Untersuchung über die Verwendung von Euphemismen in den russischen Zeitungen

, (LQOHLWXQJJ

,PP 0lU]] HLQQ KDOEHVV -DKUU QDFKK GHUU *HLVHOQDKPHH LPP 0RVNDXHUU 7KHDWHU KDWW GHUU UXVVLVFKHH 3UlVLGHQWW :ODGLPLUU 3XWLQQ ]ZHLL 0LWJOLHGHUU GHVV )6%% 7LFKRQRZZ XQGG 3URQLWVFKHZ DOVV ¾+HOGHQQ GHVV 9DWHUODQGHV½½ DXVJH]HLFKQHW GLHH ]XPP =HLWSXQNWW GHUU *HLVHOQDKPHH IUU GLHH ODQGHVZHLWHH 7HUURULVPXVEHNlPSIXQJJXQGG7HUURUDEZHKUU]XVWlQGLJJZDUHQ%HLGHH0lQQHUUNRQQWHQQQLFKWWYHUKLQGHUQ GDVVVGLHH*HLVHOQHKPHUULQQGLHH1lKHHGHVV.UHPOVVJHODQJWHQQXQGGEHUU0HQVFKHQQJHIDQJHQQQDKPHQ 6WDWWW VLHH IUU GLHVHVV 9HUVlXPQLVV ]XX EHVWUDIHQ ZXUGHQQ VLHH PLWW HLQHPP 9HUGLHQVWRUGHQQ EHORKQW 'LH (KUXQJJPLWWGHPP7LWHOO¾+HOGGGHVV9DWHUODQGHV½ZHOFKHHGLHH,QNRPSHWHQ]]YRQQ7LFKRQRZZXQGG3URQLWVFKHZZ YHUKOOWW VROO VWHKWW H[HPSODULVFKK IUU GLHH 9HUZHQGXQJJ YRQQ (XSKHPLVPHQQ GXUFKK GLHH UXVVLVFKHH $GPLQLVWUDWLRQ(VVJHQJWWHLQQ%OLFNNLQQUXVVLVFKHH0HGLHQXPP]XXVHKHQGDVVVGLHVHH(LQVWHOOXQJJLQQGHQQ UXVVLVFKHQQ0HGLHQQLKUHH)RUWVHW]XQJJILQGHW

,PP5DKPHQQGLHVHUU$UEHLWWVROOODQDO\VLHUWWZHUGHQZHOFKHH(XSKHPLVPHQQLQQ3ULQWPHGLHQQLQQ5XVVODQGGDOVV )ROJHH HLQHUU EHVWLPPWHQQ SROLWLVFKHQQ +DOWXQJJ JHEUDXFKWW ZHUGHQ 'LHVHH )UDJHH LVWW *UXQGODJHH GHUU YRUOLHJHQGHQQ8QWHUVXFKXQJ

,PP HUVWHQQ 7HLOOZLUGGGHUUWKHRUHWLVFKHH.RQWH[WW]XUUSROLWLVFKKPRWLYLHUWHQQ9HUZHQGXQJJYRQQ(XSKHPLVPHQQ

GDUJHVWHOOW ,PP =ZHLWHQQ 7HLOO IROJWW GLHH $QDO\VHH HLQLJHUU =HLWXQJVDUWLNHO GLHH NXU]] QDFKK (QGHH GHUU

*HLVHOQDKPHHLQQ0RVNDXXHUVFKLHQHQQVLQG'LHH%HULFKWHUVWDWWXQJJEHUUGLHH*HLVHOQDKPHHZXUGHHJHZlKOW GDDVLFKKKLHUUHLQQVSUDFKOLFKHUU0LNURNRVPRVVDEELOGHWGHUUDOOOGLHHW\SLVFKHQQ)RUPXOLHUXQJHQQHQWKlOWZHOFKHH GLHHUXVVLVFKHH5HJLHUXQJJLPP=XVDPPHQKDQJJPLWWGHPP7VFKHWVFKHQLHQ.ULHJVVYHUZHQGHW

'LHHXQWHUVXFKWHQQ$UWLNHOOELOGHQQXQWHUVFKLHGOLFKHH6LFKWZHLVHQQGHUU5HDOLWlWWGHVV7VFKHWVFKHQLHQ.RQIOLNWVV DE'HUU6FKZHUSXQNWWGHUU$UEHLWWOLHJWWEHLLGHUU$QDO\VHHGHUUª ©$UWLNHOLQQGHQHQQGLHH3RVLWLRQQGHUU

UXVVLVFKHQQ5HJLHUXQJJEHOHXFKWHWWZLUG'LHH$UWLNHOOGHUUUHJLHUXQJVNULWLVFKHQQª ©VROOHQQGD]XX GLHQHQHLQHHDQGHUHH:DKUQHKPXQJJGHUU(UHLJQLVVHH]XX]HLJHQQXQGGGLHHYHUZHQGHWHQQ(XSKHPLVPHQQGHUU 5HJLHUXQJJDXI]XGHFNHQ

.ODXV+HOJHH'RQDWK5XVVODQGVVKHLPOLFKHH+HOGHQLQ'LHH7DJHV]HLWXQJ0lU]]]

,, )XQNWLRQQXQGG/HLVWXQJJGHUU6SUDFKHHLQQ3ROLWLNNXQGG0HGLHQQ

,, 'LHH6SUDFKHHDOVV0LWWHOOJHVHOOVFKDIWOLFKHUU.RQWUROOH

=XQlFKVWWVROOHQQWKHRUHWLVFKHH*UXQGDQQDKPHQQEHUU6SUDFKHHXQGG3ROLWLNNYRUJHVWHOOWWZHUGHQ$OVV%DVLVV GHUU$QDO\VHHGLHQHQQGLHH$QQDKPHQQYRQQ:DOWKHUU'LHFNPDQQPLWWGHUHQQ+LOIHHHUNOlUWWZHUGHQQNDQQZDUXPP HLQHHEHVWLPPWHHSROLWLVFKHH0HLQXQJJGLHH:DKOOYRQQEHVWLPPWHQQ:|UWHUQQQDFKKVLFKK]LHKWWXQGGZDUXPPHLQQ (UHLJQLVVYRQQYHUVFKLHGHQHQQSROLWLVFKHQQ3DUWHLHQQVSUDFKOLFKKXQWHUVFKLHGOLFKKXPJHVHW]WWZLUG

(LQHH JHPHLQVDPHH VSUDFKOLFKHH *UXQGODJHH ELHWHWW GLHH ZLFKWLJVWHH 9RUDXVVHW]XQJJ IUU GLHH .RRUGLQDWLRQQ

JHPHLQVFKDIWOLFKHVV +DQGHOQQ LQQHUKDOEE GHUU *HVHOOVFKDIW 6LHH NDQQQ JHVHOOVFKDIWOLFKHH 2UGQXQJJ XQGG

6WUXNWXUUJOHLFKVDPPEHIHVWLJHQQZLHHYHUlQGHUQ(VVJHQJWWGDKHUUQLFKW6SUDFKHHQXUUQDFKKLKUHUU)XQNWLRQQ

DOVV 0LWWHOO ]XPP $XVWDXVFKK YRQQ ,QIRUPDWLRQQ RGHUU ]XPP 9HUVWlQGLJHQQ ]XX ZHUWHQ ! 6SUDFKHH LVWW GDUEHUU

KLQDXVVGDVVEHGHXWHQGVWHHª0LWWHOOGHUU9HUKDOWHQVVWHXHUXQJJXQGGGHUUVR]LDOHQQ,QWHJUDWLRQ© Ã" GKVLHHLVWW GHPP,QWHUHVVHHGHVV6SUHFKHUVVXQWHUJHRUGQHW

,QQHUKDOEEGHUU3ROLWLNGKªGHVVVWDDWOLFKHQQRGHUUDXIIGHQQ6WDDWWEH]RJHQHQQ+DQGHOQV© # KDWW6SUDFKHHGLHH )XQNWLRQQJHVHOOVFKDIWOLFKHUU.RQWUROOHHPLWWGHPP=ZHFNJOHLFKI|UPLJHVV9HUKDOWHQQLQQHUKDOEEGHUUMHZHLOLJHQQ JHVHOOVFKDIWOLFKHQQ(LQIOXVV]RQHH]XXHUZLUNHQ $ 'LHVHH.RQWUROOHHZLUGGLPPGHPRNUDWLVFKHQQ$OOWDJJYRUUDOOHPP GXUFKKJHVFKLFNWHHSROLWLVFKHH$UJXPHQWDWLRQQXQGGVRPLWWGXUFKKhEHU]HXJXQJJJHOHLVWHW'LHH'XUFKVHW]XQJJ HLQHUUSROLWLVFKHQQ$JHQGDDEHGLQJWWLQQHLQHUU'HPRNUDWLHH]XQlFKVWWLKUHHNRPPXQLNDWLYHH9HUPLWWOXQJ

1DFKK'LHFNPDQQQNDQQQ3ROLWLNNGDKHUUDOVVªVWDDWOLFKHVVRGHUUDXIIGHQQ6WDDWWEH]RJHQHVV5HGHQ© % GHILQLHUWW ZHUGHQ2KQHH5HGHQQJLEWWHVVNHLQHH9HUPLWWOXQJJSROLWLVFKHUU,QKDOWHHXQGGGDPLWWNHLQHH&KDQFHHDXIIGHUHQQ 8PVHW]XQJ ,QQ GHPRNUDWLVFKHQQ 6\VWHPHQQ VFKDIIWW 6SUDFKHH GLHH 0|JOLFKNHLWW DXII IULHGOLFKHPP :HJJ /|VXQJHQQ IUU3UREOHPHH]XXILQGHQ,QQDXWRNUDWLVFKHQQ6\VWHPHQQZLHH5XVVODQGGZLUGGSROLWLVFKHH6SUDFKHH

MHGRFKK RIWW ]XU /HJLWLPLHUXQJJ RGHUU 9HUVFKOHLHUXQJ XQDQJHPHVVHQHUU RGHUU XQJHVHW]OLFKHUU VWDDWOLFKHUU

*HZDOWWEHQXW]W1DFKK'LHNPDQQQEHUHLWHWWGLHH6SUDFKHH

*HZDOWDQZHQGXQJJYRUUDOVVPLOLWDQWHH3URSDJDQGD$XIIRUGHUXQJJ]XPP$XIVWDQG8OWLPDWXPOHLWHWWVLHHHLQQ DOVV8UWHLOVVSUXFKKXQGG.ULHJVHUNOlUXQJEHJOHLWHWWIDVWWLPPHUUGLHHPLOLWlULVFKHQQXQGG|NRQRPLVFKHQQ0D‰QDKPHQGLHH GHU6SUDFKHHDOV.RPPXQLNDWLRQVPLWWHOEHGUIHQXQGGGLHQWWVFKOLH‰OLFKKDXFKKGHQQ0DFKWDXVEHQGHQQGD]XGHQQ$NWW

9JO:ROIJDQJJ%HUJVGRUI+HUUVFKDIWWXQGG6SUDFKH6WXGLHQQ]XUSROLWLVFKHQQ7HUPLQRORJLHHGHU%XQGHVUHSXEOLNN'HXWVFKODQG 3IXOOLQJHQQ6 :DOWKHU'LHFNPDQQ6SUDFKHHLQQGHU3ROLWLN(LQIKUXQJJLQQGLHH3UDJPDWLNNXQGG6HPDQWLNNGHUSROLWLVFKHQQ6SUDFKH+HLGHOEHUJJ

6

GWY/OH[LNRQ%G;,96]LWLHUWWQDFK'LHFNPDQQDD26 :'LHFNPDQQDD26 (EG

GHU*HZDOWDQZHQGXQJJYRUEHUHLWHQGG]XEHJUQGHQQRGHUQDFKWUlJOLFKK]XUHFKWIHUWLJHQXPPGLH8QWHUVWW]XQJJGHUHU QLFKWW]XXYHUOLHUHQDXIIGHUHU=XVWLPPXQJJLKUH0DFKWWEHUXKW

'LHH 0|JOLFKNHLW 6SUDFKHH VWDWWW GLUHNWHUU SK\VLVFKHUU RGHUU SV\FKLVFKHUU 5HSUHVVLRQQ ]XUU .RQWUROOHH GHVV (LQ]HOQHQQ ]XX YHUZHQGHQ VHW]WW YRUDXV GDVVV GDVV ,QGLYLGXXPP GLHH EHVWHKHQGHH 6\PEROZHOWW GHUU *HVHOOVFKDIWLQVEHVRQGHUHHGHQQEHUU6SUDFKHHKHUJHVWHOOWHQQ.RQVHQVVHLQHUU*HPHLQVFKDIWWHUOHUQWWXQGG

YHUVWHKW 0LWW %HJLQQQ GHVV 6SUDFKHUZHUEVV ZLUGG GDVV ,QGLYLGXXPP GHUU JHVHOOVFKDIWOLFKHQQ .RQWUROOHH

DXVJHVHW]W GDD EHUU 6SUDFKHH JOHLFK]HLWLJJ 9HUKDOWHQVPXVWHU :HUWYRUVWHOOXQJHQQ XQGG 1RUPHQQ HLQHUU *HVHOOVFKDIWWYHUPLWWHOWWXQGGYHUDQNHUWWZHUGHQ ' 'DGXUFKKNDQQQ6SUDFKHHH

EHUGLH*HIKOHHXQGG:HUWYRUVWHOOXQJHQGLHDQQ:|UWHUJHEXQGHQQVLQG>VDJHQ@ZHOFKHH:|UWHUHWZDV *XWHVRGHU%|VHV6FK|QHVRGHU+lVVOLFKHV$QJHQHKPHVRGHU8QDQJHQHKPHVEH]HLFKQHQXQGGZLHHPDQQVLFK GHPP %H]HLFKQHWHQQ JHJHQEHU YHUKlOW 'HU 0HQVFK OHUQWW DOVRR QLFKWW QXU GLH EHJULIIOLFKHQQ %HGHXWXQJHQQ HLQHV :RUWHV VRQGHUQQ ]XJOHLFK ZLHH GDV %H]HLFKQHWHH ]X EHXUWHLOHQQ LVW 'HU JDQ]HH .RPSOH[ ZLUGG VSlWHU EHL GHU 1HQQXQJJ GHV :RUWHV KHUYRUJHUXIHQ XQGG GDV HUNOlUW GLH %UDXFKEDUNHLW GHU 6SUDFKHH LQ GHU JHVHOOVFKDIWOLFKHQQ .RQWUROOH]XU$XVO|VXQJJRGHU1DKHOHJXQJJHLQHU+DQGOXQJ

'HUU $XIWUDJJ GHUU SROLWLVFKHQQ (U]LHKXQJJ XQGG 0HLQXQJVELOGXQJ ZHOFKHQQ GLHH 3DUWHLHQQ XQGG YLHOHH DQGHUHH SROLWLVFKHHXQGGJHVHOOVFKDIWOLFKHH,QVWLWXWLRQHQQKDEHQZLUGGEHUUGLHH,QVWUXPHQWDOLVLHUXQJJGHUU6SUDFKHH]XX

GLHVHPP =ZHFNN XPJHVHW]W 8QWHUU DQGHUHPP ªOHJWW >(U]LHKXQJJ XQGG 0HLQXQJVELOGXQJ@@ JHVHOOVFKDIWOLFKHH

*HZRKQKHLWHQQ DQ LQGHPP VLHH SRWHQWLHOOO 8PVWULWWHQHVV LQQ 8QXPVWULWWHQHVV XQGG 6HOEVWYHUVWlQGOLFKHVV EHUIKUWW >«@© ,QIRUPDWLRQVYHUPLWWOXQJJ LQQ GHUU 3ROLWLNN ZLUNWW VWHWVV YRUU GHPP +LQWHUJUXQGG GHUU +DQGOXQJJ XQGGPLWWGHPP=LHOGLHVHHYRU]XEHUHLWHQQVRZLHH=XVWLPPXQJJIUUGLHVHH]XXHU]HXJHQ

+LQWHUU)RUPXOLHUXQJHQGLHHDOVVªVWDDWOLFKHVVRGHUUDXIIGHQQ6WDDWWEH]RJHQHVV5HGHQ©©YHUZHQGHWWZHUGHQ

PDQLIHVWLHUWW VLFKK VRPLWW HLQQ ,QWHUHVVHH DQQ 0DFKWHUZHUEE XQGG 0DFKWHUKDOW :LHH GLHH NODVVLVFKHH

3ROLWLNZLVVHQVFKDIWW 0DFKWVWUHEHQQ DOVV *UXQGPRWLYDWLRQQ MHGHUU 3ROLWLNN GHILQLHUW ! VRR XQWHUVWHOOWW GLHH )RUVFKXQJJSROLWLVFKHUU.RPPXQLNDWLRQQGHPP9HUPLWWOHUUSROLWLVFKHUU,QKDOWHHXQGG=LHOHHGDVVJOHLFKHH6WUHEHQQ QDFKK(UZHUEEXQGG(UKDOWWGHUU0DFKW "

(EG6LQQ$QOHKQXQJJDQQ0(GHOPDQ7KHH6\PEROLFF8VHVVRII3ROLWLFV8UEDQD,OO

9JOHEG6 (EG6 (EG6 9JOHEGLQQ$QOHKQXQJJDQQ+/EEH'HU6WUHLWWXPP:RUWH6SUDFKHHXQGG3ROLWLNLQ+**DGDPHU+UVJ'DVVV3UREOHPP GHU6SUDFKH6± 12 9JO0D[[:HEHU3ROLWLNNDOVV%HUXI6WXWWJDUWW(UVWDXVJDEHH6 9JO$QDWROLMM1%DUDQRY0HWDIRU\\YYSROLWLþHVNRPPGLVNXUVH-D]\NRY\HHPDUNHU\NUL]LVQRVWLLSROLWLþHVNRMMVLWXDFLLLQ/HZZ1 =\EDWRYY+UVJ6SUDFKZDQGHOOLQQGHU6ODYLD'LHHVODYLVFKHQQ6SUDFKHQQDQQGHU6FKZHOOHH]XPP-DKUKXQGHUW)UDQNIXUWWD0

6

,, 'HUUSROLWLVFKH(XSKHPLVPXVVDOVV,QVWUXPHQWSROLWLVFKHUU6SUDFKHH

3ROLWLVFKHH 6SUDFKHH PXVVV EHU]HXJHQ XPP GLHH ,GHQWLILNDWLRQQ GHUU :DKOEHY|ONHUXQJJ PLWW GHQQ HLJHQHQQ =LHOHQQXQGG+DQGOXQJHQQHUUHLFKHQ=XXGLHVHPP=ZHFNNZXUGHQQNRPPXQLNDWLYHH:RUWVWUDWHJLHQQHQWZLFNHOW

VRR ]% ªGLHH 6WUDWHJLH PLWW :|UWHUQQ HWZDVV ]XX YHUVFKOHLHUQ ]XX EHVFK|QLJHQ ]XX YHUKOOHQ© # ,QQ GHUU

SROLWLVFKHQQ 6SUDFKHH VWHOOHQQ HXSKHPLVWLVFKHH )RUPXOLHUXQJHQQ HLQHH 9DULDQWHH GLHVHUU 6WUDWHJLHH GDU 6LHH

NRPPWW YRUU DOOHPP GDQQQ ]XUU $QZHQGXQJ ZHQQQ GHUU KDQGHOQGHH 3ROLWLNHUU XPP GLHH )UDJZUGLJNHLWW VHLQHUU

3ROLWLNNZHL‰

(OLVDEHWKK'DQQLQJHUUELHWHWWIROJHQGHHUKHWRULVFKKJHIDVVWHH'HILQLWLRQQYRPP(XSKHPLVPXVVDQGLHHVLFKKDXII GHVVHQQSROLWLVFKHH(UVFKHLQXQJVIRUPPEHUWUDJHQQOlVVW

'HU (XSKHPLVPXV JLOW LQQ GHU 5KHWRULN DOV 7URSXV DOV (UVHW]XQJJ GHU XQPLWWHOEDUHQ DOV XQHUODXEW XQK|IOLFKKRGHUDQVW|‰LJJJHOWHQGHQQ%H]HLFKQXQJHQQGXUFKHLQHHXPVFKUHLEHQGHDEVFKZlFKHQGHEHVFK|QLJHQGH XPEHQQHQHQGH >@@ 'LH QHJDWLYHH DIIHNWLYHH .RQQRWDWLRQQ ZLUGG QHXWUDOLVLHUWW RGHUU LQQ HLQHH SRVLWLYHH DIIHNWLYHH .RQQRWDWLRQQXPJHZDQGHOW (LQQ GLHVHUU 'HILQLWLRQQ HQWVSUHFKHQGHUU XQGG KLHU]XODQGHH KlXILJJ YHUZHQGHWHUU (XSKHPLVPXVV LVWW GLHH %H]HLFKQXQJJ ZLUWVFKDIWOLFKHQQ 6WLOOVWDQGHVV DOVV ¾1XOOZDFKVWXP½ +LHUU ZHUGHQQ QHJDWLYHH $VVR]LDWLRQHQQ

DEJHPLOGHUW GLHH GDVV :RUWW ¾6WLOOVWDQG½½ LPSOL]LHUW :DFKVWXPP KLQJHJHQQ YHUPLWWHOWW HLQQ SRVLWLYY EHOHJWHVV

*HIKOO YRQQ )RUWVFKULWWW XQGG PLOGHUWW bQJVWH GLHH PLWW GHPP QHJDWLYY DVVR]LLHUWHQQ :RUWW ¾$EVFKZXQJ½½ HQWVWHKHQQZUGHQ

8PPHLQHQQ$XVGUXFNNDOVVHXSKHPLVWLVFKKEH]HLFKQHQQ]XXN|QQHQPVVHQQ]ZHLL%HGLQJXQJHQQHUIOOWWVHLQ GLHH6DFKHGLHHLQQ:RUWHHJHIDVVWWZLUGEHLQKDOWHWWHLQGHXWLJJQHJDWLYHH$VSHNWH'D]XXPXVVVHLQHHJlQJLJHH

DOWHUQDWLYHH %H]HLFKQXQJJ H[LVWLHUHQ GLHH QLFKWW EHVFK|QLJHQGG RGHUU YHUKOOHQGG ZLUNW à % /XFKWHQEHUJJ

EH]HLFKQHWWGHPHQWVSUHFKHQGGHXSKHPLVWLVFKHH)RUPXOLHUXQJHQQDOVV

XPVFKUHLEHQGHH:|UWHUUXQGG$XVGUFNH>@@GLHH]ZDUUGLHH%HGHXWXQJJHLQHV$XVGUXFNVV$YHUPLWWHOQDEHUU GXUFK HLQHH YRQQ $$ DEZHLFKHQGHH %H]HLFKQXQJJ >@ (LQVFKUlQNHQGG VLQGG QXUU VROFKHH 8PVFKUHLEXQJHQQ (XSKHPLVPHQGLHEHVFK|QLJHQGHHRGHUYHUVFKOHLHUQGHH)XQNWLRQQKDEHQ ,QQ HLQLJHQQ )lOOHQQ NDQQQ LQQ HLQHUU 6SUDFK XQGG .XOWXUJHPHLQVFKDIWW (LQLJNHLWW GDUEHUU KHUUVFKHQ REE HLQQ EHVWLPPWHUU9RUJDQJJLQQMHGZHGHUU)RUPXOLHUXQJJDXVVFKOLH‰OLFKKQHJDWLYHH$VSHNWHHDXIZHLVHQQNDQQZLHHHVV

EHLVSLHOVZHLVHH IUU GHQQ $XVGUXFNN ¾VWHUEHQ½½ JLOW (VV JLEWW MHGRFKK DXFKK +DQGOXQJHQQ XQGG 9RUJlQJH GLHH

YHUVFKLHGHQHH *UXSSHQQ GHUU *HPHLQVFKDIWW XQWHUVFKLHGOLFKK EHZHUWHWW VHKHQQ ZROOHQ ZLHH LPP JHQDQQWHQQ

*HUKDUGG6WUDXVVV+UVJ%ULVDQWHH:|UWHUYRQQ$JLWDWLRQQELVV=HLWJHLVWHLQQ/H[LNRQQ]XPP|IIHQWOLFKHQQ6SUDFKJHEUDXFK%HUOLQQ

6

(OLVDEHWKK'DQQLQJHU7DEXEHUHLFKHHXQGG(XSKHPLVPHQLQ:HUQHU:DOWHH+UVJ6SUDFKWKHRULHHXQGGDQJHZDQGWHH /LQJXLVWLN)HVWVFKULIWWIU$OIUHGG:ROOPDQQ7ELQJHQQ6 9JO*LVHODD+DUUDV(XSKHPLVPXVLQ*6WUDXVVV+UVJDD26 6LJULGG/XFKWHQEHUJ8QWHUVXFKXQJJ]XX(XSKHPLVPHQQLQQGHUGHXWVFKHQQ*HJHQZDUWVVSUDFKH%RQQQ6XQGG

%HLVSLHOO YRPP ¾1XOOZDFKVWXP½ 6RR ZLUGG GLHH UHJLHUHQGHH 3DUWHLL HLQQ ,QWHUHVVHH GDUDQQ KDEHQ GDVVV YRQQ 1XOOZDFKVWXPPJHVSURFKHQQZLUG'LHH2SSRVLWLRQQKLQJHJHQQZLUGGDXVVFKOLH‰OLFKKGHQQ¾6WLOOVWDQG½½NULWLVLHUHQ ,QQ lKQOLFKHUU :HLVHH ZLUGG VRR DXVV HLQHPP ¾)UHLKHLWVNDPSI½½ HLQQ ¾7HUURUDNW½½ XQGG XPJHNHKUW MHH QDFKGHPP ZHOFKHUU*UXSSHHGHUU6SUHFKHUUQlKHUUVWHKW

0LWW GHUU 9HUZHQGXQJJYRQQ(XSKHPLVPHQQRIIHQEDUHQQ3ROLWLNHUUJOHLFK]HLWLJJLKUHHSROLWLVFKHH+DOWXQJGHQQQ ªGHUU 6HQGHUU RIIHQEDUWW PLWW GHUU %H]HLFKQXQJJ EHVWLPPWHH (LQVWHOOXQJHQQ XQGG :HUWXQJHQQ EHUU GDVV %H]HLFKQHWHH XQGG ZLUEWW XPP GDVV (LQYHUVWlQGQLVV GHVV (PSIlQJHUV© ' 6RR LVWW LPP SROLWLVFKHQQ 6SUDFKJHEUDXFKK YRQQ (XSKHPLVPHQQ GLHH 5HGH ZHQQQ EHVWLPPWHQQ bX‰HUXQJHQQ HLQHH HLQGHXWLJHH 7lXVFKXQJVDEVLFKWW QDFKJHZLHVHQQ ZHUGHQQ NDQQ 'HILQLWLRQVJUXQGODJHH LVWW ODXWW %XVFKPDQQQ DOVRR QLFKWW GDVVÄLQWHUVXEMHNWLYYDQJHPHVVHQHHRGHUUXQDQJHPHVVHQHH9HUKlOWQLVVYRQQVLJQLILppXQGGVLJQLILDQWVRQGHUQQ YRUUDOOHPPGHUUHLJHQHHSROLWLVFKHH6WDQGSXQNW³ (

6SULFKWW PDQQ YRQQ SROLWLVFKHUU 6SUDFKHH DOVV 6SUDFKHH GHUU 0DFKW ZLUGG VLH VREDOGG VLHH (XSKHPLVPHQQ YHUZHQGHWWªGLHH6SUDFKHHGHUU2KQPDFKWGKGHVV)HKOHQVVGHUU0DFKWWLQQEHVWLPPWHQQ%HUHLFKHQ© ! 6R

ZLUGG DXII HXSKHPLVWLVFKHH $XVGUFNHH YRUU DOOHPP EHLL 1LHGHUODJHQ )HKOHUQQ RGHUU 8Q]XOlQJOLFKNHLWHQQ

]XUFNJHJULIIHQ 'DKLQWHUU VWHKWW GLHH $EVLFKWW GHVV 3ROLWLNHUV 1HJDWLYHVV ]XX EHVFK|QLJHQQ XQGG ]XX YHUVFKOHLHUQXPPVHLQHH0DFKWSRVLWLRQQ]XXHUZHUEHQ]XXHUKDOWHQQRGHUU]XUFNNHUODQJHQQ]XXN|QQHQQ]%LPP :DKONDPSI Ã!

(XSKHPLVPHQQ VLQGGVFKOLH‰OLFKKQXUULPPGHPP.RQWH[WW]XXLGHQWLIL]LHUHQGHPPXQGG]XXEHZHUWHQLQQGHPPVLHH JHEUDXFKWWZHUGHQ'DKHUUPXVVVGLHHZDKUHH$EVLFKWWHLQHUU3HUVRQGLHH(XSKHPLVPHQQYHUZHQGHWEHNDQQWW

VHLQ XPP IHVWVWHOOHQQ ]XX N|QQHQ REE HLQQ :RUWW RGHUU HLQQ 6DW]] HXSKHPLVWLVFKK LVWW RGHUU QLFKW /HLQIHOOQHUU

PDFKWWGLHVVDPP%HLVSLHOVDW]¾'LHVVLVWWURW½½GHXWOLFK:HQQQHLQQ*HJHQVWDQGGURWWLVWHQWVSULFKWWGHUU6DW]]GHUU :DKUKHLW 6ROOO MHGRFKK HLQQ .LQGG JHWU|VWHWW ZHUGHQ GDVV HLQQ URWHVV .OHLGG HUZDUWHW DEHUU HLQQ URWEUDXQHVV EHNRPPHQQKDWLVWWGHUU6DW]]HXSKHPLVWLVFKGDDGHUU6SUHFKHUUVLFKKHUKRIIWGDVV.LQGGGDPLWW]XXWU|VWHQ !!

*HQDXVRRLVWW¾$NWLRQ½½HLQHHLPPSROLWLVFKHQQ5DKPHQQKlXILJJHXSKHPLVWLVFKKJHEUDXFKWHH%H]HLFKQXQJ/DXWW /HLQIHOOQHUUKHL‰WGDVVV

0DWWKLDVV%XVFKPDQQ=XUPLOLWlULVFKHQQ2QRPDVWLNNXQGG7HUPLQRORJLHLQ0XWWHUVSUDFKHH6 (OLVDEHWKK/HLQIHOOQHU'HU(XSKHPLVPXVVLQQGHUSROLWLVFKHQQ6SUDFKH%HUOLQQ6 9JOHEG6

XQWHUUGLHVHQQXQGGGLHVHQQSUDJPDWLVFKHQQXQGGHPSLULVFKHQQGHVNULSWLYVHPDQWLVFKHQ8PVWlQGHQQ

>$NWLRQ< HLQQ (XSKHPLVPXVV >LVW@ XQWHUU DQGHUHQQ SUDJPDWLVFKHQQ XQGG HPSLULVFKHQQ GHVNULSWLY VHPDQWLVFKHQ8PVWlQGHQQMHGRFKKQLFKW !"

(VV VLQGG DOVRR ]ZHLL $VSHNWHH ZLFKWLJJ EHLL GHUU $QDO\VHH YRQQ 6SUDFKHH QDFKK GHPP *HVLFKWVSXQNWW GHUU 9HUZHQGXQJJHXSKHPLVWLVFKHUU:|UWHUUXQGG$XVGUFNHGHUUSROLWLVFKHH6WDQGSXQNWWGHVV6SUHFKHUVVXQGGGHUU .RQWH[WLQQZHOFKHPPGLHH3HUVRQQGHQQ(XSKHPLVPXVVEHQXW]W

,, 3ROLWLVFKHH6SUDFKHHXQGG0HGLHQQ

)UU GHQQ LQQ GLHVHUU $UEHLWW JHZlKOWHQQ $QVDW] (XSKHPLVPHQQ LPP 9HUKlOWQLVV YRQQ 3ROLWLNN XQGG 0HGLHQQ ]XX LGHQWLIL]LHUHQ LVWW HVV ZLFKWLJJ ]XX HUZlKQHQ ZLHH 0HGLHQQ XQGG 3ROLWLNN ]XVDPPHQKlQJHQQ XQGG ZDUXPP GLHH

WKHRUHWLVFKHQQ hEHUOHJXQJHQQ ]XUU 9HUZHQGXQJJ XQGG ]XPP 1XW]HQQ YRQQ (XSKHPLVPHQQ GXUFKK

0DFKWLQVWLWXWLRQHQQQLFKWWQXUUJHJHQEHUUGHPPHLQ]HOQHQQ,QGLYLGXXPPVRQGHUQQDXFKKJHJHQEHUUGHQQ0HGLHQQ DQZHQGEDUUVLQG 'DDGLHH|IIHQWOLFKHH0HLQXQJJLQQ'HPRNUDWLHQQGLHH6WLPPHHGHUU*HVHOOVFKDIWWLVWEHHLQIOXVVWWVLHHLQQZLFKWLJHQQ )UDJHQQ GDVV 9HUKDOWHQQ GHUU XPP 0DFKWHUKDOWW EHPKWHQQ 5HJLHUXQJ 'LHH )RUPXOLHUXQJJ GHUU |IIHQWOLFKHQQ 0HLQXQJJILQGHWWYRUUDOOHPPLQQGHQQ0DVVHQPHGLHQQVWDWWGDDVLHHGDUEHUUHQWVFKHLGHQªZDVV|IIHQWOLFKKZLUGG XQGGZDVVQLFKW© !# 3ROLWLNNZLUGGGXUFKK0HGLHQQEHNDQQWGHQQQGLHHPHLVWHQQ0HQVFKHQQEHQXW]HQQ=HLWXQJHQ GHQQ5XQGIXQNNXQGGGDVV)HUQVHKHQQDOVVLKUHHHLQ]LJHQQ,QIRUPDWLRQVTXHOOHQ'LHHEUHLWHH5HLFKZHLWHHGLHVHUU 0HGLHQQ QXW]HQQ 3ROLWLNHU XPP VLFKK ]XX SUlVHQWLHUHQQ XQGG DXII LKUHH $UEHLWW DXIPHUNVDPP ]XX PDFKHQ $XVV

IROJHQGHQQ *UQGHQQ OlVVWW VLFKK GLHH 6SUDFKHH GHUU 0HGLHQQ LQQ GHUU YRUOLHJHQGHQQ $UEHLWW PLWW GHQQ JOHLFKHQQ

,QVWUXPHQWHQQDQDO\VLHUHQZLHHGLHHSROLWLVFKHH6SUDFKH

YLHOHH 5HGHQQ XQGG $XVVDJHQQ YRQQ SURPLQHQWHQQ 3ROLWLNHUQQ RULHQWLHUHQQ VLFKK LQKDOWOLFKK XQGG UKHWRULVFKK

GDUDQ HLQHH SRVLWLYHH 0HGLHQZLUNXQJJ IUU VLFKK VHOEVWW XQGG GLHH LKUHH 3DUWHLL ]XX HU]LHOHQ GK GLHH 3ROLWLNHUU

SDVVHQQLKUHH6SUDFKHHGHQQ0HGLHQQDQ

LQQ =HLWXQJHQQ KLHUU DQDO\VLHUWHVV 0HGLXP ILQGHQQ VLFKK QHEHQQ QHXWUDOHUU %HULFKWHUVWDWWXQJJ VXEMHNWLYHH

:HUWXQJHQ(LQVFKlW]XQJHQQXQGGSROLWLVFKHH3RVLWLRQHQGLHHGHPP/HVHUUEHVWLPPWHH6LFKWZHLVHQQYRUKDOWHQQ XQGGLKQQYRQQGLHVHQQEHU]HXJHQQZROOHQ

:ROIJDQJJ5XG]LR'DVVSROLWLVFKHH6\VWHPPGHU%XQGHVUHSXEOLNN'HXWVFKODQG$XIODJH2SODGHQQ6

6SH]LHOOOLQQ5XVVODQGGEHVWHKWWHLQQEHVRQGHUHUU=XVDPPHQKDQJJ]ZLVFKHQQ3ROLWLNNXQGGGHUUVRRJHQDQQWHQQ 0DFKWWLPP6WDDW6RRYHUVFKlUIWWGLHH6LWXDWLRQQGHUU0HGLHQQDXIJUXQGGGHUUXQGXUFKGULQJOLFKHQQZLUWVFKDIWOLFKHQQ 9HUIOHFKWXQJJYRQQSROLWLVFKHQQ$NWHXUHQQXQGG0DVVHQPHGLHQQGDVV3UREOHPPWHQGHQ]L|VHUURGHUUHLQVHLWLJHUU %HULFKWHUVWDWWXQJ/DXWW7UDXWPDQQQJHKWWHVVLPPSRVWNRPPXQLVWLVFKHQQ5XVVODQGGZHQLJHUUXPP0HGLHQSROLWLN

LPP 6LQQHH HLQHU GHPRNUDWLVFKSOXUDOLVWLVFKHQQ *HVHOOVFKDIWW DOV YLHOPHKU XPP GLH LQWHUHVVHQEHZXVVWHH 0HGLHQVWHXHUXQJJGXUFKHLQ]HOQHH$NWHXUH0LNURDQDO\WLVFKEHWUDFKWHWLVWWHLQHH7UDQVIRUPDWLRQQGHUU0DVVHQPHGLHQQ IUUGLHHQHXHQQSROLWLVFKHQQ(OLWHQQDXFKKQLFKWWYRQQ1XW]HQ6LHVLQGGGDUDQQLQWHUHVVLHUWDQQGLHH0DFKWW]XXNRPPHQQRGHUU DQQGHU0DFKWW]XXEOHLEHQ=XU(UUHLFKXQJJGLHVHV=LHOHVVLQGGVLHHDQQ0DVVHQPHGLHQQLQWHUHVVLHUWGLHHHUVWHQVLKUHH =LHOHHXQGGLKUH3HUVRQQSRVLWLYXQGG]ZHLWHQVSROLWLVFKHH*HJQHUXQGGGHUHQQ=LHOHHQLFKWWRGHUQHJDWLYWKHPDWLVLHUHQ (LQHH 6WUXNWXU YRQQ 0DVVHQPHGLHQ LQQ GHQHQQ GHU 3UlVLGHQWW XQGG GLHH 5HJLHUXQJJ ]DKOUHLFKHH .RQWUROOP|JOLFKNHLWHQQ EHVLW]HQLVWWGDKHUIU5HJLHUXQJVDNWHXUHHYRQQ9RUWHLO

(VV LVWW DQ]XQHKPHQ GDVVV XQWHUU VROFKHQQ 8PVWlQGHQQ SROLWLVFKHH (XSKHPLVPHQ GLHH 0HLQXQJHQQ XQGG 3RVLWLRQHQQGHUU3ROLWLNNVWW]HQQLFKWWDXIJHGHFNWWVRQGHUQQXQNULWLVFKKLQQGLHH%HULFKWHUVWDWWXQJJGHUU=HLWXQJHQQ HLQJHEHWWHWWZHUGHQ

,,, 3ROLWLVFKHH(XSKHPLVPHQLQQUXVVLVFKHQQ=HLWXQJHQQ

,PP)ROJHQGHQQZLUGG]XQlFKVWWPLWWGHUUª ©©HLQQ%HLVSLHOOXQNULWLVFKHUUhEHUQDKPHHHXSKHPLVWLVFKHUU )RUPXOLHUXQJHQQGHUU0DFKWKDEHUUYRUJHVWHOOW=XUU,GHQWLIL]LHUXQJJGLHVHUU(XSKHPLVPHQQGLHQWWHLQHHZHLWHUHH =HLWXQJ GLHH ª © ZHOFKHH ZHQLJHUU LPP 9HUGDFKWW VWHKW SROLWLVFKHH 3URSDJDQGDD LQQ LKUHUU %HULFKWHUVWDWWXQJJ]XXYHUVWHFNHQ

,,, ª ©©

'LHHª ©©JLOWW]ZDUUDOVVGHPRNUDWLVFKHH=HLWXQJEOHLEWWMHGRFKKYRQQVWDDWOLFKHUU(LQIOXVVQDKPHHQLFKWW YHUVFKRQW6HLWWJHK|UHQQGHUU$NWLHQDQWHLOHHGHPPVWDDWOLFKHQQ.RQ]HUQQ/8.RLOZHOFKHUUVLFKKLQQ GDVVMRXUQDOLVWLVFKHH7DJHVJHVFKlIWWHLQPLVFKW !% ,PPHUVWHQQ7VFKHWVFKHQLHQNULHJJEWHHGLHH=HLWXQJJVFKDUIHH .ULWLNNDQQGHUUUXVVLVFKHQQ5HJLHUXQJJXQGGLQVEHVRQGHUHHDPP3UlVLGHQWHQQ-HO]LQ !& KHXWHHIlOOWWGLHH.ULWLNNHKHUU YRUVLFKWLJJDXV

/MXEDD7UDXWPDQQ'LHH0HGLHQQLPPUXVVLVFKHQQ7UDQVIRUPDWLRQVSUR]HVVV±±$NWHXURGHU,QVWUXPHQWWGHUVWDDWOLFKHQQ3ROLWLN )UDQNIXUWWW6 9JOHEHQGD6 0HGLHQLQ+ROJHU.X‰H.DWULQQ8QUDWK6FKDUSHQDFNN+UVJ.XOWXUZLVVHQVFKDIWOLFKHH/LQJXLVWLN%HLVSLHOHHDXVVGHU6ODYLVWLN %RFKXPP6±

©© ILQGHQQ VLFKK ]ZDUU UHJLHUXQJVNULWLVFKHH $UWLNHOO EH]JOLFKK GHUU *HLVHOQDKPH GDQHEHQQ ,QQ GHUU ª DEHUUJHQDXVRRHLQHH5HJLHUXQJVHUNOlUXQJJGHVV3UlVLGHQWHQQ3XWLQQLQQYROOHPP:RUWODXWWVRZLHHHLQQ,QWHUYLHZZ

PLWW HLQHPP SDWULRWLVFKHQQ 2IIL]LHU GHUU DPP (LQVDW]] GHUU UXVVLVFKHQQ 6LFKHUKHLWVNUlIWHH ]XUU %HIUHLXQJJ GHUU

*HLVHOQQEHWHLOLJWWZDU'LHVHH$UWLNHOOZHUGHQQLQQGHUUIROJHQGHQQ$QDO\VHHGXUFKKHLQHQQ¾QHXWUDO½½JHKDOWHQHQQ %HULFKWWEHUUGLHHJHlQGHUWHH'RNWULQQ3XWLQVVEH]JOLFKKGHUU$UPHHHHUJlQ]W

,,,D ª

©

$PP 2NWREHUU YHU|IIHQWOLFKWW GLHH ª ©© HLQQ ,QWHUYLHZZ PLWW HLQHPP 0LWJOLHGG GHUU *UXSSHH

ZHOFKHH GLHH 6WUPXQJJ GHVV 7KHDWHUVV GXUFKJHIKUWW KDW 8PP ]XX YHUKLQGHUQ GDVVV ZlKUHQGG GHUU

$NWLRQQGLHH*HLVHOQHKPHUUGDVV)HXHUUDXIIGLHH*HLVHOQQHU|IIQHQZXUGHHHLQQJLIWLJHV JHKHLPPJHKDOWHQHVV*DVVLQVV*HElXGHHJHOHLWHWGDVVGLHH7HUURULVWHQQHLQVFKOlIHUQQVROOWH0LWWGHQQ)HLQGHQQ VLQGGMHGRFKKYRQQGHQQ*HLVHOQQPLWYHUJLIWHWWZRUGHQ'DVVKLQGHUWHHGLHHUXVVLVFKHH 5HJLHUXQJJQLFKWWGDUDQGLHH$NWLRQQDOVVJUR‰HQQ(UIROJJ]XXZHUWHQ$XIIGLHH)UDJHHZHOFKHVV*DVVYHUZHQGHWW ZXUGHDQWZRUWHWWGHUU2IIL]LHU

±±

'LHH VWULNWHH 7UHQQXQJJ QDFKK 6FKODIPLWWHOQQ XQGG *LIWHQ GLHH GHUU 2IIL]LHUU YRUQLPPW LVWW JUXQGVlW]OLFKK LUUHIKUHQGGE]ZIDOVFKGDD6FKODIPLWWHOO*LIWHHVLQGGLHHQXUULQQJHULQJHUU'RVLVVQLFKWWW|GOLFKKZLUNHQ+LHUU ZLOOOGHUU2IIL]LHUUPLWWGHPP:RUWW GLHH$XIPHUNVDPNHLWWGHVV/HVHUVVGDYRQQZHJOHQNHQGDVVVEHLL

GHUU :DKOO GHUU 0LWWHOO P|JOLFKHUZHLVHH PLWW XQDQJHPHVVHQHUU +lUWH QlPOLFKK PLWW EHZXVVWHUU ,QNDXIQDKPHH

KRKHUU2SIHU]DKOHQQYRUJHJDQJHQQZXUGH ZLUNWWLPP.RQWUDVWW]XX XQGG KDUPORVVXQGGVFKOLH‰WWGLHHW|GOLFKHH:LUNXQJJDXV'HUU-RXUQDOLVWWIUDJWWJHQDXHU

:LHGHUUUHGHWWVLFKKGHUU2IIL]LHUUPLWWHLQHPP(XSKHPLVPXVVUDXV

DXIIVHLQHH¾OHLFKW½½YHUJLIWHWHQQ.DPHUDGHQQDXV(UUVDJWGDVVVDOOHH7HUURULVWLQQHQQGXUFKK6FKVVHHJHVWRUEHQQ VLQGHUZlKQWWMHGRFKKQLFKWWGLHHWRWHQQ*HLVHOQ

/HLQIHOOQHUUKDWW5HJHOQQDXIJHVWHOOWQDFKKGHQHQQSROLWLVFKHH(XSKHPLVPHQQJHELOGHWWZHUGHQ]%GXUFKK 9HUZHQGXQJJ YRQQ YDJHQQ XQGG PHKUGHXWLJHQQ $XVGUFNHQQ RGHUU )UHPGZ|UWHUQ !( ,QQ GHUU REHQQ ]LWLHUWHQQ 6WHOOHH HU]HXJWW GHUU 6SUHFKHUU GLHH HXSKHPLVWLVFKHH :LUNXQJJ GXUFKK GDVV $XVODVVHQQ ZLFKWLJHUU ,QIRUPDWLRQHQ "

'HUU *HQHUDOO ZLOOO ]XGHP GDVVV GLHH gIIHQWOLFKNHLWW GLHH 6SH]LDOHLQKHLWW DOVV HQWVFKORVVHQ VWDUNN XQGG SURIHVVLRQHOOODQVLHKWWXQGGEHUJHKWWGHVKDOEEGLHH)UDJHHQDFKKGHQQWRWHQQ*HLVHOQDOVVKlWWHHHVVNHLQHH 2SIHUU JHJHEHQ ,QQ GLHVHPP =XVDPPHQKDQJJ LVWW DXFKK GLHH %H]HLFKQXQJJ IUU GLHH .lPSIHUU

HXSKHPLVWLVFK GDD KLHUU QLFKWW YRQQ NOHLQHQQ -XQJVV GLHH 5HGHH LVW VRQGHUQQ YRQQ %HUXIVNLOOHUQ GLHH GD]XX

DXVJHELOGHWWVLQG0HQVFKHQQRKQHHVFKOHFKWHVV*HZLVVHQQQDWUOLFKKLPP$XIWUDJJYRQQHLQHUUK|KHUHQQ6WHOOH ]XXHUVFKLH‰HQ$XIIGLHH)UDJHREEGLHH6ROGDWHQQNHLQHHYRQQGHQQ*HLVHOQQJHWURIIHQQKDEHQDQWZRUWHWWGHUU *HQHUDO

7HUURULVWHQQZHUGHQQ¾JHW|WHW½*HLVHOQQZHUGHQQ¾JHVWUHLIW½'HUU7RGGHUUGXUFKKGHQQ6SUHFKHUUJHZROOWWLVW ZLUGGPLWWHLQHUUGLUHNWHQQ9RNDEHOOEHQDQQWGHUU7RGIUUGHQQVLFKKGHUU*HQHUDOOUHFKWIHUWLJHQQPVVWHZLUGG

PLWW HLQHPP EHVFK|QLJHQGHQQ :RUWW DXVJHGUFNW LVWW DQQ GLHVHUU 6WHOOHH HLQQ (XSKHPLVPXVV IUU

YHUOHW]HQQ XQGG W|WHQQ JOHLFK]HLWLJ 'DVV :RUWW XQWHUVWUHLFKWW KLHUU GLHH %HVFKW]HUUROOHH GHUU.lPSIHUGLHHVLHH JHJHQEHUUGHQQ*HLVHOQQKDEHQQZROOHQ

'RFKK QLFKWW QXUU GLHH *HLVHOQ VRQGHUQQ DOOHH 5XVVHQQ LQQ 0RVNDXX XQGG 5XVVODQGG PVVHQQ YRUU GHQQ

WVFKHWVFKHQLVFKHQQ 7HUURULVWHQQ EHVFKW]WW ZHUGHQ 'HUU -RXUQDOLVWW IUDJW REE 7VFKHWVFKHQLHQQ QXQQ

¾JHVlXEHUW½½ZLUGª ¾ ½½ "©©'LHH$QIKUXQJV]HLFKHQQXPP ¾VlXEHUQ½½VROOHQQDQGHXWHQGDVVVGHPP,QWHUYLHZHUUGLHHHXSKHPLVWLVFKHH:LUNXQJJGHVV:RUWHVVEHZXVVWWLVW

9JOHEG6

0LWW DVVR]LLHUWWGHUUUXVVLVFKHH/HVHUUGDVVJHZDOWVDPHH9RUJHKHQQGHUUUXVVLVFKHQQ6ROGDWHQQLQQ 7VFKHWVFKHQLHQ GDKHUU ZLUNWW HVV LQQ GLHVHUU 6FKUHLEZHLVHH LURQLVFK 'HPP *HQHUDOO VFKHLQWW GDVV QLFKWW DXI]XIDOOHQ

IUU HLQHH HXSKHPLVWLVFKHH9HUZHQGXQJ'HUU6SUHFKHUUHUOlXWHUWWQLFKWWZHLWHUZDVVGLHVHH¾EUHLWWDQJHOHJWHH 2SHUDWLRQ½½ IUU 7VFKHWVFKHQLHQQ EHGHXWHW DEHUU HUU IlQJWW GHQQ 6DW]] PLWW DQQ XQGG

HUJlQ]WW LPP QlFKVWHQQ 6DW]] GDVV $GMHNWLYY PLOLWlULVFKHQQ $XVGUXFNVV HQWODUYW 'LHVHH 6WHOOHH PDFKWW GHXWOLFK GDVVV GHUU *HQHUDOO VSUDFKOLFKK QLFKWW VHKUU

JHZDQGWW LVW (UU YHUZHQGHWW ]ZDUU GLHH PLOLWlULVFKH LQQ GLHVHPP )DOOO DXFKK HXSKHPLVWLVFKHH 7HUPLQRORJLH

YHUELUJWW MHGRFKK QLFKWW VHLQHH SHUV|QOLFKHH HPRWLRQDOO JHSUlJWHH QHJDWLYHH (LQVWHOOXQJ 6HLQHH :RUWHH GHUU

.DPSIOXVWW YHUPLVFKHQQ VLFKK PLWW GHPP *HEUDXFKK EHUHLWVV JHOlXILJHQQ (XSKHPLVPHQ GLHH DXVV 5HJLHUXQJVHUNOlUXQJHQRIIL]LHOOHQQ$QVSUDFKHQQXQGG'RNXPHQWHQQEHNDQQWWVLQG

D

,,,E

'LHHKLHUU]LWLHUWHH$QNQGLJXQJJGHVV3UlVLGHQWHQQELOGHWWHLQHHEHVWLPPWHH6LFKWWGHUU5HDOLWlWWDEZHOFKHHGLHH 5HJLHUXQJJ QDFKK DX‰HQ GHPP 9RONN XQGG GHPP $XVODQGG JHJHQEHU YHUWULWW 'XUFKK GLHH VWlQGLJHH :LHGHUKROXQJJGHUU6FKOVVHOEHJULIIHHVROOOVLFKKGLHVHH6LFKWWLQQGHQQ.|SIHQQGHUU:lKOHUUPDQLIHVWLHUHQ,QQGHUU 5HJLHUXQJVHUNOlUXQJJYRPP2NWREHUULQQGHUU3XWLQQVLFKK]XXGHUU*HLVHOQDKPHHlX‰HUWZLUGGGHXWOLFK ZLHHNRPSOH[[VHLQHH.RQVWUXNWLRQQGHUU:LUNOLFKNHLWWLVW

3XWLQQ EH]HLFKQHWW GLHH %HIUHLXQJVDNWLRQQ LPP 7KHDWHUU DOVV ¾.DPSII JHJHQQ GHQQ JHPHLQVDPHQQ )HLQG½ XQGG ZHQGHWWVLFKKGDPLWWDQQGLHHLQWHUQDWLRQDOHH*HPHLQVFKDIW0LWWHLQHPP(XSKHPLVPXVVV

YHUUlWWMHGRFKKGHUU3UlVLGHQWGDVVVHUUGLHH7VFKHWVFKHQHQQQLFKWWDOVVZHOWZHLWWRUJDQLVLHUWHH9HUEUHFKHUUHUQVWW QLPPW(UUVDJWGDVVVVLFKKGLHH0HQVFKHQQYRUUGHPPLQWHUQDWLRQDOHQQ7HUURULVPXVV¾QLFKWWLQQ6LFKHUKHLWWIKOHQQ N|QQHQ½ VRODQJHHHUUQLFKWWEHVLHJWWLVW1DFKKGHQQKDUWHQQ$GMHNWLYHQQ

PLWW GHQHQQ HUU GHQQ )HLQGG EH]HLFKQHW EHUUDVFKWW GLHVHH VDQIWHH )RUPXOLHUXQJ DQQ GHUHQQ 6WHOOHH

QLFKWW GLHH 9HUQHLQXQJJ /LWRWHV VRQGHUQQ GLHH SRVLWLYHH $XVVDJHH ¾VLHH PVVHQQ VLFKK SHUPDQHQWW EHGURKWW

IKOHQ½EHVVHUJHSDVVWWKlWWH3XWLQQXPJHKWW

GDPLWW GLHH GLUHNWHH /JH GDVVV VLFKK GLHH JDQ]HH 0HQVFKKHLWW YRUU GHQQ 7VFKHWVFKHQHQQ IUFKWHQQ PXVVV XQGG

HU]HXJWW HLQHH 8QVLFKHUKHLW GLHH MHGHPP 0HQVFKHQQ LQQ VROFKK HLQHUU 6LWXDWLRQQ JHJHQZlUWLJJ LVW 'LHH /LWRWHVV

NDQQQ DOVV (XSKHPLVPXVV YHUZHQGHWW ZHUGHQ GDD GHUU .RPSOHPHQWlUEHUHLFKK GLHVHUU $XVVDJHH QLFKWW LQQ

JOHLFKHUU:HLVHHRIIHQVLFKWOLFKKLVW "! :LHHHVVKlWWHHDXFKKDXVJHGUFNWWZHUGHQQN|QQHQ]HLJWWZLHGHUXPPGDVV ,QWHUYLHZZPLWWGHPPUKHWRULVFKKZHQLJHUUEHJDEWHQQ*HQHUDOZHOFKHUUGHVKDOEEGHUU/LWRWHVVGLHHGLUHNWHHSRVLWLYHH $XVVDJHHYRU]LHKW

'LHH%H]HLFKQXQJJGHUU7VFKHWVFKHQHQQDOVV LVW

GHUU .RPSOHPHQWlUEHUHLFKK YRQQ 3XWLQVV $XVVDJH GLHH MHGRFKK LQQ GLHVHUU )RUPP LQQ NHLQHUU VHLQHUU 5HGHQQ ]XX

K|UHQQLVW$XFKKNRQWUDVWLHUWW DXVV3XWLQVV$QVSUDFKHHPLWWGHUU$QNQGLJXQJJGHVV*HQHUDOV

7HUURULVPXVLQQ5XVVODQGGLQ.RQVHTXHQ]GLH$XVO|VFKXQJJGHV7VFKHWVFKHQLVFKHQQ9RONHVEHGHXWHW(UUVSULFKWW QLFKWWYRPP8UVSUXQJJGHUU%HGURKXQJVRQGHUQQOHGLJOLFKKYRQQHLQHUUDOOJHJHQZlUWLJHQQ*HIDKU

'HUU *HQHUDOO DEHUU ILOWULHUWW DXVV GHQQ :RUWHQQ 3XWLQVV JHQDXX GLHH :DKUKHLW GLHH GHUU 3UlVLGHQWW PLWW VHLQHQQ :RUWHQQ HUVFKDIIHQQ ZROOWH 'DQDFKK VROOHQQ GLHH 0HQVFKHQQ ]ZDUU VHOEVWW HUJlQ]HQQ DEHUU GHQQRFKK GLHH LPP 6LQQHH GHUU 5HJLHUXQJJ ULFKWLJHQQ )HLQGELOGHUU VFKDIIHQ XPP VRR YRQQ LKUHUU 8QVLFKHUKHLWW PRWLYLHUW GDVV 9RUJHKHQQJHJHQQGLHH7VFKHWVFKHQHQQDN]HSWLHUHQQ]XXN|QQHQ

,,,F

1DFKKGHUU*HLVHOQDKPHHRUGQHWW3XWLQQGLHH$XVDUEHLWXQJJHLQHVV.RQ]HSWVV]XUUQDWLRQDOHQQ6LFKHUKHLWWDQGDVV

ZLFKWLJHH bQGHUXQJHQQ IUU GHQQ (LQVDW]] GHUU 6WUHLWNUlIWHH EHLQKDOWHW ,PP .DPSII JHJHQQ GLHH VWHLJHQGHQQ

7HUURUDNWHZHOFKHQQVLFKKGLHHLQWHUQDWLRQDOHH*HPHLQVFKDIWWDXVJHVHW]WWVLHKWWDXVVZHOFKHQQ0RWLYHQQDXFKK

LPPHU ZLOOO 5XVVODQGGVLFKKQXQQDXFKK±±QDFKKGHPP9RUELOGG$PHULNDD±GDVV5HFKWWGHVV3UlYHQWLYVFKODJVV

VLFKHUQ

'HUU $XWRUU GXUFKEULFKWW DQQ HLQHUU 6WHOOHH RIIHQVLFKWOLFKK GHQQ ]LWLHUHQGHQQ &KDUDNWHUU GHVV $UWLNHOVV XQGG GLVWDQ]LHUWW VLFKK PLWW GHPP $XVUXIH]HLFKHQQ YRPP ,QKDOW (VV OLHJWW QDKH GDVVV GHUU $XWRUU GDVV HLJHQWOLFKHH $QVLQQHQQGHUU5HJLHUXQJJHUNHQQWPLWWLKUHUU'HILQLWLRQQGHVV7VFKHWVFKHQLHQ.RQIOLNWHVVGLHHHLQJHVFKODJHQHH

KDUWHH /LQLHH DXFKK LQWHUQDWLRQDOO OHJLWLPLHUWW GXUFKVHW]HQQ ]XX N|QQHQ $QQ HLQHUU ZHLWHUHQQ 6WHOOHH VHW]WW

ª ©©LQQ$QIKUXQJV]HLFKHQQXQGGGHXWHWWGDPLWWDQGDVVVHUUGLHVHQQ(XSKHPLVPXVV

%H]HLFKQXQJQLFKWWMHGRFKKXPPHLQHHQHXHH$UWWYRQQ$QJULIIHQQKDQGHOW

'LHH*HLVHOQDKPHH]LHKWW)ROJHQQIUU7VFKHWVFKHQLHQQQDFKKVLFK

,PP ,QWHUYLHZZ PLWW GHPP *HQHUDOO NRQQWHH PDQQ OHVHQ GDVVV LQQ 7VFKHWVFKHQLHQQ VFKRQQ RKQHH JUR‰HH $QNQGLJXQJHLQHH EHJRQQHQQKDW=XNQIWLJJZLUGGGLHVHVV

VROOHQ(LQHHSROLWLVFKHH/|VXQJJIUU7VFKHWVFKHQLHQQZXUGHHHEHQIDOOVVEHVFKORVVHQ

(VV VFKHLQW DOVV ZlUHH 5XVVODQGG DQQ HLQHUU SROLWLVFKHQQ /|VXQJJ GHVV ODQJZLHULJHQQ .RQIOLNWVV LQWHUHVVLHUW MHGRFKKPDFKWWHVVVWXW]LJGDVVVGDVVUXVVLVFKHH0LOLWlUUMHGHU]HLWWGDVV5HFKWWKDWGLHH+HUVWHOOXQJJGHUU2UGQXQJJ LQQ ]XX GXUFKEUHFKHQ 'LHH KLHUU XQVLQQLJHH

6WHLJHUXQJJYRQQ ]XX YHUGHXWOLFKWGDVVVGHUU*ODXEHHDQQGLHH$QJHPHVVHQKHLWWUXVVLVFKHUU 0LOLWlUHLQVlW]HHLQQ7VFKHWVFKHQLHQQQXUUQRFKKGXUFKKhEHUWUHLEXQJHQQDXIUHFKWHUKDOWHQQZHUGHQQNDQQ

,,, =XVDPPHQIDVVXQJGHU(UNHQQWQLVVHHDXVVGHUUª ©

¾¾'LHH5HJLHUXQJJYHUZHQGHWWV\VWHPDWLVFKK(XSKHPLVPHQXPPLKUU9RUJHKHQQLQQ7VFKHWVFKHQLHQQ]XX

UHFKWIHUWLJHQQ XQGG GDIUU =XVWLPPXQJJ LQQ GHUU %HY|ONHUXQJJ ]XX HUUHLFKHQ 'D]XX ZHUGHQQQ

+DQGOXQJHQQGHUU6WUHLWRGHUU(LQVDW]NUlIWHHHQWZHGHUUEHVRQGHUVVJHOREWWXQGGEHVFK|QLJWWRGHUUGDD ZRRHVVQ|WLJJLVWYHUVFKZLHJHQ ¾¾6HLWWGHPP6HSWHPEHUUEH]HLFKQHWW3XWLQQGLHH7VFKHWVFKHQHQQDOVVZHLWHUHQQ$VWWGHVVLQWHUQDWLRQDOO

RUJDQLVLHUWHQQ 7HUURULVPXV 'LHH (LQEHWWXQJJ LQQ HLQHQQ LQWHUQDWLRQDOHQQ .RQWH[WW IRUPXOLHUWW GHQQ

%LQQHQNRQIOLNWW LQQ HLQQ LQWHUQDWLRQDOO EHGHXWHQGHVV 3UREOHPP XP VRODQJHH GDVV 7VFKHWVFKHQLHQ 3UREOHPPQLFKWWJHO|VWWLVWN|QQHQQVLFKKGLHH0HQVFKHQQLQQGHUUJDQ]HQQ:HOWWQLFKWWVLFKHUUIKOHQ ¾¾'LHH 3OlQHH ]XUU +HUVWHOOXQJJ GHUU 2UGQXQJJ LQQ 7VFKHWVFKHQLHQQ ZHUGHQQ HEHQIDOOVV PLWW +LOIHH YRQQ (XSKHPLVPHQQIRUPXOLHUW+LHUUVWHOOWWVLFKKGLHH)UDJHREE3XWLQQGHQQ:LOOHQQ]XPP(LQVDW]]SROLWLVFKHUU ,QVWUXPHQWHH]XUU/|VXQJJGHUU.ULVHHQXUUYRUWlXVFKW

,,, ª ©©

'LHH ª © GLHH YRUU -DKUHQQ JHJUQGHWW ZXUGH EHULFKWHWW HKHUU UHJLHUXQJVNULWLVFKK XQGG ZLUGG KlXILJJVRJDUULQQOLQNVOLEHUDOHQQZHVWOLFKHQQ0HGLHQQZLHHGHUU7$==]LWLHUW 'LHH =HLWXQJJ VFKOlJWW LQQ LKUHUU %HULFKWHUVWDWWXQJJ ]XUU *HLVHOQQDKPHH GXUFKK GLHH WVFKHWVFKHQLVFKHQQ 7HUURULVWHQQJHJHQEHUUGHUU5HJLHUXQJJHLQHQQVHKUUYRUZXUIVYROOHQQ7RQQDQQXQGGYHUXUWHLOWWGDVV(UHLJQLVVDOVV VHOEVWYHUVFKXOGHWHH7UDJ|GLH 'LHH*HLVHOQDKPHHZLUGGDOVV5DFKHDNWWIUUGDVV/HLGGLQWHUSUHWLHUWZHOFKHVVGDVV9RONNGXUFKKGLHHSHUPDQHQWHQQ

UXVVLVFKHQQ $QJULIIHH LQQ 7VFKHWVFKHQLHQQ HUOHEHQQ PXVVV XQGG DOVV ORJLVFKHUU 6FKULWWW GHUU 7VFKHWVFKHQHQQ

JHZHUWHW'LHVHUU*UXQGWRQQ]LHKWWVLFKKLQQGHUUª ©©GXUFKKDOOHH$UWLNHOO]XXGLHVHPP7KHPD

,,,D

ZHOFKHUU GLHH 3RVLWLRQQ GHUU 3DUWHLL YHUWULWW NULWLVLHUWW LQGLUHNWW GDVV ]XUU 6FKDXX JHVWHOOWHH

(UIROJVJHIKOOGHUUUXVVLVFKHQQ5HJLHUXQJ ±±

+LHUU ZHLVWW HUU GDUDXII KLQ GDVVV GHUU (UIROJJ RGHUU0LVVHUIROJJGHUU%HIUHLXQJVDNWLRQQHUVWWLPP/DXIHHGHUU=HLWW

EHXUWHLOWW ZHUGHQQ NDQQ 'DPLWW GHXWHWW HUU DQ GDVVV HLQHH /|VXQJJ P|JOLFKHUZHLVHH DXFKK DXII GHPP

9HUKDQGOXQJVZHJJ P|JOLFKK JHZHVHQQ ZlUH 'LHVHU )UDJHH QDFKK HLQHPP DOWHUQDWLYHQQ :HJJ XQGG GHUU 5LFKWLJNHLWWGHUU(QWVFKHLGXQJJZLGPHW ]ZHLL'ULWWHOOVHLQHVV$UWLNHOV

9HUPXWOLFKK VLHKWW HUU LQQ GHUU 'LVNXVVLRQQ EHUU HLQHH VROFKK EHGHXWXQJVYROOHH (QWVFKHLGXQJJ GLHH 0|JOLFKNHLW

VHLQHH 3DUWHLLJHJHQEHUUGHUU5HJLHUXQJJDE]XJUHQ]HQQXQGGJOHLFK]HLWLJJHLQHH/|VXQJJYRU]XVFKODJHQGLHH

DXIIHLQHQQ.RQVHQVV]ZLVFKHQQ5XVVHQQXQGG7VFKHWVFKHQHQQ]LHOW,PPOHW]WHQQ'ULWWHOOVFKOLH‰OLFKKNULWLVLHUWWHUU RIIHQQGLHHNDWDVWURSKDOHHPHGL]LQLVFKHH9HUVRUJXQJJGHUU*HLVHOQ

GUlQJWWDXIIHLQHHSROLWLVFKHH/|VXQJJGHVV.RQIOLNWVVXQGGEHVFKUHLEWWGD]XXHLQHQQ6ROO=XVWDQGGHUU

LQQGHUU5HDOLWlWWQLFKWWDQ]XWUHIIHQQLVW(UUYHUXUWHLOWWGLHH5HJLHUXQJJMHGRFKKQLFKWWGLUHNW$XFKKIRUGHUWWHUUHLQHH SROLWLVFKHH/|VXQJJQLFKWWWEHLLGHUU5HJLHUXQJJHLQ

'HUU$XWRUUQHQQWW]ZDUUGLHHVFKOLPPHQQ=XVWlQGHHLQQ7VFKHWVFKHQLHQQEHLPP:RUWEHQHQQWWMHGRFKKQLFKWWGLHH 9HUDQWZRUWOLFKHQ2EZRKOOHUUHLQHH2SSRVLWLRQVSDUWHLLUHSUlVHQWLHUWNDQQQVHLQHH=XUFNKDOWXQJJDXIJUXQGG GHVVUHSUHVVLYHQQ&KDUDNWHUVVGHUU5HJLHUXQJVSROLWLNNDOVVRSSRUWXQQDQJHVHKHQQZHUGHQ

,,,E ª,QGHSHQGHQW©

'LHH ª ©YHU|IIHQWOLFKWW GLHH JHNU]WHH hEHUVHW]XQJJ HLQHVV $UWLNHOVV GHVV -RXUQDOLVWHQQ

QDFKK GHPP RIIL]LHOOHQQ (QGHH GHVV ]ZHLWHQQ 7VFKHWVFKHQLHQ.ULHJHVV GLHH .DPSIHLQVlW]HH VHLWHQVV GHVV

UXVVLVFKHQQ0LOLWlUVVPLWWXQYHUPLQGHUWHUU+lUWHHZHLWHUJLQJHQ

'LHH QLFKWVV EHVFK|QLJHQGHQQ )RUPXOLHUXQJHQQ GHVV $XWRUVV HUP|JOLFKHQQ GLHH ,GHQWLIL]LHUXQJJ YRQQ

(QWVSUHFKHQGGN|QQHQQGLHHVRRJHQDQQWHQQQHXHQQ3OlQHH]XUU+HUVWHOOXQJJGHUU6LFKHUKHLWWLQQ7VFKHWVFKHQLHQQ DOVV9HUVFKOHLHUXQJJZHLWHUHUUEUXWDOHUUUXVVLVFKHUU0LOLWlUHLQVlW]HHEHXUWHLOWWZHUGHQ

$XFKKGLHH5KHWRULNNGHUUUXVVLVFKHQQ5HJLHUXQJGLHH*HLVHOQHKPHUUPLWWGHUULQWHUQDWLRQDOHQQ7HUURUJUXSSHH$O 4DLGDDJOHLFK]XVHW]HQZLUGGYRPP$XWRUU]XUFNJHZLHVHQ ¾ ½½

)UU LKQQ LVWW HVV YLHOPHKUU GLHH *UDXVDPNHLWW XQGG .RUUXPSLHUEDUNHLWW GHVV UXVVLVFKHQQ 0LOLWlUV GLHH GLHH 7VFKHWVFKHQHQQGD]XXEHZHJWWKDWGDVV7KHDWHUU]XXEHVHW]HQ6RRVHLLGDVV=LHOOGHUU YRUUDOOHPP JHZHVHQGHQQQRFKKDQGDXHUQGHQQ.RQIOLNWWLQVV%HZXVVWVHLQQGHUU*HVHOOVFKDIWW]XUFN]XUXIHQ'HUU$XWRUU ZLUIWW3XWLQQIHKOHQGHH(LQVLFKWWLQQGLHH(QWZLFNOXQJJGHVV.RQIOLNWVVYRU

'HUU6HSWHPEHUUZDUUHLQHHJXWHH*HOHJHQKHLWWIUU3XWLQGHQQ7VFKHWVFKHQLHQ.RQIOLNWWLQQHLQHQQDQGHUHQQ .RQWH[WW ]XX VHW]HQQ XQGG GLHH /|VXQJJ GHVV 3UREOHPVV LQQ HLQHH IHUQHUHH =XNXQIWW ]XX YHUVFKLHEHQQ 'HUU $XWRUU EH]HLFKQHWW HVV GDKHUU DOVV EHZXVVWHH SROLWLVFKHH 6WUDWHJLH GLHH 7VFKHWVFKHQHQQ DOVV HLQHQQ $VWW GHVV LQWHUQDWLRQDOHQQ7HUURULVPXVV]XXEUDQGPDUNHQ 'HQQQ GDGXUFKK HUKlOWW 3XWLQQ GLHH 0|JOLFKNHLW GLHH 0LOLWlUGRNWULQQ VRR ]XX YHUlQGHUQ GDVVV LQQ =XNXQIWW 3UlYHQWLYVFKOlJHH P|JOLFKK VLQG 1DFKK GHUU *HLVHOQDKPHH EHVFKOLH‰WW 3XWLQQ NRQVHTXHQWHUZHLVH IUU 2UGQXQJJLQQ7VFKHWVFKHQLHQQ]XXVRUJHQZRPLWWHLJHQWOLFKKQXUUZHLWHUHH0LOLWlUVFKOlJHHJHPHLQWWVHLQQN|QQHQ 'DVVEHVWHKHQGHH3UREOHPPGHUU.RUUXSWLRQQUXVVLVFKHUU6ROGDWHQQZLUGGYRQQGHQQ0DFKWKDEHUQQGDJHJHQQJODWWW

YHUVFKZLHJHQQ XQGG ZDKUVFKHLQOLFKK DXFKK QLFKWW DQJHJDQJHQ REZRKOO GLHVHQQ 8PVWDQGG DOVV

KDXSWYHUDQWZRUWOLFKKIUUGDVV=XVWDQGHNRPPHQQGHUU*HLVHOQDKPHHDQVLHKW ,QNRPSHWHQ]]]SDVVWWQLFKWWLQQGDVV.RQ]HSWWHLQHUUVWDUNHQQUXVVLVFKHQQ$UPHH

,,, (UJHEQLVVHHDXVVGHUUª ©©

¾¾'LHH $XWRUHQQ GLVWDQ]LHUHQQ VLFKK YRQQ )RUPXOLHUXQJHQ GLHH 7VFKHWVFKHQHQQ HLQHPP WHUURULVWLVFKHQQ 1HW]ZHUNN ]XRUGQHQQ XQGG VHKHQQ GLHH *HLVHOQDKPHH DOVV )ROJHH GHUU 2NNXSDWLRQQ 7VFKHWVFKHQLHQVV GXUFKKGDVVUXVVLVFKHH0LOLWlUUXQGGHLQHVVNRUUXSWHQQ6LFKHUKHLWVV\VWHPV ¾¾,QQ GHUU UHJLHUXQJVNULWLVFKHQQ =HLWXQJJ ZHUGHQQ GLHH (XSKHPLVPHQQ GHUU UXVVLVFKHQQ 5HJLHUXQJJ LJQRULHUWWRGHUUEOR‰JHVWHOOWGDDGLHH+DQGOXQJHQQGHVV0LOLWlUVVRIIHQQNULWLVLHUWWXQGG)HKOHUGLHHGHPP 0LOLWlUUEHLL(LQVlW]HQQXQWHUODXIHQQVLQGGLUHNWWEHQDQQWWZHUGHQ ¾¾$OOHUGLQJVV ]HLJWW VLFK GDVVV DXFKK GLHH .ULWLNHUU GHUU UXVVLVFKHQQ 5HJLHUXQJJ DXVV YHUVFKLHGHQHQQ 3RVLWLRQHQQ VSUHFKHQ=XPPHLQHQQGHUUUXVVLVFKHH2SSRVLWLRQVSROLWLNHUGHUUGLHH6FKXOG]XZHLVXQJJ

DQQ GLHH 5HJLHUXQJJ QLFKWW RIIHQQ DXVVSULFKW ]XPP DQGHUHQQ GHUU DX‰HQQ VWHKHQGHH DXVOlQGLVFKHH

%HREDFKWHUGHUUNODUUGLHH9HUDQWZRUWXQJVORVLJNHLWWGHUU0DFKWKDEHUUDQSUDQJHUW

,9 6FKOXVVIROJHUXQJJ

(XSKHPLVPHQQGLHQHQQJUXQGVlW]OLFKKGD]X,QWHUHVVHQQJHOHLWHWWGLHH:LUNOLFKNHLWW]XXEHVFK|QLJHQHLJHQHH )HKOHUU]XXYHUKOOHQQXQGGEHVWLPPWHHSRVLWLYHH$VSHNWHHHLQHUU6DFKHHKHUYRU]XKHEHQ 0LWW GHUU 9HUZHQGXQJJ YRQQ (XSKHPLVPHQQ HU]HXJWW 3XWLQQ V\VWHPDWLVFKK HLQHH DQGHUHH :LUNOLFKNHLWW GHVV 7VFKHWVFKHQLHQ.RQIOLNWV 6RR ZHUGHQQ GLHH 7VFKHWVFKHQHQQ IlOVFKOLFKHUZHLVHH DOVV HLQHH %HZHJXQJJ GHVV

LQWHUQDWLRQDOO RUJDQLVLHUWHQQ 7HUURULVPXVV VWLJPDWLVLHUW 'HVV :HLWHUHQQ ZHUGHQQ EUXWDOHH 0LOLWlUVFKOlJHH DOVV

QRWZHQGLJHHRUGQXQJVSROLWLVFKHH0D‰QDKPHQQYHUNDXIW $OVV0RWLYDWLRQQIUUGLHH9HUZHQGXQJJYRQQ(XSKHPLVPHQQGLHQWW]XQlFKVWWGLHH(U]HXJXQJJYRQQ$N]HSWDQ]]IUU 3XWLQVV 3ROLWLNN LQQ GHUU HLJHQHQQ %HY|ONHUXQJ 'DUEHUU KLQDXVVVLHKWWVLFKK5XVVODQGGPLWWGHUUgIIQXQJJQDFKK :HVWHQQ GHUU 1RWZHQGLJNHLWW DXVJHVHW]W PHQVFKHQUHFKWVYHUOHW]HQGHVV 9RUJHKHQQ ]XX HUNOlUHQQ XQGG LPP $XVODQGG ]XX UHFKWIHUWLJHQ (XSKHPLVPHQQ ZHUGHQQ YRUU GLHVHPP +LQWHUJUXQGG ]XX HLQHPP ]ZLQJHQGHQQ ,QVWUXPHQWWGHUUSROLWLVFKHQQ6SUDFKHHGHU]HLWLJHUUUXVVLVFKHUU0DFKWWUlJHU 'LHH $UEHLWW NRQQWHH QDFKZHLVHQ GDVVV GLHH UXVVLVFKHQQ 0HGLHQQ LQQ $EKlQJLJNHLWW YRQQ LKUHUU SROLWLVFKHQQ 6WHOOXQJJ GLHVHH (XSKHPLVPHQQ PHKUU ª © RGHUU ZHQLJHUU ª © WHLOHQQ E]Z EHUQHKPHQ

9 4XHOOHQXQGG/LWHUDWXUYHU]HLFKQLV

4XHOOHQ

/LWHUDWXU

%DUDQRY$QDWROLMM10HWDIRU\\YYSROLWLþHVNRPPGLVNXUVH-D]\NRY\HHPDUNHU\\NUL]LVQRVWLLSROLWLþHVNRMMM VLWXDFLLLQ/HZZ1=\EDWRYY+UVJ6SUDFKZDQGHOOLQQGHUU6ODYLD'LHHVODYLVFKHQQ6SUDFKHQQDQQ GHUU6FKZHOOHH]XPP-DKUKXQGHUW)UDQNIXUWWD06 %HUJVGRUI:ROIJDQJ+HUUVFKDIWWXQGG6SUDFKH6WXGLHQQ]XUUSROLWLVFKHQQ7HUPLQRORJLHHGHUU%XQGHVUHSXEOLNNN 'HXWVFKODQG3IXOOLQJHQQ %XVFKPDQQ0DWWKLDV=XUUPLOLWlULVFKHQQ2QRPDVWLNNXQGG7HUPLQRORJLHLQ0XWWHUVSUDFKHH 'DQQLQJHU(OLVDEHWK7DEXEHUHLFKHHXQGG(XSKHPLVPHQLQ:HUQHUU:DOWHH+UVJ6SUDFKWKHRULHHXQGGG DQJHZDQGWHH/LQJXLVWLN)HVWVFKULIWWIUU$OIUHGG:ROOPDQQ7ELQJHQQ 'LHFNPDQQ:DOWKHU6SUDFKHHLQQGHUU3ROLWLN(LQIKUXQJJLQQGLHH3UDJPDWLNNXQGG6HPDQWLNNGHUUSROLWLVFKHQQQ 6SUDFKH+HLGHOEHUJJ 'RQDWK.ODXV+HOJH5XVVODQGVVKHLPOLFKHH+HOGHQLQ'LHH7DJHV]HLWXQJ0lU]]] +DUUDV*LVHOD(XSKHPLVPXVLQ*HUKDUGG6WUDXVVV+UVJ%ULVDQWHH:|UWHUUYRQQ$JLWDWLRQQELVV=HLWJHLVW HLQQ/H[LNRQQ]XPP|IIHQWOLFKHQQ6SUDFKJHEUDXFK%HUOLQQ /HLQIHOOQHU(OLVDEHWK'HUU(XSKHPLVPXVVLQQGHUUSROLWLVFKHQQ6SUDFKH%HUOLQQ6 /XFKWHQEHUJ6LJULG8QWHUVXFKXQJJ]XX(XSKHPLVPHQQLQQGHUUGHXWVFKHQQ*HJHQZDUWVVSUDFKH%RQQQ /XQGHQEHUJ.DWKDULQDª ±± ©©'HUUHUVWHH7VFKHWVFKHQLHQNULHJJLQQQ UXVVLVFKHQQ0HGLHQLQ+ROJHUU.X‰H.DWULQQ8QUDWK6FKDUSHQDFNN+J.XOWXUZLVVHQVFKDIWOLFKHH /LQJXLVWLN%HLVSLHOHHDXVVGHUU6ODYLVWLN%RFKXPP6± 5XG]LR:ROIJDQJ'DVVSROLWLVFKHH6\VWHPPGHUU%XQGHVUHSXEOLNN'HXWVFKODQG$XIODJH2SODGHQQ 6WUDXVV*HUKDUGG+UVJ%ULVDQWHH:|UWHUUYRQQ$JLWDWLRQQELVV=HLWJHLVWHLQQ/H[LNRQQ]XPP|IIHQWOLFKHQQQ 6SUDFKJHEUDXFK%HUOLQQ 7UDXWPDQQ/MXED'LHH0HGLHQQLPPUXVVLVFKHQQ7UDQVIRUPDWLRQVSUR]HVVV±±$NWHXUURGHUU,QVWUXPHQWWGHUUU VWDDWOLFKHQQ3ROLWLN)UDQNIXUWWW :HEHU0D[3ROLWLNNDOVV%HUXI6WXWWJDUWW(UVWDXVJDEHH