::: (0%(''(' 352-(&76 1(7
,668( _ 2&72%(5 _ 23(1 6285&(
>(',725$/@
'23,1* )h5 (17:,&./(5 'DV -RXUQDO ]XU 9RUVWHOOXQJ 'HLQHU 2SHQ 6RXUFH 3URMHNWH =XP QDFKEDXHQ XQG ZHLWHU HQWZLFNHOQ RGHU DOV ,GHHQJHEHU ]XP 6WDUW QHXHU ,QQRYDWLRQHQ
>352-(&76@
à 2SHQ6WUHHW0DS 1DYLJDWLRQVJHUlW RKQH 5RXWHQSODQXQJ à (WKHUVH[ +DXVEXV 1HW]ZHUN (WKHUQHW ,3Y
à (OHNWURQLVFKHU =DXEHUZ UIHO
à 86% 6WLFN DP 0LNURFRQWUROOHU à /(' )OLW]HU à $&) 0LNURFRQWUROOHUNXUV 6WDWXV
ZZZ HPEHGGHG SURMHFWV QHW \RXU RZQ SURMHFWV
> (',725$/ @ %HQHGLNW 6DXWHU
:(/&20( $XVJDEH YRQ (PEHGGHG 3URMHFWV -RXUQDO
:LH GHU =XIDOO GLH )UHLKHLW ZLOO EUDXFKW GLH )UHLKHLW GHQ =XIDOO =XIDOO KLQ RGHU KHU LVW GHU : UIHO HUVW HLQ PDO JHIDOOHQ NDQQ PDQ QXU ZDUWHQ ELV HLQ (UJHEQLV KHUEHL JHI KUW LVW
$Q]HLJH
,Q :LNLSHGLD GHU IUHLHQ (Q]\NORSlGLH ILQGHW PDQ )ROJHQGHV EHU GHQ =XIDOO %HLP =XIDOO KDQGHOW HV VLFK XP GHQ hEHU JDQJ DXV HLQHU $XVJDQJVVLWXDWLRQ GLH PHK UHUH (QGVLWXDWLRQHQ HUP|JOLFKW LQ JHQDX HLQH GLHVHU (QGVLWXDWLRQHQ ZREHL ]XP HLQHQ NHLQH HUNHQQEDUH 8UVDFKH I U GDV =XVWDQGHNRPPHQ GLHVHU HLQHQ (QGVLWXDWLRQ YRUOLHJW XQG ]XP DQGHUHQ EHL ZLHGHUKROWHP 9RUOLHJHQ GHUVHOEHQ $XVJDQJVVLWXDWLRQ DXFK GLH DQGHUHQ (QGVLWX DWLRQHQ HLQWUHWHQ N|QQHQ 6WHOOHQ ZLU XQV HLQPDO HLQHQ 0DQQ LP $O WHU YRQ -DKUHQ YRU 'HU &RPSXWHU LVW GLH /HLGHQVFKDIW XQG GDV 8QEHNDQQWH HLQH +H UDXVIRUGHUXQJ 'LHVH (LJHQVFKDIW LVW MHW]W QLFKWV VR EHVRQGHUHV %HWUDFKWHQ ZLU GLH 0HQVFKHQ YRQ GHQHQ HV FD 0LOOLDUGHQ JLEW NRUUHOLHUW PDQ GLHVH PLW GHU $OWHUV S\UDPLGH EDVLHUHQG DXI HLQHU 9HUWHLOXQJV IXQNWLRQ GLH LQ HWZD GLH $OWHUVVWUXNWXU GHU :HOWEHY|ONHUXQJ HQWVSULFKW IDOOHQ GDQQ LQ GLHVH *UXSSH 0HQVFKHQ LP $OWHU YRQ -DKUHQ HWZD WHO -HQH ZHOFKH GDQQ QRFK GHQ &RPSXWHU XQG GLH /HLGHQVFKDIW GDI U PDFKHQ YLHOOHLFKW HLQ WHO DXV 6XPPD 6XPDUXP KDEHQ ZLU FD .DQGLGDWHQ QDFK GLHVHU $EVFKl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
/LQXV PHUNWH VFKQHOO GDVV VHLQ ( 0DLO (LQZDKO /HVHSURJUDPP HLQH 0|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lKQOLFK HLQHP 8QL[ 6\VWHP QDFK]XEDXHQ 9RLOj /LQX[ ZDU HQWVWDQGHQ ) U /LQXV ZDU GDV ]X GLHVHP =HLWSXQNW LPPHU QRFK HLQ UHLQHV 6SD SURMHNW ]XU (LQZDKO LQ GLH 8QL (LQHV 7DJHV ZDU GDQQ GHU JUR H XQG JO FNOLFKH I U /LQXV LP HUVWHQ 0RPHQW JUDXPVDPH =XIDOO JHNRPPHQ ² HU VWDUWHWH /LQX[ WLSSWH DXI GHU .RQVROH VHLQHQ DOW EHZlKUWHQ %H IHKO I U GLH (LQZDKO EHU VHLQ 0RGHP LQ GDV ,QWHUQHW XQG JDE MHGRFK DOV 3DUDPHWHU I U GDV 0RGHP DXV 9HUVHKHQ GLH )HVWSODWWH DQ (UIROJUHLFK ZDU VR GLH 0LQL [SDUWLWLRQ GXUFK GDV HLJHQH 3URJUDPP GHPROLHUW XQG 0LQL[ NRQQWH QLFKW PHKU ERRWHQ (UVW GLH VHV (UHLJQLV |IIQHWH /LQXV GLH $XJHQ XQG HU PHUNWH HU EUDXFKWH 0LQL[ JDU QLFKW PHKU :LH KRFK LVW GLH :DKUVFKHLQOLFKNHLW VROFK HLQHQ )HKOHU ]X EHJHKHQ " /RWWR VSLHOHQ KDW HLQH :DKUVFKHLQOLFKNHLW YRQ ]X :DV I U HLQ *O FN PXVV HV JHZHVHQ VHLQ GDVV ZLU KHXWH /LQX[ QXW ]HQ N|QQHQ" :HU KlWWH JHGDFKW GDVV ZLU GDQN GLHVHP =XIDOO MHW]W VROFK HLQH )UHLKHLW JHQLH HQ N|QQHQ ,Q GLHVHP 6LQQH IUHXH LFK PLFK $XVJDEH GHV 2SHQ 6RXUFH 3URMHNWHV =HLWVFKULIW SUl VHQWLHUHQ ]X N|QQHQ
%HQHGLNW 6DXWHU
VDXWHU#HPEHGGHG SURMHFWV QHW
-2851$/ (0%(''(' 352-(&76 1(7
> 352-(&7 @ 2SHQ6WUHHW0DS IRU 3ULPHU _ $PDWURQLFD
2SHQ6WUHHW0DS IRU 3ULPHU &RQWHVW SURMHFW ZZZ DPDWURQLFD GH
(LQOHLWXQJ ȱ Ȭ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ¡ ȱ ȱ ǯȱǻ Ȭ Ǽȱ ȱ ȱ ȱ ã Ȭ ȱ ȱ § Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ǯȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱǻ Ȭ Ǽȱ ã ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ãđ ȱ ȱ ȱ ȱ ȱ DZ Ȋȱ ęȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ¢ ȱ ǰȱ ȱ ȱ ãđ ǰȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ ǯ Ȋȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ Ȋȱ ȱ ǰȱ ȱ ȱ ȱ § ȱ ǰȱ ȱ û ȱ ȱ ȱ £ £ǯȱ ȱ ǰȱ ȱ ȱ £ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ã ǯȱǻ ȱ Ȭ Ǽ
2SHQ6WUHHW0DS 3ULPHU ȱ ȱ Ś Řȱ û ȱ ȱ DZ Ȋȱ ȱ ȱ ȱ ȱ Řȱǻ ǰȱ ¢ ǰ ȱ Ȭ Ȭ ȱ £ȱ ȱ Ǽȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ£ ȱ ǰȱ ȱ § ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ £ ǯ
)XQNWLRQVSULQ]LS 2SHQ6WUHHW0DS .DUWHQGDWHQ GRZQORDGHQ XQG NRQYHUWLHUHQ hEHU 86% DXI GHU 0LNUR 6'.DUWH LP 3ULPHU VSHLFKHUQ *36 5HFHLYHU OLHIHUW 3RVLWLRQVGDWHQ .DUWHQGDWHQ XQG 3RVLWLRQVGDWHQ NRUUHOLHUHQ XQG DQ]HLJHQ
Ȋȱ ȱ řŘȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ £ û ǯ Ȋȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ǰȱ Ġȱ ȱ ȱ ȱ ȱ Ȭ Ȭ ȱ ȱ Ř ȱ û ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ǯȱ> @ Ś ȱ ȱ ȱ Ĵȱȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱǮ ȱ ȱĚȱ¢ȃȱ ȱ£ ȱ ȱ ȱ ȱ ¢ȱ ǯȱ> $EELOGXQJ @ $EE
-2851$/ (0%(''(' 352-(&76 1(7
$PDWURQLFD _ 2SHQ6WUHHW0DS IRU 3ULPHU > 352-(&7 @
+DUGZDUH 3ULPHU
ȱ ȱ Ś Řȱ £ ȱ ȱ ȱ ȱ Řȱ ȱ ȱ ȱ ǯȱǻ ȱ Ǽ ȱ ȱ ȱ řŘȱ ȱ ȱ ¡Ȭ řȱ ȱ ȱ ȱ ȱ DZ 670 ) ( .E\WHV )ODVK
/L ,RQ %DWWHULH PLW /DGHFRQWUROOHU 7RXFKVFUHHQ 7)7 GLVSOD\ PLW [ 3L[HO $XIO|VXQJ 0LFUR 6' FDUG FRQQHFWRU -R\VWLFN PLW 3XVKEXWWRQ ]XVlW]OLFKH 3XVKEXWWRQV DOV 6RIWNH\V QXW]EDU ,U'$ WUDQVFHLYHU .RSIK|UHUDQVFKOX XQG LQWHJULHUWHV 0LNURIRQ 0(0V %HVFKOHXQLJXQJVVHQVRU ]XP 0HVVHQ YRQ ' 3RVLWLRQHQ 0LQL 86% 6FKQLWWVWHOOH SLQ ([WHQVLRQERDUG FRQQHFWRU PLW =XJULII DXI 63, , & 86$57 &$1 XQG DQDORJ GLJLWDO , 2V
ȱ ȱ ȱ ȱ ȱ ȱ ¢ ȱ ȱ û ȱ ȱ Řȱ § ǰȱ ȱ ȱ ȱ ȱ Řȱ û £ ǯȱ ȱ ȱ ȱ § ǯ
*36 5HFHLYHU
§ ȱ ȱ ȱ Ȭ ȱ ȱ ȱǽŞǾǰȱ ȱ ȱ ȱ ȱ ȱ£ ȱ Ĵȱ Ěȱ§ ȱ ȱ ǯȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ Ģȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ § ǯ 7HFKQLVFKH 'DWHQ &KLSVDW] 6LUIVWDU ,,, 6WDUWXS WLPH +RW V &ROG V W\S
8SGDWHUDWH V &KDQQHOV 6WURPDXIQ FD P$ $EPD H [ [ PP $EE
$EE
'LH 6FKDOWXQJ
6LH LVW DXI GDV 1|WLJVWH EHVFKUlQNW (V JLEW QXU HLQH +DQGYROO %DXH OHPHQWH UXQG XP GHQ *36 5HFHLYHU
$EE %HVW FNWHV ([ WHQVLRQERDUG LP3ULPHU
2SHQ6WUHHW0DS 3URMHNW ȱ ȱ ȱ ȱ£ ȱ ȱ £ ȱ ȱ ȱ ȱ£ ȱ ěȱ ǯȱ ȱ ȱȱ ȱ ȱ ȱ û ȱ ǰȱ ǰȱ û ǰȱ § ǰȱ § ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ Ȭ ȱ ȱ ȱ £ £ ȱ £ ȱ ȱ ȱ ǯȱ> @
2UJDQLVDWLRQ GHU JHRJUDILVFKHQ 'DWHQ
ȱ ȱ ęȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǰȱ ȱ ȱ ęȱ ȱ ȱ ǯȱ
$EE $XV]XJ DXV HLQHU 260 'DWHL YRQ %HUOLQ %UDQGHQEXUJHU 7RU
(0%(''(' 352-(&76 1(7 -2851$/
QRGH LG ³ ³ WLPHVWDPS ³ 7 =³ XVHU ³DQEU³ ODW ³ ³ ORQ ³ ³! WDJ N ³QDPH³ Y ³%UDQGHQEXUJHU 7RU³ ! WDJ N ³FUHDWHGBE\³ Y ³3RWODWFK I³ ! WDJ N ³WRXULVP³ Y ³DWWUDFWLRQ³ ! WDJ N ³KLVWRULF³ Y ³PRQXPHQW³ ! QRGH!
> 352-(&7 @ 2SHQ6WUHHW0DS IRU 3ULPHU _ $PDWURQLFD
ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ£ ȱ ã ȱ û ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ǯȱ ȱ ȱ £ ȱ ȱ ȱ Ȭ ȱ ȱ ȱǻ Ǽǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱŘśŜ¡ŘśŜȱ ¡ ǯȱ ȱ Ȭ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱŗǰȱ ȱ ȱ ȱ ȱ£ ǰȱ ȱ£ ȱ ȱ ŗŞȱ ȱ ȱ Ěȱã ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ǯǻ Ǽ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ǯȱǻ ǯȱ ǰȱ Ȭ Ǽ
$EELOGXQJ
$ &
0,1 /DWLWXGH
' 0,1 /RQJLWXGH
0,1 /RQJLWXGH
%
0,1 /DWLWXGH
$XIEHUHLWXQJ GHU JHRJUDILVFKHQ 'DWHQ
%
ȱ ȱ ȱ ȱ ȱ ȱ ȱ Řȱ ȱ ȱ ã ǰȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ Ȭ ȱ Ś Řȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯ ȱ
'
( )
9RUJHKHQVZHLVH EHLP 6SHLFKHUQ YRQ .DUWHQGDWHQ DXI GHP 3ULPHU
ã ȱ ȱ ȱ Ĵȱȱ£ǯ ǯȱ ȱ ȱ û ȱ ȱ Řȱ Ġȱ ǰȱ ȱ ȱ£ § ȱ ȱ ȱ ȱ § ȱ ȱ Ĵȱ ȱ ęȱ Ȭ ǯȱ ¢ȱ ȱ ȱ £ ȱ ȱ ȱ ǯ > $EE @ ȱ ȱ Ś ȏ ȱ ȱ ȱ ȱ û ȱ ȱ ȱȃ ȱ Ȅȱ ȱ ȱ ǯȱ Ś ȏ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯ § ȱ ȱ ȱ ȱ ȱ ȱ Ȭ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ęȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ǯȱ ǻ ȱ ȱ Ǽ
$
&
(
=RRPOHYHO DXVZlKOHQ HPSIRKOHQ
)
$XVJDEHYHU]HLFKQLV DXVZlKOHQ ] % PLFUR VG FDUG
$EELOGXQJ
ȱ £ ȱ ȱ ȱ Ȭ Ȭ ȱ ȱ đ ȱ ȱ ȱ ȱ ȱ § ȱ DZȱ> $EE @
:LH NRQYHUWLHUW PDQ 7UDFNGDWHQ LQ 2SHQ6WUHHW0DS 7UDFNV ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ¡¡¡¡¡ǯ ȱǻ¡¡¡¡¡ȱ Ȭ ȱ ȱ ȱ Ȭ £ Ǽǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ȭ ȱ ǯȱ ȱ Ȭ ȱ ȱ ȱ£ ȱ ȱ ȱ
$EE (LQH W\SLVFKH [[[[[ WUN 'DWHL
-2851$/ (0%(''(' 352-(&76 1(7
$PDWURQLFD _ 2SHQ6WUHHW0DS IRU 3ULPHU > 352-(&7 @
ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ> @ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ> $EE @
ǯ ¡ ȱ ǰȱ ȱ ȱ ¡ȱ ȱ § ȱ ȱ ȱ Ȭ ǯȱ> $EE @
$EELOGXQJ
7UN 'DWHL JS[ 'DWHL 6WDUW
%HUHFKQXQJ GHU .DUWHQ XQG 'DUVWHOOXQJ DXI GHP 3ULPHU $EE 9LUWXDO PDS DV VHHQ RQ OFG
Ś Řȱ ȱ ȱ § Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ ȱ ȱ £ȱ ȱ ȱ § Ȭȱ ȱ ȱ ȱ ȱ ǯȱ Ś Řȱ ȱ ȱ Ȭ ǰȱ ȱ£ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ£ £ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ $EELOGXQJ ȱ£ ȱ ȱ Ĵȱǰȱ ȱ ȱ ȱ ¢ȱ £ ȱ ǯ
$Q]HLJH
> 352-(&7 @ 2SHQ6WUHHW0DS IRU 3ULPHU _ $PDWURQLFD
6RIWZDUH
ȱ
$EE 260 3ULPHU 0HQXV
0DLQPHQX
Ś Řȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱǻ Ȭ Ǽȱ £ ǰȱ ȱ Ȭ ȱ£ ȱ ¡ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ¢ȱ £ ǯȱ
=RRP PDS LQ
=RRPW GHQ .DUWHQDXVVFKQLWW ]XP QlFKVWHQ =RRPOHYHO
=RRP PDS RXW
VLHKH REHQ
1H[W PHQX
:HFKVHO LQ GDV 6\VWHPPHQX
([LW DSSOLFDWLRQ
%HHQGHW 260 3ULPHU
6\VWHPPHQX
&XUVRU
ȱ ȱ ȱ ȱ ȱ ȱ £ȱ £ ǯ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ Ȭ ǯȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ǯ
6FKOHFKWH (PSIDQJVTXDOLWlW :LUG EHLP 6\VWHPVWDUW RGHU LQQHUKDOE HLQHV *HElXGHV JH]HLJW 'HU DQJH]HLJWHQ 3RVLWLRQ NDQQ QLFKW YHUWUDXW ZHUGHQ
*XWHU (PSIDQJ
([]HOOHQWHU (PSIDQJ
2 6 0 3U L P H U V S H L F K H U W 7UDFNLQJGDWHQ :LUG QXU LP 7UDFNLQJ 0HQX DQJH]HLJW
=HLJW GLH 3RVLWLRQ GHLQHV %XGG\ QRFK QLFKW LPSOHPHQWLHUW
,QLILOH
7UDFN UHFRUGLQJ
6SHLFKHUW GLH DNWXHOOH 3RVLWLRQ *36 'DWHQ 7UDFNV LQ HLQHU 'DWHL DXI GHU 0LNUR 6' .DUWH (V ZLUG LPPHU QXU GHU *3**$ 'DWHQVDW] JHVSHLFKHUW
%XGG\ILQGHU
6HQGH HPSIDQJH *36 3RVLWLRQ YRQ GHLQHP %XGG\ WDXVFKW GLH DNWXHOOH 3RVLWLRQ 'LHVH )XQNWLRQ LVW QRFK QLFKW LPSOHPHQWLHUW
%DFN
=XU FN ]XP 0DLQPHQX
7UDFNUHFRUGLQJ PHQX 6WDUW UHFRUGLQJ
Å$XIQDKPH VWDUWHQ´ VSHLFKHUW GHQ DNWXHOOHQ *3**$ 'DWHQVDW] LQ HLQHU 7H[WILOH WUN (V ZLUG HLQH 'DWHL PLW HLQHU 3VHXGR]XIDOOV]DKO HU]HXJW 'HU &XUVRU lQGHUW VHLQH )DUEH LQ 5RW
6WRS UHFRUGLQJ
'LH $XIQDKPH ZLUG EHHQGHQ
6HW UHFRUGLQJ LQWHUYDOO
(LQVWHOOHQ GHV $XIQDKPHLQWHUYDOO (V NDQQ ]ZLVFKHQ PDQXHOOHP $XVO|VHQ XQG HLQHP 6HNXQGHQ ,QWHUYDOO JHZlKOW ZHUGHQ
%DFN
=XU FN ]XP 0DLQPHQX
ȱ ȱ ȱ Ś Řȱ ȱ ȱȃ Ś Řǯ Ȅǯȱ ȱ ȱ ¡ ǰȱ ȱ ȱ ȱ ȱ DZ Ȋȱ ȱ ȱ ȱ Ś Ř Ȋȱ § Ȭȱ ȱ ȱ ȱȱȱȱ ȱ Ȭ Ȋȱȱ ȱ ȱ DZ
,QIRVFUHHQ
,QIRVFUHHQ PLW *36 'DWHQ ]HLJW GHWDLOOLHUWH ,QIRV EHU GLH HLQWUHIIHQGHQ *36 'DWHQ $Q]DKO GHU 6DWHOOLWHQ 4XDOLWlW GHU 'DWHQ /lQJHQ XQG %UHLWHQJUDG =RRP OHYHO XQG GLH .RRUGLQDWHQ GHU 7LOHV ,P 'HEXJPRGH ZHUGHQ GLH 5RKGDWHQ *3**$ VHQWHQFH DQJH]HLJW
PRGH GHPR ODW ORQ ]RRP
$EE 260 3ULPHU XQWHUVW W]W GHU]HLW IROJHQGH 3DUDPHWHU PRGH
ÅQRUPDO´ QRUPDOH )XQNWLRQDOLWlW ÅGHEXJ´ 'HEXJJLQJ ,QIRUPDWLRQHQ ZHUGHQ DQJH]HLJW
] % 5RKGDWHQ LP ,QIRZLQGRZ ÅGHPR´ 'HPRPRGXV =HLJW GHQ LP ,QLILOH DQJHJHEHQHQ /lQJHQ XQG %UHLWHQJUDG DXI GHU .DUWH DQ
ODW
.RPPD]DKO %LWWH 3XQNW DOV 6HSDUDWRU YHUZHQGHQ
ORQ
.RPPD]DKO %LWWH 3XQNW DOV 6HSDUDWRU YHUZHQGHQ
]RRP
,QWHJHU ]ZLVFKHQ XQG
EDXG
6WHOOW GLH %DXGUDWH GHV *36 5HFHLYHUV HLQ 'HIDXOW EDXG 'ZHQQ XQEHNDQQW QLFKW lQGHUQ
$EELOGXQJ
$PDWURQLFD _ 2SHQ6WUHHW0DS IRU 3ULPHU > 352-(&7 @
$EELOGXQJ
$EE 9HUELQGXQJV NDEHO
$&+781*
6ROOWH GHU H[WHUQH *36 5HFHLYHU IDOVFK DQJHVFKORVVHQ ZHUGHQ )DOVFKH 3RODULWlW RGHU IDOVFKH 6LJQDOVSDQQXQJHQ NDQQ GHU 3ULPHU RGHU GHU *36 5HFHLYHU RGHU EHL GH ]HUVW|UW ZHUGHQ 'HU $XWKRU ]HLJW VLFK QLFKW YHUDQWZRUWOLFK I U 6FKlGHQ GLH DXV HLQHP XQVDFKJHPl HQ %HWULHE GHU +DUG ZDUH HQWVWHKHQ
([WHQVLRQ%RDUG
ȱ ¡ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ Řȱ ȱ£ ȱ ȱ ȱ ¡ DZ Ȋȱ ȱ ȱ ȱ Ȭ ȱ ȱ û ǯȱ> $EE @ ȱ ŗȱ ȱû ȱ ȱ £ ȱ ȱ řȱ ȱ ȱ Řȱ ȱ ǯȱ> $EE @ Ȋȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ȭ £ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ȱ ȱ û ȱ ǯȱ> $EE @
)D]LW Ś Řȱ ȱ ȱ § ȱ £ ǰȱ ȱǻ Ǽȱ ȱ § ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ £ ȱ ȱ ȱ Ȭ § ȱ ȱ đ ȱ
ȱ û ȱ Ȭ ǯȱ ȱ ȱ ȱ Ğȱȱ ȱ Ȭ ȱ ȱ ȱ Ȭ ȱ ǰȱ ã ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ǯȱ ȱ ȱ ȱ ȱǻ ¢Ȭ Ǽȱ § ȱ ȱ ȱ ȱ£ ȱ ǯ
7R'RV ŗǯȱ ȱ ȱ ǰȱ ȱ Ȭ ȱ ȱ £ ȱ ǯȱ ȱ § ȱ ȱ ȱ ȱȬǁȱ ǯ Řǯȱ ȱ ȱ£ ȱ ȱ ¢ȱ ǯȱ £ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ã ǯȱ ǻt ȱ ȱ ȱ ǵǼȱ řǯȱ ȱ § ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ ȱęȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯ ǯ
/LQNV
$EE
6FKHPDWLFV
> @ ȱ DZȱ KWWS ZLNL RSHQVWUHHWPDS RUJ ZLNL $ERXW KWWS ZLNL RSHQVWUHHWPDS RUJ ZLNL )$4
> @ ȱ£ ȱ ȱ ȱ DZ KWWS ZZZ JSVEDEHO RUJ > @ ȱ£ ȱ ȱ ȱ Ȭ DZ KWWS ZLNL RSHQVWUHHWPDS RUJ LQGH[ SKS -7LOH'RZQORDGHU > @ ȱ£ ȱ ȱ ȱ § Ȭȱ ȱ DZȱ KWWS ZZZ FVJQHWZRUN FRP JSVFRRUGFRQY KWPO > @ ȱ ȱ£ ȱ DZȱ KWWS HQ ZLNLSHGLD RUJ ZLNL 10($B
> @ DZȱKWWS ZZZ DPDWURQLFD GH PDQWLV > @ ȱ ȱ Ĵȱ Ȭ ȱ ȱ DZ KWWS FUHDWLYHFRPPRQV RUJ OLFHQVHV E\ VD > @ ȱ DZȱ KWWS ZZZ URXQGVROXWLRQV FRP JSV JSV PRGXOH KWP > @ ȱ DZȱKWWS ZZZ DPDWURQLFD GH
> 352-(&7 @ (WKHUVH[ _ ZZZ ]HUWLHV RUJ
(WKHUVH[ 6RIWZDUHSODWWIRUP I U $95 )LUPZDUH (UVWHOOXQJ ZZZ ]HUWLHV RUJ
(LQOHLWXQJ ¡ȱ ȱ û ȱ ȱ ȱ ȱ ȱ Ğȱ Ĵȱ ȱ û ȱ Ȭ Ȭ ȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱû ȱ ěȱ ȱ ȱ ȱ£ ȱ £ ȱ£ ȱû ǰȱ ȱ ¡ȱ ȱ ǯȱ ȱ £ ȱ ȱ ȱ ȱ Ȭ ȱ §Ğȱ ȱ ȱ ǯȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ £ ȱ Ȭ Ȭ ȱ ǯȱ ȱ ȱ ȱ ȱ£ Ȭ
$EELOGXQJ 9LVXDOLVLHUXQJ YRQ 0HVVZHUWHQ
£ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ğȱ Ȭ £ ȱ Ȭ ȱ ȱ ǰȱ ȱ û ȱ ȱ Ȭ Ĵȱ ȱ û ȱ ǯ Ğȱȱ ȱ ȱ û ȱ ȱû ȱ ȱ ȱ £ £ Ȭ ǰȱ£ ȱ ȱ ȱ ȱ ȱ ȱû ȱ ȱ£ ȱ ã ǯȱ ȱ ȱ ȱ ȱ ȱ ȱt ȱ ȱ ȱ Ȧ £ ǰȱ ȱ ȱ ǰȱ ȱ § ȱ ¢ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ Ĵȱ ȱ ¡Ȭ Ȭ ȱ ȱ ȱ ǯ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ȧ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱǻ ȬǼȱ £ § ȱ ȱ Ȭ ǯȱ ȱ ¡ȱ ȱ ȱŞȬ ȱ Ȭ ȱ ȱ ȱǻ Ǽȱ ȱ ǰȱ ȱ ȱ ȱû ȱ ȱ ȱ ǯȱ ¡ȱ ȱ ȱ ȱ Ȭ ȱ ã ǰȱ ȱ £ ȱ ȱ Ȭ ȱ ȱ £ ǯȱ ȱ DZȱ ȱ ȱ Ǯ ¡ȃȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ŝȱƽȱ ¡ǯȱ ȱ ¡ȱ ȱ ȱ ȱ ȱ û ȱ Ŗȁ ȱ ȱ ȱ û £ ȱ ȱ Śȱ ȱ ȱ ȱ ǯ
.HUQWHFKQLN 'HU ,3 5RXWHU ȱ ȱ ȱ ȱ ȱ ȱ> KWWS ZZZ ORFKUDVWHU RUJ HWKHUUDSH @ȱ Ȭȱ ȱ Ğȱ ȱ ȱ ¡ ȱ ǰȱ ȱ ȱ ȱ û ȱ ¡ȱ Ȭ ǯȱ ȱ ȱ û £ ȱ ŘŞ ŜŖȱ ȱ ȱŗŖȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭ Ȭ ȱ ã ȱ û ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȬŚśȱ ȱ ǯȱ ȱ ȱ ȱ£ ȱ ã ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ û ǯȱ ȱ ȱ ȱ ¡ȱ ȱ ȱ ȱ Ȭ ȱ ȱ> KWWS ZZZ VLFV VH aDGDP XLS LQGH[ SKS 0DLQB3DJH @ȱȬ ǰȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ Śȱ ȱ ȱ ȱ ȱ ȱ ǰȱ Ŝǰȱ Ȭ û £ ǰȱ ȱŘDŽŗŘŞȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ǰȱ ȱ ȱ ȱ Ȭ ȱ ȱ § ȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱû ȱ ȱ ȱ ȱû ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ £ ȱ £ ǯ
$EELOGXQJ ȱ ȱ § ǰȱ û£ ȱ ¡ȱ ȱ ȱ ȱû ȱ ȱ ȱt ǰȱ ȱ ȱû ȱ ȱ ȱ ǻ ŚŞśǰȱ Ǽǰȱ ȱ ȱ ȱ Ȭ § ȱǻ Ȭ ȱ ¢ ȱ ŗŘǼȱ ȱû ȱ ȱǻ ȱ ȱ ȱ ȱ Ǽǯȱ ȱ Ȭ ȱû ȱ ȱ ȱ£ ȱ ǰȱ ȱ ȱ
-2851$/ (0%(''(' 352-(&76 1(7
ZZZ ]HUWLHV RUJ _ (WKHUVH[ > 352-(&7 @
ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ £ ȱû ǯȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ § ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ǰȱ ȱ ȱ ȱ£ ȱ ȱ ȱ£ ȱ
ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ£ ȱ ǯȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ û ȱ £ ȱ ȱ ã ȱ ȱ Ȭ £ ȱ ȱ ŗŘȱ ȱ ȱ£ ȱ ǰȱ £ ȱ ¡ȱ ȱ ã ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ Ŝȱ ȱ ȱ ŞȱǻŞ ȱ ǰȱ
ŗ ȱ Ǽȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ ȱ ȱ ¡ǰȱ ȱŘȱ ȱ ȱ ȱ ȱǻ£ ȱ ȱ ȱ ȱ ŗŘǼȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ŗŘȱ £ȱ ȱ ȱ Ȭ ¡ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗŘȱ ȱ ȱ ȱ£ û ȱ ǯȱ ã ȱ ȱ ȱ ȱ £ ȱ ¡ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ǰȱ ȱ ȱ ȱ ȱ£ ȱ £ ȱ ȱ £ ȱ ȱ ȱ ȱǻ Ǽȱ ȱ £ ȱ ǯ
2SWLRQHQ ([WUHP NRQILJXULHUEDU ȱ ȱ ȱ ȱ ęȱ ȱ ȱ ¡ȱ ŘŞŘȱ ȱ ȱ ȱ ȱ Ȭȱ ȱ § ȱ ǯȱ ȱ ȱ ȱ ȱ § ȱ ȱ Ĵȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ęȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ǯȱ ȱ ȱ ęȱ ȱ ¡ȱ ã ȱŚŖŖȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ £ § ȱ ǯȱ ȱ ãđ ȱ ęȱ ȱ ¡ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗŘŞǯȱ ȱ £ ȱ ȱ ǰȱ ȱ ȱ ȱ Ȭ ȱ đ ǰȱ ȱû ȱ ȱ ȱ Ěȱ§ ǰȱ ȱ ȱ ęȱ ȱ ǻ ȱ ȱ ȱ ȱ ȱ ¡Ȭ ȱǮ Ȭ ȃǼȱ ęȱ ǯȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱû ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ¡ Ȭ Ȭ
ȱ ǰȱ ȱû ȱ Ȭ ȱ ȱ ȱ ȱ ȱǻ ǰȱ ǰȱ ǰȱ ǰȱ ǰȱ Ř ǰȱ Ǽǯȱ ǰȱ ȱ ȱ ȱ û ȱ
ȱ£ ȱ û ȱ ǰȱ ȱ ȱ ȱ
ȱ ȱ ã ȱ ȱ ȱ Ȭ ȱ ¢ ȱ Ȭ ȱ£ ȱ Ȭ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ Ĵȱ ǰȱ ǯȱ ȱ ȱ ȱ ¢ ȱ Ȭ ȱ ȱ ȱ£ ȱ û ǰȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ ȱ ȱ ȱ ȱ ã Ȭ ǯȱ ȱ ã ȱ ȱ ȱ ȱ ȱ Ȭ ęȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ã ȱ ȱ ȱ ȱ ǯ
$EE
(0%(''(' 352-(&76 1(7 -2851$/
> 352-(&7 @ (WKHUVH[ _ ZZZ ]HUWLHV RUJ
ȱ ã ȱ ȱ ¡ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ǰȱû ȱ ȱ ȱ Ȭ ȱǻ řŞŚŖȱ ȱ ŘśǼȱ ȱ ȱ £ ȱ £ ȱ ȱ ǰȱ ȱ ȱ ǯȱ ȱ ȱ û£ ȱ ȱ ŝŝȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ £ȱ ȱ ȱ û ȱ ȱ ǯȱ ȱ § Ȭ ȱ ȱ ȱ ȱęȱ ȱ ȱ ȱ ȱ ¡ȱ > KWWS HWKHUVH[ GH LQGH[ SKS )HDWXUHB/LVWH @ǯ $EE
0HWDVFKLFKWHQ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱŘȱ DZȱ ȱ ȱ ȱ ȱ ã ȱ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ£ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ęȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ãđ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ãđ ȱ ȱ ȱ ȱ Ȧ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ã ǯȱ ȱ ȱ ȱ£ ȱ û ȱ ȱ ȱ ȱ ƸƸȱ ǰȱ Ȭ ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ £ ȱ£ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ǯȱ
0HKU 3RZHU PLW &RQWURO
¡ȱ ȱ ȱ ȱ ȱ § ȱ ȱ Ĵȱ ȱ£ Ȭ ȱ ȱ£ ȱęȱ ǯȱ ȱ ¢ ȱ ȱ ȱęȱ ȱ£ ȱ £ ȱ Ĵȱǯȱ ȱ ȱ ȱ ȱ ȱ ȱ § £ ȱ ȱ Śȱ ǻ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ § £ ȱ £ ȱ Ǽȱ Ȭ ȱ ǰȱ ȱ đ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ SLQ '(&.(1/,&+7 3' 287387 ȱ ȱ ȱ ęȱ ǰȱ ȱ ȱ ȱ ęȱ ȱ ȱ ȱ ȱ 3,1B6(7 '(&.(1/,&+7 ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ§ ǰȱ ȱ ȱ ȱû £ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱŗŖȱ ȱ ȱ ȱ ȱ ȱ£ ȱ û Ƿ
$EE
ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ Ŝȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ ȱ ǯȱ ȱ đ ȱ ȱ ȱ Ŝȱ ȱ ȱ Ȭ ȱ û £ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ã ȱ ȱ £ ȱ ȱ Ȭ ȱ ǯȱ Ŝȱ ȱ ȱ ȱǮ ȃȱ ȱ Śȱ ǰȱ ȱ ȱ ȱĚȱ ¡ ȱ ȱ § ǯȱ ȱ Ȭ £ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ DZȱ ǯ Ŝȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ£ £ û ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ śȱ ȱ ȱ ȱ
Ȭ § ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ£ ȱ ȱ ȱ ȱ Ř¡ŗŜȱ ȱ ¡ Ȭ Ȭ ¢ȱ £ £ ǯ
$EE
9HUVFKLHGHQVWH +DUGZDUH ȱ ȱ § ǰȱ § ȱ ȱ ¡ȱ û ȱ ȱ ȱ ȱ ȱǻ ȱ ȱ Şȱ ȱ£ ȱ ěȱȱ ŗŘŞǼǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱǻ ȬǼ ȱ § ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ Ȭ ȱû ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ § £ ȱǻ ǯ ǯȱ ȱ Ȭ ȱ ȱ ȱ Ȭ Ǽȱ ȱ ȱ ȱ û £ ǯȱ ȱ ã ȱ ȱ ȱ § ȱŘŖȬŘśȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ
-2851$/ (0%(''(' 352-(&76 1(7
ZZZ ]HUWLHV RUJ _ (WKHUVH[ > 352-(&7 @
û ǯȱ ȱ ȱ Ȭ > KWWS ZZZ HWKHU VH[ GH ILUPZDUH EXLOGHU OLVW FJL @ȱ ȱ ȱ ȱ ã ȱ ¡ȱ ȱ ȱ đ ȱ ȱȬȱ ȱ ȱȬȱ £ Ȭ ǯȱ ȱ ȱ ȱ ȱřȬŚȱ ãđ ȱ ȱ ȱ ȱ ȱ ȱ û Ĵȱ ȱ ǯȱ ȱ ¡Ȭ ȱ ȱ
(QWVWDQGHQH 3URMHNWH
ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŘŞ ŜŖȱ ȱ ȱǻ ȱ ȱ ȱ Ȭ ȱ Ǽȱ ȱ ã ȱ ȱ ȱ ȱǻ ȱ ȱ ã ȱ § ȱ ȱ ȱ § ȱ ȱ ȱǼǯ
$EELOGXQJ
ȱ ¡ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ ȱ ȱ £ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ û ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ § ȱ Ĵȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ Ğȱ ȱ ã ȱ ȱ£ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ȱǻ ȱ ȱ ŗŘȱ Ǽǯȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ Ȭŝŝȱ ȱ ȱ ǯ
0LWPDFKHQ
ȱ ȱ £ ȱ ȱ ȱ ¡ȱ £ ǯȱ ȱ û ȱęȱ £ ȱ ȱ ȱ ȱ£ ȱ Ğȱǯȱ ȱ ȱ ȱ ȱ ȱ Ğȱ Ȭ £ ȱ ȱ ȱ ȱ ǯȱ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ § ǯȱ ȱ ¡Ȭ ȱ ȱ ȱãěȱ ȱ Ȭ ¢ȱ ȱ ǯ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ $Q]HLJH
ȱ Ĵȱ ȱ ȱ £ȱ £ £ ȱǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ǰȱ ȱ ǰȱ ȱ ȱ ȱǛ ¡ȱ ȱ ǯ ǯ ȱ ȱ ȱ ȱ ȱ ǻ ǯ ǯ ǰȱǛ Ǽȱ ȱ ȱ û ȱ ȱ ȱ ǯ KWWS HWKHUVH[ GH LQGH[ SKS (WKHUVH[ $UWLNHO
> 352-(&7 @ (OHNWURQLVFKHU =DXEHUZXHUIHO _ ZZZ PLNURFRQWUROOHU QHW
(OHNWURQLVFKHU =DXEHUZ UIHO 3URMHNWZHWWEHZHUE 0LNURFRQWUROOHU QHW $QGUp DQGBUHI#FDQDWKRPH GH! ȱǮ ȱ û ȃȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱŞŖ Ȭ ȱ ȱ ȁ ȱ ȱ û ǯȱ ȱ ȱ£ § ȱ ȱ Ȧ ¢ ǰȱ ȱ£ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱû ȱ ȱ ȱ ȱ£ § £ ȱ ȱ ȱ § £ ȱ ȱ ǯ
,GHH XQG 0RWLYDWLRQ
)HDWXUHV
ȱ § ȱ ȱ û ȱ ȱř¡ř¡řȱ ǯȱ ȱ ȱ ȱ ȱǻŚ¡Ś¡ŚǼȱ ȱ ȱ ȱ ȱǻś¡ś¡śǼȱ ȱ ȱ ȱ § Ěȱ ȱ ãđ ȱ û ȱȬȱ ȱ ȱ ȱ û ǯȱ ȱ ȱ û ȱǻ Ȭ Ğȱ Ǽȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ Ȭ ȱ ȱ ã ǯȱ ȱ ȱ ȱ£ § ȱ ȱŞ¡Ş¡Şȱ û ȱ £ ȱ ǰȱ ȱ§ ȱ ȱ ȱ ȱ û ȱ ã ȱ ȱ ȱǻ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǯǯǯǼǯȱ ȱ £ ȱt ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ û ǰȱ ȱ ȱ ȱ ȱ £ȱ ȱ ȱ ȱ ȱ ȱ ȱř¡ř¡ř ȱ £ ǯȱǻŞ¡Ş¡ŞDZȱśŗŘ ȱ£ ȱ ȱ Ŝ ȱ ȱřŖŖŖ Ǽ DZȱŞ¡Ş¡Ŝǻ Ǽ£ ȱ ȱŜȱ ȱ ȱǮ ȃȱŘřŖŚ Ƿȱ
ȱ ȱ ȱ £ ȱ DZ
ȱ £ȱ ȱ ȱ û ȱû ȱ ã ȱ £ ȱ ã ǰȱ Ěȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ DZȱǮ ȱ ȱ ȱ ȱ ȱ û ȱ ã ǵȃǯȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ DZȱ Ȋȱ£ Ĝ ȱȱ£ ȱ Ȧ ȱ£ Ĝ ȱȱ£ ȱ ã ȱ ȱ ǻ ã ȱ ȱ ã ȱ ȱ Ǽȱ Ȋȱ ęȱ ȱ ȱ ȱ ȱ ȱ ã ȱ ȱ ȱ ã ȱ Ȋȱ ȱ ȱ Ĵȱ ȱ ȱ ǻ ã £ ȱ £ ȱ ȱ Ǽȱ ȱ ȱ û ȱ ȱ ȱ ȱ ǯ
0HFKDQLN ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ǯȱ
ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ř¡řȬ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ǰȱ ǯ ǯȱ ȱ £ ȱ ȱ§ ȱ ȱ ǯȱt ȱ ȱ ȱ ȱ û ǰȱ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱşŖǚȱ ȱ ȱ û ȱ ȱ ǯȱ 'LH IROJHQGHQ %LOGHU ]HLJHQ GHQ EHUHLWV JHIUlVWHQ DEHU QRFK QLFKW YHUOHLPWHQ +RO]UDKPHQ ȱ ȱ Ĵȱ ȱ ȱ ȱ ȱ ȱř¡řȬ Ȭ ǯȱ ȱ ȱ ȱ ȱŜȱ ȱ £ ǰȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ £ ȱ ǯȱ ȱ ȱ ȱ ȱ ŗŘȱ ȱ ǯ
Ȋȱ$XWR 6FUDPEOHȱ ȱ ǻ ȱ ȱ û ȱ ȱȱ Ǽ Ȋȱ$XWRPDWLVFKH =HLWPHVVXQJȱǻ ȱ Ǽ ȉȱȱȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ § ǯ ȉȱȱ ȱ ȱ ȱ § ȱǻ ¢ ȱŗś Ǽȱ ȱ ȱ ȱ ã £ ȱ£ ȱ ǯȱ ȱ ȱ £ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ û ȱ ǯȱ Ȋȱ ȱ ȱ £ ȱ ȱ£ ȱ$XVZHUWXQJ DP 3& Ȋȱ ȱ ȱ § ǯȱ ȱ ȱ ȱ ȱ ã £ ȱ ȱ ȱ ǰȱ ȱ ȱǮ ȃȱ ȱ ȱ Ěȱ ǯȱ ȱ ǻ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ £ȱ Ǽ Ȋȱ7XWRULDOIXQNWLRQȱ£ ȱ ȱ ȱ ǰȱ ȱ û £ ȱ ȱ ȱ ȱǻ û ȱ ȱ ȱ ȱ ȱ ȱ § Ǽ Ȋȱ/|VXQJVYRUVFKOlJH û ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ã ȱ ȱ ȱǻ ȱ û Ğȱ ȱ ȱ ȱ ȱ Ǽȱ $EE JHSODQWH : UIHOREHUVHLWH 'DPLW GLH $X HQNDQWH GHV : UIHOV K|KHU LVW DOV GLH YHUZHQGHWHQ 7DVWHU 6FKXUWHU /6+ 60' 7DVWHU 5HLFKHOW 7$67(5 %DXK|KH PP 7DVWHU VROOHQ QLFKW EHUVWHKHQ P VVHQ GLH 3ODWLQHQ PP WLHI OLHJHQ ! $X HQSURILOWLHIH GHU .DQWH PP 'LH 3ODWLQHQ VLQG PLW HLQHP XPODXIHQGHQ 5DQG YRQ PP HQWZRUIHQ 'DPLW HUJLEW VLFK GLH JHZlKOWH 3URILOIRUP GHU .DQWHQWHLOH
-2851$/ (0%(''(' 352-(&76 1(7
ZZZ PLNURFRQWUROOHU QHW _ (OHNWURQLVFKHU =DXEHUZXHUIHO > 352-(&7 @
$EE 3URILOVFKQLWWERJHQ
$EE +RO]UDKPHQ $Q HLQHP +RO]UDKPHQ ZHUGHQ GLH 6HLWHQ SODWLQHQ EHIHVWLJW .DQWHQOlQJH GHV +RO]Z UIHOV FP P|JOLFKHUZHLVH HWZDV ]X JUR " $XI GHP UHFKWHQ )RWR IHKOHQ QRFK GLH $XVIUlVXQJHQ GHU ODQJHQ .DQWHQWHLOH GDPLW GLH 3ODWLQH KLHU OLQNV YRUQH SODQ DXIOLHJW XQG NHLQH $XVVSDUXQJHQ EUDXFKW 'HU +RO]UDKPHQ EHVWHKW DXV ]ZHL YHUVFKLHGHQHQ 3URILOWHLOHQ [ .DQWHQWHLO ODQJ PP
[ .DQWHQWHLO NXU] PP
2%(1 3URILOVFKQLWWERJHQ 8P PLU GLH 6DFKH YRU GHP )UlVHQ EHVVHU YRUVWHOOHQ ]X N|QQHQ KDEH LFK PLU GLH .DQWHQWHLOH DXV 3DSLHU JHEDVWHOW 5(&+76 3URILOTXHUVFKQLWW )UlV]HLFKQXQJ
'LH 3URILOH GHU JHIUlVWHQ .DQWHQWHLOH KDEHQ GLH .DQWHQPD H [ PP
(OHNWURQLN .RQ]HSW PLW GLPPEDUHQ 5*% /('V YHUZRUIHQ § ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ£ ȱ Ȭ ǰȱ ȱ û ȱ ȱ ȱ ȱ Ȭ Ȭ ȱ ǯȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ£ ȱ û ȱ ȱ ȱ û ȱ ȱřȱ § ȱǻ ĴȱȱŜǼȱ ȱ ȱȬȱ ȱ ȱ û Ȭ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱęȱ ȱ ȱ ȱ ǯǯǯ $EE 3:0 .RQ]HSW ]XU (UPLWWOXQJ GHV ]X YHUVHQGHQGHQ %\WHV DXV GHU 7DEHOOH GHU +HOOLJNHLWVZHUWH
£ ȱt ȱ û ȱŗŜŘȱ ȱ § ȱǻƽȱŜȱ ȱ¡ȱşȱ ȱ¡ȱřȱ Ǽȱû ȱŞ Ȭ Ȭ ȱǻ ȱ ã ȱ ȱ ȱ ǼDZ Ȋȱ .DQlOHȱ ȱ ȱŜȱ ȱǻ ȱǮ £ ȃȱ ȱ ȱȱȱȱȱȱȱȱ ȱ Ǽȱ ȱŘŝȱ § ȱ ȱ û Ȧ ȱ ȱŚȱ ȱ ȱ ȱ ȱȱ DZȱ 6FKLHEHUHJLVWHU û ȱ ȱ ȱ û ǻ § ȱ ȱ ȱ ȱŗşŘȱ ȱ § Ǽ Ȋȱ ȱ ȱ ȱ ȱĚȱ ȱ ȱ +] :LHGHUKROUDWH § ȱ ȱǻƽȱś ȱ Ǽǯ Ȋȱ ȱ û Ğȱ ȱ ȱ ȱ£ ȱ ã ǰȱ û ȱ ȱ ȱȱ +HOOLJNHLWVDXIO|VXQJȱǻ ǰȱ£ ȱ Ěȱã ȱ ȱ Dzȱ ȱŗŖƖȱ ¡ ȱ Ĵȱ Ǽȱ ȱ ǯ Ȋȱ ȱ ȱ ȱ ȱ ȱśŖŖΐ ȱ ȱ ȱǻś Ȧ ȱŗŖ ƽśŖŖΐ Ǽǯȱ ȱŘŚȱ ȱ ȱ ȱ ǰ ȱ ȱ ȱŘŖǯŞΐ ȱ ȱ ȱ ǯȱǻ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ¢ Ǽǯ Ȋȱȱ ȱ Ȭ DZȱśŖŖΐ ȦŘŚ ¢ ȱ ȱŘǯŜΐ Ȧ ȱ ȱ N%LW Vȱǻ ȱ § ȱ ȱ ȱ Ǽ
(0%(''(' 352-(&76 1(7 -2851$/
> 352-(&7 @ (OHNWURQLVFKHU =DXEHUZXHUIHO _ ZZZ PLNURFRQWUROOHU QHW
(UJHEQLV ǯ ǯȱ ȱ ȱ ȱ ¢ ȱ ȱŘŖΐ ǰȱ ȱ£ ȱ Ȭ
ǰȱ ȱ ¢ ȱ ȱ § ȱ ȱ ȱ£ ȱ ȱ ǯȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱŞ ȱ ȱ ȱ § ȱ ȱ £ ȱ ȱǻ£ǯ ǯȱ ŖDZȱŞŖƖDzȱ ŗDZȱŗŖŖƖǯǯǯǼǯȱ ȱ û ȱ ȱ ȱǻ ǰȱ£ ȱ ã ȱ
ȱ ǯǯǯǼȱ ã ȱ û ȱŚśΐ ȱ ȱ ȱ ¢ ȱǻ ŗŘ řŘȓśŖ £Ǽȱ ȱ ȱ ȱ ȱ ȱ ȱ ŘǯŘśȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ£ǯ ǯȱ û ȱ ȱ ǯȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ǯ
.RQ]HSW PLW VHFKV (LQ]HO /('V SUR )HOG ȱ ȱ £ ȱ ȱ û ȱ ȱ £Ȭ ȱ ǰȱ ȱ ȱ £ ȱ ȱŜȱ £ Ȭ ȱ ȱ ǯȱ
ȱ ȱ ȱş¡Ŝȱ £ ȱȬǁȱ ȱ û ȱ ȱ ȱ ȱřŘŚȱ£ ȱ ȱ ǰȱ ȱû ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ DZ Ȋȱ ȱ ȱ ȱ ȱǻ ȱ ǼDzȱ ȱ ¢ DZ ȱ ȱ ȱŖŜŖřǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǻŗǯǯś Ǽ Ȋȱ ȱ ȱŝȱ û ȱŞ Ȭ ȱ ȱ śşśȱ ȱ ȱǻ ȱ ȱ ȱ ȱ £ ȱ Ȭ ȱ ǼDzȱ ȱ śşśȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱȬȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ǯ
Ȋȱ ȱŝŘȱ ȱ ȱ ȱû ȱ Ȭ ȱ ȱǻ£ ȱ ȱ ȱ ȱ ȱ Ȭ ǼDz ȱ ŗŜś Ȋȱ £ ȱ£ ȱ £ ȱ ȱ ã Ȋȱ ȱ ȱ ȱŗȱ ¢ ȱ û ȱ ȱŜȱ ȱ Ȋȱ ȱ£ ȱ ȱŜȱ ȱû ȱ ȱ£ ȱ Ǯ § ȃȱ ȱǮ ȃǯȱ ȱ ȱ ȱ ȱ ȱ Ĵȱ ȱû ȱ ȱŜȱ ǯ Ȋȱ ȱû ȱ Dzȱ ȱ ȱ ȱǻû ȱ Ȭ ȦȬ Ȭ Ǽȱ ȱû ȱ ã ȱ ǯ Ȋȱ ȱ ȱ ȱû ȱ ŘřŘȬ Ĵȱ ȱǻ Dz ȱ ȱ ȱ Ǽȱ ȱ £ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ £ DZȱ ŗŘ řŘȱȓśŖ £ǰȱ ȱ ȱ § ȱ ȱ ŚŞ ȱ ȱ ȱǻ ȱ ȱ ȱ ȱ ŗŘȬ Ǽȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ Dzȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ã ǯ
6FKDOWSODQ /D\RXW IHUWLJH +DUGZDUH $EE 6FKDOWSODQ
ZZZ PLNURFRQWUROOHU QHW _ (OHNWURQLVFKHU =DXEHUZXHUIHO > 352-(&7 @
/D\RXW WRS 3ODWLQH /(' 6HLWH
/D\RXW ERWWRP 3ODWLQH 3UR]HVVRU 6HLWH
-HGH 6HLWH GHV : UIHOV EHVWHKW DXV HLQHU GLHVHU 3ODWLQHQ 'LH $X HQVHLWH LVW PLW 7DVWHUQ XQG /('V EHVW FNW
DXI GHU ,QQHQVHLWH VLW]W GLH (OHNWURQLN 1XU HLQH GHU VHFKV 3ODWLQHQ LVW PLW HLQHP HLJHQHQ 3UR]HVVRU DXVJH VWDWWHW DOOH DQGHUHQ WUDJHQ QXU GLH 6FKLHEHUHJLVWHU
7HFKQLVFKH 'DWHQ *HVDPWDQVLFKW 6R VLHKW GHU : UIHO DXV ZHQQ HU ]XVDP PHQJHEDXW LVW
Ȋȱ3UR]HVVRU )UHHVFDOH +&6 & 0+] 9 N )ODVK N EHQXW]W N 5$0 %\WHV EHQXW]W
Ȋȱ6FKLHEHUHJLVWHU [ +& ]XU /(' $QVWHXHUXQJ [ +& ]XP (LQOHVHQ GHU 7DVWHU Ȋȱ/('V *HVDPW 6W FN 6W FN YRQ MHGHU )DUEH ZHL EODX URW RUDQJH JU Q JHOE *HKlXVH Ȋȱ7DVWHU 6W FN DXI MHGHU 6HLWH
Ȋȱ*HVDPWVWURPDXIQDKPH P$ /('V DXI JHGLPPW P$ /('V DXI JHGLPPW EHL 9
$XVEOLFN 9HUEHVVHUXQJVLGHHQ Ĵȱȱ ȱ ȱ ȱ Ȭ ȱ ã ȱ ȱŜȱ £ Ȭ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ£ ȱ § ȱ Ȭ ȱ ǯȱ DZȱ ȱ ȱ ȱ § Dzȱ ȱǮ £ȃȱ ȱ ȱ Dzȱ£ ȱ û ǰȱ ȱ Ȭ ȱ ȱ ȱ
ȱ ȱ ȱ Dzȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱřȱ Ȭ ǵȱ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ ȱ ǵǷȱ ŗŗŖŜȱǻ ĴȱǼȱǻřǰśśǧȱ ȱ ǼDzȱ ǯȱ£ ȱ ȱ ȱ ǯǯǯ
0LNURFRQWUROOHU 6RIWZDUH )LUPZDUH ȱ Ğȱ ȱ ȱ ȱ ȱ Ȧ ȱ û DZ Ȋȱ ŘřŘȬ ȱǻ£ ȱ Ǽ Ȋȱ Ȭ ȱǻ£ ȱ ȱ ȱ Ǽ Ȋȱ ûȬȱ ȱ ȱ ȱ û ȱǻ Ȧ ȱ ¢ Dzȱ ȱ ¢Dzȱ Dzȱ û ȱ ȱ û ȱ ã ȱ Dzȱ ȱ ȱ Dzȱ Ǽ
(0%(''(' 352-(&76 1(7 -2851$/
Ȋȱ ȱ£ ȱ ȱ ȱ û ȱǻ ǰȱ ǰȱ ǰȱ ǰȱ ǰȱ ǼDzȱǮ ȃ ȱ ȱ£ǯ ǯǰȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ £ ȱ ȱ ȱ Dzȱ Ȋȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǵȱ ȱ ȱt ȱ£ ȱ ǰȱ ȱ ȱ ȱ û ȱ Ȧ ȱ ȱ Ȧ Ȧ ǯ
> 352-(&7 @ (OHNWURQLVFKHU =DXEHUZXHUIHO _ ZZZ PLNURFRQWUROOHU QHW
ȱ ȱ ȱ Ğȱ ȱ ȱ ȱ ǰȱ ȱ ȱŗŖ Ȭ ȱ ȱ ȱŗŖŖ Ȭ ȱ£¢ ȱ ǯȱ ȱŗŖŖ Ȭ ȱ ȱ ȱśŖŖ Ȭ ȱ £ ȱǻ ȱ ȱśǯ ȱ Ȭ û Ǽǰȱ ȱ ȱ ȱ ȱ £ û DZ
$EE $QRUGQXQJ GHU )HOGHU REHQ YRUQH UHFKWV XQWHQ KLQWHQ OLQNV
Ȋȱ ȱ ȱǻ ȱ ȱ ȱ û ȱ ȱ Dz ȱ ȱ Ǽȱ£ ȱ ȱ Ȋȱ ȱ ȱ ȱ£ ȱ ȱ Ȋȱ ȱ ȱ ȱ ȱ ȱ ã £ ȱ ȱ ȱ ȱǻ ȱęȱ ȱ ȱ ȱ û ȱ ȱ ĴȱǼǯ ȱŗŖ Ȭ ȱ ȱ ȱ DZ Ȋȱ ȱ ȱ ȱ ȱ ȊȱǮ ȃȱ ȱ û ȱ ȱ ȱ ȱ ȱ û ȱ ǻ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱǮ ȃDzȱ ȱ ȱ ȱ ȱ Ȭ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ǽ Ȋȱ û ȱǻ ȱƸȦȬDzȱ Dzȱ Dzȱ ȱ ȱ Ȧ ěȱDzȱ Ȧ Dzȱ Ȧ ȱ ¢ Dz ȱ Ǽ Ȋȱ ȱ ȱ ȱ ȱ ȱ ȱǻ Dz ȱ ȱ ȱ ã ȱ ǯǯǯǼ Ȋȱ ȱ ȱ Ȧ £ ǻ Ȭ ȱ Dzȱ ȱ ȱ ǰȱ ȱ ȱ £ ȱ ȱ ȱ ȱ £ £ ǼDzȱ £ ȱ ȱ ǰ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ã ȱ ȱ ȱ ȱ ǯ Ȋȱ ȱ ȱ Ȭ ȱ£ ȱ ȱ ȱ ȱ ȱ ȱ> @
3& 6RIWZDUH ȱ£ § £ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ǯȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ £ Ȧ ȱ §Ğȱ ȱ Ĵȱ ǰȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱǻ £ ȱ Ȧ ȱ Ȧ Ȭ Ǽǯȱ ȱ §Ğȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ § ǰȱ ȱ ȱ Ĵȱȱ ȱ ȱ ã ȱ û ȱ û ǯ
ȱǮ ȃȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ Ǽǯ
ȱ ȱ ã ǰȱ ȱ ȱ ȱ ã ȱ Ȭ ȱ û ȱ ȱ û ȱ£ ȱ ã ǯȱ £ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ û ȱ ȱ ¡ǯȱŘŖȱ û ȱ ã ȱ ȱ ȱǻ ȱ ȱ ȱ ¡ ȱ ȱŘřȱ û Ǽǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ã ȱ £ £ ǯȱǻ § ȱ ȱ ȱ ȱ ȱŗŘǯǯŗśȱ û ȱ ȱ û ȱ ǰȱ Ȭ
ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ǯȱ ȱ ȱ ȱ û ȱǻ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ǰȱ ȱ ȱ £ ȱ ǰȱ ȱ ȱ Ǽȱ ȱǮ ȃȱ ȱ£ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ǯȱ û ȱ ȱ ȱ ȱ ǰȱ û ȱ ȱ Ȭ ȱ û ǰȱ û ȱ ȱ ȱ ǯȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ û ȱ ȱǮ ȁ ȱ ȃǽ @ǰȱ ȱ ȱ ȱ ã ȱ ǯȱ ȱŗŖŗşȱ ȱ ȱǻ ȱ ř¡ř¡řȱ û Ǽȱ ȱ ȱ û ȱ ȱ ȱ £ ȱ ȱ ã ǯȱ ȱ ȱ ȱŚǯǯŜȱ û ȱ ȱ ȱ Ğȱȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱǀŗ ȱ ȱ ȱǻ ȱ Ȭ ȱ Ǽǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ£ ȱ § ȱ ȱ£ ȱ ȱ ȱ û ȱ § ȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ Ȭ Ȧ ȱ £ û ǰȱ ȱ ȱ ȱ £ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ £ û ǯȱ ȱ ȱ ȱ û ȱ ȱ ȱǮ Ȭ û ȃȱ ǯ
$EE 6FUHHQVKRW 3& 6RIWZDUH
ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ£ ȱ£ Ȭ ǰȱ ȱ ȱ ȱ ȱ ȱǮ ȃȱǻ ȱ ȱ ȱŗşŞŗȱ ãěȱ Ǽȱ ȱ ȱ£ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ > @ȱ ȱ £ȱ> @ǯȱ ȱ û ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ> @ £ ǯ
-2851$/ (0%(''(' 352-(&76 1(7
ZZZ PLNURFRQWUROOHU QHW _ (OHNWURQLVFKHU =DXEHUZXHUIHO > 352-(&7 @
$XVEOLFN 9HUEHVVHUXQJVLGHHQ
§ £ ȱ£ ȱǮ Ȭ ȃȱ ã ȱ ȱ ȱ ȱ Ȭ Ȭ ȱ Ȭ ǯȱ Ȭ ȱ ȱ ȱ § ȱ ȱǻ ǵǼȱ ǯȱ ȱ Ȭ ȱ ȱ ȱ û ȱ ǰȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ã ȱ ǯȱ § ȱ ȱ ã ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱǻ Ǽǯȱ ȱ ã £ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ £ ǯȱ
3UREOHPH EHL 3ODQXQJ XQG 'XUFKI KUXQJ ȱ ȱ ȱ ȱ ȱ Ȧ ȱ DZ ȊȱPHFKDQLVFKH 7UlJHUNRQVWUXNWLRQȱ û ȱ û Dzȱ ȱ ȱ ȱ ȱ£ ǵDz ȱ ȱ ȱ ȱ § ȱ ǯȱ £ ȱ ǵȱ ȱ ȱ ǰȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ û ȱ ȱ û ȱ ǵȱ ȱ ȱ ȱ û ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ § ȱ ǵ Ȋȱ ȱ ȱ Ȭȱ ȱ Ȭ/('V QDKH JHQXJ EHLVDPPHQǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǵ Ȋȱ3ODW]EHGDUI I U %DXWHLOH ȱ ȱ DZ ȱ ȉȱ ȱ û ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȉȱ ȱ ȱ ȱ ȱ ȱŜ ȱ£ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱȱ ȱǻ Ǽȱ £ ȱ ȱ û ǯ Ȋȱ Ȭȱ ȱ NDEHO VW|UHQ EHLP /|VHQǯǯǯȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱǻ Ȧ ȱ £ ȱ Ǽ Ȋȱ ȱ § ȱ ã ȱ ȱ ȱ ǯǯǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱǻ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ǽȱ ȱ ȱ Ĥȱ ȱǻ ȱ ȱ £ ȱ Ǽǯȱ
ȱ ãđ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ£ ȱ ȱ ȱǮ ȃȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǻ ȱ § ȱt £ Ǽȱ ȱ ȱ ȱ ȱ ȱ ã ǯȱ ȱ ȱ û ȱ £ ȱ ȱ ȱ Ĥȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱřś ȱ ȱ£ ȱ û ǯ ȱǮ ȃȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ Ȧ ȱ ȱ ǰȱ ȱ ȱ û ȱ £ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ û ȱ ȱ ȱ Ȭ ȱȬȱ ȱ ȱ ȱǮ û ȃȱ ȱ ȱ ȱ û ȱȬȱ §Ĵȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ǯǯǯȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ǯȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ> @ȱȬȱ ȱ ȱ ȱ ȱ ȱ ȱ £ȱ ȱ ǯȱ ȱ ȱ û ȱ ȱ ȱ ȱ Ȭ ȱ> @
,QWHUHVVDQWH 'HWDLOV /LQNV £ ȱ ȱ ȱ ȱ ȱř¡ř¡řȬ û DZȱŚǯř¡ŗŖŗşDzȱ ȱŚ¡Ś¡ŚȬ û DZȱ ŗŖŚřDzȱ ȱś¡ś¡śȬ û DZȱŗŖŞŝǯȱ ȱ ȱ ȱ ã ȱ ȱř¡řȱ û ȱ ȱ ȱ ȱ ȱş Ƿȱ> @ȱ ȱ ȱ> @ǯȱ ȱ û ȱ£ ȱ ȱǻ Ȭ Ğȱ Ǽȱ> @ǯ > @ KWWS ZZZ PLNURFRQWUROOHU QHW DUWLFOHV (OHNWURQLVFKHUB=DXEHUZXHUIHO > @ KWWS ZZZ PDWKHPDWLVFKH EDVWHOHLHQ GH ]DXEHUZXHUIHO KWP > @ KWWS ZZZ NDQWHQNUHX] GH > @ KWWS ZZZ \RXWXEH FRP ZDWFK"Y PIYJH2DU3%R > @ KWWS ZZZ MDDSVFK QHW SX]]OHV WKHRU\ KWP > @ KWWS ZZZ \RXWXEH FRP ZDWFK"Y 9 $BZID6F\ > @ KWWS ZZZ \RXWXEH FRP ZDWFK"Y * 69R. 2* > @ KWWS ZZZ \RXWXEH FRP ZDWFK"Y K *Q[.*LF\J > @ KWWS ZZZ NRFLHPED RUJ FXEH KWP > @ KWWS JDEEDVRIW FRP " <
(0%(''(' 352-(&76 1(7 -2851$/
$Q]HLJH
)D]LW
> 352-(&7 @ 86% 6WLFN DP 0LNURFRQWUROOHU _ 0DWWKLDV .DKQW
86% 6WLFN DP 0LNURFRQWUROOHU *UXQGODJHQ ]XU 5HDOLVLHUXQJ LQ HLJHQHQ $QZHQGXQJHQ 0DWWKLDV .DKQW 0DWWKLDV .DKQW#HOWUD WHF GH!
$OOJHPHLQH )XQNWLRQVEHVFKUHLEXQJ Ȭ ȱ ȱ£ ȱ ȱ û ȱ£ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ £ ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭȱ ȱ Ğȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ Ȭ ¢ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ǰȱ Ȭ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ ǯ
£ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ §Ȭ ȱ ȱ §Ğȱ ȱ ã ǰȱ ȱ ȱ ȱ ȱǮ Ȭ ȃǰȱ ȱ ȱ ȱ ȱ ȱ> @ ǯȱ ȱ ã ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ Ȭ ¢ ǰȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ $EE $QVLFKW 7HVWDXIEDX
ȱ ȱ £ ȱ û Ğȱ ȱ ȱ Ȭ ȱ Ȭ £ ȱ ȱ ǯ ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǰȱ £ ǯȱ ã ȱ ȱ ŘřŘȬ ǰȱ ȱ ȱ Ȭ § ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ Ȭ ȱ £ ǯȱ ȱ ȱ ȱ ¢ ȱ ŗ ȱ ȱ ȱǻ Ǽȱ £ ǯ ȱ ȱ ȱ ȱ Ğȱ DZ Ȋȱ ȱŘǯŖȱ Ȭȱ ȱ Ȭ § ȊȱŘȱ Ȭ ȱ ȱ Ȭȱ ȱ Ȭ Ȋȱ Ȭǰȱ Ȭȱ ȱ Ȋȱ£ § £ ǰȱ ȱ ȱ Ȧ Ȭ Ȋȱ ȱŞ ȱ ȱ ȱ řŘ ȱ Ȭ £ Ȋȱ ȱ Ȭ ǰȱŜŚ ¢ ȱ ǰ ȱ Ś ¢ ȱ Ȋȱ ȱ û ȱ ŗŜȱ ȱ řŘȱ ȱ ȱ û Ȋȱřǯř ȱǻŘś Ǽȱ ǰ ȱ ȱ Ȧ Ȭ ȱ ȱś ȱ Ȋȱ ȱ ¡ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǻ ȬŚŞȱ § Ǽȱ § ǯ
+DUGZDUH ȱ £ȱ ȱ ȱ ȱ ȱ ŗǯȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ȱ £ ǯȱ §đ ȱ ȱ ȱ ȱ ȱ ȱǻ Ǽȱ ȱ Ȭ ǯȱ ȱ ȱ ȱ Ġȱ ǰȱ ȱ û ȱ ǰȱ ȱ ȱ ȱ ȱ û ȱ Ġȱ ȱ ǯ ŗȬ DZ Ȋȱ ŗ ȱ ȱ ȬŚŞȱ § Ȋȱ £ȱŗŘ £ȱǻ ȱ ȱ ȱ ȱ ȱŚŞ £ȱ Ǽ Ȋȱřǯř ȱ ȊȱŘȱ ȱ û ȱ ȱ Ȋȱ Ȭ ȱ Ȋȱ Ĵȱ ȱ £ ȊȱŘȱ Ȭ ȊȱŘ¡ȱŗŘȱ Ğȱ ȱ ȱ ŘŚȱ Ȭ ȱ
$EE $QVLFKW 9',3 0RGXO Ȋȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȋȱ § ȱû ȱ Ȭ ȱ ȱ ȱ ȱ ȱ> @ȱ£ ȱ ęȱ ǯȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ £ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ Ĵȱȱ £ ȱ ȱ ȱ > @ȱ ǯ ȱ ŗȬ ȱ ȱ û ȱ ¡ ȱ ȱ ǰȱ£ ȱ ȱ ȱ Ȭ ȱ ȱ § ǯȱ ȱĚȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ȱ ȱ Ƿȱ £ ȱ ȱû ȱ ȱ ȱ ã ǯȱ DZȱ ŗȱ ǯȱŘśȱ ǰȱ ŗ ȱ ȱ £ ȱ ȱ ȱ ǯȱŗŖȱ ǯ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ȱ Ȭ ȱ > @ ȱŞŖśŗȬ ȱǻ ȱ
Şş śŗ Řȱ> @Ǽȱ ǯȱ ȱ ȱ û ȱ ȱ ȱ ȱ £ ȱ ǯȱ ȱ ȱ ȱ ȱ ǯȱ ȱ £ȱ § ȱ ȱ ǯȱŗŗǯŖśşŘ £ȱ ȱ ȱ Ȭ ǯȱ ȱ ȱ ã ȱ ȱ £ȱ ȱŘŚ £ȱ £ ǯȱ £ ȱ ȱ ŘȬ ǰȱ ȱ ȱ Ğȱ ȱ ȱ ȱ ǯ
-2851$/ (0%(''(' 352-(&76 1(7
0DWWKLDV .DKQW _ 86% 6WLFN DP 0LNURFRQWUROOHU > 352-(&7 @
$EE 6WURPODXISODQ
ȱt ȱ ȱ ȱ Ȭ Ĵȱ ȱ ǯȱ ȱ Ȭ ȱ ȱ ¡ ȱ ȱ ȱ ȱ Ȭ Ĵȱ ǰȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ ȱ Ȭ ȱ û ȱ ȱ ȱ Ȭ ȱ ǯ 1LFKW YHUJHVVHQ GLH -XPSHU - XQG - GHV 9',3 0RGXOV DXI 63, ]X VWHFNHQ ȱ ŗ ȱ Ȭ ȱ ȱ Ȭ ȱ ȱ ȱû ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭǰȱ Ř Ȭȱ ȱ Ȭ Ğȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ § Ğȱǰȱ ȱ ȱ ȱ ȱ ȱ ȱŗŘ £ȱ £ȱ ǯȱ ¢ ȱ ȱ ȱ ǯȱ ȱ ȱŗřȱ ȱû Ȭ ȱ ǰȱ ȱ ȱ Ȭ ȱ ȱ
ȱ ȱ ȱ £Ȭ ǯȱ ȱ ȱ ȱû ȱ ȱ Ȭ ȱ ȱ Ğȱ ȱ ǯ ȱ ȱ ȱ ǰȱ ȱ ŗ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗ ǰȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ ŗ ȱ ȱ ȱ ȱ § Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ěȱ ȱ ȱ£ Ȭ ȱ đ ȱ ȱ ǯȱ ȱǮ ¡Ȭ ěȱ ȱ ȃȱ ȱ ȱ ȱ ȱ ȱ ǯ
ȱû ȱ ȱ ȱ ȱ ŗ ȱ ȱ Ȭ ȱ ȱ ȱ £ £ȱ § ǰȱ § ȱ ȱ Ȭ ȱ ȱ Ř Ȭ ǯȱ ȱ ȱ § ȱ ȱ ȱ
ȱ ŗȱ£ ȱ ȱ ȱ ȱ Ğȱȱ ǯ ȱ ȱ ȱ ȱ Ǜȱǻ ǼȬ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ £ Ȭ ǯȱ ȱ § ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ ¢ ȱ ěȱ ǯ ȱ ¢ ȱ £ ȱ£ ȱ £ ȱ ȱ ȱ Ȭ ¢ȱ ȱŚ¡ŘŖȱ ǰȱ ȱ ȱ ŘŖŚȬŚȱ ȱ ǰȱ ȱ ŖŖŝřȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ã ȱ ȱ ȱ ȱ ȱ ¢ȱ £ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ǰȱ ȱ § ȱ § ȱ ȱ û ȱ ȱ ǯ
6RIWZDUH ȱ ȱ £ ǰȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ Ğȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ŗȬ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ § ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ŗŜȱ ȱ řŘȱ Ȭ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ û £ ǯȱ ȱ ȱ ȱ ¢ ȱ ȱ ȱ ǯ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ£ ȱ ěȱȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ Ȭ ¢ ȱ ȱ
(0%(''(' 352-(&76 1(7 -2851$/
ȱ ǯȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ Ȭ§ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȅ DZȧǁȁȱ£ û ǯ ȱ ȱ ȱ ȱ Ȭ ȱ Ȭ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ǯȱ ȱ Ȭ ȱ ȱ Ȭ ȱ ǯȱŜ ¢ ȱ ȱ ȱ ŗŜŖ ¢ ȱ ǯȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ Ȭ ȱ ã ȱ ǯȱ £ ȱ Ȭȱ ȱ £ £ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ § Ğȱȱ
ȱ ȱ ȱ ȱ û Ğȱ ȱ ȱ £ ȱ ȱ ǯ § ȱ ȱ ȱ ȱ ȱ ŗ ȱ ȱ ȱ ȱ û DZ Ȋȱ ȱȬȱ ȱ Ȭ ȱ ȱ Ȋȱ ȱȬȱ ȱ ȱ ȱ ȱ ȱ ȱû Ȋȱ ȱȬȱ £ ȱ ȱ Ğȱ Ȋȱ ȱȬȱ £ ȱ ȱ £ ȱ ȱ ȱ ȱǮ ȏ ȏ ȃȱ ǯ
> 352-(&7 @ 86% 6WLFN DP 0LNURFRQWUROOHU _ 0DWWKLDV .DKQW
$Q]HLJH
ȱ ȱŚȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ £ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ> @ ȱǻ ȱ ȱ ǯĞȱ Ǽǰȱ ȱǮĞȱ ĠȱǯĞȱ ȃȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱĚȱ ȱǻ £ ȱǮ ȱ ȃǼȱ ȱ ȱ ȱ ȱ ȱ § ȱ ǯ
$EE 0RQLWRUPHOGXQJ QDFK ):9 .RPPDQGR
ȱ ȱ ȱ ȱ ȱ Ȭ ȱřǯŜŜȱ ȱřǯŜŞȱ ǯȱ ȱ Ğȱ ȱ ȱ §đ ȱ ȱ ǰȱ ȱ ȱ£ ȱ ȱ ȱřǯŜŞǯ
ȱ ȱ ȱ ȱ ȱ û ȱ Ȭ ȱ> @ǯȱ ȱ ȱ ȱ Ȭ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ û ǯ
ȱ ȱ ȱ Ğȱ ȱ£ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ȭ £ ȱ £ ǯȱ ǯȱ ȱ ã ȱ ¡ Ȭȱ ȱ § ęȱ ȱ ȱ ǯȱ ȱǮ § Ȭ ȃȱ ȱ ȱ ã ǯ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ Ȧ Ȭ ȱǮ ȏ ȏ ¢ ȃȱ ȱǮ ȏ ȏ ¢ ȃȱ ǯȱ ȱ ĴȱȱǽŝǾȱ ȱ ŗ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ û ȱ §Ğȱ ǯȱ ǻ ȱ ȱ£ ȱ ȱ ȱ Ĵȱȱ ȱ ŗȱ ȱ ȱ § ȱ ȱ Ȭ ȱ ȱ ǷǼ
ȱ § ȱ ¡ ȱ ȱ Ğȱ ȱ ȱ ȱ ȱ ȱ ȱǽşǾȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ǯ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Ȭ ¢ȱ£ ǰȱ ȱ ȱ> @ ȱ ǯȱ ȱ ȱ£ ȱ ȱ £ ȱ ȱ ȱ£ ȱ ȱ ȱ û ȱ ȱ ãđ ǯ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ § ȱ ǯ
)D]LW 'LH 6RIWZDUH ZXUGH PLW XQWHUVFKLHGOL FKHQ 86% 6WLFNV YRQ 0%\WH ELV *%\WH JHWHVWHW XQG IXQNWLRQLHUWH MHGHV PDO RKQH bQGHUXQJHQ )$7 6\VWHPH VLQG VFKQHOOHU DOV )$7 6\VWHPH :lKUHQG GHU 7HVWSKDVH ZXUGH DXFK EHL JUDYLHUHQGHQ 6RIWZDUHIHKOHUQ QLHPDOV HLQ 'DWHLV\VWHP DXI GHQ 6WLFN ]HU VW|UW RGHU HLQH IUHPGH 'DWHL EHVFKlGLJW 'LH 9'$3 )LUPZDUH VFKHLQW UHFKW VWDELO ]X IXQNWLRQLHUHQ 7URW]GHP VROOWH PDQ QLFKW VHLQHQ HLQ]LJHQ %DFNXS 6WLFN ]XP WHVWHQ YHUZHQGHQ
5LHVLJH 6FKUHLE XQG /HVHJHVFKZLQGLJNHLWHQ NDQQ VROOWH PDQ EHL GHU 9HUZHQGXQJ GHU 9'$3 )LUPZDUH QLFKW HUZDUWHQ ) U GLH PHLVWHQ $QZHQGXQJHQ ZLH ] % 'DWHQORJJHU G UIWH GLHVH MHGRFK DXVUHLFKHQG VHLQ 0LW GHP 91& / N|QQHQ JUXQGVlW]OLFK DXFK DQGHUH *HUlWH ZLH ] % 86% 'UXFNHU .DPHUDV XQG +DQG\V DQJHVWHXHUW ZHUGHQ
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
-2851$/ (0%(''(' 352-(&76 1(7
.&38 0RGXO _ :HUQIUHG =ROQKRIHU > 352-(&7 @
'DV . 0RGXO 2SHQVRXUFH 3URMHNW $XJVEXUJHU &RPSXWHUIRUXP $&) 0LNURFRQWUROOHU 3URMHNWJUXSSH PF3*
:HUQIUHG =ROQKRIHU ]ROL#DXJXVWD GH!
:LH DOOHV EHJDQQ
'DV . &38 0RGXO
ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ǯ ǯȱǻ ǯ ǯ Ǽȱ ȱ ȱ ȱ£ Ȭ ȱ ȱ ȱ ȱ ȱ ǻ Ǽȱ ȱ ȱ ǯ
£ û ȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ §đ ǰȱ ȱ Ȭ Ȭ ǰȱ ȱ ȱ ȱ £ȱ DZ
ȱ ȱ ȱ ȱ ȱ ȱ § ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ ȱǻ £ ȱ £ Ȭ ȱ ȱ Ǽȱ£ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ Ȭȱ ȱ Ğȱ ȱǻ ȱ Ǽȱ ȱ ȱ ȱ£ ȱ ǯȱǻ ȱ £ ȱ ȱ ȱ ȱǮ Ȭ ȱ ȱ ȃȱ ȱ ȱŗř ȱ ȱ ȱ Ȭ Ȭ ȱ ȱŘǯǼ
$EE 'DV . 0RGXO
û ȱ ȱ û ȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ ǯȱ ȱ û ȱ ȱ ¢ ȱ ȱ ȱ ȱ ã Ġȱ ȱ ã Ȭ ȱ ȱ £ £ ǰȱ ȱ ȱ Ȭ ȱ § ȱ £ ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ã ǰȱ ȱ ȱ ȱ Ġȱ ȱ ȱ ȱ£ ȱ § £ ȱ ǯȱ ȱ ȱ ȱ ȱǻ Ȭ ȱ ȱŗŜȦřŘȦǯǯȦŜŚŚǼȱ ȱ Ĵȱȱ ȱ ȱ û ǰȱ ȱ đȱ ȱ ȱǻ Ȭ Ǽȱ ǰȱ£ǯ ǯȱû ȱ ȱ ǰȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱû ȱ ȱ ȱ § ęȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ Ȭ §đ ȱ ȱ ȱ ¡ ȱ ŗŜȱ £ȱ £ȱ ǯȱ ȱ ȱ ȱ Ȭ ȱ ȱ£ ȱ Ȭȱ ȱ £ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ£ ȱęȱ ǯ ȱ û ȱ ȱ ȱ ȱ DZȱ ȱ Ȧ Ȭ Ĵȱ ȱ ȱ ȱ Ŷ Ȭ ȱǻ § Ǽȱ ȱ ȱŗŖȱ ǯȱȱ Ȭ ȱ û ǰȱ ȱ Ȭ ȱ Ĵȱ ȱǻ Ǽȱ ȱ ȱ Ȭ ȱŚ ǯȱǻ ǯ ǰƸǰȬǼȱ Ğȱ ǯ
$EE 'DV . 0RGXO ȱ ȱ ȱ ȱ ȱ ȱś ȱ £ ȱǻǁƽȱŗŖŖȱ Ǽȱû ȱ ȱřǰŗ ȱ ȱ ȱ ȱ ȱ Ȭ ȱû ȱ ȱ ǯȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ ȱû ȱ ȱ Ŷ Ȭ ȱ ǯ ȱ ã ȱ ȱ£ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ £ ȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ ȱ ǻ ǰȱ ȱ ǯǼȱ ȱ ȱ ǯ ȱ ȱ Ȭ ȱ ȱ Ȭ ȱ £ ȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ ȱǻŞŖ ȱ¡ȱśŖ Ǽȱ ȱ ǯȱ ȱ ȱ ȱ ȱ û ȱ ȱ ȱ ȱ ȱ ȱ û ȱ ȱ ǰȱ£ ȱ ȱ ȱ £ ȱ ȱ ǯ
$XVEOLFN
)$4V
/LQNV
ȱ ȱ ȱ ȱ Ȭ £ ȱ ȱ ǰȱ ȱ ȱ ȱ ǯȱ ȱ ȱ£ǯ ǯ
.DQQ PDQ PLWPDFKHQ" ȱ ȱ Ȭ ȱ ȱ ȱ ȱ £ ȱ ǰȱ ȱ£ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ
> @ KWWS ZZZ DXJXVWD GH $* PLFUR > @ KWWS ZZZ L[EDW GH ILOHV DGPLQ SURMHNWH HSMRXUQDO (3-B BGRZQORDG SGI > @ KWWS ZZZ UQ ZLVVHQ GH LQGH[ SKS 51 'HILQLWLRQHQ > @ KWWS VKRS HPEHGGHG SURMHFWV QHW > @ KWWS ZZZ DXJXVWD GH $* PLFUR IROGHU
Ȋȱ Ȭ Ȋȱ Ȭ đ Ȋȱ Ȋȱȱ ȱ ȱ ǻ Ȧ Ĵȱ Ȧ Ǽ Ȋȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ £ § ȱ ȱ Ȭ £ ǯ
(0%(''(' 352-(&76 1(7 -2851$/
:LH NRPPW PDQ DQ GDV %RDUG" ȱ ȱ ȱ § ȱû ȱ ȱ ȱ ȱ ȱ ȱ £ Ȭ ȱ ǯ 8QWHUODJHQ ]XP %RDUG ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱęȱ ǯ
> 352-(&7 @ /(' )OLW]HU ² 329 $95 %RDUG _ 6HEDVWLDQ 6FKXVWHU
/(' )OLW]HU 329 $95 %RDUG LQIR#]LSIHOPDXV FRP! ZZZ ]LSIHOPDXV FRP
(LQOHLWXQJ
)XQNWLRQVSULQ]LS
3URMHNWXPIDQJ
ȱ Ȭ £ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ǰȱ Ĵȱ ȱ £ ȱ£ ȱ ȱ ȱ ã ȱ Ĵȱ ȱ ȱǮ ȱ ȱ ȃȬȱ £ ȱ ǻ Ǽǯȱ ȱ ęȱĜ ȱȱ ȱ ¡ ȱ ȱ Ȭ Ĵȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ȱ ȱ ȱ û ȱ ǯ
ȱ ȱ ȱ ȱ ȱ Ȭ ȱ £ ȱ ȱ ȱ £ ǰȱ ȱ ȱ ȱ ȱ £ ǰȱ Ȭ ȱ Ĵȱ ȱǻDžȱř Ǽȱ ȱ ǯȱ § £ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ û ȱ ȱ ȱ ȱ £ ȱ ȱǻ£ǯ ǯȱ ȱ ȱ đȱ Ȭ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ Ǽǯȱ
ȱ ȱ Ȭȱ ȱ Ğȱ ȱ û ȱ ȱ Ȭ £ ȱ ȱ ȱ ȱ Ȭ ȱ ǰȱ ȱ ȱ ¡ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ£ ȱ ã ǯȱ ȱ ǰȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ ȱ ȱ ȱ § ȱ £ û ȱ ȱ ȱ Ȭ £ ȱ ȱ ȱ ȱ ȱ ǯ
ěȱȱ ȱȮȱ ȱ ȱ Ǯ ȱ ȱ ȃȱ£ ȱ ȱ Ȭ ǰȱ £ ȱ ȱ Ğȱ ȱ£ Ȭ ȱ Ěȱã ã ȱ ȱ Ȭ ȱ ǯȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ £ ǰȱ ȱ û ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ǯȱ ǰȱ ȱ ȱ û ȱ ȱ £ȱ ǰȱ £ ȱ ȱ ȱ£ ȱ ȱ ȱ ǯȱ ȱ £ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱǻ DZȱ ǯ Ǽ
$EE
û ȱ ȱ Ȭ £ ȱ ¡ ȱ ȱ Ȭ ȱ ȱ đ ǯȱ ȱ £ ȱ ȱ ã ȱ£ ȱ ȱ ȱ û ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ Ȭ £ ȱ ȱ ã ȱ ȱ ȱ£ ȱ û ȱ ȱ ȱ ǯȱ § ȱ ã ȱ ã ȱ£ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ û ȱ £ ȱ ȱ ȱ ǰȱ ȱ ȱ ěȱ ȱ ȱ § ȱ ã ȱ ȱ£ ȱ ǯ
DZ Ȋȱΐ ȱ Ş Ȋȱΐ ȱ ȱ ȱ ȱǻ ȱƸȱ Ǽ Ȋȱ Ȭ ȱ û ȱ ȱ ȱ đ Ȋȱ Ȭ Ĵȱ ȱ Ĵȱ ȱ ȱ Ȭ ȱǻ Ǽ ȊȱřȬ ȱ ȱ£ ȱ Ĵȱ ȱ ȱ ȱǻ Ǽ Ȋȱ Ȭ ȱ£ ȱ ȱ ȱ ȱ ¡ ȱ ȱ Ȭ ȱ ȱ ǻ Ǽ
$EE $QZHQGXQJ /(' )OLW]HU
$EELOGXQJ
6HEDVWLDQ 6FKXVWHU _ /(' )OLW]HU ² 329 $95 %RDUG > 352-(&7 @
+DUGZDUH 6SDQQXQJVYHUVRUJXQJ ȱ Ȭ £ ȱ £ ȱ ȱ ȱ ȱŚȱ Ȭ Ĵȱ ǯȱ ȱ ȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ£ ȱ û £ ǰȱ ȱ ȱ ȱ ŗȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ŗŗŘşȱ £ ȱ ȱ ¢ ȱ ȱřǰř ǯȱ 0LNURFRQWUROOHU ȱ ȱ ŗȱ ȱ ȱ ȱ ȱ ȱ Ş ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ £ ȱ ¡ ȱ ȱ ȱ ȱ Ȭ ȱ û ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ Ȭ ǯ 6FKQLWWVWHOOHQ ȱ ȱ ȱ û ȱ ȱ Ȭ ȱ ǯȱt ȱ ȱ Ȭ Ĵȱ ȱ ȱ ȱ Ȭ ȱ ǻ ŘǼȱ ǯȱ đ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǻ řǼȱ ǯȱ ȱ ȱ § ȱ ȱ ȱ ȱ ȱ
ȱ ȱ£ ȱ ȱ ȱ ȱ Ȭ ǯȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ŗȱ ǯ 86% %DXVWHLQ ȱ ȱ £ ȱ ȱ ȱ ȱ Ȭ Ĵȱ ȱ ȱ ȱ ȱ ŘřŘ ȱǻ ŘǼǯȱ ȱ ȱ ȱ ȱǮ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ȱ ¢ȃȬ ȱ ȱǻ ȱ Ĵȱǰȱ ȱ> @Ǽǯȱ %HVFKOHXQLJXQJVVHQVRU RSWLRQDO
ȱ ŝŘŜŖ ȱǻ řǼȱ ȱ ȱ ȱ ȱ řȬ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ Ȭ £ ȱ ȱǻ Ĵȱȱ ȱ ȱ> @Ǽǯȱ ȱ ã ȱ ȱ ȱ ȱ ǰȱ Ȭ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗŜȬ § ȱ ǰȱ ȱ ȱ ã ȱ£ ȱ Ȭ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱǻ£ǯ ǯȱ đ Ğȱ ã Ǽȱ Ȧ ȱ ȱ ã ȱ § ȱ ȱ ȱ ȱ ȱ ǯ
6RIWZDUH $95
ȱ Ğȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱû ȱ ȱ ȱ ȱ ȱ ǯ
$EODXI
ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱΐ ȱ £ ǯȱ đ ȱ ȱ ûĞȱǰȱ ȱ ȱ ¡ ȱ ȱ ȱ Ȭ Ĵȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ£ ȱ û ǯȱ đ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ Ȭ ȱ ȱ £§ ȱ ȱ ǯ ǻŗǼȬȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱř ǰȱŗŖ ȱ ȱŗŖŖ ǯȱ ȱŗŖ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ
$EE
ŗŖŖ Ȭ ȱ ȱ ȱ Ȭ ȱ Ȭ Ĵȱ ȱ ȱ ǰȱ ȱ ȱ ȱ Ĵȱ ȱ ǯȱ ȱ ř Ȭ ȱ ȱ đ ȱ ȱ ȱ ȱ ȱ Ĵȱǯ û ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ǜǯȱ ȱ ȱ ȱû ȱ ȱ ȱ ¡ ȱ ȱ ȱ Ȭ £ ȱû ȱ ǯ ȱt ȱ ȱ ¡ Ȭ ŗǯȱ ȱ ěȱ Řǯȱ đ ȱ ȱ ȱ ȱ řǯȱ ȱ ȱ Ȭ Śǯȱ ȱ ȱ ȱ £ ȱ § ȱ ȱ ȱ ȱ ȱ Ȭ £ śǯȱ ȱ ȱ ¡ Ȭ Ŝǯȱt ȱ ȱ ¡ Ȭ ŝǯȱ ȱ ěȱ Şǯȱ ȱ ȱ Ȭ Ĵȱ şǯȱ ȱ ŗŖǯȱ ȱ ¡ Ȭ ȱ
.RPSRQHQWHQ & & & & & & & &
Q)
&
Q)
&
X)
&
X)
'
0(*$ $,
'
)7 5/
'
00$ 4
/
/4+ & X
352*
6WLIWOHLVWH [
5
N
5 5 5
N
5 5 5 5
5
51 51 51
5 $UUD\
51
N $UUD\
6-B
MXPSHU
6-B
MXPSHU
6:
7DVWHU
7
/7 &67
86%
86% 0LQL 60'
9
1
9 9 9 9 9 9 9 9
&+,3/('B
'RZQORDGV /LQNV ȱ ęȱ ǰȱ ȱ ȱ ȱ ȱ ¢ ȱ ã ȱ ȱ ȱ ȱ ȱ ȱǻ > @Ǽǯ > @ KWWS ZZZ ]LSIHOPDXV FRP OHG IOLW]HU > @ KWWS ZZZ IWGLFKLS FRP 'RFXPHQWV 'DWD6KHHWV '6B)7 5 SGI > @ KWWS ZZZ IUHHVFDOH FRP ILOHV VHQVRUV GRF GDWDBVKHHW 00$ 47 SGI
(0%(''(' 352-(&76 1(7 -2851$/
$EE
> 67(//(10$5.7 @
6LH VXFKHQ" +LHU ZHUGHQ 6LH JHIXQGHQ
6WHOOHQDQ]HLJHQ
LP (PEHGGHG 3URMHFWV -RXUQDO :HUEXQJ ]LHOJHULFKWHW ,QIRV ZZZ HPEHGGHG SURMHFWV QHW
:HUGHW DNWLY 'DV 0RWWR 9RQ GHU &RPPXQLW\ I U GLH &RPPXQLW\ 'DV 0DJD]LQ LVW HLQ 2SHQ 6RXUFH 3URMHNW )DOOV 'X /XVW KDVW 'LFK DQ GHU =HLWVFKULIW GXUFK HLQHQ %HLWUDJ ]X EHWHLOLJHQ Z UGHQ ZLU XQV GDU EHU VHKU IUHX HQ 6FKUHLEH 'HLQH ,GHH DQ VDXWHU#HPEHGGHG SURMHFWV QHW :LU ZHUGHQ GDQQ JHPHLQVDP VHKHQ ZDV ZLU GDUDXV PD FKHQ N|QQHQ
5HJHOPl LJ OHVHQ 'LH =HLWVFKULIW ZLUG EHU PHKUHUH .DQlOH YHUWHLOW 'HU HUVWH .DQDO LVW GHU 'RZQORDG DOV 3') 'DWHL $OOH $XVJD EHQ VLQG DXI GHU ,QWHUQHWVHLWH > @ YHUI JEDU 'LHMHQLJHQ GLH OLHEHU HLQH 3DSLHUYHUVLRQ HUKDOWHQ P|FKWHQ N|QQHQ GHQ ]ZHLWHQ .DQDO ZlKOHQ 0DQ NDQQ VLFK GRUW DXI HLQHU ,QWHUQHWVHLWH > @ LQ HLQH /LVWH I U GLH JHVSRQVHUWHQ $ERV HLQWUDJHQ %HLP (UVFKHLQHQ HLQHU QHXHQ $XVJDEH ZLUG GDQN 6SRQVRUHQJHOGHUQ DQ MHGHQ DXI GHU /LVWH HLQH $XV JDEH GHV DNWXHOOHQ -RXUQDO YHUVHQGHW )DOOV PDQ GHQ 9HU VDQGWHUPLQ YHUSDVVW KDW NDQQ PDQ GDV +HIW DXFK ]XP 3UHLV YRQ HLQHP (XUR EHU HLQHQ 2QOLQH 6KRS > @ EH]LH KHQ ,QWHUQHWVHLWH $QPHOGHIRUPXODU JHVSRQVHUWH $ERV KWWS ZZZ HPEHGGHG SURMHFWV QHW MRXUQDO 2QOLQH 6KRS I U -RXUQDO 3UHLV (85 9HUVDQG
KWWS ZZZ HSURR GH MRXUQDO
6SRQVRUHQ JHVXFKW 'DPLW ZLU ZHLWHUKLQ GLHVH =HLWVFKULIW I U MHGHQ IUHL EH UHLWVWHOOHQ N|QQHQ VXFKHQ ZLU GULQJHQG 6SRQVRUHQ I U :HUEH XQG 6WHOOHQDQ]HLJHQ %HL ,QWHUHVVH PHOGHW (XFK ELWWH XQWHU IROJHQGHU 7HOHIRQQXPPHU RGHU VHQGHW HLQH ( 0DLO DQ GLH REHQ JHQDQQWH $GUHVVH
> ,035(6680 @ HPEHGGHG SURMHFWV *PE+ +RO]EDFKVWUDVVH ' $XJVEXUJ 7HOHIRQ 7HOHID[ 0DLO MRXUQDO#HPEHGGHG SURMHFWV QHW $Q]HLJHP|JOLFKNHLWHQ XQG 3UHLVOLVWH DXI $QIUDJH YLD 0DLO +HUDXVJHEHU %HQHGLNW 6DXWHU *HVWDOWXQJ 6DW] 'DV 0HGLHQNROOHNWLY GH
9HU|IIHQWOLFKXQJ $XVJDEHIRUPDWH $XIODJH 3ULQW (LQ]HOYHUNDXIVSUHLV
[ -DKU 3') 3ULQW 6WN (85
'LHV LVW HLQ 2SHQ 6RXUFH 3URMHNW ,QIRUPDWLRQHQ ]XP $%2 ZZZ HPEHGGHG SURMHFWV QHW MRXUQDO 7LWHOIRWR VHHQ#IRWROLD FRP )RWRFRPSRVLQJ 'DV 0HGLHQNROOHNWLY (3- $Q]HLJH 5DPRQD +HLP 1LFHPRQNH\ GLS #IRWROLD FRP
$OOH $UWLNHO LQ GLHVHP -RXUQDO VWHKHQ XQWHU GHU IUHLHQ &UHDWLY &RPPRQV /L]HQ] 'LH 7H[WH G UIHQ ZLH EHNDQQW YRQ 2SHQ 6RXUFH PRGLIL]LHUW XQG LQ GLH HLJHQH $UEHLW PLW DXI JHQRPPHQ ZHUGHQ 'LH HLQ]LJH %HGLQJXQJ LVW GDVV GHU QHXH 7H[W HEHQIDOOV ZLHGHU XQWHU GHU JOHLFKHQ /L]HQ] XQWHU GHU GLHVHV +HIW VWHKW YHU|IIHQWOLFKW ZHUGHQ PXVV XQG ]X VlW]OLFK DXI GHQ RULJLQDOHQ $XWRU YHUZLHVHQ ZHUGHQ PXVV $XVJHQRPPHQ )LUPHQ XQG (LJHQZHUEXQJ
([FHSW ZKHUH RWKHUZLVH QRWHG WKLV ZRUN LV OLFHQVHG XQGHU KWWS FUHDWLYHFRPPRQV RUJ OLFHQVHV E\ $XVJHQRPPHQ )LUPHQ XQG (LJHQZHUEXQJ