Anything goes? Postmoderne Medientheorien im Vergleich: Die großen (Medien-)Erzählungen von McLuhan, Baudrillard, Virilio, Kittler und Flusser [1. Aufl.] 9783839424391

Anything goes? Was bezeichnet das Label »postmodern«? Mit einem detaillierten systematischen Vergleich prominenter Ansät

213 61 3MB

German Pages 448 [446] Year 2014

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

Anything goes? Postmoderne Medientheorien im Vergleich: Die großen (Medien-)Erzählungen von McLuhan, Baudrillard, Virilio, Kittler und Flusser [1. Aufl.]
 9783839424391

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

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 EHQGHQ3URMHNWXQWHUVWW]WXQGLPPHUZLHGHUHUPXWLJWKDEHQ $OOHQ YRUDQ P|FKWH LFK PHLQHP 'RNWRUYDWHU 3URI 'U -RDFKLP :HVWHUEDUNH\ IU VHLQH VHKU JHGXOGLJH %HWUHXXQJ VHLQ ,QWHUHVVH DQ GLHVHU $UEHLW XQG VHLQH HQW VSDQQWH $UW GDQNHQ (U KDW PLFK YRQ %HJLQQ DQ ]X GLHVHP 8QWHUIDQJHQ HUPXWLJW XQGPLUJOHLFK]HLWLJLPPHUIUHLH+DQGJHODVVHQ(EHQVRP|FKWHLFKPHLQHP=ZHLW JXWDFKWHU3URI'U'UKF6FKPLGWGDQNHQGHUPLFKLQPHLQHP9RUKDEHQPLQ GHVWHQV JHQDXVR ZRKOZROOHQG XQWHUVWW]W KDW XQG PLU PLW VHLQHP Ä0DFKHQ 6LH PDO³LPPHUYLHO9HUWUDXHQHQWJHJHQJHEUDFKWKDW )U GLH ILQDQ]LHOOH XQG LGHHOOH )|UGHUXQJ P|FKWH LFK GHU 6WXGLHQVWLIWXQJ GHV GHXWVFKHQ 9RONHV XQG GHU 6WLIWXQJ GHU GHXWVFKHQ :LUWVFKDIW PHLQHQ EHVRQGHUHQ 'DQNDXVVSUHFKHQRKQHGLHVHGLH$UEHLWQLFKW]XVWDQGHJHNRPPHQZlUH *HQDXVRXQYHU]LFKWEDUJLOWPHLQ'DQNPHLQHQ(OWHUQIULKUH8QWHUVWW]XQJLQ MHJOLFKHU+LQVLFKWXQGGHQ5FNKDOWGHQVLHPLUZlKUHQGPHLQHVJDQ]HQ6WXGLXPV JHJHEHQKDEHQ *DQ]EHVRQGHUVP|FKWHLFKPLFKDXFKEHLPHLQHQ.RUUHNWXUOHVHUQXQG)RUPD WLHUXQJVKHOIHUQ EHGDQNHQ IU =HLW XQG 0KH 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)UHXQGHQXQG0LWEHZRKQHUQGDQNHQIUGLH $XIKHLWHUXQJ $EOHQNXQJ $QWHLOQDKPH %HVSD‰XQJ )UVRUJH *HGXOG 8QWHUVWW ]XQJXQG([]HVVHMHJOLFKHU$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:LVVHQVFKDIWVWKHRULHHLQIKUWH-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$XVGUXFNGDVVGLHVHDOOVHLWVYHUZHQGHWH XQGLQIODWLRQlUJHEUDXFKWH/HLWIRUPHO]XPVFKHLQEDUFKDUDNWHULVWLVFKHQ6FKODJZRUW GHU3RVWPRGHUQHJHZRUGHQLVW3RVWPRGHUQHZLUGGDEHLKlXILJPLW:LOONUXQG%H OLHELJNHLW IHKOHQGHU 3Ul]LVLRQ XQG 6WULQJHQ] PDQJHOQGHU .RKlUHQ] XQG /RJLN JOHLFKJHVHW]W'HU6ORJDQÃ$Q\WKLQJJRHV"µLVWJOHLFK]HLWLJNHQQ]HLFKQHQGIUGHQ 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 IU GLH JHJHQZlUWLJH LQWHOOHNWXHOOH 6LWXDWLRQGD‰GLH/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 (LQIKUXQJVElQGHQ ]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)OXFKWSXQNWULFKWHWXQGPLW6FKOVVHO

  ( ,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 ]XVDPPHQIKUHQGHQ 'DUVWHOOXQJ YRQ DQGHUHQ %DVLVWKHRULHQ DEJH JUHQ]W%HLGHU6LFKWXQJGHUUHOHYDQWHQ)RUVFKXQJVOLWHUDWXUEH]JOLFKGHUNRPPX QLNDWLRQV XQG PHGLHQWKHRUHWLVFKHQ %HVFKlIWLJXQJ PLW GHP 8QWHUVXFKXQJVJHJHQ VWDQG3RVWPRGHUQHVWHKHQIROJHQGH)UDJHQLP9RUGHUJUXQG  x :HOFKH0HGLHQWKHRULHQZHUGHQDOVSRVWPRGHUQEH]HLFKQHW":LUGEHUKDXSWGLH %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" $XI ZHOFKH :HLVHXQGXQWHUZHOFKHQ*HVLFKWVSXQNWHQZHUGHQGLHVHEHWUDFKWHW":LHVWHKHQ GLH7KHRULHQ]XHLQDQGHULQ%H]LHKXQJ %LQQHQGLIIHUHQ]LHUXQJ "  ,QVWUXNWLYH (LQIKUXQJHQ XQG hEHUEOLFNVGDUVWHOOXQJHQ VRZLH .RPSHQGLHQ 7H[W VDPPOXQJHQ ]XU *UXQGODJHQGLVNXVVLRQ /H[LND XQG +DQGEFKHU GLH VLFK DXV NRPPXQLNDWLRQV XQG PHGLHQWKHRUHWLVFKHU 6LFKW PLW GHP 8QWHUVXFKXQJVJHJHQ VWDQG3RVWPRGHUQHEHVFKlIWLJHQILQGHQVLFKLQIROJHQGHQ:HUNHQ    :HEHUEHVWLPPW%DVLVWKHRULHDOVÄORJLVFKNRQVLVWHQWHV6HWDQ%HJULIIHQ'HILQLWLRQHQXQG 0RGHOOHQ GDV HPSLULVFK RSHUDWLRQDOLVLHUW ZHUGHQ NDQQ³ :HEHU D   %DVLVWKHR ULHQVWHOOHQHLQHQ3RRODQ%HJULIIHQ]XU9HUIJXQJGLHPLWHLQDQGHUUHODWLRQLHUWHLQ0R GHOOE]ZHLQH'HQNORJLNHUJHEHQGLHLQGHU5HJHOGHQ$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 lX‰HUW 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 (LQIK UXQJVOLWHUDWXUDXIGLHIUGLH)RUVFKXQJVIUDJHUHOHYDQWHQ7H[WGDUVWHOOXQJHQ]XUHGX]LHUHQ ,QVRIHUQ VLQG KLHU GLH :HUNH DXIJHOLVWHW GLH DOV ]HQWUDOHQ *HJHQVWDQG 0HGLHQWKHRULHQ

  _ $ 1«@³ HEG   0HUVFKV $QOLHJHQ LVW HV GLH KLVWRULVFKH +HUNXQIW GHU 0HGLHQWKHRULHQ ÄGXUFK V\VWHPDWLVFKH9HURUWXQJLQHLQHNRPSOH[H7KHRULHODQGVFKDIW³ HEG KHUDXV]X VWHOOHQ'LHYRUOLHJHQGH$UEHLWXQWHUQLPPWHEHQVRGHQ9HUVXFKLPSOL]LWHPHWKRGL VFKHXQGWKHRUHWLVFKH9RUDXVVHW]XQJHQDXI]XGHFNHQXQGHLQH%LQQHQV\VWHPDWLVLH UXQJGHV'LVNXUVIHOGHV]XOHLVWHQXQGVFKOLH‰WVRPLWDQ0HUVFKVV\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'DUXQWHUIDOOHQIULKQ0DUVKDOO0F/XKDQXQG9LOpP)OXVVHU $OLFH/DJDD\XQG'DYLG/DXHU +UVJ   JHEHQLQLKUHU$XIVDW]VDPPOXQJ Ã0HGLHQWKHRULHQ(LQHSKLORVRSKLVFKH(LQIKUXQJµHLQHQ$EULVVEHU0HGLHQWKHR ULHQGLHLKUH:XU]HOQQLFKWLQQHUKDOEGHUHPSLULVFKHQ0HGLHQZLVVHQVFKDIWKDEHQ VRQGHUQVLFK YLHOPHKU LQ GHQ *HLVWHV 6R]LDO XQG .XOWXUZLVVHQVFKDIWHQ VRZLH LQ GHU3KLORVRSKLHYHURUWHQ,KUH7RSRJUDILHDXVJHZlKOWHU0HGLHQWKHRULHQXPIDVVWGDV WKHRUHWLVFKH )HOG YRQ 0DUVKDOO 0F/XKDQ 1LNODV /XKPDQQ -HDQ %DXGULOODUG 9LOpP )OXVVHU )ULHGULFK .LWWOHU 3DXO 9LULOLR ELV KLQ ]X 0DUWLQ 6HHO 0LNH 6DQG ERWKHXQG/HY0DQRYLFK%HUHLWVLQGHU(LQOHLWXQJPDFKHQVLHGDUDXIDXIPHUNVDP GDVVHV0HGLHQWKHRULHQJHJHQZlUWLJQXULP3OXUDO JLEWGHVVHQ )ROJHRIWPDOV8Q EHUVLFKWOLFKNHLWLVW6LHZlKOHQNHLQH%H]HLFKQXQJZLHÃSRVWPRGHUQµIUGLH.DWH JRULVLHUXQJGHU 7KHRULHQRGHU RUGQHQGLHVHEHVWLPPWHQ6FKXOHQ]XVRQGHUQVSUH FKHQOHGLJOLFKYRQSKLORVRSKLVFKHQ3RVLWLRQHQ6LHVWHOOHQHLQH$XVZDKOHLQIKUHQ GHU 7H[WH ]X HOI ]HLWJHQ|VVLVFKHQ 0HGLHQWKHRULHQ ]XVDPPHQ XP HLQH ÄhEHUVLFKW GXUFK EHJULIIOLFKH .OlUXQJ WKHRUHWLVFKHU 9RNDEXODUH XQG 3RVLWLRQHQ³ /DJDD\ /DXHU ]XJHEHQ:LHEHL0DUJUHLWHULVWGDV$QOLHJHQMHQHUEHUEOLFNVDUWL JHQ$XI]lKOXQJPHGLHQWKHRUHWLVFKHU3RVLWLRQHQGLHÄSKLORVRSKLVFKH5HOHYDQ]GHV 0HGLHQGHQNHQV³ HEG  KHUDXV]XVWHOOHQXQGGHQ 0HGLHQEHJULII DOV 'HQNZHUN ]HXJIUGLH%HDUEHLWXQJJUXQGOHJHQGHUSKLORVRSKLVFKHU)UDJHQVWDUN]XPDFKHQ,Q LKUHP(LQIKUXQJVEDQGVWHOOHQVLHVFKOLH‰OLFKDXFKGLH5HOHYDQ]XQG$QVFKOXVVIl KLJNHLWGHUDXVJHZlKOWHQ$QVlW]HIUSKLORVRSKLVFKH)UDJHQXQG3UREOHPHKHUDXV

  _ $ 1(LQIK 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 /HKUEFKHU XQG 1DFKVFKODJHZHUNH $QP G 9HUI@ ZUGH ZLHGHUXP GLH &KDQFH EHVWHKHQ VWUXNWXULHUWH )RUVFKXQJVSURILOH XQG HLQGHXWLJH =XJHK|ULJNHLWHQ ]X EHVWLPPWHQ )RUVFKXQJVSHUVSHNWLYHQ HWZD KLQVLFKWOLFK GHU 0HGLHQ IRUVFKXQJ]XHUDUEHLWHQ³ .OHLQHU 'LHVHV9RUKDEHQZUGHVLFKDOOHUGLQJVDXI JUXQGVHLQHV8PIDQJVHKHUDOVHLJHQVWlQGLJHV)RUVFKXQJVSURMHNWHLJQHQXQGLVWLP5DK PHQGLHVHU8QWHUVXFKXQJQLFKWP|JOLFK'LHVNDQQLQGHUYRUOLHJHQGHQ$UEHLWQXUDQJH GHXWHW ZHUGHQ GDKHU VHL DQ GLHVHU 6WHOOH OHGLJOLFK DXI GLH P|JOLFKH $QVFKOXVVVWHOOH IU

  _ $ 1Q@ 6WUXNWXU GHU 6R]LRORJLH³ HEG   HLQHU JUXQGVlW]OLFKHQ 8QEHUVLFKWOLFKNHLW 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 GDUEHU ZHO FKHQ 6WHOOHQZHUW 7KHRULHYHUJOHLFKH LQQHUKDOE ZLVVHQVFKDIWOLFKHU )RUVFKXQJ HLQ QHKPHQ ZHOFKH )XQNWLRQ GLHVH HUIOOHQ DXV ZHOFKHQ *UQGHQ 7KHRULHYHUJOHLFKH VLQQYROOE]ZVRJDUQRWZHQGLJVLQGXQGZLHGLHPHWKRGLVFKH'XUFKIKUXQJDXVVH KHQ VROO ,Q GHQ SURJUDPPDWLVFKHQ hEHUOHJXQJHQ JLQJ HV GHPQDFK KDXSWVlFKOLFK XPHLQH2UGQXQJXQG.RQVROLGLHUXQJGHV)DFKV6R]LRORJLHXPMHQHUHEHQJHQDQQ WHQ3UREOHPODJHGHU$XVIDVHUXQJHQWJHJHQ]XZLUNHQXQG]XGHPÄMHQVHLWVDOOHU'DU VWHOOXQJVXQG$EJUHQ]XQJVVWUDWHJLHQ>«@QDFK/|VXQJVP|JOLFKNHLWHQIUJHPHLQ    =X GHQ ]HQWUDOHQ 6DPPHOElQGHQ XQG 0RQRJUDILHQ KLHU]X ]lKOHQ %ROWH +UVJ    +RQGULFK0DWWKHV +UVJ   /HSVLXV +UVJ   XQG+RO]HU    )U(LQ]HOKHLWHQKLHU]XVLHKHEHLVSLHOVZHLVH2SS:LSSOHU DXQGE XQG.OLPD II 

  ( ,1/(,781* _  

 VDPGHILQLHUEDUH3UREOHPH$XVVFKDX]XKDOWHQ³ HEG 'LH$XIPHUNVDPNHLWJDOW LQVEHVRQGHUH GHP 9HUJOHLFK WKHRUHWLVFKHU $QVlW]H XP GLH /HLVWXQJVIlKLJNHLW GHV )DFKV]XHUKDOWHQXQG]XHUK|KHQ YJO+RQGULFK9RUZRUW  =XGHPZXUGHGLVNXWLHUWZLH7KHRULHQYHUJOHLFKHPHWKRGLVFKLPSOHPHQWLHUWXQG EH]JOLFKZHOFKHU.ULWHULHQ7KHRULHQPLWHLQDQGHUYHUJOLFKHQXQGNRQIURQWLHUWZHU GHQ VROOWHQ 'DV )HKOHQ HLQHV DN]HSWLHUWHQ 9HUJOHLFKVYHUIDKUHQV XQG HLQGHXWLJHU %HXUWHLOXQJVPD‰VWlEH IKUWH ]X HLQHU DOOJHPHLQHQ )UXFKWORVLJNHLW YRQ %HPKXQ JHQ YJO*LHVHQ6FKPLG (LQDOVSURJUDPPDWLVFKEH]HLFKQHWHV$UEHLWV SDSLHUYRQ+RQGULFKJDEMHGRFKHUVWHJUREH5LFKWOLQLHQYRU(UOHJWHNRQNUHWHLQHQ .DWDORJYRQ9HUJOHLFKVGLPHQVLRQHQYRUXQGVRPLWHLQHQHUVWHQPHWKRGLVFKHQ9RU VFKODJ]XUGXUFKIKUHQGHQ3UD[LVYRQ7KHRULHYHUJOHLFKHQ,QGHUYRUOLHJHQGHQ$U EHLWZLUGDXIGLHYRQ+RQGULFKYRUJHVFKODJHQHQ9HUJOHLFKVGLPHQVLRQHQ]XUFNJH JULIIHQ ZREHL MHQH PRGLIL]LHUW XQG DXI GLH IRUVFKXQJVOHLWHQGHQ )UDJHQ GLHVHU $U EHLW XQG GHU $XVZDKO GHU 7KHRULHQ DQJHSDVVW ZHUGHQ 'LHVH $UEHLW ]HLJW GDPLW ZLH D SULRUL IHVWJHOHJWH 9HUJOHLFKVGLPHQVLRQHQ DQJHZHQGHW XQG MH QDFK )RU VFKXQJVJHJHQVWDQGIOH[LEHOYHUlQGHUWRGHUHUZHLWHUWZHUGHQN|QQHQ %LV]X+RQGULFKVSURJUDPPDWLVFKHP$UEHLWVSDSLHUIHKOWHQ8QWHUVXFKXQJHQGLH DXI V\VWHPDWLVFKH :HLVH 3UREOHPH HLQHV 7KHRULHYHUJOHLFKV XQG PHWKRGRORJLVFKH $QZHLVXQJHQGLVNXWLHUWHQ YJO2SS $QVHLQHUSUDJPDWLVFKHQ=XVDP PHQVWHOOXQJYRQ9HUJOHLFKVJHVLFKWVSXQNWHQZXUGHNULWLVLHUWGDVVGLHVHZLOONUOLFK DXVJHZlKOWXQGQLFKW]XUHLFKHQGEHJUQGHWZXUGHQ$OOHUGLQJVZXUGHVHLWGHPZH GHUHLQDQVFKOXVVIlKLJHU*HJHQYRUVFKODJXQWHUEUHLWHWQRFKZXUGHQVHLQHPHWKRGR ORJLVFKHQ)RUVFKXQJVDQZHLVXQJHQLQ)RUPHLQHV.DWDORJVYRQ9HUJOHLFKVGLPHQVL RQHQV\VWHPDWLVFKDXIJHQRPPHQXPGHIDFWRÄLQSUl]LVHU:HLVHYHUJOHLFKHQGHOR JLVFKH $QDO\VHQ YHUVFKLHGHQHU 7KHRULHQ³ 2SS:LSSOHU E   GXUFK]XIK UHQ6WDWWGHVVHQPDQ|YULHUWHVLFKGLH'LVNXVVLRQEHPHUNHQVZHUWHU:HLVHVFKRQ$Q IDQJGHUHU-DKUHLQV$XV'LH7KHRULHQYHUJOHLFKVGHEDWWHZXUGHPLWHLQHPÄUH VLJQDWLYHQ)D]LWDEJHVFKORVVHQ³ %HUWHPHV XQGKDWNDXP]XQDFKKDOWLJHQ (UJHEQLVVHQJHIKUW(VZXUGHQNHLQHXQLYHUVDOHQ6WDQGDUGVGHV7KHRULHYHUJOHLFKV DXIJHVWHOOW ZRUGHQ VLQG 1RFK LPPHU GRPLQLHUHQ ÄXQEHUVLFKWOLFKH XQG DXVID VHUQGH'LVNXVVLRQVODJHQ³ %RQDFNHU*UHVKRII6FKLPDQN VRZLHHLQHÄXQ NRRUGLQLHUWH9LHOIDOW³ (EG %HKDXSWXQJHQJHZLVVH7KHRULHQVHLHQLQNRPPHQVX UDEHOZHUGHQGDEHLPHLVWYRUHLOLJDXIJHVWHOOW'HQQGLH,QNRPPHQVXUDELOLWlWVWKHVH JHKW YRQ HLQHU 8QYHUJOHLFKEDUNHLW YRQ 7KHRULHQ DXV MHGRFK ZLUG GLHV NDXP DP    =XGHQHLQ]HOQHQ9HUJOHLFKVJHVLFKWVSXQNWHQGHUHQ0RGLIL]LHUXQJXQG$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 $VSHNWH XQG *HJHQVWDQGVEHUHLFKH YRQ 0HGLHQ XQG .RPPXQLNDWLRQ ZHUGHQ PLWHLQDQGHU YHUJOLFKHQ XQWHU %HUFNVLFKWLJXQJ UlXPOL FKHU'LPHQVLRQHQ'DEHLNDQQHVVLFKXP9HUJOHLFKH]ZLVFKHQYHUVFKLHGHQHQ.XOWX UHQ6WDDWHQ/lQGHUQ5HJLRQHQ.RPPXQHQRGHUEHVWLPPWHQ0lUNWHQKDQGHOQ x 1RUPYHUJOHLFKH%HLGLHVHU$UWGHV9HUJOHLFKVZHUGHQ8QWHUVXFKXQJVHUJHEQLVVHRGHU ,VW=XVWlQGHPLWHLQHUEHVWLPPWHQ1RUP6ROOXQG=LHOYRUJDEHGKPLWHLQHPDSUL RULDQJHVHW]WHQ0D‰VWDEDEJHJOLFKHQ'LHVH9RUJHKHQVZHLVHLVWLGHDOW\SLVFKIU4XD OLWlWVXQG(YDOXDWLRQVIRUVFKXQJIUGLHQRUPDWLYH.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 GHQHQ9HUJOHLFKVJUXSSHQJHSUIWZHUGHQ 

9JO6FKXO]II 

 %HWUDFKWHWPDQEHLVSLHOVZHLVHDOOHLQVFKRQGLH]DKOUHLFKHQ7KHRULHQPLWWOHUHU5HLFKZHLWH DXVGHU0HGLHQZLUNXQJVIRUVFKXQJVRZLUGVFKQHOOGHXWOLFKGDVVGLHVHUHODWLYXQYHUEXQ GHQQHEHQHLQDQGHUVWHKHQ0HUWHQ EH]HLFKQHWGLHVDOVGLH]HQWUDOHÄ3UREOHPDWLNGHUJH VDPWHQ:LUNXQJVIRUVFKXQJ³ 0HUWHQ 

  _ $ 1Q@3URMHNW³ +DEHUPDV  XQGVHW]WGLHVHPLWGHU$XINOlUXQJLP-DKUKXQGHUWJOHLFK'DV.RQ]HSWGHU0R GHUQHELQGHWHUGHPJHPl‰DQHLQJUXQGVlW]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]HLFKQHWHUGHPJHPl‰DOV HLQHQDQWLPRGHUQHQ1HRRGHU-XQJNRQVHUYDWLVPXV 9JO+DEHUPDVII   ,P)ROJHQGHQVROOEHDFKWHWZHUGHQGDVVGLH%H]HLFKQXQJÃ]LWLHUWLQµGHU9HUZHLVDXIHLQ ,QWHUYLHZ PLW GHP EHWUHIIHQGHQ 7KHRUHWLNHU LVW LQ GHP VLFK GHU MHZHLOLJH $XWRU GLUHNW lX‰HUWZRKLQJHJHQÃ]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]HLFKQHQGIU HLQH 0HWDHU]lKOXQJ VLQG $OV .ULWLNHU GHV VXEMHNW]HQWULVFKHQ :HOWELOGHV XQG GHU QHX]HLWOLFKHQ5DWLRQDOLWlWHUVHW]W+HJHOGDVFDUWHVLDQLVFKH6XEMHNWGXUFKHLQHQDOO JHPHLQHQ :HOWJHLVW HLQ TXDVL REMHNWLYLHUWHV 6XEMHNW 0LW GHU 'LDOHNWLN YHUVXFKW GLHVHUGLH]ZHLZHUWLJH/RJLNYRQ6XEMHNWXQG2EMHNWDXI]XKHEHQXQGGLHVXEMHNW ]HQWULVFKH 5DWLRQDOLWlW YRQ LKUHQ :LGHUVSUFKHQ ]X EHIUHLHQ -HGRFK LVW DXFK GHU ,GHDOLVPXV +HJHOV GHU /RJLN PRGHUQHU 0HWDHU]lKOXQJHQ ]X]XUHFKQHQ 0LW 0DU[ ZLUG +HJHOV 3KLORVRSKLH YRP .RSI DXI GLH )‰H JHVWHOOW XQG VFKOLH‰OLFK ]X HLQHU SROLWLVFKIROJHQUHLFKHQ,GHRORJLH'HU0DU[LVPXV]HLJWGLHUHDOSROLWLVFKH'HIRUPD WLRQGHU3KLORVRSKLH+HJHOVXQGUHGX]LHUWGDVXQLYHUVHOOH=LHOGHU(PDQ]LSDWLRQGHU 0HQVFKKHLWDXIGDV9HUVSUHFKHQGHQ.ODVVHQNDPSILQGHUNRPPXQLVWLVFKHQ2UG QXQJ]XEHHQGHQXQGGHQ*HJHQVDW]YRQ+HUUXQG.QHFKWDXI]XO|VHQXPVFKOLH‰ OLFKLQWRWDOLWlUHQ+HUUVFKDIWVV\VWHPHQ]XHQGHQ'LHVHUGLDOHNWLVFKH0DWHULDOLVPXV PLWVHLQHULPPDQHQWHQWHOHRORJLVFKHQ*HVFKLFKWVDXIIDVVXQJZLUGHEHQVRGXUFKHLQH DOOJHPHLQJOWLJH,GHHJHOHLWHWVLFKGXUFK$UEHLW]XHPDQ]LSLHUHQ 9JO(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]lKOXQJHQGLHFKDUDNWHULVWLVFKIUGHQ LGHRORJLVFKHQ'HQNPRGXVGHU0RGHUQHVLQG/\RWDUGNRQVWDWLHUWGDVVHVHLQGHUDU WLJHVÃ3URMHNWµGHU0RGHUQHQLFKWPHKUJHEHQNDQQ(LQHDEVWUDNWH,GHHZLH)UHLKHLW RGHU 6R]LDOLVPXV NDQQ QLFKW ]XP XQLYHUVHOOHQ =LHO DXVJHUXIHQ ZHUGHQ XQG $OOJH PHLQJOWLJNHLW 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 QDWUOLFKHQ :LGHUVWUHLW YRQ 6SUDFKVSLHOHQ ,QVRIHUQ YHUODQJW HU HLQH *OHLFKVWHOOXQJYRQ:LVVHQVIRUPHQXQGGUFNWGDPLWVHLQH$EOHKQXQJXPIDVVHQGHUXQL YHUVDOHU(U]lKOXQJHQDXV

  _ $ 1@   GHQ HU PLWGHU 9HU|IIHQWOLFKXQJ YRQ Ã:LGHU GHQ 0HWKRGHQ]ZDQJ 6NL]]H HLQHU DQDUFKLVWLVFKHQ (UNHQQWQLVWKHRULHµ  >@  LQ GLH :LVVHQVFKDIWVWKHRULH HLQIKUWH VRZRKO LP ZLVVHQVFKDIWOLFKHQ DOV DXFKLP|IIHQWOLFKHQ'LVNXUVEHNDQQWJHZRUGHQ,QQHUKDOEGHU6FLHQWLILF&RPPX QLW\JLOWHUDOVÄHQIDQWWHUULEOHGHU3KLORVRSKLH³ 6WDGOHUL[ 6HLQHSRODULVLH UHQGHQXQGVWLOLVWLVFKSURYRNDWLYHQ$XVVSUFKHZLHÃ$Q\WKLQJJRHVµRGHU7LWHOVHL QHU 9HU|IIHQWOLFKXQJ ZLH Ã:LGHU GHQ 0HWKRGHQ]ZDQJµ  >@  Ã:LVVHQ VFKDIW DOV .XQVWµ   Ã(UNHQQWQLV IU IUHLH 0HQVFKHQµ   RGHU Ã=HLWYHU VFKZHQGXQJµ D ZLHHUVHLQH$XWRELRJUDILHQHQQWKDEHQVHLQ,PDJHDOV$QWL :LVVHQVFKDIWOHUEHJUQGHWXQGYHUIHVWLJW*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 )UKHUH $UJXPHQWH )H\HUDEHQGV VROOWHQ GXUFK /DNDWRV NRPPHQWLHUW ZHUGHQ 'XUFK GHQ 7RG /DNDWRV¶  ZDU )H\HUDEHQG MHGRFK JH]ZXQJHQ GDV %XFK VHOEVW ]X YROOHQGHQ 'D Ã:LGHU GHQ 0HWKRGHQ]ZDQJµ DOV 'LDORJ DQJHGDFKW ZDU KDW HU QDFKHLJHQHU$XVVDJH GLH7KHVHQ SURYRNDQWIRUPXOLHUWXP/DNDWRVDXVGHU5HVHUYH]X ORFNHQÄ,FKRUGQHWHGLH 7HLOHLQ HLQHPSDVVHQGHQ =XVDPPHQKDQJDQIJWHhEHUJlQJH KLQ]XHUVHW]WH6WHOOHQGXUFKUDGLNDOHUHXQGQDQQWHGDV(UJHEQLVÃ$QDUFKLVPXVµ(VJHILHO PLUGLH/HXWH]XVFKRFNLHUHQXQGDX‰HUGHPZROOWH,PUHHLQHQNODUHQ.RQIOLNWXQGNHLQ QHEXO|VHV*HUHGH³ )H\HUDEHQGD   6RKHL‰WHVEHLVSLHOVZHLVHLQVHLQHU$XWRELRJUDILHÄ+LQXQGZLHGHUEHWUDWLFKGHQ+K QHUVWDOOVFKOR‰GLH7UKLQWHUPLUXQGKLHOWHLQH$QVSUDFKHDQGLH,QVDVVHQHLQHH[]HO OHQWH9RUEHUHLWXQJDXIPHLQHQVSlWHUHQ%HUXI³ )H\HUDEHQGD ,P%ULHIZHFKVHO PLWVHLQHP)UHXQG+DQV3HWHU'XHUUVFKUHLEWHUDX‰HUGHPÄ,FKKDE¶PLUÃ:LGHU«µ>:L GHUGHQ0HWKRGHQ]ZDQJ$QPG9HUI@DQJHVHKHQXQGIDVWJHNRW]W(LQHVROFKH6FKHL‰H

  7 +(25(7,6&+(5 % (=8*65$+0(1 _  

 VLFK )H\HUDEHQG VHLW VHLQHU SURYRNDQWHQ )RUPHO GHV Ã$Q\WKLQJ JRHVµ VHOEVW EHU ZLVVHQVFKDIWVWKHRUHWLVFKH *UHQ]HQ KLQZHJ PLW GHP 9RUZXUI GHU %HOLHELJNHLW :LOONU XQG ,UUDWLRQDOLWlW DXVHLQDQGHUVHW]HQ PVVHQ :HQQ GLH 3RVWPRGHUQH GLH 0RGHUQH EHUZLQGHQ P|FKWH XQG VRPLW DOOHV YHUDEVFKLHGHW GDV PLW (LQKHLW XQG 2UGQXQJLQ=XVDPPHQKDQJVWHKWGDQQPXVVGLH3RVWPRGHUQHDOVHLQHGHU0RGHUQH GLDPHWUDO HQWJHJHQJHVHW]WH (SRFKH GHU ,UUDWLRQDOLWlW GHV &KDRV XQG GHU 2ULHQWLH UXQJVORVLJNHLWJHOWHQVRGDV9HUVWlQGQLVGHU.ULWLNHU )H\HUDEHQGSURNODPLHUWGDVVGLH9LHO]DKOYRQ'HQNVWLOHQ:LVVHQVIRUPHQXQG 3UDNWLNHQQLFKWDXI2UGQXQJVXQG(LQKHLWVGHQNHQUHGX]LHUWZHUGHQNDQQVRQGHUQ VWHWV DXFK 8QEHUHFKHQEDUHV 1LFKW6\VWHPDWLVLHUEDUHV XQG +DOERUGQXQJHQ PLWJH GDFKWZHUGHQPVVHQ(VPXVVVLFKDXIHLQHLQQHUH8QRUGQXQJHLQJHODVVHQZHUGHQ XP ÄYRU ODXWHU ORJLVFKHP 'HGXNWLRQV]ZDQJ XQG IRUPDOHU 5HJHOPl‰LJNHLW GLH (L JHQVWUXNWXUXPGLHHVHLJHQWOLFKJHKW³ (EG ]XEHUFNVLFKWLJHQ8PGLHVH(LJHQ VWUXNWXUHUQVW]XQHKPHQXQG)H\HUDEHQGV$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 VFKOLH‰W VRPLW HLQH 3OXUDOLWlW YRQ 6SUDFKVSLHOHQ DXV bKQOLFK DUJXPHQWLHUW DXFK )H\HUDEHQG GHU GLH WRWDOLWlUH +DO WXQJGHU:LVVHQVFKDIWKLQVLFKWOLFKLKUHU0HWKRGHQXQG/HJLWLPLWlWGHU:LVVHQVJH ZLQQXQJ SUREOHPDWLVLHUW XQG IU HLQHQ HUNHQQWQLVWKHRUHWLVFKHQ $QDUFKLVPXV SOl GLHUW (U NULWLVLHUW GHQ ZLVVHQVFKDIWOLFKHQ 5DWLRQDOLWlWVW\SXV DOV DOOHLQJOWLJHQ XQG VHW]WVLFKIUHLQH9LHO]DKOYRQ(UIDKUXQJVW\SHQHLQ)H\HUDEHQGULFKWHWVLFKJHJHQ HLQHQÃ0HWKRGHQ]ZDQJµ±ZLHHVEHUHLWVLP7LWHOVHLQHV:HUNVKHL‰W±XQGMHJOLFKH QRUPDWLYH )RUGHUXQJHQ $QVSUFKH XQG )HVWOHJXQJHQ ZLH :LVVHQVFKDIW PHWKR GLVFK ]X EHWUHLEHQ LVW :LVVHQVFKDIW NDQQ QLFKW PHKU GHQ *HOWXQJVDQVSUXFK HLQHU UHJHOJHOHLWHWHQ0HWKRGLNYHUWUHWHQVRQGHUQLVWLQGHU3RVWPRGHUQHDOVÄDQDUFKLVWL VFKHV 8QWHUQHKPHQ³ )H\HUDEHQG  >@   ]X YHUVWHKHQ 'DKLQJHKHQG VWHOOWHU]ZHL]HQWUDOH%HKDXSWXQJHQDXI     KDEH LFK JHVFKULHEHQ 6R XQPHQVFKOLFK UDWLRQDOLVWLVFK -HW]W ZLOO LFK VFKQHOO QRFK XP VFKUHLEHQZDVXP]XVFKUHLEHQJHKW³ )H\HUDEHQGE   0LNH6DQGERWKHVSULFKWGDEHLYRQHLQHP$Q\WKLQJJRHV0LVVYHUVWlQGQLVGDHVVLFKEHL GLHVHP *HGDQNHQYROO]XJ XP HLQH LQKDOWOLFK IDOVFKH %HZHLVIKUXQJ 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$OOJHPHLQHQDXV(USOlGLHUWIU QHXHNUHDWLYH3HUVSHNWLYHQVFK|SIHULVFKHQ'LOHWWDQWLVPXV.RQIURQWDWLRQHQZHFK VHOVHLWLJH.RUUHNWXUHQXQGIUXFKWEDUHhEHUVFKUHLWXQJHQYRQ'LV]LSOLQJUHQ]HQ9HU VFKLHGHQH$QVlW]HELHWHQDXFKYHUVFKLHGHQDUWLJH=XJDQJVZHLVHQ]XHLQHP3UREOHP XQG EHOHXFKWHQ GDGXUFK DQGHUH 6HLWHQ GHV 3UREOHPV 'DKHU PXVV GLH 3KLORVRSKLH XQGGLH:LVVHQVFKDIWGLHJU|‰WP|JOLFKHPHWKRGLVFKH2IIHQKHLWJHZlKUOHLVWHQ0DQ PXVVMHGH)RUPGHU:LVVHQVJHZLQQXQJIUOHJLWLPDQVHKHQÄVHLGLHVQXQLQGHUDQ WLNHQ0\WKRORJLHLQPRGHUQHQ9RUXUWHLOHQLQGHQ(ODERUDWHQYRQ)DFKOHXWHQRGHU GHQ)DQWDVLHQNRPLVFKHU.lX]H'LHJHVDPWH*HVFKLFKWHHLQHU'LV]LSOLQZLUGKHU DQJH]RJHQXPLKUHQQHXHVWHQXQGÃIRUWJHVFKULWWHQVWHQµ(QWZLFNOXQJVVWDQG]XYHU EHVVHUQ³ )H\HUDEHQG  >@   0\WKRV 0DJLH XQG 5HOLJLRQ PVVHQ HEHQVRDOVJOHLFKEHUHFKWLJWH(UNHQQWQLVIRUPHQDQHUNDQQWZHUGHQ'HU8QWHUVFKLHG ]ZLVFKHQ :LVVHQVFKDIW XQG 1LFKW:LVVHQVFKDIW O|VW VLFK VRPLW ]XQHKPHQG DXI    3DUDGR[HUZHLVHJHEUDXFKW)H\HUDEHQGGDVDXINOlUHULVFKHPRGHUQH,GHDOGHV)RUWVFKULWWV DOVOHLWHQGH3UlPLVVHIUGDVSRVWPRGHUQH7KHRUHWLVLHUHQ'HU%HJULIIGHV)RUWVFKULWWVLVW KLHUEHL MHGRFK SRVLWLY NRQQRWLHUW XQG LQ GLHVHP 6LQQH I|UGHUXQJVZUGLJ :DV DOV IRUW VFKULWWOLFKRGHUUFNVFKULWWOLFKEHXUWHLOWZLUGEOHLEWGDEHLMHGRFKVFKZDPPLJ8QNODULVW 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)RUWVFKULWWVWKHVHQLFKWVHOEHUYHUWULWWVRQGHUQEOR‰GHQ $QKlQJHUQ DXI]X]HLJHQ YHUVXFKW GDVVLKU ,QWHUHVVH DP )RUWVFKULWWLP .RQIOLNW PLW GHP ,QWHUHVVH DQ 5DWLRQDOLWlWVWHKW )H\HUDEHQG PDFKW KLQJHJHQ GLH LUUDWLRQDOHQ $VSHNWH GHU :LVVHQVFKDIWJHJHQMHJOLFKH5DWLRQDOLWlWVGRJPHQVWDUNXQGDUJXPHQWLHUWLQVRIHUQIUHL QHIRUWVFKULWWOLFKH:LVVHQVFKDIWGLHHLQHUGRJPDWLVFKHQ:LVVHQVFKDIWE]Z9HUQXQIWGL DPHWUDO HQWJHJHQVWHKW 'DVV HU GDEHL GHQ )RUWVFKULWWVEHJULII JHJHQ GHQ 5DWLRQDOLWlWVEH JULII VWHOOW XQG HUVWHUHQ HLQGHXWLJ EHYRU]XJW EOHLEW MHGRFK ZLOONUOLFK 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 ÄNQVWOHULVFKH 9HUIDKUHQ NRPPHQ EHUDOOLQGHQ:LVVHQVFKDIWHQYRUXQGEHVRQGHUVGRUWZRQHXHXQGEHUUDVFKHQGH (QWGHFNXQJHQJHPDFKWZHUGHQ³ )H\HUDEHQG 1XUGXUFKHLQHVROFKHDQDU FKLVWLVFKH (UNHQQWQLVWKHRULH NDQQ GLH PLWWOHUZHLOH XQKLQWHUIUDJWH /HJLWLPDWLRQ GHU :LVVHQVFKDIWZLHGHULQ)UDJHJHVWHOOWZHUGHQ(VPXVVHLQHWROHUDQWHÄ'HPRNUDWL VLHUXQJGHU:LVVHQVFKDIW³ HEG DQJHVWUHEWZHUGHQGHQQ  ÄZLH0DGHQVLW]HQGLH,QWHOOHNWXHOOHQLP6SHFNXQVHUHU*HVHOOVFKDIW>«@:LHDQGHUH3KLOR VRSKLHQLVWDXFKGHUNULWLVFKH5DWLRQDOLVPXVHLQH6FKXOSKLORVRSKLHHQWZLFNHOWXQGYHUEUHLWHW YRQ DNDGHPLVFKHQ 1DJHWLHUHQ >«@ 'LH :LVVHQVFKDIW ZLUG EHZXQGHUW RKQH XQWHUVXFKW XQG YHUVWDQGHQ]XZHUGHQGDV VWUHQJJHUHJHOWHÄORJLVFKH³ 'HQNHQJLOWJDQ]VHOEVWYHUVWlQGOLFK DOVGDV$XQG2GHV/HEHQV|GH6FKODJZRUWHHUVHW]HQ$UJXPHQWHXQG.ULWLNLVWQLFKWVZHL WHUDOVGLH:LHGHUKROXQJYRQ3KUDVHQZLHÄLUUDWLRQDO³ÄDGKRF³ÄGHJHQHULHUHQG³ÄXQIDOVLIL ]LHUEDU³ÄPHWDSK\VLVFK³XQGGHUJOHLFKHQPHKU³ HEGI 

 )H\HUDEHQGLVWGHU0HLQXQJGDVVVLFKGHU(UIROJGHU:LVVHQVFKDIWGDUDXIEHJUQ GHWGDVVLKUGHU9HUJOHLFKVPD‰VWDEIHKOW(VJHKWGDEHLQLFKWXPGHUHQ(WDEOLHUXQJ GXUFKGDV4XDOLWlWVNULWHULXPGHUEHVVHUHQ(LQVLFKWHQVRQGHUQQXUXPHLQHQ(UIROJ GHUVLFKDXI,QVWLWXWLRQDOLVLHUXQJJUQGHW(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$UEHLWHQVYHUVWDQGHQZLUG 5HVPLHUHQG NDQQ NRQVWDWLHUW ZHUGHQ GDVV )H\HUDEHQG PLW GHP &UHGR Ã$Q\ WKLQJJRHVµYHUVXFKWGLH:LVVHQVFKDIWDXVGHUVWDUUHQ)L[LHUXQJDXIPHWKRGRORJL VFKH$QZHLVXQJHQ]XEHIUHLHQXQGVLFKYRQHLQHPQHX]HLWOLFKHQ0HWKRGHQLGHDO]X O|VHQ(UVLHKWGLH*HEXUWGHU.UHDWLYLWlWDXVGHP&KDRVDOV)RUWVFKULWW1LFKWGLH 2UGQXQJ VRQGHUQ ,GHHQHPHUJHQ] DXV GHU 8QRUGQXQJ ZLUG DOV HUNHQQWQLVI|UGHUQG DQJHVHKHQ 3OXUDOLWlW XQG .RQWLQJHQ] WUHWHQ DQ GLH 6WHOOH YRQ ZLVVHQVFKDIWOLFKHP 'RJPDWLVPXVXQGPHWKRGLVFKHU5HJHONRQIRUPLWlW %HWUDFKWHW PDQ QDFK GHU 'DUVWHOOXQJ YRQ /\RWDUGV XQG )H\HUDEHQGV JUXQGOH JHQGHQ7KHVHQGHQ%HJULIIGHU3RVWPRGHUQHVRNDQQIHVWJHVWHOOWZHUGHQGDVVGDV 3UlIL[ÃSRVWµQLFKWDOVHLQH1DFK]HLWLJNHLW]XYHUVWHKHQLVWVRQGHUQHLQ5HIOHNWLH    =XU9HUDQVFKDXOLFKXQJQHQQWHUIROJHQGH0HWDSKHUGHV3IHUGHUHQQHQVÄ,QHLQHP3IHUGH UHQQHQ PVVHQDOOH3IHUGHDXIGLHPDQ ZHWWHQNDQQGDV5HQQHQEHHQGHQLQGHQ:LV VHQVFKDIWHQZHUGHQQXUGLHSRSXOlUHQ3IHUGHJXWJHQXJJHIWWHUWXPLP5HQQHQEOHLEHQ ]XN|QQHQ$P(QGHZLVVHQZLUYRQLKUHQ(UIROJHQDEHUZLUZLVVHQQLFKWREGLH(UIRO JHGHUEULJHQ3IHUGHQLFKWYLHOJU|‰HUJHZHVHQZlUH³ )H\HUDEHQG 

  _ $ 1:@LHVWDUNGHU=XVDPPHQKDQJ]ZLVFKHQEUJHUOLFKHU*HIKOVNXOWXUXQG7ULYLDOOLWHUDWXULQ 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 .RPPXQLNDWLRQVYHUELQGXQJHQDQJHZLHVHQZDUHQ³ 6FKPLGW6SLH‰ 

 ]HLJWGLHHQJH9HUNQSIXQJ]ZLVFKHQ0HGLHQZDQGHOQHXHQ.RPPXQLNDWLRQVP|J OLFKNHLWHQ XQG JHVHOOVFKDIWOLFKHQ (QWZLFNOXQJHQ 0HGLHQ VLQG ,QVWUXPHQWH GHU :LUNOLFKNHLWVNRQVWUXNWLRQ VLH JHEHQ YHUlQGHUWH %HGLQJXQJHQ GHU :DKUQHKPXQJ YRUXQGVLQGYHUDQWZRUWOLFKIUGLH(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 %HGUI QLVZDQGHO LQGHP VLH MHZHLOLJH =XVWlQGH XQG 9HUlQGHUXQJHQ |IIHQWOLFK DOVR EH REDFKWEDUXQG NRPPXQLNDWLRQVIlKLJ PDFKHQÄ.XU]XP 0HGLHQ VLQG $JHQWHQ VR ]LRNXOWXUHOOHQ :DQGHOV 'DEHL ZHUGHQ .RPPXQLNDWLRQHQ ZLH 0HGLHQV\VWHPH ]X QHKPHQGYHUQHW]WXQGUHIOH[LYGKDXIVLFKVHOEVWDQJHZDQGW³ HEG 'LH3OX UDOLVLHUXQJGHU/HEHQVZHOWHQXQGGLH]XQHKPHQGH$XVGLIIHUHQ]LHUXQJYRQ0HGLHQ XQG QHXHQ .RPPXQLNDWLRQVP|JOLFKNHLWHQ KDEHQ ]X HLQHP SRWHQ]LHUWHQ %HREDFK WXQJVYHUKlOWQLV JHIKUW 0HGLHQ NRQVWUXLHUHQ :LUNOLFKNHLW GXUFK GLH $UW ZLH VLH EHREDFKWHQ XQG EHVFKUHLEHQ 'LH %HREDFKWXQJHQ VLQG GDEHL VWHWV VHOHNWLY 'LHVH 6HOHNWLYLWlWLVWLQGHU5HJHOHUVWEHREDFKWEDUZHQQVLHYRQDQGHUHQ%HREDFKWHUQ± YRQ%HREDFKWHUQHUVWHU2UGQXQJIUGLHGLHMHZHLOLJHQ0HGLHQDQJHERWHEHVWLPPW VLQGXQGYRQ%HREDFKWHUQK|KHUHU2UGQXQJPHLVWYRQDQGHUHQ0HGLHQ±EHREDFK WHW XQG NRPPXQL]LHUW ZLUG 0LW GHP +LQ]XNRPPHQ QHXHU 0HGLHQ ZHUGHQ GLHVH %HREDFKWXQJVP|JOLFKNHLWHQZHLWHUSRWHQ]LHUW*HVHOOVFKDIWOLFKH6HOEVWEHREDFKWXQJ ZLUG]XU$XIJDEHGHU0HGLHQGLHDOV%HREDFKWHU]ZHLWHUXQGK|KHUHU2UGQXQJLQ VWLWXWLRQDOLVLHUWXQG]XU*UXQGODJHGHU0HGLHQNXOWXUJHZRUGHQVLQG 'LHVHUUDGLNDOH:DQGHOGHUPHGLDOHQ%HREDFKWXQJVP|JOLFKNHLWHQHU]HXJW.RQ WLQJHQ]HUIDKUXQJGLHEHUHLWVYRQ0RGHUQLVLHUXQJVWKHRUHWLNHUQDOV.HQQ]HLFKHQGHU    =X(LQ]HOKHLWHQXQG$XVIKUXQJHQVLHKH6FKPLGWE  =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 PHKUXQJYRQ PHGLDOHQ %HREDFKWXQJVLQVWDQ]HQXQGHLQHU]XQHKPHQGHQ5HIOH[LYL WlWYRQ%HREDFKWXQJGHV0HGLHQV\VWHPVP|JOLFK3OXUDOLWlWHQWVWHKWGXUFKPHGLHQ EDVLHUWH NRPPXQLNDWLYH $QJHERWH YRQ :LUNOLFKNHLWVHQWZUIHQ $OV SRVWPRGHUQ NDQQ GLH .RQWLQJHQ]HUIDKUXQJ DOV Ä(LQVLFKW LQ GLH (QGJOWLJNHLW GHU 9RUOlXILJNHLW GXUFK(LQVLFKWLQGLH.RQVWUXNWLYLWlWDOOHU:LUNOLFKNHLWV6LQQXQG:HUWSURGXNWL RQ XQG ]ZDU HLQHU .RQVWUXNWLYLWlW RKQH YHUELQGOLFKHQ *HVDPWSODQ³ HEG  +HUYRUKHEXQJLP2ULJLQDO EH]HLFKQHWZHUGHQ6FKPLGWXQG6SLH‰EULQJHQGLHV]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 0RGHUQHXQG3RVWPRGHUQHGLH6FKPLGWXQG6SLH‰DOV1HW]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 IU 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]HQWULHUWHQ9HUQXQIWXQG5DWLRQDOLWlWVEHJULIIYHUZHLVHQ 9JO %HUWHPHVI  6RLVWDEVFKOLH‰HQGIHVW]XKDOWHQGDVVGLHVH$UEHLWQLFKWQXUGLHUHODWLYHE]ZUH ODWLYLHUWH YRU GHU UDGLNDOHQ ,QNRPPHQVXUDELOLWlWVWKHVH VRQGHUQ DXFK GHQ %HJULII GHUUHODWLYHQE]ZUHODWLYLHUWHQ,QNRPPHQVXUDELOLWlWVWKHVHYRUGHPGHUUHODWLYLHUWHQ .RPPHQVXUDELOLWlWEHYRU]XJW'LHUHODWLYLHUWH,QNRPPHQVXUDELOLWlWVWKHVHELOGHWGLH *UXQGODJHIUGLH'XUFKIKUXQJHLQHV7KHRULHYHUJOHLFKV'DVZLVVHQVFKDIWVWKHRUH WLVFKH (UNHQQWQLVLQWHUHVVH HLQHU 1RWZHQGLJNHLW ]XU IRUVFKXQJVSUDNWLVFKHQ 'XUFK IKUXQJHLQHV7KHRULHYHUJOHLFKVSRVWPRGHUQHU0HGLHQWKHRULHQLVWVRPLWEHJUQGHW XQG VROO LP )ROJHQGHQ DOV WKHRUHWLVFKH *UXQGDQQDKPH GLHQHQ XP GLH ÄWULEDOHQ 9HUKlOWQLVVHGLHVLFKVHOEVWDOV3OXUDOLVPXVEHVFKUHLEHQ³ /XKPDQQ GXUFK HLQHPHWDWKHRUHWLVFKH3HUVSHNWLYH]XEHUSUIHQXQG]XRUGQHQ     /DXW %HUWHPHV NDQQ IU GLH PRGHUQH 3RVLWLRQ +DEHUPDV NRPPXQLNDWLRQVWKHRUHWLVFKHU (QWZXUI HLQHU 8QLYHUVDOSUDJPDWLN VWHOOYHUWUHWHQG JHQDQQW ZHUGHQ 'HPJHJHQEHU 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 VFKOLH‰HQ 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,QNRPPHQVXUDELOLWlWZLUGGHPJHPl‰LQGHUYRUOLHJHQGHQ$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 0HGLHQWKHRULHQEHUDXVYLHOIlOWLJ'LH%UHLWHGHVWKHRUHWLVFKHQ)HOGHV]ZLQJWGDKHU ]XHLQHUQRWZHQGLJH[HPSODULVFKHQ6HOHNWLRQSRVWPRGHUQHU3RVLWLRQHQ%HLGLHVHU $XVZDKO VROO DXVGUFNOLFK EHWRQW ZHUGHQ GDVV VLH VHOEVWYHUVWlQGOLFK NHLQHQ $Q VSUXFK DXI 9ROOVWlQGLJNHLW XQG 5HSUlVHQWDWLYLWlW HUKHEW VRQGHUQ OHGLJOLFK HLQH EUDXFKEDUH XQG VLQQYROOH $XVZDKO ]XU %HDQWZRUWXQJ GHU UHOHYDQWHQ )UDJHVWHOOXQ JHQDXI]HLJWXQGDOVYRUOlXILJH&OXVWHUXQJE]ZLGHDOW\SLVFKH=XVDPPHQIDVVXQJ]X YHUVWHKHQ LVW 'HU XQDEGLQJEDU VHOHNWLYH &KDUDNWHU VROO DQ GLHVHU 6WHOOH H[SUHVVLV YHUELVEHQDQQWVHLQ6LHLVWGHPQDFKKRFKJUDGLJNRQWLQJHQWDEHUNHLQHVZHJVEHOLH ELJXQGZLOONUOLFKVRQGHUQIROJWYLHUOHLWHQGHQ*HVLFKWVSXQNWHQ  5HOHYDQ]E]Z6R]LDONULWHULXP 'DV 5HOHYDQ] E]Z 6R]LDONULWHULXP EHVFKUHLEW GLH (LJHQVFKDIW GHU (WDEOLHUWKHLW E]Z GHV VR]LDOHQ 5HQRPPHHVGHU )DFK 5HOHYDQ] GHU 3URPLQHQ]GHV %HNDQQW KHLWVJUDGVGHQGLH7KHRUHWLNHULPZLVVHQVFKDIWOLFKHQLQVEHVRQGHUHNRPPXQLNDWL RQVXQGPHGLHQZLVVHQVFKDIWOLFKHQ'LVNXUVHUODQJWKDEHQ'LH$XVZDKOULFKWHWVLFK GDEHLZHLWHVWJHKHQGQDFKHLQHPÃ.DQRQµPHGLHQWKHRUHWLVFKHU7H[WHXQG$XWRUHQ    .DQRQZLUGKLHULQ$QIKUXQJV]HLFKHQJHIKUWGDHVVHOEVWYHUVWlQGOLFKNHLQHQHLQKHLWOL 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*UXQGIUGLH%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&KLIIUHIUGLH%HGLQJWKHLWHQGHUXQWHUVXFKWHQ:HOWVFKOHFKWKLQHLQJHVFKORVVHQQRFKGLH %HGLQJWKHLWZLVVHQVFKDIWOLFKHQ)UDJHQVVHOEVW³ (QJHOO9RJO 

 0HGLHQKLVWRULRJUDILH HUKlOW GHPQDFK HLQH ]HQWUDOH 5HOHYDQ] IU PHGLHQZLVVHQ VFKDIWOLFKH7KHRULHELOGXQJXQGVROOKLHUDOVJHPHLQVDPHU6DFKE]Z3UREOHPEH]XJ IRUPXOLHUW ZHUGHQ Ä0HGLHQKLVWRULVFKH )RUVFKXQJ LVW KHXWH HLQ .HUQVWFN GHVVHQ ZDV GLH *HLVWHVZLVVHQVFKDIWHQ HLQPDO ZDUHQ³ HEG   0HGLHQJHVFKLFKWVVFKUHL EXQJEHWUHLEHQEHGHXWHWPHGLDOH%HGLQJXQJHQXQGGHUHQMHZHLOLJHKLVWRULVFKH'L PHQVLRQ]XEHWUDFKWHQGKGLHKLVWRULVFKH(QWZLFNOXQJXQGGHQPHGLDOHQ:DQGHO E]Z GLH 9HUlQGHUOLFKNHLW YRQ 0HGLHQ XQWHU MH VSH]LILVFKHQ %HGLQJXQJHQ ]X EH REDFKWHQ'LHVHU=XVDPPHQKDQJZLUGLQGHUYRUOLHJHQGHQ$UEHLWDOV]HQWUDOHU%H REDFKWXQJVJHJHQVWDQGGHUSRVWPRGHUQHQ0HGLHQWKHRULHQXQWHUVXFKW0HGLHQKLVWR ULVFKH E]Z PHGLHQKLVWRULRJUDILVFKH (OHPHQWH VLQG YRQ ]HQWUDOHU 5HOHYDQ] IU GLH 0HGLHQWKHRULHLP$OOJHPHLQHQXQGIUSRVWPRGHUQH0HGLHQWKHRULHQLP6SH]LHOOHQ 0HGLHQZDQGHO NDQQ DOV ]HQWUDOH 3UREOHPKLQVLFKW XQG VRPLW DOV NOHLQVWHU JH PHLQVDPHU1HQQHUSRVWPRGHUQHU0HGLHQWKHRULHQLGHQWLIL]LHUWZHUGHQGHUGLH+H WHURJHQLWlW GHV 'LVNXUVHV DXIJUXQG HLQHV JHPHLQVDPHQ *HJHQVWDQGVEHUHLFKV UHGX ]LHUW (LQH PD‰JHEOLFKH 3RLQWLHUXQJ HUIlKUW 0HGLHQJHVFKLFKWVVFKUHLEXQJ EHL GHQ SRVWPRGHUQHQ0HGLHQWKHRUHWLNHUQGDKHUGDVVVLHHLQH$QHLQDQGHUUHLKXQJFKURQR ORJLVFKHU(LQ]HOGDWHQRGHUGDV$XIWUHWHQYRQ(LQ]HOPHGLHQEHLVHLWHOlVVWXQGVWDWW GHVVHQ EHWUDFKWHW ZHOFKH PHGLDOHQ .RQVWHOODWLRQHQ DXI LKUH MH VSH]LILVFKH :HLVH PLW.RPPXQLNDWLRQVNRQVWHOODWLRQHQLQHLQHQ=XVDPPHQKDQJJHVWHOOWZHUGHQ6WDWW DXVVFKOLH‰OLFK (LQ]HOPHGLHQ XQG LKUH )XQNWLRQHQ LQ LKUHU KLVWRULVFKHQ 'LPHQVLRQ ]XEHWUDFKWHQZHUGHQYRQGHQSRVWPRGHUQHQ0HGLHQWKHRULHQ$SSDUDWXUHQ6\PER OLNHQXQG,QVWLWXWLRQHQLQV%OLFNIHOGJHUFNW6REHJUQGHWVLFKDXFKGLH1LFKWEH UFNVLFKWLJXQJGHU$XWRUHQZLHEHLVSLHOVZHLVH%HQMDPLQ.UDFDXHURGHU%UHFKWGLH HKHU6WXGLHQ]X(LQ]HOPHGLHQYRUOHJHQ0HGLHQZHUGHQVWDWWGHVVHQDOV.HUQNXOWX UHOOHU JHVHOOVFKDIWOLFKHU DEHU DXFK lVWKHWLVFKHU XQG VLQQVWUXNWXUHOOHU .RQVWHOODWLR QHQWKHPDWLVLHUW'LHVH 1HX 3HUVSHNWLYLHUXQJ]HLJWVLFKJHUDGHXQGHUVWGXUFKHL QHPHGLHQKLVWRULVFKH)RUVFKXQJ

  _ $ 1@ XQGÃ7KHJOREDOYLOODJH 'HU:HJGHU0HGLHQJHVHOOVFKDIWLQGDV-DKUKXQGHUWVµ 0F/XKDQ     +HUEHUW0DUVKDOO0F/XKDQZLUGLP)ROJHQGHQQXUQRFKDOV0DUVKDOO0F/XKDQEH]HLFK QHWGDHULPJlQJLJHQ6SUDFKJHEUDXFKDOVVROFKHUEHQDQQWZLUG  %HL)ULHGULFK$.LWWOHUZLUGLP)ROJHQGHQDXIGHQPLWWOHUHQ1DPHQE]ZGLH$ENU]XQJ GHVPLWWOHUHQ1DPHQV$YHU]LFKWHW  ,P$QDO\VHWHLO .DSLWHO ZLUGMHZHLOVGDUDXIKLQJHZLHVHQZHOFKH7H[WHIUGLHHLQ]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 PD‰VWlEHQ 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 PD‰JHEOLFK 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 JHJHQEHUJH 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  ,QKDOWOLFKZLUGKHUDXVJHDUEHLWHWZDVGLHDXVJHZlKOWHQ7KHRUHWLNHUEHUPHGLHQKLV 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 $VSHNWH XPIDVVHQ 9RQ,QWHUHVVHLVWZHOFKH6\VWHPHYRQ%HJULIIOLFKNHLWHQIUGHQ3KlQRPHQEHUHLFK 0HGLHQZDQGHOYHUZHQGHWZHUGHQ1LFKWQXUZDVGLH'LVNXUVWHLOQHKPHUEHU PH GLDOHQ:DQGHOEHREDFKWHQVRQGHUQZLHVLHGLHVWXQXQWHUZHOFKHQ9RUDXVVHW]XQ JHQXQGEOLQGHQ)OHFNHQ$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+LHUEHLLQWHUHVVLHUWZDVIUHLQ 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,QKDOWHQEHUSUIEDUXQGYLFHYHUVD

  _ $ 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 GHQ³ 0F/XKDQ 6LHJLEWGLH%HGLQJXQJHQIU+DQGHOQ(UNHQQHQXQG 6R]LDOLWlW YRU ÄZHLO HEHQ GDV 0HGLXP $XVPD‰ XQG )RUP GHV PHQVFKOLFKHQ =X VDPPHQOHEHQVJHVWDOWHWXQGVWHXHUW³ 0F/XKDQ >@ 'LHHLJHQWOLFKH %RWVFKDIWLVWLQVRIHUQGLH$XVZLUNXQJGLHGDVMHZHLOLJH0HGLXPDXIPHQVFKOLFKH 2UGQXQJV]XVDPPHQKlQJHKDWÃ'LHPDJLVFKHQ.DQlOH8QGHUVWDQGLQJPHGLDµYHU VWHKW VLFK GHPQDFK DOV 9HUVXFK GHQ QDFKKDOWLJHQ (LQIOXVV YRQ .RPPXQLNDWLRQV PHGLHQDXI:DKUQHKPXQJXQG'HQNHQ 0LNURHEHQH VRZLHNXOWXUHOOHXQGVR]LDOH )RUPDWLRQHQ 0DNURHEHQH ]XUHIOHNWLHUHQ 'HU,QKDOWYRQ0HGLHQGHULQQHUKDOEGHU0HGLHQZLVVHQVFKDIWEHLVSLHOVZHLVHLQ GHU 0HGLHQZLUNXQJVIRUVFKXQJ DOV ]HQWUDOHU 8QWHUVXFKXQJVJHJHQVWDQG EHKDQGHOW ZLUG LVW QLFKW QXU QHEHQVlFKOLFK VRQGHUQ Y|OOLJ JOHLFKJOWLJ '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 JOHLFKJOWLJ RE VLH &RUQIODNHV RGHU &DGLOODFV SURGX]LHUW³ 0F/XKDQ

  6 @ 

  _ $ 1«@³ 0F/XKDQ>@I 

 'LH0|JOLFKNHLW]XUPDVVHQKDIWHQ(U]HXJXQJYRQ6FKULIWVWFNHQIKUWDXFK]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+LOIVYHUEJHZLFKHQ XQJHIlKUVRZLHGLH%RWVFKDIWGHP0HGLXPJHZLFKHQLVW XQGGLH $NWLRQDQXQGIUVLFKKDWZHQLJHU%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 %HJULIIGHU0DVVHVWHFNWIULKQGHU*UXQGJHGDQNHGHU,PSORVLRQDOVHLQH1LYHOOLH UXQJYRQ0HGLXPXQG%RWVFKDIWYRQ6LJQLILNDQWXQG6LJQLILNDWVRZLHYRQ6HQGHU XQG(PSIlQJHUÄ0DVVHLVWGDV*UXQGNRQ]HSWXQGGLH)RUPHOÃ7KHPHGLXPLVWKH PDVVDJHµLVWGLH*UXQGIRUPHOZHLOKLHUJHUDGHGHU .HUQGHU ,PSORVLRQLVW±DOVR GLHVHV=XVDPPHQVFKPHO]HQGHV0HGLXPVXQGGHV,QKDOWVGHU%RWVFKDIW³ (EG   0HQVFK0DVFKLQH6FKDOWNUHLV $X‰HUGHPLVWGLH$QZHVHQKHLWGHU.RPPXQLNDWLRQVWHLOQHKPHUNHLQHQWVFKHLGHQGHU )DNWRUPHKUVRQGHUQMHJOLFKH)RUPGHU.RQWDNWDXIQDKPHXQGGHV$XVWDXVFKVOlXIW OHGLJOLFKEHU%LOGVFKLUPHXQG,QWHUIDFHV1XUQRFKHOHNWULVFKH6WU|PH%LOGVFKLU PHXQG1HW]HHUP|JOLFKHQ .RPPXQLNDWLRQ.RPPXQLNDWLRQLVWGXUFKGLHPHGLD OHQ%HGLQJXQJHQVR]XVDPPHQJH]RJHQGDVVGLH*HVSUlFKVSDUWQHUXQPLWWHOEDUDQ HLQDQGHUDQJHVFKORVVHQVLQG'LH%LOGHULQGHQ0HGLHQZHUGHQSDXVHQORVEHUWUD JHQ HV JLEW NHLQH 0|JOLFKNHLW GHU 9HU]|JHUXQJ GHV 6FKZHLJHQV RGHU GHU 6WLOOH 5DXPXQG=HLWVLQGDXIJHO|VWZRUGHQGDHVQXUQRFKGDUXPJHKWVFKQHOOXQGXQ XQWHUEURFKHQ ]X NRPPXQL]LHUHQ ÄGLH .RQWLQXLWlW GHV .RQWDNWHV GDV )HHGEDFN PXVV WRWDO VHLQ ZLH LQ HLQHP JHVFKORVVHQHQ 6FKDOWNUHLV %LOGHU XQG %RWVFKDIWHQ PVVHQ HLQDQGHU RKQH 8QWHUEUHFKXQJ IROJHQ³ HEG   'XUFK GLH %LOGVFKLUP PHGLHQ YHUlQGHUW VLFK DXFK GLH JHVDPWH VLQQOLFKH :DKUQHKPXQJ GHV 0HQVFKHQ JUXQGOHJHQG'DV/HVHQGHV%LOGVFKLUPVGDV%DXGULOODUGDOVGLJLWDOHV$EWDVWHQGH    %DXGULOODUGV 6LPXODWLRQVWKHVH LVW VWDUN PLW HLQHU .RPPXQLNDWLRQVWKHRULH YHUNQSIW =X VHLQHP.RPPXQLNDWLRQVEHJULIIVLHKH.DSLWHO

  6 «@ :LH PDQ GDYRQ DXVJHKHQ NDQQ GD‰%ULOOH RGHU .RQWDNWOLQVHQ HLQHV 7DJHV ]XU HLQJHEDXWHQ 3URWKHVHHLQHU*DWWXQJ ZHUGHQGLHGHQ%OLFNYHUORUHQKDWVRGDUIPDQEHIUFKWHQGD‰GLH NQVWOLFKH ,QWHOOLJHQ] XQG LKU WHFKQLVFKHV =XEHK|U ]XU 3URWKHVH HLQHU *DWWXQJ ZHUGHQ GHU GDV'HQNHQDEKDQGHQJHNRPPHQLVW³ HEG 

 $OOHPHQVFKOLFKHQ$EOlXIHZHUGHQWHFKQLVFKJHVWHXHUWVRGDVVGHU0HQVFKSDVVLY XQGDEKlQJLJYRQVHLQHQ3URWKHVHQZLUGDQVWDWWGLHVHQDFKVHLQHP%HOLHEHQ]XQXW ]HQ 6WDWW VLQQOLFKHU :DKUQHKPXQJ XQG RUJDQLVFKHU %HUKUXQJ ZLUG MHGH VHQVRUL VFKH%HGHXWXQJDXIGDV.RQIURQWLHUHQPLW$XJHXQG%LOGVFKLUPUHGX]LHUW'HUYHU QHW]WH 0HQVFK EHVFKUlQNW VHLQHQ VR]LDOHQ 8PJDQJ OHGLJOLFK DXI %LOGHU XQG %LOG VFKLUPH XQG EHJLEW VLFK GDPLW LQ HLQHQ Ä=XVWDQG DQWKURSRORJLVFKHU 8QJHZL‰KHLW³ %DXGULOODUGD 'DV(QGHGHUWHFKQLVFKHQ(QWZLFNOXQJLVWHUUHLFKWGDGHU 0HQVFK JlQ]OLFK DXV VHLQHP .|USHU KHUDXVJHGUlQJW ZLUG XQG VHLQH )lKLJNHLWHQ XQG)XQNWLRQHQLQVHLQHWHFKQLVFKHQ$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]XVHKHQ³ HEG 1HEHQGHU7UDQVSRUWIXQNWLRQVLQG0HGLHQPD‰JHE OLFK GDIU 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 KDIWHQ 5H 3URGXNWLRQGLHIU9LULOLRHLQHHLQJHVFKUlQNWH6LFKWDXIGLHLQGXVWULHOOH (SRFKHGDUVWHOOWVRQGHUQXPGLH+HUVWHOOXQJYRQWHFKQLVFKLQGX]LHUWHU*HVFKZLQ GLJNHLW GXUFK 'DPSIPDVFKLQH 6WUD‰HQ $XWRV (LVHQEDKQHQ6FKLHQHQ XVZ :lK UHQGGLHYRULQGXVWULHOOH$UWGHU)RUWEHZHJXQJQRFKRUJDQLVFKJHZHVHQLVWHPDQ]L SLHUW VLFK GHU 0HQVFK ]XQHKPHQG YRQ VHLQHP $EKlQJLJNHLWVYHUKlOWQLV ]XU 1DWXU 'LH)RUWEHZHJXQJVJHVFKZLQGLJNHLWEHUVWHLJWGLHGHVPHWDEROLVFKHQ)DKU]HXJVVR VWDUNGDVVGHP0HQVFKHQGLHQDWUOLFKH0RELOLWlW]XODQJVDPXQGOlVWLJHUVFKHLQW 'XUFK GLH QHXHQ 7UDQVSRUWP|JOLFKNHLWHQ ZLUG VFKOLH‰OLFK DXFK GHU PHQVFKOLFKH %HZHJXQJVDSSDUDWZHQLJHUEHDQVSUXFKWXQGGLHQDWUOLFKH%HZHJOLFKNHLWJHKW]X QHKPHQG YHUORUHQ 'LH )RUWEHZHJXQJ LVW QXU GXUFK GDV 6WLOOKDOWHQ GHV 3DVVDJLHUV ]XJXQVWHQGHV)DKU]HXJVP|JOLFKVRGDVVNLQHWLVFKHXQGWDNWLOH(LQGUFNH]XQHK PHQGYHUVFKZLQGHQ'DV9HUKlOWQLV]XP.|USHUlQGHUWVLFKGDPLWJUXQGOHJHQGGHU 0HQVFKHUOHLGHWHLQHLPPHUVWlUNHUZHUGHQGHVHQVRULVFKH'HSULYDWLRQ7HFKQLVFKH )DKU]HXJH VLQG DOVR QLFKW QXU OHGLJOLFK 7UDQVSRUWPLWWHO VRQGHUQ DXFK IROJHQUHLFK IUGLHHLJHQH.|USHUHUIDKUXQJXQG:DKUQHKPXQJLP$OOJHPHLQHQ 

  _ $ 1«@'LH*HQHUDWLRQHQZHOFKHGLHOL QHDUHQ6FKULIWHQHUIDQGHQPVVHQGLHVJHWDQKDEHQXPLKUHP/HEHQHLQHQHXH$UWYRQ%H

   7HOHPDWLN LVW HLQ YRQ )OXVVHU HLQJHIKUWHU 1HRORJLVPXV GHU ÄGHQ DOOVHLWLJ YHUQHW]WHQ &RPSXWHU XQG GLH HQWVSUHFKHQGH GLJLWDOLVLHUWH .XOWXU XQG /HEHQVIRUP EH]HLFKQHW³ 0DUJUHLWHU    )U )OXVVHU EHGHXWHW GLH 9RUVLOEH Ã7HOHà GDVÄ1lKHUEULQJHQ YRQ (QWIHUQWHP³ )OXVVHU    ZlKUHQG GLH 1DFKVLOEH ÃPDWLNµ DXI $XWRPDWLN YHU ZHLVW'HU%HJULIIGHU7HOHPDWLNYHUVWHKWHUVRPLWÄDOVHLQH7HFKQLN]XPVHOEVWEHZHJWHQ 1lKHUUFNHQYRQ(QWIHUQWHP³ (EG 'LHVHQWVSULFKWJDQ]GHU0|JOLFKNHLWHLQHUGLDORJL VFKHQ9HUQHW]XQJLP&RPSXWHU]HLWDOWHU'HUXWRSLVFKH(QWZXUIYRQ5H]LSUR]LWlWJHJHQ VHLWLJHP$XVWDXVFKXQGNUHDWLYHP8PJDQJPLW,QIRUPDWLRQHQXQG%HGHXWXQJHQYHUELUJW VLFKKLQWHUGHP%HJULIIGHUWHOHPDWLVFKHQ*HVHOOVFKDIW

  6 «@'LH*HIDKUGDEHLZDULQGLH %HGHXWXQJVORVLJNHLWLQV1LFKWV]XVSULQJHQ³ HEGI 

 'HU0HQVFKKDWQRFKQLFKWJHOHUQWDXVHLQHPKLVWRULVFKHQORJLVFKHQIRUWVFKULWWOL FKHQ'HQNHQKHUDXV]XWUHWHQXPLQQHXHQGHU0HGLHQODJHDQJHPHVVHQHQ )RUPHQ XQG 6WUXNWXUHQ ]X GHQNHQ 'HU 8PEUXFK LQ GLH 3KDVH GHU 7HFKQRELOGHU LVW GDKHU QRFKQLFKWYROOVWlQGLJYROO]RJHQGDGLH(LQVLFKWLQGLH(UVFKWWHUXQJGHVDOSKDEH 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$XVGHUXQWHUZUILJHQ VXEMHNWLYHQ 6WHOOXQJ KDEHQ ZLU XQV LQV 3URML]LHUHQ DXIJHULFKWHW :LU ZHUGHQ HU ZDFKVHQ:LUZLVVHQGD‰ZLUWUlXPHQ³ )OXVVHUD  )OXVVHU EH]HLFKQHW GHQ 0HQVFKHQ DOV Ã3URMHNWµ GDV VHLQH HLJHQHQ DOWHUQDWLYHQ :HOWHQ HQWZHUIHQ NDQQ LQGHP HV LQ HLQH QHXH %HZXVVWVHLQVSKDVH GHV NUHDWLYHQ 6SLHOHQV XQG (QWZHUIHQV HLQWULWW 'DV PDWKHPDWLVFKNDONXODWRULVFKH 'HQNHQ GHV &RPSXWHUV HUODXEW GDV.DONXOLHUHQ GDV =HUOHJHQ LQ =DKOHQ %LWV  XQG.RPSXWLH UHQ GDV =XVDPPHQVHW]HQ YRQ %LWV ]X )OlFKHQ 7|QHQ XQG )DUEHQ 'LH GLJLWDOHQ &RPSXWHUFRGHVSUlJHQGLHQHXH%HZXVVWVHLQVHEHQHXQGPDFKHQGDV(QWZLFNHOQDO WHUQDWLYHU :HOWHQ QHXHU (UNHQQWQLV (UOHEQLV XQG 9HUKDOWHQVPRGHOOH P|JOLFK YJO)OXVVHUI 'DV.HUQSUREOHPGHU*HJHQZDUWOLHJWMHGRFKGDULQGDV 3RWHQ]LDOGHVNDONXODWRULVFKHQ'HQNHQVQLFKWHUNDQQW]XKDEHQXQGQRFKZHLWHUKLQ LP OLQHDUHQ EXFKVWlEOLFKHQ 'HQNHQ YHUKDIWHW ]X VHLQ ,QVRIHUQ EHVWHKW QRFK HLQH JHVHOOVFKDIWOLFKH6SDOWXQJ]ZLVFKHQHLQHU(OLWHGHQÄÃ7HFKQRNUDWHQµÃ0HGLHQRSH UDWRUHQµ RGHU Ã0HLQXQJVELOGQHU>Q@µ³ )OXVVHU D   GLH PDQ DOOJHPHLQ DOV 3URJUDPPLHUHU VXEVXPLHUHQ NDQQ XQG GHP *UR‰WHLO GHU 0HQVFKHQ GLH VLFK HKHU    8QWHUÃ(NVLVWHQ]µYHUVWHKW)OXVVHUGLHPHQVFKOLFKH)lKLJNHLWYRQGHUJHJHQVWlQGOLFKHQ :HOWLQVHLQHHLJHQH6XEMHNWLYLWlW]XUFN]XVFKUHLWHQGKGXUFKGLH)lKLJNHLWGHV,PDJL QLHUHQVDXVHLQHU$UW1DWXUYHUIDOOHQKHLWDXV]XEUHFKHQXQG PLWGHU*HVWHGHV%LOGHUPD FKHQV (LQELOGHQ,PDJLQLHUHQ HLQH]ZHLWH1DWXU]XVFKDIIHQ 9JO)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 ZL‰KHLWGD‰GLH/HXWHQLFKWPHKUPLWHLQDQGHUUHGHQGD‰VLHDQJHVLFKWVHLQHU5HGH RKQH $QWZRUW HQGJOWLJ LVROLHUW VLQG³ HEG  +HUYRUKHEXQJ LP 2ULJLQDO  2I IHQVLFKWOLFK ZLUG DQ %DXGULOODUGV .RQ]HSWLRQ PHGLHQYHUPLWWHOWHU .RPPXQLNDWLRQ GDVVHUQLFKW]ZLVFKHQYHUVFKLHGHQHQ0HGLHQQXW]XQJVW\SHQXQWHUVFKHLGHWHLQHDN WLYH 0HGLHQDQHLJQXQJ XQG HLQHQ NULWLVFKHQ HPDQ]LSDWRULVFKHQ 0HGLHQJHEUDXFK VHLWHQVGHV5H]LSLHQWHQVRJDUJlQ]OLFKDXVVFKOLH‰W-HQH$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 LKQHQQLFKWDXVGUFNOLFKGLIIHUHQ]LHUWXQGNHLQHDQDO\WLVFKH7UHQQXQJYRUQLPPW,Q Ã9LGHRZHOWXQGIUDNWDOHV6XEMHNWµ D 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 āEHUJUHLIHQGH V\PEROLVFKH )RUPHQ³ 6FKPLGW=XUVWLHJH    ]X YHUVWHKHQ LQ GLH 'LVNXUVH HLQJHEHWWHW VLQG $OV %HL VSLHOHQHQQHQ6FKPLGWXQG=XUVWLHJHGHQ-RXUQDOLVPXVGLH35RGHUGLH:HUEXQJ

  6 «@'DULQOLHJWLKUHZLUNOLFKH$EVWUDNWKHLW8QGLQGLH VHU $EVWUDNWKHLW JUQGHW GDV 6\VWHP GHU VR]LDOHQ .RQWUROOH XQG GHU 0DFKW³ %DXGULOODUG E 

   +LHUEHLOHKQWHUVLFKDQ0DXVV¶*DEHQWDXVFKDQXQGEHUWUlJWGLHVHQDXIGLH.RPPXQL NDWLRQDOVUH]LSURNH7DXVFKEH]LHKXQJ+LHU]XVLHKHDXFK.DSLWHOXQG

  _ $ 1GHQ)DKU]HXJHQ3IHUGXQG6FKLII$QPG9HUI@HUHLJQHWVLFKHLQDX‰HURUGHQWOL FKHUTXDOLWDWLYHU(LQVFKQLWWGLH.RSSHOXQJDQLPDOLVFKHU.|USHU 3IHUG'URPHGDU (OHIDQW6WUDX‰XVZ 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 6WUD‰HQ RGHU 6FKLHQHQ :HLWHUKLQ LQNOXGLHUW 9LULOLR DOOH 0DVVHQPHGLHQ ,QIRUPDWLRQV XQG 7UDQVPLVVLRQVPHGLHQLQVHLQHQ0HGLHQEHJULII=XOHW]WQHQQWHUGLH7UDQVSODQWDWL RQVWHFKQLNHQ .|USHUSURWKHVHQ XQG ,PSODQWDWH VLQG IU 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.ULHJVVWUDWHJLHQIKUWGHP JHPl‰VWHWVHLQH9HUlQGHUXQJYRQ7UDQVSRUWPLWWHOQXQG.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 IU 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[W 9JO0RULVFK 

  _ $ 1@ 

 )OXVVHUEHVFKlIWLJWVLFKLQVHLQHU.RPPXQLNRORJLHJUXQGOHJHQGPLWGHQ%HJULIIHQ .RPPXQLNDWLRQ&RGHVXQG0HGLHQ'HU0HGLHQEHJULIILVWHQJPLWGHP.RPPXQL NDWLRQVXQG&RGHEHJULIIYHUNQSIWXQGQXULQ=XVDPPHQKDQJPLWGLHVHP]XGHQ NHQ8PGHQ0HGLHQEHJULIIYRQ)OXVVHUEHVVHUEHJUHLIHQ]XN|QQHQPXVV]XQlFKVW VHLQ9HUVWlQGQLVYRQ&RGHVXQG=HLFKHQNODUJHVWHOOWZHUGHQ  &RGHVDOV*UXQGODJHPHQVFKOLFKHQ6HLQV .RPPXQLNDWLRQPLWWHOV&RGHVLVWIU)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 QDWUOLFKHQ 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 IU 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(UVWGDQQJLEWHVÄHLQHPHQVFKHQZUGLJH KX PDQH *HVHOOVFKDIWGHQQGLHGHP0HQVFKHQHLJHQH:UGHLVWHVMD,QIRUPDWLRQHQ]XHU ]HXJHQ ZHLWHU]XJHEHQ XQG ]X VSHLFKHUQ³ )OXVVHU  >@  I  %HLVSLHOVZHLVH N|QQHQDXFK3ODNDWHGLHWHQGHQ]LHOOGLVNXUVLYJHEUDXFKWZHUGHQGLDORJLVFKIXQNWLRQLH UHQ ZHQQ PDQ VLH PLW *UDIILWLEHVSUKW ZlKUHQG 'RUISOlW]H DOV GLDORJLVFKH 9HUVDPP OXQJVRUWHDXFKGLVNXUVLYVHLQN|QQHQK|UWPDQVLFKHLQH|IIHQWOLFKH5HGHDQ

  6 @ 

6HPDQWLVFKH:RUWXQG .RPPXQLNDWLRQVPHGLHQ.RPPXQLNDWLRQVVWUXNWXUHQ7HFKQLN0DWHULDOLWlW $VVR]LDWLRQVIHOGHU &RGHV6\PERO'LDORJ'LVNXUV ([WHQVLRQVPHQJH

0DVVHQPHGLHQ 5DGLR)HUQVHKHQ $OOWDJVJHJHQVWlQGH )X‰ElOOH  5lXPH :DUWH]LPPHU.FKH.ODVVHQUlXPH ,QVWLWXWLRQHQ 0LOLWlU 3RVWV\VWHP8QLYHUVLWlW 0DNURIRUPHQGHU.RPPXQLNDWLRQ .XQVW :LVVHQVFKDIW VR]LDOH3UDNWLNHQ,QWHUDNWLRQVUlXPH (U]lKOXQJHQ 9RUWUlJH|IIHQWOLFKH0HLQXQJ 

0HGLHQIXQNWLRQ

+HUVWHOOXQJYRQ.RPPXQLNDWLRQ GLDORJLVFKRGHUGLVNXUVLY 

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 RIIHQIU'LDORJ HQWKlOW.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 ]XUFN]XIKUHQ LVW GDVYRUOlXILJOHW]WH*OLHGLQHLQHUODQJHQJHLVWHVJHVFKLFKWOLFKHQ7UDGLWLRQ>«@HLQHDOOHDQ GHUHQ (UVFKHLQXQJVIRUPHQ EHJUQGHQGH 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 IU 0HGLHQHQWZLFNOXQJ VFKOHFKWKLQ (U EHOHJW GLH ([LVWHQ] XQG GLH %HGHX WXQJGHV.ULHJHVLPPHUZLHGHUDQNRQNUHWHQVR]LDOKLVWRULVFKHQ*HJHEHQKHLWHQXQG JHUlWGDPLWLQHLQÄ3DUDGR[RQHLQHUMHGHQVXEVWDQ]ORJLVFKHQ(SLVWHPRORJLHXQG*H VFKLFKWVSKLORVRSKLH³ HEG+HUYRUKHEXQJLP2ULJLQDO 'HQQGDVZDVHUHUNOl UHQP|FKWHQlPOLFKGHQ.ULHJLVWLPPHUVFKRQYRUKDQGHQLQGHPZRUDXVHVHU NOlUW ZHUGHQ VROO 'LH 8UVXEVWDQ] .ULHJ ZLUG JOHLFKHUPD‰HQ ]X HLQHU DEJHOHLWHWHQ *U|‰HGLHVLFKDXVGHU0DFKWGHU*HVFKZLQGLJNHLWHUJLEW'LHVH.DXVDOLWlWIXQNWL RQLHUWQDFKEHLGHQ6HLWHQGHQQJHQDXVRLVWGHU.ULHJXUVlFKOLFKIU*HVFKZLQGLJ NHLWXQG%HVFKOHXQLJXQJ'LHVHSDUDGR[H$UJXPHQWDWLRQIKUWGD]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/HLWNDWHJRULHQHUKREHQ YJO.LUFKPDQQD :HLWHUH(LQIOXVVIDNWR UHQOlVVW9LULOLRXQEHUFNVLFKWLJWXQGYHUOHLKWGHQ*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]WEHJUQGXQJVYHUVXFKHOHJHQQDKHLQHLQHUNRPSOH[HQ*HVHOOVFKDIWHLQ GHXWLJH8UVDFKHQDXVILQGLJPDFKHQ]XZROOHQ  )HKOHQGH6\VWHPDWLN8QVFKlUIHYRQ.RQ]HSWHQXQG ]HQWUDOHQ%HJULIIOLFKNHLWHQ :LHVRHEHQDQJHGHXWHWVLQGGLHIU9LULOLRV'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 ,QQRYDWLRQVVFKEH 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 IU 3URSDJDQGD XQG 6SLRQDJH IUHLJHVHW]W KDEHQ 'LH XUVSUQJOLFK PLOLWlULVFK EHQXW]WHQ ,QQRYDWLRQHQ ILQGHQDQVFKOLH‰HQGLQ)RUPYRQ8QWHUKDOWXQJVHOHNWURQLN(LQJDQJLQGDV]LYLOH/HEHQ Ä)XQNVSLHO 8.:3DQ]HUIXQN 9RFRGHU 0DJQHWRSKRQ 8%RRW2UWXQJVWHFKQLN %RP EHUULFKWIXQNXVZKDEHQHLQHQ0L‰EUDXFKYRQ+HHUHVJHUlWIUHLJHJHEHQGHU2KUHQ XQG 5HDNWLRQVJHVFKZLQGLJNHLWHQDXIGHQ:HOWNULHJQHLQVWLPPW5DGLRGLHVHUHUVWH0L‰ EUDXFKIKUWYRQ::,]X::,,5RFN0XVLNGHUQlFKVWHYRQ::,,]X::,,,³ .LWWOHU 'HU=ZHLWH:HOWNULHJLVWQDFK.LWWOHUV(UNOlUXQJYRUGHUJUQGLJHLQH QDFKULFKWHQXQGZDIIHQWHFKQLVFKH$QJHOHJHQKHLWVRGDVVPLOLWlUJHVFKLFKWOLFKH:HQGH SXQNWHZLH6WDOLQJUDG$XVFKZLW]+LURVKLPDXQG1DJDVDNLRGHUGLH6SDOWXQJGHU:HOW LQ1$72XQG:DUVFKDXHU3DNW]XJXQVWHQGHU.RQ]HQWUDWLRQDXIGLHJU|‰WHÄER\PHHWV

  6 «@ $QVWHOOH YRQ /XQJHQ XQG6WLPPElQGHUQWUHWHQ]XQlFKVW]ZHLGLJLWDOH2V]LOODWRUHQHLQ5DXVFKJHQHUDWRUIUVWLPP ORVH .RQVRQDQWHQ XQG HLQ VWHXHUEDUHU )UHTXHQ]JHQHUDWRU IU 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%UFNHQVFKODJ]XGHQLQJH QLHXUVZLVVHQVFKDIWOLFKHQ'LV]LSOLQHQ .LWWOHU HQW]LHKW VLFK ELVZHLOHQ HLQHP VWUHQJ ZLVVHQVFKDIWOLFKHQ ORJLVFKHQ %H JUQGXQJVPRGXV ]XJXQVWHQ VSUDFKOLFKHU ([WUDYDJDQ]HQ XQG UKHWRULVFKHU .QLIIH 'DEHL ZHLVHQ VHLQH $XVIKUXQJHQ XQG WHFKQLVFKHQ %HVFKUHLEXQJHQ MHGRFKGXUFK DXVHLQKRKHV0D‰DQ'HWDLOUHLFKWXP([DNWKHLWXQG3Ul]LVLRQDXI=X.LWWOHUVPH GLHQKLVWRULVFKHQ $XVIKUXQJHQ DXI HLQHU ORJLVFKHQ DUJXPHQWDWLYHQ (EHQH OlVVW VLFKIHVWKDOWHQGDVVVHLQH*HVFKLFKWVHU]lKOXQJHEHQVRXQLYHUVHOODQJHOHJWLVW=ZDU HQWZLUIWHUNHLQHXWRSLVFKHQRGHUG\VWRSLVFKHQ6]HQDULHQLQLKUHUORJLVFKHQ0HUN PDOVDQDO\VHlKQHOWVLHMHGRFKGHU*UXQGVWUXNWXUPRGHUQHU0HWDHU]lKOXQJHQ0H GLHQJHVFKLFKWH ZLUG UHLQ WHFKQL]LVWLVFK EHJUQGHW E]Z QRFK ZHLWHUKLQ GXUFK GHQ .ULHJDOVXUVSUQJOLFKHU$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*UQGHGLH 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(QGHGHUJUR‰HQ0H 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 %OWH 'DV 9HUGUlQJWH NHKUW PLW GHU %HKDXSWXQJ VHLQHU 9HUDEVFKLHGXQJ XPVRVWlUNHUZLHGHU]XUFNXQGJHZLQQWDQ5HOHYDQ]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*HVFKLFKWHQEHUGLH*HVFKLFKWHGLHLQHLQHU*HVDPWVFKDXVLFK ]XHLQHU0HWD(U]lKOXQJIJWGHUHQ(U]lKOHUDPRGHUVFKRQMHQVHLWVGHV(QGHVGHU *HVFKLFKWH ]X VHLQ YRUJHEHQ XQG IU VLFK HLQHQ H[NOXVLYHQ JHVFKLFKWVSKLORVRSKL VFKHQ+RFKVLW]UHNODPLHUHQ³ HEG    'LHJUR‰HQ0HGLHQHU]lKOXQJHQGHU3RVWPRGHUQH  Ä'HQQLQ:DKUKHLWYHUKlOWHVVLFKQLFKWVRGD‰DOOHV JLQJH >LP 6LQQH GHV Ã$Q\WKLQJ JRHVµ $QP G 9HUI@ VRQGHUQ QXU HLQLJHV JHKW LP 6LQQH GHV *H OLQJHQV ZlKUHQG DQGHUHV EOR‰ HLQ 6WFN ZHLW JHKW XQG ZLHGHU DQGHUHV VFKOLFKW GDQHEHQ JHKW RGHU ]X JUXQGH JHKW (V LVW OlFKHUOLFK VLFK VROFKHU 8QWHU VFKLHGHGXUFKGLH3URNODPDWLRQHLQHVJHQHUHOOHQÃHV JHKWµ]XEHJHEHQ³ :(/6&+ 

 :LUIWPDQUHVPLHUHQGHLQHQ%OLFNLQGDV7HUUDLQGHUDOVSRVWPRGHUQEH]HLFKQHWHQ 0HGLHQWKHRULHQVRWULIIWPDQHEHQDXIMHQH9HUDEVFKLHGXQJVJHVWHQ$EVFKLHGVEH NXQGXQJHQ XQG MH VSH]LILVFKH (QG=HLW6]HQDULHQ 0F/XKDQ YHUNQGHW 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 JHQEOR‰HLQH)DUFHLVW'DV(QGHGHUJUR‰HQ(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 UFNJHNHKUW VLQG 7RWDOLWlWVGHQNHQ 7HFKQLNHXSKRULH XQG 0HGLHQRSWLPLVPXV 0H GLHQDSRNDO\SVHXQG.XOWXUSHVVLPLVPXVRGHU7HOHRORJLHVLQGNRQVWLWXWLYH%HVWDQG WHLOH GHV SRVWPRGHUQHQ PHGLHQWKHRUHWLVFKHQ 'LVNXUVHV 0HGLHQ ZHUGHQ ]X HLQHU 3URMHNWLRQVIOlFKHIUVR]LDOHSROLWLVFKHNXOWXUHOOHXQGlVWKHWLVFKH+RIIQXQJHQXQG %HIUFKWXQJHQ'LH9LVLRQHQYRP(QGHGHU*XWHQEHUJ*DOD[LVGHP(LQWULWWLQHLQH +\SHUUHDOLWlWGHU.RORQLVLHUXQJGHV.|USHUVRGHUGHU3RWHQ]PHGLDOHU0DWHULDOLWl

  _ $ 1@SDVVLP6FKPLGW=XUVWLHJH   (LQH=ZLVFKHQEHPHUNXQJ'LH7UDGLWLRQGHUÃ%HIUZRUWHUXQG *HJQHUµHLQH'LVNXUVILJXU±0F/XKDQ%DXGULOODUGXQG9LULOLR :HQQYRQ0HGLHQZDQGHORGHUHSRFKDOHQ0HGLHQXPEUFKHQGLH5HGHLVWVRNDQQ EHREDFKWHWZHUGHQGDVVHVEHLP$XIWUHWHQHLQHVQHXHQ0HGLXPVVWHWV%HIUZRUWHU XQG *HJQHU $SRNDO\SWLNHU XQG ,QWHJULHUWH $QKlQJHU XQG .ULWLNHU JLEW GLH GHU PHGLHQWHFKQLVFKHQ (UQHXHUXQJ XQG GHQ GDPLW LQ 9HUELQGXQJ JHEUDFKWHQ .RQVH TXHQ]HQKRIIQXQJVYROORGHUSHVVLPLVWLVFKJHJHQEHUVWHKHQ$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'LVNXUVEHU :DQGHOJHVSURFKHQLVWLQVRIHUQHLQH.ODVVLIL]LHUXQJGLHXPGLHEHLGHQ(QGHQGHV %HZHUWXQJVVSHNWUXPVNUHLVWQLFKWXQEOLFK0LWGHU'LVNXUVILJXUGHVÄ'HPRNUDWL VLHUXQJVYHUVSUHFKHQV³ 6FKPLGW=XUVWLHJH LVWGLH0HGLHQJHVFKLFKWHEH UHLWV VHLW GHU (LQIKUXQJ GHU 6FKULIW GXUFK]RJHQ 0LW MHGHU 9HUlQGHUXQJ RGHU 'XUFKVHW]XQJ QHXHU 'LVNXUVEHGLQJXQJHQ GXUFK 0HGLHQ ± YRQ GHU (UILQGXQJ GHV $OSKDEHWVEHUGHQ%XFKGUXFN )LOPRGHU5DGLRELV]XP )HUQVHKHQ±ILQGHQVLFK VWHWV%HIUZRUWHUXQG*HJQHU,QWHJULHUWHXQG$SRNDO\SWLNHU8WRSLVWHQXQG&KUR QLVWHQE]Z2SWLPLVWHQXQG3HVVLPLVWHQGLH+RIIQXQJPDFKHQXQG$QJVWVFKUHQ +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:XQVFKYRUVWHOOXQJ 0F/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|KWHQ0HGLHQRSWLPLVPXVGDEHLGLDPHWUDOJHJHQEHU(EHQVR]HLJWVLFKGDPLW HLQKHUJHKHQGHLQHUHJUHVVLYHE]ZQRVWDOJLVFKJHIlUEWH6HKQVXFKWQDFKHLQHP=X VWDQGÄGHQHVUHDOLWHULQGHU0HQVFKKHLWVJHVFKLFKWHVHOEVWYHUVWlQGOLFKQLHJHJHEHQ

  _ $ 1@LGHRORJLVFKH %HLZHUNGDVELVODQJMHGH0HGLHQUHYROXWLRQPLWVLFKJHIKUWKDWXQGGDVDXFKGLH7HOHPDWLN ±GHUHQ&KURQLVWHQXQG8WRSLVWHQ%HVFKUHLEHUXQG,GHRORJHQGLH7KHRUHWLNHUGHU1HXHQ0H GLHQMDJOHLFK]HLWLJVLQG±PLWVLFKIKUW³ 0DUJUHLWHU 

 ,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:HLWHUIKUXQJGHU0HWDHU]lKOXQJ0DWHULDOLVPXV HLQHPRGHUQH.LSSILJXU±)ULHGULFK.LWWOHU  Ä,Q GLHVHU /DJH EOHLEHQ QXU 5FNEOLFNH XQG GDV KHL‰W(U]lKOXQJHQ³ .,77/(5 

 .LWWOHUV3URJQRVHOlVVWVLFKZHGHUDOVUDGLNDOH'\VWRSLHQRFKDOVDEVROXWH8WRSLHOH VHQ VR GDVV HU VLFK DX‰HUKDOEMHQHU HEHQ DXVJHIKUWHQ '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 *HVHOOVFKDIWVJHIJH HUNOlUHQ N|QQHQ XQG ZROOHQ 'LH %HKDXSWXQJ LKU *HJHQVWDQGVEHUHLFK VHL XQLYHUVDO JOWLJ 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 OLH‰HQ GLH $XIPHUNVDPNHLW IU GLH QHXDUWLJHQ 7KHRULHDQJHERWH XQG LKUH ÄDOOVHLWLJH =LWLHUIl KLJNHLW³ HEG 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 9RUZUIH 6D[HUVUHODWLYLHUWXQGHQWNUlIWHQN|QQHQ+LHU]XVLHKH6FKPLGW:HVWHUEDUNH\  -H GRFKPXVVGHQQRFKNRQVWDWLHUWZHUGHQGDVVGLHDEOHKQHQGH+DOWXQJ EH]JOLFKSRVWPR GHUQHU0HGLHQWKHRULHQDOVGLHGRPLQDQWH+DOWXQJLQVEHVRQGHUHLQQHUKDOEGHUVR]LDOZLV VHQVFKDIWOLFKRULHQWLHUWHQ.RPPXQLNDWLRQVZLVVHQVFKDIWDQJHVHKHQZHUGHQPXVV

  _ $ 1«@'LH 0HGLHQZLVVHQVFKDIWGHU+XPEROGW8QLYHUVLWlWLQGHU6RSKLHQVWUD‰HEHWUHLEWHLQH0HGLHQZLV

   6LHKHKLHU]XXD5RVD    'LHVZXUGHEHUHLWVLQ.DSLWHOHUZlKQW

  = 86$00(1)$6681*'(5=(175$/(1 ( 5*(%1,66( _  

 VHQVFKDIWHQJDQGHU5HDOLWlWGHV0HGLXPV'LH6WXGHQWHQ PVVHQGLH'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 ZHLWHUJHIKUW ZLUG 'LHVHU )RUVFKXQJVEHUHLFK KDW VLFK DXFK QDFK .LWWOHUV (PHULWLHUXQJ ZHLWHUKLQ EHZlKUW XQG ZLUG DNWXHOO PD‰JHEOLFK YRQ 3URI :ROIJDQJ(UQVWEHWULHEHQ(EHQVRILQGHWVLFKLQ%HUOLQGDV=HQWUXPIU/LWHUDWXU XQG .XOWXUIRUVFKXQJ GDV YRQ  DXV ')*0LWWHOQ HLQ 3URMHNW 0HGLHQDU FKlRORJLHGXUFKJHIKUWKDW.LWWOHUZDUDXFKGRUWDOVHKHPDOLJHU0LWDUEHLWHUWlWLJ 1LFKWJUXQGORVZLUGKHXWHYRQHLQHU%HUOLQHU6FKXOHJHVSURFKHQGLHLQGHU7UD GLWLRQ.LWWOHUVVWHKWXQGVLFKPLWGHP*HJHQVWDQGVEHUHLFK0HGLHQSULPlUDXVHLQHU PDWHULDOLVWLVFKHQ XQG WHFKQLN]HQWULHUWHQ 3HUVSHNWLYH DXVHLQDQGHUVHW]W 'HV :HLWH UHQZLUG.LWWOHUDXFKWUDQVQDWLRQDODOVIKUHQGH)LJXUUHVSHNWLYH5HIHUHQ]ILJXUIU 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 GDIU 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 *UQGXQJVYDWHU 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[LVXQWHUZLUIW³ HEG+HUYRUKHEXQJLP2ULJL QDO 

 'LH %HVFKlIWLJXQJ PLW HSLVWHPRORJLVFKHQ HUNHQQWQLVWKHRUHWLVFKHQ *UXQGIUDJHQ NRPPXQLNDWLRQVXQGPHGLHQZLVVHQVFKDIWOLFKHU7KHRULHELOGXQJLVWIUHLQHZLVVHQ VFKDIWOLFKH 3UD[LV YRQ JUR‰HU %HGHXWXQJ XP QLFKW LQ HLQH WKHRULH RGHU K\SRWKH VHQORVH (PSLULH DE]XGULIWHQ 'LHVH ]XQHKPHQG EHREDFKWEDUH 7KHRULHIHLQGOLFKNHLW IKUW]ZDQJVZHLVH]X'HVRULHQWLHUXQJLQQHUKDOEGHU9LHOIDOWE]ZGHV3OXUDOLVPXV YRQ7KHRULHQVRZLH]XHLQHUIHKOHQGHQ%HVFKlIWLJXQJPLWPHWDXQGZLVVHQVFKDIWV WKHRUHWLVFKHQ)UDJHQ'DKHUSOlGLHUWGLHVH$UEHLWIU)RUVFKXQJXQG/HKUHWKHRULH LQWHUQH'HEDWWHQZLHGHUVWlUNHULQGHQ)RNXV]XUFNHQXQGGLH5HIOH[LRQYRQ7KH RULHVHOEVWYHUPHKUW]XP*HJHQVWDQG]XPDFKHQ $EVFKOLH‰HQG NDQQ NRQVWDWLHUWZHUGHQ GDVV GLH SRVWPRGHUQHQ 0HGLHQWKHRULHQ ]ZDU]XPHWKRGLVFKHQXQGORJLVFKHQ$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 9HUNQSIXQJV 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=HLWUHLIIUQHXHhEHUWUHLEXQJHQ³ :LQWKURSU@µ.RQWLQJHQ]UHIOH[LRQ³ 1|OOH    LP 6LQQH HLQHU 'DUOHJXQJ GHU HLJHQHQ 9RUDXVVHW]XQJHQ VROOWH LP XQL YHUVLWlUHQ%HUHLFKVWlUNHUHUIROJHQ:QVFKHQVZHUWLVWGDEHLGDV%HZXVVWVHLQXQG GDV%HZXVVWPDFKHQIUGDVHLJHQH7KHRUHWLVLHUHQ]XVFKlUIHQXQGGXUFKGLH'DUOH JXQJ GHV HLJHQHQ 6WDQGSXQNWHV ]XNQIWLJ IU GDV ZLVVHQVFKDIWOLFKH $UEHLWHQ HLQH LQWHUE]ZWUDQVGLV]LSOLQlUH*UXQGODJH]XVFKDIIHQXPDXIODQJIULVWLJH6LFKWGXUFK EHZXVVWHXQGEHZXVVWJHPDFKWH6HOEVWUHIOH[LRQE]Z6HOEVWUHIOH[LYLWlWGHQ0HFKD QLVPXV YRQ ,UULWDWLRQ XQG ,QWHJUDWLRQ ZHLWHU]XIKUHQ Ä9RQ DOOHUK|FKVWHU %HGHX WXQJ LVW IU :LVVHQVFKDIW >«@ GHU NRQWLQXLHUOLFKH 'LVNXUV LQ GHP VLFK :LVVHQ VFKDIWVHOEVWUHIOHNWLHUWXQGZHLWHUHQWZLFNHOW³ .URW] 



/LWHUDWXUYHU]HLFKQLV    $EDUEDQHOO6WHSKDQ  0DUVKDOO0F/XKDQ±(LQ5FNEOLFNDXIGHQ3URSKHWHQ 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 ,GHQWLWlWLQIUKHQ+RFKNXOWXUHQ0QFKHQ $YHUEHFN 6WHIDQLH   =XU 0HWKRGRORJLH IDFK XQG WKHRULHKLVWRULVFKHU )RU VFKXQJ 7ULDGLVFKHU (SLVWHPRORJLHEHJULII ,Q $UQROG .ODXV%HKPHU 0DU NXV6HPUDG%HUQG +UVJ .RPPXQLNDWLRQVJHVFKLFKWH3RVLWLRQHQXQG:HUN ]HXJH(LQGLVNXUVLYHV+DQGXQG/HKUEXFK0QVWHU $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]  9RUZRUWIU)RUWJHVFKULWWHQH,Q+HLQHYHWWHU1HOH6DQFKH] 1DGLQH +UVJ :DVPLW0HGLHQ«7KHRULHLQ6DFKJHVFKLFKWHQ3DGHUERUQ  (QJHOO /RUHQ]9RJO-RVHSK  9RUZRUW,Q3LDV&ODXV HWDO +UVJ  .XUV EXFK 0HGLHQNXOWXU 'LH PD‰JHEOLFKHQ 7KHRULHQ YRQ %UHFKW ELV %DXGULOODUG 6WXWWJDUW (QJHOPDQQ3HWHU  9RUZRUW,Q'HUV +UVJ 'DVSRVWPRGHUQH:LVVHQ(LQ %HULFKW:LHQ (QJHOPDQQ 3HWHU   (LQIKUXQJ 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'LHPD‰JHEOLFKHQ7KHRULHQ YRQ%UHFKWELV%DXGULOODUG6WXWWJDUW )DKOH2OLYHU  =XU(LQIKUXQJ,Q3LDV&ODXVHWDO +UVJ .XUVEXFK0H GLHQNXOWXU 'LH PD‰JHEOLFKHQ 7KHRULHQ YRQ %UHFKW ELV %DXGULOODUG 6WXWWJDUW  )DKOH 2OLYHU+DQNH 0LFKDHO=LHPDQQ $QGUHDV   (LQOHLWXQJ ,Q 'LHV +UVJ  7HFKQRELOGHU XQG .RPPXQLNRORJLH 'LH 0HGLHQWKHRULH 9LOpP )OXV VHUV%HUOLQ )DXOVWLFK:HUQHU  0HGLHQWKHRULHQ(LQIKUXQJXQGhEHUEOLFN*|WWLQJHQ )DXOVWLFK:HUQHU  (LQIKUXQJLQGLH0HGLHQZLVVHQVFKDIW0QFKHQ )DXOVWLFK:HUQHU  *UXQGZLVVHQ0HGLHQ0QFKHQ )H\HUDEHQG3DXO.  .XKQV6WUXNWXUZLVVHQVFKDIWOLFKHU5HYROXWLRQHQ±HLQ 7URVWEFKOHLQIU6SH]LDOLVWHQ",Q/DNDWRV,PUH0XVJUDYH$ODQ +UVJ .UL WLNXQG(UNHQQWQLVIRUWVFKULWW%UDXQVFKZHLJ )H\HUDEHQG 3DXO . D  'DV 0lUFKHQ :LVVHQVFKDIW 3OlGR\HU IU HLQHQ 6X SHUPDUNWGHU,GHHQ,Q.XUVEXFK6HSWHPEHU

  _ $ 16WDQG@ +DUWPDQQ)UDQN  0HGLHQSKLORVRSKLH:LHQ +DUWPDQQ )UDQN  0HGLRORJLH$QVlW]HHLQHU0HGLHQWKHRULHGHU.XOWXUZLV VHQVFKDIW:LHQ +DUWPDQQ)UDQN D 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 $QDO\WLN GHV (UKDEHQHQ .DQW/HNWLRQHQ 0QFKHQ /\RWDUG-HDQ)UDQoRLV F %HDQWZRUWXQJGHU)UDJH:DVLVWSRVWPRGHUQ",Q :HOVFK:ROIJDQJ +UVJ :HJHDXVGHU0RGHUQH6FKOVVHOWH[WHGHU3RVWPR GHUQH'LVNXVVLRQ%HUOLQ /\RWDUG )UDQFRLV  >@  3RVWPRGHUQH IU .LQGHU %ULHIH DXV GHQ -DKUHQ :LHQ 0DFKDGR$UOLQGR  5HIOH[LRQHQ]X)OXVVHUXQGGHQWHFKQLVFKHQ%LOGHUQ,Q )DKOH 2OLYHU+DQNH 0LFKDHO=LHPDQQ $QGUHDV +UVJ  7HFKQRELOGHU XQG .RPPXQLNRORJLH'LH0HGLHQWKHRULH9LOpP)OXVVHUV%HUOLQ 0DQJROG,MRPD  8SGDWHGHV(QGHV,Q'LH=HLW1U0lU] 0DNURSRXORV0LFKDHO  0RGHUQLWlWXQG.RQWLQJHQ]0QFKHQ 0DUEXUJHU0DUFHO  'HU'LDORJDOV$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