQ EHU GLH JOHLFKHQ 'LQJH VSULFKW ZHLO HV VRQVW HLQIDFK PKVDPZLUG³38

8QWHUVFKHLGHQVLFKGLH/HEHQVZHOWHQ:LVVHQVEDVHQXQG9HUVWlQGQLVHEHQHQYRQ&9&XQG38 VWDUNYRQHLQDQGHUNDQQGLHVQLFKWQXUGLHXQPLWWHOEDUH.RPPXQLNDWLRQVRQGHUQZLHGHXWOLFK ZXUGHDXFKGHQ$XIEDXYRQ9HUWUDXHQHUVFKZHUHQZHOFKHVDOV%DVLVYRQEHODVWEDUHQ9HUELQ GXQJHQLQQHUKDOEHLQHV1HW]ZHUNVDQJHVHKHQZHUGHQNDQQ0+DQVHQ Ä)U GLH 3HUVRQHQ ZDU HV QDWUOLFK XQKHLPOLFK VFKZHU GLH VLQG DXV HLQHP XQLYHUVLWlUHQ 3VHXGR %HDPWHQYHUKlOWQLVLQHLQ6WDUWXS(QYLURQPHQWJHJDQJHQZRPDQOHW]WHQGOLFKPLWDQGHUHQ0DVWlEHQ JHPHVVHQZLUGQLFKWDXI$Q]DKOGHU3XEOLNDWLRQHQRGHU,QQRYDWLRQHQVRQGHUQSO|W]OLFKPLWFDVKIORZ 3 DQG / >SURILW DQG ORVV@ GK DOVR 5HVHDUFKSURMHNWH PVVHQ NXQGHQEH]RJHQ VHLQ XQG LUJHQGZDQQ HLQPDOPVVHQGLH8PVDW]EULQJHQXQGNRVWHQGHFNHQGVHLQ'DVLQG]ZHL:HOWHQDXIHLQDQGHUJHVWRHQ &9&

9RUGHP+LQWHUJUXQGGHU,QWHQWLRQHLQHDUEHLWVIlKLJHXQGHUIROJUHLFKH7ULDGH]XNRQILJXULH UHQXQGPLW%OLFNDXIGLHEHVFKULHEHQHQQRWZHQGLJHQ$QVFKOXVVIlKLJNHLWHQEULQJWHLQ&9& 0DQDJHUGLHSHUV|QOLFKHQ9RUDXVVHW]XQJHQDXIGHQ3XQNWGHUHUHVVHLQHU0HLQXQJEHGDUIXP GLHVH%H]LHKXQJHUIROJUHLFKDXIGHQ:HJ]XEULQJHQ Ä,FK GHQNH HV JLEW JHUDGH DXI GHQ 3UH,QYHVWPHQW3UR]HVV EH]RJHQ VSH]LILVFKH )lKLJNHLWHQ GLH HLQ ,QYHVWPHQW0DQDJHUPLWEULQJHQVROOWHXPVROFKHLQH%H]LHKXQJHUIROJUHLFKHQWVWHKHQ]XODVVHQXQG]X PDQDJHQ (UVWPDO SHRSOHVNLOOV DOVR JXWH :DKUQHKPXQJVIlKLJNHLW ZDV OlXIW KLHU HLJHQWOLFK JXWH .RPPXQLNDWLRQVVNLOOVXQG0HQVFKHQNHQQWQLVDOVRPLWGHQ0HQVFKHQXP]XJHKHQ]XNRPPXQL]LHUHQ ]XEHU]HXJHQ$XIGHUHLQHQ6HLWHPVVHQ6LHGDVNOHLQH38GDYRQEHU]HXJHQGDVV6LHHLQWUXVWHG SDUWQHUVLQGGDVVHULKQHQWUDXHQNDQQXQGGDVV6LHGDVQ|WLJH:LVVHQXQGGLH5HVVRXUFHQEHUHLWVWHOOHQ XQG6LHPVVHQGLH%8GDYRQEHU]HXJHQGDVVGDVYLHOOHLFKWHLQLQWHUHVVDQWHV3URMHNWLVW'DVVLQGDOVR HLJHQWOLFKPHKUGLH6RIW6NLOOVGLH]XP(UIROJIKUHQ³&9&

:lKUHQGQXQDXVIKUOLFKGLHEHLGHQ&OXVWHU&9&%8XQG&9&38VRZLHGHU3UR]HVVXQGGLH 9RUDXVVHW]XQJHQ GHU 7ULDGHQNRQILJXUDWLRQ HUOlXWHUW XQG EHWUDFKWHW ZXUGHQ NODQJ EHUHLWV PHKUIDFKGLH1RWZHQGLJNHLWIUGLH&9&(LQKHLWHQDQIUHLQHUIROJUHLFKHVEURNHULQJMHQVHLWV GHUUHLQHQ7ULDGHEHUHLQVXEVWDQ]LHOOHV1HW]ZHUN]XGLYHUVHQH[WHUQHQ'ULWWHQ]XYHUIJHQ ,QWHURUJDQLVDWLRQDOHV1HW]ZHUNH]XH[WHUQHQ'ULWWHQ ,Q GHQ ,QWHUYLHZV ZLUG GHXWOLFK GDVV GLH &9&(LQKHLW ]ZDU LQVEHVRQGHUH DXI GLH %8V DQJH ZLHVHQ LVW XP VLQQYROOH ,QYHVWPHQWV LP 6LQQH HLQHV VWUDWHJLVFKHQ ,QQRYDWLRQVPDQDJHPHQWV GHU *HVDPWRUJDQLVDWLRQ ]X WlWLJHQ'DUEHU KLQDXV EHGDUI GLH &9&(LQKHLW MHGRFK ]ZLQJHQG GHU NRPSOHPHQWlUHQ 1HW]ZHUNH ]X 'ULWWHQ LQVEHVRQGHUH ]X XQDEKlQJLJHQ 9&V Ä$OVR GLH DQGHUHQ9&VGLHKHXWHDXFKEHLXQVLQYHVWLHUWVLQGNDPHQGDQQEHUGLHVHQFRUSRUDWHLQYHV WRU³38 9RQJURHU%HGHXWXQJVLQGDXFK.RQWDNWH]XUHOHYDQWHQ.XQGHQXQG=XOLHIHUHUQ

LPHLJHQHQ*HVFKlIWVXPIHOGVRZLH.RQWDNWH]X$QZlOWHQ%HK|UGHQ9HUElQGHQ,QWHUHVVHQ JUXSSHQ0HGLHQYHUWUHWHUQXQGH[WHUQHQ)RUVFKXQJVHLQULFKWXQJHQ Ä:LUYHUNDXIHQ]ZDUNHLQH/LQX[6RIWZDUHZLUKDEHQDEHUGHQ=XJULIIDXIGLHVHVJDQ]H gNRV\VWHP GKZLUN|QQHQPLWGHQHQ>GHP38@]X&RPSDFIDKUHQ]X+3]X,%0XVZXQGVDJHQ'LHVH6RIW ZDUHLVWDXIXQVHUHU$UFKLWHNWXURSWLPLHUWUHGHWPDOPLWGHQHQ'LHVHVPDWFKPDNLQJ$OVRZLU|IIQHQ GHQHQXQVHUJHVDPWHV1HW]ZHUN³&9&

'HQQHVLVWQLFKW]XOHW]WGLHVHVVRFLDOFDSLWDOGDVGDV38VHOEVWQRFKQLFKWKDWXQGIUGDVHV VLFK JH]LHOW HQWVFKHLGHW ZHQQ HV VHLQHQ FRUSRUDWH LQYHVWRU DXVVXFKW E]Z NRQNUHWH ,QYHVW PHQWPDQDJHULQGHQ%OLFNQLPPWÄ$OVRGLH>38V@VHW]HQQDWUOLFKDXFKVHKUYLHODXIXQVHUH SHUV|QOLFKHQ1HW]ZHUNH'HVKDOEYHUEULQJHQZLUDXFKYLHO=HLWGDUDXI³&9& Ä,FKJODXEHGDVVHU>&9&0DQDJHU@DXFKYRQ.ROOHJHQEHLGHQ9&*HVHOOVFKDIWHQXQGYRQDQGHUHQ DOV NRPSHWHQWHU 'LVNXWDQW RGHU *HVSUlFKVSDUWQHU JHVFKlW]W ZLUG (U LVW DXI GLHVHQ JDQ]HQ %LRWHFK )RUHQ HU VLW]W DXI 3DQHOV HU KlOW GD 9RUWUlJH DOVR HU LVW EHNDQQWLQ GHU 6]HQH KDW HLQ XQJODXEOLFKHV 1HW]ZHUNXQGKDWGHQ5XINRPSHWHQW]XVHLQGDVLVWZLFKWLJIUXQV³38 Ä6HLQ+LQZHLVDXIHLQ3RUWIROLRXQWHUQHKPHQZLUGHEHQHUQVWJHQRPPHQXQGVHLQH%LWWHVLFKIUXQV HLQ]XVHW]HQZLUGEHIROJW$OVRLQGHU5HJHOKHOIHQGLH/HXWHLKPZHQQHULQXQVHUHU$QJHOHJHQKHLWXP 'LQJHELWWHW'DVLVWHLQJXWHV=HLFKHQGHUVFKHLQWEHLGHQPHLVWHQHLQHQ&UHGLW]XKDEHQ³38

'DV1HW]ZHUNGHU&9&8QLWLQGLHNODVVLVFKH9&,QGXVWULHKDWLQVRIHUQHLQHEHVRQGHUHVWUDWH JLVFKH5HOHYDQ]DOVHVQLFKWQXUHLQKRKHV0DDQ'HDOIORZJHQHULHUWVRQGHUQDXFKGLHHLJH QH,QYHVWPHQWHQWVFKHLGXQJYLHOIDFKDEVLFKHUWXQGVRGLH%HWUHXXQJGHV38VYHUEHVVHUQNDQQ 'HQQ ZLH EHUHLWV HUZlKQW VWHOOHQ GLHVH EHLGHQ 7\SHQ YRQ ,QYHVWRUHQ SRWHQ]LHOOH ]XNQIWLJH 3DUWQHUE]Z&R,QYHVWRUHQGDUGLHLQLKUHQ.RPSHWHQ]HQXQG5HVVRXUFHQVHKUNRPSOHPHQWlU ]XHLQDQGHUDXIJHVWHOOWVLQG0DXOD0XUUD\D&:HEHU'LHUNHV VRGDVVHLQH.RQ WDNWSIOHJH XQG HLQH GDUDXV UHVXOWLHUHQGH P|JOLFKH =XVDPPHQDUEHLW IU DOOH %HWHLOLJWHQ DOV YLHOYHUVSUHFKHQGDQJHVHKHQZHUGHQNDQQ Ä'HU&9&KDWHLQIDFKPHKU:LVVHQLQGHPMHZHLOLJHQ6HJPHQWXQGNHQQWVLFKLQVHLQHP.HUQEHUHLFK DXV'HVVHQ(QWVFKHLGXQJHQVLQGGXUFK)DNWHQXQG:LVVHQPDQLIHVWLHUW'HU9&NDQQQDWUOLFKDXFK HLQH GXH GLOLJHQFH EHWUHLEHQ PDFKW GHU DXFK PLW DOOHQ P|JOLFKHQ %HUDWHUQ 8QLYHUVLWlWVSURIHVVRUHQ ,QGXVWULHH[SHUWHQDEHUJUXQGVlW]OLFKKDWGHU&9&GRUWVHLQH6WlUNHZHLOGHUMDEUDQFKHQRULHQWLHUWXQG LQGXVWULHRULHQWLHUW LVW :R GHU 9& DEHU ZHVHQWOLFK VWlUNHU LVW VLQG GLH JDQ]HQ RSHUDWLYHQ 7KHPHQ VWUXNWXUHOOH7KHPHQ2UJDQLVDWLRQ9HUYROOVWlQGLJXQJGHV0DQDJHPHQWWHDPVRGHUDXFK.RVWHQVWUXNWXU 'HVKDOEFRLQYHVWLHUHQZLUDXFKJHUQZHLOZLUGLH9RUWHLOHVHKHQGDVHUJlQ]WVLFKMD³&9&

3RVW,QYHVWPHQW3KDVH

'LH3RVW,QYHVWPHQW3KDVHKDWOHW]WOLFKHLQ=LHO0HKUZHUWVWHLJHUXQJGXUFK,QQRYDWLRQVJHQHVH 'LH ,QQRYDWLRQ HQWVWHKW PDJHEOLFK GXUFK GHQ 7UDQVIHU YRQ :LVVHQ XQG 5HVVRXUFHQ VRZLH ]XP 7HLO DXFK GXUFK GLH JHPHLQVDPH .UHDWLRQ QHXHQ :LVVHQV XQG ± LP 6LQQH YRQ /DYLH

± QHXHU 1HW]ZHUNUHVVRXUFHQ VRZLH VLFK GDUDXV HUJHEHQGHU UHODWLRQDOHU 5HQWHQ (V KDQGHOWVLFKXPHLQH3HULRGHGHU$QQlKHUXQJXQGGHV9HUWUDXHQVDXIEDXVLQGHU$OOWDJVSUD[LV *OHLFK]HLWLJ LVW HV HLQH 3KDVH ± IU GDV 38 PHLVW PHKU DOV IU GDV 0XWWHUXQWHUQHKPHQ ± GHU (WDEOLHUXQJ XQG GHV $XVEDXV HLQHV HLJHQVWlQGLJHQ XQG YRP &9& XQDEKlQJLJHQ 1HW]ZHUNV VRZLHGHV$XIEDXVXQGGHU)HVWLJXQJYRQVRFLDOFDSLWDOVLHKH$EELOGXQJ )UGDV0XWWHU XQWHUQHKPHQZLUGVSlWHVWHQVLQGLHVHU3KDVHZHQQGLHNRQNUHWH=XVDPPHQDUEHLWPLWGHP38 EHJLQQW GDV UHDOH ,QQRYDWLRQVSRWHQ]LDO GHV 38V RIIHQNXQGLJ ± GLHV NDQQ HLQH SRVLWLYH RGHU DXFKHQWWlXVFKHQGH(UNHQQWQLVIUGHQNRRSHULHUHQGHQ*HVFKlIWVEHUHLFKEHGHXWHQ Industrieunternehmen

Uni Partner 1

Top-Management

Kunde 2 Lieferant 1

Partner 2

BU 1 PU 1 BU 2 CVC-Einheit

PU 5 PU 2

Kunde 1

BU 4

PU 6 Partner 3

BU 3

Lieferant 2

Lieferant 3

PU 3

Kunde 3 Partner 4

PU 4 Forschungszentrum

$EELOGXQJ6R]LDOHV1HW]ZHUNGHU&9&(LQKHLWLQGHU3RVW,QYHVWPHQW3KDVH 6WUXNWXUHOOH'LPHQVLRQ &9&DOVLQWUDXQGLQWHURUJDQLVDWLRQDOHU%URNHU ,VWGHU,QYHVWPHQWGHDO]X6WDQGHJHNRPPHQKDWGLH&9&(LQKHLWLKUH5ROOHDOV%URNHU]ZL VFKHQ%8XQG38]XPHLVWEHUHLWVLQGHU3UH,QYHVWPHQW3KDVHZHLWHVWJHKHQGHUIOOWGKGLH 7ULDGHLVWNRQILJXULHUW1HXKLQ]XNRPPWQXQDOVHLQHZHVHQWOLFKH$XIJDEHGLH)XQNWLRQGHV

'DVVLFKHUJHEHQGH)HOGGHU.RQWDNWYHUPLWWOXQJVRZLHGHV&9&E]Z%8,QYROYHPHQWVXQG:LVVHQVWUDQV IHUVEHLGHQMHZHLOLJHQ38VLVWLQPDQFKHQ7ULDGHQH[WUHPYLHOVHLWLJ$QGLHVHU6WHOOHZLUGGDUDXIQLFKWZHL WHUHLQJHJDQJHQ)UPHKU'HWDLOVVLHKHGD]X:HEHU:HEHU

%URNHUVLQGDV1HW]ZHUNGHV,QGXVWULHXQWHUQHKPHQVVHOEVWVRZLH]XUHOHYDQWHQH[WHUQHQ'ULW WHQ GLH GHP ,QGXVWULHXQWHUQHKPHQ HQWZHGHU EHUHLWV YHUEXQGHQ GK 7HLO VHLQHV 1HW]ZHUNV VLQGRGHUDEHUDXFKH[SOL]LWQHXKLQ]XJHZRQQHQZHUGHQ'HQQLQGHU3UH,QYHVWPHQW3KDVHLVW QRFK QLFKW YROOVWlQGLJ DEVHKEDU ZHOFKH GLYHUVHQ .RQWDNWH XQG +LOIHVWHOOXQJHQ GDV 38 LP /DXIH GHU =HLW YRQ GHP ,QGXVWULHXQWHUQHKPHQ ZLUG EUDXFKHQ N|QQHQ 9LHOHV HUJLEW VLFK HUVW DXVGHUODXIHQGHQ=XVDPPHQDUEHLWZHLWHUHQ(QWZLFNOXQJXQG.RQNUHWLVLHUXQJHQGHU3URGXNW LGHHGHU.RRSHUDWLRQHWF'LHVEHGHXWHWIUGDV38]XQlFKVWHLQHJURH$EKlQJLJNHLWYRQGHU &9&(LQKHLWZHLOLQGHU5HJHOQXUEHUGLHVHGLHYHUVSURFKHQHQRGHUYHUHLQEDUWHQUHOHYDQWHQ .RQWDNWH]X:LVVHQXQG5HVVRXUFHQLQQHUKDOEGHU0XWWHUJHVHOOVFKDIWKHUJHVWHOOWZHUGHQN|Q QHQ 'HU&9&0DQDJHUDJLHUWDXFKKLHUZLHGHUDOV7U|IIQHURGHU*DWHNHHSHU'DVKHLWHU IXQJLHUWZHLWHUKLQDOVFRQQHFWLQJEULGJHEHULQWHUQHVWUXFWXUDOKROHVXQGHUP|JOLFKWGDGXUFK GHP38PLWGHQÄULFKWLJHQ³$QVSUHFKSDUWQHUQXQG.RPSHWHQ]WUlJHUQLQ.RQWDNW]XNRPPHQ Ä'LH EUDXFKHQ PLFK ZHLO LFK GLH 1DEHOVFKQXU ELQ³ &9& Ä,Q GHP 0RPHQW VLQG ZLU DOV &9&(LQKHLWIUGLHGDV6SUDFKURKULQGHQ.RQ]HUQXQGMHQDFKGHPZLHJXWXQVHUH(LQKHLW FRQQHFWHGLVWQDFKLQQHQXQGMHQDFKGHPYLHOOHLFKWDXFKZHOFKH $QUHL]H GLH %XVLQHVV8QLWV KDEHQ ]X XQWHUVWW]HQ OlXIW GDV RGHU OlXIW GDV QLFKW :LU VLQG GD VR HLQH $UW 6FKQLWWVWHOOH³ &9& )UGLH&9&(LQKHLWLVWHVZLFKWLJQHEHQGHPLQWHUQHQ1HW]ZHUNXQGGHP.RQWDNW]XLKUHQ 38V VRZLH SRWHQ]LHOOHQ 38V HLQHQ LQWHQVLYHQ .RQWDNW PLW ]DKOUHLFKHQ ]XVlW]OLFKHQ H[WHUQHQ *UXSSHQ ]X HWDEOLHUHQ XQG ]X SIOHJHQ XP ]XP HLQHQ GHQ YLHOIDFK HUZlKQWHQ 'HDOIORZ ]X VLFKHUQXQG]XPDQGHUHQIULKUH38VHLQP|JOLFKVWJURHV1HW]ZHUNDQ.RQWDNWHQEHUHLWVWHO OHQ ]X N|QQHQ ,QGHP GLH &9&(LQKHLW .RQWDNWH ]ZLVFKHQ GHQ 38V XQG ZHLWHUHQ H[WHUQHQ 'ULWWHQ YHUPLWWHOW IXQJLHUW VLH ZHLWHUKLQ DOV XQHUVHW]OLFKHU %URNHU 'LH 3RUWIROLRXQWHUQHKPHQ EHVWlWLJHQ LKUHUVHLWV GLH 1W]OLFKNHLW GLHVHU GLUHNWHQ PDQFKPDO DXFK QXU LQGLUHNWHQ %URNHU IXQNWLRQ GHU &9&(LQKHLW ,QGLUHNW EHLVSLHOVZHLVH LQ GHU )RUP GDVV DOOHLQ GLH 7DWVDFKH 38 HLQHV EHVWLPPWHQ ,QGXVWULHXQWHUQHKPHQV ]X VHLQ RIW HLQH 7U |IIQHQGH :LUNXQJ EHL GHP MHZHLOLJHQ*HJHQEHUKHUYRUUXIWÄ'HUFRUSRUDWHLQYHVWRULVWKDOWHLQH0|JOLFKNHLWGLHGLH7U |IIQHW³38 'KGHU1DPHGHVHQWVSUHFKHQGHQFRUSRUDWH,QYHVWRUKDWGXUFKVHLQ,PDJH GDVHULQGHUMHZHLOLJHQ%UDQFKHJHQLHWHLQH6LJQDOZLUNXQJ Ä'HU 1DPH DOV VROFKHV KDW VFKRQ HLQ *HZLFKW XQG |IIQHW 7UHQ GLH ,KQHQ VRQVW ZDKUVFKHLQOLFK YHU VFKORVVHQEOHLEHQ:LUKDWWHQMHW]W]XP%HLVSLHOHLQ3UREOHPPLWHLQHP3DWHQW'DQQKDEHQZLUGXUFK GLHHWZDVQDFKIUDJHQODVVHQGDQQZLUGGDV*HZLFKWQDWUOLFKJU|HUXQGSO|W]OLFKEHZHJWVLFKDOOHVLQ GLHULFKWLJH5LFKWXQJ$OVRGDNDQQPDQHLQGHXWLJSURILWLHUHQ'LHNHQQWMHGHUXQGGDVLVWHLQIDFKZLH HLQ=HUWLILNDW³38

(LQH &9&(LQKHLW EHULFKWHW YRQ HLQHU IODQNLHUHQGHQ 0DQDKPH GHV LQWHURUJDQLVDWLRQDOHQ :LVVHQV5HVVRXUFHQXQG.RQWDNWWUDQVIHUVHLQHU$UW0HQWRUHQV\VWHPLQQHUKDOEGHV+DXVHV EHLGHPMHHLQJHVWDQGHQHU0DQDJHUDXVGHP7RS0DQDJHPHQWGRUWDOV&KDPSLRQEH]HLFK QHW GLH 3DWHQVFKDIW IU HLQ 3RUWIROLRXQWHUQHKPHQ EHUQLPPW XQG GLHVHP GDQQ QLFKW QXU PLW 5DWXQG7DW]XU6HLWHVWHKWVRQGHUQGDUEHUKLQDXVDXFKHQWVSUHFKHQGGLH7UHQ]XGHQUHOH YDQWHQ3HUVRQHQLQQHUKDOEXQGDXHUKDOEGHV.RQ]HUQV|IIQHW Ä(LQHVFK|QH,GHHZDU]XVDJHQÃ:LUYHUVXFKHQIUGLH8QWHUQHKPHQ&KDPSLRQV]XILQGHQGLHVLFK GDQQDOVGLHMHQLJHQVHKHQGLHGHQ.RQWDNWLQGLHHLQ]HOQHQ8QWHUQHKPHQUHLQEULQJHQ¶:LUKDEHQKLHU MHW]W HOI 8QWHUQHKPHU DXV GHP .RQ]HUQ DOVR HOI &KDPSLRQV DOOHV 8QWHUQHKPHU PLW RGHU PHKU -DKUHQ%HUXIVHUIDKUXQJLP .RQ]HUQDOVRZLUNOLFKVRGLHHWDEOLHUWH*DUGHDXIGLHPDQDXFKK|UWXQG GLHDXVPHLQHU6LFKWHUVWDXQOLFKVFKQHOOEHUHLWZDUHQGDPLW]XPDFKHQXQGGDSDVVLHUWZDKQVLQQLJYLHO $OVRGLHVHKHQVLFKMHW]WVRDOV9lWHUGLHVHU,GHHQXQGUHQQHQGXUFKGLH*HJHQGXQGPDFKHQVHKUYLHOH .RQWDNWH8QGQDWUOLFKLVWHVVRZHQQVRMHPDQGDQUXIWLUJHQGZRXQGVDJWÃ6SUHFKWGRFKPDOPLWHL QDQGHU¶KDWGDVQDWUOLFKYLHOPHKU*HZLFKWDOVZHQQLFKGDDOV&9&0HQVFKÃ+DOORPDFKWGRFKPDO ZDVPLWHLQDQGHU¶VDJHXQGGLHPLFK]XP7HLOQRFKQLFKWPDONHQQHQ'LHVHV&KDPSLRQ0RGHOOKDWDQ YLHOHQ6WHOOHQVFKRQZDKQVLQQLJYLHOEHZLUNW>«@³&9& Ä:LU KDEHQ HLQHQ &KDPSLRQ MHPDQG GHU XQV HLQ ELVVFKHQ EHVFKW]W XQG EHYDWHUW 8QVHU 3DWHQRQNHO RGHUDXFK0HQWRU-HGHV3RUWIROLRXQWHUQHKPHQKDWVRHLQHQZLUKDEHQGHQ;GHQ*HVFKlIWVIKUHUYRQ <GDVLVWVHKUKLOIUHLFK>«@(ULVWHLQHVHKUVWDUNH)LJXU8QGHULVWQDWUOLFKEHUHFKWLJWHUZHLVHHLQIDFK MHPDQGGHUHLQJDQ]DQGHUHV6WDQGLQJQDFKDXHQZLHLQQHQKDWXQGGHUDXFKHLQHJDQ]DQGHUH(UIDK UXQJHQKDW:HQQVRMHPDQGHLQHPQLFKWQXUZRKOJHVRQQHQLVWVRQGHUQVLFKDXFKYHUDQWZRUWOLFKIKOW XQGPDQSUDNWLVFKGLH%HUHFKWLJXQJKDW]XVDJHQÃ3DSL;NDQQVWGXQLFKWPDOGLHVRGHUGDVIUXQV WXQ¶GDVLVWVFKRQJHQLDOXQGGDVKLOIWXQVVFKRQVHKU³38

'LH5ROOHHLQHV%URNHUV]XH[WHUQHQ'ULWWHQDXV]XIOOHQEHGHXWHWIUGHQ&9&0DQDJHUGDU EHUKLQDXVGDV38EHLVSLHOVZHLVHDXIHLQVFKOlJLJHQ0HVVHQ]XSODW]LHUHQGDV38EHLUHOHYDQ WHQ3DUWQHUQZLH/LHIHUDQWHQRGHUDXFK.XQGHQHLQ]XIKUHQ.RQWDNWHLQGLH9&%UDQFKHIU ZHLWHUH )LQDQ]LHUXQJVUXQGHQ ]X YHUPLWWHOQ NXU]XP DOV 0XOWLSOLNDWRU ]X DJLHUHQ XQG GDEHL VWHWVÄGDVHLJHQH*HZLFKWLQGLH:DDJVFKDOH³&9& ]XZHUIHQÄ8QGVHKUJXWLVWHUKDWHLQ 1HW]ZHUN LQ GHU 6]HQH >«@ (U VSULFKW ]XP %HLVSLHO HLQIDFK .ROOHJHQ LQ DQGHUHQ 9& 8QWHUQHKPHQ DQ XQG PDFKW GLH DXI XQV DXIPHUNVDP XQG DJLHUW VR ZLH HLQ 0XOWLSOLNDWRU LQ GLHVHU6]HQHIUXQV³38 'LHVH=LWDWH]HLJHQZLHGHU3UR]HVVGHU1HW]ZHUNHUVFKOLHXQJ XQG DXVGHKQXQJ VRZLH GHU VRFLDO FDSLWDO*HQHULHUXQJ LQ NOHLQHQ 6FKULWWHQ ODQJVDP 5DXP JUHLIW XQG YRUDQVFKUHLWHW 0LW MHGHP 3UREOHP PLW MHGHU )UDJH PLW MHGHP $QOLHJHQ HU|IIQHW VLFKGHP38EHVWHQIDOOVHLQHQWVSUHFKHQGHU.RQWDNWGDVHQWVSUHFKHQGH:LVVHQRGHUGLHEHQ| WLJWH 5HVVRXUFH ,Q GLHVHP 3XQNW XQWHUVFKHLGHW VLFK GLH 3RVW,QYHVWPHQW3KDVH HUKHEOLFK YRQ GHU3UH,QYHVWPHQW3KDVH

38389HUQHW]XQJ (LQ ZHLWHUHU ZHVHQWOLFKHU 3XQNW LQ GHU 1HW]ZHUN XQG VRFLDO FDSLWDO%LOGXQJ XQG GHU GDPLW YHUEXQGHQHQ:LVVHQVJHQHVHLVWGLH9HUQHW]XQJGHU38VXQWHUHLQDQGHUGLHHEHQIDOOVQXUGXUFK GLH &9&(LQKHLW DOV %URNHU JHOHLVWHW ZHUGHQ NDQQ 'LHVH 9HUQHW]XQJ HUIROJW ]XP HLQHQ DXI VWDQGDUGLVLHUWHQ 7UHIIHQ ]X GHQHQ DOOH 38V HLQJHODGHQ ZHUGHQ DXI GHQHQ VLH YHUJOHLFKEDUH 7KHPHQ GLVNXWLHUHQ N|QQHQ VR GDVV HLQ IDFKOLFKHU $XVWDXVFK EHLVSLHOVZHLVH ]ZLVFKHQ GHQ &(2V RGHU &)2V FKLHI H[HFXWLYH RIILFHU ]X 3UREOHPHQ LQ lKQOLFKHQ 6LWXDWLRQHQ VWDWWILQGHQ NDQQ -H QDFK &9& XQG ,QWHQWLRQ KDEHQ GLHVH 9HUDQVWDOWXQJHQ PHKU HLQHQ Ä1HWZRUNLQJ &KDUDNWHU³Ä'LH>&9&0DQDJHU@KHOIHQEHLP1HWZRUNLQJDOVRLP1HWZRUNLQJVLQGVLHVHKU JXW³ 38 RGHU VLQG VWlUNHU DOV Ä/HUQYHUDQVWDOWXQJHQ³ DXIJHVHW]W EHL GHU ÄDXFK QHXH (U NHQQWQLVVHJHPHLQVDPJHQHULHUWZHUGHQ³&9& Ä:LUPDFKHQHLQPDOLP-DKURGHUDOOH]ZHL-DKUHHLQHQVRJHQDQQWHQ;7DJZRZLUDOOH%HWHLOLJXQJHQ XQG DXFK /HXWH DXV GHP +DXV HLQODGHQ XP ]XP HLQHQ GLH 9HUELQGXQJ ]ZLVFKHQ GHQ %HWHLOLJXQJHQ VHOEVW ]X YHUEHVVHUQ XQG ]XP DQGHUHQ XP GLH /HXWH DXV XQVHUHP +DXV DXIPHUNVDP ]X PDFKHQ³ &9& Ä'LH KDEHQ MD HLQH 6HULH YRQ 3RUWIROLR&RPSDQLHV DOOH MXQJ XQG IOH[LEHO XQG EHUHLW HYHQWXHOO PLWHL QDQGHU]XVDPPHQ]XDUEHLWHQXQGJHJHQVHLWLJYRQHLQDQGHU]XSURILWLHUHQ8QG;NDQQGLH9HUELQGXQJ PDFKHQ'DVWXQGLHDXFK'LHRUJDQLVLHUHQ]XP%HLVSLHO$QOlVVHZRDOOH&(2VVLFKWUHIIHQXQGZR EHVWLPPWH 7KHPHQ GLVNXWLHUW ZHUGHQ 6LH PDFKHQ UHODWLY YLHO PLW LKUHQ %HWHLOXQJVILUPHQ VR GDVV GDGXUFKHLQLQWHUQHV1HW]ZHUNLQQHUKDOEGHV3RUWIROLRVHQWVWHKHQNDQQZDVKLOIUHLFKLVW³38 Ä:LUPDFKHQLPPHUHLQHQ(YHQWLQ(XURSDXQGHLQHQZHOWZHLWHQXQGGDEULQJHQZLUDOOH3RUWIROLRXQ WHUQHKPHQKLQDOOH&(2VZLUGLVNXWLHUHQ7KHPHQZLH:DFKVWXP)LQDQ]LHUXQJGLHNULHJHQXSGDWHV EHU7HFKQRORJLHQEHUGLH.DSLWDOPlUNWHGLHKDEHQHLQH0|JOLFKNHLWVLFKXQWHUHLQDQGHU]XV\QFKUR QLVLHUHQ GHQQ YLHOOHLFKW N|QQHQ VLH ZDV ]XVDPPHQ PDFKHQ 'DV KHLW ZLU SURELHUHQ GLH H[WUHP VFKQHOO]XVDPPHQ]XEULQJHQ'DPLWKDEHQZLUVHKUJXWH(UIDKUXQJHQJHPDFKW³&9&

=XPDQGHUHQHUIROJWGLH9HUQHW]XQJGHU38VDEHUDXFKVHKUJH]LHOW XQG IRNXVVLHUW GK ÄGD ZR HV SDVVW ZHUGHQ HLQ]HOQH 3RUWIROLRXQWHUQHKPHQ JH]LHOW XQWHUHLQDQGHU YHUQHW]W³ &9& 'LHV HUIROJW LQ NOHLQHQ 5XQGHQ EHLVSLHOVZHLVH LQ GHU JOHLFKHQ %UDQFKH ± Ä'DV ZDUHQ DOOHV )LUPHQ LP 2SWLFDO%HUHLFK PLW GHQHQ ;&DSLWDO XQVLQ .RQWDNW JHEUDFKWKDW³38 ±XP SRWHQ]LHOOH6\QHUJLHQ]XKHEHQJHPHLQVDPH*HVFKlIWHDQ]XVFKLHEHQNRQNUHWHQ:LVVHQVDXV WDXVFK]XI|UGHUQ3RVLWLRQHQGHU38V]XVWlUNHQ.RRSHUDWLRQHQDQ]XGHQNHQHWFÄ0DQFKPDO HQWVWHKHQ GD LQ GHU =XVDPPHQDUEHLW RGHU LQ GHQ .RRSHUDWLRQHQ WHLOZHLVH ULFKWLJ SURGXNWLYH QHXH'LQJH³&9& GLHPDQLQGHU'LNWLRQ'\HUXQG6LQJKV DOVUHODWLRQDOH5HVVRXU FHQPLWGHP3RWHQ]LDODXIUHODWLRQDOH5HQWHQEH]HLFKQHQN|QQWH Ä(VJDE7UHIIHQZRGHU9HUDQWZRUWOLFKHYRQ;HLQLJHDXVJHZlKOWH3RUWIROLRILUPHQHLQJHODGHQKDWYRQ GHQHQHUJODXEWGDN|QQWHHV6\QHUJLHQJHEHQXQGGLH PLWHLQDQGHU LQ .RQWDNW EULQJW 'DUDXV JDE HV DXFK%XVLQHVVNRQWDNWHXQGGDYRQKDEHQZLUDXIMHGHQ)DOOSURILWLHUHQN|QQHQ³38

'LH9HUQHW]XQJGHU38VVWlUNWLKUH*HPHLQVFKDIWXQGEHGHXWHW]XP7HLOHLQHHUKHEOLFKH+LOIH VWHOOXQJ'LHV]HLJWVLFKEHLVSLHOVZHLVHGLUHNWXQGQDFKZHLVOLFKDQKDQGGHU$NWLYLWlWHQGLHGDV 38 LP $QVFKOXVV DQ GHUDUWLJH 1HW]ZHUNYHUDQVWDOWXQJHQ DOOHLQH XQG XQDEKlQJLJ YRQ VHLQHP &9&LQGHU/DJHLVW]XOHLVWHQ6RVHW]HQGLH38VPLWXQWHUGLH,GHHZHFKVHOVHLWLJHQ/HUQHQV RKQHZHLWHUH$XIIRUGHUXQJHQXQG&9&9HUDQVWDOWXQJHQHLJHQVWlQGLJIRUW Ä:DVPLWWOHUZHLOHSDVVLHUWLVWGDVVGLH8QWHUQHKPHQVLFKXQWHUHLQDQGHUDQUXIHQXQGVDJHQÃ:LUKDEHQ KLHUHLQ7KHPDLKUKDEWGDVGRFKVFKRQYRUHLQHPKDOEHQ-DKUJHPDFKWZDVVLQGGHQQHXUH(UIDKUXQ JHQ .|QQHQ ZLU QLFKW HXHU 3IOLFKWHQKHIW QHKPHQ"¶ XQG LFK ELQ GDYRQ EHU]HXJW GDVV VLFK GDGXUFK YLHOH)HKOHUKDEHQYHUPHLGHQODVVHQZHLOGLH8QWHUQHKPHQGLHVSlWHULQLUJHQGHLQ7KHPDUHLQJLQJHQ JHOHUQWKDEHQYRQGHQHQGLHHVVFKRQKLQWHUVLFKKDWWHQ³&9&

5HODWLRQDOH'LPHQVLRQ 0LWGHUVWUXNWXUHOOHQ7UDQVIRUPDWLRQGHV1HW]ZHUNVJHKHQHEHQIDOOVUHODWLRQDOH9HUlQGHUXQJHQ HLQKHU'DGLHVH3KDVHHLQHUVHLWVGXUFK$QQlKHUXQJXQG9HUWUDXHQVDXIEDX FKDUDNWHULVLHUWLVWXQG DQGHUHUVHLWVGXUFKQHXHWHLOZHLVHGLYHUJLHUHQGH,QWHUHVVHQVNRQVWHOODWLRQHQJHSUlJWZLUGN|QQHQ ]DKOUHLFKH.RQIOLNWHHQWVWHKHQ 6WUDWHJLVFKHU0LVILWVWUDWHJLVFKH5HRULHQWLHUXQJXQGVWUXNWXUHOOHU/RFNLQ (LQPDVVLYHV3UREOHPWULWWHLQZHQQHLQVWUDWHJLVFKHU0LVILW]ZLVFKHQ38XQG%8RIIHQNXQGLJ ZLUGGKH[DQWHHLQHIDOVFKH,QYHVWLWLRQVHQWVFKHLGXQJRGHUH[SRVWHLQHVWUDWHJLVFKH5HRULHQ WLHUXQJ HLQHU GHU EHLGHQ 3DUWQHU (LQ VROFKHUH[ DQWH VWUDWHJLVFKHU 0LVILW NDQQ EHLVSLHOVZHLVH DXIJUXQGGHULQGHU3UH,QYHVWPHQW3KDVHLP3RNHUXP$QWHLOHJHPDFKWHQ=XVDJHQXQG9HU VSUHFKHQ KLQVLFKWOLFK :LVVHQV .RQWDNW XQG 5HVVRXUFHQYHUPLWWOXQJ HLQWUHWHQ 'LH YRQ GHU &9&(LQKHLWDYLVLHUWHQ1HW]ZHUNHXQG5HVVRXUFHQH[LVWLHUHQHQWZHGHUJDUQLFKWLQGHU:HLVH RGHUDEHUKDEHQ±ZLHVLFKRIWHUVWEHLQlKHUHU%HWUDFKWXQJKHUDXVVWHOOW±IUGDV38JHULQJHQ RGHU JDU NHLQHQ :HUW $OVR LQ 6DFKHQ .RQWDNWH KlWWH VLFKHUOLFK PHKU SDVVLHUHQ N|QQHQ 'D KDEHQGLHXQVDP$QIDQJDXFKPHKUYHUVSURFKHQ³38 Ä:HQQPDQYHUJOHLFKWZDVYRUKHU JHSODQWRGHUHUGDFKWZDUGXUFKGLH.RRSHUDWLRQPLWGHQHQXQGZDVQDFKKHUUDXVJHNRPPHQLVW GDQQODJGDVNODUXQWHUPHLQHQ(UZDUWXQJHQ'DVKDWHLQIDFKQLFKWJHSDVVW³38 (LQ ZHLWHUHU *UXQG IU VWUDWHJLVFKHQ 0LVILW NDQQ H[ SRVW GXUFK HLQH VWUDWHJLVFKH 1HX RGHU 8PRULHQWLHUXQJ HLQHU GHU EHLGHQ 3DUWQHU HQWVWHKHQ ± PHLVWHQV H[HNXWLHUW GXUFK GLH %8 (LQH GHUDUWLJH 1HX RGHU 8PRULHQWLHUXQJ OlVVW OHW]WOLFK GLH EHUHLWV DQJHVSURFKHQH )UDJLOLWlW GHV 1HW]ZHUNVDOOJHPHLQXQGGHU7ULDGHLP%HVRQGHUHQGHXWOLFKZHUGHQ(LQH5HRULHQWLHUXQJGHU

%8KDWWHLOZHLVH]XU)ROJHGDVVGHP38GHUZHUWYROOHWHLOZHLVHPKVDPHUUXQJHQH=XJDQJ ]XP 1HW]ZHUN GHV ,QGXVWULHXQWHUQHKPHQV ]XJXQVWHQ QHXHU IU GDV ,QGXVWULHXQWHUQHKPHQ ZHUWYROOHUHQ1HW]ZHUNYHUELQGXQJHQHQW]RJHQZLUG'LHVIKUWLQGHU5HJHO]XHLQHP%HHQGHQ GHU.RRSHUDWLRQ Ä:HQQHLQH%8GLH6WUDWHJLHJHlQGHUWKDWGDQQLVWGDV>38@KLHUNRPSOHWWDEJHKDFNWGDLVWGDQQJDU QLFKWVPHKU8QGGDQQKDEHQ6LH>GLH&9&(LQKHLW@QRFKGHQHLQ]LJHQ.RQWDNW]XGHP8QWHUQHKPHQ GDV NDP DXFK YRU >«@ :LU KDEHQ XQV GDQQ DXFK QLFKW PHKU EHPKW :LU KDEHQ GDQQ WHLOZHLVH GHQ 2EVHUYHUVHDWQLFKWPHKUZDKUJHQRPPHQXQGGHUJOHLFKHQ:LUKDEHQGDQQZLUNOLFKJHJXFNWGDVVZLU GLH$QWHLOHUHWWHQRGHUYHUZlVVHUQ³&9&

'LHVHV 5LVLNR EHWULIIW NXU]IULVWLJ JDQ] EHUZLHJHQG GDV 38 ZDV GDV 8QJOHLFKJHZLFKW LQ GHU %H]LHKXQJQRFKHLQPDOGHXWOLFKZHUGHQOlVVW'DV38LVWGLH3DUWHLGLHDPVWlUNVWHQGXUFKGDV 1LFKW)XQNWLRQLHUHQ GHU 7ULDGH XQG GHV :LVVHQVWUDQVIHUV LQ 0LWOHLGHQVFKDIW JH]RJHQ ZLUG 'HQQJHUDGHLP1HW]ZHUNXQGLP:LVVHQGHU,QYHVWRUHQOLHJHQGLH'LIIHUHQ]LHUXQJVPHUNPDOH XQGGDPLW GLH 4XHOOHQ GHU 0HKUZHUWJHQHULHUXQJ IU GDV 38 'LH 5HDOLVLHUXQJ HLQHV HQWVSUH FKHQGHQ7UDQVIHUVVLQGVRPLWIUGLH38VPHLVWEHUOHEHQVNULWLVFKXQGHLQH1LFKW(LQKDOWXQJ NDQQQHEHQGHUXOWLPDWLYHQ*HVFKlIWVDXIJDEHVFKQHOO]XHLQHPHUKHEOLFKHQ9HUWUDXHQVYHUOXVW XQG%H]LHKXQJVEUXFKIKUHQÄ8QVHU9HUKlOWQLVLVWPLWWOHUZHLOHVRDP%RGHQGDVVZLUVDJHQ Ã:LU P|FKWHQ JDU QLFKWV PHKU PLW GHQHQ ]X WXQ KDEHQ¶ (V JLEW HLQIDFK NHLQH %DVLV DXI GHU PDQ ]XVDPPHQ ZHLWHUJHKHQ N|QQWH³ 38 $EHU JHUDGH IU GDV -XQJXQWHUQHKPHQ LVW HV LQ GHU5HJHOVHKUVFKZHUVHLQH,QWHUHVVHQJHJHQHLQJURHV,QGXVWULHXQWHUQHKPHQGXUFK]XVHW]HQ Ä6LHKDEHQGLHVHQ5LHVHQNRQ]HUQXQGGLHVHNOHLQHQXQGLQQRYDWLYHQ8QWHUQHKPHQ:LUVLQGQDWUOLFK YRQGHU5HFKWVVHLWHHQRUPJXWEHUDWHQ)UJXWH$QZlOWHJHEHQZLUDXFKYLHO*HOGDXVXPGDV'LQJ UHFKWOLFKWRWDOZDVVHUGLFKW]XPDFKHQ,FKZLOOQLFKWVDJHQGDVVLFKGLHEHUGHQ7LVFK]LHKHDEHUGLH NlPSIHQYLHOIDFKPLWDQGHUHQ5HVVRXUFHQ'LHKDEHQLQGHU5HJHOQLFKWYLHO*HOG:LUVFKHXHQGDYRU QLFKWVXQGQHKPHQGLHEHVWHQ$QZlOWH8QGVRPLWVLQGGLHGDQQDXFKVFKOHFKWHUEHUDWHQ³&9&

'HQQRFKLVWPDQVLFKDOV*URRUJDQLVDWLRQEHZXVVWGDVVHLQHJHZLVVH*HVFKlIWVPRUDOHLQJH KDOWHQ ZHUGHQ PXVV ± ÄPDQ PXVV DXFK JXFNHQ GDVV PDQ GLH IDLU EHKDQGHOW³ &9& ± DOOHLQ VFKRQ DXV GHP .DONO QLFKWGLH 5HSXWDWLRQ LP 0DUNW ]X YHUOLHUHQXQGGDPLWGHQQRW ZHQGLJHQ'HDOIORZ]XJHIlKUGHQ Ä:LU KDEHQ GLH QLFKW PLVVEUDXFKW (WKLVFK UHFKWOLFK PRUDOLVFK ZROOHQ ZLU LPPHU DXI GHU ULFKWLJHQ 6HLWHVHLQ>«@:LUZDUHQMHW]WQLFKWJHUDGHJHQHU|VZLUKDEHQVFKRQXQVHUH0XVNHOQVSLHOHQODVVHQ XQGGLHNOHLQHQ6WDUWXSVDXIGLH.QLHJH]ZXQJHQDEHUZLUVLQG LPPHU IDLU JHEOLHEHQ 'DV ZLUG XQV NHLQHUYRUKDOWHQN|QQHQGDVVZLUHLQNUXPPHV'LQJJHGUHKWKDEHQGDVZlUHJHJHQXQVHU6HOEVWYHU VWlQGQLVXQGGDVN|QQHQZLUXQVDXFKQLFKWOHLVWHQ³&9&

'XUFK GLH EHVFKULHEHQH VWUDWHJLVFKH 5HRULHQWLHUXQJ GHU %8 RGHU HLQHQ VWUDWHJLVFKHQ 0LVILW NDQQGDVV38LQHLQHQORFNLQJHUDWHQGHUKLHUDOVÄVWUXNWXUHOOHUORFNLQ³EH]HLFKQHWZLUG'LHV EHGHXWHW GDVV GLH JHWlWLJWHQ ,QYHVWPHQWYHUWUlJH DXV GHU 9HUJDQJHQKHLW GLH HLQH EHVWLPPWH

1HW]ZHUNNRQILJXUDWLRQ QDFK VLFK ]LHKHQ ]X VRFLDO OLDELOLW\ DQVWDWW ]X VRFLDO FDSLWDO IKUHQ N|QQHQ GD VLH QLFKW QXU GHQ HLJHQWOLFKHQ 3UR]HVV GHV :LVVHQVWUDQVIHUV XQG /HUQHQV EH YHUKLQGHUQVRQGHUQDXFKGLH0|JOLFKNHLWGHV38HLQVFKUlQNHQHOLPLQLHUHQPLWHLQHPQHXHQ VWUDWHJLVFKHQ3DUWQHUNXU]RGHUPLWWHOIULVWLJ]XVWDUWHQ Ä$OVRUFNEOLFNHQGZDUHQZLUGDHLQIDFKY|OOLJIDOVFKDXIJHKREHQ8QGGDVZDUDXFKGHU*UXQGZDU XPGLHXQVEHUKDXSWJDUNHLQH7UHQ|IIQHQNRQQWHQ:LHGHQQ"(LQ&9&GHULQGHU=LHOJUXSSHQLFKW ZLUNOLFKVWDUNDXIJHVWHOOWLVWNDQQHLQHPGLH7UHQQLFKW|IIQHQ'DVSDVVWHHLQIDFKQLFKW'DVKlWWHLFK IUKHUHUNHQQHQPVVHQ³38 Ä,FKJODXEHKHXWHGDVVZLUQXULQDQGHUHQ.RQVWHOODWLRQHQ(UIROJKlWWHQKDEHQN|QQHQPLW/HXWHQGLH DXFKZLUNOLFKEHU,QGXVWULHXQGYRUDOOHQ'LQJHQ7HFKQRORJLHHUIDKUXQJLQXQVHUHP%HUHLFKYHUIJHQ GDVZDUMDKLHUQLFKWGHU)DOOGDGLHLQGLHVHP%HUHLFKJDUQLFKWVHOEVWWlWLJZDUHQ'DKDEHQMDOHW]WOLFK QLHYHUVWDQGHQZHOFKH3URGXNWHZLUPDFKHQXQGZHOFKH3UREOHPHEHVWHKHQN|QQHQ³38 Ä'DV 3UREOHP ZDU GDVV GLH QLFKW VR QDK DQ XQVHUHP RSHUDWLYHQ *HVFKlIW GUDQ ODJHQ ZR LFK VDJHQ ZUGH RIIHQVLFKWOLFKHU )DOO YRQ 6\QHUJLH RGHU VWUDWHJLVFKHP ILW >«@ 'HVZHJHQ N|QQHQ ZLU KHXWH VDJHQGDVV]XPLQGHVWHLQH8UVDFKHGLHVHVQLFKWHUIROJUHLFKHQ8QWHUQHKPHQVZDUGDVVGLHGLHVHQ:HUW GHQZLUDOVVWUDWHJLVFKHU,QYHVWRUDQELHWHQNRQQWHQQLFKWQXW]HQNRQQWHQ'LHNRQQWHQQLFKWDXIVHW]HQ DXILUJHQGZHOFKHQ1HW]ZHUNHQRGHUVRGLHDQGHUH+lQGHULQJHQGJHEUDXFKWKlWWHQ³&9&

'HUDUWLJH%HREDFKWXQJHQGLHHLQHVROFKH$OWHUQDWLYHQORVLJNHLWPLWVLFKEULQJHQNRQQWHQDXI 6HLWHQGHV,QGXVWULHXQWHUQHKPHQVQLFKWYHUQRPPHQRGHUEHREDFKWHWZHUGHQ (VZLUGRIIHQNXQGLJGDVVLP)DOOHHLQHVVWUDWHJLVFKHQ0LVILW]ZLVFKHQ%8VXQG38VRGHUHLQHU 5HRULHQWDWLRQGHU%8HVIUGLH&9&(LQKHLWDXFKPLWGHQEHVWHQ$EVLFKWHQQDKH]XXQP|JOLFK LVWLKUH %URNHU5ROOH DXV]XEHQ'DPLW EHVWlWLJHQ XQVHUH 'DWHQ QLFKW QXU YRUDQJHJDQJHQH )RUVFKXQJLQGLHVHP)HOG7KRUQKLOO$PLW VRQGHUQ]HLJHQDXFKZR&9&0DQDJHULKUH *UHQ]HQLP%HPKHQXP:LVVHQVXQG5HVVRXUFHQWUDQVIHULQQHUKDOEGHU&9&7ULDGHHUUHLFKHQ :HFKVHOUHOHYDQWHU$NWHXUH 0LW%OLFNDXIGLH]XHWDEOLHUHQGHQ9HUWUDXHQVEH]LHKXQJHQLQGHQ&9&7ULDGHQ±ÄGDQQPXVV WHQZLUHUVWPDO]XGHP9HUWUDXHQDXIEDXHQ³&9& ±VRZLHGLHEHUGLH=HLWKHUDXVJHELOGH WHQ .RPPXQLNDWLRQV XQG ,QWHUDNWLRQVPHFKDQLVPHQ E]Z SUDNWLNHQ ZLUG HLQ :HFKVHO LP UHOHYDQWHQ3HUVRQHQNUHLVGHU7ULDGHYRQDOOHQ%HWHLOLJWHQDOVHQWVSUHFKHQGHLQVFKQHLGHQGXQG ]XPHLVW DXFK SUREOHPDWLVFK HPSIXQGHQ XQG EHVFKULHEHQ GD ÄHV GRFK OHW]WHQGOLFK HLQH VHKU SHUV|QOLFKH9HUDQVWDOWXQJ³&9& LVW Ä,FK KDEH %HLVSLHOH JHVHKHQ ZR 3RUWIROLRXQWHUQHKPHQ EHL VROFKHQ :HFKVHOQ KLQWHQ UXQWHUJHIDOOHQ VLQG'HQQPDQKDWDOV,QYHVWPHQW3URIHVVLRQDOGDQQQLFKWVHOEVWGDV,QYHVWPHQWJHPDFKWXQGVRPLWLVW GLH0RWLYDWLRQVLFKGDZLUNOLFKKLQWHU]XNOHPPHQQLHGULJHUDOVEHLDQGHUHQ3RUWIROLRXQWHUQHKPHQZR PDQVHOEVWGDV*HOGUHLQJHVWHFNWKDWXQGGDIUQDWUOLFKDXFKGHQ.RSIKLQKlOW³&9& Ä'DV6FKOLPPVWHLVWLPPHUZHQQGLHKDQGHOQGHQ3HUVRQHQVLFKYHUlQGHUQ'LH%8NDQQWRWDO]XIULH GHQ VHLQ -HW]W EHUJLEW GHU GHQ 6WDE DQ MHPDQGHQ XQG GD JHKW XQKHLPOLFK YLHO NDSXWW 'HQQ GDV LVW

JHWULHEHQGXUFK3HUVRQHQXQG%H]LHKXQJHQGLHGDDXIJHEDXWZXUGHQHLQ9HUKlOWQLVHLQH+LVWRULHXQG GLH+LVWRULHGLHNDQQQLFKWVRHLQIDFKEHUJHEHQZHUGHQ8QGDXFKGDV+HU]EOXW:HQQLFKGDV'LQJ YRQHLQHP$QGHUHQEHUQHKPHLVWGDVZLHEHLP.LQGGDVLVWQLFKWPHLQ.LQGGDVVLQGQLFKWPHLQH *HQH³&9& Ä$XI GLH HLJHQHQ 6FKlIFKHQ KDW PDQ PLW 6LFKHUKHLW HLQHQ K|KHUHQ )RNXV HLQIDFK HPRWLRQDO DOV DXI GDVZDVPDQDXIGHQ7LVFKEHNRPPWZHLOGLHHLQHPPLWGHU=HLWDQV+HU]JHZDFKVHQVLQG0DQKDW GLHJHIXQGHQPLWGHQHQ]XVDPPHQJHDUEHLWHWXPGDVGXUFKGDV,QYHVWPHQW%RDUG]XNULHJHQXQGGLHVH JDQ]H+LVWRULHJLEWHVOHLGHUQLFKWLQVRHLQHP'HDO³&9&

(LQ&9&0DQDJHUGHUDXVVHLQHUODQJMlKULJHQ)XQNWLRQLQHLQHDQGHUH2UJDQLVDWLRQZHFKVHO WH HU]lKOW HQWVSUHFKHQG ÄGLH ZDUHQ VFKRFNLHUW DOV VLH JHK|UW KDEHQ GDVV LFK JHKH³ &9& XQG EHVFKUHLEW GLH GDPLW ]XVDPPHQKlQJHQGH 6RUJH XP GHQ P|JOLFKHQ 9HUOXVW GHV EHUHLWV DXIJHEDXWHQ VRFLDO FDSLWDO GD GDPLW QLFKW QXU 9HUWUDXHQ VRQGHUQ DXFK .DQlOH IU GHQ VR EHGHXWHQGHQ:LVVHQVXQG5HVVRXUFHQWUDQVIHUVQHXHUDUEHLWHWXQGHWDEOLHUWZHUGHQPVVHQ Ä'LH GDFKWHQ 2K *RWW KRIIHQWOLFK IlOOW MHW]W QLFKW GLH %H]LHKXQJ ; LVW IU GLH KDOW HLQ 5LHVHQXQWHU QHKPHQXQGZDV;DOV2UJDQLVDWLRQPDFKWLVWHLQIDFKQLFKWWUDQVSDUHQWJHQXJIUGLH$OVRVXFKHQGLH HLQH9HUWUDXHQVSHUVRQXQGZHQQPDQGLHKDWXQGRIIHQUHGHQNDQQGDQQLVWGDVHWZDVY|OOLJDQGHUHV 'LHVHKHQHLQIDFKGDVVGLHVHU:HUWYLHOOHLFKWMHW]WKLQWHQUXQWHUIlOOWXQGGLH7U]XNODSSW'DVLVWIU GLHHLQH5LHVHQDQJVW,FKELQIUGLHOHW]WHQGOLFKGHU0LWWOHUGLH6SHHUVSLW]HLQGLHVHPULHVLJHQIUGLH QDFKZLHYRUDQRQ\PHQ/DGHQ'DVLVWIDVWZLHLQHLQHU%H]LHKXQJ'DVLVWHLQ9HUWUDXHQVYHUKlOWQLV GDVPDQEHUODQJH-DKUHDXIJHEDXWKDWXQGGDVIlOOWDXIHLQPDOKLQWHQUXQWHU³&9&

0LWGHU9HUWUDXHQVSHUVRQJHKWGHP38DOVR]XPHLVWDXFKGHU0HQWRURGHU3URPRWRUYHUORUHQ GHUGDVMHZHLOLJH8QWHUQHKPHQ]XPHLQHQÄDXV+HU]EOXW³]XPDQGHUHQDEHUDXFKDXVUHLQHP |NRQRPLVFKHQ .DONO ± VFKOLHOLFK ZLUG HU EHL (UIROJ WHLOZHLVH GDUDXI SURYLVLRQLHUW ± HQJ EHJOHLWHW XQG I|UGHUW ,Q GHU )ROJH ZHUGHQ :LVVHQVWUDQVIHU XQG ,QQRYDWLRQVJHQHVH ZHQLJHU ZDKUVFKHLQOLFK &9&(LQKHLWDOV0HGLDWRUXQG0RGHUDWRU 9RU GHP +LQWHUJUXQG GHU REHQ EHVFKULHEHQHQ 5LVLNHQ GHU 7ULDGH E]Z IU GLH 7ULDGH GLH NXU]IULVWLJ YRUQHKPOLFK GDV 38 PLWWHO RGHU ODQJIULVWLJ DOOHUGLQJV DXFK GDV &9&3URJUDPP E]ZGDV0XWWHUXQWHUQHKPHQVHOEVWWDQJLHUHQXQGGHP=LHOGLH)XQNWLRQVIlKLJNHLWXQG6LQQ KDIWLJNHLWGHU7ULDGHODQJIULVWLJ]XVLFKHUQHUJLEWVLFKGLH1RWZHQGLJNHLWHLQHUVWHXHUQGHQXQG PRGHULHUHQGHQ(LQKHLWE]Z3HUVRQGLHGLHVH5LVLNHQHUNHQQWXQGDEPLOGHUWXQGVRGHQ7UDQV IRUPDWLRQVSUR]HVV YRQ GHU 3UH ]XU 3RVW,QYHVWPHQW 3KDVH HUOHLFKWHUW 'HU &9& 0DQDJHU LVW IU GLHVH $XIJDEH LQVRIHUQ SUlGHVWLQLHUW DOV HU XP GLH DQJHVSURFKHQHQ 5LVLNHQ VRZLH GHUHQ SRWHQWLHOOQHJDWLYHQ.RQVHTXHQ]HQZHLXQGHQWVSUHFKHQGGD]XEHLWUDJHQNDQQGHUHQ$XVZLU NXQJHQ]XYHUULQJHUQ'LHVEHGHXWHWHLQH1HXDXVULFKWXQJVHLQHU$XIJDEHQLQQHUKDOEGHU7ULD GH EHU GLH =HLW ]XVlW]OLFK ]X GHU UHLQHQ %URNHU EHUQLPPW HU GLH 5ROOH DOV 0RGHUDWRU XQG

0HGLDWRUGHUGDV38LQWHJULHUWXQGIKUWDEHUGHQQRFKLPPHUDXFKGLH,QWHUHVVHQGHV0XWWHU NRQ]HUQVLP$XJHKDWÄ$OVRZLUZDUHQGDQQHLJHQWOLFKPHKUGHU0RGHUDWRUIUGLHVWUDWHJL VFKH6HLWH³&9& Ä,QWKHSRVWLQYHVWPHQWSKDVH,VHHWKHLQYHVWPHQWPDQDJHUDVDNLQGRIDVSRQVRUDNLQGRIJRGIDWKHU RIWKDWDFFRXQWDNLQGRIFKLHIZDWFKLQJRYHUWKHZKROHWKLQJORRNLQJIRUZD\VWKDWZHDVWKHEXVLQHVV XQLWFDQKHOSWKHPEHFDXVHZHPLJKWQRWNQRZHYHU\WKLQJWKDWWKH\QHHG³%8

$XVGHQ,QWHUYLHZVZLUGGHXWOLFKGDVVHVIUGLH&9&0DQDJHUVHKUYLHOOHLFKWHULVW]XPRGH ULHUHQXQG]XYHUPLWWHOQZHQQ]XPHLQHQGLHEHUHLWVDQJHVSURFKHQHNRJQLWLYH$QVFKOXVVIlKLJ NHLW JHJHEHQ LVW VLHKH GD]X DXVIKUOLFK .DSLWHO Ä:LU KDEHQ GLHVH VWUPLVFKH 3KDVH JDQ] JXWJHPHLVWHUW>«@'DVLVWJODXEHLFKGHVKDOEJHOXQJHQZHLOHLQHJHPHLQVDPH*UXQGHLQVWHO OXQJ RGHU HLQH hEHUVFKQHLGXQJ LQ GHU *UXQGHLQVWHOOXQJ GD ZDU³ &9& =XP DQGHUHQ VFKHLQW GLH HEHQIDOOV HUZlKQWH HPRWLRQDOH $QVFKOXVVIlKLJNHLW E]Z hEHUVFKQHLGXQJ UHOHYDQW VLHKH GD]XDXVIKUOLFK.DSLWHO GLH HLQLJH ,QWHUYLHZSDUWQHU DXFK DOV ÄVWLPPHQGH &KHPLH³ EH]HLFKQHQÄ,FKJODXEHPDQNDQQLQGHP-REQXUHIIL]LHQWVHLQZHQQPDQDXFKHUIROJUHLFK HLQH JXWH %H]LHKXQJ PLW GHU )LUPD DXIEDXHQ NDQQ 8QG ZHQQ GD GLH &KHPLH QLFKW VWLPPW GDQQZLUGPDQZDKUVFKHLQOLFKGHQ'HDOJDUQLFKWZHLWHUYRUDQWUHLEHQ³&9& Ä0DQVDJWVRVFK|QPDQWLFNWVHKUlKQOLFK$OVRGLH&KHPLHVWLPPWPLWGHQPHLVWHQRGHUHLJHQWOLFK PLWDOOHQXQGGDQQPDFKWHVHLQIDFKPHKU6SDZHQQVLHMHPDQGHPJHJHQEHUVLW]HQGHUEHPKWLVW GHU/XVWKDWGHU(UIDKUXQJGHU.QRZKRZKDW'DVLVWDXI*HJHQVHLWLJNHLW³%8

1LFKW(UIOOHQGHU%URNHUIXQNWLRQ (LQ PDVVLYHV 3UREOHP HUJLEW VLFK ZHQQ GHU &9&0DQDJHU VHLQHU 5ROOH DOV 0HGLDWRU XQG %URNHU QLFKW DXVUHLFKHQG QDFKNRPPW E]Z QDFKNRPPHQ NDQQ RGHU ZLOO'DQQLVWGHU(UIROJ GHV38XQGGDPLWOHW]WOLFKDXFKGHU(UIROJGHU&9&(LQKHLWJHIlKUGHW'LHVHV1LFKW$XVIOOHQ GHU%URNHUIXQNWLRQLVWLQGHQPHLVWHQ)lOOHQDXIHLQPDQJHOQGHVZHFKVHOVHLWLJHV9HUVWlQGQLV E]Z 9HUVWHKHQ FRJQLWLYH ILW DXI HLQ PDQJHOQGHV ZHFKVHOVHLWLJHV 9HUWUDXHQ WHLOZHLVH DXFK HLQHPDQJHOQGH6\PSDWKLHDIIHFWLYHILW RGHUDXFKXQWHUVFKLHGOLFKH,QWHUHVVHQODJHQFRQDWLYH ILW ]XUFN]XIKUHQ Ä'DZDUKDOWQLHVRHLQH9HUWUDXHQVEDVLVGD]XP*HVFKlIWVIKUHU>«@ 'DVLVWOHW]WOLFKHLQH&KHPLH )UDJH$OVRLFKNDQQHLJHQWOLFKPLWIDVWDOOHQXQWHUVFKLHGOLFKHQ7\SHQXQGGDQQJLEWHVKDOW/HXWHGD ILQGHW PDQ HLQIDFK NHLQH %UFNH ]X 8QG GHU *HVFKlIWVIKUHU ZDU KDOW HLQHU GLHVHU 3HUVRQHQ ZR HV HLJHQWOLFKIDVWXQP|JOLFKZDUGRUWHLQH%UFNH]XNULHJHQ0LWGHPKlWWHLFKDXFK]HKQ%LHUWULQNHQ N|QQHQGDVKDWNHLQH5ROOHJHVSLHOW'DZDUNHLQH%DVLVGD³&9& Ä,FKPHLQHQRUPDOHUZHLVHLVWGLH(UZDUWXQJGDVVDOOH3DUWHLHQDPJOHLFKHQ6WULFNLQGLHJOHLFKH5LFK WXQJ ]LHKHQ XQG GDV LVW GDQQ QDWUOLFK WROO DEHU EHL XQV LVW GDV JDQ] RIIHQVLFKWOLFK DQGHUV JHODXIHQ 9|OOLJXQWHUVFKLHGOLFKH6DFKHLQVFKlW]XQJY|OOLJXQWHUVFKLHGOLFKH,QWHUHVVHQODJHQXQGY|OOLJXQIlKLJH &9&0DQDJHU³38

.XU]XP DXIJUXQG HLQHV PDQJHOKDIWHQ UHODWLRQDO ILW %:HEHU&:HEHU IDQGHQ :LV VHQVWUDQVIHUXQGHQWVSUHFKHQGDXFK,QQRYDWLRQVJHQHVHLQJHULQJHPRGHUJDUNHLQ0DHVWDWW $XIIDOOHQG LVW GDVV GLHVHV 1LFKW$XVIOOHQ GHU %URNHUIXQNWLRQ XQG GLH GDPLW ]XVDPPHQKlQ JHQGHQ HQWWlXVFKWHQ (UZDUWXQJHQ VHLWHQV GHU 38V JHKlXIW LQ GHU %H]LHKXQJ ]X EHVWLPPWHQ ,QYHVWRUHQ]XILQGHQVLQGEHLDQGHUHQ,QYHVWRUHQZHUGHQGHUDUWLJH.RQIOLNWHJDUQLFKWRGHULQ JHULQJHP0DHEHULFKWHW(VVFKHLQWDOVRHLQGHXWLJ]XYHUOlVVLJHUHXQGYHUOlVVOLFKHUH,QYHVWR UHQ ]X JHEHQ GLH GDV 5LVLNR GHUDUWLJHU .RQIOLNWH LQ GHU 5HJHO LP 9RUIHOG PLQLPLHUHQ +LOI UHLFKVFKHLQHQLQVEHVRQGHUH]ZHL6WUDWHJLHQ=XPHLQHQN|QQHQZLHZHLWHUYRUQHEHVFKULHEHQ GLH=XVDJHQGHU%8VEHUHLWVLQGHU3UH,QYHVWPHQW3KDVHLQ]XVlW]OLFKHQ%XVLQHVV$JUHHPHQWV YHUWUDJOLFKIHVWJHKDOWHQZHUGHQ,Q'\HUXQG6LQJKV 7HUPLQRORJLHVLQGGLHVÄIRU PDOWKLUGSDUW\HQIRUFHPHQWJRYHUQDQFHPHFKDQLVPV³ Ä'LH %HWHLOLJXQJVYHUWUlJH ZHUGHQ PLW XQV JHPDFKW DEHU VHSDUDW GDYRQ JLEW HV QRFK HLQ %XVLQHVV $JUHHPHQW]ZLVFKHQGHU)LUPDXQGHLQHUXQVHUHU*HVFKlIWVHLQKHLWHQ'DVWHKWGDV*HEHQXQG1HKPHQ GULQ ZDV VLQG GLH EHUHLW IU GDV 3RUWIROLRXQWHUQHKPHQ ]X WXQ ZHOFKH $QVSUHFKSDUWQHU ZHOFKH 5HV VRXUFHQHWF'DUDXIN|QQHQZLUXQVGDQQVSlWHULPPHUEHUXIHQ'DVLVWZLFKWLJ³&9&

=XP DQGHUHQ VFKHLQHQ LQIRUPHOOH ÄVHOIHQIRUFPHQW JRYHUQDQFH PHFKDQLVPV³ '\HU6LQJK KLOIUHLFKVLHKH.DSLWHO]XP5HODWLRQDO9LHZ LQGHPEHLVSLHOVZHLVHDXI%DVLV YRQ5HSXWDWLRQVRZLH5H]LSUR]LWlWVQRUPHQ9HUVSUHFKHQDQNRQNUHWH3HUVRQHQJHEXQGHQZHU GHQÄ0DQKDWLPPHUHLQHQ$QVSUHFKSDUWQHU,PPHU3HUVRQHQ6LHEUDXFKHQLPPHUHLQHNRQN UHWH3HUVRQGLHYHUSIOLFKWHWLVWXQGVLFKYHUSIOLFKWHWIKOWVLFKGDUXP]XNPPHUQ³%8 Ä'LH=XVDPPHQDUEHLWEDVLHUWQXUDXI1HW]ZHUNHQQXUDXISHUV|QOLFKHQ.RQWDNWHQXQGLVWVHKUNRRSH UDWLY'DVN|QQWHPDQQDWUOLFKDXFKYHUVXFKHQPLW3DSLHU]XXQWHUVWW]HQDEHULFKVDJH,KQHQJDQ] HKUOLFK3DSLHULVWJHGXOGLJ:HQQMHW]WGLH3HUVRQHQZHFKVHOQXQGGLHVLFKQLFKWPHKUYHUVWHKHQGDQQ ZLUGHVVFKZLHULJZHLWHU]XVDPPHQ]XDUEHLWHQGHQQGLH%DVLVELOGHQLPPHUGLH0HQVFKHQ³%8

7KH&9&PDQDJHUV¶³ELUG¶VH\HYLHZ´ 8QVHUH'DWHQEHVWlWLJHQGDVYRQ+DUJDGRQ EHVFKULHEHQHXQGDXI1RQDND]XUFNJHKHQ GHDQDORJH'HQNHQLQGHQ)RNXVGDV:LVVHQVWUDQVIHUXQG,QQRYDWLRQLQ1HW]ZHUNHQHUOHLFK WHUW'HQQLQGHPGHU&9&0DQDJHUÄWHQGWRDFTXLUHNQRZOHGJHZLWKDQH\HWRZDUGVLWVXVH IXOQHVVLQRIWHQYHU\GLIIHUHQWEXWDV\HWXQNQRZQ VLWXDWLRQV³HEG LVWLKPDQGHUVDOV GHQLPHLJHQHQ*HVFKlIWYHUKDIWHWHQ%80DQDJHUQGLH0|JOLFKNHLWJHJHEHQDXVGHUÄ9RJHO SHUVSHNWLYH³ HQWZHGHU 1HXHV ]X HQWGHFNHQ RGHU DEHU QHXH $QZHQGXQJVP|JOLFKNHLWHQ IU EHUHLWV %HVWHKHQGHV LQ QHXHQ 8PIHOGHUQ VSULFK ,QQRYDWLYHV ]X HUNHQQHQ Ä%\ ZRUNLQJ LQ PDQ\GLIIHUHQWGRPDLQVNQRZOHGJHEURNHUVDUHDEOHWROHDUQPDQ\GLIIHUHQWZD\VWRVHHVLWXD WLRQVWKDWLQKDELWDQWVRIDVLQJOHGRPDLQWDNHDVJLYHQ³HEG

Ä0DQVLHKWMDVRYLHO8QWHUVFKLHGOLFKHV,FKKDEHLPOHW]WHQ-DKUNQDSS%XVLQHVVSOlQHJHSUIW'D OHUQWPDQYLHOGDVLHKWPDQYLHOGDZHLPDQZLH0lUNWHZLH7HFKQRORJLHQIXQNWLRQLHUHQ0DQKDW GDQQHEHQHLQHQhEHUEOLFNXQGHLQHQDQGHUHQ)RNXVDXIGLH'LQJHXQGNDQQJODXEHLFKDQPDQFKHQ 6WHOOHQHLQIDFKEHVVHUHQ,QSXWOLHIHUQZHLOPDQGLH'LQJHGLHPDQDQHLQHU6WHOOHNDSLHUWKDWDQGHU DQGHUHQ6WHOOHZLHGHUHLQEULQJHQNDQQ³&9& Ä(UKDWHKHUGLH9RJHOSHUVSHNWLYHZlKUHQGZLUGDV0DQDJHPHQWQLFKWGLH)URVFKSHUVSHNWLYHKDEHQ DEHU]XPLQGHVWLVWXQVHUH3HUVSHNWLYHHLQJHVFKUlQNWHUXQGHUVLHKWZDVEHLDQGHUHQ%HWHLOLJXQJHQOlXIW GDVHUZLHGHUXPDQXQVZHLWHUJHEHQRGHUEHLXQVLQlKQOLFKHU)RUPDQZHQGHQNDQQXQGGDVKLOIWPLU QDWUOLFKGDQQDXFK'DVLVWZLUNOLFKHLQHVWDUNH8QWHUVWW]XQJ³38 Ä'LHVH /HXWH KDEHQ MD PHKUHUH VROFKH 9HUDQVWDOWXQJHQ NHQQHQ YLHOH &)2V YLHOH )LUPHQ GLH YHU JOHLFKEDUH 3UREOHPH KDEHQ 'DGXUFK N|QQHQ GLH RIWPDOV $QUHJXQJHQ RGHU ,GHHQ HLQEULQJHQ DXI GLH PDQVHOEVWRKQHGLHVH]XVlW]OLFKHQ%HLVSLHOHYRQGUDXHQQLFKWNRPPWRGHUQLFKWGUDQGHQNW³38

1HW]ZHUNWUDQVIRUPDWLRQ±2XWSXWXQG,PSOLNDWLRQHQ

:HQQ GLH &9&0DQDJHU LKUHU 5ROOH DOV %URNHU DXVUHLFKHQG QDFKNRPPHQ E]Z LKU DXFK JH UHFKWZHUGHQN|QQHQ GKLKUH5ROOHDOV%UFNHQJOLHGE]ZERXQGDU\VSDQQHULP1HW]ZHUN ZDKUQHKPHQN|QQHQ VFKHLQWGLH:DKUVFKHLQOLFKNHLWGHV(UIROJVGHV38XQGGDPLWOHW]WOLFK DXFK GHU (UIROJ GHU &9&(LQKHLW ]X VWHLJHQ GK ,QQRYDWLRQVJHQHVH NDQQ HUIROJHQ ,PSOL]LW ZLUGGDPLWGHXWOLFKGDVVIUGHQ&9&0DQDJHUHLQHHUIROJUHLFKH$UEHLWDOV%URNHUEHGHXWHW VHLQHQÄ:HWWEHZHUEVYRUWHLO³JHJHQEHUGHP38EHUGLH=HLW]XUHGX]LHUHQVRGDVVGLHUHOH YDQWHQ.RQWDNWHZHLWHUJHJHEHQXQGEHL%HGDUIXQDEKlQJLJYRP&9&0DQDJHUDXIUHFKWHUKDO WHQXQGJHSIOHJWZHUGHQN|QQHQ =XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVVLFKGDVVR]LDOH1HW]ZHUNGHU&9&(LQKHLW E]Z GHU &9&7ULDGH QLFKW QXU SHUPDQHQW YHUlQGHUW VRQGHUQ GDVV GLHVH 9HUlQGHUXQJHQ EH VRQGHUVQDFKKDOWLJYRQGHU3UH]XU3RVW,QYHVWPHQW3KDVHHUIROJHQ'DV(UJHEQLVGHULQGHU 5HJHOPHKUMlKULJHQ=XVDPPHQDUEHLWLVW±XQWHU1HW]ZHUNVRFLDOFDSLWDOXQG:LVVHQVWUDQV IHU*HVLFKWVSXQNWHQ±LQGHQPHLVWHQ)lOOHQIUDOOHGUHL6HLWHQLQVEHVRQGHUHDEHUIUGDV38 HLQ JU|WHQWHLOV QHXHV 1HW]ZHUN 'DV 3RVW,QYHVWPHQW 1HW]ZHUN LVW LQ 7HLOHQ HUZHLWHUW GK QHXH%H]LHKXQJHQNDPHQKLQ]XLQDQGHUHQPLWWOHUZHLOHREVROHWJHZRUGHQHQ7HLOHQZXUGHHV DXIJHO|VWXQGLQZLHGHUDQGHUHQ7HLOHQYHUWLHIW,QMHGHP)DOOKDQGHOWHVVLFKXPHLQ1HW]ZHUN GDV VLFKLP 9HUJOHLFK ]XU 3UH,QYHVWPHQW3KDVH VWDUN YHUlQGHUW KDW XQG LQ 7HLOHQ YHUlQGHUWH $XIJDEHQ HUIOOW VLHKH $EELOGXQJ %HLVSLHOVZHLVH HQWZLFNHOWH VLFK LQ GHU 0HKU]DKO GHU )lOOHDXVGHUDQIlQJOLFKHQZHDNWLH]ZLVFKHQ38XQG&9&(LQKHLWEHUGLH=HLWHLQH VWURQJ WLHDXVGHULP/DXIHGHU%H]LHKXQJHLQKRKHV0DDQVRFLDOFDSLWDOHUZXFKVÄ'DLVWEHUGLH -DKUH HLQH VHKU HQJH %H]LHKXQJ HQWVWDQGHQ GLH PLU OHW]WHQGOLFK YLHO PHKU ,QIRUPDWLRQHQ ]X JlQJOLFK PDFKW DOV GLH >GDV 38@ YLHOOHLFKW DQ ; >GDV 0XWWHUXQWHUQHKPHQ DOV *DQ]HV@ JHEHQ

ZUGHQ³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|JOLFKHQ 8QWHU :LVVHQV XQG 5HVVRXUFHQDVSHNWHQ LVW GDV (UJHEQLV E]ZGHU 2XWSXW GHU 7ULDGHHQWVSUHFKHQGHLQHHUZHLWHUWH:LVVHQVEDVLVGLHGXUFK:LVVHQVRGHU5HVVRXUFHQWUDQVIHU XQGJHQHVHHUP|JOLFKWZXUGH$XVGHQPHLVWHQ&9&7ULDGHQZXUGHEHULFKWHWGDVVHLQKRKHV 0DDQ:LVVHQVWUDQVIHUUHDOLVLHUWQHXHVXQGJHPHLQVDPHV:LVVHQNUHLHUWVRZLH/HUQNXUYHQHI IHNWHLQGHUODQJIULVWLJHQ3DUWQHUVFKDIWHU]LHOWZHUGHQNRQQWHQ(VZLUGGHXWOLFKGDVV/HUQHU IDKUXQJHQXQG :LVVHQV]XZDFKVVLFKDXIDOOHQGUHL6HLWHQGHU7ULDGHHUJHEHQ&9&%8XQG 38VLHKHDXVIKUOLFK%:HEHU&:HEHU Ä%HLGHP]ZHLWHQ'HDOZDUHQZLUZHVHQWOLFKHQWVSDQQWHU+DXSWJUXQGLVWGDVVHVHEHQIDOOVHLQ6SLQ RXW YRQ ; LVW DOVR GHP JOHLFKHQ 9HUWUDJVSDUWQHU 'DV 9HUKlOWQLV JDE HV VR]XVDJHQ VFKRQ =ZHLWHQV ZXVVWHQGLHJHQDXZDVZLUZROOHQXQGNDQQWHQXQJHIlKUGHQ9RUJDQJ:LUNRQQWHQ'RNXPHQWHGLH ZLUIUGHQHUVWHQ'HDOHQWZLFNHOWKDWWHQEHLP]ZHLWHQZLHGHUDQZHQGHQ'HU$XIZDQGZDULP9HU KlOWQLVYLHOOHLFKWGKZLUKDEHQHLQHHUKHEOLFKH/HUQNXUYHKLQWHUXQVJHEUDFKW³&9& Ä$OVRZLUKDEHQYLHOJHOHUQWZLUYHUVWHKHQKHXWHYLHOEHVVHUZDVGHQHQZLUNOLFKZLFKWLJLVW6RNDQQ PDQ)HKOHULQ=XNXQIWYHUPHLGHQ'HQQZLUPDFKHQMDQRFKDQGHUH6SLQRIIVXQGJHKHQZHLWHUGXUFK GLHVH3UR]HVVHGDQQKRIIHQWOLFKZLHGHUPLWXQVHUHQDOWHQ,QYHVWRUHQZHQQGLHPLWPDFKHQ³38

Tabelle 14: Lernen und Wissenstransfer in der CVC-Triade BU / Muttergesellschaft Verständnis Nischenmärkten

CVC von Verständnis Organisation/ Fragen

PU der

eigenen Strategische Orientierung strategische Management

Neue Technologien & Software

“Analogical reasoning” zum Matchmaking von BU & PU

Neue Prozesse

Entwicklung und Verbesserung Zugang zu Netzwerken eigener Prozesse Dienstleistungen

Neue Netzwerke Beziehungen in Entrepreneurship Szene Forschungsinstituten Universitätskreisen

& die zu &

&

Technisches know-how &

Praktisches, operatives know how (Finanzierung, Produktion Vertrieb, Rechtliches, Human Ressources etc.) Persönlichkeitsentwicklung/ Management Skills

/HUQHUIDKUXQJHQDXI%8XQG&9&(EHQHEHWUHIIHQ]XPHLQHQXQGJDQ]YRUQHKPOLFKNRQNUH WH,QKDOWHEHUQHXH7HFKQRORJLHQ(QWZLFNOXQJHQXQG9HUIDKUHQLQGHQHQGLHMHZHLOLJHQ%8V DJLHUHQHWF'DUEHUKLQDXVEHULFKWHQ&9&0DQDJHUDXFKEHU/HUQHUIDKUXQJHQDXIGHU3UR ]HVVHEHQH EHLVSLHOVZHLVH KLQVLFKWOLFK GHV JHHLJQHWHQ 8PJDQJV PLW GHQ 38V EHU KLOIUHLFKH 7RROV ]XU )UKHUNHQQXQJ YRQ )HKOHQWZLFNOXQJHQ EHU HUIROJUHLFKH )|UGHU XQG (QWZLFN OXQJVSURJUDPPH RGHU DXFK 6WHXHUXQJVP|JOLFKNHLWHQ LQ .ULVHQVLWXDWLRQHQ Ä0DQ OHUQW EHL MHGHP'HDO ZLHGHU1HXHVKLQ]X=XPHLQHQQDWUOLFKLQKDOWOLFKDEHUDXFKYLHOZLHPDQDP EHVWHQPLWGHQHQXPJHKWXQGVR³&9& 'HV:HLWHUHQHUJHEHQVLFK/HUQHUIDKUXQJHQIU GLH%HWHLOLJWHQDXVGHU,QWHUDNWLRQPLWH[WHUQHQ'ULWWHQGLHHQWZHGHUDOV]XYHUOlVVLJH3DUWQHU LGHQWLIL]LHUW RGHU DOV Ä1R*RV³ DXVVRUWLHUW ZHUGHQ Ä:LU KDEHQ (UIDKUXQJHQ LP 8PJDQJ PLW H[WHUQHQ3DUWHLHQJHPDFKWZRPDQVDJWGDVVLQGDEVROXWH1RJR3DUWQHUPLWGHPNDQQPDQ VHKUJXW]XVDPPHQDUEHLWHQRGHUKLHUPXVVWGXPLWGHPDUEHLWHQGHULVWZLUNOLFKNRPSHWHQW³ &9& 'DUEHU KLQDXV EHULFKWHQ ]ZHL &9&0DQDJHU QLFKW QXU YRQ NRQNUHWHQ HKHU LQGLYLGXHOOHQ /HUQHUIDKUXQJHQ VRQGHUQ DXFK YRQ LP .RQ]HUQ JH]LHOW DXIJHVHW]WHQ 3URJUDPPHQ ]XU NRQ ]HUQZHLWHQ:HLWHUJDEHGHUOHDUQLQJVDXV GHU&9&7lWLJNHLW Ä:DVZLUEHLMHGHP'HDOPDFKHQLVWVRHLQSRVWLQYHVWPHQWUHSRUWZDVZLUGDUDXVJHOHUQWKDEHQXQG GDVVFKLFNHQZLUDXFK]ZLVFKHQGHQ7HDPVKLQXQGKHU:LUVDJHQPLWGHQ(UZDUWXQJHQXQG9RUDXV VHW]XQJHQVLQGZLUUHLQJHJDQJHQGDVZDUHQOHW]WHQGOLFKGLH3UREOHPHGDVZDUHQGLH9RUXQG1DFKWHL OHXQGGDVLVWKLQWHQUDXVJHNRPPHQ:DVKDEHQZLUGDEHLJHOHUQW":DVKDEHQZLUJHOHUQWLP8PJDQJ PLWGHU)LUPDPLWGHQ$QZlOWHQPLW GHQ&R,QYHVWRUHQZDVKDEHQ ZLU JHOHUQW LQ %H]XJDXI 'HDOV WUXNWXUXVZ"'DVPDFKHQZLUEHLMHGHPHLQ]HOQHQ,QYHVWPHQW³&9& Ä(LQ7HLOPHLQHU%H]DKOXQJLVWHLQ%RQXVXQGGHUKDWHLQHQJHZLVVHQ$QWHLOYRQ7UDLQLQJLFKPXVV 6WXQGHQ 7UDLQLQJ LP -DKU DEVROYLHUHQ DOVR KLQNRPPHQ XQG HLQH JHZLVVH $Q]DKO YRQ 7UDLQLQJV DXFK JHQHULHUHQ XP GLHVHQ $QWHLO YRQ GHP %RQXV ]X EHNRPPHQ 'DV KHLW LFK PXVV VHOEHU HLQLJH YRQ GLHVHQ7UDLQLQJVLQV/HEHQUXIHQ,FKPXVV,GHHQHQWZLFNHOQZDVLFKPHLQHP7HDPQRFKEHLEULQJHQ NDQQ'DUDQZHUGHLFKPLWEHPHVVHQGKLFKKDEHDXFKHLQSHUV|QOLFKHV,QFHQWLYHPHLQH(UIDKUXQJHQ ZHLWHU]XNRPPXQL]LHUHQGHQQGDVEHWULIIWOHW]WHQGOLFKZLHGHUXPLQGLUHNWPHLQHQ%RQXV³&9&

(LQ7HLOGHUHQRUPHQ%DQGEUHLWHGLHVHV7UDQVIHUVE]ZGHU*HQHVHZLUGKLHUH[HPSODULVFKDP %HLVSLHO GHV 38 DQKDQG DXVJHZlKOWHU =LWDWH DXIJHIKUW VLHKH 7DEHOOH :LVVHQV]XZDFKV HUVWUHFNW VLFK YRQ 'LVNXVVLRQHQ PLW GHU &9&(LQKHLW RGHU GHU %8 KLQVLFKWOLFK VWUDWHJLVFKHU $XVULFKWXQJHQ GHU 3RUWIROLRXQWHUQHKPHQ EHU IDFKOLFKHQ PHLVW WHFKQLVFKHQ :LVVHQVWUDQVIHU ELVKLQ]XP&9&DOVSHUV|QOLFKHQ&RDFKRGHU0HQWRU

7DEHOOH

:LVVHQVXQG5HVVRXUFHQWUDQVIHUIU3RUWIROLRXQWHUQHKPHQ

6WUDWHJLVFKH $XVULFKWXQJ

)DFKOLFKHVWHFKQLVFKHV .QRZKRZ

3UDNWLVFKRSHUDWLYHV .QRZKRZ 'LHQVWOHLVWXQJHQ

6RXQGLQJ%RDUG &RDFK0HQWRU

Ä(VJLEW3XQNWHZRLFK DXVGLHVHQ6LW]XQJHQ UDXVJHJDQJHQELQXQG JXWHVWUDWHJLVFKH $QUHJXQJHQPLWJH QRPPHQKDEH:RLFK VDJH0HQVFKLQ PHLQHP$OOWDJZlUH LFKDXIGLH,GHHGDVVR ]XKDQGKDEHQRGHU GHQMHQLJHQ$VSHNW]X EHWUDFKWHQQLFKW JHNRPPHQ'DVLVW SRVLWLY³38

Ä:LUPDFKHQKLHU &KLSVIUGLHZLU JHZLVVH3UR]HVVH HLQJHIKUWKDEHQ:LU ZDUHQXQVUHFKWVLFKHU GDVVHVVRJHKHQPXVV DEHU;KDWXQVGDQQ JHVDJWMDGDVLVWULFKWLJ VR'DVZDU%HUXKLJXQJ IUXQVHUH3URGXNWLRQV 0DQDJHUGDVVHVRIIHQ VLFKWOLFKYRQGHQ*UR HQLP%XVLQHVVDXFKVR JHVHKHQZLUG³38

ÄhEHUGHUHQ5HVHDUFK XQG0DUNHWLQJDEWHLOXQJ N|QQHQGLHHLQIDFKXQ KHLPOLFKVFKQHOOPDO 'LQJHIUXQVKHUDXVILQ GHQRGHUIUXQVHUDUEHL WHQZRIUZLUVRQVW MHPDQGHQEHDXIWUDJHQ PVVWHQGHULP=ZHLIHOV IDOOQLFKWVRVFKQHOOQLFKW VRJXWXQGQLFKWVRJQVWLJ ZlUH³38

Ä$OVR]X%HJLQQDOVLFK GDDQJHIDQJHQKDEHXQG QRFKNHLQH(UIDKUXQJ KDWWHZDVPDFKWHLJHQW OLFKGHU&(2GDKDWPLU ,QWHOJHVDJWZDVHLQ &(2PDFKWZDVLFK ZLUNOLFKPDFKHQPXVV HLQIDFKPLUHLQELVVFKHQ GHQ5FNHQJHVWlUNW³ 38

Ä:LUKDEHQ:RUN VKRSVDXHUKDOEGHU *HVHOOVFKDIWHUYHU VDPPOXQJJHPDFKWZR ZLUYHUVXFKWKDEHQPLW ;>&9&@]XVDPPHQLQ HLQHP7DJHVZRUNVKRS HLQHQHXHVWUDWHJLVFKH $XVULFKWXQJ]XHUDUEHL WHQXQGVRZHLWHU 'LHVH+LOIHVFKRQZDU GD'LHKDEHLFKDXFK DOVVHKUSRVLWLYHPS IXQGHQ'DVLVWVHKU SRVLWLYKHUYRU]XKHEHQ³ 38

Ä:LUKDEHQGHQHQEHL GHU6WUXNWXULHUXQJGHV 6SLQRXWEHLNRPPHU ]LHOOHQ7KHPHQJHKRO IHQ:LUKDEHQJHKROIHQ )HUWLJXQJXQG+HUVWHO OXQJ]XRSWLPLHUHQ KDEHQGHQHQ([SHUWHQLQ GLH6FKZHL]JHVFKLFNW EHVWLPPWH3UR]HVVH]X YHUEHVVHUQGKGLH 4XDOLWlWGHV3URGXNWHV YHUEHVVHUWVLFK'DV QHQQWPDQ\LHOGGKGLH KDEHQZHQLJHU$XVIDOO HLQHK|KHUH3URGXNWTXD OLWlWXQGVRPLWGLH .RVWHQQDFKXQWHQ JHVFKUDXEW³&9&

Ä:LUKDEHQ9HUPDUNWXQJ GRUWJHPDFKW4XHUVFKQLWW VIXQNWLRQHQIUGDV8QWHU QHKPHQZDKUJHQRPPHQ )LQDQ]XQG5HFKQXQJ VZHVHQ3HUVRQDOZHVHQ GDVOLHIDOOHVEHUXQV:LU KDEHQGLHDXIXQVHUHQ 2QOLQH7LWHOQHLQJHEXQ GHQ5DEDWWLHUWLQ:HUEH OHLVWXQJHQ+DEHQ0HGLD OHLVWXQJHQIUGLHEHU QRPPHQ5DEDWWLHUWH $Q]HLJHQVFKDOWXQJXQWHU GHQ2EMHNWHQXQGHLQH NRVWHQORVH(LQELQGXQJDOV 6SRQVRULQJLQXQVHUHQ 3XEOLNDWLRQHQ³&9&

Ä7ROOVLQGGLHVH9HUDQV WDOWXQJHQ]XEHVWLPPWHQ 7KHPHQ-HW]WZDU EHLVSLHOVZHLVHHLQ :RUNVKRSQXUIU&)2V LQGHU,16($'XP EHVVHUXQVHU:DFKVWXP PDQDJHQ]XN|QQHQ *HOGVLQQYROOHUHLQ]X VHW]HQHWF'DVZDUVHKU KLOIUHLFK³38

6WUDWHJLVFKH $XVULFKWXQJ

)DFKOLFKHVWHFKQLVFKHV .QRZKRZ

Ä'LVNXVVLRQHQ]XP 7KHPD6WUDWHJLHVLQG QDWUOLFKPLWHLQHP &9&Y|OOLJDQGHUV]X IKUHQDOVPLWHLQHP 9&GHQQGLHYHUVWHKHQ JHQDXZDV,%0WXW ZDVHLQ0LFURV\VWHPV DOV*HJHQSDUWPDFKW YHUVWHKHQZLHGLH EHLGHQVLFKSRVLWLRQLH UHQVDJHQÃ:LUVHKHQ GD5LVLNHQRGHU&KDQ FHQIUHXFKLQHXHUP 0DUNW¶%HLGLHVHQ 'LVNXVVLRQHQGLHGDQQ DXIHQWVSUHFKHQG KRKHP/HYHODEODXIHQ NDQQ;VHKUYLHO EHLWUDJHQ'LHGLVNXWLH UHQPLWXQVTXDVLDXI $XJHQK|KHZDVGDV .QRZKRZDQJHKW³ 38

Ä:RGLH>GLH0XWWHUJH VHOOVFKDIW@HLQH5ROOH VSLHOWLVWLQ6DFKHQ .QRZKRZZLHHQWZL FNHOWPDQ6RIWZDUHZLH HQWZLFNHOWPDQEHU KDXSWHWZDVPLWZHP PDFKWPDQVRZDV"$XI GLHVHU(EHQHJDEHV DXFK=XVDPPHQDUEHL WHQZRGDQQXQVHU &9&0DQQHLQHQ RSHUDWLYHQ;0DQQDXV GHU%XVLQHVV8QLW KHUDQJH]RJHQXQG JHVDJWKDWÃ*HKGRFK PDO]X;XQGVFKDX'LU GHQ(QWZLFNOXQJVSUR ]HVVDQREGD2SWLPLH UXQJHQP|JOLFKVLQG¶ $OVRZRYRQGHU6HLWH GDQQDXVYHUVXFKWZLUG GDQQ.QRZKRZDXFK ]XEHUWUDJHQ³38

3UDNWLVFKRSHUDWLYHV .QRZKRZ 'LHQVWOHLVWXQJHQ Ä(VJLEW]DKOUHLFKH.OHL QLJNHLWHQZRPDQYRQ GHQHQSURILWLHUHQNDQQ %HLHLQHQSUHVVUHOHDVH N|QQHQGLHHLQHPVDJHQ ZLHPDQGDVPDFKW%HL HLQHP3DWHQWSUREOHP N|QQHQVLHHLQHPVDJHQ ZHUVSH]LDOLVLHUWLVWXQG HLQH3HUVRQQHQQHQGLH VFKRQPDOIUGLHJHDUEHL WHWKDW0DQVSULFKWPLW HLQHU9HQWXUH/HDVLQJ )LUPDEHNRPPWHLQHQ; VHLWLJHQ9HUWUDJPLW .DXGHUZHOVFKXQGGDQQ NDQQPDQGHQGHQHQ]XU %HJXWDFKWXQJJHEHQGLH VFKDXHQVLFKGDVDQXQG VDJHQGDVLVWQRUPDOGDV LVWJXWVR'LHVH6DFKHQ VLQGVHKUKLOIUHLFK³ 38

6RXQGLQJ%RDUG &RDFK0HQWRU Ä'HU,QYHVWPHQWPDQD JHULVWIUPLFKHLQVHKU ZLFKWLJHU$QVSUHFKSDUW QHUVRHUVWHV,QVWDQ]IU DOOHVMD$OVRÃ0HQVFK ;ZDVVROOHQZLUGHQQ KLHUPDOPDFKHQLFK KDEHPLUGDVXQGGDV JHGDFKWZDVVDJVW'X GHQQGD]X"¶0LWGHP OlXIWGDVZLUNOLFKJXW(U LVWJHZLVVHUPDHQ 0LWWHOVPDQQHVJLEW EHVWLPPWH'LQJHGD HUKRIIHLFKPLUYRQ/DUV DOVREMHNWLYHP'ULWWHQ HLQIDFKLUJHQGHLQQHXHV $UJXPHQWRGHUHLQH DQGHUH6LFKWZHLVH³ 38

,QGHQPHLVWHQ&9&7ULDGHQZLUGEHUHLQHQVXEVWDQWLHOOHQ$XIEDXYRQVRFLDOFDSLWDOEHUGLH =HLW EHULFKWHW (V ]HLJW VLFK GDVV LQ GHU 5HJHO HQJH %H]LHKXQJHQ ]X 3DUWQHUQ NXU]IULVWLJ HLQ 3OXV EHGHXWHQ ]% ZHJHQ GHV GDUDXV DEJHOHLWHWHQ 9HUWUDXHQV $OOHUGLQJV ]HLJW VLFK DXFK GDVV GLHVH ODQJIULVWLJ HLQ SRWHQWLHOOHV 0LQXV GDUVWHOOHQ N|QQHQ ]% DXIJUXQG GHU 9HUSIOLFK WXQJ ]XU 5H]LSUR]LWlW (LQ VWUDWHJLVFKHU )LW ]ZLVFKHQ 0XWWHUXQWHUQHKPHQ XQG 38 EHGHXWHW ]XQlFKVWHLQ3OXV]%DXIJUXQGSRWHQWLHOOHU6\QHUJLHQDXI%DVLVGHUMHZHLOLJHQ.HUQNRPSH WHQ]HQ 'HQQRFKZLUGDQGHUHUVHLWVGHXWOLFKGDVVDXFKGLHVVLFKLQHLQ1HJDWLYXPYHUZDQGHOQ NDQQ KLHU DOV VWUXNWXUHOOHU ORFNLQ EH]HLFKQHW ± DOV (UJHEQLV HLQHU VWUDWHJLVFKHQ 1HXRULHQWLH UXQJHLQHUGHUEHLGHQ3DUWQHU'DGDVDQIlQJOLFKHVWUDWHJLVFKH&RPPLWPHQWIUGHQ)DOOHLQHU HLQVHLWLJHQ VWUDWHJLVFKHQ 5HRULHQWLHUXQJ LPPHU DXFK HLQ JHZLVVHV 0D DQ ,QIOH[LELOLWlW PLW VLFKEULQJWN|QQHQGLHHLJHQWOLFKHQ.HUQNRPSHWHQ]HQVFKQHOOLQ.HUQULJLGLWlWHQGHJHQHULHUHQ 'LHVH5HVWULNWLRQJLOWDXFKIUGHQ)DOOHLQHVP|JOLFKHQ9HUNDXIVGHV,QGXVWULHXQWHUQHKPHQV (LQ HQJHU UHODWLRQDO ILW ]ZLVFKHQ GHQ 3DUWQHUQ :HEHU:HEHU 7KRUQKLOO$PLW NDQQHEHQIDOOV]ZHL'LQJHEHGHXWHQHLQ3OXVDXIJUXQGZHFKVHOVHLWLJHU6\PSDWKLHQJHWHLOWHU 1RUPHQ XQG =LHOH XQG HLQHU JHPHLQVDPHQ .RPPXQLNDWLRQVHEHQH RGHU DXFK HLQ 0LQXV EHL

VSLHOVZHLVH KHUYRUJHUXIHQ GXUFK VHOWHNWLYH NRJQLWLYH 0XVWHU XQG GLH GDPLW DVVR]LLHUWH HLQJH VFKUlQNWH,QIRUPDWLRQVDXIQDKPH 'LVNXVVLRQ 0LW XQVHUHU H[SORUDWLYHQ $QDO\VH KDEHQ ZLU HUIROJUHLFK /LFKW DXI GLH LQ GHU )RUPDWLRQ XQG 7UDQVIRUPDWLRQGHU&9&7ULDGHLQYROYLHUWHQ3UR]HVVHGLHVR]LDOHQ1HW]ZHUNHXQGGLHUHVXO WLHUHQGH '\QDPLN GHV VRFLDO FDSLWDO ZHUIHQ N|QQHQ ± 7KHPHQ GLH ELVODQJ LQ GHU /LWHUDWXU YHUJOHLFKVZHLVH ZHQLJ $XIPHUNVDPNHLW HUIDKUHQ KDEHQ )RNXVVLHUW ZXUGHQ GHU 3UR]HVV GHV LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUV DOV 0LWWHO ]XU ,QQRYDWLRQ VRZLH GLH 5ROOH GHV &9& 0DQDJHUV DOV .QRZOHGJH %URNHU ERXQGDU\ VSDQQHU XQG 0HGLDWRU :LU NRQQWHQ ]HLJHQ ZLH VLFK &9&1HW]ZHUNH EHU GLH =HLW IRUPLHUHQ XQG YHUlQGHUQ GDEHL EHVWlWLJWHQ ZLU +LWH XQG +HVWHUO\V WKHRUHWLVFKH (UNHQQWQLVVH XQG NDPHQ 3DUNKH HW DOV 5XI QDFK PHKU SUR]HVVRULHQWLHUWHU1HW]ZHUNIRUVFKXQJQDFK$XI%DVLVXQVHUHV)RUVFKXQJVREMHNWVNRQQWHQZLU GHXWOLFK ]ZHL DXV 1HW]ZHUNSHUVSHNWLYH XQWHUVFKLHGOLFKH 3KDVHQ LGHQWLIL]LHUHQ HLQH 3UH XQG HLQH3RVW,QYHVWPHQW3KDVH 1LFKWEHVWl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hEHU JDQJ YRQ GHU HLQHQ ]XU DQGHUHQ 3KDVH VWDWWILQGHW .HQQ]LIIHUQ ZLH $Q]DKO GHU 0LWDUEHLWHU 0DUNWDQWHLORGHU8PVDW]VLQGQLFKWLPPHUJHHLJQHW :HOFKHGHUEHLGHQJHIXQGHQHQ3KDVHQ HLQWHLOXQJHQGLHWUHIIHQGHUHLVWOlVVWVLFKDXI%DVLVGHUDXVVFKOLHOLFKH[SORUDWLYHQ6WLFKSUREHQ QRFK QLFKW DEVFKOLHHQG EHXUWHLOHQ (LQGHXWLJHU DEJUHQ]EDU XQG LQ GHU /LWHUDWXU EOLFKHU LVW GHILQLWLYGLHKLHUJHIXQGHQHXQGYRUJHQRPPHQH8QWHUWHLOXQJ'HQQRFKN|QQHQZLUXQV0DX UHUXQG(EHUV¶(UNHQQWQLVDQVFKOLHHQGDVVIUGLHHUIROJUHLFKH(UUHLFKXQJXQG%HZlOWLJXQJ GHU %XVLQHVV'HYHORSPHQW3KDVH GLH EHL XQV 7HLO GHU 3RVW,QYHVWPHQW3KDVH LVW HLQ LPPHU ZLHGHUYHUlQGHUWHVVR]LDOHV1HW]ZHUNYRQQ|WHQLVW $XI %DVLV XQVHUHU 'DWHQ ZLUG RIIHQNXQGLJ GDVV HLQH VSH]LILVFKH &9&1HW]ZHUNVWUXNWXU GLH LQWHQGLHUW NUHLHUW RGHU XQLQWHQGLHUW HPHUJLHUW LVW XQG GLH XUVSUQJOLFK LQ GHU 3UH,QYHVWPHQW

3KDVHHLQHQSRVLWLYHQ(LQIOXVVDXIGHQLQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUKDWWHLQGHU3RVW ,QYHVWPHQW 3KDVH GDQQ WHLOZHLVH ZHQLJHU KLOIUHLFK RGHU RGHU VRJDU KLQGHUOLFK VHLQ NDQQ 'LH VLFK GDUDXV HUJHEHQGHQ QRWZHQGLJHQ 9HUlQGHUXQJHQ ZHUGHQ WHLOZHLVH YRQ GHQ UHOHYDQWHQ $NWHXUHQHUVWJDUQLFKWZDKUJHQRPPHQRGHUN|QQHQDXVDQGHUHQ*UQGHQQLFKWLPSOHPHQWLHUW ZHUGHQ 8P MHGRFK GLH 1HW]ZHUNNRQILJXUDWLRQ LQ GHU :HLVH DXIUHFKW ]X HUKDOWHQ RGHU DQ]X SDVVHQGDVVVLHHLQGHQ:LVVHQVWUDQVIHUXQG,QQRYDWLRQXQWHUVWW]HQGHV6\VWHPEOHLEWPVVHQ GLH $NWHXUH GLH 9HUlQGHUXQJHQ XQG SRWHQWLHOOHQ *UHQ]HQ GHV 1HW]ZHUNV DQWL]LSLHUHQ XQG HQWVSUHFKHQG KDQGHOQ 'LHV VWHKW LP (LQNODQJ PLW GHQ (UJHEQLVVHQ YRQ ,QNSHQ XQG 7VDQJ $XI GHU %DVLV XQVHUHU 'DWHQ KDEHQ ZLU HLQGHXWLJ ]HLJHQ N|QQHQ GDVV GLH &9&0DQDJHU DOV .QRZOHGJH %URNHU XQG ERXQGDU\ VSDQQHU HLQH KLOIUHLFKH 5ROOH LQ GHU :DKUQHKPXQJ XQG ,PSOHPHQWLHUXQJGHUEHVFKULHEHQHQQRWZHQGLJHQ9HUlQGHUXQJHQXQG$QSDVVXQJHQGHU1HW] ZHUNNRQILJXUDWLRQHQHLQQHKPHQN|QHQ:LUKDEHQHPSLULVFKGDUOHJHQN|QQHQGDVVHVMHQVHLWV GHU ]ZHL YRQ +DUJDGRQ EHVFKULHEHQ 7\SHQ GHV .QRZOHGJH %URNHUV PLQGHVWHQV QRFK HLQHQGULWWHQ7\SJLEW'HQQGHU&9&0DQDJHUVWHOOWQLFKWQXUHLQHQ.QRZOHGJH%URNHULQWHU QHURGHUH[WHUQHU$UWZLHEHL+DUJDGRQEHVFKULHEHQ GDUVRQGHUQYHUN|USHUWHLQHQERXQGDU\ VSDQQHU ]ZLVFKHQ LQWHUQHQ XQG H[WHUQHQ $NWHXUHQ E]Z 'RPlQHQ /HEHQVZHOWHQ RGHU DXFK VPDOO ZRUOGV +HUYRUJHKREHQ ZLUG DQ GLHVHU 6WHOOH GDV YRQ +DUJDGRQ DOV .HUQNRPSHWHQ] EH]HLFKQHWHDQDORJH'HQNHQZHOFKHVHUIROJUHLFKH.QRZOHGJH%URNHUVHLQHU$XIIDVVXQJQDFK DXV]HLFKQHW 'LHVH )lKLJNHLW HUZLHV VLFK DXFK LQ XQVHUHU 6WXGLH ZHQQ QLFKW DOV .HUQNRPSH WHQ] GDQQ ]XPLQGHVW DOV HLQ ]HQWUDOHU (UIROJVIDNWRU LP LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHU GHU&9&7ULDGH8QVHUH6WXGLHGHPRQVWULHUWVRPLWGDVVGDV$XVPDLQGHP:LVVHQVWUDQVIHU XQG ,QQRYDWLRQ VFKOLHOLFK VWDWWILQGHQ ]XP HLQHQ DEKlQJLJ LVW YRQ GHU $QJHPHVVHQKHLW GHU 6WUXNWXUHQIUGLHMHZHLOLJH6LWXDWLRQVRZLH]XPDQGHUHQYRQGHP%HZXVVWVHLQXQGGHU)lKLJ NHLWGHUYHUVFKLHGHQHQ$NWHXUHDGlTXDW]XKDQGHOQ ,P 5DKPHQ XQVHUHU H[SORUDWLYHQ 6WXGLH NRQQWHQ ZLU QLFKW QXU GLH 9HUlQGHUXQJHQ GHU 1HW] ZHUNNRQILJXUDWLRQHQ EHU GLH =HLW DXI]HLJHQ VRQGHUQ JOHLFK]HLWLJ DXFK GHQ hEHUJDQJ YRQ HKHPDOLJHPVRFLDOFDSLWDOLQVRFLDOOLDELOLW\GHPRQVWULHUHQ'DPLWZDUHQZLULQGHU/DJHGLH (UJHEQLVVHYRQ3RUWHVXQG6HQVHQEUHQQHU KLQVLFKWOLFKGHUÄGDUNVLGH³YRQVRFLDOFDSL WDOVRZLHGLHYRQ*DUJLXORXQG%HQDVVL DXIJH]HLJWHQÄIRUFHVRILQWHUWLD³GLHDXI5H]LS UR]LWlWVQRUPHQXQGUHODWLRQDOHQ9HUSIOLFKWXQJHQEDVLHUHQ]XEHVWlWLJHQ'DUEHUKLQDXVLVWHV JHOXQJHQHLQHQVWUXNWXUHOOHQORFNLQGHUZHQLJHUDXIUHODWLRQDOH9HUSIOLFKWXQJHQXQG5H]LS

UR]LWlWVQRUPHQ DOV YLHOPHKU DXI GLH :DKO GHV ÄIDOVFKHQ³ 9HUWUDJVSDUWQHUV ]XUFNJHKW ]X LGHQWLIL]LHUHQ±HLQH)RUPGHVORFNLQGLHZHGHUYRQ*DUJLXORXQG%HQDVVL QRFKYRQ 0DXUHUXQG(EHUV EHVFKULHEHQZLUGRGHU(UZlKQXQJILQGHW'HQQZLHLQVEHVRQGHUHDP %HLVSLHOGHVVWUDWHJLVFKHQ0LVILWVGHXWOLFKZXUGHPDQ|YULHUWVLFKGDV1HZ9HQWXUHEHUGHQ %HWHLOLJXQJVYHUWUDJPLWGHPFRUSRUDWHLQYHVWRUDNWLYLQHLQ1HW]ZHUNKLQHLQGDVVLFKJHZLV VHUPDHQ]XUVRFLDOOLDELOLW\HQWZLFNHOW(LQPDOHLQJHEXQGHQLQGLHVR]LDOHQ1HW]ZHUNVWUXNWX UHQGHV,QGXVWULHXQWHUQHKPHQVLVWHLQ:HFKVHOEHLVSLHOVZHLVH]XPGLUHNWHQ:HWWEHZHUEHUGHU UFNEOLFNHQG P|JOLFKHUZHLVH GHU ÄULFKWLJH³ 3DUWQHU JHZHVHQ ZlUH NXU] XQG PLWWHOIULVWLJ XQGHQNEDU$OV )ROJH EOHLEHQ GLH DQJHVWUHEWHQ:LVVHQV XQG 5HVVRXUFHQ]XZlFKVH VRZLH SR WHQWLHOOGDUEHUKLQDXVJHKHQGH6\QHUJLHQDXVVRGDVVIUHLQ-XQJXQWHUQHKPHQHLQHVWUDWHJLVFK IDOVFKH:DKOGHVFRUSRUDWHLQYHVWRUGDV(QGHDOOHU*HVFKlIWVWlWLJNHLWEHGHXWHQNDQQ)UGDV ,QGXVWULHXQWHUQHKPHQLVWHLQHGHUDUWLJH)HKOHQWVFKHLGXQJÄOHGLJOLFK³HLQHILQDQ]LHOOH(LQEXH GLH XQWHU /HUQHUIDKUXQJHQ DEJHVSHLFKHUW XQG LQVRIHUQ ]X HLQHP VSlWHUHQ =HLWSXQNW QXW]EDU JHPDFKWZHUGHQNDQQ :LUN|QQHQDQKDQGXQVHUHU'DWHQ]HLJHQGDVVHVEHL&9&ILQDQ]LHUWHQQHZYHQWXUHVPLWKLOIH YRQ JHHLJQHWHQ JXWHQ &9&0DQDJHUQ HUVW JDU QLFKW ]X GHQ YRQ (EHUV XQG 0DXHU EHVFKULHEHQHQORFNLQVNRPPHQPXVV'HQQLQGHPGHU&9&0DQDJHUDXVVHLQHUÄ9RJHOSHUV SHNWLYH³VRZLHEDVLHUHQGDXIVHLQHQ(UIDKUXQJHQPLWDQGHUHQ38VLQYHUJOHLFKEDUHQ6LWXDWLR QHQ$QDORJLHQ DJLHUWHUNHQQWHUHQWZHGHU EHUHLWVLP9RUIHOGGHQVWUDWHJLVFKHQPLVILWXQG JHKWGDV,QYHVWPHQWLQE]ZGLH%H]LHKXQJPLWGHP1HZ9HQWXUHHUVWJDUQLFKWHLQRGHU HU HUNHQQW GLH 1RWZHQGLJNHLW ]XU JH]LHOWHQ 2UJDQLVDWLRQ GHV %H]LHKXQJVPDQDJHPHQWV GK GLH hEHUSUIXQJXQG$QSDVVXQJGHVVRFLDOFDSLWDOGHV38VUHFKW]HLWLJXQGNDQQGLHHUIRUGHUOLFKH 9HUlQGHUXQJ E]Z $QSDVVXQJ LQLWLLHUHQ LQGHP HU GLH -XQJXQWHUQHKPHQ EHJOHLWHW IKUW XQG HQWVSUHFKHQG EHUlW E]Z GLH JHQDQQWH H[WHUQH 2ULHQWLHUXQJ ]X UHOHYDQWHQ QHXHQ .RQWDNWHQ VRJDUVHOEVWSURDNWLYDQJHKW:LUN|QQHQDQKDQGXQVHUHU'DWHQHEHQIDOOV]HLJHQGDVVIUGLH hEHUSUIXQJXQG9HUlQGHUXQJGHVVRFLDOFDSLWDO GHV-XQJXQWHUQHKPHQVDQGHUVDOVYRQ0DX UHUXQG(EHUV GDUJHVWHOOWPHKUDOVQXUGLH*UQGHUDOOHLQYHUDQWZRUWOLFKVLQG(LQJXWHU %HUDWHU&RDFKXQG0HQWRUGHUJOHLFK]HLWLJDOVKLOIUHLFKHUERXQGDU\VSDQQHUDJLHUWNDQQORFN LQVHUNHQQHQXQGDXIO|VHQKHOIHQ$OOHUGLQJVJLOWQDWUOLFKDXFKKLHUZLHGHU9HUWUDXHQJHWHLOWH 1RUPHQVRZLHYHUJOHLFKEDUH6R]LDOLVDWLRQVKLQWHUJUQGH]ZLVFKHQ38XQG&9&0DQDJHUE]Z HLQHUP|JOLFKHQDQGHUHQGULWWHQ3HUVRQVFKHLQHQQLFKWQXUYRQ9RUWHLOVRQGHUQQDKH]XHVVHQ ]LHOO GDPLW GLH 9HUlQGHUXQJVQRWZHQGLJNHLWHQ LP +LQEOLFN DXI VR]LDOH 1HW]ZHUNH QLFKW QXU HLQ JHVHKHQ VRQGHUQ DXFK LP 9HUWUDXHQ DXI GHQ :HLWEOLFN GHV &9&0DQDJHUV XPJHVHW]W

ZHUGHQ 1XU VR NDQQ GHU DQJHVWUHEWH :LVVHQVWUDQVIHU VRZLH GLH JHPHLQVDPH :LVVHQVJHQHVH XQGGLHOHW]WOLFKDYLVLHUWH,QQRYDWLRQUHDOLVLHUWZHUGHQ 'HV :HLWHUHQ NDQQ GLH YRQ +DUJDGRQ JHIRUGHUWH 2UJDQLVDWLRQVVWUXNWXU GLHP|JOLFKVW YLHO .RPPXQLNDWLRQ XQG ,QWHUDNWLRQ PLW XQWHUVFKLHGOLFKVWHQ 'RPlQHQ LQQHUKDOE XQG DXHU KDOEGHU2UJDQLVDWLRQ]XODVVHQVROOWHDOVVLQQYROOXQGKLOIUHLFKEHVWlWLJWZHUGHQ*OHLFK]HLWLJ NRQQWHDOOHUGLQJVKHUDXVJHDUEHLWHWZHUGHQGDVVHLQHGHUDUWLJH6WUXNWXURKQHGLHHQWVSUHFKHQGH .XOWXUGLHGLH%HUHLWVFKDIWGHU0LWJOLHGHU]XU$XIQDKPHYRQ:LVVHQZLOOLQJQHVVRIUHFHSWLYL W\/DUVVRQHWDO VRZLH]XPVSlWHUHQ:LVVHQVWUDQVIHUZLOOLQJQHVVRIWUDQVSDUHQF\VRZLH FRPPXQLFDWLYHFDSDFLW\/DUVVRQHWDO VLFKHUVWHOOWQLFKWHUIROJUHLFKVHLQNDQQ+DUJD GRQHPSILHKOWGHVKDOEGLH8QWHUVWW]XQJGXUFKJHHLJQHWH$QUHL]V\VWHPH'LHVHU(PSIHKOXQJ N|QQHQZLUXQVYRUGHP+LQWHUJUXQGXQVHUHUH[SORUDWLYHQ(UJHEQLVVHZLHEHLVSLHOVZHLVHGHU 9HUNQSIXQJYRQ:LVVHQVWUDQVIHUPLWLQGLYLGXHOOHQ%RQXVV\VWHPHQ DQVFKOLHHQ $QKDQGGHUH[SORUDWLYHQ'DWHQZXUGHHYLGHQWGDVVHVVLFKEHLGHP8PIHOGHU&9&7ULDGH± ZLHYRQ%XUW JHIRUGHUW±XPHLQ8PIHOGUHLFKDQYHUVFKLHGHQHQ3HUVSHNWLYHQUHOHYDQ WHP :LVVHQ XQG )lKLJNHLWHQ XQG EHQ|WLJWHQ 5HVVRXUFHQ KDQGHOW %URNHUDJH0|JOLFKNHLWHQ MHQVHLWVGHU&9&(LQKHLW±GDVZXUGHHYLGHQW±H[LVWLHUHQLQGHQ&9&7HDPV]XPHLVWUHLFKOLFK XQG YLHOIlOWLJ DXIJUXQG YRUDQJHJDQJHQHU (LQEHWWXQJ LQ GLYHUVH QLFKW UHGXQGDQWH 3URIHVVLRQV JUXSSHQ RFFXSDWLRQDO FRPPXQLWLHV XQG 1HW]ZHUNH 'HU (UIROJ GHU &9&(LQKHLW DOVEURNHU ZUGHGDPLWDOVRHKHUYRQLKUHU)lKLJNHLWDEKlQJHQLKUHLQKlUHQWHQ8QWHUVFKLHGHDQ.RJQL WLRQHQXQG:DKUQHKPXQJVPXVWHUQHKHPDOLJH0LWJOLHGHUGHV0XWWHUNRQ]HUQVYV0LWDUEHLWHU DXVNODVVLVFKHQ)LQDQ]GLHQVWOHLVWHUQXQGRGHU9&*HVHOOVFKDIWHQ ]XEHUZLQGHQXQGVLFK]X HLQHU*UXSSHPLWHLJHQVWlQGLJHU,GHQWLWlW]XVDPPHQ]XILQGHQGLHDXFKDOV*UXSSHDNWLRQVIlKLJ LVW )ROJW PDQ QXQ %XUW XQG VWHOOW IU GHQ (UIROJ GHU &9&7ULDGH GHQ =XVDPPHQKDOW GHU&9&(LQKHLWDOVHUIROJVNULWLVFKHQ)DNWRUKHUDXVOLHHQVLFKXQWHUVFKLHGOLFKH(UIROJHGDQQ XQWHU DQGHUHP GDULQ EHJUQGHQ GDVV &9&(LQKHLWHQ ]ZDU YHUJOHLFKEDU JXW H[WHUQ YHUQHW]W VLQGXQGGDPLWYHUJOHLFKEDUHEURNHUDJH2SSRUWXQLWlWHQLQLKUHQMHZHLOLJHQ8PIHOGHUQYRUOLH JHQ GLH &9&7HDPV MHGRFK QLFKW LQ JOHLFKHU:HLVH LQ GHU /DJH VLQGLKUHXQWHUVFKLHGOLFKHQ 3HUVSHNWLYHQ)lKLJNHLWHQXQG5HVVRXUFHQVR]XLQWHJULHUHQGDVVGLH*UXSSHDNWLRQVIlKLJE]Z HIIL]LHQWLVW

.RQNOXVLRQ 'DV =LHO GLHVHV .DSLWHOV ZDU GLH HPSLULVFK EDVLHUWH $QDO\VH XQG 'DUVWHOOXQJ HLQHV ELVKHU YHUQDFKOlVVLJWHQ 7KHPDV GLH (QWVWHKXQJV XQG (QWZLFNOXQJVSUR]HVVH GK GLH '\QDPLN VR]LDOHU1HW]ZHUNHHEHQVRZLHGLHGDUDXVUHVXOWLHUHQGHQVWUXNWXUHOOHQXQGUHODWLRQDOHQ9HUl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|UGHUQDEHULQ$EKlQJLJNHLWGHUMHZHLOLJHQ.RQWH[WVSH]LIL WlWGLHVHDXFKEHRGHUYHUKLQGHUQN|QQHQ,P'HWDLO(UVWHQVKDEHQZLUHLQHQ%HLWUDJ]XUYRQ 3DUNKH HW DOV JHIRUGHUWHQ HPSLULVFKHQ 1HW]ZHUNIRUVFKXQJ KLQVLFKWOLFK GHU 3UR]HVVGL PHQVLRQXQG'\QDPLNYRQ1HW]ZHUNHQJHOHLVWHWLQGHPZLUGLHDNWXHOOJHULQJ]DKOLJH/LWHUDWXU LQ GLHVHP )HOG XP HLQ %HLVSLHO HUZHLWHUW KDEHQ 0LW GHU &9&7ULDGH KDEHQ ZLUHLQ %HLVSLHO JHZlKOWGDVXQVHUHV:LVVHQVQDFKELVKHUQRFKQLFKWHPSLULVFKDXI%DVLVGHU1HW]ZHUNWKHRULH DQDO\VLHUW ZXUGH =ZHLWHQV NRQQWHQ ZLU LQGHP ZLU GLH %H]LHKXQJ ]ZLVFKHQ VRFLDO FDSLWDO HLQHUVHLWV XQG :LVVHQVWUDQVIHU DQGHUHUVHLWV DP %HLVSLHO GHU &9&7ULDGH GHPRQVWULHUW KDEHQ YRUDQJHJDQJHQH)RUVFKXQJ

/LPLWDWLRQHQXQGZHLWHUJHKHQGH)RUVFKXQJ 'LH%HJUHQ]XQJGLHVHU6WXGLHOLHJWHLQGHXWLJLQLKUHPH[SORUDWLYHQ&KDUDNWHUGHUNHLQH$XV VDJHQEHUGLH*HQHUDOLVLHUEDUNHLWGHU(UJHEQLVVHRGHUGHUHQhEHUWUDJEDUNHLWDXIDQGHUVVWUXN WXULHUWH3RSXODWLRQHQHUODXEW'DIUZlUHQZHLWHUJHKHQGHXQGJURDQJHOHJWH8QWHUVXFKXQJHQ P|JOLFKHUZHLVH DXFK DXI %DVLV VWDQGDUGLVLHUWHU )RUVFKXQJVPHWKRGHQ VRZLH 8QWHUVXFKXQJHQ LQDQGHUHQ3RSXODWLRQHQXQG%UDQFKHQZQVFKHQVZHUW 'LH 6WlUNH GLHVHV .DSLWHOV OLHJW XQWHU DQGHUHP GDULQ GDVVPHKUHUH IU GLHVHQ )RUVFKXQJVJH JHQVWDQG JHHLJQHW HUVFKHLQHQGH 7KHRULHQ LQ GHQ %OLFN JHQRPPHQ ZXUGHQ 'DGXUFK ZXUGHQ 'HQNDQVW|H LQ XQWHUVFKLHGOLFKH 5LFKWXQJHQ DXVJHO|VW XQG HUVWH WKHRUHWLVFKH :HLWHUHQWZLFN OXQJHQDQJHUHJWE]ZYRUJHQRPPHQ(LQHWLHIHUJHKHQGH$XVHLQDQGHUVHW]XQJPLWNRQNUHWHLQHU GLHVHU7KHRULHQZXUGHGDEHLPLW+DUJDGRQEHJRQQHQ'LHVH$UWGHUHLQJHKHQGHQ6WXGLHHLQHV DXVJHZlKOWHQ $QVDW]HV ZlUH IU ZHLWHUJHKHQGH )RUVFKXQJ KLQVLFKWOLFK GHU YHUVFKLHGHQHQ DQJHVSURFKHQHQ 7KHRULHQ ZQVFKHQVZHUW XQG DOV HUJLHELJHV )HOG GHQNEDU ,QVEHVRQGHUH GHU (LQIOXVV GHU 0RGHOOH YRQ %XUW E]Z 2K /DELDQFD XQG &KXQJ ]XU 9HUELQGXQJ GHU .RQ]HSWH YRQ FRKHVLRQFORVXUH XQG EURNHUDJH VROOWHQ LQ YHUVFKLHGHQHQ %UDQFKHQ DXI LKUH (UIROJVZLU NXQJKLQHPSLULVFKDQJHJDQJHQZHUGHQ 'DUEHUKLQDXVZlUHHVHUVWUHEHQVZHUWZHLWHUH)RUVFKXQJVJHJHQVWlQGHDXVILQGLJ]XPDFKHQ GLH ZLH GLH &9&7ULDGH DQ GHU 6FKQLWWVWHOOH YRQ LQWUD XQG LQWHURUJDQLVDWLRQDOHP 1HW]ZHUN RSHULHUHQXPVR ZHLWHUH(PSLULHLQGLHVHPELVKHUY|OOLJXQWHUUHSUlVHQWLHUWHQ)RUVFKXQJV IHOG]XJHQHULHUHQXQGXP GLH5ROOHGHV%URNHUVLQVROFKHQ.RQILJXUDWLRQHQEHVVHUYHURU WHQXQGYHUVWHKHQ]XN|QQHQ6RZlUHHVEHLVSLHOVZHLVHLQWHUHVVDQW]XXQWHUVXFKHQREHLQHGHU EHLGHQ1HW]ZHUNDXVULFKWXQJHQFORVXUHYVEURNHUDJH LQLKUHP(LQIOXVVDXIGHQ(UIROJEHGHX WHQGHURGHUGRPLQDQWHULVWDOVGLHDQGHUH

.2*1,7,9(925$866(7=81*(1,17(525*$1,6$7,21$/(1 :,66(1675$16)(56±(,1(:,66(1662=,2/2*,6&+( %(75$&+781*921&25325$7(9(1785(&$3,7$/ 'HU %HWUDFKWXQJVVFKZHUSXQNW LQ GLHVHP .DSLWHO OLHJW ZLHGHUXP DXI GHU 7ULDGH YRQ &9& (LQKHLW 38 VRZLH GHU %XVLQHVV 8QLW GHV 0XWWHUXQWHUQHKPHQV ,Q GLHVHP .DSLWHO ZLUG GLH )UDJH QDFK GHQ NRJQLWLYHQ 9RUDXVVHW]XQJHQ YRQ :LVVHQVWUDQVIHU XQG JHQHVH JHVWHOOW 'HQQ GHU LQWHURUJDQLVDWLRQDOH :LVVHQVWUDQVIHU JHKW HLQKHU PLW GHU hEHUZLQGXQJ VR]LRNXOWXUHOOHU *UHQ]HQ+LHUEHLKDQGHOWHVVLFKHLQPDOXP*UHQ]HQGLHDXVXQWHUVFKLHGOLFKHQ2UJDQLVDWLRQV NXOWXUHQ HUZDFKVHQ 9HUVWlUNW ZHUGHQ GLHVH ]XPHLVW GXUFK LQWUDRUJDQLVDWLRQDOH *UHQ]HQ GLH HQWODQJ RUJDQLVDWLRQVLQWHUQHU $EWHLOXQJVNXOWXUHQ 3URIHVVLRQVJHPHLQVFKDIWHQ RGHU FRPPXQL WLHVRISUDFWLFHVHQWVWHKHQ'LH)RUVFKXQJVIUDJHODXWHWGDKHU:LHJHVWDOWHWVLFKLQWHURUJDQLVD WLRQDOHU:LVVHQVXQG5HVVRXUFHQDXVWDXVFKEHUVR]LRNXOWXUHOOEHGLQJWHLQWUDXQGLQWHURUJD QLVDWLRQDOH*UHQ]HQKLQZHJXQGZHOFKH6FKZLHULJNHLWHQZHUGHQGDEHLYLUXOHQW" ,Q $EJUHQ]XQJ ]X JlQJLJHQ QHRIXQNWLRQDOLVWLVFKHQ 7KHRULHQ GHV :LVVHQVPDQDJHPHQWV ZLUG VLFKGHU)RUVFKXQJVIUDJHGLHVHV.DSLWHOVDXIWKHRUHWLVFKHU(EHQHGXUFKHLQH9HUELQGXQJYRQ 7KHRULHQ GHU :LVVHQVVR]LRORJLH VRZLH QHRLQVWLWXWLRQDOLVWLVFKHQ 2UJDQLVDWLRQVWKHRULHQ JHQl KHUW$OVHPSLULVFKHU%H]XJVSXQNWGHUTXDOLWDWLYHQ8QWHUVXFKXQJGLHQHQ:LVVHQVWUDQVIHUXQG JHQHVH LQ GHU &9&7ULDGH LP 5DKPHQ GHV ,QQRYDWLRQVPDQDJHPHQWV YRQ ,QGXVWULHXQWHUQHK PHQ (LQIKUXQJ :LH EHUHLWV PHKUIDFK DXVJHIKUW KDQGHOW HV VLFK EHL GHU &9&38%8%H]LHKXQJ XP HLQ LQWHUGHSHQGHQWHV 9HUKlOWQLV EHL GHP GLH 5HDOLVLHUXQJ GHU MHZHLOLJHQ ,QWHUHVVHQ DQ HLQHQ ZHFKVHOVHLWLJHQ7UDQVIHUE]Z$XVWDXVFKYRQNRPSOHPHQWlUHQ5HVVRXUFHQJHEXQGHQLVW :LHEHUHLWVGHXWOLFKZXUGHZLUGLQGHU/LWHUDWXUGLH&9&38%H]LHKXQJXQGLKUH6WHXHUXQJ JDQ] EHUZLHJHQG DXI %DVLV LQVWLWXWLRQHQ|NRQRPLVFKHU 7KHRULHQ .DQQ 3RVHU 0DXOD HLQHUVHLWVXQGDOWHUQDWLYDXI%DVLVGHV5HVRXUFHGEDVHGYLHZVRZLHGHV.QRZOHG JHEDVHG 9LHZ 7HQJ .DQQ 5DXVHU DQGHUHUVHLWV EHWUDFKWHW XQG DQDO\VLHUW :LH LQ GHQ .DSLWHOQ XQG EHUHLWV RIIHQNXQGLJ ZXUGH KHEHQ GLHVH EHLGHQ VNL]]LHUWHQ

'LHVHV .DSLWHO LVW PDJHEOLFK XQG LQ JURHQ 7HLOHQ ZRUWJHWUHX HLQHP %HLWUDJ YRQ &:HEHU XQG *|EHO HQWQRPPHQGHUEHLGHU$20DQJHQRPPHQXQGLQGHU.RPPLVVLRQ2UJDQLVDWLRQLP)HEUXDU HUVWPDOLJSUlVHQWLHUWZXUGH

$QVlW]HVWDUNDXIGLHHLQ]HOQH2UJDQLVDWLRQXQGGHQ(UKDOWE]Z6FKXW]GHUHLJHQHQMHZHLOLJHQ 5HVVRXUFHQ EHL JOHLFK]HLWLJHP $XIEDX XQG (UZHUE QHXHU H[WHUQHU 5HVVRXUFHQ DE *HPl VHLQHUWKHRUHWLVFKHQ:XU]HOQIRNXVVLHUWEHLVSLHOVZHLVHGHU5HVRXUFHEDVHG9LHZDXIGHQQHRN ODVVLVFKHQ0DUNWWDXVFK'LH7DXVFKSDUWHLHQVWHKHQXQYHUEXQGHQJHJHQEHUXQGYHUVXFKHQDXI GHU*UXQGODJHRSSRUWXQLVWLVFKHU6WUDWHJLHQLKUHQLQGLYLGXHOOHQ1XW]HQ]XPD[LPLHUHQ*XODWL HW DO 'LHVHV |NRQRPLVFKH 9HUVWlQGQLV GHV 7DXVFKSUR]HVVHV HUZHLVW VLFK MHGRFK EHL JHQDXHUHU %HWUDFKWXQJ DOV LQNRQVLVWHQW 'XVFKHN Ä,I FRRSHUDWLQJ SDUWQHUV DFWXDOO\ EHKDYHLQVXFKDPDQQHUDVLVQRUPDWLYHO\FRQVLGHUHGWKHQLWVWDQGVWRUHDVRQWKDWDWWHPSWVE\ SDUWQHUVWRDEVRUEWKHQHHGHGUHVRXUFHVRIHDFKRWKHUZKLOHSUHYHQWLQJDFFHVVWRWKHLURZQSRRO RI UHVRXUFHV DUH OLNHO\ WR SURGXFH VXEOLPLQDO FRQIOLFWV EHWZHHQ WKHP WKDW ZLOO LPSDLU WKHLU UHODWLRQVKLS³ =HQJ+HQQDUW %HLGH $QVlW]H VWHOOHQ VRPLW UHGX]LHUWH 3HUVSHNWLYHQ GDUGLHSULPlUGLH1XW]HQPD[LPLHUXQJGHVHLQ]HOQHQ$NWHXUVGHULP=ZHLIHOVIDOORSSRUWXQLV WLVFKKDQGHOWLQGHQ%OLFNQHKPHQXQGGLH%H]LHKXQJVHOEVWLQLKUHU,QWHUGHSHQGHQ]OHW]WOLFK DXHU$FKWODVVHQ/RZHQGDKO5HYDQJ'XVFKHN+XHPHUHWDO 'LHVH$N WHXUVDQQDKPHQ GHU $QVlW]H KDEHQ ]XU )ROJH GDVV GLH &9&38%8%H]LHKXQJ HLQHU UHFKW HLQKHLWOLFK XWLOLWDULVWLVFK DXVJHULFKWHWHQ WKHRUHWLVFKHQ %HWUDFKWXQJ XQWHUOLHJW LQ GHU HLQH DWR PLVWLVFKH3HUVSHNWLYHEHUZLHJW 9HUVFKLHGHQH LQWHURUJDQLVDWLRQDOH $QVlW]H KDEHQ GDUDXIKLQ GLHVH .ULWLN DXIJHJULIIHQ XQG YHUVXFKWGLHEHVDJWH,QWHUGHSHQGHQ]LQGHQ%OLFN]XQHKPHQ+LHUVHLHQGLHEHUHLWVLQ.DSL WHO YHUJOHLFKVZHLVH DXVIKUOLFK GDUJHVWHOOWHQ $QVlW]H LQWHURUJDQLVDWLRQDOHQ /HUQHQV JH QDQQW GHU 5HODWLRQDO 9LHZ YRQ '\HU XQG 6LQJK GDV LQWHURUJDQLVDWLRQDO OHDUQLQJ GL OHPPDYRQ/DUVVRQHWDO VRZLHGDV0RGHOOGHVUHFLSURFDOLQWHUILUPOHDUQLQJ/XEDWNLQ HWDO $OOHGLHVHLQWHURUJDQLVDWLRQDOHQ$QVlW]HXQG0RGHOOHYHUELQGHWGDVVVLHEHUHLQHQRUPDWLYH (EHQH GHV :LVVHQVWUDQVIHUV QLFKW KLQDXVJHKHQ .RJQLWLYH 9RUDXVVHW]XQJHQ ILQGHQ DOOHQIDOOV LPSOL]LW (UZlKQXQJ 6FKXOW]H XQG 6WDEHOO KDEHQ GHQ 9HUVXFK XQWHUQRPPHQ GLH YHU VFKLHGHQHQ WHLOZHLVH ZLGHUVSUFKOLFKHQ $QVlW]H GHV :LVVHQVPDQDJHPHQWV LQ HLQHP WKHRULH EDVLHUWHQ %H]XJVUDKPHQ GHU XQWHUVFKLHGOLFKH $QQDKPHQ EHU :LVVHQ XQG VHLQ 0DQDJHPHQW EHUFNVLFKWLJW]XW\SRORJLVLHUHQVLHKH7DEHOOH

7DEHOOH

'LVNXUVHLQGHU0DQDJHPHQWIRUVFKXQJ

&RQVWUXFWLYLVW'LVFRXUVH

1HR)XQFWLRQDOLVW'LVFRXUVH

*KHUDUGL1LFROLQL.QRUU&HWLQD %HUJHU/XFNPDQQYRQ.URJK5RRV

/XEDWNLQHWDO/DUVVRQHWDO*UDQW

0HWDSKRURI.QRZOHGJHPLQG

0HWDSKRURI.QRZOHGJHDVVHW

5ROHRI.QRZOHGJHLQ2UJDQL]DWLRQVFRRUGLQDWLQJ 5ROHRI.QRZOHGJHLQ2UJDQL]DWLRQVSURJUHVVLYH DFWLRQVKDUHGFRQWH[WUHFRYHU\RILQWHJUDWLYH HQOLJKWHQPHQWSUHGLFWLRQUHGXFWLRQRIXQFHU YDOXHVJHQHUDWLRQRIXQGHUVWDQGLQJ WDLQW\RSWLPDODOORFDWLRQRIUHVRXUFHV 7KHRULHVVWUXFWXUDWLRQWKHRULHVWKHRULHVRISUDFWLFH 7KHRULHV5HVRXUFHEDVHG9LHZRIWKHILUP VHQVHPDNLQJDFWRUQHWZRUNWKHRU\ WUDQVDFWLRQFRVWWKHRU\LQIRUPDWLRQSURFHVVLQJ WKHRU\FRQWLQJHQF\WKHRU\ 4XHOOHQDFK6FKXOW]H6WDEHOO

'LH DQJHVSURFKHQHQ $QVlW]H GHV LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUV XQG PDQDJHPHQWV RUGQHQ GLH $XWRUHQ GHP ÄQHRIXQNWLRQDOLVWLVFKHQ 'LVNXUV³ ]X :LVVHQ VWHOOW VLFK KLHUQDFK DOV ÄJHJHEHQ³DOVEHREDFKWHUXQDEKlQJLJH(QWLWlWGDUGLHJHPlHLQHV.DWHJRULHQVFKHPDVREMHN WLYLHUWZHUGHQNDQQ:LVVHQVWUDQVIHUZlUHGHPQDFKHLQÄHLQIDFKHU³3UR]HVV5HGG\ EHL GHPXQLYHUVHOOH%HGHXWXQJVVFKHPDWDVRZLHKRPRJHQHVR]LDOH.RQWH[WHYRUDXVJHVHW]WZHUGHQ 'HU UHVXOWLHUHQGH :LVVHQVEHVWDQG VWHOOW OHW]WOLFK HLQH )RUP DNNXPXOLHUWHQ .DSLWDOV]XU :HWW EHZHUEVHUKDOWXQJGDU 0LW %OLFN DXI GLH ]XJUXQGH OLHJHQGH (SLVWHPRORJLH XQWHUVFKHLGHQ 6FKXOW]H XQG 6WDEHOO LQ LKUHP 6FKHPD KLHUYRQ GHQ ÄNRQVWUXNWLYLVWLVFKHQ 'LVNXUV³ ,Q VR]LDOHQ ,QWHUDNWLRQVSUR]HVVHQ NRQVWUXLHUW LVW :LVVHQ KLHU QXU PLW %H]XJ DXI NRQNUHWH VR]LDOH 3UDNWLNHQ NRQ]LSLHU XQG JH VWDOWEDU'HUNRQVWUXNWLYLVWLVFKH'LVNXUVÄYLHZVNQRZOHGJHDVPLQGZKLFKGRHVQRWVHSDUDWH NQRZOHGJHIRUPDFWLRQEXWYLHZVLWDVDG\QDPLFDIIRUGDQFHWKDWPDNHVKHHGIXODQGFRRUGL QDWHGDFWLRQSRVVLEOH³ 'LH )UDJH QDFK NRJQLWLYHQ 9RUDXVVHW]XQJHQ ZLUG XPVR EHGHXWHQGHU MH VWlUNHU VLFK GLH /H EHQVZHOWHQ GHU GXUFK GDV 1HW]ZHUN YHUEXQGHQHQ 3DUWQHURUJDQLVDWLRQHQ YRQHLQDQGHU XQWHU VFKHLGHQ$NWXHOO]HLJHQ]DKOUHLFKH8QWHUVXFKXQJHQGDVVLQWUDRUJDQLVDWLRQDOXQWHUVFKLHGOLFKH 6XENXOWXUHQ6FKHLQ ÄRFFXSDWLRQDOFRPPXQLWLHV³%HFKN\ RGHUÄFRPPXQLWLHVRI SUDFWLFHV³ *KHUDUGL1LFROLQL NXOWXUHOOH XQG NRJQLWLYH *UHQ]HQ DXVELOGHQ XQG VR HLQHQ :LVVHQVWUDQVIHU EHKLQGHUQ 'RXJKHUW\ %HFKN\ 2EZRKO VLFK DQJHVLFKWV XQWHU VFKLHGOLFKHU2UJDQLVDWLRQVNXOWXUHQHWFHLQHNRQVWUXNWLYLVWLVFKH$EKDQGOXQJGHVLQWHURUJDQLVD WLRQDOHQ 7UDQVIHUV XQG GHU *HQHVH YRQ :LVVHQ DXIGUlQJW LVW GLH HPSLULVFKH )RUVFKXQJ DXI LQWHURUJDQLVDWLRQDOHU (EHQH VFKHLQEDU HUVW LQ LKUHQ $QIlQJHQ %HVRQGHUV DXIIlOOLJ LVW GLHV LQ GHQ EHWUDFKWHWHQ %H]LHKXQJHQ GHU VLFK IRUPLHUHQGHQ -XQJXQWHUQHKPHQ XQG GHU HWDEOLHUWHQ

,QGXVWULHXQWHUQHKPHQ+LHUWUHIIHQXQWHUVFKLHGOLFKVWH2UJDQLVDWLRQVNXOWXUHQE]ZRUJDQLVDWLR QDOH /HEHQVZHOWHQ DXIHLQDQGHU 'LHVH 8QWHUVFKLHGOLFKNHLW PDFKW HLQHUVHLWV GHQ 5HL] XQG EH VWHQIDOOV GHQ VSlWHUHQ EHLGVHLWLJHQ (UIROJ GLHVHU 9HUELQGXQJ DXV DQGHUHUVHLWV NDQQ VLH GHQ DQJHVWUHEWHQ :LVVHQVWUDQVIHU LQ HUKHEOLFKHP 0DH HUVFKZHUHQ RGHU VRJDU YHUKLQGHUQ VLHKH GD]XDXFKGLH'LVNXVVLRQ]XJHWHLOWHQ1RUPHQLQ.DSLWHO 2EZRKODOVRGLHNRJQLWLYNXOWXUHOOH3UlIRUPDWLRQVR]LDOHQ+DQGHOQVDXFKLQ)UDJHQGHV7UDQV IHUV XQG GHU *HQHVH YRQ :LVVHQ GXUFKDXV WKHPDWLVLHUW ZLUG IHKOW GRFK HLQH WKHRUHWLVFK NRQ]HSWLRQHOOH ZLH HPSLULVFK IXQGLHUWH $XVHLQDQGHUVHW]XQJ LQ GLHVHP LQWHURUJDQLVDWLRQDOHQ )RUVFKXQJVEHUHLFK 'DV =LHO GLHVHV .DSLWHOV LVW HV IROJOLFK GLH DXIJH]HLJWH )RUVFKXQJVOFNH ZHQLJVWHQV WHLOZHLVH ]X VFKOLHHQ XQG LQWHURUJDQLVDWLRQDOH $QVlW]H GHV :LVVHQVWUDQVIHUV GLH DXIHLQHUQRUPDWLYHQ(EHQHYHUKDUUHQXPHLQHNRJQLWLYH'LPHQVLRQWKHRUHWLVFK]XHUZHLWHUQ E]Z]XIXQGLHUHQ 'HU%HLWUDJGHUPLWGLHVHP.DSLWHOJHOHLVWHWZHUGHQVROOLVWGHPQDFKIROJHQGHU 0LW GHU )UDJH QDFK GHQ NRJQLWLYHQ9RUDXVVHW]XQJHQ GLH :LVVHQVWUDQVIHU ]ZLVFKHQ ]ZHL /H EHQVZHOWHQ EHUKDXSW P|JOLFK PDFKHQ ZHUGHQ DXI %DVLV HLQHU VR]LDONRQVWUXNWLYLVWLVFKHQ 7KHRULHSHUVSHNWLYHDXVJHZlKOWHLQWHURUJDQLVDWLRQDOH/HUQDQVlW]HE]ZPRGHOOHHUZHLWHUW'HU )RUVFKXQJVJHJHQVWDQG VLQG GLH LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJHQ E]Z GDV 1HW]ZHUN YRQ &9&(LQKHLW VHLQHQ 38V XQG GHQ HQWVSUHFKHQGHQ VWUDWHJLVFKHQ *HVFKlIWVHLQKHLWHQ LP 0XW WHUXQWHUQHKPHQ 8P GDEHL GLH MHZHLOLJHQ 2UJDQLVDWLRQVNXOWXUHQ XQG OHEHQVZHOWHQ LQQHUKDOE GHVEHWUDFKWHWHQ&9&*HIJHVZHFKVHOVHLWLJDXIHLQDQGHUEH]LHKHQXQGDQVFKOLHHQ]XN|QQHQ GLU GLH NRJQLWLYHQ 9RUDXVVHW]XQJHQ GHV :LVVHQVWUDQVIHUV VRZLH GHU JHQHVH GDUVWHOOHQ ZLUG HLQHSDUDOOHOH)RUVFKXQJVSHUVSHNWLYHYRQ&9&(LQKHLW38VXQGDXVJHVXFKWHU%8VJHZlKOW 7KHRUHWLVFKHU5DKPHQ 'LHLP=XVDPPHQKDQJPLWGLHVHPNRQNUHWHQ)RUVFKXQJVYRUKDEHQDOVUHOHYDQWHUDFKWHWH/LWH UDWXUEHLQKDOWHW]XPHLQHQGLHEHUHLWVDQJHVSURFKHQHQXQGYRUJHVWHOOWHQ$QVlW]HLQWHURUJDQLVD WLRQDOHQ:LVVHQVWUDQVIHUVDXV.DSLWHOGLHKLHUQLFKWHUQHXWDXVJHIKUWZHUGHQVROOHQ'LH 'DUVWHOOXQJ GLHVHU /HUQDQVlW]H XQWHUVWUHLFKW GDV YRQ ,QJUDP LQ HLQHU /LWHUDWXUEHUVLFKW EHU ,QWHURUJDQLVDWLRQDOHV /HUQHQ DXIJH]HLJWH ]HQWUDOH 3UREOHP ÄWKDW FORVH UHODWLRQVKLSV EHWZHHQ VHQGHUVDQGUHFHLYHUVRINQRZOHGJHDUHQHFHVVDU\IRUHIIHFWLYHWUDQVIHUWRRFFXU±WKHUHLVOLWWOH LQ WKH ZD\ RI FKHDS DQG HDV\ OHDUQLQJ IURP DQ DUP¶VOHQJWK RWKHUV³ 'LH VWHWV HUZlKQWH QRUPDWLYH 'LPHQVLRQ GHV :LVVHQVWUDQVIHUV GLH EHUHLWV WKHPDWLVLHUW ZXUGH

'\HU6LQJK'\HU1REHRND/XEDWNLQHWDO/DUVVRQHWDO LVWMHGRFK YRUDXVVHW]XQJVYROO6LHVHW]WDXVVR]LDONRQVWUXNWLYLVWLVFKHU6LFKWQRWZHQGLJHUZHLVHDXINRJQL WLYHXQGLQWHUSUHWDWLYH9RUDXVVHW]XQJHQDXIGLHHLQHQVLQQYROOHQ$UEHLWVXQG,QWHUDNWLRQV]X VDPPHQKDQJ EHUKDXSW HUVW HUP|JOLFKHQ :DV VLFK DOVR EHL /XEDWNLQ HW DO PLW GHU %HWRQXQJ ZHFKVHOVHLWLJHU NRJQLWLYHU $QVFKOXVVIlKLJNHLW DOV %HGLQJXQJ GHV :LVVHQVWUDQVIHUV DQGHXWHWZLUGEHL/DUVVRQHWDO PLWGHP9HUZHLVDXIGLHNXOWXUHOOHQXQGNRPPXQLND WLYHQ %HGLQJXQJHQ QRFKPDOV SURQRQFLHUW GLH $XVELOGXQJ HLQHV JHPHLQVDPHQ NRJQLWLYHQ .RQWH[WHVGHUHLQHZHFKVHOVHLWLJH$QVFKOXVVIlKLJNHLWGHU:LVVHQVEHVWlQGH]XOlVVW1XUZHQQ EHLGH2UJDQLVDWLRQHQYRUHLQHPNRPPHQVXUDEOHQ6LQQXQG9HUZHLVXQJVKRUL]RQWDJLHUHQXQG NRPPXQL]LHUHQN|QQHQ7UDQVIHUXQG*HQHVHYRQ:LVVHQLQWUDRUJDQLVDWLRQDOVWDWWILQGHQ 'LH VR]LRNXOWXUHOOHQ %HGLQJXQJHQ DXI GLH KLHU DEJHKREHQ ZLUG XQG GLH NRQVWLWXWLY IU GLH $XVELOGXQJ HLQHV NRPPHQVXUDEOHQ 6LQQ XQG 9HUZHLVXQJVKRUL]RQWHV VLQG VWHKHQ LP )RNXV GHV )RUVFKXQJVSURJUDPPV GHU :LVVHQVVR]LRORJLH VRZLH GHV VR]LRORJLVFKHQ 1HRLQVWLWXWLRQD OLVPXV GLH LP )ROJHQGHQ LQ LKUHQ *UXQG]JHQ VNL]]LHUW ZHUGHQ $XVJHKHQG YRQ GLHVHP JH VDPWHQ WKHRUHWLVFKHQ 9RUYHUVWlQGQLV ZHUGHQ GDQQ NRJQLWLYH 6\QFKURQLVDWLRQVSUR]HVVH DXI %DVLV HLQHU 0XOWL&DVH$QDO\VH DXV GHU &9&,QGXVWULH HPSLULVFK KHUDXVJHDUEHLWHW GLH GLH NRJQLWLYHQ9RUDXVVHW]XQJHQHLQHVLQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUVDXVOHXFKWHQVROOHQ

:LVVHQVVR]LRORJLHXQGVR]LRORJLVFKHU1HRLQVWLWXWLRQDOLVPXV

*UXQGOHJHQG IU GHQ NRQVWUXNWLYLVWLVFKHQ 'LVNXUV 6WDEHO6FKXOW] LP :LVVHQVPDQDJH PHQWLVWGLH:LVVHQVVR]LRORJLHXQGKLHULQVEHVRQGHUHGLH$UEHLWHQYRQ%HUJHUXQG/XFNPDQQ :LVVHQHQWVWHKWLPPHULQGHUVR]LDOHQ,QWHUDNWLRQPLWDQGHUHQ$NWHXUHQXQGVSLHJHOW GLHHUIDKUHQHLQWHU VXEMHNWLYH:LUNOLFKNHLWZLGHU'LH*HQHVHYRQ:LVVHQOlVVWVLFKVRPLWQXU DOV HLQH VHKU VSH]LILVFK VLWXDWLYH $NWLYLWlW HUIDVVHQ GLH QDFK NRQWH[WVSH]LILVFKHQ 5HJHOQ GHU %HGHXWXQJV]XZHLVXQJ XQG 6LQQNRQVWLWXWLRQ DEOlXIW 'LH VLFK VR NRQVWLWXLHUHQGHQ *HPHLQ VFKDIWHQ GLH ZDKOZHLVH DOV ÄFRPPXQLWLHV RI SUDFWLFH³ %URZQ'XJXLG XQG ÄFRPPXQLWLHV RI NQRZLQJ³ %RODQG7HQNDVL RGHU ÄRFFXSDWLRQDO FRPPXQLWLHV³ 6FKHLQ %HFKN\ EH]HLFKQHWZHUGHQQHKPHQLKUH8PZHOWJHPlLKUHVNRJQLWLYHQ5HJHO V\VWHPVZDKU'DVVR]LDONRQVWUXLHUWH:LVVHQZLUNWVRPLWLQVRIHUQDXIGLH$NWHXUH]XUFNDOV GDVVHVLKUÄ9HUKDOWHQLQGHU$OOWDJVZHOWUHJXOLHUW³%HUJHU/XFNPDQ 'LHVHVYHUKDO WHQVUHJXOLHUHQGH:LVVHQLVWLQ)RUPYRQ7\SLVLHUXQJHQ5RXWLQHQ5ROOHQXQG,QVWLWXWLRQHQLQ GHU $OOWDJVZHOW YHUIJEDU (V KDQGHOW VLFK GDEHL XP NXOWXUHOOH 0XVWHU GLH DXIJUXQG LKUHV $EVWUDNWLRQVJUDGV DOV JHQHUDOLVLHUWH :LVVHQVVWUXNWXUHQ HLQ JHVWHLJHUWHV 0D DQ ,QIRUPDWLRQV

YHUDUEHLWXQJ ]XODVVHQ +LOOHU 'LHVH 6FKHPDWLVLHUXQJHQ ZHUGHQ %HUJHU/XFNPDQQ ]XIROJHLQNRQWLQXLHUOLFKHQZHFKVHOVHLWLJDXIHLQDQGHUEH]RJHQHQ3UR]HVVHQYRQ:DKU QHKPXQJXQG+DQGHOQUHSURGX]LHUW'HU7UDQVIHUYRQ:LVVHQ±VHLHV]ZLVFKHQ3HUVRQHQRGHU 2UJDQLVDWLRQHQ ± LVW PLWKLQ DQ EDVDOH NXOWXUHOOH 6LQQ]XVDPPHQKlQJH JHEXQGHQ DXI GLH VLFK GLH $NWHXUH LQ LKUHQ ,QWHUDNWLRQHQ EH]LHKHQ XP VR]LDOH XQG NRJQLWLYH$QVFKOXVVIlKLJNHLW ]X JHZlKUOHLVWHQÄ/HUQHQ'HQNHQXQG:LVVHQEDVLHUHQDXI%H]LHKXQJHQ]ZLVFKHQ0HQVFKHQ GLHPLW$NWLYLWlWHQEHVFKlIWLJWVLQGGLHLQPLWXQGDXVGHUVR]LDOXQGNXOWXUHOOVWUXNWXULHUWHQ :HOW KHUDXV VWDWWILQGHQ 'LHVH :HOW VHOEVW LVW VR]LDO YHUIDVVW³ /DYH (LQH $QDO\VH VROFKHU/HUQIRUPHQXQGSUDNWLNHQEH]LHKWVLFKHQWVSUHFKHQGZHQLJHUDXIGLHNRQNUHWHQ:LV VHQVLQKDOWH GLH GLH $NWHXUH LP (LQ]HOQHQ YHUWUHWHQ VRQGHUQ DXI GLH 6LQQPXVWHU GLH GLHVHP :LVVHQ ]XJUXQGH OLHJHQ XQG GLH GDPLW GLH %DVLV GDIU ELHWHQ ZDV JHQDX ]XP :LVVHQVLQKDOW ZHUGHQNDQQ5HFNZLW]:DOJHQEDFK VLHKH$EELOGXQJ Handeln

I. zweckorientierte Handlungerklärung

Ziele/ Wünsche

II. normorientierte Handlungerklärung

Normen/ Werte

III. kulturtheoretische Handlungserklärung

Informationen/ Überzeugungen

Wissensordnungen als Sinnmuster

4XHOOH5HFNZLW]

$EELOGXQJ'LHGUHL7\SHQGHU+DQGOXQJVHUNOlUXQJ 'LHVH LQVWLWXWLRQDOLVLHUWHQ XQG GDPLW XQKLQWHUIUDJWHQ 6LQQ]XVDPPHQKlQJH GHV $OOWDJV GLHVH 6LQQPXVWHU GLH 6FKW] DOV /HEHQVZHOWHQ EH]HLFKQHW VLQG LQWHJUDOHU %HVWDQGWHLO VR JHQDQQWHU VRFLDO VHWWLQJV GLH LQ XQWHUVFKLHGOLFKHU :HLVH .RRUGLQDWLRQV $EVWLPPXQJV XQG ,QWHJUDWLRQVOHLVWXQJHQ HUEULQJHQ 6LH N|QQHQ ± =XFNHU IROJHQG ± :DKUQHKPXQJHQ %HXUWHLOXQJHQXQGKLHUDXIEH]RJHQH5HDNWLRQHQSURYR]LHUHQGLHZHLWHVWJHKHQGDXWRQRPYRQ

bKQOLFKEHWRQHQXQOlQJVW3RUDFHWDOÄ>:@HVKRXOGPRYHIURPWKHQRWLRQRIµVKDUHG¶FRJQLWLRQDVDQRYHU ODSRINQRZOHGJHUHSUHVHQWDWLRQVWRµVKDULQJ¶FRJQLWLRQDVDG\QDPLFSKHQRPHQRQWKDWLVVLWXDWHGLQFRQFUHWH FLUFXPVWDQFHV³

GHQMHZHLOLJHQ$NWHXUHQDEODXIHQXQGVRPLWLP6LQQHYRQ%HUJHU/XFNPDQQ DOV2EMHN WLYDWLRQ EHWUDFKWHW ZHUGHQ 'LHVH VRFLDOVHWWLQJVÄFRPHDERXWDVDUHVXOWRIVRFLDOLQWHUDFWLRQ EHWZHHQDFWRUVEXWWKH\DFTXLUHDUHDOLW\OLNHVWDWXVDQGWKHLUVRFLDORULJLQLVIRUJRWWHQ³=LOEHU %LJJDUWXQG'HOEULGJHEHWRQWHQLQMHZHLOLJHQVRFLDOVHWWLQJVRGHUDXFK'RPlQHQ VHL ÄD IXQGDPHQWDO µORJLF RI DFWLRQ¶ ZKLFK LPSOLHV D UDQJH RI JRDOV VWUDWHJLHV DQG EDVHV RI HYDOXDWLRQ $FFRUGLQJO\ WKH ORJLF RI WKH PDUNHWSODFH HPSKDVL]HV XWLOLWDULDQ UHDVRQLQJ HIIL FLHQF\DQGPHDQVHQGFDOFXODWLRQIURPWKHVWDQGSRLQWRIWKHLQGLYLGXDOZKHUHDVWKHORJLFRI WKHIDPLO\HPSKDVL]HVPXWXDOVXSSRUWDQGDFROOHFWLYHRULHQWDWLRQ³ 'LHVH VWUXNWXUDOLVWLVFKH .RQQRWDWLRQ YRQ ,QVWLWXWLRQHQ NULWLVLHUHQG EHWRQW =LOEHU GHQ YROXQWDULVWLVFKHQ&KDUDNWHUYRQ,QVWLWXWLRQHQ7UlJHUYRQ,QVWLWXWLRQHQVHLHQODXW6FRWW VR]LDOH6WUXNWXUHQ+DQGOXQJVURXWLQHQXQG.XOWXUHQZREHLÄVRFLDOVWUXFWXUHVDUHFRQVWUXFWHG E\SHRSOHURXWLQHVDUHHQDFWHGE\SHRSOHDQGFXOWXUHVDUHLQWHUSUHWHGE\SHRSOH³=LOEHU =ZDUHUVFKHLQHQYRQ0HQVFKHQNUHLHUWHLQVWLWXWLRQHOOH$UWHIDNWH±HWZD:LVVHQVPDQD JHPHQWWRROV±DXIGHQHUVWHQ%OLFNRIWDOVQDWXUJHJHEHQH(QWLWlWHQGLHGHP+DQGHOQGHU$N WHXUHJHJHQEHUVWHKHQ9HUQDFKOlVVLJWZLUG±VR=LOEHU±MHGRFKLQGLHVHU3HUVSHNWLYHGDVVGLH LQVWLWXWLRQHOOHQ$UWHIDNWHLQNRQNUHWHVR]LRNXOWXUHOOH6\VWHPHQHLQJHEXQGHQVLQGGKHUKHEW GLH5ROOHGHVVR]LDOHQ$NWHXUVLQGHU$XIUHFKWHUKDOWXQJGLHVHU,QVWLWXWLRQHQVWDUNKHUYRU.XO WXUHQDOVLQVWLWXWLRQHOOH7UlJHUGLHVLFKGXUFK6\PEROH%HGHXWXQJHQXQG 5HJHOQ NRQVWLWXLH UHQH[LVWLHUHQQlPOLFKQLFKWLQDEVWUDNWHU)RUPVRQGHUQÄKXPDQDJHQWV>«@DUHFUHDWLQJDQG DSSO\LQJ WKHVH V\PEROV LQWHUSUHWLQJ WKHVH PHDQLQJV DQG IRUPXODWLQJ FRQIRUPLQJ WR GLVR EH\LQJ DQG PRGLI\LQJ WKHVH UXOHV³ 6FRWW ,VW HLQH EHVWLPPWH %HGHXWXQJ LQ HLQHU .XOWXU E]Z ,QVWLWXWLRQ HUVW VR]LDOLVLHUW VR ZLUG GLHVH YRQ LKUHQ 0LWJOLHGHUQ ]ZDU DOOJHPHLQ DN]HSWLHUW XQG GDPLW DOV XQSUREOHPDWLVFKHU %H]XJ UHIHUHQWLDO DVSHFWV ]X LQVWLWXWLRQHOOHQ 3UDNWLNHQ XQG 6WUXNWXUHQ EHJULIIHQ (V EOHLEHQ MHGRFK VR EHWRQW =LOEHU GLH $NWHXUH ÄZKR FDUU\WKHVHPHDQLQJVDQGKHQFHFKDQJHVLQDFWRUVPD\UHVXOWLQFKDQJHVLQPHDQLQJVDVZHOO³ :DVVLFKDOVRDOVOHJLWLPH9RUVWHOOXQJYRQGHPZDV:LVVHQEHUKDXSWLVWQDFK ZHOFKHQ/RJLNHQHVEHUWUDJHQZHUGHQNDQQXQGZHOFKH,QVWUXPHQWH 9HUIDKUHQ RGHU 5RXWL QHQKLHUEHL]ZHFNPlLJHUVFKHLQHQLQHLQHU2UJDQLVDWLRQHWDEOLHUWKDWRULHQWLHUWVLFKGHPQDFK HLQHUVHLWV DQ GHQ GRPLQDQWHQ ,QVWLWXWLRQHQ HLQHV EHUJUHLIHQGHQ VR]LDOHQ =XVDPPHQKDQJV ]% %UDQFKHQ 3URIHVVLRQHQ RUJDQLVDWLRQDOH )HOGHU $QGHUHUVHLWV ÄRUJDQL]DWLRQDO VWUXFWXUH DQGSUDFWLFHGRQRWFDUU\LQVWLWXWLRQDOPHDQLQJVLQWKHPVHOYHVDQGE\WKHPVHOYHV³HEG YJODXFK)ULHGODQG$OIRUG 'LH]HQWUDOH$XVVDJHYRQ=LOEHU LVWVRPLWGDVVLQVWL WXWLRQHOOH%HGHXWXQJHQZHGHUSHUVHDOOHLQHLQGHQ6WUXNWXUHQRGHU+DQGOXQJVSUDNWLNHQQRFK

LQGHQ.|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lKLJNHLW HKHU XQZDKUVFKHLQOLFK 'D VLFK LQ GHU )ROJH JHPHLQVDPH 6LQQV\VWHPH QXU VFKZHU HQWZLFNHOQ N|QQHQ LQWHURUJDQLVDWLRQDOHU 7UDQVIHU XQG *HQHVHYRQ:LVVHQHQWVSUHFKHQGQXUVHKUHLQJHVFKUlQNWRGHUJDUQLFKWVWDWWILQGHQ (LQYHUJOHLFKVZHLVHOLQHDUHU:LVVHQVWUDQVIHUZLHHUGHQPHLVWHQ:LVVHQVPDQDJHPHQWPRGHO OHQ LPSOL]LW ]XJUXQGH OLHJW HUVFKHLQW DQJHVLFKWV GLIIHUHQWHU .RQVWUXNWLRQHQ 6LQQ XQG 5HOH YDQ]V\VWHPH VRPLW XQP|JOLFK Ä7KRXJKW ZRUOGV ZLWK GLIIHUHQW IXQGV RI NQRZOHGJH DQG V\V WHPVRIPHDQLQJFDQQRWHDVLO\VKDUHLGHDVDQGPD\YLHZRQHDQRWKHU¶VFHQWUDOLVVXHVDVHVR WHULFLIQRWPHDQLQJOHVV³%RODQG7HQNDVL :LVVHQVWUDQVIHUEHGHXWHWDOVRLQHUVWHU /LQLH GLH .RPPXQLNDWLRQ GHU MHZHLOLJHQ NRJQLWLYHQ .RQVWUXNWLRQHQ XQG GLH GDUDQ DQVFKOLH HQGH5H.RQVWUXNWLRQYRQ:LVVHQLQHLQHPDQGHUHQNRJQLWLYHQ6\VWHP%HFNHUHWDO 8PXQWHUVFKLHGOLFKH6LQQXQG5HOHYDQ]V\VWHPH]XEHUZLQGHQXQGHLQHQLQWHURUJDQLVDWLRQD OHQ :LVVHQVWUDQVIHU ]X HUP|JOLFKHQ PVVHQ GLH 0LWJOLHGHU GHU RUJDQLVDWLRQVVSH]LILVFKHQ &RPPXQLWLHVLQVR]LDONRQVWUXNWLYLVWLVFKHU3HUVSHNWLYHZHFKVHOVHLWLJ LQGHU /DJH VHLQ VLFK LQ GLH 3HUVSHNWLYH GHU MHZHLOV DQGHUHQ &RPPXQLW\ KLQHLQ]XYHUVHW]HQ 1RQDND-RKDQVVRQ %RODQG7HQNDVL6FKHLQ ZDV6FKW] DXFKDOV5H]LSUR]LWlWGHU3HUVSHNWLYHQ EH]HLFKQHW (LQH UH]LSURNH hEHUQDKPH GHU 3HUVSHNWLYHQ LVW MHGRFK ODXW 6FKW] QXU GDQQP|JOLFKZHQQGHUHLQ]HOQH$NWHXUGLH3HUVSHNWLYHGHV*HJHQEHUVNHQQWLKPDOVRGDV MHZHLOLJH5HOHYDQ]XQG:HUWHV\VWHPEHNDQQWLVWXQGHU]XPLQGHVWPLWHLQLJHU%HUHFKWLJXQJ GDYRQDXVJHKHQNDQQGDVVHUVLFKLQVHLQ*HJHQEHUKLQHLQYHUVHW]WKDW ,QGHPQXQGLHEHWHLOLJWHQ$NWHXUHLP=XJHHLQHUNXOWXUHOOHQ6\QFKURQLVDWLRQHLQHV\PEROLVFK NRJQLWLYH XQG QRUPDWLYH 2UGQXQJ DXVELOGHQ VFKOLHHQ VLH DQ GLH LQVWLWXWLRQDOLVLHUWH /HEHQV

0LW%H]XJDXI6FKW] EHWRQWDXFK%LDQFKLQGDVVÄ5HFLSURFLW\GLVWLQJXLVKHVFRPPXQLFDWLRQIURPWKH µXQLODWHUDO¶XQGHUVWDQGLQJRILQGLYLGXDODFWLRQVDQGH[SUHVVLRQVWKXVPDUNLQJFRPPXQLFDWLYHLQWHQWLRQVDV HPLQHQWO\µVRFLDO¶EHFDXVHQRWRQO\DUHWKH\DGGUHVVHGWRRWKHUVEXWWKH\DUHWKHYHU\DFWVE\ZKLFK¶VRFLDO LW\LVFRQVWLWXWHG¶³

ZHOWGHVMHZHLOLJHQ*HJHQEHUVDQXQGN|QQHQHLQHQUHLEXQJVORVHUHQ:LVVHQVWUDQVIHUVLFKHUV WHOOHQ 'DWHQXQG0HWKRGH 'LHVH H[SORUDWLYH 6WXGLH EHGLHQW VLFK TXDOLWDWLYHU )RUVFKXQJVPHWKRGHQ XQG EDVLHUW HQWVSUH FKHQGDXILQWHUSUHWDWLYHQ$QDO\VHQTXDOLWDWLYHU'DWHQXP]XPHLQHQGLH5HLFKKDOWLJNHLWXQG .RPSOH[LWlWGHU&9&7ULDGHHLQ]XIDQJHQXQG]XPDQGHUHQGLH9RUDXVVHW]XQJHQGHV:LVVHQV WUDQVIHUV VRZLH GHU :LVVHQVJHQHVH ]X YHUVWHKHQ =LHO LVW HV DXI %DVLV XQVHUHU 'DWHQ EHUHLWV YRUKDQGHQH 7KHRULHQ GHV :LVVHQVWUDQVIHUV XP HLQH VR]LRNXOWXUHOOH 'LPHQVLRQ ]X HUZHLWHUQ )RUVFKXQJVJHJHQVWDQGLVWDOVRGLH&9&387ULDGH 'LH $QQlKHUXQJ DQ XQVHUHQ )RUVFKXQJVJHJHQVWDQG HUIROJWH DXI GHU *UXQGODJH HLQHV IXQ GLHUWHQWKHRUHWLVFKHQ9RUZLVVHQVKLQVLFKWOLFKGHUREHQEHUHLWVDXIJHIKUWHQ$QVlW]HGHVVWUDWH JLVFKHQ 0DQDJHPHQWV VRZLH 6R]LDO XQG 2UJDQLVDWLRQVWKHRULHQ DQWKURSRORJLVFKHQ 7DXVFK WKHRULHQVRZLHGHU&9&/LWHUDWXU WHLOQHKPHQGHU%HREDFKWXQJ%HLGHV]XVDPPHQHUODXEWH GLH'HILQLWLRQHUVWHU)RUVFKXQJVIUDJHQIUGHQ,QWHUYLHZOHLWIDGHQVRZLHGLH(QWZLFNOXQJHLQHV YRUOlXILJHQ WKHRUHWLVFKHQ .RQ]HSWV %HLGH N|QQHQ LP /DXIH GHV )RUVFKXQJVSUR]HVVHV EHU SUIWXQGJHJHEHQHQIDOOVUHYLGLHUWRGHUHUZHLWHUW ZHUGHQ8QVHUDQVFKOLHHQGHV)RUVFKXQJVGH VLJQOHKQWVLFKVWDUNDQGLH)DOOVWXGLHQ0HWKRGHYRQ
6WLFKSUREHXQG)RUVFKXQJVGHVLJQ

,Q GHU YRUOLHJHQGHQ 6WXGLH ZXUGH HLQ 0XOWLSOH&DVH'HVLJQ YHUIROJW ZREHL GLH ]X XQWHUVX FKHQGHQ)lOOHQDFKGHU5HSOLNDWLRQV/RJLNDXVJHVXFKWZXUGHQ'LHVEHGHXWHWGDVVMHGHU)DOO VRUJIlOWLJ VR DXVJHVXFKW ZHUGHQ PXVV GDVV HU HQWZHGHU ]X lKQOLFKHQ (UJHEQLVVHQ RGHU ]X XQWHUVFKLHGOLFKHQ(UJHEQLVVHQ±DOOHUGLQJVDXVYRUKHUVDJEDUHQ*UQGHQ±IKUW6LQGGLH(U

Ä7KHILQDOSURGXFWRIEXLOGLQJWKHRU\IURPFDVHVWXGLHVPD\EHFRQFHSWVDFRQFHSWXDOIUDPHZRUNRUSURSR VLWLRQVRUSRVVLEO\PLGUDQJHWKHRU\³(LVHQKDUGW

JHEQLVVH DXV GHU $QDO\VH GHU )lOOH ZLGHUVSUFKOLFK PVVHQ GLH XUVSUQJOLFKHQ $QQDKPHQ JHlQGHUW XQG PLW QHXHQ )lOOHQ HUQHXW JHWHVWHW ZHUGHQ =LHO GHV 5HSOLNDWLRQVYRUJDQJV LVW HV HLQHQ XPIDVVHQGHQ XQG WKHRUHWLVFKHQ 5DKPHQ ]X HQWZLFNHOQ GHU $XVVDJHQ GDUEHU HUP|J OLFKW ZDQQ HLQ EHVWLPPWHV 3KlQRPHQ HLQWULWW XQG XQWHU ZHOFKHQ %HGLQJXQJHQ HV DXVEOHLEW «@ DPRQJ RWKHU FRQVLGHUDWLRQV WKH UHOHYDQW ILHOG FRQWDFWV GHSHQG XSRQ DQ XQGHUVWDQGLQJ ± RU WKHRU\± RI ZKDW LV EHLQJVWX GLHG³ 'DV 0XOWLSOH&DVH'HVLJQ HUOHLFKWHUW GDEHL ]XP HLQHQ PLW VHLQHU $QELQGXQJ DQ GLH HPSLUL VFKHQ'DWHQGLH*HQHULHUXQJYRQ7KHRULHQE]Z7KHRULHEDXVWHLQHQVRZLHJHJHEHQHQIDOOVGLH )RUPXOLHUXQJ]XWHVWHQGHU7KHRULHQ(LVHQKDUGW =XPDQGHUHQNDQQGXUFKGLH.RQ]HQW UDWLRQ DXI ZHQLJHU )lOOH PLW HLQHU K|KHUHQ 8QWHUVXFKXQJVLQWHQVLWlW HLQ JDQ]KHLWOLFKHV 9HU VWlQGQLV NRPSOH[HU 8QWHUVXFKXQJVJHJHQVWlQGH VRZLH GHUHQ (LQEHWWXQJ LQ HLQHQ +DQGOXQJV NRQWH[WHUUHLFKWZHUGHQ(LVHQKDUGW (LQVFKUlQNHQGPXVVDOOHUGLQJVJHVDJWZHUGHQGDVV HLQHNOHLQH6WLFKSUREHZLHGHUXPGLH*HQHUDOLVLHUEDUNHLWUHGX]LHUW 4XDOLWDWLYHQ)RUVFKXQJVPHWKRGHQHQWVSUHFKHQGZXUGHQÄ7KHRUHWLFDO6DPSOLQJ³XQGGLHEHU ODSSHQGH'DWHQHUKHEXQJXQGDQDO\VHDQJHZHQGHW*ODVHU6WUDXVV 'LHVEHGHXWHWGDVV NHLQH+\SRWKHVHQH[DQWHDXIJHVWHOOWXQGVSlWHUEHUSUIWZHUGHQ9LHOPHKUGLHQWGLH'DWHQHU KHEXQJ XQG JOHLFK]HLWLJH $XVZHUWXQJ GHU +\SRWKHVHQ E]Z 7KHRULHELOGXQJ 'DEHL EHVWHKW QLFKWQXUNHLQHVWULNWH7UHQQXQJ]ZLVFKHQ'DWHQHUKHEXQJXQGDXVZHUWXQJVRQGHUQGLH3DUDO OHOLWlW EHLGHU 3UR]HVVH LVW NRQVWLWXWLYHU %HVWDQGWHLO GHU )RUVFKXQJVPHWKRGH HEG )ROJOLFK EDVLHUWHQGLHLQHUKREHQHQVLHEHQ)DOOVWXGLHQQHEHQGHU'RNXPHQWHQDQDO\VHLQVEHVRQGH UH DXI EHUZLHJHQG OHLWIDGHQJHVWW]WHQ WHLOZHLVH DXFK VWDUN QDUUDWLYHQ ([SHUWHQLQWHU YLHZVGHUHQRIIHQH)UDJHQHQWVSUHFKHQGQHXHUVLFKDXVGHU$QDO\VHHUJHEHQGHU(UNHQQWQLV VHDQJHSDVVWE]ZHUZHLWHUWZXUGHQ'DGXUFKNRQQWHQQHXH$VSHNWHLQGLH8QWHUVXFKXQJDXI JHQRPPHQ :LGHUVSUFKH JHNOlUW VRZLH VLFK DE]HLFKQHQGH WKHRUHWLVFKH hEHUOHJXQJHQ JHIHV WLJWZHUGHQ

'LH,QWHUYLHZVKDWWHQHLQH/lQJHYRQELV0LQXWHQLQVJHVDPW6WXQGHQ,QWHUYLHZV VLHZXUGHQIU GLH8QWHUVXFKXQJDXIJHQRPPHQXQGWUDQVNULELHUW

'HU (UKHEXQJV XQG $QDO\VHSUR]HVV EHJDQQ PLW HLQHU 3LORWIDOOVWXGLH LQ GHU HUVWH 'DWHQ HUKREHQ XQG DQ GLHVH 'DWHQ )UDJHQ JHVWHOOW ZXUGHQ +LOGHQEUDQG 'HQQ HQWVFKHLGHQG LVW>«@QXUVRYLHODQ0DWHULDO]XHUKHEHQZLHIUGHQ$QDO\VHSUR]HVVHUIRUGHUOLFKLVW1XUVR NDQQGDV0DWHULDOGLH$QDO\VHVWHXHUQ³HEG ,QVJHVDPWEHIUDJWHQZLU,QYHVWPHQW3URIHVVLRQDOVDXVVLHEHQDXVJHZlKOWHQ&9&(LQKHLWHQLQ 'HXWVFKODQGEHULQVJHVDPWLKUHU3RUWIROLRXQWHUQHKPHQXQWHUVFKLHGOLFKVWHU%UDQFKHQ0H GLHQ9HUODJVZHVHQ +DOEOHLWHULQGXVWULH 7HOHNRPPXQLNDWLRQ %LRWHFKQRORJLH /LIH6FLHQFH ,QWHUQHW3ODWWIRUPHQ$XWR0RWLY=XOLHIHUHU9HUVLFKHUXQJHWF 'DUEHUKLQDXVZXUGHQZHLWH UH,QWHUYLHZVHQWZHGHUPLWGHP*UQGHURGHUGHP&(2GHUMHZHLOLJHQ3RUWIROLRXQWHUQHKPHQV VRZLH,QWHUYLHZVPLW0DQDJHUQDXVJHZlKOWHU%XVLQHVV8QLWVGHU0XWWHUXQWHUQHKPHQJHIKUW 'LHVLHEHQ)lOOH±LP6LQQHYRQ7ULDGHQ±ZXUGHQ]XQlFKVWHLQ]HOQDQDO\VLHUWGDQQLP5DK PHQHLQHUYHUJOHLFKHQGHQ)DOODQDO\VHJHJHQEHUJHVWHOOWNRQWUDVWLHUWXQGVFKOLHOLFKW\SLVLHUW

'DWHQDQDO\VH

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lUH'DWHQTXHOOHIUGLH$QDO\ VH'DWHQDXVGHU%HREDFKWXQJVRZLH]XVlW]OLFKH'RNXPHQWHGLHQWHQ]XPHLQHQGHU9HULILND WLRQ XQG ]XP DQGHUHQ GD]X GLH $XVVDJHQ GHU %HIUDJWHQ LQ LKUHQHQWVSUHFKHQGHQ.RQWH[W ]X VWHOOHQ

=XEHDFKWHQLVWÄDSLORWWHVWLVQRWDSUHWHVW7KHSLORWFDVHLVXVHGPRUHIRUPDWLYHO\DVVLVWLQJDQLQYHVWLJD WRU WRGHYHORSUHOHYDQW OLQHVRI TXHVWLRQV± SRVVLEO\ HYHQ SURYLGLQJ VRPH FRQFHSWXDO FODULILFDWLRQ DV ZHOO³

9DOLGLHUXQJ

'HU 3UR]HVV GHU LQ GLHVHU 6WXGLH YHUZHQGHWHQ NRQWLQXLHUOLFKHQ 9HUJOHLFKVPHWKRGH EHLQKDOWHW LQWHUQH 9DOLGLWlWVFKHFNV GHU 'DWHQ .LUN0LOOHU :LH EHUHLWV HUZlKQW HQWZLFNHOQ GLH ,QWHUYLHZHU ZlKUHQG GHU EHUODSSHQGHQ 'DWHQHUKHEXQJVDPPOXQJ XQG DQDO\VHNRGLHUXQJ NRQ]HSWLRQHOOH.DWHJRULHQXQGWHQWDWLYH+\SRWKHVHQZHUGHQHPHUJHQW)UDJHQEHUEHVWLPPWH 7DWVDFKHQHUZHLVHQVLFK]XP9HUVWlQGQLVXQG]XUZHLWHUHQ,QWHUSUHWDWLRQGHU'DWHQDOVZLFK WLJ ,Q GHU )ROJH ZHUGHQ ]XVlW]OLFKH 'DWHQ JHQHULHUW XP GLH *UHQ]HQ GHU NRQ]HSWLRQHOOHQ .DWHJRULHQHLQGHXWLJH7DWVDFKHQVRZLHGLHWHQWDWLYHQ+\SRWKHVHQRGHU7KHRULHQPLW]XVlW]OL FKHQ ,QIRUPDQWHQ E]Z &DVHV ]X WHVWHQ :lKUHQG GDV )RUVFKXQJVSURMHNW YRUDQVFKUHLWHW XQG QHXH'DWHQJHVDPPHOWZHUGHQZHUGHQGLHVHSHUPDQHQWPLWYRUDQJHJDQJHQHQ'DWHQKLQVLFK WOLFK GHU .DWHJRULHQ XQG YRUOlXILJHQ +\SRWKHVHQ YHUJOLFKHQ :HQQ QHXH 'DWHQ QHXH RGHU LQNRQVLVWHQWH ,QIRUPDWLRQHQ HUEULQJHQ ZHUGHQ GLH .DWHJRULHQ XQGRGHU GLH HPHUJLHUHQGH 7KHRULHPRGLIL]LHUWXPGLHVHQQHXHQ,QIRUPDWLRQHQ5HFKQXQJ]XWUDJHQ'HU3UR]HVVZLUGVR ODQJH ZLHGHUKROW ELV HLQH WKHRUHWLVFKH 6lWWLJXQJ HUUHLFKW LVW GK ELV ZHGHU QHXH .DWHJRULHQ DXIWDXFKHQQRFK QHXH ,QIRUPDWLRQHQ JHQHULHUWZHUGHQ N|QQHQ ZHOFKH LQNRQVLVWHQW PLW GHQ EHUHLWVEHVWHKHQGHQ.DWHJRULHQZlUHQ,QJHZLVVHU:HLVHEHGHXWHWGLHVHSHUPDQHQWHNRPSD UDWLYH0HWKRGHHLQPXOWLSOHV$XVORWHQGHU+\SRWKHVHQE]ZGHVWKHRUHWLVFKHQ0RGHOOV :LU FRGLHUWHQ XQDEKlQJLJ YRQHLQDQGHU DOOH ,QWHUYLHZGDWHQ XQG YHUJOLFKHQ DQVFKOLHHQG GLH .DWHJRULHQ LP +LQEOLFNDXI P|JOLFKH hEHUODSSXQJHQ XQG 8QVWLPPLJNHLWHQ E]Z :LGHUVSU FKH6RHUKLHOWHQZLUOHW]WOLFKHLQJHPHLQVDPHV6HWYRQ.DWHJRULHQPLWKLOIHGHVVHQGDQQDOOH 'DWHQ HUQHXW NRGLHUW ZXUGHQ 'LHVHU 3UR]HVV KDOI VLFKHU]XVWHOOHQ GDVV GLH .RGLHUHU GLH 'DWHQLQYHUJOHLFKEDUHU:HLVHLQWHUSUHWLHUWXQG NHLQHZHVHQWOLFKHQ,QIRUPDWLRQHQDXVJHODV VHQKDWWHQ:LUYHUZHQGHWHQZlKUHQGGHU3KDVHGHVD[LDOFRGLQJlKQOLFKH.RQWUROOXQG$E JOHLFKXQJVSUR]HVVH(LQH[WHUQHU([SHUWHZXUGHZlKUHQGGHUVHOHNWLYHQ&RGLHUSKDVHEHWHLOLJW XQGVSLHOWHGDEHLGLH5ROOHGHV)UDJHQGHQVRZLHGHVÄDGYRFDWXVGLDEROL³ (UJHEQLVVH 'HU 8QWHUVXFKXQJVJHJHQVWDQG ± GLH &9&7ULDGH ± LVW OHW]WOLFK HLQH LQWHURUJDQLVDWLRQDOH %H ]LHKXQJ]ZLVFKHQ]ZHL2UJDQLVDWLRQHQ±GHP1HZ9HQWXUHXQGGHP,QGXVWULHNRQ]HUQ±GLH GXUFKXQWHUVFKLHGOLFKH/HEHQVZHOWHQFKDUDNWHULVLHUWVLQG'HXWOLFKZLUGGLH'LIIHUHQ]DXIHLQHU REHUIOlFKOLFKHQ (EHQH DQ XQWHUVFKLHGOLFKHQ RUJDQLVDWLRQDOHQ 6WUXNWXUHQ 9HUIDKUHQ XQG 3UR ]HVVHQGLHLQGHU/LWHUDWXUEHUHLWVYLHOIlOWLJEHVFKULHEHQZXUGHQ:LUKHEHQLQXQVHUHP(UJHE

QLVWHLO ZHQLJHU DXI GLH MHZHLOLJHQ RUJDQLVDWLRQDOHQ $XVSUlJXQJHQ DOV YLHOPHKU DXI GHQ VLFK GDUDXVHUJHEHQGHQNXOWXUHOOV\PEROLVFKHQ+LQWHUJUXQGIUGLHZHFKVHOVHLWLJHQ,QWHUSUHWDWLRQHQ XQG :DKUQHKPXQJHQ DE PLW GHQHQ GLH $NWHXUH GDV 9HUKDOWHQ GLH 6WUXNWXUHQ XQG 3UR]HVVH GHV*HJHQEHUVEHGHQNHQ :LU SUlVHQWLHUHQ LP )ROJHQGHQ ]XQlFKVW GLH XQWHUVFKLHGOLFKHQ /HEHQVZHOWHQ E]Z VRFLDO VHWWLQJV YRQ 3RUWIROLRXQWHUQHKPHQ XQG ,QGXVWULHXQWHUQHKPHQ GLH LP =XJH XQVHUHU $QDO\VH GHXWOLFKKHUDXVJHDUEHLWHWZHUGHQNRQQWHQ'DEHLJHKHQZLULQVEHVRQGHUHDXIGHUHQ6HOEVWYHU VWlQGQLV$XIJDEHQYHUVWlQGQLVVRZLHGHUHQ:LVVHQVYHUVWlQGQLVHLQ'DQDFK]HLJHQZLU GLH ZHFKVHOVHLWLJH :DKUQHKPXQJ GHU %HWHLOLJWHQ YRQ LKUHP MHZHLOLJHQ *HJHQEHU VRZLH GDV GDUDXV DEJHOHLWHWH ,QWHUDNWLRQVYHUVWlQGQLV DXI ,P $QVFKOXVV GDUDQ EHVFKUHLEHQ ZLU :LV VHQVWUDQVIHUXQGJHQHVH]ZLVFKHQGHQ%HWHLOLJWHQXQGDUEHLWHQVFKOLHOLFK P|JOLFKHWUDQV ODWRUIULQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHULQWHURUJDQLVDWLRQDOHNRJQLWLYH6\QFKURQLVDWLRQ XQG3HUVSHNWLYHQEHUQDKPHKHUDXV

2UJDQLVDWLRQDOH/HEHQVZHOWHQ

'LHRUJDQLVDWLRQDOH/HEHQVZHOWGHV3RUWIROLRXQWHUQHKPHQV -HGH2UJDQLVDWLRQVJUQGXQJZLUGLQGHU5HJHOYRQ)KUXQJVSHUV|QOLFKNHLWHQJHWUDJHQGLHPLW LKUHQ :HUWHQ XQG 1RUPHQ LGHQWLWlWVELOGHQG DXI GLH (QWZLFNOXQJ GHU 2UJDQLVDWLRQ ZLUNHQ 6FKHLQ 'D GLHVH )KUXQJVSHUV|QOLFKNHLWHQ LQ XQVHUHP )RUVFKXQJVIHOG EHUZLHJHQG GHP QDWXUZLVVHQVFKDIWOLFKWHFKQLVFKHQ 0LOLHX HQWVWDPPHQ VSLHOHQ GHUHQ MHZHLOLJH SURIHVVL RQVVSH]LILVFKHQ (LQVWHOOXQJHQ XQG 3HUVSHNWLYHQ HLQH ZLFKWLJH 5ROOH IU GLH RUJDQLVDWLRQDOH ,GHQWLWlW9HUVWlUNWZLUGGLHVHU(IIHNWLQVRIHUQDOVGDVVHVGLH)RUVFKXQJVXQG(QWZLFNOXQJV DNWLYLWlWHQVLQGDXIGHQHQMXQJHWHFKQRORJLHRULHQWLHUWH6WDUWXSVOHW]WOLFKLKUH([LVWHQ]JUQ GHQ Ä,Q KLJK WHFKQRORJ\ HQYLURQPHQWV SURGXFW GHYHORSPHQW LV LQFUHDVLQJO\ EHLQJ GULYHQ E\ EDVLF VFLHQWLILF UHVHDUFK³ 'HHGV HW DO )U GHQ (UIROJ LKUHU )LUPHQ PDFKHQ GLH )LUPHQJUQGHUSULPlULKUHWHFKQRORJLVFKHQ,QQRYDWLRQHQYHUDQWZRUWOLFK Ä8QVHU(UIROJLVWVFKOXVVHQGOLFKGLH7HFKQRORJLHXQGGLH)lKLJNHLWGLHVH7HFKQRORJLHDXFKDXVQXW]HQ ]XN|QQHQ³38 Ä:LUKDEHQLP:HWWEHZHUEVXPIHOGLQGHQYHUJDQJHQHQ]Z|OI0RQDWHQVHKUYLHOH8QWHUQHKPHQVFKHL WHUQVHKHQXQVHU(UIROJEDVLHUWJU|WHQWHLOVDXIGHUWHFKQLVFKHQ/|VXQJGLHZLUKDEHQ³38

'LH0LWDUEHLWHUPRWLYDWLRQJLOWRIWSULPlUGHULQQRYDWLYHQ/|VXQJWHFKQLVFKHU3UREOHPH

Ä:LU KDEHQ KLHU HLQ VXSHU PRWLYLHUWHV 0DQDJHPHQW XQG 0LWDUEHLWHUWHDP /HXWH GLH DQ GHP )RU VFKXQJVWKHPD6SDKDEHQGLHDXFKGLH)RUVFKXQJVP|JOLFKNHLWHQVRHLQHUNOHLQHQ)LUPD]XVFKlW]HQ ZLVVHQ³38

*HPl LKUHU ZLVVHQVFKDIWOLFKHQ 6R]LDOLVLHUXQJ HLJQHQ VLFK LQ GHQ $XJHQ GHU 2UJDQLVDWLRQV PLWJOLHGHULQVEHVRQGHUH,QWHUDNWLRQVIRUPHQGLH2IIHQKHLW.RRSHUDWLRQVEHUHLWVFKDIW5H]LSUR ]LWlWVQRUPHQXQGLQIRUPHOOH.RPPXQLNDWLRQZLGHUVSLHJHOQ Ä:LVVHQVFKDIWOLFKHV$UEHLWHQEDVLHUWGRFKDXI*HEHQXQG1HKPHQ³&9&

'HULQWHUQH:LVVHQVDXVWDXVFKHQWZLFNHOWVLFKSULPlULQHLQHU'LVNXVVLRQVXQG$UEHLWVDWPRV SKlUH LQ GHU RIIHQ ,GHHQ XQG .RQ]HSWH ]LUNXOLHUHQ :LVVHQ HUVFKHLQW TXDVL DOV |IIHQWOLFKHV *XWÄDVFROOHFWLYHO\RZQHGDQGPDLQWDLQHGE\WKHFRPPXQLW\³:DVNR)DUDM ]X GHPDOOH2UJDQLVDWLRQVPLWJOLHGHUJHPHLQVFKDIWOLFKEHLWUDJHQXQGDXIGDVVLH]XJUHLIHQN|QQHQ 'LHLQGLYLGXHOOH0RWLYDWLRQIUGHQ$XVWDXVFKYRQ:LVVHQLVWZHQLJHU(LJHQQXW]DOVYLHOPHKU GLH6RUJHXPGLH*HPHLQVFKDIWYRQ.URJK GDÄDOOHLQHLQHP%RRWVLW]HQLQGHPPDQ JHPHLQVDP GDV =LHO HUUHLFKW RGHU ]XVDPPHQ XQWHUJHKW³ &9& 'DV *HIKO JHJHQVHLWLJHU PRUDOLVFKHU 9HUSIOLFKWXQJ EHUODJHUW GLH (UZDUWXQJ HLQHV LQGLYLGXHOOHQ *HZLQQV 'DV 0LWHL QDQGHUELOGHWGHQ*UXQGJHGDQNHQGHV:LVVHQVPDQDJHPHQWNRQ]HSWHVE]ZGLH]XHWDEOLHUHQGH 1RUP 'LHVH 5H]LSUR]LWlWVQRUP JHJHQVHLWLJHU 8QWHUVWW]XQJ VWHOOW VLFK DOV KRUL]RQWDOH WKH PHQ]HQWULHUWH*UXSSHQELOGXQJDXIGHU%DVLVYRQ9HUWUDXWKHLWGDUGLHVLFKLQGHU0HWDSKRULN DQHLQHP)DPLOLHQPRGHOOGHUIUHLZLOOLJHQ+LOIHOHLVWXQJRULHQWLHUW Ä(VLVWLQWHQVLYHUDOVHLQH(KHGHQQLQVRHLQHP6WDUWXSYHUEULQJWPDQMDQXQRGHU6WXQGHQDP 7DJPLWHLQDQGHUVHFKVELVVLHEHQ7DJHGLH:RFKH'DVNDQQPDQQXUZHQQPDQDOV7HDPDXIHLQHU YHUWUDXHQVYROOHQ%DVLV]XVDPPHQDUEHLWHWXQGVLFKGHU(LQ]HOQHRKQHZHQQXQGDEHUHLQEULQJW³38 Ä:LUKDEHQHLQHJDQ]JDQ]KRPRJHQH.HUQJUXSSHGLHHLQIDFKJHPHLQVDPGXUFKGLFNXQGGQQJHKW³ 38

6RIHUQLQGLHVHQRUJDQLVDWLRQDOHQ/HEHQVZHOWHQ6FKW] GLHLP=XJHHLQHUJHPHLQVDP GXUFKOHEWHQ6R]LDOLVDWLRQ GHU 2UJDQLVDWLRQVPLWJOLHGHU HQWVWDQGHQ VLQG EHUKDXSW EHUHLWV )RU PHQHLQHVLQWHUQHQ:LVVHQVPDQDJHPHQWVH[LVWLHUHQ]LHOHQGLHVHGDUDXIDEEHUDXVWDXVFKI|U GHUQGH .RPPXQLNDWLRQVPHGLHQ HLQH 'LVNXVVLRQV XQG .RPPXQLNDWLRQVNXOWXU ]X HWDEOLHUHQ XPVRGDVLQGLYLGXHOOH:LVVHQGHU*HPHLQVFKDIW]XJlQJOLFK]XPDFKHQ:LVVHQVPDQDJHPHQW OlVVWVLFKVR]XPHUKHEOLFKHQ7HLODOV.RQYHUVDWLRQVPDQDJHPHQWEHVFKUHLEHQ Ä,FKKDEHHLQJOlVHUQHV8QWHUQHKPHQ+LHUJLEWHVQLFKWVZDVQLFKWNRPPXQL]LHUWZLUG2EHVIDFKOL FKH'LQJHVLQGRGHU)LQDQ]HFNGDWHQGLH0LWDUEHLWHUZLVVHQEHUDOOHV%HVFKHLG,FKOHLWHGDV8QWHU QHKPHQDEHULFKELQQLFKWGHUOLHEH*RWW³38 Ä$XIZLVVHQVFKDIWOLFKHU(EHQHJLEWHVKLHUHLQHQVHKUHQJHQ$XVWDXVFK:LUKDEHQDOOHNXU]H:HJHXQG DOOH RIIHQH 7UHQ $OVR ZHQQ ZDV .RQNUHWHV DQVWHKW JLEW HV NHLQH 7HUPLQH XQWHUHLQDQGHU GDQQ LVW MHGHUVRIRUWJUHLIEDUXQGDQVSUHFKEDU³38

*HWUDJHQ XQG JHVWHXHUW ZLUG GLHVHV IDPLOLlUH 6R]LDOJHIJH YRQ ZHFKVHOVHLWLJHP 9HUWUDXHQ 5HVSHNWXQG(PSDWKLHHLQHU)RUPGHUVR]LDOHQ,QWHJUDWLRQGLH:LONLQVXQG2XFKL DOV FODQFXOWXUHEH]HLFKQHQ Ä,FKPXVVVFKRQVDJHQZLUVLQGKLHUHLQHUHODWLYHLQJHVFKZRUHQH0DQQVFKDIW6HKUYLHOH/HXWHNHQQHQ VLFKYRQIUKHU6RVLQGGLH*UQGHUEHUSHUV|QOLFKH,QVWLWXWVRGHU8QLNRQWDNWHKLHUUHLQJHNRPPHQ ,QVRIHUQJLEWHVDXFKDXIGHUSHUV|QOLFKHQ(EHQHHLQHQVHKUHQJHQ$XVWDXVFK³38

8QWHU5HNXUVDXIHLQHJHPHLQVDPHSURIHVVLRQHOOH6R]LDOLVDWLRQHQWVWHKWHLQKRPRJHQHV:HUWH XQG =LHOV\VWHP GDV 1HXJUQGXQJHQ ]X VR]LRNXOWXUHOO KRFKLQWHJULHUWHQ 2UJDQLVDWLRQHQ ZHU GHQOlVVW:HLWUHLFKHQGH(QWVFKHLGXQJHQXQWHUOLHJHQKLHUQLFKW]ZDQJVOlXILJQXU]ZHFNUDWLR QDOHQ.ULWHULHQVRQGHUQHVJHKW±JDQ]ZLHLPLQVWLWXWLRQHOOHQ6HWWLQJ)DPLOLHEOLFK±ÄWRWDO HPRWLRQDO]X³38 (PRWLRQHQZHUGHQDOV(QWVFKHLGXQJVGHWHUPLQDQWHQYLUXOHQW Ä:LUVLQG]XGULWWJHVWDUWHWHLQHUYRQGHQGUHLHQZDUPHLQ6FKZDJHU0HLQH5ROOHDOV9RUVWDQGVVSUH FKHUKDEHLFKQLFKWLQMHGHU+LQVLFKWXPJHVHW]WZHLOHVDP(QGHGHV7DJHVLPPHUQRFKPHLQH%XGGLHV ZDUHQ³38

,QGHP (PRWLRQDOLWlW XQG /R\DOLWlW GDV 9HUKlOWQLV GHU 2UJDQLVDWLRQVPLWJOLHGHU XQWHUHLQDQGHU XQG LP +LQEOLFN DXI GDV 8QWHUQHKPHQ EHVWLPPHQ QHKPHQ 1HXJUQGXQJHQ PLWXQWHU GHQ &KDUDNWHUYRQ6FKLFNVDOVJHPHLQVFKDIWHQDQ*HHLQWGXUFKHLQHQ]HLWLQWHQVLYHQXQGHPRWLRQV JHODGHQHQ$UEHLWV]XVDPPHQKDQJNRPPWHVLQVEHVRQGHUHEHL$NWHXUHQPLWHLQHPWHFKQLVFK QDWXUZLVVHQVFKDIWOLFKHQEHUXIOLFKHQ+LQWHUJUXQGKlXILJ]XHLQHULQWULQVLVFKPRWLYLHUWHQ)RNXV VLHUXQJ DXI LQQRYDWLYH 3UREOHPO|VXQJHQ 'HU .RPPHU]LDOLVLHUXQJ YRQ ,QQRYDWLRQHQ ZLUG ]XPLQGHVWDP$QIDQJZHQLJ%HDFKWXQJJHVFKHQNW0DXUHU(EHUV Ä$P$QIDQJKDEHQZLUJDUQLFKWNDSLHUWGDVVHVGHQ9&VXPGLH9HUPDUNWXQJJLQJGHQQXQVJLQJHV SULPlUXPXQVHUH,QQRYDWLRQXQGGLHYRQXQVHQWZLFNHOWH7HFKQRORJLH³38

.XQGHQ 0DUNHWLQJVWUDWHJLHQ RGHU DXFK HLQH SURIHVVLRQHOOH $XHQGDUVWHOOXQJ GHU HLJHQHQ 2UJDQLVDWLRQZHUGHQOHW]WOLFKDOVZHQLJUHOHYDQWIUGLHHLJHQWOLFKH$XIJDEHHUDFKWHW(QWVSUH FKHQGKDEHQGLH$NWHXUHGLH]XPHLVW*UQGHUGHV1HZ9HQWXUHVLQGZHQLJ,QWHUHVVHKLQVLFK WOLFKGHUhEHUQDKPHYRQ0DQDJHPHQWIXQNWLRQHQ Ä%HL GHU 8QWHUQHKPHQVJUQGXQJ ZDU GDV 0DQDJHPHQW VHKU MXQJ DQ EHWULHEVZLUWVFKDIWOLFKHQ )UDJHQ QLFKWLQWHUHVVLHUWXQGVHKUXQSURIHVVLRQHOO³38

$XFKIHKOHQLKQHQLQGHU5HJHO0DQDJHPHQWZLVVHQXQGNRPSHWHQ]HQ Ä$OVLFKGDDQJHIDQJHQKDEHXQGQRFKNHLQH(UIDKUXQJKDWWHZDVHLJHQWOLFKHLQ&(2PDFKWGDKDEHQ GLHPLUHUVWPDOHUNOlUHQPVVHQZDVLFKDOV&(2]XWXQKDEH³38

9HUVWlUNWZLUGGLHVHHLQVHLWLJH)RNXVVLHUXQJDXI,QQRYDWLRQHQXQGWHFKQRORJLVFKH(QWZLFNOXQJ PLWXQWHUQRFKGXUFKGLH8PZHOW,QVEHVRQGHUHLQGHU+RFK]HLWGHU1HZ(FRQRP\LQGHUVLH ÄDOV GDV =XNXQIWVWKHPD JHVHKHQ ZXUGH³ 38 ZDUHQ LQVWLWXWLRQHOOH $NWHXUH DXV 3ROLWLN

0HGLHQ XQG 9HUElQGHQ GDUDQ LQWHUHVVLHUW 'HXWVFKODQG DOV ,QQRYDWLRQVVWDQGRUW GDU]XVWHOOHQ XQGGDVSRVLWLYH.OLPDLQGHU*HVHOOVFKDIWXQGDXIGHQ0lUNWHQDXIUHFKW]XHUKDOWHQ Ä:LUVLQGMDDOOH.LQGHUXQVHUHU=HLW8QGLQGHU1HZ(FRQRP\ZDUHQGRFKDOOHYRQHLQHUGHUDUWLJHQ (XSKRULH EHVHHOW 9LHOH PHLQWHQ VLH N|QQWHQ GHQ +LPPHO HUREHUQ XQG GHQ hEHUKLPPHO DXFK QRFK³ 38

,QVEHVRQGHUH WHFKQRORJLVFKH ,QQRYDWLRQHQ ZXUGHQ PHGLHQZLUNVDP SUlVHQWLHUW GLH 8QWHUQHK PHQPLWHQWVSUHFKHQGHQ3UlPLHQEHGDFKWXQGGLH*UQGHUDXI:HWWEHZHUEHQDOVWHFKQRORJL VFKHXQGXQWHUQHKPHULVFKH$YDQWJDUGHVWLOLVLHUW Ä'DVZDUGLH3KDVHZRZLUGLHVHQ:HWWEHZHUEJHZRQQHQKDEHQ3O|W]OLFKZDUHQZLU+HOGHQ'DVZDU VR HLQHU GHU VFK|QVWHQ 0RPHQWH DOV LFK GD SO|W]OLFK DOV *HZLQQHU DXI GHU %KQH VWDQG YRU 7DXVHQG /HXWHQ5LHVHQVWLPPXQJ5LHVHQIHWHXQGDOOHVZDUVXSHU³38

'LHRUJDQLVDWLRQDOH/HEHQVZHOWGHV0XWWHUXQWHUQHKPHQV .XOWXUELOGHQGDXI.RQ]HUQHEHQHVLQGGLHLQVWLWXWLRQHOOHQDSULRULHLQHUIRUPDOLVLHUWHQ*URRU JDQLVDWLRQZLHVLH0D[:HEHU PLWGHP%HJULIIGHVÄVWDKOKDUWHQ*HKlXVHV³GHU%UR NUDWLHWUHIIHQGEHVFKUHLEWXQGGLHLQ0LQW]EHUJV 7\SRORJLHDPHKHVWHQPLWGHUEHNDQQ WHQ0DVFKLQHQEURNUDWLH]XFKDUDNWHULVLHUHQLVW Ä7KH\KDYHDZHOOVWUXFWXUHGZHOORLOHGPDFKLQHWKDWLVUXQQLQJ³%8 Ä'DVLQGGDQQ*UHPLHQGLHQXUDOOHGUHL0RQDWH]XVDPPHQWUHIIHQGHUHQ.RQVHQVPDQEHNRPPHQXQG GHUHQ (LQZlQGH PDQ EHUFNVLFKWLJHQ PXVV GLH PXVV PDQ GDQQ YHUGLFKWHQ YHUlQGHUQ VRZHLW ELV HV GXUFKJHKW'DVKHLWGHU3UR]HVVZXUGHWDWVlFKOLFKEHLXQVODQJVDPHU³&9&

*HPl LKUHU EURNUDWLVFKHQ )XQNWLRQVORJLN EHQ|WLJHQ .RQ]HUQH IU GLH *HQHULHUXQJ XQG 8PVHW]XQJVHOEVWÄJURDUWLJHU³,GHHQHLQHVRUJIlOWLJH3ODQXQJXQGHLQHJH]LHOWH*HVWDOWXQJGHU 2UJDQLVDWLRQVVWUXNWXU Ä7KH VWUXFWXUH RI WKH RUJDQL]DWLRQ KDV EXUHDXFUDWLF IHDWXUHV LQFOXGLQJ IRUPDOL]HG MRE GHVFULSWLRQV IRUPDO OLQHV RI DXWKRULW\ ZLWK UROHV RI OLQH DQG VWDII FOHDUO\ GH ILQHGDQGIDLUO\ULJLGVWUDWLILFDWLRQDPRQJGLIIHUHQWOD\HUVGLYLVLRQVDQGVNLOOOHYHOVZLWKLQWKH RUJDQL]DWLRQ³.REHUJHWDO 'LHVHÄ,QQRYDWLRQVEURNUDWLH³]HLFKQHWVLFKQHEHQGHQQRWZHQGLJHQ)UHLUlXPHQIU.UHDWLYLWlW GXUFK'LV]LSOLQXQG.RQWUROOHGHU=HLWHLQKDOWXQJ5HVVRXUFHQQXW]XQJXQGGHU3URGXNWTXDOLWlW DXVGLHRIWDXFKYHUWUDJOLFKIL[LHUWLVW-HQDFK$XIJDEHXQG.RQWH[WXQWHUVFKLHGOLFKIRUPDOL VLHUWZHUGHQGLH9HUWUlJHPLWNODUPHVVEDUHQ=LHOHQVSH]LIL]LHUWXQGIRUWODXIHQGEHUZDFKW Ä'D LVW LPPHU HLQ 9HUWUHWHU GHU %XVLQHVV 8QLW PLW GHP YHUKDQGHOQ ZLU GLH JLYHV DQG JHWV 'DV ZLUG GDQQDXFKVFKULIWOLFKIHVWJHKDOWHQ:LUVHW]HQGLHVH$JUHHPHQWVP|JOLFKVWLPPHUVRDXIGDVVPDQGLH PHVVHQ NDQQ 'DV LVW GHILQLHUW LQ HLQHU 6SUDFKH GLH DOOH GDQQ DXFK QDFKYROO]LHKHQ XQG NRQWUROOLHUHQ N|QQHQ³&9&

'DV +HUYRUEULQJHQ NRPSOH[HU ,QQRYDWLRQHQ LQ HLQHU IRUPDOLVLHUWHQ *URRUJDQLVDWLRQ VHW]W QHEHQ GHQ EHQ|WLJWHQ 5HVVRXUFHQ LQVEHVRQGHUH GHP VSH]LDOLVLHUWHQ :LVVHQ GLH $NWLYLWlWHQ YLHOHU $NWHXUH YRUDXV GHUHQ %HLWUlJH MH QDFK %HGDUI ]HLWOLFK DEJHVWLPPW LQKDOWOLFK NRRUGL QLHUWXQWHUVWW]WJHOHLWHWXQGEHUZDFKWZHUGHQPVVHQ Ä$OV XQIOH[LEOHU *URNRQ]HUQ QHLJW PDQ GD]X HLQ QHXHV 3URMHNW HUVWPDO VHKU JUR DXI]XVHW]HQ XQG EHUPlLJ]XVWUXNWXULHUHQ'DIUDOOHLQEUDXFKWPDQGDQQVFKRQGUHL0RQDWH³&9& Ä$OV /HLWHU HLQHU %XVLQHVV 8QLW KDEH LFK HLQH 3URMHNWOLQLH JHOHLWHW 'D HQWVWHKHQ .RQIOLNWH LQ GHP 6LQQHGDVVQDWUOLFKDOOH/HXWHDXIEHJUHQ]WH5HVVRXUFHQ]XJUHLIHQZROOHQVHLHV*HOGVHLHQHV3HUVR QHQXQGGDKDEHLFKJHOHUQWPLWGHQ.RQIOLNWHQ]XOHEHQXQGIUPHLQHHLJHQH3URGXNWOLQLHXQGXQVHUH )RUVFKXQJVSURMHNWHGDV%HVWHKHUDXV]XKROHQ³&9&

(VLVWGLHVHV:LVVHQXPGLHH[HFXWLYHFXOWXUH6FKHLQ PLWLKUHQ$UEHLWVDEOlXIHQ)XQNWL RQVORJLNHQ XQG (QWVFKHLGXQJVSUR]HGXUHQ ZHOFKH GLH $NWHXUH LQ PXOWLQDWLRQDOHQ .RQ]HUQHQ EHIlKLJWLKUH)lKLJNHLWHQXQG)DFKH[SHUWLVHLQGHQRUJDQLVDWLRQDOHQ*HVDPW]XVDPPHQKDQJ]X LQWHJULHUHQ,QVEHVRQGHUHLQÄ,QQRYDWLRQVEURNUDWLHQ³VLQGGLHHUIDKUXQJVEDVLHUWHQ.HQQWQLVVH EHU GHQ VLWXDWLRQVDGlTXDWHQ 8PJDQJ PLW IRUPDOLVLHUWHQ 5HJHOQ XQG 5RXWLQHQ YRQ ]HQWUDOHU %HGHXWXQJ 'HQQ LQWHUQH ,QQRYDWLRQVSUR]HVVH ,GHHQJHQHULHUXQJ 9RUVFKODJVZHVHQ XQG %R QXVSURJUDPPHIU0LWDUEHLWHULQLWLDWLYHQ±VRZXUGHDXVXQVHUHQ'DWHQGHXWOLFK±XQWHUOLHJHQ RIWNODUHQ5HJHOQXQGZHUGHQPHKURGHUZHQLJHUHIIHNWLYXQGHIIL]LHQWNRRUGLQLHUWXQGNRQW UROOLHUW 'LH %HWURIIHQHQ NHQQHQ GHQ LQ 7HLOHQ VWDQGDUGLVLHUWHQ SUR]HVVXDOHQ $EODXI HLQHU ,QQRYDWLRQEHLVSLHOVZHLVHGXUFK9RUVFKODJVZHVHQXQGKDEHQHQWVSUHFKHQGH$QVSUHFKSDUWQHU Ä'DJLEWHVLQXQVHUHP,QWUDQHWH[WUDHLQH6HLWHLQGHUPDQVROFKH,GHHQYRUVWHOOHQNDQQ'LHZHUGHQ GDQQ YRQ HLQHU HQWVSUHFKHQGHQ 6WHOOH EHJXWDFKWHW XQG ZHQQ GLH ,GHH UHDOLVLHUW ZLUG EHNRPPW PDQ HLQHQ([WUDERQXV³%8

8PLQHLQHU*URRUJDQLVDWLRQGLH%HUHLWVFKDIWDXI6HLWHQGHU0LWDUEHLWHULKULQGLYLGXHOOHVRGHU DXFKDEWHLOXQJVVSH]LILVFKHVLQWHUDNWLRQVJHEXQGHQHV:LVVHQ]XH[SOL]LHUHQXQGLQGLHRIIL]LHO OHQ $UEHLWVDEOlXIH ]X LQWHJULHUHQ HQWVSUHFKHQG ]X I|UGHUQ ZHUGHQ WHLOZHLVH $QUHL]V\VWHPH YHUWUDJOLFKIRUPDOLVLHUW Ä8QVHUH.RPSHQVDWLRQEDVLHUWDXIHLQHP%RQXVV\VWHPHLQJHZLVVHU$QWHLOGHV%RQXVLVW7UDL QLQJGKPDQPXVVVHOEVWMHGHV-DKUVRXQGVRYLHOLQWHUQHQ7UDLQLQJVVWXQGHQEHLZRKQHQZRHLQHPGLH DQGHUHQLKUH(UIDKUXQJHQLKU:LVVHQYHUPLWWHOQPDQPXVVDEHUDXFKLQVRXQGVRYLHO6WXQGHQVHOEVWDOV 7UDLQHUDNWLYDXIWUHWHQXQGVHLQHHLJHQHQ(UNHQQWQLVVHGHQDQGHUHQYHUPLWWHOQ'DVKHLWPDQKDWDXFK HLQHNODUH0RWLYDWLRQVHOEVWVROFKH6DFKHQ]XPDFKHQZHLOPDQGDUDQJHPHVVHQZLUG0DQLVWOHW] WOLFKQXUHUIROJUHLFKZHQQPDQGLHVH7UDLQLQJVPDFKW³&9&

'LHVH IRUPDOLVLHUWHQ 9HUIDKUHQ GHU Ä,QQRYDWLRQVEURNUDWLH³ PLW LKUHQ 9HUWUlJHQ %RQXVSURJ UDPPHQ9RUVFKODJVZHVHQ'DWHQEDQNHQXQG$QUHL]V\VWHPHQELOGHQGDVLQVWLWXWLRQHOOH6HWWLQJ IU GHQ LQWUDRUJDQLVDWLRQDOHQ 7UDQVIHU XQG GLH *HQHVH YRQ :LVVHQ 'HQQ QXU :LVVHQ GDVV YHUWUDJOLFK DEJHVLFKHUW XQG LQ 'DWHQEDQNHQ DUFKLYLHUW ZLUG XQG VR LQ GHQ %HVLW] GHV 8QWHU

QHKPHQV EHUJHKW NDQQ *HJHQVWDQG HLQHV RIIL]LHOOHQ :LVVHQVPDQDJHPHQWV ZHUGHQ 7URW] DOOHU %HPKXQJHQ GDV :LVVHQ ]X H[SOL]LHUHQ ]X NRGLIL]LHUHQ XQG VRPLW VHLQHU KDEKDIW ]X ZHUGHQ ILQGHQ :LVVHQVJHQHVH XQG WUDQVIHU LQ *URRUJDQLVDWLRQHQ SULPlU LQ SHUV|QOLFKHQ ,QWHUDNWLRQVSUR]HVVHQVWDWW Ä:LUJODXEHQQLFKWDOOHLQDQGLHNQRZOHGJHGDWDEDVH'DV:LFKWLJVWHLVWGDVVPDQGHQ.ROOHJHQGDV :LVVHQLQ'LVNXVVLRQHQXQGVRYHUPLWWHOW³&9&

6R]LDOH%H]XJVSXQNWHGLHVHU,QWHUDNWLRQVSUR]HVVHVLQGQDFKXQVHUHQ'DWHQ]XPHLVWVRJHQDQQ WHQ:LVVHQVJHPHLQVFKDIWHQRGHUDXFKÄRFFXSDWLRQDOFRPPXQLWLHV³%HFKN\ GLHRUJDQL VDWLRQDODXIGHU(EHQHGHU%XVLQHVV8QLWVYHURUWHWVLQG'LHRFFXSDWLRQDOFRPPXQLWLHVELOGHQ NRQWH[WVSH]LILVFK XQG LQ ,QWHUDNWLRQ PLW GHQ 7HFKQRORJLHQ ORNDOH :LVVHQVEDVHQ DXV GHUHQ ORNDOHU &KDUDNWHU HLQH 'RNXPHQWDWLRQ GHV HPHUJLHUWHQ :LVVHQV XQG HLQHQ VSlWHUHQ 7UDQVIHU GHXWOLFKHUVFKZHUW Ä:LU ZLVVHQ GDVV ZLU KLHU PHKU ZLVVHQ DOV GDV ZRUDXI ZLU GHU]HLW =XJULII KDEHQ 'HVKDOE LVW HLQV XQVHUHUHUNOlUWHQ=LHOHGLHVH6FKlW]H]XQlFKVWPDOLQWHUQ]XKHEHQ³%8

'DV 6HOEVWELOG XQG GLH VR]LDOH ,GHQWLWlW VROFKHU RFFXSDWLRQDO FRPPXQLWLHV LVW ]XPHLVW GXUFK SUlRUJDQLVDWLRQDOH 6R]LDOLVDWLRQ LQ )RUP HLQHU EHUXIVJUXSSHQVSH]LILVFKHQ $OOWDJVSUD[LV JH SUlJW6FKHLQ *DQ]JOHLFKREHVVLFKXP,QGXVWULH'LHQVWOHLVWXQJVRGHU0HGLHQXQWHU QHKPHQKDQGHOWGHUMHZHLOLJHRSHUDWLYH.HUQGHUGLH38VOHW]WOLFKEHWUHXHQVROO±HWZD)RU VFKXQJVDEWHLOXQJHQ RGHU =HLWVFKULIWHQUHGDNWLRQHQ ± ELOGHW SURIHVVLRQVJHWULHEHQ VSH]LILVFKH /HLVWXQJVVWDQGDUGV XQG $UEHLWVHWKLNHQ DXV ,Q LQGXVWULHOOHQ )RUVFKXQJVDEWHLOXQJHQ HWZD ÄGD JLEW HV HLQH DQGHUH $UW YRQ 9HUEXQGHQKHLW XQG (QJDJHPHQW PDQ IKOW VLFK ]X +DXVH LQ GHU 7HFKQRORJLHKHLPDW³ &9& GD KDW GLH $UEHLW SURIHVVLRQVEHGLQJW ÄDQ LPSRUWDQW LGHDOLVWLF DVSHFWILQGLQJLQQRYDWLYHVROXWLRQVDQGDOZD\VVWULYLQJWRLPSURYHWKLQJV³YRQ0HLHU Ä6LH EHNRPPHQ XQKHLPOLFK VFKQHOO GLH 0RWLYDWLRQ YRQ HLQ]HOQHQ ,QJHQLHXUHQ LQ GHU %XVLQHVV 8QLW ZHLOGLHHLQIDFKWHFKQLNYHUOLHEWVLQGGLHVHKHQZDV1HXHVXQGVDJHQÃ0HQVFKVXSHU¶³&9&

,Q0HGLHQXQWHUQHKPHQIRNXVVLHUWGLHHLQIOXVVUHLFKHÄRFFXSDWLRQDOFRPPXQLW\³GHU5HGDNWHXUH HWZD LQKDOWOLFKH 4XDOLWlWVVWDQGDUGV XQG UHGDNWLRQHOOH 8QDEKlQJLJNHLW DOV $UEHLWVJUXQGVlW]H 6RHUNOlUWHLQ9HUODJVOHLWHU Ä9HUVXFKHQ6LHPDOHLQHP5HGDNWHXU]XGLNWLHUHQLQZHOFKH5LFKWXQJHUHLQHQ%HLWUDJVFKUHLEHQVROO GHUJHKW,KQHQXQWHUGLH'HFNH$OVRGLHUHGDNWLRQHOOH)UHLKHLWLVWKLHUHLJHQWOLFKXQDQWDVWEDU³&9&

(LQ,QYHVWPHQWPDQDJHUVWHOOWIHVW

Ä(VJLEWQLFKWV6FKOLPPHUHVDOV-RXUQDOLVWHQGHQHQPDQVDJWÃ6FKUHLEWGRFKPDO«¶'DJHKHQVRIRUW DOOHURWHQ/LFKWHUDQXQGGDQQVFKUHLEHQVLHJHQDXGDV*HJHQWHLOYRQGHPZDVGXZLOOVW'DVZLUGKLHU DOVKHLOLJEHKDQGHOW³&9&

'LH V\VWHPVSH]LILVFKHQ 5HJHOV\VWHPH XQG 5HOHYDQ]VWUXNWXUHQ HQW]LHKHQ VLFK VRPLW JU|WHQ WHLOV RUJDQLVDWLRQDOHQ *HVWDOWXQJVP|JOLFKNHLWHQ XQG ODXIHQ PLWXQWHU GHQ LQVWLWXWLRQHOOHQ D SULRULHLQHUÄ,QQRYDWLRQVEURNUDWLH³]XZLGHU 8PHLQHHIIL]LHQWH=XVDPPHQDUEHLW]XUHDOLVLHUHQLVWHVLQGHQYRQXQVXQWHUVXFKWHQ)lOOHQIU GLH &9&(LQKHLWHQ ZLFKWLJ DQ GLH 6R]LDOLWlW GHU %XVLQHVV 8QLWV DQ]XVFKOLHHQ 'LHV ZLUG GDGXUFK HUOHLFKWHUW GDVV DOOH &9&(LQKHLWHQ DXV GHP MHZHLOLJHQ ,QGXVWULHXQWHUQHKPHQ KHU YRUJHJDQJHQ VLQG SHUVRQHOO KDXSWVlFKOLFK PLW 0LWDUEHLWHUQ HKHPDOLJHU %8V EHVHW]W ZXUGHQ XQGHQWVSUHFKHQNXOWXUHOOLQLKUHQ'HQNXQG6LQQVFKHPDWDGXUFKGLHJHPHLQVDPH$UEHLWVSUD [LVJHSUlJWZXUGHQ Ä=XQlFKVW ZDUHQ ZLU HUVW PDO QXU /HXWH DXV GHP .RQ]HUQ >«@ OHW]WOLFK lQGHUW VLFK ZHQLJ ZLU VLQG OHGLJOLFKLQHLQDQGHUHV*HElXGHJH]RJHQDEHUKDEHQQDWUOLFKZHLWHUDOOH.RQ]HUQOHXWHJHWURIIHQLQ GHU.DQWLQHJHJHVVHQHWF³&9&

'LHVHVR]LRNXOWXUHOOH$QVFKOXVVIlKLJNHLWDQGLH/HEHQVZHOWGHU%8VVFKHLQWYRUGHP+LQWHU JUXQG GHU $XIJDEHQWHLOXQJ YRQ )LQDQ]LHUXQJ GHV 38V HLQHUVHLWV XQG 5HDOLVLHUXQJ GHU 6\QHU JLHHIIHNWHDQGHUHUVHLWVHVVHQ]LHOO6RHUNOlUWHLQ&9&,QYHVWPHQWPDQDJHU Ä0DQ PXVV QDWUOLFK DXFK DXISDVVHQ GDVV PDQ GD NHLQHQ 'UXFN DXIEDXW VRQVW LVW GLH %XVLQHVV 8QLW VFKRQ PDO SDXVFKDO GDJHJHQ HLQJHVWHOOW 0DQ PXVV GLH .RPPXQLNDWLRQ LPPHU VR JHVWDOWHQ GDVV GLH VLFKHLQJHODGHQIKOHQ³&9&

)U HLQHQ HUIROJUHLFKHQ 9HUODXI YRQ :LVVHQVJHQHVH XQG WUDQVIHU LVW DOVR HLQ HPSKDWLVFKHU 8PJDQJPLWGHQUHOHYDQWHQRFFXSDWLRQDOFRPPXQLWLHV9RUDXVVHW]XQJRKQHKLHUEHLGLHLQVWLWX WLRQHOOHQDSULRULHLQHVIRUPDOLVLHUWHQ:LVVHQVPDQDJHPHQWVDXHU$FKW]XODVVHQ

'LHZHFKVHOVHLWLJH:DKUQHKPXQJYRQ3RUWIROLRXQWHUQHKPHQXQG0XWWHUXQWHUQHKPHQ

'DV3RUWIROLRXQWHUQHKPHQLQGHU:DKUQHKPXQJGHV0XWWHUXQWHUQHKPHQV $XIJUXQGLKUHUJDQ]XQWHUVFKLHGOLFKHQREHQGDUJHVWHOOWHQVR]LRNXOWXUHOOHQ$XVSUlJXQJHQGLH ]XPLQGHVW LQ GHU *UQGXQJVSKDVH IDPLOLlUH ,QVWLWXWLRQDOLVLHUXQJHQ DXIZHLVHQ EHWUDFKWHQ 3RUWIROLRXQWHUQHKPHQ LKUH *HJHQEHU PLWXQWHU GLVWDQ]LHUW )U VLH VLQG GLH (QWVFKHLGXQJVUD WLRQDOLWlWHQXQGSUR]HGXUHQYRQ*URNRQ]HUQHQÄZHQLJWUDQVSDUHQWXQGPDQFKPDOJDUQLFKW QDFKYROO]LHKEDU³38 ZDVGLH38VLQ7HLOHQGDUDXI]XUFNIKUHQGDVVÄGLHDXFKRIIHQVLFK WOLFK NHLQH VR RIIHQH 0LWHLQDQGHU5HGHQ.XOWXU KDEHQ³ 38 'LH VLFKWEDUHQ )ROJHQ GHU 0DQDJHPHQWNXOWXU ZLH KLHUDUFKLVFKH ,QWHJUDWLRQ .RQWUROOIL[LHUXQJ XQG YHUWUDJVEH]RJHQHU

,QWHUDNWLRQVPRGXVODVVHQLQGHQ$XJHQYRQ6WDUWXSV*URNRQ]HUQHDOVIRUPDOLVLHUWH%URNUD WLHQ HUVFKHLQHQ 'D YLHOH 5HVVRXUFHQ LQ GLH $EVLFKHUXQJ JHJHQ (QWVFKHLGXQJVULVLNHQ ± DOVR PLWKLQ LQ GLH 5FNYHUVLFKHUXQJ YRQ RUJDQLVDWLRQVLQWHUQHQ SROLWLVFKHQ 3UR]HVVHQ ± JHVWHFNW ZHUGHQ QHKPHQ *URNRQ]HUQH LQ GHQ $XJHQ GHU IDPLOLlU RULHQWLHUWHQ 3RUWIROLRXQWHUQHKPHQ PLWXQWHUSDUDQRLGH=JHDQ Ä$OVR ; LVW HLQH NRPSOL]LHUWH )LUPD XQG UHODWLY VFKQHOO ZHL PDQ GDVV VLH LQ JHZLVVHQ )lOOHQ IDVW SDUDQRLGUHDJLHUHQ0DQNHQQWGLH.RPSHWHQ]JUHQ]HQGHU9HUWUHWHU'HVKDOEJLEWHV%HUHLFKHZRLFK JDUQLFKWIUDJHQEUDXFKHZHLOHUPLUK|FKVWZDKUVFKHLQOLFKQLFKWGLH:DKUKHLWHU]lKOW³38 Ä'DQQJLEWHVGLHVHV&9&(QWVFKHLGXQJVJUHPLXPGDVQXUDOOHGUHL0RQDWHWDJW:LUKDEHQPHKUIDFK GHQ .RQ]HUQ DXIJHIRUGHUW ]X HQWVFKHLGHQ JR RU QR JR :LU ZXUGHQ LPPHU KLQJHKDOWHQ -D QHLQ MD QHLQ >«@ 'LHVH 7UlJKHLW RGHU VDJHQ ZLU GLHVHV *HIDQJHQVHLQ GHU &9&0DQDJHU ]ZLVFKHQ 3RUWIROLR PDQDJHUXQG$XIVLFKWVUDWYRQ;SDUDO\VLHUWDOOHV³38

(LQ *UQGHU EHWUDFKWHW )RUGHUXQJHQ DXI ,QYHVWRUHQVHLWH DXFK HKHU DOV $XVGUXFN DEVROXWHU hEHUEURNUDWLVLHUXQJ XQG DOV (UIOOHQ LQVWLWXWLRQDOLVLHUWHU %UDQFKHQHUZDUWXQJHQ GHQQ DOV HIIL]LHQ]VWHLJHUQGH+HUDXVIRUGHUXQJ Ä'DV*HVFKlIWOlXIWDXVVLFKVHOEVWKHUDXV'DVZROOHQPDQFKH/HXWHDXI,QYHVWRUHQVHLWHHLQIDFKQLFKW ZDKUKDEHQ'LHNHQQHQGDVQLFKWDQGHUV'DZLUGGDQQHLQ&DOO&HQWHUHLQJHULFKWHWXPÃLQ¶]XVHLQ 7RWDOKDWWHGDVHLQ9ROXPHQYRQNQDSSHLQKXQGHUW/HXWHQXQGGDQQZXUGHQ$Q]HLJHQJHVFKDOWHWXP GDV&DOO&HQWHU]XEHVFKlIWLJHQ'LHVHQ8QVLQQEUDXFKHLFK,KQHQMDQLFKWZHLWHU]XHU|UWHUQ³38

,QGHPLQVWLWXWLRQDOLVLHUWH0DQDJHPHQWYHUIDKUHQWHLOZHLVHHKHUDOV$XVZHLVYRQhEHUEURNUDWL VLHUXQJ XQG 5HVVRXUFHQYHUVFKZHQGXQJ EHZHUWHW ZHUGHQ VHKHQ GLH *UQGHU PLWXQWHU DXFK NHLQHQ*UXQGLKUH$UEHLWVRUJDQLVDWLRQXQGLKU0DQDJHPHQW]XSURIHVVLRQDOLVLHUHQ,QVEHVRQ GHUH8QWHUQHKPHQGLHVLFKDOVWHFKQRORJLVFKH9RUUHLWHUEHWUDFKWHQVHKHQGHQ0HKUZHUWHLQHU LQWHURUJDQLVDWLRQDOHQ %H]LHKXQJ SULPlU LQ GHU %HUHLWVWHOOXQJ YRQ )LQDQ]PLWWHOQ 5HSXWDWLRQ XQG3URGXNWLRQVNDSD]LWlWHQGXUFKGHQ.RQ]HUQ'HQQLQLKUHQ$XJHQEHGDUIHLQHLQQRYDWLYH 7HFKQRORJLHOHGLJOLFKHLQHUDGlTXDWHQ,QIUDVWUXNWXUXPHLQH(UIROJVJHVFKLFKWH]XZHUGHQ Ä0DQEHNRPPW*HOGXQGPXVVGDIUHQWVSUHFKHQGHQ5HSRUWLQJDQIRUGHUXQJHQJHQJHQ0HKUEUDXFKHQ ZLUQLFKW³38 Ä:LFKWLJ IU XQV ZDU VDJHQ ]X N|QQHQ GDVV ZLU YRQ ; ILQDQ]LHUW ZHUGHQ 'DV DOOHLQ KDW XQV 7UHQ JH|IIQHW$XHUGHPKDEHQGLHXQVLQ.RQWDNWJHEUDFKWPLW)LUPHQPLWGHQHQZLUGDQQDXFK*HVFKlIWH JHPDFKWKDEHQ³38

3UREOHPHWUHWHQLQQHUKDOEGLHVHU$XIJDEHQWHLOXQJLKUHU0HLQXQJQDFKLPPHUGDQQDXIZHQQ GLH &9&0DQDJHU GLH 7HFKQLN E]Z GDV *HVFKlIWVPRGHOO QLFKW YHUVWHKHQ XQG GLH 38V DXV 8QZLVVHQKHLWRGHU,JQRUDQ]JOHLFK]HLWLJPLWXQJHUHFKWIHUWLJWHQ$QIRUGHUXQJHQNRQIURQWLHUHQ Ä$OVRGDQQNDPHQY|OOLJQXW]ORVH$QIRUGHUXQJHQHLQHV,QYHVWRUVGHURIIHQVLFKWOLFKYRQGHU7HFKQROR JLH XQG GHU 7HFKQRORJLHHQWZLFNOXQJ QLFKWV YHUVWHKW XQG NUDPSIKDIW YHUVXFKW LUJHQGZHOFKH 'DWHQ DE]XIUDJHQ:LHGLHNOHLQHQ.LQGHU³38

Ä:LUVHKHQGDVDXFKYRQGHQ,QKDOWHQKHUYLHOEHVVHUDOVGLH,QYHVWRUHQ'HUHQ3UREOHPLVWMDGDVVVLH HVQLFKWVHKHQXQGQLFKWYHUVWHKHQGLHVLQGMDY|OOLJEOLQGLP*HOlQGH'LHWDSSHQLUJHQGZRUXPXQG YHUVWHKHQQLFKWVZHUGHQLPPHUQHUY|VHUXQGVWHOOHQVLQQORVH$QVSUFKH³38

'DV0XWWHUXQWHUQHKPHQLQGHU:DKUQHKPXQJGHV3RUWIROLRXQWHUQHKPHQV $XV 6LFKW GHU &9&V VWHOOW VLFK GLH %HZHUWXQJ GHU (UIROJVIDNWRUHQ IU HLQH SURILWDEOH %H]LH KXQJQDWXUJHPlHQWJHJHQJHVHW]WGDU$XIJUXQGLKUHU6R]LDOLVDWLRQLP5DKPHQHLQHUH[HFXWLYH FXOWXUH 6FKHLQ EHWUDFKWHQ VLH GLH .RPSHWHQ] XQG GLH 3URIHVVLRQDOLWlW GHV 7RS 0DQDJHPHQWVLQGHQ38VDOVGHQ]HQWUDOHQ(UIROJVIDNWRU)UVLHLVWHLQHLQQRYDWLYH7HFKQROR JLHQXULQVRZHLWYRQ,QWHUHVVHDOVVLHLQHLQVNDOLHUEDUHV*HVFKlIWVPRGHOOXPVHW]EDULVW Ä'DV0DQDJHPHQWLVWH[WUHPZLFKWLJ'LH7HFKQRORJLHNDQQQRFKVRJXWXQGLQQRYDWLYVHLQZHQQNHLQ 0DQDJHPHQW GDKLQWHU VWHKW GDV GLHVH XPVHW]HQ NDQQ XQG HLQ VNDOLHUEDUHV %XVLQHVVPRGHOO GDUDXV PDFKWQXW]WLKQHQGDVJDUQLFKWVGHQQNHLQHULQWHUHVVLHUWVLFKGDIU³&9& Ä'DVHQWVFKHLGHQGH.ULWHULXPLVWGDV0DQDJHPHQW:HQQLFKHLQHUVWNODVVLJHV0DQDJHPHQWKDEHXQG HLQH]ZHLWNODVVLJH7HFKQRORJLHPDFKHLFKOLHEHUGDV,QYHVWPHQWDOVZHQQLFKHLQHUVWNODVVLJH7HFKQR ORJLHKDEHDEHUHLQ]ZHLWRGHUGULWWNODVVLJHV0DQDJHPHQW³&9&

'LH7UDQVIRUPDWLRQHLQHUWHFKQRORJLVFKHQ,QQRYDWLRQLQHLQVNDOLHUEDUHV*HVFKlIWVPRGHOOVHW]W MHGRFKLQGHQ$XJHQGHU&9&(LQKHLWHLQHJHZDQGHOWH2UJDQLVDWLRQVXQG0DQDJHPHQWORJLN GHV 38V YRUDXV $Q GLH 6WHOOH GHV 6WDUWXSV RGHU )RUVFKXQJVODERUV PLW VHLQHP DQ IDPLOLlUHQ ,QVWLWXWLRQHQ RULHQWLHUWHQ 6R]LDOJHIJH PXVV QXQ GDV SURIHVVLRQDOLVLHUWH 8QWHUQHKPHQ WUHWHQ GDV VLFK GHQ LQVWLWXWLRQHOOHQ $QIRUGHUXQJHQ GHV 0DUNWHV DQSDVVW VLHKH GD]X DXFK 0DX UHU(EHUV 'LHVUHLFKWYRQGHU$GDSWLRQDNWXHOOHU6WHXHUXQJVXQG.RQWUROOWHFKQRORJLHQ EHU GLH hEHUQDKPH ]DKOHQEDVLHUWHU .RPPXQLNDWLRQVIRUPHQ ELV KLQ ]XU 5HNUXWLHUXQJ HLQHV H[WHUQHQSURIHVVLRQDOLVLHUWHQ0DQDJHPHQWV Ä6LHZDUHQGDQQDQGHQ3XQNWDQGHPVLHDXIGLHDOWH&KDRWHQWRXUQLFKWPHKUZHLWHUNDPHQ2EZRKO VLHGDPLWYLHOHUUHLFKWKDWWHQGDVPXVVPDQVDJHQZDUHLQIDFKDXIJUXQGGHU*U|HGDQQHLQHVWUXNWX ULHUWHUHXQGRUJDQLVLHUWHUH2UJDQLVDWLRQQRWZHQGLJXQGGDIUEUDXFKWHQZLUHLQHQDQGHUHQ*HVFKlIWV IKUHUDOVGLHVHQ*UQGHU³&9&

'LHVH DOV QRWZHQGLJ HUDFKWHWH LQVWLWXWLRQHOOH 5HIRNXVVLHUXQJ VHW]W MHGRFK ]ZLQJHQG HLQH YHU lQGHUWH'HQNKDOWXQJVHLWHQVGHV38YRUDXVGLHVLFKGDQQLQHLQHUHQWVSUHFKHQGHQ=XVWLPPXQJ lXHUW1XUZHQQVLFKGLH:DKUQHKPXQJVPXVWHUGHUPDJHEOLFKHQ3URWDJRQLVWHQlQGHUQXQG VLHVLFKXQGLKUH8PZHOWXQWHUÄPDUNWOLFKHQ³9RU]HLFKHQZDKUQHKPHQNDQQVLFKHLQLQVWLWX WLRQHOOHU:DQGHOXQG/HUQSUR]HVVHQWIDOWHQ'DVLFKMHGRFKGLHYRQXQVXQWHUVXFKWHQ*UQGHU PLWXQWHULKUHUZLVVHQVFKDIWOLFKHQ+HLPDWVWDUNYHUKDIWHWIKOHQXQGQDFK$QVLFKWGHU&9&VLQ LKUHP9HUKDOWHQHQWVSUHFKHQGHLQVWLWXWLRQHOOH(UZDUWXQJHQEHGLHQHQIlOOWGLH%HZHUWXQJLKUHU

NRJQLWLYHQ)OH[LELOLWlWKlXILJQHJDWLYDXVHLQ=XVWDQGGHQ0DXUHUXQG(EHUVDXFKDOVFRJQLWL YHORFNLQEHVFKUHLEHQ Ä'LHVHWHFKQLVFKKRFKEHJDEWHQXQGZDKQVLQQLJNUHDWLYHQ3HUVRQHQVLQGVRYHUOLHEWLQGLH.UHDWLYLWlW GHQHQ JHKW HV DP (QGH GHV 7DJHV PHKU XP GHQ 6SLHOWULHE DOV XP GHQ ZLUWVFKDIWOLFKHQ (UIROJ 'LH ZHUGHQDXVGLHVHU'HQNKDOWXQJQLHUDXVNRPPHQ³&9& Ä'LHVH(OHNWURQLNHULQGHU(QWZLFNOXQJGLHZROOHQ,QQRYDWLRQGLHZROOHQLQQRYDWLYH(OHNWURQLNELH WHQ2EGDVOHW]WOLFKGLH0DUNWHUIRUGHUQLVVHDEGHFNWLVWIUGLH]ZHLWUDQJLJ³&9& Ä'LHVH*UQGHUOHEHQXQGGHQNHQLQ:LVVHQVFKDIWVNDWHJRULHQ,FKKDEHYHUVXFKWGLHGDDE]XKROHQZR VLH VWHKHQ DEHU GDV ZDU XQP|JOLFK 'LH ZDUHQ Y|OOLJ XQVHQVLEHO IU DQGHUH 6LFKWZHLVHQ 6LH ZDUHQ GDYRQEHU]HXJWZLHVLHGLH:HOWVHKHQJHQDXVRLVWVLH³&9&

$XVZLUNXQJHQLQNRPPHQVXUDEOHU:DKUQHKPXQJVPXVWHU (LQHPLWXQWHUYRUOLHJHQGH'LIIHUHQ]LQGHUJHJHQVHLWLJHQ6HOEVWXQG)UHPGZDKUQHKPXQJGHU %HWHLOLJWHQ EOHLEW QLFKW RKQH $XVZLUNXQJHQ DXI GHQ LQWHURUJDQLVDWLRQDOHQ .RPPXQLNDWLRQV SUR]HVV (LQH ZHFKVHOVHLWLJ DXIHLQDQGHU EH]RJHQH :DKUQHKPXQJ ZLH VLH 6FKW] PLW GHP %HJULII GHU 3HUVSHNWLYHQUH]LSUR]LWlW EHVFKUHLEW HUVFKHLQW DQJHVLFKWV XQWHUVFKLHGOLFKHU LQVWLWXWLRQDOLVLHUWHU6LQQXQG/HEHQVZHOWHQZHQLJZDKUVFKHLQOLFK9LHOPHKUEHVWLPPHQZHFK VHOVHLWLJH 6LQQDEEUFKH GLH .RPPXQLNDWLRQ PLW GHU )ROJH GDVV VLFK GLH LQWHURUJDQLVDWLRQDOH *HQHVHXQGGHU7UDQVIHUYRQ:LVVHQQLFKWHLQVWHOOHQE]ZHLQVWHOOHQN|QQHQ Ä'HQQGDVLQG]ZHL:HOWHQDXIHLQDQGHUJHVWRHQHLQHZDUH[WUHPWHFKQLNYHUOLHEWGLHDQGHUHVHKUVWDUN NRPPHU]LHOORULHQWLHUW'LHVH=XVDPPHQDUEHLWZDUDEVROXWQLFKWHIIL]LHQW³&9& Ä(V LVW HLQIDFK DXFK HLQ NXOWXUHOOHU &UDVK >«@ :LU GHQNHQ DXFK LQ DQGHUHQ .DWHJRULHQ GDV LVW HLQH DQGHUH:HOW:LUGHQNHQYLHOVWlUNHUDQDO\WLVFKGLHDQGHUHQVLQGHKHUEDXFKJHWULHEHQ³&9& Ä:HQQ0DQDJHPHQWRGHU*UQGHUSHUV|QOLFKNHLWHQPLWGHQ9&3HUV|QOLFKNHLWHQQLFKW]XVDPPHQSDV VHQLVWGDVEHO$OVRZHQQGHU*UQGHUQLFKWYHUVWHKWZLH9&VWLFNHQXQGGHU9&HEHQQLFKWYHUVWHKW ZLH HU PLW GLHVHP *UQGHU XPJHKHQ PXVV GDQQ JHKW HV ]ZLQJHQG VFKLHI 0DQ PXVV 'LQJH JOHLFK DWPHQVSUHQXQGYLHOOHLFKWDXFKJOHLFKJHWULHEHQVHLQGDQQZUGHGDVIXQNWLRQLHUHQ³38

.|QQHQ GLH 0DQDJHU GHU %8V XQG 38V QLFKW GLH 3HUVSHNWLYH GHV *HJHQEHUV HLQQHKPHQ VR EOHLEHQLKQHQGLHMHZHLOLJHQ6SUDFKFRGHV%HGHXWXQJHQ0RWLYHXQG,QWHUHVVHQZHFKVHOVHLWLJ LQWUDQVSDUHQW,Q(UPDQJHOXQJYRQ(PSDWKLHRULHQWLHUHQVLFKGLHEHWHLOLJWHQ$NWHXUHLQLKUHQ (UZDUWXQJHQDQHLQDQGHUYRUQHKPOLFKDQGHQLQVWLWXWLRQDOLVLHUWHQ$NWHXUVUROOHQGLHNHQQ]HLFK QHQGIUGLHMHZHLOLJH%UDQFKHVLQG(QWODQJGHUYRUJHJHEHQHQ5ROOHQ±,QGXVWULHNRQ]HUQXQG 8QWHUQHKPHU±ZLUGOHW]WOLFKZHFKVHOVHLWLJHLQHDP3ULPDWGHULQGLYLGXHOOHQ1XW]HQPD[LPLH UXQJ RULHQWLHUWH 0RWLYODJH XQWHUVWHOOW &:HEHU*|EHO ,Q GHU )ROJH VHKHQ GLH 38V ± ZLHEHUHLWVDXVJHIKUW±HLQHUVHLWVGLH0|JOLFKNHLWDQGHQ5HVVRXUFHQXQGGHP :LVVHQDXV JHZlKOWHU %8V VRZLH GHU &9&(LQKHLW ]X SDUWL]LSLHUHQ $QGHUVHLWV QHKPHQ VLH GHQ .RQ]HUQ

PLWXQWHUDOVDPRUSKH0DVVHZDKUGHUÄZHQQHVKDUWDXIKDUWNRPPWGLH3IRWHQDXIGHQJDQ ]HQ3DWHQWHQKlOW³38 Ä6RHLQ5LHVHQNRQ]HUQPDFKWQDWUOLFKQLFKWVXQHLJHQQW]LJ'DPXVVPDQVFKRQDXISDVVHQGDVVQLFKW ]XYLHO:LVVHQDEJHVDXJWZLUG³38 Ä$OVR ZHQQ VLH XQV ZDV VDJHQ GDQQ ZUGHQ VLH JOHLFK 5HFKWH ZROOHQ 8QG GDV P|FKWHQ ZLU QLFKW³ 38

6SLHJHOELOGOLFKVHKHQGLH&9&VXQG%8VLQGHU=XVDPPHQDUEHLWPLWGHQ38VGLH&KDQFHGHQ (QWUHSUHQHXUJHLVWXQGGLH)DFKH[SHUWLVHLQGHQ.RQ]HUQ]XWUDJHQ Ä'DV >GDV ,QYHVWPHQW LQ HLQ 38@ ZDU OHW]WOLFK HLQH $UW )RUVFKXQJVSURMHNW IU XQV ZLU PXVVWHQ XQV RKQHKLQPLWGLHVHP7KHPDEHVFKlIWLJHQ³&9&

$OVSUREOHPDWLVFKHUVFKHLQWLKQHQMHGRFKGLH*HIDKUGLHLKQHQ]XPHLQHQDXVHLQHP$EIOXVV GHU)DFKH[SHUWLVH]XPDQGHUHQDXVHLQHUSRWHQ]LHOOHQ.RQNXUUHQ]GHV38HUZDFKVHQNDQQ Ä(VJLEWDXFK.RQIOLNWHPLW/HXWHQGLHHLQHDOWHUQDWLYH/|VXQJLQGHU6FKXEODGHKDEHQGLHQXUHLQH DQGHUHWHFKQRORJLVFKH%DVLVKDEHQ'DVLVWQLFKWJDQ]RKQHPDQFKPDO'DNDQQPDQQXUDXIGLH,QWHO OLJHQ]VHW]HQGDVVGLH/HXWHVDJHQÄRNMHW]WJHKHQZLUJOHLFKDQGLH$QZHQGXQJZHLOGLH7HFKQROR JLHLVWMDGD³&9&

'DVLFKGLH3DUWHLHQGHP:HVHQQDFKIUHPGVLQGKDOWHQVLHUHOHYDQWHV:LVVHQP|JOLFKHUZHLVH ]XUFN EHJHJQHQ GHP *HJHQEHU HKHU PLW 0LVVWUDXHQ XQG EHZHUWHQ XQWHU 8PVWlQGHQ GLH 5LVLNHQK|KHUDOVGLH&KDQFHQHLQHU%H]LHKXQJ Ä6LHKDEHQQDWUOLFKLPPHUPLWGHP3ULQFLSOH$JHQW3UREOHP]XWXQ8QWHUQHKPHQN|QQHQLKQHQYLHO HU]lKOHQZHQQGHU7DJODQJLVW/HLGHUILQGHQVLHPHLVWHQVHUVWKLQWHUKHUUDXVREHVZLUNOLFKVROlXIW³ %8

6FKOLPPVWHQIDOOV VLQG GDV ZHFKVHOVHLWLJH 8QYHUVWlQGQLV XQG GDV GDUDXV UHVXOWLHUHQGH 0LVV WUDXHQ VR VWDUN GDVV GLH %H]LHKXQJ HURGLHUW GHU 5HVVRXUFHQIOXVV UHGX]LHUW ZLUG XQG GHU 38 GHP.RQNXUVHQWJHJHQVWHXHUW Ä(LQ *UXQG ZDUXP GDV 8QWHUQHKPHQ .RQNXUV LVW LVW ZHLO GHU 8QWHUQHKPHU XQG LFK HV QLHPDOV JH VFKDIIWKDEHQZLUNOLFKPLWHLQDQGHU]XNRPPXQL]LHUHQ>«@LFKKDEHYRQ$QIDQJDQQLFKWJHVFKDIIWPLW GHP0DQQHLQHHFKWH%H]LHKXQJDXI]XEDXHQ³&9&

'HXWOLFK ZLUG GDVV GLH ZHFKVHOVHLWLJHQ 7\SLVLHUXQJHQ LP 6FKW]¶VFKHQ 6LQQH HLQHUVHLWV YRU WHLOKDIW VHLQ N|QQHQ GD VLH EHUKDXSW HUVW GLH .RPPXQLNDWLRQVIlKLJNHLW KHUVWHOOHQ $QGHUHU VHLWVN|QQHQVLHDXVEHUJHRUGQHWHU3HUVSHNWLYHQDFKWHLOLJVHLQGDVLH]XPHLQHQ]XQHJDWLYHQ 9RUXUWHLOHQ IKUHQ XQG ]XP DQGHUHQ ]X GHP WUJHULVFKHQ *HIKO GHQ DQGHUHQ ]X YHUVWHKHQ RKQHGLHVZLUNOLFK]XWXQXQGVRQXUDQHLQDQGHUYRUEHL]XUHGHQ

:LVVHQVWUDQVIHUXQGJHQHVH]ZLVFKHQ3RUWIROLRXQG0XWWHUXQWHUQHKPHQ

%HLP]XPHLVWEHLGVHLWLJDQJHVWUHEWHQ:LVVHQVWUDQVIHUVHKHQVLFKGLH3DUWHLHQQLFKWVHOWHQGHP 3UREOHPGHUZHFKVHOVHLWLJHQ1LFKW $QVFKOXVVIlKLJNHLWDXVJHVHW]WZHLOGLH/HEHQVZHOWHQGHU %HWHLOLJWHQVWDUNGLYHUJLHUHQ6RQHJDWLYVLFKGHVSHUDWH/HEHQVZHOWHQDXIGLHLQWHURUJDQLVDWLR QDOH*HQHVHXQGGHQ7UDQVIHUYRQ:LVVHQDXVZLUNHQN|QQHQZHQQGLHVHQLFKWVLQQKDIWDXIHL QDQGHUEH]RJHQVLQGXPVRYRUWHLOKDIWHUHUZHLVHQVLFK±ZLHXQVHUH'DWHQ]HLJHQ±LQWHURUJD QLVDWLRQDOH %H]LHKXQJHQ GDQQ ZHQQ VLH GLH 6LQQJUHQ]HQ XQWHUVFKLHGOLFKHU /HEHQVZHOWHQ EHUZLQGHQN|QQHQ'HQQGDQQN|QQHQGLH3DUWHLHQVLFKHKHULQGHQ$QGHUHQKLQHLQYHUVHW]HQ EUDQFKHQEOLFKH5ROOHQXQG0RWLYW\SLVLHUXQJHQWUDQV]HQGLHUHQXQGGDVMHZHLOLJH*HJHQEHU LQVHLQHU,QGLYLGXDOLWlWZDKUQHKPHQ Ä$OVRPHLQ%LOGGHU,QYHVWRUHQKDWVLFKNRPSOHWWJHlQGHUW0DQVWHOOWVLFKGDVRGVWHUH)LQDQ]KDLHYRU GLHQXUYHUVXFKHQP|JOLFKVWYLHO*HOGKHUDXV]XNULHJHQEHU/HLFKHQJHKHQXQGLKUH(OWHUQYHUNDXIHQ ZUGHQ:HQQPDQGLHDEHUULFKWLJNHQQHQOHUQWVWHOOWPDQIHVWGDVVGLHHLQIDFK*HVFKlIWVOHXWHVLQG 8QGGDVLVWHLQHVHKUSRVLWLYH(UIDKUXQJ³38 Ä:LVVHQ6LHHVJLEWVROFKHXQGVROFKH(LQLJHYHUVWHKHQJDQ]VFKQHOOZLHGDV*HVFKlIWOlXIWZHOFKH 'HQNHKLHUKHUUVFKWXQGZRUDXIHVDQNRPPWGDPLWDOOHHUIROJUHLFKXQGJOFNOLFKVLQG$QGHUHNDSLHUHQ GDVQLFKWXQGGDQQZLUGGDVDXFKQLFKWVRULFKWLJJXW³%8

'LHVH NRJQLWLYH XQG QRUPDWLYH .RPPHQVXUDELOLWlW GHU $NWHXUH HUVFKHLQW PLW %OLFN DXI GHQ LQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUYRQNRQVWLWXWLYHU%HGHXWXQJ'HQQEHWUDFKWHWPDQ/HW] WHUHQ LP 5DKPHQ YRQ ,QQRYDWLRQVSUR]HVVHQ QLFKW DOV WULYLDOHQ 3UR]HVV $OOHQ HW DO VRQGHUQQLPPWGLH)RUGHUXQJQDFKFRPPXQLFDWLYHFDSDFLW\/DUVVRQHWDO XQGUHODWLYH DEVRUSWLYH FDSDFLW\ 3/DQH/XEDWNLQ HUQVW VR JHUlW GLH ZHFKVHOVHLWLJH $QVFKOXVVIl KLJNHLWYRQVR]LDONRQVWUXLHUWHQ:LVVHQVXQG6LQQV\VWHPHQDOVVLQHTXDQRQGHV:LVVHQVWUDQV IHUVVHOEVWZLHDXFKGHV0DQDJHPHQWVYRQ:LVVHQXQG,QQRYDWLRQHQLQGHQ)RNXV Ä0DQPXVVGHUHQ.XOWXUYHUVWHKHQXQGVLFKUHLQGHQNHQN|QQHQVRQVWN|QQHQVLHJDUQLFKWPLWGHQHQ UHGHQQHKPHQGLH0LVVYHUVWlQGQLVVH]XXQGGLH=XVDPPHQDUEHLWOHLGHWGDUXQWHU'DV(UJHEQLVN|QQHQ 6LHVLFKMDYRUVWHOOHQ³%8

'LH (U]HXJXQJ HLQHU QHXHQ :LUNOLFKNHLW GLH MD UDGLNDOH ,QQRYDWLRQHQ JHUDGH]X DXV]HLFKQHW XQG LQ GHU 3DUWQHUVFKDIW DQJHVWUHEW ZLUG LVW GHPQDFK HLQH hEHUVHW]XQJVOHLVWXQJ YRQ HLQHU :LUNOLFKNHLW LQ HLQH DQGHUH 'DIU PVVHQ GLVSDUDWH Ä6LQQ]RQHQ³ %HUJHU/XFNPDQQ PLWHLQDQGHU YHUNQSIW ZHUGHQ ,Q XQVHUHP )DOO LVW KLHUIU DXV 6LFKW EHLGHU 3DUWHLHQ GHU 38V ZLH GHU ,QGXVWULHXQWHUQHKPHQ GLH )lKLJNHLW XQG %HUHLWVFKDIW ]XU 3HUVSHNWLYHQEHUQDKPH

NRQVWLWXWLY GK VLFK LQ GDV *HJHQEHU KLQHLQ]XYHUVHW]HQ XP VR VHLQH ,QWHUHVVHQ XQG VHLQ 9HUKDOWHQYHUVWHKHQ]XN|QQHQ Ä,FKKDEHJHOHUQWGDVVHVVHKUZLFKWLJIUGLH=XVDPPHQDUEHLWLVWHLQH(LQVFKlW]XQJGDIU]XKDEHQ ZLHGLHWLFNHQZLHGLHGHQNHQZDVIU(QWVFKHLGXQJVSULRULWlWHQGLHKDEHQ³38 Ä0DQ PXVV VFKRQ LUJHQGZLH JOHLFK WLFNHQ 0DQ PXVV VLFK LQ GLH /DJH GHV DQGHUHQ KLQHLQYHUVHW]HQ N|QQHQXP]XP3XQNW]XNRPPHQ³%8 Ä(V LVW QLFKW VR ZLFKWLJ GDVV PDQ VLFK WROO YHUVWHKW :LFKWLJ LVW DEHU GDVV PDQ HLQH JOHLFKH 6SUDFKH VSULFKW GDVV PDQ VLFK OHLFKW JHJHQVHLWLJ YHUVWHKW LP 6LQQH YRQ ,FK YHUVWHKH MHW]W ZRYRQ GHU DQGHUH UHGHW³38 Ä,FKKDOWHHVIUXQKHLPOLFKZLFKWLJVLFKLPPHUZLHGHULQGDV8QWHUQHKPHQXQGVHLQH/DJHUHLQ]XYHU VHW]HQ:HQQLFKGHUZlUHZDVZUGHLFKWXQ(VLVWMDQLFKWHLQ*HJHQHLQDQGHUHVLVWMDQLFKWLFKKDEH GHQ JU|WHQ 9RUWHLO ZHQQ GHU GHQ JU|WHQ 1DFKWHLO KDW VRQGHUQ ZHQQ GHU GHQ JU|WHQ 9RUWHLO KDW GDQQKDEHLFKDXFKGHQJU|WHQ9RUWHLOZHLOGDQQJHKWHVPHLQHP$QWHLOJXW³&9&

7UDQVODWRU]XUNRJQLWLYHQ6\QFKURQLVDWLRQXQG3HUVSHNWLYHQEHUQDKPH

.RQVWLWXWLY IU GLH hEHUVHW]XQJVOHLVWXQJ ]ZLVFKHQ ]ZHL 6LQQV\VWHPHQ LVW GLH ([LVWHQ] HLQHV 7UDQVIHUPHGLXPV0LW%OLFNDXIGHQLQVWLWXWLRQDOLVLHUWHQ&KDUDNWHUVROFKHU6LQQV\VWHPHEHWRQW 6FKW] LQGLHVHP=XVDPPHQKDQJGLHKHUDXVUDJHQGH5ROOHGHU$OOWDJVVSUDFKH8PIDVVW GRFK MHGHU Ä1DPH HLQH 7\SLVLHUXQJ XQG *HQHUDOLVLHUXQJ GLH DXI HLQ LQ GHU VSUDFKOLFKHQ (L JHQJUXSSH YRUKHUUVFKHQGHV 5HOHYDQ]V\VWHP YHUZHLVW³ HEG 6ROO :LVVHQVWUDQVIHU JHOLQ JHQLVWHVGHPQDFKZLFKWLJÄXQJHIlKUGLHJOHLFKH6SUDFKH]XVSUHFKHQ³&9& 1XUZHQQ GLH VSUDFKOLFKHQ 6HPDQWLNHQ GHU %HWHLOLJWHQ ZHLWJHKHQG GHFNXQJVJOHLFK VLQG RGHU LP =XJH HLQHUNRJQLWLYHQ6\QFKURQLVDWLRQGHFNXQJVJOHLFKJHPDFKWZHUGHQGK%HJULIIHZLH,QQRYDWL RQ:LVVHQ6WUDWHJLHXQG6WHXHUXQJPLWGHQJOHLFKHQ,QKDOWHQEHOHJWVLQGNDQQHV]XYHUVWlQ GLJXQJVRULHQWLHUWHP +DQGHOQ NRPPHQ 'LHVHU 5HOHYDQ] ZHFKVHOVHLWLJHU DQVFKOXVVIlKLJHU 6SUDFKVSLHOHIUHLQHHIIHNWLYH=XVDPPHQDUEHLWVLQGVLFKYRUDOOHPGLH&9&VEHZXVVW Ä:LFKWLJLVWÃ6SUHFKHQ6LHGLH6SUDFKH¶:HQQLFKYRQ7XWHQXQG%ODVHQNHLQH$KQXQJKlWWHZUGHQ 6LHVDJHQÃ-DZDVUHGHWGHUGDLFKYHUVWHKHGHQJDUQLFKWGHUNHQQWJDUQLFKWPHLQH)DFKDXVGUFNH GHUNHQQWQLFKWPHLQH6SUDFKHGHPZUGHLFKNHLQ:RUWJODXEHQGHPZUGHLFKDXFKQLH]XWUDXHQ GDVVGDVZDVHUJHIXQGHQKDWQXUDQQlKUHQGYRQ:HUWLVW¶³&9& Ä.ULVHQHQWVWDQGHQDXFKGDUDXVGDVVLFKKDOW]XPHLQHQXQHUIDKUHQZDU8QG]XPDQGHUHQHLQIDFKGLH JDQ]H6SUDFKHYRQGHQ9&VQLFKWNDQQWH³38 Ä:LUYHUVWHKHQGHUHQ*HVFKlIWVHKUJXW>«@+LOIUHLFKLVWPLW6LFKHUKHLWDXFKGDVVZLUEHUGLHJOHL FKHQ'LQJHUHGHQXQGGLVNXWLHUHQXQGLUJHQGZLHLQGHUJOHLFKHQ:HOW]X+DXVHVLQG³&9&

'LH6FKZLHULJNHLWHQGLHGDEHLH[LVWLHUHQN|QQHQZHUGHQLQGHP6FKW]$XIVDW]Ä'HU)UHPGH³UHFKWSODV WLVFKEHVFKULHEHQHEHQIDOOVLQGHU$XIVDW]VDPPOXQJYRQHQWKDOWHQ 6LHKHGD]XDXFK=LPPHU

,QZLHZHLW VLFK GLH LQGLYLGXHOOHQ ,QWHUSUHWDWLRQHQ YRQ 38V XQG ,QGXVWULHXQWHUQHKPHQ WDWVlFK OLFKHQWVSUHFKHQDOVRVR]LRNXOWXUHOOH$QVFKOXVVIlKLJNHLWJHJHEHQLVW]HLJWVLFKDQGHQMHZHL OLJHQ5HDNWLRQHQ)UHPG 9HUVWHKHQNDQQXPVRHKHUXQGIHKOHUIUHLHUVWDWWILQGHQMHPHKUGLH EHLGHQ.RPPXQLNDWLRQVSDUWQHUVLFKLQLGHQWLVFKHQVR]LDOHQ:HOWHQEHZHJHQGKVLFKLQLKUHQ ,QWHUDNWLRQHQDXINRPPHQVXUDEOHJHQHUDOLVLHUWH(UZDUWXQJVVWUXNWXUHQEH]LHKHQ'HU(PSIlQ JHU YRQ :LVVHQ NDQQ GDQQ PLW JU|HUHU %HUHFKWLJXQJ YRQ Ä9HUVWHKHQ³ VSUHFKHQ YRQ HLQHU 5H]LSUR]LWlW GHU 3HUVSHNWLYHQ ]ZLVFKHQ LKP XQG GHP 6HQGHU GHV :LVVHQV DXVJHKHQ XQG GDV (PSIDQJHQHLQVHLQH:LVVHQVXQG6LQQV\VWHPHLQWHJULHUHQ Ä,FKNDQQWHGHQQRFKDXV,QWHUQDWV]HLWHQ>«@:LUVLQGXQVLQSHUV|QOLFKHU+LQVLFKWHLQIDFKVHKUlKQ OLFK XQG GDV HUOHLFKWHUW GLH .RPPXQLNDWLRQ PDQFKPDO HQRUP PDQ EUDXFKW QLFKW YLHOH :RUWH XP ]X YHUVWHKHQZDVGHUDQGHUHVDJHQZLOOZRUDXIHUKLQDXVZLOO³&9& Ä(UIUHXOLFKZDUGDVVLFKGHQQHXHQ&(2DXVHLQHPIUKHUHQ/HEHQNDQQWHDOVRZDVZLHGHUGLHSHUV|Q OLFKH 6FKLHQH VWDUN YHUHLQIDFKW KDW XQG LFK KDEH GHXWOLFK JHPHUNW ZLH VHKU GDV JHKROIHQ KDW GLHVHV ]XVlW]OLFKH9HUWUDXHQXQG9HUVWlQGQLVLQGHU3KDVHLQGHUHVHLQIDFKVFKZLHULJZDUIUGDV8QWHUQHK PHQ³&9& Ä,QKDOWOLFK VLQG EHVWLPPWH 'LQJH NODU GDGXUFK GDVV ZLU EHLGH DXV GHU ;*UXSSH VWDPPHQ (V JLEW 'LQJH EHU GLH EUDXFKW PDQ QLFKW PHKU JUR ]X UHGHQ ZLU NHQQHQ GLH .XOWXU HLQIDFK VHKU JXW ,FK JODXEHGDVKLOIWDXFKVHKU³38

0HLVWHQVHQWVWDPPHQGLH*UQGHUXQGGLH.RQ]HUQYHUWUHWHUMHGRFKYHUVFKLHGHQHQ/HEHQVZHO WHQ 6LH VLQG XQWHUVFKLHGOLFK VR]LDOLVLHUW ZRUGHQ 'LIIHUHQWH 6SUDFKVSLHOH NHQQ]HLFKQHQ GLH MHZHLOLJHQ LQVWLWXWLRQHOOHQ 6HWWLQJV 'DPLW HV WURW]GHP ]X HLQHP :LVVHQVWUDQVIHU NRPPHQ NDQQ PVVHQ GLH VR]LRNXOWXUHOOHQ *UHQ]HQ GHU /HEHQVZHOWHQ E]Z LQVWLWXWLRQHOOHQ 6HWWLQJV EHUZXQGHQZHUGHQ,Q$QOHKQXQJDQ%URZQXQG'XJXLGHUZHLVWVLFKGHU7UDQVODWRUDOVZLFK WLJHU$NWHXUEHLGHU6\QFKURQLVDWLRQVR]LRNXOWXUHOOHU6LQQV\VWHPHÄ2UJDQL]DWLRQDOWUDQVODWRUV DUHLQGLYLGXDOVZKRFDQIUDPHWKHLQWHUHVWVRIRQHFRPPXQLW\LQWHUPVRIDQRWKHUFRPPXQLW\¶V SHUVSHFWLYH³ ,QXQVHUHPNRQNUHWHQ)DOOGHP&9&*HVFKlIWIlOOWGHQHLQ]HOQHQ ,QYHVWPHQWPDQDJHUQGHU&9&(LQKHLWHQGLHVH$XIJDEH]X'LHVHU+LOIHVWHOOXQJLQ)RUPHLQHU 7UDQVIRUPDWLRQE]ZhEHUVHW]XQJYRQ:LVVHQNRPPWHLQHDEVROXWH6FKOVVHOIXQNWLRQ]X Ä,FK NHQQH DOOH %HUHLFKH GHV +DXVHV XQG DXFK DOOH )KUXQJVNUlIWH >«@ 'D VLQG ZLU GRUW TXDVL DOV 9HUPLWWOHU RGHU 0RGHUDWRU DXIJHWUHWHQ 'DV LVW VHKU VHKU ZLFKWLJ GHQQ HV OlVVW VLFK HLQIDFK PHKU EHZHJHQZHQQHLQ([.RQ]HUQPHQVFKPLWDP7LVFKVLW]W³&9& Ä+HUU;KDWVLFKGDLPPHUDOV0RGHUDWRUKHUYRUJHKREHQGDVZDUXQJHPHLQKLOIUHLFKZHLOHUQLFKWQXU GLH/HXWHVRQGHUQHEHQDXFKGHUHQ'HQNHNDQQWH³38 Ä0DQKDWLP*UXQGHVRHLQH0LWWOHU)XQNWLRQLVWLP*UXQGHHUVWHLQPDOGHU1DEHOGHU:HOWGHUGLH /HXWHYHUELQGHW³&9&

'LHHQWVSUHFKHQGHQYRQXQVDOVWUDQVODWRUEH]HLFKQHWHQ,QGLYLGXHQ]HLFKQHQVLFK]XPHLQHQ GXUFK'RSSHOTXDOLILNDWLRQHQ:LUWVFKDIWVLQJHQLHXUH,QJHQLHXUHXQGRGHU1DWXUZLVVHQVFKDIWOL FKHUPLWEHWULHEVZLUWVFKDIWOLFKHP$XIEDXVWXGLXP DXV Ä,FKKDEH,QIRUPDWLNVWXGLHUWELQ,QJHQLHXUXQGELQGDQDFK]X,%0JHJDQJHQZRLFKEHUXIVEHJOHLWHQG HLQHQ([HFXWLYH0%$DEVROYLHUWKDEH³&9& Ä9RQ+DXVH+DXVELQLFK%LRORJHXQGKDEHPLFKDXI%LRWHFKQRORJLHVSH]LDOLVLHUW,P$QVFKOXVVGDUDQ KDEHLFK%:/VWXGLHUW³&9&

=XP DQGHUHQ KDEHQ GLHVH DOV 7UDQVODWRU IXQJLHUHQGHQ 3HUVRQHQ DOOH HLQH 'RSSHOVR]LDOLVDWLRQ HUIDKUHQGKHVKDQGHOWVLFKEHLVSLHOVZHLVHXPHKHPDOLJH8QWHUQHKPHUGLHGDQQDOV$QJHV WHOOWH LQ GDV ,QGXVWULHXQWHUQHKPHQ JHZHFKVHOW VLQG XQG MHW]W LQ GHU &9&(LQKHLW DOV ,QYHVW PHQWPDQDJHUWlWLJVLQG Ä,FKELQ'LSORP.DXIPDQQYRQ+DXVDXVELQEHU]ZHL-DKUHVHOEVWVWlQGLJJHZHVHQHLJHQHV8QWHU QHKPHQHLQHGHUHUVWHQNOHLQHQ$*VLQ'HXWVFKODQG%LQGDQDFK/HLWHU&RUSRUDWH)LQDQFHLQHLQHPGHU HUVWHQ GHXWVFKHQ %XVLQHVV,QNXEDWRUHQ JHZHVHQ NHQQH GLH 9HQWXUH&DSLWDO6]HQH GDGXUFK VHKU JXW =XP 6FKOXVV ZDU LFK LQ GHU *HVFKlIWVOHLWXQJ HLQHU JURHQ GHXWVFKHQ :HUEHDJHQWXU 0LWDUEHLWHU XQGELQGDQQ]X;JHNRPPHQ³&9&

'DGLHWUDQVODWRULQEHLGHQVRFLDOVHWWLQJVJHDUEHLWHWXQGJHOHEWKDEHQVLQGLKQHQGLHMHZHLOL JHQ LQVWLWXWLRQDOLVLHUWHQ 5HJHOQ 9HUIDKUHQ 5RXWLQHQ ,QVWUXPHQWH HWF YHUWUDXW (UVW GLHVH 9HUWUDXWKHLWPLWGHUMHZHLOLJHQVR]LDOHQ3UD[LVHUODXEWLKQHQGHQ=XJDQJ]XGHQEDVDOHQ6LQQ XQG.RJQLWLRQVPXVWHUQGLHGLH*UXQGODJHGDIUELOGHQZDVGHQGRUW7lWLJHQLP(LQ]HOQHQ]X HLQHP:LVVHQVLQKDOWZHUGHQNDQQ,KUHSDUDOOHOHQ(UIDKUXQJHQLQEHLGHQVRFLDOVHWWLQJVKDEHQ GD]X JHIKUW GDVV GLH 7UDQVODWRU HLQ :LVVHQ EHU YHUVFKLHGHQH KLHU UHOHYDQWH 6LQQV\VWHPH DQJHVDPPHOWKDEHQXQGLQGHQ3UR]HVVHLQEULQJHQ Ä,FK ELQ HLJHQWOLFK %LRORJLQ XQG KDEH MDKUHODQJH )RUVFKXQJVHUIDKUXQJ LP 3KDUPDEHUHLFK 'DV KLOIW QDWUOLFK XP GHQ +LQWHUJUXQG YRQ GHQHQ ]X YHUVWHKHQ 'LH KDEHQ PDQFKPDO JDQ] DQGHUH ,QWHUHVVHQ XQGGLHPVVHQZLU]XPLQGHVWVRZHLWEHUFNVLFKWLJHQGDVVGLHPRWLYLHUWEOHLEHQ³&9& Ä8QVHU,QYHVWPHQWPDQDJHUKDWVHOEHUHLQH)LUPDJHJUQGHWKDWVHOEHU9&VJHKDEWKDWWHHLQHQ5LHVHQ VWUHLWPLWLKQHQKDWGLH)LUPDYHUNDXIWXQGLVWVHOEVW&9&JHZRUGHQ'HUYHUPLWWHOWXQVLQGHUMHW]LJHQ .ULVHGDV*HIKOGDVVHUXQVHUH3RVLWLRQDOV8QWHUQHKPHUNHQQWXQGYHUVWHKW³38

,P =XJH LKUHU IXQNWLRQDOHQ =XRUGQXQJ VLQG GLH &9&(LQKHLWHQ ]XPHLVW DP 5DQGH GHU *H VDPWRUJDQLVDWLRQDXIGHUHUVWHQRGHU]ZHLWHQ)KUXQJVHEHQHLQ)RUPHLQHU6WDEVDEWHLOXQJRGHU HLJHQVWlQGLJHQ 7RFKWHUJHVHOOVFKDIW DQJHVLHGHOW &:HEHU ,KU JHULQJHUHU ,QWHJUDWLRQV JUDGHUODXEWHVLKQHQVLFKEHVVHUGHUGRPLQDQWHQ:LUNOLFKNHLWGHV0XWWHUNRQ]HUQV]XHQW]LH KHQXQGHLQHSHULSKHUH3HUVSHNWLYH]XHQWZLFNHOQ'LHVHNULWLVFKH'LVWDQ]]XGHQ9RUVWHOOXQ JHQXQG,QWHUHVVHQGHV0XWWHUNRQ]HUQVEHGLQJWQLFKWQXUGHQ$XIEDXNRPSOH[HUHU:DKUQHK

PXQJVPXVWHU 6LH LVW DXFK QRWZHQGLJ XP YRQ GHQ 38V DOV HKUOLFKH XQG YHUWUDXHQVZUGLJH 0DNOHULQGHQ SROLWLFVRIUHDOLW\ EHWUDFKWHW]XZHUGHQ Ä2EZRKOVLHGLHHLJHQHQ,QWHUHVVHQYRQ;EHUFNVLFKWLJWKDEHQKDEHQVLHQLHYHUVXFKWXQVEHUV2KU ]XKDXHQVRQGHUQVLQGLPPHUNRUUHNWJHEOLHEHQXQGKDEHQ]XLKUHP:RUWJHVWDQGHQ³38

:LH ZHOFKH %HLWUlJH LP ,QQRYDWLRQVSUR]HVV ZDKUJHQRPPHQ XQG EHZHUWHW ZHUGHQ ZHOFKH 5LVLNHQXQG&KDQFHQHLQHU3URGXNWHQWZLFNOXQJ]XJHVFKULHEHQZHUGHQLVWHEHQHLQGLVNXUVLYHU 3UR]HVVGHU5HDOLWlWVELOGXQJGHUGHP,QQRYDWLRQVPDQDJHPHQW]XJUXQGHOLHJW8PEHUKDXSW (LQJDQJLQGLHVHQ3UR]HVV]XILQGHQPXVVHLQH7HFKQLNDOV,QQRYDWLRQZDKUJHQRPPHQZHU GHQ Ä0DQFKPDONRPPHQKLHU/HXWHPLWYHUPHLQWOLFKHQ,QQRYDWLRQHQ'HQHQPVVHQZLUGDQQLKUHQ=DKQ ]LHKHQZHLOGDVHQWZHGHUQLFKWQHXRGHUIUGHQ0DUNWHLQIDFKXQLQWHUHVVDQWLVW³&9&

(LQHWHFKQLVFKH1HXHUXQJZLUGDOVRQXUGDQQ]XHLQHU,QQRYDWLRQZHQQHVHQWZHGHUGHQGLUHNW LQYROYLHUWHQ$NWHXUHQVHOEVWRGHUGHU&9&(LQKHLWJHOLQJWGLHZHVHQWOLFKHQ%HVWDQGWHLOHGHV MHZHLOLJHQ2EMHNWV±KLHUGHUHLJHQHQ,QQRYDWLRQ±VR]XEHUVHW]HQXQGLQLQVWLWXWLRQDOLVLHUWH 6SUDFKUHJHOXQJHQ6FKHPDWDXQG9HUIDKUHQ±ZLHHWZD%XVLQHVVSOlQH52,.HQQ]DKOHQRGHU $EVDW]SURJQRVHQ±HLQ]XVFKUHLEHQGDVVGLH:HOWGHV*HJHQEHUVHUUHLFKWE]ZDQVFKOXVVIlKLJ ZLUGXQGGDPLWVLJQLILNDQWEHUHLFKHUWZHUGHQNDQQ.QRUU&HWLQD Ä'DJDEHVGLH9RUVWHOOXQJGHU*HVFKlIWVHLQKHLWHQGLHPLWXQV]XVDPPHQDUEHLWHQGHU,QYHVWRUHQXQG XQVHUH 9RUVWHOOXQJ 0DQ PXVVWH VLFK GD LPPHU ZLHGHU YHUVWlQGLJHQ ILQGHQ XQG HLQLJHQ 0DQFKPDO JLQJGDVJDQ]JXWXQGPDQFKPDOKDEHQZLUQXUDQHLQDQGHUYRUEHLJHUHGHW³38

1XUHLQH7HFKQRORJLHGLHGHQLQVWLWXWLRQDOLVLHUWHQ:HJGXUFKGLH,QVWDQ]HQGHU,QQRYDWLRQVE URNUDWLHHUIROJUHLFKSDVVLHUWKDWZLUGGHPQDFK]XHLQHU,QQRYDWLRQ Ä,WXVXDOO\VWDUWVRXWZLWK;&DSLWDOZKHQWKH\FRPHDFURVVDSURSRVDOWKDWORRNVPRUHLQWHUHVWLQJWKH\ GR WKH ILUVW GXH GLOLJHQFH EXW DW VRPH VWDWH ZKHQ WKH\ UHDOO\ ZDQW WR HYDOXDWH WKH WHFKQRORJ\ DQG WKH UROHRIWKHVRIWZDUHYHQGRULQWKLVPDUNHWWKH\FRPHWRXVDQGVD\µZKDWGR\RXWKLQN"¶6RPHWLPHVZH WKHQDVN;&DSLWDOWRKRRNXVXSZLWKVRPH,69>LQGHSHQGHQWVRIWZDUHYHQGRUV@ZHDVNWKHPVRPH FODULI\LQJ TXHVWLRQV ZH KDYH D VWDQGDUG VRUW RI TXHVWLRQV WR JR WKURXJK WR XQGHUVWDQG WKHLU PDUNHW VHJPHQWVKDUHWKHLUWHFKQRORJ\ZKDWRSHUDWLQJV\VWHPVGRWKH\VXSSRUWHWFEHFDXVHZHKDYHWRPDNH VXUH WKDW WKH\ DUH VWUDWHJLFDOO\ DOLNH ZLWK XV 2XU UROH LV WR HYDOXDWH WKH YLDELOLW\ RI WKH FRPSDQ\ LQ WHUPV RI EHLQJ D XQLTXH WHFKQRORJ\ LQ WHUPV RI EHLQJ VLJQLILFDQW LQ WKH PDUNHW $QG ZH GR PDNH D UHFRPPHQGDWLRQRIµ\HVLQYHVW¶RUµGRQRWLQYHVW¶,I,VD\µ,GRQRWVXSSRUWWKLVGHDO¶LWGRHVQ¶WKDS SHQ³%8

,Q$EELOGXQJZLUGDXVGHUKLHUDXIJH]HLJWHQVR]LDONRQVWUXNWLYLVWLVFKHQ3HUVSHNWLYHYLVXDOL VLHUW LQ ZHOFKHU :HLVH GHU 3UR]HVV GHV LQWHURUJDQLVDWLRQDOHQ :LVVHQVWUDQVIHUV XQG GHU :LV VHQVJHQHVH HLQJHEHWWHW LVW LQ GLH MHZHLOLJHQ LQVWLWXWLRQDOHQ 6HWWLQJV E]Z %UDQFKHQPLOLHXV )RNXVVLHUWZLUGDXIGLHVR]LRNXOWXUHOOHQ9RUDXVVHW]XQJHQXQG'LPHQVLRQHQGHV7UDQVIHUVXQG GHU*HQHVHYRQ:LVVHQ

WHQYRQ+DUJDGRQXQG VRZLH+DUJDGRQXQG6XWWRQ ]X.QRZOHGJH%URNHUQ EHVFKULHEHQ±]XQlFKVWDXIHLQHUVWUXNWXUHOOHQVWDUNQRUPDWLYHQ(EHQHHLQHYHUELQGHQGH)XQN WLRQ±ÄFRQQHFW³RGHUDXFKDFFHVV³±LQLKUHU5ROOHDOV%URNHUZDKU'HUHUIROJUHLFKH7UDQVOD WRU XQG %URNHU GHU LQ VLFK EHUVFKQHLGHQGHQ &RPPXQLWLHV XQG 6LQQV\VWHPHQ ]X +DXVH LVW GLHQWDOVRGD]X]XQlFKVWGLH38VXQG%8VDOVSRWHQ]LHOOH3DUWQHUEHUKDXSW]XHUNHQQHQXQG GDQQ PLWKLOIH DQDORJHQ'HQNHQV 1RQDND7DNHXFKL PLWHLQDQGHU LQ .RQWDNW]X EULQJHQ %XUW Ä0DQ PXVV GLH /HXWH PLWHLQDQGHU EHNDQQW PDFKHQ XQG LKQHQ JHJHQVHLWLJ GLH P|JOLFKHQ 6\QHUJLHQ DXI]HLJHQGLHPDQVLHKW.DQQVHLQGDVVPDQDXFKPDOIDOVFKOLHJWDEHU+DXSWVDFKHGLHKDEHQEHU KDXSWHUVWPDO]XHLQDQGHUJHIXQGHQ³&9& Ä'LH$QIUDJHQVLQGRIWVHKUXQVSH]LILVFKZHLOPDQ]ZDUHLQWROOHV3URGXNWKDWDEHULP0RPHQWQLFKW KXQGHUWSUR]HQWLJ ZHL ZLH PDQ HV LQ HLQHU $EWHLOXQJ HLQVHW]HQ NDQQ $OVR LVW HV XQVHUH $XIJDEH JHQDXGDV]XHUNHQQHQGLHVHQ/LQN]XILQGHQGDIU]XVRUJHQGDV3URGXNWGXUFKGLH.RPELQDWLRQPLW XQVHUHQ3URGXNWHQXQG7HFKQRORJLHQVSH]LILVFKXQGHLQ]LJDUWLJ]XPDFKHQ³&9&

'HP YRQ +DUJDGRQ DOV HUVWHQ 6FKULWW GHNODULHUWHQ ÄDFFHVV³6FKULWW JHKW XQVHUHQ H[SORUDWLYHQ 'DWHQ]XIROJHVRPLWHLQHHUVWHNRJQLWLYH9RUDXVVHW]XQJÄUHFRJQL]H³YRUDXV ,P$QVFKOXVVDQGLH.RQWDNWYHUPLWWOXQJXQGDXVJHKHQGYRQGHQEHVFKULHEHQHQXQWHUVFKLHGOL FKHQ/HEHQVZHOWHQIlOOWGHP&9&LPQlFKVWHQ6FKULWWZLHGHUGLH5ROOHHLQHV7UDQVODWRUVGK HLQHVhEHUVHW]HUVXQG9HUPLWWOHUV]ZLVFKHQGHQVLFKXQYHUEXQGHQJHJHQEHUVWHKHQGHQ6LQQ V\VWHPHQ ]X ÄWUDQVODWH³ XQG ÄPHGLDWH³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lKLJNHLWVLFKHU]XVWHOOHQ(VJLOWVRPLWGLH 'LYHUJHQ]GHU6\VWHPHEHZXVVWDXIUHFKW]XHUKDOWHQ Ä:LUVXFKHQMDEHZXVVWGLHVHNOHLQHQMXQJHQXQGHEHQVWlUNHUXQWHUQHKPHULVFKHQ6WDUWXSVGHQQZDV GLHDXV]HLFKQHWN|QQHQZLUKLHULQGHUJOHLFKHQ=HLWRIWQLFKWOHLVWHQ'LHVHV&KDRWHQWXPKDWMDDXFK ZDV3RVLWLYHVGDVZROOHQZLUGHQHQMDJDUQLFKWDXVWUHLEHQ-HGHQIDOOVQLFKWY|OOLJVRQVWYHUOLHUHQGLH LKUHQ:HUW³%8 Ä,W¶VDOZD\VVWDUWXSVRUOLWWOHILUPVZKLFKDUHWHFKQRORJLFDOO\IDUDKHDGRIXV7KLVLVZKDWWKH\RIIHU 7KH\GRWKHWHFKQRORJ\WKHQZHGRWKHPDUNHWLQJZHSURPRWHWKHPZHGRWKHEXVLQHVVGHYHORSPHQW DQGPDNHVXUHWKDWPDWFKPDNLQJKDSSHQV7KLVLVZKDWZHRIIHU³%8

,Q GHU 3RVW,QYHVWPHQW3KDVH IlOOW GHP &9& QHEHQ HLQHU NRQWLQXLHUOLFKHQ 9HUPLWWOHU5ROOH NRJQLWLYHXQGVWUXNWXUHOOH(EHQH DXFKGLHLQGHU/LWHUDWXUEHUHLWVYLHOIDFKEHVFKULHEHQH5ROOH

GHV*DUDQWHQRGHUDXFK7UHXKlQGHUVZHFKVHOVHLWLJHU,QWHUHVVHQ]XÄSURWHFW³ )UHHVH LQ GHUHUGLH$XIJDEHKDWGDV38YRUP|JOLFKHPRSSRUWXQLVWLVFKHQ9HUKDOWHQGHU%8V]XVFKW ]HQ'LH$XIJDEHGHV&9&VHQGHWPLWHLQHUHUIROJUHLFKHQ([LW5HDOLVLHUXQJ $QGLHVHU6WHOOHVROOKHUYRUJHKREHQZHUGHQGDVVXQVHUHH[SORUDWLYHQ'DWHQHUNHQQHQODVVHQ GDVVLPPHUGDQQHUIROJUHLFKH38VDXVGHQ&9&7ULDGHQKHUYRUJHJDQJHQVLQGZHQQVLFKGLH &9&(LQKHLWHQ LKUHU hEHUVHW]HU XQG %URNHU5ROOH QLFKW QXU EHZXVVW ZDUHQ VRQGHUQ VLFK GLHVHUDXFKHUQVWKDIWEHU]HXJHQGEHU]HXJWXQGHUIROJUHLFKDQJHQRPPHQKDEHQ Ä$OVRGLHKDEHQVLFKZLUNOLFKVHKUHQJDJLHUWXQVEHUDOOUHLQJHEUDFKWXQVLP.RQ]HUQHUVWPDODQGLH +DQG JHQRPPHQ GLH 6SLHOUHJHOQ HUNOlUW GDVV ZLU GD QLFKW LQ VROFKH )HWWQlSIFKHQ WUHWHQ 6RQVW ZlUH GDVQLHVRVXSHUJHODXIHQ³38

'LHJOHLFKH7HQGHQ]E]Z.DXVDOLWlWOlVVWVLFKDXFKXPJHNHKUWIHVWVWHOOHQ1LFKWHUIROJWHRGHU PLVVOXQJHQHhEHUVHW]HUXQG6\QFKURQLVDWLRQVGLHQVWHVHLWHQVGHU&9&VUHVXOWLHUWHQLQHQWVSUH FKHQGJHULQJHUHU/HLVWXQJVIlKLJNHLWGHU38V Ä'LH+LVWRULHKDWDXFKJH]HLJWGDVVZLUPLW,QYHVWPHQWVZRZLUGLHVHQ0DWFKGLHVH6\QHUJLHQGLHZLU JHVHKHQKDEHQQLFKWUHDOLVLHUHQNRQQWHQGRFKHKHU6FKZLHULJNHLWHQKDEHQ,FKZLOOQLFKWVDJHQHUIROJ ORVZDUHQDEHUGLHODXIHQKDOWHLQIDFKQLFKWVRJXW³&9&

'LVNXVVLRQXQG6FKXVVIROJHUXQJHQ 'DV=LHOXQVHUHV%HLWUDJVZDUHVKHUDXV]XDUEHLWHQZHOFKHVR]LRNXOWXUHOOHQ9RUDXVVHW]XQJHQ HUIOOW VHLQ PVVHQ XP LQWHURUJDQLVDWLRQDOHQ :LVVHQV XQG 5HVVRXUFHQDXVWDXVFK P|JOLFK ]X PDFKHQ ,Q XQVHUHP +HUDQJHKHQ KDEHQ ZLU XQV KLHUEHL GH]LGLHUW YRQ GHQ YRUQH VNL]]LHUWHQ .RQ]HSWHQLQWHURUJDQLVDWLRQDOHQ/HUQHQVPLWLKUHPSRVLWLYLVWLVFKHQ:LVVHQVYHUVWlQGQLVDEJH JUHQ]W 'HQQ DXFK ZHQQ GRUW .RQ]HSWH ZLH DEVRUSWLYH XQG FRPPXQLFDWLYH FDSDFLWL\ LQ GHQ %OLFNJHQRPPHQZHUGHQEHKDUUHQGLH$XWRUHQDXIHLQHP:LVVHQVYHUVWlQGQLVEHLGHP:LV VHQ LP *UXQGH HLQ *HJHQVWDQG EOHLEW Ä>«@ NQRZOHGJH LV YLHZHG DV DQ DVVHW LH DQ REMHFW WKDWFDQEHRZQHGERXJKWDQGVROGWRPDLQWDLQRULQFUHDVHWKHILUP¶VFRPSHWLWLYHDGYDQWDJH³ 6FKXOW]H6WDEHOO ,P6LQQHGLHVHUYHUEUHLWHWHQQHRIXQNWLRQDOLVWLVFKHQ)RUVFKXQJV ORJLN N|QQHQ EHREDFKWHUXQDEKlQJLJ %HGLQJXQJHQ IU GHQ (LQVDW] YRQ 0DQDJHPHQWV\VWHPHQ EHVWLPPWXQGGDUDXVUHVXOWLHUHQGH)ROJHQH[SOL]LHUWZHUGHQ

'LHVLVWNHLQ6HOEVW]ZHFN'HQQXPODQJIULVWLJDOVJODXEZUGLJHU6SLHOHULP&9&0DUNWEHVWHKHQ]XN|QQHQ XQG IU GDV ,QGXVWULHXQWHUQHKPHQ ILQDQ]LHOO XQG VWUDWHJLVFK DWWUDNWLYH ,QYHVWPHQWRSSSRUWXQLWLHV JHQHULHUHQ ]XN|QQHQLVWOHW]WOLFKGLHHLJHQH5HSXWDWLRQDOVIDLUHU,QYHVWRUYRQHUKHEOLFKHU5HOHYDQ]

XQG 6LQQZHOWHQ EHLQKDOWHW EOHLEW LQ VHLQHU %HVFKUHLEXQJ GHV EULGJLQJ YRQ VPDOO ZRUOGV HLQ GHXWLJXQEHUFNVLFKWLJW :HLWHUKLQKDEHQZLUDQKDQGXQVHUHUH[SORUDWLYHQ'DWHQ]HLJHQN|QQHQGDVVVLFKGLH+DQGOXQ JHQXQG5ROOHQ]XVFKUHLEXQJHQHLQHV.QRZOHGJH%URNHUVGHUODXW+DUJDGRQÄOHGLJOLFK³,GHHQ XQG,QQRYDWLRQHQ'ULWWHULP:HJHDQDORJHQ'HQNHQVYRQHLQHU%UDQFKHRGHUHLQHUGRPDLQLQ GLH DQGHUH EHI|UGHUW QXU YRU GHP +LQWHUJUXQG HLQHU RUJDQLVDWLRQVEHUJUHLIHQGHQ :LUNOLFK NHLWVYRUVWHOOXQJ NRQVWLWXLHUHQ 'LHVH RUJDQLVDWLRQVEHUJUHLIHQGH :LUNOLFKNHLWVYRUVWHOOXQJ GLH LPPHU 7HLO XQG ]XJOHLFK (UJHEQLV YRQ ,QWHUDNWLRQV XQG =XVFKUHLEXQJVSUR]HVVHQ LQQHUKDOE HLQHVVSH]LILVFKHQVR]LRNXOWXUHOOHQ6\VWHPVLVWJLOWHVMHGRFK±ZLHZLUKDEHQ]HLJHQN|QQHQ ±LQGLVNXUVLYHQ$XVKDQGOXQJVSUR]HVVHQEHUKDXSWHUVWKHU]XVWHOOHQ:HPGLH5ROOHGHVhEHU VHW]HUV ]ZLVFKHQ GHQ MHZHLOLJHQ 6LQQZHOWHQ ]XNRPPW LVW JUXQGVlW]OLFK RIIHQ GK GLH $XV KDQGOXQJ NDQQ DXFK GLUHNW ]ZLVFKHQ %8 XQG 38 HUIROJHQ 8QVHUH 'DWHQ KDEHQ DOOHUGLQJV HUNHQQHQODVVHQGDVVHVRIWGLH&9&0DQDJHUPLWLKUHQ'RSSHOVR]LDOLVDWLRQHQDP5DQGHGHU 2UJDQLVDWLRQ VLQG GHQHQ GLH 5ROOH]XIlOOW GLHHQWVSUHFKHQGHQ LQVWLWXWLRQDOLVLHUWHQ'HQNVFKH PDWDXQGNRJQLWLYHQ6LQQELOGHUGHUMHZHLOV%HWHLOLJWHQ]XYHUPLWWHOQXPGLHVHVRFLDOVHWWLQJV LQLKUHU,QWHUDNWLRQDQVFKOXVVIlKLJXQGLQWHJULHUEDU]XPDFKHQ$XFKGLHVH7UDQVODWRUN|QQHQ LQ GHU NRQVWUXNWLYLVWLVFKHQ 3HUVSHNWLYH MHGRFK NHLQ QHRIXQNWLRQDOLVWLVFKHV D SULRUL IU HLQHQ JHOXQJHQHQ :LVVHQVWUDQVIHU GDUVWHOOHQ VRQGHUQ VLQG LQ LKUHU )XQNWLRQVORJLN ZLHGHUXP 7HLO XQG]XJOHLFK(UJHEQLVYRQV\VWHPVSH]LILVFKHQ,QWHUDNWLRQVXQG=XVFKUHLEXQJVSUR]HVVHQ 6FKOLHOLFKN|QQHQXQVHUH)RUVFKXQJVHUJHEQLVVHDXFKHLQHQ%HLWUDJ]XUHPSLULVFKHQ)XQGLH UXQJLQVWLWXWLRQDOLVWLVFKHU7KHRULHQOLHIHUQ,QGHPZLUGLH5HOHYDQ]YRQGLVNXUVLYHQ$XVKDQG OXQJVSUR]HVVHQEHLGHU.RQVWLWXWLRQYRQVR]LDOHQXQGWHFKQRORJLVFKHQ$UWHIDNWHQZLH$NWHXUV UROOHQ0DQDJHPHQWWHFKQRORJLHQHWFH[SOL]LHUHQXQWHUPDXHUQZLUHPSLULVFKGDV7UDQVODWLRQV NRQ]HSW GHV VNDQGLQDYLVFKHQ ,QVWLWXWLRQDOLVPXV &]DUQLDZVND-RHUJHV GDV GHQ ÄWUDQV IRUPDWRULVFKHQ³0RPHQWGHU:LVVHQVLQWHJUDWLRQV\VWHPDWLVFK]XHUIDVVHQYHUPDJ:lKUHQGLQ XQVHUHP%HLWUDJSULPlUDXIGLHhEHUVHW]XQJYRQ,QQRYDWLRQHQXQG%HGHXWXQJVVFKHPDWDDEJH KREHQ ZLUG PDFKW GHU VNDQGLQDYLVFKH ,QVWLWXWLRQDOLVPXV GHXWOLFK GDVV VLFK LP 3UR]HVV GHU 7UDQVODWLRQQLFKWQXUGLHEHUVHW]WH,GHHYHUlQGHUWVRQGHUQDXFKGLHMHZHLOVEHWHLOLJWHQ%HGHX WXQJVV\VWHPH HEG ,Q XQVHUHP )DOO LVW GDV GLH 7ULDGH DXV &9&(LQKHLW 38 XQG %8 (LQH GHWDLOOLHUWH HPSLULVFKH 8QWHUVXFKXQJ GLH GLH 9HUlQGHUXQJ GLHVHU EHWHLOLJWHQ 6\VWHPH EH VFKUHLEWVWHKWQRFKDXVXQGN|QQWH*HJHQVWDQGZHLWHUJHKHQGHU)RUVFKXQJVHLQ

6&+/866%(75$&+781*81'$86%/,&. =LHO GLHVHU YRUOLHJHQGHQ $UEHLW ZDU GDV ,QQRYDWLRQVPDQDJHPHQW YRQ 2UJDQLVDWLRQHQ PLW )RNXV DXI GHQ GDIU HUIRUGHUOLFKHQ :LVVHQV]XZDFKV LQ GHQ %OLFN ]X QHKPHQ %HVRQGHUHV $XJHQPHUNJDOWKLHUEHLGHPLQWHURUJDQLVDWLRQDOHQ7UDQVIHUXQGGHU*HQHVHYRQ:LVVHQ]ZL VFKHQ JURHQ ,QGXVWULHXQWHUQHKPHQ HLQHUVHLWV GLH LP 5DKPHQ LKUHV ,QQRYDWLRQVPDQDJHPHQW &9&$NWLYLWlWHQ YHUIROJHQ XQG MXQJHQ *UQGXQJVXQWHUQHKPHQ GHQ 3RUWIROLRXQWHUQHKPHQ DQGHUHUVHLWV LQ GLH LP =XJH GHU &9&$NWLYLWlWHQ %HWHLOLJXQJVNDSLWDO LQYHVWLHUW ZXUGH 'LH VLFKGDUDXVHUJHEHQGH&9&'\DGHVWHOOWHLQ7HLOHQ.DSLWHO]X6WUXNWXUHQXQG3UR]HVVHQYRQ &9&3URJUDPPHQ GHQ )RUVFKXQJVJHJHQVWDQG GLHVHU $UEHLW GDU =XVDPPHQ PLW GHQ MHZHLOV UHOHYDQWHQVWUDWHJLVFKHQ*HVFKlIWHLQKHLWHQ%8 GHV0XWWHUNRQ]HUQVGLH±ZLHJH]HLJWZHUGHQ NRQQWH ± VLQQYROOHUZHLVH LQ GLH h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lQGH DE 'LH YRUOLHJHQGH $UEHLW OHLVWHW PLW LKUHQ YHUVFKLHGHQHQ %OLFNZLQNHOQ VRZRKO HLQHQ%HLWUDJ]XU,QQRYDWLRQVXQG(QWUHSUHQHXUVKLSDOVDXFKLQVEHVRQGHUH]XU2UJDQLVDWLRQV IRUVFKXQJ'LHVH%HLWUlJHVLQGHLQHUVHLWVWKHRUHWLVFKHUDQGHUHUVHLWVSUDNWLVFKHU1DWXU 1DFKGHP ]XQlFKVW LQ .DSLWHO GLH WKHRUHWLVFKHQ .RQ]HSWH GLHVHU $UEHLW YRUJHVWHOOW XQG LQ .DSLWHOGHU6WDQGDXVJHZlKOWHU/LWHUDWXU]XU& 9&'\DGHE]Z7ULDGHSUlVHQWLHUWZXUGHQ HUIROJWHLQ.DSLWHO HLQH WKHRUHWLVFKH (LQEHWWXQJ GHV )RUVFKXQJVJHJHQVWDQGV GLH JDQ] PD JHEOLFK DXI GHQ5HVRXUFH%DVHGVRZLH GHQ.QRZOHGJHEDVHG 9LHZ VRFLDOFDSLWDO E]Z 6R ]LDOH1HW]ZHUNWKHRULHQXQGLQWHURUJDQLVDWLRQDOH/HUQWKHRULHQIRNXVVLHUWH .DSLWHOELVIRNXVVLHUWHQDXI]HQWUDOHDXVJHZlKOWH)RUVFKXQJVIUDJHQLP%HUHLFK&RUSRUDWH 9HQWXUH &DSLWDO PLW GHP %OLFN DXI ,QQRYDWLRQVPDQDJHPHQW XQG GHQ LQWHURUJDQLVDWLRQDOHQ 7UDQIHUVRZLHGLH*HQHVHYRQ:LVVHQ .DSLWHO EHKDQGHOWH ]XQlFKVW GLH LQ GHU &9&/LWHUDWXU VFKRQ VHLW /DQJHP GLVNXWLHUWH XQG QDFKZLHYRUQLFKW]XIULHGHQVWHOOHQGEHDQWZRUWHWH)UDJHQDFKGHQULFKWLJHQ6WUDWHJLHQ6WUXN

WXUHQ XQG 3UR]HVVHQ HLQHV &9&3URJUDPPV XP HV QDFKKDOWLJ HUIROJUHLFK ]X PDFKHQ $XI %DVLVGHULQHUKREHQHQ'DWHQ]X&9&VLQ'HXWVFKODQGZXUGHQGHUHQ=LHOHRUJDQL VDWLRQDOH 6WUXNWXUHQ XQG 3UR]HVVH VRZLH GHUHQ ,QYHVWLWLRQVNULWHULHQ DQDO\VLHUW 'HU (UIROJ GLHVHU &9&3URJUDPPH ZXUGH XQWHUVXFKW XQG GLH (UJHEQLVVH ± VRZHLW P|JOLFK ± YHUJOLFKHQ PLW GHQHQ XQDEKlQJLJHU 9&*HVHOOVFKDIWHQ VRZLH PLW GHQHQ DQGHUHU HXURSl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|JOLFKWH HLQ EHVVHUHV 9HUVWlQGQLV GHU )UDJH RE GLH &9&V LQ 'HXWVFKODQG LKUH 3ULRULWlWHQ KLQVLFKWOLFK LKUHU =LHOH XQG ,QYHVWLWLRQVNULWHULHQ EHU GLH =HLW YHUlQGHUW KDEHQ XQG YRU DOOHP RE VLH GDPLW HUIROJUHLFKHU DJLHUHQ XQG RSHULHUHQ DOV LQ GHQ -DKUHQ ]XYRU $XHUGHP HUODXEWH GLHVHU 9HUJOHLFK HLQH EHVVHUH (LQRUGQXQJ GHV GHXWVFKHQ &9&0DUNWHVVRZLHHLQHJHQDXHUH6LFKWDXIGLH%HGLQJXQJHQGHV&9&(UIROJHVXQGGLHLKQ EHHLQIOXVVHQGHQ)DNWRUHQ (LQHQZLFKWLJHQ%HLWUDJ]XU)RUVFKXQJLQGHU&9&'LVNXVVLRQNRQQWHQZLUOHLVWHQLQGHPZLU GLH(UIROJVZDKUVFKHLQOLFKNHLWGHULQGHQ-DKUHQ]XYRU]XQlFKVWYHUIROJWHQ,QYHVWPHQWSULRULWl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lKLJNHLWGHU38VHPSLULVFKXQWHUVXFKW0LW XQVHUHU 6WXGLH OHLVWHWHQ ZLU LQ PHKUIDFKHU :HLVH HLQHQ %HLWUDJ ]XU 2UJDQLVDWLRQV ,QQRYDWL RQVVRZLH&9&)RUVFKXQJ%DVLHUHQGDXIGHUVRFLDOFDSLWDO 7KHRULHVRZLHGHP.QRZOHGJH EDVHG9LHZ HUZHLWHUWHQZLUGLHVRFLDOFDSLWDO7KHRULHLQGHPZLU]ZHL$VSHNWHYRQVRFLDO FDSLWDO H[SOL]LHUWHQ GLH ELVKHU YHUQDFKOlVVLJW ZXUGHQ NRQDWLYH XQG DIIHNWLYH hEHUHLQVWLP PXQJ XQG ZLU NRPELQLHUWHQVRFLDO FDSLWDO7KHRULHPLWGHP.QRZOHGJHEDVHG9LHZXQG

GHPRQVWULHUHQ GDEHL GLH :HFKVHOZLUNXQJHQ NRPELQLHUWH %HGHXWXQJ XQG (UNOlUXQJVPlFKWLJ NHLWYRQ:LVVHQVXQGVRFLDOFDSLWDO 'LPHQVLRQHQ6FKOLHOLFK ZHLWHWHQZLUGLH(QWZLFN OXQJHQLQGHUVRFLDOFDSLWDO7KHRULHXQGLP%HUHLFKNQRZOHGJHUHODWHGQHVVDXILQWHURUJDQLVD WLRQDOH %H]LHKXQJHQ ]ZLVFKHQ &9& XQG 38 DXV 'DEHL YHUEUHLWHUWHQ ZLU QLFKW QXU GDV 9HU VWlQGQLVEHUGLHVHNRQNUHWH%H]LHKXQJVRQGHUQHQWZLFNHOWHQHLQ0RGHOOPLWJHQHUDOLVLHUEDUHQ 'LPHQVLRQHQZHOFKHVDXFKDXIDQGHUHLQWHURUJDQLVDWLRQDOH.RQVWHOODWLRQHQDQJHZDQGWZHUGHQ N|QQWH 1HEHQGHQWKHRUHWLVFKHQ(UNHQQWQLVVHQKDWGLHVH8QWHUVXFKXQJDXFKSUDNWLVFKH,PSOLNDWLRQHQ IUP|JOLFKH%HWHLOLJWHYRQ&9&7ULDGHQ%HYRUHLQHGHUDUWLJHODQJIULVWLJH%H]LHKXQJHLQJH JDQJHQZLUGVROOWHUHODWLRQDOHQ$VSHNWHQZLHGHP9HUWUDXHQE]ZGHUÄ&KHPLH³]ZLVFKHQGHQ $NWHXUHQGHUZHFKVHOVHLWLJZDKUJHQRPPHQHQ,QWHQWLRQHQVRZLHGHUVR]LDOHQ$QVFKOXVVIlKLJ NHLWHLQHGHXWOLFKHUK|KWH$XIPHUNVDPNHLWXQG3ULRULWlWEHLJHPHVVHQZHUGHQDOVGLHVELVKHULQ GHU3UD[LVRIWGHU)DOOZDUXPGDVMHZHLOVXQWHUVFKLHGOLFKHNRPSOHPHQWlUH:LVVHQGHU3DUW QHUDXFKHUJUQGHQXQGQXW]HQ]XN|QQHQ 0LW%OLFNDXIGLHEHUHLWVHUZlKQWH=HLWGLPHQVLRQVHLKLHUH[SOL]LWDXI0|JOLFKNHLWHQZHLWHUJH KHQGHU )RUVFKXQJ KLQJHZLHVHQ GLH HLQH /LPLWDWLRQ XQVHUHU 6WXGLH QXU HLQHQ =HLWSXQNW XQG GDPLWQLFKWGLH'\QDPLNGLHMHGHU%H]LHKXQJLQQHZRKQWDE]XELOGHQDXIKHEHQN|QQWH'HQQ HVZlUHEHUHLFKHUQGKHUDXV]XILQGHQREVLFKXQVHUH'DUVWHOOXQJHQXQG(UJHEQLVVH]XPUHODWLR QDO ILW ± EHLVSLHOVZHLVH KLQVLFKWOLFK GHV 9HUWUDXHQV ± EHU GLH =HLW YHUlQGHUQ 'DIU ZlUHQ HQWVSUHFKHQGH 5HSOLNDWLRQHQ XQVHUHU $UEHLW DXFK DP %HLVSLHO DQGHUHU JHHLJQHWHU ,QGXVWULHQ ZQVFKHQVZHUW .DSLWHO EHLQKDOWHWH HLQH QHW]ZHUNWKHRUHWLVFKH %HWUDFKWXQJ GHU &9&7ULDGH 'DEHL ZXUGH ]XPHLQHQVRZRKOGDVHQJHGLUHNWH1HW]ZHUNGHU&9&7ULDGHDOVDXFKGDVZHLWHUH1HW]ZHUN LKUHU HLJHQHQ (LQEHWWXQJ EHWUDFKWHW =XP DQGHUHQ ZXUGH HLQH 'LIIHUHQ]LHUXQJ LQ 3UH XQG LQ GLH3RVW,QYHVWPHQW3KDVHYRUJHQRPPHQ'DPLWVROOWHQGLH(PHUJHQ]GHU7ULDGHLQGHU3UH ,QYHVWPHQW3KDVHXQGP|JOLFKH8QWHUVFKLHGHEHUGLH]ZHL3KDVHQXQGGLHGDPLWYHUEXQGHQH 9HUlQGHUXQJVIlKLJNHLW GHV 1HW]ZHUNHV KHUDXVJHDUEHLWHW ZHUGHQ 6FKOLHOLFK ZXUGH TXD )RUVFKXQJVJHJHQVWDQG HLQH 9HUELQGXQJ YRQ LQWUD XQG LQWHURUJDQLVDWLRQDOHU 3HUVSHNWLYH KHU JHVWHOOW$XI %DVLV VR]LDOHU 1HW]ZHUNIRUVFKXQJ E]ZGHU VRFLDOFDSLWDO 7KHRULH VROOWHQ LQ GHU YRUOLHJHQGHQ6WXGLHGLHYHUVFKLHGHQHQDQJHVSURFKHQHQ$VSHNWHGHU&9&7ULDGHHLQHUVHLWVXQG GLH XQWHUVFKLHGOLFKHQ 3HUVSHNWLYHQ LQWUD YV LQWHURUJDQLVDWLRQDO DQGHUHUVHLWV YHUNQSIW XQG LQWHJULHUWZHUGHQ=LHOZDUDOVRGLHELVKHUIHKOHQGH$QDO\VHXQG'DUVWHOOXQJGHU(QWVWHKXQJV

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ÄPRGHUDWHOHYHORIFORVXUHFRQGXLWV DQGKLJKOHYHORIEULGJLQJFRQGXLWV³ DQ8QVHUH(UJHEQLVVHN|QQWHQIUHLQHhEHU WUDJEDUNHLW GHV DXV GHU LQWUDRUJDQLVDWLRQDOHQ %HWUDFKWXQJ VWDPPHQGHQ PXOWLOHYHO PRGHO RI JURXS VRFLDO FDSLWDO DXI GLH LQWHURUJDQLVDWLRQDOH (EHQH VSUHFKHQ $Q GLHVHU 6WHOOH N|QQWHQ XQVHUH(UJHEQLVVHDOVRHLQHQ%HLWUDJ]XUWKHRUHWLVFKHQ)RUVFKXQJOHLVWHQLQGHPGHPPRGHOO KDIWHQLGHDOHQ*OHLFKJHZLFKWDXV EURNHUDJHXQG FORVXUHYRQ2KHWDO 1DFKKDOWLJNHLW YHUOLHKHQXQG%XUWV%DODQFH)RUGHUXQJ]XPLQGHVWQRFKHLQPDOLQ)UDJHJHVWHOOWZLUG $XFKEH]JOLFKGHU$UEHLWYRQ+DUJDGRQ N|QQWHQXQVHUH(UJHEQLVVHHLQHQ%HLWUDJ]XU WKHRUHWLVFKHQ)RUVFKXQJOHLVWHQ'HQQHLQH&9&(LQKHLWGLHHEHQJHQDXDXIGHU6FKQLWWVWHOOH ]ZLVFKHQ LQWUD XQG LQWHURUJDQLVDWLRQDOHQ 'RPlQHQ DJLHUW VWHOOW HLQH .RQVWHOODWLRQ GDU GLH +DUJDGRQ VR ELVKHU QLFKW XQWHUVXFKW RGHU ]XPLQGHVW QLFKW EHVFKULHEHQ KDW :LU KDEHQ HPSL ULVFK]HLJHQN|QQHQGDVVHVMHQVHLWVGHU]ZHLYRQ+DUJDGRQEHVFKULHEHQ7\SHQGHV.QRZOHG JH %URNHUV PLQGHVWHQV QRFK HLQHQ GULWWHQ 7\S JLEW 'HQQ GHU &9&0DQDJHU VWHOOW QLFKW QXU HLQHQ.QRZOHGJH%URNHULQWHUQHURGHUH[WHUQHU$UWZLHEHL+DUJDGRQEHVFKULHEHQ GDUVRQ

GHUQ YHUN|USHUW HLQHQ ERXQGDU\ VSDQQHU ]ZLVFKHQ LQWHUQHQ XQG H[WHUQHQ $NWHXUHQ E]Z 'R PlQHQ/HEHQVZHOWHQRGHUDXFK

VPDOOZRUOGV

'LHYRQ+DUJDGRQ KHUDXVJHDUEHLWHWHQIQI6WXIHQGHVNQRZOHGJHEURNHULQJ DFFHVV EULGJLQJ OHDUQLQJ OLQNLQJXQG EXLOGLQJODVVHQVLFKLQXQVHUHQ'DWHQEHUZLH JHQG HPSLULVFK ZLHGHUILQGHQ +HUYRU]XKHEHQ LVW GDV YRQ +DUJDGRQ DOV .HUQNRPSHWHQ] EH ]HLFKQHWH DQDORJH 'HQNHQ ZHOFKHV HUIROJUHLFKH NQRZOHGJH EURNHU VHLQHU $XIIDVVXQJ QDFK DXV]HLFKQHW'LHVH)lKLJNHLWNRQQWHKLHUZHQQQLFKWDOV.HUQNRPSHWHQ]GDQQ]XPLQGHVWDOV HLQ]HQWUDOHU(UIROJVIDNWRUGHU&9&(LQKHLWEHVWlWLJWZHUGHQ 6FKOLHOLFKKDEHQZLUGLH$UEHLWYRQ0DXHUHUXQG(EHUV WKHRUHWLVFKHUZHLWHUQN|QQHQ 'LHYRQ0DXUHUXQG(EHUVKHUDXVJHDUEHLWHWHQ]ZHL%HKDUUXQJVNUlIWHYRQVRFLDOFDSLWDOUHOD WLRQDOORFNLQXQGFRJQLWLYHORFNLQNRQQWHQLQGLHVHU)RUPYRQXQVQLFKWJHIXQGHQRGHUEHVWl WLJWZHUGHQ:DVZLUMHGRFK]HLJHQNRQQWHQLVWHLQHDQGHUH)RUPGHV UHODWLRQDOORFNLQGHU ZHQLJHU DXI UHODWLRQDOH 9HUSIOLFKWXQJHQ XQG 5H]LSUR]LWlWVQRUPHQ DOV YLHOPHKU DXI GLH :DKO GHV ÄIDOVFKHQ³ 9HUWUDJVSDUWQHUV ]XUFNJHKW 'HQQ ZLH LQVEHVRQGHUH DP %HLVSLHO GHU ]ZHL VWUDWHJLVFKHQPLVILWVDEHUDXFKDQKDQGDQGHUHUHQWWlXVFKHQGHU3DUWQHUVFKDIWHQGHXWOLFKZXUGH NDQQIUHLQ-XQJXQWHUQHKPHQHLQHVWUDWHJLVFKIDOVFKH:DKOGHVFRUSRUDWHLQYHVWRUGDV(QGH DOOHU *HVFKlIWVWlWLJNHLW EHGHXWHQ 'LH DQJHVWUHEWHQ :LVVHQV XQG 5HVVRXUFHQ]XZlFKVH VRZLH GDUEHU KLQDXVJHKHQGH6\QHUJLHQ EOHLEHQ DXV XQG GLHVH 6LWXDWLRQ NDQQ RIW JDU QLFKW RGHU MH GHQIDOOVQLFKWVFKQHOOYHUlQGHUWZHUGHQ'DV1HZ9HQWXUHEHILQGHWVLFKGDQQEHUGHQ%HWHLOL JXQJVYHUWUDJLQHLQHP1HW]ZHUNGDVJHZLVVHUPDHQ]XUVRFLDOOLDELOLW\ZLUGHLQ=XVWDQGGHQ ZLUDOVUHODWLRQDOORFNLQEH]HLFKQHQZUGHQ 'HV:HLWHUHQN|QQHQZLUDQKDQGXQVHUHU'DWHQ]HLJHQGDVVHVEHL&9&ILQDQ]LHUWHQ-XQJXQ WHUQHKPHQ QHEHQ GHQ YRQ 0DXUHU XQG (EHUV DXVJHPDFKWHQ 0HFKDQLVPHQ GHU hEHUZLQGXQJ YRQ,QHUWLDO)RUFHVPLQGHVWHQVHLQHQZHLWHUHQ0HFKDQLVPXVJLEWQlPOLFKGHQGHVRXWVRXUFLQJ RI UHODWLRQVKLS PDQDJHPHQW 'LHVHU 0HFKDQLVPXV EHLQKDOWHW GLH 0|JOLFKNHLW GHV 38 EHL HLQHP JXWHQ 9HUKlOWQLV ]X VHLQHP VWUDWHJLVFKHQ ,QYHVWRU HLQHQ 7HLO GHV %H]LHKXQJVPDQDJH PHQW DQ GHQ HQWVSUHFKHQGHQ &9&0DQDJHU DE]XJHEHQ 'DUEHU KLQDXV NRQQWHQ ZLU DQKDQG XQVHUHU 'DWHQ ]HLJHQ GDVV HV EHL &9&ILQDQ]LHUWHQ QHZ YHQWXUHV PLWKLOIH YRQ JHHLJQHWHQ JXWHQ &9&0DQDJHUQ HUVW JDU QLFKW ]X GHQ YRQ (EHUV XQG 0DXHU EHVFKULHEHQHQ ORFNLQV NRPPHQPXVVGKGDVVIUGLHhEHUSUIXQJXQG9HUlQGHUXQJGHVVRFLDOFDSLWDOGHV-XQJXQ WHUQHKPHQVDQGHUVDOVYRQ0DXUHUXQG(EHUVGDUJHVWHOOWQLFKWQXUGLH*UQGHUDOOHLQYHUDQW ZRUWOLFKVLQG'HQQLQGHPGHU&9&0DQDJHUDXVVHLQHUÄ9RJHOSHUVSHNWLYH³VRZLHEDVLHUHQG

DXI VHLQHQ (UIDKUXQJHQ PLW DQGHUHQ 38V LQ YHUJOHLFKEDUHQ 6LWXDWLRQHQ $QDORJLHQ DJLHUW HUNHQQWHUHQWZHGHU EHUHLWVLP9RUIHOGGHQVWUDWHJLVFKHQPLVILWXQGJHKWGDV,QYHVWPHQWLQ E]ZGLH%H]LHKXQJPLWGHPQHZYHQWXUHHUVWJDUQLFKWHLQRGHU HUHUNHQQWGLH1RWZHQGLJ NHLW]XUJH]LHOWHQ2UJDQLVDWLRQGHV%H]LHKXQJVPDQDJHPHQWGKGLHhEHUSUIXQJXQG$QSDV VXQJGHVVRFLDOFDSLWDOGHV38VUHFKW]HLWLJXQGNDQQGLHHUIRUGHUOLFKH9HUlQGHUXQJE]Z$Q SDVVXQJLQLWLLHUHQLQGHPHUGLH-XQJXQWHUQHKPHQEHJOHLWHWIKUWXQGHQWVSUHFKHQGEHUlWE]Z WHLOZHLVHUHOHYDQWH1HXNRQWDNWHVRJDUVHOEVWSURDNWLYDQJHKW 'HU%HWUDFKWXQJVVFKZHUSXQNWLQ.DSLWDOODJZLHGHUXPDXIGHU7ULDGHYRQ&9&(LQKHLW38V VRZLH GHU %XVLQHVV 8QLWV GHV 0XWWHUXQWHUQHKPHQV 9RU GHP +LQWHUJUXQG GHU hEHUZLQGXQJ VR]LRNXOWXUHOOHU*UHQ]HQIULQWHURUJDQLVDWLRQDOHQ:LVVHQVWUDQVIHUZXUGHGLH)UDJHQDFKGHQ NRJQLWLYHQ 9RUDXVVHW]XQJHQ YRQ :LVVHQVWUDQVIHU XQG JHQHVH JHVWHOOW 'LH NRQNUHWH )RU VFKXQJVIUDJH ODXWHWH :LH JHVWDOWHW VLFK LQWHURUJDQLVDWLRQDOHU :LVVHQV XQG 5HVVRXUFHQDXV WDXVFKEHUVR]LRNXOWXUHOOEHGLQJWHLQWUDXQGLQWHURUJDQLVDWLRQDOH*UHQ]HQKLQZHJXQGZHO FKH6FKZLHULJNHLWHQZHUGHQGDEHLYLUXOHQW",Q$EJUHQ]XQJ]XJlQJLJHQQHRIXQNWLRQDOLVWLVFKHQ 7KHRULHQGHV:LVVHQVPDQDJHPHQWVPLWLKUHPSRVLWLYLVWLVFKHQ:LVVHQVYHUVWlQGQLVZXUGHVLFK GHU)RUVFKXQJVIUDJHGLHVHV.DSLWHOVDXIWKHRUHWLVFKHU(EHQHGXUFKHLQH9HUELQGXQJYRQ7KHR ULHQ VR]LDONRQVWUXNWLYLVWLVFKHU :LVVHQVVR]LRORJLH VRZLH QHRLQVWLWXWLRQDOLVWLVFKHQ 2UJDQLVDWL RQVWKHRULHQJHQlKHUW0LW+LOIHGLHVHU9HUELQGXQJNRQQWHQZLUHPSLULVFKGLH5HOHYDQ]LQVWLWX WLRQHOOHU .RQWH[WH IU GLH $XVELOGXQJ YRQ 6LQQV\VWHPHQ KHUDXVVWHOOHQ XQG GLH %HGHXWXQJ JHVHOOVFKDIWOLFKHU'LPHQVLRQHQIUGHQ7UDQVIHUXQGGLH*HQHVHYRQ:LVVHQKHUYRUKHEHQ:LU NRQQWHQHQWODQJYRQYLHUKHUDXVJHDUEHLWHWHQ.DWHJRULHQ 2UJDQLVDWLRQDOH/HEHQVZHOWHQ :HFKVHOVHLWLJH:DKUQHKPXQJHQ :LVVHQVWUDQVIHUXQGJHQHVH WUDQVODWRUIU:LVVHQV WUDQVIHU ]HLJHQGDVVGLHLQGHU/LWHUDWXU]DKOUHLFKHUZl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lOOW GLHVHHQWVSUHFKHQGHQLQVWLWXWLRQDOL VLHUWHQ'HQNVFKHPDWDXQGNRJQLWLYHQ6LQQELOGHUGHUMHZHLOV%HWHLOLJWHQ]XYHUPLWWHOQXPVLH ZHFKVHOVHLWLJLQLKUHU,QWHUDNWLRQDQVFKOXVVIlKLJXQGLQWHJULHUEDU]XPDFKHQ

/,7(5$7859(5=(,&+1,6 $EHOO') 6WUDWHJLF:LQGRZVLQ-RXUQDORI0DUNHWLQJ± $GOHU 36.ZRQ 6: 6RFLDO &DSLWDO 3URVSHFWV IRU D 1HZ &RQFHSW LQ $FDGHP\ RI 0DQDJHPHQW5HYLHZ ± $OOHQ7-7XVKPDQ//HH' 7HFKQRORJ\7UDQVIHUDVD)XQFWLRQRI3RVLWLRQLQWKH6SHFWUXP 5HVHDUFKWKURXJK'HYHORSPHQWWR7HFKQLFDO6HUYLFHVLQ$FDGHP\RI0DQDJHPHQW -RXUQDO ± $PLW 5%UDQGHU -=RWW & :K\ 'R 9HQWXUH &DSLWDO )LUPV ([LVW" 7KHRU\ DQG &DQDGLDQ HYLGHQFHLQ-RXUQDORI%XVLQHVV9HQWXULQJ± $PLW56FKRHPDNHU3 6WUDWHJLF$VVHWVDQG2UJDQL]DWLRQDO5HQWLQ6WUDWHJLF0DQDJHPHQW -RXUQDO ± $PLW5=RWW& 9DOXH&UHDWLRQLQ(EXVLQHVVLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± $UJ\ULV&6FK|Q' 2UJDQL]DWLRQDO/HDUQLQJ$7KHRU\RI$FWLRQ3HUVSHFWLYH5HDGLQJ $XWLR(6DSLHQ]D+ /LDELOLWLHVDQG/HDUQLQJ$GYDQWDJHVRI1HZQHVV7RZDUGD.QRZOHGJH EDVHG 7KHRU\ RI 1HZ )LUP ,QWHUQDWLRQDOL]DWLRQ 3DSHU SUHVHQWHG DW WKH *OREDO (QWUHSUHQHXUVKLS5HVHDUFK:RUNVKRS,PSHULDO&ROOHJH/RQGRQ0DUFK± $XWLR (6DSLHQ]D +$OPHLGD - (IIHFWV RI 7LPH WR ,QWHUQDWLRQDOL]DWLRQ .QRZOHGJH ,QWHQVLW\DQG,PLWDELOLW\RQ*URZWKLQ$FDGHP\RI0DQDJHPHQW-RXUQDO ± $[HOURG5 7KH(YROXWLRQRI&RRSHUDWLRQ1HZ

%HQVWRQ *6PLWK &: $ 7UDQVDFWLRQV &RVW $SSURDFK WR WKH 7KHRU\ RI )LQDQFLDO ,QWHUPHGLDWLRQLQ-RXUQDORI)LQDQFH± %HUJHU3//XFNPDQ7 'LHJHVHOOVFKDIWOLFKH.RQVWUXNWLRQGHU:LUNOLFKNHLW(LQH7KHRULHGHU :LVVHQVVR]LRORJLH)UDQNIXUWD0)LVFKHU9HUODJ %HWWLV 5$3UDKDODG &. 7KH 'RPLQDQW /RJLF 5HWURVSHFWLYH DQG ([WHQVLRQ LQ 6WUDWHJLF 0DQDJHPHQW-RXUQDO ± %LDQFKLQ 0 5HFLSURFLW\ ,QGLYLGXDOV DQG &RPPXQLW\ LQ 3KLORVRSK\6RFLDO &ULWLFLVP ± %LJJDUW1:'HOEULGJH5 6\VWHPVRI([FKDQJHLQ$FDGHP\RI0DQDJHPHQW5HYLHZ ± %LUNLQVKDZ-YDQ%DVWHQ%DWHQEXUJ50XUUD\* &RUSRUDWH9HQWXULQJ7KH6WDWHRIWKH$UW DQGWKH3URVSHFWVIRUWKH)XWXUH:RUNLQJ3DSHURIWKH/RQGRQ%XVLQHVV6FKRRO/RQGRQ %LUOH\ 6 7KH 5ROH RI 1HWZRUNV LQ WKH (QWUHSUHQHXULDO 3URFHVV LQ -RXUQDO RI %XVLQHVV 9HQWXULQJ ± %ODX3 ([FKDQJHDQG3RZHULQ6RFLDO/LIH1HZ
%OHLFKHU. =HLWNRQ]HSWLRQHQGHU(QWZLFNOXQJXQG*HVWDOWXQJYRQ8QWHUQHKPXQJHQ 6W*DOOHQ'LVNXVVLRQVEHLWUlJHGHV,QVWLWXWVIU%HWULHEVZLUWVFKDIWDQGHU+RFKVFKXOH6W *DOOHQ1R %ORFN =0DF0LOODQ ,& &RUSRUDWH 9HQWXULQJ &UHDWLQJ 1HZ %XVLQHVV ZLWKLQ WKH )LUP %RVWRQ0$+DUYDUG%XVLQHVV6FKRRO3UHVV %RODQG 5-7HQNDVL 59 3HUVSHFWLYH 0DNLQJ DQG 3HUVSHFWLYH 7DNLQJ LQ &RPPXQLWLHV RI .QRZLQJLQ2UJDQL]DWLRQ6FLHQFH ± %RXUGLHX 3 7KH )RUPV RI &DSLWDO LQ -* 5LFKDUGVRQ (G +DQGERRN RI 7KHRU\ DQG 5HVHDUFKIRUWKH6RFLRORJ\RI(GXFDWLRQ1HZ

%XUJHOPDQ 5$ 0DQDJLQJ WKH ,QWHUQDO &RUSRUDWH 9HQWXULQJ 3URFHVV LQ 6ORDQ 0DQDJHPHQW 5HYLHZ:LQWHU ± %XUW56 6WUXFWXUDO+ROHV&DPEULGJH0$+DUYDUG8QLYHUVLW\3UHVV %XUW 56 7KH &RQWLQJHQW 9DOXH RI 6RFLDO &DSLWDO LQ $GPLQLVWUDWLYH 6FLHQFH 4XDUWHUO\ ± %XUW56 7KH1HWZRUN6WUXFWXUHRI6RFLDO&DSLWDOLQ6WDZ%06XWWRQ5,(GV 5HVHDUFK LQ2UJDQL]DWLRQDO%HKDYLRU± %XUW56 6WUXFWXUDO+ROHVDQG*RRG,GHDVLQ$PHULFDQ-RXUQDORI6RFLRORJ\± %XUW 56 %URNHUDJH DQG &ORVXUH $Q ,QWURGXFWLRQ WR 6RFLDO &DSLWDO 1HZ

&RKHQ :0/HYLQWKDO '$ $EVRUSWLYH &DSDFLW\ $ 1HZ 3HUVSHFWLYH RQ /HDUQLQJ DQG ,QQRYDWLRQLQ$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\± &ROHPDQ -6 6RFLDO &DSLWDO LQ WKH &UHDWLRQ RI +XPDQ &DSLWDO LQ $PHULFDQ -RXUQDO RI 6RFLRORJ\± &ROHPDQ-6 )RXQGDWLRQVRI6RFLDO7KHRU\&DPEULGJH0$+DUYDUG8QLYHUVLW\3UHVV &RQQHU .53UDKDODG &. $ 5HVRXUFHEDVHG 7KHRU\ RI WKH )LUP .QRZOHGJH YHUVXV 2SSRUWXQLVPLQ2UJDQL]DWLRQ6FLHQFH ± &RQWUDFWRU )-.LP &6%HOGRQD 6 ,QWHUILUP /HDUQLQJ LQ $OOLDQFHV DQG 7HFKQRORJ\ 1HWZRUNV $Q (PSLULFDO 6WXG\ LQ WKH *OREDO 3KDUPDFHXWLFDO DQG &KHPLFDO ,QGXVWULHV LQ &RQWUDFWRU)-/RUDQJH3(GV &RRSHUDWLYHVWUDWHJLHVDQGDOOLDQFHV$PVWHUGDP(OVHYLHU 6FLHQFH± &RQWUDFWRU)-/RUDQJH3 &RRSHUDWLYH6WUDWHJLHVLQ,QWHUQDWLRQDO%XVLQHVV/H[LQJWRQ0$ +HDWK &RYLQ-*0LOHV03 &RUSRUDWH(QWUHSUHQHXUVKLSDQGWKH3XUVXLWRI&RPSHWLWLYH$GYDQWDJH LQ(QWUHSUHQHXUVKLS7KHRU\DQG3UDFWLFH ± &XPPLQJV -/7HQJ %6 7UDQVIHUULQJ 5 ' NQRZOHGJH 7KH .H\ )DFWRUV $IIHFWLQJ .QRZOHGJH7UDQVIHU6XFFHVVLQ-RXUQDORI(QJLQHHULQJ 7HFKQRORJ\0DQDJHPHQW± &]DUQLDZVND%-RHUJHV% 7UDYHOVRI,GHDV,Q&]DUQLDZVND%6HYRQ*(GV 7UDQVODWLQJ 2UJDQL]DWLRQDO&KDQJH%HUOLQ± 'DV 67HQJ %6 ,PSDFW RI 6WUDWHJLF $OOLDQFHV RQ )LUP 9DOXDWLRQ LQ $FDGHP\ RI 0DQDJHPHQW-RXUQDO ± 'DVJXSWD 3 7UXVW DV D &RPPRGLW\ ,Q '*DPEHWWD (G 7UXVWPDNLQJ DQG %UHDNLQJ &RRSHUDWLYH5HODWLRQV2[IRUG(QJODQG %DVLO%ODFNZHOO± 'DWWD ' 2UJDQL]DWLRQ )LW DQG $FTXLVLWLRQ 3HUIRUPDQFH (IIHFWV RI SRVW $FTXLVLWLRQ ,QWHJUDWLRQLQ6WUDWHJLF0DQDJHPHQW-RXUQDO ± 'H&OHUFT'6DSLHQ]D+ 7KH&UHDWLRQRI5HODWLRQDO5HQWVLQ9HQWXUHFDSLWDOLVW(QWUHSUHQHXU '\DGVLQ9HQWXUH&DSLWDO ± 'H &OHUFT '6DSLHQ]D + :KHQ 'R 9HQWXUH &DSLWDO )LUPV /HDUQ IURP 7KHLU 3RUWIROLR &RPSDQLHVLQ(QWUHSUHQHXUVKLS7KHRU\DQG3DFWLFH± 'H&DUROLV'0'HHGV'/ 7KH,PSDFWRI6WRFNVDQG)ORZVRI2UJDQL]DWLRQDO.QRZOHGJHRQ )LUP 3HUIRUPDQFH $Q (PSLULFDO ,QYHVWLJDWLRQ RI WKH %LRWHFKQRORJ\ ,QGXVWU\ LQ 6WUDWHJLF 0DQDJHPHQW-RXUQDO± 'HHGV ''H&DUROLV '&RRPEV - '\QDPLF &DSDELOLWLHV DQG 1HZ 3URGXFW 'HYHORSPHQW LQ +LJK7HFKQRORJ\9HQWXUHV$Q(PSLULFDO$QDO\VLVRI1HZ%LRWHFKQRORJ\)LUPVLQ-RXUQDO RI%XVLQHVV9HQWXULQJ± 'HHGV '/+LOO &: 6WUDWHJLF $OOLDQFHV DQG WKH 5DWH RI 1HZ 3URGXFW 'HYHORSPHQW $Q (PSLULFDO 6WXG\ RI (QWUHSUHQHXULDO %LRWHFKQRORJ\ )LUPV LQ -RXUQDO RI %XVLQHVV 9HQWXULQJ ± 'HXWVFK0 $Q([SHULPHQWDO6WXG\RIWKH(IIHFWVRI&RRSHUDWLRQDQG&RPSHWLWLRQXSRQ*URXS 3URFHVVHVLQ+XPDQ5HODWLRQV± 'L0DJJLR3-3RZHOO:: ,QWURGXFWLRQLQ3RZHOO::'L0DJJLR3-(GV 7KH1HZ ,QVWLWXWLRQDOLVPLQ2UJDQL]DWLRQDO$QDO\VLV&KLFDJR± 'LMN6-YDQ'X\VWHUV *0%HXOHQV$-0 7UDQVSDUHQF\'LOHPPDVLQ6WUDWHJLF$OOLDQFHV LQ$JULFXOWXUHDQG)RRG,QGXVWU\./,&73RVLWLRQ3DSHU75V¶+HUWRJHQERVFK./,&7

'RXJKHUW\ ' ,QWHUSUHWLYH %DUULHUV WR 6XFFHVVIXO 3URGXFW ,QQRYDWLRQ LQ /DUJH )LUPV LQ 2UJDQL]DWLRQ6WXGLHV± 'XELQL 3$OGULFK + 3HUVRQDO DQG ([WHQGHG 1HWZRUNV DUH &HQWUDO WR WKH (QWUHSUHQHXULDO 3URFHVVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 'XVFKHN6 ,QQRYDWLRQLQ1HW]ZHUNHQ5HQWHQ±5HODWLRQHQ±5HJHOQ:LHVEDGHQ*DEOHU 'XVFKHN 6 ,QWHU)LUP 5HVRXUFHV DQG 6XVWDLQHG &RPSHWLWLYH $GYDQWDJH LQ 0DQDJHPHQW 5HYXH ± 'XVKQLWVN\ */HQR[ 0- :KHQ 'RHV &RUSRUDWH 9HQWXUH &DSLWDO ,QYHVWPHQW &UHDWH )LUP 9DOXH"-RXUQDORI%XVLQHVV9HQWXULQJ 'XVKQLWVN\*/HQR[0- :KHQ'R)LUPV8QGHUWDNH5 'E\,QYHVWLQJLQ1HZ9HQWXUHV" LQ6WUDWHJLF0DQDJHPHQW-RXUQDO ± '\HU -+ 6SHFLDOLVHG 6XSSOLHU 1HWZRUNV DV D 6RXUFH RI &RPSHWLWLYH $GYDQWDJH (YLGHQFH IURPWKH$XWR,QGXVWU\LQ6WUDWHJLF0DQDJHPHQW-RXUQDO± '\HU -+ (IIHFWLYH ,QWHUILUP &ROODERUDWLRQ +RZ )LUPV 0LQLPL]H 7UDQVDFWLRQ &RVWV DQG 0D[LPL]H7UDQVDFWLRQ9DOXHLQ6WUDWHJLF0DQDJHPHQW-RXUQDO ± '\HU -+1REHRND . &UHDWLQJ DQG 0DQDJLQJ D +LJKSHUIRUPDQFH .QRZOHGJHVKDULQJ 1HWZRUN7KH7R\RWD&DVHLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± '\HU -+6LQJK + 7KH 5HODWLRQDO 9LHZ &RRSHUDWLYH 6WUDWHJ\ DQG 6RXUFHV RI ,QWHURUJDQL]DWLRQDO &RPSHWLWLYH $GYDQWDJH LQ $FDGHP\ RI 0DQDJHPHQW 5HYLHZ ± (KUOLFK 6%'H1REOH $ )0RRUH 7:HDYHU 55 $IWHU WKH &DVK $UULYHV LQ -RXUQDO RI %XVLQHVV9HQWXULQJ ± (LVHQKDUGW.0 %XLOGLQJ7KHRULHVIURP&DVH6WXG\5HVHDUFKLQ$FDGHP\RI0DQDJHPHQW 5HYLHZ ± (LVHQKDUGW.00DUWLQ-$ '\QDPLFFDSDELOLWLHV:KDWDUH7KH\"LQ6WUDWHJLF0DQDJHPHQW -RXUQDO± (LVHQKDUGW .06FKRRQKRYHQ &% 5HVRXUFHEDVHG 9LHZ RI 6WUDWHJLF $OOLDQFH )RUPDWLRQ 6WUDWHJLFDQG6RFLDO(IIHFWVLQ(QWUHSUHQHXULDO)LUPVLQ2UJDQL]DWLRQ6FLHQFH ± (OOLFNVRQ5 2UGHUZLWKRXW/DZ&DPEULGJH0$+DUYDUG8QLYHUVLW\3UHVV (OVWHU- 6RFLDO1RUPVDQG(FRQRPLF7KHRU\LQ-RXUQDORI(FRQRPLF3HUVSHFWLYHV± (PLUED\HU 0*RRGZLQ - 1HWZRUN $QDO\VLV &XOWXUH DQG WKH 3UREOHP RI $JHQF\ LQ $PHULFDQ-RXUQDORI6RFLRORJ\ ± )HVWLQJHU / $ 7KHRU\ RI 6RFLDO &RPSDULVRQ 3URFHVVHV LQ -RXUQDO RI +XPDQ 5HODWLRQV ± )HVWLQJHU/ $7KHRU\RI&RJQLWLYH'LVVRQDQFH(YDQVWRQ,/5RZ3HWHUVRQ )LRO&0/\OHV0$ 2UJDQL]DWLRQDO/HDUQLQJLQ$FDGHP\RI0DQDJHPHQW5HYLHZ ± )UHHPDQ/& $6HWRI0HDVXUHVRI&HQWUDOLW\%DVHGXSRQ%HWZHHQHVVLQ6RFLRPHWU\± )UHGULNVHQ2ORIVVRQ&8:DKOELQ& $UH9HQWXUH&DSLWDOLVWV)LUHILJKWHUV"±$6WXG\RI WKH ,QIOXHQFH DQG ,PSDFW RI 9HQWXUH &DSLWDO )LUPV LQ 1& &KXUFKLOO:' %\JUDYH-* &RYLQ'/ 6H[WRQ'3 6OHYLQ.+ 9HVSHU :( :HW]OHU -U (GV )URQWLHUV RI (QWUHSUHQHXUVKLS 5HVHDUFK $UWKXU0 %ODQN &HQWHU IRU (QWUHSUHQHXUVKLS :HOOHVOH\ 0$%DEVRQ&ROOHJH±

)UHHVH% &RUSRUDWH9HQWXUH&DSLWDO(LQKHLWHQDOV:LVVHQVEURNHU:LHVEDGHQ'89*DEOHU )ULHG 9++LVULFK 5' 7KH 9HQWXUH &DSLWDOLVW $ 5HODWLRQVKLS ,QYHVWRU LQ &DOLIRUQLD 0DQDJHPHQW5HYLHZ ± )ULHGODQG 5$OIRUG 55 %ULQJLQJ 6RFLHW\ %DFN 6\PEROV 3UDFWLFH DQG ,QVWLWXWLRQDO &RQWUDGLFWLRQV LQ 3RZHOO ::'L0DJJLR 3- (GV 7KH 1HZ ,QVWLWXWLRQDOLVP LQ 2UJDQL]DWLRQDO$QDO\VLV&KLFDJR± )XNX\DPD) 7UXVW7KH6RFLDO9LUWXHVDQGWKH&UHDWLRQRI3URVSHULW\1HZ

*UDQRYHWWHU 06 7KH 6WUHQJWK RI :HDN 7LHV LQ $PHULFDQ -RXUQDO RI 6RFLRORJ\ ± *UDQRYHWWHU06 (FRQRPLF$FWLRQDQG6RFLDO6WUXFWXUH7KH3UREOHPRI(PEHGGHGQHVVLQ $PHULFDQ-RXUQDORI6RFLRORJ\ ± *UDQRYHWWHU 06 3UREOHPV RI ([SODQDWLRQ LQ (FRQRPLF 6RFLRORJ\ LQ 11RKULD5(FFOHV (GV 1HWZRUNVDQG2UJDQL]DWLRQV6WUXFWXUH)RUPDQG$FWLRQ%RVWRQ+DUYDUG%XVLQHVV 6FKRRO3UHVV± *UDQW50 7KH5HVRXUFHEDVHG7KHRU\RI&RPSHWLWLYH$GYDQWDJH,PSOLFDWLRQVIRU6WUDWHJ\ )RUPXODWLRQLQ&DOLIRUQLD0DQDJHPHQW5HYLHZ ± *UDQW50 7RZDUGD.QRZOHGJHEDVHG7KHRU\RIWKH)LUPLQ6WUDWHJLF0DQDJHPHQW-RXUQDO :LQWHU6SHFLDO,VVXH ± *UHHQH 3*%UXVK &*+DUW 00 7KH &RUSRUDWH 9HQWXUH &KDPSLRQ $ 5HVRXUFHEDVHG $SSURDFKWR5ROHDQG3URFHVVLQ(QWUHSUHQHXUVKLS7KHRU\DQG3UDFWLFH ± *UD\% &ROODERUDWLQJ)LQGLQJ&RPPRQ*URXQGIRU0XOWLSDUW\3UREOHPV6DQ)UDQFLVFR&$ -RVVH\%DVV *XODWL 51RKLUD 1=DKHHU $ 6WUDWHJLF 1HWZRUNV LQ 6WUDWHJLF 0DQDJHPHQW -RXUQDO 6SHFLDO,VVXH0DUFK ± +DOO(7 7KH'DQFHRI/LIH7KH2WKHU'LPHQVLRQRI7LPH*DUGHQ&LW\1<$QFKRU3UHVV +DPHO * &RPSHWLWLRQ IRU &RPSHWHQFH DQG ,QWHUSDUWQHU /HDUQLQJ ZLWKLQ ,QWHUQDWLRQDO 6WUDWHJLF$OOLDQFHVLQ6WUDWHJLF0DQDJHPHQW-RXUQDO6XPPHU6SHFLDO,VVXH ± +DPHO *'R] <3UDKDODG &. &ROODERUDWH ZLWK \RXU &RPSHWLWRUV DQG :LQ LQ +DUYDUG %XVLQHVV5HYLHZ ± +DQVHQ (/ (QWUHSUHQHXULDO 1HWZRUNV DQG 1HZ 2UJDQL]DWLRQ *URZWK LQ (QWUHSUHQHXUVKLS 7KHRU\ 3UDFWLFH6XPPHU ± +DQVHQ 07 7KH 6HDUFKWUDQVIHU 3UREOHP 7KH 5ROH RI :HDN 7LHV LQ 6KDULQJ .QRZOHGJH DFURVV2UJDQL]DWLRQ6XEXQLWVLQ$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\± +DQVHQ 07 3RGROQ\ -03IHIIHU - 6R 0DQ\ 7LHV 6R /LWWOH 7LPH $ 7DVN &RQWLQJHQF\ 3HUVSHFWLYH RQ WKH 9DOXH RI 6RFLDO &DSLWDO LQ 2UJDQL]DWLRQV +DUYDUG %XVLQHVV 6FKRRO :RUNLQJ3DSHU +DUG\ &'RXJKHUW\ ' 3RZHULQJ 3URGXFW ,QQRYDWLRQ LQ (XURSHDQ 0DQDJHPHQW -RXUQDO ± +DUG\PRQ*)'H1LQR0-6DOWHU06 :KHQ&RUSRUDWH9HQWXUH&DSLWDO'RHVQ¶W:RUNLQ +DUYDUG%XVLQHVV5HYLHZ± +DUJDGRQ $ )LUPV DV .QRZOHGJH %URNHUV /HVVRQV LQ 3XUVXLQJ &RQWLQXRXV ,QQRYDWLRQ LQ &DOLIRUQLD0DQDJHPHQW5HYXH± +DUJDGRQ $ %URNHULQJ .QRZOHGJH /LQNLQJ /HDUQLQJ DQG ,QQRYDWLRQ LQ 5HVHDUFK LQ 2UJDQL]DWLRQDO%HKDYLRU± +DUJDGRQ$6XWWRQ5 7HFKQRORJ\%URNHULQJDQG,QQRYDWLRQLQD3URGXFW'HYHORSPHQW)LUP LQ$GPLQLVWUDWLYH6FLHQFH4XDWHUO\± +DUWPDQQ:HQGHOV7 9HQWXUH&DSLWDODXVILQDQ]LHUXQJVWKHRUHWLVFKHU6LFKWLQ=HLWVFKULIWIU EHWULHEVZLUWVFKDIWOLFKH)RUVFKXQJ± +DXVFKLOGW- ,QQRYDWLRQVPDQDJHPHQW$XIO0QFKHQ9DKOHQ +DZOH\ $ +XPDQ (FRORJ\ LQ 6LOOV '/ (G ,QWHUQDWLRQDO (QF\FORSHGLD RI WKH 6RFLDO 6FLHQFHV1HZ

+HGEHUJ %/7 +RZ 2UJDQL]DWLRQV /HDUQ DQG 8QOHDUQ LQ 3& 1\VWURP:+ 6WDUEXFNV (GV +DQGERRNRI2UJDQL]DWLRQDO'HVLJQ1HZ
+HQGHUVRQ50&ODUN.% $UFKLWHFWXUDO,QQRYDWLRQ7KH5HFRQILJXUDWLRQRI([LVW LQJ3URGXFW7HFKQRORJLHVDQGWKH)DLOXUHRI(VWDEOLVKHG)LUPVLQ$GPLQLVWUDWLYH6FLHQFH 4XDUWHUO\± +HQGHUVRQ-/HOHX[% &RUSRUDWH9HQWXUH&DSLWDO/HYHUDJLQJ³VWUDWHJLF´,QYHVWPHQWV3DSHU SUHVHQWHGDWWKHVW$QQXDO,QWHUQDWLRQDO&RQIHUHQFHRIWKH6WUDWHJLF0DQDJHPHQW6RFLHW\ +LJDVKLGH +%LUOH\ 6 &RQVHTXHQFHV RI &RQIOLFWV LQ WKH 9HQWXUH &DSLWDOLVW(QWUHSUHQHXU 7HDP 5HODWLRQVKLS LQ WKH 8QLWHG .LQJGRP LQ 5H\QROGV 3' %\JUDYH :'&DUWHU 100DQLJDUW 60DVRQ &00H\HU *'6KDYHU .* (GV )URQWLHUV RI (QWUHSUHQHXUVKLS5HVHDUFK:HOOHVOH\0$%DEVRQ&ROOHJH± +LJDVKLGH +%LUOH\ 6 9DOXH &UHDWHG 7KURXJK WKH 6RFLDOO\ &RPSOH[ 5HODWLRQVKLS EHWZHHQ WKH 9HQWXUH &DSLWDOLVW DQG WKH (QWUHSUHQHXULDO 7HDP" 3DSHU SUHVHQWHG DW VW $QQXDO (QWUHSUHQHXUVKLS5HVHDUFK&RQIHUHQFH-|QN|SLQJ6ZHGHQ-XQH± +LOGHQEUDQG % $QVHOP 6WUDXVV LQ )OLFN 8YRQ .DUGRII (6WHLQNH , +UVJ 4XDOLWDWLYH )RUVFKXQJ±HLQ+DQGEXFK5HLQEHN± +LOO 60DXOD 00XUUD\ *%LUNLQVKDZ - &RUSRUDWH 9HQWXUH &DSLWDO 7RZDUGV DQ ,QWHJUDWLRQ RI 2UJDQL]DWLRQ ,QYHVWPHQW DQG 3HUIRUPDQFH 3DSHU SUHVHQWHG DW WKH %DEVRQ .DXIIPDQQ(QWUHSUHQHXUVKLS5HVHDUFK&RQIHUHQFH-XQLLQ*ODVJRZ +LOOHU3 2UJDQLVDWLRQVZLVVHQ(LQHZLVVHQVVR]LRORJLVFKH 1HXEHVFKUHLEXQJGHU 2UJDQLVDWLRQ :LHVEDGHQ9HUOIU6R]LDOZLVVHQVFKDIWHQ +LSSHO(YRQ 7KH6RXUFHVRI,QQRYDWLRQ1HZ

+XHPHU /%HFHUUD 0/XQQDQ 5 2UJDQL]DWLRQDO ,GHQWLW\ DQG 1HWZRUN ,GHQWLILFDWLRQ 5HODWLQJZLWKLQDQGEH\RQG,PDJLQDU\%RXQGDULHVLQ6FDQGLQDYLDQ-RXUQDORI0DQDJHPHQW ± ,QJUDP 3 ,QWHURUJDQL]DWLRQDO /HDUQLQJ LQ %DXP -$ (G &RPSDQLRQ WR 2UJDQL]DWLRQV $XIO2[IRUG± ,QNSHQ $& &UHDWLQJ .QRZOHGJH WKURXJK &ROODERUDWLRQ LQ &DOLIRUQLD 0DQDJHPHQW 5HYLHZ ± ,QNSHQ$&'LQXU$ .QRZOHGJH0DQDJHPHQW3RFHVVHVDQG,QWHUQDWLRQDO-RLQWYHQWXUHVLQ 2UJDQL]DWLRQ6FLHQFH ± ,QNSHQ$&7VDQJ(: 6RFLDO&DSLWDO1HWZRUNVDQG.QRZOHGJH7UDQVIHULQ$FDGHP\RI 0DQDJHPHQW5HYLHZ ± -DFREV- 7KH'HDWKDQG/LIHRI*UHDW$PHULFDQ&LWLHV/RQGRQ -DPHV: 7KH3ULQFLSOHVRI3V\FKRORJ\9ROV1HZ
.HOOHU8 =HLWVSUQJH%HUOLQ9HUODJ9RUZHUN .HOOH\ '6SLQHOO\ 6 7KH 5ROH RI &RUSRUDWH ,QYHVWRU 5HODWLRQVKLSV LQ WKH )RUPDWLRQ RI $OOLDQFHV IRU &RUSRUDWH 9HQWXUH &DSLWDO )XQGHG 6WDUWXSV 3DSHU SUHVHQWHG DW WKH %DEVRQ .DXIIPDQ(QWUHSUHQHXUVKLS5HVHDUFK&RQIHUHQFH-XQLLQ-|QN|SLQJ6FKZHGHQ

.HOO\ -50F*UDWK -( (IIHFWV RI 7LPH /LPLWV DQG 7DVN 7\SHV RQ 7DVN 3HUIRUPDQFH DQG ,QWHUDFWLRQRI)RXUSHUVRQ*URXSVLQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\± .LUN-0LOOHU0/ 5HOLDELOLW\DQG9DOLGLW\LQ4XDOLWDWLYH5HVHDUFK1HZEXU\3DUN&$ .QRUU&HWLQD . 7KH 0DQXIDFWXUH RI .QRZOHGJH $Q (VVD\ RQ WKH &RQVWUXFWLYLVW DQG &RQWH[WXDO1DWXUHRI6FLHQFH2[IRUG .QRUU&HWLQD . 0HWDSKRUV LQ WKH 6FLHQWLILF /DERUDWRU\ :K\ DUH 7KH\ 7KHUH DQG :KDW 'R WKH\ 'R" LQ 5DGPDQ = (G )URP D 0HWKDSKRULFDO 3RLQW RI 9LHZ $ 0XOWLGLVFLSOLQDU\ $SSURDFKWRWKH&RJQLWLYH&RQWHQWRI0HWDSKRU%HUOLQXDGH*UX\WHU± .REHUJ &66DUDVRQ <5RVVH - $ 7D[RQRPLF $SSURDFK WR 6WXG\LQJ +LJK7HFKQRORJ\ )LUPV 'HFLSKHULQJ WKH 7RZHU RI %DEHO LQ 7KH -RXUQDO RI +LJK 7HFKQRORJ\ 0DQDJHPHQW 5HVHDUFK± .RIPDQ) /HFWXUH6OLGHV&DPEULGJH0$0,76ORDQ6FKRRORI0DQDJHPHQW

.ROE'$ ([SHULHQWLDO/HDUQLQJ(QJOHZRRG&OLIIV1-3UHQWLFH+DOO .RJXW % -RLQW 9HQWXUHV 7KHRUHWLFDO DQG (PSLULDO 3HUVSHFWLYHV LQ 6WUDWHJLF 0DQDJHPHQW -RXUQDO ± .RJXW% 7KH1HWZRUNDV.QRZOHGJH*HQHUDWLYH5XOHVDQGWKH(PHUJHQFHRI6WUXFWXUHLQ 6WUDWHJLF0DQDJHPHQW-RXUQDO± .RJXW%=DQGHU8 .QRZOHGJHRIWKH)LUP&RPELQDWLYH&DSDELOLWLHVDQGWKH5HSOLFDWLRQRI 7HFKQRORJ\LQ2UJDQL]DWLRQ6FLHQFH± .RJXW %=DQGHU 8 .QRZOHGJH RI WKH )LUP DQG WKH (YROXWLRQDU\ 7KHRU\ RI 0XOWLQDWLRQDO &RUSRUDWLRQLQ-RXUQDORI,QWHUQDWLRQDO%XVLQHVV6WXGLHV ± .RJXW%=DQGHU8 :KDW)LUPV 'R"&RRUGLQDWLRQ,GHQWLW\DQG/HDUQLQJLQ2UJDQL]DWLRQ 6FLHQFH± .RQGR7 6RPH1RWHVRQ5DWLRQDO%HKDYLRU0RUDO%HKDYLRUDQG&RRSHUDWLRQLQ-RXUQDORI &RQIOLFW5HVROXWLRQ± .RUVJDDUG 0$6FKZHLJHU '06DSLHQ]D +- %XLOGLQJ &RPPLWPHQW $WWDFKPHQW DQG 7UXVW LQ 6WUDWHJLF 'HFLVLRQPDNLQJ 7HDPV 7KH 5ROH RI 3URFHGXUDO -XVWLFH LQ $FDGHP\ RI 0DQDJHPHQW-RXUQDO± .RUWXP 6/HUQHU - 'RHV 9HQWXUH &DSLWDO 6SXU ,QQRYDWLRQ" 1%(5 :RUNLQJ 3DSHU 1R : .URJK*YRQ &DUHLQ.QRZOHGJH&UHDWLRQLQ&DOLIRUQLD0DQDJHPHQW5HYLHZ± .URJK*YRQ5RRV- 2UJDQL]DWLRQDO(SLVWHPRORJ\/RQGRQ0DFPLOODQ .URJK * YRQ5RRV - (GV 0DQDJLQJ .QRZOHGJH 3HUVSHFWLYHV RQ &RRSHUDWLRQ DQG &RPSHWLWLRQ/RQGRQ6DJH /DELDQFD *%UDVV '- ([SORULQJ WKH 6RFLDO /HGJHU 1HJDWLYH 5HODWLRQVKLSV DQG 1HJDWLYH $V\PPHWU\ LQ 6RFLDO 1HWZRUNV LQ 2UJDQL]DWLRQV LQ $FDGHP\ RI 0DQDJHPHQW 5HYLHZ ± /DPQHN6 4XDOLWDWLYH6R]LDOIRUVFKXQJ%GH$XIO0QFKHQ%HOW] /DQGVWU|P +0DQLJDUW 60DVRQ &6DSLHQ]D + &RQWUDFWV EHWZHHQ (QWUHSUHQHXUV DQG ,QYHVWRUV 7HUPV DQG 1HJRWLDWLRQ 3URFHVVHV LQ 5H\QROGV 3'%\JUDYH :'&DUWHU 100DQLJDUW 60DVRQ &00H\HU *' 6KDYHU .* (GV )URQWLHUV RI (QWUHSUHQHXUVKLS5HVHDUFK:HOOHVOH\0$%DEVRQ&ROOHJH±

/DQH & 2UJDQL]DWLRQDO /HDUQLQJ LQ 6XSSOLHU 1HWZRUNV LQ 0'LHUNHV $%HUWKRLQ $QWDO-&KLOG,1RQDND (GV +DQGERRN RI 2UJDQL]DWLRQDO /HDUQLQJ DQG .QRZOHGJH 2[IRUG(QJODQG 2[IRUG8QLYHUVLW\3UHVV± /DQH 3/XEDWNLQ 0 5HODWLYH $EVRUSWLYH &DSDFLW\ DQG ,QWHURUJDQL]DWLRQDO /HDUQLQJ LQ 6WUDWHJLF0DQDJHPHQW-RXUQDO± /DUVRQ$ 1HWZRUN'\DGVLQ(QWUHSUHQHXULDO6HWWLQJV$6WXG\RIWKH*RYHUQDQFHRI([FKDQJH 5HODWLRQVKLSVLQ$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\± /DUVVRQ 5%HQJWVVRQ /+HQULNVVRQ .6SDUNV - 7KH ,QWHURUJDQL]DWLRQDO /HDUQLQJ 'LOHPPD &ROOHFWLYH .QRZOHGJH 'HYHORSPHQW LQ 6WUDWHJLF $OOLDQFHV LQ 2UJDQL]DWLRQ 6FLHQFH ± /DUVVRQ 5)LQNHOVWHLQ 6 ,QWHJUDWLQJ 6WUDWHJLF 2UJDQL]DWLRQDO DQG +XPDQ 5HVRXUFH 3HUVSHFWLYHV RQ 0HUJHUV DQG $FTXLVLWLRQV $ &DVH 6XUYH\ RI 6\QHUJ\ 5HDOL]DWLRQ LQ 2UJDQL]DWLRQ6FLHQFH ± /DUVVRQ 5/XEDWNLQ 0 $FKLHYLQJ $FFXOWXUDWLRQ LQ 0HUJHUV DQG $FTXLVLWLRQV $Q ,QWHUQDWLRQDO&DVH6XUYH\LQ+XPDQ5HODWLRQV ± /DYH- 6LWXDWHG/HDUQLQJLQ&RPPXQLWLHVRI3UDFWLFHLQ5HVQLFN/%/HYLQH07HDVOH\ 6' (GV 3HUVSHFWLYHV LQ 6RFLDOO\ 6KDUHG &RJQLWLRQ :DVKLQJWRQ '& $PHULFDQ 3V\FKRORJLFDO$VVRFLDWLRQ± /HDQD &59DQ %XUHQ +- 2UJDQL]DWLRQDO 6RFLDO &DSLWDO DQG (PSOR\PHQW 3UDFWLFHV LQ $FDGHP\RI0DQDJHPHQW5HYLHZ± /HRQDUG%DUWLQ ' :HOOVSULQJV RI .QRZOHGJH %XLOGLQJ DQG 6XVWDLQLQJ WKH 6RXUFH RI ,QQRYDWLRQ%RVWRQ0$+DUYDUG%XVLQHVV6FKRRO3UHVV /HUQHU- 9HQWXUH&DSLWDOLVWVDQGWKH2YHUVLJKWRI3ULYDWH)LUPVLQ-RXUQDORI)LQDQFH ± /HYLWW%0DUFK-* 2UJDQL]DWLRQDO/HDUQLQJLQ$QQXDO5HYLHZRI6RFLRORJ\±

/HZLQ. )URQWLHUVLQ*URXS'\QDPLFVLQ+XPDQ5HODWLRQV± /LHEHVNLQG-32OLYHU$/=XFNHU/%UHZHU0 6RFLDO1HWZRUNV/HDUQLQJDQG)OH[LELOLW\ 6RXUFLQJ6FLHQWLILF.QRZOHGJHLQ1HZ%LRWHFKQRORJ\)LUPVLQ2UJDQL]DWLRQ6FLHQFH ± /LQ1 6RFLDO1HWZRUNVDQG6WDWXV$WWDLQPHQWLQ$QQXDO5HYLHZRI6RFLRORJ\± /LQG 05=PXG 5: ,PSURYLQJ ,QWHURUJDQL]DWLRQDO (IIHFWLYHQHVV WKURXJK 9RLFH 0DLO )DFLOLWDWLRQRI3HHUWRSHHU5HODWLRQVKLSVLQ2UJDQL]DWLRQ6FLHQFH± /LQGVNROG6 7UXVW'HYHORSPHQWWKH*5,73URSRVDODQGWKH(IIHFWVRI&RQFLOLDWRU\$FWVRQ &RQIOLFWDQG&RRSHUDWLRQLQ3V\FKRORJLFDO%XOOHWLQ± /RXU\* :K\6KRXOG:H&DUHDERXW*URXS,QHTXDOLW\"LQ6RFLDO3KLORVRSK\DQG3ROLF\ ± /RZHQGDKO%5HYDQJ2 &KDOOHQJHVWR([LVWLQJ6WUDWHJ\7KHRU\LQD3RVWLQGXVWULDO6RFLHW\ LQ6WUDWHJLF0DQDJHPHQW-RXUQDO± /XEDWNLQ 0&DORUL 59HU\ 39HLJD - 7RS 0DQDJHPHQW 7XUQRYHU LQ 5HODWHG 0 $V $Q $GGLWLRQDO7HVWRIWKH7KHRU\RI5HODWLYH6WDQGLQJLQ-RXUQDORI0DQDJHPHQW ± /XEDWNLQ0)ORULQ-/DQH3 /HDUQLQJ7RJHWKHUDQG$SDUW$0RGHORI5HFLSURFDO,QWHUILUP /HDUQLQJLQ+XPDQ5HODWLRQV ± 0DFNHZLF] 3DUWQHU &RUSRUDWH 9HQWXUH &DSLWDO ± :LQGRZ RQ WKH :RUOG &RPSDQ\ 3XEOLFDWLRQE\0DFNHZLF] 3DUWQHU0QFKHQ

0DF0LOODQ ,&%ORFN =1DUDVKLPD 31 &RUSRUDWH 9HQWXULQJ $OWHUQDWLYHV 2EVWDFOHV (QFRXQWHUHGDQG([SHULHQFH(IIHFWVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 0DF0LOODQ,&*HRUJH5 &RUSRUDWH9HQWXULQJ&KDOOHQJHVIRU6HQLRU0DQDJHUVLQ-RXUQDO RI%XVLQHVV6WUDWHJ\ ± 0DF0LOODQ ,&.XORZ '0.KR\OLDQ 5 9HQWXUH &DSLWDOLVWV¶ ,QYROYHPHQW LQ WKHLU ,QYHVWPHQWV([WHQWDQG3HUIRUPDQFHLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 0DF0LOODQ ,&6LHJHO 56XEED1DUVLPKD 31 &ULWHULD 8VHG E\ 9HQWXUH &DSLWDOLVWV WR (YDFXDWH1HZ9HQWXUH3URSRVDOVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 0DQLJDUW 6.RUVJDDUG 0$)ROJHU 56DSLHQ]D +-%DH\HQV . 7KH ,PSDFW RI 7UXVW RQ 3ULYDWH(TXLW\&RQWUDFWV3DSHUSUHVHQWHGDWWKH%DEVRQ.DXIIPDQ(QWUHSUHQHXUVKLS5HVHDUFK &RQIHUHQFH-|QN|SLQJ6ZHGHQ-XQH± 0DUFK-* ([SORUDWLRQDQG([SORLWDWLRQLQ2UJDQL]DWLRQDO/HDUQLQJLQ2UJDQL]DWLRQ6FLHQFH ± 0DUFK-*2OVHQ-3 $PELJXLW\DQG&KRLFH%HUJHQXD8QLYHUVLWHWVIRUODJHW 0DUWLQ-(LVHQKDUGW.0 ([SORULQJ&URVVEXVLQHVV6\QHUJLHVLQ$FDGHP\RI0DQDJHPHQW 3URFHHGLQJV++ 0DXOD0 &RUSRUDWH9HQWXUH&DSLWDODQGWKH9DOXHDGGHGIRU7HFKQRORJ\EDVHG1HZ)LUPV 'LVVHUWDWLRQ+HOVLQNL8QLYHUVLW\RI7HFKQRORJ\)LQODQG 0DXOD 0$XWLR (0XUUD\ * &RUSRUDWH 9HQWXUH FDSLWDOLVWV DQG ,QGHSHQGHQW 9HQWXUH &DSLWDOLVWV:KDW'R7KH\.QRZ:KR'R7KH\.QRZDQG6KRXOG(QWUHSUHQHXUV&DUH"LQ 9HQWXUH&DSLWDO ± 0DXOD 0$XWLR (0XUUD\ * D 3UHUHTXLVLWHV IRU WKH &UHDWLRQ RI 6RFLDO &DSLWDO DQG 6XEVHTXHQW .QRZOHGJH $FTXLVLWLRQ LQ &RUSRUDWH 9HQWXUH &DSLWDO LQ 9HQWXUH &DSLWDO ± 0DXOD0.HLO7=DKUD6$E &RUSRUDWH9HQWXUH&DSLWDODQG5HFRJQLWLRQRI7HFKQRORJLFDO 'LVFRQWLQXLWLHV 3RVLWLRQ LQ 6\QGLFDWLRQ 1HWZRUNV DQG $EVRUSWLYH &DSDFLW\ +HOVLQNL 8QLYHUVLW\RI7HFKQRORJ\:RUNLQJ3DSHU 0DXOD00XUUD\*D &RPSOHPHQWDU\9DOXHDGGLQJ5ROHVRI&RUSRUDWH9HQWXUH&DSLWDODQG ,QGHSHQGHQW9HQWXUH&DSLWDO,QYHVWRUVLQ-RXUQDORI%LR/DZ± 0DXOD00XUUD\*E &RUSRUDWH9HQWXUH&DSLWDODQGWKH&UHDWLRQ2I8V3XEOLF&RPSDQLHV 7KH ,PSDFW RI 6RXUFHV RI 9HQWXUH &DSLWDO RQ 7KH 3HUIRUPDQFH RI 3RUWIROLR &RPSDQLHV LQ +LWW 0$$PLW 5/XFLHU &1L[RQ 5' (GV &UHDWLQJ 9DOXH :LQQHUV LQ WKH 1HZ %XVLQHVV(QYLURQPHQW2[IRUG8.%ODFNZHOO± 0DXUHU, 6R]LDOHV.DSLWDODOV(UIROJVIDNWRUMXQJHU8QWHUQHKPHQHLQH$QDO\VHGHU*HVWDOWXQJ XQG (QWZLFNOXQJVG\QDPLN GHU 1HW]ZHUNH YRQ %LRWHFKQRORJLH 6WDUWXSV :LHVEDGHQ :HVWGHXWVFKHU9HUODJ 0DXUHU,(EHUV0 '\QDPLFVRI6RFLDO&DSLWDODQG7KHLU3HUIRUPDQFH,PSOLFDWLRQV/HVVRQV IRUP%LRWHFKQRORJ\6WDUWXSVLQ$GPLQLVWUDWLYH6FLHQFH4XDWHUO\± 0D\HU 5&'DYLV -+6FKRRUPDQ )' $Q ,QWHJUDWLYH 0RGHO RI 2UJDQL]DWLRQDO 7UXVW LQ $FDGHP\RI0DQDJHPHQW5HYLHZ± 0D\ULQJ 3 4XDOLWDWLYH ,QKDOWVDQDO\VH *UXQGODJHQ XQG 7HFKQLNHQ :HLQKHLP 'HXWVFKHU 6WXGLHQ9HUODJ 0F$OOLVWHU '- $IIHFW DQG &RJQLWLRQEDVHG 7UXVW DV )RXQGDWLRQV IRU ,QWHUSHUVRQDO &RRSHUDWLRQLQ2UJDQL]DWLRQVLQ$FDGHP\RI0DQDJHPHQW-RXUQDO±

0F'RXJDOO36KDQH62YLDWW%0 ([SODLQLQJWKH)RUPDWLRQRI,QWHUQDWLRQDO1HZ9HQWXUHV 7KH /LPLWV RI 7KHRULHV IURP ,QWHUQDWLRQDO %XVLQHVV 5HVHDUFK LQ -RXUQDO RI %XVLQHVV 9HQWXULQJ 0F(YLO\ %=DKHHU $ %ULGJLQJ 7LHV $ VRXUFH RI )LUP +HWHURJHQHLW\ LQ &RPSHWLWLYH &DSDELOLWLHVLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± 0F)DG\HQ0$&DQQHOOD$$ 6RFLDO&DSLWDODQG.QRZOHGJH&UHDWLRQ'LPLQLVKLQJ5HWXUQV RIWKH1XPEHUDQG6WUHQJWKRI([FKDQJH5HODWLRQVKLSVLQ$FDGHP\RI0DQDJHPHQW-RXUQDO ± 0F*HH -('RZOLQJ 0- 8VLQJ 5 ' &RRSHUDWLYH $JUHHPHQWV WR /HYHUDJH 0DQDJHULDO ([SHULHQFH 7KH 5ROH RI %XVLQHVV 6WUDWHJ\ DQG 0DQDJHPHQW ([SHULHQFH LQ 6WUDWHJLF 0DQDJHPHQW-RXUQDO± 0F*UDWK-(5RWFKIRUG1/ 7LPHDQG%HKDYLRULQ2UJDQL]DWLRQVLQ&XPPLQJV//6WDZ %0(GV 5HVHDUFKLQ2UJDQL]DWLRQDO%HKDYLRU$Q$QQXDO6HULHVRI$QDO\WLFDO(VVD\VDQG &ULWLFDO5HYLHZV*UHHQZLFK&7-$,3UHVV± 0F*UDWK 5* $GYDQWDJH IURP $GYHUVLW\ /HDUQLQJ IURP 'LVDSSRLQWPHQW LQ ,QWHUQDO &RUSRUDWH9HQWXUHVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 0F*UDWK 5*0DF0LOODQ ,& 'LVFRYHU\GULYHQ 3ODQQLQJ LQ +DUYDUG %XVLQHVV 5HYLHZ ± 0F*UDWK5*9HQNDWDUDPDQ60DF0LOODQ,& 7KH$GYDQWDJH&KDLQ$QWHFHGHQWVWR5HQWV IURP,QWHUQDO&RUSRUDWH9HQWXUHVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 0F1DOO\. &RUSRUDWH9HQWXUH&DSLWDO%ULGJLQJWKH(TXLW\*DSLQWKH6PDOO%XVLQHVV6HFWRU /RQGRQ5RXWOHGJH 0HDG*+ 3KLORVRSKLHGHU6R]LDOLWlW)UDQNIXUWD06XKUNDPS 0HLHU $ YRQ 2FFXSDWLRQDO &XOWXUHV DV D &KDOOHQJH WR 7HFKQRORJLFDO ,QQRYDWLRQ LQ ,((( 7UDQVDFWLRQV2Q(QJLQHHULQJ0DQDJHPHQW± 0LOHV 0%+XEHUPDQ $0 4XDOLWDWLYH 'DWD $QDO\VLV ±$Q ([SDQGHG 6RXUFHERRN QGHG 7KRXVDQG2DNV&$6DJH 0LOHV5(6QRZ&& 2UJDQL]DWLRQDO6WUDWHJ\6WUXFWXUHDQG3URFHVV1HZ

0RUDQ3*KRVKDO6 0DUNHWVILUPVDQGWKH3URFHVVRI(FRQRPLF'HYHORSPHQWLQ$FDGHP\ RI0DQDJHPHQW5HYLHZ ± 0RZHU\ '&2[OH\ -(6LOYHUPDQ %6 6WUDWHJLF $OOLDQFHV DQG ,QWHUILUP .QRZOHGJH 7UDQVIHULQ6WUDWHJLF0DQDJHPHQW-RXUQDO:LQWHU6SHFLDO,VVXH ± 0XWKXVDP\ 6.:KLWH 0$ /HDUQLQJ DQG .QRZOHGJH 7UDQVIHU LQ 6WUDWHJLF $OOLDQFHV $ 6RFLDO([FKDQJH9LHZLQ2UJDQL]DWLRQ6WXGLHV ± 1DKDSLHW-*KRVKDO6 6RFLDO&DSLWDO,QWHOOHFWXDO&DSLWDODQGWKH2UJDQL]DWLRQDO$GYDQWDJH LQ$FDGHP\RI0DQDJHPHQW5HYLHZ± 1DKDYDQGL $0DOHN]DGHK $5 $FFXOWXUDWLRQ LQ 0HUJHUV DQG $FTXLVLWLRQV LQ$FDGHP\ RI 0DQDJHPHQW5HYLHZ± 1HOVRQ55:LQWHU6* $Q(YROXWLRQDU\WKHRU\RI(FRQRPLF&KDQJH&DPEULGJH0$7KH %HONQDS3UHVVRI+DUYDUG8QLYHUVLW\3UHVV 1HXPDQQ-YRQ0RUJHQVWHUQ2 7KH7KHRU\RI*DPHVDQG(FRQRPLF%HKDYLRU3ULQFHWRQ 1RQDND,-RKDQVVRQ-. -DSDQHVH0DQDJHPHQW:KDWDERXWWKH³+DUG´6NLOOV"LQ$FDGHP\ RI0DQDJHPHQW5HYLHZ ± 1RQDND,.RQQR1 7KH&RQFHSWRI³%D´%XLOGLQJ)RXQGDWLRQIRU.QRZOHGJH&UHDWLRQLQ &DOLIRUQLD0DQDJHPHQW5HYLHZ ± 1RQDND,7DNHXFKL+ 7KH.QRZOHGJHFUHDWLQJ&RPSDQ\+RZ-DSDQHVH&RPSDQLHV&UHDWH WKH'\QDPLFVRI,QQRYDWLRQ1HZ

3HWHUV /+2¶&RQQRU (-3RR\DQ $4XLFN -& 7KH 5HODWLRQVKLS EHWZHHQ 7LPH 3UHVVXUH DQG 3HUIRUPDQFH $ )LHOG 7HVW RI 3DUNLQVRQ¶V /DZ LQ -RXUQDO RI 2FFXSDWLRQDO %HKDYLRU ± 3LFRW $ 7UDQVDNWLRQVNRVWHQDQVDW] LQ GHU 2UJDQLVDWLRQVWKHRULH 6WDQG GHU 'LVNXVVLRQ XQG $XVVDJHZHUWLQ'LH%HWULHEVZLUWVFKDIW± 3LFRW$'LHWO+)UDQFN( 2UJDQLVDWLRQ(LQH|NRQRPLVFKH3HUVSHNWLYH$XIO6WXWWJDUW 6FKlIIHU3RHVFKHO 3LQFKRW * ,QWUDSUHQHXULQJ :K\

5LFKWHU5)XUXERWQ(* 1HXH,QVWLWXWLRQHQ|NRQRPLN$XIO7ELQJHQ0RKU6LHEHFN 5LQG.: 7KH5ROHRI9HQWXUH&DSLWDOLQ&RUSRUDWH'HYHORSPHQWLQ6WUDWHJLF0DQDJHPHQW -RXUQDO± 5LQJ 39DQ GH 9HQ $+ 'HYHORSPHQWDO 3URFHVVHV RI &RRSHUDWLYH ,QWHURUJDQL]DWLRQDO 5HODWLRQVKLSVLQ$FDGHP\RI0DQDJHPHQW5HYLHZ± 5REHUWV(%%HUU\&$ (QWHULQJ1HZ%XVLQHVVHV6HOHFWLQJ6WUDWHJLHVIRU6XFFHVVLQ6ORDQ 0DQDJHPHQW5HYLHZ ± 5RELQVRQ.&0F'RXJDOO33 (QWU\%DUULHUVDQG1HZ9HQWXUH3HUIRUPDQFH$&RPSDULVRQ RI8QLYHUVDODQG&RQWLQJHQF\$SSURDFKHVLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± 5|SHU % &RSRUDWH 9HQWXUH &DSLWDO (LQH HPSLULVFKH $QDO\VH GHV %HWHLOLJXQJVPDQDJHPHQWV GHXWVFKHU XQG 86DPHULNDQLVFKHU &RUSRUDWH 9HQWXUH &DSLWDO,QYHVWRUHQ %DG 6RGHQ7V 8KOHQEXFK9HUODJ 5RVHQVWHLQ -%UXQR $ 9%\JUDYH : '7D\ORU 1 7 +RZ 0XFK 'R &(2V 9DOXH WKH $GYLFH RI 9HQWXUH &DSLWDOLVWV RQ WKHLU %RDUGV" LQ %\JUDYH :&KXUFKLOO 1+RUQDGD\ -0X]\ND'9HVSHU.+:HW]HO:(GV )URQWLHUVRI(QWUHSUHQHXUVKLS5HVHDUFK :HOOHVOH\0$%DEVRQ&ROOHJH± 5RVHQVWHLQ-%UXQR$9%\JUDYH:'7D\ORU17 'R9HQWXUH&DSLWDOLVWVRQ%RDUGVRI 3RUWIROLR&RPSDQLHV$GG9DOXHEHVLGHV0RGH\"LQ%URFNKDXV5+&KXUFKLOO1&.DW] -.LUFKKRII%$9HVSHU.+:HW]HO:(GV )URQWLHUVRI(QWUHSUHQHXUVKLS5HVHDUFK :HOOHVOH\0$%DEVRQ&ROOHJH±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± 5\OH* 7KH&RQFHSWRI0LQG/RQGRQ+XWFKLQVRQ 6DORPR6%LOOLQJ)*HPQGHQ+* ,QWHUIDFH0DQDJHPHQWIRU5DGLFDO,QQRYDWLRQ3URMHFWV ± $ '\QDPLF 3HUVSHFWLYH :RUNLQJ SDSHU 'HSDUWPHQW 7HFKQRORJ\ ,QQRYDWLRQ DQG 0DQDJHPHQW7HFKQLVFKH8QLYHUVLWlW%HUOLQ 6DQGHIXU5/DXPDQQ(2+HLQ]-3 7KH&KDQJLQJ9DOXHRI6RFLDO&DSLWDOLQDQ([SDQGLQJ 6RFLDO 6\VWHP /DZ\HUV LQ WKH &KLFDJR %DU DQG LQ /HHQGHUV 57K*DEED\ 60HGV &RUSRUDWH6RFLDO&DSLWDODQG/LDELOLW\%RVWRQXD± 6DSLHQ]D +- :KHQ 'R 9HQWXUH &DSLWDOLVWV $GG 9DOXH" LQ -RXUQDO RI %XVLQHVV 9HQWXULQJ ± 6DSLHQ]D +-$PDVRQ $&0DQLJDUW 6 7KH /HYHO DQG 1DWXUH RI 9HQWXUH &DSLWDOLVW ,QYROYHPHQW LQ WKHLU 3RUWIROLR &RPSDQLHV $ 6WXG\ RI 7KUHH (XURSHDQ &RXQWULHV LQ 0DQDJHULDO)LQDQFH ± 6DSLHQ]D +-*XSWD $. ,PSDFW RI $JHQF\ 5LVNV DQG 7DVN 8QFHUWDLQW\ RQ 9HQWXUH &DSLWDOLVW&(2,QWHUDFWLRQLQ$FDGHP\RI0DQDJHPHQW-RXUQDO ± 6DSLHQ]D +-.RUVJDDUG 0$ 3HUIRUPDQFH )HHGEDFN 'HFLVLRQ 0DNLQJ 3URFHVVHV DQG 9HQWXUH &DSLWDOLVWV 6XSSRUW RI 1HZ 9HQWXUHV LQ %\JUDYH :'%LUG %-%LUOH\ 6&KXUFKLOO 1&+D\ 0*.HHOH\ 5+:HW]HO -U :( (GV )URQWLHUV RI (QWUHSUHQHXUVKLS5HVHDUFK:HOOHVOH\0$%DEVRQ&ROOHJH±

6DSLHQ]D +-.RUVJDDUG 0$ 3URFHGXUDO -XVWLFH LQ (QWUHSUHQHXULQYHVWRU 5HODWLRQV LQ $FDGHP\RI0DQDJHPHQW-RXUQDO± 6DSLHQ]D +-.RUVJDDUG 0$)ROJHU 56DJUHUD &=KDQJ & $ %HKDYLRUDO 9LHZ RI 3DUWQHUVKLS )RUPDWLRQ LQ ,QYHVWRUHQWUHSUHQHXUVKLS '\DGV 3DSHU SUHVHQWHG DW WKH %DEVRQ .DXIIPDQQ(QWUHSUHQHXUVKLS5HVHDUFK&RQIHUHQFH6RXWK&DUROLQD0D\± 6DSLHQ]D +-0DQLJDUW 69HUPHLU : 9HQWXUH &DSLWDOLVW *RYHUQDQFH DQG 9DOXHDGGHG LQ )RXU&RXQWULHVLQ-RXUQDORI%XVLQHVV9HQWXULQJ± 6DSLHQ]D +-7LPPRQV -$ 7KH 5ROHV RI 9HQWXUH &DSLWDOLVWV LQ 1HZ 9HQWXUHV :KDW 'HWHUPLQHVWKHLU,PSRUWDQFH"LQ$FDGHP\RI0DQDJHPHQW%HVW3DSHU3URFHHGLQJV± 6FKHIF]\N 0 D (UIROJVGHWHUPLQDQWHQ YRQ 9HQWXUH &DSLWDO,QYHVWPHQWV LQ 'HXWVFKODQG LQ =HLWVFKULIWIUEHWULHEVZLUWVFKDIWOLFKH)RUVFKXQJ ± 6FKHIF]\N0E =XUHPSLULVFKHQ(UIRUVFKXQJGHU(UIROJVGHWHUPLQDQWHQMXQJHU9HQWXUH&DSLWDO ILQDQ]LHUWHU8QWHUQHKPHQLQ%HWULHEVZLUWVFKDIWLQ)RUVFKXQJXQG3UD[LV ± 6FKHIF]\N0 (UIROJVVWUDWHJLHQGHXWVFKHU9HQWXUH&DSLWDO*HVHOOVFKDIWHQ6WXWWJDUW 6FKHIF]\N0*HUSRWW7- %HUDWXQJVXQWHUVWW]XQJYRQ3RUWIROLRXQWHUQHKPHQGXUFKGHXWVFKH 9HQWXUH &DSLWDO*HVHOOVFKDIWHQ (LQH HPSLULVFKH 8QWHUVXFKXQJ LQ =HLWVFKULIW IU %HWULHEVZLUWVFKDIW(UJlQ]XQJVKHIW1U ± 6FKHLQ(+ 2UJDQL]DWLRQDO&XOWXUHDQG/HDGHUVKLS$'\QDPLF9LHZ6DQ)UDQFLVFR-RVVH\ %DVV 6FKHLQ(+ :KDWLV&XOWXUH"LQ)URVW3-0RRUH/)/RXLV0/XQGEHUJ&&0DUWLQ- (GV 5HIUDLPLQJ2UJDQL]DWLRQDO&XOWXUH1HZEXU\3DUN6DJH3XEOLFDWLRQV 6FKHLQ (+ 7KUHH &XOWXUHV RI 0DQDJHPHQW 7KH .H\ WR 2UJDQL]DWLRQDO /HDUQLQJ LQ 6ORDQ 0DQDJHPHQW5HYLHZ)DOO ± 6FKHUHU .57UDQ 9 (IIHFWV RI (PRWLRQ RQ WKH 3URFHVV RI 2UJDQL]DWLRQDO /HDUQLQJ LQ 0'LHUNHV$%HUWKRLQ $QWDO-&KLOG,1RQDND HGV +DQGERRN RI 2UJDQL]DWLRQDO /HDUQLQJDQG.QRZOHGJH2[IRUG(QJODQG 2[IRUG8QLYHUVLW\3UHVV± 6FKLOGW+0DXOD0.HLO7 ([SORUDWLYHDQG([SORLWDWLYH/HDUQLQJIURP([WHUQDO&RUSRUDWH 9HQWXUHVLQ(QWUHSUHQHXUVKLS7KHRU\DQG3UDFWLFH ±

6FKODDN70 'HU,QQRYDWLRQVJUDGDOV6FKOVVHOYDULDEOH:LHVEDGHQ*DEOHU 6FKROO : 7KH 6RFLDO 3URGXFWLRQ RI .QRZOHGJH LQ 0 YRQ &UDQDFK: 'RLVH * 0XJQ\ (GV 6RFLDO5HSUHVHQWDWLRQVDQGWKH6RFLDO%DVHVRI.QRZOHGJH%HUQ+XEHU± 6FKROO : (IIHFWLYH 7HDPZRUN ± $ 7KHRUHWLFDO 0RGHO DQG D 7HVW LQ WKH )LHOG LQ (:LWWH-'DYLV (GV 8QGHUVWDQGLQJ *URXS %HKDYLRU 6PDOO *URXS 3URFHVVHV DQG ,QWHUSHUVRQDO5HODWLRQV9RO+LOOVGDOH1-(UOEDXP± 6FKROO : 0RGHOOH HIIHNWLYHU 7HDPDUEHLW ± HLQH 6\QWKHVH LQ $7KRPDV 66WXPSI +UVJ 7HDPDUEHLWXQG7HDPHQWZLFNOXQJ*|WWLQJHQ+RJUHIH± 6FKROO : ,QQRYDWLRQ XQG ,QIRUPDWLRQ :LH LQ 8QWHUQHKPHQ QHXHV :LVVHQ SURGX]LHUW ZLUG *|WWLQJHQ+RJUHIH 6FKXPSHWHU- 7KHRULHGHUZLUWVFKDIWOLFKHQ(QWZLFNOXQJ/HLS]LJ 6FKXPSHWHU - %XVLQHVV &\FOHV ± $ 7KHRUHWLFDO +LVWRULFDO DQG 6WDWLVWLFDO $QDO\VLV RI WKH &DSLWDOLVW3URFHVV1HZ

6FKZHHQ . &RUSRUDWH 9HQWXUH &DSLWDO ,QGXVWULHXQWHUQHKPHQ:LHVEDGHQ*DEOHU

5LVLNRNDSLWDOILQDQ]LHUXQJ

GHXWVFKHU

6FRWW :5 ,QVWLWXWLRQV DQG 2UJDQL]DWLRQV 7RZDUG D 7KHRUHWLFDO 6\QWKHVLV LQ 6FRWW :50H\HU-:HGV ,QVWLWXWLRQDO(QYLURPHQWVDQG2UJDQL]DWLRQV6WUXFWXUDO&RPSOH[LW\ DQG,QGLYLGXDOLVP7KRXVDQG2DNV&$± 6FRWW:5 ,QVWLWXWLRQVDQG2UJDQL]DWLRQV7KRXVDQG2DNV 6KDQ ::DONHU *.RJXW % ,QWHUILUP &RRSHUDWLRQ DQG 6WDUWXS ,QQRYDWLRQ LQ WKH %LRWHFKQRORJ\,QGXVWU\LQ6WUDWHJLF0DQDJHPHQW-RXUQDO± 6KHSKHUG '$=DFKDUDNLV $ 7KH 9HQWXUH &DSLWDOLVWHQWUHSUHQHXU 5HODWLRQVKLS &RQWURO 7UXVWDQG&RQILGHQFHLQ&RRSHUDWLYH%HKDYLRULQ9HQWXUH&DSLWDO ± 6KUDGHU5&6LPRQ0 &RUSRUDWHYHUVXV,QGHSHQGHQW1HZ9HQWXUHV5HVRXUFH6WUDWHJ\DQG 3HUIRUPDQFH'LIIHUHQFHVLQ-RXUQDORI%XVLQHVV9HQWXULQJ ± 6KULYDVWYD3 $7\SRORJ\RI/HDUQLQJ6\VWHPVLQ-RXUQDORI0DQDJHPHQW6WXGLHV ± 6LHJHO56LHJHO(0DF0LOODQ,& &RUSRUDWH9HQWXUH&DSLWDOLVWV$XWRQRP\2EVWDFOHVDQG 3HUIRUPDQFHLQ-RXUQDORI%XVLQHVV9HQWXULQJ ±

6LOYHU'$ 6WUDWHJLF3DUWQHULQJ1HZ

6\GRZ- 0DQDJHPHQWYRQ1HW]ZHUNRUJDQLVDWLRQHQ±=XP6WDQGGHU)RUVFKXQJLQ6\GRZ- +UVJ 0DQDJHPHQWYRQ1HW]ZHUNRUJDQLVDWLRQHQ$XIO:LHVEDGHQ*DEOHU± 6\NHV +% &RUSRUDWH 9HQWXUH &DSLWDO 6WUDWHJLHV IRU 6XFFHVV LQ -RXUQDO RI %XVLQHVV 9HQWXULQJ± 7HHFH '- 3URILWLQJ IURP 7HFKQRORJLFDO ,QQRYDWLRQ ,PSOLFDWLRQV IRU ,QWHJUDWLRQ &ROODERUDWLRQ/LFHQVLQJDQG3XEOLF3ROLF\LQ5HVHDUFK3ROLF\± 7HQJ %LQJ6KHQJ &RUSRUDWH (QWUHSUHQHXUVKLS $FWLYLWLHV WKURXJK 6WUDWHJLF $OOLDQFHV $ 5HVRXUFH%DVHG $SSURDFK WRZDUGV &RPSHWLWLYH $GYDQWDJH LQ -RXUQDO RI 0DQDJHPHQW 6WXGLHV ± 7KRPDV. &RQIOLFWDQG&RQIOLFW0DQDJHPHQWLQ0'XQQHWWH(G +DQGERRNRI,QGXVWULDO DQG2UJDQL]DWLRQDO3V\FKRORJ\&KLFDJR5DQG0F1DOO\± 7KRUQKLOO65$PLW $'\QDPLF3HUVSHFWLYHRI,QWHUQDO)LWLQ&RUSRUDWH9HQWXULQJLQ-RXUQDO RI%XVLQHVV9HQWXULQJ ± 7UDQ 9 7KH 5ROH RI WKH (PRWLRQDO &OLPDWH LQ /HDUQLQJ 2UJDQL]DWLRQV LQ 7KH /HDUQLQJ 2UJDQL]DWLRQ± 7ULFH +0%H\HU -0 7KH &XOWXUHV RI :RUN 2UJDQL]DWLRQ +DPSVWHG (QJODQG 3UHQWLFH +DOO 7VDL : 6RFLDO &DSLWDO 6WUDWHJLF 5HODWHGQHVV DQG WKH )RUPDWLRQ RI ,QWUDRUJDQL]DWLRQDO /LQNDJHVLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± 7VDL :*KRVKDO 6 6RFLDO &DSLWDO DQG 9DOXH &UHDWLRQ 7KH 5ROH RI ,QWUDILUP 1HWZRUNV LQ $FDGHP\RI0DQDJHPHQW-RXUQDO± 7VRXNDV + 7KH )LUP DV D 'LVWULEXWHG .QRZOHGJH 6\VWHP $ &RQVWUXFWLRQLVW $SSURDFK LQ 6WUDWHJLF0DQDJHPHQW-RXUQDO± 8KOPDQQ/ 'HU,QQRYDWLRQVSUR]HLQZHVWHXURSlLVFKHQ,QGXVWULHOlQGHUQ%HUOLQ0QFKHQ 8]]L % 6RFLDO 6WUXFWXUH DQG &RPSHWLWLRQ LQ ,QWHUILUP 1HWZRUNV 7KH 3DUDGR[ RI (PEHGGHGQHVVLQ$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\0DUFK ± 9HQNDWDUDPDQ 60DF0LOODQ ,& &KRLFH RI 2UJDQL]DWLRQDO 0GH LQ 1HZ %XVLQHVV 'HYHORSPHQW 7KHRU\ DQG 3URSRVLWLRQV LQ 6H[WRQ '/6PLORU 5: (GV (QWUHSUHQHXUVKLS&KLFDJR,/8SVWDUW3XEOLVKLQJ± 9LQFH5 3RZHUDQG(PRWLRQLQ2UJDQL]DWLRQDO/HDUQLQJLQ+XPDQ5HODWLRQV ± 9RNDPS 5 6FKXPSHWHUVFKHU :HWWEHZHUE 3URGXNWYLHOIDOW XQG :DFKVWXP 78 &KHPQLW] +DELOLWDWLRQVVFKULIW :DGKZD $.RWKD 6 .QRZOHGJH &UHDWLRQ WKURXJK ([WHUQDO 9HQWXULQJ (YLGHQFH IURP WKH 7HOHFRPPXQLFDWLRQV (TXLSPHQW 0DQXIDFWXULQJ ,QGXVWU\ LQ $FDGHP\ RI 0DQDJHPHQW -RXUQDO ± :DOJHQEDFK3 ,QVWLWXWLRQDOLVWLVFKH$QVlW]HLQGHU2UJDQLVDWLRQVWKHRULHLQ.LHVHU$+UVJ 2UJDQLVDWLRQVWKHRULHQ$XIO6WXWWJDUW.RKOKDPPHU± :DONHU *.RJXW %6KDQ : 6RFLDO &DSLWDO 6WUXFWXUDO +ROHV DQG WKH *RUPDWLRQ RI DQ ,QGXVWU\1HWZRUNLQ2UJDQL]DWLRQ6FLHQFH ± :DOVK-3 0DQDJHULDODQG2UJDQL]DWLRQDO&RJQLWLRQ1RWHVIURPD7ULSGRZQ0HPRU\/DQH LQ2UJDQL]DWLRQ6FLHQFH ± :DOVK-38QJVRQ*5 2UJDQL]DWLRQDO0HPRU\LQ$FDGHP\RI0DQDJHPHQW5HYLHZ ±

:DVNR 0)DUDM 6 ,W ,V :KDW 2QH 'RHV :K\ 3HRSOH 3DUWLFLSDWH DQG +HOS 2WKHUV LQ (OHFWURQLF&RPPXQLWLHVRI3UDFWLFHLQ-RXUQDORI6WUDWHJLF,QIRUPDWLRQ6\VWHPV± :DVVHUPDQ 6)DXVW . 6RFLDO 1HWZRUN $QDO\VLV 0HWKRGV DQG $SSOLFDWLRQV &DPEULGJH &DPEULGJH8QLYHUVLW\3UHVV :HEHU% 0DUNHWVZLWKRXW/DZ"7KHRU\DQG(YLGHQFHIURP5XVVLD'LVVHUWDWLRQ8QLYHUVLWlW 6W*DOOHQ6FKZHL] :HEHU%:HEHU& &RUSRUDWH9HQWXUH&DSLWDODVD0HDQIRU5DGLFDO,QQRYDWLRQ±$6RFLDO &DSLWDO DQG .QRZOHGJHEDVHG 3HUVSHFWLYH LQ -RXUQDO RI (QJLQHHULQJ DQG 7HFKQRORJ\ 0DQDJHPHQW'HWDLOVQRFKQLFKWEHNDQQW :HEHU & 7UHXKDQGDQVWDOW ± HLQH 2UJDQLVDWLRQVNXOWXU HQWVWHKW LP =HLWUDIIHU :LHVEDGHQ *DEOHU :HEHU & 'LH 5ROOH GHU =HLW LP 3UR]HVV RUJDQLVDWLRQDOHQ /HUQHQV LQ =HLWVFKULIW IU %HWULHEVZLUWVFKDIW(UJlQ]XQJVKHIW± :HEHU & &RUSRUDWH 9HQWXUH &DSLWDO LQ *HUPDQ\ ± $ /RQJLWXGLQDO VWXG\ :=% 'LVFXVVLRQ 3DSHU63,,,%HUOLQ:LVVHQVFKDIWV]HQWUXP%HUOLQIU6R]LDOIRUVFKXQJ :HEHU &'LHUNHV 0 5LVLNRNDSLWDOJHEHU LQ 'HXWVFKODQG ± 6WUXNWXUPHUNPDOH (QWVFKHLGXQJVNULWHULHQ6HOEVWYHUVWlQGQLV%HUOLQHGLWLRQVLJPD :HEHU &*|EHO 0 (FRQRPLF ([FKDQJH 5HFLSURFLW\ RU 6RFLDO 2EOLJDWLRQ 5HFLSURFLW\" ([FKDQJH 0RGDOLWLHV RI ,QWHURUJDQL]DWLRQDO 5HODWLRQV LQ *HUPDQ\ LQ 9HQWXUH &DSLWDO ± :HEHU &*|EHO 0 :HQQ :LVVHQ QLFKW JOHLFK :LVVHQ LVW ± HLQH HPSLULVFKH $QDO\VH ]XP :LVVHQVWUDQVIHU LQ GHXWVFKHQ &RUSRUDWH 9HQWXUH &DSLWDO 7ULDGHQ DXV VR]LDONRQVWUXNWLYLVWLVFKHU 3HUVSHNWLYH 3DSLHU SUlVHQWLHUW DXI GHU .RPPLVVLRQ 2UJDQLVDWLRQ )HEUXDULQ0QFKHQ :HEHU&:HEHU% /HDUQLQJLQDQGRI&RUSRUDWH9HQWXUH&DSLWDORUJDQL]DWLRQVLQ*HUPDQ\± ,QGXVWU\ 6WUXFWXUHH &RPSDQLHV¶ 6WUDWHJLHV 2UJDQL]DWLRQDO /HDUQLQJ &DSDELOLWLHV :=% 'LVFXVVLRQ3DSHU)6,,%HUOLQ:LVVHQVFKDIWV]HQWUXP%HUOLQIU6R]LDOIRUVFKXQJ :HEHU&:HEHU% &RUSRUDWH9HQWXUH&DSLWDO2UJDQL]DWLRQVLQ*HUPDQ\LQ9HQWXUH&DSLWDO ± :HEHU0 :LUWVFKDIWXQG*HVHOOVFKDIW*UXQGULGHUYHUVWHKHQGHQ6R]LRORJLH7ELQJHQ :HLFN.( 7KH6RFLDO3V\FKRORJ\RI2UJDQL]LQJ5HDGLQJ$GGLQVRQ:HVOH\ :HLFN.( 'HU3UR]HVVGHV2UJDQLVLHUHQV)UDQNIXUWDP0DLQ6XKUNDPS :HLFN.(5REHUWV.+ &ROOHFWLYH0LQGVLQ2UJDQL]DWLRQV+HHGIXO,QWHUUHODWLQJRQ)OLJKW 'HFNVLQ$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\ ± :HUQHIHOW% $5HVRXUFHEDVHG9LHZRIWKH)LUPLQ6WUDWHJLF0DQDJHPHQW-RXUQDO± :LHJDQG0 3UR]HVVHRUJDQLVDWLRQDOHQ/HUQHQV:LHVEDGHQ*DEOHU :LONLQV$/2XFKL:* (IILFLHQW&XOWXUHV([SORULQJWKH5HODWLRQVKLSEHWZHHQ&XOWXUHDQG 2UJDQL]DWLRQDO3HUIRUPDQFHLQ$GPLQLVWUDWLYH6FLHQFH4XDWHUO\± :LOOLDPVRQ 2( 0DUNHWV DQG +LHUDUFKLHV $QDO\VLV DQG $QWLWUXVW ,PSOLFDWLRQV 1HZ

:LOVRQ &0DXOD 0.HLO 7 &RPLQJ IURP 2XWVLGH 7KH 5ROH RI 8QLTXH &RPSOHPHQWDU\ 5HVRXUFHV +HOSLQJ&RUSRUDWLRQVWR(QWHUWKH&ORVHO\NQLW6\QGLFDWLRQ 1HWZRUNV RI 9HQWXUH &DSLWDOLVWV3DSHUSUHVHQWHGDWWKH%DEVRQ.DXIIPDQQ(QWUHSUHQHXUVKLS5HVHDUFK&RQIHUHQFH *ODVJRZ-XQH± :LQGHOHU $UQROG 1HW]ZHUNWKHRULHQ 9RU HLQHU UHODWLRQDOHQ :HQGH" LQ =HQWHV -RDFKLP6ZRERGD %HUQKDUG0RUVFKHWW 'LUN +UVJ .RRSHUDWLRQHQ $OOLDQ]HQ XQG 1HW]ZHUNH*UXQGODJHQ±$QVlW]H±3HUVSHNWLYHQ:LHVEDGHQ*DEOHU± :LQWHU 6* .QRZOHGJH DQG &RPSHWHQFH DV 6WUDWHJLF $VVHWV LQ '- 7HHFH (G 7KH &RPSHWLWLYH &KDOOHQJH 6WUDWHJLHV IRU ,QGXVWULDO ,QQRYDWLRQ DQG 5HQHZDO &DPEULGJH 0$ %DOOLQJHU± :LWW 3%UDFKWHQGRUI * *UQGXQJVILQDQ]LHUXQJ GXUFK *URXQWHUQHKPHQ LQ 'LH %HWULHEVZLUWVFKDIW ±

Finanzierung von Social Entrepreneurship durch Venture Philanthropy und Social Venture Capital: Auswahlprozess und -kriterien der Finanzintermediare

Die Auswirkungen von Corporate Governance auf die Fremdfinanzierungskosten von Unternehmen: Eine empirische Analyse der Folgen von Aktientransaktionen durch Insider

Wissenswerte durch Unternehmensnetzwerke: Eine multiperspektivische Analyse am Beispiell von Corporate Venture Capital

Finanzierung von Social Entrepreneurship durch Venture Philanthropy und Social Venture Capital: Auswahlprozess und -kriterien der Finanzintermediare

Die Auswirkungen von Corporate Governance auf die Fremdfinanzierungskosten von Unternehmen: Eine empirische Analyse der Folgen von Aktientransaktionen durch Insider

Fundamentals of Venture Capital

The Venture Capital Cycle

Venture Capital and the Corporate Governance of Chinese Listed Companies

Publizitätsverhalten von Unternehmen: Eine Corporate Governance-Perspektive

Inside Secrets to Venture Capital

The Venture Capital Investment Process

Wettbewerb durch Netzzugang?: Eine ökonomische Analyse am Beispiel des deutschen Briefmarktes

Steuermoral: Eine wirtschaftspsychologische Analyse

Steuermoral: Eine wirtschaftspsychologische Analyse

Corporate Governance in Familienunternehmen: Eine Analyse zur Sicherung der Unternehmensnachfolge

Eine Tiefe am Himmel

Corporate Governance: Eine aktienrechtliche und institutionenokonomische Analyse der Leitungsmaxime von Aktiengesellschaften

Eine Tiefe am Himmel

Eine Meerjungfrau am Haken

Eine Tiefe am Himmel

Wertschöpfung durch Kundenintegration: Eine empirische Untersuchung am Beispiel von Strukturierten Finanzierungen

Eine Tiefe am Himmel

Die Bedeutung von Soft Skills für Evaluationsnutzungen: Eine komparative Analyse

Eine Meerjungfrau am Haken

Die Bedeutung von Soft Skills für Evaluationsnutzungen: Eine komparative Analyse

Zwischen Enthüllen und Verstecken: eine Analyse von Barbara Honigmanns Prosawerk

Risikoverhalten von Fondsmanagern: Eine spieltheoretische und empirische Analyse

Die Wirkung von Dienstleistungsgarantien auf das Konsumentenverhalten: Eine empirische Analyse

Venture Capital in Europe (Quantitative Finance)

Real Venture Capital: Building International Businesses

Handbook of Research on Venture Capital

Handbook of Research on Venture Capital

Raising Venture Capital (The Wiley Finance Series)

Wissenswerte durch Unternehmensnetzwerke: Eine multiperspektivische Analyse am Beispiell von Corporate Venture Capital

Finanzierung von Social Entrepreneurship durch Venture Philanthropy und Social Venture Capital: Auswahlprozess und -kriterien der Finanzintermediare

Die Auswirkungen von Corporate Governance auf die Fremdfinanzierungskosten von Unternehmen: Eine empirische Analyse der Folgen von Aktientransaktionen durch Insider

Fundamentals of Venture Capital

The Venture Capital Cycle

Venture Capital and the Corporate Governance of Chinese Listed Companies

Publizitätsverhalten von Unternehmen: Eine Corporate Governance-Perspektive

Inside Secrets to Venture Capital

The Venture Capital Investment Process

Wettbewerb durch Netzzugang?: Eine ökonomische Analyse am Beispiel des deutschen Briefmarktes

Steuermoral: Eine wirtschaftspsychologische Analyse

Steuermoral: Eine wirtschaftspsychologische Analyse

Corporate Governance in Familienunternehmen: Eine Analyse zur Sicherung der Unternehmensnachfolge

Eine Tiefe am Himmel

Corporate Governance: Eine aktienrechtliche und institutionenokonomische Analyse der Leitungsmaxime von Aktiengesellschaften

Eine Tiefe am Himmel

Eine Meerjungfrau am Haken

Eine Tiefe am Himmel

Wertschöpfung durch Kundenintegration: Eine empirische Untersuchung am Beispiel von Strukturierten Finanzierungen

Eine Tiefe am Himmel

Die Bedeutung von Soft Skills für Evaluationsnutzungen: Eine komparative Analyse

Eine Meerjungfrau am Haken

Die Bedeutung von Soft Skills für Evaluationsnutzungen: Eine komparative Analyse

Zwischen Enthüllen und Verstecken: eine Analyse von Barbara Honigmanns Prosawerk

Risikoverhalten von Fondsmanagern: Eine spieltheoretische und empirische Analyse

Die Wirkung von Dienstleistungsgarantien auf das Konsumentenverhalten: Eine empirische Analyse

Venture Capital in Europe (Quantitative Finance)

Real Venture Capital: Building International Businesses

Handbook of Research on Venture Capital

Handbook of Research on Venture Capital

Raising Venture Capital (The Wiley Finance Series)

Recommend Documents