,QKDOWVYHU]HLFKQLVV 6HLWH (LQOHLWXQJ 'HILQLWLRQ%LRQLN

'DVV$XWRR±±3UREOHPGHVV-DKUKXQGHUWVV *OREDOHH(UZlUPXQJ /XIWYHUVFKPXW]XQJ 0DQJHOQGH6LFKHUKHLWW 'HUU.RIIHUILVFKKDOVV9RUELOGG $HURG\QDPLN 6WDELOLWlW .UDIWVWRIIYHUEUDXFK

:HLWHUHHWHFKQLVFKHHXQGGVWLOLVWLVFKHH%HVRQGHUKHLWHQQ

)D]LW

4XHOOHQYHU]HLFKQLVV $QKDQJ

(LQOHLWXQJJ

Ä0LWW GHPP $XWRR KDWW VLFKK GHUU 7UDXPP GHUU 0HQVFKHQQ YRQQ HLQHPP VHOEVWIDKUHQGHQQ )DKU]HXJ YHUZLUNOLFKW³ 0LWWGHPP$XWRRNDQQQPDQQ]XMHGHUU=HLWWEHUDOOOKLQNRPPHQQXQGGLVWWVRPLWWLQ JHZLVVHUU :HLVHH XQDEKlQJLJ YRQQ =HLWW XQGG 5DXP ,Q GHUU %LEHOO VWHKW Ä1HKPWW GLHH (UGHH LQ %HVLW]³ 0LWW GHUU (UILQGXQJ GHVV $XWRPRELOVV HUIOOWW GHUU 0HQVFKK WHLOZHLVHH GLHVHQQ $XIWUDJ $EHUU ZLU VROOHQQ GLHH (UGH DXFK EHZDKUHQ VLHH YRUU 6FKDGHQQ VFKW]HQQ XQG DOVV *RWWHVV JXWHH 6FK|SIXQJHUKDOWHQ

'DVV $XWR YHUXUVDFKW DEHUU GXUFKK VHLQHH VFKZHUHQQ %HODVWXQJHQQ LQQ GHU 8PZHOW JUR‰H 3UREOHPH 'DKHU ZLOOO PDQQ GDVV $XWRPRELOO DPP OLHEVWHQQ ZLHGHU DEVFKDIIHQ RGHU GHQQ *HEUDXFKKVWDUNNHLQVFKUlQNHQ'RFKKRKQHHGDVV$XWRRNDQQQPDQQVLFKKGDVV/HEHQQGHUU0HQVFKHQQ QLFKWW PHKUU YRUVWHOOHQ 'DVV $XWRR ZLUGG HVV GDKHU LPPHU LQQ LUJHQGHLQHU )RUPP ZHLWHU JHEHQ 'HVKDOEEEHPKWWPDQVLFKKGDVV$XWRRVRR]XNRQVWUXLHUHQQXQGG]XEDXHQZHOFKHVVGLHH8PZHOW P|JOLFKVWW ZHQLJ EHODVWHW 'LHH (UKDOWXQJ XQGG *HZlKUOHLVWXQJ HLQHU LQWDNWHQQ 8PZHOWW LVWW JUXQGVlW]OLFKK GLHH 9RUUDXVVHW]XQJ IUU HLQQ PHQVFKHQZUGLJHVV 'DVHLQQ XQGG LQQ GHUU KHXWLJHQQ =HLWWHLQHVVGHUUJU|‰WHQQ3UREOHPHHGHUU:HOW

'LHH/|VXQJHQQVROFKHUU3UREOHPHHZHUGHQQVHLWWGHPP-DKUKXQGHUWWLQQGHUU%LRORJLHHJHVXFKW 'LHH%LRQLNNLVWWQRFKKHLQQMXQJHVVXQGGLQWHUGLV]LSOLQlUHVV)RUVFKXQJVJHELHWW]ZLVFKHQQ%LRORJLH ,QJHQHXUZLVVHQVFKDIWHQGHUU$UFKLWHNWXUUXQGGGHUU0DWKHPDWLN'RUWWZHUGHQQ3ULQ]LSLHQQYRQ ELRORJLVFKHQQ 0RGHOOV\VWHPHQQ DEVWUDKLHUW ZHOFKHH GDQQQ DOVV ,GHHQYRUODJH IUU WHFKQLVFKHH 3UREOHPO|VXQJHQQ GLHQHQ N|QQHQ +DLILVFKKDXW /RWXVEOXPHH RGHUU 'HOSKLQVFKQDX]HH ±± GLH 1DWXUUKDWWXQJODXEOLFKYLHOHH.RQVWUXNWLRQVSOlQHEHUHLWZHOFKHYRQQGHU%LRQLNNHQWVFKOVVHOWW XQGGIUUWHFKQLVFKHH(QWZLFNOXQJHQQQXW]EDUUJHPDFKWWZHUGHQ,QQGHQQWURSLVFKHQQ*HZlVVHUQ ZXUGHQQ 0HUFHGHV ,QJHQHXUHH QXQQ IQGLJ 6LHH VXFKWHQQ HLQQ 9RUELOGG LQQ GHUU 1DWXU ZHOFKHVV QLFKWW QXUU LPP 'HWDLO VRQGHUQQ LQQ VHLQHUU NRPSOHWWHQQ )RUPP XQGG 6WUXNWXUU GHQQ 9RUVWHOOXQJHQ YRQQHLQHPPPRGHUQHQQ$XWRPRELOOYRU]HLJWGHUU.RIIHUILVFK

0LFKK KDW ]XQlFKVW GLH )UDJHH LQWHUHVVLHUW ZDVV PDQQ EHUKDXSW XQWHU Ä%LRQLN³³ YHUVWHKW ZHOFKHH8PZHOWSUREOHPHGDVV$XWRRHLJHQWOLFKKYHUXUVDFKWWXQGGZHOFKH(LJHQVFKDIWHQQGLHVHUU .RIIHUILVFKKXQGGGDVVXPJHVHW]WHH$XWRREHVLW]HQ

0LVGRUI+DQV'DLPOHUUXQG%HQ]]EDXHQGDV$XWR85/KWWSZZZGHUZHJRUJSHUVRQHQ ZLUWVFKDIWGDLPOHUXEHQ]KWPO>6WDQG@@

'HILQLWLRQQ%LRQLN

'LHH %LRQLNN LVWW HLQQ LQWHUGLV]LSOLQlUHUU %HUHLFK LQGHPP 1DWXUZLVVHQVFKDIWOHUU XQGG ,QJHQHXUHH VRZLHHDXFKK9HUWUHWHUDQGHUHU'LV]LSOLQHQQZLHHHWZDD$UFKLWHNWHQ3KLORVRSKHQQXQGG'HVLJQHU ]XVDPPHQDUEHLWHQ'LHVHH1DWXUZLVVHQVFKDIWWEHVFKlIWLJWWVLFKKPLWWGHUU(QWVFKOVVHOXQJJYRQ Ä(UILQGXQJHQQ GHUU EHOHEWHQQ 1DWXU³³ XQGG LKUHUU LQQRYDWLYHQQ 8PVHW]XQJ LQQ GLHH 7HFKQLN $XIJUXQGGQHXHUUXQGGYHUEHVVHUWHU0HWKRGHQZLH]%GXUFKK5HFKQHUOHLVWXQJHQWZLFNHOWH VLFKKGLH%LRQLNNLQGHQOHW]WHQQ-DKU]HKQWHQQ]XXHLQHUUHWDEOLHUWHQ:LVVHQVFKDIWVGLV]LSOLQ'HUU HQJOLVFKHH %HJULII ÄELRQLFV³³ ZXUGHH HUVWPDOV YRPP DPHULNDQLVFKHQQ /XIWZDIIHQPDMRUU -DFNN56WHHOHHDXIIHLQHPP.RQJUHVVVLQQGHUU:ULJKW3DWWHUVRQQ$LUU)RUFHH%DVHLQQ'D\WRQ2KLRR YHUZHQGHW %LRQLNNLVWWHLQQGHXWVFKHVV.RIIHUZRUWWXQGGVHW]WWVLFKKDXVV%LRORJLHHXQGG7HFKQLNN ]XVDPPHQ'RUWWZHUGHQ3ULQ]LSLHQQYRQQELRORJLVFKHQQ0RGHOOV\VWHPHQDEVWUDKLHUWZHOFKH GDQQQ DOVV ,GHHQYRUODJH IUU WHFKQLVFKHH 3UREOHPO|VXQJHQ GLHQHQQ N|QQHQ 'LHVHH +HUDQJHKHQVZHLVHH ZLUG DXFKK GDGXUFKK EHJUQGHW GDVVV LP /DXIH GHUU (YROXWLRQQ YLHOH ELRORJLVFKHH /|VXQJHQQ RSWLPLHUWW ZXUGHQ *UXQGVlW]OLFKK NDQQQ PDQQ DOVRR VDJHQ GDVVV GLHH %LRQLNNHLQQV\VWHPDWLVFKHV/HUQHQYRQQGHUU1DWXUULVW'LHH9RUDQJHKHQVZHLVHNDQQQKlXILJDOVV HLQHH UHLQHH $QDORJLHQVXFKHH EH]HLFKQHWW ZHUGHQ =XVlW]OLFKK N|QQHQQ GXUFKK *UXQGODJHQIRUVFKXQJ JH]LHOWHH 6WUXNWXU XQGG 2UJDQLVDWLRQVSULQ]LSLHQQ EHVFKULHEHQQ ZHUGHQ XQGGVRPLWWEHLLGHUUhEHUWUDJXQJLQQGLHH7HFKQLNNKHOIHQ

'HUU KLVWRULVFK EHNDQQWHVWHUU %HJUQGHUU GHUU %LRQLNN ZDU /HRQDUGRR GD 9LQFL ZHOFKHUU EHLVSLHOVZHLVHHLQQVHLQHP0DQXVNULSWWÄhEHUUGHQQ9RJHOIOXJ³GHQQ9RJHOIOXJDQDO\VLHUWHHXQGG YHUVXFKWHVHLQH(UNHQQWQLVVHHDXI)OXJPDVFKLQHQQ]XXEHUWUDJHQ

'DVV$XWRR±±3UREOHPGHVV-DKUKXQGHUWVV

Ä'DVV$XWRRLVWWKHXWHH3UHVWLJHREMHNW:LUWVFKDIWVIDNWRUUXQGG9HUNHKUVPLWWHOO]XJOHLFK³ +HXWHH EHQ|WLJWW MHGHU 0HQVFKK HLQ $XWR ZHQQQ VHLQQ $UEHLWVSODW] YRQQ VHLQHPP :RKQRUWW HQWIHUQWW OLHJW XQGG HVV NHLQHH 9HUELQGXQJHQQ PLWW |IIHQWOLFKHQQ 9HUNHKUVPLWWHOQQ JLEW 'DVV $XWRPRELOOLVWWHLQHUVHLWVVDOVV7UDQVSRUWPLWWHOOXQGG)DKU]HXJJQRWZHQGLJDQGHUHUVHLWVVDXFKKIUU XQVHUHH:LUWVFKDIW'RFKKZRRHVV9RUWHLOHJLEWVLQGGDXFK1DFKWHLOH

(LQHVV GHUU JU|‰WHQQ 1DFKWHLOHH LVWW GLHH PDVVLYH 8PZHOWEHODVWXQJ 1HEHQQ 5HLIHQDEULHEE XQGG /lUPPHQWVWHKHQQYRUUDOOHPP$EJDVHZHOFKHHLQQ]ZHLHUOHLL+LQVLFKWWVFKlGOLFKKVLQG'LHVHVLQG QLFKWW QXUU JLIWLJH 6WRIIH ZHOFKHH GHQQ 2UJDQLVPXVV VFKDGHQ VRQGHUQ N|QQHQQ DXFK

^{1DFKWLJDOO:HUQHUU%LRQLN/HUQHQYRQGHUU1DWXU6 >8QEHNDQQWHUU$XWRU@%LRQLN85/KWWSGHZLNLSHGLDRUJZLNL%LRQLN>6WDQG@} 5XHKO6DVFKDD'DV$XWR3UREOHPHXQG/|VXQJHQ85/ KWWSZZZKDXVDUEHLWHQGHIDHFKHUYRUVFKDXKWPO>6WDQG@@

DQVFKHLQHQG GDVV (UGNOLPDD PDVVLYY YHUlQGHUQ .OLPDD XQGG 9HUNHKUU LVWW LQQ XQVHUHU KHXWLJHQQ =HLWWGDKHUHLQQYLHOIDFKGLVNXWLHUWHV7KHPDLPP%HUHLFKGHU8PZHOWSROLWLN

*OREDOHH(UZlUPXQJJ

$OVV JOREDOHH (UZlUPXQJJ EH]HLFKQHWW PDQQ GHQQ $QVWLHJ GHUU 'XUFKVFKQLWWVWHPSHUDWXUU GHUU $WPRVSKlUHHXQGGGHUU0HHUHHLQQGHQQYHUJDQJHQHQQ-DKU]HKQWHQ ,P =HLWUDXPP YRQQ XQGG KDWW VLFKK GLHH /XIWWHPSHUDWXU LQQ %RGHQQlKH GXUFKVFKQLWWOLFKK XPP XQJHIlKUU ƒ&& HUK|KW 'LHH ZlUPVWHQQ MHH JHPHVVHQHQQ -DKUHH ZDUHQQ YRQQ ELVV ]X YHU]HLFKQHQ $XV 6LFKWW GHUU :LVVHQVFKDIWOHUU LVWW IUU GLHVHH JOREDOHH (UZlUPXQJVHKUUZDKUVFKHLQOLFKHGLHH9HUVWlUNXQJGHVVQDWUOLFKHQQ7UHLEKDXVHIIHNWHVVGXUFK PHQVFKOLFKH(LQIOVVHYHUDQWZRUWOLFK

'LHHYRUDXVVLFKWOLFKH(UZlUPXQJJHLQHVV3ODQHWHQGXUFKK7UHLEKDXVJDVHXQGG:DVVHUGDPSIILQQ GHUU$WPRVSKlUHHZLUGGDOV7UHLEKDXVHIIHNWWEH]HLFKQHW'LHH)XQNWLRQQGHUU7UHLEKDXVJDVHXQGG YRQQ:DVVHUGDPSILVWWLQQ GLHVHPP)DOOOGLHHYHUPHKUWHH5HIOH[LRQQGHUU:lUPHVWUDKOXQJJDQQGHUU $WPRVSKlUH

'HUUQDWUOLFKHH7UHLEKDXVHIIHNWHQWVWHKWIROJHQGHUPD‰HQ

x 'LHH6RQQHHHQWVHQGHWWNXU]ZHOOLJHH6WUDKOXQJDXIIGLHH(UGH6FKRQQHLQQ7HLOOGLHVHUU 6WUDKOXQJZLUGGEHLP$XIWUHWHQQDXIIGHUUlX‰HUVWHQQ$WPRVSKlUHHUHIOHNWLHUW x 'HUUJU|‰WHH7HLOGLHVHUU6RQQHQVWUDKOXQJJHODQJWMHGRFKKDXIIGLHH(UGREHUIOlFKH x ,Q GHU (UGREHUIOlFKH ZLUG GLHVH NXU]ZHOOLJHH 6WUDKOXQJ LQQ ,QIUDURWVWUDKOHQQ XPJHZDQGHOWZHOFKHHZLHGHUXPUHIOHNWLHUWZHUGHQ

x (LQQJHZLVVHU7HLOOGLHVHU,QIUDURWVWUDKOXQJ GULQJWGXUFKKGLH$WPRVSKlUHHZLHGHUU

+lWWH GLH (UGH NHLQH $WPRVSKlUH PLWW HLQHPP VROFKHQQ QDWUOLFKHQQ 7UHLEKDXVHIIHNW ZUGH GLHH 2EHUIOlFKHQWHPHSHUDWXUU HWZD ƒ& EHWUDJHQ 'DD DEHUU GLHVHUU YRUKDQGHQQ LVW EHWUlJW GLHVHKHXWHGXUFKVFKQLWWOLFKKFDƒ&

^{6LHKH$QKDQJ$EE7HPSHUDWXUYHUlQGHUXQJHQGHUUOHW]WHQ-DKUHH} :lUPHVWUDKOXQJJ

,Q XQVHUHUU KHXWLJHQQ =HLW NRPPW HVV DEHU DXI GHUU (UGH GXUFKK GDVV 9HUEUHQQHQQ IRVVLOHU %UHQQVWRIIH GXUFKK ZHOWZHLWHH (QGZDOGXQJ VRZLHH /DQG XQGG 9LHKZLUWVFKDIWW ]XP YHUPHKUWHQQ$XVVWR‰‰YRQQ7UHLEKDXVJDVHQ

'LHVVKDWW]XUU)ROJHGDVVVGLHH:lUPHVWUDKOXQJDQQGHUU$WPRVSKlUHHYHUVWlUNWW]XUFNJHZRUIHQ ZLUG 'LHH )ROJHH GDUDXV EHGHXWHWW OHW]WHQGOLFKK HLQHH JOREDOHH 7HPSHUDWXUHUK|KXQJ 'LHVHUU ZLUGGGDQQQDXFKDOVVDQWKURSRJHQHUU7UHLEKDXVHIIHNW EH]HLFKQHW 'HUU JU|‰WHH 7HLO GHU JOREDOHQQ (UZlUPXQJ LVWW DEHUU DXI GHQ ]XQHKPHQGHQQ .RQ]HQWUDWLRQVDQVWLHJGHVV7UHLEKDXVJDVHVV.RKOHQVWRIIGLR[LG]XUFN]XIKUHQ

$EE$QWHLOGHUU7UHLEKDXVJDVHHLQGHUU$WPRVSKlUHH

HLJHQHUU(QWZXUIQDFKKWWSZZZWUHLEKDXVHIIHNWFRPGRZQORDG5HIHUDWB6WDHFKHOHSGI

Ä8QWHUU DOOHQQ 9HUXUVDFKHUQQ GHVV 7UHLEKDXVHIIHNWHVV KDWW GHUU $XWRYHUNHKU GLHH EHLL ZHLWHPP =XZDFKVUDWH 'LH $XWRIORWWH ZlFKVWW GHU]HLWW GRSSHOWW VRR VFKQHOOO ZLH GLH :HOWEHY|ONHUXQJ 1DFKK HLQHUU 7UHQGDQDO\VHH GHVV 8PZHOW XQGG 3URJQRVHQLQVWLWXWV 83,LQQ+HLGHOEHUJZLUGGLHH$Q]DKOOGHUU3.:ZHOWZHLWWYRQQGHU]HLWW0LOOLRQHQ ELVV ]XPP -DKUU DXII 0LOOLDUGHQQ $XWRVV DQVWHLJHQ PDOO VRYLHOO ZLH KHXWH KDXSWVlFKOLFKK GXUFKK UDSLGHH =XZlFKVH LQQ $VLHQ ,P JOHLFKHQQ =HLWUDXP ZHUGHQ $XWRVV LPP 'XUFKVFKQLWWW ]ZDU LPPHUU ZHQLJHU 6SULWW YHUEUDXFKHQ 'RFK VHOEVWW XQWHU

0LOOLDUGHQQ7RQQHQ(QWVSUHFKHQGYHUGRSSHOQVLFKKELVVGDKLQQGLHHYHUNHKUVEHGLQJWHQ .RKOHQGLR[LG(PLVVLRQHQQDXI0LOOLDUGHQ7RQQHQ³

YRP0HQVFKHQQYHUXUVDFKWHU7UHLEKDXVHIIHNW

*UHHQSHDFHH5HGDNWLRQ$XWRRXQG.OLPD85/KWWSZZZJUHHQSHDFHGHWKHPHQYHUNHKU DXWRBNOLPDDUWLNHODXWRBXQGBNOLPD>6WDQG@@