Stadler, M. A. (2014), ‘„Ach, das ist gestreift!“. Anmerkungen zur ägyptischen Königsplastik...

Gehilfe des Thot

Festschrift fr Karl Theodor Zauzich zu seinem 75. Geburtstag

FS Zauzich.indd Abs11FS Zauzich.indd Abs11 05.06.2014 11:15:1005.06.2014 11:15:10

2014

Harrassowitz Verlag Wiesbaden

Gehilfe des ThotFestschrift fr Karl Theodor Zauzich

zu seinem 75. Geburtstag

herausgegeben vonSandra Luisa Lippert und Martin Andreas Stadler

unter Mitarbeit von Ulrike Jakobeit


Bibliografi sche Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der DeutschenNationalbibliografi e; detaillierte bibliografi sche Daten sind im Internetber http://dnb.dnb.de abrufbar.

Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the DeutscheNationalbibliografi e; detailed bibliographic data are available in the internetat http://dnb.dnb.de.

Informationen zum Verlagsprogramm fi nden Sie unterhttp://www.harrassowitz-verlag.de Otto Harrassowitz GmbH & Co. KG, Wiesbaden 2014Das Werk einschlielich aller seiner Teile ist urheberrechtlich geschtzt.Jede Verwertung auerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulssig und strafbar. Das gilt insbesonderefr Vervielfltigungen jeder Art, bersetzungen, Mikroverfi lmungen und fr die Einspeicherung in elektronische Systeme.Gedruckt auf alterungsbestndigem Papier.Druck und Verarbeitung: B Hubert & Co., GttingenPrinted in Germany

ISBN 978-3-447-XXXXX-X


Inhalt

Vorwort . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VII Hinweise zur Transliteration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IX

Carolin Arlt A Demotic Letter from the Stanford Green Collection (P. Stanford Green Demotic 70) . . . . . . . . 1 Alejandro F. Botta Die Terminologie von Diebstahl und Raub in einem demotischen Brief an Thot (P. Chicago 19422) und ihre aramischen Entsprechungen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Mark Depauw An Anonymous Pharaoh: The Revolt against Teos illustrated by a Deir Abu Hennis Graffito . . . 13 Christina Di Cerbo Seven Offering Tables and a Mummy Label from the Magazines of Luxor Temple . . . . . . . . . . . 21 Jacco Dieleman Scribal Routine in Two Demotic Documents for Breathing: Papyri Vienna D 12017 and 12019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Hans-W. Fischer-Elfert Der Ritt auf der Sau: Kulturgeschichtliche Anmerkungen zum demotischen Ostr. D 70 in der sterreichischen Nationalbibliothek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Friedhelm Hoffmann Das Alter des Hor, Sohnes des Petemin, in P. BM EA 10507 2.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Richard Jasnow P. Vienna D 13766: A Fragmentary Demotic Wisdom Text . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Myriam Krutzsch, Sandra L. Lippert Papyrus Berlin P 23724: eine ungewhnliche Verkaufsurkunde aus Soknopaiu Nesos . . . . . . . . . 61 Andrew Monson Syrians in the Fayyum: A Survey of Crops on Cleruchic Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Joachim Friedrich Quack Ein Festlied aus Soknopaiu Nesos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Maren Schentuleit Mach Dich nicht lustig ber eine Sache, die eine Kuh betrifft: Der Dienstbrief P.Carlsberg 430 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

FS Zauzich PDF ohne Abb Revision3.indd 1FS Zauzich PDF ohne Abb Revision3.indd 1 04.06.2014 15:37:2304.06.2014 15:37:23

Inhaltsverzeichnis

VI

Martin Andreas Stadler Ach, das ist gestreift! Anme kr ungen zur gyptischen Knigsplastik im 4. und 3. Jahrhundert v. Chr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Steve Vinson Der erste Demotist zu Wrzburg: Josef Kohler and Early German Reception of the First Tale of Setne Khaemwas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Gnter Vittmann Ein Fall von Veruntreuung von Getreidelieferungen in der Ptolemerzeit? Der demotische Papyrus Mainz 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Wolfgang Wegner Eine demotische Abrechnung und ein demotischer Brief aus Tebtynis (P. Hamburg D 45 und 46) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155

Indices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185


9RUZRUW

$OVGLHEHLGHQ+HUDXVJHEHUGLHVHU)HVWVFKULIWLP:LQWHUVHPHVWHUDOVHLQ]LJH+DXSWIDFKVWXGHQWHQGLHVHV -DKUJDQJVGDV6WXGLXPGHUbJ\SWRORJLH LQ:U]EXUJDXIQDKPHQZDUGHU -XELODU IU VLH]XQlFKVWQRFKHLQHXQQDKEDUH*HVWDOWGHUPDQLP)OXUGHV,QVWLWXWHVRGHULQGHU%LEOLRWKHNEHJHJQHWHXQGVFKFKWHUQHLQHQJXWHQ0RUJHQZQVFKWH(UVWPLWGHP.RSWLVFK8QWHUULFKWLP]ZHLWHQ6HPHVWHUOHUQWHQZLU.DUO7KHRGRU=DX]LFKQlKHUNHQQHQXQGHUXQVPHKURGHUZHQLJHU%HL$QUHGHQZLH:HOFKH)RUPLVWGDV+HUU/LSSHUW"RGHU)UDX6WDGOHUOHVHQ6LHELWWHGHQQl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|UGHUW

LKQ6RZXUGHQLP'HPRWLVFK8QWHUULFKWVFKRQLQGHU]ZHLWHQ6WXQGHSWROHPlLVFKH8UNXQGHQJHOHVHQ(UNHQQHQ6LHLUJHQGHLQ=HLFKHQ"9LHOOHLFKWKLHUHLQS"*DUQLFKWVFKOHFKWDEHUGDVLVWHLQ_QGDVKDWWHQZLUQRFKQLFKWXQGDOV7KHPHQIU4XDOLILNDWLRQVDUEHLWHQVFKHXWHHUVLFKQLFKWDXFKXQSXEOL]LHUWHGHPRWLVFKH7H[WH]XYHUJHEHQ$XFKZHQQGLHVZRKOMHGHP9HUWUHWHUGHUSRVWHU.XVFKHO'LGDNWLNGLH+DDUHKlWWH]X%HUJHVWHKHQODVVHQLVWGHU(UIROJGHU=DX]LFKVFKHQ/HKUPHWKRGHQXQEHUVHKEDU.DXPHLQDQGHUHUbJ\SWRORJLH3URIHVVRUGUIWHVLFKHLQHlKQOLFKKRKH4XRWHYRQYROOEHUXIOLFKLP)DFKWlWLJHQ6FKOHUQ]XVFKUHLEHQN|QQHQ1DFKGHP)ULHGKHOP+RIIPDQQXQG+HLQ]-RVHI7KLVVHQEHUHLWV]X.DUO7KHRGRU=DX]LFKV

*HEXUWVWDJHLQHNQDSSVHLWLJH)HVWVFKULIWKHUDXVJHJHEHQKDEHQGLHPLW]DKOUHLFKHQ(UVWHGLWLRQHQGHPRWLVFKHU7H[WHGLH+RPPDJHVHLQHUGHPRWLVWLVFKHQ.ROOHJHQDXVDOOHU:HOWHQWKlOWZROOHQZLUPLWGLHVHU)V=DX]LFK,,]XVHLQHP*HEXUWVWDJJDQ]EHVRQGHUVGDV(QJDJHPHQWGHV-XELODUVEHLGHU)|UGHUXQJGHVZLVVHQVFKDIWOLFKHQ1DFKZXFKVHVZUGLJHQGXUFKGDVHUQHEHQVHLQHQ9HUGLHQVWHQXPGLH(QWGHFNXQJXQG3XEOLNDWLRQGHV%XFKHVGHV7KRW]XHLQHPZDKUHQ*HKLOIHQGHV7KRWZXUGH:LUIUHXHQXQVGDUEHUGDGLH,GHHGD]XDXIVRJURH5HVRQDQ]JHVWRHQLVWXQGUHJH8QWHUVWW]XQJJHIXQGHQ KDW 6R KDEHQZLU KHU]OLFKHQ'DQN DE]XVWDWWHQ8OULNH -DNREHLW IU GLH9RUEHUHLWXQJ GHU'UXFNYRUODJHGLH%LOGEHDUEHLWXQJGLHUHGDNWLRQHOOH$UEHLWXQGGLH+LOIHEHLGHU(UVWHOOXQJGHU,QGL]HV&KULVWLDQ/HLW]XQG+ROJHU.RFNHOPDQQIUGLHhEHUODVVXQJYRQ3KRWRJUDSKLHQGHU6lXOHLP+\SRVW\OGHV,VLV7HPSHOVDXI3KLODHGLHXQV]XU,QVSLUDWLRQIUGDV7LWHOELOGJHGLHQWKDEHQGHU9HUOHJHULQ%DUEDUD.UDXIUGLH$XIQDKPHGHU)HVWVFKULIWLQGDV+DUUDVVRZLW]3URJUDPPXQGVFKOLHOLFK-HQV)HWNHQKHXHUYRP9HUODJ2WWR+DUUDVVRZLW]IUGLHZLHVWHWVYRUELOGOLFKH%HWUHXXQJGHU3XEOLNDWLRQ'HU,QWHQWLRQGLHVHU)HVWVFKULIWIROJHQGYHUVDPPHOQVLFKKLHUDOVRHWOLFKHYRQGHQHQGLH.DUO7KH

RGRU=DX]LFKXQPLWWHOEDUHXQGHQWVFKHLGHQGH,PSXOVHIULKUHQZHLWHUHQ:HUGHJDQJYHUGDQNHQVHLHVDOVVHLQH$VVLVWHQWHQDP:U]EXUJHU/HKUVWXKODOV6WLSHQGLDWGHVDXI,QLWLDWLYHGHV-XELODUVKLQJHJUQGHWHQ,QWHUQDWLRQDO&RPPLWWHH IRU WKH3XEOLFDWLRQRI WKH&DUOVEHUJ3DS\UL LQ.RSHQKDJHQDOV0LWDUEHLWHULQQHQGHVYRQLKPJHOHLWHWHQ6RNQRSDLX1HVRV3URMHNWHVDOV5HVWDXUDWRULQLQGHUYRQ.DUO7KHRGRU=DX]LFKVRKlXILJEHVXFKWHQ%HUOLQHU3DS\UXVVDPPOXQJDOV'RNWRUDQGHQDOV+DELOLWDQGHQ

+DQV:HUQHU)LVFKHU(OIHUW)ULHGKHOP+RIIPDQQ5LFKDUG-DVQRZXQG0DUWLQ6WDGOHU -RDFKLP)ULHGULFK4XDFN 6DQGUD/LSSHUWXQG0DUHQ6FKHQWXOHLW 0\ULDP.UXW]VFK &DUROLQ$UOW&KULVWLQDGL&HUER:ROIJDQJ:HJQHUVRZLHGLHREHQEHUHLWVJHQDQQWHQ)+RIIPDQQ6/LSSHUW06FKHQWXOHLWXQG06WDGOHU


9RUZRUW

9,,,

VHLQHV/HKUVWXKOVRGHUDOVDXVOlQGLVFKH*DVWVWXGHQWHQLQ:U]EXUJ(LQH5HLKHZHLWHUHU.ROOHJHQGLH]XGLHVHP.UHLVJHK|UHQXQGVLFKJHUQHEHWHLOLJWKlWWHQEHGDXHUQDXVGLYHUVHQ*UQGHQYHUKLQGHUW]XVHLQ$OOHJHPHLQVDPJUDWXOLHUHQZLUXQVHUHP/HKUHU.DUO7KHRGRU=DX]LFKPLWGLHVHU)HVWVFKULIWJDQ]KHU]OLFK]XVHLQHP*HEXUWVWDJ0|JHHUQRFKODQJHJHVXQGXQGPXQWHUIRUVFKHQ

0RQWSHOOLHU]XP-XQL :U]EXUJ]XP-XQL6DQGUD/LSSHUW 0DUWLQ6WDGOHU

*QWHU9LWWPDQQVRZLHGLHREHQEHUHLWVJHQDQQWHQ+:)LVFKHU(OIHUWXQG)+RIIPDQQ $OHMDQGUR%RWWD0DUN'HSDXZ-DFFR'LHOHPDQ$QGUHZ0RQVRQXQG6WHYH9LQVRQ


Hinweise zur Transliteration

[ ] markieren Zerstrungen, die keine Zeichenreste mehr erkennen lassen, mitunter mit Re-konstruktionsvorschlgen.

& \ markieren Beschdigungen, die Zeichenreste erkennen lassen, auf denen eine etwaige Ergnzung basiert.

markieren vom Schreiber fehlerhaft Ausgelassenes in einem ansonsten unzerstrten Be-reich.

( ) markieren Ergnzungen des Bearbeiters, i.d.R. konventionell ausgelassene Wrter oder Wortteile je nach Autor ist die Grenze zur Setzung von flieend.

{ } markieren versehentlich gesetzte Zeichen/Wrter im gyptischen, die zu tilgen sind. [[ ]] markieren vom Schreiber Getilgtes. ` markieren ber der Zeile Nachgetragenes. kennzeichnet ein Spatium. Die Lnge eines Spatiums wird durch die entsprechende Wie-

derholung von angegeben. Fettdruck markiert Rubren.


$FKGDVLVWJHVWUHLIW$QPHUNXQJHQ]XUlJ\SWLVFKHQ.|QLJVSODVWLNLPXQG-DKUKXQGHUWY&KU

0DUWLQ$QGUHDV6WDGOHU

0LWGLHVHU6WXGLHHULQQHUHLFKDQHLQHPHLQHUHUVWHQ/HKUYHUDQVWDOWXQJHQEHL3URI=DX]LFKGLHLFKLP6RPPHUVHPHVWHUPHLQHP]ZHLWHQ)DFKVHPHVWHUEHLLKPEHVXFKWH(VZDUGLHVHLQH9RUOHVXQJIODQNLHUWYRQHLQHP6HPLQDU]XU3ODVWLNGHU6SlW]HLW,FKP|FKWHVRDXIHLQH)DFHWWHGHUlJ\SWRORJLVFKHQ,QWHUHVVHQGHV-XELODUVDXIPHUNVDPPDFKHQGLHGHQPHLVWHQGLHLKQ

QXUDOVEHGHXWHQGHQ'HPRWLVWHQZDKUQHKPHQYLHOOHLFKWQLFKWYHUWUDXWLVW'DV/RULRW=LWDWLP7LWHOP|JHGHQ-XELODUHLQHQ)UHXQG/RULRWVFKHQ+XPRUV

HUIUHXHQ

=ZLVFKHQPHKUHUHQ6WKOHQGLH*HVFKLFKWHGHU(UIRUVFKXQJlJ\SWLVFKHU3ODVWLNLQGHU3WROHPlHUXQGU|PLVFKHQ.DLVHU]HLW

7KHLFRQRJUDSKLFSUREOHPVSUHVHQWHGE\WKHQXPHURXVLGHDOL]LQJDQGFRQYHQWLRQDOKHDGVRINLQJVRIWKH/DWH3HULRGDUHPDQ\EXWLQWKHIUHTXHQWDEVHQFHRILQVFULSWLRQVQRWSDUWLFXODUO\VXUSULVLQJ0RUHFRPSOH[DQGEDIIOLQJLVWKHLGHQWLILFDWLRQRIDUR\DOKHDGWKDWLVDQLQGLYLGXDOLVWLFZRUNRIDUWWKHSRUWUDLWRIDQLPSUHVVLYHSHUVRQUDWKHUWKDQDPDVVSURGXFHGQRQGHVFULSWVWDQGDUG UHSUHVHQWDWLRQ&RQIURQWHGZLWK VXFK D SLHFH WKH SUHVHQW LQDGHTXDF\ RU YHU\ RIWHQFRPSOHWHODFNRIFULWLFDOVWXGLHVRI/DWHVFXOSWXUHLVSDLQIXOO\DSSDUHQWDQGRQHKDVWRDWWHPSWWREUHDNQHZJURXQGLQDILHOGZKLFKVKRXOGKDYHEHHQH[SORUHGPDQ\GHFDGHVDJR

'LH.ODJHGLH%HUQKDUG9%RWKPHU LQGHP]XP+DQGEXFKGHU lJ\SWLVFKHQ6SlW]HLWSODVWLNDXIJHVWLHJHQHQ$XVWHOOXQJVNDWDORJ(J\SWLDQ 6FXOSWXUH RI WKH /DWH 3HULRG IKUWH LVW KHXWH QDFK EHU -DKUHQ LPPHU QRFKGXUFKDXV DNWXHOO(LQH VROFKH)HVWVWHOOXQJPDJ ]XQlFKVW EHUUDVFKHQG VHLQ KDWVLFKGRFKLQGHQOHW]WHQJXW]ZDQ]LJ-DKUHQGDV,QWHUHVVHYHUVWlUNWGHPbJ\SWHQZlKUHQGGHU6SlWGHU3WROHPlHUXQGGHUU|PLVFKHQ.DLVHU]HLW]XJHZDQGW$XFKHLQHEUHLWHUHgIIHQWOLFKNHLWZXUGHLP5DKPHQ YRQ VSHNWDNXOlUHQ $XVVWHOOXQJHQ PLW GLHVHQ 3KDVHQ GHU lJ\SWLVFKHQ *HVFKLFKWH YHUWUDXWJHPDFKW'HQQRFKEOHLEWKLHUQRFKVHKUYLHODQVDXEHUHU*UXQGODJHQDUEHLW]XOHLVWHQ$QJHVLFKWVGHUHUGUFNHQGHQ0HQJHDQ$XIJDEHQGLHGHUbJ\SWRORJLHJHVWHOOW VLQG LVW HVQDWUOLFKHLQZRKOIHLOHV6SLHO VLFK DP%HJLQQ HLQHU 3XEOLNDWLRQ EHU GHQ0DQJHO DQ YHUQQIWLJHQ 6WXGLHQ ]XP JHZlKOWHQ7KHPD]XHUJHKHQXPGDQQYLHOOHLFKWVRJDUPLWHWZDV6FKDGHQIUHXGHGLHYHUPHLQWOLFKKHLHUVHKQWH8QWHUVXFKXQJGD]XDQ]XNQGLJHQGLHVLFKDXIGHQIROJHQGHQ=HLOHQHUJLHHQZUGH)UGLHlJ\SWLVFKH.XQVWJHVFKLFKWHYRUDOOHPZDVGLH]ZHLWH+lOIWHGHVHUVWHQ-DKUWDXVHQGVY&KUDQJHKWLVWGDVMHGRFKQLFKWGLH3IOHJHHLQHV+DELWXVVRQGHUQGLH%HVFKUHLEXQJGHU5HDOLWlW'LH)RUVFKXQJVGHIL]LWHVLQGQlPOLFKV\VWHPLPPDQHQW,VWGLHbJ\SWRORJLHRKQHKLQHKHUSKLORORJLVFKGRPLQLHUWVREHWUDFKWHQ]XVlW]OLFKZHLWH7HLOHGHUbJ\SWRORJLHGLHOHW]WHQYRUFKULVWOLFKHQ-DKUKXQGHUWHLPPHUQRFKJHUQHDOV

%9%RWKPHUXQG(5LHIVWDKO +JJ(J\SWLDQ6FXOSWXUHRI WKH/DWH3HULRG%& WR$' %URRNO\Q

)RUWDQ(6/3 =%.OHRSDWUD0QFKHQYRUKHUXQWHUGHP7LWHO&OHRSDWUDV(J\SWLQ%URRNO\Q]XVHKHQJHZHVHQ

bJ\SWHQ *ULHFKHQODQG 5RP 6WlGHO )UDQNIXUW DP0DLQ bJ\SWHQV YHUVXQNHQH 6FKlW]H %HUOLQ XQG%RQQGDQQGXUFK(XURSD]LHKHQGXQG/HFUpSXVFXOHGHVSKDUDRQV0XVpH-DFTXHPDUW$QGUp3DULV



=HLWHQGHV1LHGHUJDQJV2IIHQEDUZLUNWKLHUGHU=HLWJHLVWQDFKXQWHUGHVVHQ(LQIOXIUGLHbJ\SWRORJLHDOV6lXOHQKHLOLJH]XEH]HLFKQHQGHELVKHXWHHLQIOXUHLFKH)RUVFKHUSHUV|QOLFKNHLWHQZLH$GROI(UPDQ+HUPDQQ.HHV+HUPDQQ6FKlIHUXQG.XUW6HWKHZLUNWHQXPQXUGLHZLFKWLJVWHQ'HXWVFKHQ]XQHQQHQ'LHGDPDOVYLUXOHQWHQ'HEDWWHQEHUGDVY|ONLVFK5HLQHGLH]%XPGLH]HLWJHQ|VVLVFKH$UFKLWHNWXU JHIKUW ZXUGHQ KDEHQ DOOHU:DKUVFKHLQOLFKNHLW QDFK DXFK GLHVH*HOHKUWHQ JHSUlJW VRXQWHUVFKLHGOLFKLKUHSROLWLVFKH+DOWXQJDXFKJHZHVHQVHLQPDJ%HNDQQWOLFKZXUGHHWZDGLH:HLHQKRIVLHGOXQJLQ6WXWWJDUWZHJHQLKUHU)ODFKGlFKHUDOV$UDEHUGRUIGKXQGHXWVFKYHUK|KQW'DVGDKLQWHU VWHFNHQGH3URJUDPPKDWHLQHUGHU:RUWIKUHUGHVGHXWVFKHQGK WUDGLWLRQHOOHQ%DXVWLOV3DXO6FKXOW]H1DXPEXUJDXIGHQ3XQNWJHEUDFKW

$OOH9|ONHUKDEHQLKUHNQVWOHULVFKHQ)RUPHQXQGMHVFKlUIHUXPULVVHQXQGMHDXVJHSUlJWHUVLHVLQGXPVRK|KHUZLUGGDV9RONDOOJHPHLQJHVFKlW]W 7ULWWPDQYRUGLHKHXWHVRRIWODXWJHSULHVHQHQ+lXVHUVREHVFKOHLFKWHLQHQDOOHUGLQJVGLH9RUVWHOOXQJGDVLHL U J H Q G Z R DQJHIHUWLJWXQGL U J H Q G Z R GXUFKHLQHQ%RWHQDEJHVWHOOWZlUHQXQGJHQDXVRJXWDXFKL U J H Q G Z R DQGHUVVWHKHQN|QQWHQ$EHUZDVVROODXVHLQHPGHUDUWLJZXU]HOORFNHUJHPDFKWHQ9RONHZHUGHQGDVEHUHLWZLOOLJGDUDXIHLQJHKWVHLQXUHLJHQVWHV(UEHJHJHQHLQ/LQVHQJHULFKW]XYHUWDXVFKHQ"$QVWDWWRKQHYLHO:RUWH]XPDFKHQKDQGZHUNVJHPlXQGPDWHULDOJHUHFKW]XEDXHQYHUEUHLWHWPDQJHVFKUDXEWH/HKUVlW]HGLHLQGHU)RUGHUXQJJLSIHOQZLUPWHQKHXWHDXFKXQVHU:RKQNOHLGYROONRPPHQZHFKVHOQXQGZLUKlWWHQHLQVROFKHVDQ]X]LHKHQGDVLQNHLQHU:HLVHPHKUDQDOOGDVHULQQHUWZDVELVKHU$XVGUXFNXQVHUHVQRUGLVFKHQ.XOWXUNUHLVHVZDU8QG]XU%HNUlIWLJXQJGLHVHU/HKUH VWHOOWPDQ9RUELOGHUDXIGLHXQVQLFKWPHKUXQWHUGHXWVFKHP+LPPHOXQGDXIGHXWVFKHP%RGHQEHODVVHQVRQGHUQEHLGHUHQ$QEOLFNZLUXQVDQGHQ5DQGGHU:VWHRGHULQHLQHRULHQWDOLVFKH*HJHQGKLQZHJYHUVHW]WIKOHQ

(VZlUHQLFKWYHUZXQGHUOLFKZHQQDXFKbJ\SWRORJHQYRQVROFKHQZHLWYHUEUHLWHWHQ,GHHQQLFKWXQEHUKUWEOLHEHQXQGGLHlJ\SWLVFKH.XOWXUDOVLQHLQHU3KDVHGHU6FKZlFKHVDKHQZHLOLKU.XQVWVFKDIIHQQLFKWPHKUGHPDOVUHLQlJ\SWLVFKHQHPSIXQGHQHQ6WLOLQGHU5HJHOGHUGHV1HXHQ5HLFKHVHQWVSUDFKVRQGHUQZXU]HOORFNHUZLUNWHQ0LVFKNXQVWJDOWDOVHLQlXHUHV=HLFKHQYRQ(SLJRQHQWXPVFK|SIHULVFKHU.UDIWORVLJNHLWXQGVFKOLHOLFK1LHGHUJDQJ

,P*HJHQVDW]]XDQGHUHQDOWHUWXPVZLVVHQVFKDIWOLFKHQ'LV]LSOLQHQKDWHVMHGRFKLQGHUbJ\SWRORJLHQRFKNHLQHXPIDVVHQGHNULWLVFKH5HIOH[LRQEHUGHQ(LQIOXGHV=HLWJHLVWHVDXIGLH)RUVFKXQJGHU-DKUH]ZLVFKHQXQGJHJHEHQ/HGLJOLFK8QWHUVXFKXQJHQ]X:HOWELOGXQGSROLWLVFKHU(LQ

9JO]%5+HIWULJ1HXHV%DXHQDOVGHXWVFKHU1DWLRQDOVWLO"0RGHUQHUH]HSWLRQLP'ULWWHQ5HLFKDP%HLVSLHO

GHV 3UR]HVVHV JHJHQ+DQV:HLJHUW LQ 1 'ROO +J.XQVWJHVFKLFKWH LP 1DWLRQDOVR]LDOLVPXV :HLPDU

=XGLHVHUVFKLOOHUQGHQXQGSXEOL]LVWLVFKK|FKVWDNWLYHQ3HUVRQGLHGXUFKDXVDXFKEHGHQNHQVZHUWH,GHHQ]XU$UFKLWHNWXUYHUWUDWVLHKHGLHNULWLVFKH:UGLJXQJYRQ1%RUUPDQQ3DXO6FKXOW]H1DXPEXUJ0DOHU3XEOL]LVW$UFKLWHNWYRP.XOWXUUHIRUPHUGHU-DKUKXQGHUWZHQGH]XP.XOWXUSROLWLNHULP'ULWWHQ5HLFKHLQ/HEHQVXQG=HLWGRNXPHQW (VVHQ $XHUGHP]X VHLQHU5ROOH LP1DWLRQDOVR]LDOLVPXV6 6FKZHL]HU8QVHUHU:HOWDQVFKDXXQJVLFKWEDUHQ$XVGUXFNJHEHQ1DWLRQDOVR]LDOLVWLVFKH*HVFKLFKWVELOGHULQKLVWRULVFKHQ)HVW]JHQ]XP7DJGHU'HXWVFKHQ.XQVW*|WWLQJHQ

36FKXOW]H1DXPEXUJ'DV*HVLFKW GHVGHXWVFKHQ+DXVHV 0QFKHQ 'LH+HUYRUKHEXQJHQ VLQG DXVGHP2ULJLQDOEHUQRPPHQ:HLWHUH%HOHJHIUGLHVH*HLVWHVKDOWXQJILQGHQVLFKLQGLHVHP%XFKSDVVLP

([HPSODULVFKGLH'LNWLRQYRQ+.HHV$HJ\SWLVFKH.XQVW%UHVODX$OOJHPHLQKLVWRULVFK:*$2WWRXQG+%HQJWVRQ=XU*HVFKLFKWHGHV1LHGHUJDQJHVGHV3WROHPlHUUHLFKHV(LQ%HLWUDJ]XU5HJLHUXQJV]HLWGHVXQG3WROHPlHUV 0QFKHQ$QP+6FKlIHU9RQlJ\SWLVFKHU.XQVW(LQH*UXQGODJH$XIO:LHVEDGHQ]%6$EVDW]

%$UQROGXQG++DPDQQ$UFKHRORJ\LQ1D]L*HUPDQ\7KHOHJDF\RIWKH)DXVWLDQEDUJDLQLQ3.RKO+J1DWLRQDOLVP3ROLWLFVDQGWKH3UDFWLFHRI$UFKDHRORJ\&DPEULGJH((OOLQJHU'HXWVFKH2ULHQWDOLVWLN ]XU=HLWGHV1DWLRQDOVR]LDOLVPXV (GLQJHQ1HFNDUKDXVHQ6:LOG:LVVHQVFKDIW LP=ZLHOLFKW2ULHQWDOLVWHQLP'ULWWHQ5HLFK2/=(LQHQHUVWHQ6FKULWWKDWGLH6WlQGLJHbJ\SWRORJHQNRQIHUHQ]YRPELV]XP-XOLLQ/HLS]LJPLWGHP5DKPHQWKHPDbJ\SWRORJHQXQGbJ\SWRORJLHQ]ZLVFKHQ.DLVHUUHLFKXQGGHU*UQGXQJGHUEHLGHQGHXWVFKHQ6WDDWHQJHPDFKW1XQSXEOL]LHUW6%L


bJ\SWLVFKH.|QLJVSODVWLNLPXQG-DKUKXQGHUWY&KU

VWHOOXQJ YRQ GHXWVFKHQ bJ\SWRORJHQ OLHJHQ YRU bJ\SWRORJHQ DQGHUHU 1DWLRQDOLWlWHQ ZDUHQ GDYRUODQJHEHZDKUWZRUGHQXQGGLHVHVZLFKWLJH.RUUHNWLYILQGHWQXQHUVWODQJVDP(LQJDQJLQGLH'HEDWWH'LH PHLVWHQ ELRJUDSKLVFKHQ 6WXGLHQ ]X bJ\SWRORJHQ ]HLJHQ QXQ OHGLJOLFK ZLH VHKU LP 6LQQH GHV]XYRU*HVDJWHQDXFKbJ\SWRORJHQ.LQGHULKUHU=HLWZDUHQXQGGDVEHUUDVFKWZHQLJZHLObJ\SWRORJHQGXUFKDXVQLFKWEHVVHUVLQGDOVGHU5HVWGHU0HQVFKKHLW(QWVFKHLGHQGHUIUGLHbJ\SWRORJLHDOVGHUMHQLJHQ:LVVHQVFKDIWGLHVLFKXPHLQP|JOLFKVWNRUUHNWHV9HUVWHKHQ$OWlJ\SWHQVEHPKHQVROOWHZlUHHVMHGRFKGHU)UDJHQDFK]XJHKHQLQZLHIHUQGLHVHSROLWLVFKHQ$QVLFKWHQ]XHLQHU0DUJLQDOLVLHUXQJEHVWLPPWHU DOWlJ\SWLVFKHU(SRFKHQRGHU)RUVFKXQJVULFKWXQJHQ LQGHUbJ\SWRORJLH JHIKUW KDEHQ'LHQHJDWLYEHXUWHLOWH9HUPLVFKXQJXQG.RPELQDWLRQYHUVFKLHGHQHU6WLOHVRZLHGHUSWROHPlLVFKU|PLVFKHQ=HLWLQVJHVDPWGLHLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVJHSUlJWZXUGHLVWDOOHUGLQJV QLFKW DOOHLQ HLQ GHXWVFKHV3KlQRPHQ XQG VLHZXUGHQDFKGHP=ZHLWHQ:HOWNULHJPHKU RGHUZHQLJHUXQEHVHKHQEHUQRPPHQXQGZLUNWWHLOZHLVHVRJDUELVKHXWHIRUW

'DVLVWMHGRFKQXUHLQH6WU|PXQJXQGHQWVSUHFKHQGH$XVVDJHQVLQGLQPDQFKHQ)lOOHQZRKOOHGLJOLFK$XVIOXXQEHGDFKWHQ6FKUHLEHQV'HPVWHKWQXQHLQHEHGHXWVDPH)UDNWLRQJHJHQEHUGLHGHQ3URGXNWHQ lJ\SWLVFKHU.XOWXUGHU3WROHPlHUXQG.DLVHU]HLW XQG LKUHU VSH]LILVFKHQbVWKHWLN VWlUNHUHLQHQ HLJHQHQ:HUW ]XJHVWHKW DEHU DXFK GLH.RQWLQXLWlW GXUFKDXV lJ\SWLVFKHU&KDUDNWHULVWLND WURW]VFKHLQEDUKHOOHQLVWLVFKEHHLQIOXWHQ*HZDQGHVHUNHQQW1DWUOLFKLVWGLHVH:UGLJXQJGHUSWROHPl

FNHOHWDO+JJbJ\SWRORJHQXQGbJ\SWRORJLHQ]ZLVFKHQ.DLVHUUHLFKXQG*UQGXQJGHUEHLGHQGHXWVFKHQ6WDDWHQ5HIOH[LRQHQ]XU*HVFKLFKWHXQG(SLVWHPHHLQHVDOWHUWXPVZLVVHQVFKDIWOLFKHQ)DFKVLP-DKUGHU=HLWVFKULIWIUbJ\SWLVFKH6SUDFKHXQG$OWHUWXPVNXQGH=b6%HLKHIWH%HUOLQ

7*HUW]HQ'DV(QJDJHPHQWGHVbJ\SWRORJHQ)ULHGULFK:LOKHOPYRQ%LVVLQJIUGLHGHXWVFKH.ULHJVSURSDJDQGDLP(UVWHQ:HOWNULHJ*07*HUW]HQ'DV(QJDJHPHQWGHVbJ\SWRORJHQ)ULHGULFK:LOKHOPYRQ%LVVLQJIUGLHGHXWVFKH.ULHJVSURSDJDQGDLP(UVWHQ:HOWNULHJ7HLO,,:QVFKHXQG=LHOH*0 6LHKH DXFK YHUVFKLHGHQH%HLWUlJH LP%DQG%8 6FKLSSHUbJ\SWRORJLH DOV:LVVHQVFKDIW $GROI (UPDQLQVHLQHU=HLW%HUOLQ1HZ


HU]HLWOLFKHQ.XQVWDOVGHUMHQLJHQHLQHUPXOWLNXOWXUHOOHQ*HVHOOVFKDIWJOHLFKIDOOVHLQ.LQGLKUHU=HLWXQGKDWLQ]ZLVFKHQDXIJUXQGLKUHU(LQPQGXQJLQGLHHLQJDQJVJHQDQQWHQSRSXOlUHQ6RQGHUDXVVWHOOXQJHQLKUHUVHLWVHLQH|IIHQWOLFKNHLWVZLUNVDPH:LUNXQJHQWIDOWHW

$XIJUXQGPDQQLJIDOWLJHUIRUVFKXQJVJHVFKLFKWOLFKHU8PVWlQGHODJVRPLWGLHlJ\SWLVFKH.XQVWGHU3WROHPlHU]HLWHKHUDQGHU3HULSKHULHlJ\SWRORJLVFKHU)RUVFKXQJXQGZXUGHLQGHQOHW]WHQ-DKUHQYRQGHU%HKDQGOXQJLQ$XVVWHOOXQJVNDWDORJHQIUHLQEUHLWHUHV3XEOLNXPGRPLQLHUW6ROFKH.DWDORJHZHUGHQMHGRFKPDQFKPDOPLWKHLHU)HGHUJHVFKULHEHQXQGHVJHKHQLKQHQQLFKWXQEHGLQJWMHQHEUHLWDQJHOHJWHQ)RUVFKXQJHQXQGNULWLVFKHQ6WXGLHQYRUDXVGLHQRWZHQGLJVLQGXPDXIGHU%DVLVIXQGLHUWHU0DWHULDOHUKHEXQJ]XGHQYDOLGHQ(UJHEQLVVHQ]XNRPPHQGLH%RWKPHU LQ VHLQHU HLQJDQJV]LWLHUWHQ(LQVFKlW]XQJGHU)RUVFKXQJVODJHJHIRUGHUWKDWWH(6/3EOLHELQGHUbJ\SWRORJLHHLQHLQVDPHU9RUUHLWHUELVVLFK-DFN$-RVHSKVRQPLWGHU.|QLJVSODVWLNYRQELVY&KUDOVRELVHLQVFKOLHOLFK3WROHPDLRV,,3KLODGHOSKRVEHVFKlIWLJWHXQGGDQQ6DOO\$QQ$VKWRQXQPLWWHOEDUJHIROJWYRQ3DXO(GPXQG6WDQZLFNLKUH'LVVHUDWLRQHQ]XUSWROHPlLVFKHQ.|QLJVSODVWLNYHU|IIHQWOLFKWHQ6FKOLHOLFKKDW$VKWRQQRFKZHLWHUH$XIVlW]H]XP7KHPDYRUJHOHJWDXIGLHLPIROJHQGHQ]XUFN]XNRPPHQVHLQZLUG

'RFKGLH8UVDFKHQIUGLH0DUJLQDOLVLHUXQJGHUSWROHPlHU]HLWOLFKHQ.XQVWVLQGLPPHUQRFKQLFKWYROOVWlQGLJ EHVFKULHEHQ ,QQHUKDOE GHV DOWHUWXPVZLVVHQVFKDIWOLFKHQ )lFKHUNDQRQV ILHO XQG IlOOW GLHSWROHPlHU]HLWOLFKH.XQVW]ZLVFKHQGLH6WKOH.ODVVLVFKH$UFKlRORJHQEHUFNVLFKWLJHQ]ZDUGXUFKDXVSURPLQHQWGLHSWROHPlLVFKH3ODVWLNDEHUIUVLHEOHLEHQGLH6WFNHlJ\SWLVFKHQ6WLOVHKHUHLQH)ROLHXPGLHKHOOHQLVWLVFKHQ3RUWUDLWVGDYRQ]XVFKHLGHQ,QPDQFKHQ)lOOHQNRPPWHUVFKZHUHQGHLQHPDQJHOQGH9HUWUDXWKHLWPLW GHU lJ\SWLVFKHQ.XQVWJHVFKLFKWHRGHU HLQNOLVFKHHKDIWHV9HUVWlQGQLVGDYRQKLQ]X )U555 6PLWK HWZD VFKHLQW GDVZHVHQWOLFKH&KDUDNWHULVWLNXP lJ\SWLVFKHU 6NXOSWXU GLH6WLOLVLHUXQJ]XVHLQGXUFKGLHHUGLHVH2EMHNWHYRQGHQJULHFKLVFKHQQDWXUDOLVWLVFKHQWUHQQHQP|FKWH(UHQWOHGLJWVLFKPHKURGHUZHQLJHUHOHJDQWGHV6WLOSUREOHPVXQGGHUJUlNRlJ\SWLVFKHQ9HUPLVFKXQJLQGHPHUSRVWXOLHUWQLFKWGHU6WLOXQGHLQH9HUPLVFKXQJYRQlJ\SWLVFKXQGJULHFKLVFKVHLIUHLQH.ODVVLIL]LHUXQJ GHU.XQVWZHUNHPDJHEHQG VRQGHUQ HV JlEH DOOHLQ ]ZHL.DWHJRULHQ QlPOLFK.XQVWZHUNH IUHLQlJ\SWLVFKHVXQGVROFKH IUHLQJULHFKLVFKH3XEOLNXP6WLO VSLHOHHLQHVHNXQGlUH5ROOH'HQQRFK VLQG IU LKQQDWXUDOLVWLVFKH=JHSKDUDRQLVFKHU'DUVWHOOXQJHQ GLH VLFK VHLQHU0HLQXQJQDFKDQlJ\SWLVFKH%HWUDFKWHUZHQGHQHLQJULHFKLVFKHV(OHPHQW

'LHV LVW DXV YHUVFKLHGHQHQ *UQGHQ GXUFKDXV SUREOHPDWLVFK (UVWHQV VFKHLQW 6PLWK HLQH LQQHUlJ\SWLVFKHLQGLYLGXDOLVLHUHQGH.XQVWWUDGLWLRQQLFKW]XNHQQHQGLHIUHLOLFKQLFKWGDVDOWlJ\SWLVFKH.XQVWVFKDIIHQGRPLQLHUWDEHUGXUFKDXVSUlVHQW LVWXQGDXIGLH LFKQRFK]XVSUHFKHQNRPPHQZHU

-+-RKQVRQ+J/LIHLQD0XOWL&XOWXUDO6RFLHW\(J\SWIURP&DPE\VHVWR&RQVWDQWLQHDQG%H\RQG6$2&

&KLFDJRIKUWGHQ%HJULIIPXOWLNXOWXUHOOIUGDVSWROHPlLVFKNDLVHU]HLWOLFKHbJ\SWHQEHUHLWVLP7LWHODXFKZHQQVLFKGDKLQWHUGLH$NWHQGHVYLHUWHQ,QWHUQDWLRQDOHQ'HPRWLVWHQNRQJUHVVHVLQ&KLFDJRYHUEHUJHQXQGVLFKQLFKWDOOH%HLWUlJHZLUNOLFKPLWGHU0XOWLNXOWXUDOLWlWbJ\SWHQVYRPVHFKVWHQ-DKUKXQGHUWYELV]XPYLHUWHQ-DKUKXQGHUWQ&KUEHVFKlIWLJHQ

,QVEHVRQGHUHGHU.DWDORJ&OHRSDWUDV(J\SW]HLJWKLHUXQORJLVFKHRGHUQLFKW]ZLQJHQGH$UJXPHQWDWLRQHQLQVHLQHQHLQ]HOQHQ.DWDORJEHLWUlJHQ(LQ]HOQH%HLVSLHOHZHUGHQLPIROJHQGHQJHQDQQWXQGGLVNXWLHUW

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bJ\SWHQ*ULHFKHQODQGXQG5RP$XVWDXVFKXQG9HUVWlQGQLV6WlGHO-DKUEXFK1HXH)ROJH6WXWWJDUWHKHUHLQH=XVDPPHQIDVVXQJGHV]XYRU]LWLHUWHQ%XFKHV

6$$VKWRQ$TXHVWLRQRI$XWKHQWLFLW\DQG'DWH5RPDQ&RSLHVDQG3WROHPDLF2ULJLQDOV%06$(6(DG7KH3WROHPDLF5R\DO,PDJHDQGWKH(J\SWLDQ7UDGLWLRQLQ-7DLW+J1HYHU+DGWKH/LNH2FFXUUHG(J\SWV9LHZRILWV3DVW(QFRXQWHUVZLWK$QFLHQW(J\SW/RQGRQ

.\ULHOHLV%LOGQLVVHGHU3WROHPlHU 6PLWK+HOOHQLVWLF5R\DO3RUWUDLWVEHV



GH=ZHLWHQVLVWVHKU]XEH]ZHLIHOQREVLFKGLH%HY|ONHUXQJGHVKHOOHQLVWLVFKHQbJ\SWHQVRVDXEHULQlJ\SWLVFKHXQGJULHFKLVFKH$XJHQWUHQQHQOlWPLWGHU*HVFKLFKWHIRUWVFKUHLWHQGGUIWHGDVLPPHUVFKZLHULJHUJHZRUGHQVHLQ:lKUHQGJUl]LVLHUWHbJ\SWHUHLQH%LQVHQZHLVKHLWVLQGZHUGHQlJ\SWLVLHUWH*ULHFKHQVHOWHQHUZDKUJHQRPPHQGLHMHGRFKEHUHLWVLPVHFKVWHQ-DKUKXQGHUWY&KUQDFK]XZHLVHQVLQG'ULWWHQVVFKOLHOLFKZLUG]XQHKPHQGGDV%LOGYRPJULHFKLVFKHQ$OH[DQGULDHUVFKWWHUW(V]HLJWVLFKQlPOLFKQLFKW]XOHW]WGXUFKGLHDUFKlRORJLVFKHQ)RUVFKXQJHQGHUOHW]WHQ-DKUHZLHVHKUGDV %LOG GHU 6WDGW YRQ lJ\SWLVFKHU .XQVW GDUXQWHU GXUFKDXV PRQXPHQWDOH 3ODVWLN JHSUlJW ZDU$OH[DQGULD ZDU DOVR HLQH 6WDGW GHUHQ UHSUlVHQWDWLYH %DX XQG 6NXOSWXUDXVVWDWWXQJ VLFK QLFKW DXVVFKOLHOLFKDQHLQJULHFKLVFKHVRGHUlJ\SWLVFKHV3XEOLNXPZDQGWHVRQGHUQDQEHLGHJOHLFKHUPDHQ(QWVSUHFKHQGZLUGVLFKDXFKGLH.|QLJVSODVWLNQLFKWDQGLHHLQHQRGHUGLHDQGHUHQVRQGHUQDQEHLGH*UXSSHQJHZDQGWKDEHQ'DV=LHOXQGGLH+LQGHUQLVVHDXIGHP:HJGRUWKLQ=LHOGLHVHV%HLWUDJHVLVWHVQXQGLH5HSUlVHQWDWLRQGHV.|QLJVYRQGHUDXVJHKHQGHQ6SlW]HLWELV]XGHQIUKHQ3WROHPlHUQLQlJ\SWLVFKHU)RUPVSUDFKH]XEHWUDFKWHQ,PIROJHQGHQVROOGLH&KURQRORJLHEHVWLPPWHU'HQNPlOHU]ZDUNULWLVFKUHIOHNWLHUWZHUGHQXPGDUDXIDXIEDXHQGGLH,QWHQWLRQHQJHQDXHU]XEHVWLPPHQDOVVLFKPLWGHUEDQDOHQ$XVVDJH]XIULHGHQ]XJHEHQGLH'DUVWHOOXQJGHV.|QLJVPDNHGRQLVFKHU+HUNXQIWLQlJ\SWLVFKHU)RUPVSUDFKHZROOHGHQ.|QLJGHUlJ\SWLVFKHQ(OLWHDOVOHJLWLPHQ+HUUVFKHU YRUVWHOOHQ DEHU JHUDGH KLHU EHVWHKHQ XQJHKHXUH 6FKZLHULJNHLWHQZHLO GLH'DWLHUXQJ GHUPHLVWHQlJ\SWLVFKHQVWDUNW\SLVLHUWHQ.|QLJVN|SIHYRPELV]XP-DKUKXQGHUWY&KUGHU]HLWDXINHLQHUVROLGHQ%DVLVVWHKWYLHOPHKUVFKZLPPWXQGVLFKPLWGHQPRPHQWDQ]XU9HUIJXQJVWHKHQGHQ0LWWHOQXQG'DWHQQLFKWEHIULHGLJHQGRGHUZHQLJVWHQVKDOEZHJVREMHNWLYLHUEDUEHVWLPPHQOlW+LHUKDW VLFK GLH 6LWXDWLRQ LQ GHQ OHW]WHQ -DKU]HKQWHQ QLFKW JUXQGOHJHQG JHlQGHUW XQG LVW LPPHUZLHGHUEHNODJW ZRUGHQ 'DWLHUXQJHQ DXI GHU %DVLV VWLOLVWLVFKHU $QDO\VHQ VFKZDQNHQ GHPHQWVSUHFKHQGZREHLPDQFKH$XWRUHQHLQH3UlIHUHQ] IUGLHDQGHUH IUGLH'\QDVWLH]XKDEHQVFKHLQHQ

6LHKH DXFK GLH%HKDQGOXQJ EHL -$VVPDQQ6WHLQ XQG=HLW0HQVFK XQG*HVHOOVFKDIW LP DOWHQbJ\SWHQ $XIO

0QFKHQ1HXDEGUXFNHLQHVHUVFKLHQHQHQ$XIVDW]HV6HKUHVVD\LVWLVFKXQGHWZDVREHUIOlFKOLFK&9DQGHUVOH\HQ/HVW\OHHWODUpDOLWpSURSRVGHODVWDWXDLUHpJ\SWLHQQHLQ0%UR]H&&DQQX\HUXQG)'R\HQ +JJ ,QWHUSpWDWLRQ0\WKHV FUR\DQFHVHW LPDJHVDX ULVTXHGH OD UpDOLWp5RODQG7HIQLQ LQPHPRULDP$FWDRULHQWDOLDEHOJLFD;;,%UVVHO

=%3&ROORPEHUW5HOLJLRQpJ\SWLHQQHHWFXOWXUHJUqFTXH/H[HPSOHGH&Ge6*UDOOHUW$NNXOWXUDWLRQLPlJ\SWLVFKHQ6HSXONUDOZHVHQ'HU)DOOHLQHV*ULHFKHQLQbJ\SWHQ]XU=HLWGHU'\QDVWLHLQ8+|FNPDQQXQG'.UHLNHQERP+JJ1DXNUDWLV'LH%H]LHKXQJHQ]X2VWJULHFKHQODQGbJ\SWHQXQG=\SHUQLQDUFKDLVFKHU=HLW0|KQHVHH

-


7HLOZHLVHZHUGHQKLHUVXEWLOVWHXQGUHFKWVXEMHNWLYHPSIXQGHQH)RUPJHEXQJHQDOV'DWLHUXQJVNULWHULHQKHUDQJH]RJHQGLHNHLQHQ5DXPPHKUODVVHQIUGLH,QGLYLGXDOLWlWGHV.QVWOHUVVHLHVDXIJUXQGVHLQHV*HVWDOWXQJVZLOOHQV VHL HV DXIJUXQG VHLQHUKDQGZHUNOLFKHQ)lKLJNHLWHQ'D LQGHV HLQH HLQLJHUPDHQJHVLFKHUWH]HLWOLFKH(LQRUGQXQJGLH%DVLVIUHLQHKLVWRULVFKH$XVZHUWXQJGHU%HREDFKWXQJHQZlUHXQGGDVZlUHPHLQ(UNHQQWQLV]LHOEOHLEHQHEHQMHQH6FKOXIROJHUXQJHQKLHUQRWZHQGLJVSHNXODWLY

8PWURW]GHPHLQZHQLJVWHQVWHLOZHLVHPHWKRGLVFKVDXEHUHV(UJHEQLV]XHU]LHOHQVROOYLHOPHKUGHU6FKZHUSXQNW DXI EHVWLPPWHQ0RWLYHQ XQG LNRQRJUDSKLVFKHQ'HWDLOV GHU lJ\SWLVFKHQ.|QLJVSODVWLNGHV XQG -DKUKXQGHUWV Y&KU OLHJHQXQG DQGHU6WHOOH JHQDXHUKLQJHVHKHQZHUGHQ DQ GHUGLH'LDJQRVHGHV$UFKDLVPXVJHZLVVHUPDHQGHQ$QIDQJZHLWHUHUhEHUOHJXQJHQELOGHW'HQQGHU$UFKDLVPXV LVW HLQ GXUFK GLH lJ\SWLVFKH.XOWXUJHVFKLFKWH KLQGXUFK JlQJLJHV 3KlQRPHQ GDV VLFK EHUHLWVVSlWHVWHQV]X%HJLQQGHU'\QDVWLHEHOHJHQOlWXQGELVLQGLHU|PLVFKH.DLVHU]HLWUHLFKW$PHQHPKHW,E]ZGLHLQVHLQHP$XIWUDJDUEHLWHQGHQ.QVWOHUJUHLIHQ]%IUVHLQHQ7RWHQWHPSHO'DUVWHOOXQJVZHLVHQGHU'\QDVWLHDXI0LWGLHVHU5FNEHVLQQXQJYHUIROJWH$PHQHPKHWDOOHU:DKUVFKHLQOLFKNHLWQDFKGDV=LHOVHLQH+HUUVFKDIWLQHLQHEHVWLPPWH7UDGLWLRQ]XVWHOOHQXQGZHQLJVWHQVLQGHU%LOGVSUDFKHVRZRKOGLH(UVWH=ZLVFKHQ]HLWDOVDXFKGLH'\QDVWLHYHUJHVVHQ]XPDFKHQXQGEUXFKORVDQGLH'\QDVWLHDQ]XNQSIHQQDFKGHPVHLQ+HUUVFKDIWVDQWULWWYHUPXWOLFKHLQ$NWGHU8VXUSDWLRQZDU$XFKLQGHUIUKSWROHPlLVFKHQ.|QLJVSODVWLNlJ\SWLVFKHQ6WLOVOlWVLFK$UFKDLVPXVQDFKZHLVHQZLH XQWHQ QlKHU DXVJHIKUWZHUGHQZLUG$OOHUGLQJV EOHLEW GLH$UFKDLVPXVGLDJQRVH GLIIXV

(J\SWLDQ5R\DO6FXOSWXUHGHVVHQ=XZHLVXQJHQZHLWJHKHQGH$N]HSWDQ]JHIXQGHQKDEHQ6$OEHUVPHLHU5H]]X-RVHSKVRQ(J\SWLDQ5R\DO6NXOSWXUH:G2 :+3HFN5H]]X-RVHSKVRQ(J\SWLDQ5R\DO6FXOSWXUH-1(656FKXO]5H]]X-RVHSKVRQ(J\SWLDQ5R\DO6FXOSWXUH2/=

=%7KHKHDGRI1HFWDQHER,LQ0DQVRXUDXQOLNHWKHKHDGRI$SULHVGRHVQRWKDYHDFRQVSLFXRXVERQ\VXEVWUXFWXUH RQ LWV IDFH 7KH%RORJQD KHDG VKRZVYLWDOLW\ DQG LQGLYLGXDOLW\ DOWKRXJK LW LV DQ LGHDOL]LQJ VWDWXH7KHPRUHVXPPDU\FDUYLQJRIWKH0DQVRXUDEXVWODFNVERWKRIWKHVHFKDUDFWHULVWLFV-RVHSKVRQ(J\SWLDQ5R\DO6FXOSWXUH2GHU2QUHWURXYHFHUWHVOHVW\OHVDwWHPDLVSRXVVpjXQGHJUpGHVRSKLVWLFDWLRQTXRQQHOXLFRQQDvWSDVjOD;;9,HG\QDVWLH/HWUDLWHPHQWQDSDVODYLJXHXUGHFHWWHpSRTXHWRXUQpTXLOHVWYHUVXQHUHFKHUFKHH[FOXVLYHPHQWHVWKpWLTXHROLGpDOLVDWLRQHVWSRXVVpDXSDUR[\VPHGXUDILQQHPHQW/HUpVXOWDWHVWFHUWHVVHGXLVDQWPDLVLOPDQTXHGHFDUDFWqUH23HUGX/HFUpSXVFXOHGHVSKDUDRQV&KHIVGXYUHGHVGHUQLqUHVG\QDVWLHVpJ\SWLHQQHV>%UX[HOOHV@EHU%0($

6LHKHGD]X-%DLQHV9LVXDODQG:ULWWHQ&XOWXUH LQ$QFLHQW(J\SW 2[IRUGEHV'/RUDQG/DVWDWXDLUHUR\DOHGH6pVRVWULV,HU$UWHWSROLWLTXHDXGpEXWGHOD;,,HG\QDVWLH%6)e%0DJHQ6WHLQHUQH 3DOLPSVHVWH =XU:LHGHUYHUZHQGXQJ YRQ 6WDWXHQ GXUFK 5DPVHV ,, XQG VHLQH1DFKIROJHU :LHVEDGHQ50RUNRW$UFKDLVPDQG,QQRYDWLRQLQ(J\SWLDQ$UWIURPWKH1HZ.LQJGRPWRWKH7ZHQW\VL[WK'\QDVW\LQ-7DLW+J1HYHU+DGWKH/LNH2FFXUUHG(J\SWV9LHZRILWV3SDVW(QFRXQWHUVZLWK$QFLHQW(J\SW/RQGRQ0%HFNHU,GHQWLWlWXQG.ULVH(ULQQHUXQJVNXOWXUHQ LPbJ\SWHQGHU'\QDVWLH 6$.%+DPEXUJ&5LJJV$UFKDLVPDQG$UWLVWLF6RXUFHVLQ5RPDQ(J\SW7KH&RIILQVRIWKH6RWHU)DPLO\DQGWKH7HPSOHRI'HLUHO0HGLQD%,)$2'36LOYHUPDQ:.6LPSVRQXQG-::HJQHU+JJ$UFKDLVP DQG ,QQRYDWLRQ 6WXGLHV LQ WKH &XOWXUH RI 0LGGOH .LQJGRP (J\SW 1HZ +DYHQ 3KLODGHOSKLD)UHLQZHLWHUHV3XEOLNXPHSRFKHQEHUJUHLIHQGDXIEHUHLWHWLQ)7LUDGULWWL3KDUDRQLF5HQDLVVDQFH$UFKDLVPDQGWKH6HQVHRI+LVWRU\/MXEOMDQD

:LUUHQ QDFK ,QVFKULIWHQ GHV *DXIUVWHQ 1HKHUL XQG VHLQHU 6|KQH .DL XQG 'MHKXWLQDFKW ZRKO LQ GDV (QGH GHU%HJLQQGHU'\QDVWLH]XGDWLHUHQ:6FKHQNHO)UKPLWWHOlJ\SWLVFKH6WXGLHQ%RQQ+:LOOHPV7KH1RPDUFKVRIWKH+DUH1RPHDQG(DUO\0LGGOH.LQJGRP+LVWRU\-(2/,G7KHURFNWRPEVRI'MHKXWLQDNKWQR..KQXPQDNKWQR.DQG,KDQR.:LWKDQ(VVD\RQWKH+LVWRU\DQG1DWXUHRI1RPDUFKDO5XOHLQWKH(DUO\0LGGOH.LQJGRP2/$/HXYHQ+DWGHUXQWHU/BT"WY30HQWXKRWHS ,9 GLHQHQGH:HVLU $PHQHPKHW GLH LKP ]XU 9HUIJXQJ VWHKHQGHQ ([SHGLWLRQVWUXSSHQYJO-&RX\DWXQG30RQWHW/HVLQVFULSWLRQVKLpURJO\SKLTXHVHWKLpUDWLTXHVGX2XkGL+DPPkPkW0,)$2/H&DLUH 1U XQG ]X HLQHP 6WDDWVVWUHLFK JHQXW]W"9JO GD]X*&DOOHQGHU 7KH0LGGOH.LQJGRP5HQDLVVDQFHF%&LQ,6KDZ+J7KH2[IRUG+LVWRU\RI$QFLHQW(J\SW2[IRUG9JODXFK$PHQL LQGHU3URSKH]HLXQJGHV1HIHUWLQDFKGHUZHLWKLQDQHUNDQQWHQ'HXWXQJYRQ*3RVHQHU/LWWpUDWXUHHWSROLWLTXHGDQVO(J\SWHGHOD;,,qPHG\QDVWLH3DULV2EGDV3URSDJDQGDPRGHOOZHLWHUIKUHQGLVWLVWIUHLOLFKIUDJOLFKYJO5%3DUNLQVRQ3RHWU\DQG&XOWXUHLQ0LGGOH.LQJGRP(J\SW$'DUN6LGHWR3HUIHFWLRQ/RQGRQ1HZ


ZHQQHVQLFKWJHOLQJWJHQDXHU]XEHVWLPPHQDQZHQVLFKGLHDUFKDLVLHUHQG'DUJHVWHOOWHQKDOWHQ(VVROODOVRGLH)UDJHEHDQWZRUWHWZHUGHQEHUZHOFKHNRQNUHWHQ%LOGHUXQGZHOFKHGDPLWYHUEXQGHQHQ$XVVDJHQGLH/HJLWLPDWLRQODXIHQVROOWHXQGHVZLUGKLHUVFKOLFKWYRUDXVJHVHW]WGDHVZRKOXPGLH/HJLWLPDWLRQGHUHLJHQHQ+HUUVFKDIWJLQJ:HQKLHOWHQGLH3WROHPlHU IUDQNQSIHQVZHUWZHQQVLHVLFKDQGLHlJ\SWLVFKH%HY|ONHUXQJPLWLKUHUHLJHQHQWLHIYHUZXU]HOWHQ7UDGLWLRQZDQGWHQ"8QGOlWVLFKGDVLQHLQHEHUJUHLIHQGH7HQGHQ]GHUSWROHPlLVFKHQ3ROLWLNHLQEHWWHQ"'LHYLVXHOOH/HJLWLPDWLRQGHU3WROHPlHUDOVlJ\SWLVFKH.|QLJH%HVRQGHUHV,QWHUHVVHKDWLQGHU)RUVFKXQJGLH9HUELQGXQJYRQDOVJULHFKLVFKLGHQWLIL]LHUWHQ(OHPHQWHQPLWDOWlJ\SWLVFKHU,NRQRJUDSKLHJHIXQGHQ6RJHOWHQLQVEHVRQGHUHHLQHLQGLYLGXDOLVLHUHQGH3K\VLRJQRPLHXQGHLQ/RFNHQNUDQ]XQWHUGHP.|QLJVNRSIWXFKGHP1HPHVDOVhEHUQDKPHQDXVGHUJULHFKLVFKHQ.XQVW LQ HLQ lJ\SWLVFKHV8PIHOG'DVZLUNW DXI GHQ HUVWHQ%OLFN GXUFKDXV SODXVLEHO XQGXQPLWWHOEDUHLQVLFKWLJ6WDQZLFNQlKHUWVLFKGLHVHP3KlQRPHQVHKUGLIIHUHQ]LHUWXQGYHUVXFKWHVYRUXUWHLOVIUHL ]XEHKDQGHOQZHQQHUGLH%HHLQIOXVVXQJ]ZLVFKHQbJ\SWLVFKHPXQG*ULHFKLVFKHPHEHQQLFKWDOV(LQEDKQVWUDHEHWUDFKWHW'HQQRFKKDWHUHWZDVHLQVHLWLJGLH+HOOHQLVLHUXQJGHUbJ\SWHULP%OLFNEOHQGHWGLHbJ\SWLVLHUXQJYRQ*ULHFKHQIDVWY|OOLJDXVXQGUFNWQLFKWYRQGHU9RUVWHOOXQJDEGHU/RFNHQNUDQ]XQWHUGHP1HPHVXQGHLQHLQGLYLGXDOLVLHUHQGH3K\VLRJQRPLHVHLHQJULHFKLVFK

(QWVFKHLGHQGKLHUIUZlUH]XZLVVHQZDVHLQ=HLWJHQRVVHDOVlJ\SWLVFKE]ZJULHFKLVFKHPSIXQGHQKlWWH(VLVWYHUVXFKWZRUGHQGHPEHUGLH7HUPLQRORJLHYRUDOOHPGHUSWROHPlLVFKHQ3ULHVWHUGHNUHWHDXIGLH6SXU]XNRPPHQ ,Q MHQHQ'HNUHWHQZLUG LPPHUZLHGHUYRQGHQ%HVFKOVVHQGHU3ULHVWHUV\QRGHQEHULFKWHWGD]X(KUHQGHV.|QLJVRGHUGHV.|QLJVSDDUHV6WDWXHQLQGHQlJ\SWLVFKHQ7HPSHOQHUULFKWHWZHUGHQVROOWHQ'RUWDQ]XVHW]HQLVWMHGRFK]XP6FKHLWHUQYHUXUWHLOWGHQQDXVGHP*HEUDXFKGHUlJ\SWLVFKHQ:|UWHUV;PQ7UWZWZUS\WXQG[QW\IU%LOGQLVVHLVWQLFKWVLFKHU]XHUPLWWHOQZLHGLHVH HQWVSUHFKHQGHQ6WDWXHQ DXVJHVHKHQKDEHQ'DVJLOW VRJDUGDQQZHQQ LP0HPSKLV'HNUHWGLH6WDWXHIUGHQ.|QLJU[ZSWQUP7Q.P\QDFKGHU$UEHLWGHUbJ\SWHUJHVWDOWHWVHLQVROO'LHGRUWHUZlKQWHQ6WDWXHQN|QQHQQlPOLFKQLFKWPLWWDWVlFKOLFKHUKDOWHQHQNRUUHOLHUWZHUGHQZHVKDOEGLH)RUVFKXQJDXIGLHJHUQHDOVVLFKHUH(UNHQQWQLVDXVJHJHEHQH9HUPXWXQJ]XUFNJHZRUIHQ

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV -$-RVHSKVRQ5R\DO6FXOSWXUHRIWKH/DWHUWK'\QDVW\0'$,.]XULQGLYLGXDOLVLHUHQGHQ

3K\VLRJQRPLH6WDQZLFN3RUWUDLWVRI WKH3WROHPLHVSDVVLPEHV(ULVWZDVGLH+HOOHQLVLHUXQJ6GHUbJ\SWHUDQJHKWKLHUDXHUGHPLQHLQLJHQ3XQNWHQ]XNRUULJLHUHQ'LHlJ\SWLVFKHQ6FKUHLEHUEHUQDKPHQQLFKWEHUHLWVDEY&KUGHQJULHFKLVFKHQ.DODPXV9LHOPHKUEOHLEWGLHlJ\SWLVFKH%LQVHELV]XUVSlWSWROHPlLVFKHQ=HLWGDV6FKUHLEJHUlWGHVlJ\SWLVFKHQ6FKUHLEHUVZHQQHU7H[WHDXI+LHUDWLVFKRGHU'HPRWLVFKQRWLHUW'HUYRQ6WDQZLFN KLHU ]LWLHUWH:&ODU\VVH (J\SWLDQ6FULEHV:ULWLQJ*UHHN&Ge EHVFKlIWLJWVLFKQLFKWPLWHLQHPIU6WDQZLFNV$UJXPHQWDWLRQUHOHYDQWHQ3XQNW'LH=ZHLVSUDFKLJNHLWGHU6FKUHLEHUVFKHLQWHUPLUHEHQIDOOV]XEHUVFKlW]HQ0HLQHU0HLQXQJQDFKZLUGVLHLQHWZDGHUMHQLJHQPRGHUQHUbJ\SWHUXQGLKUHQ(QJOLVFKNHQQWQLVVHQHQWVSURFKHQKDEHQ+LHUVLQGHUKHEOLFKH8QWHUVFKLHGHVHOEVWEHLLP7RXULVPXV%HVFKlIWLJWHQIHVW]XVWHOOHQ

5 6 %LDQFKL 3RVVLEOH0RGHOV RI D'LDORJXH IRU$UWLVWLF ([FKDQJH DQG8QGHUVWDQGLQJ EHWZHHQ WKH 3WROHPDLF&RXUWDQGWKH1DWLYH(J\SWLDQ3ULHVWKRRGLQ3&%RO*.DPLQVNLXQG&0DGHUQD+JJ)UHPGKHLW(LJHQKHLWbJ\SWHQ*ULHFKHQODQGXQG5RP$XVWDXVFKXQG9HUVWlQGQLV6WlGHO-DKUEXFK1HXH)ROJH6WXWWJDUW %LDQFKLV $XVIKUXQJHQ NUDQNHQ DQ VDFKOLFKHQ )HKOHUQ ZLH GHP DQJHEOLFKHQ:RUW NKHW\ IU 6WDWXHZLHGHUKROWDXI6VWDWW9NTY ZDVDOVRNKHQW\ LQ%LDQFKLV6FKUHLEZHLVHZlUHYJO]XGHPlJ\SWLVFKHQ:RUW )'DXPDV/HVPR\HQV GH[SUHVVLRQ GX JUHF HW GH OpJ\SWLHQ FRPSDUpV GDQV OHV GpFUHWV GH&DQRSH HW GH0HPSKLV 6$6$(/H&DLUH 39HUQXV ,QVFULSWLRQVGH OD7URLVLqPH3pULRGH ,QWHUPpGLDLUH>,,,@%,)$2 555 6PLWK 3WROHPDLF 3RUWUDLWV$OH[DQGULDQ7\SHV (J\SWLDQ9HUVLRQV LQ.+DPPD+J$OH[DQGULDDQG$OH[DQGULDQLVP3DSHUV'HOLYHUHGDWD6\PSRVLXP2UJDQL]HGE\7KH-3DXO*HWW\0XVHXPDQG7KH*HWW\&HQWHU IRU WKH+LVWRU\RI$UWDQG WKH+XPDQLWLHVDQG+HOGDW WKH0XVHXP$SULO 0DOLEX6WDQZLFN3RUWUDLWVRI WKH3WROHPLHV6WDQZLFNXQWHUQLPPWQRFKPDOVHLQHQlKQOLFKHQ9HUVXFKDXI6DQKDQGGHV.DUQDN'HNUHWVGDVMHGRFKQLFKWVEHUGHQ6WLOGHUDXI]XVWHOOHQGHQ6WDWXHVDJWXQGVLFKDXHUGHPDXIHLQ%LOGQLVGHV6WUDWHJHQ.DOOLPDFKRVEH]LHKW

6WHLQYRQ5RVHWWHGHPRWLVFKHU7H[W=566LPSVRQ'HPRWLF*UDPPDULQWKH3WROHPDLF6DFHUGRWDO'HFUHHV2[IRUGLG7KH'HPRWLF7H[WRIWKH0HPSKLV'HFUHHRQWKH5RVHWWD6WRQHLQ5%3DUNLQVRQ+J&UDFNLQJ&RGHV7KH5RVHWWD6WRQHDQG'HFLSKHUPHQW%HUNHOH\/RV$QJHOHV



LVW GD HLQH HQWVSUHFKHQGH 6WDWXH UHLQ lJ\SWLVFK VHL XQG YRQ GHQ HLJHQHQ.OLVFKHHV DXVJHKWZDVlJ\SWLVFK]XVHLQKDEHHLQ=LUNHOVFKOX'HQQGDV0HPSKLV'HNUHWVSH]LIL]LHUWQLFKWJHQDXHUZDVXQWHUlJ\SWLVFK]XYHUVWHKHQ LVW6LQG LQGLYLGXDOLVLHUHQGH*HVLFKWV]JHRGHUHLQ/RFNHQNUDQ]XQWHUKDOEGHV1HPHVXQlJ\SWLVFK",P0HPSKLV'HNUHWZLUGQRFKQLFKWHLQPDOGDVN|QLJOLFKH2UQDWGHU6WDWXHQDFKGHU$UEHLWGHUbJ\SWHUJHQDQQW.RSIWXFK'RSSHONURQH%ODXH.URQHHLQH.RPSRVLWNURQHRGHU LUJHQGHLQH DQGHUH.URQH"(QWVSUHFKHQGSUREOHPDWLVFK VLQG5REHUW%LDQFKLVGDUDXI DXIEDXHQGH)ROJHUXQJHQGDHVNHLQ3RUWUDLWHLQHV3WROHPlHUVRGHUHLQHU3WROHPlHULQZHGHULQlJ\SWLVFKHPQRFKJHPLVFKWHP6WLOJHJHEHQKDEH'DUVWHOOXQJHQHLQHV3WROHPlHUVDOV3KDUDRVHLHQQLHHLQ3RUWUDLWZDVIUVLFKJHQRPPHQZLHGHUXPHLQH%LQVHQZHLVKHLWLVWXQGIUDQWLNH6NXOSWXUJUXQGVlW]OLFKJLOW

$QVWDWWVLFKDOVRDXIGLHVHP:HJHLQHLJHQHQ9RUXUWHLOHQ]XYHUOLHUHQVROOWHYLHOPHKUQDFKP|JOLFKHQ9RUELOGHUQJHVXFKWZHUGHQGLHVLFKGLHlJ\SWLVFKHQ%LOGKDXHULQGHQOHW]WHQGUHLYRUFKULVWOLFKHQ-DKUKXQGHUWHQJHQRPPHQKDEHQN|QQWH'LHV LVW XQGGDUDXIZXUGHQXU VHOWHQKLQJHZLHVHQ YRUDOOHPGLH.|QLJVSODVWLNGHUXQGGHUKRKHQ'\QDVWLHDOVRYRQ+HUUVFKHUQGLHLQ0HPSKLVRGHU

,7_WZ\UHVLGLHUWHQXQGLQ'DKVFKXUE]Z*L]DEHVWDWWHWZXUGHQ,PIROJHQGHQZHUGHQZLUXQVXQWHUGLHVHU3UlPLVVHPLWGHU*HVWDOWXQJGHV1HPHV.|QLJVNRSIWXFKHVEHVFKlIWLJHQXQG,QGLYLGXDOLVLHUXQJXQG/|FNFKHQNUDQ]LQ.RPELQDWLRQPLWlJ\SWLVFKHU.|QLJVLNRQRJUDSKLH]XZHQGHQ'DV1HPHVLQGHUSWROHPlLVFKHQ.|QLJVSODVWLN%VWH%0($,P%ULWLVK0XVHXPZLUGPLWGHU ,QYHQWDUQXPPHU($GDV)UDJPHQW HLQHU%DVDOWVWDWXHDXIEHZDKUWGLHXQWHUKDOEGHU%UXVWDEJHEURFKHQLVW$EE'LH6WDWXH]HLJWHLQHQ.|QLJNODVVLVFKlJ\SWLVFKPLWQDFNWHP2EHUN|USHU1HPHVXQGHLQHPOlFKHOQGHQ*HVLFKWVDXVGUXFNhEHUGHU6WLUQHUKHEWVLFKGLH8UlXVVFKODQJH'DNHLQH,QVFKULIWHUKDOWHQLVWLVWGLH,GHQWLIL]LHUXQJGHV.|QLJVXQVLFKHU'HU)XQGNRQWH[WGHU6WDWXHLVWXQEHNDQQWXQGNDQQVRPLWEHLHLQHU'DWLHUXQJHEHQIDOOVQLFKWZHLWHUKHOIHQ'DV%ULWLVK0XVHXPKDWGDV6WFNYRQGHPLQ.DLURDQVlVVLJHQ3DQDJLRWLV.\WLNDVDQJHNDXIW1DFK%XGJHLVWHVXQWHUHLQHP*HElXGH3WROHPDLRV;,,,JHIXQGHQZRUGHQ'LH2QOLQH'DWHQEDQNGHV%ULWLVK0XVHXPVFKUHLEWGDHVLQ WKH OLQLQJRIDZHOO LQ WKH'HOWDHQWGHFNWZRUGHQVHLGHUJHQDXH 2UW VHL DEHU XQEHNDQQW 6WDQZLFN VLHKW HQWIHUQWH SK\VLRJQRPLVFKH bKQOLFKNHLWHQ ]X GHQ%LOGQLVVHQGLHHU]XU*UXSSH$GK]X.|QLJVGDUVWHOOXQJHQGHVVSlWHQYLHUWHQXQGGHVGULWWHQ-DKUKXQGHUWVY&KU]XVDPPHQJHIDWKDW$VKWRQ LVW HWZDVZDJHPXWLJHUXQGHUNHQQWKLHURKQH]ZLQJHQGH*UQGH3WROHPDLRV,ZHLOGLH*HVLFKWV]JHQLFKWGHQHQ3WROHPDLRV,,HQWVSUlFKHQ$OOHUGLQJVJHKWGLHVVWLOOVFKZHLJHQGYRQHLQHUYRUDXVJHVHW]WHQSWROHPlLVFKHQ'DWLHUXQJDXV(WZDVVSlWHUUHYLGLHUWVLHGLHVHV8UWHLOXQGVLHKWLQ%0($JDUHLQHU|PLVFKH,PLWDWLRQHLQHVIUKSWROHPlLVFKHQ.RSIHVGHUZLHGHUXPDXIVSlW]HLWOLFKH9RUELOGHU]XUFNJUHLIWXQGIROJWGDPLWGHULKUHLJHQHQ7HQGHQ] ]XU 6SlWGDWLHUXQJ 6LH DUJXPHQWLHUW OHGLJOLFK PLW YDJHQ IDFLDO IHDWXUHV XQG LQVRIHUQEOHLEWVLHHLQHVWLFKKDOWLJHXQGEHUSUIEDUH%HJUQGXQJVFKXOGLJ9|OOLJXQQDFKYROO]LHKEDULVWGLHVHV2EMHNW IU -DPHV*.HHQDQ HLQ *UHHNVW\OH EDVDOW KHDG ODVVHQ VLFK GRFKQLFKW LP HQWIHUQWHVWHQ6SXUHQJULHFKLVFKHQ6WLOV HUNHQQHQ7RP+DUGZLFN VSULFKW VLFK VRJDU IU HLQHPRGHUQH ,PLWDWLRQGHVIDVWLGHQWLVFKHQ%URRNO\QHU6WFNV$EEDXVXQGDUJXPHQWLHUWPLWXQDXVJHZRJHQHQ

($:%XGJH(J\SWLDQ6FXOSWXUHVLQWKH%ULWLVK0XVHXP/RQGRQ KWWSZZZEULWLVKPXVHXPRUJUHVHDUFKFROOHFWLRQBRQOLQHFROOHFWLRQBREMHFWBGHWDLOVDVS["REMHFW,G SDUW,G

,G1XP SDJH PXVHXPBQR]XJHJULIIHQDP-XQL 6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV+ 6$$VKWRQLQ6:DONHUXQG3+LJJV+JJ&OHRSDWUDRI(J\SW/RQGRQ.DW $VKWRQ%06$(69JODXFKHDG3WROHPDLF5R\DO6FXOSWXUHIURP(J\SWPLWHLQHU5HLKHYRQ6SlWGDWLHUXQ

JHQ]%6 LQ%DJQDOODQG5DWKERQH(J\SW %URRNO\Q0XVHXPRI)LQH$UWVDXV*UDQRGLRULW6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV$EERGHU

%DVDOW-RVHSKVRQ(J\SWLDQ5R\DO6FXOSWXUH7DIE



3URSRUWLRQHQXQG(LQVFKQHLGXQJHQGHV+DOVHV LQGLH%UXVWODSSHQGHV1HPHV(UVWHQV VLQG MHGRFKVROFKH%HVRQGHUKHLWHQHKHUHLQ+LQZHLVDXIGLH(FKWKHLWHLQHV6WFNHVXQG]ZHLWHQVKDW5HLVQHU LQ*L]DHLQHEHUOHEHQVJURH0\NHULQRV6WDWXH%RVWRQ0)$DXVJHJUDEHQGHUHQ3URSRUWLRQHQDXFKKLHU LVWGHU.RSIJHJHQEHUGHP.|USHU]XNOHLQHEHQIDOOVQLFKWGHP(UZDUWHWHQHQWVSUHFKHQ$EE=ZHLWHQVJLEWHVVLJQLILNDQWH8QWHUVFKLHGH]ZLVFKHQ%0($XQG%URRNO\QZLHXQWHQQRFKEHVSURFKHQZHUGHQZLUG8QGGULWWHQV VFKOLHOLFKVSULFKWGLH(UZHUEXQJVJHVFKLFKWHGHUEHLGHQ%VWHQGDJHJHQ:lKUHQG%0($EHUHLWVLQHLQH|IIHQWOLFKH6DPPOXQJNDPLVW%URRNO\QHUVWEHL6SLQNDQG6RQVLQ/RQGRQDQJHNDXIWZRUGHQ'HU.RSIZXUGH ODXW8QWHUODJHQ GHV%URRNO\Q0XVHXP YRQ 6LU5RQDOG 6WRUUV HLQHPEULWLVFKHQ LP1DKHQ2VWHQWlWLJHQ%HDPWHQLQbJ\SWHQJHNDXIW'DV%URRNO\QHU6WFNWDXFKWDOVRQDFKGHP/RQGRQHUDXIGHP0DUNWDXI:LHVROOHVGDQQ9RUELOGIU%0($JHZHVHQVHLQN|QQHQ"

'LHHQJVWH3DUDOOHOHILQGHWGDV/RQGRQHU6WFNDOVRLQGHP.RSILQ%URRNO\Q'LHbKQOLFKNHLWHQODVVHQVLFKDOOHUGLQJVQXUZDKUQHKPHQZHQQEHLGH3ODVWLNHQDXVGHUVHOEHQ3HUVSHNWLYHSKRWRJUDSKLHUWZHUGHQ9HUPXWOLFKGHVKDOELVWGLH(QWVSUHFKXQJQXUVHOWHQEHPHUNWZRUGHQ:lKUHQGEHL-RVHSKVRQGDV%URRNO\QHU6WFNHWZDVYRQVFKUlJXQWHQDXIJHQRPPHQZXUGHXQGVLFKGDGXUFKGLH3URSRUWLRQHQ VR YHUlQGHUQ GD HWZDGLH:|OEXQJGHV.RSIHV VHKUYLHO IODFKHU DOV EHLP/RQGRQHU.RSIDXVVLHKWLVWHVEHL6WDQZLFNZLH%0($HWZDDXI$XJHQK|KHGHV.|QLJVSKRWRJUDSKLHUWZRUGHQXQG]HLJWGDPLWHLQHJDQ]lKQOLFKH:|OEXQJGHU1HPHVKDXEH9RUDOOHPGLH6HLWHQDXIQDKPHRIIHQEDUW GLH *HPHLQVDPNHLWHQ 'HU $EVWDQG ]ZLVFKHQ GHQ $XJHQEUDXHQ XQG GHP 8PVFKODJ GHV.RSIWXFKHV GLH )RUPXQJ GHU 1DVH PLW GHU QDFK XQWHQ DEJHUXQGHWHQ 1DVHQVSLW]H GLH EHL GHP%URRNO\QHU.RSIOHGLJOLFKHWZDVEHVWRHQLVWXQGYRUDOOHPGLHIODFKH0RGHOOLHUXQJGHU$XJHQEUDXHQXQGOLGHUHQWVSUHFKHQHLQDQGHUZLHDXFKGHUVFKUlJJHVWHOOWH0XQGGHUGXUFKGLHWLHIJHERKUWHQ0XQGZLQNHOOlFKHOQGZLUNW,QLKUHQ0DHQHQWVSUHFKHQVLFKEHLGH)LJXUHQHEHQIDOOVGHQQLKUH*HVLFKWVK|KHEHWUlJWMHZHLOVFP/HLGHULVWDXFK%URRNO\QQLFKWGXUFKHLQH,QVFKULIWVLFKHULGHQWLIL]LHUW XQG HEHQIDOOV LQ VHLQHU'DWLHUXQJXQVLFKHUZLUGDEHUJOHLFKIDOOV XQGPHLVW XQDEKlQJLJYRP/RQGRQHU.RSILQGLHIUKH3WROHPlHU]HLWGDWLHUW-RVHSKVRQIKUWKLHUXDGLH*HVLFKWV]JHDQXQWHUGHQHQGLHVOLJKWO\DTXLOLQH1DVH VLFKYRQGHU XVXDO VWUDLJKW DQGQDUURZ(J\SWLDQYHUVLRQXQWHUVFKHLGH -RVHSKVRQRIIHQEDUW GDPLW VHLQH8QNHQQWQLV GHU1DVHQ7KXWPRVLV ,,, $EE RGHU5DPVHV,,(VVHLGDUDXIKLQJHZLHVHQGDVRZRKO7KXWPRVLV,,,DOVDXFK5DPVHV,,LQGXUFKDXVJURIRUPDWLJHU3ODVWLNLQ$OH[DQGULDLP6WDGWELOGSUlVHQWXQGVRPLWDOV%H]XJVSXQNWIUGLH3WROHPlHUG\QDVWLHEHGHXWVDPZDUHQ$QJHVLFKWVGHVVHQXQGGHU%HOHJHIUHLQHQKHOOHQLVWLVFKHQ7KXWPRVLV

7+DUGZLFN5HFHQW'HYHORSPHQWVLQWKH)RUJHU\RI$QFLHQW(J\SWLDQ$UW$5HYLHZ$UWLFOH,PDJR$HJ\SWL

5)UHHG/0%HUPDQXQG'0'R[H\$UWVRI$QFLHQW(J\SW%RVWRQ 'LH,QIRUPDWLRQHQKDWPLUIUHXQGOLFKHUZHLVH'U(GZDUG%OHLEHUJ&XUDWRURI(J\SWLDQ&ODVVLFDO$QFLHQW0LGGOH

(DVWHUQ$UWDP%URRNO\Q0XVHXPPLWJHWHLOW 1LFKW YRQ -RVHSKVRQ(J\SWLDQ 5R\DO 6FXOSWXUH XQG 6WDQZLFN3RUWUDLWV RI WKH 3WROHPLHV KLQJHJHQ VFKRQ YRQ

+DUGZLFN,PDJR$HJ\SWL -RVHSKVRQ(J\SWLDQ5R\DO6FXOSWXUH7DIE 6WDQZLFN 3RUWUDLWV RI WKH 3WROHPLHV 'LH 0DDQJDEHQ GHV %URRNO\Q 0XVHXP DXI GHU +RPHSDJH XQWHU

KWWSZZZEURRNO\QPXVHXPRUJRSHQFROOHFWLRQREMHFWV+HDGBRIBDB.LQJ"UHIHUULQJT .LQJZDUHQEHL%HVXFKGHU6HLWH]XOHW]WDP-XQLLQNRUUHNWZLHPLUIUHXQGOLFKHUZHLVH'U(GZDUG%OHLEHUJVFKRQLP-DQXDUPLWWHLOWH

-RVHSKVRQ (J\SWLDQ 5R\DO 6FXOSWXUH 3WROHPDLRV ," 6WDQZLFN 3RUWUDLWV RI WKH 3WROHPLHV VSlWHVYLHUWHVRGHUGULWWHV-DKUKXQGHUWY&KU-&*R\RQXQG0*DEROGH7URLVSLqFHVGH%DVVHeSRTXHHWGeSRTXH3WROpPDwTXHDX0XVpHGHV%HDX[$UWVGH/\RQ%XOOHWLQGHVPXVpHVHWPRQXPHQWV O\RQQDLVYHUJOHLFKHQGHQ.RSIPLWHLQHPDQGHUHQLQ/\RQ0XVpHGHV%HDX[$UWV+GHULKUHU0HLQXQJQDFKDXVGHUVHOEHQ:HUNVWDWWNlPHZLH%URRNO\QXQGHEHQIDOOVNHLQH,QVFKULIWWUlJW6LHZROOHQKLQJHJHQKLHU1HNWDQHERV,,PLW)UDJH]HLFKHQVHKHQNDQQWHQDEHURIIHQEDU/RQGRQ%0($QLFKW=XlKQOLFKHQ1DVHQ7KXWPRVLV,,,XQG5DPVHV,,VLHKH]%&*&*%0($$EE%0($

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV


,,,.XOWLVWGHU9HUVXFKGLH3UlVHQ]7KXWPRVLV,,,DOVHLQHVEHGHXWVDPHQ+HUUVFKHUVLP%HZXWVHLQGHUSWROHPlLVFKU|PLVFKHQgIIHQWOLFKNHLWKHUXQWHU]XVSLHOHQZLHGDV/XW]3RSNRDXI%DVLVGHUOLWHUDULVFKHQhEHUOLHIHUXQJYHUVXFKWIUDJZUGLJXQGDXFKLQVLFKZLGHUVSUFKOLFKZHQQJOHLFKVHLQHhEHUOHJXQJHQ]XP]ZHLWHQ6HWQH5RPDQPDQFKHV3UREOHPGHV7H[WHVO|VHQZLHGHUXPDQGHUHDEHUVFKDIIWHQ

'RFKQLFKWGLH'DWLHUXQJVRQGHUQGLH*HVWDOWXQJGHV1HPHVVROOKLHULP=HQWUXPGHU'LVNXVVLRQVWHKHQ%HLGH6WFNHXQWHUVFKHLGHQVLFKVWLOLVWLVFKGHXWOLFKYRQGHUVSlWSWROHPlLVFKHQ.|QLJVSODVWLNXQGU|PLVFKHQ.DLVHUQLQSKDUDRQLVFKHP*HZDQG+LHU LVW LQVEHVRQGHUHGLH*HVWDOWXQJGHU$XJHQSDUWLHQLQGHQMHZHLOLJHQ(SRFKHQPLWPDQGHOI|UPLJHQ$XJHQXQGGHQ]XU1DVHQZXU]HOKLQSDUDOOHOYHUODXIHQGHQ%UDXHQLQGHU6SlW]HLWE]ZIDVWNUHLVI|UPLJHQ$XJHQXQWHUPRQGVLFKHOI|UPLJHQ%UDXHQLQGHUVSlWHUHQ3WROHPlHU]HLW]XQHQQHQ'HVKDOELVWQXUGLH)UDJHGHU$EJUHQ]XQJ]XU6SlW]HLWKLQIUDJOLFK,FKQHLJHGHUIUKHQ3WROHPlHU]HLW]XDOVRHWZDGHUHUVWHQ+lOIWHGHVGULWWHQ-DKUKXQGHUWVY&KUZHLOGLHNUlIWLJH1DVHYRQ%0($XQG%URRNO\QLQPHLQHQ$XJHQHLQH,GHQWLIL]LHUXQJPLW HLQHP IUKHQ 3WROHPlHU VHKUZDKUVFKHLQOLFKPDFKW$EHUZLH LPPHU EHL =XVFKUHLEXQJHQYRQQLFKW GXUFK ,QVFKULIWHQ HLQGHXWLJ LGHQWLIL]LHUWHQ.|SIHQ EDVLHUW DXFK GLHVHPHLQH(LQVFKlW]XQJDXIHLQHP*HIKOGDVQLFKWREMHNWLYLHUEDULVWGHQQHVIHKOHQYHUZHUWEDUH9HUJOHLFKVVNXOSWXUHQZHLWJHKHQGGLHGXUFK,QVFKULIWHQVLFKHUEHQDQQWHLQGHXWLJ LQGLH'\QDVWLH]XVHW]HQVLQG+LHU LVWDOOHVLP)OXZlKUHQGIUGLHIUKH3WROHPlHU]HLWPLUZHQLJVWHQV]ZHLGXUFK,QVFKULIWVLFKHU]X]XZHLVHQGH6WDWXHQ3WROHPDLRV,,EHNDQQWVLQGGHUHQ.RSIHUKDOWHQLVW

'DPLWDOVR]XP1HPHV6WDQZLFNVFKUHLEW7UHDWPHQWRISOHDWLQJWKHODSSHWVEXWOHDYLQJWKHUHVWRIWKHQHPHVSODLQLVKLJKO\XQXVDO(LQH'HXWXQJGLHVHUYHUPHLQWOLFKHQ8QJHZ|KQOLFKNHLWHQRGHU9HUJOHLFKHEOHLEWHUVFKXOGLJ6WDQZLFNKDWQXULQVRIHUQUHFKWDOVHLQWHLOSOLVVLHUWHV1HPHVLQQHUKDOEGHUVSlW]HLWOLFKHQXQGSWROHPlLVFKHQ.|QLJVSODVWLNVHOWHQLVW9RP1HXHQ5HLFKELVLQGLH6SlW]HLWZDUHVYROOSOLVVLHUWRGHUJHVWUHLIWXQGDEGHPDXVJHKHQGHQYLHUWHQ-DKUKXQGHUWY&KUUHFKWKlXILJY|OOLJJODWWGDUJHVWHOOW$XIGLH9DULDQWHGHVJODWWHQ1HPHVZHUGHLFKQRFK]XVSUHFKHQNRPPHQXQGPLFK ]XQlFKVW GHP WHLOSOLVVLHUWHQ 1HPHV ZLGPHQ 'HQQ HLQ VROFKHV .|QLJVNRSIWXFK LVW GXUFKDXVQLFKW XQJHZ|KQOLFK VRQGHUQ KlXILJHU EHOHJW QlPOLFK JXW -DKUH IUKHU EHL GHQ .|QLJHQ GHV$OWHQ 5HLFKV 6R NHQQHQ ZLU 6WDWXHQ &KHSKUHQV GDUXQWHU DXFK GLH EHUKPWH .DLUHQHU 6WDWXH&KHSKUHQVPLWGHP)DONHQGLHHEHQIDOOVSOLVVLHUWH%UXVWODSSHQXQGHLQDQVRQVWHQJODWWHV1HPHV]HLJHQ$XFKIU0\NHULQRVLVWGLHVH)RUPGHV1HPHVEHOHJWZLHGLHEHUOHEHQVJURH6WDWXHDXV&DO

5$-DVQRZ(YLGHQFHIRUWKH'HLILFDWLRQRI7KXWPRVLV,,,LQWKH3WROHPDLF3HULRG*0I 'DVKLVWRULVFKH9RUELOGGHV0HQHFKSDUH6LDPXQ'LH'LVNUHGLWLHUXQJNXVFKLWLVFKHU3KDUDRQHQLQGHUVSlW]HLWOLFKHQ

/LWHUDWXULQ/3RSNR14XHQRXLOOHXQG05FNHU+JJ9RQ6NODYHQ3lFKWHUQXQG3ROLWLNHUQ%HLWUlJH]XP$OOWDJ LQbJ\SWHQ*ULHFKHQODQGXQG5RP]X(KUHQYRQ5HLQKROG6FKROO $I3%HLKHIW%HUOLQ

6WDQZLFN3RUWUDLWVRI WKH3WROHPLHV)LJVDF1HNWDQHEHV.DLUR-G(XQG/RXYUH(KDEHQHLQHEHVFKlGLJWH1DVHQ0XQGSDUWLHXQGGLH6SKLQ[/RXYUH$LVWYRQPHGLRNUHU4XDOLWlW'HU1HNWDQHERVGHUEHUKPWHQ)DONHQVWDWXH1HZ&LWWjGHO9DWLFDQR@7DI-4XDHJHEHXULQ%URRNO\Q0XVHXP&OHRSDWUDV(J\SW$JHRIWKH3WROHPLHV>%URRNO\Q@XQG6WDQZLFN3RUWUDLWVRIWKH3WROHPLHVXQG,QVWLWXWGeJ\SWRORJLH8QLYHUVLWp0DUF%ORFK6WUDEXUJ6WDQZLFN3RUWUDLWVRIWKH3WROHPLHVPLWlOWHUHU/LWHUDWXU

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV+%HL%0($GHUJHPHLQKLQ LQGLH'\QDVWLHGDWLHUWZLUG0\OLZLHF5R\DO3RUWUDLWXUHQDFK

$QVLFKWYRQ(OLVDEHWK*UHLIHQVWHLQMHGRFK]X8QUHFKWZXUGHQGLH)OJHOVHNXQGlUJHJOlWWHWZDUHQDEHUHKHPDOVJHVWUHLIW

&*1U/%RUFKDUGW6WDWXHQXQG6WDWXHWWHQYRQ.|QLJHQXQG3ULYDWOHXWHQLP0XVHXPYRQ.DLUR&*1U%HUOLQ%ODWW%)D\7KH/RXYUH6SKLQ[$LQ.XQVWGHV$OWHQ5HLFKHV



FLW$ODEDVWHUGLHVHV.|QLJVLQ%RVWRQGLHREHQEHUHLWV]LWLHUWZXUGHZHLOVLHZLH%0($HLQHQLP9HUJOHLFK]XP2EHUN|USHU]XNOHLQHQ.RSIKDW$EERGHUHLQHZHLWHUH6WDWXHKHXWHLQ.DLUREHILQGOLFK:HLWHUH%HLVSLHOHDXVGHUXQGELV'\QDVWLHNRPPHQKLQ]X'DPLW LVWGLH7HLOSOLVVLHUXQJGLHVHVDQJHEOLFKKLJKO\XQXVXDOWUHDWPHQWGXUFKQHXQ%HLVSLHOHYRP$OWHQ5HLFKELVLQGLH(UVWH=ZLVFKHQ]HLWKLQHLQDOVHLQIUGLH6SlWXQG3WROHPlHU]HLWGXUFKDXVDUFKDLVLHUHQGHV$XVGUXFNVPLWWHOHUZLHVHQGDVYRQ+DQV*(YHUVVRJDUDOV'DWLHUXQJVNULWHULXPIUGDV$OWH5HLFKEH]HLFKQHWZXUGH'DVWHLOSOLVVLHUWH1HPHV LVWPLW%0($LPRGHU-DKUKXQGHUWY&KUXQGLQGHU3WROHPlHU]HLWVLQJXOlUGHQQDXFKGLH(QWVSUHFKXQJ%URRNO\QZLHVGLHVH7HLOSOLVVLHUXQJQLFKWDXIZLHGDV)UDJPHQWGHVUHFKWHQ%UXVWODSSHQVDP+DOVGHV%URRNO\QHU.RSIHV]HLJWGDHVNHLQH5LIIHOXQJDXIZHLVW$EE'LH9ROOSOLVVLHUXQJLVWGDQHEHQEHUHLWVLP$OWHQ5HLFKPLQGHVWHQV VHLW 'MRVHU EHOHJW XQG VHW]W VLFK QDFK GHP $OWHQ 5HLFK ZHLWJHKHQG GXUFK (LQLJH 6WDWXHQ6HVRVWULV,DXVGHP/LVFKWHU6WDWXHQYHUVWHFNKDEHQDXFKQRFKGLH7HLOSOLVVLHUXQJGHV1HPHV.DULQ'RKUPDQQGHXWHW DOOHUGLQJVEHLGHQ/LVFKWHU6WDWXHQGLHJlQ]OLFK IHKOHQGH3OLVVLHUXQJE]ZGLHDOOHLQLJH3OLVVLHUXQJGHU%UXVWODSSHQDOV,QGL]LHQIUHLQHQLFKWYROOHQGHWH%LOGKDXHUDUEHLWGDVLFKDQGHQ HQWVSUHFKHQGHQ 6WFNHQ DXFK QRFK ZHLWHUH ,QGL]LHQ ILQGHQ GLH DXI HLQH 1LFKWYROOHQGXQJ GHU)LJXUHQ KLQZHLVHQ:HQQ MHGRFK $PHQHPKHW , JH]LHOW DXI $XVGUXFNVIRUPHQ GHV $OWHQ 5HLFKHV]XUFNJUHLIWZlUHHVDXFKGHQNEDUGDHLQLJHGHU6WDWXHQVHLQHV1DFKIROJHUVQXU WHLOSOLVVLHUWJHSODQWZDUHQXPDXIGLH'\QDVWLH]XYHUZHLVHQ1HPHVJDQ]JODWW'DV Y|OOLJ JODWWH 1HPHV LVW YRQ1HNWDQHEHV EHU 3WROHPDLRV ,, ELV ]X GHQ U|PLVFKHQ.DLVHUQ LP3KDUDRQHQJHZDQGYLHOIDFKEHOHJW$EE(VLVWDOVRGHUDUWKlXILJGDHVDOVHLQHJlQJLJH*HVWDO

6\PSRVLXPLP'HXWVFKHQ$UFKlRORJLVFKHQ,QVWLWXW.DLURDPXQG2NWREHU6RQGHUVFKULIWHQGHV'HXWVFKHQ$UFKlRORJLVFKHQ,QVWLWXWV.DLUR0DLQ]7DI-321HLOO+J(J\SWLDQ$UWLQWKH$JHRIWKH3\UDPLGV1HZ


WXQJGHV1HPHVLQGHU'\QDVWLHXQGGHU3WROHPlHU]HLWJHOWHQGDUIGLHVLFKYRQGHQLQGHU5HJHOYROOSOLVVLHUWHQ.RSIWFKHUQ YRQ GHU ELV ]XU '\QDVWLH XQWHUVFKHLGHQ $XVQDKPHQ GD]X VLQG]ZHL6WDWXHQ6HVRVWULV,ZLHGHUXPDXVGHP/LVFKWHU6WDWXHQYHUVWHFNXQGXQWHU8PVWlQGHQXQYROOHQGHW XQG ]ZHL $PHQHPKHWV ,,, $XHUGHP VLQG LQ GHU /X[RUFDFKHWWH ]ZHL 6WDWXHQJUXSSHQPLW+DUHPKDEXQGHLQHP*RWW$PXQE]Z$WXPJHIXQGHQZRUGHQ%HLEHLGHQLVWGDV1HPHVJlQ]OLFKJODWW'LHJODWWH:LHGHUJDEHVDK(YHUVDOVIUGDV.RSIWXFKGHV$OWHQ5HLFKHVW\SLVFKH*HVWDOWXQJDQZHQQJOHLFKVHLQ6FKOXGHU+DXSWWHLOGHV.RSIWXFKHVVHL LP$OWHQ5HLFKDXFK LQ:LUNOLFKNHLWQLFKWJHIlOWHOWPLQGHVWHQVIUGDV$OWH5HLFKLQVJHVDPWQLFKWVWLPPW'HQQZlKUHQG5HOLHIGDUVWHOOXQJHQDXVGHU=HLW6DKXUHVNHLQH6WUHLIXQJ]HLJHQYLHOOHLFKWZDUHQVLHDXIJHPDOWLVWVLHEHLGHUEHUKPWHQ.DLUHQHU6HUGDEVWDWXH'MRVHUVXQGEHL3HSL,,LP5HOLHIDP1HPHVKDXSWWHLODXVJHIKUW,QGHU5XQGSODVWLNLVW MHGRFKGDVJlQ]OLFKJODWWH.RSIWXFKLP$OWHQ5HLFKKlXILJHUEHOHJWGDQDFKQXUQRFK VHKU VHOWHQXQGGDQQDEGHU'\QDVWLHZLHGHU UHODWLYJlQJLJ$XIJHPDOWH6WUHLIHQ VLQGQDWUOLFKIUDOOH.|SIHGHQNEDU'RFKYHUPXWOLFKZDUGLHP|JOLFKH%HPDOXQJDXIGHQ6WFNHQGHV$OWHQ5HLFKHVLQGHU6SlWXQG3WROHPlHU]HLWYHUZLWWHUWXQGQLFKWPHKUVLFKWEDUZHVKDOEGHQ%HWUDFKWHUQGDPDOVPLWHLQLJHU:DKUVFKHLQOLFKNHLWGDVJODWWH1HPHVW\SLVFKIUGLHJXWHDOWH=HLWHUVFKLHQHQVHLQ PDJ 'DPLW PHLQH LFK DXFK GDV JODWWH 1HPHV DOV HLQHQ DUFKDLVLHUHQGHQ 5FNJULII GHXWHQ ]XGUIHQ(VVROOWHQLFKWZLHELVODQJVWLOOVFKZHLJHQGKLQJHQRPPHQZHUGHQ,QGLYLGXDOLVLHUXQJGHV*HVLFKWVXQG1HPHV.RSIWXFKPLW/RFNHQNUDQ]%HLGHU%HWUDFKWXQJGHU.|QLJVSODVWLNGHVXQG-DKUKXQGHUWVY&KUZDUHQIUEHVWLPPWHJHVWDOWHULVFKH'HWDLOVGHV.|QLJVRUQDWVPLW1HPHVELVODQJ6WDWXHQGHV$OWHQ5HLFKVXQGGHU'\QDVWLHGLHLKUHUVHLWVIULKUH$QNQSIXQJHQDQGDV$OWH5HLFKEHNDQQWLVWKHUDQJH]RJHQZRUGHQ'HU9HUJOHLFKKDWWHQDKHJHOHJWGLHVHEHLGHQ'\QDVWLHQDOV%H]XJVSXQNWHIUGDVYLHUWH-DKUKXQGHUWY&KU]XHUNHQQHQZREHLHLQP|JOLFKHU:HJGLH5FNJULIIHGHU'\QDVWLHVHLQN|QQHQDXIGLHVLFKGDQQGLH SWROHPlLVFKH.|QLJVSODVWLN lJ\SWLVFKHQ6WLOV EH]LHKW )U OHW]WHUHZLUG MHGRFKZHLWKLQ HLQH ]XQHKPHQGH+HOOHQLVLHUXQJSRVWXOLHUW

6\PSWRPHGHU+HOOHQLVLHUXQJVHLHQHLQH,QGLYLGXDOLVLHUXQJGHV*HVLFKWVXQGHLQ/RFNHQNUDQ]XQWHUKDOEGHV1HPHV6WDQZLFNKDW HUUHFKQHWGDDXIGHU3RUWUDLWVGHU/RFNHQNUDQ]YRUNRPPHGLHVYRQ$OH[DQGHUG*UKHUJHOHLWHWXQGIHVWJHVWHOOWGDMHQH.|SIHLQLKUHUEHUZlOWLJHQGHQ0HKUKHLW DXV QLFKW JHVLFKHUWHQ.RQWH[WHQ VWDPPWHQ MHGRFK HLQH XQWHUlJ\SWLVFKH 3URYHQLHQ] VHKUZDKU

PHQQRFK%HUOLQbJ\SWLVFKHV0XVHXP,QYXQGGLH./HPENH'LHSWROHPlLVFKHXQGU|PLVFKH6NXOSWXULPlJ\SWLVFKHQ0XVHXP%HUOLQ,,.|QLJVSODVWLN-DKUEXFKGHU%HUOLQHU0XVHHQ1)SXEOL]LHUWHZLHVLFKGRUW6DXFKGLHKLHUDEJHELOGHWH6WDWXH%HUOLQ,QY 6WDQZLFNV'ILQGHW%HL$VKWRQ3WROHPDLF5R\DO6FXOSWXUHVLQG%HLVSLHOHQDFKJHZLHVHQYRQGHQHQVLFK1U6XQG1U6QLFKWEHL6WDQZLFNILQGHQ'LH'DWLHUXQJYRQ%HUOLQ,QYLVWXQVLFKHULQGHU$XVVWHOOXQJDOV3WROHPDLRV,,,EH]HLFKQHWYHUPXWOLFKDXI.3ULHVHbJ\SWLVFKHV0XVHXP6WDDWOLFKH0XVHHQ]X%HUOLQ6WLIWXQJ3UHXVVLVFKHU.XOWXUEHVLW] 0DLQ]1UEDVLHUHQGVSULFKWVLFK/HPENHIUHLQHQNDLVHU]HLWOLFKHQ$QVDW]DXVXQGJHKWVRZHLWLQ(UZlJXQJ]X]LHKHQKLHUHLQHIUGHQLWDOLVFKHQ0DUNWLQbJ\SWHQRGHUJDULQ,WDOLHQJHIHUWLJWH6WDWXHVHKHQ]XGUIHQ6WDQZLFN3RUWUDLWVRIWKH3WROHPLHVSOlGLHUWKLQJHJHQIU(QGH$QIDQJ-KY&KU

6WDWXHQ6HVRVWULV,&*'RKUPDQQ$UEHLWVRUJDQLVDWLRQ,,,7DI6WDWXHQ$PHQHPKHWV,,,&*%0($(YHUV6WDDWDXVGHP6WHLQ ,7DI(55XVVPDQQ(WHUQDO(J\SW0DVWHUZRUNVRI$QFLHQW$UWIURPWKH%ULWLVK0XVHXP/RQGRQ'DV)HKOHQGHU6WUHLIXQJEHL&*XQG%0($KDW(YHUV6WDDWDXVGHP6WHLQ,,GXUFKGDV.RORVVDOIRUPDWHUNOlUW

0HO6DJKLU'DV6WDWXHQYHUVWHFNLP/X[RUWHPSHO0DLQ] =%/%RUFKDUGW'DV*UDEGHQNPDOGHV.|QLJVD+X5HR /HLS]LJ%ODWW* -pTXLHU/HPRQXPHQW

IXQpUDLUHGH3pSL,,%DQG/H7HPSOH)RXLOOHVj6DTTDUDK/H&DLUH7DI =%'MHGHIUH/RXYUH(21HLOO+J(J\SWLDQ$UWLQWKH$JHRIWKH3\UDPLGV1U8VHUNDI

.DLUR-G(RSFLW1U0\NHULQRV%RVWRQ0)$RSFLW1U)UHHG%HUPDQXQG'R[H\$UWVRI$QFLHQW(J\SW'LHVH*UXSSHQVWDWXH LVW]ZDU LP)XEHUHLFKXQYROOHQGHWDEHUDP.RSIVFKRQVRGHWDLOOLHUWDXVJHIKUWXQGSROLHUWGDGDVJODWWH1HPHVEHUHLWVDOVYROOHQGHWJHOWHQPX

9JO]%6WDQZLFN3RUWUDLWVRIWKH3WROHPLHVGHUHVIHVWVWHOOWDEHUQLFKWGHXWHW6FKRVNHXQG:LOGXQJ0QFKQHU%XFKEHQHQQHQKLQJHJHQGHQ$UFKDLVPXV



VFKHLQOLFKVHL$QKDQGHLQHVlJ\SWLVFKHQ7H[WHVGHPLQHLQHUUDPHVVLGLVFKHQ+DQGVFKULIWEHUOLHIHUWHQ=ZHL%UGHU0lUFKHQXQG7H[WHQYRQ.DOOLPDFKRVXQG'DPDJHWRVYHUVXFKWHUQDFK]XZHLVHQGD+DDULQEHLGHQ.XOWXUHQHLQHEHVRQGHUH%HGHXWXQJJHKDEWKDEH1XQLVWZHGHUHLQVLQJXOlUHVlJ\SWLVFKHV /LWHUDWXUZHUN QRFK DOH[DQGULQLVFKH +RIGLFKWXQJ GLH LKUHUVHLWV ZLHGHU lJ\SWLVFKH (OHPHQWHGXUFKDXVDXIQLPPWXQGYHUDUEHLWHW DOVRQLFKWXQEHGLQJWJHQXLQ*ULHFKLVFKHV VSLHJHOW HLQHDXVUHLFKHQGH4XHOOHQEDVLVZHQQJOHLFKSWROHPlLVFKH8VXUSDWRUHQQDFKZHLVOLFKEHVRQGHUHQ:HUWDXIGLHbQGHUXQJGHV/RFNHQNUDQ]HVOHJWHQ

)U6WDQZLFNVWHOOWHVHLQ3DUDGR[RQGDUGDGDVVHLQHU0HLQXQJQDFKKHOOHQLVLHUWHSKDUDRQLVFKH+HUUVFKHUELOGQLV DXVJHUHFKQHW LQ HLQHU=HLW YHUEUHLWHWZLUG LQGHUGLH3WROHPlHUPLW HLQHU ]LHPOLFKVWDUNHQlJ\SWLVFKHQ2SSRVLWLRQ]XNlPSIHQKDWWHQQlPOLFKDP(QGHGHVGULWWHQ-DKUKXQGHUWVY&KUDOVLQGHU7KHEDLVQDFKHLQHP$XIVWDQGJHJHQGLH5HJLHUXQJLQ$OH[DQGULDVLFKLQ2EHUlJ\SWHQIUIDVW-DKUHHLQHLQKHLPLVFKHU.|QLJHWDEOLHUHQNRQQWHGHPYLHOOHLFKWVRJDUVHLQ6RKQQDFKIROJWH'LHVZDUGHUHUIROJUHLFKVWHXQGOlQJVWHGHU$XIVWlQGHJHJHQGLHSWROHPlLVFKH+HUUVFKDIWGHPQRFKVLHEHQZHLWHUHIROJWHQ7DWVlFKOLFKZDUQDFKGHPSWROHPlLVFKHQ6LHJEHL5DSKLDY&KUJHJHQGLH 6HOHXNLGHQ GHU RKQH GLH lJ\SWLVFKHQ 9HUElQGH QLFKW P|JOLFK JHZHVHQ ZlUH GDV lJ\SWLVFKH6HOEVWYHUWUDXHQJHVWLHJHQ1DFK3RO\ELRVKDWWHGLHV)ROJHQIUGLHZHLWHUH*HVFKLFKWHGHV3WROHPlHUUHLFKHV,P]ZHLWHQ-DKUKXQGHUWVLQGYHUPHKUWbJ\SWHULQKRKHQ3RVLWLRQHQGHUSWROHPlLVFKHQ9HUZDOWXQJEHOHJWGLHlJ\SWLVFKH%HY|ONHUXQJKHOOHQLVLHUWHVLFKLQ7HLOHQ]XQHKPHQGZlKUHQGGLH3WROHPlHUVLFKYHUVWlUNWlJ\SWLVLHUWHQ1DFK6WDQZLFNKDEHQXQGDV*ULHFKHQWXPLQGHUSKDUDRQLVFKHQ+HUUVFKHUSODVWLNGHP=ZHFNJHGLHQW]XP(UKDOWGHUSWROHPlLVFKHQ+HUUVFKDIWYRU$XJHQ]XIKUHQGDVLFKGDV*ULHFKHQWXPGXUFKDXVDXFKPLWGHUlJ\SWLVFKHQ%LOGVSUDFKHNRPELQLHUHQODVVH

'DVLVWDOOHVUHLFKOLFKNRPSOL]LHUWXQGDXFKGXUFKDXVZLGHUVSUFKOLFK]XPDO6WDQZLFNKLHUVHOEVWDXI HLQHYRUSWROHPlLVFKH7UDGLWLRQGHV LQGLYLGXDOLVLHUWHQ*HVLFKWHVYHUZHLVWXQGGLH ,QGLYLGXDOLVLHUXQJGDQQGHQQRFKDOVJULHFKLVFKHQ(LQIOXEH]HLFKQHW'DEHLUHLFKWGRFKGLHVHlJ\SWLVFKH7UDGLWLRQYRQ$QFKKDHIDXVGHU'\QDVWLHEHUGLH%LOGQLVVH6HVRVWULV,,,XQG$PHQHPKHWV,,,$EEDXVGHUKRKHQ'\QDVWLHELV]X$PHQRSKLV6RKQGHV+DSXGHVVHQ$OWHUVELOGLQGHQ9RUDEHQGGHU$PDUQD]HLW GDWLHUW$XFK LQGHU6SlW]HLW JLEW HV VROFKH%LOGQLVVHZHQQJOHLFKQLFKW GHV.|QLJV

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV ::HWWHQJHO'LH(U]lKOXQJYRQGHQEHLGHQ%UGHUQ'HU3DS\UXVG2UELQH\XQGGLH.|QLJVLGHRORJLHGHU5DPHV

VLGHQ2%2)UHLEXUJ6FKZHL]*|WWLQJHQ 6 $ 6WHSKHQV6HHLQJ'RXEOH ,QWHUFXOWXUDO 3RHWLFV LQ 3WROHPDLF $OH[DQGULD %HUNHOH\ /RV$QJHOHV /RQGRQ

66FKOHJHOPLOFK%UJHU*RWWXQG*|WWHUVFKW]OLQJ.LQGHUELOGHUGHUKHOOHQLVWLVFKHQ.XQVWXQG/LWHUDWXU%]$%HUOLQ

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV$EE.DLUR =XVDPPHQIDVVHQGGD]X6WDGOHU(LQIKUXQJLQGLHlJ\SWLVFKH5HOLJLRQ 99JOGD]XDEHUVNHSWLVFK*+|OEO*HVFKLFKWHGHV3WROHPlHUUHLFKHV3ROLWLN ,GHRORJLHXQGUHOLJL|VH

.XOWXUYRQ$OH[DQGHUGHP*URHQELV]XUU|PLVFKHQ(UREHUXQJ'DUPVWDGW:+XbJ\SWHQLQKHOOHQLVWLVFKHU=HLWY&KU0QFKHQ,G8QWHUVXFKXQJHQ]XU$XHQSROLWLN3WROHPDLRV,90%30QFKHQPLW$QPXQG)::DOEDQN'LHKHOOHQLVWLVFKH:HOW$XIO0QFKHQHQJOLVFKHV2ULJLQDO)::DOEDQN7KHKHOOHQLVWLFZRUOG6XVVH[

6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV 6WDQZLFN3RUWUDLWVRIWKH3WROHPLHV )-XQJH+HPLXQX$QFKKDHIXQGGLHVRJ(UVDW]N|SIHLQ.XQVWGHV$OWHQ5HLFKHV6\PSRVLXPLP'HXWVFKHQ

$UFKlRORJLVFKHQ ,QVWLWXW.DLURDPXQG2NWREHU 6'$,.0DLQ])3RO]'LH%LOGQLVVH6HVRVWULV,,,XQG$PHQHPKHWV,,,%HPHUNXQJHQ]XUN|QLJOLFKHQ5XQGSODVWLNGHUVSlWHQ'\QDVWLH0'$,.00OOHU6HOISHUFHSWLRQDQG6HOIDVVHUWLRQ LQ WKH3RUWUDLWRI6HQZRVUHW ,,,1HZPHWKRGVIRUUHDGLQJDIDFHLQ51\RUGXQG$.MOE\+JJ%HLQJLQ$QFLHQW(J\SW7KRXJKWVRQ$JHQF\0DWHULDOLW\DQG&RJQLWLRQ%ULWLVK$UFKDHRORJLFDO5HSRUWV,QWHUQDWLRQDO6HULHV2[IRUGPLWPHWKRGLVFKHQhEHUOHJXQJHQ]XP%LOGQLV6HVRVWULV,,,XQGGHP(UJHEQLVGLH%LOGQLVVHEUlFKWHQGLH6HOEVWZDKUQHKPXQJGHV.|QLJV]XP$XVGUXFN9JODXFK00/XLVHOOL,QV]HQLHUXQJYRQ,QGLYLGXDOLWlW=XU6HOEVW7KHPDWLVLHUXQJLQGHUDOWlJ\SWLVFKHQ3RUWUlWNXQVWGHV0LWWOHUHQ5HLFKHV,PDJR$HJ\SWL+6RXURX]LDQ/DVWDWXHG$PHQKRWHSILOVGH+DSXkJpXQFKHIGXYUHGHOD;9,,HG\QDVWLH0'$,.

=%GLH6WDWXH.DLUR-G(&*GHV0RQWKHPKHWDXVGHU'\QDVWLH-/HFODQW0RQWRXHPKDWTXDWULqPHSURSKqWHG$PRQSULQFHGHOD9LOOH>%Ge/H&DLUH@7DI)7LUDGULWWL'LH6FKDW]



:LHGHUZHLVHQGLH6WDWXHQGHV0\NHULQRVGHV.|QLJVGHU'\QDVWLHPLWGHQVFKZHUHQ$XJHQOLGHUQGHQDQJHGHXWHWHQ7UlQHQVlFNHQVRZLHGHQWLHIDXVJHIXUFKWHQ1DVRODELDOIDOWHQGXUFKDXVLQGLYLGXDOLVLHUHQGH=JHDXIGLHLKQ]%EHLHLQHU%RVWRQHU'RSSHOVWDWXHYRQGHQHQGHU.|QLJLQYLHOOHLFKW&KDPHUHUQHEWL ,, QHEHQ LKP GHXWOLFK XQWHUVFKHLGHQ $EE %HL GHQ 0\NHULQRV7ULDGHQ VLQGKLQJHJHQ GLH*RWWKHLWHQ LQ LKUHU 3K\VLRJQRPLH DQ GLH GHV.|QLJV DQJHJOLFKHQ$OOH%HLVSLHOH VLQGZHJHQ LKUHV $OWHUV XQYHUGlFKWLJ JULHFKLVFK EHHLQIOXW ]X VHLQ 7DWVlFKOLFK EHVWHKW GHU GHXWOLFKVWH6FKQLWWQLFKW]ZLVFKHQWUDGLWLRQHOOHUlJ\SWLVFKHU3ODVWLNDXIGHUHLQHQXQGSWROHPlLVFKHUDXIGHUDQGHUHQVRQGHUQ]ZLVFKHQHLQHUVWDUNVFKHPDWLVLHUHQGHQVSlW]HLWOLFKHQJHJHQEHUHLQHULQGLYLGXDOLVLHUHQGHQSWROHPlHU]HLWOLFKHQ.|QLJVSODVWLN,QPHLQHQ$XJHQPXQXQGDV3UREOHPJULHFKLVFKHQ(LQIOXVVHVDXIGLHSWROHPlLVFKH.|QLJVSODVWLNQHXYHUKDQGHOWXQGGLIIHUHQ]LHUWHUEHWUDFKWHWZHUGHQ

'DPLWEOHLEWQRFKGHU/RFNHQNUDQ]GHULQGHU7DWQHXXQGXQlJ\SWLVFKZLUNW$EE%LDQFKLVFKUHLEWEHUHLWVGDGLH/RFNHQQLFKWHLQHPJULHFKLVFKHQ(LQIOX]XVFKXOGHQVRQGHUQHLQHKHOOHQLVWLVFKJULHFKLVFKH0RGHXQGVRPLWDOVlJ\SWLVFK]XEHWUDFKWHQVHLHQGLH%LOGQLVVHVWDPPWHQYLHOPHKUYRQHLQKHLPLVFKHQ%LOGKDXHUQ,QVHLQHUWKHVHQKDIW]XJHVSLW]WHQ$UWGLHDXIZHLWHUHGXUFK%HOHJHQDFKYROO]LHKEDUH%HJUQGXQJHQYHU]LFKWHWLVWDXFKGLHVH'DUVWHOOXQJHLQLJHUPDHQNRQWURYHUV&DUVWHQ.QLJJH6DOLVEHKDXSWHWGHU/RFNHQNUDQ]VHLHLQHLQGHXWLJXQlJ\SWLVFKH>V@(OHPHQW'HQQEHLGHU:LHGHUJDEHYRQ+DDUORFNHQGLHXQWHUGHQ.URQHQRGHUGHP.RSIWXFKGHV.|QLJVKHUYRUVFKDXHQKDQGHOWHVVLFKXPHLQ(OHPHQWGDV^V`PDQGXUFK-DKUHlJ\SWLVFKH.XQVWJHVFKLFKWHKLQGXUFKYHUJHEOLFKVXFKW

+LHULUUW.QLJJH6DOLV7DWVlFKOLFKLVWGLH.RPELQDWLRQHLQHV/RFNHQNUDQ]HVPLWGHP1HPHVNHLQH(UILQGXQJGHU3WROHPlHU'DV]HLJWHLQVHOWHQDEJHELOGHWHU.RSIGHV0\NHULQRVGHUYRQ5HLVQHU LQ*L]DDXVJHJUDEHQZXUGHVLFKKHXWH LQ3RUW6DLGEHILQGHWXQG LQGLHVHP=XVDPPHQKDQJ LQ(ULQQHUXQJ JHEUDFKWZHUGHQPX $EE 'DV IU0\NHULQRV W\SLVFKH*HVLFKWPLW VHLQHU IOHLVFKLJHQ1DVHZLUGYRQHLQHPYROOSOLVVLHUWHQ.|QLJVNRSIWXFKPLW8UlXVJHUDKPW,P*HJHQVDW]]XGHQEOLFKHQ 'DUVWHOOXQJHQ KDW DEHU GHU %LOGKDXHU XQWHUKDOE GHV .RSIWXFKUDQGHV REHUKDOE GHU 6WLUQ HLQH5HLKH/RFNHQLQGHULP$OWHQ5HLFKW\SLVFKHQ6WLOLVLHUXQJGDUJHVWHOOWZLHVLHDXFKEHL/|FNFKHQSHUFNHQYRQ%HDPWHQ]X ILQGHQ LVWhEHUGHQ6FKOlIHQVLQGHV VRJDU ]ZHL/|FNFKHQUHLKHQ.DQQHVDOVRVHLQGD LPDXVJHKHQGHQGULWWHQYRUFKULVWOLFKHQ-DKUKXQGHUWHLQ7\SXVN|QLJOLFKHU3ODVWLNGHV$OWHQ5HLFKHV DXIJHJULIIHQZXUGH XQG IU HLQ 3WROHPlHUELOGQLV 3DWH JHVWDQGHQ KDW GDV ELVODQJ DOVKHOOHQLVLHUWHU3KDUDRJDOW"

'HPVWHKHQQXQ]ZHL(LQZlQGHHQWJHJHQ

'HU0\NHULQRVNRSILQ3RUW6DLGLVWKHXWHVLQJXOlU0LWDQGHUHQ:RUWHQ$XFKZHQQHULQGHU$QWLNHQLFKWVLQJXOlUJHZHVHQLVWVRUHSUlVHQWLHUWHUGRFKHLQHQLFKWVRQGHUOLFKSRSXOlUHRGHUZHLWYHUEUHLWHWH'DUVWHOOXQJVZHLVH

'LH/|FNFKHQNUlQ]HGHU3WROHPlHUZLUNHQ LQ LKUHU*HVWDOWXQJVZHLVHGXUFKDXVJULHFKLVFKXQGHEHQQLFKWlJ\SWLVFKVWLOLVLHUW

:DVGLH6LQJXODULWlWEHWULIIWVRN|QQWHJHUDGHVLHGHQ0\NHULQRVNRSIDXV*L]D]XHLQHPIUGLHGDPDOLJHQ%HWUDFKWHUZLFKWLJHQ%H]XJVSXQNWPDFKHQ (LQHZHLWHUH KHXWH VLQJXOlUH 6WDWXH GHV$OWHQ5HLFKZXUGH LQ %0($ ZLHGHUKROW $EE ,KUH (FKWKHLW ZDU ODQJH =HLW ]ZHLIHOKDIW GRFKGUIHQGLHVH=ZHLIHO DOV XQEHJUQGHW JHOWHQ GD GLH 6WDWXH EHUHLWV YRQ.|QLJLQ9LNWRULD GHP%ULWLVK0XVHXPJHVFKHQNWZXUGHZLGPHWHQVLFKGHP6WFN-RKQ%DLQHVXQG&KULVWLQD5LJJVLQHLQHP$XIVDW]DXVIKUOLFKXQGHUNOlUWHQHVLQLKUHUSURJUDPPDWLVFKHQ*HVWDOWXQJEHU]HXJHQGDOVHLQ

NDPPHUbJ\SWHQV'LHEHUKPWH6DPPOXQJGHVbJ\SWLVFKHQ0XVHXPV.DLUR>0QFKHQ@

%RVWRQ0)$6LHKHGD]XDXFKREHQ$QP LQ%URRNO\Q0XVHXP&OHRSDWUDV(J\SW &.QLJJH6DOLV'LHPDNHGRQLVFKHQ+HUUVFKHUDOVlJ\SWLVFKH.|QLJH=X]ZHL6WDWXHQLQ)UDQNIXUWDP0DLQXQG

%UDXQVFKZHLJ,PDJR$HJ\SWL *$5HLVQHU0\FHULQXV7KH7HPSOHVRIWKH7KLUG3\UDPLGDW*L]D&DPEULGJH7DI6WDGHOPDQQ

LQ*ULPDO+J/HVFULWqUHVGHGDWDWLRQ



DUFKDLVLHUHQGHV VSlW]HLWOLFKHV.XQVWZHUN:lKUHQG -RVHSKVRQGDV%LOGSURJUDPPQLFKWYHUVWDQGHQKDWNDP6WDQZLFNXQDEKlQJLJYRQ%DLQHVXQG5LJJVGLH6WDQZLFNLQGHUXUVSUQJOLFKHQEHUHLWVVHLW YHU|IIHQWOLFKWHQ )DVVXQJ VHLQHV%XFKHV DOV'LVVHUWDWLRQ QLFKW ]LWLHUHQ ]X GHPVHOEHQ(UJHEQLV(VKDQGHOWVLFKXPGLHREHUH+lOIWHHLQHU6WDWXHDXV&DOFLW$ODEDVWHUGLHLQHWZDDXIGHU0LWWHGHV%DXFKHVDEJHEURFKHQLVW$XIIlOOLJLVWGLH*HVWDOWXQJGHV1HPHVNRSIWXFKHVGDVDQGHUVDOVVRQVWEOLFKDXI HLQHUGUHLWHLOLJHQ3HUFNHDXIOLHJWGLH HLQH*|WWHUSHUFNH LVW%DLQHVXQG5LJJVYHUJOHLFKHQGLHVHV6WFNPLWGHUEHUKPWHQ6HUGDEVWDWXH'MRVHUVDXVGHU'\QDVWLHGLHDXFKLQGHU+DOWXQJGHV UHFKWHQ$UPHVXQGGHPHQJDQOLHJHQGHQ6HGIHVWJHZDQGSDUDOOHO OlXIW XQG IROJHUQ GDUDXVGDKLHUGLHVHV9RUELOGJH]LHOWDXIJHJULIIHQZXUGHZHQQDXFKEHLGH6NXOSWXUHQVWLOLVWLVFKVLFKGHXWOLFK YRQHLQDQGHU XQWHUVFKHLGHQ $VKWRQV (LQZDQG 'MRVHU VLW]H ZlKUHQG %0 ($ ZHJHQ GHV5FNHQSIHLOHUV GDV)UDJPHQW HLQHU6WDQGVWDWXH VHL LVW KLHU QLFKW UHOHYDQW'DGLH/RQGRQHU3ODVWLNNHLQH,QVFKULIWWUlJWLVWGLH'DWLHUXQJXQVLFKHU'HUOlFKHOQGH*HVLFKWVDXVGUXFNXQGLQVEHVRQGHUHGLH*HVWDOWXQJGHU$XJHQEUDXHQVLQG IU VLFKJHQRPPHQEHUHLWV LQ IUKHUHQ(SRFKHQ]X ILQGHQ ,QVEHVRQGHUHGLHYRQGHU1DVHQZXU]HOSDUDOOHO]XU8QWHUNDQWHGHV1HPHVNRSIWXFKHVYHUODXIHQGHQ$XJHQEUDXHQODVVHQVLFKHUVWPDOVLPYRQ(GQD55XVVPDQQVRJHQDQQWHQ=ZHLWHQ6WLOGHV$OWHQ5HLFKHVGKGHU=HLWGHU'\QDVWLHEHOHJHQXQGN|QQWHQVRPLWLKUHUVHLWVDOVHLQ(OHPHQWGHVVSlW]HLWOLFKHQ$UFKDLVPXVEHWUDFKWHWZHUGHQ'LH.RPELQDWLRQXQG=XVDPPHQVFKDXLVWGDQQHLQHLQGHXWLJHV.ULWHULXPXPGLH.|QLJVSODVWLN%0($VLFKHUQLFKWYRUY&KU]XGDWLHUHQ'LHVWLOLVWLVFKH(QWZLFNOXQJGHU3ODVWLN DE GHP VSlWHQ GULWWHQ -DKUKXQGHUW Y&KU IKUW GDQQ YRQGLHVHU )RUPVSUDFKHZHJ'DPLWZlUH%0($DXI LPPHUKLQ-DKUHHLQJHJUHQ]W(LQHQRFKJHQDXHUH)HVWOHJXQJHUVFKHLQWPLUZHJHQGHUDEVLFKWVYROOHQ5FNJULIIHHWZDGHU'\QDVWLHXQGGHUIUKHQ3WROHPlHU]HLWDXIGLHNQVWOHULVFKHQ$XVGUXFNVIRUPHQGHU'\QDVWLHVFKZLHULJ%DLQHVXQG5LJJVEOHLEHQYRUVLFKWLJXQGVFKODJHQYRUGLH)LJXULQGLH=HLWYRQGHU'\QDVWLHELV]XUIUKHQ3WROHPlHU]HLWDOVRLQGDVELV-DKUKXQGHUWY&KU]XVHW]HQZlKUHQGDQGHUHHWZDVNKQHUVLQGXQGHLQHU'DWLHUXQJLQGLH=HLW1HNWDQHERVRGHU3WROHPDLRV ,,]XQHLJHQ%DLQHVXQG5LJJVVHKHQGLH6WDWXHDOV7HLOHLQHV LQWHQVLYHQ,QWHUHVVHVDQGHU1HNURSROHGHV$OWHQ5HLFKHV LQ6DTTDUDGDVVLFK LQGHU6SlW]HLWHWZDLQGHU)RUPYRQ5HVWDXULHUXQJVPDQDKPHQDP'MRVHUNRPSOH[PDQLIHVWLHUWHXQGGDVDXFK]XHLQHU$XIVWHOOXQJYRQ%0($JHIKUWKDEHQN|QQWH(VLVWMHGRFKIUDJOLFKPLWZHOFKHU$EVLFKWGLHVJHVFKDKXQG LKUHU0HLQXQJQDFK LVW ]ZHLIHOKDIWREHV VLFKXPHLQ%LOGQLV IUGHQ.XOWHLQHV.|QLJV GHU MQJHUHQ9HUJDQJHQKHLW KDQGHOWH ZlKUHQG GHU.XOW IU.|QLJH lOWHUHU (SRFKHQ LQ GHU6SlW]HLWGXUFKDXVZLHGHUEHOHEWZXUGH

-%DLQHVXQG&5LJJV$UFKDLVPDQG.LQJVKLS$/DWH5R\DO6WDWXHDQGLWV(DUO\'\QDVWLF0RGHO-($

'D]XQLFKWQDFKYROO]LHKEDUH.ULWLNEHL$VKWRQ LQ7DLW+J1HYHU+DGWKH/LNH2FFXUUHG$VKWRQXQWHUVFKHLGHWRIIHQEDUQLFKW]ZLVFKHQ6WLOXQG0RWLYZHQQVLHDXIGLHVWLOLVWLVFKH'LVNUHSDQ]YHUZHLVWGLHLKUHU0HLQXQJQDFKGHQ9HUJOHLFKQLFKWVWDWWKDIWVHLQOlW

3(6WDQZLFN(J\SWLDQ5R\DO6FXOSWXUHVRIWKH3WROHPDLF3HULRG'LVVHUWDWLRQ1HZ


1XQLVWGLH'MRVHUVWDWXHVLQJXOlUXQGLKUH:LHGHUKROXQJLKUHUVHLWVRKQH3DUDOOHOH'HU)DOO OlWVLFKGHQQRFKPLWGHUYRQPLUSRVWXOLHUWHQ0\NHULQRVYRUODJHIU3WROHPlHUELOGQLVVHPLW1HPHVXQG/|FNFKHQNUDQ]YHUJOHLFKHQ'HQQGLH'MRVHU%0($3DUDOOHOH]HLJWGDGLH7RWHQEH]LUNHGHU.|QLJHGHV$OWHQ5HLFKHVEHVXFKWZXUGHQXQGGLHGRUWLJHVWDWXDULVFKH$XVVWDWWXQJDOV9RUELOGGLHQHQNRQQWH(VLVWNDXPYRUVWHOOEDUGDGLH3WROHPlHUGLH3\UDPLGHQYRQ*L]DQLFKWEHVXFKWKDEHQ'LH'MRVHUVWDWXHKLQJHJHQYHUPLWWHOW LQ LKUHU ,NRQRJUDSKLH HLQH VHKUNRQNUHWHXQGQLFKWXQLYHUVHOO HLQVHW]EDUH%RWVFKDIWGHUQDFKWRGOLFKHQ9HUJ|WWOLFKXQJXQGGHVHZLJHQ7KURQMXELOlXPVGHVVHQ)HLHUQDFKJlQJLJHUlJ\SWRORJLVFKHU9RUVWHOOXQJLQHLQHU9HUMQJXQJUHVXOWLHUHQVROOWHYLHOHKHUYLHOOHLFKWDEHUDXIHLQHU VHKU DOOJHPHLQHQ(EHQHPLW GHU ,QWHQWLRQ YRQ%HVWDWWXQJVULWHQ NRUUHVSRQGLHUW%0($ZDUGHVKDOE]XHLQHUKlXILJHUHQ:LHGHUKROXQJXQGDOV0RGHOOIUHLQHDOOJHPHLQJOWLJHUHXQGZHLWHUYHUEUHLWHWH+HUUVFKHUUHSUlVHQWDWLRQQLFKWJHHLJQHW

$QGHUVGHU0\NHULQRVNRSIGHUHLQHQ.|QLJLQHLQHPJlQJLJHQ2UQDWQXUHEHQPLW/|FNFKHQNUDQ]GDUVWHOOW'LH'DUVWHOOXQJGHV+DDUHVNDPGHQ3WROHPlHUQHQWJHJHQGLHGLHVHV0RWLYDXIJULIIHQDEHUHVQXQKHOOHQLVLHUWJHVWDOWHQOLHHQZRPLWZLUDXFKGHP]ZHLWHQREHQJHQDQQWHQ(LQZDQGEHJHJQHWZlUHQ'KGDV0RWLYGHV/RFNHQNUDQ]HVNDQQlJ\SWLVFKHUNOlUWZHUGHQZlKUHQGVHLQHELOGKDXHULVFKH VWLOLVWLVFKH8PVHW]XQJ GDYRQ JHWUHQQW ]X EHWUDFKWHQ LVW'LHVH KHOOHQLVLHUW ]ZDU DEHU HV GDUIDXFKQLFKWEHUVHKHQZHUGHQGDWURW]GHUQDWXUDOLVWLVFKHQ'DUVWHOOXQJGLHMHQDFK4XDOLWlWGHU3ODVWLNPHKURGHUZHQLJHUJHOXQJHQLVWGLHVH/|FNFKHQNUlQ]HHEHQIDOOVGXUFKDXVVWLOLVLHUWVLQG'HUVRJ)UDQNIXUWHU$OH[DQGHUGHUDOOHLQVXEMHNWLYlVWKHWLVLHUHQGXQGGDPLWUHFKWZLOONUOLFKDOVVROFKHULGHQWLIL]LHUWZLUG]HLJWHWZDKRFKJUDGLJVWLOLVLHUWH/|FNFKHQ7DWVlFKOLFKKDQGHOWHVVLFKEHLGLHVHU6WDWXHHKHUXPHLQHQ3WROHPlHUGHV -DKUKXQGHUWVY&KUZHQQQLFKWJDUHLQHQ U|PLVFKHQ.DLVHU*HQDXVRYHUOLHUWGLH,QGLYLGXDOLVLHUXQJDQ%ULVDQ]6LH OlWVLFKDOVHLQH$QNQSIXQJDQHLQHlOWHUHELOGKDXHULVFKH7UDGLWLRQYHUVWHKHQ GLH VLFKPLW JULHFKLVFKHQ$XVGUXFNVIRUPHQ OHLFKWHU LQ(LQNODQJEULQJHQOlWXQGGDPLWVRZRKOYRQbJ\SWHUQDOVDXFK*ULHFKHQDN]HSWLHUWZHUGHQNRQQWH:HQQZLUQLFKWPHKU JH]ZXQJHQ VLQG HLQ LQGLYLGXDOLVLHUWHV *HVLFKW XQG+DDU XQWHUKDOE GHV.RSIWXFKUDQGHVDXVVFKOLHOLFK DOV +HOOHQLVLHUXQJ ]X VHKHQ VRQGHUQ DOV HLQ $XVGUXFNVPLWWHO GDV VLFK VRZRKO DXIlJ\SWLVFKHDOVDXFKJULHFKLVFKH:XU]HOQ]XUFNIKUHQOlWO|VHQVLFKGLH:LGHUVSUFKHDXIGLHGLH6FKDIIXQJGHV7\SXVXQWHU3WROHPDLRV9HUJDEGHUVLFKLQVWlUNHUHP0DHDOVVHLQH9RUJlQJHUXPHLQH,QWHJUDWLRQGHUlJ\SWLVFKHQ(OLWHQEHPKHQPXWH6FKOXIROJHUXQJHQ'LHZRKO IUKSWROHPlLVFK]XGDWLHUHQGHQ.|QLJVN|SIH]HLJHQGDKLHUGLH.|QLJHGHU'\QDVWLH9RUELOGZDUHQVHLHVLQGHU*HVWDOWXQJGHV1HPHVVHLHVLQGHU,QGLYLGXDOLVLHUXQJZLHVLHYRUDOOHPIU0\NHULQRVFKDUDNWHULVWLVFKLVWGHUYLHOOHLFKWVRJDUIUHLQDOWHVQHXHV0RWLYLQGHU.|QLJVSODVWLN3DWHJHVWDQGHQKDEHQPDJQlPOLFKGHQ/RFNHQNUDQ]GHULP+HOOHQLVPXVJULHFKLVFKLQWHUSUHWLHUWXQGSRSXOlUJHZRUGHQLVW'LH,QGLYLGXDOLVLHUXQJXQGGHU/RFNHQNUDQ]ZHUGHQPLW3WROHPDLRV9LQHLQHU3KDVHGHUSWROHPlLVFKHQ*HVFKLFKWHHLQJHIKUWLQGHU0HPSKLVHUQHXWDQ3UHVWLJHJHZLQQWQDFKGHPHV]XYRUYLHOOHLFKWHWZDVYHUQDFKOlVVLJWZXUGH3WROHPDLRV9LVWDXFKGHUHUVWH3WROHPlHUIUGHQHV+LQZHLVHDXIHLQH.U|QXQJLQ0HPSKLVJLEW'LHYHUPHLQWOLFKH+HOOHQLVLHUXQJLQGHU5XQGSODVWLNLVWYLHOOHLFKWNHLQ=XIDOOVRQGHUQHLQHRVWHQWDWLYH$QNQSIXQJDQPHPSKLWLVFKH7UDGLWLRQHQGHV$OWHQ

85XPPHO:HLKUDXFK6DOE|OXQG/HLQHQ%DOVDPLHUXQJVPDWHULDOLHQDOV0HGLXPGHU(UQHXHUXQJ LP6HGIHVW

6$. 3&%RO(LQOHLWXQJ'LH)UDQNIXUWHU$OH[DQGHUVWDWXHLQ+%HFNHU3&%ROXQG0%FNOLQJ+JJbJ\SWHQ

*ULHFKHQODQG5RP$EZHKUXQG%HUKUXQJ)UDQNIXUW1U + 6FKXO]H 'DV VROO $OH[DQGHU GHU *URH VHLQ")UDQNIXUWHU $OOJHPHLQH =HLWXQJ *HIROJW YRQ '

6FKlIHU$OH[DQGHUGHU*URH3KDUDRXQG3ULHVWHULQ63IHLIIHU+JbJ\SWHQXQWHUIUHPGHQ+HUUVFKHUQ]ZLVFKHQSHUVLVFKHU6DWUDSLHXQGU|PLVFKHU3URYLQ]2LNXPHQH)UDQNIXUWPLW$QP$XVIKUOLFKH$EOHKQXQJXQG8PGDWLHUXQJ.QLJJH6DOLV,PDJR$HJ\SWL

=XGLHVHPNRPSOH[HQ3UREOHPVLHKHDEHU0$6WDGOHU'LH.U|QXQJGHU3WROHPlHU]X3KDUDRQHQ:U]EXUJHU-DKUEFKHUIUGLH$OWHUWXPVZLVVHQVFKDIW1HXH)ROJH



5HLFKVDEHUDXFKGHUKRKHQ'\QDVWLH'HQQGLHK|FKVWLQGLYLGXHOODEJHELOGHWHQ.|QLJH6HVRVWULV,,,XQG$PHQHPKHW,,,ZXUGHQEHLGHLQ'DKVFKXULQGHU1lKHGHU3\UDPLGHQ6QRIUXVEHLJHVHW]WXQG HLJQHWHQ VLFK DXVJH]HLFKQHW DOV 9RUELOGHU IU HLQHQ +HUUVFKHU GHU HLQH RVWPHGLWHUUDQH *URPDFKWSROLWLN EHWULHE'LHVH EHLGHQ.|QLJH GHU '\QDVWLH GHKQWHQ QlPOLFK GHQ lJ\SWLVFKHQ(LQIOXEHUHLFKZHLWQDFK1XELHQKLQHLQDEHUDXFKPLQGHVWHQVELV%\EORVDXV:lKUHQG]XU=HLW6HVRVWULV,,,QRFKHLQHLQKHLPLVFKHU.|QLJ%\EORVEHKHUUVFKWQHQQHQVLFKXQWHU$PHQHPKHW,,,GLH+HUUHQEHUGLH6WDGW+W\RIXQJLHUHQDOVRDOVHLQH$UW*RXYHUQHXUXQGGDPLWlJ\SWLVFKHU%HDPWHU(VGUIWHQXDGLHVHEHLGHQ.|QLJHVHLQDXIGLHGLH6FKLOGHUXQJGHVJURHQ(UREHUHUV6HVRVWULV]XUFNJHKWGLH+HURGRWJLEWXQGGLHIROJOLFKLP%HZXWVHLQGXUFKDXVSUlVHQWZDUHQZLHGDVDXFKlJ\SWLVFKH4XHOOHQGHUSWROHPlLVFKU|PLVFKHQ=HLWEHOHJHQ

,QGHUIUKHQ3WROHPlHU]HLWKDWRIIHQVLFKWOLFKGDV+HUUVFKHUKDXVGHPQDFKYHUVFKLHGHQH6WUDWHJLHQYHUIROJWXPVLFKGHUHLQKHLPLVFKHQ%HY|ONHUXQJGDUXQWHUYRUDOOHPLKQHQGHUSULHVWHUOLFKHQ(OLWHDOVOHJLWLPH3KDUDRQHQ]X]HLJHQ(LQHUVHLWVJULIIHQVLHDXIPRWLYLVFKH'HWDLOVGHV$OWHQ5HLFKHV]XUFNXQGVXFKWHQDQGHUHUVHLWVQDFK$XVGUXFNVIRUPHQGLHVLFKPLW LKUHUHLJHQHQNQVWOHULVFKHQ7UDGLWLRQYHUHLQEDUHQOLHHQ6RZXUGHGDVDUFKDLVLHUHQGHXQSOLVVLHUWH1HPHVGDVEHUHLWVGLH'\QDVWLHGHP$OWHQ 5HLFK HQWOHKQW KDWWH ]X HLQHP EHOLHEWHQ LNRQRJUDSKLVFKHQ (OHPHQW GHU 3WROHPlHU ZlKUHQGQRFKGHXWOLFKHUH5FNEHVLQQXQJHQZLHGDV WHLOSOLVVLHUWH1HPHVGLH$XVQDKPHZDUHQGLH HYHQWXHOO

$VKWRQLQ7DLW+J1HYHU+DGWKH/LNH2FFXUUHG=X3WROHPlHUQXQG0HPSKLVVLHKHDXFKGHQNQDS

SHQhEHUEOLFNYRQ+$EG(O*DZDG2XWRI%RXQGV3ULHVWV3URSHUW\7KH6WDWXVRIWKH3WROHPDLF.LQJVDW0HPSKLV LQ0+RUQHW DO +JJ&XUUHQW5HVHDUFK LQ(J\SWRORJ\3URFHHGLQJVRI WKH(OHYHQWK$QQXDO6\PSRVLXP2[IRUG'D]XZUGHHLQH$QNQSIXQJ3WROHPDLRV,DQGLH.|QLJHGHV0LWWOHUHQ5HLFKHVSDVVHQGLH/'0RUHQ]$OWH+WHDXIQHXHQ.|SIHQ'LH,QV]HQLHUXQJGHV6DWUDSHQ3WROHPDLRVDOVlJ\SWLVFKHU+HLOVN|QLJLQ+:)LVFKHU(OIHUWXQG765LFKWHU+JJ/LWHUDWXUXQG5HOLJLRQLPDOWHQbJ\SWHQ(LQ6\PSRVLXP]X(KUHQYRQ(ONH%OXPHQWKDO6WXWWJDUWQDFK]XZHLVHQYHUVXFKW'RFKEHLQlKHUHU%HWUDFKWXQJDUJXPHQWLHUWHUDXIGQQHU%DVLVGHQQGLH1lKHYRQ(XORJLHQDXI.|QLJHGHV0LWWOHUHQ5HLFKHVXQGDXI3WROHPDLRVLVWHKHUGHP,QKDOWXQGGHU3KUDVHRORJLHGHV*HQUHVJHVFKXOGHWDOVGDGDUDXV6FKOVVHJH]RJHQZHUGHQN|QQHQ'LH7KHVH3WROHPDLRVVHL LQGHU6DWUDSHQVWHOHZLH1HIHUWLVLF LQGHU3URSKH]HLXQJGHV1HIHUWLJHVFKLOGHUWLVWGDHLQJXWHV%HLVSLHOIU0RUHQ]HLJHQZLOOLJHQ'HXWXQJHQGLHHUDQHLQHPHLQ]LJHQ6DW]IHVWPDFKW

-3$OOHQ7KH+LVWRULFDO,QVFULSWLRQRI.KQXPKRWHSDW'DKVKXU3UHOLPLQDU\5HSRUW%$6259JODXFK'5HGIRUG+J(J\SW&DQDDQDQG,VUDHOLQ$QFLHQW7LPHV3ULQFHWRQXQG:+HOFN%\EORVXQGbJ\SWHQLQ($FTXDURXQGHWDO+JJ%LEOR8QDFLWWjHODVXDFXOWXUD&ROOH]LRQLGL6WXGL)HQLFL5RP

+HURGRW ,, $ % /OR\G&RPPHQWDU\ +RURGRWXV %RRN ,, &RPPHQWDU\ (352 /HLGHQ&2EVRPHU/HVFDPSDJQHVGH6pVRVWULVGDQV+pURGRWH(VVDLGLQWHUSUpWDWLRQGXWH[WHJUHFjODOXPLqUHGHVUpDOLWpVpJ\SWLHQQHV&RQQDLVVDQFHGHOeJ\SWHDQFLHQQH%UX[HOOHVDOV]XNDWHJRULVFKHPSIXQGHQYRQ:-0XUQDQH5H]]X2EVRPHU&DPSDJQHVGH6pVRVWULV-1(6XQGLQ7HLOHQYRQ$%ODVLXV'DV.|QLJWXPGHU5DPHVVLGHQLP6SLHJHOGHUJULHFKLVFKU|PLVFKHQhEHUOLHIHUXQJ*HVFKLFKWHLP6SDQQXQJVIHOGYRQ7UDGLWLRQXQG.RQVWUXNWLRQLQ5*XQGODFKXQG85|OHU.|KOHU+JJ'DV.|QLJWXPGHU5DPHVVLGHQ]HLW9RUDXVVHW]XQJHQ9HUZLUNOLFKXQJ9HUPlFKWQLV b8$7:LHVEDGHQ DOV XQKDOWEDUJHVHKHQ'LHVLFKDQ+HURGRWDQVFKOLHHQGH7UDGLWLRQLVWYRQ0%HUQDO%ODFN$WKHQDYROXPH,,7KH$IURVLDWLF5RRWVRI&ODVVLFDO&LYLOL]DWLRQWKH$UFKDHRORJLFDODQG'RFXPHQWDU\(YLGHQFH1HZ%UXQVZLFN1- DOV KLVWRULVFK NRUUHNW HUQVWJHQRPPHQZRUGHQ'DJHJHQ'2&RQQRU (J\SW DQG*UHHFH7KH%URQ]H$JH(YLGHQFHLQ05/HINRZLW]XQG*05RJHUV+JJ%ODFN$WKHQD5HYLVLWHG&KDSHO+LOO)-


DXI3WROHPDLRV,XQG,,EHVFKUlQNWEOLHEHQ(VVHLGDUDQHULQQHUWGDLKUH5HJLHUXQJHQRIIHQEDUDPHUIROJUHLFKVWHQGLHbJ\SWHUHLQELQGHQNRQQWHQGHQQHUVWXQWHU3WROHPDLRV,,,(XHUJHWHVEHJLQQWHLQHIDVWNRQWLQXLHUOLFKH5HLKHYRQ LP.HUQZRKO VR]LDOPRWLYLHUWHQ VLFKDEHU LQ LKUHU3URSDJDQGDGHQQRFKlJ\SWLVFKQDWLRQDOHU0HWDSKRULNEHGLHQHQGHU$XIVWlQGHJHJHQGLHDOH[DQGULQLVFKH+HUUVFKDIW(LQ9HUVXFKGHQ.|QLJDOVLQWHJUDWLYH3HUVRQ]X]HLJHQN|QQWHGLH6FKDIIXQJGHV.|QLJVELOGHVPLW/RFNHQXQWHUGHP1HPHVXQGVWlUNHULQGLYLGXDOLVLHUHQGHQ=JHQVHLQ%HLGHVPXDEHUQLFKWDOOHLQDXIJULHFKLVFKHQ(LQIOX]XUFN]XIKUHQVHLQVRQGHUQNDQQDXFKMHZHLOVPLWHLQHUlJ\SWLVFKHQ7UDGLWLRQYHUEXQGHQZHUGHQ8QGQXU LQGLHVHU9HUELQGXQJJHZLQQWGLH.|QLJVSODVWLN LKUHQ LQWHJUDWLYHQ6\PEROZHUW'LH%HVFKlIWLJXQJPLWGHU3WROHPlHU]HLWIRUGHUWDOVRVWHWVGD]XKHUDXVEHUGDVlJ\SWLVFKH3URSULXPQDFK]XGHQNHQGDVHVYRPJULHFKLVFKKHOOHQLVWLVFKHQ]XVFKHLGHQJLOWXQGGDVQLFKWLQXQEHUEUFNEDUHP *HJHQVDW] ]XP *ULHFKLVFK+HOOHQLVWLVFKHQ VWHKHQ PX 'DV LVW DOOHUGLQJV QXUP|JOLFKZHQQZLUDXFKGLHIUKHUHQ(SRFKHQVROLGHNHQQHQ

6WDGOHU(LQIKUXQJLQGLHlJ\SWLVFKH5HOLJLRQ



$EE2EHUWHLOHLQHU.|QLJVVWDWXH/RQGRQ%0($7KH7UXVWHHVRIWKH%ULWLVK0XVHXP

$EE.RSIHLQHU.|QLJVVWDWXH%URRNO\Q0XVHXP7KH%URRNO\Q0XVHXP



$EE.RORVVDOVWDWXH0\NHULQRV%RVWRQ0)$

0)$%RVWRQ

$EE.RSI7KXWPRVLV,,,/RQGRQ%0($7KH7UXVWHHVRIWKH%ULWLVK0XVHXP

$EE'HWDLOGHV.|QLJVNRSIHV%URRNO\Q0XVHXPLP9HUJOHLFKPLWGHP.|QLJVNRSI%0($



$EE.RSIGHU.RORVVDOVWDWXH0\NHULQRV%RVWRQ

0)$'HWDLOYRQ$EE0)$%RVWRQ

$EE.RSIHLQHUN|QLJOLFKHQ6WDQGILJXU%HUOLQbJ\SWL

VFKHV0XVHXP,QY3KRWR6WDGOHU

$EE$PHQHPKHW,,,Y&KU.RSHQKDJHQ1\&DUOVEHUJ*O\SWRWHN,17KH7UXVWHHVRIWKH1\&DUOVEHUJ*O\SWRWHN.RSHQKDJHQ


$EE0\NHULQRVXQG&KDPHUHUQHEWL,,%RVWRQ0)$0)$%RVWRQ


$EE.RSIHLQHV.|QLJV


$EE.|QLJ]ZLVFKHQXQGY&KU/RQGRQ%0($7KH7UXVWHHVRIWKH%ULWLVK0XVHXP


/ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 150 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages false /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth 8 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /FlateEncode /AutoFilterGrayImages false /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages false /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects true /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile (None) /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName (http://www.color.org) /PDFXTrapped /False

/CreateJDFFile false /SyntheticBoldness 1.000000 /Description >>> setdistillerparams> setpagedevice

Stadler, M. A. (2014), ‘„Ach, das ist gestreift!“. Anmerkungen zur ägyptischen Königsplastik...

Documents

Transcript of Stadler, M. A. (2014), ‘„Ach, das ist gestreift!“. Anmerkungen zur ägyptischen Königsplastik...