212 61 3MB
German Pages 448 [446] Year 2014
Sonja Yeh Anything goes? Postmoderne Medientheorien im Vergleich
Edition Medienwissenschaft
Für meine Eltern
Sonja Yeh (Dr. phil.) hat am Institut für Kommunikationswissenschaft an der Westfälischen Wilhelms-Universität Münster promoviert. Ihre Forschungsschwerpunkte sind Medienkultur, Medienphilosophie, Medien- und Kommunikationstheorien.
Sonja Yeh
Anything goes? Postmoderne Medientheorien im Vergleich Die großen (Medien-)Erzählungen von McLuhan, Baudrillard, Virilio, Kittler und Flusser
Gedruckt mit Unterstützung des Förderungs- und Beihilfefonds Wissenschaft der VG WORT D6
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. © 2013 transcript Verlag, Bielefeld
Die Verwertung der Texte und Bilder ist ohne Zustimmung des Verlages urheberrechtswidrig und strafbar. Das gilt auch für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und für die Verarbeitung mit elektronischen Systemen. Umschlaggestaltung: Kordula Röckenhaus, Bielefeld Umschlagabbildung: Anselm Nölle, Riga 2011 © Anselm Nölle Druck: Majuskel Medienproduktion GmbH, Wetzlar ISBN 978-3-8376-2439-7 Gedruckt auf alterungsbeständigem Papier mit chlorfrei gebleichtem Zellstoff. Besuchen Sie uns im Internet: http://www.transcript-verlag.de Bitte fordern Sie unser Gesamtverzeichnis und andere Broschüren an unter: [email protected]
Inhaltsverzeichnis
Danksagung | 11 Abbildungsverzeichnis | 13 Tabellenverzeichnis | 15 Einleitung | 17 1.1 Problemstellung, Erkenntnisinteresse und leitende Fragestellung | 19 1.2 Forschungsstand | 27 1.2.1 Postmoderne Medientheorien – Ein umfassender Überblick | 28 1.2.2 Zum Stand des Theorievergleichs | 44 1.3 Aufbau der Untersuchung | 49 1.
Theoretischer Bezugsrahmen | 53 2.1 Setzung und Voraussetzung – Ein Beobachterprinzip | 53 2.2 Postmoderne – Zur Bestimmung eines Begriffs | 58 2.2.1 Jean-François Lyotard und das Ende der Metaerzählungen | 64 2.2.2 Anything goes! Feyerabend oder Feierabend mit der Wissenschaft? | 76 2.2.3 Medientheorie und Postmoderne – Ein unabdingbarer Konnex | 82 2.3 Relative Inkommensurabilität – Zur Möglichkeit des Vergleichs von Disparitäten | 88 2.
Vorgehensweise | 101 3.1 Auswahl der postmodernen Medientheoretiker und ihrer Werke | 101 3.2 Methodik des Theorievergleichs – Vergleichsdimensionen | 111 3.
4. Systematische Rekonstruktion und kritischer Vergleich | 125 A) Inhaltliche Dimension (objekttheoretische Ebene) | 125
4.1 Problemhinsicht Medienwandel – Gegenwartsentwürfe und Zukunftsszenarien | 125 4.1.1 Marshall McLuhan: The medium is the message/massage | 126 4.1.2 Jean Baudrillard: Simulationsthesen | 135 4.1.3 Paul Virilio: Dromologie | 146 4.1.4 Friedrich A. Kittler: Medienarchäologie | 153 4.1.5 Vilém Flusser: Kommunikologie | 162 4.1.6 Resümee der Problemhinsichten und kritischer Vergleich | 172 4.2 Problemlösungen – Subversive Strategien und ethische Forderungen | 188 4.2.1 Marshall McLuhan: Von schwebenden Urteilen und Meeresstrudeln | 188 4.2.2 Jean Baudrillard: Von Straßenprotesten zur Verführung | 190 4.2.3 Paul Virilio: Unfälle, Unterbrechungen und Entschleunigung | 198 4.2.4 Friedrich Kittler: Austreibung des Geistes aus den Geisteswissenschaften | 202 4.2.5 Vilém Flusser: Technoimaginieren | 204 4.2.6 Resümee der Problemlösungen und kritischer Vergleich | 209 B) Strukturelle Dimension (metatheoretische Ebene) | 215
4.3 Begrifflichkeiten und theoretische Voraussetzungen – Medien und Kommunikation | 215 4.3.1 Marshall McLuhan: Medien als Extensionen des Körpers | 215 4.3.2 Jean Baudrillard: Medien als Produzenten von Nicht-Kommunikation | 219 4.3.3 Paul Virilio: Medien als Fahrzeuge und Katalysatoren von Geschwindigkeit | 224 4.3.4 Friedrich Kittler: Medien als Aufschreibesysteme | 227 4.3.5 Vilém Flusser: Medien als Codestrukturen | 231 4.3.6 Resümee der Begrifflichkeiten und kritischer Vergleich | 242 4.4 Abstraktionsgrad und Reflexionstiefe | 250 4.5 Strukturmerkmale | 253 4.5.1 Marshall McLuhans Mosaikmethode | 254 4.5.2 Jean Baudrillards verführerischer Diskurs | 264 4.5.3 Paul Virilios militante Logik | 269 4.5.4 Friedrich Kittlers Technikfachjargon | 276 4.5.5 Vilém Flussers nomadisches Denken | 281 4.5.6 Resümee der Strukturmerkmale und kritischer Vergleich | 287
C) Kontextuelle Dimension (hintergrundtheoretische Ebene) | 295
4.6 Soziale Voraussetzungen – Eine sozial- und theoriegeschichtliche Einordnung | 295 4.6.1 Marshall McLuhan: Von Kunst, Literatur und der Toronto School | 296 4.6.1.1 Marshall McLuhans soziohistorischer Kontext: Die 60er Jahre und die Popkultur | 296 4.6.1.2 Marshall McLuhans theorie- und ideengeschichtlicher Kontext | 299 4.6.2 Jean Baudrillard und das Ende der politischen Utopien | 306 4.6.2.1 Jean Baudrillards soziohistorischer Kontext: Die Maiunruhen 1968 | 306 4.6.2.2 Jean Baudrillards theorie- und ideengeschichtlicher Kontext | 309 4.6.3 Paul Virilio: Von Kirchen, Bunkern, Architektur und Krieg | 323 4.6.3.1 Paul Virilios soziohistorischer Kontext: Kriegserfahrungen | 323 4.6.3.2 Paul Virilios theorie- und ideengeschichtlicher Kontext | 326 4.6.4 Friedrich Kittler: Von Foucault bis zur Informationstheorie | 333 4.6.4.1 Friedrich Kittlers soziohistorischer Kontext: Die apolitischen 1968er und der Kalte Krieg | 333 4.6.4.2 Friedrich Kittlers theorie- und ideengeschichtlicher Kontext | 335 4.6.5 Vilém Flusser: Persönliche und akademische Entwurzelung | 345 4.6.5.1 Vilém Flussers soziohistorischer Kontext: Bodenlosigkeit | 345 4.6.5.2 Vilém Flussers theorie- und ideengeschichtlicher Kontext | 350 4.6.6 Resümee der sozialen Voraussetzungen und kritischer Vergleich | 359 4.6.6.1 Resümee des soziohistorischen Kontextes | 359 4.6.6.2 Resümee des theorie- und ideengeschichtlichen Kontextes | 361 Zusammenfassung der zentralen Ergebnisse | 367 5.1 Postmoderne Medientheorien und die These der relativen Inkommensurabilität | 367 5.1.1 Ergebnismatrix des Theorievergleichs – Eine tabellarische Synopse | 373 5.1.2 Vergleichslogische Ergebnismatrix | 373 5.2 So far – Diskussion und kritische Relektüre der postmodernen Medientheorien | 374 5.2.1 Anything goes! Unsere postmoderne Postmoderne | 374 5.2.2 Die großen Medienerzählungen der Postmoderne | 377 5.2.2.1 Die Metaerzählung des medialen Fortschritts – Marshall McLuhan | 378 5.
5.2.2.2 Die Metaerzählungen des Endes – Jean Baudrillard und Paul Virilio | 379 5.2.2.3 Die Weiterführung der Metaerzählung Materialismus, eine moderne Kippfigur – Friedrich Kittler | 385 5.2.2.4 Das Ende der Metaerzählungen – Vilém Flusser | 389 5.2.2.5 Fazit | 391 5.3 And from now on? – Wissenschaftliche Anschlussfähigkeit | 393 6.
Fazit, Ausblick und Bewertung der eigenen Arbeit | 415
7.
Literaturverzeichnis | 421
„Man darf nicht zögern, Theoretiker zu sein; man muß auf allen Fronten angreifen. Eine Überdosis Theorie erzeugt eine eigenartige Dynamik.“ (HOUELLEBECQ 2001: 45)
„Die Wissenschaft ist eine der vielen Lebensformen, die die Menschen entwickelt haben, und nicht unbedingt die beste. Sie ist laut, frech, teuer und fällt auf.“ (FEYERABEND 92004 [1975]: 385)
'DQNVDJXQJ 0HLQHQ KHU]OLFKHQ 'DQN DQ DOOH GLH PLFK EHL GLHVHP ODQJZLHULJHQ QHUYHQDXIUHL EHQGHQ3URMHNWXQWHUVWW]WXQGLPPHUZLHGHUHUPXWLJWKDEHQ $OOHQ YRUDQ P|FKWH LFK PHLQHP 'RNWRUYDWHU 3URI 'U -RDFKLP :HVWHUEDUNH\ IU VHLQH VHKU JHGXOGLJH %HWUHXXQJ VHLQ ,QWHUHVVH DQ GLHVHU $UEHLW XQG VHLQH HQW VSDQQWH $UW GDQNHQ (U KDW PLFK YRQ %HJLQQ DQ ]X GLHVHP 8QWHUIDQJHQ HUPXWLJW XQGPLUJOHLFK]HLWLJLPPHUIUHLH+DQGJHODVVHQ(EHQVRP|FKWHLFKPHLQHP=ZHLW JXWDFKWHU3URI'U'UKF6FKPLGWGDQNHQGHUPLFKLQPHLQHP9RUKDEHQPLQ GHVWHQV JHQDXVR ZRKOZROOHQG XQWHUVWW]W KDW XQG PLU PLW VHLQHP Ä0DFKHQ 6LH PDO³LPPHUYLHO9HUWUDXHQHQWJHJHQJHEUDFKWKDW )U GLH ILQDQ]LHOOH XQG LGHHOOH )|UGHUXQJ P|FKWH LFK GHU 6WXGLHQVWLIWXQJ GHV GHXWVFKHQ 9RONHV XQG GHU 6WLIWXQJ GHU GHXWVFKHQ :LUWVFKDIW PHLQHQ EHVRQGHUHQ 'DQNDXVVSUHFKHQRKQHGLHVHGLH$UEHLWQLFKW]XVWDQGHJHNRPPHQZlUH *HQDXVRXQYHU]LFKWEDUJLOWPHLQ'DQNPHLQHQ(OWHUQIULKUH8QWHUVWW]XQJLQ MHJOLFKHU+LQVLFKWXQGGHQ5FNKDOWGHQVLHPLUZlKUHQGPHLQHVJDQ]HQ6WXGLXPV JHJHEHQKDEHQ *DQ]EHVRQGHUVP|FKWHLFKPLFKDXFKEHLPHLQHQ.RUUHNWXUOHVHUQXQG)RUPD WLHUXQJVKHOIHUQ EHGDQNHQ IU =HLW XQG 0KH DQUHJHQGH 'LVNXVVLRQHQ NULWLVFKH $QPHUNXQJHQXQG9HUEHVVHUXQJVYRUVFKOlJHGLHZHVHQWOLFK]XU)HUWLJVWHOOXQJGLH VHU$UEHLWEHLJHWUDJHQKDEHQ9LHOHQ'DQN$QGUp$QVHOP$QWRQLR%|UJ&KULVWL DQ&KULVWLQH'DQLHO*XLGR+ROJHU-HWWH-XOLD.ULVWLQ/HQD0DUWLQ1RUEHUWXQG 6WHIIHQ 9RUDOOHPP|FKWHLFKDXFKPHLQHQ)UHXQGHQXQG0LWEHZRKQHUQGDQNHQIUGLH $XIKHLWHUXQJ $EOHQNXQJ $QWHLOQDKPH %HVSDXQJ )UVRUJH *HGXOG 8QWHUVWW ]XQJXQG([]HVVHMHJOLFKHU$UW2KQH(XFKZlUHGLHVH=HLWYLHOZHQLJHUXQWHUKDOW VDPJHZHVHQ,KUVHLGHLQIDFKGLH%HVWHQ
$EELOGXQJVYHU]HLFKQLV $EELOGXQJ ,QNRPPHQVXUDELOLWlWVSUREOHP_ $EELOGXQJ +LVWRULVFKH(LQRUGQXQJGHV.DQRQV SRVWPRGHUQHU0HGLHQWKHRULHQ_ $EELOGXQJ 7KHRULHHEHQHQ0RGHOO_ $EELOGXQJ $EVWUDNWLRQVVSLHO)OXVVHU_ $EELOGXQJ %HZHUWXQJGHU3UREOHPKLQVLFKW_ $EELOGXQJ )OXVVHUV'LVNXUVXQG'LDORJEHJULII_
7DEHOOHQYHU]HLFKQLV
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
)RUVFKXQJVVWDQGXQG/LWHUDWXUODJH]X SRVWPRGHUQHQ0HGLHQWKHRULHQ_ +lXILJNHLWGHU1HQQXQJHQSRVWPRGHUQHU7KHRUHWLNHU_ =XVDPPHQIDVVXQJ$XVZDKONULWHULHQ_ 3UREOHPKLQVLFKW0F/XKDQ_ 3UREOHPKLQVLFKW%DXGULOODUG_ 3UREOHPKLQVLFKW9LULOLR_ 3UREOHPKLQVLFKW.LWWOHU_ 3UREOHPKLQVLFKW)OXVVHU_ =XVDPPHQIDVVXQJ3UREOHPKLQVLFKW_ =XVDPPHQIDVVXQJ3UREOHPO|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
16 | A NYTHING GOES? P OSTMODERNE M EDIENTHEORIEN IM V ERGLEICH
Tabelle 28: Tabelle 29: Tabelle 30: Tabelle 31: Tabelle 32: Tabelle 33: Tabelle 34:
Soziale Voraussetzungen Virilio | 332 Kittlers Interpretation von Lacans Psychoanalyse| 341 Soziale Voraussetzungen Kittler | 345 Soziale Voraussetzungen Flusser | 359 Zusammenfassung Soziale Voraussetzungen von Theorien | 366 Ergebnismatrix des Theorievergleichs – Eine tabellarische Synopse | 373 Vergleichslogische Ergebnismatrix | 373
(LQOHLWXQJ Ã$Q\WKLQJ JRHV"µ ± VR GHU +DXSWWLWHO GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ± EHQHQQW SURJUDPPDWLVFKGHQ*HJHQVWDQGGLHJUXQGOHJHQGH3UREOHPVWHOOXQJVRZLHGDV(U NHQQWQLVLQWHUHVVHGHU$UEHLWXQGLVWVRPLWPHKUGHXWLJ]XYHUVWHKHQ (UVWHQV UHNXUULHUW GHU +DXSWWLWHO Ã$Q\WKLQJ JRHV"µ DXI GDV YRQ 3DXO . )H\HU DEHQGIRUPXOLHUWHZLVVHQVFKDIWVWKHRUHWLVFKH3RVWXODWGHU3RVWPRGHUQHGDVHU PLWGHU9HU|IIHQWOLFKXQJYRQÃ:LGHUGHQ0HWKRGHQ]ZDQJ6NL]]HHLQHUDQDUFKLVWL VFKHQ(UNHQQWQLVWKHRULHµ>@ LQGLH:LVVHQVFKDIWVWKHRULHHLQIKUWH-H QHU $XVVSUXFK LVW PLWWOHUZHLOH ]XP ,QEHJULII SRVWPRGHUQHU 7KHRULHELOGXQJ DYDQ FLHUW +LHUPLW LVW DOVR ]XQlFKVW HLQPDO GHU *HJHQVWDQGVEHUHLFK GHU YRUOLHJHQGHQ 8QWHUVXFKXQJEHQDQQWSRVWPRGHUQH7KHRULHQ =ZHLWHQVEULQJWÃ$Q\WKLQJJRHV"µ]XP$XVGUXFNGDVVGLHVHDOOVHLWVYHUZHQGHWH XQGLQIODWLRQlUJHEUDXFKWH/HLWIRUPHO]XPVFKHLQEDUFKDUDNWHULVWLVFKHQ6FKODJZRUW GHU3RVWPRGHUQHJHZRUGHQLVW3RVWPRGHUQHZLUGGDEHLKlXILJPLW:LOONUXQG%H OLHELJNHLW IHKOHQGHU 3Ul]LVLRQ XQG 6WULQJHQ] PDQJHOQGHU .RKlUHQ] XQG /RJLN JOHLFKJHVHW]W'HU6ORJDQÃ$Q\WKLQJJRHV"µLVWJOHLFK]HLWLJNHQQ]HLFKQHQGIUGHQ WKHRUHWLVFKHQ6WDWXV4XRGHV'LVNXUVHV(LQHDGGLWLYH$QHLQDQGHUUHLKXQJYRQ7KH RULHDQVlW]HQXQGHLQNRQWXUXQGSURILOORVHV3RWSRXUULDXV$QVLFKWHQ3HUVSHNWLYHQ XQG ,GHHQ ODVVHQ VLFK LGHQWLIL]LHUHQ 6RPLW EH]HLFKQHW GHU +DXSWWLWHO ]XJOHLFK GLH JUXQGOHJHQGH 3UREOHPVWHOOXQJ GHQ XQEHIULHGLJHQGHQ =XVWDQG GHU SRVWPRGHUQHQ 7KHRULHELOGXQJ 'LH )RUPXOLHUXQJ LQ )RUP HLQHU )UDJH IXQGLHUW GLH )UDJHVWHOOXQJ GHUYRUOLHJHQGHQ$UEHLW ,VW PLWÃ$Q\WKLQJ JRHV"µWDWVlFKOLFKLPZ|UWOLFKHQ6LQQH DOOHV P|JOLFK" :DV YHUELUJW VLFK KLQWHU GHU %HQHQQXQJ ÃSRVWPRGHUQµ XQG ZLH LVW GHU6WDWXV4XRSRVWPRGHUQHU7KHRULHQWDWVlFKOLFK]XEHVWLPPHQ" ,Q=XVDPPHQKDQJPLWGHU)UDJHÃ$Q\WKLQJJRHV"µVWHKWDXFKLPSOL]LWGLH=LHO VHW]XQJGHU$UEHLWHLQHQV\VWHPDWLVFKHQXQGNRQVWUXNWLYHQ%HLWUDJ]XU3RVWPRGHU QH'HEDWWH ]X OHLVWHQXQG GDV)UDJH]HLFKHQ LQ HLQ $XVUXIH]HLFKHQ ]X YHUZDQGHOQ 'LHVH$UEHLWOlVVWVLFKLQVRIHUQDXIHLQSRVWPRGHUQHVÃ$Q\WKLQJJRHVµHLQ'HPHQW VSUHFKHQG EH]HLFKQHW Ã$Q\WKLQJ JRHV"µ DXFK GLH VFKHLQEDU SDUDGR[H PHWKRGLVFKH 9RUJHKHQVZHLVH GLH 7KHRULHQ GHV SRVWPRGHUQHQ 'LVNXUVHV PLW LKUHU YHUPHLQWOL
_ $ 1«@(VLVW FKDUDNWHULVWLVFK IU GLH JHJHQZlUWLJH LQWHOOHNWXHOOH 6LWXDWLRQGDGLH/DJHUVLFKDXIO|VHQGLH6FKXOHQ ZHQQ EHUKDXSW VLFK HUVW ZLHGHU ]X ELOGHQ EHJLQ QHQ 2ULHQWLHUHQ NDQQ PDQ VLFK DOOHQIDOOV DQ 1D PHQGHQQDXFKGLH5H]HSWLRQ>«@HUIROJWDXIHLQH VHKU HLJHQH HLJHQVWlQGLJH :HLVH VR GD GHU $Q KDOWVSXQNWQXULQGHU3HUVRQGHVDQHLJQHQGHQ7KHR UHWLNHUVOLHJW³ 5((6(6&+b)(5)
'LH %HVFKlIWLJXQJ PLW GHP Ä7KHRULH%QGHO³ :HEHU D GHU SRVWPRGHU QHQ 0HGLHQWKHRULHQ LQQHUKDOE GHU .RPPXQLNDWLRQV XQG 0HGLHQZLVVHQVFKDIW KDW ELVKHU LQVEHVRQGHUH LQ GHQ LQVWUXNWLYHQ (LQIKUXQJVElQGHQ ]XU *UXQGODJHQIRU VFKXQJ GHV )DFKV VWDWWJHIXQGHQ -HQH SRVWPRGHUQHQ 0HGLHQWKHRULHQ ZHUGHQ GRUW ]XPHLVWDOVVROFKH7KHRULHQEHVWLPPWGLHVLFKKDXSWVlFKOLFKPLW7UDQVIRUPDWLRQV SUR]HVVHQXQGhEHUJDQJVSKlQRPHQHQ±YRQGHU0RGHUQH]XHLQHUZLHDXFKLPPHU JHDUWHWHQ3RVWPRGHUQH±XQGGHUHQPHGLDOHQ)RUPHQLP9HUODXIGHV:DQGHOVEH VFKlIWLJHQ%HJULIIHZLH,GHQWLWlW.RPPXQLNDWLRQ.RJQLWLRQ:LUNOLFKNHLW.XOWXU RGHU *HVHOOVFKDIW ZHUGHQ LQ %H]XJ DXI YHUVFKLHGHQH PHGLDOH .RQVWHOODWLRQHQ KLQ WKHPDWLVLHUW&KDUDNWHULVWLVFKVFKHLQWGDEHLHLQ'HQNHQ]XVHLQGDVGHQ3UR]HVVGHU Ã3RVWPRGHUQLVLHUXQJµDXIHLQHQEHVWLPPWHQ)OXFKWSXQNWULFKWHWXQGPLW6FKOVVHO
( ,1/(,781* _
EHJULIIHQ ZLH 0HGLDOLVLHUXQJ 9LUWXDOLVLHUXQJ 6LPXODWLRQ %DXGULOODUG 'URPROR JLH 9LULOLR 'HNRQVWUXNWLRQ 'HUULGD 6FKHLQ %RO] 0HGLRORJLH 'HEUD\ RGHU &KURQRNUDWLH :HLEHO EHVFKULHEHQ ZLUG ,Q GLHVHQ EDVLVWKHRUHWLVFKHQ $QVlW]HQ ZLUGGLH)UDJHQDFKPHGLDOHP:DQGHOLQ=XVDPPHQKDQJPLWNRJQLWLYHQLQGLYLGX HOOHQ lVWKHWLVFKHQ VR]LDOHQ XQG NXOWXUHOOHQ $XVZLUNXQJHQ WKHPDWLVLHUW XQG LP .RQWH[W HLQHU ]XVDPPHQIKUHQGHQ 'DUVWHOOXQJ YRQ DQGHUHQ %DVLVWKHRULHQ DEJH JUHQ]W%HLGHU6LFKWXQJGHUUHOHYDQWHQ)RUVFKXQJVOLWHUDWXUEH]JOLFKGHUNRPPX QLNDWLRQV XQG PHGLHQWKHRUHWLVFKHQ %HVFKlIWLJXQJ PLW GHP 8QWHUVXFKXQJVJHJHQ VWDQG3RVWPRGHUQHVWHKHQIROJHQGH)UDJHQLP9RUGHUJUXQG x :HOFKH0HGLHQWKHRULHQZHUGHQDOVSRVWPRGHUQEH]HLFKQHW":LUGEHUKDXSWGLH %H]HLFKQXQJ SRVWPRGHUQ JHZlKOW RGHU ZHUGHQ DOWHUQDWLYH =XVFKUHLEXQJHQ EH YRU]XJW" x 1DFK ZHOFKHQ .ULWHULHQ E]Z QDFK ZHOFKHU 2UGQXQJVORJLN ZLUG GHQ 0HGLHQ WKHRULHQGLH%H]HLFKQXQJSRVWPRGHUQ]XJHVFKULHEHQ"*LEWHVHLQHHLQKHLWOLFKH =XRUGQXQJ" x *LEW HV NRPSDUDWLYH =XVDPPHQVWHOOXQJHQ SRVWPRGHUQHU $QVlW]H" $XI ZHOFKH :HLVHXQGXQWHUZHOFKHQ*HVLFKWVSXQNWHQZHUGHQGLHVHEHWUDFKWHW":LHVWHKHQ GLH7KHRULHQ]XHLQDQGHULQ%H]LHKXQJ%LQQHQGLIIHUHQ]LHUXQJ " ,QVWUXNWLYH (LQIKUXQJHQ XQG hEHUEOLFNVGDUVWHOOXQJHQ VRZLH .RPSHQGLHQ 7H[W VDPPOXQJHQ ]XU *UXQGODJHQGLVNXVVLRQ /H[LND XQG +DQGEFKHU GLH VLFK DXV NRPPXQLNDWLRQV XQG PHGLHQWKHRUHWLVFKHU 6LFKW PLW GHP 8QWHUVXFKXQJVJHJHQ VWDQG3RVWPRGHUQHEHVFKlIWLJHQILQGHQVLFKLQIROJHQGHQ:HUNHQ :HEHUEHVWLPPW%DVLVWKHRULHDOVÄORJLVFKNRQVLVWHQWHV6HWDQ%HJULIIHQ'HILQLWLRQHQXQG 0RGHOOHQ GDV HPSLULVFK RSHUDWLRQDOLVLHUW ZHUGHQ NDQQ³ :HEHU D %DVLVWKHR ULHQVWHOOHQHLQHQ3RRODQ%HJULIIHQ]XU9HUIJXQJGLHPLWHLQDQGHUUHODWLRQLHUWHLQ0R GHOOE]ZHLQH'HQNORJLNHUJHEHQGLHLQGHU5HJHOGHQ$QVSUXFKHUKHEWGLH:LUNOLFKNHLW LQ LUJHQGHLQHU )RUP VWUXNWXULHUW]X HUIDVVHQ³ HEG 6LH EHVWHKHQ DXV XQWHUVFKLHGOL FKHQ %DVLVHLQKHLWHQ E]Z *UXQGNDWHJRULHQ ZLH $NWHXU =HLFKHQ $SSDUDW 6WUXNWXU RGHU 6\VWHP%DVLVWKHRULHQVLQGGHPQDFK]ZLVFKHQ3DUDGLJPHQ6XSHUWKHRULHQXQG7KHRULHQ PLWWOHUHU 5HLFKZHLWH ]X YHURUWHQ XQG VRPLW DXI HLQHU .RPSOH[LWlWVHEHQH YRQ 7KHRULHQ KRKHU 5HLFKZHLWH DQ]XVLHGHOQ =XU (EHQHQ'LIIHUHQ]LHUXQJ YRQ 7KHRULHQ XQG GHU %H JULIIVEHVWLPPXQJ Ã%DVLVWKHRULHµ lXHUW VLFK :HEHU D II LQ VHLQHP /HKUEXFK XQG6DPPHOEDQGÃ7KHRULHQGHU0HGLHQµ6LHKHKLHU]XDXFKJHQDXHU.DSLWHO +LHU ZHUGHQ QXU IROJHQGH :HUNH JHQDQQW GLH LQ LKUHQ 7H[WHQ XQG 6\VWHPDWLVLHUXQJHQ DXFK SRVWPRGHUQH 0HGLHQWKHRULHQ EHKDQGHOQ XP GLH ZDFKVHQGH $Q]DKO GHU (LQIK UXQJVOLWHUDWXUDXIGLHIUGLH)RUVFKXQJVIUDJHUHOHYDQWHQ7H[WGDUVWHOOXQJHQ]XUHGX]LHUHQ ,QVRIHUQ VLQG KLHU GLH :HUNH DXIJHOLVWHW GLH DOV ]HQWUDOHQ *HJHQVWDQG 0HGLHQWKHRULHQ
_ $ 1«@³ HEG 0HUVFKV $QOLHJHQ LVW HV GLH KLVWRULVFKH +HUNXQIW GHU 0HGLHQWKHRULHQ ÄGXUFK V\VWHPDWLVFKH9HURUWXQJLQHLQHNRPSOH[H7KHRULHODQGVFKDIW³HEG KHUDXV]X VWHOOHQ'LHYRUOLHJHQGH$UEHLWXQWHUQLPPWHEHQVRGHQ9HUVXFKLPSOL]LWHPHWKRGL VFKHXQGWKHRUHWLVFKH9RUDXVVHW]XQJHQDXI]XGHFNHQXQGHLQH%LQQHQV\VWHPDWLVLH UXQJGHV'LVNXUVIHOGHV]XOHLVWHQXQGVFKOLHWVRPLWDQ0HUVFKVV\VWHPDWLVFKH9RU DUEHLWDQXQGHUZHLWHUWGLHVHGXUFKHLQHNRPSDUDWLYH3HUVSHNWLYH )UDQN+DUWPDQQ VWHOOWLQVHLQHU0RQRJUDILHÃ0HGLHQSKLORVRSKLHµHLQ]HO QH 3RVLWLRQHQ GHU .RPPXQLNDWLRQV XQG 0HGLHQWKHRULH YRU GHQHQ HU HLQH ZDFK VHQGH 5HOHYDQ] ]XVSULFKW 'DEHL PHUNW HU DQ GDVV GLH ÄZLVVHQVFKDIWOLFKHQ 6\VWH PDWLVLHUXQJHQ RIW JHQXJ 5lWVHO DXI>JHEHQ@³ +DUWPDQQ XQG HU NHLQHQ $QVSUXFK GDUDXI HUKHEW HLQH WKHRUHWLVFKH 6\QWKHVH KHU]XVWHOOHQ RGHU GLH 3RVLWLRQ HLQHU'HQNVFKXOHRGHUHLQHV7KHRUHWLNHUVYRU]XVWHOOHQ9LHOPHKUKDWHUGLHMHQLJHQ $QVlW]HDXVJHZlKOWGLHMHQH.R(YROXWLRQYRQ0HGLHQXQG*HVHOOVFKDIWWKHPDWL VLHUHQ'DUXQWHUIDOOHQIULKQ0DUVKDOO0F/XKDQXQG9LOpP)OXVVHU $OLFH/DJDD\XQG'DYLG/DXHU+UVJ JHEHQLQLKUHU$XIVDW]VDPPOXQJ Ã0HGLHQWKHRULHQ(LQHSKLORVRSKLVFKH(LQIKUXQJµHLQHQ$EULVVEHU0HGLHQWKHR ULHQGLHLKUH:XU]HOQQLFKWLQQHUKDOEGHUHPSLULVFKHQ0HGLHQZLVVHQVFKDIWKDEHQ VRQGHUQVLFK YLHOPHKU LQ GHQ *HLVWHV 6R]LDO XQG .XOWXUZLVVHQVFKDIWHQ VRZLH LQ GHU3KLORVRSKLHYHURUWHQ,KUH7RSRJUDILHDXVJHZlKOWHU0HGLHQWKHRULHQXPIDVVWGDV WKHRUHWLVFKH )HOG YRQ 0DUVKDOO 0F/XKDQ 1LNODV /XKPDQQ -HDQ %DXGULOODUG 9LOpP )OXVVHU )ULHGULFK .LWWOHU 3DXO 9LULOLR ELV KLQ ]X 0DUWLQ 6HHO 0LNH 6DQG ERWKHXQG/HY0DQRYLFK%HUHLWVLQGHU(LQOHLWXQJPDFKHQVLHGDUDXIDXIPHUNVDP GDVVHV0HGLHQWKHRULHQJHJHQZlUWLJQXULP3OXUDO JLEWGHVVHQ )ROJHRIWPDOV8Q EHUVLFKWOLFKNHLWLVW6LHZlKOHQNHLQH%H]HLFKQXQJZLHÃSRVWPRGHUQµIUGLH.DWH JRULVLHUXQJGHU 7KHRULHQRGHU RUGQHQGLHVHEHVWLPPWHQ6FKXOHQ]XVRQGHUQVSUH FKHQOHGLJOLFKYRQSKLORVRSKLVFKHQ3RVLWLRQHQ6LHVWHOOHQHLQH$XVZDKOHLQIKUHQ GHU 7H[WH ]X HOI ]HLWJHQ|VVLVFKHQ 0HGLHQWKHRULHQ ]XVDPPHQ XP HLQH ÄhEHUVLFKW GXUFK EHJULIIOLFKH .OlUXQJ WKHRUHWLVFKHU 9RNDEXODUH XQG 3RVLWLRQHQ³ /DJDD\ /DXHU ]XJHEHQ:LHEHL0DUJUHLWHULVWGDV$QOLHJHQMHQHUEHUEOLFNVDUWL JHQ$XI]lKOXQJPHGLHQWKHRUHWLVFKHU3RVLWLRQHQGLHÄSKLORVRSKLVFKH5HOHYDQ]GHV 0HGLHQGHQNHQV³ HEG KHUDXV]XVWHOOHQXQGGHQ 0HGLHQEHJULII DOV 'HQNZHUN ]HXJIUGLH%HDUEHLWXQJJUXQGOHJHQGHUSKLORVRSKLVFKHU)UDJHQVWDUN]XPDFKHQ,Q LKUHP(LQIKUXQJVEDQGVWHOOHQVLHVFKOLHOLFKDXFKGLH5HOHYDQ]XQG$QVFKOXVVIl KLJNHLWGHUDXVJHZlKOWHQ$QVlW]HIUSKLORVRSKLVFKH)UDJHQXQG3UREOHPHKHUDXV
_ $ 1(LQIK UXQJVXQGhEHUEOLFNVOLWHUDWXU$QPG9HUI@ZLUGDOOHUGLQJVQLFKWGLHHLQ]LJP|JOLFKH 2UGQXQJGHUMHZHLOLJHQ)lFKHUXQG'LV]LSOLQHQSUlVHQWLHUWVRQGHUQHLQHUVHLWVQXUGLH]X HLQHUEHVWLPPWHQ =HLWGLVNXUVOHJLWLPHXQGDQGHUHUVHLWVZHQQHVVLFK]%XPHLQHQRFK MXQJH'LV]LSOLQZLHGLH0HGLHQZLVVHQVFKDIWKDQGHOW2UGQXQJVYHUVXFKHGLHGHPMHZHL OLJHQ)HOGHLQ HLJHQVWlQGLJHV3URILOJHEHQVROOHQ+LHUGXUFK>GXUFKHLQH'LVNXUVDQDO\VH GHU .RQVWLWXWLRQVJHVFKLFKWH MHGHU /HKUEFKHU XQG 1DFKVFKODJHZHUNH $QP G 9HUI@ ZUGH ZLHGHUXP GLH &KDQFH EHVWHKHQ VWUXNWXULHUWH )RUVFKXQJVSURILOH XQG HLQGHXWLJH =XJHK|ULJNHLWHQ ]X EHVWLPPWHQ )RUVFKXQJVSHUVSHNWLYHQ HWZD KLQVLFKWOLFK GHU 0HGLHQ IRUVFKXQJ]XHUDUEHLWHQ³.OHLQHU 'LHVHV9RUKDEHQZUGHVLFKDOOHUGLQJVDXI JUXQGVHLQHV8PIDQJVHKHUDOVHLJHQVWlQGLJHV)RUVFKXQJVSURMHNWHLJQHQXQGLVWLP5DK PHQGLHVHU8QWHUVXFKXQJQLFKWP|JOLFK'LHVNDQQLQGHUYRUOLHJHQGHQ$UEHLWQXUDQJH GHXWHW ZHUGHQ GDKHU VHL DQ GLHVHU 6WHOOH OHGLJOLFK DXI GLH P|JOLFKH $QVFKOXVVVWHOOH IU
_ $ 1Q@ 6WUXNWXU GHU 6R]LRORJLH³ HEG HLQHU JUXQGVlW]OLFKHQ 8QEHUVLFKWOLFKNHLW XQG HLQHU IHKOHQGHQ 6\VWHPDWLVLHUXQJ LQQHU KDOE VR]LDOZLVVHQVFKDIWOLFKHU )RUVFKXQJ ZXUGH GDUDXIKLQ WKHPDWLVLHUW XQG JUXQG VlW]OLFK GLVNXWLHUW 'LH )UDJH GHV 7KHRULHQSOXUDOLVPXV XQG VHLQHU HLQKHUJHKHQGHQ 2UGQXQJVSUREOHPDWLNZXUGHYRQ9HUWUHWHUQGHU6R]LRORJLHHLQJHKHQGLQGHU7KHR ULHYHUJOHLFKVGHEDWWH HU|UWHUW ,P =HQWUXP GHU 7DJXQJ VWDQG LQVRIHUQ GHU 7KHR ULHQYHUJOHLFK LQ GHQ 6R]LDOZLVVHQVFKDIWHQ XQG JUXQGOHJHQGH )UDJHQ GDUEHU ZHO FKHQ 6WHOOHQZHUW 7KHRULHYHUJOHLFKH LQQHUKDOE ZLVVHQVFKDIWOLFKHU )RUVFKXQJ HLQ QHKPHQ ZHOFKH )XQNWLRQ GLHVH HUIOOHQ DXV ZHOFKHQ *UQGHQ 7KHRULHYHUJOHLFKH VLQQYROOE]ZVRJDUQRWZHQGLJVLQGXQGZLHGLHPHWKRGLVFKH'XUFKIKUXQJDXVVH KHQ VROO ,Q GHQ SURJUDPPDWLVFKHQ hEHUOHJXQJHQ JLQJ HV GHPQDFK KDXSWVlFKOLFK XPHLQH2UGQXQJXQG.RQVROLGLHUXQJGHV)DFKV6R]LRORJLHXPMHQHUHEHQJHQDQQ WHQ3UREOHPODJHGHU$XVIDVHUXQJHQWJHJHQ]XZLUNHQXQG]XGHPÄMHQVHLWVDOOHU'DU VWHOOXQJVXQG$EJUHQ]XQJVVWUDWHJLHQ>«@QDFK/|VXQJVP|JOLFKNHLWHQIUJHPHLQ =X GHQ ]HQWUDOHQ 6DPPHOElQGHQ XQG 0RQRJUDILHQ KLHU]X ]lKOHQ %ROWH +UVJ +RQGULFK0DWWKHV+UVJ /HSVLXV+UVJ XQG+RO]HU )U(LQ]HOKHLWHQKLHU]XVLHKHEHLVSLHOVZHLVH2SS:LSSOHUDXQGE XQG.OLPD II
( ,1/(,781* _
VDPGHILQLHUEDUH3UREOHPH$XVVFKDX]XKDOWHQ³HEG 'LH$XIPHUNVDPNHLWJDOW LQVEHVRQGHUH GHP 9HUJOHLFK WKHRUHWLVFKHU $QVlW]H XP GLH /HLVWXQJVIlKLJNHLW GHV )DFKV]XHUKDOWHQXQG]XHUK|KHQYJO+RQGULFK9RUZRUW =XGHPZXUGHGLVNXWLHUWZLH7KHRULHQYHUJOHLFKHPHWKRGLVFKLPSOHPHQWLHUWXQG EH]JOLFKZHOFKHU.ULWHULHQ7KHRULHQPLWHLQDQGHUYHUJOLFKHQXQGNRQIURQWLHUWZHU GHQ VROOWHQ 'DV )HKOHQ HLQHV DN]HSWLHUWHQ 9HUJOHLFKVYHUIDKUHQV XQG HLQGHXWLJHU %HXUWHLOXQJVPDVWl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lQGHUWRGHUHUZHLWHUWZHUGHQN|QQHQ %LV]X+RQGULFKVSURJUDPPDWLVFKHP$UEHLWVSDSLHUIHKOWHQ8QWHUVXFKXQJHQGLH DXI V\VWHPDWLVFKH :HLVH 3UREOHPH HLQHV 7KHRULHYHUJOHLFKV XQG PHWKRGRORJLVFKH $QZHLVXQJHQGLVNXWLHUWHQYJO2SS $QVHLQHUSUDJPDWLVFKHQ=XVDP PHQVWHOOXQJYRQ9HUJOHLFKVJHVLFKWVSXQNWHQZXUGHNULWLVLHUWGDVVGLHVHZLOONUOLFK DXVJHZlKOWXQGQLFKW]XUHLFKHQGEHJUQGHWZXUGHQ$OOHUGLQJVZXUGHVHLWGHPZH GHUHLQDQVFKOXVVIlKLJHU*HJHQYRUVFKODJXQWHUEUHLWHWQRFKZXUGHQVHLQHPHWKRGR ORJLVFKHQ)RUVFKXQJVDQZHLVXQJHQLQ)RUPHLQHV.DWDORJVYRQ9HUJOHLFKVGLPHQVL RQHQV\VWHPDWLVFKDXIJHQRPPHQXPGHIDFWRÄLQSUl]LVHU:HLVHYHUJOHLFKHQGHOR JLVFKH $QDO\VHQ YHUVFKLHGHQHU 7KHRULHQ³ 2SS:LSSOHU E GXUFK]XIK UHQ6WDWWGHVVHQPDQ|YULHUWHVLFKGLH'LVNXVVLRQEHPHUNHQVZHUWHU:HLVHVFKRQ$Q IDQJGHUHU-DKUHLQV$XV'LH7KHRULHQYHUJOHLFKVGHEDWWHZXUGHPLWHLQHPÄUH VLJQDWLYHQ)D]LWDEJHVFKORVVHQ³%HUWHPHV XQGKDWNDXP]XQDFKKDOWLJHQ (UJHEQLVVHQJHIKUW(VZXUGHQNHLQHXQLYHUVDOHQ6WDQGDUGVGHV7KHRULHYHUJOHLFKV DXIJHVWHOOW ZRUGHQ VLQG 1RFK LPPHU GRPLQLHUHQ ÄXQEHUVLFKWOLFKH XQG DXVID VHUQGH'LVNXVVLRQVODJHQ³%RQDFNHU*UHVKRII6FKLPDQN VRZLHHLQHÄXQ NRRUGLQLHUWH9LHOIDOW³(EG %HKDXSWXQJHQJHZLVVH7KHRULHQVHLHQLQNRPPHQVX UDEHOZHUGHQGDEHLPHLVWYRUHLOLJDXIJHVWHOOW'HQQGLH,QNRPPHQVXUDELOLWlWVWKHVH JHKW YRQ HLQHU 8QYHUJOHLFKEDUNHLW YRQ 7KHRULHQ DXV MHGRFK ZLUG GLHV NDXP DP =XGHQHLQ]HOQHQ9HUJOHLFKVJHVLFKWVSXQNWHQGHUHQ0RGLIL]LHUXQJXQG$QSDVVXQJDQGHQ )RUVFKXQJVJHJHQVWDQG VLHKH .DSLWHO LQ GHP GLH 9HUJOHLFKVGLPHQVLRQHQ +RQGULFKV YRUJHVWHOOWZHUGHQ 'LH)RUGHUXQJQDFKXQLYHUVHOOHQ6WDQGDUGVLP6LQQHHLQHUVWULQJHQWHQ0HWKRGLNLVWSULQ ]LSLHOOSUREOHPDWLVFKGDVRPLW7KHRULHYHUJOHLFKHVWHWVVWDELOXQGLQLKUHU8PVHW]XQJZH QLJIOH[LEHOZlUHQ
_ $ 1«@GLHLPPHUJOHLFKHQ)UDJHQXQG3UREOHPO|VXQJVYRUVFKOlJH LQQHXH%HJULIIOLFKNHLWHQNOHLGHQ"³:HEHUE
x *HRJUDILVFKH 9HUJOHLFKH %HVWLPPWH $VSHNWH XQG *HJHQVWDQGVEHUHLFKH YRQ 0HGLHQ XQG .RPPXQLNDWLRQ ZHUGHQ PLWHLQDQGHU YHUJOLFKHQ XQWHU %HUFNVLFKWLJXQJ UlXPOL FKHU'LPHQVLRQHQ'DEHLNDQQHVVLFKXP9HUJOHLFKH]ZLVFKHQYHUVFKLHGHQHQ.XOWX UHQ6WDDWHQ/lQGHUQ5HJLRQHQ.RPPXQHQRGHUEHVWLPPWHQ0lUNWHQKDQGHOQ x 1RUPYHUJOHLFKH%HLGLHVHU$UWGHV9HUJOHLFKVZHUGHQ8QWHUVXFKXQJVHUJHEQLVVHRGHU ,VW=XVWlQGHPLWHLQHUEHVWLPPWHQ1RUP6ROOXQG=LHOYRUJDEHGKPLWHLQHPDSUL RULDQJHVHW]WHQ0DVWDEDEJHJOLFKHQ'LHVH9RUJHKHQVZHLVHLVWLGHDOW\SLVFKIU4XD OLWlWVXQG(YDOXDWLRQVIRUVFKXQJIUGLHQRUPDWLYH.ULWHULHQIHVWJHOHJWZHUGHQGLHLP ,GHDOIDOOHUUHLFKWZHUGHQVROOHQ x ,QWHU0HGLD9HUJOHLFKH 'LHVH $UW GHV 9HUJOHLFKV QLPPW XQWHUVFKLHGOLFKH (LQ]HO PHGLHQ LQ +LQEOLFN DXI RUJDQLVDWRULVFKH LQVWLWXWLRQHOOH UHFKWOLFKH SROLWLVFKH |NRQR PLVFKH MRXUQDOLVWLVFKH VHPLRWLVFKH WHFKQLVFKH RGHU ZDKUQHKPXQJVSV\FKRORJLVFKH (LJHQVFKDIWHQ LQ GHQ )RNXV %HVRQGHUV LQ GHU :LUNXQJVIRUVFKXQJ VLQG ,QWHU0HGLD 9HUJOHLFKH LQWHUHVVDQW GD GRUW *HPHLQVDPNHLWHQ XQG 8QWHUVFKLHGH GHU (LQ]HOPHGLHQ KLQVLFKWOLFKGHU9HUEUHLWXQJ1XW]XQJ5H]HSWLRQXQG:LUNXQJXQWHUVXFKWZHUGHQ x .DWHJRULDOH9HUJOHLFKH,GHDOW\SLVFKVLQGKLHU9HUJOHLFKH]ZLVFKHQ3HUVRQHQJUXSSHQ GLHYHUVFKLHGHQH0HUNPDOHDXIZHLVHQ]%VR]LRGHPRJUDILVFKHU$UW8QWHUVXFKXQJHQ PLWGHU0HWKRGHGHV([SHULPHQWVVLQGNDWHJRULDOH9HUJOHLFKHLQGHP]ZHLRGHUPHK UHUHH[SHULPHQWHOOH)DNWRUHQXQG]ZHLRGHUPHKUHUHDEKlQJLJH9DULDEOHPLWYHUVFKLH GHQHQ9HUJOHLFKVJUXSSHQJHSUIWZHUGHQ
9JO6FKXO]II
%HWUDFKWHWPDQEHLVSLHOVZHLVHDOOHLQVFKRQGLH]DKOUHLFKHQ7KHRULHQPLWWOHUHU5HLFKZHLWH DXVGHU0HGLHQZLUNXQJVIRUVFKXQJVRZLUGVFKQHOOGHXWOLFKGDVVGLHVHUHODWLYXQYHUEXQ GHQQHEHQHLQDQGHUVWHKHQ0HUWHQ EH]HLFKQHWGLHVDOVGLH]HQWUDOHÄ3UREOHPDWLNGHUJH VDPWHQ:LUNXQJVIRUVFKXQJ³0HUWHQ
_ $ 1Q@3URMHNW³+DEHUPDV XQGVHW]WGLHVHPLWGHU$XINOlUXQJLP-DKUKXQGHUWJOHLFK'DV.RQ]HSWGHU0R GHUQHELQGHWHUGHPJHPlDQHLQJUXQGVlW]OLFKHV9HUWUDXHQLQGLHHPDQ]LSDWRULVFKH9HU QXQIW XQG 5DWLRQDOLWlW JHVHOOVFKDIWOLFKHU (QWZLFNOXQJ VRZLH HLQH JHVHOOVFKDIWVNULWLVFKH KHUUVFKDIWVIUHLHgIIHQWOLFKNHLW'DEHLHUKDOWHQGLHVH,GHHQXQLYHUVHOOHQ&KDUDNWHU,QHL QHPGHUDUWLJQRUPDWLYHQ0RGHUQHNRQ]HSWLVWGLH5HGHYRQHLQHU3RVWPRGHUQHEHUHLWVYRQ %HJLQQDQVLQQORVJHZRUGHQ+DEHUPDVVSULFKWGHU3RVWPRGHUQHVRPLWMHGH([LVWHQ]EH UHFKWLJXQJDEGDGLH:HUWHXQG9HUVSUHFKXQJHQGHU0RGHUQHQRFKQLFKWHLQJHO|VWZRU GHQXQGVRPLWXQYROOHQGHWJHEOLHEHQVLQG'LH3RVWPRGHUQHEH]HLFKQHWHUGHPJHPlDOV HLQHQDQWLPRGHUQHQ1HRRGHU-XQJNRQVHUYDWLVPXV9JO+DEHUPDVII ,P)ROJHQGHQVROOEHDFKWHWZHUGHQGDVVGLH%H]HLFKQXQJÃ]LWLHUWLQµGHU9HUZHLVDXIHLQ ,QWHUYLHZ PLW GHP EHWUHIIHQGHQ 7KHRUHWLNHU LVW LQ GHP VLFK GHU MHZHLOLJH $XWRU GLUHNW lXHUWZRKLQJHJHQÃ]LWLHUWQDFKµGLH(QWQDKPHHLQHV=LWDWVDXVHLQHU6HNXQGlUTXHOOHEH GHXWHW
7 +(25(7,6&+(5 % (=8*65$+0(1 _
(EHQVR VSULFKW /\RWDUG GHP GHXWVFKHQ ,GHDOLVPXV QDFK +HJHO E]Z GHU 7UDQVIRU PDWLRQQDFK0DU[LGHRORJLVFKHXQGVRJDUWRWDOLWlUH=JH]XGLHNHQQ]HLFKQHQGIU HLQH 0HWDHU]lKOXQJ VLQG $OV .ULWLNHU GHV VXEMHNW]HQWULVFKHQ :HOWELOGHV XQG GHU QHX]HLWOLFKHQ5DWLRQDOLWlWHUVHW]W+HJHOGDVFDUWHVLDQLVFKH6XEMHNWGXUFKHLQHQDOO JHPHLQHQ :HOWJHLVW HLQ TXDVL REMHNWLYLHUWHV 6XEMHNW 0LW GHU 'LDOHNWLN YHUVXFKW GLHVHUGLH]ZHLZHUWLJH/RJLNYRQ6XEMHNWXQG2EMHNWDXI]XKHEHQXQGGLHVXEMHNW ]HQWULVFKH 5DWLRQDOLWlW YRQ LKUHQ :LGHUVSUFKHQ ]X EHIUHLHQ -HGRFK LVW DXFK GHU ,GHDOLVPXV +HJHOV GHU /RJLN PRGHUQHU 0HWDHU]lKOXQJHQ ]X]XUHFKQHQ 0LW 0DU[ ZLUG +HJHOV 3KLORVRSKLH YRP .RSI DXI GLH )H JHVWHOOW XQG VFKOLHOLFK ]X HLQHU SROLWLVFKIROJHQUHLFKHQ,GHRORJLH'HU0DU[LVPXV]HLJWGLHUHDOSROLWLVFKH'HIRUPD WLRQGHU3KLORVRSKLH+HJHOVXQGUHGX]LHUWGDVXQLYHUVHOOH=LHOGHU(PDQ]LSDWLRQGHU 0HQVFKKHLWDXIGDV9HUVSUHFKHQGHQ.ODVVHQNDPSILQGHUNRPPXQLVWLVFKHQ2UG QXQJ]XEHHQGHQXQGGHQ*HJHQVDW]YRQ+HUUXQG.QHFKWDXI]XO|VHQXPVFKOLH OLFKLQWRWDOLWlUHQ+HUUVFKDIWVV\VWHPHQ]XHQGHQ'LHVHUGLDOHNWLVFKH0DWHULDOLVPXV PLWVHLQHULPPDQHQWHQWHOHRORJLVFKHQ*HVFKLFKWVDXIIDVVXQJZLUGHEHQVRGXUFKHLQH DOOJHPHLQJOWLJH,GHHJHOHLWHWVLFKGXUFK$UEHLW]XHPDQ]LSLHUHQ9JO(QJHOPDQQ I 'LH(PDQ]LSDWLRQGHV6XEMHNWVGLHPLWGHUIUDQ]|VLVFKHQ5HYROXWLRQGXUFKGDV 3URJUDPP GHU $XINOlUXQJ EHJRQQHQ KDW .DQW GDV 9HUVSUHFKHQ HLQHV DEVROXWHQ :LVVHQV GXUFKGHQ JHVFKLFKWOLFKHQ %HJULII GHU 9HUQXQIW +HJHO XQGGLH ,GHH GHV )RUWVFKULWWV LQ GHU GLH *HVFKLFKWH WHOHRORJLVFK DXI HLQ XWRSLVFKHV =LHO KLQVWHXHUW VLQGMHQH]HQWUDOHQHLQKHLWVVWLIWHQGHQ0HWDHU]lKOXQJHQGLHFKDUDNWHULVWLVFKIUGHQ LGHRORJLVFKHQ'HQNPRGXVGHU0RGHUQHVLQG/\RWDUGNRQVWDWLHUWGDVVHVHLQGHUDU WLJHVÃ3URMHNWµGHU0RGHUQHQLFKWPHKUJHEHQNDQQ(LQHDEVWUDNWH,GHHZLH)UHLKHLW RGHU 6R]LDOLVPXV NDQQ QLFKW ]XP XQLYHUVHOOHQ =LHO DXVJHUXIHQ ZHUGHQ XQG $OOJH PHLQJOWLJNHLW EHDQVSUXFKHQ QDFK GHP VLFK MHJOLFKHV +DQGHOQ DXV]XULFKWHQ KDW ,QVRIHUQUXIW/\RWDUGGDV(QGHGHU0HWDHU]lKOXQJHQDXV 'LH3RVWPRGHUQHXQGGDV6FKHLWHUQGHU0HWDHU]lKOXQJHQ Ä'HU 8QWHUJDQJ XQG YLHOOHLFKW VRJDU =HUIDOO GHU ,GHHGHU8QLYHUVDOLWlWNDQQGDV'HQNHQXQGGDV/H EHQYRQGHU2EVHVVLRQGHU7RWDOLWlWEHIUHLHQ³ /@ /\RWDUGVSULFKWDOOJHPHLQ YRQ HLQHU9HUlQGHUXQJGHU:LV VHQVVWUXNWXUXQGGHV,QIRUPDWLRQVWUDQVIHUVGLHHUDOVÄ,QIRUPDWLVLHUXQJGHU*HVHOOVFKDIW³ /\RWDUGD>@ EH]HLFKQHW
_ $ 1@ /\RWDUG IRUGHUW GHQ 'LVVHQV DOV HLQHQ QDWUOLFKHQ :LGHUVWUHLW YRQ 6SUDFKVSLHOHQ ,QVRIHUQ YHUODQJW HU HLQH *OHLFKVWHOOXQJYRQ:LVVHQVIRUPHQXQGGUFNWGDPLWVHLQH$EOHKQXQJXPIDVVHQGHUXQL YHUVDOHU(U]lKOXQJHQDXV
_ $ 1@ GHQ HU PLWGHU 9HU|IIHQWOLFKXQJ YRQ Ã:LGHU GHQ 0HWKRGHQ]ZDQJ 6NL]]H HLQHU DQDUFKLVWLVFKHQ (UNHQQWQLVWKHRULHµ >@ LQ GLH :LVVHQVFKDIWVWKHRULH HLQIKUWH VRZRKO LP ZLVVHQVFKDIWOLFKHQ DOV DXFKLP|IIHQWOLFKHQ'LVNXUVEHNDQQWJHZRUGHQ,QQHUKDOEGHU6FLHQWLILF&RPPX QLW\JLOWHUDOVÄHQIDQWWHUULEOHGHU3KLORVRSKLH³6WDGOHUL[ 6HLQHSRODULVLH UHQGHQXQGVWLOLVWLVFKSURYRNDWLYHQ$XVVSUFKHZLHÃ$Q\WKLQJJRHVµRGHU7LWHOVHL QHU 9HU|IIHQWOLFKXQJ ZLH Ã:LGHU GHQ 0HWKRGHQ]ZDQJµ >@ Ã:LVVHQ VFKDIW DOV .XQVWµ Ã(UNHQQWQLV IU IUHLH 0HQVFKHQµ RGHU Ã=HLWYHU VFKZHQGXQJµD ZLHHUVHLQH$XWRELRJUDILHQHQQWKDEHQVHLQ,PDJHDOV$QWL :LVVHQVFKDIWOHUEHJUQGHWXQGYHUIHVWLJW*HUDGHVHLQ6DUNDVPXVXQGVHLQH)lKLJ NHLW ]XU 6HOEVW ,URQLH XQG NULWLVFKHQ 'LVWDQ] YHUVSRWWHQ GHQ DNDGHPLVFKHQ 6WLO GDVUDWLRQDOLVWLVFKH6HOEVWYHUVWlQGQLVGHQ0HWKRGHQGRJPDWLVPXVGHU:LVVHQVFKDIW VRZLHGLHSUlWHQWL|VH$UWXQG:LFKWLJWXHUHLGHVDNDGHPLVFKHQ%HWULHEV'DKHUKDW Ã:LGHU GHQ 0HWKRGHQ]ZDQJµ ZDU DOV JHPHLQVDPH 3XEOLNDWLRQ PLW VHLQHP )UHXQG ,PUH /DNDWRV JHSODQW )UKHUH $UJXPHQWH )H\HUDEHQGV VROOWHQ GXUFK /DNDWRV NRPPHQWLHUW ZHUGHQ 'XUFK GHQ 7RG /DNDWRV¶ ZDU )H\HUDEHQG MHGRFK JH]ZXQJHQ GDV %XFK VHOEVW ]X YROOHQGHQ 'D Ã:LGHU GHQ 0HWKRGHQ]ZDQJµ DOV 'LDORJ DQJHGDFKW ZDU KDW HU QDFKHLJHQHU$XVVDJH GLH7KHVHQ SURYRNDQWIRUPXOLHUWXP/DNDWRVDXVGHU5HVHUYH]X ORFNHQÄ,FKRUGQHWHGLH 7HLOHLQ HLQHPSDVVHQGHQ =XVDPPHQKDQJDQIJWHhEHUJlQJH KLQ]XHUVHW]WH6WHOOHQGXUFKUDGLNDOHUHXQGQDQQWHGDV(UJHEQLVÃ$QDUFKLVPXVµ(VJHILHO PLUGLH/HXWH]XVFKRFNLHUHQXQGDXHUGHPZROOWH,PUHHLQHQNODUHQ.RQIOLNWXQGNHLQ QHEXO|VHV*HUHGH³)H\HUDEHQGD 6RKHLWHVEHLVSLHOVZHLVHLQVHLQHU$XWRELRJUDILHÄ+LQXQGZLHGHUEHWUDWLFKGHQ+K QHUVWDOOVFKORGLH7UKLQWHUPLUXQGKLHOWHLQH$QVSUDFKHDQGLH,QVDVVHQHLQHH[]HO OHQWH9RUEHUHLWXQJDXIPHLQHQVSlWHUHQ%HUXI³)H\HUDEHQGD ,P%ULHIZHFKVHO PLWVHLQHP)UHXQG+DQV3HWHU'XHUUVFKUHLEWHUDXHUGHPÄ,FKKDE¶PLUÃ:LGHU«µ>:L GHUGHQ0HWKRGHQ]ZDQJ$QPG9HUI@DQJHVHKHQXQGIDVWJHNRW]W(LQHVROFKH6FKHLH
7 +(25(7,6&+(5 % (=8*65$+0(1 _
VLFK )H\HUDEHQG VHLW VHLQHU SURYRNDQWHQ )RUPHO GHV Ã$Q\WKLQJ JRHVµ VHOEVW EHU ZLVVHQVFKDIWVWKHRUHWLVFKH *UHQ]HQ KLQZHJ PLW GHP 9RUZXUI GHU %HOLHELJNHLW :LOONU XQG ,UUDWLRQDOLWlW DXVHLQDQGHUVHW]HQ PVVHQ :HQQ GLH 3RVWPRGHUQH GLH 0RGHUQH EHUZLQGHQ P|FKWH XQG VRPLW DOOHV YHUDEVFKLHGHW GDV PLW (LQKHLW XQG 2UGQXQJLQ=XVDPPHQKDQJVWHKWGDQQPXVVGLH3RVWPRGHUQHDOVHLQHGHU0RGHUQH GLDPHWUDO HQWJHJHQJHVHW]WH (SRFKH GHU ,UUDWLRQDOLWlW GHV &KDRV XQG GHU 2ULHQWLH UXQJVORVLJNHLWJHOWHQVRGDV9HUVWlQGQLVGHU.ULWLNHU )H\HUDEHQGSURNODPLHUWGDVVGLH9LHO]DKOYRQ'HQNVWLOHQ:LVVHQVIRUPHQXQG 3UDNWLNHQQLFKWDXI2UGQXQJVXQG(LQKHLWVGHQNHQUHGX]LHUWZHUGHQNDQQVRQGHUQ VWHWV DXFK 8QEHUHFKHQEDUHV 1LFKW6\VWHPDWLVLHUEDUHV XQG +DOERUGQXQJHQ PLWJH GDFKWZHUGHQPVVHQ(VPXVVVLFKDXIHLQHLQQHUH8QRUGQXQJHLQJHODVVHQZHUGHQ XP ÄYRU ODXWHU ORJLVFKHP 'HGXNWLRQV]ZDQJ XQG IRUPDOHU 5HJHOPlLJNHLW GLH (L JHQVWUXNWXUXPGLHHVHLJHQWOLFKJHKW³(EG ]XEHUFNVLFKWLJHQ8PGLHVH(LJHQ VWUXNWXUHUQVW]XQHKPHQXQG)H\HUDEHQGV$XVVDJHQQLFKWYRUHLOLJDOVEHOLHELJXQG LUUDWLRQDO DE]XWXQ VROO LP )ROJHQGHQ JHQDXHU EHOHXFKWHW ZHUGHQ ZHOFKH ZLVVHQ VFKDIWVWKHRUHWLVFKHQ hEHUOHJXQJHQ XQG ,PSOLNDWLRQHQ KLQWHU GHU SURYRNDQWHQ )RU PHOÃ$Q\WKLQJJRHVµVWHFNHQ ,P YRUKHULJHQ .DSLWHO ZXUGH EHUHLWV JH]HLJW GDVV /\RWDUG ]ZLVFKHQGHP ZLV VHQVFKDIWOLFKHQ XQG GHP QDUUDWLYHQ 0RGXV YRQ :LVVHQVJHZLQQXQJ XQWHUVFKHLGHW ,P ZLVVHQVFKDIWOLFKHQ 0RGXVKHUUVFKW HLQH 0HWDVSUDFKH GLH QXU HLQHQ 6DW]W\SXV GLH GHQRWDWLYH $XVVDJH ]XOlVVW XQG .RPPXQLNDWLRQ XQG ,QWHUDNWLRQ YHUKLQGHUW 'LHQDUUDWLYH)RUPZLH0\WKHQ)DEHOQRGHU/HJHQGHQKLQJHJHQHUODXEWHLQH9LHO ]DKODQYHUVFKLHGHQHQ$XVVDJHW\SHQ:LVVHQVFKDIWLVWLQLKUHP*OWLJNHLWVDQVSUXFK WRWDOLWlU GLVTXDOLIL]LHUW SHU VH GDV 1DUUDWLYH XQG VFKOLHW VRPLW HLQH 3OXUDOLWlW YRQ 6SUDFKVSLHOHQ DXV bKQOLFK DUJXPHQWLHUW DXFK )H\HUDEHQG GHU GLH WRWDOLWlUH +DO WXQJGHU:LVVHQVFKDIWKLQVLFKWOLFKLKUHU0HWKRGHQXQG/HJLWLPLWlWGHU:LVVHQVJH ZLQQXQJ SUREOHPDWLVLHUW XQG IU HLQHQ HUNHQQWQLVWKHRUHWLVFKHQ $QDUFKLVPXV SOl GLHUW (U NULWLVLHUW GHQ ZLVVHQVFKDIWOLFKHQ 5DWLRQDOLWlWVW\SXV DOV DOOHLQJOWLJHQ XQG VHW]WVLFKIUHLQH9LHO]DKOYRQ(UIDKUXQJVW\SHQHLQ)H\HUDEHQGULFKWHWVLFKJHJHQ HLQHQÃ0HWKRGHQ]ZDQJµ±ZLHHVEHUHLWVLP7LWHOVHLQHV:HUNVKHLW±XQGMHJOLFKH QRUPDWLYH )RUGHUXQJHQ $QVSUFKH XQG )HVWOHJXQJHQ ZLH :LVVHQVFKDIW PHWKR GLVFK ]X EHWUHLEHQ LVW :LVVHQVFKDIW NDQQ QLFKW PHKU GHQ *HOWXQJVDQVSUXFK HLQHU UHJHOJHOHLWHWHQ0HWKRGLNYHUWUHWHQVRQGHUQLVWLQGHU3RVWPRGHUQHDOVÄDQDUFKLVWL VFKHV 8QWHUQHKPHQ³ )H\HUDEHQG >@ ]X YHUVWHKHQ 'DKLQJHKHQG VWHOOWHU]ZHL]HQWUDOH%HKDXSWXQJHQDXI KDEH LFK JHVFKULHEHQ 6R XQPHQVFKOLFK UDWLRQDOLVWLVFK -HW]W ZLOO LFK VFKQHOO QRFK XP VFKUHLEHQZDVXP]XVFKUHLEHQJHKW³)H\HUDEHQGE 0LNH6DQGERWKHVSULFKWGDEHLYRQHLQHP$Q\WKLQJJRHV0LVVYHUVWlQGQLVGDHVVLFKEHL GLHVHP *HGDQNHQYROO]XJ XP HLQH LQKDOWOLFK IDOVFKH %HZHLVIKUXQJ KDQGHOW YJO 6DQG ERWKH
_ $ 1@ 6HLQH $QWLUHJHO ULFKWHW VLFK GHPQDFK JHJHQ .RQVLVWHQ]EHGLQJXQJHQ YRQ7KHRULHQLQGHUQHXH+\SRWKHVHQPLWEHUHLWVDQHUNDQQWHQ7KHRULHQLQ(LQNODQJ JHEUDFKWZHUGHQVROOHQ'LHVLVWXQVLQQLJGDGDGXUFKVWHWVGLHlOWHUHHWDEOLHUWH7KH RULHHUKDOWHQZLUGXQGQLFKWGLHEHVVHUH0HWKRGHQYLHOIDOWGDV.RQIOLJLHUHQXQGGHU :LGHUVWUHLW YRQ 7KHRULHQ VLQG GHPQDFK GHU HLJHQWOLFKH 0RWRU GHV )RUWVFKULWWV YJOHEG )H\HUDEHQGJHKWLQVHLQHU$UJXPHQWDWLRQQRFKZHLWHUXQGVSULFKWVLFKH[SOL]LW JHJHQHLQH9RUPDFKWVWHOOXQJGHU:LVVHQVFKDIWLP$OOJHPHLQHQDXV(USOlGLHUWIU QHXHNUHDWLYH3HUVSHNWLYHQVFK|SIHULVFKHQ'LOHWWDQWLVPXV.RQIURQWDWLRQHQZHFK VHOVHLWLJH.RUUHNWXUHQXQGIUXFKWEDUHhEHUVFKUHLWXQJHQYRQ'LV]LSOLQJUHQ]HQ9HU VFKLHGHQH$QVlW]HELHWHQDXFKYHUVFKLHGHQDUWLJH=XJDQJVZHLVHQ]XHLQHP3UREOHP XQG EHOHXFKWHQ GDGXUFK DQGHUH 6HLWHQ GHV 3UREOHPV 'DKHU PXVV GLH 3KLORVRSKLH XQGGLH:LVVHQVFKDIWGLHJU|WP|JOLFKHPHWKRGLVFKH2IIHQKHLWJHZlKUOHLVWHQ0DQ PXVVMHGH)RUPGHU:LVVHQVJHZLQQXQJIUOHJLWLPDQVHKHQÄVHLGLHVQXQLQGHUDQ WLNHQ0\WKRORJLHLQPRGHUQHQ9RUXUWHLOHQLQGHQ(ODERUDWHQYRQ)DFKOHXWHQRGHU GHQ)DQWDVLHQNRPLVFKHU.lX]H'LHJHVDPWH*HVFKLFKWHHLQHU'LV]LSOLQZLUGKHU DQJH]RJHQXPLKUHQQHXHVWHQXQGÃIRUWJHVFKULWWHQVWHQµ(QWZLFNOXQJVVWDQG]XYHU EHVVHUQ³ )H\HUDEHQG >@ 0\WKRV 0DJLH XQG 5HOLJLRQ PVVHQ HEHQVRDOVJOHLFKEHUHFKWLJWH(UNHQQWQLVIRUPHQDQHUNDQQWZHUGHQ'HU8QWHUVFKLHG ]ZLVFKHQ :LVVHQVFKDIW XQG 1LFKW:LVVHQVFKDIW O|VW VLFK VRPLW ]XQHKPHQG DXI 3DUDGR[HUZHLVHJHEUDXFKW)H\HUDEHQGGDVDXINOlUHULVFKHPRGHUQH,GHDOGHV)RUWVFKULWWV DOVOHLWHQGH3UlPLVVHIUGDVSRVWPRGHUQH7KHRUHWLVLHUHQ'HU%HJULIIGHV)RUWVFKULWWVLVW KLHUEHL MHGRFK SRVLWLY NRQQRWLHUW XQG LQ GLHVHP 6LQQH I|UGHUXQJVZUGLJ :DV DOV IRUW VFKULWWOLFKRGHUUFNVFKULWWOLFKEHXUWHLOWZLUGEOHLEWGDEHLMHGRFKVFKZDPPLJ8QNODULVW ZDV )H\HUDEHQG JHQDX XQWHU )RUWVFKULWW YHUVWHKW XQG ZHVKDOE HU GLHVHQ %HJULII SRVLWLY DXIOlGW XQG ]X VHLQHQ QRUPDWLYHQ +DQGOXQJVDQZHLVXQJHQ JHODQJW *HHUW/XHNH /XHNHQ QLPPWDQGDVV)H\HUDEHQGGLHVH)RUWVFKULWWVWKHVHQLFKWVHOEHUYHUWULWWVRQGHUQEORGHQ $QKlQJHUQ DXI]X]HLJHQ YHUVXFKW GDVVLKU ,QWHUHVVH DP )RUWVFKULWWLP .RQIOLNW PLW GHP ,QWHUHVVH DQ 5DWLRQDOLWlWVWHKW )H\HUDEHQG PDFKW KLQJHJHQ GLH LUUDWLRQDOHQ $VSHNWH GHU :LVVHQVFKDIWJHJHQMHJOLFKH5DWLRQDOLWlWVGRJPHQVWDUNXQGDUJXPHQWLHUWLQVRIHUQIUHL QHIRUWVFKULWWOLFKH:LVVHQVFKDIWGLHHLQHUGRJPDWLVFKHQ:LVVHQVFKDIWE]Z9HUQXQIWGL DPHWUDO HQWJHJHQVWHKW 'DVV HU GDEHL GHQ )RUWVFKULWWVEHJULII JHJHQ GHQ 5DWLRQDOLWlWVEH JULII VWHOOW XQG HUVWHUHQ HLQGHXWLJ EHYRU]XJW EOHLEW MHGRFK ZLOONUOLFK 9JO /XHNHQ
7 +(25(7,6&+(5 % (=8*65$+0(1 _
9HUVFKLHGHQH 0HWKRGHQ GHV (UNHQQWQLVJHZLQQV VROOHQ YHUPLVFKW ZHUGHQ VR DXFK EHLVSLHOVZHLVH .XQVW XQG :LVVHQVFKDIW GHQQ ÄNQVWOHULVFKH 9HUIDKUHQ NRPPHQ EHUDOOLQGHQ:LVVHQVFKDIWHQYRUXQGEHVRQGHUVGRUWZRQHXHXQGEHUUDVFKHQGH (QWGHFNXQJHQJHPDFKWZHUGHQ³)H\HUDEHQG 1XUGXUFKHLQHVROFKHDQDU FKLVWLVFKH (UNHQQWQLVWKHRULH NDQQ GLH PLWWOHUZHLOH XQKLQWHUIUDJWH /HJLWLPDWLRQ GHU :LVVHQVFKDIWZLHGHULQ)UDJHJHVWHOOWZHUGHQ(VPXVVHLQHWROHUDQWHÄ'HPRNUDWL VLHUXQJGHU:LVVHQVFKDIW³HEG DQJHVWUHEWZHUGHQGHQQ ÄZLH0DGHQVLW]HQGLH,QWHOOHNWXHOOHQLP6SHFNXQVHUHU*HVHOOVFKDIW>«@:LHDQGHUH3KLOR VRSKLHQLVWDXFKGHUNULWLVFKH5DWLRQDOLVPXVHLQH6FKXOSKLORVRSKLHHQWZLFNHOWXQGYHUEUHLWHW YRQ DNDGHPLVFKHQ 1DJHWLHUHQ >«@ 'LH :LVVHQVFKDIW ZLUG EHZXQGHUW RKQH XQWHUVXFKW XQG YHUVWDQGHQ]XZHUGHQGDVVWUHQJJHUHJHOWHÄORJLVFKH³ 'HQNHQJLOWJDQ]VHOEVWYHUVWlQGOLFK DOVGDV$XQG2GHV/HEHQV|GH6FKODJZRUWHHUVHW]HQ$UJXPHQWHXQG.ULWLNLVWQLFKWVZHL WHUDOVGLH:LHGHUKROXQJYRQ3KUDVHQZLHÄLUUDWLRQDO³ÄDGKRF³ÄGHJHQHULHUHQG³ÄXQIDOVLIL ]LHUEDU³ÄPHWDSK\VLVFK³XQGGHUJOHLFKHQPHKU³HEGI
)H\HUDEHQGLVWGHU0HLQXQJGDVVVLFKGHU(UIROJGHU:LVVHQVFKDIWGDUDXIEHJUQ GHWGDVVLKUGHU9HUJOHLFKVPDVWDEIHKOW(VJHKWGDEHLQLFKWXPGHUHQ(WDEOLHUXQJ GXUFKGDV4XDOLWlWVNULWHULXPGHUEHVVHUHQ(LQVLFKWHQVRQGHUQQXUXPHLQHQ(UIROJ GHUVLFKDXI,QVWLWXWLRQDOLVLHUXQJJUQGHW(LQHQ:HWWVWUHLWYRQZHVWOLFKHP'HQNHQ XQG|VWOLFKHQ0\WKHQRGHUDQGHUHQDOWHUQDWLYHQ'HQNDQVlW]HQKDWHVQLHJHJHEHQ GDVLFKGLH:LVVHQVFKDIWGXUFK.RORQLDOLVLHUXQJGXUFKJHVHW]WXQGVRPLWLKUHQ+HUU VFKDIWVDQVSUXFK LQVWLWXWLRQHOO OHJLWLPLHUW KDW 9JO )H\HUDEHQG D II (U YHUVSRWWHW LQVRIHUQ UHJHOUHFKW GDV ZDV LP DNDGHPLVFKHQ %HWULHE XQWHU 6HULRVLWlW XQG0HWKRGLNZLVVHQVFKDIWOLFKHQ$UEHLWHQVYHUVWDQGHQZLUG 5HVPLHUHQG NDQQ NRQVWDWLHUW ZHUGHQ GDVV )H\HUDEHQG PLW GHP &UHGR Ã$Q\ WKLQJJRHVµYHUVXFKWGLH:LVVHQVFKDIWDXVGHUVWDUUHQ)L[LHUXQJDXIPHWKRGRORJL VFKH$QZHLVXQJHQ]XEHIUHLHQXQGVLFKYRQHLQHPQHX]HLWOLFKHQ0HWKRGHQLGHDO]X O|VHQ(UVLHKWGLH*HEXUWGHU.UHDWLYLWlWDXVGHP&KDRVDOV)RUWVFKULWW1LFKWGLH 2UGQXQJ VRQGHUQ ,GHHQHPHUJHQ] DXV GHU 8QRUGQXQJ ZLUG DOV HUNHQQWQLVI|UGHUQG DQJHVHKHQ 3OXUDOLWlW XQG .RQWLQJHQ] WUHWHQ DQ GLH 6WHOOH YRQ ZLVVHQVFKDIWOLFKHP 'RJPDWLVPXVXQGPHWKRGLVFKHU5HJHONRQIRUPLWlW %HWUDFKWHW PDQ QDFK GHU 'DUVWHOOXQJ YRQ /\RWDUGV XQG )H\HUDEHQGV JUXQGOH JHQGHQ7KHVHQGHQ%HJULIIGHU3RVWPRGHUQHVRNDQQIHVWJHVWHOOWZHUGHQGDVVGDV 3UlIL[ÃSRVWµQLFKWDOVHLQH1DFK]HLWLJNHLW]XYHUVWHKHQLVWVRQGHUQHLQ5HIOHNWLH =XU9HUDQVFKDXOLFKXQJQHQQWHUIROJHQGH0HWDSKHUGHV3IHUGHUHQQHQVÄ,QHLQHP3IHUGH UHQQHQ PVVHQDOOH3IHUGHDXIGLHPDQ ZHWWHQNDQQGDV5HQQHQEHHQGHQLQGHQ:LV VHQVFKDIWHQZHUGHQQXUGLHSRSXOlUHQ3IHUGHJXWJHQXJJHIWWHUWXPLP5HQQHQEOHLEHQ ]XN|QQHQ$P(QGHZLVVHQZLUYRQLKUHQ(UIROJHQDEHUZLUZLVVHQQLFKWREGLH(UIRO JHGHUEULJHQ3IHUGHQLFKWYLHOJU|HUJHZHVHQZlUH³)H\HUDEHQG
_ $ 1:@LHVWDUNGHU=XVDPPHQKDQJ]ZLVFKHQEUJHUOLFKHU*HIKOVNXOWXUXQG7ULYLDOOLWHUDWXULQ GLHVHP =HLWUDXP JHZHVHQ LVW ZLH LQWHQVLY IXQNWLRQDOH 'LIIHUHQ]LHUXQJ XQG GLH $XVELOGXQJ V\VWHPVSH]LILVFKHU .RPPXQLNDWLRQ LQWHUUHOLHUHQ RGHU ZLH VWDUN 0RELOLVLHUXQJ SROLWLVFKH 3DUWL]LSDWLRQ XQG ,QVWLWXWLRQDOLVLHUXQJ YRQ .RQIOLNWHQ DXI GLH $XVELOGXQJ IXQNWLRQLHUHQGHU .RPPXQLNDWLRQVYHUELQGXQJHQDQJHZLHVHQZDUHQ³6FKPLGW6SLH
]HLJWGLHHQJH9HUNQSIXQJ]ZLVFKHQ0HGLHQZDQGHOQHXHQ.RPPXQLNDWLRQVP|J OLFKNHLWHQ XQG JHVHOOVFKDIWOLFKHQ (QWZLFNOXQJHQ 0HGLHQ VLQG ,QVWUXPHQWH GHU :LUNOLFKNHLWVNRQVWUXNWLRQ VLH JHEHQ YHUlQGHUWH %HGLQJXQJHQ GHU :DKUQHKPXQJ YRUXQGVLQGYHUDQWZRUWOLFKIUGLH(UVFKDIIXQJYRQgIIHQWOLFKNHLW=XGHPN|QQHQ VLHDOVEHGHXWVDPH,QVWDQ]HQGHU6R]LDOLVDWLRQEHJULIIHQZHUGHQGLHGDV9HUKlOWQLV YRQ.XOWXUXQG*HGlFKWQLVVRZLHYRQ JHVHOOVFKDIWOLFKHQ$XVXQG(QWGLIIHUHQ]LH UXQJVSUR]HVVHQEHHLQIOXVVHQ0DVVHQPHGLHQVWHKHQLQHLQHPHQJHQ9HUKlOWQLV]X VR]LDOHU XQG NXOWXUHOOHU 2UGQXQJ :HUWH 0HQWDOLWlWV (LQVWHOOXQJV XQG %HGUI QLVZDQGHO LQGHP VLH MHZHLOLJH =XVWlQGH XQG 9HUlQGHUXQJHQ |IIHQWOLFK DOVR EH REDFKWEDUXQG NRPPXQLNDWLRQVIlKLJ PDFKHQÄ.XU]XP 0HGLHQ VLQG $JHQWHQ VR ]LRNXOWXUHOOHQ :DQGHOV 'DEHL ZHUGHQ .RPPXQLNDWLRQHQ ZLH 0HGLHQV\VWHPH ]X QHKPHQGYHUQHW]WXQGUHIOH[LYGKDXIVLFKVHOEVWDQJHZDQGW³HEG 'LH3OX UDOLVLHUXQJGHU/HEHQVZHOWHQXQGGLH]XQHKPHQGH$XVGLIIHUHQ]LHUXQJYRQ0HGLHQ XQG QHXHQ .RPPXQLNDWLRQVP|JOLFKNHLWHQ KDEHQ ]X HLQHP SRWHQ]LHUWHQ %HREDFK WXQJVYHUKlOWQLV JHIKUW 0HGLHQ NRQVWUXLHUHQ :LUNOLFKNHLW GXUFK GLH $UW ZLH VLH EHREDFKWHQ XQG EHVFKUHLEHQ 'LH %HREDFKWXQJHQ VLQG GDEHL VWHWV VHOHNWLY 'LHVH 6HOHNWLYLWlWLVWLQGHU5HJHOHUVWEHREDFKWEDUZHQQVLHYRQDQGHUHQ%HREDFKWHUQ± YRQ%HREDFKWHUQHUVWHU2UGQXQJIUGLHGLHMHZHLOLJHQ0HGLHQDQJHERWHEHVWLPPW VLQGXQGYRQ%HREDFKWHUQK|KHUHU2UGQXQJPHLVWYRQDQGHUHQ0HGLHQ±EHREDFK WHW XQG NRPPXQL]LHUW ZLUG 0LW GHP +LQ]XNRPPHQ QHXHU 0HGLHQ ZHUGHQ GLHVH %HREDFKWXQJVP|JOLFKNHLWHQZHLWHUSRWHQ]LHUW*HVHOOVFKDIWOLFKH6HOEVWEHREDFKWXQJ ZLUG]XU$XIJDEHGHU0HGLHQGLHDOV%HREDFKWHU]ZHLWHUXQGK|KHUHU2UGQXQJLQ VWLWXWLRQDOLVLHUWXQG]XU*UXQGODJHGHU0HGLHQNXOWXUJHZRUGHQVLQG 'LHVHUUDGLNDOH:DQGHOGHUPHGLDOHQ%HREDFKWXQJVP|JOLFKNHLWHQHU]HXJW.RQ WLQJHQ]HUIDKUXQJGLHEHUHLWVYRQ0RGHUQLVLHUXQJVWKHRUHWLNHUQDOV.HQQ]HLFKHQGHU =X(LQ]HOKHLWHQXQG$XVIKUXQJHQVLHKH6FKPLGWE =X%HREDFKWHUNRQVWHOODWLRQHQXQGHEHQHQVLHKHDXFK.DSLWHO
7 +(25(7,6&+(5 % (=8*65$+0(1 _
0RGHUQH FKDUDNWHULVLHUW ZXUGH 0HGLHQ HUP|JOLFKHQ JHUDGH HLQH ÄNRQWLQJHQ]HU ]HXJHQGH>@ 'DXHUEHREDFKWXQJ XQG UHIOH[LYH>@ 7KHPDWLVLHUXQJ³ HEG (V LVW VLQQYROO3RVWPRGHUQHVRZRKODOVHLQNRQWLQXLHUOLFKHV5HVXOWDWDXVGHQ0RGHUQLVLH UXQJVSUR]HVVHQ]XLQWHUSUHWLHUHQDOVDXFKDOVGHUHQ*HJHQSRO'HQQPHGLDOH'DX HUEHREDFKWXQJ XQG UHIOH[LYH NRPPXQLNDWLYH 7KHPDWLVLHUXQJ YHUlQGHUQ DXFK LP PHU GHQ =XVWDQG XQG GDV 6HOEVWYHUVWlQGQLV MHGHV EHREDFKWHWHQ JHVHOOVFKDIWOLFKHQ %HUHLFKV E]Z 6\VWHPV 3RVWPRGHUQ VLQG VHQVX 6FKPLGW XQG 6SLH GDKHU *HVHOO VFKDIWE]Z7HLOHYRQ*HVHOOVFKDIWLPPHUGDQQZHQQVLHGLH.RQWLQJHQ]LKUHVNXO WXUHOOHQ3URJUDPPVHUNHQQHQXQGUHIOHNWLHUHQN|QQHQ'LHVLVWHUVWPLWHLQHU9HU PHKUXQJYRQPHGLDOHQ %HREDFKWXQJVLQVWDQ]HQXQGHLQHU]XQHKPHQGHQ5HIOH[LYL WlWYRQ%HREDFKWXQJGHV0HGLHQV\VWHPVP|JOLFK3OXUDOLWlWHQWVWHKWGXUFKPHGLHQ EDVLHUWH NRPPXQLNDWLYH $QJHERWH YRQ :LUNOLFKNHLWVHQWZUIHQ $OV SRVWPRGHUQ NDQQ GLH .RQWLQJHQ]HUIDKUXQJ DOV Ä(LQVLFKW LQ GLH (QGJOWLJNHLW GHU 9RUOlXILJNHLW GXUFK(LQVLFKWLQGLH.RQVWUXNWLYLWlWDOOHU:LUNOLFKNHLWV6LQQXQG:HUWSURGXNWL RQ XQG ]ZDU HLQHU .RQVWUXNWLYLWlW RKQH YHUELQGOLFKHQ *HVDPWSODQ³ HEG +HUYRUKHEXQJLP2ULJLQDO EH]HLFKQHWZHUGHQ6FKPLGWXQG6SLHEULQJHQGLHV]X VDPPHQIDVVHQGDXIGLH.XU]IRUPHOÄ0RGHUQLVLHUXQJUHIOH[LYHV0HGLHQV\VWHP 3RVWPRGHUQH³ HEG GHQQ .RQWLQJHQ]HUIDKUXQJ DOV HLQ 5HIOH[LYZHUGHQ GHU 0RGHUQHXQGDOVJHVWHLJHUWH0|JOLFKNHLWGHU6HOEVWEHREDFKWXQJPXVV]XU9RUDXV VHW]XQJ HLQ NRPSOH[HV 0HGLHQV\VWHP YRUZHLVHQ GDV 5HIOH[LYLWlW EHUKDXSW HUVW SUDNWL]LHUHQNDQQ 0RGHUQHXQG3RVWPRGHUQHGLH6FKPLGWXQG6SLHDOV1HW]ZHUNHYRQ7HQGHQ ]HQVR]LRNXOWXUHOOHQ:DQGHOVXQGQLFKWDOV(SRFKHQEHJULIIHIDVVHQVLQGGDKHUVWHWV PLW NRUUHVSRQGLHUHQGHQ 0HGLHQNRQ]HSWLRQHQ YHUEXQGHQ 'LHVHV 1HW]ZHUN EHVWHKW DXVGUHL'LPHQVLRQHQ6WUXNWXUPHUNPDOH0HQWDOLWlWVV\QGURPHXQGNRUUH OLHUWH 0HGLHQNRQ]HSWLRQHQ )U GLH 0RGHUQH VNL]]LHUHQ GLH $XWRUHQ GDV =XVDP PHQVSLHO GLHVHU GUHL 'LPHQVLRQHQ ZLH IROJW 6WUXNWXUPHUNPDOH VR]LRNXOWXUHOOHQ :DQGHOV ZLH EHLVSLHOVZHLVH ,QGXVWULDOLVLHUXQJ RGHU 'HPRNUDWLVLHUXQJ JHKHQ VWHWV PLW VSH]LILVFKHQ 0HQWDOLWlWVV\QGURPHQ HLQKHU ZLH ]% GHU SROLWLVFK PRUDOLVFKHQ ,GHHGHU$XINOlUXQJXQGGHQ*ODXEHQDQ9HUQXQIW)RUWVFKULWWXQG:DFKVWXP0H GLHQ QHKPHQ GDEHL GLH )XQNWLRQ HLQ HLQH NULWLVFKH gIIHQWOLFKNHLW EHUHLW]XVWHOOHQ XQG ]X UHSURGX]LHUHQ 'LHVH GUHL )DNWRUHQ ELOGHQ HLQHQ NRQVWLWXWLYHQ =XVDPPHQ KDQJ XQG VLQG KHXULVWLVFKH %HVFKUHLEXQJHQ IU GDV 3KlQRPHQ 0RGHUQH )U GLH 3RVWPRGHUQH EOHLEW GLH 'LPHQVLRQ GHU 6WUXNWXUPHUNPDOH JOHLFK 'LPHQVLRQ ]ZHL XQGGUHLGLHVSH]LILVFKHQ0HQWDOLWlWVPHUNPDOHVRZLHGLH0HGLHQNRQ]HSWLRQHQlQ GHUQ VLFK KLQJHJHQ ZDV DOV V\VWHPDWLVFKHV $EJUHQ]XQJVNULWHULXP SODXVLEHO HU VFKHLQW 'LH 3OXUDOLVLHUXQJ YRQ :LUNOLFKNHLWVNRQVWUXNWLRQHQ GDV 0LVVWUDXHQ LQ )RUWVFKULWW 9HUQXQIW 5DWLRQDOLWlW XQG XQJHEURFKHQHP :DFKVWXP JHKW HLQKHU PLW HLQHP :DQGHO GHV 0HGLHQYHUVWlQGQLVVHV 0HGLHQ ZHUGHQ QLFKW PHKU SULPlU DOV $JHQWHQ]XU+HUVWHOOXQJNULWLVFKHUgIIHQWOLFKNHLWNRQ]LSLHUWVRQGHUQDOVJHQHUHOOH ,QVWDQ]HQ GHU %HREDFKWXQJ ]ZHLWHU 2UGQXQJ XQG GHU %HZXVVWPDFKXQJ YRQ .RQ
_ $ 1«@³ 5HFNZLW]I
'LH,QNRPPHQVXUDELOLWlWVWKHPDWLNLVWJHUDGHPLWGHQSRVWPRGHUQHQ7KHRULHQYLUX OHQWJHZRUGHQZLHDXFK%HUWHPHVLQVHLQHP7KHRULHYHUJOHLFK]XDXVJHZlKOWHQ3D UDGLJPHQ GHU )HUQVHKXQWHUKDOWXQJ DQPHUNW 'HU %HJULII GHU ,QNRPPHQVXUDELOLWlW ZLUGKLHUEHLHEHQVRZLHEHL%HUWHPHVGHPGHU.RPPHQVXUDELOLWlWYRUJH]RJHQGD .RPPHQVXUDELOLWlWVWKHVHQ WHQGHQ]LHOO HLQHQ XQLYHUVDOLVWLVFKHQ 9HUQXQIWEHJULII GHU 0RGHUQHLPSOL]LHUHQZlKUHQG,QNRPPHQVXUDELOLWlWVWKHVHQHKHUDXIGHQKHWHURJH QHQSOXUDOLVWLVFKGH]HQWULHUWHQ9HUQXQIWXQG5DWLRQDOLWlWVEHJULIIYHUZHLVHQ9JO %HUWHPHVI 6RLVWDEVFKOLHHQGIHVW]XKDOWHQGDVVGLHVH$UEHLWQLFKWQXUGLHUHODWLYHE]ZUH ODWLYLHUWH YRU GHU UDGLNDOHQ ,QNRPPHQVXUDELOLWlWVWKHVH VRQGHUQ DXFK GHQ %HJULII GHUUHODWLYHQE]ZUHODWLYLHUWHQ,QNRPPHQVXUDELOLWlWVWKHVHYRUGHPGHUUHODWLYLHUWHQ .RPPHQVXUDELOLWlWEHYRU]XJW'LHUHODWLYLHUWH,QNRPPHQVXUDELOLWlWVWKHVHELOGHWGLH *UXQGODJHIUGLH'XUFKIKUXQJHLQHV7KHRULHYHUJOHLFKV'DVZLVVHQVFKDIWVWKHRUH WLVFKH (UNHQQWQLVLQWHUHVVH HLQHU 1RWZHQGLJNHLW ]XU IRUVFKXQJVSUDNWLVFKHQ 'XUFK IKUXQJHLQHV7KHRULHYHUJOHLFKVSRVWPRGHUQHU0HGLHQWKHRULHQLVWVRPLWEHJUQGHW XQG VROO LP )ROJHQGHQ DOV WKHRUHWLVFKH *UXQGDQQDKPH GLHQHQ XP GLH ÄWULEDOHQ 9HUKlOWQLVVHGLHVLFKVHOEVWDOV3OXUDOLVPXVEHVFKUHLEHQ³/XKPDQQ GXUFK HLQHPHWDWKHRUHWLVFKH3HUVSHNWLYH]XEHUSUIHQXQG]XRUGQHQ /DXW %HUWHPHV NDQQ IU GLH PRGHUQH 3RVLWLRQ +DEHUPDV NRPPXQLNDWLRQVWKHRUHWLVFKHU (QWZXUI HLQHU 8QLYHUVDOSUDJPDWLN VWHOOYHUWUHWHQG JHQDQQW ZHUGHQ 'HPJHJHQEHU VWHKW /\RWDUGV .RQ]HSW HLQHU +HWHURJHQLWlW YRQ 6SUDFKVSLHOHQ XQG 'LVNXUVDUWHQ :HOVFK EH ]HLFKQHW MHQHV SRVWPRGHUQH ,QNRPPHQVXUDELOLWlWVSRVWXODW DOV Ä1HUY GHV 3OXUDOLWlWVWKHR UHPV³:HOVFK +DEHUPDVZHLVWKLQJHJHQDXIHLQHLQKHLWOLFKHVXQLYHUVDOLVWL VFKHV.RQ]HSWYRQ9HUQXQIWKLQXQGPDFKWGHXWOLFKGDVVHLQHÄSULQ]LSLHOOH0|JOLFKNHLW HLQHV ZLH LPPHU RNNDVLRQHOOHQ MHGRFK YHUVWlQGOLFKHQ hEHUJDQJV YRQ HLQHU 6SUDFKH LQ GLH DQGHUH³ +DEHUPDV EHVWHKW ZDV DXI HLQH .RPPHQVXUDELOLWlWVYHUPXWXQJ VFKOLHHQ OlVVW VR GLH $UJXPHQWDWLRQ %HUWHPHV¶ /\RWDUG LQGHVVHQ SURSDJLHUW LQ Ã'HU :LGHUVWUHLWµHLQHJHJHQ+DEHUPDV¶UHODWLYLHUWH.RPPHQVXUDELOLWlWVYHUPXWXQJJHULFKWHWH 7KHRULH6HLQH7KHRULHKHWHURJHQHU6SUDFKVSLHOHZHQGHWVLFKJHJHQGLH*UXQGLGHHHLQHV .RQVHQVHV YRQ +DEHUPDV XQG PDFKW GHQ 'LVVHQV GLH 'LIIHUHQ] GLH $EZHLFKXQJ XQG 3DUDORJLHVWDUN-HQHVVHJUHJLHUWH6SUDFKXQG5DWLRQDOLWlWVYHUVWlQGQLVHUJLEWVLFKOHW]WHQ (QGHVÄ]XU*lQ]HDXVGHU+HWHURJHQLWlWXQG,QNRPPHQVXUDELOLWlWYRQ6DW]5HJHOV\VWHPH XQG'LVNXUVDUWHQ3Ul]LVHUDXVGHU$EVROXWKHLWGLHVHU+HWHURJHQLWlWXQG,QNRPPHQVXUD ELOLWlW³ :HOVFK /\RWDUGV $XIIDVVXQJ EHUXKW QDFK %HUWHPHV VRPLW DXI GHU $QQDKPHHLQHUUDGLNDOHQ,QNRPPHQVXUDELOLWlW6LHKHKLHU]XDXFKJHQDXHU.DSLWHO
7 +(25(7,6&+(5 % (=8*65$+0(1 _
Ä'DV 3UREOHP ZLUG QLFKW GDGXUFKJHO|VW GD PDQ ]HLJW GD GLH ,QNRPPHQVXUDELOLWlWVWKHVH LUJHQGZHOFKH *HPHLQVDPNHLWHQ YRUDXVVHW]HQ PX 'DV 3UREOHP EHVWHKW GDULQ GLHVH *H PHLQVDPNHLWHQDXVILQGLJ]XPDFKHQ±XQG]ZDUYRQHLQHPSRLQWRIYLHZDXVXQGLQ$XVHL QDQGHUVHW]XQJPLWDQGHUHQSRLQWVRIYLHZV³/XHNHQ
'DV.RQ]HSWGHU,QNRPPHQVXUDELOLWlWZLUGVRPLWLP.DSLWHOLQGHUGLH0HWKR GLNGHV7KHRULHYHUJOHLFKVYRUJHVWHOOWZLUGPLWKLOIHYRQGHQDQ+RQGULFKDQJHOHJ WHQ9HUJOHLFKVGLPHQVLRQHQPHWKRGLVFKIUXFKWEDUJHPDFKW'LH)UDJHQDFKGHU9HU JOHLFKEDUNHLWXQG.RPSDWLELOLWlWGHU7KHRULHQZLUGGDGXUFKDXIGUHL(EHQHQHL QHUREMHNWWKHRUHWLVFKHQE]ZLQKDOWOLFKHQHLQHUPHWDWKHRUHWLVFKHQE]ZVWUXNWX UHOOHQXQGHLQHUKLQWHUJUXQGWKHRUHWLVFKHQE]ZNRQWH[WXHOOHQ(EHQHXQWHUVXFKW 'HU%HJULIIGHU,QNRPPHQVXUDELOLWlWZLUGGHPJHPlLQGHUYRUOLHJHQGHQ$UEHLWRI IHQHUYHUVWDQGHQDOVEHL.XKQXQG)H\HUDEHQGGDPLWKLOIHGHU9HUJOHLFKVGLPHQVL RQHQ+RQGULFKVNRQNUHWJHNOlUWZHUGHQNDQQLQZHOFKHQ+LQVLFKWHQGLH7KHRULHQ YHUJOHLFKEDUXQGNRPSDWLEHOVLQG
=X(LQ]HOKHLWHQVLHKH.DSLWHO
9RUJHKHQVZHLVH
$86:$+/'(5326702'(51(1 0 (',(17+(25(7,.(581',+5(5 : (5.( Ä6LFKDXIHLQH1DPHQVOLVWH]XYHUVWlQGLJHQEHGHX WHWVWHWVXQGXQYHUPHLGOLFK]XHLQHUVHOHNWLYHQ7UD GLWLRQEHL]XWUDJHQ³ /,1'(5
:LHEHUHLWVLQ.DSLWHOJH]HLJWZHUGHQNRQQWHLVWGDV3DQRUDPDSRVWPRGHUQHU 0HGLHQWKHRULHQEHUDXVYLHOIlOWLJ'LH%UHLWHGHVWKHRUHWLVFKHQ)HOGHV]ZLQJWGDKHU ]XHLQHUQRWZHQGLJH[HPSODULVFKHQ6HOHNWLRQSRVWPRGHUQHU3RVLWLRQHQ%HLGLHVHU $XVZDKO VROO DXVGUFNOLFK EHWRQW ZHUGHQ GDVV VLH VHOEVWYHUVWlQGOLFK NHLQHQ $Q VSUXFK DXI 9ROOVWlQGLJNHLW XQG 5HSUlVHQWDWLYLWlW HUKHEW VRQGHUQ OHGLJOLFK HLQH EUDXFKEDUH XQG VLQQYROOH $XVZDKO ]XU %HDQWZRUWXQJ GHU UHOHYDQWHQ )UDJHVWHOOXQ JHQDXI]HLJWXQGDOVYRUOlXILJH&OXVWHUXQJE]ZLGHDOW\SLVFKH=XVDPPHQIDVVXQJ]X YHUVWHKHQ LVW 'HU XQDEGLQJEDU VHOHNWLYH &KDUDNWHU VROO DQ GLHVHU 6WHOOH H[SUHVVLV YHUELVEHQDQQWVHLQ6LHLVWGHPQDFKKRFKJUDGLJNRQWLQJHQWDEHUNHLQHVZHJVEHOLH ELJXQGZLOONUOLFKVRQGHUQIROJWYLHUOHLWHQGHQ*HVLFKWVSXQNWHQ 5HOHYDQ]E]Z6R]LDONULWHULXP 'DV 5HOHYDQ] E]Z 6R]LDONULWHULXP EHVFKUHLEW GLH (LJHQVFKDIW GHU (WDEOLHUWKHLW E]Z GHV VR]LDOHQ 5HQRPPHHVGHU )DFK 5HOHYDQ] GHU 3URPLQHQ]GHV %HNDQQW KHLWVJUDGVGHQGLH7KHRUHWLNHULPZLVVHQVFKDIWOLFKHQLQVEHVRQGHUHNRPPXQLNDWL RQVXQGPHGLHQZLVVHQVFKDIWOLFKHQ'LVNXUVHUODQJWKDEHQ'LH$XVZDKOULFKWHWVLFK GDEHLZHLWHVWJHKHQGQDFKHLQHPÃ.DQRQµPHGLHQWKHRUHWLVFKHU7H[WHXQG$XWRUHQ .DQRQZLUGKLHULQ$QIKUXQJV]HLFKHQJHIKUWGDHVVHOEVWYHUVWlQGOLFKNHLQHQHLQKHLWOL FKHQ .RQVHQV EHU GLH DOV UHOHYDQW JHOWHQGHQ SRVWPRGHUQHQ 0HGLHQWKHRULHQ JLEW 'LH
_ $ 1«@0LWKLQVLQG0HGLHQWKHRULHQVRJXWZLH LPPHU DXFK 0HGLHQKLVWRULRJUDSKLHQ³ *UDPSS +HUYRUKHEXQJ LP 2ULJLQDO 0HGLHQJHVFKLFKWVVFKUHLEXQJLVWHLQ]HQWUDOHU%HVWDQGWHLOPHGLHQWKHRUHWL VFKHU )RUVFKXQJ 0HGLHQ VLQG VFKRQ LPPHU *HJHQVWDQG YLHOIlOWLJHU 7UDQVIRUPD WLRQV XQG :DQGOXQJVSUR]HVVH JHZHVHQ ,QVRIHUQ LVW GLH %HWUDFKWXQJ YRQ 0HGLHQ
9 25*(+(16:(,6( _
LP:DQGHONHLQH1HXKHLW*UXQGIUGLH%HVFKlIWLJXQJPLW0HGLHQJHVFKLFKWHXQG 0HGLHQJHVFKLFKWVVFKUHLEXQJ LVW GLH LPPHU ZLHGHUNHKUHQGH %ULVDQ] JHVHOOVFKDIWOL FKHU 3UREOHPODJHQ XQWHU QHXHQ YHUlQGHUWHQ PHGLDOHQ XQG KLVWRULVFKHQ %HGLQJXQ JHQ =XVlW]OLFK NDQQ GHU]HLW HLQH QHXH '\QDPLN ZLVVHQVFKDIWOLFKHU 'LVNXUVH DXV JHPDFKWZHUGHQ ÄLQGHUVLFKHLQHQHXHHSLVWHPRORJLVFKH:HQGXQJDE]HLFKQHW+LHUHUVFKHLQWGDV0HGLDOHDOV =RQHGHU9HUPLWWOXQJDOVHEHQVR XQEHPHUNEDUHZLHXQHQWEHKUOLFKH (UP|JOLFKXQJDOOHU(U NHQQWQLV(UIDKUXQJXQG6R]LDOLVLHUXQJDOV9RUDXVVHW]XQJYRQ3URGXNWLRQ5HSURGXNWLRQXQG 5HSUlVHQWDWLRQ(UVHW]W5DKPHQXQG5HLFKZHLWHZLVVHQVFKDIWOLFKHU%HREDFKWEDUNHLWHVZLUG ]XU&KLIIUHIUGLH%HGLQJWKHLWHQGHUXQWHUVXFKWHQ:HOWVFKOHFKWKLQHLQJHVFKORVVHQQRFKGLH %HGLQJWKHLWZLVVHQVFKDIWOLFKHQ)UDJHQVVHOEVW³(QJHOO9RJO
0HGLHQKLVWRULRJUDILH HUKlOW GHPQDFK HLQH ]HQWUDOH 5HOHYDQ] IU PHGLHQZLVVHQ VFKDIWOLFKH7KHRULHELOGXQJXQGVROOKLHUDOVJHPHLQVDPHU6DFKE]Z3UREOHPEH]XJ IRUPXOLHUW ZHUGHQ Ä0HGLHQKLVWRULVFKH )RUVFKXQJ LVW KHXWH HLQ .HUQVWFN GHVVHQ ZDV GLH *HLVWHVZLVVHQVFKDIWHQ HLQPDO ZDUHQ³ HEG 0HGLHQJHVFKLFKWVVFKUHL EXQJEHWUHLEHQEHGHXWHWPHGLDOH%HGLQJXQJHQXQGGHUHQMHZHLOLJHKLVWRULVFKH'L PHQVLRQ]XEHWUDFKWHQGKGLHKLVWRULVFKH(QWZLFNOXQJXQGGHQPHGLDOHQ:DQGHO E]Z GLH 9HUl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lW GHV 'LVNXUVHV DXIJUXQG HLQHV JHPHLQVDPHQ *HJHQVWDQGVEHUHLFKV UHGX ]LHUW (LQH PDJHEOLFKH 3RLQWLHUXQJ HUIlKUW 0HGLHQJHVFKLFKWVVFKUHLEXQJ EHL GHQ SRVWPRGHUQHQ0HGLHQWKHRUHWLNHUQGDKHUGDVVVLHHLQH$QHLQDQGHUUHLKXQJFKURQR ORJLVFKHU(LQ]HOGDWHQRGHUGDV$XIWUHWHQYRQ(LQ]HOPHGLHQEHLVHLWHOl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lVWKHWLVFKHU XQG VLQQVWUXNWXUHOOHU .RQVWHOODWLR QHQWKHPDWLVLHUW'LHVH1HX 3HUVSHNWLYLHUXQJ]HLJWVLFKJHUDGHXQGHUVWGXUFKHL QHPHGLHQKLVWRULVFKH)RUVFKXQJ
_ $ 1@ XQGÃ7KHJOREDOYLOODJH 'HU:HJGHU0HGLHQJHVHOOVFKDIWLQGDV-DKUKXQGHUWVµ0F/XKDQ +HUEHUW0DUVKDOO0F/XKDQZLUGLP)ROJHQGHQQXUQRFKDOV0DUVKDOO0F/XKDQEH]HLFK QHWGDHULPJlQJLJHQ6SUDFKJHEUDXFKDOVVROFKHUEHQDQQWZLUG %HL)ULHGULFK$.LWWOHUZLUGLP)ROJHQGHQDXIGHQPLWWOHUHQ1DPHQE]ZGLH$ENU]XQJ GHVPLWWOHUHQ1DPHQV$YHU]LFKWHW ,P$QDO\VHWHLO.DSLWHO ZLUGMHZHLOVGDUDXIKLQJHZLHVHQZHOFKH7H[WHIUGLHHLQ]HO QHQ9HUJOHLFKVGLPHQVLRQHQUHOHYDQWVLQG
_ $ 1«@JUXQGOHJHQGH>@5HODWLYLWlW3HUVSHN WLYLWlW XQG .RQWLQJHQ] YHUJOHLFKHQGHU %HWUDFKWXQ JHQµ]XDN]HSWLHUHQ³ 5$$=
,Q GLHVHP $EVFKQLWW ZHUGHQ GLH 9HUJOHLFKVGLPHQVLRQHQ YRUJHVWHOOW GLH GHU V\VWH PDWLVFKHQ 5HNRQVWUXNWLRQ SRVWPRGHUQHU 0HGLHQWKHRULHQ GLHQHQ :LH LQ .DSLWHO HUZlKQWLVWELVKHUNHLQHVWULQJHQWH0HWKRGRORJLHGHV7KHRULHYHUJOHLFKVHQW ZLFNHOW ZRUGHQ XQG HV VLQG DXV GLHVHP *UXQG SUDNWLVFK NDXP LQ SUl]LVHU :HLVH YHUJOHLFKHQGHORJLVFKH$QDO\VHQYRQ7KHRULHQYRUJHQRPPHQZRUGHQ-HGHU7KHR ULHYHUJOHLFK HUVFKDIIW VHLQ 2EMHNW HUVW GK GDVV MHGHU 7KHRULHYHUJOHLFK VWHWV YRU JlQJLJHQ 6HOHNWLRQHQ YRQ 9HUJOHLFKVJHVLFKWVSXQNWHQ PDVWlEHQ XQG PHWKRGHQ XQWHUOLHJW 9HUVFKLHGHQH %OLFNSXQNWH ZHUGHQ XQWHU JHPHLQVDPHQ EHUJHRUGQHWHQ .ULWHULHQ ]XVDPPHQJHIDVVW XQG KHUYRUJHKREHQ 7KHRULHYHUJOHLFKH VLQG GHPQDFK JUXQGVlW]OLFK XQG QRWZHQGLJHUZHLVH SHUVSHNWLYLVFK XQG NRQWLQJHQW (V ZLUG VWHWV HWZDV YHUJOLFKHQ GDV HUVW GXUFK GHQ 9HUJOHLFK EHUKDXSW NRQVWUXLHUW ZLUG Ä9HU JOHLFKHVLQGVWHWVDQHLQH3HUVSHNWLYHDQGLH:DKOVSH]LILVFKHU8QWHUVFKHLGXQJHQ
_ $ 1«@LPPHUDXFKGHU5HIOH[LRQGHUHLJHQHQ+HUNXQIWGDGLH VH PDJHEOLFK EHU 2SWLRQHQ YRQ 0HGLHQ VRZLH EHU GLH EOLQGHQ )OHFNHQ LKUHU 7KHRUHWLVLHUXQJPLWHQWVFKHLGHW³/HHNHU6FKPLGW $QKDQGGHU$XIVWHOOXQJGLHVHUDQDO\WLVFKHQ.DWHJRULHQE]Z9HUJOHLFKVGLPHQ VLRQHQ VROOHQ GLH 7KHRULHQ GLH VFKHLQEDU XQYHUHLQEDUH *HJHQVWlQGH 3UREOHPKLQ VLFKWHQ XQG 3UREOHPO|VXQJHQ DXIZHLVHQ DXI GLIIHUHQ]LHUWH :HLVH JHJHQEHUJH VWHOOW V\VWHPDWLVLHUW XQG YHUJOHLFKEDU JHPDFKW ZHUGHQ Ä0DQ NDQQ GDQQ GLH *H VLFKWVSXQNWHDQGHQ7KHRULHQYRUEHLGHILOLHUHQODVVHQXQGNRQVWDWLHUHQZLHZHLWGLH 7KHRULHQ LQ GHQ YHUVFKLHGHQHQ +LQVLFKWHQ LGHQWLVFK VLQG RGHU GLYHUJLHUHQ DQGHUV JHVDJWZLHZHLWVLHGDVVHOEHRGHU8QWHUVFKLHGOLFKHVOHLVWHQ³+RQGULFK ,QKDOWOLFKZLUGKHUDXVJHDUEHLWHWZDVGLHDXVJHZlKOWHQ7KHRUHWLNHUEHUPHGLHQKLV WRULVFKHQ :DQGHO DXVVDJHQ ZHOFKH 6]HQDULHQ VLH HQWZLFNHOQ XQG ZHOFKH +DQG OXQJVYRUVFKOlJHXQG3UREOHPO|VXQJHQVLHKLQVLFKWOLFKLKUHU'LDJQRVHQXQG3URJQR VHQYRUJHEHQ'DGXUFKN|QQHQGLHVWUXNWXUHOOHQ%HGLQJXQJHQGHU7KHRULHELOGXQJ XQWHUVXFKW ZHUGHQ GLH WKHRUHWLVFKH VSUDFKOLFKH XQG ORJLVFKH $VSHNWH XPIDVVHQ 9RQ,QWHUHVVHLVWZHOFKH6\VWHPHYRQ%HJULIIOLFKNHLWHQIUGHQ3KlQRPHQEHUHLFK 0HGLHQZDQGHOYHUZHQGHWZHUGHQ1LFKWQXUZDVGLH'LVNXUVWHLOQHKPHUEHU PH GLDOHQ:DQGHOEHREDFKWHQVRQGHUQZLHVLHGLHVWXQXQWHUZHOFKHQ9RUDXVVHW]XQ JHQXQGEOLQGHQ)OHFNHQ$XVVDJHQJHWURIIHQZHUGHQLVWGDEHLHQWVFKHLGHQG x ,QWKHRUHWLVFKHU+LQVLFKWZHUGHQ5HLFKZHLWHGK5HIOH[LRQVWLHIHXQG$EVWUDN WLRQVJUDGGHU7KHRULHQ$OOJHPHLQKHLWVJUDG%HJULIIOLFKNHLWHQXQGLKUHWKHRUHWL VFKH 9RUDXVVHW]XQJHQ KHUDXVJHDUEHLWHW 'LHV ZLUG XQWHU GHQ 9HUJOHLFKVJH VLFKWVSXQNWHQ %HJULIIOLFKNHLWHQ XQG LKUH WKHRUHWLVFKHQ 9RUDXVVHW]XQJHQ ± 0HGLHQXQG.RPPXQLNDWLRQ$EVWUDNWLRQVJUDGXQG5HIOH[LRQVWLHIHVRZLH VR]LDOH9RUDXVVHW]XQJHQXQWHUVXFKW x $XI VSUDFKOLFKHU (EHQH ZHUGHQ ([SOL]LWKHLWVJUDG 0HWDSKHUQYHUZHQGXQJ XQG 3Ul]LVLRQVJUDGYRQ%HJULIIOLFKNHLWHQXQWHUVXFKW+LHUEHLLQWHUHVVLHUWZDVIUHLQ 6SUDFKVWLOEHLGHQ7KHRUHWLNHUQYRUKHUUVFKW'LHVSUDFKOLFKH(EHQHZLUGJUXQG OHJHQG XQWHU GHU 9HUJOHLFKVGLPHQVLRQ 6WUXNWXUPHUNPDOH EHKDQGHOW LQ GHU DXFKGLHORJLVFKH(EHQHGHU7KHRULHQXQWHUVXFKWZLUG x $XIORJLVFKHU(EHQHVWHKHQGLH6WUXNWXUPHUNPDOHGHU7KHRULHQGK.RKlUHQ] 6WULQJHQ] .RQVLVWHQ] XQG 3ODXVLELOLWlW GHU $UJXPHQWDWLRQ GLH (UNHQQWQLVOHLV WXQJGHU7KHRULHQVRZLHGLH$UWGHU$XVVDJHQLP9RUGHUJUXQG 'LH$XIWHLOXQJ]ZLVFKHQLQKDOWOLFKHUXQGVWUXNWXUHOOHU(EHQHGLHQW]XQlFKVW]XU+HUVWHO OXQJ DQDO\WLVFKHU 7UHQQVFKlUIH GLH MHGRFK LQ HLQHP VLFK JHJHQVHLWLJ EHGLQJHQGHQ 9HU KlOWQLV]XHLQDQGHUVWHKHQXQGIDNWLVFKQLFKWLPPHU]XWUHQQHQVLQG6RVLQGGLHVWUXNWX UHOOHQ0HUNPDOHDXFKQXUDXIJUXQGYRQ,QKDOWHQEHUSUIEDUXQGYLFHYHUVD
_ $ 1QXU@ GDUDXI DQNRPPH ZLH ZLU VLH YHUZHQGHQ LVW GLH EHIDQJHQH +DOWXQJ GHV WHFKQLVFKHQ'XPPNRSIV³ 0&/8+$1>@
7KHPHGLXPLVWKHPHVVDJH 0F/XKDQEUHLWHWVHLQH+DXSWDXVVDJHQLQVEHVRQGHUHLQVHLQHP+DXSWZHUNÃ'LHPD JLVFKHQ .DQlOH 8QGHUVWDQGLQJ 0HGLDµ >@ VRZLH LQ Ã'LH *XWHQEHUJ *DOD[LV (QGH GHV %XFK]HLWDOWHUVµ >@ XQG Ã'DV 0HGLXP LVW GLH %RW VFKDIWµ DXV'LH]HQWUDOH7KHVH0DUVKDOO0F/XKDQVLVWGHUYLHO]LWLHUWH$SKR ULVPXV Ã7KH PHGLXP LV WKH PHVVDJHµ (U NRQVWDWLHUW GDVV GLH HQWVFKHLGHQGH %RW VFKDIW HLQHV 0HGLXPV QLFKW GHU GLVWULEXLHUWH ,QKDOW VRQGHUQ YLHOPHKU GLH 6WUXNWXU E]Z GLH 0HGLDOLWlW VHOEVW LVW 'HP]XIROJH EHVWLPPW GLH )RUP GHV 0HGLXPV ZLH ZLU ZDKUQHKPHQ GHQNHQ XQG XQV VR]LDO XQG NXOWXUHOO RUJDQLVLHUHQ Ä0HGLHQZLV VHQVFKDIW >«@ EHVFKlIWLJW VLFK QLFKW QXU PLW GHP ,QKDOW GHU 0HGLHQ VRQGHUQ PLW GHQ 0HGLHQ VHOEVW XQG GHU JHVDPWHQ NXOWXUHOOHQ 8PJHEXQJ LQ GHU VLH DNWLY ZHU GHQ³0F/XKDQ 6LHJLEWGLH%HGLQJXQJHQIU+DQGHOQ(UNHQQHQXQG 6R]LDOLWlW YRU ÄZHLO HEHQ GDV 0HGLXP $XVPD XQG )RUP GHV PHQVFKOLFKHQ =X VDPPHQOHEHQVJHVWDOWHWXQGVWHXHUW³0F/XKDQ >@ 'LHHLJHQWOLFKH %RWVFKDIWLVWLQVRIHUQGLH$XVZLUNXQJGLHGDVMHZHLOLJH0HGLXPDXIPHQVFKOLFKH 2UGQXQJV]XVDPPHQKlQJHKDWÃ'LHPDJLVFKHQ.DQlOH8QGHUVWDQGLQJPHGLDµYHU VWHKW VLFK GHPQDFK DOV 9HUVXFK GHQ QDFKKDOWLJHQ (LQIOXVV YRQ .RPPXQLNDWLRQV PHGLHQDXI:DKUQHKPXQJXQG'HQNHQ0LNURHEHQH VRZLHNXOWXUHOOHXQGVR]LDOH )RUPDWLRQHQ0DNURHEHQH ]XUHIOHNWLHUHQ 'HU,QKDOWYRQ0HGLHQGHULQQHUKDOEGHU0HGLHQZLVVHQVFKDIWEHLVSLHOVZHLVHLQ GHU 0HGLHQZLUNXQJVIRUVFKXQJ DOV ]HQWUDOHU 8QWHUVXFKXQJVJHJHQVWDQG EHKDQGHOW ZLUG LVW QLFKW QXU QHEHQVlFKOLFK VRQGHUQ Y|OOLJ JOHLFKJOWLJ 'HU 6LQQ E]Z GLH %RWVFKDIWHLQHV0HGLXPVOLHJWQDFK0F/XKDQQLFKWLQGHU'HFRGLHUXQJEHVWLPPWHU VHPLRWLVFKHU .RPPXQLNDWLRQVSUR]HVVH VRQGHUQ LQ GHU $UW ZLH GLH 0HGLHQ GLH 0HQVFKHQ ]XHLQDQGHU LQ %H]LHKXQJ VHW]HQ Ä)U GLH $UW XQG :HLVH ZLH GLH 0D VFKLQH XQVHUH %H]LHKXQJ ]XHLQDQGHU XQG ]X XQV VHOEVW YHUlQGHUW KDW LVW HV YROO NRPPHQ JOHLFKJOWLJ RE VLH &RUQIODNHV RGHU &DGLOODFV SURGX]LHUW³ 0F/XKDQ
6 @
_ $ 1«@³0F/XKDQ>@I
'LH0|JOLFKNHLW]XUPDVVHQKDIWHQ(U]HXJXQJYRQ6FKULIWVWFNHQIKUWDXFK]XHL QHU UlXPOLFKHQ $XVZHLWXQJ GHU 5H]HSWLRQ 'HU %XFKGUXFN EULQJW HLQH 6SUDFK E]Z 6FKULIW ,GHQWLWlW KHUYRU 'DGXUFK ZHUGHQ ]% 'LDOHNWH ]XJXQVWHQ HLQHV HLQ KHLWOLFKHQ 6SUDFKJHEUDXFKV ]XQHKPHQG YHUGUlQJW 'LHVH )RUP GHU 9HUHLQKHLWOL FKXQJE]Z+RPRJHQLVLHUXQJQHQQW0F/XKDQDOVHLQHGHUJUXQGOHJHQGHQXQGWLHI
6 «@hEHUDOOLVWGDVDNWLYH9HUE GHP+LOIVYHUEJHZLFKHQXQJHIlKUVRZLHGLH%RWVFKDIWGHP0HGLXPJHZLFKHQLVW XQGGLH $NWLRQDQXQGIUVLFKKDWZHQLJHU%HGHXWXQJDOVGLH2SHUDWLRQDOVGLH7DWVDFKHGDVVVLHHU ]HXJWLQGX]LHUWEHZLUNWWHFKQLVLHUWZRUGHQLVW³%DXGULOODUGEI
(VJHKWLQVRIHUQLQGHU.RPPXQLNDWLRQQLFKWPHKUXPGLH%RWVFKDIWVRQGHUQQXU GDUXP GDVV EHUKDXSW NRPPXQL]LHUW ZLUG (V JLEW NHLQHQ ILQDOHQ =ZHFN GHU .RPPXQLNDWLRQ PHKU GHQQ HV ZLUG QXU QRFK XP GHV .RPPXQL]LHUHQ ZLOOHQV NRPPXQL]LHUW (VKDQGHOWVLFK XPHLQH ,PSORVLRQYRQ%RWVFKDIWXQG0HGLXP]X JXQVWHQ GHV 0HGLXPV ZREHL GLH %RWVFKDIW GXUFK GDV 0HGLXP DEVRUELHUW XQG GDGXUFKVHOEVWHOLPLQLHUWZLUG'XUFKGDV9HUVFKZLQGHQGHU%RWVFKDIWZHUGHQDXFK GLH 5ROOHQ YRQ 6HQGHU XQG (PSIlQJHU HLQEUHFKHQ GD VLH QLFKW PHKU GXUFK %RW VFKDIWXQGhEHUWUDJXQJV]HLWYRQHLQDQGHUWUHQQEDUVLQG,QHLQHUPHGLDWLVLHUWHQGL JLWDOHQ*HVHOOVFKDIWZHUGHQ,QIRUPDWLRQ%HGHXWXQJXQG6LQQLPSORGLHUHQ,QVRIHUQ ZLUG0F/XKDQV)RUPHOÃ'DV0HGLXPLVWGLH%RWVFKDIWµEHL%DXGULOODUGXPJHGHXWHW LQ GDV *UXQGNRQ]HSW Ä7KH PHGLXP LV WKH PDVVDJH³ %DXGULOODUG E ,P %HJULIIGHU0DVVHVWHFNWIULKQGHU*UXQGJHGDQNHGHU,PSORVLRQDOVHLQH1LYHOOLH UXQJYRQ0HGLXPXQG%RWVFKDIWYRQ6LJQLILNDQWXQG6LJQLILNDWVRZLHYRQ6HQGHU XQG(PSIlQJHUÄ0DVVHLVWGDV*UXQGNRQ]HSWXQGGLH)RUPHOÃ7KHPHGLXPLVWKH PDVVDJHµLVWGLH*UXQGIRUPHOZHLOKLHUJHUDGHGHU .HUQGHU ,PSORVLRQLVW±DOVR GLHVHV=XVDPPHQVFKPHO]HQGHV0HGLXPVXQGGHV,QKDOWVGHU%RWVFKDIW³(EG 0HQVFK0DVFKLQH6FKDOWNUHLV $XHUGHPLVWGLH$QZHVHQKHLWGHU.RPPXQLNDWLRQVWHLOQHKPHUNHLQHQWVFKHLGHQGHU )DNWRUPHKUVRQGHUQMHJOLFKH)RUPGHU.RQWDNWDXIQDKPHXQGGHV$XVWDXVFKVOlXIW OHGLJOLFKEHU%LOGVFKLUPHXQG,QWHUIDFHV1XUQRFKHOHNWULVFKH6WU|PH%LOGVFKLU PHXQG1HW]HHUP|JOLFKHQ .RPPXQLNDWLRQ.RPPXQLNDWLRQLVWGXUFKGLHPHGLD OHQ%HGLQJXQJHQVR]XVDPPHQJH]RJHQGDVVGLH*HVSUlFKVSDUWQHUXQPLWWHOEDUDQ HLQDQGHUDQJHVFKORVVHQVLQG'LH%LOGHULQGHQ0HGLHQZHUGHQSDXVHQORVEHUWUD JHQ HV JLEW NHLQH 0|JOLFKNHLW GHU 9HU]|JHUXQJ GHV 6FKZHLJHQV RGHU GHU 6WLOOH 5DXPXQG=HLWVLQGDXIJHO|VWZRUGHQGDHVQXUQRFKGDUXPJHKWVFKQHOOXQGXQ XQWHUEURFKHQ ]X NRPPXQL]LHUHQ ÄGLH .RQWLQXLWlW GHV .RQWDNWHV GDV )HHGEDFN PXVV WRWDO VHLQ ZLH LQ HLQHP JHVFKORVVHQHQ 6FKDOWNUHLV %LOGHU XQG %RWVFKDIWHQ PVVHQ HLQDQGHU RKQH 8QWHUEUHFKXQJ IROJHQ³ HEG 'XUFK GLH %LOGVFKLUP PHGLHQ YHUlQGHUW VLFK DXFK GLH JHVDPWH VLQQOLFKH :DKUQHKPXQJ GHV 0HQVFKHQ JUXQGOHJHQG'DV/HVHQGHV%LOGVFKLUPVGDV%DXGULOODUGDOVGLJLWDOHV$EWDVWHQGH %DXGULOODUGV 6LPXODWLRQVWKHVH LVW VWDUN PLW HLQHU .RPPXQLNDWLRQVWKHRULH YHUNQSIW =X VHLQHP.RPPXQLNDWLRQVEHJULIIVLHKH.DSLWHO
6 «@ :LH PDQ GDYRQ DXVJHKHQ NDQQ GD%ULOOH RGHU .RQWDNWOLQVHQ HLQHV 7DJHV ]XU HLQJHEDXWHQ 3URWKHVHHLQHU*DWWXQJ ZHUGHQGLHGHQ%OLFNYHUORUHQKDWVRGDUIPDQEHIUFKWHQGDGLH NQVWOLFKH ,QWHOOLJHQ] XQG LKU WHFKQLVFKHV =XEHK|U ]XU 3URWKHVH HLQHU *DWWXQJ ZHUGHQ GHU GDV'HQNHQDEKDQGHQJHNRPPHQLVW³HEG
$OOHPHQVFKOLFKHQ$EOlXIHZHUGHQWHFKQLVFKJHVWHXHUWVRGDVVGHU0HQVFKSDVVLY XQGDEKlQJLJYRQVHLQHQ3URWKHVHQZLUGDQVWDWWGLHVHQDFKVHLQHP%HOLHEHQ]XQXW ]HQ 6WDWW VLQQOLFKHU :DKUQHKPXQJ XQG RUJDQLVFKHU %HUKUXQJ ZLUG MHGH VHQVRUL VFKH%HGHXWXQJDXIGDV.RQIURQWLHUHQPLW$XJHXQG%LOGVFKLUPUHGX]LHUW'HUYHU QHW]WH 0HQVFK EHVFKUlQNW VHLQHQ VR]LDOHQ 8PJDQJ OHGLJOLFK DXI %LOGHU XQG %LOG VFKLUPH XQG EHJLEW VLFK GDPLW LQ HLQHQ Ä=XVWDQG DQWKURSRORJLVFKHU 8QJHZLKHLW³ %DXGULOODUGD 'DV(QGHGHUWHFKQLVFKHQ(QWZLFNOXQJLVWHUUHLFKWGDGHU 0HQVFK JlQ]OLFK DXV VHLQHP .|USHU KHUDXVJHGUlQJW ZLUG XQG VHLQH )lKLJNHLWHQ XQG)XQNWLRQHQLQVHLQHWHFKQLVFKHQ$SSDUDWHYHUOHJWKDW'LHQHXHQ7HFKQRORJLHQ VLQGPLW3URWKHVHQ]XYHUJOHLFKHQGLHVHOEVWVFKRQZLHJHQHWLVFKH%HVWDQGWHLOHLQ GHQ .|USHU LQWHJULHUW VLQG XQG RKQH GLHVH GHU 0HQVFK QLFKW OHEHQ NDQQ $OV %HL VSLHOH QHQQW %DXGULOODUG .RQWDNWOLQVHQ +HU]VFKULWWPDFKHU DEHU DXFK &RPSXWHU
_ $ 1VHOEVW@ HQGOLFK DOV HLQH ,QIRU PDWLRQDQ]XVHKHQ³HEG 1HEHQGHU7UDQVSRUWIXQNWLRQVLQG0HGLHQPDJHE OLFK GDIU YHUDQWZRUWOLFK GDV 9HUKlOWQLV ]XP HLJHQHQ .|USHU XQG GLH :DKUQHK PXQJVPRGDOLWlWHQ]XYHUlQGHUQ *HUDGHGLHHUVWHGURPRORJLVFKH5HYROXWLRQGHV7UDQVSRUWXQG9HUNHKUVZHVHQV PLWGHUGLH%HVFKOHXQLJXQJUDSLGHYRUDQJHWULHEHQZLUGPDFKWGLHVGHXWOLFK=HLW OLFKVHW]W9LULOLRGLHVH3KDVH(QGHGHV-DKUKXQGHUWVXQG$QIDQJGHV-DKU KXQGHUWVDQ0LWGHULQGXVWULHOOHQ5HYROXWLRQXQGGHPGDPLWYHUEXQGHQHQ$XVEDX YRQ 9HUNHKUVZHJHQ XQG GHU (UILQGXQJ WHFKQLVFKHU 7UDQVSRUWPLWWHO ZLH GHU 'DPSIPDVFKLQHRGHUGHP6FKLIINRPPWHV]XHLQHPJUXQGOHJHQGHQ*HVFKZLQGLJ NHLWVZHFKVHO(VJHKWQLFKWZLHEHL%DXGULOODUGXPGLH0|JOLFKNHLWHLQHUPDVVHQ KDIWHQ5H 3URGXNWLRQGLHIU9LULOLRHLQHHLQJHVFKUlQNWH6LFKWDXIGLHLQGXVWULHOOH (SRFKHGDUVWHOOWVRQGHUQXPGLH+HUVWHOOXQJYRQWHFKQLVFKLQGX]LHUWHU*HVFKZLQ GLJNHLW GXUFK 'DPSIPDVFKLQH 6WUDHQ $XWRV (LVHQEDKQHQ6FKLHQHQ XVZ :lK UHQGGLHYRULQGXVWULHOOH$UWGHU)RUWEHZHJXQJQRFKRUJDQLVFKJHZHVHQLVWHPDQ]L SLHUW VLFK GHU 0HQVFK ]XQHKPHQG YRQ VHLQHP $EKlQJLJNHLWVYHUKlOWQLV ]XU 1DWXU 'LH)RUWEHZHJXQJVJHVFKZLQGLJNHLWEHUVWHLJWGLHGHVPHWDEROLVFKHQ)DKU]HXJVVR VWDUNGDVVGHP0HQVFKHQGLHQDWUOLFKH0RELOLWlW]XODQJVDPXQGOlVWLJHUVFKHLQW 'XUFK GLH QHXHQ 7UDQVSRUWP|JOLFKNHLWHQ ZLUG VFKOLHOLFK DXFK GHU PHQVFKOLFKH %HZHJXQJVDSSDUDWZHQLJHUEHDQVSUXFKWXQGGLHQDWUOLFKH%HZHJOLFKNHLWJHKW]X QHKPHQG YHUORUHQ 'LH )RUWEHZHJXQJ LVW QXU GXUFK GDV 6WLOOKDOWHQ GHV 3DVVDJLHUV ]XJXQVWHQGHV)DKU]HXJVP|JOLFKVRGDVVNLQHWLVFKHXQGWDNWLOH(LQGUFNH]XQHK PHQGYHUVFKZLQGHQ'DV9HUKlOWQLV]XP.|USHUlQGHUWVLFKGDPLWJUXQGOHJHQGGHU 0HQVFKHUOHLGHWHLQHLPPHUVWlUNHUZHUGHQGHVHQVRULVFKH'HSULYDWLRQ7HFKQLVFKH )DKU]HXJH VLQG DOVR QLFKW QXU OHGLJOLFK 7UDQVSRUWPLWWHO VRQGHUQ DXFK IROJHQUHLFK IUGLHHLJHQH.|USHUHUIDKUXQJXQG:DKUQHKPXQJLP$OOJHPHLQHQ
_ $ 1«@'LH*HQHUDWLRQHQZHOFKHGLHOL QHDUHQ6FKULIWHQHUIDQGHQPVVHQGLHVJHWDQKDEHQXPLKUHP/HEHQHLQHQHXH$UWYRQ%H
7HOHPDWLN LVW HLQ YRQ )OXVVHU HLQJHIKUWHU 1HRORJLVPXV GHU ÄGHQ DOOVHLWLJ YHUQHW]WHQ &RPSXWHU XQG GLH HQWVSUHFKHQGH GLJLWDOLVLHUWH .XOWXU XQG /HEHQVIRUP EH]HLFKQHW³ 0DUJUHLWHU )U )OXVVHU EHGHXWHW GLH 9RUVLOEH Ã7HOHÃ GDVÄ1lKHUEULQJHQ YRQ (QWIHUQWHP³ )OXVVHU ZlKUHQG GLH 1DFKVLOEH ÃPDWLNµ DXI $XWRPDWLN YHU ZHLVW'HU%HJULIIGHU7HOHPDWLNYHUVWHKWHUVRPLWÄDOVHLQH7HFKQLN]XPVHOEVWEHZHJWHQ 1lKHUUFNHQYRQ(QWIHUQWHP³(EG 'LHVHQWVSULFKWJDQ]GHU0|JOLFKNHLWHLQHUGLDORJL VFKHQ9HUQHW]XQJLP&RPSXWHU]HLWDOWHU'HUXWRSLVFKH(QWZXUIYRQ5H]LSUR]LWlWJHJHQ VHLWLJHP$XVWDXVFKXQGNUHDWLYHP8PJDQJPLW,QIRUPDWLRQHQXQG%HGHXWXQJHQYHUELUJW VLFKKLQWHUGHP%HJULIIGHUWHOHPDWLVFKHQ*HVHOOVFKDIW
6 «@'LH*HIDKUGDEHLZDULQGLH %HGHXWXQJVORVLJNHLWLQV1LFKWV]XVSULQJHQ³HEGI
'HU0HQVFKKDWQRFKQLFKWJHOHUQWDXVHLQHPKLVWRULVFKHQORJLVFKHQIRUWVFKULWWOL FKHQ'HQNHQKHUDXV]XWUHWHQXPLQQHXHQGHU0HGLHQODJHDQJHPHVVHQHQ )RUPHQ XQG 6WUXNWXUHQ ]X GHQNHQ 'HU 8PEUXFK LQ GLH 3KDVH GHU 7HFKQRELOGHU LVW GDKHU QRFKQLFKWYROOVWlQGLJYROO]RJHQGDGLH(LQVLFKWLQGLH(UVFKWWHUXQJGHVDOSKDEH WLVFKHQ &RGHV VLFK QRFK QLFKW LP %HZXVVWVHLQ YHUDQNHUW KDW 1XU ZHQLJH ZLVVHQ ELVKHUZLHGHU 7HFKQRFRGHHSLVWHPRORJLVFKIXQNWLRQLHUWXQGZLHGLHVHU]XEHGLH QHQ XQG ]X PDQLSXOLHUHQ LVW )OXVVHU VLHKW GDKHU HLQHUVHLWV GLH *HIDKU GDVV GHU 0HQVFKVLFKSURJUDPPLHUHQOlVVWDQGHUHUVHLWVGLH&KDQFHVLFKVHOEVW]XYHUZLUNOL FKHQ'LH=XNXQIWGHU7HFKQRFRGHVLVWLQVRIHUQQRFKXQJHZLVVXQGXQEHVWLPPW 9RP6XEMHNW]XP3URMHNWXQGGLHWHOHPDWLVFKH*HVHOOVFKDIW )OXVVHUEHWRQWGDVVGLH0|JOLFKNHLW]XU6HOEVWYHUZLUNOLFKXQJLPWHFKQRLPDJLQlUHQ &RGH OLHJW (U QHQQW GLHVHQ P|JOLFKHQ 3UR]HVV GHQ GHU 0HQVFKZHUGXQJ GD GHU (LQ]HOQHVLFKVHOEVWDXVVHLQHUUHSUHVVLYHQ6XEMHNWLYLWlWEHIUHLHQNDQQ'HU0HQVFK LVWQLFKWPHKUSDVVLYHV6XEMHNWGDVHNVLVWLHUWVRQGHUQ9HUZLUNOLFKHUXQG*HVWDO WHU VHLQHU HLJHQHQ 0|JOLFKNHLWHQ Ä:LU VLQG QLFKW PHKU 6XEMHNWH HLQHU JHJHEHQHQ REMHNWLYHQ:HOWVRQGHUQ3URMHNWHYRQDOWHUQDWLYHQ:HOWHQ$XVGHUXQWHUZUILJHQ VXEMHNWLYHQ 6WHOOXQJ KDEHQ ZLU XQV LQV 3URML]LHUHQ DXIJHULFKWHW :LU ZHUGHQ HU ZDFKVHQ:LUZLVVHQGDZLUWUlXPHQ³)OXVVHUD )OXVVHU EH]HLFKQHW GHQ 0HQVFKHQ DOV Ã3URMHNWµ GDV VHLQH HLJHQHQ DOWHUQDWLYHQ :HOWHQ HQWZHUIHQ NDQQ LQGHP HV LQ HLQH QHXH %HZXVVWVHLQVSKDVH GHV NUHDWLYHQ 6SLHOHQV XQG (QWZHUIHQV HLQWULWW 'DV PDWKHPDWLVFKNDONXODWRULVFKH 'HQNHQ GHV &RPSXWHUV HUODXEW GDV.DONXOLHUHQ GDV =HUOHJHQ LQ =DKOHQ %LWV XQG.RPSXWLH UHQ GDV =XVDPPHQVHW]HQ YRQ %LWV ]X )OlFKHQ 7|QHQ XQG )DUEHQ 'LH GLJLWDOHQ &RPSXWHUFRGHVSUlJHQGLHQHXH%HZXVVWVHLQVHEHQHXQGPDFKHQGDV(QWZLFNHOQDO WHUQDWLYHU :HOWHQ QHXHU (UNHQQWQLV (UOHEQLV XQG 9HUKDOWHQVPRGHOOH P|JOLFK YJO)OXVVHUI 'DV.HUQSUREOHPGHU*HJHQZDUWOLHJWMHGRFKGDULQGDV 3RWHQ]LDOGHVNDONXODWRULVFKHQ'HQNHQVQLFKWHUNDQQW]XKDEHQXQGQRFKZHLWHUKLQ LP OLQHDUHQ EXFKVWlEOLFKHQ 'HQNHQ YHUKDIWHW ]X VHLQ ,QVRIHUQ EHVWHKW QRFK HLQH JHVHOOVFKDIWOLFKH6SDOWXQJ]ZLVFKHQHLQHU(OLWHGHQÄÃ7HFKQRNUDWHQµÃ0HGLHQRSH UDWRUHQµ RGHU Ã0HLQXQJVELOGQHU>Q@µ³ )OXVVHU D GLH PDQ DOOJHPHLQ DOV 3URJUDPPLHUHU VXEVXPLHUHQ NDQQ XQG GHP *URWHLO GHU 0HQVFKHQ GLH VLFK HKHU 8QWHUÃ(NVLVWHQ]µYHUVWHKW)OXVVHUGLHPHQVFKOLFKH)lKLJNHLWYRQGHUJHJHQVWlQGOLFKHQ :HOWLQVHLQHHLJHQH6XEMHNWLYLWlW]XUFN]XVFKUHLWHQGKGXUFKGLH)lKLJNHLWGHV,PDJL QLHUHQVDXVHLQHU$UW1DWXUYHUIDOOHQKHLWDXV]XEUHFKHQXQG PLWGHU*HVWHGHV%LOGHUPD FKHQV(LQELOGHQ,PDJLQLHUHQ HLQH]ZHLWH1DWXU]XVFKDIIHQ9JO)OXVVHUD
170 | A NYTHING GOES? P OSTMODERNE M EDIENTHEORIEN IM V ERGLEICH
als Programmierte begreifen. Letztere haben noch nicht gelernt, formal-kalkulatorisch zu denken. Sie sind noch im diskursiv-historischen Denken verhaftet. Auf sozialer Ebene droht daher einerseits das Dominiertsein durch den Code und eine „fascistische [sic!] Gesellschaft“ (Flusser 21989 [1985]: 24), in der die diskursiven Kommunikationsstrukturen vorherrschen, doch andererseits besteht die Möglichkeit, sich selbst zu entwerfen und Freiheit zu entfalten, indem man alternative Welten realisiert und dialogische Kommunikationsstrukturen schafft. Durch die dialogischen Strukturen wird die negativ entropische Tendenz der Informationsspeicherung und -vermehrung gefördert, während die diskursiven Strukturen diesem negativ entropischen Prozess zuwiderlaufen, da die Empfänger der Informationen nicht selbst wieder zu Sendern werden und Informationen somit nicht gespeichert und vermehrt werden können.43 Solche rein diskursiven Kommunikationsstrukturen sind insofern „total und totalitär“ (Flusser 32003 [1996]: 267) und begünstigen eine faschistische Gesellschaft. Der Faschismus, den Flusser befürchtet, ist bei ihm nicht von politischer, sondern vielmehr von technischer Natur. Jedoch kann diese apokalyptische Tendenz verhindert werden, indem der Mensch sich der neuen Codes bedient und die diskursiven Kommunikationsstrukturen in ein dialogisches Netz zu einer Art „kosmischem Gespräch“ (Flusser 21989 [1985]: 68) umwandelt. Mit dem Technocode ist die Möglichkeit gegeben, den diskursiven Strukturen zu erliegen oder aber die durch die Massenmedien implementierten Diskurse in Netzdialoge umzuwandeln: „Siegt die erste Tendenz, dann wird sich unsere Kommunikationssituation zu Totalitarismus und Massifizierung verfestigen. Siegt die zweite, dann ist eine unvorstellbare (und daher unbegreifliche) Öffnung für eine neue Daseinsform gegeben. […] Infolgedessen müssen wir uns, wenn wir uns für eine menschenwürdige Gesellschaft engagieren, mit den neuen Techniken auseinandersetzen.“ (Flusser 32003 [1996]: 229 f.)
Zusammenfassend ist festzuhalten, dass Flusser Mediengeschichte als Umbrüche von Codes konstruiert. Diese sind stets mit einer Revolution von Kommunikationsstrukturen verbunden. Die Codes können grundsätzlich als Apriori für gesellschaftliche und kognitive sowie epistemologische Strukturen verstanden werden. Für die Daseinsform des Menschen und die soziale Ausgestaltung der Gesellschaft ist dabei entscheidend, auf welche Weise die Codes genutzt werden, um die Gegenwart und Zukunft zu formen.
43 Die Unterscheidung zwischen Dialog und Diskurs gebraucht Flusser, um die gesellschaftlichen Kommunikationsstrukturen zu beschreiben. Die Termini werden in Kapitel 4.3.5 näher erläutert.
6 '@DV)HUQVHKHQLVWGLH*H ZLKHLWGDGLH/HXWHQLFKWPHKUPLWHLQDQGHUUHGHQGDVLHDQJHVLFKWVHLQHU5HGH RKQH $QWZRUW HQGJOWLJ LVROLHUW VLQG³ HEG +HUYRUKHEXQJ LP 2ULJLQDO 2I IHQVLFKWOLFK ZLUG DQ %DXGULOODUGV .RQ]HSWLRQ PHGLHQYHUPLWWHOWHU .RPPXQLNDWLRQ GDVVHUQLFKW]ZLVFKHQYHUVFKLHGHQHQ0HGLHQQXW]XQJVW\SHQXQWHUVFKHLGHWHLQHDN WLYH 0HGLHQDQHLJQXQJ XQG HLQHQ NULWLVFKHQ HPDQ]LSDWRULVFKHQ 0HGLHQJHEUDXFK VHLWHQVGHV5H]LSLHQWHQVRJDUJlQ]OLFKDXVVFKOLHW-HQH$OOPDFKWVYRUVWHOOXQJYRQ 0HGLHQLVWEHLLKPLQ%H]XJDXI0DVVHQPHGLHQWRWDO 9RQ0DVVHQPHGLHQELV]XP*HQHUDOVWUHLN± (LQZHLWVFKZHLIHQGHU0HGLHQEHJULII %DXGULOODUGYHUVWHKW0HGLHQ]XQlFKVWHLQPDODOV0DVVHQPHGLHQLPDOOWDJVVSUDFKOL FKHQ 6LQQH 6HLQ 0DVVHQPHGLHQEHJULII XPIDVVW GDEHL VRZRKO 0DNURIRUPHQ GHU .RPPXQLNDWLRQ0HGLHQVFKHPDWDJDWWXQJHQXQGIRUPDWH 0HGLHQWHFKQLNHQ,Q VWLWXWLRQHQ DOV DXFK .RPPXQLNDWLRQVLQVWUXPHQWH XQG &RGHV ZREHL HU ]ZLVFKHQ LKQHQQLFKWDXVGUFNOLFKGLIIHUHQ]LHUWXQGNHLQHDQDO\WLVFKH7UHQQXQJYRUQLPPW,Q Ã9LGHRZHOWXQGIUDNWDOHV6XEMHNWµD VSULFKWHUEHLVSLHOVZHLVHYRQGHQNODVVL VFKHQ 0DVVHQPHGLHQ &RPSXWHU )RWRDSSDUDW RGHU )HUQVHKHQ DOV LQWHOOLJHQWH 0D VFKLQHQGLHGHQ0HQVFKHQLQHLQ$EKlQJLJNHLWVYHUKlOWQLV]XP0HGLXPVWHOOW'D EHLEHWRQWHUGHQWHFKQLVFKHQ$VSHNWÄ,P2EMHNWLYDEHUDXI%LOGVFKLUPHQLP$OO JHPHLQHQ XQG YHUPLWWHOV DOOHU 0HGLDWHFKQLNHQ ZLUG GLH :HOW YLUWXHOO GDV 2EMHNW OLHIHUWVLFKÃSRWHQWLHOOµDXVXQGWUHLEWVHLQHLJHQHV6SLHO³%DXGULOODUGD +HUYRUKHEXQJG9HUI $QDQGHUHU6WHOOHVWHKWQLFKWGLH0HGLHQWHFKQLNLP9RUGHU JUXQGVRQGHUQHLQH0DNURIRUPGHU.RPPXQLNDWLRQZLHGLH:HUEXQJ 1HEHQGHUJHEUlXFKOLFKHQ%HGHXWXQJYRQ0DVVHQPHGLHQ]lKOW%DXGULOODUGDXFK (UHLJQLVVH XQG 3KlQRPHQH GD]X GLH EHU GDV DOOWDJVVSUDFKOLFKH 9HUVWlQGQLV GHV 0DNURIRUPHQ GHU .RPPXQLNDWLRQ VLQG DOV ÄEHUJUHLIHQGH V\PEROLVFKH )RUPHQ³ 6FKPLGW=XUVWLHJH ]X YHUVWHKHQ LQ GLH 'LVNXUVH HLQJHEHWWHW VLQG $OV %HL VSLHOHQHQQHQ6FKPLGWXQG=XUVWLHJHGHQ-RXUQDOLVPXVGLH35RGHUGLH:HUEXQJ
6 «@'DULQOLHJWLKUHZLUNOLFKH$EVWUDNWKHLW8QGLQGLH VHU $EVWUDNWKHLW JUQGHW GDV 6\VWHP GHU VR]LDOHQ .RQWUROOH XQG GHU 0DFKW³ %DXGULOODUG E
+LHUEHLOHKQWHUVLFKDQ0DXVV¶*DEHQWDXVFKDQXQGEHUWUlJWGLHVHQDXIGLH.RPPXQL NDWLRQDOVUH]LSURNH7DXVFKEH]LHKXQJ+LHU]XVLHKHDXFK.DSLWHOXQG
_ $ 1GHQ)DKU]HXJHQ3IHUGXQG6FKLII$QPG9HUI@HUHLJQHWVLFKHLQDXHURUGHQWOL FKHUTXDOLWDWLYHU(LQVFKQLWWGLH.RSSHOXQJDQLPDOLVFKHU.|USHU3IHUG'URPHGDU (OHIDQW6WUDXXVZ OLHIHUWGLHHUVWHQ0HGLHQGHU%HZHJXQJGLHHUVWHQ)DKU]HXJH GHU PHQVFKOLFKHQ *DWWXQJ³ 9LULOLR -HGH $UW YRQ 9HUNHKUVPLWWHO JLOW GDEHL DOV 0HGLXP +LHUEHL XQWHUVFKHLGHW HU ]ZLVFKHQ G\QDPLVFKHQ XQG VWDWLVFKHQ )DKU]HXJHQE]Z0HGLHQZREHLHUVWHUHPLWWHFKQLVFKHQ7UDQVSRUWPLWWHOQJOHLFKJH VHW]WZHUGHQN|QQHQZLH$XWRVRGHU(LVHQEDKQHQXQGOHW]WHUHMHQH6WUXNWXUHQVLQG GLH GDV )XQNWLRQLHUHQ GHU )DKU]HXJH HUVW HUP|JOLFKHQ ZLH EHLVSLHOVZHLVH 6WUDHQ RGHU 6FKLHQHQ :HLWHUKLQ LQNOXGLHUW 9LULOLR DOOH 0DVVHQPHGLHQ ,QIRUPDWLRQV XQG 7UDQVPLVVLRQVPHGLHQLQVHLQHQ0HGLHQEHJULII=XOHW]WQHQQWHUGLH7UDQVSODQWDWL RQVWHFKQLNHQ .|USHUSURWKHVHQ XQG ,PSODQWDWH VLQG IU 9LULOLR 0HGLHQ GLH GHQ PHQVFKOLFKHQ .|USHU GXUFKVHW]HQ XQG LKQ ZHQLJHU OHLVWXQJVIlKLJ PDFKHQ GD GHU 0HQVFKVHLQHN|USHUHLJHQHQ )lKLJNHLWHQ YHUOHUQWE]ZGXUFKGLHWHFKQLVFKHQ3UR WKHVHQVXEVWLWXLHUHQOlVVW $Q GLHVHP hEHUEOLFN ZLUG GHXWOLFK GDVV 9LULOLR HLQ DGGLWLYHV 0HGLHQNRQ]HSW YHUWULWW'DEHLULFKWHWVLFKVHLQ0HGLHQEHJULIIDQHLQHU'LVSRVLWLY7ULDVDXVGLHVLFK DXVGHQ'LPHQVLRQHQ0HGLHQ%HVFKOHXQLJXQJXQG.ULHJ]XVDPPHQVHW]W 'LVSRVLWLY7ULDV0HGLHQ%HVFKOHXQLJXQJ.ULHJDOV XQLYHUVDOHV(UNOlUXQJVSULQ]LS 0HGLHQ%HVFKOHXQLJXQJ.ULHJ LVW 9LULOLRV 'LVSRVLWLY7ULDV XP JHVHOOVFKDIWOLFKH 9HUlQGHUXQJHQ XQG GLH JHVDPWH 0HQVFKKHLWVJHVFKLFKWH ]X HUNOlUHQ )U VHLQHQ 0HGLHQEHJULII VLQG WHFKQLVFKH .ULHJV XQG 0LOLWlUWHFKQRORJLHQ VRZLH :DIIHQ 7UDQVSRUWXQG,QIRUPDWLRQVV\VWHPH]HQWUDO ,P.ULHJOLHJWJHQHUHOOGHU8UVSUXQJDOOHUPHGLHQWHFKQRORJLVFKHQ(QWZLFNOXQ JHQ0HGLHQILQGHQ]XQlFKVW$QZHQGXQJLPPLOLWlULVFKHQ%HUHLFKXQGZHUGHQHUVW VSlWHU]LYLOJHVHOOVFKDIWOLFKUHOHYDQW'HU:DQGHOYRQ.ULHJVVWUDWHJLHQIKUWGHP JHPlVWHWVHLQH9HUlQGHUXQJYRQ7UDQVSRUWPLWWHOQXQG.RPPXQLNDWLRQVWHFKQLNHQ PLW VLFK 0HGLHQ LP ZHLWHVWHQ 6LQQH KDEHQ GHPQDFK HLQH 0RELOLVDWLRQVIXQNWLRQ GLHOHW]WHQ(QGHVQLFKWQXU]X.ULHJV]HLWHQDQKlOWÄ0RELOLVLHUXQJ,Q*DQJVHW]HQ GHU .|USHU 5HLVH ([RGXV 'HSRUWDWLRQ 9HUVFKOHSSXQJ ± VWHWV JHJHQZlUWLJ LP 'HU =XVDPPHQKDQJ YRQ 0HGLHQ XQG .ULHJ VSLHOW DXFK EHL .LWWOHU HLQH ]HQWUDOH 5ROOH 'LHVZLUGLPQlFKVWHQ$EVFKQLWWEHLGHU'DUVWHOOXQJYRQ.LWWOHUV0HGLHQEHJULIIJH QDXHUEHKDQGHOW %HLVSLHOVZHLVH VSLHOW IU 9LULOLR GLH )RWRJUDILH HLQH HQWVFKHLGHQGH 5ROOH EHLP 0LOLWlU ]XQlFKVW EHL GHU $EOLFKWXQJ YRQ 5DNHWHQ XQG *HVFKRVVHQ VSlWHU GDQQ LQ GHU /XIWELOG DXINOlUXQJ(UVWKLQWHUKHUILQGHWGLH)RWRJUDILHGDQQ(LQJDQJLQGHQQLFKWPLOLWlULVFKHQ DOOWlJOLFKHQ.RQWH[W9JO0RULVFK
_ $ 1@
)OXVVHUEHVFKlIWLJWVLFKLQVHLQHU.RPPXQLNRORJLHJUXQGOHJHQGPLWGHQ%HJULIIHQ .RPPXQLNDWLRQ&RGHVXQG0HGLHQ'HU0HGLHQEHJULIILVWHQJPLWGHP.RPPXQL NDWLRQVXQG&RGHEHJULIIYHUNQSIWXQGQXULQ=XVDPPHQKDQJPLWGLHVHP]XGHQ NHQ8PGHQ0HGLHQEHJULIIYRQ)OXVVHUEHVVHUEHJUHLIHQ]XN|QQHQPXVV]XQlFKVW VHLQ9HUVWlQGQLVYRQ&RGHVXQG=HLFKHQNODUJHVWHOOWZHUGHQ &RGHVDOV*UXQGODJHPHQVFKOLFKHQ6HLQV .RPPXQLNDWLRQPLWWHOV&RGHVLVWIU)OXVVHUHLQHH[LVWHQ]LHOOH*UXQGNRQVWDQWHGHV 0HQVFKHQÄ.XU]GHU0HQVFKNRPPXQL]LHUWPLWDQGHUHQLVWHLQÃSROLWLVFKHV:H VHQµQLFKWZHLOHUHLQJHVHOOLJHV7LHULVWVRQGHUQZHLOHUHLQHLQVDPHV7LHULVWZHO FKHV XQIlKLJ LVW LQ (LQVDPNHLW ]X OHEHQ³ HEG )OXVVHUV .RPPXQLNDWLRQVEH JULII EHUXKW DXI HLQHP H[LVWHQ]SKLORVRSKLVFKHQ XQG DQWKURSRORJLVFKHQ *UXQGYHU VWlQGQLVYRP0HQVFKHQDOV]RRQSROLWLNRQXQGDQLPDOV\PEROLFXP&RGHVVLQGGD
_ $ 1@ .RPPXQLNDWLRQ KDW GDEHL NHLQHQ QDWUOLFKHQ VRQGHUQ DUWLIL]LHOOHQ &KDUDNWHU GD GLH6\PEROHE]ZGLH]X&RGHVJHRUGQHWHQ6\PEROHHUVWGXUFKGHQ0HQVFKHQKHU YRUJHEUDFKW ZHUGHQ .RPPXQLNDWLRQ LVW GDPLW HLQH NXOWXUHOOH (UUXQJHQVFKDIW XQG GHU 0HQVFK HLQ .XOWXUZHVHQ HLQ DQLPDO V\PEROLFXP GDV GLH :HOW QLFKW GLUHNW VRQGHUQ VWHWV GXUFK NXOWXUHOOH VSUDFKOLFKH NRJQLWLYH 0XVWHU ZDKUQLPPW 6LQQJH 0HGLHQ DOV 6\QRQ\P IU 0DVVHQPHGLHQ ZLH +DQNH YRUVFKOlJW LVW HLQH HLQJHVFKUlQNWH 6LFKWDXIGHQ0HGLHQEHJULIIEHL)OXVVHUGDGLHVHUQRFK YLHO PHKUXPIDVVWDOVGLH0DV VHQPHGLHQ'LHVNDQQDOOHLQVFKRQGXUFKGLH$XVGLIIHUHQ]LHUXQJLQGLHYHUVFKLHGHQHQ$U WHQGHUGLDORJLVFKHQXQGGLVNXUVLYHQ0HGLHQJH]HLJWZHUGHQ 6RLVWEHLVSLHOVZHLVHGDV7HOHIRQGDVVRZRKODNWLYDOVDXFKSDVVLYJHQXW]WZHUGHQNDQQ QLFKW EOR WHFKQLVFKHU $SSDUDW VRQGHUQ DOV 9HUELQGXQJ ]ZLVFKHQ 3HUVRQHQ MH VSH]LIL VFKHU9HUZHQGXQJVDEVLFKW]XEHWUDFKWHQ(UVWGDQQJLEWHVÄHLQHPHQVFKHQZUGLJHKX PDQH *HVHOOVFKDIWGHQQGLHGHP0HQVFKHQHLJHQH:UGHLVWHVMD,QIRUPDWLRQHQ]XHU ]HXJHQ ZHLWHU]XJHEHQ XQG ]X VSHLFKHUQ³ )OXVVHU >@ I %HLVSLHOVZHLVH N|QQHQDXFK3ODNDWHGLHWHQGHQ]LHOOGLVNXUVLYJHEUDXFKWZHUGHQGLDORJLVFKIXQNWLRQLH UHQ ZHQQ PDQ VLH PLW *UDIILWLEHVSUKW ZlKUHQG 'RUISOlW]H DOV GLDORJLVFKH 9HUVDPP OXQJVRUWHDXFKGLVNXUVLYVHLQN|QQHQK|UWPDQVLFKHLQH|IIHQWOLFKH5HGHDQ
6 @
6HPDQWLVFKH:RUWXQG .RPPXQLNDWLRQVPHGLHQ.RPPXQLNDWLRQVVWUXNWXUHQ7HFKQLN0DWHULDOLWlW $VVR]LDWLRQVIHOGHU &RGHV6\PERO'LDORJ'LVNXUV ([WHQVLRQVPHQJH
0DVVHQPHGLHQ5DGLR)HUQVHKHQ $OOWDJVJHJHQVWlQGH)XElOOH 5lXPH:DUWH]LPPHU.FKH.ODVVHQUlXPH ,QVWLWXWLRQHQ0LOLWlU 3RVWV\VWHP8QLYHUVLWlW 0DNURIRUPHQGHU.RPPXQLNDWLRQ.XQVW :LVVHQVFKDIW VR]LDOH3UDNWLNHQ,QWHUDNWLRQVUlXPH(U]lKOXQJHQ 9RUWUlJH|IIHQWOLFKH0HLQXQJ
0HGLHQIXQNWLRQ
+HUVWHOOXQJYRQ.RPPXQLNDWLRQGLDORJLVFKRGHUGLVNXUVLY
9RUDXVVHW]XQJHQ VHQVX6-6FKPLGW
=HLFKHQWKHRULH6HPLRWLN&RGHV6\VWHPHYRQ6\PEROHQ 3K\VLN(QWURSLH
$XVGLIIHUHQ]LHUXQJGHV 'LDORJLVFKH0HGLHQ 0HGLHQEHJULIIV .UHLVGLDORJ 1HW]GLDORJ
'LVNXUVLYH0HGLHQ 7KHDWHUGLVNXUV 3\UDPLGHQGLVNXUV %DXPGLVNXUV $PSKLWKHDWHUGLVNXUV
%HVFKUHLEXQJ
,QIRUPDWLRQVKHUVWHOOXQJ,QIRUPD WLRQVDXVWDXVFK=LUNXOLHUHQYRQ ,QIRUPDWLRQHQ]ZLVFKHQ 6HQGHUXQG(PSIlQJHU 'HPRNUDWLVFKGLUHNWH 7HLOQDKPHIDFHWRIDFH .RPPXQLNDWLRQ 'HPRNUDWLVFKNHLQH IDFHWRIDFH.RPPXQLNDWLRQ
'HWDLODUPKRKH%HWHLOLJXQJGHV5H]LSL HQWHQHUIRUGHUOLFK(LJHQDNWLYLWlW%HWHL OLJXQJYLHOHU6LQQH 3UlVHQ]SXEOLNXPGLUHNWHV)HHGEDFN RIIHQIU'LDORJHQWKlOW.UHLVGLDORJH +LHUDUFKLVFKDXWRULWlUXQWHUELQGHW 'LDORJNHLQH)HHGEDFNP|JOLFKNHLWHQ 6SH]LDOLVLHUWHU'LVNXUV HOLWlUH.UHLVGLDORJH 8PNRGLHUXQJGHU%DXPGLVNXUVH LQ8QLYHUVDOVSUDFKH0DVVHQNXOWXU
%HLVSLHOH
5XQGHU7LVFK3DUODPHQWH .RPPLVVLRQHQ 3RVWV\VWHP7HOHIRQV\VWHP |IIHQWOLFKH0HLQXQJ
(U]lKOXQJHQ7KHDWHU.RQ]HUW 6FKXONODVVH9RUWUlJH .LUFKHQ3ULHVWHUWXP$UPHHQ 6WDDWVYHUZDOWXQJHQ :LVVHQVFKDIW7HFKQLN.XQVW 5DGLR)HUQVHKHQ.LQR 0DVVHQPHGLHQ
4XHOOHHLJHQH'DUVWHOOXQJ
_ $ 1GHU 0HQVFKKHLWVJHVFKLFKWH $QP G 9HUI@ DXI HLQH VXEVWDQ]ORJLVFK PRGHOOLHUWH *U|H Ã*HVFKZLQGLJNHLWµ ]XUFN]XIKUHQ LVW GDVYRUOlXILJOHW]WH*OLHGLQHLQHUODQJHQJHLVWHVJHVFKLFKWOLFKHQ7UDGLWLRQ>«@HLQHDOOHDQ GHUHQ (UVFKHLQXQJVIRUPHQ EHJUQGHQGH 6XEVWDQ] GLHVHU KLVWRULVFKHQ '\QDPLN GLQJIHVW ]X PDFKHQ³.LUFKPDQQD+HUYRUKHEXQJLP2ULJLQDO
'LHVHVVXEVWDQ]ORJLVFKH'HQNHQHUVFKHLQWEHLHLQHUUHODWLYHQ%H]XJVJU|HZLHGHU *HVFKZLQGLJNHLWDOOHUGLQJVZHQLJSODXVLEHO (LQH ZHLWHUH RQWRORJLVFKH *UXQGNRQVWDQWH EHL 9LULOLR LVW GHU .ULHJ (U NRQ]L SLHUWGLHVHQDOVHLQHWUDQVKLVWRULVFKH8UVXEVWDQ]MHJOLFKHQ6HLQVXQGDOV*UXQGXU VDFKH IU 0HGLHQHQWZLFNOXQJ VFKOHFKWKLQ (U EHOHJW GLH ([LVWHQ] XQG GLH %HGHX WXQJGHV.ULHJHVLPPHUZLHGHUDQNRQNUHWHQVR]LDOKLVWRULVFKHQ*HJHEHQKHLWHQXQG JHUlWGDPLWLQHLQÄ3DUDGR[RQHLQHUMHGHQVXEVWDQ]ORJLVFKHQ(SLVWHPRORJLHXQG*H VFKLFKWVSKLORVRSKLH³HEG+HUYRUKHEXQJLP2ULJLQDO 'HQQGDVZDVHUHUNOl UHQP|FKWHQlPOLFKGHQ.ULHJLVWLPPHUVFKRQYRUKDQGHQLQGHPZRUDXVHVHU NOlUW ZHUGHQ VROO 'LH 8UVXEVWDQ] .ULHJ ZLUG JOHLFKHUPDHQ ]X HLQHU DEJHOHLWHWHQ *U|HGLHVLFKDXVGHU0DFKWGHU*HVFKZLQGLJNHLWHUJLEW'LHVH.DXVDOLWlWIXQNWL RQLHUWQDFKEHLGHQ6HLWHQGHQQJHQDXVRLVWGHU.ULHJXUVlFKOLFKIU*HVFKZLQGLJ NHLWXQG%HVFKOHXQLJXQJ'LHVHSDUDGR[H$UJXPHQWDWLRQIKUWGD]X.ULHJXQG*H VFKZLQGLJNHLW VFKOLFKWZHJ JOHLFK]XVHW]HQ Ä'LH *HVFKZLQGLJNHLW LVW .ULHJ³ 9L ULOLR 'LH*U|HQVWHKHQRIWPDOVLQNHLQHPHLQGHXWLJHQ9HUKlOWQLV]XHL QDQGHU XQG VLQG XQ]XUHLFKHQG GHILQLHUW 'HQQRFK ZHUGHQ VLH ]X SULQ]LSLHOOHQ XQG GLIIXVHQ/HLWNDWHJRULHQHUKREHQYJO.LUFKPDQQD :HLWHUH(LQIOXVVIDNWR UHQOlVVW9LULOLRXQEHUFNVLFKWLJWXQGYHUOHLKWGHQ*U|HQ.ULHJXQG*HVFKZLQGLJ NHLW HLQHQ $OOPDFKWVFKDUDNWHU 'LH .RPSOH[LWlW KLVWRULVFKHQ :DQGHOV ZLUG GHP QDFKDXIHLQHYHUDEVROXWLHUWH.ULHJVG\QDPLNUHGX]LHUW.ULHJ%HVFKOHXQLJXQJXQG *HVFKZLQGLJNHLWDOV8UVDFKHQKLVWRULVFKHU3UR]HVVH]XSODXVLELOLVLHUHQVLQG9HUVX FKHYRQ6LQQ]XVFKUHLEXQJHQGLHYRQHLQHPXQGLIIHUHQ]LHUWHQ$SULRULVPXV]HXJHQ 'LHVH/HW]WEHJUQGXQJVYHUVXFKHOHJHQQDKHLQHLQHUNRPSOH[HQ*HVHOOVFKDIWHLQ GHXWLJH8UVDFKHQDXVILQGLJPDFKHQ]XZROOHQ )HKOHQGH6\VWHPDWLN8QVFKlUIHYRQ.RQ]HSWHQXQG ]HQWUDOHQ%HJULIIOLFKNHLWHQ :LHVRHEHQDQJHGHXWHWVLQGGLHIU9LULOLRV'URPRORJLH]HQWUDOHQ%HJULIIOLFKNHLWHQ RIWPDOVYDJHNRQ]LSLHUWQRWRULVFKXQVFKDUIRGHUYLHOGHXWLJ(VZHUGHQZHGHUHLQH SUl]LVH 7HUPLQRORJLH QRFK GHXWOLFK YRQHLQDQGHU GLIIHUHQ]LHUWH %HJULIIOLFKNHLWHQ JHEUDXFKW9LULOLRYHUZHQGHWVHLQH]HQWUDOHQ%HJULIIH*HVFKZLQGLJNHLW%HVFKOHXQL JXQJ XQG %HZHJXQJ KlXILJ V\QRQ\P 'LHVH VSUDFKOLFKHQ 8QJHQDXLJNHLWHQ ODVVHQ
6 «@³.LWWOHU
'LH ZLFKWLJVWHQ ,QQRYDWLRQVVFKEH VLQG (UJHEQLVVH PLOLWlULVFKHU )RUVFKXQJV XQG (QWZLFNOXQJVSUR]HVVH .LWWOHUV 0HGLHQKLVWRULRJUDILH IROJW ÄHLQHP 0RGHOO PLOLWlU VWUDWHJLVFKHU (VNDODWLRQ³ .LWWOHU E (U ]HLJW GLH 9HUELQGXQJ YRQ .ULHJ XQG0HGLHQH[HPSODULVFKDXIJHQHUDOLVLHUWGLHVH%HLVSLHOHDEHUXQ]XOlVVLJDXIGLH JHVDPWH0HGLHQJHVFKLFKWH 6R QHQQW .LWWOHU GDV 5DGLR E]Z GHQ 5XQGIXQN DOV 3URGXNW GDV DXVGHP (UVWHQ :HOW NULHJKHUYRUJHJDQJHQLVWGDHLQHGUDKWORVH6SUHFKYHUELQGXQJ]ZLVFKHQ.DPSIIOXJ]HX JHQ XQG 8%RRWHQ GULQJOLFK JHZRUGHQ LVW ,P =ZHLWHQ :HOWNULHJ VLQG 7RQElQGHU ]XU 6SHLFKHUXQJ DNXVWLVFKHU 'DWHQ YHUZHQGHW ZRUGHQ GLH 0|JOLFKNHLWHQ IU 3URSDJDQGD XQG 6SLRQDJH IUHLJHVHW]W KDEHQ 'LH XUVSUQJOLFK PLOLWlULVFK EHQXW]WHQ ,QQRYDWLRQHQ ILQGHQDQVFKOLHHQGLQ)RUPYRQ8QWHUKDOWXQJVHOHNWURQLN(LQJDQJLQGDV]LYLOH/HEHQ Ä)XQNVSLHO 8.:3DQ]HUIXQN 9RFRGHU 0DJQHWRSKRQ 8%RRW2UWXQJVWHFKQLN %RP EHUULFKWIXQNXVZKDEHQHLQHQ0LEUDXFKYRQ+HHUHVJHUlWIUHLJHJHEHQGHU2KUHQ XQG 5HDNWLRQVJHVFKZLQGLJNHLWHQDXIGHQ:HOWNULHJQHLQVWLPPW5DGLRGLHVHUHUVWH0L EUDXFKIKUWYRQ::,]X::,,5RFN0XVLNGHUQlFKVWHYRQ::,,]X::,,,³ .LWWOHU 'HU=ZHLWH:HOWNULHJLVWQDFK.LWWOHUV(UNOlUXQJYRUGHUJUQGLJHLQH QDFKULFKWHQXQGZDIIHQWHFKQLVFKH$QJHOHJHQKHLWVRGDVVPLOLWlUJHVFKLFKWOLFKH:HQGH SXQNWHZLH6WDOLQJUDG$XVFKZLW]+LURVKLPDXQG1DJDVDNLRGHUGLH6SDOWXQJGHU:HOW LQ1$72XQG:DUVFKDXHU3DNW]XJXQVWHQGHU.RQ]HQWUDWLRQDXIGLHJU|WHÄER\PHHWV
6 «@ $QVWHOOH YRQ /XQJHQ XQG6WLPPElQGHUQWUHWHQ]XQlFKVW]ZHLGLJLWDOH2V]LOODWRUHQHLQ5DXVFKJHQHUDWRUIUVWLPP ORVH .RQVRQDQWHQ XQG HLQ VWHXHUEDUHU )UHTXHQ]JHQHUDWRU IU YRNDOLVFKH RGHU VWLPPKDIWH 3KRQHPH%LQlUZLHLPPHQVFKOLFKHQ6SUHFKHQDXFKIlOOWVRGDQQGLH(QWVFKHLGXQJZHOFKHU GHU ]ZHL 2V]LOODWRUHQ MHZHLOV DXI GHQ (LQJDQJ GHU 5HNXUVLYILOWHU JHKHQ VROO>«@ ,Q WHFKQL VFKHU=XNXQIW PDJ HVJHOLQJHQ PLWVWRFKDVWLVFKHQ6LJQDODQDO\VHYHUIDKUHQ ZLHOLQHDUHU3Ul GLNWLRQ RGHU $XWRNRUUHODWLRQVPHVVXQJ DXFK YHUJDQJHQHQ =HLWHUHLJQLVVHQ ZLHGHU HLQH =HLW DFKVH]X]XRUGQHQ>«@³.LWWOHUII
.LWWOHU KDQWLHUW PLW 7HUPLQL ZLH $XWRNRUUHODWLRQVNRHIIL]LHQW )UHTXHQ]PRGXODWLRQ 6LJQDOPXOWLSOH[LQJ 6FKDOOVLJQDODPSOLWXGHQ RGHU 7LHISDVVILOWHU XQG EHZHJW VLFK GXUFK HLQ hEHUPD DQ LQIRUPDWLRQVWHFKQLVFKHQ )DFKEHJULIIHQ YRP JHLVWHVZLVVHQ VFKDIWOLFKHQ-DUJRQZHJ*OHLFK]HLWLJYHUVXFKWHUHLQHQ%UFNHQVFKODJ]XGHQLQJH QLHXUVZLVVHQVFKDIWOLFKHQ'LV]LSOLQHQ .LWWOHU HQW]LHKW VLFK ELVZHLOHQ HLQHP VWUHQJ ZLVVHQVFKDIWOLFKHQ ORJLVFKHQ %H JUQGXQJVPRGXV ]XJXQVWHQ VSUDFKOLFKHU ([WUDYDJDQ]HQ XQG UKHWRULVFKHU .QLIIH 'DEHL ZHLVHQ VHLQH $XVIKUXQJHQ XQG WHFKQLVFKHQ %HVFKUHLEXQJHQ MHGRFKGXUFK DXVHLQKRKHV0DDQ'HWDLOUHLFKWXP([DNWKHLWXQG3Ul]LVLRQDXI=X.LWWOHUVPH GLHQKLVWRULVFKHQ $XVIKUXQJHQ DXI HLQHU ORJLVFKHQ DUJXPHQWDWLYHQ (EHQH OlVVW VLFKIHVWKDOWHQGDVVVHLQH*HVFKLFKWVHU]lKOXQJHEHQVRXQLYHUVHOODQJHOHJWLVW=ZDU HQWZLUIWHUNHLQHXWRSLVFKHQRGHUG\VWRSLVFKHQ6]HQDULHQLQLKUHUORJLVFKHQ0HUN PDOVDQDO\VHlKQHOWVLHMHGRFKGHU*UXQGVWUXNWXUPRGHUQHU0HWDHU]lKOXQJHQ0H GLHQJHVFKLFKWH ZLUG UHLQ WHFKQL]LVWLVFK EHJUQGHW E]Z QRFK ZHLWHUKLQ GXUFK GHQ .ULHJDOVXUVSUQJOLFKHU$XVO|VHUWHFKQLVFKHU,QQRYDWLRQHQIXQGLHUW0RQRNDXVDOL WlW 5HGXNWLRQLVPXV GXUFK 7HFKQLNGHWHUPLQLVPXV XQG GLH WHOHRORJLVFKH $XVULFK WXQJ GLH LQ HLQHU 9ROODXWRPDWLVLHUXQJ WHFKQLVFKHU 3UR]HVVH HQGHW VLQG GLH GRPL
6 @ XQWHUVXFKW GLH :HOWUHLFKH VHLW GHPDOWHQbJ\SWHQXQGGHQMHZHLOVSUlJHQGHQ.RPPXQLNDWLRQVIRUPHQ,QQLV¶]HQW UDOH$QQDKPHEHVDJWGDVVGLH.RPPXQLNDWLRQVPHGLHQHLQHNRQVWLWXWLYH)XQNWLRQ =XQlFKVWJHK|UHQ]X,QQLV¶8QWHUVXFKXQJVIHOGHUQGLH*HVFKLFKWHGHU.DEHOMDXILVFKHUHL XQG GHV 3HO]KDQGHOV 6LHKH KLHU]X ,QQLV 6SlWHU EHVFKlIWLJW HU VLFK GDQQ NRQNUHWHUPLWGHP(LQIOXVVYRQ.RPPXQLNDWLRQVPHGLHQDXI6WUXNWXUHQVR]LDOHU2UJDQL VDWLRQ.RQNUHWEHWUDFKWHW,QQLVEHLVSLHOVZHLVHGHQ =XVDPPHQKDQJ]ZLVFKHQHLQHUUHV VRXUFHQEDVLHUWHQ,QGXVWULHGHU3DSLHULQGXVWULHLQ.DQDGDXQG HLQHUNXOWXUHOOHQ,QGXVW ULHGHU,QIRUPDWLRQVXQG:LVVHQV]LUNXODWLRQGXUFKJHGUXFNWH(U]HXJQLVVH,QQLVXQWHU VXFKWKDXSWVlFKOLFK7HFKQRORJLHQGHU.RPPXQLNDWLRQXQGGHV7UDQVSRUWV
6 GW hEHUVHW]XQJ 'LH PHFKDQLVFKH %UDXW 9RONVNXOWXU GHV LQGXVWULHOOHQ 0HQ VFKHQ@ QRFK H[SOL]LW ZHUWHQG XQG PHGLHQNULWLVFK DUJXPHQWLHUW ZLUG VHLQH +DOWXQJ LQ Ã8QGHUVWDQGLQJ 0HGLDµ ]XQHKPHQG ORFNHU LURQLVFK XQG PHGLHQDIILUPDWLY ZLH 0DUFKDQGLQVHLQHU%LRJUDILHYRQ0F/XKDQVFKUHLEWKDW0F/XKDQGLHVHQ:DQGHO YROO]RJHQ QDFKGHP HU GHQ WKHRUHWLVFKHQ hEHUOHJXQJHQ YRQ +DUROG ,QQLV EHJHJQHW LVW 9JO0DUFKDQGII :HLWHUKLQVLHKW0DUFKDQGNDUULHUHWHFKQLVFKH*UQGHGLH 0F/XKDQLQVHLQHP'HQNHQEHHLQIOXVVWKDEHQ'LH&KDQFHGLH/LWHUDWXUZLVVHQVFKDIW]X HLQHU DOOJHPHLQHUHQ .XOWXU XQG *HVHOOVFKDIWVDQDO\VH XP]XZDQGHOQ XQG HLQHU ZLVVHQ VFKDIWOLFKHQ 0DUJLQDOLVLHUXQJ ]X HQWJHKHQ LVW QLFKW]X YHUQDFKOlVVLJHQ 'LH 5HOHYDQ]
_ $ 1«@GDVXQIlKLJLVW'X]XVSUHFKHQXQIlKLJHLQHP
6 1@DFKGHP(QGHGHUJURHQ0H WDHU]lKOXQJHQ /\RWDUG LVW *HVFKLFKWVSKLORVRSKLH EHPHUNHQVZHUWHUZHLVH QLFKW ]X LKUHP(QGHJHODQJW,P*HJHQWHLOVLHIHLHUWLKUH:LHGHUDXIHUVWHKXQJLQ*HVWDOWGHU VSHNXODWLYHQ 0HGLHQSKLORVRSKLHQ³ :LWWZHU *HUDGH LQ 0RPHQWHQ GHU 9HUDEVFKLHGXQJYRQHWZDVZLHGHU9HUDEVFKLHGXQJGHU0HWDHU]lKOXQJJHODQJWHV ]X QHXHU %OWH 'DV 9HUGUlQJWH NHKUW PLW GHU %HKDXSWXQJ VHLQHU 9HUDEVFKLHGXQJ XPVRVWlUNHUZLHGHU]XUFNXQGJHZLQQWDQ5HOHYDQ]XQG*HOWXQJ'DV(QGHGHU 0HWDHU]lKOXQJ NDQQ ZLHGHUXP VFKHLQEDUQXU HU]lKOW ZHUGHQÄ0HGLHQWKHRULHQ HU VFKHU$UWGDVDXIGHP0HHUHVERGHQOHEWXQGHLQH ,QWHOOLJHQ]/HEHQVZHLVHXQG)lKLJ NHLWHQHQWZLFNHOWGLHDQGHUVVLQGDOVXQVHUH(VNUHX]HQVLFKEHLGLHVHU$EKDQGOXQJ)DQ WDVLHWKHRUHWLVFKH%LRORJLH3KlQRPHQRORJLHGHU:DKUQHKPXQJXQGORJLVFKH$QDO\VH
= 86$00(1)$6681*'(5=(175$/(1 ( 5*(%1,66( _
]lKOHQQRFKHLQPDO*HVFKLFKWHQEHUGLH*HVFKLFKWHGLHLQHLQHU*HVDPWVFKDXVLFK ]XHLQHU0HWD(U]lKOXQJIJWGHUHQ(U]lKOHUDPRGHUVFKRQMHQVHLWVGHV(QGHVGHU *HVFKLFKWH ]X VHLQ YRUJHEHQ XQG IU VLFK HLQHQ H[NOXVLYHQ JHVFKLFKWVSKLORVRSKL VFKHQ+RFKVLW]UHNODPLHUHQ³HEG 'LHJURHQ0HGLHQHU]lKOXQJHQGHU3RVWPRGHUQH Ä'HQQLQ:DKUKHLWYHUKlOWHVVLFKQLFKWVRGDDOOHV JLQJH >LP 6LQQH GHV Ã$Q\WKLQJ JRHVµ $QP G 9HUI@ VRQGHUQ QXU HLQLJHV JHKW LP 6LQQH GHV *H OLQJHQV ZlKUHQG DQGHUHV EOR HLQ 6WFN ZHLW JHKW XQG ZLHGHU DQGHUHV VFKOLFKW GDQHEHQ JHKW RGHU ]X JUXQGH JHKW (V LVW OlFKHUOLFK VLFK VROFKHU 8QWHU VFKLHGHGXUFKGLH3URNODPDWLRQHLQHVJHQHUHOOHQÃHV JHKWµ]XEHJHEHQ³ :(/6&+
:LUIWPDQUHVPLHUHQGHLQHQ%OLFNLQGDV7HUUDLQGHUDOVSRVWPRGHUQEH]HLFKQHWHQ 0HGLHQWKHRULHQVRWULIIWPDQHEHQDXIMHQH9HUDEVFKLHGXQJVJHVWHQ$EVFKLHGVEH NXQGXQJHQ XQG MH VSH]LILVFKH (QG=HLW6]HQDULHQ 0F/XKDQ YHUNQGHW GDV (QGH GHU*XWHQEHUJ*DOD[LVZlKUHQG%DXGULOODUGGDV(QGHGHV5HDOHQRGHUGHU5HSUl VHQWDWLRQDXVUXIW9LULOLREHNODJWGDV(QGHRGHUGLH=HUVW|UXQJGHV5DXPHVXQGGHU VLQQOLFKHQ:DKUQHKPXQJZlKUHQG.LWWOHUYRP(QGHGHV+XPDQLVPXVXQGGHVDX WRQRPHQ6XEMHNWVVSULFKWXQG)OXVVHUVLFKYRPQHX]HLWOLFKHQ%HZXVVWVHLQXQGOLQH DUNDXVDOHQ'HQNPXVWHUQYHUDEVFKLHGHW1LFKWQXULQLQKDOWOLFKHUVRQGHUQDXFKLQ VWLOLVWLVFKHUXQGUKHWRULVFKHU+LQVLFKWYHUDEVFKLHGHQVLFKGLHSRVWPRGHUQHQ7KHRUH WLNHU PLW LKUHP OLWHUDULVFK DQPXWHQGHQ 'XNWXV YRQ JHZRKQWHQ ZLVVHQVFKDIWOLFKHQ 'DUVWHOOXQJVIRUPHQ 5HIOH[LRQVZHLVHQ XQG 'LVNXUVSUDNWLNHQ +LQJHJHQ VFKHLQW VLFKDEHUYLHOPHKUGHU9HUGDFKWHLQ]XVFKOHLFKHQGDVVGDV(QGHGHU0HWDHU]lKOXQ JHQEORHLQH)DUFHLVW'DV(QGHGHUJURHQ(U]lKOXQJHQLVWVRPLWQRFKQLFKW]X LKUHP (QGH JHODQJW 9LHOPHKU LVW GDV *HJHQWHLO GHU )DOO XQG GLHVH HUIDKUHQ HLQH :LHGHUEHOHEXQJ LQ *HVWDOW SRVWPRGHUQHU 0HGLHQWKHRULHQ 3DUDGR[ LVW GDEHL GDVV JHUDGHGLH9HUDEVFKLHGXQJGHU0HWDHU]lKOXQJHQGLHVHQDKH]XJHVWlUNWKDWZLHEH UHLWV HUZlKQW ZXUGH XQG GLHVH LQ )RUP GHU MHZHLOLJHQ 7KHRULHNRQ]HSWLRQHQ ]X UFNJHNHKUW VLQG 7RWDOLWlWVGHQNHQ 7HFKQLNHXSKRULH XQG 0HGLHQRSWLPLVPXV 0H GLHQDSRNDO\SVHXQG.XOWXUSHVVLPLVPXVRGHU7HOHRORJLHVLQGNRQVWLWXWLYH%HVWDQG WHLOH GHV SRVWPRGHUQHQ PHGLHQWKHRUHWLVFKHQ 'LVNXUVHV 0HGLHQ ZHUGHQ ]X HLQHU 3URMHNWLRQVIOlFKHIUVR]LDOHSROLWLVFKHNXOWXUHOOHXQGlVWKHWLVFKH+RIIQXQJHQXQG %HIUFKWXQJHQ'LH9LVLRQHQYRP(QGHGHU*XWHQEHUJ*DOD[LVGHP(LQWULWWLQHLQH +\SHUUHDOLWlWGHU.RORQLVLHUXQJGHV.|USHUVRGHUGHU3RWHQ]PHGLDOHU0DWHULDOLWl
_ $ 1@SDVVLP6FKPLGW=XUVWLHJH (LQH=ZLVFKHQEHPHUNXQJ'LH7UDGLWLRQGHUÃ%HIUZRUWHUXQG *HJQHUµHLQH'LVNXUVILJXU±0F/XKDQ%DXGULOODUGXQG9LULOLR :HQQYRQ0HGLHQZDQGHORGHUHSRFKDOHQ0HGLHQXPEUFKHQGLH5HGHLVWVRNDQQ EHREDFKWHWZHUGHQGDVVHVEHLP$XIWUHWHQHLQHVQHXHQ0HGLXPVVWHWV%HIUZRUWHU XQG *HJQHU $SRNDO\SWLNHU XQG ,QWHJULHUWH $QKlQJHU XQG .ULWLNHU JLEW GLH GHU PHGLHQWHFKQLVFKHQ (UQHXHUXQJ XQG GHQ GDPLW LQ 9HUELQGXQJ JHEUDFKWHQ .RQVH TXHQ]HQKRIIQXQJVYROORGHUSHVVLPLVWLVFKJHJHQEHUVWHKHQ$XIGHUHLQHQ6HLWHGHU UDGLNDOHQ0HGLHQNULWLNHUZLUG9HUEOHQGXQJ9HUGXPPXQJXQG5HSUHVVLRQGLDJQRV WL]LHUW DXI GHU DQGHUHQ 6HLWH YHUZLUNOLFKW VLFK HLQ .RPPXQLNDWLRQVLGHDO GDV VLFK GXUFKVW|UXQJVIUHLH9HUVWlQGLJXQJXQG$XIKHEXQJVR]LDOHUXQGNXOWXUHOOHU%DUULH UHQ NHQQ]HLFKQHW 0HGLHQ ZHUGHQ DOV DSRNDO\SWLVFKHV (QGH RGHU 9HUYROONRPP QXQJGHUPHQVFKOLFKHQ.XOWXUEHZHUWHW:LUGLPPHGLHQWKHRUHWLVFKHQ'LVNXUVEHU :DQGHOJHVSURFKHQLVWLQVRIHUQHLQH.ODVVLIL]LHUXQJGLHXPGLHEHLGHQ(QGHQGHV %HZHUWXQJVVSHNWUXPVNUHLVWQLFKWXQEOLFK0LWGHU'LVNXUVILJXUGHVÄ'HPRNUDWL VLHUXQJVYHUVSUHFKHQV³6FKPLGW=XUVWLHJH LVWGLH0HGLHQJHVFKLFKWHEH UHLWV VHLW GHU (LQIKUXQJ GHU 6FKULIW GXUFK]RJHQ 0LW MHGHU 9HUlQGHUXQJ RGHU 'XUFKVHW]XQJ QHXHU 'LVNXUVEHGLQJXQJHQ GXUFK 0HGLHQ ± YRQ GHU (UILQGXQJ GHV $OSKDEHWVEHUGHQ%XFKGUXFN )LOPRGHU5DGLRELV]XP )HUQVHKHQ±ILQGHQVLFK VWHWV%HIUZRUWHUXQG*HJQHU,QWHJULHUWHXQG$SRNDO\SWLNHU8WRSLVWHQXQG&KUR QLVWHQE]Z2SWLPLVWHQXQG3HVVLPLVWHQGLH+RIIQXQJPDFKHQXQG$QJVWVFKUHQ +DEHQ GLH 7KHRUHWLNHU HLQPDO HLQH SUlVNULSWLYH +DOWXQJ DQJHQRPPHQ VWHOOW VLFK GLH )UDJH QDFK GHU 5LFKWXQJ LKUHU %HZHUWXQJHQ ÄGLH LPPHUKLQ ]ZLVFKHQ VROFKHQ $QWDJRQLVPHQZLH(UO|VXQJXQG8QWHUJDQJFKDQJLHUHQ³/HVFKNH XQG GLHVH EHUHLWV EHNDQQWH 'LVNXUVIRUP NRQVWLWXLHUHQ :LH DXFK LQ GLHVHU $QDO\VH RI IHQVLFKWOLFKZXUGHEHZHUWHQGLH.ULWLNHUXQG$SRORJHWHQGLHQHXH0HGLHQNRQVWHO ODWLRQXQGLKUH)ROJHQHQWZHGHUDOV6FKUHFNHQVXQG9HUOXVWV]HQDULR%DXGULOODUG 9LULOLR RGHUDOVXWRSLVFKH:XQVFKYRUVWHOOXQJ0F/XKDQ %HWUDFKWHWPDQGLH*H JHQZDUWVV]HQDULHQ XQG =XNXQIWVSURJQRVHQ YRQ 0F/XKDQ %DXGULOODUG XQG 9LULOLR VRIlOOW HV QLFKW VFKZHU LKUH 7KHRULHDQJHERWH DQ HLQHP GHU 3ROH ]X YHURUWHQ $XI GHUHLQHQ6HLWHLVWGLH5HGHYRQHLQHP9HUIDOO]ZLVFKHQPHQVFKOLFKHU.RPPXQLND WLRQGXUFKGLH]XQHKPHQGH0HGLDOLVLHUXQJDXIGHUDQGHUHQ6HLWHZLUGHLQH5KHWR ULN GHU %HIUHLXQJ SURSDJLHUW ]% %HIUHLXQJ YRQ GHU /LQHDULWlW RGHU GHU 7\UDQQHL GHV6FKULIWPRQRSROV .XOWXUNULWLVFKH9HUOXVWXQG9HUIDOOVV]HQDULHQVWHKHQHLQHP EHUK|KWHQ0HGLHQRSWLPLVPXVGDEHLGLDPHWUDOJHJHQEHU(EHQVR]HLJWVLFKGDPLW HLQKHUJHKHQGHLQHUHJUHVVLYHE]ZQRVWDOJLVFKJHIlUEWH6HKQVXFKWQDFKHLQHP=X VWDQGÄGHQHVUHDOLWHULQGHU0HQVFKKHLWVJHVFKLFKWHVHOEVWYHUVWlQGOLFKQLHJHJHEHQ
_ $ 1@LGHRORJLVFKH %HLZHUNGDVELVODQJMHGH0HGLHQUHYROXWLRQPLWVLFKJHIKUWKDWXQGGDVDXFKGLH7HOHPDWLN ±GHUHQ&KURQLVWHQXQG8WRSLVWHQ%HVFKUHLEHUXQG,GHRORJHQGLH7KHRUHWLNHUGHU1HXHQ0H GLHQMDJOHLFK]HLWLJVLQG±PLWVLFKIKUW³0DUJUHLWHU
,P*HJHQVDW]]X9LULOLRV3UREOHPO|VXQJVDQJHERWPXVV%DXGULOODUGMHGRFKHLQK| KHUHU*UDGDQ5HIOH[LRQXQG6HOEVWSUREOHPDWLVLHUXQJ]XJHVSURFKHQZHUGHQGLHLKQ KLQVLFKWOLFK VHLQHU 3UREOHPKLQVLFKWHQ DOV PRGHUQHQ LQQHUKDOE VHLQHU 3UREOHPO| VXQJHQ DOOHUGLQJV DOV SRVWPRGHUQHQ 'HQNHU YHURUWHW +DW /\RWDUG QRFK GDV (QGH GHU,GHRORJLHPLWGHP(QGHGHU0HWDHU]lKOXQJDXVJHUXIHQVRSURNODPLHUW%DXGULO ODUGGDV(QGHYRQ,GHRORJLHNULWLN 'LH:HLWHUIKUXQJGHU0HWDHU]lKOXQJ0DWHULDOLVPXV HLQHPRGHUQH.LSSILJXU±)ULHGULFK.LWWOHU Ä,Q GLHVHU /DJH EOHLEHQ QXU 5FNEOLFNH XQG GDV KHLW(U]lKOXQJHQ³ .,77/(5
.LWWOHUV3URJQRVHOlVVWVLFKZHGHUDOVUDGLNDOH'\VWRSLHQRFKDOVDEVROXWH8WRSLHOH VHQ VR GDVV HU VLFK DXHUKDOEMHQHU HEHQ DXVJHIKUWHQ 'LVNXUVIRUPDWLRQ EHILQGHW (U YHUVXFKW GLH 3HUVSHNWLYH GHU 6R]LDO XQG *HLVWHVZLVVHQVFKDIWHQ DXV]XGHKQHQ XQGGHQ%HREDFKWXQJVUDXP]XHUZHLWHUQ(UEHWRQWGDVVDXFKGLHWHFKQLVFKH6HLWH
_ $ 1(V@JHKW>@SRVWPRGHUQHQ0HGLHQRQWRORJLHQDXFKH KHUXPGLH=XVWLPPXQJGHVEUHLWHQ3XEOLNXPVGHQQXPGLH.RQVLVWHQ]GHVWKHRUH WLVFKHQ 0RGHOOV >«@ 3RSXODULWlW VWLFKW VR ZLVVHQVFKDIWOLFKH .ULWHULHQ³ /HVFKNH 'LH 1HJDWLYLGHRORJLHQ GLH EHLVSLHOVZHLVH LQ %DXGULOODUGV XQG 9LULOLRV 3UREOHPVWHOOXQJHQ]XP$XVGUXFNJHEUDFKWZHUGHQHU]HXJHQ8QWHUJDQJVV]HQDULHQ PLW EHUWULHEHQHP ]HUVW|UHULVFKHP $XVPD ,Q GLHVHQ 7KHRULHYRUVFKOlJHQ VLQG 0HGLHQLPZHLWHVWHQ6LQQHVREHGHXWVDPJHZRUGHQGDVVVLHJOHLFKDXFKDXWRQRP GDV JDQ]H *HVHOOVFKDIWVJHIJH HUNOlUHQ N|QQHQ XQG ZROOHQ 'LH %HKDXSWXQJ LKU *HJHQVWDQGVEHUHLFK VHL XQLYHUVDO JOWLJ HUK|KW GDEHL HEHQIDOOV $XIPHUNVDPNHLWV JUDG XQG 0HGLHQZLUNVDPNHLW ZDV LKU $XIWDXFKHQ LQ GHQ )HXLOOHWRQV HUNOlUW ,KUH 5KHWRULNXQGGLH6HULHYRQ0HWDSKHUQGLH7KHPDWLVLHUXQJJHVHOOVFKDIWOLFKDNWXHO OHU 3UREOHPH XQG 7UHQGV JHSDDUW PLW GHP %HNDQQWKHLWVJUDG GHV $XWRUV OLHHQ GLH $XIPHUNVDPNHLW IU GLH QHXDUWLJHQ 7KHRULHDQJHERWH XQG LKUH ÄDOOVHLWLJH =LWLHUIl KLJNHLW³HEG DQVWHLJHQ )UGHQHPSLULVFKQRPRORJLVFKHQ:LVVHQVFKDIWVEHUHLFKJHPHLQKLQDOVHPSLUL VFKH 6R]LDOIRUVFKXQJ EH]HLFKQHW VLQGGLH SRVWPRGHUQHQ0HGLHQWKHRULHQGHPQDFK ZHQLJ EUDXFKEDU E]Z QLFKW DQVFKOXVVIlKLJ :LH EHUHLWV EHL GHU 8QWHUVXFKXQJ GHU VWUXNWXUHOOHQ XQG IRUPDOHQ 9RUDXVVHW]XQJHQ JH]HLJW ZHUGHQ NRQQWH VLQG GLH (U NHQQWQLVPHWKRGHQZHGHUVWUHQJIRUPDOLVLHUWQRFKHLQHPORJLVFKHQ6FKHPDGHU%H 6- 6FKPLGW XQG :HVWHUEDUNH\ KDEHQ GDUDXIKLQ HLQH 5HSOLN YHUIDVVW XQG GLH 9RUZUIH 6D[HUVUHODWLYLHUWXQGHQWNUlIWHQN|QQHQ+LHU]XVLHKH6FKPLGW:HVWHUEDUNH\ -H GRFKPXVVGHQQRFKNRQVWDWLHUWZHUGHQGDVVGLHDEOHKQHQGH+DOWXQJ EH]JOLFKSRVWPR GHUQHU0HGLHQWKHRULHQDOVGLHGRPLQDQWH+DOWXQJLQVEHVRQGHUHLQQHUKDOEGHUVR]LDOZLV VHQVFKDIWOLFKRULHQWLHUWHQ.RPPXQLNDWLRQVZLVVHQVFKDIWDQJHVHKHQZHUGHQPXVV
_ $ 1«@'LH 0HGLHQZLVVHQVFKDIWGHU+XPEROGW8QLYHUVLWlWLQGHU6RSKLHQVWUDHEHWUHLEWHLQH0HGLHQZLV
6LHKHKLHU]XXD5RVD 'LHVZXUGHEHUHLWVLQ.DSLWHOHUZlKQW
= 86$00(1)$6681*'(5=(175$/(1 ( 5*(%1,66( _
VHQVFKDIWHQJDQGHU5HDOLWlWGHV0HGLXPV'LH6WXGHQWHQ PVVHQGLH'LQJOLFKNHLWGHU8Q WHUVXFKXQJVJHJHQVWlQGHDOV9RUDXVVHW]XQJLKUHU([LVWHQ]HUNHQQHQ³
'DV $QOLHJHQ PHGLHQDUFKlRORJLVFKHU )RUVFKXQJ LVW HV WHFKQLVFKH $UWHIDNWH QLFKW QXU WHFKQRORJLVFK VRQGHUQ DXFK LQ LKUHP HSLVWHPRORJLVFKHQ 6SH]LDO RGHU 0HKU ZHUW GHXWHQ XQG YHUVWHKHQ ]X N|QQHQ 'D]X ZXUGH DP /HKUVWXKO 0HGLHQWKHRULHQ GHU+8%HUOLQHLQPHGLHQDUFKlRORJLVFKHU)XQGXVHLQJHULFKWHWGHUQLFKWDOV0XVH XP WHFKQLVFKHU $UWHIDNWH VRQGHUQ DOV NRQNUHWHU SK\VLNDOLVFKHU 2UW YRQ 0HGLHQ GLHQWDQGHP.LWWOHUVPHWKRGLVFKH+HUDQJHKHQVZHLVHDQGDV0DWHULDOREMHNWWHFKQL VFKHU 0HGLHQ ZHLWHUJHIKUW ZLUG 'LHVHU )RUVFKXQJVEHUHLFK KDW VLFK DXFK QDFK .LWWOHUV (PHULWLHUXQJ ZHLWHUKLQ EHZlKUW XQG ZLUG DNWXHOO PDJHEOLFK YRQ 3URI :ROIJDQJ(UQVWEHWULHEHQ(EHQVRILQGHWVLFKLQ%HUOLQGDV=HQWUXPIU/LWHUDWXU XQG .XOWXUIRUVFKXQJ GDV YRQ DXV ')*0LWWHOQ HLQ 3URMHNW 0HGLHQDU FKlRORJLHGXUFKJHIKUWKDW.LWWOHUZDUDXFKGRUWDOVHKHPDOLJHU0LWDUEHLWHUWlWLJ 1LFKWJUXQGORVZLUGKHXWHYRQHLQHU%HUOLQHU6FKXOHJHVSURFKHQGLHLQGHU7UD GLWLRQ.LWWOHUVVWHKWXQGVLFKPLWGHP*HJHQVWDQGVEHUHLFK0HGLHQSULPlUDXVHLQHU PDWHULDOLVWLVFKHQ XQG WHFKQLN]HQWULHUWHQ 3HUVSHNWLYH DXVHLQDQGHUVHW]W 'HV :HLWH UHQZLUG.LWWOHUDXFKWUDQVQDWLRQDODOVIKUHQGH)LJXUUHVSHNWLYH5HIHUHQ]ILJXUIU GLHGHXWVFKH0HGLHQZLVVHQVFKDIWDQJHVHKHQRGHU]XPLQGHVWZLUGVHLQ1DPHLQHL QHQGLUHNWHQ%H]XJ]XUGHXWVFKHQ0HGLHQZLVVHQVFKDIWXQG0HGLHQWKHRULHJHVHW]W )OXVVHULQGHU.XQVWLP:HEXQGLQ-DSDQ 'LH )UXFKWEDUNHLW XQG $NWXDOLWlW YRQ )OXVVHUV WKHRUHWLVFKHQ *UXQGODJHQ VWHOOHQ 2OLYHU)DKOH0LFKDHO+DQNHXQG$QGUHDV=LHPDQQLQGHU(LQOHLWXQJLKUHVHU VFKLHQHQHQ 6DPPHOEDQGHV Ã7HFKQRELOGHU XQG .RPPXQLNRORJLH 'LH 0HGLHQWKHR ULH9LOpP)OXVVHUVµKHUDXV 6LHKH
KLHU]X
KWWSZZZPHGLHQWKHRULHQKXEHUOLQGHIRVZLNLELQYLHZ
>6WDQG
@ 6LHKHKLHU]XKWWSZZZPHGLHQWKHRULHQKXEHUOLQGH =X(LQ]HOKHLWHQVLHKHKWWSZZZ]IOJZ]EHUOLQGHIRUVFKXQJSURMHNWHELVPHGLHQ DUFKDHRORJLH ([HPSODULVFK NDQQ GDIU GLH .RQIHUHQ] ÄPHGLD WUDQVDWODQWLF 0HGLD 7KHRU\ LQ 1RUWK $PHULFDDQG*HUPDQ6SHDNLQJ(XURSH´JHQDQQWZHUGHQGLHYRP$SULOLQ 9DQFRXYHUVWDWWIDQG'RUWVROOWHGHUWUDQVDWODQWLVFKH'LDORJ]ZLVFKHQGHUQRUGDPHULNDQL VFKHQ XQG GHXWVFKHQ 0HGLHQZLVVHQVFKDIW YHUWLHIW ZHUGHQ $QKDQG GHU 9RUWUlJH LVW HU VLFKWOLFK GDVV DXV QRUGDPHULNDQLVFKHU 3HUVSHNWLYH .LWWOHU EHLQDKH DOV *UQGXQJVYDWHU GHU GHXWVFKHQ 0HGLHQZLVVHQVFKDIW JHKDQGHOW ZLUG XQG LQ HLQHP $WHP]XJ PLW GHU GHXW VFKHQ 0HGLHQZLVVHQVFKDIW JHQDQQW ZLUG 6LHKH KWWSZZZPHGLDWUDQVFD $OOHUGLQJV PXVVEHPHUNWZHUGHQ GDVVGLHVH =XRUGQXQJZLHGHUXPDXVHLQHUEHVWLPPWHQ )RUVFKHU JHPHLQVFKDIWHUIROJWXQGLQGHP6LQQHHLQHNRQWLQJHQWH6HW]XQJGDUVWHOOW
_ $ 1«@,FKYHU VWHKH 0HGLHQSKLORVRSKLH VRPLW LQ GHU 7DW DXFK DOV LQWHOOHNWXHOOH *HJHQEHZHJXQJ DOV HLQH 5HQDLVVDQFH GHV /X[XV GHV UHIOHNWLHUHQGHQ 'HQNHQV LP .RQWH[W HLQHU 0HGLHQZLVVHQVFKDIW GLHVLFKLPPHUPHKUGHU7\UDQQHLGHU3UD[LVXQWHUZLUIW³HEG+HUYRUKHEXQJLP2ULJL QDO
'LH %HVFKlIWLJXQJ PLW HSLVWHPRORJLVFKHQ HUNHQQWQLVWKHRUHWLVFKHQ *UXQGIUDJHQ NRPPXQLNDWLRQVXQGPHGLHQZLVVHQVFKDIWOLFKHU7KHRULHELOGXQJLVWIUHLQHZLVVHQ VFKDIWOLFKH 3UD[LV YRQ JURHU %HGHXWXQJ XP QLFKW LQ HLQH WKHRULH RGHU K\SRWKH VHQORVH (PSLULH DE]XGULIWHQ 'LHVH ]XQHKPHQG EHREDFKWEDUH 7KHRULHIHLQGOLFKNHLW IKUW]ZDQJVZHLVH]X'HVRULHQWLHUXQJLQQHUKDOEGHU9LHOIDOWE]ZGHV3OXUDOLVPXV YRQ7KHRULHQVRZLH]XHLQHUIHKOHQGHQ%HVFKlIWLJXQJPLWPHWDXQGZLVVHQVFKDIWV WKHRUHWLVFKHQ)UDJHQ'DKHUSOlGLHUWGLHVH$UEHLWIU)RUVFKXQJXQG/HKUHWKHRULH LQWHUQH'HEDWWHQZLHGHUVWlUNHULQGHQ)RNXV]XUFNHQXQGGLH5HIOH[LRQYRQ7KH RULHVHOEVWYHUPHKUW]XP*HJHQVWDQG]XPDFKHQ $EVFKOLHHQG NDQQ NRQVWDWLHUWZHUGHQ GDVV GLH SRVWPRGHUQHQ 0HGLHQWKHRULHQ ]ZDU]XPHWKRGLVFKHQXQGORJLVFKHQ$QIRUGHUXQJHQZLVVHQVFKDIWOLFKHU7KHRULHELO GXQJ LP :LGHUVSUXFK VWHKHQ GDGXUFK DEHU JHUDGH HLQH (UJlQ]XQJ XQG %HUHLFKH UXQJEHGHXWHQ'LH(OHPHQWHSRVWPRGHUQHU0HGLHQWKHRULHQN|QQHQYLHOPHKUDOV,U ULWDWLRQXQG$JLWDWLRQLP6LQQHHLQHU6HQVLELOLVLHUXQJXQG$XIIRUGHUXQJ]XU6HOEV WUHIOH[LRQYHUVWDQGHQZHUGHQ6LHGHFNHQGLHELVKHUXQEHREDFKWHWHQ0|JOLFKNHLWHQ GXUFKLKUHEHZXVVWH:LGHUVHW]XQJJHJHQHLQHGLV]LSOLQlUH(LQRUGQXQJDXIXQGZHL VHQ DXI LQWHUGLV]LSOLQlUH 9HUNQSIXQJV XQG hEHUJDQJVVWHOOHQ KLQ ,QVRIHUQ NDQQ GHU SRVWPRGHUQH 'LVNXUV DXFK DOV %HREDFKWXQJVLQVWDQ] ]ZHLWHU 2UGQXQJ YHUVWDQ
= 86$00(1)$6681*'(5=(175$/(1 ( 5*(%1,66( _
GHQ ZHUGHQ 8QJHGDFKWHV 8QGLV]LSOLQLHUEDUHV XQG 8QNRQYHQWLRQDOLWlWHQ ]X]XODV VHQLVWGLH/HLVWXQJGHU3RVWPRGHUQHQ*OHLFK]HLWLJLVWSDUDGR[HUZHLVH]XEHPHU NHQGDVVGLHXQWHUVXFKWHQ7KHRUHWLNHUVHOEVWDXFKVFKRQZLHGHU]X.ODVVLNHUQJH ZRUGHQVLQGGHQQÄ>E@HLQDKH-DKUHVSlWHUVLQGGLH5HYROXWLRQlUHDOWJHZRUGHQ XQG GDV YRUGHP 0DUJLQDOH ZXUGH LQVWLWXWLRQDOLVLHUW³ 6RNDO%ULFPRQW 'HU.RQYHQWLRQVEUXFKLVWVRPLWVHOEVWZLHGHUVFKRQ]XU.RQYHQWLRQGLH,QQRYDWLRQ ]XU*HZRKQKHLWJHZRUGHQ'LHSRVWPRGHUQH,QQRYDWLRQVlVWKHWLNLVWEHUHLWV]XHLQHU YHUWUDXWHQXQGWHLOZHLVHHWDEOLHUWHQ)RUPJHZRUGHQ'LH7KHRUHWLNHUZHUGHQ ÄDOOHU 5HEHOOHQUKHWRULN ]XP 7URW] GDV EOLFKH .ODVVLNHUVFKLFNVDO HUOHLGHQ ,QWHJUDWLRQ :DV DOV UDGLNDOH NRPSURPLVVORVH $OWHUQDWLYH DQWUDW ZLUG YRP DNDGHPLVFKHQ %HWULHE LQ )RUP VLPSOHU8PJHZLFKWXQJHQHLQYHUOHLEW>«@$OWH(LQVHLWLJNHLWHQZHUGHQGXUFKQHXH(LQVHLWLJ NHLWHQ NRUULJLHUW LQGHP VLH DEJHZRJHQH RGHU JHGDQNHQORVH .RPSURPLVVH HLQJHKHQ :HQQ GLHIDXOVLQGLVWGLH=HLWUHLIIUQHXHhEHUWUHLEXQJHQ³:LQWKURSU@µ.RQWLQJHQ]UHIOH[LRQ³1|OOH LP 6LQQH HLQHU 'DUOHJXQJ GHU HLJHQHQ 9RUDXVVHW]XQJHQ VROOWH LP XQL YHUVLWlUHQ%HUHLFKVWlUNHUHUIROJHQ:QVFKHQVZHUWLVWGDEHLGDV%HZXVVWVHLQXQG GDV%HZXVVWPDFKHQIUGDVHLJHQH7KHRUHWLVLHUHQ]XVFKlUIHQXQGGXUFKGLH'DUOH JXQJ GHV HLJHQHQ 6WDQGSXQNWHV ]XNQIWLJ IU GDV ZLVVHQVFKDIWOLFKH $UEHLWHQ HLQH LQWHUE]ZWUDQVGLV]LSOLQlUH*UXQGODJH]XVFKDIIHQXPDXIODQJIULVWLJH6LFKWGXUFK EHZXVVWHXQGEHZXVVWJHPDFKWH6HOEVWUHIOH[LRQE]Z6HOEVWUHIOH[LYLWlWGHQ0HFKD QLVPXV YRQ ,UULWDWLRQ XQG ,QWHJUDWLRQ ZHLWHU]XIKUHQ Ä9RQ DOOHUK|FKVWHU %HGHX WXQJ LVW IU :LVVHQVFKDIW >«@ GHU NRQWLQXLHUOLFKH 'LVNXUV LQ GHP VLFK :LVVHQ VFKDIWVHOEVWUHIOHNWLHUWXQGZHLWHUHQWZLFNHOW³.URW]
/LWHUDWXUYHU]HLFKQLV $EDUEDQHOO6WHSKDQ 0DUVKDOO0F/XKDQ±(LQ5FNEOLFNDXIGHQ3URSKHWHQ GHV 0HGLHQ]HLWDOWHUV 85/ KWWSZZZHXURSHDQPHGLDFXOWXUHRUJILOHDGPLQ ELEOLRWKHNGHXWVFKDEDUEDQHOOBPFOXKDQDEDUEDQHOOBPFOXKDQKWPOVGIRRWQRWH DQF>6WDQG@ $OWHQD$ULH .XQVWXQG*36(VWKHU3RODNVORNDWLYH.XQVW,Q'H.HUFN KRYH 'HUULFN/HHNHU 0DUWLQD6FKPLGW .HUVWLQ +UVJ 0F/XKDQ QHX OHVHQ .ULWLVFKH $QDO\VHQ ]X 0HGLHQ XQG .XOWXU LP -DKUKXQGHUW %LHOHIHOG $OWZHJJ-UJ %DXGULOODUG,Q)$=0DJD]LQ1U $UV(OHFWURQLFD+UVJ 3KLORVRSKLHQGHUQHXHQ7HFKQRORJLH%HUOLQ $VVPDQQ-DQ 'DVNXOWXUHOOH*HGlFKWQLV6FKULIW(ULQQHUXQJXQGSROLWLVFKH ,GHQWLWlWLQIUKHQ+RFKNXOWXUHQ0QFKHQ $YHUEHFN 6WHIDQLH =XU 0HWKRGRORJLH IDFK XQG WKHRULHKLVWRULVFKHU )RU VFKXQJ 7ULDGLVFKHU (SLVWHPRORJLHEHJULII ,Q $UQROG .ODXV%HKPHU 0DU NXV6HPUDG%HUQG+UVJ .RPPXQLNDWLRQVJHVFKLFKWH3RVLWLRQHQXQG:HUN ]HXJH(LQGLVNXUVLYHV+DQGXQG/HKUEXFK0QVWHU $YHUEHFN/LHW]6WHIDQLH .RQVWUXNWLYLVPXVLQGHUGHXWVFKHQXQGGHUIUDQ ]|VLVFKHQ .RPPXQLNDWLRQVZLVVHQVFKDIW ,Q 6FKXO] 3HWHU -+DUWXQJ 8ZH.HOOHU6LPRQH+UVJ ,GHQWLWlWXQG9LHOIDOWGHU.RPPXQLNDWLRQVZLVVHQ VFKDIW.RQVWDQ] %DFKPDQQ0HGLFN'RULV &XOWXUDOWXUQV1HXRULHQWLHUXQJHQLQGHQ.XOWXU ZLVVHQVFKDIWHQ5HLQEHNEHL+DPEXUJ %DOWHV 0DUWLQ+|OWVFKO 5DLQHU +UVJ DEVROXWH 0DUVKDOO 0F/XKDQ 0LW HLQHPELRJUDILVFKHQ(VVD\YRQ3KLOLS0DUFKDQG)UHLEXUJ %DUFN .DUO+HLQ] +DUROG $GDP ,QQLV ± $UFKlRORJLH GHU 0HGLHQZLVVHQ VFKDIW ,Q 'HUV +UVJ +DUROG $ ,QQLV .UHX]ZHJH GHU .RPPXQLNDWLRQ :LHQ1HZ@ $SRNDO\SWLNHUXQG,QWHJULHUWH=XUNULWLVFKHQ.ULWLN GHU0DVVHQNXOWXU)UDQNIXUWDP0DLQ (QFNH -XOLD -HDQ %DXGULOODUG ZLU 'HU 3KLORVRSK PLW GHU 6SUHFKEODVH 85/KWWSZZZVXHGGHXWVFKHGHNXOWXUDUWLNHO>6WDQG@ (OLRW76 7KH8VHVRI3RHWU\DQGWKH8VHRI&ULWLFLVP/RQGRQ (QJHOO/RUHQ] 9RUZRUWIU)RUWJHVFKULWWHQH,Q+HLQHYHWWHU1HOH6DQFKH] 1DGLQH+UVJ :DVPLW0HGLHQ«7KHRULHLQ6DFKJHVFKLFKWHQ3DGHUERUQ (QJHOO /RUHQ]9RJO-RVHSK 9RUZRUW,Q3LDV&ODXV HWDO+UVJ .XUV EXFK 0HGLHQNXOWXU 'LH PDJHEOLFKHQ 7KHRULHQ YRQ %UHFKW ELV %DXGULOODUG 6WXWWJDUW (QJHOPDQQ3HWHU 9RUZRUW,Q'HUV+UVJ 'DVSRVWPRGHUQH:LVVHQ(LQ %HULFKW:LHQ (QJHOPDQQ 3HWHU (LQIKUXQJ 3RVWPRGHUQH XQG 'HNRQVWUXNWLRQ =ZHL 6WLFKZ|UWHU ]XU ]HLWJHQ|VVLVFKHQ 3KLORVRSKLH ,Q (QJHOPDQQ 3HWHU +UVJ 3RVWPRGHUQHXQG'HNRQVWUXNWLRQ7H[WHIUDQ]|VLVFKHU3KLORVRSKHQGHU*HJHQ ZDUW6WXWWJDUW (Q]HQVEHUJHU +DQV 0DJQXV %DXNDVWHQ ]X HLQHU 7KHRULH GHU 0HGLHQ ,Q 3LDV&ODXVHWDO+UVJ .XUVEXFK0HGLHQNXOWXU'LHPDJHEOLFKHQ7KHRULHQ YRQ%UHFKWELV%DXGULOODUG6WXWWJDUW )DKOH2OLYHU =XU(LQIKUXQJ,Q3LDV&ODXVHWDO+UVJ .XUVEXFK0H GLHQNXOWXU 'LH PDJHEOLFKHQ 7KHRULHQ YRQ %UHFKW ELV %DXGULOODUG 6WXWWJDUW )DKOH 2OLYHU+DQNH 0LFKDHO=LHPDQQ $QGUHDV (LQOHLWXQJ ,Q 'LHV +UVJ 7HFKQRELOGHU XQG .RPPXQLNRORJLH 'LH 0HGLHQWKHRULH 9LOpP )OXV VHUV%HUOLQ )DXOVWLFK:HUQHU 0HGLHQWKHRULHQ(LQIKUXQJXQGhEHUEOLFN*|WWLQJHQ )DXOVWLFK:HUQHU (LQIKUXQJLQGLH0HGLHQZLVVHQVFKDIW0QFKHQ )DXOVWLFK:HUQHU *UXQGZLVVHQ0HGLHQ0QFKHQ )H\HUDEHQG3DXO. .XKQV6WUXNWXUZLVVHQVFKDIWOLFKHU5HYROXWLRQHQ±HLQ 7URVWEFKOHLQIU6SH]LDOLVWHQ",Q/DNDWRV,PUH0XVJUDYH$ODQ+UVJ .UL WLNXQG(UNHQQWQLVIRUWVFKULWW%UDXQVFKZHLJ )H\HUDEHQG 3DXO . D 'DV 0lUFKHQ :LVVHQVFKDIW 3OlGR\HU IU HLQHQ 6X SHUPDUNWGHU,GHHQ,Q.XUVEXFK6HSWHPEHU
_ $ 16WDQG@ +DUWPDQQ)UDQN 0HGLHQSKLORVRSKLH:LHQ +DUWPDQQ )UDQN 0HGLRORJLH$QVlW]HHLQHU0HGLHQWKHRULHGHU.XOWXUZLV VHQVFKDIW:LHQ +DUWPDQQ)UDQND 7HFKQLNWKHRULHQGHU0HGLHQ,Q:HEHU6WHIDQ+UVJ 7KHRULHQ GHU 0HGLHQ 9RQ GHU .XOWXUNULWLN ELV ]XP .RQVWUXNWLYLVPXV .RQ VWDQ] +DUWPDQQ )UDQN E 0HGLHQSKLORVRSKLVFKH 7KHRULHQ ,Q :HEHU 6WHIDQ +UVJ 7KHRULHQGHU0HGLHQ9RQGHU.XOWXUNULWLNELV]XP.RQVWUXNWLYLVPXV .RQVWDQ] +DXSW +HLQ]*HUKDUG.RFND -UJHQ +LVWRULVFKHU 9HUJOHLFK 0HWKRGHQ $XIJDEHQ 3UREOHPH (LQH (LQOHLWXQJ ,Q 'LHV +UVJ *HVFKLFKWH XQG 9HU JOHLFK $QVlW]H XQG (UJHEQLVVH LQWHUQDWLRQDO YHUJOHLFKHQGHU *HVFKLFKWVVFKUHL EXQJ)UDQNIXUWDP0DLQ1HZ@ 'DV SRVWPRGHUQH :LVVHQ (LQ %HULFKW :LHQ /\RWDUG -HDQ)UDQoRLV E 'LH $QDO\WLN GHV (UKDEHQHQ .DQW/HNWLRQHQ 0QFKHQ /\RWDUG-HDQ)UDQoRLVF %HDQWZRUWXQJGHU)UDJH:DVLVWSRVWPRGHUQ",Q :HOVFK:ROIJDQJ+UVJ :HJHDXVGHU0RGHUQH6FKOVVHOWH[WHGHU3RVWPR GHUQH'LVNXVVLRQ%HUOLQ /\RWDUG )UDQFRLV >@ 3RVWPRGHUQH IU .LQGHU %ULHIH DXV GHQ -DKUHQ :LHQ 0DFKDGR$UOLQGR 5HIOH[LRQHQ]X)OXVVHUXQGGHQWHFKQLVFKHQ%LOGHUQ,Q )DKOH 2OLYHU+DQNH 0LFKDHO=LHPDQQ $QGUHDV +UVJ 7HFKQRELOGHU XQG .RPPXQLNRORJLH'LH0HGLHQWKHRULH9LOpP)OXVVHUV%HUOLQ 0DQJROG,MRPD 8SGDWHGHV(QGHV,Q'LH=HLW1U0lU] 0DNURSRXORV0LFKDHO 0RGHUQLWlWXQG.RQWLQJHQ]0QFKHQ 0DUEXUJHU0DUFHO 'HU'LDORJDOV$NWGHU6FK|SIXQJ.UHDWLYLWlWLQNRP PXQLNRORJLVFKHU+LQVLFKW,Q)DKOH2OLYHU+DQNH0LFKDHO=LHPDQQ$QGUHDV +UVJ 7HFKQRELOGHU XQG .RPPXQLNRORJLH 'LH 0HGLHQWKHRULH 9LOpP )OXV VHUV%HUOLQ 0DUFKDQG 3KLOLS 0DUVKDOO 0F/XKDQ 7KH 0HGLXP DQG WKH 0HVVHQJHU 1HZ@ 'LH *XWHQEHUJ*DOD[LV 'DV (QGH GHV %XFK ]HLWDOWHUV%RQQ 0F/XKDQ0DUVKDOO>@ 'LHPDJLVFKHQ.DQlOH8QGHUVWDQGLQJ0HGLD 'VVHOGRUI:LHQ 0F/XKDQ 0DUVKDOO 'LH PHFKDQLVFKH %UDXW 9RONVNXOWXU GHV LQGXVWULHOOHQ 0HQVFKHQ$PVWHUGDP 0F/XKDQ 0DUVKDOO .XOWXU RKQH 6FKULIW ,Q %DOWHV 0DUWLQ HW DO +UVJ 0HGLHQYHUVWHKHQ'HU0F/XKDQ5HDGHU0DQQKHLP 0F/XKDQ0DUVKDOO 'DV0HGLXPLVWGLH%RWVFKDIW'UHVGHQ 0F/XKDQ 0DUVKDOO)LRUH 4XHQWLQ (YHQ +HUFXOHV +DG WR &OHDQ RXW WKH $XJHDQ6WDEOHVEXW2QFH,Q6WHDUQ*HUDOG(+UVJ 0F/XKDQ+RWDQG&RRO ±D&ULWLFDO6\PSRVLXP1HZ