210 48 2MB
German Pages 231 [232] Year 2009
f ¨:Í:ÄÍ
ÄSf fÄS
SÍf ]fÀ :ÛÄ
Ä Àf *ÀJff Ò] fÍ]f Äf
Í fÀ
Í Ò] ÀS
f]fÄ® :ÞÒ ]
f ÀÒ]JfyÀ
rrf Ø fÒÍf® Ø *Àr® À® :Äf
À
S Àf
!]fJÒÀy 4fÀ:y ÕSf
+DQV+HLQULFK .|UOH LVW í QDFK DNDGHPLVFKHQ /HKU XQG :DQGHUMDKUHQ LQ GHQ 86$ XQG VHLQHU +DELOLWDWLRQ IU 0DWKHPDWLN DQ GHU 8QLYHUVLWlW 0DUEXUJ í VHLW $QIDQJ GHU VLHE]LJHU -DKUH 3URIHVVRU DP GRUWLJHQ )DFKEHUHLFK 0DWKHPDWLN XQG ,QIRUPDWLN :R HU VHLQ :LVVHQ DXVEUHLWHW ]HLJW VLFK VHLQ 6LQQ IU 'LGDNWLN XQG 6SUDFKZLW] %HLGHV KLOIW LKP GLH )DV]LQDWLRQ ]X YHUPLWWHOQ GLH YRQ GHU 0DWKHPDWLN DXVJHKW
%LEOLRJUDILVFKH ,QIRUPDWLRQ GHU 'HXWVFKHQ 1DWLRQDOELEOLRWKHN 'LH 'HXWVFKH 1DWLRQDOELEOLRWKHN YHU]HLFKQHW GLHVH 3XEOLNDWLRQ LQ GHU 'HXWVFKHQ 1DWLRQDOELEOLRJUDILH GHWDLOOLHUWH ELEOLRJUDILVFKH 'DWHQ VLQG LP ,QWHUQHW EHU KWWSGQEGQEGH! DEUXIEDU
2OGHQERXUJ :LVVHQVFKDIWVYHUODJ *PE+ 5RVHQKHLPHU 6WUDH ' 0QFKHQ 7HOHIRQ ROGHQERXUJGH 'DV :HUN HLQVFKOLHOLFK DOOHU $EELOGXQJHQ LVW XUKHEHUUHFKWOLFK JHVFKW]W -HGH 9HUZHUWXQJ DXHUKDOE GHU *UHQ]HQ GHV 8UKHEHUUHFKWVJHVHW]HV LVW RKQH =XVWLPPXQJ GHV 9HUODJHV XQ]XOlVVLJ XQG VWUDIEDU 'DV JLOW LQVEHVRQGHUH IU 9HUYLHOIlOWLJXQJHQ hEHUVHW]XQJHQ 0LNURYHUILOPXQJHQ XQG GLH (LQVSHLFKHUXQJ XQG %HDUEHLWXQJ LQ HOHNWURQLVFKHQ 6\VWHPHQ /HNWRUDW .DWKULQ 0|QFK +HUVWHOOXQJ $QQD *URVVHU &RYHUHQWZXUI .RFKDQ 3DUWQHU 0QFKHQ *HGUXFNW DXI VlXUH XQG FKORUIUHLHP 3DSLHU 'UXFN *UDILN 'UXFN 0QFKHQ %LQGXQJ 7KRPDV %XFKELQGHUHL *PE+ $XJVEXUJ ,6%1
'HQ EHLGHQ %UVFKFKHQ -$.2% XQG 025,7=
(LQODGXQJ 'LH VSLQQHQ GLH *ULHFKHQ 6DJWHQ GLH 5|PHU XQG VFKWWHOWHQ GLH .|SIH EHU GDV ZDV LKUH 1DFKEDUQ XPJHWULHEHQ KDWWH ]X GHU =HLW Ä$OV GLH *|WWHU ODFKHQ OHUQWHQ³ 6R GHU 7LWHO ]X +DUUR +HXVHUV^D` 'HILOHH GHU ÄJULHFKLVFKHQ 'HQNHU GLH GLH :HOW YHUlQGHUQ³ (V EHJDQQ GDPLW GDVV /HXWH ZLH 7KDOHV XQG 3\WKDJRUDV )LJXUHQ LQ GHQ 6DQG ULW]WHQ ,Q VSLULHUW YRQ *|WWHUQ GLH VLFK VSlWHU GDUDQ HUJ|W]WHQ ZLH PDQ LQ GLHVHP VHOWVDPHQ 9|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Ä,QILQLWHVLPDOUHFKQXQJ³ 8QHUK|UWHV ELUJW GLHVHV :RUW GDV 0RQVWHU PLW 1DPHQ 8QHQGOLFK (LQH )UHFKKHLW GHV +RPR VDSLHQV VLFK PLW LKP JHPHV VHQ ]X KDEHQ (U PDFKWH VHLQH %HNDQQWVFKDIW DOV GHV 'RSSHOQV XQG +DOELHUHQV LQ GHU 3KDQ WDVLH NHLQ (QGH ZDU *HJHQVWlQGOLFK HLQ 'LQJ GHU 8QP|JOLFKNHLW GUlQJWH HV VLFK DXI XQDE ZHLVEDU XQG XQDXVZHLFKOLFK^D` 0DQ KDWWH VLFK GDPLW DXVHLQDQGHU ]X VHW]HQ YRU DOOHP LQ VHLQHU VFKHLQEDU KDUPORVHUHQ .OHLQDXVJDEH PLW GHQ LQILQLWHVLPDO NOHLQHQ *U|HQ GHQ Ä,QIL QLWHVLPDOHQ³ 8QHQGOLFK NOHLQ RGHU JUR HLQH XQEHKDJOLFKH 9RUVWHOOXQJ XQYRUVWHOOEDU DOOHPDO %HOLH ELJ NOHLQ XQG GRFK QLFKW QLFKWV" 2GHU H[WUHP NOHLQ XQG GDPLW XQWHLOEDU" 'DV KLHH $WRPH $XV VROFKHQ .|UQFKHQ GDFKWH VLFK GHU 3KLORVRSK 'HPRNULW GLH :HOW (WZD DXFK GLH *HELOGH GLH QLFKW YRQ GLHVHU :HOW VLQG GLH .RSIJHEXUWHQ GHU *HRPHWULH" 6ROOWHQ $WRPH GDV )LQLWH LQV 6SLHO EULQJHQ" (V JHODQJ HUVW (XGR[RV GHP 6FK|SIHU XQVHUHU PDWKHPDWLVFKHQ .ODVVLN :HQQ VHLQ *HIROJVPDQQ $UFKLPHGHV GLH .|USHU LQ XQHQGOLFK YLHOH XQHQGOLFK GQQH 6FKHL EHQ ]HUOHJWH í DOV 0DWKHPDWLNHU WDW HU HV QXU KLQWHU YRUJHKDOWHQHU +DQG :DUQWH QRFK HLQ $ULVWRWHOHV^D` GLH 0DWKHPDWLNHU YRU GHP 8QHQGOLFK VR VSULFKW HLQ $OWPHLVWHU GHU 1HX]HLW +HUPDQQ :H\O^E ` PLW GHP 0XW ]X SRLQWLHUHQGHU 9HUNU]XQJ Ä0DWKHPDWLN LVW GLH :LVVHQ VFKDIW GHV ,QILQLWHQ³ 'LH 0DWKHPDWLN GHU $QWLNH ZDU HV QLFKW 'LH =ZLVFKHQ]HLW OHEWH YRQ GHU :RUWVFK|SIXQJ $XV GHQ 8QWHLOEDUHQ ZXUGHQ LQILQLWHVL PDOH ,QGLYLVLEOH JHUDGH VR ZLH PDQ VLH MHZHLOV EUDXFKWH )U GLH 'LHQVWH GLHVHU :LFKWHO ZDU PDQ QXU DOO]X EHUHLW PLW GHU 3UHLVJDEH GHV NODVVLVFKHQ ,GHDOV ]X ]DKOHQ (UPXWLJW GXUFK ,QILQLWHVLPDOHQ*HRPHWULH VFKHXWH PDQ QLFKW YRU HLQHU ,QILQLWHVLPDOHQ5HFKQXQJ -H =ZHFN
9,,,
(LQODGXQJ
ZDUHQ GLH NOHLQHQ *U|HQ PDO QXOO PDO ZLHGHU QLFKW 6SHUULJH :LGHUVSUFKH GLH QLFKW XQWHU HLQHQ +XW SDVVWHQ XQG GHQQRFK LP VHOEHQ .RSIH 3ODW] KDWWHQ 'RFK ZDV GD PLW 3VHXGRJOHL FKXQJHQ PLW 3KDQWRPHQ GHU *DWWXQJ ÄG[³ HUUHLFKW ZXUGH HV ZDU LQ GHU 7DW YHUEOIIHQG (W ZDV PXVVWH DP 8QEHJULII GHV ,QILQLWHQ GUDQ VHLQ (UVW ]ZHL -DKUKXQGHUWH QDFK )HUPDW 1HZWRQ XQG /HLEQL] NDQQ GDV 8QJUHLIEDUH LQ %HJ ULIIHQ JHElQGLJW JHOWHQ QRFK ODQJH KLHOW VLFK LQ GHU $QDO\VLV GHU 'XQVW YRQ $OFKLPLH XQG +H[HQNFKH $QIDQJV GHV -DKUKXQGHUWV YHUNQGHWH HLQ ÄHUIROJUHLFKHV³ /HKUEXFK Ä6RO FKH 6SLW]ILQGLJNHLWHQ PLW GHQHQ VLFK GLH *ULHFKHQ DETXlOWHQ EUDXFKHQ ZLU QLFKW PHKU³ ^E E` $EHUPDOV KLH HV Ä'LH VSLQQHQ GLH *ULHFKHQ³
(LQH (LQVWHOOXQJ GLH DQGHUVHLWV XQDEGLQJEDU ZDU IU GHQ )RUWVFKULWW .RQVROLGLHUW ZXUGH GHU DOV PDQ VLFK DXI GLH NODVVLVFKH 6WUHQJH EHVDQQ YHUZHJHQH ,GHHQ ÄGLDOHNWLVFK³ XPGDFKWH XQG GHQ %DX DXI HLQH WUDJIlKLJH *UXQGODJH VWHOOWH ,Q GHU ]ZHLWHQ +lOIWH GHV -DKUKXQGHUWV HQWVWDQG HLQH VFKOVVLJH 7KHRULH DXV +LVWRULVFKHP XPJHPQ]W ZXUGH VLH $QDO\VLV JHWDXIW ,Q GHUHQ 1DPHQ NRQQWH VLFK QXQ HLQ MHGHU JXWHQ *HZLVVHQV HLQHU ,QILQLWHVLPDOUHFKQXQJ EH GLHQHQ $Q GLHVHP 3XQNW HQGHW XQVHUH *HVFKLFKWH 9RUJHVFKLFKWH HLQHV GHUZHLO LPPHQV DQJHZDFKVHQHQ hEHUEDXV 1LFKW ]X YHUJHVVHQ GHU 8QWHUEDX 1DPHQWOLFK GLH $QDO\VLV PXVVWH VLFK QlPOLFK LQV *H ZLVVHQ UHGHQ ODVVHQ RE GHU VLFKHUHQ *UXQGODJH $OV PDQ GLHVH JHIHVWLJW JODXEWH EUDFKWH ORJL VFKH 6NHSVLV VLH LQV :DQNHQ^F F` 6R OHLFKW ZUGH PDQ PLW GHP 8QHQGOLFK QLFKW IHUWLJ ZHU GHQ ,P QHXHQ -DKUKXQGHUW ULHIHQ GHQQ HUQVW ]X QHKPHQGH )XQGDPHQWDOLVWHQ QDFK UDGLNDOHU 5HYLVLRQ ZROOWHQ GLH $QDO\VLV LQ LKUHQ 6FKOXVVZHLVHQ GUDVWLVFK EHVFKQHLGHQ 'LH MHGRFK KDWWH VLFK XQXPNHKUEDU %DKQ JHEURFKHQ XQG ZLUG VWHWV DXI LUJHQGHLQH :HLVH ÄH[LVWLHUHQ³ $XV 1DWXUZLVVHQVFKDIW XQG 7HFKQLN VLQG LKUH :HUN]HXJH RKQHKLQ QLFKW ZHJ]XGHQNHQ XQG ILQGHQ ]XVHKHQGV DXFK DQGHURUWV 9HUZHQGXQJ :HQQJOHLFK YHUVFKLHGHQHQ :HVHQV VWDQ GHQ XQG VWHKHQ 3K\VLN XQG 0DWKHPDWLN LQ GHQNEDU HQJHU %H]LHKXQJ EHZHJWHQ VLFK LQVEH VRQGHUH 0HFKDQLN XQG $QDO\VLV ODQJH =HLW QXU LP 7DQGHP YRUZlUWV PLW ZHFKVHOQGHQ 3OlW ]HQ 'DV ZDU VHJHQVUHLFK IU EHLGH ZLHZRKO QRFK YRQ HLQHP )ULHGULFK +HJHO YHUWHXIHOW^F` ,Q HLQHU (QWVWHKXQJVJHVFKLFKWH GHU $QDO\VLV GUIHQ GHU 3K\VLNHU 1HZWRQ XQG VHLQH :HJEH UHLWHU QLFKW IHKOHQ (LQ 1DFKKLOIHVFKOHU HULQQHUW VLFK GHV MXQJHQ (LQVWHLQ Ä-HW]W UHFKQHW PDQ PLW 8QHQG OLFKNHLWHQ³ -D IU .LQGHU OHLFKW LVW KHXWH PDQFKHV 3UREOHP GDV HLQVW GLH *U|WHQ KHUDXVIRU GHUWH 6RODQJH HV QRFK NHLQH 0HWKRGHQ JDE EUDXFKWH HLQ MHGHU )DOO HLQHQ (LQIDOO *HQLH VWUHLFKH OLHHQ VLFK DXI HLQPDO ÄNDONXOLHUHQ³ 'LH FDOFXOL GDV ZDUHQ GLH .DONVWHLQFKHQ DXI GHP U|PLVFKHQ 5HFKHQVFKLHEHU (LQ ZUGLJHUHV $QGHQNHQ DOV LQ GHQ FDOFXOV UpQDX[ GHQ IUDQ]|VLVFKHQ 1LHUHQVWHLQHQ IDQGHQ GLH 0XUPHOQ LP Ä&DOFXOXV³ GHU 1HZWRQ XQG /HLEQL] (LQ 0DUNHQ]HLFKHQ IU LKUH (UILQGXQJHQ GDV PLW GHUHQ VSLHOHULVFKHU +DQGKDEXQJ ZDUE 'HU .DONO VHOEVW LVW JHQLDO XQG VFKDIIW VHLQHUVHLWV )UHLUDXP IU *HQLDOHV 'HQQRFK NDP GDV :RUW YRP JHGDQNHQORVHQ 'HQNHU DXI $UWKXU 6FKRSHQKDXHU^G` VDK LQ PDWKHPDWLVFKHP 7XQ RGHU GHP ZDV HU GDIU KLHOW GLH QLHGULJVWH DOOHU *HLVWHVWlWLJNHLWHQ $XFK LQ XQVHUHU =HLW JHIlOOW
(LQODGXQJ
,;
VLFK PDQFK DQGHUV *HELOGHWHU GDULQ HLQH $UURJDQ] GHV YHUPHLQWOLFK $OOHLQJHLVWLJHQ ]X SIOHJHQ
:LU EHVFKUlQNHQ XQV DXI GLH YRQ JULHFKLVFKHP %RGHQ DXVJHKHQGH $QDO\VLV $XFK LQ DQGHUHQ .XOWXUNUHLVHQ ]HLJHQ VLFK IUKH $QVlW]H YRQ ,QILQLWHVLPDO0DWKHPDWLN VR LQ &KLQD YRU DOOHP LQ ,QGLHQ XQG GHQ /lQGHUQ GHV ,VODP^` 0DQFKH (UUXQJHQVFKDIWHQ GHV $EHQGODQGV KDWWHQ GRUW ODQJH ]XYRU LKU 'HEW 'LH ,GHHQJHVFKLFKWH XQVHUHU $QDO\VLV VROO DQ W\SLVFKHQ %HLWUlJHQ GHU 3LRQLHUH IHVWJH PDFKW ZHUGHQ ,KUHU =HLW YRUDXV ZDUHQ GRFK DXFK VLH GHUHQ .LQGHU KLQHLQJHERUHQ LQ HLQH 7UDGLWLRQ YRQ :HUW XQG *OWLJNHLW 'LH (QWZLFNOXQJ YROO]RJ VLFK LP $XI XQG $E XQG $XI PHWKRGLVFKHU 6WUHQJH LQ 6WLO(SRFKHQ VR]XVDJHQ 'HUHQ =HLWJHLVW EUDXFKW HV ]X NHQQHQ ZLOO PDQ GLH JURHQ *HLVWHU YHUVWHKHQ XQG ZUGLJHQ =ZHL ZHLWJHKHQG JHWUHQQW OHVEDUH 7H[WH ZROOHQ GHP JHUHFKW ZHUGHQ (LQ NXOWXU XQG IDFKKLVWRULVFKHU $EULVV VHW]W GHQ 5DKPHQ YJO ^H` LQ GHQ VLFK GLH %OWHQOHVH GHV ]ZHLWHQ $EVFKQLWWV HLQRUGQHW 'RUW ILQGHW 9HUWLHIXQJ VWDWW GRFK EHGDUI DXFK GHU HUVWH 7HLO PHKU DOV GHU :RUWH ZLOO HU :HVHQWOLFKHV YHUPLWWHOQ ,FK KRIIH PLW GHU $XVZDKO GHU =HLW]HXJQLVVH XQG LKUHU :LHGHUJDEH VLQG PLU DQQHKPEDUH .RPSURPLVVH JHJOFNW ]ZLVFKHQ %HGHXWVDPNHLW XQG $XIZDQG ]ZLVFKHQ $XWKHQWL]LWlW XQG =XJlQJOLFKNHLW 1LFKW PHKU DOV Q|WLJ ZLUG JHUHFKQHW GRFK GLH $UJXPHQWH PVVHQ GHXWOLFK ZHUGHQ *DQ] RKQH 0KH JLEW HV VLH QLFKW GLH )UHXGH DP (UNHQQHQ XQG (QWGHFNHQ
'LH +RFKVFKXOSUD[LV YHUVWHOOW OHLGHU RIW GHQ %OLFN DXI GDV ZDV KLQWHU DOO GHQ %HJULIIHQ 0H WKRGHQ XQG JODWWHQ /HKUVlW]HQ VWHKW 5FN6LFKW DXI GHUHQ 9RUJHVFKLFKWH í HLQ /X[XV" 0DFKW PDQ VLH JHOHJHQWOLFK OHEHQGLJ NRPPW GDV VLFKHU GHU 0RWLYDWLRQ ]XJXWH GHUHQ EHVRQ GHUV MHQH EHGUIHQ GLH VHOEVW HLQPDO 6FKOHU EHJHLVWHUQ VROOHQ 1LFKW ZHQLJH 6WXGLHUHQGH LQWHUHVVLHUHQ VLFK IU GLH (QWVWHKXQJ XQG (QWZLFNOXQJ LKUHV )DFKV DEHU QXU YHUHLQ]HOW QHKPHQ VLFK JHVWDQGHQH 0DWKHPDWLNHU GHU 4XHOOHQ DQ XQG VFKUHL EHQ GDUEHU :DV 1RW WlWH^D` 'D JLEW HV PDQFKHUOHL 'LVVHQV XQWHU VROFKHQ XQG VROFKHQ )DFKOHXWHQ %HL GHP HLQHQ $XWRU KHLW HV ÄGLH 'LIIHUHQWLDO XQG ,QWHJUDOUHFKQXQJ YRQ 1HZ WRQ³^D` ZlKUHQG HLQ DQGHUHU^E` ODSLGDU YHUNQGHW GLH (UILQGXQJ GHV &DOFXOXV VHL ÄGDV DXV VFKOLHOLFKH 9HUGLHQVW YRQ /HLEQL]³ *DX^I` QHQQW 1HZWRQ ÄVXPPXV³ IU YDQ GHU :DHU GHQ^D` LVW HU ÄGHU ZLFKWLJVWH 0DQQ GHV -DKUKXQGHUWV³ %RXUEDNL LQGHV HLQH *UXSSH IUDQ ]|VLVFKHU 0DWKHPDWLNHU XQVHUHU 7DJH OlVVW GDKLQJHVWHOOW RE GHV (QJOlQGHUV :HUN ]X GHQ *HGDQNHQ VHLQHV -DKUKXQGHUWV ÄHWZDV EHLJHWUDJHQ³ KDEH HLQ ÄJDQ] NXU]HU $EUL VHLQHU )OX [LRQHQ³ EHGHXWH ÄZHQLJ³^D` $QIlQJHU VLQG EHUIRUGHUW GDV $QJHERW ZHUWHQG ]X VLFKWHQ (V XPIDVVW *HVFKLFKWH *H VFKLFKWHQ XQG *HVFKLFKWFKHQ UHLFKW YRQ VNHOHWWLHUHQGHU 6DFKOLFKNHLW ^E` ELV ]X HLQHU 0LWWHLO VDPNHLW GLH HLQHQ GDUEHU EHOHKUW GHU JURH ; KDEH GLH 1LFKWH < VHLQHV *URRQNHOV = JH
;
(LQODGXQJ
HKHOLFKW 0HLQH JHOHJHQWOLFK EHUERUGHQGHQ 9HUZHLVH VROOHQ GLH &KDQFHQ GHV 6XFKHQGHQ HUK|KHQ 0HLQH YHUPXWOLFKHQ 9HUVHKHQ ZROOH HU PLU ELWWH QDFKVHKHQ 1RFK HWZDV ]X GHQ 6DFKEFKHUQ )U GHQ /DLHQ KDEHQ VLH GHQ :DKUKHLWVERQXV DXI +RFK JODQ] JHGUXFNWHU %LODQ]HQ $XHU GHP VSXNKDIWHQ )HKOHUWHXIHO JHQLHHQ OHLEKDIWLJH GLH 8Q VFKXOGVYHUPXWXQJ PLW ZHLW lUJHUHQ )ROJHQ ZLH ZHQQ 1HZWRQV )OXHQWHQ VLFK ]X )OXJHQWHQ PDXVHUWHQ (LQ %HLVSLHO SHLQOLFKHU ,QNRPSHWHQ] JLEW ^` 0LW 6WDQGHVGQNHO DOOHLQ LVW QLFKW DE]XWXQ GDVV 0DWKHPDWLNHU ]X 9RUVLFKW QHLJHQ ZHQQ 3KLORVRSKHQ XQG +LVWRULNHU GLH QLFKW DXV GHU 0DWKHPDWLN NRPPHQ VLFK LKUHU EHPlFKWLJHQ (LQ ZLFKWLJHV $QOLHJHQ GHV %XFKHV LVW GHU DNWXHOOH %H]XJ =X HUOHEHQ ZLH HLQH ,QILQLWH VLPDO0DWKHPDWLN DXI GLH :HOW XQG GDQQ ]X HUVWHU 5HLIH JHEUDFKW ZXUGH KLOIW GLH *UXQG EHJULIIH 6WLFKZRUW ÄJOHLFKPlLJ³ YHUDUEHLWHQ GLH GHP 6WXGLHQDQIlQJHU ]X VFKDIIHQ PD FKHQ XQG GHUHQ YROOHV 9HUVWlQGQLV VLFK JHPHLQKLQ HUVW LP /DXIH GHV 6WXGLXPV HQWIDOWHW %HNDQQWOLFK NRPPW EHL 0DWKH GDV GLFNH (QGH DP $QIDQJ 'DV PHLVWH OLHJW LQ 5HLFKZHLWH YRQ 6FKOHUQ VLHKH DXFK ^HE` (LQ JHPHLQVDPHU *UXQGVWRFN YRQ 9RUNHQQWQLVVHQ LVW QLFKW ]X HUZDUWHQ ZHVKDOE VLFK KLHU PDQFKHV ILQGHW ZDV GHQ .HQQHU HQWEHKUOLFK DQPXWHW 'HU NDQQ MD ZHJVFKDXHQ ± VRIHUQ HU HV QLFKW VHOEVW GLGDN WLVFK YHUZHUWHQ ZLOO 9LHOOHLFKW WUlJW GLHVHV /HUQEXFK LQ VHLQHU $UW GD]X EHL GLH 6WROSHU VFKZHOOH GHV HUVWHQ 6WXGLHQMDKUHV ]X VHQNHQ 0DJ VHLQ VRJDU GDVV MHPDQG 0DWKH QHX ]X VHKHQ OHUQW GDVV VLFK GLH $XJHQ |IIQHQ OlVVW ZHP VLH QLH JH|IIQHW ZXUGHQ RGHU GHU VLH HQW VHW]W ZLHGHU YHUVFKORVV « 6FK|Q ZHQQ LFK 1HXJLHU DXI GDV $OWH ZHFNHQ N|QQWH %HJHLVWHUXQJ IU GLH JURDUWLJH $QDO\ VLV %HZXQGHUXQJ YRQ *HQLH XQG 3KDQWDVLH GHUHU GLH VLH VFKXIHQ RGHU HQWGHFNWHQ
^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
+(86(5 ^D` >@ >@ ^E` ^F` ^G` ^H` ^I` XQWHQ '$9,6 +(56+ ^D` >@ II >@ II ^E` >@ >@ ^F` >@ FKDS >@ .DS ./,1( ^D` >@ ^E` >@ ^F` >@ II 7+,(/( I -86&+.(:,76&+ .DS ,±,,, 621$5 ^D` >@ 6FKOXVV ^E` >@ ^D` 9$1 '(5 :$(5'(1 >@ YJO í ^E` +2)0$11 >@ >@ %285%$., >@ ^D` >@ ^E` >@ )5g%$ :$66(50$11 3233í .52// 9$83(/ Ä+LVWRULVFKH $QPHUNXQJHQ³
(LQODGXQJ
;,
'DQNH ,FK ZHL QLFKW UHFKW RE OHLGHU -HGHQIDOOV ELQ LFK NHLQ &RPSXWHUIUHDN XQG ZLGPH PLFK ZHLW OLHEHU PHLQHP 7H[W DOV GHVVHQ ('9 ]X NXOWLYLHUHQ 'DV NRQQWH QXU JXW JHKHQ ZHLO VLFK PHL QHU 8QEHGDUIWKHLW YLHOH YHUVWlQGQLVYROO DQQDKPHQ .ROOHJHQ )DFKEHUHLFK XQG 9HUODJ 6RIW DQG KDUG PLW 5DW XQG 7DW JULIIHQ PLU GLH +HUUHQ 'U 0HLQKDUG 6SRQKHLPHU XQG 'U :HUQHU /LHVH XQWHU GLH $UPH =XU XQVFKlW]EDUHQ +LOIH ZXUGH PLU /L7H; HLQH GXUFK +HUUQ /LHVH EOLQGHQJHUHFKW HQWZLFNHOWH 9HUVLRQ YRQ /D7H; GLH PLU HUP|JOLFKWH DOOH PHLQH )RU PHOQ DXV GHP 6WDQG SXQNWJHQDX ]X VHW]HQ 'HU )DFKEHUHLFK VWHOOWH PLU XQEHIULVWHW HLQ ( $OWHQWHLO ]XU 9HUIJXQJ XQG +HUUQ 'LSO,QJ %XUNKDUGW )LVFKHU ]XU 6HLWH .U\SWLVFKH /LWHUD WXU VSUWH )UDX 'LSO%LEOLRWKHNDULQ &KULVWD 6HLS DXI QLFKW XQEHKHOOLJW EOLHE DXFK )UDX 0RQLND 7HXEQHU 6LH DOOH XQWHUVWW]WHQ PLFK LQ ]XYRUNRPPHQGHU :HLVH %HVRQGHUV YHUSIOLFKWHW IKOH LFK PLFK GHP 2OGHQERXUJ9HUODJ 'HU DN]HSWLHUWH GHQ (QWZXUI RKQH =|JHUQ XQG EHUQDKP GLH GUXFNWDXJOLFKH 8PVHW]XQJ PHLQHU KDXVEDFNHQHQ 3$,17LQJV +LHUEHL XQG EHL DOOHP :HLWHUHQ KDW )UDX .DWKULQ 0|QFK DOV /HNWRULQ GDV 3URMHNW PLW VLFKHUHP 8UWHLO YLHO *HGXOG XQG HLQHU +LQJDEH EHWUHXW GLH LFK VFKZHUOLFK LQ :RUWH ]X IDVVHQ YHUPDJ JDQ] KHU]OLFKHQ 'DQN
3KLOLSSV8QLYHUVLWlW LQ 0DUEXUJ DQ GHU /DKQ )% 0DWKHPDWLN X ,QIRUPDWLN DXI GHQ /DKQEHUJHQ 1RFK LP -DKU GHU 0DWKHPDWLN XQG GHV 2OGHQERXUJ-XELOlXPV
+DQV+HLQULFK .|UOH
,QKDOW 7HLO , =HLWHQ XQG =HLWJHLVWHU
,$ ,$ ,$ ,$ ,$ ,$
'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN 'HU *HLVW GHU :LVVHQVFKDIW HUVFKHLQW *HRPHWULVFKH *U|HQ LP 9HUJOHLFK XQG LQ 9HUKlOWQLVVHQ 'HPRNULWV JHRPHWULVFKHU $WRPLVPXV HLQ ]lKOHELJHU :LGHUVSUXFK 4XDGUDWXU XQG ([KDXVWLRQ $UFKLPHGHV GHU OHLEKDIWLJH +HUNXOHV
,%
(LV]HLW ± $XV]HLW
,& ,& ,& ,& ,& ,&
1HXHUH =HLW 1DFK GHU :HQGH YRU GHU :HQGH GLH 6FKRODVWLN 'HU *HLVW GHU 1DWXUZLVVHQVFKDIW HUVFKHLQW )QI]LJ -DKUH 9RUDEHQG GHV &DOFXOXV =ZHL 9lWHU HLQ &DOFXOXV 1HZWRQ XQG /HLEQL] /HLEQL]¶ (UEHQ
,' ,' ,' ,'
-DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV 5FNEHVLQQXQJ DXI NODVVLVFKH 6WUHQJH )U hEHUUDVFKXQJHQ JXW GLH ÄXQEHUHFKHQEDUHQ³ WULJRQRPHWULVFKHQ 5HLKHQ 'HU *UXQGVWHLQ GHU HLQ 6FKOXVVVWHLQ ZDU
,( ,( ,( ,(
1DFK/HVH 9RP 6LQQHVZDQGHO GHU $QDO\VLV =XU Ä/HKUH YRQ GHQ *U|HQ³ 1DFK'HQNOLFKHV GLH $QDO\VLV LQ GHU /HKUH
=HLWWDIHO GHU 3HUVRQHQ
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
,,$
'HPRNULW :LH YLHO 5DXP LVW LQ GHQ 3\UDPLGHQ"
,,%
(XGR[RV VFKDIIW JHRUGQHWH 9HUKlOWQLVVH
,,&
'LH NUXPPHQ 6DFKHQ GHV +LSSRNUDWHV XQG GHV (XGR[RV
,,'
$UFKLPHGHV¶ EHUKPWH 3DUDEHO4XDGUDWXU
,,(
$UFKLPHGHV XQG GHU .UHLV
;,9
,QKDOW
,,)
'DV VRJHQDQQWH /HPPD GHV $UFKLPHGHV
,,*
'HU =DXEHUHU PLW GHP =XFNHUKXW LP =\OLQGHU
,,+
$UFKLPHGHV EHLP 'LIIHUHQ]LHUHQ HUZLVFKW"
,,,
'HV 3DSSRV¶ Ä6DW] YRQ *XOGLQ³
,,-
2UHVPXV 6XPPLHUXQJ HLQHU QLFKWJHRPHWULVFKHQ 3URJUHVVLRQ
,,.
.HSOHU 3HU DVSHUD DG DVWUD
,,/
'DV FDYDOLHULVFKH 3ULQ]LS LQ GHU +DQG YRQ 5REHUYDO
,,0
&DYDOLHULV 3ULQ]LS XQG 7RUULFHOOLV 7URPSHWH
,,1
&DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
,,2
+\SHUEHOTXDGUDWXU XQG /RJDULWKPXV
,,3
'LH 7DQJHQWH EHL 5REHUYDO XQG EHL 'HVFDUWHV
,,4
1HLO %DUURZ 9RUERWHQ GHV +DXSWVDW]HV
,,5
/HLEQL]¶ 6SLHOHUHL PLW )ROJHQ
,,6
1HZWRQ XQG /HLEQL] ]XP +DXSWVDW]
,,7
1HZWRQ XQG /HLEQL] ]ZHLPDO &DOFXOXV PLW 3K\VLN
,,8
+X\JHQV¶ 8KU DXV =\NORLGHQ
,,9
/HLEQL] -RKDQQ %HUQRXOOL SDUWLHOOHV 'LIIHUHQ]LHUHQ (QYHORSSHQ
,,:
(XOHU
,,;
&DXFK\ XQG GLH ,QWHJUDOH
,,
@ ^D` ± ^E` ± %2@ ^D` I ^E` =LWDW $ULVWRWHOHV ./,1( >@ ^D` ^E` +,/'(%5$1'7 7520%$ I *5((. 0$7+(0:25.6 7KRPDV >@ I ^D` 58662 ^E` 6&+$33$&+(5 ± 5H]HQVLRQ ]X ^D` 9$1 '(5 :$(5'(1
*HRPHWULVFKH *U|HQ LP 9HUJOHLFK XQG LQ 9HUKlOWQLVVHQ =XU Ä%HVWLPPXQJ³ JHRPHWULVFKHU *U|HQ *HRPHWULH XQG =DKO 'LH S\WKDJRUHLVFKH .DWDVWURSKH GHU LQNRPPHQVXUDEOHQ 6WUHFNHQ (XGR[RV¶ 7ULXPSK EHUV ,UUDWLRQDOH
,P YRUKHULJHQ $EVFKQLWW VWDQG 7KDOHV VWHOOYHUWUHWHQG IU GLH *ULHFKHQ GLH GHQ *HLVW GHU :LVVHQVFKDIW EHVFKZRUHQ 1RFK VWlUNHUHV (FKR IDQG VHLQ MQJHUHU =HLWJHQRVVH 3\WKDJRUDV :HQQ DXFK QLFKW DOV 8UKHEHU GHV Ä6DW]HV³ GHQ EHVDHQ GLH %DE\ORQLHU HLQ 'XW]HQG -DKU KXQGHUWH ]XYRU bJ\SWHU XQG &KLQHVHQ KDQWLHUWHQ GDPLW^D D `
7HLO , =HLWHQ XQG =HLWJHLVWHU
(LQHQ 3\WKDJRUDV XQG GLH DXI LKQ HLQJHVFKZRUHQHQ 6FKOHU IHVVHOWH GLH =DKO GDV KHLW GHU %HJULII GHQ VLH VLFK YRQ LKU PDFKWHQ *HPHLQW ZDUHQ DXVVFKOLHOLFK GLH YRQ XQV ÄQDWU OLFK³ JHQDQQWHQ =DKOHQ PLW $XVQDKPH GHU (LQKHLW^E` ZHOFKH GHU RPQLSRWHQWHQ %LHQHQN| QLJLQ JOHLFK DOOH DQGHUHQ HU]HXJWH 0DQ VDK LQ LKQHQ NHLQH 0D]DKOHQ QLFKW HLQPDO GDV =lKOHQ VWDQG LP 9RUGHUJUXQG 6FKDIH XQG 6FKZHLQH ]lKOHQ ZRKO ELQlU GHQ 0HQVFKHQ JHKW GDV 'H]LPDOV\VWHP YRQ GHU +DQG 'HP 9|ONFKHQ GHU 3\WKDJRUHHU ILHO DQ GHU =HKQ QXU DXI GDVV VLH VLFK XQWHU GHQ Ä'UHLHFNV]DKOHQ³ Q ò QQ Q t DOV GLHMHQLJH DXV]HLFKQHW ZHOFKH GLH 6XPPH LKUHU 9RUJlQJHULQQHQ LVW $EE , 6LH VXFKWHQ LQ =DKOHQ GDV *HKHLPQLV =DKOHQP\VWLN ZDU LKUH 'RPlQH %\ WKH ZD\ Ä3\WKDJRUlHU³ ZlUH GRFK UHIRUPNRQIRUP QLFKW QXU LQ gVWHUUHLFK RGHU"
$EE , 'UHLHFNV]DKOHQ
(LQH *U|H QDQQWHQ GLH *ULHFKHQ GDV EHL GHP VLFK HWZDV ]XIJHQ RGHU ZHJQHKPHQ OlVVW^D D D` 'DPDOV ZLH KHXWH KDW GDV :RUW ZHFKVHOQGH %HGHXWXQJ HLQH 4XDQWLWlW RGHU DEHU GHUHQ JHJHQZlUWLJH $XVSUlJXQJ 1DFK &DUO )ULHGULFK Y:HL]VlFNHU^` LVW *U|H HLQHV Ä6\V WHPV³ HLQH .ODVVH IRUPDOP|JOLFKHU (LJHQVFKDIWHQ GLH PDQ LKUH :HUWH QHQQW :HOFKH GDV KDW MHZHLOV GHU .RQWH[W KHU]XJHEHQ GD LVW RGHU KDW HLQH 6WUHFNH HLQH *U|H *OHLFKDUWLJH :HUWH $ % HUNHQQW PDQ DQ LKUHU 9HUJOHLFKEDUNHLW DQ GHU GUHLIlOWLJHQ $OWHUQDWLYH $ % $ % $ ! % GHU Ä7ULFKRWRPLH³ 0LW 0DQHKPHQ EHJDQQ GLH *HRPHWULH EHL GHQ bJ\SWHUQ 'HQ *ULHFKHQ JLQJ HV QLFKW XPV 3UDNWLVFKH QLFKW HLQPDO WKHRUHWLVFK KDWWHQ VLH YRUHUVW VRQGHUOLFKHV ,QWHUHVVH DP 4XDQ WXP LKUHU JHRPHWULVFKHQ 2EMHNWH (V LVW NHLQ =XIDOO GDVV PDQ EHL (XNOLG YHUJHEOLFK QDFK GHU 6WDQGDUGIRUPHO IU GHQ 'UHLHFNVLQKDOW VXFKW^E` (UVW LP OHW]WHQ 7HLO GHU KHOOHQLVWLVFKHQ (SR FKH NDP GHU PHWULVFKH $VSHNW ]XP =XJH VFKOXJ VLFK QLHGHU LQ GHP JHZDOWLJHQ PDWKHPDWL VFKHQ :HUN GHV $UFKLPHGHV QDFKGHP VHLQ 9RUJlQJHU (XGR[RV GHP %HGUIQLV QDFK EHJULII OLFKHU .ODUKHLW QDFKJHNRPPHQ ZDU :LU VLQG JHQHLJW ]X IUDJHQ ZLH PDQ GLH *U|H YRQ )OlFKHQ XQG .|USHUQ GDPDOV ÄEH UHFKQHWH³ ± YRQ GLHVHU XQVHUHU 9RNDEHO PVVHQ ZLU XQV IUHLPDFKHQ ,QKDOWVEHVWLPPXQJHQ VLQG VWHWV 9HUJOHLFKH XQVHU =DKOHQDSSDUDW HUODXEW VLFK GDEHL DXI 6WDQGDUGV ]X EH]LHKHQ :LU YHUJOHLFKHQ GLH )OlFKH GHV .UHLVHV YRP 5DGLXV ij PLW GHU )OlFKH GHV 4XDGUDWV YRQ GHU 6HLWHQOlQJH ij ZLU ÄPHVVHQ³ GLH .UHLVIOlFKH DQ GLHVHP )OlFKHQ1RUPDO ij GDV KHLW IUDJHQ ZLH YLHO PDO GHU (LQKHLWVNUHLV JU|HU LVW DOV GDV (LQKHLWVTXDGUDW 'HU )DNWRU KHLW 9HUKlOWQLV RGHU 0D]DKO IU XQV 'LH $OWHQ KDWWHQ NHLQ S 6LH ZDUHQ GDUDXI DQJHZLHVHQ GHQ GLUHNWHQ 9HUJOHLFK ]X VXFKHQ 6RPLW JDOW GHU ,QKDOW HLQHU HEHQHQ )LJXU DOV EHVWLPPW ZHQQ HU QDFKZHLVOLFK GHP HLQHV ÄEHVWLPPWHQ³ GK NRQNUHWHQ 4XDGUDWHV JOHLFKNDP 4XDGUDWXU KLH GHU 1DFKZHLV 'DV 9HU JOHLFKHQ YRQ 8QJOHLFKHP ZLUG GLH *ULHFKHQ EHVRQGHUV EHVFKlIWLJHQ 'D ZLUG HV ]XQHKPHQG IXQGLHUW XP *U|HQYHUKlOWQLVVH JHKHQ ZLH GDV YRQ 3\UDPLGH XQG XPEHVFKULHEHQHP 4XD
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
GHU YRQ .HJHO XQG XPEHVFKULHEHQHP =\OLQGHU GLH EHLGH ODXWHQ ,,$ %HLP %HZHLVHQ NDP GLH *HRPHWULH DQ LKUH *UHQ]H VR EHJDQQ Ä$QDO\VLV³ $P %HJLQQ DOO GHVVHQ VWDQG HLQH ELV GDKLQ ZRKO HLQ]LJDUWLJH 0HQWDOLWlW GLH VLFK YRQ GHP DOV P\VWLVFK HPSIXQGHQHQ %H]XJ ]ZLVFKHQ *HRPHWULH XQG =DKO QlKUWH *ULHFKHQ IKOWHQ VLFK DXIJHUXIHQ :HOWUlWVHO ]X O|VHQ (V PXVVWH VLH VFKZHU WUHIIHQ YRQ LKUHU :LVVHQVFKDIW HQWWlXVFKW ]X ZHUGHQ 'DYRQ LP )ROJHQGHQ
$XI HLQHP 6WUDKO V $EE , OLHHQ VLFK GLH JULHFKLVFKHQ =DKOHQ « DOV 9LHOIDFKH HLQHU ZLOONUOLFKHQ 6WUHFNHQHLQKHLW PRGHOOLHUHQ 0LW %H]XJ DXI GLHVHOEH (LQKHLW OLHHQ VLFK 6WUHFNHQ LQ MHGZHGHP /lQJHQYHUKlOWQLV NRQVWUXLHUHQ :LH MHGRFK YHUKLHOWHQ VLFK ZLOONUOLFK JHZlKOWH 6WUHFNHQ ]XHLQDQGHU" /LHHQ VLH VLFK SULQ]LSLHOO ZLH REHQ QDFKNRQVWUXLHUHQ NRQQWHQ 6WUHFNHQSDDUH LQ GLHVHP 6LQQH DOV GHU ,QEHJULII YRQ 9HUKlOWQLV JHOWHQ" .HLQH )UDJH IU GLH JDQ] DOWHQ *ULHFKHQ VLH JODXEWHQ DQ LKUH =DKOHQ 'LH REHQ DQJHVSURFKHQHQ 9HUKlOWQLVVH YRQ 5DXPLQKDOWHQ ZDUHQ LQVRIHUQ HLQIDFK DOV PDQ KLHU VDJHQ NDQQ ZLH RIW ODW TXRWLHQV GLH HLQH *U|H % LQ HLQHU *U|H $ HQWKDOWHQ LVW 'DQQ QlPOLFK OlVVW VLFK $ DQ % PHVVHQ LVW % HLQ 0D IU $ 'DV VFKUHLEW VLFK $ T % PLW GHP 4XRWLHQWHQ T )DOOV QXQ XQWHU ]ZHL YHUJOHLFKEDUHQ *U|HQ $ % NHLQH LQ GHU DQGH UHQ ÄDXIJHKW³ VR PXVVWH QDFK 3\WKDJRUDV¶ hEHU]HXJXQJ HLQ 0LWWOHU H[LVWLHUHQ HLQ EHLGHQ JHPHLQVDPHV 0D KLHU DOV Ä(LQKHLW³ ( EH]HLFKQHW :LH IROJW DXV]XGUFNHQ =DKOHQ P Q H[LVWLHUHQ PLW GHU (LJHQVFKDIW Ä(V JLEW ( GHU $UW GDVV $ 'HQ 'DUVWHOOXQJHQ HQWQLPPW PDQ Q $ Ä(V JLOW Q $
P( % Q P (
Q ( JLOW³ P Q (
P % PLW GHU .RQVHTXHQ]
P %³
/HW]WHUHV VHW]W $ XQG % LQ XQPLWWHOEDUH %H]LHKXQJ 'HU 6FKOXVV YRQ DXI EHVDJW +D EHQ $ % HLQHQ JHPHLQVDPHQ 7HLOHU VR DXFK HLQ JHPHLQVDPHV 9LHOIDFKHV *HRPHWULVFK EH OLHELJ WHLOEDUH *U|HQ ZLH 6WUHFNHQ $EE , JHVWDWWHQ GHQ 8PNHKUVFKOXVV GHQQ LQ GLHVHP )DOOH VFKOLHW PDQ YRQ DXI ( Ԍ $P
Q $ Q P
P % P Q
%Q
EHWUHIIV 7HLOXQJ VLHKH $EE ,
$EE , 6WUHFNHQWHLOXQJ
hEHU 6WUHFNHQ ODVVHQ VLFK ]% DXFK 5HFKWVHFNVIOlFKHQ NRQVWUXNWLY WHLOHQ PLW :LQNHOQ LVW GDV DQGHUV ,$ 0LW EHVWHKW QDWUOLFKHU $QODVV ]X VDJHQ $ XQG % YHUKDOWHQ VLFK ]XHLQDQGHU ZLH P ]X Q JHVFKULHEHQ $ % P Q -HGRFK ZLUG DOV 'HILQLWLRQ GLHVHU 3UR
7HLO , =HLWHQ XQG =HLWJHLVWHU
SRUWLRQ ]XJHODVVHQ YJO ^` DXFK VFKRQ YRQ (XGR[RV EHL VHLQHU 9HUDOOJHPHLQHUXQJ V ,,% 0RFKWHQ DXFK GLH YHULIL]LHUHQGHQ )DNWRUHQ P Q LQ QLFKW HLQIDFK EHVFKDIIHQ RGHU SUDNWLVFK JDU QLFKW ]X EHVFKDIIHQ VHLQ ± LKUH ([LVWHQ] XQG QXU GDUXP JLQJ HV VFKLHQ DQJH VLFKWV GHV XQHUVFK|SIOLFKHQ 9RUUDWV DQ =DKOHQ HLQH 6HOEVWYHUVWlQGOLFKNHLW 3\WKDJRUDV¶ 2I IHQEDUXQJ XQG GHU 3\WKDJRUHHU &UHGR ODXWHWH -HGHV 3DDU JOHLFKDUWLJHU *U|HQ VWHKW LP 9HU KlOWQLV JDQ]HU =DKOHQ (LQH JOlQ]HQGH %HVWlWLJXQJ KlWWH GLHVHU *ODXEHQVVDW] DXFK LQ MHQHP 9HUPlFKWQLV GHV $UFKLPHGHV JHIXQGHQ DQ GDV VHLQ *UDEVWHLQ PLW HLQHU .XJHO LP =\OLQGHU^F D` HULQQHUW 9R OXPHQ^F DJ` ZLH DXFK 2EHUIOlFKHQ^E` YRQ =\OLQGHU XQG .XJHO VWHKHQ LP 9HUKlOWQLV (LQH 7DWVDFKH EHU GLH GHU 0\VWLNHU 3\WKDJRUDV XPVR PHKU EHJHLVWHUW JHZHVHQ ZlUH DOV HU GLH 6DLWH VHLQHV 0RQRFKRUGV LQ HEHQ GLHVHP =DKOHQYHUKlOWQLV WHLOWH XP GLH 4XLQWH ]XP *UXQGWRQ ]X HUKDOWHQ GHU QlFKVWHQ 9HUZDQGWHQ ]XU 2NWDYH PLW +DUPRQLVFK JLQJ¶V ]X LQ VHLQHU :HOW 6HLQ .RVPRV WDQ]WH QDFK Ä6SKlUHQNOlQJHQ³ QDFK GHU 0HORGLH DOOHV LVW =DKO ,QWHUYDOOH KDW GLH 2NWDYH HUJR KDW GHU +LPPHO 3ODQHWHQ XQG GHUHQ 6SKlUHQ VLQG DXI HLQDQGHU DEJHVWLPPW ZLH 6DLWHQ^G` )U GLH 3\WKDJRUHHU ZDUHQ GLH =DKOHQ ]XHUVW DXI GHP 3ODQ XQG ZXUGHQ YRQ GHU 1DWXU LPLWLHUW (LQH LQ MHGHU +LQVLFKW HLJHQH :HOWVLFKW^G `
(V ZDU GLH HUVWH *UXQGODJHQNULVH GHU 0DWKHPDWLN DOV PDQ LQ MHQHU *HPHLQGH GDUDXI VWLH GDVV LKU 0HLVWHU JHLUUW KDWWH^E D` (LQ .XOWXUVFKRFN HWZD XP GLH =HLW DOV 3KLORVRSKHQ LP VGLWDOLHQLVFKHQ (OHD EHJDQQHQ HLQH $WPRVSKlUH LQWHOOHNWXHOOHU 8QUXKH ]X YHUEUHLWHQ ZLH VLH ZRKO EHL NHLQHP DQGHUHQ 9RON KlWWH HQWVWHKHQ N|QQHQ 'LH ÄS\WKDJRUHLVFKH .DWDVWURSKH³ WUXJ HLQHQ .HLP YRQ GHP GLH PDWKHPDWLVFKH :HOW VLFK LP EHVWHQ 6LQQH QLH HUKROHQ VROOWH 'HU $QODVV UHFKWIHUWLJW GLH 0KH GHP DXI GHQ *UXQG ]X JHKHQ %HNDQQWHVWHU MHGRFK VLFKHUOLFK QLFKW HUVWHU %HOHJ IU GHQ ,UUWXP^D D` 0LW GHU 6HLWHQ OlQJH HLQHV 4XDGUDWHV XQG GHU /lQJH VHLQHU 'LDJRQDOH OlVVW VLFK QLFKW XQG VRPLW DXFK QLFKW HUIOOHQ =XP ÄGLOHPPD ¥ ³ VLHKH QLFKW ^F` (V VHL GLH 1LFKWJDQ]]DKOLJNHLW GHU :XU]HO « 'LH %HJUQGXQJ GLH (XNOLG^` GDIU DQIKUW LVW VR SILIILJ XQG HLQIDFK GDVV NDXP HLQHV XQVHUHU HLQVFKOlJLJHQ /HKUEFKHU GDUDQ YRUEHLNRPPW ]% ^GEDE` $OOHUGLQJV JLEW ]X GHQNHQ GDVV (XNOLGV 7ULFN DP (QGH YRQ %XFK ; DOV 0DXHUEOPFKHQ NPPHUW PLW JHUDGH XQG XQJHUDGH ZLUG GD QLFKW JHUDGH ]QIWLJ JULHFKLVFK DUJXPHQWLHUW 0DQ QLPPW DQ GDVV HV IU GHQ HUVWHQ 8QP|JOLFKNHLWVEHZHLV XQVHUHU 0DWKHPDWLN VSlWHVWHQV XP ± HLQ JHRPHWULVFKHV 6XMHW JDE^E` :LH GLHV EHL 'LDJRQDOH XQG 6HLWH GHV 4XDGUDWV DXV]XVHKHQ KlWWH ZLUG LQ ^E` YRUJHIKUW V DXFK ^ED` 9LHOOHLFKW ZXUGH GDV (QWVSUH FKHQGH ZHLO HLQIDFKHU DP UHJHOPlLJHQ )QIHFN H[HU]LHUW^F E` YLHOOHLFKW VFKRQ GHVKDOE ZHLO 3HQWDJRQH GDV 'RGHNDHGHU ELOGHQ GHQ IOlFKLJHQ XQWHU GHQ IQI SODWRQLVFKHQ .|U SHUQ GLH LQ LKUHU 5HJHOPlLJNHLW HLQ]LJDUWLJHQ 'LHVH JHRPHWULVFKH %HZHLVH VWW]HQ VLFK DXI HLQ IXQGDPHQWDOHV 5HNXUVLRQVSULQ]LS GHU *ULHFKHQ GHQ HXNOLGLVFKHQ $OJRULWKPXV )U GHQ YRUOLHJHQGHQ =ZHFN JHQJW HU LQ VHLQHU
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
HLQIDFKVWHQ 9HUVLRQ GHU IDFKHQ Ä:HFKVHOZHJQDKPH³^H D` %HLP 3HQWDJRQ LQ $EE , VLHKW GDV ZLH IROJW DXV^E` 'LH 'LDJRQDOHQ VFKQHLGHQ DXV GHP ,QQHUQ ZLHGHU HLQ 3HQWDJRQ DXV GHVVHQ 'LDJRQDOHQ WXQ GDV *OHLFKH XQG VR IRUW^E G F` -HGHV 3HQWDJRQ 3L L VWLIWHW HLQH GL ODQJH 'LDJRQDOH XQG HLQH VL ODQJH 6HLWH IU GLH QLFKWDEEUHFKHQGH 5HNXUVLRQ G
V G V ! G DOVR G ò G
V
G V
G ! V DOVR V ò V
G
V G
V ! G DOVR G ò G
« ^H`
ZREHL VLFK GLH *U|HQ GL VL L DXV JOHLFKVFKHQN OLJHQ 'UHLHFNHQ DXI VWHWV JOHLFKH :HLVH UHNXUVLY GHILQLHUHQ
$EE , 'LH HUVWHQ GUHL LQ GHU JHVFKDFKWHOWHQ $EIROJH 3HQWDJRQí3HQWDJUDPPí3HQWDJRQí« $QJHQRPPHQ QXQ HLQH 6WUHFNH GHU /lQJH W JLQJH LQ 'LDJRQDOH XQG 6HLWH YRQ 3 DXI 'DQQ LVW DP 6FKHPD DE]XOHVHQ $XV W _ G W _ V IROJW W _ G DXV W _ V W _ G IROJW W _ V XQG VR ZHLWHU 6RPLW PVVWH W DOOH GL VL WHLOHQ ZDV DQJHVLFKWV EHOLHELJ NOHLQHU VL QLFKW P|JOLFK LVW
6WUHFNHQ N|QQHQ VLFK GHPQDFK HLQHP /lQJHQYHUKlOWQLV DXV QDWUOLFKHQ =DKOHQ YHUZHLJHUQ +HUPDQQ +DQNHO EUDFKWH HV VR DXI GHQ 3XQNW 6WUHFNHQ N|QQHQ VLFK DXHU LQ GHU 4XDQWLWlW DXFK LQ GHU 4XDOLWlW XQWHUVFKHLGHQ HLQHU ÄXQVLFKWEDUHQ³^H D` 3DDUH YRQ *U|HQ PLW HLQHP JHPl JHPHLQVDPHQ 0D YHUGLHQHQ PLWKLQ DXVJH]HLFKQHW ]X ZHUGHQ 'LH *ULHFKHQ QDQQWHQ VLH ÄV\PPHWULVFK³ ODWLQLVLHUW LVW GDV ÄNRPPHQVXUDEHO³ ,P -DKUKXQGHUW QDQQWH MH PDQG GDV 9HUKlOWQLV XQVHUHU 4XDGUDWVWFNH ÄLUUDWLRQDO³^I` GDQDFK VWQGHQ NRPPHQVXUDEOH *U|HQ LQ UDWLRQDOHP 9HUKlOWQLV ]XHLQDQGHU =ZHL %HLVSLHOH GD]X ZLH 6HLWH XQG 'LDJRQDOH HLQHV 4XDGUDWHV JHJHQ GDV S\WKDJRUHLVFKH *HERW YHUVWRHQ 1DFK )HKODQ]HLJH ]X LVW PLW GHQ 6FKULWWZHLWHQ GLHVHU 6WUHFNHQ QLH HLQ *OHLFKVWDQG ]X HUUHLFKHQ 8QG ]X %HVWHKHQ GLH 6HLWHQ HLQHV 5HFKWHFNV DXV P XQG Q /lQJHQHLQKHLWHQ VR VHW]W VLFK VHLQH )OlFKH DXV P .RORQQHQ ]X MH Q )OlFKHQHLQKHLWHQ ]X VDPPHQ LQVJHVDPW P Â Q YLHOHQ 'LHVH NRPELQDWRULVFKH $XVOHJXQJ GHU Ä,QKDOWVIRUPHO³ YHU VDJW EHLP 5HFKWHFN DXV 6HLWH XQG 'LDJRQDOH HLQHV 4XDGUDWV (V NDQQ QLFKW PLW HLQHP 4XD GUDWPXVWHU ZHOFK NOHLQHU =HOOHQ DXFK LPPHU SDUNHWWLHUW ZHUGHQ
7HLO , =HLWHQ XQG =HLWJHLVWHU
(LQ 5HFKWHFN HEHQ GLHVHU )RUP VFKUHLEW GLH 'HXWVFKH ,QGXVWULH1RUP GHP 6FKUHLESDSLHU YRU 'DV ',1 $%ODWW LVW HLQ 5HFKWHFN YRQ TP PLW GHP 6HLWHQYHUKlOWQLV (LQ 0DO DQ VHLQHU NXU]HQ 0LWWHOSDUDOOHOH JHIDOWHW HUJLEW HV ',1 $%OlWWHU GHUVHOEHQ )RUP XQG VR ZHLWHU 6FK|Q SUDNWLVFK ILQGHQ ZLU GDV ZDV GHQ WKHRUHWLVFK HPSILQGVDPHQ *ULHFKHQ HLQ +RUURU VHLQ PXVVWH %HVVHU JHVDJW VROOWH 'HQQ VHOEVW 3ODWRQ KDWWH HUVW LP $OWHU YRQ EHVDJWHP 6FK|QKHLWV IHKOHU GHV 4XDGUDWHV HUIDKUHQ XQG KDEH VLFK ZLH HU VFKUHLEW GLHVHU 8QZLVVHQKHLW ]XJOHLFK IU DOOH +HOOHQHQ JHVFKlPW 6LH OLHJH DXI GHP 1LYHDX YRQ 6FKZHLQHQ^F F`
1DFK GHU 3\WKDJRUHHU KHUEHQ (UIDKUXQJ EHVWHKW EHLP 4XDGUDW NHLQ UDWLRQDOHV 9HUKlOWQLV ]ZL VFKHQ GHP 8PIDQJ XQG GHP 'XUFKPHVVHU VSULFK GHU 'LDJRQDOH DOV GHU JU|WHQ %LQQHQVWUH FNH 'D ZDU IU GHQ .UHLV QLFKWV %HVVHUHV ]X HUZDUWHQ ,Q XQVHUHQ $XJHQ OLHJW KLHU HLQ QRFK lUJHUHV Ä0LVVYHUKlOWQLV³ YRU HLQ QRFK JU|HUHU 4XDOLWlWVXQWHUVFKLHG j OD +DQNHO GHQQ 8P IDQJ X XQG 'XUFKPHVVHU G HLQHV 4XDGUDWHV JHQJHQ GHU DOJHEUDLVFKHQ *OHLFKXQJ X G ZlKUHQG IU 8PIDQJ XQG 'XUFKPHVVHU HLQHV .UHLVHV QLFKWV (QWVSUHFKHQGHV JLOW ,Q XQVHUHQ =HLFKHQ X G EHLP 4XDGUDW X S G EHLP .UHLV 0DFKHQ ZLU GHQ .UHLVGXUFKPHV VHU ]XU (LQKHLW VR EHPLVVW VLFK GDV 'UXPKHUXP GDV 3HUtPHWURQ SHUȓPĶǕUǐQ ]XP Ä:HUWH³ S )U GLH *ULHFKHQ HLQ OHHUHV =HLFKHQ (LQHU Ä=DKO S³ OLH VLFK ELV ZHLW LQV -DKUKXQGHUW NHLQ YHUQQIWLJHU 6LQQ EHLOHJHQ 5DWLR ZDU DXFK QLFKW LP 6SLHO DOV HLQ 86%XQGHVVWDDW ,QGLDQD HLQHP 2QGLW QDFK GLHVHV S SHU *HVHW] DOV UDWLRQDOH =DKO GHILQLHUWH «
0LW HLQHP LQWXLWLYHQ (PSILQGHQ IU Ä9HUKlOWQLV³ ZLUG PDQ EHL HLQHP EHVWLPPWHQ .UHLV GHQ 8PIDQJ LQ HLQHP ÄEHVWLPPWHQ³ 9HUKlOWQLV ]XP 'XUFKPHVVHU VHKHQ XQG EHU]HXJW VHLQ GDVV GLHVHV 9HUKlOWQLV EHL DOOHQ .UHLVHQ GDVVHOEH LVW /LH VLFK GHP ]X $UFKLPHGHV =HLW HLQ 6LQQ EHLOHJHQ" =XP 7HLO MD QlPOLFK ZDV GLH *OHLFKKHLW YRQ 9HUKlOWQLVVHQ DQODQJW 6RJDU VROFKHQ ]ZLVFKHQ ]% )OlFKHQ DXI GHU HLQHQ 6WUHFNHQ DXI GHU DQGHUHQ 6HLWH (LQHQ HUVWHQ 6FKULWW LQ GHQ 1HEHO WDW QRFK ]X 3ODWRQV =HLW HLQHU GHVVHQ 1DPH KLQWHU GLH GHU JURHQ .ODVVLNHU ]XUFNWULWW REZRKO HU LKUHP JU|WHQ 7KHRUHWLNHU JHK|UW (XGR[RV YRQ .QLGRV^I` DQJHEOLFK^` /HKUHU 3ODWRQV $OV 8UKHEHU HLQHU GXUFK (XNOLG EHUOLHIHUWHQ 3UR SRUWLRQHQOHKUH^G` YHUVXFKWH HU VLFK QLFKW DQ HLQHP VHOEVWlQGLJHQ %HJULII Ä9HUKlOWQLV³ HU EHVFKLHG VLFK GDPLW IHVW]XOHJHQ ZDQQ HLQ *U|HQYHUKlOWQLV DOV JOHLFK RGHU DEHU NOHLQHU HLQHP DQGHUHQ JHOWHQ VROOH hEHU HLQH %H]LHKXQJ ]ZLVFKHQ 9HUKlOWQLVVHQ ]X EHILQGHQ RKQH GLHVH VHOEVW ]X ÄNHQQHQ³ GDV PDJ SDUDGR[ NOLQJHQ LVW HV LQGHV QLFKW 9HUJOLFKHQ ZHUGHQ GDEHL 3DDUH MHZHLOV JOHLFKDUWLJHU *U|HQ 6ROFKH DXFK YHUJOHLFKEDU JHQDQQWH *U|HQ VLQG GDGXUFK GHILQLHUW GDVV PDQ MHGHQ 3DUWQHU DXHU VLFK VHOEVW DXFK GHP DQGHUHQ ]XIJHQ NDQQ XQG GDVV VLFK MHGHU PLW HLQHP 9LHOIDFKHQ GHV DQGHUHQ EHUWUHIIHQ OlVVW V =LWDW $UFKLPHGHV LQ ,,) ^ J H F` hEHU GLH 3DUWQHU KHLW HV EHL (XNOLG ÄVLH KDEHQ HLQ 9HUKlOWQLV ]XHLQDQGHU³ VDJHQ ZLU ÄVLH VWHKHQ LQ HLQHP 9HUKlOWQLV³ (LQH WFNLVFKH 6SUHFK ZHLVH 9JO +DQNHOV^E` .RPPHQWDU ]X (XNOLGV %XFK 9
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
1XQ GLH *HJHQEHUVWHOOXQJ GHU JHRUGQHWHQ 3DDUH :HQQ (XNOLG^K H` LQ (XGR[RV¶ 1D PHQ YRQ LKQHQ VDJW ÄVLH VWHKHQ LP VHOEHQ 9HUKlOWQLV³ VR NOLQJW GDV DOV VSUlFKH HU EHU 9HUKlOWQLVVH DOV KDEH MHGHV HLQH HLJHQVWlQGLJH %HGHXWXQJ HLQHQ Ä:HUW³ 'RFK JHKW HV QLFKW XP ÄJOHLFKZHUWLJH³ 9HUKlOWQLVVH 'HQ 6DW] YHUVWHKW RGHU YHUVWQGH (XGR[RV RKQH :RUWNODX EHUHL $OV HLQHP *DQ]HQ JLEW HU LKP HLQHQ SUl]LVHQ 6LQQ V ,,% XQG OlVVW GDEHL YRP :RUW QXU VR YLHO JHOWHQ ZLH HV GHU .RQWH[W IHVWOHJW *HQLDO (V LVW GLHV GLH ,GHH HLQHU LPSOL]LWHQ %HJULIIVELOGXQJ (QWVSUHFKHQG RUJDQLVLHUW (XGR[RV GHQ Ä9HUJOHLFK QLFKWJOHLFKHU 9HUKlOW QLVVH³ GHQQ ZHU GLH *OHLFKKHLW YRQ 9HUKlOWQLVVHQ LQGLUHNW EHZHLVHQ ZLOO RGHU ZHU XQWHU XQV JHVDJW LUUDWLRQDOH 9HUKlOWQLVVH LQ UDWLRQDOH HLQ]XJUHQ]HQ VXFKW PXVV .ODUKHLW GDUEHU KDEHQ ZDQQ GDV HLQH 9HUKlOWQLV NOHLQHU DOV GDV DQGHUH VHLQ VROO 'DPLW ZDU GHQ GDPDOLJHQ %HGUI QLVVHQ VR ZHLW P|JOLFK XQG HEHQ DXFK Q|WLJ HQWVSURFKHQ V ^LEEIGHG` 'LH HPLQHQWH :LFKWLJNHLW GLHVHV $QVDW]HV ODJ GDULQ GDVV ÄLQNRPPHQVXUDEHO³ LQ GHU GDUDXI DXI JHEDXWHQ 3URSRUWLRQHQOHKUH NHLQ 7KHPD LVW 8QWHUVFKLHGVORV ILQGHW VLFK ÄGDV ,UUDWLRQDOH³ HLQJHEXQGHQ (XGR[RV KDWWH GLH VLFKHUH *UXQGODJH JHVFKDIIHQ DXI GHU $UFKLPHGHV KXQGHUW -DKUH VSlWHU DXIEDXHQ NRQQWH
+HOODV¶ 3XULWDQHU OLHHQ DOV $ULWKPyV QXU JHOWHQ ZDV ]lKOWH^F` 9RQ ,QWHUHVVH ZDUHQ LQGLYL GXHOOH (LJHQVFKDIWHQ ZLH HLQH 'UHLHFNV]DKO RGHU P\VWLVFK ZLH GLH ]X VHLQ 2SHUDWLY GLHQ WHQ LKUH =DKOHQ GHU 9HUYLHOIDFKXQJ JHRPHWULVFKHU *U|HQ 7HLOEDUNHLW JHK|UWH ]XU =DK OHQWKHRULH GHU Ä$ULWKPHWLN³ Ä/RJLVWLN³ KLH LKUH YHUS|QWH 6FKZHVWHU GLH PLW =DKOHQ UHFK QHWH^M I` 'DIU UHLFKWHQ GLH JDQ]HQ IUHLOLFK QLFKW DXV %UXFK]DKOHQ ZDUHQ DXV bJ\SWHQ XQG GHP =ZHLVWURPODQG HLQJHVFKOHSSW ZRUGHQ GDUXQWHU GLH DXI XQV JHNRPPHQHQ =Z|OIWHO EHL -DKU XQG 7DJ 1XQ GLHQWHQ VLH JULHFKLVFKHQ .DXIOHXWHQ XQG ,QJHQLHXUHQ =DKOHQUDQJ NDP LKQHQ YRU $UFKLPHGHV¶ =HLW QLFKW ]X 'LH (LQKHLW ]X ]HUSIOFNHQ JDOW GHQ SKLORVRSKLHUHQGHQ *ULHFKHQ HLQ 6DNULOHJ 9RQ GHQ bJ\SWHUQ KDWWHQ VLH *HRPHWULH JHOHUQW YRQ GHQ %DE\ORQLHUQ^M` HLQH $OJHEUD PLW JHRPHWULVFKHU %HLPHQJXQJ 'LH *ULHFKHQ VXFKWHQ DXV DOOHU $OJHEUD *HRPHWULH ]X PD FKHQ^O` 1RFK $UFKLPHGHV JLQJ HLQH *OHLFKXQJ GULWWHQ *UDGHV ZLH [D ± [ E LQ GHU :HL VH DQ GDVV HU E F G VFKULHE XP QDFK HLQHU 6WUHFNH [ ]X VXFKHQ PLW GHU GDV /lQJHQYHU KlOWQLV D ± [ F GHP )OlFKHQYHUKlOWQLV G [ JHPl (XGR[RV¶ 'HILQLWLRQ JOHLFKNDP^P` :DUXP YHUKLHOWHQ VLFK GLH *ULHFKHQ VR UHVHUYLHUW JHJHQEHU GHU $OJHEUD" 7UDXWHQ VLH OLH VLFK QLFKW DOJH GHU *HRPHWULH PHKU ]X" 'LH 3\WKDJRUHHU ZXVVWHQ [ ^Q` (LQ UDWLRQDOHV 3OlGR\HU ,FK GHQNH DEHU HLQ LUUDWLR EUDLVFK ZRKO DEHU JHRPHWULVFK O|VHQ QDOHV 0RWLY ZDU QLFKW PLQGHU VWDUN GLH 9RUOLHEH :LH IU PLFK LQ PHLQHQ IUKHQ 6FKXO MDKUHQ DOV PLU GLH *HRPHWULH (QWGHFNHUIUHXGH EHUHLWHWH ZlKUHQG LFK GHU $OJHEUD VFKRQ LKUH QLFKW HLQVHKEDUHQ 9RU]HLFKHQUHJHOQ YHUEHOWH ^` ^`
&$-25, ^D` ^E` ^F` ^G` ^H` ^I` >@ ^D` I ^E` )XQ ^F` ± ^G` I ^H` ^I` II ^J` ^K` I ^L` ^M` ^N` ^O` ^P` ^Q`
9$1 '(5 :$(5'(1
^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,$
7HLO , =HLWHQ XQG =HLWJHLVWHU '$9,6 +(56+ >@ I >@ I *(5,&.( >@ ^D` I ^E` 7+,(/( ^D` II ^E` ^F` I ./,1( >@ ^D` I ^E` I±± ^F` >@ 921 :(,=6b&.(5 :(%(5 :(//67(,1 (':$5'6 -5 ^D` II ^E` ^F` I 72(3/,7= ^D` I ^E` I ^F` ^G` %(&.(5 >@ ^D` I ^E` ^F` XQWHQ %HJUQGJ YJO^` ^G` ± ^H` ^I` ±± >@ ^J` I ^K` +(86(5 >@ %285%$., >@ ^D` I ^E` ^F` ±± >@ ^G` ^H` ^I` :8,1* ^D` I $QPHUNJ ^E` ^F` $EE 921 )5,7= >@ ^D` ^E` ^F` ^G` )LJ VLHKH GVJO >@ ^H` (8./,' I %2@ ^D` ^E` I ^F` )LJ ^G` I ^H` 0(6&+.2:6., >@ ^D` I ^E` I +$1.(/ ^D` I ^E` +($7+ >@
'HPRNULWV JHRPHWULVFKHU $WRPLVPXV HLQ ]lKOHELJHU :LGHUVSUXFK 'LH $XIO|VXQJ GHV .RQWLQXXPV =HQRQV LQGLVNUHWH 9HUIROJXQJ $ULVWRWHOHV¶ 9HUGDPPXQJ GHU $WRPH 'DV 8QHQGOLFKH EHL $ULVWRWHOHV
5lXPOLFKHU ,QKDOW ZDU HLQVW YRQ VWRIIOLFKHU 0HQJH DEVWUDKLHUW ZRUGHQ (LQH )OVVLJNHLWV PHQJH OlVVW VLFK YRQ )RUP ]X )RUP XPJLHHQ ÄXPIRUPHQ³ 9RQ IHVWHQ .|USHUQ PDJ PDQ VLFK XQP|JOLFK RGHU SUREOHPDWLVFK GLH UDXPJOHLFKH 6FKPHO]H YRUVWHOOHQ $UFKLPHGHV KDWWH GLH EHVVHUH ,GHH PLW GHU :DVVHUYHUGUlQJXQJ ,KP XQG VHLQHVJOHLFKHQ ZDU HV MHGRFK XP GLH ÄLGHHOOH³ GLH JHRPHWULVFKH 0DEHVWLPPXQJ ]X WXQ %OHLEHQ ZLU EHL GHU 9HUIRUPXQJ GHU bQGHUXQJ GHU )RUP XQWHU :DKUXQJ GHV ,QKDOWV 6LHKW PDQ ZLH VLFK .DONVSDW VSDOWHQ OlVVW VR GUlQJW VLFK GLH 9RUVWHOOXQJ DXI GHQ .ULVWDOO GXUFK 9HUVFKLHEXQJ VHLQHU 6FKLFKWHQ LQ HLQHQ 4XDGHU ]X EHUIKUHQ $OV JHRPHWULVFKHQ $NW GDWLHUW $UFKLPHGHV GHQ *HGDQNHQ LQV IQIWH YRUFKULVWOLFKH -DKUKXQGHUW YHUPXWHW LKQ EHL 'H PyNULWRV YRQ $EGHUD V ,,$ 'HU 3KLORVRSK $QD[DJRUDV GDFKWH LQ Ä=XVDPPHQKlQJHQ³ IU LKQ ZDU 0DWHULH HLQ .RQWL QXXP YRQ JUHQ]HQORVHU 7HLOEDUNHLW GHQQ HLQ .OHLQVWHV N|QQH VR ZHQLJ H[LVWLHUHQ ZLH HLQ *U|WHV^D` 'HPRNULW KLHOW QLFKWV YRQ HLQHP DPRUSKHQ %UHL HU GDFKWH ÄPRGHUQ³ ,Q LKP GHQ
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
$OWYDWHU XQVHUHU &KHPLH ]X VHKHQ LVW ]ZDU EHU]RJHQ GRFK LVW GDV $WRP GDV 8QWHLOEDUH PHKU DOV HLQH DOWSKLORORJLVFKH $QOHLKH^` -HGHQIDOOV PVVH GLH =HUOHJXQJ GHU 6WRIIH HLQH QD WUOLFKH *UHQ]H KDEHQ (U ZDU ]X VHKU UHLQHU *HRPHWHU DOV GDVV HU VHLQH $WRPH QLFKW VR JOHLFK VDFKJHUHFKW HLQJHEXQGHQ KlWWH ,Q LKUHU *HVWDOW XQG $QRUGQXQJ VDK HU GHQ *UXQG IU GLH VWRIIOLFKH 9LHOIDOW :LH VFKDUI VDK 'HPRNULW GDEHL GLH (LJHQVWlQGLJNHLW GHU *HRPHWULH" :DU IU VLH HLQ DQ GHUHU 5DXP UHVHUYLHUW RGHU WHLOWHQ VLFK GLH JHRPHWULVFKHQ 3\UDPLGHQ GHQ 5DXP PLW MHQHQ DP 1LO" =RJ 'HPRNULW GH]LGLHUW HLQH *UHQ]H ]ZLVFKHQ GHQ UHDOHQ .|USHUQ XQG GHQHQ GLH QLFKW YRQ GLHVHU :HOW VLQG" :HQQ ZLU $QDO\VLV GHU ,QKDOWH WUHLEHQ VR NUHLVW XQVHUH 9RUVWHOOXQJ XP HLQ ]XVDPPHQKlQJHQGHV 6XEVWUDW GDV ZLU QDFK %HOLHEHQ ]HUOHJHQ =XP =DQNDSIHO PDFKWH HV 'HPRNULW XQG VR PVVHQ ZLU XQV DXFK PLW GHVVHQ ± ZDKUHP RGHU YHUPHLQWOLFKHP SURJUDPPDWLVFKHP RGHU JHOHJHQWOLFKHP ± JHRPHWULVFKHQ $WRPLVPXV DXVHLQDQGHUVHW]HQ 'LH JULHFKLVFKH 3KLORVRSKLH ZDU YROOHU *HGDQNHQH[SHULPHQWH =HQRQ MHQHU DOV ]\QLVFKHU %UJHUVFKUHFN GLVNUHGLWLHUWH 6RSKLVW LQ (OHD^D` YHUDQVWDOWHWH HLQ 5HQQHQ ]ZLVFKHQ HLQHU 6FKLOGNU|WH XQG GHP IORWWHQ $FKLOO 6HLQ 6]HQDULR VLHKW HLQH ÄGLVNUHWH³ 9HUIROJXQJ YRU EHL GHU EHLGH DXI GHU NRQWLQXLHUOLFKHQ =LHOJHUDGHQ EHOLHELJ NOHLQH 6FKULWWH WXQ N|QQHQ 0LW 9RU VSUXQJ VWDUWHW GLH .U|WH EHL 3XQNW 3 ZHQQ $FKLOO EHL 3 DQNRPPW EHILQGHW VLH VLFK EHUHLWV EHL 3 8QG VR JHKW HV ZHLWHU PLW GHQ 3XQNWHQ 3 3 ZLH PLW GHQ =HLWSXQNWHQ = = ]X GHQHQ $FKLOO GHQ MHZHLOLJHQ 2UW 3Q 3 3 HUUHLFKW $G LQILQLWXP 7UXJVFKOXVV $FKLOO KROW GLH .U|WH QLH HLQ ,Q MHQHU %HVFKZ|UXQJ GHV 8QHQGOLFKHQ OLHJW GHU VRSKLVWLVFKH 7ULFN GLH ]HLWOLFKH *UHQ]H YHUPLWWHOV GHU QLFKW HQGHQGHQ =HLW6HTXHQ] DXI]XKH EHQ )UHLOLFK VLQG QXU GLH :HUWH GHU Q QLFKW GLH GHU =Q XQEHJUHQ]W GRFK HUVW LP -DKUKXQ GHUW ZXUGH GLH 9HUZHFKVOXQJVNRP|GLH DXIJHO|VW ,& =HQRQ KDWWH GHQ 1HUY GHU $QDO\VLV IUHLJHOHJW 0DQ VWHOOWH HUVFKURFNHQ IHVW ZRKLQ HV IKUHQ NDQQ ZHQQ PDQ HQGORV LQV *UEHOQ NRPPW ZHQQ ZLH KLHU DXI GHU 3LVWH GHV 7HLOHQV NHLQ (QGH LVW :ROOWH =HQRQ VDJHQ 'DV NRPPW GDYRQ ZHQQ PDQ VLFK GLH $WRPH ZHJGHQNW" $QGHUHUVHLWV ZLGHUVSUlFKH HLQ 'LVNRQ WLQXXP XQVHUHU (UIDKUXQJ YRQ GHU 6WHWLJNHLW EHL 2UW XQG =HLWZHFKVHO :LH VRQVW N|QQWH HLQ 3IHLO ± ]X MHGHU =HLW XQG ÄGDKHU³ DOO]HLW LQ 5XKH ± EHUKDXSW IOLHJHQ"^E` 'HPQDFK ZlUH %HZHJXQJ ZLHZRKO ZDKUQHKPEDU QLFKW GHQNEDU 'HU (OHDW KlWWH VLFK DOVR EHU DOOHV OXVWLJ JHPDFKW EHVWHQIDOOV VHLHQ VHLQH 3DUDGR[LHQ KHLOVDPH 3DURGLHQ JHZHVHQ"^D` :DV HU WDW ZDU EHUXIVNRQIRUP (U JDE ]X GHQNHQ
:DU HV =HQRQV *DXNHOVSLHO PLW GHP .RQWLQXXP GDV 'HPRNULW ]XP JHRPHWULVFKHQ $WRPLV WHQ KlWWH ZHUGHQ ODVVHQ" $ULVWRWHOHV EHIDQG Ä>)HUQHU@ Q|WLJW GHU ]HQRQLVFKH %HZHLV ]XU $Q QDKPH HLQHU XQWHLOEDUHQ *U|H³ XQG =HLWJHQRVVHQ HPSIDQGHQ GHQ JOHLFKHQ 1RWVWDQG 'DV =LWDW HQWVWDPPW GHP HUVWHQ 7HLO GHU VHLQHQ 1DPHQ WUDJHQGHQ 6FKULIW ÄhEHU XQWHLOEDUH /LQL HQ³^D ` ZLHGHUJHJHEHQ LQ %DQG ,, GHU $ULVWRWHOLV 2SHUD :HQLJ /LQLHQWUHXH ]HLJW XQVHU $XWRU LQ %DQG ,,, ZR HU ]XU /HKUH GHU /LQLHQDWRPH PHLQW^D` GDVV VLH ÄVR ]LHPOLFK DOOHP LQ GHU 0DWKHPDWLN ZLGHUVSUHFKH³^E` XQG DQIKUW LQ HLQHP 'UHLHFN DXV DWRPDUHQ 6HLWHQ PVV WHQ GLHVH GXUFK GLH /RWH KDOELHUW ZHUGHQ^F` :HQQ VROFK HLQ /LQLHQDWRP IUV 7HLOHQ ]X NXU]
7HLO , =HLWHQ XQG =HLWJHLVWHU
ZlUH GDQQ NlPHQ ]ZHL Ä*UQGH³ LQ )UDJH ÄH[WUHP NXU]³ RGHU DEHU ÄNU]HU DOV MHGH DQJH QRPPHQH .U]H³ /HW]WHUH 'HXWXQJ UHLFKW XQVHUHP (SVLORQ GLH +DQG $P (QGH LVW IU $ULV WRWHOHV ÄDOOHV .RQWLQXLHUOLFKH LQ HLQ VWHWV ZLHGHU 7HLOEDUHV WHLOEDU³^D` :DV VRHEHQ JHJHQEHUJHVWHOOW ZXUGH HQWVSULFKW GHU VFKDUIVLQQLJHQ 'LIIHUHQ]LHUXQJ GLH $ULVWRWHOHV DP Ä8QHQGOLFK³ YRUQDKP HLQH VHLQHU EOHLEHQGHQ /HLVWXQJHQ 'LH (LQVLFKW GDVV PDQ MHGH QRFK VR JURH QDWUOLFKH =DKO GXUFK HLQH QRFK JU|HUH EHUWUHIIHQ NDQQ IDVVW PDQ LQ GLH :RUWH HV JHEH ÄSRWHQ]LHOO XQHQGOLFK³ YLHOH VROFKHU =DKOHQ :HQQ ZLU DOOHUGLQJV YRQ GHU 0HQJH DOOHU QDWUOLFKHQ =DKOHQ UHGHQ VR OLHJW HLQH DQGHUH 6LFKWZHLVH YRU 1XQ PDQ NDQQ GLHVH 0HQJH QLFKW EHUEOLFNHQ ZUGH VLFK MHGRFK EHL GHU 0HQJH GHU 6WDPPEUFKH ò ѿ « ZHQLJHU EHUIRUGHUW IKOHQ =XVDPPHQIDVVXQJHQ GLHVHU $UW KLHHQ VSlWHU HLQ LQILQL WXP DFWX HLQ YROOHQGHWHV RGHU ÄDNWXDOHV 8QHQGOLFK³ 9RQ GLHVHP .UDIWDXVGUXFN KLHOW $ULV WRWHOHV JDU QLFKWV ZDUQWH HLQGULQJOLFK YRU HLQHP VROFKHQ Ä%HJULII³ 'HU VROOWH ]X DOOHQ VSlWH UHQ =HLWHQ 5lWVHO DXIJHEHQ XQG 9HUZLUUXQJ VWLIWHQ LQ LKP KDW GLH PRGHUQH *UXQGODJHQNULVH LKUH :XU]HO 'LH 0DWKHPDWLNHU MHQHU =HLW KDWWHQ QRFK NHLQ HLJHQHV *HKHJH NDPSLHUWHQ LQ MHGZHGHP 6LQQ XQWHU GHP 'DFK GHU 3KLORVRSKLH $ULVWRWHOHV ZDU GHUHQ VR ZHQLJ HLQHU ZLH ]XYRU 3ODWRQ %HLGH EWHQ MHGRFK (LQIOXVV DXI GDV 9HUKlOWQLV LQ GHP VLFK GLH *HRPHWHU ]X GHQ DEVWUDNWHQ *HJHQVWlQGHQ LKUHV 7XQV VDKHQ :LU NRPPHQ GDUDXI XQWHU ,% ,& ]XUFN ,Q VHLQHP 5DWL RQDOLVPXV ZDU $ULVWRWHOHV EHUXIHQ GHQ *UXQG XQVHUHU :LVVHQVFKDIWOLFKNHLW ]X OHJHQ 'DV YHUOHLKW LKP $XWRULWlW DOV 9RUPXQG GHU 0DWKHPDWLN^D`
(LQH EDQDOH .RQVHTXHQ] GHU JHRPHWULVFKHQ $WRPH LVW GDVV HLQ 0LQGHVWPD DQ $XVGHKQXQJ XQHQGOLFK YLHOH DXI HQGOLFKHP 5DXP YHUELHWHW 3HUSOH[ VROO 'HPRNULW YRU GHP .HJHO JHVWDQ GHQ KDEHQ DOV HU VLFK GHVVHQ $WRPH ]X JHVWDSHOWHQ .UHLVVFKHLEHQ YHUHLQW YRUVWHOOWH %LOOLJWH HU GLHVHQ HLQH 'LFNH ]X VR HFNWH HU EHLP JODWWHQ .HJHOPDQWHO DQ VRQVW MHGRFK KlWWHQ VLH XQXQWHUVFKHLGEDU VHLQ XQG HLQHQ =\OLQGHU ELOGHQ PVVHQ^G E` 0VVHQ GRFK QLFKW N|QQHQ GHQQ RKQH 'LFNH JDE¶V NHLQH UlXPOLFKH *U|H QDFK GHP *UXQGVDW] GDVV HLQH *U|H QLFKW YRQ *U|HORVHP DXV]XIOOHQ VHL %HJUQGHQ OLH VLFK WUHIIOLFK ZDUXP HWZDV QLFKW VHLQ NRQQ WH ZDV GDJHJHQ VHLQ VROOWH IDQG NHLQ VR UHFKWHV %HNHQQWQLV Ä$SRULHQ³ KHLW HV EHL GHQ 3URILV ZHQQ GLH 7U QLFKW ]XJHKW RGHU XP LP :RUW ]X EOHLEHQ ZHQQ VLFK NHLQH Ä3RUH³ NHLQ +LQWHUWUFKHQ |IIQHW 1DFKGHP HLQ HUQVW JHPHLQWHU $WRPLVPXV QLFKW PHKU HUQVW ]X QHKPHQ ZDU VROOWH HV HLQH DEJHVSHFNWH )RUP EULQJHQ 8QHQGOLFK GQQHU 6FKHLEFKHQ KlWWH HV XQHQG OLFK YLHOHU EHGXUIW XQG VR PXVVWH VLFK KDOW DXFK 'HPRNULW JHIDOOHQ ODVVHQ PLW XQHQGOLFK YLHO .OHLQNUDP LQ 9HUELQGXQJ JHEUDFKW ]X ZHUGHQ 0DQFKH PHLQHQ =HQRQ KDEH $FKLOOHV GD]X EHQXW]W GHQ VHLQHU]HLW XQEHNPPHUWHQ 8P JDQJ PLW 8QHQGOLFKNHLWHQ ]X SDURGLHUHQ^E` ZDV DEHU LQ %H]XJ DXI 'HPRNULW ]HLWOLFK ZLH VDFKOLFK QLFKW KLQNRPPW^F` 'DV .RQWLQXXP EOLHE HLQ 5lWVHO VFKOLHOLFK KLQJHQ DXFK GLH $WRPH ]XVDPPHQ Ä7UDFWDWXV GH FRQWLQXR³^` KHLW HLQH 6FKULIW DXV GHP -DKUKXQGHUW ]XP 9HUKlOWQLV GHV 6WHWLJHQ ]XP 'LVNUHWHQ ,Q ^` ILQGHQ VLFK DXFK GLH XQWHUVFKLHGOLFKHQ $XIIDVVXQJHQ YRP .RQWLQXXP DXV 6LFKW GHV VSlWHQ 0LWWHODOWHUV +HXWH VWUHLWHQ +LVWRULNHU GDUEHU ZLH ZHLW VLFK ZHU ZR]X EHNDQQWH YJO GLH 3RVLWLRQHQ ^DE` .HLQ *HULQJHUHU DOV
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
2WWR 7RHSOLW] VFKUHLEW EHWUHIIV 'HPRNULWV (LQVWHOOXQJ ]XP JHRPHWULVFKHQ $WRPLVPXV VLH VHL LKP ÄDXV GHP 9LHOHQ ZDV PDQ GDUEHU JHGUXFNW KDW QRFK QLH NODU JHZRUGHQ³^E` 0LVVYHUVWDQGHQ RGHU QLFKW 'HPRNULW VWHKW IU HLQHQ PHKU RGHU PLQGHU QDLYHQ 9HUVXFK HLQHU Ä$QDO\VLV³ GK $XIO|VXQJ OêVLV JHRPHWULVFKHU *DQ]KHLWHQ LQ VXEOLPH Ä(OHPHQ WH³^` ,KUH HUVWH %HZlKUXQJ YHUPXWHW $UFKLPHGHV KLQWHU 'HPRNULWV Ä6DW]³ PLW GHP HU GLH DOWlJ\SWLVFKH )DXVWUHJHO YRP 3\UDPLGHQLQKDOW EHVWlWLJW ,,$ 'HPQDFK KlWWH 'HPRNULW PLW VHLQHU SODXVLEOHQ %HVWLPPXQJ GHV 7HWUDHGHU,QKDOWV GHQ 5HLJHQ MHQHU (LHUWlQ]H HU|IIQHW GLH GDQQ LQ QHXHUHU =HLW XP GLH ,QGLYLVLEOHQ XQG 'LIIHUHQ]LDOH DXIJHIKUW ZXUGHQ )OFKWLJH :H VHQ LQ GHU (UEIROJH GHU $WRPH iWRPRV LQGLYLVtELOLV XQWHLOEDU DOOHQIDOOV ]X FKDUDNWHULVLH UHQ GXUFK LKUH HUIROJUHLFKH +DQGKDEXQJ %HL ÄULFKWLJHU³ 9HUZHQGXQJ HU]LHOWH PDQ PLW LKQHQ HUVWDXQOLFKH (UJHEQLVVH ,,/ 0 X 1 'RFK ZDV GHQQ GLH 'LIIHUHQ]LDOH HLJHQWOLFK VHLHQ GDUDXI ZUGHQ LKUH 6FK|SIHU GLH $QWZRUW VFKXOGLJ EOHLEHQ XQG VR NDP HV GDVV 1HZWRQV VFKDUIHU .ULWLNHU GHU ELVFK|IOLFKH 3KLORVRSK *HRUJH %HUNHOH\ GLH 5FNNHKU ]XP $WRPLV PXV SUHGLJWH 'DQDFK JlEH HV NHLQH LQNRPPHQVXUDEOHQ 6WUHFNHQ PLWKLQ DXFK QLFKWV ,UUDWLR QDOHV MHQVHLWV GHU 7KHRORJLH «^E` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,$
72(3/,7= ^D` ^E` +(86(5 >@ ± ./,1( >@ ^D` ^E` ^F` 9$1 '(5 :$(5'(1 >@ ^D` ^E` I )XQ ^F` ±± >@ ^G` I +($7+ >@ ± :,(/(,71(5 >@ ^D` ± ^E` ^F` %(&.(5 >@ ^D` ^E` +(56+ ^D` ^E` -86&+.(:,76&+ %2@ ^D` /85,$ V DXFK 6 Ä$QPHUNJ GHU 5HGDNWLRQ³ ^E` 6758,. I 6&5,%$ 6&+5(,%(5 >@ I >@
4XDGUDWXU XQG ([KDXVWLRQ 'DV :LH XQG 2E GHU .RQVWUXNWLRQHQ (XGR[RV¶ %HZHLVPXVWHU
*UXQGVlW]OLFKHV ]X Ä0DEHVWLPPXQJ³ HQWKLHOW ,$ 6WLFKZRUW 4XDGUDWXU *U|HQYHUJOHLFK ZlUH GXUFK =HUOHJXQJ RGHU PDWUHXH 8PIRUPXQJ ]X EHZHUNVWHOOLJHQ 'LH 3KLORVRSKLH KDWWH KLHU HLQH %DUULHUH JHVHW]W PLW $ULVWRWHOHV¶ *UXQGVDW] GDVV LQ MHGHU 'LPHQVLRQ GDV .UXPPH XQG GDV *HUDGH QLH YRQ JOHLFKHU *U|H VHLQ N|QQH 'LH 0DWKHPDWLNHU OLHHQ VLFK QLFKW DE VFKUHFNHQ $XI PDQFKHUOHL $UW ZXUGH VSDQORV XPJHIRUPW 3ODWRQV 5HLQKHLWVJHERW YHUODQJWH GDEHL QXU GHQ =LUNHO XQG GDV XQPDUNLHUWH /LQHDO ]X YHUZHQGHQ 0LW LKQHQ NRQQWH PDQ EHLP .HQQWQLVVWDQG GHU 3ODQLPHWULH HLQ 9LHOHFN OHLFKW LQ HLQ LQKDOWVJOHLFKHV 4XDGUDW YHUZDQGHOQ VLHKH %HPHUNXQJHQ LQ ,,% X ' 'RFK ZDU VR YHUVWDQGHQ DXFK GLH VSULFKZ|UWOLFK JHZRU
7HLO , =HLWHQ XQG =HLWJHLVWHU
GHQH Ä4XDGUDWXU GHV .UHLVHV³^D D` P|JOLFK DXV GHP 5DGLXV GLH .DQWH ]X NRQVWUXLHUHQ" (WZD GLH .XEDWXU GHU .XJHO GLH .RQVWUXNWLRQ GHU :UIHONDQWH DXV GHP .XJHOUDGLXV" 6Sl WHU EHUWUlJW VLFK Ä4XDGUDWXU³ DXI MHGH ZLH DXFK LPPHU JHDUWHWH %HVWLPPXQJ YRQ )OlFKHQLQ KDOWHQ 'HU 9DWHU GHV KLSSRNUDWLVFKHQ (LGHV KDWWH HLQHQ 1DPHQVYHWWHU GHU VLFK HLQHQ HLJHQHQ 1DPHQ ]X PDFKHQ ZXVVWH LQGHP HU PLW =LUNHO XQG /LQHDO GLH $EE , VFKXI YRQ GHU HU PLW 5HFKW EHKDXSWHWH 'LH 6LFKHO ]ZLVFKHQ JURHP 9LHUWHO XQG NOHLQHP +DOENUHLV JOHLFKW GHP 4XDGUDW )U GHQ .HQQHU LVW VLH HLQHV GHU ÄKLSSRNUDWLVFKHQ 0|QGFKHQ³ YJO $EE ,, (V ZLUIW HLQ VFKOHFKWHV /LFKW DXIV 'RJPD GHV $ULVWRWHOHV ,QGHV GLHV ZDU HLQ YRQ GHQ *|WWHUQ JHZlKUWHU 7ULXPSK YROO WHXIOLVFKHU 7FNH 'HQ 9ROOPRQG ]X EHJUDGLJHQ VROOWH VLFK DOV XQHUIOOEDU HUZHL VHQ $EE , 'LH HLQ]LJH 4XDGUDWXU GHV 0RQGHV (EHQVR ZLH GDV 9HUODQJHQ GHV 2UDNHOV ]X 'HOSKRV GHQ NXELVFKHQ $OWDU DXI 'HORV PLW 3ODWRQV :HUN]HXJ ]X YHUGRSSHOQ^E` í GDEHL EHGXUIWH HV GRFK IUV GRSSHOWH 4XDGUDW EOR HLQHV )HGHUVWULFKV QlPOLFK GHU 'LDJRQDOH :LH DXFK GDV +DOELHUHQ MHGZHGHQ :LQNHOV JH OLQJW QLFKW MHGRFK GDV 'ULWWHOQ^F` $OOHU YHUIOXFKWHQ 3UREOHPH ZDUHQ GUHL^D ` 0DQ YHUVWDQG VLH MHZHLOV DOV $XIJDEH $OV VROFKH QLFKW VHOEVW LQ )UDJH JHVWHOOW YHUODQJWHQ VLH 6FKDUIVLQQ YRU DOOHP XQHUPGOLFKH $XVGDXHU 'LH 4XDGUDWXU GHV .UHLVHV ZXUGH ]XU 0XW WHU GHU .HJHOVFKQLWWH %HUXIHQH XQG 8QEHUXIHQH YHUKREHQ VLFK JOHLFKHUPDHQ DQ GLHVHP 6WHLQ GHU :HLVHQ %LV PDQ DOO GLH 3UREOHPH DOV XQO|VEDU HQWODUYHQ NRQQWH TXlOWHQ VLFK GLH 0HQVFKHQ JXW ]ZHL -DKUWDXVHQGH PLW GHP .UHLV DE (LQ ZHQLJ EHUWULHEHQ GDV PLW GHU 0HQVFKKHLW GRFK VHLQHU]HLW EHZHJWH MHQHU 'HQNVSRUW HLQ JDQ]HV 9RON 'HU .RP|GLHQGLFK WHU $ULVWRSKDQHV JDE GHQ /RUEHHU DQ GHQ 4XDGULHUHU GHU PLW JHNUHX]WHQ 'XUFKPHVVHUQ HL QHP .UHLV ]X YLHU UHFKWHQ :LQNHOQ YHUKROIHQ KDWWH^G D`
+DWWHQ 'HPRNULW XQG VHLQHVJOHLFKHQ LKUH )OlFKHQ XQG .|USHU LQ XQGHILQLHUEDUH 6WUHLIHQ XQG 6FKLFKWHQ ]HUOHJW VR JLQJ PDQ ZHQLJ VSlWHU ]X +DQGIHVWHUHP EHU ZLH 'UHLHFNHQ 3ULVPHQ 'D]X ZXUGHQ GHU )LJXU LPPHU JU|HUH 3RO\JRQH E]Z 3RO\HGHU HLQEHVFKULHEHQ LQ GHU $E VLFKW VLH GDPLW ÄUHVWORV³ DXV]XVFK|SIHQ :DV QXU EHGHXWHQ NRQQWH GLH 5HVWH EHOLHELJ NOHLQ ]X PDFKHQ ([KDXVWLRQ ZLUG '¶$OHPEHUW GDV QHQQHQ V ,,$ (LQH 9DULDQWH ZDU GDV 2E MHNW ]XJOHLFK YRQ DXHQ HLQ]XVFKDFKWHOQ 6ROFK V\VWHPDWLVFKH $QQlKHUXQJ ZXUGH ]XP /HLW JHGDQNHQ HLQHU EHUHLWV ÄDQDO\WLVFK³ ]X QHQQHQGHQ ,QKDOWVEHVWLPPXQJ ,KU 8UKHEHU ZDU EH VDJWHU (XGR[RV ]XP 0HLVWHU GHU $QZHQGXQJ ZXUGH $UFKLPHGHV =X ]ZHFNPlLJHU ([KDXVWLRQ GHV .UHLVHV ELHWHQ VLFK UHJHOPlLJH 9LHOHFNH DQ GHUHQ (FNHQ]DKO XQEHJUHQ]W ZlFKVW 0LWWHOV REHQ HUZlKQWHU 8PZDQGOXQJ NRQQWH PDQ VR GHP .UHLV PLW 4XDGUDWHQ EHOLHELJ QDKH NRPPHQ 'HU 6RSKLVW $QWLSKRQ =HLWJHQRVVH YRQ +LSSR NUDWHV VDK GHQQ DXFK LP UHJHOPlLJHQ 8QHQGOLFKHFN QLFKW QXU ÄSUDNWLVFK³ GLH 4XDGUDWXU GHV
,$ 'DV NODVVLVFKH =HLWDOWHU DEHQGOlQGLVFKHU 0DWKHPDWLN
.UHLVHV YROO]RJHQ^H E` XQG VROO PLW VHLQHQ .RQVWUXNWLRQVVFKULWWHQ GHQ $QVWR ]X (XGR[RV¶ 0HWKRGH^I E ` JHJHEHQ KDEHQ .ULWLVFKHV VLHKH ^E` 2GHU PDQ DUJXPHQWLHUWH VR :R HLQ XQG XPEHVFKULHEHQH DOVR NOHLQHUH XQG JU|HUH 3RO\JRQH VLQG PXVV DXFK HLQ JOHLFK JURHV VHLQ GHU JROGHQH 0LWWHOZHJ RGHU GLH 4XDGUDWXU PLW GHU %UHFKVWDQJH 6LHKH ^E` ]XU (QW VFKHLGXQJ GHV 3UREOHPV 0LW +LSSRNUDWHV EHJDQQ HLQH Ä*U|HQ/HKUH³ LKUH 9HUWLHIXQJ HUIXKU VLH GXUFK (XGR[RV ,$ ,,% 6ROOWHQ HLQVW GLH %DXHOHPHQWH H[WUHP NOHLQ VHLQ VR ZUGHQ QXQ NRQNUHWH 5HVWH EHOLHELJ NOHLQ ZHUGHQ 'DV ZDU EHUHLWV PRGHUQH $QDO\VLV *U|HQ OLHHQ VLFK LQ *OHLFKXQJ XQG 8QJOHLFKXQJ VHW]HQ ÄJOHLFK³ ]X EHZHLVHQ KLH ÄJU|HU³ XQG ÄNOHLQHU³ ]X ZLGHUOHJHQ GXUFK GLH VSlWHU VR JHQDQQWH ÄGRSSHOWH³ UHGXFWLR DG DEVXUGXP (UVW ]X XQVHUHU =HLW ZUGH PDQ VLFK ZLHGHU GHV :HUWHV YRQ 8QJOHLFKXQJHQ EHZXVVW ZHUGHQ 'DV HUODXEWH JOHLFKDUWLJH ,QKDOWH LQ HLQHP SUl]LVHQ 6LQQH PLWHLQDQGHU ]X YHUJOHLFKHQ ,,% & X ' (XGR[RV PDFKWH YRU ZLH %HUQKDUG 5LHPDQQ LP -DKUKXQGHUW VHLQHQ ,QWHJUDOEHJULII RUJDQLVLHUW -HQHU KDWWH GHQ :HJ HLQJHVFKODJHQ DXI GHP $UFKLPHGHV IRUWVFKULWW XP GDV ,QILQLWH ]X XPJHKHQ (V ZXUGH HQWEHKUOLFK GDV ZDU )RUWVFKULWW $XFK ZHQQ LQ QXU HLQHU 5LFKWXQJ ^` ^` ^` ^` ^` ^`
,$
58',2 ^D` ± ^E` ± +($7+ >@ ^D` ± ^E` ± ^F` ± ^G` I ^H` I ^I` &$-25, ^D` ^E` ./(,1 ± ± ± .1255 9$1 '(5 :$(5'(1 >@ ^D` I ^E` I +$1.(/ I
$UFKLPHGHV GHU OHLEKDIWLJH +HUNXOHV +HXULVWLN XQG %HZHLV 8QW\SLVFKHV GLH 7DQJHQWH GHU DUFKLPHGLVFKHQ 6SLUDOH
(XGR[RV KDWWH HLQH 7KHRULH VRZLH GLH 7HFKQLN LKUHU $QZHQGXQJ JHVFKDIIHQ GHQ NHLPIUHLHQ %HZHLV GHU LQ MQJHUHU =HLW GDV (WLNHWW ([KDXVWLRQVPHWKRGH HUKLHOW =ZHLIHOORV GDV HUVWH 3Ul]LVLRQVZHUN]HXJ GHU $QDO\VLV ± GRFK ZDU HV HLQH 0HWKRGH" :R VROOWH PDQ GDV :HUN]HXJ DQVHW]HQ" 6HLQH %HGLHQXQJ EUDXFKWH HLQHQ $QKDOWVSXQNW HV VHOEVW JDE NHLQHQ +LQZHLV GDU DXI 6R XQG VR JHVHKHQ ZDU GLH ([KDXVWLRQ HLQ VWHULOHV ,QVWUXPHQW (QWGHFNXQJ XQG %HZHLV ILHOHQ DXVHLQDQGHU MHGHQIDOOV JUXQGVlW]OLFK +LOIUHLFK ZHQQ QLFKW XQYHU]LFKWEDU ZDU GLH +HXULVWLN GLH .XQVW ]X ILQGHQ KHXUtVNHLQ 'DULQ EHUWUDI QLH PDQG GHQ $UFKLPHGHV ,,* 'RFK VR EHU]HXJHQG VHLQH 'HPRQVWUDWLRQHQ DXFK VLQG VLH JH K|UHQ DXI GHQ 9RUKRI GHU 0DWKHPDWLN 'DV EUDXFKWH LKP NHLQHU ]X VDJHQ +HLOLJ LVW LKP GHU %HZHLV GDV DQGHUH LVW Ä+LQZHLV³ pPSKDVLV 'HQNW HU VLFK EHL GHU 9RUEHUOHJXQJ HLQH )L JXU GXUFK Ä(OHPHQWH³ ]ZHFNJHPl VWUXNWXULHUW VR IROJW HU HLQ 6WFN ZHLW GHP DOWHQ 'HPR NULW QLH DEHU LVW |IIHQWOLFK YRQ XQHQGOLFK VFKPDOHP RGHU GQQHP =HXJ GLH 5HGH 9RQ DQGH
7HLO , =HLWHQ XQG =HLWJHLVWHU
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lKQOLFK ZLH GLH 6NL]]HQ GLH GHP *HPlOGH HLQHV JURHQ 0DOHUV YRUDXVJHKHQ
'DV REHQ 6NL]]LHUWH EHWULIIW $UFKLPHGHV¶ %HKDQGOXQJ YRQ )OlFKHQ XQG .|USHULQKDOWHQ LVW W\SLVFK IU GLH VLFK LQ Ä,QWHJUDWLRQ³ HUVFK|SIHQGH JULHFKLVFKH ,QILQLWHVLPDO0DWKHPDWLN ,KU VWHKW LQ QHXHUHU =HLW ÄGDV 7DQJHQWHQSUREOHP³ JHJHQEHU 8QG ZHLO VLFK GDKLQWHU ZHLW PHKU DOV HLQ JHRPHWULVFKHV Ä5DQGSUREOHP³ YHUELUJW VR KDW PDQ QDFK DOWHQ 6SXUHQ JHVXFKW 'LH 7DQJHQWH DP .UHLV ZDU 6DFKH YRQ =LUNHO XQG /LQHDO DQVRQVWHQ ZXUGHQ EHL .HJHOVFKQLWWHQ GLH $OH[DQGULQHU XP $SROORQLRV WlWLJ (LQ KLQOlQJOLFKHU %HJULII HLQH .RQVWUXNWLRQ GDQDFK 9HULIL]LHUXQJ GXUFK :LGHUVSUXFKVEHZHLV $OOHLQ EHL $UFKLPHGHV GHU XP GLHVHOEH =HLW VHLQ HLQ]LJHV 7DQJHQWHQSUREOHP DXIJUHLIW OlVVW VLFK ZDV GLH $XIILQGXQJ GHU 7DQJHQWH DQODQJW EHU HLQH 9HUELQGXQJ ]X 1HZWRQV 'LIIHUHQ]LDOUHFKQXQJ VSHNXOLHUHQ^ D ` 'HP ZLUG LQ ,,+ QDFKJHJDQJHQ 'HU %HGHXWXQJ ZHJHQ KLHU VFKRQ HLQPDO HLQ 5HVPHH 2EMHNW LVW GLH DUFKLPHGLVFKH 6SLUDOH $QGHUV DOV GLH .HJHOVFKQLWWH GLH LKU ]HLWORVLGHDOHV :HVHQ WULHEHQ ]HLFKQHW GLHVH HEHQH .XUYH HLQH 3XQNWEHZHJXQJ QDFK JHK|UW DOV Ä%DKQNXU YH³ ]X GHQ í ZHQQ DXFK YLUWXHOO í ÄPHFKDQLVFK³ HU]HXJWHQ .XUYHQ 'LH Ä+HOL[³ HUVFKHLQW RKQH HUNHQQEDUHV =LHO NRQVWUXLHUW XQG $UFKLPHGHV YHUUlW RIIHQEDU QLUJHQGV ZLH HU DXI GLH .RQVWUXNWLRQ LKUHU 7DQJHQWH NDP (V VHL HLQ 9HUJQJHQ GDV HU GHQ 0DWKHPDWLNHUQ QLFKW YRUHQWKDOWHQ ZROOH VR VFKUHLEW HU GD]X KLQWHUVLQQLJ XQG PHLQW VLFKHU VHLQH DUURJDQWHQ .ROOH JHQ LQ $OH[DQGULD^D` 1XQ HV ZDU GLH 7DQJHQWH DQ HLQH %DKQ GLH DXV GHU hEHUODJHUXQJ ]ZHLHU %HZHJXQJHQ UHVXOWLHUW HLQHU JHUDGHQ XQG HLQHU NUHLVHQGHQ + PLWKLQ HLQ 6]HQDULR ZRIU LP -DKU KXQGHUW 7DQJHQWHQ ]XQlFKVW NRQVWUXLHUW GDQQ YRQ 'HVFDUWHV DEJHVHKHQ GXUFK 1HZWRQ EH UHFKQHW ZXUGHQ ,VW HV GD DEZHJLJ ]X YHUPXWHQ GDVV $UFKLPHGHV PLW LKP HLQH 9LVLRQ WHLOWH" 'RFK ZHQQ ZDUXP YHUIROJWH HU VLH QLFKW ZHLWHU"^` :HQQ GDQQ VDK HU GDULQ ZRKO QXU HLQHQ 7ULFN LP 'LHQVWH HLQHV K|KHUHQ GHV JHRPHWULVFKHQ =ZHFNHV 0DJ VHLQ HLQH Ä$QDO\VLV GHV (LQGLPHQVLRQDOHQ³ ZlUH IUKHU LQ *DQJ JHNRPPHQ KlWWH HV ZLH MHPDQG VDJWH GDPDOV PHKU .XUYHQ JHJHEHQ +LVWRULNHU ZDUQHQ XQV YRU %HIDQJHQKHLW^E` :DUQHQ PXVV PDQ DEHU DXFK GDYRU $UFKLPHGHV ]X ZHQLJ ]X]XWUDXHQ
$UFKLPHGHV ZDU GDV $OOURXQGJHQLH GHU $QWLNH LKU 1HZWRQ^E` 'LH VWDWLVFKH 0HFKDQLN YHU GDQNW LKP LKUH *UQGXQJ VHLQH WHFKQLVFKH 9LHOVHLWLJNHLW ZDUG /HJHQGH 0DWKHPDWLVFK ZLUN WH HU ]ZDU QLFKW VFK|SIHULVFK ZLH (XGR[RV GRFK HEHQVR ÄSURIHVVLRQHOO³ 3K\VLNDOLVFK YHU
,% (LV]HLW ± $XV]HLW
ELQGHW LKQ PLW 1HZWRQ GDV )DV]LQRVXP GHU .UDIW Ä'\QDPLN³ ]XP HLQHQ VWDWLVFK ]XP DQGH UHQ LP HQJHQ QHXHUHQ 6LQQH G\QDPLVFK %HLGHU 0DWKHPDWLN JDOW GHU %HZlOWLJXQJ GHV ,QILQL WHVLPDOHQ ZREHL VLH VLFK DOOHUGLQJV LQ LKUHU (LQVWHOOXQJ ]XU 6WUHQJH JHK|ULJ XQWHUVFKLHGHQ 0LW DOO GHQ ,PSOLNDWLRQHQ YRQ 9RUVLFKW XQG :DJHPXW 'HU (QWGHFNHUUDXVFK GHV 0DQQHV LQ 6\UDNRV YHUKDOI GHU 0DWKHPDWLN ]X LKUHP HUVWHQ +| KHQIOXJ 6HLQ *HVFKLFN EUDFKWH GLH 6FK|SIXQJ GHV (XGR[RV ]XU (QWIDOWXQJ 6LH KREHQ DXV GHU 7DXIH ZDV VSlWHU $QDO\VLV KHLHQ ZUGH 6FKRQ VHLQ HWZDV MQJHUHU =HLWJHQRVVH XQG *HJHQVSLHOHU $SROORQLRV PDFKWH NHLQHUOHL *HEUDXFK PHKU GDYRQ 'RFK IU GLH DEHQGOlQGL VFKH 0DWKHPDWLN VROOWH HV LQVJHVDPW QRFK VFKOLPPHU NRPPHQ $UFKLPHGHV EUDFKWH MHQHV ÄKHURLVFKH =HLWDOWHU³ ]XP NU|QHQGHQ $EVFKOXVV :DV IROJWH ZDU HLQH VHKU ODQJH (SRFKH RKQH YHUJOHLFKEDUH (QWGHFNXQJHQ XQG HLQH ODQJH YRQ PDQJHOQ GHU %HZHLVNXOWXU =XP )RUWVFKULWW JHK|UW DXFK GDV 1HEHQHLQDQGHU YRQ )LQGHQ XQG %HZHLVHQ ZR P|JOLFK GXUFK ]LHOVLFKHUH 0HWKRGHQ ]X HUVHW]HQ RGHU HUJlQ]HQ ZDV GLH 1HX]HLW EHU GLH 6\VWHPDWLVLHUXQJ GHU 3UREOHPH DQVWUHEW 8QYHU]LFKWEDU EOHLEW IUHLOLFK HLQH ,QWXLWLRQ QDFK $UFKLPHGHV¶ 9RUELOG ^` ^` ^` ^`
,%
67,//:(// >@ %2@ *(5,&.( >@ .1255 ^D` I ^E` QRWH %285%$., >@ 9$1 '(5 :$(5'(1 >@ ^D` ^E` II
(LV]HLW ± $XV]HLW 1LHGHUJDQJ GHU JULHFKLVFKHQ 0DWKHPDWLN ,KUH %HZDKUXQJ LP IUKHQ 0LWWHODOWHU 1HRSODWRQLVPXV
$UFKLPHGHV PDUNLHUW GHQ *LSIHO XQG ]XJOHLFK GHQ $QIDQJ YRP (QGH GHU JULHFKLVFKHQ 0D WKHPDWLN ,KU .HLPHQ XQG %OKHQ ZlKUWH UXQG YLHUKXQGHUW -DKUH HWZD HEHQVR ODQJH ZHONW VLH QXQ GDKLQ 'LH 5|PHU NRPPHQ IU HLQH )RUWIKUXQJ QLFKW LQ )UDJH VLH KDEHQ EHL DOO LKUHP WHFKQLVFKHQ 7DOHQW NHLQHQ 1HUY IUV 7KHRUHWLVFKH &LFHUR VFKUHLEW LKU ,QWHUHVVH DQ 0DWKH PDWLN HQGH EHL GHUHQ 1W]OLFKNHLW^ D` .ROODWHUDOVFKlGHQ GHU )HOG]JH SDVVHQ LQV %LOG $U FKLPHGHV ± DXI 6L]LOLHQ HUVFKODJHQ ZLUG 2SIHU GHV =ZHLWHQ 3XQLVFKHQ .ULHJHV ± IDFNHOW &lVDU GLH %LEOLRWKHN YRQ $OH[DQGULD DE PLW LKUHQ %lQGHQ GDV GDPDOLJH :HOWNXOWXUHUEH (QG]HLWOLFK PXWHW DQ DOV HLQ QXQPHKU FKULVWOLFKHU Ä&lVDU³ GHU RVWU| PLVFKH -XVWLQLDQ , GLH OHW]WHQ 3KLORVRSKHQVFKXOHQ LQ $WKHQ GLFKWPDFKW^D ` 'LHVH =HLWPDUNHQ VDJHQ QLFKWV EHU GLH LQQHUHQ *UQGH GHV 9HUIDOOV 9LHOOHLFKW VFKLHQ GLH +LQWHUODVVHQVFKDIW GHU JULHFKLVFKHQ 0DWKHPDWLNHU ]X SHUIHNW HEHQ ÄDEJHVFKORVVHQ³ MHGHQIDOOV ZXUGH LKU :HUN ± DQGHUV DOV GLH ZHLO DVWURORJLVFKH $VWURQRPLH ± QLFKW DQVFKOLH
7HLO , =HLWHQ XQG =HLWJHLVWHU
HQG IRUWJHIKUW DOOHQIDOOV SULQ]LSLHQWUHX YHUZDOWHW 0HKU QRFK 'HU 6WLOOVWDQG EHGHXWHWH 5FNVFKULWW^D` :HVKDOE" $OV (UVWHV NDP GLH :HLWHUJDEH DQ 6FKOHU ]XP (UOLHJHQ 1LFKW QXU GDVV YLHOH 6FKULIWHQ XQZLHGHUEULQJOLFK YHUORUHQ JLQJHQ VFKRQ PLW GHP VFKULIWOLFKHQ hEHUOLHIHUQ ZDU GDV VR HLQH 6DFKH 9HUVWlQGQLV XQG 9HUVWlQGLJXQJ EUDXFKHQ GHQ VDFKJHUHFKWHQ 6SUDFKWUlJHU :LU EHVLW ]HQ LKQ XQG N|QQHQ VFKZHUOLFK HLQVFKlW]HQ ZDV HV KHLW EHU NHLQH VHOEVWUHGHQGH 6\PERO VFKULIW ]X YHUIJHQ 'LH OHLEQL]VFKH 1RWDWLRQ ]XU ,QILQLWHVLPDOUHFKQXQJ KLHOW VLFK EHU GLH -DKUKXQGHUWH XQG ]HLJW ZLH ZLFKWLJ ]ZHFNPlLJH =HLFKHQ VLQG 6FKRQ HLQIDFKH (UJHEQLVVH ZDUHQ VFKZHU ]X EHVFKUHLEHQ XQG VHW]WHQ GHQ YHUVLHUWHQ /HVHU YRUDXV LQ GHU 5HJHO EHGXUIWH HV GHU PQGOLFKHQ (UOlXWHUXQJ^E` 5LVV GLH 6WDIHWWH GHU *HQHUDWLRQHQ HUVW HLQPDO DE VR HU IRUGHUWHQ DXFK YROOVWlQGLJ HUKDOWHQH 6FKULIWHQ HLQH 0KH ]X GHU ZHQLJH EHUHLW ZDUHQ ]XPDO HV HLQHQ JURHQ 8QWHUVFKLHG PDFKW HLQH %HZHLVIKUXQJ ]X DN]HSWLHUHQ ZHLO PDQ QLFKWV HLQ]XZHQGHQ ZVVWH RGHU DEHU VLH ]X YHUVWHKHQ (LQH GLGDNWLVFKH %LQVHQZHLVKHLW JHJHQ GLH GHQQRFK ]X DOOHQ =HLWHQ YHUVWRHQ ZLUG (V WUDI YRU DOOHP GLH Ä$QDO\VLV³ ,KUH PQGOLFKH 7UDGLWLRQ KDWWH DXIJHK|UW ,Q GHQ NRP PHQGHQ -DKUKXQGHUWHQ IDQG QXU VHOWHQ MHPDQG =XJDQJ ]X GLHVHP *HGDQNHQJXW HLQHP *XW KDEHQ DXI HLQJHIURUHQHP YRQ (UO|VFKHQ EHGURKWHP .RQWR
,Q MXVW GHP -DKU DOV GLH OHW]WH +RFKEXUJ JULHFKLVFKHU *HOHKUVDPNHLW IlOOW ZLUG DXI GHP 0RQWH &DVVLQR GDV 0XWWHUNORVWHU GHV DEHQGOlQGLVFKHQ 0|QFKVWXPV JHJUQGHW 'HU +LVWRUL NHU &DUO %R\HU OlVVW PLW GLHVHP 'DWXP GDV PDWKHPDWLVFKH 0LWWHODOWHU EHJLQQHQ^EF` :HLW IUKHU GLH 9RUERWHQ ZLUG +\SDWLD GLH HUVWH EHNDQQW JHZRUGHQH 0DWKHPDWLNHULQ YRQ FKULVWOLFKHQ )XQGDPHQWDOLVWHQ JHO\QFKW^G` LQ $OH[DQGULD NXU] QDFKGHP GRUW GLH OHW]WH %LE OLRWKHN GHU +HLGHQ DXI NDLVHUOLFKHV *HKHL ]XU 3OQGHUXQJ IUHLJHJHEHQ ZRUGHQ ZDU :DV GHQ *HLVW GHV 0LWWHODOWHUV EHVWLPPW VLQG 'RNWULQHQ ZHU VLH DXIVWHOOW LVW GLH .LUFKH (PSIDQGHQ HV &KULVWHQ LQ (UZDUWXQJ GHV QDKHQ :HOWHQGHV DQIDQJV QRFK DOV +lUHVLH EHU GDV 'LHVVHLWV QDFK]XGHQNHQ VR JLQJHQ VLH EDOG GDUDQ *ODXEH XQG 3KLORVRSKLH ]X KDUPRQL VLHUHQ LQ GHU $EVLFKW GLHVH MHQHP QXW]EDU ]X PDFKHQ *ULHFKLVFKH 3KLORVRSKLH ]ZHLHUOHL 3URYHQLHQ] IDQG QDFKHLQDQGHU (LQJDQJ 3ODWRQ PDFKWH GHQ $QIDQJ $QGHUV DOV QDFK LKP $ULVWRWHOHV VWDQG HU GHQ 3\WKDJRUHHUQ QDKH LQ VHLQHP ÄWUDQV]HQGHQWDOHQ 0\VWL]LVPXV³^D` ,$ 'DPLW HPSIDKO HU VLFK HLQHP .LUFKHQYDWHU $XJXVWLQXV 'HU KDWWH GLH SUDJPDWLVFKH (LQVWHOOXQJ PDQ VROOH ÄGDV *XWH DXFK ZHQQ HV YRQ +HLGHQ VWDPPW QLFKW DEOHKQHQ³^D` 2EHQGUHLQ ERW VLFK JDU GLH 0DWKHPDWLN DOV YHUELQGHQGHV (OHPHQW DQ KDWWH 3ODWRQ LQ LKU GRFK HWZDV *|WWOLFKHV JHVHKHQ^E` 'DV KRE GHQ Ä1HXSODWRQLVPXV³ DXV GHU 7DXIH )U HLQ -DKUWDXVHQG ZLUG NLUFKOLFKH +HJHPRQLH GLH HXURSlLVFKH .XOWXU SUlJHQ PLW DOOHP DXFK DOOHP SK\VLVFKHP 1DFKGUXFN 2ULJLQDOLWlW EUDXFKW )UHLUDXP EUDXFKW 1lKUERGHQ XQG .OLPD )U PDWKHPDWLVFKHQ )RUWVFKULWW KlWWH HV DXFK HLQHU YRUXUWHLOVIUHLHQ %HVFKlIWLJXQJ PLW GHU 1DWXU EHGXUIW 'D]X VFKRQ GHUVHOEH $XJXVWLQXV Ä:DV ZLU 5LFKWLJHV EHU GLH 1DWXU ILQ GHQ VWHKW VFKRQ LQ GHU %LEHO ZDV ZLU VRQVW QRFK ILQGHQ JHK|UW YHUGDPPW³^E` 1LFKW VSH]L ILVFK FKULVWOLFK GHQQ PLW JOHLFKHU /RJLN VROOHQ HLQLJH =HLW VSlWHU GLH 5HVW XQG 1HXEHVWlQGH GHU %LEOLRWKHN YRQ $OH[DQGULD LQ GHQ VWlGWLVFKHQ %lGHUQ YHUKHL]W ZRUGHQ VHLQ Ä:HQQ GLH
,% (LV]HLW ± $XV]HLW
%FKHU VDJHQ ZDV GHU .RUDQ VDJW EUDXFKHQ ZLU VLH QLFKW ]X OHVHQ ZHQQ VLH DQGHUHV VDJHQ VLQG VLH PHKU DOV EHUIOVVLJ³^H E` $XFK ZHQQ GLH )RUP GHU (QWVRUJXQJ /HJHQGH VHLQ VROO WH^H D` VLH ZlUH EH]HLFKQHQG 2IWPDOV HUZLHVHQ VLFK GLH 0RVOHPV DXIJHVFKORVVHQHU DOV LKUH 1DFKEDUQ $UDEHU ZDUHQ HV GLH DP (QGH GDV JULHFKLVFKH (UEH YHUZDOWHWHQ XQG EHUHLFKHUWHQ^F` REZRKO GHP HLJHQHQ IUHPG ,Q 6DFKHQ $OJHEUD KDWWHQ VLH EHUHLWV YRQ GHQ +LQGXV KLQ]XJHOHUQW DXFK YRQ GHP ÄXQW\SLVFKHQ³ ZHLO XQJHRPHWULVFKHQ *ULHFKHQ 'LRSKDQWRV^F` GHU JDQ] LQ GHU EDE\ORQLVFKHQ 7UDGLWLRQ VWDQG^F ` 0LW HLQHP %HVWVHOOHU^F G E D` DXV %DJGDG GHP GHV (XNOLG YHUJOHLFK EDU ZLUG $QIDQJ GHV -DKUKXQGHUWV DXFK 1RPHQNODWXU JHVFKULHEHQ 'DV 6WLFKZRUW GHV 7LWHOV ZDU GHU 0HGL]LQ HQWOHKQW ÄDO÷DEU³ ZLH GVFKDEU E]Z ZHVWDUDELVFK JDEU ÄGDV (LQ ULFKWHQ³ YRQ )HKOVWlQGHQ 1RFK KHXWH DXI .QRFKHQEUFKH^G I` EH]RJHQ EHUWUXJ HV VLFK DXI *OHLFKXQJHQ^` XQG JDE GHU $OJHEUD GHQ 1DPHQ 6HOEVW GHU 9HUIDVVHU PDFKWH 6SUDFKNDUUL HUH ,Q HLQHU ODWHLQLVFKHQ hEHUVHW]XQJ ZXUGH DO+ZƗUL]PƯ RGHU .KZƗUL]PƯ^G` PLW .HKOODXW XQG EHWRQWHP ÄƗ³ ]X $OJRUL]PL^HI` RGHU $OJRULWPL^E` YHUKXQ]W XQG OHEW VHLWKHU IRUW LP Ä$OJRULWKPXV³^G I ` QLFKW ZHLW YRQ Ä$ULWKPRV³ 6R YHUSDFNW HUUHLFKWHQ XQV DXFK GLH ÄDUD ELVFKHQ³ =DKOHQ DXV ,QGLHQ XQG OHKUWHQ XQV GDV 3RVLWLRQVV\VWHP^G` 'DV PDWKHPDWLVFKH ,QWHUHVVH PXVOLPLVFKHU *HOHKUWHU ZDU XPIDVVHQG 0LW GHQ JULHFKL VFKHQ $XWRUHQ VHW]WH PDQ VLFK NULWLVFK XQG NUHDWLY DXVHLQDQGHU^J` VR ]XP %HLVSLHO ± XQG GDV VDJW DOOHV ± PLW GHU HXGR[LVFKHQ 3URSRUWLRQHQOHKUH^K` XQG GHP 3DUDOOHOHQSRVWXODW GDV HLQHQ DO+D\\ƗP^L F` EHVFKlIWLJWH XQG QLFKW QXU LKQ^M` 0DQFK 8QHQWGHFNWHV YRQ $UFKLPH GHV HQWGHFNWHQ $UDEHU DXIV 1HXH 'D]X ]lKOW GLH 3DUDEHOTXDGUDWXU GHV LEQ 4XUUDV GHU PLW VHLQHQ .XEDWXUHQ YRQ 5RWDWLRQVN|USHUQ EHU GLH GHV $UFKLPHGHV KLQDXVJLQJ^N` (LQ *OFNV IDOO XQVHUHU *HVFKLFKWH GDVV PDQ GHU *ULHFKHQ )DLEOH IUV 7KHRUHWLVFKH WHLOWH 'DV $EHQGODQG KDWWH NHLQHQ GLUHNWHQ =XJULII DXI JULHFKLVFKHV 6FKULIWWXP 9RU GHP -DKUKXQGHUW ZXUGH QLFKWV GDYRQ JHOHVHQ^F` $VWURQRPLVFKHV XQG 0DWKHPDWLVFKHV QLFKW YRU GHP EHUVHW]W^G` %HL XQV ZXVVWH PDQ QLFKWV YRQ GHU :LQNHOVXPPH LP 'UHLHFN GHU S\ WKDJRUHLVFKH /HKUVDW] EOLHE VR JXW ZLH XQEHNDQQW $QGHUWKDOE -DKUWDXVHQGH YRQ GHQHQ VLFK DXFK QLFKW YLHO ZHJGLVNXWLHUHQ OLHH EHL 5HYLVLRQ HLQHU *HVFKLFKWVVFKUHLEXQJ GLH VLFK YRU QHKPOLFK DXI DOOHU $UW 8UNXQGHQ VWW]WH ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
+$1.(/ ./,1( >@ ^D` ^E` ^F` ^G` %2@ ^D` ^E` 9HUZHLV DXI ^F` LQ .DS;, QLFKW ,, ^F` I ^G` ^H` ^I` I 6758,. 6&5,%$ 6&+5(,%(5 >@ >@ 9$1 '(5 :$(5'(1 >@ ^D` I ^E` I ^F` ^G` +(56+ ^D` ^E` -86&+.(:,76&+ ^D` ^E` ^F` ^G` ± ^H` ^I` I ^J` II ^K` II ^L` ± ^M` II ^N` *(5,&.( >@ ^D` ^E` ^F` %285%$., >@ &$-25, ^D` ± ^E` (':$5'6 -5
,&
7HLO , =HLWHQ XQG =HLWJHLVWHU
1HXHUH =HLW
8QVHUH =HLWHLQWHLOXQJ IROJW GHQ %UFKHQ GHU (QWZLFNOXQJ YRQ 0DWKHPDWLN XQG 1DWXUSKLOR VRSKLH LP :HVWHQ $XI XQVHUHP %RGHQ ]HLJHQ VLFK GHUHQ HUVWH /HEHQV]HLFKHQ IUKHVWHQV LP VSlWHQ 0LWWHODOWHU 1HQQHQ ZLU GLHVH :HQGH GHQ %HJLQQ HLQHU ÄQHXHUHQ =HLW³ %HZHJXQJ DXI EUHLWHUHU )URQW HQWVWHKW HUVW DE GHU NRSHUQLNDQLVFKHQ :HQGH GDQQ DOOHUGLQJV PLW ZDFKVHQGHU (LJHQG\QDPLN XQWHU EHZXVVWHP +LQWDQVWHOOHQ WUDGLWLRQHOOHU 6WUHQJH $XI HLQHU :RJH GHU (QWGHFNXQJHQ HUHLJQHQ VLFK 1HZWRQ XQG /HLEQL] 0LW XQG QDFK LKQHQ HUIDVVW HLQ 5DXVFK YRU DOOHP GHQ .RQWLQHQW 5FNEHVLQQXQJ DXI NODVVLVFKH 6WUHQJH ZLUG ]XP ,QQHKDOWHQ ]ZLQJHQ GHU OHW]WHQ =lVXU LQ XQVHUHU *HVFKLFKWH
,&
1DFK GHU :HQGH YRU GHU :HQGH GLH 6FKRODVWLN $ULVWRWHOHV¶ 5FNNHKU 7KRPDV YRQ $TXLQ 2[IRUG 0HUWRQ &ROOHJH XQG 0HUWRQ 5XOH 3DULV 2UHVPXV¶ %HZHJXQJVGLDJUDPP )RUPODWLWXGHQ &XVDQXV 8QHQGOLFK DNWXDO +RUQI|UPLJH :LQNHO
'LH 0DWKHPDWLN GHU +HOOHQHQ ZDU LP HXURSlLVFKHQ 6SUDFKUDXP QLFKW PHKU OHEHQGLJ .HLQH 7UDGLWLRQ QRFK ZHQLJHU ,QQRYDWLRQ :DQGHO NRQQWH QXU YRQ GHQHQ NRPPHQ GLH LQ GHQ %H VLW] JULHFKLVFKHU 6FKULIWHQ JHODQJW ZDUHQ 6LH VSUDFKHQ $UDELVFK GLH $PWVVSUDFKH ELV KLQ QDFK 6SDQLHQ LP UHVWOLFKHQ (XURSD JDE HV EHVWHQIDOOV .LUFKHQODWHLQ 'HU PDWKHPDWLVFK LQWHU HVVLHUWH +DUXQ DU5DVKLG^D` PLW GHP XP GLH Ä(SRFKH DUDELVFKHU *HOHKUVDPNHLW³ EH JDQQ VRUJWH IU GLH $XVZHUWXQJ MHQHV .XOWXUHUEHV 'LH 6SUDFKEDUULHUH HUNDQQWH PDQ DOV 0DUNWOFNH XQG YHUNDXIWH ODWHLQLVFKH hEHUVHW]XQJHQ 1DFKGHP ÄGLH 0DXUHQ³ 6SDQLHQ XQG 6L]LOLHQ JHUlXPW KDWWHQ LP -DKUKXQGHUW^E D` VWDQG LKU )XQGXV ]XU 6HOEVWEHGLHQXQJ DQ 'DV /DWHLQLVFKH HWDEOLHUWH VLFK GDPLW XQLYHUVHOO lKQOLFK XQVHUHP JOREDOHQ (QJOLVFK 'D VHKU VSlW YRQ *ULHFKLVFK GLUHNW LQV /DWHLQ EHUVHW]W ZXUGH^D` JLQJ GLH )DFKOLWHUDWXU HUVW HLQPDO GXUFK YLHOH PHKU RGHU PLQGHU EHKXWVDPH +lQGH 0DWKHPDWLN ZDU LQ XQVHUHU 5HJLRQ YRUHUVW QRFK NHLQ 7KHPD XQG YRQ GHQ EHLGHQ DOWYRU GHUHQ 3KLORVRSKHQ KDWWH PDQ ELVODQJ QXU 3ODWRQ ]XU .HQQWQLV JHQRPPHQ V ,% $ULVWRWHOHV¶ $QNXQIW GDWLHUW QDFK %LV GDKLQ ZDU GHU 1HXSODWRQLVPXV *DUDQW GHV +DXVIULHGHQV JH ZHVHQ 'HQ ÄMXQJHQ³ 5DWLRQDOLVWHQ^D` ]X GRPHVWL]LHUHQ EHUQDKP GHU 'RPLQLNDQHU 7KRPDV YRQ $TXLQ YRQ $TXLQR 7K $TXLQDV ^E` 6R HQWVWDQG DXI YHUELQGOLFKHU WKHRORJLVFKHU *UXQGODJH HLQH SHQLEHO GXUFKUDWLRQDOLVLHUWH :HOWDQVFKDXXQJ GHU Ä7KRPLVPXV³ DOV 8U VSUXQJ XQG .HUQVWFN GHU VSlWHU VR JHQDQQWHQ 6FKRODVWLN VX $XFK GHU 9DWHU GHU /RJLN PXVVWH IRUWDQ PLW GHQ .LUFKHQYlWHUQ WHLOHQ^E` )U XQV VLQG GLH $QWDJRQLVWHQ 3ODWRQ XQG $ULVWRWHOHV YRQ EHVRQGHUHP ,QWHUHVVH ZHLO VLH ELV LQ XQVHUH *HJHQZDUW GLH $XIIDVVXQJ YRQ GHU 1DWXU PDWKHPDWLVFKHU *HJHQVWlQGH SRODUL VLHUHQ (V VLQG ,GHHQ D SULRUL RGHU DEHU $EVWUDNWLRQHQ^D` VLH EHVLW]HQ EHUPHQVFKOLFKH ,GHD OLWlW RGHU UHVXOWLHUHQ DXV PHQVFKOLFKHU $NWLYLWlW^F` 0LW GLHVHQ hEHU]HXJXQJHQ VWHKW XQG IlOOW GHU *ODXEH DQ GLH 8QIHKOEDUNHLW YRQ 0DWKHPDWLN (UNHQQWQLVVH KDEHQ LKQ LQ]ZLVFKHQ HU
,& 1HXHUH =HLW
VFKWWHUW 'HVVHQ XQJHDFKWHW QHLJW LQ VHLQHU 0HKUKHLW QRFK KHXWH GHU 0DWKHPDWLNHU ZHQQ HU IRUVFKW GD]X VLFK DXI GHU 6SXU HLQHU :DKUKHLW ]X ZlKQHQ GLH QLFKW YRQ GLHVHU :HOW LVW^G`
:LU EHWUDFKWHQ GLH OHW]WHQ ]ZHL ELV GUHLKXQGHUW -DKUH GHV 0LWWHODOWHUV 'DV YHUPHKUW HLQVL FNHUQGH 6FKULIWWXP KDWWH GHQ *HOHKUWHQ GHQ 6FKULIWJHOHKUWHQ KHUYRUJHEUDFKW XQG YHUVRUJWH LKQ PLW 6WRII ]XP 'LVSXWLHUHQ /HKUPHLQXQJHQ NRQNXUULHUWHQ XQG NRDOLHUWHQ NDPHQ *ODX EHQV XQG 9HUQXQIWJUQGH LQ .RQIOLNW VXFKWH PDQ VLH GLDOHNWLVFK DXI]XO|VHQ 'DV JHVFKDK UKHWRULVFK^` (LQH WKHRORJLVFKSKLORVRSKLVFKH 6WUHLWNXOWXU HQWVWDQG GLH DP (QGH YHUNDP DOV VLH VLFK XQWHU %HUXIXQJ DXI GLH DOWHQ $XWRULWlWHQ LQ 6SLW]ILQGLJNHLWHQ RKQH %RGHQKDIWXQJ HU VFK|SIWH 'LHV VHL VR ZHLW JHJDQJHQ GDVV PDQ HUQVWKDIW GDUEHU VWULWW ZLH YLHOH (QJHO DXI HL QHU 1DGHOVSLW]H 3ODW] IlQGHQ^E` =ZDU ZXFKV GDV ,QWHUHVVH DQ 5HDOLHQ PLW 1DWXU ZDU MHGRFK GDV %LOG JHPHLQW GDV VLFK HLQVW $ULVWRWHOHV YRQ LKU JHPDFKW KDWWH 'LH :RUWIKUHU GHU ÄQHX HQ³ 1DWXUSKLORVRSKLH HQWVWDPPWHQ GHQ 9RUOlXIHUQ GHU 8QLYHUVLWlWHQ GHQ 'RP XQG .ORVWHU VFKXOHQ 'DKHU Ä6FKRODVWLN³ ZRPLW PDQ ]XU =HLW GHV +XPDQLVPXV GLH 1DFKIROJH GHV 7KR PLVPXV SDXVFKDO YHUlFKWOLFK PDFKWH^D` ,KU %HJUQGHU NRQQWH QLFKW PHKU LKU =XFKWPHLVWHU VHLQ 6FKRODVWLVFKH 1DWXUEHVFKUHLEXQJ KDWWH ]XQlFKVW QLFKWV PLW 0D XQG =DKO JHPHLQ ZDU QXU VFKHLQEDU TXDQWLWDWLY 'D VLQG 6FKZHUH XQG /HLFKWLJNHLW HLQHU 6XEVWDQ] 4XDOLWlWHQ GLH VLH DEZlUWV RGHU JHQ +LPPHO WUHLEHQ HLQH ZDQGOXQJVIlKLJH 4XDOLWlW ZLH GLH :lUPH LVW QDFK $ULVWRWHOHV HLQH ÄIRUPD³ 'LHVHU *HZlKUVPDQQ EHVD DXFK GLH 7KHRULH GHU %HZHJXQJ (LQH QDWUOLFKH LVW GHU )DOO (U OlVVW HLQHQ .|USHU VHLQHP QDWUOLFKHQ 2UW ]XVWUHEHQ ÄQDWUOLFK³ XPVR VFKQHOOHU MH VFKZHUHU $QVRQVWHQ NDQQ VLFK HLQ XQEHOHEWHU .|USHU QXU EHZHJHQ ZHQQ LKP HLQH Ä.UDIW LQQHZRKQW³ GD JHQJW NHLQ $QVWR^` +LHU]X SDVVWH GDVV GLH *HVWLUQH VWlQ GLJ HLQHV %HZHJHUV EHGXUIWHQ 0LW %HVFKUHLEXQJ PRFKWH PDQ VLFK QLFKW EHJQJHQ PXVVWH DOOHP DXI GHQ *UXQG JHKHQ 8UVDFKHQ YHUODQJWHQ DXVJHPDFKW XQG EHQDQQW ]X ZHUGHQ 'HU Ä8UJUXQG³ NODQJ QDFK 7LHIH YHUULHW DEHU GRFK QXU GLH 2KQPDFKW GHV :RUWHV 6SRQWDQH PDWKHPDWLVFKH 5HJXQJHQ KDWWHQ DXFK LQ (XURSDV ]ZHLWHP -DKUWDXVHQG DXI VLFK ZDUWHQ ODVVHQ VLHKW PDQ DE YRP 7XQ HLQLJHU ZHQLJHU ZLH GHP XP OHEHQGHQ /HRQDUGR Ä)LERQDFFL³ DXV 3LVD GHP QDFK /DQJHP HUVWHQ XQG IU /DQJH OHW]WHQ Ä)DFKPDWKHPDWL NHU³^F D D` 8P 1DFKZXFKV VWDQG HV VFKOHFKW 'DV 8QWHUULFKWVZHVHQ ODJ LQ NOHULNDOHU +DQG XQG LP .DQRQ GHU 6LHEHQ )UHLHQ .QVWH UDQJLHUWHQ 1DWXUNXQGH XQG 0DWKHPDWLN ]XXQWHUVW 'DUDQ ZUGH VLFK VR EDOG QLFKWV lQGHUQ =ZDU ZDU DQ GHU 3DULVHU 8QLYHUVLWlW GHV -DKU KXQGHUWV Ä0DWKHPDWLN³ YRUJHVFKULHEHQ DEJHIUDJW MHGRFK ZXUGH DOOHQIDOOV GHU 6DW] GHV 3\ WKDJRUDV XQG ]XP 0DJLVWHU $UWLXP JHQJWH GHU (LG GDUDXI 9RUOHVXQJHQ EHU (XNOLG JHK|UW ]X KDEHQ^F E`
'LH 6FKRODVWLN HUZDUE VLFK EDOG GHQ 5XI KDOWORVHU 6SHNXODWLRQ GHU LKU VSlWHU 8QUHFKW WDW GHQQ VLH EUDFKWH VFKOLHOLFK PDQFKHV DXI GHQ :HJ GHQ VLH ]XYRU VHOEVW YHUVWHOOW KDWWH 'HU =ZDQJVHKH DXV WKHRORJLVFKHP 'RJPD XQG DULVWRWHOLVFKHU 5DWLR HQWVWDPPWH GLH 9HUELQGXQJ YRQ *UXQGVDW] XQG )ROJH5LFKWLJNHLW 9HUGLHQVWYROO ZDU GHU VFKRODVWLVFKH %HLWUDJ ]XU ZLV
7HLO , =HLWHQ XQG =HLWJHLVWHU
VHQVFKDIWOLFKHQ 0HWKRGH 7DWVDFKHQ ZLH DXFK LPPHU ÄHUNDQQW³ DXI JHPHLQVDPH 8UVDFKHQ DXI *UXQGVlW]OLFKHV ]XUFNYHUIROJHQ 'DPLW HQGHWH VLH YRUHUVW EHL $ULVWRWHOHV 1DFKGHP HUNOHFNOLFK ODQJH DOOHU 6FKDUIVLQQ DXI HLQH ZRUWNODXEHULVFKH /RJLN YHUZDQGW ZRUGHQ ZDU UHJWH VLFK LQ GHQ HLJHQHQ 5HLKHQ :LGHUVWDQG 6R LQ 2[IRUG $OV =HLWJHQRVVHQ GHV EHVDJWHQ 7KRPDV ILQGHQ ZLU GRUW GDV 8QLYHUVDOJHQLH 5RJHU %DFRQ 6FKOHU HLQHV %L VFKRIV 5REHUW *URVVHWHVWH GHU *URNRSIHWH QDFK ED\HULVFKHU 0XQGDUW ^F G` %DFRQV &UHGR ZDU PDQ VROOH GLH 1DWXU EHIUDJHQ XQG VHOEVW DQWZRUWHQ ODVVHQ ZREHL HLQHU 0DWKHPDWLN GLH 5ROOH ]XILHOH IU GLH VLFK -DKUKXQGHUWH VSlWHU *DOLOHL VWDUN PDFKHQ ZLUG $OV )UHXQG YRQ NODUHQ :RUWHQ ± HU ZROOH VR HU N|QQH DOOH 6FKULIWHQ GHV $ULVWRWHOHV YHUEUHQQHQ^E` ± KDWWH QDWUOLFK DXFK %DFRQ VHLQH .HUNHUMDKUH^F` 9RQ ZHQLJHQ WRGHVPXWLJHQ )UHLGHQNHUQ DEJHVH KHQ YHUVFKDQ]WH VLFK (XURSDV ,QWHOOLJHQ]LD KLQWHU VHLQHQ DOWHQ $XWRULWlWHQ
+HUDNOLWV 0RWWR ÄDOOHV IOLHW³ WlXVFKW LQ HLQHP 'LH *ULHFKHQ OLHHQ VLFK GXUFK 0RELOHV QLFKW DXV GHU 5XKH EULQJHQ $UFKLPHGHV EHJUQGHWH GLH 6WDWLN XQG OHLVWHWH GDPLW %OHLEHQGHV GHU ZHLOHQ 3KLORVRSKHQ VLFK DQ 3DUDGR[LHQ GHU %HZHJXQJ HUJ|W]WHQ 'D VWDQG GHQQ HLQ 3IHLO MHGHQ $XJHQEOLFN VWLOO XQG $FKLOO KSIWH 3XQNW IU 3XQNW GHU .U|WH QDFK 'LH 6FKRODVWLN ZLGPHW VLFK DOOHU $UW VWHWLJHU 9HUlQGHUXQJ PLW GHU .LQHPDWLN EHJLQQW PDQ VLFK ]X XQVHUHQ SK\VLNDOLVFKHQ *U|HQ YRU]XWDVWHQ 0DQ í GDV LVW ]XQlFKVW GDV 0HUWRQ &ROOHJH YRQ 2[IRUG LP -DKUKXQGHUW YHUEXQGHQ PLW GHQ 1DPHQ 7KRPDV %UDGZDUGLQH XQG 5LFKDUG 6XLVHWK DOLDV 6ZLQHVKHDG^E D` (LQH 4XDOLWlW TXDQWLWDWLY ]X HUIDVVHQ GDUXP ZDU HV GLHVHQ /HXWHQ ]X WXQ $P HKHVWHQ ]X JlQJOLFK VFKLHQHQ GLH IRUPDH GHU %HZHJXQJ 'DV NRPPW YRQ Ä:HJ³ DOV )RUP ZLUG HU EHL 9RUJDEH GHU )RUP 'DXHU ]XP 0D IU *HVFKZLQGLJNHLW XQG HUP|JOLFKW *HVFKZLQGLJNHLWHQ TXDQWLWDWLY ]X YHUJOHLFKHQ ZHQQ DXFK QXU GLH GXUFKVFKQLWWOLFKHQ (LQ Ä9HUKlOWQLV³ ]ZL VFKHQ HUVWHUHQ EHLGHQ ]X ELOGHQ YHUERW VLFK GHQQ WUDGLWLRQHOO GXUIWHQ QXU JOHLFKDUWLJH *U|HQ HLQHV HLQJHKHQ^G` 6R IKUWHQ H[WHQVLR :HJ XQG H[WHQVLR =HLW DXI GLH LQWHQVLR *HVFKZLQ GLJNHLW GHQ QHZWRQVFKHQ 6FKOVVHO ]X HLQHU NQIWLJHQ $QDO\VLV 'HUHQ 9HUJDQJHQKHLW KLHOW GLH *HRPHWULH PLW LKUHQ H[WHQVLYHQ *U|HQ EHVHW]W -HW]W |IIQHWH VLFK HLQH 3HUVSHNWLYH DQ GHUHQ (QGH GLH LQWHQVLYHQ GHU 1HZWRQ XQG /HLEQL] VWHKHQ ZHUGHQ (V JHKW KLHU GXUFKZHJ XP JHUDGOLQLJH 9RUZlUWVEHZHJXQJ 6LQG LQ JOHLFKHQ =HLWDEVWlQ GHQ JOHLFKH :HJH ]XUFNJHOHJW VR KHLW VLH JOHLFKI|UPLJ XQLIRUPLV $QGHUH %HZH JXQJVIRUPHQ VLQG GLIIRUPLV :LH QXQ OlVVW VLFK GLH IOFKWLJH *HVFKZLQGLJNHLW GHV $XJHQ EOLFNV RKQH HLQHQ 1HZWRQ HLQIDQJHQ" 0DQ IKUW VLH GLH YHORFLWDV LQVWDQWDQHD^H` GXUFK ([ WUDSRODWLRQ DXI GHQ )DOO GHU *OHLFKI|UPLJNHLW ]XUFN HUNOlUW VLH DOV GLHMHQLJH NRQVWDQWH *H VFKZLQGLJNHLW GLH GDV 2EMHNW DQQLPPW ZUGH HV LP JHJHQZlUWLJHQ %HZHJXQJV]XVWDQG YHU KDUUHQ^ D` :DV VLFK EHL *DOLOHL QRFK HEHQVR OLHVW^H` 'LH HLQIDFKVWHQ XQJOHLFKI|UPLJHQ %HZHJXQJHQ VLQG GLH JOHLFKI|UPLJ XQJOHLFKI|UPLJHQ XQLIRUPLWHU GLIIRUPLV ZHQQ QlPOLFK GLH 0RPHQWDQJHVFKZLQGLJNHLWHQ QDFK JOHLFKHQ =HLWVSDQQHQ XP MHZHLOV GHQVHOEHQ %HWUDJ ]XQHKPHQ
,& 1HXHUH =HLW
$OV (UVWHV VWHOOW VLFK GLH )UDJH RE PDQ YRQ LQWHQVLR *HVFKZLQGLJNHLW DXI H[WHQVLR :HJ ]X UFNVFKOLHHQ NDQQ GDV KHLW RE DXV 'DXHU XQG *HVFKZLQGLJNHLWVYHUODXI GLH :HJOlQJH ]X UHNRQVWUXLHUHQ LVW %HL GHU JOHLFKI|UPLJHQ %HZHJXQJ EHVWHKW NHLQ 3UREOHP EHL GHU JOHLFKI|U PLJ XQJOHLFKI|UPLJHQ EHVDJW GLH Ä0HUWRQ 5XOH³^I E E` (V LVW GLHVHOEH 6WUHFNH GLH GHU .|USHU ]XUFNOHJHQ ZUGH ZHQQ HU VLFK JOHLFKI|UPLJ PLW VHLQHU ÄPLWWOHUHQ *HVFKZLQGLJ NHLW³ EHZHJWH GHP DULWKPHWLVFKHQ 0LWWHO DXV GHQ 0RPHQWDQJHVFKZLQGLJNHLWHQ ]X $QIDQJ XQG (QGH GHU /DXI]HLW ZDV GHU ]XU +DOE]HLW HUUHLFKWHQ JOHLFKNRPPW 'DV EHGHXWHWH QLFKW ZHQLJHU DOV HLQH QLFKWWULYLDOH ,QWHJUDWLRQ HLQHU K|FKVW XQJULHFKLVFKHQ GD]X 'DV (UJHEQLV PDJ XQV UHFKW EHVFKHLGHQ DQPXWHQ DQJHVLFKWV EHJULIIOLFKHQ 1RWEHKHOIV ZDU HV EHDFKWOLFK 6RZHLW 2[IRUG
=XP *HJHQVWFN MHQHV &ROOHJHV JHGLHK LQ 3DULV GLH 6FKXOH XP GHQ 3KLORVRSKHQ -HDQ %X ULGDQ XQG GHQ VSlWHUHQ %LVFKRI 1LFRODV 2UHVPXV 1LFROH 2UHVPH ^H` (LQH JHZLVVH %H NDQQWKHLW YHUGDQNW (UVWHUHU NDXP VHLQHP %HLWUDJ ]XU hEHUZLQGXQJ GHU DULVWRWHOLVFKHQ .LQH WLN ]XP %HJULII V ,&1HZWRQ VRQGHUQ VHLQHP (VHO GHU EHNDQQWOLFK LQPLWWHQ ]ZHLHU +HXKDXIHQ YHUKXQJHUWH GRFK ZHU VFKRQ ZDU 2UHVPXV" 1HEHQ YLHOHP HUGDFKWH HU HLQ 'LD JUDPP GDV GLH 0HUWRQVFKH 5HJHO DXJHQIlOOLJ PDFKWH $EE , +LHU ZLUG HUVWPDOV HLQH $EKlQJLJNHLW ]ZLVFKHQ 1DWXUJU|HQ JUDSKLVFK XQG GDPLW DQVFKDXOLFK XPJHVHW]W JDQ] ÄQDFK³ GHP %LOGH *DOLOHLV ]ZHLHLQKDOE -DKUKXQGHUWH GDQDFK ,QGHV HV ZDU 2UHVPXV GHU GDV 9RUELOG JDE JHWUHXOLFK EHUQRPPHQ YRQ *DOLOHL^I` (LQH ]XNXQIWZHLVHQGH ,QQRYDWLRQ GLH HLQJHKHQG HU|UWHUW ]X ZHUGHQ YHUGLHQW $EE , VWHOOW JOHLFKI|UPLJH XQG JOHLFKI|UPLJ XQJOHLFKI|UPLJH %HZHJXQJ JHJHQEHU 'LH MHZHLOV YHUIORVVHQH =HLW W d W d 7 HUVFKHLQW DXI HLQHP =HLW6WUDKO DOV HLQH 6WUHFNH YRQ GHU /lQJH W %HL GHU JOHLFKI|UPLJHQ %HZHJXQJ ELOGHW GLHVH 6WUHFNH GLH %DVLV HLQHV 5HFKWHFNV YRP $XVPD W ǜ K GHU ELV GDKLQ ]XUFNJHOHJWHQ :HJVWUHFNH Ä$XVPD³ LP :LGHUVLQQ GHQQ 2UHVPXV KDW LKU /lQJHQ0D LQV )OlFKHQ0D GHV 5HFKWHFNV YHUNHKUW :DV YHUNHKUW LVW QDFK GHP 5HLQKHLWVJHERW GHU *HRPHWULH ,Q 2UHVPXV¶ 6SUDFKH PLVVW ORQJLWXGR QXQ QLFKW GHQ :HJ VRQGHUQ í DOV 5HFKWHFNVOlQJH í GLH =HLW :HQQ HU YRQ ODWLWXGR VSULFKW LVW GLH %UHLWH GHV 5HFKWHFNV JHPHLQW VDJHQ ZLU VHLQH +|KH GHQQ VLH GUFNW DXV ZLH KRFK GLH *H VFKZLQGLJNHLW LVW^J` 'DV :RUW ZLUG DOOJHPHLQ ]XP 7HUPLQXV IU LQWHQVLYH *U|HQ ,KUH 7KHRULH GLH /HKUH YRQ GHQ Ä)RUPODWLWXGHQ³ VFKOXJ VLFK LP ZHLWYHUEUHLWHWHQ 7UDFWDWXV GH ODWLWXGLQLEXV IRUPDUXP QLHGHU^F` XQG KLHOW GLH 8QLYHUVLWlWHQ IU ODQJH =HLW EHVFKlIWLJW^E` 'LH %H]LHKXQJ ]ZLVFKHQ :HJ XQG =HLW LVW JUXQGOHJHQG IU GHQ &DOFXOXV 1HZWRQV LKUH 9LVXDOLVLHUXQJ GXUFK 2UHVPXV LQ +LQEOLFN DXI GLH /DWLWXGH LVW EHL 1HZWRQ QLFKW DQGHUV YJO PLW $EE ,,E 'DKLQWHU VWHKW HLQH ,QWXLWLRQ (LQH ]X JHZDJWH %HKDXSWXQJ" 2UHVPXV¶ 6NL]]HQ^K` ]XU IOlFKLJHQ 'DUVWHOOXQJ YRQ )RUPHQ ]HLJHQ ZLH HU VLFK %HZHJXQJ DOOJHPHLQ YRUVWHOOW $XHU NXUYLJHQ %HZHJXQJVGLDJUDPPHQ ILQGHQ ZLU EHL LKP GLH WUHSSHQI|UPLJH :HJ=XQDKPH VX GLH ,QWHUSUHWDWLRQ ]X $EE , GVJO ,,- 'D OLHJW QDKH DQ]XQHKPHQ GDVV HU GLH VFKRODVWLVFKH YHORFLWDV LQVWDQWDQHD EHUZLQGHW XQG GLHVH PLW GHQ 'XUFK VFKQLWWVJHVFKZLQGLJNHLWHQ LQ VHLQHQ 'LDJUDPPHQ LQ 9HUELQGXQJ EULQJW 6LH ODGHQ JHUDGH]X HLQ GHQ Ä*UHQ]EHUJDQJ³ ]X YROO]LHKHQ +LQWHU GLHVHU 6FKUDQNH VLHKW HV IU XQV EHNDQQWOLFK ZLH IROJW DXV
7HLO , =HLWHQ XQG =HLWJHLVWHU
1DFK =HUOHJXQJ HLQHV =HLWUDXPV > 7 @ LQ HLQH Ä9LHO]DKO³ VDJHQ ZLU JOHLFK ODQJHU ,QWHU YDOOH ZHUGH EHU MHGHP YRQ LKQHQ GDVMHQLJH 5HFKWHFN í HLQ ÄVFKPDOHU³ 6WUHLIHQ í HUULFKWHW GHVVHQ )OlFKH ZLHGHU VR JUR ZLH GLH LQ GLHVHP 7HLOLQWHUYDOO ]XUFNJHOHJWH 6WUHFNH ODQJ LVW LQ GHU +|KH GHV 6WUHLIHQV GUFNW VLFK GLH MHZHLOLJH PLWWOHUH *HVFKZLQGLJNHLW YHORFLWDV WRWD OLV^K` DXV 'LH 5HFKWHFNH ELOGHQ HLQH VWHLJHQGH 7UHSSH +DOELHUXQJ GHU ,QWHUYDOOH YHUGRSSHOW GLH =DKO LKUHU 6WXIHQ XQG GHQNW PDQ VLFK GLHVHQ 3UR]HVV RKQH (QGH IRUWJHVHW]W VR HQGHW GLH 9HUIHLQHUXQJ PLW HLQHU GUHLHFNLJHQ )OlFKH GHUHQ EHU > W@ W d 7 JHOHJHQHU 7HLO GHQ GHUZHLOHQ ]XUFNJHOHJWHQ :HJ GDUVWHOOW $Q GHU REHUHQ .RQWXU GHU OLQHD LQWHQVLRQLV^L` HQGHQ GLH 2UGLQDWHQ GHUHQ /lQJH MHZHLOV GLH 0RPHQWDQJHVFKZLQGLJNHLW DQ]HLJW /LHJW QXQ HLQH .RQWXU ZLH LQ $EE , YRU^G` VR YHUJU|HUW VLFK GLH 2UGLQDWHQOlQJH VSULFK *HVFKZLQGLJNHLW YRQ HLQHP ]XP QlFKVWHQ GHU lTXLGLVWDQWHQ =HLWSXQNWH XP MHZHLOV GHQVHOEHQ %HWUDJ XQG JDQ] DOOJHPHLQ JLOW ,Q JOHLFKHQ =HLWVSDQQHQ QLPPW GLH *HVFKZLQGLJ NHLW XP MHZHLOV GHQVHOEHQ %HWUDJ ]X %HL GHU JOHLFKI|UPLJHQ %HZHJXQJ ZlFKVW GHU :HJ YRQ 3XQNW ]X 3XQNW XP GLH *U|H JOHLFKHU 5HFKWHFNH :DV LP DQGHUHQ )DOOH JOHLFK EOHLEW GDV LVW GHU =XZDFKV GHV :HJ]XZDFKVHV DQVFKDXOLFK GHU 6RFNHO YRQ GHU +|KH K XP GHQ GDV HUVWH 7UDSH] GDV 'UHLHFN GDV ]ZHLWH 7UDSH] GDV HUVWH XVZ EHUUDJW 1HZWRQV &DOFXOXV ZLUG JOHLFKI|UPLJH XQG JOHLFKI|UPLJ EHVFKOHXQLJWH %HZHJXQJ GDQDFK XQWHUVFKHLGHQ GDVV LP HUVWHQ )DOO GLH HUVWH LP ]ZHLWHQ GLH ]ZHLWH $EOHLWXQJ GHU :HJ=HLW)XQNWLRQ SRVLWLY XQG NRQVWDQW LVW
$EE , 2UHVPXV GLH *UDILN GHU 0HUWRQ 5XOH
6RHEHQ KDEHQ ZLU GLH JOHLFKI|UPLJ EHVFKOHXQLJWH %HZHJXQJ DXV GHP 6FKUlJSURILO GHU $EE , KHUDXVJHOHVHQ ZLU KDEHQ GLH OLQHDUH .RQWXU YHULIL]LHUW 8QYRUHLQJHQRPPHQ PVVWH PDQ VLH VLFK MD HUVW HLQPDO YHUVFKDIIHQ 'DV KHLW PDQ KDW ]X ]HLJHQ 1LPPW GLH *HVFKZLQ GLJNHLW LQ JOHLFKHQ =HLWVSDQQHQ XP GHQ JOHLFKHQ SRVLWLYHQ :HUW ]X GDQQ PXVV GLH Ä,QWHQVL WlWVOLQLH³ HLQH VFKUlJ VWHKHQGH 6WUHFNH ELOGHQ (WZD VR 6HL LUJHQGHLQH HLQH lTXLGLVWDQWH =HUOHJXQJ YRQ > 7 @ EHWUDFKWHW VHLHQ XĻ XĻĻ XĻĻĻ GLH *HVFKZLQGLJNHLWHQ LQ DXIHLQDQGHU IROJHQGHQ =HUOHJXQJVSXQNWHQ WĻ WĻĻ WĻĻĻ 1DFK 9RUDXVVHW ]XQJ JLOW XĻĻíXĻ XĻĻĻíXĻĻ ԍ G PLW EHUDOO GHPVHOEHQ G )U GLH PLWWOHUHQ *HVFKZLQGLJNHL WHQ PĻ PĻĻ DXI >WĻ WĻĻ@ >WĻĻ WĻĻĻ@ LVW GDQQ HEHQIDOOV PĻĻí PĻ G ZLH VLFK DEOHVHQ OlVVW DQ P Ļ
XĻ XĻ G
XĻ G
PĻĻ
XĻ G XĻ G
XĻ G G
,& 1HXHUH =HLW
'HPQDFK YHU]HLFKQHQ GLH JOHLFK EUHLWHQ 5HFKWHFNVWUHLIHQ JOHLFK EOHLEHQGHQ +|KHQ]XZDFKV ELOGHQ DOVR HLQH 7UHSSH YRQ JOHLFKHU 7ULWWK|KH 'LH IRUWJHVHW]WH 9HUIHLQHUXQJ GHU ,QWHUYDOO 7HLOXQJ IKUW ]XU JHVWUHFNWHQ /LQLH ,Q 2[IRUG ZDU QLHPDQG DXI HLQ 'LDJUDPP JHNRPPHQ JHVFKZHLJH DXI ÄIOlFKLJH :HJ OlQJHQ³ 2UHVPXV LVW ZRUWNDUJ HU OLH GLH *UDILN IU VLFK VSUHFKHQ *HUDGOLQLJH 3URILOH 'UHLHFN XQG 5HFKWHFN EHU > 7 @ JOHLFK JUR í HLQH EHU]HXJHQGH /|VXQJ GHV 2[IRUGHU 3UREOHPV^K F H F D` 6HLQH hEHUOHJXQJHQ GUIWHQ VLFK LQ XQVHUHU (U|UWHUXQJ YHUEHUJHQ
:LU EOHLEHQ EHL 2UHVPXV 'HU ZDJWH VLFK VFKOLHOLFK LQV 8QHQGOLFKH YRU $OV $UFKLPHGHV EHL VHLQHU 3DUDEHO4XDGUDWXU ,,& HLQH QLFKW DEEUHFKHQGH JHRPHWULVFKH 3URJUHVVLRQ ÄDXIVXP PLHUHQ³ PXVVWH JLQJ HU LQ VHLQHU *HUDGOLQLJNHLW GHQ 8PZHJ -HW]W ZDU PDQ IUHLPWLJHU HLQ JHVWHOOW 2UHVPXV GHPRQVWULHUWH DQ IROJHQGHP %HLVSLHO GLH %HZHLVNUDIW GHV $XJHQ VFKHLQV^M F`
$UFKLPHGHV ZHUWHWH XQVHUH 5HLKH Ȉ ó N DXV 2UHVPXV EHKDQGHOW Ȉ ò N GLH 0XWWHU
DOOHU JHRPHWULVFKHQ 5HLKHQ PLW LKUHP :HUW 1DFK $EE ,^G` ZHUGHQ PLW GHP 4XDGUDW GHU *U|H ò EHJLQQHQG GLH ZHLWHUHQ 5HLKHQJOLHGHU DOV HEHQVR KRKH 5HFKWHFNH YRQ GHU %UHLWH ò ò DXIHLQDQGHU JHWUPW :DUXP EULQJHQ GLHVH LQVJHVDPW QRFK HLQPDO HLQH )OlFKH YRQ GHU *U|H GHV 4XDGUDWV ]XVDPPHQ" 0DQ VFKLHEH ]XQlFKVW 5HFKWHFN Äò³ QDFK OLQNV ELV HV ZLHGHU PLW GHP 6RFNHO EQGLJ ZLUG $XI GLHVHQ OlVVW PDQ Äó³ KHUDE XQG VFKLHEW HV GRUW QDFK OLQNV ELV ]XP $QVFKODJ EHL Äò³ 8QG VR IRUW ÄDG LQILQLWXP³ .DQQWH 2UHVPXV GHQ $UFKLPHGHV EHUHLWV" :LH KDW RGHU KlWWH HU GHVVHQ %HZHLVIKUXQJ JHJHQEHU VHLQHU SVHXGRJHRPHWULVFKHQ 0DQLSXODWLRQ JHVHKHQ" ,PPHUKLQ EHVD GLH MD GHQ 9RU]XJ GLH :DKUKHLW VLFKWEDU ]X PDFKHQ
$EE , 2UHVPXV «
'RFK NRQQWH PDQ VHLQHQ $XJHQ WUDXHQ" 'LHVH 5HFKWHFNH VROOHQ HLQH )OlFKH ELOGHQ GLH WURW] HQGOLFKHP ,QKDOW XQHQGOLFKH $XVGHK QXQJ EHVLW]W" 2UHVPXV GLVNXWLHUWH GDV 3KlQRPHQ VRJDU LP 'UHL GLPHQVLRQDOHQ^M` (UVW -DKUKXQGHUWH VSlWHU VWLH ZLHGHU MHPDQG GDU DXI XQG HUUHJWH GDPLW JURHV $XIVHKHQ ,& ,,+ %HDFKWOLFKHU IDQG GHU 9DWHU GHV 'LDJUDPPV HLQH ,QWHUSUHWDWLRQ GHU $EE , LP 6LQQH YRQ $EE , 'LH UHFKWH .DQWH GHV 7XUPHV OLH HU ]XU =HLWDFK VH HLQHV :HJGLDJUDPPV ZHUGHQ XQG VWHOOWH IHVW 9HUOLHUW HLQ .|USHU YRQ HLQHP ]XP QlFKVWHQ JOHLFK ODQJHQ =HLWLQWHUYDOO MHZHLOV GLH +lOI WH VHLQHU *HVFKZLQGLJNHLW VR GXUFKPLVVW HU QDFK GHU $QIDQJVVWUHFNH LQVJHVDPW QRFK HLQPDO GLHVHOEH :HJOlQJH DOOHUGLQJV ÄHUVW LQ GHU (ZLJNHLW³ ZLH 2UHVPXV VDJW
7HLO , =HLWHQ XQG =HLWJHLVWHU
0LW HLQHU UDIILQLHUWHQ 6SLHODUW GLHVHV *HGDQNHQH[SHULPHQWHV JHOLQJW HV 2UHVPXV GLH LQ GHU *HVFKLFKWH HUVWH NRQYHUJHQWH 5HLKH DXV]XZHUWHQ GHUHQ *OLHGHU VWlUNHU DOV JHRPHWULVFK DQZDFKVHQ ,,- $QGHUHUVHLWV UHJLVWULHUW HU GDVV LPPHU NOHLQHU XQG EHOLHELJ NOHLQ ZHUGHQGH 6XPPDQGHQ ]X XQEHJUHQ]WHQ 6XPPHQ IlKLJ VLQG 6HLQ %HZHLV IU GLH Ä'LYHUJHQ]³ GHU KDU PRQLVFKHQ 5HLKH^N` ]LHUW QRFK KHXWH GLH 7DIHOQ XQVHUHU $QIlQJHUYRUOHVXQJ :R GHU +LQ ZHLV DP 3ODW] LVW GDVV LKU 1DPH GHP GHU JHRPHWULVFKHQ QDFKJHELOGHW LVW GHQQ DE N ELOGHW MHGHV *OLHG GDV KDUPRQLVFKH 0LWWHO VHLQHU EHLGHUVHLWLJHQ 1DFKEDUQ ,Q YLHOHP HLOWH 2UHVPXV VHLQHU =HLW YRUDXV EOLHE XQYHUVWDQGHQ %HL LKP ILQGHQ VLFK HUVW PDOV JHEURFKHQH ([SRQHQWHQ VDPW 5HFKHQUHJHOQ^G F ` $UFKLPHGHV XQG 3DSSRV ZDU GDV 9HUKDOWHQ DEKlQJLJHU *U|HQ LQ GHU 1lKH HLQHV 0D[LPXPV DXIJHIDOOHQ 2UHVPXV¶ *UDSKHQ ZDUHQ GDV UHFKWH 0LWWHO GLHV ]X YHUGHXWOLFKWHQ^O J` (U VFKlW]WH VHKU GLH 1DWXUVWXGLHQ VHLQHV .ROOHJHQ %XULGDQ 'HU KDWWH XQVHUHQ PHFKDQLVFKHQ ,PSXOV ULFKWLJ GHILQLHUW XQG JHGHXWHW^H` VDK NHLQHQ SULQ]LSLHOOHQ 8QWHUVFKLHG ]ZLVFKHQ (UG XQG +LPPHOVPHFKDQLN 6R YHUZXQGHUW QLFKW GDVV 2UHVPXV PLW GHP (UGODXI XP GLH 6RQQH ÄUHFKQHWH³ $QGHUV DOV ]X =HLWHQ GHV $ULVWDUFK V ,& OHEWH OHEHQVJHIlKUOLFK ZHU VLFK VROFKHUOHL *HGDQNHQIUHLKHLW KHUDXVQDKP 6HOEVW GLH 6RXWDQH ZDU QLFKW IHXHUIHVW
2UHVPXV ZDU HLQH (LQ]HOHUVFKHLQXQJ (XURSDV 0DWKHPDWLN EHZHJWH VLFK QLFKW %HVWlWLJW QLFKW ZLGHUOHJW ZLUG GDV GXUFK HLQH KHUDXVUDJHQGH *HVWDOW GHV -DKUKXQGHUWV GHQ .DUGLQDO 1LFRODXV .UHEV JHQDQQW &XVDQXV GHU YRQ &XVD .XHV DP 5KHLQ 6HLQH 3KLORVRSKLH JDOW GHU 9HUHLQEDUNHLW GHV :LGHUVSUXFKV *RWW YHUHLQH LKQ^H` (V ZDU GLH =HLW DOV GLH 4XDGUDWXU GHV .UHLVHV ZLHGHU LQ 0RGH NDP XQG YLHO 6RQGHUEDUHV KHUYRUEUDFKWH^F` 'LH .UHLVVFKHLEH VWHOOWH &XVDQXV VLFK VR YRU ZLH HV ZRKO $UFKLPHGHV JHWDQ KDWWH DOV HU GHQ =XVDPPHQKDQJ YRQ ,QKDOW XQG 8PIDQJ DXIGHFNWH ,,( QlPOLFK DOV HLQHQ .UDQ] YRQ LQILQLWHVLPDOHQ 'UHL HFNHQ GHUHQ 6SLW]HQ VLFK LP =HQWUXP WUHIIHQ 'LH DUFKLPHGLVFKH ,GHH ELQGHW HU HLQ LQ VHLQH FRLQFLGHQWLD RSSRVLWRUXP GHQ .XU]VFKOXVV GHU *HJHQVlW]H DXI GHU HLQHQ 6HLWH GDV 'UHLHFN DOV 3RO\JRQ PLW GHQ ZHQLJVWHQ 6HLWHQ DXI GHU DQGHUHQ GHU .UHLV DOV GDV UHJXOlUH PLW ÄGHQ PHLVWHQ³^P` /HV H[WUqPHV VH WRXFKHQW :DU HV 0LVVYHUVWHKHQ VHLQHU %HJULIIH ZHQQ &XVDQXV VFKDUI NULWLVLHUW ZXUGH YRQ HLQHP -RKDQQHV 0OOHU"^H G` $OLDV 5HJLRPRQWDQXV GHU .|QLJVEHUJHU DXV )UDQNHQ YHUVFKLHGHQ ]X 5RP :lUH GLHVH VWlUNVWH )DFKEHJDEXQJ GHV -DKUKXQGHUWV QLFKW DXI GHU +|KH LKUHV :LUNHQV HLQHV P\VWHUL|VHQ 7RGHV JHVWRUEHQ VLH KlWWH VLFKHUOLFK ZHLW VWlUNHUHQ (LQIOXVV DXI GLH DQVWH KHQGH =HLWHQZHQGH JHQRPPHQ 5HJLRPRQWDQXV ZDU VLFK HLQLJ JHZHVHQ PLW GHP 8QLYHUVDO JHQLH VHLQHU =HLW /HRQDUGR GD 9LQFL ZHQQ GHU LP ([SHULPHQW GLH Ä0XWWHU DOOHU *HZLVVKHLW³ VDK XQG VLFK GD]X EHNDQQWH ZLVVHQVFKDIWOLFK GUIH VLFK QXU QHQQHQ ZDV GHQ :HJ GXUFK PD WKHPDWLVFKH 'DUOHJXQJ XQG %HZHLV JHQRPPHQ KDEH^I`
=X GHQ 7KHPHQ ZHOFKH GLH 6FKRODVWLN YRQ %HJLQQ DQ EHVFKlIWLJWHQ ]lKOHQ GDV .RQWLQXXP XQG GDV 8QHQGOLFK ,$ ^Q D ` %HLGHV KDWWH $ULVWRWHOHV DQDO\VLHUW^E` LKP VFKORVV VLFK 7KRPDV YRQ $TXLQ DQ ZHQQ HU YRU GHP $NWXDO8QHQGOLFK ZDUQW 'HQQRFK PRFKWH PDQ VLFK GLHVHP 6FKLHGVVSUXFK QLFKW XQWHUZHUIHQ 8QHQGOLFK *URHV HUIDVVHQ N|QQH ]ZDU DOOHQIDOOV
,& 1HXHUH =HLW
ZHU HV VHOEVW YHUN|USHUWH *RWW )DOOV GHU HV MHGRFK ZLUNOLFK NRQQWH VR VWDQG GLH ([LVWHQ] VROFKHU 'LQJH DXHU )UDJH XQG GLH QDWUOLFKHQ =DKOHQ EHNlPHQ GHQ 0HQJHQVWDWXV =XP *H ZlKUVPDQQ ZXUGH .LUFKHQYDWHU $XJXVWLQXV HUNRUHQ^D` ZDU GHU GRFK GHQHQ HQWJHJHQ JHWUH WHQ ÄGLH EHKDXSWHQ GDVV XQHQGOLFKH 'LQJH EHU *RWWHV :LVVHQ KLQDXVJHKHQ³^E` $OOHU GLQJV GXUIWH GDV NHLQ )UHLEULHI IU GLH ,UGLVFKHQ VHLQ PLW GHP 8QHQGOLFKHQ QDFK HLJHQHP %HOLHEHQ ]X KDQWLHUHQ 'HU $QDO\VLV ZDU HV YRU DOOHP XP GDV ÄXQHQGOLFK .OHLQH³ ]X WXQ LP DNWXDOHQ 6LQQH ÄH[ WUHP NOHLQ GRFK QLFKW QLFKWV³ 6R ZDV LVW XQWHLOEDU VRQVW ZlUH HV JU|HU DOV VHLQH +lOIWH IROJOLFK QLFKW H[WUHP NOHLQ 7KRPDV EHUQDKP YRQ $ULVWRWHOHV GDVV QXU 3XQNWH QLFKW DEHU 6WUHFNHQ XQWHLOEDU VHLHQ GRFK ZDUHQ GLH 6FKRODVWLNHU GDULQ XQHLQV^R F` (QWVFKLHGHQ EH NlPSIW KDW GHQ JHRPHWULVFKHQ $WRPLVPXV EHVDJWHU %UDGZDUGLQH^S` 'DV KDOI GLH 6NHSVLV JHJHQEHU GHQ XQHQGOLFK NOHLQHQ *U|HQ ZDFK ]X KDOWHQ 6LH EHZHJWHQ ZHLWHU GLH *HPWHU DXFK PLW HLQHP HLJHQDUWLJHQ ELV (XNOLG ]XUFNUHL FKHQGHQ Ä7DQJHQWHQSUREOHP³ (V EHWUDI MHQH KRUQI|UPLJHQ Ä:LQNHO³^J ` ]ZLVFKHQ ]ZHL VLFK EHUKUHQGHQ .UHLVHQ RGHU ]ZLVFKHQ .UHLV XQG 7DQJHQWH DOV *UHQ]IDOO HLQHV GHU .UHLVH 'D DXV %HUKUHQ FRQWLQJHUH HQWVWDQGHQ KLHHQ VLH .RQWLQJHQ]ZLQNHO^T` (LQ VROFKHU ZlUH NOHLQHU DOV MHGHU QRFK VR VSLW]H HFKWH :LQNHO $EHU LVW KLHU :LQNHO PLW :LQNHO ]X YHUJOHL FKHQ"^F` 0LW NUXPPHQ 6FKHQNHOQ GLH HLQHQ PLW JHUDGHQ GLH DQGHUHQ ZXUGHQ VLH ]X 5HFKW GHQ XQYHUJOHLFKEDUHQ *U|HQ GHV $ULVWRWHOHV ]XJHUHFKQHW ,$ ^G` 8QWHUHLQDQGHU DEHU PVVWHQ VLFK GLH 3VHXGRZLQNHO YHUJOHLFKHQ ODVVHQ VHLHQ VLH GRFK VLFKWOLFK XPVR NOHLQHU MH IODFKHU GLH .UHLVH DXVIDOOHQ í IROJOLFK NlPH LKQHQ *U|H ]X $QGHUHQIDOOV N|QQWHQ VLH ZlUH GHU 9HUJOHLFK HUODXEW LKU 'DVHLQ QXU XQWHUKDOE DOOHU RUGHQWOLFKHQ :LQNHO IULVWHQ *LEW HV GRUW HLQH 1LVFKH IU VLH" )U XQV JLEW HV VFKOLFKWZHJ NHLQH .RQWLQJHQ]ZLQNHO ,KU 3UREOHP LVW SV\FKRORJLVFKHU 1DWXU 0DQ ZXVVWH VLFK QLFKW JHJHQ GLH 9RUVWHOOXQJ ]X ZHKUHQ LUJHQGZDV PVVH MHQH gII QXQJ GRFK DXVIOOHQ :HJGLVNXWLHUHQ OLHHQ VLH VLFK QLFKW JHJHQVWDQGVORV ZXUGHQ VLH PLW GHP %HJULII GHV *UHQ]ZHUWV %HL EHVWHP :LOOHQ ]XU ,QWHUSUHWDWLRQ EOLHEH GHQ .RQWLQJHQ] ZLQNHOQ QXU GLH *U|H 1XOO 'LH .RQWURYHUVH XP VLH KLHOW ODQJH DQ QRFK /HLEQL] EH VFKlIWLJWH VLFK PLW LKQHQ
*XW HLQHLQKDOE -DKUWDXVHQGH WUHQQHQ 2UHVPXV YRQ $UFKLPHGHV GHP =XFKWPHLVWHU GHU .ODV VLN 'RFK ZDUXP OLHJHQ QRFKPDOV -DKUKXQGHUWH ]ZLVFKHQ 2UHVPXV XQG *DOLOHL" :DU GLH 6FKRODVWLN GRFK EHUHLWV VHQVLEHO IU GLH ,QWHUDNWLRQ VWHWLJ YHUlQGHUOLFKHU *U|HQ JHZHVHQ (L QH GHU 8UVDFKHQ QHXHUOLFKHU 6WDJQDWLRQ LVW ZRKO GDVV HV ± WURW] GHU LQV -DKUKXQGHUW UHL FKHQGHQ $SSHOOH ± QRFK ]X NHLQHU NRQNUHWHQ 9HUELQGXQJ YRQ Ä0DWKHPDWLN XQG 1DWXU ZLVVHQVFKDIW³ JHNRPPHQ ZDU GDV KHLW ]X HLQHU PDWKHPDWLNQDKHQ %HWUDFKWXQJ QDWUOLFKHU %HIXQGH^U` ,UUHDOH Ä%HZHJXQJVVWXGLHQ³ ZLH GLH DXV ,,- VLQG NOXJH hEHUOHJXQJHQ LQ HLQHU QDWXUKDIWHQ 9HUNOHLGXQJ PLWKLQ JHNQVWHOW XQG VWW]HQ HKHU GLHVH 7KHVH 6LH VLQG JHJHQ VWlQGOLFK QLFKW 3K\VLN PHWKRGLVFK QLFKW 0DWKHPDWLN QLFKW LQ GHUHQ NODVVLVFKHP 6LQQH =XU 0DWKHPDWLN VHOEVW PHLQW GHU 0DWKHPDWLNHU XQG +LVWRULNHU +DQNHO ÄQLFKW ]X YLHO ]X EHKDXS WHQ³ ZHQQ HU IHVWVWHOOW QDFK )LERQDFFL ILQGH VLFK -DKUKXQGHUWH ODQJ NHLQ HLQ]LJHU %HZHLV
7HLO , =HLWHQ XQG =HLWJHLVWHU
GHU QLFKW VFKRQ DXI (XNOLG ]XUFNJHKH^E H` ,PPHUKLQ JLEW 2UHVPXV HLQGUXFNVYROOH %HZHL VH IU 2ULJLQDOLWlW ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,&
-86&+.(:,76&+ ^D` ^E` II ^F` ^G` ^H` ^I` ^J` ^K` ^L` ^M` ^N` I ^O` ^P` ^Q` II ^R ` ^S` ^T` I ^U` ./,1( >@ ^D` ^E` ^F` ^G` I ^H` I ^I` ^J` I &$-25, ^D` ^E` ^F` ^G` ^H` +(56+ ^D` II ^E` ^F` ;,9 ^G` ^H` %(&.(5 >@ ^D` ^E` II ^F` ^G` +2)0$11 >@ :,(/(,71(5 >@ 3(,))(5 '$+$1'$/0(',&2 ^D` ^E` ^F` *(5,&.( >@ %2@ ^D` II ^E` I ^F` ^G` I ^H` íí >@ ^I` ^J` +$1.(/ ^D` ± ^E` ^F` ^G` ;,,, .ULWLN -( +RI PDQQ ^H` (':$5'6 -5 ^D` ^E` II ^F` 67,//:(// >@ 6285&( %22. « >@ 6WUXLN ^D` ^E` ^F` I ^G` 6758,. ^D` ^E` )XQ ^F` I 0(6&+.2:6., >@ II %285%$., >@ 7+,(/(
'HU *HLVW GHU 1DWXUZLVVHQVFKDIW HUVFKHLQW 'LH NRSHUQLNDQLVFKH :HQGH .HSOHU *DOLOHL XQG VHLQ )DOOJHVHW]
-H QDFK $VSHNW ZLUG GDV HXURSlLVFKH 0LWWHODOWHU XQWHUVFKLHGOLFK DEJHJUHQ]W hEOLFKHUZHLVH QLPPW PDQ GD]X GLH =HUIDOOVGDWHQ GHV ZHVW XQG GHV RVWU|PLVFKHQ 5HLFKHV DOVR HWZD MHZHLOV GLH 0LWWH GHV XQG GHV -DKUKXQGHUWV^D ` =XP (QGH SDVVW JXW DXFK GLH (QWGHFNXQJ GHU 1HXHQ :HOW GRFK QDFKKDOWLJHU ZLUNWH GLH 1HXHQWGHFNXQJ GHU :HOW 'DVV GLH VLFK ELVODQJ VDPW XQG VRQGHUV XP XPV JHGUHKW KDEHQ VROOWH VFKLHQ VHOEVWYHU VWlQGOLFK -HGHP VLFKWEDU ]HLJWHQ VLFK 0RQG XQG 6RQQH PLW ]ZHL )DKUSOlQHQ MHGRFK JOHLFKHU 5RXWH 'LHV PLW HLQHU (LJHQGUHKXQJ GHU (UGH ]X HUNOlUHQ PXVVWH OLQHDUH *HPWHU EHUIRU GHUQ =XGHP KlWWH PDQ VLFK MD GRFK VHKU UDVFK XQWHU :RONHQ XQG 9|JHOQ ZHJGUHKHQ PVVHQ *DQ] ]X VFKZHLJHQ DEHU YRP )DKUWZLQG GHU 5HLVH GXUFKV $OO^D` *HJHQ GDV KHOLR]HQWULVFKHV 6\VWHP JDE HV DXHU XQVDFKOLFKHQ $UJXPHQWHQ ]HLWJHPl WULIWLJH =ZDU KDWWH VFKRQ VHKU IUK HLQ $ULVWDUFKRV^E` YRUJHVFKODJHQ GLH 6RQQH LQV =HQWUXP ]X UFNHQ GRFK VHOEVW VHLQ JHQLDOHU =HLWJHQRVVH GHU $VWURQRPHQVRKQ $UFKLPHGHV NRQQWH VLFK QLFKW GDIU HUZlUPHQ
,& 1HXHUH =HLW
)U GLH %HZHJXQJHQ DP +LPPHO KDWWH (XGR[RV ± YRQ 3ODWRQ DQLPLHUW ± HLQH LQ VLFK VFKOVVLJH 7KHRULH HQWZRUIHQ $SROORQLRV DUEHLWHWH ZHLWHU GDUDQ XQG YLHU -DKUKXQGHUWH VSl WHU ZXUGH GLHVHU HUVWH $QVDW] HLQHU WKHRUHWLVFKHQ $VWURQRPLH YRQ .ODXGLRV 3WROHPDLRV QLFKW ZHQLJHU VFKDUIVLQQLJ YROOHQGHW ,Q LKUHP +DUPRQLHEHGUIQLV VXFKWHQ VLH DOOH HLQHQ YROONRP PHQHQ .RVPRV QDFK]XVWHOOHQ ZHVKDOE ]X VHLQHU %HVFKUHLEXQJ QXU GLH YROONRPPHQVWHQ JHRPHWULVFKHQ *HELOGH LQ )UDJH NDPHQ .XJHOVFKDOH XQG .UHLVOLQLH ZHOFKH 9HUUHQNXQJHQ PDQ DXFK GHQ .UHLVHQ ]XPXWHQ PRFKWH V ,,.$QIDQJ 7KHRUHWLVFK SHUIHNW GRFK FRQWUH F°XU ZDU HV ZLH GLH SWROHPlLVFKHQ Ä.UHLV³%DKQHQ GLH .DSULROHQ GHU 3ODQHWHQ LKUH 5FN OlXIH ]X HUNOlUHQ VXFKWHQ 9HUQQIWLJHU ZlUHQ %DKQHQ XP HLQ JHPHLQVDPHV =HQWUXP í GDV MHGRFK VHW]WH YRUDXV GDVV VLFK GLH (UGH VHOEVW XQWHU GLH 3ODQHWHQ HLQUHLKWH $XV SUDNWLVFKHU 6LFKW ZDU PLJ GLH JHR]HQWULVFKHQ 0RGHOOH DQ]X]ZHLIHOQ HLJQHWHQ VLH VLFK GRFK DP (QGH KLQUHLFKHQG JXW IU 6HHIDKUW XQG .DOHQGHU (LQ JHZLFKWLJHU $VSHNW DXFK IU GLH VSlWHUH (QW ZLFNOXQJ 'LHVHV ÄSWROHPlLVFKH :HOWELOG³ KLHOW VLFK ZHLW EHU HLQ -DKUWDXVHQG 'LH NOXJHQ /HXWH LQ $OH[DQGULD ZDUHQ VLFK EHZXVVW JHZHVHQ ZHQLJ GDUEHU ]X ZLVVHQ ZDV LQ :DKUKHLW DP +LPPHO JHVFKDK 6LH YHUVWDQGHQ LKU :HOW%LOG K\SRWKHWLVFK DOV $QVLFKWVVDFKH XQG QLFKW DOV :HOWDQVFKDXXQJ^D` *(2]HQWULVFK (*2]HQWULVFK ZDV OlJH QlKHU EHLHLQDQGHU" 3WROHPDL RV¶ /DQJOHELJNHLW KDW ZHL *RWW QLFKW ]XOHW]W GDPLW ]X WXQ GDVV VHLQ 0RGHOO GDV PHQVFKOLFKH (JR EHGLHQWH VR RGHU VR $XV 6LFKW GHU .LUFKH ZDU HV QLFKW QXU DGlTXDW VRQGHUQ XQDE GLQJEDU GHQQ DOV +DXSW]ZHFN GHU 6FK|SIXQJ PXVVWH GHU 0HQVFK DXFK OHLEKDIWLJ LP =HQWUXP GHV 8QLYHUVXPV VWHKHQ $QGHUVGHQNHQGH ZXUGHQ QRFK ]X *DOLOHLV /HE]HLW YHUEUDQQW XQG EUDXFKWHQ HUVW DE NHLQH NDQRQLVFKHQ 6WUDIHQ PHKU ]X IUFKWHQ 'LH *HJHQSRVLWLRQ KDWWH LPPHU ZLHGHU 6\PSDWKLH JHIXQGHQ VR KDEHQ VHOEVW .OHULNHU ZLH 2UHVPXV XQG &XVDQXV VLH HUZRJHQ^E` -HW]W PDFKWH HLQ )DFKPDQQ GDPLW (UQVW 1LNRODXV .RSSHUQLJN &RSSHUQLFXV IU XQV .RSHUQLNXV $XFK HU KLHOW DP .UHLV IHVW QXQ DEHU DOV GHU 3ODQHWHQEDKQ VHOEVW ZDV HLQVWZHLOHQ XQZHVHQWOLFK ZDU 'DV 0RGHOO GHV .RSHUQLNXV ]HLJWH DQIDQJV NHLQH VRQGHUOLFKHQ 9RUWHLOH JHJHQEHU GHP QDFKJHEHVVHUWHQ SWROHPlLVFKHQ XQG ZXUGH GDKHU YRQ GHQ 3UDNWLNHUQ DOV DNDGHPLVFK HPSIXQGHQ 'LH $NDGHPLNHU PXVVWH HV SRODULVLHUHQ GRFK VDHQ GLH HLJHQWOLFK LP VHOEHQ %RRW^D` 'DVV GLH %HVFKUHLEXQJ GHU 5HOD WLYEHZHJXQJHQ LP KHOLR]HQWULVFKHQ 6\VWHP ZHLWDXV HLQIDFKHU ZDU XQG GDPLW QDWUOLFKHU HUVFKLHQ VSUDFK QRFK QLFKW IU GHVVHQ Ä:DKUKHLW³ 3ULQ]LSLHOO VLQG GLHVH %H]XJVV\VWHPH JOHLFKZHUWLJ 6FKRQ &XVDQXV^E` KDWWH HLQH DEVROXWH %HZHJXQJ ]XU 'LVSRVLWLRQ JHVWHOOW DOV HU GDV +LPPHOVJHZ|OEH ]XP (LQVWXU] EUDFKWH 6XEVWDQ]LHOO VSUDFK HUVW 1HZWRQV '\QDPLN IU GLH NRSHUQLNDQLVFKH :HQGH^F` 9RP 6WDQGSXQNW GHV QHZWRQVFKHQ .RVPRV PXVV PDQ ZLH GHU UHODWLYLHUHQG VDJHQ
:LU VLQG LP HQWIHVVHOQGHQ &LQTXHFHQWR GHU 5HQDLVVDQFH (LQH =HLW QLFKW QXU GHU :LHGHUJH EXUW 'LH ELV GDKLQ DXIJHWDXFKWHQ 6FKULIWHQ GHV $UFKLPHGHV^E` HUVFKHLQHQ JHGUXFNW ]X IDVW JOHLFKHU =HLW ZLH GDV 9HUPlFKWQLV GHV .RSHUQLNXV^D` GHU VHLQH IU XQVHUHQ 3ODQHWHQ EDKQ EUHFKHQGH 6FKULIW HUVW IUHLJHJHEHQ KDWWH DOV HU GHQ 7RG QLFKW PHKU IUFKWHQ PXVVWH 'DV =XVDPPHQWUHIIHQ LVW 2PHQ GDIU GDVV VLFK GDQN GHV QHXHQ 0HGLXPV HQGOLFK .RQNUHWHV ]ZLVFKHQ 1DWXUSKLORVRSKLH XQG PDWKHPDWLVFKHU $QDO\VH DQEDKQW
7HLO , =HLWHQ XQG =HLWJHLVWHU
=XQHKPHQG JHQDXHUH %HREDFKWXQJHQ ZLH GLH YRQ 7\FKR %UDKH OLHHQ GLH $N]HSWDQ] GHV NRSHUQLNDQLVFKHQ 0RGHOOV ZDFKVHQ XQG GLH =HLW UHLI ZHUGHQ IU ]ZHL KHUDXVUDJHQGH =HLWJH QRVVHQ (UVWJHERUHQHU LVW *DOLOHR *DOLOHL JHGX]W YRQ $PHULNDQHUQ GLH VLFK EHL Ä*DOLOHL³ LP 7RQ YHUJUHLIHQ ZUGHQ LQ VHLQHP :LUNHQ QLFKW GHQNEDU RKQH GHQ JURHQ -RKDQQHV .HSOHU 6R ZLH HLQVW (XGR[RV ZLGPHQ VLFK QXQ GLHVH EHLGHQ HLQHU WKHRUHWLVFKHQ $VWURQRPLH 'HU )DOO *DOLOHL EHJDQQ PLW VHLQHQ Ä)DOOVWXGLHQ³ DP 6FKLHIHQ 7XUP VHLQHU 9DWHUVWDGW 3LVD (U YHUVFKULHE VLFK GHU %HZHJXQJ ÄHSSXUH VL PXRYH³ ± VHLQ ZHOWEHZHJHQGHV 6FKOXVV ZRUW YRU GHP 7ULEXQDO GDVV VLH GLH (UGH VLFK GRFK EHZHJH HV ZlUH ]XPLQGHVW YRQ VHLQHQ /DQGVOHXWHQ WUHIIOLFK HUIXQGHQ VH QRQ q YHUR q EHQ WURYDWR ,P DOWHQ +HOODV KDWWH GLH 3K\VLN QXU $UFKLPHGHV¶ 0HFKDQLN YRU]XZHLVHQ ZDU DQVRQVWHQ 'HQNVSRUW IU 3KLORVRSKHQ XQG EHKLHOW GLHVH 5ROOH EHL GHQ 1DWXUSKLORVRSKHQ QHXHUHU =HLW ([SHULPHQW XQG ,QGXNWLRQ ZDU QLFKW LKU %LHU $SROORQLXV NRQQWH QLFKW DKQHQ ZR]X VHLQH (OOLSVHQ HLQPDO JXW ZlUHQ 1XQ VROOWHQ DXV .XUYHQ 3ODQHWHQEDKQHQ ZHUGHQ XQG LKUH 7DQJHQWHQ LQ MHGHU +LQVLFKW ULFKWXQJ ZHLVHQG^D` .HSOHU $VWURORJH HKHU DXV H[LVWHQ]LHOOHU 1RW HQWGHFNWH LP 6RQQHQV\VWHP EHUUDVFKHQGH *HVHW]PlLJNHLWHQ XQG VXFKWH LKQHQ DXI GHQ *UXQG ]X JHKHQ (UVFKORVV VLFK LKP 5LFKWLJHV SHU .XU]VFKOXVV ,,, VR ]HXJW GDV HKHU YRQ ,QVWLQNW XQG WXW VHLQHP *HQLH NHLQHQ $EEUXFK 'HQ NHSOHUVFKHQ *HVHW]HQ ZDU OHW]WOLFK EHVFKLHGHQ .ODUKHLW ]X VFKDIIHQ DXFK ZHQQ LKU 8U KHEHU GLH 2UGQXQJ LQ GHU 0\VWLN JHIXQGHQ ]X KDEHQ PHLQWH DOV HU ]ZLVFKHQ GLH %DKQ 6FKDOHQ VHLQHU VHFKV 3ODQHWHQ GLH IQI UHJXOlUHQ 3RO\HGHU HLQIJWH GHUHQ .DUULHUH ELV 3ODWRQ ]XUFNUHLFKW^F ` .HSOHUV HUVWHU 5XKP JUQGHW GDUDXI GDVV GLHV *HVFKDFKWHO DXI ZXQGHUVD PH :HLVH SDVVWH í XQG GDVV GHU]HLW QLFKW PHKU 3ODQHWHQ EHNDQQW ZDUHQ 3RVWXPHU 5XKP ZXUGH LKP ]XWHLO QDFKGHP GLH PKHYROOH 9RUDUEHLW GLHVHV 0DQQHV 1HZWRQ ]XU JOlQ]HQGHQ %HVWlWLJXQJ VHLQHV EHJULIIOLFKHQ $QVDW]HV YHUKROIHQ KDWWH 'LH 3HULSDWHWLNHU GDV ZDUHQ $ULVWRWHOHV XQG VHLQH 0LWOlXIHU IROJWHQ GHQ 6RSKLVWHQ LQ GH UHQ JHEURFKHQHP 9HUKlOWQLV ]XU %HZHJXQJ 'LHVH NRQQWH HV HLJHQWOLFK JDU QLFKW JHEHQ XQG IDOOV GRFK VR PXVVWH GHU PRPHQWDQH 6WLOOVWDQG VWlQGLJ NUDIWYROO EHUZXQGHQ ZHUGHQ :HQQ *DOLOHL GLHVHU $XIIDVVXQJ GHQ 5XKH]XVWDQG DOV XQHQGOLFK ODQJVDPH %HZHJXQJ HQWJHJHQVHW] WH VR ZDU GDULQ HKHU HLQH SKLORVRSKLVFKH .RQ]HVVLRQ ]X VHKHQ 'LH .UDIWPHLHUHL VWLH DXI ZHQLJ %HGHQNHQ HLQH *HJHQVWLPPH DXV $OH[DQGULD LP VHFKVWHQ -DKUKXQGHUW IDQG HUVW LP YLHU]HKQWHQ HLQ K|UEDUHV (FKR EHL 2UHVPXV¶ 3DUWQHU %XULGDQ 'HU ZDU EHUHLWV DXI GHP :HJ ]XP 7UlJKHLWVJHVHW] .HSOHU HUO|VWH GLH .UDIW DXV GHU 5ROOH GLH LKU $ULVWRWHOHV LQ VHLQHU %HZHJXQJVOHKUH ]XJH ZLHVHQ KDWWH XQG VHW]WH GDV %HKDUUXQJVYHUP|JHQ GHU .|USHU GDJHJHQ 9RQ .HSOHU HUVWPDOV IRUPXOLHUW^D` XQG YRQ *DOLOHL EHUQRPPHQ EUDXFKWH GDV 7UlJKHLWVSULQ]LS QRFK JHUDXPH =HLW ELV PDQ HV YROO YHUVWDQG^E` (UVW GDGXUFK ZXUGH HWZD GLH 5RWDWLRQ GHU (UGH GHQNEDU GHQQ HV ZDU XQYRUVWHOOEDU JHZHVHQ GDVV GLH /XIW VWDWW WUlJH LP bWKHU ]X UXKHQ VLFK HEHQ DXIJUXQG YRQ 7UlJKHLW EHZHJHQ VROOWH^E G` 'LH 6WHOOH GHV JURHQ %HZHJHUV ZXUGH IUHL XQG GXUFK HLQH QHXH '\QDPLN EHVHW]W ZHUGHQ '\QDPLN DOV =HLFKHQ GHU =HLW DXFK PHWDSKRULVFK JHVHKHQ 0DWKHPDWLN LQWHUHVVLHUWH EHLGH $VWURQRPHQ QLFKW QXU PLWWHOEDU XQG HV ZDU .HSOHU GHU VLFK HLQHV DOWHQ +DXVPLWWHOV HULQQHUQ ZLUG GHU $WRPH MHW]W Ä,QGLYLVLEOHQ³ JHQDQQW .DQQWH
,& 1HXHUH =HLW
HU EHUHLWV GHQ 7ULFN PLW GHQ .UHLVVHNWRUHQ DXV ,,( GHQ PDQ $UFKLPHGHV ]XVFKUHLEW" 2GHU NDP HU EHUHLWV VHOEVW GDUDXI GLH YRQ 3ODQHWHQ XPÄNUHLVWHQ³ (OOLSVHQ ]X ]HUOHJHQ ,,. " 'DV ,QVWUXPHQW HUZLHV VLFK KLHU ]ZDU ]ZHLVFKQHLGLJ KDWWH DEHU =XNXQIW ZLH ZLU VHKHQ ZHUGHQ
$OV (UVWHV ILHO *DOLOHL DXI GDVV VHLQH 3UREHN|USHU DOOH SUDNWLVFK JOHLFK VFKQHOO ILHOHQ ZDV IU 1HZWRQV 7KHRULH K|FKVW EHGHXWVDP ZHUGHQ VROOWH 'DV 8QHUK|UWH GLHVHU %HREDFKWXQJ ZDU *DOLOHL EHZXVVW KDWWH VLH GRFK LQ GHU GXUFK $ULVWRWHOHV YHURUGQHWHQ :HOW NHLQHQ 3ODW] V ,' ,Q LKU YHUKLHOWHQ VLFK GLH )DOO]HLWHQ GHU .|USHU XPJHNHKUW ZLH LKUH *HZLFKWH 'HU MXQJH 3URIHVVRU RKQH 7DODU JHULHW GDURE PLW GHQ JHOHKUWHQ +HUUHQ YRQ 3LVD LQ 6WUHLW 0DQ HU]lKOWH HU KDEH LKUHP 'HILOHH DP 6FKLHIHQ 7XUP DXIJHODXHUW XQG LKQHQ ]ZHL UHFKW XQJOHL FKH .XJHOQ JOHLFK]HLWLJ YRU GLH )H IDOOHQ ODVVHQ^` 6LH GHUHQ )RUVFKXQJ VLFK LQ %LEOLR WKHNHQ DEVSLHOWH PXVVWHQ DQ LKUHQ 6LQQHQ ]ZHLIHOQ *DOLOHL PXVVWH KHUDXVILQGHQ QDFK ZHOFKHP *HVHW] GLH 6FKZHUNUDIW HLQH XQJOHLFKI|UPLJH %HZHJXQJ HU]HXJW 6HLQ :HJ IKUWH GXUFK GDV 7DO YRQ 7ULDO DQG (UURU $XI GHQ &DPSDQLOH ]X VWHLJHQ GDUDXI NDP HU QLFKW JOHLFK VRQGHUQ ]XQlFKVW DXI GLH VFKLHIH (EHQH XQG VR ZRKO DXI GHQ ,UUWXP GLH *HVFKZLQGLJNHLW VHL SURSRUWLRQDO ]XU 5ROO E]Z )DOOVWUHFNH^` -HGHQ IDOOV SU|EHOWH HU PLW GLHVHU $QQDKPH HKH VHLQ 9HUGDFKW DXI GLH =HLW ILHO 'XUFK ÄXQNODUH hEHUOHJXQJHQ³ ODXW %RXUEDNL^E` 1XQ KDWWH VLFK 2UHVPXV MD VFKRQ LP ZDKUVWHQ 6LQQH HLQ %LOG GDYRQ JHPDFKW ZLH *HVFKZLQGLJNHLW PLW GHU =HLW JHKW 2IIHQEDU EHQXW]WH *DOLOHL GHV VHQ 'LDJUDPP ]XP 7HVW DXI *OHLFKI|UPLJNHLW^F` $EE , IXW DXI $EE , 'HU ]ZLVFKHQ GHQ =HLWSXQNWHQ Q XQG Q ]X UFNJHOHJWH :HJ :Q ZLUG GDUJHVWHOOW GXUFK GDV 'UHLHFN GHU *U|H Q Z Z : GHQQ Q YLHOH Z JURH 5HFKWHFNH IOOHQ GDV 5HFKWHFN EHU > Q@ 2UHVPXV¶ JOHLFKI|UPLJ XQJOHLFK I|UPLJH %HZHJXQJ IROJW PLWKLQ GLH :HJIRUPHO :Q Z Q $XFK EHL VWHWLJHP =HLWYHUODXI ZLUG GLH 'UHLHFNVIOlFKH SURSRUWLRQDO ]XP 4XDGUDW GHU =HLW :HQQ QXQ DEHU *DOLOHLV )DOO ZHJH GHPHQWVSUHFKHQG DQZXFKVHQ VR PXVVWH LP 8PNHKUVFKOXVV GLH %HVFKOHXQLJXQJ JOHLFK I|UPLJ VHLQ 6LHKH GLH ,QWHUSUHWDWLRQ ]X $EE ,
$EE , *DOLOHL GLH *UDILN ]XP )DOOYHUVXFK
7HLO , =HLWHQ XQG =HLWJHLVWHU
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Ä8PVR VFKOLPPHU IU GLH 7DWVDFKHQ³ *DQ] VR XQYRUHLQJHQRPPHQ ZLH HV GLH /HJHQGH ZLOO ZDU DOOHUGLQJV DXFK XQVHU *DOLOHL QLFKW =X VHKU ZDU HU EHU]HXJW YRQ GHU +DUPRQLH ]ZLVFKHQ 1DWXU XQG 0DWKHPDWLN DOV GDVV GLHVH IU LKQ SULPlU HLQ 0LWWHO GHU %HVFKUHLEXQJ JHZHVHQ ZlUH 6LH ZLHV GHU 1DWXU GHQ :HJ GHQ HLQIDFKVWHQ QlPOLFK^E` 6R WUDW EHL *DOLOHL GHQQ RIW GDV PDWKHPDWLNJHVWW]WH *HGDQNHQ H[SHULPHQW DQ ([SHULPHQWHV 6WDWW^F` ,KP ZDU 0DWKHPDWLN VHOEVW VFKRQ 4XHOOH GHU 1DWXU HUNHQQWQLV 'LH 3\WKDJRUHHU KDWWHQ HV LQ GLH :HOW JHVHW]W Ä$OOHV LVW =DKO³ 3ODWRQ VDK LQ GHU OHEORVHQ 1DWXU GLH 9HUN|USHUXQJ YRQ 0DWKHPDWLN^G` 'DPLW ZDUG GDV 9HUKl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lKQOLFK ZLH /DQGNDUWHQ IU GHQ ZDK UHQ *OREXV 'LH ÄNRSHUQLNDQLVFKH :HQGH³ LQ GHU $VWURQRPLH YHUEDQG VLFK PLW PDQFKHUOHL :HQGH $UFKLPHGHV¶ 3K\VLN JDOW GHU 6WDWLN GLH GHV *DOLOHL GHU %HZHJXQJ 6LH ZXUGH ]XP /HLWPRWLY 'DV 9HUlQGHUOLFKH WUDW DXI GHQ 3ODQ GLH 9HUlQGHUOLFKH LQ LKUHU $EKlQJLJNHLW ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
%2@ ^D` ^E` í >@ ^F` 3(,))(5 '$+$1'$/0(',&2 9$1 '(5 :$(5'(1 >@ ^D` ^E` II ./,1( >@ ^D` ^E` ^F` ^G` I 921 :(,=6b&.(5 ^D` II ^E` ^F` ^G` :8,1* $512/' ^D` ^E` ^F` 67,//:(// >@ ± +,/'(%5$1'7 7520%$ %285%$., >@ ^D` ^E` ^D` -226 >@ >@ íí ^E` +81' I I 5866(// +(86(5 >@ )XQ
,& 1HXHUH =HLW
,&
)QI]LJ -DKUH 9RUDEHQG GHV &DOFXOXV 6\PEROH .RRUGLQDWHQ ,QGLYLVLEOHQ EHL &DYDOLHUL 7RUULFHOOL 9RUOlXIHU ]XP &DOFXOXV )HUPDW *UHJRU\ 1HLO %DUURZ
'LH $VWURQRPLH KDWWH LKUH 6WHUQVWXQGH GLH GHU $QDO\VLV OLH QRFK DXI VLFK ZDUWHQ :lKUHQG GHU HUVWHQ +lOIWH GHV -DKUKXQGHUWV KHUUVFKWH QRFK 5XKH YRU GHP 6WXUP $OV LQ GHU ]ZHL WHQ GHU YLHOVHLWLJH )UDQoRLV 9LqWH 9LHWD GLH $OJHEUD HLQHP +|KHSXQNW ]XIKUWH EHUHLWHWH VLFK HLQH QHXH Ä*HRPHWULH³ JHUDGH DXI LKUH =XNXQIW YRU PLW PHKU RGHU PLQGHU VSRUDGLVFKHQ (QWGHFNXQJHQ 'DQQ GLH 6XSHUQRYD GHU $QDO\VLV 1LFKW ]XIlOOLJ PLW 'RSSHOVWHUQ 6SlWHVWHQV ]X %HJLQQ GHV IU XQVHU 7KHPD HSRFKDOHQ -DKUKXQGHUWV KDWWH VLFK MHQH $WPRVSKlUH HQWZLFNHOWH YRQ GHU PDQ VDJHQ ZUGH 1HZWRQ XQG /HLEQL] ODJHQ LQ GHU /XIW 6LH KDWWHQ LKU 6FKOVVHOHUOHEQLV IDVW JOHLFK]HLWLJ XQDEKlQJLJ YRQHLQDQGHU XQG HV JDE HLQH JDQ]H 5HLKH YRQ $QZlUWHUQ DXI GLH 5ROOH GLH GLHVHQ EHLGHQ ]XIDOOHQ VROOWH
=ZHL -DKUWDXVHQGH QDFK LKUHU NODVVLVFKHQ 3KDVH HUOHEWH GLH $QDO\VLV MHW]W HLQH GUXFNYROOH ]ZHLWH PLW HLQHU 9LHO]DKO YRQ ,GHHQWUlJHUQ 1HEHQ GHQ 9RUDUEHLWHUQ LP HQJHUHQ 6LQQH YHU GLHQW JHZUGLJW ZHU ZLFKWLJH =XDUEHLW OHLVWHWH 'D LVW ]XP HLQHQ 9LHWD GHP ]X GDQNHQ LVW GDVV HU GLH $XVIRUPXQJ HLQHU NRQVHTXHQWHQ 6\PEROVSUDFKH HLQOHLWHWH (LQ 6HJHQ IU GLH $QDO\VWHQ 'LH VLFK GDPLW DOOHUGLQJV DXFK HLQHQ 9LUXV LQV +DXV KROWHQ 0LW =HLFKHQ ]X UHFK QHQ PDJ QlPOLFK VXJJHULHUHQ VLH VHLHQ EHUHLWV EDUH 0Q]H 6\PEROHQ HUODJHQ GLH HUIDKUHQHQ $OJHEUDLNHU ZHQLJHU DOV GLH MXQJHQ $QDO\VWHQ ZLHZRKO GHUHQ IRUPDOH *U|HQ XQYHU JOHLFKOLFK SUREOHPDWLVFKHU ZDUHQ 6FKRQ ODQJH EHVWDQG ]ZLVFKHQ *HRPHWULH XQG $OJHEUD QLFKW PHKU GLH 5DQJRUGQXQJ GHU *ULHFKHQ 1XQ NDP GHQ QHXHQ *HRPHWHUQ GDV =DKOHQZHVHQ ]X +LOIH DXHU PLW VHLQHQ =HL FKHQ GXUFK HLQ HIIHNWLYHV :HUN]HXJ GLH .RRUGLQDWHQ 1LFKW IUHPG ZDU GDV 3ULQ]LS /HXWHQ ZLH $UFKLPHGHV ,,'* X + $SROORQLRV^D` XQG LQ DQGHUHU :HLVH 2UHVPXV ,& %H PHUNHQVZHUW GDVV GLHVH KLVWRULVFKHQ %HLVSLHOH EHUHLWV GHQ XQWHUVFKLHGOLFKHQ *HEUDXFK VSLH JHOQ GHQ ZLU EHL GHQ JHJHQZlUWLJHQ Ä.RRUGLQDWRUHQ³ ZLHGHUILQGHQ EHL 5HQp 'HVFDUWHV &DUWHVLXV GHU DOV 3URPRWRU GHU .RRUGLQDWHQ*HRPHWULH JLOW XQG 3LHUUH GH )HUPDW GHP YRQ MHQHP JHVFKPlKWHQ .ROOHJHQ %HLGH VLQG GLH IKUHQGHQ *HVWDOWHQ GLHVHU -DKUKXQGHUWKlOIWH LQ SXQFWR 0DWKHPDWLN^E` 3KLORVRSK XQG /DQGVNQHFKW GHU HLQH -XULVW GHU DQGHUH &DUWHVLXV NDQQWH NHLQH NDUWHVLVFKHQ .RRUGLQDWHQ GRFK ZDU XQZHVHQWOLFK GDVV HU HEHQVR ZLH )HUPDW PLW QXU HLQHU $FKVH DUEHLWHWH HLQHP 6WUDKO YRQ GHP DXV SDUDOOHOH 6WUHFNHQ DE JHWUDJHQ ZXUGHQ 0LW GHQ .RRUGLQDWHQ YHUIROJWHQ EHLGH ZLH DQJHGHXWHW YHUVFKLHGHQH =LHOH 'HVFDUWHV VLHKW LP .HJHOVFKQLWW Ä3DUDEHO³ GLH $QVDPPOXQJ YRQ 3XQNWHQ GHUHQ .RRUGLQDWHQ LQ %H]LHKXQJ ]X EULQJHQ VLQG DOOJHPHLQ LQ GHU $EVLFKW JHRPHWULVFKH 3UREOHPH GXUFK 1XW ]XQJ GHV DOJHEUDLVFKHQ )XQGXV ]X O|VHQ 'DV EULQJW HV PLW VLFK QXU 3XQNWH [_ \ ]X EHWUDFK WHQ GLH HLQHU *OHLFKXQJ GHU *HVWDOW D [P\Q E [S\T PLW UDWLRQDOHQ D E XQG ([SRQHQWHQ JHQJHQ *HUDGOLQLJH .XUYHQ ZROOHQ ZLU KLHU DXVVFKOLHHQ 'HQ QLFKW
7HLO , =HLWHQ XQG =HLWJHLVWHU
DOJHEUDLVFKHQ .XUYHQ GHQ ZLH HU DEIlOOLJ VDJW ÄPHFKDQLVFK HU]HXJWHQ³ HQW]RJ HU GDPLW GLH JHRPHWULVFKH /L]HQ]^F` )HUPDW KLQJHJHQ JLQJ YRQ GHU =DKOEH]LHKXQJ DXV XQG LQWHUSUHWLHUWH VLH DOV .RRUGLQDWHQ9RUVFKULIW (U IUDJW HWZD ZDV GLH =XRUGQXQJ [ ѻ \ [ JHRPHWULVFK LPSOL]LHUH ZDV GHU 0LQLPDOZHUW \ PLW GHU 7DQJHQWH LQ _ ]X WXQ KDEH V XQWHQ ]X $EE , 'HVFDUWHV VWHKW LQ GHU 7UDGLWLRQ GHV $SROORQLRV ZlKUHQG )HUPDW^G` XQG 2UHV PXV^H` DULWKPHWLVFKH =XVDPPHQKlQJH ZLH )XQNWLRQHQ VLFKWEDU PDFKHQ ZROOHQ
*HUDXPH =HLW YRU .HSOHU XQG *DOLOHL ZDUHQ GLH 6FKRODVWLNHU GHP DOWHQ 'HPRNULW DXI GLH 6SXU VHLQHU JHRPHWULVFKHQ $WRPH JHNRPPHQ -HW]W DQ GHU 6FKZHOOH ]XP -DKUKXQGHUW EHVDQQ PDQ VLFK YHUVWlUNW GLHVHV YRUNODVVLVFKHQ (UEHV %HKHU]W JULII .HSOHU QDFK GHQ ,QGLYL VLEOHQ ]XHUVW DXI GHU 6XFKH QDFK 7KHRULH IU VHLQH 3ODQHWHQ ,,. (U VDK GLHVH JXWHQ *HLVWHU EHUDOO DP :HUN ZLH DP +LPPHO VR DXI (UGHQ 6HLQ :LVVHQVGXUVW JDOW GHQQ DXFK GHP ,QKDOW YRQ :HLQIlVVHUQ YRQ OHHUHQ YHUVWHKW VLFK^D` :HLW PHKU DOV HLQ .XULRVXP ZXUGHQ VLH ]XP $XIPDFKHU HLQHV %XFKHV DXV GHP -DKU GDV -DKUH VSlWHU JURH %HDFKWXQJ IDQG^IJ` 1DFK 0RULW] &DQWRU ÄGLH 4XHOOH GHU ,QVSLUDWLRQ DOOHU VSlWHUHQ .XEDWXUHQ³^D` ,Q YLQR YHULWDV .HSOHUV XQJULHFKLVFKHU 6WLO ZDU DQVWHFNHQG XQG LQVSLULHUWH /HXWH GLH LQ 6DFKHQ ,QGLYL VLEOHQ NUHDWLY KHUYRUWUDWHQ ZLH %RQDYHQWXUD &DYDOLHUL GHU PLW GHP Ä3ULQ]LS³ (YDQJHOLVWD 7RUULFHOOL GHU PLW GHP %DURPHWHU XQG *LOOHV 3HUVRQQH GH 5REHUYDO GHU PLW GHU %DONHQ ZDDJH :|UWOLFK HUQVW QDKP PDQ MHQH $WRPH OlQJVW QLFKW PHKU :DV LPPHU PDQ VLFK XQWHU LKQHQ YRUVWHOOWH GHU =ZHFN UHFKWIHUWLJWH VLH XQG YHUGUlQJWH LKUH 3KLORVRSKLH 5REHUYDO QHQQW VLH VHLQH Ä,QILQLWHVLPDOHQ³ XQG ZLOO VLFK PLW GHP %XFKWLWHO 7UDLWp GHV ,QGLYLVLEOHV QLFKW HWZD ]X GHQ 8QWHLOEDUHQ EHNHQQHQ EHQXW]W KDOW GDV :DUHQ]HLFKHQ DOV :HUEHWUlJHU^D`
*DOLOHL KDWWH GHQ .UPHOPRQVWHUQ VNHSWLVFK JHJHQEHUJHVWDQGHQ 'RFK ZHLO VHLQ )UHXQG XQG 6FKOHU &DYDOLHUL GDPLW $XIVHKHQ HUUHJHQGH 5HVXOWDWH HU]LHOWH IRUGHUWH HU LKQ DXI HLQH 7KH RULH DXV]XDUEHLWHQ $QUHJXQJ JDE DXFK .HSOHUV )DVVNXQGH HUVFKLHQ &DYDOLHULV %XFK^J E D D D D D` GDV ZHQQJOHLFK ZHQLJ JHOHVHQ^D` GLH (QWZLFNOXQJ DQVFKRE $QGHUV DOV GLH $WRPLVWHQ YHUPLHG HV GHU $XWRU ,QGLYLVLEOHQ DOV VROFKH ]X EHVFKUHLEHQ^N` 'DV ZDV VLH NRQQWHQ VROOWH VDJHQ ZDV VLH VLQG :DV VLH ZRKOJHPHUNW EHL UHFKWHU $QZHQGXQJ NRQQ WHQ $EEQ , ,,1 ± HLQ HKHU XQIUHLZLOOLJ HLQJHQRPPHQHU SUDJPDWLVFKHU 6WDQGSXQNW GLHV VHLWV GHV ,QILQLWHQ bKQOLFK ZLH 5REHUYDO KlOW HU QLFKWV YRQ 8QWHLOEDUNHLW lKQOLFK ZLH GLHVHU KlOW HU HV PLW GHP 7LWHO Ä*HRPHWULD LQGLYLVLELOLEXV FRQWLQXRUXP «³ VRYLHO ZLH Ä*HRPHWULH GHV .RQWLQXXPV YHUPLWWHOV GHU ,QGLYLVLEOHQ³ =X %HJLQQ KDEHQ &DYDOLHULV ,QGLYLVLEOHQ QRFK HLQH NOHLQHUH 'LPHQVLRQ DOV GLH )LJXU XQG NRPPHQ ZLH IROJW ]XVWDQGH ,P )DOO GHU (EHQH V DXFK ,,0 VWUXNWXULHUHQ VLH HLQ .RQWLQX XP GXUFK GLH Ä6SXU³ HLQHU SDUDOOHO JHIKUWHQ *HUDGHQ GHU ÄUHJXOD³ VR GDVV HLQH Ä*H VDPWKHLW³ YRQ 6FKQLWW6WUHFNHQ HQWVWHKW^E E D` 'LHVHV .RQVWUXNW ZLOO &DYDOLHUL YRP %H JULII Ä)OlFKH³ ZHQLJVWHQV JUXQGVlW]OLFK XQWHUVFKLHGHQ ZLVVHQ^E` 6HLQ 9HUVXFK GLH HXGR[L VFKH 3URSRUWLRQHQOHKUH GDUDXI ]X EHUWUDJHQ JLOW QLFKW HLQHP )OlFKHQLQKDOW 'HU VROOWH LQ
,& 1HXHUH =HLW
GLHVHP 6WDGLXP GHU 7KHRULH HWZDV DQGHUHV VHLQ DOV GLH Ä6XPPH³ YRQ ,QGLYLVLEOHQ &DYDOLHUL WUXJ QLFKW ]XOHW]W VHOEVW GXUFK ,QNRQVHTXHQ] GD]X EHL PLVVYHUVWDQGHQ ]X ZHUGHQ 6HLQ (LQIOXVV LVW ELV KHXWH VSUEDU ZHQQ XQVHUH 6FKOHU GHP VHLQHQ 1DPHQ WUDJHQGHQ Ä3ULQ]LS³ EHJHJQHQ PHLVW EHLP 9ROXPHQYHUJOHLFK =X GLHVHU 'LPHQVLRQ VLHKH ,,0 KLHU YRUHUVW HLQ %HLVSLHO HEHQHU )LJXUHQ $EE ,D ]HLJW 'UHLHFNH YRQ JOHLFK ODQJHQ *UXQGOLQLHQ XQG +|KHQ DOVR JOHLFKHQ ,QKDOWV 'LHV IROJHUW &DYDOLHUL GDUDXV GDVV GLH 3DUDOOHOHQ ZHOFKH GLH )OlFKHQ EHU]LHKHQ DXV LKQHQ MHZHLOV HLQ 3DDU JOHLFK ODQJHU 6WUHFNHQ KHUDXVVFKQHLGHQ /HW]WHUHV ]HLJHQ GLH 6WUDKOHQVlW]H 6RPLW HUVFKHLQHQ GLH 'UHLHFNH ]XVDPPHQJHVHW]W DXV 6WUHFNHQ GLH ]X 3DDUHQ JOHLFKHU /lQJH JHRUGQHW VLQG *HQDX GDV DEHU LVW DXFK GHU )DOO EHL GHQ XQWHUVFKLHGOLFK JURHQ 7HLOGUHLHFNHQ GHU $EE ,E 'LHVHV %LOGFKHQ QDFK ^EED` ILQGHW VLFK LQ HLQHP %ULHI &DYDOLHULV DQ 7RUULFHOOL HEHQIDOOV 6FKOHU *DOLOHLV^E` (U VHOEVW DOVR KDWWH EHPHUNW GDVV VLFK GHU $EJOHLFK YRQ ,QGLYL VLEOHQ QLFKW DXI EORH :HFKVHOEH]LHKXQJ UHGX]LHUHQ OlVVW YJO ÄRQHWRRQH³ LQ ^D` %HL $EE ,D KDW GLHVHOEH 5HJXOD JOHLFKH *HVDPWKHLWHQ HU]HXJW GHPQDFK ]HLJHQ KLHU HLQDQGHU ]XJHRUGQHWH 6WUHFNHQ GHQVHOEHQ ORWUHFKWHQ $EVWDQG HWZD YRQ GHU JHPHLQVDPHQ *UXQGOLQLH GHU 'UHLHFNH YRQ HLQHU 3DUDOOHOHQ ]X LKU RGHU YRQ GHQ 6SLW]HQ GHU 'UHLHFNH ,Q $EE ,E LVW QLFKWV DXV]XPDFKHQ ZR]X GLH NRUUHVSRQGLHUHQ 6WUHFNHQ JOHLFKHQ $EVWDQG KlWWHQ
$EEQ , DE $QRUGQXQJ YRQ Ä,QGLYLVLEOHQ³ D ULFKWLJ E IDOVFK 6HLQ 6FK|SIHU VWHKW GHP Ä3DUDGR[RQ³ YRQ $EE ,E UHFKW UDWORV JHJHQEHU HU EHPKW HLQ *OHLFKQLV PLW *HZHEHIlGHQ XQG VXFKW VHLQH ,QGLYLVLEOHQ QDFK LKUHU Ä$Q]DKO³ ]X EHZHU WHQ^F` *HRUJ &DQWRU KlWWH HV &DYDOLHUL QDFKHPSILQGHQ N|QQHQ $OV HU LP 5DKPHQ VHLQHU 0HQJHQOHKUH EHZLHV GDVV HLQ 4XDGUDW ÄHEHQVR YLHOH³ 3XQNWH KDW ZLH VHLQH .DQWH PHLQWH HU Ä,FK VHKH HV DEHU LFK NDQQ HV QLFKW JODXEHQ³ *HJHQ HLQH IDOVFKH $XVOHJXQJ GHV 3ULQ]LSV ZDUHQ &DYDOLHUL XQG VHLQHVJOHLFKHQ JHIHLW ZLH HV MD IU GLH JHQLDOHQ *XUXV EH]HLFKQHQG ZDU YRQ VFKZDQNHQGHP *HUVW DXV VLFKHU ]X EDXHQ :LUG ZLH EHL ^GH` GHU WDWVlFKOLFK RGHU DQJHEOLFK QDFKOlVVLJ IRUPXOLHUWH :RUWODXW GHU 2ULJLQDOH QDFKJHDKPW VR UHLW GLHV Ä%HZHLVOFNHQ³ ZHQQ VLFK QlPOLFK GLH %HUXIXQJ DXI GDV FDYDOLHULVFKH 3ULQ]LS GDULQ HUVFK|SIW HLQH OlQJHQWUHXH (LQV]XHLQV$EELOGXQJ ]ZL VFKHQ ,QGLYLVLEOHQ DXI]XZHLVHQ 6R JHVFKHKHQ LQ ^KOPF` EHL ^D` VRJDU 6HLWH DQ 6HLWH PLW ^E` GHU JHJHQEHLVSLHOKDIWHQ $EE ,E ,Q GHQ KLHU ]LWLHUWHQ )lOOHQ OlVVW VLFK VWHWV HLQH GHU $EE ,D JHPlH .RQILJXUDWLRQ QDFKVWHOOHQ %HLVSLHO $EE ,E 7RUULFHOOLV $XV ZHLWXQJ GHV FDYDOLHULVFKHQ 3ULQ]LSV VX ZLUG LQ MHGHP )DOO ]X NOlUHQ YHUODQJHQ ZHOFKH Ä*HVDPWKHLWHQ³ IU HLQHQ $EJOHLFK TXDOLIL]LHUW VLQG 'LH GDPDOLJH 1RPHQNODWXU GHU 6XEVWDQ] QDFK DEJUHQ]HQ ]X ZROOHQ VFKHLQW PLJ GHU 9HUVXFK LQ ^` EH]HXJW QLFKW YLHO PHKU DOV 8QNODUKHLW GLH GLHVHV 9HUVXFKHV V ^F` QLFKW
7HLO , =HLWHQ XQG =HLWJHLVWHU
DXVJHQRPPHQ 0DQ KDWWH VLFK MD GRFK DP (QGH GDUDQ JHZ|KQW LQ GHU Ä,QGLYLVLEOHQ³ GLH EOR H &KLIIUH IU HLQ ILNWLYHV $UEHLWVPLWWHO ]X VHKHQ QDFK *HEUDXFK ]X HQWVRUJHQ
:LH &DYDOLHUL PLW ,QGLYLVLEOHQ ÄUHFKQHW³ GHXWHW VLFK LP IROJHQGHQ %HZlKUXQJVWHVW DQ^E` $EEQ , ]HLJHQ EHLGH 0DOH GDVVHOEH GLDJRQDO JHWHLOWH 4XDGUDW 'HU :HUW GHU Ä,QGLYLVLEOHQ 6XPPH³ Ȉ [ LQ $EE ,D VROO DOV GLH +lOIWH GHV 4XDGUDW,QKDOWV Ȉ [ X EHVWlWLJW ZHUGHQ ,Q $EE ,E HUVFKHLQHQ EHLGH 7HLOGUHLHFNH DXV 3DDUHQ JOHLFK ODQJHU ,QGLYLVLEOHQ DXIJHEDXW XQG ]ZDU OHJH DUWLV QDFK &DYDOLHULV *HVHW] 'DV ZLUG DXJHQIlOOLJ VWHOOW PDQ GLH 7HLOGUHL HFNH VR QHEHQHLQDQGHU GDVV GLH YHUWLNDOHQ 4XDGUDWVHLWHQ HLQH /LQLH ELOGHQ 0LWWHOV HLQHV ÄVHOEVWYHUVWlQGOLFKHQ³ $VVR]LDWLYJHVHW]HV NRPPW VFKOLHOLFK ȈD
Ȉ [ X
DOVR GLH 4XDGUDWXU Ȉ [
Ȉ[ ȈX
Ȉ[
óȈD
ó D GHU 3RWHQ]
$EEQ , DE &DYDOLHUL Ȉ [
IXQNWLRQ [ ѻ [ d [ d D
ȈX
'DV ZDU Ä,QILQLWHVLPDOUHFKQXQJ³ LKUHQ (UIROJ PDJ PDQ GHU 6FKOLFKWKHLW GHV 3UREOHPV ]XUHFKQHQ $QDORJ JLQJ &DYDOLHUL GLH 3DUDEHOQ K|KHUHU 2UGQXQJ DQ^F` ,,1 XQG ÄEHVWl WLJWH³ GDPLW $UFKLPHGHV¶ 3DUDEHOTXDGUDWXU V ,,' LQ ZHQLJHQ =HLOHQ V ,,1 í IUHLOLFK PXVVWH MHQHU VLFK GXUFK GLHVHQ EHVWlWLJW ILQGHQ -HGHQIDOOV HUZLHV VLFK &DYDOLHULV 7HFKQLN DOOYHUVSUHFKHQG IU GLH 3RWHQ]IXQNWLRQHQ QXU GLH DXVXIHUQGH 'DUVWHOOXQJ VHW]WH LKUHQ 4XDG UDWXUHQ HLQ (QGH 'DV VLQG 6FKULWWH DXI 1HXODQG RKQH GHQ IHVWHQ 8QWHUJUXQG DXI GHP HLQVW $UFKLPHGHV VWDQG GRFK GXUFKDXV QLFKW DEZHJLJ $Q GHU IUDJZUGLJHQ $UJXPHQWDWLRQ PXVVWH ÄPDWKHPD WLVFK ZDV GUDQ VHLQ³ HLQPDO GHU .RUUHNWKHLW QDFKSUIEDUHU (UJHEQLVVH ZHJHQ PHKU DEHU QRFK ZHLO 6\VWHP GLH $UEHLW &DYDOLHULV DXV]HLFKQHWH^D` 6HLQ %OLFN KDWWH VLFK YRP NRQ NUHWHQ *HJHQVWDQG JHO|VW XQG DXI GLH 2SHUDWLRQ JHULFKWHW =XU Ä*UQGHU]HLW³ EHKLHOWHQ GLH 3UREOHPH LKUH (LJHQDUW GHU )RUWVFKULWW JLQJ DXV YRQ LKUHU .ODVVLIL]LHUXQJ 9HUDOOJH PHLQHUXQJ IKUWH VLH ]XVDPPHQ HUP|JOLFKWH XQLYHUVHOOH 0HWKRGHQ ]X LKUHU %HZlOWLJXQJ $UFKLPHGHV KDWWH VWHWV ZLHGHU YRQ YRUQ EHJLQQHQ PVVHQ
'HPRNULW KDWWH GHU /HJHQGH QDFK DXV VHLQHQ $WRPHQ ]% SODWWH 3ULVPHQ RGHU =\OLQGHU ID EUL]LHUW $UFKLPHGHV PDFKWH .|USHU DXV )OlFKHQ )OlFKHQ DXV 6WUHFNHQ :HQLJHU IDGHQVFKHL QLJ JLQJ¶V ]X EHL GHU .UHLVIOlFKH GHUHQ 5DGLHQ HU IU XOWLPDWLY VFKODQNH 'UHLHFNH KLHOW ,,( 'DV ILQGHW VLFK DXFK EHL .HSOHU (LQHP DQGHUHQ VHLQHU 7ULFNV NDP VFKRQ 3DSSRV YRQ $OH[DQGULD ]XYRU ,,, ^I D D` LP .DSLWHO Ä'HU DSIHOI|UPLJH .|USHU .HSOHUV³ YRQ ^E` JHKW HV QXU LQVRZHLW XP HLQ 2EMHNW GHU $QDWRPLH DOV KLHU HLQ $SIHO ]HUVFKQLWWHQ ZLUG^J`
,& 1HXHUH =HLW
bKQOLFK YHUKlOW HV VLFK PLW GHP ÄVSLW]HQ K\SHUEROLVFKHQ .|USHU 7RUULFHOOLV³^F` *H PHLQW LVW VHLQH 7URPSHWH V ,,0 PLW GHU HU GLH PDWKHPDWLVFKH :HOW DXIKRUFKHQ OLH HLQ 7ULFKWHU $EE ,,D ^K` GHU EHL XQHQGOLFK JURHU 2EHUIOlFKH HLQ HQGOLFKHV 9ROXPHQ EH VLW]W 0LW )DUEH ]X IOOHQ GLH QLFKW DXVUHLFKW LKQ DQ]XVWUHLFKHQ « 6R QHX QLFKW 9JO $EE , HLQ HQGOLFK JURHU *DUWHQ PLW XQHQGOLFK ODQJHP =DXQ VLHKH DXFK ^L` +LHU ZDU LQ 6DFKHQ 9ROXPHQ NHLQH +LOIH YRP &DYDOLHUL3ULQ]LS ]X HUZDUWHQ MHGHQIDOOV QLFKW GLUHNW :LH EHUHLWV DXV GHU IUKHQ 6NL]]H $EE ,,D^F E` KHUYRUJHKW VXFKWH 7RUULFHOOL JHNUPPWH ,QGLYLVLEOHQ LQ HLQH $QZHQGXQJ GHV 3ULQ]LSV HLQ]XEH]LHKHQ GLH GHP LQ ^F` IRUPXOLHUWHQ *UXQGVDW] ]XP 9HUJOHLFK YRQ ,QGLYLVLEOHQ 5HFKQXQJ WUlJW %HLP 7URPSHWHQN|USHU DUJX PHQWLHUW HU DQKDQG VHLQHV GHQ $EEQ ,, HQWVSUHFKHQGHQ 'LDJUDPPV ^QLG` QLFKW ^G` $XFK 5REHUYDO KDWWH GDV 3KlQRPHQ HQWGHFNW 6HLQHP 1DWXUHOO HQWVSUDFK 7RUULFHOOL GHV 3ODJLDWV ]X EH]LFKWLJHQ 1LFKW EHUUDVFKW KlWWH HV HLQHQ 2UHVPXV KDWWH GHU GRFK QLFKW EOR HLQVFKOlJLJH (UIDKUXQJ PLW HLQHU HEHQHQ )LJXU XQG LKUHU %HUDQGXQJ $EE , $EE ,, ^L` HU VHOEVW ZDU VFKRQ DXI GLH 0|JOLFKNHLW HLQHV UlXPOLFKHQ $QDORJRQV ]X VSUHFKHQ JHNRPPHQ ,&^L` :LGHUKDOO JDE¶V DXFK LQ GHU PDWKHPDWLVFKHQ +DOEZHOW 'DV :RKO ZROOHQ PLW GHP 3KLORVRSKHQ VROFKHUOHL 7UHLEHQ GHU $QDO\VWHQ YHUIROJWHQ PDJ GHU .RP PHQWDU YRQ 7KRPDV +REEHV EH]HXJHQ Ä7R XQGHUVWDQG WKLV IRU VHQVH LW GRHV QRW UHTXLUH WKDW D PDQ VKRXOG EH D JHRPHWULFLDQ RU ORJLFLDQ EXW WKDW KH VKRXOG EH PDG´^`
'LH ,QGLYLVLEOHQ LQ LKUHQ 6SLHODUWHQ ZDUHQ QLFKW GDV HLQ]LJH :HUN]HXJ GDPDOLJHU ,QWHJUDWLRQ &DYDOLHULV 3DUDEHO4XDGUDWXUHQ ZXUGHQ YRQ )HUPDW XQG %ODLVH 3DVFDO PLW 'HOLNDWHVVH IRUW JHIKUW GLHVH EHVWlWLJWHQ GLH )RUPHO ]XQlFKVW IU DOOH QDWUOLFKHQ ([SRQHQWHQ^G` )U GLH JHEURFKHQ UDWLRQDOHQ WDWHQ HV )HUPDW XQG 7RUULFHOOL 'DEHL RSHULHUWH )HUPDW^H` DXI RULJLQHOOH :HLVH PLW GHU JHRPHWULVFKHQ 5HLKH ,,2 OLH DEHU ZLH EHL LKP EOLFK QLFKWV EHU VHLQH (QWGHFNXQJHQ YHUODXWHQ -RKQ :DOOLV^I` ZLHGHUKROWH YLHOH GDYRQ /HNWUH IU 1HZWRQ ZDU GHVVHQ $ULWKPHWLFD LQILQLWRUXP YRQ 3DVFDO |IIQHWH /HLEQL] GLH $XJHQ (U VHOEVW KlWWH VLFKHUOLFK QRFK KRKH (UZDUWXQJHQ HUIOOW ZDQGWH VLFK MHGRFK DEUXSW YRQ GHU 0DWKHPDWLN DE PLW GHP %HNXQGHQ GHU 0HQVFK VROOH GHP 8QHQGOLFKHQ LQ (KUIXUFKW EHJHJQHQ QLFKW DEHU YHUVXFKHQ HV ]X YHUVWHKHQ RGHU JDU ]X EHKHUUVFKHQ *U|HQ YRQ XQHQGOLFKHU .OHLQKHLW ]X EHQXW]HQ ZDU VLFK DXFK GHU JURH )HUPDW QLFKW ]X VFKDGH SIOHJWH ]X YHUVLFKHUQ HU N|QQH VHLQH 5HVXOWDWH DXFK LQ DOWHU 0DQLHU HUKDOWHQ VR]XVD JHQ LP NODVVLVFKJULHFKLVFKHQ 6WLO HUULQJHQ :R PDQ GHVVHQ EHWXOLFKH 8PVWlQGOLFKNHLW XP JHKHQ NRQQWH WDW PDQ HV PHKU RGHU HKHU ZHQLJHU VFKOHFKWHQ *HZLVVHQV $OV 6SUHFKHU GHU /HLFKWIHUWLJHQ WDW VLFK XQVHU &DYDOLHUL KHUYRU 6HLQ .RPPHQWDU Ä6WUHQJH LVW 6DFKH GHU 3KL ORVRSKLH QLFKW GHU *HRPHWULH³^G` .HLQ .RPPHQWDU
'DV 9RUVWHKHQGH JDOW ,QKDOWHQ LKUHP 9HUJOHLFK XQG LKUHU %HVWLPPXQJ GHP Ä,QWHJULHUHQ³ 5HGHQ ZLU ]XQlFKVW HLQPDO QLFKW YRP 'LIIHUHQ]LHUHQ VRQGHUQ YRQ GHU JHRPHWULVFKHQ *H
7HLO , =HLWHQ XQG =HLWJHLVWHU
JHQVHLWH ,P $OWHUWXP ZDUHQ 7DQJHQWHQ LP ZDKUHQ 6LQQH HLQH 5DQGHUVFKHLQXQJ 'LH .HJHO VFKQLWWH IDQGHQ LQ $SROORQLRV HLQHQ 7DQJHQWHQOHJHU GHU VHLQ 7XQ EHJUQGHWH^` $UFKLPH GHV GUIHQ ZLU HLQH ÄGLIIHUHQ]LHUHQGH³ %HKDQGOXQJ VHLQHU 6SLUDOH ]XWUDXHQ ,$ X ,,+ ]XPLQGHVW ZDU VLH GXUFK %HZHJXQJ HQWVWDQGHQ 6SlWHVWHQV PLW GHU QHXHQ $VWURQRPLH UFNHQ NLQHPDWLVFKH 9RUJlQJH LQV =HQWUXP DQDO\WLVFKHQ ,QWHUHVVHV ZRPLW GHQ 7DQJHQWHQ HLQH ÄULFKWXQJZHLVHQGH³ 5ROOH ]XIlOOW ,KUH HLJHQWOLFKH %HUXIXQJ ZHUGHQ VLH YRQVHLWHQ GHU )XQNWL RQHQ HUIDKUHQ ]XQlFKVW DOV %HLZHUN LKUHU *UDSKHQ ZHVHQWOLFK GDQQ DEHU DOV 'DUVWHOOXQJ OLQHDUHU $SSUR[LPDWLRQ %HL GHU 1HXHQWGHFNXQJ GHU 7DQJHQWH PDFKWH .HSOHUV (OOLSVH GHQ $QIDQJ ,,. DXFK VLH KDWWH EHUHLWV HLQH EHZHJWH 9HUJDQJHQKHLW ,,3^D` 5REHUYDO EHJDQQ QXQ V\VWHPDWLVFK .HJHOVFKQLWWH XQG GDPLW DXFK LKUH 7DQJHQWHQ NLQHPDWLVFK ]X HU]HXJHQ ,,3 ^J` 'HVFDUWHV VFKOXJ GLHVH (LQODGXQJ ]XU 7DQJHQWHQELOGXQJ DXV KLHOW QLFKWV YRQ 3UR]HGXUHQ $OJHEUDLVFK VLQG VHLQH .XUYHQ DOJHEUDLVFK ILQGHW HU ]XU 7DQJHQWH 6HLQH .UHLVPHWKRGH ]LHOW DXI HLQHQ .UHLV DE GHU GLH .XUYH ÄLQ EHQDFKEDUWHQ 3XQNWHQ³ VFKQHLGHW XQG VRPLW DXV HLQHU 'RSSHO ZXU]HO KHUYRUJHKW ,,3 ^K ` ,P 5DKPHQ GHVFDUWHVVFKHU .XUYHQ LVW GLHV HLQ HEHQEUWLJHV .RQ]HSW^E` 9LHO VSlWHU ZLUG DXFK HU ZLH )HUPDW YRQ VFKQHLGHQGHQ *HUDGHQ DXVJH KHQ^F D` $OOJHPHLQ NRQQWH HLQH PLW =DKOHQ EHWULHEHQH *HRPHWULH GHP 7DQJHQWHQSUREOHP HUVW JH UHFKW ZHUGHQ ZHQQ PDQ GLH bQGHUXQJVUDWHQ YRQHLQDQGHU DEKlQJLJHU 3XQNWNRRUGLQDWHQ DXI HLQDQGHU EH]RJ ZHQQ NXU] JHVDJW 'LIIHUHQ]LDOUHFKQXQJ DXI LUJHQGHLQH :HLVH VWDWWIDQG 'D ]X IROJHQGH 9RUVWHOOXQJ 'LH .XUYH ZHUGH LQ JHHLJQHW NOHLQHU 8PJHEXQJ GHV %HUKUSXQNWHV EHVFKULHEHQ GXUFK %H]XJ DXI HLQH ]XU 7DQJHQWH SDUDOOHOH Ä$EV]LVVHQDFKVH³ GHP 7UlJHU GHU SULPlUHQ .RRUGLQDWH 1DKH GHP 3XQNW ]HLJW VLFK GLH DEKlQJLJH .RRUGLQDWH JHJHQEHU GHU DQGHUHQ H[WUHP WUlJH LQ LKP VHOEVW NRPPW VLH TXDVL ]XP 6WHKHQ 0DQ VDJW VLH YHUKDOWH VLFK ÄVWDWLRQlU³ %HL HLQHU GLIIHUHQ]LHUEDUHQ )XQNWLRQ NDQQ HV QXU DQ 6WHOOHQ VWDWLRQlUHQ 9HUKDOWHQV ]X ([ WUHPZHUWHQ NRPPHQ 6FKRQ $UFKLPHGHV YHUIROJWH GLHVHV ,QGL] GDQQ DQVFKHLQHQG HUVW ZLH GHU 3DSSRV 1LFKW ]X YHUJHVVHQ GLH /DWLWXGHQ GHV 2UHVPXV .HSOHU NDP YRQ GHU 2SWLPLHUXQJ GHU )DVVIRUP ]X ([WUHPDOSUREOHPHQ XQG VWHOOWH ]% IHVW GDVV XQWHU DOOHQ HLQHU .XJHO HLQEH VFKULHEHQHQ 4XDGHUQ YRQ TXDGUDWLVFKHU *UXQGIOlFKH GHU :UIHO DP JU|WHQ LVW^S` 1RFK 1HZWRQ ZLUG EHU NHLQHQ EHJULIIOLFKHQ *UHQ]ZHUW YHUIJHQ XQG VLFK LQ HLQHQ YRQ GHU .ULWLN JHJHLHOWHQ 7ULFN IOFKWHQ 'LHVHQ QLPPW )HUPDW YRUZHJ PLW VHLQHQ Ä3VHXGRJOHL FKXQJHQ³^L` 1DFKVWHKHQG MH HLQ %HLVSLHO ]X ([WUHPXP XQG 7DQJHQWH %HLP HLQIDFKVWHQ GHU ÄLVRSHULPHWULVFKHQ 3UREOHPH³ NRQNXUULHUHQ DOOH 5HFKWHFNH JOHL FKHQ 8PIDQJV XP GHQ JU|WHQ ,QKDOW :lKOHQ ZLU GHQ YLHUWHQ 7HLO GHV YRUJHJHEHQHQ 8P IDQJV DOV (LQKHLW VR KDEHQ GLH EHWUDFKWHWHQ 5HFKWHFNH GHQ ,QKDOW )[ [ ± [ [ $EE , *HVXFKW VLQG 6WHOOHQ [ [± VWDWLRQlUHQ 9HUKDOWHQV YRQ ) 'D]X ZHUGHQ í OHGLJ OLFK IU į HUIOOEDUH í *OHLFKXQJHQ )[± į )[± DQJHVHW]W GHQQ QXU VROFKH VLQG PLW EHWUDJOLFK ÄNOHLQHQ³ į z ÄRSWLPDO³ DQ]XQlKHUQ )HUPDW IlKUW QXQ HEHQVR IRUW ZLH VSlWHU 1HZWRQ 'LYLVLRQ GXUFK į OLHIHUW LKP [± į GDQDFK DQQXOOLHUW HU į XQG HUKlOW [± DOV HLQ]LJHQ $QZlUWHU IU GLH ([WUHPVWHOOH 'DV 4XDGUDW LVW GLH /|VXQJ 'LH SUHXLVFKH 6FKXORUGQXQJ YRQ HUODXEWH QXU GLHVH $UW ([WUHPZHUW%HVWLPPXQJ JDQ] LQ GHU 7UDGLWL
,& 1HXHUH =HLW
RQ GHV $OWHQ )ULW] GHU GDV 5HFKQHQ EHU IU 'RUIVFKXOHQ YHUERWHQ KDWWH HLQ PR GHUQHU 1DFKDKPHU LVW 0DR PLW VHLQHP 8NDV =ZHLJH ZLH GLH 7RSRORJLH YHUGRUUHQ ]X ODV VHQ^`
$EE , )HUPDW YDULLHUW VWHKHQGHQ )XHV Ä%HL [ YHUKlOW VLFK GLH )XQNWLRQ )[ [ ± [ VWDWLRQlU³
%HL 7DQJHQWHQ DUEHLWHW )HUPDW PLW lKQOLFK ÄIDOVFKHP $QVDW]³^M D` %HLVSLHO [ ඎ [ [ ! $EE , =LHOJU|H LVW GLH /lQJH V GHU 6XEWDQJHQWH DQ GHU 6WHOOH [ PLW į ! ZLUG GLH [ V DXIJHVWHOOW $XVUHFKQHQ WHLOHQ GXUFK į GLHVHV KHU 3VHXGRJOHLFKXQJ [ į V į QDFK QXOO VHW]HQ GDV HUJLEW V [ DOVR GLH 6WHLJXQJ [
$EE , )HUPDWV 6XEWDQJHQWH IDOVFK JHUHFKQHW ULFKWLJ EHUHFKQHW
$OOH ELVKHULJHQ (U|UWHUXQJHQ VLQG MHZHLOV QXU HLQHP GHU EHLGHQ 3ROH GHV NQIWLJHQ &DOFXOXV ]X]XUHFKQHQ 6XPPLHUHQ XQG 'LIIHUHQ]LHUHQ 3OXV XQG 0LQXVSRO ± ]ZLVFKHQ LKQHQ VDKHQ EOR HLQLJH ZHQLJH GHQ ]QGHQGHQ )XQNHQ DXIEOLW]HQ GHQ VRJHQDQQWHQ +DXSWVDW] GHU 'LIIH UHQ]LDO XQG ,QWHJUDOUHFKQXQJ =X LKQHQ ]lKOW GHU LQ DOOHP ]XUFNKDOWHQGH )HUPDW *U|WHU GHUHU YRP Ä9RUDEHQG³ (U JHZDQQ WLHIH (LQVLFKWHQ^F` 'RFK ZDU LKP GHUHQ =XVDPPHQKDQJ ZLH VHLQ /DQGVPDQQ -RVHSK /RXLV /DJUDQJH EHKDXSWHW YROO EHZXVVW"^E` %HL 7RUULFHOOL ZDU HV VLFKHUOLFK GHU )DOO VHLQ IUKHU 7RG KDW P|JOLFKHUZHLVH YHUHLWHOW GDVV HU 1HZWRQ XQG /HLEQL] ]XYRUNDP^M E` 0HKU LVW EHU -DPHV *UHJRU\ *UHJRULXV ]X HUIDKUHQ GHU ± ]HLWJOHLFK PLW 1HZWRQ XQG -DKUH YRU /HLEQL] ± GDV :HVHQ GHV &DOFXOXV HUNDQQW KDEHQ GUIWH (U ]HLJWH HV JHRPHWULVFK YHU NOHLGHW LQ HLQHP %XFK GDV NHLQH %HDFKWXQJ IDQG^H` hEHUKDXSW ZlUH HU HEHQIDOOV IUK YHU VWRUEHQ GHU ZRKO HEHQEUWLJH 'ULWWH LP %XQG PLW 1HZWRQ XQG /HLEQL] JHZHVHQ^N D` ,P *HJHQVDW] ]X DOOHQ DQGHUHQ VWHOOWH *UHJRU\ %HWUDFKWXQJHQ EHU HLQH YRQ LKP VR JHQDQQWH Ä.RQYHUJHQ]³ DQ^E` XQG O|VWH GDV 3DUDGR[RQ GHV =HQRQ DXV ,$ GDPLW DXI %HL GHU NODVVL VFKHQ 4XDGUDWXU GHV .UHLVHV JHZDQQ *UHJRU\ GLH hEHU]HXJXQJ VLH VHL QXU DOJHEUDLVFK ]X ZLGHUOHJHQ 2KQH LKQ OLHI GLH *HVFKLFKWH QXQ ODQJVDPHU DE
7HLO , =HLWHQ XQG =HLWJHLVWHU
$XFK *UHJRU\V =HLWJHQRVVHQ :LOOLDP 1HLO EOLHEHQ QXU ZHQLJH -DKUH (U NDP EOR HLQH %RJHQOlQJH ZHLW GRFK ZHLWHU DOV HU GDFKWH %HL GHUHQ $XVPHVVXQJ ,,4 EHQXW]WH HU PDQ JHOV 'LIIHUHQ]LDWLRQ HLQHQ 7ULFN Ä$QWLLQWHJUDWLRQ³ 'DV JUXQGVlW]OLFK %HGHXWVDPH GDUDQ PLVVYHUVWDQG HU LPPHUKLQ KDWWH 1HLO GHP DOWHQ *UXQGVDW] YRQ GHU Ä5HNWLILNDWLRQ³ GHQ 5HVW JHJHEHQ $ULVWRWHOHV¶ 'RJPD YRQ GHU 8QYHUWUlJOLFKNHLW GHV .UXPPHQ XQG *HUDGHQ ,$ ZDU ]ZDU DXHU .XUV XQG 'HVFDUWHV VHOEVW KDWWH HLQH GHU YRQ LKP YHUIHPWHQ .XUYHQ UHNWLIL ]LHUW MHGRFK EHKDUUWH GLHVHU QXQ GDUDXI GDVV DOJHEUDLVFKH .XUYHQ NHLQ DOJHEUDLVFKHV 0D KlWWHQ GDV KHLW LKUH %RJHQOlQJH QLFKW :XU]HO HLQHU DOJHEUDLVFKHQ *OHLFKXQJ VHLQ N|QQH =XPLQGHVW VHL GDV QLFKW HQWVFKHLGEDU^E` 1HLO JDE GDV HUVWH *HJHQEHLVSLHO (U PD GLH ÄVH PLNXELVFKH³ 3DUDEHO \ [ PLW GHU 4XDGUDWZXU]HO^E F` 0DQ VDJW GHP +DXSWVDW] DP QlFKVWHQ JHNRPPHQ VHL ,VDDF 1HZWRQV /HKUHU GHU ,VDDF %DUURZ^I` 6DW] DXV GHU ]HKQWHQ VHLQHU /HFWLRQHV *HRPHWULFDH VLHKW HU ZRKO HKHU LP 5DQJ HLQHU JHRPHWULVFKHQ .XULRVLWlW ,KUH (QWVWHKXQJ EOHLEW XQNODU GLH 3UlVHQWDWLRQ LVW VWD WLVFKJHRPHWULVFK^O` ,,4 :HLWHUHV VLHKH ^G` $XI HLQHP $XJH VWDOOEOLQG IROJWH %DUURZ QXU ZLGHUZLOOLJ 1HZWRQV 'UlQJHQ ]X DOJHEUDLVFKHU 3UD[LV Ä, KDUGO\ NQRZ « ZKHWKHU WKHUH LV DQ\ DGYDQWDJH LQ GRLQJ VR³^S`
5FNVFKDXHQG ZXQGHUQ ZLU XQV ZDUXP EHLP +DXSWVDW] GHU *URVFKHQ QLFKW IUKHU ILHO ZD UXP $QVlW]H QLFKW NRQVHTXHQW YHUIROJW ZXUGHQ ,,4 %DUURZ KDWWH )OlFKHQ GXUFK 2UGLQDWHQ VLPXOLHUW 'DV PDFKWH QLFKW QXU QLFKW 6FKXOH DXFK HU VHOEVW OHUQWH QLFKWV GDUDXV 2GHU ZROOWH QLFKW ZHLO HV HLQ 7DEX YHUOHW]WH" 'LH $OJHEUDLNHU SIOHJWHQ LKUH *OHLFKXQJHQ GLPHQVLRQVJH UHFKW ]X ELOGHQ EUDFKWHQ GD]X .RUUHNWLYH DQ ZLH $ LQ % TXDG DHTXDWXU & SODQR LQ ' DHTXDWXU ( VROLGR IU $ %
&'
(
ZHQQ & HLQHQ )OlFKHQ ( HLQHQ 5DXPLQKDOW EHGHXWHWH^F` 'HVFDUWHV^E` VFKDIIWH GDV DE 1XU MHQHV HLQH 0DO ULVNLHUWH %DUURZ HLQHQ )OlFKHQLQKDOW PLW GHU (OOH ]X PHVVHQ 2UHVPXV KDWWH HLQHQ QRFK VSHUULJHUHQ *HGDQNHQ JHGDFKW XQG HLQH 6WUHFNH ]XU )OlFKH JHPDFKW ,& (ULQQHUQ ZLU XQV GHU :HJ DOV HLQH PLW GHU =HLW DQZDFKVHQGH )OlFKH GHUHQ PRPHQWDQH %UHL WH GLH *HVFKZLQGLJNHLW DQ]HLJWH HV PDFKW 2UHVPXV ]XP 9RUOlXIHU 1HZWRQV
1LPPW HV ZXQGHU QDFK DOOHP ZDV JHVFKDK XQG QLFKW JHVFKDK ZDUXP GLH =ZLOOLQJVJHEXUW GHU ,QILQLWHVLPDO0DWKHPDWLN HUVW MHW]W LQ LKUH (QGSKDVH WULWW" 'LH YRUOlXILJH YRQ GHQ ]ZHL -DKUKXQGHUWHQ GHU 1DFKZHKHQ DEJHVHKHQ 'HU 'LIIHUHQ]LDONDONO EHUXKW DXI 9HUKlOWQLVVHQ XQG VR OLHJW VHLQH 9HUVSlWXQJ XP 0LOOHQQLHQ ZRKO QLFKW ]XOHW]W GDUDQ GDVV VLFK GHU 0HQ VFKHQJHLVW PLW GHP 5HODWLYHQ VFKZHU WXW 'LH *ULHFKHQ KDWWHQ QXU JOHLFKDUWLJH *U|HQ LQ 5HODWLRQ JHVHW]W ,$ DQGHUHV ZDU QLFKW YRUVWHOOEDU (UVW GLH 6FKRODVWLNHU ZDJWHQ VLFK ZHLWHU YRU 6LH EH]RJHQ XQJOHLFKDUWLJH *U|HQ DXIHLQDQGHU VSUDFKHQ YRQ ,QWHQVLWlW =HLWOLFK RGHU JDU UlXPOLFK ZDU VR ZDV SXQNWXHOO QLFKW ]X JUHLIHQ HLQHU 1RWNRQVWUXNWLRQ EHGXUIWH GLH 0RPHQWDQJHVFKZLQGLJNHLW $EHUPDOV
,& 1HXHUH =HLW
YHUVWULFKHQ -DKUKXQGHUWH ELV PDQ PLW LQWHQVLYHQ *U|HQ PHKU DOV 3ULPLWLYHV DQ]XIDQJHQ ZXVVWH 1LFKWJOHLFKI|UPLJH 9HUlQGHUXQJ YHUODQJW QDFK 5HODWLRQ LP 0LNUREHUHLFK 2UHVPXV ,& VSUWH GDVV HU VROFKHUDUW *U|HQ QLFKW ZLUNOLFK ZUGH +HUU ZHUGHQ N|QQHQ 'DPDOV EHU ÄXQJOHLFKI|UPLJ XQJOHLFKI|UPLJH³ %HZHJXQJ QDFK]XVLQQHQ JHULHW ]XU *HGDQ NHQVSLHOHUHL ,,- 'HU (UQVW VHW]W HLQ PLW GHQ %HZHJXQJHQ GLH VLFK LQ .HSOHUV XQG *DOLOHLV .RVPRV DEVSLH OHQ 1HZWRQ ZLUG ÄQDFK GHU =HLW³ GLIIHUHQ]LHUHQ XQG PDQ N|QQWH GLHVH %H]XJVJU|H IU VHLQHU]HLW XQYHU]LFKWEDU KDOWHQ ]XP %HWUDFKWHQ YRQ 'LIIHUHQ]LDO9HUKlOWQLVVHQ ZlUH GD QLFKW GDV 6SHNXODWLRQVJHQLH /HLEQL] JHZHVHQ PLW GHU LKP HLJHQWPOLFKHQ )RUP GHU Ä$QVFKDX XQJ³ %HLGH ZHUGHQ IDNWLVFK GDV *OHLFKH HUUHLFKHQ ^`
^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
%2@ ^D` ^E` ^F` ^G` ^H` ^I` ^J` ^K` =Q ^L` =Q ^M` (QGH 1U ±± >@ ^N` ^O` ^P` =Q I Ä7KHUHIRUH «´ ^Q` ^R` ^S` 72(3/,7= ^D` I ^E` &$1725 0 ^D` ^E` ^F` I ./,1( >@ ^D` ^E` ^F` XQWHQ ÄHTXDO QXPEHU RI HTXDO OLQHV´ ^G` ^H` &$-25, ^D` ^E` ^F` %(&.(5 >@ ^D` I ^E` 3DVFDO JHE QLFKW 6285&( %22. « >@ 6WUXLN ^D` ^E` ^F` ^G` )XQ =Q ^H` %HZ 3URS ^I` I ^J` ^K` ± ^L` )LJ $1'(56(1 ^D` ^E` I YJO 8QVWLPPLJNHLW E]JO Ä,QGLYLVLEOH³ LQ ^E` ^F` XQWHQ ÄFOHDU³ (':$5'6 -5 ^D` ^E` ^F` I ^G` II ^H` I ^I` II ^J` ± )LJ *UDSK IDOVFK ^K` ± ^L` ± ^M` I ^N` I ^O` I :,(/(,71(5 ^D` >@ ^E` >@ II ^F` >@ II 1,.,)252:6., ^D` ^E` ^F` %LOG ^G` %LOG 35$* = ÄJOHLFKH ,QGLYLVLELOLHQ KDEHQ³ 3(,))(5 '$+(1'$/0(',&2 = I Ä*HVDPWKHLWHQ³ 92/.(57 ^D` =Q± ^E` %285%$., >@ ^D` ± ^E` ^F` ^G` 9$1 0$$1(1 ^D` ^E` $EE ^F` REHQ ^G` $EE ^H` XQWHQ ^I` II 3233 ^D` ^E` 67,//:(// >@ *(5,&.( >@ ± 6&5,%$ 6&+5(,%(5 >@ I >@ I 6&277 ^D` I ^E` '$9,6 +(56+ +(86(5 >@ ^D` I ^E` I +2)0$11 ^D` >@ ^E` >@ ^F` >@
,&
7HLO , =HLWHQ XQG =HLWJHLVWHU
=ZHL 9lWHU HLQ &DOFXOXV 1HZWRQ XQG /HLEQL] /HLEQL]¶ 6XPPHQ XQG 'LIIHUHQ]HQ VHLQ FKDUDNWHULVWLVFKHV 'UHLHFN 1HZWRQV )OXHQWHQ XQG )OX[LRQHQ YRQ .LQHPDWLN ]X .LQHWLN /HLEQL]¶ XQG 1HZWRQV 5HLKHQ 'HU 3ULRULWlWVVWUHLW XP GHQ &DOFXOXV
:DV 1HZWRQ EHUHLWV YRU NDQQWH^D D` HUIXKU GLH :HOW HUVW QDFKGHP /HLEQL] HV DXFK JH IXQGHQ XQG SXEOL]LHUW KDWWH 'HU 7LWHO ]HLWJHPl ZHLWVFKZHLILJ GHP ODWHLQLVFKHQ 7LWHO QDFKHPSIXQGHQ Ä(LQH QHXH 0HWKRGH IU 0D[LPD XQG 0LQLPD HEHQVR IU 7DQJHQWHQ GLH ZHGHU EHL JHEURFKHQHQ QRFK LUUDWLRQDOHQ *U|HQ YHUVDJW XQG HLQH HLJHQH 5HFKQXQJVDUW GD IU³^D D` 'LH :HQGXQJ ÄVLQJXODUH « FDOFXOL JHQXV³ ZLOO ZRKO DOV ÄHLQ]LJDUWLJH %HUHFKQXQJ³ YHUVWDQ GHQ VHLQ =ZHL -DKUWDXVHQGH ODQJ KDWWHQ VFK|SIHULVFKHU (ODQ 6WDJQDWLRQ XQG ([SHULPHQWLHUHQ LQ HLQHU ÄHUZHLWHUWHQ *HRPHWULH³ GHU 4XDGUDWXUHQ HLQDQGHU DEJHO|VW 8P JDE HV HLQHQ VWDWWOLFKHQ )XQGXV ÄDQDO\WLVFKHU³ DP (QGH QLFKW RKQH 6\VWHPDWLN JHZRQQHQHU 5HVXOWDWH 'DV Ä7DQJHQWHQSUREOHP³ OLH QLFKWV 9HUJOHLFKEDUHV HUNHQQHQ *ULHFKLVFKH *HRPHWULH ZDU 6WHUHRPHWULH JHZHVHQ GDULQ IDQG VLFK DXFK GLH 7DQJHQWH HLQJHEXQGHQ 1XU HLQPDO PRFKWH $UFKLPHGHV GLHV HWZDV ORFNHUHU JHVHKHQ KDEHQ HU KDWWH MHGRFK Ä%HZHJXQJ XQG 7DQJHQWH³ QLFKW ZHLWHUYHUIROJW ,$ ,,+ (V GDXHUWH ODQJH ELV GLH JHRPHWULVFK SURJUDPPLHUWHQ $XJHQ GHU 0DWKHPDWLNHU VLH DXFK DQGHUV QlPOLFK HQWVWHKHQ VDKHQ XQG DOV 5LFKWXQJ ZDKU QDKPHQ 'LH KHUN|PPOLFKH %H]HLFKQXQJ Ä7DQJHQWHQSUREOHP³ RULHQWLHUW VLFK DP JHRPHWULVFKHQ $VSHNW GHVVHQ ZDV GDQQ DOV Ä'LIIHUHQ]LDOTXRWLHQW³ *HVFKLFKWH PDFKHQ VROOWH 4XLQWHVVHQ] *U|HQ XQG :DFKVWXPVYHUKlOWQLVVH ,KQHQ NDP VFKRQ ODQJH YRU GHQ %DKQWDQJHQWHQ MHPDQG DXI GLH 6SXU (U KDWWH GLH 5LFKWXQJ JHZLHVHQ EHVVHU JHVDJW KlWWH ZHLVHQ N|QQHQ PDQ PXVVWH VLH DXIV 1HXH ILQGHQ (V ZDU 2UHVPXV PLW VHLQHU ,GHH YRQ GHU LQWHQVLR ,& $XFK ZHQQ HV YRQ GRUW QRFK VHKU ZHLW ZDU ELV ]X GHQ *U|HQYHUKlOWQLVVHQ LP .OHLQHQ (UVWH $QVlW]H 7DQJHQWHQ DXIV 1HXH DQ]XJHKHQ YRU DOOHP DEHU VLH PLW 4XDGUDWXUHQ LQ 9HUELQGXQJ ]X EULQJHQ KDWWH HV JHJHQ EHUHLWV JHJHEHQ ,& (LQVWZHLOHQ QRFK 6WFN ZHUN ZHOFKHV DXI GDV HLQHQGH 3ULQ]LS ZDUWHWH Ä3ULQ]LS³ GDV VWHKW ZLH GHU 3ULQ] DQ HUVWHU 6WHOOH PHLQW GHQ $QIDQJ ZRUDXV VLFK DOOHV HUNOlUW XQG ZRUDXI PDQ PHLVW HUVW DP (QGH NRPPW 0DQ GDV ZDUHQ GHU 3K\VLNHU ,VDDF 1HZWRQ XQG GHU 3KLORVRSK *RWWIULHG :LOKHOP /HLEQL] GLH GHQ EHLGHQ 6HLWHQ LQILQLWHVLPDOHU 0DWKHPDWLN ]XU 3DUWQHUVFKDIW YHUKDOIHQ (V ZDU K|FKVW HIIHNWLY GDVV VLH YRU DOOHP 1HZWRQ HLQHQ IUKUHLIHQ 'LIIHUHQ]LDONDONO ]XP 9RUPXQG GHV HKUZUGLJHQ ,QWHJUDOV EHVWHOOHQ XQG GDPLW GLH %UFNH ]ZLVFKHQ LQ XQG H[ WHQVLR VFKODJHQ ZUGHQ EHU GLH GHU .|QLJVZHJ ]XU 4XDGUDWXU IKUHQ VROOWH
,& 1HXHUH =HLW
(UUHLFKWHQ XQVHUH 0DWDGRUH DXFK QRFK QLFKW GDV =LHO HLQHU VWLFKKDOWLJHQ Ä7KHRULH GHU 'LIIH UHQ]LDO XQG ,QWHJUDOUHFKQXQJ³ VR GRFK GDV ZLFKWLJVWH (WDSSHQ]LHO %HLGH VFKXIHQ LQ YHU VFKLHGHQHU +DQGVFKULIW MH HLQHQ LQ EHJULIIOLFK ERGHQORVHU :HLVH EHJUQGHWHQ .DONO ]X GHV VHQ HQGJOWLJHU $EVLFKHUXQJ HV QRFK ]ZHLHU -DKUKXQGHUWH EHGXUIWH 'DYRQ MHGRFK KLQJ QLFKW GHU (LJHQZHUW GHV 3URYLVRULXPV DE (V NU|QWH GDV Ä6FKLFNVDOVMDKUKXQGHUW GHU HXURSlLVFKHQ .XOWXU³^D` 'LH WKHRUHWLVFKHQ (U|UWHUXQJHQ YRQ 1HZWRQ ZLH /HLEQL] HQWKDOWHQ JOHLFKHUPDHQ Ä8Q JHUHLPWHV³ VFKOLHOLFK KDWWHQ VLH ZLH LKUH :HJEHUHLWHU GHQ YRQ (XGR[RV XQG $UFKLPHGHV DQJHOHJWHQ 3IDG GHU 7XJHQG YHUODVVHQ 'DV VFKPlOHUW LKUH /HLVWXQJ HEHQVR ZHQLJ ZLH LQ 1HZWRQV :RUWHQ ÄDXI 6FKXOWHUQ YRQ *LJDQWHQ³^E` ]X VWHKHQ %HLGH JHKHQ JOHLFK]HLWLJ ]X :HUNH GRFK MHGHU IU VLFK 'DV LVW EH]HLFKQHQG =XP HLQHQ ZDU GLH =HLW UHLI IU GHQ HLQVW ZHLOHQ OHW]WHQ $NW ]XP DQGHUHQ EHWUDWHQ GLH $NWHXUH GLH 6]HQH YRQ YHUVFKLHGHQHQ 6HLWHQ 'HU DXFK QDFK 'LHQVWMDKUHQ bOWHUH NDP DXV GHU QRFK LPPHU VR JHQDQQWHQ 1DWXUSKLORVRSKLH YRQ HLQHU +LPPHOVNXQGH DXI GHU 6FKZHOOH ]XU +LPPHOVPHFKDQLN 'HU 6HLOVFKDIW .HSOHU *DOLOHL1HZWRQ VWHKW GHU (LQ]HOJlQJHU /HLEQL] JHJHQEHU 3KLORVRSK UHLQVWHQ :DVVHUV XQG GXUVWLJHU $XWRGLGDNW ZDU HU VFKRQ IUK DXFK HLQ $PDWHXU YRQ Ä*HRPHWULH³ ZLH PLWWOHUZHLOH DOOHV KLH ZDV GRUW VHLQH :XU]HOQ KDWWH $OV LKU 3URIL ZUGH HU EHU VHLQH (QWGHFNXQJHQ VD JHQ Ä« GDV *DQ]H UHGX]LHUW VLFK DXI UHLQH *HRPHWULH GLH GDV HLQ]LJH =LHO YRQ 3K\VLN XQG 0HFKDQLN LVW³^D` $UFKLPHGHV EUDFKWH HLQVW ]XP $EVFKOXVV ZDV ELV ]XU 0RUJHQGlPPHUXQJ GHU $QDO\VLV DOV LKU YHUELQGOLFKHU 0DVWDE JHOWHQ VROOWH ,$ 6HLQ PDWKHPDWLVFKHV :HUN ]HLFKQHW VLFK GXUFK NRPSURPLVVORVH 3Ul]LVLRQ DXV (QWGHFNHQ XQG %HZHLVHQ ZDUHQ VlXEHUOLFK JHWUHQQWH $UEHLWVJlQJH YROOHU 3KDQWDVLH GHU HLQH VWHUHRW\S GHU DQGHUH 7URW] ZLHGHUNHKUHQGHP 0RGXV LKUHU %HKDQGOXQJ EHKLHOWHQ GLH 3UREOHPH LKUH (LJHQDUW GLH =XNXQIW ODJ LQ EHUJUHLIHQGHQ 0HWKRGHQ LQ .DONOHQ 0LW VROFKHQ &DOFXOL SIODVWHUWHQ XQVHUH EHLGHQ 3LRQLHUH HLQH EUHLWH 6WUDH GHUHQ 8QWHUJUXQG ]ZDU QRFK QDFKJDE DXI GHP MHGRFK MHGHUPDQQ XQJHDKQWH =LHOH ZUGH HUUHLFKHQ N|QQHQ :HQQ VLFK GLH 5HVXOWDWH JHJHQVHLWLJ VWW]WHQ VR PXVVWH GDV ZH QLJVWHQV GHQ *ODXEHQ DQ GHQ UHFKWHQ :HJ IHVWLJHQ 'LH DOWH (VRWHULN VROOWH HLQHP VR]XVDJHQ YRONVWPOLFKHQ Ä&DOFXOXV³ ZHLFKHQ HLQ 7HUPLQXV GHU HLQHQ 6WDPPSODW] LQ GHQ DQJORDPH ULNDQLVFKHQ &XUULFXOD EHKDXSWHW 8QPLWWHOEDUH $QUHJXQJ HPSILQJ 1HZWRQ YRQ VHLQHP /HKUHU /HLEQL] KDWWH NHLQHQ %DU URZ Ä'HU %DUURZ³ QlPOLFK GHVVHQ /HFWLRQHV ,& ZlUHQ IU HLQHQ $QIlQJHU ZLH GHU]HLW /HLEQL] HLQH KRKH +UGH JHZHVHQ GD]X ^DD` 1RFK YLHO ZHQLJHU HLQVLFKWLJ ZDU ZDV 1HZWRQ HLQVHKEDU EHL GHU 5R\DO 6RFLHW\ KLQWHUOHJW KDWWH XP VHLQHQ 3ULRULWlWVDQVSUXFK ]X VL FKHUQ /HLEQL] NDP GDV VSlWHU ]X *HVLFKW GRFK PXVVWH HU VLFK VHOEVW ]XUHFKWILQGHQ ,Q VHL QHP YRP .ULHJ YHUKHHUWHQ +HLPDWODQG VWDQG GLHVHU *HOHKUWH DOOHLQ (UVWH NRQNUHWH %HUK UXQJ PLW 0DWKHPDWLN IDQG HU LQ 3DULV GXUFK &KULVWLDDQ +X\JHQV^E` 'HU ZLWWHUWH GDV *HQLH XQG VHW]WH HV IUHL :HQQ /HLEQL] LQ XQVHUHU (U]lKOXQJ GHQ $QIDQJ PDFKW VR YRU DOOHP ZHLO ZLU VHOEVW DXIJHZDFKVHQ VLQG PLW VHLQHU JHRPHWULVFKHQ 9HUDQVFKDXXQJ XQG VHLQHU 6\PERO VSUDFKH
7HLO , =HLWHQ XQG =HLWJHLVWHU
'LH EHUFKWLJWHQ ÄNOHLQHQ *U|HQ³ LP $OWHUWXP GLHQWHQ VLH GHU PHKU RGHU PLQGHU ILNWLYHQ 6WUXNWXULHUXQJ JHRPHWULVFKHU )LJXUHQ GXUFK Ä(OHPHQWDUWHLOFKHQ³ -HW]W ZLUG LKQHQ HLQH G\ QDPLVFKH GRFK lKQOLFK ILNWLYH 5ROOH ]XJHGDFKW VHLQ GLH GHU HOHPHQWDUHQ 9HUlQGHUXQJ LQ 1HZWRQV XQG /HLEQL]¶ 'HPRQVWUDWLRQHQ GHV =XZDFKVHV .RQNUHW EHVWHKW GHU =XZDFKV DXV 'LIIHUHQ]HQ XQG /HLEQL] KDWWH VFKRQ IUK PLW LKQHQ JHVSLHOW )U HLQH DE [ ZDFKVHQGH =DKOHQIROJH [Q QRWLHUW HU '
ƴQȞ [Ȟ
ƴQȞ ' [Ȟ
[Q Q t
ZR ]% ' [Ȟ [Ȟ ± [Ȟ± YJO ,,5 $EE ,, 6R EHVFKHLGHQ VLFK GLH 9HUWDXVFKEDUNHLW GLHVHU 2SHUDWLRQHQ DXFK DXVQLPPW IU /HLEQL] PXVV VLH GDV HUPXWLJHQGH 6FKOVVHOHUOHEQLV JHZHVHQ VHLQ (U ZDJW GLH hEHUWUDJXQJ YRQ DXI ÄXQHQGOLFK EHQDFKEDUWH )ROJHQJOLHGHU³ LP $EVWDQG YRQ 'LIIHUHQ]LDOHQ G[ ZLHGHUJHJHEHQ LQ GHP V\PEROLVFKHQ 6WHQRJUDPP G [ G [ [ 6HLQH IRUPDOHQ 2SHUDWRUHQ G VROOWHQ DXV GHP MHZHLOLJHQ 2SHUDQGHQ HWZDV XQYHUJOHLFKEDU .OHLQHUHV E]Z *U|HUHV HQWVWHKHQ ODVVHQ XQG DP (QGH HLQH V\PPHWUL VFKH +LHUDUFKLH « GG [ G [ [ [ [ « YRQ Ä9DULDEOHQ³ VWLIWHQ^D D` 6R GHU 3KLORVRSK XQG DXFK GLH VSHNXODWLYHQ )DFHWWHQ VHLQHV ,QILQLWHVLPDONDONOV JHK|UHQ LQ HLQH ,GHHQJHVFKLFKWH 0HKU VDJW XQV HLQ %OLFN GDUDXI ZLH /HLEQL] YRU 2UW PLW VHLQHQ ÄGLIIHUHQ]LHOOHQ 9DULDEOHQ³ DUEHLWHW :HQQ LFK PLFK KLHU GHU QHXHQ 5HFKWVFKUHLEXQJ DQVFKOLHH XQG ZLH LQ DOOHQ 'HULYDWHQ GHV KHUN|PPOLFKHQ 'LIIHUHQWLDOV HLQ Ä]³ VFKUHLEH VR DXV GHPVHOEHQ *UXQGH GHU IU GDV ÄW³ GHU Ä([SRQHQWLDOIXQNWLRQ³ VSULFKW 'LIIHUHQ] JHJHQ ([SRQHQW )XQNWLRQHQ VLQG HV ZDV ZLU GLIIHUHQ]LHUHQ 'DV PDFKW XQV EHIDQJHQ DQ]XQHKPHQ /HLE QL] ZLH 1HZWRQ VHLHQ YRQ YRUQKHUHLQ PLW VROFKHQ EHIDVVW JHZHVHQ^E` /HLEQL] SUlJWH GDV :RUW HV QlKHUWH VLFK DEHU HUVW GXUFK -RKDQQ %HUQRXOOL XQVHUHU %HGHXWXQJ DQ^` 9DULDEOH *U|HQ VWDQGHQ ]XQlFKVW QLFKW LQ QDFKRUGQHQGHU %H]LHKXQJ .RRUGLQDWHQ GHVFDUWHVVFKHU .XUYHQ VLQG QLFKW YRUHLQDQGHU DXVJH]HLFKQHW 8QG GHQ VHOEVWlQGLJHQ )XQNWLRQVEHJULII GHU 0DWKHPDWLN JDE HV QRFK ODQJH QLFKW $XV DOJHEUDLVFKHQ %H]LHKXQJHQ ]ZLVFKHQ YHUJOHLFKEDUHQ Ä*U|HQ³ JHZLQQW /HLEQL] VRO FKH ]ZLVFKHQ GHUHQ 'LIIHUHQ]LDOHQ XQG ]ZDU QDFK DOOHQ 0|JOLFKNHLWHQ^E` 0LW GHU (LQKHLW YRQ [ XQG \ LQ GHU 5ROOH HLQHV Ä+RPRJHQLWlWVIDNWRUV³ YJO ,,5 X 7 ZUGH HU EHLVSLHOV ZHLVH^F` ]XQlFKVW GLH DOOJHPHLQHQ %H]LHKXQJHQ \
[ G\
[ G[
GG\
G[ G[ [ GG[
DXIVWHOOHQ 'HU 9DULDEOHQ [ LQ PXVV IU XQV NDQQ IU /HLEQL] GHU 9RUUDQJ EHLP 9DULLH UHQ ]XNRPPHQ LKUHU bQGHUXQJ SDVVW VLFK GLH GHU 9DULDEOHQ \ QDFK 0DJDEH GHV )DNWRUV [ DQ ,Q GLHVHP )DOOH ZlFKVW [ PLW JOHLFK EOHLEHQGHU 6FKULWWZHLWH G[ NRQVWDQWHV G[ DEHU KHLW GG[ 'DV PQGHW LQ GG\ G[ G[ ± YRQ XQV G\ G[ JHVFKULHEHQ ± XQG GHV :HLWHUHQ LQ GGG\
G[ GG[ GG[ G[
,& 1HXHUH =HLW
'RFK LVW GDV QXU HLQH GHU 0|JOLFKNHLWHQ LQ GHU %H]LHKXQJ \ *OHLFKVFKULWW G\ EHZLUNW GG\ QDFK DOVR G[ [ G[
G[ G\
[ ]X ÄGLIIHUHQ]LHUHQ³ 'HU
\ ¥\ ±
$QGHUH $OWHUQDWLYHQ^F` G[ G\ ZHUGHQ DOOHLQ GXUFK G\ [ G[ JHEXQGHQ RGHU DEHU ]X VlW]OLFK GDGXUFK GDVV VLFK G[ QDFK JOHLFKHQ 6SDQQHQ GV ¥> [ @G[ GHU %RJHQOlQJH V ULFKWHW 'LH PLWWHOV GHU 'LIIHUHQ]LDOHQ DQJH]HLJWHQ 6SLHOUlXPH GHU 9DULDEOHQ ILQGHQ VLFK LQ XQVHUHQ 3DUDPHWHUGDUVWHOOXQJHQ ZLHGHU
%HGHXWXQJ N|QQHQ Ä'LIIHUHQ]LDOH³ RGHU Ä0RPHQWH³ ZLH 1HZWRQ VLH QHQQW HUVW GXUFK LKUH MHZHLOLJH 9HUZHQGXQJ HUODQJHQ 3UREOHPORV VLQG VLH DOV 6FKHLQYDULDEOHQ LP ,QWHJUDO $QGHUV LP 'LIIHUHQ]LDOTXRWLHQW G\G[ GHU ± ZLH GHQ 6FKOHUQ HLQJHEOlXW ± NHLQ 'LIIHUHQ]LDO4XRWL HQW LVW 9RQ /HLEQL] VR JHQDQQW WUlJW HU GHVVHQ +DQGVFKULIW LQ HLQHU HEHQVR PLVVYHUVWlQG OLFKHQ ZLH KLOIUHLFKHQ )RUP :LU GUIHQ XQV LKUHU SUR IRUPD XQG VRPLW XQJHVWUDIW EHGLHQHQ GDULQ OLHJW LKU JURHU SUDNWLVFKHU 9RU]XJ 'RFK PXVV XQVHUH 'LGDNWLN GDUDXI EHVWHKHQ 'LIIH UHQ]LDOTXRWLHQW LVW QLFKW 4XRWLHQW $OVR )RUPVDFKH $XFK IU LKQ" -D XQG QHLQ GHQQ LKP EH GHXWHW )RUP PHKU DOV XQV :LU NRPPHQ GDUDXI ]XUFN /HLEQL]¶ HUVWH %HJHJQXQJ PLW GHP VRQGHUEDUHQ 4XRWLHQWHQ ZDU HLQH (UOHXFKWXQJ (U VDK QDFK HLJHQHP %HNXQGHQ LQ HLQHU 6FKDXILJXU 3DVFDOV ÄHLQ /LFKW³ YRQ ]ZHL lKQOLFKHQ 'UHL HFNHQ DXVJHKHQ^E E` HLQHV GDYRQ GDV 6WHLJXQJVGUHLHFN ZLH ZLU HV JXW NHQQHQ XQG ZRKO ]X XQWHUVFKHLGHQ ZLVVHQ YRQ MHQHQ PLW 6HNDQWHQ JHELOGHWHQ 'UHLHFNHQ GHUHQ .DWKHWHQYHUKlOW QLVVH '\'[ UHODWLYH )XQNWLRQVlQGHUXQJHQ E]Z PLWWOHUH *UDSKHQVWHLJXQJHQ DQ]HLJHQ $OOH LQ $EE , DXIWUHWHQGHQ 'UHLHFNH KDEHQ GDV GXUFK /HLEQL] PLW G \ G [ EH]HLFKQHWH .DWKHWHQYHUKlOWQLV^J` ZHOFKHV G EHL XQV HLQH =DKO LVW XQG VLFK OLP '[ĺ '\'[ VFKUHLEW ,Q GDPDOLJHU =HLW KDWWH HV PLW HLQHP Ä9HUKlOWQLV³ QRFK VHLQH G [ YRQ DOWHUV EHUNRPPHQH %HZDQGWQLV
$EE , /HLEQL] 0DNUR.RSLHQ GHV FKDUDNWHULVWLVFKHQ 'UHLHFNV
VW
VQ
)U XQVHUHQ SURIHVVLRQHOOHQ 0HWDSK\VLNHU ZDU GHU RPLQ|VH 4XRWLHQW )RUPVDFKH LQ HLQHP WLHIHUHQ 6LQQH GHQQ Ä)RUP³ JLOW EHL LKP DOV 7HUPLQXV :LU VHKHQ GLH Ä6HNDQWHQ'UHLHFNH³ DXI HLQHQ 3XQNW ]X VFKUXPSIHQ /HLEQL] VLHKW VLH LQ VLFK ]XVDPPHQVFKUXPSIHQ $XI HLQHQ 3XQNW GHU GLH Ä)RUP 'UHLHFN³ LQ LKUHU OHW]WOLFK DNWXDOHQ )RUP EHZDKUW^F` 'DV HULQQHUW DQ GHV 3KLORVRSKHQ 0RQDGHQ GLH PLW ,QQHQOHEHQ DXVJHVWDWWHWHQ %DXVWHLQH GHU :HOW %HL GHU 9HUHUEXQJ YRQ )RUP UHLWHW HU KLHU VHLQ 3ULQ]LS GHU .RQWLQXLWlW :DV ELV ]XU *UHQ]H JLOW EH KlOW GRUW VHLQH *OWLJNHLW 6R ZDV WUHLEHQ ZLU 6FKOHUQ PLW GHP QLFKW PHKU SRVLWLYHQ *UHQ] ZHUW GHU Q DXV 0LWKLQ VWQGH DP (QGH GHU 6FKUXPSIHUHL ZLHGHU HLQ 'UHLHFN /HLEQL]¶ WULDQJXOXP FKDUDFWHULVWLFXP DNWXDO XQHQGOLFK NOHLQ PLW G[ G\ XQG GHP OLQHDULVLHUWHQ %R JHQ GV DOV +\SRWHQXVH^F` XQG LQ VHLQHU XQVLFKWEDUHQ 8UIRUP ÄLQDVVLJQDELOLV³ JHQDQQW^J
7HLO , =HLWHQ XQG =HLWJHLVWHU
'UDXV ZLUG HLQ VLFKWEDUHV 'UHLHFN YRP 7\S ÄDVVLJQDELOLV³ ZHQQ VHLQH .DWKHWHQ SURSRUWLRQDO EHUGHKQW ZHUGHQ ]X G [ G \ ± ZLH DEHU DXFK ]X 6XEWDQJHQWH VW XQG \ ]X \ XQG 6XE QRUPDOH VQ $EE , :DV LKQ QLFKW KLQGHUW G[ G\ VRZRKO PLNUR ZLH PDNURVNRSLVFK ]X YHUZHQGHQ 'LIIHUHQ]LDWLRQVUHJHOQ ± QDFK VROFKHQ VXFKW PDQ EHL 1HZWRQ YHUJHEOLFK ± JHZDQQ /HLE QL] WDWVlFKOLFK DXFK DQKDQG MHQHU NRQNUHWHQ .DWKHWHQ 'DV ZDU QLFKW VR EHL GHU 3URGXNWUHJHO )U HLQH NOHLQH :HLOH JODXEWH HU DQ GDV $QDORJRQ GXȣ GX Gȣ ]XU 6XPPHQUHJHO DQ HLQHQ Ä5LQJKRPRPRUSKLVPXV G ³ PRGHUQ JHVSURFKHQ ÄVWUXNWXUHOO³ JHGDFKW $EE , ]HLJW ZLH GLH ,QNUHPHQWH GX Gȣ GDV Xȣ JURH 5HFKWHFN XP HLQH %HUDQGXQJ YRQ GHU *U|H X GX ȣ Gȣ ± Xȣ
>X Gȣ ȣ GX@ GX Gȣ
DQZDFKVHQ ODVVHQ ± GDVV QlPOLFK /HLEQL] PLW VHLQHU $Q QDKPH QXU GHQ =ZLFNHO REHQ UHFKWV HUZLVFKW GHQ .RUUHN WXUWHUP GX Gȣ (V KHLW GLHVHU )HKOHU VHL W\SLVFK IU GHQ LQ IRUPDOHQ 0XVWHUQ GHQNHQGHQ /HLEQL] XQG ZlUH HLQHP %DUURZ RGHU 1HZWRQ QLFKW XQWHUODXIHQ $EE , /HLEQL] GXȣ
X Gȣ ȣ GX
GXȣ
9RQ GHQ 3KDQWRPHQ GLH GHU IXUFKWORV MXQJH /HLEQL] EHL LKUHP 9RUQDPHQ ÄG³ EHVFKZRU YHUVXFKWH HU LP $OWHU DE]XUFNHQ LQGHP HU LKQHQ GLH 5ROOH HLQHU IDoRQ GH SDUOHU ]XZLHV (LQHU 6SUHFKZHLVH PLW GHU VLFK GLH 8PVWlQGOLFKNHLW SUl]LVHU $UJXPHQWDWLRQ DENU]HQ OLHH HLQH QW]OLFKH )LNWLRQ HEHQ :HQLJ ZLFKWLJ VHL RE RGHU DXI ZHOFKH $UW GLH 'LIIHUHQ]LDOH H[LVWLHUWHQ VRODQJH PDQ VLFK LKUHU PLW (UIROJ EHGLHQH DOV RE HV VLH VR JlEH^` 'HU 0DUTXLV *XLOODXPH GH O¶+RVSLWDO XQKLVWRULVFK Ä+{SLWDO³ LQ 86$ DXV )XUFKW YRU +RVSLWDOLVPXV /HLEQL]¶ ]ZLHOLFKWLJHU 6FKOHU EHNQLHWH VHLQHQ *|QQHU HV PLW GLHVHU NHW]HULVFKHQ 6HOEVW YHUOHXJQXQJ QLFKW ]X ZHLW ]X WUHLEHQ
$XV /HLEQL]¶ 'LIIHUHQ]HQ HUZXFKVHQ VHLQH 'LIIHUHQ]LDOH 2E $WRPH ,QGLYLVLEOH ,QILQLWHVL PDOH NHLQ $QDO\VW ZDU RKQH LUJHQGZHOFKH +HLQ]HOPlQQFKHQ DXVJHNRPPHQ $XFK 1HZWRQ QLFKW 'HU VXFKWH GHQ (LQGUXFN ]X HUZHFNHQ HU VFKDIIH HV DOOHLQ^G` GRFK DOOH (UNOlUXQJHQ XQG 5HYLVLRQHQ KDOIHQ QLFKWV^K` (U EUDXFKWH VLH IU GLH VWHWLJH bQGHUXQJ GHU 9DULDEOHQ^H` %HL XQVHUHQ )XQNWLRQHQ KlQJW GLH HLQH YRQ GHU DQGHUHQ DE 1HZWRQ UHLFKW HV ZHQQ PLWHLQDQ GHU YHUNQSIWH *U|HQ VLFK ÄJOHLFK]HLWLJ³ lQGHUQ UHDOLVLHUW GDGXUFK GDVV VLH DOOH YRQ HLQ XQG GHUVHOEHQ JOHLFKPlLJ ZDFKVHQGHQ +LOIVYDULDEOHQ DEKlQJHQ (U KLH QLFKW (LQVWHLQ XQG VR QDKP HU DOV 3DUDGLJPD IU *OHLFKPD GLH =HLW DOV V\PEROLVFKHQ 3DUDPHWHU 'HVVHQ LQIL QLWHVLPDOH =XQDKPH R ÄRK³ EHZLUNW DQ Ä)OXHQWHQ³ [ \ QDFK 0DJDEH LKUHU MHZHLOLJHQ bQGHUXQJVJHVFKZLQGLJNHLWHQ [ \ GHQ Ä)OX[LRQHQ³ GLH bQGHUXQJ XP GLH 0RPHQWH [R \R 1RFK KHXWH EH]HLFKQHW GHU )OX[LRQVSXQNW LQ GHU 3K\VLN GLH =HLWDEOHLWXQJ GRUW HLQH WUHIIOL FKH 6\PEROLN 'LH 0RPHQWH VLQG GLH *HJHQVWFNH GHU OHLEQL]VFKHQ 'LIIHUHQ]LDOH G[ G\
,& 1HXHUH =HLW
)OX[LRQHQ IXQJLHUHQ VR]XVDJHQ DOV PRPHQWDQH 3URSRUWLRQDOLWlWVIDNWRUHQ 1HZWRQ YHUVXFKW NHLQH ZHLWHUH (UNOlUXQJ :LH DXFK" *DQ] ]X VFKZHLJHQ YRQ )OX[LRQHQ GHU )OX[LRQHQ 1HZ WRQ EOLHE XQYHUELQGOLFK KLHOW VLFK RIW QLFKW DQ HLJHQH =HLFKHQ JDE LKQHQ VRJDU YHUVFKLHGHQHQ 6LQQ ZLH HWZD ZHQQ GLH R 0RPHQWH PHLQWHQ .ULWLVFKHV EHL ^` ,Q GHQ Ä7H[WERRNV³ VHLQHU 6FKXOH SIOHJWH HV GHQQ DXFK PLW EHLGHQ 9RNDEHOQ GXUFKHLQDQGHU ]X JHKHQ HLQ ]XVlW] OLFKHV +DQGLFDS IU GLH 9HUEUHLWXQJ VHLQHU /HKUH 'LH OHLEQL]VFKHQ 6\PEROH ZXUGHQ GRUW SHLQOLFK JHPLHGHQ DOV ÄXQSDVVHQG XQG XPVWlQGOLFK³ :lKUHQG /HLEQL] VHLQHQ Ä4XRWLHQWHQ³ G\G[ EHLP :RUW QLPPW YHUVWHKW 1HZWRQ GDUXQ WHU GLH ÄXOWLPD UDWLR³ ÄGDV OHW]WH 9HUKlOWQLV YHUVFKZLQGHQGHU XQG ]XJOHLFK HUVWH 9HUKlOWQLV HQW VWHKHQGHU *U|HQ³ OHW]WH 6SXU XQG HUVWHU .HLP ,QKDOWOLFK ZlUHQ G\G[ XQG \ R [R JOHLFK ]XVHW]HQ GHU 'LIIHUHQ]LDOTXRWLHQW DOVR GHP )OX[LRQHQTXRWLHQWHQ \ [ %HL SDUDPHWULVLHUWHQ .XUYHQ KDW VLFK GDV HUKDOWHQ 'RFK VROO 1HZWRQV ÄOHW]WHV 9HUKlOWQLV³ HEHQ NHLQ 9HUKlOWQLV VHLQ^I` Ä'LH OHW]WHQ 9HUKlOWQLVVH PLW GHQHQ *U|HQ YHUVFKZLQGHQ VLQG LQ :LUNOLFKNHLW QLFKW GLH 9HUKlOWQLVVH XQEHJUHQ]W DEQHKPHQGHU *U|HQ³ (V VHLHQ YLHOPHKU Ä:HUWH GHQHQ VLFK GLH 9HUKlOWQLVVH « VWlQGLJ QlKHUQ XQG GHQHQ VLH QlKHU NRPPHQ DOV LUJHQGHLQH YRUJH JHEHQH 'LIIHUHQ] «³ 'HU $EVWDQG GHU HFKWHQ 9HUKlOWQLVVH ]X LKUHP ÄOHW]WHQ³ ZHUGH DOVR NOHLQHU DOV MHGH YRUJHEEDUH 6FKUDQNH ± ZHQQ GDV QLFKW XQVHU *UHQ]ZHUW LVW (U OLHJW LQ 1HZ WRQV 5HLFKZHLWH GRFK GHU JUHLIW QLFKW ]X 6WDWWGHVVHQ GHU YHUEDOH 5FNIDOO 'HU Ä:HUW³ ZHU GH YRQ GHQ 9HUKlOWQLVVHQ ÄQLFKW HUUHLFKW ELV >@ GLH *U|HQ LQ LQILQLWXP DEJHQRPPHQ KDEHQ³ (V EOLHE EHL GHU 0HWDSKHU HLQHV +DSSHQLQJV
&UX[ GHV *DQ]HQ EOLHEHQ GLH 'LIIHUHQ]LDOH XQG 0RPHQWH 1HZWRQV .ULQJHO ÄR³ IU GHQ YLUWXHOOHQ =XZDFKV ZDU HLQ ODXQLVFKHU :HFKVHOEDOJ 0DO GLH 1XOO PDO QLFKW JUDG VR ZLH )HUPDWV į LQ GHQ 3VHXGRJOHLFKXQJHQ ,& ,PPHU ZLHGHU VDKHQ VLFK GLH EHLGHQ (UILQGHU JHQ|WLJW ]X HUOlXWHUQ ZDV LKUH 3VHXGRJU|HQ GHQQ HLJHQWOLFK VHLHQ 6LH YHUPRFKWHQ HV QLFKW /HW]WOLFK QDFK ZLGHUVSUFKOLFKHU 9HUWHLGLJXQJ EHULHI PDQ VLFK DXI GHQ YHUOlVVOLFKVWHQ (QW ODVWXQJV]HXJHQ GHQ (UIROJ GHU $QZHQGXQJ 'HU PXVVWH GLH 0LWWHO KHLOLJHQ XQG VR KDWWH PDQ ]ZDU HLQHQ *UXQG IU VHLQ 7XQ GRFK NHLQH *UXQGODJH /HLEQL]¶ YlWHUOLFKHU )UHXQG +X\ JHQV NRQQWH VLFK QLH PLW GHVVHQ 'LIIHUHQ]LDOHQ DQIUHXQGHQ 1HEHQ ÄGHP³ 6DW] YRQ 5ROOH JLEW HV DXFK GLHVHQ Ä'HU &DOFXOXV LVW HLQH 6DPPOXQJ JHVFKLFNWHU 7UXJVFKOVVH³^J` 9LHOH ZHQL JHU %HUXIHQH VDHQ ]X *HULFKW )U 9ROWDLUH ZDU GHU &DOFXOXV GLH Ä.XQVW HLQ 'LQJ H[DNW ]X ]lKOHQ XQG ]X PHVVHQ GHVVHQ ([LVWHQ] XQYRUVWHOOEDU LVW³^J` $XI HLQHQ /DQGVPDQQ 1HZ WRQV HLQHQ K|FKVW VWUHLWEDUHQ 7KHRORJHQ NRPPHQ ZLU QRFK ]X VSUHFKHQ 1LFKW QXU GLH 9RUOlXIHU YRQ 1HZWRQ XQG /HLEQL] VFKXIHQ 9RUOlXILJHV ,KUHU EHLGHU &DO FXOXV ZDU OHJH DUWLV QDFK $UFKLPHGHV¶ 5HJHOQ GHU .XQVW ZHGHU IXQGLHUW QRFK ± HQWJHJHQ DOOHU %HWHXHUXQJ ± VR RKQH ZHLWHUHV IXQGLHUEDU 'DV ZXVVWHQ VLH QXU ]X JXW GRFK EHVDHQ EHLGH GLH *HZLVVKHLW LQQHUHU 5LFKWLJNHLW 6LH KDWWHQ 9LVLRQHQ XQG VLH KDWWHQ %HZHLVQRW VFKRQ QRWJHGUXQJHQ YHUOLHHQ VLH VLFK DXI ,QWXLWLRQ :DV GHQ 6WLO YRQ +HUOHLWXQJHQ DQODQJW VROOWH HV (XOHU VSlWHU QRFK YLHO lUJHU WUHLEHQ :LH GHQQ EHUKDXSW LQ MHQHU *UQGHU]HLW hEHU ]HXJXQJHQ DQ GLH 6WHOOH YRQ %HZHLVHQ ]X WUHWHQ SIOHJWHQ 6LHKH GD]X DXFK ,'(QGH
7HLO , =HLWHQ XQG =HLWJHLVWHU
$QVFKOLHHQG HLQ :RUW ]X GHQ ÄK|KHUHQ³ 'LIIHUHQ]LDOTXRWLHQWHQ HLQHU JHHLJQHW LQWHUYDOOGH ILQLHUWHQ 0XVWHUIXQNWLRQ I [ ѻ I [ QlPOLFK GLH 'LIIHUHQ]LDOTXRWLHQWHQ E]Z JOREDO JHVH KHQ ]X GHQ VSlWHU YRQ /DJUDQJH VR JHQDQQWHQ Ä$EOHLWXQJHQ³ G
I Ļ { G[ I I ĻĻ
G G[ I Ļ
G
G N G[ I « I
G[ I
GN G [N I
G
G[ N I
HUVWHU ]ZHLWHU « NWHU 2UGQXQJ ZDV PDQ IRUPDO DXI GLH QXOOWH 2UGQXQJ I Ԍ I DXVGHKQW 'LH 6FKUHLEZHLVH \ I [ \Ļ I Ļ[ « VFKXI QHXH 9DULDEOHQ \ \Ļ \ĻĻ « VWDWW 6WULFKHQ DXFK PLW QHZWRQVFKHQ 3XQNWHQ GLH 6SUHFKZHLVH Ä\ \Ļ \ĻĻ « LVW )XQNWLRQ YRQ [³ OLH 9DULDEOHQ ]X )XQNWLRQVV\PEROHQ PXWLHUHQ (LQH KHUN|PPOLFKH 'RSSHO]QJLJNHLW JHJHQ GLH NHLQ .UDXW JHZDFKVHQ LVW 6WLIWHW VLH 9HUZLUUXQJ VR PXVV PDQ SLQJHOLJ ZHUGHQ GRFK HUVW GDQQ
1HZWRQV XQG /HLEQL]¶ 'LIIHUHQ]LDOUHFKQXQJ P|JHQ VLFK LQ $QVDW] XQG )RUP XQWHUVFKHLGHQ YJO ,,6 X 7 LQ LKUHP :HVHQ EHVWHKW NHLQ 8QWHUVFKLHG 1LFKW JDQ] VR YHUKLHOW HV VLFK PLW GHP ,QWHJUDO^E` (UVW DP (QGH ZHUWHW /HLEQL] HV VR DXV ZLH 1HZWRQ HV HLQIKUW QlPOLFK GXUFK $QWLGLIIHUHQ]LDWLRQ E
D
I W GW
) E ± ) D IDOOV I
)Ļ
+LQWHU GLHVHP HUVWHQ 7HLO GHV +DXSWVDW]HV ,,6 ij VWHKHQ EHL /HLEQL] GLH )RUPHOQ XQG ,,5 ij VHLQ %HZHLV RULHQWLHUW VLFK DQ GHU 2ULJLQDOVNL]]H $EE ,, 'RUW IXQ JLHUW GLH $EOHLWXQJ LP 6LQQH GHV Ä]ZHLWHQ +DXSWVDW]HV³ ,,6 ij lKQOLFK ZLH EHL 1HZ WRQV $EE ,,E XQG ZLH VFKRQ EHL 2UHVPXV ]% LQ $EE , DQJHOHJW DOV GLH ,QWHQVLWlW GHU )OlFKHQ]XQDKPH )U 1HZWRQ LVW GDV EHVWLPPWH ,QWHJUDO QLFKW HLJHQVWlQGLJ LVW ,QWHJUDWLRQ VFKOHFKWKLQ $Q WLGLIIHUHQ]LDWLRQ 'HP VFKORVV PDQ VLFK QXU ]X JHUQ DQ HLQ .XU]VFKOXVV GHU VHLQHQ 3UHLV KDW WH 1HZWRQV ,QWHJUDO ZXUGH GHP YRQ (XGR[RV XQG $UFKLPHGHV QLFKW JHUHFKW ,QWHJUDWLRQ LVW PHKU ,P NRQNUHWHQ )DOO KDWWH EHUHLWV 3DVFDO GHP DUFKLPHGLVFKHQ ,QWHJUDO HLQHQ PRGHUQHQ =XJDQJ JHZLHVHQ ,,1 $OOJHPHLQ ZLUG &DXFK\ HV YHUVXFKHQ ,,; XQG 5LHPDQQ HV VFKDI IHQ ,,< 'HU EULQJW GLH 'LQJH LQV /RW YHUV|KQW $UFKLPHGHV XQG 1HZWRQ -HGH )XQNWLRQ ) GHU (LJHQVFKDIW )Ļ I QHQQW VLFK HLQH Ä6WDPPIXQNWLRQ³ YRQ I 'LH 6WDPPIXQNWLRQHQ HWZD HLQHU DXI GHP ,QWHUYDOO , >DE@ VWHWLJ YRUJHJHEHQHQ )XQNWLRQ I VLQG GLH /|VXQJHQ \ [ 6 \[ [ , GHU 8UIRUP \Ļ I HLQHU 'LIIHUHQ]LDOJOHLFKXQJ =X LKQHQ ]lKOW GDV YDULDEOH ,QWHJUDO ) [
[
D
I W GW [ ,
XQG GDKHU KHLW HV VHLW DOWHUV HV LQWHJULHUH GLH 'LIIHUHQ]LDOJOHLFKXQJ 8P DOOH LKUH /|VXQJHQ PLW /|VXQJVLQWHUYDOO , ]X HUIDVVHQ EHDFKWH PDQ +DW \Ļ I HWZD GLH /|VXQJ a \ [ [ ,
\ & & ъ +LVWRULVFK GHNODULHUW DOV VR EHVWHKW GLHVH /|VXQJVPHQJH DXV GHQ )XQNWLRQHQ a
,& 1HXHUH =HLW
ÄGDV XQEHVWLPPWH ,QWHJUDO³ YRQ I JHSDDUW PLW HLQHU LUUHIKUHQGHQ %H]HLFKQXQJ « 'LI IHUHQ]LDOJOHLFKXQJHQ IU HLQH )XQNWLRQ \ HLQHU 9HUlQGHUOLFKHQ ZHUGHQ YHUNU]W JHVDJW MHZHLOV GXUFK HLQH *OHLFKXQJ JHELOGHW LQ GHU YRUJHJHEHQH )XQNWLRQHQ XQG HLQH $XVZDKO DXV \ \ \ « PLW ZHQLJVWHQV HLQHU $EOHLWXQJ DXIWUHWHQ LKUH K|FKVWH 2UGQXQJ KHLW GLH 2UGQXQJ GHU 'LIIHUHQ]LDOJOHLFKXQJ
1HZWRQV ,QWHJULHUHQ JDOW GHQ 'LIIHUHQ]LDOJOHLFKXQJHQ QlPOLFK GHQHQ HLQHU QHXHQ 1DWXUSKL ORVRSKLH %HUHLWV PLW 6WDPPIXQNWLRQHQ OlVVW VLFK HLQ )DOO DXV NOHLQHU +|KH DQJHPHVVHQ EH VFKUHLEHQ LQ (LQNODQJ PLW *DOLOHLV ([SHULPHQW 'HVVHQ 'LDJUDPP $EE , GDV GLH ZlKUHQG GHU =HLWLQWHUYDOOH > W@ GXUFKIDOOHQHQ :HJOlQJHQ V W DOV )OlFKHQLQKDOWH EHU GLHVHQ ,QWHU YDOOHQ PLVVW ]HLJW PLW VHLQHQ 2UGLQDWHQ GLH PRPHQWDQHQ *HVFKZLQGLJNHLWHQ V W DQ 9JO GLH DXI HLQHQ .RQMXQNWLY JHJUQGHWH YHORFLWDV LQVWDQWDQHD GHU 6FKRODVWLN ,& 'DV KHLW V 7 7 GLH DP 6FKLHIHQ 7XUP KHUUVFKHQGH GDVV XQV GXUFK GLH .RQVWDQWH E V W W 6FKZHUHEHVFKOHXQLJXQJ YHUPLWWHOW ZLUG ,KU :HUW LVW E PV V GLH EHREDFKWHWH )XQNWLRQ V W JHQJW PLWKLQ GHU 'LIIHUHQ]LDOJOHLFKXQJ V
J
2UGQXQJ 6LH LVW GDV )DOOJHVHW] $OOH )XQNWLRQHQ V W GLH DP JOHLFKHQ 2UW HLQHQ )DOO EH VFKUHLEHQ JHQJHQ LKU DOV )RUGHUXQJ DQ V LQWHUSUHWLHUW OLHIHUW VLH HLQH *DOLOHLV )XQNWLRQ HQWKDOWHQGH /|VXQJVPHQJH -HGH /|VXQJ YRQ LVW 6WDPPIXQNWLRQ HLQHU 6WDPPIXQNWLRQ GHU NRQVWDQWHQ )XQNWLRQ YRP :HUWH J PLWKLQ HLQ 3RO\QRP ]ZHLWHQ *UDGHV LQ W 'LH )UHLKHLW LQ GHU :DKO MHQHU EHLGHQ 6WDPPIXQNWLRQHQ GUFNW VLFK HWZD GDULQ DXV GDVV 6WDUW2UW V V XQG 6WDUW*HVFKZLQGLJNHLW V X DOVR DXFK HLQ YHUWLNDOHU $QVWR LQ RGHU JHJHQ GLH )DOOULFKWXQJ YRUJHVFKULHEHQ ZHUGHQ N|QQHQ :LU VSUHFKHQ YRQ $QIDQJVEHGLQJXQJHQ XQG HLQHP $QIDQJVZHUW3UREOHP PLW GHU HLQGHXWLJHQ /|VXQJ V
E W X V
E W X W V
'HU )DOO X LVW GHU ÄIUHLH³ )DOO XQG ZLUG DQGHUHQIDOOV EHUODJHUW YRQ HLQHU JOHLFKI|UPL JHQ %HZHJXQJ $XHU EHL W ij X GJO VLQG *OHLFKXQJHQ ZLH *U|HQJOHLFKXQJHQ DQGHUV DOV ]% EHL ^D` PLW ]XGHP IDOVFKHP :HUW 0HKU DOV GHV +DXSWVDW]HV EHGXUIWH HV DOV /HLEQL] QDFK GHQ /|VXQJHQ VHLQHU HUVWHQ 'LIIH UHQ]LDOJOHLFKXQJ \Ļ \ IUDJWH ,,5(QGH
1HZWRQV &DOFXOXV LVW QLFKW ]X WUHQQHQ YRQ 1HZWRQV '\QDPLN =XQlFKVW ZDU LKP JHOXQJHQ *DOLOHLV )DOOYHUVXFK ,& LP $EODXI SXQNWJHQDX ]X EHVFKUHLEHQ LQGHP HU PLW VHLQHQ )OX [LRQHQ GLH +LOIORVLJNHLW GHU 6FKRODVWLN ,& EHUZDQG 'DV ZDU .LQHPDWLN 'DV JHZLFK WLJVWH 5HVXOWDW GHV 9HUVXFKV KDUUWH MHGRFK QRFK GHU Ä(UNOlUXQJ³
7HLO , =HLWHQ XQG =HLWJHLVWHU
*HZLFKW GDV ZDU GLH .UDIW GHU DUFKLPHGLVFKHQ '\QDPLN YHUXUVDFKW GXUFK GLH ÄVFKZHUH 0DVVH³ GHU 0DWHULH QlPOLFK GHUHQ )lKLJNHLW LQ DOOHU 5XKH HLQH EHU XQVHUHP 3ODQHWHQ DXI JHKlQJWH )HGHUZDDJH DXV]X]LHKHQ 6R HUIlKUW KRPRJHQH 0DWHULH DQ HLQHP EHVWLPPWHQ 3XQNW HLQH LKUHP 9ROXPHQ SURSRUWLRQDOH 6FKZHU RGHU Ä*HZLFKWVNUDIW³ ZLH HV LQ GHU 6FKXOH KHLW 'LH (LQKHLW GHU VFKZHUHQ 0DVVH ELOGHW HLQ QDKH 3DULV JHKWHWHU 3URWRW\S GDV 8UNLOR JUDPP (UWHLOW GLH (UGH HLQHU VFKZHUHQ 0DVVH PV LQ HLQHP EHVWLPPWHQ 5DXPSXQNW GDV *H ZLFKW * VR KHUUVFKW GRUW GLH 6FKZHUHIHOGVWlUNH *PV 6LH IXQJLHUW DOV 3URSRUWLRQDOLWlWVIDN WRU :LU KDEHQ KLHU GDYRQ DEJHVHKHQ GDVV VLH XQG GDV .|USHUJHZLFKW ULFKWXQJVJOHLFKH 9HN WRUHQ VLQG :HU PDJ GHQNH VLFK GLH DP 5DXPSXQNW KHUUVFKHQGH 6FKZHUHIHOGVWlUNH UHSUl VHQWLHUW GXUFK GDV *HZLFKW GHV GRUWKLQ JHKDOWHQHQ 8UNLORJUDPPV +lWWH GHU NOHLQH $UFKL EHUHLWV PLW HLQHU )HGHUZDDJH JHVSLHOW HU KlWWH VHLQHQ ÄVFKZHU³ EH ODGHQHQ %ROOHUZDJHQ GUDQJHKlQJW ZlUH PLW GLHVHP *HVSDQQ ORVJHUDQQW XQG GDGXUFK HLQHU JDQ] DQGHUHQ (LJHQVFKDIW GHU 0DWHULH DXI GLH 6SXU JHNRPPHQ $XFK MHW]W ZlUH GLH )HGHU DXVJH]RJHQ ZRUGHQ XQG ]ZDU XQWHU LGHDOHQ %HGLQJXQJHQ JHUDGH VR ODQJH ZLH GHU :DJHQ VFKQHOOHU ZXUGH :LUNWH LP HUVWHQ )DOOH GLH 6FKZHUNUDIW DXI GLH )HGHU VR ZDU HV MHW]W GHU :LGHUVWDQG GHQ GLH ÄWUlJH 0DVVH³ LKUHU %HVFKOHXQLJXQJ HQWJHJHQVHW]W GLH 7UlJKHLWVNUDIW 'LH VFKZHUH XQG GLH WUlJH 0DVVH í JUXQGYHUVFKLHGHQH =ZLOOLQJH 'LHVHOEH :DDJH ]HLJW 'HU GRSSHOW VR VFKZHUH .|USHU LVW GRSSHOW VR WUlJH GDV KHLW ZLOO PDQ GDV GRSSHOWH *HZLFKW HEHQVR VWDUN ZLH GDV HLQIDFKH EHVFKOHXQLJHQ PXVV PDQ VLFK VR DQVWUHQJHQ GDVV GLH )HGHU GDEHL DXI GDV 'RSSHOWH DXVJH]RJHQ ZLUG Ä7UlJH 0DVVH³ ZLUG JHPHVVHQ GXUFK )HGHUGHKQXQJ XQWHU JOHLFKHU %HVFKOHXQLJXQJ 6LH HUZHLVW VLFK SURSRUWLRQDO ]XU VFKZHUHQ XQG ]ZDU GHUPD HQ VWUHQJ GDVV PDQ EHLGH LGHQWLIL]LHUHQ NDQQ XQG WXW 'UXP VDJW PDQ HLQIDFK Ä0DVVH³ 'RFK ZROOHQ ZLU HLQVWZHLOHQ QRFK EHJULIIOLFK ]ZLVFKHQ VFKZHUHU XQG WUlJHU 0DVVH XQWHU VFKHLGHQ XQG PV PW VFKUHLEHQ EHKDOWHQ DEHU GLH 'RSSHOUROOH YRQ Ä0DVVH³ LP $XJH 'RSSHOWHV *HZLFKW HU]HXJW DOVR GRSSHOWH 7UlJKHLW 'LHV LVW DXHU LP )LWQHVV6WXGLR RGHU %UR HEHQVR ZHQLJ VHOEVWYHUVWlQGOLFK ZLH GDVV GLH GRSSHOWH %HVFKOHXQLJXQJ DP VHOEHQ .|USHU GLH GRSSHOWH 7UlJKHLW SURYR]LHUW $OOJHPHLQ 'LH 7UlJKHLWVNUDIW HUZHLVW VLFK EHL JOHL FKHU %HVFKOHXQLJXQJ GHU 0DVVH EHL JOHLFKHU 0DVVH GHU %HVFKOHXQLJXQJ SURSRUWLRQDO 'DV PHLQW KLHU GLH VFKZHUH 0DVVH LQ LKUHU 5ROOH DOV GLH WUlJH 7UlJKHLWVNUDIW LVW GDPLW PDWKHPD WLVFK EHZHUWHW SURSRUWLRQDO GHP 3URGXNW DXV 0DVVH XQG %HVFKOHXQLJXQJ 1HZWRQ KlWWH GLHVHV QXQ NXU]HUKDQG GLH G\QDPLVFKH .UDIW QHQQHQ N|QQHQ :DU HV VHLQ ,QVWLQNW GHU LKQ YRU (LQVWHLQ ZDUQWH" -HGHQIDOOV GHILQLHUWH HU GLH G\QDPLVFKH .UDIW DOV GHQ ]HLWOLFKHQ 'LIIH UHQ]LDOTXRWLHQWHQ GHU %HZHJXQJVJU|H GHV Ä,PSXOVHV³ QlPOLFK GHV 3URGXNWHV DXV WUlJHU 0DVVH XQG *HVFKZLQGLJNHLW )U GHQ +DXVJHEUDXFK QlPOLFK ZHLW XQWHUKDOE GHU /LFKWJH VFKZLQGLJNHLW VROOWH VLFK GDV JULIILJH Ä0DVVH PDO %HVFKOHXQLJXQJ³ JOlQ]HQG EHZlKUHQ :HQQ EHL *DOLOHL DOOH .|USHU LP :HVHQWOLFKHQ JOHLFK VFKQHOO ILHOHQ VR OLHJW HV 1HZWRQV 7KHRULH ]XIROJH GDUDQ GDVV MHGHU QDFK 0DJDEH VHLQHU VFKZHUHQ EH]LHKXQJVZHLVH WUlJHQ 0DVVH JOHLFK VWDUN DQJH]RJHQ ZLH JHKHPPW ZLUG *HZLFKWV XQG 7UlJKHLWVNUDIW VWHKHQ LP Ä*OHLFKJHZLFKW³ PV J
PW E ZR PV { PW
GDKHU HUIDKUHQ DOOH .|USHU DP 7XUP YRQ 3LVD GLHVHOEH %HVFKOHXQLJXQJ E
J
,& 1HXHUH =HLW
1HZWRQ KDWWH PLW GHU PDWKHPDWLVFKHQ :LHGHUJDEH GHU )DOOEHZHJXQJ ]XQlFKVW IU HLQH WDXJOLFKH .LQHPDWLN JHVRUJW 0LW VHLQHP %HJULII YRQ .UDIW YHUEXQGHQ VFKXI HU GLH .LQHWLN VR]XVDJHQ GLH ÄG\QDPLVLHUWH .LQHPDWLN³ 6FKRQ %XULGDQ KDWWH GDUDQ JHGDFKW GDVV ]ZLVFKHQ bSIHOQ XQG 3ODQHWHQ NHLQ 8QWHUVFKLHG VHLQ N|QQH ZHQQ HV XP %HZHJXQJ JLQJ ,& ^E` 1HZWRQ GDFKWH HV ]X (QGH (U NRQQWH GLH %HGLQJXQJHQ IRUPXOLHUHQ XQWHU GHQHQ HLQ +LPPHOVN|USHU LP 6FKZHUHIHOG GHU DQGHUHQ VHLQH %DKQ ILQGHW 'LH )HOGZLUNXQJ YRU 2UW IKUW GDV JOREDOH 3UREOHP YRUHUVW DXI GLH ORNDOHQ *H JHEHQKHLWHQ ]XUFN 'DEHL ZLUG GDV 1DWXUJHVHW] YRP 'LIIHUHQ]LDOJHVHW] HUIDVVW VR ZLH LQ (V OHJW GLH %HZHJXQJ QRFK QLFKW IHVW MHGRFK GHQ 5DKPHQ LKUHU 0|JOLFKNHLWHQ 'LHVHU (QWZXUI LVW 1HZWRQV JURHU :XUI^` 2EHQ ]HLJWH ZLH GLH $QIDQJVEHGLQJXQJHQ HLQHQ $EODXI GHWHUPLQLHUHQ ,QZLHZHLW VROFKH (LQGHXWLJNHLW DXFK LP .RVPRV EHVWHKW PXVVWH ]X MHQHU =HLW PDWKHPDWLVFK IUDJOLFK EOHLEHQ -HGHQIDOOV KDWWH 1HZWRQ HLQ PHFKDQLVFKHV :HOWELOG JHVFKDIIHQ ZLH HV ]X VHLQHU =HLW SK\VLNDOLVFK ]X HUIDKUHQ XQG PDWKHPDWLVFK ]X PRGHOOLHUHQ ZDU
6\PEROLVWHQ RGHU /DPDLVWHQ P|JHQ LQ 1HZWRQ GLH 5HLQNDUQDWLRQ *DOLOHLV ZLWWHUQ GRFK ZXU GH MHQHU QXU GDQN GHU LQ (QJODQG YHUVFKOHSSWHQ JUHJRULDQLVFKHQ .DOHQGHUUHIRUP YHU PHLQWOLFK QRFK LQ *DOLOHLV 7RGHVMDKU JHERUHQ 6HOEVW %HUWUDQG 5XVVHOO VD GHU (QWH DXI^D` -HGHQIDOOV HLQH JHOXQJHQH 6WDEEHUJDEH .HSOHUV %HREDFKWXQJHQ KDWWHQ EHUHLWV 5REHUW +RRNH GDV NRUUHNWH $EVWDQGVJHVHW] GHU 0DVVHQDQ]LHKXQJ YHUPXWHQ ODVVHQ ÄWKH LQYHUVH VTXDUH ODZ³ DOV 8UVDFKH GHU HOOLSWLVFKHQ 3ODQHWHQEDKQHQ^E E` (U IUDJWH DQ EHL 1HZWRQ^E E D` 'HU JDE í QDFK QXU YLHU 7DJHQ í NQDSS ]XU $QWZRUW HU KDEH 6FKOXVV JH PDFKW PLW Ä1DWXUSKLORVRSKLH³ ^E` HQWJHJHQ ^F` 8P GDQQ ZlKUHQG GHU IROJHQGHQ VHFKV -DKUH YROOHQGHWH 7DWVDFKHQ ]X VFKDIIHQ :DKUKDIW YROOHQGHWH 6LHKH GHV :HLWHUHQ ^F` 6HLQH (UQWH GLH 3KLORVRSKLDH 1DWXUDOLV 3ULQFLSLD 0DWKHPDWLFD^E` (LQH KHUNXOL VFKH 7DW EHL GHU LKQ VHLQ 6HNUHWlU QXU HLQ HLQ]LJHV 0DO KDEH ODFKHQ VHKHQ 1HZWRQ JHODQJ GDV NRVPLVFKH *HVFKHKHQ DXI HLQ 3ULQ]LS ]X JUQGHQ LQGHP HU GLH .HS OHUVFKHQ 3ODQHWHQJHVHW]H IU HLQHQ YRP =HQWUDOJHVWLUQ EHKHUUVFKWHQ 5DXP DEOHLWHWH ,,71HZWRQ $QVRQVWHQ GXUIWH QHLQ PXVVWH GHU OHHU VHLQ 'DYRQ ZDUHQ GLH $VWURQRPHQ VFKRQ YRU VHLQHU =HLW EHU]HXJW 'HQ OHHUHQ 5DXP EUDXFKWH DXFK 'HPRNULW IU VHLQH $WRPH $ULVWRWHOHV GDJHJHQ VFKDIIWH LKQ IU ]ZHL -DKUWDXVHQGH DE^P` 'DV SDVVWH 'HVFDUWHV LQ GHQ .UDP GHQQ Ä« .|USHU XQG 5DXP >VHLHQ@ HLQ XQG GDVVHOEH «³^F` XQG HU HQWVFKLHG GDVV GLH 3ODQHWHQ YRQ :LUEHOQ DQJHWULHEHQ ZHUGHQ^` *DOLOHL REVLHJWH DP (QGH HV JDE NHLQ =X UFN :LH JHZDJW HV ZDU VLFK DXI Ä*UDYLWDWLRQ³ HLQ]XODVVHQ DXI HLQH IHUQZLUNHQGH (LJHQ VFKDIW GHU 0DWHULH ]HLJW VLFK LP 8UWHLO GDPDOLJHU .DSD]LWlWHQ /HLEQL] XQG -RKDQQ %HUQRXOOL KLHOWHQ QLFKWV GDYRQ &KULVWLDDQ +X\JHQV HLQHU GHU ZHQLJHQ GLH 1HZWRQ VFKlW]WH QDQQWH VLH ÄDEVXUG³ XQG VHOEVW HLQ LUULWLHUWHU 1HZWRQ JHEUDXFKWH GLHVHV :RUW^G` ,KP ZXUGH XQWHU VWHOOW PLW HLQHU VROFKHQ .UDIWTXHOOH YHUIROJH HU ZHQLJHU HLQ SK\VLNDOLVFKHV DOV HLQ PDWKH PDWLVFKHV =LHO YHUZHUIOLFK VHL PLW HWZDV ]X UHFKQHQ GHVVHQ :HVHQ PDQ VLFK QLFKW HUNOlUHQ N|QQH 1HZWRQ KLHOW HWZDV DQGHUHV IU ZHVHQWOLFK DQJHPHVVHQ ]X EHVFKUHLEHQ ,Q )UDJH NDPHQ NHLQH VHOEVWHYLGHQWHQ 3UlPLVVHQ ZLH SKLORVRSKLVFKH 'HQNQRWZHQGLJNHLWHQ RGHU 2I
7HLO , =HLWHQ XQG =HLWJHLVWHU
IHQEDUXQJHQ DQGHUHU 3URYHQLHQ] 'LH 3ULQ]LSLHQ PXVVWHQ LQ GHV .RVPRV HLJHQHU 6SUDFKH IRUPXOLHUW ZHUGHQ GHU 0DWKHPDWLN 'DV *UDYLWDWLRQVSULQ]LS WDXJWH 1HZWRQ DOV PDWKHPDWL VFKH *UXQGODJH (V HUIXKU VHLQH 5HYLVLRQHQ ]XQlFKVW GXUFK GHQ YRP Ä)HOG³ EHVHHOWHQ GDQQ GXUFK GHQ JHNUPPWHQ 5DXP 'RFK ZLUG GHU 0HQVFK MH ]X QDWXULGHQWLVFKHU (UNHQQWQLV JHODQJHQ N|QQHQ" *DOLOHLV 3K\VLN KDWWH VLFK DXI GLH 0DWKHPDWLN JHVWW]W %HL 1HZWRQ ZDU HV XPJHNHKUW (U EUDXFKWH GLH 5FNPHOGXQJ DXV GHU 3K\VLN VHLQH 0DWKHPDWLN ZDU QLFKW DXWRQRP ZLH GLH HLQHV $UFKLPHGHV 'LH ]ZHLWH .UFNH GHV QHZWRQVFKHQ &DOFXOXV GLH REHQ VNL]]LHUWH Ä0HWD SK\VLN³ SURYR]LHUWH GHQ JDOOLJHQ 6SRWW GHV LULVFKHQ %LVFKRIV %HUNHOH\ ^K` V ,$(QGH 1LFKW ]X 8QUHFKW Ä:DV VLQG GDV EOR IU 0lQQHU GHU :LVVHQVFKDIW GLH VLFK VR VHKU YLHO PHKU 0KH JHEHQ LKUH 3ULQ]LSLHQ DQ]XZHQGHQ DOV VLH ]X YHUVWHKHQ³ hEHU GLH YHU VFKZLQGHQGHQ ,QNUHPHQWH UHVSHNWLYH ([NUHPHQWH Ä'UIHQ ZLU VLH QLFKW GLH *HVSHQVWHU DEJHVFKLHGHQHU *U|HQ QHQQHQ"³^L` =X GHQ 8QEHJUHLIOLFKNHLWHQ LQ 7KHRORJLH XQG 0DWKH PDWLN GXUIWH GDV *OHLFKQLV YRP %DONHQ LP HLJHQHQ $XJH QLFKW IHKOHQ )U VHLQH $EUHFKQXQJ PLW GHP JOlXELJ YHUEOLFKHQHQ 1HZWRQ QDKP HU GHQ ÄXQJOlXELJHQ³ .RPHWHQJXFNHU (GPXQG +DOOH\ DXIV .RUQ 0HVFKNRZVNL^` EHUVHW]W ÄLQILGHOLV³ PLW ÄXQJHWUHX³ 7LWHO GHU 6WUHLW VFKULIW 7KH $QDO\VW ^MFF` $OV VLH HUVFKLHQ ZDU 1HZWRQV 0HFKDQLN VFKRQ DXV GHP +DOEVFKDWWHQ LKUHU +HUNXQIW JHWUHWHQ XQG ]XU 2IIHQEDUXQJ JHGLHKHQ (LQH 7KHRULH GHU GLH 3ODQHWHQ JHKRUFKWHQ NRQQWH QLFKW IDOVFK VHLQ 'HVFDUWHV ZROOWH GHU 3K\VLN QRFK MHGZHGH (LJHQJHVHW]OLFKNHLW DEVSUHFKHQ PHLQWH ZLH /HLEQL] DOOHV VHL *HRPH WULH^I` 'HQ 5DXP DOV VROFKHQ ZLUG (XNOLG YRUHUVW LP *ULII EHKDOWHQ DQVRQVW DEHU NDQQ 1HZ WRQ IU PHKU DOV ]ZHL -DKUKXQGHUWH XQXPVFKUlQNW LP .RVPRV KHUUVFKHQ 'DQDFK ZUGHQ 3ODQFN XQG (LQVWHLQ LKQ XQWHUHLQDQGHU DXIWHLOHQ QDFK 0LNUR XQG 0DNUR ZUGHQ SK\VLNDOL VFKH 3ULQ]LSLHQ GHQ PDWKHPDWLVFKHQ GHU 3ULQFLSLD GLH 6FKUDQNHQ ZHLVHQ 'LH 0DWKHPDWLN PVVWH VLFK GDPLW EHJQJHQ 0RGHOOH ]X EHVRUJHQ XQG VR YHUVWDQGHQ VLFK GDQQ DXFK 4XDQ WHQPHFKDQLN XQG 5HODWLYLWlWVWKHRULH 1HZWRQV $QDO\VLV ZLUG 0DUNWDQWHLOH DQ $OJHEUD XQG *HRPHWULH YHUOLHUHQ 'HVFDUWHV KlWWH VLFK EHVWlWLJW JHVHKHQ GXUFK GDV YRQ %HUQKDUG 5LHPDQQ HQWZRUIHQH 0RGHOO HLQHU *HRPHWULH GLH (LQVWHLQ JHOHJHQ NDP
1XQ ]XUFN ]X XQVHUHU $QDO\VLV $QJHOSXQNW GHV &DOFXOXV ZDU GDV ÄXQHQGOLFK .OHLQH³ JH ZHVHQ 0LW QRFK HLQHP DQGHUHQ 8QHQGOLFK ZDU ]X UHFKQHQ PLW GHQ XQHQGOLFKHQ 5HLKHQ /DWHQW VHLW $UFKLPHGHV GHU VLH LKUHU %HJULIIVORVLJNHLW ZHJHQ PLHG KDWWH PDQ LQ QHXHUHU =HLW GLH 6FKHX YRU LKQHQ YHUORUHQ ,,- -HW]W JULIIHQ /HLEQL] XQG YRU DOOHP 1HZWRQ XQJHQLHUW DXI VLH ]X 'HP XQJHOHUQWHQ 0DWKHPDWLNHU /HLEQL] YHUKDOIHQ VLH ]XU HUVWHQ %HJHJQXQJ PLW 0DWKH PDWLN 6HLQHQ (LQVWDQG JDE HU PLW HLQHU JHQLDOHQ $XVZHUWXQJ GHU QDFK LKP EHQDQQWHQ 5HLKH í í 'LH YRQ *UHJRU\ EHUHLWV DOOJHPHLQHU VWXGLHUW ZXUGH^G J` XQG -DKUKXQGHUWH ]XYRU LQ &KLQD DXIJHWDXFKW ZDU 1DFK ZHLWHUHQ $QIDQJVHUIROJHQ PHLQWH /HLEQL] HU N|QQH ÄDOOH 5HLKHQ VXPPLHUHQ³ *DQ] VFK|Q K\SHUKHEOLFK )UDSSLHUHQG JHQXJ ZDU MD GDVV XQG ZLH GHU 5HLKHQZHUW S DXV GHQ QDWUOLFKHQ =DKOHQ KHUYRUJLQJ Ä1LHPDQG YRU PLU KDW GLH DULWK PHWLVFKH 4XDGUDWXU GHV .UHLVHV HUEUDFKW³ ^D` 1LFKW ]XIlOOLJ YHUPLWWHOV GHU XQJHUDGHQ
,& 1HXHUH =HLW
GHQQ Ä*RWW PDJ VLH³ í IU VR ZDV LVW /HLEQL] VWHWV JXW 0LW HLQHP 0|QFK QDPHQV *XLGR *UDQGL GLVNXWLHUWH HU HUQVWKDIW RE GHVVHQ 5HLKH íí YHUP|JH GHU 0DQLSXODWLRQHQ í í í í í GDV 5lWVHO O|VH ZLH *RWW GLH :HOW DXV í í GHP 1LFKWV KDEH HUVFKDIIHQ N|QQHQ *UDQGLRV HEHQ +LQWHUJUQGLJ VDK /HLEQL] DXFK VHLQ 'XDOV\VWHP :LH DXV 1XOO XQG (LQV MHGH =DKO HQWVWHKW VR ZHUGH DOOHV DXV GHP 1LFKWV XQG GHP HLQHQ 6HLQ JH]HXJW
1HZWRQ ZLHZRKO P\VWLVFK QLFKW XQHPSIlQJOLFK KDWWH PLW GHUOHL 6SHNXODWLRQHQ QLFKWV DP +XW 6HLQ 8PJDQJ PLW XQHQGOLFKHQ 5HLKHQ ZDU SUDJPDWLVFK VHLQ ,QWHUHVVH JDOW GHQ ÄXQHQG OLFK ODQJHQ 3RO\QRPHQ³ GHQ 3RWHQ]UHLKHQ ƴ DN [N 'HUHQ QDWUOLFKHU 8UVSUXQJ ODJ LQ GHU
ÄORQJ GLYLVLRQ³ ZLH EHL í [ [ [ « (U IDQG EDOG KHUDXV GDVV DXFK QLFKWUDWLR QDOH )XQNWLRQHQ HLQH GHUDUWLJH Ä(QWZLFNOXQJ³ HUODXEWHQ 'DPLW OLHHQ VLFK GRFK DOOJHPHLQ 'LIIHUHQ]LDWLRQ XQG ,QWHJUDWLRQ WHUP E\ WHUP DXI GLH 3RWHQ]HQ DEZlO]HQ 'HV :HLWHUHQ ZlUHQ GLH 3DUWLDOVXPPHQ HLQHU VROFKHQ 5HLKHQHQWZLFNOXQJ HLQ LGHDOHV 0LWWHO ÄXQQDKEDUH³ )XQNWLRQHQ GXUFK 3RO\QRPH ]X DSSUR[LPLHUHQ ÄLQ QXOOWHU HUVWHU ]ZHLWHU 1lKHUXQJ³ 1HZWRQV (QWGHFNXQJ VROOWH VLFK YRQ JU|WHU 7UDJZHLWH IU 3UD[LV ZLH IU 7KHRULH GHU $QDO\ VLV KHUDXVVWHOOHQ
hEHU GLH $EVLFKHUXQJ GLHVHU (UUXQJHQVFKDIW VFKLHQ VLFK 1HZWRQ NHLQH *HGDQNHQ ]X PDFKHQ (U VDK GLH 3RWHQ]UHLKHQ GHQ 3RO\QRPHQ JOHLFKJHVWHOOW KLQVLFKWOLFK MHGZHGHU $UW 2SHUDWLRQ *HULHW IRUPDO HLQ *OHLFKKHLWV]HLFKHQ ]ZLVFKHQ )XQNWLRQ XQG 3RWHQ]UHLKH VR ZDU GDV IU 1HZWRQ VHOEVWUHGHQG GLH 'DUVWHOOXQJ GHU )XQNWLRQ GXUFK LKUH 3RWHQ]UHLKH 1LFKW HLQ PDO PLW GHU YRQ *UHJRU\ DQJHPDKQWHQ )UDJH QDFK Ä.RQYHUJHQ]³ KLHOW 1HZWRQ VLFK DXI +HXWH KDEHQ ZLU PHKU 5HVSHNW YRU )XQNWLRQHQUHLKHQ XQG ZLVVHQ GDVV KLQWHU WHUPZLVH GLH 9HUWDXVFKXQJ YRQ *UHQ]SUR]HVVHQ VWHKW 0LW VHLQHQ 5HLKHQ KDWWH 1HZWRQ HLQH JOFNOLFKH +DQG XQG VR ZXUGH GHQQ EHL LKP ÄUHLKHQZHLVH³ RSHULHUW 6WRO] NRQQWH HU DXI VHLQH %LQRPL DOUHLKH VHLQ PLW GHU LKP GHU 'XUFKEUXFK JHODQJ JHEURFKHQH 3RWHQ]HQ YHUPLWWHOV GHU JDQ]HQ KHU]XVWHOOHQ GRFK QLFKW ZLH LQ ^` ]X ÄYHUVWHKHQ³ JHJHEHQ 'DPLW ZDU HU ZHGHU DOOHLQ QRFK GHU (UVWH 6RZRKO GLH ELQRPLVFKH DOV GLH ORJDULWKPLVFKH 5HLKH NDQQWH EHUHLWV *UHJRU\
/HLGHU LVW GHP &DOFXOXV ]X /HE]HLWHQ VHLQHU 9lWHU NHLQ +DSS\HQG EHVFKLHGHQ VRQGHUQ HLQ 9DWHUVFKDIWVSUR]HVV :HUIHQ ZLU YRUHUVW HLQHQ YHUJOHLFKHQGHQ %OLFN DXI EHLGHU /HEHQVZHUN XQG 3HUV|QOLFKNHLW V ^` 1HZWRQ HUKLHOW YRQ *DX^N` K|FKVWHV /RE EHUZLHJHQG JLEW PDQ LKP LQ GHU 6DFKH NODU GHQ 9RU]XJ^` JHJHQEHU /HLEQL] *HQLH XQG %HKDUUOLFKNHLW OLHHQ 1HZWRQ ]XP Ä6WDPPYD WHU GHU PRGHUQHQ 3K\VLN³ ZHUGHQ SDWKHWLVFK YHUNU]W DQJHVLFKWV HLQLJHU =HLW XQG 9RU]HLW JHQRVVHQ ,KP EOLHE QLFKWV DQGHUHV EULJ DOV HUVW HLQPDO GLH GDIU Q|WLJH 0DWKHPDWLN ]X VFKDIIHQ LQVRIHUQ JDE HU HLQHQ 0DWKHPDWLNHU DE HLQHQ JOlQ]HQGHQ GRFK EOLHE HU 3K\VLNHU 'HP 3KLORVRSKHQ /HLEQL] GHVVHQ VFK|SIHULVFKHV 3RWHQ]LDO ELV ]XU (UILQGXQJ HLQHU 5HFKHQ PDVFKLQH UHLFKWH ZDU YHUJOHLFKEDUHU 5XKP LQ VHLQHU HLJHQWOLFKHQ 'RPlQH YHUVDJW WURW] $Q
7HLO , =HLWHQ XQG =HLWJHLVWHU
VlW]HQ ZLH HLQHU Ä0DWKHVLV 8QLYHUVDOLV³^H` 8QYHUJOHLFKOLFK JU|HUH 5HVRQDQ] IDQG VHLQH )RUP GHV &DOFXOXV 9RQ UDIILQLHUWHU +DQGOLFKNHLW OXG VLH HLQ ]X]XJUHLIHQ XQG VR EHNDPHQ GLH $QZHQGXQJHQ HLQH '\QDPLN GLH GHQ FKURQLVFKHQ 0DQJHO DQ *UXQGODJH EDOG YHUJHVVHQ PDFKWH 'LH 2SSRQHQWHQ VLQG VLFK QLH EHJHJQHW (LQ LQWURYHUWLHUWHU PLVVWUDXLVFKHU 1HZWRQ KDWWH DQIDQJV LQ GHP ZHOWOlXILJHQ VHOEVWEHZXVVWHQ /HLEQL] QXU GHQ IUHFKHQ 'LOHWWDQWHQ JHVHKHQ GHU VLFK HLQPLVFKWH .DXP JDE HV MD HWZDV GDV GLHVHQ QLFKW LQWHUHVVLHUW XQG KHUDXVJHIRUGHUW KlWWH 9RQ 1DWXU XPWULHELJ YHU]HWWHOWH /HLEQL] VLFK LQ DOOHQ P|JOLFKHQ XQG í ]XP 6FKOXVV DXV SXUHU %URWQRW í XQP|JOLFKHQ 8QWHUQHKPXQJHQ :RULQ HLQ 1HZWRQ GXUFKDXV PLWKLHOW DOV GHU VLFK VSlWHU RKQH 1RW GHU DOFKLPLVWLVFKHQ *ROGVXFKH ZLGPHWH RGHU DEHU *HOGIlOVFKHU DQ GHQ *DOJHQ EUDFKWH $Q JHPHLQVDPHU 8QWHUQHKPXQJ JLEW HV HEHQ QXU GHQ XQVHOLJHQ 3ULR ULWlWVVWUHLW^G` VHLQH $QEDKQXQJ LVW LQ ^F` JHVFKLOGHUW $XFK GHP &DOFXOXV WDW HU QLFKW JXW^H ` 1HZWRQ KDWWH /HLEQL] ]ZHFNV HLJHQHU $EVLFKHUXQJ IUK]HLWLJ Ä+LQZHLVH³ ]XJHVSLHOW JH JHQ GHUHQ (QWVFKOVVHOXQJ HV HLQ /HLFKWHV VHLQ PXVVWH GHQ &DOFXOXV VHOEVW ]X HQWGHFNHQ *HQDX GDV WDW /HLEQL] XQG DQGHUV DOV VHLQ 5LYDOH PDFKWH HU LKQ SXEOLN 0DQ ZHL MHW]W ZLH ZHQLJ EHUHFKWLJW GHU 9RUZXUI GHV 3ODJLDWV ZDU YRQ 1HZWRQ XQG VHLQHQ 6FKOHUQ HUKREHQ ]XUFNJHZLHVHQ YRQ GHQ $QKlQJHUQ /HLEQL]¶ GHU DP (QGH PLW JOHLFKHU 0Q]H ]X ]DKOHQ VXFKWH *HQHUDWLRQHQ YRQ 1HZWRQLDQV IROJWHQ LKUHP 0HLVWHU EXFKVWlEOLFK 3XQNW IU 3XQNW QlPOLFK PLW GHP .XOW GHU SXQNWLHUWHQ )OX[LRQHQ XQG VFKRWWHWHQ VLFK JHJHQ GHQ OHLEQL]VFKHQ G.DONO DE GHU GHQ .RQWLQHQW HUREHUWH 1HZWRQ KDWWH GLH ,QVHO LQ GLH ,VRODWLRQ JHWULHEHQ 'DV Ä'RWDJH³ KHUUVFKWH HLQ =HLWDOWHU GDV HUVW PLW GHP -DKUKXQGHUW HQGHWH DOV MXQJH :LOGH GHQ ÄGLVP³ EHUQDKPHQ XP GHU 'RWDJH ]X HQWULQQHQ 'RWDJH LVW GLH $OWHUV EO|GKHLW^I O` )U )UDQ]RVHQ VFKLHQ GHU 6WUHLW JHJHQVWDQGVORV 6R ODSLGDU ZLH DXI GHP 6WHLQ IU 3LHUUH GH )HUPDW LQ 7RXORXVH KHLW HV LP /H[LNRQ +DFKHWWH Ä,O pWDEOLW OHV EDVHV GX FDOFXO LQILQLWpVLPDO³ 1LFKW DOV /HW]WHU ]LHKW )UDQNUHLFKV *HQHUDO %RXUEDNL JHJHQ 1HZWRQ ]X )HOGH 'HVVHQ 0DWKHPDWLN KDEH NHLQ (FKR JHIXQGHQ +lPH HLQHV DEIlOOLJHQ 1HEHQVDW]HV WULIIW GLH 3ULQFLSLD^F` 1DWLRQDOWPHOHL GHUMHQLJHQ YHUJOHLFKEDU GLH GHQ 5XVVHQ GHQ 6SRWW HLQWUXJ GLH 3K\VLN VHL YRQ 1HZWRQMHZ HUIXQGHQ 7URW] 1HZWRQ QHQQW GHU (QJOlQGHU %HUWUDQG 5XVVHOO GHQ ,WDOLHQHU *DOLOHL GHQ ZLFKWLJVWHQ XQWHU GHQ 0lQQHUQ GHV -DKUKXQGHUWV^D` (U VFKOXJ GLH %UHVFKH IU 1HZWRQ 'LHVHP KlWWH GHU 0XW JHIHKOW XQG ZHU *DOLOHL GHQ :LGHUUXI YRUKlOW OHVH GHQ :RUWODXW VHLQHV 8UWHLOVVSUX FKHV LQ ^E` ^` ^` ^` ^`
%(&.(5 >@ ^D` ± ^E` ^F` %2@ ^D` II ^E` ^F` I ^G` ^H` ^I` >@ ^J` I 6285&( %22. >@ 6WUXLN ^D` ^E` ^F` II 1,.,)252:6., ^D` ^E` ^F` XQWHQ
,& 1HXHUH =HLW ^`
^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,&
+(86(5 >@ ^D` ^E` ^F` ^G` I ^H` REHQ ^I` ^J` ^K` ± ^L` REHQ ^M` ^N` XQWHQ ^O` I >@ ^P` ± ./,1( >@ ^D` ^E` ^F` ^G` ^H` I ^I` ^J` >@ ^K` I %285%$., >@ ^D` 0LWWH ^E` ^F` +2)0$11 >@ ^D` ^E` ^F` ± I %26 ^D` I ^E` ± ^F` I *8,&&,$5',1, ^D` ^E` -$+1.( '$9,6 +(56+ +233( ± +,/'(%5$1'7 7520%$ ^D` XQWHQ ^E` ^F` ^G` 921 :(,=6b&.(5 5866(// ^D` ^E` ± $512/' ^D` I I ^E` ^F` ± %g77&+(5 I 0(6&+.2:6., >@ +(56+ 6&5,%$ ^D` ^E` II ^F` =Q YX 3(,))(5 '$+$1'$/0(',&2 )XQRWH OHW]WH =HLOH :8,1* ± 9$1 '(5 :$(5'(1 &$-25,
/HLEQL]¶ (UEHQ -DFRE XQG -RKDQQ %HUQRXOOL GLH ,QWHUSUHWHQ (XOHU XQG VHLQH 5HLKHQ /DJUDQJH
/HLEQL] JHODQJ PLWWHOV VHLQHV 'LIIHUHQ]LDONDONOV GLH YRQ :LOOHEURUG 6QHOOLXV EHVFKULHEHQH %UHFKXQJ GHV /LFKWV DQ 0HGLHQJUHQ]HQ DXI )HUPDWV 0LQLPDOSULQ]LS GHU RSWLVFKHQ :HJH ]X UFN]XIKUHQ ,,7 (LQH VWDUNH :HUEXQJ IU EHLGH IU /HLEQL] XQG .DONO 'LH %UGHU -DFRE XQG -RKDQQ %HUQRXOOL^D` VFKZHL]HU %HOJLHU KDWWHQ GHQ SXEOL]LHUWHQ OHLEQL] VFKHQ &DOFXOXV PKHYROO VWXGLHUW YLHOHV HLQ ZHLWHUHV 0DO ILQGHQ PVVHQ ZDUHQ GDQQ DEHU YRQ GHU QHXHQ 7HFKQLN EHJHLVWHUW XQG VWU]WHQ VLFK DXI MHGH HUGHQNOLFKH $QZHQGXQJ hEHU UDVFKXQJHQ ERWHQ VR DOOWlJOLFKH .XUYHQ ZLH GXUFKKlQJHQGH .HWWHQ 3URILOH JHEOlKWHU 6HJHO 6FKDUHQ YRQ .XUYHQ GLH VLFK YRQ HLQHU 6HLWH KHU GLFKW JHGUlQJW DQ HLQH *UHQ]OLQLH VFKPLH JHQ EUDFKWHQ /HLEQL] DXIV SDUWLHOOH 'LIIHUHQ]LHUHQ ,,9 -RKDQQ %HUQRXOOL KDWWH HQWGHFNW ZLH PDQ HLQH UROOHQGH .XJHO IKUHQ PVVH GDPLW VLH LQ NU]HVWHU =HLW YRP K|KHUHQ ]XP
7HLO , =HLWHQ XQG =HLWJHLVWHU
WLHIHUHQ 3XQNW JHODQJW V ,,8(QGH $OV HU GLH )UDJH ÄGHQ VFKDUIVLQQLJVWHQ 0DWKHPDWLNHUQ GHU :HOW³ DOV WHUPLQLHUWH +HUDXVIRUGHUXQJ YRUOHJWH HUIDQG VHLQ %UXGHU GLH Ä9DULDWLRQVUHFK QXQJ³ EHL GHU )XQNWLRQHQ DOV *DQ]HV XP HLQ 2SWLPXP NRQNXUULHUHQ 'LH ULFKWLJH /|VXQJ NDP í DQRQ\P í DXFK YRQ 1HZWRQ GHU DP OHW]WHQ 7DJ GHU )ULVW YRQ GHU $XIJDEH HUIXKU XQG VLH QDFK GHP $EHQGHVVHQ JHO|VW KDEHQ VROO Ä'DV ZDU GLH 3UDQNH GHV /|ZHQ³ KLH HV :R HV XP ]DKOHQZHUWLJH )XQNWLRQHQ JLQJ ZDU ELVODQJ YRQ QXU HLQHU XQDEKlQJLJHQ 9HU lQGHUOLFKHQ GLH 5HGH 'LH *U|HQ GHU 1DWXU KlQJHQ ]XPHLVW YRQ PHKUHUHQ DE HWZD QHEHQ GHU =HLW QRFK YRP 2UW %HL GHU 8QWHUVXFKXQJ HLQHU GHUDUWLJHQ )XQNWLRQ I LVW KLOIUHLFK DOOH XQDEKlQJLJHQ 9DULDEOHQ ELV DXI MHZHLOV HLQH IHVW]XKDOWHQ GRFK PXVV PDQ VLFK KWHQ DQ]X QHKPHQ I VHL PLWWHOV VROFK ÄSDUWLHOOHU³ )XQNWLRQHQ [ ѻ I [ \ \ ѻ I [ \ HLQHU 9DUL DEOHQ KLQOlQJOLFK ]X EHVFKUHLEHQ 'LH DQJHPHVVHQH hEHUWUDJXQJ GHU %HJULIIH 6WHWLJNHLW XQG 'LIIHUHQ]LHUEDUNHLW DXI )XQNWLRQHQ PHKUHUHU 9HUlQGHUOLFKHQ IROJW 6DFK]ZlQJHQ XQG LVW LQ OHW]WHUHP )DOOH UHFKW DQVSUXFKVYROO :LU ZROOHQ GHP QLFKW QDFKJHKHQ XQG EHJQJHQ XQV PLW IRUPDOHQ 'LIIHUHQ]LDOTXRWLHQWHQ ZLH w w I [ \ { I[ [ \ I [ \ { I\ [ \ w[ w\
GHQ ÄSDUWLHOOHQ³ $EOHLWXQJHQ YRQ I hEHUQHKPHQ VLH LKUHUVHLWV GLH 5ROOH GHV I VR HQWVWHKHQ GLH SDUWLHOOHQ $EOHLWXQJHQ I[[ I[\ I\[ I\\ YRQ I GHU 2UGQXQJ XQG VR IRUW 'LH HUVWH SDUWLHOOH 'LIIHUHQ]LDWLRQ KDWWH UHLQ *HRPHWULVFKHV ]XP =LHO QlPOLFK GLH REHQ HUZlKQWHQ +OONXUYHQ ,, 'HQ ± LP *HJHQVDW] QXQPHKU JHZ|KQOLFK JHQDQQWHQ ± 'LIIH UHQ]LDOJOHLFKXQJHQ IU )XQNWLRQHQ I [ HQWVSUHFKHQ GLH IU I [ \ EH]JOLFK SDUWLHOOHU $EOHLWXQJHQ =XU $OJHEUD JHK|UHQ VHLW MH GLH %HVWLPPXQJVJOHLFKXQJHQ GLH YRQ PHKUHUHQ XQEHNDQQWHQ =DKOHQ ÄVLPXOWDQ³ HUIOOW VHLQ VROOHQ GLH DOJHEUDLVFKHQ *OHLFKXQJVV\VWHPH ,KQHQ QDFKJHELOGHW VLQG GLH 6\VWHPH JHZ|KQOLFKHU ZLH SDUWLHOOHU 'LIIHUHQ]LDOJOHLFKXQJHQ IU PHKUHUH XQEHNDQQWH )XQNWLRQHQ 'DV DOOHV NDP PLW (LQWULWW LQV -DKUKXQGHUW LQ *DQJ =XP %HLVSLHO EHIDVVWHQ VLFK -RKDQQ %HUQRXOOL XQG VHLQ YRQ LKP JHLVWLJ EHVWRKOHQHU^E` 6RKQ 'DQLHO PLW 3UREOHPHQ GHU +\GURG\QDPLN HLQHP *HJHQVWDQG -DKUWDXVHQGH DOWHQ ,QWHUHVVHV GHU HUVW MHW]W ]XJlQJOLFK ZHUGHQ NRQQWH^F`
9RUDXVVHW]XQJ XQG )ROJH GHV YRQ 1HZWRQ XQG /HLEQL] YHUDQWZRUWHWHQ 1HXEHJLQQV ZDU GHU %UXFK HLQHV ÄKLSSRNUDWLVFKHQ (LGHV³ GHU GLH 0DWKHPDWLNHU DXI GLH VSULFKZ|UWOLFKH JHRPH WULVFKH 6WUHQJH YHUSIOLFKWHWH ,Q GHQ ,QGLYLVLEOHQ KDWWH GHU 7HXIHO JHVWHFNW PLW VHLQHU +LOIH ZDU GHU %DXP GHU (UNHQQWQLV JHSOQGHUW ZRUGHQ :HUNHOWH PDQ MHW]W PLW 'LIIHUHQ]LDOHQ XQG 0RPHQWHQ VR KLH GDV GHQ 7HXIHO PLW %HHO]HEXE DXV]XWUHLEHQ 0DQ ZDU MD VFKRQ ODQJH ]X YRU VFKZDFK JHZRUGHQ XQG IDQG VLFK LQ HLQHU ÄQHXHQ *HRPHWULH³ LPPHU PHKU GDPLW DE GDVV GHU %HZHLV LP 6LQQH UHJHOUHFKWHU 'HGXNWLRQ DXVJHGLHQW KDEH 'LH $QDO\VLV HQWZLFNHOWH VLFK ]X HLQHU LQGXNWLYHQ 'LV]LSOLQ LQ GHU VLFK YRP *ODXEHQ DQ 7UDQVIHU XQG $QDORJLH JXW OHEHQ OLH ]XP %HLVSLHO EHLP 8PJDQJ PLW GHQ XQHQGOLFKHQ 5HLKHQ 6R ]X VSHNXOLHUHQ HQWKRE QLFKW QXU GHU 0KH 0HWKRGHQ ]X UHFKWIHUWLJHQ XQG %HKDXSWXQJHQ DXI DQHUNDQQWH 3ULQ]LSLHQ ]XUFN]XIKUHQ (V VHW]WH EHUHLWV GLH 1RWZHQGLJNHLW GHVVHQ DXHU .UDIW 'LH $ENHKU YRQ GHU JULHFKLVFKHQ .ODVVLN ZXUGH JDU GDGXUFK JHIHLHUW GDVV PDQ LKUHQ DOWHQ (KUHQWLWHO DXI GLH QHXH
,& 1HXHUH =HLW
$QDO\VLV EHUWUXJ XQG YRP $QEUXFK GHV ÄKHURLVFKHQ =HLWDOWHUV³ VSUDFK ,Q JHZLVVHU :HLVH YHUGLHQWH VLFK DXFK GLHVHV GHQ 7LWHO
'HU JU|WH XQWHU GHQ QHXHQ +HURHQ ZDU -RKDQQ %HUQRXOOLV 6FKOHU /HRQKDUG (XOHU GHU EHL ZHLWHP HUILQGXQJVUHLFKVWH XQG SURGXNWLYVWH VHLQH 2SHUD RPQLD PHVVHQ JXW ]ZHLHLQKDOE 0HWHU (U SUlJWH GDV -DKUKXQGHUW .HLQ *HULQJHUHU DOV GHU JURH +LPPHOVPHFKDQLNHU 3LHUUH 6LPRQ /DSODFH PDKQWH Ä/HVW (XOHU OHVW (XOHU HU LVW XQVHU DOOHU 0HLVWHU³ 'DEHL NRQQWH XQG ZROOWH DXFK HLQ (XOHU GLH (UEODVW GHU $QDO\VLV QLFKW EHKHEHQ $QGHUV DOV HU PKWHQ VLFK YLHOH VHLQHU =HLWJHQRVVHQ GHQ EHJULIIOLFKHQ 0DNHO ORV ]X ZHUGHQ VR %URRN 7D\ORU &ROLQ 0DF/DXULQ 7KRPDV 6LPSVRQ -RVHSK /RXLV /DJUDQJH $OOHUGLQJV PHKUWHQ VROFKH 9HUVXFKH HKHU GLH 9HUZLUUXQJ -HDQOH5RQG G¶$OHPEHUW GHU (Q]\NORSlGLVW VDK VLFK LQ GHU 3IOLFKW ]X GLHVHP 7KHPD LP EHUKPWHQ 'LFWLRQQDLUH 5DLVRQQp 9HUQQIWLJHV ]X VFKUHLEHQ +HUDXV NDPHQ XQWHU GHQ 6WLFKZ|UWHUQ 'LIIpUHQWLHO /LPLWH VROFK JUHQ]ZHUWLJH 7DXWRORJLHQ ZLH Ä'LH 7KHRULH GHU /LPLWHV LVW GLH ZDKUH 0HWDSK\VLN GHV &DOFXOXV «³ 'RFK HLQHQ %HJULII YRQ /LPHV PXVVWH DXFK HU VFKXOGLJ EOHLEHQ (XOHU WHLOWH QLFKW /HLEQL]¶ 9HUKlOWQLV ]XP &DOFXOXV YJO ^D` (U KLHOW QLFKWV YRQ JHR PHWULVFK VXJJHULHUWHQ ,QILQLWHVLPDOHQ DQJHIDQJHQ EHL GHU JHRPHWULVFKHQ %HJUQGXQJ GHV ,QWHJUDOV GDV DXFK HU PLW GHU 6WDPPIXQNWLRQ HUOHGLJW VDK 'HVKDOE YLHOOHLFKW IDQG GLHVHU VR ILQGLJH 0DQQ QLFKW ]XP .XUYHQLQWHJUDO .DONO SUlJWH VHLQH $QDO\VLV 9RUJHVWHOOW ZXUGH VLH LQ GHU HUVFKHLQHQGHQ ,QWURGXFWLR LQ $QDO\VLQ ,QILQLWRUXP^D` PLW JULHFKLVFKHP $N NXVDWLY DOV HLQH IRUPDORSHUDWLYH )RUWVHW]XQJ GHU $ULWKPHWLN ]XP HLQHQ DXI XQHQGOLFK ODQJH 6XPPHQ XQG 3URGXNWH ]XP DQGHUHQ DXI 4XRWLHQWHQ DXV XQHQGOLFK NOHLQHQ ZLH JURHQ Ä=DKOHQ³ 'HU 'LVNXVVLRQ XP GHQ 'LIIHUHQ]LDOTXRWLHQWHQ HQW]RJ VLFK (XOHU SUDJPDWLVFK 'LIIHUHQ ]LDOH KlWWHQ JUXQGVlW]OLFK GHQ :HUW QXOO GRFK HEHQVR JUXQGVlW]OLFK N|QQH DOOHV EHGHX WHQ GHQQ MHGH =DKO D HUIOOH MD D Â XQG ZHOFKH QXQ JHUDGH JHPHLQW VHL HUJHEH ÄGDV 'LIIHUHQ]LHUHQ³ $NUREDWLVFK VSUDQJ HU XP PLW XQHQGOLFK NOHLQHQ Z ! XQG XQHQGOLFK JUR HQ : VWDWW (XOHUV LQILQLWXP ÄL³ GRFK VHOWHQ YHUOLH LKQ VHLQ *HVSU GDIU ZLH ZHLW HU GDV 6SLHO RKQH 5HJHO WUHLEHQ GXUIWH (LQH 5HJHO KDWWH VLFK (XOHU VHOEVW JHVHW]W (U KLHOW *U|HQ 2UGQXQJ LP &KDRV GHU Z XQG : LQGHP HU VLH LQQHUKDOE DOJHEUDLVFKHU $XVGUFNH VWHWV ÄDXV JHZRJHQ³ DXIWUHWHQ OLH (LQ %HLVSLHO )U LKQ NDQQ IROJHULFKWLJ ]X VHLQHU IOH[LEOHQ )HVWOH JXQJ YRQ HLQ 3URGXNW ZÂ: MHGH [EHOLHELJH SRVLWLYH =DKO EHGHXWHQ QLFKW DOOHUGLQJV ZLOONUOLFK VRQGHUQ LQ GHU $UW ZLH ZÂ: OLP [Q Â OLP Q OLP >[Q ÂQ @ [ 9JO &DYD OLHULV IUKH 4XDGUDWXU LQ ^D` 7\SLVFK IU (XOHUV 7HFKQLN LVW GLH %HZHUWXQJ YRQ Z : +LHU ZLUG VR]XVDJHQ HLQH GHU XQHQGOLFK EHQDFKEDUWH =DKO LQ HLQH XQHQGOLFK KRKH 3RWHQ] HUKREHQ HLQ 7DX]LHKHQ PLW RIIHQHP $XVJDQJ -HQHV *HELOGH XQWHUZLUIW (XOHU ]XQlFKVW GHU %LQGXQJ ZÂ: XQG HV HQWVWHKW GLH YRQ LKP PLW GHU /HWWHU ÄH³ ZLH H[SR EHOHJWH Ä=DKO³ : : XQVHU
7HLO , =HLWHQ XQG =HLWJHLVWHU
OLP Q Q *HEXUWVKLOIH IU LKUHQ :HUW KROW (XOHU VLFK EHL 1HZWRQ :LH UHVSHNWORV HU GHVVHQ %LQRPLDOUHLKH DXI GDV %LQRP : DQZHQGHW ]HLJW ,,:
hEHUKDXSW (XOHU XQG GLH 5HLKHQ (LQ VFKLOOHUQGHV .DSLWHO QLFKW RKQH 6FKDWWHQ (LQHV GHU *ODQ]OLFKWHU LVW GLH 5HLKH ƴ N DQ GHUHQ 6XPPLHUXQJ VLFK XQWHU DQGHUHQ /HLEQL] XQG -DFRE %HUQRXOOL YHUVXFKW KDWWHQ =HLW LKUHV /HEHQV 0LW -DKUHQ IDQG (XOHU SHU *HQLHVWUHLFK GDV OHJHQGlUH S ^E` XQG VFKOXJ GDPLW QHEHQ GHU OHLEQL]VFKHQ 5HLKH V ,& HLQH ZHL WHUH %UFNH YRQ GHQ QDWUOLFKHQ =DKOHQ ]XP .UHLVPD )U VHLQH .DONXODWLRQHQ ZDU (XOHU MHGH 5HLKH ZLOONRPPHQ (WZDV VXEWLOHU DOV 1HZWRQ GHU VLFK ZHQLJ XP .RQYHUJHQ] JHVFKHUW KDWWH XQWHUVFKLHG MHQHU ]ZLVFKHQ 6XPPH XQG DQGHUZHLWLJHP :HUW HLQHU 5HLKH^E` ]ZLVFKHQ VXPPLHUEDUHQ 5HLKHQ XQG VROFKHQ GLH VLFK DXIJUXQG LKUHU +HUNXQIW ÄEHZHUWHQ³ OLHHQ^F` 6HLQHU hEHU]HXJXQJ QDFK ÄPVVH MHGH 5HLKH HLQHQ EHVWLPPWHQ :HUW KDEHQ³^E` :HLWHUHV VLHKH XQWHQ +HUNXQIW í GDV LVW IU (XOHU ÄGHU³ PLW HLQHU 9DULDEOHQ JHELOGHWH DOJHEUDLVFKH Ä$XVGUXFN³ H[SUHVVLR GHVVHQ Ä(QWZLFNOXQJ³ GLH 5HLKH HQWVWDPPW 6LH LKUHUVHLWV KlOW MHQHP GLH 7UHXH ELV EHU GHQ 7RG VSULFK 'LYHUJHQ] KLQDXV (XOHU NHQQW GD NHLQH Ä*UHQ]HQ³ ZLH VLFK JOHLFK ]HLJHQ ZLUG 0LW /HLEQL] KDWWH *XLGR *UDQGL GDUEHU GLVNXWLHUW RE GHVVHQ 5HLKH íí GHU :HUW RGHU ]XNRPPH ,& 6FKRQ -DFRE %HUQRXOOL VSLHOWH PLW XQHUODXEWHQ (LQVHW]XQ JHQ LQ 1HZWRQV ÄORQJ GLYLVLRQ³ [
í [ [ í « [
D
í[
[ [ « [
í ^F D`
E
$OVR 5HLKHQZHUW ò " $XFK ZHQQ GLHVPDO QXU HLQH KDOEH 6DFKH KHUDXVNDP ZDU *UDQGL GDV ò DOV :HOWIRUPHO UHFKW^G FG D D` 1DFK 0HLQXQJ GHV YHUVWlQGQLVYROOHQ /HLEQL] VSUDFK VFKRQ ÄGLH :DKUVFKHLQOLFKNHLW³ IU GHQ :HUW ò^H D ` 'HU YHUWUXJ VLFK EHVWHQV PLW VHLQHP 3ULQ]LS GHU .RQWLQXLWlW ,& ZRQDFK GLH LQQHUKDOE GHU *UHQ]HQ [ JOWLJHQ (QWZLFN OXQJHQ QRFK DQ MHGHP *UHQ]SXQNW LKUHQ Ä:HUW³ EHKDOWHQ QlPOLFK GHQ LKUHU HU]HXJHQGHQ )XQNWLRQ^I` 1LFKW ]XOHW]W (XOHU KDW VHLQH 3ULQ]LSLHQ (U JHKW ZHLWHU DOV /HLEQL] PLW VHLQHP 3OlGR\HU IU ò^E` 2ULJLQDOWRQ (XOHU Ä6XPPD FXMXVTXH VHULHL HVW YDORU H[SUHVVLRQLV LOOLXV ILQLWDH H[ FXMXV HYROXWLRQH LOOD VHULHV RULWXU³^E` 'LH 6XPPH MHGHU 5HLKH LVW GHU :HUW GHVMHQLJHQ HQGOLFKHQ $XVGUXFNV DXV GHVVHQ (QWZLFNOXQJ MHQH 5HLKH KHUYRUJHKW $OOH 6FKZLHULJNHLWHQ PLW GLYHUJHQWHQ 5HLKHQ ZUGHQ VSRQWH YRQ VHOEVW YHUVFKZLQGHQ ZlUH GHU ELVODQJ JOWLJH %HJULII YRQ 6XPPH LQ GHU DQJHJHEHQHQ :HLVH HUZHLWHUW^E`
,& 1HXHUH =HLW
(UVW JXW YLHU]LJ -DKUH VSlWHU NDP MHPDQG GDUDXI GDVV PDQ GHU *UDQGL¶VFKHQ 5HLKH PLW SUDNWLVFK GHPVHOEHQ 5HFKW GHQ :HUW Ҁ YHUOHLKHQ N|QQH QlPOLFK YHUP|JH GHU EHL [ [ í [ [ í [ í 'LH JOHLFKHUPDHQ PLVVEUDXFKWHQ (QWZLFNOXQJ [ [ [ EHL (LQVHW]XQJ LQ [ [ í [ [ [ í HQWVWHKHQGH 5HLKH í í XQWHUVFKHL GHW VLFK WKHRUHWLVFK YRQ í í (XOHU KlWWH HV IHUQ JHOHJHQ *UDQGLV 5K\WKPXV PLW GLHVHU KROSULJHQ 3RWHQ]UHLKH LQ (LQNODQJ ]X EULQJHQ 6RZHLW ZDUHQ GLH (LQVHW]XQJHQ EORH ,QWHUYDOOJUHQ]YHUOHW]XQJHQ :LU EHWUDFKWHQ E IU SRVLWLYH [ %HL [ Ⱥ NRPPW UHFKWHUKDQG NRQIRUP PLW GHU OLQNHQ 6HLWH LP )DOOH [ ȹ 6FKRQ [ Ȼ PVVWH ]X GHQNHQ JHEHQ í 'RFK EHKHU]W EHUVFKUHLWHW (X OHU GLH *UHQ]H [ LQ 5LFKWXQJ ]XQHKPHQGHU [ XQG HUOHEW EHL GHU (LQVHW]XQJ [ GDV :XQGHU í ^H` (U LVW NHLQ =ZHLIOHU XQG KlOW GLH $XVZHUWXQJ GLHVHU 5HLKH LP 9HUJOHLFK PLW GHU DXV ODXWHU (LQVHQ IU GLH =HXJXQJ HLQHU QDFK -RKQ :DOOLV^J` ÄEHUXQ HQGOLFKHQ =DKO³ JOHLFKVDP VR DOV EHUVFKUHLWH GLHVHV 3KDQWRP HLQHQ MHQVHLWLJHQ .XU] VFKOXVV GHU =DKOHQJHUDGHQ XQG VFKDXH YRQ KLQWHQ KHUXP XP GLH (FNH « %HL (XOHU IDQG VLFK :DKUHV XQG 6FK|QHV JHOHJHQWOLFK QLFKW ]X EHLGHU 9RUWHLO YHUPlKOW 'HU $XIVWHOOXQJ HLQHU VR SUlFKWLJHQ %H]LHKXQJ ZLH
í [N
f
N
[í N N
[ [ [í í [
[N
PRFKWH HU QLFKW ZLGHUVWHKHQ^K` (V JLEW NHLQ HLQ]LJHV [ IU GDV QLFKW ZHQLJVWHQV HLQH GHU EHLGHQ KLHU JHELOGHWHQ 7HLOUHLKHQ GLYHUJLHUW ,Q VHLQHU 5ROOH DOV ([SHULPHQWDOPDWKHPDWLNHU ZDU (XOHU IDV]LQLHUW YRQ )RUPHOQ $Q MHGHU NRQQWH ÄZDV GUDQ VHLQ³ HLQH 5HLKH PLW HLQHP RU GHQWOLFKHQ %LOGXQJVJHVHW] PXVVWH ÄZDV ZHUW VHLQ³ 'HUDUWLJH 5HFKQXQJHQ VWRHQ XQV YRU GHQ .RSI 6LH ]HLJHQ XQV DEHU DXFK ZLH RIIHQ (XOHU GDFKWH XQG ZLH HKUOLFK HU GDV ZLVVHQ OLH ± %UDLQVWRUPLQJ XQJHVFKW]W 8QG HU ZXUGH HUQVW JHQRPPHQ %HL GHQ 1HXVFK|SIXQJHQ GHU $OJHEUD KDWWH VLFK HLQ 3HUPDQHQ]SULQ]LS^` DOV IUXFKWEDU HUZLHVHQ XQG LQ &DPEULGJH HLQH 6FKXOH HQWVWHKHQ ODVVHQ GLH GLHVHV SULQFLSOH RI WKH SHUPDQHQFH RI IRUPV DXI GLH $QDO\VLV DXVJHGHKQW ZLVVHQ ZROOWH $XI HLQH ZHKUORVH $QD O\VLV GLH QRFK NHLQHQ .RGH[ IU GHQ 8PJDQJ PLW GHP 8QHQGOLFKHQ EHVD 1RFK IQI]LJ -DKUH VSlWHU EHNHQQW VLFK HLQH SURJUDPPDWLVFKH 6FKULIW DXV &DPEULGJH ]X 5HLKHQDXVZHUWXQ JHQ LP 6WLOH (XOHUV 1DFK GHVVHQ hEHU]HXJXQJ YHUKLHOW HV VLFK PLW GHQ GLYHUJHQWHQ 5HLKHQ lKQOLFK ZLH PLW GHQ LPDJLQlUHQ *U|HQ GHUHQ 9HUZHQGXQJ DP (QGH GRFK DXFK ÄZDV 5HHOOHV³ ]XVWDQGH EUDFKWH (XOHU KDWWH GXUFK GHQ (LQVDW] GLYHUJHQWHU 5HLKHQ DQGHUZHLWLJ JHVWW]WH 5HVXOWDWH JH ZRQQHQ ZDV DXFK GLH YHKHPHQWHVWHQ *HJQHU GLHVHV 7HXIHOV]HXJV QDFKGHQNOLFK PDFKWH XQG UDWORV OLH ELV HLQH NXU] YRU HLQVHW]HQGH Ä/LPLWLHUXQJVWKHRULH³^E` YLHOH GHU DXI (XOHUV :HUW]XRUGQXQJ JHJUQGHWHQ 6FKOVVH VWLFKKDOWLJ ]X LQWHUSUHWLHUHQ YHUPRFKWH %HL PDQFKHQ GLYHUJHQWHQ 5HLKHQ ZDU VHLQ (UIROJ DXI GHUHQ ÄDV\PSWRWLVFKHV³ 9HUKDOWHQ ]XUFN]XIKUHQ *HJHQVWDQG HLQHV DQGHUHQ =ZHLJHV GHU 5HLKHQOHKUH^I` 1XU ZHQLJHV YRQ GHP ZDV (XOHU DXI VHLQH :HLVH HUKLHOW HUZLHV VLFK DXI NHLQH :HLVH KDOWEDU
7HLO , =HLWHQ XQG =HLWJHLVWHU
(V LVW NDXP ]X EHUEOLFNHQ ZDV DOOHV (XOHU LQ GHQ YHUVFKLHGHQVWHQ 5LFKWXQJHQ DXI GHQ :HJ EUDFKWH %HJRQQHQ KDWWH GLHVHU 6FKZHL]HU GDPLW EHU GLH %HPDVWXQJ YRQ 6HJHOVFKLIIHQ QDFK]XGHQNHQ 6HLQH SRSXOlUH ,QWURGXFWLR VRUJWH IU 9HUEUHLWXQJ YRQ Ä$QDO\VLV³ $OV $%& 6FKW]HQ OHUQWHQ ZLU GDV DEF GHV 'UHLHFNV DXFK ÄI [ ³ WUl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
6R ODQJVDP NDP 1HZWRQ DXI GHP .RQWLQHQW DQ 'DV ZDU YRQ -RKDQQ %HUQRXOOL QHEVW 6RKQ 'DQLHO XQG YRQ (XOHU DEJHVHKHQ EHL GHQ )UDQ]RVHQ 9ROWDLUH ZDU 1HZWRQ)DQ 'LH 0DWKH PDWLN EHNDP SK\VLNDOLVFKH =JH GLH 0DWKHPDWLVFKH 3K\VLN HQWVWDQG (LQH KHXWLJH 9RUOH VXQJ EHU NODVVLVFKH 0HFKDQLN LVW HLQH 5HYXH GHU LQ GLHVHP -DKUKXQGHUW HQWVWDQGHQHQ 3URE OHPH XQG .RQ]HSWH YHUEXQGHQ PLW 1DPHQ ZLH G¶$OHPEHUW &ODLUDXW /DJUDQJH /DSODFH /H JHQGUH )RXULHU 'HU UDVFKH (UIROJ LKUHU $QZHQGXQJ UFNWH GLH $QDO\VLV LQV =HQWUXP GHV PDWKHPDWLVFKHQ ZLH SK\VLNDOLVFKHQ ,QWHUHVVHV 9HUHLQ]HOW JDE HV QRFK 9HUVXFKH LKUH *UXQGODJH ]X VDQLHUHQ /DJUDQJH VFKULHE HLQ VWRO ]HV %XFK GDV GLH Ä$EOHLWXQJ³ /DJUDQJHV :RUWVFK|SIXQJ DOV NDONOPlLJH =XRUGQXQJ IDYRULVLHUWH 8P GHQ 'LIIHUHQ]LDOTXRWLHQWHQ I Ļ[ HQGJOWLJ YRP 0DNHO VHLQHU REVNXUHQ *H EXUW ]X EHIUHLHQ OLH HU VLFK YRQ %URRNH 7D\ORUV =XJDQJ ]X 1HZWRQV 3RWHQ]UHLKHQHQWZLFN OXQJHQ OHLWHQ *DQ] VR ZLH HLQ 3RO\QRP S[
Q
ƴN
DN [ [ N LQ GHU %H]LHKXQJ SN [
N DN ]X VHLQHQ .RHIIL]LHQWHQ DN VWHKW PVVWH HLQH )XQNWLRQ I YHUPLWWHOV ÄLKUHU 7D\ORU (QWZLFNOXQJHQ³ I [ ƴ DN [ [ N ³ GLH $EOHLWXQJHQ I N [ OLHIHUQ V ,& (UJR
GHILQLHUWH /DJUDQJH GHQ 'LIIHUHQ]LDOTXRWLHQWHQ Ic [ NXU]HUKDQG DOV GHQ .RHIIL]LHQWHQ GHU 7D\ORUHQWZLFNOXQJ YRQ I DQ GHU 6WHOOH [ [^E` %DOG ZUGH &DXFK\V )HKODQ]HLJH HLQHU VROFKHQ (QWZLFNOXQJ^G` ZLVVHQ ODVVHQ GDVV QLFKW HLQPDO MHGH EHOLHELJ RIW GLIIHUHQ]LHUEDUH )XQNWLRQ VR ZDV PLWPDFKW 9RQ /DJUDQJH VWDPPW DXFK HLQH :HUWEHVWLPPXQJ GHV Ä5HVWJOLHGHV³ HLQHU 7D\ORUUHLKH HLQ JHVFKORVVHQHU $XVGUXFN GHU GLH =DKOHQDEVWlQGH ]ZLVFKHQ HLQHU LQ [ EHOLHELJ RIW GLIIH
UHQ]LHUEDUHQ )XQNWLRQ I XQG GHQ 3DUWLDOVXPPHQ LKUHU IRUPDOHQ 7D\ORUUHLKH ƴ DN [ [ N
I N [ N PLVVW 'LHVH ,QIRUPDWLRQ NDP QLFKW QXU GHU QXPHULVFKHQ $EVFKlW]XQJ ]X DN JXWH VRQGHUQ ZXUGH WKHRUHWLVFK EHGHXWVDP 7\SLVFK IU GLH (XOHU]HLW ZDU QlPOLFK GHU DO JHEUDLVFKIRUPDOH 8PJDQJ PLW )XQNWLRQHQUHLKHQ JHZHVHQ 0DQ KLHOW HV QLFKW IU GRSSHOWH 0RUDO LQ LKQHQ HUVW GDQQ HWZDV DQGHUHV DOV GHQ 6SLHOEDOO HLQHV .DONOV ]X VHKHQ ZHQQ HV XP NRQNUHWH :HUWH GHU 9DULDEOHQ JLQJ +LHU OLHJW HLQ EHVRQGHUHV 9HUGLHQVW GHV /RXLV /DJUDQJH^J`
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
$XFK GLHVHU PXVVWH ZLVVHQ GDVV VHLQH $UW $OJHEUDLVLHUXQJ GHU $QDO\VLV QLFKW GDV OHW]WH :RUW VHLQ NRQQWH ,P -DKU EHZRJ HU GLH %HUOLQHU $NDGHPLH HLQHQ 3UHLV DXV]XVHW]HQ Ä0DQ HUNOlUH ZLH DXV HLQHU ZLGHUVSUHFKHQGHQ $QQDKPH >GK GHU ([LVWHQ] XQHLJHQWOLFKHU *U|HQ NOHLQHU ZLH JURHU@ VR YLHOH ZLFKWLJH 6lW]H HQWVWDQGHQ VLQG 0DQ JHEH HLQHQ VL FKHUHQ XQG NODUHQ *UXQGEHJULII DQ ZHOFKHU GDV 8QHQGOLFKH HUVHW]HQ GDUI RKQH GDVV GLH 5HFKQXQJHQ ]X VFKZLHULJ RGHU ]X ODQJ ZUGHQ³^F` 'LHVHP $XIUXI IROJW GLH $FDGpPLH 5R\DOH XQWHU GHP 7LWHO ©8QH WKpRULH FODLUH HW SUpFLVH GH FH TX¶RQ DSSHOOH ,QILQL HQ 0DWKpPDWLTXHª /DJUDQJH EOLHE HLQ 5XIHU LQ GHU :VWH *HK|U IDQG HU HUVW -DKU]HKQWH VSlWHU ^` ^` ^` ^` ^` ^` ^` ^`
,'
67,//:(// >@ ^D` ± ^E` ^F` ± -$+1.( ^D` I ^E` I ^F` ^G` I ^H` ^I` ^J` (8/(5 ^D` >@ ^E` >@ 5(,)) ^D` I 'UXFNIHKOHU 6 0LWWH ^E` ^F` ^G` ^H` I ^I` I ^J` ^K` I +(86(5 >@ ^D` ^E` I ^F` ±± ^G` >@ $XIJ $XIJ 0(6&+.2:6., >@ ^D` ^E` = YX ÄKDW HLQIDFK NHLQHQ 6LQQ³ KDW HLQIDFK NHLQHQ 6LQQ )52%(1,86 Ä/HLEQLW]VFKH 5HLKH³ QLFKW ZLH LQ ,& ./,1( >@ ±
-DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
$XI GLH *UQGHU]HLW GHU QHXHQ $QDO\VLV ZDU GLH LKUHV 6WXUP XQG 'UDQJ JHIROJW 1XQPHKU VWDQG DQ GHQ %RGHQ IHVW]XNORSIHQ 'DUEHU NDP MHGRFK GLH *HZLQQXQJ YRQ 1HXODQG QLFKW ]X NXU] ]XPDO GLH )UDJZUGLJNHLW GHU *UXQGODJHQ VWHWV DXFK HLQH 6DFKH GHU 0HQWDOLWlW LVW 'LH (UQWH GLH GLH 0DWKHPDWLNHU GHV -DKUKXQGHUWV HLQEUDFKWHQ EHUWUDI QDFK 8UWHLO GHV +LVWRULNHUV %R\HU ÄLQ 4XDQWLWlW XQG 4XDOLWlW EHL ZHLWHP DOOHV GDYRU³ GLHV VHL GDV *ROGHQH =HLWDOWHU JHZH VHQ^D` 0HKU QRFK LQWHUHVVLHUW XQV ZRPLW HV VLFK GHQ %HLQDPHQ ÄGDV NULWLVFKH³ YHUGLHQWH $XFK GLH .ULWLN ZDU *ROGHV ZHUW 'LH $QDO\VLV JLQJ GHU (SRFKH LKUHU Ä$XINOlUXQJ³ HQWJHJHQ *HJHQ (QGH GHV YRQ (XOHU JHSUlJWHQ -DKUKXQGHUWV GHV QHXKHURLVFKHQ ,& EHVLQ QHQ VLFK GLH GUHL =ZHLJH GHU 0DWKHPDWLN LKUHU (LJHQDUW^E` %LVODQJ VHOEVWYHUVWlQGOLFKH $Q VFKDXXQJHQ ZHUGHQ LQ )UDJH JHVWHOOW ZLH HWZD GLH ÄGHQ *U|HQ³ DQKDIWHQGH $XVGHKQXQJ 'LH *HRPHWULH EHIUHLW VLFK YRP HXNOLGLVFKHQ .RUVHWW GDV QRFK HLQ .DQW IHVW]XUUW^` 'LHVHP VFKLHQ DXFK GLH $QVFKDXXQJVIRUP =HLW GHQNQRWZHQGLJ ]X VHLQ =XPLQGHVW DOV 0HWDSKHU KDWWH VLH VLFK GHU QHZWRQVFKHQ 'LIIHUHQ]LDWLRQ DQJHGLHQW 'HU *UHQ]ZHUW HU ZDU QLFKW YRU VWHOOEDU RKQH *UHQ]SUR]HVV QLFKW RKQH HLQ 3URFHGHUH DOOHQWKDOEHQ VWUHEWH HV LQ 5DXP XQG =HLW Ä1DWUOLFK³ JHJHQ 3XQNWH VWDWW =DKOHQ (XNOLG YHUEUJWH JHRPHWULVFKH (YLGHQ] 6R
7HLO , =HLWHQ XQG =HLWJHLVWHU
QW]OLFK DOO GLHV IU GLH :DKUKHLWVVXFKH ZDU GHU :DKUKHLWVILQGXQJ VWDQG HV LP :HJH 6LH VHOEVW GLH PDWKHPDWLVFKH :DKUKHLW ZROOHQ ZLU KLHU QLFKW ÄKLQWHUIUDJHQ³ ZLH HV LP -DKU KXQGHUW KHLHQ ZLUG VLH EOHLEW DXHQ YRU ^` ^`
,'
%2@ ^D` ^E` +(56+ 3(7(56
5FNEHVLQQXQJ DXI NODVVLVFKH 6WUHQJH 5HVLJQDWLRQ GHV *HZLVVHQV ,VW6WDQG &DXFK\ XQG $EHO &DXFK\ XQG %RO]DQR :HLHUVWUD¶ Ä(SVLORQWLN³ .RQYHUJHQ] ÄLQ JDQ] JOHLFKHP *UDGH³ 9HUWDXVFKEDUNHLW YRQ Ä*UHQ]EHUJlQJHQ³
$QDO\VLV HQWVWDQG DOV VLFK GLH *HRPHWULH PLW $WRPHQ XQG GHUJOHLFKHQ LQIL]LHUWH (V ZDU GDV 9HUGLHQVW GHU (XGR[RV XQG $UFKLPHGHV JHZHVHQ GLHVH 0DODLVH YRUHUVW NXULHUW ]X KDEHQ (LQ QHXHUOLFKHV $XINHLPHQ JLQJ YRQ .HSOHU DXV $XFK GLHVHQ EHVFKlIWLJWHQ 9ROXPLQD PHKU MHGRFK LQWHUHVVLHUWH LKQ GDV =HLWJHVFKHKHQ DP +LPPHO 9LHOOHLFKW YHUUlW 2UHVPXV¶ 8PJDQJ PLW GHU PRPHQWDQHQ YHORFLWDV VFKRQ GLH 9RUVWHOOXQJ YRQ ]HLWOLFKHQ (OHPHQWHQ ,& 2IIHQ EHNHQQW VLFK .HSOHU GD]X DOV HU GLH YRQ 3ODQHWHQ GXUFKPHVVHQHQ (OOLSVHQ VDFKJHUHFKW ]X ]HUWHLOHQ VXFKWH XP HLQH NRQVWDQWH )OlFKHQJH VFKZLQGLJNHLW ]X EHJUQGHQ ,,. 6SlWHVWHQV GDQQ KLHOW GLH =HLW (LQ]XJ LQ GLH $QDO\VLV 'HU *UHQ]hEHUJDQJ ÄHUHLJQHWH³ VLFK GDV .RQYHUJLHUHQ ZDU XQG EOLHE EHVFKDXOLFK 'DPLW NRQIRUP JHKW GLH DOOPlKOLFKH 2ULHQWLHUXQJ DXI HLQHQ )XQNWLRQVEHJULII /HLEQL]¶ IXQFWLR ZDU ]XQlFKVW NHLQH )XQNWLRQ 1RFK QDFK LKP SIOHJWHQ GLH 9DULDEOHQ DXWRQRP ]X IXQJLHUHQ (XOHU OLH GLH DOJHEUDLVFKHQ XQG DQDO\WLVFKHQ Ä$XVGUFNH³ IXQNWLRQLHUHQ GRFK EHUHLWV VHLW 1HZWRQ ZXUGH GHU ]HLWOLFKH $EODXI ]XP 3DUDGLJPD IU Ä)XQNWLRQ³
:DV GLH $QDO\VLV MHW]W Q|WLJ KDWWH ZDU HLQ ZHLW JU|HUHU .UDIWDNW DOV GHU GHV (XGR[RV ,Q :DKUKHLW ZDUHQ HV ]ZHL ]XVDPPHQJHIDVVW LQ Ä$ULWKPHWLVLHUXQJ³ =XP HLQHQ PXVVWH GHU %H JULII GHU .RQYHUJHQ] GHP =HLWOLFKHQ DEVFKZ|UHQ ]XP DQGHUHQ YHUODQJWH HU QDFK $QWZRUW GDUDXI ZDV GDV GHQQ HLJHQWOLFK VHL ZRJHJHQ HWZDV NRQYHUJLHUH 'DV DOOHV QDKP HLQ *XWWHLO GHV -DKUKXQGHUWV LQ $QVSUXFK 6WUHQJ EHWUDFKWHW LVW GHU *UHQ]ZHUW QLFKWV ZHUW RKQH :HUW VSULFK =DKO RKQH HLQHQ =DKO EHJULII :DV QLFKW KHLW RKQH LKQ KDEH HV NHLQH JXWH $QDO\VLV JHJHEHQ (LQ 9RUVWR ]X VROFKHUDUW .RQVROLGLHUXQJ VWDQG XQG ILHO PLW GHU %HUHLWVFKDIW DXI OLHEJHZRUGHQH $QVFKDXXQ JHQ XQG hEHU]HXJXQJHQ ]X YHU]LFKWHQ (LQ QHXHV PDWKHPDWLVFKHV *HZLVVHQ ZUGH HV JH ELHWHQ
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
=X ODQJH VFKRQ KDWWH PDQ JXWH (UIDKUXQJHQ PLW VFKOHFKWHQ %HJULIIHQ JHPDFKW 'DV OLH YLHOH JOHLFKJOWLJ ZHUGHQ VRJDU EHUKHEOLFK )UXVW VFKDIIW 7URW] (LQ 6\OYHVWHU)UDQoRLV /D FURL[ JHLHOWH LQ VHLQHP ZHLW YHUEUHLWHWHQ ZRKO HEHQVR HLQJlQJLJHQ ZLH HLQIlOWLJHQ /HKU EXFK GLH Ä6SLW]ILQGLJNHLWHQ PLW GHQHQ VLFK GLH *ULHFKHQ DETXlOWHQ³ V 9RUZRUW ^D` 'DV ZDU 8QG NHLQ *HULQJHUHU DOV &DUO *XVWDY -DFRE -DFREL EOLHV QRFK XP LQ GDVVHOEH +RUQ Ä)U *DXVFKH 6WUHQJH KDEHQ ZLU NHLQH =HLW³^D` 'DEHL ZDU &DUO )ULHGULFK GHU *URH QLFKW HEHQ LQ GLHVHU +LQVLFKW YRUELOGOLFK ]X QHQQHQ +LHU ILQGHW PDQ LKQ HUVWDXQOLFK LQGLIIH UHQW ]XZHLOHQ NUDVV JHJHQ VHLQH *HSIORJHQKHLW LQNRQVHTXHQW 6R YHUZHQGHWHW *DX GDV HLQH 0DO DNULELVFK G¶$OHPEHUWV .RQYHUJHQ]NULWHULXP XP ZLH HU VDJW HLQ ([HPSHO ]X VWDWXLHUHQ GDQQ ZLHGHU HUWHLOW HU GHU 5HLKH ƴ ± N N j OD (XOHU HLQHQ :HUW ]ZLVFKHQ XQG *UXQG VlW]OLFK JDE *DX QXU SUHLV ZDV HU ]X YROOHU 5HLIH JHEUDFKW KDWWH :HQQ HU VLFK QLFKW GH]L GLHUW ]X GHQ *UXQGODJHQ GHU $QDO\VLV lXHUWH VR ODJ GDV ZRKO DQ VHLQHU ]XWUHIIHQGHQ (LQ VFKlW]XQJ GHU 3UREOHPDWLN JHSDDUW PLW HEHQ MHQHP *UXQGVDW]
$OV 5HSUlVHQWDQW HLQHU QHXHQ 6WUHQJH ZROOWH $XJXVWLQ/RXLV &DXFK\ VLFK HPSIHKOHQ 8QEH KDJHQ EHU GLH VFKZDPPLJHQ *UXQGEHJULIIH YHUVSUWH HU EHVRQGHUV EHL VHLQHU /HKUWlWLJNHLW 'DV -DKUKXQGHUW KDWWH DOV GDV GHU /HKUEFKHU JHJROWHQ MHW]W NDP GDV 9RUOHVXQJVZHVHQ LQ 6FKZXQJ XQG IRUGHUWH YRP 3URIHVVRU GHQ Ä%HNHQQHU³ HLQ =X EHU]HXJHQ VHW]W YRUDXV VHOEVW EHU]HXJW ]X VHLQ &DXFK\ ZDU JDQ] ZLH VSlWHU :HLHUVWUD YRQ GLHVHU 0LVVLRQ HUIOOW VXFK WH LQ GHU UHQRPPLHUWHQ eFROH UR\DO SRO\WHFKQLTXH VHLQH ,GHHQ XP]XVHW]HQ DXFK ZHQQ LKP GLH +|UHU GDYRQOLHIHQ 0HKU :LUNXQJ ]HLJWH GDV 6NULSW VHLQHV OHJHQGlUHQ &RXUV G¶DQDO\VH DXV GHP -DKU =XU /HJHQGHQELOGXQJ VLHKH ^D` (LQ 3URJUDPP GHU Ä0HWKRGHQ GLH VLFK PDQQLJIDFK YRQ GHQHQ LQ DQGHUHQ :HUNHQ XQWHUVFKHLGHQ³^D` /DXW HLJHQHU %HNXQGXQJ KLHOW HU VLFK IU GHQ (UVWHQ XQG (LQ]LJHQ GHU GLH $QDO\VLV HQGOLFK XQG HQGJOWLJ H[DNW EHWULHE ,P &RXUV EHQXW]W &DXFK\ ZHLWJHKHQG QRFK GDV DOWH 9RNDEXODU^D` 8QWHU 9RUEHKDOW^E` GRFK EHNHQQW HU VLFK DXVGUFNOLFK ]X GHVVHQ SUlJQDQWHU .U]H^E E` 'LYHUJHQWH 5HLKHQ YHUZLUIW HU DXVQDKPVORV XQG UlXPW DXI PLW GHU 6HOEVWYHUVWlQGOLFKNHLW YRQ 7D\ORUHQWZLFNOXQJHQ &DXFK\ LVW 9LVLRQlU ZLOO 5HYLVLRQ HU ZHQGHW VLFK JHJHQ GDV LQGXNWLYH *HKDEH ZLOO /HKUVlW]H EHVFKUlQNW ZLVVHQ DXI GDV ZDV *HJHQVWDQG GHU %HZHLVIKUXQJ ZDU 6R ]XPLQGHVW VHLQ $QVSUXFK ,Q HUVWHU (X SKRULH OHJW 1LHOV +HQULN $EHO GDV %XFK MHGHP DQV +HU] GHP HV HUQVW VHL PLW GHU PDWKHPDWL VFKHQ 6WUHQJH &DXFK\ ZHFNWH (UZDUWXQJHQ GLH HU QXU EHJUHQ]W HLQO|VWH %HL %RXUEDNL KHLW HV LP 2ULJLQDO ^D` GHXWVFK ^E` 1DFK &DXFK\V /HKUEFKHUQ EHILQGH PDQ VLFK ©HQILQ VXU XQ WHUUDLQ VROLGHª (LQJHUlXPW ZLUG ©XQ ODQJXDJH XQ SHX YD JXHª EHLP )XQNWLRQVEHJULII GRFK GHU %HJULII GHV *UHQ]ZHUWV ZHUGH HLQ IU DOOHPDO IHVWJH OHJW ÄIL[pH XQH IRLV SRXU WRXWHV³ 9RQ GHU O|FKHULJHQ =DKOHQJHUDGHQ DEJHVHKHQ VWDQG HLQHU /lXWHUXQJ GHU $QDO\VLV YRUHUVW HLQPDO LP :HJH GDVV PDQ VWHWV PLW GHP /LPHV YRQ Ä*U| HQ³ VWDWW GHP YRQ )XQNWLRQHQ DUEHLWHWH /LPHV XQG )XQNWLRQ GDV ILHO QRFK LPPHU XQJOFN OLFK DXVHLQDQGHU^E` ZHVKDOE &DXFK\ YHUVlXPWH KHUDXV]XDUEHLWHQ LQ ZHOFKHU $EKlQJLJNHLW GLH 6SLHOUlXPH YHUEDQGHOWHU 9DULDEOHQ ]XHLQDQGHU VWHKHQ
7HLO , =HLWHQ XQG =HLWJHLVWHU
'DV 3UlGLNDW ÄVWHWLJ³ KDIWHWH YRQ 1DWXU DOO GHQ )XQNWLRQHQ DQ GLH DXI JHRPHWULVFK PRWL YLHUWHQ *OHLFKXQJHQ EHUXKWHQ ZDU JHUDGH]X GDUDXI EHVFKUlQNW^` (LQ JURHV 9HUGLHQVW OLHJW LQ &DXFK\V %HVWUHEHQ GLHVHU (LJHQVFKDIW (LJHQVWlQGLJNHLW ]X YHUVFKDIIHQ (U JDE IU 6WHWLJ NHLW LQ GHQ 3XQNWHQ YRQ ,QWHUYDOOHQ HLQH 'HILQLWLRQ XQWHU $QUXIXQJ ÄXQHQGOLFK NOHLQHU ,QNUH PHQWH³^E F F D` /HW]WHUH ZROOWH HU DOV &KLIIUH IU HLQH Ä9DULDEOH³ YHUVWDQGHQ ZLVVHQ GHUHQ $EVROXWZHUWH ÄRKQH (QGH VR DEQHKPHQ GDVV VLH NOHLQHU DOV MHGH YRUJHJHEHQH *U|H³ ZHU GHQ^F` 'DV HULQQHUW DQ 1HZWRQ OlVVW GLH IU GHQ *UHQ]ZHUW ZHVHQWOLFKH *U|HQEH]LHKXQJ DQNOLQJHQ 8QG VR PHLQHQ :RKOPHLQHQGH GDV VHL SUDNWLVFK GLH 1XOOIROJH ,Q &DXFK\V 3UD[LV ILQGHW HV MHGHQIDOOV NHLQHQ 1LHGHUVFKODJ 'HU :RUWODXW GHU 'HILQLWLRQ ZHLVW DXI ORNDOH 6WHWLJNHLW HLQH Ä(UOlXWHUXQJ³ YHUZLVFKW HV XQG VR OLHVW GLH JOHLFKPlLJH 6WHWLJNHLW KHUDXV ZHU NHLQHUOHL 8QWLHIH EHL &DXFK\ ZDKUKDEHQ ZLOO 6SlWHU ZLOO HU JODXEHQ PDFKHQ HEHQ MHQH JHPHLQW ]X KDEHQ GRFK ZLGHUOHJW LKQ GLH HLJHQH 9HUZHQGXQJ ,,; 6HLQ =HLWJHQRVVH %HUQDUG %RO]DQR IRUPXOLHUWH SUl]LV GLH SXQNWX HOOH 6WHWLJNHLW XQG ZDU VLFK GHV 8QWHUVFKLHGV ]XU JOHLFKPlLJHQ RIIHQEDU EHZXVVW^G` ,Q GHP IUDJORV JHQLDOHQ &DXFK\ HLQHQ $XVEXQG QDPHQWOLFK DQ .ODUKHLW ]X VHKHQ PXVV YHUZXQGHUQ 'HU &RXUV G¶DQDO\VH ]HLFKQH VLFK DXV ©DXWDQW SDU VD ULJXHXU TXH SRXU OD FODUWp « GX VW\OH PDWKpPDWLTXH GH VRQ DXWHXUª VR K|UW PDQ¶V DXV 5LFKWXQJ %RXUEDNL^D` $EHO ZRKO HLIULJVWHU XQG JHZLVV NRPSHWHQWHVWHU /HVHU &DXFK\V lXHUWH VLFK VR Ä(U VFKUHLEW VHKU XQGHXWOLFK³^H` %HUHLWV LP &RXUV VROOWH VLFK GLH XQ]XOlQJOLFKH %HVFKUHLEXQJ GHU 6WHWLJNHLW UlFKHQ QlP OLFK EHLP %HZHLV HLQHV 6DW]HV GHU GDQQ SHLQOLFK UHGHQ PDFKWH 'HP 6LQQH QDFK (LQH DXI HLQHP ,QWHUYDOO NRQYHUJHQWH )ROJH VWHWLJHU )XQNWLRQHQ ELOGHW HLQH VWHWLJH *UHQ]IXQNWLRQ^` 6WDWW YRQ HLQHP ,QWHUYDOO VSULFKW &DXFK\ YRQ GHU 8PJHEXQJ HLQHV 3XQNWHV ZDV ]XU )HKOHLQ VFKlW]XQJ EHLJHWUDJHQ KDEHQ PDJ Ä« RQ GpGXLW LPPpGLDWHPHQW³ KHLW HV LP %HZHLV XQG OlVVW &DXFK\ QLFKW QDFK HLQHP *HJHQEHLVSLHO VXFKHQ ZR]X VLFK VFKRQ GLH IU d [ d JH ELOGHWH 5HLKH [ [ ± [ [ ± [ PLW LKUHQ VWH
! ! ! ! ! ! WLJHQ 3DUWLDOVXPPHQ VQ[ [ [ $EE , XQG GHUHQ XQVWHWLJHU *UHQ]IXQNWLRQ V[ d [ V DQERW 8QG JDE HV QLFKW VFKRQ $QIDQJ GHV -DKUKXQGHUWV GHQ +LQZHLV YRQ -% -RVHSK )RX ULHU V XQWHQ DXI XQJHNQVWHOWH 5HLKHQ VWHWLJHU )XQNWLRQHQ PLW RIIHQEDU ZHLW lUJHUHP Ä)HKOYHUKDO WHQ³"
'
!
$EE , *UHQ]ZHUWLJHV
(LQH VROFKH 5HLKH YHUVWHFNW GHU MXQJH $EHO LQ GHU )XQRWH HLQHU HUVFKHLQHQGHQ $U EHLW^E F ` XPVFKUHLEW VLH DOV %HLVSLHO HLQHU ©H[FHSWLRQª ]X &DXFK\V 6DW] 8QG GDV QLFKW RKQH VHLQHQ $XWRU ]XYRU EULHIOLFK DXI GHQ )HKOHU DXIPHUNVDP JHPDFKW ]X KDEHQ^E` 9HUJHE OLFK
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
=XU VHOEHQ =HLW YHUVXFKW GHU XP VHLQH QDFNWH ([LVWHQ] ULQJHQGH $EHO GHQ YRQ LKP KRFK YHUHKUWHQ hEHUYDWHU IU HLQ EHGHXWHQGHV 5HVXOWDW ]X LQWHUHVVLHUHQ &DXFK\ LJQRULHUW HV DXFK QRFK DOV RIIL]LHOO EHVWHOOWHU *XWDFKWHU^F G D` 'LH 6FKULIW NRPPW HUVW QDFK $EHOV 7RG ]XP 9RUVFKHLQ PLW^F` RGHU RKQH^D` &DXFK\V =XWXQ ,Q MHGHP )DOOH ZHQLJ ULWWHUOLFK IU HLQHQ &KHYDOLHU GHU (KUHQOHJLRQ 6LHEHQ -DKUH QDFK $EHOV :LGHUOHJXQJ SXEOL]LHUWH &DXFK\ MHQHQ IDOVFKHQ 6DW] DEHU PDOV^F` (UVW NRUULJLHUWH HU LKQ^G` XQ]XOlQJOLFK IRUPXOLHUW^I` 'D]X LQ ^F` ^G` ©&DXFK\ « DYDLW FUX XQ PRPHQW TX¶XQH VpULH FRQYHUJHQWH j WHUPHV « FRQWLQXHV « D SRXU VRPPH XQH IRQFWLRQ FRQWLQXH «ª (V ZDU GHQQ DXFK QXU NRQVHTXHQW GDVV IU &DXFK\ JOHLFK 1HZWRQ GDV ,QWHJUDO HLQHU 5HLKH VWHWLJHU )XQNWLRQHQ GDVVHOEH ZLH GLH 5HLKH LKUHU ,QWHJUDOH VHLQ PVVH 1RFK ZDU GLH (LQVLFKW QLFKW YHUEUHLWHW GDVV HV VLFK EHL DOO GHP XP GLH 9HUWDX VFKXQJ YRQ *UHQ]SUR]HVVHQ KDQGHOW V XQWHQ ,Q 6DFKHQ 6WHWLJNHLW JLEW HV EHL &DXFK\ :HLWHUHV ]X EHPlQJHOQ 1LFKW GHU )UDJH ZUGLJ VFKLHQ LKP RE HLQH )XQNWLRQ YRQ ]ZHL 9DULDEOHQ í LP HLQ]LJ ]XOlVVLJHQ 6LQQH í VFKRQ GDQQ VWHWLJ VHL ZHQQ VLH EHL MHZHLOLJHP )HVWKDOWHQ GHU HLQHQ 9DULDEOHQ VWHWLJ EH]JOLFK GHU DQGH UHQ LVW 'DVV 6WHWLJNHLW GLH 'LIIHUHQ]LHUEDUNHLW LPSOL]LHUH ZDU JlQJLJH 0HLQXQJ &DXFK\ IJWH VHLQHU (LQIKUXQJ GHV 'LIIHUHQ]LDOTXRWLHQWHQ VWHWLJHU )XQNWLRQHQ ]ZDU KLQ]X ÄZHQQ HV LKQ JLEW³ GLIIHUHQ]LHUWH MHGRFK EHVWHQIDOOV XQWHU (UZlKQXQJ GHU 6WHWLJNHLW EHOLHELJ RIW^H` 0HKU DOV LKU :RUWODXW YHUUlW JHOHJHQWOLFK LKU *HEUDXFK ZLH &DXFK\ VHLQH 'HILQLWLRQHQ PHLQWH %HLP Ä:HUW³ GHV *UHQ]ZHUWHV DOOHUGLQJV LVW GDV 'HIL]LW IXQGDPHQWDO (V ]X EHKHEHQ ZDU GLH =HLW QRFK QLFKW UHLI hEHU GLHVH %O|H VLHKW &DXFK\ KLQZHJ 'HP ZHVHQWOLFKHQ 7HLO GHV VHLQHQ 1DPHQ WUDJHQGHQ .ULWHULXPV V ,' VFKHQNW HU NHLQH %HDFKWXQJ^F` 'DV EHVWLPPWH ,QWHJUDO YRQ (XGR[RV XQG $UFKLPHGHV HUIXQGHQ YRQ 1HZWRQ EHUJDQ JHQ XQG YRQ )RXULHU DXIJHJULIIHQ &DXFK\ ZROOWH HV ZLHGHU LQ VHLQ DOWHV 5HFKW HLQJHVHW]W ZLVVHQ ,QWHJUDQGHQ ZDUHQ IU 1HZWRQ XQG /HLEQL] GLH LKUHU]HLW JHOlXILJHQ )XQNWLRQHQ YRQ HLQHP %HJULII 6WHWLJNHLW ZDU QRFK NHLQH 5HGH JHZHVHQ &DXFK\V 3URJUDPP XPIDVVWH GLH 6WHWLJNHLWVGHILQLWLRQ XQG HLQHQ JHRPHWULVFK IXQGLHUWHQ ,QWHJUDOEHJULII ,,;>& ,EN@ XP GLH ,QWHJULHUEDUNHLW VWHWLJHU )XQNWLRQHQ ]X EHZHLVHQ +DWWH HU EHLP VWHWLJHQ /LPHV VWHWLJHU )XQNWLRQHQ QLFKW EHU GLH KLQUHLFKHQGH %HGLQJXQJ GHU JOHLFKPlLJHQ .RQYHUJHQ] YHUIJW >*O .Y@ XQWHQ ,,= GDQQ ZDU HV MHW]W HLQH *OHLFKPlLJNHLW GHU 6WHWLJNHLW %HLGHV %HJULIIH GLH HUVW -DKU]HKQWH VSlWHU *HVWDOW DQQDKPHQ &DXFK\ ZXVVWH VHLQH 6WHWLJNHLWVYRUDXVVHW]XQJ QLFKW DXV]XVFK|SIHQ XQG VR PLVVODQJ LKP QDFK]XZHLVHQ GDVV VHLQ 3RVWXODW GHU ,QWHJULHUEDU NHLW HUIOOW ZLUG 0LW VHLQHP %HZHLVYHUVXFK ZDJWH &DXFK\ HLQHQ ZHVHQWOLFK EHU $UFKLPHGHV KLQDXVJH KHQGHQ 6FKULWW LQGHP HU JDQ]H .ODVVHQ YRQ )XQNWLRQHQ EHWUDFKWHWH HLQJHVFKORVVHQ GLH VWFNZHLVH VWHWLJHQ XQG DXFK GLH PLW XQHLJHQWOLFKHP ,QWHJUDO (UVW 5LHPDQQ ZLUG VLFK QLFKW YRQ YRUQKHUHLQ DQ GHU 6WHWLJNHLW RULHQWLHUHQ XQG HLQH Ä,QWHJULHUEDUNHLW³ DOV VROFKH NRQ]LSLH UHQ ,,< ,QWXLWLRQ 9LHOVHLWLJNHLW XQG HLQH HQRUPH 6FKDIIHQVNUDIW PDFKWHQ &DXFK\ ]XU KHUDXVUD JHQGHQ *HVWDOW GHU HUVWHQ -DKUKXQGHUWKlOIWH 'DV YHUIKUW ]X 3HUVRQHQNXOW 6HOEVW LQ HLQHP
7HLO , =HLWHQ XQG =HLWJHLVWHU
ED\HULVFKHQ 6FKXOEXFK^` OLHVW PDQ Ä« &DXFK\ GHU GLH >KHXWLJHQ@ 'HILQLWLRQHQ GHU JUXQG OHJHQGHQ %HJULIIH ZLH .RQYHUJHQ] 6WHWLJNHLW 'LIIHUHQ]LHUEDUNHLW XVZ VFKXI³ (QGJOWLJ ZLH %RXUEDNL EHKDXSWHW VFKXI HU VLH QLFKW .ULWLN VFKPlOHUW QLFKW VHLQH 9HUGLHQVWH YJO ^F` XQG ZHQQ &DXFK\V 3RUWUDLW KLHU DXFK LQ GHQ 6FKDWWHQSDUWLHQ VNL]]LHUW ZLUG GDQQ ZHLO GLHVHU LQ KRKHP *UDGH VHOEVWVFKWLJH 0HQVFK JURHQ (LQIOXVV DXI 0DWKHPDWLN XQG 0DWKH PDWLNHU EWH 6HLQH EHUERUGHQGH 3URGXNWLRQ EHKHUUVFKWH GLH )DFKSUHVVH DQGHUH $XWRUHQ ZXUGHQ NRQWLQJHQWLHUW 'DEHL ZDUHQ LKP :LHGHUKROXQJHQ UHFKW HU SXEOL]LHUWH DXFK 8QIHUWL JHV XQG WDW VLFK VFKZHU IUHPGH 4XHOOHQ ]X QHQQHQ &DXFK\ VHOEVW YHU]HUUWH VHLQ %LOG GDV HLQHV JURHQ *HOHKUWHQ GHU GLH :LVVHQVFKDIW QDFKKDOWLJ SUlJWH Ä)XQNWLRQHQWKHRULH³ ZDU &DXFK\V 7KHRULH GHU )XQNWLRQHQ XQG LVW LQ LKUHU )RUWVHW]XQJ HLQ +DXSW]ZHLJ GHU $QDO\VLV V ,,;
'LH /lXWHUXQJ GHU $QDO\VLV HUIROJWH LQ ]ZHL 3KDVHQ GLH HUVWH EHWUDI ÄGHQ /LPHV³ 6LH EHJDQQ PLW &DXFK\ HV WULIIW MHGRFK QLFKW ]X GDVV HU VLH YHUN|USHUH 6HLQH JUXQGVlW]OLFKHQ hEHUOH JXQJHQ ZDUHQ QLFKW VWLFKKDOWLJHU DOV GLH HLQHV %RO]DQR HKHU LP *HJHQWHLO^G` 'LHVHU E|KPL VFKH 0|QFK XQG JURH GRFK NOHLQ JHKDOWHQH 0DWKHPDWLNHU^H E ` JHULHW LQ 9HUJHVVHQKHLW ZXUGH LKU HUVW XP HQWULVVHQ GXUFK +DQNHO^D` (UVW LP 1DFKODVV HQWGHFNW KDWWHQ YLHOH VHLQHU *HGDQNHQ QDFKJHGDFKW ZHUGHQ PVVHQ 0LW &DXFK\ WHLOWH HU GHQ ,UUWXP YRP VWHWLJHQ 5HLKHQZHUW^J` :lKUHQG MHQHU DEHU QRFK QLFKW GLH .OXIW ]ZLVFKHQ 6WHWLJNHLW XQG 'LIIH UHQ]LHUEDUNHLW ZDKUKDEHQ ZROOWH OHJWH %RO]DQR EHUHLWV GDV %HLVSLHO HLQHU EHUDOO VWH WLJHQ QLUJHQGV GLIIHUHQ]LHUEDUHQ )XQNWLRQ YRU HWZDV GDPDOV Z|UWOLFK 8QJODXEOLFKHV^H` (UNOlUWHV =LHO %RO]DQRV ZDU GLH NRQVHTXHQWH $ULWKPHWLVLHUXQJ GHU $QDO\VLV %HL LKP ILQ GHQ VLFK NHLQH XQHQGOLFK NOHLQHQ *U|HQ PHKU XQG lKQOLFK ZLH (XOHU ZROOWH HU GLH $QDO\VLV YRQ LKUHU %HYRUPXQGXQJ GXUFK 0HFKDQLN XQG *HRPHWULH EHIUHLHQ 'DV &DXFK\.ULWHULXP IRUPXOLHUWH %RO]DQR VFKRQ YRU VHLQHP 1DPHQJHEHU XQG PDFKWH PHKU GDUDXV^G` HU YHUVXFKWH VLFK DQ HLQHU 7KHRULH GHU UHHOOHQ =DKOHQ ,' KDQGKDEWH XQVHUH DQDO\WLVFKHQ *UXQGEH JULIIH $EHO VFKlW]WH LKQ^H` 2E QLFKW DXFK &DXFK\ VHLQH LQ 3DULV DOVEDOG ]XJlQJOLFKHQ 9HU |IIHQWOLFKXQJHQ NDQQWH" (UZlKQW KDW HU VLH QLH ZDV QLFKW GDJHJHQ VSULFKW ,Q ^G` ZLUG GLH VHU )UDJH PLW ,QGL]LHQ QDFKJHJDQJHQ YJO GD]X ^KI` %RO]DQR QDKP GLH DULWKPHWLVLHUWH $QDO\VLV LQ YLHOHP YRUZHJ ZHVKDOE LKQ )HOL[ .OHLQ LKUHQ HLJHQWOLFKHQ 9DWHU QDQQWH 6WlUNHU DOV &DXFK\V &RXUV EHVFKZ|UW %RO]DQRV 6FKULIW DXV GHP -DKU VHLQHQ =ZLVFKHQZHUWVDW] EHWUHIIHQG GHQ *HLVW GHV $XIEUXFKV LQ GDV NULWLVFKH -DKUKXQGHUW^H`
+RFKJHPXW KDWWH &DXFK\ HQGJOWLJH 6WUHQJH YHUVSURFKHQ 1DFK VHLQHU =HLW VWHOOWH VLFK (U QFKWHUXQJ HLQ :LH EHL GHP DXV HLQHP YHUVRIIHQHQ 6WXGHQWHQ PXWLHUWHQ .DUO :HLHUVWUD^E` 'HU VDK LQ DOOHU 1FKWHUQKHLW ]ZHL .KH GLH QRFK YRP (LV ]X KROHQ ZDUHQ 1lPOLFK :DV KLH =DKOHQ QlKHUQ VLFK =DKOHQ XQEHJUHQ]W" 8QG ]XY|UGHUVW :DV VLQG =DKOHQ EHUKDXSW"" $OV (UVWPDQDKPH NXOWLYLHUWH :HLHUVWUD GLH YHUEDOHQ 3RVWXODWH IU .RQYHUJHQ] XQG 6WH WLJNHLW 'LH QHXHQ .ODXVHOQ EHJLQQHQ MHZHLOV PLW HLQHP YRUJHJHEHQHQ *UDG ÄĶ³ GHU $QQlKH
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
UXQJ VX >*O .Y@ 'HP $QIlQJHU PXVV GDV YRUNRPPHQ DOV ZHUGH GHU *DXO YRQ KLQWHQ DXIJH]lXPW ELV LKP ZLH ]X KRIIHQ DXIJHKW GDVV QXU VR HLQ PDWKHPDWLVFKHU %HJULII ]XVWDQGH NRPPHQ NDQQ 1HKPHQ ZLU VWDWW GHV +XIWLHUV HLQH 0DXV :DV ZLU WXQ N|QQHQ XP VLH ]X IDQJHQ LVW GDIU ]X VRUJHQ GDVV LKU $EVWDQG ]XP .|GHU MHGH QRFK VR NOHLQH 6FKUDQNH Ķ DE MHZHLOV HLQHP JHZLVVHQ =HLWSXQNW XQWHUVFKUHLWHW 'DGXUFK ZLUG HLQ $EODXI ZLHGHUJHJHEHQ GXUFK HLQH %H]LHKXQJ ]ZLVFKHQ =XVWlQGHQ *UHQ]ZHUW XQG YHUZDQGWH %HJULIIH ODVVHQ VLFK YRQ DOOHU Ä6WUHEHUHL³ QXU VlXEHUQ LQGHP PDQ DXVVFKOLHOLFK PDWKHPDWLVFKHV ,QVWUXPHQWDU YHUZHQGHW &DXFK\ KDWWH GDV Ķ HLQJHIKUW GRFK QLFKW (UQVW GDPLW JHPDFKW^L` 'LH VWHWLJ YHUlQGHUOLFKH *U|H QHQQW %HUQKDUG 5LHPDQQ LQ VHLQHU 'LVVHUWDWLRQ YRQ ^D` ÄJUHLIOLFKHU DXVJHGUFNW³^E` ZR HU EHVFKHLGHQ GLH NRUUHNWH 'HILQLWLRQ DQPDKQW :HQLJ VSlWHU XQWHUVWUHLFKW HU QRFK HLQPDO^F` GDVV HLQ %HJULII ZLH 6WHWLJNHLW DOOHLQ DXI $EVWDQGVEH]LHKXQJHQ JHJUQGHW ZHUGHQ N|QQH ± DOVR OHW]WOLFK DXI 8QJOHLFKXQJHQ (V ZDU GLH 5FNNHKU ]XU JULHFKLVFKHQ 6WDWLN (XGR[RV¶ XQG $UFKLPHGHV¶ ([KDXVWLRQ IDQG VLFK LKUHP :HVHQ QDFK LQ GHU Ä(SVLORQWLN³ ZLHGHUJHERUHQ 'HU 6WUHQJH QDFK HEHQEUWLJ GRFK XQYHUJOHLFKOLFK EHUOHJHQ DOV 0HWKRGH 8QG XQYHU]LFKWEDU ZR *UHQ]SUR]HVVH LQHLQDQGHU VSLHOHQ 'HU ([SHULPHQWDOSK\VLNHU PHLQHV HUVWHQ 6HPHVWHUV PDFK WH VLFK OXVWLJ EHU ÄGLH 0DWKHPDWLNHU PLW LKUHP (SVLORQ7LFN³ 6SlWHU ODFKWH LFK QLFKW PHKU GDUEHU &DXFK\ YHUZHQGHWH MHQH /HWWHU IU VR]XVDJHQ ÄXQHQGOLFK .OHLQHV DOOHU *U|HQ³ ,,; /DQJH YRU :HLHUVWUD GDFKWH MHGRFK VFKRQ $EHO LQ GHVVHQ 6LQQH 'DPLW EHVFKlIWLJW ]X ]HLJHQ GDVV HLQH IU [ XQG ZLH GDUDXV IROJW IU d [ d NRQYHUJHQWH 3RWHQ]UHLKH ƴ DN [N LQ [ VWHWLJ LVW PDFKWH $EHO GLH %HNDQQWVFKDIW HLQHU .RQYHUJHQ] DQVSUXFKVYROOHU $UW PLWJHWHLOW ]XVDPPHQ PLW EHVDJWHU )XQRWH ^` DQ GLH $GUHVVH &DXFK\V ^F J` $XFK :HLHUVWUD¶ /HKUHU &KULVWRI *XGHUPDQQ KDWWH GDV 3KlQRPHQ EHPHUNW XQG QDQQWH HV HLQH Ä.RQYHUJHQ] LQ JDQ] JOHLFKHP *UDGH³ :HLHUVWUD JULII GDV DXI XQG IRUPXOLHUWH DOOJHPHLQ XQG HQGJOWLJ ZDV HUVW JXW IQI]LJ -DKUH VSlWHU LQ 'UXFN JLQJ XQVHUH ÄJOHLFKPlLJH .RQYHUJHQ]³^E` :LU JHEHQ GHQ %HJULII LQ UXGLPHQWlUHU *HVWDOW ZLHGHU >*O .Y@ 'LH )ROJH YRQ )XQNWLRQHQ IQ NRQYHUJLHUW DXI GHP ,QWHUYDOO , JOHLFKPlLJ JHJHQ QXOO GDV LVW GLH 1XOOIXQNWLRQ ZHQQ HV ]X MHGHP Ķ ! HLQ 1Ķ JLEW GHUDUW GDVV IQ [ _ d Ķ HUIOOW LVW IU DOOH Q t1Ķ XQG DOOH [ , $OVR %HL 9RUJDEH QRFK VR NOHLQHU 7ROHUDQ] Ķ OlVVW VLFK MHGHP [ , GLHVHOEH ,QGH[ VFKUDQNH 1Ķ ]XPHVVHQ DE GHU _IQ [ _ XQWHUKDOE YRQ Ķ OLHJW GLH ,QGH[VFKUDQNH ZLUNW EHL DO OHQ [ , JOHLFKHUPDHQ $QVFKDXOLFK $E HLQHP JHZLVVHQ )ROJHQLQGH[ YHUEOHLEHQ GLH *UD SKHQ DOOHU IQ LQQHUKDOE GHV 3DUDOOHOVWUHLIHQV ^[_ \ [ , _ \ _ d Ķ ` (LQ %HLVSLHO JLEW GLH )RO JH GHU )XQNWLRQHQ [ ѻ [Q d [ d ò DXV ,,= 'HU DOOJHPHLQH )DOO JQ ĺ J ZLUG IUHLOLFK DXI IQ Ԍ JQ J Ⱥ ]XUFNJHIKUW 6R NRQYHUJLHUHQ GLH JQ [
[ ± Q DXI f JOHLFKPlLJ
:lKUHQG :HLHUVWUD VFKRQ PLW GLHVHU (LJHQVFKDIW JHDUEHLWHW KDWWH NDPHQ LKU ZHLWHUH XQ DEKlQJLJ YRQHLQDQGHU DXI GLH 6SXU 6LU *HRUJH *DEULHO 6WRNHV XQG 3KLOLSS /XGZLJ Y 6HL GHO^G` $OV VLH QlPOLFK GDV .RQYHUJHQ]YHUKDOWHQ JHZLVVHU )ROJHQ VWHWLJHU )XQNWLRQHQ DQ
7HLO , =HLWHQ XQG =HLWJHLVWHU
6WHOOHQ XQWHUVXFKWHQ ZR GLH *UHQ]IXQNWLRQ XQVWHWLJ ZXUGH^E` EHPHUNWHQ VLH GDVV HV EHL YRUJHJHEHQHU *WH GHU $SSUR[LPDWLRQ XPVR JU|HUHU ,QGH[VFKUDQNHQ EHGXUIWH MH PHKU PDQ VLFK GHU NULWLVFKHQ 6WHOOH QlKHUWH 6ROFKHUDUW .RQYHUJHQ] QDQQWH XQDEKlQJLJ YRQHLQDQGHU GHU HLQH ÄLQILQLWHO\ VORZ³ GHU DQGHUH ÄEHOLHELJ ODQJVDP³ ,,= ^F M` 'LH 6WHWLJNHLW HLQHU *UHQ]IXQNWLRQ I DQ GHU 6WHOOH [ GUFNW VLFK DXV LQ OLP [ĺ [ I [ OLP
Qĺ
OLP [ĺ [ OLP
Qĺ
OLP [ĺ [ IQ[
IQ[ OLP
Qĺ
IQ[
I [
GHU 9HUWDXVFKEDUNHLW YRQ )XQNWLRQHQ XQG )XQNWLRQVOLPHV 'DVV GDIU GLH JOHLFKPlLJH .RQYHUJHQ] QLFKW QRWZHQGLJ LVW EHOHJWHQ *DVWRQ 'DUERX[ XQG *HRUJ &DQWRU VFKRQ IUK PLW %HLVSLHOHQ V ,,= $XV JXWHP *UXQGH VHL YHUGHXWOLFKW ZDV GLHVHU QHJDWLYH %HIXQG EH VDJW XQG ZDV QLFKW ,P 5DKPHQ GHU .RQYHUJHQ] Ä IQ[ ń I [ IU MHGHV [ , ³ EHGHXWH * IQ NRQYHUJLHUW DXI , JOHLFKPlLJ JHJHQ I 6 I LVW VWHWLJ DXI , :DKU LVW
* 6 GDV KHLW
)DOVFK LVW
6 * GDV KLHH 6 JLOW QXU ZHQQ * JLOW * LVW QRWZHQGLJ IU 6
6 JLOW ZHQQ * JLOW
* LVW KLQUHLFKHQG IU 6
'HQQRFK VW|W PDQ LPPHU ZLHGHU GDUDXI GDVV GLH *OHLFKPlLJNHLW DOV HLQH QRWZHQGLJH %H GLQJXQJ KLQJHVWHOOW ZLUG VHL HV NROORTXLDO^I` VR QLFKW PLQGHU IDOVFK 1DFK GHP VDORSSHQ 0RWWR Ä.DQQ PDQ HLQH 9RUDXVVHW]XQJ QLFKW HLQIDFK ZHJODVVHQ VR LVW VLH QRWZHQGLJ³ ^NE` 2GHU JDU SHUV|QOLFK PRWLYLHUW Ä1RWZHQGLJ LVW ZDV LFK ]XP %HZHLVH Q|WLJ KD EH³ ,Q 6DFKHQ Ä1RWZHQGLJNHLW YRQ *³ VLHKH EHL ^HIOF` XQG QLFKW PDO PLW $QDORJLH ]X HQWVFKXOGLJHQ EHL ^E` (QWVSUHFKHQG XQG ]ZDU LQ MHGHU +LQVLFKW YHUKlOW HV VLFK PLW GHU ,QWHJULHUEDUNHLW GHV JOHLFKPlLJHQ /LPHV LQWHJULHUEDUHU )XQNWLRQHQ ,,=(QGH E
D
E
OLP Qĺ D IQ[ G[
OLP Qĺ IQ[ G[
VSLHOHQ GLH IQ[ GLH 5ROOH YRQ 3DUWLDOVXPPHQ HLQHU 5HLKH ƴȞ
XȞ [ VR QLPPW IROJHQ
GH *HVWDOW DQ E
D ƴ Ȟ
XȞ [ G[
E
D > OLP Qĺ ƴQȞ OLP Qĺ
E
ƴQȞ D
XȞ [ @ G[ XȞ [ G[
E
ƴ X [ G[ Ȟ D Ȟ
0DQ QHQQW GDV VSUDFKOLFK EUXWDO GLH ÄJOLHGZHLVH³ ,QWHJUDWLRQ GHU 5HLKH XQWHU 0LVVEUDXFK GHV $GYHUEV 8QVHU $QOLHJHQ JHERW GLH $QDO\VLV GHV -DKUKXQGHUWV XQWHU GHP *HVLFKWVSXQNW GHU .RQVROLGLHUXQJ ]X EHWUDFKWHQ 'LHVH JLQJ QLFKW OHLFKWHU +DQG DE ZLH ]XOHW]W GDV %HLVSLHO &DXFK\ ]HLJW $XFK GHVVHQ 6WlUNH ODJ LP ,QQRYDWLYHQ ,,;
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,'
+(86(5 >@ ^D` REHQ ^E` ^F` ^G` ^H` I ^I` ÄHQWVFKHLGHQGH 5ROOH³ ./,1( ^D` >@ >@ ^E` ^F` ^G` ^H` ÄQHHG IRU XQLIRUP FRQYHUJHQFH³ ^I` ÄQHHG IRU XQLIRUP FRQYHUJHQFH´ *5$77$1*8,11(66 ^D` ^E` )XQ ^F` ^G` ± (':$5'6 -5 ^D` ^E` ^F` I /h7=(1 ^D` ^E` ^F` ^G` ^H` ^I` ^J` ^K` ^L` ^M` II ^N` OHW]WH =HLOH IDOVFK ^O` ÄQXU³ %285%$., ^D` >@ ^E` >@ ^F` >@ ^G` >@ ^H` >@ /(%(6*8( 6285&( %22. >@ %LUNKRII ^D` ^E` I ^F` ^G` I '8*$& ^D` ^E` ^F` REHQ ^G` ^H` ^I` ^J` XQWHQ &$8&+< >@ $%(/ ¯895(6 6\ORZ /LH I )XQRWH %2@ ^D` ^E` ÄRQO\ LI³ IDOVFK :8,1* $512/' ^D` ^E` ± 3233 :8,1* I &$-25, ^D` I ^E` ÄEHFDPH QHFHVVDU\³ " ^F` ÄRQO\ ZKHQ³ IDOVFK 5,(0$11 ^D` >@ ± ^E` >@ $QPHUNJ LQ ^I` IDOVFKH 6HLWH ^F` >@ 1RWL] Y
)U hEHUUDVFKXQJHQ JXW GLH ÄXQEHUHFKHQEDUHQ³ WULJRQRPHWULVFKHQ 5HLKHQ
6FKZHUOLFK NDQQ PDQ DXI]lKOHQ ZDV VLFK DOOHV ELV ]XP (QGH GHV -DKUKXQGHUWV YROO]RJ RGHU DQEDKQWH LQVEHVRQGHUH LQ GHU $QDO\VLV 1LFKW ]XOHW]W YRQ GHUHQ 6WDQG ]HXJW 'DYLG +LO EHUWV EHUKPWHU .DWDORJ GHU ZDUWHQGHQ 3UREOHPH PLW GHQHQ HU GLH -DKUKXQGHUWZHQGH DXI HLQHP .RQJUHVV LQ 3DULV IHLHUWH^` 'RFK ZDUWHWH QRFK PDQFK 8QHUZDUWHWHV .DXP LVW YRQ HLQHP *HJHQVWDQG GHU QHXHUHQ $QDO\VLV HLQH VR YLHOIlOWLJH XQG QDFKKDOWLJH :LUNXQJ DXVJHJDQJHQ ZLH YRQ GHQ EHUHLWV 'DQLHO %HUQRXOOL^` XQG (XOHU EHJHJQHWHQ 5HLKHQ GHU *HVWDOW f
F N
DN FRV N [ EN VLQ N [ HWZD ± S d [ S
GHQ ÄWULJRQRPHWULVFKHQ³ $OV )RXULHU PLW LKQHQ GLH :lUPHOHLWXQJ XQWHUVXFKWH QlPOLFK GHQ =HLWYHUODXI GHU 7HPSHUDWXUYHUWHLOXQJ EHL XQVWHWLJHU $XVJDQJVODJH GD VWLH HU DXI 6RQ GHUEDUHV 'LH ZRKOJHIRUPWHQ 5HLKHQ VLQG VRIHUQ VLH NRQYHUJLHUWHQ K|FKVW HLJHQZLOOLJHU 8QVWHWLJNHLWHQ IlKLJ 0LW GLHVHU 8QDUW HPSIHKOHQ VLH VLFK DOV .DQGLGDWHQ IU GLH $QSDVVXQJ
7HLO , =HLWHQ XQG =HLWJHLVWHU
DQ ZLOONUOLFKH $QIDQJVEHGLQJXQJHQ .RQQWHQ )RXULHUV (UJHEQLVVH DXFK PDWKHPDWLVFK QLFKW EHU]HXJHQ GLH YRQ LKP EHLJHEUDFKWHQ %HLVSLHOH ZDUHQ XQDEZHLVEDU 1DWXUD QRQ IDFLW VDOWXV :DUHQ QXQ JHZLVVH Ä)XQNWLRQHQ³ DOV QLFKW QDWXUJHPl ]X UFN]XZHLVHQ RGHU VROOWH VLFK GHU )XQNWLRQVEHJULII QDFK LKQHQ ULFKWHQ" 'DQQ PVVWH PDQ LKQ OLEHUDOLVLHUHQ /HW]WHUHV WDW 3HWHU *XVWDY /HMHXQH 'LULFKOHW GHU VHOWVDPH =XQDPH HQWVWDQG DXV /H -HXQH GL 5LFKOHWWH 'DV ZDU JHJHQ ELV GDKLQ OLH VLFK LQ GHQ /HKUEFKHUQ NHLQ YRQ +LQWHUJHGDQNHQ IUHLHU )XQNWLRQVEHJULII ILQGHQ 'HU %HLIDOO ZDU GQQ 9LHOH HQWUVWHWH ZHOFK ÄNUDQNKDIWH³ *HELOGH GD OHJDOLVLHUW ZHUGHQ VROOWHQ 'RFK ZDUHQ HV MD QLFKW QXU NQVW OLFK ]X GHP =ZHFN NRQVWUXLHUWH VXVSHNWH 6lW]H ]X ZLGHUOHJHQ XQG %HJULIIH LQ LKUH 6FKUDQ NHQ ]X ZHLVHQ :DV IU VFK|QH )XQNWLRQHQ KDWWH PDQ GRFK YRU XQG ]X (XOHUV =HLW JHIXQGHQ RGHU HUIXQGHQ 'HU .RQWUDVW ]X GHQ 3RWHQ]UHLKHQ NRQQWH QLFKW JU|HU VHLQ QLFKW EOR ZHLO VLFK GLHVH EHOLHELJ RIW GLIIHUHQ]LHUHQ ODVVHQ
:HOWHQ WUHQQHQ GDV P|JOLFKH 9HUKDOWHQ WULJRQRPHWULVFKHU 5HLKHQ XQG GLH =ZlQJH GHQHQ 3RWHQ]UHLKHQ XQWHUOLHJHQ (UVWHUH N|QQHQ XQVWHWLJH )XQNWLRQHQ ELOGHQ NRQYHUJHQWH 3RWHQ] UHLKHQ EHVLW]HQ $EOHLWXQJHQ EHOLHELJHU 2UGQXQJ DXHUGHP VLQG VLH EHUHLWV GXUFK GLH :HUWH DXI HLQHP EHOLHELJ NOHLQHQ 7HLOLQWHUYDOO LKUHV .RQYHUJHQ]EHUHLFKV IHVWJHOHJW 'DV KlQJW GDPLW ]XVDPPHQ GDVV GLH .RHIIL]LHQWHQ GHU EHLGHQ $UWHQ YRQ 5HLKHQ LQ VR]XVDJHQ JUXQG YHUVFKLHGHQHU %H]LHKXQJ ]X GHQ GDUJHVWHOOWHQ )XQNWLRQHQ VWHKHQ 1lPOLFK VR YHUVFKLHGHQ ZLH GLH EHLGHQ 2SHUDWLRQHQ GHV &DOFXOXV 'LH .RHIIL]LHQWHQ Q
HLQHU ]X I [ NRQYHUJHQWHQ 3RWHQ]UHLKH ƴ N
DN [ [ N JHKHQ DXV I GXUFK 'LIIHUHQ]LHUHQ
KHUYRU V ,&(QGH :LUG GLH )XQNWLRQ I GDJHJHQ YRQ HLQHU 5HLKH JHELOGHW VR HUJLEW VLFK ]ZLVFKHQ I XQG GHQ .RHIIL]LHQWHQ LQ XQWHU 8PVWlQGHQ ZLH GHU JOHLFKPlLJHQ .RQYHUJHQ] GLH ,QWHJUDOEH]LHKXQJ F
S
S
±S
I W GW DN
S
S
±S
I W FRV N W GW EN
S
S
±S
I W VLQ N W GW
GHU (XOHU)RXULHUVFKHQ )RUPHOQ (LQHU )XQNWLRQ I GHUHQ ,QWHJUDOH H[LVWLHUHQ RUGQHW PDQ GLH IRUPDOH )RXULHUUHLKH ]X 'DV OlVVW IUDJHQ RE GLHVH 5HLKH EHUKDXSW RGHU JDU JHJHQ :HUWH I [ NRQYHUJLHUH 5HSURGX]LHUW VLH DOOH )XQNWLRQVZHUWH GDQQ OLHJW HLQH )RXULHUHQWZLFNOXQJ YRQ I YRU %HL JLQJ PDQ ]XQlFKVW YRQ VWFNZHLVH VWHWLJHQ GDQQ YRQ 5LHPDQQLQWHJULHUEDUHQ ,QWHJUDQGHQ DXV 1HXH ,QWHJUDOEHJULIIH HUVFKORVVHQ GHU )RXULHUUHLKHQ7KHRULH QHXH )XQNWLRQVNODVVHQ 1lKHUHV LQ ,,ST@ $ Ԍ S $T
S $ T
'LH *HVDPWKHLW GLHVHU 2SHUDWRUHQ >ST@ ELOGHW HLQH NRPPXWDWLYH *UXSSH VLHKH GD]X >UV@ ɿ >ST@ $ Ԍ >UV@ S $ T
US $ TV
'LH 'HILQLWLRQ GHFNW VLFK PLW T >ST@ $@ NOLGLVFKHQ 3URSRUWLRQ V ,$ ,,% ST
>US TV @ $
S $ XQG GLHV ZLHGHUXP LVW $XVGUXFN GHU HX
>ST@ $ $
ZDV DEHU KHLW 'DV %LOG YRQ $ XQWHU >ST@ LVW HLQH YLHUWH 3URSRUWLRQDOH
1XQ ZHUGHQ DOOJHPHLQ GLH 0HQJHQ MHZHLOV XQWHUHLQDQGHU DUWJOHLFKHU *U|HQ ]XJUXQGH JH OHJW =XQlFKVW VHL HLQH VROFKH 0HQJH DXVHUVHKHQ DOV 'HILQLWLRQVEHUHLFK ' IU 2SHUDWRUHQ >34@ « ]X GLHQHQ GHUHQ MHGHU PLWWHOV LKUHUVHLWV XQWHUHLQDQGHU DUWJOHLFKHU *U|HQ 3 4 « QDFK GHP 0XVWHU YRQ GXUFK GLH )RUGHUXQJ Ä >34@ $
% LVW HLQ]LJH /|VXQJ YRQ 3 4
%$³
GHILQLHUW ZHUGHQ VROO 'LHV JDUDQWLHUHQ GLH ([LVWHQ] XQG GLH (LQGHXWLJNHLW GHU YLHUWHQ 3UR SRUWLRQDOH VHLQHU]HLW PHKU RGHU PLQGHU H[SOL]LW XQWHUVWHOOW V ,,& 0HKU EUDXFKW HV QLFKW XQG GDPLW XQWHUVFKHLGHW VLFK GLH .RQVWUXNWLRQ YRQ GHP YRUDXVJHKHQGHQ 0XVWHUEHLVSLHO 'DQN (XGR[RV EUDXFKHQ GLH 3 4 « QLFKW NRPPHQVXUDEHO ]X VHLQ
7HLO , =HLWHQ XQG =HLWJHLVWHU
'LH 2SHUDWRUHQ LQ ZHUGHQ YRQ XQVHUHU %UXFKUHFKQXQJ YHUZDOWHW GLH GRUWLJH *UXSSH VSLHJHOW VLFK YHUP|JH LQ GHU PXOWLSOLNDWLYHQ *UXSSH GHU SRVLWLYHQ UDWLRQDOHQ =DKOHQ $XFK GLH 2SHUDWRUHQ >34@ « ELOGHQ HLQH NRPPXWDWLYH *UXSSH KLHU ZHUGH ZLHGHU QXU GDV .RPPXWDWLYJHVHW] YHULIL]LHUW PLW (XNOLGV 3URSRUWLRQHQOHKUH >56@ ɿ >34@ $ ԍ & PLW DOVR 3 4 %$
>34@ $ ԍ % XQG 5 6
XQG >56@ % &%
&
>34@ ɿ >56@ $ ԍ & c PLW >56@ $ ԍ % c DOVR 5 6 % c $ XQG 3 4
XQG >34@ %c &c %c
&c
% $
&c %c
&%
%c $
% $
&c %c
& %c
% $
HUJHEHQ 34
56
&c %c QDFK ^` XQG GDPLW &
& %c
& c ZHJHQ (LQGHXWLJNHLW GHU YLHUWHQ 3URSRUWLRQDOH
-HQH 0HQJHQ ' ZLH DXFK GLH GHU 3 4 « VLQG EORH 9HKLNHO GLH MHZHLOV NRQVWUXLHUWHQ 2SHUDWRUJUXSSHQ ODVVHQ VLFK LGHQWLIL]LHUHQ XQG ELOGHQ ÄGHQ DOOJHPHLQHQ 2SHUDWRUEHUHLFK³^I` Ä4XH VHV UDSSRUWV >QlPOLFK GLH Ä>34@³@ IRUPHQW XQ GRPDLQH G¶RSpUDWHXUV SRXU WRXWH HVSqFH GH JUDQGHXU pTXLYDXW j O¶D[LRPH « GH O¶H[LVWHQFH GH OD TXDWULqPH SURSRUWLRQHOOH «³ 'DV )D]LW Ä/H GRPDLQ G¶RSpUDWHXUV XQLYHUVHO DLQVL FRQVWUXLW pWDLW GRQF SRXU OHV PDWKpPDWLFLHQV JUHFV O¶pTXLYDOHQW GH FH TX¶HVW SRXU QRXV O¶HQVHPEOH GHV QRPEUHV UpHOV LO HVW FODLU G¶DLOOHXUV TX¶DYHF O¶DGGLWLRQ GHV JUDQGHXUV HW OD PXOWLSOLFDWLRQ GHV UDSSRUWV GH JUDQGHXUV LOV SRVVp GDLHQW O¶pTXLYDOHQW GH FH TX¶HVW SRXU QRXV OH FRUSV GHV QRPEUHV UpHOV «³ Ä,O HVW FODLU «³ í PDQ GDUI IUDJHQ RE GDV VFKRQ NODU JHKH PLW XQVHUHU 9ROOVWlQGLJNHLW" +LHUDQ VFKOLHW GLH )UDJH Ä2Q SHXW G¶DXWUH SDUW VH GHPDQGHU V¶LOV DYDLHQW FRQoX FHV HQVHPEOHV « GHV JUDQ GHXUV « RX « GHV UDSSRUWV GH JUDQGHXUV FRPPH FRPSOHWV j QRWUH VHQV «³ XQG GLH $QW ZRUW Ä« RQ QH YRLW SDV ELHQ DXWUHPHQW SRXUTXRL LOV DXUDLHQW DGPLV « O¶H[LVWHQFH GH OD TXDWULqPH SURSRUWLRQQHOOH «³ 'HGHNLQG VWHOOW LQ $EUHGH GDVV Ä>VHLQH@ 3ULQ]LSLHQ ZHQQ DXFK LQ DQGHUHP *HZDQGH GRFK YROOVWlQGLJ LQ (XNOLGV (OHPHQWHQ HQWKDOWHQ VHLHQ³^F`
(QGH GHV -DKUKXQGHUWV ZDU HUUHLFKW GLH LUUDWLRQDOHQ =DKOHQ DXV GHQ UDWLRQDOHQ ]X EHJUQ GHQ /HW]WHUH JHZLQQW PDQ OHLFKW DXV GHQ GXUFK GLH $[LRPH 3HDQRV^F` VWUXNWXULHUWHQ QDWUOL FKHQ =DKOHQ^D` )XQGDPHQWDOLVWHQ ZROOWHQ EHUHLWV GLHVH QLFKW DOV JRWWJHJHEHQ KLQQHKPHQ ZDV .URQHFNHU LKQHQ LPPHUKLQ NRQ]HGLHUWH GHU /RJLNHU )UHJH ]DXEHUWH VLH DXV GHU OHHUHQ 0HQJH %RXUEDNL KHEW KHUYRU GDVV VLFK QLFKW HUVW GLH UHHOOHQ =DKOHQ LQ LKUHU .RQVWUXNWLRQ
,' -DKUKXQGHUW JROGHQHV XQG NULWLVFKHV GHU $QDO\VLV
DXI GLH IUDJZUGLJ JHZRUGHQH 0HQJHQOHKUH VWW]HQ XQG GDVV IU GLHVHV )XQGDPHQW NHLQ (UVDW] EHUHLW VWHKH^J` %HGHQNHQ VROFKHU $UW EHQHQQHQ 7LWHO XQG hEHUVFKULIWHQ ZLH Ä0$7+(0$7,&6 ± 7KH /RVV RI &HUWDLQW\³^E` Ä)URP &HUWDLQW\ WR )DOOLELOLW\³^D` Ä:KDW LV 0DWKHPDWLFV UHDO O\"³^` 6LHKH GD]X ,&$QIDQJ 'LH 0HQJHQOHKUH PLW LKUHQ JHZDJWHQ .RQVWUXNWHQ XQG LQKlUHQWHQ 3DUDGR[LHQ HUZLHV VLFK DXI ]ZHLHUOHL :HLVH ÄVFKZLQGHOHUUHJHQG³ 0DQ KDWWH GLH 5FNNHKU ]XU 6WUHQJH JHIHLHUW GLH :HQGH ]XP -DKUKXQGHUW EUDFKWH (UQFKWHUXQJ .OLQH DXI 3DUDGR[LVFK Ä7KHUH LV QR ULJRURXV GHILQLWLRQ RI ULJRU³^F` %HZHLVH 5FNJUDW XQVHUHU 0DWKHPDWLN PVVHQ VLFK LQ]ZLVFKHQ JHIDOOHQ ODVVHQ UHODWLYLHUW ]X ZHUGHQ 'HU 0DWKHPD WLNHU *+ +DUG\ ZLUG VDJHQ Ä7KHUH LV VWULFWO\ VSHDNLQJ QR VXFK WKLQJ DV PDWKHPDWLFDO SURRI «³^G` 'LH VWlUNVWH (UVFKWWHUXQJ JLQJ DXV YRP JU|WHQ 0DWKHPDWLN3KLORVRSKHQ GHU OHW]WHQ PLQGHVWHQV KXQGHUW -DKUH YRQ .XUW *|GHO^E` 9ROOVWlQGLJNHLW VR KLH GHU JOFNKDIWH %H IUHLXQJVVFKODJ LP -DKUKXQGHUW GHP ]ZDQ]LJVWHQ EHVFKHUWH *|GHO HLQ 0HQHWHNHO GLH Ä8QYROOVWlQGLJNHLW´ 6HLQH %RWVFKDIW LVW VR]XVDJHQ GLH Ä.ULWLN GHV UHLQHQ 9HUWUDXHQV³ LQ GLH D[LRPDWLVFKH 0HWKRGH 6LHKH HWZD ^D` Ä9ROOVWlQGLJNHLW³ LQ *|GHOV :RUWHQ ^E` )ODSVLJ JHVDJW (LQ 6WFN ÄYHUQQIWLJH³ 0DWKHPDWLN LQ $[LRPH HLQ]XEHWWHQ LVW MHGH 'HFNH ]X NXU] VR YLHO PDQ DXFK DQVWFNHQ PDJ +LOEHUW ZXUGH YRQ *|GHO DXV VHLQHQ =XNXQIWVWUlX PHQ JHULVVHQ^F` +DWWH GLH S\WKDJRUHLVFKH .DWDVWURSKH GDV :HOWELOG HLQHU 6HNWH ]HUEUHFKHQ ODVVHQ VR JLQJ HV MHW]W XP QLFKW ZHQLJHU DOV GLH PDWKHPDWLVFKH :DKUKHLW VFKOHFKWKLQ XP HLQHQ OHW]WHQ 0\WKRV 'LHVHQ =HLWJHLVW ZLUG PDQ QLH PHKU JDQ] YHUVFKHXFKHQ N|QQHQ (LQH =HLWODQJ JDOW HU DOV *HVSHQVW VFKRFNWH GLH 0DWKHPDWLNHU KDW VLH DEHU QLFKW YRQ GHU 0DWKHPDWLN DEEULQJHQ N|QQHQ *HQDXHU YRP 0DWKHPDWLVLHUHQ VR ZLH HV VLFK PLW GHP 3KL ORVRSKLHUHQ XQG GHU 3KLORVRSKLH YHUKlOW 'DIU KDWWHQ LKUH $KQHQ ]X YLHO JXWH 0DWKHPDWLN KHUYRUJHEUDFKW $EJHNOXQJHQ LVW GDV )LHEHU GHU 6XFKH QDFK HQGJOWLJHU *UXQGODJH PDQ KDW VLFK GDPLW DEJHIXQGHQ (V JLEW VLH QLFKW 7UHIIHQG VFKHLQW GHU 9HUJOHLFK GHQ -RKDQQ YRQ 1HXPDQQ^` ]LHKW 'LH 0DWKHPDWLN LVW QLFKW VFKOHFKWHU DOV GLH 7KHRUHWLVFKH 3K\VLN 'UXP ]XP 6FKOXVVZRUW 'HU *UXQGVWHLQ ZDFNHOW DEHU HU WUlJW (LQH JDQ]H 6XENXOWXU ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
+(86(5 >@ ^D` ^E` ^F` XQWHQ ^G` )XQ ^H` I ^I` 0LWWH 9$1 '(5 :$(5'(1 (':$5'6 -5 ^D` ^E` I ^F` %285%$., >@ ^D` ^E` I ^F` ^G` II±± ^H` >@ ^I` >@ I±± ^J` >@ I )XQ %2@ ^D` 0LWWH ^E` ^F` .521(&.(5 ^D` ^E` )XQ ./,1( ^D` >@ I ^E` >@ ^F` >@ REHQ ^G` >@ 35,1*6+(,0 ^D` ± ^E` )XQ ^D` /$1'$8 ^E` 3(5521 ± 9$1 52276(/$$5 &$-25, ± %(&.(5 >@ ^D` I ^E` REHQ ^F` II
^` ^` ^` ^` ^` ^` ^`
7HLO , =HLWHQ XQG =HLWJHLVWHU 6725&+ :,(%( (8./,' / / '$9,6 +(56+ ^D` >@ &KDS ± >@ .DS ± ^E` >@ >@ +(56+ (33/( ± *g'(/ ^D` ± ^E` 0LWWH ^F` II 921 1(80$11 I
,(
1DFK/HVH
,(
9RP 6LQQHVZDQGHO GHU $QDO\VLV
Ä6R ,KU 0DQQ PDFKW $QDO\VLV ZDV DQDO\VLHUW HU GHQQ"³ 9RONVWPOLFK LVW GDV QLFKW JHUDGH ZRPLW 0DWKHPDWLNHU GDV :RUW EHVHW]HQ $XFK ZHQQ PDQ GHVVHQ %HGHXWXQJ ZHQLJHU HQJ IDVVW DOV 'DYLV XQG +HUVK^` HV WXQ ÄWKH PRGHUQ RXWJURZ RI GLIIHUHQWLDO DQG LQWHJUDO FDOFX OXV³ ,P 6LQQH HLQHU KLVWRULVFKHQ (LQKHLW PDJ Ä$QDO\VLV³ GHQ &DOFXOXV XQG DXFK VHLQHQ LP 6FKR GHU *HRPHWULH ODQJH VFKOXPPHUQGHQ 6SURVV HLQVFKOLHHQ =X NODVVLVFKHU 9RU]HLW ZDU D¶ QDȜǘVL9 QRFK JDQ] ZDV DQGHUHV ZHVKDOE VLH LQ XQVHUHP 7H[W JHOHJHQWOLFK XQG MH QDFKGHP DXI *lQVHIFKHQ GDKHUNRPPW 9RQ 3ODWRQ LQ GLH :HOW JHVHW]W HUIUHXWH VLH VLFK EHL 3KLORVR SKHQ XQG 0DWKHPDWLNHUQ UHJHU 6HOEVWEHGLHQXQJ^D` 3ODWRQV ÄDQDO\WLVFKH 0HWKRGH³^DE` ZDU DOV ORJLVFKHU :HJZHLVHU JHGDFKW )U GHQ YRQ (XGR[RV LQVSLULHUWHQ (XNOLG EHGHXWHQ $QDO\VLV XQG 6\QWKHVLV NRPSOHPHQWlUH 7HFKQLNHQ HL QHQ %HZHLV ]X ILQGHQ E]Z ]X IKUHQ 'LH $XVJDQJVSXQNWH VLQG Ä=XJUXQGHOHJXQJ GHV *H IUDJWHQ DOV DQHUNDQQW «³ E]Z Ä=XJUXQGHOHJXQJ GHV $QHUNDQQWHQ «³ MHZHLOV ÄXP VHLQHU DXI DQHUNDQQW :DKUHV³ E]Z ÄDXI « (UJUHLIXQJ GHV *HIUDJWHQ IKUHQGHQ )ROJHUXQJHQ ZLO OHQ³^DE ` 'XUFK Ä$QDO\VLV³ ZLUG GDV =LHO ELV DXI :DKUHV ]XUFNYHUIROJW GXUFK Ä6\QWKHVLV³ DXV :DKUHP HUVFKORVVHQ Ä]XVDPPHQJHIJW³ :DV EH]ZHFNW HLQ 5FNYHUIROJHQ ZDV OHLVWHW VR HLQH $QDO\VLV" )ROJHUXQJHQ GLH GDV =LHO ]XJUXQGH OHJHQ KDEHQ VHOEVW NHLQH %HZHLVNUDIW N|QQHQ QXU HLQ IDOVFKHV =LHO ZLGHUOHJHQ $QGHUV ZlUH HV EHVWQGHQ GLH 6FKULWWH DXV 7HLO]LH OHQ ZHOFKH PLW GHP (QG]LHO EHJLQQHQG GHU 6FKOXVV Ä« JLOW IDOOV « JLOW³ PLWHLQDQGHU YHU ELQGHW *OFNOLFK HQGHQGH ÄDQDO\WLVFKH³ )ROJHUXQJHQ VWLIWHQ HUVW GDQQ HLQHQ %HZHLV ZHQQ PDQ VLFK OFNHQORV LKUHU 8PNHKUEDUNHLW YHUVLFKHUW (XNOLGV $QDO\VLV LVW +HXULVWLN 1LFKW QXU GHU 6FKOHU GHU HLQH DOJHEUDLVFKH *OHLFKXQJ O|VW EHOlVVW HV JHUQ EHLP DUJORVHQ =XUFNUHFKQHQ GHU 8UVSUXQJVEHGHXWXQJ YRQ Ä$OJHEUD³ V ,% VR GDVV VLFK KHUN|PPOLFKHV $QDO\VLHUHQ QRFK ]X 9LHWDV =HLW PLW DOJHEUDLVFKHP 2SHULHUHQ YHUEDQG 'DQQ DOV GDV V\VWH PDWLVFKH $UEHLWHQ PLW GHP 8QHQGOLFKNOHLQHQ )UFKWH WUXJ DOV PDQ PLW VHLQHU +LOIH GLH *HR PHWULH PLW DQGHUHQ 0LWWHOQ IRUW]XVHW]HQ PHLQWH ZDU GDV DEHUPDOV HLQ $QDO\VLHUHQ &DYDOLHUL XQG VHLQHVJOHLFKHQ JLQJHQ DOJHEUDLVFK GDPLW XP XQG YHUEXFKWHQ EHDFKWOLFKH (UIROJH 'DPLW
,( 1DFK/HVH
EDKQWH VLFK XQVHUH 6LQQJHEXQJ GHV :RUWHV DQ %H]HLFKQHQG IU GLH DOJHEUDLVFKH +HUNXQIW GHU $QDO\VLV LVW GDVV GHU NDONXOLHUHQGH (XOHU VHLQ JUXQGOHJHQGHV /HKUEXFK HLQH (LQIKUXQJ LQ GLH Ä$QDO\VLV GHV 8QHQGOLFKHQ³ QHQQW ,& (U WULHE VLH DXI GLH LKP HLJHQWPOLFKH :HL VH ,,: 'HQQRFK ]lKOWH GHU $QDO\VW ]X GHQ *HRPHWHUQ ± HLQH (KUHQEH]HLFKQXQJ QRFK ELV LQV -DKUKXQGHUW VRJDU IU 0DWKHPDWLNHU VFKOHFKWKLQ :LU VDKHQ DQGHUVHLWV ZLH MHQHU VWUHLWEDUH LULVFKH %LVFKRI GHQ ³$QDO\VW³ ]X GLVNUHGLWLHUHQ YHUVXFKW KDWWH ,& 'HVFDUWHV¶ DOJHEUDLVLHUWH *HRPHWULH KLH VSlWHU ÄDQDO\WLVFK³ ZDV VHLQHU (LQVWHOOXQJ ]X GLHVHU $QDO\VLV ]XZLGHUOLHI XQG VFKRQ JDU QLFKW EHGHXWHQ NRQQWH 'HVFDUWHV KlWWH GLH *HRPH WULH GHQ DQDO\WLVFKHQ 7HFKQLNHQ |IIQHQ ZROOHQ 'DV NODVVLVFKH :RUWSDDU ZDU KLHU QXU DXVJH ERUJW $QDO\WLVFKH *HRPHWULH PHLQWH GHQ *HJHQVDW] ]XU V\QWKHWLVFKHQ VSULFK ]DKOHQORVHQ *HRPHWULH 1DFKGHP VLFK $QDO\VLV XQG $OJHEUD YRQHLQDQGHU HPDQ]LSLHUW KDWWHQ NRQNXUULHUWHQ VLH PLWHLQDQGHU -HQH PDFKWH GHU $OJHEUD GLH 5ROOH VWUHLWLJ GLH LKU QDFK 'HVFDUWHV¶ $QVLFKW LQ GHU *HRPHWULH ]XVWDQG HLQ -DKUKXQGHUW VSlWHU PLVFKWH VLFK (XOHUV $OJHEUD LQ GLH $QDO\VLV HLQ LQ GHU HU GLH )RUWVHW]XQJ GHU $OJHEUD DXI DQGHUHU (EHQH VDK /DJUDQJH ZROOWH GLH RIIHQH :XQGH GHU $QDO\VLV DOJHEUDLVFK NXULHUHQ $OO GDV ]HLJW 9HUWUDXHQ LQ GLH $OJHEUD ]XQHK PHQG ZLUG VLH IDYRULVLHUW 'RFK KDWWH DXFK VLH LKUH JUXQGVlW]OLFKHQ 6FKZLHULJNHLWHQ VFKRE VLH YRU VLFK KHU ,KUH 0HLVWHU KDQWLHUWHQ ± HUIROJUHLFK ZLH GLH GHU $QDO\VLV ± PLW 'LQJHQ GLH VLH DXV KHXWLJHU 6LFKW ÄLP *UXQGH QLFKW YHUVWDQGHQ³ ^` ^` ^`
,(
'$9,6 +(56+ ^D` +$1.(/ ^E` 7+,(/( (8./,' I ;,,, / D &DMRUL
=XU Ä/HKUH YRQ GHQ *U|HQ³
=XP JULHFKLVFKHQ (UEH JHK|UWHQ GLH *U|HQ LP JHRPHWULVFKHQ 6LQQ %LV LQ GLH /H[LND XQVH UHU 7DJH KlOW VLFK GHU 6ORJDQ YRQ 0DWKHPDWLN DOV GHU /HKUH YRQ GHQ *U|HQ LQNOXVLYH GHU =DKOHQ RGHU JDU PLW LKQHQ LGHQWLVFK JHPHLQW (LQ 0LVVYHUVWlQGQLV GDV XQVHUHU :LVVHQVFKDIW +RKQ VSULFKW DQJHIDQJHQ GDPLW GDVV HV GLH $EVWUDNWLRQHQ LJQRULHUW GLH GLH *HJHQVWlQGH GHV 0HVVHQV XQG 5HFKQHQV VFKRQ VHLW ODQJHP HUIDKUHQ $P (QGH XQVHUHU (QWZLFNOXQJVJHVFKLFK WH VWHKH Ä'DV (QGH GHU *U|HQOHKUH³ ZLH HV LQ ^` KHLW 3KLORVRSKLHUHQGH *ULHFKHQ YHUJOLFKHQ *U|HQ UHFKQHWHQ QLFKW GDPLW ,$ X ,KUH =DKOHQ ZDUHQ YRUHUVW 7UlJHU YRQ (LJHQVFKDIWHQ XQG (LJHQDUWHQ VLH ZDUHQ WHLOEDU ILJXULHUW P\VWLVFK XQG VLH GLHQWHQ GHQ *U|HQ DOV YHUYLHOIDFKHQGH XQG WHLOHQGH 2SHUDWRUHQ 'DEHL VDK PDQ VLH ]XQlFKVW QDLY XQG LUUWPOLFK GLH 9HUKlOWQLVVH JHRPHWULVFKHU *U|HQ UHJHOQ ,Q QHXHU =HLW ZHUGHQ *U|HQ VHOEVW EH]LIIHUW 8QVHUH 0DWKHPDWLN EHVFKlIWLJW =DKOHQ LQ YLHOHUOHL 5ROOHQ LP 5ROOHQIDFK $QDO\VLV $OJHEUD 0HQJHQOHKUH *HRPHWULH 'HQ (OHPHQWHQ GHU $OJHEUD KDIWHW QLFKWV Ä*URHV³ DQ GLH /HKUH YRQ GHQ 0HQJHQ YHUJOHLFKW ]ZDU GHUHQ Ä*U|H³ EHQXW]W DEHU DXV JXWHP *UXQG QLFKW GLHVHV :RUW *U|HQ KHUN|PPOLFKHU $UW KDEHQ
7HLO , =HLWHQ XQG =HLWJHLVWHU
DP HKHVWHQ LQ GHU $QDO\VLV HLQ =XKDXVH GRFK ]HLJHQ VFKRQ GLH *HJHQVWlQGH GHU )XQNWLRQDO DQDO\VLV ZHQLJ 4XDQWLWlW V ,,8(QGH :LU VLQG OlQJVW GDUDQ JHZ|KQW GDVV Ä*U|H³ RIW LQ HLQHP YRQ ZHLW KHU EHUWUDJHQHQ 6LQQH YHUZHQGHW ZLUG
1LFKW QXU IU .URQHFNHU EHJLQQW MHQVHLWV GHU QDWUOLFKHQ =DKOHQ GDV PHQVFKOLFKH =ZHFNGHQ NHQ 'D ZXUGHQ =DKOHQ DXV GHU 1RW JHERUHQ *OHLFKXQJHQ ]X EHIULHGLJHQ %HL GHU :XU]HO DXV ZDU HV QRFK ZLH ]X DOWHQ =HLWHQ 'LH VWHFNWH IHVW LQ JHRPHWULVFKHP %RGHQ VRODQJH LKU GHU QLFKW YRQ GHQ PRGHUQHQ Ä*HRPHWHUQ³ HQW]RJHQ ZXUGH 9LHO VFKOLPPHU VWDQG HV GDPDOV XP GLH ı³ 8QG ZDV ELWWH VROOWH í VHLQ" 0LW DOO GHP PXVVWH PDQ UHFKQHQ VREDOG PDQ UHFKQHWH ÄHV NDP KHUDXV³ 'RFK GXUIWH PDQ GDPLW UHFKQHQ" $FKVHO]XFNHQG WDW PDQ HV /DQJH ZDUHQ GLH QHJDWLYHQ =DKOHQ YHUS|QW 9LHWD ZROOWH QLFKWV YRQ LKQHQ ZLVVHQ $OV :DOOLV XQG (XOHU QHJDWLYH *U|HQ LQ 2UGQXQJ VSULFK *U|HQRUGQXQJ ]X GHQ DQGHUHQ EULQ JHQ ZROOWHQ WUDWHQ VLH GLH )OXFKW QDFK YRUQ DQ XQG SODW]LHUWHQ VLH REHUKDOE GHV 8QHQGOLFK ,& ^D` 1LFKW QDFKYROO]LHKEDU IU XQV GLH ZLU VWlQGLJ PLW 6NDOHQ EHLGHUOHL 5LFKWXQJ XP JHKHQ (LQH QHJDWLYH *U|H VFKLHQ HLQ :LGHUVSUXFK ÄLQ DGLHFWR³ LP $WWULEXW :HQLJHU DOV QLFKWV DOV GLH 1XOO GDV NRQQWH HV QDFK 'HVFDUWHV QLFKW JHEHQ IU LKQ ZDUHQ GLH QHJDWLYHQ :XU]HOQ GLH ÄIDOVFKHQ³ 'HU 3URSRUWLRQ ± ± ZDUI PDQ YRU KLHU YHUKDOWH VLFK .OHLQHUHV ]X *U|HUHP ZLH *U|HUHV ]X .OHLQHUHP
*HJHQ GDV *HERW GHU *U|H YHUVWLHHQ HUVW UHFKW GLH LPDJLQlUHQ =DKOHQ 6LH VSLHOWHQ GLH 5RO OH YRQ 3ODW] KDOWHQGHQ 6WDWLVWHQ GLH PDQ P|JOLFKVW UDVFK ZLHGHU ORV]XZHUGHQ VXFKWH $P HKHVWHQ VDK LKQHQ (XOHU GLH PDQJHOQGH *U|H QDFK 0HKU lUJHUWH LKQ GHUHQ DOJHEUDLVFKH 8Q í í í í ]XYHUOlVVLJNHLW YHUOHW]WHQ VLH GRFK ÄGDV :XU]HOJHVHW]³ ZRQDFK L KlWWH JHOWHQ PVVHQ 8QG HLQ &DXFK\ GHU VHLQH JUDQGLRVH 7KHRULH GHU )XQNWLRQHQ DXI GLH NRPSOH[HQ =DKOHQ JUQGHWH lXHUWH VLFK VR Ä« QLHPDQG ZHL ZDV GDV =HLFKHQ í EHGHXWHW RGHU ZHOFKHQ 6LQQ PDQ LKP JHEHQ VROO³^E` $XJXVW 'H 0RUJDQ VHLQ MQJHUHU =HLW JHQRVVH EHZHUWHW QHJDWLYH XQG LPDJLQlUH =DKOHQ LKUHU UHDOHQ 7DXJOLFKNHLW QDFK DOV JOHLFKHU PDHQ ÄLPDJLQlU³^D` ZHKUW VLFK MHGRFK JHJHQ GLH =XUFNZHLVXQJ YRQ 0HWKRGHQ GLH VLFK QDWUOLFKHUZHLVH HLQVWHOOHQ^F` *DX PHUNW DQ QHJDWLY EHVHW]WH $WWULEXWH KlWWHQ YLHO ]XU $E OHKQXQJ YRQ =DKOHQ EHLJHWUDJHQ^G` $XV QRFK HLQHP DQGHUHQ +RO] ZDUHQ GLH ,QILQLWHVLPDOHQ VHLHQ VLH QXQ %DXVWHLQH RGHU ,Q NUHPHQWH 8QPHVVEDU XQIDVVEDU GHQQRFK ZROOWH PDQ PLW LKQHQ UHFKQHQ GUIHQ XQG WDW HV VR XQJHQLHUW ZLH HUIROJUHLFK 'LH NRPSOH[HQ =DKOHQ KDWWHQ VLFK DP (QGH YROO UHKDELOLWLHUHQ ODV VHQ GLH 'LIIHUHQ]LDOH GDJHJHQ ZDUHQ DXI KHUN|PPOLFKH :HLVH QLFKW ]X UHWWHQ (LQH $QLPDWL RQ GLH GDV 6XJJHVWLYH GHU 6FKHLQJU|HQ ZDKUWH JHODQJ HUVW LQ MQJVWHU =HLW HLQHU Ä1RQ 6WDQGDUG$QDO\VLV³^ D` GDULQ VWHOOWH HLQ HLQZDQGIUHLHU .DONO HLQH Ä'LIIHUHQ]LDOHQUHFK QXQJ³ DXI GLH %HLQH 6ROFKHV 8P,QWHUSUHWLHUHQ LVW QLFKW VHOWHQ^E` 'DUXQWHU IlOOW DXFK GLH 5HFKWIHUWLJXQJ HXOHUVFKHU 5HLKHQ0DQLSXODWLRQHQ ,& RGHU GLH (UUHWWXQJ GHU įÄ)XQN WLRQ³ DXV GHQ +lQGHQ YRQ ([SHULPHQWDOPDWKHPDWLNHUQ
,( 1DFK/HVH
Ä « GRFK KDUW LP 5DXPH VWRHQ VLFK GLH 6DFKHQ³ KHLW HV LUJHQGZR EHL 6FKLOOHU 'LH *U|HQ PLW GHQHQ $OJHEUDLNHU XQG $QDO\WLNHU RSHULHUWHQ KDWWHQ VLFK HUNOHFNOLFK ZHLW YRP SK\VLVFK *HJHQVWlQGOLFKHQ HQWIHUQW (V PXVVWH VLH EHUUDVFKHQ ZLH VHKU VLFK LKUH .RSIJH EXUWHQ LQ GHU $XHQZHOW EHZlKUWHQ )U $OJHEUD XQG $QDO\VLV HLQH ZHLWHUH 5HFKWIHUWLJXQJ DXI lQJVWOLFKH 1DEHOVFKDX YHU]LFKWHW ]X KDEHQ ^` ^` ^` ^`
,(
(33/( ± ./,1( >@ ^D` ^E` ^F` 0LWWH ^G` REHQ 6&+0,('(1 /$8*:,7= 52%,1621 /h7=(1 ^D` I ^E`
1DFK'HQNOLFKHV GLH $QDO\VLV LQ GHU /HKUH
+LOEHUW VROO LQ JURHU 5XQGH JHVDJW KDEHQ Ä'LH 3K\VLN LVW IU GLH 3K\VLNHU YLHO ]X VFKZHU³ GDQQ DOV HLQ &KHPLNHU DXIODFKWH Ä« XQG GLH &KHPLH LVW QXU GHVKDOE VR OHLFKW GDPLW VLH GLH &KHPLNHU YHUVWHKHQ³ :LH GHQ 3K\VLNHUQ VR HUJLQJ HV VHLQHU]HLW GHQ 0DWKHPDWLNHUQ PLW GHP &DOFXOXV 6HLQH 6FK|SIHU QLFKW DXVJHQRPPHQ 'LH KDQGKDEHQ LKQ VRXYHUlQ WDWHQ VLFK DEHU VFKZHU LKQ ]X HUNOlUHQ :DV KlWWHQ EHLGH DQGHUHV WXQ N|QQHQ DOV GLH *UXQGODJH GHV &DOFXOXV DXI VLFK EHUXKHQ ]X ODVVHQ 1HZWRQ KLHOW IDOOV QLFKW DOOH GUHL +|UHU IRUWEOLHEHQ ]HKQ KDOEH 6WXQGHQ 9RUOHVXQJ LP -DKU XQG GDV NHLQHVZHJV EHU VHLQHQ &DOFXOXV /HLEQL] ZDU GHU %HNHQQHUVFKDIW HQWKREHQ ZDU QLH 3URIHVVRU =XU 7KHRULH GHV &DOFXOXV ZXUGH LQ JXW KXQGHUW -DKUHQ HUVWHU 3UD[LV YLHO JHVFKULHEHQ ZH QLJ KDOI HV GHP VXFKHQGHQ (OHYHQ :HQLJ lQGHUWH GDUDQ DXFK GHU YRQ 6HQGHEHZXVVWVHLQ GXUFKGUXQJHQH 9LHOVFKUHLEHU &DXFK\ (LQ %HUXIHQHU ZLH GHU DOOH EHUUDJHQGH *DX HQW]RJ VLFK GHP 5XI JHJHQ SlGDJRJLVFKHQ (LIHU ZDU HU RKQHKLQ LPPXQ 5KPOLFKH $XVQDKPH ZXUGH GDQQ HUVW :HLHUVWUD GHU NDP DXV GHP 6FKXOIDFK 'HU :DKUKHLW XQG .ODUKHLW YHU SIOLFKWHW DUEHLWHWH HU ELV ]XU (UVFK|SIXQJ VFKULHE ZHQLJ VXFKWH YLHOPHKU LQ VHLQHQ 9RUOH VXQJHQ ]X EHU]HXJHQ GLH VLFK GHQQ DXFK ZHLW KHUXPVSUDFKHQ :HOFKH 5HVRQDQ] LKP K|KH UHQ 2UWHV EHVFKLHGHQ VHLQ PRFKWH OlVVW GLH EHVDJWH SUHXLVFKH 6FKXORUGQXQJ DKQHQ GLH GDV 'LIIHUHQ]LHUHQ YHUERW ,& 'D VFKHLQHQ ZLU HV GRFK PLW GHQ *UXQGNHQQWQLVVHQ SHU 6DOGR ZHLWHU JHEUDFKW ]X KDEHQ 'DV *UXQGYHUVWlQGQLV DOOHUGLQJV PXVVWH XQG PXVV QXU ]X RIW KLQWHU GHQ )HUWLJNHLWHQ ]XUFN VWHKHQ %HL GHUHQ (UZHUE LVW DXI /HLEQL] 9HUODVV GHU VWRO] YRQ VHLQHU ]HLWORV QDUUHQVLFKHUHQ *HEUDXFKVDQZHLVXQJ IU 'LIIHUHQ]LDOH VDJWH PLW LKU N|QQH HLQ DUPVHOLJHU .RSI GHQ %HVWHQ VFKODJHQ VR ZLH HLQ .LQG HLQH /LQLH PLW GHP /LQHDO EHVVHU ]LHKH DOV GHU JU|WH 0HLVWHU YRQ +DQG hEHU GLHVH .XQVW +|KHUH 0DWKHPDWLN ]X YHUPLWWHOQ lXHUW HLQ .HQQHU 9ODGLPLU ,JRUH YLFK $UQROG VLH VHL ÄEHVRQGHUV JHHLJQHW PLW LKU $QDO\VLV YRQ /HXWHQ OHKUHQ ]X ODVVHQ GLH VLH QLFKW YHUVWHKHQ IU /HXWH GLH VLH QLH YHUVWHKHQ ZHUGHQ³ /HLGHU LVW PLU HQWIDOOHQ ZR GDV %RQPRW VWHKW 1LFKW 5HVLJQDWLRQ HKHU :XQVFK XQG :HUEXQJ OHVH PDQ GDUDXV 'LH ([HU]LWL HQ PHLQHU 6FKXO]HLW JDEHQ PLU ]X ZQVFKHQ 0DWKHPDWLNOHKUHU ]X ZHUGHQ QlPOLFK ÄQLFKW VR
7HLO , =HLWHQ XQG =HLWJHLVWHU
HLQHU³ ,Q 6FKXOH XQG +RFKVFKXOH HUOHEWH LFK /HKUHU DXV %HUXIXQJ $XFK +RIIHQWOLFK ILQGHQ VLFK DOO]HLW EHJHLVWHUQGH /HKUHU GLH VLFK GHP YHUVWHKHQGHQ /HUQHQ YHUVFKUHLEHQ XQG EHJHLV WHUWH 6FKOHU GLH LKQHQ GDV ]X GDQNHQ ZLVVHQ %HL HLQHP 8QWHUULFKW LQ GHP DXFK GLH JH VFKLFKWOLFKH %HVLQQXQJ LKUHQ 3ODW] KDW
6RYLHO ]XP 7KHPD Ä/HKUH³ LP DNWLYHQ 6LQQ GHV :RUWHV $OV /HKUIDFK JHK|UW GLH 0DWKHPD WLN VHOEVW LQ GLH /HKUH /HLFKWHU DOV EHVVHU LVW DQGHUV DXFK GHIRUPLHUHQ LVW UHIRUPLHUHQ %HL DOOHU 2IIHQKHLW JHJHQ QHXH :HJH XQG ,QKDOWH EOHLEW ]X IUDJHQ YRQ ZHP /HKUH DQ]XQHKPHQ JHERWHQ LVW $XV GHU 1HXHQ :HOW VFKZDSSWH HLQVW HLQH Ä1HZ 0DWK³ DXI GHQ DOWHQ .RQWLQHQW LQ]ZL VFKHQ LVW VLH YHUHEEW $XI GDV .XOWXUJXW YRQ GHP GLHVHV %XFK KDQGHOW KDW HV HLQH *UXSSH PLOLWDQW IRUWVFKULWWOLFKHU 5HIRUPHU DEJHVHKHQ 'HUHQ %HNHQQHUVFKUHLEHQ ^` VSULFKW GHU HKU ZUGLJHQ $QDO\VLV DE OHKUZUGLJ ]X VHLQ 6LH WDXJH ]XP %HLVSLHO ZHQLJ RGHU JDU QLFKW 'LI IHUHQ]LDOJOHLFKXQJHQ ]X O|VHQ :DV ZlUH QDFK QHXHU /HKUH GDV ,QWHJUDO ZHUW" 'DQDFK LVW HV HLQH 6XPPH HUIlKUW VHLQHQ :HUW GXUFK HOHNWURQLVFKH $XVZHUWXQJ Ä$ULVWRNUDWLVFK³ VHL GLH DEJHVWDQGHQH DQDO\WLVFKH 0DWKHPDWLN XQG JHK|UH DEJHO|VW GXUFK &RPSXWHU0DWKHPDWLN GLH VHL ÄGHPRNUDWLVFK³ 3HQJ 'HU .XU]VFKOXVV YRQ 'HPRNULW ]X 'HPRNUDW (LQ .ODVVHQNDPHUDG PLW -DKU]HKQWHQ GHU (UIDKUXQJ DOV 6FKXOOHLWHU JDE PLU GHQ 7URVW HV VHL QRFK NHLQHU 5HIRUP JHOXQJHQ ]X YHUKLQGHUQ GDVV .LQGHU OHVHQ OHUQHQ :DV PLFK JHZLVV OLFK KRIIHQ OlVVW GDVV QRFK UHFKW ODQJH UHFKW YLHOH XQVHUH VFK|QH $QDO\VLV OHUQHQ ZHUGHQ ^`
+2))0$11 -2+1621 /2** 621$5 >@ ±
=HLWWDIHO GHU 3HUVRQHQ /HEHQVVSDQQH
7RGHVMDKU
7KDOHV YRQ 0LOHW 3\WKDJRUDV YRQ 6DPRV =HQRQ YRQ (OHD +LSSRNUDWHV YRQ &KLRV 'HPRNULW 'HPRNULWRV YRQ $EGHUD 3ODWRQ (XGR[RV YRQ .QLGRV $ULVWRWHOHV (XNOLG (XNOHLGHV YRQ 0HJDUD $ULVWDUFKRV YRQ 6DPRV $UFKLPHGHV YRQ 6\UDFRV $SROORQLRV YRQ 3HUJH
§ § § § § § § § §
± § ± § ± § ± ± ± § ± ± § ± § ± ± § ±
+HURQ YRQ $OH[DQGULD .ODXGLRV 3WROHPDLRV 3DSSRV YRQ $OH[DQGULD +\SDWLD YRQ $OH[DQGULD $XJXVWLQXV DO+ZƗUL]PƯ
§ § § §
§ § XP § §
/HRQDUGR YRQ 3LVD Ä)LERQDFFL³ 7KRPDV YRQ $TXLQR Ä$TXLQDV´ 5RJHU %DFRQ
§ § §
!
7KRPDV %UDGZDUGLQH -HDQ %XULGDQ 1LFROH 2UHVPH 2UHVPXV
§ §
§
1LFRODXV YRQ &XVD &XVDQXV -RKDQQHV 0OOHU 5HJLRPRQWDQXV
/HRQDUGR GD 9LQFL 1LFRODXV .RSHUQLNXV
=HLWWDIHO GHU 3HUVRQHQ
0LFKDHO 6WLIHO
§
§
)UDQoRLV 9LqWH 9LHWD -RKQ 1DSLHU 1HSHU :LOOHEURUG 6QHOO 6QHOOLXV -RKDQQHV .HSOHU -RRVW %UJL *DOLOHR *DOLOHL 3DXO *XOGLQ (YDQJHOLVWD 7RUULFHOOL %RQDYHQWXUD &DYDOLHUL 5HQp 'HVFDUWHV %ODLVH 3DVFDO 3LHUUH GH )HUPDW :LOOLDP 1HLO -DPHV *UHJRU\ *LOHV 3HUVRQQH GH 5REHUYDO ,VDDF %DUURZ 7KRPDV +REEHV &KULVWLDDQ +X\JHQV
§ §
5REHUW +RRNH -RKQ :DOOLV *XLOODXPH )$ GH O¶+RVSLWDO -DFRE %HUQRXOOL *RWWIULHG :LOKHOP /HLEQL] 0LFKHO 5ROOH ,VDDF 1HZWRQ %URRN 7D\ORU (GPXQG +DOOH\ *XLGR *UDQGL -RKDQQ %HUQRXOOL *HRUJH %HUNHOH\ $EUDKDP GH 0RLYUH /HRQKDUG (XOHU -HDQOH5RQG G¶$OHPEHUW
-RVHSK /RXLV /DJUDQJH 3LHUUH 6LPRQ /DSODFH 1LHOV +HQULN $EHO -RVHSK %- )RXULHU %HUQKDUG %RO]DQR .DUO )ULHGULFK *DX $XJXVWLQ/RXLV &DXFK\ 3HWHU *XVWDY /HMHXQH 'LULFKOHW
=HLWWDIHO GHU 3HUVRQHQ
$UWKXU 6FKRSHQKDXHU * ) %HUQKDUG 5LHPDQQ +HUPDQQ +DQNHO /HRSROG .URQHFNHU .DUO :HLHUVWUD
*HRUJH *DEULHO 6WRNHV 5LFKDUG 'HGHNLQG -HDQ *DVWRQ 'DUERX[ *HRUJ &DQWRU )HOL[ .OHLQ *XLVHSSH 3HDQR +HQUL /HEHVJXH 'DYLG +LOEHUW %HUWUDQG 5XVVHOO .XUW *|GHO
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH 1DFK 6FKRSHQKDXHU KlOW GHU 0DWKHPDWLNHU GLH XQWHUVWH 6WXIH GHU JHLVWLJ 7lWLJHQ EHVHW]W 9RUZRUW^F` %HL HLQHU 8QWHUSRSXODWLRQ GHUHU DXI GHQ REHUHQ 6SURVVHQ PDJ HU DXFK KHXWH DOV SKDQWDVLHORVHU (UEVHQ]lKOHU JHOWHQ +LHU HLQH 5HLKH YRQ *HJHQEHLVSLHOHQ ]XP 6DW] YRQ 6FKRSHQKDXHU
,,$ 'HPRNULW :LH YLHO 5DXP LVW LQ GHQ 3\UDPLGHQ"
,,$
'HPRNULW :LH YLHO 5DXP LVW LQ GHQ 3\UDPLGHQ"
'LH %DXPHLVWHU GHU 3KDUDRQHQ YHUDQVFKODJWHQ GHQ 5DXPLQKDOW HLQHU 3\UDPLGH PLW GHP GULW WHQ 7HLO HLQHV 4XDGHUV YRQ JOHLFKHU *UXQGIOlFKH XQG +|KH 'HU KDQGOXQJVUHLVHQGH 7KDOHV DXV 0LOHW^D` KDWWH GHQ lJ\SWLVFKHQ .|QLJ GDPLW HQW]FNW GDVV HU PLWWHOV GHU /lQJH LKUHV 6FKDWWHQV GLH +|KH EHVWLPPWH^` HLQHQ DQGHUHQ JULHFKLVFKHQ 7RXUL LQWHUHVVLHUWH RE GDV 9R OXPHQ JXW JHVFKlW]W RGHU JDU PDWKHPDWLVFK JHQDX VHL 'DV ZDU 'HPRNULW ,$ $UFKLPH GHV VFKULHE LKP IU GDV 9HUKlOWQLV HLQH JHLVWUHLFKH ZLH DXFK IROJHQWUlFKWLJH (UNOlUXQJ ]X^E D` 6LH LVW XQVHU 7KHPD 'HQ %HZHLV KDW HUVW (XGR[RV HUEUDFKW EHUOLHIHUW LP ]Z|OIWHQ %XFK GHU Ä(OHPHQWH³ (XNOLGV^F D D ` (WZDV YRQ GLHVHU (QWGHFNXQJ HUUHLFKW DXFK XQVHUH 0DWKH$GHSWHQ 'LH OHUQHQ Äѿ PDO *UXQGIOlFKH PDO +|KH³ YLHOOHLFKW DOV ÄGLH )RUPHO YRP .HJHO³ HLQLJHQ ZHQLJHQ EHJHJQHW GDV ZLHGHU EHL GHU ,QWHJUDOUHFKQXQJ :HP HV QLH XQWHUJHNRPPHQ LVW EHILQGHW VLFK LQ GXUFK DXV JXWHU *HVHOOVFKDIW GHQQ GHQ JDQ] DOWHQ *ULHFKHQ ZlUH GDV ZLH HLQ 5HFKQHQ PLW bSIHOQ XQG %LUQHQ YRUJHNRPPHQ )U VLH EHGHXWHWH GLH Ä%HVWLPPXQJ³ YRQ ,QKDOWHQ HLQHQ GLUHNWHQ 9HUJOHLFK VR ZLH KLHU GLH (LQEHWWXQJ LQ HLQHQ 4XDGHU
%HL 3\UDPLGHQ GHQNHQ ZLU DQ GLH ,PPRELOLHQ DP 1LO VFK|Q UHJHOPlLJ EHU TXDGUDWLVFKHP *UXQG PLW YLHU JOHLFKHQ 'UHLHFNHQ DOV 0DQWHOIOlFKHQ RGHU Ä6HLWHQ³ 'DYRQ ]HLJW $EE ,, GHQ $XVVFKQLWW $0%6 'LHVHU 3\UDPLGHQWHLO ELOGHW HLQH YRQ YLHU NRQJUXHQWHQ 7HLO3\UDPL GHQ GHQQ GHU 0DWKHPDWLNHU OHJW VROFKHQ .|USHUQ HLQ EHOLHELJHV HEHQHV 9LHOHFN ]XJUXQGH XQG VHW]W DXI GHVVHQ 6HLWHQ ODXWHU 'UHLHFNH PLW JHPHLQVDPHU 6SLW]H 8QVHU $XVVFKQLWW LVW GLH HLQIDFKVWH VHLWLJH 3\UDPLGH ZLUG DXV LQVJHVDPW 'UHLHFNHQ JHELOGHW XQG KHLW GDKHU 9LHU IODFK RGHU 7HWUDHGHU %HL LKU NDQQ MHGHV GHU 'UHLHFNH ]XU *UXQGIOlFKH MHGHU (FNSXQNW ]XU 6SLW]H ZHUGHQ :HQQ GDQQ PXVV 'HPRNULW GDV 9ROXPHQSUREOHP ZLH IROJW DQDO\VLHUW KDEHQ ,Q $EE ,, ZHUGH GDV 7HWUDHGHU $0%6 HUJlQ]W ]XP 3ULVPD $0%&6' MHQHV LVW GHU YLHUWH 7HLO GHU 3\UDPLGH GDV 3ULVPD GHU YLHUWH 7HLO GHV LKU XPEHVFKULHEHQHQ 4XDGHUV 0LWKLQ YHUKDOWHQ VLFK 3\UDPLGH XQG 4XDGHU ]XHLQDQGHU ZLH GDV 7HWUDHGHU ]XP 3ULVPD 'LH 'UHLHFNH $%6 XQG &6% ]HUOHJHQ GDV 3ULV PD LQ GLH GUHL 7HWUDHGHU $0%6 &6'% XQG 6&$% 'LH DEHU VLQG JOHLFK JUR GLHV JLOW HV ]X ]HL JHQ^E D D`
$EE ,, 'UHLWHLOXQJ GHV 3ULVPDV 'DGXUFK ZLUG GLH 3\UDPLGH ]XP GULWWHQ 7HLO GHV LKU XPEHVFKULH EHQHQ 4XDGHUV
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
$UFKLPHGHV YHUGlFKWLJWH 'HPRNULW GHV *HQLHVWUHLFKV GLH GUHL 7HLO7HWUDHGHU GHV 3ULV PDV GXUFK LQKDOWVWUHXH 9HUIRUPXQJ LQHLQDQGHU EHUIKUW ]X KDEHQ^E` (U KlWWH VLFK GLHVH 7UDQVIRUPDWLRQ SK\VLVFK YRUJHVWHOOW GHP OlJH GLH IU 'HPRNULW W\SLVFKH JHRPHWULVFKH 6WUXNWXULHUXQJ GHU .|USHU ]XJUXQGH :LU ZROOHQ GDV ]XQlFKVW DQ )OlFKHQ GHPRQVWULHUHQ
'DV HEHQH *HJHQVWFN ]XP 7HWUDHGHU LVW GDV 'UHLHFN ,Q LKUHQ MHZHLOLJHQ 'LPHQVLRQHQ VLQG EHLGH GLH HLQIDFKVWHQ )LJXUHQ VRJHQDQQWH 6LPSOH[H =X LKUHU %HVFKUHLEXQJ ZLUG HLQH 6HLWH E]Z 6HLWHQIOlFKH DOV %DVLV DXVJH]HLFKQHW XQG GHUHQ MHZHLOV ORWUHFKWHU $EVWDQG YRQ GHU *H JHQHFNH ]XU +|KH HUNOlUW )U GLH DQVWHKHQGH hEHUOHJXQJ HPSILHKOW HV VLFK HLQ YRUJHOHJWHV 'UHLHFN GXUFK GLH 3DUDOOHOHQ ]ZHLHU 6HLWHQ ]X HLQHP 3DUDOOHORJUDPP ]X HUJlQ]HQ %HL (XNOLG KHLW HV LP HUVWHQ %XFK VLQQJHPl $OOH 3DUDOOHORJUDPPH PLW JHPHLQVDPHU %DVLV XQG JOHLFKHU +|KH KDEHQ GHQ JOHLFKHQ ,QKDOW $OVR GHQ GHV 5HFKWHFNV XQWHU LKQHQ^F` 'LH 5FNIKUXQJ GHU )OlFKHQJOHLFKKHLW DXI .RQJUXHQ] ]HLJW $EE ,, 'RUW HUZHLVW VLFK GDV MHZHLOLJH 3DUDOOHORJUDPP $%&' Ä]HUOHJXQJVNRQJUXHQW³^E` ]XP 5HFKWHFN $%& ' ZLH HV GLH SDDULJH 0DUNLHUXQJ NRQJUXHQWHU 7HLOIOlFKHQ DQ]HLJW 'DPLW VLQG DXFK DOOH 'UHLHFNH YRQ JOHLFKHU %DVLV XQG +|KH VR JUR ZLH HLQ UHFKWZLQNOLJHV GDUXQWHU
%
$EE ,, =HUOHJXQJVNRQ JUXHQ] $%&' LVW MHZHLOV ]HUOHJXQJVNRQJUXHQW ]X $%& '
%
$
$
%
%
6RZHLW HLQ %HZHLV QXQ ]X GHP .XQVWJULII GHQ HU UHFKWIHUWLJHQ VROO ,KP ]XJUXQGH OLHJW GLH 9RUVWHOOXQJ YRQ ODXWHU ]XU *UXQGVHLWH $% SDUDOOHOHQ 6WUHFNHQ JOHLFKHU /lQJH ]ZHFNV 6FKH UXQJ ]XVDPPHQJHKDOWHQ GXUFK HLQ .RUVHWW DXV HODVWLVFKHQ 3DUDOOHOHQ GLH VLFK YRQ $' %& DXI $' %& YHUNU]HQ 6WDWW PLW GHQ 7HLOIOlFKHQ GHV 3DUDOOHORJUDPPV GDV 5HFKWHFN ]X VDPPHQ]XVHW]HQ OLHH VLFK GLHVHV QDFK 'HPRNULW GXUFK KRUL]RQWDOH 9HUVFKLHEXQJ GHV 6WUH FNHQVWDSHOV KHUVWHOOHQ GXUFK 8P6FKLFKWXQJ 'LH =HUOHJXQJVNRQJUXHQ] LQ $EE ,, OHJDOL VLHUW GLH +RFKVWDSHOHL DXFK EHLP 'UHLHFN ZR GHU 6WDSHO LQ HLQHU 6SLW]H DXVOlXIW 9JO $EE D 'DQN GHV NRUUHNWHQ 5HVXOWDWV GLHVHU PHFKDQLVFKHQ 0DQLSXODWLRQ GDUI PDQ HUZDUWHQ GDVV VLFK GLH LQKDOWVWUHXH 6FKHUXQJ DXI .|USHU EHUWUDJHQ OlVVW %HLP 7HWUDHGHU VlKH VLH VR DXV (LQH (FNH ZLUG SDUDOOHO ]XU ]XJHK|ULJHQ *UXQGIOlFKH XQWHU 0LWQDKPH GHV 6WDSHOV SDUDOOHO JHVFKLFKWHWHU 'UHLHFNH YHUVFKREHQ 0LW GHU 9RUVWHOOXQJ RGHU $QQDKPH HLQHU UHDOHQ E]Z LGHDOHQ 6FKLFKWXQJ VROO GHU Ä$WRPLVW³ 'HPRNULW DOV (UVWHU JHDUEHLWHW KDEHQ ,$ 6HLQH HLQOHXFKWHQGH 'HPRQVWUDWLRQ ZlUH IUHLOLFK HLQ %HZHLV K|FKVWHQV ]ZHLWHU .ODVVH
,,$ 'HPRNULW :LH YLHO 5DXP LVW LQ GHQ 3\UDPLGHQ"
)U LKQ ZDUHQ GHPQDFK ]ZHL 7HWUDHGHU LQKDOWVJOHLFK IDOOV VLH ]ZHL NRQJUXHQWH %HJUHQ ]XQJVIOlFKHQ XQG GLHVEH]JOLFK JOHLFKH +|KHQ DXIZHLVHQ 8P ]X HUNHQQHQ GDVV VHLQH GUHL 7HWUDHGHU JOHLFK JUR VLQG EUDXFKWH HU ]ZHL 3DDUH DXI GLH VLFK VHLQ /HKUVDW] DQZHQGHQ OLH )U $0%6 XQG &6'% PLW GHQ (FNHQ 6 % DOV 6SLW]HQ LVW GDV NODU %HLP 7HWUDHGHU $0%6 ZHFKVHOQ ZLU QXQ GHQ $VSHNW GHU *UXQGIOlFKH XQG VHKHQ HV JOHLFKVDP ZLH EHL HLQHP 9H [LHUELOG ]X $06% PLW GHU 6SLW]H % ÄXPNODSSHQ³ 'DV HUP|JOLFKW VHLQHQ 9HUJOHLFK PLW GHP 7HWUDHGHU 6&$% DXI JHPHLQVDPHU *UXQGHEHQH GHQQ LKUH *UXQGIOlFKHQ VLQG NRQJUXHQW XQG LKUH 6SLW]HQ IDOOHQ ]XVDPPHQ %HL 0( %DURQ^D` JHKW GLH DOOJHPHLQH %HVWLPPXQJ GHV 7HWUDHGHUYROXPHQV GDYRQ DXV GDVV VLFK GLH 'UHLWHLOXQJ GHV 3ULVPDV^E` LQ $EE ,, RKQH ZHLWHUHV ÄUHDGLO\³^F` DOV 'ULWWHOXQJ HUZHLVH
0DQ ZLUG GDV Äѿ*HVHW]³ DXFK EHL YHUZDQGWHQ VSLW]HQ *HJHQVWlQGHQ YHUPXWHQ 5HJHOPlL JH 3\UDPLGHQ JHVWDWWHQ HLQH HQWVSUHFKHQGH %HKDQGOXQJ XQG ZlFKVW GLH (FNHQ]DKO XQEH JUHQ]W VR ZLUG DXV GHU 3\UDPLGHQ GLH .HJHOIRUPHO^F` 'DV JHKW GDQQ ZDKUOLFK QLFKW RKQH Ä$QDO\VLV³ DE 'RFK EHUHLWV XQVHUH SODQ EHJUHQ]WHQ )LJXUHQ KDOWHQ ZDV $QDO\VLV DQODQJW QRFK HLQH hEHUUDVFKXQJ EHUHLW ,P =ZHLGLPHQVLRQDOHQ JHOLQJW HV GLH 6FKHUXQJVLQYDULDQ] GHV ,QKDOWV GXUFK GLH =HUOH JXQJVNRQJUXHQ] ]X EHVWlWLJHQ 'LHVHU %HJULII EHUWUlJW VLFK YRQ 3RO\JRQHQ DXI 3RO\HGHU XQG VSlWHVWHQV VHLW *DX ZXUGH IUDJZUGLJ RE JOHLFK JURH 3RO\HGHU VWHWV ]HUOHJXQJVNRQ JUXHQW VHLHQ %HL +LOEHUW UDQJLHUW GLH )UDJH DOV 3UREOHP 1U^D` XQWHU VHLQHQ EHUKPWHQ GUHLXQG]ZDQ]LJ^E` PLW GHQHQ HU GLH -DKUKXQGHUWZHQGH IHLHUWH 'LH $QWZRUW LVW QHLQ^EG ` 'HPRNULW ZLUG DOVR EHL VHLQHP 9HUVFKLHEHWULFN YRQ GHU *HRPHWULH LP 6WLFK JH ODVVHQ 'LH 3\UDPLGHQ KDWWHQ 'HPRNULW ]XU )HLQ]HUOHJXQJ ]X Ä$QDO\VLV³ LQVSLULHUW )HVWH .|U SHU YHUUXWVFKHQ ]X ODVVHQ RGHU EHUKDXSW YLUWXHOO ]X VWUXNWXULHUHQ GLHVHU *HGDQNH ZDU IRUWDQ QLFKW PHKU ZHJ]XGHQNHQ $UFKLPHGHV VROOWH LKQ LQVJHKHLP DXIJUHLIHQ +HURQ YRQ $OH[DQG ULD^E` IRUPXOLHUWH LKQ HUQHXW LP -DKUKXQGHUW EDXWH LKQ &DYDOLHUL^` V\VWHPDWLVFK DXV ,& ,,0 6R JHZRQQHQH (LQVLFKWHQ OHJLWLPLHUWH QLFKW HUVW GDV ,QWHJUDO (XGR[RV PRFKWH VLFK HLQH $WRPJHRPHWULH QLFKW ]X (LJHQ PDFKHQ 1DPHQWOLFK LQ YRUOLHJHQGHP )DOOH ZDUWHW HU PLW HLQHU VWLFKKDOWLJHQ %HZHLVIKUXQJ DXI XQG ]HLJW DXI GHU *UXQGODJH VHLQHU 3URSRUWLRQHQOHKUH ,,% 'LH ,QKDOWH YRQ 7HWUDHGHUQ JOHLFKHU +|KH YHUKDOWHQ VLFK ZLH GLH ,QKDOWH LKUHU *UXQG IOlFKHQ 6HLQ :HJ =XQlFKVW ]HLJW HU GDV (QWVSUHFKHQGH IU DOOH VHLWLJHQ 3ULVPHQ $0%&6' LQ $EE ,, ZDU HLQ JHUDGHV GLHVHU $UW 6RGDQQ IOOW HU HLQ 7HWUDHGHU DXI UDIIL QLHUWH :HLVH PLW LPPHU PHKU GLHVHU 3ULVPHQ DXV VR GDVV LPPHU ZHQLJHU 5HVW EOHLEW ± XQG ]ZDU EHOLHELJ ZHQLJ^D F` 'HP 9RUJDQJ QDFK LVW HV NHLQ ,QWHJULHUHQ 'LH )LJXU KLHU GDV 3ULVPD ZLUG ÄDXVJHVFK|SIW³ HUIlKUW HLQH Ä([KDXVWLRQ³ ZLH HV VSlWHU KHLW (XGR[RV YHU OlVVW GHQ %RGHQ DXI GHP 'HPRNULW JHVWDQGHQ KDWWH +HXWH NHKUW PDQ GRUWKLQ ]XUFN ZHQQ PDQ *HELHWVLQWHJUDOH LQ LWHULHUWH ,QWHJUDOH DXIO|VW :LU ZHUGHQ GLH ZDKUKDIW VFK|SIHULVFKH 7DW GHV (XGR[RV^F` DQ ZHQLJHU DXIZlQGLJHQ %HLVSLHOHQ HUOlXWHUQ GLH YRQ $UFKLPHGHV VWDPPHQ ,,' X (
^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,,%
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH 9$1 '(5 :$(5'(1
>@ ^D` II ^E` XQWHQ EHULFKWLJW « 3ULVPD ^F` ± &$-25, I %(&.(5 >@ ^D` 0LWWH ^E` I ^F` >@ ± (8./,' ^D` ± ^E` I / ^F` / (':$5'6 -5 ^D` ± ^E` I ^F` +,6725< 2) 0$7+(0$7,&6 « ,QWHU,5(0&RPP I $570$11 I 67,//:(// >@ ^D` XQWHQ ^E` ^F` ^G` >@ ± +,/%(57 ^D` I ^E` ± %285%$., )XQRWH '(+1 >@ >@ %$521 ^D` ^E` )LJ ^F` = 6&5,%$ 6&+5(,%(5 >@ I >@ I
(XGR[RV VFKDIIW JHRUGQHWH 9HUKlOWQLVVH
+LSSRNUDWHV KDWWH IROJHQGHQ 6DW] DXIJHVWHOOW 'LH ,QKDOWH YRQ .UHLVHQ YHUKDOWHQ VLFK ZLH GLH LKUHU XPEHVFKULHEHQHQ 4XDGUDWH $OVR ZLH GLH 4XDGUDWH EHU LKUHQ 'XUFKPHVVHUQ RGHU 5DGLHQ KHXWH NXU] ÄZLH GLH 4XDGUDWH GHU 5DGLHQ³ :R]X HU LKQ EUDXFKWH XQG ZLH HU ]X EHZHLVHQ LVW GDV NRPPW LQ ,,& ]XU 6SUDFKH =XQlFKVW HLQPDO JHKW HV GDUXP ]X NOlUHQ ZDV GHQQ GHU 6DW] EHUKDXSW EHVDJW +LSSRNUDWHV¶ :RUWH EHGXUIWHQ PDWKHPDWLVFKHU /HJLWLPDWLRQ EHYRU VLFK EHU LKUHQ :DKUKHLWVJHKDOW HQWVFKHLGHQ OLH 'HQQ HV PDFKWH ELVODQJ QRFK QLFKW ZLUNOLFK 6LQQ YRQ LUJHQG ]ZHL )OlFKHQ ]X VDJHQ LKUH ,QKDOWH YHUKLHOWHQ VLFK ]XHLQDQGHU ZLH GLH ]ZHLHU DQGHUHU 'LH Q|WLJH 6\QWD[ VFKXI (XGR[RV DOV HU QDFK GHU *UXQGODJH IU GLH Ä3URSRUWLRQHQOHKUH³ VXFKWH GLH GDQQ HLQ JDQ]HV GHU GUHL]HKQ %FKHU (XNOLGV IOOWH 8UVDFKH GHV 0DQNRV ZDU GLH S\WKDJRUHLVFKH .DWDVWURSKH ZDUHQ LQNRPPHQVXUDEOH /lQJHQ XQG GHUJOHLFKHQ 'D]X VLHKH ,$ DXFK EH]JOLFK GHU %H]HLFKQXQJHQ :LH GRUW VLQG KLHU DOOH =DKOHQ QDWUOLFKH 'HU 9HUJOHLFK YRQ =DKOHQYHUKlOWQLVVHQ RULHQWLHUWH VLFK DQ GHQ 9HUKlOWQLVVHQ JHRPHWUL VFKHU *U|HQ^D` (XNOLG YHUIJW QDFK DOWHU 7UDGLWLRQ^D D D` Ä=DKOHQ VWHKHQ LQ 3URSRUWLRQ ZHQQ GLH HUVWH YRQ GHU ]ZHLWHQ HLQ *OHLFKYLHOIDFKHV RGHU GHUVHOEH 7HLO RGHU GLHVHOEH 0HQJH YRQ 7HLOHQ LVW ZLH GLH GULWWH YRQ GHU YLHUWHQ³ %HL GHU Ä3URSRUWLRQ D E F G³ KHLW GDV D PE F PG RGHU D EQ F GQ RGHU D PEQ F PGQ ,KUH 5ROOH EHL GHQ DUW JOHLFKHQ JHRPHWULVFKHQ *U|HQ VSLHOWH GLHVH 'HILQLWLRQ VR ODQJH DOV LQNRPPHQVXUDEOH *U|HQ QRFK XQYRUVWHOOEDU ZDUHQ 'LH 3ODW]LHUXQJ ^D` GHU 'HILQLWLRQ LQ %XFK 9,, HUOlXWHUW ^E`
9RQ JOHLFKDUWLJHQ *U|HQ $ % VDJW (XNOLG VLH VWHKHQ LQ HLQHP 9HUKlOWQLV ]XHLQDQGHU 1DFK ,$ VWHKHQ VLH LQ HLQHP =DKOHQYHUKlOWQLV VLQG NRPPHQVXUDEHO IDOOV HV P Q JLEW PLW P Q Q $ P % GLHV GUFNW PDQ DXV GXUFK $ %
,,% (XGR[RV VFKDIIW JHRUGQHWH 9HUKlOWQLVVH
6HLHQ QXQ $ % VRZLH & ' 3DDUH MHZHLOV NRPPHQVXUDEOHU *U|HQ 9RQ LKQHQ KHLW HV VLH VWHKHQ LP VHOEHQ 9HUKlOWQLV RGHU LQ 3URSRUWLRQ IDOOV HV P Q JLEW PLW GHQHQ $ % PQ & ' HUIOOW ZLUG^D ` $XVJHVFKULHEHQ EHVDJW GDV Ä (V JLEW ( ( GHU $UW GDVV $ P ( %
Q ( XQG &
P ( '
Q ( JHOWHQ³
:LH LQ ,$ ]LHKW GLHV QDFK VLFK Ä (V JHOWHQ Q $
P % XQG Q &
P '³
,P $QVFKOXVV DQ ,$ XQG PLW %OLFN DXI GDV )ROJHQGH VSULFKW PDQ KLHU YRP VHOEHQ UDWLRQD OHQ 9HUKlOWQLV (QWVSUHFKHQG ZHUGHQ 3DDUH YHUJOLFKHQ GLH LQ XQJOHLFKHP UDWLRQDOHP 9HUKlOWQLV VWHKHQ ,$ 8P $ % & ' GDGXUFK HLQHQ 6LQQ ]X JHEHQ GDVV $ % P Q d & ' RGHU
$% d PQ &'
PLW JHZLVVHQ P Q HUIOOW ZLUG GHILQLHUH PDQ Ä(V JLEW P Q IU GLH ]XJOHLFK Q $ P % XQG Q & t P ' RGHU ]XJOHLFK Q $ d P % XQG Q & ! P ' JHOWHQ³
:LU JHKHQ MHW]W GDUDQ (XGR[RV¶ DOOJHPHLQHQ 3URSRUWLRQVEHJULII ]X IRUPXOLHUHQ 'DEHL KHLW ÄDOOJHPHLQ³ GLH IU HLQH 3URSRUWLRQ DQVWHKHQGHQ *U|HQ EUDXFKHQ QXU SDDUZHLVH YHUJOHLFK EDU GK DUWJOHLFK QLFKW GDJHJHQ NRPPHQVXUDEHO ]X VHLQ ,$ 9RUDXVJHVHW]W GLH *U|HQ $ % VRZLH & ' VWHKHQ MHZHLOV LQ HLQHP 9HUKlOWQLV (XGR [RV IUDJW :LH OlVVW VLFK IU NRPPHQVXUDEOH ZLH LQNRPPHQVXUDEOH 3DDUH XQWHUVFKLHGVORV FKDUDNWHULVLHUHQ GDVV VLH LP VHOEHQ 9HUKlOWQLV VWHKHQ V GD]X ,$ " :HOFKHU 6LQQ VROO GHU V\PEROLVFKHQ *OHLFKXQJ Ä$%
&'³
VFKOHFKWKLQ EHLJHOHJW ZHUGHQ" (XGR[RV $QWZRUW LVW IROJHQGHV 3RVWXODW^F E ` %HL =XODVVXQJ DOOHU P Q JLOW :HQQ Q $ P % GDQQ Q & P ' ZHQQ Q $ P % GDQQ Q & P' ZHQQ Q $ ! P % GDQQ Q & ! P '
6R ZXUGH HV GXUFK (XNOLG PLW :RUWHQ EHUOLHIHUW^E G` 0DQ WULIIW DXI PDQFKHUOHL 9DULDQWHQ ,VW HWZD Q & P ' VR NDQQ ZHGHU Q $ P % QRFK Q $ ! P % JHOWHQ HV EOHLEW Q $ P % GHVJOHLFKHQ JLOW Q & ! P ' QXU ZHQQ Q $ ! P % LVW $XV IROJW GHPQDFK %HL =XODVVXQJ DOOHU P Q JLOW :HQQ XQG QXU ZHQQ Q $ P % GDQQ Q & P ' ZHQQ XQG QXU ZHQQ Q $ ! P % GDQQ Q & ! P '
c
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
XQG HQWVSUHFKHQG IU GLH *OHLFKKHLW UHOHYDQW IU NRPPHQVXUDEOH *U|HQ GLH NRUUHVSRQGLH UHQGHQ 5HODWLRQHQ JHOWHQ DOVR MHZHLOV ]XJOHLFK ^` $XV c VFKOLHW PDQ DXI ]XUFN %HL ^` ZLUG VWLOOVFKZHLJHQG DXI GLH HUVWH XQG GULWWH ,PSOLNDWLRQ UHGX]LHUW (XGR[RV¶ 'HILQLWLRQ YHUDOOJHPHLQHUW GLH DXI NRPPHQVXUDEOH 3DDUH EHVFKUlQNWH GHV 3\WKDJRUDV *HQDXHU LVW QRWZHQGLJ IU XQG VWHKHQ $ % RGHU & ' LQ UDWLRQDOHP 9HUKlOWQLV VR LVW KLQUHLFKHQG IU %HZHLV 6HL XQG JHOWH T $ S %
T & S ' LQ VHL Q $ P % 1DFK LVW QS % Q S % Q T $ T Q $ T P % TP % DOVR QS TP QS & TP & PLW
IROJW GDUDXV S Q & P T & EHL GHQ ZHLWHUHQ =HLOHQ ]X VFKOLHHQ
P S '
S P ' Q & P ' (QWVSUHFKHQG LVW
6HL QXQ XQG GDPLW c 1DFK )DOODQQDKPH JHEH HV S T PLW T $ S % GDQQ NDQQ ZHGHU T & S ' QRFK T & ! S ' JHOWHQ DOVR QXU T & S ' (QWVSUHFKHQG IKUW GLH $QQDKPH T & S ' DXI T $ S %
'LH V\PEROLVFKH 8QJOHLFKXQJ Ä$ % & '³ ZLUG XQWHU GHU DOOJHPHLQHQ 9RUDXVVHW]XQJ ZLH EHL GXUFK hEHUQDKPH YRQ GHILQLHUW^ F` 'DPLW KDW 6XEVWDQ] ZDV $UFKLPHGHV IU GHQ 8PIDQJ X XQG GHQ 'XUFKPHVVHU G HLQHV .UHLVHV NRQVWDWLHUW X G 6R ZHQLJ VHOEVWlQGLJ KLHU GDV =HLFKHQ Ä ³ DXIWUDW LVW GDV GHU )DOO EHL Ä ³ 'DUXP KDW PDQ & ' ! $ % ]X GHILQLHUHQ IUHLOLFK GXUFK $ % & ' $XV $ % & ' JHZLQQW PDQ HWZD ' & % $ LQGHP PDQ P XQG Q LQ GLH 5ROOHQ WDXVFKHQ OlVVW
'LHVHU %OLFN LQ GLH /HKUH YRQ GHQ 9HUKlOWQLVVHQ VROO JHQJHQ 9HUJOHLFKEDUNHLW YRUDXVJH VHW]W NDQQ PLW *U|HQYHUKlOWQLVVHQ VR JHUHFKQHW ZHUGHQ ZLH ZLU HV YRQ GHQ %UFKHQ SRVL WLYHU UHHOOHU =DKOHQ JHZRKQW VLQG ,Q HLQLJHQ KLVWRULVFKHQ /HKUWH[WHQ ZLUG GLHV RKQH EHVRQ GHUH (UZlKQXQJ SUDNWL]LHUW 9HUP|JH VHLQHU 'HILQLWLRQ NRQQWH (XGR[RV GHQ HLQJDQJV IRUPXOLHUWHQ 6DW] DXI GLH (EHQH HLQHU PDWKHPDWLVFKHQ $XVVDJH KHEHQ 0LW GHUHQ 5LFKWLJNHLW EHIDVVW VLFK GHU QlFKVWH $E VFKQLWW ^` ^` ^` ^`
(8./,' ^D` 'HI ^E` 'HI 9$1 '(5 :$(5'(1 >@ ^D` ^E` REHQ ^F` ^G` XQWHQ %(&.(5 >@ ^D` ^E` ^F` 72(3/,7=
,,& 'LH NUXPPHQ 6DFKHQ GHV +LSSRNUDWHV XQG GHV (XGR[RV ^` ^` ^`
%2@ ./,1( >@ +(86(5 >@ 6758,. %285%$., >@ REHQ >@ REHQ
,,&
'LH NUXPPHQ 6DFKHQ GHV +LSSRNUDWHV XQG GHV (XGR[RV
(QGJOWLJ ZLGHUOHJW ZLUG LQ GLHVHP 3DUDJUDIHQ GLH DULVWRWHOLVFKH 7KHVH ZRQDFK NUXPP XQG JHUDGOLQLJ %HJUHQ]WHV GHP ,QKDOW QDFK QLFKW JOHLFK VHLQ N|QQH +LSSRNUDWHV KDWWH VHLQH 0RQGTXDGUDWXU $EE , DXI GLH hEHU]HXJXQJ JHJUQGHW .UHLVIOlFKHQ YHUKLHOWHQ VLFK ZLH GLH XPEHVFKULHEHQHQ 4XDGUDWH (UVW (XGR[RV VFKXI GHQ %HJULII GHU 9HUKlOWQLV*OHLFKKHLW ,,% XQG PDFKWH GDPLW DXV GHP *ODXEHQVVDW] HLQHQ 6DW] RE QXQ ZDKU RGHU IDOVFK (U EH ZHLVW LKQ FXP JUDQR VDOLV
=XQlFKVW ]XU 3URSRUWLRQ 7UHWHQ DQ GLH 6WHOOH GHU .UHLVH LKQHQ HLQEHVFKULHEHQH lKQOLFKH 9LHOHFNH VR LVW IU GLHVH OHLFKW DXV]XPDFKHQ GDVV VLH VLFK WDWVlFKOLFK ZLH GLH 5DGLHQTXDGUD WH YHUKDOWHQ 'DV ]HLJW GLH =HUOHJXQJ GHU 9LHOHFNH LQ JOHLFKVFKHQNOLJH 'UHLHFNH GLH YRP .UHLV]HQWUXP DXVJHKHQ GHQQ lKQOLFKH 'UHLHFNH YHUKDOWHQ VLFK ZLH GLH 4XDGUDWH EHU HQW VSUHFKHQGHQ 6HLWHQ KLHU DOVR DXFK GHQ 5DGLHQ^` 'HU IU VROFKH 3RO\JRQH JHOWHQGH 6DW] EUDXFKWH DOVR ÄEOR DEJHUXQGHW³ ]X ZHUGHQ^D` 'LH :HUN]HXJH GD]X EHVD (XGR[RV 3UR SRUWLRQHQOHKUH XQG ([KDXVWLRQ^E D D D ` ,P )ROJHQGHQ EHWUDFKWHQ ZLU .UHLVH .L L
VDPW 4XDGUDWHQ 4L EHU LKUHQ 5DGLHQ
VHL .L Ԍ _.L_ XQG GHUJOHLFKHQ =XP :LGHUVSUXFKVEHZHLV ÄUHGXFWLR DG DEVXUGXP³ VWHKW DQ . .
4 4
$QJHQRPPHQ GHQ )DOO . . ! 4 4 'DQQ VR (XGR[RV^E E` H[LVWLHUW HLQH )OlFKH ) YRP ,QKDOW ) GHU $UW GDVV . . ! ) .
4 4
HUIOOW LVW V DXFK ^F` 0DQ NDQQ VLFK XQWHU ) HLQHQ ]X . NRQ]HQWULVFKHQ .UHLV YRUVWHO OHQ PXVV DEHU QLFKW (LQHU YLHUWHQ 3URSRUWLRQDOH ZDU PDQ VLFK ]X MHQHU =HLW VLFKHU^G` ^F` ]XIROJH LVW GLH $QOHLKH KLHU QLFKW HUIRUGHUOLFK :HLWHUHV GD]X LQ ^HI` XQG ,' -HW]W VFKOlJW GLH 6WXQGH ZHQQ QLFKW JDU GLH *HEXUWVVWXQGH GHU HXGR[LVFKHQ ([KDXVWLRQ 'DQDFK JLEW HV YJO ,,( HLQ GHP . HLQEHVFKULHEHQHV 3RO\JRQ 3 PLW ,QKDOW 3 ! ) VHL 3 ,QKDOW HLQHV GHP . HLQEHVFKULHEHQHQ XQG ]X 3 lKQOLFKHQ 3RO\JRQV 0LW 3 ! ) 3 . JLOW QDFK (XNOLG^F`
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH 3 3 ! ) 3 ! ) .
$XV IROJW GDPLW 3 3 ! 4 4 LP :LGHUVSUXFK ]X 3 3 4 4 ZLH HLQJDQJV JH]HLJW 'HU )DOO . . 4 4 NDQQ DQDORJ EHKDQGHOW RGHU DEHU YLD . . ! 4 4 DXI GHQ HUVWHQ ]XUFNJHIKUW ZHUGHQ
(Q SDVVDQW ]ZHL VLPSOH 6FKOVVH DXV GHU 3URSRUWLRQ 6LH HUVHW]W XQVHU Ä . S 4 ³ :HQQ ZLU QDFK GHP .UHLV IUDJHQ GHU GRSSHOW VR JUR LVW ZLH GHU YRP 5DGLXV U VR ]HLJW XQV ǜ SU S ǜ U VRJOHLFK VHLQHQ 5DGLXV U DQ :DU HKHGHP GHU .UHLV . ]ZHFNV 9HUGRSSOXQJ ]X . YRUJHOHJW VR NRQVWUXLHUWH PDQ ]XQlFKVW GHQ 0LWWHOSXQNW YRQ . XQG GDPLW GDV 4XD GUDW 4 EHU VHLQHP 5DGLXV )U GDV 4XDGUDW 4 EHU GHP 5DGLXV GHV . OLHIHUW GLH %HGLQJXQJ . .
4 4
6HLQH *U|H 4 EHVWLPPW VLFK DXV 4 4 LQ $QZHQGXQJ YRQ ,,% DXI . . 'DKHU PXVVWH GLH 6HLWH GHV 4 VSULFK GHU 5DGLXV GHV . GLH +\SRWHQXVH ]X GHQ 6HLWHQ GHV 4 VHLQ í DOVR GLH 'LDJRQDOH YRQ 4 'LH ]ZHLWH $QPHUNXQJ EHWULIIW GHQ JHRPHWULVFKHQ $WRPLVPXV ,$ 'LH GHP 'HPR NULW ]XJHVFKULHEHQH 0DQLSXODWLRQ YRQ 9ROXPHQHOHPHQWHQ ZDU *HJHQVWDQG YRQ ,,$ XQG ZXUGH GRUW LQ ]ZHL 'LPHQVLRQHQ QDFKJHVWHOOW 'DQDFK EDXHQ VLFK 3DUDOOHORJUDPPH $EE ,, XQG 'UHLHFNH DXV 6WUHFNHQ DXI XQG GHUHQ GRSSHOWH /lQJHQ EHZLUNHQ GRSSHOWHQ )Ol FKHQLQKDOW :LH QXQ ZHQQ PDQ HLQHQ .UHLV GHPHQWVSUHFKHQG DXV VHLQHQ 5DGLHQ DXIJHEDXW VlKH"^E` 'DV YHUELHWHQ +LSSRNUDWHV XQG (XGR[RV =XP ]ZHLIDFKHQ 5DGLXV JHK|UW GHU YLHU IDFKH ,QKDOW =X )RUP XQG $QRUGQXQJ YRQ Ä,QGLYLVLEOHQ³ VLHKH ,,( , / 0 X 1
8QWHU $QQDKPH YRQ ([LVWHQ] XQG (LQGHXWLJNHLW GHU YLHUWHQ 3URSRUWLRQDOH EHZLHV (XGR[RV ZRYRQ +LSSRNUDWHV EOR EHU]HXJW ZDU 'HU KDWWH ZHGHU *UXQG QRFK =HLW DXI HLQHQ -DKU ]HKQWH MQJHUHQ (XGR[RV ]X ZDUWHQ XQG ]RJ GHQ VSHNWDNXOlUHQ 6FKOXVV DXV GHU .RQVWUXNWLRQ YRQ $EE ,^G` 6HLQH hEHUOHJXQJ ILQGHW VLFK LQ ^F` YJO ^H` :LU IROJHQ LKU DQKDQG YRQ $EE ,, ^G$EE` 'LH EHLGHQ YRQ $ QDFK & IKUHQGHQ %|JHQ ELOGHQ GLH 0RQGVLFKHO YRP ,QKDOW 0 =ZL VFKHQ 0 XQG GHP ,QKDOW 4 GHV 4XDGUDWHV EHU $0 YHUPLWWHOQ GHU ,QKDOW + GHV +DOE NUHLVHV EHU $& XQG GHU ,QKDOW 9 GHV 9LHUWHONUHLVHV EHU $0 0
+ _$0&_ ± 9
+ 4 ± 9
1DFK YHUKDOWHQ VLFK GLH ,QKDOWH . + . 9 GHU .UHLVH YRP 5DGLXV _0$_ _0$_ ZLH GLH ,QKDOWH 4 4 GHU 4XDGUDWH EHU 0$ 0$ :LU KDEHQ GDKHU . .
+ 9
4 4
,,& 'LH NUXPPHQ 6DFKHQ GHV +LSSRNUDWHV XQG GHV (XGR[RV XQG ZHLO 4 IKUW
4 QDFK 3\WKDJRUDV VR ZLUG +
9 ZRPLW ]XU 4XDGUDWXU 0
4
$EE ,, =XP %HZHLV GHU 0|QGFKHQ4XDGUDWXU
:LU VDKHQ +LSSRNUDWHV HLQHQ 0RQG EHWUDFKWHQ KLHU]X UHLFKWH LKP GHU ÄJOHLFKVFKHQNOLJH 3\ WKDJRUDV³ 'DQDFK LVW GLH 6LFKHO EHU GHP %RJHQ $& HEHQVR JUR ZLH GDV 'UHLHFN $0& 6SLHJHOQ ZLU $EE ,, DQ 0& VR HUKDOWHQ ZLU HLQ JOHLFKVFKHQNOLJUHFKWZLQNOLJHV 'UHLHFN YRP DGGLHUWHQ ,QKDOW EHLGHU 0RQGH 'HU DOOJHPHLQH 0RQGVDW] JLOW HQWVSUHFKHQG IU MHGHV UHFKWZLQNOLJH 'UHLHFN XQG VHLQH EHLGHQ 0|QGFKHQ GLH ÄOXQXODH +LSSRFUDWLV³ 0D 0E LQ $EE ,, =XP %HZHLV N|QQHQ ZLU XQV GHV 9HUKlOWQLVIDNWRUV EHGLHQHQ GHU GLH ,QKDOWH YRQ .UHLVHQ XQG LKUHU XPEHVFKULHEHQHQ 4XDGUDWH YHUNQSIW 'DV EHUWUlJW GHQ S\WKDJRUHLVFKHQ 6DW] YRQ 4XDGUDWHQ DXI +DOENUHLVH EHU GHQ 6HLWHQ :LU EHWUDFKWHQ +D +E DOV QDFK DXHQ +F DOV QDFK LQQHQ JHULFKWHW XQG VWHOOHQ IHVW _ +D +E _ 1LPPW PDQ YRQ +D %HKDXSWXQJ
_ +D _ _ +E _ +E
_ +F _
XQG YRQ +F GLH XQVFKDWWLHUWHQ 6FKQLSVHO IRUW VR ]HLJW VLFK GLH
$EE ,, 'LH EHLGHQ OXQXODH +LSSRFUDWLV EHU GHQ .DWKHWHQ GHV LKQHQ IOlFKHQJOHLFKHQ 'UHLHFNV 6R HLQIDFK DOVR JHKW GDV ZHQQ PDQ GLH S\WKDJRUHLVFKHQ 4XDGUDWH GXUFK +DOENUHLVH HU VHW]W 1XQ JXW PDQ KDWWH QRFK NHLQ S DEHU LUJHQGHLQ 3ODW]KDOWHU IU GHQ 3URSRUWLRQDOLWlWV IDNWRU KlWWH HV GRFK DXFK JHWDQ :HQ GDV ZXQGHUW GHU KDW GLH *ULHFKHQ QLFKW YHUVWDQGHQ *HRPHWULVFKH *U|HQ OLHHQ QXU JDQ]]DKOLJH 9LHOIDFKH ]X DOOHQIDOOV UDWLRQDOH )DNWRUHQ DOV 6WHQRJUDPP IU JDQ]]DKOLJH *U|HQYHUKlOWQLVVH YJO ,$(QGH 0DQ PXVVWH PLW GHQ HX GR[LVFKHQ 3URSRUWLRQHQ DXVNRPPHQ XQG PDQ NDP ZHLW GDPLW
+LSSRNUDWHV¶ 0HLVWHUVWFN KDWWH $SSHWLW JHPDFKW DXI HWZDV GHP GHU )OXFK GHV 3DUDGLHV DSIHOV DQKDIWHW DXI GDV 3UREOHP GHU VWUHQJHQ 4XDGUDWXU GHV .UHLVHV 6R PDQFKHU 7DQWDOXV VROOWH GDQDFK JUHLIHQ 'HU HUVWH ZDU +LSSRNUDWHV VHOEVW PLW HLQHP HUQVW ]X QHKPHQGHQ 9HU
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
VXFK .UHLVERJHQ=ZHLHFNH ]XP $XVIOOHQ GHU .UHLVIOlFKH HLQ]XVHW]HQ^H` (V VROOWHQ IDVW ]ZHL -DKUKXQGHUWH YHUJHKHQ ELV ZLHGHU MHPDQGHP HLQH HFKWH 4XDGUDWXU JHODQJ 'HP MXQJHQ $UFKLPHGHV 'DYRQ DQVFKOLHHQG ^` ^` ^` ^` ^` ^` ^`
,,'
(8./,' / +$1.(/ ^D` ^E` I %(&.(5 >@ ^D` II ^E` ^F` 6DW] 'UXFNIHKOHU ±± ^G` >@ ^H` >@ REHQ ^I` >@ II 9$1 '(5 :$(5'(1 >@ ^D` II ^E` I ^F` ^G` ^H` II 72(3/,7= ^D` ± ^E` ^F` I ^G` ^H` 7+,(/( ± %285%$., >@ I >@
$UFKLPHGHV¶ EHUKPWH 3DUDEHO4XDGUDWXU
+LSSRNUDWHV¶ 0RQGTXDGUDWXU DXV GHP YRUFKULVWOLFKHQ -DKUKXQGHUW DP (QGH EHZLHVHQ PLW (XGR[RV¶ 1DFKEHVVHUXQJ V ,,& HUODQJWH LQ GHP 0DH 5HVSHNW ZLH GLH %HPKXQJHQ EHL .UHLV (OOLSVH XQG GHUHQ 6HJPHQWHQ VFKHLWHUWHQ 'D ZDU HV VFKRQ YHUZHJHQ ZHQQ VLFK GHU 1HZFRPHU $UFKLPHGHV DQ GLH 3DUDEHO KHUDQWUDXWH 'HU (UIROJ YHUEOIIWH DXFK LKQ (U VFKLO GHUW VHLQ 9RUJHKHQ QDFK +HXULVWLN XQG %HZHLV LP NROOHJLDOHQ *HGDQNHQDXVWDXVFK^D D` (V ZXQGHUH LKQ VR EHJLQQW MHQHU %ULHI GDVV VLFK QRFK QLHPDQG YRU LKP DQ GHU 3DUDEHO YHUVXFKW KDEH^E D` GLH PDQ VFKRQ JXW KXQGHUW -DKUH NDQQWH =X LKUHU +HUNXQIW (LQ ZHQLJ DQGHUV DOV ZLU HV YRQ $SROORQLRV JHOHUQW KDEHQ OLH HLQ 0HQDLFKPRV GLH HUVWHQ Ä.RQLND³ HQWVWHKHQ =X VHLQHQ .HJHOVFKQLWWHQ ]lKOWH QLFKW GHU .UHLV GHQQ HU EHQXW]WH .HJHO YHUVFKLH GHQHU gIIQXQJ XQG VFKQLWW VLH MHZHLOV VHQNUHFKW ]X HLQHU 0DQWHOOLQLH EHTXHPHU 5HFKQXQJ ZHJHQ 'DEHL HU]HXJWHQ VSLW]ZLQNOLJH .HJHO GLH (OOLSVHQ XQG 3DUDEHOQ HQWVWDQGHQ ZHQQ GLH .HJHO|IIQXQJ VHOEVW VFKRQ UHFKWZLQNOLJ ZDU^D D` =XU .DUULHUH GHU 3DUDEHO WUXJ EHL GDVV VLH VLFK DOV +LOIVPLWWHO IU GDV GHOLVFKH 3UREOHP GLH :UIHOYHUGRSSHOXQJ QW]OLFK JHPDFKW KDWWH^E EF` %HL $UFKLPHGHV ILQGHW VLFK $EE ,,^F`YJO ^D` ZLHZRKO GDV (UJHEQLV DXFK ]XWULIIW ZHQQ GLH 3DUDEHODFKVH QLFKW LP 6HJPHQW YHUOlXIW 'HU 3XQNW 3 LQ GHP GLH ]XU %HJUHQ]XQJ $% SDUDOOHOH 7DQJHQWH 7 GLH 3DUDEHO EHUKUW LVW DXIJUXQG GHU 3DUDEHOHLJHQVFKDIWHQ ^E` ]X NRQVWUXLHUHQ $UFKLPHGHV EHZHLVW 6HJPHQW XQG 'UHLHFN $%3 VWHKHQ LP )OlFKHQYHUKlOWQLV ^G` 'DV :HLWHUH GLH SODWRQLVFKH .RQVWUXNWLRQ HLQHV ]XP 6HJPHQW JOHLFK JURHQ 4XDG UDWHV LVW EHLOlXILJH 5RXWLQH 'XUFK 6WUHFNXQJ HLQHU 6HLWH XP HLQ 'ULWWHO ZLUG DXV $%3 HLQ 'UHLHFN YRQ GHU *U|H GHV 6HJPHQWV^D` HLQ 'UHLHFN LVW OHLFKW LQ HLQ IOlFKHQJOHLFKHV 5HFKW HFN YHUZDQGHOW XQG GHU Ä+|KHQVDW]³^E` OLHIHUW GLH PLWWOHUH 3URSRUWLRQDOH ]X GHVVHQ 6HLWHQ
,,' $UFKLPHGHV¶ EHUKPWH 3DUDEHO4XDGUDWXU $EE ,, (LQ 'UHLHFNVYHUKlOWQLV
%HYRU VLFK $UFKLPHGHV DQV %HZHLVHQ PDFKWH WDVWHWH HU VLFK DQ GLH 6HJPHQWIOlFKH KHUDQ PLWWHOV HLQHU 6WUD WHJLH GLH IU LKQ W\SLVFK ZHUGHQ VROOWH XQG KLHU ]XP HUVWHQ 0DOH HLQJHVHW]W ZXUGH V ,$ ^EHEF` 6WDWW LKUHU %HZlKUXQJVSUREH DQ GHU 3DUDEHO ZROOHQ ZLU VLH VSlWHU LQ ,,* DQ HLQHP QRFK VFK|QHUHQ GUHLGL PHQVLRQDOHQ %HLVSLHO YRUIKUHQ +LHU DOVR EOR ]XP PDWKHPDWLVFKHQ 7HLO GHP %HLVSLHO HLQHU DUFKLPHGLVFKHQ ([KDXVWLRQ V ,,$(QGH ^I G E ` 0LWWHOV $EE ,, JLEW $UFKLPHGHV HLQH %HVFKUHLEXQJ GHU 3DUDEHO GLH EHL 'HVFDUWHV QLFKW DQGHUV DXVJHVHKHQ KlWWH $XI GHU GXUFK 3 JHKHQGHQ 3DUDOOHOHQ ]XU SXQNWLHUWHQ 3DUDEHODFK VH VLQG $EVFKQLWWH 3@ $5&+,0:(5.( &]ZDOLQD ^D` ^E` ^F` (':$5'6 -5 ^D` I ^E` ^D` %2@ ^E` %$521 ^F` 92/.(57 58',2 ^D` I ^E` ^F` ^G` I
,,) 'DV VRJHQDQQWH /HPPD GHV $UFKLPHGHV ^` ^` ^` ^` ^`
7+,(/( %(&.(5 >@ 6lW]H (8./,' / I / / 9$1 '(5 :$(5'(1 >@ ^D` ^E` ^F` 72(3/,7= ^D` ^E` 0LWWH REHQ &$-25, 3(,))(5 '$+$1'$/0(',&2 .DVWHQ XQWHQ Ä=lKOHU³ VWDWW 1HQQHU
,,)
'DV VRJHQDQQWH /HPPD GHV $UFKLPHGHV
,Q GHP %ULHI PLW GHP $UFKLPHGHV VHLQHP )UHXQG GLH 3DUDEHOTXDGUDWXU DXVHLQDQGHUVHW]W LVW DQIDQJV GLH 5HGH YRQ HLQHU *UXQGDQQDKPH GLH ZRKO DOOH VHLQH .ROOHJHQ WHLOHQ RKQH VLH LQ LKUHQ 6FKULIWHQ VWHWV ]X H[SOL]LHUHQ^DE` $UFKLPHGHV ZROOWH VLH DXVJHVSURFKHQ ZLVVHQ KLHU GHU XQJHIlKUH :RUWODXW^E` Ä'LIIHUHQ]HQ EHOLHELJHU XQJOHLFKHU JOHLFKDUWLJHU *U|HQ N|QQHQ ZHQQ >Q| WLJHQIDOOV PHKUIDFK@ VLFK VHOEVW KLQ]XJHIJW MHGH YRUJHEEDUH EHJUHQ]WH *U|H QlP OLFKHU $UW EHUWUHIIHQ³ -HQH 'LIIHUHQ]HQ VLQG GLH 8PVFKUHLEXQJ IU EHOLHELJ NOHLQH QLFKW YHUVFKZLQGHQGH *U|HQ GHU EHWUDFKWHWHQ $UW LP )DOOH XQVHUHU UHHOOHQ =DKOHQ GLH ÄEHOLHELJ NOHLQHQ H ! ³ %H]HLFK QHQ ZLU GDKHU GLH IUDJOLFKHQ *U|HQ PLW H XQG * JHEHQ GLHVHP /HLWJHGDQNHQ GLH )RUP $ =X EHOLHELJHQ SRVLWLYHQ H XQG * JLEW HV MHZHLOV HLQH QDWUOLFKH =DKO 1 GHU DUW GDVV 1 H ! * JLOW XQG QHQQHQ LKQ ZLH VSlWHU EOLFK ZXUGH GDV ÄDUFKLPHGLVFKH /HPPD³ /Șa PPD XUVSUQJ OLFK ZRKO GLH 6FKOLQJH PHLQW $QQDKPH RGHU +LOIVVDW] ]XP (LQIDQJHQ HLQHV 7KHRUHPV +HXWLJHQ 0DWKH$QIlQJHUQ GLH PDQ GHP *ODXEHQ DQ 6HOEVWYHUVWlQGOLFKNHLWHQ ]X HQW Z|KQHQ WUDFKWHW EHJHJQHW $ LQ +LQEOLFN DXI SRVLWLYH ÄUHHOOH *U|HQ³ DOV ÄDUFKLPHGLVFKHV $[LRP³^` GDV GLH ZHVHQWOLFKH ÄDUFKLPHGLVFKH $QRUGQXQJ³ GHU UHHOOHQ =DKOHQ ]XP $XV GUXFN EULQJW
,Q ,,( ZXUGHQ UHVWOLFKH .UHLVIOlFKHQ 5Q XQG UHVWOLFKH hEHUVWlQGH hQ JHELOGHW GLH HV EH OLHELJ NOHLQ ]X PDFKHQ JDOW 6R EHVWDQG GLH $XVVFK|SIXQJ GDULQ GDVV EHL MHGHP 6FKULWW PHKU DOV GLH +lOIWH GHV ]XYRU YHUEOLHEHQHQ 5HVWHV 5Q± _5Q±_ ZHJJHQRPPHQ ZXUGH 5Q± ± 5Q !
5Q± RGHU 5Q
XQG GDPLW
5Q Q 5 Q t
5Q± Q t
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
:LU ZUGHQ KLHU PLW GHU 1XOOIROJH ò Q DUEHLWHQ $UFKLPHGHV EHUXIW VLFK DXI VHLQ 3RVWXODW $ GHQQ ò Q 5 H EHVDJW GDVVHOEH ZLH Q H ! 5 )U GHQ %HZHLV]ZHFN JHQJW IUHL OLFK GDVV GLH 5Q 5Q± hQ hQ± MHZHLOV HLQHQ 0LQGHVWDEVWDQG ]X HLQKDOWHQ =XJHVFKQLWWHQ DXI GLH DUFKLPHGLVFKH 3UD[LV KHLW HV EHL (XNOLG^ D` ( 1LPPW PDQ YRQ HLQHU *U|H PHKU DOV GHUHQ +lOIWH IRUW VRGDQQ YRP 5HVW PHKU DOV GHVVHQ +lOIWH XQG IlKUW VR IRUW GDQQ YHUEOHLEW LUJHQGZDQQ ZHQLJHU DOV MHGH YRU JHEEDUH *U|H :LU ZROOHQ ( DXI $ ]XUFNIKUHQ )U JOHLFKDUWLJH *U|HQ H * XQG QDWUOLFKHV 1 t JHOWH 1 H ! * PLW * * EHJLQQHQG VHL JHPl ( HLQH )ROJH * * « YRQ 5HVWHQ JHELOGHW DOVR JHPl ò *Q ! *Q Q t %HKDXSWXQJ (V JLEW P t PLW H ! *P *HVWW]W DXI GLH $QOHLKH 1 ! 1 1 t HUKDOWHQ ZLU 1 H ! * ! * ! * ! « ! 1 *1 ! 1 *1 DOVR H ! *1 í $QVWHOOH GHU YHUIHKOWHQ 'DUOHJXQJ LQ ^E` OlVVW VLFK ZLH IROJW VFKOLHHQ ,Q 1 ± Q H ! *Q Q LVW GHU )DOO Q DEHU IROJW
« 1 ±
GLH 9RUDXVVHW]XQJ XQG Q
1 ± Q H t
1 ± Q H !
1 ± GLH %HKDXSWXQJ $XV 1 ± Q H ! *Q *Q ! *Q
IDOOV 1 t EHL 1 ZLUG GLH 9RUDXVVHW]XQJ EHKDXSWHW ^` ^` ^` ^`
,,*
^D` $5&+,0:(5.( +HDWK ^E` $5&+,0:(5.( &]ZDOLQD %285%$., >@ 72(3/,7= 9$1 '(5 :$(5'(1 >@ Ä5´ Ä4´ (':$5'6 -5 ^D` ^E` I
'HU =DXEHUHU PLW GHP =XFNHUKXW LP =\OLQGHU
'LH 3DUDEHO KDWWH HV $UFKLPHGHV DQJHWDQ HU JDE PLW LKU VHLQHQ EHU]HXJHQGHQ (LQVWDQG (U LQQHUQ ZLU XQV $EE ,,D ]HLJW GDV KDOEH 3DUDEHOVHJPHQW 3 YRQ GHP $UFKLPHGHV EHZLHV GDVV HV ]XP XPEHVFKULHEHQHQ 4XDGUDW LP *U|HQYHUKlOWQLV VWHKW /lVVW PDQ GLHVH )L JXU XP GLH 3DUDEHODFKVH URWLHUHQ VR HQWVWHKHQ HLQ 3DUDERORLG6HJPHQW LP =\OLQGHU XQG GLH )UDJH QDFK GHUHQ 9ROXPHQYHUKlOWQLV Ä3DUDERORLG³ ZHUGHQ ZLU NXU] VDJHQ +DEHQ GLH EHLGHQ .|USHU GLH +|KH K XQG GHQ .UHLV YRP 5DGLXV 5 DOV %DVLV VR ZLUG GLH HU]HXJHQGH 3DUDEHO GDUJHVWHOOW GXUFK U ඎ D U d U d 5 ZR D 5 K $UFKLPHGHV JHKW LQ
,,* 'HU =DXEHUHU PLW GHP =XFNHUKXW LP =\OLQGHU
VHLQHU Ä5HLQVFKULIW³ ± ZLH DQGHUV" ± GHQ :HJ NODVVLVFKHU ([KDXVWLRQ 1XU HLQH %HZHLVPH WKRGH ZLH ZLU ZLVVHQ :RKHU DOVR NDQQWH HU GDV JHVXFKWH 9HUKlOWQLV" 6FKRQ XQWHU GHQ $OWHQ KHUUVFKWH *HKHLPQLVNUlPHUHL QRFK +DPLOWRQ ULHW Ä+DEH HLQH 0HWKRGH DEHU YHUELUJ VLH³ XQG EHU *DX VDJWH $EHO HU YHUZLVFKH VHLQH 'HQNVSXU ZLH GHU )XFKV GLH )lKUWH 6R PXVVWH VLFK ]XQlFKVW DXFK $UFKLPHGHV HLQVFKlW]HQ ODVVHQ 'RFK IDQG PDQ ]X HLQLJHQ 3DUDGHEHZHLVHQ 9RUVWXGLHQ GLH HLQHQ %OLFN LQ GHV 0HLVWHUV :HUNVWDWW JH ZlKUHQ 'HU VHQVDWLRQHOOVWH )XQG ZXUGH YRU JHUDGH PDO KXQGHUW -DKUHQ JHPDFKW %\]DQWL QLVFKH 0|QFKH SIOHJWHQ 6FKULIWWXP ]X UHF\FOHQ LQGHP VLH GLH 3HUJDPHQWUROOHQ YRQ 6FKPXW] XQG 6FKXQG VlXEHUWHQ (LQH KDWWH HV LQ VLFK 'DQN REHUIOlFKOLFKHU (QWVRUJXQJ :DVFKHQ VWDWW 6FKDEHQ OLH GD HLQ OLWXUJLVFKHU 7H[W GXUFKEOLFNHQ ZDV $UFKLPHGHV HLQVW VHLQHP DOH[DQGUL QLVFKHQ .ROOHJHQ (UDWRVWKHQHV VFKULHE PLW 0HWKRGH EHWLWHOW^DGJ` (LQ $EVFKQLWW GDUDXV JLOW XQVHUHP 7KHPD XQG EH]HXJW HLQHQ VHLQHU *HQLHVWUHLFKH^EH D` (V LVW 0HFKDQLN ZRUXP VLFK VHLQH 0HWKRGH GUHKW 6RJDU Z|UWOLFK QlPOLFK XP GHQ 'UHKSXQNW VHLQHV +HEHOJHVHW]HV (U YHUJOHLFKW 5DXP VRZLH )OlFKHQLQKDOWH LQGHP HU VLH VL PXOLHUW GXUFK KRPRJHQH 0DVVHQ E]Z 0DVVHQEHOHJXQJHQ GHUHQ *HZLFKWH DQ HLQHU %DONHQ ZDDJH DQJUHLIHQ 9LUWXHOO IUHLOLFK %HL *OHLFKJHZLFKW YHUKDOWHQ VLFK GDQQ GLH ,QKDOWH XP JHNHKUW ZLH GLH 'UHKSXQNW$EVWlQGH GHU $QJULIIVSXQNWH =XP HUVWHQ 0DOH YHUZHQGHWH $UFKLPHGHV GLHVH ,GHH EHL GHU 3DUDEHO4XDGUDWXU ,,' ZR HU GDV 3DUDEHOVHJPHQW PLW HLQHP 'UHLHFN LQV *OHLFKJHZLFKW EUDFKWH^D` 'LHVH )OlFKHQ ZXUGHQ ÄVWUHLIHQZHLVH³ DEJHJOLFKHQ HQWVSUHFKHQG ZLUG HV MHW]W ÄVFKHLEFKHQZHLVH³ ]XJHKHQ 6WDWW ZLH $UFKLPHGHV HLQ *HJHQJHZLFKW DXI]XKlQJHQ ^D` $EE ,, XQWHQ ZROOHQ ZLU YRUHUVW í HLQHU VSlWHUHQ %HWUDFKWXQJ ZHJHQ í GHQ ]ZHLDUPLJHQ +HEHO QDFK $UW YRQ $EE ,, DOV 6SLH DXVELOGHQ GHU GHQ =\OLQGHU = XQG GLH UHFKWHUKDQG HUVFKHLQHQGH .RSLH 3R GHV HLQEHVFKULHEHQHQ 3DUDERORLGV 3 LQ GHQ 3XQNWHQ 6= 63R GXUFKGULQJW ZR LKUH 6FKZHUNUlIWH DQJUHLIHQ (V VLQG EHL GLHVHU $QRUGQXQJ ]XJOHLFK GLH 6FKZHUSXQNWH YRQ = XQG 3R 'D GHU =\OLQGHU LP +HEHO'UHKSXQNW ' DQVFKOlJW KDW 6= GDYRQ GHQ $EVWDQG G6= ' ò D 5 )U GLH DOV *HZLFKWH IXQJLHUHQGHQ 9ROXPLQD = 3 YRQ =\OLQGHU XQG 3DUDERORLG EHVWHKW GDQQ GLH *OHLFKJHZLFKWVEHGLQJXQJ = Â G6= '
3 Â G63R '
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
$EE ,, $[LDOVFKQLWW =\OLQGHU LP *OHLFKJH ZLFKW XP ' PLW HLQEHVFKUHLEEDUHP 3DUDER ORLG6HJPHQW 1XQ HLQ HFKWHU $UFKLPHGHV (U JHKW DXV YRQ GHU 3RVLWLRQ GHV 3DUDERORLGV LQQHUKDOE GHV =\OLQGHUV XQG GHQNW VLFK LQ GLHVH .RQILJXUDWLRQ EDVLVSDUDOOHOH (EHQHQ JHOHJW 6LH HU]HXJHQ JOHLFKH =\OLQGHU6FKQLWWH GHV )OlFKHQLQKDOWV S 5 XQG MHZHLOV LP $EVWDQG D U d U d 5 YRQ ' HLQHQ S U JURHQ 3DUDERORLG6FKQLWW $UFKLPHGHV VSULFKW QXU YRQ 6FKQLWW)OlFKHQ VLHKW VLH DOV 7UlJHU YRQ 0DVVH SURSRUWLRQDO ]XP )OlFKHQPD $EE ,, ]HLJW LP $XIULVV HQWVSUHFKHQGH 6FKHLEHQ OLQNV HLQH GHV =\OLQGHUV VDPW GHU LQ LKU HLQJHVFKORVVHQHQ 6FKHLEH GHV 3DUDERORLGV :HQQ GLH DQ LKUHP 3ODW] EHODVVHQH =\OLQGHUVFKHLEH GXUFK GLH QDFK UHFKWV JHVFKDIIWH 3DUDERORLGVFKHLEH LP *OHLFKJHZLFKW JHKDOWHQ ZHUGHQ VROO ± ZR GDQQ LVW GLHVHV *HJHQJHZLFKW DQ]XEULQJHQ" 'LH $QWZRUW JLEW GLH ,GHQWLWlW S 5 Â D U
S U Â D 5
YRQ XQVHUHP 0HFKDQLNHU JHQLDO JHGHXWHW DOV *OHLFKVHW]XQJ ]ZHLHU 'UHKPRPHQWH QlPOLFK GHV 0RPHQWHV S 5 Â D U GHU =\OLQGHUVFKHLEH XQG GHV 0RPHQWHV GHU S U JURHQ UHFKWHU KDQG DQJUHLIHQGHQ 3DUDERORLGVFKHLEH 'LH $KD(UNHQQWQLV 'LH 3DUDERORLGVFKHLEHQ PVVHQ DOOHVDPW LP 'UHKSXQNW$EVWDQG D 5 DQJHEUDFKW ZHUGHQ $P (QGH NDQQ PDQ VLFK DOOH =\OLQGHUVFKHLEHQ LQ 6= DOOH 3DUDERORLGVFKHLEHQ LQ 63R NRQ]HQWULHUW GHQNHQ 'DPLW HUKlOW GLH *HVWDOW
= Â D 5
3 Â D 5
XQG UHVXOWLHUW LQ GHU YHUEOIIHQG HLQIDFKHQ %H]LHKXQJ =
3
'RFK MHW]W PXVVWH GHU 0HFKDQLNHU HUVW HLQPDO GHQ *HRPHWHU EHU]HXJHQ 'HU DUEHLWHW PLW NRQNUHWHQ 6FKHLEHQ 'LH =HUOHJXQJ GHV 3DUDERORLGV LQ Q JOHLFK KRKH $EVFKQLWWH OlVVW GHUHQ Q± HLQEHVFKULHEHQH XQG Q XPEHVFKULHEHQH =\OLQGHU HQWVWHKHQ $EE ,, ^E` %LV DXI
,,* 'HU =DXEHUHU PLW GHP =XFNHUKXW LP =\OLQGHU
GHQ JU|WHQ WULWW HLQ MHGHU VRZRKO DOV HLQ ZLH DOV XPEHVFKULHEHQHU DXI VLHKH GLH =DKO PDUNLHUXQJ LQ $EE ,,
$EE ,, $SSUR[LPDWLRQ HLQHV 3DUDERORLG6HJPHQWV GXUFK HLQ XQG XPEHVFKULHEHQH 6WDSHO YRQ =\OLQGHUQ
ƴQí Q
%
$
%
)U GLH 9ROXPLQD =Q « =QQ Q (Q Ԍ
$
GHU JHVFKLFKWHWHQ =\OLQGHU KDEHQ ZLU
=ȞQ d 3 d
ƴQQ
ԍ 8Q
= ȞQ
'LH 6FKQLWWHEHQHQ OLHJHQ LQ GHQ +|KHQ KȞQ Ԍ D 5 ȞQ Ȟ Q EHU GHP 6FKHLWHO GHV 3DUDERORLGV VFKQHLGHQ GDUDXV .UHLVIOlFKHQ GHU 5DGLHQ KȞQ D XQG OLHIHUQ VRPLW S D5 ȞQ
S KȞQ D KȞQ ± KȞ±Q
=ȞQ
= ȞQ
Ȟ =Q
LQ DULWKPHWLVFKHU 3URJUHVVLRQ QDFK Ȟ Q $UFKLPHGHV LVW IUHLOLFK ZLH EHUHLWV GLH bJ\S WHU XQG GHU (UVWNOlVVOHU *DX YHUWUDXW PLW GHU 6XPPLHUXQJ DULWKPHWLVFKHU 6XPPHQ (Q
=Q
ƴQí Ȟ Q
=
Q í Q
8Q
(Q =
Q
=
Q Q
GHQQ HU VFKUHLEW ODNRQLVFK Ä (Q = LVW NODU ³ )U XQV ZlUH MHW]W VFKRQ GLH JDQ]H 6DFKH ò = NODU GHQQ PLW ZLUG OLP (Q 3 OLP 8Q 'LHVHU :HJ LVW $UFKLPHGHV YHUZHKUW HU KDW GLH *HJHQDQQDKPHQ 3 ! ò = ò = ! 3 ]X =QQ = Q EHOLHELJ NOHLQ ZLGHUOHJHQ 6HLQ /HPPD ,,) PDFKW LKQ VLFKHU GDVV 8Q ± (Q ZLUG 0LWKLQ JlEH HV MH QDFK *HJHQDQQDKPH HLQ Q ZRPLW VLFK 3± E]Z
= ! 8Q ± (Q t 3 ± (Q
DOVR
= ± 3 ! 8Q ± (Q t 8Q ± 3 DOVR
(Q
!
= ! 8Q
HUIOOHQ OLHH 1DFK DEHU KDEHQ ZLU (Q d ò = d 8Q IU DOOH Q
=
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
8P GLH 3DUDERORLG.RSLH VR ZLH LQ $EE ,, DXI GHU +HEHOVFKLHQH SRVLWLRQLHUHQ ]X N|QQHQ PXVV PDQ ZLVVHQ ZR GDV 3DUDERORLG VHLQHQ 6FKZHUSXQNW KDW 'DV HUIKUH E]Z HUIlKUW $U FKLPHGHV PLW +LOIH GHV GHP 3DUDERORLG HLQEHVFKULHEHQHQ .HJHOV $EE ,, ^FI` 'DV *HJHQVWFN ]X LVW 3 Â G63 '
. Â G6.R '
PLW GHP 3XQNW 6.R LQ $EE ,, ZR GLH .RSLH .R GHV .HJHOV DQJUHLIW $XV = ,$ XQG = 3 IROJW .3
. ^F`
^FG` VR GDVV YHUP|JH GLH /DJH YRQ 63 DXV GHU YRQ 6.R KHUYRUJHKW 8P G6.R ' ]X EHVWLPPHQ ZLUG $UFKLPHGHV GDV RELJH .UlIWHPHVVHQ ]ZLVFKHQ =\OLQ GHU XQG 3DUDERORLG YRQ 3DUDERORLG XQG .HJHO QDFKVSLHOHQ ODVVHQ $EE ,, *DQ] VR ZLH VLFK LQ GHU ,GHQWLWlW HLQ *OHLFKJHZLFKW DXVGUFNW JHVFKLHKW HV QXQ PLW S U Â D U
S U5 Â D 5
+LHU VWHKW OLQNV GDV 'UHKPRPHQW GHU 3DUDERORLG6FKHLEH LP 'UHKSXQNW$EVWDQG D U UHFKWV GDV 'UHKPRPHQW GDV GLH LQ LKU HLQJHVFKORVVHQH .HJHO6FKHLEH YRP 5DGLXV U5 LQ GHP YRQ U XQDEKlQJLJHQ 'UHKSXQNW$EVWDQG D 5 HU]HXJW $OVR DQ GHUVHOEHQ 6WHOOH ZR DXFK GDV 3DUDERORLG GHP =\OLQGHU GDV *OHLFKJHZLFKW KLHOW 'DPLW ZLUG G6.R' D 5 K XQG UHVXOWLHUHQ LQ 3 Â G63 '
. Â K G63 ' K
.3
GHU 6FKZHUSXQNW GHV 3DUDERORLG 6HJPHQWV WHLOW GHVVHQ $FKVH LP 9HU KlOWQLV ^H` hEULJHQV LVW HV EHLP .HJHO
$EE ,, $[LDOVFKQLWW 3DUDERORLG 6HJPHQW LP *OHLFKJHZLFKW XP ' PLW HLQEHVFKUHLEEDUHP .HJHO
1RFK ]ZHL GHU 5HVXOWDWH LQ =XVDPPHQIDVVXQJ 9RQ (XGR[RV VWDPPW . = VR V ,,$ $UFKLPHGHV¶ (SLWDSK EHVWDQG DXV .XJHO XQG =\OLQGHU PLW LKUHQ ,$ ^GE` %HLGHV YHUELQGHW VLFK ]X GHU LQ ^` DOV Ä6DW] YRQ $UFKLPHGHV³ EH]HLFKQHWHQ %H]LH KXQJ
,,+ $UFKLPHGHV EHLP 'LIIHUHQ]LHUHQ HUZLVFKW" .+=
ZR + GDV 9ROXPHQ GHU YRUJHJHEHQHQ +DOENXJHO LVW -HQHV 9HUKlOWQLV GDV VFKRQ 3\ WKDJRUDV EHLP $EJUHLIHQ GHU 4XLQWH HQW]FNWH IDQGHQ ZLU EHL ZLHGHU (V ZLUG GXUFK GHQ $XVJDQJ XQVHUHU 7LWHOJHVFKLFKWH HUZHLWHUW ]X .3=
HLQHP *HJHQVWFN ]X :LU VDKHQ ZLH VRXYHUlQ XQVHU =DXEHUHU VHLQH )LJXUHQ EHKHUUVFK WH XQG YHUVWHKHQ YLHOOHLFKW ZDUXP HU VLFK YRQ VHLQHQ (QWGHFNXQJHQ VR KDW PLWUHLHQ ODVVHQ $XFK GLH 6DFKH PLW GHU .XJHO LP =\OLQGHU ZLOO YHUVWDQGHQ VHLQ %LRJUDSKHQ NRPPHQ DQ GHP EHUKPWHQ *UDEVWHLQ QLFKW YRUEHL XQG VR VWROSHUWH LFK EHU IROJHQGH .RVWSUREH LQ ^` $OV JU|WH (UUXQJHQVFKDIW KDEH $UFKLPHGHV ÄQLFKW VR VHKU GLH ,QWHJUDOUHFKQXQJ « VRQGHUQ « VHLQH (UJHEQLVVH ]X .XJHO XQG =\OLQGHU³ HUDFKWHW Ä'DEHL ]HLJWH HU GDVV GDV 9ROXPHQ HLQHV =\OLQGHUV ]ZHL 'ULWWHO GHV 9ROXPHQV GHU NOHLQVWHQ .XJHO GLH GHQ =\OLQGHU XPIDVVW EH WUlJW³ 6HOEVW ZHQQ GHU =\OLQGHU HLQ &KDSHDXFODTXH LVW" .HQQW PDQ GHQ QLFKW VR GHQNH PDQ DQ HLQH 0Q]H (LQ 6WURKKDOP WXW¶V DXFK DEHU PDQ GHQNH 6LFK QlPOLFK GLH 8PNXJHOQ ]X VROFK ÄXQSURSRUWLRQLHUWHQ³ =\OLQGHUQ ,PPHUKLQ ZLUG QDFKJHVFKREHQ $UFKLPHGHV ]XP 7URVW Ä8PJHNHKUW « JLOW GDV JOHLFKH 9HUKlOWQLV³ ^`
^` ^` ^` ^` ^`
,,+
$5&+,0:(5.( +HLEHUJ =HXWKHQ ^D` ^E` I V DXFK ^F` ±± $5&+,0Ê'( YHU (HFNH ^G` ^H` ^I` ±± ^J` %2@ *28/' ^D` I ^E` I 9$1 '(5 :$(5'(1 >@ ^D` ^E` ^F` ^G` I ^H` %$521 I *5((. 0$7+:25.6 ,, 7KRPDV +,/'(%5$1'7 7520%$ )5g%$ :$66(50$11 I
$UFKLPHGHV EHLP 'LIIHUHQ]LHUHQ HUZLVFKW"
(V PXVVWHQ *ULHFKHQODQGV *|WWHU JHZHVHQ VHLQ GLH GHQ .HJHO PLW GHU (EHQH NUHX]WHQ $Q GHUV DOV GLH YROONRPPHQHQ .HJHOVFKQLWWH KDWWHQ GLH ÄPHFKDQLVFK³ JH]HXJWHQ .XUYHQ HWZDV 0HQVFKOLFKHV (LQ 0DNHO GDULQ ZDUHQ VLFK 3ODWRQ XQG 'HVFDUWHV HLQLJ (UVWOLQJ ZDU GLH Ä4XDGUDWUL[³ HLQH ]ZHFNV 4XDGUDWXU GHV .UHLVHV DXV GHQ 6FKQLWWSXQNWHQ ]ZHLHU ZDQGHUQGHU *HUDGHQ JHELOGHWH .XUYH^D` 'HU 6WDWLNHU $UFKLPHGHV HQWGHFNWH VHLQ +HU] IU .LQHPDWLN DOV HU GLH 6SLUDOH VHLQHV 1DPHQV V ,$ IDQG^` RGHU HUIDQG $XFK VLH ZDU DOV 6SXU HLQHV 3XQN WHV JHGDFKW GHU VLFK LQ MHGHP $XJHQEOLFN LQ ]XJOHLFK ]ZHL 5LFKWXQJHQ EHZHJW^ D D` (LQHP $UFKLPHGHV PXVVWH NODU VHLQ GDVV GDUDXV GLH 5LFKWXQJ GHU 7DQJHQWH UHVXOWLHUW (U EHVFKUHLEW DOOJHPHLQ LKUH .RQVWUXNWLRQ XQG UHFKWIHUWLJW GDV 5HVXOWDW DXI NODVVLVFKH $UW .HLQ :RUW GDUEHU ZLH HU GUDXI NDP +DW HU GDEHL HWZDV YRP &DOFXOXV YRUZHJJHQRP
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
PHQ" :HQQ LKQ QLFKW VHLQ )UHXQG .RQRQ^` DXV $OH[DQGULD ]X GLHVHU .XUYH LQVSLULHUW KDWWH PXVV PDQ GHQ *HJHEHQKHLWHQ QDFK PHLQHQ $UFKLPHGHV KDEH VLFK HLQ 6SLHO]HXJ ]XP 'LI IHUHQ]LHUHQ JHEDVWHOW 2E Ä&DOFXOXV³ YRUODJ GDV ]X HU|UWHUQ JHEUDXFKHQ ZLU XQVHUH 0LWWHO HLQH 3XQNWEHZH JXQJ ]X EHVFKUHLEHQ (V EHJLQQW PLW GHP LQ GHU $QDO\VLV EHQ|WLJWHQ %HJULII YRP :LQNHO LQ GHU (EHQH $OV 6FKHLWHO XQG 6FKHQNHO GLHQHQ =HQWUXP XQG 5DGLHQ ÄGHV (LQKHLWVNUHLVHV³ ZLOO KHLHQ GHU 5DGLXV LUJHQGHLQHV .UHLVHV IXQJLHUW DOV /lQJHQHLQKHLW *HPHVVHQ ZLUG GHU :LQ NHOEHWUDJ DOV Ä%RJHQOlQJH³ DXI GHU .UHLVOLQLH :LQNHOPHVVHU LVW GDV ,QWHJUDO *HKHQ GLH 6FKHQNHO ZLH LQ $EE ,, GXUFK $ XQG % VR NDQQ PDQ DXI YLHOHUOHL Ä:HJHQ³ YRQ $ QDFK % JHODQJHQ LQ YHUVFKLHGHQHU 2ULHQWLHUXQJ XQG GD]X PLW PHKUIDFKHP 8PODXI 'LH 3HULSKH ULH LVW JOHLFK HLQHU 6WUDH 6FKDXSODW] DOOHU P|JOLFKHQ :HJH 1DFK 9RUZDKO HLQHU 5LFKWXQJ ZLUG GHU RULHQWLHUWH :LQNHO ]ZLVFKHQ $ XQG % SRVLWLY JHZHUWHW ZHQQ GHU :HJ LQ MHQH 5LFKWXQJ ZHLVW DQGHUHQIDOOV QHJDWLY $UFKLPHGHV¶ 2ULJLQDO6SLUDOH GUHKW VLFK LP 8KU]HLJHU VLQQ^D D D D D` :LH KHXWH EOLFK^D D` IROJHQ ZLU GHQ DOWHQ $VWURQRPHQ LQ GHUHQ ÄSRVLWL YHU³ (LQVWHOOXQJ PLW GHU VLH GHQ *HVWLUQHQ QDFKVFKDXWHQ QlPOLFK YRQ GHU 1RUGKDOENXJHO DXV $]LPXW KHLW EHL HLQHP *HVWLUQ GHU YRQ GHU KRUL]RQWDOHQ 1RUGULFKWXQJ DXV ELV ]X VHLQHU 3URMHNWLRQ DXI GHQ +RUL]RQW JHPHVVHQH :LQNHO
$EE ,, %RJHQPD XQG 2ULHQWLHUXQJ HEHQHU :LQNHO 'LH (UILQGXQJ GHU 6SLUDOH VFKORVV GLH GHU HEHQHQ 3RODUNRRUGLQDWHQ HLQ VLHKW PDQ GDYRQ DE GDVV %LHQHQ VLH DOO]HLW ]XU .RPPXQLNDWLRQ EHU 2ULHQWLHUXQJ EHQXW]HQ ,Q %H]XJ DXI HLQHQ 3RO 3 VRZLH HLQH GDYRQ DXVJHKHQGH 3RODUDFKVH 3 $EE ,, HUKlOW HLQ 3XQNW GLH .RRUGLQDWHQ U ! M t XQG GLH %H]HLFKQXQJ 3UM ZHQQ HU YRQ 3 GHQ $EVWDQG U KDW XQG ZHQQ HU DXI GHP YRQ 3 DXVJHKHQGHQ 6WUDKO OLHJW GHU PLW 3 GHQ SRVLWLY RULHQWLHUWHQ :LQNHO M HLQVFKOLHW $UFKLPHGHV IL[LHUW LQ 3 ԍ 3 HLQHQ ÄJOHLFKI|UPLJ³ XPODXIHQGHQ 6WUDKO XQG OlVVW GDUDXI ]XJOHLFK HLQHQ 3XQNW ÄJOHLFKI|UPLJ³ QDFK DXHQ VWUHEHQ *OHLFKI|UPLJ KHLW PLW MHZHLOV NRQVWDQWHU :LQNHO E]Z %DKQJHVFKZLQGLJNHLW GLHVH GHILQLHUHQ VLFK GXUFK GLH 3UR SRUWLRQDOLWlWVIDNWRUHQ Ȧ ! ȣ ! ZHOFKH GLH 3RODUNRRUGLQDWHQ GHV 3XQNWHV DQ GLH YLUWXHOOH =HLW W ELQGHQ M Ȧ W U ȣ W W t 9RQ KLHU IKUW W Uȣ M Ȧ DXI GLH 'DUVWHOOXQJ U
D M M t D
ȣ Ȧ
GHU DUFKLPHGLVFKHQ 6SLUDOH ZLU VFKUHLEHQ QXQPHKU 3M 3M DM M t D LQ $EE ,, 3RODUNRRUGLQDWHQ LQ NRQVWDQWHP 9HUKlOWQLV ± GDV ZRKO ZDU HV ZDV $UFKLPHGHV JHR PHWULVFK UHL]WH YRQ LKP NLQHPDWLVFK HLQNOHLGHW ZXUGH XQG LKQ VR DXI GLH 6SXU GHU 7DQJHQWH
,,+ $UFKLPHGHV EHLP 'LIIHUHQ]LHUHQ HUZLVFKW"
EUDFKWH RGHU JHEUDFKW KDEHQ N|QQWH ,PPHUKLQ ZDU VHLQHU (SRFKH GLH 9RUVWHOOXQJ YRQ %HZHJXQJVNRPSRQHQWHQ QLFKW IUHPG^E`
$EE ,, 6R HQWVWHKW GLH DUFKLPHGLVFKH 6SLUDOH U
M
:DV KDEHQ GLHVH U ! M JHPHLQ PLW GHQ .RRUGLQDWHQ [ \ GHV NDUWHVLVFKUHFKWZLQNOLJHQ 6\VWHPV" 'LH /LQLHQ GHU 3XQNWH PLW MHZHLOV HLQHU IHVWJHKDOWHQHQ .RRUGLQDWH GLH Ä.RRUGLQD WHQOLQLHQ³ ELOGHQ HLQ 1HW] DXV $FKVHQSDUDOOHOHQ E]Z DXV 5DGLDOVWUDKOHQ XQG .UHLVHQ ,Q EHLGHQ )lOOHQ VWHKHQ GLH .RRUGLQDWHQOLQLHQ VHQNUHFKW DXIHLQDQGHU ZLH GDQQ DXFK GDUDXI EH]RJHQH %HZHJXQJVNRPSRQHQWHQ )HUQHU HQWVSULFKW GHU 3URSRUWLRQ GLH 'DUVWHOOXQJ \ F [ HLQHU 8UVSUXQJVJHUDGHQ HLQHU ÄOLQHD UHFWD³ ZRQDFK HV DXFK EHL GHU 6SLUDOH KHLW U KlQJH OLQHDU YRQ M DE
'HQ %HJULII 7DQJHQWH IDQG $UFKLPHGHV YRU ZLH HU YRQ (XNOLG IU GHQ .UHLV HLQJHIKUW^D` XQG ZHLWHU FKDUDNWHULVLHUW^E E` ZRUGHQ ZDU 'DYRQ DXVJHKHQG OlVVW VLFK HLQH *HUDGH 7 ZLH IROJW DOV GLH 7DQJHQWH LP 6SLUDOHQSXQNW 3M M ! IHVWOHJHQ ,QQHUKDOE HLQHV JHZLVVHQ .UHL VHV XP 3M KDW GLH .XUYH QXU 3M PLW 7 JHPHLQ XQG YHUOlXIW DXI QXU HLQHU 6HLWH YRQ 7 'DV JLEW NHLQHQ $QKDOWVSXQNW IU GLH .RQVWUXNWLRQ GHU 7DQJHQWH 8QV LQWHUHVVLHUW QHEHQ GHP :LH YRU DOOHP GDV VSRQWDQH :DUXP ]XP :LH QLFKW GDJHJHQ GLH QDFKWUlJOLFKH 5HFKWIHUWL JXQJ^D D D D` LQ $UFKLPHGHV¶ 5HLQVFKULIW 6LHKH GD]X ]% ^D` $UFKLPHGHV EHVWLPPW GLH 7DQJHQWH IU MHGHQ 6SLUDOHQSXQNW 3 z 3 VLHKH $EE ,,^E E` 6HLQ Ä6DW] ³^E` EHWULIIW GHQ (QGSXQNW 3 3S GHU HUVWHQ :LQGXQJ $XI GHP ]XP %HUK UXQJVSXQNW 3 ZHLVHQGHQ 5DGLXV 3 3 HUULFKWHW HU LQ 3 ZLH LP %LOG GDV /RW 37 YRQ GHU /lQJH S _ 3 3 _ 8PIDQJ GHV VRJHQDQQWHQ HUVWHQ .UHLVHV 'HVVHQ ,QKDOW ILQGHW VLFK ZLHGHU LP 'UHLHFN 3 37 YJO ,,( 'HV :HLWHUHQ V ^D` DXFK E]JO ^D)LJ` $UFKLPHGHV ]HLJW JHPl EHVDJWHU 'HILQLWLRQ 7 OLHJW DXI GHU 7DQJHQWH GXUFK 3 'LH .DWKHWH 37 GHV 'UHLHFNV 3 37 OLHJW XQWHU GHP 7DQ JHQWHQVWFN 37 XQG HQWVSULFKW GHU 6XEWDQJHQWH ıW LQ $EE , GHQQ ZLU ZHUGHQ VHKHQ GDVV 3 37 VLFK DOV SRODUHV *HJHQVWFN ]X /HLEQL]¶ FKDUDNWHULVWLVFKHQ 'UHLHFNHQ GHU *DWWXQJ ÄDVVLJ QDELOLV³ HUZHLVW
$EE ,, 7DQJHQWHQ LQ 3 3M DQ GLH DUFKLPHGLVFKH 6SLUDOH 'D]X GLH SRODUHQ 6XEWDQJHQWHQ 37 37M
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
,Q JOHLFKHU :HLVH ZHUGHQ GLH 7DQJHQWHQ LQ GHQ QDFK PHKUIDFKHP 8PODXI HUUHLFKWHQ 3XQNWHQ JHELOGHW ZR DOVR EHL IDFKHP GHU GRSSHOWH 8PIDQJ GHV Ä]ZHLWHQ .UHLVHV³ IU GDV YRQ 3 ]XU 7DQJHQWH IKUHQGH /RW DQ]XVHW]HQ LVW 6FKOLHOLFK LVW _ 37M _ M Â _ 3 3M _ M ! DOOJHPHLQ EHZLHVHQ^E` $EE ,, ]HLJW HLQH WDQJLHUHQGH 6WUHFNH 3M7M LP )DOOH S M S
:DU HV EORH ,QWXLWLRQ GLH $UFKLPHGHV DXI GDV 0D GHU /RWH 37M EUDFKWH EHJQVWLJW GD GXUFK GDVV HV KLHU DXHU GHQ Ä5DGLHQ³ 33M QLFKWV %HVRQGHUHV JDE" 6FKZHUOLFK DQ ]XQHKPHQ GDVV HU VLFK VR JDU QLFKWV EHL VHLQHU .RQVWUXNWLRQ JHGDFKW KDEHQ VROO 'DV GUIWH GDQQ QLFKW ZHLW DE YRQ GHP OLHJHQ ZDV /HLEQL] XQG 1HZWRQ XPWULHE 6DK $UFKLPHGHV LP UHFKWZLQNOLJHQ 'UHLHFN 337 HWZDV ÄbKQOLFKHV³ ZLH IDVW ]ZHL 0LOOHQQLHQ VSlWHU HLQ /HLE QL]" bKQOLFK QlPOLFK GHVVHQ ÄXQHQGOLFK NOHLQHP³ FKDUDNWHULVWLVFKHQ 'UHLHFN $EE , (UVW 1HZWRQ VROOWH GLH 6SLUDOHQWDQJHQWH EHUHFKQHQ 9HUVXFKHQ ZLU LQ XQVHUHU 6SUDFKH QDFK]XVWHOOHQ ZLH $UFKLPHGHV GXUFK GDV 6WXGLXP GHV PRPHQWDQHQ %HZHJXQJVDEODXIV DXI VHLQH 7DQJHQWHQ.RQVWUXNWLRQ JHNRPPHQ VHLQ N|QQWH 'LH .RRUGLQDWHQ U M YRQ 3M ZDFKVHQ XP GLH ,QNUHPHQWH 'U 'M ]X GHQHQ YRQ 3M 'M ,Q $EE ,, ZLUG GLHVHU hEHUJDQJ LQ ]ZHL 6FKULWWH ]HUOHJW +lOW U VWLOOH VR VHKHQ ZLU ]X QlFKVW 3U I M d I d M 'M HLQHU .UHLVEDKQ IROJHQ XQG ]ZDU DQDORJ ]XP ]ZHLWHQ 6WUDK OHQVDW] OlQJV HLQHV U Â'M JURHQ %RJHQVWFNV YRQ 3M QDFK (M'M 1DFKJHKROW ZLUG GDQQ GLH =XQDKPH YRQ U HQWODQJ GHV 6WUDKOHV 3 (M'M 8P GLH (FNH ( ]X GHQNHQ LVW MHGHP XQEHQRPPHQ 1XQ HUVW NRPPW GDV IU HLQH VSl WHUH $QDO\VLV W\SLVFKH .OHLQNOHLQ LQ VHLQHU 8QVFKlUIH JHPLQGHUW LQ GHP 0DH ZLH VLFK 'M XQG PLW LKP 'U GHP :HUW QXOO QlKHUQ
$EE ,, =HUOHJXQJ GHU 6SLUDOHQ%HZHJXQJ LQ HLQHQ D]LPXWDOHQ U 'M XQG HLQHQ UDGLDOHQ 'U $QWHLO
(ULQQHUQ ZLUG XQV ]XQlFKVW ZLH EHL /HLEQL] ± LP 8PIHOG YRQ $EE , JHVFKLOGHUW ± GLH DULWKPHWLVFKH 4XLQWHVVHQ] GHU 7DQJHQWH HQWVWHKW GHU 'LIIHUHQ]LDOTXRWLHQW 'UHLHFNH DXV GHQ 9DULDEOHQ=XZlFKVHQ '[ '\ VFKUXPSIHQ ]X /HLEQL]¶ 3URWRW\S GHV YRQ GHQ LQILQLWHVLPDOHQ .DWKHWHQ G[ G\ JHELOGHWHQ FKDUDNWHULVWLVFKHQ 'UHLHFNV GDV PDNURVNRSLVFK LQ GHU )RUP YRQ 6WHLJXQJVGUHLHFNHQ PLW GHP .DWKHWHQYHUKlOWQLV OLP '[ĺ '\'[ VLFKWEDU ZLUG ,P )DOOH HLQHU OLQHDUHQ )XQNWLRQ \ D [ VLQG '\ '[ HLQDQGHU SURSRUWLRQDO ELOGHQ DOVR VHOEVW EHUHLWV 6WHLJXQJVGUHLHFNH 'HP $QDORJHQ ZHUGHQ ZLU MHW]W EHL GHQ 3RODUNRRUGLQDWHQ EHJHJQHQ 1DFK XQVHUHU /HLWYRUVWHOOXQJ VROO GLH 7DQJHQWH LQ 3M GLHMHQLJH *HUDGH GXUFK 3M VHLQ GHU VLFK GLH 6WUHFNHQ 3M 3M 'M EHL 'M Ļ ÄLPPHU HQJHU DQVFKPLHJHQ³ %HL GLHVHP *UHQ] EHUJDQJ QlKHUW VLFK GHU .UHLVERJHQ ]ZLVFKHQ 3M XQG (M'M GHU LQ 3M DXI 3 3M HUULFKWH WHQ 6HQNUHFKWHQ $XI LKU WUDJHQ ZLU LQ $EE ,, GLH %RJHQOlQJH U 'M DE XQG ELOGHQ GDV
,,+ $UFKLPHGHV EHLP 'LIIHUHQ]LHUHQ HUZLVFKW"
NOHLQH UHFKWZLQNOLJH 'UHLHFN 'M'M PLW GHU 'U ODQJHQ ]ZHLWHQ .DWKHWH 'HU *UHQ]SUR]HVV EULQJW GLH 3M 3M 'M XQG GLH +\SRWHQXVHQ GHU 'M'M LQ HLQH JHPHLQVDPH *UHQ]ODJH 0LW JLOW U 'U D M 'M U D 'M 8QG GDV KHLW 'LH =XZlFKVH 'U 'M GHU 6SLUDOHQ.RRUGLQDWHQ VWHKHQ LQ GHUVHOEHQ OLQHDUHQ %H]LHKXQJ ZLH GLHVH VHOEVW 'U
D 'M
'U 'M
U
M
)ROJOLFK VLQG GLH EHWUDFKWHWHQ 'UHLHFNH 'M'M HLQDQGHU lKQOLFK ,KUHU .RQVWUXNWLRQ QDFK ZHLVHQ GDQQ LKUH YRQ 3M DXVJHKHQGHQ +\SRWHQXVHQ DOOHVDPW LQ GLHVHOEH 5LFKWXQJ 6LH ZLUG VR ]XU *UHQ]ODJH GHU 6WUHFNHQ 3M 3M'M ]XU 7DQJHQWHQULFKWXQJ
$EE ,, 0DNUR.RSLHQ GHV SRODUHQ FKDUDNWHULVWLVFKHQ 'UHLHFNV
0LWKLQ ELOGHQ GLH 'M'M EHUHLWV 0DNURIRUPHQ GHV FKDUDNWHULVWLVFKHQ 'UHLHFNV OHLEQL] VFKHU 3UlJXQJ -HGHV 3DDU 'U 'M DXV HUP|JOLFKW GLH 7DQJHQWH JHPl $EE ,, ]X NRQVWUXLHUHQ 1DFK LVW 'U U Â'M
U UM
HQWVSUHFKHQG GHU 3URSRUWLRQ '\ '[ \ [ LP NDUWHVLVFKHQ )DOO 'DV PDFKW 3M 37M ]X HLQHP Ä6WHLJXQJVGUHLHFN³ XQG OHJW GXUFK _ 3 7M _ UM HLQHQ 7DQJHQWHQSXQNW 7M IHVW
,Q $UFKLPHGHV VHKHQ YLHOH $XWRUHQ PHKU DOV GHQ 3URSKHWHQ GHV ,QWHJULHUHQV^D E EF F ` :ROOHQ LKQ VR VHKHQ VDJHQ LKUH .ULWLNHU ,Q ,$ ZXUGH GLH SUREOHPDWLVFKH Ä'HXWXQJ DXV KHXWLJHU 6LFKW³ DQJHVSURFKHQ :DU EHL $UFKLPHGHV HLQH LQILQLWHVLPDOH hEHUOHJXQJ LP 6SLHO" 'HU $UW ZLH VLH VSlWHU 5REHUYDO DQVWHOOHQ ZLUG ,& ,,3 "^E` 1DFK %RXUEDNL VSULFKW GDJHJHQ GDVV $UFKLPHGHV NHLQH DQGHUHQ 7DQJHQWHQ NRQVWUXLHUWH^` 'RFK N|QQWH GLHV QLFKW ]X MHQHU DQ .XUYHQ DUPHQ =HLW LQ GHU (LQPDOLJNHLW GHV YRUOLHJHQGHQ )DOOHV EHJUQGHW VHLQ" 1lPOLFK GHU %HVRQGHUKHLW GDVV GLH (U]HXJXQJ GLHVHU .XUYH PLW Ä.RRUGLQDWHQ³ HLQKHUJLQJ EH]JOLFK GHUHU GLH %HZHJXQJ RUWKRJRQDOH XQG SURSRUWLRQDOH :DFKVWXPVNRPSRQHQWHQ EHVD (LQH JOFNOLFKH )JXQJ 'LH 0HFKDQLN GHU HUZlKQWHQ 4XDGUDWUL[ DQLPLHUWH $UFKL PHGHV QLFKW ]X 7DQJHQWHQ « +DW $UFKLPHGHV QXQ GLIIHUHQ]LHUW" (V LVW YRUVWHOOEDU VRJDU VHKU JXW 'LH 8PVWlQGH VSUH FKHQ GDIU GDVV HU GHQ ZHVHQWOLFKHQ 3XQNW LQWXLWLY HUIDVVW KDW ]XPLQGHVW LVW HV NHLQHVZHJV DXV]XVFKOLHHQ $XFK DQJHVLFKWV GHV %HGHQNHQV $UFKLPHGHV JHJHQEHU EHIDQJHQ ]X VHLQ^F`
^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
,,,
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH 9$1 '(5 :$(5'(1
>@ ^D` I ^E` &$1725 0 >@ &$-25, %2@ *5((. 0$7+:25.6 ,, 7KRPDV ^D` II ^E` )LJ $= JHJ .01' ]X NXU] $5&+,0:(5.( +HDWK ^D` ^E` $5&+,0:(5.( &]ZDOLQD ^D` II ^E` I )LJQ $* EHU ]X NXU] ^F` I %(&.(5 ^D` >@ )LJ IDOVFKH :LHGHUJDEH YRQ ^D` ^E` >@ I +($7+ >@ ^D` )LJXU ^E` .1255 ^D` II )LJQ PDQJHOK ^E` I ^F` 1RWL] *(5,&.( >@ ^D` II ^E` (':$5'6 -5 ^D` )LJ ^E` II )LJ IHKOHUKDIW ^F` (8./,' ^D` 'HI ^E` %2@ 6285&( % >@ 6WUXLN 67,//:(// >@ %285%$., >@
'HV 3DSSRV¶ Ä6DW] YRQ *XOGLQ³
*XW IQIKXQGHUW -DKUH QDFK $UFKLPHGHV NDP HV LP JULHFKLVFKHQ .XOWXUNUHLV QRFK HLQPDO ]X HLQ ZHQLJ 5FNEHVLQQXQJ DXI GLH JURH =HLW )KUHQG ZDU GHU $OH[DQGULQHU 3DSSRV GHU VLFK DXFK PLW GHU 9ROXPHQEHUHFKQXQJ YRQ 5RWDWLRQVN|USHUQ HLQHQ 1DPHQ PDFKWH^D` %HL $UFKLPHGHV URWLHUWHQ HEHQH )OlFKHQ XP LKUH 6\PPHWULHDFKVHQ EHL 3DSSRV EUDXFKWH GLH 'UHKDFKVH QXU LQ GHU (EHQH GHU HU]HXJHQGHQ )OlFKH ]X OLHJHQ 'DV 9ROXPHQ GHV 'UHK N|USHUV EHVWLPPWH 3DSSRV DOV GDV 3URGXNW DXV GHP ,QKDOW GHU (U]HXJHQGHQ XQG GHU /lQJH GHV .UHLVHV GHQ LKU 6FKZHUSXQNW EHL GHU 'UHKXQJ EHVFKUHLEW %HJUQGXQJHQ ZXUGHQ QLFKW PLWJHOLHIHUW GRFK GUIWH HV HLQH hEHUOHJXQJ ZLH VSlWHU GLH YRQ .HSOHU XQG *XOGLQ JHZHVHQ VHLQ $UFKLPHGHV ]HUOHJWH LQVJHKHLP GDV 3DUDEHOLQQHUH LQ 6WUHFNHQ VWDWW VFKPDOHU 6WUHLIHQ GDV 3DUDERORLG LQ )OlFKHQ VWDWW IODFKHU 6FKHLEHQ YJO ,,$ X * $OV HV XP GLH .UHLVIOlFKH JLQJ GUIWHQ VHLQH $WRPH MHGRFK *HVWDOW DQJHQRPPHQ KDEHQ QlPOLFK GLH YRQ GUHLHFNLJHQ 6HNWRUHQ ,,( 'LH ,GHH ILQGHW VLFK LQ GLH QlFKVWH 'LPHQVLRQ EHUWUDJHQ ZHQQ 3DSSRV XQG .HSOHU VLFK GHQ 'UHKN|USHUQ ZLGPHQ :LU ]HLJHQ GDV DP 7RUXV GHP 5HWWXQJVULQJ YRQ NUHLVI|UPLJHP 4XHUVFKQLWW^` ,Q $EE ,,D ZDU GLH .UHLVIOlFKH QDFK =HUOHJHQ LQ LQILQLWHVLPDOH 6HNWRUHQ ]X HLQHP 5HFKWHFN ]XVDPPHQJHVHW]W ZRUGHQ (QWVSUHFKHQG VROO QXQ DXV GHP 7RUXV HLQ =\OLQGHU ZHU GHQ 'D]X VFKQHLGH PDQ GHQ 5LQJ PLWWHOV D[LDOHU (EHQHQ LQ NHLODUWLJH 6HJPHQWH XQG SDFNH MH ]ZHL EHQDFKEDUWH QDFK $EE ,, VR ]XVDPPHQ GDVV GHU NRQYH[H $XHQULVW GHU HLQHQ 6FKHLEH EHLP NRQNDYHQ ,QQHQULVW GHU DQGHUHQ DQVHW]W 'DGXUFK NRPPW HLQH VWUDFNH :XUVW ]XVWDQGH GHUHQ %XFNHO XQG )DOWHQ PLW IRUWVFKUHLWHQGHU 7HLOXQJ DXVJHEJHOW ZHUGHQ $P
,,- 2UHVPXV 6XPPLHUXQJ HLQHU QLFKWJHRPHWULVFKHQ 3URJUHVVLRQ
(QGH VWHKW HLQ =\OLQGHU 6WHKW DXI GHP (U]HXJHUNUHLV XQG LVW VR KRFK ZLH GHU :HJ ODQJ LVW GHQ GHU .UHLVPLWWHOSXQNW EHL VHLQHP 8PODXI QLPPW
$EE ,, =XU 9ROXPHQEHVWLPPXQJ HLQHV 5RWDWLRQVN|USHUV $XVVWUHFNHQ GHV 7RUXV GXUFK 8PVWHOOHQ VHLQHU LQILQLWHVLPDOHQ 6HJPHQWH 'LH JH]HLJWH 6FKQLW]HO7HFKQLN ZXUGH GXUFK .HSOHU SXEOLN (U YHUZHQGHWH VLH XQWHU DQGHUHP EHL VHLQHP EHUKPWHQ Ä$SIHO³ ZR GLH 'UHKDFKVH ]ZLVFKHQ =HQWUXP XQG 5DQG GHV HU]HXJHQGHQ .UHLVHV YHUOlXIW^` 6HLQ =HLWJHQRVVH 3DXO *XOGLQ VWHOOWH V\VWHPDWLVFK Ä5H JHOQ³ DXI IU GLH ,QKDOWVEHVWLPPXQJ EHL 5RWDWLRQVN|USHUQ XQG IOlFKHQ^E` :LU EHJHJQHQ KLHU HLQHU :HLWHU]FKWXQJ GHPRNULWVFKHU 6FKHLEFKHQ (LQHU RIIHQEDU HU IROJUHLFKHQ ,P XQG -DKUKXQGHUW ZLUG PDQ GDPLW IRUWIDKUHQ XQG EHDFKWOLFKH ,QWHJUDWL RQHQ RKQH ,QWHJUDOUHFKQXQJ ]XZHJH EULQJHQ V ,,/0 X 1 ^` ^` ^`
,,-
.1255 ^D` II ^E` 3233 I %$521 9$1 0$$1(1 $EE Ä$SIHO³" :,(/(,71(5 >@
2UHVPXV 6XPPLHUXQJ HLQHU QLFKW JHRPHWULVFKHQ 3URJUHVVLRQ
Ä2UHVPXV XQG GLH XQJOHLFKI|UPLJ XQJOHLFKI|UPLJH %HZHJXQJ³ N|QQWH PDQ GLHVHQ $EVFKQLWW EHUVFKUHLEHQ V ,& GRFK JHKW HV KLHU XP HLQH UHLQ PDWKHPDWLVFKH )UDJHVWHOOXQJ 6LH NDP LQ SK\VLNDOLVFKHU (LQNOHLGXQJ EHVVHU JHVDJW UHDOLWlWVIUHPGHU 9HUNOHLGXQJ GDKHU 8QG ]ZDU KDWWH 2[IRUGV 6ZLQHVKHDG HLQ *HGDQNHQH[SHULPHQW PLW XQEHJUHQ]W ZDFKVHQGHQ *H VFKZLQGLJNHLWHQ DQJHVWHOOW XQG YHUEDO JHNOlUW^` 2UHVPXV EHVD GHQ SDVVHQGHQ 6FKOVVHO HV TXDVL DQDO\WLVFK ]XJlQJOLFK ]X PDFKHQ^` (V EHJDQQ GDPLW HLQH JOHLFKI|UPLJ XQJOHLFKI|UPLJH VSULFK JOHLFKPlLJ EHVFKOHXQLJWH %HZHJXQJ JUDSKLVFK GDU]XVWHOOHQ PLW GHU 0HUWRQVFKHQ 5HJHO DOV %HZlKUXQJVSUREH $EE , 'DV JDE $QODVV *HVFKZLQGLJNHLWVSURILOH ZLOONUOLFK YRU]XJHEHQ XQG QDFK :HJ OlQJHQ ]X IUDJHQ 2E 2UHVPXV ZRKO VHLQ 'LDJUDPP $EE , QDFK UHFKWV JHNLSSW XQG DOV GDV 'LDJUDPP HLQHV XQHQGOLFK ODQJHQ 9RUJDQJV XPJHGHXWHW KDW EHL GHP GLH *HVFKZLQGLJNHLWHQ LQ JHRPHWULVFKHU )ROJH DEQHKPHQ" (V ZlUH HLQ ILNWLYHV 3UREOHP GHU .LQHPDWLN JHZHVHQ YRQ HEHQ GHU $UW ZLH GDV IROJHQGH EHL GHP VWDWW GHU /DXI]HLW GLH *HVFKZLQGLJNHLWHQ LQV 8IHUORVH ZDFKVHQ
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
'DV 6]HQDULR (LQH /DXI]HLW 7 VHL ]HUOHJW LQ ]XVDPPHQKlQJHQGH $EVFKQLWWH GHU 'DXHU 7 7 7N EHJUQGHW LVW GLHV GXUFK GHQ 5HLKHQZHUW ƴ ò N YJO $EE , $XI GLHVHQ ,QWHUYDOOHQ VHLHQ QDFKHLQDQGHU GLH NRQVWDQWHQ *HVFKZLQGLJNHLWHQ ȣ ȣ N ȣ DQJHQRPPHQ )UDJH *LEW HV XQWHU GLHVHQ ILNWLYHQ *HJHEHQKHLWHQ HLQHQ HQGOLFKHQ *HVDPW ZHJ XQG GDPLW HLQHQ 'XUFKVFKQLWW XQEHJUHQ]WHU *HVFKZLQGLJNHLWHQ"
$EE ,, 2UHVPXV ƴ N N
%
$XI GHP NWHQ $EVFKQLWW ZLUG GLH 6WUHFNH N ȣ 7N ]XUFNJHOHJW LQVJHVDPW DOVR GLH :HJOlQJH
ƴ ȣ7
N N
LQ *HVWDOW HLQHU 5HLKH GLH IU XQV VR RGHU VR DXI GLH JHRPHWULVFKH ]XUFN]XIKUHQ LVW 'LIIH UHQ]LDWLRQ DEHOVFKH 6XPPDWLRQ $XFK 2UHVPXV PXVVWH GRUWKLQ ILQGHQ (V JHODQJ LKP GXUFK JHZDJWH ,QWHUSUHWDWLRQ GHU Ä)OlFKH³ XQWHU GHP *HVFKZLQGLJNHLW=HLW'LDJUDPP $EE ,, 'RUW VLQG GLH :HJDEVFKQLWWH IXQNWLRQVJHUHFKW GXUFK QHEHQHLQDQGHU VWHKHQGH 5HFKWHFNH GDUJHVWHOOW 2UHVPXV EDXW GLH )OlFKH YRQ XQWHQ DXI DOV 7UHSSH DXV EHUHLQDQGHU OLHJHQGHQ 5HFKWHFNHQ 'DEHL ZHUGHQ GLH 6WXIHQOlQJHQ 7 7 7 LKUHUVHLWV EHUHLWV ]X *UHQ]ZHU WHQ QlPOLFK 7O
ƴ Nf O 7 N
O
:HQQ 2UHVPXV GLH 6WXIHQ DXIHLQDQGHU OHJW DGGLHUW HU QLFKW ZLUNOLFK :HJOlQJHQ QLFKW GLH /lQJHQ DQHLQDQGHU JUHQ]HQGHU :HJH 6RPLW ELOGHQ DXFK GLH 6WXIHQJU|HQ ȣ Â7O HLQH JHR PHWULVFKH 3URJUHVVLRQ 'HU $XJHQVFKHLQ YHUPLWWHOWH 2UHVPXV ZDV ZLU GXUFK GLH 5HLKHQEH ]LHKXQJ
ƴ ȣ Â7 O
ƴ N ȣ Â7 N
DXVGUFNHQ $QDO\WLVFK OlVVW VLH VLFK ZLH IROJW EHJUQGHQ %HL GHU 8PIRUPXQJ
,,. .HSOHU 3HU DVSHUD DG DVWUD
ƴQ N
ƴQ >N ± N± @ N
Q Q
ƴQ
N N ±
N ƴQí N
N ƴQí N ±
HQWVWHKW UHFKWHU +DQG DXHU HLQHU 1XOOIROJH GLH 7HLOVXPPHQ)ROJH GHU UlWVHOKDIWHQ 5HLKH 'HU *UHQ]EHUJDQJ OLHIHUW
ƴ N
ƴ N N
XQG GDPLW
ƴ
ȣ7 N N
ȣ7
'LH JHVXFKWH 'XUFKVFKQLWWVJHVFKZLQGLJNHLW ZlUH DOVR ȣ 'HU DOOJHPHLQHQ )DOO PLW _ [ _ DQVWHOOH YRQ [ ó NDP HUVW QDFK ]XU 6SUDFKH^` ^` ^` ^`
,,.
%2@ %$521 I %(&.(5 >@ )LJ =HLWVNDOD IDOVFK 67,//:(// >@ I -86&+.(:,76&+
.HSOHU 3HU DVSHUD DG DVWUD
:DV LVW EHVVHU DOV HLQHQ )HKOHU ]X PDFKHQ" =ZHL N|QQWH PHLQHQ ZHU .HSOHU DXI VHLQHP KROSULJHQ :HJ ]X GHQ :DQGHOVWHUQHQ EHJOHLWHW %HL GHU %HJUQGXQJ GHV ]ZHLWHQ VHLQHU GUHL *HVHW]H KHEHQ VLFK QlPOLFK ]ZHL )HKOHU DXI 6HLW %HJLQQ HLQHU V\VWHPDWLVFKHQ $VWURQRPLH KDWWH VLFK GLH hEHU]HXJXQJ JHKDOWHQ 3OD QHWHQ PVVWHQ ÄNUHLVHQ³ V ,& 1DFKGHP VLH .XJHOVFKDOHQ DXIJHVHVVHQ ZDUHQ GLH VLFK LKUHUVHLWV GUHKWHQ VHW]WH PDQ VLH DXI .UHLVH 8QVWLPPLJNHLWHQ ZXUGHQ GXUFK GDV =XVDPPHQ VSLHO YRQ .UHLVEHZHJXQJHQ NRUULJLHUW .UHLVH OLH PDQ DXI .UHLVHQ DEUROOHQ XP PLW (SL ]\NOHQ^` GHU EHREDFKWHWHQ %DKQVFKOHLIHQ +HUU ]X ZHUGHQ .RSHUQLNXV KLHOW HV PLW GHU S\ WKDJRUHLVFKHQ +DUPRQLH GHV (LQIDFKHQ (U PXVVWH MHGRFK GLH :HOW HUVW DXI GHQ .RSI VWHOOHQ XQG GLH 3ODQHWHQ DXI GLH 6RQQH ]HQWULHUHQ XP GHQ .UHLV ZLHGHU LQ VHLQ DOWHV 5HFKW HLQ]XVHW ]HQ VHOEVW GHUHQ %DKQ ]X VHLQ :DV MHGRFK 7\FKR %UDKH XQG .HSOHU DP 3HULKHO LQ 6RQQHQQlKH ]X VHKHQ EHNDPHQ GDV ZDU EHLOHLEH NHLQ .UHLV 'LH 6RQQH VFKLHQ HLQ %UHQQSXQNW QlPOLFK GHU HLQHU (OOLSVH 1XU K|FKVW ZLGHUZLOOLJ YHUDEVFKLHGHWH VLFK .HSOHU YRQ GHU YHUWUDXWHQ GHU ÄQDWUOLFKVWHQ³ $QQDK PH XQG HUIXKU DXFK :LGHUVWDQG DXV HLJHQHQ 5HLKHQ Ä0LW GLHVHU (OOLSVH KHEVW GX GLH « *OHLFKI|UPLJNHLW GHU %HZHJXQJHQ DXI ZDV PLU DEVXUG HUVFKHLQW³ 'DYLG )DEULFLXV ^` $XFK *DOLOHL QDKP .HSOHU GLH (OOLSVH QLFKW DE .HSOHUV HUVWHV *HVHW] UFNW GLH 6RQQH LQ MHZHLOV HLQHQ (OOLSVHQ%UHQQSXQNW $OV GLH 3OD QHWHQ QRFK DXI .RSHUQLNXV¶ .DUXVVHOO LKUH .UHLVH ]RJHQ EHVFKULHE MHGHU LQ JOHLFKHQ =HLW VSDQQHQ JOHLFKODQJH %|JHQ ZHVKDOE DXFK GHU Ä6RQQHQVWUDKO³ GHU LKQ PLW GHP =HQWUDOJH VWLUQ YHUEDQG JOHLFKJURH 6HNWRUHQ EHUVWULFK $XI .HSOHUV 3DUFRXUV PXVVWH VLFK GHU 3ODQHW
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
QDKH GHU 6RQQH EHHLOHQ XP QLFKW YRQ LKU YHUHLQQDKPW ]X ZHUGHQ :lUH QLFKW GRFK QRFK HWZDV YRP JXWHQ DOWHQ *OHLFKPD ]X UHWWHQ" 1LHPDQG ZQVFKWH VLFK GDV VHKQOLFKHU DOV .HS OHU XQG VR ODV GLHVHU DXV VHLQHQ %HREDFKWXQJHQ )ROJHQGHV KHUDXV 'HU 3ODQHW EHZHJW VLFK DXI HLQHU (OOLSVH VR GDVV GHU YRQ GHU 6RQQH DXI LKQ JHULFKWHWH Ä5DGLXVYHNWRU³ LQ JOHLFKHQ =HLWHQ JOHLFKH )OlFKHQ EHUVWUHLFKW (LQH UHFKW QDWXUQDKH %HVFKUHLEXQJ GLHVHU Ä)OlFKHQ VDW]³ DXFK ZHQQ ZLU KHXWH ZLVVHQ GDVV GLH 9RUJlQJH YHUZLFNHOWHU VLQG 6R EHZHJHQ VLFK -XSLWHU XQG 6RQQH ÄLQ HUVWHU 1lKHUXQJ³ DXI (OOLSVHQ PLW HLQHP JHPHLQVDPHQ %UHQQSXQNW GHP 6FKZHUSXQNW LKUHU YHUHLQLJWHQ 0DVVHQ GHU QRFK DXHUKDOE GHU 6RQQH OLHJW
:LU ZROOHQ KLHU YHUIROJHQ ZLH .HSOHU VHLQH GXUFK $XJHQVFKHLQ JHZRQQHQH hEHU]HXJXQJ WKHRUHWLVFK ]X XQWHUPDXHUQ VXFKWH^D` 6HLQ =LHO LVW DOVR GLH ,QWHUYDOOH GHU 8PODXI]HLW PLW GHQ GHUZHLO EHUVWULFKHQHQ 6HNWRUHQIOlFKHQ LQ 9HUELQGXQJ ]X EULQJHQ (U VWHOOWH IHVW GDVV GDV 3URGXNW ȣ U DXV %DKQJHVFKZLQGLJNHLW XQG 6RQQHQDEVWDQG LQ GHQ +DXSWVFKHLWHOQ GHU (OOLSVH GHQVHOEHQ :HUW KDW 'DV ZDU NRUUHNW .XU]HUKDQG LQWHUSROLHUWH .HSOHU XQG YHUIJWH ȣ a U IU GLH JHVDPWH %DKQ VHL DOVR ȣ F U 'DV ZDU HLQ )HKOHU GHU HUVWH :LH EOLFK ]HUOHJW .HSOHU GHQ :HJ ]ZLVFKHQ GHQ (QGVWDWL RQHQ GHV =HLWLQWHUYDOOV LQ ÄNXU]H³ 6WUHFNHQ JOHLFKHU /lQJH V DXI GHQHQ QDFKHLQDQGHU GLH NRQVWDQWHQ *HVFKZLQGLJNHLWHQ ȣ « ȣQ DQJHQRPPHQ ZHUGHQ 'LHVHQ 3RO\JRQ]XJ ]X GXUFKODXIHQ EUDXFKW HV GLH =HLW
ƴQ
V
F
ȣN
ƴQ V UN
GHU LUULJHQ $QQDKPH ]XIROJH 1XQ ]XP ]ZHLWHQ )HKOHU ]XU )OlFKHQEHUHFKQXQJ 'LH (FNHQ GHV 3RO\JRQ]XJV PDUNLHUHQ 6HNWRUHQ GHU (OOLSVH GLH VLFK LP )DOOH LKUHU .UHLVIRUP lOWHVWHU 7UDGLWLRQ JHPl ,,( GXUFK GLH 'UHLHFNH YRP ,QKDOW ó V UN YHUWUHWHQ ODVVHQ N|QQHQ ,P DOOJHPHLQHQ )DOO LVW GDV QRFK QDKH GHU +DXSWVFKHLWHO P|JOLFK QLFKW GDJHJHQ EHL HLQHU /DJH GHV 6HNWRUV ZLH LQ $EE ,, VLH EHUWUHLEW VWDUN GLH ([]HQWUL]LWlW GHU 3ODQHWHQEDKQ 'HQQRFK EHUXIW VLFK .HSOHU DXI $U Q FKLPHGHV^E` XQG GHXWHW ó ƴ VUN VFKOHFKWKLQ DOV 1lKHUXQJ IU GHQ ,QKDOW GHU 6HNWRUHQ IOlFKH 6R NlPH .HSOHU PLW DQV =LHO *OHLFKH =HLWHQ JOHLFKH )OlFKHQ
'LVNXWLHUHQ ZLU GLH )OlFKHQEHVWLPPXQJ %HL $UFKL PHGHV¶ .UHLV YRQ ,,( VWDQGHQ GLH +|KHQ GHU HOH PHQWDUHQ 'UHLHFNH GHP 5DGLXV QDKH $EE ,, ]HLJW ZLH VHKU KLHU GLH +|KHQ K JHJHQEHU GHQ U GLIIHULHUHQ N|QQHQ (LQ =HUUELOG WlXVFKWH .HSOHU $EE ,, =X .HSOHUV IDOVFKHU %HJUQGXQJ VHLQHV ULFKWLJHQ )OlFKHQVDW]HV
,,/ 'DV FDYDOLHULVFKH 3ULQ]LS LQ GHU +DQG YRQ 5REHUYDO
'LHVHU KDWWH VLFK $UFKLPHGHV¶ KHXULVWLVFKH 7HFKQLN ]X (LJHQ JHPDFKW :HQQ HU VLH KLHU EHUQDKP KDW HU GD ]X VHKU DXI GLH JHULQJH ([]HQWUL]LWlW HLQHU %DKQHOOLSVH YHUWUDXW" 2GHU VROOWH HU GLH 6WUHFNHQ V QLFKW DOV *UXQGVHLWHQ VRQGHUQ DOV +|KHQ GHU LQILQLWHVLPDO GUHLHFNL JHQ 6HNWRUHQ DXIJHIDVVW KDEHQ" (V KLHH DOOHUGLQJV GLH 6SLHOUHJHOQ GHU ,QILQLWHVLPDOHQ ]X EHU]LHKHQ ZROOWH PDQ GDUDXI EDXHQ GDVV VLH VLFK LQ LKUHU Ä*U|H³ HLQDQGHU DQJOHLFKHQ &DYDOLHUL ZLUG YRU GHP IDOVFKHQ *HEUDXFK GHU ,QGLYLVLEOHQ ZDUQHQ $XFK QlKHUXQJVZHLVH ZDUHQ LQ ZHGHU /DXI]HLW QRFK 6HNWRUHQIOlFKH DOOJHPHLQ UHSUlVHQWLHUW (LQ 7UXJVFKOXVV DXI GLH :DKUKHLW 1HZWRQ ZLUG GLH 6DFKH LQ 2UGQXQJ EULQJHQ PLW 3RODUNRRUGLQDWHQ ,,7
$XIIlOOLJ ZDU IU VHLQH %HWUDFKWHU JHZHVHQ ZLH 0HUNXU GDV 3HULKHO SDVVLHUWH (U EHNDP GRUW HLQHQ 6FKZXQJ GHU VLFK LQ GHU KHXWLJHQ 5DXPIDKUW EH]DKOW PDFKW 'LH Ä6ZLQJE\7HFKQLN³ EHQXW]W GLH 3ODQHWHQ DOV *UDYLWDWLRQV]HQWUHQ XP GLH KHUXP GLH 5DXPVRQGHQ 6ODORP ODXIHQ 'DV YHUNU]W LKUH *HVDPWODXI]HLW ^` ^` ^`
,,/
9 0$1*2/'7 .1233 I +(86(5 >@ (':$5'6 -5 ^D` )LJQ XQ]XOlQJOLFK ^E`
'DV FDYDOLHULVFKH 3ULQ]LS LQ GHU +DQG YRQ 5REHUYDO
:LU VLQG LQ GHU =HLW YRU GHP &DOFXOXV KDQGZHUNOLFKHV *HVFKLFN LVW JHIUDJW XQG VWlQGLJ HQW GHFNW PDQ 'LQJH GLH HV KHUDXVIRUGHUQ (LQHV GDYRQ ZLUG QRFK GLH =HLW GHV QHXHQ &DOFXOXV GXUFKJHLVWHUQ XQG XQV HLQ ZHLWHUHV 0DO EHJHJQHQ HLQH .XUYH GLH =\NORLGH GLH JHPHL QH^DH` Ä+HOHQD GHU *HRPHWHU³^EJ` KLH VLH GHU .RQWURYHUVHQ ZHJHQ GLH VLH DXVO|VWH GHQQ GLH *URHQ GHU =HLW EHVFKlIWLJWHQ VLFK DOOHVDPW PLW LKU 0DQ VSUDFK YRQ HLQHP =\NORLGHQ ILHEHU =\NORLGHQ ZHUGHQ PHFKDQLVFK HU]HXJW VLQG SHULRGLVFKH Ä5ROONXUYHQ³ 'RFK DQGHUV DOV GLH DUFKLPHGLVFKH 6SLUDOH VFKLHQHQ VLH QDWXUJHJHEHQ VROOWHQ QlPOLFK SWROHPlLVFKH 3ODQH WHQEDKQHQ GDUVWHOOHQ ,& 1LFKW DXV GLHVHP VRQGHUQ HLQHP lVWKHWLVFKHP *UXQGH LQWHUHV VLHUWH VLFK LKU 1DPHQJHEHU *DOLOHL IU VLH XQG ]ZDU GHQ 3URWRW\S GHU JHZ|KQOLFKHQ =\NORL GH^JL D` 0DQ VLHKW VLH DOV /HXFKWVSXU HLQHU SXQNWI|UPLJHQ /LFKWTXHOOH DXI GHP 5DQGH HLQHV 5D GHV GDV JHUDGOLQLJ JHIKUW ZLUG XQG JOHLFKI|UPLJ XPOlXIW^M` HV VLHKW DXV DOV KDEH HLQ .lQ JXUX VLFK GDV /lPSFKHQ ]ZLVFKHQ GLH =HKHQ JHNOHPPW 6HLW GLH .XUYH QLFKW PHKU LQ GHU $VWURQRPLH JHEUDXFKW ZLUG LQWHUHVVLHUW QXU PHKU HLQH 3HULRGH DXFK GLH EOR ]XU +lOIWH $QIDQJV IU HLQ 6WFN (OOLSVH JHKDOWHQ^E` VROOWH VLFK GHU =\NORLGHQERJHQ EDOG YRQ VSHN WDNXOlUHU (LJHQDUW HUZHLVHQ 'HP VSlWHUHQ 6WXGLXP VHLQHU (LJHQVFKDIWHQ LQ ,,8 LVW GLHQOLFK
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
LKQ QDFK XQWHQ ]X VSLHJHOQ^` 'DV WXQ ZLU GDKHU VFKRQ MHW]W XQG ODVVHQ GHQ ÄHU]HXJHQGHQ .UHLV³ OlQJV HLQHU GDUEHU OLHJHQGHQ *HUDGHQ LQ SRVLWLYHP 'UHKVLQQ DEUROOHQ $EE ,, 'LH )OlFKH ]ZLVFKHQ )KUXQJVJHUDGHQ XQG %RJHQ G K GHU XQWHUHQ .XUYH = LQ $EE ,, ZLOO PLW GHU *U|H GLHVHV .UHLVHV YHUJOLFKHQ VHLQ *DOLOHL KDWWH GLH ULFKWLJH LKQ DEHU XQJODXEOLFK DQPXWHQGH 9HUPXWXQJ DOV HU 3DSLHUPRGHOOH DXVZRJ^J D` 0LW ,QGLYLVLEOHQ ZXUGH GLH )OlFKH GDQQ DXVJHORWHW^GH` YRQ *DOLOHLV 6FKOHU 7RUULFHOOL YRQ )HUPDW 3DVFDO XQG XQWHU %HUXIXQJ DXI &DYDOLHULV 3ULQ]LS ,& GXUFK 5REHUYDO^M FH ` 'HVFDUWHV IJWH HLQH ([KDXVWLRQ KLQ]X $QVFKOLHHQG 5REHUYDOV %HZHLVIKUXQJ LQ ]ZHL 6FKULWWHQ
$EE ,, ]HLJW ]ZHL 5ROOSKDVHQ EHL GHU HUVWHQ +DOEGUHKXQJ GHV 5DGHV =X %HJLQQ OLHJH GHU UDGIHVWH 3XQNW = DXI $ 'DQN .UHLVUDGLXV ZLUG EHL 'UHKXQJ XP GHQ :LQNHO M S@ V ,,+ GLH %RJHQOlQJH M DEJHZLFNHOW XQG GLH 6WUHFNHQOlQJH M ]XUFNJHOHJW 'DQDFK QHK PHQ 5DG XQG UDGIHVWHU 3XQNW GLH 3RVLWLRQHQ 5M =M HLQ 'LH 6HKQH YRQ 5M LQ +|KH YRQ =M ZLUG KDOELHUW GXUFK &M 6R HQWVWHKW GLH YRQ $ QDFK & IKUHQGH .XUYH & Ԍ ^&M d M d S` IU 5REHUYDO ÄOH FRPSDJQRQ GH OD F\FORLGH³ 'HQQ VX HLQ =XVDPPHQKDQJ PLW :LQNHO IXQNWLRQHQ OLH VLFK WURW] GH ' UHQ ODQJHU *HVFKLFKWH QRFK ' ! QLFKW HUNHQQHQ 'HQ =\NORL GHQERJHQ = ^=M dM dS` VHOEVW ]HLJW $EE ,,
$EE ,, 'LH .RQVWUXNWLRQ GHU YRQ $ QDFK & IKUHQGHQ .XUYH
% "
)OlFKHQYHUJOHLFK $EE ,, & KDOELHUW GDV S JURH 5HFKWHFN $%&' (V UHLFKW ]X ]HLJHQ GDVV GLH OLQNV YRQ & JHOHJHQH )OlFKH (0$ VR JUR LVW ZLH )0& UHFKWV YRQ & 'DQQ QlPOLFK VLQG DXFK GLH UHVWOLFKHQ )OlFKHQ &'(0 $%)0 JOHLFK :LU EHVFKUlQNHQ XQV DXI M > S@ ELOGHQ VHLQ 6XSSOHPHQW ı ว S í M XQG VWHOOHQ GLH 5DGSRVLWLRQHQ 5M 5ı HLQDQGHU JHJHQEHU 'DV YRQ &M DXI $' JHIlOOWH /RW XQG VHLQ $EVWDQG YRQ $% VLQG HEHQVR JUR ZLH GDV /RW YRQ &ı DXI %& XQG VHLQ $EVWDQG YRQ &' 'DKHU ELOGHQ (0$ XQG 0)& HLQH .RQILJXUDWLRQ JHPl GHP FDYDOLHULVFKHQ 3ULQ]LS ,Q
,,/ 'DV FDYDOLHULVFKH 3ULQ]LS LQ GHU +DQG YRQ 5REHUYDO
6WDQGDUGIRUP EULQJW HV GLH 6SLHJHOXQJ YRQ )0& DQ )0 9JO $UJXPHQWDWLRQHQ LQ ^M` PLW $EE ,E )OlFKHQYHUJOHLFK $EE ,, _+_ _) _ -HW]W EUDXFKW HV 3KDQWDVLH XP FDYDOLHULVFKH .RUUHVSRQGHQ] ]X HUNHQQHQ :LU YHUIROJHQ GLH +DOEVHKQHQ LQ LKUHQ 3RVLWLRQHQ =M &M d M d S 6LH EHUVWUHLFKHQ GHQ )LVFK ) VLQG VHLQH SDUDOOHOHQ ,QGLYLVLEOHQ (LQ %HREDFKWHU GHU GLH 7UDQVODWLRQ GHV 5DGHV PLWPDFKW XQG GDKHU QXU GHVVHQ 5RWDWLRQ ZDKUQLPPW VLHKW GLH +DOEVHKQHQ =M &M GLH OLQNH +lOIWH + GHV HU]HXJHQGHQ .UHLVHV GXUFKZDQGHUQ 'LHVH LVW TXD .RQVWUXNWLRQ FDYDOLHULVFKHV *H JHQVWFN ]X ) 'DPLW LVW GLH )OlFKH ) ]ZLVFKHQ = XQG & KDOE VR JUR ZLH GHU HU]HXJHQ GH .UHLV
$EE ,, 5HFKWVEQGLJH +RUL]RQWDO9HUVFKLHEXQJ GHU +DOEVHKQHQ GHV HU]HXJHQGHQ .UHLVHV )D]LW 'LH )OlFKH ]ZLVFKHQ = XQG $% VHW]W VLFK ]XVDPPHQ DXV ) XQG GHU DQVFKOLHHQ GHQ +lOIWH YRQ $%&' KDW DOVR GLH *U|H S S /lVVW PDQ GDV 5DG QDFK GHU +DOEGUHKXQJ UFNZlUWV ODXIHQ XQG VSLHJHOW GLHVHQ 9RUJDQJ DQ %& VR VLHKW PDQ ZLH VLFK = XQG & EHL GHU ]ZHLWHQ +DOEGUHKXQJ V\PPHWULVFK IRUWVHW]HQ ]XU 3HULRGH YRQ Ä=\NORLGH XQG %HJOHLWHU³ 'LH JHVXFKWH =\NORLGHQIOlFKH PLVVW PLWKLQ GDV 'UHLIDFKH GHV HU]HXJHQGHQ .UHLVHV (LQ (UJHEQLV ]X UXQG XQG ]X VFK|Q DOV GDVV HV VHLQ (QWGHFNHU *DOLOHL KlWWH JODXEHQ N|QQHQ^J` .XU] QDFK 1HLO¶V 5HNWLILNDWLRQ GHU NXELVFKHQ 3DUDEHO ,,4 VROOWH VLFK ]HLJHQ^G ` GDVV GHU %RJHQ GHU =\NORLGH LQ lKQOLFK HLQIDFKHU %H]LHKXQJ ]XP HU]HXJHQGHQ .UHLV VWHKW = PLVVW GDV 'RSSHOWH GHV .UHLVGXUFKPHVVHUV GHU %RJHQ DOVR VHLQ 9LHUIDFKHV V ,,8
:LH VFKRQ DQJHGHXWHW VROOWH GLH =\NORLGH YLHO YRQ VLFK UHGHQ PDFKHQ (LQH ZHLWDXV JU|HUH .DUULHUH ZDUWHWH MHGRFK DXI GLH YRQ 5REHUYDO ]XP 0LWOlXIHU DEJHVWHPSHOWH .XUYH & 'LHVH 5ROOH VSLHOWH VLH QRFK ELV ]X (XOHUV =HLWHQ^L` (LQ & ZLH &RPSDJQRQ GRFK DXFK ZLH &RP
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
SOHPHQWL VLQXV QLFKW ]XIlOOLJ HUVFKHLQW QlPOLFK LKU %RJHQ LQ XQVHUHQ )LJXUHQ VR ZLH ZLU GLH &RVLQXVNXUYH JHZ|KQOLFK VHKHQ 0LW NDUWHVLVFKHQ +DOEDFKVHQ DXI $% XQG $' HUKDOWHQ ZLU 3DUDPHWHUGDUVWHOOXQJHQ YRQ & XQG = ZLH IROJW 'D]X GLHQHQ GLH EHLGHQ 'UHLHFNH LQ $EE ,, ZR QXQPHKU M >S S@ GLH 5ROOH GHV IUKHUHQ ı EHUQLPPW 6HL DOVR M > S@ DOWHUQDWLYH )RUPHQ GHU WULJRQRPHWUL VFKHQ )XQNWLRQHQ EH]LHKHQ VLFK QDFKHLQDQGHU DXI GLH %HUHLFKH d M d S S d M d S &M [
M
=M [
M ± VLQ M
M ± VLQ S ± M
\
± FRV M
FRV S ± M
\
± FRV M
FRV S ± M
'LH )RUWVHW]XQJ DXI GHQ %HUHLFK S d M d S EHVRUJW ZLH JHVDJW GLH 6SLHJHOXQJ DQ %& lKQOLFK ZLH REHQ VFKUHLEHQ ZLU VLH DQ IU =M MH QDFKGHP S d M d S S d M d S =M [
M VLQ M ± S
M VLQ S ± M \
FRV M ± S
± FRV S ± M
$OOHV hEULJH LVW S SHULRGLVFKH )RUWVHW]XQJ )U XQVHUH =\NORLGH KHLW GDV [
M ± VLQ M \
± FRV M M t
(LQ DQGHUHU 5DGLXV GHV (U]HXJHUNUHLVHV ZLUG JOHLFKHUPDHQ ]XP )DNWRU YRQ [ XQG \ lQGHUW DOVR QLFKW GLH )RUP GHU .XUYH $XI GLH 5ROOEDKQ VHW]W VLH VHQNUHFKW DXI ZDV $EELOGXQJHQ RIW ÄVHKU DXIIlOOLJ³ YHUPLVVHQ ODVVHQ V HWZD ^FIKOGH` 6RZHLW GDV VWRO]H 5HVXOWDW DOO GHUHU GLH *DOLOHLV )DV]LQDWLRQ WHLOWHQ XQG VLFK VHLQ 4XDGUD WXUSUREOHP ]XU $XIJDEH PDFKWHQ +HXWH PDJ HV YLHOHQ NDXP PHKU EHGHXWHQ DOV HLQH PGH hEXQJVDXIJDEH DOV (LQVHW]XQJ LQ GLH ,QKDOWVIRUPHO IU )OlFKHQ PLW SDUDPHWULVLHUWHU %HUDQ GXQJ^` 'DVV GDEHL HLQH JDQ]H =DKO KHUDXVNRPPW ZDV VROO¶V" 'RFK ZLH YLHO 9RUXUWHLO VWDQG GHP LP :HJH ZLH YLHO (VSULW ZDU Q|WLJ HV ]X EHUZLQGHQ ^`
^` ^` ^` ^` ^` ^`
%2@ ^D` I ^E` ^F` ^G` ±± ./,1( >@ ^H` I ^I` ±± :+,70$1 ^J` ^K` ±± 6285&( % >@ 6WUXLN ^L` ^M` ^N` %HZ]X 3URS ^D` &$-25, ±± %$521 ^E` ^F` ±± 35$* ^G` ^H` )5$6(5 (':$5'6 )LJXUH 6&5,%$ 6&+5(,%(5 >@ I >@ I 3(,))(5 '$+$1'$/0(',&2 67,//:(// >@ .1233
,,0 &DYDOLHULV 3ULQ]LS XQG 7RUULFHOOLV 7URPSHWH
,,0
&DYDOLHULV 3ULQ]LS XQG 7RUULFHOOLV 7URPSHWH
%LVODQJ ZXUGH GDV FDYDOLHULVFKH 3ULQ]LS QXU LP *U|HQYHUJOHLFK HEHQHU )LJXUHQ HUZlKQW GDV ZDU EHL $EE ,D $EE ,, $EEQ ,, X ,, *URYDWHU GHV 3ULQ]LSV ZDU 'HPRNULW GHU JHRPHWULVFKH .|USHU LQKDOWVWUHX XPIRUPWH LQGHP HU SDUDOOHOH 6FKLFKWHQ DXV Ä$WRPHQ³ YLUWXHOO JHJHQHLQDQGHU YHUVFKRE ,,$ :LH $UFKLPHGHV VR UHGX]LHUWH DXFK &DYDOLHUL GLH 6FKLFKWHQ DXI )OlFKHQ XQG VWHOOWH IHVW =ZHL LP 5DXP IL[LHUWH .|USHU KDEHQ JOHLFKHQ ,QKDOW ZHQQ GLH (EHQHQ HLQHU 3DUDOOHOVFKDU DXV LKQHQ ZHQQ EHUKDXSW MHZHLOV 3DDUH JOHLFK JURHU 6WFNH KHUDXVVFKQHLGHQ 1LFKW QRWZHQGLJ NRQJUXHQWHU ZLH HV GHU 9HUVFKLHEXQJ HQWVSUlFKH 6RGDQQ DOOJHPHLQ +DEHQ DOO MHQH )OlFKHQSDDUH GDVVHOEH ,QKDOWVYHUKlOWQLV VR LVW GLHV GDV 9ROXPHQYHUKlOWQLV GHU .|USHU (QWVSUHFKHQGHV JLOW IU ]ZHL LQ GHUVHOEHQ (EHQH JHOHJHQH )LJXUHQ XQG LKUH 6FKQLWWH PLW HLQHU 6FKDU SDUDOOHOHU *HUDGHQ ZLH EHL $EE ,D &DYDOLHUL HPSIDKO VLFK PLW HLQHU ELOGVFK|QHQ $QZHQGXQJ DOV HU GDV .XJHOYROXPHQ DXI GDV .HJHOYROXPHQ ]XUFNIKUWH^ D` $EEQ ,, ]HLJHQ LP $XIULVV HLQHQ .UHLV]\OLQGHU = 5DGLXV 5 GHP HLQH +DOENXJHO + XQG HLQ .HJHO . HLQEHVFKULHEHQ VLQG 'LH (EHQHQ LQ +|KH K K 5 EHU GHP =\OLQGHUERGHQ VFKQHLGHQ MHZHLOV DXV GHU +DOENXJHO GHQ .UHLV YRP ,QKDOW S U XQG DXV GHP NUDWHUI|UPLJHQ 5HVWN|USHU = ? . GHQ .UHLVULQJ YRP ,QKDOW S 5 ± S K KHUDXV .UHLV XQG .UHLVULQJ VLQG VFKQLWWIUHL LQ $EE ,,D XQG EHUODSSHQ VLFK LQ $EE ,,E :HJHQ U 5 ± K VLQG .UHLV XQG .UHLVULQJ JOHLFK ZDV VLFK QDFK &DYDOLH UL DXI GLH *U|H YRQ +DOENXJHO XQG .UDWHU EHUWUlJW _+ _
S 5 5 ± ѿ S 5 5
Ҁ S 5
$EEQ ,, DE 0LW &DYDOLHUL ]XP .XJHO9ROXPHQ $[LDOVFKQLWW GXUFK +DOENXJHO XQG XP EHVFKULHEHQHP =\OLQGHU
'HU JHQLDOH^D` (YDQJHOLVWD 7RUULFHOOL^E E` HQJHU )UHXQG &DYDOLHULV ZXVVWH GHVVHQ 3ULQ]LS HLQH 9DULDQWH KLQ]X]XIJHQ GLH =XOlVVLJNHLW YRQ NUXPPOLQLJHQ XQG IOlFKLJHQ ,QGLYLVLEOHQ ,& :R HV EHL (XNOLG EHU GLH JOHLFK KRKHQ 'UHLHFNH KHLW LKUH ,QKDOWH YHUKLHOWHQ VLFK ZLH GLH /lQJHQ LKUHU %DVHQ ZUGH &DYDOLHUL PLW %OLFN DXI HLQH $QRUGQXQJ GHU 'UHLHFNH ZLH LQ $EE D ZLH IROJW DUJXPHQWLHUHQ 'LH 3DDUH YRQ %LQQHQVWUHFNHQ JOHLFKHU +|KH VWHKHQ LP
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
VHOEHQ 9HUKlOWQLV ZLH GLH %DVHQ GLHVHV DOOHQ 3DDUHQ JOHLFKH /lQJHQYHUKlOWQLV EHUWUlJW VLFK DXI GDV )OlFKHQYHUKlOWQLV GHU 'UHLHFNH %HWUDFKWHQ ZLU QXQ ]ZHL .UHLVH GHUHQ 8PIlQJH HWZD LP 9HUKlOWQLV VWHKHQ ,KUH NRQ]HQWULVFKHQ %LQQHQNUHLVOLQLHQ ODVVHQ VLFK ]X 3DDUHQ YRP VHOEHQ /lQJHQYHUKlOWQLV RUG QHQ ,Q IDOVFKHU $QDORJLH ]X GHQ 'UHLHFNHQ N|QQWH PDQ QXQ GLH HLQH .UHLVIOlFKH IU GRSSHOW VR JUR ZLH GLH DQGHUH KDOWHQ^` 'LH /LQLHQSDDUH ZlUHQ HLQ lKQOLFKHV %HLVSLHO ÄIDOVFKHU ,QGLYLVLEOHQ³ ZLH GLH LQ $EE ,E YRU GHQHQ 7RUULFHOOL GXUFK &DYDOLHUL VHOEVW JHZDUQW ZXUGH ,& (V JDOW VLFK DQ $EE ,D HLQ 9RUELOG IU GLH hEHUWUDJXQJ ]X QHKPHQ (LQ 6WFN ZHLW lKQOLFK YHUKlOW HV VLFK PLW )ROJHQGHP 6WHKHQ .UHLVH LP 9HUKlOWQLV LKUHU 8PIlQJH VR ODVVHQ VLFK GLH NRQ]HQWULVFKHQ .UHLVOL QLHQ ]X 3DDUHQ YRP VHOEHQ /lQJHQYHUKlOWQLV JHJHQEHUVWHOOHQ 'HVKDOE LVW IUHLOLFK GHU HLQH .UHLV QLFKW GRSSHOW VR JUR ZLH GHU DQGHUH 'RUW ZDU GLH 3DDUELOGXQJ GHU ,QGLYLVLEOHQ DQ GLH (LQKDOWXQJ YRQ $EVWlQGHQ JHEXQGHQ =XP %HLVSLHO DQ GHQ JOHLFKHQ $EVWDQG ]X HLQHU %H]XJVJHUDGHQ ZLH GHU GRUWLJHQ *UXQGOLQLH RGHU HLQHU LKUHU 3DUDOOHOHQ GRFK HEHQVR JXW DQ GHQ JOHLFKHQ ORWUHFKWHQ $EVWDQG YRQ HLQHP %H]XJVSXQNW 6LFKHUOLFK NDQQWH 7RUULFHOOL GLH 6NL]]H DXV ,,(^EE` PLW GHU $UFKLPHGHV GHQ )Ol FKHQYHUJOHLFK ]ZLVFKHQ HLQHP .UHLV XQG GHP UHFKWZLQNOLJHQ 'UHLHFN DXV GHQ .DWKHWHQ 5DGLXV XQG 8PIDQJ LOOXVWULHUW ^FD` YJO $EE ,,E +DW VLH LKQ EHL GHU Ä7URPSHWH³ $EE ,,D LQVSLULHUW ZLH HV VHLQ 'LDJUDPP ^E` YHUPXWHQ OlVVW" :LU ZROOHQ ^D` DQKDQG $EE ,,D HU|UWHUQ ,Q EHLGHQ $EEQ ,, VWLPPHQ GLH /lQJH GHV lXHUHQ .UHLVHV XQG GHU 6WUHFNH X EHUHLQ HQWVSUHFKHQG KDW MHZHLOV HLQH ]X X SDUDOOHOH %LQQHQVWUHFNH GHV 'UHLHFNV GLHVHOEH /lQJH ZLH GHU %LQQHQNUHLV EHL GHP VLH DXIVHW]W 8PJHNHKUW ILQGHW VLFK MHGH GHU NRQ]HQWULVFKHQ Ä,QGLYL VLEOHQ³ DXVJHVWUHFNW LP 'UHLHFN ZLHGHU -HGRFK LVW QXU EHL $EE ,,D GDV 'UHLHFN VR JUR ZLH GHU .UHLV $EE ,,E ZHLVW NOHLQHUH 'UHLHFNVK|KH DXI 1XU IU HUVWH .RQILJXUDWLRQ WULIIW ]X X XQG GLH .UHLVOLQLH KDEHQ GHQVHOEHQ $EVWDQG ]XP 0LWWHOSXQNW QlPOLFK GHQ .UHLV UDGLXV GDVVHOEH JLOW IU MHGH ]X X SDUDOOHOH 6WUHFNH LP 'UHLHFN XQG GHQ .UHLV DQ GHP VLH HQGHW
$EE ,, DE 7RUULFHOOLV ([HPSHO ]XP HUZHLWHUWHQ FDYD OLHULVFKHQ 3ULQ]LS 'LH .UHLVTXDGUDWXU GHV $UFKLPHGHV PLW +LOIH NUXPPOLQLJHU ,QGLYLVLEOHQ
,,0 &DYDOLHULV 3ULQ]LS XQG 7RUULFHOOLV 7URPSHWH
:HU VLFK GLH YHUEUHLWHWH XQG LQ ,& PRQLHUWH $UJXPHQWDWLRQ ]X HLJHQ PDFKW GHU ]XIRO JH HLQH OlQJHQWUHXH XPNHKUEDUH =XRUGQXQJ YRQ ,QGLYLVLEOHQ GLH )OlFKHQJOHLFKKHLW LKUHU *H VDPWKHLWHQ EHJUQGH PVVWH MHW]W LQ EHLGHQ )LJXUHQ JOHLFK JURH 'UHLHFNH HUZDUWHQ :LH LQ ^F` WKHPDWLVLHUW VROOWH HLQH $EVWDQGVEH]LHKXQJ NRQVWLWXWLY VHLQ IU GDV 3UlGLNDW ÄJOHLFKH ,QGLYLVLEOHQ³ 1XU VR OlVVW VLFK &DYDOLHULV 3ULQ]LS DXI HLQHQ DQGHUHQ 7\SXV EHUWUD JHQ 8QG GDVV HV JHOLQJW EHOHJW 7RUULFHOOL DXHU LP )DOO GHU $EE ,,D PLW GHU %HUHFKQXQJ GHV 7URPSHWHQYROXPHQV
$OV HLQ +RKON|USHU HQWVWHKW 7RUULFHOOLV 7URPSHWH JHPl $EE ,,D GXUFK GLH 5RWDWLRQ GHU *UDSKHQ YRQ \ d [ d XQG \ [ [ XP GLH [$FKVH Ä8QHQGOLFK ODQJ³ OLHH QRFK QLFKW DXI ÄXQHQGOLFK YLHO %OHFK³ VFKOLHHQ GRFK VLHKW PDQ GDV DQ GHP JHJHQEHU GHU GHV $XIULVVHV 7RUULFHOOL ]HLJW GDVV GLH 2EHUIOlFKH JU|HUHQ )OlFKHQLQKDOW Ǐ G[ [ )LJXU HLQ HQGOLFKHV 9ROXPHQ XPVFKOLHW XQG ]ZDU PLW HLQHP ]X $EE ,,D DQDORJHQ 9HU JOHLFK 'LH 5ROOH GHU GRUWLJHQ %LQQHQNUHLVH VSLHOHQ MHW]W GLH NRD[LDOHQ =\OLQGHUIOlFKHQ =U
^ [ _ \ _ ] \ ]
U d [ d U ` U d
)U VLH VXFKW HU QDFK $UW XQG /DJH HLQHQ YHUJOHLFKEDUHQ Ä,QGLYLVLEOHQ6DW]³ GHU GLH 5ROOH GHU %LQQHQVWUHFNHQ GHV 'UHLHFNV EHUQLPPW 'HU ,QKDOW YRQ =U LVW S Uă U S KlQJW DOVR QLFKW YRQ U DE )OlFKHQ GLHVHU *U|H ELOGHQ QXQ DXFK GLH 3DUDOOHOVFKQLWWH HLQHV .UHLV]\OLQGHUV = YRP 5DGLXV :LH ZlUHQ GLHVH .UHLVH .U GHQ =U JHJHQEHU ÄDEVWDQGVJHUHFKW³ DQ]XRUGQHQ" $OV %H]XJVREMHNW ELHWHW VLFK GLH 7URPSHWHQDFKVH DQ $EE ,,E 6R ZLUG GHU 5DGLXV GHU 7URPSHWHQ|IIQXQJ ]XU +|KH YRQ = XQG OLHIHUW _=_ S 1DFK GHP Ä7RUULFHOOLFDYDOLHULVFKHQ 3ULQ]LS³ LVW HV GDV 7URPSH WHQYROXPHQ
#
$EEQ ,, DE 7RUUL FHOOLV $QZHQGXQJ GHV HUZHLWHUWHQ FDYDOLHUL VFKHQ 3ULQ]LSV 'LH %HVWLPPXQJ GHV 7URP SHWHQYROXPHQV PLW +LOIH NUXPPIOlFKLJHU ,QGLYL VLEOHQ
%
"
!
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
7RUULFHOOLV 4XHOOWH[W LVW ^DD` 'RUW KHLW HV ODNRQLVFK ÄDOOH =\OLQGHUIOlFKHQ ]XVDP PHQ « VLQG VR JUR ZLH DOOH .UHLVIOlFKHQ ]XVDPPHQ³^E E` MHZHLOV ÄRPQHV VLPXO³^E` lKQ OLFK ZLH EHL /HLEQL]¶ HUVWHQ ,QWHJUDOHQ^E` ,Q GHU .ROSRUWDJH ^D` LVW HEHQVR ZHQLJ YRQ $QZHQGXQJ HLQHV 3ULQ]LSV GLH 5HGH ZLH EHL GHQ NRPPHQWLHUHQGHQ 7H[WDXV]JHQ LQ ^E` $XFK 7RUULFHOOL VSULFKW HV QLFKW DXV (U EH]LHKW VLFK ZRKO DXI $EE ,,D VLH HUZHLVW VLFK DOV WULWWIHVWH 6WXIH 6HLQ $UJXPHQW VWW]W VLFK DXI GLH 6FKQLWW]HLFKQXQJ ^EF` GLH XQVHUHU $Q RUGQXQJ $EE ,, ]XJUXQGH OLHJW (LQH JHQLDOH 6FKOXVVZHLVH LP *HLVW GHU =HLW &DYDOLHUL QHQQW 7RUULFHOOLV 9RUVWR LQ GLH ÄXQHQGOLFKHQ 7LHIHQ GLHVHV .|USHUV³ HLQHQ ÄZDKUKDIW J|WWOLFKHQ %HZHLV³^G` 'HVVHQ SULQ ]LSLHOOHU )UDJZUGLJNHLW EHZXVVW VFKLHEW 7RUULFHOOL GHQQRFK HLQH %HJUQGXQJ j OD $UFKLPH GHV QDFK^G` 'HU ,WDOLHQHU KlWWH ]XU (QWZLFNOXQJ GHU $QDO\VLV YLHO EHLWUDJHQ N|QQHQ V ,,4 X 9 ^F` KDWWH EHUHLWV HUIDVVW ZDV 1HZWRQ XQG /HLEQL] EHUKPW PDFKHQ VROOWH 1RFK QLFKW YLHU]LJ MlKULJ VWDUE HU HLQHQ 0RQDW YRU &DYDOLHUL^H` DOV GLH 9lWHU GHV &DOFXOXV QRFK .OHLQNLQGHU ZDUHQ 6R YHUELQGHW VLFK VHLQ 1DPH PLW DQGHUHP (U HQWGHFNWH GDV 9DNXXP YHUWULHE VR GHQ KRUURU YDFXL YRQ $ULVWRWHOHV XQG 'HVFDUWHV 0LW HLQHU 6lXOH YRQ 4XHFNVLEHU PP KRFK VHW]WH PDQ VHLQHU *U|H HLQ 'HQNPDO GDV 7RUU 9RP 3DVFDO YHUGUlQJW OHEW HV ZHLWHU LQ XQ VHUHP %OXWGUXFN
'LH %UFNH ]XU ,QWHJUDOUHFKQXQJ VROOWH QLFKW IHKOHQ YJO ^F` $OV 5RWDWLRQVN|USHU KDW GDV 7URPSHWHQURKU GDV 9ROXPHQ
Ǐ G[ Ǐ [ GU S U YRQ GHU *U|H S ZLH GDV (QGVWFN QDFK 9HUWDXVFKXQJ GHU ,QWHJUDWLRQHQ JHJHEHQ GXUFK
Ǐ
GU S U
Ǐ U G[
Ǐ
GU S U U í
'LHVHU ,QWHJUDQG WDXFKW EHL 7RUULFHOOL DXI DOV ,QKDOW GHV REHUKDOE [ JHOHJHQHQ $EVFKQLWWV YRQ =U 6DPW )DNWRU GU VWHKW LP ,QWHJUDO HLQH Ä,QGLYLVLEOH³ IUKHUHU =HLW ^` ^` ^` ^` ^` ^` ^`
67,//:(// >@ ([HUF 6&5,%$ 6&+5(,%(5 >@ I >@ I 1,.,)252:6., ^D` ^E` ^F` ^G` ^H` +2)0$11 ^D` >@ ^E` >@ ^F` 72(3/,7= 9$1 0$$1(1 ^D` $EE ^E` $EE ^F` 6285&( % >@ 6WUXLN ^D` ^E` ^F` )LJ ^G` )XQRWH :,(/(,71(5 >@ ^D` ^E` ^F`
,,1 &DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
,,1
&DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
:LU NQSIHQ DQ EHL GHU 3DUDEHO4XDGUDWXU GHV $UFKLPHGHV LQ ,,' 6LH LVW ZLH GRUW HUOlXWHUW HLQH 4XDGUDWXU LP 6LQQH 3ODWRQV +LHU GDJHJHQ KDW Ä4XDGUDWXU³ GHQ EHUWUDJHQHQ 6LQQ V ,$ 0LW MHQHU 4XDGUDWXU VHW]WH $UFKLPHGHV GHQ 0DVWDE IU VLFK ZLH IU GLH 1DFKZHOW 'LHVH WUDW HLQ JHZLFKWLJHV XQG GDPLW DXFK VFKZHUHV (UEH DQ HV EDQG LKU GLH +lQGH )U GHQ 1HX EHJLQQ EUDXFKWH HV HLQH OHLFKWH +DQG 'HQ HUVWHQ JURHQ )RUWVFKULWW EUDFKWHQ V\VWHPDWLVFKH 4XDGUDWXUHQ GLH WKHPDWLVFK DQ $U FKLPHGHV¶ 3DUDEHO DQVFKORVVHQ 6R ZXUGHQ VFKOLHOLFK RKQH MHGHQ &DOFXOXV GLH 3RWHQ]IXQN WLRQHQ [U IU UDWLRQDOHV U z ± EHZlOWLJW MHGHQIDOOV GHP 5HVXOWDW QDFK 'LH 0HWKRGHQ ZDUHQ PHKU RGHU PLQGHU IUDJZUGLJ
'HQ $QIDQJ PDFKWH &DYDOLHUL PLW Ä3DUDEHOQ K|KHUHU 2UGQXQJ³ [ [ V $EE , DXI GLH HU VHLQH ,QGLYLVLEOHQ DQVHW]WH ,& ^D D` 'HU (LQVWLPPXQJ GLHQWH GLH 4XDGUDWXU GHU 3RWHQ]IXQNWLRQ [ d [ d D DQKDQG YRQ $EEQ , YRUJHVWHOOW DOV GLH %H]LHKXQJ ƴ [
ô ƴ D
]ZLVFKHQ Ä*HVDPWKHLWHQ³ YRQ ,QGLYLVLEOHQ *HOHJHQWOLFK ZHUGHQ ZLU ZLH DXFK &DYDOLHUL QLFKW ]ZLVFKHQ *HVDPWKHLW XQG LKUHP 0D XQWHUVFKHLGHQ $UFKLPHGHV¶ 3DUDEHO4XDGUDWXU GHU ]X DQDORJHQ *HVWDOW ƴ [
D
[ G[
ѿ D ,,'(QGH HUVFKHLQW EHL &DYDOLHUL LQ
ѿ ƴ D
PLW TXDGULHUWHQ /lQJHQ,QGLYLVLEOHQ [ D :LH $EE ,, HUNHQ QHQ OlVVW LVW GLH *HVDPWKHLW ƴ [ KLHU HLQH XQJOHLFKVHLWLJH 3\ UDPLGH HLQEHVFKULHEHQ GHP :UIHO ƴ D GHU *U|H D )U GLH $XVZHUWXQJ YRQ ƴ [ OLHJW HLQ %HIXQG EHUHLW GHU DXI 'HPRNULW ]XUFNJHKW XQG GXUFK (XGR[RV EHZLHVHQ ZXUGH ,,$ $OV 0DQQ YRQ 3ULQ]LS IROJW &DYDOLHUL VHLQHP HLJHQHQ
$EE ,, ,OOXVWUDWLRQ GHU )RUPHO (LQH 3\UDPLGH DOV FDYD OLHULVFKH Ä*HVDPWKHLW³
!
!
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
&DYDOLHUL EHJLQQW PLW ƴ D ƴ [ X ƴ [ ƴ [ X ZHJHQ ƴ [ ƴ X ZDV VLFK DQDORJ ]X $EE ,E GXUFK FDYDOLHULVFKHQ 9HUJOHLFK ]ZHLHU 3\UDPLGHQ EHVWlWLJHQ OlVVW LQGHP PDQ $EE ,, HQWVSUHFKHQG QDFK YRUQ HUJlQ]W VR GDVV $EE ,, DOV *UXQGULVV HQWVWHKW +DOWHQ ZLU IHVW ô ƴ D
ƴ [ ƴ [ X
=ZHFNV $XVZHUWXQJ YRQ ƴ [ X V $EE ,, )DOOV [ d D VR VHL [ D ± ȣ X D ȣ XQG IDOOV [ t D VR [ D ȣ X D ± ȣ MHGHQ )DOOHV HUKDOWHQ ZLU [ X D ± ȣ 2K QH GLH )DOOXQWHUVFKHLGXQJ ZlUHQ XQ]HLWJHPl QHJDWLYH ȣ IlOOLJ^D D` $XV ZLUG VRPLW ô ƴ D
ƴ [ õ ƴ D ± ƴ ȣ
õ ƴ D
ƴ [
± ƴ ȣ
'LH *HVDPWKHLW ƴ ȣ VHW]W VLFK JHPl $EE ,, ]XVDPPHQ DXV ]ZHL NRQJUXHQWHQ 3\UDPL GHQ lKQOLFK GHU LQ $EE ,, XQG KDOE VR JUR ZLH GLHVH LQ GHQ /lQJHQPDHQ 0LW MHZHLOV HLQHP $FKWHO GHU *U|H YRQ ƴ [ PHVVHQ VLH ]XVDPPHQ ƴ ȣ õ ƴ [ 'DPLW JHKW EHU LQ õ ƴ D
ô ƴ [
!
!
!
GDV DEHU LVW GLH 4XDGUDWXU
$EE ,, (UZHLWHUWHU *UXQGULVV ]X $EE ,, *UXQGODJH GHV %HZHLVHV YRQ )RUPHO
!
&DYDOLHULV %HUZHLV VFKOLHW GHQ GHU DOOJHPHLQHQ 3\UDPLGHQIRUPHO HLQ GHQQ 'HPRNULWV 6FKHUXQJ ,,$ XQG &DYDOLHULV 3ULQ]LS ,& ]XIROJH KDEHQ DOOH GHP :UIHO HLQEH VFKULHEHQHQ YLHUVHLWLJHQ 3\UDPLGHQ GHQVHOEHQ ,QKDOW
'LH 0HWKRGH DXV ,& KDW GHPQDFK DXFK EHL $UFKLPHGHV¶ 5HVXOWDW LKUH %HZlKUXQJVSUREH EHVWDQGHQ XQG VR JHKW &DYDOLHUL GDUDQ VLH EHL 3DUDEHOQ K|KHUHU 2UGQXQJ HLQ]XVHW]HQ 'DV JHVFKLHKW IU GLH 3RWHQ]HQ [ [ GHU VWHLJHQGHQ WHFKQLVFKHQ 6FKZLHULJNHLWHQ ZHJHQ OlVVW S ƴ DS IU DOOH QDWUOLFKHQ S HU HV GDEHL EHZHQGHQ XQG DN]HSWLHUW GLH )RUPHO ƴ [S 6FKRQ GHU )DOO S QLPPW VLFK QlPOLFK LP 2ULJLQDO^E` UHFKW PKVDP DXV :LU JHEHQ LKQ QDFK ^D` ZLHGHU 'XUFK (QWZLFNOXQJ YRQ D ô ƴ D
[ X HQWVWHKW
ƴ [ ƴ [ X
,,1 &DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
MHW]W XQWHU %HUXIXQJ DXI 6\PPHWULH 'LH $XVZHUWXQJ YRQ ƴ [ X NDQQ VLFK DXI GDV 9RUDXV JHKHQGH VWW]HQ $XV HUKlOW PDQ ð ƴ D
ƴ [X
ƴ [ X 'HU .XQVW XQG LGHQWLIL]LHUW ƴ D PLW D QDFK $EE ,, 'DUDXV HQWVWHKW ð D JULII LVW GLHVH 6XPPH PLW GHU .RQVWDQWHQ [ X QlPOLFK D ]X PXOWLSOL]LHUHQ ð D
ƴ [ X
ƴ [ X [ X
/HW]WHUHV ZLHGHU GDQN 6\PPHWULH $XV ZLUG IROJOLFK ô ƴ D HEHQ ƴ [
ƴ [ õ ƴ D RGHU
õ ƴ D
8QG VR ZHLWHU LQ HLQHU $UW ,QGXNWLRQ 'DV VDJWH VLFK &DYDOLHUL EHL S « 6HLQH DOO JHPHLQH 4XDGUDWXUIRUPHO VWHOOWH DXFK -RKQ :DOOLV DXI GHVVHQ 5HFKQXQJHQ HQGHQ HEHQIDOOV PLW ÄHW VLF GHLQFHSV³ PLW GHP 8QGVRZHLWHU^` 'DV ULHI ]DKOUHLFKH .ROOHJHQ DXI GHQ 3ODQ YLHOH GLH PHKU LP 6LQQH KDWWHQ DOV VR ZHLWHU ]X PDFKHQ
'LH =HLW ZXUGH UHLI IU MHQH $UW DULWKPHWLVFKHU ([KDXVWLRQ ZLH VLH GDQQ YRQ %HUQKDUG 5LH PDQQ YHUWLHIW XQG GHUJHVWDOW HLQH :HLOH ]XP 6WDQGDUG GHU )OlFKHQPHVVXQJ ZHUGHQ VROOWH )HUPDW XQG 3DVFDO VFKDIIHQ DOV (UVWH HLQH XQPLWWHOEDUH IU DOOH K|KHUHQ 3DUDEHOQ JOHLFKHU PDHQ WDXJOLFKH %HJUQGXQJ 'LHV LP )ROJHQGHQ 'LH )OlFKH XQWHU GHP *UDSKHQ HLQHU QDWUOLFKHQ 3RWHQ] VROOWH MHW]W YLHOOHLFKW HUVWPDOV YRQ XQWHQ ZLH REHQ GXUFK WUHSSHQI|UPLJH )OlFKHQ HLQJHJUHQ]W ZHUGHQ 6HL QXQ [ ѻ [S d [ d D S DXI S QLPPW GHU %HZHLV QLFKW 5FNVLFKW =X GHU ,QWHUYDOO =HUOHJXQJ [ȞQ ȞQ D Ȟ Q ELOGH PDQ 8QWHU XQG 2EHUVXPPHQ 8>S@Q
ƴQQ± [ȞQ S [ȞQ ±
[ȞQ
Q
D
ƴQQ± [ȞQ S
2>S@Q
ƴQQ [ȞQ S [ȞQ
± [Ȟ±Q
Q
D
ƴQQ
[ȞQ S
QDFK GHP 0XVWHU YRQ $EE ,, (V JLOW 2>S@Q ± 8>S@Q ñQ DS ĺ XQG LQVEHVRQGHUH ZHQQ +DOELHUXQJVWHLOXQJ YRUODJ G K ZHQQ GLH Q DXI 3RWHQ]HQ YRQ HLQJHVFKUlQNW ZXU GHQ UFNWHQ GLH HQWVSUHFKHQGHQ 8QWHU XQG 2EHUVXPPHQ PRQRWRQ DXIHLQDQGHU ]X XQG ]R JHQ VLFK GRFK ZRKO DXI ÄGHQ³ )OlFKHQLQKDOW ]XVDPPHQ 'DKHU ZUGH PDQ IDOOV GLH 2>S@Q
D S Q S ƴQ
Q
ȞS Q
NRQYHUJLHUWHQ PLW LKUHP *UHQ]ZHUW GDV ,QWHJUDO HUKDOWHQ
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
'
! !
$EE ,, =XU .RPSHQVDWLRQ LQ 2EHU XQG 8QWHUVXPPHQ PRQRWRQHU )XQNWLRQHQ EHL lTXLGLVWDQWHU ,QWHUYDOO7HLOXQJ
!
9HUZHLOHQ ZLU IU HLQHQ $XJHQEOLFN EHLP 4XRWLHQWHQ ZR HLQ =lKOHU XQG HLQ 1HQQHU GLYHUJLHUHQ XQG QXU LKUH JXWDUWLJH .RQNXUUHQ] ]XP JXWHQ (QGH IKUW YHUJOHLFKEDU GHP :HWWODXI JHJHQ GLH 1XOO LP 'LIIHUHQ]HQTXR]LHQWHQ 'DVV GDEHL QLFKWV DXV GHP 5XGHU OlXIW Q
LVW DQVFKDXOLFK ZLH DULWKPHWLVFK NODU 2>S@Q d D S ƴQ
ȞS d Q ÂQS S
(LQHV DOO
JHPHLQHQ %HZHLVHV KDUUWH GLH .RQYHUJHQ] GHV 4XRWLHQWHQ JHJHQ GHQ YRQ &DYDOLHUL YHUIROJ WHQ )DNWRU S XP GHQ VLFK GLH )OlFKH XQWHU GHP *UDSKHQ YRP XPEHVFKULHEHQHQ 5HFKWHFN GHU *U|H D ÂD S XQWHUVFKHLGHW 6LHKH )DOO D LQ $EE , 6RZHLW HUNHQQEDU ZDU 3DVFDO GHU (UVWH GHP HV JHODQJ GLH DXVXIHUQGHQ 6XPPHQ LQ GHQ *ULII ]X EHNRPPHQ
'HQ 1DPHQ 3DVFDO YHUELQGHQ YLHOH DOOHQIDOOV PLW GHP XQHQGOLFKHQ 6FKHPD QDWUOLFKHU =DK OHQ GDV HU ]XP KLHU YRUOLHJHQGHQ =ZHFN HUIDQG VHLQHP WULDQJOH DULWKPpWLTXH QDFK $EEQ ,, )HUPDW NDQQWH HV DXFK /HLEQL] ZLUG HV LQVSLULHUHQ V ,,5 :LU ZROOHQ GLHVHV 3DV FDOVFKH 'UHLHFN LQ +LQEOLFN DXI 3DVFDOV 9HUZHQGXQJ YRUVWHOOHQ
D
E
?
?
?
??
??
??
,,1 &DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
F
$EEQ ,, DEF =XP %DXSODQ GHV 3DVFDOVFKHQ 'UHLHFNV
'LH )ODQNHQ GHV 'UHLHFNV EHVWHKHQ DXV (LQVHQ VHLQH ,QQHUJOLHGHU ZHUGHQ UHNXUVLY EH VWLPPW %HL $EE ,,D ZLUG DXV GHU =HLOH Ä ³ PLWWHOV GLH =HLOH Ä ³ JHZRQQHQ DXV GLHVHU PLWWHOV GLH =HLOH Ä ³ XQG VR IRUW 3DVFDO EUDXFKWH HLQH DQGHUH 'DUVWHOOXQJ HLQH HLQIDFKHUH )RUP YROOVWlQGLJHU ,QGXNWLRQ 0DQ NDQQ GDV 6FKHPD VWDWW DXV =HLOHQ DXV GHQ 3DUDOOHOHQ ]XU OLQNHQ ZLH UHFKWHQ )ODQNH DXIJHEDXW VHKHQ XQG HV GHPHQWVSUHFKHQG DXV HLQHU YRQ EHLGHQ HQWZLFNHOQ $EE ,, E YJO D E PLW F 'DEHL ELOGHQ GLH $EVFKQLWW6XPPHQ GHU 6FKUlJH GLH 6FKUlJH GHUHQ $EVFKQLWW6XPPHQ GLH GULWWH XQG VR IRUW
'LH OLQNH )ODQNH KHLH QXQ 6 S
)ROJH GHU 6FKUlJHQ 6S S
6Q
6 Q Q
ƴQQ 6 SY
Q
6 6 6LH VWHOOW GHQ ,QGXNWLRQVDQIDQJ IU GLH ]XP ,QGH[ S
S
GLH 5HNXUVLRQ ODXWHW
«
LKU HQWQLPPW PDQ GDV %LOGXQJVJHVHW] QDFK $EE ,,D
ƴQQ± 6 SY
S
6Q
S
S
6Q
S
6 Q 6 Q±
Q
S
GDV KHLW -HGH =DKO LP ,QQHUHQ GHV 'UHLHFNV LVW GLH 6XPPH LKUHU EHLGHQ REHUHQ 1DFKEDUQ ([SOL]LW ODVVHQ VLFK GLH 'UHLHFNVHOHPHQWH LQ GHU )RUP
6Q
Q
Q S Q S ± Â ÂQ SÂS ± Â Â
S
6 Q Q
S
DQJHEHQ IU ÂÂÂS VFKUHLEW PDQ S JHVSURFKHQ Ä S )DNXOWlW ³
1XQ ]XP =ZHFN GHU hEXQJ GHP *UHQ]EHUJDQJ LQ :LUG GDV 3URGXNW LP =lKOHU YRQ DXVPXOWLSOL]LHUW VR NRPPW HLQ 3RO\QRP LQ Q YRP *UDGH S KHUDXV $XI GLHVH :HLVH HUJH EHQ VLFK EHL S ! =HUOHJXQJHQ GHU *HVWDOW S
6Q
ƴQQ 6 SY
S > Q
S
S
> ƴQQ Y S
S
FS Q « F Q @ Q
GS± ƴQ Y
S±
Q
« G ƴQ Y @
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
ZR Ԍ 'LH 6XPPHQ >@ LQ ZHUGHQ DQJHIKUW YRQ 1HQQHU XQG =lKOHU LQ 1DFK VFKOLHW PDQ DXV
S
OLP Q S 6 Q
S
DXI GLH .RQYHUJHQ] YRQ
OLP Q S
ƴQQ 6 SY Q
]XP VHOEHQ :HUW 'DUDXV XQG ZHJHQ ƴQ
OLP Q S
S S
ƴQQ ȞS
YL d Q Q S± L
S ± HUJLEW VLFK
S
YJO ^` /lVVW PDQ GLH ,QWHJULHUEDUNHLW DXI VLFK EHUXKHQ VR ODXWHW 3DVFDOV 5HVXOWDW D
[S G[
S D
S
S
«
'DV YRUVWHKHQGH (UJHEQLV OLHH XQV GLH ZLU DXI ,QWHUSRODWLRQ NRQGLWLRQLHUW VLQG VRJOHLFK QDFK (LQEHWWXQJ LQ HLQH DOOJHPHLQHUH 4XDGUDWXUIRUPHO IUDJHQ =ZDU KDWWH EHUHLWV YLHUKXQGHUW -DKUH ]XYRU 2UHVPXV^` PLW JHEURFKHQHQ ([SRQHQWHQ JHDUEHLWHW VLH PXVVWHQ MHGRFK QHX HQW GHFNW ZHUGHQ )HUPDW XQG 7RUULFHOOL VDKHQ VLH DXV DOJHEUDLVFKHQ .XUYHQ \ T F [S S T KHUYRUJHKHQ $XI GHP :HJH ]XU ,QWHJUDWLRQVIRUPHO IU UDWLRQDOH ([SRQHQWHQ EHJHJ QHQ ZLU :DOOLV PLW HLQHU KEVFKHQ ,GHH^` GLH DEHU ]X LKUHU =HLW EHUHLWV GXUFK )HUPDW EHU KROW ZDU +LHU LVW VLH $EE ,, YJO ^E` ]HLJW DQVFKDXOLFK ZLH VLFK GLH 4XDGUDWXU HLQHU :XU]HOIXQNWLRQ DXI GLH LKUHU 8PNHKUIXQNWLRQ ]XUFNIKUHQ OlVVW T
T
[ G[
\T G\
[ G[
'LH 5ROOH GHV S LQ PHQ ZHQQ PDQ
T
±
[S G[
±
T
T
S ZUGH T EHUQHK
[ PLW [T LGHQWLIL]LHUWH YJO ^F`
$EE ,, 'LH 4XDGUDWXU GHU 4XDGUDWZXU]HO QDFK :DOOLV
,,1 &DYDOLHUL 3DVFDO :DOOLV )HUPDW 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ
%HL JHEURFKHQHQ ([SRQHQWHQ ZLUG )HUPDW GDV OHW]WH :RUW VSUHFKHQ (U KROW VLFK IU GLH 4XDGUDWXU QHXHV :HUN]HXJ EHL GHQ 5HLKHQ 'DV VFKLHQ DXFK &DYDOLHUL JHWDQ ]X KDEHQ GRFK GHU ELOGHWH 3VHXGRUHLKHQ DXV ,QGLYLVLEOHQ^` 6HLW $UFKLPHGHV ,,' ZDU QXU 2UHVPXV ,,- EHU GLH JHRPHWULVFKH 5HLKH KLQDXVJHNRPPHQ GLHVH DEHU JHQJWH )HUPDW EHUHLWV IU VHLQH 8QWHUQHKPXQJ^F ` 3UIVWHLQ IU HLQ QHXHV .RQ]HSW LVW HLQ DOWHV 5HVXOWDW 3DVFDOV )RUPHO GXUIWH DOV JHVL FKHUW JHOWHQ (LQH 5HLKHQGDUVWHOOXQJ MHQHV ,QWHJUDOV VWUHEW )HUPDW QLFKW DQ 'HQ SDVFDOVFKHQ 2EHUVXPPHQ HQWVSUHFKHQG ELOGHW HU Ä2EHU5HLKHQ³ ]X XQHQGOLFKHQ 7HLOXQJHQ D ș D ș GHV ,QWHUYDOOV D@ IU MHZHLOV IHVWHV ș ]ZLVFKHQ XQG QlPOLFK 2>S@ș
ƴN D ș N S D ș N ± D ș N
S
VLHKH $EE ,, ZR S GHQ ([SRQHQWHQ YHUWULWW D LVW GRUW NOHLQHU DOV JHZlKOW -H QlKHU ș EHL OLHJW GHVWR IHLQHU ZLUG GLH 7HLOXQJ ZHVKDOE ș ĺ HUZDUWHQ OlVVW GDVV VLFK GLH 5HL KHQZHUWH GHP ,QWHJUDOZHUW QlKHUQ 'LH JHRPHWULVFKH 5HLKH LQ 2>S@ș
N
D S ƴ
ș S N ș N ± ș N N
D S ± ș ƴ
ș S N
IKUW DXI GLH 'DUVWHOOXQJ 2>S@ș
D S
S
±ș ±ș
±
D S > ƴL
±
S
șL@
XQG GDPLW ]X OLP ș Ĺ 2>S@ș
S D
S
S
LQ hEHUHLQVWLPPXQJ PLW 3DVFDOV %HZHLVIKUXQJ VFKORVV GHQ )DOO S
QLFKW PLW HLQ
$EE ,, =X )HUPDWV 9HUVL RQ GHU 4XDGUDWXUHQ YRQ [S S « LP %LOG S
'
!
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
3DVFDO KDWWH VHLQ 5HVXOWDW PKVDPHU GRFK EHU]HXJHQGHU JHZRQQHQ )HUPDW VDK VLFK LQ VHLQHU HLJHQZLOOLJHQ ,QWHUYDOO=HUOHJXQJ EHVWlWLJW XQG NRQQWH LKU ]XWUDXHQ HEHQVR PLW GHQ JHEURFKHQHQ ([SRQHQWHQ IHUWLJ ]X ZHUGHQ^G` 'LH 5HLKH LQ NRQYHUJLHUW IU JDQ]]DKOLJHV S ELV KLQXQWHU ]X S VRZLH IU UDWLR QDOHV U ! ± DQVWHOOH YRQ S )U GLHVH U ZHUGH QXQ 2>U@ș HQWVSUHFKHQG ]X JHELOGHW XQG ZLH LQ EHKDQGHOW 8P DQDORJ IRUW]XIDKUHQ VHW]H PDQ U ST S JDQ] T QDWUOLFK XQG HUVHW]H ș GXUFK ȗ T ZRPLW ș U ȗ ST ZLUG 6R JHODQJW PDQ ]X OLP ș Ĺ
U
±ș ±ș
±
OLP ȗ Ĺ
ST ± T ±ȗ ±ȗ ±ȗ ±ȗ ST± L ± T± ȗ L M
OLP ȗ Ĺ > ƴ
@ ƴ
ȗM
T ST
U
)HUPDWV )D]LW ODXWHW D
[U G[
U D
U
U ! ±
ZDV LPPHU GDV IU HLQ ,QWHJUDO VHLQ PRFKWH 1LFKW ZHQLJH $XWRUHQ^G D D` JHEHQ )HUPDWV 5HVXOWDW XQPLVVYHUVWlQGOLFK IDOVFK ZLHGHU PLW U z ± VWDWW U ! ± =X 2SIHUQ GLHVHV OLWHUDUL VFKHQ 6FKLQGOXGHUV PLW ZHUGHQ DXFK 7RUULFHOOL^E DE` XQG :DOOLV^F F` EHL /HW]WHUHP HUVFKHLQW QLFKW PDO U ± DXVJHVFKORVVHQ^G` (LQHU DOOHLQ JODXEW¶V QLFKW
2EHQ NODQJ VFKRQ GLH )UDJH QDFK GHU Ä,QWHJULHUEDUNHLW³ DQ :HQQ 3DVFDOV ZLH )HUPDWV 0H WKRGH ]X )RUPHO IKUWH VR EHGHXWHWH GDV VHLQHU]HLW GLH %HUHFKQXQJ ÄGHV³ )OlFKHQLQ KDOWV VSULFK GHV ,QWHJUDOV DXI YHUVFKLHGHQHQ :HJHQ 8QV LVW EHZXVVW GDVV HLJHQWOLFK EOR GLH HLQH 0HWKRGH GLH DQGHUH VWW]W GHQQ NHLQH VWW]W VLFK DXI HLQHQ %HJULII YRQ ,QWHJUDO 'LHVHU 9RUEHKDOW JLOW XPVR PHKU DOV )HUPDWV ,QWHJUDO LQ HLQ XQHLJHQWOLFKHV LVW IDOOV ± U 'LHVHU %HUHLFK GHU )RUPHO ZlUH PLW GHQ SDVFDOVFKHQ 6XPPHQ QLFKW ]X HUUHLFKHQ JHZHVHQ 8QHLJHQWOLFK JHKW¶V DXFK ]X EHL GHQMHQLJHQ XQWHU )HUPDWV Ä+\SHUEHOQ³^H` [U U GHUHQ U DXI GHU DQGHUHQ 6HLWH YRQ U ± OLHJW KLHU QXQ PLW XQHLJHQWOLFKHQ ,QWHJUDWLRQVLQWHUYDOOHQ >D D ! 'D EOHLEW HLQH /FNH LKU LVW GHU QlFKVWH 3DUDJUDSK JHZLGPHW ^` ^` ^` ^` ^` ^` ^`
6285&( % >@ 6WUXLN ^D` 0lQJHO ^E` )XQ ^F` II ^G` =Q II IDOVFK 5HLKHQ'LYHUJHQ] IU Q ± ^H` (':$5'6 -5 ^D` YJO ^DE` ^E` )LJ 6FKHLQYDULDEOH ZHFK VHOQ ^F` I ^G` I 35$* +2)0$11 >@ I =Q %285%$., >@ 67,//:(// >@ I 5(,)) 'UXFNIHKOHU 0(6&+.2:6., >@ I
,,2 +\SHUEHOTXDGUDWXU XQG /RJDULWKPXV ^` ^`
+(86(5 >@ +$,5(5 :$11(5 I %2@ =Q I ^E` >@ =Q YX ^F` >@ = ^G` >@ = ^D` ./,1( >@ =HLOH YX 526(17+$/ ^E` =Q I ^F` =Q I
^`
,,2
+\SHUEHOTXDGUDWXU XQG /RJDULWKPXV
$XI GLH )UDJH QDFK GHU 4XDGUDWXU YRQ 3RWHQ]IXQNWLRQHQ [U PLW UDWLRQDOHP U IDQG )HUPDW VWHWV HLQH $QWZRUW ± ELV DXI GHQ )DOO U ± V ,,+ 6SlWHVWHQV ZHQQ ]XU 6WDPPIXQNWLRQ ± YRQ [U [ EHIUDJW PHUNW GHU 6FKOHU GDVV VHLQH )RUPHO U ± [ U QLFKW ]X DOOHP WDXJW (LQ 6RQGHUOLQJ DXFK GHU )XQNWLRQVJUDSK DOV $VW GHU (LQKHLWVK\SHUEHO GHU YRU GHQ DQGHUHQ DXVJH]HLFKQHWHQ +\SHUEHO GHV $SROORQLRV PLW LKUHQ VHQNUHFKWHQ $V\PSWRWHQ 6LH KWHWH HLQH :HLOH GDV *HKHLPQLV XP LKUH 4XDGUDWXU =XP )ROJHQGHQ VLHKH ^D` EHDFKWH ^E` 3DVFDOV (UJHEQLV KDWWHQ YLHOH YRUEHUHLWHW $UFKLPHGHV &DYDOLHUL :DOOLV 5REHUYDO LKUH 6NDOD GHU 4XDGUDWXUHQ HUJlQ]WH )HUPDW PLW HLQHU )RUPHO JOHLFKHU *HVWDOW ,,1 )U GHQ Ä)OlFKHQLQKDOW³
)D E YRQ ^ [ _ \ D d [ d E d \ d [ ` D E
JDE HV LQGHV NHLQH =LHOYRUJDEH (LQ]LJHQ $QKDOW IU VHLQHQ :HUW ERW 3DVFDOV (LQVFKDFK WHOXQJ GHV ,QWHJUDOV ]ZLVFKHQ 2EHU XQG 8QWHUVXPPHQ 'HPJHPl PRFKWH PDQ )D E UHSUlVHQWLHUW VHKHQ GXUFK GLH *HVDPWKHLW GHU 3DDUH Q
ƴȞ $
[Ȟ
Q
[Ȟ í [Ȟ± ƴȞ
) [ [ T
[Ȟí
[Ȟ í [Ȟ± D
) [ T [ T
«
[ [ « [Q± [Q
) [ TL [ TL ±
E
«
*HPl DOOJHPHLQHU 'HILQLWLRQ GHU ,QWHUYDOOIXQNWLRQ ) ZHUGH )TD TE T ! JHELOGHW 'LHVHU :HUW JHKW DXV GHQ 6XPPHQ KHUYRU LQGHP PDQ GLH [ [ [Q EHUDOO GXUFK T [ T [ T [Q HUVHW]W 'LH QHXHQ 6XPPHQ GHFNHQ VLFK MHGRFK PLW GHQHQ LQ ± GDV OlVVW VFKOLHHQ DXI )D E
)TD TE T !
ZDV HLQ =HLWJHQRVVH )HUPDWV *UHJRULXV D 6DQWR 9LQFHQWLR VRZLH VHLQ 6FKOHU $OIRQV $QWRQ GH 6DUDVD KHUDXVIDQGHQ^D D D` /HW]WHUHU ]RJ GLH EHGHXWVDPH )ROJHUXQJ DXV PLW GHP GDV VFKRQ ODQJH YHUIROJWH .RQ]HSW GHU /RJDULWKPHQ^D ` GLH DXI (XOHU ZHLVHQGH 5LFKWXQJ EHNDP $EE ,, ]HLJW ZLH DXV GHQ 9RUJDEHQ [ ! T ! YHUP|JH GLH 6HTXHQ] $ HQWVWHKW
) [ [ T
) [ T [ T
«
) [ TL [ TL ±
«
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
0LWKLQ JHK|UW ]XU JHRPHWULVFKHQ )ROJH [N
[ TN N
YRQ $EV]LVVHQ GLH DULWKPHWLVFKH )ROJH GHU )OlFKHQ$EVFKQLWWH
ƴNL ) [L± [L
) [ [N
ƴNL $
$ N N
'HU )DOO [ $ XQG GDV GD]XJHK|ULJH T ZHUGHQ XQV QRFK EHVFKlIWLJHQ QlPOLFK ZHQQ GHU )OlFKHQLQKDOW ) TN ]XP /RJDULWKPXV N YRQ TN ]XU %DVLV T ZLUG :LH GLH /RJD ULWKPHQ LQ ^E` EHKDQGHOW ZHUGHQ RIIHQEDUW IXQGDPHQWDOHV 8QYHUVWlQGQLV DQJHIDQJHQ EHL \L DQVWHOOH [L
! $ % '
$EE ,, )OlFKHQZDFKVWXP XQWHU GHP *UDSKHQ GHU 5H]LSURN)XQNWLRQ
'
! !
!
!
!
1XQ HLQH 5FNEOHQGH 6FKRQ $UFKLPHGHV^E` XQG 2UHVPXV^D` ZDU QLFKW HQWJDQJHQ ZDV 0LWWH GHV -DKUKXQGHUWV GHU 5HFKHQPHLVWHU 0LFKDHO 6WLIHO^F` NRQVWDWLHUWH DQJHVLFKWV GHU YRQ LKP DXFK QDFK OLQNV IRUWJHVHW]WHQ^F E` *HJHQEHUVWHOOXQJ Q
Q
« « «
«
QlPOLFK HLQH .RUUHVSRQGHQ] YRQ JHRPHWULVFKHP XQG DULWKPHWLVFKHP :DFKVWXP +LHU GUlQJW PLW Ä([SRQHQWHQ³ ]X UHFKQHQ ZLH VLFK DXI QDFK $UW YRQ Â Â 6WLIHO VHLQH ,QGLFHV QDQQWH 8P 3XQNW DXI 6WULFKUHFKQXQJ ]X EULQJHQ KDWWH PDQ VLFK -DKU ]HKQWH ODQJ PLW GHU %H]LHKXQJ VLQ X Â VLQ ȣ FRV X í ȣ í FRV X ȣ EHKROIHQ ZR]X GLH )DNWRUHQ DOV 6LQXVZHUWH GDUJHVWHOOW ZHUGHQ PXVVWHQ^E D` .XU] QDFK JLQJ PDQ GHU 0|JOLFKNHLW QDFK GHQ EHL 6WLIHO DQJHOHJWHQ *HGDQNHQ IU GHQ 5HFKHQEHGDUI LQ GHU $VWURQRPLH QXW]EDU ]X PDFKHQ 'DEHL ZLUG HLQ 3URGXNW D Â E QDFK IROJHQGHP 3ULQ]LS QlKHUXQJVZHLVH EHVWLPPW $OV 3RWHQ]EDVLV VHL HLQ SRVLWLYHV T z IHVW JH
,,2 +\SHUEHOTXDGUDWXU XQG /RJDULWKPXV
ZlKOW VSlWHU LQ GHU 5HJHO T ! 0DQ VXFKW QDKH EHL D E JHOHJHQH 3RWHQ]HQ TĮ Tȕ Į ȕ т DXI VRJHQDQQWH Ä1XPHUL³ XQG UHFKQHW D Â E § TĮ Â Tȕ
T Įȕ
'DV JHVFKDK QLFKW DXVGUFNOLFK VWDQG DEHU KLQWHU GHU DQIlQJOLFKHQ 3UD[LV RKQH 3RWHQ]QRWD WLRQ ]X DUEHLWHQ^F` 1RFK KHXWH IlOOW PDQFKHQ VFKZHU LQ /RJDULWKPHQ ([SRQHQWHQ ]X VHKHQ
'LH $SSUR[LPDWLRQ GHU )DNWRUHQ GXUFK T T PXVVWH XPVR EHVVHU JHOLQJHQ MH GLFKWHU VLH ODJHQ XQG GDV KLH MH QlKHU GLH %DVLV T EHL ODJ ZDU 'DV EHKHU]LJWHQ DXFK GHU VFKRWWLVFKH %DURQ -RKQ 1DSLHU DOLDV 1HSHU GHP GDV +DXSWYHUGLHQVW DQ GHU (UILQGXQJ JHEKUW XQG GD QDFK GHU 6FKZHL]HU 8KUPDFKHU -RVW %UJL GLH VLFK RKQH .HQQWQLV YRQHLQDQGHU DQ GLH $UEHLW PDFKWHQ^E` :HQQ PDQ ZLOO NDQQ PDQ EHLGHU 7DIHOQ VR OHVHQ DOV EHJlQQHQ LKUH 6NDOHQ DXI E]Z DEVWHLJHQGHU 1XPHUL EHL XQG KlWWHQ GLH )RUP ± %N E]Z ± 1N N ZR DOVR %N t % 1N d 1 :LH QXQ VLQG KLHU GLH 1XPHUL JHZlKOW XQG ZDV VLQG MHZHLOV LKUH ]XJHK|ULJHQ YRQ 1DSLHU VR JHQDQQWHQ /RJDULWKPHQ" :LU HU|UWHUQ GDV 3ULQ]LS EHL %UJL (U ELOGHW VHLQH 1XPHUL ± %N YHUP|JH GHU 5HNXUVLRQ %L
%
%Lí %Lí
±
%Lí L
N
ZR MHGHU 6FKULWW DXV YLHUVWHOOLJHU .RPPDYHUVFKLHEXQJ $GGLWLRQ XQG 5XQGXQJ EHVWDQG ([SOL]LW ZLUG %N
±
N %
±
N N
±
YJO $OV Ä/RJDULWKPXV³ YRQ %N IXQJLHUW EHL %UJL GLH $Q]DKO N GHU 6FKULWWH YRQ % ELV %N QDFK LVW VLH GHU ([SRQHQW LQ ± %N
±
TN T Ԍ
N
%UJL WULHE GLH 5HNXUVLRQ ELV % % ^F` XQG JLQJ GDPLW HLQ KRKHV UHFKQH ULVFKHV 5LVLNR HLQ JDQ] DEJHVHKHQ YRP 5XQGXQJVSUREOHP 0LW VHKU YLHO DXIZlQGLJHUHQ /RJDULWKPHQ VXFKWH 1DSLHU^F E E` GLH $VWURQRPHQ ]X EH GLHQHQ *HJHQVWFN ]X LVW 1N
±
± N N
PLW HLQHU YLHO QlKHU EHL JHOHJHQHQ %DVLV 6HLQH hEHUOHJXQJHQ VLQG ZHQLJHU HLQIDFK GRFK DXFK HIIHNWLYHU XQG ZHLWHUUHLFKHQG DOV GLH YRQ %UJL 'LH DXI IKUHQGH 5HNXUVLRQ VWLH EDOG DQ LKUH *UHQ]H XQG VR ZXUGHQ 9DULDQWHQ GHV 9HUIDKUHQV HLQJHIKUW GLH DXI HLQHU 9RU ZHJQDKPH YRQ (XOHUV Ä*ROGHQHU 5HJHO³^F` EHUXKHQ ZRQDFK IU /RJDULWKPHQ JLOW GDVV VLH VLFK YRQ %DVLV ]X %DVLV QXU XP HLQHQ NRQVWDQWHQ )DNWRU XQWHUVFKHLGHQ^G G` VX
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
1DSLHUV XQG %UJLV /RJDULWKPHQ ZDUHQ $Q]DKOHQ DOVR GLVNRQWLQXLHUOLFK 9RU (LQWULWW LQ GLH ZHLWHUH (QWZLFNOXQJ HLQ %OLFN DXI XQVHUH Ä/RJDULWKPHQ LP 5HHOOHQ³ 'HU +HUNXQIW QDFK VWHKHQ VLH ]X GHQ 3RWHQ]IXQNWLRQHQ ZLH GDV (L ]XP 9RJHO +LHU QXU HLQH IRUPDOH *HJHQEHU VWHOOXQJ 'LH 3RWHQ]IXQNWLRQHQ Ȝ ѻ [
TȜ Ȝ ъ ]X HLQHU %DVLV T T z VLQG XP
NHKUEDU LKUH 8PNHKUXQJ [ ѻ Ȝ ORJ T [ [ ! KHLW /RJDULWKPXV YRQ [ ]XU %DVLV T 6HLQ :HUW LVW VR]XVDJHQ ÄGHU T([SRQHQW YRQ [ ³ /RJDULWKPHQ VLQG ([SRQHQWHQ ± HLQ GLGDN WLVFKHV 0RQLWXP V GD]X ^` 'LH /RJDULWKPHQELOGXQJ OHLVWHW GLH $XIO|VXQJ GHU *OHLFKXQJ [ TȜ QDFK Ȝ 'HQ 9RUVWR ]X NRQWLQXLHUOLFKHQ /RJDULWKPHQ XQWHUQDKP 1DSLHU PLW HLQHP NLQHPDWL VFKHQ 0RGHOO^H E F E` *HPl $EE ,, YROOIKUH HLQ ]XU =HLW W LQ ij JHVWDUWHWHU 3XQNW DXI GHP :HJ ÄQDFK³ HLQH YHU]|JHUWH HZLJ GDXHUQGH %HZHJXQJ =XU =HLW W EH ILQGH HU VLFK LP $EVWDQG [ YRQ XQG EHVLW]H GLH GXUFK GHQ :HJUHVW 1 ± [ EH VWLPPWH *HVFKZLQGLJNHLW 1DSLHU GHILQLHUW =XP 1XPHUXV 1 JHK|UW GHU /RJDULWKPXV O
W
7DWVlFKOLFK HUUHLFKW HU GDPLW GHQ $QVFKOXVV DQ XQVHUH /RJDULWKPHQ ZLH VLFK XQWHQ ]HLJW !
'
$EE ,, 1DSLHU HLQ NLQHPDWLVFKHV 0RGHOO GHU VWHWLJHQ /RJDULWKPHQ
'
'
'HU (QJOlQGHU +HQU\ %ULJJV KDWWH GLH ,GHH /RJDULWKPHQ DXI XQVHU 'H]LPDOV\VWHP DE]X VWHOOHQ 'DV ZDU LKQHQ DQJHPHVVHQ (U EHULHW VLFK PLW 1DSLHU XQG UHFKQHWH GHVVHQ /RJDULWK PHQ lKQOLFK ZLH PDQ 7HPSHUDWXUVNDOHQ LQHLQDQGHU EHUIKUW^I` LQ VHLQH GHNDGLVFKHQ XP ,P 3ULQ]LS GHQQ ]XU 6LFKHUKHLW EHUHFKQHWH HU GLHVH DXIV 1HXH^H G`
:LU ZHQGHQ XQV QXQ GHQMHQLJHQ /RJDULWKPHQ ]X GLH WKHRUHWLVFK ZLH SUDNWLVFK DOV GLH DXVJH ]HLFKQHWHQ JHOWHQ XQG GLH DXFK GHU &RPSXWHU QLFKW ]X HQWZHUWHQ YHUPRFKWH 6LH VWDPPHQ YRQ $SROORQLRV¶ +\SHUEHO :HQQ VLH GLH QDWUOLFKHQ KHLHQ VR GHVKDOE ZHLO LKUH %DVLV GLH %HVFKUHLEXQJ GHV VRJHQDQQWHQ QDWUOLFKHQ :DFKVWXPV HUP|JOLFKW 'HU 1DPH LVW RKQHGLHV ÄQDWUOLFK³ ZLH GLH $QDO\VLV YLHOIlOWLJ VLFKWEDU ZHUGHQ OlVVW 0LW ZXUGH EHUHLWV HLQ *HJHQVWFN ]X JHELOGHW DOOHUGLQJV RKQH %H]XJ DXI $EE ,, -HW]W VSH]LDOLVLHUHQ ZLU GLH RELJHQ 'DWHQ ]X [ $ ZDV ]XJOHLFK HLQH $EV]LVVH T H GHU (LJHQVFKDIW ) H IHVWOHJW V ,& 1DFK HUKDOWHQ ZLU GDIU ) HN
N
ORJ H HN N
,,2 +\SHUEHOTXDGUDWXU XQG /RJDULWKPXV
1DSLHU KDWWH VLFK PLW VHLQHQ VWHWLJHQ /RJDULWKPHQ QRFK VFKZHU JHWDQ 1XQPHKU ELHWHW VLFK DQ VLQQIlOOLJ ]X LQWHUSROLHUHQ PLW GHP )OlFKHQLQKDOW ORJ H [ { OQ [ Ԍ ) [ [ t EHWUHIIV )RUWVHW]XQJ DXI VLHKH HWZD ^J` $XV GHU LQ 1DWXUZLVVHQVFKDIWHQ DQJHZDQG WHQ 0DWKHPDWLN LVW GLHVH )XQNWLRQ QLFKW ZHJ]XGHQNHQ )U GLH UHLQH LVW VLH QLFKW PLQGHU IXQGDPHQWDO GHU ÄUHLQH 0DWKHPDWLNHU³ RXWHW VLFK GDGXUFK GDVV HU ORJ VWDWW OQ VFKUHLEW 1DFK )HOL[ ! .OHLQ^` LVW GHU QDWUOLFKH /RJDULWKPXV DXFK GLGDN WLVFK GLH QDWUOLFKH :DKO (U HPSIDKO LKQ ZR LP PHU PLW /RJDULWKPHQ DXI YHUVWHKHQGH :HLVH %H NDQQWVFKDIW JHPDFKW ZHUGHQ VROO
$EE ,, 'LH 6WDPP]HOOH GHU QDWUOLFKHQ /RJD ULWKPHQ
'
'
% $
!
)RUPHO VFKOlJW VLFK QLHGHU LP 3URWRW\S OQ X ȣ
) X ȣ
) X )X X ȣ
) X ) ȣ
OQ X OQ ȣ X ȣ t
GHV $GGLWLRQVJHVHW]HV GHU /RJDULWKPHQ^J` PLW JHQDQQWHU )RUWVHW]XQJ JLOW HV IU DOOH X ȣ ! +LHUDQ OlVVW VLFK IU QDWUOLFKH ([SRQHQWHQ DEOHVHQ ZDV DOOJHPHLQ IU DOOH Į ъ JLOW OQ [Į
Į OQ [ [ !
1XQ GHU /RJDULWKPXV ]XU DOOJHPHLQHQ %DVLV T T z $XV [ Ȝ OQ T XQG GHU 8PVFKUHLEXQJ Ȝ ORJ T [ HQWVWHKW ORJ T [ Ԍ
 OQ T
TȜ QDFK DOVR OQ [
OQ [ [ !
'DPLW XQWHUVFKHLGHQ VLFK DOOH /RJDULWKPHQ YRQ GHQ QDWUOLFKHQ XP MHZHLOV HLQHQ NRQVWDQWHQ )DNWRU VLQG PLWKLQ DXFK XQWHUHLQDQGHU SURSRUWLRQDO XQG HUIOOHQ (XOHUV Ä*ROGHQH 5HJHO³ VR JHPl GHU 8PUHFKQXQJ ORJ T [
OQ U OQ T
OQ [ T z U z
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
%UJLV XQG 1DSLHUV GLVNUHWH /RJDULWKPHQ QlKHUQ VLFK XQVHUHQ QDWUOLFKHQ LQ GHP 0DH DQ ZLH LQ ± %N
>
± 1N
> ±
@
±
N
§ H N
±
N
§ H N ± N § ORJ H ± 1N
@
±
± N § OQ ± %N
±
± OQ ± 1N
GLH >«@ QDKH EHL H E]Z H OLHJHQ 'LH YRQ 1DSLHU NRPPHQ LKQHQ QlKHU hEHUHLQVWLP PXQJ HUOHEHQ ZLU EHL VHLQHQ VWHWLJHQ /RJDULWKPHQ ,KUH 'HILQLWLRQ LQ JUQGHW VLFK DXI G1 GW
G[
± GW
± 1 1
HLQ $QIDQJVZHUWSUREOHP IU 1W PLW GHU HLQGHXWLJHQ /|VXQJ H±W W t
1 ZHJHQ W
± O UHVXOWLHUW GDUDXV ± O
± OQ ± 1
IU GLH LQ JOHLFKHU :HLVH QRUPLHUWHQ :HUWH GHU QDSLHUVFKHQ 1XPHUL XQG /RJDULWKPHQ
0LW GHQ )XQNWLRQHQ ORJ H [ H[ KDEHQ ZLU GLH 0XVWHUEHLVSLHOH IU WUDQV]HQGHQWH )XQNWLRQHQ YRU XQV :DV UHFKWIHUWLJW GLHVHQ 1DPHQ" (LQH LUUDWLRQDOH =DKO KHLW WUDQV]HQGHQW ZHQQ VLH QLFKW DOJHEUDLVFK LVW GK QLFKW 1XOOVWHOOH HLQHV 3RO\QRPV PLW UDWLRQDOHQ .RHIIL]LHQWHQ YJO ,& 8QG :HLHUVWUD EHZLHV^` )U MHGH DOJHEUDLVFKH =DKO [ z LVW ORJ H [ WUDQV]HQGHQW IU MHGH DOJHEUDLVFKH =DKO [ z LVW
H[
WUDQV]HQGHQW
'DEHL NDQQ IUHLOLFK ORJ H X IU WUDQV]HQGHQWHV X DOJHEUDLVFK VHLQ X
H
'HP KLPPHOVWUPHQGHQ .HSOHU ZDU GLH QHXH .XQVW HLQ *HVFKHQN GHV +LPPHOV (V KLH GLH /RJDULWKPHQ KlWWHQ GDV /HEHQ GHU $VWURQRPHQ YHUGRSSHOW GHQQ ]XYRU KDWWHQ GLH VLFK EXFK VWlEOLFK WRW JHUHFKQHW^G` $OV 5HFKHQKLOIH VLQG VLH PLWWOHUZHLOH YHUDOWHW 3UDNWLVFK QW]OLFK EOHLEW GLH ORJDULWKPLVFKH 6NDOLHUXQJ ]ZHFNV 'DUVWHOOXQJ XQG $XVZHUWXQJ YRQ 'DWHQ ORJD ULWKPLVFKHV 3DSLHU /RJDULWKPHQUHFKQXQJ XQG LKUH 6LPXOLHUXQJ DXI GHP 5HFKHQVFKLHEHU VLQG GXUFK GLH 'LJLWDOUHFKQHU ZHLWJHKHQG YHUGUlQJW 'HU .UHLV VFKOLHW VLFK )LQJHUUHFKQHQ $QDORJUHFKQHQ XQG QXQ ZLHGHU 'LJLWDOUHFKQHQ 0HLQH 6FKXO]HLW ODJ LP 3UlFRPSXWHULXP 'DPDOV PXVVWHQ ZLU PLW VHKUYLHOVWHOOLJHQ /RJDULWKPHQWDIHOQ $XIJDEHQ DXV GHU VSKlULVFKHQ 7ULJRQRPHWULH O|VHQ ZLH VLH GLH DOWHQ SUHXLVFKHQ /HKUSOlQH ]X 1XW] XQG )URPPHQ GHU NDL VHUOLFKHQ 6HHNDGHWWHQ YRUJHVFKULHEHQ KDWWHQ
,,3 'LH 7DQJHQWH EHL 5REHUYDO XQG EHL 'HVFDUWHV ^` ^` ^` ^` ^` ^` ^` ^` ^`
,,3
(':$5'6 -5 ^D` II ^E` $FKVPDH GHU )LJQ ^F` ^G` I ^H` ^I` ^J` 72(3/,7= ^D` ^E` ^F` ^G` 0LWWH 'DUVWHOOJ XQEHIULHGL JHQG ^H` I ./,1( >@ ^D` =Q í ^E` =Q í +$,5(5 :$11(5 ^D` I ^E` ^F` &$-25, ^D` ^E` ^F` ^G` I %285%$., >@ ^D` ^E` )XQ +2)0$11 >@ %2@ ^D` ^E` ^F` ^G` I 58',2
'LH 7DQJHQWH EHL 5REHUYDO XQG EHL 'HVFDUWHV
'LH JULHFKLVFKHQ 7DQJHQWHQ ]HLJWHQ ZDV ,QILQLWHVLPDOHV DQODQJW %HUKUXQJVlQJVWH ,VROLHUW VWHKW ZHQQ $UFKLPHGHV GLH 7DQJHQWH HLQHU .XUYH NRQVWUXLHUW GLH IU HLQH GLIIHUHQ]LHOOH %H KDQGOXQJ JHVFKDIIHQ VFKLHQ ZHLO VLH DXV HLQHU %HZHJXQJ KHUYRUJLQJ V ,$ ,,0 :DV VLFK KLQWHU VHLQHU .RQVWUXNWLRQ YHUERUJHQ KDEHQ N|QQWH RGHU GUIWH LVW MHW]W EHL 7RUULFHOOL XQG 5REHUYDO ]X ILQGHQ :LU GHPRQVWULHUHQ HV DQ (OOLSVH^D` XQG =\NORLGH^E ` YJO ^` $SROORQLRV VSlWHU =HLWJHQRVVH YRQ $UFKLPHGHV XQG $OWPHLVWHU GHU .HJHOVFKQLWWH ZXVVWH DXFK EHU LKUH 7DQJHQWHQ %HVFKHLG $XI GLH PHFKDQLVFKH (U]HXJXQJ GHU (OOLSVH NDP MHGRFK HUVW GHU (UEDXHU GHU +DJLD 6RSKLD^D` (V LVW GLHV LKUH VRJHQDQQWH )DGHQ RGHU *lUWQHUNRQ VWUXNWLRQ 'D]X ZHUGHQ ]ZHL 3IO|FNH GLH VSlWHUHQ Ä%UHQQSXQNWH³ GXUFK HLQH ORVH 6FKQXU YHUEXQGHQ GLH HLQ LQ LKU JOHLWHQGHU 6WLIW JHVSDQQW KlOW ZlKUHQG HU XP GLH 3IO|FNH KHUXPJH IKUW ZLUG 6HLQH $EVWlQGH ]X GLHVHQ EHLGHQ KDEHQ VRPLW VWHWV GLHVHOEH 6XPPH 5REHUYDO OHJW GHU (OOLSVH GLHVH +HUVWHOOXQJ ]XJUXQGH XQG IUDJW QDFK GHU PRPHQWDQHQ %HZHJXQJV ULFKWXQJ GHV 6WLIWHV QlPOLFK QDFK GHU 5HVXOWLHUHQGHQ GHU %HZHJXQJVNRPSRQHQWHQ $EE ,, ]HLJW HLQH (OOLSVH PLW GHQ %UHQQSXQNWHQ ) ) 'LH 6FKHLWHOWDQJHQWHQ YHUODX IHQ DFKVHQSDUDOOHO ZHVKDOE ZLU YRP 7ULYLDOIDOO GHU +DXSWVFKHLWHO DEVHKHQ N|QQHQ 'LH 7DQ JHQWH LQ HLQHP 1HEHQVFKHLWHO 6 KDOELHUW GLH 1HEHQZLQNHO YRQ )6) HQWVSUHFKHQG ZLUG VLFK GHU DOOJHPHLQH )DOO KHUDXVVWHOOHQ ZLH VFKRQ GLH $OWHQ ZXVVWHQ 6HL 3 ZLH LQ GLHVHP %LOG SRVLWLRQLHUW XQG LP 8KU]HLJHUVLQQ EHZHJW GHV :HLWHUHQ VHL X G) 3 ȣ G) 3 (LQH ÄNOHLQH³ 9HUVFKLHEXQJ YRQ 3 NDQQ PDQ ]HUOHJW GHQNHQ LQ HLQHQ YRQ ) IOLHKHQGHQ $QWHLO 'X ! XQG HLQHQ ]X ) KLQVWUHEHQGHQ YRQ GHU /lQJH _'ȣ_ í'ȣ 'LH JHVSDQQWH 6FKQXU JOHLFKW GLH =X XQG $EQDKPHQ EHL X XQG ȣ DXV ZLU HUKDO WHQ DOVR X ȣ X 'X ȣ 'ȣ XQG GDPLW 'X í'ȣ 'DV DEHU KHLW 'HU DXI 3 ZLUNHQ GH 9HUVFKLHEXQJVYHNWRU VHW]W VLFK ]XVDPPHQ DXV EHWUDJOLFK JOHLFKHQ .RPSRQHQWHQ LQ 5LFK
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
WXQJ YRQ ) QDFK 3 XQG YRQ 3 QDFK ) 'DPLW EHZHJW VLFK 3 PRPHQWDQ LQ 5LFKWXQJ GHU :LQNHOKDOELH UHQGHQ GHV UHFKWHQ 1HEHQZLQNHOV YRQ )3)
$EE ,, 'LH .RQVWUXNWLRQ GHU (OOLSVHQ7DQJHQWH DXV %HZHJXQJVNRPSRQHQWHQ QDFK 5REHUYDO
1RFK HLQH 5DQGEHPHUNXQJ ]X GLHVHP (UJHEQLV (V ZHLVW GHU .XUYHQQRUPDOHQ LQ 3 GLH 5ROOH GHU :LQNHOKDOELHUHQGHQ YRQ )3) ]X ,P YHUVSLHJHOWHQ (OOLSVRLG ZLUG GHPQDFK HLQ /LFKWVWUDKO )3 QDFK ) UHIOHNWLHUW $OOH ) YHUODVVHQGHQ 6WUDKOHQ JHKHQ GXUFK GHQ Ä%UHQQ SXQNW³ ) 9HUVFKLHEW PDQ GLHVHQ QDFK XQHQGOLFK VR NRPPW HV ]XP 6WUDKOHQJDQJ LP 3DUD EROVSLHJHO YJO $EE,, hEULJHQV ZDUHQ HV 6RQQHQVWUDKOHQ LP .LUFKHQVFKLII GLH XQVHUHQ %DXPHLVWHU ]XP *lUWQHU PDFKWHQ^D` (QWVSUHFKHQG JHIRUPWH +|KOHQ Ä)OVWHUJHZ|OEH³ HU P|JOLFKHQ GLH OHLVH 9HUVWlQGLJXQJ YRQ %UHQQSXQNW ]X %UHQQSXQNW
'LH (QWVWHKXQJ GHU =\NORLGH ZXUGH LQ ,,/ JHVFKLOGHUW V $EE ,, %HL 5REHUYDOV (OOLSVH EHUODJHUWHQ VLFK DXI YHUVFKLHGHQH =HQWUHQ EH]RJHQ HLQH ]HQWULIXJDOH XQG HLQH ]HQWULSHWDOH %HZHJXQJ DOVR ]ZHL 7UDQVODWLRQHQ =XU DUFKLPHGLVFKHQ 6SLUDOH KDWWHQ HLQH 5RWDWLRQ XQG HL QH 7UDQVODWLRQ JHIKUW 'LH =\NORLGH JLQJ HEHQIDOOV DXV 'UHKXQJ XQG 9HUVFKLHEXQJ KHUYRU 8P GHQ :LQNHO M JHGUHKW ZLFNHOW HLQ 5DG YRP 5DGLXV 5 GLH %RJHQOlQJH 5 M DE XQG GLHV LVW ]XJOHLFK GLH :HJOlQJH XP GLH VLFK GLH 5DGQDEH ZHLWHUEHZHJW 'DUXP VHW]W VLFK ZLH EHL GHU (OOLSVH GLH PRPHQWDQH %HZHJXQJ GHV =\NORLGHQSXQNWHV =M ]XVDPPHQ DXV JOHLFKODQJHQ :HJNRPSRQHQWHQ GLH GHU 7DQJHQWH GLH 5LFK ' WXQJ ZHLVHQ $EE ,, +LHU LVW HV GLH +DO ELHUHQGH GHV :LQNHOV ]ZLVFKHQ GHU 5DGWDQ
JHQWH LQ =M XQG GHU LQ =M DQJHVHW]WHQ 5DG WUDQVODWLRQ^E`
$EE ,, 'LH .RQVWUXNWLRQ GHU =\NORLGHQ 7DQJHQWH DXV %HZHJXQJVNRPSRQHQWHQ QDFK 'HVFDUWHV
%HUHLWV 'HVFDUWHV KDWWH PLW GHU 0|JOLFKNHLW JHUHFKQHW GDVV GLH PRPHQWDQH %HZHJXQJ GHV =M GLH HLQHV 3HQGHOV VHL^DE D` 0LW GHU =\NORLGH NRQQWH HU MHGRFK QLFKW UHFKQHQ 6HLQH %HKDXSWXQJ ZXUGH VSlWHU GXUFK &KULVWLDDQ +X\JHQV DXI JHRPHWULVFKHP :HJH EHJUQGHW :LU WXQ HV PLW KHXWLJHQ 0LWWHOQ
,,3 'LH 7DQJHQWH EHL 5REHUYDO XQG EHL 'HVFDUWHV
'LH =\NORLGH ZHUGH ZLH LQ ,,/ YRP (LQKHLWVNUHLV HU]HXJW GHU 'UHKZLQNHO M GLHQH ]XJOHLFK DOV =HLWSDUDPHWHU GHU %HZHJXQJ 1DFK ,,/ ZLUG VLH GDUJHVWHOOW GXUFK =M
M í VLQ M _ í FRV M d M d S
'DEHL VHW]W GDV 5DG LP 5ROOSXQNW 5M LVW
ĺ
5M =M
M _ DXI GHU YRQ 5M QDFK =M ZHLVHQGH 9HNWRU
í VLQ M í FRV M
=M í 5M
$XV GHU %DKQJHVFKZLQGLJNHLW ĺ
ȣ M
í FRV M VLQ M d M d S
HUKDOWHQ ZLU LP )DOOH M z GLH 5LFKWXQJ GHU 7DQJHQWH LQ =M 'DV 6NDODUSURGXNW
ĺ 5M =M Â ĺ ȣ M
í VLQ M VLQ M Â FRV M VLQ M í FRV M Â VLQ M
ĺ
]HLJW 'LH 7DQJHQWH LQ =M VWHKW VHQNUHFKW DXI 5M =M ZLH DXI HLQHP 3HQGHOIDGHQ %OHLEW QXU GLH )UDJH QDFK GHU 7DQJHQWH LQ = 'HU 4XRWLHQW VLQ M í FRV M GHU .RP SRQHQWHQ YRQ ĺ ȣ M M z JHKW IU M Ļ QDFK O¶+RVSLWDOVFKHU 5HJHO ZLH FRV M VLQ M JHJHQ XQHQGOLFK GLH 7DQJHQWH YHUOlXIW DOVR YHUWLNDO ,Q %XFK,OOXVWUDWLRQHQ VHW]W GHU %RJHQ RIW VHKU IODFK DXI VR EHL ^EE`
1XQ ]X 'HVFDUWHV GHU VLFK VRHEHQ EHL GHU =\NORLGH ]X :RUW JHPHOGHW KDWWH 8QW\SLVFK IU LKQ GHQQ VROFKH ÄPHFKDQLVFK HU]HXJWHQ³ .XUYHQ ZDUHQ QLFKW VHLQ 'LQJ ,& 'RFK ZDU HV EH]HLFKQHQG GDVV HU LQ GHU =\NORLGHQWDQJHQWH HLQH .UHLV7DQJHQWH VDK DOV GHQ PLW 3ODWRQV :HUN]HXJ PDFKEDUHQ 3URWRW\S YRQ 7DQJHQWH 6R DUEHLWHWH 'HVFDUWHV GHQQ ]XQlFKVW DXV VFKOLHOLFK PLW %HUKUXQJVNUHLVHQ V ,& 6HLQHU .UHLVPHWKRGH^F D E D` ZDUHQ SUDNWLVFK HQJH *UHQ]HQ JHVHW]W HU VHOEVW KLHOW VLH IU EHUOHJHQ^E` $OV %HLVSLHO GLHQH KLHU \ ±
LQ YRUJHJHEHQHP 3XQNW 3 ±
¥ [ [ ! $EE ,, ^F` 'LH .RQVWUXNWLRQ GHU 7DQJHQWH
[± _ \± LVW DXVJHPDFKW ZHQQ PDQ ZHL ZR GLH .XUYHQQRUPDOH
YRQ 3 DXI GLH [$FKVH WULIIW 'LH .UHLVPHWKRGH VXFKW DOVR GHQMHQLJHQ %HUKUXQJVNUHLV GHV VHQ 0LWWHOSXQNW PLW X± _ DQ]XVHW]HQ LVW
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
$EE ,, 'HVFDUWHV¶ .UHLVPHWKRGH ]XU %HUHFK QXQJ GHU 6XEQRUPDOHQ KLHU EHL GHU :XU]HOIXQNWLRQ ZR VLH VWHWV KDOE VR ODQJ ZLH GLH $FKVHQHLQKHLWHQ LVW 'LH GXUFK [± _ \± JHKHQGHQ .UHLVH XP X _ X t X± KDEHQ GLH *OHLFKXQJ [ í X \ 6LH WUHIIHQ GLH .XUYH \
[± í X \± ¥ [ MHZHLOV EHU GHQ 1XOOVWHOOHQ [± [X GHV 3RO\QRPV
[ í X ¥ [ í >[± í X \± @
S [ X
LQ [ 'HVFDUWHV¶ ,GHH 5FNW X ! X± JHJHQ X± VR IlOOW DP (QGH 3X ±
±
±
[X _ ¥ [X PLW 3 ]X
VDPPHQ ZRGXUFK GLH *HUDGH GXUFK 3X XQG 3 ]XU 7DQJHQWH LQ 3 ZLUG $OJHEUDLVFK EH GHXWHW GDV [± LVW 'RSSHOZXU]HO YRQ
S [ X±
[ í X± í [ X± í > [± í X± \± @
1RWZHQGLJHUZHLVH KDW VLH GHQ :HUW [±
S [ [±
X± í ò 'DVV GDV 3RO\QRP
[ í [±[ [± í
í [±
HLQH 'RSSHOZXU]HO KDW ]HLJW VHLQH 'LVNULPLQDQWH [± í [± ò ó [± 6RPLW HUKlOW ± ± GHU 1RUPDOHQDEVFKQLWW X GHQ :HUW [ ò XQG GLH 6XEQRUPDOH GLH /lQJH V X± í [± ò )U GLH 7DQJHQWHQVWHLJXQJ KHLW GDV V \± \± ¥ [± 'HVFDUWHV XPJHKW KLHU GLH ÄDQDO\WLVFKH $NWLRQ³ GHV *UHQ]EHUJDQJV VR]XVDJHQ VWDWLVFK PLW GHP Ä7DQJHQWHQNULWHULXP GHU DOJHEUDLVFKHQ *HRPHWULH³^E` %HL ZHQLJHU HOHPHQWDUHQ DOJHEUDLVFKHQ )XQNWLRQHQ NDQQ VHLQH +DQGKDEXQJ IUHLOLFK UHFKW SUREOHPDWLVFK ZHUGHQ $OV SUDNWLVFKHU %HKHOI ZXUGHQ DOVEDOG IRUPDOH 5HJHOQ^G` DXIJHVWHOOW GLH LP 5FNEOLFN EHUUD VFKHQ ZHLO PDQ GRUW EHUHLWV GHU $EOHLWXQJ YRQ 3RO\QRPHQ EHJHJQHW LP =XVDPPHQKDQJ GDPLW GDVV GLH PHKUIDFKHQ 1XOOVWHOOHQ HLQHV 3RO\QRPV 1XOOVWHOOHQ VHLQHU $EOHLWXQJ VLQG
,,4 1HLO %DUURZ 9RUERWHQ GHV +DXSWVDW]HV
±
'HU EHL $EE ,, LQ 3 EHUKUHQGH .UHLV ZLUG YRQ GHU .XUYHQGDUVWHOOXQJ GLNWLHUW (LJH QH JHRPHWULVFKH %HGHXWXQJ KDW GHUMHQLJH EHUKUHQGH .UHLV GHU HQWVWHKW ZHQQ PDQ DQ .UHL ±
±
±
VHQ GXUFK GLH .XUYHQSXQNWH 3 3 3 GHQ *UHQ]EHUJDQJ 3 ń 3 3 ń 3 YROO]LHKW 'HU ±
.HKUZHUW VHLQHV 5DGLXV PLVVW GLH .XUYHQNUPPXQJ LQ 3 (':$5'6 -5 ^D` ^E` I )LJ IHKOHUKDIW ^F` ^G` II %2@ I )LJ IHKOHUKDIW ^D` %$521 ^E` 9$1 0$$1(1 $EE IHKOHUKDIW 6&5,%$ 6&+5(,%(5 ^D` >@ >@ ^E` >@ >@ I ^D` :,(/(,71(5 >@ ^E` =(87+(1 %285%$., >@ ^D` XQWHQ ^E` 6&277 ^D` ^E` ^F` REHQ EHL Ä 3 ³ YHUZHLVW GHU 6WHUQ DXI HLQH )XQRWH
^` ^` ^` ^` ^` ^` ^`
,,4
1HLO %DUURZ 9RUERWHQ GHV +DXSWVDW]HV
(V NRQQWH VLFK VHKHQ ODVVHQ ZDV GD VFKRQ DOOHV LP (LQ]HOQHQ DQ ,QWHJUDO XQG VHOEVW 'LIIH UHQ]LDOÄ5HFKQXQJ³ JHOHLVWHW ZDU DOV 1HZWRQ XQG /HLEQL] PLW GHP .RQ]HSW HLQHU 'LIIHUHQ ]LDO XQG ,QWHJUDOUHFKQXQJ KHUYRUWUDWHQ 'RFK DXFK IU GHUHQ =XVDPPHQKDQJ JDE HV ,QGL ]LHQ %HNDQQWKHLW HUODQJWHQ ]ZHL )lOOH ,& (LQ :LOOLDP 1HLO VFKUHLWHW EHL HLQHU 4XDGUDWXU HLQ 6WFN ZHLW LQ GLH *HJHQULFKWXQJ^D` 0LW PHKU $XJHQPD VLHKW VLFK 1HZWRQV /HKUHU %DUURZ GLH 6DFKH DQ HUNHQQW MHGRFK HEHQIDOOV QLFKW GLH 7UDJZHLWH VHLQHU (QWGHFNXQJ^E`
'DV *HJHQVWFN ]XU 4XDGUDWXU NUXPPOLQLJ EHJUHQ]WHU )OlFKHQ LVW GLH 5HNWLILNDWLRQ GDV Ä6WUHFNHQ³ NUXPPHU /LQLHQ 'HQ $QIDQJ PDFKWH 7RUULFHOOL^` PLW GHU ORJDULWKPLVFKHQ 6SLUD OH M OQ U U ! LP -DKU ^D` RGHU ^F` (V ZDU 1HXODQG GRFK HUNDQQWH PDQ EDOG GDVV HV HEHQIDOOV LQV 5HLFK GHU Ä4XDGUDWXUHQ³ JHK|UWH 1HLO ZDU GHU (UVWH^D` GHU VLFK IU GLH %RJHQOlQJH GHU VHPLNXELVFKHQ 3DUDEHO < )[ [óò LQWHUHVVLHUWH VR JHQDQQW YRQ :DOOLV :LH QXU NRPPW HLQ =ZDQ]LJMlKULJHU GDUDXI" 'LH GHP 3DUDEHOERJHQ EHU > @ HLQEHVFKULHEHQHQ 3RO\JRQH KDEHQ GLH /lQJHQ /Q
ƴ QȞ ƴ QȞ
[Ȟ í [Ȟí @ I %2@ *(5,&.( >@ I 67,//:(// >@ 0(6&+.2:6., >@ ^D` ^E` %2@ *8,&&,$5',1, I = YX Q Q YHUWDXVFKW 3(D E@ HLQ ,VW QXQ DEHU I VRJDU VWHWLJ DXI >D E@ VR NRPPW )Ļ [
D GGW ) W GW
)[ GD )D
I XQG QDFK ij JLOW
=XVDPPHQ PLW ij EHVWlWLJW GDV XQWHU GHQ JHQDQQWHQ 9RUDXVVHW]XQJHQ GDVV VLFK ,QWHJUD WLRQ XQG 'LIIHUHQ]LDWLRQ ]XHLQDQGHU ZLH $GGLWLRQ XQG 6XEWUDNWLRQ YHUKDOWHQ :LU HULQQHUQ DQ /HLEQL]¶ ÄGLVNUHWH 9RUVWXGLHQ³ ,,5 GHP *HJHQVWFN ]X GHQ IU DOOH [ >D E@ JOWLJHQ %H]LHKXQJHQ ij
[ G
D
G W )W GW
G
)[ ± )D
ij G [
[
D
I W GW
I [
ZRIU PDQ GLH %H]HLFKQXQJHQ HUVWHU ]ZHLWHU +DXSWVDW]^D` ILQGHW :LH HLQHUVHLWV 1HZWRQ DQGHUHUVHLWV /HLEQL] ÄGHQ +DXSWVDW]³ DQJHKW KDW PLW LKUHP MHZHLOLJHQ 9HUKlOWQLV ]X $UFKL PHGHV¶ %HJULII YRQ )OlFKH ]X WXQ 'LH 6FKUHLEZHLVH LQ LVW GLH YRQ /HLEQL] %HL LKP VWHKW GHU HUVWH +DXSWVDW] XQPLWWHOEDU LP 9RUGHUJUXQG %DUURZV (LQVWLHJ NHQQ ]HLFKQHW $EE ,, DOV ,OOXVWUDWLRQ ]XP ]ZHLWHQ +DXSWVDW] )U PDQFKH LVW GLHV GHU +DXSW VDW] VFKOHFKWKLQ XQG VR KHLW HV GHQQ LQ ^` Ä6R YRLOj G G[
I [ G[
I [
í WKH IXQGDPHQWDO WKHRUHP RI WKH FDOFXOXV³ 6R ODOD 'LH HEHQVR JULIILJH ZLH LQWHUSUHWDWL RQVEHGUIWLJH )DVVXQJ GHU 3HUOH GHV &DOFXOXV «
1HZWRQ EHVLW]W GHQ +DXSWVDW] $XV GLHVHU =HLW JLEW HV QXU VHLQH VHKU YLHO VSlWHU EHNDQQW JHZRUGHQHQ $XI]HLFKQXQJHQ +LHU HLQLJHV GDUDXV ^D` LVW VFKOHFKW QDFK]XYROO]LH KHQ VLHKH GD]X ^F` ,Q GHP QDFKWUlJOLFK ]XVDPPHQJHVWHOOWHQ Ä2FWREHU WUDFW RQ IOX[LRQV³ LVW ]X OHVHQ Ä « WKH QDWXUH RI WKH DUHD EHLQJ JLYHQ WR ILQG WKH QDWXUH RI WKH FURRNHG OLQH ZKRVH DUHD LW LV´^D` Ä7KH QDWXUH RI DQ\ FURRNHG OLQH EHLQJ JLYHQ WR ILQG LWV DUHD ZKHQ LW PD\ EH³^E` =XP HUVWHQ 3UREOHP V ^DE` 8QVHUH $EE ,,D ]HLJW ]ZHL GXUFK HLQH KRUL]RQWDOH $FKVH JHWUHQQWH )OlFKHQ PLW GHQ ,QKDOWHQ @ +(86(5 ^D` >@ ^E` >@ I ^F` >@ )XQ +$,5(5 :$11(5 ^D` I ^E`
+X\JHQV¶ 8KU DXV =\NORLGHQ
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lOOLJ ZDUHQ +X\JHQV¶ /DQGVOHXWH 6HHIDKUHU 'HQHQ KDOI EHL GHQ %UHLWHQJUDGHQ GHU +LPPHO GHU +LPPHOVSRO (V ZDUHQ GLH /lQJHQJUDGH GLH GLH FKULVWOLFKH 6HHIDKUW LQ 6HH QRW EUDFKWHQ 'DEHL WlW¶V GRFK GLH 6RQQH 0DQ QHKPH GLH =HLW GHV KHLPLVFKHQ 0HULGLDQV PLW DXI GLH 5HLVH XQG VHW]H GLH /RNDO]HLW GDJHJHQ^DE` 7KHRUHWLVFK 'DV -DKUKXQGHUW NDQQWH ]ZDU 3HWHU +HQOHLQV 1UQEHUJHU (L HV ZDU DEHU QLFKW GDV GHV &ROXPEXV 3Ul]LVLRQ HUZDUWHWH *DOLOHL^D` YRP 3HQGHO -DKU]HKQWH VSlWHU JULII +X\JHQV GHQ *HGDQNHQ DXI^D D D D D ` %HNDQQWOLFK VROO VLFK GLH 6FKZLQJXQJVGDXHU GHV 3HQGHOV QXU QDFK VHLQHU /lQJH ULFKWHQ DOOHUGLQJV PVVWHQ GLH $XVVFKOlJH ÄNOHLQ³ VHLQ :LH QXQ" +X\JHQV PXVVWH HV JHQDX ZLVVHQ (U VDK GDVV GHU 3HQGHOERJHQ HWZDV ]X IODFK ZDU^E` XQG IDQG GHQ 'UHK PLW GHP MHGHU $XV VFKODJ JOHLFK ODQJ GDXHUW (V ZDUHQ ]ZHL LQHLQDQGHU JUHLIHQGH .XQVWJULIIH GHUHQ MHGHU YHU JHVVHQ PDFKW GDVV WURW] 7KHRULH XQG 7IWHOQV QLFKWV 6HHWFKWLJHV GDEHL KHUDXVNDP^E` 1HZ WRQ HQWVFKLHG VFKOLHOLFK GDV 3UREOHP GHU JHRJUDILVFKHQ /lQJH VHL HLQ DVWURQRPLVFKHV NHLQ FKURQRPHWULVFKHV 6HLQ 9HUGLNW ZLUNWH IRUW LQGHP VLFK GLH /RQGRQHU /lQJHQNRPPLVVLRQ HLQHU WDXJOLFKHQ (UILQGXQJ -DKU]HKQWH ODQJ ZLGHUVHW]WH 0LW HLQHU +RO]XKU VFKDIIWH HV HLQ %DVWOHU DP (QGH HLQHV ODQJHQ /HEHQV XQG HUKLHOW GHQ DXVJHVHW]WHQ 3UHLV ODXW ^E` PLW ij -DKUHQ +X\JHQV KDW IU GDV )XQNWLRQLHUHQ VHLQHU .RQVWUXNWLRQ VRUJIlOWLJH %HZHLVH QDFKJHOLH IHUW QRFK YRU %HNDQQWZHUGHQ GHV &DOFXOXV 6LH JDOWHQ HLQHP NLQHPDWLVFKHQ XQG HLQHP PH FKDQLVFKJHRPHWULVFKHQ 3UREOHP 'DV (UVWHUH EHKDQGHOWHQ EHUHLWV /HLEQL] XQG -RKDQQ %HU QRXOOL DXI LKUH :HLVH^E` +X\JHQV KlWWH GHQ .DONO RKQHKLQ JHPLHGHQ +LHU QXQ QDFKHLQDQ GHU GLH EHLGHQ $VSHNWH GLH HU ]XVDPPHQIKUWH
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
, +X\JHQV ZDU QLFKW EHIDQJHQ ]X PHLQHQ EOR $XIJHKlQJWHV N|QQH SHQGHOQ $XFK GLH .X JHO LQ HLQHU 6FKVVHO LVW HLQ 3HQGHO 6HLQ 9RU]XJ GDVV VLFK GLH 3HQGHOEHZHJXQJ GXUFK GDV 6FKVVHOSURILO YRUVFKUHLEHQ OlVVW OLHIHUW +X\JHQV GDV 0RGHOO IU VHLQH 8KU^E` (U IUDJW *LEW HV GLH 6FKVVHO LQ GHU GLH .XJHO ÄLVRFKURQ³ SHQGHOW GDV KHLW EHL GHU VLH DXV MHGHU +|KH GLH JOHLFKH =HLW ELV ]XP %RGHQ EUDXFKW" +X\JHQV PXVVWH LKUH )RUP QLFKW HUILQGHQ HU IDQG VLH IDVW DXI $QKLHE LQ GHU =\NORLGH DXV ,,/ GLH VHLQHU]HLW LQ DOOHU 0XQGH ZDU^E D` 'LH IRO JHQGH 5HFKQXQJ OlVVW HUDKQHQ ZHOFKHU 6FKDUIVLQQ DQ LKUH 6WHOOH ]X WUHWHQ KDWWH :LU ]LHKHQ GLH 'DUVWHOOXQJ ,/ IU GLH .XUYH = LQ $EE ,, KHUDQ 'DV OLHIHUW GLH 5ROOEDKQ LQ GHU )RUP [M
U M VLQ M \M
U FRV M
d M d S
PLW HLQHP U ! $XHU M EUDXFKHQ ZLU GLH %RJHQOlQJH V DOV .XUYHQSDUDPHWHU V
VM
M
G\
[c\ \c\
M
U G\ VLQ
\
U
M
G\
± FRV \
dM dS
'HQ MHZHLOLJHQ 6WDUWSXQNW [ _ \ PDUNLHUHQ GLH 3DUDPHWHUZHUWH M d M S XQG V VM $EE ,, )U GHQ =HLWSDUDPHWHU W LVW d W d 7>M@ 0LW LKP ZHUGHQ GLH )XQNWLR QHQ W ѻ V W ѻ M M ѻ W M d M S JHELOGHW =X ]HLJHQ LVW 'LH /DXI]HLW 7>M@ KDW IU DOOH M > S GHQVHOEHQ :HUW
$EE ,, 'LH =\NORLGH DOV ,VR RGHU 7DXWRFKUR QH =XU %HUHFKQXQJ GHU /DXI]HLW %H]JOLFK GHU .XJHOPDVVH P OLHIHUW GHU (QHUJLHVDW] GDV %HZHJXQJVJHVHW] LQ *HVWDOW HLQHU 'LIIHUHQ]LDOJOHLFKXQJ IU M W YJO GLH %HKDQGOXQJ LQ ^G` P GV G W
P J \MW \M
G V GM J U GM G W
FRV M ± FRV M
,,8 +X\JHQV¶ 8KU DXV =\NORLGHQ
JU
U VLQ
M
GM
GW
FRV
M
± FRV
M
d W d 7>M@
QDFK (LQIKUXQJ YRQ %HL W d 7>M@ PDFKW GDV HLQH SHU 6WDPPIXQNWLRQ ]X O|VHQGH 'LIIHUHQ]LDOJOHLFKXQJ IU WM 'LH JHVXFKWH /DXI]HLW LVW GHU /|VXQJVZHUW 7>M@
U J
WS
S
M
FRV
M
± FRV
M ±
VLQ
M
GM
HLQ NRQYHUJHQWHV XQHLJHQWOLFKHV ,QWHJUDO 'LH 6XEVWLWXWLRQ X
FRV
M
FRV
M
EULQJW
HV LQ GLH )RUP
GX X
^K`
XQG ]HLJW GDPLW VHLQH 8QDEKlQJLJNHLW YRQ M S ZLH EHKDXSWHW 6LFKWEDU ZLUG GDV DXFK DQ ]ZHL .XJHOQ GLH DXI YHUVFKLHGHQHQ 6HLWHQ HLQHU ]\NORLGHQI|UPLJHQ 6FKLHQH JOHLFK]HLWLJ VWDUWHQ (JDO DXV ZHOFKHQ +|KHQ VLH WUHIIHQ LQ GHU 0LWWH DXIHLQDQGHU
,, :LU ZHFKVHOQ DXI GDV ]ZHLWH %HLQ :LH ZlUH GDV (UJHEQLV YRQ , XKUJHUHFKW XP]XVHW ]HQ ZLH VROOWH HLQ KlQJHQGHU 3HQGHON|USHU DXI HLQH =\NORLGHQEDKQ JH]ZXQJHQ ZHUGHQ" 'LHVH +HUDXVIRUGHUXQJ WUDI +X\JHQV LQ VHLQHP JHRPHWULVFKHQ (OHPHQW ,P NRQNUHWHQ :RUW VLQQH ÄHQWZLFNHOWH³ HU VHLQH ]ZHLWH ,GHH %HOHJW PDQ GLH UHFKWH +lOIWH GHV =\NORLGHQERJHQV $% LQ $EE ,,^F` PLW HLQHP KDI WHQGHQ )DGHQ IDVVW GLHVHQ EHL % XQG ]LHKW LKQ VWUDII DE VR EHVFKUHLEW VHLQ IUHLHV (QGH Ä%³ HLQH .XUYH %& GLH PDQ GLH Ä$EZLFNHOQGH³ ]XU Ä$EJHZLFNHOWHQ³ QHQQW GLH Ä(YROYHQWH³ DXFK Ä,QYROXWH³^F` %& ]XU Ä(YROXWH³ $% 'DV GHFNWH HLQH ZLFKWLJH .XUYHQEH]LHKXQJ DXI GLH QRFK LKUH 5ROOH LQ HLQHU NQIWLJHQ 'LIIHUHQ]LDOJHRPHWULH VSLHOHQ VROOWH 1DFK KDW GHU %RJHQ $% GLH /lQJH VS U GDV LVW ]ZHLPDO GHU 'XUFKPHVVHU GHV HU]HXJHQGHQ .UHL VHV 'HU DEJH]RJHQH )DGHQ LQ $EE ,, GLH 6WUHFNH $& LVW DOVR GRSSHOW VR ODQJ ZLH GHU 'XUFKPHVVHU U GHV HU]HXJHQGHQ .UHLVHV ]X $% ,Q XQVHUHP )DOOH VLQG GHPQDFK (YROYHQWH XQG (YROXWH JOHLFK KRFK GRFK QLFKW QXU GDV 6LH VLQG NRQJUXHQW VLQG UHFKWH XQG OLQNH +lOI WH GHVVHOEHQ =\NORLGHQERJHQV^F D` 0LW GLHVHU (UNHQQWQLV LVW +X\JHQV DP =LHO (U EUDXFKW QXU MHQHQ Ä)DGHQ³ $& DOV 3HQGHON|USHU LQ $ DXI]XKlQJHQ XQG GDIU ]X VRUJHQ GDVV HU DEZHFKVHOQG MH HLQHU %DFNH YRQ GHU % )RUP GHV %RJHQV $% DXIOLHJW )HUWLJ 'LH IHUWLJH 8KU ]HLJW ^EGE` $EE ,, +X\JHQV =\NORLGHQ3HQGHO 'HU %RJHQ $% ELOGHW GLH OLQNH )KUXQJVEDFNH IU GLH 3HQGHOVFKQXU
%
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
=\NORLGHQ XQG .UHLVSHQGHO ILQGHQ EHL NOHLQHQ $XVVFKOlJHQ ]XVDPPHQ^F` 'DV (UVWHUH KDW ]XIROJH GLH 3HULRGH 7>M@ S ෭ UJ ^H` DOVR QlKHUXQJVZHLVH GLH GHV .UHLVSHQGHOV YRQ GHU JOHLFKHQ /lQJH U +X\JHQV¶ (LQZDQG JHJHQ GDV .UHLVSHQGHO ZLUG LQ ^D` HLQJH KHQG HU|UWHUW IU GLH SK\VLNDOLVFKH 3UD[LV HUZLHV VLFK GLH .RUUHNWXU ZHQLJ UHOHYDQW^E` 6HLQH H[DNWH 6FKZLQJXQJVGDXHU LVW LQ ^F` DQJHJHEHQ
'DV LVRFKURQH 6FKZLQJHQ ZLH HV GLH =\NORLGH HU]HXJW YHUOLHK GLHVHU GHQ 1DPHQ ,VRFKURQH ZDV ]X 9HUZHFKVOXQJ PLW QDPHQVJOHLFKHQ .XUYHQ IKUW GLH /HLEQL] DOV hEXQJVPDWHULDO IU VHLQHQ &DOFXOXV EHQXW]WH $QJHIDQJHQ PLW Ä/HLEQL]¶ ,VRFKURQH³^H E D ` DXI GHU HLQ .|U SHU XQWHU 6FKZHUNUDIW NRQVWDQWH 6LQNJHVFKZLQGLJNHLW DQQLPPW GLH DOVR NHLQH =\NORLGH LVW =X DQGHUHQ Ä)OXFKWEHZHJXQJHQ³ VLHKH ^G` XQG XQWHU ^H` Ä'H OLQHD LVRFKURQLFD³ +X\ JHQV¶ XQG /HLEQL]¶ ,VRFKURQHQ ODXIHQ LQ 6DFKYHU]HLFKQLVVHQ XQJHVFKW]W XQWHU Ä,VRFKURQH³ 1RFK GD]X VHL ÄLVRFKURQ³ V\QRQ\P ]X ÄWDXWRFKURQ³ WDXWRV ]ZHLPDO GDVVHOEH ^E H` GRFK 7DXWRFKURQH KHLW QXU GLH =\NORLGH
,VR RGHU 7DXWRFKURQLVPXV GHU =\NORLGH ZDU QLFKW GDV HLQ]LJ &KURQLVFKH DQ LKU )ROJHQUHL FKH *HEXUWVKLOIH OHLVWHW VLH DOV Ä%UDFK\VWRFKURQH³^F G FI E D` 'DV NRPPW YRQ *ULHFKLVFK ÄEUDFKêV³ NXU] XQG ZHLVW DXI IROJHQGH (LJHQVFKDIW =ZLVFKHQ HLQHP 3XQNW $ XQG HLQHP YHUVHW]W GDUXQWHU JHOHJHQHQ % JLEW HV JHQDX HLQH )KUXQJ OlQJV GHUHQ HLQ EHL $ ORVJHODV VHQHU .|USHU XQWHU 6FKZHUNUDIW LQ NU]HVWHU =HLW QDFK % JHODQJW DXI GHU LQ $ _ DQVHW ]HQGHQ GXUFK % YHUODXIHQGHQ =\NORLGH ZREHL GLH .RRUGLQDWHQ YRQ % GLH 3DUDPHWHU U M HLQGHXWLJ IHVWOHJHQ^J` ^F` IDOVFKHU 6WDUW ]X ^E$EE` VLHKH .ULWLN DQ ,,/^` EHL ^E),*` LVW % [ _ \ QXU 7LHISXQNW IDOOV ± VLHKH XQWHU , REHQ ± [ \ S (QWGHFNW ZXUGH GLHVH 6HLWH GHU =DXEHUNXUYH YRQ -RKDQQ %HUQRXOOL GHU VLH JHVWW]W DXI )HUPDWV 3ULQ]LS ,,7 DXV HLQHU RSWLVFKHQ $QDORJLH KHUDXV HUNOlUWH -RKDQQV %UXGHU -DFRE VFKLHQ XPVWlQGOLFK ]X DUJXPHQWLHUHQ OHJWH GDEHL MHGRFK GHQ *UXQG IU HLQ QHXHV 3ULQ]LS GHU $QDO\VLV DOV HU ÄDOOH P|JOLFKHQ³ :HJH ]ZHFNV 0LQLPLHUXQJ GHU /DXI]HLW KHUDQ]RJ 6LHKH ^JEE` (V ZDU GLH HUVWH Ä9DULDWLRQVUHFKQXQJ³ V ,& 'LH JHPHLQH =\NORLGH ± VFKLHU XQEHUWURIIHQ DOV ,GHHQJHEHU ^` ^` ^` ^` ^`
^D` *(5,&.( >@ ^E` 5(61,.2)) :(//6 I = ZLGHUVSULFKW %LOGWH[W = %26 >@ ^D` ^E` ^F` ^G` QRFKPDOV ^H` QRWH %2@ ^D` ^E` I ^F` )LJ IHKOHUKDIW ^G` ^H` +,/'(%5$1'7 7520%$ ^D` ^E` ^F` =HLFKQJ XQWHQ /DJH Ä$³ IDOVFK ./,1( >@ ^D` ^E` I ÄRI FRXUVH³ YJO ^EF` ^F` )LJ IHKOHUKDIW ^G` I
,,9 /HLEQL] -RKDQQ %HUQRXOOL SDUWLHOOHV 'LIIHUHQ]LHUHQ (QYHORSSHQ ^` ^` ^` ^` ^` ^` ^` ^`
,,9
+(86(5 >@ ^D` PLW ^E` 0LWWH ^F` >@ ^G` ^H` ^I` ^J` ^K` >@ %HLVS 67,//:(// >@ I )LJ 6285&( % >@ 6WUXLN ^D` ^E` &$-25, ^D` ^E` 72(3/,7= ^D` II ^E` ^F` +$,5(5 :$11(5 ^D` I ^E` I ^F` $5&+,%$/' )5$6(5 ^D` = I Ä=ZDQJVEHGLQJXQJHQ³" ^E`
/HLEQL] -RKDQQ %HUQRXOOL SDUWLHOOHV 'LIIHUHQ]LHUHQ (QYHORSSHQ
$QODVV ]XP SDUWLHOOHQ 'LIIHUHQ]LHUHQ V ,& IDQG /HLEQL] LQ GHU 5DQG]RQH GLFKWHU .XUYHQ VFKDUHQ ZR VLFK VRJHQDQQWH +OONXUYHQ ELOGHQ^D` 'HUHQ 3UHPLHUH EULJHQV PLW GHU YRQ .RRUGLQDWHQ XQG LKUHQ $FKVHQ ]XVDPPHQILHO^` )QI]LJ -DKUH VSlWHU ZUGHQ GLH SDUWLHOOHQ 'LIIHUHQ]LDOJOHLFKXQJHQ HLQ ]HQWUDOHV 7KHPD GHU 3K\VLN ZHUGHQ DXFK MHW]W JDEHQ SK\VLNDOL VFKH )UDJHVWHOOXQJHQ GHQ $QVWR /HLEQL] XQG KHUQDFK -RKDQQ %HUQRXOOL LQWHUHVVLHUWHQ VLFK IU VFKDUHQZHLVH DXIWUHWHQGH /LFKWVWUDKOHQ XQG *HVFKRVVEDKQHQ (UVWHV %HLVSLHO LVW EHL /HLEQL] GHU +RKOVSLHJHO^E` $QGHUV DOV EHLP 3DUDERORLG PLW VHL QHP %UHQQSXQNW HU]HXJW HLQ DFKVHQSDUDOOHOHV /LFKWEQGHO ]% EHLP VSKlULVFKHQ 6SLHJHO HLQH %UHQQIOlFKH GLH .DXVWLN GLH HUVW EHLP $XVEOHQGHQ DFKVIHUQ HLQIDOOHQGHU 6WUDKOHQ DXI HLQHQ 3XQNW KLQ VFKUXPSIW ,KU $[LDOVFKQLWW LVW GLH %UHQQNXUYH LQ )RUP ]ZHLHU *LUODQGHQE| JHQ OlQJV GHUHQ VLFK GLH 6WUDKOHQ QDFK LKUHU HUVWHQ 5HIOH[LRQ ]XVDPPHQGUlQJHQ $EE ,,
$EE ,, %UHQQNXUYH GHV VSKlULVFKHQ 6SLHJHOV 'DEHL JLOW )ROJHQGHV -HGHU 6WUDKO EHUKUW GLH %UHQQNXUYH LQ MHGHP LKUHU 3XQNWH ZLUG VLH YRQ HLQHP 6WUDKO EHUKUW^D` 'LHV IDVVW PDQ LQ GLH :RUWH 'LH 6FKDU GHU 6WUDKOHQ ZLUG GXUFK GLH .XUYH HLQJHKOOW GLHVH KHLW GLH (QYHORSSH GLH Ä(LQKOOHQGH³ GHU 6WUDKOHQVFKDU HEHQVR ZLH LKUH 5RWDWLRQVILJXU GLH %UHQQIOlFKH XQEHVFKDGHW GHVVHQ ZHU KLHU ZHQ HLQZL
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
FNHOW^D D` 'LH VSUDFKOLFKH .RQYHQWLRQ UKUW KHU YRQ )lOOHQ ZLH $EE ,, X ,, LP *H JHQVDW] DXFK ]X $EE ,, 1DFK /HLEQL]¶ HUVWHU %HVFKlIWLJXQJ PLW .XUYHQVFKDUHQ ZDQGWH -RKDQQ %HUQRXOOL GHVVHQ QHXH $UW 'LIIHUHQ]LDOUHFKQXQJ DXI HLQ DOWHV 3UREOHP 7RUULFHOOLV DQ (V ZDU MlKULJHU .ULHJ XQG LKQ EHVFKlIWLJWH GLH )UDJH ZR 6SDW]HQ YRU .DQRQHQ VLFKHU VHLHQ 0DQ GHQNH VLFK DXI HL QHU $QK|KH HLQ 5RKU SRVWLHUW GDV LQ HLQHU 9HUWLNDOHEHQH QDFK DOOHQ +|KHQZLQNHOQ ]ZLVFKHQ XQG *UDG DXVJHULFKWHW ZHUGHQ NDQQ %HL JOHLFKHU $QIDQJVJHVFKZLQGLJNHLW PVVHQ DOOH *HVFKRVVH LQQHUKDOE GHU Ä6LFKHUKHLWVSDUDEHO³ 7RUULFHOOLV EOHLEHQ QlPOLFK GHU (QYHORSSH LKUHU %DKQHQ $EE ,,^E` XQG GLH (LQKOOHQGH ZLUG LKUHP 1DPHQ JHUHFKW -RKDQQ %HUQRXOOLV %HUHFKQXQJHQ ]X %UHQQNXUYH XQG 7RUULFHOOL3DUDEHO^F` GUIWHQ UHFKW DXIZHQGLJ JHZHVHQ VHLQ 6WDWW GHU 5HIOH[LRQ^F` ZROOHQ ZLU HLQ P|JOLFKVW HLQIDFKHV XQG JH OlXILJHV %HLVSLHO YHUZHQGHQ XP GDV 3ULQ]LSLHOOH ]X HUNOlUHQ 'DPLW VROO GDQQ HLQHP +LQ ZHLV DXV ^` IROJHQG HLQ :HJ ]X 7RUULFHOOLV (QYHORSSH LQ NULWLVFKHU $QOHKQXQJ DQ ^G` VNL]]LHUW ZHUGHQ
*HJHQVWDQG VHL HLQH *HUDGHQVFKDU GLH YRQ HLQHU 3DUDEHO ÄHLQJHKOOW³ ZLUG $OOJHPHLQHV GD ]X ^D` $OV (UVWHV PDFKHQ ZLU XQV HLQ %LOG DXI GHP XPJHNHKUWHQ :HJH YRQ GHU 3DUDEHO \
[
]XU *HVDPWKHLW LKUHU 7DQJHQWHQ \
Į Į [ Į
Į [ Į
J [ Į
PLW LKUHP GLH [$FKVH HQWODQJ ODXIHQGHQ 6FKDUSDUDPHWHU Į ъ 2GHU VR 'LH *OHLFKXQJ
M [ \ Į
ZR M [ \ Į
\ J [ Į
\ Į [ Į [ \ Į ъ
EHVFKUHLEW GLH 6FKDU GHU *HUDGHQ GLH GLH 3DUDEHO EHUKUHQ
"
!
$EE ,, (LQH 3DUDEHO DOV (QYHORSSH LKUHU 7DQJHQWHQ 9HUJHVVHQ ZLU QXQ GLH (QWVWHKXQJ GHU *HUDGHQVFKDU XQG GHQNHQ VLH GXUFK IHVWJHOHJW :LH OlVVW VLFK DXV ]XUFNJHZLQQHQ" *HVXFKW LVW HLQH .XUYH \ S[ GHU $UW GDVV HV ]X MHGHP [ HLQ Į XQG ]X MHGHP Į HLQ [ JLEW VR GDVV MHZHLOV S[ J [ Į Sc[ Jc [ Į JLOW 6LH VROO DXI DOJHEUDLVFKHP ZLH DQDO\WLVFKHP :HJH JHIXQGHQ ZHUGHQ ZLH 'HVFDUWHV HV JHPDFKW KlWWH XQG /HLEQL] HV PDFKWH
,,9 /HLEQL] -RKDQQ %HUQRXOOL SDUWLHOOHV 'LIIHUHQ]LHUHQ (QYHORSSHQ
:LU JHEHQ ZLOONUOLFK [ YRU [ LQ $EE ,, 'XUFK JHQDX GLHMHQLJHQ 3XQNWH [_ \ JHKW ]XPLQGHVW HLQH 6FKDUJHUDGH IU ZHOFKH GLH *OHLFKXQJ Į [ Į \ HLQH :XU]HO EHVLW]W ,KUH 'LVNULPLQDQWH [ \ ]HLJW 'XUFK [ _ \ PLW \ ! [ JHKW NHLQH GHU *HUDGHQ LQ 3XQNWHQ PLW \ [ NUHX]HQ VLFK MHZHLOV ]ZHL PLW GHQ 3DUDPHWHUQ [ r
Į Į
[ \
5FNW \ YRQ XQWHQ DQ [ KHUDQ VR IDOOHQ GLH ĮL LQ GHU 'RSSHOZXU]HO Į [ ]XVDPPHQ XQG \ J [ [ [ ZLUG .DQGLGDW IU GHQ :HUW S[ GHU JHVXFKWHQ )XQNWLRQ S 'DKHU NRPPW S[ [ IU GLH (QYHORSSH LQ )UDJH %HL [ KDW GLH .XUYH GLH 6WHLJXQJ [ XQG GDV LVW GHQQ DXFK GLH 6WHLJXQJ Jc [ [ GHU GXUFK [ _ \ YHUODXIHQGHQ 6FKDUJHUDGHQ $QGHUVHLWV ILQGHW MHGH GHU *HUDGHQ HLQHQ %HUKUSXQNW [ _ [ GHQQ [ Ԍ Į O|VW EHLGH *OHLFKXQJHQ J [ Į
Į [ Į
[
S[ Jc[ Į
Į
[
Sc[
6RZHLW 'HVFDUWHV YJO ,,3 QXQPHKU IUHL QDFK /HLEQL] (U YHUIROJW ZLH GLH *HUDGHQ \ J [ Į EHL ZDFKVHQGHP Į HLQH 9HUWLNDOH [ [ VFKQHLGHQ V ZLHGHU $EE ,, EHL [ 9RU Į [ VWHLJHQ GDQDFK IDOOHQ GLH 6FKQLWWSXQNWH [ _ J [ Į GDV 0D[LPXP GHU J [Į OLHJW EHL Į PLW
G GĮ
J [ Į
[ Į
DOVR EHL Į
[ :HLWHU JHKW HV ZLH REHQ
/HLEQL]¶ Ä1HXDQZHQGXQJ GHV &DOFXOXV³ EHUXKW KLHU DXI GHU KHUN|PPOLFKHQ ([WUHPZHUW %HVWLPPXQJ EHL GHU )XQNWLRQ Į ѻ J [ Į DOVR XQWHU IHVWJHKDOWHQHP [ 6LH YHUKLOIW ZLH IROJW ]XU 3DUDEHO \ [ DOV GHU (QYHORSSH
MĮ [ \ Į M [ \ Į
Į [ \ Į[ Į
[
Į
ҧ
[
Į
ҧ
\
Į RGHU VFKRQ \
[
OLHIHUQ HLQH 'DUVWHOOXQJ GHU 3DUDEHO PLWWHOV GHV 6FKDUSDUDPHWHUV Į GHVVHQ (OLPLQDWLRQ GLH .RRUGLQDWHQEH]LHKXQJ HUJLEW YJO ^D`
6RHEHQ HUZLHVHQ VLFK GLH VLPXOWDQHQ *OHLFKXQJHQ
M [ \ Į MĮ [ \ Į
JHHLJQHW HLQH 3DUDPHWHU'DUVWHOOXQJ GHU (QYHORSSH ]X EHUHFKQHQ 8QVHU KLVWRULVFKHV %HL VSLHO YHUODQJW GHU DQVFKDXOLFKHQ +HXULVWLN HLQH V\VWHPDWLVFKH hEHUOHJXQJ DQ]XVFKOLHHQ $XVJDQJVSXQNW LVW GLH *OHLFKXQJ M [ \ Į \ Į [ Į DOV %H]LHKXQJ ]ZL VFKHQ GHQ .RRUGLQDWHQ [ \ GHU HLQ]HOQHQ ÄĮ*HUDGHQ³ $QVDW]ZHLVH ZHUGH GLH ([LVWHQ] HL QHU (QYHORSSH XQWHUVWHOOW 'HP 6FKDUSDUDPHWHU Į VHL GHUMHQLJH 3XQNW [Į _ \Į DXI GHU
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
K\SRWKHWLVFKHQ (QYHORSSH ]XJHRUGQHW GHQ GLH *HUDGH \ Į [ Į PLW LKU JHPHLQ KDW 6HLQH .RRUGLQDWHQ PVVHQ DOV GLH HLQHV *HUDGHQSXQNWHV LQ GLH *OHLFKXQJ
M [Į \Į Į
ิ
M
Įъ
SDVVHQ 6LH LVW PLWKLQ GLH HUVWH )RUGHUXQJ DQ HLQH 3DUDPHWHUGDUVWHOOXQJ GHU (QYHORSSH (LQ]XEULQJHQ LVW QRFK GDVV GHU 7DQJHQWHQYHNWRU [c Į \c Į GLH 5LFKWXQJ GHU GXUFK [Į _ \Į YHUODXIHQGHQ 6FKDUJHUDGHQ KDEHQ DOVR HLQ 9LHOIDFKHV YRQ Į VHLQ PXVV $XV JHZLQQW PDQ PLW GHU .HWWHQUHJHO IU )XQNWLRQHQ PHKUHUHU 9DULDEOHQ GLH ,GHQWLWlW G GĮ M [Į \Į Į
1XQ LVW M[ [ \ Į
G[
G\
M[ GĮ M\ GĮ MĮ
Į M\ [ \ Į
Įъ
XQG IROJOLFK
M[ [Į \Į Į M\ [Į \Į Į [c Į \c Į
Į Į
YJO ^E` VR GDVV GLH )RUGHUXQJ
MĮ [Į \Į Į
Į ъ
QDFK VLFK ]LHKW 'LH .XUYH Į ѻ [Į _ \Į HUIOOW VRPLW GLH ,GHQWLWlWHQ ]X LQWHU SUHWLHUHQ DOV QRWZHQGLJH %HGLQJXQJHQ IU ĮDEKlQJLJH .RRUGLQDWHQ [ \ GHU (QYHORSSH 'DV LVW JHPHLQW ZHQQ PDQ GDV Ä*OHLFKXQJVV\VWHP GHU (QYHORSSH³ QHQQW /HLEQL] XQG %HUQRXOOL WUHLEHQ Ä'LIIHUHQ]LDOUHFKQXQJ³ 6LH ZUGHQ LQ GHU )RUP GM
M[ G[ M\ G\ MĮ GĮ
Įъ
ZLHGHUJHEHQ PLW GHP ÄWRWDOHQ 'LIIHUHQ]LDO³ GM +LHU ]HLJHQ ELV DXI JHPHLQVDPHV 9LHOID FKHV GLH HEHQVR IRUPDOHQ 'LIIHUHQ]LDOH G[ G\ DQ XP ZLH YLHO GLH DXI GHQ 3DUDPHWHU Į EH]RJHQHQ .RRUGLQDWHQ GHU 7DQJHQWH LP %HUKUSXQNW PRPHQWDQ DQZDFKVHQ ,Q XQVHUHP )DOOH ZlUH G\ Į G[ ]X VHW]HQ ZRUDXV
M[ G[ M\ G\ HQWVWHKW DOVR MĮ GĮ DEOH³ HLQH =DKO
M[ M\ G[ G\
Į Į G[
PLW GHU 1RWZHQGLJNHLW MĮ
GHQQ IU /HLEQL] LVW GĮ HLQH Ä9DUL
1XQ ]X 7RUULFHOOLV .DQRQDGH XQG LKUHU %HDUEHLWXQJ GXUFK GHQ MQJHUHQ %HUQRXOOL 'HU HUVWH 6FKULWW ]X HLQHU (QYHORSSH LVW GLH 6FKDUNXUYHQ ]X EHQHQQHQ 'DV RELJH 6FKXOEHLVSLHO JLQJ DXV YRQ GHU .XUYH GD ERWHQ VLFK GLH %HUKUSXQNWH PLW LKUHQ $EV]LVVHQ DQ 6FKDU SDUDPHWHU EHL ^G` VLQG GLH 6FKHLWHO GHU 5HIOH[LRQVZLQNHO -HW]W PVVHQ GLH *HVFKRVVEDK QHQ VHOEVW Ä$QKDOWVSXQNWH³ OLHIHUQ -RKDQQ %HUQRXOOL ZlKOW LKUH 6FKHLWHOSXQNWH Į _ ȕ XQG EHOlVVW HV EHL GHQ ]ZHL 3DUDPHWHUQ YJO /HLEQL]^H` 'LH *OHLFKXQJHQ IU 3DUDEHOVFKDU XQG 3DUDPHWHUYHUNQSIXQJ ODXWHQ
,,9 /HLEQL] -RKDQQ %HUQRXOOL SDUWLHOOHV 'LIIHUHQ]LHUHQ (QYHORSSHQ
Į \ ȕ [ Į ȕ [
Ɏ[ \ Į ȕ 3Į ȕ
Į ȕ F ȕ
F
^I`
Įȕ !
ȣ J
^J`
ZR ȣ GLH JHPHLQVDPH $QIDQJVJHVFKZLQGLJNHLW J GLH 6FKZHUHEHVFKOHXQLJXQJ EH]HLFKQHW 'HPHQWVSUHFKHQG ZLUG IU GLH (QYHORSSH HLQH 3DUDPHWHUGDUVWHOOXQJ [ [Į ȕ \ \Į ȕ DQJHVHW]W )RUPDOHV *HJHQVWFN ]X LVW GɎ
Ɏ[ G[ Ɏ\ G\ ɎĮ GĮ Ɏȕ Gȕ
'LH 'LIIHUHQ]LDOH G[ G\ QXQPHKU .RRUGLQDWHQ]XZlFKVH EHL GHU MHZHLOV WDQJLHUHQGHQ 6FKDU NXUYH VWHKHQ QDFK LQ GHU %H]LHKXQJ Į G\ Į ȕ ȕ [ G[ $QDORJ ]X KHLW HV MHW]W ȕ [ Į ȕ Į ȕ Į ȕ [ Į G[
Ɏ[ Ɏ\ G[ G\
XQG ZLH LQ VR JHKW MHW]W EHU LQ ɎĮ GĮ Ɏȕ Gȕ
Į \ ȕ [ GĮ [ Į [ Gȕ
'LHV HQWVSULFKW GHU *OHLFKXQJ LQ ^K` GLH GRUW DOOHUGLQJV GDPLW EHJUQGHW ZLUG GDVV GLH %HVWLPPXQJVJOHLFKXQJ ^H` GK XQVHUH *OHLFKXQJ ÄEH]JOLFK GHU 3DUDPHWHU GLIIH UHQ]LHUW³ ZRUGHQ VHL :DV NHLQHQ 6LQQ XQG GHQ YRUVWHKHQGHQ ([NXUV LP 6LQQH YRQ /HLEQL] XQG %HUQRXOOL HUIRUGHUOLFK PDFKW )U ELOGHW PDQ VFKOLHOLFK G3 QDFK $UW YRQ XQG JHZLQQW 3Į GĮ 3ȕ Gȕ
Į GĮ ȕ F Gȕ
'DV HUJLEW YLHU *OHLFKXQJHQ IU GLH [ \ Į ȕ GĮ Gȕ PLW YRQHLQDQGHU DE KlQJLJHQ Į ȕ XQG HV UHVXOWLHUW \
F [ F
J ȣ ^L H E` [ J d [ ȣ
ÄDIWHU VRPH VWUDLJKWIRUZDUG FDOFXODWLRQ³^M` 6FKZHQNW PDQ 7RUULFHOOLV .DQRQH XP GLH 9HUWL NDOH VR HQWVWHKW DXV $EE ,, HLQ 6LFKHUKHLWV3DUDERORLG REHUKDOE GHVVHQ GHQ 6SHUOLQJHQ " NHLQH )HGHU JHNUPPW ZLUG
$EE ,, 7RUULFHOOLV 6LFKHUKHLWVSDUDEHO KOOW GLH SDUDEROLVFKHQ *HVFKRVVEDKQHQ HLQ
'
!
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
-DKUH QDFK -RKDQQV /|VXQJ ]HLJWH VHLQ lOWHUHU %UXGHU ZLH HV DXFK RKQH GDV QHXH 'LIIH UHQ]LHUHQ JHKW PLW HLQSDUDPHWULJ EHVFKULHEHQHQ %DKQHQ XQG GHP $UJXPHQW GHU 'RSSHOZXU ]HO j OD 'HVFDUWHV ZLH REHQ^N`
9RQ (QYHORSSHQ K|UWH LFK HUVWPDOV DOV GLH hEHUVFKDOOMlJHU DXINDPHQ 'LH VFKOHSSWHQ HLQH .QDOOZHOOH KLQWHU VLFK KHU GLH XQEHUK|UEDUH (QYHORSSH YRQ 6FKDOOZHOOHQ^` 'LH /lUPTXHOOH EHZHJH VLFK LQ 5LFKWXQJ GHU [$FKVH YRQ $EE ,, PLW NRQVWDQWHP 7HPSR Y REHUKDOE GHU 6FKDOOJHVFKZLQGLJNHLW F GHU 2UW [ ZHUGH ]XU =HLW W DQJH QRPPHQ ,Q MHGHP IUKHUHQ =HLWSXQNW W t W JHKW YRQ GHU 4XHOOH HLQH .XJHOZHOOH DXV GLH LQ W GHQ 5DGLXV F _ W _ HUUHLFKHQ ZLUG 'D F Y VLQ Į NRQVWDQW LVW ZHUGHQ GLH .XJHOQ GXUFK HLQHQ .HJHO GHU gIIQXQJ Į HLQJHKOOW ZLH VHLQH 0DQWHOOLQLHQ LQ $EE ,, ]HLJHQ =XVDPPHQ ELOGHQ EHLGH GLH (QYHORSSH GHU .UHLVVFKDU
M [ \ W
[ Y W \ F W
M W [ \ W
ȣ [ Y W F W
W d W
$XV
NRPPW W
Y [ Y F XQG GDPLW HQWVWHKW DXV GDV 3URILO r\
F [ Y F
WDQ Į [ Y W d W
GHV Ä0DFKVFKHQ .HJHOV³ 6HLQHU $XVELO GXQJ JHKW GHU )DOO Y F YRUDXV GHU )DOO GHU 6FKDOOPDXHU $EE ,, 'HU .QDOONRSI .RSI GHU .QDOO ZHOOH $[LDOVFKQLWW GXUFK GLH HQ SDVVDQW HU]HXJWHQ .XJHOZHOOHQ XQG GHQ VLH HLQ KOOHQGHQ .HJHO ^` ^` ^` ^` ^` ^` ^`
"
& ' !
&
(1*(/60$1 ^D` I ^E` I ^F` I QRWH ^G` ^H` ^I` ^J` ^K` ^L` ^M` QRWH ^N` QRWH &$-25, +$,5(5 :$11(5 ^D` ^E` )LJD ^F` I ^G` )LJ ^H` 32*25(/29 ^D` II ^E` $XIJ 9 0$1*2/'7 .1233 ^D` ^E` -$+1.( %(5*0$11 6&+b)(5 $EE XQG 7H[W XQVWLPPLJ
,,: (XOHU
,,:
(XOHU
HLS
'LH JXW ]ZHLHLQKDOE 0HWHU GHU YLHU 6HULHQ VHLQHU 2SHUD RPQLD^D` NQGHQ YRQ (XOHUV 3URGXN WLYLWlW )DVW MHGH 'LV]LSOLQ DXV ,Q XQG 8PNUHLV YRQ 0DWKHPDWLN WUlJW 6SXUHQ VHLQHV (LQIDOOV UHLFKWXPV :LU JUHLIHQ GHQ ([SRQHQWHQWUlJHU ÄH³ KHUDXV ]HLJHQ ZLH (XOHU LKQ HQWVWHKHQ OLH XQG HWZDV YRQ GHP ZDV HU GDPLW DQVWHOOWH 'DV IKUW XQV ]X HLQHU GHU YLHOHQ (QWGH FNXQJHQ GLH VHLQHQ 1DPHQ WUDJHQ +LHU LVW HV GLH 9HUELQGXQJ VHLQHU ([SRQHQ]LDOIXQNWLRQ PLW GHP .UHLV ZDV GDQQ LQ GHU %H]LHKXQJ HL S ± JLSIHOW ,Q XQVHUHU hEHUVFKULIW YHU]ZLUQW VLH GLH DOJHEUDLVFKHQ 6FKOVVHO ]DKOHQ L XQG GLH P\VWHUL|VHQ H S GHU $QDO\VLV GXUFK GLH GUHL *UXQGUHFKQXQJHQ 6FKUHLEW HLQ -RXUQDOLVW LP (XOHU-DKU HQWKXVLDVWLVFK Ä GLH ZRKO EHUKPWHVWH XQG VFK|QVWH PDWKHPDWLVFKH *OHLFKXQJ VFKOHFKWKLQ³« :LH VFKRQ LQ ,& ZLGPHQ ZLU XQV GHP $XVGUXFN Z : 'DULQ HUVFKHLQW ÄHLQ³ XQ HQGOLFK NOHLQHV Z PLW ÄHLQHP³ XQHQGOLFK JURHQ : JHSDDUW GHQQ (XOHU GLV]LSOLQLHUW VLH MHZHLOV GXUFK )HVWVHW]XQJ LKUHV 3URGXNWHV (LJHQZLOOLJ GRFK LQ VLFK IROJHULFKWLJ 6LHKH ^DD` 6HL D ! 'LH 6WHWLJNHLW PLW GHU DX YRQ D DXV ZlFKVW YHUPLWWHOW (XOHU GXUFK XQHQG OLFK NOHLQH ,QNUHPHQWH Z \ LQ DZ \ 'LHVH 3KDQWRPH KlQJHQ MH QDFK D YRQHLQDQGHU DE XQG ZHUGHQ LQILQLWHVLPDOJHUHFKW HLQDQGHU SURSRUWLRQDO DQJHVHW]W^E` 'HUMHQLJH :HUW YRQ D EHL GHP Z \ HLQWULWW HUKlOW YRQ (XOHU GHQ 1DPHQ H GD]X ,& 0LW ZÂ: [ ! ZLUG H[
HZ:
ZLU OHVHQ HV H[
HZ :
Z :
[ : :
[ Q
OLP Qĺf Q 8P : PLW : ]X YHUELQGHQ PDFKW (XOHU IUHLPWLJHQ
*HEUDXFK YRQ 1HZWRQV %LQRP(QWZLFNOXQJ
:[ :
[
N :N : N
N
::í :íN [N N : : :
N
[N N
(XOHU YHUWUDXW DXI XQHLQJHVFKUlQNWH .RQYHUJHQ] GHU HQWVWDQGHQHQ 3RWHQ]UHLKH IU LKQ LVW VLH DOV VROFKH EHUHLWV *DUDQW GDIU GDVV XQG VHLQH Ä([SRQHQWLDOIXQNWLRQ³ H[
N
N N [
NRQVWLWXLHUHQ^E` ]XP 1DPHQ VSlWHU GHUHQ VHJHQVUHLFKH (LJHQVFKDIWHQ ZLU LKU HUVW QDFK DO OHQ 5HJHOQ XQVHUHU .XQVW DEJHZLQQHQ 1XU HLQ HUIDKUHQHU $OSLQLVW ZLH (XOHU EHUVWDQG VRO FKHUOHL *UDWZDQGHUXQJ 6FKDXHQ ZLU DXI ZHOFKH +|KHQ LKQ VHLQ .RPSDVV YRQ KLHU DXV QRFK IKUW :LUG LQ GXUFKZHJ [ GXUFK L [ HUVHW]W VR HQWVWHKW GLH Ä:HUWVFK|SIXQJ³
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH HL [
N
N N L [
+LHU QXQ NRPPHQ YJO DXFK XQWHQ WULJRQRPHWULVFKH )XQNWLRQHQ LQV 6SLHO :LH (XOHU DXI VLH ]XJHKW YHUZXQGHUW XQG IDV]LQLHUW ]XJOHLFK :DV HU HUUHLFKW EOHLEW DOOHPDO JOWLJ 9RQ $EUDKDP 'H 0RLYUH VWDPPW FRV X L VLQ X Q
FRV Q X L VLQ Q X Q
«
'HVVHQ EHGLHQW VLFK (XOHU PLW GHP $QVDW] FRV %HL
[ :
[ [ : L VLQ : :
FRV :
[ [ L VLQ : : :
FRV [ L VLQ [
HQWVWQGH OLQNV GLH SODXVLEOH GRFK WULYLDOH 3RWHQ] :
JHOWHQ QXW]W VLQ X § X EHL NOHLQHP X VHW]W FRV
[ [ : L VLQ : :
^F`
(XOHU OlVVW FRV
[ :
± ZDV EHLGH 0DOH HUVWH 1lKHUXQJ EHGHXWHW ± XQG
L[ : :
'LH UHFKWH 6HLWH HUKlOW QDFK (XOHUV .RQ]HSW GHQ :HUW HL [ 'LHVHU ZLUG GXUFK XQG LQ 5HDO XQG ,PDJLQlUWHLO ]HUOHJW 6R HQWVWHKW (XOHUV *OHLFKXQJ YJO ^E` HL [
FRV [ L VLQ [ [ ъ ^D`
VSH]LHOO HL S ± DOV LKUH .U|QXQJ 6SlWHU HUIlKUW GLH 9HUDOOJHPHLQHUXQJ DXI [ Ю $EJHVHKHQ YRQ (LQZlQGHQ GLH VLFK DQ KHXWLJHU 6WUHQJH RULHQWLHUHQ LVW ]X K|UHQ GDV DOOHV VHL ZHQLJHU (UNHQQWQLV DOV 'HILQLWLRQ )UHLOLFK VWHKW .RQYHQWLRQ GDKLQWHU DEHU GRFK DXV VDFKOLFKHU 1RWZHQGLJNHLW DXV GHU 1DWXU GHU 6DFKH KHUDXV
'HU ([SRQHQWLDOUHLKH LQ VWHOOW (XOHU GLH DXI HQWVSUHFKHQGH :HLVH JHZRQQHQHQ 7D\ORUUHL KHQ YRQ FRV VLQ ]XU 6HLWH YJO ,&(QGH ^G` 'LH 8PUHFKQXQJ
N N L [ N
fP
[P [Q f P P L Q Q Q
EHVWlWLJW VLH DOV 5HDO XQG ,PDJLQlUWHLO YRQ HL [ XQG OHLVWHW GLH hEHUVHW]XQJ YRQ LQ GLH 6SUDFKH GHU 5HLKHQ (LQ DOWHUQDWLYHU =XJDQJ ]X 8PJHNHKUW ODVVHQ DXV GHU RELJHQ +HUOHLWXQJ YRQ DXI GLH 7D\ORUUHLKHQ YRQ FRV VLQ VFKOLHHQ
'LH *HVFKLFKWH GHU ,QILQLWHVLPDOUHFKQXQJ ]HLJW LPPHU ZLHGHU ZLH *OHLFKDUWLJHV QHEHQHLQ DQGHU KHUDQUHLIW RGHU VSlWHU HUQHXW HQWGHFNW ZLUG (XOHU VWHOOWH GLH %H]LHKXQJ LP -DKU DXI EHUHLWV NDP PDQ DXI
,,; &DXFK\ XQG GLH ,QWHJUDOH OQ FRV [ L VLQ [
L[
^F E`
(XOHU EUDFKWH DXI GHQ 3XQNW GDVV /RJDULWKPHQ ([SRQHQWHQ VLQG^F` 'DV GUFNW VLFK DXV LQ GHQ $GGLWLRQVJHVHW]HQ IU /RJDULWKPHQ ,,2 XQG ([SRQHQWHQ GHP VLFK DXFK GLH GXUFK HLQJHIKUWHQ LPDJLQlUHQ ([SRQHQWHQ DQVFKOLHHQ ,KU $GGLWLRQVJHVHW] OlVVW VLFK ]XIROJH DXI GDV GHU .UHLVIXQNWLRQHQ ]XUFNVSLHOHQ HL X Â HL ȣ
FRV X FRV ȣ VLQ X VLQ ȣ L FRV X VLQ ȣ VLQ X FRV ȣ HL X ȣ FRV X ȣ L VLQ X ȣ
'LH (XOHU*OHLFKXQJ VROOWH VLFK PDQQLJIDFK QW]OLFK HUZHLVHQ 1RFK LPPHU UDQJ GDV ÄL³ XP VHLQH $QHUNHQQXQJ 'HQ NRPSOH[HQ =DKOHQ ] [ L \ ZUGH PDQ EDOG HLQH (EHQH DOV JHRPHWULVFKH +HLPDW ]XZHLVHQ LQ GHU VLFK LKUH $GGLWLRQ RKQH ZHLWHUHV YROO]LHKHQ OLH UHDO XQG LPDJLQlUWHLOZHLVH DQ NDUWHVLVFKHQ .RRUGLQDWHQ $QVFKDXOLFKHV 0XOWLSOL]LHUHQ JHOLQJW EHU [ U FRV M \ U VLQ M DOOHUGLQJV NRQQWH PDQ GLH 0KVDO WULJRQRPHWULVFKHU 5HFK QXQJHQ HUVW PLW (XOHUV +LOIH XPJHKHQ 'DQN ] U FRV M L VLQ M U HL [ XQG JHUlW QlPOLFK GLH 0XOWLSOLNDWLRQ LQ LKUHP KHLNOHQ 3DUW HEHQIDOOV ]XU $GGLWLRQ ] Â ]
U U HL M M
'DPLW YHUGLHQWH VLFK (XOHU QLFKW ]XOHW]W GHQ 'DQN XQVHUHU (OHNWURWHFKQLNHU ^` ^` ^` ^` ^`
,,;
(8/(5 ^D` 6HU, 0DWK LQ %lQGHQ ^E` >@ I ^F` >@ (':$5'6 -5 ^D` I ^E` ^F` ÄUHPHPEHU³ ZLWK ]" ^G` I +(86(5 >@ -$+1.( ^D` I ^E` ^F` 67,//:(// >@ ^D` ^E`
&DXFK\ XQG GLH ,QWHJUDOH
Ä« XQG GLH ,QWHJUDOH³ PHLQW KLHU ]ZHLHUOHL ÄGDV³ ,QWHJUDO XQG ÄVHLQH³ ,QWHJUDOH =XP HLQHQ JHKW HV XP &DXFK\V $XVHLQDQGHUVHW]XQJ PLW GHP ,QWHJUDOEHJULII ]XP DQGHUHQ ]HLJW HV GHQ ,QLWLDWRU GHU YRQ VSlWHUHQ *HQHUDWLRQHQ VR JHQDQQWHQ )XQNWLRQHQWKHRULH DP :HUNH DOV HU GLH ,QWHJUDWLRQ DXI GLH (EHQH GHV .RPSOH[HQ KRE 8QWHUQHKPXQJHQ PLW XQWHUVFKLHGOLFKHP (U IROJ 6FKRQ &ODLUDXW XQG DQGHUH ZDUHQ GDUDXI JHVWRHQ GDVV GLH .RHIIL]LHQWHQ YRQ WULJRQRPH WULVFKHQ (QWZLFNOXQJHQ XQWHU XQJHSUIWHQ 8PVWlQGHQ ,QWHJUDO'DUVWHOOXQJHQ EHVLW]HQ )RXULHUV (QJDJHPHQW JDE GDQQ GHQ QDFKKDOWLJHQ $QVWR GLH DXI 1HZWRQ ]XUFNJHKHQGH 9HUNU]XQJ GHU ,QWHJUDWLRQ DXI $QWLGLIIHUHQ]LDWLRQ ,& ]X EHUZLQGHQ 'D]X EHGXUIWH HV
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
DOOHUGLQJV ZLH &DXFK\ PHLQWH HLQHV 0DWKHPDWLNHUV VHLQHV .DOLEHUV GHQQ DXHU GHU 1RWDWL RQ IU GLH ,QWHJUDWLRQVJUHQ]HQ^D` VFKLHQ HU )RXULHU ZHQLJ 0DWKHPDWLN ]X]XWUDXHQ XQG GDV ZRKO QLFKW JDQ] ]X 8QUHFKW Ä%HVWLPPWH ,QWHJUDOH³ EHWLWHOW VLFK /HNWLRQ ^E` LP ]ZHLWHQ %DQG YRQ &DXFK\V JURHP 5pVXPp GHV /HoRQV VXU OH &DOFXO LQILQLWpVLPDO =XJUXQGH OLHJW HLQ Ä.RQYHUJLHUHQ³ YRQ 5HFKWHFN6XPPHQ VWHWLJHU )XQNWLRQHQ :DV &DXFK\ PLW Ä2U LO LPSRUWH GH UHPDUTXHU «³^F` HLQOHLWHW HUKlOW KLHU GLH *HVWDOW HLQHV 6DW]HV PLW DXVIRUPXOLHUWHU Ä&DXFK\,QWHJULHUEDUNHLW³ >& ,EN@ 9JO ,' ,,D E@ ĺ ъ =XU =HUOHJXQJ = D
[ [ [Q
6= Ԍ
Q ƴȞ
^[ [ [Q`
E YRQ >D E@ ZLUG JHELOGHW
I [Ȟ± [Ȟ í [Ȟ± Q
6HL __= __ Ԍ PD[ ^[î [ [ î [ [Q î [Qî` GLH 1RUP RGHU )HLQKHLW YRQ = ,VW I VWHWLJ VR IROJW >& ,EN@ (V JLEW HV ]X MHGHP Ș ! HLQ Ȗ ! GHUDUW GDVV _ 6= î 6=Ļ _ d Ș JLOW IU DOOH =HUOHJXQJHQ = =Ļ YRQ >D E@ PLW __= __ __=Ļ__ d Ȗ %HL ^F` JHKW HV GDQQ ZHLWHU Ä« TXH VL OHV YDOHXUV QXPpULTXHV GHV pOpPHQWV [î [ [ î [ [Q î [Qî GHYLHQQHQW WUqV SHWLWHV HW OH QRPEUH Q WUqV FRQVLGHUDEOH OH PRGH GH GLYLVLRQ Q¶DXUD SOXV VXU OD YDOHXU GH 6 TX¶XQH LQIOXHQFH LQVHQVLEOH³ 'DV FKDUDNWHULVLHUW LQWXLWLY GLH ,QWHJULHUEDUNHLW HLQHU DXI DEJHVFKORVVHQHP ,QWHUYDOO VWHWL JHQ )XQNWLRQ ZHQQ DXFK QLFKW DOV QDFKYROO]LHKEDUH $XVVDJH %HUQKDUG 5LHPDQQ ZLUG GLH 6WHWLJNHLW QLFKW YRQ YRUQKHUHLQ LQ VHLQHQ ,QWHJUDOEHJULII HLQEH]LHKHQ ,,< 'LH Ä7UHSSHQ VXPPHQ³ YRQ IKUHQ LQ DOOJHPHLQHUHU )RUP ]X HLQHU HUVWHQ *UXQGODJH IU GLH ZHLWHUH %HJULIIVELOGXQJ YJO ,,*O 6W@ =X MHGHP Ķ ! JLEW HV HLQ į ! GHUDUW GDVV _ I X î I ȣ _ d Ķ HUIOOW ZLUG YRQ DOOHQ X ȣ >D E@ PLW _ X î ȣ _ d į 6HL Ș IU >& ,EN@ YRUJHJHEHQ LQ >*O 6W@ VHL Ķ Ԍ Ș E í D JHZlKOW :LU ]HLJHQ 'DV ]X GLHVHP :HUW Ķ SDVVHQGH į DXV >*O 6W@ WDXJW DOV Ȗ LQ >& ,EN@
,,; &DXFK\ XQG GLH ,QWHJUDOH
=HUOHJXQJHQ = XQG =Ļ YRQ >D E@ ELOGHQ GLH ÄJHPHLQVDPH 9HUIHLQHUXQJ³ = Ԍ = =Ļ $XVJHKHQG YRQ = ^[ [Q` VFKUHLEHQ ZLU GLH 3XQNWH YRQ = DOV XȝȞ Ȟ Q ȝ PȞ JHPl [Ȟî
XȞ XȝȞ XPȞ Ȟ
[Ȟ ȝ
PȞ í
'XUFK GLH *HJHQEHUVWHOOXQJ Q
6=
ȈȞ
6=
ȈȞ
Q
P
I [Ȟ± Ȉȝ Ȟ XȝȞ í XȝíȞ
Ȉȝ Ȟ I XȝíȞ XȝȞ í XȝíȞ
Q
ȈȞ
P
Ȉȝ Ȟ I [Ȟ± XȝȞ í XȝíȞ
P
OlVVW VLFK YHUP|JH >*O 6W@ YRQ __= __ d Ȗ Ԍ į DXI Ș Q _ 6= î 6= _ d E î D ȈȞ
Ș
P
Ȉȝ Ȟ XȝȞ í XȝíȞ
VFKOLHHQ $XI JOHLFKH :HLVH LVW 6=Ļ î 6= ]X EHKDQGHOQ 'DEHL EHUQHKPHQ LP *H JHQVWFN ]X GLH 3XQNWH [Ȟƍ Ȟ Qƍ YRQ =Ļ GLH 5ROOH GHU [ [Q ZlKUHQG GLH 3XQNWH YRQ = QHX ]X EHQHQQHQ XQG PLW Ȟ Qƍ ȝ PȞƍ ]X LQGL]LHUHQ VLQG Ș :HJHQ __=Ļ__ d Ȗ Ԍ į JLOW GDQQ HQWVSUHFKHQG _ 6=Ļ î 6= _ d XQG GDPLW LQVJHVDPW Ș Ș _ 6= î 6=Ļ _ d _ 6= î 6= _ _ 6= î 6=Ļ _ d d Ș IU DOOH EHWUDFKWHWHQ = =Ļ îî
1XQ ]XP 2ULJLQDO ^G` YJO ^D` :HQQ REHQ GLH 6= 6=Ļ GXUFK GLH 9HUPLWWOXQJ YRQ 6= YHUJOLFKHQ ZHUGHQ VR HQWVSUDFK GDV GHP $QVDW] &DXFK\V^H` WHFKQLVFK JLQJ HU DQ GHUV YRU =XU $EVFKlW]XQJ YRQ 6= î 6= KDEHQ ZLU 6= XQG 6= HLQDQGHU DQJH SDVVW GXUFK 8PIRUPXQJ YRQ LQ %HL &DXFK\ GDJHJHQ ULFKWHW VLFK 6= QDFK 6LQQJHPl JLEW HU GHQ LQQHUHQ 6XPPHQ YRQ GLH *HVWDOW P
Ȉȝ Ȟ I XȝíȞ XȝȞ í XȝíȞ
I ȟȞ [Ȟ í [Ȟ± Ȟ
Q
ZREHL I ȟȞ [Ȟ± d ȟȞ d [Ȟ GDV JHZLFKWHWH 0LWWHO GHU I XȞ I XPȞíȞ LVW JHVWW]W DXI ^L` 7KpRUqPH ,,,&RUROODLUH =XU ([LVWHQ] YRQ 0LWWHOZHUWHQ ^I` VLHKH ^E` 'DPLW HQW VWHKW LQ &DXFK\V 1RWDWLRQ 6= î 6=
Q
ȈȞ
I [Ȟ± í I ȟȞ [Ȟ í [Ȟ±
Q
ȈȞ
r ĶȞ±
[Ȟ í [Ȟ±
PLW QLFKWQHJDWLYHQ ĶȞ± GHUHQ MHGHV EHL XQEHVFKUlQNW ZDFKVHQGHP Q EOR ÄWUqV SHX³ VR &DXFK\^J` YRQ QXOO DEZHLFKH
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
'LH (SVLORQV +HLQ]HOPlQQFKHQ GLH¶V VFKRQ ULFKWHQ ZHUGHQ (LQ 6WHUHRW\S GDV VLFK UlFKW 7DWVlFKOLFK OlVVW VLFK &DXFK\V 'HPRQVWUDWLRQ HEHQVR JXW DQ GHU )XQNWLRQ I [ í[ d [ YROO]LHKHQ (V YHUUlW ZDV P|JOLFK ZLUG ZHQQ PDQ ZLH &DXFK\ QLFKW GHQ YROOHQ 8PIDQJ GHU 6WHWLJNHLWVYRUDXVVHW]XQJ DXVVFK|SIW 'D]X EHWUDFKWHQ ZLU DXI > @ MH ZHLOV HLQH =HUOHJXQJ = PLW YRUOHW]WHP 7HLOXQJVSXQNW [Qí
= PLW GHP HLQ]LJHQ ]XVlW]OLFKHQ 3XQNW [ 6= î 6=
í Q XQG HUKDOWHQ
I [Q± [Q í [Q± í > I [Q± [ í [Q± I [ [Q í [ @
I [Q± í I [ [Q í [ PLW ĶQ±
í Q VRZLH LKUH 9HUIHLQHUXQJ
íQ [Q í [Q±
íĶQ± [Q í [Q±
Q
'LH YHUP|JH >& ,EN@ ZLHGHUJHJHEHQH %HKDXSWXQJ &DXFK\V LVW NRUUHNW Ä*H]HLJW³ ZLH HV EHL ^F` XQG ^` PLW %H]XJ DXI ^G` KHLW KDW HU VLH QLFKW DOOHQIDOOV HLQHU VSlWHUHQ ,QWHUSUH WDWLRQ HUOHLFKWHUW JOHLFKPlLJH 6WHWLJNHLW PHKU KLQHLQ DOV KHUDXV]XOHVHQ ÄUDLVRQQp FRPPH VL «³ ^E` 'LHVH Ä%HZHLVWHFKQLN³ ILQGHW VLFK JDU JHIHLHUW^F` Ä$ FHWWH RFFDVLRQ XQH QRX YHOOH QRWLRQ LPSRUWDQWH IHUD VRQ DSSDULWLRQ FHOOH GH OD FRQWLQXLWp XQLIRUPH '¶DERUG LPSOL FLWHPHQW GDQV OD GpILQLWLRQ G¶XQH LQWpJUDOH GpILQLH GH &DXFK\ «´ :DV KLHU QRFK ÄLPSOL]LW³ LVW ZLUG HUVW -DKU]HKQWH VSlWHU YRQ (GXDUG +HLQH^D` DOV ÄJOHLFKPlVVLJ FRQWLQXLUOLFK³ DXVJH ZLFNHOW LQVSLULHUW GXUFK :HLHUVWUD XQG &DQWRU YHU|IIHQWOLFKW ^E` XQG ^F` GHQ LP YRUVWHKHQGHQ %HZHLV EHQ|WLJWHQ 6DW] VROO DEHU VFKRQ 5LHPDQQV /HKUHU 'LULFKOHW IRU PXOLHUW KDEHQ :LU ODVVHQ GDKLQJHVWHOOW LQ ZLHZHLW &DXFK\ EHL GLHVHP RGHU lKQOLFKHP $QODVV )HKOHU EH JLQJ ZLH ZHLW HU PLVVYHUVWDQGHQ ZXUGH XQG QXU ULFKWLJ LQWHUSUHWLHUW ZHUGHQ PXVV )HKOHU VLQG LPPHUKLQ $XVVDJHQ &DXFK\V ,QWXLWLRQ LVW IUDJORV DOOHU (KUHQ ZHUW GRFK VHLQH :RUWH RE VLH QXQ GHILQLHUHQ RGHU DUJXPHQWLHUHQ ]HXJHQ KlXILJ QLFKW YRQ SUl]LVHU 9RUVWHOOXQJ 9DJH $XVVDJHQ VLQG NHLQH $XVVDJHQ XQG GDPLW QLFKW GLVSXWIlKLJ
6HLQH 'HPRQVWUDWLRQ VFKOLHW &DXFK\ PLW GHQ :RUWHQ Ä« OD YDOHXU GH 6 ILQLUD SDU rWUH VHQVLEOHPHQW FRQVWDQWH RX HQ G¶DXWUHV WHUPHV HOOH ILQLUD SDU DWWHLQGUH XQH FHUWDLQH OLPLWH «³ DEKlQJLJ QXU YRQ I XQG >D E@ Ä&HWWH OLPLWH HVW FH TX¶RQ DSSHOOH XQH LQWpJUDOH Gp ILQLH³^K` :LU IUDJHQ :DV IU HLQ /LPHV" )ROJHQOLPHV )XQNWLRQVOLPHV DOOJHPHLQ" &DXFK\ KlWWH XQV QLFKW YHUVWDQGHQ (LQ /LPHV HEHQ =X GHVVHQ 3UREOHPDWLN DOV =DKO VLHKH ,' X :DV JHPHLQW LVW ZUGHQ ZLU VR VDJHQ E
>& ,QW@ ,VW I >D E@ĺъ VWHWLJ VR H[LVWLHUW JHQDX HLQH =DKO , EHQDQQW D I [ G[ PLW GHU (LJHQVFKDIW =X MHGHP Ķ ! JLEW HV HLQ į ! GHUDUW GDVV _ , î 6= _ d Ķ LVW IU MHGH =HUOHJXQJ = YRQ >D E@ PLW __= __ d į
,,; &DXFK\ XQG GLH ,QWHJUDOH
'HU (LJHQVFKDIW E
D
I [ G[
F
E
I [ G[
F
D
I [ G[ D E F
D
VHLQHV ,QWHJUDOV HQWVSUHFKHQG ZLUG &DXFK\ GDV ,QWHJUDO HLQHU VWFNZHLVH VWHWLJHQ )XQNWLRQ GHILQLHUHQ 6R KHLW HLQH )XQNWLRQ I DXI >D E@ IDOOV HV GRUW HLQH =HUOHJXQJ ^[ [ [Q` IROJHQGHU $UW JLEW I LVW DXI MHGHP ,QWHUYDOO [Ȟ± [Ȟ VWHWLJ XQG MHZHLOV DXI >[Ȟ± [Ȟ@ Ȟ Q VWHWLJ IRUWVHW]EDU :LH YLHO 8QVWHWLJNHLW HLQH UHHOOZHUWLJH )XQNWLRQ YHUWUlJW XP QRFK HLQ GHQ GDPDOLJHQ %HGUIQLVVHQ JHQJHQGHV ,QWHJUDO ]X OLHIHUQ GLHVHU )UDJH ZLUG %HUQKDUG 5LHPDQQ QDFKJHKHQ V , I @ L > I @ >D E@ ĺ Ю NDQQ PDQ NXU]HU KDQG PLW GHP GHU VWHWLJHQ 5HDO XQG ,PDJLQlUWHLOH DOV E
D
I [ G[
E
D
ij[ G[ L
E
D
ȥ [ G[
HLQIKUHQ HLQ VFKULWWZHLVHV hEHUWUDJHQ GHV %LVKHULJHQ HUJLEW HEHQ GLHV &DXFK\V $QVDW] EH GUIWH EHL NRPSOH[ZHUWLJHQ ,QWHJUDQGHQ ZHLWHUHU (UJlQ]XQJ GHQQ HU DUJXPHQWLHUWH PLW Ä=ZLVFKHQZHUWHQ³ RKQH LKUHU $EKlQJLJNHLWHQ 5HFKQXQJ ]X WUDJHQ V GD]X ^D` :DV DEHU ZLUG DXV >D E@ ZHQQ D XQG E LUJHQG ]ZHL 3XQNWH DXV Ю VLQG" 'DV EHGDUI HLQHU Ä:HJZHL VXQJ³ HWZD YRQ D QDFK E (LQ VROFKHU :HJ OlVVW VLFK DXI YLHOHUOHL :HLVH GXUFK KLQOlQJOLFK EHJDEWH HWZD VWHWLJ GLIIHUHQ]LHUEDUH )XQNWLRQHQ ] ȗ W Ю W >Į ȕ@ PLW D ȗ Į E ȗ ȕ EHVFKUHLEHQ 0DQ VDJW ÄGDUVWHOOHQ³ XQG GHQNW DQ HLQHQ %HJULII Ä:HJ³ GHQ ]X GHILQLHUHQ ZLU YHU]LFKWHQ 'D]X HLQH 9RUEHUOHJXQJ LP 5HHOOHQ :LU EHWUDFKWHQ HLQH UHHOOZHUWLJH )XQNWLRQ I DXI > @ XQG )XQNWLRQHQ ȟW > @ ZHOFKH GLH .HWWHQUHJHO G GW )ȟW
)ĻȟW ȟĻW
)Ļ
I ȟ W ȟĻW
DQ]XZHQGHQ JHVWDWWHQ XQG QHKPHQ IROJHQGH (LQVHW]XQJHQ YRU
ȟW
W
d W d
ȟW
W d W d
ȟW
î W d W d
I ȟW ȟĻW GW
)ȟ î )ȟ
) î )
I ȟW ȟĻW GW
)ȟ î )ȟ
) î )
I ȟW ȟĻW GW
)ȟ î )ȟ
) î )
'LH $UJXPHQWZHUWH ȟW ȟW GXUFKODXIHQ > @ LQ YHUVFKLHGHQHQ 5LFKWXQJHQ ZDV GLH 9RU ]HLFKHQ LQ (LQNODQJ PLW GHU 'HILQLWLRQ E ZHFKVHOQ OlVVW (V KHLW GLH )XQNWLRQHQ ȟ ȟ UHSUlVHQWLHUHQ HQWJHJHQJHVHW]WH ,QWHJUDWLRQV:HJH DXI GHPVHOEHQ 7UlJHU > @ 'DJHJHQ ZHUGHQ ZLU GLH $EELOGXQJHQ ȟ XQG ȟW DOV 'DUVWHOOXQJHQ GHVVHOEHQ :HJHV DQVHKHQ EHLGH )XQNWLRQHQ VLQG ÄlTXLYDOHQWH 3DUDPHWULVLHUXQJHQ³ HLQHV DOV bTXLYDOHQ].ODVVH YRQ $EELO GXQJHQ GHILQLHUWHQ :HJHV )U NRPSOH[ZHUWLJH )XQNWLRQHQ UHHOOHQ $UJXPHQWV ZXUGH REHQ GDV ,QWHJUDO EHJUQGHW 'HP]XIROJH VHW]HQ ZLU ]XQlFKVW ȕ
D
I ȗW ȗ ĻW GW Ԍ
ȕ
D
> I ȗW ȗ ĻW @ GW L
ȕ
D
> I ȗW ȗ ĻW @ GW
'HU =DKOHQZHUW LVW GHU :HUW GHV ,QWHJUDOV YRQ I EHU GHQ KLHU GXUFK ȗ GDUJHVWHOOWHQ :HJ GHU :HUW GHV :HJLQWHJUDOV ZHLO HLQH :HJ'HILQLWLRQ JHZlKUOHLVWHW GDVV PLW MHGHU 'DUVWHOOXQJ GLHVHV :HJHV HLQ ZHUWJOHLFKHV ,QWHJUDO YRQ GHU %DXDUW KHUDXVNRPPW :LOO PDQ P|JOLFKVW ODQJH DXI &DXFK\V 6SXU EOHLEHQ VR JHKH PDQ DXV YRQ GHQ ]X DQDORJHQ 6XPPHQ
,,; &DXFK\ XQG GLH ,QWHJUDOH Q
ȈȞ
I ȗWȞí ȗWȞ í ȗWȞí Į
W W WQ
ȕ
$XV 5HDO XQG ,PDJLQlUWHLO YRQ I ȗWȞí XQG YHUP|JH ȗWȞ í ȗWȞí
ȟWȞ í ȟWȞí L >ȘWȞ í ȘWȞí @
>ȟĻIJȞ L ȘĻșȞ @ WȞ í WȞí
ZR IJȞ șȞ WȞí WȞ OlVVW VLFK DGGLWLY ]XVDPPHQVHW]HQ PLW GHQ ,QKDOWHQ YRQ 5HFKWHFNHQ EHU GHQ ,QWHUYDOOHQ >WȞí WȞ@ )DOOV DXV GHP =XVDPPHQKDQJ NODU VLQG EHL :HJLQWHJUDOHQ VROFKH 6WHQRJUDPPH ZLH : I ] G] 7 I ] G]
PLW 6\PEROHQ : 7 IU :HJ XQG 7UlJHU JHEUlXFKOLFK 9RQ JHVFKORVVHQHQ :HJHQ GK ZHQQ ȗĮ ȗȕ IU HLQH 'DUVWHOOXQJ ȗ YRQ : JLOW NQGHW GDV =HLFKHQ ก XQWHQ JHKW HV DXV VFKOLHOLFK XP VROFKH :HJLQWHJUDOH 1LFKW ]XOHW]W VROOHQ XQVHUH hEHUOHJXQJHQ ]X EHGHQNHQ JHEHQ ZDV DOOHV IU HLQH 3Ul]LVLH UXQJ GHU XQ]XOlQJOLFKHQ *UXQGODJHQ Q|WLJ LVW DXI GHU &DXFK\ GHQQRFK HLQH 7KHRULH YRQ EOHLEHQGHP :HUW HUULFKWHWH 6HLQH :HJLQWHJUDOH EHVFKUHLEHQ DXFK HEHQH .UDIW XQG 6WU| PXQJVIHOGHU
:LU ZROOHQ YHUVXFKHQ DQKDQG HLQLJHU ,QWHJUDWLRQHQ EHU GHQ 5DQG GHV (LQKHLWVNUHLVHV HLQHQ ZHQQ DXFK EHVFKHLGHQHQ (LQGUXFN YRQ &DXFK\V ,QWHJUDOUHFKQXQJ LP .RPSOH[HQ ]X YHUPLW WHOQ^D` *HZlKOW VHL GHU :HJ YRQ ] î EHU ] îL L ]XUFN QDFK ] î GDUJHVWHOOW PLWWHOV ȗW HL W FRV W L VLQ W ,,: W >íS S @ )U GLH ,QWHJUDQGHQ I ] ]N N HUJLEW GDV VDORSS QDFK .RQYHQWLRQ JHVFKULHEHQ
ก
_]_
S
S
íS ȗW N ȗ ĻW GW
I ] G]
N
íS HL N W L HL W GW
HL S N í Hí L S N
N N í
í í N
XQG GLHV EHUWUlJW VLFK VRJOHLFK DXI DOOH 3RO\QRPH LQ ] :LUG KLQJHJHQ I ] VR HUKDOWHQ ZLU
ก
_]_
G] ]
S
íS HíL W L HL W
GW
S
L íS GW
S L
] JHZlKOW
'DV S L LVW RPLQ|V HV ZLUG XQV JOHLFK ZLHGHU EHJHJQHQ 'LH 3RWHQ]IXQNWLRQ ]í XQWHU VFKHLGHW VLFK YRQ GHQHQ LQ TXDOLWDWLY VLH KDW HLQHQ VFKZDFKHQ 3XQNW HLQH Ä6LQJXODULWlW³ LP ,QQHUHQ GHV ,QWHJUDWLRQVZHJHV 'HQ KDEHQ DOOHUGLQJV DXFK GLH ]í ]í GHUHQ :HJLQ WHJUDOH ZLH HLQ %OLFN DXI =HLOH ]HLJW HEHQIDOOV QXOO VLQG
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
$EE ,, 3RVLWLY RULHQWLHUWH 5XQGUHLVH LQ GHU =DKOHQHEHQH PLW 6WDUW XQG =LHO EHL ] í
:DV IU GDV 9HUVFKZLQGHQ GHU ,QWHJUDOH EHU JHVFKORVVHQH :HJH KLQUHLFKHQG LVW HQW GHFNWH &DXFK\ 6HLQ EHUKPWHU ,QWHJUDOVDW] UHGX]LHUW VLFK LP )DOOH XQVHUHV %HLVSLHOV DXI GDV )ROJHQGH >& ,6D@ ก _ ] _ I ] G] JLOW IU MHGH )XQNWLRQ I GLH DXI . ^ ] Ю _ ] _ ` GLIIHUHQ]LHUEDU LVW XQG VLFK DXI GHQ 5DQG YRQ . VWHWLJ IRUWVHW]HQ OlVVW 'DUDXV IROJW KLHU GDV 5HVXOWDW 'DV %HLVSLHO GHU ]í ]í ]HLJW GDVV GLH JHQDQQWH %H GLQJXQJ IU I QLFKW QRWZHQGLJ LVW (LQ IJ íS S ]HUOHJW GDV ,QWHJUDO LQ GLH 1XOOVXPPH
IJ
S
S IJ ZDV VLFK VR LQWHU
SUHWLHUHQ OlVVW 8QVHU :HJLQWHJUDO YRQ î ȗíS ELV ȗIJ KDW GHQVHOEHQ :HUW ZLH GDV EHU GHQ DQGHUHQ 7HLO GHU .UHLVOLQLH JHQRPPHQH YRQ î ȗS ELV ȗIJ 'DV OLHJW QXQ QLFKW DQ GHQ .UHLVE|JHQ 6HW]HQ ZLU I DXI . GLIIHUHQ]LHUEDU YRUDXV VR KDW GDV ,QWHJUDO DXI DOOHQ :HJHQ GLH LQ . ]ZHL 3XQNWH YHUELQGHQ GHQVHOEHQ :HUW $XFK DOV 1LFKWVFKZLPPHU KDW RGHU KlWWH &DXFK\ VLFK YLHO PLW +\GURG\QDPLN EHVFKlI WLJW :HQQ LFK LQPLWWHQ HLQHV VWUXGHOIUHLHQ )OXVVHV VFKZLPPH VR KDW PHLQH (QHUJLHELODQ] QlPOLFK PHLQ :HJLQWHJUDO LP .UDIWIHOG GHU 6WU|PXQJ GHQ :HUW QXOO 'LHV LVW DOOHV DQGHUH DOV HLQH ]XIlOOLJH $QDORJLH ]XP &DXFK\VFKHQ ,QWHJUDOVDW] « 6LHKH GD]X HWZD ^` XQWHU GHP 6WLFKZRUW Ä*HVFKZLQGLJNHLWVSRWHQWLDO³ EHL ÄNRPSOH[HV 3RWHQWLDO HLQHV 6WU|PXQJV IHOGHV³
6RYLHO ]XP &DXFK\VFKHQ ,QWHJUDOVDW] XQG VHLQHU 7UDJZHLWH 8QG GDQQ LVW GD QRFK &DXFK\V IROJHQUHLFKH ,QWHJUDOIRUPHO^E` GLH ZLU LP JOHLFKHQ 6]HQDULR LOOXVWULHUHQ ZROOHQ YJO ^D` =XU %HUHFKQXQJ YRUJHOHJW VHL
ก
_]_
I ] G] ZR I ] ] ]
]N N
_ ] _
,P )DOOH N DOVR I ] Ł OLP ]ĺ ] XQG ] :HUW S L I 'LH (QWZLFNOXQJ ȗW N ȗ ĻW ȗW ]
L HN L W ] HL W
LVW HV GDV ,QWHJUDO DXV PLW GHP
L HN L W > ] HíL W « ]N HíN L W ]N HíN L W «@
,,; &DXFK\ XQG GLH ,QWHJUDOH
NRQYHUJLHUW ZHJHQ _ ] HíL W _ _ ] _ JOHLFKPlLJ LQ W >íS S @ V ,,= 0DMRUDQWH ]X >«@ LVW Ȉ _ ]_Ȟ 6RPLW N|QQHQ ZLU JOLHGZHLVH LQWHJULHUHQ V DXFK ^F` XQG JHODQJHQ ]X
L
S
N
íS ȗW ȗW ]
ȗ ĻW GW N
]
LP )DOOH N YJO ^M`
S
íS HN L W S
S
S
GW ] íS HNí L W GW « ]N íS GW
íS HíL W GW
« S ]N «
«
S
LVW ] íS GW GHU $QIDQJVWHUP 'DV GHPRQVWULHUW &DXFK\V ,QWHJUDOIRUPHO
>& ,)R@
ก SL
_]_
I ] G] ] ]
I ] _ ]_
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|OOLJH .ODUKHLW EHU GLHVHQ %HJULII HUODQJW KDEHQ^` (V ZXQGHUW GD VFKRQ NDXP PHKU ZHQQ HLQPDOLJH 'LIIHUHQ ]LHUEDUNHLW EHUHLWV GLH ([LVWHQ] DOOHU $EOHLWXQJHQ QDFK VLFK ]LHKW XQG GDVV VLFK GHUHQ :HUWH PLW GHU ,QWHJUDOIRUPHO GXUFK 'LIIHUHQ]LHUHQ ÄXQWHU GHP ,QWHJUDO³ JHZLQQHQ ODVVHQ LQ >& ,)R@ DOVR QDFK ]
&DXFK\ ZDU DQJHWUHWHQ GDV NULWLVFKH -DKUKXQGHUW ]X HU|IIQHQ 'HQQRFK ZDU DXFK HU ZLH GDV %HLVSLHO GHV ,QWHJUDOV ]HLJW LQVJHVDPW ZHLW ZHQLJHU HUIROJUHLFK EHL GHU 5HYLVLRQ GHV 9RUJH IXQGHQHQ DOV GRUW ZR HU GHQ %OLFN QDFK YRUQ ULFKWHWH 8P HV PLW GHQ :RUWHQ YRQ 5HXEHQ +HUVK ]X VDJHQ^` Ä« &DXFK\ NQHZ &DXFK\¶V LQWHJUDO WKHRUHP HYHQ WKRXJK « KH GLGQ¶W NQRZ WKH PHDQLQJ RI DQ\ WHUP LQ WKH WKHRUHP « « &DXFK\ KDG JUHDW LQWXLWLRQ´
^`
^` ^` ^`
&$8&+< >@ ^D` ^E` í ^F` ^G` í ^H` 0LWWH ^I` 0LWWH ^J` REHQ ^K` XQWHQíí ^L` >@ íí ^M` >@ '8*$& ^D` =LWDW >@ VWDWW ij ^E` = ^F` /h7=(1 ^D` I ^E` XQWHQ ^F` XQWHQ ^G` +2&+.,5&+(1 REHQ
^` ^` ^` ^` ^` ^`
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH ^D` %285%$., >@ +(,1( ^E` >@ ^F` >@ 6285&( % « >@ %LUNKRII ^D` í ^E` I )XQ 'UXFNIHKOHU 581&.(/ II 1$$6 6&+0,' XQWHQ %277$==,1, +(56+
,,
D E@ĺ ъ³ 'LHV OLHJH KLHU DOOJHPHLQ ]XJUXQ GH $Q GLH 6WHOOH GHU 6XPPHQ LQ ,,;>& ,QW@ WUHWHQ VROFKH GHU *HVWDOW 5Q
Q
ƴȞ
I ȟȞ [Ȟ í [Ȟ± [Ȟ± d ȟȞ d [Ȟ Ȟ
Q
&DXFK\ KDWWH VLH ]XQlFKVW QXU PLW ȟȞ [Ȟ± JHELOGHW DXFK LQ ,,; -HW]W YRQ YRUQKHUHLQ PLW EHOLHELJHQ ȟȞ DQJHVHW]W ZHUGHQ GDUDXV ULHPDQQVFKH 6XPPHQ^D` %RXUEDNL^D` ZUGH VLH
,,< 5LHPDQQV ,QWHJULHUEDUNHLW
DUFKLPHGLVFKH RGHU HXGR[LVFKH QHQQHQ 0LW LKQHQ GHILQLHUWH 5LHPDQQ^G D` GHP 6LQQH QDFK ZLH IROJW (U QLPPW [Ȟ± ȟȞ [Ȟ ]X __= __ VLHKH ,,;QDFK Ä I >D E@ĺ ъ LVW LP HLJHQWOLFKHQ 6LQQH 5LQWHJULHUEDU³ EHGHXWH >5@
(V H[LVWLHUW HLQH =DKO , PLW GHU (LJHQVFKDIW =X MHGHP Ķ ! JLEW HV HLQ
į ! GHUDUW GDVV _ , î 5Q _ d Ķ JLOW IU MHGH =HUOHJXQJ =
^[ [Q` YRQ >D E@
Q VRIHUQ QXU __= __ d į LVW
VDPW MHGHU $XVZDKO ȟȞ >[Ȟ± [Ȟ@ Ȟ
E
'DV 3RVWXODW >5@ ZLUG YRQ K|FKVWHQV HLQHU =DKO , HUIOOW JHJHEHQHQIDOOV VHL D I [ G[ Ԍ, :RUWODXW 5LHPDQQ^G` Ä+DW VLH >GLH 6XPPH @ QXQ GLH (LJHQVFKDIW ZLH DXFK >GLH@ į >GK įȞ
[Ȟ í [Ȟ±@ XQG >GLH@ Ķ >G K ĶȞ PLW [Ȟ ĶȞ įȞ
ȟȞ@ JHZlKOW VHLQ P|JHQ VLFK HLQHU IHV
WHQ *UHQ]H $ >REHQ Ä,³@ XQHQGOLFK ]X QlKHUQ VREDOG VlPPWOLFKH į XQHQGOLFK NOHLQ ZHUGHQ VR KHLW GLHVHU :HUW «³ 'HU %H]XJ DXI HLQ K\SRWKHWLVFKHV Ä,³ HQWIlOOW PLW GHU 8PELOGXQJ YRQ 5 QDFK GHP 0XVWHU GHV &DXFK\.ULWHULXPV LQ GHU $UW ZLH ,,;>& ,EN@ 'DVVHOEH HUUHLFKW PDQ GXUFK GDV QDFKVWHKHQGH JOHLFKIDOOV DOV 'HILQLWLRQ^E` JHEUlXFKOLFKH )ROJHQ.ULWHULXP (V EDVLHUW DXI N N =HUOHJXQJHQ =N ^[ [QN ` N GHU (LJHQVFKDIW __=N__ ĺ VRJHQDQQWHQ =HU OHJXQJVQXOOIROJHQ^D` XQG VWHOOWH IHVW bTXLYDOHQW ]X 5 LVW >5@
)U MHGH =HUOHJXQJVQXOOIROJH =N DXI >D E@ NRQYHUJLHUW MHGH ]X =N JH
ELOGHWH )ROJH YRQ 5LHPDQQ6XPPHQ
N N ȈQQN I ȟN [Q í [Q Q
N
(LQH VROFKH 6XPPHQIROJH ZLUG LQ ^D` DOV Ä5LHPDQQIROJH³ YRQ I EH]HLFKQHW :HQQ EHU KDXSW VR NRQYHUJLHUHQ GLH 5LHPDQQIROJHQ DOOHVDPW JHJHQ GHQVHOEHQ *UHQ]ZHUW JHJHQ GDV QDFK >5@ IHVWJHOHJWH ,QWHJUDO
'LH ZHQLJVWHQV VWFNZHLVH VWHWLJHQ )XQNWLRQHQ VLQG 5LQWHJULHUEDU ZDV LQGHV QLFKW DXI &DX FK\V XQHLJHQWOLFK LQWHJULHUEDUH ]XWULIIW 5LHPDQQV 'HILQLWLRQ LPSOL]LHUW QlPOLFK GLH %H VFKUlQNWKHLW ,P 5DKPHQ GLHVHU 9RUDXVVHW]XQJ VROO LP )ROJHQGHQ GLH 5,QWHJULHUEDUNHLW DXI PHKUIDFKH :HLVH FKDUDNWHULVLHUW ZHUGHQ 1DFK 5LHPDQQV %HREDFKWXQJ ZDUHQ GDIU GLH Ä6FKZDQNXQJHQ³ GHU )XQNWLRQ HQWVFKHLGHQG =X %H]HLFKQXQJHQ VLHKH DXFK XQWHU ,' %HVLW]W HLQH 0HQJH 0 UHHOOHU =DKOHQ HLQH REHUH 6FKUDQNH VR DXFK HLQH NOHLQVWH JHQDQQW REHUH *UHQ]H RGHU 6XSUHPXP VXS 0 QDFK XQWHQ EHVFKUlQNWHV 0 EHVLW]W HLQ ,QILPXP LQI 0 +LHU LQWHUHVVLHUHQ 0HQJHQ UHHOOHU )XQNWLRQVZHUWH $QGHUV DOV ZLU VSULFKW +HQUL /HEHV
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
JXH^E` YRQ OLPLWH VXSpULHXUH E]Z LQIpULHXUH HLQHU EHVFKUlQNWHQ )XQNWLRQ VLHKH DXFK ^H` ,VW I ( ĺ ъ EHVFKUlQNW VR KHLW GLH IU ' Ի ( EH]JOLFK I HUNOlUWH 0HQJHQIXQNWLRQ Ȧ ' Ԍ VXS ^ _ I X í I ȣ _ X ȣ '`
VXS ^ I [ [ '` í LQI ^ I [ [ '`
GLH 6FKZDQNXQJ YRQ I DXI ' 8P 6FKZDQNXQJ JLQJ HV EHL XQVHUHP %HZHLV ]X ,,;>& ,EN@ GHU VLFK DXI GLH JOHLFKPl LJH 6WHWLJNHLW GHV ,QWHJUDQGHQ VWW]WH QlPOLFK DXI ,,;>*O 6W@ :LU IRUPXOLHUHQ VLH QXQ XQWHU %H]XJ DXI GLH $EVFKQLWWH YRQ =HUOHJXQJHQ = ȦȞ Ԍ Ȧ >[Ȟ± [Ȟ@
^[ [ [Q` XQG ELOGHQ GD]X
PD[ ^ _ I X í I ȣ _ X ȣ >[Ȟ± [Ȟ@` Ȟ
Q
>*O 6W@ EHVDJW GDVV _ I X î I ȣ _ d Ķ HUIOOW LVW ZHQQ LPPHU _ X î ȣ _ d į IU HLQ JHZLVVHV į JLOW 6R DXFK ZHQQ LPPHU GLH X ȣ LQ HLQHP GHU =HUOHJXQJVLQWHUYDOOH >[Ȟ± [Ȟ@ HLQHV =Ļ PLW __=Ļ __ d į OLHJHQ ZDV ȦȞ d Ķ QDFK VLFK ]LHKW :LU VHKHQ ,VW I >D E@ĺ ъ JOHLFKPlLJ VWHWLJ XQG GDPLW EHVFKUlQNW VR JLOW =X MHGHP Ķ ! JLEW HV HLQ į ! GHUDUW GDVV Ȧ d Ķ « ȦQ d Ķ HUIOOW LVW IU MHGH =HUOHJXQJ = ^[ [Q` YRQ >D E@ PLW __= __ d į
8PJHNHKUW VHL IU EHVFKUlQNWHV I YRUDXVJHVHW]W XQG IU GDV 3RVWXODW >*O 6W@ HLQ Ķ ! YRUJHJHEHQ 'LHVHP Ķ JDUDQWLHUW HLQ į GHU $UW GDVV IU DOOH = PLW __= __ d į JLOW +DEHQ ZLU QXQ _ X î ȣ _ d į VR ZHUGH GDV YRQ X XQG ȣ EHJUHQ]WH ,QWHUYDOO , ]X HLQHU =HU OHJXQJ =Ļ PLW __=Ļ __ d į HUJlQ]W =XIROJH LVW GDQQ _ I X í I ȣ _ d Ȧ , d Ķ (V JLOW DOVR >*O 6W@ 'HQ $QVFKOXVV DQ 5LHPDQQV 1RWDWLRQ JLEW GLH 6XPPH ȈȦ ! İ [Ȟ í [Ȟ± EHU DOOH Ȟ IU Ȟ ZHOFKH ȦȞ ! Ķ DXVIlOOW 8QWHU GHU $EVFKlW]XQJ YHUVFKZLQGHW VLH XQG GDV HUJLEW >*O 6W @ I >D E@ĺ ъ LVW JHQDX GDQQ JOHLFKPlLJ VWHWLJ ZHQQ JLOW I LVW EHVFKUlQNW XQG ]X MHGHP Ķ ! JLEW HV HLQ į ! GHUDUW GDVV ȈȦ ! İ [Ȟ í [Ȟ± HUIOOW LVW IU MHGH =HUOHJXQJ = ^[ [Q` Ȟ
YRQ >D E@ PLW __= __ d į +LHUPLW YHUJOLFKHQ ZLUG VLFK 5LHPDQQV ,QWHJULHUEDUNHLW DOV $EVFKZlFKXQJ GHU JOHLFK PlLJHQ 6WHWLJNHLW KHUDXVVWHOOHQ 'LHV LVW ^I` ]X HQWQHKPHQ ZR 5LHPDQQ VHLQ HUVWHV .ULWH ULXP EHJUQGHW YJO ^F` VLHKH ^E` ^E` LVW XQNODU :LU JHEHQ LKP GLH )RUP
,,< 5LHPDQQV ,QWHJULHUEDUNHLW
>5 @ I LVW EHVFKUlQNW XQG QDFK 9RUJDEH YRQ Ķ ! XQG Ș ! JLEW HV HLQ į ! GHUDUW GDVV ȈȦ ! İ [Ȟ í [Ȟ± d Ș HUIOOW LVW IU MHGH =HUOHJXQJ Ȟ
^[ [Q` YRQ >D E@ PLW __= __ d į
=
$XI 8PJDQJVGHXWVFK :LH QLHGULJ HLQH Ķ XQG HLQH Ș6FKZHOOH DXFK JHOHJW VHLHQ VWHWV LVW PLW KLQUHLFKHQG IHLQHQ =HUOHJXQJHQ ]X HUUHLFKHQ GDVV EHL MHGHU GLH )XQNWLRQVVFKZDQNXQJ GHQ :HUW Ķ DOOHQIDOOV DXI VROFKHQ 7HLOXQJVLQWHUYDOOHQ EHUVFKUHLWHW GHUHQ *HVDPWOlQJH K|FKVWHQV Ș EHWUlJW 'LH LQ ^I` JHJHEHQH %HJUQGXQJ IU >5 @ ZLUG DXV QDFKJHODVVHQHQ 1RWL]HQ 5LHPDQQV HUJlQ]W^J` 'DV )D]LW *OHLFKPlLJ VWHWLJH )XQNWLRQHQ HUIOOHQ ZLH LKUH (LJHQVFKDIW >*O 6W @ ]HLJW GDV 3RVWXODW >5 @ PLW YHUVFKZLQGHQGHQ 6XPPHQ ȈȦ ! İ [Ȟí[Ȟ± Ȟ 'LHVHV YHUWUDFNWH .ULWHULXP ZDU 5LHPDQQV WKHRUHWLVFKHU 6FKOVVHO QLFKW JHGDFKW ]X DOOJHPHLQHP +DXVJHEUDXFK 'HP ZLUG GDV IROJHQGH JHUHFKW %HL LKP ZLUG GHU DQJHSHLOWH ,QWHJUDOZHUW HLQJHIDQJHQ ]ZLVFKHQ GHQ MH ,QWHUYDOO]HUOHJXQJ = ^[ [Q` JHELOGHWHQ 2EHU XQG 8QWHUVXPPHQ ± 6 =
ƴQȞ VXS ^ I [ [ ,Ȟ` ǜ [Ȟ í [Ȟ± ±6 =
± ZR ,Ȟ >[Ȟ± [Ȟ@ 0LW 6 = í ±6 =
ƴQȞ LQI ^ I [ [ ,Ȟ` ǜ [Ȟ í [Ȟ±
ƴQȞ ȦȞ [Ȟ í [Ȟ± IRUPXOLHUW +HQUL /HEHVJXH^G` GDV
LP HQJHUHQ 6LQQH VR JHQDQQWH ÄULHPDQQVFKH ,QWHJUDELOLWlWVNULWHULXP³^F` >5@
I LVW EHVFKUlQNW XQG ]X MHGHP Ķ ! JLEW HV HLQH =HUOHJXQJ = YRQ >D E@ ± GHUDUW GDVV 6 = í ±6 = d Ķ ZLUG $QVFKDXOLFK EHVDJW HV 'HU )XQNWLRQVJUDSK OlVVW VLFK HLQVSDQQHQ ]ZLVFKHQ ]ZHL 7UHSSHQ DXV 5HFKWHFNHQ PLW EHOLHELJ NOHLQHP 6SLHOUDXP LQ HLQH .HWWH ÄIODFKHU³ 5HFKWHFNH YRQ EHOLHELJ NOHLQHU *HVDPWIOlFKH 'LHVHV EHUDXV KDQGOLFKH .ULWHULXP LVW IU GLH )HVWVWHOOXQJ GHU 5,QWH JULHUEDUNHLW lKQOLFK QW]OLFK ZLH GDV )ROJHQNULWHULXP >5@ IU GHQ 8PJDQJ PLW ,QWHJUDOZHUWHQ
'LH *HJHQEHUVWHOOXQJ YRQ >5 @ XQG *O 6W ]HLJWH XP ZLH YLHO VFKZlFKHU 5,QWHJULHUEDU NHLW JHJHQEHU JOHLFKPlLJHU 6WHWLJNHLW LVW $XI JDQ] DQGHUH :HLVH VROOWH GDQQ /HEHVJXH GLHVHQ 8QWHUVFKLHG KHUDXVDUEHLWHQ 8QG ]ZDU ZLUG HU VWDWW &DXFK\V HQGOLFK YLHOHU 8QVWHWLJ NHLWVVWHOOHQ GHUHQ XQHQGOLFK YLHOH ]XODVVHQ DEHU QLFKW Ä]X YLHOH³ /HEHVJXH SUlJW GD]X HLQHQ QHXHQ %HJULII^H` (LQH 0HQJH 1 UHHOOHU =DKOHQ KHLW YRP 0D QXOO RGHU HLQH 1XOO PHQJH ZHQQ VLH VLFK IROJHQGHUPDHQ EHUGHFNHQ OlVVW^G` =X MHGHP Ķ ! JLEW HV ,QWHUYDOOH ,N N IROJHQGHU (LJHQVFKDIW
ZR ,N ,N
]XOlVVLJ PLW
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH 1 Ի ^ ,N N
` ȈN _ ,N _ d Ķ
.XU]XP (LQH 1XOOPHQJH EHVLW]W DE]lKOEDUH hEHUGHFNXQJHQ DXV ,QWHUYDOOHQ YRQ EHOLHELJ NOHLQHU /lQJHQVXPPH Ä*HVDPWOlQJH³ ZlUH PLVVYHUVWlQGOLFKí ÄHQGOLFKH RGHU DE]lKOEDUH³ VDJHQ /HXWH GLH QLFKW ELV GUHL ]lKOHQ N|QQHQ EHL /HEHVJXH KHLW HV ÄHQGOLFKH RGHU DE]lKO EDU XQHQGOLFKH³ 'DPLW NDQQ PDQ GDV DQ HLQ 5HVXOWDW YRQ 3DXO GX%RLV5H\PRQG^I` DQ VFKOLHHQGH .ULWHULXP /HEHVJXHV IU GLH 5,QWHJULHUEDUNHLW VR DXVGUFNHQ^J H` >5@ I LVW EHVFKUlQNW XQG GLH 0HQJH GHU 8QVWHWLJNHLWVVWHOOHQ YRQ I KDW GDV 0D QXOO $E]lKOEDUH 7HLOPHQJHQ YRQ ъ VLQG 1XOOPHQJHQ ]XP %HLVSLHO 1 ^[N N ` ,N >[N [N UN PLW UN Ķ ǻN ,QGHV LVW $E]lKOEDUNHLW GHU 8QVWHWLJNHLWVVWHOOHQ QLFKW QRWZHQGLJ IU 5,QWHJULHUEDUNHLW ZLH LQ ^K` EHOHJW =X 5 SIOHJW PDQ ]X VDJHQ 5LQWH JULHUEDUH )XQNWLRQHQ VLQG ÄIDVW EHUDOO³ VWHWLJ ,QWHJULHUEDUNHLW HLQHU )XQNWLRQ LVW ELOGOLFK JHVHKHQ GLH 0|JOLFKNHLW GLH YRQ LKUHQ *UD SKHQ HU]HXJWHQ )OlFKHQ LP 6LQQH HLQHU %LODQ] ]ZLVFKHQ $QWHLOHQ EHLGHUOHL 9RU]HLFKHQV ]X PHVVHQ :HLWHU DOV 5LHPDQQV 0HVVNXQVW JHKW GLH YRQ /HEHVJXH PLW GHU HU ]X GHQ ÄIRQF WLRQV VRPPDEOHV³ JHODQJW ]X GHQ /LQWHJULHUEDUHQ )XQNWLRQHQ^LM` 6HLQ ,QWHJUDOEHJULII HU ZHLVW VLFK LQ PHKUIDFKHU +LQVLFKW GHP YRQ 5LHPDQQ EHUOHJHQ 6LHKH HWZD ^FI`
5LHPDQQV ,QWHJUDO ZXUGH DG KRF DOV EHVWLPPWHV ,QWHJUDO JHELOGHW 8UVSUQJOLFK DQ GHQ ODQG OlXILJHQ ÄDQDO\WLVFKHQ³ )XQNWLRQHQ RULHQWLHUW HUKLHOW LP 1DFKKLQHLQ GHU +DXSWVDW] GHV &DO FXOXV GXUFK 5LHPDQQ GLH .RQWXU PLW GHU ZLU LKQ EHUHLWV LQ ,,6 YRUVWHOOWHQ %HL 1HZWRQ IKUWH GHU :HJ YRP ÄXQEHVWLPPWHQ³ ,QWHJUDO ]XP EHVWLPPWHQ 5LHPDQQ NHKUW LKQ LQ JHZLV VHU :HLVH XP %HVVHU JHVDJW 5LHPDQQ NOlUW DXI LQ ZHOFKHU %H]LHKXQJ ,QWHJUDO XQG 6WDPP IXQNWLRQ VWHKHQ $QJHVLFKWV GHU )UHLKHLWHQ GLH GDV 5,QWHJUDO VHLQHP ,QWHJUDQGHQ I OlVVW PXVV MD ]X [
QlFKVW EHUUDVFKHQ GDVV I W GW VWHWLJ KHUDXVNRPPW $XFK GLH .URQH GHV KLVWRULVFKHQ +DXSWVDW]HV EHKlOW LKUHQ *ODQ] $Q MHGHU 6WHWLJNHLWVVWHOOH [ YRQ I H[LVWLHUW GLH ,QWHJUDO $EOHLWXQJ PLW GHP ÄULFKWLJHQ³ :HUW 'LHV DOOHV HUKlOW /HEHVJXHV LQ $QZHQGXQJ VHLQHU 7KH RULH DXI GHQ 6RQGHUIDOO GHV 5,QWHJUDOV^K` GHQ GLUHNWHQ =XJDQJ ZHLVW ]% ^I` 6LHKH ^MF` ]XP +DXSWVDW] IU GDV /HEHVJXH,QWHJUDO DXFK GHVVHQ Ä6WDPPIXQNWLRQHQ³ N|QQHQ LKUH $EVWDPPXQJ YRQ GHQ QHZWRQVFKHQ QLFKW YHUKHKOHQ (WZDV YRQ GHP :HLWEOLFN GHQ /HEHVJXHV |IIQHW YHUPLWWHOW GLH 6NL]]H LQ ^G`
5LHPDQQV ,QWHJULHUEDUNHLW IXW DXI GHQ GXUFK :HLHUVWUD YROOHQGHWHQ *UXQGODJHQ GHU $QDO\ VLV 5LHPDQQV Ä)OlFKHQLQKDOW³ ZHLVW EHU GLH *HRPHWULH KLQDXV 'LH ,QWHJUDWLRQ JHKW KHXWH LQ HLQHU 0DWKHRULH DXI XQYHU]LFKWEDU IU :DKUVFKHLQOLFKNHLWVWKHRULH bKQOLFK YHUKlOW HV VLFK PLW 7DQJHQWHQ XQG GHP 'LIIHUHQ]LHUHQ 'HU DQIlQJOLFKH %HJULII 'LIIHUHQ]LHUEDUNHLW ZXUGH
,,= :HLHUVWUD *UHQ]ZHUWH YRQ *UHQ]ZHUWHQ
]X HLQHU ÄRSWLPDOHQ /LQHDULVLHUEDUNHLW³ XPJHPQ]W XQG GDGXUFK DXFK LQ K|KHUGLPHQVLRQDOHQ =DKOHQUlXPHQ KHLPLVFK ]X VFKZHLJHQ YRQ GHP ZDV DOOHV KHXW]XWDJH GLIIHUHQ]LHUW ZLUG )U /HLEQL] OLHI DOOH $QDO\VLV QRFK DXI *HRPHWULH KLQDXV 9RQ GHU ]X VHLQHU =HLW KDW VLFK GLH JHJHQZlUWLJH $QDO\VLV ZHLW HQWIHUQW GRFK DXFK VFKRQ GLH GHV -DKUKXQGHUWV $QGHUHU VHLWV LVW VLH LQ]ZLVFKHQ PLW 'LV]LSOLQHQ YHUEDQGHOW YRQ GHQHQ VLH VLFK HLQVW HPDQ]LSLHUW JODXEWH bKQOLFK YHUKlOW HV VLFK PLW DOOHQ 7HLOEHUHLFKHQ GHU KHXWLJHQ 0DWKHPDWLN 'DV EH ]HXJW HLQ %OLFN LQ 3XEOLNDWLRQVRUJDQH ZLH GLH 0$7+(0$7,&$/ 5(9,(:6 XQG GDV =(17 5$/%/$77 )h5 0$7+(0$7,. LQ GHQHQ )RUVFKXQJVHUJHEQLVVH PLW NXU]HQ 5HIHUDWHQ YRUJH VWHOOW ZHUGHQ %HUHLWV DQ 8PIDQJ XQG 'LIIHUHQ]LHUXQJ GHU DNWXHOOHQ $QDO\VLV ZLUG VLFKWEDU GDVV HV QLFKW PHKU P|JOLFK LVW DQGHUHQ DOV GHQ MHZHLOLJHQ 6SH]LDOLVWHQ HLQHQ DXWKHQWLVFKHQ (LQGUXFN ]X YHUPLWWHOQ ^` ^` ^` ^` ^` ^` ^`
,,=
5,(0$11 >@ ^D` í ^E` )XQ ^F` í ^G` ^H` ^I` ^J` $QPHUNXQJ +2&+.,5&+(1 ^D` ^E` E]JO 5LHPDQQ >@ = Ä I³ ^I` VWDWW ij XQG = YX Äí³ ^D` VWDWW Äí³ ^F` II +(86(5 >@ ^D` ^E` ^F` ^G` ^H` í ^I` >@ II %285%$., >@ ^D` ^E` ^F` I ^G` II /(%(6*8( ^D` I ^E` ^F` I ^G` = PLW 6 VWDWW 6 = PLW 6 VWDWW / ^H` ^I` ^J` ^K` I ^L` II ^M` II II '8*$& *2/'%(5* II
:HLHUVWUD *UHQ]ZHUWH YRQ *UHQ]ZHUWHQ
,Q ,' ZDU GLH 5HGH GDYRQ GDVV VWHWLJH )XQNWLRQHQ PLWXQWHU JHJHQ HLQH XQVWHWLJH *UHQ] IXQNWLRQ VWUHEHQ XQG YRQ HLQHU .RQYHUJHQ]EHGLQJXQJ GLH GLHVH 0|JOLFKNHLW DXVVFKOLHW =XU (UOlXWHUXQJ GHV )ROJHQGHQ GLHQW GDV (UVFKHLQXQJVELOG $EE , GHU )ROJH VQ [ Ԍ [Q [ d Q LQ VHLQHU HUJlQ]WHQ )RUP $EE ,, XQWHQ )U GLH XQVWHWLJH )XQNWL RQ V [ [ V QRWLHUHQ ZLU GLH ÄSXQNWZHLVH .RQYHUJHQ]³ >.Y@ =X MHGHP Ķ ! JLEW HV MH QDFK [ @ HLQ JDQ]]DKOLJHV 1Ķ [ t ZRPLW _ VQ [ V [ _ d Ķ HUIOOW LVW IU DOOH Q t 1Ķ [ =XQlFKVW ZHUGH GDV UHFKWH ,QWHUYDOOHQGH JHNDSSW 0LW KLQUHLFKHQG JURHP YRQ [ QLFKW DEKlQJLJHP 1Ķ JLOW [Q d Q d 1Ķ d Ķ IU DOOH Q t 1Ķ XQG IU DOOH [ @
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
/DXW :HLHUVWUD¶ 'HILQLWLRQ ,'>*O .Y@ KDQGHOW HV VLFK XP GLH DXI ò @ JOHLFKPlLJH .RQYHUJHQ] GHU 3RWHQ]IXQNWLRQHQ JHJHQ GLH 1XOOIXQNWLRQ 'LH 6WHWLJNHLW GLHVHU *UHQ]IXQNWL RQ VWHKW LQ (LQNODQJ PLW :HLHUVWUD¶ 6DW] >: 6D@ %HWUDFKWHW VHLHQ DXI HLQHP ,QWHUYDOO , VWHWLJH )XQNWLRQHQ I I GHUHQ )ROJH IQ DXI , JHJHQ I NRQYHUJLHUW :HQQ IQ DXI , JOHLFKPlLJ NRQYHUJLHUW GDQQ LVW I VWHWLJ
6HLQH +HUOHLWXQJ EHUXKW DXI GHU =HUOHJXQJ I [ I [
> I [ IP [ @ > IP [ IP [ @ > IP [ I [ @ { , ,, ,,, [ [ ,
ZR [ GLH 6WHOOH EH]HLFKQHW DQ GHU I VLFK VWHWLJ ]HLJHQ VROO =XU 9RUJDEH dž ! NDQQ PDQ GDQN GHU JOHLFKPlLJHQ .RQYHUJHQ] HLQ P ZlKOHQ ZRPLW _ , _ d
H
IU DOOH [ , HUIOOW
H
LVW ZDV _ ,,, _ d HLQVFKOLHW 6RGDQQ VWLIWHW GLH 6WHWLJNHLW YRQ IP LQ [ HLQ į GHU $UW GDVV _ H
,, _ d ZLUG IU DOOH [ [ į [ į , 0LW GLHVHQ [ JLOW IROJOLFK _ I [ I [ _ d Ķ 'HU 6FKOXVV LQ >: 6D@ LVW QLFKW XPNHKUEDU YJO ,' 'LHV ZHUGHQ ZLU XQWHQ DXI HLQ IDFKH :HLVH EHOHJHQ * &DQWRUV^` %HLVSLHO VWHWLJHU )XQNWLRQHQ GLH XQJOHLFKPlLJ NRQYHU JLHUHQ XQG GHQQRFK HLQH VWHWLJH *UHQ]IXQNWLRQ EHVLW]HQ KDW bKQOLFKNHLW PLW GHP IROJHQGHQ IQ [
Q[
Q [
ĺ Q ĺ d [ d ^D`
'LH )ROJH YHUOHW]W ,'>*O .Y@ GHQQ IQ Q {
YHUKLQGHUW LP )DOOH HLQHV Ķ
GDVV
IQ [ d Ķ PLW DXFK QRFK VR JURHQ Q QLFKW IU DOOH [ > @ ]X HUUHLFKHQ LVW :HLWHUH %HL VSLHOH GLHVHU $UW JHEHQ 'DUERX[^DE` XQG 2VJRRG^E`
Q
8QVHUH )XQNWLRQHQ VQ [ [ NRQYHUJLHUHQ JOHLFKPlLJ DXI MHGHP ,QWHUYDOO Ș Ș VR ZLH REHQ PLW Ș ò JH]HLJW :lUH GLH .RQYHUJHQ] DXFK DXI @ JOHLFKPl LJ GDQQ PVVWH GLH *UHQ]IXQNWLRQ V QDFK >: 6D@ VWHWLJ VHLQ DOVR )HKODQ]HLJH %OHLEW GLH )UDJH QDFK GHU JOHLFKPlLJHQ .RQYHUJHQ] GHU [Q DXI ZR LKU /LPHV WDWVlFKOLFK VWHWLJ LVW /HLWILJXU GHU hEHUOHJXQJ ZLUG $EE ,, PLW HLQHP YRUJHJHEHQHQ Ķ Ķ 1DFK >.Y@ JLEW HV ]X MHGHP [ HLQ 1Ķ [ t VR GDVV _ VQ [ V [ _
[Q d Ķ
IU DOOH Q t 1Ķ [
JLOW :LH ULFKWHQ VLFK GLH IU JHHLJQHWHQ 6FKUDQNHQ 1Ķ [ QDFK ZDFKVHQGHQ :HUWHQ YRQ [" $Q $EE ,, LVW DE]XOHVHQ LVW LP )DOOH [ X QXU PLW 6FKUDQNHQ 1Ķ X t
,,= :HLHUVWUD *UHQ]ZHUWH YRQ *UHQ]ZHUWHQ
]X VFKDIIHQ PLW MHGHU IUHLOLFK ,P )DOOH [ ȣ JUHLIW ]% GLH :DKO 1Ķ ȣ ]X NXU] GHQQ XP LQ XQVHUHP 'LDJUDPP ȣQ d Ķ GK Q ORJ Ķ ȣ t IU DOOH Q t 1 ]X HUUHLFKHQ JH QJW VHOEVW 1 QLFKW .RPPW QXQ [ EHOLHELJ QDKH DQ KHUDQ VR EHUVWHLJW GLH 0LQ GHVWJU|H GHU 6FKUDQNH 1Ķ [ DOOH *UHQ]HQ GHQQ ZLU KDEHQ [Q d [1 d Ķ
Q t 1 t ORJ Ķ [
ORJ Ķ [
ORJ Ķ [ Ļ IU [ Ĺ
(V H[LVWLHUW DOVR NHLQH IU DOOH [ WDXJOLFKH 6FKUDQNH 1 6DORSS JHVDJW 'LH .RQYHU JHQ] [Q ĺ Q ĺ ZLUG XPVR VFKOHFKWHU MH QlKHU [ EHL OLHJW XQG VLH ZLUG EHOLHELJ VFKOHFKW %HOLHELJ E]Z XQHQGOLFK ODQJVDP GDV ZDUHQ GLH :RUWH YRQ 6WRNHV XQG 6HLGHO LQ ,' ! ! ! ! ! !
$EE ,, =XU (SVLORQWLN HLQHU QLFKW JOHLFKPlLJHQ .RQYHUJHQ]
'
!
9HUJHJHQZlUWLJHQ ZLU XQV QRFK HLQPDO ZR HV KLHU KDSHUW $QJHQRPPHQ ]X YRUJHJHEH QHP Ķ H[LVWLHUH HLQ ÄJHQHUHOOHV³ 1 PLW GHP VLFK GLH )RUGHUXQJ [Q d Ķ IU DOOH Q t 1 XQG IU DOOH [ HUIOOHQ OLHH :HQQ [ Ĺ GDQQ V1 [ Ĺ XQG GDV ]HLJW %HL MHGHU :DKO YRQ 1 ZLUG GLH )RU GHUXQJ DQ HLQHU JHQJHQG QDKH EHL JHOHJHQHQ 6WHOOH [ XQWHUODXIHQ DXV MHGHP 6WUHLIHQ GHU +|KH Ķ EUHFKHQ GLH )XQNWLRQVZHUWH ÄLUJHQGZDQQ³ DXV :LU YHUNQHLIHQ HV XQV GLH QLFKW JOHLFKPlLJH .RQYHUJHQ] DOV IRUPDOORJLVFKH 1HJDWLRQ GHU JOHLFKPlLJHQ DXV]XPDOHQ 2EHQ ZXUGH GLUHNW JH]HLJW GDVV GLH )ROJH GHU [Q [ QLFKW JOHLFKPlLJ NRQYHU JLHUW 'DV LVW GDPLW DXFK IU GLH DXI @ GHILQLHUWH )ROJH VQ GLUHNW EHZLHVHQ hEULJHQV NDQQ PDQ GLH XQJOHLFKPlLJH .RQYHUJHQ] DXI ZLH IROJW DXV GHU XQJOHLFKPlLJHQ .RQYHUJHQ] DXI @ HUKDOWHQ :lUH VQ DXI JOHLFKPlLJ NRQYHUJHQW VR DXFK DXI @ GHQQ _ VQ [ V [ _ d Ķ [ OLHIHUW OLP [ȹ _ VQ [ V [ _ d Ķ 'LH QLFKW JOHLFKPlLJH .RQYHUJHQ] YRQ IQ VSLHO ]XU 8PNHKUXQJ YRQ
[Q [ LVW HLQ HLQIDFKHV *HJHQEHL
7HLO ,, $XV 6FKDW]WUXKH XQG 7ULFNNLVWH
$OV :HLHUVWUD HUVWPDOV EHL HLQHU 9RUOHVXQJ VHLQH )DVVXQJ YRQ *XGHUPDQQV Ä.RQYHUJHQ] LP JDQ] JOHLFKHQ *UDGH³ SUlVHQWLHUWH JHVFKDK HV RKQH %H]XJ DXI HLQH *UHQ]IXQNWLRQ HLQJH EXQGHQ LQV &DXFK\NULWHULXP^D` $XI GHP ,QWHUYDOO , NRQYHUJLHUW GLH )XQNWLRQHQIROJH IQ JOHLFKPlLJ ZHQQ HV ]X MHGHP Ķ ! HLQ 1Ķ JLEW ZRPLW _ IQ [ IP [ _ d Ķ HUIOOW ZLUG GXUFK DOOH Q P t 1Ķ XQG IU DOOH [ , *XGHUPDQQ 6HLGHO 6WRNHV KDWWHQ GLH JOHLFKPlLJH .RQYHUJHQ] QLFKW LQ HLQH H[SOL]LWH 'HILQLWLRQ JHIDVVW hEHU]RJHQHV E]JO 6HLGHO 6WRNHV ^DD` E]JO &DXFK\ YJO ^D` PLW ^E` :HLHUVWUD ZDU GHU HUVWH YRQ LKP VWDPPW GLH %HZHLVDQODJH XQVHUHU RELJHQ +HU OHLWXQJ YRQ >: 6D@ 'LH 6XFKH QDFK HLQHU KLQUHLFKHQGHQ XQG QRWZHQGLJHQ %HGLQJXQJ DQ VWHOOH YRQ HUJDE GLH ÄTXDVLJOHLFKPlLJH³ .RQYHUJHQ]^` VLHKH DXFK ^E`
,Q GHU 6WHWLJNHLW GHU *UHQ]IXQNWLRQ VWHWLJHU )XQNWLRQHQ GUFNW VLFK GLH 9HUWDXVFKEDUNHLW YRQ )XQNWLRQV XQG )ROJHQOLPHV DXV JHPl ,' (V GDXHUWH HLQH :HLOH ELV VLH DOV 3UREOHP HUNDQQW ZDU XQG ELV GLHVHV PLW >: 6D@ HLQH IU GHQ $OOWDJ SUDNWLNDEOH /|VXQJ IDQG *OHL FKHUPDHQ HLQIDFK XQG GDPLW DQGHUV DOV EHL GHU 'LIIHUHQ]LDWLRQ OLHJHQ GLH 'LQJH EHL GHU ,QWHJUDWLRQ )U ,' LVW GLH JOHLFKPlLJH .RQYHUJHQ] ZLHGHU KLQUHLFKHQG^E` XQG ZLH GHU LVW VLH QLFKW QRWZHQGLJ /HW]WHUHV EH]HXJW LQ ]ZHL 9DULDQWHQ GLH 9HUWDXVFKXQJ
OLP Qĺ [Q G[
ƴfȞ [Ȟ [Ȟ G[
OLP Qĺ [Q G[
ƴfȞ [Ȟ [Ȟ G[
WURW] QLFKWJOHLFKPlLJHU .RQYHUJHQ] GHU )ROJH [Q E]Z GHU 3DUWLDOVXPPHQ)ROJH [Q DXI (QWVSUHFKHQG ZLUG %HLVSLHO HUJlQ]W GXUFK
IQ [ G[
Q OQ Q ĺ
OLP Qĺ IQ [ G[ ^F`
*DQ] ZLH EHLP )XQNWLRQVOLPHV V ,'(QGH VWHOOW PDQ DXFK EHL GHQ ,QWHJUDOHQ GDV JOHLFK PlLJH .RQYHUJLHUHQ DOO]X RIW DOV QRWZHQGLJ KLQ VHL HV IDKUOlVVLJ RGHU EHZXVVW (LQLJH %HOHJH ^D` ÄRQO\³ ÄQHFHVVDU\³ ^` ÄWKH QHHG³ ^E` ÄVRQGHUQ QXU³ ^F` ÄHUIRU GHUH³ ^` ÄHQWVFKHLGHQGH 5ROOH³ 1HZWRQ LQWHJULHUWH XQG GLIIHUHQ]LHUWH VHLQH 3RWHQ]UHLKHQ WHUP E\ WHUP 5HFKW EHNDP HU QDFKWUlJOLFK 9LHO VSlWHU JLQJ &DXFK\ PLW VHLQHQ ,QWHJUDOHQ HEHQVR EHGHQNHQORV XP GHP VFKORVV VLFK 6WRNHV DQ^E` (U XQG 6HLGHO ZDUHQ QDFK ^F` ]X VHKU DXI 6SUXQJVWHOOHQ GHU *UHQ]IXQNWLRQ IL[LHUW DOV GDVV VLH DQ ,QWHJUDWLRQ JHGDFKW KlWWHQ *HVHW]W GHQ )DOO ZlUHQ VLH VLFK NDXP GHVVHQ EHZXVVW JHZHVHQ GDVV DXFK KLHU *UHQ]SUR]HVVH YHUWDXVFKW ZHUGHQ (UVW ZXUGH 5LHPDQQV ,QWHJUDO EHNDQQW^G` 'DIU OHLVWHWH GLH JOHLFKPlLJH .RQYHU JHQ] JXWH 'LHQVWH EHL PRGHUQHQ ,QWHJUDOEHJULIIHQ YHUOLHUW VLH DQ %HGHXWXQJ
,,= :HLHUVWUD *UHQ]ZHUWH YRQ *UHQ]ZHUWHQ ^` ^` ^` ^` ^` ^` ^` ^` ^` ^` ^`
&$1725 * >@ >@ .1233 ^D` I ^E` I ^F` +2&+.,5&+(1 ^D` ^E` ^F` XQWHQ =LWDW +HLQH ^G` /h7=(1 ^D` í ^E` ^F` I ./,1( >@ %285%$., >@ >@ '8*$& ^D` ^E` &$-25, ^D` I ^E` 0LWWH OLHV Äı³ VWDWW ij 3(,))(5 '$+$1'$/0(',&2 1$$6 6&+0,' +(86(5 >@
/LWHUDWXUYHU]HLFKQLV $%(/ ¯895(6 '( 1,(/6 +(15,. a W +J / 6\ORZ 6 /LH *U¡QGDKO 6¡Q &KULVWLDQLD $QGHUVHQ . 7KH 0HWKRG RI ,QGLYLVLEOHV &KDQJLQJ 8QGHUVWDQGLQJV VWXGLD OHLEQLWLDQD 6RQGHUKHIW ± )UDQ] 6WHLQHU 9HUODJ 6WXWWJDUW $5&+,%$/' 7+ 'LIIHUHQWLDOJOHLFKXQJHQ (LQ KLVWRULVFKHU hEHUEOLFN ELV HWZD *HVFKLFKWH GHU $QDO\VLV +J +1 -DKQNH ± 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HLGHOEHUJ Â %HUOLQ $5&+,0('(6 (,1( 1(8( 6&+5,)7 '(6 +J -/ +HLEHUJ +* =HXWKHQ 7HXEQHU /HLS]LJ $5&+,0('(6¶ :(5.( +J 7K/ +HDWK 9HUODJ 2 +lULQJ %HUOLQ $5&+,0Ê'( /(6 ¯895(6 &203/Ê7(6 '¶ ,, +J 3 YHU (HFNH /LEUDLULH $OEHUW %ODQFKDUG 3DULV $5&+,0('(6 Â:(5.( hEHUV $ &]ZDOLQD :LVVHQVFKDIWO %XFKJHVHOOVFKDIW 'DUPVWDGW $512/' 9, +X\JHQV DQG %DUURZ 1HZWRQ DQG +RRNH %LUNKlXVHU %DVHO Â %RVWRQ Â %HUOLQ $570$11 % (XFOLG ± 7KH &UHDWLRQ RI 0DWKHPDWLFV 6SULQJHU 1HZ @ 7KH 0DWKHPDWLFDO ([SHULHQFH %LUNKlXVHU %RVWRQ Â %DVHO Â 6WXWWJDUW >@ (UIDKUXQJ 0DWKHPDWLN %LUNKlXVHU %DVHO Â %RVWRQ Â 6WXWWJDUW
/LWHUDWXUYHU]HLFKQLV
'(+1 0 >@ hEHU UDXPJOHLFKH 3RO\HGHU 1DFKULFK GHU $NDG GHU :LVVHQVFKDIWHQ ]X *|WWLQJHQ 0DWKHPSK\V .ODVVH ± >@ 8HEHU GHQ 5DXPLQKDOW 0DWK $QQDOHQ ± '8*$& 3 )RQGHPHQWV GH O¶$QDO\VH $EUpJp G¶KLVWRLUH GHV PDWKpPDWLTXHV ± , VRXV OD GLUHFWLRQ GH - 'LHXGRQQp ± +HUPDQQ 3DULV (1*(/60$1 67% )DPLOLHV RI &XUYHV DQG WKH 2ULJLQV RI 3DUWLDO 'LIIHUHQWLDWLRQ 1RUWK +ROODQG $PVWHUGDP (':$5'6 -5 &+ 7KH +LVWRULFDO 'HYHORSPHQW RI WKH &DOFXOXV 6SULQJHU 1HZ @ %DQG /DXVDQQH >@ %DQG 7HXEQHU /HLS]LJ Â %HUOLQ )2:/(5 '+ 7KH 0DWKHPDWLFV RI 3ODWR¶V $FDGHP\ &ODUHQGRQ 3UHVV 2[IRUG )5$6(5 & 'LH *HQHVH GHU 9DULDWLRQVUHFKQXQJ *HVFKLFKWH GHU $QDO\VLV +J +1 -DKQNH ± 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HLGHOEHUJ Â %HUOLQ )5g%$ 67 :$66(50$11 $ 'LH EHGHXWHQGVWHQ 0DWKHPDWLNHU PDUL[YHUODJ :LHVEDGHQ )52%(1,86 * 8HEHU GLH /HLEQLW]VFKH 5HLKH -RXUQ I G UHLQH X DQJHZ0DWKHP %G ± %HUOLQ )520 7+( &$/&8/86 72 6(7 7+(25@ ,, +$,5(5 ( :$11(5 * $QDO\VLV E\ ,WV +LVWRU\ 6SULQJHU 1HZ /HLS]LJ @ *HRUJ 2OPV 9HUODJVEXFKKDQGOXQJ +LOGHVKHLP +($7+ 7+/ $ +LVWRU\ RI *UHHN 0DWKHPDWLFV $W WKH >&ODUHQGRQ@ 8QLYHUVLW\ 3UHVV >2[IRUG@ >@ 9ROXPH , >@ 9ROXPH ,, +(,1( ( >@ 8HEHU WULJRQRPHWULVFKH 5HLKHQ -RXUQ I G UHLQH X $QJHZ 0DWK ± >@ 'LH (OHPHQWH GHU )XQFWLRQHQOHKUH -RXUQ I G UHLQH X $QJHZ 0DWK ± +(56+ 5 :KDW LV 0DWKHPDWLFV 5HDOO\" 9LQWDJH /RQGRQ +,/%(57 ' *HVDPPHOWH $EKDQGOXQJHQ %G 9HUODJ -XOLXV 6SULQJHU %HUOLQ +,6725< 2) 0$7+(0$7,&6 +,6725,(6 2) 352%/(06 7KH ,QWHU,5(0&RPPLVVLRQ HOOLSVHV 3DULV +(86(5 + >@ /HKUEXFK GHU $QDO\VLV 7HLO 7HXEQHU 6WXWWJDUW >@ /HKUEXFK GHU $QDO\VLV 7HLO 7HXEQHU 6WXWWJDUW >@ *HZ|KQOLFKH 'LIIHUHQWLDOJOHLFKXQJHQ 7HXEQHU 6WXWWJDUW >@ $OV GLH *|WWHU ODFKHQ OHUQWHQ *ULHFKLVFKH 'HQNHU YHUlQGHUQ GLH :HOW 3LSHU 0QFKHQ >@ 3\WKDJRUHLVFKH 0DWKHPDWLN XQG 1DWXUZLVVHQVFKDIW 'HU 0DWK1DWXUZ 8QWHUULFKW %G ± 'PPOHU 9HUODJ %RQQ +,/'(%5$1'7 67 7520%$ $ .XJHO .UHLV XQG 6HLIHQEODVHQ %LUNKlXVHU %DVHO Â %RVWRQ Â %HUOLQ +2&+.,5&+(1 7+ 0D XQG ,QWHJUDWLRQVWKHRULH YRQ 5LHPDQQ ELV /HEHVJXH *HVFKLFKWH GHU $QDO\VLV +UVJ +1 -DKQNH ± 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HL GHOEHUJ Â %HUOLQ
/LWHUDWXUYHU]HLFKQLV
+2))0$11 - -2+1621 &/ /2** $ 'UHDPV RI &DOFXOXV 3HUVSHFWLYHV RQ 0DWKHPDWLFV (GXFDWLRQ 6SULQJHU9HUODJ %HUOLQ Â +HLGHOEHUJ +2)0$11 -( >@ 'LH (QWZLFNOXQJVJHVFKLFKWH GHU /HLEQL]VFKHQ 0DWKHPDWLN ± /HLEQL] 9HUODJ 0QFKHQ >@ =XU (QWGHFNXQJVJHVFKLFKWH GHU K|KHUHQ $QDO\VLV LP -DKUKXQGHUW 0DWK3K\V 6HP %HULFKWH >@ *HVFKLFKWH GHU 0DWKHPDWLN , 7HLO *|VFKHQ %G;;; 'H *UX\WHU %HUOLQ >@ *HVFKLFKWH GHU 0DWKHPDWLN ,, 7HLO *|VFKHQ %G 'H *UX\WHU %HUOLQ >@ *HVFKLFKWH GHU 0DWKHPDWLN ,,, 7HLO *|VFKHQ %G 'H *UX\WHU %HUOLQ +233( ( =XU *HVFKLFKWH GHU ,QILQLWHVLPDOUHFKQXQJ ELV /HLEQL] XQG 1HZWRQ -DKUHVEHU G 'HXWVFKHQ 0DWK9HUHLQLJJ ± 7HXEQHU /HLS]LJ +81' ) (LQIKUXQJ LQ GLH 7KHRUHWLVFKH 3K\VLN %LEOLRJU ,QVWLWXW 9(% /HLS]LJ >@ %G 0HFKDQLN >@ %G 2SWLN -$+1.( +1 'LH DOJHEUDLVFKH $QDO\VLV GHV -DKUKXQGHUWV *HVFKLFKWH GHU $QDO\VLV +J 9HUIDVVHU ± 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HLGHOEHUJ Â %HUOLQ -226 * /HKUEXFK GHU 7KHRUHWLVFKHQ 3K\VLN >@ $NDGHPLVFKH 9HUODJVJHV )UDQNIXUW D0 >@ $8/$9HUODJ :LHVEDGHQ -86&+.(:,76&+ $3 *HVFKLFKWH GHU 0DWKHPDWLN LP 0LWWHODOWHU 7HXEQHU /HLS]LJ ./(,1 ) )DPRXV 3UREOHPV RI (OHPHQWDU\ *HRPHWU\ 'RYHU 3XEOLFDWLRQV 1HZ @ 0DWKHPDWLFDO 7KRXJKW IURP $QFLHQW WR 0RGHUQ 7LPHV 2[IRUG 8QLY3UHVV 1HZ @ 0$7+(0$7,&6 í 7KH /RVV RI &HUWDLQW\ 2[IRUG 8QLY3UHVV 2[IRUG Â 1HZ @ %G ,QWHJUDOUHFKQXQJ XQG 'LIIHUHQWLDOUHFKQXQJ %RQQ /$1'$8 ( *UXQGODJHQ GHU $QDO\VLV /HLS]LJ &KHOVHD 3XEOLVKLQJ &RPS 1HZ @ « , %, :LVVHQVFKDIWVYHUODJ 0DQQKHLP Â:LHQ Â=ULFK >@ « ,, %, :LVVHQVFKDIWVYHUODJ 0DQQKHLP Â:LHQ Â=ULFK 1$$6 - 6&+0,' +/ 0DWKHPDWLVFKHV :|UWHUEXFK %G, $NDGHPLH9HUODJ %HUOLQ 7HXE QHU 9HUO*HV 6WXWWJDUW 1(7= 5 12(/ : 'HU .RGH[ GHV $UFKLPHGHV 9HUODJ &+ %HFN 0QFKHQ 1(:721 7KH 0DWKHPDWLFDO 3DSHUV RI ,6$$& a +J '7 :KLWHKHDG &DPEULGJH 8QLY 3UHVV >@ 9RO , &DPEULGJH >@ 9RO ,, &DPEULGJH 1,.,)252:6., :$ )5(,0$1 /) :HJEHUHLWHU GHU QHXHQ 0DWKHPDWLN 9HUODJ 0,5 0RVNDX )DFKEXFKYHUODJ /HLS]LJ /HLS]LJ 3(,))(5 - '$+$1'$/0(',&2 $ :HJH XQG ,UUZHJH ± (LQH *HVFKLFKWH GHU 0DWKHPDWLN %LUNKlXVHU 9HUODJ %DVHO Â %RVWRQ Â %HUOLQ 3(5521 2 ,UUDWLRQDO]DKOHQ 9HUODJ : GH *UX\WHU %HUOLQ Â /HLS]LJ 3(7(56 :6 =XP %HJULII GHU .RQVWUXLHUEDUNHLW EHL , .DQW $UFK +LVW ([DFW 6FLHQFHV YRO ± 6SULQJHU9HUODJ %HUOLQ +HLGHOEHUJ 1HZ @ ,1 &/$66,&$/ $1$/@ 0DWKHPDWLFV DQG ,WV +LVWRU\ QG HG 6SULQJHU 1HZ @ 0D[ 'HKQ DQG JHRPHWU\ 0DWKHP 6HPHVWHUEHULFKWH %G 6SULQJHU %HUOLQ Â +HLGHOEHUJ 6725&+ 8 :,(%( + /HKUEXFK GHU 0DWKHPDWLN %G 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HLGHOEHUJ ǜ %HUOLQ ǜ 2[IRUG 6758,. '- $EULVV GHU *HVFKLFKWH GHU 0DWKHPDWLN 9(% 'HXWVFKHU 9HUODJ GHU :LVVHQ VFKDIWHQ %HUOLQ 7+,(/( 5 $QWLNH *HVFKLFKWH GHU $QDO\VLV +J +1 -DKQNH ± 6SHNWUXP $NDGHPL VFKHU 9HUODJ +HLGHOEHUJ ǜ %HUOLQ 72(3/,7= 2 'LH (QWZLFNOXQJ GHU ,QILQLWHVLPDOUHFKQXQJ 6SULQJHU %HUOLQ 92/.(57 . *HVFKLFKWH GHU $QDO\VLV %, :LVVHQVFKDIWVYHUODJ 0DQQKHLP 9$1 '(5 :$(5'(1 %/
>@ =HQRQ XQG GLH *UXQGODJHQNULVH GHU JULHFKLVFKHQ 0DWKHPDWLN 0DWK $QQDOHQ ± >@ (UZDFKHQGH :LVVHQVFKDIW $XIO %LUNKlXVHU %DVHO Â 6WXWWJDUW 9$1 0$$1(1 -
9RUOlXIHU GHU 'LIIHUHQWLDO XQG ,QWHJUDOUHFKQXQJ *HVFKLFKWH GHU $QDO\VLV +J +1 -DKQNH ± 6SHNWUXP $NDGHPLVFKHU 9HUODJ +HLGHOEHUJ Â %HUOLQ
9$1 52276(/$$5 %
FRPPXQ E\ %/ YDQ GHU :DHUGHQ %RO]DQR¶V 7KHRU\ RI 5HDO 1XPEHUV $UFK +LVW ([DFW 6FLHQFHV YRO ± 6SULQJHU %HUOLQ +HLGHOEHUJ 1HZ @ 7KH 'LVFRYHU\ RI ,QFRPPHQVXUDELOLW\ E\ +LSSDVXV RI 0HWDSRQWXP $QQDOV RI 0DWKHP ± >@ 'LH (QWGHFNXQJ GHU ,QNRPPHQVXUDELOLWlW GXUFK +LSSDVRV YRQ 0HWDSRQW =XU *HVFKLFKWH GHU JULHFKLVFKHQ 0DWKHPDWLN +J 2 %HFNHU ± :LVVHQVFKDIWO %XFKJHVHOOVFK 'DUPVWDGW 921 0$1*2/'7 + .1233 .
(LQIKUXQJ LQ GLH +|KHUH 0DWKHPDWLN %G 6 +LU]HO
9HUODJ 6WXWWJDUW 921 1(80$11 -
'HU 0DWKHPDWLNHU 7KH 0DWKHPDWLFLDQ 0DWKHPDWLNHU EHU GLH 0DWKH PDWLN +J 0 2WWH ± 6SULQJHU 9HUODJ %HUOLQ Â +HLGHOEHUJ Â 1HZ @ *HVFKLFKWH GHU 0DWKHPDWLN ,, 7HLO +lOIWH *|VFKHQ¶VFKH 9HUODJVKDQGOXQJ /HLS]LJ >@ 0DWKHPDWLVFKH 4XHOOHQEFKHU ,9 ± ,QILQLWHVLPDOUHFKQXQJ 9HUODJ 2WWR 6DOOH %HUOLQ >@ *HVFKLFKWH GHU 0DWKHPDWLN *|VFKHQ %G %HUOLQ :866,1* + 9RUOHVXQJHQ ]XU *HVFKLFKWH GHU 0DWKHPDWLN 9(% 'HXWVFKHU 9HUODJ GHU :LVVHQVFKDIWHQ %HUOLQ :866,1* + $512/' : %LRJUDSKLHQ EHGHXWHQGHU 0DWKHPDWLNHU 9RON XQG :LVVHQ 9RONVHLJHQHU 9HUODJ %HUOLQ =(87+(1 +* *HVFKLFKWH GHU 0DWKHPDWLN LP ;9, XQG ;9,, -DKUKXQGHUW 7HXEQHU /HLS]LJ
,QGH[ $EHO $EOHLWXQJ SDUWLHOOH $FKLOO XQG .U|WH $GGLWLRQVJHVHW] GHU /RJDULWKPHQ bJ\SWHU DNWXDO XQHQGOLFK $OJHEUD DOJHEUDLVFKH *HRPHWULH $OJRULWKPXV $QDO\VLV $QDO\VLV LP .RPSOH[HQ $QDO\VW 7KH $QIDQJVEHGLQJXQJ $QIDQJVZHUWSUREOHP $QWLGLIIHUHQ]LDWLRQ $QWLLQWHJUDWLRQ $SROORQLRV $SROORQLRV¶ +\SHUEHO bTXLYDOHQ]NODVVH YRQ &DXFK\IROJHQ $UFKLPHGHV DUFKLPHGLVFKH 6SLUDOH DUFKLPHGLVFKHV $[LRP DUFKLPHGLVFKHV /HPPD $ULVWDUFKRV $ULVWRWHOHV $ULWKPHWLN $ULWKPHWLVLHUXQJ $ULWKPRV $WRP 9,, /LQLHQ $WRPLVPXV JHRPHWULVFKHU $XJXVWLQXV $XVUXI]HLFKHQ )DNXOWlW
$[LRP DUFKLPHGLVFKHV $[LRPHQV\VWHP GHU UHHOOHQ =DKOHQ $]LPXW %DE\ORQLHU %DFRQ 5RJHU %DKQHOOLSVH %DKQNXUYH %DUURZ %DUURZ ]XP +DXSWVDW] %HGLQJXQJ QRWZHQGLJH %HUNHOH\ %HUQRXOOL -DFRE XQG -RKDQQ %HUQRXOOL -RKDQQ %HUKUXQJVSXQNW %HVFKOHXQLJXQJ JOHLFKI|UPLJH XQJOHLFKI|UPLJH %HZHJXQJ %HZHJXQJVJU|H %HZHJXQJVNRPSRQHQWHQ %LQRPLDOUHLKH %RJHQOlQJH %RJHQPD GHV :LQNHOV %RO]DQR %RXUEDNL %UDFKLVWRFKURQH %UHFKXQJVJHVHW] YRQ 6QHOOLXV %UHFKXQJVLQGH[ %UHFK]DKO %UHQQIOlFKH %UHQQNXUYH %UHQQSXQNW HLQHU (OOLSVH %UHQQSXQNWH GHU (OOLSVH %UFKH
%UJL %XULGDQ &DXFK\ &DXFK\IROJH &DXFK\NULWHULXP FDXFK\VFKH ,QWHJUDOIRUPHO FDXFK\VFKHU ,QWHJUDOVDW] &DYDOLHUL FDYDOLHULVFKHV 3ULQ]LS FKDUDNWHULVWLVFKHV 'UHLHFN SRODUHV FRPSDJQRQ GHU =\NORLGH &RVLQXV.XUYH &RXUV G¶DQDO\VH &XVDQXV G¶$OHPEHUW GH O¶+RVSLWDO GHGHNLQGVFKHU 6FKQLWW 'HILQLWLRQ GHU 7DQJHQWH GHNDGLVFKHU /RJDULWKPXV GHOLVFKHV 3UREOHP 'HPRNULW 'HVFDUWHV 'HVFDUWHV¶ .UHLVPHWKRGH 'LIIHUHQ]HQJOHLFKXQJ 'LIIHUHQ]HQ6FKHPD 'LIIHUHQ]LDO WRWDOHV 'LIIHUHQ]LDOJOHLFKXQJ 'LIIHUHQ]LDOJOHLFKXQJVV\VWHP 'LIIHUHQ]LDOTXRWLHQW ',1 'LULFKOHW 'LVNUHWLVLHUXQJ 'UHKLPSXOV 'UHLHFNV]DKOHQ H HLQGHXWLJH /|VXQJ (LQGHXWLJNHLW HLQHU 5HLKHQWZLFNOXQJ (LQKOOHQGH (OHD (OHPHQWH GHV (XNOLG (OOLSVH (OOLSVHQEDKQ (OOLSVHQ%UHQQSXQNW
,QGH[ (OOLSVHQ7DQJHQWH (QF\FORSpGLH (QWZLFNOXQJ )RXULHUUHLKHQ 3RWHQ]UHLKHQ (QYHORSSH (SVLORQWLN (UZHLWHUXQJ HLQHV 5HFKHQEHUHLFKV HU]HXJHQGHU .UHLV GHU =\NORLGH (XGR[RV (XNOLG HXNOLGLVFKH *HRPHWULH HXNOLGLVFKHU $OJRULWKPXV (XOHU (XOHU)RXULHUVFKH )RUPHOQ (XOHUV *ROGHQH 5HJHO (XOHUV ,QWURGXFWLR LQ (XOHUVFKH *OHLFKXQJ (YROXWH (YROYHQWH ([KDXVWLRQ ([KDXVWLRQVEHZHLV ([SRQHQWLDOIXQNWLRQ ([SRQHQWLDOUHLKH H[SRQHQWLHOOHV :DFKVWXP H[WHQVLR H[WHQVLYH *U|H ([WUHPZHUW )DNXOWlW=HLFKHQ )DOOJHVHW] IDVW EHUDOO )HUPDW )HUPDWV 3VHXGRJOHLFKXQJHQ )HUPDWV 4XDGUDWXUHQ IHUPDWVFKHV 3ULQ]LS )LERQDFFL )OlFKHQJHVFKZLQGLJNHLW )OlFKHQVDW] )OXHQWH )OVWHUJHZ|OEH )OX[LRQ IRUPD )RUPODWLWXGHQ )RXULHU )RXULHUHQWZLFNOXQJ
,QGH[ )RXULHUUHLKH )UHJH IUHLHU )DOO )XQNWLRQ WUDQV]HQGHQWH )XQNWLRQHQWKHRULH )XQNWLRQVVFKZDQNXQJ *DOLOHL *lUWQHUNRQVWUXNWLRQ GHU (OOLSVH *DX JHRJUDILVFKH /lQJH JHRPHWULVFKHU $WRPLVPXV JHR]HQWULVFKHV :HOWELOG *HVDPWKHLW QDFK &DYDOLHUL *HVFKZLQGLJNHLW )OlFKHQ *HVFKZLQGLJNHLWVSRWHQ]LDO JOHLFKI|UPLJH %HVFKOHXQLJXQJ JOHLFKI|UPLJH %HZHJXQJ JOHLFKPlLJ VWHWLJ JOHLFKPlLJH .RQYHUJHQ] JOLHGZHLVHV ,QWHJULHUHQ *|GHO *ROGHQH 5HJHO (XOHUV *ROGHQHV =HLWDOWHU *UDQGL *UDYLWDWLRQ *UDYLWDWLRQVJHVHW] *UHJRU\ *UHQ]H REHUHXQWHUH *UHQ]SUR]HVV *UHQ]ZHUW *U|H H[WHQVLYHLQWHQVLYH *U|HQJOHLFKXQJ *UXQGODJHQNULVH *UXQGVWHLQ *XGHUPDQQ *XLGR *UDQGL *XOGLQVFKH 5HJHOQ +DQNHO KDUPRQLVFKH 5HLKH KDUPRQLVFKHV 'UHLHFN +lXIXQJVSXQNW
+DXSWVDW] HUVWHU]ZHLWHU +DXSWVDW] GHU 'LIIHUHQ]LDO X ,QWHJUDOUHFKQXQJ +DXSWVDW] QDFK %DUURZ +DXSWVDW] QDFK 7RUULFHOOL KHOLR]HQWULVFKHV :HOWELOG +HOL[ KHURLVFKHV =HLWDOWHU +LOEHUW +LSSRNUDWHV KLSSRNUDWLVFKH 0|QGFKHQ +REEHV +RRNH KRUQI|UPLJHU :LQNHO +\SDWLD +\SHUEHO GHV $SROORQLRV LPDJLQlUH =DKO ,PSXOV ,QGLYLVLEOH NUXPPH ,QILQLWHVLPDOH 9,, ,QWHJUDELOLWlWV.ULWHULXP ULHPDQQVFKHV ,QWHJUDO QDFK 5LHPDQQ ,QWHJUDO$EOHLWXQJ ,QWHJUDOIRUPHO YRQ &DXFK\ ,QWHJUDOVDW] YRQ &DXFK\ ,QWHJUDWLRQVZHJ LQWHJULHUHQ JOLHGZHLVH LQWHQVLR ,QWHQVLWlW LQWHQVLYH *U|H ,QWURGXFWLR LQ YRQ (XOHU LQYHUVH VTXDUH ODZ LQYHUVHV 7DQJHQWHQSUREOHP LUUDWLRQDOH =DKO LVRFKURQ LVRSHULPHWULVFKHV 3UREOHP LWHULHUWH 'LIIHUHQ]HQ .DXVWLN .HJHO X3DUDERORLG .HJHOVFKQLWW .HJHOYROXPHQ
.HSOHU .HSOHU(OOLSVH .HSOHUV $SIHO .HSOHUV )OlFKHQVDW] NHSOHUVFKH *HVHW]H .LQHPDWLN .LQHWLN .ODVVLIL]LHUXQJ GHU 3UREOHPH NRPPHQVXUDEHO .RPSRQHQWHQ %HZHJXQJV .RQWLQJHQ]ZLQNHO .RQWLQXLWlWVSULQ]LS YRQ /HLEQL] .RQWLQXXP .RQYHUJHQ] JOHLFKPlLJH NRSHUQLNDQLVFKH :HQGH .RSHUQLNXV .UHLV HU]HXJHQGHU .UHLVDEZLFNOXQJ .UHLVPHWKRGH GHV 'HFDUWHV .UHLVSHQGHO .URQHFNHU NUXPPH ,QGLYLVLEOH .UPPXQJ HLQHU .XUYH .XJHO LP =\OLQGHU .XJHOREHUIOlFKH .XJHOSHQGHO .XJHOYROXPHQ .XUYH PHFKDQLVFK HU]HXJWH .XUYHQNUPPXQJ /DJUDQJH /DJUDQJH5HVWJOLHG /HEHVJXH /HLEQL] /HLEQL]¶ .RQWLQXLWlWVSULQ]LS OHLEQL]VFKH 5HLKH /HPPD GHV $UFKLPHGHV /HRQDUGR GD 9LQFL /LFKWIRUWSIODQ]XQJ /LPHVYHUWDXVFKXQJ OLQHDUH %H]LHKXQJ /LQLHQDWRP
,QGH[ /RJDULWKPHQ $GGLWLRQVJHVHW] GHU ORJDULWKPLVFK /RJDULWKPXV GHNDGLVFKHU QDWUOLFKHU VWHWLJHU a EHL 1DSLHU /RJLVWLN ORQJLWXGR PDFKVFKHU .HJHO 0D]DKO 0DWKHPDWLNHU hEHU]HXJXQJHQ GHU PHFKDQLVFK HU]HXJWH .XUYH PHFKDQLVFKHV :HOWELOG 0HQJH YRP 0D QXOO 0HUWRQ 5XOH 0HWKRGHQVFKULIW GHV $UFKLPHGHV 0LWWHODOWHU PDWKHPDWLVFKHV 0RGHOO HLQHU 6WUXNWXU 0RPHQWDQJHVFKZLQGLJNHLW 0RPHQWH 0|QGFKHQ GHV +LSSRNFUDWHV 0RQRNRUG PRUH JHRPHWULFR 1DSLHU 1DSLHUV VWHWLJHU /RJDULWKPXV 1DWXUJHVHW] QDWUOLFKH =DKO QDWUOLFKHU /RJDULWKPXV QDWUOLFKHV :DFKVWXP QHJDWLYH =DKO 1HLO QHLOVFKH 3DUDEHO 1HXSODWRQLVPXV 1HZWRQ 1HZWRQV '\QDPLN 1RQ6WDQGDUG$QDO\VLV 1RUP HLQHU =HUOHJXQJ QRWZHQGLJH %HGLQJXQJ 1XOOPHQJH 1XPHUXV REHUH *UHQ]H 2EHUIOlFKH GHU .XJHO
,QGH[ 2EHUVXPPH 2UGQXQJ HLQHU $EOHLWXQJ 2UGQXQJ HLQHU 'LIIHUHQ]LDOJOHLFKXQJ 2UGQXQJ HLQHV 'LIIHUHQ]LDOTXRWLHQWHQ 2UHVPXV RULHQWLHUWHU :LQNHO 3DSSRV 3DUDEHO QHLOVFKH VHPLNXELVFKH 3DUDEHOQ K|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lLVFKHV :HOWELOG 3\UDPLGH 3\UDPLGHQYROXPHQ 3\WKDJRUDV S\WKDJRUHHLVFKH .DWDVWURSKH
4XDGUDWXU 4XDGUDWXU GHU 3RWHQ]IXQNWLRQHQ 4XDGUDWXU GHU 4XDGUDWZXU]HO 4XDGUDWXU GHV .UHLVHV UDWLRQDOH =DKO UDWLRQDOHV 9HUKlOWQLV 5HFKHQEHUHLFK UHGXFWLR DG DEVXUGXP UHHOOH =DKO 5HJLRPRQWDQXV UHJXOD 5HLKH ([SRQHQWLDO KDUPRQLVFKH 7D\ORU 5HLKHQ V XQHQGOLFKH 5HLKHQ WULJRQRPHWULVFKH 5HLKHQHQWZLFNOXQJ 5HNWLILNDWLRQ 5HNXUVLRQ 5HQDLVVDQFH 5HVWJOLHG QDFK /DJUDQJH 5LHPDQQ ULHPDQQVFKH 6XPPHQ ULHPDQQVFKHV ,QWHJUDELOLWlWV.ULWHULXP ULHPDQQVFKHV ,QWHJUDO 5LQWHJULHUEDU 5REHUYDO 5ROONXUYH 5XVVHOO 6FKHUXQJVLQYDULDQ] 6FKQLWW GHGHNLQGVFKHU 6FKRODVWLN 6FKZDQNXQJ HLQHU )XQNWLRQ 6FKZHLQH 6FKZHUHEHVFKOHXQLJXQJ 6HLGHO VHPLNXELVFKH 3DUDEHO 6LFKHUKHLWVSDUDEHO 6QHOOLXV VQHOOLXVVFKHV %UHFKXQJVJHVHW] 6RSKLVW 6SKlUHQNOlQJH
6WDPPIXQNWLRQ VWDWLRQlU 6WHLJXQJVGUHLHFN 6WHWLJNHLW 6WRNHV 6WUXNWXU0RGHOO 6XEQRUPDOH 6XEWDQJHQWH SRODUH 6ZLQHVKHDG 6\VWHP YRQ 'LIIHUHQ]LDOJOHLFKXQJHQ 7DQJHQWH GHU (OOLSVH 7DQJHQWH GHU =\NORLGH 7DQJHQWHQ'HILQLWLRQ 7DQJHQWHQNULWHULXP GHU DOJHEUDLVFKHQ *HRPHWULH 7DQJHQWHQSUREOHP LQYHUVHV 7DXWRFKURQH 7D\ORUHQWZLFNOXQJ 7D\ORUNRHIIL]LHQW 7D\ORUUHLKH 7HOHVNRS5HLKH 7HOHVNRS6XPPH WHUP E\ WHUP 7HWUDHGHU 7KDOHV 7KRPDV YRQ $TXLQ 7KRPLVPXV 7RHSOLW] 7RUULFHOOL 7RUULFHOOLV 7URPSHWH 7RUXV9ROXPHQ WRWDOHV 'LIIHUHQ]LDO 7UlJKHLWVJHVHW] 7UlJKHLWVNUDIW WUDQV]HQGHQWH )XQNWLRQ WUDQV]HQGHQWH =DKO 7UHSSHQVXPPH WULDQJXOXP FKDUDFWHULVWLFXP DVVLJQDELOLV LQDVVLJQDELOLV 7ULFKRWRPLH WULJRQRPHWULVFKH 5HLKHQ 7URPSHWH GHV 7RUULFHOOL
,QGH[ 7URPSHWHQ9ROXPHQ hEHUOLHIHUXQJ EHUXQHQGOLFKH =DKO 8QHQGOLFK GDV a GDV $NWXDO XQHQGOLFKH 5HLKHQ XQJOHLFKI|UPLJH %HVFKOHXQLJXQJ XQJOHLFKI|UPLJH %HZHJXQJ 8QP|JOLFKNHLWVEHZHLV XQWHLOEDU XQWHUH *UHQ]H 8QWHUNODVH HLQHV 6FKQLWWHV 8QWHUVXPPH 9DULDWLRQVUHFKQXQJ 9LHUIODFK YLHUWH 3URSRUWLRQDOH 9LHWD 9ROOVWlQGLJNHLW 9ROXPHQ GHU .XJHO 9ROXPHQ GHU 3\UDPLGH 9ROXPHQ GHU WRUULFHOOLVFKHQ 7URPSHWH 9ROXPHQ GHV .HJHOV 9ROXPHQ GHV 7RUXV YRQ 1HXPDQQ :DFKVWXP H[SRQHQWLHOOHV QDWUOLFKHV :DFKVWXPVUDWH :DOOLV :HFKVHOZHJQDKPH :HJLQWHJUDO :HLHUVWUD :HOWELOG JHR]HQWULVFKHV KHOLR]HQWULVFKHV PHFKDQLVFKHV SWROHPlLVFKHV :LGHUVSUXFKVIUHLKHLW :LQNHO KRUQI|UPLJHU .RQWLQJHQ] RULHQWLHUWHU :LQNHO LP %RJHQPD
,QGH[ =DKO $OOHV LVW a LPDJLQlUH LUUDWLRQDOH QDWUOLFKH QHJDWLYH UDWLRQDOH UHHOOH WUDQV]HQGHQWH =DKOHQHEHQH
=HLWDOWHU *ROGHQHV KHURLVFKHV =HQRQ ]HUOHJXQJVNRQJUXHQW =HUOHJXQJVQRUP =HUOHJXQJVQXOOIROJH =\NORLGH =\NORLGHQSHQGHO =\NORLGHQ7DQJHQWH =\OLQGHU XP .XJHO =\OLQGHU XP 3DUDERORLG