Figur Und Person: Beitrag Zu Einer Historischen Narratologie 3110178079, 9783110178074

Table of contents :
Vorwort......Page 5
Inhaltsverzeichnis......Page 7
1 Einleitung......Page 9
2 Narrative Kommunikation......Page 23
3 Probleme mit der Figur......Page 93
4 Das Benennen der Figur......Page 117
5 Was ist eine Figur?......Page 159
6 Aufbau der Figur......Page 205
7 Fazit......Page 245
Anhang A: Jerry Cotton......Page 255
Anhang B: Glossar......Page 259
Literaturverzeichnis......Page 265
Index......Page 296

Citation preview

Fotis Jannidis Figur und Person

Narratologia Contributions to Narrative Theory/ Beiträge zur Erzähltheorie

Edited by/Herausgegeben von Fotis Jannidis, John Pier, Wolf Schmid Editorial Board/Wissenschaftlicher Beirat Catherine Emmott, Monika Fludernik Jose´ Angel Garcı´a Landa, Peter Hühn, Manfred Jahn Andreas Kablitz, Uri Margoli, Matı´as Martı´nez Jan Christoph Meister, Ansgar Nünning Marie-Laure Ryan, Jean Marie Schaeffer Michael Scheffel, Sabine Schlickers, Jörg Schönert

3

≥

Walter de Gruyter · Berlin · New York

Fotis Jannidis

Figur und Person Beitrag zu einer historischen Narratologie

≥

Walter de Gruyter · Berlin · New York

앝 Gedruckt auf säurefreiem Papier, 앪 das die US-ANSI-Norm über Haltbarkeit erfüllt.

ISSN 1612-8427 ISBN 3-11-017807-9 Bibliografische Information Der Deutschen Bibliothek Die Deutsche Bibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über ⬍http://dnb.ddb.de⬎ abrufbar. 쑔 Copyright 2004 by Walter de Gruyter GmbH & Co. KG, D-10785 Berlin Dieses Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Printed in Germany Einbandgestaltung: Christopher Schneider, Berlin Druck und buchbinderische Verarbeitung: Hubert & Co., Göttingen

9RUZRUW 6HOEVW HLQH 4XDOLILNDWLRQVVFKULIW KDW HLQH HEHQVR YLHOIDFKH ZLH YLHOIlOWLJH $XWRUVFKDIW 'HU ')* YHUGDQNH LFK GD‰ LFK DXIJUXQG HLQHV JUR‰]JLJHQ 6WLSHQGLXPV LQ 5XKH DQ GLHVH $UEHLW JHKHQ NRQQWH 'LH +DPEXUJHU )RU VFKHUJUXSSH 1DUUDWRORJLH ² LQVEHVRQGHUH -HQV (GHU 3HWHU +KQ 7RP .LQGW -DQ&KULVWRSK 0HLVWHU +DQV+DUDOG 0OOHU :ROI 6FKPLG XQG -|UJ 6FK|QHUW²KDWPLUHEHQVRZLH$QVJDU1QQLQJLQ*LHVVHQGLH*HOHJHQKHLW JHERWHQIUKH)DVVXQJHQPHLQHU*HGDQNHQYRU]XWUDJHQLQGHU'LVNXVVLRQ ]X HUSUREHQ XQGPLFKPLWVFKDUIVLQQLJHQ)UDJHQJH]ZXQJHQZHLWHU]XGHQ NHQ0LWLKUHQDXVIKUOLFKHQ6WHOOXQJQDKPHQKDEHQ+HQGULN%LUXV.RQUDG (KOLFK :ROIJDQJ)UKZDOGXQG-DQ'LUN0OOHUGD]X EHLJHWUDJHQGD‰GLH 'UXFNIDVVXQJ VLFK SRVLWLY YRQ GHU HUVWHQ VFKULIWOLFKHQ )DVVXQJ DEKHEW :HQQGLH)RUPGHV7H[WHVQXQHLQLJHUPD‰HQGHQ9RUVWHOOXQJHQGHV9HUOD JHV HQWVSULFKW GDQQ LVW GLHV YRU DOOHP GDV 9HUGLHQVW YRQ 5HQDWH 6ROW\VLDN 6DELQH%DXHUXQG&KULVWLQH%UDQGWQHU=DKOUHLFKH+LQZHLVHXQG(UJlQ]XQ JHQGLHLPNOHLQHQZLHLPJUR‰HQGHP7H[WDXIJHKROIHQKDEHQNDPHQYRQ .DWULQ)LVFKHUXQG%ULWWD-XELQ8UL0DUJROLQVHLIUVHLQHDXIPXQWHUQGHXQG IUHXQGOLFKH$XIQDKPHGHU$UEHLWJHGDQNW'DVULFKWLJH0DWHULDO]XPULFKWL JHQ =HLWSXQNW LQ GLH +lQGH ]X EHNRPPHQ LVW PDQFKPDO EHVRQGHUV I|U GHUQG 'DIU KDW GLHVPDO QLFKW QXU GHU =XIDOO JHVRUJW VRQGHUQ DXFK 3HWHU 7KDQQLVFK PLW GHU XQNRPSOL]LHUWHQ hEHUODVVXQJ YRQ 0DWHULHO ]X GHU YRQ LKP EHWUHXWHQ ¿-HUU\ &RWWRQ¾5HLKH &RUQHO =ZLHUOHLQ PLW MXULVWLVFKHP 5DW *HUKDUG/DXHUPLW]DKOUHLFKHQ/LWHUDWXUKLQZHLVHQVRZLH%HUWUDP 0DOOHPLW GHU ZLHGHUKROW SRVWZHQGHQGHQ =XVHQGXQJ YRQ $XIVlW]HQ 0LW VHLQHU IUHXQGVFKDIWOLFKHQ/HNWUHKDW)ULW]*HVLQJ]XU/HVEDUNHLWGHV7H[WHVEHLJH WUDJHQ.DUO(LEOVHLIUVHLQDQVSRUQHQGHV9HUWUDXHQXQGVHLQHDQGDXHUQGH XQGYLHOVHLWLJH8QWHUVWW]XQJJHGDQNW6LPRQH:LQNRKDWGLHVH$UEHLWYLHO IlOWLJ PLWJHVWDOWHW XQG VR HLJHQWOLFK HUVW P|JOLFK JHPDFKW $OOH )HKOHU XQG 9HUVHKHQDEHUXQGGDVEHWULIIWDXFKGLH$XVODVVXQJHQLQGLHVHU'DQNVDJXQJ VLQGVHOEVWYHUVWlQGOLFKQXUPLU]X]XVFKUHLEHQ



,QKDOWVYHU]HLFKQLV

(LQOHLWXQJ  1DUUDWLYH.RPPXQLNDWLRQ   'DV3UREOHP   $XWRU   0RGHOO/HVHUXQG7H[WVWUDWHJLH   6LWXDWLRQXQG%HGHXWXQJ   &RGHEDVLHUWHYVLQIHUHQ]EDVLHUWH.RPPXQLNDWLRQ   'DV.RRSHUDWLRQVSULQ]LSGHUQDUUDWLYHQ.RPPXQLNDWLRQ   1DUUDWLYH.RQYHQWLRQHQ   *HUHJHOWH6XFKH   =XVDPPHQIDVVXQJ  3UREOHPHPLWGHU)LJXU  'DV%HQHQQHQGHU)LJXU   (UNHQQHQ  %H]HLFKQHQ   6LWXDWLYHU5DKPHQ  ,GHQWLWlW  :DVLVWHLQH)LJXU"   'LH&RGHVGHU)LJXU   'DV6SLHOGHU&RGHVXQGLKUH/HNWUH   'LH0HUNPDOHGHU)LJXU   /HNWUHQGHU)LJXU  'LH7LHIHQSV\FKRORJLHGHU)LJXU  )LJXUHQLQILNWLRQDOHQ:HOWHQ   )LJXUHQDOVPHQWDOH0RGHOOH   %DVLVW\SXV   $XIEDXGHU)LJXU   )LJXUHQLQIRUPDWLRQHQ  &KDUDNWHULVLHUXQJ   0RWLYLHUXQJ   ,GHQWLILNDWLRQ   )D]LW  

                               

YLLL 

,QKDOWVYHU]HLFKQLV

$QKDQJ$-HUU\&RWWRQ  $QKDQJ%*ORVVDU  /LWHUDWXUYHU]HLFKQLV   4XHOOHQ   6HNXQGlUOLWHUDWXU  ,QGH[    



     



(LQOHLWXQJ 2G\VVHXV 'RQ 4XLFKRWWH )DXVW RGHU 6SRFN $VWHUL[ 0LVV 0DUSOH ² JDQ] XQDEKlQJLJ YRP OLWHUDULVFKHQ 0LOLHX XQG VHLQHQ MHZHLOLJHQ :HUWPD‰VWlEHQ VSLHOHQ )LJXUHQ LQ QDUUDWLYHQ )LNWLRQHQ HLQH ]HQWUDOH 5ROOH /HVHU HULQQHUQ VLFKQRFKQDFK-DKUHQZHQQVLH'HWDLOVGHU+DQGOXQJVFKRQODQJHYHUJHVVHQ KDEHQVHKUJXWDQPDQFKH)LJXUHQGLHVLHEHHLQGUXFNWKDEHQ.LQGHUEHU QHKPHQ)LJXUHQDXV%FKHUQXQG)LOPHQXQGVSLHOHQGLHVHQDFK9RQ$XWR UHQ VLQG ]DKOUHLFKH bX‰HUXQJHQ EHUOLHIHUW ZHOFKH EHVRQGHUH )XQNWLRQ )LJXUHQLPNUHDWLYHQ$NWKDEHQQLFKWVHOWHQLVWYRQHLQHP(LJHQOHEHQGHU )LJXUHQ GLH 5HGH GDV VLFK GHP ZLOONUOLFKHQ =XJULII GHV $XWRUV LQ HLQHP JHZLVVHQ6LQQHHQW]LHKW)LJXUHQHQVHPEOHVXQG7HLOHGHV6HWWLQJVVLQGQRFK GLHVWDELOVWHQ(OHPHQWHZHQQ%FKHUYHUILOPWZHUGHQRGHUDQHLQHQHUIROJ UHLFKHQ6SLHOILOPHLQH796HULHDQJHVFKORVVHQZLUG'LHVHUJHZLFKWLJHQ5RO OH GLH )LJXUHQ IU /HVHU XQG =XVFKDXHU IU $XWRUHQ XQG DQGHUH 0HGLHQ SURGX]HQWHQ VSLHOHQ LVW GLH /LWHUDWXUZLVVHQVFKDIW ELVODQJ NDXP JHUHFKWJH ZRUGHQ ¿)LJXU¾ VFKHLQW HLQ VR VHOEVWYHUVWlQGOLFKHU %HJULII GHU /LWHUDWXUZLV VHQVFKDIWGD‰HLQLJH)DFKOH[LNDVLFKQLFKWHLQPDOGLH0KHPDFKHQLKQ]X GHILQLHUHQ1RFKNODJW0LHNH%DOLQGHU]ZHLWHQ$XIODJHLKUHU(LQIK UXQJLQGLH1DUUDWRORJLHHVJHEHNHLQEHIULHGLJHQGHV0RGHOOGHU)LJXUMDHV JHEHNDXPV\VWHPDWLVFKH)RUVFKXQJ]XP7KHPDXQG7LW]PDQQKDWGLHVHQ 9RUZXUIZLHGHUKROWbKQOLFKH.ODJHQVLQGVHLWEHU-DKUHQLQGHU )LJXUHQIRUVFKXQJ]XOHVHQXQGPDQNDQQZRKOYRQHLQHPVWDELOHQ7RSRV ³³³³³³³³³³  'HU%HJULII¿QDUUDWLY¾ZLUGLQGHU1DUUDWRORJLHWHLOZHLVHVHKUZHLWYHUVWDQGHQXQGXPID‰W

   

DOOHVZDVHLQHILNWLYH+DQGOXQJSUlVHQWLHUWVHLHQHVQXQ)LOP&RPLF(U]lKOWH[W'UDPD RGHUEHVWLPPWH&RPSXWHUVSLHO*HQUHVWHLOZHLVHZLUGHUVHKUHQJJHID‰WXQGQXUIU(U ]lKOWH[WH YHUZHQGHW ,FK ZHUGH PLFK DXVVFKOLH‰OLFK DXI 1DUUDWLRQ PLWWHOV (U]lKOWH[WHQ NRQ]HQWULHUHQ =% %UXQQHU0RULW]   RGHU 5LFNOHIV   ¿)LJXU¾ VFKHLQW DXFK NHLQ %HJULII GHU PRGHUQHQ/LWHUDWXUWKHRULH]XVHLQYJO+DZWKRUQ  9JO%DO  7LW]PDQQ $OVHLQ]LJH*HJHQEHLVSLHOHQHQQWHU/RWPDQXQG3ILVWHU 8P QXU HLQLJH GHU QHXHUHQ ]X QHQQHQ :LOVRQ    .QDSS LQ VHLQHU (LQOHLWXQJ ]XP6RQGHUKHIW¿)LJXU¾GHU=HLWVFKULIW6W\OHYJO.QDSS %RQKHLP  6WFNUDWK &XOSHSHU 



(LQOHLWXQJ

GHU HLQVFKOlJLJHQ )RUVFKXQJ VSUHFKHQ :LH VR PDQFKHU 7RSRV KDW DXFK GLHVHUHLQHJHZLVVH%HUHFKWLJXQJ'LH(U]lKOWKHRULHGHU)LJXULVWNHLQDXVJH ELOGHWHV )RUVFKXQJVIHOG PLW NODU NRQWXULHUWHQ 3UREOHP]RQHQ PLW ¿.ODVVL NHUQ¾GHU'LVNXVVLRQDXIGLHVLFKDOOHEH]LHKHQXQGGLHDXFKDOOH]XU.HQQW QLVJHQRPPHQKDEHQXQGPLWHLQHP)RUVFKXQJVVWDQGGHUYRQGHQLQWHUHV VLHUWHQ )RUVFKHUQ DOV VROFKHU ZDKUJHQRPPHQ ZUGH 'DV $NWDQWHQPRGHOO YRQ*UHLPDVLVWZRKOHLQHUGHUZHQLJHQDOOJHPHLQEHNDQQWHQ%H]XJVSXQNWH LQGLHVHU'LVNXVVLRQXQGJOHLFK]HLWLJEHVWHKWDOOJHPHLQH(LQLJNHLWEHUVHLQH VHKU EHVFKUlQNWHQ $QZHQGXQJVP|JOLFKNHLWHQ $QGHUHUVHLWV JLEW HV HLQH EHWUlFKWOLFKH0HQJHHLQVFKOlJLJHU)RUVFKXQJVOLWHUDWXU8P=DKOHQ]XQHQ QHQPLQGHVWHQV7LWHO]XP3UREOHPGHU)LJXULQILNWLRQDOHQ7H[WHQXQG FDHU]lKOWKHRUHWLVFKH7LWHO]XP7KHPD6LHZHUGHQNDXP]XU.HQQWQLV JHQRPPHQXQGGLHGDPLWKlXILJYHUEXQGHQHQ)ROJHQVLQGGHXWOLFKVLFKWEDU %HUHLWVIRUPXOLHUWH3UREOHPHZHUGHQDOVQHXZLHGHUHLQJHIKUWEHUHLWVHUOH GLJWH¿/|VXQJHQ¾ZHUGHQIUHXGLJHUQHXWSUlVHQWLHUW'LHWRSLVFKH.ODJHEHU GLHIHKOHQGH)RUVFKXQJLVWDOVRVLFKHUOLFKIDOVFKULFKWLJDEHULVWHVGD‰VLFK ELVODQJNHLQHLJHQHV)RUVFKXQJVIHOG¿)LJXU¾HWDEOLHUWKDW 1RFK XQEHUVLFKWOLFKHU ZLUG GLH 6DFKODJH GXUFK GLH 'LIIHUHQ]HQ ]ZL VFKHQGHQ3KLORORJLHQ,QHLQLJHQ]%GHU1HXHUHQ'HXWVFKHQ/LWHUDWXUZLV VHQVFKDIW VSLHOW GLH )LJXU DOV OLWHUDWXU RGHU HU]lKOWKHRUHWLVFKHV 3UREOHP NHLQH5ROOHLQDQGHUHQ]%GHUDQJHOVlFKVLVFKHQ/LWHUDWXUZLVVHQVFKDIWJLEW HVZHQLJVWHQVHLQLJH$QVlW]HGD]X'LHJHUPDQLVWLVFKH/LWHUDWXUZLVVHQVFKDIW KDWVLFKQDFKGHP.ULHJZHLWJHKHQGGHVLQWHUHVVLHUWJH]HLJWDQHU]lKOWKHRUHWL VFKHQ0RGHOOHQGDVlQGHUWHVLFKOHGLJOLFKLQGHQVLHE]LJHU-DKUHYRUEHUJH ³³³³³³³³³³  (VJLEWQXUZHQLJHDEZHLFKHQGH6WLPPHQ]%NRQVWDWLHUW%ULDQ5RVHQEHUJLQGHU(LQOHL

WXQJVHLQHU%LEOLRJUDSKLH]XU)LJXUHQIRUVFKXQJGD‰VLFK-DKUHQDFKGHP+DUYH\EHU GLHPDQJHOQGH)RUVFKXQJ]XU)LJXUJHNODJWKDEHGLH6LWXDWLRQGRFKVHKUJHlQGHUWKDEH YJO 5RVHQEHUJ $XFK=DFKDUDVLHZLF]VLHKWHLQHQ$XIVFKZXQJYJO=DFKDUD VLHZLF] =DFKDUDVLHZLF]PDFKWDOV9HUDQWZRUWOLFKHIUGLHIHKOHQGH)RUVFKXQJ ]XU)LJXU6WUXNWXUDOLVPXVXQG3RVWVWUXNWXUDOLVPXVDXVGHPZLGHUVSULFKWVFKRQGHU8P VWDQG GD‰ +DUYH\ EHUHLWV  NODJW PDQ ZUGH LQ GHQ OHW]WHQ  -DKUHQ NDXP PHKU )RUVFKXQJ]XU)LJXUILQGHQYJO+DUYH\ $X‰HUGHPOLHJHQPLWGHQVWUXNWXUDOL VWLVFKHQ$UEHLWHQYRQ*UHLPDVXQG+DPRQLQ)UDQNUHLFK&KDWPDQLQGHQ86$3ILVWHU LQ 'HXWVFKODQG XQG /RWPDQ LQ GHU 8G665 JHUDGH GLHWKHRUHWLVFKDQVSUXFKYROOVWHQ%HL WUlJHYRUGHQHU-DKUHQYRU  5RVHQEHUJ YHU]HLFKQHW LQ VHLQHU %LEOLRJUDSKLH GLH VLFK QDKH]X DXVVFKOLH‰OLFK DXI GLH HQJOLVFKVSUDFKLJH )RUVFKXQJ ELV  NRQ]HQWULHUW LPPHUKLQ EHU  7LWHO 6HLQH %L EOLRJUDSKLH LVW QLFKW YROOVWlQGLJ XQG GLH /LVWH GHU 7LWHO LVW LQ GHQ OHW]WHQ  -DKUHQ XP ]DKOUHLFKH ZHLWHUH 7LWHO JHZDFKVHQ 'D]X NRPPW GLH QLFKWHQJOLVFKH )RUVFKXQJ ZHQQ GLHVHDXFK]DKOHQPl‰LJZHLWZHQLJHUDXVPDFKW



(LQOHLWXQJ



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hEHUOHJXQJHQ]XU)LJXU%H]HLFKQHQGGDIU LVWDXFKHLQHJHZLVVH9HUQDFKOlVVLJXQJGHUlVWKHWLVFKHQ6WUXNWXUGHV(LQ]HO ZHUNV ]XJXQVWHQ GHU MHZHLOLJHQ :HUNHOHPHQWH GLH HLQH =XVFKUHLEXQJ ]X ,GHHQ'LVNXUVHQJHVHOOVFKDIWOLFKHQ6WUXNWXUHQHUODXEHQ ,Q GHQ DQJHOVlFKVLVFKHQ 3KLORORJLHQ VLHKW GLH )RUVFKXQJVVLWXDWLRQ JDQ] DQGHUVDXV(VJLEWHLQHZDKUH)OXWYRQ(LQ]HOXQWHUVXFKXQJHQ]X)LJXUHQLQ VSH]LILVFKHQ 7H[WHQ XQG HV JLEW DXFK HLQLJH WKHRUHWLVFKH 9HUVXFKH ]XP 7KHPD LQVEHVRQGHUH VHLWGHP GLH 1DUUDWRORJLH *HJHQVWDQG HLQHU ]ZDU LQ (QJOLVFK SXEOL]LHUHQGHQ DEHU ]XQHKPHQG LQWHUQDWLRQDOHQ VFLHQWLILF FRPPXQLW\ JHZRUGHQLVW'HQQRFKNDQQPDQDXFKKLHUQLFKWYRQHLQHU)RUVFKXQJVWUDGL WLRQ VSUHFKHQ XQG GLH REHQ HUZlKQWHQ .ODJHQ EHU GLH PDQJHOQGH )RU VFKXQJILQGHQVLFK]XPHLVWLQHQJOLVFKVSUDFKLJHQ$XIVlW]HQGLHGLHYRUKDQ GHQH/LWHUDWXUJU|‰WHQWHLOVLJQRULHUHQ 'RFKQLFKWQXUVROFKHSUDJPDWLVFKHQ$VSHNWHEHVWLPPHQGLHVHKU]HUULV VHQH*HVFKLFKWHGLHVHU)RUVFKXQJ(VJLEWGDIUDXFKJHZLFKWLJH6DFKJUQ GH(VIHKOWHLQHHLQKHLWOLFKH%HVFKUHLEXQJGHV8QWHUVXFKXQJVJHJHQVWDQGHV )UGLHHLQHQLVWGLH)LJXUHLQHTXDVLUHDOH(QWLWlWIUGLHDQGHUHQHLQ2EMHNW LQHLQHUILNWLRQDOHQ:HOWIUGLHGULWWHQQXUGHU.QRWHQSXQNWHLQHVWH[WXHO OHQ 9HUZHLVQHW]HV 'LHVH 9LHOIDOW DQ 'HILQLWLRQHQ KlQJW PLW HLQHP ]ZHLWHQ 3XQNW]XVDPPHQGHU$EKlQJLJNHLWGHU)LJXUHQWKHRULHYRQPHKUHUHQ5DK PHQWKHRULHQ LQVEHVRQGHUH GHU ]XJUXQGHJHOHJWHQ =HLFKHQ XQG /LWHUDWXU ³³³³³³³³³³  0H\HU>@ /WKL  

'LH HQJOLVFKVSUDFKLJH )RUVFKXQJVOLWHUDWXU ]XU (U]lKOWKHRULH VWDPPW LPPHU QRFK ]XP JU|‰WHQ 7HLO DXV GHQ 86$.DQDGD RGHU *UR‰EULWDQQLHQ 2EZRKO HV +LQZHLVH GDUDXI JLEWGD‰PDQPLWJXWHQ*UQGHQZHLWHUH%LQQHQGLIIHUHQ]LHUXQJHQLQGLHVH¿DQJHOVlFKVL VFKH¾3RVLWLRQHLQIKUHQN|QQWHVROOGLHVLPIROJHQGHQQLFKWJHVFKHKHQGDGLHVHUVWQRFK YRQGHU:LVVHQVFKDIWVJHVFKLFKWH]XHUDUEHLWHQZlUHXQGELVODQJQXUYHUVWUHXWH+LQZHLVH YRUOLHJHQ :LOVRQ ]% XQWHUVFKHLGHW  ]ZLVFKHQ HLQHU DPHULNDQLVFKHQ=XJDQJVZHLVH GLH GDUDQ LQWHUHVVLHUW LVW PLW ZHOFKHQ 7HFKQLNHQ GLH )LJXU NRQVWLWXLHUW ZLUG XQG HLQHU HQJOLVFKHQGLHVLFKVWlUNHUIUGLHYRP7H[WJHVFKDIIHQH,OOXVLRQGHUSHUVRQHQlKQOLFKHQ )LJXULQWHUHVVLHUWYJO:LOVRQ 





(LQOHLWXQJ

WKHRULH :LH GLH ¿)LJXU¾ NRQ]HSWXDOLVLHUW ZLUG LVW DEKlQJLJ GDYRQ ZHOFKHV 0RGHOO OLWHUDULVFKHU .RPPXQLNDWLRQ XQG VSUDFKOLFKHU VRZLH OLWHUDULVFKHU =HLFKHQSUR]HVVH ]XJUXQGHJHOHJW ZLUG 9RQ GLHVHQ 3UREOHPHQ ZLUG LP IRO JHQGHQQRFKKlXILJHUGLH5HGHVHLQ +LQWHU GHP 'HVLQWHUHVVH GHU JHUPDQLVWLVFKHQ /LWHUDWXUZLVVHQVFKDIW DQ QDUUDWRORJLVFKHQ $QVlW]HQ YHUELUJW VLFK ZRKO HEHQIDOOV HLQ KDQGIHVWHV 3UR EOHP(U]lKOWKHRULHLVWODQJH=HLWDQJHWUHWHQDOV9HUIDKUHQ]XU%HVFKUHLEXQJ YRQQDUUDWLYHQ7H[WHQYRQDOOHQQDUUDWLYHQ7H[WHQ=ZHL.|QLJVZHJHKDEHQ VLFK GDEHL HWDEOLHUW GLH (UVWHOOXQJ HLQHUEHUVFKDXEDUHQJHVFKORVVHQHQ6\ VWHPDWLNXQGGLH%HVFKUHLEXQJHLQHUKDQGKDEEDUHQ0HQJHYRQ7LHIHQVWUXN WXUHQ DXV GHQHQ GLH 9LHOIDOW YRQ 2EHUIOlFKHQSKlQRPHQHQ JHQHULHUW ZLUG 'DVOHW]WJHQDQQWH9HUIDKUHQGDVVHLQHhEHU]HXJXQJVNUDIWYRUDOOHPGXUFK GLH 2ULHQWLHUXQJ DP 9RUELOG YRQ &KRPVN\V 7UDQVIRUPDWLRQVJUDPPDWLN JHZDQQ KDW PHKU 3UREOHPH DXIJHZRUIHQ DOV JHO|VW XQG ZLUG NDXP PHKU YHUIROJW'DVHUVWJHQDQQWH9HUIDKUHQKDWVLFKQXUGRUWDOVZLUNOLFKIUXFKWEDU HUZLHVHQ ZR RKQH 5HGXNWLRQ GHU 7H[WSKlQRPHQH HLQH V\VWHPDWLVFKH %H VFKUHLEXQJ P|JOLFK LVW HWZD EHL GHU =HLWJHVWDOWXQJ LQ (U]lKOWH[WHQ %HLGH $QVlW]H KDEHQ VLFK IU GLH )LJXU DOV XQJHHLJQHW HUZLHVHQ 'LH QLFKW EHU VFKDXEDUH3KlQRPHQYLHOIDOWOl‰WVLFKELVODQJZHGHUV\VWHPDWLVFKEHVFKUHLEHQ QRFK DXI HLQLJH 7LHIHQVWUXNWXUHQ UHGX]LHUHQ ]XPLQGHVW QLFKW RKQH DOO]X JUR‰H9HUOXVWH 'LH 6LWXDWLRQ GHU HU]lKOWKHRUHWLVFKHQ )LJXUHQIRUVFKXQJ KDW VLFK LQ]ZL VFKHQ LQ PHKUIDFKHU +LQVLFKW JHlQGHUW =XP HLQHQ JLEW HV DXFK LQ GHU GHXWVFKVSUDFKLJHQ /LWHUDWXUZLVVHQVFKDIW HLQ JHVWHLJHUWHV ,QWHUHVVH DQ GHU (U]lKOWKHRULHXQGDXFKDQGHU)LJXUHQIRUVFKXQJGDVPLWHLQHPZHLWEHU ³³³³³³³³³³  'LHVEHOHJWHWZDGHU(UIROJGHUhEHUEOLFNVGDUVWHOOXQJYRQ0DUWLQH]6FKHIIHO RGHU

GLH (LQULFKWXQJ HLQHU ')*JHI|UGHUWHQ )RUVFKHUJUXSSH LQ +DPEXUJ XQWHU GHU /HLWXQJ YRQ :ROI 6FKPLG %H]HLFKQHQGHUZHLVH LVW 6FKPLG 6ODZLVW XQG 0RQLND )OXGHUQLN XQG $QVJDU1QQLQJGHUHQ%HLWUlJHLQGHULQWHUQDWLRQDOHQQDUUDWRORJLVFKHQ'LVNXVVLRQZDKU JHQRPPHQZHUGHQVLQG$QJOLVWHQ'LH*HUPDQLVWLNWXWVLFKWHLOZHLVHQRFKHWZDVVFKZHU PLW GHU 7HLOQDKPH DQ LQWHUQDWLRQDOHU )RUVFKXQJ ZLH HWZD GLH  HUVFKLHQHQH $UEHLW YRQ-UJHQ+3HWHUVHQEHOHJWGHUZHGHU*HQHWWHQRFK&KDWPDQQRFK%DO²DOOHV.ODV VLNHU GHU (U]lKOWKHRULH ² DXIIKUW GDIU DEHU *QWHU 0OOHU   XQG 5REHUW 3HWVFK   YJO 3HWHUVHQ   0DJ GLHVH QDWLRQDOSKLORORJLVFKH $XVULFKWXQJ DXFK W\SLVFK VHLQVRJLEWHVGRFKQHQQHQVZHUWH$XVQDKPHQ]%GLHPHKUIDFKEHUDUEHLWHWH'DUVWHO OXQJGHU(U]lKOWKHRULHYRQ-RFKHQ9RJWGLHJDQ]VHOEVWYHUVWlQGOLFKIUDQ]|VLVFKHXQGDQ JHOVlFKVLVFKH )RUVFKXQJ QHEHQ GHU GHXWVFKHQ HLQEH]LHKWYJO 9RJW  :LH 9RJWLQ VHLQHP1DFKZRUW]XUVHKUVSlWHQGHXWVFKHQhEHUVHW]XQJYRQ*HQHWWHV'LVNXUVGHU(U]lK OXQJKHUYRUKHEWKDWGLHIUDQ]|VLVFKH(U]lKOWKHRULHZLHGHUXPHUVWVSlWGLHGHXWVFKHQ%HL WUlJH ZDKUJHQRPPHQ HWZD 6WDQ]HOV 7\SLVFKH )RUPHQ GHV 5RPDQV +DPEXUJHUV /RJLN GHU



(LQOHLWXQJ



GLH /LWHUDWXUZLVVHQVFKDIW KLQDXVUHLFKHQGHQ ,QWHUHVVH DQ GHU QDUUDWLYHQ 2U JDQLVDWLRQ YRQ (UIDKUXQJHQ ]XVDPPHQIlOOW =XP DQGHUHQ JLEW HV HLQ ]X QHKPHQGHV%HZX‰WVHLQIUGLH$EKlQJLJNHLWDXFKGHU¿EHU]HLWOLFKHQ¾QDUUD WRORJLVFKHQ.DWHJRULHQYRQNXOWXUVSH]LILVFKHQ9RUDQQDKPHQIUGLHVWDUNH .RQWH[WDEKlQJLJNHLWYRQQDUUDWLYHQ7H[WHQXQGHLQJHVWHLJHUWHV,QWHUHVVHDQ KLVWRULVFKNXOWXUHOOHU 9LHOIDOW GLH QLFKW GHU (LQIDFKKHLW GHV WKHRUHWLVFKHQ ,QVWUXPHQWDULXPVJHRSIHUWZHUGHQVROO1LFKW]XOHW]WKDEHQGLH)RUWVFKULW WHGHUNRJQLWLRQVZLVVHQVFKDIWOLFKHQ)RUVFKXQJXQGGLH9HUVXFKHVLHDXIGLH /LWHUDWXUZLVVHQVFKDIWXQGGLH1DUUDWRORJLH]XEHUWUDJHQ$QVlW]HKHUYRUJH EUDFKWZLHGLHDQJHVSURFKHQHQ3UREOHPHHLQHU$QDO\VHYRQ)LJXUHQLQ(U ]lKOWH[WHQJHO|VWZHUGHQN|QQHQ 'DV3UREOHPIHOG¿)LJXULQ(U]lKOWH[WHQ¾LVWDXVJHVSURFKHQXPIDQJUHLFK XQGNRPSOH[PLQGHVWHQVVHFKV$VSHNWHVLQG]XXQWHUVFKHLGHQ   5HFKW ZHQLJ LVW ELVODQJ LP %HUHLFK GHVVHQ JHWDQ ZRUGHQ ZDV PDQ DOV ¿*UXQGODJHQIRUVFKXQJ¾ EH]HLFKQHQ N|QQWH 6FKHLQEDU JDQ] HLQIDFKH )UDJHQ VLQG HQWZHGHU QRFK QLFKW JHVWHOOW RGHU QXU LQ HUVWHQ $QVlW]HQ EHDUEHLWHW ZRUGHQ ]% ZLH HUNHQQW PDQ HLQH )LJXU" :HOFKH )RUPHQ GHU %HQHQQXQJHQ IU )LJXUHQ JLEW HV XQG ZDV OHLVWHQ VLH" :LH LQIRU PLHUWGHU7H[WGHQ/HVHUGD‰HLQH%HQHQQXQJDXIHLQHEHUHLWVHUZlKQWH )LJXUYHUZHLVW"   (LQ]ZHLWHUXPIDVVHQGHU$VSHNWLVWGLH&KDUDNWHULVLHUXQJGHU)LJXU'LH ,QIRUPDWLRQHQ]XU)LJXUN|QQHQEHUGHQJHVDPWHQ7H[WYHUVWUHXWVHLQ VLQGDEHUDOOHDXIGLHILNWLYH(QWLWlW¿)LJXU¾EH]RJHQ'DVKHL‰W$XFKIU GLH)LJXUVWHOOWVLFKGLH)UDJHZLHGLHDXIGHU'DUVWHOOXQJVVHLWHYHUJHEH ³³³³³³³³³³

 





'LFKWXQJRGHU/lPPHUWV%DXIRUPHQGHV(U]lKOHQVYJO*HQHWWH>@ 'LH'DU VWHOOXQJ YRQ /XGZLJ   YHU]LFKWHW ]ZDU ZHLWJHKHQG DXI HLQH HLJHQH $UJXPHQWDWLRQ PDFKWDEHULPPHUKLQPLWGHQZLFKWLJVWHQVWUXNWXUDOLVWLVFKHQ3RVLWLRQHQYHUWUDXW 9JOGLHEHLGHQKHUYRUUDJHQGHQ$UEHLWHQYRQ.RFK XQG6FKQHLGHU  %H]HLFKQHQG GDIU LVW GLH (QWZLFNOXQJ YRQ 0LHNH %DO GLH LQ GHQ HU -DKUHQ HLQH VWUXNWXUDOLVWLVFKDUJXPHQWLHUHQGH(U]lKOWKHRUHWLNHULQZDUXQGQXQIUHLQHgIIQXQJ]XU &XOWXUDO $QDO\VLV SOlGLHUW YJO %DO   $XVO|VHU GDIU LVW ZLH VLH LQ LKUHP 1DFKZRUW 7KHVHVRQWKHXVHRIQDUUDWRORJ\IRU&XOWXUDO$QDO\VLVVFKUHLEWªDQLQFUHDVLQJDZDUHQHVVRIWKH FXOWXUDO HPEHGGHGQHVV RI QDUUDWLYH© YJO%DO   =X HLQHP XPIDVVHQGHQhEHU EOLFN EHU GLH 7HQGHQ]HQ LQQHUKDOE GHU 1DUUDWRORJLH]XUVWlUNHUHQ%HUFNVLFKWLJXQJ KL VWRULVFKHUXQGNXOWXUHOOHU)DNWRUHQYJO1QQLQJ  'LH )RUVFKXQJ ]XP 'UDPD GDJHJHQ ZLUG LQ GLHVHU $UEHLW ELV DXI HLQLJH $XVQDKPHQ LJQRULHUW GD GLH JDWWXQJVVSH]LILVFKHQ %HVRQGHUKHLWHQ HLQH hEHUWUDJXQJ DXI GLH (U]lKO WKHRULHPHLVWHQVVHKUVFKZHUPDFKHQ 'LHIROJHQGH6NL]]HQLPPWHLQLJH(UJHEQLVVHGHV]ZHLWHQ.DSLWHOVYRUZHJLQGHPGLHVH /LVWH ZLFKWLJVWHU )LJXUHQSUREOHPH GXUFK GLH $QDO\VH YRQ )LJXUHQW\SRORJLHQ HUPLWWHOW ZLUG





(LQOHLWXQJ

QHQ,QIRUPDWLRQHQ]XHLQHU(QWLWlWJHEQGHOWZHUGHQXQGZHOFKH6WUXN WXUHQGLHVH(QWLWlWKDW'LH ,QIRUPDWLRQHQ]XHLQHU)LJXUN|QQHQVLFK DXI+DQGOXQJHQEHVFKUlQNHQWDWGLHVVDJWHMHQHV DEHU]XPHLVWZHUGHQ ]X HLQHU )LJXU DXFK ,QIRUPDWLRQHQ PLWJHWHLOW GLH EHU GHQ HU]lKOWHQ 0RPHQWKLQDXVUHLFKHQ]%DQKDQGGHV$XVVHKHQVGHU)LJXURGHUDQ KDQGEHVWLPPWHU(LJHQVFKDIWHQGHU)LJXU'LH%H]HLFKQXQJGHU(LJHQ VFKDIWHQIROJWGHQMHZHLOLJHQNXOWXUHOOHQ$QQDKPHQEHUGLHDQWKURSR ORJLVFKHQRGHUSV\FKRORJLVFKHQ*HJHEHQKHLWHQGHV0HQVFKHQRGHUHLQ IDFKDXFKQXUGHQ6SLHOUHJHOQEHVWLPPWHUILNWLRQDOHU7H[WJHQUHV   (LQGULWWHUVFKRQVHLW$ULVWRWHOHVGLVNXWLHUWHU$VSHNWLVWGDV9HUKlOWQLV GHU)LJXU]XU+DQGOXQJ(WZDVDOOJHPHLQHUIRUPXOLHUWNDQQPDQVDJHQ 'DV YRQ GHU (U]lKOXQJ EHULFKWHWH *HVFKHKHQ NDQQ LQ YHUVFKLHGHQH 0RPHQWH ]HUOHJW ZHUGHQ ]% GLH +DQGOXQJ GLH )LJXUHQ GDV 6HWWLQJ DEHU GLHVH =HUOHJXQJ LVW HLQ DQDO\WLVFKHU .XQVWJULII XP HLQ LQWHJUDOHV *DQ]HV]XJlQJOLFK]XPDFKHQ   6FKRQ DXV GLGDNWLVFKHQ =ZHFNHQ DEHU DXFK ]XU VFKQHOOHQ 9HUVWlQGL JXQJEHU)LJXUHQKDEHQVLFKHLQHJDQ]H5HLKHYHUVFKLHGHQHU7\SRORJL HQ YRQ)LJXUHQHWDEOLHUW6LHDXILKUH%UDXFKEDUNHLWKLQ]XSUIHQXQG YRUDOOHPGLHQRFKGDULQHQWKDOWHQHQ:HUWXUWHLOH]XH[SOL]LHUHQLVWHLQ XQGDQNEDUHVDEHUQRWZHQGLJHV*HVFKlIW   'HU IQIWH $VSHNW LVW IU GLH PHLVWHQ /LWHUDWXUZLVVHQVFKDIWOHU ZDKU VFKHLQOLFK GHU ZLFKWLJVWH 'LH )LJXU WUlJW ]XU %HGHXWXQJ HLQHV OLWHUDUL VFKHQ7H[WHVEHL6LHNDQQGLHVVHKUGLUHNWLQ)RUPGHU3HUVRQLILNDWLRQ WXQYLHOKlXILJHUDEHUH[HPSOLIL]LHUWGLH)LJXUGXUFKLKUH(LJHQVFKDIWHQ XQG LKU +DQGHOQ LQ HLQHU EHVWLPPWHQ .RQVWHOODWLRQ HLQ 0RPHQW HLQHU XPIDVVHQGHUHQ 3UREOHPIRUPXOLHUXQJ $X‰HUGHP N|QQHQ ILJXUHQVSH]L ILVFKH ,QIRUPDWLRQHQ 7HLO RUQDPHQWDOHU RGHU EHGHXWXQJVNRQVWLWXLHUHQ GHU0XVWHUVHLQ   )UGHQ1RUPDOOHVHULVWYLHOOHLFKWGHUVHFKVWH$VSHNWGHULQWHUHVVDQWHVWH 'LH )LJXUHQ HLQHV 7H[WHV OHLVWHQ HLQHQ HQWVFKHLGHQGHQ %HLWUDJ ]XU /HVHUOHQNXQJXQGGDVZLFKWLJVWH0LWWHOGDEHLLVWGLHYRP7H[WEHGLQJWH (LQVWHOOXQJGHV/HVHUV]XGHQ)LJXUHQLQVEHVRQGHUH]XP3URWDJRQLVWHQ HWZDLQGHU)RUPGHU,GHQWLILNDWLRQ 'LHVHV ZHLW DXVJHGHKQWH )RUVFKXQJVIHOG NDQQ LP 5DKPHQ HLQHU 0RQRJUD SKLHQLFKWXPIDVVHQGEHDUEHLWHWZHUGHQ=LHO PX‰WHHVDOVRVHLQHLQHQ]X VDPPHQJHK|ULJHQ )UDJHQNRPSOH[ KHUDXV]XO|VHQ 6RZRKO GLH *HVFKLFKWH GHU )LJXUHQDQDO\VH LQ GHU /LWHUDWXUZLVVHQVFKDIW DOV DXFK GLH HLJHQH $UEHLW ]HLJWHQVHKUEDOGGD‰HLQHQ6FKZHUSXQNWGLH)UDJHGHU,QIRUPDWLRQVYHUJDEH GXUFKGHQ7H[WELOGHWXQGGLHYRP/HVHUYRU]XQHKPHQGH$JJUHJLHUXQJGHU



(LQOHLWXQJ



,QIRUPDWLRQHQ LQ NRPSOH[HUH *HELOGH 'HU VHLW ODQJHU =HLW EHNDQQWH 3UR EOHPNRPSOH[GHU¿GLUHNWHQXQGLQGLUHNWHQ&KDUDNWHULVLHUXQJ¾LVWQXUHLQ7HLO GDYRQ ZHQQ DXFK HLQ ZHVHQWOLFKHU 'LH 9LHOI|UPLJNHLW GHU ,QIRUPDWLRQV YHUPLWWOXQJHQNDQQGHQ/LWHUDWXUKLVWRULNHUDOOHUGLQJVVFKQHOOGD]XYHUDQODV VHQ GLHVH 9LHOIDOW JDU QLFKW PHKU V\VWHPDWLVFK VRQGHUQ OHGLJOLFK LQ HLQHU 5HLKXQJKLVWRULVFKHU(LQ]HOIlOOH]XRUGQHQ +LOIUHLFKLQGLHVHU6LWXDWLRQHUZLHVVLFKGHU5FNJULIIDXIHLQH5HLKHYRQ .RQ]HSWHQDXVGHUDPHULNDQLVFKHQ6SUDFKSKLORVRSKLH3DXO*ULFH GHUOLQ JXLVWLVFKHQ.RJQLWLRQVZLVVHQVFKDIW6SHUEHU:LOVRQ XQGGHU=HLFKHQWKHR ULH 3HLUFH  6LH HUP|JOLFKHQ HLQH UDWLRQDOH 5HNRQVWUXNWLRQ QLFKW QRWZHQGL JHU DOVR SUREDELOLVWLVFKHU ,QIHUHQ]SUR]HVVH 'LH $QDO\VH VROFKHQ JH]LHOWHQ 5DWHQV VHW]W HLQ .RPPXQLNDWLRQVPRGHOO YRUDXV GDVDXI GHU$QQDKPHED VLHUWVSUDFKOLFKH.RPPXQLNDWLRQVHLNHLQFRGHEDVLHUWHU,QIRUPDWLRQVWUDQV IHU VRQGHUQ HLQ ZHLWJHKHQG VLWXDWLRQVJHEXQGHQHU ,QIHUHQ]SUR]H‰ EHLGHP &RGHV:LVVHQEHUGLH.RPPXQLNDWLRQVVLWXDWLRQXQGEHUNRPPXQLNDWLYH 5HJHOQ]XVDPPHQZLUNHQ 'LH(QWVFKHLGXQJIUHLQH8QWHUVXFKXQJGHUILJXUHQEH]RJHQHQ,QIRUPD WLRQVYHUJDEH LVW ZHLWUHLFKHQGHU DOV YLHOOHLFKW DXI GHQ HUVWHQ %OLFN VLFKWEDU ZLUG 8QWHU GLHVHU 3HUVSHNWLYH PX‰ VHOEVWYHUVWlQGOLFK YRU DOOHP DQDO\VLHUW ZHUGHQ ZHOFKH ,QIRUPDWLRQHQ GHU 7H[W YHUJLEW DEHU XP GDV DQJHPHVVHQ YHUVWHKHQ ]X N|QQHQ PX‰ PDQ HEHQVR UHNRQVWUXLHUHQ ZDV QLFKW LP 7H[W VWHKW MHGRFK YRUDXVJHVHW]W ZLUG 6R YHUVFKLHEW VLFK GHU 8QWHUVXFKXQJV VFKZHUSXQNW YRQ GHQ 7H[WVWUXNWXUHQ ]XU ,QWHUDNWLRQ YRQ 7H[W XQG /HVHU (LQHVROFKH$QDO\VHHUKHEWQLFKWGHQ$QVSUXFKGLHWDWVlFKOLFKH5H]HSWLRQ ]X HUIDVVHQ VRQGHUQ 7H[WYRUJDEH VRZLH ,QIRUPDWLRQVYHUJDEH XQG *HVWDOW ELOGXQJDOVLQWHQGLHUWHQ3UR]H‰]XEHVFKUHLEHQ'LHVZHLFKWZHVHQWOLFKYRQ GHU LPPHU QRFK ZHLWJHKHQG SUlJHQGHQ VWUXNWXUDOHQ 1DUUDWRORJLH DE 'HU $XVJDQJVSXQNWQDUUDWRORJLVFKHU7H[WEHVFKUHLEXQJELVLQGHQ3RVWVWUXNWXUD OLVPXVLVWHLQHVWUXNWXUDOH5KHWRULNDOVDOWEHZlKUWHV,QYHQWDUHLQHUGHVNULSWL YHQ 1RPHQNODWXU ,Q GHQ OHW]WHQ -DKU]HKQWHQ ZXUGH DEHU ]XQHKPHQG EH ZX‰WGD‰VLFKVSUDFKOLFKH=HLFKHQSUR]HVVHXQGGDPLWDXFKQDUUDWRORJLVFKH %HIXQGHQXUVFKZHUUHLQVWDWLVFKDXIIDVVHQODVVHQ,QGHPKLHU]XJUXQGHJH OHJWHQ 0RGHOO VSUDFKOLFKHU .RPPXQLNDWLRQ JLEW HV NHLQH VWDUUHQ %HGHX WXQJV]XZHLVXQJHQ GLH YRP ZLVVHQGHQ /HVHU EHL HYHQWXHOOHU %HUFNVLFKWL JXQJGHV.RQWH[WHVQXUQRFKHQW]LIIHUWZHUGHQPVVHQE]ZYRQGHQHQPDQ GDQQVDJHQNDQQVLHZUGHQHQGORVJOHLWHQ 'HXWOLFKHUZLUGGDV3UREOHPZHQQPDQVLFKNODUPDFKWGD‰GLHVWUXNWX UDOH %HVFKUHLEXQJ VWHWV GDUDXI EHUXKW GD‰ HLQ VSH]LILVFKHV 7H[WSKlQRPHQ YHUVWDQGHQ XQG GDQQ DOV HLQHU .DWHJRULH ]XJHK|ULJ LGHQWLIL]LHUW ZLUG (LQ





(LQOHLWXQJ

/HKUEXFKEHLVSLHO IU $QWRQRPDVLH DOVR GLH (UVHW]XQJ HLQHV (LJHQQDPHQV ]% GXUFK HLQH NHQQ]HLFKQHQGH 8PVFKUHLEXQJ ODXWHW ªDOOH VXFKWHQ GXUFK 9HUPLWWOXQJ GHV NRUVLVFKHQ (PSRUN|PPOLQJV 6WFNH YRQ 'HXWVFKODQG DQ VLFK ]XEULQJHQ©(LQH%HVFKUHLEXQJYRQ¿NRUVLVFKHU(PSRUN|PPOLQJ¾DOV$Q WRQRPDVLH LVW Y|OOLJ NRUUHNW DEHU VLH YHUGHFNW GHQ 3UR]H‰ GHU GLHVH %H VFKUHLEXQJ HUVW P|JOLFK PDFKW =XHUVW PX‰ GLH 6XEVWLWXWLRQ DOV VROFKH HU NDQQWXQGGDQQDXIJHO|VWZHUGHQGKZDVVLFKLP7H[WILQGHWLVWHLQ6XFK DXIWUDJ ,UJHQGZR YRUKHU ZDU YRQ HWZDV GLH 5HGH GDV QXQ XQWHU GHU %H ]HLFKQXQJ ¿NRUVLVFKHU (PSRUN|PPOLQJ¾ DQJHVSURFKHQ ZLUG 9RQ KLHU DXV ODVVHQVLFKHLQLJHZHLWHUHIUXFKWEDUH)UDJHQVWHOOHQ:HOFKH9RUDXVVHW]XQJHQ PX‰ MHPDQG HUIOOHQ XP GLHVHQ 6XFKDXIWUDJ HUIROJUHLFK DXV]XIKUHQ" :LH VFKZLHULJLVWGLHVGKLVWGLH'LVWDQ]]ZLVFKHQGLHVHU%H]HLFKQXQJXQGGHU YRUKHUJHKHQGHQ EHVRQGHUV JUR‰ RGHU LVW GDV :LVVHQ XP GLH =XRUGQXQJ YRUQHKPHQ]XN|QQHQEHVRQGHUVHVRWHULVFK" 'LH LQWHUHVVDQWHVWH $XVHLQDQGHUVHW]XQJ PLW GHU '\QDPLN YRQ =HLFKHQ SUR]HVVHQZXUGHLQGHQOHW]WHQ-DKUHQQLFKWQXULP*HELHWGHU1DUUDWRORJLH VRQGHUQ DXFK LQ GHU /LQJXLVWLN XQG GHU 3V\FKRORJLH YRQ :LVVHQVFKDIWOHUQ JHOHLVWHWGLHGHPNRJQLWLRQVZLVVHQVFKDIWOLFKHQ3DUDGLJPDYHUSIOLFKWHWVLQG (LQH HQJHUH =XVDPPHQDUEHLW YRQ KHUPHQHXWLVFKHQ XQG VWlUNHU HPSLULVFK H[SHULPHQWHOODXVJHULFKWHWHQ+XPDQZLVVHQVFKDIWHQVFKHLQWHQGOLFKP|JOLFK JHZRUGHQ ]X VHLQ /LHJW HLQ VSUDFKOLFKHV 3KlQRPHQ YRU GDV PLW UKHWRUL VFKHQ%HJULIIHQDOV0HWRQ\PLHEH]HLFKQHWZLUGVRNDQQGLH3URGXNWLRQXQG 9HUDUEHLWXQJ HLQHV VROFKHQ 7H[WHOHPHQWV PLW NRJQLWLRQVZLVVHQVFKDIWOLFKHQ 0HWKRGHQ XQWHUVXFKW XQG N|QQHQ GLH NRPSOH[HQ ,QIHUHQ]SUR]HVVH UHNRQ VWUXLHUWZHUGHQGLHGDV9HUVWlQGQLVYRQGHQVHKUXQWHUVFKLHGOLFKHQ3KlQR PHQHQGLHGDUXQWHUIDOOHQHUVWJHQDXHUHUP|JOLFKHQ'LHVIKUWQRWJHGUXQ JHQ ]X HLQHU LPPHU VWlUNHUHQ 9HUODJHUXQJ GHU $XIPHUNVDPNHLW YRP 7H[W ]XU5H]LSLHQWHQVHLWHLVWDOVR7HLOHLQHVDOOJHPHLQHUHQ7UHQGVGHUDXFKGLH /LWHUDWXUZLVVHQVFKDIW VHLW GHU 5H]HSWLRQVlVWKHWLN SUlJW $XIJUXQG ZHOFKHQ ³³³³³³³³³³  5LFDUGD+XFK]LWLHUWQDFK8HGLQJ6WHLQEULQN  

$XVIKUOLFKHU GD]X XQWHQ 6 II ]XU :LUNXQJ GHVNRJQLWLRQVZLVVHQVFKDIWOLFKHQ3DUD GLJPDV LQGHU7H[WOLQJXLVWLNYJO)LJJH 6HKUYLHODNWXHOOHULVWGDVlOWHUH%XFKYRQ 5LFNKHLW6WURKQHU =XUNRJQLWLYHQ3V\FKRORJLHYJO$QGHUVRQ 3RVWVWUXNWX UDOLVWLVFKHhEHUOHJXQJHQ]XU'\QDPLNYRQ=HLFKHQSUR]HVVHQVLQGGDPLWYHUJOLFKHQUHODWLY HLQIDFKNRQVWUXLHUWKDEHQQLFKWGLHEUHLWHHPSLULVFKH%DVLVXQGVLQGLQLKUHQ(UJHEQLVVHQ ZHQLJHU IUXFKWEDU GD ]XPHLVW GLH (LQVLFKWHQ GHU WKHRUHWLVFKHQ *UQGXQJVYlWHU ZLHGHU KROWZHUGHQYJO]XU$XVHLQDQGHUVHW]XQJPLWSRVWVWUXNWXUDOLVWLVFKHQ)LJXUHQWKHRULHQDXV IKUOLFKHUXQWHQ6  'LH3URGX]HQWHQVHLWHLVWDEHUDXFKYHUVWlUNWLQGHQ%OLFNJHNRPPHQYJO]XPhEHUEOLFN $QWRV 



(LQOHLWXQJ



:LVVHQVNRQVWUXLHUWGHU/HVHUDXVHLQHP7H[WHOHPHQWDXIZHOFKH:HLVHZHO FKH %HGHXWXQJ VR ODXWHQ GLH IRUVFKXQJVOHLWHQGHQ )UDJHQ ,Q GHU/LWHUDWXU ZLVVHQVFKDIWZHUGHQGLHDQJHVSURFKHQHQ(QWZLFNOXQJHQGHU.RJQLWLRQVZLV VHQVFKDIWHQELVODQJZHLWJHKHQGLJQRULHUW 'LHVHUVFKHLQWPLUXQEHIULHGLJHQG'DZLUQXQZLVVHQZHOFKJUREHV%H VFKUHLEXQJVLQYHQWDU GLH VWUXNWXUDOH 'HVNULSWLRQ LVW VROOWHQ ZLU QLFKW HLQH 1DUUDWRORJLH EHWUHLEHQ GLH 7H[WSKlQRPHQH LQ HUVWHU /LQLH VWDWLVFK EH VFKUHLEWVRZHQLJZLHPDQ.RPPXQLNDWLRQVXQG=HLFKHQPRGHOOHYHUZHQ GHQVROOWHGHUHQOLQJXLVWLVFKH9RUELOGHULQ]ZLVFKHQZHLWJHKHQGGXUFKNRP SOH[HUH0RGHOOHHUVHW]WZRUGHQVLQG 'LH WKHRUHWLVFK DPELWLRQLHUWHUH 5HDNWLRQ EHVWHKW GDULQ GLH NRJQLWLRQV ZLVVHQVFKDIWOLFKHQ(UJHEQLVVH]XEHUQHKPHQXQGDXIGLH$QDO\VHYRQ7H[ WHQ]XDSSOL]LHUHQ)UHLQHKLVWRULVFKH7H[WZLVVHQVFKDIWLVWGLHVH(QWZLFN OXQJDEHUIDWDOZHLOLKUQXU7H[WHYRUOLHJHQXQGGLH3URGX]HQWHQVRZLHDXFK GLH]HLWJHQ|VVLVFKHQ5H]LSLHQWHQJU|‰WHQWHLOVGHU1HXJLHUGHU:LVVHQVFKDIW OHUHQW]RJHQVLQG'DMHGRFK]DKOUHLFKH0RPHQWHGHVYHUVWDQGHQHQ7H[WHV² XQGGDVJLOWLPEHVRQGHUHQ0D‰HIUGLH)LJXUDOVDJJUHJLHUWHV3KlQRPHQ² HLQH (UJlQ]XQJ GHV LP PDWHULDOHQ 7H[W *HJHEHQHQ YRUDXVVHW]HQ PX‰ GHU KLVWRULVFKH7H[WZLVVHQVFKDIWOHUPLWHLQHP.RQVWUXNWZLHGHP0RGHOO/HVHU (FR  RGHU GHP DXNWRULDOHQ 3XEOLNXP 5DELQRZLW]  RSHULHUHQ 'HVVHQ (U JlQ]XQJHQVLQG²VRHLQHVGHU(UJHEQLVVHGHUYRUOLHJHQGHQ$UEHLW²EHUHLWV IU HLQ EDVDOHV 7H[WYHUVWlQGQLV ZLFKWLJ XQG QLFKW QXU EHL ZHLWHUIKUHQGHQ LQWHUSUHWDWRULVFKHQ 8QWHUQHKPXQJHQ GHUHQ .RQWH[WEHGLQJWKHLW DOOJHPHLQ EHNDQQWLVW 8QWHU GLHVHU 8QWHUVXFKXQJVSHUVSHNWLYH LVW GDV 9HUKlOWQLV YRQ )LJXUHQ XQG 3HUVRQHQ HUQHXW SUREOHPDWLVFK JHZRUGHQ (V JHK|UW ]X GHQ %LQVHQ ZHLVKHLWHQGHU/LWHUDWXUZLVVHQVFKDIWGD‰GLH)LJXUHWZDVNDWHJRULDODQGHUHV LVW DOV HLQH 3HUVRQ LQ GHU OHEHQVZHOWOLFKHQ :DKUQHKPXQJ *OHLFK]HLWLJ LVW EHNDQQWGD‰IUGLH)LJXUHQNRQVWLWXWLRQHSRFKHQRGHUDXFKDXWRUHQVSH]LIL VFKHDQWKURSRORJLVFKHXQGSV\FKRORJLVFKH.RQ]HSWHZLFKWLJVLQGVHLHVQXQ GLH 0HODQFKROLH IU +DPOHW RGHU :HUWKHU VHL HV GHU 7\SXV GHU QHUY|VHQ )UDXIUGLH)UDXHQILJXUHQYRQ)RQWDQH:LHDEHUQXQGLHNDWHJRULDOH7UHQ QXQJEHLJOHLFK]HLWLJHUHQJHU5HODWLRQWKHRUHWLVFKJHQDX]XPRGHOOLHUHQVHL LVWZHLWJHKHQGXQEHDQWZRUWHWJHEOLHEHQ8PHLQHDQJHPHVVHQH$QWZRUW]X ILQGHQKDWHVVLFKDOVQRWZHQGLJHUZLHVHQGHQ$XIEDXHLQHU)LJXULP7H[W QRFK HLQPDO YRQ *UXQG DXI VR]XVDJHQ XQWHU GHP 9HUJU|‰HUXQJVJODV ]X ³³³³³³³³³³  ,Q GHU $QDO\VH GHU'UDPHQILJXUKDWGLHV&XOSHSHUJHOHLVWHWYJO&XOSHSHU LQGHU

1DUUDWRORJLH]%6FKQHLGHU RGHU(PPRWW 





(LQOHLWXQJ

XQWHUVXFKHQ XQG JHUDGH LQ GHQ HUVWHQ 6FKULWWHQ PX‰WH GLH 8QWHUVXFKXQJ HWZDV EDVDOHU JHUDWHQ DOV GDV VHOEVWIUQDUUDWRORJLVFKH$UEHLWHQEOLFKLVW =LHOHLQHVVROFKHQ9HUIDKUHQVGDVGLHKHUPHQHXWLVFKHQ3UR]HVVHJOHLFKVDP ]HUGHKQWLVWHVLKUHJHGDQNOLFKH'\QDPLNXQGLKUH5HJHOKDIWLJNHLWVLFKWEDU ZHUGHQ]XODVVHQ'LH(UJHEQLVVHZHUGHQPLWGHQWKHRUHWLVFKHQ(QWZUIHQ GHU(U]lKOWKHRULHNRQIURQWLHUWXP]XHLQHPQHXHQGHVNULSWLYHQ0RGHOOGHU )LJXULQHU]lKOWHQ:HOWHQXQGGHQ6WUDWHJLHQLKUHU'DUVWHOOXQJ]XJHODQJHQ =LHOGHU8QWHUVXFKXQJLVWHLQ)LJXUHQPRGHOOGDVHLQHQ%HLWUDJ]XPQHX HQ )RUVFKXQJVIHOGHLQHUKLVWRULVFKHQ(U]lKOWKHRULHOHLVWHWXQG HLQWKHRUHWL VFKHV $QJHERW DQ GLH KLVWRULVFK LQWHUSUHWLHUHQGH /LWHUDWXUZLVVHQVFKDIW GDU VWHOOW LQGHP HV LKU HUP|JOLFKW %HIXQGH NRQWUROOLHUWHU ]X HUKHEHQ XQG ]X EHVFKUHLEHQ*HUDGHIUGLHVHLPZHLWHUHQ6LQQHKHUPHQHXWLVFKDUEHLWHQGHQ /LWHUDWXUZLVVHQVFKDIWOHU ZHUGHQ PDQFKH GHU (UJHEQLVVH DEHU QLFKW Y|OOLJ EHUUDVFKHQGVHLQ:LHVROOWHQVLHDXFKEHLGHUGXUFKDXVJHZROOWHQ1lKH]XU KLVWRULVFKLQWHUSUHWLHUHQGHQKHUPHQHXWLVFKHQ3UD[LV" :DVDEHU GDVJOFNOL FKH XQG NHLQHVZHJV KlXILJH *HOLQJHQ HLQHU WHLOV EHJULIIVORVHQ 3UD[LV ZDU NDQQ GXUFK HLQHQ HQJHUHQ %UFNHQVFKODJ ]XU (U]lKOWKHRULH LQVJHVDPW ]X HLQHU GLIIHUHQ]LHUWHUHQ EHJULIIOLFK JHOHLWHWHQ +HXULVWLN DOV *UXQGODJH DOOHU JHOXQJHQHQ,QWHUSUHWDWLRQZHUGHQ )U GLHVHQ %UFNHQVFKODJ LVW HV DOOHUGLQJV DXFK QRWZHQGLJ GLH (U]lKO WKHRULH XP(OHPHQWH]XHUZHLWHUQGLHGHUKLVWRULVFKHQ9LHOIDOWGHU3KlQR PHQHJHUHFKWZHUGHQ'LH(U]lKOWKHRULHKDWODQJH=HLWGDV =LHO HLQHUYROO VWlQGLJHQV\VWHPDWLVFKHQ%HVFKUHLEXQJGHVIRNXVVLHUWHQ3KlQRPHQVYHUIROJW XQGKDWGLHVHV=LHOLQZHQLJHQJOFNOLFKHQ)lOOHQDXIIUXFKWEDUH:HLVHHUUHL FKHQN|QQHQLQYLHOHQ)lOOHQDEHUQXUXPGHQ3UHLVHLQHUGUDVWLVFKUHGX]LHU WHQ .RPSOH[LWlW 'HQ 1LFKW1DUUDWRORJHQ LVW GLH 5HGXNWLRQ ZRKO RIW ]X YHUOXVWUHLFKJHZHVHQXQGGHQKRKHQEHJULIIOLFKHQ$XIZDQGQLFKW ZHUW,Q ]ZLVFKHQKDWVLFKDXFKLQQHUKDOEGHU(U]lKOWKHRULHHLQ%HZX‰WVHLQIUGLHVHV 3UREOHPHQWZLFNHOWGHPPDQHWZDGXUFKHLQH$XVZHLWXQJLQ5LFKWXQJHLQHU &XOWXUDO $QDO\VLV ]X EHJHJQHQ KRIIW 'LH $EKlQJLJNHLW GHU )LJXU YRQ KLVWR ULVFK YDULDEOHQ 7\SRORJLHQ LVW LQ GHU /LWHUDWXUWKHRULH VFKRQ ODQJH EHNDQQW DEHUDQHLQHUJHQDXHUHQ0RGHOOLHUXQJGLHVHU$EKlQJLJNHLWKDWPDQVLFKELV ODQJZHLWJHKHQGYHUJHEOLFKDEJHDUEHLWHW$XFKLQGLHVHP3XQNWKDWVLFKPLW GHUQHXHUHQ.RJQLWLRQVZLVVHQVFKDIWHLQH:HQGHDQJHNQGLJWGDQXQ:LV VHQVIRUPHQSUl]LVHUEHVFKULHEHQZHUGHQN|QQHQXQGGLHHUVWHQ$QZHQGXQ JHQGLHVHV,QVWUXPHQWDULXPVVLQGYLHOYHUVSUHFKHQG6LHZHLWHU]XIKUHQXQG YRUDOOHPGHQ%UFNHQVFKODJ]X$VSHNWHQGHU'DUVWHOOXQJ]XILQGHQLVWHLQ 6FKZHUSXQNWGHUYRUOLHJHQGHQ$UEHLW 



(LQOHLWXQJ



hEHUEOLFNEHUGLH$UEHLW 'LHVFKRQHUZlKQWH$EKlQJLJNHLWHLQHU7KHRULHGHU)LJXUYRQ5DKPHQ WKHRULHQ ]% HLQHU 7KHRULH GHU .RPPXQLNDWLRQ PDFKW HV QRWZHQGLJ LP ]ZHLWHQ .DSLWHO HLQLJH ZLFKWLJH .RUUHNWXUHQ DP KHXWH QRFK EOLFKHQ %LOG QDUUDWLYHU .RPPXQLNDWLRQ YRU]XQHKPHQ ,P =HQWUXP VWHKHQ GLH 8PVWHO OXQJGHVYHUZHQGHWHQ0RGHOOVYRQFRGHEDVLHUWHUDXILQIHUHQ]EDVLHUWH.RP PXQLNDWLRQLP.RQWH[WHLQHUOLWHUDULVFKHQ3UDJPDWLNXQGGLH.OlUXQJHLQLJHU GDPLW YHUEXQGHQHU %HJULIIH ZLH ¿$XWRU¾ ¿6LWXDWLRQ¾ RGHU ¿0RGHOO/HVHU¾ ,P GULWWHQ .DSLWHO ZHUGHQ HLQLJH )LJXUHQW\SRORJLHQ DQDO\VLHUW XP GLH ZLFKWLJ VWHQ$VSHNWHGHV3KlQRPHQVGLHVLFKLQVROFKHQ7\SRORJLHQQLHGHUVFKODJHQ ]XHUPLWWHOQ'LHVRJHZRQQHQH/LVWHGLHQW]XU2ULHQWLHUXQJIUGDVLP/DX IH GHV 7H[WHV HQWZLFNHOWH )LJXUHQNRQ]HSW GD HV GHQ $QIRUGHUXQJHQ GLHVH 3UREOHPH ]X O|VHQ JHQJHQ PX‰ 8QWHUGHP6WLFKZRUW¿%HQHQQHQGHU)L JXU¾ ZLUG LP YLHUWHQ .DSLWHO EHVFKULHEHQ ZDV HLQH (QWLWlW GHU ILNWLRQDOHQ :HOW ]XU )LJXU PDFKW ZLH DXIVLHUHIHULHUWZHUGHQNDQQXQGZLHHLQ/HVHU HUNHQQW GD‰ ]ZHL %HQHQQXQJHQ DXI GLHVHOEH )LJXU UHIHULHUHQ ,P IQIWHQ .DSLWHO ZHUGHQ HLQH 5HLKH YRQ 9RUVFKOlJHQ JHVLFKWHW ZLH GDV OLWHUDULVFKH 3KlQRPHQ)LJXUWKHRUHWLVFKNRQ]HSWXDOLVLHUWZHUGHQNDQQ$XVJHKHQGYRQ XQWHUVFKLHGOLFKHP 0DWHULDOXQGDXIXQWHUVFKLHGOLFKHPDUJXPHQWDWLYHQ:HJ JHODQJHQGDVYLHUWHXQGGDVIQIWH.DSLWHO]XHLQHP.RQ]HSWGDVGLH)LJXU DOV PHQWDOHV 0RGHOO HLQHV 0RGHOO/HVHUV EHVFKUHLEW ,P VHFKVWHQ .DSLWHO ZLUG DXVJHKHQG YRQ GLHVHP 0RGHOO EHVFKULHEHQ ZLH GLH )LJXU VRZRKO DXI GHU(EHQHGHU'DUVWHOOXQJZLHDXFKDXIGHU(EHQHGHUHU]lKOWHQ:HOWJHELO GHW ZLUG XQG ZLH QLFKW QXU GLHVHV PHQWDOH0RGHOOVRQGHUQJOHLFK]HLWLJGLH LQWHQGLHUWH(LQVWHOOXQJGHV/HVHUVGD]XNRPPXQL]LHUWZLUG )UGLHDUJXPHQWDWLYHQ$QDO\VHQLQGHQ.DSLWHOQGDYRUZHUGHQYLHU7H[ WH EHVRQGHUV KlXILJ KHUDQJH]RJHQ GD VLH LQ LKUHU 'LYHUVLWlW VLFKHUVWHOOHQ VROOHQGD‰NHLQ9RUXUWHLOHWZD]XJXQVWHQPLPHWLVFKHU7H[WHGDVHQWZLFNHO WH 0RGHOO YRQ YRUQKHUHLQ LQ )UDJH VWHOOW $OOHUGLQJV PX‰ VLFK HLQH (U]lKO WKHRULHGHU)LJXUDXFKGHU)LJXUHQGDUVWHOOXQJLPUHDOLVWLVFKHQ5RPDQGHV -DKUKXQGHUWV²ZRKOHLQHGHUNRPSOH[HVWHQEHUKDXSW²JHZDFKVHQ]HLJHQ $OV%HLVSLHOWH[WIUGLHVHQ7\SXVZXUGHGHUIUQDUUDWRORJLVFKH%HLVSLHODQD O\VHQVFKRQKlXILJYHUZHQGHWH5RPDQ%XGGHQEURRNVJHZlKOW'DVDQWLSV\FKR ORJLVFKH*HJHQVWFNKLHU]XELOGHWGHU7H[W %HEXTXLQYRQ&DUO(LQVWHLQGHU QXU ZHQLJH -DKUH QDFK GHQ %XGGHQEURRNV HQWVWDQGHQ LVW DEHU HLQH HU]lKOHUL VFKH :HOW PLW JDQ] DQGHUHQ 6SLHOUHJHOQ HQWZLUIW 8P GLH 7DXJOLFKNHLW GHV DQDO\WLVFKHQ ,QVWUXPHQWDULXPV DXFK DQ HLQHP KLVWRULVFK ZHLWHU HQWIHUQWHQ 7H[WGHPRQVWULHUHQ]XN|QQHQZXUGH)RUWXQDWXVLQV.RUSXVDXIJHQRPPHQ 'LHVHGUHL7H[WHJHK|UHQKHXWHGHUNDQRQLVLHUWHQ/LWHUDWXUDQHVVROOWHZH





(LQOHLWXQJ

QLJVWHQVHLQ%HLVSLHODXVGHUQLFKWNDQRQLVLHUWHQ/LWHUDWXUHLQEH]RJHQZHUGHQ XQGGLHVHKU]XIlOOLJH:DKOILHODXIHLQHQ7DVFKHQEXFK5RPDQDXVGHU5HLKH -HUU\&RWWRQPLWHLQHP7LWHOGHUGDVDQGHUHNXOWXUHOOH0LOLHXVFKRQGHXWOLFK DQQRQFLHUW'LH9HQXVXQGGDV6XSHUGLQJ(LQLJH3KlQRPHQHOLH‰HQVLFKQLFKW GXUFK%HLVSLHOHDXVGHQJHQDQQWHQ7H[WHQEHOHJHQLQGLHVHQ)lOOHQZXUGHQ ZHLWHUH7H[WHKHUDQJH]RJHQ(LQ$EVFKOX‰NDSLWHOID‰WGLHZLFKWLJVWHQ(U JHEQLVVH GLHVHU $UEHLW ]XVDPPHQ XQG YHUZHLVW DXI $QVFKOX‰P|JOLFKNHLWHQ IU ZHLWHUH )RUVFKXQJHQ :LH HV LQ QDUUDWRORJLVFKHQ $UEHLWHQ EOLFK LVW ZHUGHQ HLQH 5HLKH YRQ HU]lKOWHFKQLVFKHQ 3KlQRPHQHQ DEJHJUHQ]W EH VFKULHEHQXQGEHQDQQW8PGHQhEHUEOLFNEHUGDVVRHQWVWDQGHQH9RNDEX ODU]XEHKDOWHQILQGHWVLFKLP$QKDQJHLQ*ORVVDUPLWGHQZLFKWLJVWHQ%H JULIIHQXQG'HILQLWLRQHQ 'LH *U|‰H GHV )RUVFKXQJVIHOGHV ¿)LJXU¾ XQG GLH 0HQJH DQ XQJHO|VWHQ JUXQGOHJHQGHQ)UDJHQKDEHQGHQ9HU]LFKWDXI$VSHNWHQRWZHQGLJJHPDFKW GLH GHU ,QWHUSUHWDWLRQ GHP +DXSWJHVFKlIW GHU /LWHUDWXUZLVVHQVFKDIW QlKHU OLHJHQ'HUREHQDQJHVSURFKHQH)UDJHQNRPSOH[ZLH)LJXUHQLQOLWHUDULVFKHQ 7H[WHQHQWZHGHU%HGHXWXQJKDEHQRGHU]XU%HGHXWXQJGHV7H[WHVEHLWUDJHQ EOHLEWXQEHUFNVLFKWLJW'DVJLOWDXFKIUHLQH5HLKHYRQDQGHUHQILJXUHQVSH ]LILVFKHQ)UDJHQGLHZHQLJVWHQVHUZlKQWVHLHQGLH)LJXUGHV(U]lKOHUVGLH $QDO\VHYRQ)LJXUHQGLHLQPHKUHUHQ7H[WHQ7HLOGHU+DQGOXQJVLQGRGHU DXFK ² KLHU LVW GHU 9HU]LFKW IU HLQHQ /LWHUDWXUZLVVHQVFKDIWOHU EHVRQGHUV QDKHOLHJHQG²GLHHPSLULVFKH$QDO\VHGHU)LJXUHQUH]HSWLRQ =LHOGHUIROJHQGHQ8QWHUVXFKXQJLVWHVHLQ,QVWUXPHQWDULXP]XHUDUEHL WHQ GDV HV HUP|JOLFKW SUl]LVHU ]X EHVFKUHLEHQ ZDV LQ GHU QDUUDWLYHQ :HOW GHU)DOOLVWXQGGDEHLNXOWXUHOOHV:LVVHQJH]LHOWLQHLQHUSULPlUWH[WRULHQWLHU WHQ $QDO\VH ]X YHUZHQGHQ (LQ VROFKHV ,QVWUXPHQWDULXP LVW DXFK IU GLH ,QWHUSUHWDWLRQYRQ)LJXUHQLQOLWHUDULVFKHQ7H[WHQYRQ]HQWUDOHU%HGHXWXQJ HEHQZHLODXIGLHVH:HLVHGLH)XQNWLRQYRQ)LJXUHQXQG)LJXUHQLQIRUPDWLR QHQ DOV 7HLO HLQHU H[HPSOLIL]LHUHQGHQ 3UREOHPIRUPXOLHUXQJ JHQDXHU EH VFKULHEHQZHUGHQNDQQ,QlKQOLFKHU:HLVHOl‰WVLFKGLH)LJXUXQGLKUH5ROOH EHL GHU lVWKHWLVFKHQ 6LQQELOGXQJ JHQDXHU HUPLWWHOQ ,QGHP PDQ SUl]LVHU HUIDVVHQNDQQZLHHLQHU)LJXU,QIRUPDWLRQHQ]XJHVFKULHEHQZHUGHQXQGZLH VLHGDGXUFK*HVWDOWLQGHUHU]lKOWHQ:HOWJHZLQQWLVWHLQHEHVVHUH%DVLVIU ZHLWHUUHLFKHQGH$XVVDJHQJHZRQQHQGHUHQ3ODXVLELOLWlWPLWGHU%UDXFKEDU ³³³³³³³³³³  'D GLHVHU 5RPDQ GHQ PHLVWHQ /HVHUQ XQEHNDQQW VHLQ GUIWH ILQGHQ VLFK LP $QKDQJ $

HLQH,QKDOWVDQJDEHVRZLHHLQLJHDOOJHPHLQH+LQZHLVH]XP3URGXNWLRQVXQG3XEOLNDWLRQV XPIHOGGHV7H[WHV  (LQH /LVWH GHU YHUZHQGHWHQ 4XHOOHQ XQG LKUHU $ENU]XQJHQ ILQGHW VLFK LQ GHU HUVWHQ 6HNWLRQGHV/LWHUDWXUYHU]HLFKQLVVHV



(LQOHLWXQJ



NHLWGHU%HVFKUHLEXQJVWHKWXQGIlOOW%HYRUZLUDEHUVRZHLWVLQGPX‰JHNOlUW ZHUGHQZDVHLQH)LJXULP(U]lKOWH[WHLJHQWOLFKLVW'HU%HDQWZRUWXQJGLHVHU )UDJHLVWGLHIROJHQGH8QWHUVXFKXQJJHZLGPHW







1DUUDWLYH.RPPXQLNDWLRQ 'DV3UREOHP *UXQGODJH GHU QDUUDWRORJLVFKHQ 0RGHOOELOGXQJ LVW GLH 7KHVH OLWHUDULVFKH (U]lKOWH[WHVHLHQ(OHPHQWHLQHUYLHOVFKLFKWLJHQ.RPPXQLNDWLRQ'DVQDUUD WRORJLVFKH0RGHOOGLHQWYRUDOOHPGHU%HVFKUHLEXQJXQG$QDO\VHYRQ7H[W ³³³³³³³³³³  (LQHQGHUZLFKWLJVWHQ9HUVXFKHGHQ%HJULII¿.RPPXQLNDWLRQ¾JHQDXHU]XHUIDVVHQVWHOOW

LPPHUQRFKGLH$UEHLWYRQ.ODXV0HUWHQGDUGHUDXIGHU'DWHQEDVLVYRQJHVDPPHO WHQ'HILQLWLRQVYHUVXFKHQHLQH([SOLNDWLRQGHV%HJULIIVYHUVXFKWYJO0HUWHQ 0HU WHQV %HVFKUHLEXQJ YRQ .RPPXQLNDWLRQ DOV LQ VDFKOLFKHU WHPSRUDOHU XQG VR]LDOHU +LQ VLFKW UHIOH[LYHQ 3UR]H‰ IJHQ QHXHUH $UEHLWHQ ZLH GLH YRQ 0DQIUHG )D‰OHU OHGLJOLFK GLH %HWRQXQJ GHU 0HGLHQEHGLQJWKHLW YRQ .RPPXQLNDWLRQ KLQ]X YJO )D‰OHU   6HKU IUXFKWEDU IU GLH IROJHQGHQhEHUOHJXQJHQ ZDU 5XGL.HOOHUVLQVWUXPHQWDOLVWLVFKH$XIIDV VXQJ YRQ%HGHXWXQJLQVHLQHP0RGHOODOOJHPHLQHUXQGLQVEHVRQGHUHVSUDFKOLFKHU.RP PXQLNDWLRQYJO.HOOHU $OOHQHXHUHQ.RPPXQLNDWLRQVWKHRULHQOHKQHQGLH9RUVWHO OXQJDE GD‰ .RPPXQLNDWLRQGLH¿hEHUWUDJXQJ¾HLQHU¿%RWVFKDIW¾ VHL8QHLQLJNHLWEHVWHKW YRU DOOHPGDUEHURE XQG ZLH.RPPXQLNDWLRQP|JOLFKVHLZHQQGLHYHUZHQGHWHQ=HL FKHQLP9HUJOHLFKPLWGHP]X.RPPXQL]LHUHQGHQXQWHUVSH]LIL]LHUWVLQG  'LH QDUUDWRORJLVFKH 0RGHOOELOGXQJ LVW VHOEVWYHUVWlQGOLFK QXU HLQ 6RQGHUIDOO LP 5DKPHQ HLQHV0RGHOOVOLWHUDULVFKHU.RPPXQLNDWLRQLVWDEHUDXIJUXQGGHU6SH]LILNDGHUHU]lKOHUL VFKHQ .RPPXQLNDWLRQ GXUFKDXV HLJHQVWlQGLJ 9JO ]XU GHXWVFKHQ 7UDGLWLRQ VROFKHU HU ]lKOWKHRUHWLVFKHQ 0RGHOOH -DQLN   -DQLNV 0RGHOO ZHQGHW VLFK H[SOL]LW JHJHQ GLH JOHLFK]HLWLJH IUDQ]|VLVFKH 1DUUDWRORJLH GLH GHQ $VSHNW GHU .RPPXQLNDWLRQ ZHLWJHKHQG DXVEOHQGHW $Q GLH %HJULIIOLFKNHLW GHU 5H]HSWLRQVlVWKHWLN NQSIW 'LHWULFK .UXVFKH DQ .UXVFKH   .DKUPDQQ5HL‰6FKOXFKWHU >(' GHU 1HXEHDUEHLWXQJ  (' @  =HUEVW>@ 6HKUYLHODXVJHSUlJWHU²ZDVPDQVFKRQDQGHQ1D PHQGHU%HLWUlJHUVLHKW²LVWGLHDQJHOVlFKVLVFKH'LVNXVVLRQGLHZLHGHUKROWDXI6H\PRXU &KDWPDQV(QWZXUI]XUFNJUHLIW&KDWPDQ 'HUVHOEHQRFKHLQPDO]XP¿LPSOLHG DXWKRU¾LQ &KDWPDQII 0DUWLQII 2 1HLOOII ,QVEHVRQ GHUHGLH(LQIKUXQJHQXQG/HKUEFKHUJHKHQYRP.RPPXQLNDWLRQVPRGHOODXV]%GHU 6DPPHOEDQGNODVVLVFKHU7H[WHYRQ2QHJD/DQGD 6RZRKOGLHDQJHOVlFKVLVFKH DOV DXFK GLH GHXWVFKH 'LVNXVVLRQ LQWHJULHUW 1QQLQJ  II  9JO DXFK GHQ hEHU EOLFNGHUGDV.RPPXQLNDWLRQVPRGHOODOV$XVJDQJVSXQNWQLPPWLQ1QQLQJ-DKQ   $OO GLHVH 0RGHOOH ZHLVHQ EHL DOOHU WHUPLQRORJLVFKHQ 9HUVFKLHGHQKHLW ZHLWJHKHQGH hEHUHLQVWLPPXQJHQDXIZLHVFKRQIUKNRQVWDWLHUWZXUGHYJO)LHJXWK 'LH NODVVLVFKH IUDQ]|VLVFKH 1DUUDWRORJLH ZLH VLH ]% LQ *HQHWWHV 'LVNXUV GHU (U]lKOXQJ >@  XQG LQ %DUWKHV (LQIKUXQJ LQ GLH VWUXNWXUDOH $QDO\VH YRQ (U]lKOXQJHQ >@ IRUPXOLHUWLVWVLHKWZLHVFKRQHUZlKQWYRQGHQNRPPXQLNDWLYHQ*HJHEHQ



1DUUDWLYH.RPPXQLNDWLRQ

SKlQRPHQHQLP*HJHQVDW]]XP%HJULIIGHU¿OLWHUDULVFKHQ.RPPXQLNDWLRQ¾ GHULQGHQOHW]WHQ-DKUHQKDXSWVlFKOLFKXQWHUGHP*HVLFKWVSXQNWGHV6R]LDO V\VWHPV/LWHUDWXUXQWHUVXFKWZXUGHXQGGHUVLFKLQGLHVHU)RUPELVODQJQLFKW VWULQJHQWDXIGLH(EHQHGHU7H[WDQDO\VHEH]LHKHQOLH‰.OHLQVWHUJHPHLQVD PHU1HQQHUGHUQDUUDWRORJLVFKHQ0RGHOOHLVWGLH$QQDKPHYRQGUHL(EHQHQ DXIGHQHQGLH.RPPXQLNDWLRQVLFKHUHLJQHW$XIGHUHUVWHQ(EHQHNRPPX QL]LHUWHLQUHDOHU$XWRUPLWWHOVVHLQHV(U]lKOZHUNVPLWHLQHPHEHQVRUHDOHQ /HVHU$XIGHU]ZHLWHQ(EHQHNRPPXQL]LHUWHLQ(U]lKOHUPLWGHU/HVHUUROOH LP7H[WXQGDXIGHU GULWWHQ(EHQHNRPPXQL]LHUHQGLH)LJXUHQGHU(U]lK OXQJPLWHLQDQGHU'HUXQEHVWUHLWEDUH9RUWHLOHLQHVVROFKHQ0RGHOOVEHVWHKW ³³³³³³³³³³

KHLWHQ ZHLWJHKHQG DE =XPLQGHVW *HQHWWH KDW VHLQH 3RVLWLRQ DEHU LQ VSlWHUHQ 8QWHUVX FKXQJHQUHYLGLHUWVREH]LHKW]%VHLQH0RQRJUDSKLH¿3DUDWH[WH¾ JHUDGHGLH.RP PXQLNDWLRQVVLWXDWLRQ XQG VWUXNWXU PLW HLQ =X )OXGHUQLNV .ULWLN DP .RPPXQLNDWLRQV PRGHOOYJO)X‰QRWH²9JO]XP3UREOHPNRPSOH[LQZLHZHLWGLH/LWHUDWXUZLVVHQVFKDIW GLH(UJHEQLVVHGHU3UDJPDWLNEHUQHKPHQNDQQDXFKXQWHQGLH'LVNXVVLRQGHU.RQYHU VDWLRQVPD[LPHQXQGGHU5HOHYDQ]WKHRULH6  'LHVH 9HUZHQGXQJVWUDGLWLRQ GHV %HJULIIV ¿OLWHUDULVFKH .RPPXQLNDWLRQ¾ EH]LHKW VLFK DXI VR]LDOZLVVHQVFKDIWOLFKH 7KHRULHPRGHOOH GHUHQ SURILOLHUWHVWHV ]XU =HLW RKQH )UDJH 1LNODV /XKPDQQV 6\VWHPWKHRULH LVW $OOHUGLQJV VLQG GLHVH $QVlW]H IU GLH 7H[WDQDO\VH ZHQLJ IUXFKWEDUGDVLHDXIJUXQGLKUHV$EVWUDNWLRQVJUDGVNHLQ,QVWUXPHQWDULXPIUGLH8QWHUVX FKXQJYRQ7H[WHQEHUHLWVWHOOHQXQGDXVLKUHQWKHRUHWLVFKHQ$QQDKPHQZRKODXFKNHLQHV DE]XOHLWHQ LVW 'HQ 9HUVXFKHQ GRFK YRQ GHQ 6R]LDOV\VWHPHQ DXI GLH 7H[WHEHQHªGXUFK ]XJUHLIHQ© 1LHOV :HUEHU  VLQG ELVODQJ NHLQH EHU]HXJHQGHQ (UIROJH EHVFKLHGHQ 'LH SURPLQHQWHVWHQ9HUWUHWHUGLHVHVLQVLFKEHUHLWVVHKUGLIIHUHQ]LHUWHQ$QVDW]HVVLQGZRKOGLH HPSLULVFKH/LWHUDWXUZLVVHQVFKDIW6LHJHQHU3URYHQLHQ]6-6FKPLGW GLHMHGRFK/XKPDQQ NULWLVFKJHJHQEHUVWHKWGLH$UEHLWHQYRQ*HUKDUG3OXPSHXQG1LHOV:HUEHU]%3OXP SH:HUEHU  GLH/HLGHQHU6FKXOHPLW+HQNGH%HUJXQG0DWWKLDV3UDQJHO]%GH %HUJ3UDQJHO (LQHQJXWHQhEHUEOLFNELHWHQGLHIROJHQGHQ)RUVFKXQJVEHULFKWHGLH DOOHDXIGHQSUREOHPDWLVFKHQ6WDWXVGHV7H[WHVLQGHQUHIHULHUWHQ0RGHOOHQKLQZHLVHQ-l JHU   2UW   -DKUDXV6FKPLGW   7DWVlFKOLFK VSHLVHQ VLFK GLH WH[WDQDO\WL VFKHQ 9HUIDKUHQ LQ GHQ PHLVWHQ V\VWHPWKHRUHWLVFKHQ 8QWHUVXFKXQJHQ DXV DQGHUHQ RIW WUDGLWLRQHOOKHUPHQHXWLVFKHQ4XHOOHQ=XUSULQ]LSLHOOHQ6NHSVLVJHJHQEHUGHQ9HUVXFKHQ GHQ V\VWHPWKHRUHWLVFKHQ .RPPXQLNDWLRQVEHJULII IU GLH 7H[WDQDO\VH IUXFKWEDU ]X PD FKHQYJODXFK-DKUDXV 2SWLPLVWLVFKHULVW5HLQIDQGW $OOHUGLQJV]HLJHQVHL QH$XVIKUXQJHQZRKOZLGHU:LOOHQGD‰GLHV\VWHPWKHRUHWLVFKHQ.RQ]HSWHGLHIUNRQ WH[WXHOOH5HODWLRQLHUXQJHQVRHUJLHELJVLQGIUGLHQDUUDWRORJLVFKHQ$VSHNWHNDXPIUXFKW EDUZHUGHQ²'LH6DPPHOElQGHGHU5HLKH$UFKlRORJLHGHUOLWHUDULVFKHQ.RPPXQLNDWLRQELVDXI HLQHQ%DQGKHUDXVJHJHEHQYRQ$OHLGD$VVPDQQVLQGQDFKDQIlQJOLFKHQHQJHUHQ%H]JHQ ]XP .RPPXQLNDWLRQVEHJULII HWZD LQ GHU $QDO\VH GHU EHVRQGHUHQ %HGLQJXQJHQ YRQ 0QGOLFKNHLWXQG6FKULIWOLFKNHLWQXQGXUFKVHKUZHLWHWKHPDWLVFKH9RUJDEHQZLH¿:HLV KHLW¾RGHU¿(LQVDPNHLW¾HKHU([SORUDWLRQHQGHVNXOWXUHOOHQ*HGlFKWQLVVHV  'LH JHQDXH $Q]DKO GHU (EHQHQ VFKZDQNW GLH JHQDQQWHQ (EHQHQ ELOGHQ GHQ NOHLQVWHQ JHPHLQVDPHQ1HQQHU





1DUUDWLYH.RPPXQLNDWLRQ



LQGHURIIHQVLFKWOLFKHQ.RPSOH[LWlWGHV,QVWUXPHQWDULXPVZHQQPDQDXFK ZLHRIWEHNODJWGLHVHV9RUWHLOVYHUOXVWLJ]XJHKHQGURKWVREDOGGLH1RPHQ NODWXUHEHQVRNRPSOH[ZLHGDV]XEHVFKUHLEHQGH3KlQRPHQLVW'LHHUIROJ UHLFKHQ$QDO\VHQGHU=HLWJHVWDOWXQJRGHUGHV3UREOHPNRPSOH[HV¿(U]lKOHU¾ JHEHQHLQ ,QVWUXPHQWDULXPDQGLH+DQGGDVMHGHLP7H[WJHJHEHQH,QIRU PDWLRQLQ5HODWLRQ]XLKUHU4XHOOH]XDQGHUHQ,QIRUPDWLRQHQGLHVHU$UWXQG ]XU QDUUDWLYHQ :HOW VHW]W 'LHVH /HLVWXQJVIlKLJNHLW VROO KLHU QLFKW LQ )UDJH JHVWHOOW ZHUGHQ ,P *HJHQWHLO HV VROO LP $QVFKOX‰ GDUDQ HLQ DQDORJHV ,Q VWUXPHQWDULXP HQWZLFNHOW ZHUGHQ GDV MHGH HLQ]HOQH )LJXUHQLQIRUPDWLRQ HUID‰WXQGLQ%H]LHKXQJVHW]W]XLKUHU4XHOOH]XDQGHUHQ,QIRUPDWLRQHQ]XU JOHLFKHQ)LJXUXQG]XU3RVLWLRQLP1HW]ZHUNGHU)LJXUHQLQIRUPDWLRQHQLP 7H[WEHVFKULHEHQHQWODQJGHU'LPHQVLRQHQ'DXHU0HQJH+lXILJNHLWXVZ XQGGLHVZLHGHUXPLQ%H]LHKXQJVHW]W]XU)LJXUDOV7HLOGHUHU]lKOWHQ:HOW 'HUDQDO\WLVFKH*HZLQQGXUFKHLQVROFKHVNODUHV5DVWHUDQ%HVFKUHLEXQJVND WHJRULHQ LVW XQEHVWUHLWEDU GD DXI GLHVH :HLVH 'LIIHUHQ]LHUXQJHQ SUlVHQW JHKDOWHQ ZHUGHQ N|QQHQ GLH YRQ PDQFKHP KHOOVLFKWLJHQ ,QWHUSUHWHQ PDQFKPDO EHUFNVLFKWLJW YRQ GHQ PHLVWHQ DEHU ]XP 6FKDGHQ GHU 7H[WEH VFKUHLEXQJ XQG GHU GDUDXI DXIEDXHQGHQ ,QWHUSUHWDWLRQ YHUQDFKOlVVLJW ZHU GHQ (LQHVROFKH%HVFKUHLEXQJPX‰VLFKDEHUYRUDOOHPHLQHP3UREOHPVWHO OHQ GHUXQJHKHXUHQ,QIRUPDWLRQVPHQJH GLHVLHHU]HXJW6FKRQQDFKZHQL JHQ 6lW]HQ HLQHU (U]lKOXQJ VLQG ]DKOUHLFKH ,QIRUPDWLRQHQ ]X HLQHU )LJXU JHZRQQHQ XQG ZHLO VLH DXFK XQWHUHLQDQGHU UHODWLRQLHUW ZHUGHQ N|QQHQ ZlFKVWGLH0HQJHGHUZHLWHU]XYHUDUEHLWHQGHQ,QIRUPDWLRQHQH[SRQHQWLHOO DQ XQG EHUVFKUHLWHW EDOG MHGHV KDQGKDEEDUH 0D‰ 0DQ NDQQ GLHVHV 3UR EOHPQLFKWGDGXUFKXPJHKHQGD‰PDQDXIGDV%HVFKUHLEXQJVLQVWUXPHQWDUL XP JUXQGVlW]OLFK YHU]LFKWHW GD]X VLQG GHVVHQ 9RUWHLOH IU HLQH GHWDLOOLHUWH V\VWHPDWLVFKH%HVFKUHLEXQJ]XJUR‰$EHUPDQGDUIGDV3UREOHPGHU,QIRU PDWLRQVEHUODVWXQJ DXFK QLFKW YHUQDFKOlVVLJHQ GD MHGHV GHUDUWLJH 0RGHOO DQVRQVWHQ GDV 6FKLFNVDO ]DKOUHLFKHU VWUXNWXUDOLVWLVFKHU 0RGHOOH DXV GHQ HU-DKUHQWHLOHQZLUGQlPOLFKDXIJUXQGVHLQHU8QKDQGOLFKNHLWXQGDXI JUXQG GHU )OOH DQ UHGXQGDQWHQ ,QIRUPDWLRQHQ GLH HV HU]HXJW NHLQH 9HU ZHQGXQJ ]X ILQGHQ (LQH VROFKH hEHUIRUGHUXQJ GHU ,QIRUPDWLRQVYHUDUEHL WXQJVNDSD]LWlWHQ GHU /LWHUDWXUZLVVHQVFKDIWOHU ZUGH GDQQ QXU ZLHGHUXP HLQHQ5FN]XJDXIKHUPHQHXWLVFKH6WUDWHJLHQEHZLUNHQGLH]ZDUXQYHUELQG ³³³³³³³³³³  (LQHP|JOLFKH$OWHUQDWLYHELHWHWGLH9HUDUEHLWXQJGHU,QIRUPDWLRQHQPLWGHP&RPSXWHU

%LVODQJ VWHFNW GLHVH )RUP GHU $QDO\VH DOOHUGLQJV QRFK LQ GHQ .LQGHUVFKXKHQ YJO ]XP 6WDQGGHU)RUVFKXQJXQG]XHLQHPQHXHQ0RGHOOHQWZXUI0HLVWHU 





1DUUDWLYH.RPPXQLNDWLRQ

OLFKHU VLQG DEHU LQ GLHVHP 3XQNW GXUFKDXV EHZlKUW 6LH OHJLWLPLHUHQ GHQ 5FNJULIIDXIGLHHLJHQHQNRPPXQLNDWLYHQ.RPSHWHQ]HQDXVJHELOGHWQLFKW QXULQGHU$OOWDJVNRPPXQLNDWLRQVRQGHUQDXFKLP8PJDQJPLW]DKOUHLFKHQ KLVWRULVFKHQ 'RNXPHQWHQ GHU YHUVFKLHGHQVWHQ 7H[WVRUWHQ XQG DXI HLQH $XVZDKOGHUZHVHQWOLFKHQ,QIRUPDWLRQHQDXVGHP7H[W :LOOPDQGDVVWUXNWXUDOH%HVFKUHLEXQJVLQYHQWDUEHLEHKDOWHQXQGGHQQRFK QLFKW LQ GHU ,QIRUPDWLRQVIOXW HUWULQNHQ N|QQWH PDQ GLH .RPSOH[LWlW GHV %HVFKUHLEXQJVLQYHQWDUV UHGX]LHUHQ 'DV DEHU KlWWH GLH )ROJH GD‰ GLH %H VFKUHLEXQJ VLFK LPPHU ZHLW XQWHU GHP 1LYHDX EHIlQGH GDV HLQ ,QWHUSUHW DXIJUXQGVHLQHUKHUPHQHXWLVFKHQ.RPSHWHQ]DOVDGlTXDWEHXUWHLOHQZUGH %HL GHU $QDO\VH HLQHU NRQNUHWHQ 7H[WVWHOOH LVW MD ]XPHLVW HLQ 7HLO GHV %H VFKUHLEXQJVLQYHQWDUVPLQGHVWHQVPLWGHP$XIO|VXQJVYHUP|JHQGHUDQJHER WHQHQ.DWHJRULHQYRQQ|WHQDEHUHEHQQXUHLQNOHLQHU7HLO$XFKHLQHXQWHU VFKLHGOLFKH 'LIIHUHQ]LHUWKHLW GHU .DWHJRULHQ GLH HLQHQ .HUQEHUHLFK VHKU GHWDLOOLHUW GHQ 5HVW DEHU QXU LQ ZHLWHUJHID‰WHQ %HJULIIHQ EHKDQGHOWH ZlUH NHLQ$XVZHJDXVGLHVHP'LOHPPDGDMHQDFKGHUNRQNUHWHQ7H[WVWHOOHGLH EHVFKULHEHQ ZHUGHQ VROO JDQ] XQWHUVFKLHGOLFKH :DKUQHKPXQJHQ YRQ GHP HQWVWQGHQZDVGHQ.HUQEHUHLFKXQGZDVGLH3HULSKHULHELOGHWH 'DV3UREOHPLVWLQGLHVHP)DOODOVRZHQLJHUEHUKDXSW,QIRUPDWLRQHQ]X JHZLQQHQVRQGHUQGLH$XVZDKODXVGHUVHKUJUR‰HQ)OOHYRQ,QIRUPDWLR QHQ(LQHQEUDXFKEDUHQ$QVDW]SXQNWIUHLQH/|VXQJGLHVHV3UREOHPVELHWHW GHUEHUHLWVDQJHVSURFKHQH8PVWDQGGD‰EHLGHU%HVFKUHLEXQJXQWHUVFKLHGOL FKHU 7H[WVWHOOHQ YRP ,QWHUSUHWHQ MHZHLOV XQWHUVFKLHGOLFKH .DWHJRULHQ GHV %HVFKUHLEXQJVV\VWHPV IU VLQQYROOHU XQG DGlTXDWHU JHKDOWHQ ZHUGHQ 'LH 6\VWHPDWLNHLQHVVWUXNWXUDOHQ.DWHJRULHQEDXVZLUGKLHUDOVRXPHWZDV([WHU QHVHUJlQ]WQlPOLFKGLH)lKLJNHLW]XHUNHQQHQZDVGDYRQLQZHOFKHU6LWXD WLRQVLQQYROODQ]XZHQGHQLVW:RUDXIEDVLHUWGLHVH)lKLJNHLW".DQQVLHVR ZHLWH[SOL]LWIRUPXOLHUWZHUGHQGD‰VLHDOV(OHPHQWLQHLQ0RGHOOQDUUDWLYHU .RPPXQLNDWLRQHLQJHKHQNDQQ" 'LH IROJHQGHQ $XVIKUXQJHQ HQWIDOWHQ HLQH GRSSHOWH 7KHVH 'LH )lKLJ NHLW]XU$XVZDKOEDVLHUWDXIGHUNRPPXQLNDWLYHQ.RPSHWHQ]GHV,QWHUSUH WHQGLHVLFKLQGHU$XVHLQDQGHUVHW]XQJPLWVHLQHPKLVWRULVFKHQ4XHOOHQPD WHULDOHQWZLFNHOWKDWXQGGLHZHQQDXFKLPPHUXQYROOVWlQGLJGLHNRPPXQL NDWLYHQ .RPSHWHQ]HQ GHV ]HLWJHQ|VVLVFKHQ /HVHUV UHSURGX]LHUW 'LH NRP PXQLNDWLYH.RPSHWHQ]Ol‰WVLFKVRGLH]ZHLWH7KHVHDOVJU|‰WHQWHLOVSUR]H





1DUUDWLYH.RPPXQLNDWLRQ



GXUDOHV :LVVHQ XP UHJHOKDIWH =XVDPPHQKlQJH LQ GHU .RPPXQLNDWLRQ EHVFKUHLEHQ 'LHVH 5HJHOQ RGHU .RQYHQWLRQHQ GLH EHL HLQHU $XVZDKO DXV GHQ YHUIJEDUHQ XQG P|JOLFKHQ ,QIRUPDWLRQHQ ]XU $QZHQGXQJ NRPPHQ PVVHQ ]XP 7HLO GHV QDUUDWRORJLVFKHQ 0RGHOOV JHPDFKW ZHUGHQ ² GDV LVW ZRKO GLH HLQ]LJH 0|JOLFKNHLW GDV 3UREOHP GHU ,QIRUPDWLRQVEHUODVWXQJ LQ EHUSUIEDUHU:HLVH]XO|VHQ 'LH6WUDWHJLH]XU(QWIDOWXQJGLHVHU7KHVHQPX‰DXIGHQHUVWHQ%OLFNSD UDGR[HUVFKHLQHQGDLQGHQHUVWHQEHLGHQ6FKULWWHQHUVWHLQPDOIUGLH(LQ EH]LHKXQJ YRQ ,QVWDQ]HQ GHV .RPPXQLNDWLRQVPRGHOOV JHZRUEHQ ZLUG GLH ELVODQJYHUQDFKOlVVLJWZXUGHQXQGGDPLWDOVRGLH,QIRUPDWLRQVPHQJHRIIHQ VLFKWOLFK YHUJU|‰HUW ZLUG =XHUVW ZLUG GLH .RPPXQLNDWLRQVHEHQH ¿UHDOHU $XWRU ² UHDOHU /HVHU¾ XQG LKUH 5HOHYDQ] IU GLH 7H[WEHVFKUHLEXQJ XQG  LQWHUSUHWDWLRQVNL]]LHUWGDVLHLQGHQQDUUDWRORJLVFKHQ0RGHOOHQ]ZDUDQJH VSURFKHQZLUG]XPHLVWDEHUQXUXPGDQQJOHLFKDXVJHNODPPHUW]XZHUGHQ ,QHLQHP]ZHLWHQ6FKULWWZLUGJH]HLJWZLHGHU%HJULIIGHU.RPPXQLNDWLRQV VLWXDWLRQDXFKIUGHQ)DOOGHUVFKULIWOLFKHQQDUUDWLYHQ.RPPXQLNDWLRQYHU ZHQGHWZHUGHQNDQQ(UVWLQHLQHPGULWWHQ6FKULWWZHUGHQGLH6HOHNWLRQVVWUD WHJLHQDXVIKUOLFKHUWKHPDWLVLHUW'RFKRKQHGLHLQGHQHUVWHQEHLGHQ6FKULW WHQ KLQ]XJHZRQQHQHQ ,QIRUPDWLRQHQ NDQQ PDQ GLH $XVZDKOUHJHOQ IU GLH YRUKDQGHQHQ ,QIRUPDWLRQHQ HEHQVRZHQLJ ZLH GLH 5HJHOKDIWLJNHLW GHU $XV ZDKOHUPLWWHOQ (LQH(LQVFKUlQNXQJYRUQHZHJ=LHOHLQHUQDUUDWRORJLVFKHQ)LJXUHQDQDO\ VH LVW HLQH P|JOLFKVW SUl]LVH WH[WQDKH 3KlQRPHQEHVFKUHLEXQJ GLH GXUFK ZHLWJHKHQGHQ 9HU]LFKW DXI ZHLWUHLFKHQGH 9RUDQQDKPHQ LQWHUVXEMHNWLYH 3ODXVLELOLWlW DXFK JHUDGH LQ =HLWHQ GHV 0HWKRGHQSOXUDOLVPXV EHDQVSUXFKHQ GDUI/HLGHUIXQNWLRQLHUWGDVVRQLFKW6FKRQEHLGHU(UIDVVXQJGHU7H[WSKl QRPHQH EHUHLWV EHL GHU %HVWLPPXQJ ZDV GLH *UHQ]H XQG *HVWDOW HLQHV 7H[WSKlQRPHQVLVWVSLHOHQEHNDQQWOLFKZHLWHUJHKHQGH$QQDKPHQEHU=HL FKHQXQG5H]HSWLRQVSUR]HVVHHLQH5ROOH'LHVJLOWXPVRPHKUIUKRFKDJ JUHJLHUWH3KlQRPHQHZLHGLH)LJXU:HOFKHV7H[WHOHPHQWLVW7HLOGHU¿)LJXU¾" ³³³³³³³³³³  ª:LVVHQGDVVLFKGDUDXIEH]LHKWZLHPDQYHUVFKLHGHQH$XIJDEHQDXVIKUWLP*HJHQVDW]

]X GHNODUDWLYHP:LVVHQ©GHPH[SOL]LWHQ:LVVHQEHUYHUVFKLHGHQH6DFKYHUKDOWH$QGHU VRQ 9JOGD]XDXFK)RSSD   :LH JHQDX VROFKH 5HJHOQ DXVVHKHQ GD]X XQWHQ PHKU :LFKWLJ LVW DEHU VFKRQ DQ GLHVHU 6WHOOHGLH)HVWVWHOOXQJGD‰HVVLFKQLFKWXP5HJHOQLP6LQQHYRQPHFKDQLVFKHQNRQWH[W IUHLHQ 9HUNQSIXQJHQ GHU )RUP ¿LPPHU ZHQQ $ GDQQ %¾ KDQGHOW VRQGHUQ XP QDFK :DKUVFKHLQOLFKNHLW JHVWDIIHOWHQ NRQWH[WVHQVLWLYHQ =XVDPPHQKDQJVYHUPXWXQJHQ ¿:DKU VFKHLQOLFKNHLW¾EH]LHKWVLFKKLHUQLFKWDXIHLQVWDWLVWLVFKHV.RQ]HSWVRQGHUQDXIGLH0|J OLFKNHLWHLQHUNRPSDUDWLYHQ6NDOLHUXQJ¿ZHQQ$GDQQRIW%PDQFKPDODXFK&NRPSDUD WLYH6NDOLHUXQJ ²DEHUEHLGHVPHLVWHQVQXUZHQQQLFKW'.RQWH[WVHQVLWLYLWlW ¾





1DUUDWLYH.RPPXQLNDWLRQ

:LH ODVVHQ VLFK ZLFKWLJH XQG XQZLFKWLJH )LJXUHQLQIRUPDWLRQHQ XQWHUVFKHL GHQXQGKLHUDUFKLVLHUHQ":LHODVVHQVLFK)LJXUHQLQIRUPDWLRQHQ]XDOOJHPHL QHUHQ(LQKHLWHQV\QWKHWLVLHUHQ"$XIGHQYHUVFKLHGHQHQ(EHQHQGHU)LJXUHQ DQDO\VHNRPPHQJDQ]XQWHUVFKLHGOLFKH5HJHOQEHVFKULHEHQLQHEHQVRGLYHU VHQ7KHRULHIHOGHUQ]XP7UDJHQ$EHUDXFKHLQ0RGHOOQDUUDWLYHU.RPPX QLNDWLRQ VHOEVW ZHQQ HV DQ GLHVHU 6WHOOH HQWZLFNHOW ZHUGHQ N|QQWH LVW DOV 5DKPHQWKHRULHQLFKWDXVUHLFKHQG (LQH$QDO\VHQDUUDWLYHU.RPPXQLNDWLRQ P‰WHHLQJHEHWWHWZHUGHQLQHLQH7KHRULHGHU.RPPXQLNDWLRQXQGGHUOLWH UDULVFKHQLPEHVRQGHUHQVRZLH$VSHNWHZLH¿=HLFKHQ¾¿0HGLXP¾¿%HGHXWXQJ¾ EHUFNVLFKWLJHQ 'DV KHL‰W VHOEVWYHUVWlQGOLFK QLFKW GD‰ GLH )LJXUHQDQDO\VH HUVW EHJRQQHQ ZHUGHQ NDQQ ZHQQ DOO GLHVH 7KHRULHIHOGHU EHIULHGLJHQG EH VWHOOWVLQGVRQGHUQEH]HLFKQHWOHGLJOLFKHLQHGHILQLHUWH$EKlQJLJNHLW$XFK QXUGLH6NL]]HHLQHVVROFKHQ0RGHOOV]XOHLVWHQLVWKLHUQLFKWGHU2UW9LHO PHKUVROOHQHLQLJH$VSHNWHQDUUDWLYHU.RPPXQLNDWLRQXQWHUGHP*HVLFKWV SXQNW HU|UWHUW ZHUGHQ LQZLHZHLW VLH ]XU /|VXQJ GHV 3UREOHPV ,QIRUPDWL RQVEHUODVWXQJ EHLWUDJHQ XQG GDEHL DXFK HLQLJH JlQJLJH 9RUXUWHLOH DXVJH UlXPWZHUGHQ

$XWRU 'LH 'LVNXVVLRQ EHU GLH 5ROOH GHV .RQ]HSWV ¿$XWRU¾ ZXUGH LQ GHU ]ZHLWHQ +lOIWHGHV-DKUKXQGHUWVYRQGHQ$UJXPHQWHQGUHLHUHLQIOX‰UHLFKHU7H[WH GRPLQLHUW $XI JDQ] XQWHUVFKLHGOLFKH :HLVH HUNOlUWHQ VLH GHQ %HJULII IU XQEUDXFKEDUXQGGLHVH$XIIDVVXQJJHWUDJHQYRQEUHLWHUHQVXEMHNWNULWLVFKHQ 6WU|PXQJHQYHUIHVWLJWHVLFKLQGHUOLWHUDWXUWKHRUHWLVFKHQ'LVNXVVLRQLPPHU KLQVRVHKUGD‰MHGHUGHUGHQ%HJULIIGHV$XWRUVZHLWHUKLQYHUZHQGHWHLQ GHQ 9HUGDFKW WKHRUHWLVFKHU 1DLYLWlW JHULHW 'LH OLWHUDWXUZLVVHQVFKDIWOLFKH 3UD[LVUHDJLHUWHDXIGLHVHWKHRUHWLVFKH(LQVHLWLJNHLWHUVWDXQOLFKSURGXNWLYGD WUDGLWLRQHOOH KHUPHQHXWLVFKH XQG DXWRUSKLORORJLVFKH 8QWHUVXFKXQJVDQVlW]H QLFKW YRQ GLVNXUVDQDO\WLVFKHQ V\VWHPWKHRUHWLVFKHQ RGHU DQGHUHQ HUVHW]W VRQGHUQ GXUFK VLH HUJlQ]W ZXUGHQ XQG ZHUGHQ ,Q]ZLVFKHQ PHKUHQ VLFK DXFKLQGHUOLWHUDWXUWKHRUHWLVFKHQ'LVNXVVLRQGLH6WLPPHQGLHGHQ$XWRUEH

³³³³³³³³³³  9JODXFK0DUJROLQ  

:LOOLDPV.:LPVDWW0RQURH&%HDUGVOH\'HULQWHQWLRQDOH)HKOVFKOX‰5RODQG%DUWKHV 'HU 7RG GHV $XWRUV 0LFKHO )RXFDXOW :DV LVW HLQ $XWRU" ² $OOH 7H[WH LQ -DQQLGLVXD  





1DUUDWLYH.RPPXQLNDWLRQ



JULIIZHQQ DXFKQXUEHLVRUJIlOWLJHU5HIRUPXOLHUXQJIUQW]OLFKHUDFKWHQ XPEHVWLPPWH)UDJHVWHOOXQJHQ]XYHUIROJHQ )UGDVKLHUDQJHVSURFKHQH0RGHOOQDUUDWLYHU.RPPXQLNDWLRQVLQG]ZHL $VSHNWH GHV %HJULIIV ¿$XWRU¾ UHOHYDQW 5HODWLY XQEHVWULWWHQ VFKHLQW GLH %UDXFKEDUNHLWGHV%HJULIIVIUGLHKLVWRULVFKHXQGNXOWXUHOOH6LWXLHUXQJHLQHV 7H[WHV]XVHLQ'HU$XWRUDOV8UKHEHUGHV7H[WHVELHWHWGDPLW]XJOHLFKGDV ,QVWUXPHQW GHQ 7H[W PLW EHVWLPPWHQ 6SUDFK XQG :LVVHQVEHVWlQGHQ ]X YHUELQGHQ XQG DQGHUH 9HUELQGXQJHQ DXV]XVFKOLH‰HQ 2IIHQVLFKWOLFK VLQG $XWRUHQ DEHU QLFKW WUDQVSDUHQWH 'XUFKJDQJVVWDWLRQHQ IU VROFKH :LVVHQV IRUPHQ VRQGHUQ KDEHQ VLFK GLHVH DNWLY XQG VHOHNWLY DQJHHLJQHW XQG GDEHL YHUIRUPW XQG YHUlQGHUW 'HXWOLFK XPVWULWWHQHU LVW QXQ GLH )UDJH ZHOFKH 5ROOHGLHVHDNWHXUVSH]LILVFKH/HLVWXQJEHLGHU$QDO\VHYRQOLWHUDULVFKHQ7H[ WHQVSLHOHQVROO=ZHLNULWLVFKH$UJXPHQWDWLRQVPXVWHUODVVHQVLFKLGHQWLIL]LH UHQ:LPVDWW%HDUGVOH\KDEHQEHWRQWGD‰]XU(UPLWWOXQJHLQHU7H[WEHGHX WXQJ GHU %H]XJ DXI GHQ $XWRU LUUHOHYDQW VHL GD /H[LNRQ XQG *UDPPDWLN |IIHQWOLFKHDOOJHPHLQ]XJlQJOLFKH.RQYHQWLRQHQVHLHQXQGQXUGLHVHEHLGHU (UPLWWOXQJGHU7H[WEHGHXWXQJKHUDQJH]RJHQZHUGHQPVVHQ6LHVLQGGDPLW NODVVLVFKH 9HUWUHWHU HLQHV FRGHEDVLHUWHQ .RPPXQLNDWLRQVPRGHOOV :HLWHU XQWHQ ZHUGHQ GLH *UQGH GLH IU HLQ DQGHUHV HLQ LQIHUHQ]EDVLHUWHV .RP PXQLNDWLRQVPRGHOO VSUHFKHQ DXVIKUOLFKHU GDUJHOHJW +LHU VHL QXU GDUDQ HULQQHUW GD‰ HV DOOJHPHLQ EOLFKH OLWHUDWXUZLVVHQVFKDIWOLFKH 3UD[LV LVW ]XU )HVWVWHOOXQJREHLQ7H[WRGHUHLQH7H[WSDVVDJHDOVLURQLVFKDXI]XIDVVHQVHL WH[WLQWHUQH,URQLHVLJQDOHDEHUHEHQDXFKGDV:LVVHQEHUGHQ$XWRUKHUDQ ]X]LHKHQ (EHQVR VSULFKW GHU 8PVWDQG GD‰ $XWRUHQZ|UWHUEFKHU NHLQHV ZHJVLGHQWLVFKPLWGHP]HLWJHQ|VVLVFKHQ/H[LNRQVLQGGDIUGLH5ROOHGHV $NWHXUVHWZDVVWlUNHU]XJHZLFKWHQ )RXFDXOW 5HSUlVHQWDQW GHV ]ZHLWHQ $UJXPHQWDWLRQVPXVWHUV VLHKW LP ¿$XWRU¾HLQH$UW6HOEVWWlXVFKXQJGHV5H]LSLHQWHQ GDVZDVPDQDQHLQHP,QGLYLGXXPDOV$XWRUEH]HLFKQHWRGHUGDVZDVDXVHLQHP,QGLYL GXXPHLQHQ$XWRUPDFKW >LVW@QXUGLHPHKUELVPLQGHUSV\FKRORJLVLHUHQGH3URMHNWLRQGHU %HKDQGOXQJGLHPDQ7H[WHQDQJHGHLKHQOl‰WGHU$QQlKHUXQJHQGLHPDQYRUQLPPWGHU

³³³³³³³³³³  9JOGLHQRFKZHLWJHKHQGLPPDQHQWH.ULWLNLQ%XUNH GLH:HLWHUIKUXQJSKLORVR

SKLVFKEDVLHUWHULQWHQWLRQDOLVWLVFKHU6WDQGSXQNWHLQ,VHPLQJHU DXVV\VWHPWKHRUHWL VFKHU 3HUVSHNWLYH DEHU YRU DOOHP PLW KEVFKHQ $QHNGRWHQ :HUEHU6W|FNPDQQ   DX‰HUGHPGLH%HLWUlJHLQ-DQQLGLVXD   5DGLNDOH,QWHUWH[WXDOLWlWVSRVLWLRQHQKDOWHQDOOHUGLQJVDXFKGLHVH'LIIHUHQ]LHUXQJVIXQNWLRQ IUIUDJZUGLJYJOHWZD.ULVWHYD>@ 





1DUUDWLYH.RPPXQLNDWLRQ 0HUNPDOH GLH PDQ IU HUKHEOLFKKlOWGHU .RQWLQXLWlWHQ GLHPDQ]XOl‰WRGHU GHU$XV VFKOVVHGLHPDQPDFKW

'HU 8PJDQJ GHV /HVHUV PLW GHP 7H[W ZLUG DXI GHQ $XWRU SURML]LHUW GHU /HVHU PDFKW GDV ,QGLYLGXXP GDV GHQ 7H[W YHUID‰W KDW HUVW ]XP ¿$XWRU¾ 'LHVH$QDO\VHLVWZRKOHEHQVRVFKDUIVLQQLJZLHNRUUHNWQXUVRGUDPDWLVFK ZLHVLHLQ)RXFDXOWV7H[WHUVFKHLQWLVWVLHQLFKWGHQQZDVZlUHGLH$OWHUQDWL YH"(LJHQWOLFKQXUGDV3DUDGR[HLQHVGLUHNWHQQLFKWPHGLDOLVLHUWHQ.RQWDNWV ]XP$XWRUGHUGXUFKGDV0HGLXPGHU6FKULIWYHUPLWWHOWZLUG7DWVlFKOLFKLVW HLQHVROFKHSDUDGR[H(UIDKUXQJRIWGHU(IIHNWVFKULIWOLFKHU.RPPXQLNDWLRQ XQGGHUEHVRQGHUH*HZLQQYRQ)RXFDXOWV$QDO\VHOLHJWGDULQGLHVHQ/HNW UHSUR]H‰GHUVRDXWRPDWLVLHUWXQGVFKQHOOYRQVWDWWHQJHKWZLHHVQXUODQJH 6R]LDOLVDWLRQ P|JOLFK PDFKW JHVW|UW XQG GDPLW JOHLFKVDP YHUODQJVDPW XQG GHU $QDO\VH ]XJlQJOLFK JHPDFKW ]X KDEHQ (WZDV LUUHIKUHQG LVW DEHU GHU DQJHEOLFKH *HJHQVDW] ]ZLVFKHQ GHU 7lXVFKXQJ XQG 6FKHLQEDUNHLW GHU¿SV\ FKRORJLVLHUHQGHQ 3URMHNWLRQ¾ HLQHUVHLWV XQG GHU VLFKHU EHVFKUHLEEDUHQ ¿%H KDQGOXQJGHU7H[WH¾DQGHUHUVHLWVGDGLHSV\FKRORJLVFKH3URMHNWLRQNHLQ7HLO LVWGHQPDQYRQGHU%HKDQGOXQJDE]LHKHQNDQQVRQGHUQLKULQWHJUDOHU%H VWDQGWHLO'DV3UREOHPDWLVFKHLVWLQVJHVDPWZHQLJHUGHUDQDO\WLVFKH7HLOYRQ )RXFDXOWV 7H[W VRQGHUQ YLHOPHKU VHLQH (QWODUYXQJVXQG%HIUHLXQJVUKHWR ULN GHQQ GLHVH VXJJHULHUW ZLH MD DXFK GLH EHNDQQWH 8WRSLH DP (QGH GHV 7H[WVGD‰HLQ9HU]LFKWDXIGDV.RQ]HSW¿$XWRU¾LQLUJHQGHLQHU:HLVHEHVVHU XQGGHP*HJHQVWDQGDGlTXDWHUZlUHXQGGLH9HUZHQGXQJGHV%HJULIIVDXI HLQHU$UW7lXVFKXQJEHUXKH 0DQPX‰VLFKYRU$XJHQKDOWHQGD‰)RXFDXOWGDV%LOGGHU.RPPXQLND WLRQDXVGHU3HUVSHNWLYHGHV5H]LSLHQWHQ]HLFKQHW$XVGHU3HUVSHNWLYHGHV $XWRUVVWHOOWHVVLFKHWZDVDQGHUVGDU'LH5HJHOQ]XU.RQVWUXNWLRQGHV$X WRUV VLQG MD GHQ $XWRUHQ HEHQIDOOV EHNDQQW XQG ZHUGHQ YRQ LKQHQ LQ GHU .RPPXQLNDWLRQ YRUDXVJHVHW]W XQG YHUZHQGHW XP LKUH NRPPXQLNDWLYHQ =LHOH]XHUUHLFKHQ]XGHQHQLQYLHOHQ)RUPHQOLWHUDULVFKHU.RPPXQLNDWLRQ EULJHQVQLFKW]XOHW]WGLH9HUPLWWOXQJHLQHVEHVWLPPWHQ$XWRUELOGHVJHK|UW 'LH )RUP GHU ª%HKDQGOXQJ GLH PDQ 7H[WHQ DQJHGHLKHQ Ol‰W© LVW DOVR 7HLO GHU (UZDUWXQJVHUZDUWXQJHQ GLH GLHVH VSH]LILVFKH .RPPXQLNDWLRQ LQ LKUHU ³³³³³³³³³³  )RXFDXOW  

(U JUHQ]W GLHV VHOEVW ZLHGHU HLQ DOOHUGLQJV QXUDQYHUVWHFNWHU 6WHOOHYJOGLH 9DULDQWHLQ GHUDPHULNDQLVFKHQ)DVVXQJGHV7H[WHVHEGD6I9JO]XULQWHQVLYHUHQ$XVHLQDQGHU VHW]XQJ PLW )RXFDXOWV $XIVDW] -DQQLGLV   )RXFDXOWV KLVWRULVFKH 7KHVHQ VLQG EH NDQQWOLFKLQ]ZLVFKHQZLHGHUKROWGLIIHUHQ]LHUWXQGSUREOHPDWLVLHUWZRUGHQLQVJHVDPWSDV VHQ GLH KLVWRULVFKHQ %HIXQGH NDXP ]X VHLQHQ +\SRWKHVHQ KDEHQ DEHU LQWHQVLYH KLVWRUL VFKH)RUVFKXQJDQJHUHJWYJO%HLQ 6FKRO] 





1DUUDWLYH.RPPXQLNDWLRQ



EHVRQGHUHQ )RUP EHUKDXSW HUVW HUP|JOLFKW 8QG ZHQQ PDQ YRQ GLHVHQ 3UR]HVVHQDEVLHKWGDQQLVWPDQQLFKWPLWGHPHLJHQWOLFKHQLQ)RUPGHUYRQ SV\FKRORJLVFKHQ3URMHNWLRQHQXQYHUIlOVFKWHQ7H[WHQNRQIURQWLHUWVRQGHUQ PLW =HLFKHQ RKQH *HEUDXFKVUHJHOQ 'LH ¿7H[WH¾ VLQG DOVR QXU VFKHLQEDU KDQGIHVWHU LP 9HUJOHLFK ]XU SV\FKRORJLVLHUHQGHQ 6SHNXODWLRQ 7DWVlFKOLFK VLQGVLHDEHUNHLQP|JOLFKHV5FN]XJVJHELHWIUIU|KOLFKH3RVLWLYLVWHQVRQ GHUQVLHVLQG=HLFKHQWUlJHULQHLQHPNRPPXQLNDWLYHQ3UR]H‰GHU([LVWHQ] XQG9HUZHQGXQJGLHVHU6SHNXODWLRQYRUDXVVHW]W2KQHGLH6SHNXODWLRQJLEW HVQLFKWGLH7H[WH²QXQHUVWULFKWLJXQGRKQH7lXVFKXQJJHVHKHQ²VRQGHUQ OHGLJOLFKVFKZDU]H)OHFNHQDXIGHP3DSLHU 'LH,QWHQWLRQGHV$XWRUVLVWGRFKGDVKDWPDQDX‰HUGHPJHJHQVLHHLQ JHZDQGWNDXP]XYHUOlVVLJ]XHUPLWWHOQ*HJHEHQVHLGHU7H[WHUPVVHGLH %DVLV IU DOOH ZHLWHUHQ $QQDKPHQ VHLQ %HKHOIVNRQVWUXNWLRQHQ ZLH ¿7H[WLQ WHQWLRQ¾RGHU¿LPSOL]LWHU$XWRU¾YHUGHXWOLFKHQGLHXQJOFNOLFKH=ZLVFKHQVWHO OXQJYRQWKHRUHWLVFKHQ3RVLWLRQHQGLHHLQH,QVWDQ]GHUGLH*HVWDOWXQJGHV 7H[WHVVRZLHGLH$XVZDKOVHLQHU(OHPHQWH]XJHVFKULHEHQZHUGHQNDQQIU XQDEGLQJEDU KDOWHQ DQGHUHUVHLWV DEHU GHQ 5FNJULII DXI GHQ WH[WH[WHUQHQ $XWRUVFKHXHQ9LHOOHLFKWNDQQPDQVROFKH%HGHQNHQ]HUVWUHXHQLQGHPPDQ QRFK HLQPDO GDUDXI KLQZHLVW GD‰ DXFK LQ GHU $OOWDJVNRPPXQLNDWLRQ GLH SULYDWHQ ,QQHQ]XVWlQGH YRQ 0HQVFKHQ QLFKW ]XJlQJOLFK VLQG 'HU %HJULII ¿6SUHFKHULQWHQWLRQ¾ EH]HLFKQHW DXFK LQ GHU DOOWlJOLFKHQ 9HUZHQGXQJ NHLQHQ PHQWDOHQ =XVWDQG GHV 6SUHFKHUV LQ VHLQHU LQGLYLGXHOOHQ XQG GDPLW DXFK OHW]WHQGOLFKXQ]XJlQJOLFKHQ9LHOVFKLFKWLJNHLWVFKRQDOOHLQGDGLHVHU=XVWDQG ]DKOUHLFKH QLFKW NRPPXQL]LHUEDUH (OHPHQWH HQWKDOWHQ NDQQ YLHOPHKU ZLUG PLW ¿6SUHFKHULQWHQWLRQ¾ RGHU ¿$XWRULQWHQWLRQ¾ HLQ $VSHNW GHU .RPPXQLNDWLRQ EH]HLFKQHW QlPOLFK HLQ DXIJUXQG GHV *HVDJWHQ XQG DOOHU UHOHYDQWHQ .RQ WH[WLQIRUPDWLRQHQ UHJHOKDIW HUPLWWHOEDUHV .RQVWUXNW 6RZRKO GHU8UKHEHU HLQHU bX‰HUXQJ DOV DXFK GHUHQ 5H]LSLHQW N|QQHQ DQQHKPHQ GD‰ GLHVHV .RQVWUXNWLQHEHQGLHVHU:HLVHJHELOGHWZHUGHQVROO $QJHQRPPHQ GHU 6SUHFKHU lX‰HUW ; 9RQ VHLWHQGHV6SUHFKHUVLVW GLHV HLQH9RUJDEHDQGHQ+|UHU:HQQLFK;VDJHGDQQNDQQLFKHUZDUWHQGD‰ GHU +|UHU @WKDWHYHQLIE\DIOXNHWKHDXWKRULVVWLOODYDLODEOHIRUFRPPHQWDQGZLOOLQJWR





1DUUDWLYH.RPPXQLNDWLRQ

IUHLQHQOLWHUDULVFKHQ7H[WQLFKWGLUHNWJHJHEHQOHGLJOLFKIUHLQ]HOQH6lW ]HXQG3DVVDJHQELOGHWGHU*HVDPWWH[WHLQHVROFKH6LWXDWLRQ'KGLHLQVWLWX WLRQHOOH 6LWXDWLRQ HQWKlOW DOOH UHOHYDQWHQ ,QIRUPDWLRQHQ 'DV OlGW QDWUOLFK GD]XHLQGHQ%HJULIIHWZDV]XGLIIHUHQ]LHUHQ 'LH YHUEUHLWHWH *OHLFKVHW]XQJ YRQ¿6LWXDWLRQ¾XQG¿.RQWH[W¾YHUZLVFKW GD‰PDQKLHU]ZHLXQWHUVFKLHGOLFKH9HUDUEHLWXQJVULFKWXQJHQEHLGHU5HNRQ VWUXNWLRQ XQWHUVFKHLGHQ NDQQ %HVWLPPW PDQ GLH ¿6LWXDWLRQ¾ ZLH HV MD DXFK GLH DOOWlJOLFKH 9HUZHQGXQJ GHV :RUWHVQDKHOHJWDOVHLQH,QIRUPDWLRQVNRQ VWHOODWLRQ LQ +LQEOLFN DXI GLH $FKVHQ 5DXP ]% ªDP 5DQGH GHU .OLSSH©  =HLW ] % ª 0LQXWHQ YRU ©  XQG +DQGOXQJ(UHLJQLV ] % ªNUDQN XQG KRFKYHUVFKXOGHW© GDQQNDQQPDQGLH5HNRQVWUXNWLRQGHU6LWXDWLRQDOVERW WRPXSSURFHVVLQJEHVFKUHLEHQGKDOVHLQ$XVJHKHQYRQGHQJHJHEHQHQ'DWHQ XQG GHUHQ 9HUQHW]XQJ LQ ZHLWHUJHKHQGHQ ,QIRUPDWLRQV]XVDPPHQKlQJHQ VSULFKGHUHQ.RQWH[WXDOLVLHUXQJ(LQH$QDO\VHGHU.RPPXQLNDWLRQVVLWXD WLRQ YRQ OLWHUDULVFKHQ 7H[WHQ JHKW DOVR IU GLH 5H]HSWLRQVVHLWH YRQ GHQ UDXP]HLWOLFKHQ *HJHEHQKHLWHQ DXV XQG XPID‰W PLQGHVWHQV GLH IROJHQGHQ $VSHNWH • GHU2UW]%6FKXOHSULYDWHXQG|IIHQWOLFKH%LEOLRWKHNOLWHUDUL VFKHU=LUNHO%XFKKDQGOXQJ  ³³³³³³³³³³

GLVFXVVKHUWH[WVKHLVRQHLQWHUSUHWHUDPRQJRWKHUV© (LJHQWOLFKJHELHWHWGLH/RJLN :HQQ GLH IHKOHQGH 0|JOLFKNHLW GHV )HHGEDFNV GDV ZHVHQWOLFKH .ULWHULXP IU GLH ,UUHOH YDQ]GHV$XWRUVLQGHUVFKULIWOLFKHQ.RPPXQLNDWLRQLVWGDQQZLUGGLHVHV.ULWHULXPKLQ IlOOLJGXUFKGLH0|JOLFKNHLWGHQ$XWRU]XEHIUDJHQ$EHUGDV$[LRPLVWVRIHVWYHUZXU ]HOW GD‰ QLFKW QXU DQ GLHVHU 6WHOOH HKHU GLH /RJLN QDFKJHEHQ PX‰ 'LH %H]HLFKQXQJ ¿3UDJPDWLN¾ LP 7LWHO EH]LHKWVLFKQLFKW DXI GHQ 9HUVXFK $QVFKOX‰ EHL GHU OLQJXLVWLVFKHQ 3UDJPDWLN ]X VXFKHQ VRQGHUQ DXI HLQ .RQ]HSW YRQ ,QWHUSUHWDWLRQ DOV 6SUDFKVSLHO GDV ZHLWJHKHQGDEHURKQH%HJUQGXQJXQGRIWDXFKRKQH+LQZHLVGLH3RVLWLRQ(FRVLQ'LH *UHQ]HQGHU,QWHUSUHWDWLRQQDFK]HLFKQHWGD‰GHUUHDOH$XWRU]ZDUNHLQHQ(LQIOX‰DXIGLH,Q WHUSUHWDWLRQVP|JOLFKNHLWHQVHLQHV7H[WHVKDEHGHU7H[WVHOEVWDEHUGLH0|JOLFKNHLWHQGHU 'HXWXQJOLPLWLHUWYJO(FR   (V JLEW VHOEVWYHUVWlQGOLFK .RQWH[WH LQ GHP ZHLWHU XQWHQ H[SOL]LHUWHQ 6LQQ GLH VLFK DQ HLQHQ OLWHUDULVFKHQ 7H[W DQOHJHQ ODVVHQ ]% 7H[WH GHU JOHLFKHQ *DWWXQJ RGHU GDV *H VDPWZHUNGHV$XWRUVXPQXUGLH ]ZHL.RQWH[WH]XQHQQHQGLHDPKlXILJVWHQKHUDQJH ]RJHQZHUGHQ  9JO(KOLFKLQ*OFN   8PJHNHKUWZLUGGDQQPLWGHP%HJULII¿.RQWH[W¾HLQWRSGRZQSURFHVVLQJEH]HLFKQHWEHLGHP GHU ZHLWHUJHKHQGH ,QIRUPDWLRQV]XVDPPHQKDQJ ]% GDV :LVVHQ EHU GLH (QWZLFNOXQJ GHU*DWWXQJ5RPDQXQGHLQHUEHVWLPPWHQ8QWHUJDWWXQJRGHUGLH6SUDFKJHVFKLFKWHJHJH EHQLVWXQGYRQGRUWDXV$QVFKOVVH]XPJHJHEHQHQ:HUNKHUJHVWHOOWZHUGHQ,QGHU3UD [LVZLUGPDQZRKOVWHWVHLQ:HFKVHOGHUEHLGHQ%OLFNULFKWXQJHQILQGHQ





1DUUDWLYH.RPPXQLNDWLRQ



•

GHU=HLWSXQNW]%6FKXOXQWHUULFKW8QLYHUVLWlWVVHPLQDU)UHL]HLW ² DEHU HEHQ QLFKW ZlKUHQG GHV .XQGHQJHVSUlFKV PLW GHP )L QDQ]EHUDWHU  • LP .RQWH[W ZHOFKHU +DQGOXQJVDEOlXIH ]% 9RUEHUHLWHQ IU 3UIXQJHQ %LOGXQJ YHUUHJQHWHQ 6RQQWDJQDFKPLWWDJ IOOHQ $XVHLQDQGHUVHW]XQJPLWHLQHP$XWRUZHUNXVZ  • LQZHOFKHU*HVWDOW o LQZHOFKHP0HGLXP]%ORVH%OlWWHU%XFKHOHNWURQL VFKHU7H[W  o ZLH VLQG GLH %LQQHQGLIIHUHQ]LHUXQJVPHUNPDOH GHV 0H GLXPV ]% (LQEDQG /D\RXW 3DSLHUVRUWH ,OOXVWUDWLR QHQ JHQXW]W o LQZHOFKHUWH[WXHOOHQ8PJHEXQJHUVFKHLQWGHU7H[WGHU 7H[W QLPPW GDV SK\VLVFKH 0HGLXP JDQ] HLQ ]% HLQ 5RPDQ LQ %XFKIRUP RGHU QXU WHLOZHLVH ]% HLQH (U ]lKOXQJLQHLQHP6DPPHOEDQG  o ZLHLQWHJUDOZLUGHUSUlVHQWLHUW]%YROOVWlQGLJRGHUDOV 7HLOHLQHU)RUWVHW]XQJ  o LVWGHU7H[WGXUFK8QWHUWLWHO5HLKH9HUODJXVZ7HLOHL QHU VSH]LILVFKHQ 7H[WVRUWH]%,OOXVWULHUWHQURPDQ.L RVNKHIWFKHQRGHUHUQVWH/LWHUDWXU  :HOFKH GLHVHU )DNWRUHQ DOV NRQWLQJHQW ZHOFKH DOV NRQVWLWXWLY XQG ZHOFKH ]XPLQGHVW DOV 9RULQIRUPDWLRQ IU GLH QDUUDWLYH .RPPXQLNDWLRQ EHKDQGHOW ZHUGHQ LVW RIIHQVLFKWOLFK KLVWRULVFK XQG NXOWXUHOO YDULDEHO 6HOEVWEHVFKUHL EXQJXQGWDWVlFKOLFKHV9HUKDOWHQNODIIHQHEHQVRRIIHQVLFKWOLFKDXVHLQDQGHU 'RFK GDPLW LVW QXU HLQH (EHQH GHU OLWHUDULVFKHQ .RPPXQLNDWLRQ HUID‰W QlPOLFK GLH GHV ¿6R]LDOV\VWHPV /LWHUDWXU¾ LQ GHP XD $XWRU XQG /HVHU EHWHLOLJWVLQG'HU7H[WVHOEVWQLPPWQXULQGHQDOOHUVHOWHQVWHQ$XVQDKPHQ DXI GLHVH VLWXDWLYHQ )DNWRUHQ GHV 6R]LDOV\VWHPV /LWHUDWXU GLUHNW%H]XJZDV ]XGHUREHQDQJHIKUWHQ(LQVFKlW]XQJGLH6LWXDWLRQVHLLUUHOHYDQWVLFKHUOLFK EHLJHWUDJHQ KDW GHQQRFK LVW HLQ 7HLO GLHVHU ,QIRUPDWLRQHQ UHOHYDQW IU GLH $UWGHU%HGHXWXQJVNRQVWLWXWLRQ :HQQHVLQHLQHPOLWHUDULVFKHQ7H[WKHL‰Wª,P0DLJHVFKDKHVGD‰2QNHO *RWWKROG.RQVXO*RWWKROG%XGGHQEURRNQXQVHFK]LJMlKULJLQHLQHUWUDXUL ³³³³³³³³³³  6R ODXWHW GLH LQ]ZLVFKHQ LP $QVFKOX‰ DQ GLH VR]LRORJLVFKH 6\VWHPWKHRULH HWDEOLHUWH *H

VDPWEH]HLFKQXQJ IU DOOH DQ GHU+HUVWHOOXQJ 9HUWHLOXQJ 9HUDUEHLWXQJXQG.RQVXPWLRQ YRQ OLWHUDULVFKHQ 7H[WHQ %HWHLOLJWHQ XQG LKUH JHVHOOVFKDIWOLFKHQ 5ROOHQ YJO]%6FKPLGW  





1DUUDWLYH.RPPXQLNDWLRQ

JHQ1DFKWYRQ+HU]NUlPSIHQEHIDOOHQZDUG>@© GDQQZLUGNHLQOLWHUDULVFK VR]LDOLVLHUWHU/HVHUGDV¿QXQ¾DXIVHLQH=HLWEH]LHKHQXQGDXFKQLFKWDQQHK PHQGD‰VHLQ2QNHOYHUVWRUEHQVHL0DQKDWGLHVHV3KlQRPHQVHKUWUHIIHQG DOV 9HUVFKLHEXQJ GHU ,FK-HW]W+LHU 2ULJR EHVFKULHEHQ 'LH 5HODWLRQ GHU :DKUQHKPXQJVLQVWDQ]]XGHQ)LJXUHQEHVWLPPWGDEHLGHQ(QGSXQNWGLHVHU 9HUVFKLHEXQJ(UNDQQEHLHLQHURGHUPHKUHUHQGHU)LJXUHQOLHJHQEHLGHU (U]lKOHUILJXURGHUDXFKEHLHLQHU:DKUQHKPXQJVLQVWDQ]GLHDQNHLQH(QWL WlW GHU HU]lKOWHQ :HOW IL[LHUW LVW %HNDQQWOLFK NDQQ GLH :DKUQHKPXQJVLQ VWDQ]HLQHQDQGHUHQ8UVSUXQJKDEHQDOVGLH(U]lKOVWLPPH%HLGHU(LJHQ VFKDIWHQELOGHQZLHGHUXP$VSHNWHHLQHUZHLWHUHQ.RPPXQLNDWLRQVVLWXDWLRQ GLH GHQ (U]lKOHU XQG HLQHQ PHKU RGHU ZHQLJHU GHXWOLFK DQJHVSURFKHQHQ /HVHULP7H[WXPID‰W$XVGHQREHQDQJHIKUWHQ*UQGHQNDQQHVQRWZHQ GLJVHLQ]ZLVFKHQGHP¿(U]lKOHU¾XQGGHP¿LPSOL]LWHQ$XWRU¾]XGLIIHUHQ]LH UHQXQGGDVJOHLFKHJLOWDXFKIUGLH/HVHUUROOH$XFKVLHNDQQLQHLQHQ0R GHOO/HVHU XQG HLQH DXVJHIKUWH /HVHUILJXU ]HUIDOOHQ ZHQQ OHW]WHUH GXUFK 7H[WVLJQDOH RGHU GDV 9HUKlOWQLV ]X GHQ JHVHOOVFKDIWOLFKHQ 1RUPHQ DOV QXU VFKHLQEDUYDOLGH3RVLWLRQHWDEOLHUWZLUG)ROJHQGH$VSHNWHVLQGPLQGHVWHQV UHOHYDQWIUGLHVH.RPPXQLNDWLRQVVLWXDWLRQ • :HOFKH VSUDFKOLFKHQ 5HJLVWHU XQG ZHOFKH 7KHPHQ ZHUGHQ JH ZlKOW" • :HOFKHV :LVVHQ ZLUG EHLP /HVHU LP 7H[W YRUDXVJHVHW]W ]% 0\WKRORJLVFKH $QVSLHOXQJHQ  ZDV ZLUG DOV QHXH ,QIRUPDWLRQ EHKDQGHOWXQGLQZHOFKHU:HLVHZLUGGDVQHXH:LVVHQYHUPLWWHOW ]% H[SOL]LWH 1HQQXQJ YHUVFKLHGHQH 9HUIDKUHQ GHU ,QIHUHQ] ELOGXQJ  ³³³³³³³³³³  %XGGHQEURRNV6 

9JO %KOHU>@  +DPEXUJHU >@  HLQH6DPPOXQJYRQ$XIVlW]HQGLH GLHXQWHUVFKLHGOLFKH+DQGKDEXQJGHU'HL[LVLQ(U]lKOWH[WHQXQWHUVXFKWKDWHLQHLQWHUGLV ]LSOLQlUH DPHULNDQLVFKH $UEHLWVJUXSSH YRUJHOHJW RKQH DOOHUGLQJV VLFKWEDU EHU GDV YRQ %KOHUXQG+DPEXUJHUHUDUEHLWHWHKLQDXV]XNRPPHQ'XFKDQ%UXGHU+HZLWW   .lWH +DPEXUJHUV )HVWVWHOOXQJ GD‰ (QGSXQNWH GHU 9HUVFKLHEXQJ GLH ªILNWLYHQ ,FK 2ULJLQHVGHU5RPDQJHVWDOWHQ©VHLHQLVWLQLKUHU$XVVFKOLH‰OLFKNHLWVLFKHUOLFKQLFKW]XKDO WHQZLHMDVFKRQLKUHHLJHQH$QDO\VHGHV6DW]HVDXVGHQ%XGGHQEURRNVQDKHOHJWGLHLQGHU XQSODXVLEOHQ 7KHVH PQGHW DQ GLHVHU 6WHOOH KDEH 7KRPDV 0DQQ ªVR]XVDJHQ GHQ 5DXP GHU )LNWLRQ YHUODVVHQ© ZHLO GLH ² DXIJUXQG GHU LP 6DW] YHUZHQGHWHQ 'HLNWLND ]X HUPLW WHOQGH²2ULJRQLFKWPLWHLQHUGHU)LJXUHQ]XVDPPHQIlOOWYJOHEGD6  9JO*HQHWWH GHUGLHVH8QWHUVFKHLGXQJXQWHUGHQPQHPRWHFKQLVFKXQIUHXQGOLFKHQ %HJULIIHQ¿0RGXV¾XQG¿6WLPPH¾EHKDQGHOW  0LU LVW NHLQ 7H[W EHNDQQW LQ GHP GLH 'LIIHUHQ]LHUXQJ GHU /HVHUUROOH LP 7H[W QLFKW PLW HLQHUQRWZHQGLJHQ8QWHUVFKHLGXQJYRQLPSOL]LWHP$XWRUXQG(U]lKOHUHLQKHUJHKW





1DUUDWLYH.RPPXQLNDWLRQ



•

:HOFKH]HLWOLFKH3RVLWLRQ]XPJHVFKLOGHUWHQ*HVFKHKHQKDWGLH (U]lKOVWLPPH" • :HOFKH ]HLWOLFKH 3RVLWLRQ ]XP *HVFKHKHQ ZLUG GHP /HVHU DQ JHZLHVHQ" • :HOFKH'LVWDQ]XQGZHOFKH(LQVWHOOXQJ]XP*HVFKHKHQZHLVHQ (U]lKOVWLPPHXQG:DKUQHKPXQJVLQVWDQ]DXI" 'LH $QWZRUWHQ DXI GLH OHW]WHQ GHU JHQDQQWHQ)UDJHQ ZHUGHQEOLFKHUZHLVH GXUFKGLH$XVZHUWXQJGHU'HLNWLNDXQGGHU=XRUGQXQJGHULP7H[WJHJHEH QHQ,QIRUPDWLRQHQ]XP|JOLFKHQ,QIRUPDWLRQVTXHOOHQ6RVFKOLH‰WPDQHWZD YRQ GHU 6FKLOGHUXQJ GHU *HIKOH HLQHU )LJXU GDUDXI GD‰ HV VLFK XP HLQH ,QQHQVLFKWKDQGHOWGKGD‰GLH:DKUQHKPXQJVLQVWDQ]]XGLHVHP=HLWSXQNW =XJDQJ]XP,QQHQOHEHQGHU)LJXUKDW*UXQGODJHGLHVHU$UWYRQ=XVFKUHL EXQJ LVW GLH hEHUWUDJXQJ GHU )XQNWLRQVZHLVH H[SRVLWRULVFKHU XQG OHEHQV ZHOWOLFKHU .RQ]HSWH DXI GLH HU]lKOWH :HOW =XPLQGHVW IU GLH ZHVWOLFKH /LWHUDWXU GHU OHW]WHQ  -DKUH VFKHLQW GLHVH 8PJDQJVZHLVH PLW ILNWLRQDOHQ 7H[WHQ HLQ VR VWDELOHU 7HLO GHU OLWHUDULVFKHQ .RPPXQLNDWLRQ ]X VHLQ GD‰ $XWRUHQ VLH ELV LQ GLH *HJHQZDUW KLQHLQHUIROJUHLFKDXVQXW]HQ XPLKUHMH ZHLOLJHILNWLRQDOH:HOW]XHQWZHUIHQ =XGHQEHLGHQ(EHQHQ¿UHDOHU$XWRU²UHDOHU/HVHU¾XQG¿(U]lKOHU²=X K|UHUQDUUDWLYHU/HVHU¾GLHVLFKVWHWVLQGHUOLWHUDULVFKHQ .RPPXQLNDWLRQ ILQGHQ NRPPW GLH (EHQH GHU .RPPXQLNDWLRQHQ LQQHUKDOE GHU HU]lKOWHQ :HOW'LHVH(EHQHPX‰QLFKWYRUKDQGHQVHLQLVWHVDEHUIDNWLVFKQDKH]X ³³³³³³³³³³  9JOGLHHUVFK|SIHQGH6\VWHPDWLNLQ*HQHWWH  

1DFK.lWH+DPEXUJHUV$QDO\VHLVWGLHVHhEHUWUDJXQJHLQ)HKOHUZHLOªGLH=HLJZ|UWHULQ GHU )LNWLRQ DXV GHP =HLJIHOG LQ GDV %HJULIIV RGHU 6\PEROIHOG GHU 6SUDFKH EHUJHKHQ©   6LH ªYHUOLHUHQ LQ GHU )LNWLRQ LKUH GHLNWLVFKH H[LVWHQWLHOOH )XQNWLRQ GLH VLH LQ GHU :LUNOLFKNHLWVDXVVDJHKDEHQXQGZHUGHQ]X6\PEROHQEHLGHQHQGLHUlXPOLFKHE]Z]HLW OLFKH$QVFKDXXQJ]X%HJULIIHQYHUEOD‰WLVW©HEGD 'LHVH7KHVHEHUEHZHUWHWZRKOGLH )ROJHQ GLH GXUFK GLH 9HUVFKLHEXQJ GHU ,FK2ULJR LQ GHU )LNWLRQ HQWVWHKHQ 'LH 5DXP XQG =HLWGHLNWLND GLHQHQ LPPHU QRFK ]XU .HQQ]HLFKQXQJ GHU UlXPOLFKHQ XQG ]HLWOLFKHQ 'LPHQVLRQHQUHODWLY]XU QHXHQ 3RVLWLRQGHU,FK2ULJR0DQNDQQGLHV3KlQRPHQZRKO ]ZDQJORVHU PLW GHU 7KHRULH ILNWLRQDOHU :HOWHQ HUNOlUHQ QlPOLFK GD‰ GXUFKGLH 'HLNWLND HLQH,FK2ULJRLQGHUILNWLRQDOHQ:HOWIL[LHUWZLUGXQGYRQGRUWDXVGLH5DXPXQG=HLW GLPHQVLRQHQ JOHLFKVDPDXIJHVSDQQWZHUGHQ9JO+DPEXUJHU >@  XQG'ROHæHO    'LH 0HWDSKHU YRQ GHQ .RPPXQLNDWLRQVHEHQHQ LVW VHKU QW]OLFK VROOWH DEHU QLFKW GD]X YHUIKUHQ JOHLFKI|UPLJH .RPPXQLNDWLRQVSUR]HVVH DXI MHGHU (EHQH DQ]XQHKPHQ RGHU GDUDXVHLQHQ6\VWHP]ZDQJDE]XOHLWHQ7DWVlFKOLFKVLQGGLHEHLGHQ6HLWHQGHU.RPPXQLND WLRQDXVGHUKLHUJHVFKLOGHUWHQ3HUVSHNWLYHHLQHUDQDO\WLVFKHQ+HUPHQHXWLNQLFKWV\PPH WULVFKVRZLUGHVHWZDLP)DOOHLQHVXQ]XYHUOlVVLJHQ(U]lKOHUVQRWZHQGLJVHLQ]ZLVFKHQ GHP(U]lKOHUXQGGHPLPSOL]LWHQ$XWRU]XGLIIHUHQ]LHUHQXPGLHLQWHQGLHUWH7H[WVWUDWH





1DUUDWLYH.RPPXQLNDWLRQ

LPPHU$XFKLQGLHVHP )DOOODVVHQVLFKHLQLJHUHOHYDQWH$VSHNWHGHU.RP PXQLNDWLRQVVLWXDWLRQLGHQWLIL]LHUHQ • :HUVSULFKWPLWZHPEHUZDV" • :HOFKHVSUDFKOLFKHQ5HJLVWHUZHUGHQYHUZHQGHW" • :HOFKH,QIRUPDWLRQHQZHUGHQYHUPLWWHOWZHOFKHYRUDXVJHVHW]W" • :HOFKHVSUDFKOLFKHQ+DQGOXQJHQZHUGHQYROO]RJHQ 'LH([LVWHQ]GHUGUHL(EHQHQLQQHUKDOEGHUOLWHUDULVFKHQ.RPPXQLNDWLRQ VRZLHGHUHQWVSUHFKHQGHQ.RPPXQLNDWLRQVVLWXDWLRQHQLVWZHQQDXFKQLFKW LPPHU XQWHU GLHVHQ %H]HLFKQXQJHQ XQEHVWULWWHQ LP )DFK $OOHUGLQJV HU VFKZHUW GLH GLV]LSOLQlUH =HUVSOLWWHUXQJ HLQH =XVDPPHQIKUXQJ GHU (UJHE QLVVH LQ HLQ LQWHJUDOHV 0RGHOO QDUUDWLYHU .RPPXQLNDWLRQ XQG LQ HLQHQ HLQ KHLWOLFKHQ 'LVNXVVLRQV]XVDPPHQKDQJ :HLWJHKHQG XQJHO|VW LVW GLH )UDJH QDFKGHQ:HFKVHOZLUNXQJHQGHUYHUVFKLHGHQHQ(EHQHQ)UHLQHV\VWHPDWL VFKH %HWUDFKWXQJ GHU P|JOLFKHQ :HFKVHOZLUNXQJHQ LVW HV HLQIDFKHU YRQ GHPNRPSOH[HUHQ)DOODXV]XJHKHQGD‰(U]lKOHUXQGLPSOL]LWHU$XWRUXQWHU VFKLHGHQ ZHUGHQ PVVHQ 'DQQ VLQG IU GLH QXQPHKU YLHU (EHQHQ VHFKV :HFKVHOEH]LHKXQJHQ]XEHUFNVLFKWLJHQ • UHDOH.RPPXQLNDWLRQVVLWXDWLRQ²LPSOL]LWHU$XWRUDXNWRULDOHU /HVHU  %VS :HOFKH *DWWXQJV]XRUGQXQJ ZLUG GXUFK GLH 3DUDWH[WH VL JQDOLVLHUWXQGZHOFKH(UZDUWXQJVKDOWXQJEH]JOLFKGHU.RPSOH [LWlW GHU 3RVLWLRQ GHV LPSOL]LWHQ $XWRUV ZLUG GDGXUFK QDKHJH OHJW"

³³³³³³³³³³

JLHXQGGLHMHZHLOLJHQ,QIHUHQ]SUR]HVVHDQJHPHVVHQ]XEHVFKUHLEHQ'LH,QIHUHQ]SUR]HV VH GLH ]XU .RQVWLWXWLRQ HLQHV LPSOL]LWHQ $XWRUV IKUHQ XQWHUVFKHLGHQ VLFK DEHU RIIHQ VLFKWOLFKJUXQGVlW]OLFKYRQGHQHQGLH]XU0RGHOOLHUXQJHLQHV(U]lKOHUVEHLWUDJHQ  'LHWKHRUHWLVFKHQ7H[WHYRQ$XVWLQXQG6HDUOHVLQGLQGHU/LWHUDWXUZLVVHQVFKDIWYLHOOHLFKW EHVVHUEHNDQQWDOVNRQNUHWH$QDO\VHQPLWGLHVHP,QVWUXPHQWDULXPYJOGD]XHWZD3ROHQ] II   'DV 6R]LDOV\VWHP /LWHUDWXU ZLUG LQ]ZLVFKHQ YRQ GHU %XFKZLVVHQVFKDIW PLW HPSLULVFKHQ 0HWKRGHQ XQWHUVXFKW ZREHL DEHU GLH KLHU DQJHVSURFKHQHQ 5HODWLRQHQ NDXP XQWHUVXFKW ZHUGHQ 'LH .RPPXQLNDWLRQ ]ZLVFKHQ (U]lKOHU XQG /HVHU LP 7H[W HLQVFKOLH‰OLFK DOOHU .RPSOLNDWLRQHQGXUFKXQ]XYHUOlVVLJH(U]lKOHUJHK|UW]XP)RUVFKXQJVIHOGGHU1DUUDWR ORJLH'LH$QDO\VHGHU)LJXUHQUHGHZLUGYRQGHQ/LWHUDWXUZLVVHQVFKDIWOHUQPHLVWHQSDV VDQWHUOHGLJWRKQHGDVNRPSOH[HDQDO\WLVFKH,QVWUXPHQWDULXPGHU/LQJXLVWLNDXI]XJUHLIHQ HLQ*HJHQEHLVSLHODXVGHU'UDPHQDQDO\VHELHWHW&XOSHSHU   8P HV QRFK HLQPDO ]X EHWRQHQ+LHU LVWGLH5HGHYRQ .RPPXQLNDWLRQVVLWXDWLRQHQ XQG QLFKWYRQ.RQWH[WHQ=ZDUELOGHQ6LWXDWLRQHQHLQHQHUVWHQ.RQWH[WYRUDOOHPDEHUHQW KDOWHQVLHGLH,QIRUPDWLRQHQGLHIUZHLWHUH.RQWH[WXDOLVLHUXQJHQYRQQ|WHQVLQG





1DUUDWLYH.RPPXQLNDWLRQ



•

UHDOH.RPPXQLNDWLRQVVLWXDWLRQ²(U]lKOHUQDUUDWLYHU/HVHU  %VS:LHYHUKlOWVLFKGLHGXUFKGHQ7H[WQDKHJHOHJWH/HVHUUROOH ]XGHU/HVHUUROOHGLHGXUFKGLH3DUDWH[WHQDKHJHOHJWZLUG" • UHDOH .RPPXQLNDWLRQVVLWXDWLRQ ² )LJXUHQNRPPXQLNDWLRQ %VS$XIJUXQGZHOFKHU9HUZHQGXQJVZHLVHQYRQ/LWHUDWXUZLUG )LJXUHQ HLQH %HGHXWXQJ EHU GLH UHLQH +DQGOXQJVUROOH KLQDXV ]XJHVFKULHEHQ" • LPSOL]LWHU$XWRUDXNWRULDOHU/HVHU²(U]lKOHUQDUUDWLYHU/H VHU  %VS:HOFKH1RUPHQ²DOV$VSHNWGHVLPSOL]LWHQ$XWRUV²ZHU GHQGXUFKHLQHQXQ]XYHUOlVVLJHQ(U]lKOHUWKHPDWLVLHUW" • LPSOL]LWHU $XWRU  DXNWRULDOHU /HVHU ² )LJXUHQNRPPXQLNDWLRQ %VS :HOFKH +DOWXQJ ]X HLQHU )LJXU ZLUG GHP 0RGHOO/HVHU GXUFKGHUHQVSH]LILVFKHVVSUDFKOLFKHV9HUKDOWHQQDKHJHOHJW" • (U]lKOHU  QDUUDWLYHU /HVHU ² )LJXUHQNRPPXQLNDWLRQ %VS ,QZHOFKHQ3XQNWHQJHKWGDVGDUJHVWHOOWH9HUKDOWHQ HLQHU )LJXUEHUGLHH[SOL]LWHQbX‰HUXQJHQGHV(U]lKOHUVKLQDXVE]Z Ol‰WHVVLFKGDUXQWHUVXEVXPLHUHQ" :LHVFKRQGDVOHW]WH%HLVSLHO]HLJWVLQGKlXILJPHKUDOVQXU]ZHL(EHQHQ IUGLH5HNRQVWUXNWLRQUHOHYDQW:HQQGDVZDVHLQH)LJXUVDJWXQGZDVVLH GDPLW EHU VLFK PLWWHLOW GHXWOLFK EHU GDV KLQDXVJHKW RGHU VRJDU YRQ GHP DEZHLFKWZDVGHU(U]lKOHUEHUGLHVH)LJXUPLWWHLOWGDQQZLUGGLHVHLQ$Q OD‰ VHLQ GLH (EHQH GHV LPSOL]LWHQ $XWRUV IU GLH ZHLWHUHQ %HGHXWXQJV]X VFKUHLEXQJHQ]XYHUZHQGHQ*HVFKLHKWGLHVLQHLQHP7H[WGHULP6XKUNDPS 9HUODJ SXEOL]LHUW ZXUGH GDQQ HUZDUWHW GHU /HVHU VROFKH .RPSOLNDWLRQHQ KDQGHOWHVVLFKDEHUGDEHLXPHLQHQ+HIWURPDQGDQQZLUGGLHVHV$XVHLQDQ GHUWUHWHQP|JOLFKHUZHLVHQXUDOVKDQGZHUNOLFKHU)HKOHUGHV$XWRUVZDKUJH QRPPHQ )DVVHQZLU]XVDPPHQ'LHELVKHUJlQJLJHQ0RGHOOHQDUUDWLYHU.RPPX QLNDWLRQZHLVHQ]ZHL6FKZlFKHQDXI'LH(EHQHGHVUHDOHQ$XWRUVXQGGHV UHDOHQ/HVHUDOVRGDV6R]LDOV\VWHP/LWHUDWXUZLUG]XPHLVWQXUDQJHVSURFKHQ XPVLHGDQQYRQGHQ$VSHNWHQDE]XVRQGHUQGLHUHOHYDQWIUGLH7H[WDQDO\VH VLQG'LH)XQNWLRQHQGLHGLHPHKUIDFKHQQDUUDWLYHQ.RPPXQLNDWLRQVVLWXD WLRQHQ IU GLH .RPPXQLNDWLRQ KDEHQ XQG GHUHQ =XVDPPHQZLUNHQ VLQG QLFKW 7HLO VROFKHU 0RGHOOH GDV JLOW ² HLQH QDKHOLHJHQGH )ROJH GHV HUVWHQ ³³³³³³³³³³  =XP %HLVSLHO 7H[WH GLH GXUFK GLH 6LJQDOH GHU UHDOHQ .RPPXQLNDWLRQVVLWXDWLRQ DOV ¿NUL

WLVFK¾PDUNLHUWVLQGXQGVRPLWHLJHQWOLFK]XUZHLWHUHQLQWHOOHNWXHOOHQ%HDUEHLWXQJJHGDFKW VLQGVLHPDFKHQGXUFKGLH/HVHUUROOHLP7H[WGHXWOLFKGD‰HVQXUXPGLH=XVWLPPXQJ]X GHQZHOWDQVFKDXOLFKHQ5HVVHQWLPHQWVGHU$XWRUHQJHKW





1DUUDWLYH.RPPXQLNDWLRQ

3XQNWHV²LQVEHVRQGHUHIUGLH(EHQHGHVUHDOHQ$XWRUVE]Z/HVHUVXQGGHU WH[WLPPDQHQWHQ (EHQH )D‰W PDQ ,QWHQWLRQ DEHU QLFKW DOV PHQWDOHQ =X VWDQG VRQGHUQ DOV ZHVHQWOLFKHV .RQVWUXNWLQQHUKDOEHLQHU.RPPXQLNDWLRQ DXI GDQQ NDQQ VLH DXIJUXQG GHU MHZHLOLJHQ QDUUDWLYHQ .RQYHQWLRQHQ XQG GHUHQ:LUNVDPNHLWLQGHQYHUVFKLHGHQHQ6LWXDWLRQHQXQGDXIGHQYHUVFKLH GHQHQ (EHQHQ GHU HU]lKOHULVFKHQ .RPPXQLNDWLRQ VR ZHLW UHNRQVWUXLHUW ZHUGHQZLH6LWXDWLRQHQXQG.RQYHQWLRQHQQRFKUHNRQVWUXLHUWZHUGHQN|Q QHQ

&RGHEDVLHUWHYVLQIHUHQ]EDVLHUWH.RPPXQLNDWLRQ 9HUlQGHUWXQGHUJlQ]WPDQGDV.RPPXQLNDWLRQVPRGHOOLQGHUREHQ DQJH VSURFKHQHQ:HLVHGDQQZLUGHUQHXWGHXWOLFKZLHZHVHQWOLFK.RQYHQWLRQHQ 5HJHOQVHPDQWLVFKH7\SLVLHUXQJHQ]XU5HNRQVWUXNWLRQGHU.RPPXQLNDWL RQ VLQG /HLGHU LVW GHU 8PJDQJ PLW GLHVHP KLVWRULVFKHQ :LVVHQ LQ GHU GHXWVFKVSUDFKLJHQ /LWHUDWXUZLVVHQVFKDIW LPPHU QRFK GXUFK GLH $EZHL FKXQJVlVWKHWLNJHSUlJWGLH.XQVWZHUNHK|KHUEHZHUWHWZHQQVLHPLWGHQ H[LVWLHUHQGHQ .RQYHQWLRQHQ EUHFKHQ 2EZRKO LQ]ZLVFKHQ GLH $EKlQJLJ NHLWGLHVHVWKHRUHWLVFKHQ0RGHOOVYRQGHQlVWKHWLVFKHQ.RQ]HSWHQGHU0R GHUQH KHUDXVJHDUEHLWHW ZXUGH LVWGLH+\SRWKHNGHU:HUWXQJVKLHUDUFKLHJH EOLHEHQ 'DIU JLEW HV ZRKO DXFK GHQ VDFKOLFKHQ *UXQG GD‰ VHPDQWLVFKH 7UDGLWLRQHQ GXUFK GDV 0RGHOO GHU .RQYHQWLRQHQ GLH HLQLJH =HLW EHIROJW ZHUGHQ XQG PLW GHQHQ GDQQ JHEURFKHQ ZLUG UHODWLY OHLFKW ]X EHVFKUHLEHQ VLQG'LH3URMHNWLRQGHU9HUZHQGXQJYRQ.RQYHQWLRQHQDXIGLHVH:HUWKLHU DUFKLH KDW HWZDV GHQ %OLFN GDIU YHUVWHOOW GD‰ GLHVHV ELQlUH .RQYHQWLRQV ³³³³³³³³³³  'LHVHU HLJHQWOLFK WULYLDOH +LQZHLV DXI GLH(QGOLFKNHLW KLVWRULVFKHQ:LVVHQVVFKHLQWDQJH

EUDFKW DQJHVLFKWVGHV (LQZDQGHVJHJHQ GLH$XWRULQWHQWLRQGLHVHVHLIUGLHOLWHUDWXUZLV VHQVFKDIWOLFKH$UEHLWDXFKGHVKDOEXQEUDXFKEDUZHLOEHLPDQFKEHGHXWHQGHP7H[WEHU GHQ $XWRU XQG GHVVHQ /HEHQ QLFKWV EHNDQQW VHL :DUXPPDQ DEHU VHLQKLVWRULVFKHV,Q VWUXPHQWDULXP JHUDGH QDFK GHQ )lOOHQ PLW GHU GUIWLJVWHQ 4XHOOHQODJH DXVULFKWHQ VROOH ZLUGNDXPSODXVLEHOJHPDFKWZHUGHQN|QQHQ  ,FK YHUZHQGH GLHVH %HJULIIH KLHU XQG LP )ROJHQGHQ V\QRQ\P REZRKO VLH XQWHUVFKLHGOL FKHUWKHRUHWLVFKHU3URYHQLHQ]VLQG8PGLH1RWZHQGLJNHLWHLQHU8PZHUWXQJHWZDVVFKlU IHU]XDN]HQWXLHUHQZLUGLP)ROJHQGHQYRUDOOHPGDV:RUW¿.RQYHQWLRQ¾YHUZHQGHW  %H]HLFKQHQGIUGLHVH3RVLWLRQLVW:ROIJDQJ,VHUV9HUJOHLFKGHU5ROOHYRQ.RQYHQWLRQHQ LPDOOWDJVVSUDFKOLFKHQ6SUHFKDNWXQGLQGHU/LWHUDWXU,VHUII 'LHDPHULNDQLVFKH /LWHUDWXUZLVVHQVFKDIW GDJHJHQ KDW GHQ .RQYHQWLRQVEHJULII ZHUWQHXWUDOHU YHUZHQGHW XQG LQWHQVLY GLVNXWLHUW YJO GD]X GHQ YHUJOHLFKHQGHQ )RUVFKXQJVEHUEOLFN EHL :HQLQJHU    9JO$Q]LQ:HLPDU%G 





1DUUDWLYH.RPPXQLNDWLRQ



0RGHOOGLH3KlQRPHQYLHOIDOWGUDVWLVFKUHGX]LHUWXQGEDQDOLVLHUW.RQYHQWLR QHQ ZHUGHQ PDQFKPDO LQ )UDJH JHVWHOOW XQG PDQFKPDO YHUVFKZLQGHQ VLH DXFKDEHUZlKUHQGVLHJOWLJVLQGZHUGHQVLHQLFKWQXUHLQIDFKEHIROJWVRQ GHUQ LQ JDQ] XQWHUVFKLHGOLFKHU :HLVH YHUZHQGHW .RQYHQWLRQHQ VLQG VR ODXWHW GLH %RWVFKDIWGHUOLQJXLVWLVFKHQ3UDJPDWLNQLFKWOHGLJOLFK*UHQ]HQ GLH GDUDXI ZDUWHQ EHUVFKULWWHQ ]X ZHUGHQ VRQGHUQ VLH ELHWHQ EHUKDXSW HUVW GDV *HVWDOWXQJVPDWHULDO XP ]X NRPPXQL]LHUHQ (LQH VROFKH 6LFKW KDW GHQ 9RUWHLO GHQ %OLFN YRQ GHU 8QWHUVFKHLGXQJ ¿NRQYHQWLRQHOOLQQRYDWLY¾ ]XP6SHNWUXPGHU9HUZHQGXQJVZHLVHQYRQ.RQYHQWLRQHQ]XOHQNHQ 'HU %UXFK PLW HLQHU .RQYHQWLRQ LVW VR JHVHKHQ GDQQ QXU HLQH P|JOLFKH :HLVH LKUHU 9HUZHQGXQJ XQG LQ GHQ OHW]WHQ KXQGHUW -DKUHQ LQ GHU¿+RFKOLWHUDWXU¾ QRFKQLFKWHLQPDOHLQHEHVRQGHUVRULJLQHOOH ,P)HOGGHU6SUDFKYHUZHQGXQJKDWPDQGLH9RUVWHOOXQJGLHVSUDFKOLFKHQ .RQYHQWLRQHQZUGHQHLQHLQIDFKHV5HJHOV\VWHPYRUJHEHQDOV&RGHPRGHOO EH]HLFKQHW(VEHUXKWDXIGHU9RUVWHOOXQJGD‰$XWRUXQG3XEOLNXPEHU HLQ JHPHLQVDPHV :LVVHQ YHUIJHQ HLQHQ ¿&RGH¾ GHU GLH .RPPXQLNDWLRQ HUVWHUP|JOLFKW'HU6HQGHUHQNRGLHUWVHLQH1DFKULFKWPLWWHOVGHV&RGHVXQG GHU 5H]LSLHQW NDQQ GDV EHUPLWWHOWH =HLFKHQ DQKDQG VHLQHV &RGHZLVVHQV HLQGHXWLJ]XUFNEHUVHW]HQ%HVRQGHUVHUIROJUHLFKZDUGLHVHV0RGHOOLQGHQ HUXQGHU-DKUHQDOVPDQLQGHU6HPLRWLNXQGGHU(UPLWWOXQJYRQ&RGHV HLQHQ QHXHQ 6FKOVVHO ]XP 9HUVWlQGQLV NXOWXUHOOHU $UWHIDNWH JHIXQGHQ ]X KDEHQ JODXEWH =ZHL $VSHNWH GLHVHU 9RUVWHOOXQJ ZDUHQ IU WUDGLWLRQHOOH ³³³³³³³³³³  'LHVH²ZHUWQHXWUDOH²$QDO\VHNRPPXQLNDWLYHU.RQYHQWLRQHQLVWYLHOOHLFKWVWlUNHUQRFK

DOVGLH%HUFNVLFKWLJXQJVLWXDWLYHU)DNWRUHQHLQYHUELQGHQGHV(OHPHQWHLQHU)RUVFKXQJV ULFKWXQJGLHDOV¿OLWHUDU\SUDJPDWLFV¾EH]HLFKQHWZLUGYJOGD]X)X‰QRWH  (LQHDXVIKUOLFKHUH'LVNXVVLRQGHV*HJHQVDW]HV]ZLVFKHQ,QIHUHQ]XQG&RGH0RGHOOGHU .RPPXQLNDWLRQILQGHWVLFK LQ6SHUEHU:LOVRQXQGDXFKEHL3LONLQJWRQGHUGHUHQ5HOH YDQ]WKHRULHDXIGLH$QDO\VHOLWHUDULVFKHU.RPPXQLNDWLRQDSSOL]LHUW3LONLQJWRQEHU]LHKW VHLQH.ULWLNJHJHQHLQHYHUHLQIDFKHQGH&RGH3RVLWLRQZHQQHUGLH5ROOHYRQ.RQYHQWLR QHQ LQVJHVDPW DOV JHULQJ YHUDQVFKODJW GD DXFK GLH YRQ LKP DQDO\VLHUWHQ lVWKHWLVFKHQ .RPPXQLNDWLRQVHIIHNWH DXI NRPPXQLNDWLYHQ .RQYHQWLRQHQ EDVLHUHQ $QGHUV DOV 6SHU EHU:LOVRQUHGX]LHUWHUSRHWLVFKH(IIHNWHYRQ6SHUEHU:LOVRQGHILQLHUWDOVªWKHSHFXOLDU HIIHFWRIDQXWWHUDQFHZKLFKDFKLHYHVPRVWRILWVUHOHYDQFHWKURXJKDZLGHDUUD\RIZHDN LPSOLFDWXUHV©HEGD6 DXFKQLFKWDXIGLH$XVZLUNXQJHQ]DKOUHLFKHUNRJQLWLYHU3UR ]HVVH VRQGHUQ JHVWHKW HPRWLRQDOHQ XQG lVWKHWLVFKHQ :DKUQHKPXQJHQ (LJHQVWlQGLJNHLW ]X YJO3LONLQJWRQ  =XU.ULWLNDP&RGHPRGHOOYJO .DSXQG9JO6SHU EHU:LOVRQII   9JO GLH HLQIOX‰UHLFKHQ $UEHLWHQ YRQ 5RODQG%DUWKHV XQG8PEHUWR (FRDXV GLHVHU=HLW ]% (FR    +LHU EHKDXSWHW (FR GHU &RGH OHJH VRJDU QRFK GLHSUDJPDWLVFKHQ :LUNXQJHQ IHVW 0LW %DUWKHV  $EVDJH DQ GLH REMHNWLYLHUEDUH 9HUZHQGXQJ YRQ &RGHV LQ 6=EHJDQQEHNDQQWOLFKGHU6LHJHV]XJYRQ¿/HNWUHQ¾YJO%DUWKHV>@ 





1DUUDWLYH.RPPXQLNDWLRQ

/LWHUDWXUZLVVHQVFKDIWOHU ZHQLJ VFK|Q HQWVSUHFKHQG VWDUN JHPDFKW ZXUGHQ VLHYRQGHQUHYROXWLRQlUDXIWUHWHQGHQQHXHQ7KHRUHWLNHUQ=XPHLQHQIROJW DXV GHP0RGHOOGD‰ GHU&RGHXQGGHVVHQ5HNRQVWUXNWLRQHLQHZHVHQWOLFK JHZLFKWLJHUH 5ROOH VSLHOW DOV GLH $QDO\VH GHV (LQ]HOZHUNV ]XP DQGHUHQ LVW GDV9HUKlOWQLVYRQ&RGHXQG(LQ]HOZHUNGXUFKGLHY|OOLJH$EKlQJLJNHLWGHV (LQ]HOWH[WVYRPDOOJHPHLQHQ&RGHEHVWLPPWXQGMHGH$QDO\VHHLQHV(LQ]HO ZHUNVVLHKWVLFKYHUSIOLFKWHWQDFK]XZHLVHQGD‰HQWZHGHUGDV(LQ]HOZHUNGHQ &RGHPD‰JHEOLFKYHUlQGHUWKDWRGHULKQ¿VXEYHUVLY¾DX‰HU.UDIWJHVHW]WKDW 6LHKWPDQHLQPDOYRQGHPVFKZHU]XOHXJQHQGHQ3KlQRPHQDEGD‰&RGHV VLFKlQGHUQGDQQKDWPDQPLWGLHVHP$QVDW]HLQ5HJHOV\VWHPYHUJOHLFKEDU 6DXVVXUHV ODQJXH GDV VLFK JDQ] XQDEKlQJLJ YRQ GHQ MHZHLOLJHQ 9HUZHQ GXQJVZHLVHQ XQWHUVXFKHQ Ol‰W (V LVW NDXP YHUZXQGHUOLFK GD‰ LQ GLHVHU 6LWXDWLRQGLH'LVNXUVDQDO\VHVHKUDWWUDNWLYJHZRUGHQLVWZHLOVLHHLQHUVHLWVDOV VSlWVWUXNWXUDOLVWLVFKH 7KHRULH VROFKH .RQ]HSWH HQWKlOW DQGHUHUVHLWV DEHU GHQQRFKEHUHLQH5HLKHYRQ*HGDQNHQILJXUHQYHUIJWXPGLH6RQGHUUROOH YRQ/LWHUDWXUXQGGHP(LQ]HOZHUN]XEHZDKUHQ6LHHUP|JOLFKWHLQHQORVH UHQ %H]XJ ]ZLVFKHQ (LQ]HOWH[W XQG 'LVNXUVIRUPDWLRQHQ GHVVHQ JHQDXH )RUPHLJHQWOLFKQLFKWYRQ,QWHUHVVHLVWXQGZHUWHWGXUFKGLH*HGDQNHQILJXU GHU ¿6XEYHUVLRQ¾ DXFK GLH /LWHUDWXU XQG GHQ OLWHUDULVFKHQ (LQ]HOWH[W ZLHGHU VWDUNDXI6RZLFKWLJGLVNXUVDQDO\WLVFKH9HUIDKUHQRKQH=ZHLIHOVLQGXQGYRU DOOHPYRUGHP+LQWHUJUXQGGHUKHUPHQHXWLVFKHQ)L[LHUXQJDXIGHQ¿JUR‰HQ¾ (LQ]HOWH[W ZDUHQ VLH KDEHQ GLHVHQ IRUVFKXQJVJHVFKLFKWOLFKHQ *HZLQQ PLW HLQHU DX‰HUJHZ|KQOLFKHQ %HJULIIVXQVFKlUIH EH]JOLFK GHU JHQDXHQ %H]LH KXQJGHV(LQ]HOWH[WV]XGHQ'LVNXUVHQXQGPLWGHPNRQWUDLQWXLWLYHQ$XV EOHQGHQGHU.RPPXQLNDWLRQVJHJHEHQKHLWHQGXUFKGDV0RGHOOYRQDNWLYHQ DJLHUHQGHQ'LVNXUVHQHUNDXIW (LQH5HYLVLRQGLHVHUWKHRUHWLVFKHQ*UR‰ZHWWHUODJHPX‰DP9HUVWlQGQLV YRQVSUDFKOLFKHU.RPPXQLNDWLRQXQGLQVEHVRQGHUHDP&RGHPRGHOODQVHW ]HQ6LHNDQQVLFKDXIGLH:DKUQHKPXQJVWW]HQGD‰GDV9HUVWlQGQLVOLWHUD ULVFKHU 7H[WH VLFK QLFKW DOV (QW]LIIHUXQJ HLQHV 7H[WHV PLWWHOV HLQHV &RGHV XQGVHLHUQRFKVRHVRWHULVFKDXIIDVVHQOl‰W6HOEVWZHQQPDQ GHQ%HJULII GHV &RGHV VR EHUGHKQW GD‰ HU DOOH .RQYHQWLRQHQ 5HJHOPl‰LJNHLWHQ XQG 7\SLVLHUXQJHQ XPID‰W LVW GLH /HNWUH HLQHV OLWHUDULVFKHQ 7H[WHV QLFKW DOV (UPLWWOXQJ HLQHU %HGHXWXQJ PLWGDXHUQGHP5FNJULIIDXIVROFKH&RGHV]X YHUVWHKHQ'DVZLUGEHVRQGHUVGHXWOLFKDQGHU(LJHQVFKDIWOLWHUDULVFKHU7H[ WHHLJHQH=HLFKHQ]XHQWZLFNHOQ'HU&KLQHVHLQ(IIL%ULHVWLVW]%VROFKHLQ =HLFKHQ GHVVHQ JHQDXHUH %HGHXWXQJ XPVWULWWHQ LVW QLFKW DEHU VHLQH =HL FKHQKDIWLJNHLW1XQODVVHQVLFKVROFKH=HLFKHQQXUVFKZHULQHLQFRGHEDVLHU WHV.RPPXQLNDWLRQVPRGHOOLQWHJULHUHQGDVLHMDHEHQQLFKW7HLOGHVJHPHLQ





1DUUDWLYH.RPPXQLNDWLRQ



VDPHQ&RGHVVLQG$XFKYRQHLQHPHLJHQHQ&RGHGHV:HUNHV]XVSUHFKHQ LVWLQVROFKHQ)lOOHQLUUHIKUHQGGDHVHLQ6SH]LILNXPGHV&RGHVLVW]XPLQ GHVWLQJUR‰HQ7HLOHQEHLGHQ 6HLWHQGHU.RPPXQLNDWLRQ]XU9HUIJXQJ]X VWHKHQ$QGHUHUVHLWVJLEWHVJDQ]XQEHVWUHLWEDU&RGHVLPHEHQVSH]LIL]LHU WHQ6LQQHXQGVLHVSLHOHQJDQ]RIIHQVLFKWOLFKHLQHJUR‰H5ROOHEHLGHU.RP PXQLNDWLRQ (LQHQ$XVZHJELHWHWLQGLHVHU6LWXDWLRQHLQ0RGHOOYRQ.RPPXQLNDWLRQ LQGHP&RGHVLKUHQ3ODW]KDEHQDEHUQLFKWGDVHLQ]LJH9HUIDKUHQVLQGXP %HGHXWXQJ]XJHQHULHUHQ'LHQHXHUHNRJQLWLYH/LQJXLVWLNELHWHWVRHWZDVPLW GHP0RGHOOLQIHUHQ]EDVLHUWHU.RPPXQLNDWLRQ'LH,QIHUHQ]HQEHUXKHQLQ ZHVHQWOLFKHQ7HLOHQDXIGHQYHUZHQGHWHQ&RGHVDEHUVLHVLQGHLQHLJHQVWlQ GLJHU 9HUDUEHLWXQJVVFKULWW ,P $QVFKOX‰ DQ *ULFH ZXUGH IROJHQGHV 0RGHOO HQWZRUIHQ=XHUVWYHUDUEHLWHWHLQHVHPDQWLVFKH(LQKHLWGLH(LQJDEHXQGJLEW GLHDXVJHGUFNWHQ3URSRVLWLRQHQGLHZ|UWOLFKH%HGHXWXQJGHV*HVDJWHQDXV 'LHVH$XVJDEHZLUGZLHGHUXP]XU(LQJDEHHLQHUSUDJPDWLVFKHQ(LQKHLWGLH GDUDXV GXUFK (LQEH]LHKXQJ GHV NRPPXQLNDWLYHQ .RQWH[WHV XQG GHU .RQ YHUVDWLRQVPD[LPHQGLHYRP6SUHFKHULQWHQGLHUWH%HGHXWXQJDOVR]%,URQLH 0HWDSKHUQXQGlKQOLFKHVPHKUHUPLWWHOW6WHSKHQ/HYLQVRQUHYLGLHUWGLHVHV 0RGHOOLQGHPHUSODXVLEHOPDFKHQNDQQGD‰EHUHLWVEHLGHU(UPLWWOXQJGHV SURSRVLWLRQDOHQ*HKDOWVSUDJPDWLVFKH9HUDUEHLWXQJVVFKULWWHQRWZHQGLJVLQG HWZD ]XU 'LVDPELJXLHUXQJ YRQ $XVGUFNHQ RGHU ]XU 5HIHUHQ]HUPLWWOXQJ (UVFKOlJWGHVKDOEDEHUQLFKWYRUHLQHHLQ]LJHVHPDQWLVFKSUDJPDWLVFKH9HU DUEHLWXQJVHLQKHLW DQ]XQHKPHQ VRQGHUQ HLQ PHKUVWXILJHV 0RGHOO LQ GHP VLFKVHPDQWLVFKHXQGSUDJPDWLVFKH9HUDUEHLWXQJVHLQKHLWHQDEZHFKVHOQXQG GLH $XVJDEH GHU HLQHQ (LQKHLW GLH (LQJDEH GHU QlFKVWHQ (LQKHLW GDUVWHOOW (LQLQWHUHVVDQWHV0RGHOON|QQWHPDQHLQZHQGHQDEHULVWGDVQLFKWIUGLH $UEHLW GHV /LWHUDWXUZLVVHQVFKDIWOHUV LUUHOHYDQW" 'HVVHQ $UEHLW EHVFKlIWLJW VLFKMD]XPHLVWPLW3KlQRPHQHQGLH]ZDUDXIHLQ]HOQH6lW]H]XUFNJHIKUW ZHUGHQN|QQHQDEHUGLHVHLQYLHOHUOHL+LQVLFKWEHUVWHLJHQLQGHP,QIRUPD

³³³³³³³³³³  %HUHQGVHQII ]%EH]HLFKQHWGLHLQGLYLGXHOOH=HLFKHQYHUZHQGXQJYRQ$XWRUHQ

LQ7H[WHQDOV¿OHQLHQWFRGHV¾ 9JOYRUDOOHP6SHUEHU:LOVRQ RGHUDXFKPLWJHZLFKWLJHQ(LQZlQGHQJHJHQHLQLJH 9HUHLQIDFKXQJHQEHL6SHUEHU:LOVRQGDV0RGHOOLQ/HYLQVRQE GRFKEHLGHJHKHQ GDYRQ DXV GD‰ .RPPXQLNDWLRQ ZHVHQWOLFK LQIHUHQ]EDVLHUW LVW &RGHV DEHU HLQH ]HQWUDOH 5ROOHVSLHOHQ'LHYRQ/HYLQVRQDQDO\VLHUWHQJHQHUDOLVLHUWHQNRQYHUVDWLRQHOOHQ,PSOLNDWX UHQVLQG%HLVSLHOHIU,QIHUHQ]HQGLHZHLWJHKHQGVLWXDWLRQVXQDEKlQJLJDEHUQLFKW7HLOGHU :RUWEHGHXWXQJVLQG  9JO/HYLQVRQLQVEHVRQGHUH.DSLWHOXQGGRUWGDV6FKDXELOG6 





1DUUDWLYH.RPPXQLNDWLRQ

WLRQVJHELOGHZLHGLH+DQGOXQJRGHUGLH)LJXUHQJHVFKDIIHQZHUGHQGLHHUVW DXVGHU,QWHJUDWLRQ]DKOUHLFKHU(LQ]HOVlW]HHQWVWHKHQ =XPLQGHVW ]ZHL $VSHNWH VLQG DXFK IU /LWHUDWXUZLVVHQVFKDIWOHU YRQ ,Q WHUHVVH(UVWHQVLVWGLH)HVWVWHOOXQJGD‰EHUHLWVIUGLH$XVIRUPXOLHUXQJGHU 3URSRVLWLRQHQDXFKGLHSUDJPDWLVFKH(LQKHLWWlWLJZHUGHQPX‰HLQJHZLFK WLJHV*HJHQDUJXPHQWJHJHQMHGHQ9HUVXFKHLQHUOLWHUDULVFKHQ6HPDQWLNRKQH %HUFNVLFKWLJXQJGHU.RPPXQLNDWLRQVVLWXDWLRQLPREHQGLVNXWLHUWHQ6LQQH =ZHLWHQVNDQQPDQDQQHKPHQGD‰GDV:HFKVHOVSLHOYRQVHPDQWLVFKHQXQG SUDJPDWLVFKHQ 9HUDUEHLWXQJVVFKULWWHQ JHUDGH EHL NRPSOH[HQ ,QIRUPDWLRQV SUR]HVVHQ ZLH GHU QDUUDWLYHQ .RPPXQLNDWLRQXQGGHU%LOGXQJGLHVHUVDW] EHUJUHLIHQGHQ*HELOGHQRFKZHLWHUOlXIW'LH.RQVWLWXLHUXQJYRQILNWLRQDOHQ :HOWHQ GLH 9HUWUHWHU GHU 7KHRULH ILNWLRQDOHU :HOWHQ LP .RQWH[W HLQHU VH PDQWLVFKHQ 7KHRULH EHVFKUHLEHQ ZROOHQ NDQQ ZRKO QXU DQJHPHVVHQ HUID‰W ZHUGHQZHQQGLH%HVFKUHLEXQJXPSUDJPDWLVFKH(OHPHQWHZLH,QIHUHQ]DQD O\VH$QDO\VHGHUNRPPXQLNDWLYHQ5HJHOQXVZHUZHLWHUWZLUG(QWVSUHFKHQG VLQGGUHLXQWHUVFKLHGOLFKH:LVVHQV]XVDPPHQKlQJHIUGLH$QDO\VHYRQOLWH UDULVFKHQ 7H[WHQ UHOHYDQW HUVWHQV OLQJXLVWLVFKH XQG VHPLRWLVFKH &RGHV GLH ZHGHUGLH.RQVWLWXWLRQGHUQDUUDWLYHQ:HOWQRFKGHU%HGHXWXQJVJHKDOWYROO VWlQGLJ GHWHUPLQLHUHQ DEHU ZHVHQWOLFKH +HXULVWLNHQ DQ GLH +DQG JHEHQ ]ZHLWHQV,QIHUHQ]UHJHOQGLHVRZRKOGLH.RQVWLWXWLRQGHUQDUUDWLYHQ:HOWDOV DXFK GLH ZHLWHUH )OOXQJ E]Z )HVWOHJXQJ GHU %HGHXWXQJ HUVW HUP|JOLFKHQ +LQ]X NRPPHQ ZHLWHUH :LVVHQVIRUPHQ HWZD EHU ,QWHUDNWLRQVUHJHOQ XQG :HOWZLVVHQ DXI GHQHQ GLH ,QIHUHQ]HQ ZLHGHUXP EDVLHUHQ 'LHV ZLUG XQWHQ DQOl‰OLFKGHU'LVNXVVLRQYRQ5HJHOQLQQDUUDWLYHQ:HOWHQZHLWHUDXVJHIKUW =XHUVWHLQPDOVROOGLH7KHVHYRQGHQ]ZHLXQDEKlQJLJHQ9HUDUEHLWXQJVHLQ KHLWHQ ZLH VLH GLH 7KHRULH GHU LQIHUHQ]EDVLHUWHQ .RPPXQLNDWLRQ YRUVLHKW ZHLWHUDXVJHIKUWZHUGHQ 'LH PLW GHQ &RGHV JHJHEHQHQ 5HJHOQ EHU %HGHXWXQJV]XVDPPHQKlQJH N|QQHQPLW.HQQWQLVGHUGLH.RPPXQLNDWLRQEHVWLPPHQGHQ5HJHOQDQGLH 6LWXDWLRQ DQJHSD‰W ZHUGHQ (EHQ GHVKDOE DEHU VLQG .RQYHQWLRQHQ GLH IU HLQHQ7\SXVYRQ6LWXDWLRQVSH]LILVFKVLQGHEHQVRZHVHQWOLFKZLHGLH.HQQW QLVGHUDOOJHPHLQHQ.RPPXQLNDWLRQVUHJHOQGHUYHUZHQGHWHQ&RGHVXQGGHU VSH]LILVFKHQ *HJHEHQKHLWHQ GHU .RPPXQLNDWLRQ &RGHV KDEHQ LQ GLHVHP 0RGHOO ZHQLJHU GLH )XQNWLRQ HLQIDFKH hEHUVHW]XQJVDQZHLVXQJHQ ]X VSHL FKHUQVRQGHUQVLHELHWHQLKUHP9HUZHQGHU+HXULVWLNHQLQZHOFKH5LFKWXQJ LQHLQHUEHVWLPPWHQ.RPPXQLNDWLRQVVLWXDWLRQJHVXFKWZHUGHQPX‰ ³³³³³³³³³³  (LQH LQWHUHVVDQWH DEHU P( ELVODQJ QRFK QLFKW EHU]HXJHQGH *HJHQSRVLWLRQ QHKPHQ

HLQH5HLKHYRQ)RUVFKHUQHLQGLHXQWHUGHU%H]HLFKQXQJ&RJQLWLYH3RHWLFV]XVDPPHQJHID‰W





1DUUDWLYH.RPPXQLNDWLRQ



(LQ NOHLQHV %HLVSLHO DXV GHU $OOWDJVNRPPXQLNDWLRQ PDJ GDV 9HUKlOWQLV YRQ&RGHVXQG,QIHUHQ]HQYHUGHXWOLFKHQ+DQGOXQJVRUWLVWHLQEUJHUOLFKHV GHXWVFKHV :LUWVKDXV ]XU EHVWHQ *HVFKlIWV]HLW YROO YRQ VSHLVHQGHQ 0HQ VFKHQ(LQH%HGLHQXQJUXIWLP9RUEHLKDVWHQLKUHU.ROOHJLQ]Xª'DV-lJHU VFKQLW]HODQ7LVFKGUHLP|FKWH]DKOHQ©'LH.ROOHJLQXQGDXFKGHU%HREDFK WHUZHUGHQVRIRUWYHUVWHKHQGD‰HVDQGLHVHP7LVFKNHLQ-lJHUVFKQLW]HOPLW *HOGEHXWHOJLEWVRQGHUQGD‰HLQH3HUVRQJHPHLQWLVWQlPOLFKJHUDGHGLHMH QLJHGLHHLQ-lJHUVFKQLW]HOEHVWHOOWXQGYHU]HKUWKDWWH:RUDXIEDVLHUWGLHVHV 9HUVWlQGQLV"*UXQGODJHGDIULVWGDV9HUVWlQGQLVGHU:|UWHUDOV&RGH.RQ ]HQWULHUHQZLUXQVDQGLHVHU6WHOOHDXI¿-lJHUVFKQLW]HO¾(VEH]HLFKQHWHLQW\SL VFKHV*HULFKW)OHLVFKPLW6DXFHDXIGHU6SHLVHNDUWHGHXWVFKHUEUJHUOLFKHU 5HVWDXUDQWV 'LHVH )OHLVFKVSHLVH NDQQ QLFKW PLW GHU .HOOQHULQ JHVSURFKHQ KDEHQ DOVR LVW GLH $XVVDJH RIIHQVLFKWOLFK IDOVFK :HQQ VLFK GLH .HOOQHULQ DEHU GRFK GLH 0KH JHPDFKW KDW VLH ]X lX‰HUQ WURW] GHV GHXWOLFKHQ $U EHLWVGUXFNVGDQQORKQWHVVLFKQDFKHLQHP9HUVWlQGQLVIUGLHbX‰HUXQJ]X VXFKHQ GDV QLFKW JOHLFK DOV IDOVFK JHOWHQ PX‰ $Q GLHVHU 6WHOOH PX‰ GDV :HOWZLVVHQYHUZHQGHWZHUGHQJHQDXHUGDV:LVVHQEHUGHQW\SLVFKHQ$E ODXIHLQHV5HVWDXUDQWEHVXFKV(VVLHKWJHJHQ(QGHYRUGD‰GDV9HU]HKUWH DXFK YRP %HVXFKHU EH]DKOW ZLUG 'D GHU %H]DKOHQGH HLQ 0HQVFK LVW GHU HWZDV LP 5HVWDXUDQW JHJHVVHQ KDW XQG ¿-lJHUVFKQLW]HO¾ ZLHGHUXP HLQH 5H VWDXUDQWVSHLVH LVW OLHJW ZDKUVFKHLQOLFK HLQ 0HWRQ\PLH YRU DQVWHOOH HLQHV 1DPHQV ZLUG GHU 5HVWDXUDQWEHVXFKHU LQ GLHVHP )DOO PLWWHOV GHU YRQ LKP YHU]HKUWHQ6SHLVHEH]HLFKQHW1XQN|QQWHPDQHLQZHQGHQREQLFKWVFKRQ GLH $QDO\VH GLHVHU (UVHW]XQJ DOV 0HWRQ\PLH QDKHOHJW GD‰ HV VLFK KLHU XP ³³³³³³³³³³

ZHUGHQ,KUZLFKWLJVWHU9HUWUHWHULVW]XU=HLWZRKOGHU3V\FKROLQJXLVW5D\PRQG:*LEEV GHU GDV KLHU VNL]]LHUWH 6WDQGDUGPRGHOO GHU 3UDJPDWLN NULWLVLHUW ZHLO HV VHLQHU 0HLQXQJ QDFK ILJXUDWLYH 6SUDFKH DOV GHYLDQW RGHU RUQDPHQWDO EHKDQGOH GLHVH DEHU DOOJHJHQZlUWLJ VHLGDGHU*HLVWQLFKWLQKlUHQWOLWHUDOVHLVRQGHUQGLHILJXUDWLYH6SUDFKYHUZHQGXQJYLHO PHKU GLH+lXILJNHLWYRQILJXUDWLYHU.RQ]HSWXDOLVLHUXQJUHIOHNWLHUH6RZUGHQ]%]DKO UHLFKH VSUDFKOLFKH0HWDSKHUQ IU :XW DXVGHUNRQ]HSWXHOOHQ0HWDSKHU¿:XWLVWHLQH HU KLW]WH)OVVLJNHLWLQHLQHP%HKlOWHU¾HQWVWHKHQYJO*LEEV *LEEV.ULWLNGLHP( GHU)XQNWLRQGHV*ULFHVFKHQ0RGHOOVZLHVLHYRQ*ULFHVHOEVWEHVFKULHEHQZLUGQLFKWJH UHFKWZLUGWULIIWDOOHUGLQJVZHGHUGLH/HLVWXQJVIlKLJNHLWGHV6WDQGDUGPRGHOOV]XUUDWLRQD OHQ5HNRQVWUXNWLRQ²LP8QWHUVFKLHG]XHLQHP0RGHOOGDVGHQWDWVlFKOLFKHQ$EODXIGHU ,QIRUPDWLRQVYHUDUEHLWXQJUHSUlVHQWLHUW²QRFKVHLQH9RU]JH]XU:LHGHUJDEHGHUWDWVlFK OLFKHQ $EOlXIH EHL GHU 9HUDUEHLWXQJ QHXHU 0HWDSKHUQ RGHU 0HWRQ\PLHQ LQVEHVRQGHUH DXFKZHLOVHLQH.ULWLNDQGHU8QVFKlUIHGHV%HJULIIV¿OLWHUDOH%HGHXWXQJ¾QRFKQLFKWDXV UHLFKW XP GLH 'LIIHUHQ] ]ZLVFKHQ OLWHUDOHU XQG ILJXUDWLYHU %HGHXWXQJ DXI]XKHEHQ GLH *LEEVDXFKVHOEVWYHUZHQGHW  'LH.RJQLWLRQVSV\FKRORJLHEH]HLFKQHWVROFKHW\SLVLHUWHQ+DQGOXQJVVHTXHQ]HQDOV¿6NULS WH¾YJO$QGHUVRQII 





1DUUDWLYH.RPPXQLNDWLRQ

HLQHQ &RGH KDQGHOW $EHU GHP VWHKW EHL QlKHUHU %HWUDFKWXQJ GLH VHKU ORVH 'HILQLWLRQ YRQ 0HWRQ\PLH HQWJHJHQ GLH HEHQ YLHOHUOHL %H]LHKXQJHQ ]ZL VFKHQ HLJHQWOLFKHU XQG XQHLJHQWOLFKHU %H]HLFKQXQJ HUODXEW 'LH %H]LHKXQJ ªGDV (LJHQWOLFKH LVW HLQ (VVHU GHV 8QHLJHQWOLFKHQ© JHK|UW ZRKO QLFKW ]XP 6WDQGDUGUHSHUWRLUHZLUGDEHUDXIJUXQGGHU6LWXDWLRQVRIRUWYHUVWDQGHQ0H WRQ\PLH LVW DOVR ZHQLJHU HLQH HQJ XPID‰WH *HQHULHUXQJVUHJHO GLH HEHQVR PHFKDQLVFK DOV 'HNRGLHUXQJVVWUDWHJLH YHUZHQGHW ZHUGHQ NDQQ VRQGHUQ XPID‰WHLQHRIIHQH/LVWHYRQ(UVHW]XQJVVWUDWHJLHQGLHHUVWH[SRVWDOV0HWR Q\PLHEHVFKUHLEEDUVLQG 'LHVHVHWZDVERGHQVWlQGLJH%HLVSLHOYHUGHXWOLFKWJOHLFKPHKUHUH$VSHNWH GLHEHLGHU5HNRQVWUXNWLRQLQIHUHQ]EDVLHUWHU.RPPXQLNDWLRQYRQ ]HQWUDOHU %HGHXWXQJ VLQG &RGHV VLQG NHLQHVZHJV XQZLFKWLJ IU GLH 5HNRQVWUXNWLRQ GHU .RPPXQLNDWLRQ DEHU VLH KDEHQ HLQHQ DQGHUHQ 6WHOOHQZHUW IU GLH 5H NRQVWUXNWLRQ GHU NRPPXQLNDWLYHQ %HGHXWXQJ HLQHU bX‰HUXQJ 6LH ELOGHQ QLFKWPHKUHLQHQ6FKOVVHOP|JOLFKHUZHLVHVRJDUHLQHQHLQGHXWLJHQ6FKOVVHO ]XU%HGHXWXQJHLQHUbX‰HUXQJVLHELOGHQYLHOPHKUPDWHULDOH$QKDOWVSXQNWH IU+HXULVWLNHQ'LH'LIIHUHQ]Ol‰WVLFKYLHOOHLFKWQRFKJHQDXHUEH]HLFKQHQ ZHQQPDQ3HLUFHVWULDGLVFKHV=HLFKHQPRGHOOKHUDQ]LHKW'LHGUHL(OHPHQWH GHV =HLFKHQPRGHOOV JHQDXHU GHV G\QDPLVFKHQ=HLFKHQSUR]HVVHVVLQGQDFK 3HLUFH   GDVEH]HLFKQHWH2EMHNW GDV=HLFKHQLPHQJHUHQ6LQQHGDV 5HSUlVHQWDPHQXQG GHU,QWHUSUHWDQWGHUGLH9HUELQGXQJ]ZLVFKHQ=HL FKHQXQG2EMHNWKHUVWHOOW(LQHEHVRQGHUH3RLQWHGLHVHV$QVDW]HVLP*H JHQVDW]]XPG\DGLVFKHQ=HLFKHQPRGHOO6DXVVXUHVELOGHWGHUXQYHU]LFKWEDUH %H]XJDXIGDV'ULWWHGHQ,QWHUSUHWDQWHQ'HU,QWHUSUHWDQWLVW QLFKWHLQ,Q WHUSUHWVRQGHUQHLQH%H]HLFKQXQJIUGLH,QVWDQ]GLHGLH9HUELQGXQJ]ZL ³³³³³³³³³³  ¿2EMHNW¾ LVW KLHU LP ZHLWHVWHQ 6LQQH ]X YHUVWHKHQ XQG XPID‰W 'LQJH *HGDQNHQ XVZ ² 

HEHQDOOHVZDVEH]HLFKQHWZHUGHQNDQQ 3HLUFH KDW NHLQH JHVFKORVVHQH 'DUVWHOOXQJ VHLQHU =HLFKHQWKHRULH KLQWHUODVVHQ VRQGHUQ HLQH)OOHYRQ6FKULIWHQ²RIWXQSXEOL]LHUW²LQGHQHQHUVHLQH.RQ]HSWLRQLPPHUZLHGHU QHXHQWIDOWHWYDULLHUWXQGYHUlQGHUW'DVKLHUVNL]]LHUWH0RGHOOEHUFNVLFKWLJWGLH)HLQKHL WHQGHU3HLUFH([HJHVHQLFKWVRQGHUQRULHQWLHUWVLFKDQGHP*UXQGJHGDQNHQGHUIUGLH KLHUZHVHQWOLFKHQDUJXPHQWDWLYHQ9HUELQGXQJHQDXVUHLFKWYJO]XPhEHUEOLFNEHU3HLU FHV:HUN1DJHO 1DJHOEHKDQGHOWDOOHUGLQJVGLH6HPLRWLNYRQ3HLUFHQXUDOVHLQHQ $VSHNWXQWHUDQGHUHQHWZDGHP3UDJPDWLVPXVXQGGHU:LVVHQVFKDIWVWKHRULH(LQHQVHKU NQDSSHQhEHUEOLFNPLW6FKZHUSXQNWDXIGLH6HPLRWLNXQGHLQHU)OOHZHLWHUIKUHQGHU/L WHUDWXUELHWHW1|WK 'LHXPIDQJUHLFKHQ(LQIKUXQJHQLQGLHHLQ]LJHPHKU ElQGLJHGHXWVFKVSUDFKLJH3HLUFH(GLWLRQVLQGIUGLHKLHUDQJHVSURFKHQHQ)UDJHVWHOOXQJHQ QLFKWZHLWHUIKUHQGYJO3HLUFH (LQQW]OLFKHUHV,QVWUXPHQWLVW5REHUW0DUW\V=X VDPPHQVWHOOXQJYRQ3HLUFHVFKHQ=HLFKHQGHILQLWLRQHQYJO0DUW\ 





1DUUDWLYH.RPPXQLNDWLRQ



VFKHQ GHP 2EMHNW XQG GHP 5HSUlVHQWDPHQ KHUVWHOOW ]% HLQ *HGDQNH 'LHVHU ,QWHUSUHWDQW IU GHQ HUVW GDV 5HSUlVHQWDPHQ ]XP =HLFKHQ IU GDV 2EMHNWZLUGYHUGDQNWVHLQHQRWZHQGLJH%HUFNVLFKWLJXQJLP=HLFKHQPRGHOO EHL JHQDXHUHU %HWUDFKWXQJ GHU $UELWUDULWlW GHU %H]LHKXQJ ]ZLVFKHQ 2EMHNW XQG =HLFKHQ (EHQ ZHLO GLHVH %H]LHKXQJ DUELWUlU LVW PX‰ VLH YRQ HLQHU GULWWHQ,QVWDQ]KHUJHVWHOOWZHUGHQ,P)DOOHYRQNXOWXUHOOHQ=HLFKHQEDVLHUW GDV +HUVWHOOHQ GLHVHU 9HUELQGXQJ DXI HLQHU VR]LDOHQ 5HJHO GHP &RGH :RKOJHPHUNW(VEDVLHUWGDUDXIDEHUHVHUVFK|SIWVLFKQLFKWGDULQ]XPLQ GHVWQLFKWLPPHU'LH&RGHVELOGHQGLH%DVLVGHU.RPPXQLNDWLRQDEHUHUVW GDV3UR]HVVLHUHQGHU,QIRUPDWLRQPDFKWGDUDXV%HGHXWXQJGKHVELOGHWGHQ ,QWHUSUHWDQWHQ'DVVWLPPWHLJHQWOLFKDXFKIUGLHFRGHEDVLHUWH.RPPXQL NDWLRQ DEHU KLHU LVW GDV 3UR]HVVLHUHQ UHODWLY HLQIDFK ² $XVZDKO GHV &RGHV XQG $QZHQGXQJ GHU JHVSHLFKHUWHQ =XRUGQXQJVUHJHO PLW HYWO %HUFNVLFK WXQJYRQ.RQWH[WIDNWRUHQXPGLHULFKWLJH5HJHO]XILQGHQ'LH.RPSOH[LWlW ZLUG JU|‰WHQWHLOV LP &RGH YHUPXWHW ]% XQWHUVFKLHGOLFKH 5HJHOQ MHZHLOV DEKlQJLJYRP.RQWH[W(LQLQIHUHQ]EDVLHUWHV.RPPXQLNDWLRQVPRGHOOJHKW YRQ HLQHP NRPSOH[HUHQ 0RGHOO GHU ,QIRUPDWLRQVYHUDUEHLWXQJ DXV (VXP ID‰WGLH&RGHVGLH$XVZDKOYRQUHOHYDQWHQ.RQWH[WIDNWRUHQZLH]%6LWXD WLRQVW\SXV RGHU .RPPXQLNDWLRQVPRWLYDWLRQ XQG JHVFKLFKWH VRZLH GLH +HXULVWLNHQ]XU(UPLWWOXQJGHU%HGHXWXQJ'LH&RGHVVLQGZLHJHVDJWQLFKW LGHQWLVFKPLWGHU%HGHXWXQJGHUbX‰HUXQJDXFKQLFKWLQGHP6LQQHGD‰GLH %HGHXWXQJ GHU bX‰HUXQJ GXUFK HLQH HLQIDFKH =XRUGQXQJVUHJHO GHV &RGHV HUPLWWHOWZHUGHQNDQQVRQGHUQVLHKDEHQKHXULVWLVFKH)XQNWLRQEHLGHU(U ³³³³³³³³³³  ª1XQLVWHLQ=HLFKHQHWZDV$GDVHLQH7DWVDFKHRGHU2EMHNW%IUHLQHQLQWHUSUHWDQWL

VFKHQ*HGDQNHQLQWHUSUHWDQWWKRXJKW &EH]HLFKQHW©3HLUFH  'DV JLOW ZRKO DXFKIU²LQ GHU3HLUFHVFKHQ%HJULIIOLFKNHLW ²LNRQLVFKHXQGLQGH[DOLVFKH =HLFKHQGDGLH%H]LHKXQJ]ZDUDXIbKQOLFKNHLWRGHULQZHLWHUHP6LQQHDXI.DXVDOLWlWEH UXKHQ PDJ GHU 8PVWDQG GD‰ GLHV VR LVW DEHU HUVW ZLHGHUXP YRQ HLQHU GULWWHQ ,QVWDQ] ZDKUJHQRPPHQ XQG LQ GLHVHU $UW XQG :HLVH YHUUHFKQHW ZHUGHQ PX‰ 5DXFK ]% ZLUG GXUFK)HXHUYHUXUVDFKWDEHUGLH9HUELQGXQJ]ZLVFKHQGHP5DXFKDOV=HLFKHQXQGGHP 2EMHNW)HXHUPX‰HUVWMHPDQGKHUVWHOOHQGHUGLHVHQ=XVDPPHQKDQJNHQQWXQGPRWLYLHUW LVWLKQ]XEHUFNVLFKWLJHQ²3HLUFHV7KHRULHNDQQDXIJUXQGLKUHU$OOJHPHLQKHLWXQGLKUHV SKlQRPHQEH]RJHQHQ$QVDW]HVQLFKWYHUZHQGHWZHUGHQXP]XHUNOlUHQZDUXPXQGZLH HLQ5HSUlVHQWDPHQIUHLQHQ,QWHUSUHWDQWHQGDV2EMHNWEH]HLFKQHWGLHVH/FNHPX‰YRQ PHGLHQVSH]LILVFKHQ 7KHRULHQ JHIOOW ZHUGHQ ]% GHU ZHLWHU XQWHQ DXVIKUOLFKHU DQJH VSURFKHQHQ5HOHYDQ]WKHRULH  ,QWHUSUHWDQWHQIUDQGHUH=HLFKHQN|QQHQGLHVHQ=XVDPPHQKDQJDXFKDQGHUVKHUVWHOOHQ ]% NDQQ HUEHL2UJDQLVPHQ7HLOLKUHUELRORJLVFKHQ .RQVWUXNWLRQVHLQ)UHLQH /LWHUD WXUJHVFKLFKWHXQWHUVHPLRWLVFKHU3HUVSHNWLYHLVWGHU,QWHUSUHWDQWGHU$QVDW]SXQNWGHV,Q WHUHVVHVYJO%DOW]HU  





1DUUDWLYH.RPPXQLNDWLRQ

PLWWOXQJGHU%HGHXWXQJ'LHVH(UPLWWOXQJDEHULVWDOV,QIHUHQ]SUR]H‰DXI]X IDVVHQ

'DV.RRSHUDWLRQVSULQ]LSGHUQDUUDWLYHQ.RPPXQLNDWLRQ (LQLQIHUHQ]EDVLHUWHV.RPPXQLNDWLRQVPRGHOOPX‰]XVlW]OLFK]XGHQ&RGHV QRFKZHLWHUH 5HJHOQHQWKDOWHQGLHEHVWLPPHQLQZHOFKHU:HLVH XQGXQWHU ZHOFKHQ8PVWlQGHQGLH+HXULVWLNHQGHV&RGHVLQGHUMHZHLOLJHQ.RPPXQL NDWLRQVVLWXDWLRQYHUZHQGHW ZHUGHQ8QWHUVXFKXQJHQ]XVROFKHQ5HJHOQKD EHQVLFKELVODQJDXI]ZHL%HUHLFKHNRQ]HQWULHUW,PSOLNDWXUHQXQG7H[WVRU WHQ)UGLH8QWHUVXFKXQJQDUUDWLYHU.RPPXQLNDWLRQODVVHQVLFKDX‰HUGHP GLHhEHUOHJXQJHQ]XP$XIEDXILNWLRQDOHU:HOWHQKHUDQ]LHKHQ'DGLH7H[W VRUWHQGLVNXVVLRQDOV*DWWXQJVGLVNXVVLRQDOOJHPHLQJHOlXILJLVWPX‰VLHKLHU QLFKW QRFK HLQPDO ZLHGHUKROW ZHUGHQ XQG LFK ZHUGH PLFK GDKHU DXI GLH EHLGHQ DQGHUHQ $QVlW]H NRQ]HQWULHUHQ ,Q HLQHP HUVWHQ 6FKULWW VROO GLH 'LVNXVVLRQ EHU ,PSOLNDWXUHQ DXI LKUH $QZHQGEDUNHLW DXI QDUUDWLYH .RP PXQLNDWLRQ JHSUIW ZHUGHQ ,Q HLQHP ]ZHLWHQ 6FKULWW ZLUG GLH 'LVNXVVLRQ EHUILNWLRQDOH:HOWHQDXVJHZHUWHWZHUGHQGLHELVODQJZHVHQWOLFKHLQ%HLWUDJ ]XU)LNWLRQDOLWlWVGLVNXVVLRQZDU 8QWHUGHP6WLFKZRUW¿,PSOLNDWXUHQ¾ZLUGLQGHUOLQJXLVWLVFKHQ3UDJPDWLN HLQH5HLKHYRQ6FKOX‰IROJHUXQJVPHFKDQLVPHQEHKDQGHOWGLHUHJHOKDIWVLQG XQGDXIGHP*HKDOWGHV*HVDJWHQVRZLHGHU$QQDKPHEHUXKHQ.RPPXQL NDWLRQ KDEH LP ZHVHQWOLFKHQ NRRSHUDWLYHQ &KDUDNWHU )U GLH ZHLWHUHQ hEHUOHJXQJHQ VLQG EHVRQGHUV GLHVH $QQDKPHQ XQG LKUH 5HOHYDQ] IU GLH ³³³³³³³³³³  9JOHWZD+HPSIHU 9R‰NDPS /DPSLQJ 6WUXEH  

'LHVH'HILQLWLRQLVW HLQHIUHLHhEHUQDKPHYRQ/HYLQVRQV'HILQLWLRQLQ/HYLQVRQ>@ D 'LHVH%HVWLPPXQJXPID‰WDOVRQXUGDVZDV*ULFH¿NRQYHUVDWLRQHOOH¾,PSOL NDWXUHQ JHQDQQW KDW XQG QLFKW GLH ¿NRQYHQWLRQHOOHQ ,PSOLNDWXUHQ¾ GLH QLFKW ZDKUKHLWV IXQNWLRQDOH %HGHXWXQJVDVSHNWH NRQYHQWLRQHOO PLW :RUWHQ YHUELQGHQ YJO GD]X DXFK /H YLQVRQ 6  ² *ULFH KDW VR]LDOH $VSHNWHGHU.RPPXQLNDWLRQ ZLH/JHQ ,PDJHDUEHLW XVZ QLFKW ZHLWHUHU|UWHUW ZDVLKPPDQFKPDOGHQ9RUZXUIHLQJHWUDJHQKDWHUKDEHHLQ LGHDOLVWLVFKHV%LOGYRQ.RPPXQLNDWLRQJH]HLFKQHW'LHVYHUIHKOWP(GHQ6WDWXVGHUYRQ *ULFHUHNRQVWUXLHUWHQ3ULQ]LSLHQGDHUQLFKWLKUHDOOJHPHLQH*OWLJNHLWLQGHP6LQQHEH KDXSWHWGD‰DOOH.RPPXQLNDWLRQVRJHIRUPWLVWVRQGHUQGD‰DOOH.RPPXQLNDWLRQGDUDQ DXVJHULFKWHWLVW6RJHZLQQHQ/JHQEHUKDXSWHUVWLKUH:LUNVDPNHLWZHLOPDQLPDOOJH PHLQHQYRQHLQHUZHLWJHKHQGZDKUKHLWVRULHQWLHUWHQ.RPPXQLNDWLRQDXVJHKW%URZQVXQG /HYLQVRQV$QDO\VHYRQ+|IOLFKNHLWDOVUDWLRQDOH6WUDWHJLHGLHDXIGHQhEHUOHJXQJHQYRQ *ULFHEHUXKW]HLJWUHFKWEHU]HXJHQGGLH/HLVWXQJVIlKLJNHLWHLQHVVROFKHQ$QVDW]HVJHUD GH IU VR]LDOH VFKHLQEDU KRFKNRQYHQWLRQDOLVLHUWH XQG QXU ZHQLJ UDWLRQDOH 3KlQRPHQH YJO%URZQ/HYLQVRQ>@ 





1DUUDWLYH.RPPXQLNDWLRQ



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

'LHVHVDXVIKUOLFKH=LWDWVROOQLFKWQXUPLW*ULFHVDEZlJHQGHUXQGYRUVLFK WLJHU9RUEHUHLWXQJVHLQHU'HILQLWLRQGHV.RRSHUDWLRQVSULQ]LSVYHUWUDXWPD FKHQ GDV LQ YLHOHQ /HKUEXFKZLHGHUJDEHQ PHKU ZLH HLQ *HVHW] IRUPXOLHUW ZLUGVRQGHUQDXFKGLHhEHUOHJXQJHQQRFKHLQPDOYRU$XJHQIKUHQGLH ]XU)RUPXOLHUXQJGHV3ULQ]LSVIKUHQ'LHVHhEHUOHJXQJHQVLQGQlPOLFKHLQ JXWHU $XVJDQJVSXQNW XP GLH %UDXFKEDUNHLW GHV .RRSHUDWLRQVSULQ]LSV GDV DQOl‰OLFKYRQ'LDORJVLWXDWLRQHQHQWZLFNHOWZXUGHIUGLHVFKULIWOLFKHXQLGL UHNWLRQDOHQDUUDWLYH.RPPXQLNDWLRQ]XEHUSUIHQ'HUHUVWH6DW]PDJPLW VHLQHU%HWRQXQJGHU5DWLRQDOLWlW:LGHUVSUXFKHUUHJHQGRFKVFKHLQWHVVLFK XPHLQHQVHKUZHLWHQ%HJULIIYRQ5DWLRQDOLWlW]XKDQGHOQGHUNHLQHVZHJVGLH 2EHUIOlFKHQVWUXNWXU GHU bX‰HUXQJHQ EHWULIIW VRQGHUQ YLHOPHKU GLH )UDJH REGLH3HUVRQHQGLHDQGHU.RPPXQLNDWLRQEHWHLOLJWVLQGGDEHL]LHOJHULFKWHW KDQGHOQXQG*UQGHIULKU+DQGHOQKDEHQ,QGLHVHUZHLWHQ)DVVXQJNDQQ ³³³³³³³³³³  *ULFH    'LHV LVW GLH ]ZHLWH GHU VRJHQDQQWHQ ¿+DUYDUG /HFWXUHV¾ XUVSUQJOLFK

YHUID‰WXQGYRUJHWUDJHQNXUVLHUWHQGLH7H[WHEHUHLWVDOVVHKUHLQIOX‰UHLFKHJUDXH/L WHUDWXULQVSUDFKSKLORVRSKLVFKLQWHUHVVLHUWHQ=LUNHOQEHYRUVLHGDQQDOVHLQ]HOQH$XIVlW]H YHUVWUHXW SXEOL]LHUW ZRUGHQ VLQG ,Q GHU %XFKIDVVXQJ OLHJHQ VLH QXQ JHEQGHOW XQG LQ EHUDUEHLWHWHU)RUPYRU  ]%&UXVH   (KOLFKV   9RUZXUI *ULFH ZUGH IU GLH YRQ LKP IRUPXOLHUWHQ 0D[LPHQ XQG GDV .RRSHUDWLRQVSULQ]LS DOOJHPHLQH *OWLJNHLW XQWHUVWHOOHQ P‰WH ZRKO HKHU GHU *ULFH 5H ]HSWLRQ LQ GHU OLQJXLVWLVFKHQ 3UDJPDWLN JHPDFKW ZHUGHQ DEHU DXFK GLH $GDSWLRQHQ IU VSH]LILVFKH 7H[WVRUWHQXQG.RPPXQLNDWLRQVVLWXDWLRQHQ IROJHQPLWJXWHQ*UQGHQZHLW JHKHQGVHLQHQ9RUJDEHQ  6R IDVVHQ DXFK %URZQ XQG /HYLQVRQ ¿UDWLRQDO¾ DXI UDWLRQDO DUH SHRSOH ZKR ªFKRRVH PHDQV WKDWZLOOVDWLVI\WKHLUHQGV©%URZQ/HYLQVRQ  ,QGLHVHP6LQQHLVWQDFK





1DUUDWLYH.RPPXQLNDWLRQ

PDQGHQ%HJULIIZRKODXFKIUGLH3URGXNWLRQXQG5H]HSWLRQYRQ/LWHUDWXU DN]HSWLHUHQ :LFKWLJHUQRFKLVWGLH)HVWVWHOOXQJHVKDQGOHVLFKXPNRRSHUDWLYH%HP KXQJHQGLHZHQQDXFKYLHOOHLFKWQXUVHKUYDJHHLQHJHPHLQVDPH5LFKWXQJ YHUIROJHQ /l‰W VLFK DXFK GLHVH )HVWVWHOOXQJ DXI OLWHUDULVFKH 7H[WH EHUWUD JHQ"'DVJHPHLQVDPH+DQGHOQZLUGGXUFKGHQOLWHUDULVFKHQ7H[WDQGHVVHQ %HGHXWXQJVNRQVWLWXWLRQ VRZRKO $XWRU DOV DXFK /HVHU EHWHLOLJW VLQG VRZLH GXUFKHLQJHPHLQVDPHV=LHOEHVWLPPW:HOFKHV=LHOKDWDEHUGLH.RRSHUDWL RQ" *ULFH JUHLIW IU GLH *HVSUlFKVDQDO\VH ]X GHP YHUEOIIHQG ZLUNVDPHQ 0LWWHO .RQYHUVDWLRQHQ ]X XQWHUVWHOOHQ LKU =LHO VHL GHU PD[LPDO HIIHNWLYH $XVWDXVFKYRQ,QIRUPDWLRQHQ'LH:LUNVDPNHLWLVWGHVKDOEVRYHUEOIIHQG ZHLOQDWUOLFKMHGHPVRIRUWVRYLHOH*HJHQEHLVSLHOHHLQIDOOHQGD‰EHUHLWVGHU $QVDW]GLHVHV8QWHUIDQJHQVYHUIHKOWVFKHLQW%HLJHQDXHUHU%HWUDFKWXQJVWHOOW VLFKDEHUKHUDXVGD‰DXIGLHVH:HLVHHLQH$UW1RUPHQWVWDQGHQLVWYRQGHU VWlQGLJ DEJHZLFKHQZLUGGLHDEHUGLHVH$EZHLFKXQJHQVSH]LIL]LHUW $QGHUV JHVDJWHVHQWVWHKWHLQ+LQWHUJUXQGYRUGHPHUVWGLHUHJHOKDIWH*HVWDOWGHV MHZHLOLJHQVSUDFKOLFKHQ9HUKDOWHQVVLFKWEDUZLUG'LHEHNDQQWHQ.RQYHUVDWL RQVPD[LPHQ GHU 4XDOLWlW 4XDQWLWlW 5HODWLRQ XQG 0RGDOLWlW HUP|JOLFKHQ GLH +HUVWHOOXQJ HLQHU UHJHOKDIWHQ %H]LHKXQJ ]ZLVFKHQ GHU 2EHUIOlFKHQEH GHXWXQJGHUbX‰HUXQJGLHGHP3ULQ]LS]XZLGHUVSUHFKHQVFKHLQWXQGGHU HLJHQWOLFKHQ %HGHXWXQJ GLH GHP 3ULQ]LS IROJW 'DV .RPPXQLNDWLRQV]LHO KDW*ULFHZLHHUVHOEVWIHVWVWHOOWVHKUHQJJHID‰WXQGHVLVWDXIJUXQGZHLWH UHUP|JOLFKHU=LHOHDXFKGLH*OWLJNHLWZHLWHUHU0D[LPHQGHQNEDU(UVHOEVW QHQQWGDV%HLVSLHOHLQHU.RPPXQLNDWLRQGLHGDUDXIDEJHVWHOOWLVW]XEHHLQ ³³³³³³³³³³

LKUHU0HLQXQJ5DWLRQDOLWlWGHU.RPPXQLNDWLRQGLH]HQWUDOH$QQDKPHYRQ*ULFH(VJLEW NHLQH$EZHLFKXQJYRQUDWLRQDOHU(IIL]LHQ]LQGHU.RPPXQLNDWLRQRKQH*UXQGYJOHE GD 6  'DYLHV DQDO\VLHUW GDV .RRSHUDWLRQVSULQ]LS LP .RQWH[W GHV *HVDPWZHUNV YRQ *ULFH XQG VLH NDQQ ]HLJHQGD‰HVOHGLJOLFKLQGHQZHQLJHQ $QDO\VHQ]XU ,PSOLNDWXU HU ZlKQW ZLUG ZlKUHQG 5DWLRQDOLWlW GLH WUHLEHQGH *UXQGDQQDKPH YRQ *ULFHV 3KLORVRSKLH LVW ,KUH 9HUVXFKH ]X H[SOL]LHUHQ ZDV *ULFH ZLHGHUXP PLW¿5DWLRQDOLWlW¾ PHLQWNRPPHQ DOOHUGLQJV]XNHLQHP(UJHEQLV:LFKWLJLVWLKU+LQZHLVGDUDXIGD‰¿FRRSHUDWLYH¾QLFKWLP XPJDQJVVSUDFKOLFKHQ 6LQQH DXIJHID‰W ZHUGHQ GDUI VRQGHUQ OHGLJOLFK GLH 8QWHUVWHOOXQJ YRQ]LHOJHULFKWHWHP+DQGHOQEHGHXWHWYJO'DYLHV   9JO*ULFH   /HW]WHUHVLP2ULJLQDO¿PDQQHU¾,FKIROJHKLHUGHPSODXVLEOHQhEHUVHW]XQJVYRUVFKODJYRQ 0DUWLQD :LHVH GLH 6WHSKHQ & /HYLQVRQV 6WDQGDUGZHUN EHU 3UDJPDWLN LQV 'HXWVFKH EHUWUDJHQKDW  'LH ZRKO LPPHU QRFK EHVWH %HVFKUHLEXQJ ILQGHW VLFK QLFKW EHL *ULFHVHOEVWVRQGHUQLQ /HYLQVRQ>@D 





1DUUDWLYH.RPPXQLNDWLRQ



IOXVVHQ XQG GDV 9HUKDOWHQ ]X VWHXHUQ )U GLH QDUUDWLYH .RPPXQLNDWLRQ N|QQWH HLQ VROFKHV =LHO GDULQ EHVWHKHQ LQWHUHVVDQW EHU HLQ *HVFKHKHQ ]X LQIRUPLHUHQXQGGLHVVRHIIHNWLYZLHP|JOLFK]XWXQ¿*HVFKHKHQ¾ZLUGKLHU YHUVWDQGHQ DOV GDV +DQGHOQ RGHU 9HUKDOWHQ YRQ )LJXUHQ LQ HLQHP 6HWWLQJ 'LH 7DWVDFKH GHU .RPPXQLNDWLRQ YHUPLWWHOW DXFK KLHU GHQ $QVSUXFK GD‰ GLH 0LWWHLOXQJ GHV *HVFKHKHQV GLH $XIPHUNVDPNHLW GHV /HVHUV ZHUW LVW ,Q ZHOFKHP6LQQHGLH0LWWHLOXQJ¿LQWHUHVVDQW¾LVWZLUGGXUFKGHQ7H[W]XPHLVW ZHLWHUVSH]LIL]LHUW]%DOVDXIUHJHQGEHL6SDQQXQJVOHNWUHZHOWGHXWHQGEHL 7H[WHQPLWDOOHJRULVFKHQRGHUV\PEROLVFKHQ:LUNOLFKNHLWVEH]JHQRGHUYLU WXRV EHL ZRUWNOLQJHOQGHQ 1RQVHQVWH[WHQ ¿(IIHNWLY¾ EH]LHKW VLFK YRU DOOHP GDUDXIZLHGLHYRP7H[WRGHUVHLQHU*DWWXQJYRUJHJHEHQH)RUPGHVDQJH ]LHOWHQ,QWHUHVVHVYHUPLWWHOWZLUG 'LHVH 5HJHO VFKHLQW HKHU DXI $QHNGRWHQ PLW HLQHU NODUHQ 3RLQWH XQG 6FKHPDOLWHUDWXU ]X SDVVHQ DOV DXI GLH JUR‰H 9LHOIDOW YRQ (U]lKOWH[WHQ XQG LQVEHVRQGHUH GLH (LJHQZLOOLJNHLWHQ GHU PRGHUQHQ /LWHUDWXU $EHU GLH (LQ ZlQGH JHJHQ HLQH VROFKH =LHOIRUPXOLHUXQJ lKQHOQ LQ EHIULHGLJHQGHU :HLVH GHQHQ GLH PDQ JHJHQ *ULFHV =LHOYRUJDEH GHU .RQYHUVDWLRQ YRUEULQJHQ NDQQ-HGHUZLUGVLFKDQ]DKOUHLFKH(U]lKOWH[WHHULQQHUQGLHNHLQLQWHUHVVDQ WHV*HVFKHKHQZLHGHUJHEHQRGHUGHUHQ(U]lKOZHLVHPDQDXINHLQHQ)DOODOV ¿HIIHNWLY¾EH]HLFKQHQN|QQWH'DVZLUGPLWGLHVHU=LHOYRUJDEHDXFKJDUQLFKW LQ )UDJH JHVWHOOW GHQQ HV JHK|UW ]XP :HVHQ GLHVHV .RRSHUDWLRQVSULQ]LSV GD‰ VHLQH *OWLJNHLW DXFK JHUDGH GDQQ DQJHQRPPHQ ZLUG ZHQQ HV RIIHQ VLFKWOLFKYHUOHW]WZLUG (LQLJH%HLVSLHOHN|QQHQGDVHUOlXWHUQ1HKPHQZLUHLQHQ5RPDQGHVVHQ HUVWHV.DSLWHOHLQH+DQGOXQJPLWHLQLJHQ)LJXUHQZLHGHUJLEWXQGLP]ZHLWHQ .DSLWHO ILQGHQ VLFK ZHGHU $QVFKOVVH DQ GLH +DQGOXQJ QRFK GLH )LJXUHQ ZLHGHU 'HU /HVHU NDQQ QXQ DQQHKPHQ GD‰ GHU $XWRU ZLUUHV =HXJ JH ³³³³³³³³³³  9JO*ULFHHEGD 

'HU 0RGHOO/HVHU XQWHUVWHOOW DOVR GD‰ GHU $XWRU GHV (U]lKOWH[WHV GLHVHV =LHO YHUIROJW -DKQI VFKOlJWYRUYLHU0D[LPHQ5HOHYDQ]4XDOLWlW4XDQWLWlWXQG2UGQXQJ  DOV3UlIHUHQ]UHJHOQGHV1DUUDWHH]XYHUZHQGHQ  2E GHQ .RQYHUVDWLRQVPD[LPHQ DQOl‰OLFK GHV QHXHQ .RRSHUDWLRQV]LHOVZHLWHUHKLQ]X]X IJHQVLQGPDJGDKLQJHVWHOOWEOHLEHQGDIUGLH=ZHFNHGHUKLVWRULVFKHQ5HNRQVWUXNWLRQ GDVDOOJHPHLQH.RRSHUDWLRQVSULQ]LSXQGGLHYRP7H[WMHZHLOVDXIJUXQGYRQ3XEOLNDWLRQV ]XVDPPHQKDQJ *DWWXQJV]XJHK|ULJNHLW RGHU WH[WLQWHUQHQ 0HUNPDOHQ VSH]LIL]LHUWH )RUP GHVDQJH]LHOWHQ,QWHUHVVHVDXVUHLFKHQGVLQG6LFKHUOLFKLVW3UDWW ]X]XVWLPPHQZHQQ VLH QLFKW DQQLPPW GD‰ /LWHUDWXU HLQH HLJHQH 6SUDFKH VHL ² XQG GDPLW DXFK  HLQ HLJHQHV .RRSHUDWLRQVSULQ]LSDXIZHLVH²VRQGHUQHLQH9HUZHQGXQJYRQ6SUDFKH  (LQVFK|QHV%HLVSLHOGDIULVW/HR3HUXW]1DFKWVXQWHUGHUVWHLQHUQHQ%UFNH(UVWGUXFN  





1DUUDWLYH.RPPXQLNDWLRQ

VFKULHEHQKDWXQGGDV%XFK]XU6HLWHOHJHQGLHPHLVWHQZHUGHQDEHUYHUPX WHQGD‰HUQLFKWJHJHQGDVQDUUDWLYH.RRSHUDWLRQVSULQ]LSYHUVWR‰HQKDWXQG QXU LKUH $QQDKPH UHYLGLHUHQ ZRULQ GHQQ GDV LQWHUHVVDQWH *HVFKHKHQ EH VWHKWYRQGHPEHULFKWHWZHUGHQVROO(VLVWGDQQQLFKWPHKULQGHUHLQVWUlQ JLJHQ+DQGOXQJHLQLJHUZHQLJHU)LJXUHQ]XVXFKHQVRQGHUQLQGHP.RQWUDVW XQG GHP *HPHLQVDPHQ GDV GXUFK GLH =XVDPPHQVLFKW GHU YHUVFKLHGHQHQ +DQGOXQJVVWUlQJHHQWVWHKW :HQQ HWZD HLQ %XFK GDV DOV .ULPLQDOURPDQ DQJHNQGLJW LVW OlQJHUH $XVIKUXQJHQ EHU GLH $UFKLWHNWXU XQG GLH KLVWRULVFKHQ +LQWHUJUQGH GHV 2UWHVHQWKlOWDQGHPVLFKGLH+DQGOXQJHUHLJQHWGDQQNDQQPDQHLQH9HU OHW]XQJ GHV QDUUDWLYHQ .RRSHUDWLRQVSULQ]LSV NRQVWDWLHUHQ (QWZHGHU PDQ XQWHUVWHOOWGHP$XWRUHLQHXQJHZROOWH9HUOHW]XQJGDQQNDQQPDQK|FKVWHQV EHLGHU:HUWXQJGDUDXV6FKOVVH]LHKHQRGHUPDQXQWHUVWHOOWGLH*OWLJNHLW GHV3ULQ]LSVXQGNRUULJLHUWVHLQH$QQDKPHZHOFKHV,QWHUHVVHGHU7H[WYHU IROJWDXIHLQH:HLVHGLHDXFKGLH$XVIKUXQJHQXPID‰W 'DV .RRSHUDWLRQVSULQ]LS NDQQDOVZHVHQWOLFKHU%HVWDQGWHLOHLQHUJHJHQ VHLWLJHQ(UZDUWXQJVKDOWXQJJHVHKHQZHUGHQ$XWRUHQZLVVHQGD‰GLH/HVHU DQQHKPHQGD‰GLH$XWRUHQGHP3ULQ]LSIROJHQ'DVZLVVHQZLHGHUXPDXFK GLH /HVHU 'HVKDOE N|QQHQ $XWRUHQ GLH%HUHLWVFKDIWYRQ/HVHUQ LKQHQGLH *OWLJNHLWGHV.RRSHUDWLRQVSULQ]LSV ]X XQWHUVWHOOHQIULKUHNRPPXQLNDWL YHQ =ZHFNH YHUZHQGHQ 2IIHQVLFKWOLFKH 9HUVW|‰H JHJHQ GLHVHV .RRSHUDWLRQVSULQ]LSVLQGGDQQVR]XVDJHQ$XIWUlJHDQGLH/HVHUQDFKHLQHP QHXHQ 9HUVWlQGQLV GHV 7H[WHV ]X VXFKHQ GDV QLFKW PHKU DOV 9HUVWR‰ ]X VHKHQLVW)UHLQHQ/HVHUGHULP:HUWKHUHLQHLQWHUHVVDQWH/LHEHVJHVFKLFKWH VLHKWPVVHQGLH1DWXUXQG/HNWUHVFKLOGHUXQJHQRIIHQVLFKWOLFKH9HUVW|‰H JHJHQ GDV .RRSHUDWLRQVSULQ]LS VHLQ XQG GDV N|QQWH LKQ GD]X YHUDQODVVHQ QDFK HLQHU XPIDVVHQGHUHQ $XIIDVVXQJ GHVVHQ ]X VXFKHQ ZDV GDV LQWHUHVVDQWH*HVFKHKHQLVWGDVLP5RPDQEHULFKWHWZHUGHQVROO8QWHUVWHOOW HUDEHU/LWHUDWHQVLHZUGHQRKQHKLQQXUZLUUHV=HXJIDEXOLHUHQGDQQZLUG HUVLFKGLHVHU0KHQLFKWXQWHU]LHKHQ 'LH 5HOHYDQ]WKHRULH YRQ 6SHUEHU XQG :LOVRQ LVW HLQ ZHLWKLQ EHDFKWHWHU 9HUVXFK GLH YRQ *ULFH HQWZLFNHOWHQ .RQ]HSWH ]X HLQHU NRJQLWLRQVZLVVHQ ³³³³³³³³³³  3DUDGLJPDWLVFK]HLJWVLFKGLHVH6WUDWHJLHJHUDGHEHLP8PJDQJPLWVSUDFKOLFKHP0DWHULDO

GDVNHLQHQ6LQQKDWVR]%(QNYLVWEHLGHU/HNWUHYRQ$OHNVH\.UXÿHQ\[ªWUDQVUDWLRQD OHP *HGLFKW© GHVVHQ ¿:RUWH¾ ZHGHU LP 5XVVLVFKHQ QRFK LQ HLQHU DQGHUHQ 6SUDFKH 6LQQ KDEHQ'LH6XFKHQDFK6LQQZLUGQLFKWDXIJHJHEHQVRQGHUQDXIHLQHDQGHUH(EHQHYHU VFKREHQ'DV*HGLFKWZLUGDOV6\PSWRPHLQHUEHVWLPPWHQ(LQVWHOOXQJGHV$XWRUVJHJHQ EHUGHU7UDGLWLRQJHVHKHQYJO(QNYLVW 





1DUUDWLYH.RPPXQLNDWLRQ



VFKDIWOLFKHQ 7KHRULH GHU .RPPXQLNDWLRQ ]X YHUDOOJHPHLQHUQ 6LH EDVLHUW DXI*ULFHV(LQVLFKWGD‰GHU$NWGHU.RPPXQLNDWLRQ(UZDUWXQJHQDXIEDXW GLHGDQQIUGLH.RPPXQLNDWLRQYHUZHQGHWZHUGHQN|QQHQ,P*HJHQVDW] ]XU *ULFH JHKHQ GLH $XWRUHQ DEHU GDYRQ DXV GD‰ GHU ZHVHQWOLFKH 0HFKD QLVPXVGDIUQlPOLFKGDVUHOHYDQ]RULHQWLHUWH2SHULHUHQGHV6SUDFKYHUDUEHL WXQJVPHFKDQLVPXVDQJHERUHQLVW,P=HQWUXPGHU7KHRULHVWHKWQDKHOLHJ HQGHUZHLVHHLQH'HILQLWLRQYRQ5HOHYDQ] ([WHQWFRQGLWLRQDQDVVXPSWLRQLVUHOHYDQWLQDFRQWH[WWRWKHH[WHQWWKDWLWVFRQWH[WXDO HIIHFWVLQWKHFRQWH[WDUHODUJH  ([WHQW FRQGLWLRQ  DQ DVVXPSWLRQ LV UHOHYDQW LQ D FRQWH[W WR WKH H[WHQW WKDW HIIRUW UH TXLUHGWRSURFHVVLWLQWKLVFRQWH[WLVVPDOO

6SHUEHU:LOVRQ ELHWHQ DXFK IU GLH %HJULIIH ¿FRQWH[W¾ ¿FRQWH[WXDO HIIHFW¾ ¿HIIRUW¾ 'HILQLWLRQHQ GLH VLFK DOOH ]X HLQHP 1HW] HLQHU QHXHQ 7KHRULH YRQ VSUDFKOLFKHU .RPPXQLNDWLRQ YHUELQGHQ GLH WURW] ]DKOUHLFKHU VSHNXODWLYHU =JH VHKU EHHLQGUXFNHQG LVW 'HQQRFK VFKHLQW PLU GHU GLUHNWH :HJ YRQ GLHVHU7KHRULH]XU/LWHUDWXUZLVVHQVFKDIWQLFKWJDQJEDU]XVHLQ(LQZHVHQWOL FKHV +LQGHUQLV OLHJW LQ GHP IU GLH 7KHRULH ]HQWUDOHQ %HJULII ¿HIIRUW¾ GHP ³³³³³³³³³³  'DQ 6SHUEHU XQG

'HLGUH :LOVRQ KDEHQ LKUH 3RVLWLRQ DXVIKUOLFK GDUJHOHJW LQ 6SHU EHU:LOVRQ>@ GLHVH]ZHLWH$XIODJHHQWKlOWHLQOlQJHUHV1DFKZRUWGDVDXIHL QLJH(LQZlQGHYRQ.ULWLNHUQHLQJHKWXQGDXFKZHLWHUH(QWZLFNOXQJHQGHU5HOHYDQ]WKHR ULH YRQ DQGHUHQ 6SUDFK XQG .RJQLWLRQVZLVVHQVFKDIWOHUQ VNL]]LHUW 'LH EHLGHQ $XWRUHQ KDEHQ HLQH 5HLKH YRQ =XVDPPHQIDVVXQJHQLKUHU7KHVHQYHU|IIHQWOLFKW6HKU HQJ DQGLH $UJXPHQWDWLRQVOLQLHGHV%XFKHVDQJHOHKQWLVWYRQGHQVHOEHQ$XWRUHQ 'LH/LWHUD WXU ]XU 5HOHYDQ]WKHRULH E]Z GHUHQ $SSOLNDWLRQ DXI JDQ] XQWHUVFKLHGOLFKH VSUDFKOLFKH 3KlQRPHQHKDWLQ]ZLVFKHQHLQEHHLQGUXFNHQGHV$XVPD‰DQJHQRPPHQYJO@ 





1DUUDWLYH.RPPXQLNDWLRQ

EHWK"©GLVNXWLHUW1XUHLQHUEHVWLPPWHQ$Q]DKOYRQ$XVVDJHQEHU)LJX UHQLQILNWLRQDOHQ:HOWHQNDQQHLQ:DKUKHLWVZHUW]XJHRUGQHWZHUGHQYLHOH DQGHUH $XVVDJHQ VLQG XQHQWVFKHLGEDU 'ROHæHO VFKOLH‰W VLFK KLHU HLQHP 6WDQGSXQNW DQ GHU EHVDJW :LU ZHUGHQ QLHPDOV ZLVVHQ ZLH YLHOH .LQGHU /DG\0DFEHWKLQGHU:HOWGHV'UDPDV0DFEHWKKDW1LFKWZHLOGLHV]XZLV VHQHLQ:LVVHQYHUODQJHQZUGHMHQVHLWVDOOHUPHQVFKOLFKHQ0|JOLFKNHLWHQ VRQGHUQZHLOHVQLFKWVGHUJOHLFKHQJLEWGDVPDQZLVVHQN|QQWH:HQQPDQ ILNWLRQDOHQ(QWLWlWHQLKUH8QYROOVWlQGLJNHLWDEVSULFKWGDQQNRPPWGDVLKUHU %HKDQGOXQJDOVUHDOH(QWLWlWHQJOHLFK 'LHILNWLRQDOHQ:HOWHQGHU/LWHUDWXUN|QQHQLQLKUHU0DNURVWUXNWXUKH WHURJHQVHLQ'LHVH)HVWVWHOOXQJLVW WDWVlFKOLFKHLQH(LQVFKUlQNXQJXQG(U JlQ]XQJYRQ3XQNW]ZHL'RUWZXUGHQILNWLRQDOH:HOWHQDOVP|JOLFKH:HO WHQGHILQLHUWGLHGXUFKVSH]LILVFKHDOOJHPHLQH5HJHOQJHIRUPW ZHUGHQ7DW VlFKOLFKN|QQHQDEHULQHLQHP7H[WPHKUHUHKHWHURJHQH:HOWHQNRQVWLWXLHUW ZHUGHQ]%PHQVFKOLFKHXQGJ|WWOLFKH:HOW 'LHILNWLRQDOHQ:HOWHQGHU/LWHUDWXUVLQG.RQVWUXNWHHLQHU7H[WSRLHVLV $OOHILNWLRQDOHQ:HOWHQVLQG3URGXNWHPHQVFKOLFKHU$NWLYLWlWGLHILNWLRQDOHQ :HOWHQGHU/LWHUDWXUVLQGGLH3URGXNWHYRQJHVWDOWHWHQ7H[WHQ'LHVHU3XQNW LVW DOVR HLQH (UJlQ]XQJYRQ3XQNWGUHL² ILNWLRQDOH:HOWHQ VLQGQXUGXUFK VHPLRWLVFKH .DQlOH ]XJlQJOLFK ² XQG ELOGHW ² WKHRULHEDXWHFKQLVFK JHVSUR FKHQ²GLH%UFNH]XGHQ7H[WZLVVHQVFKDIWHQ 'ROHæHO HQWIDOWHW VHLQ 3URMHNW HLQHU OLWHUDULVFKHQ 6HPDQWLN LQGHP HU GLH %HGLQJXQJHQ IU GLH ([LVWHQ] XQG 6WUXNWXU ILNWLRQDOHU :HOWHQ HUVW DQ (LQ 3HUVRQHQ:HOWHQGDQQDQPXOWLSHUVRQDOHQ:HOWHQXQWHUVXFKWXPGDQQLP ]ZHLWHQXQGOHW]WHQ$EVFKQLWWVHLQHV%XFKVGHU)UDJHQDFK]XJHKHQZDVPDQ EHUILNWLRQDOH:HOWHQZLVVHQNDQQ6HLQH$QWZRUWEHVWHKWLQGHU%HVFKUHL EXQJ ]ZHLHU LQWHQVLRQDOHU )XQNWLRQHQ GLH HLQH UHJHOKDIWH %H]LHKXQJ ]ZL VFKHQGHU'DUVWHOOXQJLP7H[WGHPGLVFRXUVXQGGHUILNWLRQDOHQ:HOWKHUVWHO OHQ'LHHUVWH)XQNWLRQGLH%HJODXELJXQJHUID‰WGHQ*UDGDQ6LFKHUKHLWPLW GHUHWZDVLQGHUILNWLRQDOHQ:HOWGHU)DOOLVW(VJHKWKLHUXPGLH)UDJHZLH ]XYHUOlVVLJHLQH$XVVDJHGHV(U]lKOHUVRGHUHLQHU)LJXULVWXQGZHOFKH$E VWXIXQJHQXQG0RGDOLWlWHQHVIUHLQHQILNWLRQDOHQ6DFKYHUKDOWJLEW 'LH ]ZHLWH )XQNWLRQ JHQDQQW 6lWWLJXQJ EHVFKUHLEW GLH $UW XQG :HLVH ZLHGLH8QYROOVWlQGLJNHLWGHUILNWLRQDOHQ:HOWVWUXNWXULHUWLVW'HU%HJULIIGHU ¿6lWWLJXQJ¾EH]LHKWVLFKDXIGLH)OOXQJGHU:HOWPLW(QWLWlWHQXQG(UHLJQLV VHQ(LQHILNWLRQDOH:HOWNDQQQLHYROOVWlQGLJVHLQDEHUVLHNDQQXQWHUVFKLHG OLFKDQJHUHLFKHUWXQGJHIOOWVHLQ$XFKLQGLHVHP)DOOJHKWHVXPGLH%H]LH ³³³³³³³³³³ 9JOGD]XXQWHQ6





1DUUDWLYH.RPPXQLNDWLRQ



KXQJ]ZLVFKHQGHU7H[WXU²'ROHæHOV%HJULIIIUGLVFRXUV²XQGGHUILNWLRQD OHQ:HOW1XUGRUWZRLQGHU7H[WXU$QJDEHQ]XILQGHQVLQGH[LVWLHUWHWZDV LQ GHU ILNWLRQDOHQ :HOW ² YRUDXVJHVHW]W GLH %HGLQJXQJHQ IU GLH %HJODXEL JXQJVLQGHLQJHKDOWHQ:RGLH7H[WXUNHLQH$QJDEHQPDFKWVLQG/FNHQLQ GHUILNWLRQDOHQ:HOW :HLWDXVZLFKWLJHUDOVGLH/HHUVWHOOHQVLQGDEHUGLHQLFKWH[SOL]LWJHJHEH QHQ,QIRUPDWLRQHQLQ7H[WHQXQGGDVJLOWEHVRQGHUVIUOLWHUDULVFKH7H[WH 'LH OLWHUDULVFKH 6HPDQWLN JHKW GDYRQ DXV GD‰ LQ GHU 7H[WXU 0DUNLHUXQJHQ IU LPSOL]LWH %HGHXWXQJHQ H[LVWLHUHQ XQG GD‰ LPSOL]LWH %HGHXWXQJ GXUFK VSH]LIL]LHUEDUH 3UR]HGXUHQ HUPLWWHOW ZHUGHQ NDQQ (LQH VROFKH 0DUNLHUXQJ NDQQGDV:HJODVVHQHLQHU,QIRUPDWLRQVHLQGLHEOLFKHUZHLVHDQGLHVHU6WHOOH DXIWDXFKW]%EHLHLQHUV\QWDNWLVFKHQ(OOLSVLV,PPHULVWGDV.ULWHULXPIU GDV9RUKDQGHQVHLQHLQHULPSOL]LWHQ,QIRUPDWLRQGDVªZDKUJHQRPPHQH)HK OHQ©YRQHWZDV*HUDGHXPJHNHKUWN|QQHQDEHUDXFKEHVWLPPWH6LJQDOHRGHU +LQZHLVHLP7H[WLQVEHVRQGHUH$QGHXWXQJHQRGHU$QVSLHOXQJHQDOV0DU NLHUXQJHQIULPSOL]LWH,QIRUPDWLRQHQGLHQHQ 'ROHæHOV DQVSUXFKVYROOHU WKHRUHWLVFKHU (QWZXUI PX‰ ² QLFKW ]XOHW]W LP /LFKWHGHUYRUDQJHJDQJHQHQ'LVNXVVLRQ²LQHLQLJHQ3XQNWHQUHYLGLHUWZHU GHQ'LHZHVHQWOLFKH'LIIHUHQ]]XGHPKLHUVNL]]LHUWHQ6WDQGSXQNWEHVWHKW ZRKOGDULQGD‰VHLQH7KHRULHGHUILNWLRQDOHQ:HOWHQHLQH$XVDUEHLWXQJHLQHU OLWHUDULVFKHQ 6HPDQWLN LVW GHU GDV&RGHPRGHOO]XJUXQGHOLHJW 'LHGDGXUFK HQWVWHKHQGHQ 3UREOHPH ZXUGHQ REHQ EHUHLWV DQJHVSURFKHQ (LQH /|VXQJ GLHVHU3UREOHPHHUVFKHLQWPLUQXUP|JOLFKZHQQPDQGLH$QVlW]H]XHLQHU OLWHUDULVFKHQ 3UDJPDWLN LQ GHU EHUHLWV DQJHVSURFKHQHQ :HLVH ZHLWHUHQWZLN NHOW7DWVlFKOLFKODVVHQVLFKHLQLJHGHU$QQDKPHQ'ROHæHOVQRFK SODXVLEOHU LP .RQWH[W HLQHU VROFKHQ (UZHLWHUXQJ UHIRUPXOLHUHQ 6R LVW GDV .ULWHULXP IUGDV9RUKDQGHQVHLQLPSOL]LWHU,QIRUPDWLRQHQMDQLFKWHLQIDFKGDV)HKOHQ HLQHU,QIRUPDWLRQVRQGHUQHLQ)HKOHQGDVJOHLFK]HLWLJGDV)HKOHQPDUNLHUW 'LHVH0DUNLHUXQJZLUGGHU/HVHUZLHGHUXPDOVLQWHQGLHUWHV6LJQDOYHUVWHKHQ VLFKPLWGHP)HKOHQGHQ]XEHVFKlIWLJHQZHLO5HOHYDQWHVIHKOW 'LH$XIIDVVXQJQXUGDVZDVLP 7H[WJHJHEHQVHLH[LVWLHUHDXFKLQGHU GXUFKGHQ7H[WHU]HXJWHQILNWLRQDOHQ:HOWOl‰WVLFKZRKOQXUKDOWHQZHQQ PDQ HLQ VHKU ZHLWHV 9HUVWlQGQLV GDYRQ KDW ZDQQ HWZDV DOV JHJHEHQ DQJH QRPPHQZHUGHQNDQQ'DVOl‰WVLFKVHKUHLQIDFKDQHLQHP%HLVSLHOGHPRQ VWULHUHQ 'LHJUDXH&KDXVVHH JOLWWIOLQN XQWHUGHQKRKO XQGWDNWPl‰LJ DXIVFKODJHQGHQ+XIHQYRQ /HEUHFKW .U|JHUV GLFNHQ %UDXQHQ DXV 0HFNOHQEXUJ GDKLQ REJOHLFK GLH 6RQQH EUDQQWH XQGGHU6WDXEGLHVSlUOLFKH$XVVLFKWYHUKOOWH%XGGHQEURRNV6I 





1DUUDWLYH.RPPXQLNDWLRQ

'HU7H[WOl‰WVLFKEHUGLHªGLFNHQ%UDXQHQ©QLFKWZHLWHUDXVXQGHVLVWLP 7H[W GDKHU QLFKWV JHJHEHQ GD‰ GDV ¿REJOHLFK¾ ]ZLVFKHQ GHQ EHLGHQ 6lW]HQ UHFKWIHUWLJHQ ZUGH (UVW ZHQQ GHU /HVHU DXV VHLQHP :HOWZLVVHQ HUJlQ]W GD‰3IHUGHEHLJUR‰HU+LW]HXQG6WDXEQRUPDOHUZHLVHQXUPLW0KHQ]JLJ ZHLWHUODXIHQ LVW GHU *HJHQVDW] YHUVWlQGOLFK 0DQ N|QQWH KLHU HLQZHQGHQ GD‰GRFKPLWGHP+LQZHLVDXI¿3IHUGH¾HLQEHVWLPPWHU(LQWUDJLQGHU(Q]\ NORSlGLHGHV/HVHUVDEJHUXIHQZLUG$EHUZDVVDJWGHQQGHP/HVHUGD‰HU GLHVHV:LVVHQEHUGLHDNWXDOH:HOWKLHUEHLGHU.RQVWUXNWLRQHLQHUILNWLRQD OHQ:HOWDEUXIHQVROOXQGGDUI":DKUVFKHLQOLFKLVWHVHLQIDFKHLQH5HJHOGHU .RPPXQLNDWLRQV|NRQRPLHGD‰GHU/HVHU]X5HFKWGDYRQDXVJHKWHUVROOH VROFKH,QIRUPDWLRQHQDXVVHLQHP:HOWZLVVHQEH]LHKHQ0‰WHHLQ7H[WZLUN OLFK DOOH ,QIRUPDWLRQHQ GLH LQ VHLQHU ILNWLRQDOHQ :HOW JHJHEHQ VLQG DXVGUFNOLFKPLWIKUHQGDQQZlUHMHGH(U]lKOXQJYRQHLQHPXPIDQJUHLFKHQ /H[LNRQ EHJOHLWHW 0DQ N|QQWH HLQ VROFKHV 3ULQ]LS GHU PLQLPDOHQ $EZHL FKXQJYRUOlXILJVRIRUPXOLHUHQ6RODQJHQLFKWV*HJHQWHLOLJHVLP7H[WH[SOL]LW JHlX‰HUW ZLUG NDQQ VLFK GHU /HVHU ]XP 9HUVWlQGQLV GHV 7H[WHV DXI VHLQ :HOWZLVVHQ EH]LHKHQ E]Z DXI GDV :HOWZLVVHQ GDV GHP DXNWRULDOHQ 3XEOL NXP]XXQWHUVWHOOHQLVW 7H[WLQIRUPDWLRQXQG:LVVHQEHUGLHDNWXDOH:HOWVLQGQLFKWGLHHLQ]LJHQ 4XHOOHQ %HJLQQW HLQ 7H[W PLW GHP 6DW] ª=XU )HOGPDXV VSUDFK HLQ 6SDW] 6LHKGRUWGHQ$GOHUVLW]HQ©VRZLUGGHU/HVHUNDXPVHLQ:LVVHQEHUGLH )HOGPDXV DSSOL]LHUHQ VRQGHUQ GHP 2EHUWLWHO GLHVHU 7H[WUHLKH JHPl‰ VHLQ :LVVHQEHUGLH.RQYHQWLRQHQGHU)DEHO.DQQPDQGDQQ¿:HOWZLVVHQ¾YLHO OHLFKWLPRELJHQ'HILQLWLRQVYRUVFKODJGXUFK¿*HQUHZLVVHQ¾HUVHW]HQ",QGHU )DEHO/HVVLQJVIOHKWHLQ0DQQGHU-DKUHDXI5HLVHQZDU]X*RWWGD‰ HUEHLVHLQHUEHYRUVWHKHQGHQ5FNNHKUVHLQH)UDXXQGVHLQHEHLGHQ.LQGHU JHVXQGDQWUHIIHQZHUGHª6RVHXI]W)DXVWLQXQG*RWWHUK|UWGHQ6QGHU (U NDP XQG IDQG VHLQ +DXV LQ hEHUIOX‰ XQG5XK(UIDQGVHLQ:HLEXQG VHLQHEHLGHQ.LQGHU8QG²6HJHQ*RWWHV²]ZHLGD]X©=XP9HUVWlQG QLVGLHVHU3RLQWHLVWNHLQVSH]LILVFKOLWHUDULVFKHV:LVVHQQRWZHQGLJVRQGHUQ ³³³³³³³³³³ ¿(Q]\NORSlGLH¾ LVW (FRV 6DPPHOEHJULII IU YHUVFKLHGHQH :LVVHQVIRUPHQ GHV /HVHUV YJO

(FR >@    'LH %H]HLFKQXQJ LVW JXW DEHU(FRV ([SOLNDWLRQ LVWQRFK]XVHKU HLQHU SUlNRJQLWLRQVZLVVHQVFKDIWOLFKHQ $XIIDVVXQJ YRQ PHQVFKOLFKHU ,QIRUPDWLRQVYHUDU EHLWXQJYHUSIOLFKWHWLP)DOOHGHV:|UWHUEXFKVGDV7HLOGHU¿(Q]\NORSlGLH¾LVWGRPLQLHUW HWZD GLH 9RUVWHOOXQJ :RUWH ZUGHQ DXIJUXQGLKUHU VHPDQWLVFKHQ 0HUNPDOH YHUDUEHLWHW +LHUVROO(Q]\NORSlGLHHEHQIDOOVDOV6DPPHOEHJULIIIUGLHYHUVFKLHGHQHQ:LVVHQVIRUPHQ YHUZHQGHWZHUGHQ $OV¿SULQFLSOHRIPLQLPDOGHSDUWXUH¾P:HUVWPDOVGLVNXWLHUWEHL5\DQ  /HVVLQJ  /HVVLQJ 





1DUUDWLYH.RPPXQLNDWLRQ



QXU 9HUWUDXWKHLW PLW GHU 'DXHU PHQVFKOLFKHU )RUWSIODQ]XQJ XQG PLW GHQ :HUWYRUVWHOOXQJHQ HLQHU LP ,GHDOIDOO PRQRJDPHQ *HVHOOVFKDIW 2IIHQVLFKW OLFKLVWDOVRVRZRKO*HQUHZLVVHQDOVDXFK:HOWZLVVHQUHOHYDQWZHQQDXFKLP =ZHLIHOVIDOO*HQUHZLVVHQUHOHYDQWHULVWDOVGDV:HOWZLVVHQ'DV3ULQ]LSGHU PLQLPDOHQ $EZHLFKXQJ NDQQ GDQQ LQ HLQHP ]ZHLWHQ $QODXI VR IRUPXOLHUW ZHUGHQ 6RODQJH QLFKWV *HJHQWHLOLJHV LP 7H[W H[SOL]LW JHlX‰HUW ZLUG NDQQ VLFKGHU/HVHU]XP 9HUVWlQGQLVGHV7H[WHVDXIGDV*HQUHZLVVHQXQGGDQQ DXIGDV:HOWZLVVHQEH]LHKHQGDVHUGHPDXNWRULDOHQ3XEOLNXPXQWHUVWHOOW :LH EUDXFKEDU LVW DEHU GHU *HQUHEHJULII DQ GLHVHU 6WHOOH" =XP HLQHQ NDQQ DXVGHQREHQEHUHLWV DQJHIKUWHQ*UQGHQ DXIJUXQGGHU%HVFKDIIHQ KHLW GHU PHQVFKOLFKHQ ,QIRUPDWLRQVYHUDUEHLWXQJ HLQH NODUH XQG HLQGHXWLJH ,GHQWLILNDWLRQ YRQ *HQUHV QXU LQ $XVQDKPHIlOOHQ JHOLQJHQ *UDYLHUHQGHU QRFK LVW DEHU GHU 8PVWDQG GD‰ HV W\SLVLHUWH ILNWLRQDOH :HOWHQ JLEW GLH LQ PHKUHUHQ 0HGLHQ H[LVWLHUHQ ]% GLH :HOW GHV KDUGERLOHG GHWHFWLYHV $X‰HU GHPH[LVWLHUHQPHKUHUHILNWLRQDOH8QLYHUVHQGLHNHLQHVZHJVDQVSH]LILVFKH 7H[WVRUWHQ JHEXQGHQ VLQG ]% GLH JULHFKLVFKH 0\WKRORJLH GLH +HLOLJHQOH JHQGHQ GLH %LEHOJHVFKLFKWHQ XQG ]XQHKPHQG PHKU LQ GHU 0RGHUQH ]% )DXONQHUV@   ,Q GLHVHP .DSLWHO JHOWHQ GLH IROJHQGHQ .RQYHQWLRQHQ $XI GHQ MHZHLOVEHKDQGHOWHQWKHRUHWLVFKHQ7H[WZLUGQDFKGHUHUVWHQ1HQQXQJQXUQRFKPLW6HL WHQ]DKOHQ %H]XJ JHQRPPHQ 9RU GHU HLJHQWOLFKHQ 'LVNXVVLRQ GHU 7\SRORJLH ZLUG GLHVH RKQH :HUWXQJ UHNRQVWUXLHUW GLH GRUW JHlX‰HUWHQ $QQDKPHQ XQG 3RVLWLRQHQ VLQG DOVR VWHWVGLHGHVZLHGHUJHJHEHQHQ$XWRUVXQGVLQGQLFKW7HLOGHUKLHUHQWZLFNHOWHQ3RVLWLRQ DXFKZHQQNHLQHH[SOL]LWH$EJUHQ]XQJVWDWWILQGHW



3UREOHPHPLWGHU)LJXU



HUP|JOLFKW HLQH QDKH]X JUHQ]HQORVH $GDSWLRQ DQ GLH 9LHOIDOW YHUVFKLHGHQHU 7H[WSKlQRPHQH'LH5HJHOPDQPVVHHLQHIODFKH)LJXULQHLQHP6DW]]X VDPPHQIDVVHQN|QQHQHUVFKHLQWDXIGHQHUVWHQ%OLFNHWZDVVLPSHODEHUVLH LVWWDWVlFKOLFKDXVJHVSURFKHQSUDNWLVFKXQGYLHOVHLWLJGDHEHQQLFKWHLQHLJH QHV%HVFKUHLEXQJVLQYHQWDUYRUJHJHEHQXQGGLH)LJXUGDUDQJHPHVVHQZLUG VRQGHUQQXUGLH.RPSOH[LWlWGHU%HVFKUHLEXQJ²JHPHVVHQDQGHU'DXPHQ UHJHO¿/lQJHGHV6DW]HV¾²EHWUDFKWHWZLUG 'HU*HJHQSROGLH¿UXQGH¾)LJXULVWRIIHQVLFKWOLFKVFKZLHULJHU]XGHILQLH UHQ)RUVWHUXQWHUQLPPWJOHLFK]ZHL$QOlXIHGD]X %HFN\6KDUS>@FDQQRWEHVXPPHGXSLQDVLQJOHSKUDVHDQGZHUHPHPEHUKHULQFRQ QHFWLRQZLWKWKHJUHDWVFHQHVWKURXJKZKLFKVKHSDVVHGDQGDVPRGLILHGE\WKHVHVFHQHV² WKDW LV WR VD\ ZHGRQRW UHPHPEHUKHU VRHDVLO\EHFDXVHVKH ZD[HV DQGZDQHV DQG KDV IDFHWVOLNHDKXPDQEHLQJ 

=ZHL0HUNPDOHVLQGDOVRNHQQ]HLFKQHQG=XPHLQHQGLHJU|‰HUH,QIRUPDWL RQVNRPSOH[LWlW ]XP DQGHUHQ GHU 8PVWDQG GD‰ GLH )LJXU VLFK YHUlQGHUW %HLGH$VSHNWHPDFKHQ²VR)RUVWHU²HLQH)LJXUHLQHU3HUVRQlKQOLFKHU'HU ]ZHLWH $QODXI ]XU %HVWLPPXQJ YRQ UXQGHQ )LJXUHQ EHVWHKW OHGLJOLFK DXV HLQHP/DFNPXVWHVW]XGHUHQ,GHQWLILNDWLRQª7KHWHVWRIDURXQGFKDUDFWHULV ZKHWKHULWLVFDSDEOHRIVXUSULVLQJLQDFRQYLQFLQJZD\>«@,WKDVWKHLQFDO FXODELOLW\RIOLIHDERXWLWOLIHZLWKLQWKHSDJHVRIDERRN©  :HVHQWOLFKHU%H]XJVSXQNW²DXFKIUGLH:HUWXQJ²LVWHLQ]HLWJHQ|VVL VFKHV0HQVFKHQELOGGHVVHQZHVHQWOLFKH.HQQ]HLFKHQ.RQVLVWHQ]EHLJOHLFK ]HLWLJHU9LHOVFKLFKWLJNHLWXQG9HUlQGHUXQJGXUFK(UOHEQLVVHVLQG'LH.DWH JRULHQELHWHQNHLQHQ$QKDOWVSXQNW]XU%HVFKUHLEXQJGXUFKZHOFKH0HUNPD OHGLH.RPSOH[LWlWHLQHU)LJXULQHLQHP7H[WRGHULP9HUJOHLFKYHUVFKLHGH QHU7H[WHJU|‰HULVWDOVGLHHLQHUDQGHUHQ$X‰HUGHPOl‰WVLFKHLJHQWOLFKMHGH )LJXU DXI HLQHQ 6DW] UHGX]LHUHQ ZHQQ PDQ GLH VR IRUPXOLHUWH 4XDOLWlWQXU DEVWUDNWJHQXJZlKOW)RUVWHUV7\SRORJLHPDFKW]XGHPNHLQH$XVVDJHQEHU GLH'DUVWHOOXQJGHU)LJXUVRQGHUQOHGLJOLFKEHUGLH4XDOLWlWHQGHU)LJXUDOV 7HLOGHUHU]lKOWHQ:HOW 'LHQXUZHQLJH-DKUHVSlWHUHUVFKLHQHQHDEHUNDXPEHDFKWHWH7\SRORJLH YRQ&KULVWLDQ1:HQJHULQWHJULHUW)RUVWHUV.DWHJRULHQLQHLQNRPSOH[HUHV 6\VWHP:HQJHUVFKOlJWVHFKV.DWHJRULHQYRU ³³³³³³³³³³  :lKUHQG )RUVWHU

QRFK GHQ JU|‰WHQ 7HLO VHLQHV 7H[WHV GHU 9HUWHLGLJXQJ YRQ IODFKHQ )LJXUHQZLGPHWGHUHQ([LVWHQ]VRZRKOPLW=ZlQJHQGHU6FKUHLE|NRQRPLHDOVDXFK9RU WHLOHQ IU GLH /HVHUSV\FKRORJLH OHJLWLPLHUW ZLUG LVW LQ VSlWHUHQ 9HUZHQGXQJHQ ¿IODW¾ ²VR ZLH LQ GHU GHXWVFKVSUDFKLJHQ /LWHUDWXUZLVVHQVFKDIW GLH %H]HLFKQXQJ ¿7\SXV¾ ² ]X HLQHP HLQGHXWLJQHJDWLYHQ8UWHLOJHZRUGHQ  :HQJHU 





3UREOHPHPLWGHU)LJXU

 2UGQXQJGHV'DVHLQV)LNWLRQDOH:HVHQVLQGHQWZHGHUEHUPHQVFK OLFKPHQVFKOLFKRGHUQLFKWPHQVFKOLFK  (LQKHLWGHV'DVHLQV:HVHQN|QQHQJHRUGQHWZHUGHQDXIHLQHU6NDOD YRQJDQ]NRQVLVWHQWELVJDQ]LQNRQVLVWHQW  9ROOVWlQGLJNHLW =X XQWHUVFKHLGHQ VLQG GUHL .DWHJRULHQ 6\PEROH 7\SHQXQGYROOVWlQGLJH,QGLYLGXHQ6\PEROLVFKH)LJXUHQZHLVHQHL QHQRWZHQGLJHbKQOLFKNHLWPLWGHP6\PEROLVLHUWHQDXI]%)DXVW GHU HLQ 6\PERO IUGLHJHVDPWHPRGHUQHZHVWOLFKH 0HQVFKKHLWVHL 'HU 7\SXV LVW JHNHQQ]HLFKQHW GXUFK HLQHQ PHQVFKOLFKHQ=XJRGHU HLQH4XDOLWlWGHQRGHUGLHHUUHSUlVHQWLHUW9ROOVWlQGLJH,QGLYLGXHQ RGHU3HUV|QOLFKNHLWHQVLQGSHUIHNWH9HUVFKPHO]XQJHQYRQ:DKUKHL WHQEHUGDVPHQVFKOLFKH'DVHLQPLWHLQHPILNWLRQDOHQ/HEHQ²DOV %HLVSLHOZLUGDXFKKLHU)DXVWJHQDQQW  'DXHUGHV'DVHLQV)LNWLRQDOH:HVHQKDEHQHLQH'DXHUGLHDXIHL QHP.RQWLQXXP]ZLVFKHQGHQ3ROHQ(LQ]HOPRPHQWXQGYROOVWlQGL JHU/HEHQV]\NOXVEHVWLPPWZHUGHQNDQQ  =XVWDQGGHV'DVHLQV)LNWLRQDOH:HVHQVLQGHQWZHGHUVWDWLVFKRGHU G\QDPLVFK'\QDPLVFKH)LJXUHQN|QQHQVLFKHQWZHGHUSRVLWLYRGHU QHJDWLYHQWZLFNHOQ  0RGXVGHU0DQLIHVWDWLRQGHV'DVHLQV=ZHL.ODVVHQN|QQHQKLHUEHL XQWHUVFKLHGHQ ZHUGHQ GLH VXEMHNWLYH XQG GLH REMHNWLYH )RUP GHU 0DQLIHVWDWLRQ'LHHUVWH)RUPHQWVWHKWGXUFKGHQ%H]XJGHVLQQHUHQ /HEHQVGHU)LJXUDXIGHUHQ%HGHXWXQJGLH]ZHLWH)RUPGXUFKGHQ %H]XJDXIGDVlX‰HUHVLQQOLFKZDKUQHKPEDUH/HEHQ :HQJHUIKUWHLQH5HLKHYRQLQWHUHVVDQWHQ$VSHNWHQLQGLH'LVNXVVLRQHLQ ]%GLH'DXHUGHV'DVHLQVHLQHU)LJXU'LH%H]HLFKQXQJLVWDOOHUGLQJVLUUH IKUHQG GD HV DXFK LKP QLFKW XP GLH 'DXHU GHV 'DVHLQV LQ GHU HU]lKOWHQ :HOW JHKW VRQGHUQ GDUXP ZLHYLHO YRQ GHU 'DVHLQVGDXHU GDUJHVWHOOW ZLUG $OV HUVWHU VHW]W HU HLQH HLJHQH .DWHJRULH IU GLH (QWZLFNOXQJ GHU )LJXU DQ   .ODVVLILNDWRULVFKHV .ULWHULXP GHU  .DWHJRULH LVW GLH 'DUVWHOOXQJ GHU )LJXU:LUGYRQHLQHU)LJXUYRUZLHJHQGGDVbX‰HUHXQGGDV+DQGHOQRGHU YRUZLHJHQGGDV,QQHQOHEHQGDUJHVWHOOW"*DQ]DXVGHP5DKPHQIlOOWGLHHUVWH .DWHJRULHGLHOHGLJOLFKHLQHDOOJHPHLQH0HQVFKHQlKQOLFKNHLW]XU*UXQGODJH KDW

³³³³³³³³³³  :HQJHUVFKOLH‰WKLHUPLWQLFKWEHL)RUVWHU DQVRQGHUQ EHLSV\FKRORJLVFKHQ.DWHJRULHELO 

GXQJHQVHLQHU=HLWYJOHEGD6 6RKHL‰WHV]%ªHYHQPXOWLSOHOLIHF\FOHVPD\EHSUHVHQWHG©HEGD6



3UREOHPHPLWGHU)LJXU



,Q:HQJHUV8QWHUVFKHLGXQJ]ZLVFKHQ¿6\PERO¾¿7\SXV¾XQG¿,QGLYLGXXP¾ LVWWURW]GHUEHJULIIOLFKHQ1lKH]XGHQ.DWHJRULHQ)RUVWHUVGDVYHUZHQGHWH 'LIIHUHQ]NULWHULXP HLQ JDQ] DQGHUHV QlPOLFK GLH )RUP GHU %HGHXWXQJVELO GXQJXQGQLFKWRGHU]XPLQGHVWQLFKWQXUGLH.RPSOH[LWlWGHU)LJXUHQ¿,Q GLYLGXHQ¾ZHUGHQTXDVLOHEHQGLJXQGKDEHQGDGXUFKHLQHQLFKWHUVFK|SIEDUH %HGHXWXQJVIOOH¿7\SHQ¾UHSUlVHQWLHUHQHLQHEHVWLPPWH4XDOLWlWXQG¿6\P EROH¾VWHKHQIUDOOJHPHLQHUH6DFKYHUKDOWHGLHVLHQLFKWYHUN|USHUQVRQGHUQ QXUEH]HLFKQHQ]%DOOHJRULVFKH)LJXUHQ :LOOLDP+DUYH\V 0RQRJUDSKLHHUVFKLHQNXU]EHYRUGHU6WUXNWXUDOLVPXV VHLQHQ 6LHJHV]XJ DQWUDW ,Q LKUHP YLHUWHQ .DSLWHO LVW HLQH 7\SRORJLH YHU VWHFNWGLHVLFKLQLKUHU%HJULIIOLFKNHLWDXI+HQU\-DPHVEH]LHKW+DUYH\NHQQW YLHU)LJXUHQW\SHQ  3URWDJRQLVW 'LH )LJXU GHUHQ 0RWLYDWLRQ XQG *HVFKLFKWH DP YROO VWlQGLJVWHQ SUlVHQWLHUW ZLUG 'HU 3URWDJRQLVW HUOHEW .RQIOLNWH XQG YHUlQGHUW VLFK ZlKUHQG GHU *HVFKLFKWH XQG HU ]LHKW GLH NRP SOH[HVWHQ/HVHUUHDNWLRQHQDXIVLFK  +LQWHUJUXQGILJXUHQ 8QWHU GLHVHP %HJULII VLQG JDQ] YHUVFKLHGHQH 3KlQRPHQH ]XVDPPHQJHID‰W (V NDQQ VLFK XP DQRQ\PH 6WLPPHQ KDQGHOQ RGHU XP IU HLQHQ 0RPHQW LQGLYLGXDOLVLHUWH )LJXUHQ (LQ ]HOQP|JHQVLHHLQIDFK(OHPHQWHLP+DQGOXQJVJHIJHVHLQNROOHNWLY N|QQHQVLHHLQH$UW&KRUELOGHQGHUGDV*HVFKHKHQNRPPHQWLHUW² +DUYH\EHVWLPPWGHQ%HJULIINDXPVFKHLQWLKQDEHUDXIGLH'DXHU GHU'DUVWHOOXQJ]XEH]LHKHQ(VEHUHLWHWLKPRIIHQVLFKWOLFK3UREOH PHGLHYHUVFKLHGHQHQ)XQNWLRQHQYRQ+LQWHUJUXQGILJXUHQ]%DOV (OHPHQWGHU+DQGOXQJRGHUDOV7HLOGHU%HGHXWXQJDXIGHUHQNRQ VWLWXLHUHQGHQ$VSHNW]XEH]LHKHQ =ZLVFKHQ GHP 3URWDJRQLVWHQ XQG GHQ +LQWHUJUXQGILJXUHQ OLHJHQ ² ZHQQ PDQGLHEHLGHQ%HJULIIHDOV(QGHQHLQH6NDODDXIID‰W²=ZLVFKHQW\SHQ$XI ]ZHLYRQLKQHQJHKW+DUYH\DXVIKUOLFKHUHLQ  $OV)LFHOOHZLUGHLQH)LJXUEH]HLFKQHWGLHDXVIKUOLFKHUXQGLQGLYL GXHOOHU JH]HLFKQHW LVW DOV HLQH +LQWHUJUXQGILJXU XQG GLH LP (U]lKO WH[WLQHUVWHU/LQLHYRUKDQGHQLVWXPHLQHVSH]LILVFKH)XQNWLRQ]X EHUQHKPHQ+lXILJLVWVLH5HSUlVHQWDQWGHV7\SLVFKHQ*HZ|KQOL FKHQXQGHUP|JOLFKWGHP/HVHUHLQHQ%H]XJ]XU:HOWGHVDX‰HUJH Z|KQOLFKHQ3URWDJRQLVWHQ ³³³³³³³³³³  ªFRPHDOLYH©HEGD6 

+DUYH\ 'LH5HNRQVWUXNWLRQEH]LHKWVLFKDXIGLH6HLWHQ





3UREOHPHPLWGHU)LJXU

 &DUGLVWHLQH)LJXUGLHGXUFKLKUH(UOHEQLVVHXQG(UIDKUXQJHQQLFKW YHUlQGHUWZLUGVRQGHUQLKUH(LJHQVFKDIWHQEHLEHKlOW]XPHLVWLVWVLH GXUFK HLQH EHVWLPPWH VHKU XQJHZ|KQOLFKH (LJHQVFKDIW JHNHQQ ]HLFKQHW]%'RQ4XLFKRWWH,P*HJHQVDW]]XP3URWDJRQLVWHQGHU JHPHLQVDPPLWGHP/HVHUXPVHLQH.RQIOLNWHZHL‰HUIlKUWGLH&DUG LKUH.RQIOLNWHRKQHGLH(LQVLFKWGHV/HVHUV]XWHLOHQ,P*HJHQVDW] ]XU )LFHOOH LVW VLH QLFKW GD XP HLQH )XQNWLRQ ]X HUIOOHQ VRQGHUQ 6HOEVW]ZHFNZLHGHU3URWDJRQLVW 'HU 8QWHUVFKLHG ]ZLVFKHQ 3URWDJRQLVW XQG +LQWHUJUXQGILJXUHQ EDVLHUW DXI GHP.ULWHULXPGHU7HLOKDEHDQGHU+DQGOXQJGLHLP7H[WJHVFKLOGHUWZLUG JOHLFK]HLWLJ DEHU LVW GHU $VSHNW ZLH DXVIKUOLFK HLQH )LJXU GDUJHVWHOOW ZLUG HQWVFKHLGHQG IU GLH %HVWLPPXQJ GHV 3URWDJRQLVWHQ :HUGHQ LP )DOO GHU +LQWHUJUXQGILJXUHQJDQ]DXVGUFNOLFK)LJXUHQPLWVHKUYHUVFKLHGHQHQ)XQN WLRQHQXQWHUHLQHU%H]HLFKQXQJ]XVDPPHQJHVWHOOWVRZLUGIUGLH=ZLVFKHQ W\SHQ&DUGXQG)LFHOOHJHUDGHGLHXQWHUVFKLHGOLFKH)XQNWLRQVZHLVH]XP'LI IHUHQ]NULWHULXP'LH'LIIHUHQ]]ZLVFKHQ&DUGXQG3URWDJRQLVWGDJHJHQZLUG YRUDOOHPEHUGDV.ULWHULXP9HUlQGHUOLFKNHLWGHU)LJXUJHELOGHW9LHOOHLFKW LVW DP LQWHUHVVDQWHVWHQ QRFK GHU *HGDQNH GD‰ QLFKW QXU GHU HPRWLRQDOH %H]XJGHV/HVHUV]XP3URWDJRQLVWHQLQGLH7\SRORJLHDXIJHQRPPHQZLUG² GLHVWKHPDWLVLHUWMDDXFKGLHDOWH)UDJHQDFKGHU,GHQWLILNDWLRQGHV/HVHUV² VRQGHUQDXFKGHV/HVHUV%H]LHKXQJ]XU&DUGDOV0LWWOHU]ZLVFKHQGHU:HOW GHV/HVHUVGHUHU]lKOWHQ:HOWXQGGHU)LJXUGHV3URWDJRQLVWHQ 'LHZHLWYHUEUHLWHWHhEHUVLFKWVGDUVWHOOXQJ]XU(U]lKOWKHRULHYRQ6KORPLWK 5LPPRQ.HQDQ LVW HQWODQJ GHU *HQHWWHVFKHQ %DVLVXQWHUVFKHLGXQJ DXIJH EDXWGHUHQ.DWHJRULHQKLHUPLW¿VWRU\¾¿WH[W¾XQG¿QDUUDWLRQ¾EH]HLFKQHWZHU GHQ6LHEH]LHKWLKUH)LJXUHQW\SRORJLHDXIGHQHUVWHQ3XQNWGLH VWRU\GK DXI GLH HU]lKOWH :HOW $XFK 5LPPRQ.HQDQ NQSIW NULWLVFK EHL )RUVWHUV 'LFKRWRPLH DQ XQG SRVWXOLHUW GUHL 'LPHQVLRQHQ DXI GHQHQ VLFK )LJXUHQ MHZHLOVHLQWUDJHQODVVHQ  .RPSOH[LWlW 'DV .RQWLQXXP UHLFKW YRQ )LJXUHQ GLH GXUFK HLQ 0HUNPDOJHNHQQ]HLFKQHWVLQGELV]XU)LJXUHQPLW]DKOUHLFKHQYHU VFKLHGHQHQ 0HUNPDOHQ $OOHJRULVFKH )LJXUHQ .DULNDWXUHQ XQG 7\ SHQJHK|UHQ]XPHUVWHQ3RO ³³³³³³³³³³  5LPPRQ.HQDQ  

5LPPRQ.HQDQEH]LHKWLKUH$UJXPHQWHZHLWJHKHQGDXVHLQHPWKHRUHWLVFKHQ0RGHOOYRQ -RVHSK(ZHQYJO(ZHQ >HQJOLVFKHV$EVWUDFW6,I@'D(ZHQVHLQ0RGHOOQXULQ KHEUlLVFKHU 6SUDFKH SXEOL]LHUW KDW ZXUGH HV YRU DOOHP GXUFKGLH =XVDPPHQIDVVXQJEHL 5LPPRQ.HQDQ XQG GDV HQJOLVFKH $EVWUDFW ZLUNVDP ,P $EVWUDFW EHVFKUHLEW (ZHQ GLH GULWWH.DWHJRULHDXFKDOV¿LQWURYHUWLHUWHYVH[WURYHUWLHUWH)LJXU¾



3UREOHPHPLWGHU)LJXU



 (QWZLFNOXQJ'DV.RQWLQXXPUHLFKWYRQYROONRPPHQVWDWLVFKHQ)L JXUHQELV]XG\QDPLVFKHQ)LJXUHQGHUHQJDQ]HU/HEHQV]\NOXVGDU JHVWHOOWZLUG  (LQGULQJHQLQGDV,QQHQOHEHQGHU)LJXUSHQHWUDWLRQLQWRWKH¿LQQHUOLIH¾  'LHVHV .RQWLQXXP UHLFKW YRQ JDQ]lX‰HUOLFKSUlVHQWLHUWHQ )LJXUHQ ELV ]X )LJXUHQ GHUHQ ,QQHQOHEHQ VHKU GHWDLOOLHUW XQG DXVIKUOLFK GDUJHVWHOOWZLUG 6FKRQ DXI GHQ HUVWHQ %OLFN IlOOW DXI GD‰ GHU GULWWH 3XQNW DXV GHP 6\VWHP KHUDXVIlOOW GDV GLH HUVWHQ EHLGHQ HWDEOLHUHQ1LFKWGLH)UDJH REHLQH)LJXU HLQ ,QQHQOHEHQ EHUKDXSW KDW VRQGHUQ RE XQG LQZLHZHLW HV EHVFKULHEHQ ZLUG LVW KLHU GDV HQWVFKHLGHQGH .ULWHULXP $EHU GLHVHV .ULWHULXP EH]LHKW VLFKQLFKWPHKUDXIHLQHQ$VSHNWGHU KLVWRLUHVRQGHUQDXIGHQGLVFRXUV0DQ N|QQWH GLHVH .DWHJRULH UHWWHQ LQGHP PDQ QLFKW YRP ¿(LQGULQJHQ¾ VSULFKW 'LHVHU%HJULIIVHW]WMDYRUDXVGD‰MHGH)LJXUHLQ,QQHQOHEHQKDWXQDEKlQJLJ GDYRQREHVJHVFKLOGHUWZLUGRGHUQLFKWXQGGDQXUGDV$XVPD‰GHU'DU VWHOOXQJYDULLHUWPX‰PDQVRJDUDQQHKPHQMHGH)LJXUKDEHHLQNRPSOH[HV ,QQHQOHEHQ8QGGDQQLVWHVWDWVlFKOLFKHLQH)UDJHGHU'DUVWHOOXQJREXQG ZLHGLHVHV,QQHQOHEHQSUlVHQWLHUWZLUG'LHVLVWDEHUZRKOLQGLHVHUDOOJHPHL QHQ )RUP ]X OHEHQVZHOWOLFK JHGDFKW (LQH NODUHUH IRUPDOH %HVFKUHLEXQJ HUKlOWPDQZHQQPDQGHU7KHRULHGHUILNWLRQDOHQ:HOWHQHWZDVVSDUVDPHU IROJW XQG GDYRQDXVJHKWGD‰)LJXUHQ2EMHNWH GHUHU]lKOWHQ:HOWVLQGGLH DOOHLQGXUFKGLHVHPLRWLVFKHQ3UR]HVVHDXIJUXQGGHV7H[WHVNRQVWLWXLHUWZHU GHQ'DVO|VWQLFKWDOOHGDPLWYHUEXQGHQHQ3UREOHPHGDHVVHKUZRKOP|J OLFKLVWGD‰GDV,QQHQOHEHQHLQHU)LJXUQLFKWDXVIKUOLFKHUGDUJHVWHOOWZLUG DEHU GHP /HVHU GHQQRFK QDKHJHOHJW ZLUG GD‰ VLH HLQ NRPSOH[HUHV EHVLW]W 'LHVWULIIWQLFKWDXIGLHLQGLUHNWHQ)RUPHQGHU&KDUDNWHULVLHUXQJ]XGDGLHVH MDVSH]LILVFKH3UR]HVVHGHU,QIRUPDWLRQVYHUJDEH]XHLQHUEHVWLPPWHQ)LJXU XPIDVVHQ VRQGHUQ DXI )LJXUHQ LQ 7H[WHQ GHUHQ DOOJHPHLQH 5HJHOQ ZHLWJH KHQGHbKQOLFKNHLWPLWGHQHQGHUDNWXDOHQ:HOWDXIZHLVHQ,QVROFKHQ7H[WHQ NDQQ GHU/HVHU DXFKGHQ)LJXUHQYRQGHUHQ,QQHQOHEHQNHLQH'DUVWHOOXQJ LP7H[WHQWKDOWHQLVWHLQ,QQHQOHEHQLQGHUJOHLFKHQ.RPSOH[LWlWXQWHUVWHO OHQ ZLH HV LP )DOOH GHU +DXSWILJXUHQ GDUJHVWHOOW ZLUG,QGLHVHP)DOO NDQQ GHU/HVHUZRKOWDWVlFKOLFKHLQH)LJXUVRZDKUQHKPHQDOVZUGHGDVH[LVWHQ WH,QQHQOHEHQQLFKWZLHGHUJHJHEHQVRDOVKDEHVLHHLQHVDEHUHVZUGHLKP QLFKWVGDUEHUPLWJHWHLOWGDHVIUGLH(U]lKOXQJQLFKWYRQ%HODQJVHL+LHU ³³³³³³³³³³  'LHNODVVLVFKH1DUUDWRORJLHJLQJ]XPHLVWDXVYRQGHU$QDO\VHGHVVSUDFKOLFKHQ9HUKDOWHQV

GHU)LJXUHQHLQVFKOLH‰OLFKGHU*HGDQNHQUHGHZDVZLH3DOPHU ULFKWLJDQPHUNWHU JlQ]WZHUGHQPX‰XPHLQGHWDLOOLHUWHUHV,QVWUXPHQWDULXPIUGLH$QDO\VHYRQ*HGDQNHQ EHULFKWXQGZHQLJHUGHXWOLFKHQ)RUPHQYRQPHQWDOHQ=XVWlQGHQ





3UREOHPHPLWGHU)LJXU

EHLKDQGHOWHVVLFKRIIHQVLFKWOLFKXPHLQJU|‰HUHV3UREOHPGHU6SUHFKZHLVH GD‰ (U]lKOWH[WH QDUUDWLYH :HOWHQ JHQHULHUHQ 'LHVHV 3UREOHP PX‰ DEHU DQ GLHVHU6WHOOHQLFKWJHO|VWZHUGHQGDGDVZDVPDQIUGLH5HJHOQGHUDNWXDOHQ :HOW KlOW KLVWRULVFK ZDQGHOEDU LVW XQG DX‰HUGHP VHKU YLHOH 7H[WH ZHLWJH KHQG DXI DQGHUHQ 5HJHOQ EDVLHUHQ XQG GHVKDOE HLQH QDUUDWRORJLVFKH %H VFKUHLEXQJP|JOLFKVWIUHLYRQVROFKHQ$EKlQJLJNHLWHQVHLQVROOWH0DQNDQQ GLHGULWWH.DWHJRULHGDQQHWZDVIRUPDOHUVRIDVVHQ  ,QQHQOHEHQGHU)LJXU'LHVHV.RQWLQXXPUHLFKWYRQ)LJXUHQGLHIDVW EHUKDXSWNHLQ,QQHQOHEHQKDEHQELV]X)LJXUHQGLHHLQYLHOVFKLFK WLJHVXQGNRPSOH[HV,QQHQOHEHQKDEHQ %HLJHQDXHUHU%HWUDFKWXQJZHLVHQDXFKGLHEHLGHQDQGHUHQ.DWHJRULHQVRO FKH 8QNODUKHLWHQ DXI 'DV .RQ]HSW GHU (QWZLFNOXQJ LVW ZLH GHU %OLFN DXI GHVVHQ*HVFKLFKWHLQGHU)LJXUHQW\SRORJLHJH]HLJWKDWGLUHNWDEKlQJLJYRP )LJXUHQLGHDO GHU ¿UHDOLVWLVFKHQ¾ )LJXUHQ]HLFKQXQJ 'DV IKUW ]X GHU VWDUNHQ $EZHUWXQJYRQVWDWLVFKHQ)LJXUHQXQGGHUKRKHQ%HZHUWXQJYRQG\QDPL VFKHQ)LJXUHQZHLOQXUOHW]WHUH¿UHDOLVWLVFK¾VLQG,QGHUGHXWVFKHQ/LWHUDWXU WKHRULHOl‰WVLFKGHU(UIROJGHVNDXVDOJHQHWLVFKHQ%HVFKUHLEXQJVLQVWUXPHQ WDULXPVXQG:HUWV\VWHPVDQYRQ%ODQFNHQEXUJV9HUVXFKEHUGHQ5RPDQXQG GHPGRUWEHVFKULHEHQHQ)LJXUHQLGHDOIHVWPDFKHQ1RFKHLQZHLWHUHV3UR EOHP]HLJWVLFKEHLGLHVHU.DWHJRULH6LHLVWQLFKWJDQ]IUHLYRQ$VSHNWHQGHV GLVFRXUV2EHLQH)LJXUG\QDPLVFKRGHUVWDWLVFKLVWLVWDXFKDEKlQJLJGDYRQ ZLHYLHO ¿/HEHQV]HLW¾ GHU )LJXU EHULFKWHW ZLUG (V ]HLJW VLFK KLHU ZLHGHU GDV REHQDQDO\VLHUWH3UREOHP,Q¿UHDOLVWLVFKHQ¾7H[WHQZLUG)LJXUHQGLHQXUNXU] DXIWDXFKHQ NHLQHVZHJV HLQH (QWZLFNOXQJ DEJHVSURFKHQ VLH ZLUG HEHQ QXU QLFKW JH]HLJW $XFK LQ GLHVHP )DOO LVW DOVR HLQ HWZDV IRUPDOHUHV 9RUJHKHQ DQJH]HLJW  (QWZLFNOXQJ'DV.RQWLQXXPUHLFKWYRQYROONRPPHQVWDWLVFKHQ)L JXUHQELV]XG\QDPLVFKHQ)LJXUHQ6WDWLVFKVLQGDOOH)LJXUHQGHUHQ 0HUNPDOHVLFKLQGHUHU]lKOWHQ:HOWQLFKWlQGHUQ ³³³³³³³³³³  ,P QlFKVWHQ .DSLWHO ZLUG DXVIKUOLFKHU EHJUQGHW ZDUXP GLH HLQH 6HLWH QLFKW ODXWHW

¿)LJXUHQ GLH EHUKDXSW NHLQ ,QQHQOHEHQ KDEHQ¾ 'LH 0|JOLFKNHLW )LJXUHQ ,QQHQOHEHQ ² XQG VHL HV QRFK VR EDVDO ² ]X]XVFKUHLEHQ VFKHLQW ]X GHQ NRQVWLWXWLYHQ 0HUNPDOHQ YRQ )LJXUHQ]XJHK|UHQ$XFKGHU8PVWDQGGD‰GLHVLQ5LPPRQ.HQDQV.DWHJRULHQV\VWHP DOVVHOEVWYHUVWlQGOLFKXQWHUVWHOOWZLUGVSULFKWIUGLHVH$QQDKPH  =XU 'XUFKVHW]XQJ GHV NDXVDOJHQHWLVFKHQ 'HQNHQV LP  -DKUKXQGHUW YJO -DQQLGLV EII GRUWDXFKZHLWHUIKUHQGH/LWHUDWXU  'LHVH )RUPXOLHUXQJ VFKHLQW DXFK HKHU (ZHQV hEHUOHJXQJHQ ]X HQWVSUHFKHQ GHU LP JHQDQQWHQ$EVWUDFW]ZHL*UQGHIUGDV)HKOHQHLQHU(QWZLFNOXQJQHQQWSV\FKRORJLVFKH 8UVDFKHQRGHUGLH.U]HGHUGDUJHVWHOOWHQ=HLW



3UREOHPHPLWGHU)LJXU



,Q GLHVHU IRUPDOHQ :HLVH YHUZHQGHW WDXJW GLH .DWHJRULH QLFKW PHKU ]XU :HUWXQJ YRQ )LJXUHQ GD GLH %LQGXQJ DQ GLH /lQJH GHU GDUJHVWHOOWHQ =HLW ZHJIlOOW(LQH)LJXUGLH]ZDUDXVIKUOLFKGDUJHVWHOOWZLUGZREHLDEHU'DU VWHOOXQJV]HLWXQG*HVFKHKHQV]HLWIDVWGHFNXQJVJOHLFKVLQGLVWZDKUVFKHLQOLFK VWDWLVFKZHQQDXFKVHKUNRPSOH[ 'LH.DWHJRULHVFKHLQWXQSUREOHPDWLVFKGDKLHUMDOHW]WHQGOLFKQXUGLH $Q]DKOGHU)LJXUHQPHUNPDOHDXIJHIKUWZLUG'RFKZDVJHQDXLVWHLQ)LJX UHQPHUNPDO" =% NDQQ GDV 0HUNPDO ¿JHL]LJ¾ GXUFK HLQH GLUHNWH $XVVDJH HLQHV ]XYHUOlVVLJHQ (U]lKOHUV HWDEOLHUW ZHUGHQ GLH )LJXU $ LVW JHL]LJ RGHU GXUFKGLH6FKLOGHUXQJHLQHU+DQGOXQJGXUFKGHQ(U]lKOHU]%GLH)LJXU$ KDW*HOGJHQXJYHUVDJWDEHUVLFKVHLQHU)UDXXQGGHPHLJHQHQ.LQGQHXH .OHLGXQJ 'LH $QDO\VH GHU XQWHUVFKLHGOLFKHQ 9HUIDKUHQ HLQHU )LJXU 0HUN PDOH]X]XVFKUHLEHQXQGGLHVPLWXQWHUVFKLHGOLFKHU6LFKHUKHLW]XWXQ ZLUG XQWHQ XQWHU GHP 6WLFKZRUW GHU GLUHNWHQ XQG LQGLUHNWHQ &KDUDNWHULVLHUXQJ YHUKDQGHOW 3UREOHPDWLVFK IU GLH $QDO\VH GHU .RPSOH[LWlW HLQHU )LJXU LVW YRUDOOHPGHU8PVWDQGGD‰]DKOUHLFKH+DQGOXQJHQ9HUKDOWHQVZHLVHQ5H DNWLRQHQYRQDQGHUHQ)LJXUHQXQGILJXUDOH8PZHOWHQVLFKQLFKWLPPHUHLQ GHXWLJ DXI HLQ EHVWLPPWHV)LJXUHQPHUNPDOEH]LHKHQODVVHQ$XFK GDV9HU KlOWQLV GHU 0HUNPDOH ]XHLQDQGHU LVW NHLQHVZHJV GDV HLQHU HLQIDFKHQ 5HLKH 6R N|QQHQ PHKUHUH GLUHNWH &KDUDNWHULVLHUXQJHQ HWZD LQ HLQHP ORJLVFKHQ ,QNOXVLRQVYHUKlOWQLVVWHKHQ]%)LJXU$LVWLP6LQQHGHU-DKUKXQGHUWZHQGH YRP]XP-DKUKXQGHUW¿QHUY|V¾)LJXU$LVWDXFKVFKQHOOHUVFK|SIW 'DV ]ZHLWH 0HUNPDO LVW 7HLO GHU XPIDVVHQGHUHQ %HVFKUHLEXQJ GXUFK GDV HUVWH0HUNPDO'HU%HJULII¿0HUNPDO¾HUZHFNWGHQ$QVFKHLQHVKDQGOHVLFK XPDWRPDUH(LQKHLWHQGLHQLFKW]HUOHJEDUVLQGXQGVLFKVR]XVDJHQDOV0HWD VSUDFKH]XU)LJXUHQDQDO\VHHLJQHQ%HLGHVLVWDEHUQLFKWGHU)DOO(LQ0HUN PDO LVW HLQH ,QIRUPDWLRQ LQ GHU 6SUDFKH GHV 7H[WHV GHU ]HLWJHQ|VVLVFKHQ /LWHUDWXU XQG GHU 6SUDFKH GHU ]HLWJHQ|VVLVFKHQ 9RUVWHOOXQJHQ YRP 0HQ VFKHQ'LHVH,QIRUPDWLRQNDQQDXIYHUVFKLHGHQHQ$EVWUDNWLRQVHEHQHQDQJH VLHGHOWVHLQXQGDXFKGLH)UDJHZHOFKH,QIRUPDWLRQDOVNRQNUHWHUH$XVIRU PXQJHLQHUDQGHUHQEHJULIIHQZHUGHQNDQQLVWGXUFKGLHMHZHLOLJHQ0RGHOOH YRQ )LJXUHQ XQG 0HQVFKHQ JHUHJHOW 'LHVHU JDQ]H 3UREOHPNRPSOH[ ZLUG ZHLWHUXQWHQLP.DSLWHOEHUILJXUDOH6FKHPDWDDXVIKUOLFKHUEHKDQGHOW(V LVW DEHU ZLFKWLJ VFKRQ KLHU IHVW]XVWHOOHQ GD‰ VHOEVW HLQH GHP $XJHQVFKHLQ QDFK VR EDQDOH 7lWLJNHLW ZLH GLH (UPLWWOXQJ GHU H[SOL]LW XQG GLUHNW ]XJH ³³³³³³³³³³  9JO ]XU %HVFKUHLEXQJ GHV .UDQNHQELOGV XQG GHV +DELWXV  GHU 1HXUDVWKHQLNHU 5DGNDX

I 





3UREOHPHPLWGHU)LJXU

VFKULHEHQHQ )LJXUHQPHUNPDOH YRQ GHQ YHUZHQGHWHQ ILJXUDOHQ 6FKHPDWD DEKlQJLJLVW 'LH DXVIKUOLFKVWH 7\SRORJLH KDW %DUXFK +RFKPDQ  YRUJHOHJW +RFKPDQ YHUWHLGLJW HLQHQ 8PJDQJ PLW)LJXUHQDXIGHU *UXQGODJHXQVHUHV 0HQVFKHQELOGHVEHLJOHLFK]HLWLJHP)HVWKDOWHQDQGHUSULQ]LSLHOOHQ'LIIHUHQ] ]ZLVFKHQ )LJXUHQ XQG 0HQVFKHQ )LJXUHQ HQWIDOWHQ QDFK +RFKPDQ LKUH :LUNXQJHUVWGXUFKLKUHbKQOLFKNHLWPLWGHU$UWXQG:HLVHZLH0HQVFKHQ ZDKUJHQRPPHQZHUGHQ'LH6WXGLHEH]LHKWH[SOL]LW6WHOOXQJJHJHQVWUXNWXUD OLVWLVFKH XQG SRVWVWUXNWXUDOLVWLVFKH 3RVLWLRQHQ GHU )LJXUHQWKHRULH GLH )LJX UHQDOOHLQDOV0XVWHUYRQ:RUWHQEHVFKUHLEHQZROOHQXQGNRQVWDWLHUWHVVHL QRWZHQGLJ VLFK LQ GHU )LJXUHQDQDO\VH DXI GLH 3HUVRQHQZDKUQHKPXQJ ]X EH]LHKHQ 'LHVHU %H]XJ DXI GLH 3HUVRQHQZDKUQHKPXQJ LVW LQ GHU WKHRUHWL VFKHQ $QODJH NHLQHVZHJV QDLY $XFK GLH :DKUQHKPXQJ YRQ 0HQVFKHQ LVW IU+RFKPDQHLQKRFKNRQYHQWLRQDOLVLHUWHUXQGGDPLWKLVWRULVFKZDQGHOED UHU $NW (U QLPPW DQ GD‰ YRQ GHU 5HQDLVVDQFH ELV ]XP $QIDQJ GHV  -DKUKXQGHUWVGDVQRUPDWLYH%LOGGHV0HQVFKHQGXUFKGDVUHDOLVWLVFKH3RUWUlW GHILQLHUWZLUGZLHHVVLFKLQ%LOGHUQYRQ+ROEHLQXQGYDQ(\FNELV&H]DQQH XQGYDQ*RJK]HLJW,QOLWHUDULVFKHQ7H[WHQ]HLJWVLFKGLHVH1RUPDOV$QQl KHUXQJ DQ GLH OHEHQVZHOWOLFKH (UVFKHLQXQJVIRUP YRQ ,QGLYLGXHQ +RFK PDQEHVFKUHLEWDFKW'LPHQVLRQHQGHU)LJXUHQEHVFKUHLEXQJ  6WLOLVLHUXQJ²1DWXUDOLVPXV%HVWLPPXQJVNULWHULXPGLHVHU.DWHJRULH LVW GLH 1RUP GHU bKQOLFKNHLW PLW UHDOHQ 0HQVFKHQ MH ZHLWHU HLQH 'DUVWHOOXQJYRQGLHVHU1RUPDEZHLFKWXPVRVWLOLVLHUWHULVWVLH$XI JUXQGLKUHU$OOJHPHLQKHLWXPID‰WGLHVH.DWHJRULHHLQLJHGHUIROJHQ GHQ  .RKlUHQ]²,QNRKlUHQ]5DGLNDOLQNRKlUHQWLVWHLQH)LJXUHWZDGHU +HOGGHVSLNDUHVNHQ5RPDQVZHQQVLH²DX‰HUGHP1DPHQ²NHLQH VWDELOH4XDOLWlWDXIZHLVWGLHLKU(LQKHLWXQGGDPLW,GHQWLWlWYHUOHLKW $PDQGHUHQ(QGHGHU6NDODEHILQGHQVLFK)LJXUHQZLH3HUVRQLILND WLRQHQ GHUHQ (LQKHLW DXI HLQHU SDUWLNXODUHQ (LJHQVFKDIW EHUXKHQ XQGGLHXQVVRMHGHQ(LQEOLFNLQGDVYHUZHKUHQZDVPDQLP/HEHQ DOVGLH,GHQWLWlWHLQHU3HUVRQEH]HLFKQHW²(VZLUGQLFKWZHLWHUDXV JHIKUW DEHU DXFK GLH :DKUQHKPXQJ YRQ ¿.RKlUHQ]¾ EDVLHUW QLFKW DOOHLQDXIORJLVFKHQRGHULQWULQVLVFKHQ(LJHQVFKDIWHQHLQHU)LJXUHQ

³³³³³³³³³³  +RFKPDQ GLH7\SRORJLHZLUGLQ.DSLWHOEHKDQGHOWª&KDUDFWHUVLQ7KHLU.LQGV 

$7D[RQRPLH©6 (EGD6I



3UREOHPHPLWGHU)LJXU



]HLFKQXQJ VRQGHUQ DXI GHQ ]HLWJHQ|VVLVFKHQ SV\FKRORJLVFKHQ 0R GHOOHQ  *DQ]KHLW²)UDJPHQWDULWlW'LH(UIDKUXQJGHU*DQ]KHLWHLQHU)LJXU VWHOOWVLFKEHLP/HVHUHLQZHQQGLH0HUNPDOHGHU)LJXUVR]XVDP PHQKlQJHQGSUlVHQWLHUWZHUGHQDOVZUGHQVLHGDV*DQ]HGHU)LJXU UHSUlVHQWLHUHQ²'LH.DWHJRULHGHU¿*DQ]KHLW¾HQWKlOWHLQUHOHYDQ] WKHRUHWLVFKHV $UJXPHQW 'HU 7H[W PX‰ VLFK JHJHQEHU GHQ P|JOL FKHQ (LJHQVFKDIWHQ HLQHU )LJXU VWHWV VHOHNWLY YHUKDOWHQ :HQQ GLH (LJHQVFKDIWHQ VR DXVJHZlKOW ZHUGHQ GD‰ VLH LQ HLQHP EHVWLPPWHQ SV\FKRORJLVFKHQ 5DKPHQ VHL HV GDV SV\FKRDQDO\WLVFKH 0RGHOO GLH +XPRUDOSDWKRORJLHRGHU$ULVWRWHOHV &KDUDNWHUPRGHOOUHOHYDQWVLQG IU GLH (UNOlUXQJ GHV GDUJHVWHOOWHQ 9HUKDOWHQV GDQQ ZLUG VLFK HLQ DQGHUHU(LQGUXFNEHLP/HVHUHLQVWHOOHQDOVZHQQGLHVH)RUPGHUUH OHYDQWHQ6HOHNWLRQQLFKWVWDWWILQGHW  (LJHQWOLFKNHLW²6\PEROLVPXV$OOH(OHPHQWHLQGHU/LWHUDWXUVLQG V\PEROLVFKXQGNHLQ(OHPHQWEH]LHKWVLFKDXIHLQDQGHUHVHLJHQWOLFK XQG Z|UWOLFK DEHU HV JLEW HLQH 6NDOD GHU 8QHLJHQWOLFKNHLW )LJXUHQ N|QQHQDOV¿HLJHQWOLFK¾EH]HLFKQHWZHUGHQZHQQVLHGDVMHZHLOLJHEH ]HLFKQHQGDVVLHVLQGRGHUDOV¿V\PEROLVFK¾ZHQQVLHHWZDVEH]HLFK QHQ]%4XDOLWlWHQGLHVLHYHUN|USHUQRGHUPHQVFKOLFKH7\SHQGLH VLHH[HPSOLIL]LHUHQRGHU,GHHQGLHVLHUHSUlVHQWLHUHQ'LHVH8QWHU VFKHLGXQJ IlOOW WHLOZHLVH ]XVDPPHQ PLW GHU ]ZLVFKHQ ,QGLYLGXXP XQG7\SXV)LJXUHQGLHHWZDVDQGHUHVEH]HLFKQHQZHUGHQHKHUDOV 7\SXVZDKUJHQRPPHQ  .RPSOH[LWlW ² (LQIDFKKHLW 0D‰VWDE IU GLH .RPSOH[LWlW LVW QLFKW QXUGLH$Q]DKOGHU0HUNPDOHVRQGHUQGHUHQ.RQVWHOODWLRQ]XHLQDQ GHU :HQQ GLH 0HUNPDOH LQ HLQHP6SDQQXQJVYHUKlOWQLV]XHLQDQGHU VWHKHQXQGZLGHUVSUFKOLFKVLQGGDQQHUK|KWGLHVGLH.RPSOH[LWlW GHU)LJXU  7UDQVSDUHQ]²2SD]LWlW)LJXUHQHUODXEHQHLQHQPHKURGHUZHQLJHU GLUHNWHQ(LQEOLFNLQLKU,QQHQOHEHQ  9HUlQGHUOLFKNHLW²8QYHUlQGHUOLFKNHLW'\QDPLVFKLVWHLQH)LJXUGLH VLFKHQWZLFNHOWRGHUYHUlQGHUWVLHHQWVSULFKW)RUVWHUV¿UXQGHU¾)LJXU ]%GLH+HOGHQGHV%LOGXQJVURPDQV6WDWLVFKH)LJXUHQILQGHQVLFKLQ GHUHLQIDFKHQ&RPPHGLDGHOO $UWHRGHUGHP0HORGUDPD  *HVFKORVVHQKHLW²2IIHQKHLW*HVFKORVVHQLVWHLQH)LJXUZHQQGDV :HUN LQ GHP VLH HU]HXJW ZLUG ]XU )LJXU NHLQH )UDJHQ RIIHQ XQG ³³³³³³³³³³  ¿/LWHUDOQHVV¾KHL‰WHLJHQWOLFK¿:|UWOLFKNHLW¾ZLUGKLHUDEHUPLW¿(LJHQWOLFKNHLW¾EHUVHW]W





3UREOHPHPLWGHU)LJXU

NHLQH$PELJXLWlWHQEHVWHKHQOl‰W]%gGLSXVLQGHQ'UDPHQYRQ 6RSKRNOHV%HLVSLHOHIURIIHQH)LJXUHQVLQG6WHSKHQ'HGDOXVZLUG HUHLQ6FKULIWVWHOOHUZHUGHQ" RGHU'RQ4XL[RWHLVWHUZLUNOLFKNX ULHUW"  $XFKGLHVH7D[RQRPLHEDVLHUWDXIXQWHUVFKLHGOLFKHQ$VSHNWHQGHU)LJXU'LH %HJULIIH ¿6WLOLVLHUXQJ¾ ¿.RKlUHQ]¾ ¿*DQ]KHLW¾ ¿.RPSOH[LWlW¾ XQG ¿9HUlQGHU OLFKNHLW¾ EH]LHKHQ VLFK YRU DOOHP DXI GLH )LJXU DOV 7HLO GHU HU]lKOWHQ :HOW ¿7UDQVSDUHQ]¾LVWHLQH'DUVWHOOXQJVNDWHJRULHXQG¿*HVFKORVVHQKHLW¾]XPLQGHVW WHLOZHLVH HLQH 5H]HSWLRQVNDWHJRULH ¿(LJHQWOLFKNHLW¾ EH]LHKW VLFK DXI GLH %H GHXWXQJ YRQ )LJXUHQ (V LVW DXFK KLHU IUDJOLFK RE GLH 9HUPHQJXQJ VROFK YHUVFKLHGHQHU$VSHNWHLQHLQHU7D[RQRPLHIUXFKWEDULVW +RFKPDQNRQVWDWLHUW]ZDUGLH+LVWRUL]LWlWGHVUHDOLVWLVFKHQ)LJXUHQLGHDOV DEHUGLHVH(UNHQQWQLVKDWLQDQDO\WLVFKHURGHUPHWKRGLVFKHU+LQVLFKWNDXP )ROJHQ6HLQH]DKOUHLFKHQ%HLVSLHODQDO\VHQEDVLHUHQDXIGHUGLUHNWHQ:LUNXQJ YRQ )LJXUHQ DXI GHQ *HJHQZDUWVOHVHU XQG GLH .DWHJRULHQ GLHQHQ LQ HUVWHU /LQLH]XUW\SRORJLVFKHQ(UIDVVXQJGLHVHU5H]HSWLRQ$XFKVHLQ9HUVXFKGHP KLVWRULVFKHQ :DQGHO GXUFK GDV $QVHW]HQ HLQHV VR JUR‰HQ =HLWUDXPV PLW VWDELOHPQlPOLFKUHDOLVWLVFKHP)LJXUHQLGHDO]XHQWJHKHQVFKHLWHUWVFKRQDQ GHPYRQLKPVHOEVWHUZlKQWHQ8PVWDQGGD‰PHKUHUHSV\FKRORJLVFKH0R GHOOHLQQHUKDOEGLHVHU=HLWJOWLJZDUHQ]%GLH+XPRUDOSDWKRORJLHRGHUGLH 3V\FKRDQDO\VH(UVFKZDQNWRIIHQVLFKWOLFK]ZLVFKHQHLQHUKLVWRULVFKHQ)LJX UHQDQDO\VH XQG HLQHU $QDO\VH GHU JHJHQZlUWLJHQ /HVHUUHDNWLRQHQ XQG ZLOO ZHGHUGHQ*HJHQZDUWVEH]XJQRFKGDV:LVVHQEHUGLHMHZHLOLJHKLVWRULVFKH %HGLQJWKHLWDXIJHEHQ +RFKPDQ LVW ZRKO GHU HUVWH GHU DXI GLH $EKlQJLJNHLW ]XPLQGHVW HLQHU VHLQHU.DWHJRULHQYRQHLQHP)LJXUHQPRGHOOKLQJHZLHVHQKDW ,QVHLQHU%H VFKUHLEXQJGHU'LPHQVLRQ¿*DQ]KHLW¾YHUGHXWOLFKWHUGD‰GHU(LQGUXFNYRQ *DQ]KHLWGXUFKGLHULFKWLJHGLHUHOHYDQWH$XVZDKOYRQ(OHPHQWHQHQWVWHKH 2EZRKOGHU/HVHUQXUHLQHUHODWLYNOHLQH$Q]DKOYRQ,QIRUPDWLRQHQJHERWHQ EHNRPPHKDEHHUGDV*HIKOHWZDV*DQ]HVHUKDOWHQ]XKDEHQ+RFKPDQ PDFKWNHLQHQ9HUVXFK GLHVH/HVHUHUIDKUXQJ]XKLVWRULVLHUHQ,P*HJHQWHLO VHLQH$QDO\VHQ]HLJHQGD‰HULPPHUQXU]ZLVFKHQGHP7\SLVFKHQXQGGHP ,QGLYLGXDOLVLHUHQGHQ XQWHUVFKHLGHW ² XQG ]ZDU JDQ] XQDEKlQJLJ YRQ GHU (SRFKH'HPJHJHQEHUZLUGPDQHLQZHQGHQPVVHQGD‰GLH)UDJHZDVDOV UHOHYDQWZDKUJHQRPPHQZLUGZRKOYRQGHQILJXUDOHQ6FKHPDWDXQG)LJX UHQPRGHOOHQDEKlQJLJLVW(LQ%HLVSLHO'HU7\SXVGHV9HUEUHFKHUVLVWQDFK /RPEURVRGXUFKHLQHIOLHKHQGH6WLUQJHNHQQ]HLFKQHW7DXFKWQXQLQHLQHP 7H[WHLQH)LJXUDXIGHUGLHVHV0HUNPDO]XJHZLHVHQZLUGGDQQNDQQGLHVHV



3UREOHPHPLWGHU)LJXU



0HUNPDODOVLUUHOHYDQWRGHUDOVlVWKHWLVFKTXDOLIL]LHUHQGJHOHVHQZHUGHQRGHU DEHUDOVKRFKUHOHYDQWPLW%H]XJDXIGHQ7\SXV +RFKPDQLVWDXFKGHUHUVWHGHUDXVGUFNOLFKGDUDXIKLQZHLVWGD‰VHLQH .DWHJRULHQNXOWXUHOOH9RUOLHEHQVHLQHU.XOWXUZLHGHUJHEHQXQGGD‰GLHVEHL GHU %HVFKUHLEXQJYRQ7H[WHQ DQGHUHU .XOWXUHQ]XDQDO\WLVFKHQ 3UREOHPHQ IKUHQNDQQZHQQ7H[WHGLHLQ(SRFKHQJHVFKDIIHQZXUGHQGLHVLFKQLFKW IUGLH.RKlUHQ]YRQ)LJXUHQLQWHUHVVLHUHQ)LJXUHQNUHLHUHQGLHDXVXQVH UHP%OLFNZLQNHOQLFKWNRKlUHQWVLQG'LHVHV,QWHUHVVHLVWQLFKWQXUEHL.DWH JRULHQZLH¿.RKlUHQ]¾XQG¿*DQ]KHLW¾OHLWHQGVRQGHUQDXFK²HWZDVZHQLJHU RIIHQVLFKWOLFK ² EHL GHU .DWHJRULH ¿9HUlQGHUOLFKNHLW¾ GLH GDV QHX]HLWOLFKH ,QWHUHVVHDQ¿(QWZLFNOXQJ¾ZLGHUVSLHJHOW3UREOHPHJLEWHVPLW GHU$QZHQ GXQJGLHVHU.DWHJRULHQYRUDOOHPGDGXUFKGD‰)LJXUHQJDQ]HU*HQUHVXQG (SRFKHQ IDVW HLQKHLWOLFK XQG GDPLW ZHQLJ LQIRUPDWLY EHVFKULHEHQ ZHUGHQ PVVHQXQGGD‰DXIJUXQGGHUVWDUNHQ:HUWXQJGLHLPPHUQRFKPLWHLQLJHQ GHU .DWHJRULHQ YHUEXQGHQ LVW KLVWRULVFK XQDQJHPHVVHQH:HUWXUWHLOHJHIlOOW ZHUGHQ $QJHVLFKWVGHVKRKHQ1LYHDXVYRQ5LPPRQ.HQDQVXQG+RFKPDQV(U |UWHUXQJHQ LVW GHU %HLWUDJ YRQ 3DXO 3LFNUHO VFKRQ GHVKDOE HLQH (QWWlX VFKXQJZHLOHUGLHVHLJQRULHUW,PZHVHQWOLFKHQEHVWHKWVHLQ5FNJULIIDXI )RUVWHULQHLQHP9RUVFKODJGLHIODFKH)LJXUQXQDOVHVVHQWLDOXQGGLHUXQGH )LJXUDOVH[LVWHQWLDO]XEH]HLFKQHQGDGLHVH%HJULIIHNHLQHYLVXHOOHQ.RQQRWD WLRQHQKDEHQ(UUHGX]LHUW²RKQH'LVNXVVLRQXQGZRKODXFKRKQHHVVHOEVW ]XEHPHUNHQ²GLH'LIIHUHQ]NULWHULHQDXIGLH)UDJHREVLFKGLH)LJXUGXUFK LKUH(UIDKUXQJHQYHUlQGHUW 'HUP:OHW]WH9HUVXFKHLQHU)LJXUHQW\SRORJLHZXUGHLQHLQHPGHU)L JXU JHZLGPHWHQ 6RQGHUKHIW GHU UHQRPPLHUWHQ =HLWVFKULIW 6W\OH YRQ 'DYLG )LVKHORYYRUJHOHJW(UNULWLVLHUWDQ+RFKPDQGLH8QEHUVLFKWOLFKNHLWVHLQHV .DWHJRULHQV\VWHPV)LVKHORYJHKWHLQZHLWHUHV0DOYRQ)RUVWHUV'LFKRWRPLH DXVXQGHUJlQ]WGLHVHXPGLH8QWHUVFKHLGXQJ¿WH[WXDOOHYHO¾XQG¿FRQVWUXFWHG OHYHO¾ GHV OLWHUDULVFKHQ .XQVWZHUNV 'LHVH EHLGHQ %HJULIIH VLQG ZRKO LGHQ WLVFKPLWGHU8QWHUVFKHLGXQJGLVFRXUVXQGKLVWRLUHRGHU'DUVWHOOXQJXQGILNWLR QDOH:HOW(UJHODQJWGXUFKHLQH.UHX]DQRUGQXQJGHUEHLGHQ8QWHUVFKHL GXQJHQ ]X YLHU .DWHJRULHQ GLH HU DEHU HEHQIDOOV DOV 7\SXV PLW VNDOLHUWHQ 'LPHQVLRQHQEHWUDFKWHWVHKHQZLOOXQGYRUDOOHPDXFKDOVUHODWLY]XPMHZHL ³³³³³³³³³³  3LFNUHOE   

)LVKHORY  )LVKHORYEH]LHKWVLFKQLFKWH[SOL]LWDXIGLHVHJlQJLJH8QWHUVFKHLGXQJVRQGHUQVFKHLQWVLH IUVHLQHHLJHQH(UILQGXQJ]XKDOWHQ





3UREOHPHPLWGHU)LJXU

OLJHQ.RQWH[W(LQH)LJXUPDJLP9HUJOHLFK]XNRPSOH[HUHQ)LJXUHQ¿IODFK¾ VHLQLVWDEHULP9HUJOHLFK]XQRFKZHQLJHUNRPSOH[HQ¿UXQG¾  )ODFKDXIGHU7H[WHEHQH  )ODFKDXIGHUNRQVWUXLHUWHQ(EHQH  5XQGDXIGHU7H[WHEHQH  5XQGDXIGHUNRQVWUXLHUWHQ(EHQH +DXSWVlFKOLFKHV8QWHUVFKHLGXQJVNULWHULXP]ZLVFKHQIODFKXQGUXQGDXIGHU 7H[WHEHQHLVWGLH$XVIKUOLFKNHLWPLWGHUGLH)LJXUGDUJHVWHOOWRGHUDXIVLH %H]XJ JHQRPPHQ ZLUG 'D]X NRPPHQ 3XQNWH ZLH +DW VLH HLQHQ 1DPHQ ZLUG LKU %HZX‰WVHLQ ZLHGHUJHJHEHQ ZLUG VLH YRQ YHUVFKLHGHQHQ *HVLFKWV SXQNWHQ DXV GDUJHVWHOOW ZLUG VLH GXUFK GLH 7HFKQLNGHV¿VKRZLQJ¾RGHUGHV ¿WHOOLQJ¾SUlVHQWLHUWZHUGHQYLHOHLKUHU0HUNPDOHH[SOL]LWJHQDQQW$XFKKLHU VWHKW GDV .ULWHULXP GHU /HEHQVlKQOLFKNHLW LP =HQWUXP :HQQ HLQH )LJXU YLHOH0HUNPDOHKDWYRQYLHOHQYHUVFKLHGHQHQ6WDQGSXQNWHQDXVSUlVHQWLHUW ZLUG DXVIKUOLFK EHVFKULHEHQ ZLUG ZHQQ LKU 9HUKDOWHQ LQ YHUVFKLHGHQHQ 6LWXDWLRQHQGDUJHVWHOOWZLUGGDQQKDEHQ/HVHUGHQ(LQGUXFNHLQHVJOHLFKVDP OHEHQGLJHQ *HVFK|SIV 'HQ .HUQ GHU NRQVWUXLHUHQGHQ 7lWLJNHLW ELOGHW GHU 9HUVXFK GLH YHUVFKLHGHQHQ 'HWDLOV XQG 0XVWHU GLH GXUFK GDV OLWHUDULVFKH :HUNYHUPLWWHOWZHUGHQPLWGHPNRQ]HSWXHOOHQ1HW]ZHUNDE]XJOHLFKHQPLW GHPZLUGLH:HOWZDKUQHKPHQXQGYHUVWHKHQ,QGHUVRHQWVWHKHQGHQILNWLR QDOHQ:HOWVLQGHLQLJH)LJXUHQLQGLYLGXDOLVLHUWHUDOVDQGHUH 'HU )RUWVFKULWW LQ )LVKHORYV hEHUOHJXQJHQ EHVWHKW YRU DOOHP GDULQ GLH 'DUVWHOOXQJVHEHQHXQGGLH(EHQHGHUQDUUDWLYHQ:HOWLQGHU.DWHJRULHQELO GXQJGHXWOLFK]XXQWHUVFKHLGHQ$QJHVLFKWVGHV8PVWDQGVGD‰GLHVH8QWHU VFKHLGXQJ VFKRQ LQ GHQ HU -DKUHQ LQ GLH QDUUDWRORJLVFKH 'LVNXVVLRQ HLQJHIKUWXQGLQGHUDQJHOVlFKVLVFKHQ(U]lKOWKHRULHGXUFKGLHHLQIOX‰UHLFKH 'DUVWHOOXQJ YRQ &KDWPDQ $OOJHPHLQJXW JHZRUGHQ LVW HUVWDXQW GLH 9HUVSl WXQJPLWGHUDXFKGLHILJXUHQW\SRORJLVFKH'LVNXVVLRQGDUDXI]XUFNJUHLIW  1HEHQ GLHVHU DQJHOVlFKVLVFKHQ 'LVNXVVLRQ VLQG ]ZHL (QWZUIH ]X QHQQHQ GLHQLFKWSULPlUDOV)LJXUHQW\SRORJLHNRQ]LSLHUWZXUGHQDEHULPHUVWHQ)DOO ZLFKWLJH PHWKRGLVFKH (LQVLFKWHQ ]X HLQHU P|JOLFKHQ )LJXUHQW\SRORJLH HQW KDOWHQXQGLP]ZHLWHQ)DOOHQWJHJHQGHPHLJHQHQ$QVSUXFKDOVHLQHVROFKH 7\SRORJLHYHUZHQGHWZHUGHQN|QQHQ'LH 0RUSKRORJLHGHV0lUFKHQVYRQ9OD GLPLU3URSSLVWLQYLHOHUOHL+LQVLFKWHLQ6RQGHUIDOOXQGVLHKLHUDQ]XIKUHQ EHGDUI HLQHU NXU]HQ 5HFKWIHUWLJXQJ 3URSSV $UEHLW EDVLHUW DXI GHU $QDO\VH ³³³³³³³³³³  3URSS >@   LQVEHVRQGHUH .DS  ¿'LH 9HUWHLOXQJ GHU )XQNWLRQHQ DXI GLH KDQ

GHOQGHQ3HUVRQHQ¾



3UREOHPHPLWGHU)LJXU



YRQ0lUFKHQXQGHUKHEWDXFKQXUGHQ$QVSUXFKIU0lUFKHQ]XJHO WHQ$OOHUGLQJVVLQGVRZRKOVHLQH.DWHJRULHQDOVDXFKVHLQ$QDO\VHYHUIDKUHQ QDFKGHU:LHGHUHQWGHFNXQJLQGHQHUXQGHU-DKUHQLQHU]lKOWKHR UHWLVFKHQ8QWHUVXFKXQJHQZLHGHUDXIJHJULIIHQXQGYHUDOOJHPHLQHUWZRUGHQ 6HLQH(UJHEQLVVHODVVHQVLFKZRKO QLFKWYHUDOOJHPHLQHUQVHKUIUXFKWEDUJH ZRUGHQLVWDEHUVHLQH0HWKRGH 3URSSZDUDXIGHU6XFKHQDFK.RQVWDQWHQLQGHPYDULDWLRQVUHLFKHQ0D WHULDOGDVLKPLQGHQ0lUFKHQVDPPOXQJHQYRUODJ(UIDQGHVQLFKWLP7KH PDWLVLHUWHQDOVREHVWLPPWHQ)LJXUHQRGHU+DQGOXQJVHOHPHQWHQVRQGHUQLQ GHQ)XQNWLRQHQGLHYRQJDQ]YHUVFKLHGHQHQ)LJXUHQHUIOOWZHUGHQN|QQHQ $OV )XQNWLRQ JLOW GDEHL GLH $NWLRQ HLQHU KDQGHOQGHQ )LJXU GLH XQWHU GHP $VSHNW LKUHU %HGHXWXQJ IU GHQ *DQJGHU +DQGOXQJEHVWLPPWZLUG1DFK 3URSSVLQGGLHNRQVWDQWHQXQGXQYHUlQGHUOLFKHQ(OHPHQWHGHV0lUFKHQVGLH )XQNWLRQHQGHU)LJXUHQLQGHU+DQGOXQJ²XQDEKlQJLJGDYRQYRQZHPXQG ZLHVLHDXVJHIKUWZHUGHQ6LHELOGHQGLHZHVHQWOLFKHQ%HVWDQGWHLOHGHV0lU FKHQV,P=HQWUXPYRQ3URSSV8QWHUVXFKXQJVWHKHQGLH)XQNWLRQHQ GLHLQLKUHUIHVWJHOHJWHQ6HTXHQ]GHQ7\SXVGHV=DXEHUPlUFKHQV HLQGHXWLJ IHVWOHJHQ ZHQQ DXFK LQ MHGHP NRQNUHWHQ )DOO HLQHV 0lUFKHQV QLFKW DOOH )XQNWLRQHQYRUKDQGHQVHLQPVVHQ'LH)XQNWLRQHQODVVHQVLFKQDFK+DQG OXQJVNUHLVHQ NDWHJRULVLHUHQ  +DQGOXQJVNUHLV GHV *HJHQVSLHOHUV  +DQG OXQJVNUHLVGHV6FKHQNHUV+DQGOXQJVNUHLVGHV+HOIHUV+DQGOXQJVNUHLV GHU=DUHQWRFKWHUGHUJHVXFKWHQ*HVWDOW XQGLKUHV9DWHUV+DQGOXQJVNUHLV GHV6HQGHUV+DQGOXQJVNUHLVGHV+HOGHQ+DQGOXQJVNUHLVGHVIDOVFKHQ +HOGHQ 'LHVH +DQGOXQJVNUHLVH N|QQHQ PLW GHQ )LJXUHQ HLQHV 0lUFKHQV ]XVDPPHQIDOOHQ GK HLQH )LJXU LVW GHU *HJHQVSLHOHU HLQH )LJXU LVW GHU 6FKHQNHU XVZ RGHU HLQH )LJXU XPID‰W PHKUHUH +DQGOXQJVNUHLVH GKHLQH )LJXUNDQQHWZDDOV6FKHQNHUXQG]XJOHLFKDOV+HOIHULQHLQHP0lUFKHQHU VFKHLQHQ RGHU HLQ +DQGOXQJVNUHLV YHUWHLOW VLFK DXI PHKUHUH )LJXUHQ GK PHKUHUH)LJXUHQVFKHQNHQGHP+HOGHQHWZDVRGHUPHKUHUH)LJXUHQVWHKHQ GHP+HOGHQIHLQGOLFKJHJHQEHU )UXQVHUH)UDJHVWHOOXQJOLHJWGLHEHVRQGHUH3RLQWHYRQ3URSSV7\SROR JLHLPHLQKHLWOLFKHQ'LIIHUHQ]NULWHULXPGHU%H]XJ]XU+DQGOXQJ$QGHUVDOV GLH PHLVWHQ KLHU YRUJHVWHOOWHQ 7\SRORJLHQ NDQQ 3URSS DXI GHU *UXQGODJH GLHVHVHLQHQ$VSHNWVVHLQHJHVDPWH7\SRORJLHHWDEOLHUHQ(VKDQGHOWVLFKKLHU ³³³³³³³³³³  HUVFKLHQHLQHHQJOLVFKHhEHUVHW]XQJLQGHQDQVFKOLH‰HQGHQ-DKUHQIROJWHQIUDQ

]|VLVFKH LWDOLHQLVFKH XQG DXFK GLH GHXWVFKH hEHUVHW]XQJ  HUVFKLHQ HLQH UXVVLVFKH 1HXDXIODJH %HVRQGHUV ZLFKWLJ ZXUGH 3URSS IU GDV $NWDQWHQPRGHOO YRQ *UHLPDV YJO GD]XZHLWHUXQWHQGHQ$EVFKQLWWEHU*UHLPDVLQGLHVHP.DSLWHO  (EGD6II'LH'HILQLWLRQHQGHU)XQNWLRQHQYHUEDWLP





3UREOHPHPLWGHU)LJXU

QLFKWXPHLQH7\SRORJLHGHU)LJXUHQVRQGHUQGHU+DQGOXQJVNUHLVHDEHUGLH )LJXUHQODVVHQVLFKZLHGHUXPQDFKLKUHU=XRUGQXQJ]XGHQ+DQGOXQJVNUHL VHQNODVVLIL]LHUHQ:LHGHU%H]XJ]XU+DQGOXQJJHQDXDXVVLHKWZLHDOVRGLH 0HQJHGHUXQWHUVFKLHGOLFKHQ+DQGOXQJVIXQNWLRQHQDXVVLHKWGLHGLH=XRUG QXQJ ]XU MHZHLOLJHQ .DWHJRULH EHVWLPPHQ GDV NDQQ QDFK 3URSS IU HLQH *DWWXQJQXUHPSLULVFKHUPLWWHOWZHUGHQ 'HUIUDQ]|VLVFKH 6WUXNWXUDOLVW*UHLPDVKDWHLQHVGHUNRPSOH[HVWHQ0R GHOOH ]XU %HVFKUHLEXQJ GHU )LJXU YRUJHOHJW $XVJHKHQG YRQ 3URSS XQG 6RXULDX YHUDOOJHPHLQHUW HU GHUHQ W\SRORJLVFKHQ %HIXQGH DXIJUXQG HLQHV WKHRUHWLVFKHQ0RGHOOVGDVLQ$QDORJLH]XU6WUXNWXUGHV6DW]HVDXFKIUOLWH UDULVFKH7H[WHHLQH7LHIHQJUDPPDWLNDQQLPPWDXVGHUGLHWH[WXHOOHQ2EHU IOlFKHQSKlQRPHQHJHQHULHUWZHUGHQ*UHLPDVQLPPWDQGD‰HV$NWDQWHQ JLEW  6XEMHNW(QWVSULFKWGHP¿+HOG¾LQ3URSSV0RGHOO  2EMHNW'DVEHJHKUWH2EMHNWE]ZGLHJHVXFKWH3HUVRQ  $GUHVVDQW'HU$XIWUDJJHEHU  $GUHVVDW'HUMHQLJHGHUGHQ$XIWUDJHUKlOW*UHLPDVNRQVWDWLHUWGD‰ QDFK 3URSSV $QDO\VH LP UXVVLVFKHQ =DXEHUPlUFKHQ +HOG XQG $GUHVVDWVWHWV]XVDPPHQIDOOHQ  $GMXYDQW'HU+HOIHU  2SSRQHQW'HU*HJHQVSLHOHU ³³³³³³³³³³  :LHGHUJHJHEHQZLUGLPIROJHQGHQGDV$NWDQWHQPRGHOOZLH*UHLPDVHVLQVHLQHUVWUXNWX

UDOHQ6HPDQWLNEHVFKULHEHQKDW,QVSlWHUHQ$XIVlW]HQKDWHUGLH$Q]DKOGHU$NWDQWHQUH GX]LHUWXQGWKHPDWLVFKH5ROOHQDOV=ZLVFKHQHEHQH]ZLVFKHQ)LJXUHQXQG$NWDQWHQHLQJH VFKREHQ'DKLHUDEHUQXUGLH3ULQ]LSLHQGHU.DWHJRULHQELOGXQJYRQ,QWHUHVVHVLQGNDQQ GDUDXIYHU]LFKWHWZHUGHQGLHVH.RUUHNWXUHQHLQJHKHQGHU]XEHWUDFKWHQ*UHLPDV $QVDW] NDQQKHXWHQLFKWPHKUEHU]HXJHQGDGLH$QDORJLHGHV7H[WHV]XP6DW]PLWHEHQVROFKHU 7LHIHQJUDPPDWLNDXIGHUDOOHZHLWHUHQhEHUOHJXQJHQEDVLHUHQLQ]ZLVFKHQDOVZHQLJWUDJ IlKLJJLOW(VVSULFKWYLHOPHKUGDVPHLVWHGDIUGD‰7H[WHHEHQQLFKWVDW]DQDORJVLQG6R JLEW HV ]% XQJUDPPDWLVFKH 6lW]H XQG VLH ODVVHQ VLFK VHKU OHLFKW HU]HXJHQ ZlKUHQG HV NHLQHHQWVSUHFKHQGVWDUNHQ5HJHOQIU7H[WHJLEW9JO*UHLPDV>@ (LQHQJX WHQhEHUEOLFNEHUVHLQ0RGHOOHLQHUQDUUDWLYHQ7LHIHQJUDPPDWLNELHWHW*UHLPDV $XIVDW] (OHPHQWHHLQHUQDUUDWLYHQ*UDPPDWLN 'LH.RUUHNWXUHQGHV$QVDW]HVILQGHQVLFK LQ *UHLPDV >@   'LH .ULWLN JLOWDXFKIU 3LFNUHOGHU RIIHQVLFKWOLFK RKQH .HQQWQLV YRQ *UHLPDV GLH )LJXU DOV 1RPHQ GHU 7LHIHQVWUXNWXU HLQHV 6DW]HV VLHKW YJO 3LFNUHOD   6RXULDX  6RXULDX QLPPW DQ GD‰ PDQ DOOH GUDPDWLVFKHQ 6LWXDWLRQHQ GXUFK VHFKV )XQNWLRQHQ EHVFKUHLEHQ NDQQ QlPOLFK GLH WKHPDWLVFKH .UDIW GHQ 5HSUlVHQWDQWHQ GHV HUZQVFKWHQ *XWHV GHQ (PSIlQJHU GHV HUZQVFKWHQ *XWHV GHQ *HJHQVSLHOHU GHQ 6FKLHGVULFKWHUGHQ+HOIHU(LQHDXVIKUOLFKH'DUVWHOOXQJGHV0RGHOOEHL/DXVEHUJ  



3UREOHPHPLWGHU)LJXU



*UHLPDVEHUQLPPWYRQ3URSSDXFKGDV6FKHPDGHU9HUWHLOXQJYRQ$NWDQ WHQ DXI )LJXUHQ $NWDQWHQ N|QQHQMHZHLOVJHQDXLQHLQHUEHVWLPPWHQ)LJXU UHDOLVLHUWZHUGHQHVN|QQHQLQHLQHU)LJXUPHKUHUH$NWDQWHQRGHUHLQ$NWDQW LQPHKUHUHQ)LJXUHQUHDOLVLHUWZHUGHQ *UHLPDV$NWDQWHQPRGHOOGDVGHQ$QVSUXFKHUKHEWIUDOOHOLWHUDULVFKHQ 7H[WH]XJHOWHQOl‰WVLFKDXFKDOV)LJXUHQW\SRORJLHYHUZHQGHQGDHVDOVHLQ 6HWYRQ.ULWHULHQDXIJHID‰WZHUGHQNDQQGLHGLH5ROOHHLQHU)LJXULQ%H]XJ DXI GLH +DQGOXQJ EHVFKUHLEHQ 'DV 8QEHIULHGLJHQGH DQ GLHVHP 0RGHOO LVW GHU8PVWDQGGD‰LQQLFKWVWDUNVFKHPDWLVFKHQ7H[WHQ]DKOUHLFKH)LJXUHQ]X ILQGHQVLQGGLHVLFKQXUPLW*HZDOWLQHLQHGHU.DWHJRULHQHLQRUGQHQODVVHQ (V KDQGHOW VLFK GDEHL HWZD XP )LJXUHQ GHUHQ SULPlUH )XQNWLRQ LP 7H[W QLFKWLP%H]XJDXIGLH+DQGOXQJOLHJWVRQGHUQGLHYLHOPHKULQHUVWHU/LQLH ]XU%HGHXWXQJEHLWUDJHQ]%3DUDOOHORGHU.RQWUDVWILJXUHQ:LHJHVDJWGLH 9HUZHQGXQJYRQ*UHLPDV $NWDQWHQPRGHOODOV*UXQGODJHIUHLQH)LJXUHQ W\SRORJLHZLUGVHLQHP$QOLHJHQNHLQHVZHJVJHUHFKWVRQGHUQIXQNWLRQDOLVLHUW VHLQH .DWHJRULHQ XP 6LH ZHUGHQ QLFKW PHKU DOV .DWHJRULHQ HLQHU 7LHIHQ JUDPPDWLNDXIJHID‰WVRQGHUQDOVEUDXFKEDUH$EVWUDKLHUXQJHQLQ%H]XJDXI GLH+DQGOXQJ  ³³³³³³³³³³  =XU 9RU XQG :LUNXQJVJHVFKLFKWH GHV $NWDQWHQPRGHOO VRZLH ]X VHLQHU 3DUDOOHOLWlW PLW 

H[LVWHQWLDOLVWLVFKHQ3KLORVRSKHPHQYJO+HUPDQ  )RZOHU HEHQIDOOV $QKlQJHUVWUXNWXUDOLVWLVFKHU$QDO\VHYHUIDKUHQZLUIW*UHLPDVYRUVHLQ $NWDQWHQPRGHOO VHL ]X VFKHPDWLVFK XQG ]X DEVWUDNW XP IU GLH $QDO\VH YRQ /LWHUDWXU EUDXFKEDU]XVHLQ(UVLHKWDEHUHLQH0|JOLFKNHLWGHU9HUEHVVHUXQJGXUFKGDV%LOGHQYRQ 8QWHUNDWHJRULHQIUMHGHQ$NWDQWHQYJO)RZOHU %UHGLQVWHOOWGLH$QDORJLH]ZL VFKHQGHP6DW]XQGGHP(U]lKOWH[WLQ)UDJHDXIGHU%DUWKHV XQG*UHLPDV QDUUDWRORJL VFKHQ0RGHOOHEHUXKHQGDGLH)LJXUQXULQVHOWHQHQ)lOOHQYROOVWlQGLJEHULKUH)XQNWLRQ LQGHU+DQGOXQJEHVFKUHLEEDUVHL0DQNDQQKLQ]XIJHQGD‰GLH9RUDQQDKPHGHU6DW] DQDORJLHNDXPEHJUQGHWZLUGXQGOHW]WOLFKQXUGXUFKGHQ(QWZLFNOXQJVVWDQGGHU]HLWJH Q|VVLVFKHQ/LQJXLVWLN]XHUNOlUHQLVWYJO%UHGLQ (LQHHEHQVRNRQ]LVHZLHWUHIIHQ GH .ULWLN DQ *UHLPDV VWDPPW YRQ 8UL 0DUJROLQ 'DV $NWDQWHQPRGHOO N|QQH GLH ,QQHU OLFKNHLWRGHUGLHPHQWDOHQ'LPHQVLRQHQGLHIUGDVLQWXLWLYH9HUVWlQGQLVYRQ)LJXUHQVR ZHVHQWOLFK VHLHQ QLFKW DQJHPHVVHQ EHVFKUHLEHQ 6HLQH $QZHQGXQJ VHL GHXWOLFK HLQJH VFKUlQNWGDHVNDXPDXI(U]lKOWH[WHDQZHQGEDUVHLGHUHQ+DQGOXQJVOLQLHVFKZDFKDXV JHSUlJW RGHU LQNRKlUHQW VHL ZLHYLHOH 7H[WHLP -DKUKXQGHUW$X‰HUGHPZUGHQ =X VWlQGH LP 8QWHUVFKLHG ]X+DQGOXQJHQXQG(UHLJQLVVHQQLFKWLP0RGHOOHUID‰WZHUGHQ YJO0DUJROLQE +LQ]XIJHQNDQQPDQGD‰VHOEVWIUGLH$QDO\VHGHU+DQG OXQJGLHDQJHERWHQH7\SRORJLHVHKUUHGXNWLYLVW²(LQHPLW*UHLPDV 0RGHOOYHUJOHLFKED UH7\SRORJLHHQWZLFNHOW+XUVW²RKQH1HQQXQJYRQ*UHLPDV²GLHVLFKGDEHLDXIGLH5RO OHQ GHU.DVXVJUDPPDWLN EH]LHKW$JHQW3DWLHQW ([SHULHQFHU,QVWUXPHQW/RFDWLRQ%H QHILFLDU\&RPSOHPHQWYJO+XUVW 





3UREOHPHPLWGHU)LJXU

'LHGHXWVFKH/LWHUDWXUZLVVHQVFKDIWKDWNHLQHGHUDQJHOVlFKVLVFKHQ7UDGLWLRQ YHUJOHLFKEDUH 5HIOH[LRQ LKUHU )LJXUHQW\SRORJLH YRU]XZHLVHQ 6RZRKO LQ )UDJHQ GHU :HUWXQJ DOV DXFK GHU %HVFKUHLEXQJ ZHUGHQ DEHU VHKU lKQOLFKH .DWHJRULHQYHUZHQGHWGLHVLFKLPUHLFKHQ:RUWIHOG¿)LJXU¾QLHGHUJHVFKODJHQ KDEHQ¿+DXSWILJXU¾¿1HEHQILJXU¾¿&KDUDNWHU¾¿7\SXV¾¿3HUVRQ¾¿+HOG¾¿3UR WDJRQLVW¾¿$QWDJRQLVW¾¿*HJHQVSLHOHU¾¿3DUDOOHOILJXU¾¿.RQWUDVWILJXU¾$QVWHO OH GHU OLWHUDWXUZLVVHQVFKDIWOLFKHQ 5HIOH[LRQ VROO GDKHU LP )ROJHQGHQ GDV IDFKVSUDFKOLFKH:RUWIHOG¿)LJXU¾*HJHQVWDQGGHU%HWUDFKWXQJVHLQXPGDU DXVGLHZLFKWLJVWHQ'LIIHUHQ]NULWHULHQXQG)UDJHULFKWXQJHQ]XHUPLWWHOQ 'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ ¿&KDUDNWHU¾ XQG ¿7\SXV¾ GLH IU GLH :HU WXQJYRQOLWHUDULVFKHQ7H[WHQODQJH=HLWHLQHHUKHEOLFKH5ROOHJHVSLHOWKDW ³³³³³³³³³³  *DQ]W\SLVFKIUGLHYROONRPPHQXQWKHRUHWLVFKHXQGDGGLWLYH%HWUDFKWXQJGHU)LJXUZLH

VLHVLFKLQJHUPDQLVWLVFKHQ3URVHPLQDUHQXQGLQGHU6FKXOHILQGHWLVWGLH(LQOHLWXQJGHU YDQ5LQVXPVLQLKU/H[LNRQOLWHUDULVFKHU*HVWDOWHQ)LJXUHQKDEHQJDQ]VHOEVWYHUVWlQGOLFK HLQH*HVFKLFKWHHLQH3V\FKRORJLHHLQHSRHWLVFKH$QODJHXQGEHILQGHQVLFKLP:HFKVHO VSLHO]X.RPSOHPHQWlU.RQWUDVWRGHU3DUDOOHOILJXUHQYJOYDQ5LQVXP9,,   3ODW]:DXU\ GLH $QVlW]H HLQHU :RUWJHVFKLFKWH IU ¿+HOG¾ ¿3URWDJRQLVW¾ ¿$QWDJRQLVW¾ VNL]]LHUWQHQQWDXFKQRFKGHQ¿&RQILGHQW¾GHUDEHUQXUDOV'UDPHQW\SXVUHOHYDQWLVWYJO 3ODW]:DXU\ LQ :HLPDU  I  (LQH UHLFKOLFK LGLRV\QNUDWLVFKH 'LVNXVVLRQ GLHVHU %HJULIIHELHWHW2NVHQEHUJ5RUW\   9JO GD]X VFKRQ 3HWVFK    ,Q GHU PDU[LVWLVFKHQ /LWHUDWXUZLVVHQVFKDIW ZXUGH (QJHOV'HILQLWLRQGHV5HDOLVPXVDOVªJHWUHXH:LHGHUJDEHW\SLVFKHU&KDUDNWHUHXQWHUW\SL VFKHQ8PVWlQGHQ©YRUDOOHPYRQ/XNiFV]XHLQHUVHKUHLQIOX‰UHLFKHQDOOJHPHLQHQ7KHR ULHGHV7\SXVXQGGHV7\SLVFKHQDXVJHEDXW'HU)LJXUHQW\SXVLQGLHVHP6LQQHLVWGLHJH VWHLJHUWH ,QGLYLGXDOLWlW HLQHU)LJXULQ GHU]XJOHLFK LKUH3RVLWLRQLQGHUJHVHOOVFKDIWOLFKHQ 5HDOLWlW XQG LKUHQ :LGHUVSUFKHQ VLFKWEDU ZLUG YJO )ULHGULFK (QJHOV %ULHI DQ 0LVV +DUNQHVV ,Q 0DU[(QJHOV    XQG /XNiFV >@   ,P *HJHQVDW] ]XP PDLQVWUHDPGHU/LWHUDWXUZLVVHQVFKDIWKDWGHU%HJULIIGHV7\SXVLQGLHVHP.RQWH[WDOVRHL QHVWDUNH$XIZHUWXQJHUIDKUHQGDHUQLFKWGHU*HJHQEHJULII]XP¿&KDUDNWHU¾RGHU¿,QGL YLGXXP¾ LVW VRQGHUQ GLH $GlTXDWKHLW GHU :LHGHUJDEH VR]LDOHU 5HDOLWlW HYDOXLHUW ,P $Q VFKOX‰DQGLHVH$XIIDVVXQJNDQQHVGD]XNRPPHQGD‰)LJXUHQDXVGHUSRSXOlUHQ/LWHUD WXU GLHVRQVW]XPHLVWDOV7\SHQ LP DEZHUWHQGHQ6LQQHEH]HLFKQHWZHUGHQYRUJHZRUIHQ ZLUG LKQHQ ZUGH GLH .RPSOH[LWlW IHKOHQ XP HLQ 7\SXV ]X VHLQ YJO HWZD (FR    6HOEVW LQ GHU GHXWVFKVSUDFKLJHQ VWUXNWXUDOLVWLVFKHQ )LJXUHQDQDO\VH ZLUG GLH 8QWHU VFKHLGXQJ &KDUDNWHU7\SXV ZHLWHU PLWJHIKUW YJO 3ILVWHU  II  3ILVWHU XQWHU VFKHLGHW ]ZLVFKHQ ¿3HUVRQLILNDWLRQ¾ ¿7\S¾ XQG ¿,QGLYLGXXP¾ *HUDGH LQ GHU:HUWXQJ YRQ 6FKHPDOLWHUDWXU ZLUG GHU 7\SXV DOV HLQGHXWLJHV 1HJDWLY.HQQ]HLFKHQ JHVHKHQ YJO ]% 1XVVHUII 1XVVHUVLHKWHLQHQHQJHQ=XVDPPHQKDQJ]ZLVFKHQGHU9HUZHQGXQJ YRQ QLFKWLQGLYLGXDOLVLHUWHQ )LJXUHQ XQG GHU SV\FKRORJLVFKHQ 'LVSRVLWLRQ GHU 8QWHU VFKLFKWOHVHULKUHPªEHJUHQ]WHP(UIDKUXQJVKRUL]RQW©ªLKUHUJHKHPPWHQ(UNHQQWQLVP|J OLFKNHLW© XQGªLKUHU VFKZDFKDXVJHSUlJWHQ1HXJLHUGH© HEGD6  (VVHL]XPLQGHVW HU ZlKQWGD‰GLH 8QWHUVXFKXQJHQGHU &XOWXUDO6WXGLHVEHUGHQ8PJDQJYRQ¿8QWHUVFKLFK WHQ¾PLWGHP8QWHUKDOWXQJVDQJHERWZHQLJEHUUDVFKHQG]XHLQHPVHKUYLHOGLIIHUHQ]LHUWH



3UREOHPHPLWGHU)LJXU



JUQGHWZLHGDVDQJHOVlFKVLVFKH3HQGDQWDXIGHUKRKHQ5HOHYDQ]GHU.DWH JRULHQ,QGLYLGXDOLWlWXQG2ULJLQDOLWlW(LQ&KDUDNWHULVWJOHLFKVDPHLQH)LJXU GLH,QGLYLGXDOLWlWKDWE]ZHLQ,QGLYLGXXPLVW0D‰VWDELVWDXFKKLHUGLHOH EHQVZHOWOLFKH:DKUQHKPXQJ9HUIJWHLQH)LJXUEHU0HUNPDOHLQGHU:HL VHZLHPDQVLHEHL3HUVRQHQZDKUQHKPHQZUGH"'LHVHU9HUJOHLFKVSXQNWLVW VHOEVWDEHUZLHGHUXPKLVWRULVFKYDULDEHO'HQQRFKNDQQPDQZRKOHLQLJHGHU 6SH]LILND GLH LQ GHU HQJOLVFKVSUDFKLJHQ 'LVNXVVLRQ JHQDQQW ZXUGHQ DXFK KLHU DXIIKUHQ (LQ &KDUDNWHU YHUIJW EHU PHKU 0HUNPDOH DOV HLQ 7\SXV 'LHVH0HUNPDOHODVVHQVLFKQLFKWQDFKHLQHPHLQIDFKHQ6FKHPDRUGQHQMD ,QGLYLGXDOLWlW LVW JHUDGH]X PLW GHU :LGHUVSUFKOLFKNHLW GHU 0HUNPDOH YHU EXQGHQ$X‰HUGHPLVWGHU&KDUDNWHULQJHZLVVHQ*UHQ]HQYHUlQGHUOLFKMDHU PX‰VLFKDXIJUXQGGHU(UIDKUXQJHQYHUlQGHUQGLHHUPDFKWVRQVWLVWHUHLQ 7\SXV 'HU*HJHQEHJULII¿7\SXV¾PDUNLHUW]ZHL$VSHNWH=XPHLQHQLVWHLQH)L JXU ZHQQ VLH HLQ 7\SXV LVW QXU GXUFK ZHQLJH 0HUNPDOH JHNHQQ]HLFKQHW $X‰HUGHP DEHU LVW GLH .RQVWHOODWLRQ GHU 0HUNPDOH ]XPLQGHVW LQ LKUHQ *UXQG]JHQYHUWUDXW'DVGHFNWVLFKPLW)RUVWHUV$QQDKPHGD‰HLQHUXQGH )LJXUGHQ/HVHUEHUUDVFKHQN|QQHQPX‰=ZHL'LPHQVLRQHQN|QQHQDOVR ]XU8QWHUVFKHLGXQJYRQ&KDUDNWHUXQG7\SXVKHUDQJH]RJHQZHUGHQ'LH .RPSOH[LWlWGHU)LJXU6LHNDQQRSHUDWLRQDOLVLHUWZHUGHQDOVGLH$Q]DKOGHU 0HUNPDOHGDV9HUKlOWQLVGHU0HUNPDOHXQWHUHLQDQGHUXQGGLH6WDELOLWlWGHU 0HUNPDOH'LH2ULJLQDOLWlWGHU)LJXUE]ZGLH%HNDQQWKHLWGHUILJXUHQVSH ]LILVFKHQ 0HUNPDOVNRPELQDWLRQ 6LH LVW DOV 6WHUHRW\S 7HLO GHV NXOWXUHOOHQ :LVVHQVVHLHVQXQDOVOHEHQVZHOWOLFKHRGHUDOVVSH]LILVFKILNWLRQDOH7\SLVLH UXQJRGHUHVKDQGHOWVLFKXPHLQHQHXH.RPELQDWLRQYRQ(OHPHQWHQ $OOHLQDXIGLH+DQGOXQJEH]LHKHQVLFK²VRGHUHUVWH(LQGUXFN²GLH%H JULIIH¿+DXSWILJXU¾¿1HEHQILJXU¾¿3URWDJRQLVW¾XQG¿*HJHQVSLHOHU¾E]Z¿$QW DJRQLVW¾'DVHUVWH*HJHQVDW]SDDUGLHQW]XU%HVFKUHLEXQJHLQHUXQWHUVFKLHG OLFKHQ%HWHLOLJXQJDQGHU+DQGOXQJ:HQQPDQYHUVXFKWJHQDXHU]XIDVVHQ ZLH GLHVHU 8QWHUVFKLHG EHVWLPPWZHUGHQN|QQWHVW|‰WPDQDXI6FKZLHULJ NHLWHQ (LQH HUVWH 'LIIHUHQ]EHVWLPPXQJ N|QQWH ODXWHQ 'LH +DXSWILJXU LVW DNWLYHUDQGHU)RUWIKUXQJGHU+DQGOXQJEHWHLOLJWDOVGLH1HEHQILJXU+LQ WHUJUXQGGLHVHU$QQDKPHLVWHLQ%LOGYRQGHU+DQGOXQJDOVNDXVDOYHUNQSI WH.HWWHYRQ(UHLJQLVVHQ:HQQHLQH)LJXUYLHOH(UHLJQLVVHEHZLUNWGDQQLVW VLHHLQH+DXSWILJXU'DJHJHQVSULFKWVFKRQGDV%HLVSLHOGHU=DXEHUPlUFKHQ :HQQ HWZD GHU +HOG YRQ HLQHP .|QLJ DXVJHVFKLFNW ZLUG GDQQ LVW GLHVHU ³³³³³³³³³³

UHQ %LOG JHNRPPHQ VLQG GDV YRU DOOHP LKUH .UHDWLYLWlW XQG $NWLYLWlW EHWRQW YJO GD]X :LQWHU 





3UREOHPHPLWGHU)LJXU

.|QLJ GLH NDXVDO JHVHKHQ ZLFKWLJVWH *U|‰H DEHU GHQQRFK ZUGH PDQ LKQ EOLFKHUZHLVH QLFKW DOV +DXSWILJXU DQVHKHQ 9LHOOHLFKW LVW DOVR GLH %LQGXQJ GHV %HJULIIV DQ GLH +DQGOXQJ IDOVFK" 0DQ N|QQWH LKQ DXI GLH 'DUVWHOOXQJ EH]LHKHQ+DXSWILJXULVWHLQH)LJXUGLHHLQHQJU|‰HUHQ5DXPLQGHU'DUVWHO OXQJHLQQLPPWDOVHLQH1HEHQILJXU'DVLVWSODXVLEHOLJQRULHUWDEHUGLH$XV JDQJVLQWXLWLRQ GD‰ GLH 'LIIHUHQ] ]ZLVFKHQ +DXSW XQG 1HEHQILJXU DQ GHU +DQGOXQJIHVW]XPDFKHQLVW 9HUVXFKHQZLUHVPLWHLQHPHUQHXWHQ$QODXIGHUVRZRKOGLH5HODWLRQ]XU +DQGOXQJEHZDKUWDOVDXFKGHQ8PVWDQGHUNOlUHQNDQQGD‰+DXSWILJXUHQ LQGHU'DUVWHOOXQJGHQPHLVWHQ5DXPHLQQHKPHQ(LQHUVWHU6FKULWWGD]XLVW HLQHDQGHUH)DVVXQJGHV+DQGOXQJVEHJULIIVGLHGLHREHQHLQJHIKUWH.DXVD OLWlWVNRPSRQHQWHYHUPHLGHW(UN|QQWHGDQQDOV)ROJHYRQ]XVDPPHQJHK| ULJHQ (UHLJQLVVHQ EHVWLPPW ZHUGHQ (LQH +DXSWILJXU LVW GDQQ MHGH )LJXU GLHDQEHGHXWHQGPHKU(UHLJQLVVHQSDUWL]LSLHUWDOVGLHDQGHUHQ)LJXUHQ'D GLH(UHLJQLVVHLQGHUILNWLRQDOHQ:HOWDEHULPPHUGXUFKGHQ7H[WNRQVWLWXLHUW ZHUGHQLVWVLHDXFKHQWVSUHFKHQGKlXILJHULQGHU'DUVWHOOXQJSUlVHQW 'HU%HJULII¿3URWDJRQLVW¾LVWZHLWJHKHQGHLQHXQEHODVWHWH%H]HLFKQXQJIU GDVZDVPDQIUKHURIW¿+HOG¾QDQQWHXQGZHLVWHLQHlKQOLFKH'RSSHOGHX WLJNHLWDXI:LUG¿3URWDJRQLVW¾RKQHGLH*HJHQEHJULIIH¿$QWDJRQLVW¾RGHU¿*H JHQVSLHOHU¾ YHUZHQGHW GDQQ EH]HLFKQHW HU GLHMHQLJH )LJXU HLQHV 7H[WHV GLH LPREHQDXVJHIKUWHQ6LQQHHLQGHXWLJGLH+DXSWILJXULVW(VJLEW]DKOUHLFKH 7H[WHLQGHQHQVLFKGLH+DXSWILJXUQLFKWVRHLQGHXWLJEHVWLPPHQOl‰W,Q GLHVHQ )lOOHQ ZUGH PDQ ZRKO GHQ %HJULII ¿3URWDJRQLVW¾ YHUPHLGHQ :LUG GDJHJHQ GLH %H]HLFKQXQJ ¿3URWDJRQLVW¾ ]XVDPPHQ PLW GHQ 2SSRVLWLRQVEH JULIIHQYHUZHQGHWGDQQEH]LHKWVLHVLFKDXIGLHZLFKWLJHUH)LJXULQHLQHP .RQIOLNW]ZLVFKHQ]ZHL)LJXUHQ'LH+DQGOXQJZLUGGXUFKGLHVHQ.RQIOLNW JHSUlJW'LHVHV+DQGOXQJVPXVWHULVWZRKOKlXILJHULP'UDPDRGHU)LOP]X ILQGHQ DOV LQ GHU HU]lKOHQGHQ /LWHUDWXU DEHU JHUDGH XQWHU GHQ HLQIDFKHUHQ )RUPHQ]%GHP0lUFKHQRGHUGHP7KULOOHULVWHVNHLQHVZHJVVHOWHQ%HLGH 9HUZHQGXQJVZHLVHQ GHV %HJULIIV VLQG DOVR DQ EHVWLPPWH+DQGOXQJVPXVWHU ³³³³³³³³³³  :LHGLHVH(UHLJQLVVH]XVDPPHQJHK|UHQLVWIUGLHZHLWHUHQhEHUOHJXQJHQXQZLFKWLJ'LH

)RUP GHU =XVDPPHQJHK|ULJNHLW ]% .DXVDOLWlW /HEHQVODXI V\PEROLVFKH :HFKVHOEH] JH0LOLHXXVZP‰WHPDQZRKOMHZHLOVNXOWXUVSH]LILVFKUHNRQVWUXLHUHQ  7\SLVFKHV %HLVSLHOIU HLQHQ 7H[WPLWHLQGHXWLJHU+DXSWILJXUDOVR PLWHLQHP3URWDJRQL VWHQLVW:LOKHOP0HLVWHUIUHLQHQ7H[WPLWPHKUHUHQ+DXSWILJXUHQ%XGGHQEURRNV,POHW]W JHQDQQWHQ %HLVSLHO ZUGH PDQ NDXP 7KRPDV RGHU +DQQR %XGGHQEURRN DOV 3URWDJRQL VWHQEH]HLFKQHQ  ¿:LFKWLJHU¾ OHGLJOLFK LQ GHU 'LPHQVLRQ GLH REHQ DOV NHQQ]HLFKQHQG IU GLH +DXSWILJXU EHVFKULHEHQZXUGH



3UREOHPHPLWGHU)LJXU



JHNRSSHOWHLQPDODQHLQH+DQGOXQJPLWHLQHU]HQWUDOHQ+DXSWILJXUGDQQDQ HLQH+DQGOXQJPLWHLQHP]HQWUDOHQH[WHUQHQ.RQIOLNW$OOHLQGHU8PVWDQG GD‰ HV IU GLHVH )LJXU+DQGOXQJVPXVWHU HLJHQH %HJULIIH JLEW ]HXJW GDYRQ ZLH ZHVHQWOLFK VLH ]XPLQGHVW IU GLH%HVFKUHLEXQJGHUZHVWOLFKHQ/LWHUDWXU VLQG :LHVFKRQHUZlKQW]HLJWVLFKDXFKEHLP¿+HOGHQ¾GLHVHUGRSSHOWH%H]XJ DXI +DQGOXQJVPXVWHU HUJlQ]W MHGRFK XP GLH ,QIRUPDWLRQ GD‰ GHU /HVHU HLQHSRVLWLYHDIIHNWLYH%H]LHKXQJ]XGLHVHU)LJXUKDWVLFKPLWLKU²LQZHO FKHU )RUP DXFK LPPHU ² LGHQWLIL]LHUW 'LHVHU 8PVWDQG KDW GHQ %HJULII LQ ]ZLVFKHQ SUREOHPDWLVFK IU HLQH ZLVVHQVFKDIWOLFKH 9HUZHQGXQJ JHPDFKW 'HU%HJULII¿*HJHQVSLHOHU¾PDUNLHUWEHUHLWVGLHQHJDWLYH(LQVWHOOXQJGLHGHU /HVHUGLHVHU)LJXUJHJHQEHUKDEHQVROO 'DVOHW]WH%HJULIIVSDDUGLH¿3DUDOOHO¾XQGGLH¿.RQWUDVWILJXU¾EH]LHKWVLFK DXI0XVWHULQGHU)LJXUHQNRQVWHOODWLRQ,QEHLGHQ)lOOHQZLUGHLQHVHPDQWL VFKH%H]LHKXQJ]ZLVFKHQHLQHU)LJXUGLHLP=HQWUXPGHV8QWHUVXFKXQJVLQ WHUHVVHV VWHKW XQG HLQHU ZHLWHUHQ )LJXU HWDEOLHUW $OV 3DUDOOHOILJXU ZLUG GLH hEHUHLQVWLPPXQJ LQ HLQHP UHOHYDQWHQ 6HWYRQ)LJXUHQPHUNPDOHQEH]HLFK QHW DOV .RQWUDVWILJXU HLQH HQWVSUHFKHQGH 2SSRVLWLRQVEH]LHKXQJ GK GLHVH %H]HLFKQXQJHQPDUNLHUHQEHUHLWV%HGHXWXQJVDVSHNWHGHU)LJXU  'HU hEHUEOLFN EHU GLH )RUVFKXQJ ]XU )LJXUHQW\SRORJLH XQG GLH 8QWHUVX FKXQJ GHV :RUGIHOGV ¿)LJXU¾ NRQQWHQ ]HLJHQ GD‰ ² PLW $XVQDKPH YRQ 3URSS²DOOHKLHUYRUJHVFKODJHQHQ7\SRORJLHQQLFKWQXUHLQVRQGHUQJOHLFK PHKUHUH .ULWHULHQ IU GLH (UVWHOOXQJ LKUHU .DWHJRULHQ YHUZHQGHQ :LH HLQ JDQJV DXVJHIKUW VROO DQ GLHVHU 6WHOOH QLFKW GLH )UDJH YHUIROJW ZHUGHQ ZLH HLQHEUDXFKEDUHUH7\SRORJLHDXVVHKHQN|QQWH9LHOPHKUZDUGLH)UDJHVWHO ³³³³³³³³³³  9JO GLH([SOLNDWLRQ¿+HOG¾YRQ3ODW]:DXU\XQWHUGHP/HPPD ¿)LJXUHQNRQVWHOODWLRQ¾LQ

:HLPDUXD lKQOLFKVFKRQGHU$UWLNHO¿+HOG¾YRQ)|UVWHUXQG0DUTXDUGWLQ 7UlJHU   $XVIKUOLFKHUGD]XXQWHQLP.DSLWHOEHU¿,GHQWLILNDWLRQ¾  ¿)LJXUHQNRQVWHOODWLRQ¾ EH]HLFKQHW KLHU XQG LP )ROJHQGHQ DOOH LQ HLQHP (U]lKOWH[W YRU NRPPHQGHQILNWLYHQ3HUVRQHQ²VRGLH.XU]GHILQLWLRQGHV5HDOOH[LNRQV²RKQHGHQ%H GHXWXQJVDVSHNWGD‰VLFKLQGLHVHU)LJXUHQPHQJHDXFKHLQH2UGQXQJILQGHQODVVHQPX‰ ZLHGHU%HJULII¿.RQVWHOODWLRQ¾QDKHOHJHQN|QQWH²'LHVH'HILQLWLRQZHLFKWDOVRYRQGHU HQJHUHQ3ILVWHUVDEGHUXQWHU¿)LJXUHQNRQVWHOODWLRQ¾GLHG\QDPLVFKHQ,QWHUDNWLRQVVWUXNWX UHQYHUVWHKWYJO3ILVWHUII   0DQ NDQQ GD]X LPPHUKLQ VRYLHO VDJHQ 6LH P‰WH DQIDQJV LKU (UNHQQWQLVLQWHUHVVH XQG LKUH)UDJHVWHOOXQJH[SOL]LHUHQGDGDYRQGLH.RQVWUXNWLRQGHU.DWHJRULHQDEKlQJW(VJLEW RIIHQVLFKWOLFKNHLQHDEVROXWH)LJXUHQW\SRORJLHVRQGHUQOHGLJOLFK7\SRORJLHQLQ%H]XJDXI GLH+DQGOXQJGLH.RPSOH[LWlWGHU)LJXUGLH'DUVWHOOXQJXVZ





3UREOHPHPLWGHU)LJXU

OXQJ ZHOFKH SULQ]LSLHOOHQ ,QWHUHVVHQ DQ GHU )LJXU VLFK DXV GHQ 7\SRORJLHQ GHU)LJXUDEOHVHQODVVHQ'DV(UJHEQLVLVWHLQHEHUUDVFKHQGNOHLQH$Q]DKO YRQ$VSHNWHQ'LHVH)UDJHQVLQGGHU$XVJDQJVSXQNWIUGLHQDFKIROJHQGHQ .DSLWHO(VZLUGGDPLWZLHJHVDJWQLFKWGHU$QVSUXFKHUKREHQDOOH$VSHNWH GHU)LJXUHUVFK|SIHQGEHKDQGHOW]XKDEHQDEHUHVKDQGHOWVLFKZRKOXPGLH ZLFKWLJVWHQ)UDJHVWHOOXQJHQ   'DV9HUKlOWQLVYRQ)LJXUHQ]XU3HUVRQHQZDKUQHKPXQJVRZLH]XU7UDGL WLRQILNWLRQDOHU)LJXUHQ 'LHZLFKWLJVWH)UDJHLVWGLHQDFKGHP9HUKlOWQLVHLQHU)LJXU]XU3HUVRQHQ ZDKUQHKPXQJGHV/HVHUV.DQQGHU/HVHUDXIGLH)LJXUZLHDXIHLQH3HUVRQ UHDJLHUHQ",VWGLH)LJXUNRPSOH[JHQXJXPGLH,OOXVLRQHLQHU3HUVRQ]XHU P|JOLFKHQ"'LH)UDJHREGLH)LJXUGHQ/HVHU¿EHUUDVFKHQ¾NDQQYHUZHLVW ZLHREHQVFKRQHUZlKQWDEHUDXFKQRFKDXIHLQHQDQGHUHQ$VSHNW,VWGLH )LJXU RULJLQHOO DXI GHU *UXQGODJH GHU GHP /HVHU EHNDQQWHQ )LJXUHQ" 'HU .RQWH[WVROFKHU)UDJHQLVWKlXILJHLQHLPZHLWHUHQ6LQQHUHDOLVWLVFKHbVWKH WLN6ROFKH9RUDQQDKPHQVLQGKHXWH]XSUREOHPDWLVFKDEHUGLH)UDJHQODV VHQVLFKXQWHU$E]XJGHU:HUWXQJHQSODXVLEHOLQHLQ)UDJHSHUVSHNWLYHEHU IKUHQGLH)LJXUHQDOVPHQWDOH0RGHOOHDXIID‰W'HUZLFKWLJVWH6FKULWWGDEHL LVWGLH+LVWRULVLHUXQJGHU/HVHUUROOHXQGGDPLWLKUHU0RGHOOHYRQ3HUVRQHQ ZDKUQHKPXQJ XQG )LJXUHQ 'LHVHP 3UREOHPNRPSOH[ ZLUG LP QlFKVWHQ .DSLWHOQDFKJHJDQJHQ   'LH'DUVWHOOXQJGHU)LJXU 1RFKNDXP]XHLQHUHLJHQVWlQGLJHQQDUUDWRORJLVFKHQ)UDJHVWHOOXQJJHGLHKHQ LVW GLH GHWDLOOLHUWH $QDO\VH ZLH )LJXUHQ LQ GHU 'DUVWHOOXQJNRQVWLWXLHUWZHU GHQ'D]XJHK|UW]XPHLQHQHLQhEHUEOLFNEHUGLHV\QWDNWLVFKHQ0|JOLFK NHLWHQ%H]XJDXIHLQHQ1DPHQ]XQHKPHQXQGGDGXUFK1DPHQXQG,QIRU PDWLRQHQDXIHLQDQGHU]XEH]LHKHQ'LHVHU%H]XJNDQQDEHUDXFKRKQHV\Q WDNWLVFKH 5HODWLRQLHUXQJ DOOHLQ DXIJUXQG GHV NXOWXUHOOHQ :LVVHQV KHUJHVWHOOW ZHUGHQ (QJ GDPLW YHUEXQGHQ LVW GDV IU GLH )LJXUHQDQDO\VH ]HQWUDOH 3UR EOHPZLHVLFKGLHGLUHNWHXQGLQGLUHNWH&KDUDNWHULVLHUXQJHLQHU)LJXUHLQGHX WLJEHVFKUHLEHQODVVHQ   'DV9HUKlOWQLVYRQ)LJXUXQG+DQGOXQJ 'DV9HUKlOWQLVYRQ)LJXUXQG+DQGOXQJJHK|UW]XGHQlOWHVWHQOLWHUDWXUWKHR UHWLVFKHQ)UDJHQ'LH'LVNXVVLRQZXUGHODQJHYRQGHU7KHVHGRPLQLHUWGLH +DQGOXQJ GHWHUPLQLHUH GLH )LJXU 'LH 9LHOIDOW YRQ 5RPDQIRUPHQ LQ GHQ



3UREOHPHPLWGHU)LJXU



OHW]WHQ-DKUHQOl‰WRIIHQVLFKWOLFKHLQHDOOJHPHLQH$QWZRUWDXIGLHVH)UD JH QLFKW PHKU ]X ZLH DXFK GLH 8QWHUVFKHLGXQJ YRQ ¿)LJXUHQURPDQ¾ XQG ¿*HVFKHKQLVURPDQ¾ QDKHOHJW $EHU GDV EHDQWZRUWHW QRFK QLFKW GLH )UDJH ZLH GLHVH EHLGHQ $VSHNWH LQHLQDQGHUJUHLIHQ XQG RE VLFKQLFKWGHQQRFKIU EHVWLPPWH KLVWRULVFKNXOWXUHOO DEJHJUHQ]WH 7H[WJUXSSHQ ZLH]%GHP0lU FKHQW\SLVLHUWH5HODWLRQHQEHVFKUHLEHQODVVHQ   'LH0XVWHULQGHU)LJXUHQNRQVWHOODWLRQ 'DV (QVHPEOH GHU )LJXUHQ LQ HLQHP QDUUDWLYHQ 7H[W LVW VHOWHQ QXU HLQH DPRUSKH 0DVVH VRQGHUQ LVW XQWHU *HVLFKWVSXQNWHQ JHJOLHGHUW GLH DXFK 6FKOX‰IROJHUXQJHQ DXI GLH UHOHYDQWH .RPPXQLNDWLRQVDEVLFKW GHV 7H[WHV HUODXEHQ +DQGOXQJVEH]RJHQH 0XVWHU ]% 3URWDJRQLVW XQG *HJHQVSLHOHU RGHU EHGHXWXQJVELOGHQGH 0XVWHU ]% 3DUDOOHO XQG .RQWUDVWILJXU VLQG GLH ZHVHQWOLFKHQ(OHPHQWH   'LH%HGHXWXQJGHU)LJXU 6HKU YLHOH ILNWLRQDOH QDUUDWLYH 7H[WH NRQVWLWXLHUHQ HLQH HU]lKOWH :HOW XQG HUODXEHQGHP/HVHUGDEHLHLQHDIIHNWLYH3DUWL]LSDWLRQLQ)RUPHLQHVJHQX‰ RULHQWLHUWHQ /HVHQV 7KULOOHU ]LHOHQ DXI 6SDQQXQJ DE SRUQRJUDSKLVFKH 5R PDQHDXIGLH(UUHJXQJYRQ/XVWYLHOH7H[WHGHU+RFKOLWHUDWXUDXIHLQHlV WKHWLVFKH :DKUQHKPXQJ GHV /HVHUV 1DUUDWLYH 7H[WH N|QQHQ DXFK %HGHX WXQJHQJHQHULHUHQ]%LQ)RUPYRQ([HPSOLILNDWLRQHQ'DVLVWXQDEKlQ JLJ YRP HUVWHQ $VSHNW 3KLORVRSKLVFKH 5RPDQH RGHU 6WDDWVURPDQH ]LHOHQ GLUHNWHUDXIGLH%HGHXWXQJVNRQVWLWXWLRQDEDEHUZLHGLH5RPDQHYRQ-RKQOH &DUUp GH 6DGH RGHU 7KRPDV 0DQQ ]HLJHQ N|QQHQ DXFKGLHHUVWJHQDQQWHQ 7H[WIRUPHQEHGHXWXQJVJHQHULHUHQGVHLQ)LJXUHQVSLHOHQGDEHLHLQHYLHOIlOWL JH 5ROOH $OV 3HUVRQLILNDWLRQHQ DOV V\PEROLVFKH 5HSUlVHQWDQWHQ RGHU DXFK DOV7HLOYRQNRPSOH[HUHQ%HGHXWXQJVVWUXNWXUHQWUDJHQVLH]XU*HVDPWEHGHX WXQJEHL 

³³³³³³³³³³  9JO.D\VHU>@  

(LQH JXWH ([SOLNDWLRQ YRQ 1HOVRQ *RRGPDQV %HJULII ¿([HPSOLILNDWLRQ¾ ELHWHW 7KUQDX  II  0( LVW HV IUDJOLFK RE WDWVlFKOLFK MHGHU ILNWLRQDOH QDUUDWLYH 7H[W EHU GLH .RQVWLWXWLRQ GHU ILNWLRQDOHQ :HOW XQG GLH GDEHL HU]HXJWHQ /HVHHUIDKUXQJHQ KLQDXV ¿%H GHXWXQJHQ¾JHQHULHUWXQGREHLQHH[HPSOLIL]LHUHQGH/HNWUHGLHHLJHQWOLFKLPPHUP|JOLFK LVWGHPJHUHFKWZLUG





3UREOHPHPLWGHU)LJXU

 'DVLP7H[WDQJHOHJWH9HUKlOWQLVGHV/HVHUV]XU)LJXU (LQ QLFKW XQEHWUlFKWOLFKHU 7HLO GHU &KDUDNWHULVLHUXQJ YRQ )LJXUHQ EHVWHKW DXV GHUHQ:HUWXQJQLFKWVHOWHQLQGHU)RUPNRQIOLJLHUHQGHU:HUW]XVFKUHL EXQJHQ 'DUVWHOOXQJVGDXHU :HUWXQJ XQG 9HUKlOWQLV ]XU:DKUQHKPXQJVLQ VWDQ]VRZLH]XU(U]lKOVWLPPHGHV7H[WHVVLQGQXUHLQLJHGHU9DULDEOHQGLH GDV9HUKlOWQLVGHV/HVHUV]XHLQHU)LJXUYRUJHEHQ'LH,GHQWLILNDWLRQPLWGHU +DXSWILJXU LVW VLFKHUOLFK GDV ZLFKWLJVWH 0LWWHOXPGDV,QWHUHVVHGHV/HVHUV DP7H[W]XZHFNHQXQG]XKDOWHQ





'DV%HQHQQHQGHU)LJXU 'LHPHLVWHQ8QWHUVXFKXQJHQ]XU)LJXUVHW]HQEHLPYROOHQ3KlQRPHQ¿)LJXU¾ DQ XQG JHKHQ HQWZHGHU VWLOOVFKZHLJHQG RGHU GH]LVLRQLVWLVFK VHW]HQG JOHLFK YRQHLQHU5HLKHYRQ3UlPLVVHQEHUGDVDXVZDVHLQH)LJXULVWXQGZLHVLH LP 7H[W ]XVWDQGHNRPPW 'D DEHU GLHVH 3UlPLVVHQ GLH ZHLWHUHQ 6FKULWWH JU|‰WHQWHLOV EHVWLPPHQ UHLFKW HV QLFKW DXV HLQIDFK DQGHUH ]X IRUPXOLHUHQ XQGGDJHJHQ]XVWHOOHQVRQGHUQGLH8QWHUVXFKXQJPX‰HWZDVWLHIHUDQVHW]HQ XQGGLH9RUDQQDKPHQLP8PJDQJPLW)LJXUHQLQ(U]lKOWH[WHQH[SOL]LWPD FKHQXPVLHVFKULWWZHLVHDXILKUH3ODXVLELOLWlWXQG$OWHUQDWLYHQKLQ]XSU IHQ =ZHL 3RVLWLRQHQ ]XU )LJXU GLH PDQ JDQ] VFKHPDWLVFK DOV SRVW VWUXNWXUDOLVWLVFKXQGNRJQLWLRQVZLVVHQVFKDIWOLFKXPUHL‰HQNDQQELOGHQGHQ ZHVHQWOLFKHQ%H]XJVSXQNW'HUHUVWH3RVLWLRQ]XIROJHLVWGLH)LJXUHLQUKHWR ULVFKHV 3KlQRPHQ GDV DXV GHU %LQGXQJ YRQ VHPDQWLVFKHQ 0HUNPDOHQ DQ HLQHQ1DPHQHQWVWHKW'HU]ZHLWHQ3RVLWLRQ]XIROJHLVWGLH)LJXUGLHPHQWDOH 5HSUlVHQWDWLRQ HLQHV HPSLULVFKHQ /HVHUV GHU GLH )LJXU DXIJUXQG VHLQHU :DKUQHKPXQJVVFKHPDWDELOGHW'LH*HJHQSRVLWLRQ]XEHLGHQGLHLKUH(YL GHQ]YRUDOOHPDXVGHU$QDO\VHHLQ]HOQHU7H[WSDVVDJHQJHZLQQWZLUGLQGLH VHPXQGLPQlFKVWHQ.DSLWHOVFKULWWZHLVHHQWZLFNHOW ,PIROJHQGHQVROOGDV3KlQRPHQ¿)LJXU¾XQWHUGHP*HVLFKWVSXQNWGHU,Q IRUPDWLRQVYHUJDEHWH[WRULHQWLHUWXQWHUVXFKWZHUGHQ$XVJDQJVSXQNWIUGLH ZHLWHUHQhEHUOHJXQJHQLVWHLQHZHVHQWOLFKH$QQDKPHGHUVWUXNWXUDOLVWLVFKHQ )LJXUHQDQDO\VHGLHDQIDQJVDXFKLQWXLWLYVHKUHLQOHXFKWHQGLVW,P=HQWUXP GHU)LJXUVWHKWHLQ1DPHGHP0HUNPDOH]XJHRUGQHWZHUGHQ)UHLQHZHL WHUH$QDO\VHPX‰GLHVH7KHVHLQHLQH5HLKHYRQ)UDJHQ]HUOHJWZHUGHQ:LH ZLUGHLQH)LJXUDOVVROFKHLGHQWLIL]LHUW":LHZLUGGHU1DPHHLQJHIKUW":LH EOHLEWGHU1DPHDOV=HQWUXPHUKDOWHQXQGZLHZHUGHQLKP0HUNPDOH]XJH RUGQHW",QHLQHPHUVWHQ6FKULWWZLUGJHQDXHUXQWHUVXFKWZDVHLQH)LJXU]X HLQHU )LJXU PDFKW GK DQKDQG ZHOFKHU,QIRUPDWLRQHQHWZDVDOV )LJXUXQG ]%QLFKWDOV2EMHNWHUNDQQWZLUG$QVFKOLH‰HQGZLUGXQWHUVXFKWDXIZHOFKH :HLVHHLQH)LJXUEH]HLFKQHWZHUGHQNDQQXQGZHOFKH)XQNWLRQHQ%H]HLFK ³³³³³³³³³³  (LQH EHPHUNHQVZHUWH $XVQDKPH VWHOOW GLH OLQJXLVWLVFKH $UEHLW YRQ .DKU   GDU GLH 

GLH9HUZHQGXQJYRQ3HUVRQHQHUZlKQXQJHQLQOLWHUDULVFKHQ7H[WHQXQWHUVXFKW 9JO&KDWPDQII RGHU3ILVWHUII 



%HQHQQHQGHU)LJXU

QXQJHQKDEHQ,QHLQHPOHW]WHQ6FKULWWZHUGHQGLH9RUDXVVHW]XQJHQUHNRQ VWUXLHUW GLH HV GHP /HVHU HUP|JOLFKHQ ]X HUNHQQHQ GD‰ HLQH )LJXUHQEH ]HLFKQXQJDXIHLQH)LJXUUHIHULHUWGLHEHUHLWVLQGHQ7H[WHLQJHIKUWZXUGH (UVWDXIGLHVHU%DVLVNDQQGDQQLPQlFKVWHQ.DSLWHOGLHZHLWHUIKUHQGH)UD JHVWHOOXQJZLHHLQH)LJXUFKDUDNWHULVLHUWZLUGYHUIROJWZHUGHQ

(UNHQQHQ 9RU GHU $QDO\VH ZLH HLQH )LJXU LP 7H[W NRQVWLWXLHUW ZLUG PX‰ GLH )UDJH EHDQWZRUWHWZHUGHQZLHHLQH)LJXUEHUKDXSWDOVVROFKHHUNDQQWZLUG:DQQ ZLUGHLQH%H]HLFKQXQJHLQ1DPHRGHUHLQ3URQRPHQDOV)LJXULGHQWLIL]LHUW XQG QLFKW DOV HLQH DQGHUH (QWLWlW LQ GHU HU]lKOWHQ :HOW" %HJLQQHQ ZLU PLW JDQ]]ZHLIHOVIUHLHQXQGXQSUREOHPDWLVFKHQ)lOOHQ 3O|W]OLFKNDPHLQMXQJHU0HQVFKYRQHWZD]ZDQ]LJ-DKUHQPLWHLQHP%XFKLQGLH9HUDQGD >@%XGGHQEURRNV6  'DV KDOWORVH/LFKWWURSIWH DXI GLH]DUWPDUNLHUWH*ODW]HHLQHVMXQJHQ0DQQHV>@%HEX TXLQ6  'ULQQHQYRUP/DGHQWLVFKVWDQGLP*HVSUlFKPLWGHUMXQJHQ9HUNlXIHULQHLQHNOHLQHGLN NHlOWOLFKH'DPHLQWUNLVFKHP8PKDQJ%XGGHQEURRNV6   $QHLQHP6RPPHUPRUJHQVD‰HLQ6FKQHLGHUOHLQDXIVHLQHP7LVFKDP)HQVWHUZDUJXWHU 'LQJHXQGQlKWHDXV/HLEHVNUlIWHQ.+06 

'LHMHZHLOLJH%H]HLFKQXQJDOV¿MXQJHU 0HQVFK¾²LQGHU%HGHXWXQJYRQ¿HLQ MXQJHU0DQQ¾²¿0DQQ¾XQG¿'DPH¾LGHQWLIL]LHUWGDV%H]HLFKQHWHEHUHLWVDOV )LJXU ² LP *HJHQVDW] ]X 2EMHNWHQ RGHU DQGHUHQ (QWLWlWHQ GHU HU]lKOWHQ :HOW:DVDQGLHVHQ%H]HLFKQXQJHQLVWYHUDQWZRUWOLFKIUGLHVH,GHQWLIL]LH UXQJ"2IIHQVLFKWOLFKGDVVHPDQWLVFKH0HUNPDO¿0HQVFK¾GDDQGHUH0HUNPD OHZLH$OWHUVR]LDOHU6WDWXVXQG*HVFKOHFKWMDRIIHQVLFKWOLFK ZHFKVHOQRGHU JDQ]IHKOHQN|QQHQ$XFKGLH%H]HLFKQXQJHQ¿9HUNlXIHULQ¾RGHU¿6FKQHLGHU OHLQ¾ ZHLVHQ GLHVHV VHPDQWLVFKH 0HUNPDO DXI XQG PDFKHQ GDV %H]HLFKQHWH ³³³³³³³³³³  (QWVFKHLGXQJVNULWHULXP RE HWZDV DOV )LJXU EH]HLFKQHW ZHUGHQ NDQQ RGHU QLFKW LVW ]X

QlFKVW PHLQHSHUV|QOLFKH:DKUQHKPXQJ'LHVLVWMHGRFKNHLQEOR‰VXEMHNWLYHU0D‰VWDE GD VLFK GLHVH :DKUQHKPXQJ LQ OlQJHUHU OLWHUDWXUZLVVHQVFKDIWOLFKHU 6R]LDOLVDWLRQ XQG $U EHLW DXVJHELOGHW KDW 'LH VHKU H[SOL]LWH *HGDQNHQIKUXQJ LQ GHU YRUOLHJHQGHQ $UEHLW HU ODXEW GHP /HVHU ]XGHP HYWO $EZHLFKXQJHQ YRQ VHLQHU HLJHQHQ :DKUQHKPXQJ VFKQHOO IHVW]XVWHOOHQ  'LH)RUPXOLHUXQJªHLQMXQJHU0HQVFK©EH]HLFKQHWKLHUZRKOQRFKHLQGHXWLJHLQHQMXQJHQ 0DQQYJO*ULPP6S



%HQHQQHQGHU)LJXU



GDPLW ]XU )LJXU 'HU 9RUUDW DQ %HJULIIHQ PLW HLQHP VROFKHQ 0HUNPDO LVW ]XPLQGHVW LP 'HXWVFKHQ LPPHQV JUR‰ XQG GLH PHLVWHQ YRQ LKQHQ KDEHQ ]XVlW]OLFKH 0HUNPDOH GLH HWZD *HVFKOHFKW VR]LDOHQ 6WDWXV RGHU EHUXIOLFKH 5ROOHPDUNLHUHQ (LQZHLWHUHV0LWWHO)LJXUHQDOVVROFKH]XLGHQWLIL]LHUHQVLQG1DPHQ'LH JHQDXHUH1DPHQVIRUPLVWRIIHQVLFKWOLFKQLFKWEHOLHELJª-HDQ-DFTXHV+RII VWHGH©%XGGHQEURRNV6 ZLUGPDQQLFKWQXUDOV5HYHUHQ]YRUGHPIUDQ ]|VLVFKHQ3KLORVRSKHQVRQGHUQDOOJHPHLQHUQRFKDOVHXURSlLVFKH1DPHQV IRUPPLW]ZHL9RUQDPHQXQGHLQHP1DFKQDPHQHUNHQQHQ)ROJWGHU1DPH DOVR GHQ MHZHLOLJHQ NXOWXUHOOHQ .RQYHQWLRQHQ IU PHQVFKOLFKH 1DPHQ LVW GLH ,GHQWLIL]LHUXQJ XQSUREOHPDWLVFK 6FKZLHULJHU ]X]XRUGQHQ LVW HLQ 1DPH ZLH ª7KLQND©GHUDXFKGHU1DPHHLQHV7LHUHVVHLQN|QQWHXQGWDWVlFKOLFKDXFK QLFKW XQHUOlXWHUW LQ GHQ 7H[W HLQJHIKUW ZLUG ª7KLQND GDV )ROJPlGFKHQ WUDWYRP.RUULGRUHLQ©%XGGHQEURRNV6  'DVOHW]WH%HLVSLHO]HLJWHLQZHLWHUHV9HUIDKUHQPHQVFKOLFKH$NWHXUH]X LGHQWLIL]LHUHQ ¿(LQWUHWHQ¾ LQ GHU %HGHXWXQJ ¿HLQHQ 5DXP EHWUHWHQ¾ ZLUG JH Z|KQOLFKQXUYRQ0HQVFKHQJHVDJW(VJLEW9HUEHQGLHPDQEOLFKHUZHLVH QXULP=XVDPPHQKDQJPLWPHQVFKOLFKHQ$NWHXUHQYHUZHQGHQZUGH$XFK GLH GUHL REHQ DXIJHIKUWHQ %HLVSLHOH LQIRUPLHUHQ QLFKW QXU PLWWHOV GHU %H ]HLFKQXQJEHUGLH)LJXUVRQGHUQDXFKPLWWHOVGHU6LWXDWLRQ,PHUVWHQ%HL VSLHONRPPWMHPDQGPLWHLQHP%XFKLQGLH9HUDQGDLP]ZHLWHQ%HLVSLHOKDW GHUMXQJH0DQQHLQH*ODW]HLPGULWWHQEHILQGHWVLFKGLH'DPHLP*HVSUlFK PLWHLQHU9HUNlXIHULQ,QGLHVHQ%HLVSLHOHQJHVFKLHKWGLH,GHQWLIL]LHUXQJDOV )LJXUGRSSHOWHLQPDOEHUGLH%H]HLFKQXQJXQGGDQQEHUGLH+DQGOXQJHQ E]Z(LJHQVFKDIWHQ$NWHXUHVROFKHU+DQGOXQJHQXQG7UlJHUVROFKHU(LJHQ VFKDIWHQVLQGEOLFKHUZHLVHQXU0HQVFKHQ$EHURIIHQVLFKWOLFKJLEWHV+DQG OXQJHQGLHDOOHLQHVFKRQDXVUHLFKHQXPMHPDQGHQDOV0HQVFK]XLGHQWLIL]LH UHQ'HU6DW]¿+DVVROlXIWGHQ:HJKLQDE¾HQWKlOWQLFKWJHQXJ,QIRUPDWLR QHQXP]XHQWVFKHLGHQRE+DVVRHLQ0HQVFKRGHUHLQ+XQGLVWDXFKZHQQ +DVVR LQ 'HXWVFKODQG HLQ EHOLHEWHU +XQGHQDPH LVW XQG GLH ]ZHLWH$XIIDV VXQJQDKHOLHJWZlKUHQGGHU6DW]¿+DVVRNDXIWHLQ$XWR¾LPSOL]LHUWGD‰WUDX ULJHUZHLVHHLQ0HQVFKGLHVHQ1DPHQWUlJW %HVRQGHUV JHOlXILJH 9HUIDKUHQ ]XU ,GHQWLIL]LHUXQJ GHU (QWLWlW DOV )LJXU VLQGGLHGUHLJHQDQQWHQ0|JOLFKNHLWHQDOVRGLH5HIHUHQ]PLW%H]HLFKQXQJHQ GLHGDVVHPDQWLVFKH0HUNPDO¿0HQVFK¾HQWKDOWHQGLH%H]HLFKQXQJPLW1D ³³³³³³³³³³  :HLWHUH %HLVSLHOH ¿%UJHU¾ ªLQ ZRHOLFKHU VWDW  DLQ HGOHU SXUJHU  DOW] KHUNRPPHQ ZDV

JHVH‰VHQ© )RUWXQDWXV 6  'LH ¿.RQVXOLQ¾ ª'LH .RQVXOLQ %XGGHQEURRN© %XGGHQ EURRNV 6 ¿0DGDPH¾ XQG ¿*DWWH¾ ª0DGDPH $QWRLQHWWH %XGGHQEURRN JHERUHQH 'X FKDPSVNLFKHUWHLQJHQDXGHUVHOEHQ:HLVHZLHLKU*DWWH©%XGGHQEURRNV6





%HQHQQHQGHU)LJXU

PHQ GLH LQ GHU MHZHLOLJHQ .XOWXU IU 0HQVFKHQ YRUJHVHKHQ VLQG XQG GLH %HVFKUHLEXQJYRQ+DQGOXQJHQGLHEOLFKHUZHLVHQXUYRQ0HQVFKHQDXVJH IKUW ZHUGHQ RGHU YRQ PHQVFKOLFKHQ (LJHQVFKDIWHQ 'D DOOH 0HQVFKHQ LQ ILNWLRQDOHQ:HUNHQ)LJXUHQVLQGXQGGLHQWMHGH,QIRUPDWLRQGLHGLH,QIHUHQ] SODXVLEHOPDFKWGD‰HVVLFKEHLHLQHU(QWLWlWXPHLQHQ0HQVFKHQKDQGHOW]X LKUHU,GHQWLIL]LHUXQJDOV)LJXU 'LH,GHQWLIL]LHUXQJHLQHU(QWLWlWDOVPHQVFKOLFKLVWDEHUQLFKWGHUHLQ]LJH :HJ GLHVH ]X HLQHU )LJXU ]X PDFKHQ (LQ %OLFN LQ GLH YLHOIlOWLJHQ )RUPHQ GHU /LWHUDWXU ]% 0lUFKHQ 6DJHQ )DQWDV\ RGHU 6FLHQFH )LFWLRQ PDFKW VFKQHOOGHXWOLFKZLHYLHOHDQGHUH:HVHQGHU.DWHJRULH¿)LJXU¾HLQGHXWLJ]X JH]lKOW ZHUGHQ ]% *|WWHU XQG +DOEJ|WWHU *HVSHQVWHU XQG 'lPRQHQ )HHQ 5LHVHQ =ZHUJH $X‰HULUGLVFKH &RPSXWHU GLH HLJHQVWlQGLJ GHQNHQ XQG KDQGHOQ RGHU %RKQHQ XQG 6WURKKDOPH 0DQ NDQQ KLHU YRQ HLQHU$Q WKURSRPRUSKLVLHUXQJ YRQ *HJHQVWlQGHQ RGHU ILNWLYHQ *HVWDOWHQ VSUHFKHQ DOVRYRQGHU=XVFKUHLEXQJPHQVFKOLFKHU(LJHQVFKDIWHQDEHUGDVNOlUWQRFK QLFKWZHOFKH(LJHQVFKDIWHQGD]XIKUHQGD‰HLQHQLFKWPHQVFKOLFKH(QWLWlW DOV)LJXULGHQWLIL]LHUWZLUG'DV(UVFKHLQHQYRQ7LHUHQLQOLWHUDULVFKHQ7H[ WHQ LVW UHFKW DXIVFKOX‰UHLFK ZHLO HLQ 7LHU QLFKW DXWRPDWLVFK HLQH )LJXU LVW VREDOG GLH (QWLWlW LQ GHU ILNWLRQDOHQ :HOW DOV 7LHU HUNDQQW LVW VRQGHUQ EH VWLPPWH=XVDW]EHGLQJXQJHQHUIOOWVHLQPVVHQ'HU8QWHUVFKLHG ]ZLVFKHQ GHQGUHLIROJHQGHQ%HLVSLHOHQPDFKWGDVGHXWOLFK >'HU:LUW@VSUDFKMDHVLVWDLQIUHPGHUNDXIIPDQJHVWHUQKHUNRPPHQZROPLWIQII]H KHQKEVFKHQSIHUGHQYQGZLOODXIIGLHKRFKW]HLW6RGHUKHUW]RJYRQ%ULWDQLDKDEHQZLOO PLWGHVNQLJVWRFKWHUYRQDUURJRQLDGHUKDWWGUHUR‰YQGHUGHQ[Y!GDZROWMP YQQVHUJUDIIGUHKXQGHUWFURQHQYPEJHEHQ>@)RUWXQDWXV  (VKDWWHHLQ0DQQHLQHQ(VHOGHULKPVFKRQODQJH-DKUHWUHXJHGLHQWKDWWHGHVVHQ.UlIWH DEHUQXQ]X(QGHJLQJHQVRGD‰HU]XU$UEHLWLPPHUXQWDXJOLFKHUZDUG'DZROOWLKQGHU +HUUDXVGHP)XWWHUVFKDIIHQDEHUGHU(VHOPHUNWHGD‰NHLQJXWHU:LQGZHKWHOLHIIRUW XQGPDFKWH VLFK DXIGHQ :HJQDFK%UHPHQªGRUW© GDFKWH HU ªNDQQVWGXMD 6WDGWPXVL NDQWZHUGHQ©.+06  'LH 3IHUGH GHV /HLFKHQZDJHQV JDQ] LQ 6FKZDU] JHKOOW GD‰ QXU GLH XQUXKLJHQ $XJHQ VLFKWEDUZDUHQVHW]WHQVLFKYRQGHQYLHUVFKZDU]HQ.QHFKWHQJHIKUWODQJVDPLQ%HZH JXQJ%XGGHQEURRNV6 

³³³³³³³³³³  'LH%HLVSLHOHVLQGLQGLHVHP)DOODOV%HLVSLHOVlW]H]XYHUVWHKHQZHQLJHUDOV%HOHJHDXVGHQ

MHZHLOLJHQ7H[WHQGDLQGHQ7H[WHQPLWLKUHU*HQUH]XRUGQXQJLP7LWHOXQGGHU(WDEOLH UXQJGHU5HJHOQGHUHU]lKOWHQ:HOWLQGHQHUVWHQ6lW]HQMDVFKRQZHLWJHKHQGH9RUJDEHQ LQGHQKLHUEHKDQGHOWHQ)UDJHQJHPDFKWZHUGHQ



%HQHQQHQGHU)LJXU



,QDOOHQ)lOOHQKDQGHOWHVVLFKXPGLHHUVWH(UZlKQXQJGHU7LHUH,PHUVWHQ )DOOHUVFKHLQHQGLH3IHUGHDOVEOR‰H2EMHNWHHVN|QQWHVLFKRKQHJUR‰H9HU lQGHUXQJ GHU :DKUQHKPXQJ DXFK XP 0|EHO KDQGHOQ XQG PDQ ZUGH VLH EOLFKHUZHLVH ZRKO QLFKW DOV )LJXUHQ EH]HLFKQHQ ,P ]ZHLWHQ %HLVSLHO ZLUG GHU(VHOLP]ZHLWHQ6DW]PLWGHU9HUZHQGXQJGHVYHUEXPVHQWLHQGL¿PHUNHQ¾ XQGGHVYHUEXPGLFHQGL¿GHQNHQ¾DOV/HEHZHVHQPLW,QQHQOHEHQXQG6SUDFKIl KLJNHLW JHNHQQ]HLFKQHW GLH LKQ GHP 0HQVFKHQ VHKU lKQOLFK PDFKHQ (V KDQGHOW VLFK HLQGHXWLJ XP HLQH )LJXU ,P GULWWHQ %HLVSLHO VLQG GLH 3IHUGH DNWLYXQGGHU+LQZHLVDXIGLH¿XQUXKLJHQ$XJHQ¾Ol‰WHLQ,QQHQOHEHQYHUPX WHQ =XJOHLFK DEHU ZHUGHQ VLH YRQ GHQ .QHFKWHQ JHIKUW LKUH +DQGOXQJ JHVFKLHKWDOVRJDQ]XQWHUGHP'LNWDWHLQHUIUHPGHQ,QWHQWLRQ'DV$WWULEXW ¿XQUXKLJ¾LVW]XGHPNHLQHVZHJVQXUIU0HQVFKHQUHVHUYLHUWVRQGHUQLVWDXFK LQGHU%H]HLFKQXQJYRQWLHULVFKHP9HUKDOWHQEOLFKRKQHGDEHLGDV,QQHQ OHEHQ GHU 7LHUH GHP GHV 0HQVFKHQ DQ]XQlKHUQ $XFK LP OHW]WHQ %HLVSLHO VLQGGLH3IHUGHDOVRNHLQH)LJXU $XFK (QWLWlWHQ GLH QRUPDOHUZHLVH HLQGHXWLJ DOV 2EMHNWH LGHQWLIL]LHUW ZHUGHQN|QQHQRKQH3UREOHPH]X)LJXUHQZHUGHQ'DV0lUFKHQ6WURKKDOP .RKOHXQG%RKQHHU]lKOWDQIDQJVYRQ HLQHUDOWHQ)UDXGLHHLQ%RKQHQJHULFKW NRFKW $OVVLHGLH%RKQHQLQGHQ7RSIVFKWWHWHHQWILHOLKUXQEHPHUNWHLQHGLHDXIGHP%RGHQ QHEHQ HLQHQ 6WURKKDOP ]X OLHJHQ NDP EDOG GDUQDFK VSUDQJ DXFK HLQH JOKHQGH .RKOH YRP +HUG ]X LKQHQ KHUDE 'D ILQJ GHU 6WURKKDOP DQ XQG VSUDFK ªOLHEH )UHXQGH YRQ ZDQQHQNRPPWLKUKHU"©'LH.RKOHDQWZRUWHWH>@.+06I 

'LHGUHL2EMHNWHGLHLP7LWHOJHQDQQWZHUGHQZHUGHQ]X)LJXUHQLQGHPVLH VSUHFKHQVRN|QQWHPDQDXIGHQHUVWHQ%OLFNVDJHQ$EHULVWHVGHU$NWGHV 6SUHFKHQVDOOHLQ"'DVLVWXQZDKUVFKHLQOLFKZHLOPDQDXIJUXQGGHU6FKLOGH UXQJYRQbX‰HUXQJHQDXVHLQHP/DXWVSUHFKHUDP%DKQKRIRGHUYRQ HLQHU 6WLPPHDXI7RQEDQGZHGHU/DXWVSUHFKHUQRFK7RQEDQGDOV)LJXULGHQWLIL ]LHUHQZUGH'DVJLOWDXFKIUHLQHQ3DSDJHLGHUOHGLJOLFKGDV9RUJHVDJWH UHSHWLHUW 6LH ZHUGHQ QLFKW GXUFK GDV 6SUHFKHQ DOOHLQH ]X HLQHU )LJXU VRQ GHUQGDGXUFKGD‰VLHGLH8UKHEHUGHUVSUDFKOLFKHQbX‰HUXQJVLQG'HU6DW] DXV GHP0lUFKHQYRQGHQ %UHPHU6WDGWPXVLNDQWHQªGHU(VHOPHUNWHGD‰ NHLQ JXWHU :LQG ZHKWH OLHI IRUW XQG PDFKWH VLFK DXI GHQ :HJ QDFK %UH PHQ© OHJWQDKHGD‰HVGLH=XVFKUHLEXQJYRQLQWHQWLRQDOHP+DQGHOQLVWGLH HLQH ,GHQWLILNDWLRQ DOV )LJXU QDKHOHJW VHOEVW ZHQQ HV VLFK QLFKW XP HLQHQ 0HQVFKHQKDQGHOW ³³³³³³³³³³  'DV +HUDEVSULQJHQ GHU .RKOH LVW QRFK GRSSHOGHXWLJ GD HV VLFKQDFKGHU)RUPXOLHUXQJ

VRZRKOXPHLQ]XIlOOLJHV)DOOHQRGHUHLQLQWHQWLRQDOHV6SULQJHQKDQGHOQNDQQ





%HQHQQHQGHU)LJXU

,VW LQWHQWLRQDOHV +DQGHOQ LQVEHVRQGHUH GLH 9HUZHQGXQJ YRQ 6SUDFKH GDVHLQ]LJH,QGL]":DKUVFKHLQOLFKLVWHVQXUHLQEHVRQGHUVZLFKWLJHV$Q]HL FKHQ DEHU MHGHU +LQZHLV GDUDXI GD‰ HLQH (QWLWlW GHQNW RGHU NRPSOH[HUH 6HHOHQ]XVWlQGHKDEHQNDQQUHLFKWDXVXPHWZDVDOV)LJXUZDKU]XQHKPHQ $XFK bKQOLFKNHLW PLW GHP lX‰HUHQ (UVFKHLQXQJVELOG YRQ 0HQVFKHQ NDQQ HLQH )LJXU PDUNLHUHQ XQG GDV JLOW VRODQJH GDV :HVHQ QLFKW HLQGHXWLJ DOV HWZDV8QEHOHEWHV]%HLQH6FKDXIHQVWHUSXSSHLGHQWLIL]LHUWZLUG 0HQVFKHQJHOWHQRKQHZHLWHUH,QGL]LHQDOV)LJXU'KVREDOGHUVFKOLH‰ EDUZLUGGD‰HVVLFKEHLHWZDVXPHLQHQ0HQVFKHQKDQGHOWZLUGGLHVHVHLQH )LJXU 'D]X VLQG NHLQH ZHLWHUHQ =XVDW]LQIRUPDWLRQHQ QRWZHQGLJ GLH GDV LQWHQWLRQDOH+DQGHOQRGHUGDV,QQHQOHEHQGHU)LJXUGHPRQVWULHUHQ'DVJLOW DEHU DXFK IU EHVWLPPWH DQGHUH :HVHQ ]% *|WWHU XQG 'lPRQHQ :HQQ GLHVH :HVHQ LQ HLQHU .XOWXU HLQHV GHU EHLGHQ 0HUNPDOH ]XJHVFKULHEHQ EH NRPPHQ GDQQ JHQJW GHU GLUHNWH RGHU LQGLUHNWH +LQZHLV GD‰ HV VLFK XP VROFKH:HVHQKDQGHOWXPVLHDOV)LJXU]XLGHQWLIL]LHUHQ:DKUVFKHLQOLFKLVW HVDPIUXFKWEDUVWHQZHQQPDQDQQLPPWGLH.DWHJRULH¿)LJXU¾VHLVRRUJDQL VLHUWZLHHVGLH3URWRW\SHQVHPDQWLNEHVFKUHLEW'HU3URWRW\SHLQHU)LJXU ³³³³³³³³³³  'HU%HJULII¿6HHOH¾LVWKLHUJDQ]PLQLPDOLVWLVFKLQGHU%HGHXWXQJYRQ¿QLFKWEOR‰NRJQLWL

YHULQQHUHU9HUDUEHLWXQJVPRGXV¾JHEUDXFKW 6HOEVWYHUVWlQGOLFKNDQQDXFKHLQH6FKDXIHQVWHUSXSSH]XU)LJXUZHUGHQDEHUQLFKWRKQH ]XVlW]OLFKH0HUNPDOH  ,Q GHU GHXWVFKHQ /LWHUDWXU XQG ZRKO QLFKW QXU GRUW VSLHOHQ*HQUHJUHQ]HQHLQHZLFKWLJH 5ROOHIUGLH(QWVFKHLGXQJZLHQDKHOLHJHQGGLHVH,QIHUHQ]HQVLQG6FLHQFH)LFWLRQ7H[WH ZHLVHQDXIJUXQGGHU*DWWXQJVNRQYHQWLRQHQVHKUYLHOJU|‰HUH)UHLKHLWVJUDGHEHLGHU.RQ VWUXNWLRQHU]lKOWHU:HOWHQDXIDOV]%GHUUHDOLVWLVFKH5RPDQLQGHU]ZHLWHQ+lOIWHGHV -DKUKXQGHUWV  3URWRW\SLVFK LP 6LQQH GHU 3URWRW\SHQVHPDQWLN GLH GDYRQ DXVJHKW GD‰ %HJULIIH QLFKW ORJLVFK HLQGHXWLJH .DWHJRULHQ ELOGHQ VR GD‰ MHGH (QWLWlW GLH XQWHU HLQH .DWHJRULH IlOOW GLHVH .DWHJRULH LQ JOHLFKHU :HLVH UHSUlVHQWLHUW 9LHOPHKU ZHUGHQ .DWHJRULHQ GXUFK EH VRQGHUV W\SLVFKH ([HPSODUH UHSUlVHQWLHUW $QGHUH (QWLWlWHQ N|QQHQ HEHQIDOOV XQWHU GLH .DWHJRULHIDOOHQDEHUGHXWOLFKZHQLJHUSURWRW\SLVFKVHLQ'DV9HUKlOWQLVZLUG]XPHLVWYL VXDOLVLHUWDOV.UHLVLQGHVVHQ0LWWHGHUSURWRW\SLVFKH9HUWUHWHUVWHKWZlKUHQGDQGHUH9HU WUHWHUXPVRZHLWHUYRP=HQWUXPHQWIHUQWVLQGMHXQW\SLVFKHUVLHVLQG'DVEOLFKH%HL VSLHO GDIULVWGLH .DWHJRULHGHU 9|JHOSURWRW\SLVFKH 9HUWUHWHUVLQG6LQJY|JHOZlKUHQG 6WUDX‰XQG3LQJXLQDPlX‰HUHQ5DQGVWHKHQ9JO]XPhEHUEOLFN)DQVHORZ6WDXGDFKHU  II  (LQH DXVIKUOLFKH 'DUVWHOOXQJ ELHWHW .OHLEHU   (LQH 'DUVWHOOXQJ PLW (U|UWHUXQJ YRQ SUREOHPDWLVFKHQ $VSHNWHQ GHU 3URWRW\SHQVHPDQWLN ILQGHW VLFKLQ&UXVH II =XU'LVNXVVLRQNULWLVFKHU3XQNWHYJODXFK.OHLEHU²(LQlKQOLFKHV.RQ ]HSW KDW :LWWJHQVWHLQ PLW GHP %HJULII GHU ¿)DPLOLHQlKQOLFKNHLW¾ EH]HLFKQHW DXFK LQ GLH VHP)DOOPX‰QLFKWMHGHV([HPSODUHLQHU.ODVVH]%GHU.ODVVH¿6SLHO¾DOOHGHILQLWRULVFKHQ 0HUNPDOH GLHVHU .ODVVH DXIZHLVHQ YLHOPHKU NDQQ HLQ ([HPSODU GLH 0HUNPDOH $%&' DXIZHLVHQ GDV QlFKVWH GLH 0HUNPDOH %&'( XQG HLQ ZHLWHUHV &'() 'LH HLQ]HOQHQ 



%HQHQQHQGHU)LJXU



LVW GDQQ RKQH =ZHLIHO HLQ 0HQVFK DEHU ]DKOUHLFKH ZHLWHUH :HVHQ N|QQHQ DXIJUXQG EHVWLPPWHU LKUHU 0HUNPDOH PHKU RGHU ZHQLJHU HQWIHUQW YRQ GLH VHP 3URWRW\SHQ XQG HQWVSUHFKHQG OHLFKW RGHU ZHQLJHU OHLFKW DOV )LJXU ]X LGHQWLIL]LHUHQ VHLQ 'XUFK LQWHQWLRQDOHV +DQGHOQ EHVRQGHUV GXUFK 6SUDFK YHUZHQGXQJ VRZLH GXUFK GLH =XVFKUHLEXQJ YRQ SV\FKLVFKHQ =XVWlQGHQ ZLUGHLQHJUR‰H1lKH]XP3URWRW\SHQXQGGDPLWHLQHHLQGHXWLJH.ODVVLIL]LH UXQJDOV)LJXUHUUHLFKW 'LHVVFKHLQHQDOVRGLHZLFKWLJVWHQ0HUNPDOHGLHVHU .DWHJRULH]XVHLQ =XOHW]W VHL QRFK DQKDQG YRQ GUHL %HLVSLHOHQ XQWHUVXFKW ZDV JHVFKLHKW ZHQQ)LJXUHQLKUHQ6WDWXVUDGLNDOlQGHUQXQGZHOFKH$XVZLUNXQJHQGDVDXI GLH:DKUQHKPXQJDOV)LJXUKDW'LH-XQJIUDXGHV*OFNVLP)RUWXQDWXVGLH GHP3URWDJRQLVWHQGHQXQHUVFK|SIOLFKHQ*HOGEHXWHOVFKHQNWZLUGEHLLKUHU HUVWHQ(UZlKQXQJOHGLJOLFKDOVVFK|QH)UDXEHVFKULHEHQ 'RFK VR ZDUG \P VFKODIIHQV VR QRW  YQG OHJW VLFK QHEHQ GHQ WRGWHQ EHUHQ YQG HQWVFKOLHIIYQGWKHWDLQHQJXRWHQVFKODIIYQGVRHUDOVRHUZDFKWYQQGVHLQHDXJHQDXII WKHW  'R VDFK HU GDV HVEHJXQG WDJHQ  YQG VDFKYRU \PVWRQDLQJDUVFKRHQHV ZHLEV ELOG)RUWXQDWXV6 

'LH:DKUQHKPXQJVLQVWDQ]LVWZDVVRQVWEHLGHU(LQIKUXQJQHXHU)LJXUHQ LQGLHVHP7H[WQLFKWKlXILJJHVFKLHKWJDQ]HLQGHXWLJXQGQXU)RUWXQDWXV ³³³³³³³³³³

([HPSODUH VLQG HLQLJHQ LQ GHU .DWHJRULH VHKU lKQOLFK PLW DQGHUHQ WHLOHQ VLH NDXP JH PHLQVDPH 0HUNPDOH :LWWJHQVWHLQV EHUKPWH $QDO\VH GHV %HJULIIV ¿6SLHO¾ ILQGHW VLFK LQ :LWWJHQVWHLQ  †II  =XU 'LVNXVVLRQ GHV 9HUKlOWQLVVHV YRQ 3URWRW\SHQVHPDQWLN ]XP.RQ]HSWGHU)DPLOLHQlKQOLFKNHLWYJO.OHLEHU6%HLGH$QVlW]HZUGHQYRQGHU $XIIDVVXQJ DEJHKHQ GD‰ HWZDV HLQHEHVWLPPWH0HQJH DQQRWZHQGLJHQ0HUNPDOHQ DXI ZHLVHQ PVVH XP XQWHU HLQH .DWHJRULH ]X IDOOHQ DEHU GDV :LWWJHQVWHLQVFKH .RQ]HSW NHQQW QLFKW GHQ W\SLVFKHQ 9HUWUHWHU HLQHU .DWHJRULH .OHLEHU SUlVHQWLHUW HLQ UHYLGLHUWHV 0RGHOOGHU3URWRW\SHQWKHRULHZRQDFKHVNHLQHQ3URWRW\SHQDOV5HSUlVHQWDQWHQGHU.D WHJRULHJLEWVHKUZRKODEHUSURWRW\SLVFKH(IIHNWHGKHLQLJH(QWLWlWHQZHUGHQDOVSURWR W\SLVFKHUIUHLQH.DWHJRULHDQJHVHKHQDOVDQGHUHYJOHEGD6  0HUNPDOVVHPDQWLNXQG3URWRW\SHQVHPDQWLNZHUGHQPDQFKPDOJHJHQHLQDQGHUDXVJHVSLHOW DEHU VLHODVVHQVLFK HLJHQWOLFK JDQ] JXW ]XVDPPHQ YHUZHQGHQGDGLH 3URWRW\SHQ (LJHQ VFKDIWHQ RGHU (LJHQVFKDIWVNRPELQDWLRQHQ DXIZHLVHQ GHUHQ 9RUKDQGHQVHLQ RGHU )HKOHQ RIIHQVLFKWOLFK]XU %HVWLPPXQJGHU3RVLWLRQHLQHV ZHLWHUHQ (OHPHQWVLQGLHVHU.DWHJRULH EHLWUlJW]%GHU8PVWDQGGD‰3LQJXLQH]ZDU(LHUOHJHQ²ZLHGLHSURWRW\SLVFKHQ6LQJ Y|JHO GHU .DWHJRULH ¿9RJHO¾ ² DEHU QLFKW IOLHJHQ N|QQHQ XQG NHLQH )HGHUQ KDEHQ YJO DXFK.OHLEHU6=XUNULWLVFKHQ'LVNXVVLRQYJO/XW]HLHUII   =XPHLVW ZLUG GLH )LJXU GXUFK GHQ (U]lKOHU HLQJHIKUW]%GHU*UDIYRQ)ODQGHUQ PLW GHP )RUWXQDWXV =\SHUQ YHUOl‰W 'LH +DQGOXQJ ZLUGEHULFKWHWELV ]XGHP=HLWSXQNWDQ GHP)RUWXQDWXVDP+DIHQJHKWXQGGLHYHQH]LDQLVFKH*DOHHUHHLQOlXIWªDXIIGHUJDOHHGD ZDVGHUJUDIIYRQQIODQGHUQGHPZDUHQ]ZHQNQHFKWJHVWRUEHQYQGDOVGHUJUDIIQLW PHUJHVFKDHIIWKHWWEH\GHPNQLJDXFKVXQVWGHUSDWURQIHUWLJZDVYQQGPDQDXIISOLH‰





%HQHQQHQGHU)LJXU

'LH%H]HLFKQXQJ¿ZHLEVELOG¾KHEWKHUYRUGD‰GLH)LJXUGLHlX‰HUH(UVFKHL QXQJHLQHU)UDXKDWDEHUNHLQH(QWVFKHLGXQJGDUEHU]XOl‰WREVLHXQYHU KHLUDWHW RGHUYHUKHLUDWHWLVW(EHQGLHVHQ3XQNWKHEW)RUWXQDWXVLQVHLQHU HUVWHQ $QUHGH DXFK KHUYRU ªOLHEH IUDZ RGHU LXQJIUDZ LFK ZDL‰ QLW ZDV LU VHLQG©HEGD ,KUH(UZLGHUXQJEHDQWZRUWHWVHLQH)UDJHPDFKWDEHU]XJOHLFK GHXWOLFKGD‰VLHJDUNHLQ0HQVFKLVW >@LFKE\QGLHLXQFNIUDZGHVJOFNVYQGGXUFKGLHHLQIOLHVVXQJGHVKLPHOVYQGGHUVWHU QHQYQGGHUSODQHWHQ6RLVWPLUYHUOLKHQVHFKVWXJHQGWGLHLFKIUWHUYHUOHKHQPDJ DLQH]ZXRPHRGHUJDUQDFKGHQVWXQGHQYQGUHJLUXQJGHUSODQHWHQ)RUWXQDWXV6 

'XUFK LKUH )lKLJNHLWHQ ZLUG GLH )LJXU YRQ HLQHP PHQVFKOLFKHQ ]X HLQHP P\WKRORJLVFKHQ :HVHQ ]X HLQHP HLQ]LJDUWLJHQ :HVHQ ZLH GXUFK GHQ EH VWLPPWHQ $UWLNHO ªGLH LXQFNIUDZ©  GHXWOLFK ZLUG 'DEHL lQGHUW VLFK DEHU RIIHQVLFKWOLFKQLFKWLKU6WDWXVDOV)LJXUQLFKW]XOHW]WZHLOVLHDXFKYRP(U ]lKOHU ¿LXQJIUDZ¾ JHQDQQW ZLUG GLH $QWKURSRPRUSKLVLHUXQJ DOVR QLFKW QXU 6SUHFKHQ XQG ,QWHQWLRQDOLWlW GHV +DQGHOQV VRQGHUQ DXFK GLH lX‰HUH (U VFKHLQXQJEHWULIIW 'DV ]ZHLWH %HLVSLHO LVW GHU $XWRPDW 2OLPSLD LQ (7$ +RIIPDQQV (U ]lKOXQJ 'HU 6DQGPDQQ (LQJHIKUW ZLUG GLH 3XSSH DOV ª(LQ KRKHV VHKU VFKODQNLPUHLQVWHQ(EHQPD‰JHZDFKVHQHVKHUUOLFKJHNOHLGHWHV)UDXHQ]LP PHU© 6DQGPDQQ 6   LQ HLQHP %ULHI GHV 3URWDJRQLVWHQ 1DWKDQDHO DOVR VHLQH :DKUQHKPXQJ ZLHGHUJHEHQG (UJlQ]W ZLUG GLH %HVFKUHLEXQJ LKUHV bX‰HUHQQRFKXPGLH,QIRUPDWLRQGLH1DWKDQDHOYRP+|UHQVDJHQKDWGD‰ HVVLFKGDEHLXP2OLPSLDGLH7RFKWHUGHV3URIHVVRUV&RSSRODKDQGHOH$Q GLHVHU 6WHOOH VROO QLFKW YHUIROJW ZHUGHQ ZLH DOOH %HVFKUHLEXQJHQ 2OLPSLDV EHUHLWV+LQZHLVHGDUDXIHQWKDOWHQGD‰VLHOHGLJOLFKHLQH3XSSHLVW9LHOPHKU JHKWHVGDUXPGD‰GLHVJHJHQ(QGHGHU(U]lKOXQJGXUFKGHQ(U]lKOHUJDQ]

³³³³³³³³³³

GDVPDQ]XVFKLIIHJLHQJYQGZHJIDUHQZROWNDPGHUJUDIIYQQGYLODQGHUHGOHUOHWPLW MPYPEGDVV\LQGLHJDOHHNDHPHQGYQGGLHVFKLIIXQJQLWYHUVDPSWHQ©)RUWXQDWXV6   'LHVH ,QIRUPDWLRQHQ ZHUGHQ YRP (U]lKOHU JHJHEHQ XQG QLFKW DXV GHU 6LFKW GHV )RUWXQDWXVZHQQGLHVHUDXFKZLHVLFKJOHLFKLP$QVFKOX‰KHUDXVVWHOOWHEHQIDOOVGDUEHU YHUIJW  9JO*ULPP6SªGHUJUXQGEHGYRQELOGHQWVSULVWZHLEVELOG]XQlFKVW¿ZHLEOLFKHV JHELOGH IUDXHQJHVWDOW HUVFKHLQXQJHLQHUIUDX¾© XQG 6S  ªZHLEVELOG>LVW@JXWDPSODW]H ZRNHLQHHQWVFKHLGXQJ]ZLVFKHQIUDXXQGMXQJIUDXJHWURIIHQZHUGHQVROO,QXPIDVVHQGHU DXVVDJHEHGHXWHWGHUVLQJ¿IUDXRGHUPlGFKHQ¾©  (UVWLQVSlWHUHQ$XVJDEHQLVWVLHPLWGHU*|WWLQ)RUWXQDJOHLFKJHVHW]WZRUGHQYJO)RU WXQDWXV$QPHUNXQJ]X6  ,PIROJHQGHQ]LWLHUWQDFK+RIIPDQQ 



%HQHQQHQGHU)LJXU



HLQGHXWLJ DOV )DNWXP GHU ILNWLRQDOHQ :HOW HWDEOLHUW ZLUG 2OLPSLD LVW HLQH ¿+RO]SXSSH¾HLQ¿$XWRPDW¾XQGXP]XEHZHLVHQGD‰VLHNHLQH$XWRPDWHQ VLQGZLUGYRQMHGHUMXQJHQ)UDXLQGHQ7HH]LUNHOQGHU6WDGWYHUODQJWªGD‰ VLH QLFKW EOR‰ K|UH VRQGHUQ DXFK PDQFKPDO LQ GHU $UW VSUHFKH GD‰ GLHV 6SUHFKHQZLUNOLFKHLQ 'HQNHQXQG(PSILQGHQYRUDXVVHW]H©6DQGPDQQ6  ,VW2OLPSLDDOVRHLQH)LJXU"6LHLVWHLQHXQVHOEVWlQGLJH0DVFKLQHZHQQ VLHDXFKDXVVLHKWXQGLQPDQFKHQ3XQNWHQKDQGHOWZLHHLQ0HQVFK2IIHQ VLFKWOLFK HLQ *UHQ]IDOO 5FNEOLFNHQG DXV GHU .HQQWQLV GHV JDQ]HQ 7H[WHV NDQQ PDQGLH8QVLFKHUKHLWEHLGHU%HDQWZRUWXQJGLHVHU)UDJHYLHOOHLFKWVR EHVFKUHLEHQ 2OLPSLD LVW DXIJUXQG LKUHU 0HUNPDOH VHKU ZHLW HQWIHUQW YRP 3URWRW\SHQ GHU .DWHJRULH ¿)LJXU¾ ]XJOHLFK DEHU EOHLEW VLH GXUFK DQGHUH 0HUNPDOHDXIGLHVHQ3URWRW\SHQEH]RJHQ ,Q&DUO(LQVWHLQVH[SHULPHQWHOOHP7H[W%HEXTXLQILQGHQVLFKHLQLJHXQ JHZ|KQOLFKH QDUUDWLYH ([SHULPHQWH PLW GHU .RQVWLWXWLRQ YRQ )LJXUHQ GLH DOOHUGLQJVLQQHUKDOEGHUZHLWJHKHQGGUDPDWLVFKHQ6WUXNWXUGHV7H[WHVQLFKW ZHLWHU DXVJHIKUW VLQG ,P VHFKVWHQ .DSLWHO GLH 7HLO HLQHU %DU6]HQH LVW ZLUGªHLQH+HWlUH©HLQJHIKUW'LHVH1HEHQILJXUGLH)UHXQGLQHLQHV0DOHUV EOHLEW PLW *LRUJLR %HEXTXLQ XQG GHVVHQ %HJOHLWHULQ (XSKHPLD ELV ]XP DQEUHFKHQGHQ0RUJHQLQGHU%DUDXIGHP:HJGXUFKGLH6WUD‰HQZLUGGLH +HWlUHYRQ%HEXTXLQXQG(XSKHPLDYHUODVVHQ 'LH+HWlUH]RJDOOHLQZHLWHU0DQOLH‰VLHXQEHQXW]WVWHKHQVLHVSDQQWHLKUHQSIDXIDUEH QHQ6FKLUPDXIVSUDQJZLOGHLQSDDUPDOLQGLH+|KHGDQQIJWHVLHVLFKLQGLH)OlFKHHL QHU/LWID‰VlXOHVLHZDUQXUHLQ3ODNDWJHZHVHQIUGLHQHXHU|IIQHWH$QLPLHUNQHLSHª(V VD\©%HEXTXLQ6 

'LH )LJXU ZXUGHPLWHLQHU %HVFKUHLEXQJHLQJHIKUWGLH¿PHQVFKOLFKHV:H VHQ¾XQG¿GUHLGLPHQVLRQDOH.|USHUOLFKNHLW¾LPSOL]LHUW6WHOOWHVLKUHQ6WDWXVDOV )LJXULQ)UDJHZHQQVLHEHLLKUHP$EJDQJ]XHLQHP3ODNDWELOGHUNOlUWZLUG" $XVJDQJVSXQNWIUHLQH$QWZRUWNDQQQLFKWGHU%H]XJDXIGLHDNWXDOH:HOW VHLQ VRQGHUQ DXI GLH 5HJHOQ GHU HU]lKOWHQ :HOW 'DV EHGHXWHW QLFKW GD‰ /HVHUNHLQHQ%H]XJ]ZLVFKHQGHQ5HJHOQGHU7H[WZHOWXQGGHUDNWXDOHQ:HOW ³³³³³³³³³³  (V ZXUGH YRQ GHQ %HZRKQHUQ GHU 6WDGW IU %HWUXJ JHKDOWHQ ªYHUQQIWLJHQ 7HH]LUNHOQ

2OLPSLDKDWWHVLHPLW*OFNEHVXFKW VWDWWGHUOHEHQGLJHQ3HUVRQHLQH+RO]SXSSHHLQ]X VFKZlU]HQ©6DQGPDQQ6   =LWLHUWQDFK(LQVWHLQ>@   'HU 7H[W EHVWHKW ]XP JU|‰WHQ 7HLO DXV OlQJHUHQ GLUHNWHQ 5HGHQ GHU +DXSWILJXUHQ GLH NDXP GLDORJLVFKHQ &KDUDNWHU KDEHQ 'LH KHXWLJH .DWHJRULVLHUXQJ DOV 5RPDQ NDQQ VLFK QLFKWDXIGHQ8QWHUWLWHOLPHUVWHQYROOVWlQGLJHQ9RUDEGUXFNLQ'LH$NWLRQVWW]HQGDGLHV QDFK .OHLQVFKPLGW ZRKO HLQ UHGDNWLRQHOOHU =XVDW] ZDU GHU EHL GHQ VSlWHUHQ 'UXFNHQ QLFKWEHUQRPPHQZXUGHYJO%HEXTXLQ6





%HQHQQHQGHU)LJXU

KHUVWHOOHQ²LP*HJHQWHLOGLHPHLVWHQ=HXJQLVVHVSUHFKHQGDIUGD‰VLHGDV VWlQGLJ WXQ ² DEHU IU GLH :DKUQHKPXQJ GHU )LJXU DOV )LJXU WULWW GLHVHU %H]XJKLQWHUGLH5HOHYDQ]GHU5HJHOQGHUHU]lKOWHQ:HOW]XUFN:LHREHQ VFKRQDXVJHIKUWZHUGHQGLHVHGXUFKH[SOL]LWHV$EZHLFKHQYRQ5HJHOQGHU DNWXDOHQ:HOWRGHUGXUFKJDWWXQJVVSH]LILVFKHLPSOL]LWH$EZHLFKXQJHU]HXJW ,P %HEXTXLQ ZLUG VFKRQ LP HUVWHQ 6DW] GHXWOLFK GD‰ GLH 'DUVWHOOXQJVVHLWH VHKU XQJHZ|KQOLFK LVW ª'LH 6FKHUEHQ HLQHV JOlVHUQHQ JHOEHQ /DPSLRQV NOLUUWHQDXIGLH6WLPPHHLQHV)UDXHQ]LPPHUV©6 'LHV\QlVWKHWLVFKH%H VFKUHLEXQJ YRQ /LFKW XQG 6WLPPH Ol‰W VLFK DEHU QRFK RKQH 3UREOHPH DOV YHUIUHPGHQGH 'DUVWHOOXQJ HLQHV DOOWlJOLFKHQ 9RUJDQJV GHXWHQ QlPOLFK GD‰ EHLP /LFKW HLQHV /DPSLRQV HLQH )UDJH JHVWHOOW ZRUGHQ LVW $EHU VFKRQ GHU *HJHQVDW] ]ZLVFKHQ GHQ WULYLDOHQ +DQGOXQJHQ GHV 3URWDJRQLVWHQ DXI GHP -DKUPDUNWXQGGHQVHKUDEVWUDNWIRUPXOLHUWHQSKLORVRSKLVFKHQ)UDJHQVLJQD OLVLHUWGD‰DXFKGLH5HJHOQGHUHU]lKOWHQ:HOWDEZHLFKHQ'LH$EZHLFKXQJ YRQUHFKWIXQGDPHQWDOHQ5HJHOQGHUDNWXDOHQ:HOWZLUGVSlWHVWHQVGHXWOLFK ZHQQHLQHGHU+DXSWILJXUHQJHVWRUEHQLVWXQGVLFKGHQQRFKPLWGHP3URWD JRQLVWHQXQWHUKlOWXQGDXFKZHLWHUKLQNUlIWLJDJLHUW9RUGHP+LQWHUJUXQG GHU DQWLSV\FKRORJLVFKHQ XQG DQWLUHDOLVWLVFKHQ 5HJHOQ GLHVHU HU]lKOWHQ :HOW VWHOOWGLH)HVWVWHOOXQJGLH+HWlUHªZDUQXUHLQ3ODNDWJHZHVHQ©LKUHQ6WDWXV DOV)LJXUQLFKWLQ)UDJHZHLOGLHEOLFKHQ.RQVLVWHQ]HUZDUWXQJHQGLHIHVWOH JHQGD‰PDQQXUHLQ3ODNDWELOGVHLQRGHUHWZDVVDJHQNDQQDX‰HU.UDIWJH VHW]WVLQG'XUFKGDVDEVFKOLH‰HQGH%LOGZLUGDOVRGDVYRUKHUEHUGLH)LJXU *HVDJWHNHLQHVZHJVQHJLHUW*HUDGHGHU9HUJOHLFKPLWGHU3XSSH2OLPSLDLP 6DQGPDQQPDFKWGDVGHXWOLFK6LHLVWLQGHUHU]lKOWHQ:HOWJDQ]HLQGHXWLJHLQ XQEHOHEWHV 2EMHNWQXUGLH:DKUQHKPXQJGLHVHV)DNWXPVZXUGHYHU]|JHUW ³³³³³³³³³³  *HPHLQW VLQG bX‰HUXQJHQ ZLH¿'DV LVWMD QXUHLQ0lUFKHQ¾RGHU¿+HIWFKHQURPDQHVLQG

7UDXPZHOWHQ IU (UZDFKVHQH¾ GLH EHOHJHQ GD‰ GLH 7H[WH LQ LKUHU 'LIIHUHQ] ]XU UHDOHQ :HOWZDKUJHQRPPHQZHUGHQRGHUDXFKGDV*HJHQVWFNGDVHLQHQ¿WLHIHUHQ¾%H]XJ]ZL VFKHQGHU7H[WZHOWXQGGHUDNWXDOHQ:HOWEHKDXSWHWZLHGDVEOLFKHUZHLVHLP)HXLOOHWRQ JHVFKLHKW ZHQQ HLQ 5RPDQ HWZD GHQ =XVWDQG GHV 0HQVFKHQ LQ GHU PRGHUQHQ =HLW EH VFKUHLEW ² LQ ZHOFKHU )RUP DOVR ¿UHDOLVWLVFK¾ RGHU V\PEROLVFK DXFK LPPHU =DKOUHLFKH bX‰HUXQJHQ YRQ 5H]LSLHQWLQQHQ YRQ +HIWFKHQURPDQHQ ILQGHW PDQ ]% LP,QWHUQHW DXI GHU :HEVLWH YRQ &RUD HLQHP GHU JU|‰HUHQ 9HUODJH YRQ +HIWFKHQURPDQHQ IU )UDXHQ KWWSZZZFRUDGH!JHVHKHQDP   'HU MXQJH 0DQQ ªGHU lQJVWOLFK DEERJ XP DOOHQ hEHUOHJXQJHQ EHU GLH =XVDPPHQVHW ]XQJVHLQHU3HUVRQYRU]XEHXJHQ©%HEXTXLQ6   ª¿,FKZRKQWH GRFK ,KUHPVHOLJHQ$EVFKHLGHQEHL¾¿6LHVHKHQDOVRLPPHUQRFKQLFKWHLQ GD‰OHGLJOLFKGLH1HUYHQVWUlQJHULVVHQ0HLQFLVHOLHUWHV+LUQZDUEHLZHLWHPGDXHUKDIWHU© 6 ª'HUWRWH%|KPWDQ]WHGDQNHQGDXI(XSKHPLDV+XWXQGYHUVDQNLP%XIIHW>@©6  



%HQHQQHQGHU)LJXU



XQG GHU /HVHU GD]X YHUIKUW GHQ ,UUWXP 1DWKDQDHOV ]HLWZHLOLJ ]X WHLOHQ (EHQGLHVH²]XPLQGHVWLP5FNEOLFN² HLQGHXWLJH%HVFKUHLEXQJGHU)LJXU DOV NRQVLVWHQWHV 2EMHNW IHKOW DEHU LP %HEXTXLQ ,QQHUKDOEGHU5HJHOQ GLHVHU HU]lKOWHQ:HOWLQGHUHLQHGHUZLFKWLJVWHQ)LJXUHQWRWLVWXQGGHQQRFKKDQ GHOWLVWHVGXUFKDXVQLFKWXQJHZ|KQOLFKGD‰MHPDQGLQHLQHU.QHLSH/LN|UH WULQNWXQGSKLORVRSKLHUWXQGVLFKGDQQDOV3ODNDWELOGHQWSXSSW$QGHUVIRU PXOLHUW'HU6WDWXVGHU)LJXUGHUGHU+HWlUHZHJHQLKUHU%H]HLFKQXQJXQG LKUHU6SUHFKIlKLJNHLW]XJHVSURFKHQZXUGHZLUGLKUZHJHQGHU(LJHQVFKDIW HLQH3ODNDWILJXU]XVHLQQLFKWDEJHVSURFKHQGDGLHV.RQVLVWHQ]UHJHOQYRU DXVVHW]HQZUGHGLHDXVGUFNOLFKDX‰HU.UDIWJHVHW]WZXUGHQ (LQHPLQLPDOH$UEHLWVGHILQLWLRQYRQ¿)LJXU¾NDQQQDFKGLHVHQhEHUOHJXQ JHQDOVRODXWHQPHQVFKOLFKHRGHULQJHZLVVHU+LQVLFKW]%KDQGOXQJVIlKLJ VSULFKWKDW,QWHQWLRQHQXQGDQGHUH,QQHQ]XVWlQGH  PHQVFKHQlKQOLFKH*H VWDOWLQHLQHPILNWLRQDOHQ:HUN'LH.DWHJRULH¿)LJXU¾LVWSURWRW\SLVFKXP GDV=HQWUXP¿0HQVFK¾RUJDQLVLHUWGKDOVW\SLVFKHV([HPSODUGHU.DWHJRULH JLOWGHUVSUDFKOLFKEH]HLFKQHWH0HQVFKLQHLQHUILNWLRQDOHQ:HOWDEHUHVJLEW ]DKOUHLFKH $EZHLFKXQJHQ YRQ GLHVHP W\SLVFKHQ ([HPSODU GLH NHLQHVZHJV DOOH 0HUNPDOH GHV 0HQVFKHQ KDEHQ PVVHQ VRQGHUQ QXU ZHQLJH XQG HV PX‰DXFKQLFKWMHGHV([HPSODUYRQGLHVHQZHQLJHQ0HUNPDOHQLPPHUGLH VHOEHQ DXIZHLVHQ %HVRQGHUV UHOHYDQWH 0HUNPDOH VLQG GLH bKQOLFKNHLW LQ %H]XJDXILQWHQWLRQDOHV+DQGHOQ6SUHFKHQ,QQHQOHEHQXQG²VFKRQZHQL ³³³³³³³³³³  'LHVH$UEHLWVGHILQLWLRQ LVWDQJHOHKQWDQ3ODW]:DXU\V.XU]GHILQLWLRQª)LNWLYH*HVWDOWLQ

HLQHPGUDPDWLVFKHQQDUUDWLYHQRGHUDXFKO\ULVFKHQ7H[W]%5ROOHQJHGLFKW%DOODGH ©LQ :HLPDU 'DV$GMHNWLY¿ILNWLY¾LVWDQGLHVHU6WHOOHXQJOFNOLFKGDHVVWDUNHWKHR UHWLVFKH9RUDQQDKPHQPDFKWZLHHLQH)LJXUZLH1DSROHRQLQHLQHPKLVWRULVFKHQ5RPDQ DXI]XIDVVHQ VHL 'LH 0HQJH GHU QDUUDWLYHQ 7H[WH XPID‰W DXFK $XWRELRJUDSKLHQ KLVWRUL VFKH 'DUVWHOOXQJHQ XQG /HEHQVEHVFKUHLEXQJHQ 'LH GRUW JHQDQQWHQ XQG EHVFKULHEHQHQ 3HUVRQHQZUGHPDQDEHULP1RUPDOIDOOQLFKWDOV)LJXUHQEH]HLFKQHQDXFKQLFKWZHQQ VLHLP*HJHQVDW]]XGHQDQGHUHQILNWLYVLQGGDGLHVHU%HJULIIYRUDOOHPIU*HVWDOWHQLQ ILNWLRQDOHQ:HUNHQUHVHUYLHUWLVW'DDXFKDXIGHU%KQHLP)LOPRGHULQ&RPSXWHUVSLH OHQ)LJXUHQDXIWDXFKHQLVWGLH)HVWOHJXQJDXI7H[WH]XHQJ'HU:HUNEHJULII²KLHULQGHU %HGHXWXQJ YRQ (LQ]HOZHUN ² LVW EHL DOOHU 3UREOHPDWLN LPPHU QRFK HLQ EUDXFKEDUHUHV 2UGQXQJVPXVWHU  $XIJUXQG GHVSUREOHPDWLVFKHQ6WDWXV YRQ ,QWHQWLRQV]XVFKUHLEXQJHQ ²DOV ,QQHQ]XVWDQG LVW ,QWHQWLRQ QLFKW GLUHNW ]XJlQJOLFK ² ZlUH HV ZQVFKHQVZHUW HLQH ([SOLNDWLRQ GHV )L JXUEHJULIIV ]X ILQGHQ GLH GDUDXI YHU]LFKWHQ N|QQWH (LQ QDKHOLHJHQGHU :HJZUGH EHU GLH+DQGOXQJVUROOHGHV$JHQVIKUHQ$OOH(QWLWlWHQGLHGLHVH5ROOHHLQQHKPHQVLQG)L JXUHQ'LHVH%HVWLPPXQJLVWDEHUQRFK]XHQJGD]DKOUHLFKH:HVHQNHLQHVZHJVDOV$JHQV DXIWDXFKHQ 0DQ P‰WH GLH %HVWLPPXQJ GDQQ HUZHLWHUQ DOOH (QWLWlWHQ GLH GLHVH 5ROOH HLQQHKPHQ RGHU HLQQHKPHQ N|QQWHQ VLQG )LJXUHQ $EHU HEHQ GLH =XVFKUHLEXQJ GHU





%HQHQQHQGHU)LJXU

JHUZLFKWLJ²lX‰HUH(UVFKHLQXQJ(LQHEHVRQGHUH5ROOHVSLHOWGDV0HUNPDO ¿LQWHQWLRQDOHV+DQGHOQ¾GDHVHUVWHLQ:HVHQ]XHLQHPP|JOLFKHQ$NWHXULQ GHU+DQGOXQJZHUGHQOl‰W:LHZLUDEHUJHVHKHQKDEHQZLUGGDV0HUNPDO DXFKGRUW]XJHVFKULHEHQZRGLH)LJXUQLHPDOVKDQGHOWYLHOPHKUJHQJWHV VFKRQGD‰GLH)LJXUDXIJUXQGLKUHU0HUNPDOHHLQHU.ODVVHYRQ:HVHQ]X JHRUGQHWZLUGGLHLPNXOWXUHOOHQ:LVVHQDOVSULQ]LSLHOOKDQGOXQJVIlKLJDQJH VHKHQZHUGHQ%HUHLWVDXIGLHVHUVHKUEDVDOHQ(EHQHEHLGHU,GHQWLIL]LHUXQJ HLQHU(QWLWlWGHUILNWLRQDOHQ:HOWDOV¿)LJXU¾VSLHOWDOVRGDV%LOGYRP0HQ VFKHQXQGYRQDQGHUHQ:HVHQGHVDOOJHPHLQHQRGHUGHVVSH]LILVFKILNWLRQD OHQNXOWXUHOOHQ:LVVHQGLHLQGHQJHQDQQWHQ3XQNWHQDQWKURSRPRUSKJHVWDO WHWVLQGHLQHZHVHQWOLFKH5ROOH

%H]HLFKQHQ /LWHUDULVFKH)LJXUHQVLQGZLHDOOH(QWLWlWHQLQGHUHU]lKOWHQ:HOWQXUGXUFK VSUDFKOLFKHXQGGDUDXIDXIEDXHQGHDOOJHPHLQHVHPLRWLVFKH=HLFKHQSUR]HVVH ]XJlQJOLFK 'HU ZLFKWLJVWH $NW LQ GLHVHP 3UR]H‰ LVW RKQH =ZHLIHO GDV %H ]HLFKQHQ GHU )LJXU GK LP 5DKPHQ GHU REHQ JHQDQQWHQ 7KHVH GDV %H ]HLFKQHQPLWHLQHP1DPHQ%HJLQQHQZLUGLHJHQDXHUH8QWHUVXFKXQJPLW ³³³³³³³³³³

0|JOLFKNHLWGLHVH5ROOHHLQ]XQHKPHQEDVLHUWDXIHLQHPNXOWXUHOOHQ.RQVWUXNWZLHLQWHQ WLRQDOH+DQGOXQJVIlKLJNHLW0DQKDWVRDOVRQLFKWVJHZRQQHQ  'LHVHV(UJHEQLVLVWQRFKQLFKWDOO]XZHLWHQWIHUQWYRQVWUXNWXUDOLVWLVFKHQ%HVFKUHLEXQJHQ ]% YRQ %DUWKHV ª:HVHQWOLFK LVW HV >@ GHQ 3URWDJRQLVWHQGXUFKVHLQH3DUWL]LSDWLRQDQ HLQHU6SKlUHYRQ+DQGOXQJHQ]XGHILQLHUHQ©DEHUHUIlKUWIRUWªZREHLGLHVH6SKlUHQ]DK OHQPl‰LJEHVFKUlQNWW\SLVFKXQGHLQWHLOEDUVLQG©¿3URWDJRQLVW¾LVWHLQ6DPPHOEHJULIIIU HLQH7LHIHQVWUXNWXULQGHU(U]lKOXQJZLH*UHLPDV $NWDQWHQZRUDXVGLHHLJHQWOLFKH)LJXU HUVWJHQHULHUWZLUG'LH*HPHLQVDPNHLWOLHJWDOVRLQGHU:DKUQHKPXQJGD‰HVHLQHQHQ JHQ=XVDPPHQKDQJ]ZLVFKHQGHP0HUNPDO¿+DQGOXQJVIlKLJNHLW¾XQG)LJXUJLEWDEHUGLH YHUZHQGHWHQ %HVFKUHLEXQJVPRGHOOH XQG YRU DOOHP GLH GDUDXV DEOHLWEDUHQ )ROJHUXQJHQ VLQGJlQ]OLFKYHUVFKLHGHQYJO%DUWKHV $XFK/RWPDQGHU3URSSV$QDO\VHIU DOOHOLWHUDULVFKHQ7H[WHYHUDOOJHPHLQHUWVLHKWLQGHU)LJXUªHLQ0HQJHQGXUFKVFKQLWWVWUXN WXUHOOHU)XQNWLRQHQ©6 'HU+HOGVHLHLQ+DQGOXQJVWUlJHUDEHUGHU+DQGOXQJVWUlJHU EUDXFKH QLFKW DQWKURSRPRUSK ]X VHLQ GD LQ FKLQHVLVFKHQ 7H[WHQ DOV +DQGOXQJVWUlJHU :HUZ|OIHDXIWUlWHQ6 'LHVZLGHUVSULFKWQRFKQLFKWGHURELJHQ'HILQLWLRQGLHIHVW OHJW GD‰ GLHbKQOLFKNHLWPLWGHP0HQVFKHQ QLFKWLPbX‰HUOLFKHQOLHJW/RWPDQEH]LHKW VLFKDOOHUGLQJVLQGLHVHP.DSLWHODXFKDXIGDVVHOEVWIRUPXOLHUWH%HLVSLHOHLQHV6FKLIIVGDV HQWODQJ HLQHU 5RXWH IlKUW $XFK GLHVHV 6FKLII VHL HLQ +DQGOXQJVWUlJHUII  'DVPDJ VHLQDEHUHVLVWP(NHLQH)LJXUZHQQLKPQLFKWQRFKZHLWHUHTXDOLIL]LHUHQGH0HUNPDOH ]XJHVFKULHEHQZHUGHQYJO/RWPDQ   $QGHUV DOV GLH PHLVWHQ 8QWHUVXFKXQJHQ ]XU OLWHUDULVFKHQ 2QRPDVWLN GLH ]XPHLVW DXV VFKOLH‰OLFK DQ GHQ VHPDQWLVFKHQ $VSHNWHQ YRQ 1DPHQ LQWHUHVVLHUW VLQG NRQ]HQWULHUHQ



%HQHQQHQGHU)LJXU



GHP$QIDQJHLQHV0lUFKHQVHLQHU7H[WJDWWXQJGLHLP5XIVWHKWEHVRQGHUV HLQIDFKJHEDXW]XVHLQ $QHLQHP6RPPHUPRUJHQVD‰HLQ6FKQHLGHUOHLQDXIVHLQHP7LVFKDP)HQVWHUZDU JXWHU'LQJHXQGQlKWHDXV/HLEHVNUlIWHQ'DNDPHLQH%DXHUVIUDXGLH6WUD‰HKHUDE XQG ULHI ªJXW 0XV IHLO JXW 0XV IHLO© 'DVNODQJGHP6FKQHLGHUOHLQOLHEOLFKLQGHQ 2KUHQHVVWHFNWHVHLQ]DUWHV+DXSW]XP)HQVWHUKLQDXVXQGULHIªKLHUKHUDXIOLHEH )UDXKLHUZLUGVLHLKUH:DUHORV©.+06 

³³³³³³³³³³

VLFKGLHIROJHQGHQhEHUOHJXQJHQDXIGLH3UR]HVVHEHLGHU%H]HLFKQXQJGLHGDYRUOLHJHQ (LQH $XVQDKPHELOGHWGLH $UEHLW YRQ /DPSLQJ  =XUOLWHUDULVFKHQ2QRPDVWLNYJO %LUXV XQG6RQGHUHJJHU HLQH7\SRORJLHOLWHUDULVFKHU1DPHQHQWZLFNHOW%LUXV   ² $UEHLWHQ DXI *UXQGODJH GHU 7KHRULH ILNWLRQDOHU :HOWHQ EHKDQGHOQ 1DPHQ ]X PHLVWDOVVWDUUH'HVLJQDWRUHQULJLGGHVLJQDWRUV HLQ.RQ]HSWGDVGHUDPHULNDQLVFKH3KLOR VRSK6DXO$.ULSNHLP5DKPHQVHLQHU7KHRULHGHUP|JOLFKHQ:HOWHQHQWZLFNHOWKDW,Q VHLQHP$XIVDW]1DPLQJDQG1HFHVVLW\GLVNXWLHUW.ULSNHVHLQH7KHVHGD‰1DPHQQLFKWHWZDV EH]HLFKQHQGDVGXUFKHLQHLQ]HOQHV0HUNPDORGHUHLQH*UXSSHYRQ0HUNPDOHQEHVWLPPW ZHUGHQNDQQVRQGHUQDOVVWDUUH'HVLJQDWRUHQLQDOOHQP|JOLFKHQ:HOWHQLPPHUHLQXQG GDVVHOEH EH]HLFKQHQ ² VHOEVW ZHQQ GHP %H]HLFKQHWHQDXIJUXQG GHU$QQDKPHQ EHUGLH (UHLJQLVVH GHU P|JOLFKHQ:HOWJDQ]DQGHUH0HUNPDOH]XJHVFKULHEHQZHUGHQPVVHQDOV LQ GHU DNWXDOHQ 'K $ULVWRWHOHV LVW QLFKW EHVWLPPEDU DOV GHU 9HUIDVVHU GHU 0HWDSK\VLN XQGGHU/HKUHUYRQ$OH[DQGHUGHP*UR‰HQVRQGHUQGLHPLWGLHVHP1DPHQEH]HLFKQHWH 3HUVRQLVWDXFKQRFK$ULVWRWHOHVZHQQDOOGLHVH0HUNPDOHLQHLQHUP|JOLFKHQ:HOWZHJ IDOOHQ:LH:ROIJDQJ6WHJPOOHULQVHLQHU'LVNXVVLRQYRQ.ULSNHV7KHRULHVHKUSODXVLEHO PDFKWLVWGLHVDEHUDXI1DPHQYRQ)LJXUHQLQILNWLRQDOHQ:HOWHQJHUDGHQLFKWEHUWUDJ EDU,P)DOOGHU9HUZHQGXQJYRQDNWXDOHQ1DPHQLQP|JOLFKHQ:HOWHQJLOWGD‰GLH(U HLJQLVUHLKHQ DE HLQHP EHVWLPPWHQ =HLWSXQNW DQGHUV YHUODXIHQ VLQG DOV LQ GHU DNWXDOHQ :HOWMHQDFKGHQ9RUJDEHQGHV7H[WHVGHUGLHP|JOLFKH:HOWNRQVWLWXLHUW]%ZDVZlUH SDVVLHUWZHQQVLFKGLH(OWHUQYRQ$ULVWRWHOHVQLHJHWURIIHQKlWWHQ)LJXUHQQDPHQGDJHJHQ EH]LHKHQ VLFK DXI VSH]LILVFKH 7H[WH GHU DNWXDOHQ :HOW ]% LVW 6KHUORFN +ROPHV 7HLO HLQHV 7H[WHVYRQ$& 'R\OH 6HOEVW ZHQQ PDQ QXQHLQHQ:HOWYHUODXI LPDJLQLHUWLQGHPHLQH 3HUVRQDOOH0HUNPDOHYRQ6KHUORFN+ROPHVHLQVFKOLH‰OLFKGHV1DPHQVKDWVRLVWGDVQLH GHU6KHUORFN+ROPHV²GHQQGHULVWMDGLH)LJXUDXVGHP7H[W²VRQGHUQOHGLJOLFKHLQ6KHU ORFN +ROPHV YJO 6WHJPOOHU  II  (LQHQ NQDSSHQ hEHUEOLFN EHU GLH SKLORVR SKLVFKH$XVHLQDQGHUVHW]XQJPLW1DPHQELHWHW6XPPHUHOO 'LH3RVLWLRQPDQN|Q QH.ULSNHV.RQ]HSWDXIGLH$QDO\VHYRQOLWHUDULVFKHQ1DPHQEHUWUDJHEH]LHKW]%'R OHæHOII   'LH0lUFKHQGLH-DFREXQG:LOKHOP*ULPPJHVDPPHOWKDEHQZXUGHQYRUGHU3XEOLND WLRQXQGEHVRQGHUVDXFK]ZLVFKHQGHQHUVWHQ$XIODJHQHLQJHKHQGEHUDUEHLWHW9RUDOOHP DEHUVHW]WHQGLH*ULPPVPDQFKH0lUFKHQDXVYHUVFKLHGHQHQ4XHOOHQ]XVDPPHQVRDXFK 'DVWDSIHUH6FKQHLGHUOHLQGDVKLHUXQWHUVXFKWZLUG'LHLP)ROJHQGHQDQDO\VLHUWHQ7H[WSKl QRPHQH ODVVHQ VLFK GDKHU QLFKW GHU VFKOLFKWHQ 9RONVWPOLFKNHLW GHU 7H[WH ]XVFKUHLEHQ VRQGHUQ VLQG 6SH]LILND GHU ¿QHXHQ OLWHUDULVFKHQ *DWWXQJ¾ .+0 6  GHUHQ 7RQIDOO XQG5HSHUWRLUHGLH%UGHUJHVFKDIIHQKDEHQ





%HQHQQHQGHU)LJXU

(LQH 9RUDQQDKPH GHU $XVJDQJVWKHVH PX‰ ZLH VFKRQ HLQ IOFKWLJHU %OLFN DXIGHQ7H[W]HLJWHWZDVJHQDXHUJHID‰WZHUGHQ,QGHPJDQ]HQ0lUFKHQ² ZLH LQ]DKOUHLFKHQDQGHUHQ7H[WHQGHU*ULPPVFKHQ6DPPOXQJ²NRPPHQ NHLQH1DPHQYRUVRQGHUQQXUJHQHULVFKH%H]HLFKQXQJHQ$SSHOODWLYD ZLH ¿6FKQHLGHUOHLQ¾ ¿.|QLJ¾¿5LHVH¾¿.|QLJVWRFKWHU¾RGHU¿:DIIHQWUlJHU¾'LHVH %H]HLFKQXQJHQ ZHUGHQ VR N|QQWH PDQ QXQ IROJHUQ KLHU ZLH 1DPHQ YHU ZHQGHW6FKRQHLQJHQDXHUHU%OLFNDXIGHQHUVWHQ6DW]]HLJWDEHUGD‰HVVR HLQIDFKQLFKWLVW$XIGHP7LVFKVLW]W¿HLQ¾6FKQHLGHUOHLQ(UVWEHLGHUQlFK VWHQ (UZlKQXQJ LVW HV ¿GDV¾ 6FKQHLGHUOHLQ (QWVSUHFKHQG GHQ EOLFKHQ 5H JHOQ ]XU 9HUZHQGXQJ YRQ EHVWLPPWHP XQG XQEHVWLPPWHP $UWLNHO NDQQ PDQGHPHQWQHKPHQGD‰HUVWHLQ 6FKQHLGHUYRQPHKUHUHQP|JOLFKHQXQG H[LVWHQWHQ GDPLW EH]HLFKQHW ZLUG XQG LQ VSlWHUHQ 9HUZHQGXQJHQ GHU %H ]HLFKQXQJDXIGLHVHQHLQHQGHP/HVHUQXQVFKRQEHNDQQWHQUHIHULHUWZLUG (LQH VROFKH 9HUZHQGXQJ YRQ 1DPHQ ZlUH K|FKVW XQJHZ|KQOLFK =ZDU NDQQ PDQ 1DPHQ PLW EHVWLPPWHP $UWLNHO YHUZHQGHQQXUVHOWHQDEHUPLW XQEHVWLPPWHQ :HQQ PDQ OLHVW ¿HLQ :ROIJDQJ 0OOHU VD‰ DXI GHP 7LVFK¾ GDQQ PVVHQ HQWZHGHU PHKUHUH :ROIJDQJ 0OOHU LP 5DXP VHLQ RGHU GHU 6SUHFKHU GUFNW HLQH 'LVWDQ] ]X GLHVHU 3HUVRQ DXV LP 6LQQH HLQHU HOOLSWL VFKHQ)RUPXOLHUXQJYRQ¿HLQJHZLVVHU:ROIJDQJ0OOHU¾$XFKHLQZHLWHUHU 8PVWDQGVSULFKWJHJHQGLH7KHVHGD‰GLH$SSHOODWLYDDOV1DPHQYHUZHQGHW ZHUGHQ'HU7H[WUHIHULHUWDQHWZDVVSlWHUHU6WHOOHDXIGLH)LJXUPLWGHU%H ]HLFKQXQJ ¿6FKQHLGHU¾ XQG HLQH VROFKH 8PZDQGOXQJ HLQHV 1DPHQV ZlUH ³³³³³³³³³³  $XFKGHU)RUWXQDWXVLVWHKHUVSDUVDPPLW(LJHQQDPHQXQGYHUZHQGHW]XPHLVW$SSHOODWLYD

GLH %HUXI VR]LDOH 6WHOOXQJ RGHU 9HUZDQGWVFKDIW DQ]HLJHQ :LUW .|QLJ 7RFKWHU *UDI  +DWHLQH)LJXUHLQHQ(LJHQQDPHQZLUGGLHVHU]XPHLVWLQHLQHUHLJHQHQbX‰HUXQJHWZDDOV 7HLOVDW] RGHU LQ .ODPPHUQ HLQHU EHUHLWV HLQJHIKUWHQ )LJXU H[SOL]LW ]XJHRUGQHW ]% ª'HU KHW DLQ VFKRHQH WRFKWHU GLH KLH‰ *UDFLDQD© )RUWXQDWXV 6   ²=XP9HUKlOWQLV YRQ1DPHQXQG$SSHOODWLYDYJO1LFRODLVHQ   'HU:HFKVHOYRQXQEHVWLPPWHQ]XEHVWLPPWHQ$UWLNHOQLVWEHNDQQWOLFKW\SLVFKIUHWZDV GDVGXUFKGHQ7H[WHLQJHIKUWZXUGH$OOJHPHLQLVWQLFKWVGDUEHUJHVDJWZLHGHP+| UHU/HVHUGDVPLWGHPEHVWLPPWHQ$UWLNHO%H]HLFKQHWHEHNDQQWLVW]%EHUHLQHIUKHUH (UZlKQXQJ LP 7H[W HLQH EHVWLPPWH 3RVLWLRQ LP :HOWZLVVHQ ¿GHU 3UlVLGHQW GHU 86$¾  RGHU GXUFK GLH .RPPXQLNDWLRQVVLWXDWLRQ (V LVW LKP ªOHGLJOLFK ¿LQ JHZLVVHU :HLVH¾ EH NDQQW(UKDWGDIUHLQH¿NRJQLWLYH$GUHVVH¾XQGNDQQGLHVH$GUHVVHDQVSUHFKHQ©(LVHQ EHUJ   .DOYHUNlPSHU EHVWLPPW GUHL .ULWHULHQ XP IHVW]XOHJHQ RE HLQ 6SUDFK]HLFKHQ DOV 1DPH YHUZHQGHW ZLUG 6SUHFKHULQWHQWLRQ NRQWH[WXHOOH 6SUDFKPLWWHO XQG VLWXDWLYH 6LJQDOH YJO .DOYHUNlPSHU $X‰HUGHPVFKOlJWHUYRU1DPHQXQGDQGHUH6SUDFK]HLFKHQQLFKW DOV GLVWLQNWH .ODVVHQ ]X EHKDQGHOQ VRQGHUQ HKHU YRQ HLQHP .RQWLQXXP ]X VSUHFKHQ )ROJW PDQ LKP NDQQ PDQ VDJHQ GD‰ LQ GLHVHP 0lUFKHQ EHVWLPPWH $SSHODWLYD YLHOH .HQQ]HLFKHQYRQ1DPHQKDEHQZHQQDXFKQLFKWDOOH



%HQHQQHQGHU)LJXU



HEHQIDOOV QXU XQWHU XQJHZ|KQOLFKHQ 8PVWlQGHQ YRUVWHOOEDU ]% DOV 6SLW] QDPH XQWHU )UHXQGHQ $QGHUHUVHLWV ZHUGHQ ¿6FKQHLGHUOHLQ¾ XQG ¿.|QLJ¾ VR NRQVWDQW ]XU %H]HLFKQXQJ GHU )LJXUHQ YHUZHQGHW ZLH GDV LQ GHQ PHLVWHQ DQGHUHQ(U]lKOWH[WHQQXUPLW1DPHQJHVFKLHKW'LH%H]HLFKQXQJHQZHUGHQ DOVRNHLQHVZHJVDOV1DPHQYHUZHQGHWDEHUVLHZHUGHQDQVWHOOHYRQ1DPHQ YHUZHQGHWVLHVLQGNHLQVSUDFKOLFKHVVRQGHUQHLQIXQNWLRQDOHVbTXLYDOHQW 'HU 9ROOVWlQGLJNHLW KDOEHU VHL HUZlKQW GD‰ ]DKOUHLFKH %HQHQQXQJHQ QLFKWGLH)RUPHLQIDFKHU1RPLQDRGHUHLQHUHLQIDFKHQ1RPLQDOJUXSSH¿GHU 6FKQHLGHU¾  KDEHQ VRQGHUQ HLQHU NRPSOH[HQ 1RPLQDOJUXSSH ]% GXUFK DGMHNWLYLVFKH$WWULEXWHZLHªGHQWRGWHQZLUW©)RUWXQDWXV6 RGHU*HQL WLYDWWULEXWH ZLH ¿GHV .|QLJV :DIIHQWUlJHU¾ ª'HU &KHI GHU )LUPD ¿-RKDQQ %XGGHQEURRN¾©%XGGHQEURRNV6 GLHªLXQFNIUDZGHVJOFNV©)RUWXQD WXV6 RGHUGXUFK$SSRVLWLRQHQZLHª$QGUHDV3ULQJVKHLPSDVWRUPDULD QXV©%XGGHQEURRNV6 JHELOGHWZHUGHQ$XFKLVWGLH.DWHJRULH(LJHQ QDPHQ HWZDV NRPSOL]LHUWHU DOV HV GHQ HUVWHQ $QVFKHLQ KDW GD GD]X DXFK 6SLW]QDPHQZLHª7UlQHQ7ULHVFKNH©]lKOHQVRZLH7LWHODOOHU$UW]%PLOLWlUL VFKH DNDGHPLVFKH RGHU $GHOVWLWHO XQG 9HUZDQGWVFKDIWVEH]HLFKQXQJHQ GLH LQ MH NXOWXUVSH]LILVFKHU :HLVH DOV 7HLOGHV1DPHQVYHUZHQGHWZHUGHQN|Q QHQ]%ª&RXVLQH.ORWKLOGH©HEGD6 ª5HFKWVDQZDOW'RNWRU*LHVHNH© HEGD6 RGHUªNQLJVROGDQ©)RUWXQDWXV6 'LHVH)RUPHQVLQG ZLHGHUXPXQWHUHLQDQGHUNRPELQLHUEDUªYRQQVHLQHPDOOHUOLHEVWHQJHPDKHO &DVVDQGUD©HEGD6  :LH GDV 7HOHIRQDW DP $QIDQJ GHV .ULPLQDOURPDQV YRQ XQG PLW -HUU\ &RWWRQ ]HLJW LVW QRFK QLFKW HLQPDO HLQ $SSHOODWLYXP QRWZHQGLJ XP HLQH )LJXU]XHWDEOLHUHQ ª&RWWRQ"© (LQHZHLEOLFKH6WLPPH-XQJ$XIJHUHJW  ª-D&RWWRQ©  6LHDWPHWHVFKZHU  ª.DQQLFK,KQHQKHOIHQ0L‰"©-HUU\&RWWRQ6 

'LH]ZHLWH%HQHQQXQJGHU)UDXª6LHDWPHWH© HULQQHUWDQGDV2IIHQVLFKWOL FKH'LHJHVDPWH.DWHJRULHGHU3URQRPLQDNDQQ]XU%H]HLFKQXQJYRQ)LJX UHQ YHUZHQGHWZHUGHQ 6RODQJHGLHHU]lKOWH:HOWQXUYRQGHPPlQQOLFKHQ ,FK(U]lKOHU XQG GHU IUHPGHQ )UDX EHY|ONHUW ZLUG JHQJW GDV 3URQRPHQ YROONRPPHQXPGLH)UDXHLQGHXWLJ]XEH]HLFKQHQ'DV)HKOHQGHV1DPHQV NDQQ GDEHL RKQH GLH .RQVWLWXWLRQ GHU )LJXU ]X LUULWLHUHQ IU QDUUDWLYH =ZHFNHZLHGLH6SDQQXQJVHU]HXJXQJYHUZHQGHWZHUGHQ,QWHUHVVDQWHULVWGLH HUVWH%HQHQQXQJª(LQHZHLEOLFKH6WLPPH©'LH,QIRUPDWLRQGD‰HVVLFKXP HLQHQ0HQVFKHQXQGGDKHUXPHLQH)LJXUKDQGHOWPX‰QLFKWXQEHGLQJWDOV





%HQHQQHQGHU)LJXU

VXEVWDQWLYLVFKH%HQHQQXQJHLQJHIKUWVRQGHUQNDQQDXFKEHUGLH:LHGHU JDEHGHV*HVSURFKHQHQYHUPLWWHOWZHUGHQ8QWHUGHPUHVXOWDWLYHQ%OLFNZLQ NHO GHU 5KHWRULN N|QQWH PDQ VDJHQ HV KDQGHOW VLFKKLHUEHL XPHLQH0HWR Q\PLHGDGLH6WLPPHLQHLQHUUHDOHQ%H]LHKXQJ]XPHLJHQWOLFK%H]HLFKQHWHQ GHU)UDX VWHKW(VJLEWDEHUNHLQHQ+LQZHLVGDUDXIGD‰GDVHLJHQWOLFK%H ]HLFKQHWH KLHUEHL GLH )UDX LVW GHQQ LQ GHU HU]lKOWHQ :HOW LQ GHU :DKUQHK PXQJGHV,FK(U]lKOHUVH[LVWLHUWWDWVlFKOLFKQXUGLH6WLPPH'LH6FKOX‰IRO JHUXQJGD‰GLH6WLPPH]XHLQHU)UDXJHK|UWLVWWURW]LKUHU7ULYLDOLWlWLPPHU QRFKHLQH6FKOX‰IROJHUXQJ(VKDQGHOWVLFKKLHUEHLXPHLQHHLJHQH.DWHJR ULH GLH ¿LQGLUHNWH %HQHQQXQJ HLQHU )LJXU¾ 'LH VSUDFKOLFKHQ 9HUIDKUHQ ]XU LQGLUHNWHQ %HQHQQXQJ VLQG NDXP HLQ]XJUHQ]HQ =X GLHVHU .DWHJRULH ]lKOW DXFK GLH Z|UWOLFKH 5HGH RKQH YHUED GLFHQGL GD GLHVH HEHQIDOOV GHQ 6FKOX‰ QDKHOHJHQGD‰GDV*HVSURFKHQHHLQHU)LJXU]X]XUHFKQHQLVW%HLVSLHOHGDIU VLQGGLHREHQVWHKHQGHHUVWH=HLOHGHV.ULPLQDOURPDQVRGHUGLHEHUKPWHQ HUVWHQ6lW]HDP$QIDQJGHU%XGGHQEURRNV ª:DVLVWGDV²:DV²LVWGDV©  ª-HGHQ'ZHORRNF HVWODTXHVWLRQPDWUqVFKqUHGHPRLVHOOH©%XGGHQEURRNV6 

'LH$EWUHQQXQJGHUEHLGHQ=HLOHQGXUFK$EVDW]XQG$QIKUXQJV]HLFKHQLVW GLH 0DUNLHUXQJ GDIU GD‰ DQ GLHVHU 6WHOOH ]ZHL XQWHUVFKLHGOLFKH )LJXUHQ VSUHFKHQ-HGHZ|UWOLFKH5HGHYHUZHLVWDOVRDXIMHHLQH)LJXUHVKDQGHOWVLFK DOVRXP]ZHLGLUHNWDQHLQDQGHUDQVFKOLH‰HQGHLQGLUHNWH%HQHQQXQJHQ 'LUHNWH %HQHQQXQJHQ ZLH (LJHQQDPHQ $SSHOODWLYD RGHU 3URQRPLQD XQG LQGLUHNWH %HQHQQXQJHQ VLQG ]XPLQGHVW WHLOZHLVH IXQNWLRQDO lTXLYDOHQW 6LHEH]HLFKQHQHLQH)LJXULQGHUHU]lKOWHQ:HOW¿%H]HLFKQHQ¾LVWDEHUVFKRQ LQ H[SRVLWRULVFKHQ 7H[WHQ PLW DNWXDOHQ :HOWEH]JHQ HLQ SUREOHPDWLVFKHU %HJULIIXQGLVWHVXPVRPHKULQILNWLRQDOHQ7H[WHQ8PGLHJHQDXHUH%HGHX WXQJYRQ¿%H]HLFKQHQHLQHU)LJXU¾]XHUIDVVHQVROOGHU%HJULIILPIROJHQGHQ DOV6DPPHOEH]HLFKQXQJIUHLQH5HLKHYRQ)XQNWLRQHQYHUVWDQGHQZHUGHQ QlPOLFK ¿8QWHUVFKHLGXQJ¾ ¿,GHQWLWlW¾ ¿5HIHUHQ]SXQNW IU 0HUNPDOV]XRUG QXQJHQ¾¿%DVLVW\SXV¾XQG¿(U]HXJXQJ¾  ³³³³³³³³³³  .DKU  II  XQWHUVFKHLGHW YLHU :RUWNODVVHQ GHUHQ(OHPHQWHDOVHUVWHV*OLHGHLQHU

%HQHQQXQJVUHLKH YRUNRPPHQ N|QQHQ  PLW GHP XQEHVWLPPWHQ $UWLNHO YHUEXQGHQH $XVGUFNH.HQQ]HLFKQXQJHQPLWWHOVGHLNWLVFKYHUZHQGHWHQ'HPRQVWUDWLYXPXQGPLW ]XVDPPHQJHVHW]WHQ 5HODWRUHQ  (LJHQQDPHQ  'HLNWLND 1DFK GLHVHU HUVWHQ (LQIK UXQJ N|QQHQ DX‰HUGHP DOV 6XEVWLWXHQV YHUZHQGHW ZHUGHQ 3URQRPLQDOH 6XEVWLWXHQWLD +LOIVLQGLNDWRUHQGHU5HLKHQIROJHXQGGHU:LHGHUDXIQDKPHGXUFK5HSULVHE]ZGXUFKSDU WLHOOH5HGXNWLRQ



%HQHQQHQGHU)LJXU



8QWHUVFKHLGXQJ %H]HLFKQXQJHQXQG1DPHQGLHQHQGD]X(QWLWlWHQLQGHUHU]lKOWHQ:HOWYRQ DQGHUHQ]XXQWHUVFKHLGHQXQGGDGXUFKGLH(QWLWlWHUVWDOV(LQKHLW]XPDUNLH UHQ$XIGHUVHKUEDVDOHQ(EHQHGLHKLHUUHNRQVWUXLHUWZLUGZLUGJOHLFKVDP GLH 8PUL‰OLQLH HLQHU *HVWDOW JHELOGHW GLHVH 8PUL‰OLQLH LVW VHOEVW JHVWDOWORV ZHLOVLHDXIGLHVHU(EHQHQRFKPLWNHLQHQZHLWHUHQ,QIRUPDWLRQHQJHIRUPW LVW 'LH /LQLH EHVDJW QXU 'D LVW HWZDV GDV VLFK YRQ DOOHP DQGHUHQ LQ GHU HU]lKOWHQ:HOWXQWHUVFKHLGHW'LHVLVWGLHZHVHQWOLFKH9RUDXVVHW]XQJIUGLH ,GHQWLWlWVELOGXQJXQGGDPLWGLH=XVFKUHLEXQJDOOHUZHLWHUHQ,QIRUPDWLRQHQ :RYRQ KlQJW DEHU GLH 8QWHUVFKHLGXQJVIXQNWLRQ DE" (LQ HUQHXWHU %OLFN DXIGDV0lUFKHQYRPWDSIHUHQ6FKQHLGHUOHLQKLOIWKLHUZHLWHU,QGHP0lU FKHQLVWGLHHU]lKOWH:HOWUHFKWEHUVFKDXEDUHVNRPPWQXUHLQ6FKQHLGHU QXUHLQH.|QLJVWRFKWHUGDULQYRU'LH%H]HLFKQXQJHQUHLFKHQGDKHUDXVXP GLH)LJXUHQDXVHLQDQGHU]XKDOWHQ(VJLEWMHGRFKHLQH3DVVDJHLQGHUGDVVR QLFKW PHKUVWLPPW$OVGHU 3URWDJRQLVWGHQ$XIWUDJHUKlOW]ZHL5LHVHQ]X W|WHQVFKOHLFKWHUVLFKLP:DOGDQVLHKHUDQ$QIDQJVLVWGDEHLLPPHUYRQ ªGHQ 5LHVHQ© RGHU ªEHLGHQ 5LHVHQ© GLH 5HGH 'HU 6FKQHLGHU EHJLQQW HLQHQ GHU5LHVHQYRP%DXPKHUDEPLW6WHLQHQ]XEHZHUIHQ'DGLHVHUGHQDQGHUHQ 5LHVHQ IU GHQ 8UKHEHU KlOW NRPPW HV ]XP 6WUHLW )U GLH %HVFKUHLEXQJ GLHVHV9RUJDQJVPX‰]ZLVFKHQGHQ)LJXUHQGLIIHUHQ]LHUWZHUGHQZDVPLWWHOV HLQHV VFKOLFKWHQ 'XUFK]lKOHQV JHVFKLHKW VLH ZHUGHQ YRUEHUJHKHQG GHU ªHUVWH©XQGGHUª]ZHLWH©JHQDQQW'LH1XPHULHUXQJEH]LHKWVLFKDXIGLH5HL KHQIROJHLQGHUVLHPLW6WHLQHQEHZRUIHQZXUGHQ$OVVLHWRWVLQGLVWZLHGHU QXU YRQ GHQ ª5LHVHQ© GLH 5HGH (LQJHIKUW ZHUGHQ GLH 5LHVHQ DOV JHJQHUL VFKHV.ROOHNWLYXQGDP(QGHLVWGLHVHV.ROOHNWLYEHUZXQGHQ6RODQJHQXU GLHVH)XQNWLRQGHU)LJXUHQYHUPLWWHOWZHUGHQVROOZHUGHQVLHGDKHUDXFKPLW HLQHP NROOHNWLYHQ ,GHQWLILNDWRU EHOHJW $OV DEHU GHU 7ULFN GHV 6FKQHLGHUV EHULFKWHWZHUGHQVROOLVWHVQRWZHQGLJYRUEHUJHKHQG]ZLVFKHQGHQEHLGHQ ]XXQWHUVFKHLGHQ'DV%HLVSLHOPDFKWGHXWOLFKGD‰GLH(LQKHLWGLHGXUFKGLH %HQHQQXQJ JHELOGHW ZLUG KDQGOXQJVIXQNWLRQDO LVW $OV *HJQHU LP .DPSI GKGXUFKLKUH5ROOHLQGHU+DQGOXQJELOGHQGLHEHLGHQ5LHVHQHLQH(LQKHLW (EHQVRGXUFKGLH+DQGOXQJVIXQNWLRQEHGLQJWLVWGDV=HUIDOOHQGHV.ROOHN WLYV LQ VHLQH ,QGLYLGXHQ 'LH 8QWHUVFKHLGXQJVIXQNWLRQ LVW GHPQDFK QLFKW DOOHLQDEKlQJLJYRQGHQ%HGLQJXQJHQGHUILNWLRQDOHQ:HOWVRQGHUQHEHQVR ZHQQQLFKWQRFKPHKUYRQQDUUDWLYHQ(UIRUGHUQLVVHQXQGGHU.RPPXQLND ³³³³³³³³³³  /DPSLQJ QHQQW EHUHLWV GLH HUVWHQ GUHL )XQNWLRQHQ DOVR 8QWHUVFKHLGXQJ ,GHQWLWlW XQG 

$XIKlQJHUIU)LJXUHQPHUNPDOHYJO/DPSLQJII  *HQDXHU'DV¿HLQ6FKQHLGHUOHLQ¾EHVDJWGD‰DXFKLQGHUHU]lKOWHQ:HOWPHKUHUH6FKQHL GHUH[LVWLHUHQDEHUQXUGLHVHUHLQHLVWIUGDV(U]lKOWHUHOHYDQW





%HQHQQHQGHU)LJXU

WLRQVLQWHQWLRQ LP %HLVSLHO GHV 0lUFKHQV YRQ GHU 9HUPLWWOXQJ HLQHU +DQG OXQJ  ,GHQWLWlW -HGH %HQHQQXQJ NDQQ %H]XJVSXQNW IU ZHLWHUH %HQHQQXQJHQ GDYRU RGHU GDQDFKVHLQ'HUHLQIDFKVWH)DOOLVWGLH%H]HLFKQXQJHLQHU)LJXUPLWWHOVHLQHV 1DPHQVXQGZHLWHUH5HIHUHQ]HQDXIGLH)LJXUPLWWHOV3URQRPLQD]%ª'DV 6FKQHLGHUOHLQ ]RJ ZHLWHU >@ 1DFKGHP HV ODQJH JHZDQGHUW ZDU >@© 'LH VSUDFKOLFKH XQG NRQ]HSWXHOOH *HVWDOW GHU )LJXU VLJQDOLVLHUW GDEHL GLH $Q VFKOX‰P|JOLFKNHLWHQ IU GLH ZHLWHUHQ %HQHQQXQJHQ :LH GLHVH $QVFKOVVH KHUJHVWHOOW ZHUGHQ XQG ZLH GLH ,GHQWLWlW HLQHU )LJXU VR HU]HXJW RGHU DXFK JHVW|UW ZHUGHQ NDQQ ZLUG LP DQVFKOLH‰HQGHQ .DSLWHO DXVIKUOLFKHU GLVNX WLHUW  5HIHUHQ]SXQNWGHU0HUNPDOV]XRUGQXQJ 'LH %HQHQQXQJ HLQHU )LJXU VHOEVW LQ HLQHU VSDUVDPHQ XQG JDQ] LQGLUHNWHQ )RUP ELOGHW HLQHQ 3XQNW GHP 0HUNPDOH ]XJHRUGQHW ZHUGHQ N|QQHQ XQG ]XPHLVWDXFKZHUGHQVR]XVDJHQHLQHQ$XIKlQJHUIUGLH0HUNPDOH  %DVLVW\SXV :LUGGDVGXUFKGHQ1DPHQRGHUGXUFKDQGHUH%HQHQQXQJHQ%H]HLFKQHWHDOV )LJXULGHQWLIL]LHUWGDQQZLUGGHUSULQ]LSLHOOHQQRFKLQIRUPDWLRQVORVHQ8Q WHUVFKHLGXQJEHUHLWVHWZDVDQ,QIRUPDWLRQ]XJHVFKULHEHQQlPOLFK]XPLQGHVW GDV ZDV VLH JDQ] DOOJHPHLQ DOV )LJXU LGHQWLIL]LHUEDU JHPDFKW KDW 'LHVHQ 0LQLPDOW\SXVGHU)LJXUVFKHLQWQHEHQGHU+DQGOXQJVIlKLJNHLWDXFKGLHSULQ ]LSLHOOH 'LIIHUHQ] YRQ ,QQHQ XQG $X‰HQ ]X NHQQ]HLFKQHQ 'DV KHL‰W YRQ GHU)LJXUZLUGVWHWVDQJHQRPPHQVLHKDEHHLQVLQQOLFKZDKUQHKPEDUHVbX ‰HUHVXQGHLQ,QQHUHVGDVQLFKWVLQQOLFKZDKUQHKPEDULVW$X‰HUGHPVFKHLQW GLH 'LIIHUHQ] ]ZLVFKHQ YRUEHUJHKHQGHQ ,QQHQ]XVWlQGHQ XQG PHKU RGHU ZHQLJHU VWDELOHQ 0HUNPDOHQ GHV ,QQHUHQ ² ZLH LPPHU GDV EH]HLFKQHW XQG ³³³³³³³³³³  /DPSLQJDUJXPHQWLHUWPLWGHUSULQ]LSLHOOHQHU]lKOWHFKQLVFKHQ1RWZHQGLJNHLW)LJXUHQ]X

LGHQWLIL]LHUHQZLHDEHUGDV%HLVSLHOGHU5LHVHQLP0lUFKHQ]HLJWJLEWHVNHLQHSULQ]LSLHOOH 1RWZHQGLJNHLW HLQHU LQGLYLGXHOOHQ ,GHQWLIL]LHUXQJ VRQGHUQ QXU LQ $EKlQJLJNHLW YRQ GHU NRPPXQLNDWLYHQ ,QWHQWLRQ GK XQWHUVFKLHGHQ ZLUG VRZHLW ZLH HV Q|WLJ LVW XP GHQ ¿3XQNW¾GHU*HVFKLFKWH]XYHUPLWWHOQYJO/DPSLQJ6II  .+06+HUYRUKHEXQJHQYRQPLU)-  'LHVLVWLQVEHVRQGHUHYRQ6WUXNWXUDOLVWHQHLQJHKHQGHUDQDO\VLHUWZRUGHQYJOHWZD%DUWKHV >@ bKQOLFK&KDWPDQII GHUDQ%DUWKHVDQNQSIW,QVEHVRQGHUH %DUWKHV hEHUOHJXQJHQOHLGHQDEHUXQWHUGHP9HUVXFKGLH0HUNPDOHDOVUHLQVSUDFKOLFKH 3KlQRPHQHDXI]XIDVVHQ9JOGD]XXQWHQ6



%HQHQQHQGHU)LJXU



NRQ]HSWXDOLVLHUWZLUG²LQWHUNXOWXUHOOUHODWLYVWDELO]XVHLQ(VJLEWVLFKHUOLFK EHUKDXSW NHLQH ORJLVFKH 1RWZHQGLJNHLW IU GHUDUWLJH LQWHUNXOWXUHOO VWDELOH 'LIIHUHQ]ELOGXQJHQ DEHU 6WLFKSUREHQ LQ 7H[WHQ YHUVFKLHGHQHU =HLWHQ XQG .XOWXUHQ ODVVHQ YHUPXWHQ GD‰ GLH )lKLJNHLW ]XP LQWHQWLRQDOHQ +DQGHOQ GLH ,QQHQ$X‰HQ'LIIHUHQ] XQG GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ WUDQVLWRUL VFKHQXQGVWDELOHQ0HUNPDOHQVHKUZHLWYHUEUHLWHWHXQGEDVDOH.RQ]HSWHGHU 3HUVRQHQZDKUQHKPXQJ XQG GHU )LJXUHQPRGHOOLHUXQJ GDUVWHOOHQ (V OLHJW QDKH DQ]XQHKPHQ GD‰ GLHVH GUHL 8QWHUVFKHLGXQJHQ 7HLO GHU DOOJHPHLQHQ PHQVFKOLFKHQ 'LVSRVLWLRQ ]XU 3HUVRQHQZDKUQHKPXQJ VLQG ZDV VLFK DXFK GXUFK %HREDFKWXQJHQ GHU (QWZLFNOXQJVSV\FKRORJLH VWW]HQ Ol‰W GLH GLH VSH]LILVFKH:DKUQHKPXQJYRQ0HQVFKHQDOV0HQVFKHQXQG]XPLQGHVWGLH HUVWHQ EHLGHQ JHQDQQWHQ 8QWHUVFKHLGXQJHQ LQ]ZLVFKHQ VFKRQ EHL ZHQLJHQ 0RQDWHQ DOWHQ .LQGHUQ QDFKZHLVHQ NDQQ 'DV JHQDXH 9HUKlOWQLV GLHVHU VHKU DOOJHPHLQHQ 3ULQ]LSLHQ GHU 3HUVRQHQZDKUQHKPXQJ XQG GHU GUHL JH QDQQWHQ8QWHUVFKHLGXQJHQGHV%DVLVW\SXVGHU)LJXULVWZRKOQRFKXQJHNOlUW ZHQQPDQDXFKMHW]WVFKRQPLWJXWHQ*UQGHQDQQHKPHQNDQQGD‰HVVLFK QLFKWXPHLQH*OHLFKVHW]XQJKDQGHOWGKXPHLQH:DKUQHKPXQJYRQ)LJX ³³³³³³³³³³  'DV JLOW ]XPLQGHVWIUGLHJHZlKOWHQ%HLVSLHOWH[WHVLHKH4XHOOHQYHU]HLFKQLV WURW]LKUHU

KLVWRULVFKHQXQGNXOWXUHOOHQ9DULDELOLWlW'DVJLOWDXFK²VRZHLWGLHVDXIJUXQGYRQhEHU VHW]XQJHQXQGGHUGDPLWYHUEXQGHQHQhEHUWUDJXQJYRQ.RQ]HSWHQEHUKDXSWEHUSUI EDU LVW ² IU VR XQWHUVFKLHGOLFKH 7H[WH ZLH GHQ MDSDQLVFKHQ 5RPDQ *HQML PRQRJDWDUL YRQ 0XUDVDNL 6KLNLEX   >(QWVWHKXQJ FD @ GHU HQJOLVFKH hEHUVHW]HU GHV 3ULQ]HQ *HQML:DOH\GHVVHQhEHUWUDJXQJ9RUODJHIUGLHGHXWVFKHhEHUVHW]XQJLVWEHWRQWLQVHL QHP1DFKZRUWDXVGUFNOLFKGLH1lKHHLQLJHUPLWWHODOWHUOLFKHQEXGGKLVWLVFKHQ9RUVWHOOXQ JHQYRP0HQVFKHQ]XPRGHUQHQ.RQ]HSWHQQlPOLFKGLH9LHOVFKLFKWLJNHLWGHU6HHOHXQG GHUP|JOLFKH:LGHUVWUHLWGLHVHU6FKLFKWHQ6ROFKH3DUDOOHOHQEHWUHIIHQDEHUVFKRQK|KHU VWXILJHDQWKURSRORJLVFKSV\FKRORJLVFKH9RUVWHOOXQJHQXQGVHW]HQGHQKLHUEHVFKULHEHQHQ %DVLVW\SXVYRUDXVYJOHEGD%G62GHUGHQFKLQHVLVFKHQ5RPDQ'HU7UDXPGHU URWHQ .DPPHU >@   'LH .RQVWDQ] GHU ,QQHQ$X‰HQ'LIIHUHQ] EHUXKW ZRKO JDQ]HLQIDFKDXIGHU6HOEVWZDKUQHKPXQJGHV0HQVFKHQGHUVRZRKOHLQH:DKUQHKPXQJ VHLQHULQQHUHQ=XVWlQGHDOVDXFKVHLQHVbX‰HUHQNHQQW:HQLJHUHLQIDFKLVWGLH(UNOlUXQJ GHUHEHQIDOOVVHKUVWDELOHQ8QWHUVFKHLGXQJ]ZLVFKHQ WUDQVLWRULVFKHQXQGUHODWLY ODQJOHEL JHQSHUVRQDOHQ0HUNPDOHQ  (LQ9RUWHLOGHVUHODWLYLQIRUPDWLRQVDUPHQ.RQ]HSWV¿%DVLVW\SXV¾ZLHHVKLHUEHVFKUHLEHQ LVWOLHJWGDULQGD‰GLHEOLFKHQ6WUHLWLJNHLWHQYHUPLHGHQZHUGHQN|QQHQREXQGLQZHO FKHU:HLVHQLFKWZHVWOLFKHV6XEMHNWGHQNHQGLH%HJULIIOLFKNHLWVFKRQYRUSUlJW(VJLEWDQ WKURSRORJLVFKH 8QWHUVXFKXQJHQ GLH EHWRQHQ GD‰ VLFK ]ZDU GLH $XIIDVVXQJ YRP 6HOEVW YRQ.XOWXU ]X.XOWXUXQWHUVFKHLGHWHVDEHUNDXP%HOHJHIUJUR‰H8QWHUVFKLHGHLQGHU (UIDKUXQJ GHV 6HOEVW JLEW 6ROOWHQ VLFK GLHVH hEHUOHJXQJHQ DXFK ZHLWHUKLQ DOV WUDJIlKLJ HUZHLVHQ GDQQ N|QQWH GLH ,QIRUPDWLRQVVWUXNWXU GHV %DVLVW\SXV HYHQWXHOO HWZDV DQJHUHL FKHUWZHUGHQYJO6SLUR   9JOGD]XXQWHQGLH$XVIKUXQJHQ]XP%DVLVW\SXV6





%HQHQQHQGHU)LJXU

UHQLQGLHVHQEDVDOHQ.DWHJRULHQGHU3HUVRQHQZDKUQHKPXQJ6RVWHKWKLQWHU GHU )LJXUHQNDWHJRULH ¿)lKLJNHLW ]XP LQWHQWLRQDOHQ +DQGHOQ¾ QLFKW GLHVHOEH .DWHJRULHDXIGHUSHUVRQDOHQ(EHQHVRQGHUQYLHOPHKU²VR]XPLQGHVWGHU KHXWLJH.HQQWQLVVWDQGGHU3V\FKRORJLH²HLQHDQJHERUHQH'LVSRVLWLRQVLFK XQGDQGHUHQLQWHQWLRQDOHV+DQGHOQ]X]XVFKUHLEHQ1LFKWGLHVH'LVSRVLWLRQ JHKW LQ GLH 5HJHOQ GHU ILNWLRQDOHQ :HOWHQ XQG GHQ %DVLVW\SXV HLQ VRQGHUQ GDVYROOHQGHWH)DNWXP,QGHUDNWXDOHQ:HOWJLEWHVHLQHYHUHUEWH7HQGHQ] VLFKXQGDQGHUHQ,QWHQWLRQHQ]X]XVFKUHLEHQXQGGDPLWGLHSV\FKLVFKH5HDOL WlWYRQ,QWHQWLRQHQ'DUDXVZLUGLQILNWLRQDOHQ:HOWHQHLQHREMHNWLYH7DWVD FKH ,Q GHU HU]lKOWHQ :HOW KDEHQ )LJXUHQ ,QWHQWLRQHQ GD GLHVH :HOWHQ MD QLFKW DQDORJ ]XU DNWXDOHQ :HOW JHVWDOWHW VLQG VRQGHUQ LPPHU DQDORJ ]XU PHQVFKOLFKHQ:DKUQHKPXQJGHUDNWXDOHQ:HOW:lUHQVLHDQDORJ]XUDNWXD OHQ:HOWJHVWDOWHWZUGHQVLHDXFKGDV)DNWXPGHUSV\FKLVFKHQ.RQVWUXNWL RQ YRQ HLJHQHU XQG IUHPGHU ,QWHQWLRQDOLWlW HQWKDOWHQ 'D QDUUDWLYH :HOWHQ DEHU*HELOGHVLQGGLHDXIGHP%LOGGHUDNWXDOHQ:HOWEDVLHUHQXQGQLFKWDXI GHUDNWXDOHQ:HOWVHOEVWZLUGGDVZDV7HLOGHV%LOGHVLVW]XP7HLOGHUQDUUD WLYHQ :HOW ZHUGHQ RGHU NDQQ HV ]XPLQGHVW ZHUGHQ 'DEHL NDQQ HV VHLQHQ 6WDWXV YHUlQGHUQ :HQQ KHXWH ZR GHU *ODXEH DQ +H[HQ LQ 0LWWHOHXURSD ]LHPOLFK ]XUFNJHJDQJHQ LVW MHPDQG GHU DQ +H[HQ JODXEW HLQHQ 5RPDQ EHUVLHVFKUHLEWGDQQZHUGHQGLH+H[HQLQGHU5RPDQZHOWIDNWLVFKVHLQ 'HU%DVLVW\SXVGHU)LJXUNDQQEULJHQV¿EHUVFKULHEHQ¾ZHUGHQGKGLH KLHU DQJHVHW]WHQ 8QWHUVFKHLGXQJHQ N|QQHQ IU HLQH EHVWLPPWH )LJXU DXV GUFNOLFKDOVXQJOWLJPDUNLHUWZHUGHQDEHUGDVPX‰H[SOL]LWJHVFKHKHQ 'LH:DKUQHKPXQJYRQ0HQVFKHQXQG/HEHZHVHQDOVVHOEVWlQGLJH(LQ KHLWHQVWHOOWGHQ1RUPDOIDOOE]ZGLHKlXILJVWH7\SLVLHUXQJGDU'DQHEHQJLEW HV XPIDVVHQGHUH .ROOHNWLYHLQKHLWHQ (V JHQJHQ VFKRQ HLQIDFKH JUDPPDWL VFKH2SHUDWLRQHQZLHGLH3OXUDOELOGXQJLQ¿GLH5LHVHQ¾RGHU¿GLH=ZHUJH¾]XU (U]HXJXQJ YRQ .ROOHNWLYHQ GLH JUDPPDWLVFK GLH 6XEMHNWSRVLWLRQ EHUQHK PHQLQGHU+DQGOXQJDOVHLQI|UPLJH$JHQWHQHUVFKHLQHQXQGGHQHQHLQKHLW OLFKH$WWULEXWH]XJHVFKULHEHQZHUGHQN|QQHQ 

³³³³³³³³³³  9JO*RSQLN  

(LQ %HLVSLHO GDIU LVW LP 5RPDQ 6RODULV YRQ 6WDQLVODY /HP GLH GHQ JDQ]HQ 3ODQHWHQ XPKOOHQGH 0DVVH 'HU 5RPDQ WKHPDWLVLHUW GLH LQ GHU 6FLHQFH )LFWLRQ VRQVW EOLFKH $QWKURSRPRUSKLVLHUXQJ YRQ IUHPGHQ /HEHQVIRUPHQ LQGHP JHUDGH GLH )UDJH RE GLHVH OHEHQGH0DVVHLQWHQWLRQDO KDQGHOWRGHUEHU VRHWZDV ZLHHLQ ,QQHQOHEHQYHUIJWRIIHQ JHKDOWHQZLUG



%HQHQQHQGHU)LJXU



(U]HXJXQJ 'XUFK%H]HLFKQXQJHQZLUGLQILNWLRQDOHQ:HOWHQQRFKHWZDVZHLWHUHVJHOHL VWHW 'DV %H]HLFKQHWH ZLUG GXUFK GHQ HUVWHQ $NW GHV 5HIHULHUHQV ]XJOHLFK DXFKJHVFKDIIHQ,Q GLHHU]lKOWH:HOWZLUGHLQHQHXHNRQ]HSWXHOOH(QWLWlW HLQJHIKUW%HYRU*RHWKHGDVHUVWH0DO¿:LOKHOP0HLVWHU¾QHQQWH[LVWLHUW GLH )LJXU QLFKW 8QG GDV :LH GHU %H]HLFKQXQJ EHVWLPPW GLHVH QHXH ([L VWHQ]$XIGLHVH:HLVHVLQGGLH)UDJHQZDVJHJHEHQLVWXQGZLHHWZDVJHJH EHQLVWLQHLQHU$UWXQG:HLVHXQO|VEDUPLWHLQDQGHUYHUNQSIWGLHILNWLRQDOH 7H[WHSULQ]LSLHOOYRQQLFKWILNWLRQDOHQXQWHUVFKHLGHW *HQDXHU EHWUDFKWHWEHVWHKWGLHVHU$NWDXV]ZHLXQWHUVFKHLGEDUHQ)XQN WLRQHQ (UVWHQV ZLUG HLQH )LJXU HU]HXJW ]ZHLWHQV ZLUG LKU HLQ 0RGXV GHU ([LVWHQ]]XJHVFKULHEHQ]%IDNWLVFKNRQWUDIDNWLVFKK\SRWKHWLVFKP|JOLFK RGHUUHLQVXEMHNWLYDOVRQXULP*ODXEHQRGHUQXULQGHU9RUVWHOOXQJHLQHU DQGHUHQ )LJXU GHU HU]lKOWHQ :HOW 'LHVH 0RGL ZHUGHQ GHU )LJXU LQ GHU HU]lKOWHQ :HOW HQWZHGHU HLQGHXWLJ ]XJHVFKULHEHQ RGHU HEHQ JHUDGH QLFKW %HWUDFKWHWPDQGLH(U]HXJXQJGHU)LJXUZLHKLHUEHVFKULHEHQDOVHLQHQ3UR ]H‰GHUDXV]ZHL6FKULWWHQEHVWHKWGDQQXPJHKWPDQGDV3UREOHPGD‰PDQ HLQHU)LJXUQXU([LVWHQ]]XVFKUHLEWZHQQVLHLPIDNWLVFKHQ([LVWHQ]PRGXV HLQJHIKUWZLUG6HOEVWZHQQGLH)LJXUEH]RJHQDXIGLHHU]lKOWH:HOWNRQWUD IDNWLVFKLVWEHNRPPWVLHDXIJUXQGLKUHU%HQHQQXQJHLQHNRQ]HSWXHOOH([L VWHQ]LQGHUHU]lKOWHQ:HOW²LPPHUKLQLVWVLHPLWGLHVHQVSH]LILVFKHQ(LJHQ VFKDIWHQEH]HLFKQHWZRUGHQXQGDXIGLHVH:HLVHLVWHLQH8QWHUVFKHLGXQJLQ ³³³³³³³³³³  =%'ROHæHO .HQGDOO:DOWRQGLVNXWLHUWGLH5HJHOQGLHVHU3URGXNWLRQ:DOWRQ

  (LQHHWZDVDXVIKUOLFKHUH'LVNXVVLRQGLHVHV3XQNWHVILQGHWVLFKZHLWHUXQWHQLP.DSLWHO :DVLVWHLQH)LJXU"  (LQH$XVQDKPHELOGHQGLH9HUZHQGXQJHQYRQ1DPHQDXVGHU*HVFKLFKWH]%1DSROH RQ'LH)LNWLRQDOLWlWVWKHRUHWLNHUVLQGVLFKZLHVFKRQHUZlKQWXQHLQVRE1DSROHRQLQHL QHP OLWHUDULVFKHQ 7H[W HEHQIDOOV DOV %H]HLFKQXQJ IU HLQH ILNWLYH (QWLWlW DXI]XIDVVHQ LVW RGHUDOV5HIHUHQ]DXIHLQHUHDOH'LHHUVWH$QWZRUWKDWGHQ9RUWHLOGD‰ILNWLRQDOH:HOWHQ DXV HLQHU KRPRJHQHQ 0HQJH ILNWLYHU(QWLWlWHQEHVWHKWNDQQDEHUQLFKW VRJXWHUNOlUHQ ZDUXPGLH,QIRUPDWLRQVJHVWDOWXQJLQVROFKHQ)lOOHQJHQDXXPJHNHKUW]XPEOLFKHQ9HU IDKUHQ JHVFKLHKW GDV MHGHU ILNWLYHQ (QWLWlW QXU GLH LP 7H[W H[SOL]LW RGHU LPSOL]LW ]XJH VFKULHEHQHQ0HUNPDOH]XRUGQHW 'LH ]ZHLWH$QWZRUWKDWGHQ9RUWHLOHEHQ GLHVH$V\P PHWULHLQGHU:LVVHQV]XVFKUHLEXQJEHVVHUHUNOlUHQ]XN|QQHQKDWDEHUPLWGHP8PVWDQG 3UREOHPH GD‰ GLH PHLVWHQ 5HDOSHUVRQHQ GLH LQ ILNWLRQDOHQ 7H[WHQ HUZlKQW ZHUGHQ LQ GLHVHQ 7H[WHQ DQGHUH RGHU PHKU ,QIRUPDWLRQHQ ]XJHVFKULHEHQ EHNRPPHQ DOV LP QLFKW ILNWLRQDOHQ8PJDQJPLWLKQHQ  =X GHQ ([LVWHQ]PRGL YJO 0DUJROLQ  I  ² (LJHQWOLFK KDQGHOW HV VLFK XP HLQH 5H]HQVLRQGLH0DUJROLQGD]XQXW]WZHVHQWOLFKH(UJHEQLVVHVHLQHUODQJMlKULJHQ$XVHLQDQ GHUVHW]XQJPLWGHU)LJXUQRFKHLQPDO]XVDPPHQ]XIDVVHQ 





%HQHQQHQGHU)LJXU

GLHHU]lKOWH:HOWHLQJHWUDJHQZRUGHQDQGLHLPIROJHQGHQDQJHNQSIWZHU GHQNDQQ %HVWLPPW ZLUG GHU ([LVWHQ]PRGXV GXUFK GLH 4XHOOH GHU bX‰HUXQJ GLH GLH)LJXUHU]HXJWGKKLHUVLQGGLHWHLOZHLVHVHKUVXEWLOHQhEHUOHJXQJHQ]X 6WLPPH XQG 0RGXV DOOJHPHLQ XQG ]XP XQ]XYHUOlVVLJHQ (U]lKOHU LQVEH VRQGHUH HLQVFKOlJLJ GLH ]DKOUHLFKH QDUUDWRORJLVFKH $UEHLWHQ LQ GHQ OHW]WHQ -DKUHQ ]XVDPPHQJHWUDJHQ KDEHQ (WZDV VFKHPDWLVFK NDQQ PDQ IHVWKDOWHQ GD‰ GHU IDNWLVFKH ([LVWHQ]PRGXV HLQHU )LJXU GHU XQPDUNLHUWH )DOO LVW XQG GHVKDOELPPHUGDQQDQJHQRPPHQZHUGHQNDQQZHQQQLFKWH[SOL]LW,QGLND WRUHQGDJHJHQVSUHFKHQ6ROFKH,QGLNDWRUHQN|QQHQGLH=XYHUOlVVLJNHLWGHU 4XHOOHLQVJHVDPWLQ)UDJHVWHOOHQ²GDVZlUHGLH3KlQRPHQIDPLOLHGLHXQWHU GHU %H]HLFKQXQJ ¿XQ]XYHUOlVVLJHU (U]lKOHU¾ DEJHKDQGHOW ZLUG ² GDQQ ZlUH DOV)ROJHDXFKGLH([LVWHQ]GHU)LJXULQ)UDJHJHVWHOOWRGHUVLHPDUNLHUHQQXU GLH ([LVWHQ] GHU )LJXU LQ HLQHP QLFKWIDNWLVFKHQ 0RGXV OHW]WHUHV NDQQ LP 'HXWVFKHQ]%GXUFKGLH9HUZHQGXQJGHV,UUHDOLVRGHU3RWHQWLDOLVJHVFKH KHQ6WHWVZLUGQLFKWGLH%H]HLFKQXQJGHU)LJXUJHVW|UWVRQGHUQGHUHQ(U ]HXJHQ6HOEVWZHQQGLH)LJXUDOVP|JOLFKXQZLUNOLFKXVZPDUNLHUWZLUGLVW VLHGHQQRFKPLWGHQVRQVWLKU]XJHZLHVHQHQ0HUNPDOHQHLQJHIKUW

6LWXDWLYHU5DKPHQ %HYRUGLH)UDJHEHKDQGHOWZHUGHQNDQQZLH]ZHL%HQHQQXQJHQYRQ)LJXUHQ DOV5HIHUHQ]HQDXIGLHVHOEH)LJXULGHQWLIL]LHUWZHUGHQN|QQHQPX‰GDVDQD O\WLVFKH :HUN]HXJ ]XU %HVFKUHLEXQJ YRQ 6LWXDWLRQHQ LQ GHU HU]lKOWHQ :HOW HUZHLWHUW ZHUGHQ GD GLH %HQHQQXQJHQ YRQ GLHVHQ LP ZHVHQWOLFKHQ DEKlQ JHQ$XFKGDVVHLHLQJDQJVDQHLQHPNOHLQHQ%HLVSLHOGHPRQVWULHUW:ROIJDQJ .RHSSHQV5RPDQ7DXEHQLP*UDVLVWLQPHLVWQXUZHQLJH6HLWHQODQJHGXUFK HLQH/HHU]HLOHYRQHLQDQGHUJHWUHQQWH3DVVDJHQXQWHUWHLOWXQGGHU/HVHUUHDOL ³³³³³³³³³³  0DUJROLQGHUGLHVHQ6DFKYHUKDOWVHKUVFKDUIVLQQLJXQWHUGHP*HVLFKWVSXQNWGHU([LVWHQ]

GHU)LJXULQGHUHU]lKOWHQ:HOWDQDO\VLHUWVSULFKWYRQHLQHU([LVWHQ]GHU)LJXUQXUGDQQ ZHQQVLHIDNWLVFKLVW²EH]RJHQDXIGLHHU]lKOWH:HOW²DQVRQVWHQYRQHLQHUVHPLRWLVFKHQ 0|JOLFKNHLW 8QWHU GLHVHU 3HUVSHNWLYH ZLUG YLHOOHLFKW QLFKW NODU ZLH JHZLFKWLJ DOOHLQ GLH ([LVWHQ] GHU NRQ]HSWXHOOHQ (LQKHLW VHOEVW LP QLFKWIDNWLVFKHQ 0RGL IU GLH *HVWDOWXQJ GHUHU]lKOWHQ :HOW VHLQ NDQQYJO 0DUJROLQ  9JODXFK0DUJROLQ =XU DXVIKUOLFKHQ'LVNXVVLRQYRQ0DUJROLQV7KHVHYJOXQWHQ6  9JOQHEHQGHUNODVVLVFKHQ6WXGLHYRQ*HQHWWHQXQ]XVDPPHQIDVVHQGGLH'DUVWHOOXQJLQ 0DUWLQH]XQG6FKHIIHO*HQHWWH 0DUWLQH]6FKHIIHO =XPXQ]XYHU OlVVLJHQ(U]lKOHUYJODXFKGHQ%DQGYRQ$QVJDU1QQLQJ GRUWDXFKHLQHXPIDQJ UHLFKH%LEOLRJUDSKLH]XP7KHPD



%HQHQQHQGHU)LJXU



VLHUWEDOGGD‰HLQHVROFKH0DUNLHUXQJPLWHLQHP:HFKVHO]XHLQHPDQGHUHQ (U]lKOVWUDQJ YHUEXQGHQ LVW 'LH PHLVWHQ 3DVVDJHQDQIlQJH RULHQWLHUHQ GHQ /HVHUVHKUVFKQHOOGDUEHUZHOFKHU6WUDQJZLHGHUDXIJHQRPPHQZLUGDEHU HLQLJHODVVHQVLFKGDPLWHLQLJH=HLOHQ=HLW ²ZLH6FKQHHDXIGHQ/LSSHQ6LHZLVFKWHQVLHDEXQGWDXFKWHQZLHGHULQGLHLUGHQHQ.U JHGHU%RFNVWLHJLQVLHHLQULHVHOWHV‰ELWWHUNOHEULJDURPDWLVFKGLH.HKOHKLQXQWHUª%HHU© ²ª%LHU©2G\VVHXVXQG-RVHISURVWHWHQHLQDQGHU]X7DXEHQLP*UDV6I 

1DFKKHUN|PPOLFKHQ0D‰VWlEHQGHU7H[WOLQJXLVWLNN|QQWHPDQVDJHQGDV 3HUVRQDOSURQRPHQ ¿6LH¾LVWNDWDSKRULVFKEH]RJHQDXI¿2G\VVHXVXQG-RVHI¾ :LH&DWKHULQH(PPRWWDEHULQLKUHU6WXGLH]XP9HUVWlQGQLVYRQ3HUVRQDO SURQRPLQDLQ(U]lKOWH[WHQGHXWOLFKPDFKWOLHJHQLQ(U]lKOWH[WHQLQVEHVRQ GHUHLQVROFKHQPLWSDUDOOHOHQ+DQGOXQJVVWUlQJHQGLH'LQJHHWZDVNRPSOL ]LHUWHU ZHQQ GXUFK YRUDQJHKHQGH 7H[WVLJQDOH GHU :HFKVHO ]X HLQHU GHP /HVHUEHUHLWVEHNDQQWHQ6LWXDWLRQVLJQDOLVLHUWZLUG'DVLVWDXFKKLHUGHU)DOO 1XU ZHQLJH 6HLWHQ YRUKHU ZLUG LP 5RPDQ JHVFKLOGHUW ZLH GHU VFKZDU]H 6ROGDWXQGVHLQGHXWVFKHU%HJOHLWHUGLH.QHLSHEHWUHWHQXQGLKU%LHUWULQNHQ GLH3DVVDJHHQGHWPLWGHP6DW]ªGHU6FKDXPODJZLH6FKQHHDXILKUHQ/LS SHQ© 7DXEHQ LP *UDV 6   ,QGHP GHU OHW]WH 7HLO GHV 6DW]HV ZLHGHUKROW ZLUGVFKOLH‰WGLH3DVVDJHGLUHNWDQGLHYRUKHUJHKHQGHDQGDVKHL‰WGHU/HVHU NDQQ YRQ HLQHU .RQWLQXLWlW YRQ 6LWXDWLRQ HLQVFKOLH‰OLFK EHWHLOLJWHU )LJXUHQ DXVJHKHQXQGGDPLWZlUHGDV¿6LH¾HLQDQDSKRULVFKHU9HUZHLV'LH)UDJHRE HVVLFKXPHLQH$QDSKHURGHUHLQH.DWDSKHUKDQGHOWLVWIUGDVKLHUYHUIROJ WH QDUUDWRORJLVFKH ,QWHUHVVH ZHQLJHU UHOHYDQW DOV GLH (LQVLFKW ZLH DEKlQJLJ GLH$XIO|VXQJGHUSURQRPLQDOHQ5HIHUHQ]YRQGHU6LWXDWLRQLQGHUHU]lKOWHQ :HOWLVWXQGGDYRQZLHLPGLVFRXUVHLQ6LWXDWLRQVZHFKVHOVLJQDOLVLHUWZLUG &DWKHULQH(PPRWWKDWYRUJHVFKODJHQYRQHLQHU$EKlQJLJNHLWYRQHLQHP NRQWH[WXHOOHQ5DKPHQFRQWH[WXDOIUDPH ]XVSUHFKHQ$FRQWH[WXDOIUDPHLVªD PHQWDOVWRUHRILQIRUPDWLRQDERXWDSDUWLFXODUFRQWH[W(QWLWLHVZLWKLQDORFD WLRQDUHERXQGZLWKLQWKDWORFDWLRQ²¿HSLVRGLFDOO\¾FRQQHFWHGWRWKHSODFHDQG WKHRWKHUSHRSOHDQGREMHFWVWKHUH©6RGHILQLHUWLVWGHUNRQWH[WXHOOH5DK PHQ HLQH (LQKHLW GHV *HGlFKWQLVVHV XQG GLH .RKlUHQ] GHU (LQKHLW ZLUG JHVWLIWHWGXUFKGHQ2UWXQGGLHHSLVRGLVFKH%LQGXQJYRQ)LJXUHQXQG2E ³³³³³³³³³³  (PPRWW   3DXO:HUWKKDWLQVHLQHUQDFKJHODVVHQHQ$EKDQGOXQJGLH(PPRWW

PLW]XP'UXFNEHI|UGHUWKDWGDUDXIKLQJHZLHVHQGD‰HLQ5DKPHQHLQH6LQQVWUXNWXUVHL XQGHUVWGXUFKHLQHQ%HREDFKWHU]XHLQHPVROFKHQZHUGH'DKHUVHLGLH$QZHVHQKHLWHL QHU ZDKUQHKPHQGHQ )LJXU LP 5DKPHQ HLQH QRWZHQGLJH 9RUDXVVHW]XQJ VHLQHU %HVWLP PXQJYJO:HUWK   'HU %HJULII¿HSLVRGLFDOO\¾ EH]LHKW VLFKKLHUDXIGHQ%HJULIIGHVHSLVRGLVFKHQ*HGlFKWQLV VHV GDUXQWHUYHUVWHKW PDQ GDV*HGlFKWQLV IUªSHUV|QOLFKH (UIDKUXQJHQXQGLKUH]HLWOL





%HQHQQHQGHU)LJXU

MHNWHQ DQ GLHVHQ 2UW $X‰HUGHP JLEW HV QRFK XQJHEXQGHQH )LJXUHQ RKQH %H]LHKXQJ]XHLQHPNRQWH[WXHOOHQ5DKPHQ:HQQGLH(U]lKOXQJHLQHQEH VWLPPWHQ .RQWH[W EHVFKUHLEW VR LVW GLHVHU DNWLY :HQQ LQ HLQHP 6DW] DXI )LJXUHQ LP DNWLYHQ .RQWH[W UHIHULHUW ZLUG GDQQ VLQG GLHVH RIIHQ DQVRQVWHQ VLQGGLH)LJXUHQLPDNWLYHQ.RQWH[WLPPHUQRFKDQZHVHQGDEHUYHUGHFNW =XVlW]OLFK ]X GHQ HSLVRGLVFKHQ %LQGXQJHQ N|QQHQ DXFK VROFKH EDVLHUHQG DXI :HOWZLVVHQ KHUDQJH]RJHQ ZHUGHQ +DQGOXQJHQ HLQHU )LJXUGLHDQHL QHQ5DKPHQJHEXQGHQLVWN|QQHQDXFKGHQ=XVWDQGYRQYHUGHFNWHQ)LJX UHQLQQHUKDOEGHV5DKPHQVlQGHUQ]%ZHQQHLQHRIIHQH)LJXUHLQH%RPEH LQHLQHP5DXP]QGHWGDQQEHWULIIWGLH([SORVLRQDXFKGLHQLFKWLQGLHVHP 6DW] JHQDQQWHQ )LJXUHQ LQ GHP 5DXP $XFK ,QIRUPDWLRQHQ EHU GHQ 2UW N|QQHQ DXI GLH )LJXUHQ EH]RJHQ ZHUGHQ MHZHLOV DEKlQJLJ YRQ GHQ 5HJHOQ GHU ILNWLRQDOHQ :HOW (LQH 9HUlQGHUXQJ GHV 5DKPHQV NDQQ HWZD GXUFK GDV $EJHKHQRGHU$XIWUHWHQYRQ)LJXUHQJHVFKHKHQRGHUGXUFKDQGHUH0RGLIL NDWLRQHQ(LQ:HFKVHOGHV5DKPHQVZLUGYROO]RJHQZHQQGLH$XIPHUNVDPNHLW GHV/HVHUVDXIHLQHQDQGHUHQ5DKPHQJHOHQNWZLUGXQGHLQH5FNNHKU]XP 5DKPHQ ZHQQ ]X HLQHP VSlWHUHQ =HLWSXQNW HLQ 5DKPHQ ZLHGHU DNWLYLHUW ZLUG $QQDKPHQ EHU .RQWLQXLWlWHQ XQG 9HUlQGHUXQJHQ LQ GHQ 5DKPHQ ]ZLVFKHQ :HFKVHO XQG 5FNNHKU EDVLHUHQ DXI GHQ 5HJHOQ GHU ILNWLRQDOHQ :HOW'LH5FNNHKU]XP5DKPHQNDQQEHUHLWVGXUFKGLH%HQHQQXQJHLQHU )LJXUJHVFKHKHQGLHDQIUKHUHU6WHOOHGHV7H[WHVDQGHQ5DKPHQJHEXQGHQ ZXUGH=XU(QWVFKHLGXQJZHOFKH)LJXUEHQDQQWZLUGN|QQHQUDKPHQVSH]LIL VFKH GLH QXU LQ GHU JHVFKLOGHUWHQ 6LWXDWLRQ ZDKUVLQGXQGUDKPHQXQDEKlQJLJH +LQZHLVHGLHXQDEKlQJLJYRQGHU6LWXDWLRQVLQGYHUZHQGHWZHUGHQ'DVJLOW DXFK IU GLH )HVWVWHOOXQJ ZHOFKHU (QDNWRU (QDFWRU  EHQDQQW ZLUG DOVR RE DXIGLHJOHLFKH)LJXU]XXQWHUVFKLHGOLFKHQ=HLWSXQNWHQLQGHUHU]lKOWHQ:HOW UHIHULHUWZLUG,QQHUKDOEHLQHVNRQWH[WXHOOHQ5DKPHQN|QQHQPHKUHUH)L JXUHQ DNWLY VHLQ DEHU ]XPHLVW VLQG QXU HLQH RGHU ]ZHL IRNXVVLHUW GK GLH ³³³³³³³³³³



   

FKHQ %H]LHKXQJHQ© GK GLHVH *HGlFKWQLVIRUP KDW FKURQRORJLVFKDXWRELRJUDSKLVFKHQ &KDUDNWHULQVRIHUQLKUH,QKDOWH(SLVRGHQ QDFKGHU$UWª,FKWDWGDVXQGGDVDQGHPXQG GHP2UW]XGHUXQGGHU=HLW©HULQQHUWZHUGHQN|QQHQYJO6FKLUPHUI 'LH Z|UWOLFKHQ=LWDWHDXV7XOYLQJ¿(SLVRGLFDQG6HPDQWLF0HPRU\¾]LWLHUWQDFK6FKLUPHU (PPRWW YHUPHLGHW GDPLW GDV .RQ]HSW GHV )RNXV GDV LQ GHU 7KHRULH PHQWDOHU 0RGHOOH GHV/HVHQVSRSXOlULVWZHLOHVGHQUHOHYDQWHQ.RQWH[WIUHLQH$QDSKHUHLQVFKUlQNW/HL GHUJLEWHVVR*DUQKDP2DNKLOO NHLQHEUDXFKEDUH'HILQLWLRQGHV%HJULIIV 9JO(PPRWW  (EGD6I (EGD6 (EGD6



%HQHQQHQGHU)LJXU



$XIPHUNVDPNHLWGHV/HVHUVZLUGDXIVLHJHOHQNW'XUFKGHQ%H]XJDXIGHQ 5DKPHQNDQQGLIIHUHQ]LHUWZHUGHQ]ZLVFKHQGHU8QVLFKHUKHLWREHLQH)LJXU LQHLQHP5DKPHQDQZHVHQGLVWXQGGHU8QVLFKHUKHLWDXIZHOFKH)LJXUHLQHV 5DKPHQVHLQH%HQHQQXQJUHIHULHUW6LWXDWLYHU7H[WIUDPHGWH[W LVW7H[WGHU DXIHLQHQNRQWH[WXHOOHQ5DKPHQEH]RJHQLVWGKGLH6lW]HVLQGDXI(UHLJQLV VHEH]RJHQGLH]XHLQHPVSH]LILVFKHQ=HLWSXQNWXQGDQHLQHPVSH]LILVFKHQ 2UW JHVFKHKHQ XQG EHVFKUHLEHQ QLFKW ZLHGHUKROWH RGHU YHUDOOJHPHLQHUWH (UHLJQLVVH'HU/HVHUNDQQDOVRDXVGHP7H[WVFKOX‰IROJHUQGD‰GLH6lW]H DXIGLHVHOEH6LWXDWLRQPLW.RQWLQXLWlWYRQ=HLWXQG5DXPEH]RJHQVLQGXQG GD‰ GLH YHUGHFNWHQ )LJXUHQ ZHLWHUKLQ 7HLO GHV 5DKPHQV VLQG 1LFKW VLWXDWLYHU 7H[W DOVR 7H[W GHU QLFKW DXI HLQHQ NRQWH[WXHOOHQ 5DKPHQ YHU ZHLVW LVW QLFKW DXI HLQH VSH]LILVFKH UDXP]HLWOLFK IL[LHUWH 6LWXDWLRQ EH]RJHQ VRQGHUQDXI9HUDOOJHPHLQHUXQJHQ:LHGHUKROXQJHQRGHUlKQOLFKHV 'HU %HJULII ¿NRQWH[WXHOOHU 5DKPHQ¾ EH]HLFKQHW HLQH 6LQQVWUXNWXU GLH GXUFKHLQH|UWOLFKHZHUXQGZDVLVWDQGLHVHP2UWDQZHVHQG" HLQH]HLWOLFKH XQG GXUFK HLQH UHODWLY IUHLH HSLVRGLVFKH .RPSRQHQWH ZDV LVW DQ GHP 2UW JHVFKHKHQ JHELOGHWZLUG0DQN|QQWHGDJHJHQHLQZHQGHQHVVHLZHQLJSODX VLEHO JHUDGH GLHVH 6LQQVWUXNWXU JHJHQEHU DQGHUHQ ]X SUlIHULHUHQ XQG IUD JHQREHVQLFKWEHVVHUVHLYRQHLQHPDOOJHPHLQHQ5DKPHQEHJULIIQDFK9RU ELOG YRQ *RIIPDQ DXV]XJHKHQ" 'HP LVW HQWJHJHQ]XKDOWHQ GD‰ (PPRWWV 9RUVFKODJGHU6LWXDWLRQVEH]RJHQKHLWGHVJU|‰WHQ7HLOVHU]lKOHQGHU/LWHUDWXU JHUHFKWHUZLUG'DV$WWULEXW¿NRQWH[WXHOO¾LVWGDEHLDOOHUGLQJVLUUHIKUHQGGD DXFKDQGHUH5DKPHQHLQHQ.RQWH[WHU]HXJHQN|QQHQXQGVROOGDKHUGXUFK ¿VLWXDWLY¾ HUVHW]W ZHUGHQ (LQ ¿VLWXDWLYHU 5DKPHQ¾ XPID‰W )LJXUHQ DQ HLQHP 2UWVRZLHGDV*HVFKHKHQDQGLHVHP2UW'LHVHV*HVFKHKHQNDQQZLHGHUXP ³³³³³³³³³³  (EGD6 

(EGD6 (EGD6  (EGD 6  (PPRWW XQWHUVFKHLGHW DXI HLQHQ 5DKPHQ EH]RJHQHQ 7H[W YRQ GHP ZDV *HQHWWHHLQH¿6]HQH¾QHQQWZHLOGLHVHQXUDXIGLH'DXHUEH]RJHQVHLLKU%HJULIIDEHUDXI GLH.RQWLQXLWlWGHV.RQWH[WHVYJOHEGD6  9JO*RIIPDQ>@ *RIIPDQV'HILQLWLRQYRQ5DKPHQLVWEHUHLWVVHKUDOOJHPHLQ ª,FK JHKH GDYRQ DXV GD‰ ZLU JHPl‰ JHZLVVHQ 2UJDQLVDWLRQVSULQ]LSLHQ IU (UHLJQLVVH ² ]XPLQGHVW IU VR]LDOH ² XQG IU XQVHUH SHUV|QOLFKH $QWHLOQDKPH DQ LKQHQ 'HILQLWLRQHQ HLQHU6LWXDWLRQDXIVWHOOHQ©HEGD 67URW] GLHVHU$OOJHPHLQKHLWKDQGHOWVLFK XP²NR JQLWLRQVZLVVHQVFKDIWOLFKJHVSURFKHQ²6FKHPDWDXQG6NULSWHGLHIU,QWHUDNWLRQVVLWXDWLR QHQUHOHYDQWVLQG*RIIPDQWUlJWVHLQHhEHUOHJXQJHQHKHUHVVD\LVWLVFKYRU:LOOHPVYHU WULWWGLH7KHVHGD‰VLFKGDKLQWHUHLQYLHOV\VWHPDWLVFKHUHV'HQNHQYHUELUJWGDVHULQ%H ]XJ]XQHXHUHQ7UHQGVGHU6R]LRORJLHVHW]WZREHLHUGDV5DKPHQNRQ]HSWQRFKDEVWUDNWHU YHUZHQGHWYJO:LOOHPV ]XP.RQ]HSWGHV5DKPHQVYJOHEGD.DS 





%HQHQQHQGHU)LJXU

GXUFK W\SLVFKH +DQGOXQJVDEOlXIH VFULSWV  ]% 5HVWDXUDQWEHVXFK XQG ]X VDPPHQJHK|ULJH,QIRUPDWLRQVVHWVIUDPHV ]%:LUWVKDXVRUJDQLVLHUWVHLQ XQGLQQLFKWVLWXDWLYHP7H[WZLUGXD,QIRUPDWLRQVROFKHU$UWSUlVHQWLHUW (LQ :HFKVHO GHV 5DKPHQV ZLUG ]XPHLVW GXUFK W\SRJUDSKLVFKH 6LJQDOH PDUNLHUW ]% .DSLWHOJUHQ]HQ /HHU]HLOHQ 6WHUQFKHQ ]ZLVFKHQ 7H[WWHLOHQ %LQGHVWULFKHLP7H[W6FKULIWZHFKVHOXVZ6HKUYLHOZHQLJHUGHXWOLFKPDUNLHUW LVW GDJHJHQ GHU :HFKVHO ]ZLVFKHQ VLWXDWLYHP XQG QLFKWVLWXDWLYHP 7H[W MD GLHVHU :HFKVHO NDQQ PLWWHQ LP 6DW] HUIROJHQ ,P )RUWXQDWXV ZLUG EHULFKWHW ZLHGHU3URWDJRQLVWXQGVHLQ'LHQHUEHVFKOLH‰HQHLQHUGHPKHLOLJHQ3DWULFLXV JHZHLKWHQ+|KOHHLQHQ%HVXFKDE]XVWDWWHQ 91GDOVR PRUJHQQV IUXHJLHQJHQV\ED\GYQGEH\FKWHWHQYQGHQWSILHQJHQGDVKDLOLJVD FUDPHQW>@YQGVFKOR‰PDQ\QGLHWKUHGHUKOHDXIIGLHLVWK\QGHUGHPIURQDOWDULQ GHPFORVWHUGDJHHWPDQGDUH\QZLHLQDLQHQNHOHUYQGVREDOGDLQHUK\QHLQNRPPSW VRJHEHQGLHSULHVWHUDLQHPGHQVHJHQYQGEHVFKOLHVVHQGLHWKUWKXRQGQLWZLGHUDXII EL‰ PRUJHQQV YPE GLH ]HLWW VR PDQ GDUH\Q JDQJHQ LVW $OV V\ QXQ LQ GLH KOH NDPHQ  YQQGWXHIIKLQDEJDQJHQZDUHQNDPHQV\DXIDLQHEQH>@)RUWXQDWXV6I 

'HU$EVFKQLWWEHJLQQWDOVVLWXDWLYHU7H[W'LH%HVFKUHLEXQJZRGLH7UH]XU +|KOH ]X ILQGHQ LVW ELOGHW GHQ hEHUJDQJ ]XP QLFKWVLWXDWLYHQ 7H[W (LQH 2UWVEHVFKUHLEXQJHQWKlOWMDRIW]DKOUHLFKH0HUNPDOHGLHQLFKW QXUIUGHQ EHVFKULHEHQHQ=HLWSXQNWJOWLJVLQGDEHU]XPHLVWEOHLEWVLHLP7HPSXVGHU +DQGOXQJKLHUDEHUZHFKVHOWGHU7H[W]XP3UlVHQV,QGHP7HLOVDW]ªGDJHHW PDQ GDUH\Q ZLH LQ DLQHQ NHOHU© VLJQDOLVLHUW ]XVlW]OLFK GDV ¿PDQ¾ GLH $OOJH PHLQJOWLJNHLWGHV%HVFKULHEHQHQ'HU7H[WLQIRUPLHUWDOVREHUGDVLQGLH VHP VLWXDWLYHQ 5DKPHQ JOWLJH 6NULSW XQG GDPLW GLH )ROLH DXI GHU GDV LP QDFKIROJHQGHQJHVFKLOGHUWH9HUKDOWHQYRQ)RUWXQDWXVXQGVHLQHP'LHQHU]X VHKHQLVW%HLGHU5FNNHKU]XPVLWXDWLYHQ5DKPHQª$OVV\QXQLQGLHKOH NDPHQ© ZLUGPLW3HUVRQDOSURQRPLQDDXIGLH)LJXUHQYHUZLHVHQ'DVNDQQ ZRKO DOV ,QGL] GDIU JHVHKHQ ZHUGHQ ZLH GHXWOLFK GLH 'LIIHUHQ] ]ZLVFKHQ VLWXDWLYHP7H[WXQGQLFKWVLWXDWLYHP7H[WHLQJHVFKlW]WZLUGGDGLH0|JOLFK NHLW HLQHU 9HUZHFKVOXQJ PLW GHP OHW]WHQ P|JOLFKHQ 5HIHUHQWHQ ªGLH SULH VWHU© QLFKWGXUFKHLQHDQGHUH%HQHQQXQJYHUPLHGHQZLUG :LH HLQH %HQHQQXQJ GLH 8QWHUVFKHLGXQJVIXQNWLRQ HUIOOHQ NDQQ LVW RI IHQVLFKWOLFKVWDUNDEKlQJLJYRQGHQ0HUNPDOHQGHUHLQ]HOQHQ)LJXUHQYRP VLWXDWLYHQ 5DKPHQ XQG GHQ W\SLVLHUWHQ +DQGOXQJVPXVWHUQ ,VW ]% HLQPDO HWDEOLHUW GD‰ QXU HLQ 0DQQ XQG QXU HLQH )UDX DQ GHQ 5DKPHQ JHEXQGHQ VLQGGDQQUHLFKHQ3HUVRQDOSURQRPLQD]XU%HQHQQXQJDXV6HOEVWQXULQGL ³³³³³³³³³³  9JO ]X NRJQLWLRQVZLVVHQVFKDIWOLFKHQ

0RGHOOHQ GHU :LVVHQVUHSUlVHQWDWLRQ $QGHUVRQ II =XP5DKPHQEHJULII7DQQHQ>@ 



%HQHQQHQGHU)LJXU



UHNWH%HQHQQXQJHQHWZDGXUFKDEZHFKVHOQGHGLUHNWH5HGHN|QQHQDXVUHL FKHQGGLIIHUHQ]LHUHQZHQQHVVLFKGDEHL]%XPHLQHQ6WUHLW]ZHLHU)LJXUHQ PLWGHXWOLFKXQWHUVFKLHGOLFKHQ0HLQXQJHQKDQGHOW 'LHYRQ(PPRWWYRUJHVFKODJHQHQ%H]HLFKQXQJHQ]XU%HVFKUHLEXQJGHU 'DUVWHOOXQJVVHLWH DOVR ¿RIIHQH¾ XQG ¿YHUGHFNWH )LJXU¾ ¿IRNXVVLHUWH )LJXU¾ ¿DNWLYHU5DKPHQ¾VLQGIUGLH$QDO\VHHLQHV6DW]HVRGHUQRFKNOHLQHUHU(LQ KHLWHQJHHLJQHWGDGLHVREH]HLFKQHWHQ$VSHNWHVHKUVFKQHOOZHFKVHOQN|Q QHQ:LHDEHUGLH%HLVSLHOHJH]HLJWKDEHQXQGQRFK ]HLJHQZHUGHQJLEWHV DX‰HUGHPHLQHQ%HGDUIIUHLQHHWZDVXPIDVVHQGHUH%HVFKUHLEXQJ)LJXUHQ VLQG KlXILJ 7HLO PHKUHUHU VLWXDWLYHU 5DKPHQ XQG ]DKOUHLFKH 7H[WH IKUHQ )LJXUHQ DOVR QLFKW QXU HLQ VRQGHUQ KDEHQ ]XGHP GDV 3UREOHP VLH ZLHGHU HLQIKUHQ]XPVVHQXQGGHQ/HVHUGDYRQ]XLQIRUPLHUHQGD‰GLH)LJXUDXI GLH QXQ UHIHULHUW ZLUG LGHQWLVFK LVW PLW HLQHUGHP/HVHUEHUHLWV EHNDQQWHQ (WZDVVFKHPDWLVFKNDQQPDQGDKHUVDJHQGD‰HLQHW\SLVFKH)LJXUHQIKUXQJ VRDXVVLHKW'LH)LJXUZLUGHLQJHIKUWXQGHVZLUGQRFKHLQLJH0DOHDXIVLH UHIHULHUW1DFKHLQHU3DVVDJHRKQH9HUZHLVDXIGLH)LJXUZLUGHUQHXWDXIGLH )LJXUUHIHULHUW'DVKlXILJVWHZHLO|NRQRPLVFKVWH9HUIDKUHQXPGLH)LJXU VLFKHUZLHGHUHLQ]XIKUHQLVWGLH:LHGHUKROXQJGHV1DPHQVRGHUGHUILJXUD OHQ%H]HLFKQXQJ(VODVVHQVLFKDOVRGUHLW\SLVFKH5HIHUHQ]SRVLWLRQHQLQQHU KDOE HLQHV VLWXDWLYHQ RGHU QLFKWVLWXDWLYHQ 5DKPHQV XQWHUVFKHLGHQ (LQH )LJXU ZLUG HLQJHIKUW ¿(UVWEHQHQQXQJ GHU )LJXU¾  XQG LQ GHQ GDUDQ DQ VFKOLH‰HQGHQ 6lW]HQ ZLUG ZLHGHUKROW DXI VLH UHIHULHUW ¿$QVFKOX‰EHQHQQXQJ GHU)LJXU¾ (LQZHLWHUH.DWHJRULHELOGHWGDVHUQHXWH5HIHULHUHQDXIHLQH)L JXUDXIGLHEHUHLWVUHIHULHUWZXUGH¿:LHGHUEHQHQQXQJGHU)LJXU¾ 'LHHUVWH (UVWEHQHQQXQJ HLQHU )LJXU LVW QLFKW QXU UHODWLY ]XP 5DKPHQ HLQH (UVWEH QHQQXQJ VRQGHUQDXFKLQ5HODWLRQ]XP7H[WLQVJHVDPWVLHVROO DOV(LQIK UXQJGHU)LJXUEH]HLFKQHWZHUGHQ -HGHGLHVHU5HIHUHQ]IRUPHQKDWEHLGHU,GHQWLWlWVNRQVWLWXWLRQRIIHQVLFKW OLFKLKUHHLJHQHQ3UREOHPH]XO|VHQ'LH(UVWEHQHQQXQJPX‰GLH)LJXUYRQ P|JOLFKHUZHLVHYRUDQJHKHQGHQ)LJXUUHIHUHQ]HQXQWHUVFKHLGHQXQGLPVLWXD WLYHQ 5DKPHQ SRVLWLRQLHUHQ 'LH $QVFKOX‰EHQHQQXQJ PX‰ DXVUHLFKHQG ,QIRUPDWLRQHQHQWKDOWHQXPGHQ$QVFKOX‰KHU]XVWHOOHQ'LH:LHGHUEHQHQ QXQJ PX‰ ZLHGHUXP DXVUHLFKHQG ,QIRUPDWLRQHQ HQWKDOWHQ XP GHXWOLFK ]X PDFKHQ DXI ZHOFKH EHUHLWV JHQDQQWH )LJXU QXQ HUQHXW %H]XJ JHQRPPHQ ³³³³³³³³³³  :LH.DKU SODXVLEHOPDFKWPX‰PDQDXFKDXVOLQJXLVWLVFKHU6LFKW]XPLQGHVW]ZL

VFKHQ (UVWEHQHQQXQJ XQG $QVFKOX‰EHQHQQXQJ XQWHUVFKHLGHQGD QLFKW DOOH)RUPHQ GHU 5HIHUHQ] DXI )LJXUHQ DOV $QVFKOX‰EHQHQQXQJ YHUZHQGHW ZHUGHQ N|QQHQ ]% GLH %H ]HLFKQXQJHQPLWXQEHVWLPPWHQ$UWLNHOZLH¿HLQ6FKQHLGHU¾





%HQHQQHQGHU)LJXU

ZLUG NDQQ GDEHLDEHUEHUHLWVJHJHEHQH,QIRUPDWLRQHQ]XPVLWXDWLYHQ5DK PHQQXW]HQ ,QZLHZHLW Ol‰W VLFK HLQ .RQ]HSW ZLH GHU¿NRQWH[WXHOOH5DKPHQ¾ GDV]XU %HVFKUHLEXQJ YRQ NRJQLWLYHQ 3UR]HVVHQ EHL /HVHUQ HQWZLFNHOW ZXUGH IU HLQH 7H[WZLVVHQVFKDIWIUXFKWEDUPDFKHQ" :DVYRQNRJQLWLRQVZLVVHQVFKDIW OLFKDXVJHULFKWHWHQ1DUUDWRORJHQZLH6FKQHLGHURGHU(PPRWWXQWHUVXFKWXQG PRGHOOLHUWZLUGVLQGGLH$EOlXIHGHU,QIRUPDWLRQVYHUDUEHLWXQJEHLP/HVHQ XQG LQ PDQFKHQ 7HLOHQ N|QQHQ VLH VLFK DXI HPSLULVFKH 8QWHUVXFKXQJHQ VWW]HQ'LHVHV(UNHQQWQLVLQWHUHVVHXQWHUVFKHLGHWVLFKLQJUXQGOHJHQGHU:HL VH YRQ GHP HLQHU KLVWRULVFKHQ 7H[WZLVVHQVFKDIW 'LHVH ZLOO ZLVVHQ ZHOFKH $EOlXIH GHU ,QIRUPDWLRQVYHUDUEHLWXQJ VHLWHQV GHV 0RGHOO/HVHUV GXUFK GLH 7H[WVWUDWHJLHQYRUDXVJHVHW]WXQGHUZDUWHWZHUGHQ0DQNDQQGLHVGXUFKHLQ HLQIDFKHV%HLVSLHOYHUGHXWOLFKHQ(VJHK|UW]XGHQZHVHQWOLFKHQ(LQVLFKWHQ GHU .RJQLWLRQVZLVVHQVFKDIW ZLH OLPLWLHUW GDV PHQVFKOLFKH *HGlFKWQLV LVW 'DVJLOWGDQQQDWUOLFKLQHQWVSUHFKHQGHU:HLVHIUGLHNRJQLWLYH1DUUDWROR JLH*HUDGHLQEHVWLPPWHQ7H[WHQGHU0RGHUQHZLUGPDQDEHU7H[WVWUDWHJL HQILQGHQGLHDQGLHVHQ(UNHQQWQLVVHQJHPHVVHQLQLKUHQ]DKOUHLFKHQLQWUD XQGLQWHUWH[WXHOOHQ9HUZHLVHQXQG0XVWHUQHLQHXQUHDOLVWLVFKKRKH3UlVHQ] GHV7H[WHVLP*HGlFKWQLVGHV/HVHUVYRUDXVVHW]HQDOVRHKHUIUGHQNXPX ODWLYHQ(UNHQQWQLVSUR]H‰GHU/LWHUDWXUZLVVHQVFKDIWDOVIUGLHHLQIDFKH/HN WUHJHVFKULHEHQ]XVHLQVFKHLQHQ 'DVEHGHXWHWQLFKWGD‰PDQDXIGLH(UNHQQWQLVVHGHU.RJQLWLRQVZLVVHQ VFKDIWHLQIDFKYHU]LFKWHQNDQQ'LH0RGHOOHEHUGLH6WUXNWXUYRQ,QIRUPD WLRQHQ LQ GHU SV\FKLVFKHQ 6SHLFKHUXQJ XQG 9HUDUEHLWXQJ OLHIHUQ HLQ VHKU QW]OLFKHV PHWDOLWHUDULVFKHV %HVFKUHLEXQJVLQYHQWDU GDV PDQ ]XPLQGHVW VR ODQJHQXW]EULQJHQGYHUZHQGHQNDQQZLHHVQLFKWGXUFKRIIHQVLFKWOLFKGHP ]XZLGHUODXIHQGH$QQDKPHQLQGHQ7H[WVWUDWHJLHQLQ)UDJHJHVWHOOWZLUG 6R LVW GHU %HJULII GHV ¿NRQWH[WXHOOHQ 5DKPHQV¾ YRQ (PPRWW ]XU %H VFKUHLEXQJYRQNRJQLWLYHQ9RUJlQJHQLQV*HVSUlFKJHEUDFKWZRUGHQZlK UHQG GHU PRGLIL]LHUWH %HJULII GHV ¿VLWXDWLYHQ 5DKPHQV¾ GLH %HVFKUHLEXQJ HLQHUWH[WXHOOJHQHULHUWHQPHQWDOHQ6WUXNWXUGHV0RGHOO/HVHUVLVW'LH¿PHQ WDOH6WUXNWXUGHV0RGHOO/HVHUV¾",VWGDVQLFKWHLQHXQVLQQLJH)RUPXOLHUXQJ GD PLW GHU %H]HLFKQXQJ ¿PHQWDO¾ VR HWZDV ZLH HLQH 3V\FKH YRUDXVJHVHW]W ZLUG ZlKUHQG GHU 0RGHOO/HVHU DOV .RQVWUXNW EHU VR HWZDV GRFK QLFKW ³³³³³³³³³³  'LH PHLVWHQ KLVWRULVFK

DUEHLWHQGHQ /LWHUDWXUZLVVHQVFKDIWOHU JHKHQ PHKU RGHU ZHQLJHU H[SOL]LWYRQHLQLJHQ3UlPLVVHQEHULKUHQ)RUVFKXQJVJHJHQVWDQGDXV]%YRQGHU$XWR QRPLH RGHU GHU 3RO\YDOHQ]WKHVH 'LH )UDJH LQZLHZHLW GLHVH 6HW]XQJHQ EHUHFKWLJW VLQG NDQQ GXUFKDXV IUXFKWEDU PLW .RJQLWLRQVZLVVHQVFKDIWOHUQ GLVNXWLHUW ZHUGHQ YJO :LQNR  



%HQHQQHQGHU)LJXU



YHUIJW" (V Ol‰W VLFK VHKU VFKQHOO ]HLJHQ GD‰ GDV .RQVWUXNW GHV 0RGHOO /HVHUVRKQHEHVWLPPWH(LJHQVFKDIWHQGLHZLUQRUPDOHUZHLVHQXU0HQVFKHQ ]XVFKUHLEHQVLQQORVLVW%HJLQQHQZLUPLWHLQHUVHKUHLQIDFKHQ)lKLJNHLWZLH GHP *HGlFKWQLV 'HU 0RGHOO/HVHU ZLUG MH QDFK 7H[WVWUDWHJLH LQ XQWHU VFKLHGOLFKHP 0D‰H EHVWLPPWH *HGlFKWQLVOHLVWXQJHQ YROOEULQJHQ PVVHQ XP +DQGOXQJVVWUlQJHYRQHLQDQGHU XQWHUVFKHLGHQ]XN|QQHQ(UPX‰EHU HLQEHVWLPPWHVNXOWXUHOOHV:LVVHQYHUIJHQXP9RUDXVVHW]XQJHQ]XHUJlQ ]HQ XQG $QVSLHOXQJHQ YHUVWHKHQ ]X N|QQHQ :HLWHUKLQ ZLUG GLH DIIHNWLYH 7H[WVWUDWHJLH EHVWLPPWH HPRWLRQDOH :LUNXQJVPHFKDQLVPHQ YRUDXVVHW]HQ .XU]XP 'HU 0RGHOO/HVHU LVW NHLQ UHDOHU 0HQVFK 8P DEHU HLQ WDXJOLFKHV ,QVWUXPHQWDULXP]XUOLWHUDWXUZLVVHQVFKDIWOLFKHQ$QDO\VH]XVHLQPX‰HUGLH PHQVFKOLFKHQ)lKLJNHLWHQ]XU9HUDUEHLWXQJYRQOLWHUDULVFKHQ,QIRUPDWLRQHQ HPXOLHUHQN|QQHQ)UHLQHKLVWRULVFKH7H[WZLVVHQVFKDIWVLQGGLH$OJRULWK PHQ GLHVHU (PXODWLRQ QLFKW QDFK GHQ 9RUJDEHQ GHV UHDOHQ 0HQVFKHQ JH IRUPW VRQGHUQ QDFK GHQHQ GHV GXUFK GLH 7H[WVWUDWHJLHQ JHIRUGHUWHQ YRP $XWRUXQG GHQ6FKUHLEZHLVHQVHLQHU=HLWDOVRYRUDXVJHVHW]WHQRGHUHUKRII WHQ5H]LSLHQWHQ)UGLHELVKHULJH$QDO\VHKDEHQVLFKGLHPHQWDOHQ)lKLJNHL WHQ*HGlFKWQLV:LVVHQXQG,QIHUHQ]ELOGXQJDOVZHVHQWOLFKHUZLHVHQ

,GHQWLWlW )LJXUHQZHUGHQLQGHU5HJHODOVNRQVWDQWH,GHQWLWlWHQHQWZRUIHQ'HU%HJULII ¿,GHQWLWlW¾ZLUGKLHULQHLQHPP|JOLFKVWEHGHXWXQJVDUPHQ6LQQH YHUZHQGHW (VJHKWQLFKWXP,GHQWLWlWLPSKLORVRSKLVFKHQ6LQQH²7KHPDHLQHUHEHQVR LQWHQVLYHQZLHSUlPLVVHQUHLFKHQ'LVNXVVLRQ²XQGDXFKQLFKWXPSV\FKR ³³³³³³³³³³  (LQHQ VFKQHOOHQ hEHUEOLFN EHU GLH SKLORVRSKLVFKH 'LVNXVVLRQ ]XP %HJULII GHU 3HUVRQ

HUODXEWGLH7H[WVDPPOXQJYRQ%UDVVHU 'DULQILQGHWVLFKDXFK/RFNHVIROJHQUHLFKH 'HILQLWLRQYRQSHUVRQDOHU,GHQWLWlWDOV%HZX‰WVHLQVHLQHUVHOEVWXQGGLH]HLWOLFKUFNZlUWV JHZDQGWH$XVGHKQXQJGLHVHV%HZX‰WVHLQVDXIGLHHLJHQHQ7DWHQXQG*HGDQNHQHEGD6  'LHVH'HILQLWLRQLVWDXFKGHUZHVHQWOLFKH$XVJDQJVSXQNWIUGLH'LVNXVVLRQSHUVRQD OHU ,GHQWLWlW GXUFK GLH DQDO\WLVFKH 3KLORVRSKLH LP  -DKUKXQGHUW (LQHQ DOOJHPHLQHQ hEHUEOLFNELVLQGLHHU-DKUHELHWHW+HQULFK 0LFKDHO4XDQWHNRQ]HQWULHUWVLFK LQ VHLQHU (LQIKUXQJ ]X 4XDQWH   DXI GLH DQDO\WLVFKH 'LVNXVVLRQ GHU %DQG VHOEVW GRNXPHQWLHUWGLH'LVNXVVLRQLQGHQHUQXQGHUQ4XDQWHZHLVWGDUDXIKLQGD‰ /RFNHQLFKWQXUPLWVHLQHU'HILQLWLRQVRQGHUQDXFKPLWVHLQHU9HUIDKUHQVZHLVHSUlJHQG IUGLH'LVNXVVLRQZDUGDVFKRQHUPLWHLQHP*HGDQNHQH[SHULPHQWHLQH3UREOHPNOlUXQJ ]XHUUHLFKHQVXFKW²ZDVSDVVLHUWPLWGHU3HUVRQHLQHV6FKXVWHUVZHQQVLHYRQGHU6HHOH HLQHV3ULQ]HQHUIOOWZLUG"'LHVSlWHUHQ7H[WHVHW]HQDQGHVVHQ6WHOOH*HKLUQWUDQVSODQWD WLRQHQXQG*HGlFKWQLVDXVWDXVFK)UHLQHQ1LFKWSKLORVRSKHQLVWHV]LHPOLFKIUDJOLFKRE PDQPLW GLHVHU$UW YRQ([SHULPHQWLUJHQGHWZDVNOlUHQNDQQGDGHU=XVWDQGQDFKGHP





%HQHQQHQGHU)LJXU

ORJLVFKH,GHQWLWlWVRQGHUQXPGLHVSUDFKOLFKH.RQVWUXNWLRQHLQHU(LQKHLWGHU HU]lKOWHQ :HOW GXUFK JOHLFKH %H]HLFKQXQJHQ RGHU GXUFK 5HIHUHQ]IRUPHQ GLHGLH,GHQWLWlWPLWHLQHUEHUHLWVHLQJHIKUWHQ)LJXUPDUNLHUHQ,GHQWLWlWLQ GLHVHP 6LQQH LVW OHGLJOLFK GLH ,QIRUPDWLRQ GD‰ GLH )LJXU GLHVHOEH LVW GLH EHUHLWVLQGLHILNWLRQDOH:HOWHLQJHIKUWZXUGHEHVDJWDEHUQLFKWVGDUEHURE GLH )LJXU QRFK GLH JOHLFKHQ 0HUNPDOH DXIZHLVW RGHU ZLH GLHVH 0HUNPDOH RUJDQLVLHUWVLQG,QHLQLJHQ7H[WHQYRUDOOHPGHV-DKUKXQGHUWVZHUGHQ JHUDGHGLHVH5HJHOQ]XU.RQVWUXNWLRQYRQ,GHQWLWlWV\VWHPDWLVFKXQWHUODXIHQ GD]XDP(QGHPHKU(UVWHLQPDOJHKWHVXPGHQ1RUPDOIDOOGHV(U]lKOHQV GLHVWDELOH,GHQWLWlW8QWHUGHP*HVLFKWVSXQNWGHV7H[WDXIEDXVLVW,GHQWLWlW LQGLHVHUHLQIDFKHQ%HGHXWXQJHLQ5HNXUUHQ]SKlQRPHQ(VZLUGHUQHXWDXI HLQH)LJXUUHIHULHUWDOVRNRUHIHULHUWDXIGLHLP7H[WEHUHLWVUHIHULHUWZXUGH ³³³³³³³³³³









MHZHLOLJHQSKDQWDVWLVFKHQ(LQJULIIPLWWHOVHLQHU,QWXLWLRQEHZHUWHWZHUGHQVROOGLHLQHLQHU (UIDKUXQJVZHOWRKQHVROFKH9RUJlQJHJHIRUPWZXUGH,QOLWHUDULVFKHQ7H[WHQKDQGHOWHV VLFK²DXVGHU3HUVSHNWLYHGHV/HVHUV²VWHWVXPGLH,GHQWLWlWYRQDQGHUHQ'LH.RQVWLWX WLRQGHU,GHQWLWlWHLQHU)LJXUNDQQDEHUQLFKWDXIJUXQGYRQ(ULQQHUXQJHQXQG6HOEVWEH ZX‰WVHLQGHU)LJXUJHOHLVWHWZHUGHQ$X‰HUGHPEOHLEWGLHVSUDFKOLFKH9HUID‰WKHLWYRQ)L JXUHQLGHQWLWlW XQEHUFNVLFKWLJW ² ,Q VHLQHU $XVHLQDQGHUVHW]XQJ PLW 3DXO 5LF±XUV 7X JHQGKDWVXQG/XKPDQQV,GHQWLWlWVNRQ]HSWHQNRPPW1RUEHUW0HXWHU]XGHP6FKOX‰GD‰ HLQHZHLWJHKHQGHhEHUHLQVWLPPXQJ]ZLVFKHQGHUV\VWHPWKHRUHWLVFKHQXQGGHUSKlQRPH QRORJLVFKHQ3RVLWLRQHLQHUQDUUDWLYHQ,GHQWLWlWEHVWHKWYJO0HXWHU YJOGD]XDXFK -DQQLGLV =XUNULWLVFKHQ'LVNXVVLRQQDUUDWLYHU,GHQWLWlWVPRGHOOHDXVGHU3HUVSHNWL YHHLQHUGLDORJLVFKHQ7KHRULHGHV6HOEVWGLHVLFKDXI%DNKWLQEHUXIWYJOGH3HXWHU  PLW]DKOUHLFKHQ+LQZHLVHQDXISRVWPRGHUQH,GHQWLWlWVWKHRULHQ ,Q GHU 3V\FKRORJLH ZLUG ,GHQWLWlW HLQHUVHLWV LP 5DKPHQ GHU 3HUV|QOLFKNHLWVSV\FKRORJLH GLVNXWLHUWDQGHUHUVHLWVLP.RQWH[WGHU:DKUQHKPXQJVSV\FKRORJLHGLHVLFKGDIULQWHUHV VLHUW DXIJUXQG ZHOFKHU 3UR]HVVH ]ZHL (QWLWlWHQ DOV LGHQWLVFK ZDKUJHQRPPHQ ZHUGHQ 1XUGLHVH]ZHLWH)UDJHVWHOOXQJZlUHSULQ]LSLHOOHLQVFKOlJLJDEHUHVJHKWKLHUQLFKWGDUXP ZLH 0HQVFKHQ 2EMHNWH DOV LGHQWLVFK ZDKUQHKPHQ VRQGHUQ ZLH /HVHU GXUFK 7H[WVLJQDOH GD]X YHUDQOD‰W ZHUGHQ XQWHUVFKLHGOLFKH 5HIHUHQ]HQ DXI GLHVHOEH (QWLWlW GHU HU]lKOWHQ :HOW]XEH]LHKHQ 'LH VHKU IXQGLHUWHSKLORVRSKLVFKDUJXPHQWLHUHQGH $QDO\VHVROFKHU3KlQRPHQHYRQ 8UL 0DUJROLQ YHUVXFKW LQ HUVWHU /LQLH ]X UHNRQVWUXLHUHQ ZLH GDV *HOLQJHQ YRQ .RUHIHUHQ] ]%LQSRVWPRGHUQHQ5RPDQHQJHVW|UWZHUGHQNDQQYJO0DUJROLQ  6R DXFK VFKRQ /DPSLQJ    ² 0DQ NDQQ HLQHQ VROFKHQ VFKZDFKHQ ,GHQWLWlWVEH JULII P|JOLFKHUZHLVH DXI GDV 3ULQ]LS GHU 2EMHNWSHUPDQHQ] ]XUFNIKUHQ VHLW 3LDJHW LVW EHNDQQWGD‰.OHLQNLQGHU]ZLVFKHQGHPXQGGHP0RQDWGDV:LVVHQHUZHUEHQGD‰ *HJHQVWlQGHGLHYHUERUJHQZHUGHQLPPHUQRFKYRUKDQGHQVLQGXQGVLHUHDJLHUHQDXFK LUULWLHUWZHQQGLHVH*HJHQVWlQGHSO|W]OLFKPDUNDQWH0HUNPDOHYHUlQGHUQ]XHLQHU(UNOl UXQJ GHU 2EMHNWSHUPDQHQ] LP 5DKPHQ LKUHU 7KHRULH YRQ .OHLQNLQGWKHRULHQ YJO *RS QLN0HOW]RIIII  =XU 5HNXUUHQ]YJO ]XVDPPHQIDVVHQG/LQNH1XVVEDXPHU  'LH $XWRUHQ YHUZHLVHQGDUDXIGD‰GLHOLQJXLVWLVFKH)RUVFKXQJVLFK]XQHKPHQGYRQHLQHP5HNXUUHQ]



%HQHQQHQGHU)LJXU



'DEHLVWHOOHQVLFKHLQH5HLKHYRQLQWHUHVVDQWHQ)UDJHQ:HOFKH,QGL]LHQLP 7H[W YHUDQODVVHQ GHQ /HVHU HLQH %HQHQQXQJ DOV 5HIHUHQ] DXI HLQH EHUHLWV EHQDQQWH )LJXU ]X LGHQWLIL]LHUHQ ZHOFKH ,QGL]LHQLP7H[WVWHXHUQGLH$XV ZDKODXVGHU0HQJHDOOHUEHUHLWVEHQDQQWHQ)LJXUHQXQGZLHNDQQGLH5HIH UHQ]VRJHVW|UWZHUGHQGD‰VLHQLFKWPHKUHLQGHXWLJNRUHIHULHUW" ,QGHU5KHWRULNZLUGXQWHUGHP6WLFKZRUW¿$QWRQRPDVLH¾HLQ$VSHNWGLH VHV 3UREOHPIHOGHV EHKDQGHOW $QWRQRPDVLH ªVHW]W VWDWW GHV (LJHQQDPHQV HLQHQ FKDUDNWHULVWLVFKHQ *DWWXQJVQDPHQ ¿GHU 6lQJHU¾ IU +RPHU  HLQ EH ]HLFKQHQGHV (SLWKHWRQ ¿GHU :VWHQIXFKV¾ IU 5RPPHO  RGHU HLQH NHQQ ]HLFKQHQGH 8PVFKUHLEXQJ ¿GHU 5LWWHU YRQ GHU WUDXULJHQ *HVWDOW¾ IU 'RQ 4XLFKRWWH © *UQGH IU GLH (UVHW]XQJ N|QQHQ VHLQ SRHWLVFKH ,QWHQWLRQ 7DEXGHUHLJHQWOLFKHQ%H]HLFKQXQJNRQWH[WEHGLQJWH9DULDWLRQ]%XP]ZHL DXIHLQDQGHUIROJHQGH(LJHQQDPHQ]XYHUPHLGHQRGHU5lWVHO$XFKLQGLH VHP )DOO HQWKlOW GLH UKHWRULVFKH %HVFKUHLEXQJ NHLQH $QWZRUW DXI GLH KLHU JHVWHOOWHQ)UDJHQ'LHYHUZHQGHWHQ%HLVSLHOHOHJHQQDKHGD‰GLHXQHLJHQWOL FKHQ%H]HLFKQXQJHQGLHMHZHLOVGHQ(LJHQQDPHQHUVHW]HQVWDUNNRQYHQWLR QDOLVLHUW VLQG XQG GDPLWLQ)RUPHLQHVHLQIDFKHQ &RGHVYRUOLHJHQDEHUGLH 'HILQLWLRQGLHVHU6XEVWLWXWLRQVILJXUVDJWQLFKWVEHUGDVYRUDXVJHVHW]WH:LV VHQ'HU(LJHQQDPHZLUGDOVGLHHLJHQWOLFKH%H]HLFKQXQJEHKDQGHOWZDVZLH ZHLWHU XQWHQ QRFK DXVIKUOLFKHU GDUJHVWHOOW ZLUG HLQ VHKU YHUHLQIDFKHQGHV %LOGLVW 8QWHUWH[WOLQJXLVWLVFKHU3HUVSHNWLYHLVWGLHKLHUGLVNXWLHUWH)UDJHZLHJOHL FKH %H]HLFKQXQJHQ DXI XQWHUVFKLHGOLFKH )LJXUHQ XQG XQWHUVFKLHGOLFKH %H ]HLFKQXQJHQDXIGLHJOHLFKH)LJXUYHUZHLVHQN|QQHQHLQ7HLOSUREOHPHLQHU XPIDVVHQGHUHQ'LVNXVVLRQEHU¿.RKlVLRQXQG.RKlUHQ]¾LQ7H[WHQ8QWHU .RKlVLRQYHUVWHKWPDQHLQHQ=XVDPPHQKDQJYRQ7H[WWHLOHQZREHL GLHVHU =XVDPPHQKDQJEHUOLQJXLVWLVFKH0HUNPDOHYHUPLWWHOWZLUGGLHGHU3KRQR ³³³³³³³³³³

EHJULIIYHUDEVFKLHGHWKDWGHULQHUVWHU/LQLHGLH.RUHIHUHQ]DXINODUGHILQLHUWH(LQKHLWHQ GHU DX‰HUVSUDFKOLFKHQ :HOW EH]HLFKQHW 'LH ]XQHKPHQG NRJQLWLYLVWLVFKH .RQ]HSWXDOLVLH UXQJ GHV 5HIHUHQ]EHJULIIV KDEH GD]X JHIKUW GD‰ DXFK GLH %H]XJQDKPH DXI HWZDV GDV YRUKHUQXULQGLUHNWLP5DKPHQHLQHVDOOJHPHLQHUHQ.RQ]HSWVDQJHVSURFKHQZRUGHQVHL DOV.RUHIHUHQ]EH]HLFKQHWZUGH6LHXQWHUVFKHLGHQ²LP$QVFKOX‰DQ%ULQNHU²]ZLVFKHQ HLQHU ¿H[SOL]LWHQ¾ XQG HLQHU ¿LPSOL]LWHQ¾ :LHGHUDXIQDKPH YJO HEGD 6  XQG %ULQNHU II   8HGLQJ6WHLQEULQN   9JO/DXVEHUJ /DPSLQJQHQQWDOV(UVHW]XQJVIRUPIUGHQ1DPHQQXU$SSHOOD WLYH DOVR *DWWXQJVQDPHQ GLH IU MHGHV (OHPHQW GHU *DWWXQJ HEHQIDOOV JOWLJ VLQG GDV HQWVSULFKWGHP¿FKDUDNWHULVWLVFKHQ*DWWXQJVQDPHQ¾XQG3URQRPLQDYJO/DPSLQJ  





%HQHQQHQGHU)LJXU

ORJLHGHU0RUSKRORJLHRGHUGHU6\QWD[]X]XUHFKQHQVLQG¿.RKlUHQ]¾EH ]HLFKQHWHLQHQ=XVDPPHQKDQJGHUQLFKWEHUGLHJHQDQQWHQOLQJXLVWLVFKHQ 0HUNPDOHDOVREHUGLH7H[WREHUIOlFKHVRQGHUQEHUGLH7H[WWLHIHQVWUXNWXU KHUJHVWHOOWZLUG:LHJHQDXPDQGLHVH)RUPGHV=XVDPPHQKDQJVEHVFKUHL EHQ VROO LVW LQ GHU OLQJXLVWLVFKHQ 'LVNXVVLRQ XPVWULWWHQ DEHU HV EHVWHKW (LQLJNHLW GDUEHU GD‰ ,QIHUHQ]HQ GHV 5H]LSLHQWHQ EDVLHUHQG DXI VHLQHP :HOWXQG7H[WZLVVHQHLQHHUKHEOLFKH5ROOHGDEHLVSLHOHQ(LQZHVHQWOLFKHV =ZLVFKHQHUJHEQLVGLHVHUQRFKDQGDXHUQGHQ'LVNXVVLRQEHVWHKWLQGHU$XI ZHUWXQJ GHU ,QIRUPDWLRQVYHUDUEHLWXQJ VHLWHQV GHV 5H]LSLHQWHQ 'LH 7H[WVL JQDOHVWR‰HQ]XP7HLOVHKUNRPSOH[H3UR]HVVHDQGLHDXIJUXQGYRQ9RUHLQ VWHOOXQJHQXQG5RXWLQHQVFKQHOO]XZDKUVFKHLQOLFKNHLWVEDVLHUWHQ$QQDKPHQ EHU=XVDPPHQKlQJHGHVLP7H[W*HVDJWHQNRPPHQ$XVGHQEHUHLWVHU|U WHUWHQ *UQGHQ NDQQ HLQH KLVWRULVFKH 7H[WZLVVHQVFKDIW DEHU GHQ )RNXV ZHFKVHO YRP 7H[W ]XP 5H]LSLHQWHQ QLFKW JDQ] PLWYROO]LHKHQ $QGHUHUVHLWV VSUHFKHQDXFKGLHKLHUYRUJHOHJWHQ5HNRQVWUXNWLRQHQIUHLQHVROFKHDNWLYH $UEHLWGHV5H]LSLHQWHQPLWPHQWDOHQ0RGHOOHQ6FKHPDWDXQG6NULSWHQ'LH 7H[WLQIRUPDWLRQHQDOOHLQHHUP|JOLFKHQNHLQHVZHJVHLQH5HNRQVWUXNWLRQVRO FKHU .RKlUHQ]SKlQRPHQH 'HVKDOE WUHWHQ ZLH LP ]ZHLWHQ .DSLWHO VFKRQ DXVIKUOLFKHUEHJUQGHWDQGLH6WHOOHGHVUHDOHQ5H]LSLHQWHQGDV.RQVWUXNW GHV 0RGHOO/HVHUV XQG GLH 5HNRQVWUXNWLRQ GHU ,QIHUHQ]HQ DXIJUXQG GHU 7H[WVLJQDOH XQG HLQHV :HOWZLVVHQV YRQ GHP GHU /LWHUDWXUZLVVHQVFKDIWOHU DQQLPPWHVELOGHGLH%DVLV]XU.RKlUHQ]ELOGXQJ(VVHLQRFKHLQPDOEHWRQW 'LH $XVZDKO GHV HLQVFKOlJLJHQ :HOWZLVVHQV XQG GLH 5HNRQVWUXNWLRQ GHU ³³³³³³³³³³  9JO5LFNKHLW6FKDGH  

9JO :ROIUDP %XEOLW] LQ VHLQHU (LQOHLWXQJ ]X HLQHP GHU DNWXHOOHUHQ 6DPPHOElQGH ]XP 7KHPD ,Q GHP %DQG ILQGHW VLFK DXFK HLQH HLQVFKOlJLJH EHU  7LWHO XPIDVVHQGH %L EOLRJUDSKLH%XEOLW]   5LFNKHLW XQG 6FKDGH ELHWHQ HLQHQ NRQ]LVHQ hEHUEOLFN EHU YHUVFKLHGHQH 9RUVFKOlJH 7H[WNRKlUHQ]]XGHILQLHUHQXQGPDFKHQGDEHLZLHDXFK%XEOLW]HEGD GHQ7UHQGDXV LPPHUVWlUNHUGLH/HLVWXQJGHV5H]LSLHQWHQ]XEHWRQHQ.RKlUHQ]ZLUGGDQQQLFKWPHKU DOV WH[WLQKlUHQWHV 0HUNPDO JHVHKHQ VRQGHUQ LQ %H]XJ DXI GLH 3UR]HVVH GHU 6SUDFKSUR GXNWLRQE]ZGHUUH]HSWLRQDOVJHOXQJHQH(LQJOLHGHUXQJHLQHV7H[WWHLOVLQGLH5HSUlVHQWD WLRQGHV]XYRU5H]LSLHUWHQEHVWLPPW6LHNULWLVLHUHQDOOHUGLQJV9HUVXFKH.RKlUHQ]DOVUHLQ SV\FKRORJLVFKH.DWHJRULHDXI]XIDVVHQGDVLHMDWH[WHU]HXJWVHLHEGD6I(LQHLQIOX‰ UHLFKHV 0RGHOO VWDPPW YRQ 7DOP\ *LYyQ .RKlUHQ] LVW HLQH (LJHQVFKDIW GHU PHQWDOHQ 5HSUlVHQWDWLRQ GLH GXUFK GHQ 7H[W DXIJHEDXW ZLUG JHQDXHUGXUFKHLQHQ VFKQHOOHQ 3UR ]H‰GHUGLH*UDPPDWLNDXVZHUWHWXQGHLQHQODQJVDPHUHQGHUGDV:RUW:LVVHQDXVZHU WHWYJO*LYyQ ²1DFK6FKHUQHUYHUOLHUWGLH6SUDFKZLVVHQVFKDIWPLWGLHVHU]XQHK PHQGHQ'RPLQDQ]GHV.RJQLWLYHQLKUHVHLWGHQHU-DKUHQEHKDXSWHWH)XQNWLRQHLQHU /HLWZLVVHQVFKDIW]XJXQVWHQ GHUNRJQLWLYHQ 3V\FKRORJLHXQGGHUDOOJHPHLQHQ.RJQLWLRQV ZLVVHQVFKDIWYJO6FKHUQHUI 



%HQHQQHQGHU)LJXU



7H[WVWUDWHJLHQEHLNRPSOH[HUHQ.RKlUHQ]SKlQRPHQHQVLQGHLQH4XHOOHYRQ ,UUWPHUQGLHVOl‰WVLFKGXUFKNHLQ$OOKHLOPLWWHODXVGHU:HOWVFKDIIHQVRQ GHUQOHGLJOLFKGXUFKGHQ9HUJOHLFKYRQ.RQVLVWHQ]XQGgNRQRPLHNRQNXU ULHUHQGHU9RUVFKOlJHUHODWLYSODXVLELOLVLHUHQ (LQHQ HUVWHQ %HJULII YRQ GHU .RPSOH[LWlW GHV 3UREOHPV OLHIHUW GLH IRO JHQGH 3DVVDJH DXV GHP 0lUFKHQ YRP ¿7LVFKOHLQ 'HFN 'LFK¾ 6FKRQ GLHVHU HLQIDFKH)DOOPDFKWGHXWOLFKGD‰GLHOLQJXLVWLVFKHQ0HUNPDOHDOOHLQHNHLQHV ZHJVDXVUHLFKHQXPGLH.RQVWUXNWLRQYRQ,GHQWLWlW]XUHNRQVWUXLHUHQ 'HU 6FKQHLGHU DOV HU VR JDQ] HLQVDP LQ VHLQHP +DXVH VD‰ YHUILHO LQ JUR‰H 7UDXULJNHLW XQGKlWWHVHLQH6|KQHJHUQHZLHGHUJHKDEWDEHUQLHPDQGZX‰WHZRVLHKLQJHUDWHQZDUHQ 'HUlOWHVWHZDU]XHLQHP6FKUHLQHULQGLH/HKUHJHJDQJHQGDOHUQWHHUIOHL‰LJXQGXQYHUGURV VHQ XQG DOV VHLQH =HLW KHUXP ZDU GD‰ HU ZDQGHUQ VROOWH VFKHQNWH LKP GHU 0HLVWHU HLQ 7LVFKFKHQ GDV JDU NHLQ EHVRQGHUHV $QVHKHQ KDWWH XQG YRQ JHZ|KQOLFKHP +RO] ZDU DEHUHVKDWWHHLQHJXWH(LJHQVFKDIW>@'HUMXQJH*HVHOOGDFKWHªGDPLWKDVWGXJHQXJIU GHLQ/HEWDJ©]RJJXWHU'LQJHLQGHU:HOWXPKHUXQGEHNPPHUWHVLFKJDUQLFKWGDUXP REHLQ:LUWVKDXVJXWRGHUVFKOHFKWXQGREHWZDVGDULQ]XILQGHQZDURGHUQLFKW>@(QG OLFK NDP HV LKP LQ GHQ 6LQQ HU ZROOWH ]XVHLQHP9DWHU]XUFNNHKUHQ VHLQ =RUQ ZUGH VLFKJHOHJWKDEHQXQG PLWGHP7LVFKFKHQGHFNGLFKZUGHHULKQJHUQHZLHGHUDXIQHK PHQ(VWUXJVLFK]XGD‰HUDXIGHP+HLPZHJ$EHQGVLQHLQ:LUWVKDXVNDPGDVPLW*l VWHQDQJHIOOWZDUVLHKLH‰HQLKQZLOONRPPHQXQGOXGHQLKQHLQVLFK]XLKQHQ]XVHW]HQ XQGPLW LKQHQ]X HVVHQ VRQVWZUGH HU VFKZHUOLFK QRFKHWZDVEHNRPPHQª1HLQ©DQW ZRUWHWHGHU6FKUHLQHUªGLHSDDU%LVVHQZLOOLFKHXFKQLFKWYRQGHP0XQGHQHKPHQOLHEHU VROOWLKUPHLQH*lVWHVHLQ©.+06 

*LQJH PDQ QXU YRQ GHQ %H]HLFKQXQJHQ DXV GDQQ P‰WH PDQ DQQHKPHQ GD‰GHU¿6FKUHLQHU¾GHU]XHUVWJHQDQQWZLUGXQGGHU]ZHLWJHQDQQWH¿6FKUHL QHU¾LGHQWLVFKVLQG6HOEVWNOHLQH.LQGHUPDFKHQGLHVHQ)HKOHUVHOWHQDEHU HV ORKQW VLFK DXFK LQ GLHVHP )DOO GLH 8QZDKUVFKHLQOLFKNHLW GHV 6HOEVWYHU VWlQGOLFKHQJHQDXHU]XDQDO\VLHUHQ*OHLFKPHKUHUH*UQGHVSUHFKHQJHJHQ HLQHVROFKH9HUZHFKVOXQJ=XPHLQHQGHU:HFKVHOGHVVLWXDWLYHQ5DKPHQV 'HU6FKUHLQHUEHLGHPGHUlOWHVWH6RKQ]XU/HKUHJLQJLVWQXULQGHQHUVWHQ 5DKPHQ JHEXQGHQ =ZLVFKHQ GHQ EHLGHQ VLWXDWLYHQ 5DKPHQ EHILQGHW VLFK QLFKWVLWXDWLYHU7H[WGHUGHQlOWHVWHQ6RKQIRNXVVLHUW,QGHQ]ZHLWHQVLWXD WLYHQ5DKPHQGDV:LUWVKDXVVLQGDQIDQJVZLHGHUXPQXU]ZHL)LJXUHQJH EXQGHQQlPOLFKGLH.ROOHNWLYILJXU¿*lVWH¾XQG¿HU¾GHUGDQQ¿GHU6FKUHLQHU¾ ³³³³³³³³³³  +HUYRUKHEXQJHQ

YRQ PLU )- 'LH $XVODVVXQJHQ HQWKDOWHQ NHLQH 9HUlQGHUXQJHQ GHV IRNXVVLHUWHQ7KHPDV  'D‰PDQQLFKWVRYHUIlKUWLVWHLQZHLWHUHU%HOHJGDIUGD‰VROFKH$SSHOODWLYHQLFKWZLH 1DPHQYHUZHQGHWZHUGHQVRQGHUQOHGLJOLFKDOVLQGHUMHZHLOLJHQ.RPPXQLNDWLRQVVLWXDWL RQHLQGHXWLJH%HQHQQXQJHQHLQHU)LJXUGLHQHQDXFKZHQQNHLQHGLHVHU%HQHQQXQJHQVR VWDELOLVWZLHHLQ(LJHQQDPH





%HQHQQHQGHU)LJXU

JHQDQQWZLUG'DELVGDKLQGHUlOWHVWH6RKQIRNXVVLHUWZXUGHLVWHVQDKHOLH JHQGGD‰GLHVLP=ZHLIHOVIDOOZHLWHUKLQJHVFKLHKW$XFKGDV6NULSW:LVVHQ GHV0RGHOO/HVHUVVSULFKWGDIU'DGLH*lVWHJHUDGHLKUH(VVHQVHLQODGXQJ JHlX‰HUWKDEHQLVWHVQDKHOLHJHQGGD‰QDFKGHQ5HJHOQGHVYHUVFKULIWOLFKHQ 'LDORJVQXQGLH$QWZRUWGHUHLQ]LJVRQVWYRUKDQGHQHQ)LJXUIROJWDOVRGHV lOWHVWHQ6RKQV'DVVSUDFKOLFKH6LJQDOGHVEHVWLPPWHQ$UWLNHOV¿GHU6FKUHLQHU¾ OHJWDXFKQDKHGD‰DQGLHVHU6WHOOHNHLQHQHXH)LJXUHLQJHIKUWZLUG(LQH 9HUZHFKVOXQJ LVW DX‰HUGHP XQZDKUVFKHLQOLFK ZHLO GLH )LJXU GLH DOV ¿GHU lOWHVWH¾ HLQJHIKUW XQG ]ZLVFKHQGXUFK DXFK DOV ¿*HVHOO¾ EH]HLFKQHW ZXUGH QXQDOV¿6FKUHLQHU¾DQJHVSURFKHQZHUGHQNDQQGKHVJLEW]ZHL6FKUHLQHULQ GHUHU]lKOWHQ:HOW$OOHUGLQJVPX‰GHU/HVHUGD]XZLVVHQGD‰GLH)RUPXOLH UXQJ ¿LQ GLH /HKUH JHKHQ¾ HLQH VSH]LILVFKH )RUP GHU $XVELOGXQJ LQ +DQGZHUNVEHUXIHQEH]HLFKQHWXQGPLWGHP=HLWSXQNW¿DOVVHLQH=HLWKHUXP ZDUGD‰HUZDQGHUQVROOWH¾HLQIRUPDOHU$EVFKOX‰GLHVHU$XVELOGXQJHUUHLFKW LVW GLH GHQ $XV]XELOGHQGHQ ]XP *HVHOOHQ LQ GLHVHP )DOO ]XP 6FKUHLQHUJHVHOOHQ PDFKW 'LH 9HUZHFKVOXQJ ]ZLVFKHQ GHQ EHLGHQ DOV ¿6FKUHLQHU¾ EH]HLFKQHWHQ )LJXUHQ LVW DOVR XQZDKUVFKHLQOLFK ZHLO JOHLFK PHKUHUH XQDEKlQJLJH ,QGL]LHQ HLQH VFKQHOOH ,GHQWLIL]LHUXQJ GHU 5HIHUHQ] HUP|JOLFKHQ 'LH EHVRQGHUH 3RLQWH GLHVHU $QDO\VH GHU ZLFKWLJVWHQ 9RUDXVVHW]XQJHQ XPGLHLGHQWLVFKH%H]HLFKQXQJQLFKWGHUVHOEHQ(QWLWlWLQGHUHU]lKOWHQ:HOW ]X]XRUGQHQOLHJWGDULQGD‰VLH]HLJWZLHVHOEVWEHLHLQHPUHODWLYHLQIDFKHQ 7H[W ZLH GLHVHP 0lUFKHQ YRP 0RGHOO/HVHU QLFKW QXU YHUODQJW ZLUG GLH )LJXUHQHLQIDFK]XXQWHUVFKHLGHQVRQGHUQDXFKGLH0HUNPDOHGHU)LJXU]X HULQQHUQXQGEHL%HGDUI]XVDPPHQPLWVHLQHP:HOWZLVVHQLP%HLVSLHOGDV EHU W\SLVLHUWH +DQGOXQJVDEOlXIH 'LDORJ /HKUH  ]X 6FKOX‰IROJHUXQJHQ ]X QXW]HQ)LJXUHQ VLQGGHPQDFKNRQ]HSWXHOOH(LQKHLWHQGHUHQ=XVWDQGDOVR GHUHQ DNWXHOOHU 0HUNPDOVVWDWXV YRP 0RGHOO/HVHU HULQQHUW ZHUGHQ PX‰ +LHUZLUGZLHGHUXPGHXWOLFKZDVEHUHLWVDQJHVSURFKHQZXUGH(LQZHVHQWOL FKHV3UREOHPGHU)LJXUHQDQDO\VHEHVWHKWQLFKWGDULQDXVGHP7H[WILJXUHQ VSH]LILVFKH,QIRUPDWLRQHQ]XJHZLQQHQVRQGHUQPLWGHU0HQJHDQ,QIRUPD WLRQHQXP]XJHKHQXQG]XSUIHQREXQGZHQQMDQDFKZHOFKHQ5HJHOQGHU MHZHLOLJH0RGHOO/HVHUYHUJHVVHQGDUI 'LH%HQHQQXQJYRQ)LJXUHQLP0lUFKHQVWHOOWPLWGHPIDVWY|OOLJHQ)HK OHQYRQ(LJHQQDPHQHLQHQ6RQGHUIDOOGDUDXVGHVVHQ$QDO\VHYLHOOHLFKWQRFK NHLQH 6FKOVVH IU DQGHUH 7H[WVRUWHQ JH]RJHQ ZHUGHQ N|QQHQ 'D ZLH VFKRQHUZlKQWGHU1DPHLQHLQLJHQHU]lKOWKHRUHWLVFKHQ$QVlW]HQHLQHEH ³³³³³³³³³³  (LQHQ6DW]VSlWHUZLUGGLH)LJXUGHV:LUWVPLWEHVWLPPWHP$UWLNHOHLQJHIKUWDEHUGDVLVW

QXUP|JOLFKZHLO]XHLQHP:LUWVKDXVHLQ:LUWJHK|UW²DEHUHEHQNHLQ6FKUHLQHU



%HQHQQHQGHU)LJXU



VRQGHUH 5ROOH IU GLH .RQVWLWXWLRQ GHU )LJXU VSLHOW VHLHQ LP IROJHQGHQ QRFKPDOV]ZHLGDPLW]XVDPPHQKlQJHQGH7KHVHQXQWHUVXFKWQlPOLFKRELP =HQWUXPGHU)LJXUHLQ(LJHQQDPHVWHKWXQGREGHU(LJHQQDPHGDVHLQGHX WLJHODEHO]XU,GHQWLIL]LHUXQJYRQ)LJXUHQLVW2KQH=ZHLIHOLVWGHUHLQIDFKVWH XQGGDPLW|NRQRPLVFKVWH)DOOGHVHUQHXWHQXQGHLQGHXWLJHQ5HIHULHUHQVDXI HLQH)LJXUGLHVLPSOH:LHGHUKROXQJGHV1DPHQV1DPHQILQGHQVLFKGDKHU KlXILJLQGHU3RVLWLRQGHU(UVWEHQHQQXQJRGHUGHU:LHGHUEHQHQQXQJHLQHU )LJXU (V LVW DOOHUGLQJV ]ZHLIHOKDIW RE PDQ GDUDXV DXI HLQHQ EHVRQGHUHQ 6WDWXV YRQ (LJHQQDPHQ IU GLH .RQVWLWXWLRQ YRQ )LJXUHQ LQ (U]lKOWH[WHQ VFKOLH‰HQNDQQ 'DV QHX]HLWOLFKH PLWWHOHXURSlLVFKH 6\VWHP PLW VHLQHU 8QWHUVFKHLGXQJ YRQ 9RU XQG )DPLOLHQQDPHQ GLH DXFK QRFK GXUFK 7LWHO DOOHU $UW HUJlQ]W ZHUGHQN|QQHQHUODXEWHVGHQ1DPHQLQPHKUHUH.RPSRQHQWHQ]X]HUOH JHQ (LQH )ROJH GDYRQ LVW GD‰ 1DPHQ ]ZDU LQ YLHOHQ 7H[WHQ ZLHGHUKROW ZHUGHQ DEHU QXU VHKU VHOWHQ LQ LKUHU YROOVWlQGLJHQ )RUP DXIWDXFKHQ 'LH .RPSRQHQWHQZHUGHQ]X9DULDWLRQV]ZHFNHQYHUZHQGHWRGHUXPGDVMHZHL OLJH VHPDQWLVFKH 3RWHQWLDO GHU .RPSRQHQWH ]X QXW]HQ ,Q YLHOHQ 7H[WHQ N|QQWHPDQGHQ(LQGUXFNJHZLQQHQGD‰GHUYROOVWlQGLJH(LJHQQDPHQLFKW QXU GLH )LJXU HLQGHXWLJ LGHQWLIL]LHUW VRQGHUQ VR]XVDJHQ LKUHQ .HUQ ELOGHW ZLH GDV MD DXFK YRQ SRVW  VWUXNWXUDOLVWLVFKHQ )LJXUHQPRGHOOHQ DQJHQRP PHQZLUG6RKHL‰WHLQHGHU+DXSWILJXUHQLP.ULPLQDOURPDQYRQ-HUU\&RW WRQ¿%UHWW&KDOORQHU¾XQGGLH(LQIKUXQJGHU)LJXULQIRUPLHUWDXFKEHUGHQ JHVDPWHQ1DPHQLPIROJHQGHQZLUGDEHUYRP(U]lKOHUELVDXIZHQLJH$XV QDKPHQ GHU 1DFKQDPH XQG GHU YROOVWlQGLJH 1DPH QXU QRFK VHOWHQ XQG ]ZDUQXULQGHU(UVWEHQHQQXQJGHU)LJXULQHLQHPQHXHQ5DKPHQYHUZHQ GHW6RN|QQWHGHU(LQGUXFNHQWVWHKHQGHUYROOVWlQGLJH1DPHVHL]ZDUGLH ³³³³³³³³³³  9JO%DUWKHV  

'DVVFKOLH‰WQLFKWDXVGD‰GHU(LJHQQDPHIUGLH/HVHUOHQNXQJGLHLQGLUHNWH&KDUDNWHUL VLHUXQJXQGGLH%HGHXWXQJVNRQVWLWXWLRQVSH]LILVFKH)XQNWLRQHQKDW  'LH(UVWEHQHQQXQJLP7H[WJHVFKLHKWDOV(UZlKQXQJLQHLQHP*HVSUlFK-HUU\&RWWRQ6 'LH(UVWEHQHQQXQJHQLP5DKPHQDXI66XQGQHQQHQQXUGHQ 1DPHQ ¿&KDOORQHU¾ DOOHUGLQJV LVW LP HUVWHQ )DOO QXU ZHQLJH =HLOHQ YRU GHP 6LWXDWLRQV ZHFKVHO GHU GXUFK HLQHQ 6WHUQ ]ZLVFKHQGHQ$EVlW]HQPDUNLHUWLVWGHUYROOH1DPHJH QDQQWZRUGHQXQGDXFKLQGHQDQGHUHQ)lOOHQLVWGLH)LJXULQGHUYRUDQJHKHQGHQ6LWXDWL RQSUlVHQWJHZHVHQRGHUHUZlKQWZRUGHQ'LH(UVWEHQHQQXQJHQLP5DKPHQPLWYROOHP 1DPHQVLQGHQWZHGHU GRUW ]XILQGHQZRGDYRUHLQHOlQJHUH3DVVDJHRKQH1DPHQVQHQ QXQJOLHJW6 GDVRIIL]L|VH8PIHOGGLHYROOH1HQQXQJQDKHOHJW6 RGHUGLH3RLQ WH GD‰ HLQH HLQJHIKUWH )LJXU LGHQWLVFK LVW PLW &KDOORQHU GXUFK GLH YROOH 1HQQXQJ GHV 1DPHQVEHWRQWZLUG6 ²(VJHK|UWEULJHQV]XGHQ0HUNPDOHQGLHVHVZDKUVFKHLQ OLFK VFKQHOO YHUIHUWLJWHQ 7H[WHV GD‰ HUDQPHKUHUHQ6WHOOHQ,QNRQVLVWHQ]HQDXIZHLVWGLH





%HQHQQHQGHU)LJXU

HLJHQWOLFKH ,GHQWLILNDWLRQ GHU )LJXU ZHUGH DEHU HWZD DXV *UQGHQ GHU VSUDFKOLFKHQgNRQRPLHVHOWHQHUYHUZHQGHWOHW]WHQGOLFKVHLHQDEHUDOOHDQGH UHQ %H]HLFKQXQJHQ QXU +LQZHLVH XP GHQ YROOVWlQGLJHQ (LJHQQDPHQ ]X HUVFKOLH‰HQ ,P IROJHQGHQ VROO JH]HLJW ZHUGHQ GD‰ GLH ,GHQWLWlW GHU )LJXU DEHUQLFKWDXIGHQYROOVWlQGLJHQ(LJHQQDPHQ]XUFNJHIKUWZHUGHQNDQQGD QLFKW NODU LVW ZDV HLQ YROOVWlQGLJHU (LJHQQDPH HLJHQWOLFK LVW YHUVFKLHGHQH YROOVWlQGLJH (LJHQQDPHQ GLHVHOEH )LJXU EH]HLFKQHQ N|QQHQ XQG DX‰HUGHP YHUVFKLHGHQH)LJXUHQGXUFKGHQVHOEHQ1DPHQEH]HLFKQHWZHUGHQN|QQHQ $OOGLHVJHVFKLHKWRKQHGD‰LP1RUPDOIDOOLUJHQGZHOFKH3UREOHPHGHU)LJX UHQLGHQWLIL]LHUXQJDXIWUHWHQ 7KRPDV %XGGHQEURRN ZLUG HLQJHIKUW DOV ¿7RP¾ HLQH %H]HLFKQXQJGLH YRP (U]lKOHU LQVEHVRQGHUH ZlKUHQG GHU 6FKLOGHUXQJ YRQ .LQGKHLW XQG -XJHQGDOWHUQLHUHQGPLW¿7KRPDV¾YHUZHQGHWZLUG'HUJHVDPWH1DPHZLUG DP(QGHGHV.DSLWHOVGHV,,7HLOVGDVHUVWH0DOYROOVWlQGLJJHQDQQWLVW DEHU DXIJUXQG GHU 1DPHQVNRQYHQWLRQHQ GHU =HLW VFKRQ QDFK GHU HUVWHQ 1HQQXQJGHU.XU]IRUP¿7RP¾IUGHQ/HVHUHUVFKOLH‰EDU,QVSlWHUHQ.DSL WHOQ NRPPHQ GLH )RUPHQ ¿.RQVXO %XGGHQEURRN¾ XQG ¿6HQDWRU %XGGHQ EURRN¾KLQ]XQXUJDQ]VHOWHQ]XGHUYROOHQ)RUP¿.RQVXO7KRPDV%XGGHQ EURRN¾XQG¿6HQDWRU7KRPDV%XGGHQEURRN¾HUZHLWHUW7DWVlFKOLFKWUHWHQ DOO GLHVH %HQHQQXQJHQ QLFKW QHEHQHLQDQGHU DXI 'HU YHUWUDXOLFKH 1DPH ¿7RP¾HUVFKHLQW²DOV%HQHQQXQJGXUFKGHQ(U]lKOHU²GDVOHW]WH0DODQOl‰ OLFK GHU +HLUDW PLW *HUGD 'LH VHKU KlXILJH %H]HLFKQXQJ PLW GHP 7LWHO ¿.RQVXO¾ GHQ 7KRPDV %XGGHQEURRN ZLH DXVIKUOLFK EHULFKWHW ZLUG YRQ VHLQHP9DWHUJHHUEWKDWZLUGVSlWHUGXUFKGHQ7LWHO¿6HQDWRU¾HUVHW]W$XFK ³³³³³³³³³³



     

PDQ DP HLQIDFKVWHQ DOV )HKOHU GHV $XWRUV HUNOlUHQ NDQQ ]% IUDJWEHLGHUHUVWHQ1HQ QXQJGHV1DPHQV&KDOORQHUGHU)%,$JHQW&RWWRQGDQDFKZHUGDVVHL6 EHKDXSWHW DEHUUXQG6HLWHQVSlWHUGHU8QWHUQHKPHUGLHVHV1DPHQVVHLVHKUEHNDQQW6 'LH $QQDKPH GHU 7H[W VHL VFKQHOO JHVFKULHEHQ VWW]W VLFK DXI GLH GXUFKVFKQLWWOLFKH 9HU|I IHQWOLFKXQJVOLVWHYRQ$XWRUHQGLHVHU5HLKHXQGGHQ8PVWDQGGD‰GLH%H]DKOXQJIUGLH $XWRUHQVRQLHGULJLVWGD‰VLHVHKU]HLW|NRQRPLVFKSURGX]LHUHQPVVHQ :HLQVKHLPHU ZHLVW DXFK VFKRQ DXVIKUOLFKHU DXI GLHVHV 3KlQRPHQ KLQ ]LHKW DEHU JDQ] DQGHUH 6FKOVVH GDUDXV YJO :HLQVKHLPHU    XQG GLH DXVIKUOLFKH 'LVNXVVLRQ VHLQHU3RVLWLRQXQWHQ6 %H]HLFKQHQGHUZHLVH LQ HLQHU (LQVFKlW]XQJ GHU )LJXU GXUFK GHQ (U]lKOHU GLH VLFK DXI VHLQH7DXJOLFKNHLWIUGLH)LUPDEH]LHKWYJO%XGGHQEURRNV6 +HXWHN|QQWHPDQVLFKQLFKWVLFKHUVHLQGD‰¿7RP¾QLFKWGHUYROOH1DPHLVW 1XUHLQHLQ]LJHV0DO%XGGHQEURRNV6 'UHLPDO6 'LH%H]HLFKQXQJILQGHWVLFKLP .RQWH[WGHU6FKLOGHUXQJHLQHU)DPLOLHQIHLHUXQGVLJQDOL VLHUWZLHDXFKVFKRQLQGHQ9HUZHQGXQJHQGDYRUGLHVHIDPLOLlUH8PJHEXQJ 9JO%XGGHQEURRNV6



%HQHQQHQGHU)LJXU



GDV(UZHUEHQGLHVHV7LWHOVZLUGDXVIKUOLFKGDUJHVWHOOW'HU7H[WVHOEVWOl‰W ZHQLJ=ZHLIHOGDUEHUGD‰GHUMHZHLOLJH7LWHOLQWHJUDOHU%HVWDQGWHLOGHV1D PHQVLVW$OV7KRPDV%XGGHQEURRNVLFKDQHLQHU6WHOOHLQ*HGDQNHQVHOEVW DQVSULFKW YHUZHQGHW HU 7LWHO 9RU XQG 1DFKQDPHQ XQG VR]LDOH 3RVLWLRQ ª6WDQGHQLKPGLHVH'LQJH]X*HVLFKW"=LHPWHQVLHLKPLKP6HQDWRU7KR PDV %XGGHQEURRN &KHI GHU )LUPD ¿-RKDQQ %XGGHQEURRN¾"©'LHGRS SHOWH1HQQXQJVHLQHU3RVLWLRQLQGHU6WDGW6HQDWRUXQG&KHIGHUDOWHLQJH VHVVHQHQ)LUPDEHWRQWGHQVR]LDOHQ$VSHNWVHLQHU6HOEVWZDKUQHKPXQJXQG ,GHQWLWlW LVW DOVR DXFK 7HLO GHU )LJXUHQFKDUDNWHULVLHUXQJ 'DV lQGHUW DEHU QLFKWVGDUDQGD‰GLHVHUVR]LDOH$VSHNWGHV1DPHQVDXFKEHULQGLYLGXHOOELV LQ GLH 0LWWH GHV  -DKUKXQGHUWV LQ (XURSD YRQ ]HQWUDOHU %HGHXWXQJ ZDU ZLHDQHLQLJHQ5HVWHQGLHVHU7UDGLWLRQ]%DNDGHPLVFKHQ7LWHOQQRFKKHXWH GHXWOLFK ZLUG (V ZlUH GDKHU ZRKO HLQ VSlWQHX]HLWOLFKHU $QDFKURQLVPXV ¿7KRPDV %XGGHQEURRN¾ IU GHQ HLJHQWOLFKHQ XQG GDPLW XQYHUlQGHUOLFKHQ XQG LGHQWLILNDWRULVFKHQ 7HLO GHV 1DPHQV ]X KDOWHQ 6HKU GHXWOLFK ZLUG GDV EHL GHQ )UDXHQQDPHQ 'LH )LJXU GLH DQIDQJV $QWRQLH NXU] ¿7RQ\¾ %XG GHQEURRNJHQDQQWZLUGlQGHUWLKUHQ1DFKQDPHQDXIJUXQGGHU+HLUDWVUHJHOQ GHU=HLWJOHLFK]ZHLPDOXQGGLHVH1DPHQVlQGHUXQJ]XHUVWLQ¿)UDX*UQ OLFK¾ XQG GDQQ LQ ¿)UDX 3HUPDQHGHU¾ ZLUG YRP (U]lKOHU DXFK VWHWV EHU QRPPHQ$XFKGLH7DWVDFKHGD‰9DWHUXQG*UR‰YDWHUYRQ7KRPDV%XG GHQEURRN¿-RKDQQ¾KHL‰HQIKUWQLFKW]X9HUZLUUXQJHQGDGHU(U]lKOHUPLW ³³³³³³³³³³  9JO %XGGHQEURRNV.DS9,,GRUWDXFK HUVWH %HQHQQXQJDOVª6HQDWRU%XGGHQEURRN©

HEGD6  %XGGHQEURRNV6  'RFKHUW\HUDFKWHWHEHQIDOOVGLH7DWVDFKHIUZLFKWLJGD‰/HVHUDXFKQDFKGHP1DPHQV ZHFKVHO GXUFK HLQH +HLUDW LPVWDQGH VLQG GLH )LJXU ZLHGHU]XHUNHQQHQ 'D VHLQHU 7KHVH QDFKQXUGHU(LJHQQDPHGLH)LJXU]XHLQHU(LQKHLWPDFKWLVWHVWDWVlFKOLFKHQWVFKHLGHQG ZLHHUPLWGLHVHPJHZLFKWLJHQ*HJHQDUJXPHQWXPJHKW$P%HLVSLHOYRQ0DGDPH%RYD U\JHERUHQH(PPD5RXDOWGLVNXWLHUWHUVLHKDEHZHGHUYRUGHU+HLUDWQRFKGDQDFKHLQH LQWULQVLVFKH QRPLQHOOH$XWRULWlW EHUVLFK VHOEVWVLHZHFKVOHQXUGLH%H]XJVSXQNWHLKUHU /R\DOLWlW DOV VLH YHUVXFKH $XWRULWlW EHU VLFK VHOEVW ]X HUODQJHQ XQG LKUH *HVFKLFKWH VHOEVW ]X VFKUHLEHQ ZlUHQ GLH .RQVHTXHQ]HQ IU LKUH ([LVWHQ] DOV )LJXU W|GOLFK ² 'D DEHUHLJHQWOLFKNHLQH)LJXUVLFKVHOEVWGHQ1DPHQJLEWLVWGDVNHLQ$UJXPHQW9JO'R FKHUW\I   'HU (U]lKOHU ZHFKVHOW DX‰HUGHP]ZLVFKHQ ¿)UDX¾XQG ¿0DGDPH¾ ZREHL¿0DGDPH *UQ OLFK¾PDOYRUNRPPWEHL%HQHQQXQJHQPLW¿)UDX*UQOLFK¾%HQHQQXQJPLW¿)UDX $QWRQLH *UQOLFK¾ XQG%HQHQQXQJHQPLW¿)UDX7RQ\*UQOLFK¾ XQG¿0DGDPH3HUPD QHGHU¾QXUPDOEHL%HQHQQXQJHQPLW¿)UDX3HUPDQHGHU¾ 7URW]GHUVHKUYLHOKlXIL JHUHQ%HQHQQXQJHQPLWGHP1DFKQDPHQ¿3HUPDQHGHU¾NRPPWDOVRGDVHWZDVYRUQHKPH UH¿0DGDPH¾QDFKGHU+HLUDWVHKUYLHOVHOWHQHUYRU 





%HQHQQHQGHU)LJXU

LGHQWLIL]LHUHQGHQ =XVlW]HQ GLH (LQGHXWLJNHLW GHU 5HIHUHQ] VLFKHUW (LJHQ QDPHQVLQGDOVRVHKU|NRQRPLVFKH0LWWHO]XU,GHQWLIL]LHUXQJXQG,GHQWLWlWV KHUVWHOOXQJYRQ)LJXUHQLQGHUHU]lKOWHQ:HOWDEHUVLHKDEHQGDUEHUKLQDXV NHLQHQSULYLOHJLHUWHQ6WDWXVEHLGHU.RQVWLWXWLRQGHU)LJXU9LHOPHKULVWGLH HLQGHXWLJH ² RGHU HEHQ DXFK JHUDGH QLFKW HLQGHXWLJH ² 5HIHUHQ] DXI HLQH )LJXULQHLQHPPHQWDOHQ6LWXDWLRQVPRGHOO=LHOGHU.RPPXQLNDWLRQbKQOLFK ZLH EHL GHQ %H]HLFKQXQJHQ PX‰ GHU /HVHU EHU NXOWXUVSH]LILVFKHV :LVVHQ YHUIJHQZLH1DPHQVNRPSRQHQWHQDXIGHQYROOHQ1DPHQ]XEH]LHKHQVLQG XQGDQZHOFKHQ6WHOOHQHLQHU%LRJUDSKLH1DPHQVZHFKVHOVWDWWILQGHQ ,PIROJHQGHQWHLOZHLVHVFKRQEHNDQQWHQ%HLVSLHONDQQPDQGDV¿6LH¾ZLH GHUXP DOV DQDSKRULVFKHQ RGHU NDWDSKRULVFKHQ %H]XJ DXIIDVVHQ DEHU QDFK GHUYRUJHJDQJHQHQ'LVNXVVLRQVSULFKWYLHOHVGDIUHVDOV$QDSKHU]XYHUVWH KHQGLHDXIHLQH)LJXUYHUZHLVWGLHQXULQGLUHNWEHQDQQWZRUGHQLVW ª&RWWRQ"© (LQHZHLEOLFKH6WLPPH-XQJ$XIJHUHJW  ª-D&RWWRQ©  6LHDWPHWHVFKZHU  ª.DQQLFK,KQHQKHOIHQ0L‰"©  ª*PDQ&RWWRQ"©IUDJWHVLHQRFKHLQPDO  >ª@6SHFLDO$JHQW-HUU\&RWWRQ)%,1HZ@ HLQHP VFKZDU] XQG KHOOJUDX JHVWUHLIWHQ .OHLGH© RGHU]XP.|USHUEDXª6LHZDUHLQHNRUSXOHQWH'DPH© DOV,QIRU PDWLRQNDQQDEHUDXFKHLQHPHQWDOHXQGFKDUDNWHUOLFKH(LJHQVFKDIWªHLQHP >@.OHLGHRKQH6FKPXFNGDV(LQIDFKKHLWXQG%HVFKHLGHQKHLWYHUULHW© JHO WHQ$XFKGLH7DWVDFKHGD‰VLFKMHPDQGVSUDFKOLFKlX‰HUWVRZLHGHU,QKDOW GHUbX‰HUXQJVLQGMHZHLOV,QIRUPDWLRQHQª¿(VLVWDOOHVEHUHLW¾VDJWH0DPVHOO -XQJPDQQ©  GDV JLOW DXFK IU +DQGOXQJHQ ªGHU .RQVXO DEHU VWUHLFKHOWH VHLQHU NOHLQHQ 1LFKWH GLH :DQJH©  8P HV QRFK HLQPDO ]X EHWRQHQ 'HU %HJULII¿,QIRUPDWLRQ¾EH]LHKWVLFKLQGLHVHP.RQWH[WJDQ]DXVGUFNOLFKQXU DXIGLH(EHQHGHVGLVFRXUVXQGGLH$UWXQG:HLVHZLHGRUWHWZDVNRQ]HSWXD OLVLHUW ZLUG 'DV Ol‰W VLFK DQ HLQHP HLQIDFKHQ %HLVSLHO GHXWOLFK PDFKHQ :HQQ HV LQ HLQHP 7H[W KHL‰W HLQH )LJXU VHL KDEVFKWLJ GDQQ JLOW GLHV DOV ,QIRUPDWLRQ:HQQLQHLQHPDQGHUHQ7H[WQXUHLQ]HOQH+DQGOXQJHQbX‰H UXQJHQ XQG *HGDQNHQ HU]lKOW ZHUGHQ GLH VLFK ]ZDU DXFK DXI GLH (LJHQ VFKDIW¿KDEVFKWLJ¾]XUFNIKUHQODVVHQGLHVHDEHUQLFKWJHQDQQWZLUGGDQQ LVWVLHLPHQJHUHQ6LQQHNHLQH)LJXUHQLQIRUPDWLRQ 'LHVHLPGLVFRXUVHQWKDOWHQHQ$QJDEHQ]XU)LJXUN|QQHQV\VWHPDWLVFKDOV =XVFKUHLEXQJ HLQHU )LJXUHQLQIRUPDWLRQ YHUVWDQGHQ ZHUGHQ'LH9HUELQGXQJ]ZL VFKHQ )LJXU XQG ,QIRUPDWLRQ JHVFKLHKW DXI GHU (EHQH GHV GLVFRXUVLQHUVWHU /LQLHHLQPDOGXUFKGLH*UDPPDWLNGKGHP)LJXUHQUHIHUHQWHQ1DPH3HU VRQDOSURQRPHQXVZ ZHUGHQLP6DW]GLH,QIRUPDWLRQHQ]XJHRUGQHW $XVGHQ)LJXUHQLQIRUPDWLRQHQGHVGLVFRXUVZHUGHQLQGHUHU]lKOWHQ:HOW ILJXUHQEH]RJHQH7DWVDFKHQ'LHVH7DWVDFKHQN|QQHQDXIJDQ]YHUVFKLHGHQH :HLVHPLWGHU)LJXUYHUEXQGHQVHLQVHLHVDOV$WWULEXWGHV,QQHUHQRGHUGHV bX‰HUHQ RGHU LKUHU 8PJHEXQJ VHLHV NDXVDOZHLOGLH)LJXUGLHVH7DWVDFKH YHUXUVDFKWKDWVHLHVKLVWRULVFKVHLHVVR]LDOVHLHVIDPLOLlUZLHDXFKLPPHU )DPLOLH NRQ]HSWXDOLVHUW ZLUG  XVZ (LQHQ QLFKW NOHLQHQ 7HLO GHU =XVFKUHL EXQJHQ PDFKHQ EHUHLWV GLH $QJDEHQ ]XU UDXP]HLWOLFKHQ /RNDOLVDWLRQ YRQ ³³³³³³³³³³  $OOH%HLVSLHOH%XGGHQEURRNV6X6



$XIEDXGHU)LJXU



)LJXUHQDXV=XVDPPHQIDVVHQGVROO DOV)ROJHDOO GLHVHU=XVFKUHLEXQJHQLP GLVFRXUV YRQ GHU %LQGXQJ YRQ ,QIRUPDWLRQHQ DQ GLH )LJXU LQ GHU HU]lKOWHQ :HOWGLH5HGHVHLQ 'DV 9HUKlOWQLV ]ZLVFKHQ=XVFKUHLEXQJXQG%LQGXQJ LVWDOOHVDQGHUH DOV HLQIDFK =XP HLQHQ ZHUGHQ EHNDQQWOLFK KlXILJ GXUFK HLQH =XVFKUHLEXQJ JOHLFKPHKUHUH%LQGXQJHQYHUXUVDFKWVRZHUGHQHWZDLP)DOOYRQ$XVVDJHQ HLQHU)LJXUEHUHLQHDQGHUHHLQHUVHLWV,QIRUPDWLRQHQDQGLHFKDUDNWHULVLHUWH )LJXU JHEXQGHQ DQGHUHUVHLWV DQGHUH ,QIRUPDWLRQHQ DXFK DQ GLHFKDUDNWHUL VLHUHQGH$X‰HUGHPUHVXOWLHUW]ZDUMHGH=XVFKUHLEXQJHLQHU)LJXUHQLQIRUPD WLRQ LQ HLQHU %LQGXQJ DEHU QLFKW MHGH %LQGXQJ LVW GDV 5HVXOWDW HLQHU =X VFKUHLEXQJGDHVGUHL4XHOOHQIUILJXUHQEH]RJHQH7DWVDFKHQLQGHUHU]lKO WHQ:HOWJLEWGLH=XVFKUHLEXQJYRQ)LJXUHQLQIRUPDWLRQHQªVLHZDUNRU SXOHQW©   ,QIHUHQ]HQ DXVJHKHQG YRQ ILJXUHQEH]RJHQHQ 7DWVDFKHQ ªVLH NLFKHUWHQHUY|V© ,QIHUHQ]HQDXVJHKHQGYRQ,QIRUPDWLRQHQGLHLPGLVFRXUV QLFKWGHU)LJXU]XJHVFKULHEHQZRUGHQVLQGªDQGHQ:lQGHQKLQJHQPHODQ FKROLVFKH)RWRV©  'LH=XVFKUHLEXQJGHU)LJXUHQLQIRUPDWLRQGXUFKGHQ7H[WYHUlQGHUWGDV PHQWDOH 0RGHOO GHV 0RGHOO/HVHUV YRQ GHU )LJXU (LQH QHXH ,QIRUPDWLRQ ZLUGDQGDV0RGHOOJHEXQGHQXQGLQWHJULHUW'LHXQWHUVFKLHGOLFKHQ)RUPHQ GHU=XVFKUHLEXQJUHVXOWLHUHQLQXQWHUVFKLHGOLFKHQ%LQGXQJHQDEHUDXFKGLH $UW GHU )LJXUHQLQIRUPDWLRQ EHHLQIOX‰W GLH )RUP GHU %LQGXQJ $XI GHU *UXQGODJHGHV%DVLVW\SXVODVVHQVLFKLPPHQWDOHQ0RGHOOGHU)LJXU%HUHLFKH XQWHUVFKHLGHQDQGLHGLH,QIRUPDWLRQDQJHEXQGHQLVW ,QVEHVRQGHUH GHU $VSHNW GHU =XYHUOlVVLJNHLW KDW ELVODQJ %HDFKWXQJ JH IXQGHQ $XVJHKHQG YRQ 3ILVWHUV 8QWHUVFKHLGXQJ ]ZLVFKHQ ILJXUDOHU XQG DXNWRULDOHU &KDUDNWHULVLHUXQJ KDEHQ )ULFNH XQG =\PQHU HLQ .UHX]VFKHPD IU GLH $QDO\VH YRQ )LJXUHQLQIRUPDWLRQHQ LQ (U]lKOWH[WHQ HQWZLFNHOW 6LH ELOGHQ ZLH 3ILVWHU DXV GHQ8QWHUVFKHLGXQJHQ¿ILJXUDO¾¿DXNWRULDO¾²LP(U ]lKOWH[W MHGRFK QLFKWDXIGHQLPSOL]LWHQ$XWRUZLHEHL3ILVWHUVRQGHUQDXI GHQ(U]lKOHUEH]RJHQ²XQGGHU'LIIHUHQ]¿H[SOL]LW¾¿LPSOL]LW¾HLQHYLHUVWHO OLJH0DWUL[ H[SOL]LWH,QIRUPDWLRQVYHUJDEHGXUFKGHQ(U]lKOHU H[SOL]LWH,QIRUPDWLRQVYHUJDEHGXUFKHLQH)LJXU LPSOL]LWH,QIRUPDWLRQVYHUJDEHGXUFKGHQ(U]lKOHU LPSOL]LWH,QIRUPDWLRQVYHUJDEHGXUFKHLQH)LJXU ³³³³³³³³³³  9JO3ILVWHU>1%@II  

9JO )ULFNH=\PQHU II 6LHEHJUQGHQQLHDXVIKUOLFKHUZDUXPGLHVHEHLGHQ 'LPHQVLRQHQ]XVDPPHQJHEUDFKWZHUGHQ9JODXFK=\PQHU 





$XIEDXGHU)LJXU

7KRPDV .RFK PDFKW GHQ 9RUVFKODJ GLH 'LIIHUHQ] ]ZLVFKHQ ¿GLUHNWHU¾ XQG ¿LQGLUHNWHU¾ &KDUDNWHULVLHUXQJ ªDOV 8QWHUVFKLHG ]ZLVFKHQ DXNWRULDOHU GL UHNWHU XQG ILJXUDOHU LQGLUHNWHU &KDUDNWHULVLHUXQJVSHUVSHNWLYH ]X IDVVHQ© 8QWHUDXNWRULDOHU&KDUDNWHULVLHUXQJYHUVWHKW.RFKHLQH(U]lKOHUUHGHGHUHQ ,QIRUPDWLRQHQQLFKWLQ)UDJHJHVWHOOWZHUGHQ.RFKEH]LHKWLQVHLQHQ$XV IKUXQJHQDXFK*HQHWWHV8QWHUVFKHLGXQJHQYRQ:DKUQHKPXQJVLQVWDQ]XQG (U]lKOVWLPPH HLQ 'LHVHU *HZLQQ DQ 'LIIHUHQ]LHUXQJ LVW VLFKHUOLFK ]X EH JU‰HQ HV LVW DOOHUGLQJV IUDJOLFK RE KLHU QLFKW ]ZHL $VSHNWH GHV *HJHEHQ VHLQVYRQ)LJXUHQLQIRUPDWLRQHQYHUPHQJWZHUGHQXQGGHUHLQH$VSHNWDXI GHQDQGHUHQUHGX]LHUWZLUG'HUHLQH$VSHNWEHWULIIWGLH$UWZLHGLH)LJXUHQ LQIRUPDWLRQHQJHJHEHQZHUGHQ:HUGHQVLHDXVGUFNOLFKJHQDQQWRGHUPX‰ GHU /HVHU VLH HUUDWHQ" 'HU ]ZHLWH $VSHNW EHWULIIW GLH4XHOOHGHU)LJXUHQLQ IRUPDWLRQXQGLKUH=XYHUOlVVLJNHLW 0HLQHV (UDFKWHQV LVW GLH hEHUWUDJXQJ YRQ 3ILVWHUV 0RGHOO IU GLH 'UD PHQDQDO\VH DXI GLH $QDO\VH YRQ (U]lKOWH[WHQ QLFKW ZLUNOLFK WUDJIlKLJ ,P 'UDPHQWH[W LVW GLH DXNWRULDOH 4XHOOH VWHWV ]XYHUOlVVLJ GK GLH 8QWHUVFKHL GXQJ ¿]XYHUOlVVLJ¾ XQG ¿P|JOLFKHUZHLVH XQ]XYHUOlVVLJ¾ IlOOW PLW GHU 8QWHU VFKHLGXQJ ¿DXNWRULDOH¾ XQG ¿ILJXUDOH 4XHOOH¾ ]XVDPPHQ )U GHQ (U]lKOWH[W VWLPPWGDVDEHUQLFKWGDGHU(U]lKOHUDOV4XHOOHQLFKWXQEHGLQJW]XYHUOlVVLJ LVWGDPLWZLUGGLHVH8QWHUVFKHLGXQJXQEUDXFKEDUGDGLHKLHUUHOHYDQWH)UD JH QLFKW ODXWHW ZHU HWZDV lX‰HUW VRQGHUQ YLHOPHKU RE GDV *HVDJWH DXFK HLQH7DWVDFKHLQGHUQDUUDWLYHQ:HOWLVWRGHUQLFKW 1RFKHLQZHLWHUHU*UXQGVSULFKWJHJHQGLH9HUPHQJXQJGLHVHU$VSHNWH 'LH 8QWHUVFKHLGXQJ ¿DXNWRULDOILJXUDO¾ WKHPDWLVLHUW GLH =XYHUOlVVLJNHLW GHV *HVDJWHQLQ%H]XJDXIGLH4XHOOH6LQGGHU(U]lKOHURGHUGLH)LJXUXQ]XYHU OlVVLJH4XHOOHQVROHQNWGLHVGLH$XIPHUNVDPNHLWGHV/HVHUVYRQGHU(EHQH GHV*HVFKHKHQVDXIGHQ6SUHFKHU'HU/HVHUZLUGDXIJHIRUGHUWVLFK]XIUD JHQZHOFKHQ*UXQGGHU6SUHFKHUKDEHQ N|QQWHQLFKWGLH:DKUKHLW]XVD JHQ ,P )DOO GHU 'LIIHUHQ] ¿H[SOL]LW¾  ¿LPSOL]LW¾ ZHUGHQ ,QIRUPDWLRQHQ PLW XQWHUVFKLHGOLFKHQ*UDGHQYRQ6LFKHUKHLWLQGLHHU]lKOWH:HOWHLQJHIKUWLQ ³³³³³³³³³³  .RFKII   

(EGD6 6RGLH%HVFKUHLEXQJGHU:LUNXQJXQ]XYHUOlVVLJHQ(U]lKOHQVGLHP(DXFKDXIGLHXQ]X YHUOlVVLJH)LJXUHQDXVVDJHDXVJHGHKQWZHUGHQNDQQYJO1QQLQJ 1HEHQGHP (U]lKOHUNDQQDXFKGLH:DKUQHKPXQJVLQVWDQ]XQ]XYHUOlVVLJVHLQZDVZRKOHLQ6RQGHUIDOO GHUXQ]XYHUOlVVLJHQ)LJXUDOV4XHOOHLVWYJOGD]XDXVIKUOLFKHU6KHQ 6KHQDQDO\ VLHUWDQKDQGGHV9HUJOHLFKVYRQhEHUVHW]XQJHQFKLQHVLVFKHU7H[WHPLWGHP2ULJLQDOGLH 9HUlQGHUXQJHQ DQ GHU :DKUQHKPXQJ GHU )LJXU GXUFK GHQ /HVHU ZHQQ GLH 6LJQDOH GHU 8Q]XYHUOlVVLJNHLWLQGHUhEHUVHW]XQJJHWLOJWVLQG



$XIEDXGHU)LJXU



GHU 7HUPLQRORJLH YRQ 6SHUEHU:LOVRQ N|QQWH PDQ VDJHQ ([SOL]LW HLQJH IKUWH,QIRUPDWLRQHQVLQGLPPHUVHKUPDQLIHVWZlKUHQGGLH6LFKHUKHLWLP SOL]LWHLQJHIKUWHU,QIRUPDWLRQHQDXIHLQHUEUHLWHQ6NDODYRQJDQ]PDQLIHVW ELV QXU HLQ ZHQLJ PDQLIHVW UHLFKW 'LH EHLGHQ 8QWHUVFKHLGXQJHQ ¿DXNWRUL DOILJXUDO¾XQG¿H[SOL]LWLPSOL]LW¾EHUVFKQHLGHQVLFKDOVRLQGHP3XQNWGD‰ VLHEHLGHPLWGHU)UDJH]XWXQKDEHQZLHVLFKHUZLUZLVVHQGD‰HWZDVLQGHU QDUUDWLYHQ:HOWGHU)DOOLVW²XQGGHVKDOEVLQGVLHZRKODXFKLQHLQHJHPHLQ VDPH0DWUL[DXIJHQRPPHQZRUGHQ6LHXQWHUVFKHLGHQVLFKDEHUGHXWOLFKLQ GHU$UWXQG:HLVHZLHGLHMHZHLOLJH8QVLFKHUKHLWHUPLWWHOWZLUGXQGZHOFKH $QVFKOX‰RSHUDWLRQHQ YRP /HVHU JHIRUGHUW ZHUGHQ GD LP HUVWHQ )DOO GLH $XIPHUNVDPNHLWYRPJHlX‰HUWHQ6DFKYHUKDOWDXIGHQ6SUHFKHUJHOHQNWZLUG ZlKUHQG VLH LP ]ZHLWHQ )DOO EHL GHU PLWJHWHLOWHQ )LJXUHQLQIRUPDWLRQ XQG LKUHP%H]XJ]XGHU)LJXUYHUEOHLEWGHUVLH]XJHVFKULHEHQZXUGH $XVJHKHQG YRQ )ULFNH=\PQHUV .UHX]PRGHOO VROO KLHU HLQ 0RGHOO ]XU %HVFKUHLEXQJ YRQ )LJXUHQLQIRUPDWLRQHQ YRUJHVFKODJHQ ZHUGHQ GDV YLHU VNDODUH'LPHQVLRQHQDXIZHLVW=XYHUOlVVLJNHLW0RGXV5HOHYDQ]XQG2IIHQ VLFKWOLFKNHLW D =XYHUOlVVLJ LVW HLQH %LQGXQJ ZHQQ GLH 4XHOOH LKUHU =X VFKUHLEXQJ ]XYHUOlVVLJ LVW (V KDQGHOW VLFK QDKHOLHJHQGHUZHLVH XP NHLQHQ TXDQWLIL]LHUEDUHQ:HUWVRQGHUQQXUXP9HUJOHLFKHLQGHU)RUP¿GLHVH4XHO OHLVWXQ]XYHUOlVVLJHUDOVMHQH¾]XPHLVWZRKOQXULQGHU)RUP¿GHU(U]lKOHU LVW XQ]XYHUOlVVLJHU DOV GHU ]XYHUOlVVLJH (U]lKOHU ZLH PDQ LKQ VRQVW NHQQW¾ E 8QWHUGHP6WLFKZRUW¿0RGXV¾ZLUGGHU6WDWXVGHU,QIRUPDWLRQLQGHUQDU UDWLYHQ :HOW NDWHJRULVLHUW ,VW VLH IDNWLVFK NRQWUDIDNWLVFK NRQGLWLRQDO RGHU UHLQVXEMHNWLYF .DXPEHDFKWHWZRUGHQLVWELVODQJGHU$VSHNWGHU5HOHYDQ] *HPHLQW LVW GDPLW GLH )UDJH ZLH ZLFKWLJ GLH ,QIRUPDWLRQ IU GLH )LJXU DOV 7HLOGHUQDUUDWLYHQ.RPPXQLNDWLRQLVWG 'LH=XVFKUHLEXQJHLQHU,QIRUPD WLRQ NDQQ EHNDQQWOLFK GLUHNW RGHU LQGLUHNW JHVFKHKHQ 0LW GHU .DWHJRULH ¿2IIHQVLFKWOLFKNHLW¾ ZLUG GLHVHV WUDGLWLRQHOOH 7KHRULHHOHPHQW PLW 6SHUEHUV XQG:LOVRQV*HGDQNHQGD‰LQHLQHU.RPPXQLNDWLRQGDV.RPPXQL]LHUWHLQ XQWHUVFKLHGOLFKHP*UDGHPDQLIHVWVHLQNDQQ]XVDPPHQJHEUDFKW ³³³³³³³³³³  0DUJROLQHQWZLUIWLQHLQHPVHLQHUHUVWHQ$XIVlW]H]XU7KHRULHGHU)LJXUHLQTXDQWLIL]LHU

EDUHV0RGHOOª,WLVSUREDEOHWRDGHJUHH11 WKDWWKHQDUUDWLYHDJHQW;SRVVHVVHV WKHPHQWDOSURSHUWLHVƘƘƘWRDQH[WHQWLLLDWDJLYHQWKHPDWLFVSDFHWLPH VLWXDWLRQSRLQW6©0DUJROLQ ,QVSlWHUHQ$UEHLWHQJUHLIWHUHVQLFKWPHKUDXI P( PLW JXWHQ *UQGHQ GD GLHVH )RUPXOLHUXQJ GHU $QJHOHJHQKHLW ]ZDU HLQHQ ZLVVHQ VFKDIWOLFKHQ$QVWULFKYHUOHLKWHVDEHURIIHQVLFKWOLFKNHLQ9HUIDKUHQJLEWGHQ:DKUVFKHLQ OLFKNHLWVJUDGXQGGDV$XVPD‰GHV0HUNPDOV]XTXDQWLIL]LHUHQ  9JOREHQ6





$XIEDXGHU)LJXU

D  =XYHUOlVVLJNHLW $XVO|VHU IU GLH )HVWVWHOOXQJ HLQ (U]lKOHU RGHU HLQH )LJXU VHLHQ XQ]XYHUOlVVLJ LVW GLH :DKUQHKPXQJ YRQ ,QNRQVLVWHQ]HQ (V NDQQ VLFK GDEHL XP :LGHUVSUFKHXQG'LVNUHSDQ]HQ]ZLVFKHQYHUVFKLHGH QHQ LQWUDWH[WXHOOHQ ,QIRUPDWLRQHQ RGHU ]ZLVFKHQ LQWUDWH[WXHOOHQ XQG H[WUD WH[WXHOOHQ ,QIRUPDWLRQHQ KDQGHOQ 'LH :DKUQHKPXQJ YRQ ,QNRQVLVWHQ]HQ DOOHLQHZLUGDEHUGLH)HVWVWHOOXQJYRQ8Q]XYHUOlVVLJNHLWQRFKQLFKWDXVO|VHQ YLHOPHKU PX‰ GHU DXNWRULDOH /HVHU VLH DOV LQWHQGLHUWH :LGHUVSUFKH ZDKU QHKPHQ 6WHOOW VLFK GLH )UDJH RE 8Q]XYHUOlVVLJNHLW VWHWV VLJQDOLVLHUW ZHUGHQ PX‰ RGHU RE HV IU HLQH EHVWLPPWH )RUP GHV (U]lKOHUV RGHU IU )LJXUHQ 1RU PDOZHUWHVR]XVDJHQ9RUHLQVWHOOXQJHQJLEWGLHGHU/HVHUDOVJHJHEHQDN]HS WLHUWVRODQJHGHU7H[WQLFKWHWZDVDQGHUHVVLJQDOLVLHUW6LQGILJXUDOH&KDUDN WHULVLHUXQJHQVWHWVXQ]XYHUOlVVLJE]ZLQIRUPLHUHQVLHHEHQVREHUGHQ6SUH FKHUZLHEHUGLHFKDUDNWHULVLHUWH)LJXU".RFKJHKWGDYRQDXV GD‰EHLGHU ILJXUDOHQ&KDUDNWHULVLHUXQJXQGGHU&KDUDNWHULVLHUXQJGXUFKHLQHQKRPRGLH JHWLVFKHQ (U]lKOHU SULQ]LSLHOO =ZHLIHO DQ GHU =XYHUOlVVLJNHLW DQJHPHOGHW ZHUGHQPVVHQ'HPVWHKW]XPLQGHVWIUGHQKRPRGLHJHWLVFKHQ(U]lKOHU GLH QDUUDWRORJLVFKH RSLQLR FRPPXQLV HQWJHJHQ GLH EHVDJW QLFKW QXU GHU KHWHURGLHJHWLVFKH VRQGHUQ DXFK GHU KRPRGLHJHWLVFKH (U]lKOHU VHL VRODQJH ]XYHUOlVVLJELVH[SOL]LWHWZDVDQGHUHVNRPPXQL]LHUWZLUG (LQHUVHLWVVSULFKWVFKRQGLHOHEHQVZHOWOLFKH(UIDKUXQJZLHVLHLQGHUIRON SV\FKRORJ\]XVDPPHQJHID‰WLVWGDIUGD‰0HQVFKHQGLHDEZHLFKHQGHQhEHU ]HXJXQJHQDQGHUHU0HQVFKHQVHKUJXWNRQ]HSWXDOLVLHUHQN|QQHQ'DVZUGH GDIUVSUHFKHQMHGHILJXUDOH&KDUDNWHULVLHUXQJDXWRPDWLVFKPLWGHP9RU]HL FKHQ¿HYHQWXHOOXQ]XYHUOlVVLJ¾]XPDUNLHUHQXQGVLHHUVWGDQQIUJHVLFKHUW]X KDOWHQZHQQVLHGXUFKHLQHZHLWHUH4XHOOHEHVWlWLJWZXUGH$QGHUHUVHLWVJLEW HVQLFKWDOO]XYLHOHHU]lKOWHFKQLVFKH*UQGHZDUXPHLQH)LJXULQLKUHU&KD UDNWHULVLHUXQJHLQHUDQGHUHQ)LJXURGHULKUHUVHOEVWXQ]XYHUOlVVLJVHLQVROOWH ,VWGLH&KDUDNWHULVLHUXQJ7HLOHLQHUbX‰HUXQJJHJHQEHUHLQHUDQGHUHQ)LJXU GDQQNDQQHVVLFKXPHLQ,QWHUHVVHKDQGHOQ GLHVHDQJHVSURFKHQH)LJXU]X PDQLSXOLHUHQ$X‰HUGHPNDQQVLHZLHDXFKLP)DOOGHUGLUHNWHQ0LWWHLOXQJ DQ GHQ /HVHU HWZD EHU HLQHQ *HGDQNHQEHULFKW GLH )XQNWLRQ KDEHQ GHQ 6SUHFKHU]XFKDUDNWHULVLHUHQ(VOLHJW DOVRQDKHGLH9RUHLQVWHOOXQJGHU=X YHUOlVVLJNHLWGHU)LJXUGDYRQDEKlQJLJ]XPDFKHQREGHU/HVHULQGHP7H[W EHUKDXSW DXIJHIRUGHUW LVW QDFK LQGLUHNWHQ &KDUDNWHULVLHUXQJHQ ]X VXFKHQ ³³³³³³³³³³  =XP¿XQ]XYHUOlVVLJHQ(U]lKOHQ¾OLHJHQEHUHLWV]DKOUHLFKH$UEHLWHQYRUYJOGDVDXVIKUOL

FKH/LWHUDWXUYHU]HLFKQLVLQ1QQLQJ  .RFK   9JO1QQLQJ  



$XIEDXGHU)LJXU



'LHILJXUDOH&KDUDNWHULVLHUXQJLVWGHPQDFKQLFKWDXWRPDWLVFKZHQLJHU]XYHU OlVVLJVRQGHUQLKUH=XYHUOlVVLJNHLWLVWDEKlQJLJYRQGHQ5HJHOQGHUQDUUDWL YHQ :HOW -H QlKHU GLH 'DUVWHOOXQJ GHP MHZHLOLJHQ ¿,QQHQOHEHQ¾ GHU )LJXU VSUDFKOLFKNRPPW]%GXUFKHUOHEWH5HGHRGHUVWUHDPRIFRQVFLRXVQHVVXPVR VWlUNHULVWGDVVXEMHNWLYH0RPHQWGHU:DKUQHKPXQJPDUNLHUWXQGHQWVSUH FKHQG ZHQLJHU ]XYHUOlVVLJ ZLUG GLH JHJHEHQH ,QIRUPDWLRQ HLQ]XVFKlW]HQ VHLQ]XJOHLFKDEHULVWGLH,QIRUPDWLRQGD‰GLH)LJXUVRZDKUQLPPWXPVR ]XYHUOlVVLJHUJHJHEHQ 2EGLH$XIPHUNVDPNHLWGHV/HVHUVYRQGHU(EHQHGHV*HVFKHKHQVDXI GHQ6SUHFKHUJHOHQNWZHUGHQVROOLVWDOVR7HLOHLQHUXPIDVVHQGHUHQNRPPX QLNDWLYHQ ,QWHQWLRQ XQG LQ PDQFKHQ *HQUHV LVW GLHVH )RUP GHU $XIPHUN VDPNHLWVOHQNXQJJDUQLFKWHUZQVFKW'LHVH8POHQNXQJLVWZHGHUIUJUR‰H 7HLOH GHU KHXWLJHQ SRSXOlUHQ /LWHUDWXU QRFK IU ZHLWH 7HLOH GHU QLFKW PRGHUQHQ7H[WHYRQ,QWHUHVVH (U]lKOWH[WHVLQGLQWHQWLRQDOH*HELOGHGDKHUVROOWHXQWHUVFKLHGHQZHUGHQ ]ZLVFKHQ GHU HLJHQWOLFKHQ ,QIRUPDWLRQ XQG LKUHP0RGXVGDVHOEVWIDOVFKH ,QIRUPDWLRQHQ 7HLO GHU YRP 7H[W NRQVWUXLHUWHQ 6LQQVWUXNWXU VLQG $QGHUV JHVDJW,QILNWLRQDOHQ7H[WHQWUlJWDXFKHLQH/JHRGHUHLQHDQGHUHNRQWUD IDNWLVFKH3URSRVLWLRQHLQHUHOHYDQWH8QWHUVFKHLGXQJLQGLHHU]HXJWH:HOWHLQ QLFKWQXUZHLOVLFKGLH$XVVDJHDXIGLH4XHOOH]XUFNEH]LHKHQOl‰W²VRFKD UDNWHULVLHUWHLQH/JHGHQ/JQHU²VRQGHUQZHLOVLHDXFKPLWGHU)LJXUDXI GLH GLH 3URSRVLWLRQ EH]RJHQ LVW HULQQHUW ZLUG ]% GD‰ PDQ EHU GLHVHQ 0HQVFKHQHLQHVROFKH/JHJODXEKDIWlX‰HUQNDQQ E 0RGXVGHU%LQGXQJ8UL0DUJROLQKDWZLHGHUKROWDXIGLH0RGDOLWlWGHU )LJXUHQLQIRUPDWLRQKLQJHZLHVHQ(UXQWHUVFKHLGHW¿IDNWLVFK¾¿NRQWUDIDNWLVFK¾ ¿NRQGLWLRQDO¾ RGHU UHLQ ¿VXEMHNWLY¾ GK GLH ,QIRUPDWLRQ H[LVWLHUW QXU LQ GHU hEHU]HXJXQJLP:XQVFKGHQNHQRGHULQGHU9RUVWHOOXQJHLQHUDQGHUHQ)L JXURGHUGHV(U]lKOHUV'HU=XVDPPHQKDQJ]ZLVFKHQGHU=XYHUOlVVLJNHLW XQG GHP 0RGXV GHU %LQGXQJ LVW HWZDV YHUZLFNHOW :HQQ HLQ ]XYHUOlVVLJHU (U]lKOHUYRQHLQHU)LJXUVDJW¿(UJODXEWHHUZlUHXQZLGHUVWHKOLFK¾GDQQLVW GHU0RGXVGHU,QIRUPDWLRQ¿VXEMHNWLYHU*ODXEHYRQ)LJXU;¾DEHUGLH=X YHUOlVVLJNHLWGLHVHU,QIRUPDWLRQLVWVHKUKRFKXQGQXUXPHLQJHULQJHVZHQL JHU ]XYHUOlVVLJ LVW GLH ,QIRUPDWLRQ GD‰ GLH )LJXU QLFKW XQZLGHUVWHKOLFK LVW 6DJWHLQH)LJXU$EHUHLQH)LJXU%¿0DQKDWVLHQLFKWHLQJHODGHQZHLOVLHVR ODQJZHLOLJ LVW¾ XQG ZXUGH YRUKHU PLWJHWHLOW GD‰ $ % EHQHLGHW GDQQ LVW LP HUVWHQ 6FKULWW GLH =XYHUOlVVLJNHLW JHULQJ GHU 0RGXV GHU ,QIRUPDWLRQ DEHU IDNWLVFK1XQNDQQPDQHYHQWXHOODXVGHUJHJHEHQHQSV\FKLVFKHQ0RWLYDWLRQ ³³³³³³³³³³  9JO0DUJROLQI 





$XIEDXGHU)LJXU

XQGDQGHUHQ8PVWlQGHQGHQ6FKOX‰]LHKHQGD‰$WDWVlFKOLFKJODXEW%VHL ODQJZHLOLJDEHUGLHVHU*ODXEHYRQQLHPDQGVRQVWJHWHLOWZLUG'DQQKDWPDQ DP(QGHGHU6FKOX‰IROJHUXQJHLQHQHXH,QIRUPDWLRQPLWGHU=XYHUOlVVLJNHLW ¿UHODWLYKRFK¾XQGGHP0RGXV¿VXEMHNWLYHU*ODXEHYRQ$¾ =XYHUOlVVLJNHLW XQG 0RGXV PVVHQ XQDEKlQJLJ YRQHLQDQGHU EHVWLPPW ZHUGHQ GD ]ZDU EHVWLPPWH )RUPHQ XQ]XYHUOlVVLJHQ (U]lKOHQV ]X MHZHLOV HLQHP EHVWLPPWHQ 0RGXV GHU %LQGXQJ IKUHQ GLHVHU 0RGXV DEHU QRFK DXIJUXQG DQGHUHU 'DUVWHOOXQJVPLWWHO HLQJHEUDFKW ZHUGHQ NDQQ $P$QIDQJ GHV%ORQGHQ(FNEHUWKHL‰WHV]%ª6HLQ:HLEOLHEWHGLH(LQVDPNHLWHEHQVRVHKU XQGEHLGHVFKLHQHQVLFKYRQ+HU]HQ]XOLHEHQ©'HUEORQGH(FNEHUW6  'LHHUVWH,QIRUPDWLRQ¿%HUWDOLHEWGLH(LQVDPNHLWZLH(FNEHUW¾LVWVHKU]X YHUOlVVLJ XQG IDNWLVFK 'LH ]ZHLWH ,QIRUPDWLRQ ¿%HUWD XQG (FNEHUW OLHEHQ VLFK¾LVWHEHQIDOOVIDNWLVFKDEHUGHXWOLFKZHQLJHU]XYHUOlVVLJ$XVGHP8P VWDQGGD‰GHU(U]lKOHUDP$QIDQJGLHVHV7H[WHVHLQLJH,QIRUPDWLRQHQPLW KRKHU XQG DQGHUH PLW VHKU YLHO JHULQJHUHU =XYHUOlVVLJNHLW DQJLEW XQG DXI JUXQGGHV8PVWDQGVGD‰¿VFKHLQHQ¾LPSOL]LHUWHVVHLLQ:LUNOLFKNHLWDQGHUV NDQQGHU/HVHUGHQ6FKOX‰]LHKHQ¿%HUWDXQG(FNEHUWOLHEHQVLFKQLFKWRGHU QLFKWULFKWLJ¾'LHVH,QIRUPDWLRQLVWUHODWLY]XYHUOlVVLJXQGIDNWLVFK F 5HOHYDQ])LJXUHQVLQGPHQWDOH0RGHOOHEHLGHUHQ.RQVWLWXWLRQ:LV VHQEHUOLWHUDULVFKHXQGOHEHQVZHOWOLFKH3HUV|QOLFKNHLWVWKHRULHQHLQHJUR‰H 5ROOHVSLHOW=XJOHLFKDEHUVLQGVLHNRPPXQL]LHUWHPHQWDOH0RGHOOH'DVKHL‰W LKUH MHZHLOLJHQ )XQNWLRQHQ LP 7H[W HWZD EHLP +DQGOXQJVDXIEDX RGHU EHL GHU %LOGXQJ WKHPDWLVFKHU XQG lVWKHWLVFKHU 6WUXNWXUHQ EHVWLPPHQ VLH ,Q IRUPDWLRQHQVLQGLQGLHVHQ.RQWH[WHQXQWHUVFKLHGOLFKUHOHYDQWLQGHPREHQ GLVNXWLHUWHQ 6LQQH GD‰ VLH PD[LPDOHQ .RQWH[WHIIHNW PLW PLQLPDOHP $XI ZDQGYHUELQGHQ2IIHQVLFKWOLFKVLQGQLFKWDOOH,QIRUPDWLRQHQLP(U]lKOWH[W JOHLFK ZLFKWLJ YLHOPHKU JLEW HV GHXWOLFK ZDKUQHKPEDUH 8QWHUVFKLHGH XQG VSlWHVWHQVEHLGHU(UPLWWOXQJYRQ%HGHXWXQJHQZLUGPDQZLFKWLJHUH,QIRU PDWLRQHQVFKOHFKWHUXQEHUFNVLFKWLJWODVVHQN|QQHQDOVXQZLFKWLJH 'LH)HVWVWHOOXQJHLQH,QIRUPDWLRQVHLUHOHYDQWLVWQLFKWGHP%HOLHEHQGHV /HVHUVEHUODVVHQVRQGHUQZLUGLQ%H]XJDXIGLHNRPPXQLNDWLYH,QWHQWLRQ EHVWLPPW 'LH )DNWRUHQ GLH GDV 5HOHYDQ]SURILOGHUJHJHEHQHQ,QIRUPDWLR QHQEHVWLPPHQODVVHQVLFKJDQ]JUREHLQWHLOHQLQ'DUVWHOOXQJVPLWWHO5HJHOQ GHUQDUUDWLYHQ:HOWXQGOHEHQVZHOWOLFKH)DNWRUHQ1DFKHLQHPOHEHQVZHOWOL ³³³³³³³³³³  'D‰ HV VLFK QDFK GHQ 5HJHOQ GHU 7H[WZHOW XP NHLQH ¿ULFKWLJH¾ /LHEH KDQGHOW ZLUG DXFK

GXUFKGLHEHWRQWH.LQGHUORVLJNHLWGHXWOLFKEHLGHVVLQGGLHHUVWHQ6LJQDOHIUGHQDP(QGH HUVW DXVJHVSURFKHQHQ ,Q]HVW ]ZLVFKHQ (FNEHUW XQG %HUWD ² ZRPLW DXFK GLH DXIIlOOLJH 1DPHQVlKQOLFKNHLWPRWLYLHUWLVW  =XU'HILQLWLRQXQG'LVNXVVLRQGHV%HJULII¿5HOHYDQ]¾YJOREHQ6HLWH



$XIEDXGHU)LJXU



FKHQ 9HUVWlQGQLV LUUHOHYDQWH ,QIRUPDWLRQHQ N|QQHQ LQ OLWHUDULVFKHQ 7H[WHQ DOV UHOHYDQW PDUNLHUW ZHUGHQ 'DV NDQQ GXUFK GLH 'DUVWHOOXQJ JHVFKHKHQ DOVRGXUFKGLHEHVRQGHUH3RVLWLRQGHU,QIRUPDWLRQHWZDEHLGHU(LQIKUXQJ GHU )LJXU DP $QIDQJ HLQHV VLWXDWLYHQ 7H[WHV RGHU DP (QGH GHU 'DUVWHO OXQJ YRU DOOHP DEHU DXFK GXUFK :LHGHUKROXQJ (LQ EHVRQGHUHU )DOO GHU :LHGHUKROXQJLVWGLH6XEVXPWLRQGKYHUVFKLHGHQH+DQGOXQJHQHLQHU)LJXU ODVVHQ VLFK PLW lKQOLFKHQ PHQWDOHQ =XVWlQGHQ EHJUQGHQ GLH ZLHGHUXP XQWHU GHU %H]HLFKQXQJ HLQHU )LJXUHQHLJHQVFKDIW ]XVDPPHQJHID‰W ZHUGHQ N|QQHQ 'LH 5HOHYDQ]ZDKUQHKPXQJ NDQQ DXFK GXUFK 5HJHOPl‰LJNHLWHQ LQ GHUHU]lKOWHQ:HOWJHVWHXHUWZHUGHQ6RZLUGLQGHQ%XGGHQEURRNVHQSDVVDQW HUZlKQWGD‰7KRPDV%XGGHQEURRNV=lKQHQLFKWVFK|QVRQGHUQNOHLQXQG JHOEOLFKVLQG'DGHU/HVHUDEHUEHUPHKUHUH)LJXUHQVROFKGHQWDOH$XV NXQIWHUKlOWVLFKGLHVH$QJDEHQ]XHLQHP0XVWHURUGQHQODVVHQXQGGLHVHV 0XVWHU GHU =DKQELOGHU ZLHGHUXP VLFK OFNHQORV IJW LQ HLQ XPIDVVHQGHUHV 0XVWHU YRQ N|USHUOLFKHQ 0HUNPDOHQ GHU 6WlUNH XQG *HVXQGKHLW HLQHUVHLWV XQG GHV 9HUIDOOV GHU 6FKZlFKH XQG9HUIHLQHUXQJDQGHUHUVHLWVNDQQHUGLH EHVRQGHUH 5HOHYDQ] DXFK GLHVHU (LQ]HOLQIRUPDWLRQ HUVFKOLH‰HQ 1DUUDWLYH 7H[WH N|QQHQ DOVR ,QIRUPDWLRQHQ GLH OHEHQVZHOWOLFK ² EH]RJHQ DXI GLH MH ZHLOLJH .XOWXU ² ZHQLJHU UHOHYDQW VLQG GXUFK 'DUVWHOOXQJVYHUIDKUHQ XQG 5HJHOQ GHU HU]lKOWHQ :HOW HLQH JU|‰HUH 5HOHYDQ] ]XVFKUHLEHQ /HEHQVZHOW OLFK UHOHYDQWH ,QIRUPDWLRQHQ WUDJHQ HEHQIDOOV ]XP 5HOHYDQ]SURILO EHL VR ZLUGGLH,QIRUPDWLRQGD‰HLQH)LJXUWRWLVWLP1RUPDOIDOOHLQDQGHUHV*H ZLFKWKDEHQDOVHLQH,QIRUPDWLRQEHUGLH)DUEHLKUHU6FKXKElQGHU²DQGH UHUVHLWV Ol‰W VLFK RKQH 3UREOHPH HLQ .ULPLQDOURPDQ GHQNHQ LQ GHP HLQH )LJXU DXIJUXQG GLHVHU ,QIRUPDWLRQ DOV 0|UGHU HQWODUYW ZLUG /DVVHQ VLFK OHEHQVZHOWOLFKLUUHOHYDQWH,QIRUPDWLRQHQDOVRDXIZHUWHQVRVFKHLQWGLHVXP JHNHKUW QLFKW ]X IXQNWLRQLHUHQ GK OHEHQVZHOWOLFK UHOHYDQWH,QIRUPDWLRQHQ ZHUGHQ ZRKO DXFK LQ GHU QDUUDWLYHQ :HOW GLHVHQ 6WDWXV EHLEHKDOWHQ LQVEH VRQGHUH ZHQQ GLHQDUUDWLYH:HOWUHFKWQDKHDQGLHDNWXDOH:HOW JHEDXWLVW -HGH)RUPGHV8QJHZ|KQOLFKHQVHLHVGXUFK'DUVWHOOXQJVPLWWHORGHUGXUFK GHQ OHEHQVZHOWOLFKHQ %H]XJ UFNW GLH HQWVSUHFKHQGH ,QIRUPDWLRQ LQ GHQ 9RUGHUJUXQGXQGHUK|KWVRLKUH5HOHYDQ] ³³³³³³³³³³  9JO*UDEHV XQG=\PQHU   

9JO%XGGHQEURRNV6 'HUHQJOLVFKH%HJULIIGHV¿IRUHJURXQGLQJ¾DOVRGDV,QGHQ9RUGHUJUXQG6WHOOHQZLUGIU GDV .RQ]HSW YHUZHQGHW GDV LP 'HXWVFKHQ DOV $EZHLFKXQJ EH]HLFKQHW ZLUG 'LH 1lKH GHVHQJOLVFKHQ%HJULIIV]XU*HVWDOWSV\FKRORJLHXQGGLH'LVWDQ]]XGHPLP'HXWVFKHQQD KHOLHJHQGHQ%HJULIIGHU1RUPPDFKHQLKQJHHLJQHWHUIUGLH%HVFKUHLEXQJGHU$XIPHUN VDPNHLWVVWHXHUXQJXPGLHHVPLUKLHUJHKW





$XIEDXGHU)LJXU

G  2IIHQVLFKWOLFKNHLW 'LH %HREDFKWXQJ GD‰ )LJXUHQ DXFK LQGLUHNW FKD UDNWHULVLHUWZHUGHQN|QQHQJHK|UW]XGHQlOWHVWHQGHUWKHRUHWLVFKHQ$XVHLQ DQGHUVHW]XQJ PLW )LJXUHQ EHUKDXSW*HPHLQWLVWGDPLWGD‰GHU 7H[WHLQH VWDELOH(LJHQVFKDIWGHV,QQHUHQQLFKWDXVGUFNOLFKQHQQWVRQGHUQGHQ/HVHU GLHVHDXIJUXQGYRQ%HVFKUHLEXQJHQGHU+DQGOXQJHQGHU*HGDQNHQRGHUGHU 8PJHEXQJ HUVFKOLH‰HQ Ol‰W 'LHVH %HREDFKWXQJ NDQQPDQYHUDOOJHPHLQHUQ XQGDXI DOOH)LJXUHQLQIRUPDWLRQHQDOVRQLFKWQXUDXIVWDELOH(LJHQVFKDIWHQ GHV,QQHUHQEH]LHKHQ:LUGHLQH)LJXUHQLQIRUPDWLRQ]XJHVFKULHEHQVRZLUG LP HLQIDFKVWHQ )DOO GHU GLUHNWHQ =XVFKUHLEXQJ GDV (UJHEQLV GDULQ EHVWHKHQ GD‰GLHVH,QIRUPDWLRQQXQLQGHUHU]lKOWHQ:HOWHLQH7DWVDFKHLVW(LQHLQGL UHNWH=XVFKUHLEXQJOLHJWYRUZHQQVLFKDXVGHUILJXUHQEH]RJHQHQ7DWVDFKHQXQ ZHLWHUH 6FKOX‰IROJHUXQJHQ EHU GLH )LJXU ² ]XPHLVW EHU GDV ,QQHUH GHU )LJXU ² ]LHKHQ ODVVHQ (QWVSUHFKHQG GHQ RELJHQ $XVIKUXQJHQ ]XU PDQL IHVWQHVV VLQG LQGLUHNWH =XVFKUHLEXQJHQ PHKU RGHU ZHQLJHU PDQLIHVW GK HV JLEW,QIHUHQ]HQDQGHUHQ(QGHVHKUPDQLIHVWH7DWVDFKHQVWHKHQXQGDQGH UH DQ GHUHQ (QGH QXU VFKZDFK PDQLIHVWH 7DWVDFKHQ ]X ILQGHQ VLQG :LH GLHVHU,QIHUHQ]SUR]H‰JHQDXDXVVLHKWZLUGLPQlFKVWHQ$EVFKQLWWHLQJHKHQ GHUXQWHUVXFKWZHUGHQ $QGHUVIRUPXOLHUW'LUHNWYHUJHEHQH,QIRUPDWLRQLVWZRKOLPPHURIIHQ VLFKWOLFKIUGHQ0RGHOO/HVHULQGLUHNWYHUJHEHQH,QIRUPDWLRQGDJHJHQNDQQ PHKURGHUZHQLJHURIIHQVLFKWOLFKVHLQGKGHU0RGHOO/HVHUNDQQPHKURGHU ZHQLJHU VWDUN GHU hEHU]HXJXQJ VHLQ GD‰ HWZDV LQ GHU QDUUDWLYHQ :HOW WDW VlFKOLFKGHU)DOOLVW%LOGHWGHU$VSHNWGHU=XYHUOlVVLJNHLWHLQH6NDODGLHYRQ ¿JDQ]]XYHUOlVVLJ¾ELV¿JDQ]XQ]XYHUOlVVLJ¾DOVR¿OJWLPPHU¾UHLFKWVRELOGHW GHU $VSHNW GHU 2IIHQVLFKWOLFKNHLW HLQH 6NDOD GLH YRQ ¿JDQ] RIIHQVLFKWOLFK¾ DOVRYRP6SUHFKHUPLWJUR‰HU6LFKHUKHLWEHKDXSWHWELV]X¿QLFKWRIIHQVLFKW OLFK¾UHLFKWGKHVNDQQQLFKWHQWVFKLHGHQZHUGHQREGHU6SUHFKHUGDVPLW JHPHLQWKDWRGHUQLFKW 1HEHQGHU$UWGHU%LQGXQJOl‰WVLFKDXFKGHUNRQ]HSWXHOOH2UWGHU%LQ GXQJ EHVFKUHLEHQ $XVJHKHQG YRP %DVLVW\SXV ODVVHQ VLFK ,QIRUPDWLRQHQ LQQHQ ]% ¿KDW .RSIVFKPHU]HQ¾  RGHU DX‰HQ ¿KDW HLQH *ODW]H¾ ¿VLW]W DP (QGH GHV 7LVFKHV LP QHXHQ )DPLOLHQKDXV LQ GHU +DQVHVWDGW¾  IHVWPDFKHQ )LJXUHQEH]RJHQH(UHLJQLVVHVLQGVHTXHQWLHOOLPHSLVRGLVFKHQ6SHLFKHUDEJH OHJW'HU%DVLVW\SXVLVWZLHVFKRQ|IWHUHUZlKQWOHGLJOLFKHLQHLQIRUPDWLR QHOOH *UXQGVWUXNWXU GLH LQ IDVWDOOHQ7H[WHQXPZHLWHUH.RPSRQHQWHQHU JlQ]W ZLUG 'LH ZLFKWLJVWH LVW ZRKO GLH VR]LDOH DQ GLH DOOH ,QIRUPDWLRQHQ JHEXQGHQ ZHUGHQ N|QQHQ GLH SULYDWH %H]LHKXQJHQ )UHXQGVFKDIW /LHEH  EHUXIOLFKH5ROOHQGHQVR]LDOHQ6WDWXVXQGDQGHUHVPHKUEHWUHIIHQ'D)LJX UHQ OLWHUDULVFKH .RQVWUXNWH VLQG PX‰ DXFK GLH 0|JOLFKNHLW EHUFNVLFKWLJW



$XIEDXGHU)LJXU



ZHUGHQ GD‰GLHHLQ]LJH%LQGXQJLQGHUHU]lKOWHQ:HOWGXUFKGLH=XVFKUHL EXQJLQGHU'DUVWHOOXQJ]XVWDQGHNRPPWPDQNDQQGDVLQ)RUWVHW]XQJGHU ELVODQJYHUZHQGHWHQ5DXPPHWDSKHUQGDV¿DVVR]LDWLYH)HOG¾QHQQHQ

&KDUDNWHULVLHUXQJ )LJXUHQLQIRUPDWLRQHQZHUGHQDXIGHU(EHQHGHU'DUVWHOOXQJDXIGLH)LJXUHQ EH]RJHQ2IIHQVLFKWOLFKJLEWHVMHGRFK]DKOUHLFKH0RPHQWHLP7H[WGLHHUVW DXIJUXQGYRQ,QIHUHQ]HQPHKURGHUZHQLJHUPDQLIHVWDXI)LJXUHQEH]RJHQ ZHUGHQ .RPSOHPHQWlU ]XP .RQ]HSW GHU )LJXUHQLQIRUPDWLRQHQ GDV DOOH ,QIRUPDWLRQHQEQGHOWGLHDXIJUXQGGHU'DUVWHOOXQJDXIHLQH)LJXUEH]RJHQ ZHUGHQVROOLPIROJHQGHQGDV.RQ]HSWGHU&KDUDNWHULVLHUXQJGLVNXWLHUWZHU GHQGDVGLH6XPPHDOOHUUHOHYDQWHQILJXUHQEH]RJHQHQ7DWVDFKHQLQGHUHU ]lKOWHQ:HOWEH]HLFKQHW 'LHVHU$QVDW]XQWHUVFKHLGHWVLFKYRQGHQYRUOLHJHQGHQ0RGHOOHQGHU)L JXUYRUDOOHPGDGXUFKGD‰GLHVHGDVHU]lKOWKHRUHWLVFKH.RQ]HSW)LJXUVWHWV SV\FKRORJLVLHUWKDEHQ:LHREHQJH]HLJWKDEHQVHOEVWGLHGH]LGLHUWDQWLSV\ FKRORJLVFKHQ$QDO\VHQYRQ%DUWKHVXQG:HLQVKHLPHUDXVDOOHQLP7H[WJH JHEHQHQ,QIRUPDWLRQHQQXUGLHMHQLJHQHLQHU)LJXU]XJHRUGQHWGLHHLQVWDEL OHUHV0HUNPDOGHU)LJXU EHWUDIHQ]XPHLVWHLQ0HUNPDOGHV,QQHUHQ'LHVH 3UR]HGXUHQWVSULFKWGHUEOLFKHQ$XIIDVVXQJYRQ¿&KDUDNWHULVLHUXQJ¾%H]R JHQ DXI 0HQVFKHQ LVW XQWHU ¿&KDUDNWHU¾ HLQH 6XPPH W\SLVFKHU SV\FKLVFKHU (LJHQVFKDIWHQ ]X YHUVWHKHQ EHVFKUHLEEDU XQWHU FKDUDNWHUSV\FKRORJLVFKHQ 6WLFKZRUWHQZLH¿H[WURYHUWLHUW¾'LHVHXPJDQJVVSUDFKOLFKH9HUZHQGXQJYRQ ¿&KDUDNWHULVLHUXQJ¾ LVW IU HU]lKOWKHRUHWLVFKH =ZHFNH QXU EHVFKUlQNW ³³³³³³³³³³  $QJHVLFKWVGHU:LFKWLJNHLWGLHGLH&KDUDNWHULVLHUXQJIUGLHPHLVWHQ%HVFKUHLEXQJHQXQG

,QWHUSUHWDWLRQHQYRQ/LWHUDWXUKDWLVWHVDXIIlOOLJZLHZHQLJH9HUVXFKHHVJLEWVLHWKHRUH WLVFK ]X NRQ]HSWXDOLVLHUHQ (LQ *UXQG IU GLHVH =XUFNKDOWXQJ GUIWH GLH QDKH]X XQHU VFK|SIOLFKH)OOHDQYHUVFKLHGHQHQ&KDUDNWHULVLHUXQJHQVHLQ6LFKHUOLFKLVW%RQKHLP]X]X VWLPPHQZHQQHUPLW*DUYH\IHVWVWHOOWGD‰GHU5HLFKWXPYHUVFKLHGHQHU)LJXUHQLQIRUPD WLRQHQHLQH%HVFKUHLEXQJXQP|JOLFKPDFKWXQGPDQK|FKVWHQVGLH,QIRUPDWLRQVYHUJDEH DQDO\VLHUHQNDQQYJO%RQKHLP $OOHUGLQJVLVWVHLQ0RGHOOPLWYLHU5lGHUQGHU &KDUDNWHULVLHUXQJHLQHU$FKVHGHVVWDWLVFKHQ0RGXVPLW%HVFKUHLEXQJXQG.RPPHQWDU XQGHLQHU$FKVHGHVG\QDPLVFKHQ0RGXVPLW%HULFKWXQG6SUDFKHUHFKWXQHUJLHELJQLFKW QXUZHLOGLH.DWHJRULHQVHOEVWVHKUXQJOFNOLFKJHZlKOWVLQG²VRZLUGGLH:DKUQHKPXQJ YRQ)LJXUHQLQYRUJHQHWWHVFKHU:HLVHXQWHU¿6SUDFKH¾VXEVXPLHUW²VRQGHUQZHLOPLWGHU =XRUGQXQJ GHU ,QIRUPDWLRQHQGHV(U]lKOWH[WHV ]XGHQ.DWHJRULHQ IUHLQH ZHLWHUH 8Q WHUVXFKXQJ]%HLQH,QWHUSUHWDWLRQQLFKWVJHZRQQHQLVW6HLQ6FKOHU1LHUDJGHQHQWZLN NHOWLQVHLQHU'LVVHUWDWLRQVHLQ0RGHOOZHLWHUHUEHJUQGHWGLH.DWHJRULHQEHVVHUXQGGLI IHUHQ]LHUW VLH ZHLWHU DXV RKQH GDV JUXQGOHJHQGH 3UREOHP LKUHU PDQJHOQGHQ (UVFKOLH





$XIEDXGHU)LJXU

EUDXFKEDUGDQLFKWSV\FKLVFKH0HUNPDOHGLHVHOEVWLQPLPHWLVFKHQ7H[WHQ ZHVHQWOLFK ]XU 3UlJQDQ] GHU *HVWDOWZDKUQHKPXQJ EHLWUDJHQ VR XQEHUFN VLFKWLJW EOHLEHQ $X‰HUGHP PX‰ GLH OLWHUDWXUZLVVHQVFKDIWOLFKH 7KHRULH GHU )LJXU GHXWOLFK ]ZLVFKHQ LKUHU HLJHQHQ 0HWDWKHRULH GHU )LJXUHQ XQGGHQMH ZHLOLJHQWH[WVSH]LILVFKHQ$QQDKPHQ]XP.RPSOH[)LJXUXQG3HUVRQXQWHU VFKHLGHQ 'HU %HJULII GHU &KDUDNWHULVLHUXQJ PX‰ GDKHU DQGHUV DOV ELVKHU JHID‰W ZHUGHQ 0DQ N|QQWH DOV ¿&KDUDNWHULVLHUXQJ¾ DOOH 9HUIDKUHQ LP GLVFRXUV EH ]HLFKQHQ GLH LUJHQGZHOFKH ,QIRUPDWLRQHQ DQHLQH)LJXUELQGHQ 0LW GLHVHU VHKUDOOJHPHLQHQ'HILQLWLRQLVWQLFKWVGDUEHUDXVJHVDJWZHOFKH,QIRUPDWLR QHQ JHEXQGHQ ZHUGHQ DOVR RE HV VLFK XP ¿&KDUDNWHUHLJHQVFKDIWHQ¾ LP DOO WDJVSV\FKRORJLVFKHQ 6LQQH KDQGHOW RGHU XP DQGHUH QLFKWSV\FKRORJLVFKH $QJDEHQ'LH1HXWUDOLWlWGLHVHU([SOLNDWLRQJHJHQEHUGHU$UWGHU]XJHRUG QHWHQ ,QIRUPDWLRQ ZLUG DOOHUGLQJV PLW GHP 1DFKWHLO HUNDXIW GD‰ QXQ VHKU JUR‰H0HQJHQDQ,QIRUPDWLRQHQDOV¿&KDUDNWHULVLHUXQJ¾EH]HLFKQHWZHUGHQ QlPOLFK QHEHQ GHU H[SOL]LWHQ =XVFKUHLEXQJ YRQ 0HUNPDOHQ DOOHV ZDV HLQH )LJXUVDJWXQGZDV]XLKURGHULQLKUHP%HLVHLQJHVDJWZLUGDOOHLKUH+DQG OXQJHQ XQG (UOHEQLVVH XQG DOOH +DQGOXQJHQ GHQHQ VLH EHLZRKQW 'D DXI GLHVH:HLVHVHOEVW1HEHQILJXUHQVHKUEDOGHLQNDXPEHUVFKDXEDUHV0D‰DQ ,QIRUPDWLRQHQHU]HXJHQZlUHHLQH(LQVFKUlQNXQJGHV%HJULIIV¿&KDUDNWHUL VLHUXQJ¾ZQVFKHQVZHUW (VOLHJWQDKHGLH6WDELOLWlWGHU)LJXUHQLQIRUPDWLRQHQLQGHQ0LWWHOSXQNW GLHVHV QHXHQ %HJULIIV GHU &KDUDNWHULVLHUXQJ ]X VWHOOHQ $XI GHU (EHQH GHV GLVFRXUV ]HLJW VLFK GLHVH 6WDELOLWlW GXUFK :LHGHUKROXQJ 5HNXUUHQWH $QJDEHQ ]X)LJXUHQLQGHU'DUVWHOOXQJQRWLHUHQ]XPHLVWHQWVSUHFKHQGVWDELOH(LJHQ VFKDIWHQLQGHUHU]lKOWHQ:HOW]%VSUDFKOLFKH0DQLHULVPHQRGHU(LJHQKHL WHQGHU.OHLGXQJXQGGHV9HUKDOWHQVN|QQHQDEHUDXFKEOR‰UHNXUUHQWDXI GHU 'DUVWHOOXQJVVHLWH VHLQ ]% DVVR]LDWLYH 9HUNQSIXQJHQ GHU )LJXU PLW VSUDFKOLFKHQ %HVRQGHUKHLWHQ $XI GHU (EHQH GHU HU]lKOWHQ :HOW ]HLJW VLFK GLHVH 6WDELOLWlW DOV OlQJHUIULVWLJH %LQGXQJ HLQHU ,QIRUPDWLRQ DQ HLQH )LJXU ³³³³³³³³³³

‰XQJVNUDIW ZLUNOLFK O|VHQ ]X N|QQHQYJO 1LHUDJGHQ  1LHUDJGHQV$QQDKPH PDQ N|QQH)LJXUHQDQDO\VLHUHQRKQH:HOWZLVVHQKLQ]X]X]LHKHQVFKHLQWPLUDXIJUXQGGHUKLHU ZLHGHUKROW GLVNXWLHUWHQ $EKlQJLJNHLW GHU )LJXUHQNRQVWLWXWLRQ YRQ JDQ] YHUVFKLHGHQHQ )RUPHQGHV:HOWZLVVHQVXQSODXVLEHOHEGD6²6HKUXQHUJLHELJLVWGLHWKHRUHWLVFKXQ LQIRUPLHUWH$UEHLWYRQ*XQWOLGHUXQWHU¿&KDUDNWHU¾WDWVlFKOLFKGLH:HVHQVDUWHLQHU)LJXU YHUVWHKWYJO*XQWOL>'LVV@ ²0DQIUHG-DKQKDWGLH.DWHJRULHQELOGXQJYRQ3ILVWHU EHUQRPPHQXQGZHLWHUHQWZLFNHOWLQGHPHUGHQ8QWHUVFKHLGXQJHQILJXUDODXNWRULDOVR ZLHH[SOL]LWLPSOL]LWQRFKGLH8QWHUVFKHLGXQJDXWRFKDUDFWHUL]DWLRQDOWHURFKDUDFWHUL]DWLRQ KLQ]XJHIJWKDWYJO-DKQ 



$XIEDXGHU)LJXU



'DUXQWHUIDOOHQDXFKHQWVSUHFKHQGGHP%DVLVW\SXVGHU)LJXU OlQJHUIULVWLJH 0HUNPDOH GLH GHP,QQHUHQ GHU)LJXU]XJHVFKULHEHQZHUGHQ²LQZHOFKHP NXOWXUHOOHQ &RGH DXFK LPPHU ² DEHU DXFK VSH]LIL]LHUHQGH 0HUNPDOH ZLH .OHLGXQJXDP 8QWHU&KDUDNWHULVLHUXQJZLUGDOVRHLQ3UR]H‰YHUVWDQGHQEHLGHPHLQHU )LJXU ,QIRUPDWLRQHQ ]XJHVFKULHEHQ ZHUGHQ ZDV HQWZHGHU VRIRUW RGHU DP (QGH HLQHV DQJHVFKORVVHQHQ ,QIHUHQ]SUR]HVVHV LQ HLQHU ILJXUHQEH]RJHQHQ 7DWVDFKHLQGHUHU]lKOWHQ:HOWUHVXOWLHUW'LHGLUHNWH&KDUDNWHULVLHUXQJIlOOW PLWGHUREHQGLVNXWLHUWHQGLUHNWHQ=XVFKUHLEXQJYRQ)LJXUHQLQIRUPDWLRQHQ ]XVDPPHQ $OOH $XVVDJHQ RGHU $XVVDJHQHOHPHQWH YRP 7\S ªHLQH JUR‰H GLVWLQJXLHUWH (UVFKHLQXQJ© %XGGHQEURRNV 6   ªGDV LVW HLQ VROLGHU XQG HUQVWHU .RSI© HEGD 6  ª'LH GLFNH 'DPH© %HEXTXLQ 6   ª(U KDWWH HLQHQNOHLQHQ.RSI©HEGD JHK|UHQKLHUKHU'DVHLJHQWOLFKH3UREOHPVWHOOW GLHLQGLUHNWH&KDUDNWHULVLHUXQJGDU(VEHJLQQWPLWGHU)UDJHZDVHLJHQWOLFK HLQH GLUHNWH YRQ HLQHU LQGLUHNWHQ &KDUDNWHULVLHUXQJ XQWHUVFKHLGHW %HUHLWV HLQHVHKUIUKHOLWHUDWXUZLVVHQVFKDIWOLFKH7KHRULHVLHKWLQGLHVHU8QWHUVFKHL GXQJGHQ6RQGHUIDOOHLQHUDOOJHPHLQHQ8QWHUVFKHLGXQJYRQ7H[WVWUDWHJLHQ $'LUHFWHXQGLQGLUHFWH'DUVWHOOXQJ 9LHOOHLFKWLVWHVDOOJHPHLQHUZHQQLFKVDJHGLH7HFKQLNGHV(UUDWKHQODVVHQV1lPOLFKZR LFKVWDUNDXI6HOEVWWKlWLJNHLWGHV3XEOLFXPVUHFKQHNDQQLFKGDV,QWHUHVVHGXUFKGLHLQGL UHFWHRGHUV\PSWRPDWLVFKH'DUVWHOOXQJHUK|KHQLQGHPLFKGLH8UVDFKHYHUVFKZHLJHXQG VLHDXV6\PSWRPHQHUUDWKHQODVVH:RPDQQLFKWVHUUDWKHQOl‰WLVWGLH'DUVWHOOXQJGLUHFW (LQ0LWWHOLQGLUHFWHU'DUVWHOOXQJLVWDEHUDXFKGLH,URQLH 'DUVWHOOXQJHLQHV&KDUDNWHUVVLHHUIROJWHQWZHGHUGXUFKGLUHFWH&KDUDNWHULVWLNGKLFK ]lKOH GLH (LJHQVFKDIWHQ DXI GLHMHPDQG EHVLW]W'DVJHVFKLHKW JHZ|KQOLFKLQGHU+LVWR ULRJUDSKLHZRHLQEHGHXWHQGHU0DQQ]XVFKLOGHUQLVW:LUDUEHLWHQGDQQGLUHFWPLWSV\ FKRORJLVFKHQ .DWHJRULHQ'LHV LVWZLVVHQVFKDIWOLFKH&KDUDNWHULVWLN6ROFKH&KDUDNWHULVWLN ZLUGYLHOIlOWLJDXFKLQ5RPDQHQDQJHZDQGW$EHUGLHVH)RUPJLOWMHW]WQLFKWPHKUIUHLQH NXQVWYROOH'DUVWHOOXQJ0DQ]LHKWGLHLQGLUHFWHYRUEHLZHOFKHUPDQDXV:RUWHQ*HVLQ QXQJHQ 7KDWHQ JHZLVVH (LJHQVFKDIWHQ XQG VR GHQ JDQ]HQ &KDUDNWHU HUUDWKHQ Ol‰W 'HU $XWRUEH]HLFKQHWDOVR JDU QLFKW GLUHFWXQG GHU/HVHUPX‰VFKOLH‰HQJHUDGHZLHZLULP /HEHQ YHUIDKUHQ LQGHP HLQ -HGHU GDV %LOG HLQHV 0HQVFKHQ DXV VHLQHQ 7KDWHQ :RUWHQ 1HLJXQJHQVLFKHQWZLUIW

6FKHUHUV VHKU KHOOVLFKWLJH %HVFKUHLEXQJ GHU LQGLUHNWHQ 'DUVWHOOXQJ DOV ª7HFKQLNGHV(UUDWKHQODVVHQV©Ol‰WVLFKGXUFKGLHREHQVFKRQGDUJHVWHOOWHQ %HJULIIH¿DEGXNWLYH,QIHUHQ]¾XQG¿2IIHQVLFKWOLFKNHLW¾QRFKHWZDVGLIIHUHQ]LH UHQVFKHLQWPLUDEHULP3ULQ]LSLPPHUQRFK]XWUHIIHQG'LH(LJHQWlWLJNHLW GHV /HVHUV ZLUG ]XP 'LIIHUHQ]NULWHULXP ]ZLVFKHQ GLUHNWHU XQG LQGLUHNWHU ³³³³³³³³³³  9JOREHQ6 

6FKHUHU>SRVWKXP@I 





$XIEDXGHU)LJXU

'DUVWHOOXQJª:RPDQQLFKWVHUUDWKHQOl‰WLVWGLH'DUVWHOOXQJGLUHFW©hEHU OHJXQJHQ ZLH GLH REHQ VNL]]LHUWH YRQ .RFK GLH 8QWHUVFKHLGXQJ YRQ GL UHNWLQGLUHNWDXIHLQH8QWHUVFKHLGXQJ]XUHGX]LHUHQGLHDXIGLH4XHOOHGHU ,QIRUPDWLRQ DE]LHOW EHUVHKHQ GHQ JDQ] XQWHUVFKLHGOLFKHQ &KDUDNWHU GHU YRP7H[WJHIRUGHUWHQNRJQLWLYHQ2SHUDWLRQHQ 'LH LQGLUHNWH &KDUDNWHULVLHUXQJ EHVWHKW DXV ]ZHL 6FKULWWHQ ,P HUVWHQ 6FKULWWZHUGHQGXUFKGHQ7H[WHLQHRGHUPHKUHUH,QIRUPDWLRQHQYHUJHEHQ ,P ]ZHLWHQ 6FKULWW ZLUG DQ GDV LP7H[W*HJHEHQHHLQHDEGXNWLYH ,QIHUHQ] DQJHVFKORVVHQ :DV GLHV LP 7H[W *HJHEHQH LVW Ol‰W VLFK QLFKW JHQDXHU EHVWLPPHQZHLOGLH9LHOIDOWGHU0|JOLFKNHLWHQZRKOQLFKWEHVFKUlQNWLVW(V NDQQVLFKXPGLH6FKLOGHUXQJYRQ2EMHNWHQLQGHUQDUUDWLYHQ:HOWKDQGHOQ ]% XP HLQH :RKQXQJVHLQULFKWXQJ XQG GLH $UW XQG :HLVH ZLH GLH :RK QXQJHLQJHULFKWHWLVWOl‰W²P|JOLFKHUZHLVH²6FKOVVHDXIGHQ%HZRKQHU]X (LQHZLFKWLJH4XHOOHGHULQGLUHNWHQ&KDUDNWHULVLHUXQJVLQG+DQGOXQJHQXQG VSUDFKOLFKHV9HUKDOWHQYRQ)LJXUHQ1LFKW]XOHW]WN|QQHQ(UHLJQLVVHLQGHU QDUUDWLYHQ:HOW*UXQGODJHYRQDEGXNWLYHQ,QIHUHQ]HQVHLQ(VJHKWDQGLH VHU6WHOOHGDVVHLQRFKPDOVKHUYRUJHKREHQQLFKWXPGLH,QIHUHQ]DXIlVWKH WLVFKH RGHU WKHPDWLVFKH $VSHNWH GHV (U]lKOWH[WHV VRQGHUQ DOOHLQ XP GLH ,QIHUHQ]DXIILJXUHQEH]RJHQH7DWVDFKHQLQGHUQDUUDWLYHQ:HOW :LHREHQDXVIKUOLFKHUGDUJHVWHOOWZXUGHEHVWHKWHLQHDEGXNWLYH,QIHUHQ] DXVGUHL2SHUDWLRQHQ $XIJUXQGGHVVHPLRWLVFKHQ7ULJJHUVZLUGHLQ3Kl QRPHQ DOV =HLFKHQ LGHQWLIL]LHUW   HV ZLUG HLQH 5HJHO JHVXFKW GLH ]X GHP 3KlQRPHQ SD‰W   HLQ DEGXNWLYHU 6FKOX‰ DXV JHJHEHQHP 3KlQRPHQ XQG 5HJHODXIHLQ'ULWWHVZLUGJH]RJHQ-HGHUGLHVHU6FKULWWHLVWQLFKWQRWZHQGLJ GKHVJLEWNHLQH¿]ZLQJHQGH¾)RUPGHU/RJLNGLHMHGHQGLHVHU6FKULWWHEH VWLPPWVRQGHUQQXUPHKURGHUZHQLJHUSODXVLEOH$QQDKPHQ %HYRUGLH)UDJHDXVIKUOLFKHUEHKDQGHOWZLUGZLHVHPLRWLVFKH7ULJJHUIU GLHLQGLUHNWH=XVFKUHLEXQJYRQ)LJXUHQLQIRUPDWLRQHQDXVVHKHQN|QQWHQLVW HLQ NOHLQHU ([NXUV QRWZHQGLJ (V JLEW ]ZHL 'LVNXVVLRQVWUDGLWLRQHQ HLQH OLWHUDWXUZLVVHQVFKDIWOLFKHXQGHLQHSKLORVRSKLVFKHGLHGLH8QYROOVWlQGLJNHLW OLWHUDULVFKHU)LJXUHQGLVNXWLHUWKDEHQ'LHOLWHUDWXUZLVVHQVFKDIWOLFKH'LVNXV VLRQVWUDGLWLRQ LVW NHQQWOLFK DQ GHU REHQ VFKRQ HUZlKQWHQ )UDJH ¿:LH YLHOH .LQGHU KDW /DG\ 0DFEHWK"¾ 'LHVH )UDJH ZDU YRQ .QLJKW XUVSUQJOLFK DOV ZLW]LJH3ROHPLNJHJHQHLQHQOHEHQVZHOWOLFKHQ8PJDQJPLW)LJXUHQLQ6KDNH VSHDUHV 'UDPHQ JHULFKWHW GHU GLHVH ZLH 3HUVRQHQ ]X EHKDQGHOQ VFKHLQW 1XWDOO NRPPW LQ VHLQHU $XVHLQDQGHUVHW]XQJ PLW GHU 6WUHLWVFKULIW ]X GHP 6FKOX‰ª.QLJKW VUHDOREMHFWLRQLVWRWKHSUDFWLFHRIGUDZLQJLQIHUHQFHVIURP ³³³³³³³³³³  9JO.QLJKWV>@ 



$XIEDXGHU)LJXU



WKHVHHQWRWKHXQVHHQZLWKUHVSHFWWRSHUVRQVRIWKHSOD\©XQGNRQVWDWLHUW GDQQ ]X 5HFKW GD‰ GHU DQJHJULIIHQH 6KDNHVSHDUH)RUVFKHU %UDGOH\ ]ZDU WHLOZHLVH]XH[]HVVLY,QIHUHQ]HQELOGHRKQHGLHVH3UD[LV7KHDWHUXQG/LWHUD WXUDEHUNDXPIXQNWLRQLHUHQZUGHQ 'LHSKLORVRSKLVFKH'LVNXVVLRQVWUDGLWLRQJHKWYRQGHU)UDJHDXVRE$XV VDJHQEHUQLFKWDNWXDOH(QWLWlWHQ]%)LJXUHQ:DKUKHLWVZHUWH]XJHVFKULH EHQ ZHUGHQ N|QQHQ XQG RE HV SULQ]LSLHOOH 'LIIHUHQ]HQ ]ZLVFKHQ DNWXDOHQ XQGILNWLRQDOHQ(QWLWlWHQJLEW¿+DWWH6KHUORFN+ROPHVHLQ0XWWHUPDODXI GHP 5FNHQ"¾ ODXWHW GLH GLVNXWLHUWH ([HPSHOIUDJH ]XPHLVW 'LH PHLVWHQ 3KLORVRSKHQ KDOWHQ GLHVH )UDJH IU XQHQWVFKHLGEDU GD HV NHLQH $XVVDJHQ GDUEHU LP 7H[W JHEH 1XUZHQLJHQHKPHQ DQ)LJXUHQVHLHQYROOVWlQGLJ GDPDQDXIJUXQGGHVJHZlKOWHQ+LQWHUJUXQGVHWWLQJVGLHIHKOHQGHQ,QIRUPD WLRQHQ HUJlQ]HQ N|QQH 9RQ HLQHU OLWHUDWXUZLVVHQVFKDIWOLFKHQ 3HUVSHNWLYH DXV YHUIHKOHQ GLH PHLVWHQ GLHVHU SKLORVRSKLVFKHQ (U|UWHUXQJHQ GHQ 3XQNW GD VLH OLWHUDULVFKH 7H[WH GLH ILNWLRQDOH :HOWHQ HUVFKDIIHQ ZLH KLVWRULVFKH 4XHOOHQ ]X GHQ :HOWHQ EHKDQGHOQ GLH VLFK QXU GXUFK HLQHQ )LNWLRQDOLWlWV RSHUDWRU YRQ DQGHUHQ 4XHOOHQ XQWHUVFKHLGHQ 6LH VHKHQ GLH 7H[WH QLFKWLP .RQWH[WHLQHUOLWHUDULVFKHQ.RPPXQLNDWLRQ

³³³³³³³³³³  1XWDOO  

(EGD6 (LQHQ VHKU JXWHQ hEHUEOLFN EHU GLH 'LVNXVVLRQ JLEW 5RQHQ    .DS  ¿)LFWLRQDOHQWLWLHVLQFRPSOHWHEHLQJV¾,KU9RUVFKODJGD‰8QYROOVWlQGLJNHLWGHU)LJXULQOL WHUDULVFKHQ:HUNHQDXIJUXQGGHUWH[WXHOOHQ3UR]HGXUHQGHU'HILQLWLVLHUXQJGHILQLWL]DWLRQ  NHLQH5ROOHVSLHOHLVWZRKONHLQH/|VXQJIUGDVKLHUXQWHUVXFKWH3UREOHPGHU,QIHUHQ]HQ $QJHVLFKWV GLHVHU SKLORSKLVFKHQ 7KHRULHGLVNXVVLRQ ZLUNW GLH /|VXQJ GHU 3KLORVRSKLQ $PLH7KRPDVVRQ XQJHPHLQSUDNWLVFK6LHVFKOlJWYRU)LJXUHQDOVDEVWUDNWH(QWLWl WHQ]XEHKDQGHOQGLH]ZDUNHLQHQ2UWLQ5DXPXQG=HLWKDEHQDEHUGHQQRFKH[LVWLHUHQ XQG GHUHQ RQWRORJLVFKHQ 0HUNPDOH DOVR ([LVWHQ] :HLWHUEHVWHKHQ XQG ,GHQWLWlWVEHGLQ JXQJHQ GDGXUFK IHVW]XOHJHQ VLQG GD‰ PDQ GLH 3UD[LV YRQ NRPSHWHQWHQ %HQXW]HUQ LP 8PJDQJPLW/LWHUDWXUDXIGLHVHV.RQ]HSWKLQEHIUDJWIUDJOLFKLVWP(QXUREPDQZLUN OLFK/LWHUDWXUZLVVHQVFKDIWOHUEHIUDJHQVROOWHRGHUQLFKWGRFKDOOHNRPSHWHQWHQ/HVHU²,Q GHUSKLORVRSKLVFKHQ/LWHUDWXUXQEHUFNVLFKWLJWLVWGHUNXU]HDEHUVHKUJHKDOWYROOH$XIVDW] YRQ(DWRQ6LHEHKDQGHOWGDV3UREOHPEHUHLWVPLW+LQZHLVDXIGLH=XVFKUHLEXQJGHULQIH UHQ]HUP|JOLFKHQGHQ ,QIRUPDWLRQHQ ]XHLQHU.RPPXQLNDWLRQVLQVWDQ]YJO(DWRQ  (DWRQZDULQVEHVRQGHUHDXFKPLWLKUHP9RUVFKODJYRQQLFKWGHGXNWLYHQ,QIHUHQ]HQLKUHU =HLWYRUDXVZLHLQVEHVRQGHUH3ROODUGV.ULWLNDQLKU]HLJWGHUDQVWHOOHGHVVHQJHUQH¿ORJLFDO GHULYDELOLW\¾VHKHQZUGHYJO3ROODUG   9JO/HZLV   =%'HQQHWW   9JO&ULWWHQGHQ bKQOLFKDUJXPHQWLHUWDXFK6XLWV  





$XIEDXGHU)LJXU

'DV3UREOHPGDVVLFKIUGLHOLWHUDWXUZLVVHQVFKDIWOLFKH$QDO\VHHLJHQWOLFK VWHOOWLVWQLFKWREQDUUDWLYH:HOWHQXQYROOVWlQGLJVLQG²QDWUOLFKVLQGVLHHV ²VRQGHUQZRVLHDQIDQJHQXQYROOVWlQGLJ]XVHLQ'DDOOHGLUHNWHQ'DUVWHO OXQJVlX‰HUXQJHQ,QIRUPDWLRQHQLQGHUILNWLRQDOHQ:HOWHWDEOLHUHQOlXIWGLH *UHQ]HGXUFKGLH0HQJHGHU,QIHUHQ]HQGLHDQLQGLUHNWH'DUVWHOOXQJHQDQ JHVFKORVVHQZHUGHQN|QQHQ:LHREHQVFKRQDXVIKUOLFKHUEHJUQGHWZLUG GLHVH *UHQ]H QLFKW GXUFK GHQ 5DQG GHU 0HQJH DOOHU P|JOLFKHQ ,QIHUHQ]HQ JHELOGHW VRQGHUQ GXUFK GDV 5HOHYDQ]NULWHULXP LQQHUKDOE GHU QDUUDWLYHQ .RPPXQLNDWLRQ GK GLH 0HQJH GHU UHOHYDQWHQ ,QIHUHQ]HQ LVW ZRKO VWHWV GHXWOLFK NOHLQHU DOV GLH GHU P|JOLFKHQ XQG JHQDX GDULQ OLHJW HLQH SODXVLEOH =XUFNZHLVXQJ YRQ )UDJHQ ZLH GHU QDFK GHU $Q]DKO YRQ /DG\ 0DFEHWKV .LQGHUQEHJUQGHW =XUFN]XPVHPLRWLVFKHQ7ULJJHU,QQHUKDOEGHUQDUUDWLYHQ.RPPXQLND WLRQLVWDOVR5HOHYDQ]GDVZHVHQWOLFKH.ULWHULXPGDVHLQ3KlQRPHQDOV=HL FKHQPDUNLHUW*lEHHVNHLQVROFKHV.ULWHULXPZUGHGLHDEGXNWLYH,QIHUHQ] HQGORVUHNXUVLYYHUODXIHQGKVLHZUGHGHQ2XWSXWGHUHLQHQ,QIHUHQ]DOV ,QSXW IUGLHQlFKVWHYHUZHQGHQXQGGDV DGLQILQLWXP5HOHYDQ]ZRKO]X PHLVW ZDKUJHQRPPHQ LQ LKUHU ¿QHJDWLYHQ¾ )RUP DOV ,UUHOHYDQ] LVW GDV $E EUXFKNULWHULXP¿5HOHYDQ]¾LVWKLHUHLQ2EHUEHJULIIIUHLQH5HLKHJDQ]YHU VFKLHGHQHUNRQNUHWHU3KlQRPHQH'DVQDUUDWLYH.RRSHUDWLRQVSULQ]LS*DW WXQJVNRQYHQWLRQHQGLH5HJHOQGHV7\SXVYRQHU]lKOWHU:HOWXQGGHUVSH]L ILVFKHQ HU]lKOWHQ :HOW VLQG EOLFKHUZHLVH GLH HQWVFKHLGHQGHQ VHPLRWLVFKHQ 7ULJJHU 6LHZHUGHQHUJlQ]WGXUFKGDV8PIHOGXQGGLH(LJHQVFKDIWHQGHU JHJHEHQHQ ,QIRUPDWLRQ VRZLH GXUFK GLH ELV ]X GLHVHP 0RPHQW GXUFK GHQ 7H[WHWDEOLHUWH$QQDKPHEHUVHLQHNRPPXQLNDWLYH,QWHQWLRQ (LQLQWHUHVVDQWHV%HLVSLHOGDIUZLHSV\FKRORJLVFKH,QIHUHQ]HQJOHLFKDP $QIDQJ GHV 7H[WHV DOV XQDQJHPHVVHQ PDUNLHUW ZHUGHQ LVW GHU %HJLQQ YRQ (LQVWHLQV%HEXTXLQ'HU7H[WZLUNWDXFKDXIKHXWLJH/HVHUQRFKLUULWLHUHQGGD VHLQH'DUVWHOOXQJXQGVHLQHHU]lKOWH:HOWYRQ¿UHDOLVWLVFKHQ¾(U]lKONRQYHQ WLRQHQZLHEHUKDXSWYRQGHQ.RQYHQWLRQHQVSH]LILVFKHU*DWWXQJHQDEZHL FKHQ'LHHUVWH$XIJDEHGHV/HVHUVLVWHVVLFKGXUFKGLHH[SUHVVLRQLVWLVFKH 6SUDFKHKLQGXUFKHLQ%LOGGHUVHKUHLJHQZLOOLJHQHU]lKOWHQ:HOW]XPDFKHQ ³³³³³³³³³³  9LHOHLP7H[WIHKOHQGHQ,QIRUPDWLRQHQ]%EHUGLHZDKUVFKHLQOLFKH$Q]DKOGHU.LQGHU

YRQ/DG\0DFEHWKN|QQWHPDQGXUFKHLQHQ,PSRUWDOOHQ:LVVHQVEHUGLHDNWXDOH:HOW LQGLHILNWLRQDOHHUJlQ]HQDEHURE6KHUORFN+ROPHVHLQ0XWWHUPDODXIGHP5FNHQKDW ZHL‰PDQDXFKGDQQQRFKQLFKW  7RGRURYV %HVFKUHLEXQJ GHV 8QWHUVFKLHGV ]ZLVFKHQ SV\FKRORJLVFKHP XQG DSV\FKRORJL VFKHP5RPDQOl‰WVLFKQDFKGHP*HVDJWHQDOV$XVZLUNXQJGHU5HJHOQGHUHU]lKOWHQ:HOW DXIGLH:DKUQHKPXQJYRQVHPLRWLVFKHQ7ULJJHUQIRUPXOLHUHQYJO7RGRURY 



$XIEDXGHU)LJXU



'LH 9HUZLUUXQJ EHJLQQW EHUHLWV PLW GHP 7LWHO 'LH 'LOHWWDQWHQ GHV :XQGHUV RGHUGLHELOOLJH(UVWDUUQLV(LQ9RUVSLHO%HEXTXLQ -HGHGHUGUHL7LWHO]HLOHQ LVW IU VLFK JHQRPPHQ XQYHUVWlQGOLFK ZHLO VLH XQJHZRKQWH :RUWNRPELQD WLRQHQ RGHU ZLH GLH OHW]WH =HLOH HLQ XQEHNDQQWHV :RUW DQELHWHW ]X GHQHQ VLFKQLFKWOHLFKWHLQSODXVLEOHU.RQWH[WELOGHQOl‰W'DEHLZDKUWGDV*DQ]H QRFKGLH6WUXNWXUHLQHVW\SLVFKHQ'UDPHQWLWHOVZLH*UDEEHV1DSROHRQRGHUGLH KXQGHUW7DJH(LQ'UDPDLQIQI$XI]JHQ'RFKKLHUHUKHOOWZHGHUGHU8QWHUWL WHO GHQ 2EHUWLWHO QRFK XPJHNHKUW XQG DXFK GLH *DWWXQJVEH]HLFKQXQJ LVW GXUFKGHQUlWVHOKDIWHQ=XVDW]ª%HEXTXLQ©XQJHZ|KQOLFK bKQOLFKVLJQDOKDIWVLQGDXFKGLHHUVWHQ6lW]HGHV7H[WHV 'LH6FKHUEHQHLQHVJOlVHUQHQJHOEHQ/DPSLRQVNOLUUWHQDXIGLH6WLPPHHLQHV)UDXHQ]LP PHUVª:ROOHQ6LHGHQ*HLVW,KUHU0XWWHUVHKHQ"©'DVKDOWORVH/LFKWWURSIWHDXIGLH]DUW PDUNLHUWH*ODW]HHLQHVMXQJHQ0DQQHVGHUlQJVWOLFKDEERJXPDOOHQhEHUOHJXQJHQEHU GLH =XVDPPHQVHW]XQJVHLQHU3HUVRQYRU]XEHXJHQ(UZDQGWHVLFKDEYRQGHU%XGHGHU YHU]HUUHQGHQ 6SLHJHO GLH PHKU ]X %HWUDFKWXQJHQ DQUHJHQ DOV GLH :RUWH YRQ IQI]HKQ 3URIHVVRUHQ (U ZDQGWH VLFK DE YRP &LUNXV ]XU DXIJHKREHQHQ 6FKZHUNUDIW ZLHZRKO HU OlFKHOQG HLQVDK GD‰ HU GDPLW GLH /|VXQJ VHLQHV /HEHQV YHUVlXPWH 'DV 7KHDWHU ]XU VWXPPHQ(NVWDVHPLHGHUPLWVWRO]JHQHLJWHP+DXSWDOOH(NVWDVHLVWXQDQVWlQGLJ(NVWD VHEODPLHUWXQVHU.|QQHQXQGJLQJVFKDXHUQGLQGDV0XVHXP]XUELOOLJHQ(UVWDUUQLVDQ GHVVHQ.DVVHHLQHEUHLWHYHUVFKZLPPHQGH'DPHQDFNWVD‰%HEXTXLQ6 

'HUHUVWH+DOEVDW]N|QQWHDXIGHU'DUVWHOOXQJVHEHQHQRFK¿UHDOLVWLVFK¾JHOH VHQ ZHUGHQ GRFK VSlWHVWHQV ZHQQ GLH 6FKHUEHQ DXI GLH 6WLPPH NOLUUHQ NDQQGHU/HVHUQXUQRFK6LQQXQWHUVWHOOHQZHQQHUDQQLPPWGD‰KLHUHLQH DEZHLFKHQGH O\ULVFKH[SUHVVLYH 6SUDFKH YHUZHQGHW ZLUG 'LH $EZHLFKXQJ EHWULIIWDQGLHVHU6WHOOHQRFKOHGLJOLFKGLH$UWGHU'DUVWHOOXQJQLFKWDEHUGLH QDUUDWLYH:HOW'LHV\QlVWKHWLVFKH%HVFKUHLEXQJYRQ/LFKWXQG6WLPPHOl‰W VLFKRKQH3UREOHPHDOVXQJHZ|KQOLFKH'DUVWHOOXQJHLQHVJHZ|KQOLFKHQ9RU JDQJV GHXWHQ QlPOLFK GD‰ EHLP /LFKW HLQHV /DPSLRQV HLQH )UDJH JHVWHOOW ZRUGHQLVW0LWGHU$QJDEHGHV*UXQGHVZDUXPGHU0DQQDEELHJWEHJLQQW MHGRFKHLQH5HLKHYRQ$QJDEHQGLHJDQ]WULYLDOH7lWLJNHLWHQDXIGHP-DKU PDUNWQlPOLFKQLFKW]XU:DKUVDJHULQJHKHQQLFKWGDV6SLHJHONDELQHWWEHVX FKHQ XVZ PLW DQ 6WDQGDUGV GHU DNWXDOHQ :HOW JHPHVVHQ EHUWULHEHQ VFKZHUJHZLFKWLJHQ%HJUQGXQJHQYHUVHKHQ'LH3RLQWHOLHJWQXQGDULQGD‰ GLHVH LQDGlTXDWHQ %HJUQGXQJHQ QLFKW QXU DOV PHQWDOH =XVWlQGH GHU )LJXU ¿MXQJHU0DQQ¾]XJHVFKULHEHQZHUGHQVRQGHUQGHU,QKDOWGLHVHU%HJUQGXQ JHQDXFKDOVhEHU]HXJXQJGHV(U]lKOHUVDXVJHJHEHQZLUG$QGLHVHU6WHOOH N|QQWH PDQ DOV /HVHU QXQ DQQHKPHQ GHU (U]lKOHU VHL XQ]XYHUOlVVLJ DEHU GDIUJLEWHVNHLQH6LJQDOHLP7H[WYLHOPHKULVWGLHILNWLRQDOH:HOWLQLKUHU ³³³³³³³³³³  'DV:RUW¿HLQVHKHQ¾VHW]WEHNDQQWOLFKYRUDXVGD‰GDVZDVHLQJHVHKHQZLUGZDKULVW





$XIEDXGHU)LJXU

9HUOHW]XQJ GHU 5HJHOQ GHU DNWXDOHQ :HOW ]LHPOLFK NRQVLVWHQW .XU]XP GHU 7LWHO XQG GHU $QIDQJ VLJQDOLVLHUHQGHP/HVHUVHKUGHXWOLFKGD‰VHLQHEOL FKHQ$QQDKPHQEHUGLH5HJHOQPLPHWLVFKHUILNWLRQDOHU:HOWHQKLHUIHKODP 3ODW]HVLQGXQGHUQXQHUVWHLQPDOGLHKLHUJOWLJHQ5HJHOQDXVILQGLJPDFKHQ PX‰ .RPPHQ ZLU ]XUFN ]XP 3UR]H‰ GHU DEGXNWLYHQ ,QIHUHQ] ,P HUVWHQ 6FKULWW PDUNLHUWH HLQ VHPLRWLVFKHU 7ULJJHU DXVJHO|VW XQG EHJUHQ]W GXUFK 5HOHYDQ]NULWHULHQHLQ3KlQRPHQDOV=HLFKHQ:LH0DUJROLQDP%HLVSLHOGHU +DQGOXQJ]X5HFKWEHWRQWKDWVLQGVROFKH3KlQRPHQHKlXILJDEHUNHLQHV ZHJVVFKRQDOV(LQKHLWJHJHEHQVRQGHUQZHUGHQYRP/HVHUDXVHLQHU5HLKH YRQ (LQ]HOLQIRUPDWLRQHQ HUVW ]X HLQHU (LQKHLW ]% ¿9HUIKUXQJ¾ RGHU ¿%H WUXJ¾LQWHJULHUWXQGHYHQWXHOOPLWHLQHU%H]HLFKQXQJLGHQWLIL]LHUW'LHVZLUG ZRKOQXULP9RUJULIIDXIGHQQlFKVWHQ6FKULWWJHVFKHKHQ,P]ZHLWHQ6FKULWW ZLUGQlPOLFKHLQH5HJHORGHU5HJHOPl‰LJNHLWVDQQDKPHKHUDQJH]RJHQGLH]X GLHVHP3KlQRPHQ SD‰W'LH$EKlQJLJNHLWGHU&KDUDNWHULVLHUXQJYRQ)LJX UHQW\SHQ LVW HLQ *HPHLQSODW] LQ GHU OLWHUDWXUWKHRUHWLVFKHQ XQG QDUUDWRORJL VFKHQ'LVNXVVLRQ0DQNDQQGUHL)RUPHQHLQVFKOlJLJHQ:LVVHQVXQWHUVFKHL GHQ)LJXUHQPRGHOOHILJXUDOH6FKHPDWDXQGVLWXDWLYH6FKHPDWD $OV ¿)LJXUHQPRGHOO¾ VROO LP IROJHQGHQ EH]HLFKQHW ZHUGHQ ZDV IUKHU VWDUN ZHUWHQG ¿7\SXV¾ JHQDQQW ZXUGH GK JHVWDOWI|UPLJH .RQILJXUDWLRQHQ YRQ)LJXUHQLQIRUPDWLRQHQ]%GHU0HODQFKROLNHURGHUGLH([WURYHUWLHUWH 'DV :LVVHQ EHU HLQHQ EHVWLPPWHQ 7\SXV YRQ 3HUVRQHQ XQG )LJXUHQ VWDPPWDXVGHU/HEHQVZHOWDXVGHQ]DKOUHLFKHQQLFKWILNWLRQDOHQ'LVNXUVHQ ]% 7KHRORJLH $QWKURSRORJLH 3V\FKRORJLH 3V\FKDWULH RGHU GHP :LVVHQ EHU ILNWLRQDOH :HOWHQ HU]HXJW GXUFK /LWHUDWXU 7KHDWHU )LOP &RPSXWHU ³³³³³³³³³³  9JO0DUJROLQ  

¿:LVVHQ¾LQGHPVHKUZHLWHQ6LQQYRQVLFKHUHP:LVVHQ$QQDKPHQ9HUPXWXQJHQVSLHOH ULVFKHQ RGHU QLFKW JDQ] HUQVWJHPHLQWHQ hEHU]HXJXQJHQ ZLH VLH ]% YLHOH +RURVNRS /HVHUKDEHQ  'LH /LWHUDWXU LVW JHNHQQ]HLFKQHW YRQHLQHUEHVRQGHUHQ%HJULIIVYLHOIDOW GLH ]ZLVFKHQGHQ KLHU XQWHUVFKLHGHQHQ $VSHNWH QLFKW  LPPHU GLIIHUHQ]LHUW (LQLJH %HLVSLHOH 0DUJROLQ VSULFKWYRQ¿SHUVRQDOLW\PRGHO¾YJO0DUJROLQ )HUUDUDQHQQWHV¿ILFWLRQDOPRGHO W\SH¾ YJO )HUUDUD   &XOSHSHU VSULFKW YRP ¿VRFLDO VFKHPD¾ YJO &XOSHSHU   /RWPDQYRP¿.XOWXUNRGH¾XQGGHQ¿NXOWXUW\SLVFKHQ6FKHPDV¾YJO/RWPDQII  XQG6FKQHLGHUYRQ¿3HUV|QOLFKNHLWVWKHRULHQ¾GHU$XWRUHQXQG¿)LJXUHQNRQ]HSWLRQHQ¾YJO 6FKQHLGHU   'HU 9RUVFKODJ YRQ $PRVV\   ]ZLVFKHQ ¿7\SXV¾ XQG ¿6WHUHRW\S¾ ]X XQWHUVFKHLGHQ VFKHLQW PLU QLFKW JHOXQJHQ GD GHU 8QWHUVFKLHG YRUDOOHPDXIHLQHU:HUWXQJEHUXKW,Q IRUPDWLYVLQGLKUHhEHUOHJXQJHQGD‰GHU7\SXVHLQH.RQVWUXNWLRQGHV/HVHUVVHLGLHLP $NWGHU:LHGHUKROXQJGDV,GHQWLVFKHSUlIHULHUHXQGGDV'LIIHUHQWHYHUQDFKOlVVLJH



$XIEDXGHU)LJXU



VSLHO&RPLFXVZ9RUODJHQIU)LJXUHQVLQG]XPHLVWDQGHUH)LJXUHQWHLOZHL VHDXVW\SLVLHUWHQ+DQGOXQJVVWUXNWXUHQ]%GHU9HUWUDXWH&RQILGHQWH RGHU GHU ,QWULJDQW YRU DOOHP LP 'UDPD  GHU 6RQGHUOLQJ GHU YHUUFNWH :LVVHQ VFKDIWOHU¿PDGVFLHQWLVW¾ RGHUGLHIHPPHIDWDOH,P)DOOHYRQ3HUVRQHQLVW GHU+DELWXVHLQH4XHOOHVROFKHU7\SLVLHUXQJHQDEHUDXFKVR]LDOH6WHUHRW\ SHZLHVLHHWZDLQGHUJHQGHUXQGGHU$QWLVHPLWLVPXV)RUVFKXQJDXIJHDU EHLWHWZHUGHQ:DKUVFKHLQOLFKLVWGLHVHLQHUGHUZHQLJHQ)lOOHLQGHQHQWDW VlFKOLFK HLQ LQWHQVLYHUHU 5FNODXI YRQ GHU /LWHUDWXU LQ GLH /HEHQVZHOW ]X UFNIKUW PDQ DOVR ZLUNOLFK YRQ $XVWDXVFK RGHU ¿=LUNXODWLRQ¾ VSUHFKHQ NDQQ $X‰HUGHPJLEWHVHLQHVHKUJUR‰H0HQJHYRQILJXUHQRGHUSHUVRQHQEH ]RJHQHQ 5HJHOPl‰LJNHLWVDQQDKPHQ ]% ¿JU|‰HUH 0HQJHQ $ONRKRO ]X WULQ NHQPDFKWEHWUXQNHQ¾¿0HQVFKHQVLQGVWHUEOLFK¾RGHU¿%HLP%HDPHQO|VWPDQ VLFKYRUEHUJHKHQGDXI¾'LHVH¿ILJXUDOHQ6FKHPDWD¾N|QQHQDXFKNRPSOH[HU VHLQ DEHU VLH EHVFKUHLEHQ NHLQHQ 7\SXV VRQGHUQ ELOGHQ DQGHUH ,QIRUPDWL RQV]XVDPPHQKlQJH,QVEHVRQGHUHGHU6FKOX‰YRPVLQQOLFKZDKUQHKPEDUHQ bX‰HUHQDXIV,QQHUHLVWKlXILJGXUFKVROFKHILJXUDOHQ6FKHPDWDJHOHLWHW$OOH LQ HLQHP 7H[W YRUDXVJHVHW]WHQ RGHU IRUPXOLHUWHQ ILJXUDOHQ 6FKHPDWD RGHU )LJXUHQPRGHOOHHUJHEHQ]XVDPPHQGLH¿WH[WLQWHUQH$QWKURSRORJLH¾6RZRKO ³³³³³³³³³³  'LH KLVWRULVFKH )RUVFKXQJ ]X GHQ YHUVFKLHGHQHQ 7\SHQ GLH VLFK LQ GHU HXURSlLVFKHQ

/LWHUDWXUILQGHQODVVHQLVWDXVJHVSURFKHQXPIDQJUHLFKYJOHWZDGLHHQWVSUHFKHQGHQ(LQ WUlJHEHL)UHQ]HO PLWZHLWHUIKUHQGHU/LWHUDWXU]%¿'HUYHUOLHEWH$OWH¾¿'HUEHU OHJHQH%HGLHQWH¾¿'HU0HQVFKHQIHLQG¾XVZ=DKOUHLFKH0RQRJUDSKLHQEHKDQGHOQHUIROUHL FKH )LJXUHQPRGHOOH ZLH GHQ ¿6RQGHUOLQJ¾ 0H\HU >@   GHQ ¿7DXJHQLFKWV¾ /WKL   RGHUGHQ¿9DPSLU¾ 3W] +LQ]XNRPPWGLH)RUVFKXQJ]XP0HQVFKHQELOG LQ6SH]LDOGLVNXUVHQXQGGHUHQ:HFKVHOZLUNXQJPLW/LWHUDWXU]%GLHLQWHQVLYHEHVFKlIWL JXQJ PLW GHU $QWKURSRORJLH GHV  -DKUKXQGHUWV 5LHGHO   1LFKW VR DXVJLHELJ HU IRUVFKWVLQGGLHSRHWRORJLVFKHQ5HIOH[LRQHQEHUGLH'DUVWHOOXQJYRQ)LJXUHQDOOHUGLQJV JLEWHVDXFKKLHUJHZLFKWLJH$XVQDKPHQ]%GLH)RUVFKXQJ]XP%LOGXQJVURPDQ0D\HU  -DFREV.UDXVH   %RXUGLHXV %HJULII GHV ¿+DELWXV¾ EHVFKUHLEW GDXHUKDIWH XQG EHUWUDJEDUH 6WUXNWXUHQ XQG 'LVSRVLWLRQHQ GLH DOV (U]HXJXQJV XQG 2UGQXQJVJUXQGODJH IU 3UDNWLNHQ XQG 9RUVWHO OXQJHQYRQ3HUVRQHQIXQJLHUHQGLHREMHNWLYDQLKU=LHODQJHSD‰WVLQG'LHVH6WUXNWXUHQ HQWVWHKHQGXUFK.RQGLWLRQLHUXQJHQGLHPLWHLQHUEHVWLPPWHQ.ODVVHYRQ([LVWHQ]EHGLQ JXQJHQYHUNQSIWVLQGYJO%RXUGLHX   'LH(PSILQGVDPNHLWVNULWLNLQ*RHWKHV'HU7ULXPSKGHU(PSILQGVDPNHLWRGHUGLH5RPDQWLN NULWLNLQ0DGDPH%RYDU\]LHOHQDXIGLHXQDQJHPHVVHQHhEHUQDKPHYRQ9HUKDOWHQVIRUPHQ OLWHUDULVFKHU)LJXUHQGXUFK3HUVRQHQDE²PLWGHUEHVRQGHUHQ3RLQWHGD‰GLHVH3HUVRQHQ QDWUOLFKDXFKZLHGHU)LJXUHQVLQG  'HUOHW]WH%HJULIIVYRUVFKODJVWDPPWYRQ7LW]PDQQYJO7LW]PDQQ 7LW]PDQQ ZHLVW]X5HFKWGDUDXIKLQGD‰%HJULIIHZLH3V\FKRORJLHXQG$QWKURSRORJLHQLFKW]XZ|UW





$XIEDXGHU)LJXU

GLHILJXUDOHQ6FKHPDWDDOVDXFKGLH)LJXUHQPRGHOOHN|QQHQLQGHUDEGXNWL YHQ,QIHUHQ]DOV5HJHOYHUZHQGHWZHUGHQ1HEHQGHQ)LJXUHQPRGHOOHQXQG ILJXUDOHQ6FKHPDWDZLUGDXFKGDV:LVVHQEHUW\SLVLHUWHVLWXDWLYHE]ZKDQG OXQJVEH]RJHQH .RQVWHOODWLRQHQ ]XU ,QIHUHQ]ELOGXQJ KHUDQJH]RJHQ ]% GLH 'UHLHFNVEH]LHKXQJ(UVWGDVKLVWRULVFKXQGNXOWXUHOOYDULDEOH:LVVHQGDVLQ GLHVH ,QIHUHQ]HQ HLQJHKW HUP|JOLFKW HLQH YROOVWlQGLJH %HVFKUHLEXQJ GHU &KDUDNWHULVLHUXQJ GK &KDUDNWHULVLHUXQJ NDQQ QXU LQ GHQ VHOWHQVWHQ )lOOHQ DOOHLQDXIGHU*UXQGODJHGHV7H[WHVXQWHUVXFKWZHUGHQVRQGHUQLKUH$QDO\VH VHW]WVWHWVVSH]LILVFKH)RUPHQGHUKLVWRULVFKHQ.RQWH[WXDOLVLHUXQJYRUDXV (LQ VHKU HLQIDFKHV %HLVSLHO IU GLH 9HUZHQGXQJ HLQHV )LJXUHQPRGHOOV PDJ GLH SULQ]LSLHOOH )XQNWLRQVZHLVH VROFKHU 5HJHOPl‰LJNHLWVDQQDKPHQ GH PRQVWULHUHQ 'DV %HLVSLHO LVW GHVKDOE VR HLQIDFK ZHLO GHU $XWRU VLFK DOOH 0KHJLEWGHP/HVHUQLFKWQXUGDV3KlQRPHQVRQGHUQDXFKGLH5HJHODQ GLH +DQG ]X JHEHQ XQG LKQ DXFK QRFK EHLP 6FKOX‰IROJHUQ EHJOHLWHW ,P -HUU\ &RWWRQ5RPDQ KDW HLQ *HZRKQKHLWVYHUEUHFKHU GHQ $XIWUDJ EHNRP PHQHLQHNRVWEDUH6WDWXH]XVWHKOHQ'DHULQ]ZLVFKHQYRP)%,EHUZDFKW ZLUGJLEWHUVHLQHU9HUPLWWOHULQGHQ$XIWUDJGHP6DPPOHUZHJHQGHU9HU ]|JHUXQJ EHL GHU /LHIHUXQJ GHV 'LHEHVJXWV %HVFKHLG ]X VDJHQ 'LH 6]HQH VFKLOGHUW GDV 7HOHIRQDW ]ZLVFKHQ GHQ EHLGHQ VLH LVW GLH :DKUQHKPXQJVLQ VWDQ] ª1LQD'RQQHU©PHOGHWHVLHVLFK  ª(QGOLFK©VDJWHHU  ª0U/DUVHQ©  ª:DQQ"©IUDJWHHUKHNWLVFK  'LH$UWZLH HU GDV*HVSUlFK IKUWH ]HLJWHLKUHLQPDOPHKUZLHEHVHVVHQHUDOV.XQVW VDPPOHUZDU(UYHUJD‰DOOHVDQGHUHMHGH9RUVLFKW-HUU\&RWWRQ6 

'LH ¿+HNWLN¾ GLH /DUVHQ ]XJHVFKULHEHQ ZLUG LVW HLQ LQ GHU HU]lKOWHQ :HOW VLQQOLFK ZDKUQHKPEDUHV 6LJQDO GDIU ZLH GULQJOLFK LKP GLH $QJHOHJHQKHLW LVWDXFKGLH7DWVDFKHGD‰HUGLH$QUXIHULQQLFKWEHJU‰WXQWHUVWUHLFKWGLH 'ULQJOLFKNHLWHEHQVRZLHGHU,QKDOWVHLQHU)UDJH(VJLEWDOVRPHKUHUH+LQ ³³³³³³³³³³

OLFK JHQRPPHQ ZHUGHQ VROOWHQ GD PDQ ZHGHU GLH )DFKGHILQLWLRQHQ ]XUFNSURML]LHUHQ QRFKGLH6\VWHPDWLNGLHVHU:LVVHQVEURFNHQEHUVFKlW]HQVROOWH  (LQHQLQWHUHVVDQWHQ6RQGHUIDOOELOGHQ6FKOVVHOURPDQHGDKLHUQHEHQGHPW\SRORJLVFKHQ :LVVHQDXFKJDQ]NRQNUHWHV:LVVHQXPEHVWLPPWH3HUVRQHQDEJHUXIHQZHUGHQNDQQXQG DQGHUHUVHLWV DXFK GLH OLWHUDULVFKH 'DUVWHOOXQJ ]XUFNZLUNHQ NDQQ DXI GLHVHV DOOJHPHLQH :LVVHQ6RPX‰WHVLFKGDV*HULFKWLPEHUKPWHQ3UR]H‰XP.ODXV0DQQV0HSKLVWRDXFK PLW GHU )UDJH DXVHLQDQGHUVHW]HQ LQZLHZHLW GDV OLWHUDULVFKH $EELOG GHP UHDOHQ 9RUELOG *UQGJHQVlKQOLFKLVW REGHUOLWHUDULVFKH 7H[WªGDV,QGLYLGXHOOH3HUV|QOLFKH,QWLPH]X JXQVWHQ GHV $OOJHPHLQHQ=HLFKHQKDIWHQ GHU ¿)LJXU¾ REMHNWLYLHUW© 1-:  XQG LQZLHZHLWGLH3HUVRQGXUFKGLH'DUVWHOOXQJGHU)LJXUGLIIDPLHUWZLUG



$XIEDXGHU)LJXU



ZHLVH DXI HLQHQ XQJHZ|KQOLFKHQ PHQWDOHQ =XVWDQG 'HU /HVHU ZLUG KLHU QLFKW ODQJH LP 8QNODUHQ JHODVVHQ VRQGHUQ JOHLFK EHU GLH 8UVDFKH GLHVHV =XVWDQGV LQIRUPLHUW (U LVW HLQEHVHVVHQHU.XQVWVDPPOHU'D‰GDV 3KlQR PHQDOV=HLFKHQJHOHVHQZHUGHQNDQQHUIlKUWPDQEHUGLH:DKUQHKPXQJ GHU)UDX0DQNDQQGLHVHQOHW]WHQ6DW]VHKUJHQDXDXIGDV0RGHOOGHUDEGXN WLYHQ,QIHUHQ]DEELOGHQ ª'LH$UWZLHHUGDV*HVSUlFKIKUWH©3KlQRPHQ  ª]HLJWHLKUHLQPDOPHKU©VHPLRWLVFKHU7ULJJHU  ª(UYHUJD‰DOOHVDQGHUH©5HJHOPl‰LJNHLWVDQQDKPH:HUDOOHVDQGHUHYHU JL‰WLVWEHVHVVHQ  ªZLHEHVHVVHQHUDOV.XQVWVDPPOHUZDU©(UJHEQLV  'LH %HVHVVHQKHLW GHV .XQVWVDPPOHUV ZLUG PHKUIDFK LQ GHP 7H[W HU ZlKQW VRPLW DOVR GLH 5HOHYDQ] GHU DQ GLH )LJXU JHEXQGHQHQ ,QIRUPDWLRQ HUK|KW6LHLVWGHP$XWRUGHVKDOEVRZLFKWLJZHLOPLWGLHVHP(OHPHQWGLH NDXVDOH0RWLYLHUXQJGHU+DQGOXQJVWHKWXQGIlOOW'LHLUUDWLRQDOH:HLJHUXQJ GHV6DPPOHUVDXIVHLQQHXHV.XQVWZHUN]XZDUWHQREZRKOGDV)%,VFKRQ DNWLYLVWOl‰WHVHUVW]XU.DWDVWURSKHNRPPHQ(LJHQWOLFKKDQGHOWHVVLFKKLHU DOVR XP HLQ IUHPGDUWLJHV (OHPHQW LQ GLHVHU $UW YRQ 6FKHPD/LWHUDWXU GLH VRQVWQXUVHOWHQPLWSV\FKLVFKHQ0RWLYHQ]XWXQKDWGLHNRPSOH[HUVLQGDOV *HOGJLHU XQG (LIHUVXFKW (EHQ GHVKDOE ZLUG GLHVHV (OHPHQW ZRKO DXFK VR VRUJIlOWLJXQGGLUHNWZLHLQGLUHNWPRWLYLHUW 'DV =XVDPPHQZLUNHQ PHKUHUHU ILJXUDOHU 6FKHPDWD XQG DQGHUHU :LV VHQVEHVWlQGHXPQXUHLQHUHFKWHLQIDFKH%HVFKUHLEXQJ]XYHUVWHKHQVHLDP $QIDQJGHU(U]lKOXQJ'HUNOHLQH+HUU)ULHGHPDQQJH]HLJW 'LH$PPHKDWWH6FKXOG:DVKDOIHVGD‰DOVGHUHUVWH9HUGDFKWHQWVWDQG)UDX.RQVXO )ULHGHPDQQ LKUHUQVWOLFK]XUHGHWH VROFKHV/DVWHU]XXQWHUGUFNHQ" :DV KDOI HVGD‰ VLH DX‰HUGHPQDKUKDIWHQ%LHUHLQ*ODV5RWZHLQWlJOLFKYHUDEUHLFKWH"(VVWHOOWHVLFKSO|W]OLFK KHUDXVGD‰GLHVHV0lGFKHQVLFKKHUEHLOLH‰DXFKQRFKGHQ6SLULWXV]XWULQNHQGHUIUGHQ .RFKDSSDUDWYHUZHQGHWZHUGHQVROOWHXQGHKH(UVDW]IUVLHHLQJHWURIIHQZDUHKHPDQ VLHKDWWHIRUWVFKLFNHQ N|QQHQZDUGDV8QJOFNJHVFKHKHQ$OVGLH0XWWHUXQGLKUHGUHL ³³³³³³³³³³  'HU6DPPOHUZLUGDOV¿EHVHVVHQ¾¿IDQDWLVFK¾6 DOV¿)DQDWLNHU¾6 XQG¿(LIHUVFKWL 

JHU¾6 DOV¿6SLQQHU¾6 XQG¿%HVHVVHQHU¾6 EH]HLFKQHW 'DVJHULQJH*HZLFKWYRQSV\FKLVFKHQ)LJXUHQHLJHQVFKDIWHQZLUGDXFKLP5DKPHQH[SRVp GHXWOLFK GDV $XWRUHQ GHU 5HLKH ]XU 9HUHLQKHLWOLFKXQJ LKUHU )LJXUHQ]HLFKQXQJ XQG GHU 'DUVWHOOXQJ GHV6HWWLQJVHUKDOWHQ(VZHLVW GHQ )LJXUHQ DXIIlOOLJZHQLJH XQGUHODWLYDXV WDXVFKEDUH .HQQ]HLFKHQ ]X VR KHL‰W HV ]XU %HVFKUHLEXQJ GHV )UHXQGHV ¿3KLO¾ GD‰ VLFK YLHOHVVFKRQDXVGHU%HVFKUHLEXQJ-HUU\VHUJHEH9JO+RUVW)ULHGULFK*PDQ-HUU\&RW WRQ ,QWHUQHV 3DSLHU GHV 9HUODJHV %DVWHL/EEH 1DFK $XVNXQIW GHV /HNWRUV GHU 5HLKH 3HWHU7KDOOLVFK$QIDQJGHUHU-DKUHHQWVWDQGHQDEHU)ULHGULFKKDEHVFKRQVHLWOlQJH UHPIUGLH(LQKHLWOLFKNHLWGHU5HLKHJHVRUJW





$XIEDXGHU)LJXU

KDOEZFKVLJHQ 7|FKWHU HLQHV 7DJHV YRQ HLQHP $XVJDQJH ]XUFNNHKUWHQ ODJ GHU NOHLQH HWZDHLQHQ0RQDWDOWH-RKDQQHVYRP:LFNHOWLVFKHJHVWU]WPLW HLQHPHQWVHW]OLFKOHLVHQ :LPPHUQDP%RGHQZlKUHQGGLH$PPHVWXPSIVLQQLJGDQHEHQVWDQG

'LH,QIRUPDWLRQHQLQGLHVHP$EVFKQLWWODVVHQVLFKXQJHIlKUVR]XVDPPHQ IDVVHQ(LQHDONRKROVFKWLJH$PPHYHUQDFKOlVVLJWLP5DXVFKGDVLKUDQYHU WUDXWH%DE\VRGD‰GDV.LQGYRP:LFNHOWLVFKVWU]W7DWVlFKOLFKDEHUVDJW GHU7H[WVHKUYLHOZHQLJHUXQGVDJWHVVHKUYLHONRPSOL]LHUWHU(UEHJLQQWPLW HLQHU VFKHLQEDUHQ NODUHQ )HVWVWHOOXQJª'LH$PPHKDWWH6FKXOG© 'LH)HVW VWHOOXQJLVWQXUVFKHLQEDUNODUZHLOEHLHLQHU6FKXOGEOLFKHUZHLVHIHVWJHVWHOOW ZLUG XP ZDV IU HLQH 6FKXOG HV VLFK KDQGHOW 'XUFK GDV :HJODVVHQ GLHVHU ,QIRUPDWLRQHQ ZLUG HLQH 6SDQQXQJ HU]HXJW XQG GHU *HGDQNHQVWULFK QDFK GLHVHP6DW]Ol‰WYHUPXWHQGD‰GDV1DFKIROJHQGHGLHVHEHLGHQ(UJlQ]XQJHQ DXFKQLFKWJOHLFKQDFKOLHIHUW(LQHlKQOLFKH6WUDWHJLHYHUIROJWDXFKGHUQlFK VWH 6DW] ª:DV KDOI HV GD‰ DOV GHU HUVWH 9HUGDFKW HQWVWDQG )UDX .RQVXO )ULHGHPDQQ LKU HUQVWOLFK ]XUHGHWH VROFKHV /DVWHU ]X XQWHUGUFNHQ"© $XFK KLHUZHUGHQPHKU)UDJHQDXIJHZRUIHQDOVJHO|VW:DVIUHLQ9HUGDFKWZHO FKHV /DVWHU XQG ZHP VROO ZREHL JHKROIHQ ZHUGHQ" 'LHVHV UHWDUGLHUHQGH 0RPHQW ZLUG LP QlFKVWHQ 6DW] WHLOV ZHLWHUJHIKUW WHLOV DXIJHKREHQ ª:DV KDOIHVGD‰VLHDX‰HUGHPQDKUKDIWHQ%LHUHLQ*ODV5RWZHLQWlJOLFKYHUDE UHLFKWH"©0DQN|QQWHVDJHQ(LQJHIKUWZLUGHUVWPDOVGHU$ONRKRODEHUDQ GLHVHU6WHOOHLVWQRFKNHLQHVZHJVHLQGHXWLJGD‰HVVLFKGDEHLXPGLH$QWZRUW DXI GLH )UDJH QDFK GHP /DVWHU RGHU GHU 6FKXOG KDQGHOW GD GDV $GMHNWLY ¿QDKUKDIW¾ MD HUVW HLQPDO HLQH DQGHUH )lKUWH OHJW 2E QXQ GHU XQJHQDQQWH $ONRKRO GDV *HPHLQVDPH YRQ %LHU XQG 5RWZHLQ LVW RGHU $QQDKPHQ EHU GLH1DKUKDIWLJNHLWGHUEHLGHQ*HWUlQNHLVWQRFKQLFKWJDQ]NODUZHQQDXFK GDV 6XFKPXVWHU ¿/DVWHU¾ GDV YRUKHU DXIJHUXIHQ ZXUGH GHQ 0RGHOO/HVHU ZRKOEHUHLWVLQHLQH5LFKWXQJQHLJHQOl‰W 1XQ ZLUG GHU /HVHU DEHU LQIRUPLHUW GD‰ GDV 0lGFKHQ YRQ VLFK DXV .RFKVSLULWXVWULQNW$QGLHVHU6WHOOHLVWGHU$QVFKOX‰EHVRQGHUVZLFKWLJªXQG HKH(UVDW]IUVLHHLQJHWURIIHQZDUHKHPDQVLHKDWWHIRUWVFKLFNHQN|QQHQ ZDU GDV 8QJOFN JHVFKHKHQ© (WZDV YHUHLQIDFKW IRUPXOLHUW 'LH $PPH WUDQN.RFKVSLULWXVXQGGDV8QJOFNZDUJHVFKHKHQ1XUDOV7H[WDOV5HLKH YRQ :RUWHQ EHWUDFKWHW LVW GDV HLQH ]LHPOLFK HUVWDXQOLFKH .RSSHOXQJ :LU QHKPHQ VLH DEHU QLFKW DOV HUVWDXQOLFK ZDU ZHLO ZLU VRIRUW HLQH 5HLKH YRQ ILJXUDOHQ6FKHPDWDKHUDQ]LHKHQ:HQQ0HQVFKHQ6SLULWXVWULQNHQGDQQZLUG GHUGDULQEHILQGOLFKH$ONRKROZLUNVDPVLHZHUGHQXQDFKWVDPDJJUHVVLYXVZ ³³³³³³³³³³  0DQQ  

0HLQH+HUYRUKHEXQJ



$XIEDXGHU)LJXU



7DWVlFKOLFK PX‰ GLH HUVWH +lOIWH GHV 6DW]HV ODXWHQ ¿'LH $PPH WUDQN %LHU :HLQXQGVRJDU.RFKVSLULWXV¾$XVJHKHQGYRQGHU,QIRUPDWLRQGD‰$ONRKRO JHZRKQKHLWVELOGHQG LVW ZLUG PDQ GLHV VR XPIRUPXOLHUHQ 1LFKW ZHLO VLH HLQPDOHWZDVJHWUXQNHQKDWVRQGHUQZHLOVLHHLQH7ULQNHULQZDUXQGGHVKDOE RIW XQWHU GHU :LUNXQJ YRQ $ONRKRO VWDQG LVW GDV 8QJOFN JHVFKHKHQ 'LH 0HWDPRUSKRVH GHU HLQIDFKHQ )HVWVWHOOXQJHQ LQ HLQH .DXVDONHWWH XQG GLH 9HUZDQGOXQJGHV¿XQG¾LQHLQ¿GHVKDOE¾VLQGHUVWDXQOLFKJHQXJ(LQHYHUHLQID FKHQGH 3DUDSKUDVH GHV $EVFKQLWWV PX‰ XP GLH NDXVDOHQ =XVDPPHQKlQJH ]XH[SOL]LHUHQ]DKOUHLFKH,QIRUPDWLRQHQYHUZHQGHQGLHHEHQQLFKWLP7H[W VWHKHQ]%GDV*HPHLQVDPHYRQ%LHU5RWZHLQXQG.RFKVSLULWXVRGHUGLH :LUNXQJ YRQ $ONRKRO DXI 0HQVFKHQ XQG ]HLJW GDPLW GLH NRPPXQLNDWLYH 0lFKWLJNHLW GHU DEJHUXIHQHQ :LVVHQVEHVWlQGH GHU ILJXUDOHQ 6FKHPDWD XQG GHV)LJXUHQPRGHOOV¿WULQNVFKWLJH%HGLHQVWHWH¾  'DV KLHU VNL]]LHUWH QRFK VHKU LQIRUPDWLRQVDUPH 0RGHOO GHU &KDUDNWHULVLH UXQJNDQQXQGPX‰VLFKHUOLFKDXVJHEDXWZHUGHQ6RN|QQWHGLH&KDUDNWHUL VLHUXQJ LP .RQWH[W W\SLVFKHU 'DUVWHOOXQJVIRUPHQ HLQJHKHQGHU XQWHUVXFKW ZHUGHQLQVEHVRQGHUHGDV3RUWUlWXQGGLHLQGLUHNWH&KDUDNWHULVLHUXQJGXUFK GLH6FKLOGHUXQJYRQ+DQGOXQJHQVLQGLQGHUZHVWOLFKHQ/LWHUDWXUDXVJHVSUR FKHQW\SLVFK2EPDQDOOHUGLQJVDXIGLHVHP:HJGLHV\VWHPDWLVFKH7KHRULH GHU&KDUDNWHULVLHUXQJQRFKEHI|UGHUQNDQQVFKHLQWPLUDQJHVLFKWVGHU9LHO IDOWYRQ0|JOLFKNHLWHQLP$XJHQEOLFNDXIMHGHQ)DOOQRFKIUDJOLFK 6HOEVWYHUVWlQGOLFKODVVHQVLFKGLH)LJXUHQLQIRUPDWLRQHQXQGGLH'DUVWHO OXQJVZHLVHQQRFKIHLQHUNODVVLIL]LHUHQ6RNDQQPDQLQ$QDORJLH]XU$QDO\VH GHU=HLWJHVWDOWXQJIROJHQGH$VSHNWHGHU9HUWHLOXQJYRQ)LJXUHQLQIRUPDWLR QHQLQGHU'DUVWHOOXQJXQWHUVXFKHQ 

³³³³³³³³³³  (LQLJH$QVlW]H]XVROFKHQVSH]LHOOHUHQ8QWHUVXFKXQJHQOLHJHQDXFKVFKRQYRU=XU7UDGL

WLRQGHU7H[WVRUWH3RUWUlW7KHRSKUDVW/D%UX\qUH YJO.RFK .DS1DFK+HLHU LVW GDV OLWHUDULVFKH 3RUWUlW DOOHUGLQJV NHLQHVZHJV LQ %H]LHKXQJ ]X VHW]HQ ]XP¿FKDUDFWHU VNHWFK¾LQGHU$UWYRQ7KHRSKUDVWXQG/D%UX\qUHHUGHILQLHUWGDVOLWHUDULVFKH3RUWUlWVHKU HQJ DOV GLH ]XVDPPHQKlQJHQGH 6FKLOGHUXQJ GHV bX‰HUHQ HLQHU )LJXU LQ HLQHP OLWHUDUL VFKHQ7H[WªDGHYLFHRIFKDUDFWHUL]DWLRQZLWKLQDOLWHUDU\ZRUNWKHIXQFWLRQRIZKLFKLVWR GHOLQHDWHFKDUDFWHUYLDH[WHUQDODSSHDUDQFH©+HLHU ²=XU$QDO\VHGHU'DUVWHO OXQJ YRQ .|USHUVSUDFKH KDW %DUEDUD .RUWH HLQH XPIDVVHQGH 6\VWHPDWLN HQWZLFNHOW YJO .RUWH ,QWHUHVVDQWVLQGLQVEHVRQGHUHGLH.DWHJRULHQ¿+DSWLN¾GDV%HUKUXQJVYHU KDOWHQ  XQG 3UR[HPLN DOOJHPHLQH 6HPLRWLN GHV 5DXPV  GD VLH EHULQGLYLGXHOOH 9HUKDO WHQVZHLVHQEHVFKUHLEHQ





$XIEDXGHU)LJXU

D 'DXHU :LHODQJHXQGDXVIKUOLFKJHPHVVHQLQ/HVH]HLW ZHUGHQHLQHU)LJXU,QIRU PDWLRQHQ ]XJHRUGQHW" +LHU ZLUG ² QRFK RKQH 'LIIHUHQ]LHUXQJ ]ZLVFKHQ YHUVFKLHGHQHQ ,QIRUPDWLRQHQ ² HLQIDFK GLH ]HLWOLFKH 6XPPH DOOHU ,QIRUPD WLRQHQYHUJDEHQLQ%H]XJDXIHLQH)LJXUXQWHUVXFKW  E 0HQJH :LHYLHOHYHUVFKLHGHQH,QIRUPDWLRQHQZHUGHQHLQHU)LJXU]XJHRUGQHW"'LH VHU3XQNWLVWQLFKWJDQ]XQSUREOHPDWLVFKGDPDQHLQH(QWVFKHLGXQJWUHIIHQ PX‰DXIZHOFKHUDQDO\WLVFKHQ(EHQHPDQ,GHQWLWlWRGHU'LIIHUHQ]GHUXQ WHUVXFKWHQ,QIRUPDWLRQHQDQVHW]W:HQQHLQH)LJXU]%HLQPDODOV¿DXIEUDX VHQG¾DQDQGHUHU6WHOOHDOV¿XQEHKHUUVFKW¾FKDUDNWHULVLHUWZLUGNDQQGLHV]X HLQHU(LJHQVFKDIW]XVDPPHQJHID‰WZHUGHQRGHUDXFKQLFKW'DVJOHLFKHJLOW ZHQQDQVWHOOHGHU]ZHLWHQ&KDUDNWHULVLHUXQJHLQH(SLVRGHWULWWGLH)LJXUHQ YHUKDOWHQ]HLJWGDVXQWHUGHP/DEHO¿XQEHKHUUVFKW¾¿FKROHULVFK¾HWF]XVDP PHQJHID‰WZHUGHQNDQQ  F +lXILJNHLW :LHKlXILJZLUGHLQXQGGLHVHOEH,QIRUPDWLRQHLQHU)LJXU]XJHRUGQHW":LH GHUKROXQJLQVEHVRQGHUHYDULLHUWH:LHGHUKROXQJLVWVLFKHUOLFKGDVZLFKWLJVWH VSUDFKOLFKH 0LWWHO QHEHQ GHU $QRUGQXQJ PLW GHU GLH 5HOHYDQ] HLQHU )LJX UHQHLJHQVFKDIWLQGHU'DUVWHOOXQJPDUNLHUWZLUG  G 2UGQXQJ ,QZHOFKHU5HLKHQIROJHZHUGHQGLH,QIRUPDWLRQHQGHU)LJXU]XJHRUGQHW",Q GHU LQWHUSHUVRQDOHQ .RPPXQLNDWLRQ VLQGGLH,QIRUPDWLRQHQGLHHLQ.RP PXQLNDWLRQVSDUWQHUEHUGHQDQGHUHQ]XHUVWHUKlOWJDQ]EHVRQGHUVZLFKWLJ VLQGSULPDF\HIIHFW (EHQVRQXUGHXWOLFKVFKZlFKHUVSLHOWGLHOHW]WH,QIRUPD WLRQGLHPDQEHUMHPDQGHQHUKlOWHLQHSUlJHQGH5ROOHUHFHQF\HIIHFW 'LH +HUYRUKHEXQJYRQ,QIRUPDWLRQHQGXUFK$QIDQJVRGHU(QGSRVLWLRQLHUXQJ LVWVHLWGHUDQWLNHQ5KHWRULNEHNDQQWXQGVSLHOWEHLGHU$QRUGQXQJYRQILJX UHQVSH]LILVFKHQ,QIRUPDWLRQHQZRKOHLQHHQWVSUHFKHQGJUR‰H5ROOH  H 'LFKWH :HUGHQ GLH ,QIRUPDWLRQHQ]XHLQHU )LJXUJHPHLQVDPLQHLQHU7H[WVHTXHQ] JHJHEHQ]%DOV3RUWUlWRGHU²XQGGDVZlUHGDVDQGHUH(QGHGHU6NDOD² YHUHLQ]HOWEHUGHQJHVDPWHQ7H[WYHUVWUHXW" ³³³³³³³³³³  9JO*UDEHV 



$XIEDXGHU)LJXU



 I ,QIRUPDWLRQVNRQWH[W :HOFKH DQGHUHQ ,QIRUPDWLRQHQ VLQG QHEHQ GHU )LJXUHQLQIRUPDWLRQ ]X ILQ GHQGKPLWZHOFKHQDQGHUHQ,QIRUPDWLRQHQZLUGHLQH)LJXUHQLQIRUPDWLRQ NRPELQLHUW(LQHQ6RQGHUIDOOGLHVHU.DWHJRULHELOGHWGLHOHW]WH  J )LJXUHQNRQWH[W :HOFKH,QIRUPDWLRQHQ]XHLQHU)LJXUZHUGHQPLW,QIRUPDWLRQHQ]XDQGHUHQ )LJXUHQLQGHU'DUVWHOOXQJYHUEXQGHQ"  (LQ VROFKHU .DWDORJ YRQ .DWHJRULHQ PLW GHQHQ VLFK GLH 'DUVWHOOXQJ YRQ )LJXUHQ SUl]LVHU EHVFKUHLEHQ Ol‰W LVW DXI GHP DXJHQEOLFNOLFKHQ .HQQWQLV VWDQGVRRGHUDXFKJDQ]DQGHUVGHQNEDUDXIMHGHQ)DOODEHUOl‰WHUVLFKQRFK QLFKWEHU]HXJHQGDXVGHPELVODQJ HQWZLFNHOWHQ0RGHOOGHU)LJXUDEOHLWHQ (U KDW DEHU IU GLH JHQDXHUH $QDO\VH GHU )LJXUHQGDUVWHOOXQJ KHXULVWLVFKHQ :HUW

0RWLYLHUXQJ 'LH'LVNXVVLRQEHUGDV9HUKlOWQLVYRQ)LJXUXQG+DQGOXQJKDWVLFKZLH GHUKROWDXIGLH)UDJHNRQ]HQWULHUWZHOFKHU$VSHNWGHQDQGHUHQGHWHUPLQLHUH $XIGHU6HLWHGHUMHQLJHQGLHGHU+DQGOXQJGLHGRPLQLHUHQGH)XQNWLRQ]X VSUDFKHQNRQQWHPDQVLFKLPPHUKLQDXI$ULVWRWHOHVEHUXIHQGHQ$KQKHUUQ GHUHXURSlLVFKHQ3RHWLN'LVNXVVLRQ'LH*HJHQVHLWHLVWGHXWOLFKLQGHU0LQ GHU]DKO WDWVlFKOLFK VFKHLQW )HUQDQGR )HUUDUDV VWUXNWXUDOHV 0RGHOO OLWHUDUL VFKHU.RPPXQLNDWLRQGDVHLQ]LJH]XVHLQGDVGLH)LJXULQGHQ0LWWHOSXQNW VWHOOWZHQQPDQYRQVHKUDOOJHPHLQJHKDOWHQHQ$XVVDJHQQRFKDXVGHP -DKUKXQGHUWEHUGLH5ROOHGHV5RPDQVDOV'DUVWHOOXQJYRQ3HUVRQHQHLQPDO DEVLHKW:DKUVFKHLQOLFKLVWGLH)UDJHVRDOOJHPHLQJHVWHOOWDXFKZHQLJHUWUDJ UHLFK XQG HV VSULFKW GDKHU YLHOHV GDIU VLH LQ 7HLOIUDJHQ ]X ]HUOHJHQ (LQ ³³³³³³³³³³  )HUUDUDV0RGHOOEDVLHUWHEHQIDOOVDXIGHP.RQ]HSWHLQHU7LHIHQJUDPPDWLNGDVKLHUDXV

GUFNOLFKDOVJHQHWLVFKHV0RGHOOYHUVWDQGHQZLUG'LH7LHIHQVWUXNWXUELOGHQGLH:HUWHHL QHU6HQGHUJUXSSHGLH0LWWHOVWUXNWXULVWGLH7UDQVIRUPDWLRQLQGHQVSH]LILVFKHQ&RGHGHU )LNWLRQGDEHLZLUGHLQ0RGHOOGHV0HQVFKHQYHUZHQGHWGDVVLFKDPEHVWHQGXUFKGDV VR]LRORJLVFKH 5ROOHQPRGHOO EHVFKUHLEHQ Ol‰W $EHU DXFK GLH 2EHUIOlFKHQVWUXNWXU ZLUG GXUFK HLQ 0RGHOO ILFWLRQDO PRGHO W\SH  EHVWLPPW ]X GHP VLFKGLH HLQ]HOQH)LJXUHQWZHGHU EHUZLHJHQGEHVWlWLJHQGRGHUNULWLVFKYHUKlOWYJO)HUUDUD )HUUDUDVLHKWGLH)XQN WLRQ YRQ /LWHUDWXU LQ GHU SHUVXDVLYHQ NXOWXUHOOHQ .RPPXQLNDWLRQ GLH 1RUPHQ XQG ([ HPSODULVFKHVGXUFK)LJXUHQYHUPLWWOH





$XIEDXGHU)LJXU

EUDXFKEDUHU $QVDW] GD]X N|QQWH LQ 7RGRURYV +LQZHLV ]X ILQGHQ VHLQ GD‰ VLFK GDV9HUKlOWQLVYRQ)LJXUXQG+DQGOXQJLQSV\FKRORJLVFKHQXQGDSV\ FKRORJLVFKHQ7H[WHQGHXWOLFKXQWHUVFKHLGH'LH'LIIHUHQ]ZHUGH LQGHU$UW GHU 0RWLYLHUXQJ GHXWOLFK ,P )DOO HLQHU 0RWLYLHUXQJ HLQHU +DQGOXQJ GXUFK HLQHQ&KDUDNWHU]XJNHQQWGLHDSV\FKRORJLVFKH(U]lKOXQJQXUGHQ XQPLWWHO EDUHQ .DXVDO]XVDPPHQKDQJ GK GHU &KDUDNWHU]XJ ZLUG LQ GLH QDUUDWLYH :HOW HLQJHIKUW XQG EHZLUNW VRIRUW HLQH +DQGOXQJ 'LH SV\FKRORJLVFKHQ (U]lKOWH[WH NHQQHQ GDQHEHQ QRFK GLH YHUPLWWHOWH .DXVDOLWlW LQ GHU GDV 0HUNPDOHLQJHIKUWZLUGDEHUQLFKWGLUHNWHLQH+DQGOXQJEHZLUNWVRQGHUQ 0HUNPDOVHLQIKUXQJ XQG +DQGOXQJ ZHLWHU DXVHLQDQGHUOLHJHQ $XI GLHVHU *UXQGODJHOl‰WVLFKGLH)UDJHYLHOOHLFKWVRUHIRUPXOLHUHQ:LHYHUKDOWHQVLFK LQ HLQHP 7H[W GLH )LJXUHQLQIRUPDWLRQHQ ]X GHQ ,QIRUPDWLRQHQ GLH +DQG OXQJHQ 9HUKDOWHQ XQG (UHLJQLVVH PRWLYLHUHQ XQG ZHOFKH 5ROOH VSLHOHQ +DQGOXQJHQ IU GLH .RQVWLWXWLRQ YRQ )LJXUHQLQIRUPDWLRQHQ LQ GHU QDUUDWL YHQ :HOW" 'LHVH ]ZHLWH )UDJH LVW LP .DSLWHO ]XU &KDUDNWHULVLHUXQJJHQDXHU EHKDQGHOWZRUGHQGDKHUZLOOLFKPLFKLPIROJHQGHQDXIGLHHUVWH)UDJHNRQ ]HQWULHUHQ 2IIHQVLFKWOLFKZLUGPDQDXFKEHLGHU'LVNXVVLRQGHU0RWLYLHUXQJQLFKW PLW HLQHP ]X HQJHQ %HJULII YRQ )LJXUHQLQIRUPDWLRQHQ LP 6LQQH YRQ 3HUV|QOLFKNHLWVPHUNPDO DUEHLWHQ N|QQHQ GD KLHUEHL VHKU RIW DQGHUH )LJXUHQLQIRUPDWLRQHQ HLQH 5ROOH VSLHOHQ ]% GLH UlXPOLFKH 3RVLWLRQ GHU )LJXU LQ GHU QDUUDWLYHQ :HOW LQ GHQ XQHQGOLFK YLHOHQ 6LWXDWLRQHQ GHU (U]lKOOLWHUDWXULQGHQHQHLQH)LJXUKHLPOLFKHWZDVPLWK|UW 1RFKLQHLQHPZHLWHUHQ3XQNWNDQQPDQ7RGRURYV*HGDQNHQZHLWHUIK UHQ(UVSULFKWOHGLJOLFKYRP.DXVDO]XVDPPHQKDQJGHV*HVFKHKHQV,Q]ZL VFKHQLVWGDV.RQ]HSWGHU¿0RWLYLHUXQJYRQKLQWHQ¾ZLHGHUHQWGHFNWZRUGHQ GDV &OHPHQV /XJRZVNL LQ GHQ HU -DKUHQ LP =XVDPPHQKDQJ VHLQHU hEHUOHJXQJHQ]XP¿P\WKLVFKHQ$QDORJRQ¾HQWZLFNHOWKDWWH/XJRZVNLXQ WHUVFKHLGHW ]ZLVFKHQ HLQHU ¿0RWLYLHUXQJ YRQ YRUQH¾ GDPLW LVW GLH EHNDQQWH NDXVDOJHQHWLVFKH0RWLYLHUXQJJHPHLQWXQGHLQHU¿0RWLYLHUXQJYRQKLQWHQ¾ GDPLW LVW GLH 0RWLYLHUXQJ HLQHV (UHLJQLVVHV GXUFK GHQ =XVDPPHQKDQJ GHU ³³³³³³³³³³  7RGRURYII  

9JO /XJRZVNL >@   /XJRZVNL DQDO\VLHUW GDV 9HUKlOWQLV YRQ ª(LQ]HOILJXU XQG 'LFKWXQJVJDQ]KHLW©6 'LHNQVWOLFKJHPDFKWH:HOWGHU'LFKWXQJVHLHLQH*DQ]KHLW LQGHUMHGHV(LQ]HOQHDXIGLHVH*DQ]KHLWEH]RJHQVHLXQGGDULQ]HLJHVLFKGDVP\WKLVFKH $QDORJRQ(LQHQVHKUJXWHQhEHUEOLFNEHUGHQDUJXPHQWDWLYHQ=XVDPPHQKDQJGHU%H JULIIH EHL /XJRZVNL ELHWHW 0DUWLQH] E   =XU 'LVNXVVLRQ GHV SUREOHPDWLVFKHQ XQG GXUFKDXV ZLGHUVSUFKOLFKHQ 9HUKlOWQLVVHV YRQ 0\WKRV XQG P\WKLVFKHP $QDORJRQ EHL/XJRZVNLYJO'HWHULQJ 



$XIEDXGHU)LJXU



'LQJHJHPHLQWZLHHUVLFKLQGHUDEJHVFKORVVHQHQQDUUDWLYHQ:HOWGDUVWHOOW 'LHVH0RWLYLHUXQJYRQKLQWHQZLUGIUGHQ/HVHUYRQKHXWHYRUDOOHPGXUFK GDV)HKOHQHLQHU0RWLYLHUXQJYRQYRUQHVLFKWEDUHWZDZHQQ)LJXUHQRKQH %HJUQGXQJYLHOOHLFKWJHJHQDOOHVRQVWLJHQ(UZDUWXQJHQGLHPDQDXIJUXQG GHV7H[WHVELOGHQNRQQWH+DQGOXQJHQDXVIKUHQGLHZLHGHUXPZLFKWLJVLQG IUGHQJHVDPWHQ+DQGOXQJVQH[XV 0DWLDV0DUWLQH]KDWGLHV]XHLQHPGUHLWHLOLJHQ.RQ]HSWGHU0RWLYLHUXQJ DXVJHDUEHLWHW 'LHNDXVDOH0RWLYLHUXQJEHL/XJRZVNL¿GLH0RWLYLHUXQJ YRQYRUQH¾ *HPHLQWLVWHLQH9HUNQSIXQJYRQ(UHLJQLVVHQGXUFKHLQHNDX VDOH6LQQVWUXNWXU 'LHILQDOH0RWLYLHUXQJ6RZLUGHLQH9HUNQSIXQJYRQ (UHLJQLVVHQJHQDQQW ZHQQGLHVHLQGHUQDUUDWLYHQ:HOWGXUFKHLQ.RQ]HSW ZLH ¿9RUVHKXQJ¾ RGHU ¿3URYLGHQ]¾ IHVWJHOHJW VLQG   'LH NRPSRVLWRULVFKH 0RWLYLHUXQJ6LHOLHJWYRUZHQQ7DWVDFKHQGHUQDUUDWLYHQ:HOWDOOHLQGXUFK LKUH )XQNWLRQ LP LQWHQWLRQDOHQ =XVDPPHQKDQJ GHV JHVDPWHQ :HUNV PRWL YLHUWVLQG0DUWLQH]XQWHUVFKHLGHWLQ/XJRZVNLV%HJULIIGHU0RWLYLHUXQJYRQ KLQWHQ DOVR ]ZHL $VSHNWH 'LH NRPSRVLWRULVFKH 0RWLYLHUXQJ ZLUG ]ZDU EH VRQGHUVVLFKWEDUZHQQGLHNDXVDOH0RWLYLHUXQJ IHKOWDEHUVLH LVWHLJHQWOLFK LPPHUYRUKDQGHQVRZHLWHVVLFKEHLHLQHP(U]l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³³³³³³³³³³  0DUWLQH]D 6HLQH'HILQLWLRQ6VWDWWGHV%HJULIIV¿0RWLYDWLRQ¾GHUXQHU

ZQVFKWHSV\FKRORJLVFKH.RQQRWDWLRQHQKDWZLUGKLHU¿0RWLYLHUXQJ¾YHUZHQGHW0DUWLQH] ZHLVW EULJHQVGDUDXI KLQ GD‰ DXFK7RPDäHYVNLM HLQHUHDOLVWLVFKHXQGHLQHNRPSRVLWRUL VFKH0RWLYLHUXQJNHQQW=XVDPPHQIDVVHQGYJODXFK0DUWLQH]6FKHIIHO   $GDPVVFKOlJWYRULP)DOOHGHUNDXVDOHQ0RWLYLHUXQJ]ZLVFKHQ.DXVDOLWlWXQG,QWHQWLR QDOLWlW]XXQWHUVFKHLGHQYJO$GDPV   :DKUVFKHLQOLFKOl‰WVLFKGDV.RQ]HSWGHUNRPSRVLWRULVFKHQ0RWLYLHUXQJVHKUJXWZHLWHU GLIIHUHQ]LHUHQ'LHKLHUJHQDQQWHQ$VSHNWHVLQGDXIMHGHQ)DOOZLFKWLJ(LQHUVHLWVPX‰HL QHEHVWLPPWH6LWXDWLRQHUUHLFKWZHUGHQZLHLP)RUWXQDWXVGLH6LWXDWLRQGD‰GHUYHUDUPWH DEHU LQ GHQ K|ILVFKHQ 7XJHQGHQ ZLH GHP 8PJDQJ PLW -DJGY|JHOQ XQG GHP -DJHQ JH ZDQGWH3URWDJRQLVWVHLQ+HLPDWODQGLQV8QJHZLVVHYHUOl‰W+DQGOXQJVPRWLYLHUXQJ $Q GHUHUVHLWV JLEW HV WKHPDWLVFKH =XVDPPHQKlQJH GLH )RUPXOLHUXQJ YRQ 3UREOHPNRPSOH [HQ 'D‰ GLHVHDQJHVSURFKHQ ZHUGHQGD‰DOVRGDV7KHPDWKHPDWLVLHUWZLUGPX‰HEHQ IDOOV PRWLYLHUWZHUGHQWKHPDWLVFKH0RWLYLHUXQJ 0DUWLQH] EHWRQWLQGHU )ROJHYRQ7R





$XIEDXGHU)LJXU

VWUXNWXUGHUQDUUDWLYH/HVHUXQGZHOFKHGHUDXNWRULDOH/HVHUZDKUQLPPWLVW YRQGHQ5HJHOQGHUQDUUDWLYHQ:HOWDEKlQJLJ )LJXUHQLQIRUPDWLRQHQN|QQHQXQGZHUGHQLQDOOHQGUHL)RUPHQGHU0R WLYLHUXQJHLQH5ROOHVSLHOHQ'HUHLQIDFKVWH)DOOLVWGHUHLQHUNDXVDOHQ0RWL YLHUXQJLQGHUGLH,QIRUPDWLRQLP7H[WGLUHNWYRUGHUPRWLYLHUWHQ+DQGOXQJ JHJHEHQ ZLUG HLQ 0XVWHUIDOO GDIU LVW GLH YRQ 7RGRURY EHVFKULHEHQH 7HLO PHQJHGHU 0RWLYLHUXQJGXUFKHLQVWDELOHV3HUV|QOLFKNHLWVPHUNPDO6RZLUG LP NXU]HQ $EUL‰ GHU /HEHQVJHVFKLFKWH YRQ )RUWXQDWXV  9DWHU YRQ GLHVHP JHVDJWª7KHRGRUXPGHUVRZLOGZDV ©)RUWXQDWXV6 NXU]EHYRUGLHVHU QDFK GHU *HEXUW VHLQHV 6RKQHV LQ VHLQH PD‰ORVH XQG YHUVFKZHQGHULVFKH /HEHQVIKUXQJ]XUFNIlOOWDXVGHULKQQDFKGHP:LOOHQGHU)UHXQGHHLJHQW OLFK +HLUDW XQG )DPLOLH KHUDXVUHL‰HQ VROOWHQ 'LH :LUNVDPNHLW GLHVHU )LJX UHQHLJHQVFKDIWGHU8QElQGLJNHLWXQG=JHOORVLJNHLWZLUGDXVGUFNOLFKYRP (U]lKOHU JHJHQ GHQ 6FKHLQ HLQHV 6LQQHVZDQGHOV ]XP %HVVHUHQ EHNUlIWLJW ª'RFKZDV\QHQYQNXQGZDVGLHQDWXUDQLKUKDWGDVGDVQLFKWZRO]X ZHQGHQ LVW© )RUWXQDWXV 6   8QG GDQQ IROJW DXFK VRIRUW GHU 5FNIDOO XQGZHQLJH=HLOHQVSlWHUGLHY|OOLJH$UPXWGHU)DPLOLH $XV GHU 3HUVSHNWLYH GHU NRPSRVLWRULVFKHQ 0RWLYLHUXQJ ZLUG DXI GLHVH :HLVH GHU QRWZHQGLJH $XVJDQJVSXQNW IU GDV HLJHQWOLFKH *HVFKHKHQ HU UHLFKW 'LH +DXSWILJXU )RUWXQDWXV LVW GXUFK GLH /HEHQVIKUXQJ GHV 9DWHUV Y|OOLJPLWWHOORVNDQQDEHU]XJOHLFKDXIJUXQGLKUHU(U]LHKXQJRKQHDXI]XIDO OHQLQGHQVR]LDOK|FKVWHQ.UHLVHQYHUNHKUHQGKVLHLVWK|FKVWEHZHJOLFK XQGJOHLFK]HLWLJXQJHVFKW]WYRUGHU8PJHEXQJLQGHUVLHVLFKEHZHJW$P $QIDQJ GLHVHV NXU]HQ /HEHQVODXIV ZLUG HWZDV JHQDXHU DXVJHIKUW ZRULQ VHLQH¿:LOGKHLW¾HLJHQWOLFKEHVWHKWªVHLQJHPXRWZDVJHQW]OLFKHQJHULFKWDXII ]HLWOLFKHHUIUHGYQGZROOXVWGHVOHLEV9QGQDPDQVLFKDLQHQNRVWOLFKHQ ³³³³³³³³³³

PDäHYVNLM GHQ %H]XJ ]XU +DQGOXQJ DOV NRQVWLWXWLYHQ $VSHNW GHU 0RWLYLHUXQJ DXFK GHU NRPSRVLWRULVFKHQ0RWLYLHUXQJª'LHVHXPID‰WGLH)XQNWLRQGHU(UHLJQLVVHXQG'HWDLOVLP 5DKPHQ GHU GXUFK GDV +DQGOXQJVVFKHPD JHJHEHQHQ *HVDPWNRPSRVLWLRQ© YJO 0DUWL QH]6FKHIIHO 6RIRUPXOLHUWVFKHLQWGLH'HILQLWLRQHWZDV]XHQJ]XVHLQGDDOOH (UHLJQLVVH XQG 'HWDLOV GHU 7H[WH GLH DOOHLQ GDGXUFK PRWLYLHUW VLQG GD‰ VLH PLW DQGHUHQ ]XVDPPHQlVWKHWLVFKH0XVWHUELOGHQGDYRQDXVJHQRPPHQVLQG'DDOOHUGLQJVDOVHLQ]LJH $XVQDKPHGLHIUHLHQ0RWLYHJHQDQQWZHUGHQGLHZHGHUPHWRQ\PLVFKQRFKPHWDSKRULVFK LQ GLH +DQGOXQJ LQWHJULHUW VLQG XQG ]XP 5HDOLWlWVHIIHNW EHLWUDJHQ VR LVW ZRKO QXU GLH )RUPXOLHUXQJLUUHIKUHQG  9JO *ULPP%G 6SI ªPHLVWDOVGDXHUQGH(LJHQVFKDIW JHUQH LP *HJHQVDW] ]XPLOGHRGHU ]DKP©*ULPP%G6SVRDXFKKLHUªGDVV\7KHRGRUXPGHUVRZLOGZDV PLWWDL QHPZHLEDOOVR]DPKHWWHQJHPDFKHW©   $XFK )RUWXQDWXV  6RKQ $QGRORVLD NDQQ QXU DXIJUXQG VHLQHU (U]LHKXQJ DP +RIH GLH 5ROOHHLQHV(GHOPDQQVVSLHOHQYJO)RUWXQDWXV6I



$XIEDXGHU)LJXU



VWDQG PLWW VWHFKHQQ  WXUQLHUHQ  GHP NQLJ JHQ KRII W]X UH\WWHQ  YQQG DQGHU VDFKHQQ© )RUWXQDWXV 6   'DPLW LVW GDV PRUDOLVFKH +DXSWWKHPD GHV7H[WHVDQJHVSURFKHQ'LH)UDJHREVLFKGHU0HQVFKGHQ]HLWOLFKHQ(K UHQRGHUGHQHZLJHQ:DKUKHLWHQ]XZHQGHQVROOHLQVFKOLH‰OLFKGHU$QWZRUW GLHGDV]ZHLWHHPSILHKOWXQGPLWYLHO/LHEH]XP'HWDLOGDVHUVWHDXVPDOW(V ZLUGDOVRHLQHZHLWHUHNRPSRVLWRULVFKHRGHUJHQDXHUQRFKHLQHNRPSRVLWR ULVFKWKHPDWLVFKH0RWLYLHUXQJVLFKWEDU 'LHNDXVDOH0RWLYLHUXQJLQWHQWLRQDOHQ+DQGHOQVIROJWGHPREHQVNL]]LHU WHQ DOOWDJVSV\FKRORJLVFKHQ (UNOlUXQJVPXVWHU ,QWHUHVVDQW VLQG LQ GLHVHP .RQWH[W %HVFKUHLEXQJHQ YRQ +DQGOXQJHQ RKQH H[SOL]LWH $QJDEH YRQ *UQGHQGDVLHGLH*OWLJNHLWGHV0RGHOOVVRVHKUYRUDXVVHW]HQGD‰VLHHV GHP/HVHUEHUODVVHQGLHQRWZHQGLJHQ,QIHUHQ]HQ]XELOGHQ,P)RUWXQDWXV ZLUGGLHDXVIKUOLFKH(SLVRGHXPGLH(UPRUGXQJHLQHV9HUWUDXWHQGHVHQJOL VFKHQ .|QLJV ZHJHQ HLQLJHU NRVWEDUHU -XZHOHQ GXUFK GHQ )ORUHQWLQHU $Q GUHDQEHULFKWHW$OVGLH7DWEHNDQQWZLUGNRVWHWVLHDXFK-HURQLPXV5REHUWL GHP *DVWJHEHU $QGUHDQV XQG GHV )RUWXQDWXV +HUU XQG VHLQHP JDQ]HQ +DXVGDV/HEHQhEHUUDVFKHQGHUZHLVHZLUGYRQGHP0RPHQWLQGHP$Q GUHDQYRQGHQ-XZHOHQK|UWELV]XP=HLWSXQNWGHU(UPRUGXQJ²LPPHUKLQ UXQG=HLOHQ7H[WPLWGHU'DUVWHOOXQJHLQHUQLFKWXQNRPSOL]LHUWHQ,QWULJH ² QLFKW HLQPDO PLWJHWHLOW ZDV $QGUHDQ EHDEVLFKWLJW 9LHOOHLFKW VR N|QQWH PDQHLQZHQGHQZHLOGLH'DUVWHOOXQJPHQWDOHU=XVWlQGHLQGLHVHPIUKQHX ]HLWOLFKHQ5RPDQNHLQHEHVRQGHUH5ROOHVSLHOW'RFKDOOHLQLQGLHVHPNXU]HQ $EVFKQLWWZLUGJOHLFKPHKUPDOV9HUKDOWHQGXUFKGLH'DUVWHOOXQJHLQHVPHQ WDOHQ =XVWDQGV PRWLYLHUW DQ ]ZHL 6WHOOHQ VRJDU GXUFK HLQHQ PHQWDOHQ =X VWDQGGHU]XP,QKDOWGHQYHUPXWHWHQPHQWDOHQ=XVWDQGHLQHUDQGHUHQ)LJXU KDW$OV$QGUHDQGDYRQK|UWGD‰GHU9HUWUDXWHGHV.|QLJVNRVWEDUH-XZH OHQ DXIEHZDKUW VXFKWHUVHLQH1lKHDP+RIXQGJLEWVLFK DOV-XZHOLHUDXV )ORUHQ]DXV ªHUKHW]XIORUHQW]JHKRHUWZLHGDVGHUNQLJNRVWOLFKHQNODLQDWWHQQDFKIUDJHWXQGZDHU GHVWHUIHUUHU>XPVRZHLWHU@KHUNRPPHQDXIIKRIIQXQJGHUNQLJVROWH\PDXFKHWWOLFKH VWXFNDENDXIIWKDEHQDOVHUQRFKLQKRIIQXQJZDHUH©)RUWXQDWXV6 

(UNOlUXQJHQPLWPHQWDOHQ=XVWlQGHQVLQGVRDXWRPDWLVLHUWXQGJHOlXILJGD‰ HV VLFK ORKQW HLQHQ JHQDXHUHQ %OLFN GDUDXI ]X ZHUIHQ ZDV KLHU NRPPXQL ]LHUW ZLUG 'HU /HVHU HUIlKUW GHQ ,QKDOW GHU hEHU]HXJXQJ GHV HQJOLVFKHQ +RIPDQQVGHU$QGUHDQV*HVFKLFKWHJODXEW,QKDOWGLHVHU*HVFKLFKWHLVWGHU ³³³³³³³³³³  6ROlGWLKQGHUHQJOLVFKH(GHOPDQQYRUGHU%HVLFKWLJXQJGHU-XZHOHQ]XP(VVHQHLQGD

HVVFKRQQDFK0LWWDJZDUªZLUZRHOOHQYRUHVVHQ6RZLUWWPHLQIUDZQLFKWYQZLOOLJ©)RU WXQDWXV6 





$XIEDXGHU)LJXU

:XQVFK HWZDV ]X YHUNDXIHQ GLH +RIIQXQJ GLHV WXQ ]X N|QQHQ XQG GLH hEHU]HXJXQJ GD‰ GHU .|QLJ 6FKPXFN VXFKW =XJOHLFK ZHL‰ GHU /HVHU DXV GHU9RUJHVFKLFKWHGD‰$QGUHDQV*HVFKLFKWHHLQH/JHXQG7HLOHLQHU,QWUL JHLVWXPVHLQYHUERUJHQHV+DQGOXQJV]LHO]XHUUHLFKHQ (VLVWDOVRQLFKWSODXVLEHODQ]XQHKPHQGD‰GDV)HKOHQH[SOL]LWHU$QJD EHQ]XPHQWDOHQ=XVWlQGHQGHU)LJXUHQGDKHUUKUWGD‰GLHVHLQGHU0RWL YLHUXQJGHU+DQGOXQJDXVJHVSDUWVLQGVRQGHUQYLHOPHKUVLQGVLHVRVHOEVW YHUVWlQGOLFK GD‰ VLH YRP /HVHU HUJlQ]W ZHUGHQ N|QQHQ 'LH+DQGOXQJV IROJHVHW]WGDPLWHLQGD‰$QGUHDQYRQGHPNRVWEDUHQ6FKPXFNHUIlKUWXQG GHU /HVHU NDQQ GDKHU VFKOX‰IROJHUQ HV JHKH $QGUHDQ GDUXP GLHVHQ 6FKPXFNDQVLFK]XEULQJHQ 'LHNDXVDOH0RWLYLHUXQJLQGHU)LJXUHQHLJHQVFKDIWHQLP(UNOlUXQJVUDK PHQ GHU IRON SV\FKRORJ\ YHUZHQGHW ZHUGHQ LVW VLFKHUOLFK EHVRQGHUV KlXILJ 'DQHEHQILQGHWVLFKDEHUHEHQVRGLHNDXVDOH0RWLYLHUXQJPLWWHOVWUDQVLWRUL VFKHU )LJXUHQLQIRUPDWLRQHQ ,Q GHU $QGUHDQ5REHUWL(SLVRGH HQWNRPPW GHU0|UGHU]X GHQ7UNHQDOOHDQGHUHQDEHUZHUGHQJHKHQNWXQG EHLQDKH DXFK )RUWXQDWXV GHU QXU LP OHW]WHQ $XJHQEOLFN GXUFK GDV =HXJQLV VHLQHU 8QVFKXOGJHUHWWHWZLUG'LH6FKXOGDOOHUDQGHUHQEHVWHKWGDULQGD‰VLHYRQ GHP0RUGZX‰WHQZlKUHQG)RUWXQDWXVDX‰HU+DXVZDUª$/VVLFKQXQGLH VDFKYHUORIIHQKHWWGRZDVIRUWXQDWXVQLWW]XOXQGHQ6RQGHUHUZDVVHLQHV KHUUHQ GLHQVW LQ DLQ VWDWW JHIDUHQQ JHQDQW 6DQGXZLFN  GD HU VHLP KHUUHQ JXRWLQDLQVFKLIJHODGHQKHW©)RUWXQDWXV6 )RUWXQDWXVLVWNHLQ0LWZLV VHUZHLOHUQLFKWLQ/RQGRQZDU²GLHVHWUDQVLWRULVFKH)LJXUHQLQIRUPDWLRQLVW GLHGLUHNWH0RWLYLHUXQJVHLQHU8QVFKXOG²XQGHUZDUQLFKWLQ/RQGRQZHLO HULP$XIWUDJ5REHUWLV:DUHQLQHLQ6FKLIIYHUODGHQKDW:LHVFKRQGLHSV\ FKRORJLVFKH NDXVDOH 0RWLYLHUXQJ LVW DXFK GLHVH QLFKW QXU DG KRF GLUHNW YRU GHP ]X PRWLYLHUHQGHQ *HVFKHKHQ HLQJHIJW ZLH 7RGRURY HV IU GHQ HLQ IDFKVWHQ DSV\FKRORJLVFKHQ (U]lKOWH[W SRVWXOLHUW VRQGHUQ DXFK DQ IUKHUHU 6WHOOHYRUEHUHLWHW6RHUIlKUWGHU/HVHUDP$QIDQJGLHVHU(SLVRGHGD‰5R EHUWLEDOGGLHEHVVHUHQ4XDOLWlWHQVHLQHVQHXHQ.QHFKWV)RUWXQDWXVHUNHQQW XQGGLHVHQGD]XEHI|UGHUWVROFKH9HUODGXQJHQ]XHUOHGLJHQ'LHNRPSRVLWR ULVFKH0RWLYLHUXQJGHU8QVFKXOGLVW UHFKWRIIHQVLFKWOLFK(LQHUVHLWVVROOGLH ³³³³³³³³³³  'DV LVWZRKONHLQ6SH]LILNXPGHV )RUWXQDWXV GDDXFKGLH XPIDQJUHLFKH6FKZDQNOLWHUDWXU 

PLWLKUHQ]DKOUHLFKHQ,QWULJHQVROFKHGRSSHOVFKLFKWLJHQhEHUOHJXQJHQHQWKlOW ,PPHUKLQLVWGLH6FKXOGDXFKIUGLH]HLWJHQ|VVLVFKHQ/HVHUZRKOQLFKWVHOEVWYHUVWlQGOLFK ª1XQPRHFKWHDLQHQZXQGHUQHKPHQZDUXPEPDQGHQHUVDPHQ-HURQLPXVUREHUWLYQG DOOHVVH\QKDX‰JHV\QQVRVFKDPOLFKJHKHQFNWKHW©)RUWXQDWXV6 6LHZLUGPLWHLQHU 5HFKWVEHOHKUXQJEHJUQGHWHVVHLªNDLVVHUOLFKUHFKWGDVQ\HPDQGWNDLQPRUGYHUVFKZH\ JHQVROO©)RUWXQDWXV6 



$XIEDXGHU)LJXU



(SLVRGHLQGLH+DQGOXQJXP)RUWXQDWXVLQWHJULHUWZHUGHQGDVLHPLWLQWHUHV VDQWHQ 'HWDLOV GLHQHQ NDQQ ZLH YHUVWHFNWHQ 6FKlW]HQ XQG HLQHU /HLFKH GLH LP $ERUW YHUVWHFNW ZLUG $QGHUHUVHLWV VWHUEHQ DOOH GLH GDUDQ EHWHLOLJW VLQG RGHUPVVHQ]XPLQGHVWGLHFKULVWOLFKH:HOWYHUODVVHQGHU3URWDJRQLVWVWHKW DEHU HUVW DP $QIDQJ VHLQHU *HVFKLFKWH 'LH NRPSRVLWRULVFKH 0RWLYLHUXQJ EHVWHKW DOVR GDULQ GHP 3URWDJRQLVWHQ HLQHQ KHLOHQ $XVVWLHJ DXV GHP *H VFKHKHQ]XHUP|JOLFKHQ 'LHVHKUYLHOVHOWHQHUHILQDOH0RWLYLHUXQJVROOKLHUQLFKWDXVIKUOLFKHUEH KDQGHOW ZHUGHQ VFKRQ ZHLO ]XU 5ROOH YRQ )LJXUHQLQIRUPDWLRQHQ LQ GLHVHU )RUPGHU0RWLYLHUXQJQLFKWV1HXHVKLQ]X]XIJHQLVW,QWHUHVVDQWHUGDJHJHQ LVW GLH )UDJH RE DOOH )LJXUHQLQIRUPDWLRQHQ PRWLYLHUW VLQG 5RODQG %DUWKHV KDW GLH DOOJHPHLQHUH )UDJH GLVNXWLHUW RE DOOH LP 7H[WYHUJHEHQHQ ,QIRUPD WLRQHQPRWLYLHUWVLQGXQGNRPPW]XGHP6FKOX‰GD‰VLFKLQGHQPHLVWHQ 7H[WHQ,QIRUPDWLRQHQILQGHQGLHQLFKWGXUFKGHQ%H]XJDXIGLH+DQGOXQJ GDV0LOLHXRGHUGDV7KHPDLQ6LQQ]XVDPPHQKlQJHLQWHJULHUWVLQG6LHODVVHQ VLFKDXFKQLFKWLQHLQHQEHUJUHLIHQGHQVLQQKDIWHQ=XVDPPHQKDQJLQWHJULH UHQ XQG UHSUlVHQWLHUHQ DXI GLHVH :HLVH GDV 5HDOH ZHLO VLH IU HLQHQ hEHU VFKX‰DQ6RVHLQVWHKHQGHUGDV5HDOHYRQDOOHP9HUVWHKHQWUHQQW$QGHUV JHVDJW VROFKH ,QIRUPDWLRQHQ VLQG GXUFK NHLQHQ 6LQQ]XVDPPHQKDQJ PRWL YLHUW DX‰HU GHP ¿5HDOLWlWVHIIHNW¾ GK VLH YHUPLWWHOQ GHQ (LQGUXFN HLQHU OH EHQVZHOWOLFKHQ)OOHYRQ'HWDLOVGLHQLFKWDOOHVFKRQIXQNWLRQDO]XJHRUGQHW VLQG 0DUWLQ 3ULFH KDW P( ]X 5HFKW GDJHJHQ HLQJHZDQGW GD‰ QLFKW GLH G\VIXQNWLRQDOHQ'HWDLOVGLHVHQ5HDOLWlWVHIIHNWSURGX]LHUHQVRQGHUQGLH)OOH DOOHU'HWDLOVDOOHU,QIRUPDWLRQHQGLHLP7H[WJHJHEHQZHUGHQ7DWVlFKOLFK LVWHVVHKUXQSODXVLEHOGD‰HLQ/HVHUVLFK]XHUVWGDYRQEHU]HXJWGD‰HLQH HLQ]HOQH ,QIRUPDWLRQ G\VIXQNWLRQDO LVW XQG GDQQ HUVW GHQ (LQGUXFN HLQHU 5HSUlVHQWDWLRQGHV5HDOHQKDW9LHOEHU]HXJHQGHUVFKHLQWPLUGLH$QQDKPH GD‰ HLQH )OOH YRQ GLYHUVHQ 'HWDLOV GHP /HVHU GHQ DOOJHPHLQHQ (LQGUXFN YHUPLWWHOWGLHVHOLH‰HQVLFKQLFKWDOOHOFNHQORVIXQNWLRQDO]XVFKUHLEHQ'HQ QRFKLVW%DUWKHV %HREDFKWXQJZLFKWLJ6LHZHLVWHLQHGHXWOLFKH3DUDOOHOH]XU $UJXPHQWDWLRQ/XJRZVNLVDXI,P7H[WVLQGHLQ]HOQH(OHPHQWHEHVWLPPEDU GLH QLFKW PRWLYLHUW ]X VHLQ VFKHLQHQ ,P )DOO YRQ /XJRZVNL JHVFKDK GDV GXUFK GHQ $EJOHLFK GHU NDXVDOHQ +DQGOXQJVIROJH PLW GHQ (UHLJQLVVHQ GLH VLFKGRUWQLFKWHLQIJHQOLH‰HQ6LHNRQQWHQZLHGHUXPGXUFKGHQ%H]XJDXI GLH lVWKHWLVFKH .RPSRVLWLRQ GHV 7H[WHV DOV HLQIDFK PRWLYLHUW EHVFKULHEHQ ZHUGHQZlKUHQGGLHPHLVWHQDQGHUHQ(OHPHQWHGRSSHOWPRWLYLHUWVLQG,P ³³³³³³³³³³  %DUWKHV>@  

3ULFH 





$XIEDXGHU)LJXU

)DOOYRQ%DUWKHVHUVFKHLQHQPDQFKH'HWDLOVGHUHU]lKOWHQ:HOWDOVG\VIXQN WLRQDO RGHU QLFKW PRWLYLHUW LQ %H]XJ DXI GLH+DQGOXQJRGHU GLH lVWKHWLVFKH .RPSRVLWLRQDEHU VLHKDEHQLPPHUQRFKGLH)XQNWLRQ]XU)OOHYRQ'H WDLOVEHL]XWUDJHQGLHLQLKUHU*HVDPWKHLWGHQ5HDOLWlWVHIIHNWKDW$XFKGLHVH 'HWDLOV KDEHQ OHW]WHQGOLFK HLQH HLQIDFKH 0RWLYLHUXQJ QlPOLFK GHQ %HLWUDJ ]XP5HDOLWlWVHIIHNWZlKUHQGYLHOHDQGHUHGRSSHOWRGHUPHKUIDFKPRWLYLHUW VLQG $OOHUGLQJV LVW QLFKW QXU GLH )OOH GLH VLFK QLFKW KDQGOXQJVIXQNWLRQDO HLQRUGQHQ Ol‰W HLQ .HQQ]HLFKHQ GHV 5HDOLWlWVHIIHNWV VRQGHUQ LP )DOO YRQ )LJXUHQ DXFK GLH (UJlQ]XQJ GHU )LJXUHQLQIRUPDWLRQHQ GLH HLQH )LJXU DXI JUXQGGHULPSOL]LWHQ3HUV|QOLFKNHLWVWKHRULHDXIZHLVHQP‰WHGLHDEHUQLFKW KDQGOXQJVIXQNWLRQDOVLQG %HJUHLIWPDQZLHKLHUJHVFKHKHQ0RWLYLHUXQJDOV6LQQVWUXNWXULQGLHHL QH ,QIRUPDWLRQ HLQJHEXQGHQ ZLUG GDQQ LVW DXFK GHU %H]XJ DXI GHQ /HVHU GLH:LUNXQJVDEVLFKWHLQVROFKHUUHOHYDQWHU)XQNWLRQV]XVDPPHQKDQJ,QVEH VRQGHUH GLH :HUWXQJ YRQ )LJXUHQ XQG DQGHUH $VSHNWH GLH GDV 9HUKlOWQLV GHV/HVHUV]XHLQHU)LJXUUHJXOLHUHQN|QQHQDOVOHVHURULHQWLHUWH0RWLYLHUXQJ EHVFKULHEHQZHUGHQ'D]XJOHLFKPHKU $XIGLH)LJXUDQJHZHQGHWEHGHXWHWGDVHVLVW]XHUZDUWHQGD‰)LJXUHQLQ IRUPDWLRQHQ NDXVDO ILQDO RGHU NRPSRVLWRULVFK HWZD GXUFK GHQ 5HDOLWlWVHI IHNWPRWLYLHUWVLQGOHW]WHUHVZUGHVRZHLWHVVLFKXP)LJXUHQHLJHQVFKDIWHQ KDQGHOWQLFKWPHKUEHVDJHQDOVGD‰GLH)LJXUHQEHUGHQ*UDGKLQDXVLQGL YLGXDOLVLHUWZHUGHQGHUIUGHQ)RUWJDQJGHU+DQGOXQJRGHUGLHlVWKHWLVFKH .RPSRVLWLRQ Q|WLJ VLQG 'DPLW VLQG QLFKW )LJXUHQLQIRUPDWLRQHQ JHPHLQW GLH]XHLQHPNRPSOH[HUHQ%LOGYRQ)LJXUHQHLJHQVFKDIWHQXQGGDPLWZLHGHU XP]XHLQHUNRPSOH[HUHQ0RWLYLHUXQJYRQ+DQGOXQJHQEHLWUDJHQVRQGHUQ EHUVFKVVLJH,QIRUPDWLRQHQGLHDXIJUXQGLKUHU,GLRV\QNUDVLH7HLOGHV5HDOL WlWVHIIHNWVVLQGXQGGDGXUFKZRKODXFKGLH(ULQQHUEDUNHLWGHU)LJXUVWHLJHUQ ,QGHQ%XGGHQEURRNVVLQGQLFKWZHQLJH)LJXUHQLQIRUPDWLRQHQ]XILQGHQGLHLQ GLHVH .DWHJRULH JHK|UHQ ]% GHU JROGJHOEH %DFNHQEDUW GHV +RFKVWDSOHUV *UQOLFK 'LH KLHU GDUJHVWHOOWHQ .DWHJRULHQ IU GLH 0RWLYLHUXQJ GHU )LJXUHQLQIRU PDWLRQHQDXIGHU(EHQHGHVQDUUDWLYHQ/HVHUVILQDOHXQGNDXVDOHVRZLHOH VHURULHQWLHUWH 0RWLYLHUXQJ  VRZLH DXI GHU (EHQH GHV DXNWRULDOHQ /HVHUV NRPSRVLWRULVFKH 0RWLYLHUXQJ DOV 2EHUEHJULII IU lVWKHWLVFKH WKHPDWLVFKH XQG DXI GHQ 5HDOLWlWVHIIHNW EH]RJHQH 0RWLYLHUXQJ  GLHVH .DWHJRULHQ HQW VSUHFKHQWURW]LKUHUJlQ]OLFKDQGHUHQ+HUNXQIWZHLWJHKHQGGHP9RUVFKODJ YRQ -DPHV 3KHODQ GHU GUHL $VSHNWH YRQ )LJXUHQLQIRUPDWLRQHQ XQWHUVFKHL



$XIEDXGHU)LJXU



GHWGHQPLPHWLVFKHQGHQWKHPDWLVFKHQXQGGHQV\QWKHWLVFKHQ8QWHUGHP PLPHWLVFKHQ $VSHNW ZLUG GHU %HLWUDJ HLQHU )LJXUHQLQIRUPDWLRQ ]XP (LQ GUXFNHLQHU¿3HUVRQ¾XQWHUVXFKWXQWHUGHPWKHPDWLVFKHQ$VSHNWGHU%HLWUDJ HLQHU )LJXUHQLQIRUPDWLRQ ]XP 7KHPD GHV 7H[WHV RGHU ]X HLQHU ,GHH XQG XQWHU GHP V\QWKHWLVFKHQ$VSHNWZLUGGDV*HPDFKWVHLQGHU )LJXUDOVDUWLIL ]LHOOHV.RQVWUXNWDQDO\VLHUW3KHODQ6FKOHUYRQ%RRWKXQGGHUEHNDQQWHVWH 9HUWUHWHUHLQHUUKHWRULVFKHQ1DUUDWRORJLHEHWRQWGD‰]ZDUMHGH)LJXUGLHVH GUHL$VSHNWHDXIZHLVHDEHULQHLQHP7H[W]XPHLVWHLQ$VSHNWEHWRQWVHLXQG GDGXUFK GLH DQGHUHQ LQ GHQ +LQWHUJUXQG UFNHQ :HQQ GHU PLPHWLVFKH $VSHNW LP 9RUGHUJUXQG VWHKH GDQQ ZHLVH GLH)LJXU$WWULEXWHDXIGLHVLFK QLFKW JlQ]OLFK DOV 7HLO GHV 7KHPDV HUNOlUHQ OLH‰HQ :HQQ GHU WKHPDWLVFKH $VSHNW EHWRQW VHL GDQQ ZUGHQ GLH )LJXUHQ HKHU DOV ,GHHQWUlJHU GHQQ DOV SHUVRQHQlKQOLFKH .RQVWUXNWH ZDKUJHQRPPHQ ZHUGHQ 6WHKW GHU V\QWKHWL VFKH $VSHNW LP 9RUGHUJUXQG ZLUG ]XPHLVW GLH PLPHWLVFKH :LUNXQJ GHU )LJXU EHHLQWUlFKWLJW 'HU PLPHWLVFKH $VSHNW HQWVSULFKW GHU NRPSRVLWRUL VFKHQ 0RWLYLHUXQJ ]XU (U]LHOXQJ GHV 5HDOLWlWVHIIHNWV 'HU WKHPDWLVFKH $VSHNW HQWVSULFKW GHU NRPSRVLWRULVFKWKHPDWLVFKHQ 0RWLYLHUXQJ XQG GHU V\QWKHWLVFKH$VSHNWZlUHHLQ6RQGHUIDOOGHUlVWKHWLVFKHQ0RWLYLHUXQJ 'LHYLHOIlOWLJHQ)RUPHQGHU0RWLYLHUXQJYRQ)LJXUHQLQIRUPDWLRQHQPD FKHQGHXWOLFKGD‰GLH0RWLYLHUXQJGHU+DQGOXQJGXUFK)LJXUHQLQIRUPDWLR QHQQXUHLQHQNOHLQHQ7HLODXVPDFKWZLHJUR‰HULQHLQHPEHVWLPPWHQ7H[W LVW ZLUG GDYRQ DEKlQJLJ VHLQ LQZLHZHLW GLHZHLWHUHQ$VSHNWHZLHWKHPDWL VFKHXQGlVWKHWLVFKH.RKlUHQ]VRZLHGHU5HDOLWlWVHIIHNWHLQH5ROOHVSLHOHQ

,GHQWLILNDWLRQ )U GHQ /HVHU XQG GDV /HVHQ VSLHOHQ )LJXUHQ HLQH EHVRQGHUH 5ROOH /HVHU EHZXQGHUQXQGYHUDEVFKHXHQ)LJXUHQVLHIKOHQPLWLKQHQXQGVLHLPLWLHUHQ VLH LP ZLUNOLFKHQ /HEHQ ,QVEHVRQGHUH GLH OHW]WHQ EHLGHQ 3UR]HVVH VLQG DOV $VSHNWHXQG)ROJHQGHU¿,GHQWLILNDWLRQ¾EHVFKULHEHQZRUGHQ'LH/LWHUDWXU WKHRULHKDWGLHVHV7KHPDZHLWJHKHQGYHUQDFKOlVVLJWXQGGDPLWGDVDEIlOOLJH ³³³³³³³³³³  3KHODQ HUJlQ]W GDPLW

GLH LQ GHU 1HR$ULVWRWHOLVFKHQ 6FKXOH JlQJLJH 8QWHUVFKHLGXQJ ]ZLVFKHQ PLPHWLVFKHQ XQG WKHPDWLVFKHQ $VSHNWHQ XP GHQV\QWKHWLVFKHQ 6HLQHhEHUOH JXQJHQ EHWUHIIHQ EULJHQV QLFKW GLH )LJXUHQLQIRUPDWLRQHQ LP DOOJHPHLQHQ ZLH HV KLHU YRUJHVFKODJHQZLUGVRQGHUQQXUVROFKH$WWULEXWHGLHDXFKWUDLWVVHLQN|QQHQ3KHODQKDW VHLQH3RVLWLRQP:GDVHUVWH0DOIRUPXOLHUWLQ3KHODQ XQGVLHGDQQLQHLQHU0R QRJUDSKLHLQGHU7H[WDQDO\VHHUSUREWRKQHLKUDOOHUGLQJVWKHRUHWLVFKQRFKYLHOKLQ]X]XI JHQYJO3KHODQ 9JODXFK3KHODQ   )UOHW]WHUHVLVW%HEXTXLQHLQJXWHV%HLVSLHO





$XIEDXGHU)LJXU

9HUGLNWGDVDXVGHU6LFKWHLQHUlVWKHWLVFKHQ/HNWUHKDOWXQJEHUGLHVH)RUP HPRWLRQDOHU 'LVWDQ]ORVLJNHLW JHIlOOW ZXUGH LQ ]ZHLIHOKDIWHU :HLVH ]XP 0D‰VWDELKUHU5HIOH[LRQJHPDFKW(LQHEHPHUNHQVZHUWH$XVQDKPHVWHOOWGDV 0RGHOO YRQ +DQV 5REHUW -DX‰ GDU GHU IQI XQWHUVFKLHGOLFKH )RUPHQ GHU ,GHQWLILNDWLRQEHVFKULHEHQXQGVLHZHQQDXFKQLFKWHLQGHXWLJYHUVFKLHGHQHQ KLVWRULVFKHQ (SRFKHQ ]XJHRUGQHW KDW :R -DX‰ QRFK YRQ XQWHUVFKLHGOL FKHQ,GHQWLILNDWLRQVIRUPHQYRQGHU$QWLNHELVLQGLH*HJHQZDUWVSUDFKKDW GLHKLVWRULVFKH/HVHIRUVFKXQJLQ]ZLVFKHQKHUDXVJHDUEHLWHWGD‰GLHLGHQWLIL NDWRULVFKH/HNWUHZHLWJHKHQGHLQ3KlQRPHQGHU1HX]HLWLVWXQGLKUH$XV ELOGXQJ LP  -DKUKXQGHUW EHVFKULHEHQ 1DKHOLHJHQGHUZHLVH KDEHQ VLFK VRZRKOGLH3V\FKRDQDO\VHDOVDXFKGLHHPSLULVFKH/HVHIRUVFKXQJXQG3V\ FKRORJLHLQWHQVLYHUGDPLWEHVFKlIWLJW

³³³³³³³³³³  $XFK GLHV LVW HLQ (UEH GHU .XQVWDQVFKDXXQJ YRQ .ODVVLN XQG 5RPDQWLN ª0DQ VLHKW



 



KLHUDXVGD‰HU>+HUGHU@GDV:HUNEOR‰DOV.XQVWSURGXFWDQVDKXQGYRQXQVGDV*OHLFKH YHUODQJWHGLHZLUQRFKLQMHQHQ=XVWlQGHQZDQGHOWHQZRHVZRKOHUODXEWLVW.XQVWZHUNH ZLH1DWXUHU]HXJQLVVHDXIVLFKZLUNHQ]XODVVHQ©*RHWKH =XUNULWLVFKHQ'LV NXVVLRQGHV*HJHQVDW]HVYRQ,GHQWLILNDWLRQXQG'LVWDQ]DXVGHU3HUVSHNWLYHGHU/HVHSV\ FKRORJLHYJO$QGULQJD  XQG*URHEHQ9RUGHUHU 6DXHUEHUJ   QLPPW DQGLH$EVRUSWLRQ EHLP /HVHQ YRQ 6FKHPDOLWHUDWXU VHL HLQH)ROJH GDYRQ GD‰GHU/HVHUGLHGHP7H[W]XJUXQGHOLHJHQGH)RUPHOYROONRPPHQDN]HSWLHUWKDEHZlK UHQG ,GHQWLILNDWLRQ XQDEKlQJLJ GDYRQ GXUFK GLH*HVWDOWGHU MHZHLOLJHQ)RUPHODXVJHO|VW ZHUGH ,Q GHU $XVHLQDQGHUVHW]XQJ PLW 1RUWKURS)U\HV 7\SRORJLHGHV+HOGHQEHVFKUHLEW -DX‰IQIXQLYHUVDOH)RUPHQGHUlVWKHWLVFKHQ,GHQWLILNDWLRQQlPOLFKDVVR]LDWLYHDGPLUD WLYH V\PSDWKHWLVFKH NDWKDUWLVFKH XQG LURQLVFKH 'LH .DWHJRULHQELOGXQJ LVW MHGRFK XQ JOHLFK 9LHU .DWHJRULHQ EH]LHKHQ VLFK DXI GLH %H]LHKXQJ GHV /HVHUV ]XP 3URWDJRQLVWHQ GLH IQIWH ¿NDWKDUWLVFK¾ YHUZHLVW GDJHJHQ DXI GLH :LUNXQJ GHU )LJXU DXIGHQ/HVHUYJO -DX‰  %UJHU   GHU $GRUQRV /RE GHU'LVWDQ]JHJHQ -DX‰YHUWHLGLJW NULWLVLHUW DXFKGHVVHQEHU]HLWOLFKHQ,GHQWLILNDWLRQVEHJULII:HQLJKLOIUHLFKLVW4XDFN  .OHLQVFKPLGW 6FK|Q 6FK|Q  (LQHQNQDSSHQhEHUEOLFNEHUGLH'LVNXVVLRQLQQHUKDOEGHUIUHXGLDQLVFKHQSV\FKRDQDO\ WLVFKHQ /LWHUDWXUWKHRULH ILQGHW VLFK EHL 6FK|QDX  II  YJO DXFK +ROODQG   %HLOIX‰ HUJlQ]W-DX‰XPHLQHSV\FKRDQDO\WLVFKH.RPSRQHQWH²,QGHU1DFKIROJH /DFDQVJLEWHVZLHGHUXP]DKOUHLFKH¿/HNWUHQ¾)UHXGVXQG/DFDQVGLHDXFKXPGHQ%H JULIIGHU,GHQWLILNDWLRQNUHLVHQYJOHWZD&KDVH RGHU/LSRZDW] ²=XU.ULWLN DQGHU3V\FKRDQDO\VHYJOREHQ6)X‰QRWH 9JOHWZDGLH6WXGLHYRQ6FK|Q GLHDXIHLQHU%HIUDJXQJYRQ6FKOHUQEHUXKW XQGGLH(QWZLFNOXQJLKUHV5H]HSWLRQVYHUKDOWHQVXQWHUVXFKW6FK|QXQWHUVFKHLGHWEHLGHU ,GHQWLILNDWLRQ ]ZLVFKHQ 6XEVWLWXWLRQ3URMHNWLRQ XQG(PSDWKLH GLH%HJULIIH EH]HLFKQHQ ]XQHKPHQGNRPSOH[HUH )RUPHQGHU 5H]HSWLRQ 9JODXFK6FK|Q  PLWGHQ(UJHE QLVVHQHLQHU8PIUDJHEHLPHKUDOV-XJHQGOLFKHQXQG(UZDFKVHQHQ



$XIEDXGHU)LJXU



(LQJUXQGOHJHQGHV3UREOHPGHUSV\FKRORJLVFKHQ8QWHUVXFKXQJGHV,GHQ WLILNDWLRQVNRQ]HSWV LVW GLH DOOJHPHLQ EHNDQQWH 8QVFKlUIH GHV %HJULIIV XQG GHU8PVWDQGGD‰HULQEH]XJDXIGLH/LWHUDWXUHLQHDQGHUH%HGHXWXQJKDWDOV LQEH]XJDXISV\FKLVFKH3KlQRPHQHZLHHWZDGLHEHZXQGHUQGH(LQVWHOOXQJ JHJHQEHU 9RUELOGHUQ EHL .LQGHUQ XQG -XJHQGOLFKHQ ,GHQWLILNDWLRQ LP OHW]WHUHQ6LQQHXPID‰W]XPHLVWHLQH$QJOHLFKXQJGHVHLJHQHQ9HUKDOWHQVDQ GDVGHV2EMHNWVGHU,GHQWLILNDWLRQZlKUHQG,GHQWLILNDWLRQDXI/LWHUDWXUEH ]RJHQYRQVROFKHQ0HUNPDOHQZHLWJHKHQGIUHLLVW :LH DXFK LPPHU PDQ DEHU ,GHQWLILNDWLRQ DOV 3UR]H‰ DXIID‰W DXI MHGHQ )DOO KDQGHOW HV VLFK XP GLH SV\FKLVFKHQ 3UR]HVVH YRQ /HVHUQ ² XQG GD]X NDQQGLH1DUUDWRORJLHDOVWH[W]HQWULHUWH7KHRULHRIIHQVLFKWOLFKQLFKWVEHLWUD JHQ$OOHUGLQJVNDQQVLHHLQHQJHQXLQHQ%HLWUDJGD]XOHLVWHQZLHGHU7H[WGLH %H]LHKXQJ GHV /HVHUV ]XP 3URWDJRQLVWHQ EHVWLPPW ¿%HVWLPPXQJ¾ VROO KLHU QLFKWVXJJHULHUHQGD‰GHU7H[WGLHVHV9HUKlOWQLVDOOHLQHXQGJlQ]OLFKGHWHU PLQLHUWGDEHNDQQWOLFKGLH$QJHERWHGHV7H[WHVYRQ/HVHUQXQWHUVFKLHGOLFK DXIJHQRPPHQ XQG DXFK JDQ] DXVJHVFKODJHQ ZHUGHQ N|QQHQ 0DQ NDQQ MHGRFKLQ%H]XJDXIGDVREHQVNL]]LHUWH0RGHOOGHUQDUUDWLYHQ.RPPXQLND WLRQ EHVFKUHLEHQ ZLH GLH 5ROOHQ GHV QDUUDWLYHQ XQG DXNWRULDOHQ /HVHUV LP 7H[WDXVVHKHQVHOEVWZHQQGHUHPSLULVFKH/HVHUVLHQLFKWEHUQLPPW8QWHU GLHVHU3HUVSHNWLYHLVW,GHQWLILNDWLRQHLQ7HLOSUREOHPGHUDOOJHPHLQHUHQ)UDJH ZLHGDV9HUKlOWQLVGHV/HVHUV]XGHQ)LJXUHQLPDOOJHPHLQHQGXUFKGHQ7H[W EHGLQJW ZLUG 'HU 3URWDJRQLVW LVW VR JHVHKHQ QXU HLQH EHVRQGHUV ZLFKWLJH )LJXU ,P IROJHQGHQ ZHUGHQ YLHU $VSHNWH IU GLH %HVWLPPXQJ GHU %H]LHKXQJ GHV/HVHUV]XU)LJXUEHVFKULHEHQ$XVJDQJVSXQNWIUXQVHUHhEHUOHJXQJHQ LVW GDV3KlQRPHQGD‰0HQVFKHQGLH*HIKOHDQGHUHU0HQVFKHQQDFKYROO ]LHKHQN|QQHQ'LHVHU1DFKYROO]XJLVWNHLQUHLQNRJQLWLYHU3UR]H‰VRQGHUQ LQHUVWHU/LQLHHLQDIIHNWLYHU$XVNRJQLWLRQVZLVVHQVFKDIWOLFKHU3HUVSHNWLYHLVW GDV3KlQRPHQGHU(PSDWKLHQRFKQLFKWJDQ]JHNOlUWGDXQWHUGHP%HJULII JDQ] XQWHUVFKLHGOLFKH 0HFKDQLVPHQ ]XVDPPHQJHID‰W ZHUGHQ (LQH IU GDV IROJHQGH ZLFKWLJH 8QWHUVFKHLGXQJ EHWULIIW GLH 9HUPLWWOXQJ YRQ (PSDWKLH DXVO|VHQGHQ6LJQDOHQ(PSDWKLHNDQQVLFKDXIGHQ$XVGUXFN0LPLN*HVWLN 6WLPPH EH]LHKHQRGHUDXIGLH6LWXDWLRQGHVDQGHUHQ ³³³³³³³³³³  9JO GD]X VFKRQ /REVLHQ  I  $XFK *URHEHQ9RUGHUHU    KDOWHQ GHQ

%HJULII ,GHQWLILNDWLRQ IU XQEUDXFKEDU GD HU]XZHLW VHLXQG]XYLHOH XQSUIEDUH9RUDQ QDKPHQHQWKDOWH'HILQLWLRQVYHUVXFKHEHL6FK|Q XQG$QGULQJDII   9JO %LVFKRI.|KOHU XQG VLHXQWHUVFKHLGHW]ZLVFKHQDXVGUXFNVYHUPLWWHOWHU XQGVLWXDWLRQVYHUPLWWHOWHU (PSDWKLH:LH QXQGLH JHQDXHUHQ0HFKDQLVPHQ GHUHPSDWKL VFKHQ5HDNWLRQDXVVHKHQZLHDOVRGLH:DKUQHKPXQJGHV$XVGUXFNVRGHUHLQHU6LWXDWLRQ





$XIEDXGHU)LJXU

hEHUWUlJW PDQ GLHVHV 0RGHOO QXQ DXI GLH 5H]HSWLRQ HLQHV OLWHUDULVFKHQ 7H[WVVRNDQQPDQYHUPXWHQGD‰]ZHLJDQ]XQWHUVFKLHGOLFKH.RPPXQLND WLRQVIRUPHQ XQG LQKDOWH LGHQWLILNDWRULVFKH 3UR]HVVH YHUDQODVVHQ RGHU HU P|JOLFKHQ$OOH,QIRUPDWLRQHQGHV7H[WHVGLHGLH6LWXDWLRQDXVGHU6LFKW HLQHU)LJXUYHUPLWWHOQ$OOH,QIRUPDWLRQHQGHV7H[WHVGLHVLFKLPZHLWHUHQ 6LQQHDOV7HLOGHV$XVGUXFNVYHUKDOWHQVHLQHU)LJXUYHUVWHKHQODVVHQ  6LWXDWLRQ :HQQ ZLU YRQ GHU 6LWXDWLRQ DXV GHU 6LFKW HLQHU )LJXU VSUH FKHQ GDQQ LVW GLHV HUVW HLQPDO VWHOOYHUWUHWHQG JHPHLQW IU DOOH VLQQOLFKHQ :DKUQHKPXQJHQ HLQHU )LJXU (LQ 6DW] ZLH ª.DVNHW VSUWH 6FKZHL‰WURSIHQ DXIGHU6WLUQ©-HUU\&RWWRQ6 IRUPXOLHUWHLQHVLQQOLFKH:DKUQHKPXQJ DXV HLQHU EHVWLPPWHQ 3HUVSHNWLYH XQG NRPPXQL]LHUW GLHVH :DKUQHKPXQJ XQGGLH6LWXDWLRQGHV:DKUQHKPHQGHQ'DVJLOWIUGLHEHNDQQWHQIQI6LQ QH DEHUDXFKIUGLHHLJHQH.|USHUZDKUQHKPXQJ,QHLQIDFKHUHQ7H[WHQ VLQG 9RUJDQJ GHU :DKUQHKPXQJ XQG 6XEMHNW GHU :DKUQHKPXQJ H[SOL]LW RGHUOHLFKWHUVFKOLH‰EDUIRUPXOLHUW]%ª,FKVFKDXWHQDFKREHQ'DV6HLOPLW HLQHPEUHLWHQ*XUWXQG]ZHL+DOWHVFKODXIHQEDXPHOWHEHUPLU©-HUU\&RW WRQ 6   RGHUª*OHLFKGDUDXIK|UWHLFKHVSLHSVHQ5DWWHQ© HEGD  'DV 6XEMHNWGHU:DKUQHKPXQJNDQQIHKOHQª(UGXIWHWHQDFK6DQGHOKRO]HLQHP WHXUHQ5DVLHUZDVVHU©-HUU\&RWWRQ6 HEHQVRZLHGLHH[SOL]LWH1HQQXQJ GHU:DKUQHKPXQJª6HLQ%URZDUVRJUR‰ZLHHLQ7DQ]VDDOLQ+DUOHP©2IW NDQQ PDQ GDV 6XEMHNW GHU :DKUQHKPXQJ XQG VHLQH 6LWXDWLRQ QXU DXV GHU %HVFKUHLEXQJ HUVFKOLH‰HQ ª(LQ 8QLIRUPLHUWHU NDP PLW HLQHP 6FKOVVHO EXQG© 'LHVHU $VSHNW OLWHUDULVFKHU 7H[WH LVW XQWHU GHP 6WLFKZRUW LQWHUQH )RNDOLVLHUXQJDXVIKUOLFKXQWHUVXFKWZRUGHQ ³³³³³³³³³³



  

]XU,QGXNWLRQYRQ*HIKOHQLP:DKUQHKPHQGHQIKUWLVWIUXQVHUH=ZHFNHQLFKWZHL WHU ZLFKWLJ =XU =HLW YHUPXWHW PDQ GD‰ GLH QHX HQWGHFNWHQ6SLHJHOQHXURQHQ GDEHLHLQH HQWVFKHLGHQGH5ROOHVSLHOHQ (LQHIUKH%HVFKUHLEXQJGLHVHU]ZHL$VSHNWHYRQ¿,GHQWLILNDWLRQ¾OLHJWZRKOLQ/HHV$QD O\VHHLQHUEHVWLPPWHQ9HUZHQGXQJYRQHUOHEWHU5HGHYRUGLHHLQH(PRWLRQDXVJHO|VWªD GLVWLQFW IHHOLQJ RI D VWDWH RI HPRWLRQZKLFKLV QRWWKDWRI DUHDGHU WRZDUGV ZKDW LV EHLQJ SUHVHQWHG EXW UDWKHU WKDW ZKLFK WKH SHUVRQDJH LQ WKH QRYHO LV H[SHULHQFLQJ© /HHV   =%ª'HU6WDKOGHV7UlJHUVZDUIHXFKWXQGJOLWVFKLJ,FKWUDWGDUDXI(VZDUHLQ*HIKO DOVUXWVFKWHQPLULPQlFKVWHQ0RPHQWGLH)‰HZHJ©-HUU\&RWWRQ6  'HU -HUU\&RWWRQ5RPDQ PXWHW VHLQHQ /HVHUQ NDXP VROFKH ,QIHUHQ]HQ ]X XQG KDW ]X PHLVWLP9RURGHU1DFKVDW]ZLHGHUHLQHH[SOL]LWH$QJDEH 6HLW*HQHWWHZLUG GLHVHU $VSHNWGHXWOLFK YRQGHU¿6WLPPH¾ GLHGHQGLVFRXUVKHUYRUEULQJW XQWHUVFKLHGHQ*HQHWWHIIII KDW)RNDOLVLHUXQJDOV$QWZRUWDXIGLH)UDJH ¿:HU VLHKW"¾ YHUVWDQGHQ XQG VHLQH %HLVSLHOH ZLH DXFK GLH YRQ 0DUWLQH]6FKHIIHO    EH]LHKHQVLFKDXIGLHVLQQOLFKH:DKUQHKPXQJ=XU.ULWLNDQ*HQHWWHV)RNDOLVLH UXQJVNRQ]HSWYJO.DEOLW] ²'LH$QQDKPHGD‰LQWHUQH)RNDOLVLHUXQJHLQHJU|‰HUH



$XIEDXGHU)LJXU



=XU 9HUPLWWOXQJ GHU VLQQOLFK ZDKUQHKPEDUHQ 6LWXDWLRQ NRPPHQ DEHU RKQH =ZHLIHO DOOH ,QIRUPDWLRQHQGLHHLQH6LWXDWLRQDXV HLQHUJHGDQNOLFKHQ ZHOWDQVFKDXOLFKHQRGHUHPRWLRQDOHQ3HUVSHNWLYHGDUVWHOOHQ(LQHQZLFKWLJHQ $QWHLOGDUDQKDEHQDOOH)RUPHQGHU:LHGHUJDEHSV\FKLVFKHUNRJQLWLYHUXQG HPRWLRQDOHU 3UR]HVVH 'HU QDFKIROJHQGH 6DW] EHULFKWHW ]% YRQ HLQHU 6FKOX‰IROJHUXQJXQGZHLVWGDEHLLP3ULQ]LSGLHJOHLFKH6WUXNWXUDXIGLHZLU HEHQIUGHQ)DOOGHU6LQQHVZDKUQHKPXQJEHVFKULHEHQKDEHQGKHVZLUG HLQ PHQWDOHU 3UR]H‰ EHQDQQW XQG GHUMHQLJH LQ GHP HU VLFK HUHLJQHW ª:DV %REVRIRUWDXIILHOZDUGLH7DWVDFKHGD‰GHU0DQQLPEODXHQ.LWWHORIIHQEDU QXUJHNRPPHQZDUXPVLFKYRQHLQHU6LWXDWLRQ]XEHU]HXJHQ©-HUU\&RW WRQ6 'LHVH6FKOX‰IROJHUXQJGHV)%,$JHQWHQDXVGHPZDVHUZDKUJH QRPPHQKDWQHQQWVRZRKOGHQ+DQGHOQGHQZLHDXFKGHQ9RUJDQJH[SOL]LW DEHUDXFKKLHUNDQQEHLGHVZHJIDOOHQ ª%RE ]ZHLIHOWH QLFKW GDUDQ GD‰ VLFK DXI VHLQHP )LOP QHEHQ GLHVHQ YLHU LKP SHUV|QOLFK EHNDQQWHQ*DQJVWHUQQRFKHLQH$Q]DKOZHLWHUHUVFKZHUHU-XQJHQVEHIDQG©  $OVR9ROOWUHIIHU  -HUU\&RWWRQ6 

'HUHUVWH6DW]QHQQWQRFK6XEMHNWXQG3UR]H‰VRGD‰VLHLP]ZHLWHQ6DW] GHUHUOHEWHQ5HGHZHJIDOOHQN|QQHQ'DVJLOWDXFKIUHPRWLRQDOH9RUJlQJH ª*OHLFKGDUDXIK|UWHLFKHVSLHSHQ5DWWHQ,FKVFKDXGHUWH©-HUU\&RWWRQ6   $X‰HUGHP GUIWH GLH 'DUVWHOOXQJ LP GUDPDWLVFKHQ 0RGXV VKRZLQJ  GLH MHZHLOLJH 6LWXDWLRQ EHVVHU NRPPXQL]LHUHQ XQG HKHU ]XP 0LWIKOHQ IKUHQ ZHVKDOE VLH LQ DPHULNDQLVFKHQ &UHDWLYH:ULWLQJ+DQGEFKHUQ DXFK KlXILJ HPSIRKOHQZLUG$OOHUGLQJVLVWGLHVHV0LWIKOHQNHLQHVZHJV]XYHUZHFKVHOQ PLW0LWJHIKOGDZRKODXFK6SHNWDNHOZLH|IIHQWOLFKH+LQULFKWXQJHQLKUHQ 5HL]KLHUDXVEH]LHKHQ $XVGUXFN'LH(PSDWKLHIRUVFKXQJKDWVLFKYRUDOOHPDXIGLHhEHUWUD JXQJ YRQ *HIKOHQ DXIJUXQG GHV ZDKUJHQRPPHQHQ *HVLFKWVDXVGUXFNV NRQ]HQWULHUW :HQQ ZLU GLHVHQ %HIXQG IU 7H[WHIUXFKWEDUPDFKHQZROOHQ GDQQ PVVHQ ZLU QDFK HLQHP bTXLYDOHQW VXFKHQ 'DV N|QQWH HLQHUVHLWV LQ GHU %HVFKUHLEXQJ YRQ PLPLVFKHP XQG JHVWLVFKHP $XVGUXFN OLHJHQ 'DQQ ³³³³³³³³³³

6\PSDWKLH GHV /HVHUV PLW GHU )LJXU ]XU )ROJH KDW YHUWUHWHQ DXFK 6WDQ]HO XQG /HHFK6KRUW 9DQ 3HHU0DDW   NRQQWHQ LQ HLQHU HPSLULVFKHQ 6WXGLH GLHVHQ (IIHNW QDFKZHLVHQKHEHQDEHUKHUYRUGD‰HUVHKUYLHOZHQLJHUDXIIlOOLJZDUDOVVLHDQJHQRPPHQ KDWWHQ6LHIKUHQGLHVHV(UJHEQLVGDUDXI]XUFNGD‰DQGHUH)DNWRUHQGLHVLHQLFKWQHQ QHQHEHQIDOOVHLQH5ROOHVSLHOHQ  'DV HQWVSULFKW GHU 9HUPXWXQJ YRQ 6FKXO]%XVFKKDXV   GD‰ HLQH DXVIKUOLFKHUH 'DUVWHOOXQJGHV,QQHQOHEHQVHLQHU)LJXUHLQZLFKWLJHV0LWWHO]XU6\PSDWKLHVWHXHUXQJVHL





$XIEDXGHU)LJXU

P‰WH PDQ YRQ HLQHU 9LVXDOLVLHUXQJ GLHVHU %HVFKUHLEXQJ GXUFK GHQ /HVHU DXVJHKHQGLHHLQHGHUGLUHNWHQ:DKUQHKPXQJYHUJOHLFKEDUHQ:LUNXQJHQW IDOWHQ ZUGH $XIJUXQG GHU ODQJHQ 9HUVWHKHQVZHJH  7H[WYHUVWHKHQ  9RUVWHOOXQJ GHV *HVLFKWV GHU6WLPPHXVZ,QIHUHQ]HQDXIGLH*HIKOH  XQG GHU 7DWVDFKH GD‰ GLH PHLVWHQ %HVFKUHLEXQJHQ QLFKW VRQGHUOLFK GHWDLO OLHUW VLQG LVW GDV ZRKO HKHU XQZDKUVFKHLQOLFK $QGHUHUVHLWV N|QQWH GDV JH VXFKWHbTXLYDOHQWDXFKLQGHU([SUHVVLYLWlWGHU6SUDFKHOLHJHQ'D]XJHK| UHQ DOOH )RUPHQ GHV VSUDFKOLFKHQ $XVGUXFNV GLH V\PSWRPKDIW HPRWLRQDOH =XVWlQGHNRPPXQL]LHUHQ'LUHNWDXIGLH)LJXUEH]RJHQVLQGGDVGLHGLUHNWH 5HGHGLHHUOHEWH5HGHXQG)RUPHQGHU%HZX‰WVHLQVZLHGHUJDEHZLHVWUHDPRI FRQVFLRXVQHVV XQG(U]lKOHUUHGHZHQQHVVLFKXPHLQHQ,FK(U]lKOHUKDQGHOW ,QGLUHNWHU$XVGUXFN²EH]RJHQDXIGLH)LJXU²OLHJWHWZDYRUZHQQGLH(U ]lKOHUUHGH]ZDUH[SUHVVLYEH]RJHQLVWDXIHLQH)LJXU]XJOHLFKDEHUGLH6WLP PHLQNHLQHU:HLVHLKUHQ8UVSUXQJLQGHU)LJXUKDW=XVFKUHLEXQJHQGHV $XVGUXFNV ]X HLQHU RGHU PHKUHUHQ )LJXUHQ VLQG LQ GLHVHQ )lOOHQ ]XPHLVW VFKZLHULJ  6RZHVHQWOLFK6LWXDWLRQXQG$XVGUXFNIUGLH)RUPLHUXQJGHV9HUKlOWQLVVHV /HVHU)LJXUVLQGVRPVVHQVLHQRFKXPHLQHQZHLWHUHQHUJlQ]WZHUGHQGLH :HUWXQJGHU)LJXUHQ:HUWXQJNDQQLQOLWHUDULVFKHQ7H[WHQJDQ]YHUVFKLH GHQH)RUPHQDQQHKPHQ  6LH NDQQ VLFK LQ GHU VSUDFKOLFKHQ 'DUVWHOOXQJ QLHGHUVFKODJHQ XQG LVW GDQQGHU(U]lKOVWLPPHRGHUHLQHU)LJXU]X]XRUGQHQ]%LQVHKUHLQ IDFKHU )RUP ª'LHVHU *UHJJ >@ ZDU HLQ VNUXSHOORVHU *HZDOWYHUEUH FKHU© -HUU\ &RWWRQ 6 I  RGHU ª$PSHGR GHU ZDV DLQ JXHWLJ PHQVFK©)RUWXQDWXV6   6LHNDQQDOV:HUWXQJVKDQGOXQJLQGHUHU]lKOWHQ:HOWUHIHULHUWZHUGHQ ]%ª+HUU%XGGHQEURRNDEHUZDUE|VHDXIGLHVH:HLVKHLWHUYHUODQJ WH GXUFKDXV ]X ZLVVHQ ZHU GHP .LQGH GLHVH 6WXSLGLWlW EHLJHEUDFKW KDEH©%XGGHQEURRN6   )LJXUHQKDQGOXQJHQ N|QQHQ EH]RJHQDXIGDV:HUWV\VWHPGHV]HLWJH Q|VVLVFKHQ/HVHUVEHUHLWV:HUWXQJHQLPSOL]LHUHQ ³³³³³³³³³³  =%GHU(U]lKOHULQ.OHLVWV'LH0DUTXLVHYRQ2 

6R UHLFKKDOWLJ GLH )RUVFKXQJ ]XU :HUWXQJ YRQ /LWHUDWXU LQ]ZLVFKHQ LVW VR ZHQLJ ILQGHW VLFK]XU:HUWXQJLQ/LWHUDWXU$EHUDXFKDXVHUVWHUHUNDQQPDQGLHZHVHQWOLFKHQ6WUDWHJL HQVSUDFKOLFKHU:HUWXQJHUPLWWHOQGLHMHGRFK]XHUJlQ]HQVLQGXPGLHZHLWHUHQ6WUDWHJLHQ YRQ:HUWXQJLQ/LWHUDWXU9JO]XU:HUWXQJYRQ/LWHUDWXU+H\GHEUDQG:LQNR XQG ]XU:HUWXQJLQ/LWHUDWXU:LQNR 



$XIEDXGHU)LJXU



 'HU +DQGOXQJVYHUODXI LQVEHVRQGHUH GDV (QGH NDQQ HLQH :HUWXQJ YRQ)LJXUHQYHUKDOWHQLPSOL]LHUHQ  )LJXUHQPRGHOOHXQGVWHUHRW\SH+DQGOXQJVUROOHQN|QQHQDXWRPDWLVFK EHVWLPPWH:HUWXQJHQLPSOL]LHUHQ]%HLQ%HUXIVYHUEUHFKHULP-HUU\ &RWWRQ5RPDQ $OOHGUHL$VSHNWH²6LWXDWLRQ$XVGUXFNXQG:HUWXQJ²N|QQHQ]XPLQGHVW SULQ]LSLHOO ]XU %HVFKUHLEXQJ MHGHU )LJXU KHUDQJH]RJHQ ZHUGHQ DEHU GDEHL ZHUGHQ GHU XQWHUVFKLHGOLFKH 8PIDQJ GHQ GLH )LJXUHQ LQ GHU 'DUVWHOOXQJ HLQQHKPHQ XQG GLH XQWHUVFKLHGOLFKH $XVSUlJXQJ GLHVHU $VSHNWH YRU DOOHP IUGLH+DXSWILJXUHQ]XEHUFNVLFKWLJHQVHLQ (LQ $VSHNW GHU%H]LHKXQJ]ZLVFKHQ)LJXUXQG/HVHUGHUELVODQJQLFKW JHQDQQW ZXUGH VROO ]XOHW]W QRFK HUZlKQW ZHUGHQ DXFK ZHQQ HV VLFKHUOLFK VHKUVFKZLHULJLVWGDUEHUJHKDOWYROOH$XVVDJHQ]XPDFKHQ*HPHLQWLVWGLH 1lKH HLQHU )LJXU ]XP /HVHU PDQ N|QQWH DXFK VDJHQ GLH )LJXUHQJU|‰H 6FKRQ $ULVWRWHOHV XQWHUWHLOW EHNDQQWOLFK GLH)LJXUHQLQGUHL.ODVVHQ VROFKH GLH EHVVHU VLQG DOV GHU /HVHU VROFKH GLH LKP JOHLFK VLQG XQG VROFKH GLH VFKOHFKWHUVLQGDOVHU9HUDOOJHPHLQHUWPDQGLHVH%HVFKUHLEXQJXQGZHLWHW VLHDXIDOOH'LPHQVLRQHQXQGQLFKWQXUGLHPRUDOLVFKHQDXVGDQQHUKlOWPDQ HLQH %HVFKUHLEXQJVGLPHQVLRQ GLH DXFK DX‰HUKDOE YRQ 6FKHPDOLWHUDWXU HU WUDJUHLFK]XYHUZHQGHQLVW 2EGLHYLHUJHQDQQWHQ$VSHNWHQXQWDWVlFKOLFKHPSLULVFK]XHLQHU,GHQWL ILNDWLRQ GHV /HVHUV PLW HLQHU )LJXU IKUHQ NDQQ HLQ 7H[WZLVVHQVFKDIWOHU QLFKWEHDQWZRUWHQ=LHOGHVKLHUQXUNQDSSVNL]]LHUWHQ0RGHOOV LVWHVOHGLJ OLFK HLQH %HVFKUHLEXQJ GHV LP 7H[W DQJHOHJWHQ 9HUKlOWQLVVHV YRP 0RGHOO /HVHU]XGHQ)LJXUHQ]XHUP|JOLFKHQ    

³³³³³³³³³³  ,QVEHVRQGHUH GLH /LWHUDWXU GLH VLFK DXI GLH $QDO\VH GHV ¿+HOGHQ¾ NRQ]HQWULHUW ZHLVW DXI 

GLHVHQ$VSHNWKLQ]%$GOHU  9JO$ULVWRWHOHV GDV=LWDWVLHKHREHQ6)X‰QRWH









)D]LW =LHO GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ LVW HV JHZHVHQHLQHU]lKOWKHRUHWLVFKHV .RQ]HSW IU GDV 3KlQRPHQ ¿)LJXU¾ ]X ILQGHQ 'HUZLFKWLJVWH$QVSUXFKDQ GLHVHV .RQ]HSW ODXWHW HLQH SUl]LVHUH %HVFKUHLEXQJ GHVVHQ ]X HUP|JOLFKHQ ZDV LQ HLQHU HU]lKOWHQ :HOW DQ ILJXUHQVSH]LILVFKHQ ,QIRUPDWLRQHQ JHJHEHQ LVW HLQVFKOLH‰OLFK GHV PRGDOHQ 6WDWXV GHQ GLHVH ,QIRUPDWLRQHQ KDEHQ GK REVLHIDNWLVFKVLQGRGHUHWZDQXUP|JOLFKRGHUQXUVXEMHNWLYDXVGHU3HU VSHNWLYHHLQHU)LJXUGHV7H[WHVJHJHEHQVLQG-HGH7KHRULHGHU)LJXULVWXQ VHOEVWlQGLJ GD VLH HLQJHEHWWHW LVW LQ DQGHUH 5DKPHQWKHRULHQ HWZD ]XU VSUDFKOLFKHQ .RPPXQLNDWLRQ ]XU /LWHUDUL]LWlW XQG )LNWLRQDOLWlW GDKHU EH VWDQG GHU HUVWH 6FKULWW GDULQ ZHVHQWOLFKH $VSHNWH HLQHV 0RGHOOV QDUUDWLYHU .RPPXQLNDWLRQLP5DKPHQHLQHUOLWHUDULVFKHQ3UDJPDWLN]XVNL]]LHUHQ'LH ZLFKWLJVWHQ0RGLILNDWLRQHQJHJHQEHUGHQKHUN|PPOLFKHQ0RGHOOHQQDUUD WLYHU.RPPXQLNDWLRQODXWHQ – 'LH,QVWDQ]GHVUHDOHQ$XWRUVGLHLQGHQPHLVWHQ0RGHOOHQDOVJlQ]OLFK JHWUHQQWYRQGHQWH[WXHOOHQ(EHQHQNRQ]HSWXDOLVLHUWZLUGLVWKLHUVWlUNHU LQWHJULHUW$OV¿LPSOL]LWHU$XWRU¾RGHU¿$XWRULQWHQWLRQ¾Ol‰WVLFKHLQH7H[W HEHQHPLWGHP:LVVHQEHUGLH3HUVRQGHV$XWRUVLQ%H]LHKXQJVHW]HQ 'LH3HUVRQ¿$XWRU¾ELOGHWJOHLFKVDPHLQHQ%UFNHQNRSILQGHU]HLWJHQ|V VLVFKHQ6HPDQWLNYRQKLHUDXVZHUGHQ6HOHNWLRQHQYRUJHQRPPHQILQGHQ 9HUVFKLHEXQJHQXQG9DULDWLRQHQVWDWW)UGLH7LHIHGHU,QIHUHQ]HQXQG GLH/LPLWLHUXQJZHLWHUHU$QVFKOX‰RSHUDWLRQHQLVWGDV.RQVWUXNWGHU$X WRULQWHQWLRQRGHUNRPPXQLNDWLYHQ,QWHQWLRQGHV7H[WHVQRWZHQGLJ – 'HU 0RGHOO/HVHU DOVR GHU YRP $XWRU LQWHQGLHUWH /HVHUVRZHLW HUVLFK DXIJUXQG GHV 7H[WHV UHNRQVWUXLHUHQ Ol‰W ZLUG H[SOL]LW PLW SV\FKLVFKHQ 0HUNPDOHQ YHUVHKHQ LQVEHVRQGHUH PLW HLQHP *HGlFKWQLV PLW NXOWXUHO OHP:LVVHQXQGPLWGHU)lKLJNHLW,QIHUHQ]HQELOGHQ]XN|QQHQ,P%H GDUIVIDOOOl‰WVLFKLP0RGHOO/HVHUGHUDXNWRULDOHXQGGHUQDUUDWLYH/HVHU XQWHUVFKHLGHQ'HUQDUUDWLYH/HVHULVWGHU=XK|UHUGHV(U]lKOHUVXQGDN ]HSWLHUWGLHYRP(U]lKOHUHQWZRUIHQH:HOWDOVZDKUVRZHLWGLHVHUQLFKW XQ]XYHUOlVVLJ LVW 'HU DXNWRULDOH /HVHU JOHLFKVDP GDV *HJHQVWFN GHV LPSOL]LWHQ$XWRUVZHL‰XPGLH)LNWLRQDOLWlWGHU.RPPXQLNDWLRQ ² 'LH QDUUDWLYH .RPPXQLNDWLRQ LVW ZLH DOOH VSUDFKOLFKH .RPPXQLNDWLRQ QLFKWFRGHEDVLHUWVRQGHUQLQIHUHQ]EDVLHUWGKGLH%HGHXWXQJGHV*HVDJ



)D]LW

WHQE]Z*HVFKULHEHQHQZLUGGXUFK,QIHUHQ]HQDXIGHU%DVLVGHVNXOWXUHO OHQ:LVVHQVGHVPHQWDOHQ0RGHOOVGHU7H[WZHOWGHVVSUDFKOLFKHQ&RGH :LVVHQV GHU .RPPXQLNDWLRQVVLWXDWLRQ XQG GHU LQ LKU JOWLJHQ 5HJHOQ VRZLHGHV.RRSHUDWLRQVSULQ]LSVE]ZGHU.RQYHUVDWLRQVPD[LPHQHUPLW WHOW,P(U]lKOWH[WLVWHLQHHUVWH(EHQHGHU%HGHXWXQJGLHHU]HXJWHQDUUD WLYH:HOW'DUDQODVVHQVLFKZHLWHUHEHGHXWXQJVJHQHULHUHQGH2SHUDWLRQHQ DQVFKOLH‰HQZDVLP)DOOGHUVRJHQDQQWHQ.XQVW/LWHUDWXUDXFKJHVFKLHKW LQ/LWHUDWXURKQH.XQVWDQVSUXFKDEHUXQWHUEOHLEHQNDQQ'LHVHXQGDQ GHUH 'LIIHUHQ]HQ ODVVHQ VLFK DXIJUXQG GHU NRPPXQLNDWLYHQ ,QWHQWLRQ EHVWLPPHQ(QWVSUHFKHQGZLFKWLJVLQGIUHLQHDGlTXDWHKLVWRULVFKH5H NRQVWUXNWLRQOLWHUDULVFKHU.RPPXQLNDWLRQGDKHUDXFKGLH5HNRQVWUXNWLRQ W\SLVLHUWHU/HNWUHVLWXDWLRQHQXQGGHUGDPLWYHUEXQGHQHQ/HNWUHSUDNWL NHQ VRZLH GHU /HNWUHNRQYHQWLRQHQ GHQHQ HLQ 7H[W IROJW =XU 5HNRQ VWUXNWLRQLQGLUHNWHU,QIRUPDWLRQV]XVFKUHLEXQJHQLVWGDV6FKOX‰YHUIDKUHQ GHUDEGXNWLYHQ,QIHUHQ]ZLFKWLJ ² 'DV9HUKlOWQLVGHUQDUUDWLYHQ:HOWGLHYRP7H[WHU]HXJWZLUG]XUDNWXD OHQ:HOWZLUGGXUFK*DWWXQJVYRUJDEHQXQGGDV3ULQ]LSGHUPLQLPDOGHSDU WXUH EHVWLPPW GK VRODQJH GLH *DWWXQJVNRQYHQWLRQ QLFKWV DQGHUHV YRU VFKUHLEW XQG VRODQJH GHU 7H[W QLFKW H[SOL]LW HLQH $EZHLFKXQJ PDUNLHUW ZLUGGHU/HVHUDXIJHIRUGHUWVHLQ:HOWZLVVHQ]XP9HUVWlQGQLVGHV7H[WHV KHUDQ]X]LHKHQ (QWVSUHFKHQG ZLFKWLJ VLQG GLH YRP 7H[W HQWZRUIHQHQ 5HJHOQ VHLQHU QDUUDWLYHQ :HOW LQVEHVRQGHUH DXFK XP GLH :LVVHQVEDVLV XQGGLH7LHIHYRQ,QIHUHQ]HQ]XEHVWLPPHQ ,P QlFKVWHQ 6FKULWW ZXUGHQ GLH ZHVHQWOLFKHQ 3UREOHP]XVDPPHQKlQJH HU PLWWHOWLQGHQHQGHU%HJULII¿)LJXU¾YHUZHQGHWZLUG(LQH|NRQRPLVFKHXQG JOHLFK]HLWLJ DXVVDJHNUlIWLJH 0|JOLFKNHLW GD]X EHVWHKW LQ GHU $QDO\VH YHU VFKLHGHQHU )LJXUHQW\SRORJLHQ 6HFKV 3UREOHPH ZHUGHQ LQ GHU HLQHQ RGHU DQGHUHQ )RUP ZLHGHUKROW WKHPDWLVLHUW XQG N|QQHQ DOV %UHQQSXQNWH GHV 3KlQRPHQV¿)LJXU¾JHOWHQ-HGHUWKHRUHWLVFKH9RUVFKODJ]XU)LJXUVROOWH/| VXQJHQGDIU]XPLQGHVWLP$QVDW]SODXVLEHOPDFKHQN|QQHQ ² 'DV9HUKlOWQLVYRQ)LJXUHQ]XU3HUVRQHQZDKUQHKPXQJVRZLH]XU7UDGL WLRQ ILNWLRQDOHU )LJXUHQ )LJXUHQ VLQG NHLQH DXWRQRPHQ .RQ]HSWH VRQ GHUQKlQJHQLQYLHOIlOWLJHU:HLVHYRQHLQHP:HOWXQG7H[WZLVVHQDEGDV DXFKLQGHU3HUVRQHQZDKUQHKPXQJDNWLYLHUWLVW ² 'LH'DUVWHOOXQJGHU)LJXU:LHZLUGGLH(LQKHLWGHU)LJXUDXIGHU'DUVWHO OXQJVVHLWHJHVWHXHUWRGHULQ)UDJHJHVWHOOWXQGPLWZHOFKHQ'DUVWHOOXQJV WHFKQLNHQZHUGHQHLQHU)LJXU,QIRUPDWLRQHQ]XJHVFKULHEHQ",P=HQWUXP VWHKWGDV3UREOHPGHUGLUHNWHQXQGLQGLUHNWHQ&KDUDNWHULVLHUXQJ



)D]LW



)LJXUXQG+DQGOXQJ:HOFKH5ROOHVSLHOWGLH)LJXULQGHU0RWLYLHUXQJGHU +DQGOXQJXQGJHKWGLH)LJXUYROOVWlQGLJLQGHU0RWLYLHUXQJGHU+DQG OXQJDXI" ² 'LH 0XVWHU LQ GHU )LJXUHQNRQVWHOODWLRQ (V JLEW PHKUHUH W\SLVLHUWH GLH (LQ]HOILJXUEHUJUHLIHQGH=XVDPPHQKlQJHGLH%HVFKUHLEXQJHQQDFKXQ WHUVFKLHGOLFKHQDQDO\WLVFKHQ*HVLFKWVSXQNWHQHUP|JOLFKHQ]%3URWDJR QLVWXQG$QWDJRQLVWRGHU3DUDOOHOXQG.RQWUDVWILJXUHQ ² ,GHQWLILNDWLRQRGHUGDVLP7H[WDQJHOHJWH9HUKlOWQLVGHV/HVHUV]XU)LJXU )UGDVVXEMHNWLYH/HVHHUOHEQLV XQGIUGLH:DKUQHKPXQJGHV*HVFKH KHQVLVWGLH,GHQWLILNDWLRQGHV/HVHUVPLWHLQHU)LJXUEHVRQGHUVZLFKWLJ :LHOl‰WVLFKGLHVHVNRPSOH[H*HVDPWSKlQRPHQLQHLQIDFKHU]XDQDO\VLH UHQGH7HLODVSHNWH]HUOHJHQ" ² 'LH %HGHXWXQJ GHU )LJXU )LJXUHQ EHGHXWHQ LQ VHOWHQHQ )lOOHQ LQ LKUHU *HVDPWKHLWDX‰HU]%LQGHU)RUPGHU3HUVRQLILNDWLRQ]XPHLVWDEHUWUD JHQ LKU 9HUKDOWHQ RGHU LKUH (LJHQVFKDIWHQ LQ MHZHLOV ]X VSH]LIL]LHUHQGHU :HLVH]XHLQHU%HGHXWXQJGHV7H[WHVEHL $XI]ZHLYHUVFKLHGHQHQ:HJHQELQLFK]XHLQHP.RQ]HSWGHU)LJXUJHODQJW GDVGLHVHQ$QIRUGHUXQJHQHQWVSULFKW=XPHLQHQEHUGLH8QWHUVXFKXQJGHV 3KlQRPHQV¿)LJXU¾XQWHUGHP*HVLFKWVSXQNWGHU,QIRUPDWLRQVYHUJDEH'D EHLJHKWHVDEHUQRFKQLFKWXPGLH)UDJHDXIZHOFKH:HLVHGHU)LJXU]XVlW] OLFKH ,QIRUPDWLRQHQ ]XJHVFKULHEHQ ZHUGHQ VRQGHUQ XP GLH $QDO\VH GHU EDVDOHQ 2SHUDWLRQHQ GHV 0RGHOO/HVHUV EHLP 8PJDQJ PLW )LJXUHQ $XV JDQJVSXQNWLVWGLH)HVWVWHOOXQJGD‰/HVHU]XPHLVWRKQH3UREOHPHHUNHQQHQ GD‰HLQH)LJXUHLQH)LJXULVWXQGNHLQ2EMHNW'DUDQOl‰WVLFK]HLJHQGD‰GLH .DWHJRULH¿)LJXU¾SURWRW\SLVFKRUJDQLVLHUWLVWGKZLHSURWRW\SLVFKHLQH)LJXU LVWOl‰WVLFKGXUFKGHQ%H]XJDXIGLH0HUNPDOVNRPELQDWLRQLQHLQHPEHVWHQ ([HPSODUEHVWLPPHQ'LHVHVEHVWH([HPSODUIUGLH.DWHJRULHGHU)LJXULVW ZRKO HLQH LP bX‰HUHQ PHQVFKHQI|UPLJH XQG LP ,QQHUHQ GHQ MHZHLOLJHQ NXOWXUHOOHQ.RQ]HSWHQYRQW\SLVFKPHQVFKOLFKHQPHQWDOHQ=XVWlQGHQNRQ IRUPH*HVWDOW (LQHJHQDXHUH8QWHUVXFKXQJGHUYHUVFKLHGHQHQ)RUPHQGHV%HQHQQHQV YRQ)LJXUHQHLQVFKOLH‰OLFKGHU0|JOLFKNHLWLQGLUHNWDXIHLQH)LJXU]XUHIH ULHUHQYHUGHXWOLFKWZHOFKH)XQNWLRQHQGXUFKGLH%HQHQQXQJHUIOOWZHUGHQ 'LH )LJXU ZLUG GXUFK GLH %HQHQQXQJ YRQ DOOHP DQGHUHQ LQ GHU QDUUDWLYHQ :HOWXQWHUVFKLHGHQ]XPLQGHVWVRZHLWXQWHUVFKLHGHQZLHHVGLHNRPPXQLND WLYH ,QWHQWLRQ HUIRUGHUW 'XUFK GLH %HQHQQXQJ ZLUGHLQ5HIHUHQ]SXQNWIU 0HUNPDOV]XRUGQXQJHQJHELOGHWVR]XVDJHQHLQ+DNHQDQGHPGLH)LJXUHQ LQIRUPDWLRQHQ EHIHVWLJW ZHUGHQ N|QQHQ (LQH LQIRUPDWLRQHOOH%LQQHQVWUXN WXU GHU)LJXUGHU %DVLVW\SXVZLUGGXUFKGLH%HQHQQXQJHWDEOLHUWXQGQLFKW ²





)D]LW

]XOHW]WZLUGGLH)LJXUGXUFKGLHHUVWH%HQHQQXQJDXFKHU]HXJW(LQH%HQHQ QXQJ ELOGHWGHQVSUDFKOLFKHQXQGNRQ]HSWXHOOHQ5HIHUHQ]SXQNWIUZHLWHUH %HQHQQXQJHQ XQG JLEW GHU )LJXU LQ GLHVHP EHZX‰W VHKU EHGHXWXQJVDUPHQ 6LQQHLQH,GHQWLWlW(LQHDXVIKUOLFKHUH$QDO\VHGHU,GHQWLWlWLQGLHVHP6LQQH ZXUGHYRUEHUHLWHWGXUFKHLQEHJULIIOLFKHV,QVWUXPHQWDULXP]XU%HVFKUHLEXQJ GHU)LJXUHQEHQHQQXQJLQ$EKlQJLJNHLWYRQGHU6LWXDWLRQ(LQVLWXDWLYHU5DK PHQZLUGDOV6LQQ]XVDPPHQKDQJGHILQLHUWGHUHLQHQ2UWLQHLQHPEHVWLPP WHQ =HLWUDXP XQG GLH (ULQQHUXQJ DQ GDV ZDV GRUW ELVODQJ JHVFKHKHQ LVW ]XVDPPHQKlOW :HQQ GLH 'DUVWHOOXQJ ]X HLQHP VROFKHQ VLWXDWLYHQ 5DKPHQ ZHFKVHOW ² GDEHL KDQGHOW HV VLFK GDQQ XP VLWXDWLYHQ 7H[W ² GDQQ LVW GLHVHU DNWLY)LJXUHQDXIGLHLQGHU'DUVWHOOXQJUHIHULHUWZLUGVLQGLQGLHVHP6DW] RGHULQGLHVHU3DVVDJHRIIHQDQVRQVWHQVLQGGLH)LJXUHQLPDNWLYHQ5DKPHQ LPPHUQRFKDQZHVHQGDEHUYHUGHFNW 'LH $QDO\VH YRQ 3DVVDJHQ DXV OLWHUDULVFKHQ 7H[WHQ ]HLJWH GD‰ PHKUHUH %HQHQQXQJHQRKQH3UREOHPHDXIHLQH)LJXUEH]RJHQZHUGHQNRQQWHQRE ZRKO GLH VSUDFKOLFKH ,QIRUPDWLRQ DOOHLQ GD]X QLFKW DXVUHLFKW ]% ZHLO DXI YHUVFKLHGHQH )LJXUHQ PLW GHUVHOEHQ %HQHQQXQJ RGHU DXI GLH JOHLFKH )LJXU PLW XQWHUVFKLHGOLFKHQ %HQHQQXQJHQ UHIHULHUW ZHUGHQ NDQQ =XU DGlTXDWHQ =XRUGQXQJ GHU %HQHQQXQJ PX‰WH VRZRKO GDV :LVVHQ EHU GHQ MHZHLOLJHQ VLWXDWLYHQ5DKPHQDOVDXFK:HOWZLVVHQDNWLYLHUWZHUGHQ'LH)LJXUOl‰WVLFK GDKHU QLFKW DOV VSUDFKOLFKH (LQKHLW HWZD XP HLQHQ (LJHQQDPHQ JUXSSLHUW VRQGHUQQXUDOVNRQ]HSWXHOOH(LQKHLWDXIIDVVHQ :LHVFKRQHUZlKQWZXUGHGDV=LHOHLQEUDXFKEDUHV$UEHLWVNRQ]HSWGHU )LJXU]XHQWZHUIHQDXI]ZHLYHUVFKLHGHQHQ:HJHQ]XHUUHLFKHQYHUVXFKW,Q HLQHP]ZHLWHQ$QODXIVROOWHGLH8QWHUVXFKXQJGLHZLFKWLJVWHQWKHRUHWLVFKHQ 3RVLWLRQHQ ]XU )LJXU LQ (U]lKOWH[WHQ UHNRQVWUXLHUHQ XP QDFK LKUHU NULWL VFKHQ$QDO\VH]XHLQHPHLJHQHQ0RGHOO]XJHODQJHQ'LHDQDO\VLHUWHQ'HIL QLWLRQHQ YRQ /RWPDQ %DUWKHV &KDWPDQ :HLQVKHLPHU 0DUJROLQ XQG 6FKQHLGHUVROOWHQGDEHLVWHOOYHUWUHWHQGIUGLHMHZHLOLJHWKHRUHWLVFKH3RVLWLRQ VWHKHQ 'DV (UJHEQLV VWLPPW ZHLWJHKHQG PLW GHP GHV HUVWHQ $QVDW]HV ]X VDPPHQLVWDEHUQRFKXPHLQLJH'HWDLOVHUJlQ]W'LH)LJXULVWHLQPHQWDOHV 0RGHOOHLQHV0RGHOO/HVHUVGDVLQNUHPHQWDOLP)RUWJDQJGHV7H[WHVJHELOGHW ZLUG 'LHVHV 0RGHOO IROJW LQ VHLQHU %LQQHQVWUXNWXU HLQHP %DVLVW\SXV GHU IROJHQGH(LJHQVFKDIWHQKDW ² (VZLUG]ZLVFKHQHLQHP,QQHUHQXQGHLQHPbX‰HUHQXQWHUVFKLHGHQ'DV bX‰HUH LVW IU DQGHUH )LJXUHQ XQG :DKUQHKPXQJVLQVWDQ]HQ VLQQOLFK ZDKUQHKPEDUGDV,QQHUHQXUIU:DKUQHKPXQJVLQVWDQ]HQ



)D]LW



'HP,QQHUHQODVVHQVLFKNXU]IULVWLJHPHQWDOH=XVWlQGH]XVFKUHLEHQ]% $QQDKPHQ:QVFKHXQG*HIKOH$X‰HUGHPODVVHQVLFKLKPODQJIULVWL JH(LJHQVFKDIWHQ]XVFKUHLEHQ ² $XFKGHPbX‰HUHQN|QQHQNXU]IULVWLJH=XVWlQGHXQGODQJIULVWLJH(LJHQ VFKDIWHQ]XJHVFKULHEHQZHUGHQ -HGHU$VSHNWGLHVHV%DVLVW\SXVNDQQIUHLQHEHVWLPPWH)LJXULQHLQHP7H[W EHUVFKULHEHQ GKGXUFKHLQHDQGHUH,QIRUPDWLRQVVWUXNWXUHUVHW]WZHUGHQ DEHUGLHVHVhEHUVFKUHLEHQPX‰H[SOL]LWJHVFKHKHQRGHUDXIHLQ)LJXUHQPR GHOO]XUFNJUHLIHQLQGHPGLHVHVhEHUVFKUHLEHQEHUHLWVHQWKDOWHQLVWVRKDW ]%HLQ*HLVWLQPDQFKHQ7H[WHQNHLQHQ.|USHUGKHUKDWNHLQbX‰HUHV VRQGHUQQXUHLQ,QQHUHV 'DVPHQWDOH0RGHOOGHU)LJXUDXIGHU*UXQGODJHGHV%DVLVW\SXVHUP|J OLFKWHV)LJXUHQYRQ2EMHNWHQ]XXQWHUVFKHLGHQXQGVLHDQGHUVDOVGLHVHLQ GHU0RWLYLHUXQJYRQ+DQGOXQJHQHLQ]XVHW]HQ'LH%DVLVGDIULVWGDVQDFK GHPMHW]LJHQ.HQQWQLVVWDQGXQLYHUVHOOH(UNOlUXQJVPRGHOOGHU$OOWDJVSV\FKR ORJLH IRON SV\FKRORJ\  (V HUNOlUW QLFKWLQWHQWLRQDOH (UHLJQLVIROJHQ PLW GHU $QJDEHYRQ8UVDFKHQZlKUHQGLQWHQWLRQDOHV+DQGHOQPLWGHU$QJDEHYRQ *UQGHQ ² LQ GHU )RUP YRQ PHQWDOHQ =XVWlQGHQ DOVR hEHU]HXJXQJHQ :QVFKHQ(PRWLRQHQXVZ²HUNOlUWZLUG'LH*UQGHNRPPHQLP/DXIH HLQHU.DXVDOJHVFKLFKWH]XVWDQGHXQGIKUHQ]XHLQHU,QWHQWLRQGLHDXIJUXQG YRQHUP|JOLFKHQGHQ)DNWRUHQLQHLQHU+DQGOXQJUHDOLVLHUWZLUG²RGHUHEHQ DXFKQLFKW $XVJHKHQGYRQGHPKLHUHQWZLFNHOWHQ.RQ]HSWGHU)LJXUNDQQPDQ)L JXUHQLQIRUPDWLRQHQ&KDUDNWHULVLHUXQJ0RWLYLHUXQJXQG6WHXHUXQJGHU(LQ VWHOOXQJGHV/HVHUV]XU)LJXU EHVFKUHLEHQ)LJXUHQLQIRUPDWLRQHQZHUGHQLQ GHU 'DUVWHOOXQJ HLQHU )LJXU ]XJHVFKULHEHQ $XV GHQ )LJXUHQLQIRUPDWLRQHQ GHV GLVFRXUV ZHUGHQ LQ GHU HU]lKOWHQ :HOW ILJXUHQEH]RJHQH 7DWVDFKHQ 9LHU $VSHNWHGHU)LJXUQLQIRUPDWLRQVLQG]XXQWHUVFKHLGHQ=XYHUOlVVLJNHLW0R GXV GHU %LQGXQJ 5HOHYDQ] XQG 2IIHQVLFKWOLFKNHLW )U HLQH HU]lKOWKHRUHWL VFKH$QDO\VHLVWQLFKWQXUGLH7HLOPHQJHGHUODQJIULVWLJHQZDKUHQILJXUHQEH ]RJHQHQ7DWVDFKHQUHOHYDQWDOVRGLH)LJXUHQHLJHQVFKDIWHQGLHDQV,QQHUHRGHU bX‰HUH GHU )LJXU JHEXQGHQ VLQG 9LHOPHKU VLQG DXFK GLH WUDQVLWRULVFKHQ 7DWVDFKHQKLHUUHOHYDQWGLHHQWZHGHUYRUEHUJHKHQGDQV,QQHUHE]ZbX‰H UHRGHUDXFKDVVR]LDWLYDOOHLQGXUFKGLH=XVFKUHLEXQJGHU'DUVWHOOXQJDQGLH )LJXUJHEXQGHQVLQG 1HEHQGHQILJXUHQEH]RJHQH7DWVDFKHQGLHGXUFK)LJXUHQLQIRUPDWLRQHQ YHUPLWWHOWZHUGHQJLEWHVYLHOHDQGHUHGLHLPGLVFRXUVNHLQHGLUHNWHVSUDFKOL FKH%H]LHKXQJ]XU)LJXUKDEHQ]%5DXPEHVFKUHLEXQJHQGLHDXIGHQ%H ZRKQHUGHV5DXPVYHUZHLVHQ'DGLH0HQJHDOOHUILJXUHQEH]RJHQHQ7DWVD ²





)D]LW

FKHQ ]X XPIDQJUHLFK LVW XP VLQQYROO JHKDQGKDEW ]X ZHUGHQ ZHUGHQ DOV %HVWDQGWHLO GHU &KDUDNWHULVLHUXQJ GLHMHQLJHQ )LJXUHQLQIRUPDWLRQHQ DXVJH ZlKOWGLHDXIGHU(EHQHGHU'DUVWHOOXQJZLHGHUKROWZHUGHQXQGGLHMHQLJHQ 7DWVDFKHQ GLH LQ GHU HU]lKOWHQ :HOW YRQ 'DXHU VLQG *HQDXHU XQWHUVXFKW ZXUGHGLHLQGLUHNWH&KDUDNWHULVLHUXQJ(LQHU)LJXUZLUGHLQH,QIRUPDWLRQ$ ]XJHVFKULHEHQ DEHU DP (QGH HLQHV 3UR]HVVHV GHU DEGXNWLYHQ ,QIHUHQ] LVW HLQH7DWVDFKH%DQVPHQWDOH0RGHOOGHU)LJXUJHEXQGHQ2EVROFKH,QIHUHQ ]HQEHUKDXSWJHELOGHWZHUGHQXQGZLHZHLWGDV3UR]HVVLHUHQGHU,QIHUHQ]HQ UHLFKW ZLUG GXUFK GLH 5HJHOQ GHU QDUUDWLYHQ :HOW HLQVFKOLH‰OLFK GHU *DW WXQJVUHJHOQXQGGLHNRPPXQLNDWLYH,QWHQWLRQEHVWLPPW(LQHHQWVFKHLGHQGH 5ROOHEHLGHU%LOGXQJYRQ,QIHUHQ]HQVSLHOHQGLHILJXUDOHQ6FKHPDWDDOVRILJX UHQ RGHU SHUVRQHQEH]RJHQH 5HJHOPl‰LJNHLWVDQQDKPHQ GLH KLVWRULVFK XQG NXOWXUHOO YDULLHUHQ 6LH VLQG LQ GLHVHP .RQWH[W ZRKO YLHO ZLFKWLJHU DOV GLH HEHQIDOOV YDULDQWHQ )LJXUHQPRGHOOH DOVR DXVJHELOGHWH PHQWDOH 0RGHOOH YRQ 3HUVRQHQRGHU)LJXUHQGLH]%LQGHU(LQGUXFNVELOGXQJGHU:HUWXQJXQG DXFKZHQQJOHLFKLQHLQHPGHXWOLFKJHULQJHUHQ0D‰HLQGHU,QIHUHQ]ELOGXQJ ZLUNVDPZHUGHQ 'DV9HUKlOWQLVYRQ)LJXUXQG+DQGOXQJOl‰WVLFKLQHLQH5HLKHYRQ7HLO IUDJHQ]HUOHJHQ'LH)XQNWLRQGHU+DQGOXQJIUGLH)LJXULVWLP.RQWH[WGHU LQGLUHNWHQ&KDUDNWHULVLHUXQJEHKDQGHOWZRUGHQ'LH)XQNWLRQGHU)LJXUIU GLH+DQGOXQJOl‰WVLFKDPEHVWHQDXIJUXQGHLQHVGUHLWHLOLJHQ.RQ]HSWVYRQ 0RWLYLHUXQJXQWHUVXFKHQ.DXVDOH0RWLYLHUXQJDOVRGLHNDXVDOZLUNHQGH)XQN WLRQHLQHU)LJXUHQLQIRUPDWLRQLVWGLHKlXILJVWH)RUPGHU0RWLYLHUXQJDOOHU GLQJVQLFKWQXUGXUFK)LJXUHQHLJHQVFKDIWHQVRQGHUQDXFKGXUFKWUDQVLWRUL VFKH XQG VHOEVW DVVR]LDWLY JHEXQGHQH ,QIRUPDWLRQHQ 5HODWLY VHOWHQ LQ GHU QHX]HLWOLFKHQ/LWHUDWXULVWGLHILQDOH0RWLYLHUXQJ]XILQGHQGLHGDV*HVFKHKHQ LQ GHU QDUUDWLYHQ :HOW XQWHU HLQHP WHOHRORJLVFKHQ $VSHNW VLQQKDIWVWUXNWX ULHUW$OVNRPSRVLWRULVFKH0RWLYLHUXQJVLQGGLH6LQQVWUXNWXUHQLP7H[WEHVFKULH EHQ GLH DXI HLQH :DKUQHKPXQJ GXUFK GHQ DXNWRULDOHQ /HVHU DE]LHOHQ (V ODVVHQ VLFK WKHPDWLVFKH XQG lVWKHWLVFKH NRPSRVLWRULVFKH 0RWLYLHUXQJ YRQ HLQHU0RWLYLHUXQJGLHDXIGHQ5HDOLWlWVHIIHNWDE]LHOWXQWHUVFKHLGHQ)LJXUHQ LQIRUPDWLRQHQN|QQHQLQDOOHQ)RUPHQGHU0RWLYLHUXQJYHUZHQGHWZHUGHQ ,Q GHQ PHLVWHQ 7H[WHQ ODVVHQ VLFK )LJXUHQLQIRUPDWLRQHQ ILQGHQ GLH QLFKW ]XU0RWLYLHUXQJGHU+DQGOXQJHLQJHVHW]WZHUGHQ =XPSV\FKRORJLVFKHQ3KlQRPHQGHU,GHQWLILNDWLRQNDQQGLH(U]lKOWKHR ULH QLFKWV EHLWUDJHQ DEHU VLH NDQQ +\SRWKHVHQ ELOGHQ ZHOFKH $VSHNWH GHU )LJXUGLH(LQVWHOOXQJGHV/HVHUV]XU)LJXUEHVWLPPHQ$XVJHKHQGYRQSV\ FKRORJLVFKHQ 0RGHOOHQ GHU (PSDWKLH N|QQHQ YLHU $VSHNWH XQWHUVFKLHGHQ ZHUGHQ6LWXDWLRQ$XVGUXFN:HUWXQJXQG)LJXUHQJU|‰H'LHVLQQOLFKZDKU



)D]LW



QHKPEDUH 6LWXDWLRQ ZLUG GXUFK 0LWWHO GHU LQWHUQHQ )RNDOLVLHUXQJ DXI HLQH )LJXU EH]RJHQ HLQ 9RUJDQJ GHU GXUFK GLH :DKO GHV GUDPDWLVFKHQ 0RGXV ZRKOLQWHQVLYLHUWZLUG0HQWDOH3UR]HVVH*HGDQNHQ*HIKOHNRPPXQL]LH UHQ HEHQIDOOV GLH 6LWXDWLRQ 'HU $XVGUXFN GHU )LJXU ZLUG GXUFK H[SUHVVLYH VWLOLVWLVFKH 9HUIDKUHQ LQ GHU 6WLPPH VHLHQ HV QXQ GLH )LJXUHQVWLPPH RGHU GLH(U]lKOHUVWLPPHHWZDLQGHUHUOHEWHQ5HGHNRPPXQL]LHUW(LQXPIDQJ UHLFKHV )HOG GDV QRFK ]X ZHQLJ HUIRUVFKW LVW VWHOOW GLH :HUWXQJLQOLWHUDUL VFKHQ 7H[WHQ GDU 6LH NRPPXQL]LHUW :HUWV\VWHPH XQG HLQH ZHUWEH]RJHQH 6LFKW GHU ILNWLRQDOHQ :HOW XQG VWHXHUW ZRKO LQ HUKHEOLFKHP 0D‰H GDV 9HU KlOWQLVGHV/HVHUV]X)LJXUHQ8QWHUGHP6WLFKZRUW¿)LJXUHQJU|‰H¾ZXUGHGLH EHUHLWVYRQ$ULVWRWHOHVEHVFKULHEHQH5HODWLRQGHU)LJXU]XP/HVHUEHKDQGHOW ,VWGLH)LJXU¿EHVVHU¾LQZHOFKHU+LQVLFKWDXFKLPPHU DOVGHU/HVHUJOHLFKW LKPRGHULVWVLHVFKOHFKWHU"  'LH DOOJHPHLQH OLWHUDWXUZLVVHQVFKDIWOLFKH 'LVNXVVLRQ EHU GDV 3KlQRPHQ ¿)LJXU¾LVWKlXILJYRQHLQHP3DUDGR[JHSUlJW'LH)LJXUVROOHLQHUVHLWVHWZDV LQMHGHU+LQVLFKWNDWHJRULDODQGHUHVVHLQDOVGLH3HUVRQDEHU JOHLFK]HLWLJLVW GLH $EKlQJLJNHLW YRQ KLVWRULVFK YDULDQWHQ $XIIDVVXQJHQ YRP 0HQVFKHQ EHNDQQW'DVKLHUHQWZLFNHOWHHU]lKOWKHRUHWLVFKH0RGHOOVROOWHGD]XEHLWUD JHQ GLH (LQVLFKW GLH LQ GLHVHQ EHLGHQ $XIIDVVXQJHQ VLFKWEDU ZLUG ]X EH ZDKUHQ DEHUGDV3DUDGR[DXI]XO|VHQ3XULVWLVFKH$XIIDVVXQJHQ GLHGLH)L JXUDOVUHLQWH[WXHOOHV3KlQRPHQVHKHQZROOHQVLQGHEHQVRXQWDXJOLFKGLH VHQ =XVDPPHQKDQJ EHU]HXJHQG ]X PRGHOOLHUHQ ZLH HV HLQH 3RVLWLRQ ]X JUR‰HU OHEHQVZHOWOLFKHU 1lKH ]XU )LJXU YHUPDJ (UVW GDV .RQ]HSW HLQHV WH[WEDVLHUWHQPHQWDOHQ0RGHOOVGHV0RGHOO/HVHUVNDQQVRZRKOGHQ%HLWUDJ OHEHQVZHOWOLFKHQ:LVVHQV]XU.RQVWLWXWLRQGHV0RGHOOVDOVDXFKGLHSULQ]LSL HOOH'LIIHUHQ]GHU)LJXU]XU3HUVRQDQJHPHVVHQHUIDVVHQGLHYRUDOOHPLQGHU EHJUHQ]WHQ ,QIRUPDWLRQVPHQJH GHU )LJXU XQG LKUHU $EKlQJLJNHLW YRQ GHQ REHQHUZlKQWHQ0RPHQWHQGHUQDUUDWLYHQ.RPPXQLNDWLRQEHVWHKW

³³³³³³³³³³  ([HPSODULVFKIUGLHVH$XIIDVVXQJLVW)LQJHUKXWV3OlGR\HUIUHLQHQ/LWHUDWXUXQWHUULFKW

GHUJHJHQGHQQDLYHQ.XU]VFKOX‰YRQOHEHQVZHOWOLFKHU(UIDKUXQJGHU)LJXUGLH7KHRULH JHOHLWHWKHLWGLHKLVWRULVFKH9DULDELOLWlWGHU)LJXUHQNRQ]HSWLRQLQOLWHUDULVFKHQ7H[WHQ]XP 7KHPD PDFKW )LJXUHQ VHLHQ &KLIIUHQ XQG 6\PEROH GK $EVWUDNWLRQHQ YRQ ,GHHQ XQG *HGDQNHQ YJO )LQJHUKXW   $X‰HU LP HLQIDFKVWHQ )DOO GHU 3HUVRQLILNDWLRQ LVW DEHU GLH )LJXU QLFKW LGHQWLVFK PLW LKUHU %HGHXWXQJ VRQGHUQ HLQ =HLFKHQNRPSOH[ GHVVHQ (L JHQVFKDIWHQZLFKWLJ]XU(UPLWWOXQJGHU%HGHXWXQJVLQG8PGLH]XJHVFKULHEHQHQ(LJHQ VFKDIWHQSUl]LVH]XHUIDVVHQZLUGPDQMHGRFKDXFKDXIGDV²KLVWRULVFKXQGNXOWXUHOOYDUL DQWH²OHEHQVZHOWOLFKH:LVVHQ]XUFNJUHLIHQPVVHQ





)D]LW

'LH (UJHEQLVVH GHU KLHU YRUJHOHJWHQ hEHUOHJXQJHQ ODVVHQ VLFK LQ YLHOID FKHU:HLVH]XP$XVJDQJVSXQNWIUZHLWHUH8QWHUVXFKXQJHQQHKPHQ:LFK WLJ ZlUH HV GDV HU]lKOWKHRUHWLVFKH 0RGHOO DXI VHLQH %UDXFKEDUNHLW XQGYRU DOOHPDXIGLHQRWZHQGLJHQ8PVWHOOXQJHQXQG(UJlQ]XQJHQIUHLQH$QDO\VH YRQ GUDPDWLVFKHQ XQG O\ULVFKHQ 7H[WHQ ]X EHUSUIHQ 'LH MHZHLOV XQWHU VFKLHGOLFKHQ .RPPXQLNDWLRQVIRUPHQ ODVVHQ YLHOOHLFKW DXFK GDV 6SH]LILVFKH GHU QDUUDWLYHQ .RPPXQLNDWLRQ QRFK HLQPDO GHXWOLFKHU VLFKWEDU ZHUGHQ 2GHUHVOLH‰HVLFKGLHLPPHUQRFKZHQLJHUIRUVFKWH)RUPGHU%HVFKUHLEXQJ YRQ2EMHNWHQ]%YRQ*HJHQVWlQGHQRGHUGHU1DWXULQLKUHP9HUKlOWQLV ]XU )LJXUHQGDUVWHOOXQJ JHQDXHU DQDO\VLHUHQ (LQH ZHLWHUH (USUREXQJ XQG 9HUIHLQHUXQJ GHV KLHU YRUJHOHJWHQ,QVWUXPHQWDULXPV]XU%HVFKUHLEXQJYRQ )LJXUHQ DQ NXOWXUHOO P|JOLFKVW GLYHUVHQ (U]lKOWH[WHQ N|QQWH NOlUHQ LQZLH ZHLWGHU%DVLVW\SXVXQGGDV(UNOlUXQJVPRGHOOGHUIRONSV\FKRORJ\GDVLP$X JHQEOLFNQRFKDXIHLQHUYHUJOHLFKVZHLVHVFKPDOHQHPSLULVFKHQ%DVLVEHUXKW HUJlQ]WRGHUPRGLIL]LHUWZHUGHQPX‰'DV,QVWUXPHQWDULXP]XU$QDO\VHYRQ &KDUDNWHULVLHUXQJHQNDQQQRFKZHLWHUYHUIHLQHUWZHUGHQXQGDXFKGLH8Q WHUVXFKXQJ VSH]LILVFKHU 3KlQRPHQH ZLH )LJXUHQ LQ ILNWLRQDOHQ 8QLYHUVHQ RGHUPHKUHUHQVHOEVWlQGLJHQILNWLRQDOHQ:HOWHQPLWLKUHQHLJHQHQ,QIRUPD WLRQVYHUJDEH7HFKQLNHQVWHKWHUVWDP$QIDQJ 'DV KLHU HUDUEHLWHWH %HVFKUHLEXQJVPRGHOO VROO HV HUP|JOLFKHQ LQ %H]XJ DXI)LJXUHQSUl]LVHU]XEHVFKUHLEHQZDVLQGHUQDUUDWLYHQ:HOWZLHGHU)DOO LVW=ZHLIHOVRKQHLVW GDPLWIUGDV+DXSWJHVFKlIWGHUPHLVWHQ/LWHUDWXUZLV VHQVFKDIWOHU GLH ,QWHUSUHWDWLRQ VFKRQ HLQ NOlUHQGHU %HLWUDJ JHOHLVWHW DEHU YLHOOHLFKW ODVVHQVLFK QHEHQGHU3HUVRQLILNDWLRQZHLWHUH)RUPHQGHU%HGHX WXQJVNRQVWLWXWLRQ DXIJUXQG YRQ W\SLVLHUWHQ .RQILJXUDWLRQHQ GHU )LJXUHQLQ IRUPDWLRQHQEHVWLPPHQ 1LFKW ]XOHW]W N|QQWH HLQH NXOWXUJHVFKLFKWOLFK LQWHUHVVLHUWH /LWHUDWXUZLV VHQVFKDIWV\VWHPDWLVFKHUDOVHVELVODQJJHVFKHKHQLVWGLHILJXUDOHQ6FKHPDWD XQG )LJXUHQPRGHOOH IU $XWRUHQZHUNH *DWWXQJHQ NXOWXUHOOH 0LOLHXV XQG KLVWRULVFKH(SRFKHQHUPLWWHOQVRZLHXQWHUVXFKHQZLHVLHVLFKDXIGLHJOHLFK ]HLWLJHQ0RGHOOHGHU3HUVRQHQZDKUQHKPXQJEH]LHKHQXQGZLHVLHGLHVHIU GLHMHZHLOLJHNRPPXQLNDWLYH,QWHQWLRQYHUZHQGHQHYHQWXHOODXFKWKHPDWLVLH UHQXQGGLVNXWLHUHQ(LQHQLQWHUHVVDQWHQ7HVWIDOOIUNXOWXUKLVWRULVFKH$QD O\VHQ N|QQWHQ GLH )LJXUHQGDUVWHOOXQJHQ LQ 6FKOVVHOURPDQHQ ELHWHQ XQG GHUHQ ]HLWJHQ|VVLVFKH 'LVNXVVLRQ (LQ $QVFKOX‰ DQ GLH )RUVFKXQJHQ ]X ³³³³³³³³³³  9JOGD]X0DUJROLQD 6RZLH0DUJROLQE  

7DWVlFKOLFK KDEHQ XUVSUQJOLFK ]ZHL KLVWRULVFK DQJHOHJWH 8QWHUVXFKXQJHQ EHL PLU GHQ :XQVFKQDFKHLQHU.OlUXQJHLQLJHUJUXQGVlW]OLFKHU3UREOHPHPLWGHU$QDO\VHYRQ)LJX UHQJHZHFNWYJO-DQQLGLVD VRZLH-DQQLGLV/DXHU 



)D]LW



VR]LDOHQ 6WHUHRW\SHQ HWZD LP .RQWH[W GHU *HQGHU 6WXGLHV GHU $QWLVHPLWLV PXV)RUVFKXQJ XQG GHU YRQ GHQ &XOWXUDOXQG3RVWFRORQLDO6WXGLHVDQJHUHJWHQ )RUVFKXQJ]XUQDWLRQDOHQ,GHQWLWlWN|QQWHIU(U]lKOWKHRUHWLNHUXQG+LVWR ULNHU YRQ ,QWHUHVVH VHLQ 0DQ ZLUG VLFK GDEHL P|JOLFKHUZHLVH YRQ PDQFK OLHEJHZRUGHQHP 9RUXUWHLO YHUDEVFKLHGHQ PVVHQ GDV JDQ] VHOEVWYHUVWlQG OLFKYRQHLQHP6RQGHUVWDWXVGHUILNWLRQDOHQ.RPPXQLNDWLRQLQGHU6HPDQWLN GHU =HLW DXVJHKW XQG YRQ HLQHP 7DXVFKYHUNHKU LQ GHP GLH /LWHUDWXU LKUH 7\SLVLHUXQJHQXQGEHUHLFKVVSH]LILVFKHQ0XVWHUDXFKZLHGHULQQHQQHQVZHU WHP 0D‰H LQ GLH DOOJHPHLQH 6HPDQWLN ]XUFNVSHLVW $EHU HLQ VROFKHU $E VFKLHGZlUHMDDXFKHLQH(UNHQQWQLV 





$QKDQJ$-HUU\&RWWRQ -HUU\ &RWWRQ LVW GDV 3VHXGRQ\P IU HLQ GHXWVFKHV $XWRUHQWHDP GDV DE ZHFKVHOQGGLH7H[WHVFKUHLEWHUVFKLHQLQGHU6HULH%DVWHL.ULPLQDOURPDQH GHUHUVWH5RPDQYRQ-HUU\&RWWRQVHLWLVW*PDQ-HUU\&RWWRQHLQHHLJHQ VWlQGLJH+HIWURPDQ6HULHGLHVHLWXPHLQH-HUU\&RWWRQ7DVFKHQEXFK 5HLKHHUJlQ]WZLUGGHUDXFKGHU%HLVSLHOWH[W'LH9HQXVXQGGDV6XSHUGLQJHQW QRPPHQ LVW 'LH *HVDPWDXIODJH GHU EHU  YHU|IIHQWOLFKWHQ 5RPDQH EHWUlJW LQ]ZLVFKHQ PHKU DOV  0LOOLRQHQ $OV $XWRU GHV 5RPDQV LVW LP %XFK 8PVFKODJ ,PSUHVVXP  OHGLJOLFK -HUU\ &RWWRQ DQJHJHEHQ VR ODXWHW DXFKGHU1DPHGHU+DXSWILJXUHLQHV)%,$JHQWHQLQ1HZ (gesehen am 15.8.2004). Zacharasiewicz 1993 Zacharasiewicz, Waldemar: The Resurrection of Characters: Aspects of Interconnected Narratives in North American Fiction. In: Foltinek, Herbert/Riehle, Wolfgang/W. Z. (Hg.): Tales and ›Telling their Difference‹. Zur Theorie und Geschichte der Narrativik. Festschrift für Franz K. Stanzel. Heidelberg 1993: 295-317.



/LWHUDWXUYHU]HLFKQLV



Zerbst 1995 Zerbst, Rainer: Kommunikation. In: Ludwig, Hans-Werner: Arbeitsbuch Romananalyse. Tübingen [1982] 1995: 41-64. Zimmer 1986 Zimmer, Dieter: Tiefenschwindel. Die endlose und die beendbare Psychoanalyse. Reinbek 1986. Zunshine 2002 Zunshine, Lisa: Rhetoric, Cognition, and Ideology in A.L. Barbauld's Hymns in Prose for Children (1781). In: Poetics Today 23/1, 2002: 123-140. Zunshine 2003 Zunshine, Lisa: Theory of Mind and Experimental Representations of Fictional Consciousness. In: Narrative 11/3, 2003: 270-291. Zymner 1998 Zymner, Rüdiger: Erzählte Individualität als Problem der Komparatistik. In: Compass. Mainzer Hefte für allgemeine und vergleichende Literaturwissenschaft 3, 1998: 26-51.





,QGH[ $GDPV-RQ. $OIRUG5LFKDUG' $OOEULWWRQ'DYLG: $OWHU5REHUW $PRVV\5XWK $QGHUVRQ-RKQ5 $QGULQJD(OV $QWRQVHQ-DQ(ULN $QWRV*HUG $ULVWRWHOHV         $WUDQ6FRWW %DNHU/\QQ5XGGHU %DO0LHNH %DOW]HU8OULFK %DUVFK$FKLP %DUWKHV5RODQG         %D\OH\-RKQ %HLOIX‰:LOIULHG %HUHQGVHQ0DUMHW %HUQKDUG)6FKRO] %HUVDQL/HR %LEHO:ROIJDQJ %LHUZLVFK0DQIUHG %LVFKRI1RUEHUW %LVFKRI.|KOHU'RULV %ODNHPRUH'LDQH %RQKHLP+HOPXW %RRWK:D\QH& %RXUGLHX3LHUUH %RZHU*RUGRQ+ %UDQVIRUG-RKQ %UDVVHU0DUWLQ %UHGLQ+XJK

%ULQNHU.ODXV %ULVFRH7HG %URRNH5RVH&KULVWLQH %URZQ3HQHORSH %UXGHU*DLO %UXQQHU+RUVW %KOHU.DUO %UJHU3HWHU %XUNH6HiQ &KDVH&\QWKLD &KDWPDQ6H\PRXU         &KULVWPDQQ8UVXOD &KXUFKODQG3DXO0 &L[RXV+pOqQH &OHJJ0LFKDHO &RKDQ6WHYHQ &RSVWDNH$QQ &ULWWHQGHQ&KDUOHV &UXVH$ODQ &XOOHU-RQDWKDQ &XOSHSHU-RQDWKDQ 'DQHVL0DUFHO 'DQQHEHUJ/XW] 'DYLHV%HWKDQ 'DYLHV0DUWLQ 'DYLV/HQQDUG- GH%HUJ+HQN GH0DQ3DXO GH3HXWHU-HQQLIHU 'HQQHWW'DQLHO& 'HWHULQJ+HLQULFK 'RFKHUW\7KRPDV 'XFKDQ-XGLWK (DWRQ0DUFLD0



,QGH[

(EHUOHLQ*HUDOG/ (FR 8PEHUWR      (KOLFK.RQUDG (LEO.DUO (LQVWHLQ&DUO (LVHQEHUJ3HWHU (PPRWW &DWKHULQH       (QJHOV)ULHGULFK (QNYLVW1LOV(ULN (ZHQ-RVHSK )DQVHORZ*LVEHUW )D‰OHU0DQIUHG )HUUDUD)HUQDQGR )LHJXWK5ROI )LJJH8GR/ )LQJHUKXW.DUO+HLQ] )LVKHORY'DYLG )ODXEHUW*XVWDYH )OXGHUQLN0RQLND )RSSD.ODXV )RUFHYLOOH&KDUOHV )RUVWHU(0 )RXFDXOW0LFKHO )RZOHU5RJHU )ULFNH+DUDOG )ULHGHPDQQ.lWH )ULHGULFK+DQV(GZLQ )ULHGULFK+RUVW )ULVFK0D[ )URZ-RKQ *DUGQHU+RZDUG *DUGQHU6HEDVWLDQ *DUQKDP$ODQ *DUYH\-DPHV *DVV:LOOLDP+ *HQHWWH *pUDUG        *HUJHQ.HQQHWK- *HUULJ5LFKDUG *LEEV5D\PRQG



*LEVRQ:DONHU *LOOLH&KULVWRSKHU *LYyQ7DOP\ *OFN+HOPXW *RHWKH-RKDQQ:ROIJDQJ *RIIPDQ(UYLQJ *ROGPDQ$OYLQ, *RSQLN $OLVRQ       *RUGRQ5REHUW0 *RUPDQ'DYLG *UDEHV+HUEHUW *UDHVVHU$UWKXU *UHHQZRRG-RKQ' *UHLPDV $OJLUGDV -XOLHQ      *ULFH3DXO  *ULPP :LOKHOP X -DFRE     *URHEHQ1RUEHUW *UQEDXP$GROI *UQGJHQV*XVWDY *XQWOL0DUNXV +DPEXUJHU.lWH +DPRQ3KLOLSSH +DUWKRUQ-HUHP\ +DUYH\:LOOLDP- +HLHU(GPXQG +HPSIHU.ODXV: +HQULFK'LHWHU +HUPDQ'DYLG +HZLWW/\QQH( +H\GHEUDQG5HQDWHYRQ +LOOLV0LOOHU-RVHSK +RFKPDQ%DUXFK +RIIPDQ/XGJHU +RIIPDQQ(7$ +ROODQG1RUPDQ1 +ROXE5REHUW& +XUVW0DU\-DQH ,QJDUGHQ5RPDQ

,QGH[

,VHPLQJHU*DU\ ,VHU:ROIJDQJ -DFREV-UJHQ -lJHU*HRUJ -DKQ0DQIUHG -DKUDXV2OLYHU -DQLN'LHWHU -DQQLGLV)RWLV  -iQRVND%HQGO-XGLWK -DX‰+DQV5REHUW -RKQVRQ/DLUG3KLOLS1 .DEOLW]$QGUHDV .DKU-RKDQQD .DKUPDQQ&RUGXOD .DOYHUNlPSHU+DUWZLJ .DQW,PPDQXHO .D\VHU:ROIJDQJ .HDUQV0LFKDHO6 .HOOHU*RWWIULHG .HOOHU5XGL .HOORJJ5REHUW .LQGW7RP .OHLEHU*HRUJHV .OHLQVFKPLGW(ULFK .QDSS-RKQ9 .QLJKWV/LRQHO& .RFK7KRPDV  .RHSSHQ:ROIJDQJ .RS\WNR5RPDQ .RUWH%DUEDUD .UDXVH0DUNXV .ULVWHYD-XOLD .UXVFKH'LHWULFK /D%UX\qUH /lPPHUW(EHUKDUG /DPSLQJ 'LHWHU       /DQGD-RVp$QJHO*DUFtD /DSODQFKH-HDQ /DVFDULGHV$OH[



 /DXHU*HUKDUG /DXVEHUJ+HLQULFK /DZUHQFH$+LUVFKIHOG /HERZLW]0LFKDHO /HFHUFOH-HDQ-DFTXHV /HHFK*HRIIUH\1 /HHV)UDQFLV1RHO /HVVLQJ*RWWKROG(SKUDLP /HYLQVRQ6WHSKHQ&  /HZLV'DYLG /LGHOO5REHUW /LQN+DQQHORUH /LQNH$QJHOLND /LSRZDW]7KDQRV /REVLHQ(FNKDUG /RWPDQ -XULM 0        /XEERFN3HUF\ /XGZLJ+DQV:HUQHU /XJRZLVNL&OHPHQV /XNiFV*HRUJ /WKL+DQV- /XW]HLHU3HWHU5ROI 0DDW+HQN3DQGHU 0DF.HQ]LH,DQ 0DMLG$VLID 0DOOH%HUWUDP) 0DOORQ5RQDOG 0DQQ.ODXV 0DQQ 7KRPDV               0DUJROLQ8UL         0DUWLQ:DOODFH 0DUWLQH] 0DWtDV       0DUW\5REHUW 0DU[.DUO 0DXUHU.DUO



,QGH[

0D\HU*HUKDUW 0F&DUWK\0DU\ 0F&ORVNH\0 0HDG*HUDOG 0HLEDXHU-|UJ 0HLVWHU -DQ &KULVWRSK      0HOW]RII $QGUHZ      0HUWHQ.ODXV 0HXWHU1RUEHUW 0H\-DFRE/ 0H\HU+HUPDQ 0H\HU3DXO*HRUJ 0LOOHU-DPHV( 0LOOHU-DPHV(MU 0LOOHU1RUEHUW 0RRUH0.HLWK 0RULW]5DLQHU 0RUURZ'DQLHO* 0XGULFN0DUYLQ 0OOHU*QWHU 0OOHU +DQV+DUDOG       0XUDVDNL6KLNLEX 0XVLO5REHUW 1DJHO/XGZLJ 1LFRODLVHQ:LOKHOP)+ 1LHUDJGHQ*|UDQ 1|WK:LQIULHG 1QQLQJ $QVJDU        1XVVEDXPHU0DUNXV 1XVVHU3HWHU 1XWDOO$' 2DNKLOO-DQH 2NVHQEHUJ5RUW\$PpOLH 2QHJD6XVDQD 2UW&ODXV0LFKDHO 3DOPHU$ODQ 3DULV%HUQDUG- 3DYHO7KRPDV*



3HLUFH&KDUOHV6 3HUQHU-RVHI 3HUURQ3DXO 3HWVFK5REHUW 3ILVWHU0DQIUHG  3KHODQ-DPHV 3LFNUHO3DXO 3LONLQJWRQ$GULDQ 3OXPSH*HUKDUG 3RKO,QJH 3ROHQ]3HWHUYRQ 3ROODUG'HQQLV(% 3RQWDOLV-HDQ%HWUDQG 3RVQHU5RODQG 3UDQJHO0DWWKLDV 3UDWW0DU\/ 3ULFH0DUWLQ 3ULQFH*HUDOG 3URSS9ODGLPLU  3W]6XVDQQH 4XDFN-RVHI 4XDQWH0LFKDHO 5DELQRZLW] 3HWHU        5DGNDX-RDFKLP 5HLQIDQGW&KULVWRSK 5HL‰*XQWHU 5LFKDUGV&KULVWLQH 5LFKDUGVRQ%ULDQ 5LFNKHLW*HUW 5LFNOHIV8OIHUW 5LHGHO:ROIJDQJ 5LPPRQ.HQDQ 6KORPLWK     5REHULQJ.ODXV 5RFKHO*HOPDQ 5RQHQ5XWK 5RVFK(OHDQRU 5RVHQEHUJ%ULDQ 5RWKH$UQROG

,QGH[

5\DQ0DULH/DXUH 6DQIRUG$QWKRQ\- 6DXHUEHUJ/DUV2OH 6FKDGH8OULFK 6FKHIIHO 0LFKDHO       6FKHLEHU$QGUHZ- 6FKHUHU:LOKHOP 6FKHUQHU0D[LPLOLDQ 6FKLUPHU)UDQN- 6FKOXFKWHU0DQIUHG 6FKPLGW %HQMDPLQ 0DULXV     6FKPLGW6LHJIULHG- 6FKQHHZLQG.ODXV$ 6FKQHLGHU5DOI         6FKROHV5REHUW 6FK|Q(ULFK 6FK|QDX:DOWHU 6FKXO]%XVFKKDXV8OULFK 6FKZDU]'DQLHO 6HEHRN7KRPDV$ 6HOO5RJHU' 6KHQ'DQ 6RQGHUHJJHU6WHIDQ 6RXULDX(WLHQQH 6SHONH(OL]DEHWK6 6SHUEHU 'DQ         6SLOND0DUN 6SLUR0HOIRUG( 6WDQ]HO)UDQ] 6WDXGDFKHU3HWHU 6WHJPOOHU:ROIJDQJ 6WHLQEULQN%HUQG 6WLFK 6WLFK6WHSKHQ 6W|FNPDQQ,QJR 6WRFNZHOO3HWHU 6WRQH7RQ\



 6WURKQHU+DQV 6WUXEH:HUQHU 6WFNUDWK-|UQ 6XLWV'DYLG% 6XPPHUHOO2UULQ) 7DQQHQ'HERUDK 7KHRSKUDVW 7KRPDV%HLQ 7KRPDVVRQ$PLH/ 7KUQDX'RQDWXV 7LW]PDQQ0LFKDHO 7RGRURY 7]YHWDQ      7RPDäHYVNLM%RULV 7RPSNLQV-DQH3 7UlJHU&ODXV 7XOYLQJ(QGHO 8HGLQJ*HUW 9DQ3HHU:LOOL 9RJW-RFKHQ 9ROHN(PLO 9RUGHUHU3HWHU 9R‰NDPS:LOKHOP :DFKV,OMD :DOH\$UWKXU :DOO$QWKRQ\ :DOWRQ.HQGDOO :DUQLQJ5DLQHU :DUUHQ$XVWLQ :DWW*DYLQ7 :DWW:LOOLDP& :HLJDQG-|UJ :HLPDU.ODXV :HLQVKHLPHU -RHO      :HOOHN5HQp :HOOPDQ +HQU\ 0      :HQGRUII5XGROI :HQJHU&KULVWLDQ1 :HQLQJHU5REHUW :HUEHU1LHOV



,QGH[

:HUWK3DXO :KLWURZ*HUDOG- :LHVH0DUWLQD :LOOHPV+HUEHUW :LOVRQ 'HLUGUH        :LOVRQ 5REHUW 5DZGRQ      :LPPHU+HLQ] :LPPHU5DLQHU :LPVDWW:LOOLDP. :LQNR 6LPRQH      





:LQWHU5DLQHU :LQWHUPDQWHO0DUJUHW :LWWJHQVWHLQ/XGZLJ :RONHUVWRUIHU$QGUHDV