0DJLF'LH=XVDPPHQNXQIW =XVDPPHQIDVVXQJGHU5HJHOQ ,QKDOW (LQIKUXQJ (LQH3DUWLH $OOJHPHLQHV (LQH3DUWLHEHJLQQHQ *HZLQQHQXQG9HUOLHUHQ 'LH*ROGHQH5HJHO 'LH.DUWHQ $OOJHPHLQHV %HVWDQGWHLOHHLQHU.DUWH 1DPH 0DQDNRVWHQ ,OOXVWUDWLRQ .DUWHQW\S (UZHLWHUXQJVV\PERO 7H[WER[ 6WlUNH:LGHUVWDQGVNUDIW 4XHOOHQDQJDEH &RS\ULJKW,QIRUPDWLRQ .DUWHQVDPPHOQXPPHU .DUWHQW\S =DXEHUVSUFKH %OHLEHQGH.DUWHQ /HJHQGHQXQGOHJHQGlUH.DUWHQW\SHQ 6SLHOVWHLQH =RQHQ 'HU$EODXIHLQHV6SLHO]XJHV $OOJHPHLQHV 6WDUWSKDVH (QWWDSSVHJPHQW 9HUVRUJXQJVVHJPHQW =LHKVHJPHQW +DXSWSKDVH .DPSISKDVH %HJLQQGHV.DPSIHV $QJUHLIHUGHNODULHUHQ %ORFNHUGHNODULHUHQ .DPSIVFKDGHQ (QGHGHV.DPSIHV (QGSKDVH =XJHQGHVHJPHQW $XIUlXPVHJPHQW =DXEHUVSUFKH)lKLJNHLWHQXQG(IIHNWH $OOJHPHLQHV =DXEHUVSUFKH )lKLJNHLWHQ $NWLYLHUWH)lKLJNHLWHQ $XVJHO|VWH)lKLJNHLWHQ 6WDWLVFKH)lKLJNHLWHQ 8QWHUW\SHQYRQ)lKLJNHLWHQ )lKLJNHLWHQKLQ]XIJHQXQGHQWIHUQHQ 7LPLQJYRQ=DXEHUVSUFKHQXQG)lKLJNHLWHQ =DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQVSLHOHQ :LHPDQPLWDXVJHO|VWHQ)lKLJNHLWHQXPJHKW :LHPDQ0DQDIlKLJNHLWHQVSLHOW :LHPDQPLWVWDWLVFKHQ)lKLJNHLWHQXPJHKW =DXEHUVSUFKHXQG)lKLJNHLWHQYHUUHFKQHQ =DXEHUVSUFKHXQG)lKLJNHLWHQQHXWUDOLVLHUHQ =DXEHUVSUFKHRGHU)lKLJNHLWHQHGLWLHUHQ (IIHNWH (LQPDOLJH(IIHNWH 'DXHUKDIWH(IIHNWH (UVDW]XQG9HUKLQGHUXQJVHIIHNWH $XWRPDWLVFKH6SLHOHIIHNWH :LHPDQPLWXQHQGOLFKHQ6FKOHLIHQXPJHKW ,OOHJDOH$NWLRQHQ =XVlW]OLFKH.DPSIUHJHOQ /HJDOH$QJULIIHXQG%ORFNV $XVZHLFKIlKLJNHLWHQ 6FKOVVHOZRUW)lKLJNHLWHQ *ORVVDU 0DJLF'LH=XVDPPHQNXQIW =XVDPPHQIDVVXQJGHU5HJHOQ (LQIKUXQJ 'LHVHV%XFKLVWIUGLHMHQLJHQ6SLHOHUJHGDFKWGLHYRQ0DJLF'LH=XVDPPHQNXQIWPHKUDOVQXU GLH*UXQGUHJHOQNHQQHQZROOHQ$XI$QIlQJHUXQWHUGHQ0DJLF6SLHOHUQPDJGLHVHV5HJHOEXFK ]LHPOLFKIXUFKWHUUHJHQGZLUNHQ(VLVWGDIUJHGDFKWDOOHP|JOLFKHQ5HJHOXQNODUKHLWHQGLHLP/DXIH HLQHV6SLHOVDXIWUHWHQN|QQHQHUNOlUHQ]XN|QQHQHLQ1DFKVFKODJHZHUNIUDOOH)lOOHGDV'XLQ VWULWWLJHQ)lOOHQRGHUZlKUHQGHLQHV7XUQLHUV]LWLHUHQNDQQVW $OOHVZDV'XDQ5HJHOQIUGHQ$OOWDJVJHEUDXFKEHQ|WLJVWVROOWHLPDOOJHPHLQHQ5HJHOEXFKGDV'X LQGHU0DJLF'LH=XVDPPHQNXQIW²&ODVVLF ±7XUQLHUSDFNXQJILQGHVWEHVFKULHEHQVHLQ:HQQ'X ELVKHUQXUGLH5HJHOQGHU0DJLF$QIlQJHU6SLHOHZLH0DJLF'LH=XVDPPHQNXQIW²3RUWDORGHU 3RUWDO=ZHLWHV=HLWDOWHUNHQQVWVROOWHVW'XDXFKHUVWGDVDOOJHPHLQH5HJHOEXFKOHVHQEHYRU'X'LFK DQGLHVHV%XFKKLHUZDJVW 'XZLUVWIHVWVWHOOHQGDZLUGLH5HJHOQQDFKHLQHPEHVWLPPWHQ6FKHPDVRUWLHUWXQGQXPHULHUW KDEHQ-HGHXQWHUVFKLHGOLFKH5HJHOKDWLKUHHLJHQH1XPPHU:|UWHUXQG3KUDVHQLQNXUVLYVLQGLP *ORVVDUGDVDXI6HLWHDQIlQJWGHILQLHUW,P,QGH[ILQGHVW'XGDQQQRFK4XHUYHUZHLVH :LUYRQ:L]DUGVRIWKH&RDVWZLVVHQGDDXFKGDVDXVIKUOLFKVWH5HJHOZHUNQLFKWDOOHP|JOLFKHQ 6LWXDWLRQHQEHLGHQHQ.DUWHQ]XVDPPHQZLUNHQDEGHFNHQNDQQ:HQQ'XHLQHSUl]LVH$QWZRUWIU HLQVSH]LHOOHV3UREOHPEHQ|WLJVWNDQQVW'XGLHVHYRQXQVHUKDOWHQ:LHJHQDXILQGHVW'XDXIGHU LQQHUHQ8PVFKODJVHLWHYRUQH (LQH3DUWLH $OOJHPHLQHV 'HU6SLHOHUGHUDQIlQJWEHUVSULQJWGDV=LHKVHJPHQWVLHKH5HJHO=LHKVHJPHQW VHLQHVHUVWHQ=XJHV (LQ6SLHOHUGHUPLWVHLQHU$QIDQJVKDQGQLFKW]XIULHGHQLVWNDQQHLQHQ0XOOLJDQHUNOlUHQ 'D]XPLVFKWHUVHLQH+DQG]XUFNLQVHLQ'HFNXQG]LHKWGDQDFKHLQHQHXH+DQGYRQ VHFKV.DUWHQ'LHVHQ3UR]HNDQQHUVRRIWZLHGHUKROHQZLHHUP|FKWHZREHLHUMHGHV 0DOHLQH.DUWHZHQLJHU]LHKWELVGLH$Q]DKOVHLQHU+DQGNDUWHQQXOOEHWUlJW6REDOGGHU HUVWH6SLHOHUEHVFKORVVHQKDWVHLQH+DQG]XEHKDOWHQNDQQGHU]ZHLWH6SLHOHUHLQHQ 0XOOLJDQHUNOlUHQ:HQQEHLGH6SLHOHUPLWLKUHU+DQG]XIULHGHQVLQGEHJLQQWGHUHUVWH 6SLHOHUVHLQHQ=XJ 'LHVH0DJLF5HJHOQJHKHQYRQHLQHU3DUWLH]ZLVFKHQ]ZHL6SLHOHUQDXV(VJLEW =XVDW]UHJHOQIUPHKUHUH6SLHOHUDEHUGLHVHZHUGHQKLHUQLFKWEHKDQGHOW0DQNDQQVLH LQ(QJOLVFKDXIGHURIIL]LHOOHQ:HEVHLWHYRQ:L]DUGVRIWKH&RDVWZZZZL]DUGVFRP! ILQGHQ ,P&RQVWUXFWHG)RUPDWEHQ|WLJWMHGHU6SLHOHUHLQHLJHQHV'HFNDXVPLQGHVWHQVVHFK]LJ .DUWHQGDUXQWHUQLFKWPHKUDOVYLHU([HPSODUHHLQXQGGHUVHOEHQ.DUWHPLW$XVQDKPH YRQ6WDQGDUGOlQGHUQGHVZHLWHUHQNOHLQH2EMHNWHIU6SLHOVWHLQHXQG=lKOPDUNHQVRZLH HLQHEHUVLFKWOLFKH0|JOLFKNHLWGLH/HEHQVSXQNWHIHVW]XKDOWHQ ,P6HDOHG'HFNRGHU'UDIW)RUPDWVLQGQXUYLHU]LJ.DUWHQDOV0LQLPXPIUHLQ'HFN YRUJHVFKULHEHQXQGHLQ6SLHOHUNDQQVRYLHOH([HPSODUHHLQHU.DUWHEHQXW]HQZLHHU]XU 9HUIJXQJKDW6LHKH'&,6WDQGDUG)ORRU5XOHVIUZHLWHUH,QIRUPDWLRQHQ (VJLEWNHLQHPD[LPDOH'HFNJU|H %HLGHQPHLVWHQ0DJLF7XUQLHUHQJLEWHV6RQGHUUHJHOQGLHKLHUQLFKWEHVSURFKHQ ZHUGHQ6RNDQQ]XP%HLVSLHOGLH9HUZHQGXQJYRQEHVWLPPWHQ.DUWHQPHLVWDXV lOWHUHQ6HWVHLQJHVFKUlQNWRGHUJDQ]YHUERWHQZHUGHQ6LHKH'&,6WDQGDUG)ORRU5XOHV IUZHLWHUH,QIRUPDWLRQHQ (LQH3DUWLHEHJLQQHQ =X%HJLQQHLQHU3DUWLHPLVFKWMHGHU6SLHOHUVHLQHLJHQHV'HFNVRGDGLH.DUWHQLQHLQHU ]XIlOOLJHQ5HLKHQIROJHVLQG-HGHU6SLHOHUNDQQGDQQGDV'HFNVHLQHV*HJQHUVDEKHEHQ 1DFKGHPGLH'HFNVJHPLVFKWZRUGHQVLQGHQWVFKHLGHQGLHEHLGHQ6SLHOHUZHUDQIlQJW 'D]XYHUVWlQGLJHQVLHVLFKDXILUJHQGHLQH0HWKRGH0Q]ZXUI:UIHOZXUIXVZ,Q HLQHP0DWFKEHVWHKHQGDXVPHKUHUHQ3DUWLHQHQWVFKHLGHWGHU9HUOLHUHUGHU YRUDQJHJDQJHQHQ3DUWLHZHUDQIl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|JOLFKNHLWJLEWGLHVH]X XQWHUEUHFKHQLVWGLH3DUWLHXQHQWVFKLHGHQ (LQ6SLHOHUGDUIHLQH3DUWLH]XMHGHU=HLWDXIJHEHQ 'LH*ROGHQH5HJHO 0DJLFV*ROGHQH5HJHOODXWHW,PPHUZHQQGHU7H[WHLQHU.DUWHGLHVHQ5HJHOQ ZLGHUVSULFKWKDWGLH.DUWH9RUUDQJ'LH.DUWHVHW]WVLFKQXUEHUGLH5HJHOKLQZHJGLH DXIGLHVHEHVWLPPWH6LWXDWLRQ]XWULIIW:HQQHLQH$QZHLVXQJHLQHXQP|JOLFKH$NWLRQ HUIRUGHUWZLUGVLHLJQRULHUW,QYLHOHQ)lOOHQZLUGDXIGHU.DUWHVWHKHQZDVLQGLHVHP)DOO ]XWXQLVWIDOOVQLFKWSDVVLHUWJDUQLFKWV 'LH.DUWHQ $OOJHPHLQHV :HQQVLFKHLQH5HJHORGHUHLQ.DUWHQWH[WDXIHLQH.DUWHEH]LHKWEHGHXWHWGLHV HLQH0DJLF.DUWHPLWGHU0DJLF5FNVHLWH(LQH8QJOXHG.DUWHGLHHLQHQ6SLHOVWHLQ UHSUlVHQWLHUWJLOWLQGLHVHP=XVDPPHQKDQJQLFKWDOV.DUWH (YHQWXHOOH]XVlW]OLFKH.RVWHQGLHLP5HJHOWH[WHLQHU.DUWHDXIJHIKUWZHUGHQVLQGQLFKW 7HLOGHU0DQDNRVWHQ6LHKH5HJHO=DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQ VSLHOHQ ,OOXVWUDWLRQ %HVWDQGWHLOHHLQHU.DUWH 'LH%HVWDQGWHLOHHLQHU.DUWHVLQG1DPH0DQDNRVWHQ,OOXVWUDWLRQ.DUWHQW\S (UZHLWHUXQJVV\PERO7H[WER[6WlUNH:LGHUVWDQGVNUDIW4XHOOHQDQJDEH&RS\ULJKW ,QIRUPDWLRQXQG.DUWHQVDPPHOQXPPHU 'LH,OOXVWUDWLRQEHILQGHWVLFKLQGHUREHUHQ+lOIWHGHU.DUWHXQGKDWNHLQHQ(LQIOXDXIGDV 6SLHO$XFKHLQH.UHDWXUGLHLQGHU,OOXVWUDWLRQDOVIOLHJHQGGDUJHVWHOOWZLUGKDW]XP %HLVSLHONHLQH)OXJIlKLJNHLWHVVHLGHQQHVLVWLQLKUHP5HJHOWH[WDQJHJHEHQ .DUWHQW\S 1DPH 'HU1DPHHLQHU.DUWHHUVFKHLQWLQLKUHUREHUHQOLQNHQ(FNH :HQQGHU7H[WHLQHU.DUWHLKUHQ1DPHQHUZlKQWEH]LHKWHUVLFKQXUDXIGLHVHV([HPSODU GHU.DUWHXQGQLFKWDXIHYHQWXHOOHDQGHUH([HPSODUHGLHVHU.DUWHXQDEKlQJLJYRQ LUJHQGZHOFKHQ1DPHQVlQGHUXQJHQDXIJUXQGYRQ6SLHOHIIHNWHQ 'HU7\SXQGHYWO8QWHUW\SHLQHU.DUWHZLUGGLUHNWXQWHUKDOEGHU,OOXVWUDWLRQDQJHJHEHQ 6LHKH5HJHOQ (UZHLWHUXQJVV\PERO 'DV(UZHLWHUXQJVV\PEROJLEWDQLQZHOFKHU0DJLF(UZHLWHUXQJGLHVH.DUWHHUVFKLHQHQ LVW'XILQGHVWHVXQWHUKDOEGHVUHFKWHQ5DQGVGHU,OOXVWUDWLRQ 'LH)DUEHGHV(UZHLWHUXQJVV\PEROVJLEWGHQ6HOWHQKHLWVJUDGGHU.DUWHLQQHUKDOEGHV6HWV DQ(LQHJROGHQHV6\PEROVWHKWIUHLQHVHOWHQH.DUWHHLQVLOEHUQHVIUHLQH XQJHZ|KQOLFKH.DUWHXQGHLQVFKZDU]HVIUHLQHKlXILJH.DUWHRGHUHLQ6WDQGDUGODQG 9RUGHU([RGXV(UZHLWHUXQJZDUHQDOOH(UZHLWHUXQJVV\PEROHVFKZDU] =ZHL.DUWHQEHVLW]HQGHQVHOEHQ1DPHQZHQQGLHHQJOLVFKHQ.DUWHQQDPHQLGHQWLVFKVLQG XQDEKlQJLJYRQDOOHPDQGHUHQZDVDXIGHQ.DUWHQVWHKW 0DQDNRVWHQ (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWGLH.DUWHQHLQHVEHVWLPPWHQ6HWVEHWULIIWVFKDXW QXUQDFKGHP(UZHLWHUXQJVV\PEROGLHVHV6HWV(LQH.DUWHGLHLP*UXQGVSLHOQHX DXIJHOHJWZRUGHQLVWHUKlOWGDV(UZHLWHUXQJVV\PEROGHV*UXQGVSLHOVGLHQHXDXIJHOHJWH 9HUVLRQGLHVHU.DUWHJLOWQLFKWOlQJHUDOV%HVWDQGWHLOGHUXUVSUQJOLFKHQ(UZHLWHUXQJ'LH HUVWHQIQI(GLWLRQHQGHV*UXQGVSLHOVEHVDHQNHLQH(UZHLWHUXQJVV\PEROH 'LH0DQDNRVWHQHLQHU.DUWHZHUGHQGXUFKGLH0DQDV\PEROHLQLKUHUREHUHQUHFKWHQ(FNH DQJH]HLJW6SLHOVWHLQHXQG/lQGHUEHVLW]HQNHLQH0DQDNRVWHQ8PGLH0DQDNRVWHQHLQHU .DUWH]XEH]DKOHQPXW'XDOOHIDUELJHQ0DQDV\PEROHEHGLHQHQ (LQH.DUWHEHVLW]WGLH)DUEHE]ZGLH)DUEHQGHU0DQDV\PEROHLQLKUHQ0DQDNRVWHQ XQDEKlQJLJYRQGHU)DUEHLKUHV.DUWHQUDQGHV(LQH.DUWHPLW0DQDNRVWHQYRQRR:LVW ]XP%HLVSLHOZHLHLQHPLW0DQDNRVWHQYRQRR:R%LVWVRZRKOZHLDOVDXFKVFKZDU] .DUWHQRKQHIDUELJH0DQDV\PEROHVLQGIDUEORV 'LHXPJHZDQGHOWHQ0DQDNRVWHQHLQHU.DUWHHQWVSUHFKHQGHU*HVDPWVXPPHDOOHQ0DQDV LQGHQ0DQDNRVWHQXQDEKlQJLJYRQGHU)DUEH0DQDNRVWHQYRQRR8R8HQWVSUHFKHQ ]XP%HLVSLHOXPJHZDQGHOWHQ0DQDNRVWHQYRQ'LHXPJHZDQGHOWHQ0DQDNRVWHQN|QQHQ PLWMHGHUEHOLHELJHQ.RPELQDWLRQYRQIDUELJHPXQGRGHUIDUEORVHP0DQDEH]DKOWZHUGHQ 7H[WER[ 'LH7H[WER[LVWDXIGLHXQWHUH+lOIWHGHU.DUWHJHGUXFNW6LHHQWKlOW5HJHOWH[WGHU $XVNXQIWGDUEHUJLEWZDVGLH.DUWHPDFKWXQGREHYHQWXHOOVSH]LHOOH9RUDXVVHW]XQJHQ HUIOOWVHLQPVVHQXPVLHDXV]XVSLHOHQ 'LH7H[WER[NDQQHEHQIDOOVNXUVLYJHVHW]WHQ$QHNGRWHQWH[WHQWKDOWHQGHUNHLQH $XVZLUNXQJHQDXIGDV6SLHOKDWDEHUHEHQVRZLHGLH,OOXVWUDWLRQ]XPNQVWOHULVFKHQ)ODLU EHLWUlJW 6WlUNH:LGHUVWDQGVNUDIW (LQH.UHDWXUEHVLW]W]ZHL=DKOHQLQLKUHUXQWHUHQUHFKWHQ(FNHGLHGXUFKHLQHQ 6FKUlJVWULFKYRQHLQDQGHUJHWUHQQWZHUGHQ'LHHUVWH=DKOLVWGLH6WlUNHGHU.UHDWXUGLH $Q]DKOYRQ6FKDGHQVSXQNWHQGLHVLHLP.DPSIDXVWHLOWGLH]ZHLWHLVWLKUH :LGHUVWDQGVNUDIWGLH$Q]DKOYRQ6FKDGHQVSXQNWHQGLHQ|WLJLVWXPVLH]X]HUVW|UHQ =XP%HLVSLHOEHGHXWHWGDGLH.UHDWXUHLQH6WlUNHYRQXQGHLQH:LGHUVWDQGVNUDIW YRQEHVLW]W 4XHOOHQDQJDEH (LQHEOHLEHQGH.DUWHLVWHLQH.DUWHRGHUHLQ6SLHOVWHLQGLHRGHUGHULP6SLHOYHUEOHLEW(V JLEWYLHU$UWHQYRQEOHLEHQGHQ.DUWHQ$UWHIDNWH.UHDWXUHQ9HU]DXEHUXQJHQXQG/lQGHU 7\SXQG8QWHUW\SHLQHUEOHLEHQGHQ.DUWHVLQGZLHDXIGHU.DUWHDQJHJHEHQ7\SXQG 8QWHUW\SHLQHV6SLHOVWHLQVZHUGHQGXUFKGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWEHVWLPPW GHURGHUGLHGHQ6SLHOVWHLQJHVFKDIIHQKDW 'LH4XHOOHQDQJDEHGHU,OOXVWUDWLRQLVWGLUHNWXQWHUKDOEGHU7H[WER[DQJHJHEHQ'LHVKDW NHLQH$XVZLUNXQJDXIGDV6SLHO (LQH.DUWHZLUG]XHLQHUEOHLEHQGHQ.DUWHZHQQVLHLQV6SLHONRPPW6LHK|UWDXIHLQH EOHLEHQGH.DUWH]XVHLQZHQQVLHGDV6SLHOYHUOlW'LH%HJULIIH.DUWHRGHU =DXEHUVSUXFKZHUGHQRIWEHQXW]WXPVLFKDXIGHQ7\SHLQHU.DUWH]XEH]LHKHQGLH QLFKWLP6SLHOLVWZLH]XP%HLVSLHOHLQH.UHDWXUHQNDUWHLQGHU+DQGHLQHV6SLHOHUV6LHKH 5HJHO=RQHQIUZHLWHUH,QIRUPDWLRQHQ &RS\ULJKW,QIRUPDWLRQ 'LH&RS\ULJKW,QIRUPDWLRQJLEWGDV(UVFKHLQXQJVGDWXPXQGGHQ&RS\ULJKW+DOWHUDQ'LHV KDWNHLQH$XVZLUNXQJDXIGDV6SLHO .DUWHQVDPPHOQXPPHU :HQQVLFKGHU7\SRGHU8QWHUW\SHLQHUEOHLEHQGHQ.DUWHlQGHUWHUVHW]WGHUQHXH7\SDOOH YRUKHULJHQ'LHVlQGHUWQXUGHQ7\SGHUEOHLEHQGHQ.DUWH²GHU.DUWHQW\SVHOEVWlQGHUW VLFKQLFKW=lKOPDUNHQ(IIHNWHXQG6FKDGHQVSXQNWHGLHGLHEOHLEHQGH.DUWHEHWUHIIHQ EOHLEHQHUKDOWHQDXFKZHQQVLHIUGHQQHXHQ7\SNHLQH%HGHXWXQJKDEHQ (LQLJH(UZHLWHUXQJHQEHVLW]HQ.DUWHQVDPPHOQXPPHUQ'LHVH,QIRUPDWLRQLVWLQGHU)RUP .DUWHQQXPPHU*HVDPW]DKOGHU.DUWHQGLHVHU(UZHLWHUXQJ!DQJHJHEHQXQGIROJWGLUHNW KLQWHUGHU&RS\ULJKW,QIRUPDWLRQ'LHVH=DKOHQKDEHQNHLQH$XVZLUNXQJHQDXIGDV6SLHO 'HU$QIDQJVZHUWHLQHU&KDUDNWHULVWLNHLQHUEOHLEHQGHQ.DUWHLVWGHU:HUWGHUDXIGHU .DUWHDQJHJHEHQLVWE]ZZLUGGXUFKGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWEHVWLPPWGHU RGHUGLHGHQ6SLHOVWHLQJHVFKDIIHQRGHUGHQ7\SGHUEOHLEHQGHQ.DUWHYHUlQGHUWKDW'DV $QZHQGHQHLQHUW\SYHUlQGHUQGHQ)lKLJNHLWlQGHUWOHGLJOLFKGLH$QIDQJVZHUWHGHU &KDUDNWHULVWLNHQGLHLP7H[WGHU)lKLJNHLWDQJHJHEHQVLQGQLFKWGLHWDWVlFKOLFKHQ DNWXHOOHQ:HUWH'DVbQGHUQGHV$QIDQJVZHUWHVHLQHU&KDUDNWHULVWLNEHUVFKUHLEWNHLQH GDXHUKDIWHQ(IIHNWHGLHGLHVHQ:HUWEHHLQIOXVVHQ .DUWHQW\S $OOH.DUWHQEHVLW]HQHLQHQRGHUPHKUHUH7\SHQ$UWHIDNW.UHDWXU9HU]DXEHUXQJ 6SRQWDQ]DXEHURGHU+H[HUHL(VJLEW]XU=HLWQXUHLQHQ0HKUIDFKW\S²$UWHIDNWNUHDWXU (LQLJH.DUWHQW\SHQHQWKDOWHQ8QWHUW\SHQGLHLQGHUVHOEHQ=HLOHDQJHJHEHQZHUGHQ %HLVSLHO.UHDWXU²0LQRWDXUXVEHGHXWHWGDGLH.DUWHGHQ.DUWHQ\WS.UHDWXUXQGGHQ .UHDWXUHQ8QWHUW\S0LQRWDXUXVEHVLW]W.UHDWXUHQYHU]DXEHUXQJEHGHXWHWGDGLH.DUWH GHQ.DUWHQW\S9HU]DXEHUXQJXQGGHQ8QWHUW\S.UHDWXUHQYHU]DXEHUXQJEHVLW]W =DXEHUVSUFKH $UWHIDNWH D $UWHIDNWHKDEHQNHLQHVSH]LHOOHQ&KDUDNWHULVWLNHQ$UWHIDNW]DXEHUVSUFKHVLQGIDUEORV REJOHLFKLKQHQDQGHUH=DXEHUVSUFKHRGHU)lKLJNHLWHQHLQH)DUEH]XZHLVHQN|QQHQ E $UWHIDNWNUHDWXUHQYHUELQGHQGLH&KDUDNWHULVWLNHQGHV.UHDWXUHQXQGGHV $UWHIDNWXQWHUW\SVXQGZHUGHQYRQDOOHQ=DXEHUVSUFKHQXQG)lKLJNHLWHQEHWURIIHQGLH GHQHLQHQRGHUDQGHUHQ8QWHUW\SEHWUHIIHQ -HGH.DUWHPLW$XVQDKPHYRQ/lQGHUQLVWLQGHP0RPHQWZRVLHDXVJHVSLHOWZLUGHLQ =DXEHUVSUXFK6LHK|UWDXIHLQ=DXEHUVSUXFK]XVHLQZHQQVLHYHUUHFKQHWRGHU QHXWUDOLVLHUWZLUG6LHKH5HJHO=DXEHUVSUFKHIUZHLWHUH,QIRUPDWLRQHQ 'HU7\SHLQHV=DXEHUVSUXFKVHQWVSULFKWGHP.DUWHQW\S %OHLEHQGH.DUWHQ .UHDWXUHQ D :HQQHLQH$QZHLVXQJDXIHLQHU.DUWHYHUODQJWHLQHQ.UHDWXUHQXQWHUW\S]XZlKOHQNDQQ GLHVMHGHVEHOLHELJH6XEVWDQWLYVHLQVHOEVWZHQQGLH.UHDWXULQ0DJLFJDUQLFKWH[LVWLHUW DEHUQXUHLQHV(LQ:RUWGDVLUJHQGHLQHDQGHUH%HGHXWXQJLQ0DJLFKDWGDUIQLFKW JHZlKOWZHUGHQZHLOGLHV]X9HUZLUUXQJIKUHQN|QQWH %HLVSLHO0HHUPDQQRGHU=DXEHUHULVWHUODXEWDEHU0HHUPDQQ=DXEHUHUQLFKW:|UWHU ZLH*HJQHURGHU6XPSIGUIHQQLFKWJHZlKOWZHUGHQZHLOVLHHLQHDQGHUH%HGHXWXQJ LP6SLHOEHVLW]HQ E 'LH)lKLJNHLWHQORNDOHU9HU]DXEHUXQJHQ]LHOHQQLFKWDXIGLHYHU]DXEHUWHEOHLEHQGH.DUWH HVVHLGHQQHVVLQGDNWLYLHUWH)lKLJNHLWHQGLHHWZDV]XP=LHOKDEHQN|QQHQ L 'HU%HKHUUVFKHUHLQHUORNDOHQ9HU]DXEHUXQJLVWQLFKWXQEHGLQJWLGHQWLVFKPLWGHP %HKHUUVFKHUGHUYHU]DXEHUWHQEOHLEHQGHQ.DUWH:HQQGLH.RQWUROOHEHUGLHEOHLEHQGH .DUWHZHFKVHOWVRZHFKVHOWQLFKWDXFKGLH.RQWUROOHEHUGLH9HU]DXEHUXQJXQG XPJHNHKUW1XUGHU%HKHUUVFKHUGHU9HU]DXEHUXQJNDQQLKUH)lKLJNHLWHQDQZHQGHQ :HQQGLH9HU]DXEHUXQJMHGRFKGHUYHU]DXEHUWHQEOHLEHQGHQ.DUWHHLQH)lKLJNHLW JHZlKUWLVWGHU%HKHUUVFKHUGHUYHU]DXEHUWHQEOHLEHQGHQ.DUWHGHUHLQ]LJHGHUGLHVH )lKLJNHLWDQZHQGHQNDQQ 0HKU]DKOXQG*HVFKOHFKWVSLHOHQNHLQH5ROOHZHQQPDQGHQ.UHDWXUHQW\SEHVWLPPW %HLVSLHO+XQG+XQGH+QGLQXQG+QGLQQHQ]lKOHQDOOHDOVGHUVHOEH.UHDWXUHQW\S² +XQG 9HU]DXEHUXQJHQ D $XIHLQHUJOREDOHQ9HU]DXEHUXQJLVWHLQIDFKQXU9HU]DXEHUXQJDOVLKU7\SDQJHJHEHQ /RNDOH9HU]DXEHUXQJHQXPIDVVHQGLYHUVH8QWHUW\SHQZLH]XP%HLVSLHO .UHDWXUHQYHU]DXEHUXQJHQRGHU/DQGYHU]DXEHUXQJHQ E /lQGHU D (LQ/DQGLVWNHLQH=DXEHUVSUXFKNDUWH6LHZLUGGLUHNWLQV6SLHOJHOHJW E (LQ6SLHOHUGDUIQRUPDOHUZHLVHQXUHLQ/DQGSUR=XJDXVVSLHOHQ=DXEHUVSUFKHXQG )lKLJNHLWHQHUODXEHQHYWOGDV6SLHOHQYRQ]XVlW]OLFKHQ/lQGHUQGLHVKLQGHUWGHQ6SLHOHU QLFKWGDUDQVHLQQRUPDOHV/DQGIUGHQ=XJDXV]XOHJHQ (LQHJOREDOH9HU]DXEHUXQJZLUGZLHMHGHUDQGHUH=DXEHUVSUXFKGHUHLQHEOHLEHQGH.DUWH HU]HXJWLQV6SLHOJHEUDFKW F (LQHORNDOH9HU]DXEHUXQJPXHLQHEOHLEHQGH.DUWH]XP=LHOKDEHQGHUHQ7\SGXUFKGHQ 8QWHUW\SGHU9HU]DXEHUXQJYRUJHJHEHQLVW %HLVSLHO(LQH.UHDWXUHQYHU]DXEHUXQJHUIRUGHUWDOV=LHOHLQH.UHDWXU=XVlW]OLFKH (LQVFKUlQNXQJHQDQGDV=LHOZHUGHQGXUFKGLH)RUPXOLHUXQJ6SLHOH.DUWH!QXUDXI 7\SHLQHUEOHLEHQGHQ.DUWH!GDUJHVWHOOW G F (LQ/DQGJHK|UWHLQHPYRQ]ZHL8QWHUW\SHQDQ6WDQGDUGODQGRGHU1LFKWVWDQGDUGODQG G 'LH6WDQGDUGOl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lKLJNHLWIDUELJHV0DQD]XSURGX]LHUHQ6LHKH 5HJHO0DQDIlKLJNHLWHQ'LH.DUWHZLUGVREHKDQGHOWDOVVWQGHLQLKUHU7H[WER[ 7(UK|KH'HLQHQ0DQDYRUUDWXP0DQDV\PERO!VHOEVWZHQQGLH7H[WER[JDUNHLQHQ 7H[WHQWKlOW(EHQHQSURGX]LHUHQZHLHV0DQD,QVHOQEODXHV6PSIHVFKZDU]HV*HELUJH URWHVXQG:lOGHUJUQHV0DQD I :HQQHLQ(IIHNWHLQHEOHLEHQGH.DUWHLQHLQ6WDQGDUGODQGYHUZDQGHOWJHK|UWGLH EOHLEHQGH.DUWHQLFKWPHKUOlQJHU]XLKUHPDOWHQ7\SXQGEHVLW]WQXUQRFKGLH 0DQDIlKLJNHLWGLHVHV6WDQGDUGODQGHV6LH]lKOWMHW]WDOV6WDQGDUGODQG J -HGHV/DQGGDVNHLQ6WDQGDUGODQGLVWLVWHLQ1LFKWVWDQGDUGODQG$XFKZHQQVHLQ 5HJHOWH[WRGHUHLQ6SLHOHIIHNWVDJHQGDHVDOVHLQ6WDQGDUGODQGW\S]lKOWLVWHVLPPHU QRFKHLQ1LFKWVWDQGDUGODQG J 'LHEOHLEHQGH.DUWHGHUHLQHORNDOH9HU]DXEHUXQJ]XJHRUGQHWLVWQHQQWPDQ YHU]DXEHUW'LH9HU]DXEHUXQJYHU]DXEHUWGLHVHEOHLEHQGH.DUWH K K 1LFKWVWDQGDUGOlQGHUEHVLW]HQQLFKWQRWZHQGLJ0DQDIlKLJNHLWHQ /HJHQGHQXQGOHJHQGlUH.DUWHQW\SHQ +DQG 'DV:RUW/HJHQGHRGHUOHJHQGlUNDQQHLQHP.DUWHQW\SRGHUXQWHUW\SKLQ]XJHIJW ZHUGHQ'LHVEHGHXWHWGDGLHEOHLEHQGH.DUWHGLHHQWVWHKWZHQQGLHVH.DUWHLQV6SLHO NRPPWVRZRKOGLH/HJHQGHQ5HJHOVLHKH5HJHO$XWRPDWLVFKH6SLHOHIIHNWHDOV DXFKGLH5HJHOQLKUHVHLJHQHQ7\SVEHIROJW /HJHQGHLVWHLQ.UHDWXUHQW\SDEHUOHJHQGlUQLFKW D 'LH+DQGHLQHV6SLHOHUVLVWZRHUGLH.DUWHQKlOWGLHHUJH]RJHQDEHUQRFKQLFKW DXVJHVSLHOWKDW E -HGHU6SLHOHUEHVLW]WHLQHPD[LPDOH+DQGJU|HGLHQRUPDOHUZHLVHVLHEHQ.DUWHQEHWUlJW (LQ6SLHOHUNDQQMHGHEHOLHELJH$Q]DKOYRQ.DUWHQLQVHLQHU+DQGKDOWHQDEHUDP(QGH VHLQHV=XJHVPXHUGLHVHLQHPD[LPDOH+DQGJU|HEHUVWHLJHQGHQ.DUWHQDEZHUIHQ 6SLHOVWHLQH F (LQLJH=DXEHUVSUFKHXQG)lKLJNHLWHQEULQJHQHLQH6SLHOVWHLQNUHDWXULQV6SLHO'HU 5HJHOWH[WGLHVHV=DXEHUVSUXFKVRGHUGLHVHU)lKLJNHLWEHVWLPPWGLHDQIlQJOLFKHQ &KDUDNWHULVWLNHQGHV6SLHOVWHLQVGHQHURGHUVLHNUHLHUW'HU1DPHHLQHV6SLHOVWHLQVLVW VHLQ.UHDWXUHQW\SVRIHUQHVQLFKWDQGHUZHLWLJDQJHJHEHQLVW]XP%HLVSLHOLVW*REOLQGHU .UHDWXUHQW\SHLQHV*REOLQVSLHOVWHLQV (LQ6SLHOVWHLQZLUGYRQDOOHPEHWURIIHQGDVEOHLEHQGH.DUWHQLPDOOJHPHLQHQRGHUGHQ 7\SRGHU8QWHUW\SGHV6SLHOVWHLQVEHWULIIW(LQ6SLHOVWHLQ]lKOWQLFKWDOV.DUWHVHOEVWZHQQ HUGXUFKHLQH.DUWHDXVHLQHPDQGHUHQ6SLHORGHUGLH8QJOXHG6SLHOVWHLQNDUWHQ UHSUlVHQWLHUWZLUGXQGZLUGGXUFKNHLQHQ(IIHNWEHWURIIHQGHUDXVGUFNOLFKGDV:RUW .DUWHEHQXW]W (LQ6SLHOHUGDUIGLH.DUWHQLQVHLQHU+DQGEHOLHELJDQRUGQHQXQGVLHVLFKVRRIW DQVFKDXHQZLHHUP|FKWH.HLQ6SLHOHUGDUIVLFKGLH.DUWHQLQGHU+DQGHLQHVDQGHUHQ 6SLHOHUVDQVHKHQMHGRFKGDUIHU]XMHGHU=HLWGLH.DUWHQLQGHU+DQGHLQHVEHOLHELJHQ 6SLHOHUV]lKOHQ )ULHGKRI D (LQ)ULHGKRILVWHLQ$EZXUIVWDSHO-HGH.DUWHGLHQHXWUDOLVLHUWDEJHZRUIHQ]HUVW|UWRGHU JHRSIHUWZLUGZLUGREHQDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW$OOH)ULHGK|IHVLQG]X 6SLHOEHJLQQOHHU E -HGHU)ULHGKRIEHVWHKWDXVHLQHPHLQ]LJHQ.DUWHQVWDSHOYRQPLWGHU%LOGVHLWHQDFKREHQ OLHJHQGHQ.DUWHQ-HGHU6SLHOHUNDQQVLFKGLH.DUWHQLQHLQHPEHOLHELJHQ)ULHGKRI]XMHGHU =HLWDQVHKHQDEHUHUGDUILKUH5HLKHQIROJHQLFKWYHUlQGHUQ :HQQHLQ6SLHOVWHLQGDV6SLHOYHUOlWK|UWHUDXI]XH[LVWLHUHQ =RQHQ (LQH=RQHLVWHLQ2UWLQGHPVLFK0DJLF.DUWHQZlKUHQGHLQHU3DUWLHEHILQGHQN|QQHQ(V JLEWVHFKV*UXQG]RQHQ%LEOLRWKHN+DQG)ULHGKRILP6SLHO6WDSHOXQGJDQ]DXVGHP 6SLHOHQWIHUQW-HGHU6SLHOHUEHVLW]WVHLQHLJHQHV([HPSODUHLQHUMHGHQ=RQHPLW $XVQDKPHGHULP6SLHO=RQHXQG6WDSHO=RQHGLHYRQEHLGHQ6SLHOHUQJHWHLOWZHUGHQ %LEOLRWKHN F :HQQHLQ(IIHNW]ZHLRGHUPHKU.DUWHQ]XUVHOEHQ=HLWLQGHQVHOEHQ)ULHGKRIEHI|UGHUW NDQQGHU%HVLW]HUGLHVHU.DUWHQGLH5HLKHQIROJHGLHVHU.DUWHQEHVWLPPHQ ,P6SLHO D 'HUJU|WH7HLOGHU)OlFKH]ZLVFKHQGHQ6SLHOHUQVWHOOWGLH,P6SLHO=RQHGDU=X 6SLHOEHJLQQLVWGLHVH=RQHOHHU-HGHU6SLHOHUOHJWGLH.DUWHQGLHHUNRQWUROOLHUWPLW $XVQDKPHYRQORNDOHQ9HU]DXEHUXQJHQGLHEOHLEHQGH.DUWHQDQGHUHU6SLHOHU YHU]DXEHUQYRUVLFKDXV D :HQQHLQH3DUWLHEHJLQQWZLUGGDV'HFNHLQHVMHGHQ6SLHOHUV]XGHVVHQ%LEOLRWKHN E E -HGH%LEOLRWKHNPXMHGHU]HLWHLQHLQ]LJHU.DUWHQVWDSHOYRQPLWGHU%LOGVHLWHQDFKXQWHQ OLHJHQGHQ.DUWHQVHLQ'LH6SLHOHUGUIHQVLFKGLH.DUWHQLQHLQHU%LEOLRWKHNZHGHU DQVFKDXHQQRFKLKUH5HLKHQIROJHYHUlQGHUQ (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWEHWULIIWQXUGLH,P6SLHO=RQHVRIHUQQLFKW DXVGUFNOLFKHLQHDQGHUH=RQHDQJHJHEHQLVW%OHLEHQGH.DUWHQH[LVWLHUHQQXULQGHU,P 6SLHO=RQH F F -HGHU6SLHOHUGDUIMHGHU]HLWGLHLQHLQHU%LEOLRWKHNYHUEOLHEHQHQ.DUWHQ]lKOHQ ,PPHUZHQQHLQH.DUWHGLH,P6SLHO=RQHEHWULWWZLUGVLHYRP6SLHODOVQDJHOQHXH EOHLEHQGH.DUWHEHWUDFKWHWGLHLQNHLQHP=XVDPPHQKDQJ]XYRUKHULJHQEOHLEHQGHQ .DUWHQGLHYRQGHUVHOEHQ.DUWHUHSUlVHQWLHUWZXUGHQVWHKW (LQ6SLHO]XJEHVWHKWDXVIQI3KDVHQZHOFKHLQGLHVHU5HLKHQIROJHODXWHQ6WDUWSKDVH HUVWH+DXSWSKDVH.DPSISKDVH]ZHLWH+DXSWSKDVH(QGSKDVH-HGHGLHVHU3KDVHQZLUGLQ MHGHP=XJGXUFKODXIHQDXFKZHQQQLFKWVZlKUHQGGLHVHU3KDVHSDVVLHUW'LH6WDUW .DPSIXQG(QGSKDVHQZHUGHQZHLWHULQ6HJPHQWHXQWHUWHLOWGLHGHU5HLKHQDFK GXUFKODXIHQZHUGHQ G (LQH.DUWHDXHUKDOEGHU,P6SLHO=RQHLVWQLFKWLP6SLHOXQGJLOWDXFKZHGHUDOV JHWDSSWQRFKDOVHQWWDSSW 6WDSHO (LQH3KDVHRGHUHLQ6HJPHQWHQGHWZHQQGHU6WDSHOOHHULVWXQGEHLGH6SLHOHU QDFKHLQDQGHUJHSDWKDEHQ=ZLVFKHQ=JHQ3KDVHQRGHU6HJPHQWHQNDQQHVNHLQH VSLHOUHOHYDQWHQ(UHLJQLVVHJHEHQ D :HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWJHVSLHOWZLUGJHKWHURGHUVLHDXIGHQ6WDSHO XQGZDUWHWDXIVHLQHRGHULKUH9HUUHFKQXQJ'HU6WDSHOPHUNWVLFKGLH5HLKHQIROJHLQGHU GLH=DXEHUVSUFKHXQGRGHU)lKLJNHLWHQDXILKQJHVHW]WZRUGHQVLQG6LHKH5HJHO 7LPLQJYRQ=DXEHUVSUFKHQXQG)lKLJNHLWHQ E (LQH=DXEHUVSUXFKNDUWHZLUGPLWGHU%LOGVHLWHQDFKREHQLQGLH6WDSHO]RQHJHOHJWXQG DQGHUH6SUFKHGLHGDUDXIDOV$QWZRUWJHVSLHOWZHUGHQZHUGHQGDUDXIJHVWDSHOW )lKLJNHLWHQZHUGHQDXIGHP6WDSHOGXUFKLPDJLQlUH.DUWHQVRJHQDQQWH3VHXGRVSUFKH UHSUlVHQWLHUW(LQ3VHXGRVSUXFKEHVLW]WGLH)DUEHGHUEOHLEHQGHQ.DUWHGLHLKQJHVFKDIIHQ KDWXQGGHQ7H[WGHU)lKLJNHLW(UZLUGYRQGHP6SLHOHUNRQWUROOLHUWGHUGLH)lKLJNHLW JHVSLHOWKDW F :HQQEHLGH6SLHOHUNHLQHZHLWHUHQ=DXEHUVSUFKHRGHU)lKLJNHLWHQGHP6WDSHO KLQ]XIJHQZROOHQZLUGGHURGHUGLHREHUVWH]XOHW]WJHVSLHOWH=DXEHUVSUXFKRGHU )lKLJNHLWYHUUHFKQHW *DQ]DXVGHP6SLHOHQWIHUQW D (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQHLQH.DUWHJDQ]DXVGHP6SLHOHQWIHUQHQ (LQLJH=DXEHUVSUFKHXQG)lKLJNHLWHQVHKHQHLQH0|JOLFKNHLWYRUZLHGLH.DUWHLQV6SLHO ]XUFNNHKUHQNDQQXQGEHQXW]HQGHQ%HJULIIEHLVHLWHOHJHQ.DUWHQGLHDXIGLHVH$UW XQG:HLVHEHLVHLWHJHOHJWZXUGHQJHOWHQHEHQIDOOVDOVJDQ]DXVGHP6SLHOHQWIHUQWZHQQ DXFKQXU]HLWZHLVH E :HQQHLQH3KDVHRGHUHLQ6HJPHQWHQGHWHQGHQDXFKDOOH(IIHNWHGLHELV]XUQlFKVWHQ 3KDVHRGHU]XPQlFKVWHQ6HJPHQWGDXHUQVROOWHQ :HQQHLQH3KDVHDEHUNHLQ6HJPHQWHQGHWYHUVFKZLQGHWDOOHVEULJJHEOLHEHQH0DQD DXVGHP0DQDYRUUDWHLQHV6SLHOHUV'LHVHU6SLHOHUYHUOLHUW/HEHQVSXQNWHLQ+|KHGLHVHV XQJHQXW]WHQ0DQDV'LHVQHQQWPDQ0DQDEUDQG6LHKH5HJHO0DQDIlKLJNHLWHQ 6WDUWSKDVH 'LH6WDUWSKDVHEHVWHKWDXVGUHL6HJPHQWHQLQGLHVHU5HLKHQIROJH(QWWDSSVHJPHQW 9HUVRUJXQJVVHJPHQWXQG=LHKVHJPHQW (QWWDSSVHJPHQW =XHUVWHQWVFKHLGHWGHUDNWLYH6SLHOHUZHOFKHVHLQHUEOHLEHQGHQ.DUWHQHQWWDSSHQ 1RUPDOHUZHLVHWXQVLHGDVDOOHDEHU(IIHNWHN|QQHQGLHVDElQGHUQ'DQDFKHQWWDSSWHU VLHDOOHJOHLFK]HLWLJ :lKUHQGGHV(QWWDSSVHJPHQWVHUKlOWNHLQHUGHU6SLHOHU9RUUDQJVRGDNHLQH =DXEHUVSUFKHRGHU)lKLJNHLWHQJHVSLHOWRGHUYHUUHFKQHWZHUGHQN|QQHQ$OOH )lKLJNHLWHQGLHZlKUHQGGLHVHV6HJPHQWVDXVJHO|VWZHUGHQZHUGHQ]XUFNJHKDOWHQELV HLQ6SLHOHUZlKUHQGGHV9HUVRUJXQJVVHJPHQWV9RUUDQJHUKlOW6LHKH5HJHO 9HUVRUJXQJVVHJPHQW .DUWHQLQGHU*DQ]DXVGHP6SLHOHQWIHUQW=RQHOLHJHQPLWGHU%LOGVHLWHQDFKREHQXQG N|QQHQMHGHU]HLWYRQMHGHP6SLHOHUHLQJHVHKHQZHUGHQ F .DUWHQGLHYLHOOHLFKWLQV6SLHO]XUFNNHKUHQVROOWHQDXIJHWUHQQWH+DXIHQJHOHJWZHUGHQ XPVLFKGHUHQYHUVFKLHGHQH5FNNHKUEHGLQJXQJHQ]XPHUNHQ.DUWHQGLHNHLQH&KDQFH KDEHQLQV6SLHO]XUFN]XNHKUHQN|QQHQDXIHLQHQHLQ]LJHQ+DXIHQJHOHJWZHUGHQ XQDEKlQJLJGDYRQZRGXUFKVLHHQWIHUQWZXUGHQ 'HU$EODXIHLQHV6SLHO]XJHV $OOJHPHLQHV 9HUVRUJXQJVVHJPHQW =X%HJLQQGHV9HUVRUJXQJVVHJPHQWVZHUGHQDOOH)lKLJNHLWHQGLHZlKUHQGGHV (QWWDSSVHJPHQWVDXVJHO|VWZXUGHQVRZLHDOOH)lKLJNHLWHQGLH]X%HJLQQGHU9HUVRUJXQJ DXVJHO|VWZHUGHQDXIGHQ6WDSHOJHVHW]W$XVJHO|VWH)lKLJNHLWHQZlKUHQGGHU 9HUVRUJXQJEHQXW]HQGLH)RUPXOLHUXQJ=X%HJLQQ'HLQHU9HUVRUJXQJRGHUHLQH YHUJOHLFKEDUH)RUPXOLHUXQJ6LHKH5HJHO$XVJHO|VWH)lKLJNHLWHQ'DQDFKHUKlOW GHUDNWLYH6SLHOHU9RUUDQJXP=DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ =LHKVHJPHQW 'HUDNWLYH6SLHOHUHUNOlUWZHOFKHVHLQHU.UHDWXUHQDQJUHLIHQ*HWDSSWH.UHDWXUHQDXFK GLHGLHRKQH]XWDSSHQDQJUHLIHQN|QQHQ0DXHUQ.UHDWXUHQGLHQLFKWXQXQWHUEURFKHQ VHLW%HJLQQGHV=XJHVXQWHUGHU.RQWUROOHGHVDNWLYHQ6SLHOHUVZDUHQXQGEOHLEHQGH .DUWHQGLHNHLQH.UHDWXUHQVLQGN|QQHQQLFKWDOV$QJUHLIHUGHNODULHUWZHUGHQ'LHVH 'HNODUDWLRQILQGHWJOHLFK]HLWLJVWDWWQLFKWQDFKHLQDQGHUXQGZLUGQLFKWDXIGHQ6WDSHO JHVHW]W(YHQWXHOOHDXVJHO|VWH)lKLJNHLWHQGLHZlKUHQGGLHVHU$NWLRQJHQHULHUWZHUGHQ ZDUWHQELVHLQ6SLHOHU9RUUDQJHUKlOW =X%HJLQQGHV=LHKVHJPHQWV]LHKWGHUDNWLYH6SLHOHUHLQH.DUWHYRQVHLQHU%LEOLRWKHN 'LHVLVWHLQHDXVJHO|VWH)lKLJNHLWVRDOVREDXIHLQHU.DUWHVWlQGH=X%HJLQQ'HLQHV =LHKVHJPHQWV]LHKHHLQH.DUWH'DQDFKHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP =DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ +DXSWSKDVH 'HUDNWLYH6SLHOHUEHUSUIWREGHU$QJULIIOHJDOLVW6LHKH$EVFKQLWW=XVlW]OLFKH .DPSIUHJHOQ:HQQGLHV]XWULIIWEH]DKOWHUDOOHHUIRUGHUOLFKHQ.RVWHQ:HQQQLFKW DQGHUVDQJHJHEHQPVVHQDOOH.UHDWXUHQDOV.RVWHQIUGHQ$QJULIIJHWDSSWZHUGHQ GHVZHLWHUHQN|QQHQDQGHUH.RVWHQXQGRGHU(LQVFKUlQNXQJHQ]XWUHIIHQ6LHKH5HJHO 'HUDNWLYH6SLHOHUNDQQ]XGLHVHP=HLWSXQNWQXUGDQQ0DQDIlKLJNHLWHQVSLHOHQ ZHQQ$QJULIIVNRVWHQGLH%H]DKOXQJYRQ0DQDYRUVHKHQ (VJLEW]ZHL+DXSWSKDVHQSUR=XJ'LHHUVWHXQGGLH]ZHLWH+DXSWSKDVHZHUGHQGXUFKGLH .DPSISKDVHJHWUHQQWVLHKH5HJHO.DPSISKDVHXQGZHUGHQLPDOOJHPHLQHQDOVGLH +DXSWSKDVHEH]HLFKQHW 'LH+DXSWSKDVHHQWKlOWNHLQH6HJPHQWH )DOOVGHUYRUJHVFKODJHQH$QJULIIQLFKWOHJDOLVWRGHUGHUDQJUHLIHQGH6SLHOHUQLFKWDOOH HUIRUGHUOLFKHQ.RVWHQEH]DKOHQNDQQZHUGHQDOOHXQWHUXQGEHVFKULHEHQHQ $NWLRQHQUFNJlQJLJJHPDFKW'DQDFKGHNODULHUWGHUDNWLYH6SLHOHUDXIV1HXHVHLQH DQJUHLIHQGHQ.UHDWXUHQ6LHKH5HJHO,OOHJDOH$NWLRQHQ 'HUDNWLYH6SLHOHUHUKlOW9RUUDQJXP=DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ'LHVLVW GLHHLQ]LJH3KDVHLQGHUHLQ6SLHOHU$UWHIDNWH.UHDWXUHQ9HU]DXEHUXQJHQXQG+H[HUHLHQ VSLHOHQNDQQ :l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lOWGHUDNWLYH6SLHOHU9RUUDQJXP=DXEHUVSUFKHXQG)lKLJNHLWHQ]X VSLHOHQ (LQH.UHDWXUZLUGDXVGHP.DPSIHQWIHUQWZHQQVLHNHLQH.UHDWXUPHKULVWRGHULKU %HKHUUVFKHUJHZHFKVHOWKDW'DV(QWWDSSHQHLQHU.UHDWXUGLHEHUHLWVDOV$QJUHLIHURGHU %ORFNHUGHNODULHUWZRUGHQLVWHQWIHUQWVLHQLFKWDXVGHP.DPSIXQGKLQGHUWVLHDXFKQLFKW GDUDQ.DPSIVFKDGHQDXV]XWHLOHQ'LHVJLOWHEHQVRIU=DXEHUVSUFKHRGHU)lKLJNHLWHQ GLHVLHDP$QJUHLIHQRGHU%ORFNHQJHKLQGHUWKlWWHQ %ORFNHUGHNODULHUHQ 'HUYHUWHLGLJHQGH6SLHOHUHUNOlUWZHOFKHVHLQHU.UHDWXUHQEORFNHQXQGZHOFKH DQJUHLIHQGHQ.UHDWXUHQMHGHEORFNW*HWDSSWH.UHDWXUHQXQGEOHLEHQGH.DUWHQGLHNHLQH .UHDWXUHQVLQGN|QQHQQLFKWDOV%ORFNHUGHNODULHUWZHUGHQ-HGH.UHDWXUNDQQQXUHLQH DQJUHLIHQGH.UHDWXUEORFNHQDEHUPHKUHUH.UHDWXUHQN|QQHQGLHVHOEHDQJUHLIHQGH .UHDWXUEORFNHQ'LHVH'HNODUDWLRQILQGHWJOHLFK]HLWLJVWDWWQLFKWQDFKHLQDQGHUXQGZLUG QLFKWDXIGHQ6WDSHOJHVHW]W(YHQWXHOOHDXVJHO|VWH)lKLJNHLWHQGLHZlKUHQGGLHVHU $NWLRQJHQHULHUWZHUGHQZDUWHQELVHLQ6SLHOHU9RUUDQJHUKlOW %HJLQQGHV.DPSIHV :HQQGLHVHV6HJPHQWEHJLQQWHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP=DXEHUVSUFKHXQG )lKLJNHLWHQ]XVSLHOHQ $QJUHLIHUGHNODULHUHQ 'HUYHUWHLGLJHQGH6SLHOHUEHUSUIWREGHU%ORFNOHJDOLVWVLHKH$EVFKQLWW=XVlW]OLFKH .DPSIUHJHOQ:HQQGLHV]XWULIIWEH]DKOWHUDOOHHUIRUGHUOLFKHQ.RVWHQ(LQ6SLHOHUNDQQ ]XGLHVHP=HLWSXQNWQXUGDQQ0DQDIlKLJNHLWHQVSLHOHQZHQQGLH.RVWHQIUV%ORFNHQGLH %H]DKOXQJYRQ0DQDYRUVHKHQ VSLHOHQ (LQH.UHDWXUZLUG]XHLQHUEORFNHQGHQ.UHDWXUZHQQVLHDOV%ORFNHUGHNODULHUWZRUGHQLVW (LQHDQJUHLIHQGH.UHDWXUJHJHQGLHHLQHRGHUPHKUHUH.UHDWXUHQDOV%ORFNHUGHNODULHUW ZRUGHQVLQGZLUG]XHLQHUJHEORFNWHQ.UHDWXUHLQHRKQH%ORFNHUZLUG]XHLQHU XQJHEORFNWHQ.UHDWXU'HU6WDWXVGHU.UHDWXUEOHLEWXQYHUlQGHUWELVVLHDXVGHP.DPSI HQWIHUQWZLUGRGHUGLH.DPSISKDVHHQGHW 'DV=XZHLVHQYRQ.DPSIVFKDGHQLVWNHLQ=DXEHUVSUXFKXQGNHLQH)lKLJNHLWXQGNDQQ GHVZHJHQQLFKWQHXWUDOLVLHUWZHUGHQ :HQQGHU.DPSIVFKDGHQYHUUHFKQHWZLUGZLUGHUZLHXUVSUQJOLFKDQJHNQGLJW ]XJHZLHVHQ'LHVJHVFKLHKWDXFKGDQQZHQQGLHGHQ6FKDGHQDXVWHLOHQGH.UHDWXUQLFKW PHKULP6SLHOLVWRGHUVLFKLKUH6WlUNHYHUlQGHUWKDWRGHUZHQQGLH.UHDWXUGLHGHQ 6FKDGHQHUKDOWHQVROOGHQ.DPSIYHUODVVHQKDW:HQQHLQH.UHDWXUGLH6FKDGHQHUKDOWHQ VROOWHQLFKWPHKULP6SLHOLVWZLUGGHULKU]XJHGDFKWH6FKDGHQQLFKWDXVJHWHLOW (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWGHURGHUGLHHLQH.UHDWXUGLHEHUHLWVDOV%ORFNHU GHNODULHUWZRUGHQLVWDXVGHP.DPSIHQWIHUQWHQWEORFNWGDGXUFKQLFKWGLH.UHDWXUHQ GLHYRQLKUJHEORFNWZXUGHQ 1DFKGHPDOOHOHJDOHQ%ORFNVGHNODULHUWXQGDOOHHUIRUGHUOLFKHQ.RVWHQEH]DKOWZRUGHQ VLQGHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP=DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ (QGHGHV.DPSIHV $OOH$P(QGHGHV.DPSIHV)lKLJNHLWHQZHUGHQDXVJHO|VWXQGDXIGHQ6WDSHOJHVHW]W 6LHKH5HJHO$XVJHO|VWH)lKLJNHLWHQ'DQDFKHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP =DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ .DPSIVFKDGHQ (QGSKDVH =XHUVWHUNOlUWGHUDNWLYH6SLHOHUZLHMHGHDQJUHLIHQGH.UHDWXULKUHQ6FKDGHQ]XWHLOHQ ZLUG'DQDFKHUNOlUWGHUYHUWHLGLJHQGH6SLHOHUZLHMHGHEORFNHQGH.UHDWXULKUHQ6FKDGHQ ]XWHLOHQZLUG6LHKHDXFK5HJHO(UVWVFKODJ(LQ6SLHOHUNDQQGHQ.DPSIVFKDGHQ HLQHU.UHDWXUXQWHUGHQP|JOLFKHQ(PSIlQJHUQDXIWHLOHQZLHHUP|FKWH)UGDV=XWHLOHQ YRQ.DPSIVFKDGHQVLQGGLHIROJHQGHQ%HGLQJXQJHQ]XEHDFKWHQ D -HGHDQJUHLIHQGH.UHDWXUXQGMHGHEORFNHQGH.UHDWXUIJW.DPSIVFKDGHQLQ+RKHLKUHU 6WlUNH]X E (LQHXQJHEORFNWH.UHDWXUIJWLKUHQJHVDPWHQ.DPSIVFKDGHQGHPYHUWHLGLJHQGHQ6SLHOHU ]X F (LQHJHEORFNWH.UHDWXUIJWLKUHQ.DPSIVFKDGHQGHQ.UHDWXUHQGLHVLHEORFNHQQDFK :DKOLKUHV%HKHUUVFKHUV]X:HQQHVLP0RPHQWNHLQH.UHDWXUHQPHKUJLEWGLHVLH EORFNHQZHLOVLH]XP%HLVSLHODOOH]HUVW|UWRGHUDXVGHP.DPSIHQWIHUQWZRUGHQVLQG WHLOWVLHNHLQHQ.DPSIVFKDGHQDXV G (LQHEORFNHQGH.UHDWXUIJWLKUHQ.DPSIVFKDGHQGHQDQJUHLIHQGHQ.UHDWXUHQGLHVLH EORFNWQDFK:DKOLKUHV%HKHUUVFKHUV]X:HQQHVLP0RPHQWNHLQH.UHDWXUHQPHKUJLEW GLHVLHEORFNWZHLOVLH]XP%HLVSLHODOOH]HUVW|UWRGHUDXVGHP.DPSIHQWIHUQWZRUGHQ VLQGWHLOWVLHNHLQHQ.DPSIVFKDGHQDXV $OOH$QNQGLJXQJHQEH]JOLFKGHV.DPSIVFKDGHQVJHKHQDOVHLQHLQ]LJHU(LQWUDJDXIGHQ 6WDSHO'DQDFKHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP=DXEHUVSUFKHXQG)lKLJNHLWHQ]X 'LH(QGSKDVHEHVWHKWDXV]ZHL6HJPHQWHQ=XJHQGHVHJPHQWXQG$XIUlXPVHJPHQW =XJHQGHVHJPHQW $OOH$P(QGHGHV=XJHV)lKLJNHLWHQZHUGHQDXVJHO|VWXQGDXIGHQ6WDSHOJHVHW]W 6LHKH5HJHO$XVJHO|VWH)lKLJNHLWHQ'DQDFKHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP =DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ $XIUlXPVHJPHQW 'DV$XIUlXPVHJPHQWZLUGLQIROJHQGHU5HLKHQIROJHGXUFKODXIHQ D =XHUVWPXGHUDNWLYH6SLHOHUZHQQVHLQH+DQGPHKU.DUWHQDOVVHLQHPD[LPDOH +DQGJU|HQRUPDOHUZHLVHVLHEHQHQWKlOWJHQJHQG.DUWHQDEZHUIHQXPVHLQH+DQG DXIGLHVH=DKO]XUHGX]LHUHQ'LHVH$NWLRQZLUGQLFKWDXIGHQ6WDSHOJHVHW]W E 'DQDFKZHUGHQJOHLFK]HLWLJDOOH6FKDGHQVSXQNWHYRQEOHLEHQGHQ.DUWHQHQWIHUQWXQGDOOH ELV]XP(QGHGHV=XJHVXQGLQGLHVHP=XJ(IIHNWHEHHQGHW'LHVH$NWLRQJHKWQLFKW DXIGHQ6WDSHO F 1XUZHQQGDQDFKGLH%HGLQJXQJHQIUHYHQWXHOOHDXWRPDWLVFKH6SLHOHIIHNWH]XWUHIIHQRGHU LUJHQGZHOFKH)lKLJNHLWHQDXVJHO|VWZRUGHQVLQGHUKlOWGHUDNWLYH6SLHOHU9RUUDQJXP =DXEHUVSUFKHXQG)lKLJNHLWHQ]XVSLHOHQ6REDOGGHU6WDSHOOHHULVWEHJLQQWHLQ ZHLWHUHV$XIUlXPVHJPHQW$QGHUHQIDOOVHUKlOWNHLQHUGHU6SLHOHU9RUUDQJXQGGDV 6HJPHQWHQGHW =DXEHUVSUFKH)lKLJNHLWHQXQG(IIHNWH =XVlW]OLFKH.RVWHQRGHUDOWHUQDWLYH.RVWHQXPHLQH.DUWHDXV]XVSLHOHQVLQGNHLQH )lKLJNHLWHQGHU.DUWH (LQH)lKLJNHLWLVWNHLQ=DXEHUVSUXFKXQGNDQQGHVZHJHQDXFKQLFKWYRQHWZDV QHXWUDOLVLHUWZHUGHQGDV=DXEHUVSUFKHQHXWUDOLVLHUW $OOJHPHLQHV 'LHVHV.DSLWHOEHJLQQWPLWGHQ'HILQLWLRQHQYRQ=DXEHUVSUFKHQ)lKLJNHLWHQXQG (IIHNWHQ'DQDFKZLUGGDQQLP'HWDLOEHVFKULHEHQZLHGLHVHJHVSLHOWZHUGHQ =DXEHUVSUFKH 6REDOGHLQH)lKLJNHLWDNWLYLHUWRGHUDXVJHO|VWZRUGHQLVWH[LVWLHUWVLHXQDEKlQJLJYRQ LKUHU4XHOOHGLH.DUWHDXIGHUVLHDQJHJHEHQLVW'LH4XHOOHGDQDFK]X]HUVW|UHQRGHU]X HQWIHUQHQKDWNHLQHQ(LQIOXDXIGLH)lKLJNHLW (LQH.DUWHNDQQPHKUHUH)lKLJNHLWHQKDEHQ0LW$XVQDKPHYRQJHZLVVHQGHILQLHUWHQ )lKLJNHLWHQGLH]XVDPPHQLQHLQHUHLQ]LJHQ=HLOHVWHKHQVLHKH5HJHO 6FKOVVHOZRUW)lKLJNHLWHQEHVFKUHLEWMHGHU$EVDW]LP7H[WGHU.DUWHHLQH XQWHUVFKLHGOLFKH)lKLJNHLW(LQH.DUWHNDQQDXFKPHKUHUH([HPSODUHGHUVHOEHQ)lKLJNHLW KDEHQ-HGHV([HPSODUIXQNWLRQLHUWXQDEKlQJLJYRQGHQDQGHUHQ'LHVNDQQPHKU(IIHNWH DOVHLQHLQ]HOQHV([HPSODUSURGX]LHUHQPXHVDEHUQLFKWIUZHLWHUH,QIRUPDWLRQHQ PXW'X'LUGLHIUDJOLFKH)lKLJNHLWDQVHKHQ (LQ=DXEHUVSUXFKLVWHLQH1LFKWODQGNDUWHGLHJHUDGHDXVGHU+DQGJHVSLHOWZLUG'DV DOOHUHUVWHZDVEHLP$XVVSLHOHQSDVVLHUWLVWGDGLH.DUWH]XHLQHP=DXEHUVSUXFKZLUG XQGDXIGHQ6WDSHOJHVHW]WZLUG6LHKH5HJHO6WDSHO6LHK|UWDXIHLQ =DXEHUVSUXFK]XVHLQZHQQVLHYHUUHFKQHWVLHKH5HJHORGHUQHXWUDOLVLHUWVLHKH 5HJHOZLUG -HGHU.DUWHQW\SDXHU/DQGEHVLW]WHLQHQHQWVSUHFKHQGHQ=DXEHUVSUXFKW\SHQ=XP %HLVSLHOLVWHLQH.UHDWXUHQNDUWHELV]XLKUHU9HUUHFKQXQJHLQ.UHDWXUHQ]DXEHU 'LHPHLVWHQ)lKLJNHLWHQVLQGQXUGDQQZLUNVDPZHQQGLHEOHLEHQGH.DUWHPLWGLHVHU )lKLJNHLWLP6SLHOLVW 1DFKGHPHLQ6SRQWDQ]DXEHURGHU+H[HUHL6SUXFKYHUUHFKQHWZRUGHQLVWZLUGHUDXIGHQ )ULHGKRIVHLQHV%HVLW]HUVJHOHJW1DFKGHPHLQ$UWHIDNW.UHDWXUHQRGHU9HU]DXEHUXQJV 6SUXFKYHUUHFKQHWZRUGHQLVWZLUGGLH.DUWH]XHLQHUEOHLEHQGHQ.DUWHXQGLQGLH,P 6SLHO=RQHJHOHJW1DFKGHPHLQEHOLHELJHU6SUXFKQHXWUDOLVLHUWZRUGHQLVWZLUGGLH.DUWH DXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW6LHKH5HJHO=DXEHUVSUFKHXQG )lKLJNHLWHQYHUUHFKQHQ %HLVSLHO6FKZDU]H=DXEHUVSUFKHXQG)lKLJNHLWHQN|QQHQHLQH.DUWHPLW6FKXW]YRU 6FKZDU]]XP=LHOKDEHQVRODQJHVLHVLFKLQHLQHU%LEOLRWKHNRGHULQHLQHP)ULHGKRI EHILQGHW (LQLJH.DUWHQEHVLW]HQ)lKLJNHLWHQGLHJHVSLHOWZHUGHQN|QQHQZHQQGLH.DUWHQLFKWLP 6SLHOLVW'LHVLVWGHXWOLFKDQJHJHEHQHWZDLQGHU$UW6SLHOHGLHVH)lKLJNHLW!QXU ZHQQGLHVH.DUWH!LQ'HLQHP)ULHGKRIOLHJW'LHVVLQGQLFKW)lKLJNHLWHQHLQHU.ODVVH YRQEOHLEHQGHQ.DUWHQVRQGHUQHLQIDFKQXU.DUWHQIlKLJNHLWHQ²QLFKWLP6SLHO EHILQGOLFKH.DUWHQVLQGNHLQHEOHLEHQGHQ.DUWHQ )lKLJNHLWHQ (LQH$QZHLVXQJLP7H[WHLQHU.DUWHLVWHLQH)lKLJNHLW'DV5HVXOWDWGHV%HIROJHQVHLQHU VROFKHQ$QZHLVXQJRGHUHLQHV=DXEHUVSUXFKVLVWHLQ(IIHNW6LHKH5HJHO(IIHNWH )lKLJNHLWHQN|QQHQYRUWHLOKDIWRGHUQDFKWHLOLJVHLQ²VRLVW]XP%HLVSLHO'LHVH.UHDWXU NDQQQLFKWEORFNHQHLQH)lKLJNHLW (VJLEWGUHLDOOJHPHLQH7\SHQYRQ)lKLJNHLWHQDNWLYLHUWHDXVJHO|VWHXQGVWDWLVFKH $NWLYLHUWH)lKLJNHLWHQ (LQHDNWLYLHUWH)lKLJNHLWNDQQHVQXUDXIHLQHUEOHLEHQGHQ.DUWHRGHUDXIHLQHUDXHUKDOE GHU,P6SLHO=RQHEHILQGOLFKHQ.DUWHPLWGHP7H[W6SLHOHGLHVH)lKLJNHLW!QXUZHQQ VLFKGLHVH.DUWH!LQ=RQH!EHILQGHWJHEHQ6LHLVWLQGHU)RUP.RVWHQ(IIHNW DQJHJHEHQ'LH$NWLYLHUXQJVNRVWHQ²GDVLVWDOOHVZDVYRUGHPVWHKW²PVVHQ EH]DKOWZHUGHQXPGLH)lKLJNHLWDQ]XZHQGHQ 7H[WDXIHLQHU.DUWHGHUEHVDJWGDGLH.DUWHYRQHLQHPEHVWLPPWHQ7\SRGHUHLQHU EHVWLPPWHQ)DUEHLVWRGHUDOVVROFKHUE]ZVROFKH]lKOWLVWNHLQH)lKLJNHLW6ROFKH $XVVDJHQJHOWHQLPPHUXQDEKlQJLJGDYRQLQZHOFKHU=RQHVLFKGLH.DUWHEHILQGHWXQG ZHUGHQQLFKWGXUFK(IIHNWHHQWIHUQWGLHHLQHUEOHLEHQGHQ.DUWHLKUH)lKLJNHLWHQ ZHJQHKPHQN|QQHQ 1XUGHU%HKHUUVFKHUHLQHUEOHLEHQGHQ.DUWHNDQQGHUHQDNWLYLHUWH)lKLJNHLWHQVSLHOHQHV VHLQGHQQHVLVWDXIGHU.DUWHDQGHUVDQJHJHEHQ :HQQHLQHDNWLYLHUWH)lKLJNHLWHLQH(LQVFKUlQNXQJIULKUH$QZHQGXQJEHVLW]WZLH]XP %HLVSLHO6SLHOHGLHVH)lKLJNHLWQXUHLQPDOSUR=XJGDXHUWGLH(LQVFKUlQNXQJIUGLHVH EOHLEHQGH.DUWHDQDXFKZHQQLKU%HKHUUVFKHUZHFKVHOW $XVJHO|VWH)lKLJNHLWHQ (LQHDXVJHO|VWH)lKLJNHLWEHJLQQWPLWGHQ:RUWHQ:HQQLPPHUZHQQRGHU]X'LH HLQHVGLHVHU:|UWHUHQWKDOWHQGH)RUPXOLHUXQJLVWGLH$XVO|VXQJVEHGLQJXQJGLHGDV DXVO|VHQGH(UHLJQLVGHILQLHUW H 'LH)lKLJNHLWZLUGVRIRUWYHUUHFKQHWRKQHDXIGHQ6WDSHO]XJHKHQ6LHKH5HJHO $NWLRQHQGLHQLFKWDXIGHQ6WDSHOJHVHW]WZHUGHQ)lKLJNHLWHQGLHGXUFKGDV6SLHOHQ YRQ0DQDIlKLJNHLWHQDXVJHO|VWZHUGHQJHKHQMHGRFKDXIGHQ6WDSHO 9HU]|JHUWH)lKLJNHLWHQ D (LQ(IIHNWNDQQHLQHYHU]|JHUWH)lKLJNHLWHU]HXJHQGLH]XHLQHPVSlWHUHQ=HLWSXQNWDNWLY ZLUG9HU]|JHUWH)lKLJNHLWHQN|QQHQDNWLYLHUWRGHUDXVJHO|VWZHUGHQ E :HQQHLQHYHU]|JHUWH)lKLJNHLWHLQHDXVJHO|VWH)lKLJNHLWLVWLVWGDVDXVO|VHQGH(UHLJQLV QLFKWYRQ%HGHXWXQJVRODQJHGLH)lKLJNHLWQLFKWWDWVlFKOLFKH[LVWLHUW$QGHUHHYHQWXHOO YRUKHUHLQWUHWHQGH(UHLJQLVVHN|QQHQGDVDXVO|VHQGH(UHLJQLVXQP|JOLFKPDFKHQ $XVJHO|VWH)lKLJNHLWHQZHUGHQQLFKWJHVSLHOW6WDWWGHVVHQZHUGHQVLHMHGHV0DO DXWRPDWLVFKDXVJHO|VWZHQQLKUH$XVO|VXQJVEHGLQJXQJHLQWULWW:HQQHLQH)lKLJNHLW DXVJHO|VWZRUGHQLVWZLUGVLHDXIGHQ6WDSHOJHVHW]WZHQQGDVQlFKVWH0DOHLQ6SLHOHU 9RUUDQJHUKlOW %HLVSLHO'HU7HLOHLQHV(IIHNWVODXWHW:HQQGLHVH.DUWHGDV6SLHOYHUOlWDEHUGLH EHVDJWH.DUWHYHUOlWGDV6SLHOEHYRUGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWGHURGHUGLH GLHVHQ(IIHNWJHQHULHUWYHUUHFKQHWZLUG,QGLHVHP)DOOZLUGGLHYHU]|JHUWH)lKLJNHLW QLHPDOVDXVJHO|VW:HQQHLQ(IIHNWODXWHW:HQQGLHVH.DUWHHQWWDSSWZLUGXQGGLH EHVDJWH.DUWHZLUGHQWWDSSWEHYRUGHU(IIHNWYHUUHFKQHWZLUGZDUWHWGLH)lKLJNHLWDXI GDVQlFKVWH0DOZHQQGLHVH.DUWHHQWWDSSW 6WDWLVFKH)lKLJNHLWHQ (LQHVWDWLVFKH)lKLJNHLWWXWHWZDVGLHJDQ]H=HLWDQVWDWWDNWLYLHUWRGHUDXVJHO|VW]X ZHUGHQ'LHVH)lKLJNHLWZLUGQLFKWDQJHZDQGWVLHLVWHLQIDFKGD F (LQHYHU]|JHUWH)lKLJNHLWGLHVLFKDXIHLQHJHZLVVHEOHLEHQGH.DUWHEH]LHKWEHWULIIWVLH DXFKGDQQQRFKZHQQGLHEOHLEHQGH.DUWHLKUH&KDUDNWHULVWLNHQJHlQGHUWKDW 8QWHUW\SHQYRQ)lKLJNHLWHQ %HLVSLHO(LQH)lKLJNHLWGLHODXWHW$P(QGHGHV=XJHV]HUVW|UHGLHVH.UHDWXUZLUGGLH EOHLEHQGH.DUWHDXFKGDQQ]HUVW|UHQZHQQVLHLP=XJHQGHVHJPHQWNHLQH.UHDWXUPHKU LVW 0DQDIlKLJNHLWHQ D (LQH0DQDIlKLJNHLWIJWGHP0DQDYRUUDWHLQHV6SLHOHUV0DQDKLQ]XZHQQVLHYHUUHFKQHW ZLUG6LHNDQQ]XUVHOEHQ=HLWGDVLH0DQDSURGX]LHUWHYHQWXHOODXFKDQGHUH(IIHNWH JHQHULHUHQ G (LQHYHU]|JHUWH)lKLJNHLWGLHVLFKDXIHLQHEHVWLPPWHEOHLEHQGH.DUWHEH]LHKWZLUG YHUVDJHQZHQQGLHEOHLEHQGH.DUWHGDV6SLHOYHUOlWVRJDUZHQQVLHYRUGHPJHZLVVHQ =HLWSXQNW]XUFNNHKUW*HQDXVRZHUGHQYHU]|JHUWH)lKLJNHLWHQGLHHLQH.DUWHLQHLQHU EHVWLPPWHQ=RQHEHWUHIIHQYHUVDJHQZHQQGLH.DUWHGLHVH=RQHYHUOlW E =DXEHUVSUFKHGLHGHQ0DQDYRUUDWHLQHV6SLHOHUVHUK|KHQVLQGNHLQH0DQDIlKLJNHLWHQ 6LHZHUGHQDXVJHVSLHOWXQGYHUUHFKQHWZLHMHGHUDQGHUH=DXEHUVSUXFKDXFK F (LQH0DQDIlKLJNHLWH[LVWLHUWVRJDUGDQQZHQQGHU=XVWDQGGHV6SLHOHVHVLKUQLFKW HUODXEW0DQD]XSURGX]LHUHQ %HLVSLHO(LQH.DUWHEHVLW]WGLHIROJHQGH)lKLJNHLWRF7(UK|KH'HLQHQ0DQDYRUUDWIU MHGH.UHDWXUGLH'XNRQWUROOLHUVWXPR*'LHVLVWLPPHUQRFKHLQH0DQDIlKLJNHLWDXFK ZHQQ'XNHLQH.UHDWXUHQNRQWUROOLHUVW G (LQH0DQDIlKLJNHLWNDQQDNWLYLHUWRGHUDXVJHO|VWZHUGHQ'LH5HJHOQZLHPDQ 0DQDIlKLJNHLWHQVSLHOWXQGYHUUHFKQHWXQWHUVFKHLGHQVLFKMHGRFKOHLFKWYRQGHQHQIU DQGHUH)lKLJNHLWHQ6LHKH5HJHOIU'HWDLOV %HLVSLHO(LQH)lKLJNHLWGLH$P(QGHGHV=XJHVHQWIHUQHGLHVH.UHDWXUJDQ]DXVGHP 6SLHOODXWHWZLUGQLFKWVWXQZHQQGLH.UHDWXUGDV6SLHOYRUGHP=XJHQGHVHJPHQW YHUOlW )lKLJNHLWHQKLQ]XIJHQXQGHQWIHUQHQ (IIHNWHN|QQHQEOHLEHQGHQ.DUWHQ)lKLJNHLWHQKLQ]XIJHQRGHUZHJQHKPHQ:HQQ]ZHL RGHUPHKU(IIHNWHGLHVHOEH)lKLJNHLWKLQ]XIJHQXQGHQWIHUQHQJHKWLPDOOJHPHLQHQGLH QHXHVWH)lKLJNHLWYRU6LHKH5HJHO=XVDPPHQZLUNHQYRQGDXHUKDIWHQ(IIHNWHQ (LQH&KDUDNWHULVWLNHLQHUEOHLEHQGHQ.DUWHGLHDOV5HVXOWDWHLQHV(IIHNWVHQWVWDQGHQLVW XQWHUVFKHLGHWVLFKYRQHLQHU)lKLJNHLWGLHDXIJUXQGHLQHV(IIHNWVJHZlKUWZRUGHQLVW :HQQHLQHEOHLEHQGH.DUWHHLQH)lKLJNHLWHUKlOWRGHUEHVLW]WNDQQVLHGXUFKHLQHQ DQGHUHQ(IIHNWHQWIHUQWZHUGHQ:HQQHLQ(IIHNWHLQH&KDUDNWHULVWLNGHUEOHLEHQGHQ.DUWH GHILQLHUWJHZlKUWHUNHLQH)lKLJNHLW %HLVSLHO(LQ(IIHNWODXWHW'LHYHU]DXEHUWH.UHDWXUHUKlOW)OXJIlKLJNHLW'LHVYHUOHLKW HLQH)lKLJNHLWGLHGXUFK(IIHNWHZHOFKH)OXJIlKLJNHLWHQWIHUQHQHQWIHUQWZHUGHQNDQQ 'LHYHU]DXEHUWH.UHDWXULVWXQEORFNEDUGHILQLHUWHLQIDFKHLQH&KDUDNWHULVWLNXQGNDQQ QLFKWGXUFK(IIHNWHHQWIHUQWZHUGHQGLHEOHLEHQGHQ.DUWHQ)lKLJNHLWHQZHJQHKPHQ J .DPSIVFKDGHQZLUGVRIRUWQDFKVHLQHU$QNQGLJXQJDXIGHQ6WDSHOJHVHW]W)UZHLWHUH ,QIRUPDWLRQHQVLHKH5HJHO.DPSIVFKDGHQ K 6WDWLVFKH)lKLJNHLWHQZHUGHQQLFKWJHVSLHOW²VLHHQWIDOWHQHLQHQGDXHUKDIWHQ(IIHNWDXI GDV6SLHO9RUUDQJLVWIUVLHQLFKWYRQ%HGHXWXQJ (IIHNWHGLHHLQH)lKLJNHLWHQWIHUQHQHQWIHUQHQDOOH([HPSODUHGLHVHU)lKLJNHLW %HLVSLHO:HQQHLQH.UHDWXUPLW)OXJIlKLJNHLWGXUFK)OXJYHU]DXEHUWZLUGEHVLW]WVLH]ZHL ([HPSODUHGHU)OXJIlKLJNHLW(LQHLQ]HOQHU(IIHNWPLWGHP7H[W(LQH.UHDWXU'HLQHU:DKO YHUOLHUW)OXJIlKLJNHLWZLUGEHLGHHQWIHUQHQ 7LPLQJYRQ=DXEHUVSUFKHQXQG)lKLJNHLWHQ 7LPLQJ9RUUDQJXQGGHU6WDSHO $NWLRQHQGLHQLFKWDXIGHQ6WDSHOJHVHW]WZHUGHQ D (IIHNWHZHUGHQQLFKWDXIGHQ6WDSHOJHVHW]W:HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLW YHUUHFKQHWZLUGZHUGHQVHLQHRGHULKUH$QZHLVXQJHQVRIRUWDXVJHIKUW E 6WDWLVFKH)lKLJNHLWHQHQWIDOWHQGDXHUKDIWH(IIHNWHXQGZHUGHQQLFKWDXIGHQ6WDSHO JHVHW]W D =DXEHUVSUFKHXQG)lKLJNHLWHQN|QQHQQXU]XEHVWLPPWHQ=HLWHQJHVSLHOWZHUGHQ'LHV ZLUGGXUFKGLHIROJHQGHQ3XQNWHJHUHJHOW F =DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQZHUGHQYRQGHQ6SLHOHUQPLW+LOIHHLQHV 9RUUDQJV\VWHPVJHVSLHOWZlKUHQGDQGHUH)lKLJNHLWVW\SHQXQG(IIHNWHGXUFKGLH 6SLHOUHJHOQDXWRPDWLVFKJHQHULHUWZHUGHQ G $XWRPDWLVFKH6SLHOHIIHNWHVLHKH5HJHOZHUGHQLPPHUGDQQYHUUHFKQHWZHQQHLQ 6SLHOHU9RUUDQJHUKlOWVRIHUQGLHHUIRUGHUOLFKH6SLHOVLWXDWLRQQRFK]XWULIIW E (LQ/DQGZLUGHLQIDFKLQV6SLHOJHEUDFKW(LQ6SLHOHUNDQQGLHVHEHVRQGHUH +DXSWSKDVHQDNWLRQQXUGDQQGXUFKIKUHQZHQQGHU6WDSHOOHHULVWZHQQGHU6SLHOHU 9RUUDQJKDWXQGZHQQHUGLHVHEHVRQGHUH$NWLRQLQGLHVHP=XJQRFKQLFKWGXUFKJHIKUW KDW'DQDFKHUKlOWGLHVHU6SLHOHUZLHGHUXP9RUUDQJ F 'HUDNWLYH6SLHOHUKDW]X%HJLQQGHUPHLVWHQ3KDVHQXQG6HJPHQWH9RUUDQJ$XVQDKPHQ ELOGHQGDV(QWWDSSXQGGDV$XIUlXPVHJPHQW'HU6SLHOHUPLW9RUUDQJNDQQHQWZHGHU HLQHQ=DXEHUVSUXFKE]ZHLQH)lKLJNHLWVSLHOHQRGHUSDVVHQ:HQQHUHLQHQ6SUXFKE]Z HLQH)lKLJNHLWVSLHOWHUKlOWHUZLHGHUXP9RUUDQJ$QGHUHQIDOOVHUKlOWVHLQ*HJQHU 9RUUDQJ:HQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQZLUGGHUREHUVWH6SUXFKE]ZGLH REHUVWH)lKLJNHLWDXIGHP6WDSHOYHUUHFKQHWXQGGHUDNWLYH6SLHOHUHUKlOWZLHGHUXP 9RUUDQJ)DOOVGHU6WDSHOOHHULVWZHQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQHQGHWGLH 3KDVHRGHUGDV6HJPHQW G (LQ6SLHOHUNDQQHLQHQ=DXEHUVSUXFKRGHUHLQHDNWLYLHUWH)lKLJNHLWQXUGDQQVSLHOHQ ZHQQHU9RUUDQJEHVLW]W0LW$XVQDKPHYRQ6SRQWDQ]DXEHUQN|QQHQ=DXEHUVSUFKHQXU LQGHU+DXSWSKDVHHLQHV6SLHOHUVJHVSLHOWZHUGHQXQGDXFKQXUZHQQGLHVHU6SLHOHU 9RUUDQJKDWXQGGHU6WDSHOOHHULVW H :HQQHLQ=DXEHUVSUXFKE]ZHLQH)lKLJNHLWJHVSLHOWZLUGZLUGHUE]ZVLHDXIGHQ6WDSHO JHVHW]W H 0DQDIlKLJNHLWHQEOHLEHQGHU.DUWHQZHUGHQVRIRUWYHUUHFKQHW:HQQHLQHDNWLYLHUWHRGHU DXVJHO|VWH)lKLJNHLWVRZRKO0DQDDOVDXFKHLQHQDQGHUHQ(IIHNWSURGX]LHUWZLUGEHLGHV VRIRUWYHUUHFKQHW =DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQVSLHOHQ 'DV$XVVSLHOHQHLQHV=DXEHUVSUXFKVRGHUGDV$QZHQGHQHLQHUDNWLYLHUWHQ)lKLJNHLW ULFKWHWVLFKQDFKGHPQDFKIROJHQGHQ6FKHPDLQGHUDQJHJHEHQHQ5HLKHQIROJH$OOH $QNQGLJXQJHQXQG=DKOXQJHQN|QQHQQLFKWYHUlQGHUWRGHUUFNJlQJLJJHPDFKWZHUGHQ =DXEHUVSUFKHXQG)lKLJNHLWHQGLH.RVWHQYHUlQGHUQKDEHQNHLQHQ(LQIOXDXI6SUFKH XQG)lKLJNHLWHQGLHVLFKEHUHLWVDXIGHP6WDSHOEHILQGHQ $NWLYLHUWH)lKLJNHLWHQPLWGHP7H[W'XNDQQVWGLHVH)lKLJNHLWLPPHUGDQQVSLHOHQZHQQ 'X=DXEHUVSUXFKW\S!VSLHOHQN|QQWHVWEHGHXWHQGDVLHVLFKQDFKGHQ7LPLQJ5HJHOQ IUGLHVHQ=DXEHUVSUXFKW\SULFKWHQ I $XVJHO|VWH)lKLJNHLWHQN|QQHQ]XMHGHU=HLWDXVJHO|VWZHUGHQ6LHZHUGHQDXIGHQ6WDSHO JHVHW]WVREDOGGDVQlFKVWH0DOHLQ6SLHOHU9RUUDQJHUKlOW D 'HU6SLHOHUNQGLJWDQGDHUHLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWVSLHOHQZLOO(U E]ZVLHZLUGDXIGHQ6WDSHOJHVHW]WXQGYHUEOHLEWGRUWELVHUE]ZVLHQHXWUDOLVLHUWRGHU YHUUHFKQHWZLUG=DXEHUVSUXFKNDUWHQZHUGHQSK\VLVFKDXIGHQ6WDSHOJHOHJW%HL )lKLJNHLWHQZLUGHLQ3VHXGRVSUXFKPLWGHP7H[WXQGGHU)DUEHGHU.DUWHGLHGLH )lKLJNHLWHU]HXJWKDWDXIGHQ6WDSHOJHVHW]W E )DOOVGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWPRGDOLVWGLH)RUPXOLHUXQJ%HVWLPPHHLQHV² EHVLW]WNQGLJWGHU6SLHOHUDQZHOFKHQ0RGXVHUQXW]W(LQLJHZHQLJH=DXEHUVSUFKH XQG)lKLJNHLWHQHUODXEHQHVGHP*HJQHUGHV6SLHOHUVGHQ0RGXVDXV]XZlKOHQ'LHVH (QWVFKHLGXQJZLUGHEHQIDOOV]XGLHVHP=HLWSXQNWJHIlOOW:HQQGHU=DXEHUVSUXFKRGHUGLH )lKLJNHLWYDULDEOH0DQDNRVWHQDQJH]HLJWGXUFKHLQR;EHVLW]WEHVWLPPWGHU6SLHOHU GHQ:HUWYRQ;ZHQQGHUGHQ=DXEHUVSUXFKVSLHOW :HQQHLQH3KDVHRGHUHLQ6HJPHQWEHJLQQWZHUGHQDOOH)lKLJNHLWHQGLH=X%HJLQQ GLHVHU3KDVHRGHUGLHVHV6HJPHQWVDXVJHO|VWZHUGHQDXIGHQ6WDSHOJHVHW]W:HLOGLHVH QLFKWJHVSLHOWZHUGHQN|QQHQDXVJHO|VWH)lKLJNHLWHQDXFKGDQQDXVJHO|VWZHUGHQZHQQ HVDQVRQVWHQQLFKWP|JOLFKLVW=DXEHUVSUFKHRGHU)lKLJNHLWHQ]XVSLHOHQ(IIHNWHGLH YHUKLQGHUQGD)lKLJNHLWHQJHVSLHOWZHUGHQN|QQHQKDEHQNHLQHQ(LQIOXDXIGLHVH DXVJHO|VWHQ)lKLJNHLWHQ ,PPHUZHQQHLQ6SLHOHUHLJQLVPLWGHPDXVO|VHQGHQ(UHLJQLVHLQHU)lKLJNHLW EHUHLQVWLPPWZLUGGLHVH)lKLJNHLWDXVJHO|VW'LH)lKLJNHLWPDFKWQRFKQLFKWVLQGHP 0RPHQWLQGHPVLHDXVJHO|VWZLUGDEHUVHW]WDXWRPDWLVFKHLQHQ3VHXGRVSUXFKVLHKH 5HJHOEDXIGHQ6WDSHOVREDOGHLQ6SLHOHU9RUUDQJHUKlOW'HU%HKHUUVFKHUGHU )lKLJNHLWNRQWUROOLHUWEOLFKHUZHLVHGHQ3VHXGRVSUXFKXQDEKlQJLJGDYRQZHUGLH EOHLEHQGH.DUWHNRQWUROOLHUWGLHLKQHU]HXJWKDWHVVHLQGHQQGHU5HJHOWH[WGHU.DUWH JLEWHWZDVDQGHUHVDQ:HQQGLH)lKLJNHLWEHLGHQ6SLHOHUQHLQH(QWVFKHLGXQJHUP|JOLFKW JHQHULHUWVLHHLQHQ3VHXGRVSUXFKIUMHGHQ6SLHOHU F :HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWLUJHQGZHOFKH=LHOHHUIRUGHUWEHVWLPPWGHU 6SLHOHUGLHVH'HU6SUXFKE]ZGLH)lKLJNHLWNDQQQLFKWJHVSLHOWZHUGHQZHQQQLFKWHLQH DXVUHLFKHQGH$Q]DKOYRQOHJDOHQ=LHOHQDXVJHZlKOWZLUG(LQLJHZHQLJH=DXEHUVSUFKH XQG)lKLJNHLWHQHUODXEHQHVGHP*HJQHUGHV6SLHOHUVGDV=LHODXV]XZlKOHQ'LHVH (QWVFKHLGXQJZLUGHEHQIDOOV]XGLHVHP=HLWSXQNWJHIlOOW G :HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWPHKUHUH=LHOHEHWULIIWNQGLJWGHU6SLHOHUDQ ZLHMHGHVHLQ]HOQH=LHOEHWURIIHQZLUG(LQXQGGDVVHOEH=LHONDQQQLFKWPHKUIDFK DXVJHZlKOWZHUGHQ :HQQPHKUHUH)lKLJNHLWHQJOHLFK]HLWLJDXVJHO|VWZHUGHQZHUGHQGLHYRPDNWLYHQ6SLHOHU NRQWUROOLHUWHQ3VHXGRVSUFKH]XHUVWLQEHOLHELJHU5HLKHQIROJHDXIGHQ6WDSHOJHVHW]W GDQDFKHEHQVRGLHGHV*HJQHUV :HQQHLQHDXVJHO|VWH)lKLJNHLWDXIGHQ6WDSHOJHKWWULIIWGHU%HKHUUVFKHUGHV 3VHXGRVSUXFKVDOOHHUIRUGHUOLFKHQ(QWVFKHLGXQJHQZREHLHUVLFKQDFKGHQ5HJHOQIU DNWLYLHUWH)lKLJNHLWHQVLHKH5HJHOULFKWHW:HQQNHLQHOHJDOH(QWVFKHLGXQJ JHWURIIHQZHUGHQNDQQRGHUZHQQHLQH5HJHORGHUHLQGDXHUKDIWHU(IIHNWGLH)lKLJNHLW DXIDQGHUH$UWXQG:HLVHLOOHJDOPDFKWZLUGGHU3VHXGRVSUXFKHLQIDFKYRP6WDSHO HQWIHUQW H :HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWHLQHQ(IIHNWDXIHLQHYDULDEOH$Q]DKOYRQ =LHOHQDXIWHLOW]XP%HLVSLHO6FKDGHQVSXQNWHRGHU=lKOPDUNHQNQGLJWGHU6SLHOHUEHLP $XVVSLHOHQGHV6SUXFKHVDQZLHGLH$XIWHLOXQJDXVVHKHQVROO(LQHU.UHDWXU 6FKDGHQVSXQNWH]X]XZHLVHQPDFKWVLHQLFKW]XHLQHP=LHOHVVHLGHQQGHU =DXEHUVSUXFKRGHUGLH)lKLJNHLWHUODXEWPHKUHUH=LHOHXQGJLEWHLQH$Q]DKODQ I (LQHDXVJHO|VWH)lKLJNHLWGLHHLQHP6SLHOHUGLH:DKOE]JOHLQHU$NWLRQOlWDQJH]HLJW GXUFKGDV:RUWNDQQZLUGDOVPRGDOEHKDQGHOW%HVWLPPHHLQHV²7XHQLFKWVRGHU VSLHOHGLHVH)lKLJNHLW 'HU6SLHOHUEH]DKOWDOOH.RVWHQ7HLO]DKOXQJHQVLQGQLFKWHUODXEW1RUPDOHUZHLVHVLQGGLHV QXU0DQDNRVWHQIU=DXEHUVSUFKHRGHU$NWLYLHUXQJVNRVWHQIU)lKLJNHLWHQ(LQLJH .DUWHQIKUHQLQLKUHP7H[W]XVlW]OLFKHRGHUDOWHUQDWLYH.RVWHQDXIXQGHLQLJH(IIHNWH N|QQHQGLH]XEH]DKOHQGHQ.RVWHQHUK|KHQRGHUYHUULQJHUQ'HU6SLHOHUEHVWLPPWDOOH YDULDEOHQRGHUDOWHUQDWLYHQ.RVWHQ]XGLHVHP=HLWSXQNW8QWHU.RVWHQN|QQHQIDOOHQ 0DQDEH]DKOHQ.DUWHQWDSSHQEOHLEHQGH.DUWHQRSIHUQ.DUWHQDEZHUIHQXVZ'LH *HVDPWNRVWHQEHVWHKHQDXVGHQ0DQDRGHU$NWLYLHUXQJVNRVWHQSOXVDOOHQ .RVWHQHUK|KXQJHQPLQXVDOOHQ.RVWHQYHUULQJHUXQJHQ:HQQGLH.RVWHQ0DQDHQWKDOWHQ N|QQHQ]XGLHVHP=HLWSXQNW0DQDIlKLJNHLWHQJHVSLHOWZHUGHQVLHKH5HJHO $NWLYLHUXQJVNRVWHQIUHLQH.UHDWXUHQIlKLJNHLWGLHHLQ7DSSHQRF7GHU.UHDWXU HQWKDOWHQN|QQHQQLFKWJHVSLHOWZHUGHQVRODQJHVLFKGLH.UHDWXUQLFKWVHLWGHP%HJLQQ GHVOHW]WHQ=XJHVGLHVHV6SLHOHUVXQWHUVHLQHU.RQWUROOHEHIDQG (LQH)lKLJNHLWZLUGQXUHLQPDOIUMHGHV(LQWUHWHQLKUHVDXVO|VHQGHV(UHLJQLVVHV DXVJHO|VW6LHNDQQMHGRFKPHKUPDOVDXVJHO|VWZHUGHQZHQQHLQ(UHLJQLVPHKUIDFK DXIWULWW %HLVSLHO(LQHEOHLEHQGH.DUWHEHVLW]WHLQH)lKLJNHLWGHUHQ$XVO|VXQJVEHGLQJXQJZLH IROJWODXWHW,PPHUZHQQHLQ/DQGDXVGHP6SLHOKHUDXVDXIGHQ)ULHGKRIJHOHJWZLUG :HQQMHPDQGHLQHQ=DXEHUVSUXFKVSLHOWGHUDOOH/lQGHU]HUVW|UWZLUGGLH)lKLJNHLW HLQPDOIUMHGHV/DQGGDVEHLGHU9HUUHFKQXQJGHV6SUXFKVDXIGHQ)ULHGKRIJHOHJWZLUG DXVJHO|VW J :LHPDQPLWDXVJHO|VWHQ)lKLJNHLWHQXPJHKW (LQH)lKLJNHLWZLUGQXUGDQQDXVJHO|VWZHQQLKUDXVO|VHQGHV(UHLJQLVWDWVlFKOLFKHLQWULWW (LQ(UHLJQLVGDVYHUKLQGHUWRGHUHUVHW]WZRUGHQLVWO|VWQLFKWVDXV %HLVSLHO(LQH)lKLJNHLWGLHDXVJHO|VWZLUGZHQQ6FKDGHQ]XJHWHLOWZXUGHZLUGQLFKW DXVJHO|VWZHQQDOOH6FKDGHQVSXQNWHYHUKLQGHUWZHUGHQ $XVJHO|VWH)lKLJNHLWHQPLWHLQHU%HGLQJXQJ>]XP%HLVSLHO,PPHUZHQQDXVO|VHQGHV (UHLJQLV!IDOOV%HGLQJXQJ!GDQQ(IIHNW!@EHUSUIHQREGLH%HGLQJXQJDOV7HLOGHV DXVO|VHQGHQ(UHLJQLVVHVHUIOOWLVWIDOOVQLFKWZLUGGLH)lKLJNHLWQLFKWDXVJHO|VW'LH )lKLJNHLWEHUSUIWGLH%HGLQJXQJHUQHXWEHLGHU9HUUHFKQXQJ:HQQVLHGDQQQLFKW HUIOOWLVWWXWGLH)lKLJNHLWQLFKWV (LQH)lKLJNHLWNDQQDXVJHO|VWZHUGHQZHQQVLFKHLQH.DUWHYRQHLQHU=RQHLQHLQH DQGHUHEHZHJW%HLGHU9HUUHFKQXQJVFKDXWGLH)lKLJNHLWREGLH.DUWHLQGHUQHXHQ =RQHDQJHNRPPHQLVW:HQQGLH.DUWHGLHEHVDJWH=RQHYHUOlWEHYRUGLH)lKLJNHLW YHUUHFKQHWZLUGDXFKZHQQGLH.DUWH]XHUVWZLHGHU]XUFNNHKUWWXWGLHVHU7HLOGHU )lKLJNHLWQLFKWV D D (LQLJHDXVJHO|VWH)lKLJNHLWHQZDUWHQDXIHLQHQ6SLHO]XVWDQGZLH]XP%HLVSLHOGLH /HEHQVSXQNWHHLQHV6SLHOHUVRGHUGLH$Q]DKOGHU.DUWHQLP6SLHODQVWDWWDXIHLQ(UHLJQLV 'LHVH)lKLJNHLWHQZHUGHQDXVJHO|VWVREDOGGHU6SLHO]XVWDQGPLWLKUHU%HGLQJXQJ EHUHLQVWLPPWDXFKZHQQHVDQVRQVWHQ]XGLHVHP=HLWSXQNWQLFKWOHJDOLVW =DXEHUVSUFKHRGHU)lKLJNHLWHQ]XVSLHOHQ E .RPPWLQV6SLHO)lKLJNHLWHQZHUGHQDXVJHO|VWZHQQHLQHEOHLEHQGH.DUWHGLH,P6SLHO =RQHEHWULWW'LHVHEHVLW]HQGLH)RUPXOLHUXQJ:HQQGLHVH.DUWH!LQV6SLHONRPPW RGHU,PPHUZHQQHLQH7\SHLQHUEOHLEHQGHQ.DUWH!LQV6SLHONRPPW-HGHVPDO ZHQQHLQ(UHLJQLVHLQHRGHUPHKUHUHEOHLEHQGH.DUWHQLQV6SLHOEULQJWZHUGHQDOOH EOHLEHQGHQ.DUWHQLP6SLHOLQNOXVLYHGHU1HXDQN|PPOLQJHDXIHYWO.RPPWLQV6SLHO )lKLJNHLWHQEHUSUIWGHUHQ$XVO|VHUPLWGHP(UHLJQLVEHUHLQVWLPPHQ E 'DXHUKDIWH(IIHNWHGLHGLH&KDUDNWHULVWLNHQHLQHU.DUWHYHUlQGHUQWXQGLHVDEGHP 0RPHQWGDGLH.DUWHLQV6SLHONRPPW6LHZDUWHQQLFKWGDUDXIGDGLH.DUWHHUVWLQV 6SLHONRPPWXPVLHGDQQ]XYHUlQGHUQ )lKLJNHLWHQGLHGXUFKHLQHQ6SLHO]XVWDQGDXVJHO|VWZHUGHQZHUGHQQLFKWQRFKPDO DXVJHO|VWEHYRUGLHXUVSUQJOLFKH%HGLQJXQJQLFKWYHUUHFKQHWRGHUQHXWUDOLVLHUWZRUGHQ LVW:HQQGDQQGLHEOHLEHQGH.DUWHPLWGLHVHU)lKLJNHLWLPPHUQRFKLP6SLHOLVWXQGGHU 6SLHO]XVWDQGPLWGHU$XVO|VXQJVEHGLQJXQJEHUHLQVWLPPWZLUGGLH)lKLJNHLWHUQHXW DXVJHO|VW %HLVSLHO'LH)lKLJNHLWHLQHUEOHLEHQGHQ.DUWHODXWHW:HQQ'HLQH+DQGOHHULVW]LHKH HLQH.DUWH:HQQLKU%HKHUUVFKHUGLHOHW]WH.DUWHDXVVHLQHU+DQGDXVVSLHOWZLUGGLH )lKLJNHLWJHQDXHLQPDODXVJHO|VW:HQQGHU%HKHUUVFKHUHLQHQ=DXEHUVSUXFKPLWGHP 7H[W:LUI'HLQH+DQGDEGDQDFK]LHKHGLHVHOEH$Q]DKOYRQ.DUWHQVSLHOWZLUGGLH )lKLJNHLWEHLGHU9HUUHFKQXQJGHV=DXEHUVSUXFKVDXVJHO|VWZHLOGLH+DQGGHV6SLHOHUV IUHLQHQ$XJHQEOLFNOHHUZDU %HLVSLHO:HQQHLQ(IIHNW$OOH/lQGHUVLQG.UHDWXUHQODXWHWXQGHLQH/DQGNDUWHJHVSLHOW ZLUGNRPPWGLHVHDOV.UHDWXULQV6SLHOXQGO|VW)lKLJNHLWHQDXVGLHGDUDXIZDUWHQGD HLQH.UHDWXULQV6SLHONRPPW:HQQLP*HJHQVDW]GD]XHLQ(IIHNW$OOH.UHDWXUHQ YHUOLHUHQDOOHLKUH)lKLJNHLWHQODXWHWXQGMHPDQGHLQH.UHDWXUPLWHLQHUDXVJHO|VWHQ .RPPWLQV6SLHO)lKLJNHLWDXVVSLHOWNRPPWGLHVHRKQH)lKLJNHLWHQLQV6SLHOVRGDLKUH DQJHJHEHQH)lKLJNHLWQLFKWDXVJHO|VWZLUG F 9HUOlWGDV6SLHO)lKLJNHLWHQZHUGHQDXVJHO|VWZHQQGLH.DUWHDXIGHUVLHDQJHJHEHQ VLQGGLH,P6SLHO=RQHYHUOlW'LHVHEHVLW]HQGLH)RUPXOLHUXQJ,PPHUZHQQGLHVH .DUWH!GDV6SLHOYHUOlWRGHU,PPHUZHQQGLHVH.DUWH!DXVGHP6SLHOKHUDXV DXIGHQ)ULHGKRIJHOHJWZLUG(LQH)lKLJNHLWGLHHWZDVPLWHLQHU.DUWHPDFKHQ P|FKWHGLHGDV6SLHOYHUODVVHQKDWVXFKWQDFKLKUQXULQGHUHUVWHQ=RQHLQGLHGLH .DUWHJHJDQJHQLVW (LQLJH)lKLJNHLWHQZHUGHQDXVJHO|VWZHQQ.UHDWXUHQLP.DPSIEORFNHQRGHUJHEORFNW ZHUGHQ6LHKH5HJHOQXQG.DSLWHO=XVlW]OLFKH.DPSIUHJHOQ'LHVHN|QQHQ HLQPDORGHUZLHGHUKROWDXVJHO|VWZHUGHQMHQDFKGHPZLHGLH)lKLJNHLWIRUPXOLHUWLVW D G (LQH)lKLJNHLWPLWGHP7H[W,PPHUZHQQ1DPH!EORFNWRGHU,PPHUZHQQ1DPH! JHEORFNWZLUGZLUGIUGLHVH.UHDWXUQXUHLQPDOSUR.DPSIDXVJHO|VWDXFKZHQQVLH PHKUHUH.UHDWXUHQEORFNWRGHUYRQPHKUHUHQ.UHDWXUHQJHEORFNWZLUG'XUFKHLQHQ (IIHNWGHUEHZLUNWGDHLQH.UHDWXUJHEORFNWZLUGZHUGHQVROFKH)lKLJNHLWHQHEHQIDOOV DXVJHO|VW 9HUOlWGDV6SLHO$XVO|VHUPVVHQJHVRQGHUWEHKDQGHOWZHUGHQZHLOGLHEOHLEHQGH.DUWH PLWGLHVHU)lKLJNHLWQDFKGHP(UHLJQLVQLFKWPHKULP6SLHOLVW'DV6SLHOPXLQGLH 9HUJDQJHQKHLWVFKDXHQXPVLH]XYHUUHFKQHQ-HGHVPDOZHQQHLQ(UHLJQLVHLQHRGHU PHKUHUHEOHLEHQGH.DUWHQDXVGHP6SLHOHQWIHUQWZHUGHQDOOHEOHLEHQGHQ.DUWHQGLHVLFK XQPLWWHOEDUYRUGHP(UHLJQLVLP6SLHOEHIDQGHQPLWGHQGDXHUKDIWHQ(IIHNWHQGLH]X GLHVHP=HLWSXQNWH[LVWLHUWHQGDUDXIEHUSUIWRELUJHQGZHOFKH9HUOlWGDV6SLHO $XVO|VHUPLWGHPEHUHLQVWLPPHQZDVJHUDGHGDV6SLHOYHUODVVHQKDW (LQH)lKLJNHLWPLWGHP7H[W,PPHUZHQQ1DPH!HLQH.UHDWXUEORFNWZLUGIUMHGH DQJUHLIHQGH.UHDWXUGLHGLHEHVDJWH.UHDWXUEORFNWHLQPDODXVJHO|VW %HLVSLHO(VEHILQGHQVLFK]ZHL.UHDWXUHQXQGHLQ$UWHIDNWPLWGHU)lKLJNHLW,PPHU ZHQQHLQH.UHDWXUDXVGHP6SLHOKHUDXVDXIGHQ)ULHGKRIJHOHJWZLUGHUKlOWVW'X /HEHQVSXQNWGD]XLP6SLHO-HPDQGVSLHOWHLQHQ=DXEHUVSUXFKGHUDOOH$UWHIDNWH .UHDWXUHQXQG9HU]DXEHUXQJHQ]HUVW|UW'LH)lKLJNHLWGHV$UWHIDNWVZLUG]ZHLPDO DXVJHO|VWDXFKZHQQGDV$UWHIDNW]XUJOHLFKHQ=HLWZLHGLH.UHDWXUHQDXIGHQ)ULHGKRI JHKW E F (LQH)lKLJNHLWPLWGHP7H[W,PPHUZHQQ1DPH!YRQHLQHU.UHDWXUJHEORFNWZLUGZLUG IUMHGH.UHDWXUGLHGLHEHVDJWH.UHDWXUEORFNWHLQPDODXVJHO|VW:HQQGLHDQJUHLIHQGH .UHDWXUDXIJUXQGHLQHV(IIHNWVJHEORFNWZLUGXQGQLFKWGXUFKHLQHEORFNHQGH.UHDWXU ZLUGGLH)lKLJNHLWQLFKWDXVJHO|VW :LHPDQ0DQDIlKLJNHLWHQVSLHOW 8PHLQH0DQDIlKLJNHLW]XVSLHOHQNQGLJWGHU6SLHOHUDQGDHUVLHVSLHOWXQGEH]DKOW GLH$NWLYLHUXQJVNRVWHQ6LHZLUGVRIRUWYHUUHFKQHWXQGZLUGQLFKWDXIGHQ6WDSHOJHVHW]W VLHKH5HJHOH QHXWUDOLVLHUW:HQQHLQLJH=LHOHQRFKOHJDOVLQGZLUGGHU=DXEHUE]ZGLH)lKLJNHLWQRUPDO YHUUHFKQHWEHHLQIOXWDEHUQXUQRFKGLHVH=LHOH E (LQ6SLHOHUNDQQHLQHDNWLYLHUWH0DQDIlKLJNHLWLPPHUGDQQVSLHOHQZHQQHU9RUUDQJKDW RGHUZHQQHLQH5HJHORGHUHLQ(IIHNWGLH%H]DKOXQJYRQ0DQDHUIRUGHUWVRJDULQPLWWHQ GHV$XVVSLHOHQVRGHU9HUUHFKQHQVHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLW 'HU%HKHUUVFKHUGHV=DXEHUVSUXFKVE]ZGHU)lKLJNHLWEHIROJWVHLQHE]ZLKUH$QZHLVXQJHQLQGHU DQJHJHEHQHQ5HLKHQIROJH-HGRFKN|QQHQ(UVDW]HIIHNWHGLHVH$NWLRQHQPRGLIL]LHUHQXQGGLH %HGHXWXQJIUKHUHU$QZHLVXQJHQYHUlQGHUQ F $XVJHO|VWH0DQDIlKLJNHLWHQZHUGHQDXVJHO|VWZHQQDNWLYLHUWH0DQDIlKLJNHLWHQJHVSLHOW ZHUGHQXQGIJHQGHP0DQDYRUUDWHLQHV6SLHOHUV]XVlW]OLFKHV0DQDKLQ]X'LHVH )lKLJNHLWHQZHUGHQVRIRUWQDFKGHU0DQDIlKLJNHLWGLHVLHDXVJHO|VWKDWYHUUHFKQHWRKQH DXI9RUUDQJ]XZDUWHQ %HLVSLHO(LQH9HU]DXEHUXQJODXWHW,PPHUZHQQHLQ6SLHOHUHLQ/DQGIU0DQDWDSSW SURGX]LHUWGDV/DQGHLQ]XVlW]OLFKHV0DQDGHUVHOEHQ)DUEH:HQQHLQ6SLHOHUQXQ/lQGHU IU0DQDWDSSWZlKUHQGHUHLQHQ=DXEHUVSUXFKVSLHOWZLUGGDV]XVlW]OLFKH0DQDVRIRUW GHP0DQDYRUUDWGHV6SLHOHUVKLQ]XJHIJWXQGNDQQEHQXW]WZHUGHQXPGLHVHQ =DXEHUVSUXFK]XEH]DKOHQ :LHPDQPLWVWDWLVFKHQ)lKLJNHLWHQXPJHKW (LQHVWDWLVFKH)lKLJNHLWNDQQHLQHQGDXHUKDIWHQ(IIHNWHLQHQ9HUKLQGHUXQJVHIIHNWRGHU HLQHQJHQHULHUHQ'LHVH(IIHNWHGDXHUQVRODQJHDQZLHGLHEOHLEHQGH.DUWHPLWGHU VWDWLVFKHQ)lKLJNHLWLP6SLHOYHUEOHLEW 9LHOHORNDOH9HU]DXEHUXQJHQKDEHQVWDWLVFKH)lKLJNHLWHQGLHGLHYHU]DXEHUWHEOHLEHQGH .DUWHPRGLIL]LHUHQDEHUQLFKWDXIGLHVHEOHLEHQGH.DUWH]LHOHQ:HQQHLQHORNDOH 9HU]DXEHUXQJDXIHLQHDQGHUHEOHLEHQGH.DUWHEHZHJWZLUGEHHQGHWGLH)lKLJNHLWLKUH 0RGLILNDWLRQGHUDOWHQEOHLEHQGHQ.DUWHXQGEHJLQQWPLWGHU0RGLILNDWLRQGHUQHXHQ =DXEHUVSUFKHXQG)lKLJNHLWHQYHUUHFKQHQ -HGHVPDOZHQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQZLUGGHUREHUVWH=DXEHUVSUXFKE]Z GLHREHUVWH)lKLJNHLWDXIGHP6WDSHOYHUUHFKQHWZRGXUFKHLQRGHUPHKUHUH(IIHNWH HU]HXJWZHUGHQ6LHKH5HJHO(IIHNWH 'LH9HUUHFKQXQJNDQQPHKUHUH6FKULWWHEHLQKDOWHQDEHUZLUGYRQGHP6SLHODOVHLQH HLQ]LJHXQWHLOEDUH$NWLRQEHKDQGHOW'LHVH6FKULWWHZHUGHQLQGHUQDFKIROJHQG EHVFKULHEHQHQ5HLKHQIROJHGXUFKODXIHQ D :HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWJH]LHOWLVWZLUGEHUSUIWREGLH=LHOHLPPHUQRFKOHJDO VLQG(LQ=LHOGDVDXVGHP6SLHORGHUDXVGHUYRP=DXEHUVSUXFKE]ZYRQGHU)lKLJNHLWGHVLJQLHUWHQ =RQHHQWIHUQWZRUGHQLVWLVWLOOHJDO(LQ=LHONDQQIHUQHULOOHJDOZHUGHQZHQQVLFKVHLQH &KDUDNWHULVWLNHQVHLWGHP0RPHQWGDGHU=DXEHUVSUXFKE]ZGLH)lKLJNHLWJHVSLHOWZRUGHQLVW YHUlQGHUWKDEHQRGHUZHQQHLQ(IIHNWGLH)RUPXOLHUXQJGHV=DXEHUVSUXFKVE]ZGHU)lKLJNHLW YHUlQGHUWKDW:HQQMHW]WDOOH=LHOHLOOHJDOVLQGZLUGGHU=DXEHUVSUXFKE]ZGLH)lKLJNHLW :HQQGLH$QZHLVXQJHQQRFKDQGHUH:DKOP|JOLFKNHLWHQRIIHQODVVHQDXHU0RGXVXQG=LHOEHILQGHW GHU6SLHOHUEHUGLHVHZlKUHQGHUVLHDXVIKUW'HU6SLHOHUNDQQNHLQH0|JOLFKNHLWZlKOHQGLHLOOHJDO RGHUXQP|JOLFKLVW:HQQGLH$QZHLVXQJHQHLQHRSWLRQDOH$NWLRQHUP|JOLFKHQXQG.RQVHTXHQ]HQ YRUVHKHQIDOOVGLHVH$NWLRQQLFKWGXUFKJHIKUWZLUGNDQQGHU6SLHOHUGLHVH$NWLRQQXUGDQQZlKOHQ ZHQQHUDOOH9RUDXVVHW]XQJHQHUIOOHQNDQQ %HLVSLHO'LH$QZHLVXQJHQHLQHV=DXEHUVSUXFKVODXWHQ'XNDQQVWHLQH.UHDWXURSIHUQ:HQQ'X GLHVQLFKWWXVWYHUOLHUVW'X/HEHQVSXQNWH(LQ6SLHOHUGHUNHLQH.UHDWXUHQNRQWUROOLHUWNDQQQLFKW GLH2SIHUP|JOLFKNHLWZlKOHQ G :HQQHLQH$QZHLVXQJIRUGHUWGDEHLGH6SLHOHU(QWVFKHLGXQJHQWUHIIHQRGHU$NWLRQHQGXUFKIKUHQ PVVHQWULIIW]XHUVWGHUDNWLYH6SLHOHUDOOHVHLQH(QWVFKHLGXQJHQXQGGDQDFKHUVWVHLQ*HJQHU ZLVVHQWOLFKZDVGHUHUVWH6SLHOHUHQWVFKLHGHQKDW'LHVZLUGGLHDNWLYHU6SLHOHU5HJHOJHQDQQW 'DQDFKZHUGHQGLH$NWLRQHQJOHLFK]HLWLJDEJHKDQGHOW H :HQQHLQH$QZHLVXQJHLQHP6SLHOHUGLH0|JOLFKNHLWJLEW0DQD]XEH]DKOHQNDQQHUDOV7HLOGHU $NWLRQ0DQDIlKLJNHLWHQVSLHOHQ:lKUHQGGHU9HUUHFKQXQJGUIHQNHLQHDQGHUHQ=DXEHUVSUFKHRGHU )lKLJNHLWHQJHVSLHOWZHUGHQ I :HQQHLQH$QZHLVXQJHLQH,QIRUPDWLRQEHUGDV6SLHOZLH]XP%HLVSLHOGLH$Q]DKOGHU.UHDWXUHQLP 6SLHOEHQ|WLJWZLUGGLH$QWZRUWLQGHP0RPHQWEHVWLPPWZHQQGHU6SLHOHUGLHVH$QZHLVXQJ DXVIKUW'LH$QZHLVXQJEHQXW]WGLHDNWXHOOH,QIRUPDWLRQEHUHLQHEOHLEHQGH.DUWHZHQQGLHVH EOHLEHQGH.DUWHQRFKLP6SLHOLVWDQGHUHQIDOOVEHQXW]WGLH$QZHLVXQJGLHOHW]WHEHNDQQWH,QIRUPDWLRQ EHUGLHVHEOHLEHQGH.DUWHEHYRUVLHGDV6SLHOYHUOLH:HQQGHU7H[WGHU)lKLJNHLWVDJWGDHLQH EOHLEHQGH.DUWHHWZDVWXWIKUWGLHEOHLEHQGH.DUWHZLHVLHJHUDGHH[LVWLHUWRGHU]XOHW]WH[LVWLHUWH GLHVH7DWDXVQLFKWGLH)lKLJNHLW J (LQH$QZHLVXQJGLHVLFKDXIGLH&KDUDNWHULVWLNHQHLQHUEOHLEHQGHQ.DUWHEH]LHKWEHUSUIWQXUGLH :HUWHGHUIUDJOLFKHQ&KDUDNWHULVWLNHQXQDEKlQJLJYRQlKQOLFKHQ&KDUDNWHULVWLNHQGLHGLHEOHLEHQGH .DUWHHYWOHEHQVREHVLW]W %HLVSLHO(LQ(IIHNWPLWGHP7H[W=HUVW|UHDOOHVFKZDU]HQ.UHDWXUHQ]HUVW|UWHLQHZHLHXQG VFKZDU]H.UHDWXUDEHU=HUVW|UHDOOHQLFKWVFKZDU]HQ.UHDWXUHQWXWGLHVQLFKW K =XP$EVFKOXGHU9HUUHFKQXQJZLUGHLQH=DXEHUVSUXFKNDUWHLQV6SLHOJHEUDFKWEHLHLQHUEOHLEHQGHQ .DUWHRGHUDXIGHQ)ULHGKRIJHOHJWEHL6SRQWDQ]DXEHUQXQG+H[HUHLHQ =DXEHUVSUFKHXQG)lKLJNHLWHQQHXWUDOLVLHUHQ (LQHQ=DXEHUVSUXFK]XQHXWUDOLVLHUHQKHLWGLH=DXEHUVSUXFKNDUWHYRP6WDSHO]XQHKPHQXQGDXI GHQ)ULHGKRILKUHV%HVLW]HUV]XOHJHQ:HQQHLQH)lKLJNHLWQHXWUDOLVLHUWZLUGZLUGGHU3VHXGRVSUXFK YRP6WDSHOHQWIHUQW=DXEHUVSUFKHXQG)lKLJNHLWHQGLHQHXWUDOLVLHUWZXUGHQZHUGHQQLFKW YHUUHFKQHW 'HU6SLHOHUGHUGHQQHXWUDOLVLHUWHQ6SUXFKE]ZGLHQHXWUDOLVLHUWH)lKLJNHLWJHVSLHOWKDWHUKlOWNHLQH :LHGHUJXWPDFKXQJIUHYHQWXHOOH.RVWHQGLHHUEH]DKOWKDWWH =DXEHUVSUFKHRGHU)lKLJNHLWHQHGLWLHUHQ (LQLJHZHQLJH(IIHNWHN|QQHQHLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWHGLWLHUHQQDFKGHPVLHDXI GHQ6WDSHOJHVHW]WZXUGHLQGHPVLHGDV=LHOGHQ5HJHOWH[WRGHUDQGHUH&KDUDNWHULVWLNHQYHUlQGHUQ 'DV=LHOHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWNDQQQXULQHLQDQGHUHVOHJDOHV=LHOJHlQGHUW ZHUGHQ:HQQGDVQHXH=LHOLOOHJDOLVWZHQQGLHbQGHUXQJYHUUHFKQHWZLUGEOHLEWGDVXUVSUQJOLFKH =LHOXQYHUlQGHUW D 0RGDOH=DXEHUVSUFKHN|QQHQYHUVFKLHGH=LHODQIRUGHUXQJHQIUMHGHQ0RGXVKDEHQ(LQbQGHUQGHV =LHOHVNDQQGHQ0RGXVQLFKWlQGHUQ E 'DV:RUW'XLP7H[WHLQHU.DUWHLVWNHLQ=LHO(LQ=DXEHUVSUXFKGHUQXUVHLQHQ6SLHOHUEHWULIIW NDQQQLFKWDXIHLQDQGHUHV=LHOXPSURJUDPPLHUWZHUGHQ :HQQHLQ(IIHNWLUJHQGZHOFKH&KDUDNWHULVWLNHQHLQHV=DXEHUVSUXFKVlQGHUWGHU]XHLQHUEOHLEHQGHQ .DUWHZLUGJLOWGHU(IIHNWDXFKZHLWHUKLQIUGLHEOHLEHQGH.DUWHZHQQGHU=DXEHUVSUXFKYHUUHFKQHW ZLUG %HLVSLHO:HQQHLQ(IIHNWHLQHQVFKZDU]HQ.UHDWXUHQ]DXEHULQZHLlQGHUWLVWGLH.UHDWXUZHL ZHQQVLHLQV6SLHONRPPWXQGEOHLEWZHLVRODQJHGHUbQGHUXQJVHIIHNWDQGDXHUW %HLVSLHO(LQ(IHNWGHUDOOH/lQGHULQ.UHDWXUHQYHUZDQGHOWYHUZDQGHOWQLFKWGLH/DQGNDUWHQDXIGHQ )ULHGK|IHQGHU6SLHOHU :HQQHLQ(IIHNWYHUVXFKWHWZDVXQP|JOLFKHV]XWXQYHUVXFKWHUVRYLHOZLHP|JOLFK]XWXQ %HLVSLHO:HQQHLQ6SLHOHUQXUHLQHHLQ]LJH.DUWHKlOWEHZLUNWHLQ(IIHNWPLWGHP7H[W:LUI]ZHL .DUWHQDEGDHUQXUGLHVHHLQH.DUWHDEZLUIW:HQQHLQ(IIHNW.DUWHQDXVGHU%LEOLRWKHNEHZHJWLP *HJHQVDW]]XP=LHKHQEHZHJWHUVRYLHOHZLHP|JOLFK (LQPDOLJH(IIHNWH (LQPDOLJH(IIHNWWXQHWZDVJHQDXHLQPDOXQGKDEHQNHLQHDQGDXHUQGHQ$XVZLUNXQJHQ%HLVSLHOHVLQG 6FKDGHQV]XZHLVXQJ=HUVW|UXQJXQG.DUWHQEHZHJXQJ]ZLVFKHQ=RQHQ (LQLJHHLQPDOLJH(IIHNWHZHLVHQHLQHQ6SLHOHUDQHWZDV]XHLQHPVSlWHUHQ=HLWSXQNWGHU3DUWLH]X WXQDQVWDWWGDQQZHQQVLHYHUUHFKQHWZHUGHQ,KUH(IIHNWHJHQHULHUHQGHIDFWRHLQHQHXH)lKLJNHLW GLHGDUDXIZDUWHWDNWLYLHUWRGHUDXVJHO|VW]XZHUGHQ6LHKH5HJHO9HU]|JHUWH)lKLJNHLWHQ 'DXHUKDIWH(IIHNWH (LQGDXHUKDIWHU(IIHNWPRGLIL]LHUWEOHLEHQGH.DUWHQRGHUGLH5HJHOQGHV6SLHOHVIUHLQHQEHVWLPPWHQ RGHUXQEHVWLPPWHQ=HLWUDXP(LQGDXHUKDIWHU(IIHNWNDQQEHLGHU9HUUHFKQXQJHLQHV=DXEHUVSUXFKV E]ZHLQHU)lKLJNHLWRGHUGXUFKGLHVWDWLVFKH)lKLJNHLWHLQHUEOHLEHQGHQ.DUWHHU]HXJWZHUGHQ 'DXHUKDIWH(IIHNWHGLHGLH&KDUDNWHULVWLNHQHLQHUEOHLEHQGHQ.DUWHPRGLIL]LHUHQWXQGLHVDEGHP 0RPHQWGDGLHEOHLEHQGH.DUWHLQV6SLHONRPPW6LHZDUWHQQLFKWGDUDXIGDGLHEOHLEHQGH.DUWH GDV6SLHOEHWULWWXPVLHGDQQ]XYHUlQGHUQ 'DXHUKDIWH(IIHNWHYRQ=DXEHUVSUFKHQRGHU)lKLJNHLWHQ D (IIHNWH (LQGDXHUKDIWHU(IIHNWGHUEHLGHU9HUUHFKQXQJHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWJHQHULHUW ZLUGGDXHUWVRODQJHZLHGXUFKGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWDQJHJHEHQZLH]XP%HLVSLHO ELV]XP(QGHGHV=XJHV:HQQNHLQH'DXHUDQJHJHEHQLVWGDXHUWHUELV]XP(QGHGHU3DUWLH E :HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWYHUUHFKQHWZLUGJHQHULHUWHURGHUVLHHLQHQRGHUPHKUHUH (IIHNWH(VJLEWGUHL+DXSWW\SHQ(LQPDOLJH(IIHNWHGDXHUKDIWH(IIHNWHVRZLH(UVDW]XQG 9HUKLQGHUXQJVHIIHNWH(IIHNWHHLQHUYLHUWHQ.DWHJRULHDXWRPDWLVFKH6SLHOHIIHNWHZHUGHQGXUFK EHVWLPPWH6SLHO]XVWlQGHJHQHULHUW 'LH0HQJHYRQEOHLEHQGHQ.DUWHQGLHGXUFKGDXHUKDIWH(IIHNWHEHWURIIHQZLUGZLUGHQWZHGHU DXVJHZlKOWZHQQGHU=DXEHUVSUXFKE]ZGLH)lKLJNHLWJHVSLHOWZLUGZHQQHUDXIGLHEOHLEHQGHQ .DUWHQ]LHOWRGHUZHQQHUE]ZVLHYHUUHFKQHWZLUGZHQQHUQLFKWJH]LHOWLVW1DFKGHU9HUUHFKQXQJ lQGHUWVLFKGLHVH0HQJHQLFKWPHKU %HLVSLHO(LQ(IIHNWPLWGHP7H[W$OOHZHLHQ.UHDWXUHQHUKDOWHQELV]XP(QGHGHV=XJHV JHZlKUWGLHVHQ%RQXVDOOHQEOHLEHQGHQ.DUWHQGLHZHLH.UHDWXUHQVLQGZHQQGHU=DXEHUVSUXFK RGHUGLH)lKLJNHLWYHUUHFKQHWZLUG²VHOEVWZHQQVLHVSlWHULKUH)DUEHlQGHUQ²XQGEHWULIIWNHLQH EOHLEHQGHQ.DUWHQGLHHUVWVSlWHULQV6SLHONRPPHQRGHUZHLZHUGHQ (IIHNWHEHWUHIIHQQXU.DUWHQLPVSLHORGHU6SLHOHUHVVHLGHQQGLH$QZHLVXQJHQVHKHQHWZDVDQGHUHV YRU F (LQGDXHUKDIWHU(IIHNWNDQQHLQHQDQGHUHQEHUVFKUHLEHQ :HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWGHURGHUGLHHLQHQGDXHUKDIWHQ(IIHNWJHQHULHUWYDULDEHO LVWZLUGGHU(IIHNWQXUHLQPDO²EHLGHU9HUUHFKQXQJ²EHVWLPPW(LQHQXPHULVFKH9HUlQGHUXQJPLW $XVQDKPHHLQIDFKHU$GGLWLRQRGHU6XEWUDNWLRQ]XP%HLVSLHOYHUGRSSHOQRGHUKDOELHUHQZLUGEHLGHU 9HUUHFKQXQJLQHLQHLQIDFKHV;RGHU;XPJHZDQGHOW)DOOVGHUXUVSUQJOLFKH:HUWVLFKVSlWHU lQGHUWZLUGGHU(IIHNWQLFKWQHXEHUHFKQHW %HLVSLHO=ZHL9HU]DXEHUXQJHQZHUGHQDXIGLHVHOEH.UHDWXUJHVSLHOW'LHYHU]DXEHUWH.UHDWXUHUKlOW )OXJIlKLJNHLWXQG'LHYHU]DXEHUWH.UHDWXUYHUOLHUW)OXJIlKLJNHLW.HLQHUGHUEHLGHQKlQJWYRP DQGHUHQDEGDVLFKZHGHUlQGHUWZDVVLHEHWUHIIHQQRFKZDVVLHEHZLUNHQ:HQQPDQVLHLQGHU FKURQRORJLVFKHQ5HLKHQIROJHDQZHQGHWEHGHXWHWGLHVGDVGHU]XOHW]WJHQHULHUWH(IIHNWJHZLQQW(V LVWXQZLFKWLJREHLQ(IIHNWWHPSRUlUZLH]XP%HLVSLHO(LQH.UHDWXU'HLQHU:DKOYHUOLHUW )OXJIlKLJNHLWELV]XP(QGHGHV=XJHVRGHUDOOJHPHLQJOWLJZLH]XP%HLVSLHO$OOH.UHDWXUHQ YHUOLHUHQ)OXJIlKLJNHLWLVW %HLVSLHO(LQ6SUXFKPLWGHP7H[W(LQH.UHDWXU'HLQHU:DKOHUKlOW;;ELV]XP(QGHGHV=XJHV ZREHL;JOHLFKGHU$Q]DKOGHU.DUWHQLQ'HLQHU+DQGLVW]lKOWGLH$Q]DKOGHU.DUWHQLQGHU+DQG VHLQHV%HKHUUVFKHUVZHQQGHU6SUXFKYHUUHFKQHWZLUGXQGJHZlKUWGLHVHQ%RQXVIUGHQ5HVWGHV =XJHVVHOEVWZHQQVLFKGLH$Q]DKOGHU+DQGNDUWHQlQGHUW G :HQQGLH'DXHUHLQHV(IIHNWVHQGHWEHYRUGHULKQJHQHULHUHQGH=DXEHUVSUXFKE]ZGLHLKQ JHQHULHUHQGH)lKLJNHLWYHUUHFKQHWZLUGEHZLUNWGHU(IIHNWQLFKWV²HUEHJLQQWQLFKWXQGHQGHWVRIRUW GDUDXIZLHGHUXQGHUGDXHUWDXFKQLFKWHZLJ 'DXHUKDIWH(IIHNWHEOHLEHQGHU.DUWHQ D (LQGDXHUKDIWHU(IIHNWGHUGXUFKHLQHVWDWLVFKH)lKLJNHLWHLQHUEOHLEHQGHQ.DUWHJHQHULHUWZXUGHJLOW ]XMHGHU=HLWXQGEHWULIIWDOOHVZDVLQVHLQHP7H[WDQJHJHEHQLVW E 'HU(IIHNWLVWVWlQGLJJOWLJVRODQJHGLHEOHLEHQGH.DUWHGLHLKQJHQHULHUWLP6SLHOLVW %HLVSLHO(LQHEOHLEHQGH.DUWHPLWGHUVWDWLVFKHQ)lKLJNHLW$OOHZHLHQ.UHDWXUHQHUKDOWHQ JHQHULHUWHLQHQ(IIHNWGHUMHGHUZHLHQ.UHDWXULP6SLHONRQWLQXLHUOLFKJLEW:HQQHLQH .UHDWXUZHLZLUGHUKlOWVLHGLHVHQ%RQXVHLQH.UHDWXUGLHQLFKWOlQJHUZHLLVWYHUOLHUWLKQ(LQ .UHDWXUHQ]DXEHUGHUQRUPDOHUZHLVHHLQHZHLH.UHDWXUHUVFKDIIHQZUGHHUVFKDIIWVWDWWGHVVHQ HLQHZHLH.UHDWXU'LH.UHDWXUNRPPWQLFKWDOVLQV6SLHOXQGZLUGGDQQ]X (UVDW]XQG9HUKLQGHUXQJVHIIHNWH (UVDW]XQG9HUKLQGHUXQJVHIIHNWHlKQHOQGDXHUKDIWHQ(IIHNWHQ6LHZDUWHQDXIHLQEHVWLPPWHV (UHLJQLVXQGHUVHW]HQHVGXUFKHLQDQGHUHVPRGLIL]LHUHQHVDXIHLQHEHVWLPPWH$UWXQG:HLVHRGHU YHUKLQGHUQGDHVEHUKDXSWHLQWULWW'LHVH(IIHNWHIXQNWLRQLHUHQZLH6FKLOGHXPGDVZDVVLH EHWUHIIHQ(UVDW]HIIHNWHHQWKDOWHQGLH:|UWHUVWDWWGHVVHQRGHUDQVWDWWZlKUHQG 9HUKLQGHUXQJVHIIHNWHGDV:RUWYHUKLQGHUHHQWKDOWHQ (UVDW]XQG9HUKLQGHUXQJVHIIHNWHJHOWHQGLHJDQ]H=HLWZlKUHQGGLYHUVH(UHLJQLVVHNRPPHQXQG JHKHQ²VLHVLQGQLFKWYRQYRUQKHUHLQDXIHLQHQEHVWLPPWHQ=HLWSXQNWIL[LHUW (VJLEWNHLQHEHVRQGHUHQ(LQVFKUlQNXQJHQIUGDV6SLHOHQHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLW GHURGHUGLHHLQHQ(UVDW]RGHU9HUKLQGHUXQJVHIIHNWJHQHULHUW6ROFKH(IIHNWHGDXHUQVRODQJHELVVLH HQWZHGHUDXIJHEUDXFKWZXUGHQRGHULKUHDQJHJHEHQH/HEHQVGDXHUDEJHODXIHQLVW (UVDW]RGHU9HUKLQGHUXQJVHIIHNWHPVVHQVFKRQH[LVWLHUHQEHYRUGDVHQWVSUHFKHQGH (UHLJQLVHLQWULWW²VLHN|QQHQQLFKWLQGHU=HLW]XUFNJHKHQXQGHWZDVlQGHUQGDV EHUHLWVSDVVLHUWLVW1RUPDOHUZHLVHZHUGHQ=DXEHUVSUFKHXQG)lKLJNHLWHQGLHGLHVH (IIHNWHJHQHULHUHQDOV$QWZRUWDXIGDVJHVSLHOWZDVVROFKHLQ(UHLJQLVSURGX]LHUHQ ZUGHXQGZHUGHQVRPLWYHUUHFKQHWEHYRUGLHVHV(UHLJQLVHLQWULWW ,QWHUDNWLRQYRQGDXHUKDIWHQ(IIHNWHQ D 0DQFKPDOEHVWLPPWGDV5HVXOWDWHLQHV(IIHNWVREHLQDQGHUHU(IIHNW]XWULIIWXQGZDVHUEHZLUNW(LQ (IIHNWN|QQWH]XP%HLVSLHOODXWHQ$OOHZHLHQ.UHDWXUHQHUKDOWHQXQGHLQDQGHUHU'LH YHU]DXEHUWH.UHDWXULVWZHL %HLVSLHO(LQ6SLHOHUNDQQHLQH5HJHQHUDWLRQVIlKLJNHLWDOV$QWZRUWDXIHLQHQ =DXEHUVSUXFKVSLHOHQGHUHLQH.UHDWXUXQWHUVHLQHU.RQWUROOH]HUVW|UHQZUGH :HQQHLQ(UHLJQLVYHUKLQGHUWRGHUHUVHW]WZRUGHQLVWLVWHVQLHHLQJHWUHWHQ$QVWHOOHHLQHV HUVHW]WHQ(UHLJQLVVHVWULWWHLQPRGLIL]LHUWHV(UHLJQLVGDVGDQQZLHGHU)lKLJNHLWHQ DXVO|VHQNDQQ(LQYHUKLQGHUWHV(UHLJQLVZLUGHLQIDFKLJQRULHUW²)lKLJNHLWHQZHUGHQ QLFKWDXVJHO|VW E 0DQVDJWGDHLQ(IIHNWYRQHLQHPDQGHUHQDEKlQJWZHQQVLFKGXUFKGDV$QZHQGHQGHVDQGHUHQ (IIHNWVGHU7H[WRGHUGLH([LVWHQ]GHVHUVWHQ(IIHNWVRGHUGLH0HQJHGHUEOHLEHQGHQ.DUWHQGLHHU EHWULIIWRGHUZDVIU$XVZLUNXQJHQHUDXIGLHVHEOHLEHQGHQ.DUWHQKDWlQGHUQZUGH$QGHUHQIDOOV LVWGHU(IIHNWXQDEKlQJLJ F ,PPHUZHQQHLQ(IIHNWYRQHLQHPDQGHUHQDEKlQJWZLUGGHUXQDEKlQJLJH]XHUVWDQJHZDQGW:HQQ PHKUHUHDEKlQJLJH(IIHNWHHLQH6FKOHLIHELOGHQRGHUZHQQNHLQHUYRQGHQDQGHUHQDEKlQJWZHUGHQ VLHLQGHU5HLKHQIROJHDQJHZDQGWLQGHUVLHLQV6SLHONDPHQ'LHVQHQQWPDQGLH&KURQRORJLH G (UVDW]HIIHNWH D (LQ(UVDW]HIIHNWUXIWVLFKQLFKWVHOEVWZLHGHUKROWDXIVRQGHUQHUKlOWQXUHLQH*HOHJHQKHLW IUMHGHV(UHLJQLV %HLVSLHO(LQ6SLHOHUNRQWUROOLHUW]ZHL([HPSODUHHLQHUEOHLEHQGHQ.DUWHPLWHLQHU )lKLJNHLW$QVWDWWQRUPDOHQ6FKDGHQDXV]XWHLOHQYHUGRSSHOQDOOH.UHDWXUHQGLH'X NRQWUROOLHUVWGLHVHQ6FKDGHQ(LQH.UHDWXUGLHQRUPDOHUZHLVH6FKDGHQVSXQNW DXVWHLOHQZUGHYHUXUVDFKWQXQ6FKDGHQVSXQNWH²QLFKWQXUXQGDXFKQLFKW XQHQGOLFKYLHO ZLGHUVSUHFKHQ %HLVSLHO(LQ(IIHNWODXWHW=LHKHIUMHGHQ/HEHQVSXQNWGHQ'XHUKlOWVWVWDWWGHVVHQ HLQH.DUWHXQGHLQDQGHUHU$QVWDWWHLQH.DUWH]X]LHKHQEULQJHHLQH.DUWH'HLQHU:DKO DXV'HLQHP)ULHGKRI]XUFNDXI'HLQH+DQG%HLGH(IIHNWHN|QQHQNRPELQLHUWZHUGHQ XQDEKlQJLJGDYRQLQZHOFKHU5HLKHQIROJHVLHLQV6SLHONDPHQ$QVWDWW/HEHQVSXQNW ]XHUKDOWHQQLPPWGHU6SLHOHUHLQH.DUWHDXVVHLQHP)ULHGKRIDXIVHLQH+DQG E 5HJHQHUDWLRQLVWHLQ6FKDGHQ(UVDW]HIIHNW'DV6FKOVVHOZRUWDQVWDWWHUVFKHLQWQLFKWDXI GHU.DUWHDEHULVWLPSOL]LWLQLKUHU'HILQLWLRQHQWKDOWHQ5HJHQHULHUHEOHLEHQGH.DUWH! EHGHXWHW$QVWDWWEOHLEHQGH.DUWH!]X]HUVW|UHQHQWIHUQHDOOH6FKDGHQVSXQNWHYRQ LKUWDSSHVLHXQGIDOOVVLHVLFKLP.DPSIEHILQGHWHQWIHUQHVLHDXVGHP.DPSI F :HQQPHKUHUH(UVDW]HIIHNWHHLQH6FKOHLIHELOGHQHQWVFKHLGHWGHUEHWURIIHQH6SLHOHURGHU GHU%HKHUUVFKHUGHUEHWURIIHQHQEOHLEHQGHQ.DUWHRGHU=RQHZDQQGLH6FKOHLIH DEJHEURFKHQZLUG6LHKH5HJHO:LHPDQPLW XQHQGOLFKHQ 6FKOHLIHQXPJHKW 9HUKLQGHUXQJVHIIHNWH D 9HUKLQGHUXQJVHIIHNWHEHWUHIIHQQRUPDOHUZHLVH6FKDGHQGHU]XJHZLHVHQZUGH E (LQLJH9HUKLQGHUXQJVHIIHNWHJHEHQHLQHEHVWLPPWH0HQJHDQ6FKDGHQVSXQNWHQDQ²]XP %HLVSLHO9HUKLQGHUHGLHQlFKVWHQ6FKDGHQVSXQNWHGLHLQGLHVHP=XJHLQHU.UHDWXU RGHUHLQHP6SLHOHU'HLQHU:DKO]XJHIJWZHUGHQ'LHVHIXQNWLRQLHUHQLP3ULQ]LSZLH +LW]HVFKLOGH-HGHU6FKDGHQVSXQNWGHUGHUGXUFKGHQ6FKLOGJHVFKW]WHQ.UHDWXURGHU GHPJHVFKW]WHQ6SLHOHU]XJHIJWZUGHYHUULQJHUWVWDWWGHVVHQGHQ6FKLOGXP6REDOG GHU6FKLOGDXIUHGX]LHUWZRUGHQLVWZHUGHQDOOHYHUEOHLEHQGHQ6FKDGHQVSXQNWHQRUPDO ]XJHIJW6ROFKH(IIHNWH]lKOHQQXUGLH0HQJHGHU6FKDGHQVSXQNWHGLH$Q]DKOGHU YHUVFKLHGHQHQ(UHLJQLVVHRGHU4XHOOHQGLHGHQ6FKDGHQYHUXUVDFKHQVSLHOWNHLQH5ROOH F (LQLJH9HUKLQGHUXQJVHIIHNWHEHWUHIIHQ6FKDGHQDXVHLQHUDQJHJHEHQHQ4XHOOH²]XP %HLVSLHO'DVQlFKVWH0DOZHQQHLQHYRQ'LUEHVWLPPWHURWH4XHOOH'LULQGLHVHP=XJ 6FKDGHQ]XIJHQZUGHYHUKLQGHUHGLHVHQ6FKDGHQ'LH4XHOOHZLUGEHVWLPPWZHQQ GHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWYHUUHFKQHWZLUG(LQH4XHOOHNDQQHLQH.DUWHRGHUHLQ 6SLHOVWHLQVHLQ:HQQGHU6SLHOHUHLQHEOHLEHQGH.DUWHRGHUHLQHQ=DXEHUVSUXFKGHU]X HLQHUEOHLEHQGHQ.DUWHZLUGEHVWLPPWZLUGGLH9HUKLQGHUXQJGHQQlFKVWHQ6FKDGHQ EHWUHIIHQGHUYRQGLHVHU.DUWHDXVJHKWXQDEKlQJLJGDYRQREHV.DPSIVFKDGHQLVWRGHU 6FKDGHQGHUGXUFKHLQH)lKLJNHLWGLHVHUEOHLEHQGHQ.DUWHYHUXUVDFKWZLUG(VLVW P|JOLFKGDVLFKGLH4XHOOH]XGHU=HLWGDGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLW YHUUHFKQHWZLUGDXHUKDOEGHV6SLHOHVEHILQGHW $XWRPDWLVFKH6SLHOHIIHNWH $XWRPDWLVFKH6SLHOHIIHNWHELOGHQHLQHEHVRQGHUH.DWHJRULHYRQ(IIHNWHQGLHQXULQGHQ XQWHQEHVFKULHEHQHQ6LWXDWLRQHQ]XP7UDJHQNRPPHQ)lKLJNHLWHQGLHDXIHLQHQ EHVWLPPWHQ6SLHO]XVWDQGZDUWHQVLQGDXVJHO|VWH)lKLJNHLWHQ6LHKH5HJHO $XWRPDWLVFKH6SLHOHIIHNWHVLQGLPPHUDNWLYXQGZHUGHQGXUFKNHLQHQGHU6SLHOHU NRQWUROOLHUW ,PPHUZHQQHLQ6SLHOHU9RUUDQJKDWXPHLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLW]X VSLHOHQVLHKH5HJHO7LPLQJYRQ=DXEHUVSUFKHQXQG)lKLJNHLWHQEHUSUIWGDV 6SLHORELUJHQGZHOFKHGHUDXIJHIKUWHQ%HGLQJXQJHQIUDXWRPDWLVFKH6SLHOHIIHNWH YRUOLHJHQ$OOH]XWUHIIHQGHQ(IIHNWHZHUGHQDOVHLQHLQ]HOQHV(UHLJQLVYHUUHFKQHWGDQDFK ZLUGGLHhEHUSUIXQJZLHGHUKROW'LHVHhEHUSUIXQJZLUGDXHUGHPLP$XIUlXPVHJPHQW GXUFKJHIKUWVLHKH5HJHOZHQQHLQHRGHUPHKUHUHGHUDXIJHIKUWHQ%HGLQJXQJHQ HLQWUHIIHQHUKlOWGHUDNWLYH6SLHOHU9RUUDQJ $QGHUVDOVDXVJHO|VWH)lKLJNHLWHQLJQRULHUHQDXWRPDWLVFKH6SLHOHIIHNWHDOOHVZDV ZlKUHQGGHU9HUUHFKQXQJHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWSDVVLHUW ,QWHUDNWLRQYRQ(UVDW]RGHU9HUKLQGHUXQJVHIIHNWHQ %HLVSLHO(LQ6SLHOHUNRQWUROOLHUWHLQH.UHDWXUPLWGHU)lKLJNHLW'LHVH.UHDWXUEHVLW]W 6WlUNHXQG:LGHUVWDQGVNUDIWLQ+|KHGHU$Q]DKOGHU.DUWHQLQ'HLQHU+DQGXQGVSLHOW HLQHQ=DXEHUVSUXFKGHVVHQ(IIHNW:LUI'HLQH+DQGDEGDQQ]LHKHVLHEHQ.DUWHQODXWHW 'LH.UHDWXUKDWIUHLQHQ$XJHQEOLFNHLQH:LGHUVWDQGVNUDIWYRQLQPLWWHQGHU 9HUUHFKQXQJGHV=DXEHUVKDWDEHUZLHGHUHLQH:LGHUVWDQGVNUDIWYRQZHQQGHU =DXEHUVSUXFKYROOVWlQGLJYHUUHFKQHWLVW'HVZHJHQZLUGGLH.UHDWXUEHUOHEHQZHQQGLH DXWRPDWLVFKHQ6SLHOHIIHNWHEHUSUIWZHUGHQ,P*HJHQVDW]GD]XZLUGHLQH)lKLJNHLWGLH DXVJHO|VWZLUGZHQQNHLQH.DUWHQLQGHU+DQGVLQGDXIGHQ6WDSHOJHVHW]WQDFKGHPGHU =DXEHUVSUXFKYHUUHFKQHWZRUGHQLVWZHLOLKUDXVO|VHQGHV(UHLJQLVZlKUHQGGHU 9HUUHFKQXQJHLQJHWUHWHQLVW D :HQQ]ZHLRGHUPHKU(UVDW]RGHU9HUKLQGHUXQJVHIIHNWHYHUVXFKHQGDVVHOEH(UHLJQLVDXI JHJHQVlW]OLFKH$UWXQG:HLVH]XPRGLIL]LHUHQEHVWLPPWGHU6SLHOHUGHUGLHEHWURIIHQH EOHLEHQGH.DUWHNRQWUROOLHUWRGHUGHUVHOEVWEHWURIIHQLVWLQZHOFKHU5HLKHQIROJHVLH DQJHZDQGWZHUGHQ %HLVSLHO,P6SLHOEHILQGHQVLFK]ZHL.DUWHQ(LQHLVWHLQH9HU]DXEHUXQJPLWGHP7H[W :HQQHLQH.DUWHDXIHLQHQ)ULHGKRIJHOHJWZUGHHQWIHUQHVLHVWDWWGHVVHQJDQ]DXVGHP 6SLHOXQGGLHDQGHUHHLQH.UHDWXUPLWGHP7H[W:HQQGLHVH.DUWH!DXIHLQHQ)ULHGKRI JHOHJWZUGHPLVFKHVLHVWDWWGHVVHQLQGLH%LEOLRWKHNLKUHV%HVLW]HUV'HU%HKHUUVFKHU GHU.UHDWXUGLH]HUVW|UWZUGHHQWVFKHLGHWZHOFKHU(UVDW]HIIHNW]XHUVWDQJHZDQGWZLUG GHUDQGHUHEHZLUNWQLFKWV E =ZHLRGHUPHKU(UVDW]HIIHNWHN|QQHQPLWHLQDQGHULQWHUDJLHUHQRKQHVLFKJHJHQVHLWLJ]X 'LHDXWRPDWLVFKHQ6SLHOHIIHNWHODXWHQZLHIROJW D (LQ6SLHOHUPLW/HEHQVSXQNWHQRGHUZHQLJHUYHUOLHUWGLH3DUWLH E :HQQHLQ6SLHOHUIHVWVWHOOWGDHUHLQH$NWLRQGLHHUEHUHLWVEHJRQQHQKDWQLFKWOHJDO]X (QGHIKUHQNDQQZLUGGLHJHVDPWH$NWLRQ]XUFNJHQRPPHQXQGHYHQWXHOOH.RVWHQGLH EHUHLWVEH]DKOWZRUGHQVLQGZHUGHQDXIJHKREHQ$XVJHO|VWH)lKLJNHLWHQN|QQHQ DXIJUXQGHLQHUXQJOWLJHQ$NWLRQQLFKWDXVJHO|VWZHUGHQ:HQQGLH$NWLRQLP$XVVSLHOHQ HLQHV=DXEHUVSUXFKVEHVWDQGNHKUWGLH=DXEHUVSUXFKNDUWHLQGLH+DQGGHV6SLHOHUV ]XUFN'HVZHLWHUHQNDQQGHU6SLHOHUDOOHOHJDOJHVSLHOWHQ0DQDIlKLJNHLWHQGLHHULP =XJHGHULOOHJDOHQ$NWLRQJHVSLHOWKDW]XUFNQHKPHQ (LQH.UHDWXUPLW:LGHUVWDQGVNUDIWZLUGDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW 5HJHQHUDWLRQNDQQGLHVHV(UHLJQLVQLFKWHUVHW]HQ F (LQH.UHDWXUPLWW|GOLFKHP6FKDGHQZLUG]HUVW|UW5HJHQHUDWLRQHUVHW]WGLHVHV(UHLJQLV G :HQQLOOHJDOH=DXEHUVSUFKHRGHU)lKLJNHLWHQ]XUFNJHQRPPHQZHUGHQEHKlOWGHU 6SLHOHUGHU9RUUDQJKDWWHGHQVHOEHQXQGNDQQHLQHDQGHUH$NWLRQEHJLQQHQRGHUSDVVHQ (UNDQQGLH]XUFNJHQRPPHQH$NWLRQDXIOHJDOH$UWXQG:HLVHGXUFKIKUHQRGHUHLQH DQGHUH$NWLRQEHJLQQHQVRIHUQGLHVHXQWHUGHQ5HJHOQHUODXEWLVW (LQHORNDOH9HU]DXEHUXQJGLHHLQHLOOHJDOHRGHUQLFKWH[LVWHQWHEOHLEHQGH.DUWH YHU]DXEHUWZLUGDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW H :HQQVLFK]ZHLRGHUPHKU/HJHQGHQRGHUOHJHQGlUHEOHLEHQGH.DUWHQPLWGHPVHOEHQ 1DPHQLP6SLHOEHILQGHQZHUGHQDOOHPLW$XVQDKPHGHULQGHU&KURQRORJLHlOWHVWHQ .DUWHDXIGLH)ULHGK|IHLKUHU%HVLW]HUJHOHJW'LHVQHQQWPDQGLH/HJHQGHQUHJHO,P )DOOHHLQHV8QHQWVFKLHGHQVE]JOGHU&KURQRORJLHZHUGHQDOOH/HJHQGHQPLWGHPVHOEHQ 1DPHQDXIGLH)ULHGK|IHLKUHU%HVLW]HUJHOHJW =XVlW]OLFKH.DPSIUHJHOQ /HJDOH$QJULIIHXQG%ORFNV (LQLJH)lKLJNHLWHQXQGGDXHUKDIWH(IIHNWHVWHOOHQ(LQVFKUlQNXQJHQIUGDV'HNODULHUHQ YRQ$QJUHLIHUQXQG%ORFNHUQLP.DPSIDXI6LHKH5HJHO$QJUHLIHUGHNODULHUHQXQG 5HJHO%ORFNHUGHNODULHUHQ I (LQ6SLHOVWHLQGHUVLFKLQHLQHUDQGHUHQ=RQHDOVGHU,P6SLHO=RQHEHILQGHWK|UWDXI]X H[LVWLHUHQ 'HUDNWLYH6SLHOHUSUIWIUMHGH.UHDWXUGLHDOV$QJUHLIHUGHNODULHUWZXUGHHLQ]HOQREHV HYHQWXHOOH(LQVFKUlQNXQJHQIUGHQ$QJULIILQ9HUELQGXQJPLWGHPUHVWOLFKHQ$QJULIIVSODQ JLEW(EHQVRSUIWHUIUMHGH.UHDWXUGLHQLFKWDOV$QJUHLIHUGHNODULHUWZXUGHREHVNHLQH ]ZLQJHQGHQ$QJULIIVYRUVFKULIWHQJLEWGLHPLWGHPUHVWOLFKHQ$QJULIIVSODQQLFKWLQ.RQIOLNW VWHKHQ:HQQHLQHUGLHVHUEHLGHQ)lOOHYRUOLHJWLVWGLHVHU$QJULIIVSODQLOOHJDOXQGGHU DNWLYH6SLHOHUPXHLQHQQHXHQ$QJULIIYRUVFKODJHQ9HUJOHLFKEDUH(LQVFKUlQNXQJHQ JHOWHQIUGDV'HNODULHUHQYRQ%ORFNHUQ :LHPDQPLWXQHQGOLFKHQ6FKOHLIHQXPJHKW *HOHJHQWOLFKNDQQGDV6SLHOLQHLQHQ=XVWDQGJHUDWHQLQGHPHLQH5HLKHYRQ$NWLRQHQELV LQDOOH(ZLJNHLWZLHGHUKROWZHUGHQN|QQWH'LH8QHQGOLFKNHLWVUHJHOEHVWLPPWZLHPDQ VROFKH(QGORVVFKOHLIHQXQWHUEULFKW %HLVSLHO(LQ6SLHOHUNRQWUROOLHUW]ZHL.UHDWXUHQGLHEHLGHHLQH(LQVFKUlQNXQJPLWGHP IROJHQGHQ7H[WEHVLW]HQ'LHVH.UHDWXU!NDQQQLFKWDQJUHLIHQZHQQQLFKW]XPLQGHVW HLQHDQGHUH.UHDWXUPLWDQJUHLIW(VLVWOHJDOEHLGHDOV$QJUHLIHU]XGHNODULHUHQ:HQQ YRQ]ZHL.UHDWXUHQHLQHDQJUHLIWIDOOVP|JOLFKXQGHLQ(IIHNWEHVDJW,QMHGHP=XJ NDQQQXUHLQH.UHDWXUDQJUHLIHQLVWHVOHJDOGLHHLQHRGHUDQGHUHDOV$QJUHLIHU]X EHQHQQHQDEHUHVLVWLOOHJDOPLWEHLGHQRGHUNHLQHUYRQEHLGHQDQ]XJUHLIHQ :HQQGLH6FKOHLIHHLQHRGHUPHKUHUHRSWLRQDOH$NWLRQHQHQWKlOWXQGHLQ6SLHOHUDOOHLQ GLHVHDOOHNRQWUROOLHUWEHVWLPPWGLHVHU6SLHOHUHLQH=DKO(VZLUGGDQQDQJHQRPPHQGD GLH6FKOHLIHJHQDXVRRIWGXUFKODXIHQZLUG $XVZHLFKIlKLJNHLWHQ :HQQGLH6FKOHLIHRSWLRQDOH$NWLRQHQHQWKlOWGLHYRQPHKUDOVHLQHP6SLHOHUNRQWUROOLHUW ZHUGHQPXGHUDNWLYH6SLHOHU]XQlFKVWLQQHKDOWHQ-HGHU6SLHOHUZlKOWQXQHLQH=DKO XQGHVZLUGVRYHUIDKUHQGDGLHK|KHUHGHUEHLGHQ=DKOHQGLH$Q]DKOGHU 6FKOHLIHQGXUFKOlXIHDQJLEW :HQQGLH6FKOHLIHQXUYHUSIOLFKWHQGH$NWLRQHQHQWKlOWHQGHWGLH3DUWLHPLWHLQHP 8QHQWVFKLHGHQVLHKH5HJHO $XVZHLFKIlKLJNHLWHQVWHOOHQ(LQVFKUlQNXQJHQGDIUDXIZHUHLQHDQJUHLIHQGH.UHDWXU EORFNHQNDQQ'LHVVLQGVWDWLVFKH)lKLJNHLWHQGLHGDV.DPSIVHJPHQW%ORFNHU GHNODULHUHQPRGLIL]LHUHQ $XVZHLFKIlKLJNHLWHQVLQGNXPXODWLY ,OOHJDOH$NWLRQHQ %HLVSLHO(LQH0DXHURKQH)OXJIlKLJNHLWNDQQHLQH.UHDWXUGLHQXUYRQ0DXHUQXQG IOLHJHQGHQ.UHDWXUHQJHEORFNWZHUGHQNDQQQLFKWEORFNHQ (LQLJH.UHDWXUHQEHVLW]HQ)lKLJNHLWHQGLH(LQVFKUlQNXQJHQGDIUDXIVWHOOHQZLHVLH EORFNHQGUIHQ:LH$XVZHLFKIlKLJNHLWHQPRGLIL]LHUHQGLHVHQXUGLH5HJHOQIUGDV .DPSIVHJPHQW%ORFNHUGHNODULHUHQ 6FKOVVHOZRUW)lKLJNHLWHQ 'LHPHLVWHQ.UHDWXUHQIlKLJNHLWHQJHEHQLP7H[WGHU.DUWHJHQDXDQZDVVLHEHZLUNHQ (VJLEWMHGRFKHLQLJHGLHVHKUKlXILJYRUNRPPHQRGHUGHUHQ'HILQLWLRQ]XYLHO3ODW]DXI GHU.DUWHHLQQHKPHQZUGH,QGLHVHQ)lOOHQLVWGLH)lKLJNHLWDXIGHU.DUWHQXULQ)RUP HLQHV6FKOVVHOZRUWVDQJHJHEHQ0DQFKPDOZLUGGDV6FKOVVHOZRUWGXUFK (ULQQHUXQJVWH[WHUJlQ]WGHUGLHHQWVSUHFKHQGH5HJHONXU]]XVDPPHQIDW (UVWVFKODJ D (UVWVFKODJLVWHLQHVWDWLVFKH)lKLJNHLWGLHGLH5HJHOQIUGDV.DPSIVFKDGHQVHJPHQW PRGLIL]LHUW E :HQQZlKUHQGGHV.DPSIVFKDGHQVHJPHQWV]XPLQGHVWHLQHDQJUHLIHQGHRGHUEORFNHQGH .UHDWXUEHU(UVWVFKODJYHUIJWZHLVHQGLH.UHDWXUHQRKQH(UVWVFKODJNHLQHQ .DPSIVFKDGHQ]X$QVWDWWGDQQPLWGHP6HJPHQW(QGHGHV.DPSIHVZHLWHU]XPDFKHQ HUKlOWGLH3KDVHHLQ]ZHLWHV.DPSIVFKDGHQVHJPHQWLQGHPGLHYHUEOLHEHQHQ.UHDWXUHQ GDQQLKUHQ6FKDGHQ]XZHLVHQ F :HQQHLQHU.UHDWXUQDFKGHPHUVWHQ.DPSIVFKDGHQVHJPHQW(UVWVFKODJJHZlKUWRGHU ZHJJHQRPPHQZLUGZLUGGDGXUFKZHGHUGLH.UHDWXUGDUDQJHKLQGHUW.DPSIVFKDGHQ DXV]XWHLOHQQRFKZLUGGHU.UHDWXUGDGXUFKHUODXEW]ZHLPDO.DPSIVFKDGHQDXV]XWHLOHQ D )OXJIlKLJNHLWLVWHLQH$XVZHLFKIlKLJNHLW E (LQH.UHDWXUPLW)OXJIlKLJNHLWNDQQQLFKWYRQ.UHDWXUHQRKQH)OXJIlKLJNHLWJHEORFNW ZHUGHQ(LQH.UHDWXUPLW)OXJIlKLJNHLWNDQQVRZRKO.UHDWXUHQPLWDOVDXFKRKQH )OXJIlKLJNHLWEORFNHQ F 0HKUIDFKH([HPSODUHGHU)OXJIlKLJNHLWDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW (LOH D (LOHLVWHLQHVWDWLVFKH)lKLJNHLW E (LQH.UHDWXUPLW(LOHNDQQDXFKGDQQDQJUHLIHQRGHUDNWLYLHUWH)lKLJNHLWHQEHQXW]HQ GHUHQ.RVWHQGDV7DSSHQGHU.UHDWXUHLQVFKOLHHQZHQQVLHVLFKQLFKWVHLWGHP%HJLQQ GHVOHW]WHQ=XJHVLKUHV%HKHUUVFKHUVNRQWLQXLHUOLFKXQWHUGHVVHQ.RQWUROOHEHIXQGHQKDW F 0HKUIDFKH([HPSODUHYRQ(LOHDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW /DQGWDUQXQJ D /DQGWDUQXQJLVWGHU6DPPHOQDPHIUHLQH*UXSSHYRQ)lKLJNHLWHQGHU5HJHOWH[WHLQHU .DUWHEHQHQQWQRUPDOHUZHLVHGHQJHQDXHQ/DQGW\SZLH]XP%HLVSLHOLQ,QVHOWDUQXQJ RGHU6XPSIWDUQXQJ G 0HKUIDFKH([HPSODUHGHU(UVWVFKODJVIlKLJNHLWDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW )ODQNHQDQJULII E /DQGWDUQXQJLVWHLQH$XVZHLFKIlKLJNHLW(LQH.UHDWXUPLW/DQGWDUQXQJLVWXQEORFNEDU VRODQJHGHUYHUWHLGLJHQGH6SLHOHUPLQGHVWHQVHLQ/DQGGHVEHWUHIIHQGHQ7\SVNRQWUROOLHUW D )ODQNHQDQJULIILVWHLQHDXVJHO|VWH)lKLJNHLWGLHGDV6HJPHQW%ORFNHUGHNODULHUHQ PRGLIL]LHUW F /DQGWDUQXQJVIlKLJNHLWHQN|QQHQVLFKQLFKWJHJHQVHLWLJDXIKHEHQ E %HLVSLHO:HQQGHUYHUWHLGLJHQGH6SLHOHUHLQH.UHDWXUPLW:DOGWDUQXQJEHVLW]WNDQQHU GDPLWWURW]GHPNHLQH.UHDWXUPLW:DOGWDUQXQJEORFNHQVRODQJHHUHLQHQ:DOG NRQWUROOLHUW ,PPHUZHQQHLQH.UHDWXUPLW)ODQNHQDQJULIIYRQHLQHU.UHDWXURKQH)ODQNHQDQJULII JHEORFNWZLUGHUKlOWGLHEORFNHQGH.UHDWXUELV]XP(QGHGHV=XJHV F :HQQHLQH.UHDWXUPHKUHUH([HPSODUHGHV)ODQNHQDQJULIIVEHVLW]WZLUGMHGHUVHSDUDW DXVJHO|VW )OXJIlKLJNHLW G 0HKUIDFKH([HPSODUHGHVVHOEHQ/DQGWDUQXQJVW\SVDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW 6FKXW] D G 6FKXW]LVWHLQHVWDWLVFKH)lKLJNHLWGLHLQGHU)RUP6FKXW]YRU(LJHQVFKDIW!DQJHEHQ ZLUG'LHVH(LJHQVFKDIWLVWIUJHZ|KQOLFKHLQH)DUEHZLHLQ6FKXW]YRU6FKZDU]NDQQ DEHUMHGHEHOLHELJH&KDUDNWHULVWLNZLH]XP%HLVSLHOHLQ7\SHLQHUEOHLEHQGHQ.DUWHVHLQ E (LQHEOHLEHQGH.DUWHPLW6FKXW]NDQQQLFKWYRQ=DXEHUVSUFKHQRGHU)lKLJNHLWHQGLHGLH EHVDJWH(LJHQVFKDIWEHVLW]HQDOV=LHOJHQRPPHQXQGQLFKWYRQ9HU]DXEHUXQJHQGLHGLH EHVDJWH(LJHQVFKDIWEHVLW]HQYHU]DXEHUWZHUGHQ'HVZHLWHUHQZHUGHQDOOH 6FKDGHQVSXQNWHGLHVLHYRQ4XHOOHQHUKDOWHQZUGHGLHGLHEHVDJWH(LJHQVFKDIW EHVLW]HQYHUKLQGHUW:HQQVLHDQJUHLIWNDQQVLHQLFKWYRQ.UHDWXUHQPLWGLHVHU (LJHQVFKDIWJHEORFNWZHUGHQ (LQHDQJUHLIHQGHWUDPSHOQGH.UHDWXULJQRULHUWDOOHEORFNHQGHQ.UHDWXUHQGLHNHLQHQ 6FKDGHQHUKDOWHQN|QQHQ H %HLGHU6FKDGHQV]XZHLVXQJEHDFKWHWHLQHWUDPSHOQGH.UHDWXUQXUGLHWDWVlFKOLFKH :LGHUVWDQGVNUDIWHLQHUEORFNHQGHQ.UHDWXUQLFKWHYHQWXHOOH)lKLJNHLWHQRGHU(IIHNWHGLH OHW]WHQGOLFKGLH6FKDGHQVPHQJHYHUlQGHUQN|QQHQ I :HQQHVPHKUHUHDQJUHLIHQGH.UHDWXUHQJLEWLVWHVHUODXEW]XHUVWGHQ6FKDGHQGHU .UHDWXUHQRKQH7UDPSHOIlKLJNHLW]X]XZHLVHQXPVRPLWGHQ6FKDGHQGHUWUDPSHOQGHQ .UHDWXUHQ]XPD[LPLHUHQ F 0HKUIDFKH([HPSODUHYRQ6FKXW]YRUGHUVHOEHQ(LJHQVFKDIWDXIGHUVHOEHQEOHLEHQGHQ .DUWHVLQGUHGXQGDQW %HLVSLHO(LQH.UHDWXUEHVLW]WHLQH)lKLJNHLWGLHHVLKUHUODXEWPHKUHUH$QJUHLIHU]X EORFNHQ'LHVH.UHDWXUEORFNWQXQ]ZHL$QJUHLIHUHLQH.UHDWXURKQHEHVRQGHUH )lKLJNHLWHQXQGHLQH.UHDWXUPLW7UDPSHOVFKDGHQ'HUDNWLYH6SLHOHUN|QQWHQXQ 6FKDGHQVSXQNWYRPHUVWHQ$QJUHLIHUXQGYRP]ZHLWHQGHUEORFNHQGHQ.UHDWXUXQGGLH 6FKDGHQVSXQNWHGHUWUDPSHOQGHQ.UHDWXUGHPYHUWHLGLJHQGHQ6SLHOHU]XZHLVHQ ,UUHDOLWlW D ,UUHDOLWlWLVWHLQH$XVZHLFKIlKLJNHLW J 0HKUIDFKH([HPSODUHYRQ7UDPSHOVFKDGHQDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW E (LQH.UHDWXUPLW,UUHDOLWlWNDQQYRQ.UHDWXUHQRKQH,UUHDOLWlWQLFKWJHEORFNWZHUGHQXQG HLQH.UHDWXURKQH,UUHDOLWlWNDQQQLFKWYRQ.UHDWXUHQPLW,UUHDOLWlWJHEORFNWZHUGHQ *ORVVDU 0HKUIDFKH([HPSODUHYRQ,UUHDOLWlWDXIGHUVHOEHQ.UHDWXUVLQGUHGXQGDQW $EZHUIHQ (LQ6SLHOHUZLUIWHLQH.DUWHDELQGHPHUVLHYRQVHLQHU+DQGDXIVHLQHQ)ULHGKRIOHJW'LHVNDQQHLQH :DKOHQWKDOWHQPLWGHU)RUPXOLHUXQJZlKOHDXVXQGZLUIDERGHUDXFKQLFKWZLUI]XIlOOLJDE F 7UDPSHOVFKDGHQ D 7UDPSHOVFKDGHQLVWHLQHVWDWLVFKH)lKLJNHLWGLHGLH5HJHOQPRGLIL]LHUWZLHHLQH DQJUHLIHQGH.UHDWXULKUHQ.DPSIVFKDGHQYHUWHLOW(LQHWUDPSHOQGH.UHDWXUEHVLW]WNHLQH EHVRQGHUHQ)lKLJNHLWHQZHQQVLHEORFNWRGHU1LFKWNDPSIVFKDGHQYHUXUVDFKW E 'HU%HKHUUVFKHUHLQHUDQJUHLIHQGHQ.UHDWXUPLW7UDPSHOVFKDGHQZHLVWGHQ6FKDGHQ ]XQlFKVWGHQEORFNHQGHQ.UHDWXUHQ]X:HQQDOOHGLHVHEORFNHQGHQ.UHDWXUHQW|GOLFKHQ 6FKDGHQHUKDOWHQKDEHQNDQQHUGHQYHUEOHLEHQGHQ6FKDGHQXQWHUGHQEORFNHQGHQ .UHDWXUHQXQGGHPYHUWHLGLJHQGHQ6SLHOHUDXIWHLOHQZLHHUP|FKWH'HU%HKHUUVFKHU EUDXFKWQLFKWDOOHQEORFNHQGHQ.UHDWXUHQW|GOLFKHQ6FKDGHQ]X]XZHLVHQDEHULQGLHVHP )DOONDQQHUDXFKGHPYHUWHLGLJHQGHQ6SLHOHUNHLQHQ6FKDGHQ]XZHLVHQ F :HQQDOOH.UHDWXUHQGLHHLQHDQJUHLIHQGHWUDPSHOQGH.UHDWXUEORFNHQYRUGHP .DPSIVFKDGHQVHJPHQWDXVGHP.DPSIHQWIHUQWZHUGHQZLUGDOOHU6FKDGHQGHP YHUWHLGLJHQGHQ6SLHOHU]XJHZLHVHQ $NWLYHU6SLHOHU 'HUDNWLYH6SLHOHULVWGHU6SLHOHUGHUJHUDGHDP=XJLVW'HUDNWLYH6SLHOHUHUKlOW]X%HJLQQHLQHU MHGHQ3KDVHXQGHLQHVMHGHQ6HJPHQWVVRZLHQDFKGHU9HUUHFKQXQJHLQHV=DXEHUVSUXFKVRGHUHLQHU )lKLJNHLWPLW$XVQDKPHYRQ0DQDIlKLJNHLWHQ9RUUDQJ ,PPHUZHQQEHLGH6SLHOHUDXIJHIRUGHUWZHUGHQ]XUVHOEHQ=HLWHLQH(QWVFKHLGXQJ]XWUHIIHQWULIIW GHUDNWLYH6SLHOHUDOOHVHLQH(QWVFKHLGXQJHQ]XHUVWGDQDFKHUVWGHUQLFKWDNWLYH6SLHOHU $NWLYLHUWH)lKLJNHLW (LQHDNWLYLHUWH)lKLJNHLWZLUGLP)RUPDW$NWLYLHUXQJVNRVWHQ(IIHNWDQJHJHEHQ0LWGHP%H]DKOHQ GHU$NWLYLHUXQJVNRVWHQNDQQHLQ6SLHOHUVROFKH)lKLJNHLWHQVSLHOHQ ZDQQLPPHUHU9RUUDQJKDW 6LHKH5HJHO$NWLYLHUWH)lKLJNHLWHQ $NWLYLHUXQJVNRVWHQ 'LH$NWLYLHUXQJVNRVWHQHLQHUDNWLYLHUWHQ)lKLJNHLWVLQGDOOHVZDVYRUGHP'RSSHOSXQNWLQ $NWLYLHUXQJVNRVWHQ(IIHNWVWHKWXQGPVVHQEH]DKOWZHUGHQXPGLH)lKLJNHLW]XVSLHOHQ=XP %HLVSLHOEHVWHKHQGLH$NWLYLHUXQJVNRVWHQHLQHU)lKLJNHLWPLWGHP7H[WRRF7'XHUKlOWVW /HEHQVSXQNWGD]XDXV]ZHL0DQDHLQHUEHOLHELJHQ)DUEHSOXV7DSSHQGHUEOHLEHQGHQ.DUWH6LHKH 5HJHO$NWLYLHUWH)lKLJNHLWHQ $OWHUQDWLYH.RVWHQ 'HU5HJHOWH[WHLQLJHU=DXEHUVSUFKHODXWHW$QVWDWWVHLQH0DQDNRVWHQ]XEH]DKOHQXP1DPH!]X VSLHOHQNDQQVW'X$NWLRQGXUFKIKUHQ!'LHVVLQGDOWHUQDWLYH.RVWHQ$QGHUH=DXEHUVSUFKHXQG )lKLJNHLWHQGLHVLFKDXIGLH0DQDNRVWHQHLQHV=DXEHUVSUXFKHVEH]LHKHQLJQRULHUHQDOWHUQDWLYH .RVWHQ:HQQHLQ(IIHNWGLH$XVJDEHYRQ]XVlW]OLFKHQ.RVWHQHUIRUGHUWXPHLQHQ=DXEHUVSUXFK]X VSLHOHQEHWUHIIHQGLHVHDXFKGLHDOWHUQDWLYHQ.RVWHQ $QHNGRWHQWH[W 'LHVLVWNXUVLYJHVHW]WHU7H[WGHUDXIHLQHU.DUWHXQWHUKDOEGHV5HJHOWH[WHVHUVFKHLQW(UEHVFKUHLEW HLQH6WLPPXQJRGHUJLEWHLQLQWHUHVVDQWHV+LQWHUJUXQGGHWDLOEHUGLH6SLHOZHOWKDWMHGRFKNHLQHQ (LQIOXDXIGDV6SLHO $QIDQJVZHUW 'LH$QIDQJVZHUWHHLQHU&KDUDNWHULVWLNHLQHU.DUWHVLQGDXIGHU.DUWHVHOEVWRGHULP5HJHOWH[WGHV =DXEHUVSUXFKHVRGHUGHU)lKLJNHLW GHURGHUGLHHLQHQ6SLHOVWHLQJHVFKDIIHQKDWDQJHJHEHQ (IIHNWH GLHGHQ7\SHLQHU.DUWHlQGHUQl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lOOLJ (VJDELQ0DJLFIUKHUHLQPDOHLQHRSWLRQDOH$QWH5HJHO:HQQPDQGLHVH5HJHOEHQXW]WOHJWMHGHU 6SLHOHU]X%HJLQQGHU3DUWLHHLQH]XIlOOLJDXVJHZlKOWH.DUWHDXVVHLQHP'HFNLQGLH$QWH=RQH1DFK (QGHGHU3DUWLHZLUGGHU6LHJHU%HVLW]HUDOOHU.DUWHQLP$QWH $QWZRUWLQRIIL]LHOO :HQQEHUHLWVHWZDVDXIGHP6WDSHOLVWNDQQHLQ6SLHOHUHLQHQ6SRQWDQ]DXEHURGHUHLQHDNWLYLHUWH )lKLJNHLWVSLHOHQDQVWDWWGDUDXI]XZDUWHQELVGHUIUKHUH=DXEHUVSUXFKRGHUGLHIUKHUH)lKLJNHLW ]XHUVWYHUUHFKQHWZLUG0DQVDJWGHU=DXEHUVSUXFKE]ZGLH)lKLJNHLWZLUGDOV$QWZRUWDXIGHQ IUKHUHQ6SUXFKE]ZGLHIUKHUH)lKLJNHLWJHVSLHOW $UWHIDNW (LQ$UWHIDNWLVWVRZRKOHLQ.DUWHQW\SDOVDXFKHLQ7\SHLQHUEOHLEHQGHQ.DUWH$UWHIDNW]DXEHUVSUFKH N|QQHQQXULQGHU+DXSWSKDVHGHVDNWLYHQ6SLHOHUVJHVSLHOWZHUGHQZHQQGHU6WDSHOOHHULVW $UWHIDNWNUHDWXU 'LHVHEOHLEHQGH.DUWHLVWHLQH.RPELQDWLRQDXV$UWHIDNWXQG.UHDWXUXQGEHIROJWGLH5HJHOQIUEHLGH 7\SHQ6LHKH5HJHO%OHLEHQGH.DUWHQ $XIUlXPVHJPHQW 'DV$XIUlXPVHJPHQWLVWGDV]ZHLWHXQGOHW]WH6HJPHQWGHU(QGSKDVH=DXEHUVSUFKHXQG )lKLJNHLWHQGUIHQLQGLHVHP6HJPHQWQXUDOV$QWZRUWDXIDXWRPDWLVFKH6SLHOHIIHNWHRGHUDXVJHO|VWH )lKLJNHLWHQ JHVSLHOWZHUGHQ,QGLHVHP)DOOZLUGGDV6HJPHQWZLHGHUKROW6LHKH5HJHO $XIUlXPVHJPHQW $XVJHO|VWH)lKLJNHLW $XVJHO|VWH)lKLJNHLWHQEHJLQQHQPLWGHQ:RUWHQ:HQQ,PPHUZHQQRGHU=X:HQQGDV DXVO|VHQGH(UHLJQLVHLQWULWWZLUGGLH)lKLJNHLWEHLGHUQlFKVWHQ*HOHJHQKHLWGDHLQ6SLHOHU9RUUDQJ HUKlOWREHQDXIGHQ6WDSHOJHVHW]W6LHKH5HJHO$XVJHO|VWH)lKLJNHLWHQ $XVZHLFKIlKLJNHLW $XVZHLFKIlKLJNHLWHQVFKUlQNHQHLQZHOFKH.UHDWXUHQHLQHDQJUHLIHQGH.UHDWXUEORFNHQN|QQHQ'LHV VLQGVWDWLVFKH)lKLJNHLWHQGLHGDV6HJPHQW%ORFNHUGHNODULHUHQGHU.DPSISKDVHPRGLIL]LHUHQ6LHKH 5HJHO$XVZHLFKIlKLJNHLWHQ $XVWDXVFKHQ (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQZHQQHURGHUVLHJHVSLHOWZLUGGLH6SLHOHUDQZHLVHQ HWZDVDXV]XWDXVFKHQ]XP%HLVSLHO/HEHQVSXQNWHRGHUGLH.RQWUROOHEHU]ZHLEOHLEHQGHQ.DUWHQ :HQQVROFKHLQ=DXEHUVSUXFKRGHUVROFKHLQH)lKLJNHLWYHUUHFKQHWZLUGXQGGHU$XVWDXVFKQLFKW YROO]RJHQZHUGHQNDQQKDWGHU6SUXFKE]ZGLH)lKLJNHLWNHLQHQ(IIHNW :HQQ]XP%HLVSLHOHLQ =DXEHUVSUXFKYHUVXFKWGLH.RQWUROOHEHU]ZHL.UHDWXUHQ'HLQHU:DKODXV]XWDXVFKHQDEHUHLQHYRQ LKQHQZLUG]HUVW|UWEHYRUGHU6SUXFKYHUUHFKQHWZLUGEHZLUNWGHU6SUXFKQLFKWV :HQQ/HEHQVSXQNWHDXVJHWDXVFKWZHUGHQHUKlOWE]ZYHUOLHUWMHGHU6SLHOHUGLH0HQJHDQ /HEHQVSXQNWHQGLHQ|WLJLVWXPGHQXUVSUQJOLFKHQ/HEHQVSXQNWHVWDQGGHVDQGHUHQ6SLHOHUV]X HUUHLFKHQ(UVDW]HIIHNWHN|QQHQGLHVH=XJHZLQQHXQG9HUOXVWHPRGLIL]LHUHQXQGDXVJHO|VWH )lKLJNHLWHQN|QQHQGXUFKVLHDXVJHO|VWZHUGHQ $XWRPDWLVFKH6SLHOHIIHNWH $XWRPDWLVFKH6SLHOHIIHNWHEHUSUIHQVWlQGLJGLH3DUWLHDXIJHZLVVH6SLHO]XVWlQGH=X%HJLQQHLQHV MHGHQ6HJPHQWVXQGHLQHUMHGHQ3KDVHXQGLPPHUZHQQHLQ6SLHOHU9RUUDQJHUKlOWZHUGHQGLH DXWRPDWLVFKHQ6SLHOHIIHNWHEHUSUIWXQGDQJHZDQGW %HJLQQGHV=XJHV (LQH)lKLJNHLWGLH]X%HJLQQGHV=XJHVDXVJHO|VWZLUGZLUGEHLGHUHUVWHQ*HOHJHQKHLWGDHLQ 6SLHOHU9RUUDQJKDWDXIGHQ6WDSHOJHVHW]W²QRUPDOHUZHLVHLVWGLHV]X%HJLQQGHV 9HUVRUJXQJVVHJPHQWV6LHKH5HJHO:LHPDQPLWDXVJHO|VWHQ)lKLJNHLWHQXPJHKW %HKHUUVFKHU -HGHEOHLEHQGH.DUWHMHGHU=DXEHUVSUXFKXQGMHGH)lKLJNHLWKDWHLQHQ%HKHUUVFKHU:HQQHLQH EOHLEHQGH.DUWH LQV6SLHONRPPWLVWGHUMHQLJHLKU%HKHUUVFKHUGHUGHQ=DXEHUVSUXFKRGHUGLH )lKLJNHLWJHVSLHOWKDWGHURGHUGLHGLHEOHLEHQGH.DUWHJHVFKDIIHQKDW$QGHUH(IIHNWHN|QQHQVSlWHU GHQ%HKHUUVFKHUZHFKVHOQODVVHQ.DUWHQLQDQGHUHQ=RQHQDOVGHU,P6SLHO=RQHRGHUGHP6WDSHO KDEHQNHLQHQ%HKHUUVFKHU(LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWDXIGHP6WDSHOZLUGYRQGHP NRQWUROOLHUWGHULKQRGHUVLHJHVSLHOWKDW(LQHDXVJHO|VWH)lKLJNHLWZLUGYRQGHP%HKHUUVFKHUGHU EOHLEHQGHQ.DUWHGLHVLHJHVFKDIIHQKDWNRQWUROOLHUW %HJUDEHQ+LQIlOOLJ 'LHVLVWGHU$NWHLQHEOHLEHQGH.DUWHDXIGHQ)ULHGKRILKUHV%HVLW]HUV]XOHJHQ5HJHQHUDWLRQNDQQ HLQHQ%HJUlEQLV(IIHNWQLFKWHUVHW]HQ %HLVHLWHOHJHQ (LQH.DUWHEHLVHLWHOHJHQEHGHXWHWVLHJDQ]DXVGHP6SLHO]XHQWIHUQHQDOOHUGLQJVJLEWHVHLQH %HGLQJXQJGLHHVGHUEHLVHLWHJHOHJWHQ.DUWHHUODXEWLQV6SLHO]XUFN]XNHKUHQ6LHKHDXFK*DQ]DXV GHP6SLHOHQWIHUQW %HOLHELJH0DQDNRVWHQ %HOLHELJH0DQDNRVWHQZHUGHQGXUFKHLQH=DKOLQHLQHPJUDXHQ.UHLVZLH]XP%HLVSLHOR UHSUlVHQWLHUW-HGH)DUEHYRQ0DQDDXFKIDUEORVHV0DQDNDQQEHQXW]WZHUGHQXPEHOLHELJHQ 0DQDNRVWHQ]XEH]DKOHQ %HVFKZ|UXQJ+LQIlOOLJ (LQ%HVFKZ|UXQJV]DXEHULVWMHGHU.UHDWXUHQ]DXEHUGHUNHLQ$UWHIDNW]DXEHULVW(LQH.UHDWXU EHVFKZ|UHQEHGHXWHWHLQHQ1LFKWDUWHIDNW.UHDWXUHQ]DXEHU]XVSLHOHQ %HVLW]HU 'HU%HVLW]HUHLQHU.DUWHLVWGHU6SLHOHUGHUGLHVH.DUWH]X%HJLQQGHU3DUWLHLQVHLQHP'HFNKDWWHGLH WDWVlFKOLFKHQ(LJHQWXPVYHUKlOWQLVVHVLQGIUGLH6SLHOUHJHOQQLFKWYRQ%HGHXWXQJ'HU%HVLW]HUHLQHV 6SLHOVWHLQVLVWGHU6SLHOHUGHUGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWNRQWUROOLHUWKDWGHURGHUGLHGHQ 6SLHOVWHLQJHVFKDIIHQKDW (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQGHQ%HKHUUVFKHUHLQHUEOHLEHQGHQ.DUWHlQGHUQDEHU QLHPDOVGHUHQ%HVLW]HU (LQH.DUWHJHKWLPPHULQGLH%LEOLRWKHN LQGLH+DQGRGHUDXIGHQ)ULHGKRILKUHV%HVLW]HUV XQDEKlQJLJGDYRQZHUGLH.DUWHLP0RPHQWNRQWUROOLHUW %HZHJHQ (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQHLQHQ6SLHOHUDQZHLVHQHLQHORNDOH9HU]DXEHUXQJRGHU HLQH=lKOPDUNHYRQHLQHUEOHLEHQGHQ.DUWHDXIHLQHDQGHUH]XEHZHJHQ:HQQGLH9HU]DXEHUXQJRGHU =lKOPDUNHQLFKWPHKUH[LVWLHUWRGHUGLHQHXHEOHLEHQGH.DUWHQLFKWPHKULP6SLHOLVWZHQQGHU =DXEHUVSUXFKRGHUGLH)lKLJNHLWYHUUHFKQHWZLUGSDVVLHUWQLFKWV*HQDXVREOHLEWHLQH9HU]DXEHUXQJ GLHQHXHEOHLEHQGH.DUWHQLFKWYHU]DXEHUQNDQQGDZRVLHLVW (LQHEHZHJWH9HU]DXEHUXQJEHHQGHWLKUH0RGLILNDWLRQGHUDOWHQEOHLEHQGHQ.DUWHXQGEHJLQQWPLWGHU 9HU]DXEHUXQJGHUQHXHQ$QVRQVWHQlQGHUWVLFKE]JOGLHVHU9HU]DXEHUXQJQLFKWV'LH9HU]DXEHUXQJ KDWQLHGDV6SLHOYHUODVVHQGHVZHJHQZHUGHQNHLQH.RPPWLQV6SLHORGHU9HUOlWGDV6SLHO )lKLJNHLWHQDXVJHO|VW %H]DKOHQ 'DV6SLHOHQGHUPHLVWHQ=DXEHUVSUFKHXQGDNWLYLHUWHQ)lKLJNHLWHQHUIRUGHUWGDV%H]DKOHQYRQ .RVWHQ 0DQDZLUGEH]DKOWLQGHPGHU6SLHOHUHQWZHGHUHLQH0DQDIlKLJNHLWVSLHOWRGHUGLHEHQ|WLJWH0HQJH YRQ0DQDVHLQHP0DQDYRUUDWHQWQLPPW0DQDNRVWHQYRQQXOON|QQHQLPPHUEH]DKOWZHUGHQ /HEHQVSXQNWHZHUGHQEH]DKOWLQGHPGLHEHWUHIIHQGH0HQJHYRQGHQ/HEHQVSXQNWHQGHV6SLHOHUV DEJH]RJHQZLUG(LQ6SLHOHUNDQQQLFKWPHKU0DQDRGHU/HEHQVSXQNWHEH]DKOHQDOVHULP0RPHQW EHVLW]W %HLDQGHUHQ.RVWHQIKUWGHU6SLHOHUGLHLP5HJHOWH[WGHU.DUWHDQJHJHEHQHQ$QZHLVXQJHQDXV(VLVW QLFKWHUODXEW]XYHUVXFKHQ.RVWHQ]XEH]DKOHQZHQQPDQGLH$QZHLVXQJHQQLFKWHUIROJUHLFK EHIROJHQNDQQ(LQ6SLHOHUNDQQ]XP%HLVSLHONHLQH.RVWHQEH]DKOHQGLHGDV7DSSHQHLQHU.UHDWXU HUIRUGHUQZHQQGLHVH.UHDWXUEHUHLWVJHWDSSWLVW -HGH%H]DKOXQJJLOWQXUIUHLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLW(LQ6SLHOHUNDQQ]XP%HLVSLHO QLFKWHLQXQGGLHVHOEH.UHDWXURSIHUQXPGDPLWDNWLYLHUWH)l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lKLJNHLW+LQIlOOLJ %QGQLVIlKLJNHLWLVWHLQHVWDWLVFKH)lKLJNHLWGLHGLH.DPSISKDVHEHWULIIW &DQWULS,QRIIL]LHOO 'LHVLVWHLQ6SLW]QDPHIUMHGHQ=DXEHUVSUXFKGHUDOV7HLOVHLQHV(IIHNWV=LHKHHLQH.DUWHHQWKlOW &KDUDNWHULVWLNHQ 'LH&KDUDNWHULVWLNHQHLQHU.DUWHVLQG1DPH0DQDNRVWHQ)DUEH7\SXQG8QWHUW\S (UZHLWHUXQJVV\PERO)lKLJNHLWHQ6WlUNHXQG:LGHUVWDQGVNUDIW(LQH&KDUDNWHULVWLNHLQHU.DUWH EHJLQQWLPPHUPLWLKUHP$QIDQJVZHUWZLUGGDQDFKGXUFKHYWO=lKOPDUNHQDXIHLQHUEOHLEHQGHQ .DUWHXQGGDQDFKGXUFKGDXHUKDIWH(IIHNWHYHUlQGHUW$QGHUH,QIRUPDWLRQHQEHUHLQH.DUWHZLH ]XP%HLVSLHOLKU7DSS=XVWDQGLKU%HKHUUVFKHULKU=LHOXVZVLQGNHLQH&KDUDNWHULVWLNHQ 'DXHUKDIWHU(IIHNW 'DXHUKDIWH(IIHNWHVLQGIUJHZ|KQOLFKVRODQJHDNWLYZLHGLHEOHLEHQGH.DUWHPLWGHU]XJHK|ULJHQ VWDWLVFKHQ)lKLJNHLWLP6SLHOYHUEOHLEW(LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQDXFKHLQHQ GDXHUKDIWHQ(IIHNWVFKDIIHQGHUQLFKWYRQHLQHUEOHLEHQGHQ.DUWHDEKlQJWGHVVHQ'DXHUZLUGLQ GLHVHP)DOODQJHJHEHQ6LHKH5HJHO'DXHUKDIWH(IIHNWH 'DXHUKDIWH)lKLJNHLW+LQIlOOLJ 'LHVLVWGHUDOWH%HJULIIIUVWDWLVFKH)lKLJNHLW 'HFN 'DV'HFNLVWGLH$QVDPPOXQJYRQ.DUWHQPLWGHQHQMHGHU6SLHOHUGLH3DUWLHEHJLQQW:HQQGLH3DUWLH EHJLQQWZLUGGDV'HFNHLQHVMHGHQ6SLHOHUV]XGHVVHQ%LEOLRWKHN 'HLQHU:DKO ,PPHUZHQQGLH)RUPXOLHUXQJ'HLQHU:DKOLP5HJHOWH[WHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLW HUVFKHLQWEHVWLPPWGHU%HKHUUVFKHUGHV=DXEHUVSUXFKVRGHUGHU)lKLJNHLWHWZDVGDVPLWGHP EHUHLQVWLPPWZDVPLWGLHVHU)RUPXOLHUXQJHLQKHUJHKW'LHVNDQQVRVLPSHOVHLQZLHHLQ/DQG 'HLQHU:DKORGHUDXFKNRPSOH[HUZLHHLQHJHWDSSWH.UHDWXU'HLQHU:DKOGLHHLQHU'HLQHU*HJQHU NRQWUROOLHUW'HU=DXEHUVSUXFKRGHUGLH)lKLJNHLW]LHOWDXIGDV$XVJHZlKOWH'LHVH:DKOZLUGLQ GHP0RPHQWJHPDFKWGDGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWJHVSLHOWZLUG 'HVWDELOLVLHUW+LQIlOOLJ 'LH'HVWDELOLVLHUW=RQHLVWHLQHVSH]LHOOH=RQHIUEOHLEHQGH.DUWHQPLW,QVWDELOLWlWGLH]HLWZHLOLJ DXVGHP6SLHOVLQG 'X 'LH:|UWHU'X'LUXQG'HLQDXIHLQHU.DUWHEH]LHKHQVLFKLPPHUDXILKUHQDNWXHOOHQ %HKHUUVFKHU 'XHOO+LQIlOOLJ 'LHVLVWHLQ6\QRQ\PIUHLQH3DUWLH0DJLF6LHKHDXFK0DWFK (EHQHQWDUQXQJ 6LHKH/DQGWDUQXQJ (FKR (FKRLVWHLQH]X%HJLQQGHU9HUVRUJXQJDXVJHO|VWH)lKLJNHLW(FKRLP7H[WHLQHUEOHLEHQGHQ.DUWH EHGHXWHW=X%HJLQQ'HLQHU9HUVRUJXQJNDQQVW'XZHQQGLHVH.DUWHVHLWGHP%HJLQQ'HLQHUOHW]WHQ 9HUVRUJXQJXQWHU'HLQH.RQWUROOHJHNRPPHQLVWLKUH0DQDNRVWHQEH]DKOHQ:HQQ'XGLHVQLFKWWXVW RSIHUHVLH (IIHNW 'LH%HJULIIH)lKLJNHLWXQG(IIHNWZHUGHQRIWPLWHLQDQGHUYHUZHFKVHOW'LH$QZHLVXQJLP7H[W HLQHUEOHLEHQGHQ.DUWHLVWHLQH)lKLJNHLW'DV(UJHEQLVGHV%HIROJHQVHLQHUVROFKHQ$QZHLVXQJRGHU HLQHV=DXEHUVSUXFKVLVWHLQ(IIHNW6LHKH5HJHO(IIHNWH :HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWYHUUHFKQHWZLUGHUVFKDIIWHURGHUVLHHLQHQ(IIHNW(VJLEW GUHL*UXQGW\SHQ(LQPDOLJHGDXHUKDIWHXQG(UVDW]RGHU9HUKLQGHUXQJVHIIHNWH (LQLJH(IIHNWHN|QQHQVHOEVWZLHGHUXPYHU]|JHUWH)lKLJNHLWHQJHQHULHUHQGLHVSlWHUJHVSLHOWZHUGHQ (LOH 1RUPDOHUZHLVHNDQQHLQH.UHDWXUQLFKWDQJUHLIHQRGHUDNWLYLHUWH)lKLJNHLWHQEHQXW]HQGHUHQ.RVWHQ GDV7DSSHQGHU.UHDWXUHLQVFKOLHHQHVVHLGHQQVLHZDUVHLWGHP%HJLQQGHVOHW]WHQ=XJHVLKUHV %HKHUUVFKHUVNRQWLQXLHUOLFKXQWHUGHVVHQ.RQWUROOH(LOHLVWHLQHVWDWLVFKH)lKLJNHLWGLHHLQHU.UHDWXU HUODXEWGLHVH5HJHO]XLJQRULHUHQ6LHKH5HJHO(LOH (LQPDOLJH(IIHNWH (LQPDOLJH(IIHNWHVLQG(IIHNWHGLHHWZDVJHQDXHLQPDOWXQXQGGDQQLKUH:LUNXQJEHHQGHQ6LHKH DXFKGDXHUKDIWH(IIHNWH (LQVDW]YHU]|JHUXQJ+LQIlOOLJ 'LHVLVWHLQDOWHU%HJULIIIUGLH8QIlKLJNHLWHLQHU.UHDWXULQGHP=XJDQ]XJUHLIHQRGHUIUDNWLYLHUWH )lKLJNHLWHQ]XWDSSHQLQGHPVLHJHUDGHHUVWXQWHUGLH.RQWUROOHGHV6SLHOHUVJHNRPPHQLVW6LHKH DXFK(LOH (QGHGHV=XJHV 'LHLVWGDVHUVWH6HJPHQWGHU(QGSKDVH6LHKH5HJHO=XJHQGHVHJPHQW (QGSKDVH 'LH(QGSKDVHLVWGLHIQIWHXQGOHW]WH3KDVHGHV=XJHV6LHEHVLW]W]ZHL6HJPHQWHGDV =XJHQGHVHJPHQWXQGGDV$XIUlXPVHJPHQW6LHKH5HJHO(QGSKDVH (QWWDSSHQ 8PHLQHJHWDSSWH.DUWH]XHQWWDSSHQGUHKWPDQVLHZLHGHULQHLQHDXIUHFKWH3RVLWLRQ6LHKHDXFK 7DSSHQ (QWWDSSVHJPHQW 'DV(QWWDSSVHJPHQWLVWGDVHUVWH6HJPHQWGHU6WDUWSKDVHHLQHV=XJHV$OOHEOHLEHQGHQ.DUWHQGLH GHUDNWLYH6SLHOHUEHKHUUVFKWZHUGHQQRUPDOHUZHLVH]XGLHVHP=HLWSXQNWHQWWDSSW6LHKH5HJHO (QWWDSSVHJPHQW (UHLJQLV $OOHVZDVLQHLQHU3DUWLHSDVVLHUWLVWHLQ(UHLJQLV0HKUHUH(UHLJQLVVHN|QQHQZlKUHQGGHU 9HUUHFKQXQJHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWHLQWUHWHQ (UIROJUHLFKJHVSURFKHQ+LQIlOOLJ -HGH)lKLJNHLWLQGHUHQ7H[WVWHKWGDVLHDXVJHO|VWZLUGZHQQHLQ=DXEHUVSUXFKHUIROJUHLFK JHVSURFKHQZXUGHVROOWHVRJHOHVHQZHUGHQGDVLHDXVJHO|VWZLUGZHQQGHU=DXEHUVSUXFKJHVSLHOW ZXUGH (ULQQHUXQJVWH[W (ULQQHUXQJVWH[WHUVFKHLQWJHOHJHQWOLFKDXIHLQHU.DUWHKLQWHUHLQHU6FKOVVHOZRUW)lKLJNHLWXQGLVW NXUVLYXQGLQ.ODPPHUQJHVHW]W'LHVHU7H[WIDWHLQH6SLHOUHJHO]XVDPPHQJLOWDEHUVHOEVWQLFKWDOV 5HJHOWH[W (UVDW]HIIHNW (LQ(UVDW]HIIHNWLVWHLQH$UWGDXHUKDIWHU(IIHNWGHUDXIHLQEHVWLPPWHV(UHLJQLVZDUWHWXQGHVGXUFK HLQDQGHUHVHUVHW]W6LHKH5HJHO(UVDW]XQG9HUKLQGHUXQJVHIIHNWH (UVDW]IlKLJNHLW (LQH(UVDW]IlKLJNHLWLVWHLQHVWDWLVFKH)lKLJNHLWGLHHLQHQ(UVDW]HIIHNWJHQHULHUW (UVWVFKODJ (UVWVFKODJLVWHLQHVWDWLVFKH)lKLJNHLWGLHGLH5HJHOQIUGLH.DPSISKDVHPRGLIL]LHUW.UHDWXUHQPLW (UVWVFKODJWHLOHQLKUHQ6FKDGHQ]XHUVWDXVGDQDFKWHLOHQGLHEHUOHEHQGHQ.UHDWXUHQRKQH(UVWVFKODJ LKUHQ6FKDGHQDXV6LHKH5HJHO(UVWVFKODJ (UZHLWHUXQJVV\PERO 'DVNOHLQH,FRQGDVDPUHFKWHQ5DQGHLQHU0DJLF.DUWHXQWHUKDOEGHU,OOXVWUDWLRQDQJHJHEHQLVWLVW GDV(UZHLWHUXQJVV\PEROGDVGLH(UZHLWHUXQJDQJLEWLQGHUGLH.DUWHYHU|IIHQWOLFKWZRUGHQLVW .DUWHQGLHLP*UXQGVSLHOZLHGHUDXIJHOHJWZHUGHQHUKDOWHQGDVQHXH(UZHLWHUXQJVV\PEROXQG]lKOHQ QLFKWOlQJHUDOV%HVWDQGWHLOLKUHUXUVSUQJOLFKHQ(UZHLWHUXQJ'LHVLVWQXUZLFKWLJIU=DXEHUVSUFKH XQG)lKLJNHLWHQGLH.DUWHQDXVHLQHUEHVWLPPWHQ(UZHLWHUXQJEHWUHIIHQ'LHHUVWHQIQI(GLWLRQHQ GHV*UXQGVSLHOVEHVDHQNHLQH(UZHLWHUXQJVV\PEROH )lKLJNHLW 'LH%HJULIIH)lKLJNHLWXQG(IIHNWZHUGHQRIWPLWHLQDQGHUYHUZHFKVHOW'LH$QZHLVXQJLP7H[W HLQHUEOHLEHQGHQ.DUWHLVWHLQH)lKLJNHLW'DV(UJHEQLVGHV%HIROJHQVHLQHUVROFKHQ$QZHLVXQJRGHU HLQHV=DXEHUVSUXFKVLVWHLQ(IIHNW (LQHEOHLEHQGH.DUWHNDQQHLQHPHKUHUHRGHUJDUNHLQH)lKLJNHLWHQEHVLW]HQ)UZHLWHUH ,QIRUPDWLRQHQVLHKH.DSLWHO=DXEHUVSUFKH)lKLJNHLWHQXQG(IIHNWH )DUEH 'LHHLQ]LJHQ)DUEHQLQ0DJLFVLQGZHLEODXVFKZDU]URWXQGJUQ(LQHEOHLEHQGH.DUWHNDQQHLQH RGHUPHKUHUHGLHVHU)DUEHQEHVLW]HQRGHUIDUEORVVHLQ)DUEORVLVWNHLQH)DUEHJHQDXVRZHQLJVLQG HV$UWHIDNW/DQGEUDXQHWF 'LHDQIlQJOLFKH)DUEHHLQHU.DUWHZLUGGXUFKGLH)DUEHQQGHU0DQDV\PEROHLQLKUHQ0DQDNRVWHQ EHVWLPPW =DXEHUVSUFKHXQG)lKLJNHLWHQN|QQHQGLH)DUEHHLQHUEOHLEHQGHQ.DUWH]HLWZHLOLJRGHUGDXHUKDIW lQGHUQ )DUEORV (LQH.DUWHRKQHMHJOLFKH)DUEHLVWIDUEORV/lQGHUXQG$UWHIDNWHVLQGIDUEORV )ODQNHQDQJULII )ODQNHQDQJULIILVWHLQHDXVJHO|VWH)lKLJNHLWGLHGDV6HJPHQW%ORFNHUGHNODULHUHQGHU.DPSISKDVH PRGLIL]LHUW'DV:RUW)ODQNHQDQJULIILP5HJHOWH[WHLQHU.UHDWXUHQNDUWHEHGHXWHW,PPHUZHQQ GLHVH.UHDWXUYRQHLQHU.UHDWXURKQH)ODQNHQDQJULIIJHEORFNWZLUGHUKlOWGLHEORFNHQGH.UHDWXU ELV]XP(QGHGHV=XJHV6LHKH5HJHO)ODQNHQDQJULII )OXJIlKLJNHLW )OXJIlKLJNHLWLVWHLQH$XVZHLFKIlKLJNHLW(LQH.UHDWXUPLW)OXJIlKLJNHLWNDQQYRQ.UHDWXUHQRKQH )OXJIlKLJNHLWQLFKWJHEORFNWZHUGHQ(LQH.UHDWXUPLW)OXJIlKLJNHLWNDQQVRZRKO.UHDWXUHQPLWDOV DXFKRKQH)OXJIlKLJNHLWEORFNHQ6LHKH5HJHO)OXJIlKLJNHLW )ULHGKRI 'HU$EZXUIVWDSHOHLQHV6SLHOHUVLVWVHLQ)ULHGKRI1HXWUDOLVLHUWH=DXEHUVSUFKH]HUVW|UWHRGHU JHRSIHUWHEOHLEHQGH.DUWHQXQGDEJHZRUIHQH.DUWHQZHUGHQDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW 6LHKH$EVFKQLWW=RQHQ *DQ]DXVGHP6SLHOHQWIHUQW (LQH.DUWHGLHJDQ]DXVGHP6SLHOHQWIHUQWLVWLVWQLFKWLP6SLHOXQGNDQQQLFKWGXUFK=DXEHUVSUFKH RGHU)lKLJNHLWHQEHWURIIHQZHUGHQ'HU=DXEHUVSUXFKRGHUGLH)lKLJNHLWGHURGHUGLHVLHHQWIHUQWKDW NDQQMHGRFKHLQH0|JOLFKNHLWIULKUH5FNNHKUYRUVHKHQ(LQLJH.DUWHQQXW]HQGLH)RUPXOLHUXQJ EHLVHLWHOHJHQIUVROFKH6LWXDWLRQHQLQGHQHQHLQH.DUWHGLHJDQ]DXVGHP6SLHOHQWIHUQWZXUGH LQV6SLHO]XUFNNHKUHQNDQQ6LHKH5HJHO*DQ]DXVGHP6SLHOHQWIHUQW *HELUJVWDUQXQJ 6LHKH/DQGWDUQXQJ *HEORFNWH.UHDWXU (LQHDQJUHLIHQGH.UHDWXUZLUG]XHLQHUJHEORFNWHQ.UHDWXUZHQQHLQHDQGHUH.UHDWXUVLHEORFNWRGHU ZHQQHLQ(IIHNWEHZLUNWGDVLHLQGHU.DPSISKDVHJHEORFNWZLUG6LHEOHLEWHLQHJHEORFNWH.UHDWXU ELVVLHDXVGHP.DPSIHQWIHUQWZLUGNHLQH.UHDWXUPHKULVWLKU%HKHUUVFKHUZHFKVHOWRGHUGLH .DPSISKDVHHQGHW(LQHJHEORFNWH.UHDWXUZLUGQLFKWXQJHEORFNWZHQQGLHEORFNHQGH.UHDWXUVSlWHU DXVGHP.DPSIHQWIHUQWZLUG$XHUKDOEGHU.DPSISKDVHNDQQHVNHLQHJHEORFNWHQ.UHDWXUHQJHEHQ 6LHKH5HJHO%ORFNHUGHNODULHUHQ *HJQHU 'DV:RUW*HJQHULP5HJHOWH[WHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWEH]LHKWVLFKLPPHUDXIGHQ *HJQHUGHV6SLHOHUVGHUGHQ6SUXFKRGHUGLH)lKLJNHLWVSLHOW ,QHLQHP7HDPVSLHOVLQGQXUGLH0LWJOLHGHUGHVJHJQHULVFKHQ7HDPV*HJQHU7HDPPLWJOLHGHUGHV HLJHQHQ7HDPVVLQGNHLQH*HJQHU,QHLQHU0HKUSHUVRQHQSDUWLHLQGHUMHGHUJHJHQMHGHQJHVSLHOW ZLUGVLQGDOOHDQGHUHQ6SLHOHU*HJQHU *HVDPWH6SUXFKNRVWHQ+LQIlOOLJ 'LHVLVWHLQDOWHU%HJULIIIUXPJHZDQGHOWH0DQDNRVWHQ *OREDOH9HU]DXEHUXQJ *OREDOH9HU]DXEHUXQJHQVWHOOHQHLQH.DWHJRULHYRQ9HU]DXEHUXQJHQGDU6LHWUDJHQGLH%H]HLFKQXQJ 9HU]DXEHUXQJXQGZHUGHQNHLQHUDQGHUHQEOHLEHQGHQ.DUWH]XJHRUGQHWZlKUHQGVLHLP6SLHOVLQG +DQG 'LH+DQGLVWGLH=RQHLQGHUHLQ6SLHOHUVHLQH.DUWHQKlOW6LHKH$EVFKQLWW=RQHQ +DXSWSKDVH 'HU%HJULII+DXSWSKDVHXPIDWGLHHUVWHXQGGLH]ZHLWH+DXSWSKDVHZHOFKHYRUE]ZQDFKGHU .DPSISKDVHGXUFKODXIHQZHUGHQ$UWHIDNW9HU]DXEHUXQJV+H[HUHLXQG.UHDWXUHQ=DXEHUVSUFKH N|QQHQQXUYRPDNWLYHQ6SLHOHULQGHVVHQ+DXSWSKDVHJHVSLHOWZHUGHQXQGDXFKQXUGDQQZHQQGHU 6WDSHOOHHULVW(LQ6SLHOHUNDQQDXHUGHPLQVHLQHU+DXSWSKDVHHLQ/DQGSUR=XJDXVVSLHOHQ +HLPDW/DQG+LQIlOOLJ +HLPDW/DQGLVWHLQDOOJHPHLQHU%HJULIIGHU5HJHOWH[WHLQHU.DUWHEHQHQQWHLQHQEHVWLPPWHQ /DQGW\SZLHLQ+HLPDW,QVHOQ(LQH.UHDWXUPLW+HLPDW/DQGNDQQLQGHU.DPSISKDVHQLFKWDOV $QJUHLIHUGHNODULHUWZHUGHQZHQQGHUYHUWHLGLJHQGH6SLHOHUQLFKWPLQGHVWHQVHLQ/DQGGHV EHWUHIIHQGHQ7\SVNRQWUROOLHUW:HQQLKU%HKHUUVFKHUNHLQ/DQGGHVEHWUHIIHQGHQ7\SVNRQWUROOLHUW ZLUGGLH.UHDWXUDOVDXVJHO|VWH)lKLJNHLWDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW +H[HUHL (LQH+H[HUHLLVWHLQ.DUWHQW\S+H[HUHL=DXEHUVSUFKHN|QQHQQXULQGHU+DXSWSKDVHLKUHV %HKHUUVFKHUVJHVSLHOWZHUGHQZHQQGHU6WDSHOOHHULVW6LHKH5HJHO7LPLQJYRQ=DXEHUVSUFKHQ XQG)lKLJNHLWHQ ,P6SLHO ,P6SLHOLVWGLH=RQHLQGHUEOHLEHQGH.DUWHQH[LVWLHUHQ:HQQHLQ$UWHIDNW9HU]DXEHUXQJVRGHU .UHDWXUHQ=DXEHUVSUXFKYHUUHFKQHWZLUGZLUGGLH.DUWHDOVEOHLEHQGH.DUWHLQGLH,P6SLHO=RQH JHOHJW6SLHOVWHLQHXQG/lQGHUH[LVWLHUHQHEHQIDOOVLQGLHVHU=RQH6LHKH5HJHO=RQHQ ,QVHOWDUQXQJ 6LHKH/DQGWDUQXQJ ,QVWDELOLWlW+LQIlOOLJ ,QVWDELOLWlWLVWHLQHVWDWLVFKH)lKLJNHLWGLHHLQHEOHLEHQGH.DUWHGD]X]ZLQJWGDV6SLHO]XYHUODVVHQ XQGVSlWHUZLHGHU]XUFN]XNHKUHQRKQHGDEHLLKU*HGlFKWQLV]XYHUOLHUHQ ,UUHDOLWlW ,UUHDOLWlWLVWHLQH$XVZHLFKIlKLJNHLW$QJUHLIHQGH.UHDWXUHQPLW,UUHDOLWlWN|QQHQQLFKWYRQ.UHDWXUHQ RKQH,UUHDOLWlWJHEORFNWZHUGHQXQGDQJUHLIHQGH.UHDWXUHQRKQH,UUHDOLWlWN|QQHQQLFKWYRQ .UHDWXUHQPLW,UUHDOLWlWJHEORFNWZHUGHQ6LHKH5HJHO,UUHDOLWlW .DPSISKDVH 'HU.DPSILVWGLHGULWWH3KDVHGHV=XJHV'LH.DPSISKDVHHQWKlOWIQI6HJPHQWH%HJLQQGHV .DPSIHV$QJUHLIHUGHNODULHUHQ%ORFNHUGHNODULHUHQ.DPSIVFKDGHQXQG(QGHGHV.DPSIHV6LHKH 5HJHOQ .DPSIVFKDGHQ .DPSIVFKDGHQZLUGLP.DPSIVFKDGHQVHJPHQWGHU.DPSISKDVHYRQDQJUHLIHQGHQ.UHDWXUHQXQG EORFNHQGHQ.UHDWXUHQDXVJHWHLOW+LHU]XJHK|UWQLFKWGHU6FKDGHQGHUGXUFK=DXEHUVSUFKHXQG )lKLJNHLWHQLQGHU.DPSISKDVHYHUXUVDFKWZLUG6LHKH5HJHO.DPSIVFKDGHQ .DUWH 'LHVLVWIHVWJHOHJWDOVHLQH0DJLF.DUWH(LQH.DUWHLVWLPPHUHLQH.DUWHHJDOLQZHOFKHU=RQHVLH VLFKEHILQGHW6SLHOVWHLQHVLQGNHLQH.DUWHQ6LHKH.DSLWHO.DUWHQ .RPPWLQV6SLHO (LQHEOHLEHQGH.DUWHNRPPWLQV6SLHOZHQQGLH.DUWHRGHUGHU6SLHOVWHLQGLHE]ZGHUGLHEOHLEHQGH .DUWHUHSUlVHQWLHUWLQGLH,P6SLHO=RQHEHZHJWZLUG(LQHEOHLEHQGH.DUWHGHUHQ7\SRGHU %HKHUUVFKHUZHFKVHOWNRPPWQLFKWLQV6SLHO %OHLEHQGH.DUWHQNRPPHQHQWWDSSWXQGXQWHUGHU.RQWUROOHGHV6SLHOHUVLQV6SLHOGHUGHQ =DXEHUVSUXFKRGHUGLH)lKLJNHLWGHURGHUGLHGLHEOHLEHQGH.DUWHJHVFKDIIHQKDWJHVSLHOWKDW (IIHNWHGLHLQV6SLHONRPPHQGHEOHLEHQGH.DUWHQYHUlQGHUQWXQGLHVLQGHP0RPHQWGDGLH EOHLEHQGH.DUWHLQV6SLHONRPPW:HQQ]XP%HLVSLHOHLQ(IIHNWEHZLUNWGDHWZDVJHWDSSWLQV6SLHO NRPPWZLUGHVQLFKWXQJHWDSSWLQV6SLHOJHEUDFKWXQGGDQDFKJHWDSSW .RQWUROOH 6LHKH%HKHUUVFKHU .RVWHQ =DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQ]XVSLHOHQHUIRUGHUWGDV%H]DKOHQYRQ.RVWHQ.RVWHQ EHVWHKHQPHLVWHQVDXV0DQDHQWKDOWHQDEHUDXFKGDV%H]DKOHQYRQ/HEHQVSXQNWHQGDV7DSSHQRGHU 2SIHUQYRQEOHLEHQGHQ.DUWHQRGHUGDV$EZHUIHQYRQ.DUWHQ (VLVWQLFKWHUODXEW.RVWHQ]XEH]DKOHQRKQHGLHQRWZHQGLJHQ5HVVRXUFHQ]XEHVLW]HQ=XP%HLVSLHO NDQQHLQ6SLHOHUPLWQXU/HEHQVSXQNWNHLQH.RVWHQYRQ/HEHQVSXQNWHQEH]DKOHQXQGHLQH EOHLEHQGH.DUWHGLHEHUHLWVJHWDSSWLVWNDQQQLFKWJHWDSSWZHUGHQXPGDPLW.RVWHQ]XEH]DKOHQ 6LHKH5HJHO0DQDNRVWHQXQG5HJHO$NWLYLHUWH)lKLJNHLWHQ .UHDWXU (LQH.UHDWXULVWVRZRKOHLQ.DUWHQW\SDOVDXFKHLQ7\SHLQHUEOHLEHQGHQ.DUWH'HUDNWLYH6SLHOHUNDQQ .UHDWXUHQ]DXEHUQXULQVHLQHU+DXSWSKDVHVSLHOHQZHQQGHU6WDSHOOHHULVW6LHKH5HJHO .UHDWXUHQ .XPXODWLYH9HUVRUJXQJ .XPXODWLYH9HUVRUJXQJLVWHLQHDXVJHO|VWH)lKLJNHLWGHV9HUVRUJXQJVVHJPHQWV.XPXODWLYH 9HUVRUJXQJ².RVWHQ!EHGHXWHW=X%HJLQQ'HLQHU9HUVRUJXQJOHJHHLQHNXPXODWLYH 9HUVRUJXQJV]lKOPDUNHDXIGLHVH.DUWH'XNDQQVW.RVWHQ!IUMHGHNXPXODWLYH 9HUVRUJXQJV]lKOPDUNHDXIGHU.DUWHEH]DKOHQ:HQQ'XGLHVQLFKWWXVWRSIHUHGLH.DUWH6LHKH $EVFKQLWW:LHPDQPLWDXVJHO|VWHQ)lKLJNHLWHQXPJHKW /DQG (LQ/DQGLVWVRZRKOHLQH.DUWHQW\SDOVDXFKHLQ7\SHLQHUEOHLEHQGHQ.DUWH/lQGHUVLQGNHLQH =DXEHUVSUFKHXQGJHKHQQLFKWDXIGHQ6WDSHOVLHZHUGHQHLQIDFKDXVGHU+DQGLQV6SLHOJHEUDFKW 'HUDNWLYH6SLHOHUNDQQHLQPDOSUR=XJLQVHLQHU+DXSWSKDVHHLQ/DQGVSLHOHQZHQQHU9RUUDQJKDW XQGGHU6WDSHOOHHULVW6LHKH5HJHO/lQGHU /DQGWDUQXQJ /DQGWDUQXQJLVWHLQDOOJHPHLQHU%HJULIIGHU5HJHOWH[WHLQHU.DUWHEHQHQQWIUJHZ|KQOLFKHLQHQ EHVWLPPWHQ/DQGW\SZLHLQ,QVHOWDUQXQJ /DQGWDUQXQJLVWHLQH$XVZHLFKIlKLJNHLW(LQH.UHDWXUPLW/DQGWDUQXQJLVWXQEORFNEDUVRODQJHGHU YHUWHLGLJHQGH6SLHOHUPLQGHVWHQVHLQ/DQGGHVEHWUHIIHQGHQ7\SVNRQWUROOLHUW6LHKH5HJHO /DQGWDUQXQJ /HEHQVSXQNWH 'LH/HEHQVSXQNWHJHEHQGHQ6SLHOVWDQGDQ-HGHU6SLHOHUEHJLQQWGLH3DUWLHPLW/HEHQVSXQNWHQ XQGHLQ6SLHOHUGHVVHQ/HEHQVSXQNWHDXIVLQNHQKDWYHUORUHQ'LHVLVWHLQDXWRPDWLVFKHU 6SLHOHIIHNW /HJHQGlU 'DV:RUWOHJHQGlULP7H[WHLQHU.DUWHEHVDJWGDVLHGHQ8QWHUW\S/HJHQGHEHVLW]W /HJHQGH/HJHQGHQ5HJHO (LQH/HJHQGHLVWHLQEHVRQGHUHU8QWHUW\SHLQHUEOHLEHQGHQ.DUWH,PPHUZHQQHV]ZHLRGHUPHKU /HJHQGHQPLWGHPVHOEHQ1DPHQLP6SLHOJLEWZHUGHQDOOHDXHUGHUHUVWHQDXIGLH)ULHGK|IHLKUHU %HVLW]HUJHOHJW'LHVH/HJHQGHQ5HJHOLVWHLQDXWRPDWLVFKHU6SLHOHIIHNW /,)2 (LQH$ENU]XQJIU/DVW,Q)LUVW2XW/,)2LVWGLH5HLKHQIROJHLQGHU=DXEHUVSUFKHXQG )lKLJNHLWHQYHUUHFKQHWZHUGHQQDFKGHPVLHDXIGHQ6WDSHOJHVHW]WZRUGHQVLQG'HURGHUGLH]XOHW]W JHVSLHOWZLUG]XHUVWYHUUHFKQHW6LHKH$EVFKQLWW=DXEHUVSUFKHXQG)lKLJNHLWHQYHUUHFKQHQ /RNDOH9HU]DXEHUXQJ /RNDOH9HU]DXEHUXQJHQVWHOOHQHLQH.DWHJRULHYRQ9HU]DXEHUXQJHQGDU6LHWUDJHQGLH%H]HLFKQXQJ 7\S!YHU]DXEHUXQJXQGZHUGHQHLQHUDQGHUHQEOHLEHQGHQ.DUWH]XJHRUGQHWZlKUHQGVLHLP6SLHO VLQG6LHKH5HJHO9HU]DXEHUXQJHQ 0DQD 0DQDLVWGLH=DXEHUHQHUJLHGLHPDQIUGDV6SLHOHQYRQ=DXEHUVSUFKHQEHQ|WLJWXQGZLUG QRUPDOHUZHLVHYRQ/lQGHUQSURGX]LHUW0DQDZLUGGXUFKHLQHQ=DXEHUVSUXFKRGHUGXUFKHLQH 0DQDIlKLJNHLWSURGX]LHUWXQGNDQQHQWZHGHUVRIRUWEHQXW]WZHUGHQXP.RVWHQ]XEH]DKOHQRGHU GHP0DQDYRUUDWGHV6SLHOHUVKLQ]XJHIJWZHUGHQ )DUELJH0DQDNRVWHQGLHGXUFKIDUELJH0DQDV\PEROHGDUJHVWHOOWZHUGHQN|QQHQQXUPLWGHU HQWVSUHFKHQGHQ)DUEHYRQ0DQDEH]DKOWZHUGHQ%HOLHELJH0DQDNRVWHQN|QQHQPLWMHGHUEHOLHELJHQ )DUEHYRQ0DQDRGHUIDUEORVHP0DQDEH]DKOWZHUGHQ (VJLEWDXFKVSH]LHOOH6RUWHQYRQ0DQD=XP%HLVSLHON|QQWHHLQH)lKLJNHLW0DQDSURGX]LHUHQGDV QXUEHQXW]WZHUGHQNDQQXP.UHDWXUHQ]DXEHU]XVSLHOHQRGHU$NWLYLHUXQJVNRVWHQ]XEH]DKOHQ 0DQDEUDQG :HQQHLQH3KDVHHQGHWYHUVFKZLQGHWDOOHVXQJHQXW]WH0DQDDXVGHP0DQDYRUUDWHLQHV6SLHOHUV 'LHVHU6SLHOHUYHUOLHUW/HEHQVSXQNWHLQ+|KHGLHVHVXQJHQXW]WHQ0DQDV'LHVQHQQWPDQ 0DQDEUDQG 0DQDIlKLJNHLW 0DQDIlKLJNHLWHQVWHOOHQHLQH.DWHJRULHYRQ)lKLJNHLWHQGDUXQGN|QQHQHQWZHGHUDNWLYLHUWRGHU DXVJHO|VWVHLQ(LQH0DQDIlKLJNHLWJHKWQLFKWDXIGHQ6WDSHO²VLHZLUGVRIRUWYHUUHFKQHW (LQ6SLHOHUNDQQHLQH0DQIlKLJNHLWLPPHUGDQQVSLHOHQZHQQHU9RUUDQJKDWRGHUZHQQHLQH5HJHO RGHUHLQ(IIHNWGLH%H]DKOXQJYRQ0DQDYHUODQJW'LHVLVWGLHHLQ]LJH$UWYRQ)lKLJNHLWGLHPDQ PLWWHQLQGHU9HUUHFKQXQJHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLWVSLHOHQNDQQ6LHKH5HJHO 0DQDIl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lKLJNHLWPLW;LQGHQ.RVWHQVSLHOWEHVWLPPWHUGHQ:HUWYRQ; 'DV6\PEROVWHKWIUQXOO0DQDXQGZLUGDOV3ODW]KDOWHUJHEUDXFKWZHQQGDV6SLHOHQHLQHV =DXEHUVSUXFKVRGHUHLQHUDNWLYLHUWHQ)lKLJNHLWNHLQH.RVWHQHUIRUGHUW 0DQDYRUUDW :HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLW0DQDSURGX]LHUWGDVQLFKWVRIRUWEHQXW]WZLUGXP .RVWHQ]XEH]DKOHQZLUGGLHVHV0DQDLQ0DQDYRUUDWHLQHPLPDJLQlUHQ2UW]ZLVFKHQJHODJHUW9RQ GRUWNDQQHVMHGHU]HLWDEJHUXIHQZHUGHQXPIU=DXEHUVSUFKHXQG)lKLJNHLWHQ]XEH]DKOHQ'HU 0DQDYRUUDWZLUGDP(QGHMHGHU3KDVHJHOHHUW6LHKHDXFK0DQDEUDQG 0DWFK (LQ0DWFKLVWHLQH6HULHYRQ0DJLF3DUWLHQXQGLVWQXULQ7XUQLHUHQRGHU/LJDVSLHOHQYRQ%HGHXWXQJ (LQ0DWFKEHVWHKWIUJHZ|KQOLFKDXVELV]XGUHL3DUWLHQELVHLQHUGHU6SLHOHU]ZHL3DUWLHQJHZRQQHQ KDW²EHVWRIWKUHHPDQFKPDODEHUDXFKDXVELV]XIQI3DUWLHQEHVWRIILYH)UZHLWHUH ,QIRUPDWLRQHQVLHKH'&,6WDQGDUG)ORRU5XOHV 0DXHU (LQH0DXHULVWHLQ.UHDWXUHQW\SGHUQLFKWDOV$QJUHLIHUGHNODULHUWZHUGHQNDQQ,QDOOHQDQGHUHQ %HODQJHQZLUGVLHJHQDXVRZLHMHGHDQGHUH.UHDWXUEHKDQGHOW 0D[LPDOH+DQGJU|H 'LHPD[LPDOH+DQGJU|HHLQHVMHGHQ6SLHOHUVEHWUlJWQRUPDOHUZHLVHVLHEHQ.DUWHQDEHUGLHVNDQQ GXUFK(IIHNWHPRGLIL]LHUWZHUGHQ:HQQGHUDNWLYH6SLHOHU]X%HJLQQVHLQHV$XIUlXPVHJPHQWV]X YLHOH.DUWHLQVHLQHU+DQGKlOWPXHUVRYLHOH.DUWHQDXVZlKOHQXQGDEZHUIHQELVHUVHLQH+DQG DXIGLHPD[LPDOH+DQGJU|HYHUULQJHUWKDWDEHUDXFKQLFKWPHKUDOVGDV6LHKH5HJHO $XIUlXPVHJPHQW 0HKUIDUELJ (LQHPHKUIDUELJH.DUWHEHVLW]W]ZHLRGHUPHKU)DUEHQ0HKUIDUELJH.DUWHQZHUGHQPLWHLQHP JROGHQHQ5DKPHQJHGUXFNWXPGLHV]XXQWHUVWW]HQ (LQHPHKUIDUELJHEOHLEHQGH.DUWHZLUGGXUFKDOOHVEHWURIIHQGDVHLQHLKUHU)DUEHQEHWULIIW=XP %HLVSLHOZLUGHLQHVFKZDU]JUQH.UHDWXUGXUFKHLQHQ=DXEHUVSUXFK]HUVW|UWGHU=HUVW|UHDOOH JUQHQ.UHDWXUHQODXWHW(WZDVGDVHLQHEHVWLPPWH)DUEHQLFKWEHWULIIWEHWULIIWHLQHPHKUIDUELJH EOHLEHQGH.DUWHPLWGLHVHU)DUEHQLFKWVRGDGLHRELJH.UHDWXUQLFKWYRQHLQHP=DXEHUVSUXFKRGHU HLQHU)lKLJNHLWPLWGHP7H[W=HUVW|UHHLQHQLFKWVFKZDU]H.UHDWXU'HLQHU:DKODOV=LHOJHQRPPHQ ZHUGHQNDQQ 0RGDO0RGXV (LQ=DXEHUVSUXFKLVWPRGDOZHQQHUHLQH:DKO]ZLVFKHQYHUVFKLHGHQHQ(IIHNWHQHUP|JOLFKW6HLQ %HKHUUVFKHUPXVLFKEHLP6SLHOHQGHV=DXEHUVSUXFKVIUGHQ0RGXVHQWVFKHLGHQ$XIQHXHUHQ .DUWHQVLQGPRGDOH=DXEHUVSUFKHLPPHULQGHU)RUP%HVWLPPHHLQHV² 0XOOLJDQ (LQ6SLHOHUNDQQYRUVHLQHPHUVWHQ=XJHLQHQ0XOOLJDQHUNOlUHQLQGHPHUVHLQH+DQGXQG%LEOLRWKHN ]XVDPPHQPLVFKWXQGHLQHQHXH+DQG]LHKWGLHHLQH.DUWHZHQLJHUXPIDW-HGHU6SLHOHUGHUPLW VHLQHU$QIDQJVKDQGXQ]XIULHGHQLVWNDQQVRRIWHLQHQ0XOOLJDQQHKPHQZLHHUP|FKWHPXDEHU MHGHVPDOHLQH.DUWHZHQLJHUDOVYRUKHU]LHKHQ6LHKH5HJHO 1DPH 'HU1DPHHLQHU.DUWHLVWLQLKUHUREHUHQOLQNHQ(FNHDQJHJHEHQ6LHKH5HJHO1DPH 1HXWUDOLVLHUHQ 1HXWUDOLVLHUHQEHGHXWHWHLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWDXI]XKHEHQXQGLKQE]ZVLHDXVGHU 6WDSHO]RQH]XHQWIHUQHQ(LQQHXWUDOLVLHUWHU=DXEHUVSUXFKZLUGDXIGHQ)ULHGKRIVHLQHV%HVLW]HUV JHOHJW 1LFKWVWDQGDUGODQG -HGHV/DQGDXHUGHQ6WDQGDUGOlQGHUQ(EHQH,QVHO6XPSI*HELUJH:DOGLVWHLQ 1LFKWVWDQGDUGODQG(LQ1LFKWVWDQGDUGODQGZHOFKHVDOVHLQ6WDQGDUGODQG]lKOWEHVLW]WGLH 0DQDIlKLJNHLWGLHVHV/DQGHVXQGZLUGYRQDOOHQ=DXEHUVSUFKHQXQG)lKLJNHLWHQEHWURIIHQGLHGLHVHQ /DQGW\SEHWUHIIHQLVWDEHUWURW]GHPVHOEVWNHLQ6WDQGDUGODQG 2SIHU 8PHLQHEOHLEHQGH.DUWH]XRSIHUQEHZHJWVLHLKU%HKHUUVFKHUDXVGHU,P6SLHO=RQHGLUHNWDXIGHQ )ULHGKRILKUHV%HVLW]HUV:HQQHLQ(IIHNWHLQHQ6SLHOHUGD]XDQZHLVWHLQHEOHLEHQGH.DUWH]XRSIHUQ GLHHUQLFKWNRQWUROOLHUWSDVVLHUWQLFKWV 3DVVHQ 3DVVHQEHGHXWHWDXIGDV6SLHOHQHLQHV=DXEHUVSUXFKVRGHUHLQHU)lKLJNHLW]XYHU]LFKWHQ:HQQHLQ 6SLHOHUSDWHUKlOWVHLQ*HJQHU9RUUDQJ:HQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQZLUGGHURGHUGLH ]XOHW]WJHVSLHOWH=DXEHUVSUXFKRGHU)lKLJNHLWDXIGHP6WDSHOYHUUHFKQHW:HQQGHU6WDSHOOHHULVW HQGHWGLH3KDVHRGHUGDV6HJPHQW 3KDVH -HGHU=XJLVWLQIQI3KDVHQDXIJHWHLOW6WDUWSKDVHHUVWH+DXSWSKDVH.DPSISKDVH]ZHLWH +DXSWSKDVHXQG(QGSKDVH6LHKH.DSLWHO'HU$EODXIHLQHV6SLHO]XJHV 3KDVHQIlKLJNHLW+LQIlOOLJ 'LHVLVWHLQ%HJULIIIUDXVJHO|VWH)lKLJNHLWHQGLHLQGHU)RUP:lKUHQG3KDVH!JHVFKULHEHQ VLQG'LHVHVLQGMHW]WZLHIROJW]XOHVHQ=X%HJLQQGHU3KDVH! 3VHXGRVSUXFK (LQ3VHXGRVSUXFKLVWHLQHDNWLYLHUWHRGHUDXVJHO|VWH)lKLJNHLWGHUZLHHLQ=DXEHUVSUXFKDXIGHQ 6WDSHOJHVHW]WZLUG 4XHOOH 'LH4XHOOHHLQHU)lKLJNHLWRGHUGLH4XHOOHYRQ6FKDGHQLVWGLH.DUWHRGHUGHU6SLHOVWHLQGHUGLH )lKLJNHLWE]ZGHQ6FKDGHQJHQHULHUWKDW:HQQHLQ(IIHNWYRQHLQHP6SLHOHUYHUODQJWHLQH4XHOOH]X EHVWLPPHQNDQQGLHVHUHQWZHGHUHLQHEOHLEHQGH.DUWHRGHUHLQHQ=DXEHUVSUXFKDXIGHP6WDSHO HLQVFKOLHOLFKHLQHV6SUXFKVGHUHLQHEOHLEHQGH.DUWHHUVFKDIIWEHVWLPPHQ'HU(IIHNWZLUGGDQQ GHQQlFKVWHQ6FKDGHQEHWUHIIHQGHUGXUFKGLHVHQ=DXEHUVSUXFKRGHUGXUFKGLHVHEOHLEHQGH.DUWH LP.DPSIRGHUPLWWHOVHLQHULKUHU)lKLJNHLWHQYHUXUVDFKWZLUG 5DVHUHL+LQIlOOLJ 5DVHUHLLVWHLQHDXVJHO|VWH)lKLJNHLWGLHLP6HJPHQW%ORFNHUGHNODULHUHQGHU.DPSISKDVHDXVJHO|VW ZLUG5DVHUHL;EHGHXWHW:HQQGLHVH.UHDWXUJHEORFNWZLUGHUKlOWVLHIUMHGHVLHEORFNHQGH .UHDWXUEHUGLHHUVWHKLQDXV;!;!ELV]XP(QGHGHV=XJHV 5HJHQHULHUHQ 5HJHQHUDWLRQLVWHLQ6FKDGHQ(UVDW]HIIHNW5HJHQHULHUHEOHLEHQGH.DUWH!EHGHXWHW$QVWDWW EOHLEHQGH.DUWH!]X]HUVW|UHQHQWIHUQHDOOHQ6FKDGHQYRQLKUWDSSHVLHXQGIDOOVVLHVLFKLP .DPSIEHILQGHWHQWIHUQHVLHDXVGHP.DPSI:HLOHVHLQ(UVDW]HIIHNWLVWPXHUYRUGHUYHUVXFKWHQ =HUVW|UXQJDNWLYVHLQ 5FNNDXI 5FNNDXILVWHLQH(UVDW]IlKLJNHLW:HQQHLQ6SLHOHUHLQHQ6SRQWDQ]DXEHURGHUHLQH+H[HUHLPLW 5FNNDXIVSLHOWNDQQHU]XVlW]OLFKH.RVWHQEH]DKOHQGLHDXIGHU.DUWHDQJHJHEHQVLQG:HQQHUGLHV WXWZLUGGLH.DUWHEHLGHU9HUUHFKQXQJGHV=DXEHUVSUXFKHVQLFKWDXIGHQ)ULHGKRIJHOHJWVRQGHUQ NHKUWLQGLH+DQGLKUHV%HVLW]HUV]XUFN 6DERWHXULQIRUPHOO 'LHVLVWHLQ6SLW]QDPHIU.UHDWXUHQPLW)lKLJNHLWHQGLHDXVJHO|VWZHUGHQZHQQGLH.UHDWXU XQJHEORFNWLVWRGHUGLHQXUJHVSLHOWZHUGHQN|QQHQZHQQGLH.UHDWXUXQJHEORFNWLVW 6FKDGHQ 9LHOH=DXEHUVSUFKHXQG)lKLJNHLWHQIJHQ.UHDWXUHQXQGRGHU6SLHOHUQ6FKDGHQ]X.UHDWXUHQ N|QQHQDXHUGHPLQGHU.DPSISKDVH.DPSIVFKDGHQ]XIJHQ 'HQ6SLHOHUQ]XJHIJWHU6FKDGHQZLUGYRQLKUHQ/HEHQVSXQNWHQDEJH]RJHQ(LQHU.UHDWXU]XJHIJWHU 6FKDGHQEOHLEWDXIGHU.UHDWXU(LQH.UHDWXUGLH6FKDGHQVSXQNWHLQ+|KHLKUHU:LGHUVWDQGVNUDIWRGHU PHKUHUKDOWHQKDWKDWW|GOLFKHQ6FKDGHQHUKDOWHQXQGZLUG]HUVW|UW6LHKH5HJHO$XWRPDWLVFKH 6SLHOHIIHNWH,P$XIUlXPVHJPHQWZLUGDOOHU6FKDGHQYRQGHQ.UHDWXUHQHQWIHUQW .RVWHQXQG(IIHNWHGHUHQ7H[WGLH)RUPXOLHUXQJHQ/HEHQVSXQNWHYHUOLHUHQRGHU/HEHQVSXQNWH EH]DKOHQHQWKlOWVLQGNHLQ6FKDGHQXQGN|QQHQQLFKWGXUFK6FKDGHQYHUKLQGHUXQJVHIIHNWH YHUKLQGHUWZHUGHQ 6FKDGHQYHUKLQGHUXQJVIlKLJNHLW (LQH6FKDGHQYHUKLQGHUXQJVIlKLJNHLWLVWHLQHVWDWLVFKH)lKLJNHLWGLHHLQHQ 6FKDGHQYHUKLQGHUXQJVHIIHNWJHQHULHUW 6FKXW] 6FKXW]LVWHLQHVWDWLVFKH)lKLJNHLW(LQHEOHLEHQGH.DUWHPLW6FKXW]YRU(LJHQVFKDIW!NDQQQLFKWYRQ =DXEHUVSUFKHQRGHU)lKLJNHLWHQPLW(LJHQVFKDIW!DOV=LHOJHQRPPHQRGHUYRQ9HU]DXEHUXQJHQ PLW(LJHQVFKDIW!YHU]DXEHUWZHUGHQ:HQQVLHDQJUHLIWNDQQVLHQLFKWYRQ.UHDWXUHQPLW (LJHQVFKDIW!JHEORFNWZHUGHQ'HVZHLWHUHQZHUGHQDOOH6FKDGHQVSXQNWHGLHLKUYRQ4XHOOHQPLW (LJHQVFKDIW!]XJHIJWZHUGHQDXIUHGX]LHUW6LHKH5HJHO6FKXW] 6HJPHQW (LQLJH3KDVHQGHV=XJHVZHUGHQLQ6HJPHQWXQWHUWHLOW6LHKH.DSLWHO'HU$EODXIHLQHV 6SLHO]XJHV 6RIRUWHIIHNW+LQIlOOLJ 'LHVLVWHLQDOWHU%HJULIIIU6SRQWDQ]DXEHUXQGDNWLYLHUWH)lKLJNHLWHQ 6SLHOHQ 'LH$NWLRQHLQHQ=DXEHUVSUXFKHLQ/DQGRGHUHLQH)lKLJNHLW]XVSLHOHQEHLQKDOWHWGLH$QNQGLJXQJ GLHVHU$NWLRQXQGGLH$XVIKUXQJGHUQ|WLJHQ6FKULWWHXPGLH$NWLRQDE]XVFKOLHHQ 8PHLQHQ=DXEHUVSUXFKRGHUHLQHDNWLYLHUWH)lKLJNHLW]XVSLHOHQPXGHU6SLHOHUDOOH.RVWHQ EH]DKOHQXQGDOOHHUIRUGHUOLFKHQ0RGLXQGRGHU=LHOHEHQHQQHQ'HU=DXEHUVSUXFKRGHUGLH)lKLJNHLW ZLUGGDQQDXIGHQ6WDSHOJHVHW]W6LHKH$EVFKQLWW=DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQ VSLHOHQ 8PHLQ/DQG]XVSLHOHQQLPPWGHU6SLHOHUHLQIDFKHLQH/DQGNDUWHDXVVHLQHU+DQGXQGOHJWVLHLQV 6SLHO 8PHLQH0DQDIlKLJNHLW]XVSLHOHQEH]DKOWGHU6SLHOHUDOOH.RVWHQXQGIlKUWGDQQVRIRUWPLWGHU 9HUUHFKQXQJGHU)lKLJNHLWIRUW6LHKH5HJHO0DQDIlKLJNHLWHQVSLHOHQ $XVJHO|VWH)lKLJNHLWHQXQGVWDWLVFKH)lKLJNHLWHQZHUGHQQLFKWJHVSLHOW²VLHSDVVLHUHQDXWRPDWLVFK 6SLHOHQ=LHKHQ =X%HJLQQGHU3DUWLHHQWVFKHLGHWHLQ6SLHOHUZHOFKHU6SLHOHUEHJLQQW'HUMHQLJH6SLHOHUGHUDQIlQJW GDUILQVHLQHPHUVWHQ=LHKVHJPHQWNHLQH.DUWH]LHKHQ'LHVQHQQWPDQGLH6SLHOHQ=LHKHQ (QWVFKHLGXQJ6LHKH5HJHO(LQH3DUWLHEHJLQQHQ 6SLHOVWHLQ (LQ6SLHOVWHLQLVWHLQLP6SLHOEHILQGOLFKHV2EMHNWGDVHLQHEOHLEHQGH.DUWHUHSUlVHQWLHUWGLHGXUFK HLQHQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWJHVFKDIIHQZXUGHDEHUNHLQHHLJHQH.DUWHEHVLW]W 6SLHOVWHLQHN|QQHQZLU.DUWHQJHWDSSWRGHUHQWWDSSWZHUGHQ6LHKH5HJHO6SLHOVWHLQH 6SRQWDQ]DXEHU (LQ6SRQWDQ]DXEHULVWHLQ.DUWHQW\S(LQ6SLHOHUNDQQLPPHUGDQQ6SRQWDQ]DXEHUVSLHOHQZHQQHU 9RUUDQJKDW6SRQWDQ]DXEHUZHUGHQDP(QGHGHU9HUUHFKQXQJDXIGHQ)ULHGKRILKUHV%HVLW]HUV JHOHJW6LHKHDXFK5HJHO=DXEHUVSUFKHXQGDNWLYLHUWH)lKLJNHLWHQVSLHOHQ 6SUHFKHQ+LQIlOOLJ (LQHQ=DXEHUVSUXFKVSUHFKHQLVWJOHLFKEHGHXWHQGPLWHLQHQ=DXEHUVSUXFKVSLHOHQ 6SUXFKNRVWHQ+LQIlOOLJ 'LHVLVWGHUDOWH%HJULIIIU0DQDNRVWHQ 6WlUNH 'LH=DKOYRUGHP6FKUlJVWULFKLQGHUXQWHUHQUHFKWHQ(FNHHLQHU.UHDWXUHQNDUWHJLEWGLH6WlUNHGHU .UHDWXUDQ'LHDNWXHOOH6WlUNHHLQHU.UHDWXULVWLKU$QIDQJVZHUWGLHDXIJHGUXFNWH=DKOPRGLIL]LHUW GXUFKHYHQWXHOOH=lKOPDUNHQGLHGLH6WlUNHYHUlQGHUQXQGGDXHUKDIWH(IIHNWH .UHDWXUHQGLHDQJUHLIHQRGHUEORFNHQWHLOHQ.DPSIVFKDGHQLQ+|KHLKUHU6WlUNHDXV6LHKH5HJHO .DPSIVFKDGHQ %HLHLQLJHQZHQLJHQ.UHDWXUHQNDUWHQZLUGGLH6WlUNHGXUFKHLQDQVWDWWGXUFKHLQH=DKO DQJHJHEHQ'LHVEHGHXWHWGDGLH.UHDWXUHLQHVWDWLVFKH)lKLJNHLWEHVLW]WGLHGHUHQ6WlUNHJHPl HLQHUDQJHJHEHQHQ%HGLQJXQJIHVWVHW]W:HQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWGLH6WlUNHGLHVHU .UHDWXU]XOHVHQYHUVXFKWZHQQGLH.UHDWXUHQNDUWHQLFKWLP6SLHOLVWEHWUlJWVLH 6WDQGDUGODQG (VJLEWIQI6WDQGDUGOlQGHU(EHQH,QVHO6XPSI*HELUJHXQG:DOG-HGHV6WDQGDUGODQGEHVLW]WHLQH HLQJHEDXWH0DQDIlKLJNHLW6LHKH5HJHO/lQGHU 6WDSHO (LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWZLUGREHQDXIGHQ6WDSHOJHVHW]WZHQQHURGHUVLHJHVSLHOW ZLUG,PPHUZHQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQZLUGGHUREHUVWH6SUXFKE]ZGLHREHUVWH )lKLJNHLWDXIGHP6WDSHOYHUUHFKQHWXQGGHUDNWLYH6SLHOHUHUKlOWZLHGHUXP9RUUDQJ6LHKH5HJHO 6WDSHOXQG5HJHO7LPLQJ9RUUDQJXQGGHU6WDSHO 6WDUWSKDVH 'LH6WDUWSKDVHLVWGLHHUVWH3KDVHGHV=XJHV6LHEHVLW]WGUHL6HJPHQWH(QWWDSS9HUVRUJXQJVXQG =LHKVHJPHQW6LHKH5HJHO6WDUWSKDVH 6WDWLVFKH)lKLJNHLW 6WDWLVFKH)lKLJNHLWHQHQWIDOWHQLKUHQ(IIHNWGLHJDQ]H=HLWDQVWDWWQXU]XEHVWLPPWHQ=HLWSXQNWHQ JHVSLHOW]XZHUGHQ6WDWLVFKH)lKLJNHLWHQJHQHULHUHQGDXHUKDIWH(IIHNWHGLHVRODQJHDNWLYVLQGZLH GLHEOHLEHQGH.DUWHPLWGLHVHU)lKLJNHLWLP6SLHOYHUEOHLEW(LQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQ HEHQIDOOVHLQHQGDXHUKDIWHQ(IIHNWHUVFKDIIHQGHUQLFKWYRQHLQHUEOHLEHQGHQ.DUWHDEKlQJWGLHVH GDXHUQHQWZHGHUHLQHYRUJHJHEHQH=HLWRGHUIUGHQ5HVWGHU3DUWLH6LHKH5HJHO:LHPDQPLW VWDWLVFKHQ)lKLJNHLWHQXPJHKW 6XPSIWDUQXQJ 6LHKH/DQGWDUQXQJ 7DSSHQ 8PHLQHEOHLEHQGH.DUWH]XWDSSHQGUHKWPDQGLH.DUWHVHLWZlUWV'DV6\PERORF7LQ $NWLYLHUXQJVNRVWHQEHGHXWHW7DSSHGLHVHEOHLEHQGH.DUWH²HLQHEOHLEHQGH.DUWHGLHEHUHLWV JHWDSSWLVWNDQQPDQQLFKWHUQHXWWDSSHQXPGDPLWGLH.RVWHQ]XEH]DKOHQ.UHDWXUHQGLHQLFKW XQXQWHUEURFKHQVHLW%HJLQQGHV=XJHVXQWHUGHU.RQWUROOHHLQHV6SLHOHUVZDUHQN|QQHQNHLQH )lKLJNHLWHQPLWRF7LQGHQ.RVWHQEHQXW]HQ 7H[WER[ 'LH7H[WER[EHILQGHWVLFKDXIHLQHU0DJLF.DUWHXQWHUKDOEGHU,OOXVWUDWLRQXQGHQWKlOW5HJHOQVRZLH $QHNGRWHQWH[W 7|GOLFKHU6FKDGHQ 7|GOLFKHU6FKDGHQLVWHLQH0HQJHYRQ6FKDGHQVSXQNWHQGLHJU|HUDOVXQGJU|HURGHUJOHLFKGHU :LGHUVWDQGVNUDIWHLQHU.UHDWXULVW(LQH.UHDWXUPLWW|GOLFKHP6FKDGHQZLUG]HUVW|UW'LHVLVWHLQ DXWRPDWLVFKHU6SLHOHIIHNW 7UDPSHOVFKDGHQ 7UDPSHOVFKDGHQLVWHLQHVWDWLVFKH)lKLJNHLWGLHGDV.DPSIVFKDGHQVHJPHQWGHU.DPSISKDVH PRGLIL]LHUW6LHOlWHLQHDQJUHLIHQGH.UHDWXUEHUEORFNHQGH.UHDWXUHQKLQZHJWUDPSHOQXQGHLQHQ 7HLOLKUHV.DPSIVFKDGHQVGHPYHUWHLGLJHQGHQ6SLHOHU]XIJHQ6LHKH5HJHO7UDPSHOVFKDGHQ 7\S 'DV:RUW7\SDQVLFKKDWPHKUHUH%HGHXWXQJHQ²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lKLJNHLWGHQ7\SHLQHUEOHLEHQGHQ.DUWHlQGHUWHUVHW]WGHUQHXH 7\SDOOHYRUKHULJHQ7\SHQ:HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWHLQHQ7\SKLQ]XIJWZLUGGLHV H[SOL]LWDQJHJHEHQ 'HU7\SHLQHU.UHDWXULVWDXIGHU.DUWHKLQWHUGHP:RUW.UHDWXUXQWHUKDOEGHU,OOXVWUDWLRQ DQJHJHEHQRGHUZLUGGXUFKGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWGHILQLHUWGLHHLQHQ6SLHOVWHLQ HUVFKDIIHQKDW(LQH.UHDWXUNDQQPHKUHUH7\SHQEHVLW]HQ(LQH1LFKWNUHDWXUHQNDUWHGLHGXUFKHLQHQ =DXEHUVSUXFKRGHUHLQH)lKLJNHLWLQHLQH.UHDWXUYHUZDQGHOWZXUGHKDWNHLQHQ.UHDWXUHQW\SHVVHL GHQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWYHUOHLKWLKUHLQHQ .DWHJRULHQYRQ.DUWHQZLH6WDQGDUGOlQGHURGHUORNDOH9HU]DXEHUXQJHQVLQGNHLQH7\SHQXQG N|QQHQQLFKWJHZlKOWZHUGHQZHQQHLQ7\SEHVWLPPWZHUGHQPX hEHUJHKHQ (LQ6HJPHQWHLQH3KDVHRGHUHLQHQ=XJ]XEHUJHKHQEHGHXWHWVRIRUW]XIDKUHQDOVKlWWHHVVLHHU QLHH[LVWLHUWhEHUJHKHQLVWHLQ9HUKLQGHUXQJVRGHU(UVDW]HIIHNWhEHUJHKHHWZDV!LVWGDVVHOEH ZLHYHUKLQGHUHHWZDV!RGHU$QVWDWWHWZDV!]XWXQWXHQLFKWV 6REDOGHLQ6HJPHQWHLQH3KDVHRGHUHLQ=XJEHJRQQHQKDWNDQQQLFKWOlQJHUEHUJDQJHQZHUGHQ² HYHQWXHOOHhEHUJHKHQ(IIHNWHZDUWHQDXIGLHQlFKVWH*HOHJHQKHLW $OOHVZDVLQHLQHP6HJPHQWHLQHU3KDVHRGHUHLQHP=XJSDVVLHUHQVROOWHXQGEHUJDQJHQZRUGHQ LVWZLUGQLFKWSDVVLHUHQ$OOHVZDVDXIGDVQlFKVWH(LQWUHWHQHLQHV(UHLJQLVVHVZDUWHWZDUWHWDXI GDVHUVWH(LQWUHWHQGLHVHV(UHLJQLVVHVGDVQLFKWEHUJDQJHQZRUGHQLVW:HQQ]ZHL(IIHNWHHLQHQ 6SLHOHUGD]X]ZLQJHQDXIGDVQlFKVWH(LQWUHWHQ]XYHU]LFKWHQPXGHU6SLHOHUGLHQlFKVWHQEHLGHQ 0DOHEHUJHKHQZHQQGLHVHV(UHLJQLVHLQWUHWHQZUGH 8PJHZDQGHOWH0DQDNRVWHQ 'LHXPJHZDQGHOWHQ0DQDNRVWHQHLQHU.DUWHHQWVSUHFKHQGHU*HVDPWDQ]DKODOOHQ0DQDVLQLKUHQ 0DQDNRVWHQXQDEKlQJLJYRQGHU)DUEH=XP%HLVSLHOKDWHLQ/XIWHOHPHQWDUXPJHZDQGHOWH 0DQDNRVWHQYRQ6LHKH5HJHO0DQDNRVWHQ 8POHLWHQ+LQIlOOLJ 6FKDGHQXPOHLWHQEHGHXWHWLKQHLQHPDQGHUHQ6SLHOHURGHUHLQHUDQGHUHQ.UHDWXUDOVXUVSUQJOLFK GXUFKGHQ=DXEHUVSUXFKRGHUGLH)lKLJNHLWRGHUGLH.DPSIVFKDGHQ]XZHLVXQJYRUJHVHKHQ]X]XIJHQ 'LHVlQGHUWQLFKWGLH4XHOOHRGHUGLH$UWGHV6FKDGHQV(LQH6FKDGHQXPOHLWXQJVIlKLJNHLWJHQHULHUW HLQHQ(UVDW]HIIHNWGHUDNWLYVHLQPXEHYRUGHU6FKDGHQWDWVlFKOLFKYHUXUVDFKWZLUG 8PZDQGOXQJ 8PZDQGOXQJLVWHLQHDNWLYLHUWH)lKLJNHLWGLHGLH9HUUHFKQXQJHLQHV=DXEHUVSUXFKVEHWULIIW 8PZDQGOXQJVNRVWHQEHGHXWHQ%H]DKOH.RVWHQ!ZLUIGLHVH.DUWHDE=LHKHHLQH.DUWH6SLHOH GLHVH)lKLJNHLWQXUGDQQZHQQGLHVH.DUWHVLFKLQ'HLQHU+DQGEHILQGHW )lKLJNHLWHQQHXWUDOLVLHUWZHUGHQZHLOVLHEHLGHU9HUUHFKQXQJNHLQHRGHUQXUQRFKLOOHJDOH=LHOH YRUILQGHQ 8QEORFNEDU :HQQHLQH)lKLJNHLWVDJWGDHLQHDQJUHLIHQGH.UHDWXUXQEORFNEDULVWNDQQVLHQLFKWYRQ .UHDWXUHQJHEORFNWZHUGHQ 9HUUHFKQHQ :HQQGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWREHQDXIGHP6WDSHOYHUUHFKQHWZLUGIKUWLKU %HKHUUVFKHUGLHDXIGHU.DUWHDQJHJHEHQHQ$QZHLVXQJHQLQGHUYRUJHJHEHQHQ5HLKHQIROJHDXV6LHKH 5HJHO=DXEHUVSUFKHXQG)lKLJNHLWHQYHUUHFKQHQ 8QHQGOLFKNHLWVUHJHO ,QGHQ0DJLF5HJHOQJLEWHVNHLQH8QHQGOLFKNHLW*HOHJHQWOLFKNDQQGDV6SLHOLQHLQHQ=XVWDQG JHUDWHQLQGHPHLQH5HLKHYRQ$NWLRQHQELVLQDOOH(ZLJNHLWZLHGHUKROWZHUGHQN|QQWH'LH 8QHQGOLFKNHLWVUHJHOEHVWLPPWZLHPDQVROFKH(QGORVVFKOHLIHQXQWHUEULFKW6LHKH5HJHO:LH PDQPLW XQHQGOLFKHQ 6FKOHLIHQXPJHKW 8QHQWVFKLHGHQ (LQH3DUWLHHQGHWLQHLQHP8QHQWVFKLHGHQZHQQEHLGH6SLHOHUJOHLFK]HLWLJJHZLQQHQRGHUYHUOLHUHQ 8QJHEORFNWH.UHDWXU (LQHDQJUHLIHQGH.UHDWXUZLUG]XHLQHUXQJHEORFNWHQ.UHDWXUZHQQVLHQDFKGHP6HJPHQW%ORFNHU GHNODULHUHQGHU.DPSISKDVHYRQNHLQHU.UHDWXUJHEORFNWZLUG6LHEOHLEWHLQHXQJHEORFNWH.UHDWXU ELVHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWEHZLUNWGDVLHJHEORFNWZLUGVLHYRP.DPSIHQWIHUQWZLUG VLHNHLQH.UHDWXUPHKULVWLKU%HKHUUVFKHUZHFKVHOWRGHUGLH.DPSISKDVHHQGHW8QJHEORFNWH .UHDWXUHQNDQQHVDXHUKDOEGHU.DPSISKDVHXQGYRUGHP6HJPHQW%ORFNHUGHNODULHUHQQLFKW JHEHQ6LHKH5HJHO%ORFNHUGHNODULHUHQ 8QWHUEUHFKXQJV]DXEHU+LQIlOOLJ (LQ8QWHUEUHFKXQJV]DXEHULVWHLQH6RUWHYRQ6SRQWDQ]DXEHUQGLH=DXEHUVSUFKHRGHU)lKLJNHLWHQ ]XP=LHOQLPPW 9DQJXDUG&DUG 'LH9DQJXDUG(UJlQ]XQJHQEHVWHKHQDXVEHUJURHQ.DUWHQGLHHLQH3DUWLHPRGLIL]LHUHQ(LQH 9DQJXDUG.DUWHZLUGYRUGHP%HJLQQGHU3DUWLHLQV6SLHOJHEUDFKWXQGEHHLQIOXWGLHDQIlQJOLFKHQ /HEHQVSXQNWHXQGGLHPD[LPDOH+DQGJU|HHLQHV6SLHOHUV)lKLJNHLWHQDXIHLQHU9DQJXDUG.DUWH ZHUGHQJHQDXVRZLHGLHDXIHLQHULP6SLHOEHILQGOLFKHQ 0DJLF.DUWHJHVSLHOW6LHLVWMHGRFKNHLQH 0DJLF.DUWHXQGNDQQGHVZHJHQQLFKWYRQ=DXEHUVSUFKHQRGHU)l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lFKVWHQ 6FKDGHQGHUGXUFKGLHVH4XHOOHYHUXUVDFKWZLUGXQDEKlQJLJYRQGHU0HQJH'LHVH(IIHNWHODXIHQ DXVZHQQGHU=XJHQGHW 9HUOlWGDV6SLHO (LQHEOHLEHQGH.DUWHYHUOlWGDV6SLHOZHQQVLHDXVGHU,P6SLHO=RQHLQHLQHDQGHUH=RQHEHZHJW ZLUG6LHKH5HJHOF :HQQHLQ6SLHOVWHLQGDV6SLHOYHUOlWK|UWHUDXI]XH[LVWLHUHQ'LHVLVWHLQDXWRPDWLVFKHU6SLHOHIIHNW :HQQHLQH.DUWHGDV6SLHOYHUOlWXQGVSlWHU]XUFNNHKUWZLUGVLHDOVJlQ]OLFKQHXHEOHLEHQGH.DUWH EHKDQGHOWGLHNHLQH(ULQQHUXQJDQLKUHIUKHUH([LVWHQ]EHVLW]W 9HUSXIIHQ+LQIlOOLJ bOWHUH9HUVLRQHQGHU0DJLF5HJHOQEHQXW]HQGHQ%HJULIIYHUSXIIHQZHQQ=DXEHUVSUFKHRGHU 9HUVWHFNWH,QIRUPDWLRQ+LQIlOOLJ ,QlOWHUHQ0DJLF5HJHOQZXUGHQDOOH(QWVFKHLGXQJHQEHLP$QVDJHQYRQ=DXEHUVSUFKHQXQG )lKLJNHLWHQJHWURIIHQGLHHLQ]LJHQ$XVQDKPHQZDUHQ2SIHUXQGEHVWLPPWH$UWHQYRQ (QWVFKHLGXQJHQGLHYHUVWHFNWH,QIRUPDWLRQHQEHWUDIHQXQGGXUFKNRPSOL]LHUWH5HJHOQGHILQLHUW ZXUGHQ8QWHUGHQ&ODVVLF5HJHOQZHUGHQDOOH(QWVFKHLGXQJHQGLHHLQ=DXEHUVSUXFKRGHUHLQH )lKLJNHLWHUIRUGHUWPLW$XVQDKPHGHV0RGXVXQGGHU=LHOHEHLGHU9HUUHFKQXQJJHWURIIHQXQG EOHLEHQGHP*HJQHUELVGDKLQXQEHNDQQW 9HUVFKQHLW+LQIlOOLJ (LQ/DQGNDQQ]XVlW]OLFK]XVHLQHP7\SYHUVFKQHLWVHLQ'LHVlQGHUWZHGHUVHLQHQ7\SQRFKREHVHLQ 6WDQGDUGRGHU1LFKWVWDQGDUGODQGLVW(LQYHUVFKQHLWHU:DOGLVW]XP%HLVSLHOLPPHUQRFKHLQ:DOG 9HUVFKQHLWPDFKWNHLQH(LQVFKUlQNXQJHQE]JOGHV7\SVXQGNDQQDXFKQLFKWJHZlKOWZHUGHQZHQQ HLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWHLQHQ/DQGW\SHUIRUGHUW (IIHNWHGLHGHQ7\SHLQHV/DQGHVlQGHUQYHUlQGHUQQLFKWGHQ6WDWXVGHV/DQGHVYHUVFKQHLW]XVHLQ RGHUQLFKW 9HUVRUJXQJVVHJPHQW 'DV9HUVRUJXQJVVHJPHQWLVWGDV]ZHLWH6HJPHQWGHU6WDUWSKDVHHLQHV=XJHV(LQLJH.DUWHQEHVLW]HQ )lKLJNHLWHQGLH]X%HJLQQGHV9HUVRUJXQJVVHJPHQWVDXVJHO|VWZHUGHQHLQHVROFKH)lKLJNHLWQHQQW PDQ9HUVRUJXQJVNRVWHQRGHUHLQHQ9HUVRUJXQJVHIIHNW9HUVRUJXQJVNRVWHQZHUGHQQRUPDOHUZHLVH LQGHU)RUP=X%HJLQQ'HLQHU9HUVRUJXQJNDQQVW'X.RVWHQEH]DKOHQ!:HQQ'XGLHVQLFKWWXVW RSIHUHGLHVH.DUWH!6LHKH5HJHO9HUVRUJXQJVVHJPHQW 9HU]DXEHUXQJ (LQH9HU]DXEHUXQJLVWVRZRKOHLQ.DUWHQW\SDOVDXFKHLQ7\SHLQHUEOHLEHQGHQ.DUWH'HUDNWLYH 6SLHOHUNDQQ9HU]DXEHUXQJV=DXEHUVSUFKHQXULQVHLQHU+DXSWSKDVHVSLHOHQZHQQGHU6WDSHOOHHU LVW6LHKH5HJHO9HU]DXEHUXQJHQ6LHKHDXFK*OREDOH9HU]DXEHUXQJ/RNDOH9HU]DXEHUXQJ 9HU]|JHUWH)lKLJNHLW (LQHYHU]|JHUWH)lKLJNHLWLVWHLQHDNWLYLHUWHRGHUDXVJHO|VWH)lKLJNHLWGLHGXUFK(IIHNWHJHQHULHUW ZRUGHQLVWDOVHLQLJH=DXEHUVSUFKHRGHU)lKLJNHLWHQYHUUHFKQHWZRUGHQVLQG6LHKH5HJHO 9HU]|JHUWH)lKLJNHLWHQ 9RUUDQJ 'HU6SLHOHUGHU]XHLQHPEHVWLPPWHQ=HLWSXQNWGLH2SWLRQKDWHLQHQ=DXEHUVSUXFKRGHUHLQH )lKLJNHLW]XVSLHOHQEHVLW]W9RUUDQJ -HGHVPDOZHQQHLQ=DXEHUVSUXFKRGHUHLQH)lKLJNHLWPLW$XVQDKPHHLQHU0DQDIlKLJNHLWYHUUHFKQHW ZLUGXQG]X%HJLQQGHUPHLVWHQ3KDVHQXQG6HJPHQWHHUKlOWGHUDNWLYH6SLHOHU9RUUDQJ:HQQHLQ 6SLHOHUSDWHUKlOWGHVVHQ*HJQHU9RUUDQJ:HQQEHLGH6SLHOHUQDFKHLQDQGHUSDVVHQHQGHWGLH 3KDVHRGHUGDV6HJPHQW 9RUUDQJDEJHEHQ+LQIlOOLJ 9RUUDQJDEJHEHQLVWGDVVHOEHZLHSDVVHQ :DOGWDUQXQJ 6LHKH/DQGWDUQXQJ :HOWHQYHU]DXEHUXQJ+LQIlOOLJ :HOWHQYHU]DXEHUXQJHQVLQGHLQHEHVRQGHUH$UWYRQJOREDOHQ9HU]DXEHUXQJHQGLHHVQXUDXIDOWHQ .DUWHQJLEWGLHQLFKWPHKUKHUJHVWHOOWZHUGHQ,PPHUZHQQ]ZHLRGHUPHKU:HOWHQYHU]DXEHUXQJHQ LP6SLHOVLQGZLUGGLHlOWHVWHDXIGHQ)ULHGKRILKUHV%HVLW]HUVJHOHJW'LHVLVWHLQDXWRPDWLVFKHU 6SLHOHIIHNW :HQQ (LQHDXVJHO|VWH)lKLJNHLWNDQQIROJHQGHUPDHQIRUPXOLHUWVHLQ,PPHUZHQQ«)DOOV«RGHU :HQQ«'LHVH)lKLJNHLWIUDJWMHGHVPDOZHQQGDVDXVO|VHQGH(UHLJQLVHLQWULWWDEREGLHJHQDQQWH %HGLQJXQJHUIOOWLVW,VWGLHVGHU)DOOZLUGGLH)lKLJNHLWDXVJHO|VWXQGDXIGHQ6WDSHOJHVHW]W:HQQ VLHYHUUHFKQHWZLUGZLUGGLH%HGLQJXQJZLHGHUEHUSUIW:HQQGLH%HGLQJXQJ]XPLQGHVWHQVHLQHP GLHVHU=HLWSXQNWHQLFKWHUIOOWLVWKDWGLH)lKLJNHLWNHLQH$XVZLUNXQJ :LGHUVWDQGVNUDIW 'LH=DKOKLQWHUGHP6FKUlJVWULFKLQGHUXQWHUHQUHFKWHQ(FNHHLQHU.UHDWXUHQNDUWHJLEWGLH :LGHUVWDQGVNUDIWGHU.UHDWXUDQ'LHDNWXHOOH:LGHUVWDQGVNUDIWHLQHU.UHDWXULVWLKU$QIDQJVZHUWGLH DXIJHGUXFNWH=DKOPRGLIL]LHUWGXUFKHYHQWXHOOH=lKOPDUNHQGLHGLH:LGHUVWDQGVNUDIWYHUlQGHUQXQG GDXHUKDIWH(IIHNWH (LQH.UHDWXUGHU6FKDGHQVSXQNWHLQ+|KHLKUHU:LGHUVWDQGVNUDIWRGHUGDUEHUKLQDXVXQGJU|HUDOV ]XJHIJWZRUGHQVLQGKDWW|GOLFKHQ6FKDGHQHUKDOWHQXQGZLUGEHLGHUQlFKVWHQ*HOHJHQKHLWGD HLQ6SLHOHU9RUUDQJHUKlOW]HUVW|UW'LHVLVWHLQDXWRPDWLVFKHU6SLHOHIIHNW %HLHLQLJHQZHQLJHQ.UHDWXUHQNDUWHQZLUGGLH:LGHUVWDQGVNUDIWGXUFKHLQDQVWDWWGXUFKHLQH=DKO DQJHJHEHQ'LHVEHGHXWHWGDGLH.UHDWXUHLQHVWDWLVFKH)lKLJNHLWEHVLW]WGLHGHUHQ :LGHUVWDQGVNUDIWJHPlHLQHUDQJHJHEHQHQ%HGLQJXQJIHVWVHW]W:HQQHLQ=DXEHUVSUXFKRGHUHLQH )lKLJNHLWGLH:LGHUVWDQGVNUDIWGLHVHU.UHDWXU]XOHVHQYHUVXFKWZHQQGLH.UHDWXUHQNDUWHQLFKWLP 6SLHOLVWEHWUlJWVLH ; :HQQ.RVWHQHLQ;HQWKDOWHQPXGHU:HUWYRQ;EHLP6SLHOHQGHV=DXEHUVSUXFKVRGHUGHU )lKLJNHLWDQJHNQGLJWZHUGHQ:lKUHQGVLFKGHU=DXEHUVSUXFKRGHUGLH)lKLJNHLWDXIGHP6WDSHO EHILQGHWHQWVSULFKWHLQ;LQGHQ0DQDNRVWHQGHUHQWVSUHFKHQGHQ0HQJHEHOLHELJHQ0DQDV:HQQHLQH .DUWHLQLUJHQGHLQHUDQGHUHQ=RQHHLQ;LQLKUHQ0DQDNRVWHQHQWKlOWZLUGHVDOVEHKDQGHOW =lKOPDUNH (LQH=lKOPDUNHLVWHLQ+LOIVPLWWHOGDVDXIHLQHEOHLEHQGH.DUWHJHOHJWZLUGXPHQWZHGHULKUH &KDUDNWHULVWLND]XPRGLIL]LHUHQRGHUPLWHLQHU)lKLJNHLW]XLQWHUDJLHUHQ0DQFKH.UHDWXUHQNRPPHQ ]XP%HLVSLHOPLWHLQHU$Q]DKOYRQ=lKOPDUNHQLQV6SLHOGLHLKUH6WlUNHXQG:LGHUVWDQGVNUDIW HUK|KHQ=lKOPDUNHQPLWGHPVHOEHQ1DPHQRGHUGHUVHOEHQ%HVFKUHLEXQJVLQGDXVWDXVFKEDU =lKOWDOV :HQQGHU7H[WHLQHU.DUWHVDJWGDVLHDOVHWZDV]lKOWGDQQLVWGLH.DUWHLQ%H]XJDXIGLH 6SLHOUHJHOQXQGDQGHUH.DUWHQHEHQGLHVHV'LQJ'LHVLVWNHLQH)lKLJNHLWHVJLOWVRJDUZHQQGLH .DUWHQLFKWLP6SLHOLVW=XP%HLVSLHONDQQHLQH.DUWHGLHDOV:DOG]l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|UHQ (LQHEOHLEHQGH.DUWH]HUVW|UHQEHGHXWHWVLHYRQGHU,P6SLHO=RQHDXIGHQ)ULHGKRILKUHV%HVLW]HUV ]XOHJHQ5HJHQHUDWLRQRGHUDQGHUH(IIHNWHGLHHLQH=HUVW|UXQJHUVHW]HQN|QQHQN|QQHQGLHVH $NWLRQHUVHW]HQ6LHKH5HJHO(UVDW]XQG9HUKLQGHUXQJVHIIHNWH =LHKHQ (LQH6SLHOHU]LHKWHLQH.DUWHLQGHPHUGLHREHUVWH.DUWHVHLQHU%LEOLRWKHNLQVHLQH+DQGQLPPW(LQ =DXEHUVSUXFKRGHUHLQH)lKLJNHLWNDQQ.DUWHQDXVGHU%LEOLRWKHNHLQHV6SLHOHUVLQGHVVHQ+DQG EHZHJHQRKQHVLH]X]LHKHQGLHVPDFKWHLQHQ8QWHUVFKLHGIU)lKLJNHLWHQGLHGXUFKGDV=LHKHQ YRQ.DUWHQDXVJHO|VWZHUGHQRGHUGLHGDV=LHKHQYRQ.DUWHQHUVHW]HQ =LHKVHJPHQW 'DV=LHKVHJPHQWLVWGDVGULWWH6HJPHQWGHU6WDUWSKDVHXQGEHJLQQWPLWHLQHUDXVJHO|VWHQ)lKLJNHLW GLHGHQDNWLYHQ6SLHOHU]ZLQJWHLQH.DUWH]X]LHKHQ(LQ6SLHOHUNDQQLQGLHVHP6HJPHQW =DXEHUVSUFKHXQG)lKLJNHLWHQVSLHOHQZHQQHU9RUUDQJKDW6LHKH5HJHO=LHKVHJPHQW =LHO 6LHKH'HLQHU:DKO =RQH (LQH=RQHLVWMHGHU2UWDQGHPVLFK0DJLF.DUWHQZlKUHQGHLQHU3DUWLHDXIKDOWHQN|QQHQ6LHKH 5HJHO=RQHQ =XVlW]OLFKH.RVWHQ (LQLJH=DXEHUVSUFKHRGHU)lKLJNHLWHQKDEHQLQLKUHP7H[W]XVlW]OLFKH.RVWHQDXIJHIKUWGLH]XU VHOEHQ=HLWEH]DKOWZHUGHQGDGHU6SLHOHUGLH0DQDNRVWHQEH]DKOW6LHKH5HJHO=DXEHUVSUFKH XQGDNWLYLHUWH)lKLJNHLWHQVSLHOHQ 8UVSUQJOLFKHV0DJLF'LH=XVDPPHQNXQIW'HVLJQ5LFKDUG*DUILHOG &ODVVLF6HFKVWH(GLWLRQ±(QWZLFNOXQJVWHDP &KDUOLH&DWLQR6NDII(OLDV0LNH(OOLRWW:LOOLDP-RFNXVFK%HWK0RXUVXQG%LOO5RVH0DUN5RVHZDWHU XQG+HQU\6WHUQ.DUWHQXQG5HJHOQPLW%HLWUlJHQYRQ-RKQ7RFKHUXQG%ULDQ7LQVPDQEHLP 5HJHOEXFKXQG-RQDWKDQ7ZHHWEHLGHU6WUDWHJLHKLOIH 5HGDNWLRQ'DUOD$.HQQHUXG%UDG\'RPPHUPXWKXQG-HQQLIHU&ODUNH:LONHV (QWZLFNOXQJVOHLWXQJ0DJLF%LOO5RVH .QVWHUOLVFKH/HLWXQJ5RQ6SHDUV *UDSKLVFKH*HVWDOWXQJ'DQLHO*HORQPLW%HLWUlJHQYRQ6RQLD7HOHVFR hEHUVHW]XQJGHU5HJHOQ6WHSKDQ9DON\VHUPLW%HLWUlJHQYRQ+DQQR*LUNH /D\RXW,OND6RUJXQG+DQQR*LUNH .RRUGLQLHUXQJGHUGHXWVFKHQ9HUVLRQ'RUX&XOLDF 0DJLF7KH*DWKHULQJZXUGHYRQ5LFKDUG*DUILHOGHQWZLFNHOW'D]XEHLJHWUDJHQKDEHQ&KDUOLH&DWLQR 6NDII(OLDV'RQ)HOLFH7RP)RQWDLQH-LP/LQ-RHO0LFN&KULV3DJH'DYH3HWWH\%DUU\%LW5HLFK %LOO5RVHXQG(OOLRWW6HJDO'DVXUVSUQJOLFKHJUDSKLVFKH'HVLJQZDUYRQ-HVSHU0\UIRUV/LVD6WHYHQV XQG&KULVWRSKHU5XVK 'DQNHDQDOOHGLHDQGLHVHP3URMHNWPLWJHDUEHLWHWKDEHQ±HVVLQG]XYLHOHXPVLHKLHUDOOH DXI]X]lKOHQ 'LHVLVWGLH$UWXQG:HLVHZLHGLH:HOWHQGHW µ'LH6FKDIHZHUGHQGDVHUVWH=HLFKHQVHLQ 'LHGLHKHUXPWROOHQXQGKRSVHQZHUGHQPLWJURHQ(UVFKWWHUXQJHQGHWRQLHUHQ 'HUVWlUNVWH/HLPZLUGVLHQLFKWKDOWHQN|QQHQLKUH4XDOZLUGXQEHREDFKWHWVHLQ %LVGLHJURHQ'UHLHFNHZHJJHKHQ¶ 8QGGLHVLVWGLH$UWXQG:HLVHZLHGLHVHV5HJHOEXFKHQGHW ±:L]DUGVRIWKH&RDVW,QF:L]DUGVRIWKH&RDVW0DJLF'LH=XVDPPHQNXQIW 0DJLF $UDELDQ1LJKWV$QWLTXLWLHV/HJHQGVXQG7KH'DUN VLQGHLQJHWUDJHQH:DUHQ]HLFKHQYRQ:L]DUGVRI WKH&RDVW,QF$UHQD'&,&ODVVLF)DOOHQ(PSLUHV(LV]HLW+HLPDWOlQGHU$OOLDQ]HQ7UXJELOGHU 9LVLRQHQ:HWWHUOLFKW6WXUPZLQG)HOVHQEXUJ([RGXV8U]DV6DJH8U]DV6FKLFNVDO8QJOXHG 9DQJXDUG&KURQLFOHV3RUWDO3RUWDO=ZHLWHV=HLWDOWHU3RUWDO'UHL.|QLJUHLFKHGDV0GDV7DS6\PERO RF7GLH0DQDV\PEROHR:R8R%R5R*XQGGDV3HQWDJRQGHU)DUEHQVLQG:DUHQ]HLFKHQYRQ :L]DUGVRIWKH&RDVW,QF863DWHQW,QDQGHUHQ/lQGHUQ]XP3DWHQWDQJHPHOGHW 'LHVH5HJHOQKDEHQGHQ6WDQGYRP$SULO
© Copyright 2025 ExpyDoc