Jürgen Hofmann Werner Schmidt (Hrsg.)
Masterkurs IT-Management
Aus dem Bereich IT erfolgreich lernen
Prozessmodelli...
80 downloads
1394 Views
6MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
Jürgen Hofmann Werner Schmidt (Hrsg.)
Masterkurs IT-Management
Aus dem Bereich IT erfolgreich lernen
Prozessmodellierung mit ARIS von Heinrich Seidlmeier Grundkurs Geschäftsprozess-Management von Andreas Gadatsch Business Intelligence – Grundlagen und praktische Anwendungen von Hans-Georg Kemper, Walid Mehanna und Carsten Unger IT-Projekte strukturiert realisieren von Ralph Brugger Masterkurs IT-Controlling von Andreas Gadatsch und Elmar Mayer
Masterkurs IT-Management von Jürgen Hofmann und Werner Schmidt
www.vieweg.de
Jürgen Hofmann Werner Schmidt (Hrsg.)
Masterkurs IT-Management Das Wissen für die erfolgreiche Praxis – Grundlagen und beispielhafte Umsetzung – Für Studenten und Praktiker Mit105 Abbildungen Unter Mitarbeit von Wolfgang Renninger und Oliver Toufar
Bibliografische Information Der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.
Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne von Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürfen. Höchste inhaltliche und technische Qualität unserer Produkte ist unser Ziel. Bei der Produktion und Auslieferung unserer Bücher wollen wir die Umwelt schonen: Dieses Buch ist auf säurefreiem und chlorfrei gebleichtem Papier gedruckt. Die Einschweißfolie besteht aus Polyäthylen und damit aus organischen Grundstoffen, die weder bei der Herstellung noch bei der Verbrennung Schadstoffe freisetzen.
1. Auflage Juli 2007 Alle Rechte vorbehalten © Friedr. Vieweg & Sohn Verlag | GWV Fachverlage GmbH, Wiesbaden 2007 Lektorat: Günter Schulz | Andrea Broßler Der Vieweg Verlag ist ein Unternehmen von Springer Science+Business Media. www.vieweg.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Umschlaggestaltung: Ulrike Weigel, www.CorporateDesignGroup.de Druck und buchbinderische Verarbeitung: MercedesDruck, Berlin Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier. Printed in Germany ISBN 978-3-528-05881-4
`OQbWQSa 2S` :SaS` S`VÉZb a] SW\S\ eS`bd]ZZS\ =`WS\bWS`c\Ua`OV[S\ Tº` RWS /caUSabOZbc\U RSa /cTUOPS\a^SYb`c[a d]\ 7B;O\OUS`\ 2OPSW `WQVbSb aWQV ROa 6Oc^bOcUS\[S`Y OcT 7B/\eS\Rc\Uac\bS`\SV[S\ eSZQVS RWS 7B W[ ESaS\bZWQVS\ hc` C\bS`abºbhc\U WV`S` 5SaQVÉTba^`]hSaaS VS`O\hWSVS\ c\R \WQVb OcT C\bS`\SV[S\ eSZQVS AgabS[S c\R :rac\US\ VS`abSZZS\ c\R]RS` O\PWSbS\ 2S[hcT]ZUS SWU\Sb aWQV ROa 0cQV W\aPSa]\RS`S Tº` 7B4OQV c\R 4ºV`c\UaY`ÉTbS d]\ [WbbZS`S\ c\R 5`]zc\bS`\SV[S\ XSUZWQVS` 0`O\QVS\hcUSVr`WUYSWb Tº` 5SaQVÉTbaTºV`S` d]\ YZSW\S\ c\R
2SaeSUS\ eS`RS\ O\ SW\hSZ\S\ AbSZZS\ Y]\Y`SbS A]TbeO`S^`]RcYbS c\R /\PWSbS` US\O\\b ]Pe]VZ c\a PSecaab Wab ROaa US`ORS RWSaS` 0S`SWQV d]\ SW\S[ Rg\O[WaQVS\ EO\RSZ RSa ;O`YbSa US^`ÉUb Wab
D
E^af^ac [WbbZS`S\ C\bS`\SV[S\ 9;C a]eWS Tº` AbcRWS`S\RS RS` Abc RWS\UÉ\US 0Sb`WSPaeW`baQVOTb EW`baQVOTbaW\T]`[ObWY EW`baQVOTba W\US\WSc`eSaS\ c\R 7\T]`[ObWY ]RS` S\ba^`SQVS\RS` ESWbS`PWZ Rc\UaO\USP]bS EW` eº\aQVS\ c\aS`S\ :SaS`W\\S\ c\R :SaS`\ dWSZ A^Oz PSW RS` :SYbº`S c\R dWSZ 3`T]ZU PSW RS` C[aSbhc\U RS` PSVO\RSZbS\ BVS[S\ 4º` 6W\eSWaS aW\R eW` XSRS`hSWb RO\YPO` 7\U]ZabORb W[ 8O\cO` % 8º`US\ 6]T[O\\ c\R ES`\S` AQV[WRb
D7
Inhaltsverzeichnis Jürgen Hofmann/Werner Schmidt 1
Einführung................................................................................................ 1 1.1 IT-Management und Informationsmanagement .........................................1 1.2 Ziel und Aufbau des Buches .......................................................................5 1.3 Literatur zu Kapitel 1 ....................................................................................8
Werner Schmidt 2
IT-Strategie .............................................................................................. 11 2.1 Begriffsverständnis und Einordnung ......................................................... 11 2.2 Ausgangssituation für strategisches IT-Management................................ 13 2.2.1 Wertbeitrag der IT............................................................................. 13 2.2.2 Defizite bei der Realisierung der Potenziale der IT........................ 15 2.2.3 Reifegrad der IT und des IT-Managements..................................... 16 2.3 Prozess der IT-Strategieentwicklung ......................................................... 24 2.3.1 Überblick ........................................................................................... 24 2.3.2 Definition des Betrachtungsbereiches ............................................. 27 2.3.3 Situationsanalyse ............................................................................... 29 2.3.4 Zieldefinition ..................................................................................... 52 2.3.5 Strategieformulierung........................................................................ 55 2.3.6 Maßnahmenplanung ......................................................................... 66 2.3.7 Abstimmung von IT-Strategie und Unternehmensstrategie............ 71 2.4 Praxisbeispiel Siemens AG Power Generation (PG) ................................ 77 2.5 Literatur zu Kapitel 2 .................................................................................. 86
Jürgen Hofmann 3
IT-Organisation und -Personal............................................................... 91 3.1 Aufbauorganisatorische Regelungen ......................................................... 91 3.1.1 Übergeordnete Regelungen.............................................................. 91 3.1.2 Kompetenzen des IT-Bereichs ......................................................... 97 3.1.3 Abstimmung zwischen IT-Bereich und Fachbereichen.................. 97 VII
8]WP[cbeTaiTXRW]Xb !" :SWbc\U RSa 7B0S`SWQVa '' !# 5ZWSRS`c\U RSa 7B0S`SWQVa '' !
7B>`]hSaaS ! ! 3W\TºV`c\U ! ! 7B7: OZa @OV[S\eS`Y Tº` 7B>`]hSaaS $ ! ! ESWbS`S /\aÉbhS Tº` 7BAS`dWQS[O\OUS[S\b "
!! 7B>`]XSYbS $ !! 5`c\RZOUS\ $ !! 7B>`]XSYb]`UO\WaObW]\ ' !" 7B>S`a]\OZ !" 3W\TºV`c\U !" AWbcObW]\ O[ /`PSWba[O`Yb !"! >S`a]\OZUSeW\\c\U ! !"" /ca c\R ESWbS`PWZRc\U # !# 7B=cba]c`QW\U & !# ESaS\ & !# 4]`[S\ ' !#! D]`USVS\aeSWaS PSW 7B=cba]c`QW\U>`]XSYbS\ ! !$ :WbS`Obc` hc 9O^WbSZ ! !# E]ZTUO\U @S\\W\US` #
8C2^]ca^[[X]V # " 0SU`WTTadS`abÉ\R\Wa c\R 3W\]`R\c\U " " 2STW\WbW]\ 7B1]\b`]ZZW\U " " DS`VÉZb\Wa 7B;O\OUS[S\b c\R 7B1]\b`]ZZW\U " "! 1]\b`]ZZW\U@SUSZY`SWa "" "
2W[S\aW]\S\ RSa 7B1]\b`]ZZW\Ua "# " 3`aQVSW\c\UaT]`[S\ RSa 7B1]\b`]ZZW\Ua "# " A]\RS`T]`[S\ RSa 7B1]\b`]ZZW\Ua "% " ! =PXSYbS RSa 7B1]\b`]ZZW\Ua "& " " Ab`ObSUWaQVSa da ]^S`ObWdSa 7B1]\b`]ZZW\U # " # 0S`SWbabSZZc\Ua da DS`eS\Rc\UaeW`baQVOTbZWQVYSWb #
"! =`UO\WaOb]`WaQVS 3W\PSbbc\U RSa 7B1]\b`]ZZW\Ua #% D777
8]WP[cbeTaiTXRW]Xb "" 7\ab`c[S\bS RSa 7B1]\b`]ZZW\Ua #' "# 0OZO\QSR AQ]`SQO`R OZa 0SWa^WSZ SW\Sa ºPS`U`SWTS\RS\ AbScS`c\UaW\ab`c[S\ba $# "$ :WbS`Obc` hc 9O^WbSZ " % ES`\S` AQV[WRb $
`OfWa WZZcab`WS`b 2S` :SaS` S`VÉZb a] SW\S\ eS`bd]ZZS\ =`WS\bWS`c\Ua`OV[S\ Tº` RWS /caUSabOZbc\U RSa /cTUOPS\a^SYb`c[a d]\ 4ºV`c\UaY`ÉTbS\ W[ 7B;O\OUS[S\b 2OPSW `WQVbSb aWQV ROa 6Oc^bOcUS\[S`Y OcT 7B/\eS\Rc\Uac\ bS`\SV[S\ eSZQVS RWS 7B W[ ESaS\bZWQVS\ hc` C\bS`abºbhc\U WV `S` 5SaQVÉTba^`]hSaaS VS`O\hWSVS\ c\R \WQVb OcT C\bS`\SV[S\ eSZQVS AgabS[S c\R :rac\US\ VS`abSZZS\ c\R]RS` O\PWSbS\ 2Oa 0cQV Wab S\ba^`SQVS\R RS[ W\ /PPWZRc\U " RO`USabSZZbS\ 0SU`WTTadS`abÉ\R\Wa d]\ 7B;O\OUS[S\b eWS T]ZUb OcTUSPOcb( ]bS\hWOZS eS\WUS` S`T]ZU`SWQV OcaaQVr^TS\ OZa O\RS`S 2WSaS` W\ C\bS`\SV[S\ c\bS`aQVWSRZWQVS @SWTSU`OR d]\ 7B c\R 7B;O\OUS[S\b eW`R [Wb OcaUSeÉVZbS\ @SWTSU`OR[] RSZZS\ PSaQV`WSPS\ 3W\S\ P`SWbS\ @Oc[ \W[[b W\ RWSaS[ /P aQV\Wbb RS` >`]hSaa RS` 7BAb`ObSUWSS\beWQYZc\U [Wb RS\ 6Oc^b ^VOaS\ AWbcObW]\aO\OZgaS HWSZRSTW\WbW]\ Ab`ObSUWST]`[cZWS`c\U c\R ;Oz\OV[S\^ZO\c\U SW\ 5`]zS` ES`b eW`R ROPSW OcT RWS D]`abSZZc\U USSWU\SbS` ;SbV]RS\ hc` C\bS`abºbhc\U RS` SW\hSZ \S\ >VOaS\ USZSUb 2S` /PabW[[c\U d]\ 7B c\R C\bS`\SV[S\a ab`ObSUWS Wab eSUS\ WV`S` 0SRScbc\U SW\ SWUS\Sa C\bS`YO^WbSZ US #
4X]U¶Wad]V eWR[Sb /Za /PaQVZcaa RSa 9O^WbSZa dS`O\aQVOcZWQVb SW\ 0SWa^WSZ Oca RS` PSb`WSPZWQVS\ >`OfWa ROa d]`VS` RO`USabSZZbS D]`USVS\ PSW RS` 7BAb`ObSUWSS\beWQYZc\U 2Oa R`WbbS 9O^WbSZ PSTOaab aWQV [Wb 8C>aVP]XbPcX^] d]S ?Tab^]P[ Hc\ÉQVab eS`RS\ U`c\RaÉbhZWQVS OcTPOc]`UO\WaOb]`W aQVS @SUSZc\US\ eWS RWS 3W\]`R\c\U RSa 7B0S`SWQVa W\ ROa C\ bS`\SV[S\ RS` /cTPOc c\R RWS 9][^SbS\hS\ RSa 7B0S`SWQVa c\R RWS @]ZZS RS` 7B:SWbc\U PSVO\RSZb 3W\ W\ Xº\US`S` HSWb S` T]ZUbS` >O`ORWU[S\eSQVaSZ d]\ RS` BSQV\WYT]YcaaWS`c\U VW\ hc` AS`dWQS]`WS\bWS`c\U PWZRSb RS\ /caUO\Ua^c\Yb Tº` RWS 0SVO\R Zc\U RS` 7B>`]hSaaS d]` OZZS[ [Wb 0ZWQY OcT RWS @STS`S\h^`] hSaaS RS` 7B 7\T`Oab`cQbc`S :WP`O`g 7B7: 7B>`]XSYbS OZa eWQVbWUS @SOZWaWS`c\UaT]`[ SW\[OZWUS` 7B/cTUOPS\ eS`RS\ QVO`OYbS`WaWS`b c\R OcT WV`S 0Sa]\RS`VSWb W[ DS`UZSWQV hc O\RS`S\ >`]XSYbS\ VW\ c\bS`acQVb /cQV eS`RS\ dS`aQVWSRS\S 4]`[S\ d]\ 7B>`]XSYb ]`UO\WaObW]\S\ d]`USabSZZb 2S` /PaQV\Wbb 7B>S`a]\OZ USVb OcT RWS OYbcSZZS AWbcObW]\ O[ /`PSWba[O`Yb Tº` 7B>S`a]\OZ SW\ S`ZÉc bS`b RWS ;rUZWQVYSWbS\ hc` 5SeW\\c\U d]\ 7B>S`a]\OZ c\R PS aQV`SWPb RWS dWSZTÉZbWUS\ /ca c\R ESWbS`PWZRc\Ua[rUZWQVYSWbS\ ;Wb RS[ ESaS\ d]\ 7B=cba]c`QW\U aSW\S\ W\ ^`OfW O\hcb`STTS\ RS\ 3`aQVSW\c\UaT]`[S\ c\R RS` D]`USVS\aeSWaS PSW 7B=cb a]c`QW\U>`]XSYbS\ eW`R RWSaSa 9O^WbSZ OPUSaQVZ]aaS\ 8C2^]ca^[[X]V Wab 5SUS\abO\R d]\ 9O^WbSZ dWS` Hc\ÉQVab eW`R SW\ U`c\RZSUS\RSa 0SU`WTTadS`abÉ\R\Wa USaQVOTTS\ ROa DS`VÉZb\Wa d]\ 7B1]\b`]ZZW\U c\R 7B;O\OUS[S\b RO`USabSZZb c\R RS` 1]\ b`]ZZW\U@SUSZY`SWa dS`O\aQVOcZWQVb Bg^WaQVS 3ZS[S\bS c\R 3W US\aQVOTbS\ d]\ 7B1]\b`]ZZW\U eS`RS\ W[ BSWZOPaQV\Wbb 2W[S\ aW]\S\ PSVO\RSZb 2OPSW eS`RS\ W\ :WbS`Obc` c\R >`OfWa O\hcb`ST TS\RS 3`aQVSW\c\UaT]`[S\ c\R =PXSYbS d]\ 7B1]\b`]ZZW\U d]` USabSZZb 2WS ]`UO\WaOb]`WaQVS 3W\PSbbc\U RWSaS` 4c\YbW]\ c\R 7\ ab`c[S\bS Tº` RS\ 7B1]\b`]ZZS` aQVZWSzS\ aWQV O\ 2WS 0OZO\QSR 7B AQ]`SQO`R OZa SW\ []RS`\Sa AbScS`c\UaW\ab`c[S\b `c\RSb ROa 0WZR RWSaSa BSWZUSPWSbSa OP 2Oa `OfWaPSWa^WSZ OPUSaQVZ]aaS\ 8CBXRWTaWTXcb\P]PVT\T]c eW`R W\ 9O^WbSZ aSQVa PSVO\RSZb 5`c\RZOUS\ Tº` RWSaSa 9O^WbSZ abSZZS\ RWS eOQVaS\RS 0SRScbc\U d]\ 7BAWQVS`VSWba[O\OUS[S\b W\ C\bS`\SV[S\ Pa^e Rc`QV RWS hc\SV[S\RS /PVÉ\UWUYSWb d]\ RS` 7B abSWUS\RS USaSbhZWQVS /\ T]`RS`c\US\ c\R AbO\RO`Ra hc` 7BAWQVS`VSWb RO` 2S` >`]hSaa 7BAWQVS`VSWba[O\OUS[S\b [Wb RS\ >VOaS\ 3\beWQYZc\U @SOZW aWS`c\U c\R 0Sb`WSP eW`R hc\ÉQVab OZZUS[SW\ c\R RO\\ c\bS` DS`eS\Rc\U RSa 0A7 5`c\RaQVcbhO\aObhSa dS`O\aQVOcZWQVb 2WS HS`bWTWhWS`c\U d]\ 7BAWQVS`VSWba[O\OUS[S\b ES`YhScUS hc` C\ bS`abºbhc\U RSa >`]hSaaSa 7BAWQVS`VSWba[O\OUS[S\b c\R OcT POc]`UO\WaOb]`WaQVS /a^SYbS eWS RS` /cTPOc SW\S` 7BAWQVS` VSWba]`UO\WaObW]\ ]RS` =^bW]\S\ Tº` RWS 0SabSZZc\U SW\Sa 2ObS\ aQVcbhPSOcTb`OUbS\ `c\RS\ RWSaS\ /PaQV\Wbb OP 7\ 9O^WbSZ aWSPS\ eW`R SW\ ÍPS`PZWQY ºPS` eWQVbWUS BSWZPS`SWQVS d]\ 8CATRWc USUSPS\ [Wb RS\S\ 7B4ºV`c\UaY`ÉTbS W\ 0S`ºV `c\U Y][[S\ 7[ S`abS\ BSWZOPaQV\Wbb eS`RS\ RWS c\bS`aQVWSRZW QVS\ Bg^S\ d]\ 7BDS`b`ÉUS\ YZOaaWTWhWS`b WV`S eWQVbWUS\ 0S abO\RbSWZS VS`OcaUSO`PSWbSb c\R WV`S @WaWYS\ RO`USabSZZb @SQVbZW QVS /a^SYbS W[ HcaO[[S\VO\U [Wb 30caW\Saa Pa^e [Wb RS\ BVS[S\ DS`b`OUaOPaQVZcz EWZZS\aS`YZÉ`c\US\ c\R /ZZUS[SW\S 5SaQVÉTbaPSRW\Uc\US\ /50 a]eWS RWUWbOZS AWU\Obc` aW\R 7\VOZb RSa heSWbS\ BSWZOPaQV\Wbba BSWZOPaQV\Wbb R`SW PSTOaab aWQV [Wb @S USZc\US\ Tº` RWS PSb`WSPZWQVS 7\bS`\Sb\cbhc\U eWS h0 RS[ /cT POc SW\S` PSb`WSPZWQVS\ 7B@WQVbZW\WS ESWbS`S /a^SYbS d]\ 1][^ZWO\QS TW\RS\ aWQV Y]\bSfbPSh]US\ W\ O\RS`S\ /PaQV\WbbS\ RSa 0cQVSa 9O^WbSZ OQVb aSbhb aWQV [Wb 8C6^eTa]P]RT OcaSW\O\RS` Hc\ÉQVab eS`RS\ RS` 0SU`WTT c\R RS` HcaO[[S\VO\U [Wb RS[ 7B ;O\OUS[S\b S`ZÉcbS`b SVS RWS /cTUOPS\ W[ 7B5]dS`\O\QS 9`SWaZOcT RO`USabSZZb eS`RS\ /\aQVZWSzS\R eW`R [Wb RS\ 1]\b`]Z =PXSQbWdSa T]` 7\T]`[ObW]\ O\R @SZObSR BSQV\]Z]Ug 1=07B SW\ W\bS`\ObW]\OZ O\S`YO\\bSa 4`O[Se]`Y Tº` 7B5]dS`\O\QS PSVO\ RSZb /caTºV`c\US\ hc` a] US\O\\bS\ DOZ 7B7\WbWObWdS RWS OZa 3` UÉ\hc\U d]\ 1=07B USaSVS\ eW`R aSbhS\ RS\ AQVZcaa^c\Yb 0c\RSaO[b Tº` AWQVS`VSWb W\ RS` 7\T]`[ObW]\abSQV\WY
%
4X]U¶Wad]V
2OZKXGZ[X `[ 1GVOZKR I0/C@A16;72 #K 0Oc`aQV[WR ; DS`UZSWQVS\RS 0cQVPSa^`SQVc\U 7B5]dS` \O\QS EW`baQVOTbaW\T]`[ObWY "% # $ A ""&"$! I0=23`]XSYbS ab`cYbc`WS`b `SOZWaWS`S\ EWSaPORS\ # I27>>=:2 #K 2W^^]ZR @ ;SWS` / AQV\WRS` E c\R AQVeW\\ 9 C\bS`\SV [S\aeSWbSa 2ObS\[O\OUS[S\b D]\ RS` 2ObS\PO\YOR[W\W ab`ObW]\ PWa hc[ 7\T]`[ObW]\a[O\OUS[S\b EWSaPORS\ # I637:;/`]XSYb[O\OUS[S\b 4OZZab`WQYS c\R 3`T]ZUaTOYb]`S\ 6SWRSZPS`U ! I9@1;/@ #K 9`Q[O` 6 7\T]`[ObW]\a[O\OUS[S\b " /cTZOUS 0S`ZW\ # I@=A3< "K @]aS\ / 3TTSQbWdS 7B ^`]XSQb [O\OUS[S\b <Se G]`Y " IA370=:2 $K ASWP]ZR 6 7B@WaWY][O\OUS[S\b ;º\QVS\ c\R EWS\ $ IAB37<E35 #K AbSW\eSU 1 ;O\OUS[S\b RS` A]TbeO`S3\beWQYZc\U >`]XSYb Y][^Oaa Tº` RWS 3`abSZZc\U d]\ ZSWabc\UaTÉVWUS\ 7BAgabS[S\ EWSaPORS\ # IE731H=@@39 #K EWSQh]``SY 6 ;S`bS\a > ;O\OUS[S\b d]\ 7B>`]XSYbS\ 0S` ZW\ # IE7`]XSYb[SbV]RS\ 0S`ZW\ # IH/@`OfWa RS` EW`baQVOTbaW\T]`[ObWY " ! ! A %$
&
" ;XcTaPcda id :P_XcT[ IH/@`]TWb 1S\bS` c\R Ab`ObSUWQ 7\dSab[S\b 1S\bS` SW\VS` I5/2/BA16 # A !" TK 3W\ SW\TOQVSa 7\ab`c[S\b Tº` RWS U`c\RZSUS\RS 3W\aQVÉbhc\U RSa ES`bPSWb`OUa RS` 7B OcT 0`O\QVS\ c\R C\bS`\SV[S\aSPS\S Wab RWS d]\ >]`bS` c\R ;WZZO` d]`USabSZZbS 8]U^a\PcX^] 8]cT]bXch =@B3@'K /Za /eO`S\Saa 4`O[Se]`Y ZWSTS`b Sa S`abS /\VOZba^c\YbS Tº` ROa >]bS\hWOZ RS` 7B W[ 6W\PZWQY OcT RWS 3`ZO\Uc\U ab`ObSUWaQVS` D]`
"
"
3\bS`^`WaS @Sa]c`QS >ZO\\W\U
!! 0dbVP]VbbXcdPcX^] U¶a bcaPcTVXbRWTb 8CZO \c\Ua c\R 9]\b`]ZZdS`TOV`S\ RS` 7B 2Oa 3`USP\Wa RS` /\OZgaS Wab W\ /PPWZRc\U ! hc aSVS\
,7 ([SHQGLWXUHV
7UDQVLWLRQ 3RLQW
,QLWLDWLRQ
([SDQVLRQ
&RQWURO
,QWHJUDWLRQ
'DWD $GPLQL VWUDWLRQ
0DWXULW\
6RSKLVWLFDWLRQ DQG 0DWXULW\ RI ,7
/PP ! AWf AbOUSa ]T 7B 5`]ebV 2WS >VOaS\ aW\R eWS T]ZUb USYS\\hSWQV\Sb dUZ IBC@0/< ! A "#K IE/@2 ! A K c\R I;1]aWbW]\S\ @]ZZS\ 5`S[WS\ hc` 4r`RS`c\U RS` 9][PW\ObW]\ d]\ 5SaQVÉTba c\R 7BEWaaS\ hc aQVOTTS\ h0 7B0SOcTb`OUbS W\ 4OQVPS`SWQVS\ ]RS` 8]c`TWfSa hc[ /ca bOcaQV heWaQVS\ 7B c\R 4OQVOPbSWZc\US\ /cT RS` 5S
!! 0dbVP]VbbXcdPcX^] U¶a bcaPcTVXbRWTb 8C`]hSaaY][^SbS\h dS`aQVWSPb IÎAB3@:3 $ A !%"K 7\ RWSaS[ 9]\bSfb a^`SQVS\ ÎabS`ZS c\R 9OUS`[O\\ d]\ RS` CaP]bU^a\PcX^]bZ^\_TcT]i RS` C\bS`\SV[S\ IÎAB3@ :3 $K x
5[TgXQ[T fXTSTaeTafT]SQPaT 8C8]UaPbcadZcda AWS a]ZZ RWS bSQV\WaQVS >ZObbT]`[ PS`SWbabSZZS\ RWS a]e]VZ W\ \]dObWdS /\eS\Rc\US\ hc` C\bS`abºbhc\U \ScS` ]RS` dS` É\RS`bS` >`]hSaaS c\R \ScS` 5SaQVÉTbaW\WbWObWdS\WRSS\ S` [rUZWQVb OZa OcQV aQV\SZZS @SOYbW]\S\ OcT ESbbPSeS`PaOYbW dWbÉbS\ hcZÉaab
x
4UUTZcXeT 0]fT]Sd]Vb_a^iTbbT 2O[Wb aW\R eWSRS` @SUSZc\US\ OcT RS` ]`UO\WaOb]`WaQVS\ 3 PS\S OR`SaaWS`b AWS a]ZZS\ US\S`SZZ RS\ `WQVbWUS\ C[UO\U [Wb RS` @Saa]c`QS 7\T]`[ObW]\ c\R a^ShWSZZ RS\ \cbhP`W\US\RS\ 3W\aObh RS` 7B7\T`Oab`cYbc` UO`O\bWS`S\ :SbhbS`Sa PSb`WTTb d]` OZZS[ RS\ ]^S`ObWdS\ 0Sb`WSP hc` 3`P`W\Uc\U RS` 7BAS`dWQSa a]eWS RS`S\ S`a]\OZ a]eWS RS\ >`]hSaaS\ Tº` =`UO\WaObW ]\ c\R ;O\OUS[S\b RS` 7B SW\USPSbbSb W\ RWS USaO[bS C\bS` \SV[S\aTºV`c\U ZWSUb% 7B4ÉVWUYSWb Wab RSaVOZP hc dS`abSVS\ OZa b^\TcWX]V cWPc Xb QdX[c X]c^ cWT eTah UPQaXR ^U cWT ^aVP]XiPcX^] c^ T]PQ[T Xc R^]cX]d^db[h c^ XST]cXUh ^QcPX] P]S bdbcPX] cWT QT]T UXcb PePX[PQ[T Ua^\ PbcdcT 8B8C X]eTbc\T]c IE/@2 ! A $#K ESaS\bZWQVS` 3`T]ZUaTOYb]` Wab RS[\OQV ºPS`ZSUS\Sa 7B;O\OUS [S\b ROa S[^W`WaQVS\ C\bS`acQVc\US\ d]\ IB/::=< K hc T]ZUS \OQVeSWaPO` hc VrVS`S\ ES`bPSWb`ÉUS\ RS` 7B TºV`b 3W\ a]ZQV VS`Oca`OUS\RSa 7B;O\OUS[S\b a^WSUSZb aWQV cO eWRS` PSW RS` 3\beWQYZc\U RS` 7BAb`ObSUWS RWS 5SUS\abO\R RSa T]ZUS\RS\ /PaQV\Wbba Wab
%
2S` 5`]zbSWZ RWSaS` /a^SYbS Wab 5SUS\abO\R d]\ 9O^WbSZ !
!
!
8CBcaPcTVXT
6XU`KYY JKX /:9ZXGZKMOKKTZ]OIQR[TM
kHKXHROIQ 7[ 9]\bSfb RWSaSa 0cQVSa eS`RS\ RWS 0SU`WTTS 7BAb`ObSUWSS\b eWQYZc\U c\R 7B>ZO\c\U eWS W\ BVS]`WS c\R >`OfWa ºPZWQV ag\ ]\g[ dS`eS\RSb& AWS c[TOaaS\ RWS Ab`ObSUWST]`[cZWS`c\U [Wb SW\S` @SWVS d]`OcaUSVS\RS` /YbWdWbÉbS\ c\R RWS ;Oz\OV[S\^ZO \c\U RWS RS\ /caUO\Ua^c\Yb RS` aWQV O\aQVZWSzS\RS\ Ab`ObSUWS W[^ZS[S\bWS`c\U RO`abSZZb 2S` T]ZUS\RS ÍPS`PZWQY PSTOaab aWQV [Wb RS[ 0ShcU hc` C\bS`\SV[S\a^ZO\c\U RS[ D]`USVS\ PSW RS` 7BAb`ObSUWSS\beWQYZc\U RS\ RO`O\ PSbSWZWUbS\ AbSZZS\ RS[ ;O`YSbW\U RS` 7BAb`ObSUWS c\R RS[ @SWTSU`OR RSa >ZO\c\Ua^`] hSaaSa /\aQVZWSzS\R eS`RS\ OP /PaQV\Wbb ! RWS BSWZaQV`WbbS RSa D]`USVS\a RSbOWZZWS`b OcaUSTºV`b
1TidV ida D]cTa]TW\T]b_[P]d]V /caUO\Ua^c\Yb Tº` RWS 3\beWQYZc\U RS` 7BAb`ObSUWS aW\R RWS 8] U^a\PcX^]bQTS¶aU]XbbT e^] 5PRWQTaTXRWT] d]S `]PZS[PS`SWQVS Y]\hS\b`WS`S\ YO\\ 7\ XSRS[ 4OZZ Wab RS` \ÉQVa bS AQV`Wbb RWS 5^a\d[XTad]V STa 8CBcaPcTVXT hc` 3``SWQVc\U RS` HWSZS 2WS `]hSaaaQV`WbbS eW`R W\ RS\ 4]ZUSOPaQV\WbbS\ US\OcS` OcaUSTºV`b
,QSXW 8QWHUQHKPHQV XPIHOG 8QWHUQHKPHQV VLWXDWLRQ
,78PIHOG 8QWHUQHKPHQV ,7
3UR]HVV 'HILQLWLRQ G %HWUDFKWXQJV 6LWXDWLRQV DQDO\VH EHUHLFKHV
=LHO GHILQLWLRQ
6WUDWHJLH IRUPX OLHUXQJ
0DQDKPHQ SODQXQJ
,PSOH PHQ WLHUXQJ
2XWSXW ,76WUDWHJLH ,66WUDWHJLH
,.76WUDWHJLH
,06WUDWHJLH
3URMHNWSRUWIROLRV 3URMHNWSOlQH
/PP ! 7\^cb >`]hSaa c\R =cb^cb RS` 7BAb`ObSUWSS\b eWQYZc\U O\USZSV\b O\ IE/@2 ! A #"K #
!
8CBcaPcTVXT ESaS\bZWQVS 7\^cba RSa >`]hSaaSa aW\R RWS C[eSZb RSa C\bS` \SV[S\a c\R aSW\S W\bS`\S DS`TOaac\U XSeSWZa PSh]US\ OcT ROa 5SaQVÉTb c\R RWS 7B 0SW RS`S\ /\OZgaS eW`R \WQVb \c` RWS OYbc SZZS AWbcObW]\ S`V]PS\ a]\RS`\ OcQV dS`acQVb Yº\TbWUS 3\beWQY Zc\US\ OPhcaQVÉbhS\ 2WS BSWZO\OZgaS\ TW\RS\ WR@ \WQVb \OQV SW\O\RS` a]\RS`\ aW[cZbO\ abObb >`]hSaaS`USP\WaaS =cb^cba aW\R RWS 7BAb`ObSUWS [Wb RS\ R`SW OcTSW\O\RS` OPUSabW[[bS\ BSWZ ab`ObSUWS\ dUZ /PaQV\Wbb a]eWS >`]XSYb^]`bT]ZW]a c\R ^ZÉ\S Tº` RWS Ab`ObSUWSW[^ZS[S\bWS`c\U EÉV`S\R RSa Ab`ObSUWSS\beWQYZc\Ua^`]hSaaSa c\R RS` 7[^ZS[S\ bWS`c\U [caa [O\ UUT eSUS\ aWQV É\RS`\RS` @OV[S\PSRW\Uc\ US\ hc T`ºVS`S\ AQV`WbbS\ hc`ºQYYSV`S\ c\R RWSaS hc[W\RSab bSWZeSWaS S`\Scb Rc`QVZOcTS\ ;Wb a]ZQVS\ 5TTSQPRZbRW[TXUT] eW`R SW\S a^[[XTaT]ST ?[P]d]V W\abOZZWS`b RWS \ScS 3W\TZºaaS hSWb\OV OcT\SV[S\ c\R dS`O`PSWbS\ YO\\ A]ZZbS SbeO SW\S W\\] dObWdS BSQV\]Z]UWS T`ºVS` ;O`Yb`SWTS S`ZO\US\ OZa W\ RS` c` a^`º\UZWQVS\ >ZO\c\U S`eO`bSb YO\\ RWSa hc SW\S` BcaPcTVXTaT eXbX^] TºV`S\
1TcTX[XVcT 3W\ S`ab[OZWUS` 7BAb`ObSUWSS\beWQYZc\Ua^`]hSaa TW\RSb [SWab W\ bg^WaQVS` >`]XSYb]`UO\WaObW]\ abObb 3W\ :S\Yc\UaOcaaQVcaa Tc\ UWS`b OZa 0S`Obc\Ua c\R 9]\b`]ZZU`S[Wc[ ASW\S 0SaSbhc\U [Wb ;WbUZWSRS`\ RSa B]^[O\OUS[S\ba dS`ZSWVb RS[ >`]XSYb \rbWUS 0SRScbc\U c\R `]XSYb ZSWbc\U c\R >`]XSYbbSO[ `SY`cbWS`S\ aWQV ºPZWQVS`eSWaS Oca 4ºV `c\UaY`ÉTbS\ RS` 4OQVPS`SWQVS c\R RS` 7B ES\\ RS` >`]hSaa OZa TSabS` 0SabO\RbSWZ RSa `SUSZ[ÉzWUS\ >ZO\c\UahgYZca SbOPZWS`b Wab b`SWPb WV\ ]Tb SW\S RS` 5SaQVÉTbaZSWbc\U hcUS]`R\SbS AbOPaOPbSW Zc\U 2WS 0SbSWZWUbS\ PZSWPS\ RWSaSZPS\
<PaZTcX]V STa 8CBcaPcTVXT 2S` >`]hSaa RS` 7BAb`ObSUWSS\beWQYZc\U c\R aSW\S 3`USP\WaaS W\d]ZdWS`S\ c\R PSb`STTS\ WR@ SW\S DWSZhOVZ d]\ >S`a]\S\ W[ C\bS`\SV[S\ 2WS >OZSbbS `SWQVb d]\ RS` 5SaQVÉTbaTºV`c\U c\R RS\ eSWbS`S\ ;O\OUS[S\bSPS\S\ ºPS` RWS ;WbO`PSWbS`W\\S\ c\R ;WbO`PSWbS` RS` 7B c\R OZZS` a]\abWUS\ C\bS`\SV[S\aTc\YbW]\S\ PWa VW\ hc 0Sb`WSPa`ÉbS\ 2O\SPS\ Yr\\S\ OcQV SfbS`\S 7\bS`Sa aS\bS\ SfWabWS`S\ eWS 5SaQVÉTba^O`b\S` ]RS` /\bSWZaSWU\S` 3W\ eWQVbWUS` 3`T]ZUaTOYb]` Wab RSaVOZP RWS b^aVUÊ[cXVT QTV[TXcT]ST :^\\d]XZPcX^] e^] ?a^iTbb d]S 4aVTQ]Xb O\ OZZS `SZSdO\bS\ c\R PS`SQVbWUbS\ HWSZU`c^^S\ 6WS`hc Wab SW\ c\bS`\SV[S\a c\R aWbcObW]\aa^ShWTWaQVSa 9][[c\WYObW]\aY]\hS^b hc S`O`PSWbS\ c\R $
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V c[hcaSbhS\ ROa OcT 7\ab`c[S\bS hc`ºQYU`SWTb eWS ;WbO`PSWbS`hSWb aQV`WTb 3;OWZW\Ua 7\T][É`YbS /PbSWZc\Ua[SSbW\Ua ]RS` 1]O QVW\U dUZ IE7BB;/`]hSaaSa UWZb Sa RS\ 1TcaPRWcd]Vb QTaTXRW BR^_T TSabhcZSUS\ 2WS 4`OUSabSZZc\U ZOcbSb W[ ES aS\bZWQVS\ ]P Sa c[ RWS 3\beWQYZc\U SW\S` 7BAb`ObSUWS OcT C\ bS`\SV[S\aSPS\S ]RS` OcT RS` 3PS\S SW\S` ab`ObSUWaQVS\ 5S aQVÉTbaSW\VSWb A53 USVb D]` OZZS[ RWdS`aWTWhWS`bS C\bS`\SV[S\ aW\R [SWab W\ [SV`S`S\ A53a ]`UO\WaWS`b RWS XSeSWZa SW\ a^ShWTWaQVSa :SWabc\Uaa^SYb`c[ Tº` PSabW[[bS HWSZU`c^^S\ W\ SW\S[ Y]\Y`SbS\ ESbbPSeS`Pac[ TSZR O\PWSbS\ c\R PSabW[[bS ;O`Yb^]aWbW]\S\ SW\\SV[S\ 2WS SW\hSZ\S\ 3W\VSWbS\ Yr\\S\ aWQV a] PSaaS` O\ WV`S[ ;O`Yb Oca `WQVbS\ c\R TZSfWPZS` OUWS`S\ OZa eS\\ OZZS /YbWdWbÉbS\ hS\b`OZ OcT 5SaO[bc\bS`\SV[S\aSPS\S USabScS`b eº`RS\ /Za 0SWa^WSZ eÉ`S RWS AWS[S\a /5 hc \S\\S\ [Wb a] c\bS`aQVWSRZWQVS\ 5SaQVÉTba TSZRS`\ eWS >]eS` 5S\S`ObW]\ ]RS` ;SRWQOZ A]ZcbW]\a D]` RWSaS[ 6W\bS`U`c\R Wab RWS SW\UO\Ua USabSZZbS 4`OUS RWTTS`S\ hWS`b Tº` RWS R`SW 7BBSWZab`ObSUWS\ hc PSO\be]`bS\ dUZ /PP ! %
!
8CBcaPcTVXT
,76WUDWHJLH
8QWHU QHKPHQV HEHQH (EHQH GHU VWUDWHJLVFKHQ *HVFKlIWV HLQKHLWHQ
,66WUDWHJLH
,.76WUDWHJLH
,06WUDWHJLH
(LQH XQWHUQHKPHQVZHLWH ,66WUDWHJLH IU EHU JUHLIHQGH ,QIRUPDWLRQV V\VWHPH
(LQH XQWHUQHKPHQVZHLWH ,.76WUDWHJLH
(LQH XQWHUQHKPHQVZHLWH ,06WUDWHJLH
LG5 PHKUHUH 6*(VSH]LILVFKH ,66WUDWHJLHQ
JJI PHKUHUH 6*(VSH]LILVFKH ,.76WUDWHJLHQ
/PP ! AQ]^S Tº` RWS 7BAb`ObSUWSS\beWQYZc\U 3W\S 8]U^a\PcX^]bbhbcT\TBcaPcTVXT SfWabWS`b W\ RS` >`OfWa [SWab heSWUSbSWZb Tº` ROa 5SaO[bc\bS`\SV[S\ c\R RWS A53a 2S` BSWZ Tº` ROa 5SaO[bc\bS`\SV[S\ S`ab`SQYb aWQV OcT ºPS`U`SWTS\RS /\eS\Rc\US\ c\R RO[Wb dS`Pc\RS\S AQV\WbbabSZZS\ 0SWa^WSZS aW\R >ZO\c\Ua c\R 9]\b`]ZZagabS[S [Wb 9]\a]ZWRWS`c\UaTc\YbW] \OZWbÉb BS[^ZObSa Tº` 3@>AgabS[S h0 A/> @!' ]RS` :rac\ US\ Tº` hS\b`OZSa AbO[[RObS\[O\OUS[S\b RWS dWSZS dS`heSWUbS C\bS`\SV[S\ W\aPSa]\RS`S Tº` 9c\RS\ c\R :WSTS`O\bS\RObS\ OcTPOcS\ 2S` BSWZ Tº` RWS 5SaQVÉTbaPS`SWQVS PShWSVb aWQV OcT RWS Tº` RS`S\ a^ShWTWaQVSa 5SaQVÉTb PS\rbWUbS\ 7\T]`[ObW]\aagabS[S 4º` A53a eS`RS\ OZa] WR@ SWUS\S S\U [Wb WV`S` 5SaQVÉTbaab`O bSUWS USY]^^SZbS 7AAb`ObSUWS\ S\beWQYSZb RWS \Obº`ZWQV [Wb RS\ @OV[S\PSRW\Uc\US\ RS` C\bS`\SV[S\a7AAb`ObSUWS Y]\T]`[ USVS\ [ºaaS\ 3[^W`WaQVS\ C\bS`acQVc\US\ hc 4]ZUS ZÉaab aWQV [Wb RWSaS[ D]`USVS\ RS` 0SWb`OU RS` 7B hc` C\bS`\SV[S\aZSWa bc\U abSWUS`\ eÉV`S\R aWQV SW\S SW\hWUS 7\T]`[ObW]\aagabS[S Ab`ObSUWS Tº` ROa USaO[bS C\bS`\SV[S\ ºPS` OZZS A53a VW\eSU \c` PSW V][]US\S\ O\\ÉVS`\R UZSWQVO`bWUS\ 5SaQVÉTbaSW\VSWbS\ SWU\Sb IE/@2 ! A "#K DS`aQVWSRS\ OcaUS^`ÉUbS 7AAb`ObSUWS\ OcT RS` A533PS\S [ºa aS\ \WQVb Ocb][ObWaQV OcQV c\bS`aQVWSRZWQVS 8:CBcaPcTVXT] \OQV aWQV hWSVS\ HeO` Yr\\S\ PSa]\RS`S 5SUSPS\VSWbS\ ]RS` /\T]`RS`c\US\ RSa 5SaQVÉTba OcQV OcT RWS bSQV\WaQVS 7\T`Oab`cY bc` SW\S` A53 Rc`QVaQVZOUS\ h0 SW\S W[ @OV[S\ SW\S` /Y_cWaW
'
&
BS[^ZObSa W\ RWSaS[ 9]\bSfb aW\R hS\b`OZ d]`^O`O[Sb`WS`bS 7\abO\ hS\ d]\ AbO\RO`R3@>AgabS[S\ AWS eS`RS\ \c` \]QV W\ dS` UZSWQVaeSWaS US`W\US[ C[TO\U O\ Z]YOZS 5SUSPS\VSWbS\ h0 SW\S` OcaZÉ\RWaQVS\ <WSRS`ZOaac\U O\US^Oaab c\R b`OUS\ dO W\ 9]\hS`\ ab`cYbc`S\ hc` AbO\RO`RWaWS`c\U RS` AgabS[ZO\RaQVOTb PSW
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V bW]\ VW\hcUSY][[S\S 2ObS\PO\Y^ZObbT]`[ 5S`ORS VWS` aW\R XS R]QV dS`[SV`b BS\RS\hS\ hc` c\bS`\SV[S\aeSWbS\ 6][]US\W aWS`c\U hc PS]POQVbS\ dUZ /PaQV\Wbb #" 0SW RS` 8]U^a\PcX^]b\P]PVT\T]cBcaPcTVXT S[^TWSVZb aWQV WR@ SPS\TOZZa SW\ SVS` hS\b`OZWabWaQVSa ;]RSZZ ROa c\bS`\SV [S\aeSWb UºZbWUS d][ [rUZWQVS`eSWaS c\bS`aQVWSRZWQVS\ 5S aQVÉTb RS` A53a c\OPVÉ\UWUS >]ZWbWYS\ TSabaQV`SWPb 0SWa^WSZS aW\R VWS` SbeO ;SbV]RWYS\ c\R B]]Za hc` A]TbeO`S3\beWQYZc\U >`]hSaaS hc` 3\beWQYZc\U d]\ 7AAb`ObSUWS\ W\ RS\ ab`ObSUWaQVS\ 5SaQVÉTbaSW\VSWbS\ c\R RS`S\ 9]\a]ZWRWS`c\U [Wb RS` ºPS`US ]`R\SbS\ 7AAb`ObSUWS RSa 5SaO[bc\bS`\SV[S\a
9OZ[GZOUTYGTGR_YK
3KZNUJOYINK 'TYoZ`K ;Wb RS` AWbcObW]\aO\OZgaS eW`R RS` 5`c\RabSW\ Tº` RWS 4]`[cZWS `c\U RS` 7BAb`ObSUWS USZSUb 2Oa C\bS`\SV[S\ c\R aSW\ C[TSZR XSeSWZa PSh]US\ OcT aSW\S 5SaQVÉTbabÉbWUYSWb c\R aSW\S 7B aW\R hc O\OZgaWS`S\ [Wb 0ZWQY OcT AbÉ`YS\ AQVeÉQVS\ 1VO\QS\ c\R @WaWYS\ 2O`Oca ZOaaS\ aWQV RWS /\T]`RS`c\US\ O\ RWS 7B OPZSWbS\ RWS W\ RS` 7BAb`ObSUWS [º\RS\ 4º` RWS /\OZgaS eS`RS\ [SWab \TWaTaT \TcW^SXbRWT 0]bÊciT Y][PW\WS`b dUZ /PPWZRc\U !! EÉV`S\R RS` 3W\TZcaa RS` /\T]`RS`c\US\ Oca RS` 5S aQVÉTbaa^VÉ`S OcT ROa /\eS\Rc\Ua^]`bT]ZW] c^_ S^f] c\R O\O ZgbWaQV d]\ RS` Ab`ObSUWS c\R RS\ HWSZS\ VS` PSZScQVbSb eW`R PS b`OQVbSb [O\ RWS PSabSVS\RS 7B7\T`Oab`cYbc` R]Yc[S\bWS`S\R c\R PSeS`bS\R e^] d]cT] ]PRW ^QT] 6WUDWHJLH XQG =LHOH GHV 8QWHUQHKPHQV
7RS GRZQ DQDO\WLVFK
,QVLGH RXW NUHDWLY
&KDQFHQ GXUFK LQQRYDWLYHQ ,7(LQVDW]
,76WUDWHJLH
%RWWRP XS EHZHUWHQG
,QVLGH RXW EHZHUWHQG
%HGURKXQJHQ GXUFK ,7(LQVDW] GHV :HWWEHZHUEV
GHU]HLWLJH ,76\VWHPH XQG 6HUYLFHV GHU]HLWLJHV 0DQDJHPHQW GHU ,7
/PP !! 9][PW\WS`bS ;SbV]RWY Tº` RWS AWbcObW]\aO\OZgaS O\USZSV\b O\ I3/@:'&' A %K '
!
8CBcaPcTVXT 2S` a]US\O\\bS 8]bXST^dc0]bPci [Wb Y`SObWdWbÉbaPSh]US\S\ 7\ ab`c[S\bS\ eWS 0`OW\ab]`[W\U 2SZ^VWC[T`OUS\ BVW\Y BO\Ya SbQ a]ZZ [rUZWQVS 7\\]dObW]\S\ VW\aWQVbZWQV RSa ab`ObSUWaQVS\ 7B 3W\aObhSa VS`d]`P`W\US\ 2WS AbW[cZO\a VWS`Tº` YO\\ d]\ c\bS` aQVWSRZWQVabS\ 5`c^^S\ W[ C\bS`\SV[S\ Y][[S\ dUZ I=H " A #$#K 6rVS`S ;O\OUS[S\bSPS\S\ OPS` OcQV :W\WS\TºV`c\Ua Y`ÉTbS W\ RS\ PSb`WSPZWQVS\ 4c\YbW]\S\ Y][[S\ Pa^e ]Tb [Wb 7B:rac\US\ PSW 5SaQVÉTba^O`b\S`\ W\ 0S`ºV`c\U W\ RS\S\ aWS >]bS\hWOZ Tº` RWS SWUS\S =`UO\WaObW]\ S`YS\\S\ 2ORc`QV eS`RS\ SPS\a] 7[^cZaS USZWSTS`b eWS Rc`QV RWS 4O\bOaWS d]\ 7B3f^S`bS\ RWS RWS ;rUZWQVYSWbS\ \ScS` 7\T]`[ObW]\a c\R 9][[c\WYObW]\a bSQV\]Z]UWS\ Tº` ROa C\bS`\SV[S\ S`YS\\S\ ESWbS`S 7[^cZaUS PS` Yr\\S\ RWS 3\RO\eS\RS` aSW\ RWS \ScS 4c\YbW]\S\ ]RS` UO\hS :rac\US\ hc` DS`PSaaS`c\U WV`S` bÉUZWQVS\ /`PSWb d]` aQVZOUS\ AÉ[bZWQVS US\O\\bS\ /YbSc`S Yr\\S\ OcQV SW\S /`b @ORO`Tc\YbW]\ OcaºPS\ c\R RO[Wb 7B`W\hW^a OcTTOaaS\ C\OPVÉ\UWU d][ [SbV]RWaQVS\ /\aObh Y][[b PSW RS\ /\OZgaS\ c\R RS` a^ÉbS`S\ Ab`ObSUWST]`[cZWS`c\U SW\S EXT[iPW[ d]cTa bRWXTS[XRWTa 8]bcad\T]cT hc[ 3W\aObh ;SWab VO\RSZb Sa aWQV c[ Z[PbbXbRWT C^^[b STb bcaPcTVXbRWT] ]`bT]ZW] Phe c[ OcT RWS 7B PS h]US\S DO`WO\bS\ ROd]\ h0 /^^ZWYObW]\a^]`bT]ZW] 2WSaS YS\\b c\R dS`abSVb ROa ;O\OUS[S\b eOa aSW\S OYbWdS 3W\PW\Rc\U W\ RWS 7RS\bWTWYObW]\ RS` ^]bS\hWSZZS\ 1VO\QS\ c\R @WaWYS\ Rc`QV 7B S`ZSWQVbS`b IE/@2 ! A %"K
'TGR_YK JKY ;TZKXTKNSKTY 2WS C\bS`\SV[S\aO\OZgaS RWS\b RS` 3`VSPc\U c\R 7\bS`^`SbObW]\ RS` 7abaWbcObW]\ d]` OZZS[ W[ 6W\PZWQY OcT AbÉ`YS\ c\R AQVeÉ QVS\ ESaS\bZWQVS C\bS`acQVc\UaUSUS\abÉ\RS aW\R ;WaaW]\ DWaW ]\ HWSZS Y`WbWaQVS 3`T]ZUaTOYb]`S\ dS`T]ZUbS Ab`ObSUWS\ >`]hSa aS Tº` RS`S\ C[aSbhc\U a]eWS RWS eWQVbWUabS\ 7\T]`[ObW]\a]P XSYbS
<XbbX^] d]S EXbX^] 2WS <XbbX^] RSa C\bS`\SV[S\a PShSWQV\Sb aSW\S\ ZO\UT`WabWUS\ HeSQY ;Wb RS` EXbX^] eW`R SW\ Obb`OYbWdSa WRS\bWTWYObW]\aTÉVWUSa /PPWZR RS` hcYº\TbWUS\ EW`YZWQVYSWb RSa C\bS`\SV[S\a T]`[c ZWS`b dUZ IE7BB;/]`bS` c`a^`º\UZWQV SW\S YZO`S 3\baQVSW Rc\U Tº` SW\S RS` aYWhhWS`bS\ DO`WO\bS\ I>=@B3@'&% A %K 7\aPSa]\RS`S RWS hc\SV[S\RS ESbbPSeS`PaW\bS\aWbÉb TºV`b XS R]QV Pa^e ROhc ROaa OcQV PSW 2WTTS`S\hWS`c\Uaab`ObSUWS\ RWS 0SRScbc\U RS` 9]abS\aS\Yc\U hc\W[[b 7\ dWSZS\ 0`O\QVS\ VÉ\Ub RS` 3`T]ZU RSaVOZP hc\SV[S\R ROd]\ OP eWS Ucb C\bS` \SV[S\ W\ ESQVaSZeW`Yc\U [Wb WV`S[ C[TSZR BcaPcTVXTfTRWbT[ S`T]ZU`SWQV d]ZZhWSVS\ Yr\\S\ IE7BB;/]]` 2]Ua ZOaaS\ [Wb US`W\US[ ;O`YbO\bSWZ W\ abOU\WS`S\RS\ ]RS` aQV`c[^TS\RS\ ;É`YbS\ YSW\S 1VO\QS\ S`YS\\S\ eSaVOZP aWS WR@ [Wb 3TbX]eTbcXcX^]bbcaPcTVXT] Oca RS[ >]`bT]ZW] S\bTS`\b eS`RS\
!#
!
8CBcaPcTVXT 2WS XS \OQV >]aWbW]\ W\ RS` ;Ob`Wf c\bS`aQVWSRZWQVS\ /\aÉbhS Tº` RWS 5SaQVÉTbaab`ObSUWS eW`YS\ aWQV \Obº`ZWQV OcQV OcT RWS W\ RS` 7BAb`ObSUWS hc RSTW\WS`S\RS\ /YbWdWbÉbS\ Oca 7\ BOPSZZS !! aW\R OcaUSeÉVZbS 7[^ZWYObW]\S\ OcTUSTºV`b BOP !!
/caUSeÉVZbS 7[^ZWYObW]\S\ RS` 015;Ob`Wf Tº` RWS 7BAb`ObSUWS
126`]RcYb>`]hSaaS\beWQYZc\U AbO`a AWQVS`c\U
2S` 4]Yca RSa 7B3W\aObhSa ZWSUb OcT RS[ C[UO\U [Wb EOQVabc[ c\R aWQV dS`É\RS`\RS\ 9c\RS\PSRº`T\WaaS\ [Wb PSa]\RS`S` C\bS`abºbhc\U x RS` /PeWQYZc\U U`]zS` 0SabSZZd]Zc[W\O x RS` 9c\RS\PShWSVc\U \]QV PSaaS`Sa DS`abÉ\R\Wa RS` 9c\RS\eº\aQVS c\R x RSa /\USP]ba Yc\RS\a^ShWTWaQV RWTTS`S\hWS`bS` DO`WO\ bS\ c\R 9][PW\ObW]\S\ d]\ :SWabc\US\
1OaV 1]ea /PaQVr^Tc\U
2S` 4]Yca RSa 7B3W\aObhSa ZWSUb OcT RS` /PeWQYZc\U c\R 9]\b`]ZZS RS` 5SaQVÉTbaOYbWdWbÉbS\ c\R PShWSVc\US\ [Wb 0ZWQY OcT >`]RcYbWdWbÉb 9]abS\aS\Yc\U 9O^OhWbÉbaOcaZOa bc\U BS`[W\b`ScS 9c\RS\hcT`WSRS\VSWb SbQ 0Sa]\RS`S C\bS`abºbhc\U S`ab`SQYb aWQV RSaVOZP dO OcT x `SOZWabWaQVS >`]U\]aS\ Tº` 0SabSZZ >`]RcYbW]\a c\R DS`YOcTa[S\US\ c\R x STTWhWS\bS `SWPc\UaZ]aS 0SaQVOTTc\Ua :SWabc\Ua c\R 2Wab`WPcbW]\a^`]hSaaS
>]]` 2]Ua 2SaW\dSabWbW]\
EWS PSW RS` 5SaQVÉTbaab`ObSUWS aW\R VWS` 7B7\dSabWbW]\S\ aSV` aSZSYbWd abO`Y d][ 4W\O\hQ]\b`]ZZW\U USabScS`b d]` hc\SV[S\ SVS` 2SaW\dSabWbW]\ PSabS\TOZZa DS`acQV RS` A^ShWOZWaWS`c\U
2WS US\O\\bS\ 7[^ZWYObW]\S\ aW\R eWS PSW RS\ ]`bS` aSV` OZZUS[SW\ T]`[cZWS`b c\R [ºaaS\ W[ Y]\Y`SbS\ 4OZZ aWbcObWd RSbOWZZWS`b eS`RS\ AWS Yr\\S\ OPS` PS`SWba O\ RWSaS` AbSZZS VSZTS\ 2WaYcaaW]\S\ RSa ;O\OUS[S\ba O\hcab]zS\ c\R !$
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V DS`abÉ\R\Wa Tº` RWS HcaO[[S\VÉ\US d]\ 5SaQVÉTba c\R 7B Ab`ObSUWS hc S\beWQYSZ\
BcaPcTVXTX\_[T\T]cXTad]V Hc` 7[^ZS[S\bWS`c\U RS` Ab`ObSUWS eS`RS\ ;Oz\OV[S\ Tº` RWS 5SabOZbc\U USSWU\SbS` PQ[PdU c\R PdUQPd^aVP]XbPc^aXbRWTa BcadZcdaT] RSTW\WS`b 3W\ eSWbS`Sa /\OZgaSTSZR c[TOaab RSaVOZP RWS 6TbRWÊUcb_a^iTbbT c\R RWS Ab`cYbc`S\ W\ RS\S\ AWS OPZOc TS\ 3W\S\ /\aObh^c\Yb Tº` RWS C\bS`acQVc\U c\R 0SeS`bc\U RS` /PZÉcTS OcT RS` 3PS\S RS` Ab`ObSUWaQVS\ 5SaQVÉTbaSW\VSWbS\ ZWS TS`b ROa FTacZTccT]\^ST[[ d]\ >]`bS` dUZ /PP !! 3a c\bS`aQVSWRSb _aX\ÊaT c\R bTZd]SÊaT 0ZcXeXcÊcT] 3`abS`S aW\R c\[WbbSZPO` OcT RWS 3`abSZZc\U c\R RS\ DS`b`WSP RS` C\bS`\SV [S\aZSWabc\US\ US`WQVbSb ASYc\RÉ`S /YbWdWbÉbS\ c\bS`abºbhS\ RWS ^`W[É`S\ Rc`QV AbScS`c\Ua c\R DS`a]`Uc\UaZSWabc\US\ IE7BB ;/`]hSaaZO\RaQVOTb ]`WS\bWS `S\ aWQV dWSZS C\bS`\SV[S\ O\ ATUTaT]i_a^iTbb\^ST[[T] /P PWZRc\U !! " hSWUb OZa 0SWa^WSZ ROa a]US\O\\bS @STS`S\QS >`]QSaa 6]caS ROa RWS AWS[S\a /5 Tº` WV`S HeSQYS S\beWQYSZb VOb 0DQDJHPHQW 3URFHVVHV 6WUDWHJLF 3ODQQLQJ
%XVLQHVV 5HYLHZ
6WUDWHJLF &RQWUROOLQJ
%XVLQHVV 3URFHVVHV &XVWRPHU 5HODWLRQVKLS 0DQDJHPHQW &50 3ODQ
8QGHUVWDQG
6HOO
&DUH
6XSSO\ &KDLQ 0DQDJHPHQW 6&0 3ODQ
6RXUFH
0DNH
'HOLYHU
5HWXUQ
3URGXFW /LIHF\FOH 0DQDJHPHQW 3/0 3ODQ
3URGXFW 3RUWI0JW 3RUWI 0JW
'HILQH
5HDOL]H
&RPPHU &RPPHU FLDOL]H
3KDVH RXW
6XSSRUW 3URFHVVHV 4XDOLW\ 0JW
(QYLURQ (QYLURQ PHQW
+XPDQ 5HVRXU 5HVRXU FHV
)LQDQFLDO 0JW
3URFXUH 3URFXUH PHQW
3URFHVV ,QIRUPDWLRQ 0JW
&RPPX &RPPX QLFDWLRQ
5HDO (VWDWH 0JW
/PP !! " @STS`S\QS >`]QSaa 6]caS RS` AWS[S\a /5 IA16;3:H3@ " A $"K `]hSaa]PXSYb 9c\RS c\R Ac^^Zg 1VOW\ ;O\OUS[S\b [Wb RS[ >`]hSaa]PXSYb /cTb`OU PWZ RS\ RWS AQV\WbbabSZZS\ hc RS\ d]` c\R \OQVUSZOUS`bS\ 5S aQVÉTba^O`b\S`\ W[ AW\\S RS` 0`O\QVS\eS`bYSbbS OP 2S` 0ShcU d]\ ES`bYSbbS\O\OZgaS c\R 5SaQVÉTba^`]hSaa[O\O US[S\b hc` 7BAb`ObSUWS S\babSVb hc\ÉQVab Rc`QV RWS ÍPS`ZSUc\U eWS RWS 5SabOZbc\U c\R ]^bW[WS`bS /PeWQYZc\U d]\ >`]hSaaS\ [Wb USSWU\SbS\ 7B:rac\US\ c\bS`abºbhb eS`RS\ YO\\ 2WSaS` 5S RO\YS T]ZUb RS[ Ab 5OZZS` ;]RSZZ RSa 1dbX]Tbb 4]VX]TTaX]V !'
!
8CBcaPcTVXT PSW RS[ Ab`ObSUWS\ [Wb 6WZTS d]\ 5SaQVÉTba^`]hSaaS\ c[USaSbhb eS`RS\ c\R 7\T]`[ObW]\aagabS[S OZa 6WZTa[WbbSZ Tº` RWS >`]hSaa OPeWQYZc\U RWS\S\ dUZ IÎAB3@:3 ! A ! TTK" Ab`ObSUWS\ c\R RWS RO`OcT OcaUS`WQVbSbS\ >`]hSaaS a]ZZS\ hc ESbbPSeS`Pa d]`bSWZS\ Phe hc` 0SSW\TZcaac\U RS` ESbbPSeS`PaY`ÉTbS dUZ /PaQV\Wbb !!! W[ AW\\S RSa C\bS`\SV[S\a TºV`S\ 0SWa^WSZa eSWaS YO\\ SW\ VS`d]``OUS\RS` AS`dWQS^`]hSaa VSZTS\ RS\ 9c\ RS\ aQV\SZZ c\R c[TOaaS\R hc PSRWS\S\ c\R aWQV a] W[ ]PS\ PSaQV`WSPS\S\ AW\\S hc RWTTS`S\hWS`S\ =^bW[WS`bS /cTb`OUaOP eWQYZc\Ua 0SaQVOTTc\Ua c\R >`]RcYbW]\a^`]hSaaS dS`Yº`hS\ RWS 2c`QVZOcThSWb c\R Yr\\S\ RORc`QV a]e]VZ RWS 9]abS\^]aWbW ]\ OPa]Zcb c\R USUS\ºPS` RS\ ESbbPSeS`PS`\ dS`PSaaS`\ OZa OcQV RWS 9c\RS\hcT`WSRS\VSWb S`VrVS\ 2WS <ScUSabOZbc\U c\ bS`\SV[S\aºPS`U`SWTS\RS` ES`bOYbWdWbÉbS\ O\ RS\ AQV\WbbabSZZS\ [Wb RS\ >O`b\S`\ ZWSTS`b eSWbS`S /\aObh^c\YbS A] YO\\ SW\S S\US DS`hOV\c\U RS` 2Wab`WPcbW]\aOYbWdWbÉbS\ [Wb RS\ DS`b`WSPa^O`b \S`\ 3W\b`WbbaPO``WS`S\ Tº` ^]bS\hWSZZS <ScSW\abSWUS` W\ RS\ ;O`Yb aQVOTTS\ W[ 3fb`S[TOZZ RWS DS`b`WSPaYO\ÉZS a]UO` SfYZcaWd PSaSb hS\ 2c`QV 9]]^S`ObW]\S\ [Wb :WSTS`O\bS\ RWS hc S\US\ >`] hSaadS`TZSQVbc\US\ TºV`S\ YO\\ [O\ aWQV ZO\UT`WabWU abOPWZS DS` a]`Uc\UaPShWSVc\US\ aWQVS`\ c\R ESbbPSeS`PS`\ RORc`QV SdbZ RS\ HcUO\U hc 0SaQVOTTc\Ua_cSZZS\ S`aQVeS`S\ 2WS 7BAb`ObSUWS [caa OcT SW\S :O\RaQVOTb d]\ 7\T]`[ObW]\aaga bS[S\ US`WQVbSb aSW\ RWS SW\S RS`O`bWUS >`]hSaaUSabOZbc\U S`[rU ZWQVb 2OPSW USVb Sa hc\ÉQVab c[ RWS /PRSQYc\U RS` hc` /cTUO PS\S`ZSRWUc\U W\ RS\ SW\hSZ\S\ 0S`SWQVS\ \rbWUS\ 4c\YbW]\S\ Pa^e Rc`QV RS\ 3W\aObh d]\ 3\bS`^`WaS@Sa]c`QS>ZO\\W\UAga bS[S\ 7[ AW\\S RS` >`]hSaa]`WS\bWS`c\U [Wb RS` DS`PSaaS`c\U RS` W\bS`\S\ 7\T]`[ObW]\aTZºaaS c\R \cbhc\U Wab SPS\a] dWSZ /c US\[S`Y OcT RWS aW\\VOTbS DS`Y\º^Tc\U c\R 7\bSU`ObW]\ d]\ BSWZZrac\US\ W\\S`VOZP RSa C\bS`\SV[S\a Rc`QV 3\bS`^`WaS /^^ZWQObW]\7\bSU`ObW]\:rac\US\ a]eWS Rc`QV E]`YTZ]e c\R 2]Yc[S\bS\;O\OUS[S\bAgabS[S hc ZSUS\ ;Wb 0ZWQY OcT RWS O\USa^`]QVS\S 5SabOZbc\U d]\ c\bS`\SV[S\a ºPS`U`SWTS\RS\ >`]hSaaS\ c\R RS\ ROhcUSVr`WUS\ 7\T]`[ObW]\a TZºaaS\ [caa RWS 7BAb`ObSUWS OczS`RS[ RWS heWaQVS\PSb`WSPZWQVS 7\bSU`ObW]\ d]\ 7\T]`[ObW]\aagabS[S\ bVS[ObWaWS`S\ 30caW\Saa :rac\US\ eWS Ac^^Zg1VOW\;O\OUS[S\bAgabS[S A1;AgabS [S ]RS` 1cab][S`@SZObW]\aVW^;O\OUS[S\bAgabS[S 1@;Aga
"
"
AWSVS VWS`hc OcQV RWS /caTºV`c\US\ hc[ BVS[O /`QVWbSYbc`dS` abÉ\R\Wa W\ /PaQV\Wbb #
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V bS[S Yr\\S\ \OQVVOZbWU RWS 5SabOZb RS` 0`O\QVS\eS`bYSbbS dS` É\RS`\ c\R RS\ PSbSWZWUbS\ C\bS`\SV[S\ D]`bSWZS dS`aQVOTTS\ 0SWa^WSZaeSWaS YO\\ SW\S A1;:rac\U 0SabO\Ra c\R 0SRO`TaW\ T]`[ObW]\S\ d]\ OZZS\ 9SbbS\UZWSRS`\ ZWSTS`\ A] S`VOZbS\ RWSaS PSaaS`S >ZO\c\UaU`c\RZOUS\ Tº` WV`S SWUS\S 0SaQVOTTc\U >`] RcYbW]\ 2Wab`WPcbW]\ SbQ c\R aW\R a] W\ RS` :OUS cO 9]abS\ d]`bSWZS hc `SOZWaWS`S\ ESbbPSeS`PS` RWS \WQVb BSWZ RS` 9SbbS aW\R ^`]TWbWS`S\ \WQVb d]\ RS\ D]`bSWZS\ c\R Yr\\S\ RORc`QV W\ 0SR`É\U\Wa US`ObS\ 3W\ O\RS`Sa 0SWa^WSZ Tº` 7BUSb`WSPS\S DS` É\RS`c\US\ RS` 0`O\QVS\eS`bYSbbS abSZZb RS` W\bS`\SbPOaWS`bS 2W `SYbdS`b`WSP RO` 2WSaS` S`rTT\Sb RWS ;rUZWQVYSWb 6O\RSZaabcTS\ h0 3W\hSZVO\RSZ c\R 7\bS`[SRWÉ`S h0 @SWaSPº`]a ºPS`TZºa aWU hc [OQVS\ c\R hc SZW[W\WS`S\ 2WS 7BAb`ObSUWS a]ZZbS OcQV RWS W[ @OV[S\ RS` ES`bYSbbS\ c\R 5SaQVÉTba^`]hSaaO\OZgaS d]`US\][[S\S 2WTTS`S\hWS`c\U RS` >`]hSaaS W\ 9ObSU]`WS\ eWRS`a^WSUSZ\ 2WSa PSRScbSb ROaa 7\ T]`[ObW]\aagabS[S\ hc` C\bS`abºbhc\U RS` 9S`\^`]hSaaS SW\S O\RS`S ab`ObSUWaQVS 0SRScbc\U PSWUS[SaaS\ eW`R OZa a]ZQVS\ Tº` Ac^^]`b>`]hSaaS 7\ RS` 7BAb`ObSUWS eW`Yb aWQV RWSa dO PSW[ ;O\OUS[S\b RSa /^^ZWYObW]\a^]`bT]ZW]a Oca dUZ ROhc /PaQV\Wbb !#
'TGR_YK JKY ;TZKXTKNSKTY[SLKRJY 2Oa C\bS`\SV[S\ac[TSZR eW`R US^`ÉUb d]\ RS` \PZa^»Z^]^ \XbRWT] BXcdPcX^] c\R d][ FTccQTfTaQbd\UT[S RSa C\bS` \SV[S\a 2O[Wb aW\R RWS eSaS\bZWQVS\ 5SUS\abÉ\RS RS` 7ab O\OZgaS W\ RWSaS[ 0S`SWQV RSbS`[W\WS`b RWS dO RWS 1VO\QS\ c\R @WaWYS\ Tº` ROa C\bS`\SV[S\ S`TOaaS\ a]ZZ 2WS C\bS`acQVc\U RSa [OY`]rY]\][WaQVS\ C[TSZRa `WQVbSb aWQV OcT RWS 7RS\bWTWYObW]\ c\R 0SeS`bc\U RS` 4OYb]`S\ RWS RWS 0`O\ QVS\ab`cYbc` ]RS` RS\ `SZSdO\bS\ ;O`YbOcaaQV\Wbb dS`É\RS`\ c\R a][Wb ROa 3`T]ZUa^]bS\hWOZ [OzUSPZWQV PSSW\TZcaaS\ Yr\\S\ 3W\ VWS`Tº` VÉcTWU dS`eS\RSbSa 7\ab`c[S\b Wab RWS ?4BC4; 0]P[hbT d]\ 8]V\a]\ c\R AQV]ZSa I8=63AB3: abSVb Tº` RWS /\TO\UaPcQVabOPS\ RS` S\UZWaQVS\ Er`bS` ^] ZWbWQOZ SQ]\][WQ a]QWOZ bSQV\]Z]UWQOZ S\dW`]\[S\bOZ c\R ZSUOZ
"
!
8CBcaPcTVXT `S\ Y][PW\WS`b [O\ RWS 3W\b`WbbaeOV`aQVSW\ZWQVYSWb RS` 3W\TZºaaS [Wb RS\ 4]ZUS\ Tº` ROa C\bS`\SV[S\ IE7BB;/]`bS` Tº` RWS 7BAb`ObSUWS FTccQTfTaQbZaPUc `]RcYbTSObc`Sa h0 a]TbeO`SPOaWS`bS >S`a]\OZWaWS`c\U d]\ 4c\YbW]\S\ c\R]RS` x RSa /cTPOca ]RS` RS` 3`VrVc\U d]\ C[abWSUa Y]abS\ h0 Rc`QV ^`]^`WSbÉ`S AQV\WbbabSZZS\ ]RS` 2ObS\T]`[ObS RWS PSW SW\S[ ESQVaSZ V]VS\ /cT eO\R dS`c`aOQVS\
AbÉ`YS RS` :WSTS`O\ bS\
7B:rac\US\ hc` C\bS`abºbhc\U
VrVS`S 3W\YOcTa ^`SWaS \WSR`WUS`S ?cOZWbÉb US`W\US`S DS`TºUPO`YSWb
x USabSWUS`bS` ;O`Ybb`O\a^O`S\h PhUZ 9]\RWbW]\S\ DS`TºUPO`YSWb SbQ h0 Rc`QV @SQVS`QVS/US\bS\ W[ 7\bS`\Sb x SZSYb`]\WaQVS` /caaQV`SWPc\US\ h0 OcT ;O`Yb ^ZÉbhS\ W[ 7\bS`\Sb x RS` Ocb][ObWaWS`bS\ ?cOZWbÉbaY]\b`]ZZS h0 1][ ^cbS`/WRSR?cOZWbg/aac`O\QSAgabS[S c\R]RS` x RS` 3W\PW\Rc\U RS` :WSTS`O\bS\ W\ RWS SWUS\S >ZO \c\U h0 Rc`QV A1;AgabS[S
>]bS\hWSZZS 9]\Yc` `S\bS\ hcaÉbhZWQVS 9O^OhWbÉb \WSR`WUS`S >`SWaS SbQ
3`aObh^`]RcYbS RWS\abS 0SU`S\hc\U d]\ >`SWa ;O`Yb >`]TWb SbQ /YbcSZZS` ESbbPS eS`P >`SWaeSbbPSeS`P ESbbPSeS`P c[ DS` b`WSPaYO\ÉZS SbQ
""
7B:rac\US\ hc` C\bS`abºbhc\U x RS` :SWabc\UadS`PSaaS`c\U c\R RWTTS`S\hWS`c\U a] c\R]RS` x RS` 9]\b`]ZZS RS` 2Wab`WPcbW]\aYO\ÉZS h0 Rc`QV V]VS\ 7\bSU`ObW]\aU`OR RS` 7BAgabS[S 7B:rac\US\ hc` C\bS`abºbhc\U x :SWabc\UadO`WObW]\ c\R dS`PSaaS`c\U h0 hcaÉbhZW QVS S^^O`R dUZ I;14/@ :/ZO \c\U @SOZWaWS`c\U c\R 0Sb`WSP RS` SW\US]`R\SbS\ /^^ZWYObW]\S\ S`T]`RS`\ dUZ /PaQV\Wbb !#
6WUDWHJLF LPSDFW RI IXWXUH V\VWHPV
+LJK
675$7(*,&
+,*+ 327(17,$/
$SSOLFDWLRQV WKDW DUH FULWLFDO WR VXVWDLQLQJ IXWXUH EXVLQHVV VWUDWHJ\
$SSOLFDWLRQV WKDW PD\ EH LPSRUWDQW LQ DFKLHYLQJ IXWXUH VXFFHVV
$SSOLFDWLRQV RQ ZKLFK WKH RUJDQL]DWLRQ FXUUHQWO\ GHSHQGV IRU VXFFHVV
$SSOLFDWLRQV WKDW DUH YDOXDEOH EXW QRW FULWLFDO WR VXFFHVV
.(< 23(5$7,21$/
/RZ
6WUDWHJLF LPSDFW RI H[LVWLQJ V\VWHPV
+LJK
/PP !!"
"$
/^^ZWYObW]\a^]`bT]ZW]
6833257 /RZ
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V
;
;
; ;
;
;
;
; ;
;
;
;
)OH[LELOLWlW
;
;
;
;
7HFKQRORJLH .QRZKRZ
6XPPH
(OHFWURQLF 6KRS/|VXQJ
&50/|VXQJ
;
.XQGHQVXSSRUW
;
;
/LHIHUWUHXH
6XPPH
;
;
;
4XDOLWlW
;
.ULWLVFKHU (UIROJVIDNWRU
;
%HXUWHLOXQJV REMHNW
&OLHQW6HUYHU $UFKLWHNWXU
2WS C\bS`abºbhc\U RS` :aXcXbRWT] 4aU^[VbUPZc^aT] :45 ZÉaab aWQV W\ SW\S` ;Ob`Wf S`TOaaS\ eWS aWS W\ /PPWZRc\U !!"! RO` USabSZZb Wab 2Oa ;O\OUS[S\b PSeS`bSb Rc`QV ASbhS\ d]\ 9`SchS\ W\ RWS ;Ob`WfTSZRS` eSZQVS 934 d]\ SW\S` /^^ZWYObW]\ ^]aWbWd PS SW\TZcaab eS`RS\ 2WS HSWZS\ac[[S RS` 9`SchS UWPb O\ eWS Ucb SW\ 3`T]ZUaTOYb]` d]\ RS` USaO[bS\ /^^ZWYObW]\aZO\RaQVOTb c\bS` abºbhb eW`R 2WS A^OZbS\ac[[S hSWUb eWS dWSZS 934 SW\S SW\hSZ\S /^^ZWYObW]\ c\bS`abºbhb 2WS ;SbV]RWY ZÉaab aWQV dS`TSW\S`\ W\ RS[ [O\ O\abObb RS` 9`SchS >c\YbPSeS`bc\US\ SW\b`ÉUb C[ RS[ >`]PZS[ RS` AcPXSYbWdWbÉb hc PSUSU\S\ YO\\ [O\ 0SeS` bc\US\ Rc`QV 5`c^^S\ Rc`QVTºV`S\ ZOaaS\
/PP !!"! C\bS`abºbhc\Ua[Ob`Wf RS` 9`WbWaQVS\ 3`T]ZUaTOYb] `S\ O\USZSV\b O\ I9@1;/@ # A ! &K <SPS\ RS\ TOQVZWQVS\ aW\R OcQV cTRW]XbRWT :aXcTaXT] eWS >S` T]`[O\h ]RS` /`QVWbSYbc` hc PS`ºQYaWQVbWUS\ 2Oa BhbcT\b 0d SXc 6aXS d]\ 3O`Z Y][PW\WS`b PSWRSa W\ SW\S` /\eS\RS` c\R 0Sb`SWPS` Phe 3\beWQYZS`aWQVb dUZ /PP !!"" 2WS bSQV\W aQVS ?cOZWbÉb c[TOaab 3WUS\aQVOTbS\ eWS HcdS`ZÉaaWUYSWb DS`TºU PO`YSWb c\R EO`bPO`YSWb SW\Sa AgabS[a 2WS 0SeS`bc\U Oca /\ "%
!
8CBcaPcTVXT eS\RS`aWQVb S`UÉ\hb RWS ]PS\ US\O\\bS\ TOQVZWQVS\ /a^SYbS Pc aW\Saa dOZcS c[ 9`WbS`WS\ eWS 0SRWS\c\UaT`Sc\RZWQVYSWb c\R ]bS\bWOZa T]ZUS\RS`[OzS\ PSaQV`SWPS\ IE/@2 ! A ! $ TTK( x 7XVW ?^cT]cXP[ 2WSaS /^^ZWYObW]\S\ aW\R USYS\\hSWQV\Sb d]\ C\aWQVS`VSWb PShºUZWQV WV`Sa 3`T]ZUa c\R RO[Wb d]\ V]VS[ @WaWY] 7\ RWS aS[ 4SZR USVb Sa d]`R`W\UZWQV RO`c[ 4]`aQVc\U c\R 3\b eWQYZc\U PShºUZWQV RSa 7B3W\aObhSa Tº` :Ta]_a^iTbbT hc PSb`SWPS\ ;Wb 6WZTS d]\ >`]b]bg^S\ c\R >WZ]b^`]XSYbS\ a]ZZ XSR]QV eS\WUS` ROa bSQV\WaQV ;OQVPO`S OZa RS` Y]\Y`SbS WZ]b^`]XSYbSa PSSW\b`ÉQVbWUS\ 7[ @OV[S\ RS` #$
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V AbScS`c\U aW\R Tº` >WZ]b^`]XSYbS YZO`S 0cRUSb c\R HSWbZW[Wba hc aSbhS\ c\R hc ºPS`eOQVS\ Q]ab Q]\b`]Z 2WSa VWZTb O\ dS`SW\PO`bS\ ;SWZS\abSW\bS`[W\S\ YZO`S 3\baQVSWRc\US\ ºPS` RWS 4]`bTºV`c\U ]RS` ROa 3W\abSZZS\ d]\ /YbWdWbÉbS\ VS` PSWhcTºV`S\ HWSZ [caa Sa ZSbhbZWQV aSW\ RWSXS\WUS\ /\aÉbhS hc WRS\bWTWhWS`S\ PSW RS\S\ Sa aWQV Z]V\b aWS W\ RS\ Ab`ObSUWQ ?cOR`O\bS\ hc ºPS`TºV`S\ x BcaPcTVXR 2S` ES`b ab`ObSUWaQVS` 7\T]`[ObW]\aagabS[S VÉ\Ub abO`Y d]\ RS` 2OcS`VOTbWUYSWb RSa RO[Wb S`hWSZPO`S\ ESbbPSeS`Pad]` bSWZa OP ESUS\ RS` ]Tb SW\TOQVS\ 9]^WS`PO`YSWb UWZb Sa a]ZQVS WR@ W\ :Ta]_a^iTbbT] SW\USaSbhbS AgabS[S abÉ\RWU eSWbS` hc S\beWQYSZ\ Q]\bW\]ca W\\]dObW]\ 2WS DS`O\be]`bc\U VWS`Tº` ZWSUb OcT RS` ASWbS RSa 5SaQVÉTba 2]`b [caa S`YO\\b eS`RS\ e] c\R eWS SW\S hcaÉbhZWQVS ]RS` S`eSWbS`bS /\ eS\Rc\U ;SV`eS`b PShºUZWQV RS` :SWabc\U Tº` RS\ 9c\RS\ ]RS` RWS >`]hSaaOPeWQYZc\U aQVOTTb VWUV dOZcSORRSR 2Sa VOZP [ºaaS\ 4OQVPS`SWQVa[O\OUS[S\b c\R >`]hSaadS`O\b e]`bZWQVS >`]QSaa =e\S` VWS` OcQV ºPS` RWS 9][^SbS\h dS`TºUS\ 7B7\dSabWbW]\aS\baQVSWRc\US\ [OzUSPZWQV hc PSSW\ TZcaaS\ dS`bWQOZ W\bSU`ObW]\ 2WS ES`babSWUS`c\UaOYbWdWbÉbS\ aW\R [SWab aSV` Y]abS\W\bS\aWd ES\\ Sa RS[ ESbbPSeS`P US ZW\Ub W[[S` aQV\SZZS` \OQVhchWSVS\ Wab Sa O\UShSWUb SVS` OcT V]VS 7\dSabWbW]\S\ Tº` RWS AQVOTTc\U d]\ ;SV`eS`b hc dS` hWQVbS\ c\R abÉ`YS` OcT RWS 9]abS\ hc OQVbS\ 2O[Wb PSUW\\b RWS ÍPS`ZSWbc\U RS` /^^ZWYObW]\ W\ RS\ AbObca 9Sg =^S`ObW] \OZ x :Th >_TaPcX^]P[ 2WS /\eS\Rc\UaagabS[S W\ RWSaS[ ?cOR`O\bS\ aW\R ROcS` VOTb eWQVbWU Tº` RWS 5SaQVÉTbaOPeWQYZc\U ;O\ TW\RSb aWS OZa C\bS`abºbhc\U d]`eWSUS\R Tº` :Ta] ^`W\hW^WSZZ XSR]QV OcQV Tº` `]hSaaYObSU]`WS\ hc[ 3W\aObh aW\R XSR]QV \WQVb S\baQVSWRS\R Tº` RWS HcYc\Tb RSa C\bS`\SV[S\a ÍPS`eWSUS\R O\VO\R TW\O\hWSZZS` 9`WbS`WS\ Wab Pa^e hc S\baQVSWRS\ ]P Tº` RWS d]\ WV\S\ S`P`OQVbS\ :SW abc\US\ 2WS\abZSWabS` PSOcTb`OUb eS`RS\ RWS OcTU`c\R d]\ AYOZS\STTSYbS\ Uº\abWUS` O\PWSbS\ Yr\\S\ RWaW\dSab`ObW]\OZW hS 3W\ 3WUS\PSb`WSP d]\ Ac^^]`b:rac\US\ Wab [SWab \c` eW`baQVOTbZWQV eS\\ eSWbUSVS\R AbO\RO`Ra]TbeO`S ]V\S ;] RWTWYObW]\S\ ]RS` 3`eSWbS`c\US\ hc[ 3W\aObh Y][[b ES`RS\ h0 Oca 5`º\RS\ RS` ?cOZWbÉbaS`VOZbc\U R]QV a]ZQVS ;Oz\OV[S\ S`e]US\ aW\R aWS US\OcSabS\a OcT WV`S EW`b aQVOTbZWQVYSWb VW\ hc ^`ºTS\ acabOW\SR _cOZWbg O\R STTWQWS\Qg 2WS 3`ZÉcbS`c\US\ [OQVS\ RScbZWQV ROaa SW\S SW\VSWbZWQVS ;O\O US[S\bab`ObSUWS ºPS` OZZS ?cOR`O\bS\ VW\eSU \WQVb aW\\d]ZZ Wab a]\RS`\ XSeSWZa a^ShWTWaQVS /\aÉbhS \rbWU aW\R 2WSa eW`R eSWbS` c\bS\ PSW RS` 0SVO\RZc\U RS` 7\T]`[ObW]\a[O\OUS[S\bAb`ObSUWS OcTUSU`WTTS\ 2WS Hc]`R\c\U d]\ :rac\US\ hc RS\ ;Ob`WfTSZRS`\ Wab XSeSWZa \c` Tº` SW\S A53 UºZbWU RO aWQV /\eS\Rc\US\ W\ /^^ZWYObW]\a ^]`bT]ZW]a [SV`S`S` 5SaQVÉTbaSW\VSWbS\ W\ c\bS`aQVWSRZWQVS\ :S PS\ahgYZca^VOaS\ PSTW\RS\ Yr\\S\ 0SWa^WSZaeSWaS YO\\ SW\ AgabS[ ROa Tº` RWS PSb`OQVbSbS A53 OZa 9Sg =^S`ObW]\OZ SW\hc abcTS\ Wab Tº` SW\S O\RS`S 5SaQVÉTbaSW\VSWb RWS W\ SW\S` O\RS`S\ 0`O\QVS [Wb c\bS`aQVWSRZWQVS[ 7B@SWTSU`OR OYbWd Wab ab`ObSUW aQVS\ 1VO`OYbS` PSaWbhS\ Hc` S`a^SYbWdS hc PSb`OQVbS\ A] ZOaaS\ aWQV UUT `]b]bg^S\ AbO\RO`Ra SbQ b`O\aTS`WS`S\ c\R [SV`TOQV \cbhS\ a]eWS c\\rbWUS` ;SV`OcTeO\R h0 Rc`QV c\bS`aQVWSRZWQVS :r ac\US\ Tº` UZSWQVO`bWUS >`]hSaaS dS`[SWRS\
/TLUXSGZOUTY [TJ 1USS[TOQGZOUTYZKINTOQ9ZXGZKMOK 7[^cZaS Tº` RWS 7\T]`[ObW]\a c\R 9][[c\WYObW]\abSQV\WYAb`O bSUWS ZWSTS`\ RWS /\T]`RS`c\US\ RS` 7\T]`[ObW]\aagabS[S c\R RS` USUS\eÉ`bWUS HcabO\R RS` bSQV\WaQVS\ 7\T`Oab`cYbc` W\ HcaO[ [S\VO\U [Wb RS` dS`TºUPO`S\ BSQV\]Z]UWS Hc` Ab`cYbc`WS`c\U
#&
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V SWU\S\ aWQV /\aÉbhS eWS ROa BSQV\]Z]Ug 4`O[Se]`Y d]\ 3O`Z 3a c\bS`aQVSWRSb hc\ÉQVab T]ZUS\RS U`c\RZSUS\RS W\bS`RS^S\RS\bS 3ZS[S\bS dUZ I3/@:'&' A '# TTK( x ATRW]Ta 2^\_dcX]V 6O`ReO`S c\R 0Sb`WSPaagabS[S x :^\\d]XZPcX^] 2^\\d]XRPcX^] <SbheS`YS [Wb OYbWdS\ c\R ^OaaWdS\ 9][^]\S\bS\ eWS @]c bS` AeWbQVSa c\R 5ObSeOga x 3PcT] 3PcP 2ObS\PSabÉ\RS RSa C\bS`\SV[S\a c\R RWS ROhc USVr`S\RS\ A^SWQVS`c\Ua c\R HcU`WTTa[SQVO\Wa[S\ x 0__[XZPcX^]T] 0__[XRPcX^]b ESaS\bZWQVS /\eS\Rc\UaagabS[S RSa C\bS`\SV[S\a [Wb WV `S\ Tc\YbW]\OZS\ HcaO[[S\VÉ\US\ a]eWS ;SbV]RS\ RS` /\ eS\Rc\UaS\beWQYZc\U 7[ DS`UZSWQV hc` 7AAb`ObSUWS USVb Sa VWS` c[ RWS Y]\Y`SbS\ /ca^`ÉUc\US\ d]\ /^^ZWYObW]\S\ OZa] h0 \WQVb OZZUS[SW\ c[ SW\ 3@>AgabS[ a]\RS`\ c[ SW\ PS abW[[bSa @SZSOaS RS` 3@>:rac\U d]\ A/> 4º` XSRSa RS` 4`O[Se]`Y3ZS[S\bS YO\\ [O\ 5`c\RaÉbhS OcT c\bS`aQVWSRZWQVS\ 3PS\S\ T]`[cZWS`S\( x ?[Ê]T ?[P]b >ZÉ\S c\R HWSZS Tº` RWS Yc`h [WbbSZ c\R ZO\UT`WabWUS 3\beWQY Zc\U d]\ 3ZS[S\bS\ x FTXbd]VT] ?^[XRXTb 9]\Y`SbS dS`PW\RZWQVS @WQVbZW\WS\ Tº` D]`USVS\aeSWaS\ c\R >`]hSaaS hc` @SOZWaWS`c\U RS` bSQV\WaQVS\ 7\T`Oab`cYbc` x `OfWa Wab XS 3ZS[S\b SW\S UO\hS @SWVS d]\ 4SabZSUc\US\ hc b`STTS\ #'
!
8CBcaPcTVXT BOP !#! 4]`[cZWS`c\U RS` 79BAb`ObSUWS 6ad]S 3TbXV] bPci ?aX]iX_XT] 4[T \T]c
1a
6O`ReO`SO`QVW >1/`PSWba bSYbc` RSa C\ ^ZÉbhS aW\R bS`\SV[S\a U`c\RaÉbhZWQV [Wb 9O`bS\ZSaS` OcahcabObbS\
@]ZZ]cb d]\ ;A EW\R]ea F> OcT OZZS\ @SQV\S`\ PWa 3\RS $
:^\\d ]XZPcX^]
/\PW\Rc\U OZZS` AbO\R]`bS ºPS` DW`bcSZZSa >`WdObSa <Sbh eS`Y D> PWa ! %
3PcT]
Z]UWaQV hS\b`OZS C\bS`\SV DS`eOZbc\U [S\aRObS\[] d]\ C\bS` RSZZ \SV[S\aRObS\
Ò\RS`c\US\ d]\ 2ObS\ ab`cYbc`S\ \c` [Wb 5S\SV[W Uc\U RS` 4OQV OPbSWZc\U
HS\b`OZWaWS`c\U RS` AbO[[RO bS\dS`eOZbc\U PWa %
0__[XZP cX^]T]
PSab]TP`SSR 3\bS`^`WaS VOb >`W]`WbÉb d]` /^^ZWQObW]\ >OYSbZrac\U 7\bSU`ObW]\ ;]RSZZ RSa C\bS`\SV[S\a
AbO\RO`R Tº` 0º`]Y][[c\W YObW]\aa]TbeO`S Wab ;A =TTWQS
4ZÉQVS\RS QYS\RS` C[ abWSU d]\ A/> @! "$Q OcT [gA/> 3@> PWa % %
3W\S dS`UZSWQVPO`S ;Ob`Wf YO\\ aSZPabdS`abÉ\RZWQV PS`SWba PSW RS` /\OZgaS RS` C\bS`\SV[S\a7B OZa 7\ab`c[S\b hc[ 3W\aObh Y][ [S\ eS\\ Sa UWZb PSabSVS\RS 5`c\RaÉbhS hc SdOZcWS`S\
/TLUXSGZOUTYSGTGMKSKTZ9ZXGZKMOK 2WS 7\T]`[ObW]\a[O\OUS[S\bAb`ObSUWS ZSUb RS\ @OV[S\ Tº` ROa 4ºV`c\UaY]\hS^b RS` USaO[bS\ 7B TSab AWS ºPS`a^O\\b RWS BSWZ ab`ObSUWS\ Tº` RWS 7\T]`[ObW]\aagabS[S c\R 7\T]`[ObW]\abSQV\WY 4º` WV`S /caUSabOZbc\U ec`RS W\ RS` DS`UO\US\VSWb W\ S[^W`W aQVS\ C\bS`acQVc\US\ SW\S @SWVS d]\ U`c\RZSUS\RS\ /\aÉbhS\ WRS\bWTWhWS`b 0SYO\\bS DS`b`SbS` aW\R RWS d]\ >O`a]\a PS`SWba W\ RS\ '&S` 8OV`S\ WRS\bWTWhWS`bS\ Ab`ObSUWS\ AWS ZOaaS\ aWQV OcT ROa /^^ZWYObW]\a^]`bT]ZW] PShWSVS\ c\R USPS\ a] /\VOZba^c\YbS Tº` ROa ;O\OUS[S\b d]\ 7\T]`[ObW]\aagabS[S\ c\R bSQV\WY W\ RS\ c\bS`aQVWSRZWQVS\ ?cOR`O\bS\ 2WS T]ZUS\RS\ 3`ZÉcbS`c\US\ c\R RWS O\aQVZWSzS\RS BOPSZZS USPS\ /cTaQVZcaa ºPS` RWSaS VT
$
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V ]TaXbRWT] 8]U^a\PcX^]b\P]PVT\T]cBcaPcTVXT] dUZ I3/@: '&' A % TTK c\R IE/@2 ! A ! TTK&( x 2T]caP[[h ?[P]]TS IT]caP[T ?[P]d]V 4º` bcaPcTVXbRWT 0]fT]Sd]VT] SWU\Sb aWQV RS` /\aObh RS` hS\b`OZS\ >ZO\c\U RO aWS ]Tb \WQVb \c` SW\S A53 a]\RS`\ ROa USaO[bS C\bS`\SV[S\ c\R RSaaS\ Ab`ObSUWS PSb`STTS\ 3\b a^`SQVS\RS >`]XSYbS PSRº`TS\ RS` PSa]\RS`S\ /cT[S`YaO[ YSWb RSa B]^[O\OUS[S\ba ASW\S 7\d]ZdWS`c\U USaQVWSVb O[ PSabS\ RORc`QV ROaa SW\ ;WbUZWSR RS` 5SaQVÉTbaZSWbc\U SW\S` BOaY 4]`QS Oca A^ShWOZWabS\ RS` 4OQVPS`SWQVS c\R RS` 7B d]` abSVb RWS ROa >`]XSYb S`T]ZU`SWQV c[aSbhS\ a]ZZ 2WS S\US DS`PW\Rc\U hc` C\bS`\SV[S\aZSWbc\U dS`aQVOTTb RS[ >`]XSYb bSO[ RWS 9][^SbS\h RWS PSW ab`ObSUWaQVS\ >`]XSYbS\ ]Tb \rbW US\ [OzUSPZWQVS\ DS`É\RS`c\US\ d]\ Ab`cYbc`S\ c\R >`] hSaaS\ VS`PSWhcTºV`S\ x ;TPSX]V 4SVT =TdTbcT CTRW]^[^VXT 7[ 0S`SWQV RS` 7XVW?^cT]cXP[BhbcT\T YO\\ [O\ RWS :SO RW\U3RUSAb`ObSUWS dS`T]ZUS\ 2OPSW USVb [O\ ROd]\ Oca ROaa T]`baQV`WbbZWQVS 7B`]PZS[Zrac\US\ RWS ^OaaUS\Oc OcT RS\ /\eS\Rc\UaPS`SWQV hcUSaQV\WbbS\ aW\R /\RS`S`aSWba Yr\\S\ a] Wa]ZWS`bS 7\aSZZrac\US\ S\babSVS\ RWS USYS\\hSWQV\Sb aW\R d]\ 7\Y][^ObWPWZWbÉbS\ c\R V]VS\ 4]Z USY]abS\ Tº` 0Sb`Scc\U c\R 7\bSU`ObW]\ 2WS 4`SS;O`YSbAb`O bSUWS SWU\Sb aWQV RSaVOZP dO Tº` Bd__^ac0]fT]Sd]VT] RWS WV`S Z]YOZS C[USPc\U ]^bW[OZ c\bS`abºbhS\ a]ZZS\ eS\WU 7\bSU`ObW]\ PSRº`TS\ c\R eS\WU ab`ObSUWaQVS 0SRScbc\U PSaWb hS\ x ZO\c\Ua c\R 3\baQVSWRc\Ua a]eWS ESWac\Ua c\R 9]\ b`]ZZ^`]hSaaS W\ RS` 7B W\aPSa]\RS`S @SUSZc\US\ Tº` 7\ dSabWbW]\aS\baQVSWRc\US\ c\R hc` >`W]`WaWS`c\U VW\aWQVb ZWQV RS` @Saa]c`QS\OZZ]YObW]\ ES` S\baQVSWRSb- EWS aWSVb RS` 3\baQVSWRc\Ua^`]hSaa Oca- ± C[UO\U [Wb ]`UO\WaOb]`WaQVS\ DS`É\RS`c\Ua^`]hSaaS\ 1VO\US ;O\OUS[S\b x 8CB^daRX]V ± Ab`ObSUWS PhUZ ;OYS ]RS` 0cg dUZ /PaQV\Wbb !# ± Ab`ObSUWS hc` :WSTS`O\bS\2WS\abZSWabS`OcaeOVZ h0 OZZSa Oca SW\S` 6O\R ]RS` PSab]TbVSPSab- x 8C?Tab^]P[ dUZ /PaQV\Wbb !" ± @SY`cbWS`c\Ua^`W\hW^WS\ Tº` ROa 7B>S`a]\OZ h0 D]``O\U RS` 3\beWQYZc\U SWUS\S\ >S`a]\OZa d]` 0SRO`TaRSQYc\U O[ ;O`Yb ± :SWbZW\WS\ Tº` /ca c\R ESWbS`PWZRc\U RSa 7B>S`a]\OZa h0 >S`a]\OZS\beWQYZc\Ua^ZO\ x 8C2^]ca^[[X]V dUZ 9O^WbSZ " ± =`UO\WaObW]\ RSa 7B1]\b`]ZZW\Ua ± =PXSYbS c\R 7\ab`c[S\bS RSa 7B1]\b`]ZZW\Ua 2O[Wb OR`SaaWS`b RWS 7\T]`[ObW]\a[O\OUS[S\bAb`ObSUWS hc[ 5`]zbSWZ RWS /cTUOPS\ RS` 7B5]dS`\O\QS dS`UZSWQVS VWS`hc RWS /caTºV`c\US\ W\ 9O^WbSZ &
$"
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V
+XMKHTOY ÍPZWQVS`eSWaS PSaWbhS\ =`UO\WaObW]\S\ USeOQVaS\S 7B:O\R aQVOTbS\ c\R RWS ROhcUSVr`WUS\ ;O\OUS[S\bab`cYbc`S\ 2WS 7B Ab`ObSUWS abSZZb ROVS` [SWab SW\S\ ;WU`ObW]\a^TOR d]\ RS` 7ab hc SW\S` USeº\aQVbS\ A]ZZaWbcObW]\ RO` [Wb RS[ AbÉ`YS\ OcaUS\cbhb AQVeÉQVS\ PSaSWbWUb c\R \ScS 6S`OcaT]`RS`c\US\ US[SWabS`b eS`RS\ a]ZZS\ 7\ RS` 7BAb`ObSUWS TW\RS\ aWQV RSaVOZP RWS 3`USP \WaaS d]\ AWbcObW]\aO\OZgaS c\R Ab`ObSUWST]`[cZWS`c\U eWSRS` /PPWZRc\U !## hSWUb hcaO[[S\TOaaS\R RWS [rUZWQVS 5ZWSRS `c\U SW\Sa S\ba^`SQVS\RS\ Ab`ObSUWS^O^WS`a 2S\ eSaS\bZWQVS\ 5ZWSRS`c\Ua^c\YbS\ aW\R RO`W\ RWS d]`VS` PSVO\RSZbS\ C\bS`YO ^WbSZ hcUS]`R\Sb
0DQDJHPHQW 6XPPDU\ 7HUPV RI UHIHUHQFH 6XPPDU\ RI FRQFOXVLRQ 6XPPDU\ RI UHFRPPHQGDWLRQV $FNQRZOHGJHPHQWV ,QWURGXFWLRQ %XVLQHVV (QYLURQPHQW 2EMHFWLYHV NH\ LVVXHV SODQV &6)V )XQFWLRQV DQG SURFHVVHV ([WHUQDO DQG LQWHUQDO VWUDWHJLF IUDPHZRUN &RPSHWLWLYH HQYLURQPHQW DQG VWUDWHJ\ ([WHUQDO DQG LQWHUQDO YDOXH FKDLQ ,QIRUPDWLRQ QHHGV ,6,7 (QYLURQPHQW &XUUHQW SRUWIROLR &XUUHQW ,6,7 IXQFWLRQV VWUDWHJLHV SROLFLHV &XUUHQW ,6,7 RUJDQL]DWLRQ YDOXH VW\OH ,QIRUPDWLRQ DUFKLWHFWXUH ([WHUQDO ,6,7 SHUVSHFWLYH
.DS $QDO\VH GHU 8QWHUQHKPHQV,7 .DS $QDO\VH GHV ,78PIHOGV .DS $QDO\VH GHV 8QWHUQHKPHQV .DS $QDO\VH GHV 8QWHUQHKPHQVXPIHOGV
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
/PP !## Bg^WaQVS 7\VOZbaUZWSRS`c\U Tº` SW\ 7BAb`ObSUWS 2]Yc[S\b IO\USZSV\b O\ E/@2''$ A '%K'
'
3W\ eSWbS`Sa 0SWa^WSZaQVS[O Tº` SW\ 7BAb`ObSUWS2]Yc[S\b TW\RSb [O\ PSW I:/C2=< A !$K
$#
!
8CBcaPcTVXT Hc` 7[^ZS[S\bWS`c\U RS` \c\ d]`ZWSUS\RS\ 7BAb`ObSUWS PSRO`T Sa Y]\Y`SbS` ;Oz\OV[S\ 2S`S\ >ZO\c\U Wab BVS[O RSa \ÉQVabS\ /PaQV\Wbba
3GTGNSKTVRGT[TM
/:6XUPKQZGTZXoMK ;Wb RS` 7BAb`ObSUWS Wab RS` O\USab`SPbS A]ZZhcabO\R T]`[cZWS`b eOa- Hc` 7[^ZS[S\bWS`c\U aW\R S\ba^`SQVS\RS ;Oz\OV[S\ hc ^ZO\S\ eWS- 2OPSW YO\\ Sa aWQV hc\ÉQVab c[ A]T]`b[Oz\OV [S\ VO\RSZ\ RWS OZa ?cWQY EW\a Z]e VO\UW\U T`cWb [Wb eS \WU /cTeO\R c\R W\ Yc`hS` HSWb W\ @WQVbc\U RSa A]ZZHcabO\Ra TºV`S\ 0SWa^WSZaeSWaS YO\\ SW\S D]`aQV`WTb hc` `]XSYbT]`[ `SOZWaWS`b eS`RS\ USVb Sa dO c[ RWS 5S\S `WS`c\U d]\ 7RSS\ Tº` >`]XSYbS hc` AQVZWSzc\U d]\ :ºQYS\ W[ 6W\PZWQY OcT RWS 7BAb`ObSUWS 0SWa^WSZS aW\R A]TbeO`SS\beWQY Zc\Ua^`]XSYbS /`QVWbSYbc`^`]XSYbS h0 DS`SW\VSWbZWQVc\U d]\ 2ObS\PO\Y^ZObbT]`[S\ ]RS` @S]`UO\WaObW]\a^`]XSYbS h0 /ca `WQVbc\U RS` 7BAS`dWQSa O\ 7B7: `OfWa ºPZWQVS`eSWaS RWS /\hOVZ d]\ >`]XSYbS\ Phe RS` RO[Wb dS`Pc\RS\S @Saa]c`QS\PSRO`T RWS hc` DS`TºUc\U abSVS\RS\ ;WbbSZ ºPS`aQV`SWbSb Wab SW\S /caeOVZ c\R >`W]`WaWS `c\U d]`hc\SV[S\ 3W\ S`abS` AQV`Wbb ROhc Wab RWS 4]`[cZWS`c\U RS` D]`VOPS\ W\ >`]XSYbO\b`ÉUS\ [Wb >O`O[SbS`\ eWS HWSZ /`b <ScS\beWQYZc\U EO`bc\U SbQ USaQVÉbhbS 2OcS` c\R 9]abS\ c\R `]XSYbS\ OPUSUZWQVS\ c\R [WbVWZTS RSa 7B >`]XSYb^]`bT]ZW]a PSeS`bSb c\R ^`W]`WaWS`b 2WS ROPSW OcaUSeÉVZ bS\ D]`VOPS\ eS`RS\ O\aQVZWSzS\R US[Éz RS` >`]XSYb[O\OUS [S\b[SbV]RWY OPUSeWQYSZb BOP !$ ;rUZWQVSa AQVS[O SW\Sa 7B>`]XSYbO\b`OUa I03`]RcQb0caW\Saa 2SdSZ]^ [S\b >`]QSaa 7[^`]dS[S\b 7B 7\T`Oab`cQbc`S :SUOZ@SUcZOb]`g 1][^ZWO\QS
1T]TUXcb
8
?a^YTRc 2^bcb1dSVTc
D(
(
>OgPOQY >S`W]R(
AbOTT(
8\_[T\T]cPcX^] CX\T[X]T
8\_PRc XU 3T[PhTS2P]RT[[TS
;WZSab]\S (
2ObS(
;WZSab]\S (
2ObS(
3T_T]ST]RXTb P]S 0bbd\_cX^]b
AXbZb 0caW\Saa @WaYa( BSQV\]Z]Ug @WaYa(
/:6XUPKQZVUXZLUROU 7B>]`bT]ZW];O\OUS[S\b Wab SW\S ;SbV]RWY [Wb RS` XSRSa 7B>`] XSYb OcT aSW\S\ `]XSYb^]`bT]ZW] ROa OZa >ZO\c\UaW\ab`c[S\b RWS @Saa]c`QS\hc]`R\c\U OcT 0OaWa RS` /ca POZO\QWS`c\U RWSaS` 9`WbS`WS\ S`ZSWQVbS`b /caUO\Ua^c\Yb Wab RWS 2STW\WbW]\ c\R 5SeWQVbc\U RS` 9`WbS`WS\ RWS hc RS\ >]`bT]ZW]RW[S\aW]\S\ TºV`S\ 2O RWS >]`bT]ZW]RO`abSZ Zc\U hc\ÉQVab \c` heSW 2W[S\aW]\S\ S`[rUZWQVb UWZb Sa WR@ 3W\hSZOa^SYbS hc heSW 9`WbS`WS\ hc dS`RWQVbS\ c\R ROPSW hc US eWQVbS\ 2WS ]bS\hWOZS\beWQYZc\U SbQ @WaWYS\ YO\\ [O\ OcaR`ºQYS\ Rc`QV /a^SYbS eWS 9]abS\ >`] XSYbROcS` AQVeWS`WUYSWbaU`OR RS` bSQV\WaQVS\ @SOZWaWS`c\U >`] XSYbc[TO\U /PVÉ\UWUYSWbS\ c\R @Saa]c`QS\aWbcObW]\ dUZ I3/@:'&' A &%K c\R I9@1;/@ # A "K >]aWbW]\WS`b [O\
%$ !
8CBcaPcTVXT RWS >`]XSYbS OZa 9`SWaS W\ RWS ºPS` RS\ c`a^`º\UZWQVS\ heSW 2W [S\aW]\S\ OcTUSa^O\\bS ;Ob`Wf ZÉaab aWQV Rc`QV RWS 5`rzS RS` 9`SWaTZÉQVS SW\S R`WbbS 2W[S\aW]\ RO`abSZZS\ dUZ /PP !$
3URMHNWQXW]HQ KRFK 6HJPHQW ,,, ,,, 6HJPHQW
PLWWHO
6HJPHQW ,
3URMHNW EHLWUDJ ]XU 8QWHU QHKPHQV VWUDWHJLH
6HJPHQW ,,
JHULQJ KRFK
PLWWHO
JHULQJ 3URMHNWULVLNR
/PP !$ 0SWa^WSZ Tº` 7B>`]XSYb^]`bT]ZW] 7[ OPUSPWZRSbS\ 0SWa^WSZ S`UWPb aWQV RWS VrQVabS >`W]`WbÉb Tº` >`] XSYb hSV\ 2WS 4SabZSUc\U RS` @SWVS\T]ZUS RS` D]`VOPS\ W[ ASU [S\b 77 PSRO`T RS` /PeÉUc\U heWaQVS\ RS\ 2W[S\aW]\S\ 3W\S RS\YPO`S @O\UT]ZUS Wab >`]XSYb aSQVa SZT heSW aWSPS\ R`SW dWS` Tº\T SW\a c\R \Sc\ eÉV`S\R >`]XSYb OQVb RWS \WSR`WUabS >`W]`WbÉb PSaWbhb =Tb PSeS`bSb [O\ >`]XSYbS OcQV hc\ÉQVab W\ 3W\hSZ^]`bT]ZW]a c\R dS`acQVb RWSaS RO\\ W\ SW\S` 5SaO[bPSb`OQVbc\U hc Y]\a]ZWRWS `S\ 2WSaS D]`USVS\aeSWaS Wab W\ /PPWZRc\U !$ S`aWQVbZWQV /Za @O\UT]ZUS S`UWPb aWQV VWS` >`]XSYb R`SW UST]ZUb d]\ heSW SW\a c\R dWS` $&
!" ?a^iTbb STa 8CBcaPcTVXTT]cfXRZ[d]V
/PP !$
>]`bT]ZW]Y]\a]ZWRWS`c\U I;3@B3]aWbW ]\WS`c\U c\R aQVZWSzZWQV RWS @O\U`SWVc\U d]\ >`]XSYbS\ Wab SW\S PS`SWQVaºPS`U`SWTS\RS BSO[OcTUOPS I5/2/BA16 " A !"K 2Oa BSO[ Wab WRSOZS`eSWaS [Wb ;WbUZWSRS`\ d]\ OZZS\ PSb`]TTS\S\ 4OQVPS`SWQVS\ 7B3f^S`bS\ 1]\b`]ZZS`\ SbQ PSaSbhb /Za 6WZTa[WbbSZ Tº` RWS 3`TOaac\U d]\ >`]XSYb[S`Y[OZS\ RWS hc` 3`abSZZc\U SW\Sa >]`bT]ZW]a SW\aQVZÉUWU aSW\ Yr\\S\ YO\\ [O\ AQVS[S\ eWS ROa W\ /PPWZRc\U !$ ! RO`USabSZZbS 0SWa^WSZ dS`eS\RS\ 7\ RS\ HSWZS\Yr^TS\ abSVS\ RWS hc PSeS`bS\RS\ >`]XSYbS ]RS` 3W\hSZ[Oz\OV[S\ 2WS 9`WbS`WS\YObSU]`WS\ [Wb RS\ ROhcUSVr`WUS\ /bb`WPcbS\ PWZRS\ RWS A^OZbS\Yr^TS 7\ RS\ 4SZ RS`\ YO\\ [O\ RWS 0SeS`bc\U h0 Rc`QV RWS DS`UOPS d]\ >c\Y bS\ d]`\SV[S\
$'
8CBcaPcTVXT
52,
6WUDWHJLF $OLJQPHQW
9DOXH6WDWH
7HFKQLFDO $VVHVVPHQW
3URMHFW
2UJDQL]DWLRQDO
7HFKQRORJ\
%XVLQHVV
5LVN DQG 8QFHUWDLQW\
5HVSRQVLYHQHVV
$YDLODELOLW\
)XQFWLRQDOLW\
6HUYLFH DQG 4XDOLW\
&RVWV RU 5HVRXUFHV &RQVXPHG RU )7(
$ SRUWIROLR OLQH LWHP LV DQ LQGLYLGXDO DSSOLFDWLRQ LQIUDVWUXFWXUH FRPSRQHQW VHUYLFH RU PDQDJHPHQW DFWLYLW\
4XDOLW\
%DVLF ,QIRUPDWLRQ
$FFXUDF\
!
,WHP ,WHP ,WHP
/PP !$ ! 3`TOaac\UaaQVS[O Tº` ^]`bT]ZW]`SZSdO\bS ;S`Y[O ZS SW\Sa 7B>`]XSYba I03`]XSYbRc`QVTºV`c\U [Wb PSUZSWbS\RS[ >`]XSYbQ]\b`]ZZW\U PWa VW\ hc[ >`]XSYbOPaQVZcaa 0SW >`]XSYbS\ hc` 3\beWQYZc\U c\R 3W\TºV`c\U d]\ A]TbeO`S Wab RWSa WR@ RWS ÍPS`TºV`c\U RS` :rac\U W\ RS\ ^`]RcYbWdS\ 2OcS`PSb`WSP c\R RWS =`UO\WaObW]\ d]\ EO`bc\U c\R Ac^^]`b 0SW @S]`UO\WaObW ]\a^`]XSYbS\ PWZRS\ RWS 3W\TºV`c\U RS` USÉ\RS`bS\ >`]hSaa c\R /cTPOc]`UO\WaObW]\ c\R ROa /cTaSbhS\ SW\Sa Y]\bW\cWS`ZWQVS\ ;]\Wb]`W\Ua c\R DS`PSaaS`c\Ua^`]hSaaSa RS\ AQVZcaa 7\ XSRS[ 4OZZ a]ZZbS aWQV W[ AW\\S RSa EWaaS\a[O\OUS[S\ba \]QV RWS 2] Yc[S\bObW]\ d]\ 3`TOV`c\US\ :Saa]\a :SO`\SR O\aQVZWSzS\ 2WS /caTºV`c\US\ hc[ 7B>`]XSYb[O\OUS[S\b RWS\S\ VWS` ZSRWU ZWQV RS` /P`c\Rc\U RSa BVS[Oa ;Oz\OV[S\^ZO\c\U /caTºV`ZW QVS 0SVO\RZc\US\ RSa 7B>`]XSYb[O\OUS[S\ba TW\RSb [O\ W\ /PaQV\Wbb !! a]eWS W\ RS` SW\aQVZÉUWUS\ :WbS`Obc` h0 PSW I0@C553@ #K I@=A3< "K IE731H=@@39 #K ]RS` IE7`]hSaa RS` /\OZgaS c\R Ab`ObSUWST]`[cZWS`c\U ROcS`b QO heSW PWa R`SW ;]\O bS 0SbSWZWUb aW\R RWS /PbSWZc\U 7B Ab`ObSUg O\R B`S\RaQ]cbW\U c\R DS`b`SbS` Oca OZZS\ 4OQVPS`SWQVS\ d]\ >5 2WS ;]RS`ObW]\ ºPS`\W[[b 1]`^]`ObS 17= ROa 1VWST 7\T]`[ObW]\ =TTWQS RSa AWS [S\a9]\hS`\a e]Rc`QV OcQV RWS /PabW[[c\U [Wb RS\ 7B ab`ObSUWaQVS\ 0SZO\US\ RSa 5SaO[bY]\hS`\a USeÉV`ZSWabSb eW`R 2WS S`O`PSWbSbS Ab`ObSUWS c\R >ZO\c\U S`ab`SQYb aWQV ºPZWQVS`eSW aS ºPS` R`SW 5SaQVÉTbaXOV`S 7[ @OV[S\ SW\S` XÉV`ZWQVS\ @SdWaW]\ Yr\\S\ dS`É\RS`bS @OV[S\PSRW\Uc\US\ c\R 3W\TZcaaTOYb]`S\ PS`ºQYaWQVbWUb c\R UUT /\^Oaac\US\ d]`US\][[S\ eS`RS\
3a VO\RSZb aWQV VWS`PSW c[ RWS 5SabOZbc\U OcT RS` 3PS\S SW\S` ab`O bSUWaQVS\ 5SaQVÉTbaSW\VSWb dUZ /PaQV\Wbb !
%%
8CBcaPcTVXT 6WUDWHJLF ,QSXW
,PSOHPHQWDWLRQ
6WUDWHJ\ )RUPXODWLRQ
%XVLQHVV ,QIOXHQFH
3URILW *URZWK
&RUSRUDWH *RDO
&RUSRUDWH *RYHUQDQFH 7HFKQRORJ\ DQG 7UHQGV &XUUHQW ,7 VLWXDWLRQ
$QDO\VLV
***= 'LUHFWLRQ
3* %XVLQHVV 6WUDWHJ\
3* ,7 6WUDWHJ\
3* ,QQRYDWLRQ
(9$ RULHQWDWLRQ
[[ *URZWK 7DUJHW
&XVWRPHU )RFXV
6LHPHQV 0DQDJHPHQW 6\VWHP ³606´
*OREDO &RPSHWLWLYHQHVV
%XVLQHVV,7 ,PSHUDWLYHV DQG *RYHUQDQFH 0LVVLRQ DQG $UFKLWHFWXUH 9LVLRQ RI ,7
6RXUFLQJ %XVLQHVV DQG ,7 0HDVXUHPHQW
3* ,7 5RDGPDSV
3* 'LUHFWLRQ
3* ,7 6WUDWHJLF 3URMHFWV,QLWLDWLYHV
!
,QIRUPDWLRQ 6HFXULW\
,7 ,QIOXHQFH ** *HVFKlIWVJHELHW *= *HVFKlIWV]ZHLJ (9$ (FRQRPLF 9DOXH $GGHG
/PP " 3\beWQYZc\U c\R 7[^ZS[S\bWS`c\U RS` 7BAb`ObSUWS PSW >5 dUZ I>5 # A ! c\R A $K 2WS 5`OTWY hSWUb RS\ 3W\TZcaa RSa 5SaQVÉTba OcT RWS 7BAb`ObSUWS d]\ >5 2WS O[ C\bS`\SV[S\ahWSZ RS` AWS[S\a /5 ]`WS\bWS`bS /ca`WQVbc\U RSa 0S`SWQVSa >]eS` 5S\S`ObW]\ [Wb aSW\S\ 5S aQVÉTbaUSPWSbS\ c\R heSWUS\ TºV`b hc\ÉQVab hc` >5 0caW\Saa Ab`ObSUg 2O`Oca eW`R c\bS` 0S`ºQYaWQVbWUc\U 7BPSh]US\S` 3W\ TZcaaTOYb]`S\ RWS 7BAb`ObSUWS OPUSZSWbSb AWS eSWab RS`hSWb aSQVa 3ZS[S\bS OcT d]\ RS\S\ [Wb RS` 7\T]`[ObW]\ ASQc`Wbg SW\Sa eS US\ RS` 0SRScbc\U Tº` RWS USaO[bS 5SaQVÉTbabÉbWUYSWb VS`d]`US V]PS\ Wab Hc` 7[^ZS[S\bWS`c\U RS` 7BAb`ObSUWS eS`RS\ @]OR [O^a [Wb >`]XSYbS\ c\R 7\WbWObWdS\ Oca OZZS\ aSQVa 4SZRS`\ S` abSZZb /PPWZRc\U " PShWSVb ROa 0SWa^WSZ d]\ >5 OcT ROa W\ /PaQV\Wbb ! d]`USabSZZbS D]`USVS\
%&
!# ?aPgXbQTXb_XT[ BXT\T]b 06 ?^fTa 6T]TaPcX^] ?6
,QSXW 8QWHUQHKPHQVXPIHOG XQG VLWXDWLRQ &RUSRUDWH *RDO 3* 'LUHFWLRQ ***= 'LUHFWLRQ
3* %XVLQHVV 6WUDWHJ\
8QWHUQHKPHQV,7 XQG ,78PIHOG
3URILW DQG *URZWK
&RUSRUDWH *RYHUQDQFH
$W D JURZLQJ H[WHQW WKH ,7 ODQGVFDSH LV UHJXODWHG E\ 6LHPHQV &RUSRUDWH 3ROLFLHV DQG 6WDQGDUGV
(FRQRPLF 9DOXH $GGHG RULHQWDWLRQ
7HFKQRORJ\ DQG 7UHQGV
$QDO\]LQJ QHZ WHFKQRORJLHV DQG WUHQG VFRXWLQJ HQDEOHV RSWL PDO SURGXFWV DQG VHUYLFHV LQ WKH IXWXUH HJ 6HUYLFH 2ULHQ WHG $UFKLWHFWXUH DQG %XVLQHVV 3URFHVV $FWLYLW\ 0RQLWRULQJ
&XUUHQW ,7 VLWXDWLRQ
2SHUDWLRQDO FRVWV FDQ RQO\ EH UHGXFHG ZLWK IXUWKHU ,7 ODQGVFDSH KDUPRQL]DWLRQ +HWHURJHQHRXV GDWD VWUXFWXUHV LQFUHDVH LQWHJUDWLRQ HIIRUWV 7KHUH LV QR GULYLQJ IRUFH WR SXUVXH RSSRUWXQLWLHV IRU SURFHVV KDUPRQL]DWLRQ DFURVV WKH XQLWV DQG ORFDWLRQV 7KH RSHUDWLRQDO VWUDWHJ\ RI WKH GLIIHUHQW EXVLQHVV XQLWV QHHGV WR EH FRPPXQLFDWHG
,QQRYDWLRQ &XVWRPHU )RFXV *OREDO &RPSHWLWLYHQHVV
3UR]HVV 'HILQLWLRQ G %HWUDFKWXQJV 6LWXDWLRQV DQDO\VH EHUHLFKHV
=LHO GHILQLWLRQ
6WUDWHJLH IRUPX OLHUXQJ
0DQDKPHQ SODQXQJ
,PSOH PHQ WLHUXQJ
2XWSXW ,76WUDWHJLH
3URMHNWSRUWIROLRV3URMHNWSOlQH
6L[ HOHPHQWV RI 3* ,7 VWUDWHJ\ 0LVVLRQ DQG 9LVLRQ RI ,7 %XVLQHVV,7 ,PSHUDWLYHV DQG *RYHUQDQFH $UFKLWHFWXUH
/PP "
6RXUFLQJ %XVLQHVV DQG ,7 0HDVXUHPHQW ,QIRUPDWLRQ 6HFXULW\
3* ,7 5RDGPDSV 3* ,7 6WUDWHJLF 3URMHFWV,QLWLDWLYHV
7\^cba c\R =cb^cba RSa Ab`ObSUWST]`[cZWS`c\Ua^`] hSaaSa PSW >5
3TUX]XcX^] STb 1TcaPRWcd]VbQTaTXRWTb d]S BXcdPcX^]bP]P [hbT /caUO\Ua^c\Yb RSa >`]hSaaSa Wab RWS 2STW\WbW]\ RSa 0S`SWQVa >] eS` 5S\S`ObW]\ OZa 1TcaPRWcd]VbQTaTXRW 7\ RS` BXcdPcX^]b P]P[hbT eS`RS\ RWS U`Oc VW\bS`ZSUbS\ 7\^cba dS`eS`bSb 2WS >5 0caW\Saa Ab`ObSUg aSbhb ROPSW RS\ @OV[S\ Oca 5SaQVÉTbaaWQVb BOPSZZS " UWPb /cTaQVZcaa ºPS` RWS 9S`\SZS[S\bS RS` Ab`ObSUWS c\R RS`S\ B`SWPS` I>5 # A K
%'
!
8CBcaPcTVXT BOP "
9S`\SZS[S\bS RS` >5 0caW\Saa Ab`ObSUg c\R WV`S B`SWPS`
:Ta] T[T\T]c
CaTXQTa
7\\]dObW ]\
x 5`]ebV W\ SfWabW\U PcaW\SaaSa OZ]\U eWbV \Se OQ_cWaW bW]\a `S_cW`S `O^WR bSQV\]Z]Ug SfQVO\US PSbeSS\ PcaW \Saa ^O`b\S`a x ;O`YSb `S_cW`S[S\ba \SSR TZSfWPZS PcaW\Saa ^`]QSaaSa O\R `O^WR aYWZZa RSdSZ]^[S\b b] ^S\Sb`ObS Sf^O\RW\U Pc aW\Saa TWSZRa
1cab][S` x 6WUV ZSdSZ ]T T]Qca ]\ Qcab][S` aObWaTOQbW]\ caW\U Qca 4]Qca b][S` `S_cW`S[S\ba b] R`WdS ]c` ab`ObSUWSa O\R bSQV\] Z]Ug RSdSZ]^[S\b x AVWTb ]T PcaW\Saa T]Qca T`][ ^`SR][W\O\bZg T]aaWZ \Se c\Wb Qcab][S`a b] ]dS` " aS`dWQS W\ T]aaWZ W\Rcab`WOZ ]WZ O\R UOa 5Z]POZ 1][^SbW bWdS\Saa
x 1gQZWQ [O`YSb W\ \Se c\Wba aVWTbW\U T`][ [SUO [O`YSb W\ CA/ b] ;WRRZS 3Oab O\R `SUW]\OZ [O`YSba eWbV Z]QOZ Y\]eZSRUS `S_cW`SR x BVS W\Q]`^]`ObW]\ ]T `SUW]\OZ ac^^ZWS`a O\R bSO[W\U eWbV PcaW\Saa ^O`b\S`a Wa `S_cW`SR b] PS O UZ]POZ ^ZOgS`
1`]aa x DOZcS 5S\S`ObW]\ >`]U`O[a b] W\Q`SOaS ]c` Q][^SbWbWdS >`]U`O[ ^]aWbW]\ Ab`ObSUWQ BV`caba bO`USbW\U a^SQWTWQ W[^`]dS[S\b 7\WbWObWdSa O`SOa O\R OQ`]aa RWdWaW]\OZ Q][[Wb[S\b b] _cOZWbg Wa `S _cW`SR x 7\bS\aS Q]]^S`ObW]\ eWbV bVS `SUW]\OZ S\bWbWSa O\R ]bVS` ]^S`ObW\U Q][^O\WSa Wa \SQSaaO`g b] ^`]dWRS AWS[S\a =\S
IXT[STUX]XcX^] IXT[ RS` 7BAb`ObSUWS d]\ >5 Wab RWS ^`]OYbWdS 5SabOZbc\U RS` 7B :O\RaQVOTb W\ SW\S` ESWaS ROaa RWSaS RWS Oca RS` 5SaQVÉTbaab`O bSUWS RSa 0S`SWQVSa c\R aSW\S` 5SaQVÉTbaUSPWSbS c\R heSWUS S`eOQVaS\RS\ 0SRO`TS RSQYS\ YO\\ 2WS 7BAb`ObSUWS a]ZZ VSZTS\ 7\dSabWbW]\S\ W\ 7B US[Éz RS\ 5SaQVÉTbaO\T]`RS`c\US\ hc ^`W]`W aWS`S\ 2S` 7B aSZPab a]ZZ aWS S`[rUZWQVS\ [SV` 4c\YbW]\OZWbÉb hc eSbbPSeS`PaTÉVWUS\ 9]abS\ hc ZWSTS`\ a]eWS RWS 6O`[]\WaWS`c\U c\R AbO\RO`RWaWS`c\U d]`O\hcb`SWPS\ I>5 # A c\R A "K &
!# ?aPgXbQTXb_XT[ BXT\T]b 06 ?^fTa 6T]TaPcX^] ?6
BcaPcTVXTU^a\d[XTad]V 2WS BcaPcTVXTU^a\d[XTad]V TºV`b PSW >5 hc RS\ aSQVa W\ /PPWZ Rc\U " PSW RS\ =cb^cba U`Oc VW\bS`ZSUbS\ 3ZS[S\bS\ 2WSaS eS`RS\ W[ 4]ZUS\RS\ US\OcS` S`ZÉcbS`b 2Oa S`abS 3ZS[S\b PWZ RS\ ;WaaW]\ c\R DWaW]\ RS` 7B 7\ /PPWZRc\U "! aWSVb [O\ RWS PSW >]eS` 5S\S`ObW]\ VWS`Tº` S`O`PSWbSbS\ /caaOUS\ I>5 # A &K
,70LVVLRQ
,79LVLRQ
3URYLGH ,7 VROXWLRQV WR JHQHUDWH YDOXH LQ VXSSRUW RI 3* EXVLQHVV VWUDWHJ\ &UHDWH EXVLQHVV RSSRUWXQLWLHV E\ SURYLGLQJ WHFKQRORJ\ OHDGHUVKLS DQG LQQRYDWLRQ /HYHUDJH RXU JOREDO FRPSHWHQFH WR VKRZ ORFDO UHVSRQVLYHQHVV *URZ 3* ,7 FDSDELOLWLHV E\ OHYHUDJLQJ FRPSHWLWRUV VXSSOLHUV H[SHULHQFH DQG EHVW SUDFWLFHV
%H WUXVWHG DQG YDOXHG DV WKH UHOLDEOH VNLOOHG DQG PRWLYDWHG ,7 VROXWLRQV SDUWQHU JHQHUDWLQJ JOREDO EXVLQHVV YDOXH
(QHUJL]H WKH 3* ,7 WHDP WKURXJK UHFRJQLWLRQ HPSRZHUPHQW DQG VNLOO GHYHORSPHQW
/PP "! 7B;WaaW]\ c\R DWaW]\ d]\ >5 2WS eSWbS`S\ Tº\T 3ZS[S\bS RS` 7BAb`ObSUWS aW\R W\ BOPSZZS " hcaO[[S\USTOaab 7\ RS\ A^OZbS\ TW\RS\ aWQV Tº` XSRSa 3ZS[S\b /\UOPS\ hc 5`c\RUSRO\YS\ 7RSO AQVeS`^c\Yb 4]Qca SW US\bZWQVS` Ab`ObSUWST]`[cZWS`c\U Ab`ObSUg c\R /\aÉbhS\ hc` 7[^ZS[S\bWS`c\U @]OR[O^ dUZ I>5 # A ' TTK
&
&
,GHD
(OHPHQW
6WUDWHJ\
,7 $UFKL 'ULYH LQQRYDWLYH WHFWXUH \HW ZLGHO\ VWDQ GDUGL]HG LQWH JUDWHG DQG FRVW HIILFLHQW DSSOLFD WLRQV DQG FRQWLQX RXVO\ LQFRUSRUDWH QHZ UHTXLUHPHQWV DQG WUHQGV
%XVLQHVV ,PSHUDWLYHV OHDG ,7 ,PSH WR ,7 6HUYLFH DQG UDWLYHV SURMHFW PDQDJH PHQW H[FHOOHQFH ,7 6HUYLFH HIIL FLHQF\
7HFKQRORJ\ )UDPHZRUN IRU 3URFHVV $UFKLWHF WXUH ,QIRUPDWLRQ $UFKLWHFWXUH $S SOLFDWLRQ $UFKLWHF WXUH DQG ,QIUD VWUXFWXUH $UFKLWHF WXUH
(QVXUH JOREDO JRYHUQDQFH DQG RSHUDWLRQ RI JOREDO VROXWLRQV IROORZLQJ WKH 3* UHRUJDQL]DWLRQ
,PSURYH 3RUWIROLR 0DQDJHPHQW 3URFHVV WR SURYLGH DQ XSWRGDWH DQG KDUPRQL]HG ,7 ODQGVFDSH
5RDGPDS
3* ,7 SURMHFWV DQG LQLWLDWLYHV EXLOG WRZDUGV ,7 VWUDW )RXU EXLOGLQJ EORFNV RI 3* ,7 $UFKLWHFWXUH SURYLGH D KROLVWLF YLHZ x 3URFHVV $UFKLWHFWXUH 6XSSRUW EXVLQHVV LQ SURFHVV KDUPRQL]DWLRQ DQG HJ\ LPSOHPHQWDWLRQ RSWLPL]DWLRQ E\ DOLJQLQJ DOO ,7 VROXWLRQV DQG DFWLYLWLHV WR 3* 5HIHUHQFH 3URFHVV +RXVH x ,QIUDVWUXFWXUH $UFKLWHFWXUH )XUWKHU LPSURYH FRVW HIILFLHQW DQG VHFXUH FOLHQW QHWZRUN PDLO VWRUDJH DQG UHPRWH /$1 DFFHVV VXSSRUW D VPRRWK DQG IDVW PLJUDWLRQ WR FRUSRUDWH VKDUHG VHUYLFHV ,7 x ,QIRUPDWLRQ $UFKLWHFWXUH (VWDEOLVK DQ DUFKLWHFWXUH WKDW KDV D FOHDU JRYHUQDQFH VWUXFWXUH DQG LV DOLJQHG WR 3* EXVLQHVV SURFHVVHV WR SURYLGH HDV\ DFFHVV WR KLJK TXDOLW\ GDWD DW WKH WLPH RI QHHG x $SSOLFDWLRQ $UFKLWHFWXUH &RQVROLGDWH WRRO ODQGVFDSH DQG GHYHORS PLJUDWH DQG LPSOHPHQW DSSOLFDWLRQV FRQVLGHULQJ VWDWH RI WKH DUW DUFKL WHFWXUH FRQFHSWV HJ 62$
3URYLGH REMHFWLYH x 3* ,7 LV JOREDOO\ DOLJQHG IRU SURFHVVHV DSSOLFDWLRQ DQG LQIUDVWUXFWXUH IUDPHZRUN WR GH LPSOHPHQWDWLRQ DQG UHJLRQDOO\ IRFXVHG WR EH FORVH WR EXVLQHVV DQG WHUPLQH KRZ ZHOO DGGUHVV QHHGV IDVW ,7 PHHWV IXWXUH x 6KDSH FRUSRUDWH LQLWLDWLYHV DQG VWDQGDUGV DQG IROORZ WKHP ZKHQ WKH\ UHTXLUHPHQWV DUH EHQHILFLDO IRU 3* x $OLJQPHQW RI EXVLQHVV VWUDWHJ\ DQG ,7 VWUDWHJ\ x ,QIRUPDWLRQ 6HFXULW\ SURWHFWV 3*¶V DVVHWV x 3* ,7 PDNHV DOO ,7 VRIWZDUH DQG KDUGZDUH GHFLVLRQV 0HHW EXVLQHVV *OREDO JRYHUQ x 3* ,7 LV JOREDOO\ DOLJQHG IRU SURFHVVHV DSSOLFDWLRQ DQG LQIUDVWUXFWXUH REMHFWLYHV ZLWK DQFH HQVXUHV LPSOHPHQWDWLRQ DQG UHJLRQDOO\ IRFXVHG WR EH FORVH WR EXVLQHVV DQG HIILFLHQW EXVLQHVV RSWLPDO RUJDQL]D DGGUHVV QHHGV IDVW VXSSRUW JRYHUQ WLRQDO VWUXFWXUH x (QVXUH DOLJQPHQW ZLWK JOREDOO\ RUJDQL]HG JRYHUQDQFH ERGLHV HJ DQG JRYHUQDQFH DQFH VWUXFWXUH 7HFKQRORJ\ )RUXP 'HPDQG 0DQDJHPHQW %RDUGV $UFKLWHFWXUH 5H DOLJQV ZLWK VWUDWH SURFHVVHV YLHZ %RDUG DQG ,7 3URFHVV )UDPHZRUN JLF EXVLQHVV JRDOV x 7LJKW FROODERUDWLRQ DQG LQWHJUDWLRQ RI WKH GLIIHUHQW SURFHVV RUJDQL]D WLRQV x 5HGXFH EXUHDXFUDF\
)RFXV
3ZS[S\bS RS` 7BAb`ObSUWS PSW >5
BOP "
! 8CBcaPcTVXT
5RDGPDS
%XVLQHVV DQG ,7 0HDVXUH PHQW
,7 SHUIRUPDQFH EHFRPHV PRUH YLVLEOH DQG WUDQV SDUHQW
)LQDQFLDO DQG TXDOLW\ PHDVXUHV LQ WHUPV RI EXVL QHVV YDOXH LQ WKH DUHD RI VHUYLFH SURMHFW DQG DUFKL WHFWXUH
x 0HDVXUH HIILFLHQF\ DQG HIIHFWLYHQHVV RI ,7 VHUYLFHV ZLWK UHVSHFW WR %XVLQHVV H[SHFWDWLRQV x &RQVHTXHQWO\ LPSOHPHQW FRQWLQXRXVO\ PRQLWRU DQG LPSURYH ,7 PDQ DJHPHQW SURFHVVHV x 0RQLWRU DQG FRQWURO WKH EHQHILWV RI EXVLQHVV FDVHV x .H\ SHUIRUPDQFH LQGLFDWRUV VKRXOG EH SDUW RI WKH ()$3'3 RI WKH ,7 PDQDJHPHQW
x ,7 GHILQHV .3,V WR PHDVXUH VXFFHVV DQG VKRZ LW LQ WKH ,7 3HUIRUPDQFH &RFNSLW IRU FRQVWDQW DQDO\ VLV DQG GHULYDWLRQ RI LPSURYHPHQW PHDVXUHV EDVHG RQ %: x 3URFHVV DQG LQIRUPDWLRQ PDQDJHPHQW SURFHVVHV DUH EHLQJ GHILQHG RSWLPL]HG GRFXPHQWHG DQG WUDLQHG DFFRUGLQJ WR 6LHPHQV 3URFHVV )UDPH ZRUN x 'HILQH PHWULFV WR PHDVXUH GHJUHH DQG TXDOLW\ RI SURFHVV LPSOHPHQWDWLRQ DQG WR HQDEOH FRQWLQX RXV LPSURYHPHQW x 5HDFK 3URFHVV 0DQDJHPHQW 0DWXULW\ $VVHVV PHQW OHYHO XQWLO HQG RI WKLV )
O^^ @ 7\b`]RcQbW]\ b] Ab`ObSUWQ /ZWU\[S\b W\( >O^^ @ 6`aU Ab`ObSUWQ 7\T]`[ObW]\ BSQV\]Z]Ug( =^^]`bc\WbWSa T]` 1][^SbWbWdS /RdO\bOUS 6S`aVSg A " I>=@B3@'K >]`bS` ; c\R ;WZZO` D 6]e W\T]`[ObW]\ UWdSa g]c Q][^SbWbWdS ORdO\bOUS 6O`dO`R 0caW\Saa @SdWSe 8cZg/cUcab ' A "' $ I>5 #K AWS[S\a /5 >]eS` 5S\S`ObW]\ >5 >`W\h8S\R`gaQhgY 3 c\R AbSZZPS`U5 7B Ab`ObSUg 4G$ d d][ ' # 3`ZO\US\ # I>=@B3@'&%K >]`bS` ; ESbbPSeS`Paab`ObSUWS " /cTZOUS 4`O\YTc`b;OW\ '&% I@/7''!K @OW / >Ob\OgOYc\W @ c\R >Ob\OgOYc\W `OfWa ;º\QVS\ " IA73;3 9`OS[S` 9 c\R 5c`POfO\W D 3fSQcbWdSa >S`QS^ bW]\ ]T bVS 0caW\Saa DOZcS ]T 7\T]`[ObW]\ BSQV\]Z]Ug( / >`]QSaa ]`WS\bSR /^^`]OQV 8]c`\OZ ]T ;O\OUS[S\b 7\T]`[ObW]\ AgabS[a $ " A "#%! IB3C0`]hSaaS RS` 7B aWSVS /PaQV\Wbb ! c\R c[ 7B>`]XSYbS OZa eWQVbWUS @SOZWaWS`c\UaT]`[ d]\ SW\[OZW US\ 7B/cTUOPS\ aWSVS /PaQV\Wbb !! 7[ 9O^WbSZ 7B>S`a]\OZ eS`RS\ RWS [Wb >S`a]\OZUSeW\\c\U _cOZWTWhWS`c\U c\R S\b eWQYZc\U hcaO[[S\VÉ\US\RS\ /cTUOPS\abSZZc\US\ PSZScQVbSb aWSVS /PaQV\Wbb !" 2WS 0SRScbc\U RS` US\O\\bS\ BVS[S\ Tº` 7B4ºV`c\UaY`ÉTbS VÉ\Ub cO ROd]\ OP ]P SW\hSZ\S /cTUOPS\ ]RS` UO\hS 0S`SWQVS W[ @OV[S\ d]\ 7B=cba]c`QW\U d]\ 7B 2WS\abZSWabS`\ S`P`OQVb eS`RS\ 7B=cba]c`QW\U eW`R W\ /PaQV\Wbb !# PSVO\RSZb
'[LHG[UXMGTOYGZUXOYINK 8KMKR[TMKT
kHKXMKUXJTKZK 8KMKR[TMKT 3W\S eSaS\bZWQVS ]`UO\WaOb]`WaQVS @OV[S\PSRW\Uc\U Tº` ROa 7B ;O\OUS[S\b abSZZb RWS 3W\]`R\c\U RS` Tº` 7B hcabÉ\RWUS\ =`UO \WaObW]\aSW\VSWb W\ RWS C\bS`\SV[S\a]`UO\WaObW]\ RO` ! 2WSaS 3W\]`R\c\U ZSWbSb aWQV W[ ESaS\bZWQVS\ Oca RS` 7BAb`ObSUWS aWS VS 9O^WbSZ OP /PVÉ\UWU d]\ C\bS`\SV[S\a^]ZWbWY c\R YcZbc` ]RS` OcQV d]\ RS` 0SRScbc\U RS` 7B Tº` ROa C\bS`\SV[S\ Phe RS` AbSZZc\U RS` 7B:SWbc\U S`VÉZb ROa 7B;O\OUS[S\b [SV` ]RS` eS\WUS` ;Wba^`OQVS`SQVb PSW RWSaS` 3\baQVSWRc\U
!
8S \OQV VWS`O`QVWaQVS` 3W\]`R\c\U RS` 7B=`UO\WaObW]\ W\ ROa C\ bS`\SV[S\ VO\RSZb Sa aWQV c[ =`UO\WaObW]\aSW\VSWbS\ RWS hc[SWab OcT RS` 3PS\S d]\ 6Oc^bOPbSWZc\US\ ]RS` /PbSWZc\US\ O\USaWSRSZb aW\R 2S` 3W\TOQVVSWb VOZPS` eW`R W[ 4]ZUS\RS\ SW\VSWbZWQV d]\ 7B 0S`SWQV USa^`]QVS\
'
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ 0SW Ud]ZcX^]P[ ^aXT]cXTacT] D]cTa]TW\T]b^aVP]XbPcX^]T] TW\RSb [O\ \OQV ;S`bS\a9\]Z[OgS` W\ RS` PSb`WSPZWQVS\ >`OfWa RWS W\ /PPWZRc\U ! RO`USabSZZbS\ dWS` 5`c\RT]`[S\ I;3@ B3c`QVOaW\UAgabS[S\ Yr\\S\ RWS ;WbO`PSWbS` W[ @OV[S\ SW\Sa d]`USUSPS\S\ 0cRUSba RW`SYb W\ d][ 3W\YOcT T`SWUSUSPS\S\ =\ZW\S9ObOZ]US\ PSabSZZS\ 2WS W\ RS\ ZSbhbS\ 8OV`S\ hc\SV[S\RS 0SRScbc\U d]\ 5S aQVÉTba^`]hSaa[O\OUS[S\b TºV`b hc\ÉQVab W\ 5`]zc\bS`\SV [S\ ROhc SW\S S\ba^`SQVS\RS /PbSWZc\U \OVS O\ RWS 7B VS` O\hcTºV`S\ Phe [Wb RWSaS` hc dS`aQV[SZhS\ ÍPZWQVS`eSWaS Wab ROPSW RWS Tº` 5SaQVÉTba^`]hSaa[O\OUS[S\b hcabÉ\RWUS /PbSWZc\U BSWZ RS` =`UO\WaObW]\aSW\VSWb
1USVKZKT`KT JKY /:(KXKOINY 0SW RS` HcbSWZc\U d]\ 9][^SbS\hS\ c\R DS`O\be]`bc\U O\ 7B :SWbc\US\ aWSVS /PaQV\Wbb !" ZOaaS\ aWQV T]ZUS\RS 4]`[S\ c\bS`aQVSWRS\ IA16C:B3 # A $& TK(
x
3W\ 2^bc 2T]cTa S\ba^`WQVb SW\S` 9]abS\abSZZS e]PSW 3\b aQVSWRc\UaY][^SbS\hS\ \c` W\\S`VOZP SW\Sa dS`SW\PO`bS\ 9]abS\PcRUSba PSabSVS\ 2WS :SWabc\U RSa 7B0S`SWQVa eW`R cO O\ RS` 3W\VOZbc\U RSa 9]abS\PcRUSba US[SaaS\
x
?a^UXc 2T]cTa aW\R Tº` RS\ WV\S\ hc`SQVS\PO`S\ eW`baQVOTb ZWQVS\ 3`T]ZU eSWbUSVS\R dS`O\be]`bZWQV AWS S\baQVSWRS\ W\ \S`VOZP USeWaaS` @Sab`WYbW]\S\ h0 7\dSabWbW]\ad]Zc[S\ Oc b]\][ 2WS :SWabc\U RSa 7B0S`SWQVa eW`R cO O[ S`eW`b aQVOTbSbS\ 3`USP\Wa US[SaaS\
x
EW`R RS` 7B0S`SWQV OZa 8]eTbc\T]c 2T]cTa USTºV`b eS`RS\ RS` 7B:SWbc\U W[ DS`UZSWQV hc[ >`]TWb 1S\bS` hcaÉbhZWQVS 3\baQVSWRc\UaY][^SbS\hS\ ºPS` RWS 7\dSabWbW]\S\ WV`Sa 0S `SWQVa SW\US`Éc[b AWS Yr\\S\ eSWbUSVS\R PSW ;Wba^`OQVS `SQVb RS` C\bS`\SV[S\aZSWbc\U ºPS` RWS DS`eS\Rc\U RSa S`eW`baQVOTbSbS\ 5SeW\\a S\baQVSWRS\
'HYZOSS[TM `]OYINKT /:(KXKOIN [TJ ,GINHKXKOINKT Hc` 3`TºZZc\U RS` /\T]`RS`c\US\ Rc`QV RS\ 7B0S`SWQV aW\R OcT dS`aQVWSRS\S\ 3PS\S\ /PabW[[c\US\ heWaQVS\ WV[ c\R RS\ 4OQVPS`SWQVS\ S`T]`RS`ZWQV 4º` RWSaS ºPS`U`SWTS\RS\ 9]]`RW\O bW]\aOcTUOPS\ eS`RS\ ºPZWQVS`eSWaS 6aT\XT] SW\USaSbhb OP VÉ\UWU d]\ RS\ WV\S\ ºPS`b`OUS\S\ /cTUOPS\ OZa bS[^]`É`S ] RS` OZa ^S`[O\S\bS =`UO\WaObW]\aSW\VSWbS\
'%
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ ?Ta\P]T]cT 6aT\XT] VÉcTWU OZa 7BAbScS`c\Ua ]RS` :S\ Yc\UaOcaaQVcaa AbSS`W\U 1][[WbbSS PShSWQV\Sb VOPS\ PSW a^WSZaeSWaS T]ZUS\RS /cTUOPS\( x
EOV`\SV[c\U RS` /cTUOPS\ RS` 7B5]dS`\O\QS aWSVS 9O^W bSZ &
x
4SabZSUc\U SW\S` SW\VSWbZWQVS\ 7BAb`ObSUWS c\R >ZO\c\U aWSVS /PaQV\WbbS !# c\R !$
x
AbO\RO`RWaWS`c\U RS` SW\hcaSbhS\RS\ DS`TOV`S\ c\R ;SbV] RS\ a]eWS RS` 6O`R c\R A]TbeO`SbSQV\]Z]UWS\
x
9]]`RW\ObW]\ aÉ[bZWQVS` 7B>`]XSYbS ;cZbW^`]XSYb[O\OUS [S\b W\YZ /PabW[[c\U ºPS` RS`S\ 5SaO[bPcRUSb aWSVS /PaQV\Wbb !!
;WbUZWSRS` d]\ ^S`[O\S\bS\ 5`S[WS\ aW\R ºPZWQVS`eSWaS ROa Tº` 7B hcabÉ\RWUS D]`abO\Ra ]RS` 5SaQVÉTbaTºV`c\Ua[WbUZWSR c\R 4ºV`c\UaY`ÉTbS RSa 7B0S`SWQVa c\R RS` 4OQV `Sa^ PSW RWdWaW] \OZS\ C\bS`\SV[S\ RS` 5SaQVÉTbaPS`SWQVS 7\ U`rzS`S\ C\bS`\SV[S\ Yr\\S\ RWSaS 5`S[WS\ [SV`abcTWU OcTUSPOcb aSW\ 7\ RWS c\bS`US]`R\SbS\ 5`S[WS\ S\baS\RS\ RWS 4OQV Phe 5SaQVÉTbaPS`SWQVS WV`S DS`b`SbS` RWS ]Tb OZa 8C :^^aSX]Pc^aT] ]RS` 8CATUTaT]cT] PShSWQV\Sb eS`RS\ 2]`b eS`RS\ 2SbOWZOa^SYbS PSVO\RSZb c\R 3\baQVSWRc\Uad]`ZOUS\ Tº` ROa Oca 4ºV`c\UaY`ÉTbS\ PSabSVS\RS 6Oc^bU`S[Wc[ S`O`PSWbSb CT\_^aÊaT 6aT\XT] eS`RS\ W\ S`abS` :W\WS W[ HcaO[[S\VO\U [Wb SW\hSZ\S\ 7B>`]XSYbS\ aWSVS /PaQV\Wbb !! SW\US`WQVbSb A] YO\\ [O\ PSWa^WSZaeSWaS Tº` >ZO\c\U c\R 3W\TºV`c\U SW\Sa \Sc S\ /\eS\Rc\UaagabS[a SW\ 5`S[Wc[ PSabSVS\R Oca @S^`ÉaS\ bO\bS\ RS` 7B/PbSWZc\U c\R RS\ ROa /\eS\Rc\UaagabS[ Yº\TbWU \cbhS\RS\ =`UO\WaObW]\aSW\VSWbS\ PWZRS\ 2WSaSa 5`S[Wc[ Wab RO\\ Tº` RWS AbScS`c\U RSa >`]XSYbbSO[a W\YZ >`]XSYbZSWbS` dS` O\be]`bZWQV 3fWabWS`S\ PSW C\bS`\SV[S\ RS`O`bWUS 5`S[WS\ \WQVb SbOPZWS`S\ RWS 4OQVPS`SWQVS 9]]`RW\ObW]\aabSZZS\ Tº` RWS HcaO[[S\O`PSWb c\R /PabW[[c\U [Wb RS[ 7B0S`SWQV 2WS 7\VOPS` RWSaS` AbSZZS\ eS`RS\ VÉcTWU SPS\a] eWS RWS 4OQVPS`SWQVadS`b`SbS` RWS W\ c\ bS`US]`R\SbS 5`S[WS\ S\baO\Rb eS`RS\ OZa 8C:^^aSX]Pc^aT] ]RS` 8CATUTaT]cT] PShSWQV\Sb aWSVS OcQV I63@HEC@; $K
'&
"
0dUQPd^aVP]XbPc^aXbRWT ATVT[d]VT]
2KOZ[TM JKY /:(KXKOINY 2S` :SWbS` RSa 7B0S`SWQVa TºV`b WR@ RWS 0ShSWQV\c\U 2WXTU 8] U^a\PcX^] >UUXRTa 28> c\R USVr`b W\ 5`]zc\bS`\SV[S\ VÉc TWU RS[ D]`abO\R O\ 2S` 0SU`WTT 17= dS`RScbZWQVb ROa USÉ\RS`bS @]ZZS\dS`abÉ\R\Wa Tº` RWSaS >]aWbW]\ C`a^`º\UZWQV OZa 32D:SWbS` VOc^baÉQVZWQV Tº` RS\ 7B0Sb`WSP c\R Tº` ROa 0S`SWbabSZZS\ d]\ 7B2WS\abZSWabc\US\ dS` O\be]`bZWQV aW\R DS`O\be]`bc\UaPS`SWQV c\R /\T]`RS`c\Uaa^SY b`c[ O\OZ]U hc` 0SRScbc\U RS` 7B W\ C\bS`\SV[S\ W\ RS\ ZSbhbS\ 8OV`S\ RScbZWQV USabWSUS\ 6ScbS a]`Ub SW\ 17= eSWbS`VW\ Tº` SW\S hcdS`ZÉaaWUS STTSYbWdS c\R STTWhWS\bS 0S`SWbabSZZc\U RS` 7B7\T`Oab`cYbc` PSabW[[b OPS` RO`ºPS` VW\Oca Rc`QV RS\ 3W\aObh d]\ 7B PSW ES`baQVr^Tc\U c\R 5SaQVÉTba[]RSZZ RSa C\bS`\SV [S\a \OQVVOZbWU [Wb 3` [caa ROhc ºPS` RWS `SW\ bSQV\]Z]UWaQVS 0Sb`OQVbc\U d]\ 7B VW\eSU W\aPSa]\RS`S RS\ 5SaQVÉTba\cbhS\ RS` 7\T]`[ObW]\ aSVS\ Hc` /caTºZZc\U RWSaS` @]ZZS PS\rbWUb SW\ 17= \SPS\ 7B9][^S bS\h d]` OZZS[ 5SaQVÉTba^`]hSaaY][^SbS\h ;O\OUS[S\bY][^S bS\h eWS 4ºV`c\Ua c\R 9][[c\WYObW]\aTÉVWUYSWb c\R HWSZ]`WS\ bWS`c\U a]eWS ab`ObSUWaQVSa 2S\YS\ c\R RWS 4ÉVWUYSWb bSQV\WaQVS c\R]RS` eW`baQVOTbZWQVS DS`É\RS`c\US\ [Wb 7B@SZSdO\h hc O\bW hW^WS`S\
-ROKJKX[TM JKY /:(KXKOINY 2WS 5ZWSRS`c\U SW\Sa 7B0S`SWQVa " RV RWS /cTbSWZc\U RS` >`] hSaaS 4c\YbW]\S\ c\R /cTUOPS\ OcT 7\abO\hS\ ]`U 3W\VSWbS\ VÉ\Ub W\ /\ZSV\c\U O\ ;S`bS\a9\]Z[OgS` W[ ESaS\bZWQVS\ d]\ T]ZUS\RS\ 3W\TZcaaU`rzS\ OP I;3@B3aVP]XbPcX^] d]S ?Tab^]P[ x
2c`QVR`W\Uc\U RSa C\bS`\SV[S\a [Wb 7\T]`[ObW]\a c\R 9][[c\WYObW]\abSQV\]Z]UWS\
x
/\hOVZ c\R /`b RS` 7B0S\cbhS`
x
/`b c\R C[TO\U RS` 7B/cTUOPS\
x
=cba]c`QW\UU`OR c\R 4]`[S\ RS` HcaO[[S\O`PSWb [Wb Sf bS`\S\ 2WS\abZSWabS`\
BS[^]`É` O\TOZZS\RS /cTUOPS\ PSWa^WSZaeSWaS RWS 3\beWQYZc\U ]RS` /caeOVZ d]\ /\eS\Rc\Uaa]TbeO`S ]RS` RWS 3W\TºV`c\U SW \Sa 3>`]Qc`S[S\bAgabS[a eS`RS\ W[ @SUSZTOZZ W\ >`]XSYbT]`[ OPUSeWQYSZb 7\ RWSaS[ 4OZZ eW`R RWS ^`W[É`S =`UO\WaObW]\aab`cY bc` d]\ SW\S` aSYc\RÉ`S\ >`]XSYb]`UO\WaObW]\ aWSVS /PaQV\Wbb !! ºPS`h]US\ a] ROaa ;WbO`PSWbS` OcQV [Wb >`]XSYbOcTUOPS\ PSb`Ocb eS`RS\ AWS eS`RS\ W\ RWS >`]XSYb]`UO\WaObW]\ [Wb SW\US Pc\RS\ c\R TºV`S\ hSWbO\bSWZWU :W\WS\ c\R >`]XSYbOcTUOPS\ Oca 2WS Tc\YbW]\OZS =`UO\WaObW]\aab`cYbc` RSa 7B0S`SWQVa eW`R PSW SW\S` =`WS\bWS`c\U hc aS`dWQS]`WS\bWS`S\ 7B>`]hSaaS\ VW\ [Wb SW \S` eSWbS`S\ =`UO\WaObW]\aab`cYbc` RS` >`]hSaa]`UO\WaObW]\ aWS VS /PaQV\Wbb ! ºPS`ZOUS`b 7[ /ZZUS[SW\S\ UZWSRS`b aWQV SW\ 7B0S`SWQV W\ T]ZUS\RS =`UO\W aObW]\aSW\VSWbS\ e]PSW RWS 0ShSWQV\c\US\ d]\ C\bS`\SV[S\ hc C\bS`\SV[S\ dO`WWS`S\ Yr\\S\( x
BTaeXRT 3TbZ 2WSaS OcQV OZa 1T]dciTabTaeXRTiT]cad\ ]RS` DbTa 7T[_ 3TbZ PShSWQV\SbS =`UO\WaObW]\aSW\VSWb Wab Tº` RWS c\bS`\SV [S\aW\bS`\S C\bS`abºbhc\U d]\ ;WbO`PSWbS`\ PSW AQVeWS`WU YSWbS\ [Wb 6O`R c\R A]TbeO`S hcabÉ\RWU 7[ @OV[S\ SW\S` aS`dWQS]`WS\bWS`bS\ /ca`WQVbc\U RS` 7B aWS VS /PaQV\Wbb ! \W[[b RS` AS`dWQS 2SaY OZa 2`SVaQVSWPS heWaQVS\ RS\ W\bS`\S\ AS`dWQS\SV[S`\ /\eS\RS` c\R RS\ W\bS`\S\ c\R]RS` SfbS`\S\ AS`dWQSO\PWSbS`\ RWS hS\b`OZS c\R dS`O\be]`bZWQVS /\ZOcTabSZZS Tº` RWS :rac\U bSQV\WaQVS` c\R O\eS\Rc\Ua]`WS\bWS`bS` >`]PZS[S SW\ 2c`QV ROa HcaO[[S\eOQVaS\ d]\ 7\T]`[ObW]\a c\R 9][ [c\WYObW]\abSQV\]Z]UWS OYbcSZZ h0 Rc`QV RWS DS`P`SWbc\U d]\ D]WQS]dS`7>AgabS[S\ ]RS` ;]PWZS1][[S`QS/\eS\ Rc\US\ USYS\\hSWQV\Sb eW`R aWQV ROa /cTUOPS\a^SYb`c[ d]\ AS`dWQS2SaY0S`SWQVS\ Yº\TbWU eSWbS` OcaRSV\S\
" x
0dUQPd^aVP]XbPc^aXbRWT ATVT[d]VT]
0]fT]Sd]VbbhbcT\T 2WSaS =`UO\WaObW]\aSW\VSWb PSUZSWbSb RS\ USaO[bS\ :SPS\a hgYZca d]\ /\eS\Rc\UaagabS[S\ W[ C\bS`\SV[S\ hB OcQV RWS 0Sb`Scc\U RS` /\eS\RS` 7\ dWSZS\ C\bS`\SV[S\ aW\R RWSaS /\eS\Rc\UaagabS[S W\ 4]`[ d]\ 7\RWdWRcOZa]Tb eO`S c\R AbO\RO`Ra]TbeO`S W[ 3W\aObh hc[ BSWZ [WbSW\O\RS` V]QV W\bSU`WS`b 0SW YZSW\S`S\ C\bS`\SV[S\ aW\R bS\RS\hWSZZ \c` AbO\RO`Ra]TbeO`SZrac\US\ O\hcb`STTS\ 7[ 4OZZS RS` 3WUS\S\beWQYZc\U SW\Sa /\eS\Rc\UaagabS[a 7\RWdWRcOZa]TbeO`S eW`R RWS Y][^ZSbbS A]TbeO`SS\beWQYZc\U W[ @OV[S\ SW\Sa 7B>`]XSYba Rc`QVUSTºV`b hc[SWab OcT RS` 0OaWa S`^`]PbS` D]`USVS\a[]RSZZS aWSVS /PaQV\Wbb !! 3W\ \WQVb hc dS`\OQVZÉaaWUS\RS` BSWZ RS` /cTUOPS\ eW`R aWQV OcT RWS >TZSUS EO`bc\U c\R ESWbS`S\beWQYZc\U RS` /\eS\ Rc\UaagabS[S PShWSVS\ 0SW[ VÉcTWUS` O\hcb`STTS\RS\ 3W\aObh d]\ AbO\RO`Ra]TbeO`S eW`R RWS /cTUOPS RWSaS` /PbSWZc\U RWS /caeOVZ 3W\TºV`c\U c\R >TZSUS d]\ /\eS\Rc\UaagabS[S\ aSW\ 2OPSW Wab hc c\ bS`aQVSWRS\ heWaQVS\ AgabS[S\ RWS eWS =TTWQSAgabS[S ]V\S Ò\RS`c\US\ SW\USaSbhb eS`RS\ Yr\\S\ c\R a]ZQVS\ RWS O\ RWS C\bS`\SV[S\a^`]hSaaS O\US^Oaab eS`RS\ [ºaaS\ 1cab][WhW\U /Za 0SWa^WSZ Tº` RWSaS /\eS\Rc\UaagabS[ YZOaaS [rUS\ 3@> #AgabS[S eWS A/> @! RWS\S\ 2WS 1cab][WhW\U/cTUOPS\ aW\R [SWab aSV` Y][^ZSf c\R c[TO\U `SWQV c\R eS`RS\ VÉcTWU Rc`QV SfbS`\S A^ShWOZWabS\ c\bS` abºbhb 3W\ V]VS` /cTeO\R YO\\ OcQV [Wb RS[ C[abWSU OcT \ScS`S A]TbeO`SdS`aW]\S\ @SZSOaSeSQVaSZ dS`Pc\RS\ aSW\ 2WS DWSZTOZb VScbWUS` /\eS\Rc\UaagabS[S a]eWS RWS hc\SV [S\RS c\bS`\SV[S\aºPS`U`SWTS\RS 9]]^S`ObW]\ d]\ /\ eS\Rc\UaagabS[S\ TºV`S\ hc dS`abÉ`YbS\ W\\S` c\R heW aQVS\PSb`WSPZWQVS\ 7\bSU`ObW]\aO\T]`RS`c\US\ aWSVS OcQV /PaQV\Wbb !! RS`S\ 3`TºZZc\U SW\S eSWbS`S eWQVbWUS /cT UOPS RWSaS` =`UO\WaObW]\aSW\VSWb RO`abSZZb
x
8C1TcaXTQ 2WSaS =`UO\WaObW]\aSW\VSWb Wab Tº` RWS 7B7\T`Oab`cYbc` hcabÉ\ RWU 2Ohc `SQV\Sb [O\ cO(
#
3\bS`^`WaS @Sa]c`QS >ZO\\W\U
"
8C>aVP]XbPcX^] d]S ?Tab^]P[
HS\b`OZS 7BAgabS[S /\eS\Rc\Ua 2ObS\PO\Y BSZS Y][[c\WYObW]\a $B9 c\R AgabS[aS`dS` %
<SbhW\T`Oab`cYbc` W\YZ HcUO\U hc SfbS`\S\ <SbhS\ h0 7\bS`\Sb
Hc RS\ 7Pd_cPdUVPQT] RSa 0S`SWQVa hÉVZS\(
>ZO\c\U 0S`SWbabSZZc\U c\R ESWbS`S\beWQYZc\U RS` 7B 7\T`Oab`cYbc`
0Sb`WSP RS` 7B7\T`Oab`cYbc` W\YZ <SbheS`Y c\R 1ZWS\b ;O\OUS[S\b aWSVS /PaQV\WbbS # c\R # !
/R[W\Wab`ObW]\ RS` hS\b`OZS\ AgabS[S
0Sb`WSPa c\R :SWabc\UaºPS`eOQVc\U RS` 7B c\R <Sbh Y][^]\S\bS\
2Oa Y][^ZSbbS /cTUOPS\a^SYb`c[ SW\Sa 7B0S`SWQVa Wab [Wb RWS aS\ =`UO\WaObW]\aSW\VSWbS\ \]QV \WQVb OPUSRSQYb 6ÉcTWU ºPS` b`ÉUb [O\ RS\ ]PS\ OcaUSTºV`bS\ =`UO\WaObW]\aSW\VSWbS\ eSWbS`S /cTUOPS\ ]RS` [O\ `WQVbSb Tº` RS`S\ 2c`QVTºV`c\U d]` OZZS[ W\ U`rzS`S\ 7B0S`SWQVS\ T]ZUS\RS eSWbS`S =`UO\WaObW]\aSW\VSWbS\ SW\(
x
2WS [Wb RS` 4SabZSUc\U c\R ESWbS`S\beWQYZc\U RS` 8C BcaPcTVXT d]S STa 8C?[P]d]V hcaO[[S\VÉ\US\RS\ /cT UOPS\ aWSVS VWS`hc 9O^WbSZ eS`RS\ ]Tb SW\S` AbOPaabSZZS ºPS`b`OUS\
x
2WS 4SabZSUc\U c\R ESWbS`S\beWQYZc\U c\bS`\SV[S\aeSWbS` 8CBcP]SPaSb d]S `]b]Y]ZZS /\eS\Rc\Ua a]TbeO`S^OYSbS 3\RPS\cbhS`eS`YhScUS ]RS` RWS Tº` RWS A]TbeO`SS\beWQYZc\U SW\hcaSbhS\RS\ ;SbV]RS\ c\R B]]Za PShWSVS\
x
HWSZaSbhc\U /cTUOPS\ c\R 7\ab`c[S\bS RS` 7\abO\h 8C 2^]ca^[[X]V eS`RS\ W\ 9O^WbSZ " PSVO\RSZb /PaQV\Wbb "!
$
2c`QV RWS PS`SWba O\USa^`]QVS\S eOQVaS\RS 9]\dS`US\h d]\ 7B c\R BSZSY][[c\WYObW]\aagabS[S\ `ºQYS\ RWS B9AgabS[S hc\SV [S\R W\ RS\ DS`O\be]`bc\UaPS`SWQV RS` 7B
%
7\eWSeSWb OcQV RWS RShS\b`OZS\ 7BAgabS[S c\R <SbhY][^]\S\bS\ hS\b`OZ PSb`Scb eS`RS\ VÉ\Ub cO d]\ ºPS`US]`R\SbS\ HS\b`OZWaWS `c\Ua2ShS\b`OZWaWS`c\UaS\baQVSWRc\US\ OP aWSVS OcQV /PaQV\Wbb !
"! 8C?a^iTbbT USVb ROPSW Sf^ZWhWb OcT WV`S ]`UO\WaOb]`WaQVS 3W\PSbbc\U W\ RWS C\bS`\SV[S\aab`cYbc` SW\ x
<WQVb hcZSbhb OcTU`c\R RS` UZ]POZS\ DS`\Sbhc\U ºPS` 7\bS` \SbbSQV\]Z]UWS\ Y][[b RS` 8CBXRWTaWTXc aSWb SW\WUS\ 8OV `S\ SW\S hc\SV[S\R PSRScbaO[S @]ZZS hc HWSZaSbhc\US\ c\R /cTUOPS\ SW\Sa 7BAWQVS`VSWba[O\OUS[S\ba ROa OcQV OZa SWUS\S` 0S`SWQV cC OZa AbOPaabSZZS SbOPZWS`b eS`RS\ YO\\ eS`RS\ W\ 9O^WbSZ $ S`ZÉcbS`b
x
HceSWZS\ SfWabWS`S\ OcQV 7B/PbSWZc\US\ RWS aWQV [Wb 8C 8]]^ePcX^]T] PSaQVÉTbWUS\ c[ OcT RWSaS ESWaS RWS 3W\aObh c\R AgabS[S\ Tº` 1]\b`]Z ZW\U >S`a]\OZ ;O`YSbW\U ]RS` :]UWabWY^`]hSaaS 7\ dWSZS\ 4ÉZ ZS\ Wab RWS 7B OcQV SW\ B`SWPS` Tº` ROa /\TO\U RSa 8OV`Vc\ RS`ba W\ dWSZS\ C\bS`\SV[S\ S`T]ZU`SWQV SW\USTºV`bS 9]\hS^b RSa 5SaQVÉTba^`]hSaa[O\OUS[S\ba 0WSbS\ R]QV US`ORS W\\]dObWdS 7B:rac\US\ h0 OcT 0OaWa d]\ @472 & RWS 5`c\RZOUS Tº` >`] hSaa]^bW[WS`c\US\ /\RS`S`aSWba aW\R 7B>`]hSaaS hc` EOV`c\U c\bS`\SV[S\aa^ShWTW aQVS` 0Sa]\RS`VSWbS\ W\ RS` DS`UO\US\VSWb [SWab W\RWdWRcSZZ US abOZbSb e]`RS\ A] UZOcPbS [O\ Rc`QV SW\S AbO\RO`RWaWS`c\U ab`O bSUWaQVS ESbbPSeS`Pad]`bSWZS OcThcUSPS\ 2O`ºPS` VW\Oca aW\R W\ C\bS`\SV[S\ RWS 7B>`]hSaaS c\R WV`S 0ShWSVc\US\ VÉcTWU
&
@ORW] 4`S_cS\Qg 7RS\bWTWQObW]\
!
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ \WQVb ]RS` \WQVb d]ZZabÉ\RWU R]Yc[S\bWS`b e]`RS\ c\R RO[Wb \WQVb b`O\a^O`S\b IH/@O`ORWU[S\eSQVaSZ RS` 7B I9`caQVYS # A #K 2WS A^ShWTWYObW]\ RS` 7BAS`dWQSa S`T]ZUb hc[SWab W[ @OV[S\ a] US\O\\bS` BTaeXRT ;TeT[ 0VaTT\T]cb B;0 AS`dWQS :SdSZ /U`SS[S\ba RSTW\WS`S\ RWS hc S`P`W\US\RS\ :SWabc\US\ c\R RS `S\ /ca^`ÉUc\US\ 0]QY PSaQV`SWPb T]ZUS\RSa 0SWa^WSZ Tº` SW\ A:/ I0=19 $ A !K( 4X] B;0 U¶a 1TaTXcbcT[[d]V d]S [PdUT]ST D]cTabc¶cid]V TX]Tb 8C 0aQTXcb_[PciTb X] TX]T\ D]cTa]TW\T] f¶aST QTXb_XT[bfTXbT QTX STa 1TbRWaTXQd]V SXT TX]QTi^VT]T] :^\_^]T]cT] i1 3TbZ c^_=^cTQ^^Z O`ORWU[S\eSQVaSZ VW\ hc SW\S` Yc\RS\]`WS\bWS`bS\ AWQVb eW`R W[ 7B7:@OV[S\eS`Y OcT RWS VWS`hc S`T]`RS`ZWQVS\ >`]hSaaS /cTUOPS\ @]ZZS\ c\R /P VÉ\UWUYSWbS\ SW\USUO\US\ EOa Wab hc bc\- c\R \WQVb OcT RWS Y]\Y`SbS @SOZWaWS`c\U EWS Wab Sa hc bc\- 2WS @SOZWaWS`c\U [caa aWQV O\ RS\ Y]\Y`SbS\ /\T]`RS`c\US\ c\R RS\ dS`TºUPO `S\ @Saa]c`QS\ RSa C\bS`\SV[S\a Oca`WQVbS\
8QWHUQHKPHQ
8QWHUQHKPHQV SHUVSHNWLYH
6HUYLFH 0DQDJHPHQW
,QIUDVWUXNWXU PDQDJHPHQW
6LFKHUKHLWV PDQDJHPHQW $QZHQGXQJVPDQDJHPHQW
,QIRUPDWLRQVWHFKQRORJLH ,7
3ODQXQJ ]XU ,PSOHPHQWLHUXQJ YRQ 6HUYLFH 0DQDJHPHQW
/PP ! 7B7:@OV[S\eS`Y 7B7: PSaQV`SWPb a][Wb OcQV YSW\ \ScSa ;]RSZZ a]\RS`\ TOaab d]` VO\RS\S c\R PSeÉV`bS D]`USVS\aeSWaS\ W\ 5SabOZb d]\ @STS `S\h[]RSZZS\ hcaO[[S\ 3W\S` RS` U`]zS\ D]`bSWZS d]\ 7B7: ZWSUb W[ AQVOTTS\ SW\S` SW\VSWbZWQVS\ c\R abO\RO`RWaWS`bS\ 0S U`WTTaeSZb Tº` RWS /cTUOPS\ >`]hSaaS c\R @]ZZS\ W\\S`VOZP SW\S` 7B HcRS[ eS`RS\ Y`WbWaQVS 3`T]ZUaTOYb]`S\ c\R RS`S\ AbScS` PO`YSWb O\VO\R d]\ :SWabc\UaW\RWYOb]`S\ PSZScQVbSb 2WS /cTUOPS\ SW\Sa aS`dWQS]`WS\bWS`bS\ 7B;O\OUS[S\ba US[Éz 7B7: Y]\hS\b`WS`S\ aWQV RO`OcT RWS 7BAS`dWQSa hc ^ZO\S\ hc S\beWQYSZ\ hc S`P`W\US\ c\R RS`S\ 3`P`W\Uc\U W[ @OV[S\ RS` dS`SW\PO`bS\ A:/a hc ºPS`eOQVS\ 6WS`Tº` ZWSTS`b 7B7: D]`UOPS\ Phe 3[^TSVZc\US\ VW\aWQVbZWQV RS` >`]hSaaUSabOZbc\U RS` 9c\RS\]`WS\bWS`c\U c\R RS` 9]abS\]^bW [WS`c\U A] eS`RS\ PSWa^WSZaeSWaS Y]\Y`SbS 3[^TSVZc\US\ Tº` RWS ]^bW[OZS 5SabOZbc\U d]\ AS`dWQS2SaY9]\hS^bS\ ]RS` hc[ /cTPOc aWQVS`S` 7\T`Oab`cYbc`S\ O\USP]bS\ AbcRWS\ I93;>3@ " A #K hSWUS\ ROaa 7B7: W\ 2ScbaQVZO\R OcT P`SWbS` 0OaWa PSYO\\b Wab OZa TºV`S\RSa @OV[S\Y]\hS^b [SV`VSWbZWQV OYhS^bWS`b c\R OcQV hc\SV[S\R US\cbhb eW`R A] %
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ O`PSWbS\ \OQV SW\S` AbcRWS Oca RS[ 8OV`S $ [SV` OZa ! RS` U`rzS`S\ RScbaQVS\ C\bS`\SV[S\ PS`SWba [Wb 7B7: ]RS` ^ZO\S\ RS\ 3W\aObh PWa hc[ 8OV` & I>ÍBB3@ $K /Za 3W\abWSUaPS `SWQV Tº` 7B7: SWU\Sb aWQV RS` >`]hSaaPS`SWQV AS`dWQS ;O\OUS[S\b [Wb RS\ Yc\RS\\OVS\ >`]hSaaS\ 7\QWRS\b ;O\OUS[S\b [Wb AS` dWQS 2SaY c\R >`]PZS[ ;O\OUS[S\b aWSVS /PaQV\Wbb ! O[ PSabS\ 2WSaS >`]hSaaS aW\R OcQV O[ VÉcTWUabS\ `SOZWaWS`b
9KX\OIK 3GTGMKSKTZ BTaeXRT `OfWa O[ abÉ`YabS\ dS` P`SWbSb Wab 3a c\bS`bSWZb aWQV W\ RS\ >`]hSaaPS`SWQV BTaeXRT 3T[X eTah RS` aWQV [Wb >ZO\c\U ÍPS`eOQVc\U c\R AbScS`c\U d]\ 7B AS`dWQSa PSTOaab c\R RS\ >`]hSaaPS`SWQV BTaeXRT Bd__^ac RS` RWS C[aSbhc\U RS` AS`dWQS^`]hSaaS c\R RS\ CaS` Ac^^]`b W[ @OV[S\ RS` 3`P`W\Uc\U RS` 7BAS`dWQSa aWQVS`abSZZb 2S` BTaeXRT Bd__^ac abSZZb OZZS >`]hSaaS 4c\YbW]\S\ c\R ES`Y hScUS hc` DS`TºUc\U RWS Tº` SW\S\ `SWPc\UaZ]aS\ 0Sb`WSP c\R hc` /cT`SQVbS`VOZbc\U RS` 7BAS`dWQSa [WbbSZPO` c\R c\[WbbSZPO` S`T]`RS`ZWQV aW\R ]^S`ObWdS 3PS\S 2WSaS `SZObWd Y][^ZSfS /cT UOPS eW`R OcT RWS Tº\T W\ BOPSZZS ! S`ZÉcbS`bS\ >`]hSaa bSWZPS`SWQVS dS`bSWZb /Za hS\b`OZS /\ZOcTabSZZS Tº` OZZS 7B/\eS\RS` c\R ;WbO`PSWbS` W[ AW\\S SW\Sa AW\UZS >]W\b ]T 1]\bOQb A>=1 RWS\b SW\ BTaeXRT 3TbZ 2WSaS` abSZZb SW\S 4c\YbW]\ c\R YSW\S\ >`]hSaa RO` c\R Wab RS[ 7\QWRS\b ;O\OUS[S\b aWSVS BOPSZZS ! hcUS]`R\Sb 3` VOb cO T]ZUS\RS /cTUOPS\( x
/cT\OV[S 2]Yc[S\bObW]\ c\R /caeS`bc\U OZZS` D]`TÉZZS /\T`OUS\ 0SaQVeS`RS\ Eº\aQVS c\R 7\T]`[ObW]\S\
x
3`abSW\aQVÉbhc\U d]\ D]`TÉZZS\
x
:rac\UaacQVS Tº` RWS US[SZRSbS\ D]`TÉZZS PSW <WQVbZrac\U S\ba^`SQVS\RS ESWbS`ZSWbc\U O\ \OQVUSZOUS`bS >`]hSaaS
2S` AS`dWQS 2SaY USVb ºPS` RS\ ^OaaWdS\ 1VO`OYbS` SW\Sa YZOaaW aQVS\ 6SZ^ 2SaYa VW\Oca RO S` RWS 7B/\eS\RS` OcQV OYbWd [Wb 7\T]`[ObW]\S\ h0 ºPS` AgabS[É\RS`c\US\ ]RS` EO`bc\UaO`PSW bS\ dS`a]`Ub
&
"! 8C?a^iTbbT BOP ! >`]hSaabSWZPS`SWQVS d]\ AS`dWQS Ac^^]`b BTaeXRT Bd__^ac 2Oa 8]RXST]c `]PZS[a O\RS`S`aSWba W\ RS` ^`]OYbWdS\ 4SVZS`S`YS\\c\U c\R PSVSPc\U c\R a][Wb W\ RS` DS``W\US`c\U d]\ Abr`TÉZZS\ 2Oa 2WP]VT ZO\c\U :WSTS`c\U c\R DS`PSaaS`c\U RS` 7BAS`dWQSa a]eWS RWS D]`O`PSW bS\ RWS Tº` RWS 3`P`W\Uc\U RS` 7BAS`dWQSa S`T]`RS`ZWQV aW\R bOY bWaQVS 3PS\S 2WSaS /cTUOPS eW`R OcT RWS Tº\T W\ BOPSZZS ! RO`USabSZZbS\ >`]hSaabSWZPS`SWQVS dS`bSWZb
'
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ BOP !
>`]hSaabSWZPS`SWQVS d]\ AS`dWQS 2SZWdS`g
BTaeXRT 3T[XeTah 2Oa 2P_PRXch ZO\c\U c\R 0S`SWbabSZZc\U RS` S`T]`RS`ZWQVS\ 7B9O^OhWbÉbS\ a] ROaa RWS PSb`WSPZWQVS\ /\T]`RS `c\US\ abSba W\ Oca`SWQVS\RS[ ;OzS c\R W\ eW`baQVOTbZWQV dS`b`SbPO `S[ @OV[S\ OPUSRSQYb aW\R 3a S`[WbbSZb RS\ 0SRO`T aQVÉbhb RWS /ca ZOabc\US\ c\R ^ZO\b OZZS Yc`h [WbbSZ c\R ZO\UT`WabWUS\ @Saa]c`QS\ 2Oa 2^]cX]dXch `ÉdS\bWd c\R `]hSaaPS`SW QVS BSWZ RSa 7B7:@OV[S\eS`Ya aWSVS /PPWZRc\U ! 2Sa aS\ C[aSbhc\U Wab YSW\S SW\[OZWUS /cTUOPS a]\RS`\ SW\S Y]\bW \cWS`ZWQVS 6S`OcaT]`RS`c\U 2S[hcT]ZUS ZWSTS`b RS` ?[P]d]Vb QTaTXRW >ZO\\W\U b] 7[^ZS[S\b AS`dWQS ;O\OUS[S\b @STS`S\h ^`]hSaaS Tº` >ZO\c\U 3W\TºV`c\U c\R ^S`[O\S\bS DS`PSaaS`c\U RS` 7B7:>`]hSaaS 6WS`hc aW\R SW\S abÉ\RWUS /\OZgaS RS` >`]hSa aS c\R SW\S 0Sc`bSWZc\U S`T]`RS`ZWQV ]P h0 RWS USaSbhbS\ HWSZ d]`UOPS\ S``SWQVb eS`RS\ ]RS` ]P RWS >`]hSaaS O\ \ScS /\T]` RS`c\US\ O\hc^OaaS\ aW\R
"! 8C?a^iTbbT 2S` >`]hSaaPS`SWQV D]cTa]TW\T]b_Tab_TZcXeT 0caW\Saa >S` a^SQbWdS hWSZb W[ ESaS\bZWQVS\ RO`OcT SW\S US[SW\aO[S 0OaWa Tº` RWS 7B c\R RWS W\\S` c\R heWaQVS\PSb`WSPZWQVS\ 5SaQVÉTba ^`]hSaaS hc TW\RS\ 2S` >`]hSaabSWZPS`SWQV 1dbX]Tbb AT[PcX^] bWX_ `]hSaaS heWaQVS\ RS` 7B c\R W\\S`PSb`WSPZWQVS\ 5SaQVÉTba^`]hSaaS\ RS` >`]hSaabSWZPS`SWQV Bd__[XTa AT[PcX^]bWX_ `]hSaabSWZPS`SWQV USVb Sa c[ ROa /ca`WQV bS\ RS` 7BAb`ObSUWS O\ RS` C\bS`\SV[S\aab`ObSUWS 8C1dbX]Tbb 0[XV]\T]c ' 2Oa 8]UaPbcadZcda\P]PVT\T]c 7\T`Oab`cQbc`S ;O\OUS[S\b hceSWZS\ OcQV OZa 71B!7\T`Oab`cYbc`[O\OUS[S\b PShSWQV\Sb c[TOaab OZZS /a^SYbS RWS aWQV [Wb ;O\OUS[S\b 0Sb`WSP c\R ÍPS`eOQVc\U RS` 7B c\R BSZSY][[c\WYObW]\a7\T`Oab`cYbc` PS TOaaS\ Bg^WaQVS`eSWaS `SQV\Sb [O\ RWS YZOaaWaQVS\ hS\b`OZS\ @SQVS\hS\b`c[a^`]hSaaS ROhc 2Oa 7\T`Oab`cYbc`[O\OUS[S\b c[TOaab W[ ESaS\bZWQVS\( x
4]cfXRZ[d]Vb d]S ?[P]d]Vb_a^iTbbT Tº` RS\ /cTPOc c\R RS\ 0Sb`WSP RS` 7\T`Oab`cYbc`
x
ETacTX[d]Vb_a^iTbbT 2S^Z]g[S\b Tº` RWS W[ @OV[S\ RS` 3W\TºV`c\U \ScS` 6O`R c\R A]TbeO`S O\TOZZS\RS\ /cTUOPS\
x
1TcaXTQb_a^iTbbT Tº` 0S`SWbabSZZc\U c\R 0Sb`WSP RS` 71B 7\T`Oab`cYbc`
x
cTRW]XbRWT D]cTabc¶cid]Vb_a^iTbbT RWS aWQV PSWa^WSZa eSWaS [Wb 0SeS`bc\U c\R >`ºTc\U \ScS` 7\T`Oab`cYbc`Zrac\ US\ eWS PSWa^WSZaeSWaS D]WQS ]dS` 7> PSTOaaS\
/caUSeÉVZbS /a^SYbS RSa 7\T`Oab`cYbc`[O\OUS[S\ba eS`RS\ W\ /PaQV\Wbb # PSVO\RSZb 2S` :SPS\ahgYZca d]\ /\eS\Rc\US\ abSVb W[ ;WbbSZ^c\Yb RSa >`]hSaaPS`SWQVa 0]fT]Sd]Vb\P]PVT\T]c /^^ZWQObW]\ ;O\O US[S\b 3a PSW\VOZbSb @STS`S\h^`]hSaaS Tº` T]ZUS\RS eSaS\bZW QVS >VOaS\ SW\S` /\eS\Rc\U(
' !
AWSVS VWS`hc OcQV /PaQV\Wbb !% 7\T]`[ObW]\ O\R 1][[c\WQObW]\ BSQV\]Z]Ug
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ x
0]U^aSTad]VbP]P[hbT [Wb 4SabZSUS\ RS` 4c\YbW]\OZWbÉb :SWabc\Ua[S`Y[OZS c\R eSWbS`S\ 1VO`OYbS`WabWYS\ RS` /\ eS\Rc\U
x
4]cfdaU RV ÍPS`TºV`S\ RS` /\T]`RS`c\US\ W\ SW\S A^ShW TWYObW]\
x
ATP[XbXTad]V RV 7[^ZS[S\bWS`c\U c\R BSab c\bS` DS` eS\Rc\U RS` A^ShWTWYObW]\
x
>ZO\c\U c\R 5S\SV[WUc\U RS` 4X]U¶Wad]V UUT [Wb >WZ]b ^VOaS
x
1TcaXTQ RV 0S`SWbabSZZc\U RS` 7BAS`dWQSa hc` C\bS`abºbhc\U RS` 5SaQVÉTba^`]hSaaS
x
>_cX\XTad]V Rc`QV ^S`[O\S\bS /\OZgaS c\R UUT DS`PSaaS `c\U RS` 7BAS`dWQSa
2S` :SPS\ahgYZca SW\S` /\eS\Rc\U S\RSb [Wb WV`S` 0dvTaQT caXTQ]PW\T 7[ >`]hSaaPS`SWQV BXRWTaWTXcb\P]PVT\T]c ASQc`Wbg ;O\OUS [S\b eW`R Tº` SW\S\ RSTW\WS`bS\ 5`OR O\ 2ObS\aWQVS`VSWb c\R 2ObS\aQVcbh Tº` ROa C\bS`\SV[S\ c\R RWS 7BAS`dWQSa USa]`Ub EWQVbWUS /cTUOPS\ aW\R ROa /cTabSZZS\ SW\S` AWQVS`VSWba^]ZWbWY aWSVS /PaQV\Wbb $ c\R SW\Sa AWQVS`VSWbaY]\hS^ba [Wb RS\ S`T]`RS`ZWQVS\ ;Oz\OV[S\ hc` AWQVS`abSZZc\U RS` S`T]`RS`ZWQVS\ 2ObS\aWQVS`VSWb aWSVS /PaQV\Wbb $ ! EÉV`S\R RWS @STS`S\h ^`]hSaaS RSa 1]\bW\cWbg ;O\OUS[S\b aWSVS BOPSZZS ! WV`S\ 4]Yca OcT `] hSaaPS`SWQV OZZS O\RS`S\ eSaS\bZWQVS\ /a^SYbS RSa 7BAWQVS` VSWba[O\OUS[S\ba aWSVS 9O^WbSZ $
@KXZOLO`OKX[TM 7[ HcaO[[S\VO\U [Wb 7B7: ZOaaS\ aWQV R`SW dS`aQVWSRS\S 4]` [S\ RS` HS`bWTWhWS`c\U c\bS`aQVSWRS\ I0C6: # A TTK( x
?Tab^]T]QTi^VT]T ITacXUXiXTad]V 2WS R`SW [rUZWQVS\ HS`bWTWYObS ZOaaS\ aWQV eWS T]ZUb QVO`OYbS `WaWS`S\ I0C6: # A TT 3:AÒAA3@ $ A " K
5^d]SPcX^] 2TacXUXRPcT OZa 3W\abWSUahS`bWTWYOb PSW RS[ 9S\\b\WaaS RS` hSV\ >`]hSaabSWZPS`SWQVS d]\ AS`dWQS ;O\OUS[S\b aWSVS /PaQV\Wbb ! c\R RS` eSaS\bZW QVS\ 0SU`WTTaPSabW[[c\US\ \OQVhceSWaS\ aW\R
?aPRcXcX^]Ta 2TacXUXRPcT Tº` O\USVS\RS A^ShWOZWabS\ Tº` 3\bec`T c\R /caTºV`c\U d]\ 7B7:Y]\T]`[S\ >`]hSaaS\
"! 8C?a^iTbbT 3`T]`RS`ZWQVS D]`OcaaSbhc\US\ Tº` SW\S >`ºTc\UahcZOa ac\U aW\R ROa 4]c\RObW]\ 1S`bWTWQObS c\R RS` 0SacQV SW\aQVZÉUWUS` AS[W\O`S
x
BTaeXRT `ºTc\U aW\R ROa 4]c\RObW]\ 1S`bWTWQObS SW\S [W\R heSWXÉV`WUS 0S`cTaS` TOV`c\U W[ 0S`SWQV AS`dWQS ;O\OUS[S\b a]eWS RS` 0S acQV SW\aQVZÉUWUS` AS[W\O`S
?a^iTbbQTi^VT]T ITacXUXiXTad]V 2S` W[ 2ShS[PS` # dS`rTTS\bZWQVbS AbO\RO`R 7A= ! a^ShWTWhWS`b AS`dWQS;O\OUS[S\b>`]hSaaS OcT 0OaWa d]\ 7B7: c\R PWZRSb UZSWQVhSWbWU SW\S 5`c\RZOUS Tº` RWS 2c`QVTºV`c\U RS` HS`bWTWhWS`c\U d]\ 7BAS`dWQS^`]hSaaS\ 2WS HS`bWTWhWS`c\U \OQV 7A= Wab Rc`QV SW\S OYY`SRWbWS`bS =`UO\WaObW]\ Rc`QVhcTºV`S\ 7\ RWSaS[ W\bS`\ObW]\OZ O\S`YO\\bS\ AbO\RO`R hc[ 7B AS`dWQS[O\OUS[S\b eS`RS\ RWS \]beS\RWUS\ >`]hSaaS a^S hWTWhWS`b c\R RO`USabSZZb RWS SW\S =`UO\WaObW]\ SbOPZWS`S\ [caa c[ 7BAS`dWQSa W\ RSTW\WS`bS` ?cOZWbÉb PS`SWbabSZZS\ c\R PSb`SWPS\ hc Yr\\S\ 2WS 7A= Wab OcaUS`WQVbSb O\ RS\ >`]hSaaPSaQV`SWPc\US\ d]\ 7B7: c\R S`UÉ\hb RWSaS S\ba^`S QVS\R
x
C^^[QTi^VT]T ITacXUXiXTad]V Hc` C\bS`abºbhc\U d]\ 3W\TºV`c\U c\R 0Sb`WSP d]\ 7B7: Y]\T]`[S\ >`]hSaaS\ UWPb Sa W\heWaQVS\ SW\S U`]zS /\hOVZ d]\ A]TbeO`SeS`YhScUS\ /ZZS`RW\Ua SfWabWS`S\ YSW\S AbO\ RO`Ra Tº` WV`S HS`bWTWhWS`c\U a] ROaa SW\S /caaOUS ºPS` RWS ÍPS`SW\abW[[c\U [Wb RS` 7B7:;SbV]RWY \c` aQVeS` [rUZWQV Wab 3W\S USeWaaS =`WS\bWS`c\U Yr\\S\ 5ºbSaWSUSZ PWSbS\ eSZQVS d]\ c\OPVÉ\UWUS\ 0S`Obc\Uac\bS`\SV[S\ \OQV S\b a^`SQVS\RS` >`ºTc\U dS`ZWSVS\ eS`RS\! 2WS 9`WbS`WS\ Tº` RWS >`ºTc\U POaWS`S\ OcT RS\ d]\ RS` =51 OcTUSabSZZbS\ /\ T]`RS`c\US\ O\ 7B7:Y]\T]`[S A]TbeO`SB]]Za
!
7A= Wab Oca RS[ W[ W\Y DS`WTg RS` YO\ORWaQVS\ >W\Y 3ZS^VO\b 7\Q eee^W\YSZS^VO\bQ][ c\R 7B7: 1S`bWTWSR B]]Z RS` RScbaQVS\ AS`dWSe 5[P6 eeeaS`dWSeRS
!
"
8C>aVP]XbPcX^] d]S ?Tab^]P[
=KOZKXK 'TYoZ`K LX /:9KX\OIKSGTGMKSKTZ A]TbeO`SVS`abSZZS` eWS ;WQ`]a]Tb c\R 6O`R c\R A]TbeO`SO\PWSbS` eWS 70; c\R 6SeZSbb>OQYO`R RWS OcQV OZa 7B2WS\abZSWabS` ^]aW bW]\WS`b aW\R aSbhS\ [Wb SWUS\S\ ;]RSZZS\ OcT RS[ 7B7:@STS `S\h[]RSZZ OcT c\R VOPS\ Sa a^ShWTWaQV O\US^Oaab S`UÉ\hb c\R S`eSWbS`b 2Oa <XRa^b^Uc >_TaPcX^]b 5aP\Tf^aZ 5 PSW\VOZbSb @WQVbZW\WS\ RWS RS\ S`T]ZU`SWQVS\ 0Sb`WSP SW\S` 7B7\T`Oab`cYbc` c\bS` DS`eS\Rc\U d]\ ;WQ`]a]Tb>`]RcYbS\ c\R BSQV\]Z]UWS\ aWQVS`abSZZS\ a]ZZS\ 2S` ^`W[É`S 4]Yca ZWSUb ROPSW OcT RS` @SOZW aWS`c\U d]\ AS`dWQS;O\OUS[S\b>`]hSaaS\ W\ ;WQ`]a]Tb 0Sb`WSPaagabS[S\ I3:AÒAA3@ $ A K
6HUYLFH /HYHO 0DQDJHPHQW &DSDFLW\ 0DQDJHPHQW $YDLODELOLW\ 0DQDJHPHQW )LQDQFLDO 0DQDJHPHQW :RUNIRUFH 0DQDJHPHQW 6HUYLFH &RQWLQXLW\ 0DQDJHPHQW
6HUYLFH 'HVN ,QFLGHQW 0DQDJHPHQW 3UREOHP 0DQDJHPHQW
2SWL PLHUXQJ
bQGHUXQJ
6XSSRUW
%HWULHE
&KDQJH 0DQDJHPHQW &RQILJXUDWLRQ 0DQDJHPHQW 5HOHDVH 0DQDJHPHQW
6HFXULW\ $GPLQLVWUDWLRQ 6\VWHP $GPLQLVWUDWLRQ 1HWZRUN $GPLQLVWUDWLRQ 6HUYLFH 0RQLWRULQJ &RQWURO 'LUHFWRU\ 6HUYLFHV $GPLQLVWUDWLRQ 6WRUDJH 0DQDJHPHQW -RE 6FKHGXOLQJ 3ULQW2XWSXW 0DQDJHPHQW
/PP ! ! ;=4>`]hSaa[]RSZZ IA3@3E/ # A #K 2Oa 5?a^iTbb\^ST[[ S`eSWbS`b RWS PSWRS\ AS`dWQS ;O\OUS [S\b>`]hSaaPS`SWQVS AS`dWQS Ac^^]`b c\R AS`dWQS 2SZWdS`g aWS VS /PaQV\Wbb ! OcT RWS dWS` 7Pd_c_a^iTbbT Ó]STad]V 1T caXTQ Bd__^ac c\R >_cX\XTad]V RS\S\ RWS SW\hSZ\S\ >`]hSaaS hcUS]`R\Sb aW\R aWSVS /PP ! ! 2WS hcUS]`R\SbS\ >`]hSaaS S\ba^`SQVS\ bSWZeSWaS RS\ 7B7: >`]hSaaS\ 2S` 6Oc^b^`]hSaa 1TcaXTQ c[TOaab T]ZUS\RS ]TdT ?a^iTbbT(
"
x
BhbcT\ 0S\X]XbcaPcX^] d]S =Tcf^aZ 0S\X]XbcaPcX^] c[TOaaS\ aÉ[bZWQVS /cTUOPS\ d]\ AgabS[ c\R <SbhOR[W \Wab`Ob]`S\
x
C\bS` BTaeXRT dc_dc _cX\XTad]V O\USaWSRSZbS F^aZU^aRT S`a]\OZ /cTUOPS RWS aSa >`]hSaaSa Wab Sa ROTº` hc a]`US\ ROaa ;WbO`PSWbS` W\ RS` XS eSWZa S`T]`RS`ZWQVS\ ?cO\bWbÉb c\R ?cOZWbÉb d]`VO\RS\ aW\R RO \c` a] AS`dWQS :SdSZa SW\USVOZbS\ eS`RS\ Yr\\S\ <SPS\ RS[ >`]hSaa[]RSZZ UWPb Sa \]QV SW\ 5CTP\\^ST[[ eSZQVSa ROa ;O\OUS[S\b PSW[ STTSYbWdS\ =`UO\WaWS`S\ RSa >S` a]\OZa c\bS`abºbhb c\R SW\ 5AXbXZ^\^ST[[ eSZQVSa RWS 7RS\bWTWYObW]\ c\R ROa ;O\OUS[S\b RS` Oca RS[ 0Sb`WSP RS` 7B 7\T`Oab`cYbc` `SacZbWS`S\RS\ @WaWYS\ c\bS`abºbhb I;71@=A=4B A3E3@/ #K 2Oa d]\ 6SeZSbb>OQYO`R PS`SWba ''$ S\beWQYSZbS 8CBTaeXRT `]U`O[[S c\R 2ObS\ hcU`SWTS\ Yr\\S\
!"
0SW RWSaS\ >`]hSaaS\ VO\RSZb Sa aWQV hc[SWab c[ 0ObQVO\eS\Rc\ US\ eWS [O\ aWS Oca RS[ YZOaaWaQVS\ @H0Sb`WSP YS\\b
#
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ 2WS ^`OYbWaQVS /\eS\RPO`YSWb RWSaSa aSV` RSbOWZZWS`bS\ c\R Y]\ aWabS\bS\ @STS`S\h[]RSZZa eW`R Rc`QV ROa 4SVZS\ d]\ 9S\\hOV ZS\ hc` 0SabW[[c\U d]\ 3TTSYbWdWbÉb c\R 3TTWhWS\h RS` >`]hSaaS PSSW\b`ÉQVbWUb 3PS\a] eS`RS\ RWS OZZUS[SW\S\ 0SRW\Uc\US\ c\R 3WUS\aQVOTbS\ RWS SW\S\ ]^bW[OZS\ >`]hSaaS`T]ZU aWQVS`abSZ ZS\ \WQVb PSaQV`WSPS\ I6=16AB37< ! c\R H/@`]hSaaS\ c\R %$ AcP^`]hSaaS\ S\beWQYSZb I70; K 2WSaSa @STS`S\h[]RSZZ ROa ÉV\ZWQVS 3WUS\aQVOTbS\ eWS ROa 6>;]RSZZ OcTeSWab ec`RS heWaQVS\hSWbZWQV eSWbS`S\beWQYSZb hc[ 70; >`] QSaa @STS`S\QS ;]RSZ T]` 7B 70; >@;7B 2O`W\ Y]\hS\b`WS`b [O\ aWQV d]` OZZS[ OcT RWS C[aSbhc\U RS` >`]hSaaS [Wb 6WZTS d]\ 70;A]TbeO`S^`]RcYbS\ I70; #K /ZZS R`SW ;]RSZZS abSZZS\ 0Sab >`OQbWQSa Tº` aS`dWQS]`WS\bWS`bSa 7B ;O\OUS[S\b RO` RWS RS\ 7B7:/\aObh hB W\ PSb`ÉQVbZWQVS[ ;O zS S`UÉ\hS\ c\R S`eSWbS`\ ;O\ [caa aWQV PSW RS` /\eS\Rc\U RWSaS` ;]RSZZS OZZS`RW\Ua PSecaab aSW\ ROaa Sa aWQV O\RS`a OZa PSW 7B7: \WQVb c[ ;]RSZZS Oca RS[ rTTS\bZWQVS\ ASYb]` VO\RSZb c\R a][Wb WV`S 3\beWQYZc\Ua`WQVbc\U d]\ RS\ 6S`abSZZS`\ d]`US USPS\ eW`R HO`\SY]e UWPb eSWbS`S 7\T]`[ObW]\S\ hc RS\ O\USa^`]QVS\S\ ;]RSZZS\ c\R SW\S` @SWVS eSWbS`S` aS`dWQS]`WS\bWS`bS` @STS`S\h []RSZZS IH/@aVP]XbPcX^] d]S ?Tab^]P[ USaQV`WSPS\ VObbS\ WV`S >`]XSYbS OPP`SQVS\ c\R \Sc OcTaSb hS\ x
8]cTVaPcX^]bPb_TZc 2WSaS` /a^SYb PShWSVb aWQV PSW YZOaaWaQVS` EW`baQVOTbaW\T]` [ObWYaWQVb \OQV ;S`bS\a OcT RWS X]]Ta d]S ifXbRWT]QT caXTQ[XRWT 8]cTVaPcX^] e^] 0]fT]Sd]VbbhbcT\T] [Wb RS\ /ca^`ÉUc\US\ 3PcT]X]cTVaPcX^] ?a^VaP\\X]cTVaP cX^] 5d]ZcX^]bX]cTVaPcX^] ]RS` ?a^iTbbX]cTVaPcX^] I;3@B3`]XSYb VOb 3W\ 0SWa^WSZ Tº` SW\ W\bSU`WS`bSa /\eS\Rc\Uaaga bS[ abSZZb RWS [gA/> 0caW\Saa AcWbS d]\ A/> RO` RWS [Wb RS` /\eS\Rc\U [gA/> A1;!# OcQV heWaQVS\PSb`WSPZWQVS 7\bS U`ObW]\aOa^SYbS c[TOaab 2Oa A^SYb`c[ d]\ W\\S` ]RS` heW aQVS\PSb`WSPZWQVS` >`]hSaaW\bSU`ObW]\ eW`R aWQV Rc`QV RWS DS`eS\Rc\U d]\ ESP AS`dWQSa Yº\TbWU PSb`ÉQVbZWQV S`eSW bS`\
B`]bh DS`aQVWSRS\VSWb RS` 7B>`]XSYbS ZÉaab aWQV Tº` RS`S\ >ZO \c\U /PeWQYZc\U c\R 9]\b`]ZZS SW\S SW\VSWbZWQVS D]`USVS\a eSWaS TSabZSUS\ 2OTº` S\beWQYSZbS E^aVTWT]b\^ST[[T eS`RS\ US\cbhb c[ >`]XSYbS agabS[ObWaQV W\ d]`RSTW\WS`bS\ >VOaS\ Rc`QVhcTºV`S\ 6WS`PSW eW`R SW\ >`]XSYb W\ aOQVZWQVS` c\R hSWbZW QVS` 6W\aWQVb W\ ºPS`aQVOcPO`S BSWZaQV`WbbS >VOaS\ OcTUSbSWZb c\R RORc`QV W\ aSW\S` 9][^ZSfWbÉb `SRchWS`b VOaS SW\S ÍPS`O`PSWbc\U RS` >`]XSYbS`USP\WaaS ]RS` W[ 3fb`S[ TOZZ RS` /PP`cQV RSa >`]XSYbSa `]XSYbSa S` T]ZUb SW\ ÍPS`UO\U W\ RS\ ZOcTS\RS\ 0Sb`WSP D]`USVS\a[]RSZZS ZOaaS\ aWQV W\ T]ZUS\RS >VOaS\ SW\bSWZS\(
&
x
8]XcXP[XbXTad]V PSW eSZQVS` SW\ >`]XSYbO\b`OU RS` ROa HWSZ RSa >`]XSYba c\R aSW\S eSaS\bZWQVS\ 3QYRObS\ W\ hSWbZWQVS` TW\O\hWSZZS` c\R ]`UO\WaOb]`WaQVS` 6W\aWQVb S\bVÉZb d]\ RS` Tº` RWS 3\baQVSWRc\U hcabÉ\RWUS\ =`UO\WaObW]\aSW\VSWb ^]aW bWd PSaQVWSRS\ eW`R c\R RS\ AbO`b^c\Yb RSa >`]XSYbSa RO` abSZZb
x
?[P]d]V PSW RS` RWS W\VOZbZWQVS Ab`cYbc`WS`c\U RSa >`]XSYba >`]XSYbab`cYbc`^ZO\ RWS 2STW\WbW]\ RS` /`PSWba^OYSbS c\R
!#
Ac^^Zg 1VOW\ ;O\OUS[S\b
"" 8C?a^YTZcT RWS AQVÉbhc\U RSa hSWbZWQVS\ /cTeO\Ra Tº` WV`S 2c`QVTºV `c\U RS` >`]XSYbOPZOcT^ZO\ [Wb ;SWZS\abSW\S\ a]eWS RWS >ZO \c\U RS` S`T]`RS`ZWQVS\ @Saa]c`QS\ c\R TW\O\hWSZZS\ ;WbbSZ d]`US\][[S\ eW`R x
ATP[XbXTad]V PSW RS` RWS >`]XSYb[WbO`PSWbS` RWS /`PSWba^OYS bS [Wb AbObca[SZRc\US\ c\R 6W\eSWaS\ OcT SdbZ >`]PZS[S OPO`PSWbS\ c\R RS` >`]XSYbZSWbS` Tº` >`]XSYbQ]\b`]ZZW\U c\R abScS`c\U BS`[W\S 9]abS\ ?cOZWbÉb c\R BSO[TºV`c\U dS`O\be]`bZWQV Wab
x
4X]U¶Wad]V PSW RS` RWS >`]XSYbS`USP\WaaS W\ RS\ ^`]RcYbW dS\ 0Sb`WSP ºPS`USVS\
2SbOWZa hc RS\ W\ RS` >`OfWa PSeÉV`bS\ >`]XSYbd]`USVS\a[]RSZ ZS\ h0 EOaaS`TOZZ[]RSZZ A^W`OZ[]RSZZ D;]RSZZ Yr\\S\ Pa^e W\ RS` EW`baQVOTbaW\T]`[ObWY5`c\RZOUS\ZWbS`Obc` \OQVUS ZSaS\ eS`RS\ dUZ I6/aVP]XbPcX^] d]S ?Tab^]P[ `É`S` >`]XSYbabScS`c\U Rc`QV RWS 5`S[WS\ c\R RS` >`]XSYb]`UO\W aObW]\ dS`RScbZWQVb c\R OcT 7B>`]XSYbS ºPS`b`OUPO` Wab I93AA :3@ " A K )KUXQJ XQG 6WHXHUXQJ DOOHU 3URMHNWH /HLWOLQLHQ 9RUJHKHQVZHLVH XQG (LQVDW] YRQ 3URMHNWPJPW
0HWKRGHQ ,QVWUXPHQWH XQG :HUN]HXJH
3HUPDQHQWHV 6WHXHUXQJVJUHPLXP
3UR]HVVH 3URMHNW ,GHHQ 3UREOHPH $QIRUGHUXQJHQ
3UR]HVVH
3URMHNWPDQDJHPHQW 3UR]HVVH
3URMHNW (UJHEQLVVH (UIROJH
3UR]HVVH
)KUXQJ XQG 6WHXHUXQJ HLQHV 3URMHNWHV 3URMHNWUDKPHQ XQG RUJDQLVDWLRQ
3ODQXQJ 6WHXHUXQJ XQG .RQWUROOH
7HPSRUlUHV 6WHXHUXQJVJUHPLXP
/PP !! @STS`S\h[]RSZZ Tº` >`]XSYb[O\OUS[S\b 7\ RS` >`OfWa aW\R d]` OZZS[ heSW 5^a\T] cT\_^aÊaTa ?a^ YTZc^aVP]XbPcX^]T] W\ @SW\ ]RS` ;WaQVT]`[ O\hcb`STTS\( x
;X]XT]?a^YTZc^aVP]XbPcX^] 6WS`PSW Wab ROa >`]XSYbbSO[ OZa SWUS\abÉ\RWUS =`UO\WaObW]\a SW\VSWb W\ RWS C\bS`\SV[S\a]`UO\WaObW]\ SW\USPc\RS\ 2WS >`]XSYb[WbO`PSWbS` eS`RS\ Tº` RWS >`]XSYbROcS` d]ZZabÉ\RWU Oca RS` :W\WS\]`UO\WaObW]\ VS`OcaUSZrab c\R RS[ >`]XSYbZSW bS` RWahW^ZW\O`WaQV c\R TOQVZWQV c\bS`abSZZb /PPWZRc\U !! abSZZb RWSaS =`UO\WaObW]\aOZbS`\ObWdS W\ 2WOU`O[[T]`[ RO`
"" 8C?a^YTZcT 8QWHUQHKPHQV OHLWXQJ
3URMHNWOHLWHU
/PP !! x
:W\WS\>`]XSYb]`UO\WaObW]\
`]XSYb]`UO\WaObW]\ S`UÉ\hb aWSVS /PPWZRc\U !! ! 2WS >`]XSYb[WbO`PSWbS` dS`PZSWPS\ VWS` W[ 5SUS\aObh hc` `SW \S\ >`]XSYb]`UO\WaObW]\ W\ WV`S` /PbSWZc\U c\R TºV`S\ W[ @SUSZTOZZ hSWbO\bSWZWU :W\WS\ c\R >`]XSYbOcTUOPS\ Oca AWS PZSWPS\ RWahW^ZW\O`WaQV RS[ :W\WS\d]`USaSbhbS\ c\bS`abSZZb TOQVZWQV eS`RS\ aWS W[ @OV[S\ RS` >`]XSYbOcTUOPS RS[ >`] XSYbZSWbS` hcUS]`R\Sb 8QWHUQHKPHQV OHLWXQJ
3URMHNWOHLWHU
/PP !! ! >`]XSYb;Ob`Wf]`UO\WaObW]\ 6ÉcTWU eW`R Tº` 7B>`]XSYbS RWS ;Ob`Wf>`]XSYb]`UO\WaObW]\ PSd]` hcUb D]`bSWZVOTb Wab VWS`PSW ROaa ;WbO`PSWbS` [Wb A^ShWOZeWaaS\ c\R S`TOV`c\U W\ [SV`S`S\ >`]XSYbS\ [WbeW`YS\ Yr\\S\ >`]P
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ ZS[ObWaQV Yr\\S\ ESWac\UaY]\TZWYbS heWaQVS\ >`]XSYbZSWbS` c\R :W\WS\d]`USaSbhbS\ aSW\ 2WS :W\WS\>`]XSYb]`UO\WaObW]\ S`eSWab aWQV d]` OZZS[ PSW Y][ ^ZSfS\ >`]XSYbS\ RWS ºPS` SW\S\ ZÉ\US`S\ HSWb`Oc[ ZOcTS\ OZa d]`bSWZVOTb 2S` >`]XSYbZSWbS` VOb VWS` RS\ U`rzS`S\ 3\baQVSW Rc\Uaa^WSZ`Oc[ VW\aWQVbZWQV RS` ;WbO`PSWbS` RWS OcaaQVZWSzZWQV WV[ c\bS`abSZZb aW\R
/:6KXYUTGR
+OTLNX[TM 7B4ºV`c\UaY`ÉTbS\ eS`RS\ W[ ESaS\bZWQVS\ RWS UZSWQVS\ >S`a] \OZ[O\OUS[S\bOcTUOPS\ ºPS`b`OUS\ eWS WV`S\ 9]ZZSUS\ O\RS`S` 4OQVPS`SWQVS OcT RS` UZSWQVS\ 6WS`O`QVWSabcTS 9`Q[O` UWPb SW\S\ Y\O^^S\ ÍPS`PZWQY ºPS` RWSaS /cTUOPS\ I9@1;/@ # A !&' TTK Hc` EOV`\SV[c\U RWSaS` /cTUOPS\ aW\R OcQV 9S\\b\WaaS S`T]` RS`ZWQV ºPS`
x
RWS Tº` 7B4OQV c\R 4ºV`c\UaY`ÉTbS O[ /`PSWba[O`Yb O\hc b`STTS\RS AWbcObW]\ aWSVS /PaQV\Wbb !"
x
RWS =^bW]\S\ Tº` RWS 5SeW\\c\U d]\ _cOZWTWhWS`bS[ 7B >S`a]\OZ aWSVS /PaQV\Wbb !"! c\R
x
RWS OcT OZZS\ AbcTS\ RSa RScbaQVS\ 0WZRc\UaagabS[a d]`VO\ RS\S\ W\ RS\ ZSbhbS\ 8OV`S\ bS\RS\hWSZZ USabWSUS\ /caPWZ Rc\UaO\USP]bS Tº` 7B>S`a]\OZ a]eWS RWS ;rUZWQVYSWbS\ hc` ESWbS`?cOZWTWhWS`c\U d]\ ;WbO`PSWbS`\ aWSVS /PaQV\Wbb !""
9OZ[GZOUT GS 'XHKOZYSGXQZ 2WS AWbcObW]\ O[ 0aQTXcb\PaZc U¶a 8C?Tab^]P[ ZÉaab aWQV RS` hSWb eWS T]ZUb PSaQV`SWPS\( x
2WS 9PWa!D\bcT[[d]V RWS 4da^TX]U¶Wad]V c\R RS` 8]cTa]Tc1^^\ VOPS\ d]` OZZS[ W[ HSWb`Oc[ d]\ ''% PWa SW\S\ S\]`[S\ HcaObhPSRO`T O\ 7B>S`a]\OZ OcaUSZrab 2Oa 3\RS RSa 30caW\Saa6g^S a]eWS RWS 0SS\RWUc\U RS` 8OV` c\R 3c`]C[abSZZc\US\ TºV`bS\ W\ RS\ 8OV`S\ d]\ PWa " hc SW\S[ ÍPS`O\USP]b O\ 7B9`ÉTbS\ 7[ 8OV`S # VOb RWS HOVZ RS` 0SaQVÉTbWUbS\ W\ RS` 7B S`ab[OZa aSWb RS[ 8OV` eWSRS` hcUS\][[S\ OcQV RS` B`S\R W[ 8OV`
"# 8C?Tab^]P[ $ a]eWS >`]U\]aS\ d]\ DS`PÉ\RS\ Tº` RWS \ÉQVabS\ 8OV`S aSVS\ SVS` ^]aWbWd Oca I637A3 $K
x
;Wb RS` d]\ RS` 0c\RSa`SUWS`c\U W\WbWWS`bS\ 6aTT]RPaSaTVT [d]V YO[S\ heWaQVS\ ;WbbS c\R 3\RS " QO & _cOZWTWhWS`bS OcaZÉ\RWaQVS 7B4OQVZScbS [Wb 6]QVaQVcZOP aQVZcaa \OQV 2ScbaQVZO\R 2WSaSa A]T]`b^`]U`O[[ hc` 2S QYc\U RSa 7B4OQVY`ÉTbSPSRO`Ta [Wb SW\S` PST`WabSbS\ /cT S\bVOZba c\R /`PSWbaPSeWZZWUc\U VOb aWQV OZa \WQVb aSV` \OQVVOZbWU S`eWSaS\ RO dS`[cbZWQV \c` QO RWS 6ÉZTbS RS` 5`SS\QO`RZWhS\h\SV[S` W\ 2ScbaQVZO\R USPZWSPS\ Wab Phe PZSWPS\ Y]\\bS I2=AB/: " A "!& TTK ESUS\ RSa O[ # W\ 9`OTb USb`SbS\S\ HceO\RS`c\UaUSaSbhSa ec`RS RWS 5`SS\QO`R`SUSZc\U ºPS` ROa 3\RS " VW\Oca \WQVb dS` ZÉ\US`b
x
/cTU`c\R RS` dS`abÉ`YbS\ BS\RS\h hc[ =cba]c`QW\U aWSVS /PaQV\Wbb !# d]\ 7BAS`dWQSa PWa VW\ hc Y][^ZSbbS\ 5S aQVÉTba^`]hSaaS\ eW`R aWQV RWS S`a]\OZ[O`YSbW\Ua VS`Oca 9`SObW] \S\ d]\ 0S`cTaPShSWQV\c\US\ `SacZbWS`S\ 2O\SPS\ TºV`S\ \ScS BSQV\]Z]UWS\ eWS ROa EEE hc \ScS\ 0S`cTaPWZRS`\ eWS h0 ESP[OabS` ]RS` =\ZW\S@SROYbSc`
x
<SPS\ RS\ SW\aQVZÉUWU OcaUSPWZRSbS\ 7B4OQV c\R 4ºV `c\UaY`ÉTbS\ aWSVS /PaQV\Wbb !"" b`WTTb [O\ dWSZS @dTaTX] bcTXVTa d]` OZZS[ [Wb [ObVS[ObWaQVS` W\US\WSc` ]RS` \O bc`eWaaS\aQVOTbZWQVS` /caPWZRc\U RWS aWQV Rc`QV B`OW\W\U]\ bVS8]P c\R]RS` Rc`QV S`a]\OZ a^WSZS\ \SPS\ Z^]eT]cX^ ]T[[T] BcT[[T]P]iTXVT] W\ RS\ `SUW]\OZS\ c\R ºPS``SUW]\OZS\ BOUSahSWbc\US\ a]eWS W\ SW\aQVZÉUWUS\ 4OQVhSWbaQV`WTbS\ US`ORS W\ RS` 7B0`O\QVS >][X]TY^QQ»abT] SW\S hc\SV[S\RS @]ZZS 2]`b Yr\\S\ C\bS`\SV[S\ SWUS\S AbSZZS\O\USP]bS ^`ÉaS\bWS`S\ c\R]RS` R]`b SW\USabSZZbS AbSZZS\USacQVS aWQVbS\ c\R PSeS`bS\ !
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ 2WS >ZObhWS`c\U d]\ AbSZZS\O\USP]bS\ OcT a^ShWSZZS\ 0S`SWQVS\ d]\ C\bS`\SV[S\aeSPaWbSa USVr`b VScbS hc[ AbO\RO`R`S^S`b]W`S d]\ >S`a]\OZ[O`YSbW\U[Oz\OV[S\ D]` OZZS[ 5`]zc\bS`\SV[S\ aTZadcXTaT] WV` Yº\TbWUSa 7B 4ºV`c\Ua>S`a]\OZ VÉcTWU PS`SWba e^a 0dU]PW\T TX]Tb BcdSX d\b A] PWSbSb RWS AWS[S\a /5 W\ 9]]^S`ObW]\ [Wb RS` 4OQV V]QVaQVcZS 7\U]ZabORb AbcRWS\PSeS`PS`\ SW\ a] US\O\\bSa AbW ^S\RWObS\[]RSZZ /caUSeÉVZbS AbcRWS`S\RS RS` EW`baQVOTbaW\T]` [ObWY S`VOZbS\ SW\ []\ObZWQVSa AbW^S\RWc[ /Za 5SUS\ZSWabc\U O`PSWbS\ aWS W\ RS\ AS[SabS`TS`WS\ c\R W[ >`OfWaaS[SabS` W\ RS\ AWS[S\a5SaQVÉTbaPS`SWQVS\ /cQV W\ O\RS`S\ AbcRWS\UÉ\US\ PSeÉV`bS DS`Pc\R[]RSZZS aW\R RS\YPO` 0SW RWSaS\ eº`RS\ RWS AbcRWS`S\RS\ ^O`OZZSZ hc[ AbcRWc[ RS` EW`baQVOTbaW\T]`[ObWY PSW a^WSZaeSWaS SW\S :SV`S hc[hc` 7\T]`[ObWYYOcT[O\\T`Oc OPa]Z dWS`S\ A]ZQVS c\R ÉV\ZWQVS ;]RSZZS eS`RS\ Yº\TbWU PSW SW\S` TZÉQVS\RSQYS\RS\ 3W\TºV`c\U d]\ AbcRWS\USPºV`S\ aWQVS` eSW bS` O\ 0SRScbc\U USeW\\S\ /cT SW\ PWa heSWbÉUWUS\ d]` OZZS[ O\ 6]QVaQVcZS\ PSe]`PS\S\ ATRadXcX]VETaP]bcP[cd]VT] abSZZS\ aWQV C\bS`\SV[S\ ^]bS\ bWSZZS\ ;WbO`PSWbS`\ d]` 7V` HWSZ Wab Sa Oca RS\ 7\bS`SaaS\bS\ ºPS` RWS 0SO`PSWbc\U d]\ 4OZZabcRWS\ c\R Rc`QV 5Sa^`ÉQVS [Wb 4ºV `c\UaY`ÉTbS\ RSa C\bS`\SV[S\a USSWU\SbS 9O\RWRObS\ Ocahc eÉVZS\ 7\ RWS hc`hSWb XÉV`ZWQV dS`O\abOZbSbS\ 8C5PRW\TbbT] 1S07B W\ 6O\\]dS` c\R AGAB3;A W\ ;º\QVS\ aW\R 9O``WS`ST]`S\ c\R AbSZ ZS\Pr`aS\ W\bSU`WS`b A] PWSbSb RWS 1S07B [Wb WV`S[ 8]P 1O`SS` ;O`YSb SW\ 4]`c[ Tº` 6]QVaQVcZS\ a]\abWUS /ca c\R ESWbS` PWZRc\UaSW\`WQVbc\US\ >S`a]\OZRWS\abZSWabc\Uac\bS`\SV[S\ DS` [WbbZc\UaOUS\bc`S\ 8]PPr`aS\ AbSZZS\acQVS\RS c\R AbSZZS\O\ PWSbS` 7[ @OV[S\ d]\ DS`O\abOZbc\US\ S`TOV`S\ 0SeS`PS`W\\S\ c\R 0SeS`PS` RWS \ScSabS\ B`S\Ra d][ /`PSWba[O`Yb c\R S`VOZ bS\ BW^^a Tº` S`T]ZU`SWQVS 0SeS`Pc\Uaab`ObSUWS\ C\bS`\SV[S\ ^`ÉaS\bWS`S\ aWQV OZa Obb`OYbWdS /`PSWbUSPS` c\R eSWaS\ OcT ]TTS \S AbSZZS\ VW\ 2WS hcZSbhb US\O\\bS\ ;Oz\OV[S\ aW\R d]` OZZS[ PSW 5`]zc\ bS`\SV[S\ aSV` UST`OUb eÉV`S\R YZSW\S c\R [WbbZS`S C\bS`\SV [S\ W\aPSa]\RS`S 5PRWZ^]VaTbbT c\R RWS W\ RS\ ZSbhbS\ 8OV`S\ dS`abÉ`Yb O\hcb`STTS\RS\ 5Xa\T]Z^]cPZc\TbbT] O\ 6]QVaQVc ZS\ 8]PPr`aS\ hc` T`ºVhSWbWUS\ >S`a]\OZUSeW\\c\U PSd]`hcUS\
"
"# 8C?Tab^]P[
'[Y [TJ =KOZKXHORJ[TM 0SW RS` /caPWZRc\U d]\ 7B>S`a]\OZ Wab U`c\RaÉbhZWQV heWaQVS\ 0S`cTaOcaPWZRc\U c\R 6]QVaQVcZabcRWc[ hc c\bS`aQVSWRS\ 0SW PSWRS\ 4]`[S\ Wab eSWbS` hc RWTTS`S\hWS`S\ \OQV a]ZQVS\ [Wb `SW\S` 7B4]YcaaWS`c\U eWS h0 7\T]`[ObWY c\R a]ZQVS\ [Wb SW \S[ Y]\Y`SbS\ /\eS\Rc\UaPShcU h0 EW`baQVOTbaW\T]`[ObWY BOPSZZS !"" hSWUb OcaUSeÉVZbS W\ 2ScbaQVZO\R [rUZWQVS 0S `cTaOcaPWZRc\US\ eSZQVS RWS 0c\RSaOUS\bc` Tº` /`PSWb hc RS\ 1][^cbS`9S`\PS`cTS\ `SQV\Sb [Wb WV`S\ eSaS\bZWQVS\ 3W\aObh TSZRS`\ BOP !"" 7B0S`cTaOcaPWZRc\US\ W\ 2ScbaQVZO\R I0CaVP]XbPcX^] d]S ?Tab^]P[ UWPb 2O[P`]eaYg RS` RWS /`QVWbSYbc` SW\S` []RS`\S\ 3 :SO`\W\U>ZObbT]`[ PSaQV`SWPb RWS W\ RS` c\bS`\SV[S\aa^ShWTW aQVS\ 2ScbaQVS 0O\Y C\WdS`aWbg hc[ 3W\aObh USZO\Ub I2/;0@=EA97 K 1[T]STS ;TPa]X]V PShSWQV\Sb RWS ;WaQVc\U Oca Y]\dS\bW]\SZZS` EWaaS\adS`[WbbZc\U c\R 3:SO`\W\U 2OPSW RWS\S\ 3:SO`\W\U 9][^]\S\bS\ PSWa^WSZaeSWaS hc` D]`PS`SWbc\U SW\Sa AS[W\O`a W\RS[ RWS BSWZ\SV[S` OcT SW\ UZSWQVSa 3W\UO\Ua\WdSOc USP`OQVb eS`RS\
/:5[ZYU[XIOTM
=KYKT EÉV`S\R PSW dWSZS\ C\bS`\SV[S\ S`ab W[ HcaO[[S\VO\U [Wb RS[ 3W\hcU RS` :SO\ ;O\OUS[S\b>VWZ]a]^VWS W\ RS\ ''S` 8OV`S\ RWS 4`S[RdS`UOPS d]\ :SWabc\US\ O\ SfbS`\S C\bS`\SV [S\ OcQV OZa ;OYS]`0cg3\baQVSWRc\U PSYO\\b eWSRS` abÉ` YS` W\ RS\ 4]Yca `ºQYbS VOb Sa PSW RS` 7B aSWb RS\ '$S` 8OV`S\ Oca c\bS`aQVWSRZWQVS\ 5`º\RS\ W[[S` ÍPS`ZSUc\US\ hc[ >dc aWRS `Sab^daRS caX]V USUSPS\ 7B=cba]c`QW\U VOb OZZS`RW\Ua Rc`QV \ScS UZ]POZS 3\beWQYZc\US\ =TTaV]`W\U c\R bSQV\WaQVS ;rUZWQVYSWbS\ /^^ZWQObW]\ AS`dWQS >`]dWRW\U W\ RS\ ZSbhbS\ 8OV`S\ hcaÉbhZWQV O\ 0SRScbc\U USe]\\S\ c\R ROPSW OcQV hc SW\S` DWSZhOVZ d]\ 7B=cba]c`QW\UT]`[S\ USTºV`b aWSVS /P aQV\Wbb !# 7B=cba]c`QW\U Wab BSWZ d]\ 8CB^daRX]V ROa aWQV hcaÉbhZWQV [Wb RS` Ab`ObSUWS hc` :WSTS`O\bS\2WS\abZSWabS`OcaeOVZ PSTOaab h0 AW\UZS A]c`QW\U ]RS` PSab]TbVSP`SSR /cT RWSaS\ /a^SYb d]\ 7BA]c`QW\U eW`R W\ RWSaS[ /PaQV\Wbb \WQVb eSWbS` SW\USUO\US\ /`Uc[S\bS ^`] c\R Q]\b`O 7B=cba]c`QW\U VÉ\US\ \SPS\ RS` USeÉVZbS\ 7B=cba]c`QW\UT]`[ \Obc`US[Éz cO OP d]\ RS\ XS eSWZWUS\ @OV[S\PSRW\Uc\US\ SW\Sa C\bS`\SV[S\a d]\ aSW\S\ ab`ObSUWaQVS\ >ZO\c\US\ a]eWS SdbZ d]\ RS` OZZUS[SW\S\ 0`O\ QVS\S\beWQYZc\U D]` RWSaS[ 6W\bS`U`c\R Wab RWS W\ BOPSZZS !# RO`USabSZZbS 0W ZO\h OcaUSeÉVZbS` /`Uc[S\bS ^`] c\R Q]\b`O 7B=cba]c`QW\U W\ RS\ XSeSWZWUS\ C\bS`\SV[S\aY]\bSfb hc abSZZS\
&
"$ 8C>dcb^daRX]V BOP !#
0WZO\h OcaUSeÉVZbS` /`Uc[S\bS ^`] c\R Q]\b`O 7B =cba]c`QW\U
$UJXPHQWH SUR ,72XWVRXUFLQJ .RVWHQHUVSDUQLV GXUFK 6NDOHQHIIHNWH EHLP ,72XWVRXUFLQJ'LHQVWOHLVWHU
$UJXPHQWH FRQWUD ,72XWVRXUFLQJ $EKlQJLJNHLW YRP ,72XWVRXUFLQJ 'LHQVWOHLVWHU
9DULDELOLVLHUXQJ GHU )L[NRVWHQ!%
9HUOXVW YRQ ,7.QRZKRZ
)OH[LEOH $QSDVVXQJ DQ GHQ %HGDUI
:LGHUVWlQGH GHU EHWURIIHQHQ 0LWDUEHLWHU
.RQ]HQWUDWLRQ DXI .HUQNRPSHWHQ]HQ
*HULQJH 6NDOHQHIIHNWH EHL LQGLYLGXHOOHQ /HLVWXQJHQ
=XJULII DXI .QRZKRZ GHV ,72XWVRXUFLQJ 'LHQVWOHLVWHUV
$XIZDQG IU GDV 0DQDJHPHQW YRQ HQWVWH KHQGHQ RUJDQLVDWRULVFKHQ XQG WHFKQLVFKHQ 6FKQLWWVWHOOHQ
,UXSKT 2WS W\ /PaQV\Wbb !# O\USa^`]QVS\S\ UZ]POZS\ bSQV\WaQVS\ a]eWS O\RS`S\ 3\beWQYZc\US\ eWS aWQV É\RS`\RS ;O\OUS[S\b ^VWZ]a]^VWS\ VOPS\ hc SW\S` DWSZhOVZ c\bS`aQVWSRZWQVS` 7B =cba]c`QW\UT]`[S\ USTºV`b 3W\S /caeOVZ a]ZQVS` 4]`[S\ U`c^^WS`b \OQV WV`S\ W\VOZbZWQVS\ 2W[S\aW]\S\ hSWUb /PPWZRc\U !# W\ /\ZSV\c\U O\ 8]cO\\S2WSR`WQV I8=C/aVP]XbPcX^] d]S ?Tab^]P[
6WDQGRUW 2QVKRUH 1HDUVKRULQJ 2IIVKRULQJ $Q]DKO 'LHQVWOHLVWHU 6LQJOH 6RXUFLQJ 0XOWL 6RXUFLQJ
)LQDQ]LHOOH $EKlQJLJNHLW ,QWHUQHV 2XWVRXUFLQJ -RLQW 9HQWXUH ([WHUQHV 2XWVRXUFLQJ
,72XWVRXUFLQJ
/HLVWXQJVXPIDQJ 3DUWLHOOHV 2XWVRXUFLQJ 7RWDOHV 2XWVRXUFLQJ
/HLVWXQJVJHJHQVWDQG ,7 ,QIUDVWUXFWXUH 2XWVRXUFLQJ $SSOLFDWLRQ 0DQDJHPHQW 2XWVRXUFLQJ %XVLQHVV 3URFHVV 2XWVRXUFLQJ
/PP !# /caUSeÉVZbS 7B=cba]c`QW\U2W[S\aW]\S\ x
;TXbcd]Vbd\UP]V 0SW _PacXT[[T\ >dcb^daX]V hceSWZS\ OcQV OZa aSZSYbWdSa =cba]c`QW\U ]RS` =cbbOaYW\U PShSWQV\Sb eW`R \c` SW\ BSWZ RS` 7B/cTUOPS\ O\ SfbS`\S 2WS\abZSWabS` OcaUSZOUS`b h0 6]ab0Sb`WSP A/> @!0OaWaPSb`WSP :/dcb^daRX]V VW\USUS\ eS`RS\ aÉ[bZWQVS 7B/cTUOPS\ O\ SfbS`\S 7B 2WS\abZSWabS` dS`USPS\ 7[ C\bS`\SV[S\ Tc\UWS`b Tº` RWSaS 4]`[ SW\ 9]]`RW\Ob]` UUT OcQV [SV`S`S OZa AQV\WbbabSZZS heWaQVS\ RS\ 4OQVOPbSWZc\US\ c\R RS\ 7B2WS\abZSWabS`\
x
;TXbcd]VbVTVT]bcP]S 0SW[ 8C 8]UaPbcadRcdaT >dcb^daRX]V ºPS`\W[[b RS` =cb a]c`QW\U2WS\abZSWabS` 0Sb`WSP c\R EO`bc\U d]\ 7BAgabS[S\ 2WSaS O[ VÉcTWUabS\ ^`OYbWhWS`bS =cba]c`QW\UdO`WO\bS YO\\ cO T]ZUS\RS 7BAgabS[S c[TOaaS\(
<SbheS`Y c\R <SbheS`YY][^]\S\bS\
hS\b`OZ c\R RShS\b`OZ PSb`WSPS\S AS`dS`
/`PSWba^ZObhagabS[S h0 >1a BVW\ 1ZWS\ba [Wb >S`W^VS `WS eWS 2`cQYS` c\R AQO\\S` a]eWS
0Sb`WSPa c\R 2ObS\PO\YagabS[S
0__[XRPcX^] dcb^daRX]V hceSWZS\ OcQV OZa /^^ZWQObW]\ =cba]c`QW\U PShSWQV\Sb PSW\VOZbSb ROa =cba]c` !
"$ 8C>dcb^daRX]V QW\U d]\ 7B/\eS\Rc\US\ 2OPSW VO\RSZb Sa aWQV hc[SWab c[ AbO\RO`Ra]TbeO`S eWS 1@; ]RS` 3@>AgabS[S 2S` 7B 2WS\abZSWabS` Wab RO\\ hc[SWab Tº` 0Sb`WSP c\R EO`bc\U RS` USaO[bS\ >ZObbT]`[ RV AbO\RO`Ra]TbeO`S 6O`ReO`S 0S b`WSPaagabS[ c\R <SbheS`Y hcabÉ\RWU VÉcTWU OcQV Tº` RWS /\eS\RS`PSb`Scc\U EÉV`S\R PSW[ /^^ZWQObW]\ ;O\OUS[S\b =cba]c`QW\U RWS A]TbeO`SZWhS\h RS[ C\bS`\SV[S\ USVr`b Wab aWS PSW[ 0_ _[XRPcX^] BTaeXRT ?a^eXSX]V /A> 3WUS\bc[ RSa AS`dWQS >`]dWRS`a 0SW /A> [WSbSb RS` /\eS\RS` A]TbeO`S PSW[ /A> 2WS\abZSWabS` RS` Tº` :WhS\hWS`c\U 7[^ZS[S\bWS`c\U 0Sb`WSP c\R /R[W\Wab`ObW]\ RS` A]TbeO`S dS`O\be]`bZWQV Wab 2S` Hc U`WTT OcT RWS A]TbeO`S S`T]ZUb h0 ºPS` aWQVS`S 7\bS`\Sb DS`PW\Rc\US\ h0 DW`bcOZ >`WdObS <Sbe]`Y /[ eSWbSabUSVS\R eS`RS\ SWUS\S /cTUOPS\ PSW 1dbX]Tbb ?a^RTbb >dcb^daRX]V 1?> OPUSUSPS\ 2OPSW eW`R SW\ Y][^ZSbbS` 5SaQVÉTba^`]hSaa W\YZ c\bS`abºbhS\RS` 7B O\ SW \S\ 2WS\abZSWabS` ºPS`b`OUS\ 0SW RS\ 5SaQVÉTba^`]hSaaS\ VO\RSZb Sa aWQV W[ @SUSZTOZZ c[ Ac^^]`b>`]hSaaS eWS h0 RWS >S`a]\OZOP`SQV\c\U ]RS` RS\ 3W\YOcT US`W\US`eS`bWUS` 5ºbS` [WbbSZa 3>`]Qc`S[S\b:rac\US\ 2WSaS >`]hSaaS eSW aS\ SW\S\ V]VS\ AbO\RO`RWaWS`c\UaU`OR OcT c\R VOPS\ hc [SWab YSW\S ab`ObSUWaQVS 0SRScbc\U UUbW^aX]V dS`ZOUS`\ C\bS`\SV[S\ 7BPOaWS`bS 2WS\abZSWabc\US\ W\ AbOObS\ [Wb \WSR`WUS[ :]V\Y]abS\\WdSOc /Za VWS`Tº` USSWU\SbS 7B2WS\abZSWabc\US\ USZbS\ hc\ÉQVab SW\TOQVS BÉbWUYSWbS\ eWS 2ObS\SW\UOPS 1OZZ 1S\bS` c\R Ac^^]`b2WS\abZSWabc\US\ 6SZ^ 2SaY ]RS` >`]hSaaS PSW RS\S\ D]`UÉ\US abO\RO`RWaWS`b PSO`PSWbSb eS`RS\ Yr\\S\ 3a aW\R OPS` OcQV O\a^`cQVad]ZZS BÉbWUYSWbS\ eWS /\eS\Rc\Ua !
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ S\beWQYZc\U c\R W\abO\RVOZbc\U O\hcb`STTS\ <SPS\ RS\ YZOaaWaQVS\ =TTaV]`S:É\RS`\ eWS 7\RWS\ >VWZW^^W\S\ ]RS` 1VW\O Wab W\ \ScS`S` HSWb OcQV =TPabW^aX]V O\hcb`STTS\ d]` OZZS[ W\ ]abSc`]^ÉWaQVS :É\RS` 4º` =TTaV]`S c\R <SO`aV]`S7B=cba]c`QW\U VOPS\ aWQV T]Z US\RS 1TcaTXQTa\^ST[[T PSeÉV`b(
1a¶RZT]Z^_U`]XSYbY][[c\WYObW]\ Tc\UWS`b
FTaZQP]Z`]XSYbdS`O\be]`bc\U ZWSUS\ PSW[ /cTb`OUUSPS`
/caaOUS\ hc` =TTaV]`W\UAWbcObW]\ W\ RS` RScbaQVS\ 7B0`O\QVS S`VÉZb [O\ Pa^e PSW I03< #K 2WS PSVO\RSZbS\ 4]`[S\ RSa 7B=cba]c`W\U ZOaaS\ aWQV \OVShc PSZWSPWU [WbSW\O\RS` Y][PW\WS`S\ a] ROaa SW\S aSV` V]VS Y][ PW\Ob]`WaQVS DWSZTOZb S\babSVb 2WSaS 9][^ZSfWbÉb eW`R eSWbS` RO Rc`QV S`VrVb ROaa SW\hSZ\S 4]`[S\ OcQV \SPS\SW\O\RS` SfWabWS `S\ Yr\\S\ A] YO\\ [O\ PSWa^WSZaeSWaS PSW ;cZbWa]c`QW\U RWS 7B/cTUOPS\ OcT 7B2WS\abZSWabS` Oca 2ScbaQVZO\R a]eWS Oca <SO` c\R =TTaV]`W\U:É\RS`\ OcaZOUS`\ ESZQVS 4]`[ SW\ C\ bS`\SV[S\ ZSbhbS\RZWQV OcaeÉVZb Wab SW\hSZTOZZa^ShWTWaQV hc S\b aQVSWRS\
`]XSYbS\ OcaUSVS\R d]\ SW\S` c`a^`º\UZWQV SfWabS\bS\ DWaW]\ PWa VW\ hc[ ZOcTS\RS\ =cba]c` QW\U0Sb`WSP IAÎ007dcb^daRX]VbcaPcTVXT S\bVÉZb S`abS ÍPS`ZSUc\US\ cO hc` =cba]c`QW\UT]`[ aWSVS /PaQV\Wbb !# hc` d]`ZÉcTWUS\ 4SabZSUc\U OcT RWS =cba]c`QW\U]PXSYbS c\R hc [rUZWQVS\ bSQV
!
"$ 8C>dcb^daRX]V \]Z]UWaQVS\ /a^SYbS\ h0 6O`ReO`S c\R AgabS[^ZObbT]`[ 3@>AgabS[ 9RUEHUOHJXQJHQ
3ODQXQJVSKDVH 3ODQ
,PSOHPHQWLHUXQJVSKDVH %XLOG
/DXIHQGHU %HWULHE 5XQ
9LVLRQ 2XWVRXUFLQJ6WUDWHJLH ,VW XQG 7&2$QDO\VH Æ 0DNHRU%X\(QWVFKHLGXQJ 8PIDQJ GHV 2XWVRXUFLQJ3URMHNWV GHILQLHUHQ $XVVFKUHLEXQJ 3IOLFKWHQKHIW 3URYLGHUZDKO $EVFKOXVV /HWWHU RI ,QWHQW /R, $EVFKOXVV 2XWVRXUFLQJ9HUWUDJ 6FKULWWZHLVH hEHUQDKPH GHV %HWULHEV $NWLYLHUHQ GHU 6HUYLFH /HYHO $JUHHPHQWV 6/$V &KDQJH 0DQDJHPHQW
/PP !#! D]`USVS\aeSWaS PSW 7B=cba]c`QW\U>`]XSYbS\ 7\ RS` ?[P]d]Vb_WPbT PWZRS\ RWS SW\USVS\RS 8bc0]P[hbT RS` 7BAb`cYbc` c\R RS` 7B c\R 5SaQVÉTba^`]hSaaS a]eWS OcaTºV`ZW QVS C2>0]P[hbT] aWSVS /PaQV\Wbb "" RWS 0OaWa Tº` SW\S dcb^daRX]V_a^YTZcb /cT 0OaWa SW\Sa >TZWQVbS\VSTbSa S`T]ZUb RWS 0dbbRWaTXQd]V c\R \OQV RS`S\ /caeS`bc\U RWS FPW[ TX]Tb 8C>dcb^daRX]VSXT]bc[TXbcTab ;Wb RWSaS[ 2WS\abZSWabS` eS`RS\ W\ SW\S[ a] US\O\\bS\ ;TccTa ^U 8]cT]c d]`dS`b`OUZWQVS DS`SW\ PO`c\US\ VW\aWQVbZWQV d]` /PaQVZcaa RSa =cba]c`QW\UdS`b`OUSa hc S`P`W\US\RS` :SWabc\U c\R DS`Uºbc\U 5SVSW[VOZbc\Ua^TZWQVbS\ /PP`cQVY`WbS`WS\ SbQ USb`]TTS\ 2WSaS DS`SW\PO`c\US\ aW\R cO ROhc S`T]`RS`ZWQV ROaa RS[ 7B2WS\abZSWabS` PWa hc[ /PaQVZcaa RSa SWUS\bZWQVS\ =cba]c`QW\UdS`b`OUSa RSbOWZZWS`bS 7\T]`[ObW]\S\ ]TTS\ USZSUb eS`RS\ Yr\\S\ 7\ RS` 8\_[T\T]cXTad]Vb_WPbT eW`R RS` >dcb^daRX]VeTacaPV OcT 0OaWa RS` W\ RS` >ZO\c\Ua^VOaS S`V]PS\S\ 2SbOWZa PQVT bRW[^bbT] 2S` =cba]c`QW\UdS`b`OU Wab OZa ºPS`U`SWTS\RSa DS` b`OUaeS`Y hc dS`abSVS\ W\ RS[ RWS :SWabc\US\ RS` DS`b`OUa^O`b \S` RSTW\WS`b eS`RS\ /caUSeÉVZbS 7\VOZbS SW\Sa DS`b`OUSa hSWUb /PPWZRc\U !#! 3W\hSZ\S DS`b`OUaPSabO\RbSWZS eWS PSWa^WSZa eSWaS RWS ÍPS`\OV[S d]\ ;WbO`PSWbS`\ eS`RS\ \c` PSW S\ba^`S QVS\RS\ =cba]c`QW\UT]`[S\ S`T]`RS`ZWQV S`a]\OZ7BB`OW\W\U >`OfWa RS` EW`baQVOTbaW\T]`[ObWY 6;2 6STb & /^`WZ A $%&
!#
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ I23CBA1630/> K 5`c^^ 0 2S` ^`]TSaaW]\SZZS 7B>`]XSYbZSWbS` 0]\\ I6/S`a]\OZ[O`YSbW\U( 2Oa /caPWZ Rc\Ua c\R @SY`cbWS`c\Ua^`]U`O[[ RS` 1]\QS^b /5 W\( >`OfWa RS` EW`baQVOTbaW\T]`[ObWY 6;2 6STb & /^`WZ A &!' I637:;/`OfWa RS` EW`baQVOTbaW\T]`[ObWY 6STb % 4SP`cO` I637:;/`]XSYb[O\OUS[S\b 4OZZab`WQYS c\R 3`T]ZUaTOYb]`S\ 6SWRSZPS`U ! I637A3 $K 6SWaS =\ZW\S DS`PÉ\RS aSVS\ B`S\ReS\RS OcT RS[ 7B /`PSWba[O`Yb ;SZRc\U d][ ! $ Vbb^(eee VSW aSRS\SeabWQYS`[SZRc\U$'# 7\bS`\Sb`SQVS`QVS O[ $ $ I63@;3A #K 6S`[Sa 68 c\R AQVeO`h 5 6`aU =cba]c`QW\U 1VO\QS\ c\R @WaWYS\ 3`T]ZUaTOYb]`S\ `SQVbaaWQVS`S C[aSbhc\U ;º\QVS\ #
!$
"% ;XcTaPcda id :P_XcT[ " I63@HEC@; $K 6S`hec`[ 5 8SaaS A c\R >WSbaQV E 2S` 7B9]]`RW\Ob]` E7AC $ A &"&% I6=16AB37< !K 6]QVabSW\ / c\R 6c\hWYS` / AS`dWQS]`WS\bWS`bS @STS`S\h[] RSZZS RSa 7B;O\OUS[S\ba W\( 0`S\\S` E ;SWS` / c\R HO`\S Y]e @ 6`aU Ab`ObSUWaQVSa 7B;O\OUS[S\b >`OfWa RS` EW`b aQVOTbaW\T]`[ObWY 6;2 6STb ! /cUcab ! A "##$ I6=:3G "K 6]ZSg B ESZbS` 5 c\R EWSRS[O\\ / EW`baQVOTbaW\T]`[ObWY :cReWUaVOTS\ " I6> !K 6SeZSbb>OQYO`R 6`aU BVS 6> 7BAS`dWQS ;O\OUS[S\b 7BA; @STS`S\QS ;]RSZ( / ;]RSZ T]` AcQQSaaTcZZg >`]dWRW\U O\R ;O\OU W\U 7BAS`dWQSa EVWbS >O^S` Vbb^(eVWbS^O^S`ahR\Sb Q]cY 7\bS`\Sb`SQVS`QVS O[ $ $ I70; K 70; 5Z]POZ AS`dWQSa 6`aU ;O\OUW\U 7\T]`[ObW]\ BSQV\]Z]Ug AS`dWQSa EVWbS >O^S` A][S`a CA/ Vbb^(eeeWP[Q][aS`dWQSaca Wba^RT[O\OUW\UMWbMaS`dWQSaM eVWbSM^O^S`^RT 2]e\Z]OR O[ $ $ I70; #K 70; 5Z]POZ AS`dWQSa 6`aU ;O\OUW\U 7\T]`[ObW]\ BSQV\]Z]Ug AS`dWQSa EVWbS >O^S` A][S`a CA/ # Vbb^(eeeWP[Q][aS`dWQSaca Wba^RT[O\OUW\UMWbMaS`dWQSaM eVWbSM^O^S`^RT 2]e\Z]OR O[ %# $ I8=C/`OfWa RS` EW`b aQVOTbaW\T]`[ObWY 6;2 6STb & /^`WZ I93;>3@ "K 9S[^S` 65 6ORXWQVO`OZO[P]ca 3 c\R >OaQVYS 8 7B AS`dWQS[O\OUS[S\b W\ RScbaQVS\ C\bS`\SV[S\ 3`USP\WaaS SW !%
"
8C>aVP]XbPcX^] d]S ?Tab^]P[ \S` S[^W`WaQVS\ AbcRWS hc 7B7: W\( ;SWS` / c\R ;g`OQV B 7B AS`dWQS[O\OUS[S\b >`OfWa RS` EW`baQVOTbaW\T]`[ObWY 6;2 6STb !% 8c\W " A ! I93AA:3@ "K 9SzZS` 6 c\R EW\YSZV]TS` 5 >`]XSYb[O\OUS[S\b( :SWbTORS\ hc` AbScS`c\U c\R 4ºV`c\U d]\ >`]XSYbS\ 0S`ZW\ cO " I9`]dWRW\U /A> EW`baQVOTba W\T]`[ObWY " # A ""!""$ I9 c\R ;O\OUSR AS`dWQSa EW`baQVOTbaW\T]`[ObWY "# ! $ A $ $!" I9Î6:3@4@=AB #K 9rVZS`4`]ab E 6`aU =cba]c`QW\U AQVZºaaSZTOYb]`S\ RS` 9c\RS\hcT`WSRS\VSWb 0S`ZW\ # I9@1;/@ #K 9`Q[O` 6 7\T]`[ObW]\a[O\OUS[S\b 0S`ZW\ cO # I9@Í53@ "K 9`ºUS` E c\R 2O\\S` ; 3W\aObh d]\ AVO`SR AS`dWQS 1S\bS`\ Tº` 4W\O\hTc\YbW]\S\ 1]\b`]ZZS` ;OUOhW\ ' " ! A # I9CA1693 #K 9caQVYS ; 7BAS`dWQS[O\OUS[S\b SW\ ÍPS`PZWQY Vbb^(eeeVWbT]`c[RSWbWZWba[^RT 2]e\Z]OR O[ $ I;373@ "K ;SWS` / c\R ;g`OQV B 7BAS`dWQS[O\OUS[S\b >`OfWa RS` EW`baQVOTbaW\T]`[ObWY 6;2 6STb !% 8c\W " I;3@B3 c\R 9\]Z[OgS` 5 =`UO\WaObW]\ RS` 7\T]`[ObW]\a dS`O`PSWbc\U EWSaPORS\ ''& I;3@B3 6Oc^bV`aU :SfWY]\ RS` EW`baQVOTbaW\T]`[ObWY 0S` ZW\6SWRSZPS`U I;3@B3 cO AbcRWS\TºV`S` EW`baQVOTbaW\T]`[ObWY 0`Oc\ aQVeSWU I;3@B3 7\bSU`WS`bS 7\T]`[ObW]\adS`O`PSWbc\U EWSaPORS\ $
!&
"% ;XcTaPcda id :P_XcT[ " I;71@=A=4B K ;WQ`]a]Tb 6`aU ;=4ÍPS`PZWQY Tº` 3\baQVSWRS` EVWbS^O^S` ]= Vbb^(R]e\Z]OR [WQ`]a]TbQ][R]e\Z]OR"S "SQRTSTS'S"'T PT"QP OOT#OT&S&[]TS]^RT 2]e\Z]OR O[ #" $ I=51'''K =TTWQS ]T 5]dS`\[S\b 1][[S`QS =51 ASQc`Wbg ;O\OUS[S\b ÍBB3@ $K >ºbbS` 1 7B7:( HS`bWTWhWS`c\U a]ZZ VSW[ZWQVS AQVeÉQVS\ ]TTS\ZS US\ Vbb^(eeeQW]RS9\]eZSRUSQS\bS``[& !""&W\RSfVb[Z 7\bS`\Sb`SQVS`QVS O[ %& $ I@/6< K @OV\ 68 C\bS`\SV[S\aTºV`c\U :cReWUaVOTS\ IA16C03@B "K AQVcPS`b 92 17= Ac`dWdOZ 5cWRS( bVS `]ZSa O\R `Sa^]\aWPWZWbWSa ]T bVS 1VWST 7\T]`[ObW]\ =TTWQS` 6]P]YS\ CA/ " IA16C:B3 #K AQVcZbSHc`VOcaS\ ; =`UO\WaObW]\ ;º\QVS\ # IA=3007`]XSYbS S`T]ZU`SWQV `SOZWaWS `S\ Ab`ObSUWS 9]\hS^b >O`b\S`OcaeOVZ AbcbbUO`b ''' IE7AA97@163< K EWaaYW`QVS\ 4 c\R 9ZSW\S`bh ; AVO`SR AS`dWQS 1S\bS` OZa /Z bS`\ObWdS hc =cba]c`QW\U W\( 9rVZS`4`]ab E 6`aU =cba]c`QW\U( 3W\S ab`ObSUWaQVS /ZZWO\h PSa]\RS`S\ Bg^a 0S`ZW\ A &'' IEÎ0976=@D/B6 ! A !"! TT@ 3W\S c[TOaaS\RS 0SaQV`SWPc\U hc[ ASZPabdS`abÉ\R\Wa RSa 7B1]\b`]ZZW\Ua W\ 4]`[ SW\Sa :SWbPWZRSa VOb aWQV RWS 4OQV U`c^^S #% 7B 1]\b`]ZZW\U W\ RS` 5SaSZZaQVOTb Tº` 7\T]`[ObWY SD USUSPS\( 2WS 4OQVU`c^^S PSTOaab aWQV [Wb RS` hWSZ]`WS\bWS`bS\ >ZO\c\U c\R AbScS`c\U d]\ 7B=`UO\WaObW]\S\ AgabS[S\ c\R >`]hSaaS\ 2Ohc USVr`S\ OcQV 7B:SWabc\US\ c\R >`]XSYbS a] eWS RWS S\ba^`SQVS\RS\ :SWabc\Ua c\R >`]XSYb^]`bT]ZW]a D]\ PSa]\RS`S[ 7\bS`SaaS aW\R AbScS`c\UaagabS[S c\R ^`]hSaaS 0SeS`bc\U c\R DS`UZSWQV d]\ ZO\c\Ua c\R AbScS`c\UaOcTUOPS\ RS\\ Ab`ObS UWS\ [ºaaS\ ]^S`ObWd c[USaSbhb eS`RS\ dUZ I9ÍBH # A 'K c\R I57 $K HcaO[[S\TOaaS\R PSW\VOZbSb 7B1]\b`]ZZW\U W[ AW\\S RWSaS` 2STW\WbW]\S\ OZa] x
RWS 3\baQVSWRc\Uad]`PS`SWbc\U hc` hWSZaSbhc\UaUS`SQVbS\ `OfWa PSab ^`OQbWQS c\R dS`acQVS\ W\ c\bS`aQVWSRZWQVS\ /ca^`ÉUc\US\ 7B>`]hSaaS hc YObSU]`WaWS`S\ c\R agabS[ObWaQV RO`hcabSZZS\ 2WS 1]\b`]ZZW\U /cTUOPS Wab ROPSW [SWab W\bSU`ObWdS` BSWZ RSa ;O\OUS[S\bAga bS[a c\R \c` aQVeS` OZa SWUS\abÉ\RWUS 4c\YbW]\ S`YS\\PO`
)UTZXURROTM8KMKRQXKOY 2WS BÉbWUYSWb RSa 1]\b`]ZZW\Ua T]ZUb SW\S[ PSabW[[bS\ 5`c\R [cabS` ROa VÉcTWU OZa 2^]ca^[[X]VATVT[ZaTXb PShSWQV\Sb eW`R ES\\ SW\ USUSPS\Sa 1]\b`]ZZW\U=PXSYb ]RS` AgabS[ ROa OcT U`c\R SW\S` dS`SW\PO`bS\ HWSZaSbhc\U W\ SW\S[ PSabW[[bS\ HSWb `Oc[ d]\ SW\S[ 7ab W\ SW\S\ A]ZZHcabO\R ºPS`TºV`b eS`RS\ a]ZZ a] aW\R ROhc hc\ÉQVab Oca RS\ HWSZS\ USSWU\SbS AbSZZU`rzS\ hc PSabW[[S\ >ZO\c\Ua^VOaS c\R O\aQVZWSzS\R USSWU\SbS ;Oz \OV[S\ hc` DS`É\RS`c\U RSa 1]\b`]ZZW\U=PXSYba SW\hcZSWbS\ C[aSbhc\Ua^VOaS 3`USPS\ aWQV W[ DS`ZOcT RSa >`]hSaaSa Ò\ RS`c\US\ RS` AbSZZU`rzS\ ;Saa/\OZgaS^VOaS a] [ºaaS\ US SWU\SbS 9]``SYbc`S\ d]`US\][[S\ 9]``SYbc`^VOaS eS`RS\ >9ÍBH # A !& TT@ /PPWZRc\U "! hSWUb RWSaS\ HcaO[[S\ VO\U OZa W\bSU`WS`bS\ ;O\OUS[S\b1]\b`]ZZW\U>`]hSaa 6HW]HQ YRQ =LHOHQ
%HVHLWLJHQ GHU $EZHLFKXQJVXUVDFKHQ )HVWOHJHQ YRQ 3ODQJU|HQ 0D]DKOHQ ]X =LHOHQ
8PVHW]XQJ YRQ 0DQDKPHQ ]XU =LHOHUUHFKXQJ 0DQDJHPHQW$XIJDEH &RQWUROOLQJ$XIJDEH
$QDO\VLHUHQ GHU $EZHLFKXQJVXUVDFKHQ )HVWVWHOOHQ YRQ $EZHLFKXQJVXUVDFKHQ 0HVVHQ GHU =LHOHUUHLFKXQJ
&RQWUROOLQJREMHNW ,76HUYLFHV ,73UR]HVVH ,76\VWHPH ,73URMHNWH
/PP "! ;O\OUS[S\b c\R 1]\b`]ZZW\U@SUSZY`SWa O\US ZSV\b O\ I/23:A03@53@ ! A 'K ""
#! 3X\T]bX^]T] STb 8C2^]ca^[[X]Vb 2O\OQV ZSUb RS` dS`O\be]`bZWQVS ;O\OUS` RWS HWSZS Tº` ROa d]\ WV[ hc abScS`\RS =PXSYb TSab ]RS` abW[[b aWS [Wb SW\S` ºPS`US ]`R\SbS\ 7\abO\h OP 2Oa 1]\b`]ZZW\U YO\\ WV\ ROPSW PSW RS` 0WZ Rc\U d]\ HWSZS\ c\R RS` >`ºTc\U OcT WV`S D]ZZabÉ\RWUYSWb c\R EWRS`a^`cQVaT`SWVSWb c\bS`abºbhS\ W\ RS` /PPWZRc\U Wab RS` 1]\ b`]ZZW\U/\bSWZ U`Oc VW\bS`ZSUb 2WS HWSZaSbhc\U YO\\ U`c\RaÉbh ZWQV [Wb SW\S` Ò\RS`c\U RSa AbScS`c\Ua]PXSYba h0 DS`PSaaS `c\U RS` Rc`QVaQV\WbbZWQVS\ 0SO`PSWbc\UahSWb d]\ 7BAS`dWQS 3W\`WQVbc\US\ ]RS` [Wb SW\S` /cT`SQVbS`VOZbc\U RSa AbObca _c] h0 3W\VOZbc\U dS`SW\PO`bS` AS`dWQS :SdSZa dS`Pc\RS\ aSW\ 4º` PSWRS AhS\O`WS\ aW\R USSWU\SbS AbScS`c\UaU`rzS\ hc PSabW[[S\ [Wb RS`S\ 6WZTS RWS HWSZS``SWQVc\U W[ AW\\S SW\Sa A]ZZ7ab /PUZSWQVa US[SaaS\ eS`RS\ YO\\ 0SW RS` /cTabSZZc\U SW\Sa a]Z QVS\ HWSZS``SWQVc\UaagabS[a YO\\ ROa 1]\b`]ZZW\U SW\S\ eSaS\b ZWQVS\ 0SWb`OU ZSWabS\ C[ DS`É\RS`c\US\ SW\hcZSWbS\ ]RS` RS\ AbObca _c] hc S`VOZbS\ [ºaaS\ O\aQVZWSzS\R USSWU\SbS ;Oz\OV [S\ S`U`WTTS\ c\R c[USaSbhb eS`RS\ 2Oa 1]\b`]ZZW\U c\bS`abºbhb VWS` PSW RS` /caabScS`c\U RWSaS` ;Oz\OV[S\ 7\ `SUSZ[ÉzWUS\ /PabÉ\RS\ eW`R RWS 3\beWQYZc\U RSa AgabS[a O\VO\R RS` AbScS `c\UaU`rzS\ US[SaaS\ O\OZgaWS`b c\R UUT 3\baQVSWRc\UaOZbS`\O bWdS\ OcTUShSWUb /cQV RWSa USVr`b hc RS\ 9S`\OcTUOPS\ RSa 1]\b`]ZZW\Ua /Za 4ºV`c\UaOcTUOPS dS`PZSWPb RS[ ;O\OUS[S\b RWS 3\baQVSWRc\U ºPS` [rUZWQVS 9]``SYbc` c\R /\^Oaac\Ua [Oz\OV[S\ 2WSaS ;Oz\OV[S\ Yr\\S\ aWQV RW`SYb OcT RWS /ca abScS`c\U RS` dS`OPaQVWSRSbS\ C[aSbhc\Uaab`ObSUWS\ PShWSVS\ OPS` OcQV OcT SW\S /\^Oaac\U RSa HWSZagabS[a ]RS` RS` USaO[ bS\ HWSZdS`SW\PO`c\U eS\\ S`YO\\b ec`RS ROaa RWS PSOPaWQVbWU bS\ HWSZS \WQVb [SV` S``SWQVPO` aW\R ÍPS` RWS DO`WOPWZWbÉb RS` d]`USUSPS\S\ HWSZS ZOaaS\ aWQV OcQV RWS 0SU`WTTS RSa ]^S`ObWdS\ c\R ab`ObSUWaQVS\ 1]\b`]ZZW\Ua c\bS`aQVSWRS\ dUZ OcQV RWS /ca TºV`c\US\ W\ /PaQV\Wbb "
*OSKTYOUTKT JKY /:)UTZXURROTMY
+XYINKOT[TMYLUXSKT JKY /:)UTZXURROTMY ZO\c\U c\R AbScS`c\U d]\ 7B@Saa]c`QS\ Wab W\ dS`aQVWSRS \S ;O\OUS[S\b^`]hSaaS SW\USPc\RS\ dUZ /PP " 2OPSW "#
#
8C2^]ca^[[X]V eW`R 7B1]\b`]ZZW\U hc\ÉQVab [Wb RS` 0S`SWbabSZZc\U S\ba^`SQVS\ RS` 7B2WS\abS 7B7\T`Oab`cYbc` /^^ZWYObW]\S\ AS`dWQSa dS`Pc\ RS\ 2WS DS`O\be]`bc\U Tº` RWSaS >`]hSaaS ZWSUb W[ 7B0S`SWQV c\R Wab BSWZ RSa 7B;O\OUS[S\ba >`W[É`Sa HWSZ RSa 7B;O\OUS`a Wab Sa RWS Tº` ROa C\bS`\SV[S\ S`T]`RS`ZWQVS\ @Saa]c`QS\ Y]a bS\]^bW[OZ hc` DS`TºUc\U hc abSZZS\ 2^]ca^[[X]V STa 8C1TaTXc bcT[[d]V
,7*RYHUQDQFH 0DQDJHPHQW&RQWUROOLQJ GHU ,QIRUPDWLRQVZLUWVFKDIW ,QIRUPDWLRQ 0DQDJHPHQW %HLWUDJ GHU ,7 ]XP 8QWHUQHKPHQVZHUWHUIROJ
,76XSSO\
,7'HPDQG
0DQDJHPHQW&RQWUROOLQJ GHU ,7/HLVWXQJVHUVWHOOXQJ ,76HUYLFH 0DQDJHPHQW
0DQDJHPHQW&RQWUROOLQJ GHU ,79HUZHQGXQJ )DFKEHUHLFKV PDQDJHPHQW
%HUHLWVWHOOXQJV ZLUWVFKDIWOLFKNHLW .RVWHQ
5ROOH3UR]HVV )KUXQJVV\VWHP =LHOV\VWHP
9HUZHQGXQJV ZLUWVFKDIWOLFKNHLW 1XW]HQ
/PP " ;O\OUS[S\b1]\b`]ZZW\U^`]hSaaS hc` AbScS`c\U RS` 7B@Saa]c`QS\ O\USZSV\b O\ I9ÍBH # A & c A $$@ /PS` OcQV RWS `]RcYbS c\R 2WS\abZSWa bc\US\ SW\hcPW\RS\ 3a S\babSVb SW\ 0º\RSZ d]\ AS`dWQSO\ T]`RS`c\US\ ROa W[ C\bS`\SV[S\ d][ hS\b`OZS\ 7\T]`[O bW]\a[O\OUS[S\b ag\QV`]\WaWS`b c\R S\ba^`SQVS\R RS` @OV [S\d]`UOPS\ ab`cYbc`WS`b eS`RS\ [caa `] RcYbS >`]RcYbYObOZ]US RWS ;S\US\^ZO\c\U RWS 9]abS\ c\R >`]RcYbYOZYcZObW]\ RWS ÍPS`eOQVc\U d]\ /P\OV[S dS`SW\PO`c\US\ AS`dWQS :SdSZ /U`SS[S\ba A:/a a]eWS RWS DS``SQV\c\U RS` OPUS\][[S\S\ AS`dWQSa 2WS 0S`SWbabSZ Zc\U RS` AS`dWQSa S`T]ZUb Oca /\PWSbS`aWQVb c\bS` RS` ºPS`US "'
#
8C2^]ca^[[X]V ]`R\SbS\ HWSZaSbhc\U RS` 0S`SWbabSZZc\UaeW`baQVOTbZWQVYSWb /ca AWQVb RS` /P\SV[S` a^WSZb ROUSUS\ RWS DS`eS\Rc\Ua eW`baQVOTbZWQVYSWb SW\S VS`Oca`OUS\RS @]ZZS dUZ OcQV /P aQV\Wbb " #
#
x
8SRS` /\PWSbS` d]\ 7BAS`dWQSa [caa S\ba^`SQVS\RS >`]RcY bW]\a>`]hSaaS PSb`SWPS\ c[ aSW\S :SWabc\US\ US[Éz RS\ A:/a d]`hcVOZbS\ 2OPSW Wab RS` 2WS\abZSWabc\UaQVO`OYbS` dWS ZS` 7BAS`dWQSa hc PS`ºQYaWQVbWUS\ /ca /\PWSbS`aWQVb S\babSVb ROa >`]RcYb ]RS` RWS 2WS\abZSWabc\U S`ab W[ ;][S\b RS` /P\OV[S HcaO[[S\TOZZ d]\ 6S`abSZZc\U c\R `]hSaaabScS`c\U h0 9O^OhWbÉba DS`TºUPO`YSWba EWSRS`O\ZOcT ]RS` AWQVS`VSWba ^ZO\c\U a]eWS RWS =^bW[WS`c\U RS` 4S`bWUc\UabWSTS W[ AW\\S RS` /caZOUS`c\U d]\ >`]hSaaS\ ]RS` >`]hSaabSWZS\ O\ =cb a]c`QW\U/\PWSbS`
x
ESaS\bZWQVSa 0SO`PSWbc\Ua]PXSYb RS` d]`US\O\\bS\ >`]hSaaS aW\R eWSRS`c[ 7BAgabS[S RWS c\OPVÉ\UWU d]\ RWSaS\ >`] hSaaS\ d]`VO\RS\ c\R S`ab W[ @OV[S\ d]\ 0S`SWbabSZZc\Ua ^`]hSaaS\ d][ 7B9c\RS\ OZa AS`dWQS eOV`US\][[S\ eS` RS\ I9ÍBH # A !K /cT SW\S ]Tb[OZa d]`US\][[S\S C\ bS`aQVSWRc\U heWaQVS\ /\eS\Rc\UaagabS[S\ c\R 7B7\T`O ab`cYbc` h0 PSW I9@1;/@ #K eW`R W\ RWSaS[ HcaO[[S\ VO\U dS`hWQVbSb RO aWS Oca AWQVb RSa :SWabc\UaOP\SV[S`a \WQVb `SZSdO\b Wab 4º` RWSaS\ Wab 6O`R c\R A]TbeO`S W\bSU`O bWdS` BSWZ SW\Sa 7BAS`dWQSa c\R RO[Wb \c` W\ RS` 5SaO[bVSWb 5SUS\abO\R RSa 1]\b`]ZZW\Ua 2Oa 2^]ca^[[X]V^QYTZc Bhb cT\ c[TOaab cO RWS >ZO\c\U c\R HcaO[[S\aSbhc\U RS` /^^ZWYObW]\aZO\RaQVOTb RWS 3\baQVSWRc\U ºPS` RS\ 3W\aObh d]\ AbO\RO`Ra]TbeO`S ;OYS]`0cg a]eWS 3\baQVSWRc\ US\ ºPS` RWS 0SaQVOTTc\Ua 9OcT ;WSbS :SOaW\U c\R RWS 0S`SWbabSZZc\UaT]`[ /^^ZWQObW]\ AS`dWQS >`]dWRW\U 1][^c bW\U ]\ 2S[O\R 3WUS\PSb`WSP 7\a]TS`\ TÉZZb W[ AW\\S RSa ]PS\ O\USa^`]QVS\S\ Ac^^Zg 1VOW\ ;]RSZZa OcQV ROa :WSTS `O\bS\[O\OUS[S\b W\ RWSaS\ 0S`SWQV
#! 3X\T]bX^]T] STb 8C2^]ca^[[X]Vb x
7BAgabS[S aSWS\ Sa <ScS\beWQYZc\US\ /\^Oaac\US\ ]RS` 3`UÉ\hc\US\ eS`RS\ W[ @OV[S\ d]\ >`]XSYbS\ `SOZWaWS`b 2WS PSa]\RS`S\ 1VO`OYbS`WabWYO d]\ >`]XSYbS\ eWS 3W\[OZWU YSWb 9][^ZSfWbÉb hSWbZWQVS 0SU`S\hc\U VSbS`]US\S 0SbSWZWU bS cO[ abSZZS\ SWUS\S /\T]`RS`c\US\ O\ SW\ 1]\b`]ZZW\U eOa hc SW\S` SWUS\S\ /ca^`ÉUc\U W\ 4]`[ RSa >`]XSYb 1]\b`]ZZW\U OZa BSWZ RSa >`]XSYb[O\OUS[S\ba USTºV`b VOb dUZ /caTºV`c\US\ hc[ >`]XSYb[O\OUS[S\b W\ RS\ /PaQV\WbbS\ !$! c\R !! Phe >`]XSYb1]\b`]ZZW\U W\ I93AA:3@ A $# TTK ÍPS` SW\hSZ\S >`]XSYbS VW\Oca [caa OPS` OcQV RWS 5SaO[bVSWb OZZS` 7B>`]XSYbS USabScS`b eS`RS\ 2WSa S`T]`RS`b SW\S 0SeS`bc\U c\R >`W]`WaWS`c\U OZZS` 3\beWQYZc\Uad]`VO PS\ O\VO\R RS` ºPS`U`SWTS\RS\ C\bS`\SV[S\ahWSZS c\R Wab 9S`\OcTUOPS RSa 7\T]`[ObW]\a[O\OUS[S\ba dUZ /PaQV\Wbb !$ 2Oa 2^]ca^[[X]V^QYTZc ?a^YTZc c[TOaab cO RWS AbScS`c\U RSa USaO[bS\ >`]XSYb^]`bT]ZW]a a]eWS RWS C\bS` abºbhc\U PSW RS` C[aSbhc\U RS` 3W\hSZd]`VOPS\
/PPWZRc\U " ! abSZZb RWS dWS` 9S`\]PXSYbS RSa 7B1]\b`]ZZW\Ua W\ SW\S\ ºPS`US]`R\SbS\ @OV[S\ 2O`W\ eW`R RScbZWQV ROaa 7B AS`dWQSa d]\ [SV`S`S\ 4OQVOPbSWZc\US\ \OQVUST`OUb c\R WR@ d]\ [SV`S`S\ W\bS`\S\ ]RS` SfbS`\S\ 7B2WS\abZSWabS`\ S`P`OQVb eS`RS\ RWS XSeSWZa Tº` aWQV SWUS\S >`]hSaa AgabS[ c\R >`] XSYbZO\RaQVOTbS\ PSb`SWPS\ 2WSaS DWSZTOZb S`T]`RS`b SW\ US[SW\ aO[Sa @SUSZeS`Y @OV[S\d]`UOPS\ c\R SW\S ºPS`US]`R\SbS 9]]`RW\ObW]\ RWS 9S`\OcTUOPS SW\Sa c\bS`\SV[S\aeSWbS\ 7\T]` [ObW]\a[O\OUS[S\ba Wab 2Oa 7B1]\b`]ZZW\U Wab OcQV VWS` UST]` RS`b S\ba^`SQVS\RS C\bS`abºbhc\U hc ZSWabS\
9ZXGZKMOYINKY \Y UVKXGZO\KY /:)UTZXURROTM 7[ OZZUS[SW\S\ A^`OQVUSP`OcQV c\R OcQV W\ RS` :WbS`Obc` eW`R VÉcTWU heWaQVS\ ^_TaPcXeT\ d]S bcaPcTVXbRWT\ 8C 2^]ca^[ [X]V c\bS`aQVWSRS\ BObaÉQVZWQV aW\R RWS 0SU`WTTS OPS` \WQVb YZO` d]\SW\O\RS` hc b`S\\S\ /Za 6WZTaU`rzS eW`R VÉcTWU RWS hSWbZWQVS 2W[S\aW]\ VS`O\USh]US\ e]PSW c\YZO` PZSWPb eSZQVS` HSWb`Oc[ OZa ab`ObSUWaQV O\USaSVS\ eW`R 2WS 5`S\hS\ aW\R VWS` S`TOV `c\UaUS[Éz TZWSzS\R 5ORObaQV c\R ;OgS` c\bS`aQVSWRS\ RWS 0SU`WTTS \OQV RS` SPS\a] PSYO\\bS\ ;SbO^VS` 3TTSYbWdWbÉb R]W\U bVS `WUVb bVW\Ua c\R 3TTWhWS\h R]W\U bVW\Ua `WUVb 2S` DS`acQV RWS ES`YhScUS RSa 7B1]\b`]ZZW\U S\ba^`SQVS\R hchc ]`R\S\ PZSWPb OPS` c\aQVO`T I5/2/BA16 # A !' TK 9ºbh ]`W S\bWS`b aWQV O\ RS` U`c\RZSUS\RS\ /cTUOPS RSa 1]\b`]ZZW\Ua RS` C\bS`abºbhc\U d]\ @SUSZY`SWaS\ 3` [OQVb RWS 0SU`WTTS RO`O\ TSab #
#
8C2^]ca^[[X]V ]P RS` HWSZhcabO\R RSa hc abScS`\RS\ AgabS[a ºPS` RS\ 0Sb`OQV bc\UahSWb`Oc[ OZa dO`WOPSZ ab`ObSUWaQV ]RS` TWf ]^S`ObWd O\US aSVS\ eW`R I9ÍBH ! A %K 7\ RS` ^`OYbWaQVS\ C[aSbhc\U PS RScbSb RWSa ROaa W[ ab`ObSUWaQVS\ 1]\b`]ZZW\U cC OcT SW\S [rU ZWQVS Ò\RS`c\U RSa HWSZagabS[a OcaUSZrab Rc`QV SfWabS\bWSZZS DS`É\RS`c\US\ RS` @OV[S\PSRW\Uc\US\ SW\USUO\US\ eS`RS\ [caa h0 Rc`QV /\^Oaac\U RSa hcU`c\RS USZSUbS\ 1]\b`]ZZW\U agabS[a /\RS`S`aSWba VÉ\US\ PSWRS 0SU`WTTS c\b`S\\PO` hcaO[ [S\ aQVZWSzZWQV a]ZZbS XSRS Ab`ObSUWS OcQV ]^S`ObWd c[USaSbhb eS`RS\ 3W\S OcaTºV`ZWQVS 2WaYcaaW]\ PSWRS` 0SU`WTTS TW\RSb aWQV h0 PSW I9ÍBH # A # TTK
(KXKOZYZKRR[TMY \Y `SWa USaQVSVS\ ;rUZWQVS 0SWa^WSZS c[ O\ RWSaS\ 6SPSZ\ O\hcaSbhS\ eÉ`S\ RWS @SRchWS `c\U RS` 6O`ReO`SOcaabObbc\U OcT SW\ P`O\QVS\ ]RS` [O`Yb ºPZWQVSa ;Oz RWS @SRchWS`c\U d]\ A]TbeO`S:WhS\hdS`SW\PO`c\ US\ OcT RS\ bObaÉQVZWQVS\ 0SRO`T ]RS` ROa /ca\cbhS\ d]\ >`SWa abOTTSZ\ Rc`QV 0º\RSZc\U RS` ZO\c\U c\R AbScS`c\U RS` \OQVUST`OU bS\O\USP]bS\S\ AS`dWQSa
x x x x x x x x x x x
>]`bT]ZW][O\OUS[S\b AS`dWQS AS`dWQS :SdSZ /U`SS[S\ba A:/a AbºQYY]abS\`SQV\c\U BO`USb 1]abW\U D]ZZBSWZY]abS\`SQV\c\U >`]RcYbYOZYcZObW]\>`SWaTW\Rc\U B]bOZ 1]ab ]T =e\S`aVW^ B1= EW`baQVOTbZWQVYSWba`SQV\c\U AS`dWQS :SWabc\UaS`TOaac\U c\R dS``SQV\c\U 0S\QV[O`YW\U AS`dWQS =cba]c`QW\U AS`dWQS
>`]hSaa
C\bS`abºbhc\U PSW >ZO\c\U c\R AbScS`c\U RS` 7B >`]RcYbW]\a >`]hSaaS
x x x x x
>`]hSaa[O\OUS[S\b >`]RcYbW]\ >`]hSaaY]abS\`SQV\c\U 0S\QV[O`YW\U >`]hSaa =cba]c`QW\U >`]hSaa @WaWY][O\OUS[S\b >`]hSaa
AgabS[
C\bS`abºbhc\U PSW >ZO\c\U c\R AbScS`c\U RS` /^^ZWYObW]\a c\R 7\T`Oab`cYbc`ZO\R aQVOTb
x x x x x x
>]`bT]ZW][O\OUS[S\b AgabS[ =cba]c`QW\U AgabS[ B]bOZ 1]ab ]T =e\S`aVW^ B1= AbO\RO`RWaWS`c\U /aaSb ;O\OUS[S\b @WaWY][O\OUS[S\b AgabS[
>`]XSYb
C\bS`abºbhc\U PSW >ZO\c\U c\R AbScS`c\U RS` hc S\beWQYSZ\RS\ 7B AgabS[S
x x x x x x x
>]`bT]ZW][O\OUS[S\b >`]XSYb EW`baQVOTbZWQVYSWba`SQV\c\U >`]XSYb =cba]c`QW\U >`]XSYb >`]XSYb[O\OUS[S\b /cTeO\RaaQVÉbhc\U ?cOZWbÉba[O\OUS[S\b @WaWY][O\OUS[S\b >`]XSYb
## 8]bcad\T]cT STb 8C2^]ca^[[X]Vb =PXSYbS RSa 7B1]\ b`]ZZW\Ua
1]\b`]ZZW\U /cTUOPS
1]\b`]ZZW\U7\ab`c[S\bS
0OaWa OcTUOPS\
0SaQVOTTc\U /cT PS`SWbc\U c\R /\OZgaS RS` \]b eS\RWUS\ 2ObS\ POaWa
x x x x x
ÍPS` U`SWTS\RS /cTUOPS\
9]]`RW\ObW]\ OZZS` x >`]hSaa[O\OUS[S\b 9]]`RW\ObW]\ RS` ;O\OUS[S\b^`]hSaaS 1]\b`]ZZW\U x E]`YTZ]e ;O\OUS[S\b 9]]`RW\ObW]\ RS` /YbWdWbÉbS\ 5S\SV[WUc\Ua^`]hSaaS x AbO\RO`RWaWS`c\UZO\c\U0cRUSbWS`c\U 9S\\hOVZS\agabS[S>S`T]`[O\QS ;SOac `S[S\b x 0SeS`bc\UaAQ]`W\UDS`TOV`S\ x /\OZgaS c\R >`]U\]aSdS`TOV`S\
3W\S OcT RWS 7B0SRº`T\WaaS OcaUS^`ÉUbS 9]abS\`SQV\c\U abSZZb RWS 5`c\RZOUS Tº` XSRS 4]`[ eW`baQVOTbZWQVS\ 6O\RSZ\a OcQV W[ 7B0S`SWQV RO` 2WS [Wb RS` 7B:SWabc\UaS`abSZZc\U dS`Pc\RS\S\ 9]abS\ a]ZZbS\ \OQV WV`S` /`b WV`S` DS`O\be]`bc\U c\R WV`S` DS`eS\Rc\U 9]a bS\O`bS\ 9]abS\abSZZS\ c\R 9]abS\b`ÉUS``SQV\c\U PSYO\\b aSW\ 2WS DS`bSWZc\U RS` 9]abS\ OcT SW\hSZ\S 9]abS\O`bS\ c\R 9]abS\abSZZS\ hSWUb RWS 9]abS\ab`cYbc`S\ SW\S` =`UO\WaObW]\ c\R ZWSTS`b eWQVbWUS 3`YS\\b\WaaS ºPS` RWS EW`baQVOTbZWQVYSWb WV`S` :SWabc\UaS`abSZZc\U 4º` RS\ 7B0S`SWQV SfWabWS`S\ hOVZ`SWQVS 9]a bS\O`bS\ c\R 9]abS\abSZZS\^ZÉ\S RWS OcT RWS a^ShWSZZS\ 5SUS PS\VSWbS\ RS` 7B hcUSaQV\WbbS\ aW\R 3W\S dS`UZSWQVS\RS ÍPS` aWQVb TW\RSb RS` :SaS` h0 W\ >9ÍBH # A '& TT@ 2Oa AO[[SZ\ c\R Hc]`R\S\ RS` S\babSVS\RS\ 9]abS\ OcT 9]a bS\b`ÉUS` ZWSTS`b RO`ºPS` VW\Oca eWQVbWUS 7\T]`[ObW]\S\ Tº` RWS 0SeS`bc\U RS` S`P`OQVbS\ 7B:SWabc\US\ c\R PWZRSb RWS 0OaWa Tº` WV`S DS``SQV\c\U 6WS`hc hÉVZb OcQV RS` B1=/\aObh B]bOZ 1]ab ]T =e\S`aVW^ SW\S DO`WO\bS RS` 9]abS\b`ÉUS``SQV\c\U RWS 3\ RS RS` '&S` 8OV`S d]\ RS` 5O`b\S` 5`]c^ Tº` RS\ 7B0S`SWQV S\beWQYSZb ec`RS HWSZ RWSaSa /\aObhSa Wab Sa aÉ[bZWQVS 9]abS\ Tº` RWS 3`abSZZc\U ]RS` 0SaQVOTTc\U RS\ 0Sb`WSP c\R RWS B@3 03@ "@ 4º` RWS eW`baQVOTbZWQVS 0SeS`bc\U d]\ 7BAS`dWQSa Oca /\eS\ RS`aWQVb YO\\ SW\S S`UÉ\hS\RS :SWabc\Ua`SQV\c\U eS`bd]ZZS 7\ T]`[ObW]\S\ ZWSTS`\ AWS hSWUb OcT eSZQVS :SWabc\US\ W\ eSZQVS\ ;S\US\ S`P`OQVb ec`RS\ c\R eSZQVS` ES`b RO[Wb dS`Pc\RS\ Wab 4º` RWS 0WZRc\U c\R 0SaQV`SWPc\U d]\ 7BAS`dWQSa VOb aWQV W[ 7B0S`SWQV ROa 9]\hS^b RS` AS`dWQS :SdSZ /U`SS[S\ba A:/a S bOPZWS`b A:/a PSaQV`SWPS\ eSZQVS :SWabc\US\ W\ eSZQVS\ /ca ^`ÉUc\US\ AS`dWQS :SdSZa c\bS` eSZQVS\ @OV[S\PSRW\Uc\US\ S`P`OQVb eS`RS\ a]ZZS\ dUZ /PaQV\Wbb ! 2S` /\aObh Wab W\ 2ScbaQVZO\R d]` OZZS[ [Wb RS` 7B 7\T`Oab`cQbc`S :WP`O`g 7B7: PSYO\\b USe]`RS\ dUZ /PaQV\Wbb ! 4º` RS bOWZZWS`bS 0SeS`bc\US\ SW\hSZ\S` 7B:SWabc\US\ Yr\\S\ RO`ºPS` VW\Oca DS`TOV`S\ RS` AbºQY RS` BSWZD]ZZY]abS\ ]RS` RS` >`] hSaaY]abS\`SQVc\U hc[ 3W\aObh Y][[S\ BO`USb 1]abW\U/\aÉbhS Yr\\S\ ROhc PSWb`OUS\ RWS TW\O\hWSZZS\ 3`eO`bc\US\ RSa /\eS\RS`a aQV]\ PSW RS` 9]\hS^bW]\ d]\ 7B AS`dWQSa hc PS`ºQYaWQVbWUS\ 2O[Wb eW`R RS` 5STOV` d]`USPScUb 7BAS`dWQSa [Wb c\\rbWUS\ BSWZZSWabc\US\ hc dS`PW\RS\ SW\S[ >VÉ\][S\ ROa W\ RS` 7B aSV` VÉcTWU hc PS]POQVbS\ Wab 3W\ 0SW a^WSZ VWS`Tº` eÉ`S RWS 0S`SWbabSZZc\U d]\ 2SaYb]^AgabS[S\ RWS Tº` RS\ SWUS\bZWQVS\ 0SRO`T ºPS`RW[S\aW]\WS`b aW\R c\R RS[ 4OQVPS`SWQV c\\rbWUS 9]abS\ dS`c`aOQVS\ DS`TOV`S\ RS` >`SWaTW\Rc\U c\R >`]RcYbYOZYcZObW]\ VSZTS\ OcQV RS[ 7B0S`SWQV PSW RS` 0SabW[[c\U d]\ DS``SQV\c\Ua >`SW aS\ Tº` aSW\S AS`dWQSa 4º` RWS /P`SQV\c\U d]\ 7BAS`dWQSa eS` RS\ ;S\US\RObS\ PS\rbWUb RWS ºPS` S\ba^`SQVS\RS :SWabc\Ua c\R DS`P`OcQVaS`TOaac\UaagabS[S S`V]PS\ eS`RS\ 8S \OQV AS` dWQSY][^]\S\bS ;OaQVW\S\ ]RS` >S`a]\OZZSWabc\US\ Yr\\S\ VWS`hc /QQ]c\bW\UAgabS[S ]RS` Abc\RS\OcTaQV`SWPc\US\ hc[ 3W\aObh Y][[S\ Hc` 0Sc`bSWZc\U d]\ 7B7\dSabWbW]\S\ EW`baQVOTbZWQVYSWba`SQV\c\ US\ Y][[S\ RWS YZOaaWaQVS\ DS`TOV`S\ RS` 7\dSabWbW]\a`SQV \c\U hc[ 3W\aObh ;O\ c\bS`aQVSWRSb heWaQVS\ SW\ []\SbÉ`S\ c\R [SV`RW[S\aW]\OZS\ \WQVb []\SbÉ`S\ DS`TOV`S\ >2=0 A16ÍBH O A "!%@ 0SW RS\ SW\RW[S\aW]\OZS\ DS`TOV`S\ UWPb Sa eWSRS`c[ a]ZQVS ]V\S 0S`ºQYaWQVbWUc\U d]\ HW\aSTTSYbS\ 9]abS\dS`UZSWQV @S\bOPWZWbÉb /[]`bWaObW]\ ]`bT]ZW] ;O\OUS[S\b TW\RSb [O\ h0 PSW >83D3 @G "@ 3`UÉ\hb eS`RS\ RWS ;SbV]RS\ RS` 9]abS\ c\R :SWabc\Ua`SQV \c\U aQVZWSzZWQV Rc`QV >ZO\c\Ua c\R 0cRUSbWS`c\UaW\ab`c[S\bS a]eWS SW\S @SWVS d]\ /\OZgaS c\R >`]U\]aSdS`TOV`S\ eWS HSWb `SWVS\ /01 ]RS` AS\aWbWdWbÉbaO\OZgaS\ Hc` SWUS\S\ >]aWbW]\WS`c\U c\R hc[ RW`SYbS\ :SWabc\UadS`UZSWQV YO\\ RS` 7B1]\b`]ZZS` OcT ROa 7\ab`c[S\b RSa 0S\QV[O`YW\U hc `ºQYU`SWTS\ 2S` ab`cYbc`WS`bS DS`UZSWQV [Wb O\RS`S\ YO\\ eS`b d]ZZS 6W\eSWaS OcT AbÉ`YS\ c\R 2STWhWbS W[ SWUS\S\ C\bS`\SV [S\ USPS\ /ZZS`RW\Ua aSbhb RWSa SW\S DS`UZSWQVPO`YSWb W\ RS\ Ab`cYbc`S\ d]`Oca 7[ 7BC[TSZR UWPb Sa aSWb 8OV`S\ dS`aQVWSRS\ abS 7\WbWObWdS\ hc[ W\bS`\S\ :SWabc\UadS`UZSWQV 3W\S 3W\TºV`c\U W\ ROa BVS[O 7B0S\QV[O`YW\U TW\RSb [O\ h0 PSW >9ÍBH # A #$ TT@ ]RS` >9ÍBH ! A '# TT@ /cQV W[ 7B0S`SWQV a^WSZb RWS 4`OUS RSa ;OYS]`0cg OZa] RWS 3\baQVSWRc\U eSZQVS :SWabc\US\ d][ C\bS`\SV[S\ aSZPab S` abSZZb c\R eSZQVS d]\ OczS\ hcUSYOcTb eS`RS\ a]ZZbS\ SW\S @]Z ZS 6ScbS SfWabWS`S\ Tº` OZZS 1]\b`]ZZW\U=PXSYbS c[TO\U`SWQVS SfbS`\S :SWabc\UaO\USP]bS RWS d]\ C\bS`\SV[S\ W\ /\a^`cQV US\][[S\ eS`RS\ Yr\\S\ 2Oa 7B;O\OUS[S\b c\R ROa 7B 1]\b`]ZZW\U abSVS\ VWS` d]` RS` /cTUOPS RWS ]^bW[OZS 4S`bWUc\Ua bWSTS Tº` ROa SWUS\S C\bS`\SV[S\ hc TW\RS\ 3W\S OcaTºV`ZWQVS /PVO\RZc\U ºPS` [rUZWQVS 4]`[S\ RSa =cba]c`QW\U TW\RSb RS` :SaS` h0 PSW >8=C/`]hSaaS AgabS[S /`QVWbSYbc`S\ c\R 7\ T`Oab`cYbc` a]eWS >`]XSYbS 2O`ºPS` VW\Oca VOPS\ aWQV W[ :OcT RS` HSWb SW\WUS bg^WaQVS AbScS`c\UaTSZRS` SbOPZWS`b RWS VÉcTWU W\ 7BAQ]`SQO`Ra hc TW\RS\ aW\R A] a^WSZS\ 7B0S`SWQVS ]Tb RWS @]ZZS SW\Sa 0caW\Saa 3\OPZS`a W\ ºPS`U`SWTS\RS\ C\bS`\SV[S\aW\WbWObWdS\ eOa SW\S S\ba^`SQVS\ RS ;O\OUS[S\bAbScS`c\U `SQVbTS`bWUb 2Oa UZSWQVS UWZb Tº` RWS 7\\]dObW]\a^S`a^SYbWdS e] dWSZS 7B0S`SWQVS UST]`RS`b aW\R 7[ ^cZaS Tº` ROa ]^S`ObWdS 5SaQVÉTb hc USPS\ 2O 7\\]dObW]\S\ UO\h S`VSPZWQV d]\ RS\ ;WbO`PSWbS`\ RS` 7B=`UO\WaObW]\ USb`WS PS\ eS`RS\ Wab SW\S SWUS\S ;WbO`PSWbS`^S`a^SYbWdS \OVS ZWSUS\R 2WS hc\SV[S\RS 0SRScbc\U RSa 4`S[RPShcUa d]\ >`]RcYbS\ c\R :SWabc\US\ OcQV Tº` 7B=`UO\WaObW]\S\ a^WSUSZb aWQV ]Tb[OZa W\ SW\S` SWUS\S\ :WSTS`O\bS\^S`a^SYbWdS eWRS` C\R aQVZWSzZWQV TºV`b RS` AbSZZS\eS`b RS` 7BAWQVS`VSWb VÉcTWU SPS\TOZZa hc SW\S[ SWUS\S\ AbScS`c\UaTSZR /PPWZRc\U "# hSWUb [rUZWQVS >S`a^SY bWdU`c^^S\ Tº` SW\S 7B 0OZO\QSR AQ]`SQO`R W[ ÍPS`PZWQY e]PSW RWS 7B/ca^`ÉUc\US\ RS` >S`a^SYbWdS\ RS\ YZOaaWaQVS\ 4SZRS`\ hcUS]`R\Sb aW\R 2O`ºPS` VW\Oca ec`RS SW\S ºPS`US]`R\SbS >S` a^SYbWdU`c^^S VW\hcUSTºUb RWS OcT RWS S`a^SYbWdS 9]\hS`\`WQVbZW\WS\ c\R 7\WbWObWdS\ RWS OcT RWS º PS`US]`R\SbS @WQVbZW\WS\Y][^SbS\h RSa hS\b`OZS\ 7\T]`[ObW]\a [O\OUS[S\ba @ºQYaWQVb \W[[b
$&
#$ 1P[P]RTS BR^aTRPaS P[b 1TXb_XT[ TX]Tb ¶QTaVaTXUT]ST] BcTdTad]VbX]bcad\T]cb
.RQ]HUQULFKWOLQLHQ XQG ,QLWLDWLYHQ
.XQGHQQXW]HQ PD[LPLHUHQ XQWHU (LQKDOWXQJ GHU .RQ]HUQYRUJDEHQ
8PVHW]XQJ GHU 9RUJDEHQ DQIRUGHUXQJVJHUHFKW YRUDQWUHLEHQ
)LQDQ] SHUVSHNWLYH
1HW]ZHUN VWUDWHJLVFKHU 3DUWQHUVFKDIWHQ DXV XQG DXIEDXHQ
6\QHUJLHQ XQG .RVWHQVHQNXQJVSRWHQ]LDOH DXVVFK|SIHQ
.XQGHQ SHUVSHNWLYH
.XQGHQ]XIULHGHQKHLW HUUHLFKHQ %HUDWXQJVNRPSHWHQ] DXVEDXHQ XQG DEVLFKHUQ
5HNODPDWLRQHQ YHUPLQGHUQ 5HDNWLRQV]HLW YHUNU]HQ
3UR]HVVSHUVSHNWLYH
*HVFKlIWVSUR]HVVH GHV .XQGHQ YHUVWHKHQ
.XQGHQ SURDNWLY EHGLHQHQ =XVDPPHQDUEHLW PLW .XQGHQ YHUEHVVHUQ
$QIRUGHUXQJHQ GHU .XQGHQ HUIOOHQ XQWHU (LQKDOWXQJ GHU 9RUJDEHQ
3UR]HVVVWDQGDUGV HLQIKUHQ
,QWHUQH 3UR]HVVH EHKHUUVFKHQ
,QQRYDWLRQ I|UGHUQ
/HUQ(QWZLFN OXQJVSHUVSHNWLYH
.RPSHWHQ] GHU 0$ DXVEDXHQ XQG DNWXHOO KDOWHQ
0RWLYDWLRQ GHU 0LWDUEHLWHU HUKDOWHQI|UGHUQ
/PP "#! Ab`ObSUg ;O^ AQVZWSzZWQV PS\rbWUb [O\ hc` AbScS`c\U RS` USTc\RS\S\ 3`T]ZUa b`SWPS` USSWU\SbS 9S\\U`rzS\ O\VO\R RS`S` RWS USeº\aQVbS HWSZS``SWQVc\U US[SaaS\ eS`RS\ YO\\ 2O RWS 0OZO\QSR AQ]`S QO`R \SPS\ RS` DS`T]ZUc\U d]\ TW\O\hWSZZS\ 3`USP\WaU`rzS\ OcQV :SWabc\UaU`rzS\ PSW\VOZbSb RWS aWQV \c` ºPS` 6WZTaU`rzS\ [SaaS\ ZOaaS\ Y][[b RS` /PZSWbc\U d]\ ;SaaU`rzS\ W[ >`]hSaa RS` 0A13`abSZZc\U SW\S PSa]\RS`S 0SRScbc\U hc 6WS` Wab OcT SW\S W\bS\aWdS /PabW[[c\U heWaQVS\ OZZS\ 0SbSWZWUbS\ hc OQVbS\ /\RS`S\TOZZa PSabSVb RWS 5STOV` ROaa RWS USeÉVZbS\ 9S\\hOVZS\ \WQVb RWS \]beS\RWUS /YhS^bO\h TW\RS\ c\R RS` AbScS`c\Ua USRO\YS RS` 0A1 dS`Z]`S\ USVb ES`bd]ZZS 6W\eSWaS OcT USSWU \SbS 9S\\hOVZS\ TW\RSb RS` :SaS` h0 PSW >9ÍBH !@ /PPWZRc\U "#" hSWUb SW\ 0SWa^WSZ Tº` SW\S d]ZZabÉ\RWUS 0OZO\QSR AQ]`SQO`R AWS aSbhb OcT RS\ ab`ObSUWaQVS\ /caaOUS\ W\ /PPWZRc\U "# OcT c\R hSWUb HWSZS c\R OPUSZSWbSbS 9S\\U`rzS\ RWS W\ RWS aS[ 0SWa^WSZ RS\ YZOaaWaQVS\ >S`a^SYbWdU`c^^S\ hcUS]`R\Sb $'
#
8C2^]ca^[[X]V aW\R 3W\ HWSZ Phe SW\S >S`a^SYbWdU`c^^S YO\\ ROPSW Rc`QVOca ºPS` [SV`S`S ;SaaU`rzS\ QVO`OYbS`WaWS`b eS`RS\
6WUDWHJ\ 0DS
3HUVSHNWLYHQ =LHOH 0HVVJU|HQ
:LU EHKHUUVFKHQ XQVHUH .HUQSUR]HVVH
/HUQHQ:DFKVWXP
:LU ELHWHQ HLQ RSWLPDOHV 3UHLV/HLVWXQJVYHUKOWQLV
:LU QHKPHQ GLH $QIRUGHUXQJHQ XQVHUHU .XQGHQ HUQVW
:LU KDQGHOQ ]XNXQIWVRULHQWLHUW XQG VWUDWHJLVFK
:LU IUGHUQ ,QQRYDWLRQ
:LU LGHQWLIL]LHUHQ XQV PLW XQVHUHQ =LHOHQ
:LU PDFKHQ XQVHUH /HLVWXQJ WUDQVSDUHQW
:LU VHW]WHQ 6\QHUJLHSRWHQ ]LDOH XP
:LU EHWUHLEHQ DNWLYHV :LVVHQVPDQDJHPHQW
)LQDQ]SHUVSHNWLYH
:LU 2, PHVVHQ XQV DP :HWWEHZHUE
8QVHUH .XQGHQ NQQHQ VLFK DXI XQV YHUODVVHQ
3UR]HVV
0DUNW .XQGH
)LQDQ]HQ
,7 SURYLGHV YDOXH
:LU 2, PHVVHQ XQV DP :HWWEHZHUE :LU ELHWHQ HLQ RSWLPDOHV 3UHLV/HLVWXQJVYHUKlOWQLV
,7%XGJHW LQ 8PVDW] 2,.RVWHQ $36.RVWHQ SUR 0RQDW 6$3%HWUHLEHUNRVWHQ SUR 0RQDW %HUDWHUTXRWH
8QVHUH .XQGHQ N|QQHQ VLFK DXI XQV YHUODVVHQ :LU QHKPHQ GLH $QIRUGHUXQJHQ XQVHUHU .XQGHQ HUQVW :LU KDQGHOQ ]XNXQIWVRULHQWLHUW :LU PDFKHQ XQVHUH /HLVW WUDQVSDUHQW
$QWHLO EHUZDFKWHU 6/$V (LQKDOWHQ YRQ 3URMHNWYHUHLQEDUXQJHQ ,76&5HDNWLRQV]HLWHQ .XQGHQ]XIULHGHQKHLWVLQGH[ $QWHLO 3URMHNWH PLW %H]XJ ]X 6FRUHFDUGV %HNDQQWKHLWVJUDG
:LU EHKHUUVFKHQ XQVHUH .HUQSUR]HVVH
%HDUEHLWXQJ $XGLW$EZHLFKXQJHQ &00%HZHUWXQJ *URSURMHNWH 'XUFKGULQJXQJVJUDG LQQRY '99HUIDKUHQ /L]HQ]NRVWHQ $Q]DKO 6FKQLWWVWHOOHQ
:LU QHKPHQ GLH $QIRUGHUXQJHQ XQVHUHU .XQGHQ HUQVW
:LU IUGHUQ ,QQRYDWLRQ
:LU LGHQWLIL]LHUHQ XQV PLW XQVHUHQ =LHOHQ
:LU PDFKHQ XQVHUH /HLVWXQJ WUDQVSDUHQW
:LU VHW]WHQ 6\QHUJLHSRWHQ ]LDOH XP
:LU EHWUHLEHQ DNWLYHV :LVVHQVPDQDJHPHQW
0DUNW .XQGH
:LU EHKHUUVFKHQ XQVHUH .HUQSUR]HVVH
/HUQHQ:DFKVWXP
:LU ELHWHQ HLQ RSWLPDOHV 3UHLV/HLVWXQJVYHUKOWQLV
:LU KDQGHOQ ]XNXQIWVRULHQWLHUW XQG VWUDWHJLVFK
8QVHUH .XQGHQ NQQHQ VLFK DXI XQV YHUODVVHQ
3UR]HVV
0DUNW .XQGH
)LQDQ]HQ
,7 SURYLGHV YDOXH :LU 2, PHVVHQ XQV DP :HWWEHZHUE
:LU QHKPHQ GLH $QIRUGHUXQJHQ XQVHUHU .XQGHQ HUQVW
:LU IUGHUQ ,QQRYDWLRQ
:LU LGHQWLIL]LHUHQ XQV PLW XQVHUHQ =LHOHQ
:LU PDFKHQ XQVHUH /HLVWXQJ WUDQVSDUHQW
:LU VHW]WHQ 6\QHUJLHSRWHQ ]LDOH XP
3UR]HVV
:LU EHKHUUVFKHQ XQVHUH .HUQSUR]HVVH
/HUQHQ:DFKVWXP
:LU ELHWHQ HLQ RSWLPDOHV 3UHLV/HLVWXQJVYHUKOWQLV
:LU KDQGHOQ ]XNXQIWVRULHQWLHUW XQG VWUDWHJLVFK
8QVHUH .XQGHQ NQQHQ VLFK DXI XQV YHUODVVHQ
3UR]HVV
0DUNW .XQGH
)LQDQ]HQ
,7 SURYLGHV YDOXH :LU 2, PHVVHQ XQV DP :HWWEHZHUE
:LU ELHWHQ HLQ RSWLPDOHV 3UHLV/HLVWXQJVYHUKOWQLV
:LU QHKPHQ GLH $QIRUGHUXQJHQ XQVHUHU .XQGHQ HUQVW
:LU KDQGHOQ ]XNXQIWVRULHQWLHUW XQG VWUDWHJLVFK
:LU EHKHUUVFKHQ XQVHUH .HUQSUR]HVVH
:LU LGHQWLIL]LHUHQ XQV PLW XQVHUHQ =LHOHQ
:LU IUGHUQ ,QQRYDWLRQ
:LU PDFKHQ XQVHUH /HLVWXQJ WUDQVSDUHQW
:LU VHW]WHQ 6\QHUJLHSRWHQ ]LDOH XP
:LU EHWUHLEHQ DNWLYHV :LVVHQVPDQDJHPHQW
/HUQHQ:DFKVWXP
/HUQHQ:DFKVWXP
3UR]HVV
0DUNW .XQGH
)LQDQ]HQ
,7 SURYLGHV YDOXH :LU 2, PHVVHQ XQV DP :HWWEHZHUE
8QVHUH .XQGHQ NQQHQ VLFK DXI XQV YHUODVVHQ
:LU I|UGHUQ ,QQRYDWLRQ :LU VHW]HQ 6\QHUJLHSRWHQ]LDOH XP
:LU EHWUHLEHQ DNWLYHV :LVVHQVPDQDJHPHQW
0LWDUEHLWHU]XIULHGHQKHLW .937HDPV :LU EHWUHLEHQ DNWLYHV :LVVHQVPDQDJHPHQW 0DQDKPHQ ]XP .QRZKRZ$XIEDX 0DQDKPHQ ]XU 0LWDUEHLWHUHUVFKOLHXQJ $QWHLO 0$ LQ YLUWXHOOHQ 1HW]HQ XQG EHUEHUHLFKOLFKHQ 3URMHNWHQ :LU LGHQWLIL]LHUHQ XQG PLW XQVHUHQ =LHOHQ
/PP "#" 7B 0OZO\QSR AQ]`SQO`R Hc XSRS` 9S\\hOVZ ec`RS SW\ AbSQYP`WST S`abSZZb RS` /caYc\Tb ºPS` RWS US\OcS /PZSWbc\U RWS /YbcOZWbÉb a]eWS RWS 2O`abSZZc\Ua T]`[ UWPb 2O`ºPS` VW\Oca SfWabWS`b hc XSRS` 9S\\hOVZ SW\S HWSZ d]`UOPS RWS Sa hc S``SWQVS\ ]RS` SW\hcVOZbS\ UWZb A] a]ZZ W\ c\ aS`S[ 0SWa^WSZ RWS 3W\VOZbc\U d]\ >`]XSYbdS`SW\PO`c\US\ ºPS` RWS 8OV`S d]\ ! OcT & USabSWUS`b eS`RS\ Hc` 3``SWQVc\U RS` d]`USUSPS\S\ HWSZS aW\R aQVZWSzZWQV ;Oz\OV [S\ Phe ;Oz\OV[S\Pº\RSZ \]beS\RWU RWS PcRUSbWS`b c[US aSbhb c\R SPS\TOZZa ºPS`eOQVb eS`RS\ [ºaaS\ 2WSaS c[TOaaS\RS AWQVb RSa 0A19]\hS^bSa [OQVb OcQV RS\ /\ a^`cQV RS` 0A1 OZa W\bSU`WS`bSa ;O\OUS[S\bagabS[ \]QV SW\[OZ RScbZWQV 4º` eSWbS`S /caTºV`c\US\ hc[ /cTPOc c\R hc` 3W\TºV`c\U SW\S` 7B0A1 YO\\ RS` :SaS` OcT dS`aQVWSRS\S :WbS`Obc`_cSZZS\ hc`ºQY U`SWTS\ h0 PSW >0:=;3@ !K I0Î6 "K I63:;0@316B !K c\R IB3E/:2 @ %
#% ;XcTaPcda id :P_XcT[ #
2OZKXGZ[X `[ 1GVOZKR >/23:A03@53@ !@ /RSZaPS`US` 6 5`c\RZOUS\ 7B c\R =`UO\WaObW]\ AY`W^b C\W56 3aaS\ ! >03193@ "@ 0SQYS` 8 c\R EW\YSZ[O\\ / 7D1]\b`]ZZW\U EW`baQVOTbaW\T]` [ObWY "$ " ! A ! ) S\bVÉZb c[TO\U`SWQVS :W\YaO[[ Zc\U >0:=;3@ !@ 0Z][S` @ c\R 0S`\VO`R ; 6`aU 0OZO\QSR AQ]`SQO`R W\ RS` 7B 2ºaaSZR]`T ! >0Î6 "@ 0rV / c\R ;SgS` ; 7B 0OZO\QSR AQ]`SQO`R( 3W\ /\aObh hc` ab`ObSUWaQVS\ /ca`WQVbc\U RS` 7B W\( HO`\SY]e @ 0`S\\S` E c 5`]V[O\\ 66 6`aU 7\T]`[ObW]\a[O\OUS[S\b 6SWRSZ PS`U " A ! >1/>53;72=0A16ÍBH O@ 2]PaQVºbh : 7DEW`baQVOTbZWQVYSWb W\( 2]PaQVºbh : cO 6`aU 7D1]\b`]ZZW\U EWSaPORS\ A "!""' >2=0A16ÍBH P@ 2]PaQVºbh : =`UO\WaObW]\ RSa 7D1]\b`]ZZW\U W\( 2]PaQVºbh : cO 6`aU 7D1]\b`]ZZW\U EWSaPORS\ A ! >5/2/BA16 #@ 5ORObaQV / c\R ;OgS` 3 ;OabS`Yc`a 7B1]\b`]ZZW\U /cTZO US EWSaPORS\ # I57 $K 5SaSZZaQVOTb Tº` 7\T]`[ObWY 3D 4OQVU`c^^S #% 7B1]\b`]ZZW\U Vbb^(eeeUWTU#%RS 7\bS`\Sb`SQVS`QVS O[ " $ >5=:2 @ 5]ZR @ A 3\OPZW\U bVS Ab`ObSUg4]QcaSR 7B =`UO\WhObW]\ 0OZ O\QSR AQ]`SQO`R @S^]`b AS^bS[PS`=Qb]PS` >63:;0@316B !@ 6SZ[P`SQVb C 3W\TºV`c\U SW\S` 0OZO\QSR AQ]`QO`R Tº` RS\ 0S `SWQV 7\T]`[ObW]\adS`O`PSWbc\U RS` 0OgS`WaQVS\ DS`a]`Uc\Ua YO[[S` HT1; ! A '!'%
%
#
8C2^]ca^[[X]V >6=16AB37< !@ 6]QVabSW\ / c\R 6c\bhWYS` / AS`dWQS]`WS\bWS`bS @STS`S\h[] RSZZS RSa 7B;O\OUS[S\ba 6;2 >`OfWa RS` EW`baQVOTbaW\T]` [ObWY !' ! ! A "##$ >6=@D/B6 !@ 6]`dObV > 1]\b`]ZZW\U ' /cTZOUS ;º\QVS\ ! >6=@D/B6 !@ 6]`dObV > c\R @SWQV[O\\ BV 6`aU DOVZS\a U`]zSa 1]\b`]Z ZW\U :SfWY]\ /cTZOUS ;º\QVS\ ! >83D3@G "@ 8SdS`g ; c\R :SZWdSZR 7 0Sab >`OQbWQSa W\ 7B >]`bT]ZW] ;O\OUS [S\b ;7B AZ]O\ ;O\OUS[S\b @SdWSe "# " ! >8Ò53@5=G @ 8ÉUS`5]g 6 7\ab`c[S\bS RSa 7D1]\b`]ZZW\U W\( 2]PaQVºbh : cO 6`aU 7D1]\b`]ZZW\U EWSaPORS\ A !!$ >8=C/:/93AA:3@ @ 9SaaZS` 6 c\R EW\YSZV]TS` 5 >`]XSYb[O\OUS[S\b ! /cTZOUS 0S`ZW\ >9@1;/@ #@ 9`Q[O` 6 7\T]`[ObW]\a[O\OUS[S\b " /cTZOUS 0S`ZW\ # >9ÍBH !@ 9ºbh ; 6`aU 9S\\hOVZS\ RS` 7B 6SWRSZPS`U ! >9ÍBH #@ 9ºbh ; 6`aU 7B1]\b`]ZZW\U W\ RS` >`OfWa 6SWRSZPS`U # >;3G3@ !@ ;SgS` ; HO`\SY]e @ c\R 9]ZPS : ; 7B5]dS`\O\QS 0SU `WTT AbObca _c] c\R 0SRScbc\U EW`baQVOTbaW\T]`[ObWY "# ! " A ""#""&
%
#% ;XcTaPcda id :P_XcT[ # >A>7BB/'''@ A^WbbO BV cO 7D1]\b`]ZZW\U c\R 7\T]`[ObW]\a[O\OUS[S\b W[ ;WbbSZabO\R OPaQVZWSzS\RS 3`USP\WaaS SW\S` 4SZRabcRWS EW`b aQVOTbaW\T]`[ObWY " ''' $ A #$## IAB/B3E/:2 @ BSeOZR 1 2WS 0OZO\QSR AQ]`SQO`R Tº` RWS 7D W\( d]\ 2]P aQVºbh cO 6`aU 7D1]\b`]ZZW\U EWSaPORS\ A $ $" >B73;3G3@ #@ BWS[SgS` 3 7B1]\b`]ZZW\U Y][^OYb ;º\QVS\ # >B@303@ "@ B`SPS` C BSW^SZ > c\R AQVeWQYS`b / 1 B]bOZ 1]ab ]T =e \S`aVW^ AbO\R c\R 3\beWQYZc\UabS\RS\hS\ ! W\( /`PSWba^O ^WS`S E7 `]hSaaS\ c\R 7\T]` [ObW]\aagabS[S\ IÎAB3@:3 ! A ! TTK
!&
%$
3W\S @SWVS eSWbS`S` /\aÉbhS TW\RSb aWQV PSW I67:230@/]aWbW]\WS`c\U O[ ;O`Yb d]`US \][[S\ c\R RS` @OV[S\ Tº` RS\ /cabOcaQV d]\ EO`S\ 2WS\ab %%
$
AgabS[ c\bS`abºbhb RWS BSWZ^`]hSaaS RS` 0S RO`Ta^`]U\]aS RS` :WSTS`OP`cTS c\R RSa EO`S\SW\UO\Ua EO`S\ SW\UO\Ua^`ºTc\U DS`PcQVc\U SbQ 2Oa 0 0">]`bOZ OZa 7\T]` [ObW]\a 9][[c\WYObW]\a c\R B`O\aOYbW]\a^ZObbT]`[ [Wb :WSTS `O\bS\ c\R 9c\RS\ RWS\b RS` rTTS\bZWQVS\ /caaQV`SWPc\U RS` d][ 3@>AgabS[ S`[WbbSZbS\ 0SRO`TS a]eWS RS` 0SaQVOTTc\U W[ S\US`S\ AW\\ W\ 4]`[ SW\S` c[USYSV`bS\ /cYbW]\ @SdS`aS /cQ bW]\ 2Oa :OUS`abScS`c\UaagabS[ abScS`b RWS 3W\ZOUS`c\U RS` SW\USUO\US\S\ EO`S [WbbSZa SW\Sa TOV`S`Z]aS\ B`O\a^]`bagabS[a 0SW RS` 7B/`QVWbSYbc` aQVZWSzZWQV WZZcab`WS`b RWS /PPWZRc\U PSW a^WSZaeSWaS ROaa ROa 3@>AgabS[ cO OcT RS\ BSQV\WYPº\RSZ\ 1ZWS\bAS`dS`/`QVWbSYbc` c\R E]`YTZ]e;O\OUS[S\bAgabS[ c\R ROa 0 0>]`bOZ cO OcT RS[ BSQV\WYPº\RSZ ESPaS`dWQSa POaWS`b 3PS\a] Wab S`YS\\PO` ROaa SbeO Tº` RWS @SOZWaWS`c\U RSa BSQV\WYPº\RSZa 1ZWS\bAS`dS`/`QVWbSYbc` 6O`ReO`SSZS[S\bS eWS >`]hSaa]`S\ A^SWQVS` c\R <SbhY][^]\S\bS\ [Wb A]TbeO`S SZS[S\bS\ eWS 0Sb`WSPaagabS[S\ 2ObS\PO\YS\ SbQ hcaO[[S\ eW`YS\
3UZO\GZOUT LX 'XINOZKQZ[XSGTGMKSKTZ 7\ dWSZS\ C\bS`\SV[S\ Wab RWS WR@ VWab]`WaQV USeOQVaS\S 7B :O\RaQVOTb USYS\\hSWQV\Sb d]\ V]VS` 7TcTa^VT]XcÊc c\R :^\ _[TgXcÊc 3VS` aSZbS\ Wab SW\S e]VZ ab`cYbc`WS`bS c\R Rc`QVUÉ\UWU Y]\aWabS\bS /`QVWbSYbc` O\hcb`STTS\ 2ScbaQVS 4W`[S\ aSbhS\ W[ 2c`QVaQV\Wbb SbeO & /^^ZWYObW]\S\ SW\ d]\ RS\S\ SW\WUS \OQV eWS d]` OZa 7\aSZZrac\US\ O\RS`S W[ AW\\S RS` W\bSU`WS`bS\ 7\ T]`[ObW]\adS`O`PSWbc\U eS\WUabS\a ºPS` AQV\WbbabSZZS\ USY]^^SZb PSb`WSPS\ eS`RS\ C\bS`aQVWSRZWQVS /\eS\Rc\UaO`QVWbSYbc`S\ 0Sb`WSPaagabS[ c\R 2ObS\PO\Y^ZObbT]`[S\ a]eWS RWS dWSZS\ AQV\WbbabSZZS\ PSSW\b`ÉQVbWUS\ CaP]b_PaT]i c\R 1TWTaabRWQPa ZTXc 2WS heWaQVS\PSb`WSPZWQVS 7\bSU`ObW]\ [Wb 5SaQVÉTba^O`b\S`\ c\R ÍPS`\OV[S\ d]\ C\bS`\SV[S\ [Wb O\RS`S\ AgabS[ZO\R aQVOTbS\ dS`aQVÉ`TS\ RWSaS >`]PZS[ObWY SPS\a] eWS BSQV\]Z]UWS aQVºPS h0 7\bS`\SbbSQV\]Z]UWS 30caW\Saa DS`É\RS`bS 5S aQVÉTba^`]hSaaO\T]`RS`c\US\ S`T]`RS`\ ZOcTS\R /\ c\R C[ POc[Oz\OV[S\ RWS OcT SW\S` a]ZQVS\ 0OaWa aSV` Z^bcT]X]cT] bXe aW\R c\R RWS 9][^ZSfWbÉb eSWbS` S`VrVS\ /ca AWQVb RS` 4OQVO\eS\RS` S`eSWab aWQV RWS 2OcS` Tº` a]ZQVS /\^Oaac\US\ VÉcTWU OZa hc ZO\U c\R RO[Wb dS`Pc\RS\ RWS USaO[bS 7BC\bS` "
0caW\Saa b] 0caW\Saa
%'
$
`]hSaaO`QVWbSYbc` S\beWQYSZ\ 4º` RWS aT[PcXe WÊdUXVT d]S bRW]T[[T ETaÊ]STad]V STa 6T bRWÊUcb d]S ?a^iTbbPaRWXcTZcda a]`US\ dO 3W\TZºaaS d]\ Oc zS\ Ab`ObSUWS c\R >`]hSaaS eS`RS\ SbeO USb`WSPS\ d][ Rg\O[W aQVS\ ESbbPSeS`Pac[TSZR W\ dWSZS\ 0`O\QVS\ ROa W[[S` Yc`h T`WabWUS`S /\^Oaac\US\ S`T]`RS`b c[ aWQV O[ ;O`Yb ^`]OYbWd d]\ ;WbPSeS`PS`\ OPhcaSbhS\ ]RS` hc[W\RSab `SOYbWd \OQVhchWSVS\ 2WS DS`^TZWQVbc\U hc` 3`TºZZc\U \ObW]\OZS` c\R W\bS`\ObW]\OZS` USaSbhZWQVS` D]`UOPS\ c\R O\RS`S` @SUcZWS`c\US\ 1][^ZWO\QS heW\Ub C\bS`\SV[S\ VÉcTWU SPS\TOZZa >`]hSaaS c[hcUSabOZbS\ /Za 0SWa^WSZS Yr\\S\ ;Oz\OV[S\ hc` C[aSbhc\U RS` 5`c\RaÉb hS hc[ 2ObS\hcU`WTT c\R hc` >`ºTPO`YSWb RWUWbOZS` C\bS`ZOUS\ 52>RC RSa 5SaSbhSa hc` 9]\b`]ZZS c\R B`O\a^O`S\h W[ C\bS` \SV[S\aPS`SWQV 9]\B`O5 ]RS` RSa AO`PO\Sa=fZSg /Qb A=F USZbS\ 5`º\RS Tº` RWS \P]VT[]ST ^STa id\X]STbc eTaV[TXRWbfTXbT [P]VbP\TaT D\bTcid]V STa eTaÊ]STacT] 6TbRWÊUcb d]S ?a^iTbbPaRWXcTZcda X] SXT 0__[XZPcX^]b d]S 8C0aRWXcTZcda aW\R d]` OZZS[ W\ RS` VÉcTWU dS`OZbSbS\ \]QV Oca RS\ '%S` c\R '&S` 8OV`S\ abO[[S\RS\ 5`c\Rab`cYbc` RS` 7B:O\RaQVOTb c\R W\ RS` ^`]TSaaW]\SZZS\ 7B>`]XSYb]`UO\WaObW]\ hc aSVS\ 0SWa^WSZa eSWaS ZWSUb RWS 4SRS`TºV`c\U c\R 0cRUSbdS`O\be]`bc\U Tº` 7B 3\beWQYZc\Ua^`]XSYbS hc\SV[S\R PSW RS\ 4OQVOPbSWZc\US\ RS `S\ 0ZWQYeW\YSZ aWQV VÉcTWU OcT WV`S W\RWdWRcSZZS\ 0SRº`T\WaaS PSaQV`É\Yb 2Oa ^`W\hW^WSZZ S`eº\aQVbS ^`]TSaaW]\SZZS >`]XSYb[O \OUS[S\b VOb SW\S abO`YS 9]\hS\b`ObW]\ OcT RWS TOQVZWQVS\ c\R rY]\][WaQVS\ HWSZS RSa XSeSWZWUS\ >`]XSYba hc[ 3`USP\Wa 9]\ aS_cS\h aW\R Pa^e 3\baQVSWRc\US\ Tº` 0Sab]T0`SSR:rac\US\ RWS heO` RWS /\T]`RS`c\US\ RSa BSWZPS`SWQVSa O[ PSabS\ OPRS QYS\ ]Tb OPS` `SZObWd abO`Y d]\ PSabSVS\RS\ 7B:O\RaQVOTbS\ OP eSWQVS\ c\R RO[Wb S`VrVbS\ 7\bSU`ObW]\aOcTeO\R dS`c`aOQVS\ dUZ IE7`]hSaaO`QVWbSYbc` ]RS` RS` BSQV\] Z]UWS SW\b`SbS\ h0 ESQVaSZ PSW[ 3@>AgabS[ d]\ 3WUS\ S\beWQYZc\U OcT AbO\RO`Ra]TbeO`S 0SW USUSPS\S` AYOZWS` PO`YSWb a]ZZbS a] SbeOa aSZbS\ \rbWU aSW\ RO Ò\RS`c\US\ RO\\ Sd]ZcbW]\É` d]ZZh]US\ eS`RS\ Yr\\S\
x
:P_bT[d]V 5S[Éz RWSaS` /\T]`RS`c\U a]ZZ RWS /`QVWbSYbc` W\ eSWbUS VS\R d]\SW\O\RS` c\OPVÉ\UWUS BSWZS ab`cYbc`WS`b eS`RS\ h0 <SbheS`YO`QVWbSYbc` /\eS\Rc\UaO`QVWbSYbc` SbQ 2WSa S`VrVb RWS B`O\a^O`S\h c\R PSaQV`É\Yb RWS /caeW`Yc\US\ d]\ Ò\RS`c\US\ 4SVZS`\ SbQ OcT RWS USYO^aSZbS\ 0S`SWQVS
x
ETabcÊ]S[XRWZTXc 2WS /`QVWbSYbc` a]ZZ Tº` OZZS 0Sb`]TTS\S\ b`O\a^O`S\b c\R dS` abÉ\RZWQV aSW\ 2WSa PSRScbSb ROaa aWS OZZS\ >S`a]\S\ W[ C\ bS`\SV[S\ a] Y][[c\WhWS`b eS`RS\ [caa ROaa HcaO[[S\ &!
$
ZO\ c\R AbScS`PO`YSWb RS` PSb`WSPZWQVS\ /\eS\Rc\UaagabS[ZO\RaQVOTb I23@< ! A &K 3`T]ZU`SWQVSa /`QVWbSYbc`[O\OUS[S\b [caa aWQV hc` 3``SWQVc\U RS` HWSZS O\ RWSaS\ /\T]`RS`c\US\ ]`WS\bWS`S\ 4º` RWS ;Saac\U RSa 3`T]ZUa RS` /`QVWbSYbc`[O\OUS[S\bOYbWdWbÉbS\ W\aPSa]\RS`S RS` 9]\T]`[WbÉb RS` 7B/`QVWbSYbc` [Wb RS` C\bS`\SV[S\aab`ObS UWS aW\R YS\\hOVZS\USabºbhbS /\aÉbhS W\ RS` 2WaYcaaW]\ dUZ I2C@AB $K
TZSUS c\R /\OZgaS d]\ /`QVWbSY bc`[]RSZZS\ a]eWS RS`S\ 9][[c\WYObW]\ W[ C\bS`\SV[S\ ZOa aS\ aWQV W\ /\PSb`OQVb VÉcTWUS` Ò\RS`c\US\ \c` aW\\d]ZZ [Wb ZSWa bc\UaTÉVWUS\ ES`YhScUS\ PSeS`YabSZZWUS\ A]TbeO`SVS`abSZZS` VO PS\ RWSaS\ 0SRO`T S`YO\\b c\R S\ba^`SQVS\RS :rac\US\ S\beW QYSZb 2WS T]ZUS\RS /cTZWabc\U hSWUb SW\S /caeOVZ RWSaS` OZa 4] cTa_aXbT 0aRWXcTRcdaT OaaOUS\ PS VO\RSZ\ RWSaS /\T]`RS`c\US\ c\R hSWUS\ ^c\YbcSZZ O[ 0SWa^WSZ RSa AgabS[a ^ZO\\W\U7B WV`S C[aSbhc\U W\ RS\ :rac\US\ OcT
`]hSaaS\ c\R RS`S\ 7BC\bS`abºbhc\U 2Oa 3/; B]]Z a]ZZbS W\ RWSaS[ 9]\bSfb ;rUZWQVYSWbS\ PWSbS\ RWS Ab`ObS UWS\ HWSZS c\R 9S\\hWTTS`\ Tº` RWS ;Saac\U RS` HWSZS``SWQVc\U hc T]`[cZWS`S\ 3a a]ZZbS a]e]VZ RS\ B]^R]e\>`]hSaa RS` Ab`O &%
$
AgabS[ ºPS` RS\ RO[Wb c\bS`abºbhbS\ >`]hSaa RS` 0SRO`Ta^`]U\]aS\ hc` BSWZab`ObSUWS RSa Ac^^Zg 1VOW\ ;O\OUS [S\ba W\\S`VOZP RS` C\bS`\SV[S\aab`ObSUWS USZO\Ub dUZ /PP # /Za USeº\aQVbS /caeS`bc\US\ aW\R h0 @S^]`ba hc HWSZS``SWQVc\UaU`ORS\ d]\ =`UO\WaObW]\aSW\VSWbS\ c\R hc[ Hc aO[[S\VO\U d]\ HWSZS\ c\R Ab`ObSUWS\ hc \S\\S\ /PPWZRc\U #$ hSWUb Pa^e Tº` SW\S W[ AgabS[ T]`[cZWS`bS /\T]`RS`c\U 2S[O\R hc` 9]\a]ZWRWS`c\U RS` 1@;/\eS\Rc\US\ eSZQVS HWSZS RO[Wb dS`T]ZUb eS`RS\ c\R eSZQVS /`QVWbSYbc`S\ ROd]\ PS b`]TTS\ aW\R 2WS :WabS W[ ºPS`ZOUS`bS\ 4S\abS` S\bVÉZb W\ RS\ /P aQV\WbbS\ /^^ZWQObW]\ 0caW\Saa4c\QbW]\ c\R 0caW\Saa>`] QSaa RWS /\eS\Rc\US\ RS` PS`ºV`bS\ /`QVWbSYbc` RWS [Wb WV`S\ 4c\YbW]\S\ PSabW[[bS >`]hSaaS c\bS`abºbhS\
/PP #$ HcaO[[S\VO\U d]\ >`]XSYbO\T]`RS`c\U [Wb HWS ZS\ c\R PSb`]TTS\S\ /`QVWbSYbc`S\ I/:4/03BK &&
$
0aRWXcTZcda\P]PVT\T]c
`]hSaaS ?a^RTbb Bd__^ac AGA 777 dS`UZWQVS\ eW`R 2Oa 3`USP\Wa RSa DS`UZSWQVa Wab W\ /PPWZRc\U #$ # hc aSVS\ 7[ 0SWa^WSZ VOb ROa 3/;B]]Z YSW\S /PeSWQVc\U d][ AbO\RO`R TSabUSabSZZb '
$
0aRWXcTZcda\P]PVT\T]c
/PP #$ # 3`USP\Wa RS` 9]\T]`[WbÉba^`ºTc\U I/:4/03BK
O`O[SbS`\ RSa PSb`STTS\RS\ 1][^cbS`a
/PP # ! 0SWa^WSZ Tº` Ocb][ObWaQV S`TOaabS 6O`ReO`SW\T]` [ObW]\S\ I41AK
$! 7PaS d]S B^UcfPaT\P]PVT\T]c 2WS B]]Za PWSbS\ c[TO\U`SWQVS abO\RO`RWaWS`bS c\R PS\cbhS`RSTW \WS`PO`S /caeS`bc\Ua[rUZWQVYSWbS\ ºPS` RWS Ocb][ObWaQV S`TOaa bS\ c\R UUT [O\cSZZ S`UÉ\hbS\ 7\T]`[ObW]\S\ 2WS >OZSbbS `SWQVb d]\ RS` /caabObbc\UaZWabS SW\Sa SW\hSZ\S\ @SQV\S`a PWa VW\ hc` Y][^ZSbbS\ 6Wab]`WS hc 6O`R c\R A]TbeO`SY]\TWUc`ObW]\S\ OZZS` S`TOaabS\ 5S`ÉbS
*HO|VFKW
*HO|VFKW *HO|VFKW *HO|VFKW *HO|VFKW *HO|VFKW *HO|VFKW *HO|VFKW *HO|VFKW
/PP # !
0SWa^WSZ Tº` A]TbeO`S6Wab]`WS c\R 7\abOZZObW]\a \OQVeSWa I41AK
$
ZO\\W\U c\R 3>`]Qc`S[S\b:rac\ US\ S`[rUZWQVS\ c[ Pa^e 2ObS\ Tº` 0SaQVOTTc\US\ ºPS`USPS\ hc Yr\\S\
=dciT] ESaS\bZWQVS TZSUSOcTeO\R c\R RWS ROPSW OcTb`S bS\RS\ 4SVZS` S`VSPZWQV c\R a^O`b a] 9]abS\ 2S` US`W\US`S /cT eO\R S`[rUZWQVb SW\S `SUSZ[ÉzWUS 7\dS\bc` W\ eSaS\bZWQV Yº`hS `S\ /PabÉ\RS\ OZa PSW[ Y]\dS\bW]\SZZS\ D]`USVS\ /cT RWSaS ESWaS YO\\ [O\ B`O\a^O`S\h ºPS` W\abOZZWS`bS 6O`R c\R A]Tb eO`S aQVOTTS\ c\R ROa 7\dS\bO` abSba OYbcSZZ VOZbS\ 2O[Wb eW`R SW\S Tc\RWS`bS 0OaWa USaQVOTTS\ Tº` RWS 6O`ReO`S^ZO\c\U <Sc O\aQVOTTc\U 3`aObh /cT`ºabc\U EO`bc\U AbO\RO`RWaWS`c\U SbQ a]eWS Tº` ROa :WhS\h[O\OUS[S\b RWS A]TbeO`SdS`bSWZc\U c\R Tº` >`]PZS[Zrac\US\ W[ 6SZ^ 2SaY dUZ /PaQV\WbbS # !! PWa # !# 2WS 7RS\bWTWYObW]\ U`rzS`S` 6SbS`]US\WbÉb PSW RS\ SW\US aSbhbS\ @SQV\S`\ c\R 2`cQYS`\ ZWSTS`b h0 /\VOZba^c\YbS Tº` SW \S AbO\RO`RWaWS`c\U 2WSaS eWSRS`c[ YO\\ VSZTS\ 9]abS\ PSW RS` 0SaQVOTTc\U PSW RS` EO`bc\U PSW AQVcZc\US\ PSW[ 6SZ^ 2SaY SbQ hc aS\YS\ AQVZWSzZWQV [OQVb RWS `SUSZ[ÉzWUS 7\dS\bc` OcQV DS`É\RS`c\US\ O\ 6O`R c\R A]TbeO`S b`O\a^O`S\b 2O Rc`QV ZOaaS\ aWQV SW\TOQV c\PSTcUbS 7\abOZZObW]\S\ d]\ 5S`ÉbS\ c\R >`]U`O[[S\ S`YS\\S\ RWS RWS 0Sb`WSPa c\R 2ObS\aWQVS` VSWb PSSW\b`ÉQVbWUS\ Yr\\S\
2O`KT`SGTGMKSKTZ 5SUS\abO\R RSa :WhS\h[O\OUS[S\ba Wab RWS AWQVS`abSZZc\U RS` »Z^]^\XbRW ^_cX\P[T] c\R aTRWc[XRW TX]fP]SUaTXT] ;XiT] iXTad]V RS` W\ RS` =`UO\WaObW]\ US\cbhbS\ 4`S[Ra]TbeO`S 7[
$! 7PaS d]S B^UcfPaT\P]PVT\T]c 9S`\ USVb Sa ROPSW RO`c[ PSRO`TaUS`SQVb d]`hcUSVS\ RV eS RS` hc eS\WUS \]QV hc dWSZS `]U`O[[S d]` hcVOZbS\ HWSZTºV`S\RSa :WhS\h[O\OUS[S\b abºbhb aWQV OcT RWS W\ /PPWZRc\U # !! RO`USabSZZbS\ AÉcZS\ dUZ I9>;5 A # TK
%HGDUIVSODQXQJ XQG %HVFKDIIXQJ
/L]HQ]LQYHQWDU
+DUG XQG 6RIWZDUHLQYHQWDU
2UJDQLVDWRULVFKH 5DKPHQEHGLQJXQJHQ
/L]HQ]PDQDJHPHQW
UHJHO PlLJHU $EJOHLFK
:HVHQWOLFKH EHWHLOLJWH 2UJDQLVDWLRQVHLQKHLWHQ *HVFKlIWVOHLWXQJ %HWULHEVUDW
,7 (LQNDXI
5HFKQXQJVZHVHQ 5HYLVLRQ
/PP # !! AÉcZS\ RSa :WhS\h[O\OUS[S\ba 2WS ^aVP]XbPc^aXbRWT] APW\T]QTSX]Vd]VT] PShWSVS\ aWQV d]`eWSUS\R OcT RS\ :WhS\h[O\OUS[S\b^`]hSaa c\R OcT RO[Wb dS`Pc\RS\S @WQVbZW\WS\ c\R ^S`a]\OZPSh]US\S /YbWdWbÉbS\ AWS c[TOaaS\ W[ ESaS\bZWQVS\ x
RWS 2STW\WbW]\ c\R 2]Yc[S\bObW]\ RSa :WhS\h[O\OUS[S\b ^`]hSaaSa c\R aSW\S` BSWZ^`]hSaaS
x
RWS 4SabZSUc\U d]\ >`]hSaadS`O\be]`bZWQVS\ >`]QSaa =e \S`
x
RWS `]cbW\S[ÉzWUS ÍPS`^`ºTc\U RS` >`]hSaaS ;]\Wb]`W\U
x
RWS 2STW\WbW]\ c\R 9][[c\WYObW]\ d]\ @WQVbZW\WS\ PhUZ RS` 0SaQVOTTc\U 7\abOZZObW]\ c\R S`a]\OZa
AÉ[bZWQVS ]`UO\WaOb]`WaQVS\ @OV[S\PSRW\Uc\US\ aW\R `SUSZ[É zWU hc ºPS`^`ºTS\ c\R UUT O\hc^OaaS\ 3W\S eSWbS`S AÉcZS Wab RWS 8]eT]cPaXbXTad]V STa 7PaS d]S B^UcfPaT RWS PS`SWba W\ /PaQV\Wbb # ! PSVO\RSZb ec`RS 7[ HcaO[[S\VO\U [Wb RS[ :WhS\h[O\OUS[S\b USVb Sa ROPSW dO c[ x
RWS 3`[WbbZc\U RS` @SQV\S`O\hOVZ dS`\SbhbS c\R AbO\ROZ] \S@SQV\S`
x
RWS 3`[WbbZc\U RS` OcT RS\ @SQV\S`\ W\abOZZWS`bS\ A]TbeO`S
x
RWS Hc]`R\c\U RS` 7\abOZZObW]\S\ hc =`UO\WaObW]\aSW\VSWbS\ c\R]RS` 2 RWS 9]\b`]ZZS ºPS` RS\ >`]hSaa PWa hc` :rac\U RSa >`]PZS[a c\R W\T]`[WS`b RS\ /\T`OUS` UUT ºPS` RS\ AbObca aSW\Sa /\ZWSUS\a 4º` RWS S dS\bcSZZ \rbWUS TOQVZWQVS 3aYOZObW]\ RS` /\T`OUS\PSO`PSWbc\U PWa hc` PST`WSRWUS\RS\ :rac\U RSa >`]PZS[a VOPS\ aWQV W\ RS` >`O fWa Bd__^ac ;TeT[b OZa VWZT`SWQV S`eWSaS\ BOPSZZS # !# hSWUb OZa 0SWa^WSZ SW\S VÉcTWU O\hcb`STTS\RS Ab`cYbc` [Wb R`SW 3PS\S\ BOP # !# @SOZWaWS`c\U d]\ Ac^^]`b :SdSZa Bd__^ac ;TeT[
PQVTQX[STc SdaRW
ab :SdSZ
6SZ^ 2SaY
\R :SdSZ !`R :SdSZ
"#
"
4OQVOPbSWZc\U h0 A/> /\eS\RS`PSb`Scc\U 1]\b`]ZZW\U 6S`abSZZS` h0 A/>
6SZ^2SaY:SWabc\US\ Tº` SfbS`\S 9c\RS\ aW\R PSW RWSaS` AWQVb Sf ^ZWhWb OcaUSU`S\hb 2S` 6SZ^ 2SaY aSZPab YO\\ Rc`QVOca OcaUSZOUS`b aSW\
$! 7PaS d]S B^UcfPaT\P]PVT\T]c
FTaZiTdVd]cTabc¶cid]V 7T[_3TbZBhbcT\T VSZTS\ PSW RS` 0SeÉZbWUc\U RS` US\O\\bS\ /cTUOPS\ 7V`S 4c\YbW]\OZWbÉb S`ab`SQYb aWQV OcT T]ZUS\RS 0S`SW QVS( x
4aiTdVd]V b^V CXRZTcb ?a^Q[T\ ^STa P]STaT S`a]\OZ Yr\\S\ CXRZTcb S`TOaaS\ c\R UUT /\ZOUS\ h0 2ObSWOcaUOPS\ RWS SW\S\ 4SVZS` hSW US\ O\VÉ\US\ 2Oa AgabS[ Wab W[ 7RSOZTOZZ W\ RS` :OUS 7\ T]`[ObW]\S\ OcQV Oca O\RS`S\ 3W\UO\UaYO\ÉZS\ ESPT]`[c ZO`S 3;OWZa 4Of BSZST]\ Ocb][ObWaQVS Abr`[SZRc\US\ d]\ 5S`ÉbS\ ]RS` /\eS\Rc\US\ SbQ Ocb][ObWaQV hc W\bSU`WS`S\ c\R RO`Oca BWQYSba hc S`hScUS\ /PPWZRc\U # !# hSWUb ROa 0SWa^WSZ SW\Sa 2WOZ]UTS\abS`a hc[ /\ZSUS\ SW\Sa BWQYSba
/PP # !# 0SWa^WSZ Tº` ROa /\ZSUS\ SW\Sa BWQYSba
#
$
`]PZS[ RO\\ hc` :rac\U eSWbS` ZSWbSb 5`c\RZOUS ROTº` Wab SW\S EWa aS\aPOaWa [Wb PS`SWba T`ºVS` OcTUSb`SbS\S\ >`]PZS[S\ RS\ ROhc S\beWQYSZbS\ :rac\US\ c\R 4OQVZScbS\ [Wb WV`S\ 3f ^S`bWaS\ GSZZ]e >OUSa ÍPS` RWS /PO`PSWbc\Ua`SWVS\T]ZUS d]\ BWQYSba YO\\ ROa AgabS[ O\VO\R SW\S` eWaaS\aPOaWS`bS\ >`W]`WaWS`c\U S\baQVSWRS\ 3a TbZP[XTac UPRW[XRW abcTS\eSWaS Rc`QV ROa @]cbW\U RSa BWQYSba ºPS` RWS Ac^^]`b :SdSZa c\R \P]PVT\T]cQTi^VT] ºPS` RWS ^O`OZZSZS 7\T]`[ObW]\ d]\ 4ºV`c\UaY`ÉTbS\ US[Éz RSTW\WS`bS` @SUSZ\ 2WS 6SZ^2SaY :rac\U dS`T]ZUb c\R ºPS`eOQVb RWS 0SO`PSWbc\U c\R ZWSTS`b RS[ BWQYSb3`abSZZS` BcPcdbX]U^a\PcX^]T] Phe S`[rUZWQVb WV[ ROa aSZPababÉ\RWUS CaPRZX]V RSa D]`UO\Ua `]PZS[a [caa ROa Aga bS[ RWS ;rUZWQVYSWb PWSbS\ RWS C`aOQVS\ RWS /`b RS` 0SVS Pc\U W\d]ZdWS`bS AbSZZS\ c\R RS\ S\babO\RS\S\ /cTeO\R /`PSWbahSWb UUT 3`aObhbSWZS SbQ ab`cYbc`WS`b hc R]Yc[S\bWS `S\ ;Wb RS[ /PaQVZcaa RSa BWQYSba W[ AgabS[ abSVb RWS HSWb ROcS` RSa Ac^^]`bD]`UO\Ua TSab SbeO d][ /\ZSUS\ SW\Sa BWQYSba [Wb SW\S` /caTOZZ[SZRc\U PWa hc` EWSRS`W\PSb`WSP\OV [S RSa PSb`]TTS\S\ 5S`Éba 2WS Tº` RS\ Ac^^]`b4OZZ OcTUS hSWQV\SbS\ 7\T]`[ObW]\S\ abSVS\ hc` 0dbfTacd]V hc` DS` TºUc\U c\R S`eSWbS`\ RWS EWaaS\aPOaWa 3W\S 7\bSU`ObW]\ [Wb RS[ 7\dS\b]`g;O\OUS[S\bAgabS[ S` ZSWQVbS`b 2WOU\]aS\ W[ @OV[S\ RS` >`]PZS[Zrac\U ;Wb RS[ HcU`WTT OcT RWS 1]\TWUc`ObW]\ ;O\OUS[S\b 2ObOPOaS 1;20 [Wb WV`S\ 6O`ReO`S c\R A]TbeO`SRObS\ ZOaaS\ aWQV AgabS[ hcabÉ\RS TSababSZZS\ c\R SdS\bcSZZS 4SVZS`c`aOQVS\ Z]YOZWaWS `S\ 2c`QV RWS 7\bSU`ObW]\ d]\ @S[]bS1]\b`]Z4c\YbW]\OZWbÉ bS\ dUZ /PaQV\Wbb # !$ Yr\\S\ 6SZ^2SaY;WbO`PSWbS` OczS`RS[ RW`SYb RWS 9]\b`]ZZS ºPS` RS\ /`PSWba^ZObh ºPS` \SV[S\ RS` 5SUS\abO\R RS` >`]PZS[[SZRc\U Wab c\R SdS\ bcSZZS 4SVZS`hcabÉ\RS PSaSWbWUS\
x
0dbfTacd]Vb\»V[XRWZTXcT] /ca RS\ OcTUShSWQV\SbS\ 2ObS\ aW\R dWSZS`ZSW ;O\OUS[S\bW\ T]`[ObW]\S\ USeW\\PO` 2Oa AgabS[ YO\\ :T]]iXUUTa] U¶a
$
$! 7PaS d]S B^UcfPaT\P]PVT\T]c SXT BTaeXRT`dP[XcÊc S``SQV\S\ eWS ?c]bS\ Tº` RS\ /P aQVZcaa d]\ BWQYSba OcT RS\ SW\hSZ\S\ AS`dWQS :SdSZa h0 A]T]`bZrac\Ua_c]bS"$ RWS Rc`QVaQV\WbbZWQVS 2OcS` d]\ Ac^ ^]`bD]`UÉ\US\ RWS Rc`QVaQV\WbbZWQVS 2OcS` PWa hc` S`abS\ @SOYbW]\ USUS\ºPS` RS[ BWQYSbS`abSZZS` SbQ @S^]`ba Yr\\S\ Pa^e /cTaQVZcaa USPS\ ºPS` RWS 6ÉcTc\U d]\ 4SVZS`\ PSW @SQV\S`\ PSabW[[bS` 6S`abSZZS` ]RS` 9]\TWUc`ObW]\ a]eWS d]\ 0SRWS\c\Ua^`]PZS[S\ PSW PSabW[[bS\ >`]U`O[[S\ 2O[Wb YO\\ [O\ SW\S 6Wab]`WS ºPS` /\hOVZ 9ObSU]`WS\ c\R Y]\Y`SbS /ca^`ÉUc\US\ d]\ Ac^^]`b4ÉZZS\ a]eWS ºPS` RWS AS`dWQS?cOZWbÉb RSa 6SZ^ 2SaYa OcTPOcS\ /ca RS[ W\ RS` EWaaS\aPOaWa USa^SWQVS`bS\ >`]PZS[ c\R :rac\UaeWaaS\ ZOaaS\ aWQV Rg\O[WaQV 4`S_cS\bZg /aYSR ?cSabW]\a 4/?a US\S`WS`S\
=dciT] 6SZ^2SaYAgabS[S eSWaS\ SW\S @SWVS d]\ `]PZS[Zrac\U Rc`QV RS\ ]PS\ PSaQV`WS PS\S\ E]`YTZ]e PSaQVZSc\WUS\ ]RS` RS[ 0S\cbhS` 6WZTS hc` ASZPabVWZTS h0 Rc`QV 4/?a ]RS` O\RS`S /\ZSWbc\US\ ZWSTS`\ 2WS ASZPabOcaYc\TbaTÉVWUYSWb eW`R abÉ\RWU dS`PSaaS`b Rc`QV RWS 3`eSWbS`c\U RS` EWaaS\aPOaWa [Wb \ScS\ 4ÉZZS\ ;Wb RS\ Oca RS[ AgabS[ USe]\\S\S\ 7\T]`[ObW]\S\ YO\\ [O\ BRWfPRWbcT[[T] TaZT]]T] c\R RO`Oca 6O\RZc\UaPSRO`TS OPZSW bS\ 0SW SW\S` 6ÉcTc\U UZSWQVO`bWUS` 6O`ReO`STSVZS` SbeO YO\\ [O\ UShWSZbS C`aOQVS\T]`aQVc\U PSb`SWPS\ c\R UUT h0 C[US Pc\UaPSRW\Uc\US\ É\RS`\ 6WbhS AbOcP SbQ ]RS` Tº` PSaaS` US SWU\SbS\ 3`aObh a]`US\ EWSRS`YSV`S\RS /\T`OUS\ [SV`S`S` 0S \cbhS` PhUZ RSa C[UO\Ua [Wb SW\S` A]TbeO`STc\YbW]\ Yr\\S\ AQVcZc\UaPSRO`T O\hSWUS\ A]ZQVS ;Oz\OV[S\ aW\R USSWU\Sb AS`dWQSTÉZZS hc dS`[SWRS\ ]RS` hc[W\RSab W\ WV`S` HOVZ hc dS` `W\US`\ 2c`QV RWS STTWhWS\bS`S c\R PSaQVZSc\WUbS >`]PZS[Zrac\U S\babS VS\ :^bcT]bT]Zd]Vb_^cT]iXP[T VW\aWQVbZWQV RS` >S`a]\OZY]a bS\ W[ Ac^^]`b c\R RS` /caTOZZY]abS\ d]\ AgabS[S\ Tº` RWS /cT UOPS\S`TºZZc\U 0Sh]US\ OcT RWS =`UO\WaObW]\ RSa Ac^^]`ba c\bS`abºbhS\ 6SZ^ 2SaYAgabS[S eXacdT[[T 7T[_ 3TbZb RV ;WaQVT]`[S\ Oca hS\ "$
/\bSWZ RS` BWQYSba RWS c\[WbbSZPO` O[ 4W`ab :SdSZ OPUSaQVZ]aaS\ eS`RS\ Y]\\bS\
%
$
`] ;]\Ob eS`RS\ Rc`QVaQV\WbbZWQV ! A]TbeO`SdS`bSW Zc\US\ Rc`QVUSTºV`b 4º` RWS Y]\dS\bW]\SZZS 7\abOZZObW]\ d]` =`b ec`RS\ Rc`QVaQV\WbbZWQV # ;W\cbS\ O\USaSbhb 2S` 3`a^O`\Wa d]\ SbeO " >S`a]\S\bOUS\ abSVS\ W[ ESaS\bZWQVS\ ZSRWUZWQV RWS /cTeÉ\RS Tº` RWS HcaO[[S\abSZZc\U RS` 7\abOZZObW]\a^OYSbS US US\ºPS`
2OZKXGZ[X `[ 1GVOZKR I/:4/03BK 0WZRaQVW`[OPR`cQYS d]\ ^ZO\\W\U7B bSWZeSWaS hcUSaQV\WbbS\ c\R []RWTWhWS`b PS`SWbUSabSZZb d]\ RS` OZTOPSb /5 0S`ZW\ I/73@ #K /WS` A c\R 2]UO\ B 7\RWYOb]`S\ hc` 0SeS`bc\U RS` `OfWa /`QVWbSYbc` RSaWU\ O[ @SWzP`Sbb da aWbcObW]\aPSRW\UbS @SOZWaWS`c\U d]\ 7\ T]`[ObW]\aagabS[S\ EW`baQVOTbaW\T]`[ObWY "$ " " A ! I23@< !K 2S`\ 5 ;O\OUS[S\b d]\ 7B/`QVWbSYbc`S\ EWSaPORS\ ! I23@=< K 2S`]\ AgabS[VOca 5[P6 6`aU 1ZWS\b ;O\OUS[S\b /ca hcU eeeRS`]\RSR]e\Z]OR R]e\Z]ORVb[Z [O`Yb abcRWS QZWS\b 2]e\Z]OR O[ &" ! I23@=< !K 2S`]\ AgabS[VOca 5[P6 6`aU BSQV\]Z]UWS\ RS` A]TbeO`S dS`bSWZc\U ! HcUO\U ^S` 3;OWZ O[ # # I23@=< "K 2S`]\ AgabS[VOca 5[P6 6`aU 1ZWS\b ;O\OUS[S\b " /ca hcU " HcUO\U ^S` 3;OWZ O[ # # I2C@AB $K 2c`ab ; 9S\\hOVZS\USabºbhbSa ;O\OUS[S\b d]\ 7B/`QVWbSYbc `S\ 6;2 >`OfWa RS` EW`baQVOTbaW\T]`[ObWY " $ # A !% "& I3193@B $K 3QYS`b 1 7BAWQVS`VSWb " /cTZOUS ;º\QVS\ $ I41AK 0WZRaQVW`[OPR`cQYS bSWZeSWaS hcUSaQV\WbbS\ c\R []RWTWhWS`b PS `SWbUSabSZZb d]\ RS` 4OW` 1][^cbS` AgabS[a 5[P6 `]QSaaW\U AgabS[a =A7 0OaWQ @STS`S\QS ;]RSZ >O`b " ;O\OUS[S\b 4`O[Se]`Y ]= ]8 I7A= $K 7A= 7\bS`\ObW]\OZ =`UO\WhObW]\ T]` AbO\RO`RWhObW]\ 6`aU 7A= 731 '%%( $ A]TbeO`S /aaSb ;O\OUS[S\b >O`b ( >`]QSaaSa Vbb^(eeeWa]]`UWa]S\1ObOZ]UcS2SbOWZ>OUS1ObOZ]UcS 2SbOWZ1A`]hSaa 7BAWQVS`VSWba[O\OUS[S\b eW`R W\ /PaQV\Wbb $ hc \ÉQVab U`c\RaÉbhZWQV RO`USZSUb PSd]` W\ /PaQV\Wbb $! [Wb RS[ 5`c\RaQVcbhO\aObh RSa 0c\RSaO[bSa Tº` AWQVS`VSWb W\ RS` 7\T]` [ObW]\abSQV\WY 0A7 SW\ dS`SW\TOQVbSa OZa 7BAWQVS`VSWbaabO\RO`R SbOPZWS`bSa DS`TOV`S\ d]`USabSZZb eW`R ;Wb RS` HS`bWTWhWS`c\U WV`Sa 7BAWQVS`VSWba[O\OUS[S\ba eSWaS\ C\bS`\SV[S\ \OQV ROaa aWS d]`USUSPS\S AWQVS`VSWbaO\T]`RS`c\US\ S`TºZZS\ 7\ /PaQV\Wbb $" eW`R OcT ESaS\ c\R D]`USVS\aeSWaS RS` HS`bWTWhWS`c\U SW\US UO\US\ ES`YhScUS hc` C\bS`abºbhc\U RSa >`]hSaaSa 7BAWQVS` VSWba[O\OUS[S\b W\ /PaQV\Wbb $# a]eWS OcTPOc]`UO\WaOb]`WaQVS /a^SYbS PSWa^WSZaeSWaS RS` [rUZWQVS /cTPOc SW\S` 7BAWQVS` VSWba]`UO\WaObW]\ ]RS` RWS 2O`abSZZc\U RS` /cTUOPS\ d]\ 7B AWQVS`VSWba c\R 2ObS\aQVcbhPSOcTb`OUbS\ W\ /PaQV\Wbb $$ `c\RS\ RWSaSa 9O^WbSZ OP
-X[TJRGMKT
(KJK[Z[TM \UT /:9OINKXNKOZYSGTGMKSKTZ 2WS eOQVaS\RS 0SRScbc\U SW\S` [rUZWQVab c[TOaaS\RS\ 7B AWQVS`VSWb W\ C\bS`\SV[S\ c\R RO[Wb RS` `]RcYb Oca RS` EOV`aQVSW\ZWQV YSWb RSa 3W\b`Wbba SW\Sa AQVORS\aS`SWU\WaaSa c\R RS` 6rVS RSa ^]bS\hWSZZS\ AQVORS\a RS` RORc`QV VS`d]`US`cTS\ eS`RS\ YO\\ I3193@B $ A # T c\R /307 " A " TK ES\WUS` eOV` aQVSW\ZWQVS 3`SWU\WaaS [Wb V]VS[ AQVORS\a^]bS\hWOZ Yr\\S\ a][Wb hc[ UZSWQVS\ @WaWY] TºV`S\ eWS eOV`aQVSW\ZWQVS`S 3`SWU \WaaS [Wb US`W\US[ AQVORS\a^]bS\hWOZ AXbXZ^\P]PVT\T]c c[TOaab OZZS ]`UO\WaOb]`WaQVS\ ;Oz\OV[S\ RWS aWQV OcT x
RWS 2STW\WbW]\ RS` @WaWY]TSZRS`
x
RWS 7RS\bWTWYObW]\ RS` @WaWYS\ c\R
x
RS`S\ /\OZgaS 0SeS`bc\U AbScS`c\U 0S`WQVbS`abObbc\U PShWSVS\
ÍPS`eOQVc\U c\R
8CAXbXZ^\P]PVT\T]c PShWSVb aWQV a][Wb OcT aÉ[bZWQVS @WaWY] TSZRS` W[ HcaO[[S\VO\U [Wb 7B 2WSa Yr\\S\ Pa^e @WaWYS\ PSW 7B>`]XSYbS\ aSW\ aSW Sa OcTU`c\R RSa >`]XSYbQVO`OYbS`a h0 PSW 6WUV >]bS\bWOZ/\eS\Rc\US\ aWSVS /PaQV\Wbb !# ]RS` PSW [O\USZVOTbS[ >`]XSYb[O\O US[S\b [Wb BS`[W\ c\R]RS` 9]abS\ºPS`aQV`SWbc\US\ c\R]RS` ?cOZWbÉba^`]PZS[S\ /cQV RWS [O\USZVOTbS /PabW[[c\U heW aQVS\ C\bS`\SV[S\a c\R 7BAb`ObSUWS aWSVS /PaQV\Wbb !% PW`Ub 7B@WaWYS\ h0 TOZaQVS 3\baQVSWRc\US\ Tº` 7B>ZObbT]`[S\ c\R /\eS\Rc\US\ [Wb RS` 9]\aS_cS\h SW\S` [O\USZVOTbS\ C\ bS`abºbhc\U d]\ 5SaQVÉTba^`]hSaaS\ 7B@WaWY][O\OUS[S\b c[TOaab OcQV ROa ;O\OUS[S\b d]\ 7B AWQVS`VSWba`WaWYS\ 6WS`OcT eW`R W\ RWSaS[ 9O^WbSZ $ \ÉVS` SW\US UO\US\ 6TUÊWaSd]VT] eSZQVS AQVORS\aS`SWU\WaaS W[ 0S`SWQV RS` 7B OcaZraS\ Yr\\S\ c\R a][Wb hc 7BAWQVS`VSWba`WaWYS\ TºV`S\ ZOa aS\ aWQV US[Éz 0c\RSaO[b Tº` AWQVS`VSWb W\ RS` 7\T]`[ObW]\a bSQV\WY 0A7 W\ T]ZUS\RS 9ObSU]`WS\ SW\bSWZS\ I0A7 $OK( x
VrVS`S 5SeOZb 6]QVeOaaS` 3`RPSPS\ SbQ
x
]`UO\WaOb]`WaQVS ;É\USZ h0 TSVZS\RS HcUO\UaY]\b]ZZS\
x
[S\aQVZWQVS 4SVZS` h0 a]`UZ]aS` C[UO\U [Wb >Oaaer` bS`\ !#
%
8CBXRWTaWTXcb\P]PVT\T]c x
bSQV\WaQVSa DS`aOUS\ h0 6O`R c\R A]TbeO`STSVZS` c\R ]RS`
x
d]`aÉbhZWQVS a^W]\OUS
6O\RZc\US\
h0
1][^cbS`aOP]bOUS
c\R
7\ RS` >`OfWa eW`R c\bS` 8CBXRWTaWTXc hc[SWab RWS 3`TºZZc\U RS` R`SW AWQVS`VSWbaPSRº`T\WaaS DS`b`OcZWQVYSWb 7\bSU`WbÉb c\R DS`TºU PO`YSWb SW\Sa 7BAgabS[a dS`abO\RS\ RWS [O\ OcQV OZa 5`c\R eS`bS RS` 7BAWQVS`VSWb PShSWQV\Sb( x
ETacaPd[XRWZTXc Q]\TWRS\bWOZWbg PSRScbSb ROaa ROa 7B AgabS[ 2ObS\ \c` RS\ ROTº` 0S`SQVbWUbS\ hcUÉ\UZWQV [OQVb 2O`c\bS` TOZZS\ ^S`a]\S\PSh]US\S 2ObS\ W[ AW\\S RSa 02A5 SPS\a] eWS TW`[S\W\bS`\S 2ObS\ XSUZWQVS` /`b Pa^e 3\beWQYZc\Ua^ZÉ\S ;O`YSbW\UY]\hS^bS >`]RcYbW]\aOPZÉcTS ]RS` W\bS`\S @SQV\c\UaeSaS\aRObS\
x
8]cTVaXcÊc W\bSU`Wbg PShSWQV\Sb RWS AWQVS`abSZZc\U RS` 9]` `SYbVSWb C\dS`aSV`bVSWb d]\ 2ObS\ c\R RS` Y]``SYbS\ 4c\Y bW]\aeSWaS d]\ 6O`R c\R A]TbeO`SY][^]\S\bS\ 7\bSU`WbÉb W[ HcaO[[S\VO\U [Wb 2ObS\ ZWSUb d]` eS\\ Sa \WQVb [rU ZWQV Wab 2ObS\ c\PS`SQVbWUb c\R c\PS[S`Yb hc dS`É\RS`\ I/SPW " A K
x
ETaU¶VQPaZTXc OdOWZOPWZWbg PSRScbSb ROaa RS` HcU`WTT OcT SW\ 7BAgabS[ ]RS` OcT 9][^]\S\bS\ SW\Sa 7BAgabS[a US eÉV`ZSWabSb Wab /Za ?c]bWS\b Oca UST]`RS`bS` DS`TºUPO`YSWb W\ SW\S[ HSWb`OV[S\ c\R bObaÉQVZWQVS` DS`TºUPO`YSWb R`ºQYb Pa^e SW\S DS`TºUPO`YSWb d]\ '' Oca ROaa ROa 7BAgabS[ O\ '' RS` UST]`RS`bS\ 3W\aObhhSWbS\ US\cbhb eS`RS\ YO\\ 0SW SW\S` UST]`RS`bS\ DS`TºUPO`YSWb d]\ !$# BOUS\ Ë Abc\RS\ ^`] BOU PSRScbSb RWSaS` >`]hS\baObh ROaa ROa 7B AgabS[ O\ W[[S`VW\ !$# BOUS\ \WQVb hc` DS`TºUc\U abSVb
8CBXRWTaWTXcb\P]PVT\T]c Wab W\ /\ZSV\c\U O\ ROa ÎabS``SW QVWaQVS AWQVS`VSWbaVO\RPcQV I/A7B "O A %K SW\ Y]\bW\cWS`ZW QVS` >`]hSaa RS` RWS 7BAWQVS`VSWb W\\S`VOZP SW\S` =`UO\WaObW]\ USeÉV`ZSWabS\ a]ZZ aWSVS OcQV /PaQV\Wbb $
-KYKZ`ROINK 'TLUXJKX[TMKT 2WS SW\aQVZÉUWUS\ @SQVbad]`aQV`WTbS\ W[ 0S`SWQV RS` 7BAWQVS`VSWb aW\R \WQVb W\ SW\S[ 5SaSbh hcaO[[S\USTOaab a]\RS`\ dS`bSWZS\ aWQV OcT SW\S @SWVS d]\ 5SaSbhS\ c\R @WQVbZW\WS\ 2O`ºPS` VW\ Oca UWPb Sa P`O\QVS\a^ShWTWaQVS D]`aQV`WTbS\ h0 Tº` RS\ C[ UO\U [Wb 5Sac\RVSWba c\R A]hWOZRObS\ IE7BB $OK ]RS` OcQV
!$
%
6ad]S[PVT]
Tº` 9`SRWbW\abWbcbS Rc`QV ROa 9`SRWbeSaS\USaSbh 9E5 I;=6@ #K Hc PSOQVbS\ aW\R aQVZWSzZWQV Tº` SW\S @SWVS d]\ C\bS`\SV[S\ RWS @SUSZc\US\ Tº` RS\ 5SVSW[aQVcbh W\ RS` EW`b aQVOTb I0;E7 "K 2S[hcT]ZUS [ºaaS\ EW`baQVOTbac\bS`\SV[S\ c\R 4]`aQVc\UaSW\`WQVbc\US\ RWS 7BAgabS[S Tº` RS\ C[UO\U [Wb abOObZWQVS\ DS`aQVZcaaaOQVS\"' \cbhS\ S\ba^`SQVS\RS AW QVS`VSWba[Oz\OV[S\ S`U`SWTS\ I0;E7 # A ! TTK
*HVHW]OLFKH 5HJHOXQJHQ
'DWHQVFKXW]UHJHOXQJHQ %XQGHVGDWHQVFKXW]JHVHW] %'6* /DQGHVGDWHQVFKXW]JHVHW]H
%XFKIKUXQJV XQG $UFKLYLHUXQJVUHJHOXQJHQ
5LVLNRPDQDJH PHQWUHJHOXQJHQ
*UXQGVlW]H RUGQXQJVPlLJHU *HVHW] ]XU .RQWUROOH XQG 7UDQVSDUHQ] %XFKIKUXQJVV\VWHPH *R%6 LP 8QWHUQHKPHQVEHUHLFK .RQ7UD* *UXQGVlW]H ]XP 'DWHQ]XJULII XQG ]XU 6DUEDQHV2[OH\$FW 62; 3UIEDUNHLW GLJLWDOHU 8QWHUODJHQ *'3G8 %DVHO ,, 6ROYHQF\ ,,
/PP $! ESaS\bZWQVS USaSbhZWQVS @SUSZc\US\ ESaS\bZWQVS `SQVbZWQVS D]`aQV`WTbS\ RWS \OVShc OZZS C\bS`\SV [S\ PSb`STTS\ ZOaaS\ aWQV W\ RWS 9ObSU]`WS\ 2ObS\aQVcbh 0cQV TºV`c\Ua c\R /`QVWdWS`c\Ua a]eWS @WaWY][O\OUS[S\b`SUSZc\ US\ SW\bSWZS\ aWSVS /PPWZRc\U $! 2WSaS 9ObSU]`WS\ eS` RS\ W[ 4]ZUS\RS\ Yc`h PSaQV`WSPS\( x
3PcT]bRWdciaTVT[d]VT] HeSQY RSa PS`SWba aSWb '%% PSabSVS\RS\ hcZSbhb W[ 8OV`S $ USÉ\RS`bS\ 1d]STbSPcT]bRWdciVTbTciTb 13B6 I02A5 $K Wab RS\ 3W\hSZ\S\ ROd]` hc aQVºbhS\ ROaa S` Rc`QV RS\ C[UO\U [Wb aSW\S\ ^S`a]\S\PSh]US\S\ 2ObS\ W\ aSW\S[ >S`ar\ZWQVYSWba`SQVb PSSW\b`ÉQVbWUb eW`R 0SW _Tab^ ]T]QTi^VT]T] 3PcT] VO\RSZb Sa aWQV c[ 3W\hSZO\UOPS\ ºPS` ^S`ar\ZWQVS ]RS` aÉQVZWQVS DS`VÉZb\WaaS SW\S` PSabW[[ bS\ ]RS` PSabW[[PO`S\ >S`a]\ 2Oa 02A5 PSW\VOZbSb \SPS\
"'
/Za DS`aQVZcaaaOQVS\ eS`RS\ 7\T]`[ObW]\S\ c\R D]`UÉ\US SW\ USabcTb RS`S\ 0SYO\\beS`RS\ RS\ 0SabO\R ]RS` ZSPS\aeWQV bWUS 7\bS`SaaS\ ]RS` RWS AWQVS`VSWb RS` 0c\RSa`S^cPZWY 2ScbaQVZO\R USTÉV`RS\ YO\\ AWS c\bS`ZWSUS\ RS[ 5SVSW[ aQVcbh [ºaaS\ RS[hcT]ZUS USVSW[ USVOZbS\ c\R d]` c\PS TcUbS` 9S\\b\Wa\OV[S USaQVºbhb eS`RS\
!%
%
8CBXRWTaWTXcb\P]PVT\T]c SW\S` @SWVS d]\ D]`aQV`WTbS\ Tº` 0c\RSaPSVr`RS\ W[ 6W\ PZWQY OcT RS\ C[UO\U [Wb ^S`a]\S\PSh]US\S\ 2ObS\ OcQV D]`aQV`WTbS\ Tº` C\bS`\SV[S\ A] VOPS\ C\bS`\SV[S\ c\bS` PSabW[[bS\ D]`OcaaSbhc\US\ SW\S\ PSb`WSPZWQVS\ 2ObS\ aQVcbhPSOcTb`OUbS\ hc PSabSZZS\ RS` OcT RWS 3W\VOZbc\U RSa 02A5 VW\hceW`YS\ VOb 2SbOWZa aWSVS /PaQV\Wbb $# 2WS 2O bS\aQVcbhUSaSbhS RS` SW\hSZ\S\ 0c\RSaZÉ\RS` ;P]STbSP cT]bRWdciVTbTciT PSW\VOZbS\ W[ ESaS\bZWQVS\ RObS\aQVcbh `SQVbZWQVS @SUSZc\US\ Tº` RWS XSeSWZWUS\ :O\RSaPSVr`RS\ A]\abWUS 2ObS\aQVcbh`SUSZc\US\ eWS Pa^e ROa BSZSRWS\abS RObS\aQVcbhUSaSbh eSZQVSa @SUSZc\US\ Tº` /\PWSbS` d]\ BS ZSRWS\abS\ PSW\VOZbSb abSVS\ OcTU`c\R WV`S` a^ShWTWaQVS\ /ca`WQVbc\U \WQVb W[ 4]Yca RWSaSa 0cQVSa x
1dRWU¶Wad]Vb d]S 0aRWXeXTad]VbaTVT[d]VT] 2WS aSWb ''# USZbS\RS\ 6ad]SbÊciT ^aS]d]Vb\ÊvXVTa 3EVTbc¶cicTa 1dRWU¶Wad]VbbhbcT\T 6^1B PSW\VOZbS\ @SUSZ\ hc` 0SVO\RZc\U OcTPSeOV`c\Ua^TZWQVbWUS` 2ObS\ c\R 0SZSUS W\ SZSYb`]\WaQVS\ 0cQVTºV`c\UaagabS[S\ a]eWS W\ `SdWaW]\aaWQVS`S\ 2]Yc[S\bS\[O\OUS[S\b c\R /`QVWdaga bS[S\ I0;4 $OK 2O`c\bS` PSTW\RS\ aWQV OcQV Sf^ZWhWb D]` aQV`WTbS\ hc` 2ObS\aWQVS`VSWb A] aW\R US[Éz /PaQV\Wbb Tº\T RWSaS` D]`aQV`WTb RWS 0cQVTºV`c\UaRObS\ USUS\ DS`Zcab c\R c\PS`SQVbWUbS DS`É\RS`c\U hc aQVºbhS\ 2WSaS` AQVcbh Wab Rc`QV eW`YaO[S HcUO\Ua c\R HcU`WTTaY]\b`]ZZS\ hc USeÉV` ZSWabS\ /cT RS\ 5]0A POcS\ RWS aSWb UºZbWUS\ 6ad]SbÊciT id\ 3PcT]idVaXUU d]S ida ?a¶UQPaZTXc SXVXcP[Ta D]cTa[P VT] 63?SD OcT I0;4 $PK 7\ WV\S\ eW`R cO UST]`RS`b ROaa ]`WUW\É` RWUWbOZ S`abSZZbS abScS`ZWQV `SZSdO\bS 2ObS\ Tº` SW\S 0Sb`WSPa^`ºTc\U XSRS`hSWb dS`TºUPO` c\R [OaQVW\SZZ OcaeS`bPO` aSW\ [ºaaS\ 2WS RS\ 0SVr`RS\ VWS`Tº` hc` DS` TºUc\U abSVS\RS >`ºTa]TbeO`S S`[rUZWQVb SW\S\ c\[WbbSZPO `S\ 3W\PZWQY W\ RWS S\ba^`SQVS\RS\ 2ObS\ Hc` 3`TºZZc\U RS` US\O\\bS\ /\T]`RS`c\U [ºaaS\ Tº` RWS abScS`ZWQV `SZSdO\bS\ 2ObS\ a][Wb hc[W\RSab RWS 5`c\ReS`bS DS`TºUPO`YSWb c\R 7\bSU`WbÉb Rc`QV USSWU\SbS AWQVS`VSWba[Oz\OV[S\ S`TºZZb eS` RS\
x
AXbXZ^\P]PVT\T]caTVT[d]VT] 2Oa ''& W\ 9`OTb USb`SbS\S 6TbTci ida :^]ca^[[T d]S CaP]b_PaT]i X\ D]cTa]TW\T]bQTaTXRW :^]CaP6 PS abSVb OZa /`bWYSZUSaSbh Oca Ò\RS`c\US\ c\R 3`UÉ\hc\US\ PS
!&
%
6ad]S[PVT]
abSVS\RS` 5SaSbhSabSfbS d]` OZZS[ RSa /YbWS\USaSbhSa c\R RSa 6O\RSZaUSaSbhPcQVSa I0CG Wab d]` RS[ 6W\bS`U`c\R RS` C\bS`\SV[S\a hcaO[[S\P`ºQVS d]\ 3\`]\ c\R E]`ZRQ][ RWS EWS RS`VS`abSZZc\U RSa DS`b`OcS\a RS` /\ZSUS` W\ RWS @WQVbWUYSWb RS` dS`rTTS\bZWQVbS\ 4W\O\hRObS\ d]\ C\bS`\SV[S\ RWS RS\ O[S`WYO\WaQVS\ @SQVbad]`aQV`WTbS\ c\bS`ZWSUS\ I9>;5 $K 2Ohc hÉVZS\ OcQV RWS RScbaQVS\ C\bS`\SV[S\ RS`S\ ES`b ^O^WS`S O\ SW\S` O[S`WYO\WaQVS\ 0r`aS USVO\RSZb eS`RS\ a]eWS RScbaQVS B]QVbS`c\bS`\SV[S\ O[S`WYO\WaQVS` 5SaSZZ aQVOTbS\ 2WS C\bS`\SV[S\ aW\R dS`^TZWQVbSb SW\ W\bS`\Sa 9]\b`]ZZaga bS[ ºPS` RWS 4W\O\hPS`WQVbS`abObbc\U SW\hcTºV`S\ RWS VWS`Tº` S`T]`RS`ZWQVS\ >`]hSaaS hc R]Yc[S\bWS`S\ c\R aSW\S EW`Y aO[YSWb XÉV`ZWQV d]\ EW`baQVOTba^`ºTS`\ PSabÉbWUS\ hc ZOaaS\ 2O`ºPS` VW\Oca VOTbS\ D]`abO\Rad]`aWbhS\RS` c\R 4W\O\hd]` abO\R ^S`ar\ZWQV Tº` RWS @WQVbWUYSWb PSabW[[bS` 3`YZÉ`c\US\ eWS h0 RSa 8OV`SaOPaQVZcaaSa 2O RWS RS` 4W\O\hPS`WQVbaS`abObbc\U hcU`c\RS ZWSUS\RS\ 2O bS\ c\R 7\T]`[ObW]\S\ hc[SWab RW`SYb Oca C\bS`\SV[S\aO\ eS\Rc\US\ abO[[S\ c\R OcQV ROa 9]\b`]ZZagabS[ U`rzbS\ bSWZa W\ RWS 7BUSabºbhbS\ >`]hSaaS RSa C\bS`\SV[S\a hc W\ bSU`WS`S\ Wab ZSWbS\ aWQV OcQV Oca RWSaS[ 5SaSbh Oca VOT bc\Ua`SQVbZWQVS` AWQVb V]VS /\T]`RS`c\US\ O\ RWS 7B AWQVS`VSWb RS` PSb`]TTS\S\ 7BAgabS[S c\R >`]hSaaS OP
!'
%
8CBXRWTaWTXcb\P]PVT\T]c 2S`O`bWUS @SUSZc\US\ USZbS\ Yº\TbWU OcQV W\ RS` 3C A] S\b VÉZb RWS W[ 8cZW $ W\ 9`OTb USb`SbS\S & 3C@WQVbZW\WS RWS PWa 8cZW & W\ ROa XSeSWZWUS \ObW]\OZS @SQVb c[USaSbhb eS` RS\ [caa O\ A=F O\USZSV\bS @SUSZc\US\ Tº` OZZS 9O^WbOZUS aSZZaQVOTbS\ /ca RS\ ]PS\ US\O\\bS\ 5`º\RS\ eS`RS\ aWQV W\ RS` 3C a^ÉbSabS\a OP & OcQV \WQVb Pr`aS\\]bWS`bS 9O^W bOZUSaSZZaQVOTbS\ dS`abÉ`Yb [Wb 7BAWQVS`VSWb PSTOaaS\ [ºaaS\ I2/B3S\RO\ba
#
1]\b`]Z =PXSQbWdSa T]` 7\T]`[ObW]\ O\R @SZObSR BSQV\]Z]Ug
#!
7B 7\T`Oab`cQbc`S :WP`O`g
#"
7\T]`[ObW]\ BSQV\]Z]Ug ASQc`Wbg 3dOZcObW]\ 1`WbS`WO /cT 0OaWa RWS
"!
%
8CBXRWTaWTXcb\P]PVT\T]c 4º` 7B/\eS\Rc\Uac\bS`\SV[S\ aW\R RWSaS AbO\RO`Ra W[ ESaS\bZWQVS\ PSW RS` 0SaQVOTTc\U d]\ 7B>`]RcYbS\ c\R AgabS[S\ hc PSOQVbS\ x
BcP]SPaSb U¶a b_TiXUXbRWT BXRWTaWTXcbPb_TZcT 6WS`c\bS` TOZZS\ Pa^e AbO\RO`Ra Tº` 0`O\QVS\ h0 7A !#$' Tº` RWS 7BAWQVS`VSWb W\ RS` 4W\O\heW`baQVOTb ]RS` Tº` 0c\ RSaPSVr`RS\ h0 &" % Tº` CAO[S`WYO\WaQVS 0c\RSaPSVr`RS\ [Wb 4]Yca OcT bSQV\WaQVS\ AWQVS`VSWba^`W\ hW^WS\ 2WSaS /`b d]\ AbO\RO`Ra eW`R W[ 4]ZUS\RS\ \WQVb PSVO\RSZb
6XU`KYY ²/:9OINKXNKOZYSGTGMKSKTZ¦
kHKXHROIQ /PPWZRc\U $ hSWUb RS\ >`]hSaa 7BAWQVS`VSWba[O\OUS[S\b [Wb RS\ >`]hSaaPS`SWQVS\ 3\beWQYZc\U C[aSbhc\U c\R 0Sb`WSP 2WS RS\ >`]hSaaPS`SWQVS\ hcUS]`R\SbS\ >`]hSaaaQV`WbbS eS`RS\ W\ RS\ T]ZUS\RS\ C\bS`YO^WbSZ\ RSbOWZZWS`b OcaUSTºV`b /ca /PPWZRc\U $ eW`R Rc`QV RWS @ºQYY]^^Zc\Ua^TSWZS RScb ZWQV ROaa Sa aWQV c[ SW\S\ Y]\bW\cWS`ZWQVS\ >`]hSaa VO\RSZb PSW RS[ Pa^e 3`YS\\b\WaaS Oca RS` 0Sb`WSPa^VOaS hc Ò\RS`c\US\ W\ RS` 3\beWQYZc\Ua ]RS` C[aSbhc\Ua^VOaS TºV`S\ Yr\\S\
(QWZLFNOXQJ
8QWHUQHKPHQVZHLWH 6LFKHUKHLWVSROLWLN 5LVLNRDQDO\VH ,76LFKHUKHLWVNRQ]HSW
8PVHW]XQJ
,PSOHPHQWLHUXQJ 'XUFKIKUXQJ YRQ 6HQVLELOLVLHUXQJV XQG 6FKXOXQJVPDQDKPHQ 7HVW GHU 6LFKHUKHLWVPDQDKPHQ
%HWULHE
$XIUHFKWHUKDOWXQJ GHV 6LFKHUKHLWVQLYHDXV &KDQJH 0DQDJHPHQW 5HDNWLRQ DXI VLFKHUKHLWVUHOHYDQWH (UHLJQLVVH
/PP $ >`]hSaa 7BAWQVS`VSWba[O\OUS[S\b 2WS W[ 4]ZUS\RS\ PSaQV`WSPS\S D]`USVS\aeSWaS ]`WS\bWS`b aWQV bSWZeSWaS O\ RS` W\ BSWZ RSa ÎabS``SWQVWaQVS\ AWQVS`VSWbaVO\R
aSa AbO\RO`Ra eO` PWa I07B9=; $ A "#K
""
# SPS\TOZZa SW\S HS`bWTWhWS`c\U [rUZWQV
%! ?a^iTbb 8CBXRWTaWTXcb\P]PVT\T]c PcQVa I/A7B "OK USaQVWZRS`bS\ O\ RS\ 5`c\RaQVcbhO\aObh RSa 0A7 O\USZSV\bS\ D]`USVS\aeSWaS
+TZ]OIQR[TM
+TZ]OIQR[TM KOTKX [TZKXTKNSKTY]KOZKT /:9OINKXNKOZYVUROZOQ 2WS 7BAWQVS`VSWba^]ZWbWY PWZRSb RWS 0OaWa Tº` RWS 3\beWQYZc\U c\R C[aSbhc\U SW\Sa `WaWY]US`SQVbS\ c\R eW`baQVOTbZWQV O\US[SaaS \S\ 7BAWQVS`VSWbaY]\hS^ba aWSVS /PaQV\Wbb $ ! AWS abSZZb SW\ 5`c\RZOUS\R]Yc[S\b RO` W\ RS[ OZZUS[SW\S ZO\UT`WabWUS c\R dS`PW\RZWQVS 4SabZSUc\US\ Tº` RWS 7BAWQVS`VSWb USb`]TTS\ eS`RS\ RWS Tº` OZZS 3W\aObhPS`SWQVS RS` 7B W\ SW\S[ C\bS`\SV[S\ USZbS\ 2WS 7BAWQVS`VSWba^]ZWbWY PSW\VOZbSb cO T]ZUS\RS 4SabZSUc\US\( x
x
FTbT]c[XRWT 8CBXRWTaWTXcbiXT[T TX]Tb D]cTa]TW\T]b eWS h0
AWQVS`abSZZc\U RS` Y`WbWaQVS\ 5SaQVÉTba^`]hSaaS
AWQVS`c\U RS` ?cOZWbÉb d]\ 7\T]`[ObW]\S\ RWS OZa 0OaWa Tº` eSWb`SWQVS\RS 3\baQVSWRc\US\ RWS\S\
5SeÉV`ZSWabc\U RS` Oca USaSbhZWQVS\ D]`UOPS\ `SacZbWS `S\RS\ /\T]`RS`c\US\ aWSVS /PaQV\Wbb $!
AQVcbh RS` C\bS`\SV[S\aeS`bS h0 6O`R c\R A]Tb eO`SW\dSabWbW]\S\ ]RS` a^ShWSZZSa W\ SW\S` EWaaS\aRO bS\PO\Y USa^SWQVS`bSa 9\]eV]e
>aVP]XbPcX^] d]S ETaP]cf^ac[XRWZTXcT] 4º` SW\S STTWhWS\bS 5SabOZbc\U RSa USaO[bS\ 7B AWQVS`VSWba[O\OUS[S\b^`]hSaaSa Wab RWS 4SabZSUc\U d]\ @]Z ZS\ c\R DS`O\be]`bZWQVYSWbS\ OZZS` W\ RWSaS\ >`]hSaa W\d]Z dWS`bS\ >S`a]\S\ hc SW\S[ T`ºVS\ HSWb^c\Yb SaaS\bWSZZ ES aS\bZWQVS @]ZZS\ c\R DS`O\be]`bZWQVYSWbS\ RS` RW`SYb Tº` 7B AWQVS`VSWba[O\OUS[S\b HcabÉ\RWUS\ eS`RS\ W\ /PaQV\Wbb $$ PSVO\RSZb 2O\SPS\ UWZb Sa VWS` OcQV RWS DS`O\be]`bc\U RS` C\bS`\SV[S\aZSWbc\U c\R RWS RS` 7B/\eS\RS` TSabhcZSUS\
2WSaS c\bS`\SV[S\aeSWbS\ 4SabZSUc\US\ eS`RS\ SW\S`aSWba W\ RS\ \OQVUS]`R\SbS\ 7BAgabS[aWQVS`VSWba^]ZWbWYS\ h0 OZa >1 <Sbh ]RS` 7\bS`\SbaWQVS`VSWba^]ZWbWY RSbOWZZWS`b aWSVS /PaQV\Wbb $ ! O\RS`S`aSWba eS`RS\ aWS S\ba^`SQVS\R RS` a^ShWSZZS\ /\ T]`RS`c\US\ RS` SW\hSZ\S\ =`UO\WaObW]\aSW\VSWbS\ S`eSWbS`b c\R S`UÉ\hb A] aW\R RWS 7BAWQVS`VSWbahWSZS SW\Sa >`]RcYbW]\aPS`SW QVSa PSW RS[ SW\S V]VS DS`TºUPO`YSWb RS` 7BAgabS[S W[ D]` RS`U`c\R abSVb O\RS`a USZOUS`b OZa RWS SW\Sa >S`a]\OZPS`SWQVa "#
%
8CBXRWTaWTXcb\P]PVT\T]c RS` cO RS\ 2ObS\aQVcbhPSZO\US\ c\R RO[Wb RS` DS`b`OcZWQVYSWb SW\S PSa]\RS`S >`W]`WbÉb SW\`Éc[S\ eW`R
*[XINLNX[TM KOTKX 8OYOQUGTGR_YK 3W\S eSaS\bZWQVS D]`OcaaSbhc\U Tº` SW\ Tc\YbW]\WS`S\RSa 7B AWQVS`VSWba[O\OUS[S\b Wab ROa 3W\aQVÉbhS\ d]\ PSabSVS\RS\ 7B AWQVS`VSWba`WaWYS\ aWSVS /PaQV\Wbb $ `OfWa W[ ESaS\bZWQVS\ R`SW /\OZgaSab`ObSUWS\ O\USeS\RSb( x
3TcPX[[XTacT AXbXZ^P]P[hbT 6WS` eS`RS\ Tº` XSRSa 7BAgabS[ RWS @WaWYS\ S`[WbbSZb c\R PSeS`bSb 2WSaS Ab`ObSUWS TºV`b PSW OZZS\ AgabS[S\ hc STTSYbW dS\ c\R O\US[SaaS\S\ AWQVS`VSWba[Oz\OV[S\ Wab OPS` aSV` OcTeÉ\RWU <SPS\ V]VS\ 9]abS\ PSabSVb d]` OZZS[ RWS 5S TOV` ROaa Rc`QV RS\ W\aUSaO[b V]VS\ HSWbOcTeO\R AWQVS` VSWba[Oz\OV[S\ Tº` USaQVÉTbaY`WbWaQVS AgabS[S \WQVb `SQVb hSWbWU S`U`WTTS\ eS`RS\ Yr\\S\ HcRS[ ZÉaab aWQV RWS hc S` eO`bS\RS AQVORS\aVrVS W\ dWSZS\ 4ÉZZS\ \c` aQVeS` PSabW[ [S\
x
6ad]SbRWdciP]bPci 0SW[ 5`c\RaQVcbhO\aObh dS`hWQVbSb [O\ Tº` 7B9][^]\S\bS\ OcT RSbOWZZWS`bS @WaWY]O\OZgaS\ AbObbRSaaS\ S\bVOZbS\ RWS 7B 5`c\RaQVcbhYObOZ]US RSa 0c\RSaO[ba Tº` AWQVS`VSWb W\ RS` 7\T]`[ObW]\abSQV\WY 0A7 /\UOPS\ ºPS` [rUZWQVS 5STÉV` Rc\US\ c\R ºPS` S[^T]VZS\S AbO\RO`RaWQVS`VSWba[Oz\OV [S\ Tº` bg^WaQVS c\R eSWb dS`P`SWbSbS 7BAgabS[S 7B<SbhS c\R 7B/\eS\Rc\US\ PS`SWb RWS SW\TOQV aQV\SZZ c\R hc [SWab Y]abS\Uº\abWU c[aSbhPO` aW\R aWSVS /PaQV\Wbb $! 2O[Wb S``SWQVb [O\ `SZObWd aQV\SZZ SW\ dS`UZSWQVaeSWaS UcbSa AWQVS`VSWba\WdSOc ZÉcTb OPS` 5STOV` ROaa RWSaSa <WdSOc Tº` USaQVÉTbaY`WbWaQVS AgabS[S hc \WSR`WU Wab
"$
%! ?a^iTbb 8CBXRWTaWTXcb\P]PVT\T]c x
:^\QX]XTacTa 0]bPci 4º` OZZS 7BAgabS[S RWS VrQVabS\a SW\S\ \]`[OZS\ AQVcbh PSRO`T OcTeSWaS\ Y][[b RS` 5`c\RaQVcbhO\aObh hc[ B`O US\ :SRWUZWQV Tº` 7BAgabS[S c\R 9][^]\S\bS\ [Wb V]VS[ AQVcbhPSRO`T eW`R SW\S RSbOWZZWS`bS /\OZgaS Rc`QVUSTºV`b RWS ZSbhbS\RZWQV RWS 0OaWa Tº` RWS hc S`U`SWTS\RS\ AWQVS`VSWba [Oz\OV[S\ PWZRSb 2c`QV RWS 9][PW\ObW]\ RS` D]`bSWZS RS` PSWRS\ O\RS`S\ /Z bS`\ObWdS\ TºV`b RWSaS` /\aObh aQV\SZZ hc SW\S[ O\US[SaaS \S\ c\R eW`YaO[S\ AQVcbh Tº` OZZS 7BAgabS[S c\R abSZZb a] [Wb SW\S S[^TSVZS\aeS`bS :rac\U Tº` RWS @WaWY]O\OZgaS RO` /cQV VWS` abSVb [Wb RS[ 0A7AbO\RO`R ! aWSVS /PaQV\Wbb $" SW\S PSeÉV`bS c\R eW`baQVOTbZWQVS D]`USVS\aeSWaS hc` DS`TºUc\U
+XYZKRR[TM KOTKY /:9OINKXNKOZYQUT`KVZY 2WS Tº` RWS 3`abSZZc\U SW\Sa 7BAWQVS`VSWbaY]\hS^ba Rc`QVhcTºV `S\RS\ AQV`WbbS hSWUb /PPWZRc\U $ ! $XVZDKO GHU ,76LFKHUKHLWVPDQDKPHQ
5LVLNRDN]HSWDQ]
(UVWHOOHQ YRQ 6\VWHPVLFKHUKHLWVSROLWLNHQ
(UVWHOOHQ GHV ,76LFKHUKHLWVSODQV
3K\VLVFK 2UJDQLVDWRULVFK 3HUVRQHOO ,7EH]RJHQ
$N]HSWLHUHQ 5HVWULVLNR (UJUHLIHQ ZHLWHUHU 0DQDKPHQ $EZlO]HQ GHV 5HVWULVLNRV 9HUVLFKHUXQJHQ
3&6LFKHUKHLWVSROLWLN 1HW]VLFKHUKHLWVSROLWLN ,QWHUQHWVLFKHUKHLWVSROLWLN
3ULRULWlWHQSODQ 5HVVRXUFHQSODQ =HLWSODQ )HVWOHJXQJ .RQWUROOPHFKDQLVPHQ
/PP $ ! AQV`WbbS PSW[ 3`abSZZS\ SW\Sa AWQVS`VSWbaY]\hS^ba 2Oa 3`USP\Wa SW\S` XSRS\ @WaWY]O\OZgaS aW\R AWQVS`VSWbaO\T]`RS `c\US\ Tº` RS`S\ 3`TºZZc\U W[ HcUS RS` 3`abSZZc\U RSa 7B AWQVS`VSWbaY]\hS^ba AWQVS`VSWba[Oz\OV[S\ OcaUSeÉVZb eS`RS\ eSZQVS RWS d]`VO\RS\S\ @WaWYS\ OcT SW\ RSTW\WS`bSa c\R PS VS``aQVPO`Sa ;Oz `SRchWS`S\ a]ZZS\
"%
%
8CBXRWTaWTXcb\P]PVT\T]c 7[ 4OZZS RS` OcaaQVZWSzZWQVS\ /\eS\Rc\U RSa 5`c\RaQVcbhO\ aObhSa S`T]ZUb RWSaS /caeOVZ W[ @OV[S\ RS` ;]RSZZWS`c\U aWSVS /PaQV\Wbb $!" /\RS`\TOZZa c[TOaab RS` S`abS AQV`Wbb RWS /caeOVZ RS` 7B AWQVS`VSWba[Oz\OV[S\ RWS aWQV W\ T]ZUS\RS dWS` 9ObSU]`WS\ SW\ ]`R\S\ ZOaaS\##( x
?WhbXbRWT `]PZS[ ROaa RWS AQVORS\aVrVS d]`OP `WQVbWU USaQVÉbhb eS`RS\ [caa /Za R`WbbS` 0OcabSW\ SW\Sa AWQVS`VSWbaY]\hS^bSa aW\R 8C BhbcT\bXRWTaWTXcb_^[XcXZT] Tº` U`]zS c\R Y][^ZSfS c\R]RS` hOVZ`SWQV O\hcb`STTS\RS AgabS[S hc S`abSZZS\ 7\ RWSaS\ 0OaWaR] Yc[S\bS\ eS`RS\ RWS U`c\RZSUS\RS\ D]`UOPS\ c\R :SWbZW\WS\ hc` AWQVS`VSWb W\ SW\S[ 7BAgabS[ RSTW\WS`b c\R 2SbOWZa ºPS` RWS OcaUSeÉVZbS\ AWQVS`VSWba[Oz\OV[S\ PSaQV`WSPS\ 0SWa^WSZS Tº` a]ZQVS AgabS[aWQVS`VSWba^]ZWbWYS\ aW\R >1AWQVS`VSWba^]ZWbWY <SbhaWQVS`VSWba^]ZWbWY ]RS` 7\bS`\SbaWQVS`VSWba^]ZWbWY 2WS SW\hSZ \S\ 0OaWaR]Yc[S\bS S`UÉ\hS\ RWS c\bS`\SV[S\aeSWbS 7B AWQVS`VSWba^]ZWbWY c\R [ºaaS\ c\bS`SW\O\RS` Y][^ObWPSZ aSW\ /Za ZSbhbS` 0OcabSW\ RSa 7BAWQVS`VSWbaY]\hS^ba PSaQV`SWPb RS` 8C BXRWTaWTXcb_[P] eWS RWS OcaUSeÉVZbS\ AWQVS`VSWba[Oz\OV[S\ c[USaSbhb eS`RS\ 3` S\bVÉZb cO SW\S >`W]`WbÉbS\ c\R @Saa]c` QS\^ZO\c\U a]eWS SW\S\ HSWb^ZO\ Tº` RWS C[aSbhc\U RS` ;Oz \OV[S\ 2Sa ESWbS`S\ aW\R 9]\b`]ZZ[SQVO\Wa[S\ TSabhcZSUS\ [Wb RS\S\ RS` 4]`baQV`Wbb RS` c[hcaSbhS\RS\ ;Oz\OV[S\ hc PSeS`bS\ Wab c\R ;rUZWQVYSWbS\ hc[ 3W\U`WTT PSW DS`hrUS`c\US\ ]RS` PSW Ò\RS`c\UaPSRO`T d]`hcaSVS\ aW\R
8KGROYOKX[TM 0SW RS` C[aSbhc\U RSa 7BAWQVS`VSWba^ZO\a aW\R RWS OcQV Tº` O\RS`S 7B>`]XSYbS bg^WaQVS\ @OV[S\PSRW\Uc\US\ hc PSOQVbS\ aWSVS /PaQV\Wbb !!(
"'
%
8CBXRWTaWTXcb\P]PVT\T]c x
DS`O\be]`bZWQVYSWbS\ c\R ;WbeW`Yc\Ua^TZWQVbS\ `SQVbhSWbWU c\R RSbOWZZWS`b TSabUSZSUb eS`RS\
[ºaaS\
x
TW\O\hWSZZS c\R ^S`a]\SZZS @Saa]c`QS\ [ºaaS\ ^ZO\[ÉzWU hc` DS`TºUc\U abSVS\
x
aÉ[bZWQVS ;Oz\OV[S\ [ºaaS\ Y]``SYb c\R d]ZZabÉ\RWU c[ USaSbhb eS`RS\ c\R
x
TW\O\hWSZZS c\R bS`[W\ZWQVS D]`UOPS\ aW\R SW\hcVOZbS\
>O`OZZSZ hc` 7[^ZS[S\bWS`c\U aW\R AS\aWPWZWaWS`c\Ua[Oz\OV[S\ SW\hcZSWbS\ c[ RS\ AbSZZS\eS`b RS` 7BAWQVS`VSWb W[ C\bS`\SV [S\ VS`OcahcO`PSWbS\ c\R RWS /YhS^bO\h RS` ;WbO`PSWbS` Tº` RWS USb`]TTS\S\ 7BAWQVS`VSWba[Oz\OV[S\ PS`SWba d]` RS`S\ 7\PS b`WSP\OV[S hc USeW\\S\ 3`USPS\ aWQV Rc`QV AWQVS`VSWba[Oz \OV[S\ eSaS\bZWQVS Ò\RS`c\US\ RS` 5SaQVÉTba^`]hSaaS aW\R \ScS /\eS\Rc\UaagabS[S hc PSRWS\S\ ]RS` aW\R \ScS /cTUO PS\TSZRS` ROhcUSY][[S\ a] aW\R S\ba^`SQVS\RS AQVcZc\Ua [Oz\OV[S\ Rc`QVhcTºV`S\ /PaQVZWSzS\R [ºaaS\ RWS c[USaSbhbS\ 7BAWQVS`VSWba[Oz\OV[S\ W\ RS` bObaÉQVZWQVS\ /\eS\Rc\Uac[USPc\U OcT WV`S /caeW`Yc\ US\ USbSabSb eS`RS\ 0SW ^]aWbWdS[ BSabS`USP\Wa aW\R RWS W[^ZS [S\bWS`bS\ ;Oz\OV[S\ Tº` RS\ @SUSZPSb`WSP T`SWhcUSPS\
(KZXOKH
'[LXKINZKXNGRZ[TM JKY 9OINKXNKOZYTO\KG[Y EÉV`S\R RS` 0Sb`WSPa^VOaS UWZb Sa ROa Rc`QV RWS d]`OcaUSUO\ US\S\ AQV`WbbS S``SWQVbS 7BAWQVS`VSWba\WdSOc hc VOZbS\ c\R UUT OcahcPOcS\ <ScS\ 0SR`]Vc\US\ Wab h0 Rc`QV \ScS ]RS` O\ US^OaabS AWQVS`VSWba[Oz\OV[S\ S\bUSUS\hceW`YS\ ESWbS`S\b eWQYZc\US\ PSW ^VgaWaQVS\ ]RS` 7BPSh]US\S\ AWQVS`VSWba[Oz \OV[S\ aW\R OcT WV`S 3WU\c\U c\R 3W\aObhTÉVWUYSWb VW\ hc ^`º TS\ 2WS `SUSZ[ÉzWUS EO`bc\U RS` SW\USaSbhbS\ AWQVS`VSWba[Oz\OV [S\ h0 C^RObS RS` DW`S\aQVcbh c\R O\RS`S` AWQVS`VSWbaa]Tb eO`S Rc`QV ROTº` Ocb]`WaWS`bS c\R USaQVcZbS ;WbO`PSWbS` Wab SW\ eSWbS`Sa eWQVbWUSa /cTUOPS\TSZR ;Wb RS[ ^S`[O\S\bS\ ÍPS` eOQVS\ RS` 7BAgabS[S ;]\Wb]`W\U c\R RS` Tº` aWS USb`]TTS\S\ AWQVS`VSWba[Oz\OV[S\ eW`R ROa HWSZ dS`T]ZUb ROaa ROa TSabUSZSU bS AWQVS`VSWba\WdSOc S`VOZbS\ PZSWPb
#
%" 8CBXRWTaWTXcb\P]PVT\T]c ]PRW 1B86ad]SbRWdci
)NGTMK 3GTGMKSKTZ 2WS W\ SW\S[ C\bS`\SV[S\ SW\USaSbhbS\ 7BAgabS[S c\R /\eS\Rc\US\ eS`RS\ `SUSZ[ÉzWU OYbcOZWaWS`b S`UÉ\hb c\R]RS` S`aSbhb 2WSa YO\\ RWS C[abSZZc\U OcT SW\S\ ZSWabc\UaTÉVWUS`S\ /\eS\Rc\UaaS`dS` ]RS` SW\S \ScS DS`aW]\ RSa 3@>AgabS[a S PS\a] PSb`STTS\ eWS RWS 7\bSU`ObW]\ SW\S` \ScS\ A]TbeO`SY][ ^]\S\bS h0 SW\Sa 1@;AgabS[a AW\R a]ZQVS Ò\RS`c\US\ US^ZO\b a] aW\R RWS XSeSWZWUS\ /caeW` Yc\US\ OcT RWS 7BAWQVS`VSWb hc c\bS`acQVS\) UUT Wab Rc`QV O\US [SaaS\S 7BAWQVS`VSWba[Oz\OV[S\ hc `SOUWS`S\
8KGQZOUT G[L YOINKXNKOZYXKRK\GTZK +XKOMTOYYK C\bS` aWQVS`VSWba`SZSdO\bS\ 3`SWU\WaaS\ eS`RS\ OZZS D]`Y][[ \WaaS dS`abO\RS\ RWS AWQVS`VSWbaZºQYS\ OcTRSQYS\ eWS h0 3W\ P`cQVdS`acQVS W\ ROa AgabS[ ]É A]ZQVS 3`SWU\WaaS eS`RS\ OcQV PSW SW\S[ aSV` V]VS\ AWQVS` VSWba\WdSOc \WS UÉ\hZWQV OcahcaQVZWSzS\ aSW\ 4º` ROa C\bS`\SV [S\ Wab RO\\ SW\S aQV\SZZS c\R aOQVUS`SQVbS @SOYbW]\ OcT a]ZQVS 3`SWU\WaaS W[ AW\\S SW\Sa RSTW\WS`bS\ >`]hSaaSa S`T]`RS`ZWQV c[ a] RWS 0SRScbc\U RSa 3`SWU\WaaSa c\R aSW\S 9]\aS_cS\hS\ OP aQVÉbhS\ a]eWS UUT USSWU\SbS 5SUS\[Oz\OV[S\ S`U`SWTS\ hc Yr\\S\ 7\ U`]zS\ C\bS`\SV[S\ eW`R Tº` RWSaS /cTUOPS VÉcTWU SW\ a] US\O\\bSa 1][^cbS` 3[S`US\Qg @Sa^]\aS BSO[ 13@B SW\US aSbhb O\a]\abS\ eW`R RS` 7BAWQVS`VSWbaPSOcTb`OUbS [Wb RWSaS` /cTUOPS PSb`Ocb eS`RS\
/:9OINKXNKOZYSGTGMKSKTZ TGIN (9/-X[TJYIN[Z`
kHKXHROIQ 2WS D]`USVS\aeSWaS \OQV 0A75`c\RaQVcbh U`SWTb eSaS\bZWQVS BSWZS RS` W\ /PPWZRc\U $ RO`USabSZZbS\ >VOaS\ OcT c\R ZWS TS`b SW\ dS`SW\TOQVbSa DS`TOV`S\ Tº` 3\beWQYZc\U c\R C[aSbhc\U d]\ 7BAWQVS`VSWba[O\OUS[S\b /PPWZRc\U $! hSWUb RWS eS aS\bZWQVS\ AQV`WbbS RWSaS` D]`USVS\aeSWaS Hc 0SUW\\ RSa >`]hSaaSa Wab TSabhcZSUS\ eSZQVS` BSWZ RS` 7B SW \Sa C\bS`\SV[S\a c\bS`acQVb eS`RS\ a]ZZ OZa] h0 RWS 7B RSa USaO[bS\ C\bS`\SV[S\a ]RS` \c` RWS SW\S` BSWZSW\VSWb 2S` a] #
%
8CBXRWTaWTXcb\P]PVT\T]c TSabUSZSUbS C\bS`acQVc\UaUSUS\abO\R eW`R OZa 7BDS`Pc\R PS hSWQV\Sb Hc` DS`O\aQVOcZWQVc\U RS` D]`USVS\aeSWaS eW`R OZa PSWa^WSZVOTbS` 7BDS`Pc\R W\ RS\ T]ZUS\RS\ /PaQV\WbbS\ RWS 7B SW\Sa C\bS`\SV[S\a [Wb SW\S` HS\b`OZS SW\S` >`]RcYbW]\aabÉbbS c\R dWS` DS`b`WSPaPº`]a hcU`c\RS USZSUb#$
,76WUXNWXUDQDO\VH 6FKXW]EHGDUIVIHVWVWHOOXQJ ,7*UXQGVFKXW]DQDO\VH (UJlQ]HQGH 6LFKHU KHLWVDQDO\VH
1HW]H 6\VWHPH $QZHQGXQJHQ
$QZHQGXQJHQ 6\VWHPH 1HW]H 5lXPH
0RGHOOLHUXQJ %DVLV6LFKHUKHLWVFKHFN
5LVLNRDQDO\VH 3HQHWUDWLRQVWHVW
5HDOLVLHUXQJVSODQXQJ /PP $! D]`USVS\aeSWaS PSW 7BAWQVS`VSWba[O\OUS[S\b \OQV 7B5`c\RaQVcbh
/:9ZX[QZ[XGTGR_YK 7[ @OV[S\ RS` 7BAb`cYbc`O\OZgaS UWZb Sa 7\T]`[ObW]\S\ ºPS` RWS 7B7\T`Oab`cYbc` /\eS\Rc\US\ AgabS[S c\R <SbhS a]eWS RWS ROhc USVr`WUS\ @Éc[S#% hcaO[[S\hcabSZZS\ c\R hc O\OZgaWS`S\ 3W\ BSWZ RWSaS` 7\T]`[ObW]\S\ YO\\ Oca PS`SWba d]`VO\RS\S\ ?cSZZS\ abO[[S\ eWS Pa^e /\UOPS\ ºPS` RWS dS`eS\RSbS 6O`R c\R A]TbeO`S Oca RS[ 7\dS\b]`g ;O\OUS[S\b dUZ /P aQV\Wbb # ! /\RS`\TOZZa aW\R RWS 7\T]`[ObW]\S\ \Sc hc S`VS PS\
#
#$
2S` W[ 4]ZUS\RS\ dS`eS\RSbS PSWa^WSZVOTbS 7BDS`Pc\R ]`WS\bWS`b aWQV aSV` abO`Y O\ RS[ 0SWa^WSZc\bS`\SV[S\ @31>:/AB eSZQVSa d][ 0A7 RS[ ESPYc`a Tº` 7B5`c\RaQVcbh hcU`c\RS USZSUb ec`RS I0A7 $TK
#%
/\eS\Rc\US\ AgabS[S <SbhS c\R @Éc[S eS`RS\ OcQV OZa HWSZ]P XSYbS PShSWQV\Sb
%" 8CBXRWTaWTXcb\P]PVT\T]c ]PRW 1B86ad]SbRWdci 2WS 7BAb`cYbc`O\OZgaS eW`R W\ T]ZUS\RS\ AQV`WbbS\ Rc`QVUSTºV`b( x
BRWaXcc ) 4abcT[[T] TX]Tb QTaTX]XVcT] =Tci_[P]b 2Oa <Sbh RSa 7BDS`Pc\Ra eW`R [Wb aSW\S\ 7BAgabS[S\ OY bWdS <SbhY][^]\S\bS\ h0 @]cbS` >S`W^VS`WSUS`ÉbS h0 <SbhR`cQYS` AS`dS` 1ZWS\b1][^cbS` RS\ DS`PW\Rc\US\ heWaQVS\ RS\ 7BAgabS[S\ RS\ /czS\dS`PW\Rc\US\ RS` 7B AgabS[S h0 7\bS`\SbO\PW\Rc\U a]eWS RS\ B9 9][^]\S\bS\ S`TOaab c\R W\ 4]`[ SW\Sa <Sbh^ZO\Sa aWSVS /PPWZRc\U $! RO`USabSZZb 2OPSW aW\R Oca 5`º\RS\ RS` ÍPS`aWQVbZWQVYSWb c\R hc` 9][^ZSfWbÉba`SRchWS`c\U UZSWQVO` bWUS AgabS[S hcaO[[S\hcTOaaS\ OZa] h0 RWS R`SW UZSWQV Y]\TWUc`WS`bS\ 1ZWS\b@SQV\S` RS` >S`a]\OZOPbSWZc\U /PPWZ Rc\U $! hSWUb Tº` RS\ OZa 0SWa^WSZ VS`O\USh]US\S\ 7B DS`Pc\R SW\S\ RS`O`bWU PS`SW\WUbS\ <Sbh^ZO\ 3URGXNWLRQVVWlWWH
=HQWUDOH 6 3ULPlUHU 'RPlQHQ 6 ([FKDQJH 6 (53 :LQGRZV :LQGRZV 6HUYHU 6HUYHU &RQWUROOHU
6 %DFNXS 'RPlQHQ :LQGRZV &RQWUROOHU
6 ,QWUDQHW 6HUYHU
,QWHUQHW
931
1 5RXWHU
9HUWULHEVEURV
& &OLHQW &RPSXWHU IU 9HUWULHE
1 6ZLWFK 7 7.$QODJH
,3
,3
1 )LUHZDOO 1 6ZLWFK
1 5RXWHU
6WDQG OHLWXQJ
1 6ZLWFK
1 5RXWHU
& 1RWHERRNV
7 )D[JHUlWH
& &OLHQW &RPSXWHU IU :LQGRZV )LQDQ]ZHVHQ
& &OLHQW &RPSXWHU IU 3HUVRQDOZHVHQ :LQGRZV
& &OLHQW & &OLHQW &RPSXWHU IU &RPSXWHU IU UHVWO :LQGRV *HVFKlIWVIKUXQJ )DFKDEWHLOXQJHQ
7 7.$QODJH
& :LQGRZV &OLHQW &RPSXWHU IU 3URGXNWLRQ
/HJHQGH 'LH ,76\VWHPH XQG .RPSRQHQWHQ VLQG W\SZHLVH GXUFKQXPPHULHUW 'HU YRUDXVJHKHQGH %XFKVWDEH EH]HLFKQHW GHQ 7\S 6 6HUYHU & &OLHQW&RPSXWHU 1 1HW]NRPSRQHQWH 7 7HOHNRPPXQLNDWLRQVJHUlW
/PP $! 0S`SW\WUbS` <Sbh^ZO\ Tº` ROa 0SWa^WSZc\bS`\SV[S\ x
BRWaXcc !) IdbP\\T]bcT[[T] STa 8C d]S C:BhbcT\T /ZZS d]`VO\RS\S 7BAgabS[S c\R B99][^]\S\bS\ eS`RS\ [Wb RS\ aWS QVO`OYbS`WaWS`S\RS\ /\UOPS\ W\ bOPSZZO`WaQVS` 4]`[ hcaO[[S\USabSZZb 4º` RS\ W\ /PPWZRc\U $! RO`US abSZZbS\ <Sbh^ZO\ hSWUb BOPSZZS $! PSWa^WSZVOTb /caaQV\Wb bS Oca SW\S` a]ZQVS\ BOPSZZS
#!
%
8CBXRWTaWTXcb\P]PVT\T]c BOP $!
/caaQV\Wbb Oca RS` HcaO[[S\abSZZc\U RS` 7B AgabS[S c\R 9][^]\S\bS\
1U %HVFKUHLEXQJ 3ODWWIRUP 6WDQGRUW 6 3ULPlUHU 'RPlQHQ :LQGRZV 6HUYHU =HQWUDOH ,QJROVWDGW &RQWUROOHU 5DXP 6HUYHUUDXP 6 (536HUYHU :LQGRZV 6HUYHU =HQWUDOH ,QJROVWDGW 5DXP 6HUYHUUDXP & &OLHQW&RPSXWHU IU :LQGRZV ;3 =HQWUDOH ,QJROVWDGW )LQDQ]ZHVHQ 5DXP & &OLHQW&RPSXWHU IU :LQGRZV ;3 =HQWUDOH ,QJROVWDGW 3HUVRQDOZHVHQ 5lXPH & &OLHQW&RPSXWHU IU :LQGRZV ;3 =HQWUDOH ,QJROVWDGW *HVFKlIWVIKUXQJ 5lXPH & &OLHQW&RPSXWHU IU :LQGRZV ;3 3URGXNWLRQVVWlWWH 3URGXNWLRQ LQ 3IDIIHQKRIHQ & &OLHQW&RPSXWHU IU :LQGRZV ;3 9HUWULHEVEURV 1UQ 9HUWULHE EHUJ 0QFKHQ /HLS]LJ XQG 6WXWWJDUW & 1RWHERRNV IU :LQGRZV ;3 9HUWULHEVEURV 1UQ 9HUWULHE EHUJ 0QFKHQ /HLS]LJ XQG 6WXWWJDUW 1 6ZLWFK 6ZLWFK =HQWUDOH ,QJROVWDGW 5DXP 6HUYHUUDXP 7 7HOHIRQDQODJH ,6'17.$QODJH =HQWUDOH ,QJROVWDGW =HQWUDOH 5DXP
$Q]DKO 6WDWXV %HQXW]HU$GPLQLVWUDWLRQ LQ DOOH ,7%HQXW]HU %HWULHE ,7$GPLQLVWUDWLRQ
LQ DOOH ,7%HQXW]HU %HWULHE ,7$GPLQLVWUDWLRQ
LQ %HWULHE LQ %HWULHE LQ %HWULHE LQ %HWULHE LQ %HWULHE
%HUHFKWLJWH 3HUVRQDOPLW DUEHLWHU ,7$GPLQLVWUDWLRQ %HUHFKWLJWH 3HUVRQDOPLW DUEHLWHU ,7$GPLQLVWUDWLRQ *HVFKlIWVIKXQJ $VVLV WHQ],7$GPLQLVWUDWLRQ 0LWDUEHLWHU 3URGXNWLRQ ,7$GPLQLVWUDWLRQ 0LWDUEHLWHU 9HUWULHE ,7$GPLQLVWUDWLRQ
LQ 0LWDUEHLWHU 9HUWULHE %HWULHE ,7$GPLQLVWUDWLRQ
LQ DOOH ,7%HQXW]HU %HWULHE ,7$GPLQLVWUDWLRQ
LQ DOOH 0LWDUEHLWHU LQ ,QJRO %HWULHE VWDGW ,7$GPLQLVWUDWLRQ
/HJHQGH 'LH ,76\VWHPH XQG .RPSRQHQWHQ VLQG W\SZHLVH GXUFKQXPPHULHUW 'HU YRUDXVJHKHQGH %XFKVWDEH EH]HLFKQHW GHQ 7\S 6 6HUYHU & &OLHQW&RPSXWHU 1 1HW]NRPSRQHQWH 7 7HOHNRPPXQLNDWLRQVJHUlW
x
BRWaXcc ") IdbP\\T]bcT[[T] STa 8C0]fT]Sd]VT] Hc RS\ 7B/\eS\Rc\US\ RWS PSa]\RS`a aQVcbheº`RWU c\R]RS` USTÉV`RSb aW\R hÉVZS\ a]ZQVS /^^ZWYObW]\S\
[Wb RS\S\ ^S`a]\S\PSh]US\S 2ObS\ dS`O`PSWbSb eS`RS\
RWS ºPS` SfbS`\S <SbhS ZOcTS\RS 2ObS\ dS`O`PSWbS\ c\R]RS`
SW\S\ eSaS\bZWQVS\ 5SaQVÉTba^`]hSaa RSa C\bS`\SV[S\a c\bS`abºbhS\
Hc` @SRchWS`c\U RSa /cTeO\Ra eS`RS\ \c` RWSaS /^^ZWYObW ]\S\ hcaO[[S\USabSZZb c\R O\aQVZWSzS\R RS\ 7BAgabS[S\ hcUS]`R\Sb OcT RS\S\ aWS W[ AS`dS` ]RS` 1ZWS\b[]Rca W[^ ZS[S\bWS`b aW\R aWSVS BOPSZZS $! 2Oa 3`USP\Wa RWSaS` >VOaS aW\R SW\ PS`SW\WUbS` <Sbh^ZO\ RWS Hc aO[[S\abSZZc\U RS` 7B/\eS\Rc\US\ 7B c\R B9AgabS[S <SbhY][^]\S\bS\ a]eWS RS`S\ eSQVaSZaSWbWUS\ Hc]`R\c\US\
#"
%" 8CBXRWTaWTXcb\P]PVT\T]c ]PRW 1B86ad]SbRWdci BOP $! 1U $ $ $ $ $ $ $ $
%HVFKUHLEXQJ %HQXW]HUDXWKHQWL]LHUXQJ $XIWUDJV XQG .XQGHQYHUZDOWXQJ /RKQ XQG *HKDOWVEXFKIKUXQJ 5HLVHNRVWHQDEUHFKQXQJ )LQDQ]EXFKKDOWXQJ 3URGXNWLRQVSODQXQJ 6WUDWHJLVFKH 8QWHUQHKPHQVSODQXQJ (PDLO0DQDJHPHQW
Hc]`R\c\U RS` 7B/\eS\Rc\US\ hc AS`dS`\ c\R 1ZWS\b1][^cbS`\ 3HUVRQHQEH]RJHQH 'DWHQ & & & & & & & 6 6 6 6 [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
/HJHQGH 'LH ,76\VWHPH XQG .RPSRQHQWHQ VLQG W\SZHLVH GXUFKQXPPHULHUW 'HU YRUDXVJHKHQGH %XFKVWDEH EH]HLFKQHW GHQ 7\S $ $QZHQGXQJ & &OLHQW&RPSXWHU 6 6HUYHU
9IN[Z`HKJGXLYGTGR_YK 7\ RWSaS` >VOaS eW`R Tº` XSRS RS` W\ RS` Ab`cYbc`O\OZgaS S`TOaabS\ 7B/\eS\Rc\US\ RS` AQVcbhPSRO`T W[ 6W\PZWQY OcT DS`b`OcZWQV YSWb 7\bSU`WbÉb c\R DS`TºUPO`YSWb TSabUSZSUb 2S` AQVcbhPSRO`T eW`R W\ /PVÉ\UWUYSWb RS` /caeW`Yc\US\ SW\Sa AQVORS\a h0 W\ TW\O\hWSZZS` 6W\aWQVb ]RS` W[ 6W\PZWQY OcT RWS /caeW`Yc\US\ OcT 9S`\USaQVÉTba^`]hSaaS W\ R`SW 9ObSU]`WS\ SW\USbSWZb( x
=^a\P[ 2WS /caeW`Yc\US\ SW\Sa AQVORS\a aW\R PSU`S\hb c\R ºPS` aQVOcPO` RV SW\ [rUZWQVS` TW\O\hWSZZS` AQVORS\ Wab Tº` ROa C\bS`\SV[S\ b]ZS`WS`PO` 5SaQVÉTba^`]hSaaS eS`RS\ eS\\ ºPS`VOc^b \c` c\S`VSPZWQV PSSW\b`ÉQVbWUb
x
7^RW 2WS /caeW`Yc\US\ SW\Sa AQVORS\a Yr\\S\ PSb`ÉQVbZWQV aSW\ RV RS` TW\O\hWSZZS AQVORS\ Wab Tº` ROa C\bS`\SV[S\ a^º` PO` 5SaQVÉTba^`]hSaaS eS`RS\ S`VSPZWQV PSSW\b`ÉQVbWUb c\R]RS` aWU\WTWYO\bS /caTOZZhSWbS\ h0 d]\ [SV` OZa SW\S[ /`PSWbabOU R`]VS\
x
BTWa W^RW 2WS /caeW`Yc\US\ SW\Sa AQVORS\a Yr\\S\ SW\ SfWabS\bWSZZ PSR`]VZWQVSa YObOab`]^VOZSa /ca[Oz O\\SV[S\ RV RS` TW \O\hWSZZS AQVORS\ Wab Tº` ROa C\bS`\SV[S\ 3fWabS\h PSR`] VS\R c\R]RS` RS` /caTOZZ eSaS\bZWQVS` 5SaQVÉTba^`]hSaaS TºV`b hc \OQVVOZbWUS\ 7[OUSaQVÉRS\ ]RS` hc[ DS`Zcab d]\ /cTb`ÉUS\
BOPSZZS $!! dS`O\aQVOcZWQVb Tº` dWS` OcaUSeÉVZbS 7B /\eS\Rc\US\ PSWa^WSZVOTb RS\ TSabUSabSZZbS\ AQVcbhPSRO`T VW\ aWQVbZWQV RS` R`SW 5`c\ReS`bS ##
%
8CBXRWTaWTXcb\P]PVT\T]c /cT 7BAgabS[S\ Yr\\S\ [SV`S`S 7B/\eS\Rc\US\ W[^ZS[S\ bWS`b aSW\ W[ 0SWa^WSZ ZOcTS\ OcT RS[ 3@>AS`dS` A! RWS aSQVa /\eS\Rc\US\ / PWa /% aWSVS BOPSZZS $! 7[ AW\\S SW\Sa ;OfW[c[^`W\hW^a PSabW[[b RS` XSeSWZa VrQVabS AQVcbhPSRO`T RS` 7B/\eS\Rc\US\ RS\ AQVcbhPSRO`T SW\Sa 7BAgabS[a BOP $!!
1U
,76\VWHP %H]HLFKQXQJ
$ %HQXW]HUDXWKHQWLVLHUXQJ
$ $XIWUDJV XQG .XQGHQYHUZDOWXQJ
$ /RKQ XQG *HKDOWVEXFKIKUXQJ
$ )LQDQ]EXFKKDOWXQJ
AQVcbhPSRO`TaTSababSZZc\U Tº` 7B/\eS\Rc\US\
6FKXW]EHGDUIVIHVWVWHOOXQJ 3HUVRQHQEH *UXQGZHUW 6FKXW] %HJUQGXQJ ]RJHQH 'DWHQ EHGDUI [ 9HUWUDXOLFKNHLW QRUPDO 'LH 3DVVZ|UWHU VLQG YHUVFKOVVHOW JHVSHLFKHUW XQG GDPLW SUDNWLVFK QLFKW ]XJlQJOLFK ,QWHJULWlW KRFK 'HU KRKH 6FKXW]EHGDUI HUJLEW VLFK GDUDXV GDVV VLFK DOOH 0LWDUEHLWHU KLHUEHU LGHQWLIL]LHUHQ 9HUIJEDUNHLW KRFK %HL $XVIDOO GLHVHU $QZHQGXQJ LVW NHLQH ,GHQWLIL]LHUXQJ XQG VRPLW NHLQH $XVIKUXQJ YRQ ,7$QZHQGXQJHQ P|JOLFK (LQ $XVIDOO LVW DOOHQIDOOV ELV ]X 6WXQGHQ WROHUDEHO [ 9HUWUDXOLFKNHLW KRFK (V ZHUGHQ SHUVRQHQEH]RJHQH 'DWHQ YHUDUEHLWHW GHUHQ %HNDQQWZHUGHQ GHP 8QWHUQHKPHQ JURHQ 6FKDGHQ ]XIJHQ NDQQ ]% EHVRQGHUH .XQGHQNRQGLWLRQHQ ,QWHJULWlW KRFK 'LH bQGHUXQJ YRQ 0HQJHQ XQG 3UHLVDQJDEHQ NDQQ GHP 8QWHUQHKPHQ LP ([WUHPIDOO VHKU JURHQ 6FKDGHQ ]XIJHQ 9HUIJEDUNHLW KRFK 'D PLW GLHVHU $QZHQGXQJ JHVFKlIWVNULWLVFKH 3UR]HVVH ZLH ]% $QJHERWVHUVWHOOXQJ $XIWUDJVEHVWlWLJXQJ XQG %HVWHOODEZLFNOXQJ DEJHZLFNHOW ZHUGHQ NDQQ HLQ $XVIDOO K|FKVWHQV ELV ]X 6WXQGHQ PDQXHOO EHUEUFNW ZHUGHQ [ 9HUWUDXOLFKNHLW KRFK +LHUEHL KDQGHOW HV VLFK XP EHVRQGHUV VFKXW]ZUGLJH 'DWHQ GHUHQ %HNDQQWZHUGHQ GLH %HWURIIHQHQ HUKHEOLFK EHHLQWUlFKWLJHQ NDQQ ,QWHJULWlW QRUPDO )HKOHU ZHUGHQ UDVFK HUNDQQW XQG N|QQHQ HQWZHGHU DXV GHU 'DWHQVLFKHUXQJ HLQJHVSLHOW RGHU GXUFK (LQJDEH NRUULJLHUW ZHUGHQ 9HUIJEDUNHLW QRUPDO $XVIlOOH ELV ]X HLQHU :RFKH N|QQHQ PLW PDQXHOOHQ 9HUIDKUHQ EHUEUFNW ZHUGHQ [ 9HUWUDXOLFKNHLW KRFK (V ZHUGHQ YHUWUDXOLFKH )LQDQ]GDWHQ GHV 8QWHUQHKPHQV YHUDUEHLWHW GHUHQ %HNDQQWZHUGHQ GHP 8QWHUQHKPHQ X8 KRKHQ ILQDQ]LHOOHQ 6FKDGHQ XQG $QVHKHQVYHUOXVW ]XIJHQ NDQQ ,QWHJULWlW KRFK $OOH )LQDQ]GLVSRVLWLRQHQ VHW]HQ NRUUHNWH 'DWHQ YRUDXV %HL IDOVFKHQ 'DWHQ VLQG EHWUlFKWOLFKH ILQDQ]LHOOH 6FKlGHQ P|JOLFK 9HUIJEDUNHLW QRUPDO (LQ $XVIDOO YRQ ELV ]X GUHL 7DJHQ NDQQ PLW ]XPXWEDUHP 0HKUDXIZDQG PDQXHOO EHUEUFNW ZHUGHQ
/HJHQGH 'LH ,76\VWHPH XQG .RPSRQHQWHQ VLQG W\SZHLVH GXUFKQXPPHULHUW 'HU YRUDXVJHKHQGH %XFKVWDEH EH]HLFKQHW GHQ 7\S $ $QZHQGXQJ
BOPSZZS $!! hSWUb Tº` heSW AS`dS` RWS OcT RWSaS ESWaS Oca RS\ /\eS\Rc\US\ OPUSZSWbSbS\ AQVcbhPSRO`TS /ca RS\ a] PSabW[[bS\ AQVcbhPSRO`TS\ RS` 7BAgabS[S ZOaaS\ aWQV eWSRS`c[ PSW /\eS\Rc\U RSa ;OfW[c[^`W\hW^a RWS AQVcbhPSRO`TS RS` PSb`STTS\RS\ 9][[c\WYObW]\adS`PW\Rc\US\ <SbhS c\R RWS RS` hcUSVr`WUS\ 7\T`Oab`cYbc` @Éc[S OPZSWbS\ /ca BOPSZZS $!! S`UWPb aWQV a][Wb Ocb][ObWaQV ROaa RS` PSWRS 7BAgabS[S PSVS`PS`US\RS AS`dS``Oc[ @Oc[ " US[Éz ;OfW [c[^`W\hW^ VW\aWQVbZWQV OZZS` 5`c\ReS`bS RWS AQVcbhPSRO`TaabcTS V]QV OcTeSWab 5ZSWQVSa UWZb Pa^e Tº` RS\ AeWbQV
#$
%" 8CBXRWTaWTXcb\P]PVT\T]c ]PRW 1B86ad]SbRWdci BOP $!!
AQVcbhPSRO`TaTSababSZZc\U Tº` 7BAgabS[S
,76\VWHP 1U %H]HLFKQXQJ *UXQGZHUW 6FKXW]EHGDUI 6 3ULPlUHU 'RPlQHQ 9HUWUDXOLFKNHLW QRUPDO ,QWHJULWlW 9HUIJEDUNHLW
&RQWUROOHU
6 (536HUYHU
KRFK QRUPDO
9HUWUDXOLFKNHLW KRFK
6FKXW]EHGDUIVIHVWVWHOOXQJ %HJUQGXQJ 0D[LPXPSULQ]LS JHPl $QZHQGXQJ $ 0D[LPXPSULQ]LS JHPl $QZHQGXQJ $ *HPl $QZHQGXQJ $ %HQXW]HUDXWKHQWLVLHUXQJ LVW GHU 6FKXW] EHGDUI KRFK 'D MHGRFK DQ GHU 3URGXNWLRQVVWlWWH HLQ ]ZHLWHU 'R PlQHQ&RQWUROOHU 6 VWHKW LVW GLH $QPHOGXQJ DXFK IU %HQXW]HU GHU =HQWUDOH GRUW P|JOLFK (LQ $XVIDOO YRQ HLQLJHQ 7DJHQ LVW VRPLW KLQQHKPEDU 0D[LPXPSULQ]LS JHPl $QZHQGXQJHQ $ $ XQG $
,QWHJULWlW
KRFK
0D[LPXPSULQ]LS JHPl $QZHQGXQJHQ $ XQG $
9HUIJEDUNHLW
KRFK
0D[LPXPSULQ]LS JHPl $QZHQGXQJ $
/HJHQGH 'LH ,76\VWHPH XQG .RPSRQHQWHQ VLQG W\SZHLVH GXUFKQXPPHULHUW 'HU YRUDXVJHKHQGH %XFKVWDEH EH]HLFKQHW GHQ 7\S $ $QZHQGXQJ 6 6HUYHU
/Za 3`USP\Wa RWSaS` >VOaS S`VÉZb [O\ a][Wb OcaUSVS\R d]\ RS\ 7B/\eS\Rc\US\ RS\ AQVcbhPSRO`T OZZS` @Éc[S <SbhY][^] \S\bS\ c\R 7BAgabS[S
/:-X[TJYIN[Z`GTGR_YK 2WS 5`c\RaQVcbhO\OZgaS c[TOaab RWS /cTUOPS\ ;]RSZZWS`c\U c\R 0OaWaAWQVS`VSWbaQVSQY 7[ @OV[S\ RS` `ºTc\U eW`R RWS 3`TºZZc\U RS` AWQVS`VSWbaO\T]`RS`c\US\ W\ SW\S[ HS`bWTW YOb PSabÉbWUb A] UWPb Sa Pa^e HS`bWTWhWS`c\US\ \OQV 7B5`c\R aQVcbh ]RS` \OQV 11 4º` C\bS`\SV[S\ UWPb Sa cO T]ZUS\RS 5`º\RS Tº` SW\S HS`bWTW hWS`c\U( x
0S`SQVbWUc\U hc` BSWZ\OV[S O\ ^`WdObeW`baQVOTbZWQVS\ ]RS` rTTS\bZWQVS\ /caaQV`SWPc\US\ aWSVS OcQV /PaQV\Wbb $"
x
0SabÉbWUc\U Tº` RWS 3`TºZZc\U USaSbhZWQVS` /\T]`RS`c\US\ h0 O\ SW\ @WaWY][O\OUS[S\bagabS[ aWSVS /PaQV\Wbb $
x
0SabÉbWUc\U Tº` ROa D]`ZWSUS\ SW\Sa PSabW[[bS\ AWQVS`VSWba\WdSOca h0 Tº` 9c\RS\ ]RS` :WSTS`O\bS\
7B
A] eSWab Pa^e RWS [Wb 3W\TºV`c\U c\R 0Sb`WSP RSa :9E ;OcbagabS[a PSOcTb`OUbS B]ZZ 1]ZZSQb 5[P6 [Wb RS[ 7B 5`c\RaQVcbhHS`bWTWYOb USUS\ºPS` RS[ /cTb`OUUSPS` \OQV $
%# ITacXUXiXTad]V ROaa Sa OZZS Tº` WV`S\ 7BDS`Pc\R `SZSdO\bS\ AbO\RO`RaWQVS` VSWba[Oz\OV[S\ c[USaSbhb VOb 7[ @OV[S\ d]\ 7BAWQVS`VSWba[O\OUS[S\b UWZb Sa W\aPSa]\RS`S RWS aSWb 8O\cO` $ UºZbWUS 8B> !& ITacXUXiXTad]V PdU STa 1PbXb e^] 8C6ad]SbRWdci hc PSOQVbS\ AWS RSQYb a]e]VZ RWS PWaVS`WUS HS`bWTWhWS`c\Ua\]`[ 7B5`c\RaQVcbh OZa OcQV RWS W\bS` \ObW]\OZS HS`bWTWhWS`c\Ua\]`[ 7A= % OP c\R Wab a][Wb OcQV Tº` W\bS`\ObW]\OZ bÉbWUS C\bS`\SV[S\ PSRScbaO[ 2WSaS HS`bWTWhWS `c\U c[TOaab a]e]VZ RWS >`ºTc\U RSa 7\T]`[ObW]\aaWQVS` VSWba[O\OUS[S\bagabS[a 7A;A OZa OcQV RWS >`ºTc\U RS` Y]\ Y`SbS\ AWQVS`VSWba[Oz\OV[S\ OcT RS` 0OaWa d]\ 7B5`c\RaQVcbh I;Í`ºTaQVS[O TSabUSZSUbS\ /cTUOPS\ W[ @OV[S\ RSa /cRWba I0A7 !PK USVr`S\ SW\S AWQVbc\U RS` d][ C\bS` \SV[S\ d]`USZSUbS\ @STS`S\hR]Yc[S\bS h0 7BAb`cYbc` O\OZgaS AQVcbhPSRO`TaTSababSZZc\U RWS 2c`QVTºV`c\U SW\S` D]` =`b>`ºTc\U c\R RWS 3`abSZZc\U SW\Sa /cRWb`S^]`ba /cT RS` 5`c\RZOUS RSa RS[ 0A7 d]`hcZSUS\RS\ @S^]`ba c\R RSa 7A= %5`c\RaQVcbhHS`bWTWhWS`c\UaaQVS[Oa eW`R S\baQVWSRS\ ]P SW\ HS`bWTWYOb OcaUSabSZZb eS`RS\ YO\\ 2WS S`bSWZbS\ HS`bWTWYObS aW\R heSW 8OV`S UºZbWU A]hcaOUS\ OZa D]`abcTS Tº` RWSaSa HS`bWTWYOb YO\\ SW\ ZWhS\hWS`bS` /cRWb]` x
ROa /cRWb]`BSabOb 7B5`c\RaQVcbh 3W\abWSUaabcTS c\R
x
ROa /cRWb]`BSabOb 7B5`c\RaQVcbh /cTPOcabcTS
OcaabSZZS\ 7[ 4OZZS SW\Sa \SUObWdS\ DS`ZOcTa RS` HS`bWTWhWS`c\Ua ^`ºTc\U YO\\ SW\ C\bS`\SV[S\ Rc`QV RS\ 6W\eSWa OcT S`bSWZbS /cRWb]`BSabObS \OQV OczS\ Y][[c\WhWS`S\ ROaa RWS 3bOPZWS`c\U d]\ 7BAWQVS`VSWba[O\OUS[S\b \OQV 7A= % OcT RS` 0OaWa d]\ 7B5`c\RaQVcbh O\USab`SPb eW`R 2WS 3W\abWSUaabcTS PSRScbSb ROaa SW\ USeWaaSa ;W\RSab\WdSOc d]\ 7B5`c\RaQVcbh RWS RO`OcT OcTaSbhS\RS /cTPOcabcTS ROaa SW\ VrVS`Sa <WdSOc OPS` \]QV c\bS`VOZP RSa 7B 5`c\RaQVcbh\WdSOca S``SWQVb Wab c\R RWS HS`bWTWhWS`c\U \OQV C[ aSbhc\U RS` TSVZS\RS\ ;Oz\OV[S\ S`bSWZb eW`R $
%
8CBXRWTaWTXcb\P]PVT\T]c 2Oa 7A= %HS`bWTWYOb OcT RS` 0OaWa d]\ 7B5`c\RaQVcbh RSQYb \OQV /\UOPS\ RSa 0A7 OcQV RWS /\T]`RS`c\US\ RSa AbO\RO`Ra 7A= %%'' aWSVS /PaQV\Wbb $" d]ZZabÉ\RWU OP abSZZb OZZS`RW\Ua YSW\ 7A= %%''HS`bWTWYOb RO` RO Sa SW\ a]ZQVSa \WQVb UWPb I0A7 $VK /cQV PS`ºQYaWQVbWUb RWSaSa HS`bWTWYOb RWS /\T]`RS`c\ US\ d]\ 7A= !!!# aWSVS /PaQV\Wbb $" I;ÍVOaS\ 6WZTa[WbbSZ PS`SWb 0a^e VOPS\ dS`aQVWSRS\S 7\abWbcbW]\S\ T`SW dS`TºUPO`S ;SbV]RS\ hc` @WaWY]O\OZgaS S\beWQYSZb h0 RWS 1O` \SUWS ;SZZ]\ C\WdS`aWbg [Wb RS` ;SbV]RS =1B/D3#' I13@B $K ]RS` RWS 2W`SQbW]\ QS\b`OZS RS ZO AÆQc`WbÆ RSa AgabÅ[Sa R~7\T]` [ObW]\ RSa T`O\hraWaQVS\ DS`bSWRWUc\Ua[W\WabS`Wc[a [Wb RS` ;S bV]RS 307=A$ IAA7 $K EÉV`S\R Tº` =1B/D3 4]`[PZÉbbS` >`ÉaS\bObW]\S\ c\R c[TO\U`SWQVS 0SWa^WSZS RWS C[aSbhc\U RS` ;SbV]RWY PSUZSWbS\ abSVb Tº` 307=A SW\S SPS\TOZZa T`SW PShWSVPO `S /aaWabS\hA]TbeO`S hc` DS`TºUc\U /[ eSWbSabS\ dS`P`SWbSb aW\R FTaZiTdVT U¶a 8CBXRWTaWTXc ]PRW 8C6ad]SbRWdci ;Wb RS[ B]]Z 7B5`c\RaQVcbh 5AB==: abSZZb ROa 0A7 RS[ /\ eS\RS` SW\S A]TbeO`S Tº` 3`abSZZc\U DS`eOZbc\U c\R 4]`baQV`SW Pc\U d]\ 7BAWQVS`VSWbaY]\hS^bS\ \OQV 7B5`c\RaQVcbh PS`SWb 2O\SPS\ PWSbS\ dS`aQVWSRS\S 2`WbbO\PWSbS` SPS\TOZZa B]]Za hc` C\bS`abºbhc\U RS` /`PSWb [Wb RS\ 7B5`c\RaQVcbhYObOZ]US\ O\
$
#'
=^S`ObW]\OZZg 1`WbWQOZ BV`SOb /aaSb O\R DcZ\S`OPWZWbg 3dOZcObW]\
$
3f^`SaaW]\ RSa 0Sa]W\a Sb 7RS\bWTWQObW]\ RSa =PXSQbWTa RS AÆQc`WbÆ 2WSa YO\\ eWS T]ZUb ºPS`aSbhb eS`RS\( 4]`[OZWaWS`c\U d]\ 0SRº`T \WaaS\ c\R 7RS\bWTWhWS`c\U d]\ AWQVS`VSWbahWSZS\
%% 0dUQPd^aVP]XbPc^aXbRWT 0b_TZcT 3W\S /caeOVZ RWSaS` 2`WbbO\PWSbS` Wab OcT RS` ESPaWbS RSa 0A7 OP `cTPO` I0A7 $WK 7[ 4OZZS RS` `]XSYbZSWbS` Tº` /caeOVZ c\R 3W\TºV`c\U SW\S` \ScS\ :]V\ c\R 5SVOZbaa]TbeO`S RWS 7BAWQVS`VSWba`SUSZc\US\ PSOQVbS\ [ºaaS\
$!
%
8CBXRWTaWTXcb\P]PVT\T]c 2WS @]ZZS\ Yr\\S\ OPVÉ\UWU d]\ 5`rzS\]`R\c\U RS` 4W`[O c\R 0SRScbc\U RS` 7BAWQVS`VSWb OcQV d]\ [SV`S`S\ >S`a]\S\ eOV`US\][[S\ eS`RS\ a]e]VZ hS\b`OZ OZa OcQV RShS\b`OZ /P PWZRc\U $$ hSWUb W\ S\US` /\ZSV\c\U O\ I0A7 $XK SW\S [rUZWQVS 5`c\Rab`cYbc` Tº` RWS 7BAWQVS`VSWba]`UO\WaObW]\ SW\Sa C\bS`\SV[S\a 2WSaS 5`c\Rab`cYbc` SWU\Sb aWQV W\ RWSaS` ]RS` ÉV\ZWQVS` 4]`[ d]` OZZS[ Tº` 5`]zc\bS`\SV[S\ 2WS /cTUOPS\ RS` 7B AWQVS`VSWbaPSOcTb`OUbS\ eS`RS\ W\ /PaQV\Wbb $$ \ÉVS` PS aQV`WSPS\ 2Oa 8CBXRWTaWTXcbcTP\ c\bS`abºbhb PSW U`]zS\ C\bS`\SV[S\ RS\RWS AWQVS`VSWbaPSOcTb`OUbS\ PSW aSW\S\ /cTUOPS\ c\R S`VrVb Rc`QV RWS 3W\PW\Rc\U d]\ /\eS\RS`\ RWS RS[ BSO[ O\USVr `S\ Yr\\S\ RWS a^ÉbS`S /YhS^bO\h PSW RS` C[aSbhc\U RS` ;Oz \OV[S\ 0SOQVbS\aeS`b PSW RWSaS` [rUZWQVS\ 5`c\Rab`cYbc` Wab ROaa RS` hS\b`OZS AWQVS`VSWbaPSOcTb`OUbS OcT C\bS`\SV[S\aSPS\S OUWS`b eÉV`S\R Tº` RWS 0S`SWQVS$ SWUS\S 0SOcTb`OUbS SW\USaSbhb aW\R 7[ @OV[S\ d]\ >`]XSYbS\ [Wb 7BAWQVS`VSWba`SZSdO\h eS` RS\ SPS\a] SWUS\S 0SOcTb`OUbS W\abOZZWS`b eWS Tº` a^ShWTWaQVS
8QWHUQHKPHQVOHLWXQJ
,76LFKHUKHLWVWHDP
,76LFKHUKHLWVEHDXIWUDJWHU
9HUWUHWHU GHU ,7$QZHQGHU
8QWHUQHKPHQV ,76LFKHUKHLWV /HLWOLQLH XQG 9RUJDEHQ
%HUHLFKV ,76LFKHUKHLWVEHDXIWUDJWHU
%HUHLFKV ,76LFKHUKHLWV /HLWOLQLH XQG 9RUJDEHQ
3URMHNW6\VWHP ,76LFKHUKHLWVEHDXIWUDJWHU
3URMHNW6\VWHP ,76LFKHUKHLWV /HLWOLQLH XQG 9RUJDEHQ
8QWHUQHKPHQV (EHQH
%HUHLFKV (EHQH
3URMHNW6\VWHP (EHQH
/PP $$ ;rUZWQVS =`UO\WaObW]\ d]\ 7BAWQVS`VSWba[O\OUS [S\b W\ SW\S[ C\bS`\SV[S\
$
$"
/Za 0S`SWQV YO\\ VWS` h0 SW\ 5SaQVÉTbaPS`SWQV SW\S /PbSWZc\U ]RS` SW\S <WSRS`ZOaac\U dS`abO\RS\ eS`RS\
%% 0dUQPd^aVP]XbPc^aXbRWT 0b_TZcT AgabS[S h0 PSW 5SZRW\abWbcbS\ Tº` aÉ[bZWQVS [Wb =\ZW\S0O\YW\U hcaO[[S\VÉ\US\RS AgabS[S 4º` C\bS`\SV[S\ [WbbZS`S` 5`rzS\]`Rc\U PWSbSb Sa aWQV O\ RWS /cTUOPS\ RS` 7BAWQVS`VSWbaPSOcTb`OUbS\ OcT C\bS`\SV[S\a c\R 0S`SWQVaSPS\S hcaO[[S\hcZSUS\ c\R]RS` RWS /cTUOPS\ RSa 7B AWQVS`VSWbabSO[a RS[ 7BAbScS`c\Ua :S\Yc\UaOcaaQVcaa aWSVS /PaQV\Wbb !! hc ºPS`b`OUS\ 0SW YZSW\S\ C\bS`\SV[S\ eS`RS\ aÉ[bZWQVS @]ZZS\ RS` 7B AWQVS`VSWbaPSOcTb`OUbS\ hcaO[[S\USZSUb a] ROaa W[ C\bS`\SV [S\ \c` SW\ 7BAWQVS`VSWbaPSOcTb`OUbS` O\hcb`STTS\ Wab 2WS @]ZZS RSa 7BAWQVS`VSWbabSO[a `Sa^ RSa 7BAbScS`c\Ua c\R :S\Yc\Ua OcaaQVcaaSa eW`R W\ RWSaS[ 4OZZ d][ 7B@STS`S\bS\ 9]]`RW\Ob]`S\ aWSVS /PaQV\Wbb !! eOV`US\][[S\ C\USOQVbSb RS` XSeSWZa ^`OYbWhWS`bS\ /cTUOPS\dS`bSWZc\U PSVÉZb RWS 5SaQVÉTbaTºV`c\U RSa C\bS`\SV[S\a Oca RS\ W\ /PaQV\Wbb $ US\O\\bS\ 5`º\RS\ U`c\RaÉbhZWQV RWS DS`O\be]`bc\U Tº` RWS ]`R\c\UaUS[ÉzS c\R aWQVS`S 3`TºZZc\U RS` [Wb 7BAWQVS` VSWba[O\OUS[S\b hcaO[[S\VÉ\US\RS\ /cTUOPS\
/:9OINKXNKOZYHKG[LZXGMZKX 2S` 8CBXRWTaWTXcbQTPdUcaPVcT Wab Tº` aSW\S\ DS`O\be]`bc\UaPS `SWQV US[Éz /PaQV\Wbb $$ YO\\ RWSa ROa USaO[bS C\bS`\SV [S\ RS` 0S`SWQV SW\Sa C\bS`\SV[S\a SW\ >`]XSYb ]RS` SW\ 7B AgabS[ aSW\ RS` hS\b`OZS /\a^`SQV^O`b\S` Tº` OZZS `SZSdO\bS\ 4`OUS\ hc[ BVS[O 7BAWQVS`VSWba[O\OUS[S\b 2WS AbSZZS RSa hS\b`OZS\ 7BAWQVS`VSWbaPSOcTb`OUbS\ Wab WR@ RW`SYb PSW RS` 7B :SWbc\U O\USaWSRSZb 8S \OQV C\bS`\SV[S\aU`rzS dS`TºUb S` ºPS` SW\S\ [SV` ]RS` eS\WUS` U`]zS\ ;WbO`PSWbS`abO[[ d]\ AWQVS` VSWbaSf^S`bS\ c\R ºPS` S\ba^`SQVS\RS 0cRUSba 2WS eSaS\bZWQVS\ 0dUVPQT] STb iT]caP[T] 8CBXRWTaWTXcbQT PdUcaPVcT] aW\R I0A7 $XK( x
RWS 7BAWQVS`VSWba^]ZWbWY hc S`abSZZS\
x
RWS 3`abSZZc\U RSa 7BAWQVS`VSWbaY]\hS^bSa hc Y]]`RW\WS`S\
x
RWS 3`abSZZc\U RSa `]XSYb[O\OUS [S\bS`TOV`c\U OcTeSWaS\ 4º` RWS TOQVZWQVS ?cOZWTWhWS`c\U W[ 0S`SWQV 7BAWQVS`VSWb c\R 7B AWQVS`VSWba[O\OUS[S\b eW`R SW\S DWSZhOVZ d]\ ESWbS`PWZRc\Ua [Oz\OV[S\ O\USP]bS\ 2WS W[ 4]ZUS\RS\ PSWa^WSZVOTb OcTUS TºV`bS\ 3f^S`bS\hS`bWTWYObS _cOZWTWhWS`S\ hc` ÍPS`\OV[S d]\ 4ºV`c\UaOcTUOPS\ W[ 0S`SWQV d]\ 7BAWQVS`VSWba[O\OUS[S\b x
2TacXUXTS 8]U^a\PcX^] BhbcT\b BTRdaXch ?a^UTbbX^]P[ 28BB? 2WSaSa HS`bWTWYOb eW`R PS`SWba aSWb '&' d][ CAO[S`WYO \WaQVS\ 7\bS`\ObW]\OZ 7\T]`[ObW]\ AgabS[a ASQc`Wbg 1S`bWTWQO bW]\ 1]\a]`bWc[ 7A1 S`bSWZb 2WS >`ºTc\U c[TOaab RWS eS aS\bZWQVS\ AWQVS`VSWbabVS[S\ eWS h0 S`a]\S\ aW\R [Wb Pdc^\PcXbXTacTa 3`VS Pc\U DS`O`PSWbc\U ]RS` S`a]\S\ aW\R [Wb 3`VSPc\U DS`O`PSWbc\U ]RS` S`a]\S\ I0;E7 $K PWa hc RWSaS[ HSWb^c\Yb ZOU aWS PSW dWS` >S`a]\S\
%$ %
8CBXRWTaWTXcb\P]PVT\T]c 2S` 2ObS\aQVcbhPSOcTb`OUbS [caa ºPS` SW\S S\ba^`SQVS\RS 4OQV Yc\RS c\R ºPS` HcdS`ZÉaaWUYSWb dS`TºUS\ 2WS S`T]`RS`ZWQVS 5PRWZd]ST c[TOaab a]e]VZ ROa OZZUS[SW\S 5`c\ReWaaS\ VW\ aWQVbZWQV RSa 2ObS\aQVcbh`SQVba c\R ºPS` DS`TOV`S\ c\R BSQV\W YS\ RS` Ocb][ObWaWS`bS\ 2ObS\dS`O`PSWbc\U OZa OcQV RWS 9S\\b\Wa ºPS` PSb`WSPaeW`baQVOTbZWQVS HcaO[[S\VÉ\US 2O`ºPS` VW\Oca [caa RS` PSb`WSPZWQVS 2ObS\aQVcbhPSOcTb`OUbS [Wb RS` =`UO\WaObW ]\ c\R RS\ 4c\YbW]\S\ RSa 0Sb`WSPSa dS`b`Ocb aSW\ c\R SW\S\ UcbS\ ÍPS`PZWQY ºPS` OZZS 4OQVOcTUOPS\ VOPS\ hc RS`S\ 3`TºZ Zc\U ^S`a]\S\PSh]US\S 2ObS\ dS`O`PSWbSb eS`RS\ 2S` 0SU`WTT RS` IdeTa[ÊbbXVZTXc c[TOaab a]e]VZ a]`UTÉZbWUS c\R U`º\RZWQVS /`PSWbaeSWaS 0SZOabPO`YSWb :S`\TÉVWUYSWb :]gOZWbÉb c\R 5SeWaaS\VOTbWUYSWb OZa OcQV 9][^ObWPWZWbÉb RS` /cTUOPS RSa 2ObS\aQVcbhPSOcTb`OUbS\ [Wb aSW\S\ O\RS`S\ /cTUOPS\ DS`[SW Rc\U d]\ 7\bS`SaaS\aY]ZZWaW]\S\ A] Wab hc[ 0SWa^WSZ hc dS`[SW RS\ RS\ 7\VOPS` RS\ D]`abO\R RS\ 5SaQVÉTbaTºV`S` ]RS` RS\ 7B:SWbS` hc[ PSb`WSPZWQVS\ 2ObS\aQVcbhPSOcTb`OUbS\ hc PSabSZ ZS\ RO aWS aWQV \WQVb eW`YaO[ aSZPab Y]\b`]ZZWS`S\ Yr\\S\ 2S` PSb`WSPZWQVS 2ObS\aQVcbhPSOcTb`OUbS Wab RW`SYb RS` 5SaQVÉTba TºV`c\U c\bS`abSZZb c\R W\ 0ShcU OcT RObS\aQVcbh`SQVbZWQVS 6O\R Zc\US\ eSWac\UaT`SW 2WSaS` DS`^TZWQVbc\U YO\\ Rc`QV W\bS`\S 0SabSZZc\U ]RS` Rc`QV 6S`O\hWSVS\ SW\Sa SfbS`\S\ 2ObS\aQVcbhPSOcTb`OUbS\ \OQVUS Y][[S\ eS`RS\ 7\aPSa]\RS`S [WbbSZabÉ\RWaQVS C\bS`\SV[S\ PSabSZZS\ SfbS`\S A^ShWOZWabS\ hc PSb`WSPZWQVS\ 2ObS\aQVcbhPSOcT b`OUbS\ c[ OcT RWSaS ESWaS ^S`a]\SZZS 9O^OhWbÉbS\ hc aQV]\S\ 2S` PSb`WSPZWQVS 2ObS\aQVcbhPSOcTb`OUbS [caa W[ ESaS\bZWQVS\ T]ZUS\RS /cTUOPS\ eOV`\SV[S\(
$&
x
6W\eW`YS\ OcT RWS 3W\VOZbc\U RSa 02A5 c\R O\RS`S` D]` aQV`WTbS\ ºPS` RS\ 2ObS\aQVcbh h0 BSZSRWS\abSRObS\aQVcbh USaSbh Pa^e Rc`QV ;WbeW`Yc\U PSW RS` >ZO\c\U c\R 3W\ TºV`c\U d]\ 7BAgabS[S\
x
7\T]`[ObW]\ c\R AQVcZc\U RS` Tº` RWS 0SO`PSWbc\U ^S`a] \S\PSh]US\S` 2ObS\ hcabÉ\RWUS\ ;WbO`PSWbS` Pa^e Rc`QV RWS 3`abSZZc\U d]\ S\ba^`SQVS\RS\ PSb`WSPZWQVS\ @SUSZc\ US\
%% 0dUQPd^aVP]XbPc^aXbRWT 0b_TZcT x
0SO`PSWbc\U d]\ Eº\aQVS\ c\R 0SaQVeS`RS\ d]\ >S`a] \S\ RS`S\ ^S`a]\S\PSh]US\S 2ObS\ S`V]PS\ dS`O`PSWbSb c\R US\cbhb eS`RS\$!
x
4ºV`S\ RS` 2ObS\aQVcbhR]Yc[S\bObW]\ RWS US[Éz w "R 02A5 cO 7\T]`[ObW]\S\ PSW\VOZbS\ [caa ºPS` RWS HeSQY PSabW[[c\U RS` 2ObS\S`VSPc\U dS`O`PSWbc\U c\R \cbhc\U h0 >S`a]\OZ 9c\RS\ ]RS` :WSTS`O\bS\RObS\dS`eOZbc\U ]RS` ºPS` RWS :raQVT`WabS\ RS` 2ObS\ h0 \OQV /PZOcT RS` USaSbhZWQVS\ ]RS` dS`b`OUZWQV dS`SW\PO`bS\ /cTPSeOV`c\Ua T`WabS\
2WS 3W\VOZbc\U RSa 02A5 a]eWS O\RS`S` D]`aQV`WTbS\ ºPS` RS\ 2ObS\aQVcbh eW`R d]\ SW\S` 0dUbXRWcbQTW»aST Y]\b`]ZZWS`b 4º` 0OgS`\ Tc\UWS`b Pa^e RWS @SUWS`c\U d]\ ;WbbSZT`O\YS\ OZa 2O bS\aQVcbhOcTaWQVbaPSVr`RS Tº` RS\ \WQVbrTTS\bZWQVS\ 0S`SWQV 2WS /cTaWQVbaPSVr`RS dS`TºUb ºPS` eSWb`SWQVS\RS 0STcU\WaaS A] Wab aWS Pa^e PS`SQVbWUb x
RWS /PPS`cTc\U RSa PSb`WSPZWQVS\ 2ObS\aQVcbhPSOcTb`OUbS\ hc dS`ZO\US\ eS\\ RWSaS` \WQVb RWS S`T]`RS`ZWQVS 4OQVYc\RS ]RS` HcdS`ZÉaaWUYSWb PSaWbhb
x
d][ PSb`WSPZWQVS\ 2ObS\aQVcbhPSOcTb`OUbS\ RWS 2ObS\aQVcbh USaSbhS PSb`STTS\RS /caYº\TbS SW\hcV]ZS\
x
W\ RS\ 5SaQVÉTba`Éc[S\ RSa C\bS`\SV[S\a RObS\aQVcbh`SZS dO\bS C[abÉ\RS hc ^`ºTS\ ]RS`
x
RWS DS`eS\Rc\U d]\ 7B/\eS\Rc\US\ hc c\bS`aOUS\ RWS Oca RObS\aQVcbh`SQVbZWQVS` AWQVb S`VSPZWQVS ;É\USZ OcTeSW aS\ RWS b`]bh /\]`R\c\U W\ O\US[SaaS\S` 4`Wab \WQVb PSaSW bWUb ec`RS\
>3;5 Vbb^(eeeY^[URSb]^WQa AO`PO\Sa=fZSgVb[Z 7\bS` \Sb`SQVS`QVS O[ !& $ I;=6@ #K ;]V` A =cba]c`QW\U \OQV 0O\YS\O`b YSa # 6STb $ A TT I;Í::3@ !K ;ºZZS` 9@ 7BAWQVS`VSWb [Wb AgabS[ EWSaPORS\ ! I;Í`]TSaaW]\OZa YSa $ 6STb ! A %! I@3 EW` S\bhS``S\ WV` C\bS`\SV[S\ Vbb^(eee QO Q][ObSdS\b 1]\acdObW]\M>SbS`M@S\baQVZS`M %M8c\WM $^RT 7\bS`\Sb`SQVS`QVS O[ !' $ IE7BB $OK EWbb 01 AWQVS`VSWba@SQVb YSa $ 6STb A ' '$ IE7BB $PK EWbb 01 7BAWQVS`VSWb Y][^OYb c\R dS`abÉ\RZWQV EWSaPORS\ $ IEÎ097TZWQVbdS`ZSbhc\U RSa :WSTS`O\bS\ PSW RS[ 3`abSZZc\U SW\Sa AbScS`^`]U`O[[a SW\S AQVORS\aS`aObhT]`RS`c\U W\ ;WZZW]\S\VrVS PSU`º\RS\ AbWZZabO\R SW\S` >`]RcYbW]\aZW\WS 9]abS\ Tº` SW\S @ºQY`cTOYbW]\ /cTU`c\R RSa c\bS`\SV[S`WaQVS\ @WaWY]a eW`R RS` :WSTS`O\b ]RS` 6S`abSZZS` dS`acQVS\ aSW\S 6OTbc\U Rc`QV SW\S dS`b`OUZWQVS @S USZc\U SW\hcaQV`É\YS\ c\R RO[Wb YOZYcZWS`PO` hc [OQVS\ 3W\S 0SU`S\hc\U RS` 6OTbc\U YO\\ \c` RORc`QV S`T]ZUS\ ROaa W[ 9OcT ]RS` ES`YdS`b`OU S\beSRS` 6OTbc\UaOcaaQVZºaaS ]RS` 6OT bc\UaPSU`S\hc\US\ dS`SW\PO`b eS`RS\ 2OPSW Wab hc PSOQVbS\ ROaa 6OTbc\UaPSaQV`É\Yc\US\ W\ /ZZUS [SW\S\ 5SaQVÉTbaPSRW\Uc\US\ /50 \c` W\ SW\USaQV`É\YbS\ C[TO\U [rUZWQV c\R PSW SW\S[ DS`ab]z USUS\ RWSaS 0SaQV`É\ Yc\US\ d]ZZabÉ\RWU$% c\eW`YaO[ aW\R
8KINZROINK 'YVKQZK OS @[YGSSKTNGTM SOZ +([YOTKYY
O`bSW OPUSUSPS\S\ EWZZS\aS`YZÉ`c\U \WQVb 3PS\a] YO\\ RS` HcUO\U SW\S` 3;OWZ PSW RS` O\RS`S\ >O`bSW Tº` RS\ /PaS\RS` RS`hSWb \WQVb US`WQVbadS`eS`bPO` \OQVUSeWSaS\ eS`RS\ 0S`SWba hc[ BSZSTOf VOb RS` 0c\RSaUS`WQVbaV]T OcaUS TºV`b ROaa ROa AS\RS^`]b]Y]ZZ \c` RWS 6S`abSZZc\U RS` DS`PW\ Rc\U heWaQVS\ AS\RS c\R 3[^TO\UaUS`Éb O\hSWUb c\R hcRS[ SW\TOQV [O\W^cZWS`b eS`RS\ YO\\ ITZWQVbO\UO PS\ hc` /\PWSbS`YS\\hSWQV\c\U S\bVOZbS\ 2WSaS >TZWQVbO\ UOPS\ [ºaaS\ ZSWQVb S`YS\\PO` c\[WbbSZPO` S``SWQVPO` c\R abÉ\RWU dS`TºUPO` aSW\$'
x
w !%O 650 S`T]`RS`b OcQV Tº` RS\ 3;OWZDS`YSV` RWS USaSbh ZWQVS\ ;W\RSabO\UOPS\ Tº` 5SaQVÉTbaP`WSTS RV ROa 5SaSbh c\bS`aQVSWRSb \WQVb heWaQVS\ 7\T]`[ObW]\ab`ÉUS`\ >O^WS` S ZSYb`]\WaQVS 2]Yc[S\bS
2WS <WQVbPSOQVbc\U RS` 7\T]`[ObW]\a^TZWQVbS\ TºV`b \WQVb hc` C\eW`YaO[YSWb RS` OPUSaQVZ]aaS\S\ DS`b`ÉUS) aWS YO\\ OPS` OZa ESbbPSeS`PadS`ab]z Rc`QV 9]\Yc``S\bS\ Y]abS\^TZWQVbWU OPUS [OV\b eS`RS\ 2O\SPS\ Yr\\S\ 5S`WQVbS ]RS` RWS hcabÉ\RWUS\ /cTaWQVbaPSVr`RS\% 0cz c\R =`R\c\UaUSZRS` W\ 6rVS d]\ PWa hc # 3C@ dS`VÉ\US\
'-( OS +([YOTKYY /50 aW\R Oca RS[ `SQVbZWQVS\ /ZZbOU RSa 30caW\Saa \WQVb [SV` eSUhcRS\YS\ @SQVbaU`c\RZOUS Tº` RWS 0Sc`bSWZc\U RS` eW`YaO [S\ 3W\PShWSVc\U RS` /50 c\R 7\VOZbaY]\b`]ZZS RS` SW\hSZ\S\ 9ZOcaSZ\ aW\R RWS ww !# TT 050 Hc PSOQVbS\ Wab ROaa US[Éz w !# /Pa 050 OZZS Tº` SW\S DWSZhOVZ d]\ DS`b`ÉUS\ d]`T]`[c ZWS`bS\ DS`b`OUaPSRW\Uc\US\ RWS SW\S DS`b`OUa^O`bSW DS`eS\RS` RS` O\RS`S\ PSW DS`b`OUaOPaQVZcaa abSZZb OZa /50 USZbS\ OcQV DS`b`OUaYZOcaSZ\ ;cabS`dS`b`ÉUS c\R 4]`[cZO`S aW\R ROVS` /50
$&
0507\T]`[ObW]\a^TZWQVbS\DS`]`R\c\U W\ RS` 4Oaac\U RS` 0S YO\\b[OQVc\U d][ # /cUcab I050: A ! K USÉ\RS`b Rc`QV /`bWYSZ ! RSa 5SaSbhSa d][ 2ShS[PS` " I050: " A ! K
$'
Hc RWSaS` 4`OUS SfWabWS`b [WbbZS`eSWZS SW\S c[TO\Ua`SWQVS OPS` bSWZ eSWaS eWRS`a^`ºQVZWQVS @SQVba^`SQVc\U
%
H0 RWS 769 \WQVb OPS` RWS 9]\Yc``S\bS\ eWS [O\QVS /P[OV \c\U acUUS`WS`b
&
8CATRWc 2WS eW`YaO[S 3W\PShWSVc\U RS` /50 W[ 7\bS`\Sb aSbhb US\S`SZZ d]`Oca ROaa SW\ RScbZWQVS` 6W\eSWa c\R SW\ S\ba^`SQVS\RS` :W\Y OcT RWS /50 h0 ]PS`VOZP RSa 0SabSZZPcbb]\a I:53AA3< !K ]RS` OcT RS[ 5SaQVÉTbaP`WST h0 0SabSZZc\U /cTb`OUaPSabÉbW Uc\U S`T]ZUb 2WS /\hSWUS RS` VW\bS`ZSUbS\ /50 [caa ºPS` aQVOcPO` W\ ZSaPO`S` 5`rzS c\R 4]`[ObWS`c\U S`T]ZUS\ AWS [caa RS[ 9c\RS\ RWS ;rUZWQVYSWb SW\S` Y`WbWaQVS\ ÍPS`^`ºTc\U S` [rUZWQVS\ 2S[ 9c\RS\ [caa RWS ;rUZWQVYSWb SW\US`Éc[b eS` RS\ RWS /50 OcT RS[ SWUS\S\ 1][^cbS` hc a^SWQVS`\ 4º` RWS A^SWQVS`c\U [ºaaS\ RWS /50 W\ SW\S[ USP`ÉcQVZWQVS\ 4]`[Ob hc` DS`TºUc\U USabSZZb eS`RS\ ^RT `bT ]RS` Vb[Z 0Sa]\RS`Sa /cUS\[S`Y ZSUS\ RWS 5S`WQVbS OcT RS\ C[abO\R ROaa RS` /ca R`cQY ]V\S eSWbS`S 4]`[ObWS`c\US\ [rUZWQV Wab
8KMKR[TMKT LX HKZXOKHROINK /TZKXTKZT[Z`[TM
+OTLNX[TM 2WS `]fg AS`dS` HcaÉbhZWQV c\bS`ZWSUS\ >`]U`O[[S hc` ÍPS`eOQVc\U RSa 2ObS\dS`YSV`a S`ab @SQVb RWSaS` `WdObS 7\bS`\Sb\cbhc\U Rc`QV /`PSWb \SV[S` ;º\QVS\ ! I63CA:3@ "K 6ScaZS` 0 c\R @]ZO\R ; 7BDS`b`OUa`SQVb >`OfWa]`WS\bWS`bS DS`b`OUaUSabOZbc\U W\ RS` 7\T]`[ObW]\abSQV\]Z]UWS Hº`WQV " I:53AA3< !K :5 3aaS\ ! :5 3aaS\ d][ ! ! $ = "$ I;=@7BH K ;]`Wbh 6E c\R 2`SWS` B 6`aU @SQVbaVO\RPcQV hc[ 3 1][[S`QS 9rZ\ I`]hSaaS\ 7\T`Oab`cYbc` c\R 5]dS`\O\QS XSeSWZa PSh]US\ OcT 7B c\R 5SaQVÉTb VS` dUZ /PPWZRc\U & '
'
8C6^eTa]P]RT
,76WUDWHJLH 8QWHUQHKPHQVVWUDWHJLH
*RYHUQDQFH ,7,QIUDVWUXNWXU
,7*RYHUQDQFH
,73UR]HVVH
*HVFKlIWVSUR]HVVH
3UR]HVVH
&RUSRUDWH *RYHUQDQFH
6WUDWHJLH
*HVFKlIWVLQIUDVWUXNWXU
,QIUDVWUXNWXU
/PP & 7B5]dS`\O\QS5SaQVÉTbaO`QVWbSYbc` I8=6/`]hSa aS \ScS ]RS` dS`É\RS`bS 7B7\T`Oab`cYbc`S\ PSRW\US\ / ZWU\[S\b 0]bb][c^ YO\\ RWS 7B OZa ESUPS`SWbS` Tº` d]`VS` \WQVb c[aSbhPO`S 5SaQVÉTba[]RSZZS ]RS` ^`]hSaaS Tc\UWS`S\ 3\OPZW\U 2WS /PabW[[c\U eW`R [OzUSPZWQV PSSW\TZcaab d]\ RS\ 3`eO`bc\US\ c\R HWSZS\ RS` /\a^`cQVa c\R 7\bS `SaaS\U`c^^S\ W\\S`VOZP c\R OczS`VOZP RSa C\bS`\SV[S\a AbOYSV]ZRS` DOZcS 2`WdS`a x
=dciT]VT]TaXTad]V EP[dT 3T[XeTah 2c`QV RWS =`WS\bWS`c\U O\ C\bS`\SV[S\ahWSZS\ c\R ab`ObS UWS a]ZZ RWS 7B `]RcYbS c\R 2WS\abZSWabc\US\ a]ZZS\ O\USP]bS\ eS`RS\-
x
EWS a]ZZ RWS 7B/`QVWbSYbc` USabOZbSb eS`RS\-
'" 2>18CATUTaT]i\^ST[[ x
EWS aW\R DS`O\be]`bZWQVYSWbS\ c\R HcabÉ\RWUYSWbS\ hc `S USZ\-
x
EWS a]ZZ ROa 7B1]\b`]ZZW\U OcaUS^`ÉUb eS`RS\-
2WS Y]\Y`SbS 0SO\be]`bc\U a]ZQVS` 4`OUS\ VÉ\Ub XS \OQV C\bS` \SV[S\ d]\ c\bS`aQVWSRZWQVS\ 4OYb]`S\ [Wb dS`aQVWSRS\S\ /ca ^`ÉUc\US\ OP h0 =`UO\WaObW]\aab`cYbc` [Wb TZOQVS` ]RS` bWSTS` 6WS`O`QVWS @SWTSU`OR RS` 7B \WSR`WU ]RS` V]QV 2WSa [OQVb RScbZWQV ROaa 7B5]dS`\O\QS c\bS`\SV[S\aa^ShWTWaQV OcahcUS abOZbS\ c\R RS` XSeSWZWUS\ C\bS`\SV[S\aaWbcObW]\ O\hc^OaaS\ Wab dUZ I0/C@A16;72 # A "#K
)5(/:8KLKXKT`SUJKRR
=KYKT 2WS 2^]ca^[ >QYTRcXeTb U^a 8]U^a\PcX^] P]S AT[PcTS CTRW ]^[^Vh 2>18C abSZZS\ SW\ 5aP\Tf^aZ Tº` RWS 7[^ZS[S\bWS `c\U ZSWabc\UaTÉVWUS` 8C6^eTa]P]RT RO` I1/;>03:: # A K 2Oa 1=07B4`O[Se]`Y ec`RS ''$ d]\ RS` 7\T]`[ObW]\ Aga bS[a /cRWb O\R 1]\b`]Z /aa]QWObW]\ 7A/1/%! W\ SW\S` S`abS\ DS`aW]\ dS`rTTS\bZWQVb c\R [Wb RS[ ''& USU`º\RSbS\ 7B 5]dS` \O\QS 7\abWbcbS 7B57 eSWbS`S\beWQYSZb 7[ 8OV` # S`aQVWS\ RWS DS`aW]\ " RWS 0OaWa RS` eSWbS`S\ /caTºV`c\US\ Wab 9c`h d]` 2`cQYZSUc\U RWSaSa 0cQVSa ec`RS @SZSOaS " OZa W\Y`S[S\bSZZSa C^RObS O\USYº\RWUb /Za ATUTaT]i\^ST[[ PS`ºQYaWQVbWUb 1=07B 1Tbc ?aPRcXRTb SPS\ a] eWS dWSZS X]cTa]PcX^]P[T 5aP\Tf^aZb d]S BcP]SPaSb RWS SPS\TOZZa 0SWb`ÉUS hc` C\bS`abºbhc\U RS` 7B5]dS`\O\QS ZWSTS`\ 0SWa^WSZS VWS`Tº` aW\R /\aÉbhS hc[ AS`dWQS[O\OUS[S\b h0 7 B7: ?cOZWbÉba[O\OUS[S\b h0 7A= ' TT AWQVS`VSWba[O\O US[S\b h0 7A= % 7A= %%'' ]RS` @SWTSU`OR c\R A]Tb eO`S^`]XSYb[O\OUS[S\b h0 1;;7%" c\R >@7eTaeXTf I7B57 # A # TTK 2WSaS` /PaQV\Wbb S\bVÉZb SW\S 3W\TºV`c\U W\ RWS BVS[ObWY RS` 7B5]dS`\O\QS c\R RWS 5`c\RUSRO\YS\ d]\ 1=07B 3` PS VO\RSZb TS`\S` RWS @SZSdO\h RS` 1=07B3ZS[S\bS c\R PSUZSW bS\RS` DS`rTTS\bZWQVc\US\ Tº` c\bS`aQVWSRZWQVS HWSZU`c^^S\ eWS C\bS`\SV[S\aZSWbc\U 7B;O\OUS` c\R /cRWb]`S\
x
5aP\Tf^aZ I7B57 # A ' TTK 2S` heSWbS 2]Yc[S\bObW]\abSWZ PSaQV`SWPb [Wb eSZQVS\ ;Wb bSZ\ 1=07B RS\ 0SRO`T \OQV SW\S[ 7B5]dS`\O\QS4`O[S e]`Y RSQYb
x
:Ta]X]WP[c I7B57 # A ' TTK 2S` a] US\O\\bS 9S`\W\VOZb ^`ÉUb ROa 4`O[Se]`Y W\ aSW\S[ hS\b`OZS\ BSWZ RS\ 7B>`]hSaaS\ RSbOWZZWS`bS` Oca
x
0]WP]V I7B57 # A % TTK 2S` [SV`bSWZWUS /\VO\U ZWSTS`b cO VWZT`SWQVS BOPSZZS\ Tº` RWS Hc]`R\c\U d]\ 7BHWSZS\ hc C\bS`\SV[S\ahWSZS\ c\R d]\ 7B>`]hSaaS\ hc 7BHWSZS\ a]eWS hcaÉbhZWQVS @SWTSU`ORW\T]` [ObW]\S\ c\R dS`eS\RSbS ?cSZZS\
D]\ RS\ dWS` BSWZS\ eS`RS\ \OQVT]ZUS\R ROa 4`O[Se]`Y c\R RS` 9S`\W\VOZb \ÉVS` PSVO\RSZb
,XGSK]UXQ 3QY^TSWZS` RSa 4`O[Se]`Ya aW\R RWS 6TbRWÊUcb c\R ?a^iTbb^aX T]cXTad]V RS` 3W\aObh d]\ BcTdTad]Vbe^aVPQT] c\R \T RWP]Xb\T] c\R RWS `]hSaaS\ $FTXLUH DQG ,PSOHPHQW $, $, ,GHQWLI\ DXWRPDWHG VROXWLRQV $, $FTXLUH DQG PDLQWDLQ DSSOLFDWLRQ VRIWZDUH $, $FTXLUH DQG PDLQWDLQ WHFKQRORJ\ LQIUDVWUXFWXUH $, (QDEOH RSHUDWLRQ DQG XVH $, 3URFXUH ,7 UHVRXUFHV $, 0DQDJH FKDQJHV $, ,QVWDOO DQG DFFUHGLW VROXWLRQV DQG FKDQJHV
3ODQ DQG 2UJDQL]H 32
'HOLYHU DQG 6XSSRUW '6
32 'HILQH D VWUDWHJLF ,7 SODQ 32 'HILQH LQIRUPDWLRQ DUFKLWHFWXUH 32 'HWHUPLQH WHFKQRORJLFDO GLUHFWLRQ 32 'HILQH ,7 SURFHVVHV RUJDQLVDWLRQ DQG UHODWLRQVKLSV 32 0DQDJH ,7 LQYHVWPHQW 32 &RPPXQLFDWH PDQDJHPHQW DLPV DQG GLUHFWLRQ 32 0DQDJH ,7 KXPDQ UHVRXUFHV 32 0DQDJH TXDOLW\ 32 $VVHVV DQG PDQDJH ,7 ULVNV 32 0DQDJH SURMHFWV
'6 'HILQH DQG PDQDJH VHUYLFH OHYHOV '6 0DQDJH WKLUGSDUW\ VHUYLFHV '6 0DQDJH SHUIRUPDQFH DQG FDSDFLW\ '6 (QVXUH FRQWLQXRXV VHUYLFH '6 (QVXUH V\VWHPV VHFXULW\ '6 ,GHQWLI\ DQG DOORFDWH FRVWV '6 (GXFDWH DQG WUDLQ XVHUV '6 0DQDJH VHUYLFH GHVN DQG LQFLGHQWV '6 0DQDJH WKH FRQILJXUDWLRQ '6 0DQDJH SUREOHPV '6 0DQDJH GDWD '6 0DQDJH WKH SK\VLFDO HQYLURQPHQW '6 0DQDJH RSHUDWLRQV
0RQLWRU DQG (YDOXDWH 0( 0( 0RQLWRU DQG HYDOXDWH ,7 SHUIRUPDQFH 0( 0RQLWRU DQG HYDOXDWH LQWHUQDO FRQWURO 0( (QVXUH UHJXODWRU\ FRPSOLDQFH 0( 3URYLGH ,7 JRYHUQDQFH
/PP &! " 2][É\S\ c\R >`]hSaaS W\ 1=07B
!
'
8C6^eTa]P]RT 4º` XSRS\ >`]hSaa SfWabWS`S\ a] US\O\\bS 9]\b`]ZZhWSZS 1]\b`]Z =PXSQbWdSa ;O\OUS[S\bZSWbZW\WS\ ;O\OUS[S\b 5cWRSZW\Sa c\R RWS 0SaQV`SWPc\U d]\ @SWTSU`ORS\ ;Obc`Wbg ;]RSZ 2WS 9][PW \ObW]\ RWSaS` 0SaQV`SWPc\UaSZS[S\bS eW`R OZa 9S`\W\VOZb d]\ 1=07B PShSWQV\Sb dUZ /PaQV\Wbb &!! AWS ZWSTS`b SW\ 9][^ZSbb PWZR eWS RS` >`]hSaa hc abScS`\ hc [O\OUS\ c\R hc [SaaS\ Wab c\R OR`SaaWS`b RO[Wb cO RWS /a^SYbS RS` AbScS`c\U c\R >S`T]` [O\QS;Saac\U W[ @OV[S\ RSa 4`O[Se]`Ya
,QIRUPDWLRQV EHGDUI
/PPWZRc\U &! # hSWUb hcaO[[S\TOaaS\R RWS S`ZÉcbS`bS\ 3ZS [S\bS W[ 5SaO[bhcaO[[S\VO\U RSa 4`O[Se]`Ya 2WS 7B>`] hSaaS OZa 9S`\W\VOZb eS`RS\ W[ T]ZUS\RS\ /PaQV\Wbb RSbOWZZWS`bS` PSVO\RSZb
8QWHUQHKPHQV]LHOH *HVFKlIWVDQIRUGHUXQJHQ
,QIRUPDWLRQVNULWHULHQ (IIHNWLYLWlW (IIL]LHQ] 9HUWUDXOLFKNHLW ,QWHJULWlW 9HUIJEDUNHLW (LQKDOWXQJ UHJXODWRULVFKHU (UIRUGHUQLVVH =XYHUOlVVLJNHLW EHVWLPPHQ
,7=LHOH EHQ|WLJHQ ]XU (UIOOXQJ
EHQ|WLJHQ ]XU (UIOOXQJ
,73UR]HVVH .HUQLQKDOW
.RQWUROO]LHOH &RQWURO 2EMHFWLYHV 0DQDJHPHQWOHLWOLQLHQ 0DQDJHPHQW *XLGHOLQHV 5HLIHJUDGPRGHOO 0DWXULW\ 0RGHO
VWHXHUQ
,75HVVRXUFHQ $QZHQGXQJHQ
,QIRUPDWLRQHQ
,QIUDVWUXNWXU
3HUVRQDO
/PP &! # 1=07B4`O[Se]`Y O\USZSV\b O\ I7B57 # A !K
!
'" 2>18CATUTaT]i\^ST[[
1KXTOTNGRZ
9ZX[QZ[X 2WS dWS` PWa Tº\T ASWbS\ c[TOaaS\RS 0SaQV`SWPc\U RS` 7B>`] hSaaS W\ 1=07B T]ZUb SW\S[ SW\VSWbZWQVS\ ;cabS` eSZQVSa W\ /P PWZRc\U &!! hc aSVS\ Wab Hc` 7ZZcab`ObW]\ RS` SW\hSZ\S\ 3ZS [S\bS W\ RS\ 4]ZUSOPaQV\WbbS\ eW`R SfS[^ZO`WaQV RS` >`]hSaa 2SbS`[W\S BSQV\]Z]UWQOZ 2W`SQbW]\ >=! dS`eS\RSb
hEHUJHRUGQHWHV .RQWUROO]LHO +LJKOHYHO &RQWURO 2EMHFWLYH
'HWDLOOLHUWH .RQWUROO]LHOH 'HWDLOHG &RQWURO 2EMHFWLYHV
0DQDJHPHQW OHLWOLQLHQ 0DQDJHPHQW *XLGHOLQHV
5HLIHJUDG PRGHOO 0DWXULW\ 0RGHO
6HLWH
6HLWHQ
6HLWH
6HLWH
/PP &!! /cTPOc RS` 2]Yc[S\bObW]\ Tº` RS\ 9S`\W\VOZb XS >`]hSaa
1UTZXURR`OKRK 4º` RWS 7B>`]hSaaS eS`RS\ :^]ca^[[iXT[T 2^]ca^[ >QYTRcXeTb T]`[cZWS`b 2WSa aW\R /caaOUS\ ºPS` S`eº\aQVbS @SacZbObS RWS [Wb RS` 7[^ZS[S\bWS`c\U d]\ BcTdTad]Vb\TRWP]Xb\T] 2^] ca^[b Tº` PSabW[[bS >`]hSaaOYbWdWbÉbS\ S`hWSZb eS`RS\ a]ZZS\ /Za AbScS`c\Ua[SQVO\Wa[S\ USZbS\ VWS`PSW AXRWc[X]XT] ETaUPWaT] ?aPZcXZT] d]S >aVP]XbPcX^]bbcadZcdaT] RWS Oca`SWQVS\RS AW QVS`VSWb PWSbS\ a]ZZS\ ROaa RWS C\bS`\SV[S\ahWSZS S``SWQVb eS` RS\ c\R c\S`eº\aQVbS 3`SWU\WaaS dS`VW\RS`b ]RS` hc[W\RSab RS `S\ 4]ZUS\ S`YO\\b c\R Y]``WUWS`b eS`RS\ 4º` XSRS\ >`]hSaa SfWabWS`b hc\ÉQVab SW\ OcT SW\S` ASWbS PSaQV`WS PS\Sa ¶QTaVT^aS]TcTb :^]ca^[[iXT[ 7XVW[TeT[ 2^]ca^[ >Q YTRcXeT 7\ /PPWZRc\U &!! Wab RWSaSa PSWa^WSZVOTb Tº` RS\ >`]hSaa >=! hc aSVS\ 2WS SW\USY`SWabS\ `]hSaaSa Tº` RWS 3`TºZZc\U RS` 7\T]`[ObW]\aY`W bS`WS\ Oca 3W\ > abSVb Tº` ^`W[É`S SW\ A Tº` aSYc\RÉ`S @SZSdO\h # :^]ca^[[iXT[ P[b FPbbTaUP[[ 2WS dS`POZS 0SaQV`SWPc\U [Wb 3W\`ºQYc\Uaab`cYbc` W[ HS\b `c[ RS` ASWbS abSZZb ROa SWUS\bZWQVS 9]\b`]ZZhWSZ W\ 4]`[ SW\Sa EOaaS`TOZZa RO` 2WS 0SaQV`SWPc\U T]ZUb RS[ W\ /PPWZRc\U &!! RO`USabSZZbS\ OZZUS[SW\S\ ;]RSZZ dUZ I7B57 # A $K
&RQWURO RYHU WKH ,7 SURFHVV RI
SURFHVV QDPH
WKDW VDWLVILHV WKH EXVL QHVV UHTXLUHPHQW IRU ,7 RI VXPPDU\ RI PRVW LPSRUWDQW EXVLQHVV JRDOV
E\ IRFXVLQJ RQ
VXPPDU\ RI PRVW LPSRUWDQW ,7 JRDOV
LV DFKLHYHG E\
NH\ FRQWUROV
DQG LV PHDVXUHG E\
NH\ PHWULFV
/PP &!!
EOaaS`TOZZ[]RSZZ Tº` ºPS`US]`R\SbS 9]\b`]ZZhWSZS
!#
'
8C6^eTa]P]RT $ 8CATbb^daRT] 2WS BOPSZZS TºV`b [Wb /^^ZWQObW]\a 7\T]`[ObW]\ 7\T`Oab`cQ bc`S c\R >S]^ZS RWS @Saa]c`QS\ OcT 3W\ 6OYS\ W\ RS` A^OZbS SW\S` 7B@Saa]c`QS abSVb Tº` RS`S\ DS`eS\Rc\U Rc`QV RS\ >`]hSaa % 8C6^eTa]P]RTAT[TeP]i 3W\ 4º\TSQY hSWUb [Wb Ab`ObSUWQ /ZWU\[S\b DOZcS 2SZWdS`g @WaY ;O\OUS[S\b >S`T]`[O\QS ;SOac`S[S\b c\R @Sa]c`QS ;O\OUS[S\b RWS /cTUOPS\ RS` 7B5]dS`\O\QS dUZ /P aQV\Wbb & 2WS TO`PZWQVS 6W\bS`ZSUc\U abSVb Tº` RWS @SZSdO\h RS` >`]hSaaS Tº` ROa XSeSWZWUS BSWZUSPWSb 2c\YSZU`Oc PSRSc bSb ROaa RS` >`]hSaa ^`W[É` `SZSdO\b Tº` SW\ 5SPWSb Wab VSZZ U`Oc abSVb Tº` aSYc\RÉ`S @SZSdO\h%$ 3W\ eSWzSa 4SZR aWU \OZWaWS`b ROaa RS` >`]hSaa YSW\S 0SRScbc\U Tº` RS\ 7B 5]dS`\O\QS/a^SYb PSaWbhb <SPS\ RS[ ºPS`US]`R\SbS\ 9]\b`]ZZhWSZ eS`RS\ Tº` XSRS\ >`] hSaa OcT [W\RSabS\a SW\S` eSWbS`S\ ASWbS STcPX[[XTacT :^]ca^[[ iXT[T 3TcPX[TS 2^]ca^[ >QYTRcXeTb T]`[cZWS`b AWS PSW\VOZbS\ 6O\RZc\UaO\eSWac\US\ OZa Oca RS\ 0Sab >`OQbWQSa OPUSZSWbSbS ;W\RSabO\T]`RS`c\US\ RWS hc` AbScS`c\U RSa >`]hSaaSa S`TºZZb aSW\ [ºaaS\ 7\ /PPWZRc\U &!! ! aW\R OZa 0SWa^WSZ RWS Tº` RS\ >`]hSaa >=! USZbS\RS\ /\eSWac\US\ OcTUSTºV`b AWS Yr\\S\ OZa 1VSQYZWabS RWS\S\ [Wb RS` SW\S =`UO\WaObW]\ ºPS`^`ºTS\ YO\\ ]P PS`SWba BSWZOYbWdWbÉbS\ RSa PSb`STTS\RS\ >`]hSaaSa W[^ZS[S\ bWS`b aW\R
%$
!$
7\ TO`PWUS\ 2`cQYdS`aW]\S\ S`aSbhb Rc\YSZPZOc Rc\YSZU`Oc c\R VSZZ PZOc VSZZU`Oc
'" 2>18CATUTaT]i\^ST[[
/PP &!! ! 2SbOWZZWS`bS 9]\b`]ZZhWSZS Tº` >=! I7B57 # A !&K
3GTGMKSKTZRKOZROTOKT 3W\S eSWbS`S ASWbS RS` >`]hSaaPSaQV`SWPc\U Wab RS\ ;O\OUS[S\b ZSWbZW\WS\ ;O\OUS[S\b 5cWRSZW\Sa USeWR[Sb AWS aSbhS\ RS\ XS eSWZWUS\ >`]hSaa W\ 0ShWSVc\U [Wb O\RS`S\ >`]hSaaS\ RS`S\ 3` USP\WaaS S` dS`eS\RSb Phe RS\S\ S` aSZPab @SacZbObS ZWSTS`b 2WS ;O\OUS[S\b 5cWRSZW\Sa USPS\ OcQV /cTaQVZcaa ºPS` bg^WaQVS HcabÉ\RWUYSWbS\ Tº` >`]hSaaOYbWdWbÉbS\ RWS W\ RS` >`OfWa O\ RWS 5SUSPS\VSWbS\ RS` Y]\Y`SbS\ =`UO\WaObW]\ O\hc^OaaS\ aW\R 2WS /PPWZRc\U &!!! WZZcab`WS`b /cTPOc c\R 7\VOZb O[ 0SWa^WSZ RSa >`]hSaaSa >=! 2WS SW\USY`SWabS\ `]PZS[ZraShSW bS\ PSW[ 6SZ^ 2SaY RWS /\hOVZ d]\ AQVcZc\UabOUS\ RSa 7B >S`a]\OZa c\R RSaaS\ HcT`WSRS\VSWb 7\ /PPWZRc\U &!!! Wab RS` HcaO[[S\VO\U heWaQVS\ RS\ HWSZS\ c\R ;Sb`WYS\ Tº` RS\ >`]hSaa >=! hc aSVS\ 2WS 7B HWSZS PSabW[[S\ RWS HWSZS Tº` RWS 7B>`]hSaaS eSZQVS WV`S` aSWba W\ HWSZS\ Tº` SW\hSZ\S >`]hSaaOYbWdWbÉbS\ [º\RS\ /cT RS` 3PS\S RS` /YbWdWbÉbS\ eW`R RS` 3`T]ZU [Wb 9Sg >S`T]` [O\QS 7\RWQOb]`a US[SaaS\ 2WSaS b`SWPS\ RWS HWSZS OcT RS` >`]hSaaSPS\S RS`S\ 3``SWQVc\U [Wb ^OaaS\RS\ 9Sg 5]OZ 7\ RWQOb]`a S`TOaab eW`R 2WS 957a Tº` RS\ >`]hSaa eWSRS`c[ PSSW\TZcaaS\ RWS 7BHWSZS Tº` RWS SWUS\S 9Sg 5]OZ 7\RWQOb]`a hc` ÍPS`^`ºTc\U WV`S` 3`TºZZc\U SfWabWS`S\ =TTS\aWQVbZWQV b`SWPS\ XSeSWZa RWS ;Sb`WYS\ RS` c\bS`US]`R\SbS\ 3PS\S RWS HWSZS RS` ºPS`US]`R\SbS\ 3PS\S 2O[Wb dS`aSbhS\ aWS ROa ;O\OUS[S\b W\ RWS :OUS RWS >S`T]`[O\QS hc abScS`\ c\R RWS >`]hSaaS ^S`[O\S\b O\ RS\ HWSZS\ Ocahc`WQVbS\
8KOLKMXGJSUJKRR 2S\ ZSbhbS\ BSWZ RS` >`]hSaaPSaQV`SWPc\U PWZRSb ROa @SWTSU`OR []RSZZ ;Obc`Wbg ;]RSZ ;Wb WV[ YO\\ ROa C\bS`\SV[S\ RS\ SWUS\S\ @SWTSU`OR Tº` RS\ >`]hSaa S`[WbbSZ\ RWSaS\ [Wb RS[ 0`O\QVS\Rc`QVaQV\Wbb dS`UZSWQVS\ c\R SW\S\ HWSZ`SWTSU`OR TSabZS US\ OcT RS\ Sa RS\ XSeSWZWUS\ >`]hSaa VW\S\beWQYSZ\ eWZZ I7B 57 # A & TTK /PPWZRc\U &!!" hSWUb RWS AYOZO c\R SfS[ ^ZO`WaQV RWS OYbcSZZS c\R O\USab`SPbS >]aWbW]\ SW\Sa C\bS`\SV [S\a a]eWS RS\ 0`O\QVS\Rc`QVaQV\Wbb Tº` SW\S\ >`]hSaa
1RQH[LVWHQW
,QLWLDO $G KRF
5HSHDWDEOH EXW ,QWXLWLYH
'HILQHG 3URFHVV
$NWXHOOH 3RVLWLRQ
=LHOSRVLWLRQ
0DQDJHG 2SWLPLVHG DQG 0HDVXUDEOH
%UDQFKHQGXUFKVFKQLWW
/PP &!!" @SWTSU`ORaYOZO 2WS T]ZUS\RS BOPSZZS PSaQV`SWPb RWS 0SRScbc\U RS` @SWTSabcTS\ eSZQVS RWS 0SeS`bc\U c\R 3W\]`R\c\U RS` SWUS\S\ >`]hSaaS S`[rUZWQVb !
'" 2>18CATUTaT]i\^ST[[ BOP &!!" 0SRScbc\U RS` @SWTSU`ORS ATXUTVaPS
1TSTdcd]V
`]QSaaSa VOdS RSdSZ]^SR b] bVS abOUS eVS`S aW[WZO` @S^SObOPZS ^`]QSRc`Sa O`S T]ZZ]eSR Pg RWTTS`S\b ^S]^ZS c\RS`bOY Pcb 7\bcWbWdS W\U bVS aO[S bOaY BVS`S Wa \] T]`[OZ b`OW\W\U ]` Q][ [c\WQObW]\ ]T abO\RO`R ^`]QSRc`Sa O\R `Sa^]\aWPWZWbg Wa ZSTb b] bVS W\RWdWRcOZ BVS`S Wa O VWUV RSU`SS ]T `SZWO\QS ]\ bVS Y\]eZSRUS ]T W\RWdWRcOZa O\R bVS`ST]`S S``]`a O`S ZWYSZg ! 2STW\SR >`]QSaa
>`]QSRc`Sa VOdS PSS\ abO\RO`RWaSR O\R R]Qc[S\bSR O\R Q][[c\WQObSR bV`]cUV b`OW\W\U 7b Wa V]eSdS` ZSTb b] bVS W\RWdWRcOZ b] T]ZZ]e bVSaS ^`]QSaaSa O\R Wb Wa c\ZWYSZg bVOb RSdWObW]\a eWZZ PS RSbSQbSR BVS ^`]QS Rc`Sa bVS[aSZdSa O`S \]b a]^VWabWQObSR Pcb O`S bVS T]` [OZWaObW]\ ]T SfWabW\U ^`OQbWQSa
" 7b Wa ^]aaWPZS b] []\Wb]` O\R [SOac`S Q][^ZWO\QS eWbV ;O\OUSR ^`]QSRc`Sa O\R b] bOYS OQbW]\ eVS`S ^`]QSaaSa O^^SO` \]b b] PS e]`YW\U STTSQbWdSZg >`]QSaaSa O`S c\RS` Q]\ O\R ;SOac`OPZS abO\b W[^`]dS[S\b O\R ^`]dWRS U]]R ^`OQbWQS /cb][O bW]\ O\R b]]Za O`S caSR W\ O ZW[WbSR ]` T`OU[S\bSR eOg #
>`]QSaaSa VOdS PSS\ `STW\SR b] O ZSdSZ ]T PSab ^`OQbWQS =^bW[WaSR POaSR ]\ bVS `SacZba ]T Q]\bW\c]ca W[^`]dS[S\b O\R [Obc`Wbg []RSZZW\U eWbV ]bVS` S\bS`^`WaSa 7B Wa caSR W\ O\ W\bSU`ObSR eOg b] Ocb][ObS bVS e]`YTZ]e ^`]dWRW\U b]]Za b] W[^`]dS _cOZWbg O\R STTSQbWdS\Saa [OYW\U bVS S\bS`^`WaS _cWQY b] ORO^b
/PPWZRc\U &!!" PSW\VOZbSb OZa 0SWa^WSZ RWS Y]\Y`SbS\ /ca ^`ÉUc\US\ RS` @SWTSU`ORS Tº` RS\ >`]hSaa >=!
!
'
8C6^eTa]P]RT
/PP &!!"
!
@SWTSU`OR[]RSZZ Tº` >=! I7B57 # A "K
'# EP[ 8C8]XcXPcXeT
`OfWa a]eWS RWS 3`TOV`c\US\ d]\ EWaaS\aQVOTbZS`\ c\R >`OYbW YS`\ hcaO[[S\USTOaab dUZ I7B57 $P A $ c\R 'K EWS W\ /PaQV\Wbb &!! UShSWUb eS`RS\ RWS /cTUOPS\ RS` 7B 5]dS`\O\QS c\R RO[Wb OcQV RWS `OQbWQSa Tº` ROa ;O\OUS[S\b V]QVeS`bWUS` 7B AS`dWQSa RWS hc` @SOZWaWS`c\U d]\ ES`bPSWb`ÉUS\ TºV`S\ 0SW 1= 07B USVb Sa RS[\OQV c[ 6^eTa]P]RT P]S \P]PVT\T]c ^U P _^acU^[X^ ^U cTRW]^[^Vh _a^YTRcb bTaeXRTb bhbcT\b P]S bd__^acX]V X]UaPbcadRcdaT I7B57 $P A 'K DOZ 7B aSbhb SW\S 3PS\S VrVS` O\ c\R S`UÉ\hb 0Sab >`OQbWQSa Tº` ROa B`STTS\ d]\ 7\dSabWbW]\aS\baQVSWRc\US\ 3a PShWSVb aWQV OcT 6^eTa]P]RT P]S \P]PVT\T]c ^U P _^acU^[X^ ^U QdbX]Tbb RWP]VT _a^VaP\\Tb I7B57 $P A 'K 2WS T]ZUS\RS /caaOUS ºPS` RS\ HcaO[[S\VO\U RS` PSWRS\ /\aÉbhS c\bS`ab`SWQVb RWS 9]\hS\b`O bW]\ d]\ DOZ 7B OcT RS\ HeSQY c\R d]\ 1=07B OcT RWS ;WbbSZ( EP[ 8C U^RdbTb ^] cWT X]eTbc\T]c STRXbX^] PaT fT S^X]V cWT aXVWc cWX]Vb. P]S cWT aTP[XbPcX^] ^U QT]TUXcb PaT fT VTccX]V cWT QT]T UXcb. fWX[T 2>18C U^RdbTb ^] cWT TgTRdcX^] PaT fT S^X]V cWT\ cWT aXVWc fPh P]S PaT fT VTccX]V cWT\ S^]T fT[[. I7B57 $P A %K 2WS S`abS\ DS`rTTS\bZWQVc\US\ RSa 7B57 hc DOZ 7B Oca RS[ 8OV` $ c[TOaaS\ SW\S 0SaQV`SWPc\U RSa 4`O[Se]`Ya I7B57 $PK SW\S /\ZSWbc\U hc[ 3`abSZZS\ d]\ 0caW\Saa 1OaSa Tº` 7B7\dSabW bW]\S\ I7B57 $QK c\R SW\S C[aSbhc\UaTOZZabcRWS Oca RS` >`OfWa I7B57 $RK DOZ 7B PSTW\RSb aWQV dS`UZWQVS\ [Wb 1=07B W\ SW\S[ T`ºVS\ 3\b eWQYZc\UaabORWc[ 2S[S\ba^`SQVS\R aW\R 2SbOWZZWS`c\UaU`OR c\R C[TO\U RS` 2]Yc[S\bObW]\ \]QV dS`UZSWQVaeSWaS US`W\U 2WS dS`TºUPO`S\ ;ObS`WOZWS\ a]ZZS\ acYhSaaWdS T]`bS\beWQYSZb c\R c[ RWS 3`USP\WaaS eSWbS`S` 4]`aQVc\UaO`PSWbS\ S`UÉ\hb eS`RS\ /\USYº\RWUb aW\R SbeO hcaÉbhZWQVS 4OZZabcRWS\ Tº` YZSW\S c\R [WbbZS`S C\bS`\SV[S\ 9;Ca RS\ rTTS\bZWQVS\ ASYb]` c\R `]TWb=`UO\WaObW]\S\ 3`eSWbS`bS 7[^ZS[S\bWS`c\UaVWZTS\ W\aPS !!
'
8C6^eTa]P]RT a]\RS`S OcQV Tº` RWS /\eS\Rc\U RSa 4`O[Se]`Ya OcT a^ShWSZZS 7\dSabWbW]\S\ eWS Pa^e W\ 1@; a]ZZS\ T]ZUS\ I7B57 $P A $K /cTU`c\R RS` S`ZÉcbS`bS\ S\US\ 0ShWSVc\U heWaQVS\ DOZ 7B c\R 1=07B Wab SW\S 7\bSU`ObW]\ RS` 3`USP\WaaS RS` DOZ 7B7\WbWObWdS W\ ROa \ÉQVabS @SZSOaS d]\ 1=07B OPhcaSVS\ 2WS T]ZUS\RS\ /PaQV\WbbS PSTOaaS\ aWQV [Wb RS[ DOZ 7B4`O[S e]`Y c\R aSW\S\ eWQVbWUabS\ 3ZS[S\bS\
,XGSK]UXQ 2Oa 4`O[Se]`Y PSabSVb Oca ?aX]iX_XT] EP[ 8C ?aX]RX_[Tb RS\ RO[Wb Y]\T]`[S\ ?a^iTbbT] EP[ 8C ?a^RTbbTb c\R RS\ `]hSaaS eW`YS\ hcaO[[S\ AWS aW\R \WQVb `SW\ aS_cS\hWSZZ hc PSb`OQVbS\ dWSZS WV`S` BSWZaQV`WbbS eS`RS\ ^O`OZZSZ c\R WbS`ObWd Rc`QVZOcTS\ 2Oa HcaO[[S\a^WSZ Wab W\ /PPWZRc\U &"! U`]P S\bZO\U RSa :SPS\ahgYZca d]\ 7B7\dSabWbW]\S\ aYWhhWS`b
9* (VWDEOLVK JRYHUQDQFH IUDPHZRUN 3URYLGH VWUDWHJLF GLUHFWLRQ
,0
9*
9*
(VWDEOLVK SRUWIROLR SDUDPHWHUV 9*
30
,GHQWLI\ EXVLQHVV UHTXLUHPHQWV
'HILQH FDQGLGDWH SURJUDPPH
$QDO\VH DOWHU QDWLYHV
'RFXPHQW EXVLQHVV FDVH
(YDOXDWH DQG SULRULWL]H LQYHVWPHQWV
0DLQWDLQ UHVRXUFH SURILOH
,0
,0
,0
,0
30
30
0RYH VHOHFWHG LQYHVWPHQWV WR DFWLYH SRUWIROLR
0DLQWDLQ IXQGLQJ SURILOH
0RQLWRU DQG UHSRUW RQ SURJUDPPH SHUIRUPDQFH
0DQDJH SURJUDPPH H[HFXWLRQ
$VVLJQ DFFRXQWD ELOLW\
/DXQFK SURJUDPPH
,0
,0
,0
,0
30
30
0RQLWRU DQG UHSRUW RQ SRUWIROLR SHUIRU PDQFH 30
0DQDJH RYHUDOO SRUWIROLR
5HWLUH SURJUDPPH
30
,0
/PP &"! HcaO[[S\a^WSZ RS` DOZ 7B>`]hSaaS%& O\USZSV\b O\ I7B57 $P A &K 2S` >`]hSaa DOZcS 5]dS`\O\QS Wab RS` abScS`\RS >`]hSaa RSa 4`O[Se]`Ya 3` RSTW\WS`b RS\ US\S`SZZS\ @OV[S\ RS` 5]dS` \O\QS RWS ab`ObSUWaQVS /ca`WQVbc\U RWS >O`O[SbS` RSa 7B 7\dSabWbW]\a^]`bT]ZW]a 2W[S\aW]\S\ 0SeS`bc\UaY`WbS`WS\ Tº` RWS 3W\]`R\c\U a]eWS RS\ @Saa]c`QS\ c\R 0cRUSb`OV[S\ Tº` RWS >]`bT]ZW]S\baQVSWRc\US\
%&
!$
2WS SW\USY`SWabS\ `]hSaaaQV`WbbS\ hcUS]`R\Sb aW\R AWS aW\R 5SUS\abO\R d]\ /PaQV\Wbb &""
'# EP[ 8C8]XcXPcXeT 2Oa 7\dSab[S\b ;O\OUS[S\b WRS\bWTWhWS`b OcT RS` 0OaWa RS` 5SaQVÉTbaO\T]`RS`c\US\ ^]bS\hWSZZS 7\dSabWbW]\a^`]U`O[[S c\R S`abSZZb ROTº` OcaTºV`ZWQVS 0caW\Saa 1OaSa /caaWQVba `SWQVS 9O\RWRObS\ ºPS`UWPb Sa hc` US\OcS`S\ 3dOZcObW]\ d]\ ES`bPSWb`OU c\R @WaWY] O\ ROa >]`bT]ZW] ;O\OUS[S\b ! 7[ >]`bT]ZW] ;O\OUS[S\b eS`RS\ RWS 9O\RWRObS\ c\bS` 0S `ºQYaWQVbWUc\U RS` @Saa]c`QS\ c\R 0cRUSbaWbcObW]\ SdOZcWS`b c\R ^`W]`WaWS`b >]aWbWd PSeS`bSbS D]`VOPS\ eS`RS\ c\bS` Hc bSWZc\U RS` @Saa]c`QS\ W\ ROa OYbWdS >]`bT]ZW] Tº` RWS C[aSb hc\U ºPS`\][[S\ " 2Oa 7\dSab[S\b ;O\OUS[S\b aSbhb RWS W[ OYbWdS\ >]`bT]ZW] S\bVOZbS\S\ >`]U`O[[S c[ c\R dS`eOZbSb aWS ºPS` WV`S\ US aO[bS\ :SPS\ahgYZca 2OTº` eS`RS\ YZO`S DS`O\be]`bZWQV YSWbS\ c\R @SQVS\aQVOTba^TZWQVbS\ RSTW\WS`b AbObca c\R >S` T]`[O\QS RS` C[aSbhc\U eS`RS\ O\ ROa >]`bT]ZW] ;O\OUS [S\b hc`ºQYUS[SZRSb # 2Oa >]`bT]ZW] ;O\OUS[S\b [O\OUb c\R ºPS`eOQVb aSW\S`aSWba ROa 5SaO[b^]`bT]ZW] 2OPSW Yr\\S\ @ºQY[SZRc\US\ d]\ RS` C[aSbhc\U c\R dS`É\RS`bS >`W]`WbÉbS\ Oca AWQVb RSa 5S aQVÉTba hc /\^Oaac\US\ eWS RS` <ScOZZ]YObW]\ d]\ @Saa]c` QS\ TºV`S\ 2S[ B]^[O\OUS[S\b ZWSTS`b ROa >]`bT]ZW] ;O\O US[S\b RS\ XSRS`hSWbWUS\ ÍPS`PZWQY ºPS` ROa USaO[bS 7B7\ dSabWbW]\a^]`bT]ZW] $ 7[ 4OZZS SW\S` 2SaW\dSabWbW]\aS\baQVSWRc\U O[ 3\RS RSa :S PS\ahgYZca ZÉaab ROa 7\dSab[S\b ;O\OUS[S\b ROa 7\dSabW bW]\a^`]U`O[[ OcaZOcTS\ c\R Oca RS[ OYbWdS\ >]`bT]ZW] S\b TS`\S\
3GTGMKSKTZVXGQZOQKT 4º` RWS DOZ 7B>`]hSaaS Phe WV`S BSWZaQV`WbbS aW\R O`O[SbS`\ eWS hS\b`OZS` ]RS` RS hS\b`OZS` AbScS`c\U ]RS` @WaWY]T`ScRWUYSWb /PPWZRc\U &"" hSWUb SZT ;O\OUS[S\b^`OYbWYS\ Tº` RWS DOZcS 5]dS`\O\QS " Tº` ROa >]`bT]ZW] ;O\OUS[S\b c\R # Tº` ROa 7\dSab[S\b ;O\OUS [S\b
!%
'
8C6^eTa]P]RT 9* (QVXUH LQIRUPHG DQG FRPPLWWHG OHDGHUVKLS 9* 'HILQH DQG LPSOHPHQW SURFHVVHV 9* 'HILQH UROHV DQG UHVSRQVLELOLWLHV 9* (QVXUH DSSURSULDWH DQG DFFHSWHG DFFRXQWDELOLW\ 9* 'HILQH LQIRUPDWLRQ UHTXLUHPHQWV 9* (VWDEOLVK UHSRUWLQJ UHTXLUHPHQWV 9* (VWDEOLVK RUJDQLVDWLRQDO VWUXFWXUHV 9* (VWDEOLVK VWUDWHJLF GLUHFWLRQ 9* 'HILQH LQYHVWPHQW FDWHJRULHV 9* 'HWHUPLQH D WDUJHW SRUWIROLR PL[ 9* 'HILQH HYDOXDWLRQ FULWHULD E\ FDWHJRU\ 9DOXH *RYHUQDQFH 9*
,QYHVWPHQW 0DQDJHPHQW ,0
3RUWIROLR 0DQDJHPHQW 30
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
/PP &"" ;O\OUS[S\b >`OQbWQSa W\ DOZ 7B O\USZSV\b O\ I7B57 $P A %K DOZ 7B PSaQV`SWPb RWS ;O\OUS[S\b^`OYbWYS\ [Wb XS SW\S` BOPSZZS ^`] >`]hSaa US[Éz T]ZUS\RS[ AQVS[O ROa W\ /PPWZRc\U &"" OcaaQV\WbbaeSWaS Tº` ROa >]`bT]ZW] ;O\OUS[S\b RO`USabSZZb Wab%'( ?a^iTbbQTbRWaTXQd]V 7\ BOPSZZS\a^OZbS SW\a abSVb SW\S Yc`hS /\UOPS RS` eSaS\bZW QVS\ 7\VOZbS RSa >`]hSaaSa ! FXRWcXVbcT `]hSaahWSZS ]RS` Tº` RS\ 3`T]ZU SW\hSZ\S` /YbW dWbÉbS\ " 1TidV id 2>18C 2WS R`WbbS A^OZbS UWPb /cTaQVZcaa RO`ºPS` [Wb eSZQVS\ 1= 07B>`]hSaaS\ Phe RS`S\ 9]\b`]ZZhWSZS\ SW\S ;O\OUS[S\b %'
!&
2WS SW\USY`SWabS\ :/B3+1]\bS\b;O\OUS[S\b1]\bS\b2Wa^ZOgQT[ 2]e\Z]OR O[ ' % I5/C:93 $K 5OcZYS ; 1=07B OZa 7B5]dS`\O\QS:SWbTORS\ 6;2 >`OfWa RS` EW`baQVOTbaW\T]`[ObWY " $ # A & I5@=6;/:/ B3+1]\bS\b;O\OUS[S\b1]\bS\b2Wa^ZOgQT[ 2]e\Z]OR O[ ' % I7B57 "K 7B 5]dS`\O\QS 7\abWbcbS 1=07B >`SaS\bObW]\ >OQYOUS " Vbb^(eeeWaOQO]`U1]\bS\b`SaS\bObW]\M >OQYOUS^^b 2]e\Z]OR O[ ' % I7B57 #K 7B 5]dS`\O\QS 7\abWbcbS 1=07B " # Vbb^a(eeeWaOQO ]`UBS[^ZObSQT[-ASQbW]\+1=07B$BS[^ZObS+;S[PS`a=\ZgQT [1]\bS\b72+ !! # 2]e\Z]OR O[ & $ I7B57 $OK 7B 5]dS`\O\QS 7\abWbcbS 1=07B ;O^^W\U =dS`dWSe ]T 7\bS`\O \R 3RWbW]\ $ bW]\OZ 7B 5cWRO\QS Vbb^(eeeWbUW]`U/;BS[^ZObSQT[-ASQbW]\+2SZWdS`OPZSa BS[^ZObS+1]\bS\b;O\OUS[S\b1]\bS\b2Wa^ZOgQT[1]\bS\b72 + "%#' 2]e\Z]OR O[ & $
!
'$ ;XcTaPcda id :P_XcT[ ' I7B57 $PK 7B 5]dS`\O\QS 7\abWbcbS 3\bS`^`WaS DOZcS( 5]dS`\O\QS ]T 7B 7\ dSab[S\ba BVS DOZ 7B 4`O[Se]`Y $ Vbb^(eeeWbUW]`U /;BS[^ZObSQT[-ASQbW]\+2SZWdS`OPZSaBS[^ZObS+1]\bS\b;O \OUS[S\b1]\bS\b2Wa^ZOgQT[1]\bS\b72+ " #' 2]e\Z]OR O[ & $ I7B57 $QK 7B 5]dS`\O\QS 7\abWbcbS 3\bS`^`WaS DOZcS( 5]dS`\O\QS ]T 7B 7\ dSab[S\ba BVS 0caW\Saa 1OaS $ Vbb^(eeeWbUW]`U/;BS[ ^ZObSQT[-ASQbW]\+2SZWdS`OPZSaBS[^ZObS+1]\bS\b;O\OUS [S\b1]\bS\b2Wa^ZOgQT[1]\bS\b72+ " #' 2]e\Z]OR O[ & $ I7B57 $RK 7B 5]dS`\O\QS 7\abWbcbS 3\bS`^`WaS DOZcS( 5]dS`\O\QS ]T 7B 7\ dSab[S\ba BVS 7`OfWa RS` EW`baQVOTbaW\T]`[ObWY " " !$ A '! IA370=:2 $K ASWP]ZR 6 7B@WaWY][O\OUS[S\b ;º\QVS\ $ IE37:: K ESWZZ > c\R E]]RVO[ @ 2]\b 8cab :SOR 5]dS`\( 7[^ZS[S\b W\U 3TTSQbWdS 7B 5]dS`\O\QS 17A@ E]`YW\U >O^S` ]`bT]ZW] "$ /`QVWbSYbc`4`O[Se]`Y %$ /`QVWbSYbc`TºV`c\U '' /`QVWbSYbc`Y][[c\WYObW]\ &$ '% /`QVWbSYbc`[O\OUS[S\b %# %' & &" &$ /`QVWbSYbc`[O\OUS[S\b^`]hSaa &" '% '' /`QVWbSYbc`[]RSZZ '& /`QVWbSYbc`dS`abÉ\R\Wa %$ /`QVWbSYbc`dS`b`Sbc\U &$ /`QVWbSYbc`eSWbS`S\beWQYZc\U /cTaWQVbaPSVr`RS $' /dOWZOPWZWbg ;O\OUS[S\b
% 0OZO\QSR AQ]`SQO`R ! ! $# '$ !' 0OaSZ 77 #! " '# 0OaWaAWQVS`VSWbaQVSQY # #& 015;Ob`Wf !" !$ ## 0SR`]Vc\Ua^]bS\hWOZ !" 0S\QV[O`YW\U "' $ $! 0S\cbhS`aS`dWQShS\b`c[ % " 0Sab >`OQbWQS $ "" '% !$ !!
0Sb`OQVbc\UaPS`SWQV % %' 0Sb`WSPa`Ob # && 0ZS\RSR :SO`\W\U & 0`O\QVS\ab`cYbc`O\OZgaS "! 0`O\QVS\eS`bYSbbS !% " 0`ºQYS\Y]^T;]RSZZ ! 0A75`c\RaQVcbh " # 0cWZRW\U 0Z]QY '& 0c\RSaRObS\aQVcbhUSaSbh !% '# 0caW\Saa 3\UW\SS`W\U !' %$ 0caW\Saa >`]QSaa =cba]c`QW\U ! 0caW\Saa @SZObW]\aVW^ ;O\OUS[S\b 0caW\Saa AgabS[ >ZO\\W\U %!
& 1O^OQWbg ;O\OUS[S\b 1VO\US ;O\OUS[S\b $" ' !" # ' # 1VWST 7\T]`[ObW]\ =TTWQS` %% '' #% !' 1ZWS\b ;O\OUS[S\b %! # % 1ZWS\b;O\OUS[S\bAgabS[ & 1=07B % "" "! ' '% !! 1=07B4`O[Se]`Y '% ! 1=07B@STS`S\h[]RSZZ '% 1=07B@STS`S\h^`]hSaa[]RSZZ ! 1][[]\>`OQbWQS:SWbTORS\ $ 1][^ZWO\QS % #! & ' ' '# 1][^cbS` 3[S`US\Qg @Sa^]\aS BSO[ # 1]\TWUc`ObW]\ ;O\OUS[S\b ' # ' 1]\TWUc`ObW]\ ;O\OUS[S\b 2ObOPOaS ' $ 1]\bW\cWbg ;O\OUS[S\b 1]\b`]ZZW\U2WS\ab "! 1]\b`]ZZW\U@SUSZY`SWa "" $" 1]\b`]Z !! 1]\b`]Z =PXSQbWdS RSbOWZSR !$
! !
BPRWf^aceTaiTXRW]Xb VWUVZSdSZ !! 1]\b`]Z =PXSQbWdSa T]` 7\T]`[ObW]\ O\R @SZObSR BSQV\]Z]Ug % "" ' '% 1]`^]`ObS 5]dS`\O\QS ' 1]ab 1S\bS` " '% '" 1`WbWQOZ AcQQSaa 4OQb]`a ! 1A4 !
' 2ObS\aQVcbhPSOcTb`OUbS` ! !& $% 2ObS\aQVcbh`SUSZc\U !% !& 2SaYb]^>c`QVOaW\UAgabS[ '$ 2ShS\b`OZWaWS`c\U '# 2WUWbOZS AWU\Obc` &" 2`SWÒ`S\;]RSZZ '
( 30caW\Saa &! 3:SO`\W\U % 3\OPZW\U ' " # % '" 3\bS`^`WaS /`QVWbSQbc`S %& 3\bS`^`WaS /`QVWbSQbc`S ;O\OUS[S\b B]]Z % &$ 3>`]Qc`S[S\b 3`T]ZUaTOYb]` Y`WbWaQVS` ! "% % "% $# 3`T]ZUa[Saac\U '! '#
) 4W\O\QS ;O\OUS[S\b 4]`[OZhWSZS #!
* 5SaQVÉTbaO`QVWbSYbc` %% '& 5SaQVÉTba^`]hSaa !% " # %! '! #$ %& '& '! ! 5SaQVÉTba^`]hSaa[O\OUS[S\b ! !& '% ! 52>RC & !& 5]0A !& 5`S[WS\ #% ''
! "
^S`[O\S\b '& ' bS[^]`É` '& ' 5AB==: $
+ 6OTbc\U %% & 6O\RZc\UaTSZRS` ## 6Oc^b`Saa]`b ' 6SZ^ 2SaY !! & ! # & " ! 6SZ^2SaYAgabS[ #
, 79BAb`ObSUWS & #! 7[OUW\U 7[^ZS[S\bWS`c\Ua^VOaS !! 7;Ab`ObSUWS #! 7\QWRS\b ;O\OUS[S\b ' # 7\T]`[ObW]\ 7\bS\aWbg ;Ob`Wf " 7\T]`[ObW]\aW\bS\aWbÉba^]`bT]ZW] " 7\T]`[ObW]\aY`WbS`WS\ '& !# 7\T]`[ObW]\ BSQV\]Z]Ug 7\T`Oab`cQbc`S :WP`O`g $ 7\T]`[ObW]\a c\R 9][[c\WYObW]\abSQV\WYAb`ObSUWS #! #& 7\T]`[ObW]\a[O\OUS[S\b 7\T]`[ObW]\a[O\OUS[S\bAb`ObSUWS ' #! $ $" 7\T]`[ObW]\aagabS[SAb`ObSUWS & ## 7\T`Oab`cYbc`[O\OUS[S\b 7\abOZZObW]\adS`TOV`S\ 7\bSU`ObW]\aOa^SYb #$ & 7\bSU`WbÉb !$ !& ## &" 7\bS`\Sb % " & !" &! 7\dS\b]`g ;O\OUS[S\b %# & ' # 7\dS\b]`g;O\OUS[S\bAgabS[ ' # $ ' 7\dSab[S\b 1S\bS` " '% 7AAb`ObSUWS & #! 7B/`QVWbSYbc` ## '# %$ %& ' '! '& " '$ 7B0caW\Saa /ZWU\[S\b % # '!
BPRWf^aceTaiTXRW]Xb 7B7: #! $$ $ % "" $ $" " # ' "! '% 7B 7\T`Oab`cQbc`S :WP`O`g #! "" $ $" "! 7B >`]QSaa ;]RSZ $ 7B;WaaW]\ "# # & 7B 0OZO\QSR AQ]`QSO`R $% $& % 7B0OaWabSQV\]Z]UWS % 7B1]\b`]ZZW\U " $ $" " " "# "% "& #% #' ' '% ]^S`ObWdSa # ab`ObSUWaQVSa # 7B4ÉVWUYSWb $ ! % 7B5]dS`\O\QS " % #! ## $" % '& "% #% $% ' '% !! 7B5]dS`\O\QS5SaQVÉTbaO`QVWbSYbc` ' 7B5]dS`\O\QS9`SWaZOcT '! 7B5]dS`\O\QS@SZSdO\h !$ 7B5`c\RaQVcbhO\OZgaS #% 7B9]]`RW\Ob]` '& $# 7B 7\T`Oab`cQbc`S =cba]c`QW\U ! 7B7\\]dObW]\S\ 7B;O\OUS[S\b ! " $ " $! &" " & ' ab`ObSUWaQVSa ! aS`dWQS]`WS\bWS`bSa % $ 7B;SbV]RS\ 7B=`UO\WaObW]\ ! $ ' '$ " "$ "' # ## #& $$ ' 7B=cba]c`QW\U & SfbS`\Sa ' W\bS`\Sa ' ^O`bWSZZSa ! WRWDOHV 7B=cba]c`QW\U>`]XSYb ! 7B>S`a]\OZ ! $ $ 7B>`]XSYb $ $% ' '" '# $ # #& &" !# "' & '" 7B>`]XSYb[O\OUS[S\b " % #! &" 7B>`]XSYb]`UO\WaObW]\ ' & 7B>`]XSYb^]`bT]ZW] $% 7B>`]hSaa %! '" ! "" ' '' ! 7B@SQVb " % %# 7B@STS`S\b '& $# 7B@Saa]c`QS '# " "$ '$ '' !$
7B@WQVbZW\WS % &% 7B@WaWY][O\OUS[S\b " !# '" 7BAS`dWQS " ! 7BAS`dWQS[O\OUS[S\b ! " 7BAWQVS`VSWb ! $% !! !" !$ !' "! # 7BAWQVS`VSWbaPSOcTb`OUbS` $# 7BAWQVS`VSWbaY]\hS^b " "! "% "' $ 7BAWQVS`VSWba[O\OUS[S\b " % "& ! % !! !$ "! "" # $# $$ $% 7BAWQVS`VSWba^ZO\ "% "' 7BAWQVS`VSWba^]ZWbWY "# $# 7BAWQVS`VSWbaabO\RO`R " 7BAWQVS`VSWbabSO[ $" 7BA]c`QW\U ## $" & 7BAbO\RO`R " 7BAb`ObSUWS ! # 7BAb`ObSUWSS\beWQYZc\U " 7BAb`ObSUWSS\beWQYZc\Ua^`]hSaa # 7BAb`cYbc`O\OZgaS "& # #! $ $! 7BDS`aWQVS`c\US\ "' 7BDS`b`OU %$ 7BDWaW]\ "# # &
. 934 ! ! "% ## 9S`\^`]hSaaS !' #$ #% ! 9Sg 5]OZ 7\RWQOb]`a !' 9Sg >S`T]`[O\QS 7\RWQOb]`a !' 9][[c\WYObW]\aY]\hS^b $ 9]\B`O5 & !& 9]\b`]ZZhWSZ !! RSbOWZZWS`bSa !$ ºPS`US]`R\SbSa !!
/ :SWbPWZR ! "# % " $% :W\WS\>`]XSYb]`UO\WaObW]\ :WhS\h[O\OUS[S\b % # & :WhS\h[O\OUS[S\b^`]hSaa ! & :WhS\h[O\OUS[S\bagabS[ #
"
! #
BPRWf^aceTaiTXRW]Xb
0 ;O\OUS[S\bRSTWhWb $ ;O\OUS[S\b RS` A]TbeO`SS\beWQYZc\U " ;O\OUS[S\b 5cWRSZW\S !% ;O\OUS[S\bZSWbZW\WS !% ;O\OUS[S\b >`OQbWQS !% ;O\OUS[S\b^`OYbWY !% ;O\OUS[S\b^`]hSaa !' #% ;O\OUS[S\b d]\ /\eS\Rc\UaagabS[S\ ! $ %# ;O`YbO\bSWZa;O`YbeOQVabc[a^]`bT]ZW] !" ;Oz\OV[S\^ZO\c\U " $$ ;Ob`Wf]`UO\WaObW]\ '! ;Ob`Wf>`]XSYb]`UO\WaObW]\ ;Obc`Wbg ;]RSZ ! ;Sb`WY !' ! !" ;WQ`]a]Tb7\abOZZS`DS`TOV`S\ ;WQ`]a]Tb =^S`ObW]\a 4`O[Se]`Y " ;WaaW]\ ! "# # #! $" & $% ;cZbW A]c`QW\U !
1 S\Sb`ObW]\abSab #' >S`T]`[O\QS;Saac\U '& ! !' >S`T]`[O\QS ;SOac`S[S\b ! $ $# '# !$ !' >S`a]\OZUSeW\\c\U !
! $
>3AB3:/\OZgaS " >]`bT]ZW]Y]\hS^b !" >`]PZS[ ;O\OUS[S\b & ' # >`]RcYbWdWbÉba^O`OR]f]\ # >`]TWb 1S\bS` " '% '" >`]hSaaO`QVWbSYbc` %& >cZZ>`W\hW^ ' >caV>`W\hW^ '
5 @/171VO`b !' !' @SOZWaWS`c\Ua^ZO\c\U #' @SQ`cWbW\UDS`O\abOZbc\U " @STS`S\h[]RSZZ % " $ ' "! '& ' '% @STS`S\h^`]hSaa[]RSZZ !' ! @SWTSU`OR $ " % #& "! #! ## #& $$ '% ! ! ! @SWTSU`OR[]RSZZ $ ! ! @SZSOaS ;O\OUS[S\b ' # ' @S[]bS 1]\b`]Z # & & @S[]bS1]\b`]ZAgabS[ & @Saa]c`QS\[O\OUS[S\b '! '$ @WaWY]O\OZgaS " "$ "% #' $ @WaWY][O\OUS[S\b ! $ !# !' $% & '! '" '# @WaWY][O\OUS[S\bagabS[ " $ @WaWY][O\OUS[S\b`SUSZc\U !&
6 AOQVhWSZ ! # #! AO`PO\Sa=fZSg /Qb #! & !' '# AQVcbhPSRO`TaO\OZgaS ## AQVeS`^c\YbR][É\S %" AQ]^S # % AS`dWQS 2SZWdS`g & ' " AS`dWQS 2SaY & # " AS`dWQS :SdSZ /U`SS[S\b '# # ' !" "' $ $ AS`dWQS :SdSZ ;O\OUS[S\b ' AS`dWQS ;O\OUS[S\b & AS`dWQS]`WS\bWS`bS /`QVWbSYbc` & AS`dWQS Ac^^]`b & ' " # '
BPRWf^aceTaiTXRW]Xb AVO`SR AS`dWQS 1S\bS` '" '# $ A53 % # #& $ AW\UZS A]c`QW\U ! AWQVS`VSWba[O\OUS[S\b % " "! '% AWbcObW]\aO\OZgaS ' #" $# %' AWf AbOUSa ]T 7B 5`]ebV $ A\O^aV]b A]TbeO`S /aaSb ;O\OUS[S\b ' A]TbeO`SZO\RYO`bS &' A]TbeO`SdS`bSWZc\U # & ' & A]TbeO`SdS`bSWZc\UaagabS[ A]ZdS\Qg 77 " AbOPaabSZZS '! '" ! AbScS`c\UaW\ab`c[S\b $# AbScS`c\Ua[SQVO\Wa[ca !! Ab`ObSUWS ! Ab`ObSUWQ /ZWU\[S\b ;]RSZ %! Ab`ObSUWST]`[cZWS`c\U ! ! # ## $# %' & Ab`ObSUWSW[^ZS[S\bWS`c\U " $ !% Ab`ObSUWS`SdWaW]\ $ # Ab`ObSUWSeSQVaSZ !! Ab`ObSUWaQVS 7\T]`[ObW]\aagabS[S ! & Ab`ObSUWaQVS 5SaQVÉTbaSW\VSWb % ! !% %! Ab`ObSUg ;O^ $& $' Ac^^ZWS` @SZObW]\aVW^ ;O\OUS[S\b Ac^^]`b>`]hSaa !' #% ! AgabS[a /cRWb 5`WR "% "&
7 BSQV\]Z]Ug 4`O[Se]`Y #' BSQV\]Z]Ug ASb &$ '' BVW\1ZWS\b0Sb`WSP BWQYSb # B]bOZ 1]ab ]T =e\S`aVW^ !! $ $ B`O\aT]`[ObW]\aY][^SbS\h !
8 C\ObbS\RSR ASbc^
C\bS`\SV[S\aO`QVWbSYbc` %$ %& &% '% C\bS`\SV[S\a]`UO\WaObW]\ "& %! ' '$ RWdWaW]\OZ ]`WS\bWS`b '! Tc\YbW]\OZ ]`WS\bWS`b ' C\bS`\SV[S\a^S`a^SYbWdS C\bS`\SV[S\aab`ObSUWS ' " % % $$ &" &% ' C\bS`\SV[S\ac[TSZR /\OZgaS RSa " C\bS`\SV[S\ahWSZS ! ! "$ #" %! # #% '! '& !! !#
9 DOZ 7B7\WbWObWdS !! DS`TºUPO`YSWb "% #" # $ ' # &! !$ DS`b`OUaT`SWVSWb %$ & DS`b`OcZWQVYSWb !$ "$ ## DWaW]\ ! "# # $" & $% ! D]`USVS\a[]RSZZ & &"
: EOaaS`TOZZ[]RSZZ ' !# ES`YPO\Y;]RSZZ ! ES`bPSWb`OU RS` 7B ! "$ % '" '# !! ES`bYSbbS\[]RSZZ !% !' ES`baQVr^Tc\Ua\SbheS`Y !& %% ES`bagabS[ !% ESbbPSeS`PaY`OTb "! " # ESbbPSeS`Pac[TSZR % " & EW`Yc\UaR][É\S %"
= HS\b`OZWaWS`c\U % $ '# HS`bWTWhWS`c\U #! $ ^S`a]\S\PSh]US\S ^`]hSaaPSh]US\S ! b]]ZPSh]US\S ! HWSZRSTW\WbW]\ ! # #" &
! %