*XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                D
               6HLWH                     
               $XIWUDJJHEHU              6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
                                           *PE+
               7HLOHW\S                  6$/


               7HFKQLVFKH'DWHQ.XU]IDVVXQJ
               5DGGDWHQ

               5DGW\S                                                           6$/
               $UWGHV6RQGHUUDGHV                                    HLQWHLOLJHV/HLFKWPHWDOO5DG
               +DQGHOVPDUNH                                                        ULDO
               0RQWDJHSRVLWLRQ                                         9RUGHUXQG+LQWHUDFKVH
               5DGDXVIKUXQJ                                                       %
               5DGDXVIKUXQJVNHQQ]                                                %
               5DGJU|‰H                                                         -[+
               5DG(LQSUHVVWLHIH                                                 PP
               /RFKNUHLVGXUFKPHVVHU                                             PP
               /RFK]DKO                                                             
§22 54915*00




               0LWWHQORFKGXUFKPHVVHU                                           PP
               =HQWULHUDUW                                                 0LWWHQ]HQWULHUXQJ
               =HQWULHUULQJ                                                =‘‘
               JHSUIWH5DGODVW
                                               NJ
                5HLIHQDEUROOXPIDQJ                                      PP
               
'LH]XOlVVLJH5DGODVWNDQQMHQDFK5HLIHQJU|‰HYRPDQJHJHEHQHQ:HUWDEZHLFKHQ


               $OOJHPHLQH$QIRUGHUXQJHQ
               ,P)DKU]HXJYHUEDXWHVLFKHUKHLWVXQGRGHUXPZHOWUHOHYDQWH)DKU]HXJV\VWHPH]%
               5HLIHQGUXFNNRQWUROOV\VWHPHPVVHQQDFK$QEDXGHU6RQGHUUlGHUIXQNWLRQVIlKLJEOHLEHQE]Z
               HQWVSUHFKHQGHUVHW]WZHUGHQ

               9HUZHQGXQJVEHUHLFK
               )DKU]HXJKHUVWHOOHURGHU0DUNH       '$1*(/

               5DGEHIHVWLJXQJ
               $XIODJHQ $FKVH %HVFKUHLEXQJGHU%HIHVWLJXQJVWHLOH                                     =XEHK|U.LW $Q]XJV
               .U]HO                                                                                             PRPHQW
               %)        5DGVFKUDXEH.HJHOƒ*HZLQGH0[                                03       1P
                               6FKDIWOlQJHPP

               7\SHQ                       $%((**HQHKPLJXQJHQ
               9&                           H



               9&                           H



               9&                           H
.6


               9&                           H
.6


               0RWRUOHLVWXQJ   +DQGHOVEH]HLFKQXQJHQ ]XOlVVLJH5HLIHQJU|‰HQ                      $XIODJHQXQG+LQZHLVH
               N:                                    YRUQHXQGKLQWHQJJI$XIODJHQ
               ELV      &LWURHQ-XPS\[      5                                $ELV$
                               -XPS\6SDFHWRXUHU[                                            %)((5.7
               *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                D
               6HLWH                     
               $XIWUDJJHEHU              6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
                                           *PE+
               7HLOHW\S                  6$/



               $XIODJHQXQG+LQZHLVH

               $   'HUYRUVFKULIWVPl‰LJH=XVWDQGGHV)DKU]HXJVLVWGXUFKHLQHQDPWOLFKDQHUNDQQWHQ
                      6DFKYHUVWlQGLJHQRGHU3UIHUIUGHQ.UDIWIDKU]HXJYHUNHKURGHUHLQHQ
                      .UDIWIDKU]HXJVDFKYHUVWlQGLJHQRGHUHLQHQ$QJHVWHOOWHQQDFK1XPPHUGHU$QODJH9,,,E]XU
                      6W9=2DXIHLQHP1DFKZHLVHQWVSUHFKHQGGHP%HLVSLHONDWDORJ]X†6W9=2
                      YHU|IIHQWOLFKWHQ0XVWHUEHVFKHLQLJHQ]XODVVHQ

               $   :LUGHLQHLQGLHVHP*XWDFKWHQDXIJHIKUWH5HLIHQJU|‰HYHUZHQGHWGLHQLFKWEHUHLWVLQGHQ
                      )DKU]HXJSDSLHUHQJHQDQQWLVWVRVLQGGLH$QJDEHQEHUGLH5HLIHQJU|‰HLQGHQ
                      )DKU]HXJSDSLHUHQGXUFKGLH=XODVVXQJVVWHOOHEHULFKWLJHQ]XODVVHQ'LHVH%HULFKWLJXQJLVW
                      GDQQQLFKWHUIRUGHUOLFKZHQQGLH$%(GHV6RQGHUUDGHVHLQH)UHLVWHOOXQJYRQGHU3IOLFKW]XU
                      %HULFKWLJXQJGHU)DKU]HXJSDSLHUHHQWKlOW

               $   'LHPLQGHVWHQVHUIRUGHUOLFKHQ*HVFKZLQGLJNHLWVEHUHLFKHXQG7UDJIlKLJNHLWHQGHU]X
                      YHUZHQGHQGHQ5HLIHQVLQGXQWHU=XJUXQGHOHJXQJGHUIDKU]HXJVSH]LILVFKHQ'DWHQDXVGHU
                      LQ$QODJHEHILQGOLFKHQ7DEHOOHÄ7UDJIlKLJNHLWVNHQQ]DKOXQG*HVFKZLQGLJNHLWVV\PERO³]X
                      HQWQHKPHQ*LEWHVGLH5HLIHQJU|‰HQPLWGHQHUPLWWHOWHQ0LQGHVWZHUWHQQLFKWVRVLQGVLH
§22 54915*00




                      QLFKW]XOlVVLJ

               $   'DV)DKUZHUNVRZLHGLH%UHPVXQG/HQNXQJVDJJUHJDWHPVVHQVRIHUQGLHVHGXUFKNHLQH
                      ZHLWHUHQ$XIODJHQEHUKUWZHUGHQGHP6HULHQVWDQGHQWVSUHFKHQ:LUGJOHLFK]HLWLJPLWGHP
                      $QEDXGHU6RQGHUUlGHUHLQH)DKUZHUNVlQGHUXQJYRUJHQRPPHQVRLVWGLHVHXQGLKUH
                      $XVZLUNXQJDXIGHQ$QEDXGHU6RQGHUUlGHUJHVRQGHUW]XEHXUWHLOHQ

               $   (VVLQGQXUVFKODXFKORVH5HLIHQPLW*XPPLRGHU0HWDOOYHQWLOHQ]XOlVVLJ'LH9HQWLOHPVVHQ
                      GHQ1RUPHQ',1(7572RGHU75$HQWVSUHFKHQVROOHQP|JOLFKVWNXU]VHLQXQGGUIHQ
                      QLFKWEHUGLH5DGNRQWXUKLQDXVUDJHQ

               $   %HL9HUZHQGXQJGHVVHULHQPl‰LJHQ(UVDW]E]Z1RWUDGHVVLQGGLHVHULHQPl‰LJHQ
                      %HIHVWLJXQJVWHLOH]XYHUZHQGHQ

               $   'LH%H]LHKHUGHU6RQGHUUlGHUVLQGGDUDXIKLQ]XZHLVHQGDVVGHUYRP5HLIHQKHUVWHOOHU
                      YRUJHVFKULHEHQH5HLIHQIOOGUXFNE]Z0LQGHVWOXIWGUXFN]XEHDFKWHQLVW

               $   :LUGGDVVHULHQPl‰LJH(UVDW]UDGYHUZHQGHWVROOPLWPl‰LJHU*HVFKZLQGLJNHLWXQGQLFKWOlQJHU
                      DOVHUIRUGHUOLFKJHIDKUHQZHUGHQ%HL)DKU]HXJHQPLWSHUPDQHQWHP$OOUDGDQWULHELVWEHL
                      9HUZHQGXQJGHV(UVDW]UHLIHQVGDUDXI]XDFKWHQGDVVQXU5HLIHQPLWJOHLFKJUR‰HP
                      $EUROOXPIDQJ]XOlVVLJVLQG(VPVVHQGLHVHULHQPl‰LJHQ%HIHVWLJXQJVWHLOHYHUZHQGHW
                      ZHUGHQ

               $   'LH%H]LHKHUVLQGGDUDXIKLQ]XZHLVHQGDVV6FKQHHNHWWHQEHWULHEQLFKWJHSUIWZXUGHHVVHL
                      GHQQGDVVGLH9HUZHQGXQJYRQ6FKQHHNHWWHQGXUFKHLQHZHLWHUH$XIODJHLP*XWDFKWHQHUODXEW
                      ZLUG

               $   'LH5lGHUGUIHQQXUDQGHU,QQHQVHLWHPLW.OHEHJHZLFKWHQDXVJHZXFKWHWZHUGHQ-HQDFK
                      %UHPVDXVVWDWWXQJNDQQGLH$QEULQJXQJYRQ:XFKWJHZLFKWHQXQWHUKDOEGHV)HOJHQWLHIEHWWV
                      XQGRGHUGHU)HOJHQVFKXOWHUHLQJHVFKUlQNWVHLQ$XIJUXQGXQWHUVFKLHGOLFKHU%UHPVDQODJHQ
                      MHQDFK)DKU]HXJW\SLVWHVP|JOLFKGDVVXQWHUKDOEGHV)HOJHQWLHIEHWWVNHLQH.OHEHJHZLFKWH
                      PRQWLHUWZHUGHQN|QQHQ
               *XWDFKWHQ]XU(UWHLOXQJGHU$%(1UQDFK†6W9=2
               1U                       5$$
               $QODJH1U                D
               6HLWH                     
               $XIWUDJJHEHU              6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\
                                           *PE+
               7HLOHW\S                  6$/


               %)   (VVLQGIROJHQGHYRP5DGKHUVWHOOHUPLW]XOLHIHUQGH%HIHVWLJXQJVWHLOH]XYHUZHQGHQ
                      $FKVH
                      5DGVFKUDXEH.HJHOƒ*HZLQGH0[6FKDIWOlQJHPP
                      =XEHK|UNLW03
                      $Q]XJVPRPHQW1P

               (   1XUJHSUIWIU)DKU]HXJHPLW$OOUDGDQWULHE

               (5 'DV6RQGHUUDGJHSU5DGODVWLVWLQ9HUELQGXQJPLWGLHVHU5HLIHQJU|‰HQXU]XOlVVLJELV]X
                    HLQHU$FKVODVWYRQNJ'DVJLOWDXFKEHLHUK|KWHU$FKVODVWLP$QKlQJHUEHWULHEJHPl‰GHQ
                    )DKU]HXJSDSLHUHQ)HOGE]Z=LIIHU

               .   'LH5DGDEGHFNXQJDQ$FKVHLVWGXUFK$XVVWHOOHQGHU+HFNVFKU]HXQGGHV.RWIOJHOVRGHU
                      GXUFK$QEDXYRQGDXHUKDIWEHIHVWLJWHQ.DURVVHULHWHLOHQLP%HUHLFKƒELVƒKLQWHUGHU
                      5DGPLWWHKHU]XVWHOOHQ
                      'LHJHVDPWH%UHLWHGHU5DG5HLIHQNRPELQDWLRQPXVVXQWHU%HDFKWXQJGHVPD[LPDOP|JOLFKHQ
                      %HWULHEVPD‰HVGHV5HLIHQVIDFKHGHU1HQQEUHLWHGHV5HLIHQVLQGHPREHQ
                      JHQDQQWHQ%HUHLFKDEJHGHFNWVHLQ
§22 54915*00




               7   1XU]XOlVVLJDQ)DKU]HXJHQPLWHLQHU]XOlVVLJHQ$FKVODVWELVPD[NJEHL/,'LH
                      7UDJIlKLJNHLWGHV=55HLIHQVPXVVGDQQPLQNJEHWUDJHQ$QJDEHQVWHKHQDXIGHP
                      5HLIHQ$XIODJH$LVWMHGRFKJHQHUHOO]XEHDFKWHQ

               'LH$QODJHDPLWGHQ6HLWHQKDWQXU*OWLJNHLWLQ9HUELQGXQJPLWGHP*XWDFKWHQIU6RQGHUUlGHU
               7\S6$/GHV$XIWUDJJHEHUV6XSHULRU,QGXVWULHV/HLFKWPHWDOOUlGHU*HUPDQ\*PE+

               *HVFKlIWVVWHOOH(VVHQ