Entzauberung durch Diskurs: Eine rechtssoziologische Analyse zu systemischen Risiken und handlungstheoretischen Verantwortlichkeiten. Zur Option einer zeitgleichen System- und Sozialintegration [1 ed.] 9783830094005

Citation preview

2692-1216_Umschlag_2692-1216_Umschlag 03.01.17 09:23 Seite 1

ISBN 978-3-8300-9400-5

Entzauberung durch Diskurs

Ali Demir

Demir

Nach der Systemtheorie hat die Menschheit mit der funktionalen Differenzierung der Gesellschaft eine neue Stufe der Entzauberung erreicht: Nicht mehr Mythen, charismatische Persönlichkeiten, Götter, Propheten, Intellektuelle, sondern die technisch-technologische Logik koordiniert jede gesellschaftliche Sphäre. Angesichts dessen verschob auch die Handlungstheorie die Verantwortlichkeit von historischen Persönlichkeiten hin zur Öffentlichkeit, in der die Akteure im Diskurs, im prozeduralen Verfahren die Teilnahmebedingungen definieren. Die Entzauberung ist in beiden Fällen weniger ein gemeinsames Projekt, sondern das logische Ergebnis der Kommunikation selbst.

Entzauberung durch Diskurs – Eine rechtssoziologische Analyse zu systemischen Risiken und handlungstheoretischen Verantwortlichkeiten Zur Option einer zeitgleichen System- und Sozialintegration

Verlag Dr. Kovacˇ









,QKDOWVEHUVLFKW (LQOHLWXQJ





$5LVLNRXQG9HUDQWZRUWOLFKNHLW :(%(52N]LGHQWDOH5DWLRQDOLWlW '85.+(,06LWWHQXQG5HFKW .RQYHUJHQ]

   

%5LVLNRXQG0RGHUQH 6&+h7='HUVLQQKDIWH$XIEDXGHUVR]LDOHQ:HOW +$%(50$6XQGGLH0RGHUQH D:(%(56RIIL]LHOOH+DQGOXQJVWKHRULHXQGLKUH6FKZlFKHQ E+$%(50$6µ+DQGOXQJVW\SRORJLH F/HEHQVZHOWXQGNRPPXQLNDWLYHV+DQGHOQ )28&$8/7*RXYHUQHPHQWDOLWlWXQG3DQRSWLFRQ %(&.:LVVHQVFKDIWXQG*UHQ]ZHUWH 6(,/(5*HQHUHOODEVWUDNWXQGLQGLYLGXHOONRQNUHW

        

&'LH%LQDULWlWGHUV\VWHPWKHRUHWLVFKHQ9HUDQWZRUWOLFKNHLW /8+0$11XQGGLH3DUDGR[LH D3RVLWLYLHUXQJGHV5HFKWV E=HQWUXPYHUVXV3HULSKHULH F5HFKWXQG3ROLWLN $06787='DV*HVHW] 7(8%1(55LVLNRLQGHQ.RQVHQVTXHOOHQGHV5HFKWV (+5/,&+'DVOHEHQGH5HFKW )g*(1(QWVFKHLGXQJV]ZDQJ

        

'*RYHUQDQFHDOV5LVLNRGHUSROLWLVFKHQ9HUDQWZRUWOLFKNHLW 'HU%HJULII*RYHUQDQFH 0XOWLOHYHO*RYHUQDQFH (XURSlLVFKH8QLRQ 5HJLHUHQLQ1HW]ZHUNHQXQG5HJLHUHQGXUFK1HW]ZHUNH 0HWURSROLWDQ*RYHUQDQFH *RYHUQDQFHXQG6\VWHPWKHRULH 

      





( +DQGOXQJVWKHRUHWLVFKH9HUDQWZRUWOLFKNHLW +$%(50$6XQGGLH(QW]DXEHUXQJGXUFK'LVNXUV D5HFKWVHQWZLFNOXQJ E)DNWL]LWlWXQG*HOWXQJ F5HFKWXQG3ROLWLN G.RPPXQLNDWLYH0DFKW

     

) *HQHVHGHU(LQEUJHUXQJLQGHU6FKZHL] ,GHQWLWlWXQG,QNOXVLRQ 'LH6SDQQXQJ]ZLVFKHQ'HPRNUDWLHXQG5HFKWVVWDDW 6\VWHPLVFKH5LVLNHQDOV*UQGHIUHLQHUHVWULNWLYH (LQEUJHUXQJVSROLWLN 6WDDWVEUJHUUHFKWHDOV.RQYHUJHQ]YRQ6\VWHP XQG6R]LDOLQWHJUDWLRQ 'LH=XNXQIWGHU6WDDWVEUJHUUHFKWH

  

*6FKOXVVIROJHUXQJHQ /LWHUDWXUYHU]HLFKQLV





     











(LQOHLWXQJ 'DQN QHXHQ WHFKQLVFKWHFKQRORJLVFKHQ (UNHQQWQLVVHQ YHUIJW GLH 0HQVFKKHLW LQ]ZLVFKHQ EHU HLQ :DIIHQDUVHQDO GDV GLH :HOW PHKUHUH 0DOH DXVO|VFKHQ N|QQWH *OHLFK]HLWLJ JLEW HV HLQ JHVWHLJHUWHV %HZXVVWVHLQ EHU GLH 0HQVFKHQ UHFKWHVRZLHGLH9HUDQWZRUWOLFKNHLWNQIWLJHQ*HQHUDWLRQHQVRZLHGHP3ODQHWHQ JHJHQEHU =XU (UNOlUXQJ GLHVHV :LGHUVSUXFKV KDEH LFK HLQ %HJULIIVSDDU DXV JHZlKOWGDVGLH6SDQQXQJ]ZLVFKHQ)DNWL]LWlWXQG*HOWXQJVRZRKOEHZDKUWDOV DXFK]XVSLW]W5LVLNRXQG9HUDQWZRUWOLFKNHLW1LFKWHLQHIXQNWLRQDOH'HILQLWLRQ VRQGHUQ GLH $XVHLQDQGHUVHW]XQJ PLW GHP 3KlQRPHQ VHOEVW VWHKW LP 9RUGHU JUXQG GLHVHV %HLWUDJV ,FK YHUWUHWH GLH 7KHVH GDVV VR]LDOH +HUDXVIRUGHUXQJHQ HLQHQ 'LVNXUV HUIRUGHUQ LQ GHP HV QLFKW QXU XP GHQ ]ZDQJORVHQ =ZDQJ GHV EHVVHUHQ$UJXPHQWVXQGGDV0RWLYGHUNRRSHUDWLYHQ:DKUKHLWVVXFKHJHKWVRQ GHUQDXFKXPGLH'XUFKVHW]XQJYRQ,QWHUHVVHQ,QVRIHUQLVWMHGHU'LVNXUVLQWH UHVVHQJHEXQGHQ 'LH 3RVLWLRQHQ N|QQHQ PLW VR]LDOZLVVHQVFKDIWOLFKHQ $UJX PHQWHQ HUKlUWHW ZHUGHQ PVVHQ DEHU GHVZHJHQ QLFKW DXFK HLQHQ TXDOLWDWLY K|KHUHQ6WHOOHQZHUWHUKDOWHQ $QVWHOOHHLQHUYRUJHIHUWLJWHQ'HILQLWLRQGHV*HJHQVWDQGHVZLUGLPHUVWHQ7HLOLQ GHQ6FKULIWHQ0$; :(%(56XQG(0,/( '85.+(,06GDV3KlQRPHQYRQ5LVLNR XQG9HUDQWZRUWOLFKNHLWJHVLFKWHW:(%(5XQG'85.+(,0JHOWHQDOVGLH%HJUQ GHU GHU 6R]LRORJLH ,KUH 6FKULIWHQ HQWKDOWHQ :LVVHQVEHVWlQGH XQG WKHRUHWLVFKH 3RVLWLRQHQ GLH IU GLH %LQDULWlW YRQ 5LVLNR XQG 9HUDQWZRUWOLFKNHLW ULFKWXQJV ZHLVHQGVLQG+LVWRULNHUZUGHQLQLKQHQ4XHOOHQVHKHQGLHQLFKWPLWGHU$E VLFKWKLQWHUODVVHQZXUGHQIUGLHVLHKHXWHVWHKHQ2EVFKRQGLHEHLGHQ6R]LROR JHQ HLQLJH *HPHLQVDPNHLWHQ KDEHQ VLQG LKUH VR]LDOZLVVHQVFKDIWOLFKHQ 6WDQGSXQNWH VHKU YHUVFKLHGHQ :(%(5 ZDU VWlUNHU DQ GHQ 0DFKWVWUXNWXUHQ DQ GHQ +HUUVFKDIWVEH]LHKXQJHQ LQWHUHVVLHUW ZlKUHQG HV '85.+(,0 YLHO PHKU XP GLH %HGLQJXQJHQ GHV (QWZXUIV HLQHU WUDJIlKLJHQ *UXSSHQLGHQWLWlW JLQJ (QW VSUHFKHQGKDW:(%(5 VWlUNHUGLH6WUXNWXUHQGHU5LVLNHQEHVFKULHEHQGLHLPPHU GDQQDNWXHOOZHUGHQZHQQHVXPGLH%HVWLPPXQJ.RQVROLGLHUXQJXQG1HXEH ZHUWXQJGHU)DNWL]LWlWJHKWZRKLQJHJHQ'85.+(,0GLH,QKDOWHXQGGHQ3UR]HVV GHU ,GHQWLWlWVELOGXQJ DQDO\VLHUW GLH $QKDOWVSXQNWH IU GLH (LQULFKWXQJ HLQHU QDFKKDOWLJ WUDJIlKLJHQ 9HUDQWZRUWOLFKNHLW LP 6LQQH HLQHU NRQVHQVIlKLJHQ 8P YHUWHLOXQJJHVHOOVFKDIWOLFKXQYHU]LFKWEDUHU*WHUOLHIHUQ'RFKZLOOPDQDXVLK UHQ6FKULIWHQOHUQHQZlUHHLQH*OHLFK]HLWLJNHLWUDWVDP(VJHKWQLFKWGDUXP]X EHVWLPPHQ ZHU IU ZHOFKH )UDJHVWHOOXQJ EHVVHU JHHLJQHW LVW VRQGHUQ GDUXP 



KHUDXV]XDUEHLWHQZRIULKU(UEHLQGHQMHZHLOLJHQ'LVNXUVHQVWHKW:HQQGLHVH )UDJH LQ GHQ 9RUGHUJUXQG JHVWHOOW ZLUG GDQQ ZLUG HV DXFK P|JOLFK VHLQ GLH KHXWLJHQ 3RVLWLRQHQ VR HLQ]XRUGQHQ GDVVGDV .RQ]HSW YRQ 5LVLNR XQG 9HUDQW ZRUWOLFKNHLW DQVWHOOH HLQHU .RQWUDGLNWLRQ HLQ VLFK HUJlQ]HQGHV *DQ]HV HUJLEW ± HLQ.HQQ]HLFKHQGHU0RGHUQH 'LHVHP*HGDQNHQWUlJWGLHYRUOLHJHQGH$UEHLW5HFKQXQJLQGHPVLH±QDFKGHU $XVHLQDQGHUVHW]XQJ PLW GHQ 6FKULIWHQ :(%(56 XQG '85.+(,06 ± 5LVLNR XQG 0RGHUQH EHKDQGHOW 'DEHL ZLUG GDV =LHO YHUIRJOW ]X ]HLJHQ GDVV 5LVLNR XQG 9HUDQWZRUWOLFKNHLW HLQ 3KlQRPHQ PRGHUQHU *OHLFK]HLWLJNHLW GDUVWHOOHQ 5LVLNR VWHKW QLFKW LQ HLQHU *HJHQVlW]OLFKNHLW ]XU 9HUDQWZRUWOLFKNHLW $QGHUVKHUXP LVW GLH9HUDQWZRUWOLFKNHLWNHLQ.RQ]HSWGHV*XWHQ,QGLHVHP=XVDPPHQKDQJZLUG -h5*(1 +$%(50$6µ.RQ]HSWGHU0RGHUQHYRUJHVWHOOWGLHLP0RGXVNRPPXQL NDWLYHQ +DQGHOQV JHJHQ V\VWHPLVFKH 5LVLNHQ LQ GHU /HEHQVZHOW NRQVWLWXLHUW ZLUG +$%(50$6µ 7KHRULH ZLUG PLW 6FKULIWHQ YRQ 0,&+(/ )28&$8/7 8/5,&+ %(&.XQG+$16-g5* 6(,/(5XQWHUPDXHUW:lKUHQG)28&$8/7XQG%(&.VHOEVW DXIV\VWHPLVFKH5LVLNHQKLQZHLVHQVHKHLFKLQ6(,/(565HFKWVYHUVWlQGQLVHLQHQ +LQZHLV DXI HLQHQ Ä,PPXQLVLHUXQJVYHUVXFK³ GXUFK HLQH ]X VWDUNH 9HUHLQID FKXQJJHJHQEHUGLHVHQ5LVLNHQ ,PQlFKVWHQ$EVFKQLWWZLUGGLH.HKUVHLWHGHU5LVLNHQGKGLH9HUDQWZRUWOLFK NHLW LP 6LQQH GHU $XIUHFKWHUKDOWXQJ OHJLWLPHU (UZDUWXQJHQ EHVSURFKHQ /HJL WLPLWlW LVW LQ GHU 6\VWHPWKHRULH 1,./$6 /8+0$116 HLQH (UZDUWXQJVHUZDUWXQJ GLHMHGHV6\VWHP]XU%HVWLPPXQJVHLQHU*UHQ]HQYRQ=HLW]X=HLWQHXIHVWOHJW ,Q/8+0$116 6FKULIWHQNRPPWGLH6SDQQXQJ]ZLVFKHQ)DNWL]LWlWXQG*HOWXQJ GHU PRGHUQHQ *HVHOOVFKDIWHQ LQ )RUP HLQHU 7DXWRORJLH ]XU 6SUDFKH GLH HLQ 0HUNPDOGHU0RGHUQHXQGQLFKWGHU6\VWHPWKHRULHLVWGLH*HOWXQJGHV5HFKWV DXIJUXQG HLQHU ]X JHOWHQGHQ 5HFKWVQRUP 8P GLHVH 3DUDGR[LH ]X EHUZLQGHQ GHILQLHUWH/8+0$11*HOWXQJDOVÄHLQYRQ0RPHQW]X0RPHQWQHX]XHUDUEHL WHQGHV3URGXNWGHV6\VWHPV³'LHVH/|VXQJEOHLEWIUHLOLFKNRQWLQJHQW(VZHU GHQ .RPPXQLNDWLRQHQ NRPPXQL]LHUW RKQH MHZHLOV *HIDKU ]X ODXIHQ QLFKW ]X NRPPXQL]LHUHQ 'HQQ ZHU ZVVWH VFKRQ ZDQQ DEVLFKWOLFK XQG ZDQQ XQEHDE VLFKWLJWQLFKW NRPPXQL]LHUWZLUG" $XVV\VWHPWKHRUHWLVFKHU6LFKWVFKHLQWHVDOVZUGHGDVUHIOH[LYH+DQGHOQLQGHU 0RGHUQHPLW6R]LDOHQJLQHHULQJLQHLQHV\PELRWLVFKH1RUPSURGXNWLRQHLQJHKHQ  

/8+0$11'DV5HFKWGHU*HVHOOVFKDIW











GLH VRZRKO GDV %HZXVVWVHLQ EHU GLH 5LVLNHQ ZLH DXFK GLH 5HSURGX]LHUEDUNHLW GHU 9HUDQWZRUWOLFKNHLW RKQH HLQ KLVWRULVFKHV ,QGLYLGXXP P|JOLFK PDFKW $XI GHU+DQGOXQJVHEHQHVWHOOWVLFKGDKHUGLH)UDJHZLHGDV5HFKWVV\VWHPDXIGLHVH +HUDXVIRUGHUXQJUHDJLHUHQVROO$XIGHUWKHRUHWLVFKHQ(EHQHLVW]XIUDJHQXQWHU ZHOFKHQ DEVWUDNWHQ 9RUDXVVHW]XQJHQ GDV 5HFKWVV\VWHP GLH SROLWLVFKHQ 6SDQ QXQJHQ]ZLVFKHQ9HUDQWZRUWOLFKNHLWXQG5LVLNR]XEHDUEHLWHQKDW 0LW GHP %HLWUDJ YRQ $06787= JHKW HV XP GLH )UDJH ZDV HLQ *HVHW] LVW $06787=µ$QWZRUWHQEHZHJHQVLFKLP5DKPHQGHU6\VWHPWKHRULHXQGLQVRIHUQ LP+RUL]RQWYRQGHUHQ(UZDUWXQJVHUZDUWXQJ'DJHJHQKDW7(8%1(5PLWVHLQHP %HLWUDJ ]X 5LVLNHQ LQ GHQ .RQVHQVTXHOOHQ GHV 5HFKWV HLQHQ 'LVNXUV DQJHUHJW GHU/HUQHIIHNWHZLHDXFKP|JOLFKH.RPSURPLVVH]ZLVFKHQ6\VWHPXQG+DQG OXQJVWKHRULHQ DQGHXWHW 7(8%1(5 HQWZLFNHOW VHLQHQ *HGDQNHQ DXVJHKHQG YRQ (8*(1 (+5/,&+ GHU VLFK QLFKW YRQ HLQHP V\VWHPWKHRUHWLVFKHQ 5HFKW GHU *H VHOOVFKDIWVRQGHUQYRPOHEHQGHQ5HFKWLQVSLULHUHQOLHVV$XI(+5/,&+ JHKHLFK DXFKGHVZHJHQHLQZHLOVHLQH6FKULIWHQQLFKWQXUGHQ'LVNXUVYHUYROOVWlQGLJHQ VRQGHUQEHUGLHV+LQZHLVHGDUDXIJHEHQZLHGDVKHXWLJH5HFKWVV\VWHPOHUQIl KLJEOHLEHQ NDQQ 'LHVHU 7HLO ZLUG PLW )g*(1 DEJHVFKORVVHQ GLH GLH 7DWVDFKH GHV(QWVFKHLGXQJV]ZDQJVGHVPRGHUQHQ5HFKWVKHUDXVDUEHLWHW)g*(1YHUVWHKW GDUXQWHU HLQH )XQNWLRQ GHU PRGHUQHQ *HULFKWVEDUNHLW GHUHQ (YROXWLRQ VLH DQ KDQGGHUV\VWHPWKHRUHWLVFKHQ%HJULIIVDSSDUDWHEHVFKUHLEW 'LH V\VWHPWKHRUHWLVFKHQ $QVlW]H VLQG DXFK LQ GHU 3ROLWLNZLVVHQVFKDIW DNWXHOO 'DGLH6\VWHPWKHRULHGDVSROLWLVFKH6\VWHPDOVHLQYRP5HFKWVV\VWHPDEJHNRS SHOWHV6\VWHPGHU*HVHOOVFKDIWYHUVWHKWOLHJWHVQDKHDXFKDXIGLHVHV6XEV\VWHP HLQ]XJHKHQ 'HU %HJULII *RYHUQDQFH ZLUG ]XQlFKVW PLW )28&$8/7 HLQJHIKUW XQGJHQDXHUEHKDQGHOW,QV\VWHPWKHRUHWLVFKNRQ]LSLHUWHQ*RYHUQDQFH$QVlW]HQ NRPPW GLH 6SDQQXQJ ]ZLVFKHQ 5LVLNR XQG 9HUDQWZRUWOLFKNHLW LQ HLQHU JHVWHL JHUWHQ )RUP ]XU *HOWXQJ XQG GURKW ]X HLQHU JHVHOOVFKDIWOLFKHQ *HIDKU ]X ZHU GHQ ZHQQ VLH QLFKW DXI GHU QlFKVWK|KHUHQ (EHQH GHU $EVWUDNWLRQ DXIJHIDQJHQ ZLUG'LH6\VWHPWKHRULHVFKHLQWGRUWDXVJHVFK|SIW]XVHLQZRHVQLFKWQXUGDU XP JHKW GLH )XQNWLRQDOLWlW GHU PRGHUQHQ *HVHOOVFKDIWHQ ]X EHVFKUHLEHQ VRQ GHUQDXFKGDUXPGLH*HVHOOVFKDIWDOV*DQ]HVHLQHUQLFKWWRWDOHQ%HZHUWXQJ]X XQWHU]LHKHQ'DULQOLHJWDXFKGHU*UXQGGDIUGDVV /8+0$11IUGLHhEHUZLQ GXQJ PRGHUQHU 7DXWRORJLHQ GLH 3DUDGR[LH XQG +$%(50$6µ 'LVNXUVH YRUJH VFKODJHQKDW1DFK+$%(50$6JHKWHVDXFKLQPRGHUQHQ*HVHOOVFKDIWHQXPGLH *HUHFKWLJNHLWVIUDJHQGLHLQMHGHU*HVHOOVFKDIWLQGHQSUR]HGXUDOHQ$XVJOHLFKV 



IRUPHQJHUHJHOWZHUGHQN|QQHQ=XGLHVHP=ZHFNVHW]W+$%(50$6HLQHDXIJH NOlUWH gIIHQWOLFKNHLW YRUDXV GHUHQ ([LVWHQ]QLFKW LQ MHGHU *HVHOOVFKDIW YRUDXV JHVHW]WZHUGHQGDUI7DWVlFKOLFKEHVWHKWGLHJURVVH+HUDXVIRUGHUXQJXQVHUHU=HLW GDULQ9LVLRQHQIUXQVHUHSOXUDOLVWLVFKHQ*HVHOOVFKDIWHQ]XHQWZLFNHOQGLHEH VRQGHUVGDQQJUHLIHQVROOWHQZHQQGLHVHLQHLQH.ULVHJHUDWHQ,QGLHVHQ=HLWHQ ZHUGHQ GLH %HGLQJXQJHQ GHU IU OHJLWLP JHKDOWHQHQ 9HUWHLOXQJVLQVWLWXWLRQHQ LQ HLQHU)RUPLQ)UDJHJHVWHOOWGDVVVLHGLHVHQ7HVWQXUEHVWHKHQZHQQVLHYRQGHU =LYLOJHVHOOVFKDIW JHWUDJHQ ZHUGHQ 'LH *HVHOOVFKDIW PXVV OHUQHQ GDVV GLH JXWH /|VXQJ GLH 9HUWHLGLJXQJ LKUHU ,QVWLWXWLRQHQ GDQQ JHOLQJW ZHQQ VLH P|JOLFKVW DXIPRGHUQH0LWWHODXIÄVRIWSRZHU³VHW]WGLHMHGHV0DOQHXJHIXQGHQZHUGHQ PVVHQ %HL GHQ PRGHUQHQ 6WDDWVEUJHUUHFKWHQ NRPPW GLH 6SDQQXQJ ]ZLVFKHQ 5LVLNR XQG9HUDQWZRUWOLFKNHLWLQ)RUPYRQ'HPRNUDWLHXQG5HFKWVVWDDWOLFKNHLWHUQHXW ]XU*HOWXQJ$XVJHKHQGYRQGHQVR]LRORJLVFKHQ$QDO\VHQYRQ7+20$6 0$56 +$// XQG -h5*(1 +$%(50$6 ZLUG ]XQlFKVW DXI WKHRUHWLVFKHU (EHQH GHU =X VDPPHQKDQJ ]ZLVFKHQ SRVLWLYHQ XQG QHJDWLYHQ )UHLKHLWHQ JHVHOOVFKDIWOLFKHU 7HLOQDKPHXQG9HUWHLOXQJVJHUHFKWLJNHLWPLW6\VWHPXQG6R]LDOLQWHJUDWLRQKHU JHVWHOOW'DEHLZLUGGLH7KHVHYHUWUHWHQGDVVGLHKLVWRULVFKH/HLVWXQJGHU1DWLR QDOVWDDWHQLQVRIHUQHLQ0RGHOOGDUVWHOOWDOVGDVVGLH/HUQHIIHNWHDXVGLHVHQ(U IDKUXQJHQLQMHGHP6XEV\VWHPGHU*HVHOOVFKDIWIUGLH,PSOHPHQWLHUXQJGHUDXI IXQNWLRQDOHU 'LIIHUHQ]LHUXQJEDVLHUHQGHQ.RPPXQLNDWLRQVXQG 3DUWL]LSDWLRQV UHFKWHJHQXW]WZHUGHQN|QQHQ=XPHUVWHQ0DOLQGHU0RGHUQHEHVWHKWGLH0|J OLFKNHLWGLH6\VWHPXQG6R]LDOLQWHJUDWLRQLQMHGHP6XEV\VWHPGHU*HVHOOVFKDIW LQMHGHU5HFKWVJHPHLQVFKDIWXP]XVHW]HQDQVWDWWVLHZLHELVDQKLQIUGLH:HOW JHVHOOVFKDIWIUGLH,PSHULHQIUWHUULWRULDORUJDQLVLHUWH1DWLRQDOVWDDWHQ]XIRU GHUQ'LH8QWHUVFKLHGH]ZLVFKHQ6\VWHPHQVLQGYHUVFKZLQGHQGNOHLQGLH)XQN WLRQVZHLVH GHV 86DPHULNDQLVFKHQ 1DWLRQDOVWDDWV XQWHUVFKHLGHW VLFK NDXP YRQ GHUGHVVFKZHL]HULVFKHQ'DVVHOEHJLOWIUMHGHV6XEV\VWHPGHU*HVHOOVFKDIW(V JLEWKHXWHNDXPHLQHQ6WDDWGHVVHQ5HFKWVV\VWHPLQHLQHP$QWDJRQLVPXV]XP LQWHUQDWLRQDOHQ  9|ONHUUHFKW VWHKW 'DV NDSLWDOLVWLVFKH :LUWVFKDIWVV\VWHP KDW VLFK ZHOWZHLW GXUFKJHVHW]W *OHLFK]HLWLJ ZHUGHQ GLH 8QWHUVFKLHGH LQQHUKDOE HL QHVMHGHQ6XEV\VWHPVGHU*HVHOOVFKDIWXPVRJU|VVHU $P%HLVSLHOGHU*HQHVHGHU(LQEUJHUXQJVSUD[LVLQGHU6FKZHL]ZLUGGLH6\V WHP XQG 6R]LDOLQWHJUDWLRQ DQDO\VLHUW 'LH 6FKZHL] LVW HLQ GHPRNUDWLVFKHU 5HFKWVVWDDW0LWLKUHPDXVJHEDXWHQ5HFKWVVWDDWGHUGLUHNWHQ 'HPRNUDWLHGHU 









KRKHQ,QWHJUDWLRQLQGLH:HOWZLUWVFKDIWZLHDXFKPLWLKUHPSOXUDOLVWLVFKHQ/H EHQVZHOWPRGHOOLVWVLHHLQKHUYRUUDJHQGHV%HLVSLHOGDIUZLHLQHLQHUVROLGDUL VFKHQ 5HFKWVJHVHOOVFKDIW PLW HLQHU YLWDOHQ gIIHQWOLFKNHLW HLQHP DXIJHNOlUWHQ 3HUV|QOLFKNHLWVV\VWHPXQGDXVJHEDXWHQ7HLOKDEHUHFKWHQHLQHUHVWULNWLYH(LQEU JHUXQJVSROLWLNXQG IUHPGHQIHLQGOLFKH 3ROLWLNJHVWDOWXQJVWDWWILQGHQ NDQQ +LVWR ULVFK VWDQGHQ GLH 6WDDWVEUJHUUHFKWH IU GLH )RUGHUXQJ QDFK HLQHP GHPRNUDWL VFKHQ5HFKWVVWDDW+HXWHVWHKHQVLHIUGLH2SWLRQHLQHUJOHLFK]HLWLJHQ6\VWHP XQG6R]LDOLQWHJUDWLRQLQMHGHP6XEV\VWHPGHU*HVHOOVFKDIW'HU'LVNXUVKDWGD EHL LQVRIHUQ GHQ (IIHNW HLQHU (QW]DXEHUXQJ DOV GDVV GLH $NWHXUH GDQQ HUIROJ UHLFKVLQGZHQQVLHHLQHYHUELQGOLFKHXQGYHUELQGHQGH6SUDFKHILQGHQ 













$ 5LVLNRXQG9HUDQWZRUWOLFKNHLW (0,/( '85.+(,0 ± XQG0$; :(%(5 ± JHOWHQDOV*UQ GHUYlWHU GHU 6R]LRORJLH XQG VLH EHLGH VWHOOHQ GLH )UDJH QDFK GHP VLQQKDIWHQ $XIEDX PHQVFKOLFKHQ +DQGHOQV :LH QDFKIROJHQGGDUJHVWHOOWZLUG NDQQ LQ LK UHQ 6FKULIWHQ HLQH 6SDQQXQJ ]ZLVFKHQ 5LVLNR XQG 9HUDQWZRUWOLFKNHLW DXI GHU %HZXVVWVHLQVHEHQHQDFKJH]HLFKQHWZHUGHQGLHDEHUQRFK]XNHLQHU,QVWLWXWLRQD OLVLHUXQJ KDQGOXQJVOHLWHQGHU 5LVLNRPLQLPLHUXQJ IKUW :lKUHQG LKUHU 6FKDI IHQV]HLWILQGHWHLQHUVHLWVGDQNHLQHU=HLWUHODWLYHQ)ULHGHQVXQGGHQ(QWZLFNOXQ JHQ LQ GHU :LVVHQVFKDIW LP $OOJHPHLQHQ XQG GHU 0HGL]LQ LP %HVRQGHUHQ HLQ KRKHV %HY|ONHUXQJVZDFKVWXP VWDWW =XP HUVWHQ 0DO LQ GHU 0HQVFKKHLWVJH VFKLFKWHZXUGHGDVVLQQKDIWH+DQGHOQGHV0HQVFKHQQLFKWQXUYRQ,QWHOOHNWXHO OHQVRQGHUQLQGHQ.DIIHHV7KHDWHUQ=LUNXVVHQ&DEDUHWVXQGLQGHQ.LQRVYRQ XQGYRUHLQHUJURVVHQ0DVVHGUDPDWLVLHUWUHIOHNWLHUWXQGNULWLVLHUW$XIGHUDQ GHUHQ6HLWHVWDQGHQMHQHGLHDQGHU3URVSHULWlWQLFKWWHLOKDWWHQRKQH$UEHLWGD GLH$UEHLWHUNODVVH=XPHUVWHQ0DOLQGHU*HVFKLFKWHVRN|QQWHPDQPLW+$1 1$+ $5(1'76 9LWD DFWLYD RGHU 9RP WlWLJHQ /HEHQ GLH +\SRWKHVH DXIVWHOOHQ ZROOWHQGHU$UEHLWHUXQGGLH$UEHLWHULQGHUDOVJRWWJHJHEHQJHVHKHQHQ(LQW|QLJ NHLW HQWNRPPHQ ZXUGHQ DEHU DQV )OLHVVEDQG JHIHVVHOW XQG GHU HLJHQHQ $UEHLW HQWIUHPGHW'LH$UEHLWZXUGHVRZHLWSHUYHUWLHUWGDVVVLHLQLKU*HJHQWHLOXP JHPQ]WZHUGHQNRQQWHÄ$UEHLWPDFKWIUHL³'LH$UEHLWZXUGHYRQGHQ$UEHL WHULQQHQXQG$UEHLWHUQLPPHUVWlUNHUDOV/DVWHPSIXQGHQMHPHKUVLHQXUQRFK DOVHLQ,QVWUXPHQW]XU9HUZLUNOLFKXQJGHVIUHLHQ:LOOHQVLKUHV3DWURQVEHKDQGHOW ZXUGHQ(VHQWVWDQGHQ]LYLOJHVHOOVFKDIWOLFKHVR]LDOGHPRNUDWLVFKH%HZHJXQJHQ )UDXHQEHZHJXQJHQ ± GLH ELV KHXWH JHIRUGHUWH *HVFKOHFKWHUJOHLFKVWHOOXQJ GDV :DKOXQG6WLPPUHFKWIU)UDXHQJHKHQDXIGLHVH=HLW]XUFN7\SLVFKHUZHLVH KlOWDXFKGHU%HJULIIGHUÄ+\JLHQH³(LQ]XJLQGLH/HEHQVZHOW1DWLRQDOVWDDWHQ HUILQGHQ GLH )UHPGHQ 6RXYHUlQLWlW 7HFKQRORJLH 8WRSLH 5HFKWVVWDDWOLFKNHLW  

 67()$1 =:(,*EHVFKULHE GLHV LQ VHLQHU1RYHOOH Ä'LH :HOW GHU 6LFKHUKHLW³ ZLH IROJW Ä'LH 0HQVFKHQZXUGHQVFK|QHUNUlIWLJHUJHVQGHUVHLWGHU6SRUWLKQHQGLH.|USHUVWlKOWHLP PHU VHOWHQHU VDK PDQ 9HUNUSSHOWH .URSILJH 9HUVWPPHOWH DXI GHQ 6WUDVVHQ XQG DOOH GLHVH :XQGHU KDWWH GLH :LVVHQVFKDIW YROOEUDFKW GLHVHU (U]HQJHO GHV )RUWVFKULWWV³ KWWSJXWHQEHUJVSLHJHOGHEXFKGLHZHOWYRQJHVWHUQ!6HSWHPEHU   +$%(50$66WUXNWXUZDQGHOGHUgIIHQWOLFKNHLW  %$80$10RGHUQHXQG$PELYDOHQ]II6LHKHGDIU$1'(5621'LH(UILQGXQJGHU1DWL RQ





XQG3DQRSWLVPXVNRQQWHQQXQ]XPHUVWHQ0DOLQHLQHQ=XVDPPHQKDQJJHEUDFKW ZHUGHQ



:(%(52N]LGHQWDOH5DWLRQDOLWlW

:LHNDPHV]XGLHVHUSDUDGR[HQ.RH[LVWHQ]YRQ5DWLRQDOLVLHUXQJXQGGHU8P NHKUXQJYRQGHUHQ/RJLNXQGZLHNDQQGLHVH3DUDGR[LHHUNOlUWZHUGHQ":HOFKH 5LVLNHQELUJW GLHVHU3UR]HVV YRQ )RUWVFKULWW XQG *HJHQEHZHJXQJ" 8QG ZDUXP ZHUGHQ GLH GDEHL HQWVWHKHQGHQ 5LVLNHQ YRQ GHQ $GUHVVDWHQ DN]HSWLHUW" 8QG VFKOLHVVOLFK:HOFKH5ROOHVSLHOWEHLGLHVHU(QWZLFNOXQJGDV5HFKW" 6FKRQ 0$; :(%(5 ZLGPHWH VLFK GHU )UDJH ZLH HV ]X HLQHP 0HQVFKHQW\SHQ JHNRPPHQ ZDU GHVVHQ /HEHQVIKUXQJ GHP )RUWVFKULWW GHU :LVVHQVFKDIW GHU 5DWLRQDOLWlW HQWVSULQJW :DUXP KDQGHOQ PDQFKH 0HQVFKHQ UDWLRQDO XQG DQGHUH HPRWLRQDO"*LEWHVHLQHLUUDWLRQDOH*HVHOOVFKDIWUDWLRQDOHU0HQVFKHQ" ,P=HQWUXPYRQ:(%(56)UDJHQVWHKWGHU%HJULIIGHU5DWLRQDOLWlWXQG]ZDUGLH 5DWLRQDOLWlWYRQ$NWHXUXQG*HVHOOVFKDIW$XIEHLGHQ(EHQHQVHW]W5DWLRQDOLWlW GDV ]LHOJHULFKWHWH +DQGHOQ HLQHV 0HQVFKHQ YRUDXV =XU %HVWLPPXQJ GLHVHV +DQGHOQV KDW :(%(5 HLQHQ PHWKRGLVFKHQ $SSDUDW HQWZLFNHOW GHU YRQ GHU =ZHFNUDWLRQDOLWlWELV]XUPDWHULHOOHQ,UUDWLRQDOLWlWMHGHVVLQQKDIWH+DQGHOQXP IDVVHQVROOWHÄ:LHMHGHV+DQGHOQNDQQDXFKGDVVR]LDOH+DQGHOQEHVWLPPWVHLQ  ]ZHFNUDWLRQDO GXUFK (UZDUWXQJHQ GHV 9HUKDOWHQV YRQ *HJHQVWlQGHQ GHU $XVVHQZHOWXQGYRQDQGHUHQ 0HQVFKHQXQG XQWHU %HQXW]XQJGLHVHU (UZDUWXQ JHQDOVÃ%HGLQJXQJHQµRGHUDOVÃ0LWWHOµIUUDWLRQDODOV(UIROJHUVWUHEWHXQGDE JHZRJHQHHLJQH=ZHFNH±ZHUWUDWLRQDOGXUFKEHZXVVWHQ*ODXEHQDQGHQ± HWKLVFKHQ lVWKHWLVFKHQ UHOLJL|VHQ RGHU ZLH LPPHU VRQVW ]X GHXWHQGHQ ± XQEH GLQJWHQ (LJHQZHUW HLQHVEHVWLPPWHQ 6LFKYHUKDOWHQV UHLQ DOV VROFKHQXQG XQDE KlQJLJYRP (UIROJ±DIIHNWXHOOLQVEHVRQGHUHHPRWLRQDOGXUFKDNWXHOOH$I IHNWHXQG*HIKOVODJHQ±WUDGLWLRQDOGXUFKHLQJHOHEWH*HZRKQKHLW³  

)28&$8/7hEHUZDFKHQXQG6WUDIHQI 'LH%ULVDQ]GLHVHU)UDJHQ]HLJWVLFKDNWXHOOLP=XVDPPHQKDQJPLWGHU*HVHOOVFKDIWVIRUPD WLRQGHVVRJ,VODPLVFKHQ6WDDWHV,6,6 DOO]XGHXWOLFK2KQHHLQH]ZHFNUDWLRQDOH+DQGOXQJ N|QQWHQGLH)KUHUGLHVHVÄ6WDDWHV³NDXPHLQHQ .ULHJJHJHQVRYLHOH6WDDWHQIKUHQ6LH EHKHUUVFKHQQLFKWQXU.ULHJVXQG,QIRUPDWLRQVWHFKQRORJLHQVRQGHUQYHUVWHKHQDXFKZLH PLWJOREDOHQ%DQNXQG)LQDQ]PHFKDQLVPHQXP]XJHKHQLVW*OHLFK]HLWLJVWHKWGLHVH5DWL RQDOLWlW GHU (OLWH LQ HLQHP WRWDOHQ :LHGHUVSUXFK ]X GHU 5DWLRQDOLWlWVHUZDUWXQJ YRQ GHUHQ 8QWHUWDQHQHLQHUVHLWVXQGLKUHU+HUUVFKDIWVIRUPDQGHUHUVHLWV  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW 











:(%(5 ZDU HLQ H[DNWHU :LVVHQVFKDIWOHU 6FKRQ GLHVH 'HILQLWLRQ ]HLJW ZLH HU VHLQH0DWHULH6FKLFKWIU6FKLFKWEHDUEHLWHW(UGHILQLHUWQLFKWQXUDOOH%HJULIIH GLHHUYHUZHQGHWVRQGHUQEULQJWVLHDXFKLQHLQH5DQJRUGQXQJ,QVHLQHU'HILQL WLRQLVWZLFKWLJ]XVHKHQGDVVGHU+DQGHOQGHLP6LQQHGHU=ZHFNUDWLRQDOLWlWGLH =ZHFNH 0LWWHO :HUWH XQG )ROJHQ VHLQHV +DQGHOQV LQ HLQH ORJLVFKH 5DQJRUG QXQJVHW]WXQG9RUXQG1DFKWHLOHUDWLRQDOJHJHQHLQDQGHUDEZlJW'DJHJHQKDW GHU+DQGHOQGHLP6LQQHGHUWUDGLWLRQHOOHQ5DWLRQDOLWlWQXUGLH0LWWHOLP%OLFN DOOH DQGHUHQ (OHPHQWH ZHUGHQ QLFKW HUIDVVW +$%(50$6 KDW GLHVH +LHUDUFKLH ZLHIROJWGDUJHVWHOOW 7DEHOOH'LHRIIL]LHOOH+DQGOXQJVW\SRORJLH +DQGOXQJVW\SHQQDFK*UDGHQ DEQHKPHQGHU5DWLRQDOLWlW

6XEMHNWLYHU6LQQHUVWUHFNWVLFKDXIIROJHQGH(OHPHQWH 0LWWHO

=ZHFNH

:HUWH

)ROJHQ

=ZHFNUDWLRQDO









ZHUWUDWLRQDO









DIIHNWXHOO









WUDGLWLRQDO











(LQ +DQGHOQ NDQQ LP (QGHIIHNW ]ZHFNUDWLRQDO RGHU ZHUWUDWLRQDO VHLQ :DV LVW DEHUZHQQHLQ,QGLYLGXXPDXVJHKHQGYRQHLQHU=ZHFNUDWLRQDOLWlWVHLQHHLJHQH ([LVWHQ] DOV 0LWWHO ]XP =ZHFN EHWUDFKWHW" :(%(5 VSULFKW LQ GLHVHP )DOO YRQ ,UUDWLRQDOLWlW '$9,' 0 758%(. KDW :(%(56 5DWLRQDOLWlWVW\SHQ XQWHU GHP $VSHNWYRQ*HQHUDOLVLHUXQJXQG8QLYHUVDOLVLHUXQJZLHIROJWGDUJHVWHOOW 7DEHOOHhEHUVLFKWEHU5DWLRQDOLWlWQDFK7UXEHN 

$XVPDVVGHU*HQHUDOLVLHUXQJYRQ5HFKWVQRUPHQ

$XVPDVVGHU

KRFKQLHGULJ

'LIIHUHQ]LHUXQJ

KRFK

IRUPHOOUDWLRQDO

IRUPHOOLUUDWLRQDO

QLHGULJ

PDWHULHOOUDWLRQDO

0DWHULHOOLUUDWLRQDO



 

,ELG +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW '(565HOLJLRQVVR]LRORJLH*URQRZ ±  758%(.0D[:HEHU 





$QJHOHKQW DQ :(%(5 YHUVWHKW 758%(. XQWHU ÄIRUPDO³ HLQ DXV GHP =ZHFN GHV 5HFKWV VHOEVW VWDPPHQGHV ,GHDO ZlKUHQG ÄPDWHULHOO³ DXI HLQHQ %HZHUWXQJV PDVVVWDE DXVVHUKDOE GHV 5HFKWV YHUZHLVW 'LH IRUPHOOH 5DWLRQDOLWlW ZLUG DXV ORJLVFKHQ0LWWHOQHQWZLFNHOWXQGLVWLQVRIHUQDEVWUDNWXQGJHQHUHOO'HPJHJHQ EHU JHKW GLH PDWHULHOOH 5DWLRQDOLWlW YRQ NRQNUHWHQ )lOOHQ DXV XQG NDQQ LP ]ZHLWHQ6FKULWW DXVGLIIHUHQ]LHUW ZHUGHQ0$; :(%(5 KDWGLH=ZHFNUDWLRQDOLWlW IDYRULVLHUW GD EHL DOOHQ DQGHUHQ 7\SHQ GHU 5DWLRQDOLWlW GHU +DQGOXQJ HLQH DXV HLQHUYHUJOHLFKHQGHQ$QDO\VHUHVXOWLHUHQGHXQGDEVLFKWVYROOHUODQJWH+LHUDUFKL VLHUXQJ GHU :DKOP|JOLFKNHLWHQ IHKOH (U EH]HLFKQHWH GLHVH =ZHFNUDWLRQDOLWlW DXFK DOV ÄRN]LGHQWDOH 5DWLRQDOLWlW³ GD VLFK QDFK :(%(5 VROFK HLQ 3HUV|QOLFK NHLWVV\VWHP DOOHLQH LQ (XURSD KHUDXVJHELOGHW KDEH Ä8QLYHUVDOJHVFKLFKWOLFKH 3UREOHPH ZLUG GHU 6RKQ GHU PRGHUQHQ HXURSlLVFKHQ .XOWXUZHOW XQYHUPHLGOL FKHUXQGEHUHFKWLJWHUZHLVHXQWHUGHU)UDJHVWHOOXQJEHKDQGHOQZHOFKH9HUNHW WXQJ YRQ 8PVWlQGHQ KDW GD]X JHIKUW GDVV JHUDGH DXI GHP %RGHQ GHV 2N]L GHQWVXQGQXUKLHU.XOWXUHUVFKHLQXQJHQDXIWUDWHQZHOFKHGRFK±ZLHZHQLJV WHQV ZLU XQV JHUQ YRUVWHOOHQ ± LQ HLQHU (QWZLFNOXQJVULFKWXQJ YRQ XQLYHUVHOOHU %HGHXWXQJXQG*OWLJNHLWODJHQ"³ 1XULP2N]LGHQWVHLHVLQGHUJDQ]HQ*HVHOOVFKDIW]XGLHVHU5DWLRQDOLVLHUXQJJH NRPPHQGLHVRGDQQEHUGHQ.DSLWDOLVPXVHLQHXQLYHUVHOOH*HOWXQJHUODQJWH :(%(5YHUOLQNWGLH=ZHFNUDWLRQDOLWlWQLFKWQXUPLW(WKLNVRQGHUQDXFKPLWGHP 5HFKWV XQG +HUUVFKDIWVV\VWHP +LVWRULVFK JLQJ GLH 5HFKWVHQWZLFNOXQJ PLW GHU +HUUVFKDIWVHWDEOLHUXQJHLQKHU'LH)DNWL]LWlWGHU+HUUVFKDIWZDUJOHLFK]HLWLJGLH *HOWXQJGHV5HFKWV,QVHLQHU+HUUVFKDIWVVR]LRORJLHDUEHLWHW0$; :(%(5GDKHU XQWHU GHP %HJULII GHU /HJDOLWlW GUHL LGHDOW\SLVFKH +HUUVFKDIWVIRUPHQ KHUDXV QlPOLFKGLHWUDGLWLRQDOH+HUUVFKDIWGLHFKDULVPDWLVFKH+HUUVFKDIWXQGGLHOHJDOH +HUUVFKDIW:lKUHQGGLHHUVWHQEHLGHQVLFKDXIDUFKDLVFKHV5HFKWVWW]WHQIlOOW GLHOHW]WHEHVRQGHUVGXUFKLKU$EVWUDNWLRQVQLYHDXDXI'DPLW]XVDPPHQKlQJHQG GHILQLHUW:(%(55HFKWDOVHLQHYRQHLQHU,QVWDQ]DXVVHUKDOEGHV5HFKWVGXUFK HLQ VWDDWOLFKHV =ZDQJVV\VWHP JDUDQWLHUWH &KDQFH IU GLH 'XUFKVHW]XQJ GHV HL JHQHQ:LOOHQV6HLQHNRQVWUXLHUWH5HFKWVW\SRORJLHGLHQWH:(%(5GDEHLQLFKWQXU  

,ELG +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,II  :(%(55HOLJLRQVVR]LRORJLH  ,ELG  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIWII 











DOV0DVVVWDE]XU%HREDFKWXQJGHUHPSLULVFKHQ:LUNOLFKNHLWLP6LQQHHLQHVDQD O\WLVFKHQ9HUJOHLFKVGHU5HFKWVRUGQXQJHQXQWHUHLQDQGHUVRQGHUQDXFK]XU8Q WHUVFKHLGXQJ GHV PRGHUQHQ HXURSlLVFKHQ 5HFKWV YRP 5HFKW DQGHUHU .XOWXUHQ XQG=HLWHQ,GHDOW\SLVFKLVWQDFK:(%(5HLQ5HFKWGDVQDFKDEVWUDNWIRUPHOOHQ .ULWHULHQ YRQ GHU +HUUVFKDIW JHWUHQQW LVW XQG DOOHLQH GHU 5HFKWVILQGXQJ VHOEVW GLHQW$OV$EJUHQ]XQJVNULWHULXP]ZLVFKHQIRUPHOOHQXQGPDWHULHOOHQ4XDOLWlWHQ GHV 5HFKWV QLPPW HU GHQ *UDG GHU LQWHUQHQ $XVGLIIHUHQ]LHUXQJ GHV 5HFKWV ]X +LOIH)RUPHOOLVWGHPQDFKHLQH5HFKWVRUGQXQJZHQQVLHDOV(QWVFKHLGXQJVNUL WHULHQGLH5HJHOQ]XU$QZHQGXQJNRPPHQOlVVWGLHDXVGHP,QQHUHQGHVDXV GLIIHUHQ]LHUWHQ 5HFKWVV\VWHPV VHOEVW VWDPPHQ 0DWHULHOO LVW GDJHJHQ HLQH 5HFKWVRUGQXQJ GLH VWlUNHU DXI DXVVHUUHFKWOLFKH ]% PRUDOLVFKH RGHU SROLWL VFKH .ULWHULHQDEJHVWHOOWLVW)RUPDOLWlWLVWGDPLWHLQH)ROJHGHULQWHUQHQ'LIIH UHQ]LHUXQJ XQG ZHLVW DXI GLH (QWVFKHLGXQJVNULWHULHQ GHV 5HFKWVV\VWHPV VHOEVW KLQ'LH7UHQQXQJGHV5HFKWVYRQ0RUDOXQG5HOLJLRQHUP|JOLFKWGLHVHPVLFK DOVHLQHLJHQVWlQGLJHV6XEV\VWHPGHU*HVHOOVFKDIWKHUDXV]XELOGHQ :(%(5 VWHOOW HLQH KLVWRULVFKVR]LRORJLVFKH %H]LHKXQJ ]ZLVFKHQ GHP *HOWXQJV JUXQGGHV5HFKWVXQGGHP/HJLWLPDWLRQVW\SGHU+HUUVFKDIWIHVWGLHHUPLW(WKLN LQ9HUELQGXQJVHW]W(UKDWGLH)UDJHGHU/HJLWLPDWLRQGLH,GHHZDUXPHWZDV ]XJHOWHQKDWPLWGHU7KHRGL]HHEHJRQQHQXQGXQWHUGHP%HJULII6R]LDOSROLWLN ZHLWHUYHUIROJW'HQQQDFKGHU.RGLIL]LHUXQJXQGGHU)RUPDOLVLHUXQJGKGHU 8QWHUVFKHLGXQJ ]ZLVFKHQ JHVDW]WHQ XQG YRUJHIXQGHQ 1RUPHQ  IROJW GLH %UR NUDWLVLHUXQJ(LQ6WDEZLUGDOOHLQHIUGLHVH$XIJDEHHLQJHULFKWHWGLHLKUHUVHLWV HLQHHLJHQHXQLYHUVHOOH/RJLN/HKUH HQWZLFNHOW:HQQGDV5HFKWDXIGHUDQGH UHQ6HLWHGHQ6WHPSHOYRQ:LUWVFKDIW3ROLWLN(U]LHKXQJXVZWUlJWGDQQLVWHV QDFK :HEHU IUHPGEHVWLPPW ZHVZHJHQ HV NHLQH HLJHQVWlQGLJ HQWZLFNHOWHQ *UHQ]HQ VHW]HQ NDQQ 0DWHULHOOH $QVSUFKH ZHUGHQ YRQ ,QWHUHVVHQJUXSSHQ DQ GDV5HFKWJHVWHOOWZDVHUVWHQV]XHLQHULQWHUYHQWLRQLVWLVFKHQ7HQGHQ]IKUWXQG ]ZHLWHQV NHLQH 5HFKWVHQWZLFNOXQJ LP IRUPHOOHQ 6LQQH EHGHXWHW ,P :HVHQWOL FKHQN|QQHQGLHEHLGHQ5HFKWVW\SHQVFKHPDWLVFKZLHIROJWDXVHLQDQGHUJHKDOWHQ ZHUGHQ 



 

,ELGIII5HOLJLRQVVR]LRORJLHII





7DEHOOH=ZHL5HFKWVW\SHQ 

5HFKWLQVHLQHULQWHUQ

5HFKWLQVHLQHU

GLIIHUHQ]LHUWHQ)RUP

(QWVWHKXQJVSKDVH

4XHOOH

HLJHQGDIUJHVFKDIIHQHV 6\VWHPYRQ5HFKWHQ

5HFKWDOVLPPDQHQWHU7HLOGHU J|WWOLFKHQ2UGQXQJ

6XEMHNWH

XQYHUlXVVHUOLFKH  ,QGLYLGXDOUHFKWH

5HFKWNUDIW=XJHK|ULJNHLW]XU 6LSSH

*HUHFKWLJNHLWGXUFK

)DLUQHVVDXI*HVHW] 6WUHLWEHLOHJXQJ0HGLDWLRQLP JHVWW]WHV*HULFKWVYHUIDKUHQ 5DWGHUbOWHUHQ



'HQZLFKWLJVWHQ%HLWUDJ]XU(QWZLFNOXQJGHV5HFKWVVLHKW:(%(5GDEHLEHVRQ GHUV LQ GHQ 6WUXNWXUHQ GHU 5HOLJLRQ DOV HLQHV JHVHOOVFKDIWOLFKHQ 6XEV\VWHPV 1DFK:(%(5ZXUGHQ/HLGXQG8QJOFNYRUGHU(QWVWHKXQJGHU:HOWUHOLJLRQHQ YRQ Ä0DJLHUQ³ EHKDQGHOW Ä'lPRQHQ³ ZXUGHQ DOV *UXQG GHV /HLGHQV DQJHVH KHQ)UGLH+HLOXQJPXVVWHGHU/HLGHQGHMHZHLOV2SIHULQGHQKHLOLJHQ6WlWWHQ GDUEULQJHQ 'LH PRQRWKHLVWLVFKHQ :HOWUHOLJLRQHQ KDEHQ GDJHJHQ HLQHQHXH (U NOlUXQJJHOLHIHUWLQGHPVLHGLH8UVQGHDOV*UXQGGHV/HLGHQVXQGLKUH6\P SWRPHDOV=HLFKHQGHVYRQ*RWW9HUODVVHQ6HLQVLQWHUSUHWLHUWHQ'LH%XFKUHOLJL RQHQEHZLUNWHQGDPLWHLQHHUVWH(QW]DXEHUXQJGHU/HEHQVZHOW(QW]DXEHUXQJ KDWKLHUGLH%HGHXWXQJHLQHU5DWLRQDOLVLHUXQJGHU*UQGHGHV/HLGHQVDXI.RV WHQGHUDQJHVWDPPWHQ(UNOlUXQJVPXVWHULQQHUKDOEGHU+DQGOXQJVVWUXNWXUHQGHU 0DJLH 6HLW GLHVHU (QW]DXEHUXQJ ZROOH GHU 0HQVFK DXFK VHLQ *OFN OHJLWLPLH UHQGKHLQHUDWLRQDOH$QWZRUWGDUDXIJHEHQZDUXPJHQDXHUGDV*OFNE]Z GDV8QJOFNYHUGLHQWKDEH 1DFK :(%(5 KDEHQ DXI GHU +HUUVFKDIWVHEHQH 0DJLHU PLW 3URSKHWHQ GDV &KD ULVPD GLH ,GHH HLQHU EHUQDWUOLFKHQ 0DFKW JHPHLQVDP 'HU 3URSKHW KDEH DEHUHLQHQ0RQRSRODQVSUXFK6RJHKHGLH/HJLWLPDWLRQ-HVXGDUDXI]XUFNGDVV HUDOOHLQHÄGHQ9DWHUNHQQHGDVVQXUGHU*ODXEHDQLKQGHU:HJ]X*RWWVHL³ =ZHLWHQVHUKHEHGHU3URSKHWVHLQHQ/HJLWLPDWLRQVDQVSUXFKDXIHLQHHQWPDWHULD OLVLHUWH$UW:lKUHQGGHU0DJLHUGLH+HUUVFKDIWLP5DKPHQGHU6WDPPHVJHVHOO VFKDIW XQG PLW VHLQHU HLJHQHQ 3HUVRQ UHFKWIHUWLJWH YHUNQGH GHU 3URSKHW GDV  

:(%(5:LUWVFKDIWVHWKLNGHU:HOWUHOLJLRQHQI ,ELG ,ELG  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW  











Ä+HLO³ XQWHU DEVWUDNWHU 1RUP (U IRUGHUH *HKRUVDP DOV HWKLVFKH 3IOLFKW 'LH 3URSKHWHQZUGHQLKUH*HPHLQVFKDIWHUULFKWHQLQGHPVLHHLQHQ.HLOLQGLHEH VWHKHQGH2UGQXQJYRQ6HLQXQG+DEHQWUHLEHQ'ULWWHQVNDPGLH(UO|VXQJVSUR SKHWLH GHVZHJHQ PLW GHU 6LSSHQJHPHLQVFKDIW LQ .RQIOLNWH GD VLH GLH UHOLJL|VH %UGHUOLFKNHLWDXI.RVWHQGHUÄ6LSSHQJHPHLQVFKDIW³HLQULFKWHWHÄ:HUVHLQHQ +DXVJHQRVVHQ 9DWHU XQG 0XWWHU QLFKW IHLQG VHLQ NDQQ GHU NDQQ NHLQ -HVXV -QJHU VHLQ Ã,FK ELQ QLFKW JHNRPPHQ GHQ )ULHGHQ ]X EULQJHQ VRQGHUQ GDV 6FKZHUWµKHLVVWHV0DWWK ³ 1DFKGHU (WDEOLHUXQJ GLHVHU *HPHLQVFKDIW ZXUGH 3URSKHWLHGDGXUFK DXI 'DXHU VLFKHUJHVWHOOW GDVV GHU HUIROJUHLFKH 3URSKHW 6FKOHU -QJHU 3ULHVWHU :DKUVD JHU 6ROGDWHQ HUZDUE LKUH %LOGXQJ LQVWLWXWLRQDOLVLHUWH XQG XQWHU VHLQHU +HUU VFKDIW PRQRSROLVLHUWH ,QQHUKDOE GLHVHU *HPHLQGH GHV 5DKPHQV GHU SROLWL VFKHQ2UGQXQJNDPHVGDQQDXFK]XHLQHUHUQHXWHQ(QW]DXEHUXQJGHUUHOLJL| VHQ/HJLWLPDWLRQ'HQQGLH0DFKWGKGLHVR]LDOSROLWLVFKH2UGQXQJPXVVWHRU JDQLVLHUWXQGUDWLRQDOLVLHUWZHUGHQ:(%(5]lKOW]ZHL*UQGHIUGLHVH(QW]DX EHUXQJ5DWLRQDOLVLHUXQJDXIGHQ'XDOLVPXV]ZLVFKHQGHU%LQQHQXQG$XVVHQ PRUDOXQGGLHQRWZHQGLJH5H]LSUR]LWlWXQWHUGHQ,QGLYLGXHQHLQHUVROLGDULVFKHQ *HPHLQVFKDIW Ä-H UDWLRQDOHU XQG JHVLQQXQJVHWKLVFK VXEOLPLHUWHU GLH ,GHH GHU (UO|VXQJJHIDVVWZXUGHGHVWRPHKUVWHLJHUWHQVLFKGDKHUMHQHDXVGHU5H]LSUR]L WlWVHWKLN GHV 1DFKEDUVFKDIWVYHUEDQGHV HUZDFKVHQHQ *HERWH lXVVHUOLFK XQG LQ QHUOLFK bXVVHUOLFK ELV ]XP EUGHUOLFKHQ /LHEHVNRPPXQLVPXV LQQHUOLFK DEHU ]XU*HVLQQXQJGHU&DULWDVGHU/LHEH]XP/HLGHQGHQDOVVROFKHQGHU1lFKVWHQ OLHEH0HQVFKHQOLHEHXQGVFKOLH‰OLFKGHU)HLQGHVOLHEH³ 'LH :HOW GHV QDFK UDWLRQDOHU .DONXODWLRQ HLQJHULFKWHWHQ XQG XQSHUV|QOLFKHQ :LUWVFKDIWHQV NRQQWH NDXP QDFK GHU /RJLN GHU UHOLJL|VHQ %UGHUOLFKNHLW QRU PLHUW ZHUGHQ :R GLHV WURW]GHP GXUFKJHVHW]W ZXUGH NDP HV QDFK :(%(5 ]XU Ä+HPPXQJGHUIRUPDOHQ5DWLRQDOLWlW³VSULFK]XHLQHU$QRPLH(LQHLQQHUPR UDOLVFKH 5HDNWLRQ GK HLQH *HJHQEHZHJXQJ E]Z 3DUDGR[LH DXI GLHVH 6SDQ QXQJVLHKW:(%(5LQGHU$EOHKQXQJGHV|NRQRPLVFKHQ*WHUEHVLW]HV'HPQDFK  

:(%(5:LUWVFKDIWXQG*HVHOOVFKDIW±+$%(50$67KHRULHGHVNRPPXQLND WLYHQ+DQGHOQVI/8+0$11'DV5HFKWGHU*HVHOOVFKDIWII  ,ELG±  :(%(5:LUWVFKDIWVHWKLNGHU:HOWUHOLJLRQHQ  ,ELGI  ,ELG  ,ELG





ZXUGHGLHÄ(LQVFKUlQNXQJGHU%HGUIQLVVHDXIGDVDEVROXW8QHQWEHKUOLFKH³DOV HLQHHUVWUHEHQVZHUWH1RUPJHSULHVHQ,QEHLGHQ)lOOHQPDFKWHGLH(QW]DXEHUXQJ XQGGLHDQVFKOLHVVHQGHLQVHW]HQGH5DWLRQDOLVLHUXQJGLH8QJOHLFKKHLWLQGHU9HU WHLOXQJ GHU DXVVHUDOOWlJOLFKHQ *WHU VLFKWEDU 'DV SROLWLVFK|NRQRPLVFKH +DQ GHOQVWDQGGHUUHOLJL|VHWKLVFKHQWZRUIHQHQ/HEHQVIRUPHQWJHJHQ,QEHLGHQ)lO OHQVWDQGGHU*OlXELJHYRUGHUXQO|VEDUHQ)UDJHREHUVLFKLQVHLQHP+DQGHOQ YRP(UIROJGHU=ZHFNWlWLJNHLWRGHUYRP(LJHQZHUWGHU:HUWUDWLRQDOLWlWOHLWHQ ODVVHQVROOWH =XU0LOGHUXQJGLHVHUXQEHUZLQGEDUHQ6SDQQXQJZXUGHQODXW:(%(5]ZHLLGH DOW\SLVFKH$QWZRUWHQJHJHEHQGLH%HJUHQ]XQJGHUVR]LDOHQ=XJHK|ULJNHLWXQWHU HLQHUDEVWUDNWHQ1RUPXQGGHUHWKLVFKOHJLWLPLHUWH9HU]LFKWDXIÄ/LHEHVNRPPX QLVPXV³'LHHUVWH$QWZRUWHQWVSULFKWGHU:(%(5µVFKHQ/RJLNQDFKGHUKLVWRUL VFKHQ 5HFKWVHQWZLFNOXQJ Ä/RNDO6WDPP³ RGHU Ä5HLFKVJ|WWHU³ UHJHOWHQGLH ,Q WHUHVVHQLKUHU8QWHUWDWHQXQDEKlQJLJYRQLKUHQ,GHDOHQ,P*HJHQ]XJHUKLHOWHQ GLH8QWHUWDQHQ6FKXW]YRU)HLQGHQ8QWHUGHPDEVWUDNWHQ%HJULIIGHU6WDDWVUl VRQVROOWHQQXQÄRKQH$QVHKHQGHU3HUVRQ³JOHLFKH)lOOHJOHLFKEHKDQGHOWZHU GHQ+LVWRULVFKKDWVLFKGLHVHU:HJHUVWXQWHU$QVHKHQGHU3HUVRQ&KDULVPD  XQGHUVWLQGHQ.ULHJVIHOGHUQHWDEOLHUW'HU.ULHJVWHOOWHGHQ*UXQGIUHLQH5D WLRQDOLVLHUXQJGHU(WKLNGDUXQGEHUHLWHWHJOHLFK]HLWLJGHQ%RGHQIUGLH(QWVWH KXQJ HLQHV 3DWKRV GDV GLH 5H]LSUR]LWlW XQWHU GHQ 0LWJOLHGHUQ GHU 6ROLGDULWlWV JHPHLQVFKDIWI|UGHUWH 'LH]ZHLWH$QWZRUWZXUGHODXW:(%(5GDJHJHQHUVWLQGHUÄ3DUDGR[LHGHUSXUL WDQLVFKHQ%HUXIVHWKLN³JHJHEHQGLHQLFKWQXUDXIGLHXQLYHUVHOOH/LHEHYHU]LFK WHWHVRQGHUQGDUEHUKLQDXVGLH$XVEHXWXQJGHU1lFKVWHQDOV*RWWHVGLHQVWDOV HLQHQHUNHQQEDUHQ:LOOHQXQGGLH(USUREXQJGHV*QDGHQVWDQGHVDXIGLH6SLW]H WULHE 'LH :HOW NRQQWH LQ GLHVHU (WKLN HQW]DXEHUW UDWLRQDO DOV YHUGRUEHQ HQW ZHUWHW XQG GDV QDFK |NRQRPLVFKHQ =ZlQJHQ JHULFKWHWH +DQGHOQ ÄDOV JRWWJH ZROOW XQG 0DWHULDO GHU 3IOLFKWHUIOOXQJ³ JHSULHVHQ ZHUGHQ Ä1XQ LVW XQYHU  

,ELG ,ELGI  ,ELG  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW  :(%(5:LUWVFKDIWVHWKLNGHU:HOWUHOLJLRQHQ  ,ELG  ,ELG  ,ELG 











NHQQEDU GDVV VFKRQ LQ GHP GHXWVFKHQ :RUW Ã%HUXIµ HEHQVR ZLH LQ YLHOOHLFKW QRFKGHXWOLFKHUHU:HLVHLQGHPHQJOLVFKHQFDOOLQJHLQHUHOLJL|VH9RUVWHOOXQJ± GLHHLQHUYRQ*RWWJHVWHOOWHQ$XIJDEH±ZHQLJVWHQVPLWNOLQJW ³ ,QVHLQHQ6WXGLHQEHU3URWHVWDQWLVPXVDUEHLWHWH:(%(5GLHVHQ=XVDPPHQKDQJ ]ZLVFKHQ(WKLN5DWLRQDOLWlW5HFKWXQG/HEHQVIKUXQJKHUDXV,QGHUSURWHVWDQ WLVFKHQ *QDGHQZDKO E]Z 3UlGHVWLQDWLRQVOHKUH XQG LP %HZlKUXQJVJHGDQNHQ VDK HU GDEHL GLH HWKLVFKHQ 6lXOHQ GHU RN]LGHQWDOHQ 5DWLRQDOLWlW $XV :(%(56 6LFKWZXUGHLP*HJHQVDW]]XDOOHQDQGHUHQ5HOLJLRQHQDOOHLQHLP3URWHVWDQWLV PXVGLH)UDJHREGHU*OlXELJHLQGDV3DUDGLHVRGHULQGLH+|OOHNRPPHLQUD GLNDOHU :HLVH PLW ZHOWOLFKHP (UIROJ YHUNQSIW 'HU *OlXELJH KDQGHOW DOV :HUN]HXJJ|WWOLFKHU0DFKW(UDUEHLWHWMHGHQ7DJXQXQWHUEURFKHQRKQHMHPDOV GHQWLHIUHOLJL|VHQ6LQQGHV/HEHQVLQIUDJH]XVWHOOHQ'HULGHDOW\SLVFKH3URWHV WDQW0$;:(%(56NRQQWHVHLQH$XVHUZlKOXQJZHGHUYRQ3ULHVWHUQNDXIHQQRFK VLFKGXUFKJXWH7DWHQÄYHUVLFKHUQ³,KPEOLHEOHGLJOLFKGLH3IOLFKWHUIOOXQJGDV $UEHLWHQ 'LHVHV *HIKO EHZLUNH EHL 3URWHVWDQWHQ GDV DVNHWLVFKH +DQGHOQ 'DV ]ZHFNUDWLRQDOH +DQGHOQ ]XP 5XKPH *RWWHV VHL IU GHQ *OlXELJHQ HLQH 7KHUDSLHIUGLH0LOGHUXQJMD]XU9HUGUlQJXQJGHU)UDJHREHU]XP.UHLVGHU $XVHUZlKOWHQJHK|UW'HU*OlXELJHKDWWHÄQLFKWVYRQVHLQHP5HLFKWXPIUVHLQH 3HUVRQ ± DXVVHU GHU LUUDWLRQDOHQ (PSILQGXQJ JXWHU %HUXIVHUIOOXQJ³ *HQDX GLHVH (WKLN EUDFKWH LQ GHQ *OlXELJHQ GLH ÄVWDKOKDUWHQ SXULWDQLVFKHQ .DXIOHXWH MHQHVKHURLVFKHQ=HLWDOWHUVGHV.DSLWDOLVPXV³KHUYRU'HPQDFKLVWGHUPRGHU QH .DSLWDOLVPXV GK GLH %HGLQJXQJHQ HLQHV ]ZHFNUDWLRQDOHQ +DQGHOQV GDV 1HEHQSURGXNW HLQHU UHOLJL|VHQ 3IOLFKWHUIOOXQJ1LFKWGLH 0D[LPH HJRLVWLVFKHQ +DQGHOQVZLHGDVHLQHV+RPRRHFRQRPLFXVVRQGHUQGDVDQ3IOLFKWXQGDEVWUDN WHQ 1RUPHQ RULHQWLHUWH ZHUWUDWLRQDOH +DQGHOQ HLQHV JOlXELJHQ Ä%HUXIVPHQ VFKHQ³ EUDFKWH GLH 0RGHUQH KHUYRU 'LHVHU *OlXELJH KDQGHOWH DXV HWKLVFKHQ *UQGHQ VHLQHU *HPHLQGH DXI HLQH (QW]DXEHUXQJ GHV .RVPRV KLQ RKQH GLHV GLUHNW]XEHDEVLFKWLJHQ

 

:(%(55HOLJLRQVVR]LRORJLH :(%(55HOLJLRQVVR]LRORJLH±  ,ELGII  ,ELG  ,ELG  ,ELG 







'XUNKHLP6LWWHQXQG5HFKW

=HLWJOHLFKPLW0$;:(%(5JLQJ(0,/('85.+(,0± GHU)UDJHQDFK ZLHVR]LDOH2UGQXQJWURW]HJRLVWLVFKKDQGHOQGHQ0HQVFKHQP|JOLFKLVW'DEHL UFNW HU LPPHU VWlUNHU QLFKW QXU GLH )UDJH QDFK GHQ 4XHOOHQGHU 5LVLNHQ VRQ GHUQ DXFK QDFK GHU 9HUDQWZRUWOLFKNHLW LQV =HQWUXP VHLQHV 6FKDIIHQV 'DQN GLHVHU 2IIHQKHLW YROO]LHKW '85.+(,0 HLQH EDKQEUHFKHQGH XQG NRQWLQXLHUOLFK DQVHW]HQGH(QWZLFNOXQJLQVHLQHQ:HUNHQ,P)ROJHQGHQZHUGHQ]XQlFKVWGLH 6WDWLRQHQ VHLQHV 6FKDIIHQV ]HLWOLFK XQG ORJLVFK QDFKJH]HLFKQHW $QVFKOLHVVHQG ZHUGHQVLHLQHLQH%H]LHKXQJ]X5LVLNRXQG9HUDQWZRUWOLFKNHLWJHVHW]W ,Q VHLQHP )UKZHUN 5HJHOQ GHU VR]LRORJLVFKHQ 0HWKRGH JHKW '85.+(,0 YRP 3ULPDWGHU*HVHOOVFKDIWDXV'DV,QGLYLGXXPNDQQQLFKWDQGHUVDOVVR]XKDQ GHOQZLHGLH*HVHOOVFKDIWHVLKPYRUVFKUHLEWÄ'LHVH7\SHQGHV9HUKDOWHQVXQG GHV 'HQNHQV VWHKHQ QLFKW QXU DXVVHUKDOE GHV ,QGLYLGXXPV NUDIW GHUHQ VLH VLFK HLQHPMHGHQDXIGUlQJHQHUPDJZROOHQRGHUQLFKW³'DEHLZlKOWHUHLQH0H WKRGHPLWZHOFKHUHUQLFKWQXUGXUFKPRUDOLVFKSKLORVRSKLVFKH.DWHJRULHQ*H QHVH  VRQGHUQ DXFK GXUFK REMHNWLYH 7DWEHVWlQGH GDV 3UREOHP DQJHKW 6WDWLV WLN  'DQN GLHVHU 0HWKRGH VROO HLQ ,GHDO]XVWDQG ZLH *HVXQGKHLW HQWZRUIHQ ZHUGHQZRYRQVLFKGDQQGLHÄ$EDUWHQ³]%GLH.UDQNKHLWKHUOHLWHQODVVHQ 'HPHQWVSUHFKHQGNODVVLIL]LHUWHUVHLQHQ*HJHQVWDQGÄ=XQlFKVWVLQGGLH*HVHOO VFKDIWHQQDFKGHP*UDGHLKUHU=XVDPPHQJHVHW]WKHLW]XNODVVLIL]LHUHQZREHLGLH YROONRPPHQHLQIDFKHRGHUPRQRVHJPHQWlUH*HVHOOVFKDIWDOV*UXQGODJH]XQHK PHQLVWLQQHUKDOEGLHVHU.ODVVHQVLQGYHUVFKLHGHQH$EDUWHQ]XXQWHUVFKHLGHQ MHQDFKGHPHLQHYROOVWlQGLJH9HUVFKPHO]XQJGHUXUVSUQJOLFKHQ6HJPHQWHVWDWW

 

'85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQVI/8+0$116R]LDOH6\V WHPHII/8+0$11'XUNKHLPV7KHRULH/8+0$11'LH*HVHOOVFKDIWGHU*HVHOO VFKDIW+$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV   =X '85.+(,06 +DXSWZHUNHQ JHK|UHQ Ä'HU 6HOEVWPRUG³ ÄhEHU VR]LDOH $UEHLWVWHLOXQJ³ XQGÄ'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV   3$56216 7KH 6WUXFWXUH RI 6RFLDO $FWLRQ  +$%(50$6 7KHRULH GHV NRPPXQLNDWLYHQ +DQGHOQV,,/8+0$11$UEHLWVWHLOXQJXQG0RUDO  '85.+(,0'LH5HJHOQGHUVR]LRORJLVFKHQ0HWKRGH  ,ELG  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQVI  '85.+(,0'LH5HJHOQGHUVR]LRORJLVFKHQ0HWKRGHII











ILQGHW RGHU QLFKW³ 0LW GLHVHP DULVWRWHOLVFKHQ .RQ]HSW XQWHUVXFKW HU GLH *H VHOOVFKDIWGLHGHP,QGLYLGXXPÄ]HLWOLFK³YRUDQJHKWXQGHVEHKHUUVFKW '85.+(,0EHREDFKWHWLQVHLQHP:HUNhEHUVR]LDOH$UEHLWVWHLOXQJGDVLP-DKU HUVFKLHQHLQH'LIIHUHQ]LHUXQJGHV,QGLYLGXXPVZLHDXFKGHU*HVHOOVFKDIW YRQLKUHQ8UVSUQJHQÄ:LUGUIHQQLFKWHLQIDFKXQWHUVXFKHQRELQGLHVHQ*H VHOOVFKDIWHQHLQHDXVGHU$UEHLWVWHLOXQJUHVXOWLHUHQGHVR]LDOH6ROLGDULWlWH[LVWLHUW 'DVLVWHLQHRIIHQVLFKWOLFKH:DKUKHLWGDGLH$UEHLWVWHLOXQJGRUWVHKUHQWZLFNHOW LVW XQG 6ROLGDULWlW HU]HXJW 0DQ PXVV YLHOPHKU YRU DOOHP EHVWLPPHQ LQ ZHO FKHP0DVVGLHYRQLKUHU]HXJWH6ROLGDULWlW]XUDOOJHPHLQHQ,QWHJUDWLRQGHU*H VHOOVFKDIWEHWUlJWGHQQQXUGDQQZHUGHQZLUZLVVHQELV]XZHOFKHP3XQNWVLH Q|WLJLVWXQGREVLHHLQHQZHVHQWOLFKHQ)DNWRUGHVVR]LDOHQ=XVDPPHQKDOWVRGHU LP *HJHQWHLO RE VLH QXU HLQH ]XVlW]OLFKH XQG ]ZHLWUDQJLJH %HGLQJXQJ GDU VWHOOW³ 'LH DXI IXQNWLRQDOHU $UEHLWVWHLOXQJ EHUXKHQGHQ *HVHOOVFKDIWHQ XQWHU VFKHLGHQ VLFK GDGXUFK UDGLNDO YRQ GHQ DXI VHJPHQWlUHU 'LIIHUHQ]LHUXQJ EDVLH UHQGHQ*HVHOOVFKDIWHQGDVVVLHDXVHLQHU9LHO]DKOXQWHUVFKLHGOLFKHU8QWHUJUXS SHQ EHVWHKHQ GLH VHOEHU ÄHLQH VR]LDOH (QWLWlW HLJHQHU $UW³ ELOGHQ '85.+(,0 VWHOOWIHVWGDVVDOOHVZDVHLQ6HJPHQWLVWLPPHUVWlUNHUYRQGHUEHUJHRUGQHWHQ (LQKHLWDVVLPLOLHUWXQGDEVRUELHUWZLUG'DULQVLHKWHUDXFKGHQ*UXQGGHU(YR OXWLRQ LP )DPLOLHQV\VWHP :lKUHQG LQ GHQ KLVWRULVFKHQ $QIlQJHQ GLH )DPLOLH GDV /HEHQ GHV ,QGLYLGXXPV EHVWLPPWH EHUQLPPW PLW GHU hEHUZLQGXQJ GHU VHJPHQWlUHQ *HVHOOVFKDIWHQ GHU 6WDDW GLHVH )XQNWLRQ Ä'HVKDOE LVW GLH )DPLOLH GD]XJH]ZXQJHQVLFKXP]XELOGHQ6WDWWHLQHDXWRQRPH*HVHOOVFKDIWLP6FKRVV GHUJURVVHQ*HVHOOVFKDIW]XEOHLEHQZLUGVLHLPPHUPHKULQGDV6\VWHPVR]LDOHU 2UJDQHHLQJHVFKPRO]HQ6LHZLUGVHOEVWHLQHVGLHVHU2UJDQHPLW6RQGHUIXQNWL RQHQEHGDFKWXQGIROJOLFKLVWDOOHVZDVLQLKUJHVFKLHKWHLQH4XHOOHDOOJHPHL QHU5FNZLUNXQJHQ³)ROJOLFKVROLGDULVLHUHQVLFKGLH,QGLYLGXHQDXV]ZHFNUD WLRQDOHQ *UQGHQ QLFKW PHKU PLW LKUHQ lKQOLFKHQ 9HUZDQGWHQ VRQGHUQ LQ GHQ %HUXIVRUJDQLVDWLRQHQPLWLKUHQIXQNWLRQDO*OHLFKHQGLHÄ]XP+RUWHLQHVPRUD

 

,ELG ,ELG  '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJ  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJ6WXGLHEHUGLH2UJDQLVDWLRQK|KHUHU*HVHOOVFKDI WHQ 0LW HLQHU (LQOHLWXQJ YRQ 1,./$6 /8+0$11 $UEHLWVWHLOXQJ XQG 0RUDO 'XUNKHLPV 7KHRULH)UDQNIXUWDP0DLQ6 





OLVFKHQ /HEHQV VXL JHQHULV ZHUGHQ³ 0LWKLOIH GLHVHV SDUDGR[ HUVFKHLQHQGHQ VR]LDOHQ 3KlQRPHQV ZLOO '85.+(,0 HLQH $QWZRUW DXI ]ZHL VR]LRORJLVFKH *UXQGIUDJHQOLHIHUQ:LHLVWVR]LDOH2UGQXQJWURW]VLFKHJRLVWLVFKYHUKDOWHQGHQ $NWHXUHQ EHUKDXSW P|JOLFK XQG ZLH YHUKlOW VLFK GDV ,QGLYLGXXP LQ GHU VLFK EHUHLWVNRQVWLWXLHUWHQ*HVHOOVFKDIW" 'LHHUVWH)UDJHEHDQWZRUWHWHUGDPLWGDVVGXUFKGLH$UEHLWVWHLOXQJGLHPRUDOL VFKH)XQNWLRQ 1XW]HQ GHU*HVHOOVFKDIW2UGQXQJ+DUPRQLHXQGVR]LDOH6R OLGDULWlW]XJHZlKUOHLVWHQHUIOOWZLUGLQGHPGXUFKVLHÄHU]HXJWH6ROLGDULWlW]XU DOOJHPHLQHQ ,QWHJUDWLRQ GHU *HVHOOVFKDIW EHWUlJW³ 0HWKRGLVFK ]HLJW HU GLHVH .RUUHODWLRQ GXUFK VWDWLVWLVFKH 'DWHQ XQG GXUFK HLQ VLFKWEDUHV 6\PERO Ä'LHVHV VLFKWEDUH6\PEROLVWGDV5HFKW,QGHU7DW:RGLHVR]LDOH6ROLGDULWlWH[LVWLHUW EOHLEWVLHWURW]LKUHVLPPDWHULHOOHQ&KDUDNWHUVQLFKWLP=XVWDQGUHLQHU3RWHQWLDOL WlWVRQGHUQEH]HXJWLKUH*HJHQZDUWGXUFKIKOEDUH:LUNXQJHQ³'HU]ZHLWHQ )UDJHQlKHUWVLFK'85.+(,0DQLQGHPHU]XQlFKVWLP5HFKWÄZHVHQWOLFKH9DUL DQWHQGHUVR]LDOHQ6ROLGDULWlW³HUEOLFNW*OHLFK]HLWLJVWHOOWHUIHVWGDVVGDV5HFKW ÄQXUHLQHQ7HLOGHVVR]LDOHQ/HEHQV³ZLHGHUJLEWXQGÄPHKUQRFK2IWVWLPPHQ GLH6LWWHQQLFKWPLWGHP5HFKWEHUHLQ³'LH,QGLYLGXHQODVVHQVLFKLQGHQPR GHUQHQ *HVHOOVFKDIWHQ QXU GDQQ DXI 9HUSIOLFKWXQJHQ HLQ ZHQQ VLH QLFKW QXU VDQNWLRQLHUHQ VRQGHUQ DXFK PRWLYLHUHQ (LQH LQWULQVLVFKH 0RWLYDWLRQ NDQQ QLFKW DOOHLQH GXUFK HLQHQ 9HUWUDJ ]XVWDQGH JHEUDFKW ZHUGHQ ZLH ÄNXQVWYROO HU DXFK VHLQ PDJ 9LHOPHKU KDEHQ ZLU HV KLHU PLW HLQHU PRUDOLVFKHQ $XIJDEH ]X WXQ³ 'HQQ ÄQLFKW DOOHV LVW YHUWUDJOLFK EHLP 9HUWUDJ³ 'HU 9HUWUDJ LVW GDKHU GLH UHFKWOLFKH )RUP GHU $UEHLWVWHLOXQJ GLH DXV REMHNWLY QRWZHQGLJHQ *UQGHQ KHUDXVHQWVWDQGXQGLQGHU*HVHOOVFKDIWYHUDQNHUWLVW ,Q VHLQHP LP -DKU  HUVFKLHQHQHQ :HUN 'HU 6HOEVWPRUG JUHLIW '85.+(,0 HLQPRUDOLVFKEHODGHQHV3KlQRPHQDXIGHQ6HOEVWPRUG=XQlFKVWGLIIHUHQ]LHUW HU ]ZLVFKHQ XQWHUVFKLHGOLFKHQ 6HOEVWPRUGDUWHQ (JRLVWLVFKHU 6HOEVWPRUG ZLUG  

,ELG  /8+0$11 $UEHLWVWHLOXQJ XQG 0RUDO  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQ GHOQV,,  ,ELG  ,ELG  '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJ  '85.+(,06R]LRORJLHXQG3KLORVRSKLH  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJ  ,ELG 











EHJDQJHQ ZHQQ GDV ,QGLYLGXXP HLQH JHULQJH QRUPDWLYH ,QWHJUDWLRQ KDW ZlK UHQG DOWUXLVWLVFKHU 6HOEVWPRUG HLQH )ROJH HLQHU VWDUNHQ QRUPDWLYHQ ,QWHJUDWLRQ GHV,QGLYLGXXPVLVW=XHLQHPDQRPLVFKHQ6HOEVWPRUGNRPPWHVVFKOLHVVOLFK ZHQQLQVJHVDPWÄ6W|UXQJHQGHUNROOHNWLYHQ2UGQXQJ³VSULFKHLQHQHJDWLYHQRU PDWLYH *HVDPWLQWHJUDWLRQ LQ GHU *HVHOOVFKDIW YRUKHUUVFKW 'LH )XQNWLRQ GHV 6HOEVWPRUGV LVW GLH PRUDOLVFKH ,QWHJUDWLRQ GHV ,QGLYLGXXPV LQ GLH *HVHOOVFKDIW XQG GLH 5HSURGXNWLRQ GHU *HVHOOVFKDIW LP ,QGLYLGXXP Ä:HLO VLH >GLH *HVHOO VFKDIW@ GHU (QG]ZHFN LVW DXI GHQ XQVHU EHVVHUHV ,FK DXVJHULFKWHW LVW PXVV VLH DXFKGHVVHQJHZDKUZHUGHQGDVVXQVHU+DQGHOQVHLQ=LHOYHUOLHUWZHQQZLUXQV LKU HQWIUHPGHQ³ ,Q DOOHQ *HPHLQVFKDIWHQ EW GDV *HPHLQVDPH HLQHQ PlVVL JHQGHQ (LQIOXVV DXI 6HOEVWPRUG DXV HQWZHGHU DOV *HVHOOVFKDIW LQVJHVDPW XQG GLUHNW RGHU EHU GDV 5HFKW =ZDU JHKW '85.+(,0 DXFK KLHU YRP 3ULPDW GHU *HVHOOVFKDIW DXV QLPPW DEHU EHUHLWV MHW]W VWlUNHU GLH 3HUVSHNWLYH GHV ,QGLYL GXXPVHLQ ,QVHLQHPJHKDOWHQHQ9RUWUDJ6R]LRORJLHXQG3KLORVRSKLHVLHKW+$%(50$6 GLHHQWVFKHLGHQGH:HQGHLQ'85.+(,066FKDIIHQ'DULQVHLGLHVHUH[SOL]LWDXI GLH)UDJHHLQJHJDQJHQZDUXPVLFK,QGLYLGXHQHQWJHJHQLKUHQHJRLVWLVFKHQ,QWH UHVVHQ GHQ QRUPDWLYHQ 3ULQ]LSLHQ XQWHUZHUIHQ )U GLH $QDO\VH XQWHUVFKHLGHW '85.+(,0 ]XQlFKVWDXVJHKHQGYRQ,00$18(/ .$17GLHPRUDOLVFKHQ5HJHOQ YRQGHQWHFKQLVFKHQ'LH0LVVDFKWXQJGHUWHFKQLVFKHQ5HJHOQKDWDXVHLQHP HLJHQHQ 0HFKDQLVPXV KHUDXV HLQH .RQVHTXHQ] IU GHQ +DQGHOQGHQ ZRKLQJH JHQHVEHLPRUDOLVFKHQ5HJHOQDXVGHU+DQGOXQJKHUDXVNHLQH]ZLQJHQGH.RQ VHTXHQ]IUGHQ+DQGHOQGHQHUJLEWÄ$XVGHP%HJULIIGHV0RUGHVRGHU6HOEVW PRUGV OlVVW VLFK DQDO\WLVFK QLFKW GHU JHULQJVWH %HJULII GHU 0LVVELOOLJXQJ RGHU GHU bFKWXQJ KHUDXVO|VHQ 'DV %DQG ZHOFKHV GLH +DQGOXQJ PLW LKUHU .RQVH TXHQ] YHUNQSIW LVW KLHU HLQ V\QWKHWLVFKHV %DQG³ 6R ZLUG GHU 7RWVFKODJ LQ .ULHJV]HLWHQ]XJHODVVHQ'DUDXVOHLWHW'85.+(,0DEGDVVLP)DOOHGHUPRUDOL VFKHQ 5HJHOQ GLH +DQGOXQJ HLQH .RQVHTXHQ] VSULFK HLQH 6DQNWLRQ QDFK VLFK  

'85.+(,0'HU6HOEVWPRUG ,ELG  ,ELGI  ,ELGI  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,  '85.+(,06R]LRORJLHXQG3KLORVRSKLH  '85.+(,06R]LRORJLHXQG3KLORVRSKLH  ,ELG 





]LHKWZHQQVLHDXVD HLQHPDEVWUDNWHWKLVFKHQ3ULQ]LSDEJHOHLWHWXQGGXUFKHL QHE VHOEVWDXIHUOHJWH3IOLFKWGLH2EOLJDWLRQLQWHUQDOLVLHUWLVWÄ:LUHPSILQ GHQHVDOVHLQ9HUJQJHQVXLJHQHULVXQVHUH3IOLFKW]XWXQZHLOVLHGLH3IOLFKW LVW 'HU %HJULII GHV *XWHQ HUVWUHFNW VLFK ELV LQ GHQ %HJULII GHU 3IOLFKW  ³ '85.+(,0VXFKWHLQH,QVWDQ]GLHEHUHJRLVWLVFKHQ,QWHUHVVHQVWHKWDEHUWURW] GHP ELQGHW Ä,Q GHU (UIDKUXQJVZHOW NHQQH LFK DEHU QXU HLQ 6XEMHNW GDV HLQH UHLFKHUH NRPSOH[HUH PRUDOLVFKH :LUNOLFKNHLW EHVLW]W DOV ZLU XQG GDV LVW GLH .ROOHNWLYLWlW 'RFK HV JLEW QRFK HLQ DQGHUHV 6XEMHNW GDV GLHVH 5ROOH VSLHOHQ N|QQWH GLH *|WWOLFKNHLW =ZLVFKHQ *RWW XQG GHU *HVHOOVFKDIW PXVV PDQ ZlK OHQ³ 'DQN GLHVHU .ROOHNWLYLWlWEOHLEWGDV,QGLYLGXXP WURW] VHLQHU (PDQ]LSLH UXQJLQGLH*HVHOOVFKDIWLQWHJULHUWÄ'DULQOLHJWNHLQ:LGHUVSUXFK³ ,Q VHLQHP  YHU|IIHQWOLFKWHQ :HUN 'LH HOHPHQWDUHQ )RUPHQ GHV UHOLJL|VHQ /HEHQVEULQJW '85.+(,0 QXQ GLHVHVSKLORVRSKLVFKH .RQ]HSWPLW VHLQHU 6R]LR ORJLH]XVDPPHQ'DV3ULPDWGHU*HVHOOVFKDIWJLEWHUGHILQLWLYDXI'DV,QGLYL GXXPNRQVWLWXLHUHVLFKGXUFKGLH7HLOKDEHDQGHU*HVHOOVFKDIW'XUFKGLH3DU WL]LSDWLRQ DQ GHU *HVHOOVFKDIW ILQGH HLQ $XVWDXVFK ]ZLVFKHQ ,QGLYLGXHQ XQG *HVHOOVFKDIW VWDWW )ROJOLFK UFNHQ GLH VR]LDOH :LUNOLFKNHLW GHU 0HQVFK GLH 0HQVFKKHLW LQVJHVDPW LQV =HQWUXP VHLQHV 6FKDIIHQV EHU GLH 5HOLJLRQ Ä(LQ ZHVHQWOLFKHV3RVWXODWGHU6R]LRORJLHLVWQlPOLFKGDVVHLQHPHQVFKOLFKH(LQULFK WXQJ QLFKW DXI ,UUWXP XQG DXI /JH EHUXKHQ NDQQ GHQQ VRQVW N|QQWH VLH QLFKW GDXHUQ:HQQVLHQLFKWLQGHU1DWXUGHU'LQJHEHJUQGHWZlUHKlWWHVLHLQGHQ 'LQJHQ :LGHUVWlQGH JHIXQGHQ GLH VLH QLFKW KlWWH EHVLHJHQ N|QQHQ :HQQ ZLU DOVR GDV 6WXGLXP GHU SULPLWLYHQ 5HOLJLRQHQ DQJHKHQ GDQQ PLW GHU hEHU]HX JXQJGDVVVLHYRQGHU:LUNOLFKNHLWDEKlQJHQXQGVLHDXFKDXVGUFNHQ³ 'LH3DUDOOHOH]XPRGHUQHQ*HVHOOVFKDIWHQNDQQQDFK'85.+(,0LP5LWXVDXIJH ]HLJW ZHUGHQ 'DIU QLPPW HU GDV /HEHQ GHU DXVWUDOLVFKHQ *HVHOOVFKDIW GLH HU XQWHUVXFKWH DOV $XVJDQJVSXQNW 'LH DXVWUDOLVFKH *HVHOOVFKDIW GXUFKOLHI ]ZHL  

,ELGI'85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQVI '85.+(,06R]LRORJLHXQG3KLORVRSKLH ,ELGII  ,ELG  '85.+(,06R]LRORJLHXQG3KLORVRSKLH  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  ,ELGI  ,ELGI  ,ELG  











YRQHLQDQGHUY|OOLJJHWUHQQWH3KDVHQ,QGHUHUVWHQXQG|NRQRPLVFKLQGX]LHUWHQ SURIDQHQ3KDVHJLQJHQGLH0LWJOLHGHUGHU*HVHOOVFKDIWYHUHLQ]HOWLKUHQ/HEHQV EHGUIQLVVHQQDFK6LHPXVVWHQIU1DKUXQJVRUJHQ.LQGHUHU]LHKHQGLH)HOGHU EHDUEHLWHQXQGVLFKJHJHQ *HIDKUHQ VFKW]HQ ,Q GHU IROJHQGHQ VDNUDOHQ 3KDVH YHUVDPPHOWHQ YHUGLFKWHWHQ VLH VLFK XP LKUH LP *HPHLQVDPHQ JHVFKDIIHQHQ ,GHHQ ZDFK]XUXIHQ Ä=ZHLIHOORV NDQQ HLQ .ROOHNWLYJHIKO QXU GDQQ NROOHNWLY DXVJHGUFNW ZHUGHQ ZHQQ HLQH EHVWLPPWH 2UGQXQJ HLQJHKDOWHQ ZLUG GLH GHQ (LQNODQJ XQG GLH *HVDPWEHZHJXQJHQ HUODXEW GDUXP QHLJHQ GLHVH *HVWHQ XQG 6FKUHLHYRQVHOEVWGD]XUK\WKPLVFKXQGUHJHOPlVVLJ]XZHUGHQGDKHUGLH*H VlQJHXQG7lQ]H³,QGHU3KDVHGHU9HUVDPPOXQJGHV6DNUDOHQNRPPXQL]LHUW GDV,QGLYLGXXPYHUKOOWLQVHLQH0DVNHQPLW+HLOLJHQ(LQH7UDQV]HQGHQ]LVW GDPLWQXULP.ODQP|JOLFKGHVVHQ6\PEROHUVHOEVWLVWÄ,P.ODQGHV:ROIHVLVW MHGHUHLQ]HOQH0HQVFKHLQ:ROI(UWUlJWHLQHQ*RWWRGHUVRJDUPHKUHUH*|WWHU LQVLFK³'DDOOHVZRPLWGHU:ROILQ%HUKUXQJNRPPWHEHQIDOOVKHLOLJZLUG LVW ÄGLH JDQ]H :HOW XQWHU GHP 7RWHPSULQ]LS HLQHV XQG GHVVHOEHQ 6WDPPHV³ LQ +HLOLJHVXQG3URIDQHVDXIJHWHLOWÄ'HUKHLOLJH&KDUDNWHULVWLPK|FKVWHQ*UDG DQVWHFNHQG(UEHUWUlJWVLFKYRP7RWHPZHVHQDXIDOOHVZDVLKPLQGLH1lKH NRPPW'DVUHOLJL|VH*HIKOGDVGDV7LHULQVSLULHUWEHUWUlJWVLFKDXIGLH6XE VWDQ]HQ PLW GHQHQ HV VLFK HUQlKUW XQG GLH GD]X GLHQHQ VHLQ )OHLVFK XQG VHLQ %OXW]XELOGHQRGHUZLHGHUKHU]XVWHOOHQ³'LHKHLOLJHQ.UlIWHZHUGHQHLJHQWP OLFKYRQ GHQ 6XEMHNWHQ LQ GHQ 2EMHNWHQXQGXPJHNHKUW DNWLYLHUW 'LHVH .UlIWH EHVLW]WGHU0HQVFKQXUXQWHUGHU%HGLQJXQJGDVVHUDQGHUVROLGDULVFKHQ*HVHOO VFKDIW WHLOQLPPW 'HQQ GLHVH .UlIWH ÄZRKQHQ LQ GHQ 0HQVFKHQ DEHU ]XU JOHL FKHQ=HLWVLQGVLHGLH9LWDOSULQ]LSHQGHU'LQJH³'HU5LWXVKDWGDPLWLP:H VHQWOLFKHQ ]ZHL )XQNWLRQHQ (UVWHQV GLHQW HU ]XU .RRUGLQLHUXQJ GHU *HVHOO VFKDIWGXUFK5HJHOPlVVLJNHLW5K\WKPXVGK2UGQXQJ'DPLWNDQQGDV,QGLYL GXXP VLFK VHLQHU VHOEVW XQG VHLQH 0LWPHQVFKHQ VLFK LKUHUVHLWV GHU 6ROLGDULWlW YHUJHZLVVHUQ=ZHLWHQVEHZLUNWGHU5LWXVGXUFKGLHhEHUWUDJXQJGHU+HLOLJNHLW GLH .RQVWLWXLHUXQJ GHU *HVHOOVFKDIW ZRPLW GLH .RPPXQLNDWLRQ ]ZLVFKHQ GHU  

'85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV ,ELG  ,ELG  ,ELG  ,ELG  ,ELG  ,ELG  ,ELG± 





*HVHOOVFKDIWXQGGHP,QGLYLGXXPPDWHULHOOH*HVWDOWDQQLPPW'LH+HLOLJNHLWDOV HLQHUHFKWOLFKH4XDOLWlWGHV(LJHQWXPVHUKlOWLQGHUYHUVDPPHOWHQ*HVHOOVFKDIW 'DXHUKDIWLJNHLW 'LH PRGHUQH *HVHOOVFKDIW ]HLFKQHW VLFK GXUFK HLQH IOLHVVHQGH %H]LHKXQJ ]ZL VFKHQGLHVHQEHLGHQ6SKlUHQDXV7URW]GHPKDWDXFKGLHPRGHUQH *HVHOOVFKDIW IXQNWLRQDO GLHVHOEH :LUNXQJ DXI GDV ,QGLYLGXXP ZLH GHU KHLOLJH .XOW ,Q GHU )UDQ]|VLVFKHQ 5HYROXWLRQ VLHKW '85.+(,0 GLH )lKLJNHLW GHU *HVHOOVFKDIW VLFK XQWHUQHXHQ%HGLQJXQJHQ]XHUQHXHUQQHXH*|WWHU]XHUVFKDIIHQGLHGLH,QGLYL GXHQ]XHLQHUJHZQVFKWHQ+DQGOXQJPRWLYLHUHQÄ8QWHUGHP (LQIOXVVGHUDOO JHPHLQHQ%HJHLVWHUXQJZXUGHQVHLQHUVHLWVUHLQSURIDQH'LQJHGXUFKGLH|IIHQW OLFKH 0HLQXQJ YHUJ|WWOLFKW GDV 9DWHUODQG GLH )UHLKHLW GLH 9HUQXQIW³ 'LH )DKQHGHU1DWLRQDOVWDDWHQKDWQDFK'85.+(,0GLHVHOEH)XQNWLRQZLHGDV7RWHP GHV.ODQVÄ'HU6ROGDWGHUIUGLH)DKQHVWLUEWVWLUEWQLFKWIUGDV9DWHUODQGLQ VHLQHP%HZXVVWVHLQVWHKWGLH,GHHGHU)DKQHDQHUVWHU6WHOOH³'LHDOWHQ6\P EROHZHUGHQLQGHUQHXHQ*HVHOOVFKDIWGXUFKQHXH)XQNWLRQHQHUVHW]W 'LHVH hEHUHLQVWLPPXQJ IKUWH HU GDUDXI ]XUFN GDVV GLH IXQNWLRQDO GLIIHUHQ ]LHUWHQ *HVHOOVFKDIWHQ GDQN GHU 5HOLJLRQ LKUH %LQGXQJ ]XU DOWHQ VHJPHQWlUHQ *HVHOOVFKDIWEHZDKUWKDEHQ'85.+(,0ZDUEHU]HXJWGDYRQGDVVGLHZHVHQWOL FKHQ Ä.DWHJRULHQ GHV 8UWHLOVYHUP|JHQV³ GHV 0HQVFKHQ UHOLJL|VHQ 8UVSUXQJV VLQGXQGVLHLQGHU*HVHOOVFKDIWDXVSUDNWLVFKHQ1RWZHQGLJNHLWHQKHUDXVHQWVWH KHQ Ä=HLW 2UW 6XEVWDQ] 4XDQWLWlW 4XDOLWlW 5HODWLRQ 7lWLJNHLW /HLGHQ 9HU KDOWHQ%HILQGHQ³6RGLHQWH]%GLH(LQWHLOXQJGHU=HLWLQ-DKUH0RQDWHXVZ GHU 6LFKHUXQJ GHU 5HJHOPlVVLJNHLW 'DJHJHQ ZXUGHQ PLW GHP %HJULII GHV 5DXPHVGLH.RRUGLQDWLRQXQGGDPLWDXFKGLH7HLOEDUNHLWP|JOLFKÄ:HQQVLFK DOVR GLH 0HQVFKHQ ]X DOOHQ =HLWHQ QLFKW EHU GLHVH ZHVHQWOLFKHQ ,GHHQ KlWWHQ HLQLJHQN|QQHQZHQQVLHQLFKWHLQHHLQKHLWOLFKH$XIIDVVXQJGHU=HLWGHV5DX PHVGHU8UVDFKHGHU=DKOXVZKlWWHQGDQQZUGHMHGHhEHUHLQNXQIWXQWHUGHQ *HLVWHUQXQGIROJOLFKMHGHVJHPHLQVDPH/HEHQXQP|JOLFKVHLQ'DKHUNDQQGLH  

,ELG '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  ,ELG  ,ELG  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  ,ELG  ,ELG 











*HVHOOVFKDIW GLH .DWHJRULHQ QLFKW GHU :LOONU GHU ,QGLYLGXHQ EHUODVVHQ RKQH VLFKVHOEVWDXI]XJHEHQ³ '85.+(,06 JURVVH /HLVWXQJ LQ %H]XJ DXI 5LVLNR XQG 9HUDQWZRUWOLFKNHLW EH VWDQGGDULQGDVVHUVLHEHLGHDOVHLQHQNRQVWLWXWLYHQ7HLOGHU9HUJHVHOOVFKDIWXQJ VDK1XULQGHU%HWHLOLJXQJDQGHU*HVHOOVFKDIWN|QQHQ%LQGXQJHQXQG'LVNXUVH HQWVWHKHQLQGHQHQVLFKGDV,QGLYLGXXPVHLQHU,GHQWLWlWLQ5HODWLRQ]XGHQJH VHOOVFKDIWOLFKHQ1RUPHQNRQVWLWXLHUW'DQNGLHVHU3DUWL]LSDWLRQQLPPWGDV,QGL YLGXXP DXVVHUGHP UHIOH[LYH +DQGOXQJHQ ]X VHLQHU JHVHOOVFKDIWOLFKHQ ,GHQWLWlW YRU GLH DQVWHOOH GHU QRUPDWLYHQ %LQGXQJHQ LQ GHU VHJPHQWlUHQ *HVHOOVFKDIW LPPHU VWlUNHU GXUFK GDV 5HFKWVV\VWHP GHU IXQNWLRQDO GLIIHUHQ]LHUWHQ *HVHOO VFKDIWHQJHSUlJWZLUG1DFK'85.+(,0XQWHUVFKHLGHQVLFKIXQNWLRQDOGLIIHUHQ ]LHUWH *HVHOOVFKDIWHQ YRQ VHJPHQWlUHQ *HVHOOVFKDIWHQ EH]JOLFK 5LVLNR XQG 9HUDQWZRUWOLFKNHLWGDGXUFKGDVVVLHDQVWHOOHHLQHU7RWDOLWlWHLQHUXQEHUEUFN EDUHQ7UHQQXQJ]ZLVFKHQGHUVDNUDOHQXQGSURIDQHQ:HOWDQVWHOOHHLQHUWRWDOHQ 'XDOLWlW]ZLVFKHQ5LVLNRXQG9HUDQWZRUWOLFKNHLWYRQHLQHU0RUDOJHOHLWHWZHU GHQGLHZHGHUGHQ)XQNWLRQHQGHUVDNUDOHQQRFKMHQHQGHUSURIDQHQ:HOWHQW VSULFKWVRQGHUQHLQ6RZRKODOVDXFKLPSOL]LHUWXQGJOHLFK]HLWLJHLQHHLQ]LJDUWL JH QHXH (LQKHLW ELOGHW $QJHOHKQW DQ /8+0$11 XQG +$%(50$6 NDQQ '85. +(,06 5HFKWVVR]LRORJLH ZLH IROJW LQ GHU 7DEHOOH XQWHQ ]XVDPPHQJHIDVVW ZHU GHQ 7DEHOOHhEHUVLFKWEHU'XUNKHLPV6R]LRORJLH 3ULQ]LSGHU 7\SHQGHV *UXQGEHJULIIH (LJHQWXPVW\SHQ $XVGLIIHUHQ]LHUXQJ 6HOEVWPRUGV GHU *HVHOOVFKDIW

5HFKWVW\SHQ

QDWUOLFKH *HUHFKWLJNHLW

DOWUXLVWLVFKHU NRQNUHWH6DFKH .ROOHNWLYJXW 6HOEVWPRUG .ODQ 

2IIHQEDUWHV 6WUDI 5HFKW

bKQOLFKNHLWE]Z 9HUVFKLHGHQKHLW

HJRLVWLVFKHU 6HOEVWPRUG

PRUDOLVFKH 1RUP

)DPLOLHQJXW 3DWULDUFK 

7UDGLWLRQHOOHV =LYLO 5HFKW

8Q *OHLFKKHLW

DQRPLVFKHU 6HOEVWPRUG

ORJLVFKH 3ULQ]LSLHQ

3ULYDWJWHU ,QGLYLGXHQ 

)RUPDOH 9HUWUDJV  5HFKWH



  

,ELG 9JO+$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,/8+0$11'DV5HFKWGHU *HVHOOVFKDIW6LHKHDXFK'(0,5GLH0RGHUQH7DEHOOH





'LH %HJULIIH LQ GHU 7DEHOOH ZXUGHQ ]X DQDO\WLVFKHQ =ZHFNHQ JHWUHQQW '85.  'RFKGDV6DNUDOHH[LV WLHUWXQWHUGHQQHXHQ%HGLQJXQJHQXQG)RUPHQZHLWHU]%LP(UEUHFKW$Q JHVLFKWV GHU 5DWLRQDOLVLHUXQJ XQG $XVGLIIHUHQ]LHUXQJ LQ MHGHU 6SKlUH GHU *HVHOOVFKDIWLVWQXQQLFKWHLQPDO*RWWYROONRPPHQ]XPDOVHLQ:HUNGLH:HOW YROO YRQ 8QYROONRPPHQHP XQG +lVVOLFKHQ VHL 7URW] GHP DQKDOWHQGHQ %H GUIQLVQDFK7UDQV]HQGHQ]OHLVWHQGLHDQJHVWDPPWHQUHOLJL|VHQ6\PEROHLPPHU ZHQLJHU %HLKLOIH EHL GHU 5HDOLWlWVEHZlOWLJXQJ $OV ÄHLQ DXWRQRPHU +DQG OXQJVWUlJHU³ LVW GDV ,QGLYLGXXP JOHLFK]HLWLJ PLW HLQHU $UW VDNUDOHQ 8QYHUOHW] OLFKNHLW XQG (LJHQWXP DXVJHVWDWWHW Ä$P (QGH ZXUGH DXV GHP 7DEX HLQ 5HFKWVDQVSUXFK'DKHUGLHHQJH%H]LHKXQJ]ZLVFKHQGHQ'HILQLWLRQHQGHV7DEX XQGGHQGHV(LJHQWXPV³

+(,0VHOEVWVFKZHEWHHLQHÄIXOO\VFLHQWLILF³(WKLNYRU

1DFKGLHVHPYRUEHUHLWHQGHQ7HLOOlVVWVLFKQXQGLH)UDJHVWHOOHQZHOFKHV(UEH XQV '85.+(,0 EH]JOLFK5LVLNRXQG9HUDQWZRUWOLFKNHLWKLQWHUODVVHQKDW'DIU PXVV ]XQlFKVW KHUYRUJHKREHQ ZHUGHQ GDVV '85.+(,0 HLQH 'LYHUJHQ] ]ZL VFKHQ GHQ ,QWHUHVVHQ GHV ,QGLYLGXXPV XQG GHQ ,QWHUHVVHQ HLQHU *HPHLQVFKDIW QLFKWQXUHUNHQQWVRQGHUQDXFKDQHUNHQQW5HOLJLRQDOVHLQH)RUPGHU2UJDQL VDWLRQIROJWGHU/RJLNHLQHU5DWLRQDOLVLHUXQJGHU=ZHFNHZlKUHQG5HOLJLRQDOV HLQ *ODXEHQVV\VWHP GXUFK GLH 5DWLRQDOLVLHUXQJ GHU :HUWH YRUDQJHWULHEHQ ZHU GHQNDQQ6RPXVVGHU/HLWHUHLQHV2UGHQV]XQlFKVWHLQPDOGDIUVRUJHQGDVV VHLQ 2UGHQ EHU JHQJHQG 0LWJOLHGHU XQG GDPLW DXFK EHU JHQXJ .DSLWDO YHU IJW 'LH =ZHFNUDWLRQDOLWlW HLQHU /HLWXQJVSHUVRQ ZLOO GLH 5LVLNHQ PLQLPLHUHQ GLH VHLQH ,QVWLWXWLRQ EHL MHGHU (QWVFKHLGXQJ HLQJHKW LQGHP VLH HLQHQ .RPSUR PLVV]ZLVFKHQ,VWXQG6ROO=XVWDQGKHUEHLIKUW'DJHJHQVWUHEWGLH:HUWUDWLR QDOLWlW LP LGHDOVWHQ )DOO RKQH 5FNVLFKWQDKPH DXI 5HDOLVLHUXQJVFKDQFHQ GLH 0D[LPLHUXQJGHU9HUDQWZRUWOLFKNHLWDQLQGLHLPEHVWHQ)DOODOOH$GUHVVDWHQLQ JHEKUHQGHP 0DVVHLQYROYLHUW VLQG 6R ZLOO HLQ UHOLJL|VHU0HQVFKMHGHQ0HQ VFKHQDOV*HVFK|SI*RWWHVEHKDQGHOQXQGQLFKWQXU]%GHQ0RVOHP*OHLFK  

 3$56216 7KH 6WUXFWXUH RI 6RFLDO $FWLRQ  '85.+(,0 'LH HOHPHQWDUHQ )RUPHQ GHV UHOLJL|VHQ/HEHQV  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQVI  '85.+(,06R]LRORJLHXQG3KLORVRSKLH  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  ,ELG  ,ELG  '85.+(,03K\VLNGHU6LWWHQXQGGHV5HFKWV











]HLWLJJLEWHV'LYHUJHQ]HQ]ZLVFKHQ]%HLQHPHJRLVWLVFKKDQGHOQGHQ.DSLWD OLVWHQXQGGHP:HUWHV\VWHPHLQHUQDFKHLQHULQQHUPRUDOLVFKHQ6ROLGDULWlWVORJLN NRQVWLWXLHUWHQ*HVHOOVFKDIW 'LHVH 6SDQQXQJ ]ZLVFKHQ =ZHFN XQG :HUWUDWLRQDOLWlW ]ZLVFKHQ ,QGLYLGXXP XQG*HVHOOVFKDIWZXUGHYRQ3KLORVRSKHQZLH7+20$6 +2%%(6LQVHLQHP:HUN /HYLDWKDQ-2+1 /2&.(LQVHLQHP0RQRJUDILH=ZHL$EKDQGOXQJHQEHUGLH5H JLHUXQJXQG-($1-$&48(6 52866($8LQVHLQHP%XFK$EKDQGOXQJHQEHUGHQ 8UVSUXQJ XQG *UXQGODJHQ GHU 8QJOHLFKKHLW XQWHU GHQ 0HQVFKHQ XQWHU GHP %HJULII GHV *HVHOOVFKDIWVYHUWUDJV EHKDQGHOW 'HPQDFK NDQQ GLHVH 6SDQQXQJ SURGXNWLY JHO|VW ZHUGHQ ZHQQ GLH +HUUVFKDIW DXI HLQHP *HVHOOVFKDIWVYHUWUDJ EHUXKWGHQGLH%HKHUUVFKWHQLQ+2%%(6µ )DOODXVGHU=ZHFNUDWLRQDOLWlWXQGLQ /2&.(6 XQG 52866($86 )DOO DXV GHU :HUWUDWLRQDOLWlWKHUDXV DOV OHJLWLP HUDFK WHQ'HQ*HVHOOVFKDIWVYHUWUDJOHKQW'85.+(,0DXV]ZHL*UQGHQDE'DPLWHLQ VROFKHU 9HUWUDJ ]XVWDQGH NlPH PVVWHQ LKP DOOH 0HQVFKHQ ]XU JOHLFKHQ =HLW XQWHU JOHLFKHQ %HGLQJXQJHQ ]X JOHLFKHQ =ZHFNHQ ]XVWLPPHQ ZDV IU LKQ ZL GHUVLQQLJLVW:HQQPDQGHQ9HUWUDJDXIGHUDQGHUHQ6HLWHQLFKWLP7DWVlFKOL FKHQ VLHKW VRQGHUQ DOOHLQH VFKRQ GDULQ GDVV 0HQVFKHQ LKUH =XJHK|ULJNHLW ]X HLQHUEHVWLPPWHQ*HVHOOVFKDIWQLFKWNQGHQGDQQJlEHHVDXFKNHLQPHQVFKOL FKHV7XQGDVQLFKWYRQ=ZDQJJHSUlJWLVWXQGGDKHUQLFKWYHUWUDJOLFKH*UXQG ODJHQKDW'85.+(,0 OHKQWDXFKGLH.RQ]HSWLRQDEZRQDFKGLH*HVHOOVFKDIW QLFKWGXUFKHLQHQUDWLRQDOEHUOHJWHQ3ODQVRQGHUQGXUFKHLQHXQEHZXVVWHXQG VSRQWDQH$QSDVVXQJ]XVWDQGHNRPPW'LHVZUGHGHU,GHHGHV9HUWUDJVVHOEVW ZLGHUVSUHFKHQ 'LH ,QGLYLGXHQ HLQHU VROFKHQ *HVHOOVFKDIW ZlUHQQXU GXUFK HLQ lXVVHUOLFKHV%DQGYHUEXQGHQZDVHLQHUVROLGDULVFKHQ*HVHOOVFKDIWVRUGQXQJZL GHUVSULFKW 



 

'LH9HUWUDJVWKHRULHZXUGHYRQ-2+15$:/6LQVHLQHPEDKQEUHFKHQGHQ:HUNÄ(LQH7KHR ULHGHU*HUHFKWLJNHLW³DNWXDOLVLHUW6LHKHGDIUDXFK27)5,(' +g))(+UVJ -RKQ5DZOV (LQH7KHRULHGHU*HUHFKWLJNHLW  '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJI  ,ELG





'85.+(,0VHOEVWEHKDQGHOWGLHVHQ:LGHUVSUXFK]ZLVFKHQ:HUWXQG=ZHFNUDWL RQDOLWlWDOVHLQH$EZHLFKXQJYRP1RUPDO]XVWDQG±HLQH$QQDKPHGLHHUQLFKW QXULQGHUJULHFKLVFKHQ3KLORVRSKLHVRQGHUQDXFKLQGHQHOHPHQWDUHQ3ULQ]LSLHQ GHU5HOLJLRQZLHGHUILQGHW'HU0HQVFKLVWQDFKVHLQHU7KHRULHEHLGHV]XJOHLFK HLQ,QGLYLGXXPXQG7HLOGHU*HVHOOVFKDIW$OVHLQ,QGLYLGXXPLQGLHVHUSURIDQHQ :HOW PXVV HU ]ZHFNUDWLRQDO KDQGHOQ $OV 7HLO HLQHU EHUSHUV|QOLFKHQ 6ROLGDUL WlWVJHPHLQVFKDIW KDQGHOW HU GDJHJHQ QDFK GHQ 3ULQ]LSLHQ HLQHU VDNUDOHQ 2UG QXQJGLHDXIJHPHLQVDPHQ:HUWHQEHUXKW,QEHLGHQ)lOOHQKDQGHOWGHU0HQVFK LPPHUUDWLRQDOXQG]ZDUDXFKGDQQZHQQHUGDGXUFKDXIVHLQ/HEHQYHU]LFKWHQ PXVVÄ'LH(QWZLFNOXQJGHU>6HOEVW@0RUG]DKOHQ]HLJWGHVKDOELQHUVWHU/LQLH DQ GDVV XQVHUH 8QPRUDOLWlW DXI GHP :HJH LVW ZHQLJHU SDVVLY XQG VWDWWGHVVHQ EHUOHJWHUXQGEHUHFKQHQGHU]XZHUGHQ³ 'LH 9HUDQWZRUWOLFKNHLW YHUVFKLHEW '85.+(,0 DXI GLH 5HFKWVZLVVHQVFKDIW GLH HLQHQPRUDOLVFK]ZLQJHQGHQ.RUSXVYRQ5HJHOQEHLQKDOWHXQGGLHGHP,QGLYL GXXP KHOIHQ VROOH EHU VLFK ]X ZDFKHQ 'LHVH ELQGHQGHQ 5HJHOQ VHLHQ LP /DXIHGHU=HLWHQWZLFNHOWZRUGHQ6LHHQWIDOWHWHQLKUH:LUNXQJLQGHQVHJPHQWl UHQ *HVHOOVFKDIWHQ GXUFK GLH 5HOLJLRQ GLH GLH PHQVFKOLFKHQ (UIDKUXQJHQ NRQ GHQVLHUW'LH5HOLJLRQLVWLQVRIHUQGHU8UVSUXQJGHU0RUDOGHV5HFKWVXQGGHU %HGLQJXQJHQ GHU 9DULDWLRQ GHV 3HUV|QOLFKNHLWVV\VWHPV ,Q GHQ *|WWHUQ VDK '85.+(,0 NROOHNWLY WUDQV]HQGLHUWH .UlIWH GLH GDV ,QGLYLGXXP DQ GLH *HVHOO VFKDIW ELQGHQ (LQH LQWULQVLVFKH %LQGXQJ GHV ,QGLYLGXXPV DQ ELQGHQGH 5H JHOQZLH0RUDOXQG5HFKWJLEWHVGDEHLQXUGRUWZRGLH*HVHOOVFKDIWPLWLKUHU PRUDOLVFKHQ$XWRULWlWGLH%HIROJXQJGLHVHU1RUPHQEHUZDFKW 'HUUDWLRQDOH0HQVFKN|QQHDEHUQLFKWDOOHLQHGXUFK,GHHQ]XPUDWLRQDOHQ+DQ GHOQ DQJHUHJW ZHUGHQ VRQGHUQ ZHUGH GXUFK GLH VR]LDOH $UEHLWVWHLOXQJ DXFK ]ZHFNUDWLRQDOGD]XPRWLYLHUW'85.+(,0VWHOOWIHVWGDVVGLH$UEHLWVWHLOXQJZH GHUDXVWHOHRORJLVFKHQ*UQGHQHQWVWDQGQRFKDXVHLQHPNOXJHQ*HVHOOVFKDIWV YHUWUDJKHUDXVJHVFKDIIHQZXUGHÄ%HLDOOGLHVHQ%HLVSLHOHQLVWGLHEHGHXWVDPH :LUNXQJ GHU $UEHLWVWHLOXQJQLFKW GDVV VLH GHQ (UWUDJ GHU JHWHLOWHQ )XQNWLRQHQ  

'85.+(,03K\VLNGHU6LWWHQXQGGHV5HFKWVI ,ELGI  ,ELG  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV  '85.+(,03K\VLNGHU6LWWHQXQGGHV5HFKWV  ,ELG 











HUK|KWVRQGHUQGDVVVLHVLHYRQHLQDQGHUDEKlQJLJPDFKW,KUH5ROOHLQDOOGLHVHQ )lOOHQ EHVWHKW QLFKW GDULQ GLH EHVWHKHQGHQ *HVHOOVFKDIWHQ ]X YHUVFK|QHUQ XQG ]X YHUEHVVHUQ VRQGHUQ *HVHOOVFKDIWHQ HUVW ]X HUP|JOLFKHQ GLH RKQH VLH QLFKW H[LVWLHUHQZUGHQ³'HUJHVHOOVFKDIWOLFKH9HUWUDJLVWDXV'85.+(,066LFKWHLQ 1HEHQSURGXNWGHUJHVHOOVFKDIWOLFKHQ.RQVWLWXWLRQVHOEVW ,Q GHU VR]LDOHQ $UEHLWVWHLOXQJ EHREDFKWHW HU HLQH HYROXWLRQlUH 'LIIHUHQ]LHUXQJ GHV ,QGLYLGXXPV ZLH DXFK GHU *HVHOOVFKDIW YRQ LKUHQ XUVSUQJOLFKHQ *HPHLQ VFKDIWHQ 'LH DXI IXQNWLRQDOHU $UEHLWVWHLOXQJ EHUXKHQGHQ *HVHOOVFKDIWHQ XQWHU VFKHLGHQVLFKUDGLNDOYRQGHQDXIVHJPHQWlUHU'LIIHUHQ]LHUXQJEDVLHUHQGHQ*H PHLQVFKDIWHQGDGXUFKGDVVVLHDXVHLQHU9LHO]DKOXQWHUVFKLHGOLFKHU8QWHUJUXS SHQ EHVWHKHQ GLH VHOEHU HLQH VR]LDOH (QWLWlW HLJHQHU $UW ELOGHQ 'LH DOWH DQ 9HUZDQGWVFKDIWVEH]LHKXQJHQ JHEXQGHQH 6LWWH XQG GLH XUVSUQJOLFK UHOLJL|VHQ 6R]LDOQRUPHQZXUGHQQXQLQGHQ.RRSHUDWLRQHQGHUDUEHLWVWHLOLJHQ*HVHOOVFKDI WHQ LQ GLH )RUP GHU VHOEVW NUHLHUWHQ JHJHQVHLWLJ DQHUNDQQWHQ XQG DEVWUDNWHQ 5HFKWH EHUIKUW )ROJOLFK ZUGHQ VLFK ,QGLYLGXHQ DXV ]ZHFNUDWLRQDOHQ *UQ GHQQLFKWPHKUPLWLKUHQ)DPLOLHQPLWJOLHGHUQVROLGDULVLHUHQVRQGHUQLQGHQ%H UXIVRUJDQLVDWLRQHQPLWLKQHQIXQNWLRQDO*OHLFKHQ'LH$UEHLWVWHLOXQJKDWLQVR IHUQ HLQHQ PRUDOLVFKHQ &KDUDNWHU EHZDKUW DOV GDVV VLH IXQNWLRQDO GLH %HGUI QLVVHQDFK2UGQXQJ+DUPRQLHXQG6ROLGDULWlWHUIOOW'85.+(,0 ZDUEHU]HXJW GDYRQGDVV]ZLVFKHQGHU3IOHJHGHUVROLGDULVFKHQ%H]LHKXQJHQXQGGHQ5HFKWV UHJHOQHLQHSRVLWLYH3URSRUWLRQDOLWlWEHVWHKH'LHVH9HUELQGXQJ]ZLVFKHQ$U EHLWVWHLOXQJ HLQHUVHLWV XQG (WKLN DQGHUHUVHLWV VWHOOW HU KHU LQGHP HU ]ZLVFKHQ GLHVHQIULKQREMHNWLYHQ7DWVDFKHQLQGHU*HVHOOVFKDIWXQGLKUHUV\PEROLVFKHQ 0DQLIHVWDWLRQLP,QGLYLGXXPHLQHNDXVDOH.RUUHODWLRQYHUPXWHWH 



 

'85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJ '85.+(,03K\VLNGHU6LWWHQXQGGHV5HFKWV '85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJI  ,ELG  







.RQYHUJHQ]

,P*UXQGHJHQRPPHQVHW]WH(0,/('85.+(,0GRUWDQZR0$;:(%(5DXIK|U WH:(%(5XQWHUVXFKWHGLH5HOLJLRQDOVHLQH+HUUVFKDIWVIRUP GLHQDFKUDWLR QDOHQ.ULWHULHQHUULFKWHWJHIKUWXQGHQWZLFNHOWZLUGZHVZHJHQHUVLFKVWlUNHU IUGLH6WUXNWXUHQGHU5DWLRQDOLVLHUXQJLQWHUHVVLHUWH'RFKGLHVH6WUXNWXUHQZHU GHQ YRQ EHVWLPPWHQ :HUWHQ GK ,QKDOWHQ JHWUDJHQ XQG GLHVH KDW '85.+(,0 NODUHUKHUDXVJHDUEHLWHW'85.+(,0 YHUVFKLHEWIROJOLFKGLHRN]LGHQWDOHE]ZNXO WXUDOLVWLVFKH)UDJH:(%(56KLQ]XHLQHU)UDJHGHU5DWLRQDOLWlWGHV0HQVFKHQLP $OOJHPHLQHQ 'HQQ 5HOLJLRQ DOV HLQ *ODXEHQVV\VWHP GK DOV HLQ 6\VWHP YRQ ,GHHQNDQQQDFK'85.+(,0LQMHGHU.XOWXUEHREDFKWHWZHUGHQXQGVLHZLUGMH ZHLOVKHUUVFKDIWVNRQIRUPLQWHUSUHWLHUW 5HOLJLRQ LVW QDFK '85.+(,0 GHU +RUW GHU 6LWWHQ GHU 0RUDO GHV 5HFKWV GHV WUDQV]HQGHQWDOHQ +DQGHOQV GLH :HOW GHV 6DNUDOHQ GHU :HUWUDWLRQDOLWlW 'DJH JHQ PXVV GHU 0HQVFK DXFK GHP JHZ|KQOLFKHQ /HEHQ QDFKJHKHQ IU (VVHQ 7ULQNHQ(U]LHKXQJXQGGLH.OlUXQJYRQ.RQIOLNWHQXVZVRUJHQ'LHVH:HOWLVW QLFKW YRQ LGHDOHQ 1RUPHQ VRQGHUQ YRQ |NRQRPLVFKHQ =ZlQJHQ EHVWLPPW '85.+(,0 QDQQWHVLH GLH Ä:HOW GHV 3URIDQHQ³ :lKUHQGGHU0HQVFK LQGHU ]ZHFNUDWLRQDOHQ E]Z SURIDQHQ :HOW QXU H[LVWLHUHQ NDQQ ZHQQ HU VLFK DXI HLQ NDONXOLHUWHV 5LVLNR HLQOlVVW NDQQ HU LQ GLH ZHUWUDWLRQDOHVDNUDOH :HOW QXU GDQQ HLQGULQJHQ ZHQQ HU VHLQHU +DQGOXQJ HLQH JHVHOOVFKDIWOLFKH 9HUDQWZRUWOLFKNHLW EHLPLVVW(U PXVVOHUQHQJOHLFK]HLWLJHUVHOEVWXQG7HLOGHUMHQLJHQ1RUPHQ]X VHLQGLHEHUHLWVYRULKPH[LVWLHUWHQ'D]XJHK|UHQ6LWWHQ%UlXFKHZLHDXFK0R UDO XQG 5HFKWVJUXQGVlW]H (LQH LGHDOW\SLVFKH /|VXQJ GLHVHU 6SDQQXQJ IDQG :(%(5 LQ GHU SURWHVWDQWLVFKHQ (WKLN XQG '85.+(,0 LQ GHQ XQLYHUVDOLVWLVFKHQ ,QKDOWHQ GHU 5HOLJLRQ 'LH .RQVWLWXWLRQ PRGHUQHU *HVHOOVFKDIWHQ VHW]W VRZRKO HLQH DXI ]ZHFNUDWLRQDOHU 2UGQXQJ EHUXKHQGH $UEHLWVWHLOXQJ ZLH DXFK HLQH DXI :HUWUDWLRQDOLWlW JHVWW]WH 6ROLGDULWlW XQWHU GHQ 0LWJOLHGHUQ HLQHU *HVHOOVFKDIW YRUDXV(LQHWRWDOH,GHQWLILNDWLRQGHV,QGLYLGXXPVPLWGHU*HVHOOVFKDIWGXUFKGLH

 

'LHEHLGHQ6R]LRORJHQKDEHQ]HLWJOHLFK]XlKQOLFKHQ7KHPHQJHIRUVFKWXQGKDEHQVLFKJH JHQVHLWLJLJQRULHUW  '85.+(,03K\VLNGHU6LWWHQXQGGHV5HFKWV'(56'LHHOHPHQWDUHQ)RUPHQGHVUH OLJL|VHQ/HEHQV  '85.+(,0'LHHOHPHQWDUHQ)RUPHQGHVUHOLJL|VHQ/HEHQV











$QHLJQXQJ GHU ,GHH UHOLJL|VHQ 8UVSUXQJV IKUW ]XP ,GHQWLWlWVYHUOXVW XQG HLQH XQEHUEUFNEDUH$QWLQRPLH]XP6HOEVWPRUG 1DFK'85.+(,0ZLHDXFKQDFK:(%(5 GHILQLHUWGDV,QGLYLGXXPVHLQH3HUV|Q OLFKNHLWLQ$EKlQJLJNHLWYRQGHU*HVHOOVFKDIW%HLGH6R]LRORJHQVWHOOHQGLHVHQ 8PVWDQG LQ GLHVHU 5DGLNDOLWlW IHVW 'LH 0RGHUQH LVW LQVRIHUQ HLQ 5LVLNR JHJHQ GLH)UHLKHLWGHV0HQVFKHQGHVVHQIDNWLVFKH,GHQWLWlWPLWGHQEHVWHKHQGHQLGHD OHQ $QIRUGHUXQJHQ GHU *HVHOOVFKDIW EHUHLQVWLPPW 6LH VWHOOW JOHLFK]HLWLJ HLQ QRUPDWLYHV.RQ]HSWIUGLH9HUDQWZRUWOLFKNHLWGHV0HQVFKHQGDUGHVVHQLGHDOH ,GHQWLWlWGLH6SDQQXQJGLHVHVGLVSRVLWLYHQ=XVWDQGVGHU*HVHOOVFKDIWZLGHUVSLH JHOW%HLGH6R]LRORJHQZDUHQVLFKGDULQHLQLJGDVVGLH8UVSUQJHGHU2UGQXQJ +HUUVFKDIWPRGHUQHU*HVHOOVFKDIWHQDXIUHOLJL|VEHGLQJWH:HOWDXIIDVVXQJHQ]X UFNJHKHQ:DVDOV5LVLNRRGHU9HUDQWZRUWOLFKNHLWDQJHVHKHQZLUGlQGHUWVLFK YRQ =HLW ]X =HLWXQG YRQ *HVHOOVFKDIW ]X *HVHOOVFKDIW1DFK '85.+(,0 EOHLEW GLH)XQNWLRQYRQ5LVLNRXQG9HUDQWZRUWOLFKNHLWNRQVWDQWXQGQDFK:(%(5GLH %HGHXWXQJ GHU )XQNWLRQ GHU 6WUXNWXU YRQ 5LVLNR XQG 9HUDQWZRUWOLFKNHLW PHKU RGHU ZHQLJHU JOHLFK '85.+(,0 VLHKW LQ GHQ 'LVNXUVHQ HLQH 1HXHUXQJ VRZHLW VLHHQWODQJLKUHU)XQNWLRQDOLWlWRUJDQLVLHUWVLQGZlKUHQG:(%(5 LQLKQHQLQVR IHUQ6SXUHQGHU%LOGXQJHLQHUQHXHQ9HUDQWZRUWXQJVHWKLNHUEOLFNWDOVGDVVLQ QHUKDOEGLHVHU6WUXNWXUHQHLQQHXHU7\S,QWHUHVVHQYHUEDQGHQWVWHKW  



  

'85.+(,0hEHUVR]LDOH$UEHLWVWHLOXQJI ,ELGI











% 5LVLNRXQG0RGHUQH 6HLWLKUHU*UQGXQJKDWGLH)UDQNIXUWHU6FKXOHHLQHPDVVJHEHQGH5ROOHEHLGHU ,QWHUSUHWDWLRQJHVHOOVFKDIWOLFKHU3KlQRPHQHJHVSLHOW-h5*(1 +$%(50$6JHK|UW ]X GHQ ,QWHOOHNWXHOOHQ GHU )UDQNIXUWHU 6FKXOH GLH EHU GHQ GHXWVFKVSUDFKLJHQ 5DXPKLQDXVLQWHUQDWLRQDOH$QHUNHQQXQJJHQLHVVHQ%HUHLWVPLWVHLQHU+DELOLWD WLRQ6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLWOHJWHHUHLQ:HUNYRUGDVELVKHXWH]X GHQ6WDQGDUGZHUNHQGHUgIIHQWOLFKNHLWVIRUVFKXQJJHK|UW 6SlWHVWHQVPLWVHLQHP +DXSWZHUN7KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQVKDWHUVLFKZHOWZHLWDOVHLQHU GHUZLFKWLJVWHQ3KLORVRSKHQXQVHUHV-DKUKXQGHUWVHWDEOLHUW=ZHLVHLQHU.RQ]HS WH VLQG HVVHQ]LHOO IU GDV %HJULIIVSDDU 5LVLNR XQG 9HUDQWZRUWOLFKNHLW VHLQH +DQGOXQJVWKHRULHXQGVHLQH8QWHUVFKHLGXQJ]ZLVFKHQ/HEHQVZHOWXQG6\VWHP 6HLQH+DQGOXQJVWKHRULHHQWZLFNHOWHULQGHU$XVHLQDQGHUVHW]XQJPLWGHU+DQG OXQJVWKHRULH 0$; :(%(56 VHLQ %HJULII GHU /HEHQVZHOW JHKW DXI $/)5(' 6&+h7=]XUFN



6&+h7='HUVLQQKDIWH$XIEDXGHUVR]LDOHQ:HOW

$/)5(' 6&+h7= KDW GDV =LHO YHUIROJW GDV )XQGDPHQW E]Z GHQ PHWKRGLVFKHQ $SSDUDW GHU YHUVWHKHQGHQ 6R]LRORJLH ÄWLHIHU³ ]X OHVHQ (U ZROOWH Ä6WUXNWXUYHU KlOWQLVVH GHV VLQQKDIWHQ $XIEDXV GHU 6R]LDOHQ :HOW PHWKRGLVFK XQWHUVXFKHQ LKUH)XQGLHUXQJV]XVDPPHQKlQJHHQWKOOHQXQGGLHHLQ]HOQHQ6FKLFKWHQJHJHQ HLQDQGHU DEJUHQ]HQ³ 'DPLW ZROOWH HU GLH DOV IUDJORV JHJHEHQH 6LQQVWUXNWXU ]XP ]HQWUDOHQ *HJHQVWDQG GHU 6R]LRORJLH HUKHEHQ (U YHUVWDQG VHLQ :HUN DOV HLQH $UW %LQGHJOLHG ]ZLVFKHQ 3KLORVRSKLH XQG 6R]LDOZLVVHQVFKDIWHQ 1DFK 6&+h7= PXVV VLFK GLH 6R]LDOZLVVHQVFKDIW ]ZLVFKHQ GHU $QDO\VH GHV 6LQQV GHV 0HQVFKHQDQVLFKXQGGHV6LQQVGHVVHQJHVHOOVFKDIWOLFKHU9HUKDOWHQVZHLVHQHQW VFKHLGHQÄ,VWGDVJHVHOOVFKDIWOLFKH*DQ]HGHP6HLQGHV(LQ]HOQHQYRUJHJHEHQ VR GDVV GDV ,QGLYLGXXP QXU LVW ZHLO HV 7HLO HLQHU *DQ]KHLW LVW RGHU LVW XPJH NHKUWGDVZDVZLUGDVJHVHOOVFKDIWOLFKH*DQ]HQHQQHQXQGVHLQH7HLORUJDQLVDWL RQHQ HLQH 6\QWKHVLV YRQ )XQNWLRQHQ GHU HLQ]HOQHQ PHQVFKOLFKHQ ,QGLYLGXHQ GHUHQ6HLQDOOHLQ5HDOLWlW]XNRPPW",VWHVGDVJHVHOOVFKDIWOLFKH6HLQGHV0HQ VFKHQGDVVHLQ%HZXVVWVHLQRGHUXPJHNHKUWVHLQ%HZXVVWVHLQGDVVHLQJHVHOO VFKDIWOLFKHV 6HLQ EHVWLPPW" .DQQ GDV KLVWRULVFKH *HVFKHKHQ GHU 0HQVFKKHLWV XQG .XOWXUHQWZLFNOXQJ XQWHU *HVHW]HQ EHJULIIHQ ZHUGHQ RGHU VLQG XPJHNHKUW  

6&+h7='HUVLQQKDIWH$XIEDXGHUVR]LDOHQ:HOW





DOOHDOVÃ*HVHW]HµDXVJHJHEHQHQ'HXWXQJVYHUVXFKHGHUDPPHLVWHQIRUWJHVFKULW WHQHQ 6R]LDOZLVVHQVFKDIWHQ ZLH ]% GHU 1DWLRQDO|NRQRPLH LKUHUVHLWV EORVV KLVWRULVFKEHGLQJWH$EVWUDNWLRQHQ"³ 'LHVH)UDJHQVLQGVRNRPSOH[GDVVVLHNDXPPLWHLQHPHLQ]LJHQVR]LDOZLVVHQ VFKDIWOLFKHQ :HUN EHDQWZRUWHW ZHUGHQ N|QQHQ 'LH 6R]LDOZLVVHQVFKDIW VR 6&+h7=N|QQHLKUH([LVWHQ]OHJLWLPLHUHQZHQQVLHVLFKEHLGHU6XFKHQDFKGHQ $QWZRUWHQ DXI GLHVH )UDJHQ QLFKW YRQ SROLWLVFKHQ (LQVWHOOXQJHQ OHLWHQ OlVVW 6WDWWGHVVHQ EUDXFKH HV HLQH VFKOLFKWH (UIDVVXQJ XQG %HVFKUHLEXQJ GHU HUIDKUH QHQ5HDOLWlW'HU)RUVFKHUVHLGDQQHUIROJUHLFKZHQQHUGLHVHV=LHOXQYRUHLQJH QRPPHQLQGLHORJLVFKHQ%HJULIIOLFKNHLWHQHLQRUGQHXQGHVDQDO\VLHUH'DULQ VLHKW6FKW]DXFKGLHJURVVH/HLVWXQJ0$;:(%(56'LHVHUKDEHGHQ.DPSIXP GLH :HUWIUHLKHLW LQ GHQ 6R]LDOZLVVHQVFKDIWHQ JHJHQ SROLWLVFKH RGHU :HUW ,GHRORJLHQ JHIKUW (U KDEH HV JHVFKDIIW DOOH $UWHQ VR]LDOHU %H]LHKXQJHQ XQG *HELOGHDOOH.XOWXUHUVFKHLQXQJHQDXIGDVXUVSUQJOLFKVWHVR]LDOH9HUKDOWHQGHV ,QGLYLGXXPV]XUFN]XIKUHQ:(%(5KDEHGLH'HXWXQJVXEMHNWLYHQLP6LQQGHV +DQGHOQGHQ JHPHLQWHQ6LQQVVR]LDOHU9HUKDOWHQVZHLVHQ]XP7KHPDGHU6R]L DOZLVVHQVFKDIWHQ JHPDFKW XQG PLW VHLQHU ,GHDOW\SPHWKRGH 6FKLFKW XP 6FKLFKW GHQ6LQQPHQVFKOLFKHU+DQGOXQJHQHUIDVVWDQVWDWW+lXILJNHLWHQDXI]X]lKOHQ6R KDEHHUGHQ$XIEDXGHUVR]LDOHQ:HOWDOVHLQHQ$XIEDXYHUVWHKEDUHU6LQQJHKDOWH EHVFKUHLEHQN|QQHQ$XIGHUDQGHUHQ6HLWHRUWHW6&+h7= GLH6FKZlFKHQ:( %(56GDULQGDVVVHLQHÄYHUVWHKHQGH³6R]LRORJLHDXIHLQHU5HLKHVWLOOVFKZHLJHQ GHU 9RUDXVVHW]XQJHQ EHUXKH 1XU HLQH WKHRULHJHOHLWHWH $QDO\VH N|QQH IU GLH )XQGLHUXQJ GHU ([SOLNDWLRQ GLHVHU 9RUDXVVHW]XQJHQ DOVR IU XUVSUQJOLFKH (OHPHQWHGHVVR]LDOHQ+DQGHOQVEUJHQ:(%(5KDEHVLFKQXUGDQQXPGLHWKH RUHWLVFKHQ *UXQGODJHQ VHLQHU :LVVHQVFKDIW EHPKW ZHQQ HU PXVVWH ZHQQ HU ÄPLWNRQNUHWIDFKZLVVHQVFKDIWOLFKHQ3UREOHPHQ³NlPSIWHZHQQHUDXVLKQHQHLQ ÄEUDXFKEDUHV+DQGZHUN]HXJ³JHZLQQHQNRQQWH(VODJLKPDQÄHLQH>U@JHVLFKHU WH>Q@SKLORVRSKLVFKH>Q@*UXQGSRVLWLRQ HEHQVRZHQLJZLHDQGHU(UKHOOXQJ GHU 8QWHUVFKLFKWHQ GHU YRQ LKP DXIJHVWHOOWHQ *UXQGEHJULIIH³ :(%(5 KDEH YHUVlXPWGLHIROJHQGHQ*HJHQEHUVWHOOXQJHQYRU]XQHKPHQ

 

,ELGI ,ELG ,ELG  ,ELG  











7DEHOOH*HJHQVWDQGGHUYHUVWHKHQGHQ6R]LRORJLHQDFK6FKW] +DQGHOQDOV$EODXI

YROO]RJHQH+DQGOXQJ

6LQQGHV(U]HXJHQV

6LQQGHV(U]HXJQLVVHV

6LQQGHVHLJHQHQ+DQGHOQV(UOHEQLVVHV

6LQQGHVIUHPGHQ+DQGHOQVGHU(UOHEQLVVH

6HOEVWYHUVWHKHQ

)UHPGYHUVWHKHQ



Ä'LHVR]LDOH:HOWLVWHEHQNHLQHVZHJVKRPRJHQVRQGHUQPDQQLJIDFKJHJOLHGHUW XQGGHUÃ$QGHUHµGHU3DUWQHULVWGHPVR]LDO+DQGHOQGHQXQGEHLGH ZLHGHUGHP %HREDFKWHU MHZHLOV LQ YHUVFKLHGHQHQ *UDGHQ GHU $QRQ\PLWlW GHU (UOHEQLVQlKH XQG,QKDOWVIOOHJHJHEHQ'HU(LQ]HOQH]LHKWDEHUGLHVHSHUVSHNWLYLVFKHQ9HUNU ]XQJHQLQGHQHQLKPGLH6R]LDOZHOWHUVFKHLQWEHLVHLQHQ6LQQVHW]XQJVXQG6LQQ GHXWXQJVDNWHQLQV.DONOXQGGHVKDOEVLQGDXFKVLH*HJHQVWDQGGHUVR]LDOZLVVHQ VFKDIWOLFKHQ )RUVFKXQJ 'HQQ HV KDQGHOW VLFK KLHU QLFKW XP HPSLULVFKH 8QWHU VFKLHGH GHV ]XIlOOLJHQ 6WDQGSXQNWHV GHV (LQ]HOQHQ VRQGHUQ XP :HVHQVXQWHU VFKLHGH SULQ]LSLHOOHU 1DWXU ± XP GHQ ZHVHQVPlVVLJHQ 8QWHUVFKLHG LQVEHVRQGHUH ]ZLVFKHQGHU6HOEVWLQWHUSUHWDWLRQGHU(UOHEQLVVHGXUFKGDVHLJHQH,FKXQGGHU,Q WHUSUHWDWLRQHQIUHPGHU(UOHEQLVVHGXUFKGDVGHXWHQGHDOWHUHJR'HPKDQGHOQGHQ ,FKXQGGHPGHXWHQGHQ%HREDFKWHUSUlVHQWLHUWVLFKQLFKWQXUGLHHLQ]HOQHVLQQKDI WH+DQGOXQJXQGLKU6LQQ]XVDPPHQKDQJVRQGHUQDXFKGDV*DQ]HGHU6R]LDOZHOW LQY|OOLJYHUVFKLHGHQHU3HUVSHNWLYH³

6&+h7= ZLUIW :(%(5 YRU GDVV HU ]ZDU DOO GLHVH 3UREOHPH JHVHKHQ KDEH DEHU GLH VR]LDOH :HOW WURW]GHP QDLY DOV LQWHUVXEMHNWLY NRQIRUP YRUDXVJHVHW]W KDEH 'LH6R]LRORJLHVROOHDEHUJHUDGHGLHXQNULWLVFKHhEHUQDKPHGHU6HOEVWYHUVWlQG OLFKNHLWHQGHVWlJOLFKHQ/HEHQVYHUPHLGHQGDJHQDXGLHVHV3KlQRPHQ6HOEVW YHUVWlQGOLFKNHLWHQ *HJHQVWDQGZLVVHQVFKDIWOLFKHU%HDUEHLWXQJVHLQPVVH Ä'HU$XIEDXGHU6R]LDOZHOWLVWHLQVLQQKDIWHUHLQPDOIUGLHLQGHU6R]LDOZHOW/H EHQGHQGDQQDEHUDXFK IUGLH6R]LDOZLVVHQVFKDIWHQZHOFKHGLHLKQHQYRUJHJH EHQH 6R]LDOZHOW GHXWHQ ,Q GHU :HOW OHEHQG OHEHQ ZLU PLW GHQ $QGHUHQ XQG IU $QGHUHDQGHQHQZLUXQVHUWlJOLFKHV7XQRULHQWLHUHQ,QGHPZLUVLHDOVGLH$QGH UHQDOV0LWRGHU1HEHQPHQVFKHQ9RUIDKUHQRGHU1DFKIDKUHQHUOHEHQPLWLKQHQ YHUEXQGHQ]XJHPHLQVDPHQ:LUNHQXQG:HUNHQVLH]X6WHOOXQJVQDKPHQYHUDQ ODVVHQGXQGGXUFKVLH]X6WHOOXQJQDKPHQYHUDQODVVWYHUVWHKHQZLUGDV9HUKDOWHQ GLHVHU$QGHUHQXQGVHW]HQYRUDXVGDVVVLHGDVXQVHUHYHUVWHKHQ,QGLHVHQ6LQQ VHW]XQJVXQG6LQQGHXWXQJVDNWHQEDXWVLFKIUXQVLQ*UDGHQYHUVFKLHGHQHU$QR

 

,ELG





Q\PLWlW LQ JU|VVHUHU RGHU JHULQJHUHU (UOHEQLVQlKH LQ PDQQLJIDFKHQ HLQDQGHU GXUFKNUHX]HQGHQ$XIIDVVXQJVSHUVSHNWLYHQGDV6LQQJHIJHGHUVR]LDOHQ:HOWDXI ZHOFKHVRZRKOXQVHUH:HOWVWUHQJJHQRPPHQ]XQlFKVWPHLQH:HOW DOVDXFKGLH GHU$QGHUHQLVW³

*HPlVV 6&+h7= KDW GHU 6R]LDOZLVVHQVFKDIWOHU PLW ]ZHL (EHQHQ ]X WXQ (LQHU VHLWV VROO HU GHQ VLQQKDIWHQ $XIEDX GHU VR]LDOHQ :HOW GHXWHQG YHUVWHKHQ XQG ]ZDU GHQ JHPHLQWHQ 6LQQ XQG DQGHUHUVHLWV PXVV HU VLFK LQ LKU ]XUHFKWILQGHQ LQGHP HU VLH DOV JHJHEHQ DQQLPPW QLFKW KLQWHUIUDJW XQG QLFKW KLQWHUJHKW 1XU ZHQQ HU VLH VLFK DQHLJQHW NDQQ HU VLH DXFK YHUVWHKHQ :LH NDQQ HU DEHU HLQH IUDJORVKLQJHQRPPHQH6HOEVWYHUVWlQGOLFKNHLWDXIGLHDQDO\WLVFKH(EHQHEULQJHQ DXIGHUHUVLHPLW,QVWUXPHQWHQGHU:LVVHQVFKDIWEHIUDJHQN|QQWH"'DKHUJOHLFKW GHU 6LQQ]XVDPPHQKDQJ LQ GHU :LVVHQVFKDIW HLQHU RUGQHQGHQ %HWUDFKWXQJ 'LH 6R]LDOZHOW DOV *HJHQVWDQG GHU 6R]LDOZLVVHQVFKDIWHQ LVW EHUHLWV DXIJHEDXW XQG NRQVWLWXLHUWXQGGLH:LVVHQVFKDIWJHKWYRP6LQQGHU6R]LDOZHOWDXIGLHVLQQKDI WHQ$NWHGHV/HEHQVLQGHU6R]LDOZHOW]XUFNÄ6RLVWDOOHQ6R]LDOZLVVHQVFKDIWHQ HLQ 0DWHULDO YRUJHJHEHQ GDV GLH (LJHQDUW EHVLW]W EHUHLWV LQ HLQHU YRUZLVVHQ VFKDIWOLFKHQ6WXIHMHQH(OHPHQWHGHV6LQQVXQG9HUVWHKHQV]XHQWKDOWHQZHOFKH LQQHUKDOEGHUGHXWHQGHQ:LVVHQVFKDIWVHOEVWPLWGHP$QVSUXFKDXINDWHJRULDOH *HOWXQJPHKURGHUPLQGHUH[SOL]LWDXIWUHWHQ³ 'DPLWHUKHEW6&+h7=IUVHLQHQ*HJHQVWDQGGHQ$QVSUXFKDXIGLH(QWGHFNXQJ HLQHU(QWLWlWPLWGHU%HVRQGHUKHLWGDVVGLH6R]LDOZHOWDXIJUXQGGHU.RPSRQHQ WHQ GHV 6LQQV XQG 9HUVWHKHQV DXFK IU GLH 6R]LDOZLVVHQVFKDIW EHU JHQJHQGH .RPSOH[LWlWYHUIJW6&+h7= IRNXVVLHUWHVLFKDXIGHQ%HJULIIÄ6LQQ³GDGLHVHU LQ GHQ 6R]LDOZLVVHQVFKDIWHQ XQ]XOlQJOLFK HUIDVVW VHL 'LH 6LQQDQDO\VH QDFK 6&+h7=JHOLQJWZHQQVLHLQHLQH5HODWLRQ]XU=HLWJHVHW]WZLUGZRIUÄSKLORVR SKLVFKH=XUVWXQJHQ³QRWZHQGLJVHLHQ0LW/HW]WHUHPPHLQWHUGLHÄWUDQV]HQ GHQWDOH 3KlQRPHQRORJLH³ GLH 3KLORVRSKLH ('081' +866(5/6 0LW (UVWHUHU PHLQW HU KLQJHJHQ QLFKW GLH SK\VLNDOLVFKH 5DXP]HLW ÄGLH WHLOEDU XQG PHVVEDU LVW³ QLFKW GLHKLVWRULVFKH =HLW ÄGLH LPPHU HLQ YRQ lXVVHUHQ %HJHEHQKHLWHQ HU IOOWHU $EODXIEOHLEW³ ZRKO DEHUGDV ÄLQQHUH =HLWEHZXVVWVHLQGDV %HZXVVWVHLQ GHUMHHLJHQHQ'DXHULQGHPVLFKIUGHQ(UOHEHQGHQGHU6LQQVHLQHU(UOHEQLVVH  

,ELG ,ELG  ,ELG 











NRQVWLWXLHUW³)U6&+h7=VLQGQXULQÄGLHVHUWLHIVWHQGHU5HIOH[LRQ]XJlQJOL FKHQ(UOHEQLVVFKLFKW³Ä6LQQ³XQGÄ9HUVWHKHQ³DXIZHLVEDUXQGGDPLWVR]LDOZLV VHQVFKDIWOLFKHU8QWHUVXFKXQJ]XJlQJOLFK'HU6R]LDOZLVVHQVFKDIWOHUN|QQHGLH VH 3KlQRPHQH HUIDVVHQ ZHQQ HU VLH DXV LKUHQ 8UVSUQJHQ XQG GHP %HZXVVW VHLQVOHEHQDEOHLWHW $/)5(' 6&+h7= KDWHLQ ]ZHLGHXWLJHV (UEH KLQWHUODVVHQ (UKDW GLH /HEHQVZHOW QDFK =HLW 6LQQ 2EMHNW 6XEMHNW +DQGHOQ LQ LKUHU $Q]DKO ZLH 0LW RGHU 1H EHQZHOWHQ XVZJHRUGQHWXQG HUNOlUW ,QVRIHUQGUDQJ HU HLQHUVHLWVVR WLHILQGLH $QDO\VH GHV VLQQKDIWHQ $XIEDXV GHU VR]LDOHQ :HOW HLQ GDVV GLHVHU QDFK LKP K|FKVWHQVQHXLQWHUSUHWLHUWLQGHU$QDO\VHDEHUNDXPEHUWURIIHQZHUGHQNRQQ WH JOHLFK]HLWLJ KDW HU VLFK NDXP YRQ GHU 3KlQRPHQRORJLH ('081' +866(5/6 EHIUHLW LQ GHU GDV ,QGLYLGXXP NDXP YRQ VHLQHU VR]LDOHQ :HOW XQWHUVFKLHGHQ ZHUGHQNDQQ(USRVWXOLHUWHLQHQVLQQKDIWHQ$XIEDXGHUVR]LDOHQ:HOW]XGHP QXU GHU :LVVHQVFKDIWOHU HLQH 5HIOH[LYLWlW JHZLQQHQ N|QQH GLH VFKRQ LQ LKUHU 4XDQWLWlW IU GHQ $OOWDJVPHQVFKHQ HLQH hEHUIRUGHUXQJ EHGHXWH ,QGHP GLH 7UHQQXQJ ]ZLVFKHQ /HEHQVZHOW XQG :HOW REMHNWLYLHUW ZXUGH NRQQWH DXFK HLQ %HZXVVWVHLQEHUGLH.XOWXUXQG8KU]HLWXQGGDPLWDXFKEHUGHQ:DQGHOJH VFKDIIHQ ZHUGHQ 'LH .RPPXQLNDWLRQVWHLOQHKPHQGHQ VLQG VLFK QXQ HLQHUVHLWV GHV .RQWH[WVLKUHU 6LWXDWLRQEHZXVVW ZLHDXFK GHVGLHVHP .RQWH[W HQWULVVHQHQ :LUNOLFKNHLWVDXVVFKQLWWV =ZLVFKHQ GHP 7KHPD XQG GHP LKP HQWVSUHFKHQGHQ :HOWEH]XJ HLQHUVHLWV XQG GHP NRPPXQL]LHUEDUHQ 7HLO GHV 7KHPDV XQG GHVVHQ GXUFK HLJHQH XQG IUHPGH 5HIOH[LRQ HUP|JOLFKWHQ 0XVWHUQ DQGHUHUVHLWV NDQQ YHUPLWWHOWHV :LVVHQ DXI VHLQH 5LFKWLJNHLW $XIULFKWLJNHLW XQG $WWUDNWLYLWlW KLQ JHSUIWZHUGHQ'LH%HZlOWLJXQJHLQHU6LWXDWLRQHUIRUGHUWGLHJOHLFK]HLWLJH%H UFNVLFKWLJXQJYRQ.RPPXQLNDWLRQ/HEHQVZHOWXQG+DQGHOQ6&+h7=µ(UEHLVW GHVZHJHQ]ZHLGHXWLJZHLOHV]ZLVFKHQGLHVHQ]ZHL3ROHQGHP,QGLYLGXXPGDV 5LVLNRDXIEUGHWGLH6LQQKDIWLJNHLWQLFKW]XYHUVWHKHQXQGDQLKU]XVFKHLWHUQ XQG GLH 9HUDQWZRUWOLFKNHLW GLHVHV 5LVLNR QLFKW HLQ]XJHKHQ RGHU ]XP %HLVSLHO GXUFK %LOGXQJ DXI]XIDQJHQ DXI GLH *HVHOOVFKDIW DEVFKLHEW RKQH HLQH 7KHRULH EHUGHQ$XIEDXGHUVR]LDOHQ,QVWLWXWLRQHQLP6\VWHPPLW]XOLHIHUQ





  

,ELG ,ELG







+$%(50$6XQGGLH0RGHUQH

:LH EHUHLWV YRUJHVWHOOW KDW 0$; :(%(5 DXVJHKHQG YRP 5DWLRQDOLWlWVEHJULII YLHU+DQGOXQJVW\SHQGHILQLHUW]ZHFNUDWLRQDOHVZHUWUDWLRQDOHVDIIHNWXHOOHVXQG WUDGLWLRQHOOHV +DQGHOQ 0LW 6&+h7= ZXUGH VHLQH +DQGOXQJVWKHRULH VR ZHLW NUL WLVFK EHWUDFKWHW ZLH VLH IU GLH $QDO\VH GHU /HEHQVZHOW YRQ %HGHXWXQJ ZDU :(%(56 +DQGOXQJVWKHRULHLVW DXFK +$%(50$6µ $XVJDQJVSXQNW (U VLHKW GDULQ HLQH YHUHQJWH .ODVVLILNDWLRQ GLH GLHVH +DQGOXQJVW\SHQ DXI GLH =ZHFN0LWWHO 5HODWLRQ HLQVFKUlQNW ,Q GLHVHU .RQ]HSWLRQ NRPPHQ GLH VR]LDOHQ ,QWHUDNWLR QHQ QXU EHGLQJW YRU +$%(50$6 ZLOO PLW VHLQHU +DQGOXQJVWKHRULH :(  %(5µVFKHÄEHJULIIVVWUDWHJLVFKHQ(QJSlVVH³EHUZLQGHQ 

D

:(%(56RIIL]LHOOH+DQGOXQJVWKHRULHXQGLKUH6FKZlFKHQ

1DFK +$%(50$6 YHUIJW :(%(5 EHU VHFKV XQWHUVFKLHGOLFKH DXIHLQDQGHU DXI EDXHQGH 5DWLRQDOLWlWVEHJULIIH 'LHVH %HJULIIH KDEH :(%(5 LQ VHLQHU EHUHLWV YRUJHVWHOOWHQ RIIL]LHOOHQ +DQGOXQJVWKHRULH DQJHZHQGHW XQG HU VWRVVH GDPLW DQ *UHQ]HQGDGDULQGLH Ä=ZHFNWlWLJNHLWHLQHVHLQVDPHQ+DQGOXQJVREMHNWV³NRQ ]LSLHUWZRUGHQVHL'HVZHJHQKDEH:(%(5DXFKHLQHLQRIIL]LHOOH+DQGOXQJV WKHRULHHQWZLFNHOWPLWKLOIHGHUHQHUGDVZHUWUDWLRQDOH+DQGHOQQLFKWQXUPLW*H VLQQXQJVHWKLNVRQGHUQDXFKPLWGHU9HUDQWZRUWXQJVHWKLN]XVDPPHQEUDFKWH *HPlVV+$%(50$6XQWHUVFKHLGHW:(%(5LQVHLQHULQRIIL]LHOOHQ+DQGOXQJVW\SR ORJLHVR]LDOH,QWHUDNWLRQHQQDFK0HFKDQLVPHQGHU+DQGOXQJVNRRUGLQLHUXQJ'D IUVSULFKWHUVWHQVVHLQH'HILQLWLRQGHVVR]LDOHQ+DQGHOQV,QGHU9RUEHPHUNXQJ YRQ :LUWVFKDIW XQG *HVHOOVFKDIW :X*  KHEW :(%(5 KHUYRU GDVV HU VR]LDOHV +DQGHOQGHXWHQGYHUVWHKHQXQGGDGXUFKLQVHLQHP$EODXIXQGVHLQHQ:LUNXQ JHQXUVlFKOLFKHUNOlUHQZLOO(UGHILQLHUW+DQGHOQZLHIROJWÄÃ+DQGHOQµVROOGD EHLHLQPHQVFKOLFKHV9HUKDOWHQHLQHUOHLRElXVVHUHVRGHULQQHUOLFKHV7XQ8Q WHUODVVHQRGHU'XOGHQ KHLVVHQZHQQXQGLQVRIHUQDOVGHURGHUGLH+DQGHOQGHQ PLWLKPHLQHQVXEMHNWLYHQ6LQQYHUELQGHQÃ6R]LDOHVµ+DQGHOQDEHUVROOHLQVRO FKHV+DQGHOQKHLVVHQZHOFKHVVHLQHPYRQGHPRGHUGHQ+DQGHOQGHQJHPHLQWHQ  

+$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV, :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,  ,ELG±56  ,ELG  ,ELG,± 











6LQQQDFKDXIGDV9HUKDOWHQDQGHUHUEH]RJHQZLUGXQGGDUDQLQVHLQHP$EODXI RULHQWLHUWLVW³ $XIIlOOLJ LVW KLHU GDVV :(%(5 LQ GLHVHU 'HILQLWLRQ YRP ÄREMHNWLY 5LFKWLJHQ³ RGHUHLQHPPHWDSK\VLVFKHUJUQGHWHQÄZDKUHQ³6LQQGHVVR]LDOHQ+DQGHOQVDE VLHKW(UKlOWGLH2ULHQWLHUXQJDP9HUKDOWHQ'ULWWHUIUPDVVJHEHQGIUGDVVR]L DOH+DQGHOQ'DULQOLHJWDXFKGHU*UXQGGDIUGDVV:(%(5GLH.RQWHPSODWLRQ QLFKWIUVR]LDOHV+DQGHOQKlOWGDGLHVHV+DQGHOQLQGHU(LQVDPNHLWYROO]RJHQ ZHUGHQ NDQQ MD PXVV (EHQIDOOV OLHJW QDFK :(%(5 NHLQ VR]LDOHV +DQGHOQ YRU ÄZHQQ >HV@ OHGLJOLFK UHDNWLY RKQH VLQQKDIWH 2ULHQWLHUXQJ GHV HLJHQHQ DQ GHP IUHPGHQ+DQGHOQ³HUIROJW =ZHLWHQVXQWHUVFKHLGHW:(%(5LQ:LUWVFKDIWXQG*HVHOOVFKDIW]ZLVFKHQGHU*HO WXQJHLQHU:LUWVFKDIWVRUGQXQJXQGGHU*HOWXQJHLQHU5HFKWVRUGQXQJÄÃ*HOWHQµ HLQHU2UGQXQJVROOXQVDOVRPHKUEHGHXWHQDOVHLQHEORVVHGXUFK6LWWHRGHU,QWH UHVVHQODJHEHGLQJWH5HJHOPlVVLJNHLWHLQHV$EODXIVVR]LDOHQ+DQGHOQV³1RFK GHXWOLFKHU NRPPW GLHVH 8QWHUVFKHLGXQJ LP IROJHQGHQ =LWDW ]XP $XVGUXFN Ä:HQQYRQÃ5HFKWµÃ5HFKWVRUGQXQJµÃ5HFKWVVDW]µGLH5HGHLVWVRPXVVEHVRQ GHUV VWUHQJ DXI GLH 8QWHUVFKHLGXQJ MXULVWLVFKHU XQG VR]LRORJLVFKHU %HWUDFK WXQJVZHLVHJHDFKWHWZHUGHQ'LHHUVWHUHIUDJWZDVDOV5HFKWLGHHOOJLOW'DVZLOO VDJHQ ZHOFKH %HGHXWXQJ XQG GLHV ZLHGHUXP KHLVVW ZHOFKHU QRUPDWLYH 6LQQ HLQHPDOV5HFKWVQRUPDXIWUHWHQGHQVSUDFKOLFKHQ*HELOGHORJLVFKULFKWLJHUZHLVH ]XNRPPHQVROOWH'LHOHW]WHUHGDJHJHQIUDJWZDVLQQHUKDOEHLQHU*HPHLQVFKDIW IDNWLVFK XP GHVZLOOHQ JHVFKLHKW ZHLO GLH &KDQFH EHVWHKW GDVV DP *HPHLQ VFKDIWVKDQGHOQ EHWHLOLJWH 0HQVFKHQ GDUXQWHU LQVEHVRQGHUH VROFKH LQ GHUHQ +lQGHQHLQVR]LDOUHOHYDQWHV0DVVYRQIDNWLVFKHP(LQIOXVVDXIGLHVHV*HPHLQ VFKDIWVKDQGHOQ OLHJW EHVWLPPWH 2UGQXQJHQ DOV JHOWHQG VXEMHNWLY DQVHKHQ XQG SUDNWLVFK EHKDQGHOQ DOVR LKU HLJHQHV +DQGHOQ DQ LKQHQ RULHQWLHUHQ ± 'DUQDFK EHVWLPPW VLFK DXFK GLH SULQ]LSLHOOH %H]LHKXQJ ]ZLVFKHQ 5HFKW XQG :LUW VFKDIW³ $XIJUXQGGLHVHU%HVWLPPXQJHQJHKW+$%(50$6GDYRQDXVGDVV:(%(5VR]LDOH +DQGOXQJHQ QDFK 0HFKDQLVPHQ GHU +DQGOXQJVNRRUGLQLHUXQJ XQWHUVFKHLGHW :(%(5JUHQ]WGHPQDFKHLQHHLQ]LJDXIGHUIDNWLVFKHQ,QWHUHVVHQODJHQEHUXKHQ  

:(%(5:LUWVFKDIWXQG*HVHOOVFKDIW ,ELG ,ELG  ,ELG  





GH+HUUVFKDIWYRQGHUDXIQRUPDWLYHV(LQYHUVWlQGQLV]XUFNJHKHQGHQ+HUUVFKDIW DE:HQQ+$%(50$6µ7KHVHVWLPPWGDQQN|QQWHVLHDXFKGHU*UXQGVHLQGD IUGDVV:(%(5 LQVHLQHQ*HVDPPHOWHQ$XIVlW]HQ]XU:LVVHQVFKDIWVOHKUH:/  GUHLLGHDOH7\SHQGHUOHJLWLPHQ+HUUVFKDIWDXVPDFKW'D]X]lKOWHUD GLHOHJDOH +HUUVFKDIWGLHQDFKHLQHP5HFKWVDNWLQVWDOOLHUWXQGDXIUHFKWHUKDOWHQZLUGGHUHQ $GUHVVDWHQGLH%UJHUVLQG7UDGLWLRQHOOH+HUUVFKDIWE LVWHLQHÄ9HUJHPHLQ VFKDIWXQJ³ GLH ÄNUDIW *ODXEHQV DQ GLH +HLOLJNHLW GHU YRQ MHKHU YRUKDQGHQHQ 2UGQXQJHQXQG+HUUHQJHZDOWHQ³JHOHLWHWZLUGGLH$GUHVVDWHQZHUGHQDOV8Q WHUWDQHQ GHILQLHUW Ä&KDULVPDWLVFKH +HUUVFKDIW >F@ >HQWVWHKW@ NUDIW DIIHNWXHOOHU +LQJDEHDQGLH3HUVRQGHV+HUUQXQGLKUH*QDGHQJDEHQ&KDULVPD LQVEHVRQ GHUHPDJLVFKH)lKLJNHLWHQ2IIHQEDUXQJHQRGHU+HOGHQWXP0DFKWGHV*HLVWHV XQG GHU 5HGH   5HLQVWH 7\SHQ VLQG GLH +HUUVFKDIW GHV 3URSKHWHQ GHV .ULHJVKHOGHQGHVJURVVHQ'HPDJRJHQ³1DFK:(%(5EHVWHKWEHLGHUFKDULV PDWLVFKHQ +HUUVFKDIW NHLQH DQGHUH 5HFKWVTXHOOH DOV GLH 3HUVRQ GHV FKDULVPDWL VFKHQ +HUUVFKHUV )ROJOLFK VLHKW HU LQ LKU NHLQH OHJLWLPLHUWH 2UGQXQJ GD VLH KDXSWVlFKOLFKDXIXQEHZXVVWHU*HZ|KQXQJEHUXKH(LQHQ9HUEDQGKLQJHJHQ ]lKOW :HEHU ]X OHJLWLPHQ 2UGQXQJHQ ZHLO HU DXI ,QWHUHVVHQODJHQ EHUXKH GLH HLQHUDWLRQDOH=ZHFN0LWWHO5HFKQXQJYRUDXVVHW]H(LQHOHJLWLPH2UGQXQJLVW QDFK:(%(5JHJHEHQZHQQGLH$GUHVVDWHQLKUH9HUELQGOLFKNHLWRGHU9RUELOG OLFKNHLW DXFK VXEMHNWLY DQHUNHQQHQ 'HU 8QWHUVFKLHG ]ZLVFKHQ 6LWWH XQG 9HU EDQG OLHJW LQVRIHUQ LQ LKUHU .RQVWLWXLHUXQJ (V JHKW ÄHLQPDO >XP@ GHQ 8QWHU VFKLHG ]ZLVFKHQ IDNWLVFKHQ 5HJHOPlVVLJNHLWHQ GHV 9HUKDOWHQV XQG QRUPDWLYHQ 5HJHOXQJHQ GHV +DQGHOQV XQG ]XP DQGHUHQ >XP@ GHQ 8QWHUVFKLHG ]ZLVFKHQ GHP 6LQQ HLQHV QRUPDWLYHQ *HOWXQJVDQVSUXFKHV XQG GHU 7DWVDFKH VHLQHU IDNWL VFKHQ$QHUNHQQXQJ³+$%(50$6KHEWKHUYRUGDVV:(%(5LQGHU0DUNWZLUW VFKDIWXQGGHU%URNUDWLHGLH,QVWLWXWLRQDOLVLHUXQJGHV]ZHFNUDWLRQDOHQ+DQGHOQV EHREDFKWHW (UIROJUHLFKHV +DQGHOQ JHKW KLHU EHU VR]LDOH 1RUPHQ XQG HLQHQ :HUWHNRQVHQV KLQDXV Ä(LQH QXU DXV ]ZHFNUDWLRQDOHQ 0RWLYHQ LQQHJHKDOWHQH  

+$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV, :(%(5*HVDPPHOWH$XIVlW]H]XU:LUWVFKDIWVOHKUHII ,ELG  ,ELG  9JO(LQOHLWXQJ:: ±  :(%(5:LUWVFKDIWXQG*HVHOOVFKDIW  ,ELG  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,  ,ELG,I  











2UGQXQJLVWLPDOOJHPHLQHQZHLWODELOHUDOVGLHOHGLJOLFKNUDIW6LWWHLQIROJHGHU (LQJHOHEWKHLWHLQHV9HUKDOWHQVHUIROJHQGH2ULHQWLHUXQJDQGLHVHUGLHYRQDOOHQ KlXILJVWH$UWGHULQQHUHQ+DOWXQJ$EHUVLHLVWQRFKXQJOHLFKODELOHUDOVHLQHPLW GHP 3UHVWLJH GHU 9RUELOGOLFKNHLW RGHU 9HUELQGOLFKNHLW ZLU ZROOHQ VDJHQ GHU Ã/HJLWLPLWlWµ DXIWUHWHQGH³ %DVLHUHQG DXIGLHVHQ hEHUOHJXQJHQ IDVVW +$%(5 0$6 GLH LQRIIL]LHOOH +DQGOXQJVW\SRORJLH :(%(56 LQ GHU 7DEHOOH XQWHQ ]XVDP PHQ 7DEHOOH:HEHUVLQRIIL]LHOOH+DQGOXQJVW\SRORJLH *UDGHGHU+DQGOXQJV 1LHGULJ UDWLRQDOLWlW

+RFK

.RRUGLQLHUXQJ GXUFK,QWHUHVVHQODJH  GXUFKQRUPDWLYHV (LQYHUVWlQGQLV 

IDNWLVFKHLQJHZ|KQWHV +DQGHOQ³6LWWH´ 

VWUDWHJLVFKHV+DQGHOQ ³,QWHUHVVHQKDQGHOQ´ 

NRQYHQWLRQHOOHV (LQYHUVWlQGQLVKDQGHOQ ³*HPHLQVFKDIWVKDQGHOQ´ 

SRVWNRQYHQWLRQHOOHV (LQYHUVWlQGQLVKDQGHOQ ³*HVHOOVFKDIWVKDQGHOQ´ 



1DFK GLHVHU 7DEHOOH KDW :(%(5 7\SHQ GHV VR]LDOHQ +DQGHOQV QDFK GHP *UDG GHU D  +DQGOXQJVUDWLRQDOLWlW XQG E  GHU +DQGOXQJVNRRUGLQLHUXQJ XQWHUVFKLH GHQ 1DFK:(%(5NDQQHLQH+HUUVFKDIWHLQHQ$QVSUXFKDXIJHVHOOVFKDIWOLFKH/HJLWL PLWlWHUKHEHQZHQQVLHDXIJHVHOOVFKDIWOLFKDQHUNDQQWHQ1RUPHQEDVLHUW:HQQ GDVQRUPDWLYH(LQYHUVWlQGQLVDXI7UDGLWLRQEHUXKWKDQGHOWHVVLFKVHLQHV(UDFK WHQV XP NRQYHQWLRQHOOHV *HPHLQVFKDIWVKDQGHOQ 6HW]W VLFK HLQ HUIROJVRULHQWLHU WHV]ZHFNUDWLRQDOHV+DQGHOQGXUFKGDQQKDQGHOWHVVLFKXPUDWLRQDOHV*HVHOO VFKDIWVKDQGHOQ ,P 9HUHLQ VDK :(%(5 GLH ,QVWLWXWLRQ GLHVHV +DQGOXQJVW\SV *HKWHUDXIHLQH6DW]XQJ]XUFNXQGLVWHUPLWHLQHP5HFKWVHW]XQJVJHZDOWDXV JHVWDWWHWKDQGHOWHVVLFKXPHLQH$QVWDOW1DFK+$%(50$6NDQQ:(%(56$XV HLQDQGHUVHW]XQJPLWGHPRN]LGHQWDOHQ5DWLRQDOLVPXVLQD GLH0RGHUQLVLHUXQJ GHU*HVHOOVFKDIWE GLHNXOWXUHOOH5DWLRQDOLVLHUXQJXQGF GLH6SKlUHGHU3HU  

:(%(5:: +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,  ,ELGI 





V|QOLFKNHLWDXIGHU(EHQHGHUPHWKRGLVFKHQ/HEHQVIKUXQJXQWHUWHLOWZHUGHQ $QJHOHKQW DQ +$%(50$6 NDQQ :(%(56 8QWHUVXFKXQJVJHJHQVWDQG ZLH IROJW GDUJHVWHOOWZHUGHQ 7DEHOOH'LPHQVLRQHQYRQ:HEHUVRN]LGHQWDOHP5DWLRQDOLVPXV 

0HUNPDO

3HUV|QOLFKNHLW ,Q:HUWRULHQWLHUXQJHQ XQG+DQGOXQJVGLVSRVL WLRQHQEHNRPPWGDV 3HUV|QOLFKNHLWVV\VWHP GXUFKGHQ/HEHQVVWLO MHQHNXOWXUHOOYHUDQNHU WHXQLYHUVDOH*HVLQ QXQJVHWKLN

6\PERO

&KDUDNWHULVWLNXP

3ULQ]LSLHQJHOHLWHWHDXWR QRPH/HEHQVIKUXQJ

5DGLNDOH$EOHK QXQJPDJLVFKHU 0LWWHOGLHHQGJO WLJH(QW]DXEHUXQJ GHU5HOLJLRQ9HU HLQVDPXQJGHV *OlXELJHQGHU *HKRUVDPJHJHQ EHU*RWWGXUFK :DKUQHKPXQJGHU EHUXIOLFKHQ3IOLFK WHQGLH9HUZDQG OXQJGHU:HOWDE OHKQXQJLQHLQH LQQHUZHOWOLFKH$V NHVH

.XOWXU

(UZHLWHUXQJ9HUVHOEVW :LVVHQVFKDIW7HFKQLN VWlQGLJXQJXQG3URJ .XQVWXQG(WKLN QRVHIlKLJNHLWGHULQ VWUXPHQWHOOHQXQG RUJDQLVDWRULVFKHQ%H KHUUVFKXQJHPSLULVFKHU 9RUJlQJH

:LVVHQVFKDIW 7HFKQLN.XQVW (WKLN-HGHGLHVHU (LQKHLWHQGLIIHUHQ ]LHUWVLFKDXV'LH (WKLNGLIIHUHQ]LHUW VLFKYRQ5HOLJLRQ DXV

*HVHOOVFKDIW

$XVGLIIHUHQ]LHUXQJGHU NDSLWDOLVWLVFKHQ:LUW VFKDIWXQGGHVPRGHU QHQ6WDDWV6WDDWXQG :LUWVFKDIWHUJlQ]HQ XQGVWDELOLVLHUHQVLFK JHJHQVHLWLJ

$OV2UJDQLVDWL RQVPLWWHOIUGLH NDSLWDOLVWLVFKH :LUWVFKDIWXQGIU GHQPRGHUQHQ 6WDDWZLHDXFKIU GHQ9HUNHKU]ZL VFKHQLKQHQGLHQW GDVDXIGHP6DW ]XQJVSULQ]LSEHUX KHQGHIRUPDOH 5HFKW



  

,ELG± ,ELG±



%HWULHE7UHQQXQJYRQ3UL YDWHPXQG*HVFKlIWOLFKHP %XFKIKUXQJUDWLRQDOH ,QYHVWLWLRQVHQWVFKHLGXQJHQ 6XFKHQDFKHIIL]LHQWHQ$U EHLWVNUlIWHQ 6WDDW(UGLIIHUHQ]LHUWVLFK XQWHUGHU.RQWUROOHVHLQHU )DFKEHDPWHQLQ6WHXHUV\V WHP0LOLWlUPDFKW%UR NUDWLH5HFKWVHW]XQJDXV









'LH0RGHUQLVLHUXQJDXI*HVHOOVFKDIWVHEHQHXQWHUVXFKWH:(%(5LQGHU$XVGLIIH UHQ]LHUXQJGHUNDSLWDOLVWLVFKHQ:LUWVFKDIWXQGGHVPRGHUQHQ6WDDWHV,Q%H]XJ ]XU:LUWVFKDIWVWHOOW:(%(5GHQNDSLWDOLVWLVFKHQ%HWULHEDOV,GHDOW\SGDUGDLQ LKPGLH7UHQQXQJYRQ3ULYDWOHEHQXQG*HVFKlIWYROO]RJHQZHUGHXQGGLH%XFK IKUXQJ GLH UDWLRQDOHQ ,QYHVWLWLRQVHQWVFKHLGXQJHQ GLH 6XFKH QDFK HIIL]LHQWHQ $UEHLWVNUlIWHQ XQG GLH 1XW]XQJ WHFKQLVFKHU 0LWWHO UDWLRQDOLVLHUW ZHUGHQ ,P 6WDDWEHUQLPPWDQVWHOOHGHV+HUUVFKHUVLPPHUPHKUGHU)DFKEHDPWHGLH.RQ WUROOHEHUGDV6WHXHUV\VWHPGLH6WHXHUXQJGHU0LOLWlUPDFKWXQGGHU%URNUDWLH VRZLH GLH %HVWLPPXQJ GHU :RKOIDKUWVLQVWUXPHQWH $XFK LQ GHU 5HFKWVHW]XQJ XQWHUVFKHLGHWVLFKGHU6WDDWYRQFKDULVPDWLVFKHQ+HUUVFKDIWVIRUPHQ%HLGHGLH :LUWVFKDIW XQG GHU 6WDDW EHUXKHQ DXI IRUPDOHP 5HFKW DOV 2UJDQLVDWLRQVPLW WHO $XI GHU (EHQH GHU .XOWXU VLHKW :(%(5 GLH 6WUXNWXUHQ GHU 0RGHUQH LQ :LVVHQVFKDIWXQG7HFKQLNDXWRQRPHU.XQVWXQG(WKLN=XP%HLVSLHOZXUGHLQ GHU :LVVHQVFKDIW GLH 5DWLRQDOLVLHUXQJ GXUFK (UZHLWHUXQJ 9HUVHOEVWVWlQGLJXQJ XQG3URJQRVHIlKLJNHLWGHULQVWUXPHQWHOOHQXQGRUJDQLVDWRULVFKHQ%HKHUUVFKXQJ YRQ HPSLULVFKHQ 9RUJlQJHQ XQG :LVVHQ YRUDQJHWULHEHQ ,Q %H]XJ DXI GLH 3HUV|QOLFKNHLW VDK :(%(5 QDFK +$%(50$6 GLH 5DWLRQDOLVLHUXQJ GHU PHWKRGL VFKHQ/HEHQVIKUXQJDOVÄGHQZLFKWLJVWHQ)DNWRUIUGLH(QWVWHKXQJGHV.DSLWD OLVPXV³ 'DQN GLHVHP 3HUV|QOLFKNHLWVV\VWHP VHW]WH VLFK HLQH /HEHQVIKUXQJ GXUFK GLH QDFK HLQHU XQLYHUVDOHQ *HVLQQXQJVHWKLN GHQ VHNWLHUHULVFKSURWHVWDQ WLVFKHQ.DSLWDOLVWHQKHUYRUEUDFKWH'LHVH3HUV|QOLFKNHLWOHKQWHGLH0DJLHDEXQG HQW]DXEHUWHGLH5HOLJLRQDOVHLQHSURIDQH2UGQXQJ*OHLFK]HLWLJUHVXOWLHUWHGDU DXV GLH 9HUHLQVDPXQJ GHV ,QGLYLGXXPV GD HV VLFK PLWWHOV .RQWHPSODWLRQ DOV :HUN]HXJ*RWWHVLQGHUSURIDQHQ:HOWVDKGDV+HLODEHULP-HQVHLWVVXFKWH Ä(LQHUVHLWV JHZLQQW :(%(5 GHQ %HJULII SUDNWLVFKHU 5DWLRQDOLWlW >GLH 9HUNQS IXQJYRQ]ZHFNUDWLRQDOHPPLWZHUWUDWLRQDOHP+DQGHOQ@DQHLQHPLQGHUKLVWRUL VFKHQ *HVWDOW SURWHVWDQWLVFKHWKLVFKHU /HEHQVIKUXQJ UHSUlVHQWLHUWHQ +DQG OXQJVW\SXV GHU 0LWWHO =ZHFN XQG :HUWUDWLRQDOLWlW YHUHLQLJW $QGHUHUVHLWV VWHOOWHUGHU5DWLRQDOLWlWYRQ+DQGOXQJVRULHQWLHUXQJHQGLHGHU:HOWSHUVSHNWLYHQ XQGGHU:HUWVSKlUHQJHJHQEHU'LH%H]XJVSXQNWHNXOWXUHOOHU5DWLRQDOLVLHUXQJ VLHKWHULQGHUPRGHUQHQ:LVVHQVFKDIWLPSRVWWUDGLWLRQDOHQ5HFKWVXQG0RUDO EHZXVVWVHLQ XQG LQ GHU DXWRQRPHQ .XQVW +LQJHJHQ OLHJHQ GLH 5DWLRQDOLVLH  

,ELGI ,ELG± ,ELG  ,ELGI  





UXQJVSKlQRPHQH GLH :(%(5 HUNOlUHQ P|FKWH DXI GHU (EHQH GHU *HVHOO VFKDIW³ +$%(50$6VLHKWGLH*UQGHIUEHJULIIOLFKH8QNODUKHLWHQLQGHU+DQGOXQJVWKHR ULH:(%(56:(%(5KDEHEHUVHKHQGDVVHVVLFKEHLGLHVHP5DWLRQDOLVLHUXQJV SUR]HVV XP ]ZHL :HOOHQ YRQ 5DWLRQDOLVLHUXQJ KDQGOH GLH 5DWLRQDOLVLHUXQJ YRQ:HOWELOGHUQXQGLKUHNXOWXUHOOH8PVHW]XQJLQHLQHUNRQNUHWHQ*HVHOOVFKDIW =ZHLWHQV KDEH :(%(5 QLFKW JHVHKHQ GDVV ÄGLH 5DWLRQDOLVLHUXQJ YRQ +DQG OXQJVRULHQWLHUXQJHQ XQG OHEHQVZHOWOLFKHQ 6WUXNWXUHQ «  QLFKW GDVVHOEH >LVW@ ZLH GHU .RPSOH[LWlWV]XZDFKV YRQ +DQGOXQJVV\VWHPHQ³ 1DFK +$%(50$6 KDQGHOW HV VLFK EHL GHU 9HUVHOEVWVWlQGLJXQJ GHU 6XEV\VWHPH XP HLQ QHXHV 1L YHDXGHU6\VWHPGLIIHUHQ]LHUXQJ

E

+$%(50$6µ+DQGOXQJVW\SRORJLH

*HPlVV+$%(50$6PXVVHLQH+DQGOXQJVWKHRULHVRZRKOGLH6\VWHPGLIIHUHQ]LH UXQJ ZLH DXFK GLH 6WHLJHUXQJ GHU .RPSOH[LWlW LQ GHU /HEHQVZHOW DXIQHKPHQ 'DKHUVLHKWHU LQ,QWHUHVVHQODJHQQLFKWQXU6LWWHÄGXPSIKLQHLQJHQRPPHQH*H Z|KQXQJ³ VRQGHUQ DXFK GLH *UXQGODJHQ GHV PRGHUQHQ :LUWVFKDIWVV\VWHPV $XVVHUGHP RUGQHW +$%(50$6 GDV QRUPDWLYH +DQGHOQ QLFKW QXU GHU 7UDGLWLRQ VRQGHUQ DXFK GHP PRGHUQHQ 5HFKWVV\VWHP ]X ,Q VHLQHU +DQGOXQJVWKHRULH XQ WHUVFKHLGHW +$%(50$6 ]ZLVFKHQ NRPPXQLNDWLYHP XQG HUIROJVRULHQWLHUWHP +DQGHOQ]ZLVFKHQYHUVWlQGLJXQJVRULHQWLHUWHU:HUWUDWLRQDOLWlWXQGHUIROJVRULHQ WLHUWHU=ZHFNUDWLRQDOLWlW0LWGLHVHU8QWHUVFKHLGXQJZLOO+$%(50$6GHQSRVWX OLHUWHQ$QWDJRQLVPXV]ZLVFKHQ6\VWHPXQG/HEHQVZHOWEHUZLQGHQZHVZHJHQ HUDXFKEHKDXSWHWGDVVHUGDPLWGLH3HUVSHNWLYHGHV7HLOQHKPHUVE]ZGLH/H EHQVZHOWSHUVSHNWLYHGHV%HREDFKWHUVE]ZGLH6\VWHPSHUVSHNWLYHEHUFNVLFKWLJW KDEH 1DFK +$%(50$6 VWHKW GDV NRPPXQLNDWLYH +DQGHOQ JHQDXVR LQ HLQHP VWUXNWXUHOOHQ=XVDPPHQKDQJPLWGHUGXUFKHLQH,QWHUHVVHQODJHJHOHLWHWHQ+DQG OXQJVNRRUGLQLHUXQJZLH DXFK PLW GHP GXUFKQRUPDWLYHV (LQYHUVWlQGQLV HUIROJ WHQ +DQGHOQ ,P *HJHQVDW] ]X :(%(5 GHU (UIROJ GDUDQ EHPLVVW RE GHU JH ZQVFKWH =XVWDQG NDXVDO EHZLUNW ZXUGH RGHU QLFKW IROJW +$%(50$6 GHP .RQ]HSWGHU9HUVWlQGLJXQJDOV.ULWHULXPIUGLH8QWHUVFKHLGXQJ]ZLVFKHQVR]L  

,ELG ,ELG  ,ELG  ,ELG  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV, 











DOHP XQG NRPPXQLNDWLYHP +DQGHOQ 'DV .RQ]HSW GHU 9HUVWlQGLJXQJ VHL LQ GHU /HEHQVZHOW YHUDQNHUW Ä$OOHLQ GDV NRPPXQLNDWLYH +DQGOXQJVPRGHOO VHW]W 6SUDFKH DOV HLQ 0HGLXP XQYHUNU]WHU 9HUVWlQGLJXQJ YRUDXV ZREHL VLFK 6SUH FKHUXQG+|UHUDXVGHP+RUL]RQWLKUHUYRULQWHUSUHWLHUWHQ/HEHQVZHOWJOHLFK]HL WLJDXIHWZDVLQGHUREMHNWLYHQVR]LDOHQXQGVXEMHNWLYHQ:HOWEH]LHKHQXPJH PHLQVDPH 6LWXDWLRQVGHILQLWLRQHQ DXV]XKDQGHOQ 'LHVHV ,QWHUSUHWDWLRQVNRQ]HSW GHU 6SUDFKH OLHJW GHQ YHUVFKLHGHQHQ %HPKXQJHQ XP HLQH IRUPDOH 3UDJPDWLN ]XJUXQGH³'HPQDFKPVVH]ZLVFKHQGHU6SUDFKHDOV.RPPXQLNDWLRQVPHGL XPXQGGHP6SUHFKDNWVHOEVWXQWHUVFKLHGHQZHUGHQ6SUDFKHGLHQHLQHLQHP NRPPXQLNDWLYHQ+DQGHOQHLQ]LJGHU9HUVWlQGLJXQJ'DQNGHUDQ9HUVWlQGLJXQJ RULHQWLHUWHQ 6SUDFKH N|QQWHQ GLH +DQGHOQGHQ LKUH +DQGOXQJHQ IU GLH .RRUGL QLHUXQJLKUHUJHPHLQVDPGHILQLHUWHQ=LHOHHLQVHW]HQXPXQWHUGHQ Ä%HGLQJXQ JHQ GHU /HJLWLPLWlW³ LKUH HLJHQHQ =LHOH ]X YHUIROJHQ 6R]LDOHV +DQGHOQ XQWHU VFKHLGHVLFK YRP NRPPXQLNDWLYHQ +DQGHOQGDGXUFKGDVV LP NRPPXQLNDWLYHQ +DQGHOQ GLH .RRUGLQLHUXQJ ÄDOV 9HUVWlQGLJXQJ LP 6LQQH HLQHV NRRSHUDWLYHQ 'HXWXQJVSUR]HVVHV³LP*HPHLQVDPHQGHILQLHUWZHUGH9HUVWlQGLJXQJEHGHX WH ÄHLQ>HQ@ 3UR]HVV GHU (LQLJXQJ XQWHU VSUDFK XQG KDQGOXQJVIlKLJHQ 6XEMHN WHQ³ 'DPLW JUHQ]W +$%(50$6 GLH 9HUVWlQGLJXQJ YRQ HLQHU GLIIXV ÄNROOHNWL YHQ*OHLFKJHVWLPPWKHLW³DEXQGVWHOOWVHLQH+DQGOXQJVW\SHQLQGHUIROJHQGHQ 7DEHOOHZLHIROJWGDU 7DEHOOH+DQGOXQJVW\SHQ +DQGOXQJVRULHQWLHUXQJ (UIROJVRULHQWLHUW

9HUVWlQGLJXQJVRULHQWLHUW

+DQGOXQJVVLWXDWLRQ QLFKWVR]LDO

LQVWUXPHQWHOOHV+DQGHOQ



6R]LDO

VWUDWHJLVFKHV+DQGHOQ

NRPPXQLNDWLYHV+DQGHOQ

 

 )U HLQH NRQVWUXNWLYH .ULWLN DQ +DEHUPDVµ +DQGOXQJVW\SRORJLH '256&+(/ $QGUHDV  Ä+DQGOXQJVW\SHQXQG.ULWHULHQ]X+DEHUPDV 7KHRULHGHVNRPPXQLNDWLYHQ+DQ GHOQV³LQ=HLWVFKULIWIUSKLORVRSKLVFKH)RUVFKXQJ ±85/KWWSZZZMVWRU RUJVWDEOH(EHQIDOOV+DEHUPDVµHLJHQH $XVIKUXQJHQLQ)*II  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,  ,ELG  ,ELG  ,ELG  ,ELGI  ,ELG





'D +$%(50$6 GLH $WWULEXWH ÄVWUDWHJLVFK³ XQG ÄNRPPXQLNDWLY³ GLVMXQNW HLQ VHW]W LVW HLQH +DQGOXQJ HQWZHGHU ÄVWUDWHJLVFK³ RGHU ÄNRPPXQLNDWLY³ ± QLFKW EHLGHVJOHLFK]HLWLJ Ä(LQH HUIROJVRULHQWLHUWH +DQGOXQJ QHQQHQ ZLU LQVWUXPHQWHOO ZHQQ ZLU VLH XQWHU GHP$VSHNWGHU%HIROJXQJWHFKQLVFKHU+DQGOXQJVUHJHOQEHWUDFKWHQXQGGHQ:LU NXQJVJUDGHLQHU,QWHUYHQWLRQLQHLQHP=XVDPPHQKDQJYRQ=XVWlQGHQXQG(UHLJ QLVVHQ EHZHUWHQ VWUDWHJLVFK QHQQHQ ZLU HLQH HUIROJVRULHQWLHUWH +DQGOXQJ ZHQQ ZLU VLH XQWHU GHP $VSHNW GHU %HIROJXQJ YRQ 5HJHOQ UDWLRQDOHU :DKO EHWUDFKWHQ XQGGHQ:LUNXQJVJUDGGHU(LQIOXVVQDKPHDXIGLH(QWVFKHLGXQJHQHLQHVUDWLRQDOHQ *HJHQVSLHOHUVEHZHUWHQ,QVWUXPHQWHOOH+DQGOXQJHQN|QQHQPLWVR]LDOHQ,QWHUDN WLRQHQYHUNQSIWVHLQVWUDWHJLVFKH+DQGOXQJHQVWHOOHQVHOEVWVR]LDOH+DQGOXQJHQ GDU +LQJHJHQ VSUHFKH LFK YRQ NRPPXQLNDWLYHQ +DQGOXQJHQ ZHQQ GLH +DQG OXQJVSOlQH GHUEHWHLOLJWHQ $NWRUHQ QLFKW EHU HJR]HQWULVFKH (UIROJVNDONOH VRQ GHUQEHU$NWHGHU9HUVWlQGLJXQJNRRUGLQLHUWZHUGHQ,PNRPPXQLNDWLYHQ+DQ GHOQVLQGGLH%HWHLOLJWHQQLFKWSULPlUDPHLJHQHQ(UIROJRULHQWLHUWVLHYHUIROJHQ LKUHLQGLYLGXHOOHQ=LHOHXQWHUGHU%HGLQJXQJGDVVVLHLKUH+DQGOXQJVSOlQHDXIGHU *UXQGODJH JHPHLQVDPHU 6LWXDWLRQVGHILQLWLRQHQ DXIHLQDQGHU DEVWLPPHQ N|QQHQ ,QVRIHUQLVWGDV$XVKDQGHOQYRQ6LWXDWLRQVGHILQLWLRQHQHLQZHVHQWOLFKHU%HVWDQG WHLOGHUIUNRPPXQLNDWLYHV+DQGHOQHUIRUGHUOLFKHQ,QWHUSUHWDWLRQVOHLVWXQJHQ³

F

/HEHQVZHOWXQGNRPPXQLNDWLYHV+DQGHOQ

-h5*(1 +$%(50$6YHUIROJWHGDV=LHOHLQH9HUELQGXQJ]ZLVFKHQ0$; :(%(5 XQG(0,/( '85.+(,0KHU]XVWHOOHQ=XGLHVHP=ZHFNNRQ]LSLHUWHUGLH*HVHOO VFKDIW DOV /HEHQVZHOW XQG 6\VWHP ]XJOHLFK /HEHQVZHOW ZXUGH ELV DQKLQ DOV HLQXQWUHQQEDUHV(OHPHQWGHV,QGLYLGXXPVJHVHKHQ+$%(50$6KlOWGLHEHLGHQ %HJULIIHDXVHLQDQGHU(UJHKWGDYRQDXVGDVVGLH0RGHUQHLP*HJHQVDW]]X DOOHQ DQGHUHQ *HVHOOVFKDIWVW\SHQ GLH (LJHQWPOLFKNHLW DXIZHLVW GDVV GLH /H EHQVZHOW GXUFK 5DWLRQDOLVLHUXQJ(QW]DXEHUXQJ HLQHU LQVWUXPHQWHOOHQ %HDUEHL WXQJIUHLJHJHEHQLVW'DQNGLHVHU$XVGLIIHUHQ]LHUXQJNDQQGLH/HEHQVZHOWYRQ  

,ELG ,ELG  )UHLQHDXVIKUOLFKH$XVHLQDQGHUVHW]XQJEHUGDV/HEHQVZHOWNRQ]HSWYRQ+DEHUPDVVLH KH'(0,5$OL 'LH0RGHUQH9RQ0XKDPPDG]X$WDWUN(LQH$QDO\VHGHVWUNL VFKHQ3IDGHVLQGLH0RGHUQHDQKDQGGHU7KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQVYRQ-U JHQ+DEHUPDV6±0QVWHU/LW'LH)DVVXQJKLHUEDVLHUWDXIGLHVH9RUODJH  ,ELG   +866(5/ 'LH /HEHQVZHOW 6&+h7= 'HU VLQQKDIWH $XIEDX GHU VR]LDOHQ :HOW %/80(1 %(5* 7KHRULH GHU /HEHQVZHOW %$80$1 0RGHUQH XQG $PELYDOHQ] ± +$%(50$6 7KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,± 











V\VWHPLVFKHQ0HGLHQNRORQLDOLVLHUWZHUGHQRKQHGDVVGDPLWSHU'HILQLWLRQHLQH .RORQLDOLVLHUXQJGHV3HUV|QOLFKNHLWVV\VWHPVHLQKHUJLQJH+$%(50$6UHFKQHW *HOG XQG DGPLQLVWUDWLYH 0DFKW ]X GHQ 0HFKDQLVPHQ GHV 6\VWHPV GD VLH GLH LQWHUSHUVRQDOHQ %H]LHKXQJHQ LQ HLQHU *HVHOOVFKDIW RKQH NRPPXQLNDWLYHV +DQ GHOQ DEHU REMHNWLY XQG LQVRIHUQ JHJHQ MHJOLFKH PRUDOLVFKHQ (LQVWHOOXQJHQ UH JHOQ'DJHJHQ]lKOWHUGDVNRPPXQLNDWLYH+DQGHOQ]XU/HEHQVZHOWGDVLFKGLH ,QGLYLGXHQ LQ GHU /HEHQVZHOW QLFKW DOV 0LWWHO ]XP =ZHFN VRQGHUQ DOV JOHLFK ZHUWLJH3DUWQHUEHJHJQHQ'LH,QWHUDNWLRQHQEHUXKHQLQGHU/HEHQVZHOWDXIHL QHPGLVNXUVLYHQ0HLQXQJVELOGXQJVSUR]HVVLQZHOFKHPGLH7HLOQHKPHQGHQJH PHLQVDP GLH 6LWXDWLRQ GDV =LHO GLH 0LWWHO GLH =ZHFNH GLH 5LVLNHQ XQG GLH 9HUDQWZRUWOLFKNHLWGHILQLHUHQ 'HQ %HJULII GHU /HEHQVZHOW IKUW +$%(50$6 LQ VHLQHU $UEHLW DOV HLQHQ .RP SOHPHQWlUEHJULII ]XP NRPPXQLNDWLYHQ +DQGHOQ HLQ +$%(50$6 YHUVWHKW XQWHU /HEHQVZHOWHLQHDXINRPPXQLNDWLYHU5DWLRQDOLWlWDXIJHEDXWH8QLYHUVDOVWUXNWXU GLHLKPHUODXEHQVROOMHGH*HVHOOVFKDIW]XXQWHUVXFKHQ,QVHLQHU7KHRULHGHV NRPPXQLNDWLYHQ +DQGHOQV 7.+  LVW +DEHUPDV EHPKW VRZRKO HLQH )RUWVHW ]XQJGHUVR]LRORJLVFKSKLORVRSKLVFKHQ%HVWDQGVDXIQDKPHDQ]XELHWHQLQGHPHU VHLQH7KHRULHDXIGLHDOWHQ%HXUWHLOXQJVNULWHULHQ±GDV1RUPDWLYHJXW GDV2E MHNWLYHULFKWLJ XQGGDV6XEMHNWLYHVFK|Q ±VWW]WDOVDXFKDOVHLQH(UZHLWH UXQJLQGHPHU]XGLHVHQEHVWHKHQGHQ%HXUWHLOXQJVNULWHULHQHLQHUDWLRQDOH9HU PLWWOXQJ]XHQWVSUHFKHQGHQ+DQGOXQJVW\SHQDQELHWHW'DQDFK+$%(50$6MHGHV GLHVHU .ULWHULHQ LQ GHU /HEHQVZHOW YHUDQNHUW LVW XQG DXI GHU $NWHXU:HOW %H]LHKXQJEHUXKWEHUQLPPWGDVNRPPXQLNDWLYH+DQGHOQHLQHNRQVWLWXLHUHQGH 5ROOH 'LH6SUDFKHKDWGDEHLHLQHHOHPHQWDUHZLHDXFKYHUPLWWHOQGH5ROOH,QLKUHQUHL QHQ)RUPHQEHGHXWHQGLHVH$NWHXU:HOW%H]LHKXQJHQGDVVHLQ6SUHFKHUÄHLQH SUDJPDWLVFKH%H]LHKXQJD ]XHWZDVLQGHUREMHNWLYHQ:HOWDOVGHU*HVDPWKHLW GHU(QWLWlWHQEHUGLHZDKUH$XVVDJHQP|JOLFKVLQG RGHUE ]XHWZDVLQGHU VR]LDOHQ :HOW DOV GHU *HVDPWKHLW OHJLWLP JHUHJHOWHU LQWHUSHUVRQDOHU %H]LHKXQ JHQ RGHUF ]XHWZDVLQGHUVXEMHNWLYHQ:HOWDOVGHU*HVDPWKHLWGHUSULYLOH JLHUW]XJlQJOLFKHQ(UOHEQLVVHGLHGHU6SUHFKHUYRUHLQHP3XEOLNXPZDKUKDIWLJ  

 +$%(50$6 7KHRULH GHV NRPPXQLNDWLYHQ +DQGHOQV ,,  +$%(50$6 )DNWL]LWlW XQG *HOWXQJ +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,II  ,ELG 





lXVVHUQNDQQ ³HLQJHKW0LWGHU7DEHOOHXQWHQJHEHLFKDQJHOHKQWDQ+$%(5  0$6VHOEVWHLQHhEHUVLFKWEHUGLHVHV9HUVWlQGQLV  7DEHOOHhEHUVLFKWEHU5DWLRQDOLVLHUXQJVGLPHQVLRQHQXQG%HXUWHLOXQJVNULWHULHQ 6R]LDOH:HOW

VXEMHFWLYH:HOW

REMHNWLYH:HOW

1RUPDWLY

6XEMHNWLY

2EMHNWLY

5LFKWLJNHLW

$XIULFKWLJ NHLW$XWKHQWL]LWlW:DKUKDIWLJNHLW

:DKUKHLW

1RUPHQ

(UOHEQLVVH

7DWVDFKHQ

NRPPXQLNDWLYHV +DQGHOQ

GUDPDWXUJLVFKHV+DQGHOQ

VWUDWHJLVFKHV+DQGHOQ

HWKLVFKHU'LVNXUV

WKHUDSHXWLVFKHUlVWKHWLVFKHU'LVNXUV

WKHRUHWLVFKHU'LVNXUV



'LHVH7\SHQYRQ+DQGOXQJVPRGLVLQGKLHULGHDOLVLHUW,QGHU/HEHQVZHOWNRP PHQVLHLP1RUPDOIDOOQLFKWJHWUHQQWYRUVRQGHUQEHUODSSHQVLFK'LHbXVVH UXQJHQHLQHV6SUHFKHUVEHUHLQH:HOWHQWKDOWHQJOHLFK]HLWLJ%H]JH]XGHQDQ GHUHQEHLGHQ:HOWHQ(LQNRPPXQLNDWLYKDQGHOQGHV6XEMHNWLQWHJULHUWLQVHLQHP +DQGHOQDOOHGUHL:HOWHQREVFKRQHVYRQLKQHQQXUHLQH:HOWXQGLQQHUKDOEYRQ GLHVHUGDQQDXFKQXUHLQH6LWXDWLRQ]XP*HJHQVWDQGGHV*HVSUlFKVPDFKW $XV+$%(50$6µ 6LFKWKDQGHOWHVVLFKEHLGHP.RQ]HSWGHU/HEHQVZHOWXPHLQH XQLYHUVHOODQJHOHJWH6WUXNWXUGHUJHJHQEHUGLH6XEMHNWHÄNHLQHH[WUDPXQGDQH 6WHOOXQJHLQQHKPHQ³N|QQHQ6RWHLOWGLH/HEHQVZHOWPLWGHU6SUDFKHXQGGHU NXOWXUHOOHQ hEHUOLHIHUXQJ HLQH ÄHLJHQWPOLFKH +DOEWUDQV]HQGHQ]³ ZHLO VLH PLW LKQHQ JHPHLQVDPH %HGHXWXQJV]XVDPPHQKlQJH VSHLFKHUW 6SUDFKH XQG .XOWXU EHGLQJHQVLFKJHJHQVHLWLJJHKHQDEHUZHGHULQGHQGUHLIRUPDOHQ:HOWHQ.$5/ 5 3233(56'UHLZHOWHQWKHRULHDXIQRFKJHK|UHQVLH]XHLQHUNXOWXUHOONRQVWLWX LHUWHQ,QQHQZHOW*HQDXGLHVHV9HUVWlQGQLVHUODXEW+$%(50$6GLH)XQNWLRQHQ GHV NRPPXQLNDWLYHQ +DQGHOQV XQG GHU PDWHULHOOHQ 5HSURGXNWLRQ GHU /HEHQV ZHOW YRQ GHQ V\PEROLVFKHQ 5HSURGXNWLRQVSUR]HVVHQ ]X XQWHUVFKHLGHQ 1DFK +$%(50$6VROOGLHVWUXNWXUHOOHE]ZPDWHULHOOH.RPSRQHQWHGHU/HEHQVZHOWGLH  

,ELG,,I +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV, +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,  ,ELGI  











6\VWHPWKHRULHE]ZGLH6\VWHPLQWHJUDWLRQDEGHFNHQZlKUHQGHUPLWGHUNXOWX UHOOHQ 5HSURGXNWLRQ GHU /HEHQVZHOW GLH +DQGOXQJVWKHRULH XPIDVVHQ ZLOO 'DV HUVWH=LHOKLQWHUGLHVHU$XIIDVVXQJEHVWHKWLQGHU+HUEHLIKUXQJHLQHUNRPPX QLNDWLYHQ9HUPLWWOXQJ]ZLVFKHQGHU6\VWHPWKHRULHXQGGHU+DQGOXQJVWKHRULH 0LW GLHVHP /HEHQVZHOWNRQ]HSW ZLOO +$%(50$6 MHGH *HVHOOVFKDIW XQWHUVXFKHQ ZHVZHJHQHUDXFKDOV$QDO\VHHLQKHLWGDVNRPPXQLNDWLYH+DQGHOQYRUVFKOlJW 'HPQDFKEHUQLPPWLQHLQHUVR]LDOLQWHJULHUWHQ*HVHOOVFKDIWGDVNRPPXQLNDWLYH +DQGHOQ PLWWHOV GHU 6SUDFKH GLH GUHL 5HSURGXNWLRQVSUR]HVVH GLH XQWHQ LQ GHU 7DEHOOHGDUJHVWHOOWVLQG8QWHUGLHVHU9RUDXVVHW]XQJWUlJWGDVEHUGLH6SUDFKH HU]HXJWH NRPPXQLNDWLYH +DQGHOQ QLFKW QXU ]XU NXOWXUHOOHQ 5HSURGXNWLRQ GHU /HEHQVZHOWEHLVRQGHUQZLUGLQMHGHU6SKlUHSURGXNWLYGLH+$%(50$6PLWGHU )LJXUXQWHQ]XVDPPHQJHIDVVWGDUVWHOOW 7DEHOOH5HSURGXNWLRQVIXQNWLRQHQYHUVWlQGLJXQJVRULHQWLHUWHQ+DQGHOQV 6WUXNWXUHOOH .XOWXU .RPSRQHQWHQ

*HVHOOVFKDIW

3HUVRQ

  5HSURGXNWLRQV SUR]HVVH NXOWXUHOOH5HSURGXN WLRQ

hEHUOLHIHUXQJ.UL (UQHXHUXQJOHJLWLPDWL 5HSURGXNWLRQYRQ WLN(UZHUENXOWXUHO RQVZLUNVDPHQ:LVVHQV %LOGXQJVZLVVHQ OHQ:LVVHQV

VR]LDOH,QWHJUDWLRQ

,PPXQLVLHUXQJHL QHV.HUQEHVWDQGHV YRQ:HUWRULHQWLH UXQJHQ

.RRUGLQLHUXQJYRQ +DQGOXQJHQEHULQWHU VXEMHNWLYDQHUNDQQWH *HOWXQJVDQVSUFKH

5HSURGXNWLRQYRQ 0XVWHUQVR]LDOHU =XJHK|ULJNHLW

6R]LDOLVDWLRQ

(QNXOWXUDWLRQ

:HUWLQWHUQDOLVLHUXQJ

,GHQWLWlWVELOGXQJ 



'LH .RQIOLNWH N|QQHQ DQJHJDQJHQ ZHUGHQ LQGHP GLH 0RWLYH LQ GHQ HQWVSUH FKHQGHQ6WUXNWXUHQRIIHQJHOHJWZHUGHQ-HZHQLJHUGLH/HJLWLPDWLRQDXIJHVHOO   

6&+/8&+7(5 ,,%2+1(1 ±'256&+(/ +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,I





VFKDIWOLFKH=XVFKUHLEXQJHQDXIYRUNRPPXQLNDWLYHV9HUVWlQGQLV]XUFNJHIKUW ZLUGXQGXPJHNHKUWMHPHKUGHU.RQVHQVGXUFKGLH3DUWL]LSDWLRQGHU$GUHVVD WHQ VHOEVW VWDWWILQGHW GHVWR EHVVHU NDQQ VLFK GDV 5DWLRQDOLWlWVSRWHQ]LDO GHU /H EHQVZHOWHQWIDOWHQ'HQQRFKJDUDQWLHUWQDFK+$%(50$6HLQHIRUWVFKUHLWHQGH5D WLRQDOLVLHUXQJGHU/HEHQVZHOWNHLQHVZHJVVW|UXQJVIUHLH5HSURGXNWLRQVSUR]HVVH 1DFK +$%(50$6 KDW GLH 5DWLRQDOLVLHUXQJ GHU /HEHQVZHOW DOOHUGLQJV HLQH 9HU VFKLHEXQJGHU6W|UXQJVHEHQHQ]XU)ROJH6RLVWGHUYRQ:(%(5SRVWXOLHUWH6LQQ XQG )UHLKHLWVYHUOXVW HLQH )HKOHQWZLFNOXQJ LQ GHU NXOWXUHOOHQ 5HSURGXNWLRQ GHU /HEHQVZHOW$XIGHUDQGHUHQ6HLWHVLHKW+$%(50$6GHQ*UXQGGHU$QRPLHLP )RUPZDQGHO GHU VR]LDOHQ ,QWHJUDWLRQ LQ GHU (0,/( '85.+(,0 HLQH TXDOLWDWLYH (QWZLFNOXQJGHU6\VWHPGLIIHUHQ]LHUXQJYHUPXWHWH (UVWLQGHU0RGHUQHNDQQGLH/HEHQVZHOWYRQ.XOWXU*HVHOOVFKDIWXQG3HUV|Q OLFKNHLWJHWUHQQWXQGDQDO\VLHUWZHUGHQZDVVHLQHUVHLWV]XHLQHU5DWLRQDOLVLHUXQJ GHU /HEHQVZHOW IKUW +$%(50$6 VHOEVW DQDO\VLHUW GLHVH 7UHQQXQJ D  LQ GHU VWUXNWXUHOOHQ'LIIHUHQ]LHUXQJGHU/HEHQVZHOWE LQGHU7UHQQXQJYRQ)RUPXQG ,QKDOW XQG F  LP 5HIOH[LYZHUGHQ GHU V\PEROLVFKHQ 5HSURGXNWLRQ %HL GHU VWUXNWXUHOOHQ 'LIIHUHQ]LHUXQJ GHU /HEHQVZHOW D  ILQGHW HLQH (QWNRSSOXQJ GHU ,QVWLWXWLRQHQ YRQ PRUDOSKLORVRSKLVFK HQWZLFNHOWHQ :HOWELOGHUQ VWDWW ,Q %H]XJ DXI3HUV|QOLFKNHLWXQG*HVHOOVFKDIWNDQQHLQH(UZHLWHUXQJGHV.RQWLQJHQ]VSLHO UDXPV IU GLH +HUVWHOOXQJ LQWHUSHUVRQDOHU %H]LHKXQJHQ EHREDFKWHW ZHUGHQ 'DV,QGLYLGXXPNDQQVLFKGHQYHUZDQGWVFKDIWOLFKHQ%H]LHKXQJHQHQW]LHKHQXQG IXQNWLRQDOHbTXLYDOHQWHLP:LUWVFKDIWVXQG5HFKWVV\VWHPHLQJHKHQ,Q%H]XJ DXI .XOWXU XQG 3HUV|QOLFKNHLW KlQJW HLQH 9LWDOLVLHUXQJ GHU 7UDGLWLRQHQ LPPHU VWlUNHU YRQ GHU .ULWLNEHUHLWVFKDIW XQG ,QQRYDWLRQVIlKLJNHLW GHU ,QGLYLGXHQ XQG ZHQLJHUYRQ5HOLJLRQXQG0RUDODE*OHLFK]HLWLJIKUWJHQDXGLHIDNWLVFKH)RU GHUXQJQDFK5HYLVLRQ]XHLQHP8QEHKDJHQÄ$OV)OXFKWSXQNWHGLHVHUHYROXWLR QlUHQ7UHQGVHUJLEWVLFKIUGLH.XOWXUHLQ=XVWDQGGHU'DXHUUHYLVLRQYHUIOVVLJ WHU UHIOH[LY JHZRUGHQHU 7UDGLWLRQHQ IU GLH *HVHOOVFKDIW HLQ =XVWDQG GHU $E KlQJLJNHLWOHJLWLPHU 2UGQXQJHQYRQIRUPDOHQ9HUIDKUHQGHU1RUPVHW]XQJXQG 1RUPEHJUQGXQJ IU GLH 3HUV|QOLFKNHLW HLQ =XVWDQG NRQWLQXLHUOLFK VHOEVWJH VWHXHUWHU6WDELOLVLHUXQJHLQHUKRFKDEVWUDNWHQ,FK,GHQWLWlW³

  

,ELGI +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,I











=XU 7UHQQXQJ YRQ )RUP XQG ,QKDOW E  JHK|UW GLH LQ GHU 6R]LRORJLH EOLFKH $XVGLIIHUHQ]LHUXQJ GHU /HEHQVZHOW LQ .XOWXU *HVHOOVFKDIW XQG 3HUV|QOLFKNHLW ,Q %H]XJ DXI .XOWXU ILQGHW HLQH 7UHQQXQJ GHU WUDGLHUWHQ hEHUOLHIHUXQJHQ YRQ NRQNUHWHQ ,QKDOWHQ VWDWW ,QKDOWH ÄVFKUXPSIHQ DXI IRUPDOH (OHPHQWH ZLH :HOW EHJULIIH.RPPXQLNDWLRQVYRUDXVVHW]XQJHQ$UJXPHQWDWLRQVYHUIDKUHQDEVWUDNWH *UXQGZHUWHXVZ]XVDPPHQ³,Q%H]XJDXIGLH*HVHOOVFKDIWILQGHWHLQH7UHQ QXQJGHU5HFKWVRUGQXQJHQXQGGHU0RUDOVWDWWGLHVLFKLPPHUVWlUNHUYRQGHQ NRQNUHWHQ /HEHQVIRUPHQ GHU $GUHVVDWHQ DEVWUDKLHUHQ 6R PXVV GDV 5HFKWVV\V WHPLQGHU(QWZLFNOXQJGHV5HFKWVYRQLQGLYLGXHOOHQ(LJHQVFKDIWHQHLQHUKLVWR ULVFKHQ3HUV|QOLFKNHLWDEVHKHQ(VPXVVDEVWUDNWORJLVFKXQGXQLYHUVHOOJHOWHQ N|QQHQ,Q%H]XJDXIGLH3HUV|QOLFKNHLWJHVFKLHKWGLHVH7UHQQXQJLP$XVHLQDQ GHUIDOOHQ NXOWXUHOO EHUOLHIHUWHU ,QKDOWH XQG NRJQLWLYHU 6WUXNWXUHQ GHV ,QGLYL GXXPV 0DWKHPDWLN /RJLN 6HPDQWLN .XQVW ,QJHQLHXUVZLVVHQVFKDIW XVZ KlQJHQNDXPYRQNXOWXUHOOEHUOLHIHUWHQXQGLQGHU(U]LHKXQJHUQHXHUWHQ6WUXN WXUHQDE 6FKOLHVVOLFK N|QQHQ GLH )ROJHQ HLQHU UDWLRQDOLVLHUWHQ /HEHQVZHOW LP 5HIOH[LY ZHUGHQGHUV\PEROLVFKHQ5HSURGXNWLRQF XQWHUVXFKWZHUGHQ,QPRGHUQHQ*H VHOOVFKDIWHQZHUGHQ+DQGOXQJVV\VWHPHYRQ$QIDQJDQPLWGHU$EVLFKWJHJUQ GHWJHVHOOVFKDIWOLFKUHOHYDQWH*WHULQHLQHUSURIHVVLRQDOLVLHUWHQ$UWXQG:HLVH ]XVWHXHUQ'LHVH3URIHVVLRQDOLWlWNDQQLQ:LUWVFKDIW:LVVHQVFKDIW.XOWXU(U ]LHKXQJ5HFKWXVZEHREDFKWHWZHUGHQ±DOOHGLHVH+DQGOXQJVV\VWHPHHUODXEHQ ODXW +$%(50$6 HLQH UHIOH[LYH %HDUEHLWXQJ 6LH LQWHJULHUHQ VFKRQ LQ LKUHU (QW VWHKXQJ GLH JHVHOOVFKDIWOLFKHQ (UZDUWXQJHQ DQ GLH IRUPHOOH .RQWLQXLWlW HLQHU GLVNXUVLYHQ:LOOHQVELOGXQJ 



 

,ELG ,ELG  ,ELGI 







)28&$8/7*RXYHUQHPHQWDOLWlWXQG3DQRSWLFRQ

$XVJHKHQG YRQ HLQHU UDWLRQDOLVLHUWHQ /HEHQVZHOW KDWWH 0$; :(%(5 GLH +HUU VFKDIWVRNRQ]LSLHUWGDVVGDV5HJLHUHQVFKRQLPPHUHLQHQ%H]XJ]XP5HFKWV V\VWHPXQG]XU0RUDODXIZHLVW'LH0RGHUQHGDJHJHQ]HLFKQHWVLFKGXUFKHLQH HLJHQWPOLFKH)XVLRQYRQ5LVLNRXQG9HUDQWZRUWOLFKNHLWDXVGDKLHUGLH5DWLR QDOLVLHUXQJ XQG GLH LQWHUQH $XVGLIIHUHQ]LHUXQJ GHU +DQGOXQJVV\VWHPH ]ZDU LQ HLQHU QRFK QLH GD JHZHVHQHQ 5DGLNDOLWlW VWDWWILQGHW ZlKUHQG JOHLFK]HLWLJ HLQH HLQGHXWLJH 9HUELQGXQJ ]ZLVFKHQ GHU 0RUDO XQG GHU +HUUVFKDIW HLQHUVHLWV XQG GHU 0RUDO XQG GHP 5HFKW DQGHUHUVHLWV LQ GHUVHOEHQ 5DGLNDOLWlW JHZQVFKW LVW 'LH 0RGHUQH LVW LQ GLHVHU /HVDUW HLQ 8QEHKDJHQ HLQH 8QVLFKHUKHLW E]Z 9LHO GHXWLJNHLWXQGPLWGHU6\VWHPWKHRULHHLQH'LIIHUHQ]E]ZHLQH3DUDGR[LH 'HU 6R]LRORJH 1,./$6 /8+0$11 NRQQWH QXQ IHVWVWHOOHQ GDVV 5LVLNR QXU GDQQ XQGQXUGHVKDOEHQWVWHKWZHQQÄHLQHHLQ]XNDONXOLHUHQGH)ROJHGHUHLJHQHQ(QW VFKHLGXQJHQ³YRUOLHJWGLHLKUHUVHLWVQXUDXI.RVWHQHLQHVDQGHUHQ5LVLNRVYHU PLHGHQZHUGHQNDQQ/8+0$11QHQQWLQGLHVHP=XVDPPHQKDQJGDV%HLVSLHO GHV5HJHQVFKLUPVGHQHVGHVZHJHQJlEHZHLOPDQQLFKW*HIDKUODXIHQZROOH QDVV]XZHUGHQ'RFKVHLQH([LVWHQ]ZHLVWDXFKDXIGDV5LVLNRKLQLKQGRUW]X YHUJHVVHQ ZRKLQ PDQ LKQ PLWQDKP ,Q GLHVHU /RJLN LVW HV QLFKW GHU 5HJHQ YRQGHPGLH*HIDKUDXVJHKWRGHUGHUJDUGDV5LVLNRGDUVWHOOWVRQGHUQGDV5LVLNR ZLH DXFK GLH 9HUDQWZRUWOLFKNHLW VLQG DOOHLQH GHU 0|JOLFKNHLW JHVFKXOGHW GDVV LFK GDV 5LVLNR KlWWH YHUPHLGHQ XQG GLH 9HUDQWZRUWOLFKNHLW ]X PHLQHQ *XQVWHQ KlWWHNRPPXQL]LHUHQN|QQHQHVDEHUZHJHQRGHUIUHLQHDQGHUH2SWLRQXQWHU ODVVHQKDEH 'HPQDFK JLEW HV NHLQH IU DOOH $NWHXUH JOHLFKHUPDVVHQ YHUELQGOLFKHQ 5HJHOQ VR]LDOHU1RUPHQ0RGHUQH*HVHOOVFKDIWHQ]HLFKQHQVLFKGDGXUFKDXVGDVVHVLQ LKQHQHLQH5HLKHYRQ3UREOHPHQJLEWGLHPLWHLQHU8QJHZLVVKHLWEHUNQIWLJH 6FKlGHQHLQKHUJHKHQGLHYRQ(QWVFKHLGXQJVWUlJHUQYHUPLHGHQZHUGHQN|QQWHQ :HQQ NHLQ /DQG $WRPNUDIWZHUNH JHEDXW KlWWH ZlUH HV ]X NHLQHP $WRPPOO SUREOHP JHNRPPHQ 0RGHUQH LVW VR JHVHKHQ HLQ 5LVLNR GDV HQWVWHKW ZHLO HV HLQH0|JOLFKNHLWGDUVWHOOWGLHMHGHU]HLWGXUFKHLQH(QWVFKHLGXQJHQWZHGHUKHU  

%$80$10RGHUQHXQG$PELYDOHQ]/8+0$11'DV5HFKWGHU*HVHOOVFKDIWII $06787='DV*HVHW] /8+0$11LQ*277+$5'  ,ELG± 











EHLJHIKUWRGHUUFNJlQJLJJHPDFKWZHUGHQNDQQ0RGHUQHLVWDXFKGHVZHJHQ HLQ5LVLNRZHLO]XPHUVWHQ0DOQHEVWGHPÄKXPDQ³DXFKGDVÄ+XPDQNDSLWDO³ HLQHHQWVFKHLGHQGH*U|VVHEHLGHU%HZHUWXQJHLQHV6ROO]XVWDQGVZLUG0RGHUQH NRPPWLQVRIHUQHLQHUÄ5LVLNRJHVHOOVFKDIW³JOHLFKLQGHUGLH=ZHFNXQG:HUW UDWLRQDOLWlWLQGHQ6WUXNWXUHQGHU/HEHQVZHOWXQGGHV6\VWHPVLQHLQHV\PELRWL VFKH 3URGXNWLYLWlW HLQJHKHQ NDQQ  =XU 8QWHUPDXHUXQJ GHU $QQDKPH GDVV XQWHU 0RGHUQH HLQH 5LVLNRJHVHOOVFKDIW ]X YHUVWHKHQ LVW ZHUGHQ ]XQlFKVW ]ZHL .RQ]HSWH YRQ 0,&+(/ )28&$8/7 ±  YRUJHVWHOOW QlPOLFK GLH Ä*RX YHUQHPHQWDOLWlW³ XQG GDV Ä3DQRSWLFRQ³ ,QEHLGHQ )lOOHQ JHKW HV XP GLH )UDJH GHU JHVHOOVFKDIWOLFKHQ 6WHXHUXQJ GLH GHVZHJHQ Q|WLJ ZLUG ZHLO GLH (QWVFKHL GXQJVWUlJHUGLH0|JOLFKNHLWKDEHQGHU*HVHOOVFKDIWHLQHDQGHUH5LFKWXQJYRU ]XJHEHQ 'DV 5HJLHUHQ ZXUGH ELV LQV  -DKUKXQGHUW YRQ HLQHP 6RXYHUlQ LP 1DPHQ *RWWHVXQG]XP=ZHFNHGHV*HPHLQZRKOVDXVJHEW'DV5HJLHUHQJRXYHUQHU  ZDUQDFK)28&$8/7YHUJOHLFKEDUPLWGHU/HQNXQJHLQHV6FKLIIHV'DV/HQNHQ JRXYHUQHPHQW HLQHV6FKLIIHVEHVWHKWGDULQGLH9HUDQWZRUWXQJIUGLH6HHOHX WHGLH/DGXQJXQGGLH6LFKHUKHLWGHV6FKLIIHVWURW]GHQODXHUQGHQ*HIDKUHQ]X EHUQHKPHQ (V KHLVVW ]ZLVFKHQ GLHVHQ (OHPHQWHQ HLQH UDWLRQDO HQWZRUIHQH DEHUGRFKLPDJLQlUH%H]LHKXQJKHU]XVWHOOHQ'DVEHGHXWHWDXFKGLHVHLPDJLQlUH %H]LHKXQJ VR ]X NRPPXQL]LHUHQ GDVV GLH %HWURIIHQHQ GLH 9HUDQWZRUWXQJ IU GLH 5LVLNHQ GHP .DSLWlQ EHUJHEHQ Ä*HZLVV HV KHLVVW 9HUDQWZRUWXQJ ]X EHUQHKPHQ IU GLH 6HHOHXWH DEHU HV KHLVVW ]XJOHLFK DXFK 9HUDQWZRUWXQJ ]X EHUQHKPHQIUGDV6FKLIIXQGIUGLH/DGXQJHLQ6FKLII]XOHQNHQKHLVVWDXFK DXIGLH:LQGHXQG.OLSSHQGLH6WUPHXQGGLH)ODXWHQ]XDFKWHQHVEHGHXWHW HLQHQ=XVDPPHQKDQJKHU]XVWHOOHQ]ZLVFKHQGHQ6HHOHXWHQGLHPDQDP/HEHQ HUKDOWHQGHP6FKLIIGDVPDQEHZDKUHQXQGGHU/DGXQJGLHPDQLQGHQ+DIHQ EULQJHQ PXVV XQG GHUHQ %H]LHKXQJHQ ZLHGHUXP ]X DOO MHQHQ (UHLJQLVVHQ ZLH GHQ :LQGHQ GHQ .OLSSHQ XQG GHQ 8QZHWWHUQ GLHVHU KHUJHVWHOOWH =XVDPPHQ KDQJFKDUDNWHULVLHUWGLH/HQNXQJJRXYHUQHPHQW HLQHV6FKLIIHV³6RXYHUlQL WlW ZXUGH LQ GHU =HLW LQ GHU $EVROXWKHLW DOV DEVROXWH 8QWHUZHUIXQJYHUVWDQGHQ 'HU=ZHFNGHUDEVROXWHQ6RXYHUlQLWlWZXUGHPLWGHU$EVLFKWGHU6RXYHUlQLWlW VHOEVW HUNOlUW IU GDV *HPHLQZRKO ]X VRUJHQ 'DV *HPHLQZRKO ZXUGH VHLQHU  

%(&.5LVLNRJHVHOOVFKDIW )28&$8/7LQ'()(57(:$/'  )28&$8/7LQ'()(57(:$/'I 





VHLWVLP*HKRUVDPYRUGHP*HVHW]JHVHKHQGDVLQGHU5HJHOQDWXUUHFKWOLFKOHJL WLPLHUWZDU'LH5HFKWVDGUHVVDWHQZDUHQDXIGDV:RKOGHVDEVROXWHQ6RXYHUlQV DQJHZLHVHQ6HLQH6RXYHUlQLWlWNRQQWHVLFKQXUGDQQEHZlKUHQZHQQHUGDPLW UHFKQHQNRQQWHGDVVGLH$GUHVVDWHQVHLQHU*HVHW]HDEVROXWHQ*HKRUVDPOHLVWH WHQ 'LHVH=LUNXODULWlWZXUGHPLWGHU0RGHUQHXQEHUEUFNEDUZLHDXFKRIIHQVLFKW OLFK *HPHLQZRKO NDQQ DXI XQWHUVFKLHGOLFKH $UW XQG UDWLRQDOH :HLVH HUUHLFKW ZHUGHQ'LH)UDJHZDUQXQQLFKWPHKUÄRE³VRQGHUQÄZLHPDQKLHUDXI(UGHQ JHLVWOLFK]XVHLQHP+HLOJHOHLWHWZHUGHQZLOO³)ROJOLFKEHVWDQGGDV=LHOGDULQ GHU ÄJU|VVWP|JOLFKHQ 0DVVH GLH 0LWWHO ]XP hEHUOHEHQ³ ]X JHEHQ ZRIU GLH 5HJLHUXQJEHU3ROLFLHVYHUIJWH Ä'DV :RUW ÃYHUIJHQµ LVW ZLFKWLJ 'DVV GLH 6RXYHUlQLWlW LKUHQ =ZHFN HUUHLFKHQ NRQQWHQlPOLFKGHQ*HKRUVDPJHJHQEHUGHQ*HVHW]HQZXUGHLKUGXUFKGDV*H VHW] VHOEVW HUP|JOLFKW *HVHW] XQG 6RXYHUlQLWlW ELOGHWHQ VRPLW HLQHQ DEVROXWHQ HLQKHLWOLFKHQ.|USHU+LHUGDJHJHQJHKWHVQLFKWGDUXPGHQ0HQVFKHQHLQ*HVHW] DXI]XHUOHJHQHVJHKWGDUXPEHUGLH'LQJH]XYHUIJHQGKYLHOPHKU7DNWLNHQ VWDWW *HVHW]H RGHU lXVVHUVWHQIDOOV *HVHW]H DOV 7DNWLNHQ HLQ]XVHW]HQ XQG GDIU ]X VRUJHQGDVVPLWHLQHUEHVWLPPWHQ$Q]DKOYRQ0LWWHOQGLHVHURGHUMHQHU=ZHFNHU UHLFKWZHUGHQNDQQ³

/DXW )28&$8/7 JDOW HV 6WDDWVNUDIW LQ %H]XJ DXI :LVVHQ PLOLWlULVFKGLSORPD WLVFKH7HFKQRORJLH%QGQLVVWUDWHJLHQXQGGLH2UJDQLVDWLRQGHU$UPHH]XEQ GHOQ'LH%HY|ONHUXQJZXUGHDOVÄHLQH0HQJHYRQ(OHPHQWHQ³JHVHKHQGLH QLFKW GHU ÄPHQVFKOLFKHQ *DWWXQJ³ VRQGHUQ GHU ÄPHQVFKOLFKHQ 6SH]LHV³ ]XJH RUGQHW ZDUHQ XQG DXI GLH QXQ ÄNRQ]HQWULHUWH (LQJULIIH³ ]XOlVVLJ ZXUGHQ ,Q GLHVHP=XVDPPHQKDQJZXUGHGLH3ROL]HLDOVHLQ(QVHPEOHYRQ0LWWHOQ]XU)|U GHUXQJGHUVWDDWOLFKHQ.UlIWHGHV*HOGYHUNHKUV+DQGHOVXQG([SRUWVVRZLHGHU :DIIHQOLHIHUXQJHQ JHVHKHQ 'LHVHQ ÄLP JHVDPWHQ $EHQGODQG XQDEOlVVL JHQ³ XQG LQNUHPHQWHOOHQ 9RUJDQJ GHU =HUOHJXQJ VSH]LILVFKHU 5HJLHUXQJVDS  

,ELG ,ELG  ,ELG  )28&$8/76LFKHUKHLW7HUULWRULXPXQG%HY|ONHUXQJI  ,ELG  )28&$8/7hEHUZDFKHQXQG6WUDIHQI  )28&$8/7LQ'()(57(:$/'II0$57,LQ%52&.(5 











SDUDWHXQGGHU:LVVHQVIRUPHQLP7ULRYRQ6LFKHUKHLW7HUULWRULXPXQG%HY|ONH UXQJQHQQW)28&$8/7Ä*RXYHUQHPHQWDOLWlW³ 0LW *RXYHUQHPHQWDOLWlW KlQJW DXFK )28&$8/76 0DFKWNRQ]HSW ]XVDPPHQ ,Q VHLQHP:HUNhEHUZDFKHQXQG6WUDIHQEHVFKUHLEWHU GDV(QWVWHKHQHLQHVQHXHQ 0DFKWFRGHV GHU IHUQ YRQ MHJOLFKHU 0RUDO VRQGHUQ DOOHLQ GDQN VHLQHU )RUP IXQNWLRQLHUW 'HU /HQNHU EHUQLPPW GLH 9HUDQWZRUWXQJ RKQH PRUDOLVFKH $Q VSUFKH$OV%HLVSLHOJUHLIW)28&$8/7DXIHLQHQ*HIlQJQLVHQWZXUI]XUFNGHU YRP HQJOLVFKHQ 6R]LDOSKLORVRSKHQ -(5(0UHJHOQ@VRQGHUQ« QXUGLHDQGHUZHLWLJJHJHEHQH5HJHOXQJ DXIUHFKWHUKDOWHQ>VROOHQ@³'D]X]lKOWHU6WUDIUHFKWXQG3UR]HVVUHFKWGLH*H IlKUGXQJVYHUERWH XQGSROL]HLOLFKH 9RUVFKULIWHQ 1RUPHQ ]ZHLWHU 2UGQXQJ VLQG LQVWUXPHQWHOO VLH ZHUGHQ YRP 6WDDW HLQJHVHW]W XP EHVWLPPWH =LHOH ]X YHUIRO JHQ9RQGLHVHQEHLGHQ2UGQXQJHQWUHQQW(+5/,&+GLH-XULVSUXGHQ]GHUHQ$XI JDEHHULQGHU$QSDVVXQJXQG(QWZLFNOXQJQHXHU5HFKWVVlW]HIUQHXH9HUKlOW QLVVHVLHKWÄ0LWGHPLPPHUOHEKDIWHUZHUGHQGHQ*HIKOHGDVVDOOHVZDVLQ GHU*HVHOOVFKDIWLVW]XU*HVHOOVFKDIWJHK|UWGDVVDOOHVZDVLQGHU*HVHOOVFKDIW YRUJHKWGLH*HVHOOVFKDIWDQJHKWHUVFKHLQWDXFKGDV%HGUIQLVDOOHQVHOEVWlQGL JHQ JHVHOOVFKDIWOLFKHQ 9HUElQGHQ GXUFK GHQ 6WDDW HLQH HLQKHLWOLFKH UHFKWOLFKH *UXQGODJHYRU]XVFKLHEHQ³  

,ELG ,ELG  ,ELG  ,ELGI  ,ELG  ,ELG  ,ELG 











(+5/,&+KDWLQVHLQHU)RUVFKXQJGHQ%OLFNDXFKDXIDOOJHPHLQJOWLJH*HPHLQ VDPNHLWHQGHU 0HQVFKHQ JHOHQNW :DV LVWGLH *HPHLQVDPNHLWGHU1RUPHQ GLH DOOH 0HQVFKHQ WHLOHQ" :DV LVW GLH YHUELQGHQGH *HPHLQVDPNHLW ]ZLVFKHQ 6LWW OLFKNHLW5HOLJLRQ$QVWDQG7DNWXQG(KUHZLHDXFKGHUJXWH7RQ":DVGHFNHQ VLHMHZHLOVDE"2GHUVLQGVLHJDU*HJHQVlW]H"(+5/,&+ILQGHWGDV*HPHLQVD PH LQ GHQ *HIKOHQ GLH GLHVH 1RUPHQ EHL GHQ 0HQVFKHQ DXVO|VHQ XQG ]ZDU XQDEKlQJLJYRQGHUHQ.XOWXU*HVFKOHFKWXQG$OWHUÄ'LHYHUVFKLHGHQHQ$UWHQ YRQ1RUPHQO|VHQYHUVFKLHGHQH*HIKOVW|QHDXVXQGZLUDQWZRUWHQDXIhEHU WUHWXQJ YHUVFKLHGHQHU 1RUPHQ QDFK LKUHU $UW PLW YHUVFKLHGHQHQ (PSILQGXQ JHQ³(VLVWGHU9HUVXFKHLQHV+XPDQLVWHQLQGHQDOOHQ0HQVFKHQJHPHLQVD PHQ *HIKOHQ GLH YHUELQGHQGH *HPHLQVDPNHLW KLQWHU GHU 9LHOIDOW GHU 5HFKWV QRUPHQ]XVHKHQ



)g*(1(QWVFKHLGXQJV]ZDQJ

0LW GHU 0RGHUQH ZHUGHQ GLH JHULFKWOLFKHQ (QWVFKHLGH HLQHU 5DWLRQDOLVLHUXQJ XQWHU]RJHQGLHLKUH.RQWLQJHQ]ZLHDXFKGHQ%HGDUIIU(QWVFKHLGXQJHQVLFKW EDUPDFKW'DVLVWSULQ]LSLHOOHLQHQHXH0|JOLFKNHLWXQGVLHHQWVWDQGGDGXUFK GDVVYHUVFKLHGHQH0|JOLFKNHLWHQYRUODJHQÄ(VJHKWVRXQGLPPHUDXFKDQGHUV ZHQQJOHLFKQLFKWEHOLHELJDQGHUV³'DVLVWGLH$UEHLWVK\SRWKHVH)g*(16:LH LQ$06787=µ7H[WLVWDXFKKLHUHLQHIOFKWLJH$UWGHV3KLORVRSKLHUHQVRKQHWDW VlFKOLFKSKLORVRSKLHUHQ]XZROOHQE]Z]XN|QQHQVSUEDU'LHVHU+DQJNRPPW GDKHUGDVV1,./$6/8+0$11VHLQH7KHPHQJHUQHP|JOLFKVWDEVWUDNWSUREOHPD WLVLHUWHWKHPDWLVLHUWH XP P|JOLFKVW DXI MHGH 7DXWRORJLH PLW HLQHU 7DXWRORJLH DQWZRUWHQ]XN|QQHQ'DVPXVVWHHUDXFKVRPDFKHQZHLOVHLQH6\VWHPWKHRULH HLQH XPIDVVHQGH DXIMHGHV JHVHOOVFKDIWOLFKH 3UREOHP DQZHQGEDUH 7KHRULHVHLQ ZROOWHZHVZHJHQHUGLH3UREOHPH7KHPHQHUVWPDOLQGHU6SUDFKHGHU6\VWHP WKHRULHHUIDVVHQPXVVWH'DJHJHQOLHJWGDV,QWHUHVVH)g*(16YLHOVWlUNHULP3UR EOHPDWLVLHUHQHLQHVPRGHUQHQ3KlQRPHQVGHV5HFKWVYHUZHLJHUXQJVYHUERWV 'D GHU ULFKWHUOLFKH =ZDQJ(QWVFKHLG ]XU (QWVFKHLGXQJ GXUFK KLVWRULVFKH (QW VFKHLGXQJHQ HQWVFKLHGHQ ZXUGH XQG GDGXUFK VLFKWEDU ZXUGH GDVV DXFK DQGHUV HQWVFKLHGHQZHUGHQN|QQWHHQWVWHKWGDV%HZXVVWVHLQGDIUGDVVDXFKGDV7UHI IHQSULQ]LSLHQJHOHLWHWHU(QWVFKHLGXQJHQPLW(QWVFKHLGXQJVIUHLKHLWXQGQLFKWPLW  

,ELG ,ELG  )g*(15HFKWVYHUZHLJHUXQJVYHUERW 





:LOONU DVVR]LLHUW LVW Ä$EHU HLQH (QWVFKHLGXQJ PLW *UQGHQ ]X EHJUQGHQ KHLVVWLPPHUGXUFK(QWVFKHLGXQJHQGLHHLQH6HLWHGHU$OWHUQDWLYHQ]XEHYRU]X JHQXQGGLHDQGHUH6HLWH]XYHUQDFKOlVVLJHQ³1DFKHLQHU'HNRQVWUXNWLRQGHV KLVWRULVFKHQ 3UR]HVVHV GHV 5HFKWVYHUZHLJHUXQJVYHUERWV ]LHKW VLH LKU )D]LW ZLH IROJW Ä0DVVQDKPHQJHJHQ-XVWL]YHUZHLJHUXQJZDUHQ0LWWHOGHU3ROLWLNIUHLQÃJHRUG QHWHV *HPHLQZHVHQµ ]X VRUJHQ 6RODQJH HLQ .DLVHU HLQH %XQGHVYHUVDPPOXQJ RGHU HLQ %XQGHVUDW DOVR SROLWLVFKH 2UJDQH GLH =XVWlQGLJNHLW ]XU 'XUFKVHW]XQJ GHV-XVWL]YHUZHLJHUXQJVYHUERWVKDWWHQZDU±MHGHQIDOOVWKHRUHWLVFK±IUHLQHQDU FKLPHGLVFKHQ3XQNWDXVVHUKDOEGHV5HFKWV JHVRUJW ZR GDV OHW]WH :RUW EHU GDV 9HUKDOWHQGHU-XVWL]JHVSURFKHQZXUGH,P5HFKWVVWDDWGHUGDV$XIVLFKWVUHFKWGHU 3ROLWLNEHUGLH-XVWL]GXUFKGHQ$QVSUXFKGHU%UJHUDXI-XVWL]HUVHW]WHXQGGD PLWDXFKGLH$XIVLFKWEHUGLH-XVWL]YHUZHLJHUXQJGHU-XVWL]EHUWUXJLVWGDV-XV WL]YHUZHLJHUXQJVYHUERW DXWRORJLVFK JHZRUGHQ 8QWHU %HUXIXQJ DXI GDV -XVWL] YHUZHLJHUXQJVYHUERWPXVVPDQGLH'XUFKVHW]XQJGHV-XVWL]YHUZHLJHUXQJVYHUERWV HU]ZLQJHQN|QQHQ±XQG]ZDUGXUFKGLH-XVWL]'XUFKGHQ,QVWDQ]HQ]XJZLUGGDV 3UREOHPDXI+LHUDUFKLHXPJHVWHOOWXQGJOHLFK]HLWLJYRQGHU-XVWL]JHQXW]WXPHL QHHLJHQH'RJPDWLN]XU9HUZHLJHUXQJLKUHUVHOEVW]XVFKDIIHQ6WUXNWXUHOOLVWGLH $XWRORJLH GHV 9HUERWV MHGRFK VFKRQ GHVKDOE QLFKW JHO|VW ZHLO GHU ,QVWDQ]HQ]XJ LUJHQGZDQQ ]X (QGH LVW 8QG ZDV LVW ZHQQ DP (QGH -XVWL]YHUZHLJHUXQJ VWHKW" 'DV-XVWL]YHUZHLJHUXQJVYHUERWIXQNWLRQLHUWZHQQHVIXQNWLRQLHUW³

(QWVFKHLGHQGIU)g*(16 $UJXPHQWDWLRQLVWGDVV-XVWL]YHUZHLJHUXQJGHQ%U JHUQGHQ=XJDQJ]X*HULFKWHQHUP|JOLFKWXQGGDPLWGDV*HULFKWLQ%HZHJXQJ ]XVHW]HQ'DV5HFKWVYHUZHLJHUXQJVYHUERWLVWGDJHJHQHLQVDFKOLFKHU=ZDQJGHU *HULFKWVRUJDQLVDWLRQGLHVREDOGHLQ6DFKYHUKDOWYRUOLHJWHLQH(QWVFKHLGXQJ]X WUHIIHQKDW'LH*HULFKWHN|QQHQVLFKGHP(QWVFKHLGXQJV]ZDQJQLFKWHQW]LHKHQ (VJLEWNHLQ*HULFKWGDVVDJHQZUGHÄÃ:LUZLVVHQQLFKWZDV5HFKWLVW1RQ OLTXHW(VJLEWNHLQH(QWVFKHLGXQJZDV5HFKWXQGZDV8QUHFKWLVWµ³$XIGHU DQGHUHQ6HLWHNDQQGHU5LFKWHUYHUSIOLFKWHWZHUGHQLP)DOOGHVMXULVWLVFKHQQRQ OLTXHWNHLQ8UWHLO]XIlOOHQVRQGHUQIUHLQHQ(QWVFKHLGGLHQlFKVWH,QVWDQ]DXI ]XVXFKHQ )g*(1 XQWHUVWUHLFKW GDVV GLH XQWHUGHVVHQ VHOEVWYHUVWlQGOLFK JH  

,ELG 'LH$QPHUNXQJGHV$XWRUVLVWDXWRORJLVFKPHLQWDXIVLFKVHOEVWEH]RJHQ'DKHUDXFKGLH $QWKURSRORJLHGDV6WXGLXPGHV6HOEVW'HU0HQVFKXQWHUVXFKWVLFKVHOEVW  )g*(15HFKWVYHUZHLJHUXQJVYHUERW  ,ELG  ,ELG 











ZRUGHQH5HFKWVHW]XQJGHV5LFKWHUVHLQHKLVWRULVFKH(UUXQJHQVFKDIWLVWXQGNHL QH 6HOEVWYHUVWlQGOLFKNHLW ZDU 'DEHL KHEW VLH ]X 5HFKW KHUYRU GDVV ELV ]XP -DKUKXQGHUWGDV5HFKWNDXPYRQGHU-XVWL]YLHOPHKUYRQGHU:LVVHQVFKDIW QLFKW QXU YRUDQJHWULHEHQ VRQGHUQ DXFK DXVJHVSURFKHQ ZXUGH )g*(1 ZLOO JOHLFK]HLWLJ DXI]HLJHQ GDVV GDV -XVWL]YHUZHLJHUXQJVYHUERW DXV SROLWLVFKHQ *UQGHHQWZLFNHOWZXUGHGDV5HFKWVYHUZHLJHUXQJVYHUERWMHGRFKHLQH/HLVWXQJ GHV 5HFKWVV\VWHPV VHOEVW VHL Ä(V VLQG ZHQLJHU GLH 0D[LPHQ GHU *HZDOWHQWHL OXQJGHU5HFKWVVLFKHUKHLWGHU*OHLFKKHLWZHOFKHGDV5HFKWVYHUZHLJHUXQJVYHU ERW KHUYRUUXIHQ XQG EHJUQGHW KDEHQ³ ,P 5HFKWVYHUZHLJHUXQJVYHUERW VLHKW )g*(1 HLQ ZLUNVDPHV 0LWWHO ]XU (QWSDUDGR[LHUXQJ YRQ (QWVFKHLGXQJHQ ,QVR IHUQHQWVSUHFKHHVGHU$XWRSRLHVLVGHVPRGHUQHQ5HFKWVÄ$Q6WHOOHGHV%H IHKOVWUDWGLH 8QWHUZHLVXQJ ZLH HU >GHU 5LFKWHU@ HQWVFKHLGHQVROO ZDV HUQLFKW HQWVFKHLGHQNDQQ'LHVH8QWHUZHLVXQJLVWHLQHYRQNHLQHPSROLWLVFKHQ*HVHW] JHEHU ]X HUEULQJHQGH /HLVWXQJ VRQGHUQ HLQH (LJHQOHLVWXQJ GHV 5HFKWVV\V WHPV³ 'LH6WUXNWXUÄ$GDQQ$³LVW]ZDUIRUPHOOJOWLJGKULFKWLJ$EHUGDUDXVLVW NHLQH ]XVlW]OLFKH (UNHQQWQLV JHZRQQHQ *HQDX GLHVHU /RJLN IROJW )g*(1 $XI GHU DQGHUHQ 6HLWH OHKUW VFKRQ GLH HYLGHQWH $OOWDJVHUIDKUXQJ MHGHQ 0HQVFKHQ GDVVEHVRQGHUV NRPSOH[H )UDJHVWHOOXQJHQ ZHGHU YRQ LKUHQ (QWVWHKXQJVTXHOOHQ QRFKYRQLKUHQ/|VXQJVDQVlW]HQKHUHLQHUHLQ]LJHQ'LV]LSOLQ]XJHRUGQHWZHUGHQ N|QQHQ(LQJXWHV%HLVSLHOLVWHLQ)OXJUXQGXPGLH(UGHPLWHLQHPQXUYRQ6R ODUHQHUJLH DQJHWULHEHQHQ )OXJ]HXJ ,Q GLHVHP )OXJ]HXJ NRPPHQ :LVVHQ XQG 7HFKQRORJLHQDXVXQWHUVFKLHGOLFKHQ/lQGHUQ.XOWXUHQXQG'LV]LSOLQHQ]XVDP PHQRKQHGLHGDV8QWHUQHKPHQLQGLHVHU=HLWQLFKWP|JOLFKZlUH (VLVWDXFKHLQHIROJHQORVH%HKDXSWXQJ]XPHLQHQGDVVGXUFKGLH8QWHUVFKHL GXQJYRQ-XVWL]YHUZHLJHUXQJXQG5HFKWVYHUZHLJHUXQJHLQHKLVWRULVFKJHULFKWHWH (YROXWLRQGHU5HFKWVHW]XQJDXVJHPDFKWZHUGHQN|QQH1LFKWQXULQGHQPRGHU  

 )U GLH 6FKZHL]HU XQG 6FKZHL]HULQQHQ LVW GLHVHU 8PVWDQG NHLQH JURVVH hEHUUDVFKXQJ 'HQQHVJLEWLQLKUHP/DQGNHLQH9HUIDVVXQJVJHULFKWVEDUNHLWXQGGLHGLUHNWH'HPRNUDWLH NDQQ DOV ,QVWUXPHQW ]XU 6FKDIIXQJ XQGRGHU ,PSOHPHQWLHUXQJ HLQHV 5HFKWVYHUVWlQGQLVVHV HLQJHVHW]W ZHUGHQ XQG ]ZDU GLUHNW YRQ GHQ %UJHUQ XQG %UJHULQQHQ VHOEVW ]XPLQGHVW WKHRUHWLVFK  )g*(15HFKWVYHUZHLJHUXQJVYHUERW  ,ELG  ,ELGI  ,ELG





QHQ*HVHOOVFKDIWHQVRQGHUQDXFKLQGHU=HLWGHV5|PLVFKHQ5HLFKHVZXUGHGDV 5HFKW YRQ 5HFKWHV ZHJHQ DXV XQG DEJHVSURFKHQ XQG GDPLW DXFK YHUZHLJHUW 0HKU QRFK LQ GHQ *HVHOOVFKDIWHQ LQ GHQHQ 'HPRNUDWLH GDV OHLWHQGH JHVHOO VFKDIWOLFKH 3ULQ]LS LVW NRPPW HV ZHQLJHU ]X 5HFKWVYHUZHLJHUXQJ YRQ 5HFKWHV ZHJHQ ZlKUHQG HV LQ GHQ *HVHOOVFKDIWHQ GLH VLFK GLH 5HFKWVVWDDWOLFKNHLW DOV /HLWSULQ]LS DQJHHLJQHW KDEHQ YHUPHKUW ]X 5HFKWVYHUZHLJHUXQJ DXV HLJHQHU 5HFKWVORJLN KHUDXV XQG GDPLW JHJHQ GLH (LQPLVFKXQJVYHUVXFKH GHU 3ROLWLN NRPPW 'RFK GDV LVW ZHGHU 5HFKWVHYROXWLRQ QRFK 5HFKWVORJLN VRQGHUQ SXUHU 3UDJPDWLVPXV (V LVW QLFKW GLH 6HPDQWLN GHV 5HFKWV VRQGHUQ GLH 6\QWD[ GHV 5HFKWVGLHIUGLHVH5HFKWVHW]XQJYHUDQWZRUWOLFKLVW$QGHUVKHUXPZLUG5HFKW DXFKKHXWHDXVGHUSROLWLVFKHQ6SKlUHKHUDXVHQWZLFNHOW,QGHU6\VWHPORJLNJH VSURFKHQ$XFKKHXWHGLHQWLQYLHOHQ)lOOHQGDV5HFKWGHU3ROLWLNDOVHLQ6XEV\V WHP1RFKNU]HU$XFKKHXWHLVWLQYLHOHQ/lQGHUQGHU:HOWGDV5HFKWHLQ6XE V\VWHPGHU3ROLWLN'LH6FKZHL]PLWLKUHQGLUHNWGHPRNUDWLVFKHQ5HFKWVHW]XQJV LQVWUXPHQWHQDXI*HPHLQGH.DQWRQVXQG%XQGHVHEHQHLVWHLQH9RUUHLWHULQSDU H[FHOOHQFH .XU] JHVDJW *lEH HV NHLQH JHPHLQVDPH 6SUDFKH KlWWH GDV 5HFKW ZHGHU /HJLWLPDWLRQVSUREOHPH QRFK 5HFKWVYHUZHLJHUXQJVPRWLYH 'LHVH VLQG DQ GHU 7DJHVRUGQXQJ ZHLO LQ EHLGHQ )lOOHQ /HUQ]LHOH YHUIROJW ZHUGHQ GLH ZHGHU 6HOEVW]ZHFN QRFK 6HOEVWORVLJNHLW EHGHXWHQ VRQGHUQ DXI (LJHQLQWHUHVVHQ EHUX KHQ  













' *RYHUQDQFHDOV5LVLNRGHUSROLWLVFKHQ 9HUDQWZRUWOLFKNHLW 

'HU%HJULII*RYHUQDQFH

'HU VR]LRORJLVFKSKLORVRSKLVFKH %HJULII Ä*RYHUQDQFH³ JHKW DXI 0,&+(/ )28 &$8/7 ]XUFN (U PHLQWH GDPLW GLH SROLWLVFKH 6WHXHUXQJ LP 6LQQH GHUUDWLRQDO

NDONXOLHUWHQ XQG YRUDXVVHKEDUHQ (LQIOXVVQDKPH GLH DXI .RVWHQ GHU UHOLJL|VHQ 9HUKHLVVXQJHQJHKW$QJHOHKQWDQ)28&$8/7KDWGLH:HOWEDQNXQWHUGHP*R YHUQDQFH%HJULII HLQ 3URJUDPP ]XU 9HUEHVVHUXQJ LQWHUQDWLRQDOHU SROLWLVFKHU 6\VWHPH ODQFLHUW 'LH :HOWEDQN HUIDVVWH GDPLW (IIL]LHQ] 5HFKWVVWDDWOLFKNHLW %UJHUQlKHXQG6WDDWVXQG9HUZDOWXQJVSUD[LVGHU5HJLHUXQJHQGHQHQVLHXQWHU GLH$UPHJUHLIHQVROOWH(VJLQJXP9HUZDOWXQJVPRGHUQLVLHUXQJ5HVWULNWLRQHQ XQG 9RUDXVVHW]XQJHQ VWDDWOLFKHU 6WHXHUXQJ 9RUGHUJUQGLJHV =LHO ZDU GDV 6HOEVWUHJXOLHUXQJVSRWHQ]LDO GHU MHZHLOLJHQ *HVHOOVFKDIW ]X I|UGHUQ *HVHOO VFKDIWOLFKH3UREOHPHVROOHQQLFKWPHKUDOOHLQH6DFKHGHV6WDDWHVVRQGHUQDXFK GHU=LYLOJHVHOOVFKDIWVHLQE]ZZHUGHQ ,Q GLH 3ROLWLNZLVVHQVFKDIW ZXUGH GHU *RYHUQDQFH%HJULII YRQ GHU ,QVWLWXWLRQH Q|NRQRPLHHLQJHIKUW521$/'&2$6(EHVFKULHEGDPLWGLH.RRUGLQDWLRQVPH FKDQLVPHQ7UDQVDNWLRQVNRVWHQXQG2SSRUWXQLWlWVNRVWHQ9HUElQGHXQG1HW] ZHUNH JHOWHQ DOV 0RGHOO XQG 4XHOOH VR]LDOHU 2UGQXQJ GXUFK GLHYHUVFKLHGHQH ,QWHUHVVHQ]XVDPPHQJHIKUWZHUGHQ(VJHKWLQGHU3ROLWLNZLVVHQVFKDIWGDUXP GLH EHVRQGHUHQ (LJHQVFKDIWHQ YHUVFKLHGHQHU 0RGHOOH DXI GLH %HGHXWXQJ GHU /HQNXQJKLQ]XDQDO\VLHUHQ,QhEHUHLQVWLPPXQJPLW)28&$8/76*RYHUQDQFH %HJULII ZXUGH GLH $QQDKPH JHWURIIHQ GDVV 5HJLHUHQ /HQNHQ 6WHXHUQ 5LFK WXQJJHEHQ2UGQHQ)lGHQEQGHOQXQG.RRUGLQLHUHQEHGHXWHW 1DFK52%(57 .(2+$1(ZHUGHQLPPHUGDQQ7UDQVDNWLRQVNRVWHQJHVHQNWZHQQ XP EHVWLPPWH 6DFK]ZlQJH QHXH 5HJLPH HQWVWHKHQ GHUHQ =LHO GDULQ EHVWHKW GXUFK9HUKDQGOXQJHQHLQHSUDNWLNDEOH/|VXQJRKQHGLH%HWHLOLJXQJGHU]HQWUD OHQ5HJLHUXQJ]XILQGHQ3HU'HILQLWLRQKDQGHOWHVVLFKEHLGLHVHQ9HUKDQGOXQ

 

YJOKWWSGDWDZRUOGEDQNRUJLQGLFDWRU &2$6(5RQDOG+ 7KH1DWXUHRIWKH)LUP,Q(FRQRPLFD6±  %(1=XQG'26(*RYHUQDQFH 





JHQXPPXOWLSOH=XVWlQGLJNHLWHQXQGHLQH0DWUL[YRQ(QWVFKHLGXQJHQ.(2 +$1( JLQJ EHL VHLQHP 0RGHO GDYRQ DXV GDVV GLH LQWHUQDWLRQDOHQ %H]LHKXQJHQ HQWZHGHUGXUFK$QDUFKLHRGHU+LHUDUFKLHGHWHUPLQLHUWVLQG'DV$QDUFKLHPRGHOO HQWVSUDFK GHU WUDGLWLRQHOOHQ 6LFKWZHLVH GHU 3ROLWLNZLVVHQVFKDIW ZRQDFK GLH LQ WHUQDWLRQDOHQ%H]LHKXQJHQGXUFKGLH$EZHVHQKHLWHLQHUKLHUDUFKLVFKHQ=HQWUDO JHZDOWXQGGXUFKGLH'RPLQDQ]VWDDWOLFKHU,QWHUHVVHQJHNHQQ]HLFKQHWVLQG'DV ]HQWUDOH3UREOHPEHVWDQGGDULQWURW]HLQHUDQDUFKLVFKHQ6WUXNWXUXQGGHUÄ([LW 2SWLRQ³ ]HQWUDOHU $NWHXUH HLQH GDXHUKDIWH NRRSHUDWLYH %H]LHKXQJ ]X HUP|JOL FKHQ'DV+LHUDUFKLHPRGHOOKLQJHJHQZXUGHDOVHLQHDOWHUQDWLYH6LFKWZHLVHHQW ZLFNHOW JHPlVV GHU GLH LQWHUQDWLRQDOHQ %H]LHKXQJHQ VLFK DQ HLQHP +HJHPRQ RULHQWLHUHQGHUDOOHLQHYHUELQGOLFKH(QWVFKHLGXQJHQWULIIW'DV0RGHOOJHKWDXI +2%%(6µ /HYLDWKDQ ]XUFN XQG ZXUGH YRQ &$5/ 6&+0,77 XQWHU GHP %HJULII 'H]LVLRQLVPXVZHLWHUHQWZLFNHOW%(1=LVWGHU$XIIDVVXQJGDVVNHLQHYRQGLH VHQEHLGHQGLHDNWXHOOHSROLWLVFKH5HDOLWlWDEELOGHW'DKHUVFKOlJWHUDQVWHOOHHL QHVHLQGLPHQVLRQDOHQ9HUVWlQGQLVVHVYRQ5HJLHUHQGLH*RYHUQDQFH)RUPHQYRU GLHVRZRKOHLQHKLHUDUFKLVFKHZLHDXFKDQGHUH)RUPHQGHU.RRUGLQDWLRQHQWKDO WHQZLHGDV5HJLHUHQGXUFK1HW]ZHUNH9HUKDQGOXQJHQXQG:HWWEHZHUE8QWHQ LVWVHLQ9HUVWlQGQLVLQHLQHUWDEHOODULVFKHQhEHUVLFKWZLHGHUJHJHEHQ 7DEHOOH*RYHUQDQFH)RUPHQ  .RRUGLQDWLRQVPHFKD QLVPXV 6WUXNWXU

5HOHYDQ]LP0HKUHEH QHQV\VWHP

+LHUDUFKLH ZHFKVHOVHL WLJH$QSDV VXQJIRU PDOH5HJHOQ DV\PPHWUL VFKH9HUWHL OXQJYRQ 0DFKWXQG ,QIRUPDWLR QHQ NRPSOH PHQWlU

1HW]ZHUN ZHFKVHOVHLWL JHU(LQIOXVV 9HUWUDXHQ

9HUKDQGOXQJ ZHFKVHOVHLWLJHU (LQIOXVV9HU KDQGHOQ'LD ORJ  YDULDEOH9HU JOHLFKH9HWR WHLOXQJYRQ PDFKWYDULDEOH .RPPXQLNDWL 9HUWHLOXQJYRQ RQV ,QIRUPDWLRQHQ %H]LHKXQJHQ XQG7DXVFKSR WHQWLDOHQ NRPSOHPHQWlU SULPlU

:HWWEHZHUE ZHFKVHOVHLWLJH $QSDVVXQJ.RQ NXUUHQ] IRUPDOH*OHLFK KHLWYDULDEOH :HWWEHZHUEVIl KLJNHLW SULPlU

  

 .(2+$1( 5REHUW 2   ³7KH 'HPDQG IRU ,QWHUQDWLRQDO 5HJLPHV´ LQ ,QWHUQDWLRQDO 2UJDQL]DWLRQ±  6&+0,77&DUO 3ROLWLVFKH7KHRORJLHYLHU.DSLWHO]XU/HKUHYRQGHU6RXYHUlQLWlW 0QFKHQ/HLS]LJ  %(1=3ROLWLNLQ0HKUHEHQHQ6\VWHPHQ











%LV]XU0RGHUQHZXUGHQ6WHXHUXQJXQG.RRUGLQLHUXQJDOV]HQWUDOH)XQNWLRQGHV 5HJLHUHQVEHWUDFKWHW'HU6WDDWZXUGHDOVGHUHLQ]LJEHIXJWH$NWHXUEHWUDFKWHW GHU YHUELQGOLFK XQG OHW]WLQVWDQ]OLFK LP 1DPHQ GHV .ROOHNWLYV XQG ]X GHVVHQ :RKOKDQGHOW$XIGHUDQGHUHQ6HLWHZXUGHLQGHU5HJLHUXQJVOHKUHXQG9HUZDO WXQJVZLVVHQVFKDIW HLQ *RYHUQDQFH%HJULII HQWZLFNHOW GHU EHVDJW GDVV 6WHXHUQ XQG .RRUGLQLHUHQ EHUZLHJHQG LQ KRUL]RQWDOHQ QHW]ZHUNDUWLJHQ %H]LHKXQJHQ ]ZLVFKHQ|IIHQWOLFKHQXQGSULYDWHQ$NWHXUHQJHVFKLHKWZHQQJOHLFKLP6FKDWWHQ GHU +LHUDUFKLH GHV 6WDDWHV %DVLHUHQG DXI GLHVHP 9HUVWlQGQLV KDEHQ +22*+( XQG0$5.6YLHU(OHPHQWH±/HJDOLWlW'LFKWH4XDQWLWlWXQG6WDELOLWlW±HQWZL FNHOWQDFKGHQHQVLHDXFKLKUH)UDJHQVWHOOHQ /HJDOLWlW 6ROOHQ GLH =XVWlQGLJNHLWHQ HQWODQJ GHU *HVHOOVFKDIW RGHU HQWODQJ EHVWLPPWHU3ROLF\3UREOHPHHLQJHULFKWHWZHUGHQ" 'LFKWH

6ROOHQ GLH =XVWlQGLJNHLWHQ .RPSHWHQ]HQ EQGHOQ RGHU VROOHQ VLH IXQNWLRQDOVHLQ"

4XDQWLWlW 6ROOHQ GLH =XVWlQGLJNHLWHQ LQ LKUHU $Q]DKO OLPLWLHUW ZHUGHQ RGHU VROOHQVLHVLFKYHUPHKUHQN|QQHQ" 6WDELOLWlW 6ROOHQGLH=XVWlQGLJNHLWHQIULPPHUHLQJHULFKWHWZHUGHQRGHUVRO OHQVLHIOLHVHQGVHLQ" $XVJHKHQG YRQ GLHVHQ )UDJHQ HQWZLFNHOWHQ +22*+( XQG 0$5.6 ]ZHL 7\SHQ GHV 5HJLHUHQV GLH GLH .RRUGLQDWLRQVSUREOHPH JUXQGVlW]OLFK DQGHUV MD LP JH JHQVlW]OLFKHQ 6LQQH YHUDUEHLWHQ (V KDQGHOW VLFK XP GLH 0RGHOOLHUXQJ HLQHV QHXHQ 6WHXHUXQJVYHUVWlQGQLVVHV PLW GHP +DXSW]LHO DQVWHOOH YRQ 1RUPHQ V\V WHPLVFKEHYRU]XJWH6ROO]XVWlQGH]XHQWZLFNHOQ'LH7DEHOOHXQWHQIDVVWGLHEHL GHQ7\SHQ]XVDPPHQ 



  

+22*+(XQG0$5.68QUDYHOLQJWKH&HQWUDO6WDWHEXWKRZ" ,ELG±





7DEHOOH=ZHL7\SHQ]XU/|VXQJGHU.RRUGLQDWLRQVSUREOHPH 

7\S,7HUULWRULDOHU)|GHUDOLVPXV

7\S,,)XQNWLRQDOHU)|GHUDOLVPXV

 DOOJHPHLQH=ZHFNPlVVLJNHLWGHU =XVWlQGLJNHLW

$XIJDEHQVSH]LILVFKHU=XVWlQGLJNHLW

 QLFKWEHUODSSHQGH0LWJOLHGVFKDIW

EHUODSSHQGH0LWJOLHGVFKDIW

 =XVWlQGLJNHLWDXIEHJUHQ]WHU$Q]DKOYRQ /HYHOV

NHLQH%HJUHQ]XQJGHU$Q]DKOGHU =XVWlQGLJNHLWHQGHU/HYHOV

 6\VWHPEHUVSDQQHQGHU$XIEDX

IOH[LEOH(LQULFKWXQJ



7\S,EHUXKWDXIHLQHP3ULQ]LS0D[LPLHUHGHQ%HUHLFK]ZLVFKHQGHP$XVPDVV VFDOH HLQHU-XULVGLNWLRQXQGGHPRSWLPDOHQ$XVPDVVGHU%HUHLWVWHOOXQJ|IIHQW OLFKHU*WHUXQGPLQLPLHUHJOHLFK]HLWLJGLH.RRUGLQDWLRQ]ZLVFKHQGHQ,QVWDQ ]HQLQGHPD HLQHH[NOXVLYH-XULVGLNWLRQEHVFKDIIWZLUGGLHGLHPHLVWHQZLFK WLJHQ([WHUQDOLWlWHQLQWHUQDOLVLHUWXQGE GLH$Q]DKOGHU/HYHOVOLPLWLHUW7\S,, EHJUHQ]WHEHQIDOOVGLH7UDQVDNWLRQVNRVWHQGHU.RRUGLQDWLRQDEHULQGHPGLH%H UHLWVWHOOXQJ GHU |IIHQWOLFKHQ *WHU LQ HLQH JURVVH $Q]DKO IXQNWLRQDO JHWUHQQWHU ,QVWDQ]HQHLQJHWHLOWZLUG7\S,VHLQLFKWEHUODSSHQGDXVGHU6LFKWYRQ0LW JOLHGHUQ 7\S ,, VHL GDJHJHQ QLFKW EHUODSSHQG LQ %H]XJ DXI $XIJDEHQ 7\S , ZlKOWHQ GLH %UJHU ZlKUHQG 7\S ,, YRQ %UJHUQ DXVJHZlKOW ZHUGH 'LHVH ]ZHL 7\SHQ VROOHQ NODU PDFKHQ GDVV HLQ =HQWUDOVWDDW DXI NHLQHQ )DOO HLQH /| VXQJLVW(VEOHLEWQXUGLH:DKO]ZLVFKHQ7\S,XQG7\S,,ZREHL7\S,,DOVDQ JHPHVVHQHUHUDFKWHWZLUG *RYHUQDQFH.RQ]HSWHSRVWXOLHUHQLQVRIHUQQHXH)RUPHQGHUSROLWLVFKHQ%HWHLOL JXQJQHXH:HJHGHU.RRSHUDWLRQQHXH,QVWUXPHQWH]XU*HZLQQXQJYRQQHX HQ $UJXPHQWDWLRQHQXQGQHXH$UWHQNROOHNWLYHQ+DQGHOQV7DWVlFKOLFKZLUGLQ GHU*RYHUQDQFH)RUVFKXQJHLQH'LIIHUHQ]LHUXQJLQGHU$QDO\VHYRUJHQRPPHQ GLH ELV DQKLQ IHKOWH (V ZHUGHQ MHZHLOV XQWHUVFKLHGOLFKH $QDO\VHHLQKHLWHQ IU MHZHLOVXQWHUVFKLHGOLFKH5HJLHUXQJVIRUPHQYRUJHVFKODJHQ6RKDWVLFK]%DXI (8(EHQH GHU 0HKUHEHQHQEHJULII DXI JOREDOHU (EHQH *OREDO *RYHUQDQFH XQG DXIUHJLRQDOHU(EHQH5HJLRQDO*RYHUQDQFHGXUFKJHVHW]W 8QWHU Ä0HKUHEHQHQDQDO\VHQ³ YHUVWHKW :$/. HLQH $OWHUQDWLYH ]X JlQJLJHQ GL FKRWRPHQ $QQDKPHQ GHU 3ROLWLNZLVVHQVFKDIW ZRQDFK HLQH VWULNWH 7UHQQXQJ   

+22*+(XQG0$5.68QUDYHOLQJWKH&HQWUDO6WDWHEXWKRZ" ,ELG











]ZLVFKHQ LQQHUVWDDWOLFKHU XQG LQWHUQDWLRQDOHQ 3ROLWLNDQVlW]HQ HLQ]XKDOWHQ VHL 'LH *RYHUQDQFH)RUVFKXQJ ZHLVW DXIGHUDQGHUHQ 6HLWHGDUDXI KLQ GDVVLQGHU 0RGHUQH GLH =XQDKPH DQ 6WHXHUXQJVIRUPHQ ZLH 6HOEVWYHUSIOLFKWXQJHQ 6WDQ GDUGV *XLGHOLQHV 5LFKWOLQLHQ 2UGQXQJVSROLWLN Y|ONHUUHFKWOLFKH 9HUWUlJH XQ YHUNHQQEDUJHZRUGHQVHL'DUEHUKLQDXVPDFKWEHVRQGHUVGDV(8*HELOGHGLH VH 'LFKRWRPLH REVROHW GHQQ GLH QHXHQ 3ROLWLNVWUXNWXUHQ NRQQWHQ ZHGHU PLW LQQHQSROLWLVFKHQQRFKLQWHUQDWLRQDOHQ7KHRULHQHUNOlUWZHUGHQ0LWGHP*RYHU QDQFH%HJULII LVW HV GDUEHU KLQDXV P|JOLFK SUR]HVVXDOH VWUXNWXUHOOH IXQNWLR QDOHXQGLQVWUXPHQWHOOH$VSHNWHGHV5HJLHUHQV6WHXHUQVXQG.RRUGLQLHUHQV]X HUIDVVHQ ZDV PLW GHP DOWHQ 9HUVWlQGQLV YRQ ,QQHQ XQG $XVVHQSROLWLN QLFKW P|JOLFKZDU'DEHLZLUGDQJHQRPPHQGDVVGLH.RRUGLQDWLRQQLFKWQXUYRQ 6WDDWHQ VRQGHUQ DXFK YRQ JHVHOOVFKDIWOLFKHQ $NWHXUHQ ZLH 1*2V EHUQRP PHQZLUGRGHUZHUGHQNDQQ3ROLWLNILQGHWIROJOLFKLQGHU5HJHOLP=XVDPPHQ ZLUNHQVWDDWOLFKHUXQGQLFKWVWDDWOLFKHU$NWHXUHVWDWW*RYHUQDQFHPHLQWPLWDQ GHUHQ :RUWHQ GLH .RRUGLQDWLRQ GHU NRPSOH[HQ %H]LHKXQJVJHIOHFKWH YRQ OR NDOHQ UHJLRQDOHQ QDWLRQDOHQ XQG JDU JOREDOHQ 1HW]ZHUNVWUXNWXUHQ :HU GHQ *RYHUQDQFH%HJULII YHUZHQGHW QLPPW DOVR ]XPLQGHVW VWLOOVFKZHLJHQG DQGDVV GDV6WHXHUQGHU,QWHUDNWLRQHQ]ZLVFKHQ$NWHXUHQP|JOLFKLVWGDVV3ROLWLNQLFKW GXUFK ZLUWVFKDIWOLFKH EURNUDWLVFKH =ZlQJH GXUFK ,QVWLWXWLRQHQ RGHU :HUWH YRUVWHOOXQJHQ YRUGHILQLHUW LVW *RYHUQDQFH)RUVFKXQJ EHDQVSUXFKW IROJOLFK GHQ $QVSUXFKLP9HUJOHLFKHLQEHVVHUHV9HUVWlQGQLVGHVG\QDPLVFKHQ=XVDPPHQ ZLUNHQVYRQ6WUXNWXUHQXQG3UR]HVVHQYRQ,QVWLWXWLRQHQXQG$NWHXUHQYRQ5H JHOQ XQG 5HJHODQZHQGXQJ HQWZLFNHOW ]X KDEHQ 'DPLW ZLOO GLH *RYHUQDQFH )RUVFKXQJGHQ%HJULIIÄ*RYHUQPHQW³XPGLH'LPHQVLRQGHU*RYHUQDQFHHUZHL WHUQ XP GHU XQEHUVLFKWOLFKHQ .RPSOH[LWlW GHU IXQNWLRQDO GLIIHUHQ]LHUWHQ *H VHOOVFKDIW 5HFKQXQJ ]X WUDJHQ %(1= KDW LQ GHU 7DEHOOH XQWHQ GLH )RUPHQ YRQ 0XOWLOHYHO*RYHUQDQFH]XVDPPHQJHIDVVW 



  

%(1=XQG'26(*RYHUQDQFH± ,ELG





7DEHOOH3ULPlUH)RUPHQYRQ0XOWLOHYHO*RYHUQDQFH  .RRUGLQDWLRQV PHFKDQLVPXV .RPSHWHQ] R UGQXQJ  %HWHLOLJXQJ

-RLQWGHFLVLRQ 0DNLQJ 9HUKDQGHOQ *HWHLOW

IUHLZLOOLJH ,QVWLWXWLRQHQ 9HUKDQGOXQJHQ ZHWWEHZHUE 9HUKDQGHOQ ZHFKVHOVHLWLJH $QSDVVXQJ *HWUHQQW *HWUHQQW

/HLVWXQJV ZHWWEHZHUE ZHFKVHOVHLWLJH $QSDVVXQJ WHLOZHLVHJHWHLOW

HU]ZXQJHQ

)UHLZLOOLJ

IUHLZLOOLJ

(U]ZXQJHQ



,QGHU/LWHUDWXUZLUGH[SOL]LWJHJHQHLQH)RUPYRQ3ROLWLNÄMHQVHLWVGHV6WDDWHV³ DUJXPHQWLHUW1LFKWVGHVWRWURW]ZLUG|IWHUVDXFKGDUDXIKLQJHZLHVHQGDVVHVEH VRQGHUV EHL NRPSOH[HQ $XIJDEHQ ZHQLJHU DXI GLH 'XUFKVHW]XQJVPDFKW GHV 6WDDWHVDQNRPPWVRQGHUQDXIHLQ0DQDJHPHQWGHU,QWHUGHSHQGHQ]HQGHUDXWR QRP ]XVDPPHQZLUNHQGHQ $NWHXUH *OHLFK]HLWLJ ZLUG LPSOL]LW HLQ VLFK VHOEVW UHJHOQGHV6\VWHPYRQ,QWHUDNWLRQHQMHQVHLWVYRQ0DUNWXQG6WDDWJHZQVFKW 'HU6WDDWZLUGDOV,QVWLWXWLRQQHEHQGHP0DUNWXQGGHU*HVHOOVFKDIWDXIJHIDVVW (VJLOWGHQ6WDDWGHQ0DUNWVR]LDOH1HW]ZHUNHXQG*HPHLQVFKDIWHQDOVJOHLFK ZHUWLJHLQVWLWXWLRQHOOH5HJHOXQJVIRUPHQ]XEHJUHLIHQ3DUDGR[HUZHLVHUFNWGLH EHZXVVWHSODQEDUHXQG]ZHFNJHULFKWHWH6WHXHUXQJYRQ$NWHXUHQLQGHQ+LQWHU JUXQG,QVRIHUQZLUGHLQHQHXH=LHOVHW]XQJYRUJHVFKODJHQ'DV=LHOLVWGLH(LQL JXQJ GXUFK 9HUVWlQGLJXQJ GXUFK .RPSURPLVVILQGXQJ GXUFK 7DXVFKJHVFKlIWH EHUJHPHLQVDPH,QWHUHVVHQGLH]ZDUYRP0DUNWPHKURGHUZHQLJHULQGLHGD IU YRUJHVHKHQHQ %DKQHQ JHOHQNW ZHUGHQ DEHU WURW]GHP GHU 5DWLRQDOLVLHUXQJ EHGUIHQ'HU+DXSWJHZLQQOLHJWGDULQGDVVGLHVQLFKWPHKUDOOHLQHXQWHUGHP $VSHNW GHU 6WDDWOLFKNHLW VRQGHUQ LQ DOOHQ 'LPHQVLRQHQ GHU 3ROLWLN JHVFKLHKW Ä)UGHQ*HJHQVWDQGVEHUHLFKGHU3ROLWLNZLVVHQVFKDIWN|QQHQZLULQVRIHUQGDYRQ DXVJHKHQGDVVPLWGHP%HJULII*RYHUQDQFHGHU*HVDPW]XVDPPHQKDQJYRQSR OLW\,QVWLWXWLRQHQ SROLWLFV3UR]HVVH XQGSROLF\3ROLWLNLQKDOWH HUIDVVWZHUGHQ NDQQ³'LHXQWHQVWHKHQGH7DEHOOHYRQ%(1= XQG'26( JLEWGLHVHV9HUVWlQG QLVZLHGHU 



 

,ELG ,ELG  ,ELG 











7DEHOOH*RYHUQPHQWXQG*RYHUQDQFHDOV3HUVSHNWLYHQGHU3ROLWLNZLVVHQVFKDIW 

*RYHUQPHQW 6WDDWYV0DUNWE]Z*HVHOOVFKDIW

3ROLW\

)RNXVVLHUXQJDXI6WDDW 0HKUKHLWVGHPRNUDWLHXQG+LHUDU FKLHDOVZLFKWLJVWH,QVWLWXWLRQ  3ROLWLFV :HWWEHZHUE]ZLVFKHQ3DUWHLHQXQG ,QWHUHVVHQJUXSSHQXP(LQIOXVVXQG 0DFKWHUZHUE .RQIOLNWUHJHOXQJGXUFK(QWVFKHL GXQJGHU]XVWlQGLJHQVWDDWOLFKHQ2U JDQHXQG'XUFKVHW]XQJVWDDWOLFKHU (QWVFKHLGXQJHQ 3ROLF\ *HVHW]JHEXQJ*HXQG9HUERWH  9HUWHLOXQJ|IIHQWOLFKHU/HLVWXQJHQ

*RYHUQDQFH 6WDDW0DUNWXQG1HW]ZHUNHDOVNRPSOHPHQ WlUH6WHXHUXQJVIRUPHQ LQVWLWXWLRQHOOH6WUXNWXUGLH(OHPHQWHYRQ +LHUDUFKLH9HUKDQGOXQJVV\VWHPHXQG :HWWEHZHUEVPHFKDQLVPHQYHUELQGHW 1HW]ZHUNH .RQIOLNWH]ZLVFKHQUHJLHUHQGHQOHLWHQGHQ XQGUHJLHUWHQEHWURIIHQHQ$NWHXUHQ 6WHXHUXQJXQG.RRUGLQDWLRQLP.RQWH[W LQVWLWXWLRQHOOHU5HJHOV\VWHPH 9HUKDQGOXQJHQVWDDWOLFKHUXQGRGHUJH VHOOVFKDIWOLFKHU$NWHXUH $QSDVVXQJLQVWLWXWLRQHOOHU5HJHOV\VWHPH 9HUVWlQGLJXQJLQ1HW]ZHUNHQXQG*H PHLQVFKDIWHQ .RPSURPLVVH7DXVFKJH VFKlIWH .RSURGXNWLRQNROOHNWLYHU*WHU 1HW]ZHUNPDQDJHPHQW ,QVWLWXWLRQHQSROLWLN0DQDJHPHQWGHVLQ VWLWXWLRQHOOHQ:DQGHOV 



'LH(UZHLWHUXQJOLHJWLQVRIHUQLQGHU9HUPHKUXQJGHU6WDNHKROGHU*RYHUQDQFH EHUFNVLFKWLJW LQ DQDO\WLVFKHU 3HUVSHNWLYH DXFK GLH 0LNUR 0HVR XQG 0DNUR HEHQH $XI GHU 0LNURHEHQH ZHUGHQ ZHFKVHOVHLWLJH %HREDFKWXQJHQ %HHLQIOXV VXQJXQG9HUKDOWHQDXIGHU0HVRHEHQH2UGQXQJVZHOOHQZLH+LHUDUFKLH:HWW EHZHUE9HUKDQGOXQJHQXQG1HW]ZHUNHXQGDXIGHU0DNURHEHQH*RYHUQDQFH 5HJLPHXQWHUVXFKW (V VFKHLQW DOV ZUGH PDQ PLW GHP *RYHUQDQFH%HJULII DOOHV WXQ N|QQHQ ZDV ELVDQKLQQLFKWP|JOLFKZDU(LQ$OOHVN|QQHUKDWDXIGHUDQGHUHQ6HLWHHLQHQH JDWLYH.RQQRWDWLRQGDDQJHVLFKWVGHUJHVHOOVFKDIWOLFKHQ'LIIHUHQ]LHUXQJHLQDOO XPIDVVHQGHV.RQ]HSWHLQOHHUHV9HUVSUHFKHQ]XVHLQVFKHLQW7UJWGHU6FKHLQ" *RYHUQDQFH)RUVFKHU XQG )RUVFKHULQQHQZUGHQ GLH )UDJHEHMDKHQ 'HQQGDV YRUGHUJUQGLJH=LHOLVWQLFKWGLH.UHDWLRQHLQHVQHXHQ%HJULIIV]XU/|VXQJDOOHU VR]LDOZLVVHQVFKDIWOLFKHQ3UREOHPHVRQGHUQGLH(QWZLFNOXQJHLQHV,QVWUXPHQWD ULXPVDOV%HLWUDJ]XP9HUVWlQGQLVHLQHVSROLWLNZLVVHQVFKDIWOLFKHQ3UREOHPVGHU 3ROLWLNYHUIOHFKWXQJ 'HU %HJULII GHU 3ROLWLNYHUIOHFKWXQJ ZLUG YHUVWlQGOLFK   

,ELG 'LH(EHQHQYHUIOHFKWXQJHQZHUGHQLP(QJOLVFKHQPLWÄLQWHUJRYHUQPHQWDOUHODWLRQV³EHU VHW]W





ZHQQ HU DOV HLQH EHVRQGHUH )RUP GHU SROLWLVFKHQ 6WHXHUXQJ DXIJHIDVVW ZLUG 'HQQJHPlVVGHU'HILQLWLRQLVWGLH3ROLWLNYHUIOHFKWXQJQXUGRUWDQ]XWUHIIHQZR GDVSROLWLVFKDGPLQLVWUDWLYH6\VWHPEHUNHLQHVRXYHUlQH$XWRULWlWYHUIJWGLH GHQ HLJHQHQ :LOOHQ ± PLW 0$; :(%(56 :RUWHQ ± ÄDXFK JHJHQ :LGHUVWUHEHQ³ GXUFKVHW]W :R (QWVFKHLGXQJHQ LQ KLHUDUFKLVFKHQ YHUWLNDOHQ 6WUXNWXUHQ JH WURIIHQZHUGHQXQGGLH&KDQFHKDEHQOHJLWLPH(UJHEQLVVH]XOLHIHUQGRUWZUGH HVLPEHVWHQ)DOOXPHLQH2SWLPLHUXQJGHUSROLWLVFKHQ=XVWLPPXQJJHKHQ8QG HLQH2SWLPLHUXQJLVWHLQH)UDJHGHV6WDQGSXQNWHV'LH(QWODVVXQJHQYLHOHU$Q JHVWHOOWHQN|QQHQHLQHU)LUPDKHOIHQLKUH*HZLQQH]XPD[LPLHUHQ'LH$UEHLWV ORVLJNHLWDXIGHUDQGHUHQ6HLWHNDQQGHP6R]LDOIULHGHQLQHLQHU*HVHOOVFKDIWLU UHYHUVLEOHQ6FKDGHQ]XIJHQ:LOOPDQGLH9HUDQWZRUWOLFKNHLWEHUQHKPHQZl UHHLQH2SWLPLHUXQJGHU$UEHLWVORVHQUDWHQYRU]XVFKODJHQ:LOOPDQGDJHJHQGLH 5LVLNHQHLQHV *HVFKlIWVPRGHOOV HLQHU )LUPD RSWLPLHUHQ HPSILHKOW VLFK HLQHUL JRURVH 5DWLRQDOLVLHUXQJ GHU $UEHLWVDXIOlXIH 'HPRNUDWLVFK YHUIDVVWH *HVHOO VFKDIWHQPVVHQGLH/HLVWXQJHUEULQJHQJOHLFK]HLWLJEHLGHQ'LPHQVLRQHQ5HFK QXQJ ]X WUDJHQ 2KQH ]\QLVFK VHLQ ]X ZROOHQ JHKW GLH *RYHUQDQFH)RUVFKXQJ GDYRQ DXV GDVV GLH 2SWLPLHUXQJ YRQ 3ROLWLNHUJHEQLVVHQ DXFK JDU DP EHVWHQ  RKQH GHPRNUDWLVFKH /HJLWLPDWLRQ IXQNWLRQLHUW 'HQQ GHPRNUDWLVFKH 6WUXNWXUHQ VLQGLQGHU5HJHOWUlJHXQGDXFKQLFKW]ZLQJHQGUDWLRQDOE]ZVDFKGLHQOLFK,Q GHU3ROLWLNJHKWHVZHQLJHUXPGDVREMHNWLYPHVVEDUH5LFKWLJHRGHUXP,PSOH PHQWLHUXQJ GHU ZLVVHQVFKDIWOLFK HUKlUWHWHQ 3URJQRVHQ ]XP :RKOH GHU *HVHOO VFKDIW VRQGHUQ XP GLH ,QWHUHVVHQGXUFKVHW]XQJ GLH YRQ GHQ GHPRNUDWLVFKHQ 3UR]HVVHQXQG,QVWLWXWLRQHQQDFKLKUHU HLJHQHQ /RJLN DXVJHWUDJHQ ZHUGHQ %H NDQQWOLFK NRPPW GHU 0HKUKHLWVHQWVFKHLG DOV HLQH YHUELQGOLFKH (QWVFKHLGXQJV ILQGXQJVIRUP LQ GHQ PHLVWHQ GHPRNUDWLVFKHQ *HVHOOVFKDIWHQ ]XU $QZHQGXQJ *OHLFK]HLWLJLVWPDQVLFKLQGHU3ROLWLVFKHQ3KLORVRSKLHGHV8PVWDQGVEHZXVVW GDVV VLFK (QWVFKHLGXQJHQGHU 5HSUlVHQWDQWHQ LQ +LQEOLFN DXIGDV *HPHLQZRKO DOV YRUWHLOKDIWHU HUZHLVHQ N|QQHQ DOV (QWVFKHLGXQJHQ QDFK GHU 0HKUKHLWVUHJHO 0HKUQRFK:LHRIWLQGHU*HVFKLFKWHGHU'HPRNUDWLHJHVFKHKHQNDQQVLFKHLQ HLQIDFKHV =XVDPPHQ]lKOHQ GHU 3UlIHUHQ]HQ GHU 0HKUKHLW DOV NRQWUDSURGXNWLY HUZHLVHQÄ$QJHVLFKWGHU)UDJPHQWLHUXQJGHU*HVHOOVFKDIWLVWDEHUHLQHHLQIDFKH $JJUHJDWLRQ GHU 3UlIHUHQ]HQ GXUFK GLH 0HKUKHLWVUHJHO VFKlGOLFK ZHLO VLH GLH  

:(%(5:LUWVFKDIWXQG*HVHOOVFKDIWÄ0DFKWEHGHXWHWMHGH&KDQFHLQQHUKDOEHLQHUVR]LD OHQ%H]LHKXQJGHQHLJHQHQ:LOOHQDXFKJHJHQ:LGHUVWUHEHQGXUFK]XVHW]HQJOHLFKYLHOZR UDXIGLHVH&KDQFHEHUXKW³











,QWHQVLWlWHQ YRQ 3UlIHUHQ]HQ QLFKW HUIDVVW (V ZlUH DXV QRUPDWLYHU 6LFKW VHKU IUDJZUGLJXQGZUGHGLH/HJLWLPDWLRQXQWHUJUDEHQZHQQHLQH0HKUKHLWZHQLJ EHWURIIHQHU %UJHU GLH RIW VFKOHFKW LQIRUPLHUW VLQG  HLQH (QWVFKHLGXQJ JHJHQ YLWDOH ,QWHUHVVHQ YRQ VHNWRUDOHQ UHJLRQDOHQ RGHUNXOWXUHOOHQ 0LQGHUKHLWHQWUHI IHQZUGH'LH0HKUKHLWVUHJHOPXVVVHOEVWOHJLWLPLHUWZHUGHQZDVLQGLIIHUHQ ]LHUWHQ*HVHOOVFKDIWHQQLFKWVHOEVWYHUVWlQGOLFKLVW³ 'HVZHJHQEHWRQW 3$3$'2328/26 ]X 5HFKWGDVVVHLW ('081' %85.(GDV PR GHUQH.RQ]HSWYRQ5HSUlVHQWDWLRQGLH'HOLEHUDWLRQXQWHUGHQGHPRNUDWLVFKJH ZlKOWHQ 5HSUlVHQWDQWHQ ]ZHFNV HLQHU +HUVWHOOXQJ RGHU $XIUHFKWHUKDOWXQJ GHV *HPHLQZRKOVYRUDXVVHW]WE]ZYRUDXV]XVHW]HQLVW.RRSHUDWLRQLVWQRWZHQGLJ IUGDVJHPHLQVDPH/HUQHQGDV(LQVHW]HQYRQ3UDNWLNHQGDV$QWL]LSLHUHQNQI WLJHU)ROJHQXQGIUGLH3IOHJHGDXHUKDIWHU%H]LHKXQJHQRKQHGLHNHLQH,QVWLWX WLRQHLQHHUQVW]XQHKPHQGH:LUNXQJHQWIDOWHQNDQQ(LQHVROFKHODQJDQKDO WHQGH.RRSHUDWLRQLVWLQGHVVHQQXUGDQQP|JOLFKZHQQ$NWHXUHEHUHLQ0DQ GDWYHUIJHQ'LHVLVWZLHGHUXPQXUGDQQJHJHEHQZHQQGLH3UlIHUHQ]HQQLFKW LQ -D1HLQ)RUP VSULFKGXUFK HLQHQ 0HKUKHLWVHQWVFKHLG VRQGHUQ DXFKLQGHOL EHUDWLYHQ)RUHQEHIUDJWVLQG'HOLEHUDWLRQXQWHUGHQ5HSUlVHQWDQWHQÄEHLQKDOWHW DOOHUGLQJVXQYHUPHLGOLFKHLQHQXQGHPRNUDWLVFKHQ=XJGDVLHLQJHVFKORVVHQHQ XQGEHJUHQ]WHQ*UHPLHQVWDWWILQGHQPXVV³,QGHQVWDDWVUHFKWOLFKDXVJHULFKWH WHQ'HPRNUDWLHWKHRULHQZXUGHGHP3UREOHPGDPLW5HFKQXQJJHWUDJHQGDVVLP 9RUDXVLQGHU9HUIDVVXQJGHV/DQGHVGHILQLHUWZXUGHZHOFKH9HUlQGHUXQJZHO FKHQ *UDG DQ =XVWLPPXQJ HUIRUGHUW 6R EUDXFKW HV LQ GHU 6FKZHL] HLQ 9RONV XQG 6WlQGHPHKU XP DXI GHU 9HUIDVVXQJVHEHQH HLQH bQGHUXQJ KHUEHL]XIKUHQ YJO7DEHOOH9RONVUHFKWHXQG'HOLEHUDWLRQ  'DHVVLFKDEHUEHL*RYHUQDQFHXQGLQGHUGDUDXVUHVXOWLHUHQGHQ3ROLWLNYHUIOHFK WXQJXPHLQIUHLZLOOLJHV(QJDJHPHQWKDQGHOWKHOIHQZHGHUGHPRNUDWLVFKHRGHU VWDDWVUHFKWOLFKHQRFKI|GHUDOLVWLVFKH.RQ]HSWHZHLWHU'HQQHVJHKWLPZHLWHVWHQ 6LQQHXPGLH,QWHUDNWLRQHQLQ|IIHQWOLFKHQ3ROLWLNQHW]ZHUNHQGLHYRQ3DUODPHQ WHQ DEJHNRSSHOW VLQG XQG HUIROJUHLFK XP .RRSHUDWLRQ ULQJHQ ZLH DXFK ]XPLQ GHVW WKHRUHWLVFK TXDOLWDWLY KRFKVWHKHQGH 3ROLWLNHUJHEQLVVH OLHIHUQ *HQDX GLHVH QHXH4XDOLWlWGHU3ROLWLNHUJHEQLVVHVROOQDFKGHP*RYHUQDQFH$QVDW]GHQ6WDDW  

3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH ,ELG ,ELG  ,ELG  





DOVHLQ]LJOHJLWLPH$XWRULWlWIUGDV*HPHLQZRKODXVVHU.UDIWVHW]HQ'HQQGLH $NWHXUH DJLHUHQ WDWVlFKOLFK LQ GHQ 3ROLWLNQHW]ZHUNHQ RKQH MD VRJDU JHJHQ GLH IDNWLVFKHQ ,QWHUHVVHQ GHV 6WDDWHV 'DV LVW PLW HLQ *UXQG GDIU GDVV VLH DG KRF HQWVWHKHQ XQG LQ GHU 5HJHO NDXP NRGLIL]LHUW XQG IRUPDOLVLHUW VLQG -HGHQIDOOV VFKHLQWGLH=HUVSOLWWHUXQJGHUKRKHLWOLFKHQ'LHQVWHLQPRGHUQHQ*HVHOOVFKDIWHQ HLQH$OWHUQDWLYH]XUGLULJLVWLVFKHQ7RSGRZQ6WHXHUXQJ]XZHUGHQ(LQHSROLWL VFKH6WHXHUXQJQDFKGHP*RYHUQDQFH$QVDW]YHUODQJW]XUEHVVHUHQ3UREOHPO| VXQJ ]XP HLQHQ HLQH IXQNWLRQDOH XQG QLFKW PHKU ]XP %HLVSLHO I|GHUDOLVWLVFKH *HELHWVHLQWHLOXQJQLPPWMHGRFKDXFKDQXQWHUGHP9HU]LFKWHLQHVQRUPDWLYHQ %HZHUWXQJVPDVVVWDEV EHVVHUH 2XWSXWV ]X JHQHULHUHQ 'HU *RYHUQDQFH$QVDW] ZLOO EHL VHLQHU 3ROLWLNVWHXHUXQJ GLH ,QWHUHVVHQ DOOHU %HWHLOLJWHQ JOHLFK VWDUN EH UFNVLFKWLJWKDEHQ,QGHU7DWYHUODQJWHUGLHbQGHUXQJGHVJlQJLJHQ3ROLWLNYHU VWlQGQLVVHV YRP 5HJLHUHQ XQG VWHOOW VWDDWOLFKH ,QVWLWXWLRQHQ LQVRIHUQ YRU QHXH +HUDXVIRUGHUXQJHQ6LHPVVHQZLGHUVSUFKOLFKH6RQGHULQWHUHVVHQDXIHLQDQGHU DEVWLPPHQ XQG GDIU VRUJHQ GDVV GLH IU (QWVFKHLGXQJHQ HUIRUGHUOLFKHQ 5HV VRXUFHQ IU =ZHFNH GHV *HPHLQZRKOV JHQXW]W ZHUGHQ (LQH NDXP O|VEDUH $XIJDEH 'LH )ROJH GLHVHU 3ROLWLNVWHXHUXQJ LVW GLH 3ROLWLNYHUIOHFKWXQJ ± HLQH VWUXNWXUHOO EHGLQJWH '\VIXQNWLRQDOLWlW 'LH 3ROLWLNYHUIOHFKWXQJ UHVXOWLHUW DXV PXOWLODWHUDOHQ 9HUKDQGOXQJVV\VWHPHQ PLW .RQVHQVPRGL GLH ]XPLQGHVW ]ZHL (EHQHQHLQHUYHUELQGHQGHQ(QWVFKHLGXQJVVWUXNWXUEHLQKDOWHQÄGLHDXVLKUHULQ VWLWXWLRQHOOHQ /RJLN KHUDXV «  V\VWHPDWLVFK LQHIIL]LHQWH XQG SUREOHPXQDQJH PHVVHQH(QWVFKHLGXQJHQHU]HXJWXQGGLH]XJOHLFKXQIlKLJLVWGLHLQVWLWXWLRQHO OHQ %HGLQJXQJHQ LKUHU (QWVFKHLGXQJVORJLN ]X YHUlQGHUQ ± ZHGHU LQ 5LFKWXQJ DXIPHKU,QWHJUDWLRQQRFKLQ5LFKWXQJDXIPHKU'HVLQWHJUDWLRQ³ 'HU %HJULII 3ROLWLNYHUIOHFKWXQJGUFNWGDPLW GLH $QQDKPH DXV GDVVVLHQXULQ GHQ (QWVFKHLGXQJVVWUXNWXUHQ GHU 0XOWLOHYHOV\VWHPH HQWVWHKW GLH NRRSHULHUHQ PVVHQMRLQWGHFLVLRQV\VWHP XQGJHQDXGLHVH6WUXNWXULQKLHUDUFKLVFKHQRGHU PDMRULWlUHQ (QVFKHLGXQJVV\VWHPHQ QLFKW QXU DQ +DQGOXQJVIlKLJNHLW YHUOLHUW VRQGHUQDXFKXQIlKLJLVWÄGXUFK5HIRUPHQGLHLQVWLWXWLRQHOOHQ5HVWULNWLRQHQGHU 3ROLWLNYHUIOHFKWXQJ]XEHUZLQGHQ³'DVÄMRLQWGHFLVLRQV\VWHP³ZLUGDOVHLQH VSH]LILVFKH 9HUKDQGOXQJVVWUXNWXU EHVFKULHEHQ GLH VLFK QDFK %(1= GDGXUFK NHQQ]HLFKQHW GDVV LKUH 0LWJOLHGHU GHU ([HNXWLYH DQJHK|UHQ ÄGLH JHJHQEHU  

,ELG 6&+$53)'LH3ROLWLNYHUIOHFKWXQJVIDOOHI6&+$53)*DPHV5HDO$FWRUV3OD\I  %(1=3ROLWLNYHUIOHFKWXQJRKQH3ROLWLNYHUIOHFKWXQJVIDOOH 











SDUODPHQWDULVFKHQ*UHPLHQYHUDQWZRUWOLFKVLQGXQGNRQWUROOLHUWZHUGHQ6LHXQ WHUOLHJHQGDPLWGHQ5HJHOQGHV3DUWHLHQZHWWEHZHUEV³'DVLH]XU.RRSHUDWLRQ JH]ZXQJHQ VLQG LKQHQ DEHU JOHLFK]HLWLJ HLQ +HJHPRQ IHKOW GHU YHUELQGOLFKH (QWVFKHLGXQJHQ WUHIIHQ NDQQ LVW GDV (UJHEQLV HLQH 3ROLWLNYHUIOHFKWXQJVIDOOH %(1=KDWGLHIUGLH3ROLWLNYHUIOHFKWXQJPDVVJHEHQGHQ9HUKDQGOXQJVV\VWHPHLQ GHU7DEHOOHXQWHQ]XVDPPHQJHIDVVW 7DEHOOH(QWVFKHLGXQJVNRVWHQLQ9HUKDQGOXQJVV\VWHPHQ  0HKUKHLWVHQWVFKHLGXQJ HLQVWLPPLJH(QWVFKHLGXQJ

IUHLZLOOLJH9HUKDQGOXQJHQ ([LW2SWLRQ NHLQHLQGLYLGXHOOH9HWRPDFKW   ([LW2SWLRQ LQGLYLGXHOOH9HWRPDFKW  

=ZDQJVYHUKDQGOXQJHQ NHLQH([LW2SWLRQ NHLQHLQGLYLGXHOOH9HWRPDFKW   NHLQH([LW2SWLRQ LQGLYLGXHOOH9HWRPDFKW  



'DV$XVVHUJHZ|KQOLFKHDQGLHVHU3ROLWLNIDOOHLVWQLFKWQXULKUH(QWVWHKXQJVRQ GHUQDXFKGLHYRUJHVFKODJHQHQ/|VXQJHQGLHHLQJXWHV3URJUDPPHLQHU6R]LDO WHFKQRORJLHGDUVWHOOHQ%HYRULFKGHQ6LQQGHV6DW]HVHUNOlUHZLOOLFK]ZHL$Q QDKPHQYRUVWHOOHQGLHGLH/RJLNGLHVHUQHXHQ6R]LDOWHFKQRORJLH]XEHOHXFKWHQ KHOIHQ=XQlFKVWN|QQHQZLUPLW%(1=IHVWVWHOOHQGDVVGDV=LHOGHUSROLWLVFKHQ 6WHXHUXQJXQG.RRUGLQLHUXQJGLHHUIROJUHLFKH%HZlOWLJXQJYRQ,QWHUGHSHQGHQ ]HQ VHLQ VROO :R GLH 3ROLWLNYHUIOHFKWXQJ DXI GHP :HJH GHU JHVHOOVFKDIWOLFKHQ 0RGHUQLVLHUXQJ HLQ +LQGHUQLV GDUVWHOOW GRUW ZHUGHQ WHFKQRNUDWLVFKH /|VXQJV YRUVFKOlJHGHUGHPRNUDWLVFKHQ/HJLWLPDWLRQJHJHQEHUJHVWHOOW'HU5HFKWVVWDDW XQG GLH 'HPRNUDWLH ZHUGHQ GDQQ QLFKW PHKU DOV ]ZHL VLFK HUJlQ]HQGH KLVWRUL VFKH(UUXQJHQVFKDIWHQDXIJHIDVVWVRQGHUQDOV]ZHLVSDQQXQJVYROOH6SKlUHQIU GHUHQ9HUV|KQXQJVLFKGLH3KLORVRSKHQJHUQH]XQHXHQ'LVNXUVHQDQUHJHQODV VHQ 'RFK ZLH %(1= VHOEHU KHUYRUKHEW JLEW HV NHLQH UDXPXQDEKlQJLJH /| VXQJ VR]LDOHU 3UREOHPH $XVVHUGHP NDQQ DXFK XQWHU RSWLPDOHQ %HGLQJXQJHQ QLFKW HUZDUWHW ZHUGHQ XQWHU %HUFNVLFKWLJXQJ DOOHU ,QWHUHVVHQ HLQHQ YRQ GHU 0HKUKHLW GHU *HVHOOVFKDIW JHWUDJHQHQ YHUQQIWLJHQ .RQVHQV ]X HU]LHOHQ ZHQQ HVGDUXPJHKW]XEHVWLPPHQZLHHLQ3UREOHP]XO|VHQLVWRGHUZHOFKH9HUWHL OXQJVNULWHULHQ]XU$QZHQGXQJNRPPHQVROOHQ'HQQGLHVH)UDJHQZHUGHQLQGHU  

,ELG ,ELGII %(1=3ROLWLNLQ0HKUHEHQHQ6\VWHPHQ  +$%(50$6)DNWL]LWlWXQG*HOWXQJI  





5HJHOQLFKWYRQHLQHPDEVWUDNWORJLVFKGHGX]LHUWHQ&RPSXWHUJHQHULHUWVRQGHUQ LPSROLWLVFKHQ3UR]HVVHQWVFKLHGHQGHUQLFKWQXUQXUKLVWRULVFKHXQGNXOWXUHOOH 3UlIHUHQ]HQ ZLHGHUJLEW VRQGHUQ GLHVHQ DXFK XQWHUZRUIHQ LVW (V JLEW NHLQH UDXPXQG]HLWXQDEKlQJLJHQE]ZQXUQRFKORJLVFKDEJHOHLWHWHJXWH$QWZRUWHQ DXI GLHVH KLVWRULVFKHQ )UDJHQ XQG GDPLW DXFK NHLQH 0|JOLFKNHLW IU GLH 0HV VXQJ GHU ULFKWLJHQ 3ROLWLN JUXQGVlW]OLFK REMHNWLYH XQGRGHU ULFKWLJH .ULWHULHQ DQ]XJHEHQ 'HVZHJHQ PVVHQ VROFKH /|VXQJVYRUVFKOlJH GLH VR]LRNXOWXUHOOHQ *HJHEHQKHLWHQEHUFNVLFKWLJHQ%(1=VFKOlJWGDKHUDQVWHOOHULFKWLJHUDQHUNDQQ WH .ULWHULHQ YRU DQ GHQHQ VLFK HLQH $QDO\VH GHU ULFKWLJHQ 3ROLWLN RULHQWLHUHQ N|QQH %(1= QLPPWDQGDVVHUVWHQV(QWVFKHLGXQJHQGDUDXIDXVJHULFKWHWVLQGHLQHQEH VWHKHQGHQ=XVWDQG]XYHUlQGHUQÄ2EXQGLPZHOFKHP0DVVH3ROLWLNLQGHU/D JHGDIULVWNDQQDOVHLQ4XDOLWlWVPHUNPDOJHOWHQ³=ZHLWHQVPVVWHQSROLWL VFKHQ (QWVFKHLGXQJHQ EHL GHQ %HWURIIHQHQ DN]HSWLHUW ZHUGHQ GDPLW VLH DOV DQHUNDQQWJHOWHQXQGGDPLWDXFKJHWUDJHQZHUGHQÄ'DV$XVPDVVGHU$N]HSWDQ] VWHOOWGDKHUHLQ]ZHLWHV4XDOLWlWVPHUNPDOIUGLH%HZHUWXQJYRQ3ROLWLNGDU³ =XU9HUDQVFKDXOLFKXQJVFKOlJW%(1=HLQHWDEHOODULVFKHhEHUVLFKWYRU 



 

%(1=0XOWLOHYHO*RYHUQDQFH 'LH)UDJHZHUGLH,QVWDQ]GHU$QHUNHQQXQJLVWEOHLEWXQEHDQWZRUWHW  %(1=0XOWLOHYHO*RYHUQDQFH  ,ELG  ,ELG 











7DEHOOH4XDOLWlWVQLYHDXYRQ3ROLWLNHUJHEQLVVHQLQGHU0HKUHEHQHQSROLWLN

bQGHUXQJGHV6WDWXVTXR





6WDUN                 *HULQJ

        



*HULQJ

      KRFK     PLWWHO     QLHGULJ *URVV



=XVWLPPXQJ 

'DV0RGHOOQLPPWDQGDVVGLH4XDOLWlWYRQ3ROLWLNHUJHEQLVVHQDXVGHU.RPEL QDWLRQGHU=XVWLPPXQJXQGGHVbQGHUXQJVZLOOHQVHLQHUVR]LDOHQ*UXSSHUHVXO WLHUW6WHOOHQ6LHVLFKYRU6LHGUIWHQDOV3ROLWLNZLVVHQVFKDIWOHUE]Z3ROLWLN ZLVVHQVFKDIWOHULQ EHL GHU (QWVFKHLGXQJVILQGXQJ HLQHV 5HJLHUXQJVSURMHNWV HQW VFKHLGHQGPLWUHGHQXQGHLQH/|VXQJIUGDVIROJHQGH3UREOHPHQWZLFNHOQÄ'DV JUXQGOHJHQGH 3UREOHP GHU 3ROLWLN LQ 0HKUHEHQHQV\VWHPHQ EHVWHKW GDULQ GDVV EHLGH$QIRUGHUXQJHQDQSROLWLVFKH6WHXHUXQJLQXQWHUVFKLHGOLFKHQ6WUXNWXUNRQ WH[WHQ Ã$UHQHQµ  ]X HUIOOHQ VLQG 'LH bQGHUXQJ GHV 6WDWXV TXR HUIRUGHUW GLH .RRUGLQDWLRQGHU3ROLWLN]ZLVFKHQ(EHQHQRGHU(LQKHLWHQZHLOGLHHQWVSUHFKHQ GH0DFKWGLHV]XEHZLUNHQDXIJHWHLOWLVW'LH=XVWLPPXQJ]XGHQbQGHUXQJHQ LVW DEHU LQQHUKDOE GHU (EHQHQ ]X HUUHLFKHQ GK LQ *HVHOOVFKDIWHQ RGHU LKUHP 5HSUlVHQWDWLRQVRUJDQ GHUHQ :DKUQHKPXQJV XQG +DQGOXQJVKRUL]RQW LQ XQWHU VFKLHGOLFKHU :HLVH WHUULWRULDO EHJUHQ]W LVW³ 6WHOOHQ 6LH VLFK DXVVHUGHP YRU GDVVHV,KQHQHJDOLVWZLHGHU2XWSXWGHU(QWVFKHLGXQJLVW(VJHKW,KQHQHLQ]LJ XQGDOOHLQHGDUXPHLQHUDWLRQDOH$QWZRUWDXIGLH)UDJH]XOLHIHUQZLHGLH=X   

,ELG ,ELG





VWLPPXQJ]XHLQHP3URMHNWKHUEHLJHIKUWZHUGHQNDQQ:DVZUGHQ6LHGHU 3ROLWLN DQUDWHQ" %(1= VFKOlJW IU GLH $EOHLWXQJ HLQHU JHHLJQHWHQ $QWZRUW DXI GLHVH)UDJHDQVWHOOHHLQHUNRQNUHWHQ$QWZRUWHLQHNRQNUHWH9RUJHKHQVZHLVH]X (QWZLFNOXQJHLQHUNRQNUHWHQ$QWZRUWYRUZRQDFKGDV4XDOLWlWVQLYHDXYRQ3R OLWLNHUJHEQLVVHQDOV5LFKWVFKQXU]XGLHQHQKDEH ,QLKUHU,QWHQWLRQZLOOGLH7DEHOOH7DEHOOH4XDOLWlWVQLYHDXYRQ3ROLWLNHUJHE QLVVHQLQGHU0HKUHEHQHQSROLWLN DXIGHU*UXQGODJHYRQbTXLYDOHQ]SULQ]LSXQG ,QWHUGHSHQGHQ]SULQ]LS GLH I|GHUDOH 3ROLWLN GXUFK HLQHQ IXQNWLRQDOHQ )|GHUDOLV PXV HUVHW]HQ 'DV bTXLYDOHQ]SULQ]LS EHVDJW GDVV *HELHWVHLQKHLWHQ IU GLH (U IOOXQJ|IIHQWOLFKHU$XIJDEHQJUXQGVlW]OLFKVRDEJHJUHQ]WVHLQVROOWHQGDVVGLH 5HLFKZHLWH GHU .RPSHWHQ]HQ GLH GHQ SROLWLVFKHQ ,QVWLWXWLRQHQ ]XJHVFKULHEHQ ZHUGHQ VLFK PLW GHU 5HLFKZHLWH GHU :LUNXQJHQ GLH PLW HLQHU .RPSHWHQ]DXV EXQJ HUUHLFKW ZHUGHQ GHFNHQ 'DV ,QWHUGHSHQGHQ]SULQ]LS ZLOO GDJHJHQ GHU 7DWVDFKH 5HFKQXQJ WUDJHQ GDVV GLH *HVHOOVFKDIWVVWUXNWXU GLH 3DUWHLHQ XQG 9HUEDQGV\VWHPH XQG GLH 0HKUHEHQHQSROLWLN HLQHQ NRPSOH[HQ =XVDPPHQKDQJ ELOGHQGHUGXUFK,QNRQJUXHQ]HQXQG(LJHQG\QDPLNHQJHSUlJWLVW'LH7DEHO OHVXJJHULHUWGDVVGLHEHVWHKHQGHQI|GHUDWLYHQ6\VWHPHGLHJHVHOOVFKDIWOLFKH5H DOLWlWQLFKWPHKUDEGHFNHQ)DNWLVFKH[LVWLHUHQQLFKWQXU+HUUVFKDIWVEH]LHKXQJHQ ]ZLVFKHQGHQ5HJLHUXQJHQXQG.DQWRQHQVRQGHUQDXFKLQQHUKDOEGHU1HW]ZHU NH EHL 9HUKDQGOXQJHQ XQG LP PDUNWZLUWVFKDIWVI|UPLJHQ :HWWEHZHUE 'D GLH I|GHUDWLYH3DUWHLHQXQG9HUEDQGVRUGQXQJGLHJHVHOOVFKDIWOLFKHQ,QWHUHVVHQDQ JHVLFKWV GHU $EQDKPH GHV 1DWLRQVJHIKOV GHV JHVHOOVFKDIWOLFKHQ 3OXUDOLVPXV GHU 0LJUDWLRQ GHU VR]LDOHQ .RQIOLNWH GHU 5HVVRXUFHQYHUWHLOXQJ LQ JOREDOHQ 0lUNWHQGHU5HJLRQDOLVLHUXQJGHV6WDDWHVXQGGHU.RQWDNWQHW]HXVZQLFKWDE ELOGH VROO VLH GXUFK HLQHQ IXQNWLRQDOHQ )|GHUDOLVPXV HUVHW]W ZHUGHQ .RQVH TXHQWHUZHLVHZLUGLQGHU7DEHOOHXQWHQWHUULWRULDOHUXQGIXQNWLRQDOHU)|GHUDOLV PXVLQHLQHQZHUWIUHLHQ 9HUJOHLFKJHVWHOOW 



 

'DKLQWHUVWHKWGDV.RQ]HSWYRQ1,./$6 /8+0$11GHUGLH(UZDUWXQJHQGHU(UZDUWXQJHQ PHVVHQXQGUDWLRQDOHUZHLVHHUZDUWHQZROOWH  %(1=3ROLWLNLQ0HKUHEHQHQ6\VWHPHQ  ,ELG  ,ELG











7DEHOOH7HUULWRULDOHUXQGIXQNWLRQDOHU)|GHUDOLVPXV 

WHUULWRULDOHU)|GHUDOLVPXV

IXQNWLRQDOHU)|GHUDOLVPXV

=XVWlQGLJNHLW

*HQHUHOO

6SH]LDOLVLHUW

0LWJOLHGVFKDIW

*HWUHQQW

hEHUODSSHQG

=DKOGHU(EHQHQ

:HQLJH

9LHOH

'DXHUKDIW

)OH[LEHO

6WUXNWXU 

'LHVH 7DEHOOH YHUPLWWHOW GHQ (LQGUXFN GDVV HV VLFK KLHU XP HWZDV 1HXDUWLJHV KDQGHOW ,Q GHU 5HJHO LVW GDV 1HXH SRVLWLY JHVHW]W :HU VLFK JHJHQ GDV 1HXH VWHOOWEHNRPPWLQGHQSROLWLVFKHQ$UHQHQQLFKWVHOWHQGHQ6WHPSHO ÄNRQVHUYD WLY³ DXIJHGUFNW :HU GDJHJHQ GDV 1HXH YHUWHLGLJW GHUGLH HUKlOW GDV SRVLWLY EHVHW]WHV $WWULEXW ÄPRGHUQ³ +DW GLHVHU $QVDW] DEJHVHKHQ GDYRQ GDVV HU QHX LVWDXFKWDWVlFKOLFK1HXDUWLJHVDQ]XELHWHQ"-DLVWGLHHLQGHXWLJH$QWZRUW



0XOWLOHYHO*RYHUQDQFH

8PGLHVH-D$QWZRUW]XXQWHUPDXHUQZLOOLFKGHQ*RYHUQDQFH%HJULIILQHLQHQ =XVDPPHQKDQJ PLW 0XOWLOHYHO *RYHUQDQFH 0/*  VWHOOHQ ,FK YHUIROJH GDEHL GDV=LHOGLH5HLFKZHLWHGHV$QVDW]HVNODU]XVWHOOHQGDHUELVDQKLQLQHLQHUOR VHQ %H]LHKXQJ ]X *RYHUQDQFH ]X VWHKHQ VFKHLQW 0XOWLOHYHO *RYHUQDQFH E]Z 0HKUHEHQHQDQDO\VHZXUGH]XQlFKVWLQGHU)|GHUDOLVPXVIRUVFKXQJ]XU%H]HLFK QXQJ XQWHUVFKLHGOLFKHU 9HUZDOWXQJVHEHQHQ JHEUDXFKW %HL GHU WUDGLWLRQHOOHQ *HZDOWHQWHLOXQJZDUGHU)|GHUDOLVPXVDOV7HLOHLQHUZHFKVHOVHLWLJHQ0DFKWEH JUHQ]XQJNRQ]LSLHUW)UGLHLQWHUQDWLRQDOHQ%H]LHKXQJHQKDWWH52%(57 387 1$0LP-DKUHLQ.RQ]HSWIUGLH8QWHUVXFKXQJGHV=XVDPPHQKDQJV]ZL VFKHQQDWLRQDOHUXQGLQWHUQDWLRQDOHU3ROLWLNHQWZLFNHOWGDVHUÄWZROHYHOJDPHV³ =ZHL(EHQHQ6SLHO QDQQWHXQGPLWGHPÄOLQNDJHDSSURDFK³DXIHLQHNRQ]HSWL RQHOOH*UXQGODJHVWHOOWH$XVJHKHQGYRQGLHVHU.RQ]HSWLRQZXUGH0XOWLOHYHO *RYHUQDQFH DOV HLQH IOH[LEOH 0DFKWDXIWHLOXQJ ]ZLVFKHQ (EHQHQ GHILQLHUW GLH EHU NHLQH .RPSHWHQ] ]XU /HW]WHQWVFKHLGXQJ YHUIJHQ 0LW 0XOWLOHYHO *RYHU QDQFH ZXUGHQ QHEVW GHU QDWLRQDOHQLQWHUQDWLRQDOHQ (EHQH *OREDOHEHQH  DXFK SULYDWH $NWHXUH XQG 2UJDQLVDWLRQHQ KLQ]XJHQRPPHQ ,Q GHU $QDO\VH JHKW HV   

,ELG  3871$0 5REHUW   'LSORPDF\ DQG 'RPHVWLF 3ROLWLFV WKH /RJLF RI 7ZROHYHO *DPHVLQ,QWHUQDWLRQDO2UJDQL]DWLRQ±





GDQQXPGHQ%HVFKULHEYRQ5HJHOXQJVXQG(QWVFKHLGXQJVVWUXNWXUHQGLHQHEHQ |IIHQWOLFKHQ VWDDWOLFKHQ  DXFK SULYDWH $NWHXUH HLQVFKOLHVVHQ XQG GLH ]X HLQHP EHWUlFKWOLFKHQ 0DVV LQIRUPHOO VLQG 3ROLWLNZLVVHQVFKDIW YHUIJW MHGRFK QDFK %(1=QRFKEHUNHLQHQHLQGHXWLJGHILQLHUWHQ%HJULIIYRQ0XOWLOHYHO*RYHUQDQ FH(VJLEWDXFKNHLQH7KHRULHGD]X 0XOWLOHYHO*RYHUQDQFH0/* NDQQDOVHLQHVSH]LILVFKH)RUPGHU*RYHUQDQFH DXIJHIDVVW ZHUGHQ GLH :$/. DOV ÄD V\VWHP RI FRQWLQXRXV QHJRWLDWLRQ DPRQJ QHVWHG JRYHUQPHQWV DW VHYHUDO WHUULWRULDO WLHUV³ GHILQLHUW 'DEHL JUHLIW :$/. DXIGLH$QVlW]HGHU3ROLWLNQHW]ZHUNH]XUFNGLHVLFKDXIVXSUDQDWLRQDOHUQDWLR QDOHUUHJLRQDOHUXQGORNDOHU(EHQHJOHLFK]HLWLJKHUDXVELOGHQXQGGDPLWVRZRKO DXIYHUWLNDOHZLHKRUL]RQWDOH'LPHQVLRQHQGHU6WHXHUXQJ0LW0XOWLOHYHO*R YHUQDQFH LVW IU GLH ]XQHKPHQGH JHJHQVHLWLJH $EKlQJLJNHLW GHU 5HJLHUXQJHQ YRQ WHUULWRULDOHQ (EHQHQ XQG QLFKW VWDDWOLFKHQ $NWHXUHQ JHPHLQW 1DFK +22*+(XQG0$5.6JHKWHVEHL0XOWLOHYHO*RYHUQDQFHGDUXPGDVV(QWVFKHL GXQJHQQLFKWPHKUHLQ]LJWRSGRZQVRQGHUQDXIXQWHUVFKLHGOLFKHQWHUULWRULDOHQ 6WXIHQ±VXSUDQDWLRQDOQDWLRQDOUHJLRQDOXQGORNDO±JHWURIIHQZHUGHQ Ä$OVZHVHQWOLFKH.ULWHULHQIUGLH+HUDXVELOGXQJYRQ0HKUHEHQHQV\VWHPHQZHU GHQLQGHU/LWHUDWXUGLH%HUFNVLFKWLJXQJXQG$QZHQGXQJGHU$XIJDEHQXQG=X VWlQGLJNHLWVYHUWHLOXQJVSULFKGLH*HZlKUOHLVWXQJHLQHUVLQQYROOHQ.RRUGLQLHUXQJ LQQHUKDOE GHU MHZHLOLJHQ (EHQH XQG EHU GLH YHUVFKLHGHQHQ (EHQHQ KLQZHJ IRU PXOLHUW³ Ä6RLPSOL]LHUWGHU%HJULII0XOWLOHYHO*RYHUQDQFHRGHUGHUJOHLFKEHGHXWHQGH%HJ ULII 0HKUHEHQHQSROLWLN GDVV GHU 6WDDW QLFKW QXU LQ HLQ LPPHU GLFKWHUHV *HIOHFKW LQQHUJHVHOOVFKDIWOLFKHUVRZLHWUDQVQDWLRQDOHU9HUKDQGOXQJVEH]LHKXQJHQHLQJHZR EHQLVW« 0LWGHP%HJULIIYRQ0XOWLOHYHO*RYHUQDQFHN|QQHQGLHSROLWLVFKHQ 6WUXNWXUHQXQG3UR]HVVHEHVFKULHEHQZHUGHQGLHGXUFKGLH]XQHKPHQGHQ:HFK VHOZLUNXQJHQ]ZLVFKHQHLQ]HOQHQWHUULWRULDOHQZLHLQVWLWXWLRQHOOHQ5lXPHQHQWVWH KHQ³

,QDOOHQ'HILQLWLRQHQVFKHLQWGLH6SDQQXQJVODJHLPWHUULWRULDORUJDQLVLHUWHQ,QVWL WXWLRQHQJHIJH ]X OLHJHQ +HUYRU]XKHEHQ LVW GLH 9LHOVFKLFKWLJNHLW GHV %HJULIIV  

%(1=0XOWLOHYHO*RYHUQDQFHI :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQI  ,ELG  ,ELG  ,ELG  %5811(1*5b%(5XQG:$/.'HU0HKUZHUWGHU0HKUHEHQHQEHWUDFKWXQJ 











GHU (EHQHQ PLW GHP VRZRKO ÄRQWRORJLVFK JHJHEHQHU 5DKPHQ EHLVSLHOVZHLVH HLQHV 3ROLWLNIHOGHV³ ZLH DXFK ÄSROLWLVFKWHUULWRULDOH DGPLQLVWUDWLYH (LQKHLW PLW IHVWJHOHJWHU YHUWLNDOHU +LHUDUFKLH RGHU KRUL]RQWDOHU .RRUGLQDWLRQ³ XQG GDPLW JDQ]XQWHUVFKLHGOLFKH6DFKYHUKDOWHJHIDVVWZHUGHQ(EHQHQVLQGQDFKGLHVHP IXQNWLRQDOHQ 9HUVWlQGQLV NHLQH IHVWVWHKHQGHQ UlXPOLFKHQ (LQKHLWHQ VRQGHUQ IOH[LEOH EHHLQIOXVVEDUH XQG LQVWUXPHQWDOLVLHUEDUH ,QVWLWXWLRQHQ Ä(EHQH NDQQ DXFKPLWVFDOHEHUVHW]WZHUGHQ« 6FDOHZLUGKLHUHKHUDOV3UR]HVVRGHUVLFK YHUlQGHUQGH6WUXNWXUJHIDVVWDOVVLFKVWHWLJQHXIRUPLHUHQGH6SKlUHQYRQ+DQG OXQJVXQG(QWVFKHLGXQJVSUR]HVVHQ³0XOWLOHYHO*RYHUQDQFHPHLQWGDPLWHLQH QHXH $UW GHV 5HJLHUHQV XQG ZHLVW DXI HLQ 6\VWHP NRQVWDQWHU 9HUKDQGOXQJHQ ]ZLVFKHQ5HJLHUXQJHQXQGHLQHU5HLKHYRQ$NWHXUHQDXIXQWHUVFKLHGOLFKHQ6WX IHQ ZLH VXSUDQDWLRQDO QDWLRQDO UHJLRQDO XQG ORNDO KLQ )U %(1= LVW HV QXU GDQQ VLQQYROO YRQ 0HKUHEHQHQSROLWLN E]Z 0/* ]X VSUHFKHQ ZHQQ ÄGLHVH QDFK *HELHWHQ RUJDQLVLHUW LVW 0HKUHEHQHQV\VWHPH HQWVWHKHQ GXUFK $XIWHLOXQJ YRQ0DFKWRGHU.RPSHWHQ]DXIWHUULWRULDODEJHJUHQ]WH2UJDQLVDWLRQ³'DPLW LVW GLH WHUULWRULDOH *UHQ]H ÄSULPlUHV 2UJDQLVDWLRQVPHUNPDO³ GHU 0HKUHEHQHQ V\VWHPHXQGGLHVHHQWVWHKHQQXUGRUWZRÄ0DFKWRGHU.RPSHWHQ]HQDXIWHUULWR ULDODEJHJUHQ]WH2UJDQLVDWLRQHQ³DEJHVWLPPWZHUGHQPVVHQ%5811(1*5b %(5 XQG :$/. VHKHQ WURW] GLHVHU EHJULIIOLFKHQ 8QEHUVLFKWOLFKNHLW GHQ 0HKU ZHUWGHV0/*.RQ]HSWHVGDULQGDVVHVDOVHLQ$QDO\VHLQVWUXPHQWGLHQHQNDQQ PLW GHP DXI GLH .RPSOH[LWlW JHVHOOVFKDIWOLFKHU =XVDPPHQKlQJH KLQJHZLHVHQ ZHUGHQ NDQQ Ä0XOWL/HYHO*RYHUQDQFH GLHQW IROJOLFK DOV 5DVWHU .RQ]HSW XQG 7KHRULHDQVDW]]XU%HVFKUHLEXQJSROLWLVFKHU3UR]HVVHLQGHQHQQDWLRQDOVWDDWOLFKH *UHQ]HQ XQG 3ROLWLNIHOGHU EHUVFKULWWHQ ZHUGHQ LQ GHQHQ VWDDWOLFKH ZLH QLFKW VWDDWOLFKHXQGSULYDWZLUWVFKDIWOLFKH$NWHXUH]XVDPPHQZLUNHQXQGDOWHZLHQHXH ,QVWUXPHQWHHQWZLFNHOWZHUGHQ(VZLUGQDFKGHQ,QVWLWXWLRQHQXQG5DWLRQDOLWl WHQJHIUDJWGLHHEHQHQEHUJUHLIHQGZLUNVDPZHUGHQXQGQDFKGHU/HJLWLPDWLRQ XQGGHPRNUDWLVFKHQ4XDOLWlWEHVWLPPWHU9HUIDKUHQXQG(QWVFKHLGXQJHQ³ 'DPLW QLFKWQXU 3UREOHPH EHQDQQW VRQGHUQ DXFK /|VXQJHQ SUlVHQWLHUW ZHUGHQ N|QQHQ QHKPHQ %5811(1*5b%(5 XQG :$/. LP $OOJHPHLQHQ DQ GDVV HLQH  

,ELG ,ELG  %(1=0XOWLOHYHO*RYHUQDQFH  ,ELG  %5811(1*5b%(5XQG:$/.'HU0HKUZHUWGHU0HKUHEHQHQEHWUDFKWXQJ 





)UDJPHQWLHUXQJGHU5HJLHUXQJHQLQPXOWLSOH=XVWlQGLJNHLWHQIOH[LEOHULVWDOVGLH .RQ]HQWUDWLRQHLQHU5HJLHUXQJDXIHLQHHLQ]LJH=XVWlQGLJNHLW)UVLHLVWNODU GDVVHLQH5HJLHUXQJIOH[LEHOVHLQPXVVXQGHLQHIOH[LEOH5HJLHUXQJDOV0XOWLOH YHOV\VWHP DQJHOHJW VHLQ PXVV $OOHUGLQJV H[LVWLHUH LQ %H]XJ DXI 6WUXNWXU HLQHU 0XOWLOHYHO*RYHUQDQFHNHLQ.RQVHQV ,P.HUQZLOOPDQPLWGHP%HJULII0XOWLOHYHO*RYHUQDQFHGHU(UNHQQWQLV5HFK QXQJWUDJHQGDVVLQQHUVWDDWOLFKH3UR]HVVHQLFKWPHKUXQDEKlQJLJYRQLQWHUQDWL RQDOHQ 3UR]HVVHQ GHU 3ROLWLNJHVWDOWXQJ P|JOLFK VLQG 0DFKW XQG .RPSHWHQ]HQ ZHUGHQIXQNWLRQDOQDFK(EHQHQQHX DXIJHWHLOW.RRUGLQDWLRQVEHGDUI]ZLVFKHQ (EHQHQQHXHQ$NWHXUHQXQG$NWHXUVNRQVWHOODWLRQHQZHLVHQGDPLWDXIHLQHQHXH +DQGOXQJVPDFKW KLQ Ä0LW 0XOWL/HYHO*RYHUQDQFH ODVVHQ VLFK IROJOLFK GLH $XIWHLOXQJYRQ0DFKWXQG.RPSHWHQ]HQGLH,QWHUGHSHQGHQ]HQ]ZLVFKHQORND OHQ UHJLRQDOHQ QDWLRQDOHQ XQG HXURSlLVFKHQ 2UJDQLVDWLRQHQ XQG .|USHUVFKDI WHQ VRZLH GHU %HGDUI DQ .RRUGLQDWLRQ LP 0HKUHEHQHQV\VWHP XQWHUVXFKHQ³ 3HU 'HILQLWLRQ JHKW HV EHL 0HKUHEHQHQV\VWHPHQ XP PHKUHUH (EHQHQ GLH VLFK MHZHLOV EHUODSSHQ Ä0HKUHEHQHQV\VWHPH GHU 3ROLWLN HQWVWHKHQ ZHQQ ]ZDU GLH =XVWlQGLJNHLWHQ QDFK (EHQHQ DXIJHWHLOW MHGRFK GLH $XIJDEHQ LQWHUGHSHQGHQW VLQG ZHQQ DOVR (QWVFKHLGXQJHQ ]ZLVFKHQ (EHQHQ NRRUGLQLHUW ZHUGHQ PVVHQ 'LH LQ GHU )|GHUDOLVPXVGLVNXVVLRQ YLHOIDFK QHJDWLY EHZHUWHWH Ã3ROLWLNYHUIOHFK WXQJµVWHOOWVRPLWHLQZHVHQWOLFKHV0HUNPDOYRQPXOWLOHYHOJRYHUQDQFHGDU=HQ WUDOHU*HJHQVWDQGGHUSROLWLNZLVVHQVFKDIWOLFKHQ$QDO\VHVLQGGLH8UVDFKHQGLH )RUPHQXQGGLH)ROJHQGHU9HUIOHFKWXQJ³%HLGHU$QDO\VHN|QQWHGDQQGLH 4XDOLWlWGHU%H]LHKXQJHLQHPDVVJHEHQGH(LQKHLWGDUVWHOOHQ $XVJHKHQG YRQ GHU 6\VWHPWKHRULH VWHKHQ KLHU ]ZHL %HJULIIVSDDUH ]XU 9HUI JXQJHQJHXQGORVH.RSSOXQJ1DFKGHU6\VWHPWKHRULHEHGHXWHWORVH.RSSOXQJ GDVV QXU HLQ]HOQH 3UlPLVVHQ GHU LQ GHQ DQGHUHQ 6XEV\VWHPHQ JHWURIIHQHQ (QW VFKHLGXQJHQGLHLQHLJHQHQ7HLOV\VWHPHQJHWURIIHQHQ(QWVFKHLGXQJHQHQWVFKHL GHQG PLWEHVWLPPHQ 'DPLW ZLOO GLH 6\VWHPWKHRULH KLHUDUFKLVFK DQJHRUGQHWH =ZDQJVYHUKDQGOXQJHQ YRQ 9HUKDQGOXQJVW\SHQ XQWHUVFKHLGHQ GLH DXI )UHLZLO OLJNHLWEDVLHUHQÄ(QJH.RSSOXQJHQWVWHKWZHQQ$NWHXUHVLFKGHQ5HJHOQHLQHU (EHQH QLFKW RGHU QXU PLW KRKHQ .RVWHQ HQW]LHKHQ N|QQHQ³ 9HUKDQGOXQJHQ  

+22*+(XQG0$5.68QUDYHOLQJWKH&HQWUDO6WDWHEXWKRZ"± %5811(1*5b%(5XQG:$/.'HU0HKUZHUWGHU0HKUHEHQHQEHWUDFKWXQJI ,ELG  ,ELG  











HQWVSUHFKHQ ORVHQ .RSSOXQJHQ ZHLO KLHU ÄHLQVWLPPLJH (QWVFKHLGXQJHQ VHOWHQ YRUJHVHKHQ VLQG HLQ]HOQH $NWHXUH HLQH DEZHLFKHQGH 3ROLWLN YHUIROJHQ N|QQHQ XQGGHU9HUKDQGOXQJVSUR]HVVHLQHLQNUHPHQWHOOH$QSDVVXQJYRQ3RVLWLRQHQHU ODXEW³ /RVH .RSSOXQJ HUIROJW DXFK DXV HLQHU 0LVFKXQJ YRQ 9HUKDQGOXQJHQ XQGZHFKVHOVHLWLJHU$QSDVVXQJ:HWWEHZHUE]%6WDQGRUWZHWWEHZHUEN|QQWH GDJHJHQ ]X =ZlQJHQ IKUHQ ]X HQJHQ .RSSOXQJ YHUOHLWHQ /HLVWXQJVZHWWEH ZHUEKLQJHJHQLPSOL]LHUWHLQHORVH.RSSOXQJ'DEHLJHOWHQGLHLQGHUYRUJHRUG QHWHQ 9HUKDQGOXQJVDUHQD JHWURIIHQHQ (QWVFKHLGXQJHQ DOV 9RUJDEHQ GLH ]XU 'LVSRVLWLRQ VWHKHQ %(1= KDW GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ HQJHU XQG ORVHU .RSSOXQJZLHIROJWGDUJHVWHOOW 7DEHOOH7\SHQYRQ.RSSOXQJ ORVH.RSSOXQJ 9HUKDQGOXQJHQPLW([LW2SWLRQHQ $NWHXUHPLWIUHLHQ0DQGDWHQ ,QIRUPHOOH9HUIOHFKWXQJ EHHLQIOXVVEDUH,QIRUPDWLRQVEH]LHKXQJHQ ÄHPEHGGHGJDPHV³

HQJH.RSSOXQJ =ZDQJVYHUKDQGOXQJHQ $NWHXUHPLWJHEXQGHQHQ0DQGDWHQ LQVWLWXWLRQDOLVLHUWH9HUIOHFKWXQJ 0LWHQWVFKHLGXQJ ÄFRQQHFWHGJDPHV³





(XURSlLVFKH8QLRQ

'LH (XURSlLVFKH 8QLRQ JLOW DOV GDV ZLFKWLJVWH LP -DKUKXQGHUW JHJUQGHWH 6WDDWHQJHELOGH:HQQGLH7KHVH]XWULIIWGDVVGHUIXQNWLRQDOH)|GHUDOLVPXVDXV 6DFK]ZlQJHQKHUDXVHQWZLFNHOWZXUGHGDVVHUGLHSROLWLVFKHQ(UIRUGHUQLVVHGHV -DKUKXQGHUWVEHVVHUDEGHFNWDOVWHUULWRULDOHU)|GHUDOLVPXVXQGGDVVGLH'LIIXVLRQ YRQ *RYHUQDQFH DOV$OWHUQDWLYH ]XUGLULJLVWLVFKHQ 7RSGRZQ6WHXHUXQJ XQDE GLQJEDU IU GDV 5HJLHUHQ PRGHUQHU *HVHOOVFKDIWHQ LVW GDQQ PVVWH GLHVHU $Q VDW] EHVRQGHUV LQ GHU (XURSlLVFKHQ 8QLRQ ]XU *HOWXQJ JHNRPPHQ VHLQ ]XPDO VLH ZHJHQ LKUHUYLHOHQ ,QVWLWXWLRQHQ DOV YHUIORFKWHQHV 9HUKDQGOXQJVV\VWHP JLOW 'LH (XURSlLVFKH 8QLRQ LVW LQVRIHUQ HLQ %HLVSLHO GDIU DOV GDVV GLH QDWLRQDOHQ SROLWLVFKHQ3UR]HVVHNDXPYRQGHQHXURSlLVFKHQ3UR]HVVHQGHU3ROLWLNJHVWDOWXQJ XQDEKlQJLJVLQG(LQHNODUH7UHQQXQJGHU$XIJDEHQ]ZLVFKHQ1DWLRQDOVWDDWXQG (XURSlLVFKHU8QLRQLVWNDXPGHQNEDU  

,ELG %(1=3ROLWLNYHUIOHFKWXQJRKQH3ROLWLNYHUIOHFKWXQJVIDOOH ,ELG  %5811(1*5b%(5XQG:$/.'HU0HKUZHUWGHU0HKUHEHQHQEHWUDFKWXQJ  





,Q GHU /LWHUDWXU ZLUG EHVRQGHUV KHUYRUJHKREHQ GDVV LQ GHU (8 GHU ÄZLQVHW³ GHU LP *HJHQVDW] ]XP NODVVLVFKHQ 3ROLWLNYHUVWlQGQLV QLFKW DXI PLOLWlULVFKHU 6WlUNHEHUXKWGXUFK9HUKDQGOXQJHQHUK|KWZHUGHQNDQQ'DKHUEHWRQHQ%581 1(1*5b%(5 XQG :$/. ]X5HFKW GDVVEHLLQWHUQDWLRQDOHQ 9HUKDQGOXQJHQNRQ VHQVRULHQWLHUWH(QWVFKHLGXQJHQGHUPLWJOLHGVWDDWOLFKHQ5HJLHUXQJHQGRPLQLHUHQ ZlKUHQG DXI (8(EHQH HLQ IRUPDOLVLHUWHU 9RUEHUHLWXQJVSUR]HVV PLW GHU .RP PLVVLRQXQGGHP(XURSlLVFKHQ3DUODPHQW8VXVLVW'LH(8.RPPLVVLRQKDWGDV ,QLWLDWLYUHFKW'LH(QWVFKHLGXQJHQLP0LQLVWHUUDWIROJHQGHU/RJLNLQWHUQDWLRQD OHU9HUKDQGOXQJHQÄ'HU3ROLWLNZHWWEHZHUELPHXURSlLVFKHQ0HKUHEHQHQV\VWHP ZLUG GDGXUFK HU]HXJW GDVV GLH .RPPLVVLRQ HLQHUVHLWV GXUFK 5LFKWOLQLHQ =LHOH XQG 6WDQGDUGV GHILQLHUW XQG DQGHUHUVHLWV GHQ 0LWJOLHGVWDDWHQ GLH 8PVHW]XQJ E]Z GLH :DKO GHU ,QVWUXPHQWH ]XU =LHOHUUHLFKXQJ EHUOlVVW³ 'LH (8 ZLUNW LP 5DKPHQ LKUHU 7HFKQRORJLH 8PZHOW RGHU 6WUXNWXUSROLWLN UHJXOLHUHQG ,Q GLHVHP =XVDPPHQKDQJ LVW GDV ZLFKWLJVWH 3ULQ]LS GHU %H]LHKXQJHQ ]ZLVFKHQ 0LWJOLHGVWDDWHQ XQG GHU (8 GDV 6XEVLGLDULWlWVSULQ]LS 'DV 3ULQ]LS EHVDJW GLH Ä(8VROOGRUWWlWLJZHUGHQZRHLQHXURSlLVFKHU0HKU:HUW³EHLIROJHQGHQ.UL WHULHQHUZDUWHWZHUGHQNDQQ  'DV3URJUDPPEHUVWHLJWGLH0|JOLFKNHLWHQGHU0LWJOLHGVWDDWHQ  GLH(8KDWILQDQ]LHOOH9RUWHLOHXQGHVEHVWHKWVDFKOLFKHXQGUlXPOLFKH ,QWHUGHSHQGHQ]  3URMHNWH VROOHQ VLFK QLFKW DP Ä*HUHFKWHQ³ VRQGHUQ DQ GHU 4XDOLWlW PHVVHQXQG6SLW]HQWHFKQRORJLHJLOWDOVJHPHLQVDPHU1HQQHU3ULQ]LS GHU([]HOOHQ]   IUDOOH3URMHNWHJLOWGDV.RRSHUDWLRQVSULQ]LSHUJlQ]WGXUFKGDV3ULQ ]LS GHU +RUL]RQWDOLWlW XQG GDV 3ULQ]LS GHU 3UlNRPSHWLYLWlW 0DUNWIHU QH  'LHVH 3ULQ]LSLHQ ZLH *5$1'( KHUYRUKHEW ODVVHQ JURVVH +DQGOXQJV XQG (QW VFKHLGXQJVVSLHOUlXPHRIIHQ6LHGHFNHQOHGLJOLFKGLH=RQHQGHU/HJLWLPLWlWXQG $N]HSWDQ] DE ZRPLW KDXSWVlFKOLFK GLH .DONXOLHUEDUNHLW HUK|KW ZLUG 7DWVlFK OLFK ZHUGHQ /|VXQJHQ LP (89HUKDQGOXQJVV\VWHP KDXSWVlFKOLFK GXUFK HLQH 5HLKH YRQ .RPSURPLVVWHFKQLNHQ HUUHLFKW ZLH 3DNHWO|VXQJHQ $XVJOHLFKV]DK OXQJHQXQGÄLVVXHOLQNDJH³*5$1'(QLPPWDXVVHUGHPDQGDVVGLH$NWHXUHLP  

,ELG *5$1'(5HJLHUHQLQYHUIORFKWHQHQ9HUKDQGOXQJVV\VWHPHQ  ,ELG 











NRPSOH[HQ(89HUKDQGOXQJVV\VWHPQLFKWQDFKGHP3ULQ]LSGHU(UJHEQLVPD[L PLHUXQJKDQGHOQVRQGHUQZHJHQGHUVWUDWHJLVFKHQ8QVLFKHUKHLWRSSRUWXQLVWLVFK ZHUGHQXPEHUKDXSWPLWGHQHUUHLFKWHQ/|VXQJHQQDFK+DXVHIDKUHQ]XN|Q QHQ0LWGLHVHU(UNOlUXQJZLOOHUDXFKHLQHGHUZLFKWLJVWHQ)UDJHQEHDQWZRU WHW KDEHQ QlPOLFK :DUXP ODVVHQ VLFK GLH (86WDDWHQ LKUH 6RXYHUlQLWlW HLQ VFKUlQNHQ" Ä'HU $XWRQRPLHYHUOXVW GHU VWDDWOLFKHQ $NWHXUH LP ,QQHUHQ GLH $EQDKPH LKUHU DXWRQRPHQ +DQGOXQJVIlKLJNHLW GLH DXV GHU (LQELQGXQJ LQ YHU IORFKWHQH (QWVFKHLGXQJVSUR]HVVH KHUUKUW NDQQ HLQKHUJHKHQ PLW HLQHP $XWR QRPLHJHZLQQ GHV 6WDDWHV JHJHQEHU VHLQHU JHVHOOVFKDIWOLFKHQ Ã8PZHOWµ ,FK P|FKWHGLHVGDVÃ3DUDGR[GHU6FKZlFKHµQHQQHQ³ 1XQODXWHWGLH)UDJH,VWGLH(8HLQH[]HOOHQWHV%HLVSLHOIUGLH3ROLWLNYHUIOHFK WXQJVIDOOH"1HLQVDJW%(1=GHQQGLHIUGLH3ROLWLNYHUIOHFKWXQJVIDOOHQRWZHQ GLJHQ9RUDXVVHW]XQJHQZUGHQIUGLH(8K|FKVWHQIDOOVPLW(LQVFKUlQNXQJJHO WHQ 3HU 'HILQLWLRQ LVW GLH 3ROLWLNYHUIOHFKWXQJVIDOOH QXU LQ PXOWLODWHUDOHQ 9HU KDQGOXQJVV\VWHPHQ DQ]XWUHIIHQ ÄLQ GHQHQ (QWVFKHLGXQJHQ QXU EHL HLQHP QDKH]X  YROOVWlQGLJHQ .RQVHQV DOOHU %HWHLOLJWHQ JHWURIIHQ ZHUGHQ N|QQHQ³ 'LHVH9RUDXVVHW]XQJHUIOOWGLH(8QLFKWZHLOLQGHU(8  QLFKWQXUSDUODPHQWDULVFKHVRQGHUQDXFKDXWRQRPH$NWHXUH.RPPLV VLRQ([SHUWHQ9HUElQGHXQG8QWHUQHKPHQ DP:HUNVLQG  $NWHXUHRGHU2UJDQLVDWLRQHQ3URPRWHUVLQG  (83ROLWLN LQ GHQ 9HUKDQGOXQJVV\VWHPHQ VWDWWILQGHW GLH VRZRKO =ZDQJ ]XU (LQLJXQJ DEHU DXFK IOH[LEOH .RRSHUDWLRQV XQG ,QWHUDNWL RQVIRUPHQNHQQHQ



5HJLHUHQLQ1HW]ZHUNHQXQG5HJLHUHQGXUFK1HW]ZHUNH

,P*UXQGHJHQRPPHQNDQQPDQGDVREHQYRQ*5$1'(SRVWXOLHUWHÄ3DUDGR[GHU 6FKZlFKH³ QLFKW LQ GHU (8 VRQGHUQ LQ GHQ 1HW]ZHUNHQ JHQDXHU EHREDFKWHQ 0HWKRGLVFKKDQGHOWHVVLFKEHL1HW]ZHUNHQXPHLQTXDQWLWDWLYHV$QDO\VHLQVWUX PHQW ]XU %HVWLPPXQJ VR]LDOHU 6WUXNWXUHQ XQG GHU %H]LHKXQJHQ ]ZLVFKHQ $N WHXUHQKLQVLFKWOLFKLKUHU.RKlVLRQVWUXNWXUHOOHQbTXLYDOHQ]XQGUlXPOLFKHQ5H SUlVHQWDQ] LQGHP &OXVWHUYHUIDKUHQ 'LFKWHPDWUL[ XQG %ORFNPRGHOOH ]XU $Q  

,ELG ,ELG %(1=3ROLWLNYHUIOHFKWXQJRKQH3ROLWLNYHUIOHFKWXQJVIDOOH  ,ELG  





ZHQGXQJNRPPHQ1HW]ZHUNHJHOWHQLP$OOJHPHLQHQDOVÄ]HQWUDOH>U@5HIHUHQ] SXQNWIUGLH.RVWHQ1XW]HQ.DONOHGHU$NWHXUH³$XVGLIIHUHQ]LHUXQJILQGHW LQGLHVHP$QVDW]GXUFKGLH8QWHUVFKHLGXQJ]ZLVFKHQ6HNWRUHQXQG6XEVHNWRUHQ VWDWWLQGHQHQGLH$NWHXUHPLWLKUHQYHUVFKLHGHQHQ5ROOHQLQIRUPHOOHQXQGLQ IRUPHOOHQ %H]LHKXQJHQ LQ HLQHU %H]LHKXQJ VWHKHQ 'DEHL ZLUG DQJHQRPPHQ ÄGDVV1HW]ZHUNHZHOFKH6WDWXVXQG0DFKWEHVWLPPWHU,QWHUHVVHQLQHLQHP3ROL WLNIHOGDEELOGHQ3ROLWLNHUJHEQLVVHQDFKKDOWLJEHHLQIOXVVHQRKQHVLHYROOVWlQGLJ ]X GHWHUPLQLHUHQ³ 3ROLWLNSURJUDPPH ZHUGHQ IROJOLFK ÄQLFKW HLQIDFK DOV (U JHEQLV HLQHV NRQ]HUWLHUWHQ ]LHOJHULFKWHWHQ +DQGHOQV ]HQWUDOHU $NWHXUH³ DXIJH IDVVW VRQGHUQ VLH KDEHQ GLH ,QWHUDNWLRQHQ ]ZLVFKHQ YHUVFKLHGHQHQ $NWHXUHQ ]XP)RUVFKXQJV]LHOGHUHQ,QWHUGHSHQGHQ]XQGGLH.RRUGLQLHUXQJGHU5HVVRXU FHQ ZLH DXFK ,QWHUHVVHQ DQDO\VLHUW ZHUGHQ 'DPLW N|QQHQ GLH $XVWDXVFKEH ]LHKXQJHQLQLKUHU,QWHQVLWlW6WDQGDUGLVLHUXQJXQG1RUPLHUXQJGLIIHUHQ]LHUWEH WUDFKWHW ZHUGHQ $XI GHU DQGHUHQ 6HLWH ZXUGH GDV 9HUKDOWHQ YRQ $NWHXUHQ DOV (UJHEQLVLQWHURUJDQLVDWLRQDOHU%H]LHKXQJHQ1HW]ZHUNHDQDO\WLVFKH1HW]ZHUN NRQ]HSWH QLFKWDOVDXVUHLFKHQGEHWUDFKWHW$QVWHOOHGHVVHQVROOWHQGLH,QWHUDNWL RQHQ DOVVROFKH DOV ]HQWUDOH $QDO\VHHLQKHLW RUJDQLVDWLRQVEH]RJHQHV 1HW]ZHUN NRQ]HSW DOVRDOV*RYHUQDQFHEHKDQGHOWZHUGHQ =XJHJHEHQGDPLWLVWQRFKQLFKWYLHOJHVDJW'RFKZHQQPDQLQ%HWUDFKW]LHKW GDVV1HW]ZHUNHKLHUDOVHLQHÄVSH]LILVFKH*RYHUQDQFH)RUPLQPRGHUQHQSROLWL VFKHQ6\VWHPHQ³EHWUDFKWHWZHUGHQGLHZHJHQGHU$XVGLIIHUHQ]LHUXQJGHU*H VHOOVFKDIWHQWVWHKHQXQGGD]XIKUHQGDVVGHU6WDDWXQWHU'UXFNJHUlWXQGZHQQ GDPLW DXFK JHVDJW ZLUG GDVV GLH 5HJLHUXQJHQ LPPHU DEKlQJLJHU YRQ GHU =X VDPPHQDUEHLW PLW UHVVRXUFHQUHLFKHQ SULYDWHQ $NWHXUHQ ZHUGHQ YHUGLHQW GLH $QQDKPHHLQHJHQDXH%HWUDFKWXQJ 'DIUP|FKWHLFKDXI%g5=(/6%HLWUDJHLQJHKHQLQGHPGDV5HJLHUHQLQ1HW] ZHUNHQXQG5HJLHUHQGXUFK1HW]ZHUNHHUNOlUWZLUG'HQQ%g5=(/ NRQ]HQWULHUW VLFK DXI 1HW]ZHUNH DOV HLQHQ EHVWLPPWHQ 7\SXV GHU ,QWHUHVVHQYHUPLWWOXQJ ,Q GLHVHP9HUVWlQGQLVGLHQHQ1HW]ZHUNHGHU&KDUDNWHULVLHUXQJLQVWLWXWLRQDOLVLHUWHU $XVWDXVFKEH]LHKXQJHQ]ZLVFKHQ6WDDW8QWHUQHKPHQXQG=LYLOJHVHOOVFKDIW6LH  

%g5=(/,QIRUPHOOH3ROLWLNLQ(XURSD ,ELG  ,ELG  ,ELG  ,ELG 











VWHOOHQVRJHVHKHQÄHLQH$OWHUQDWLYH]XUJlQJLJHQ8QWHUVFKHLGXQJ]ZLVFKHQ3OX UDOLVPXVXQG.RUSRUDWLVPXV³GDU%g5=(/EHWUDFKWHW1HW]ZHUNHDOVHLQH*R YHUQDQFH)RUPLQGHUÄLQVWLWXWLRQDOLVLHUWH0RGLGHUVR]LDOHQ+DQGOXQJVNRRUGL QDWLRQ GXUFK GLH NROOHNWLY YHUELQGOLFKHQ 5HJHOXQJHQ SROLFLHV  YHUDEVFKLHGHW XQG LPSOHPHQWLHUW ZHUGHQ³ )ROJHULFKWLJ VROOH GHU %HJULII Ä1HW]ZHUN³ DOOH EHWHLOLJWHQ $NWHXUH XPIDVVHQ GLH VLFK GXUFK GHQ LQIRUPHOOHQ &KDUDNWHU LKUHU $XVWDXVFKEH]LHKXQJHQ]ZLVFKHQgIIHQWOLFKHPXQG3ULYDWHPXQWHUVFKHLGHQXQG HLQJHPHLQVDPHV,QWHUHVVHDQGHU/|VXQJNROOHNWLYHU3UREOHPHKDEHQ'HPQDFK ÄVWHOOHQ1HW]ZHUNHHLQHEHVWLPPWH)RUPYRQ9HUKDQGOXQJVV\VWHPGDUGLHVLFK YRQ +LHUDUFKLH XQG :HWWEHZHUE DOV DOWHUQDWLYH *RYHUQDQFH)RUP XQWHUVFKHL GHQ³ +LHUDUFKLH EHGHXWHW GDQQ IHVWH .RSSOXQJ 'DJHJHQ LVW GLH ORVH .RSS OXQJ GDQQ GHU )DOO ZHQQ LQIROJH GHV 3ULQ]LSV GHU *OHLFKEHUHFKWLJXQJ LQ GHQ 9HUKDQGOXQJV XQG :HWWEHZHUEVV\VWHPHQ NHLQH 0|JOLFKNHLW DV\PPHWULVFKHU %HHLQIOXVVXQJEHVWHKWYJO7DEHOOH7\SHQYRQ.RSSOXQJ 'LH+DQGOXQJV NRRUGLQDWLRQHUIROJWEHLGHUORVHQ.RSSOXQJGDPLWSHU'HILQLWLRQQLFKWEHUHLQH SROLWLVFKH+LHUDUFKLHVRQGHUQEHUZHFKVHOVHLWLJH%HHLQIOXVVXQJ'HQ*UDGGHU .RSSOXQJEHVWLPPW %g5=(/DQKDQGYRQ,QVWLWXWLRQHQ5HVVRXUFHQ Ä,P8QWHU VFKLHG ]X IRUPDOLVLHUWHQ 9HUKDQGOXQJVV\VWHPHQ HUJLEW VLFK LQ 1HW]ZHUNHQ GLH .RSSOXQJ DXV GHU ZHFKVHOVHLWLJHQ 5HVVRXUFHQDEKlQJLJNHLW ]ZLVFKHQ GHQ $N WHXUHQXQGRGHULQIRUPHOOHQ1RUPHQGLHLKUH*OHLFKVWHOOXQJJHZlKUOHLVWHQ³ 'LH$NWHXUHVHW]HQVLFKLQ%H]XJDXI9HUKDQGOXQJVXQG:HWWEHZHUEVV\VWHPH ]XVDPPHQ  LQGHP LQWHUPHGLlUH 9HUKDQGOXQJVV\VWHPH |IIHQWOLFKH *WHU PLW ZLUW VFKDIWOLFKHQXQGJHVHOOVFKDIWOLFKHQ,QWHUHVVHQ]XVDPPHQEULQJHQ  LQGHPJHVHOOVFKDIWOLFKH9HUKDQGOXQJVV\VWHPHRKQH%HWHLOLJXQJ|IIHQW OLFKHU $NWHXUH YHUEDQGOLFKH 6HOEVWUHJXOLHUXQJ XQG SULYDWH 5HJLPH VWDWWILQGHQ  LQGHP:HWWEHZHUEVV\VWHPHHLQH$Q]DKOYRQ$NWHXUHQXQG,QVWLWXWLR QHQZLH8QLYHUVLWlWHQNRQNXUULHUHQ

 

,ELG ,ELG ,ELG  ,ELG  





 LQGHPQXU|IIHQWOLFKH$NWHXUHPLWHQWVSUHFKHQGHQ.RPSHWHQ]HQZLH 6WDDWHQ5HJLRQHQRGHU*HPHLQGHQ]XVDPPHQNRPPHQ 1HW]ZHUNH DOV *RYHUQDQFH)RUP PVVHQ GDKHU QDFK %g5=(/ GDV 3ULQ]LS GHU IUHLZLOOLJHQ +DQGOXQJVNRRUGLQDWLRQ XQG GDV 3ULQ]LS GHU 9HUELQGOLFKNHLW HUIO OHQ  gIIHQWOLFKHXQGSULYDWH$NWHXUHELOGHQHLQLQIRUPHOOHV9HUKDQGOXQJVV\V WHP 6LH VLQG ZHJHQ 5HVVRXUFHQDEKlQJLJNHLW XQGRGHU LQIRUPHOOHU *OHLFKKHLWVQRUPHQJOHLFKJHVWHOOW  )UHLZLOOLJH hEHUHLQNRPPHQ VLQG NROOHNWLY YHUELQGOLFK Ä'DV .RQ]HSW YRQÃQHWZRUNJRYHUQDQFHµVFKOLHVVWLQIRUPHOOH%H]LHKXQJHQ]ZLVFKHQ|I IHQWOLFKHQ XQGRGHU SULYDWHQ $NWHXUHQ DXV³ GLH ]XU 9RUEHUHLWXQJ YRQ (8 3ROLWLNSURJUDPPHQ GLHQHQ RKQH $NWHXUHQ 0LWEHVWLPPXQJVUHFKWH EHL3ROLWLNLQKDOWHQHLQ]XUlXPHQÄ$EHUGLHVH)RUPYRQLQIRUPHOOHU3R OLWLN VROOWH EHVVHU DOV 5HJLHUHQ LQ 1HW]ZHUNHQ XQG QLFKW PLW 5HJLHUHQ GXUFK1HW]ZHUNHRGHUÃQHWZRUNJRYHUQDQFHµJOHLFKJHVHW]WZHUGHQ³ %g5=(/IDVVWGLHVPLWGHU7DEHOOHXQWHQ]XVDPPHQ 7DEHOOH(XURSHDQ*RYHUQDQFH  Ä(XURSHDQJR YHUQDQFH³DOV DEKlQJLJH9DUL DEOH%RWWRP XS 3HUVSHNWLYH

(XURSHDQJRY HUQDQFH³DOVXQ DEKlQJLJH9DULD EOH7RSGRZQ  3HUVSHNWLYH

1HW]ZHUNHDOV$QDO\VHLQVWUXPHQW 1HW]ZHUNHDOVWKHRUHWLVFKHU $QVDW] )RUPHQGHU,QWHUHVVHQYHUPLWWOXQJ (8DOVSROLWLVFKHV6\VWHPYRQ 3ROLWLNHUJHEQLVVH ÄJRYHUQDQFHZLWKRXWJRYHUQPHQW³ 3ROLWLNZDQGHOSROLWLVFKH3UR]HVVH ¾ 1HW]ZHUNHDOV]HQWUDOH  XQG6WUXNWXUHQ )RUPYRQÄ(XURSHDQJR ¾ LQWHUJRXYHUQHPHQWDOHRGHU YHUQDQFH³(8DOVHLQH VXSUDQDWLRQD QHXH)RUPPRGHUQHU6WDDW OHWUDQVQDWLRQDOH3ROLWLNSUR OLFKNHLWRGHU(8DOV5HJLH ]HVVH UXQJVV\VWHPMHQVHLWVYRQ 6WDDWOLFKNHLW :LUNXQJGHU(XURSlLVFKHQ,QWHJUD :LUNXQJGHU(XURSlLVFKHQ,QWHJUD WLRQGHV5HJLHUHQVLQGHU(8DXI WLRQGHV5HJLHUHQVLQGHU(8DXI GLHLQQHUVWDDWOLFKHQ6WUXNWXUHQGHU GLHLQQHUVWDDWOLFKHQ6WUXNWXUHQGHU 0LWJOLHGVWDDWHQ 0LWJOLHGVWDDWHQ ¾ 6WlUNXQJRGHU6FKZlFKXQJ ¾ 7UDQVIRUPDWLRQGHV6WDDWHV GHV6WDDWHV YRQ$NWHXU]X$UHQD



 

,ELG ,ELG ,ELG  ,ELG  













0HWURSROLWDQ*RYHUQDQFH

%LVDQKLQZXUGHQWKHRUHWLVFKH$QQDKPHQYRUJHVWHOOWXQGLQHLQHQWKHRUHWLVFKHQ 5DKPHQ HLQJHEHWWHW XQG GLH )UDJH QDFK 3ROLWLNYHUIOHFKWXQJ LQ GHU (8 XQG LQ 1HW]ZHUNHQZXUGHDQJHJDQJHQ%HNDQQWOLFKKDWQLFKWMHGHEHUHFKWLJWHWKHRUHWL VFKH$QQDKPHDXIHLQHU(EHQHDXFKHLQHHPSLULVFKH'ULQJOLFKNHLWDXIDQGHUHQ (EHQHQ]XU)ROJH'DKHUODXWHWGLH)UDJH:LHVLHKWHVLP)DOOGHU1DWLRQDOVWDD WHQDXV"6LQGVLHDXFKYRQGHU0/*EHWURIIHQ"*LEWHVGDDXFK3ROLWLNYHUIOHFK WXQJVIDOOHQ" ,P %HLWUDJ YRQ .h%/(5 6&+(1.(/ XQG /(5(6&+( JLEW HV P|JOL FKH$QWZRUWHQDXIGLHVH)UDJHQ'LH$XWRUHQVWHOOHQLQGHU(LQOHLWXQJIHVWGDVV EHLGHU1DWLRQDOVWDDWVJUQGXQJGLH6WlGWHNDXPDOVVWUXNWXUUHOHYDQWH*U|VVHLQ GLH.RQ]HSWLRQGHV6WDDWHVHLQEH]RJHQZXUGHQREVFKRQVLHDOVGLH2UWHGHU,Q GXVWULDOLVLHUXQJ HLQHQ JURVVHQ |NRQRPLVFKHQ DEHU NHLQHQ SROLWLVFKHQ (LQIOXVV KDWWHQ%HVRQGHUVKHXWHVLQG6WlGWH=HQWUHQGHV:LVVHQVXQGHLQHQWVFKHLGHQGHU 3URGXNWLRQVIDNWRU LP JOREDOHQ :LUWVFKDIWVZHWWEHZHUE *OREDOLVLHUXQJ XQWHU VWUHLFKWLKUH3RVLWLRQ±LKUH.RQ]HQWUDWLRQLVWHLQHQWVFKHLGHQGHU9RUWHLOLPJOR EDOHQ :HWWEHZHUE 'LH $XWRUHQ VWHOOHQ YRU GLHVHP +LQWHUJUXQG GLH ÄEULJKW OLJKWVELJFLW\³+\SRWKHVHDXIZRQDFKVWlGWLVFKH0DFKWLQQHUKDOEGHVQDWLRQD OHQLQWHUJRXYHUQHPHQWDOHQ5DKPHQVZlFKVW 6WLPPWGLHVHWKHRUHWLVFKH$QQDKPHIUGLH6FKZHL]"'LH$XWRUHQNRQVWDWLHUHQ GDVV ELV ]XU 9HUIDVVXQJVlQGHUXQJ YRQ  GLH 6WlGWH GH LXUH ÄQRQSOD\HUV³ ZDUHQ REVFKRQ ]ZHL 'ULWWHO GHU 6FKZHL]HU %UJHU LQ XUEDQHQ *HELHWHQ OHEHQ GLH GLH $XWRUHQ ÄPHWURSROLWDQ SROHV³ QHQQHQ 6LH GHILQLHUHQ ÄPHWURSROLWDQ SROHV³DOVHLQEUHLWHVXUEDQHV=HQWUXPGDVHLQHLQWHQVLYHVR]LR|NRQRPLVFKH%H ]LHKXQJ ]X NOHLQHQ $JJORPHUDWLRQHQ XQG UHJLRQDOHQ =HQWUHQ XQWHUKlOW $XI EDXHQGDXIGLHVHU'HILQLWLRQXQWHUVWUHLFKHQGLH$XWRUHQHLQHQHXH$NWHXUVNRQV WHOODWLRQGLH]XGHQIROJHQGHQGUHL6SDQQXQJHQIKUH  (V ILQGHW GDGXUFK HLQH LQVWLWXWLRQHOOH )UDJPHQWLHUXQJ VWDWW GLH ÄVSLOOR YHUV³ LQ GLH 9HUWHLOXQJ YRQ .RVWHQ XQG 1XW]HQ HU]HXJW 8PZHOWYHU VFKPXW]XQJ %RGHQSUHLVH :RKQHQ XQG $UEHLW VRZLH |IIHQWOLFKH $XVJD EHQVLQGGLH6WLFKZRUWH'LHJHRJUDILVFKH/DJHYRQ*HPHLQGHQ]ZLVFKHQ  

.h%/(56&+(1.(/DQG/(5(6&+(%ULJKW/LJKWV%LJ&LWLHV ,ELG ,ELG  ,ELG  





.HUQVWlGWHQXQGDQGHUHQ*HPHLQGHQGLHVLFKDQHLQHPXUEDQHQ2UW]X VDPPHQEDOOHQPDFKWHVLKQHQP|JOLFKLKUH.RVWHQDXIGLH.HUQVWlGWH]X H[WHUQDOLVLHUHQ (LQH )ROJH GDYRQ VLQG JHVFKUXPSIWH 6WlGWH PLW HLQHP 6SHFNJUWHOUHLFKHU9RURUWHZDV]X.RQIOLNWHQIKUW  0HWURSROHQ UXIHQ GDPLW HLQH QHXH SROLWLVFKH .RQIOLNWOLQLH KHUYRU :lK UHQG .HUQVWlGWH EDVLHUHQG DXFK DXI LKUHQ |NRQRPLVFKHQ 3UlIHUHQ]HQ HKHUOLQNVZlKOHQVWLPPHQGLHXPOLHJHQGHQ*HPHLQGHQPLWHLQHPEHU GXUFKVFKQLWWOLFKHQ(LQNRPPHQHKHUIUUHFKWH3DUWHLHQ'HPHQWVSUHFKHQG VLQGDXFKLKUH3ROLF\3UlIHUHQ]HQXQWHUVFKLHGOLFK  'HU 3UR]HVV GHU 0HWURSROLWLVLHUXQJ KDW HLQHQ (IIHNW DXI GLH %HWHLOLJXQJ GHU .DQWRQH DOV ZLFKWLJH $NWHXUH LQ XUEDQHQ $QJHOHJHQKHLWHQ Ä8UEDQ SROLFLHV³ GUlQJHQ LPPHU VWlUNHU DXI GLH SROLWLVFKH $JHQGD KRKHU 5HJLH UXQJVPLWJOLHGHUJHPHVVHQDQGHP$XIZDQGGHUWLHIHQ(EHQHQ'LH'LFK WHGHU5HJXODWLRQHQVWHLJW'LHVIKUWH]XHLQHPHLQGHXWLJHQ.RQIOLNWEHU GLH.RQWUROOHGHUÄXUEDQSROLF\³,QWHUHVVHQLVVXH ]ZLVFKHQ6WlGWHQXQG LKUHQ.DQWRQHQ±|IWHUV]HLJWVLFKGLHVLQGHQXQWHUVFKLHGOLFKHQ3UlIHUHQ ]HQGLHVLFKLQXQWHUVFKLHGOLFKHQ0HKUKHLWHQLQGHQNDQWRQDOHQXQGVWlG WLVFKHQ 5HJLHUXQJHQ QLHGHUVFKOlJW XQG EHVRQGHUV LQ MHQHQ %HUHLFKHQ LQ GHQHQ EHLGH (EHQHQ EHU HUKHEOLFKH .RPSHWHQ]HQ YHUIJHQ ZLH /DQG SODQXQJ|IIHQWOLFKHQ9HUNHKU8PZHOWSROLWLNRGHU'URJHQSROLWLN 'HU3UR]HVVGHU0HWURSROLVLHUXQJIKUWHGHPQDFKQLFKWQXU]X.RQIOLNWHQ]ZL VFKHQ .HUQVWlGWHQ XQG LKUHQ XPOLHJHQGHQ *HPHLQGHQ ]ZLVFKHQ 6WlGWHQ XQG GHQ.DQWRQHQVRQGHUQDXFK]ZLVFKHQ5HJLRQHQLQQHUKDOEGHUXUEDQHQ+LHUDU FKLH%HNDQQWOLFKVLQGGLH0HWURSROHQUHFKWOLFKXQGVWUXNWXUHOOYRP=HQWUDO VWDDWDEKlQJLJXQGPVVHQIROJOLFKDXFKJHJHQLKUHQHLJHQHQ:LOOHQNRRSHULH UHQ±HLQW\SLVFKHU)DOOGHU3ROLWLNYHUIOHFKWXQJ'LHVH/RJLNNHKUHQGLH$XWRUHQ XP'DGLHVH(EHQHQLQ%H]XJDXILKUH3UREOHPO|VXQJVNDSD]LWlWLQHLQHU,QWHU GHSHQGHQ]EH]LHKXQJ VWHKHQ VFKODJHQ VLH SDUDGR[HUZHLVH GLH 3ROLWLNYHUIOHFK WXQJ DOV /|VXQJ GHV 3UREOHPV YRU 3ROLWLNYHUIOHFKWXQJ ZXUGH EHUHLWV DOV HLQH )RUPGHILQLHUWLQGHUGDV3ODQHQGLH)LQDQ]LHUXQJXQGGLH8PVHW]XQJGHU5H JLHUXQJVDXIJDEHQ IRUPHOO EHL XQWHUVFKLHGOLFKHQ .|USHUVFKDIWHQ HLQJHEHWWHW LVW  

,ELGI ,ELG ,ELG  ,ELG  











:DVELVDQKLQDOVHLQ3UREOHPGHV=HQWUDOVWDDWHVSUlVHQWLHUWZXUGHVFKHLQWKLHU JHQDXGLH/|VXQJ]XVHLQ0HKUQRFKGDV.RQ]HSWZXUGHDXFKDXVGLIIHUHQ]LHUW 'DV*UXQGPRGHOOGHU3ROLWLNYHUIOHFKWXQJZXUGHDXVHLQHU$NWHXUVSHUVSHNWLYHLQ KRUL]RQWDOHXQGYHUWLNDOH3ROLWLNYHUIOHFKWXQJXQGGDPLW3ROLWLNLQWHJUDWLRQHLQJH WHLOW'DEHLVROOHQEHLKRUL]RQWDOHU,QWHJUDWLRQQXUGLHGH]HQWUDOHQ(LQKHLWHQDQ GHP (QWVFKHLGXQJVSUR]HVV GHU KLHUDUFKLVFKHQ 6WDDWVVWUXNWXU WHLOQHKPHQ %HL VSLHOH GDIU VHLHQ .RQNRUGDWH RGHU =ZHFNYHUElQGH %HL YHUWLNDOHU ,QWHJUDWLRQ VROOHQ GDJHJHQ GLH WHUULWRULDOHQ (LQKHLWHQ DOV 6XEV\VWHPH GHU ]HQWUDOHQ (QW VFKHLGXQJVVWUXNWXU DXIJHIDVVW ZHUGHQ GLH GLH (LQZLOOLJXQJ GHU XQWHUHQ (EHQH ]XEHUFNVLFKWLJHQKDEHQ6RKDEHQLQWHUNDQWRQDOH.RQIHUHQ]HQEHLGHU3ROL F\)RUPXOLHUXQJHLQHZLFKWLJH5ROOHEHLGHU,PSOHPHQWLHUXQJKLQJHJHQZUGHQ GLH.RPPXQHQ*HPHLQGHQGLHZLFKWLJVWH5ROOHVSLHOHQ0HKUQRFKGLH6WlGWH *HPHLQGHXQG.DQWRQHGHU6FKZHL]KlWWHQQLFKWGDV=LHOYHUIROJWGLHSROLWLVFK DXWRQRPHQ XQG NRUSRUDWLYHQ (LQKHLWHQ ]X I|UGHUQ 'DV 6XEVLGLDULWlWVSULQ]LS UlXPH GHQ .DQWRQHQ DXI .RVWHQ YRQ *HPHLQGHQ HLQHQ JURVVHQ (LQIOXVV DXI %XQGHVHEHQHHLQ'LH*HPHLQGHQWHQGLHUHQGHVKDOEGD]XQXUGDQQ3UREOHPH]X O|VHQZHQQGHU'UXFN]XJURVVZLUG'DJHJHQZUGHQGLH=ZHFNYHUElQGHLQ GHQHQQLFKWQXU*HPHLQGHQVRQGHUQDXFKSULYDWH$NWHXUH0LWJOLHGHUVLQGGDQN LKUHU)OH[LELOLWlWXQQ|WLJH9HU]|JHUXQJHQGHU(QWVFKHLGHGXUFK%UJHUSDUWL]LSD WLRQYHUKLQGHUQ .h%/(5 6&+(1.(/XQG /(5(6&+(OHLWHQQXQYLHU6FKOXVVIROJHUXQJHQDE(UV WHQVOLHIHUHGLH6WDDWVVWUXNWXUI|GHUDOYV]HQWUDO HLQHHQWVFKHLGHQGH(UNOlUXQJ IUGLH3ROLWLNYHUIOHFKWXQJE]Z3ROLWLNLQWHJUDWLRQ'LH6WlGWHLQXQLWDULVWLVFKHQ 6WDDWHQ )UDQNUHLFK (QJODQG  WHQGLHUHQ GD]X VLFK JHJHQEHU GHU UHJLRQDOHQ RGHU VRJDU QDWLRQDOHQ (EHQH DXV]XGHKQHQ ,Q I|GHUDOHQ 6WDDWHQ 'HXWVFKODQG %HOJLHQ  EHVWHKH KLQJHJHQ HLQ *OHLFKJHZLFKW ]ZLVFKHQ 5HJLRQHQ XQG 6WlG WHQ=ZHLWHQVEHVWlWLJHGLH$QDO\VHGLH$QQDKPHZRQDFKVLFKGDVVFKZHL]H ULVFKHLQWHUJRXYHUQHPHQWDOH6\VWHPYRPKLHUDUFKLVFKHQ]XHLQHPNRRSHUDWLYHQ )|GHUDOLVPXV XQG LQ 5LFKWXQJ HLQHV KLHUDUFKLVFKHUHQ 0XVWHUV YRQ 0XOWLOHYHO *RYHUQDQFH EHZHJH 'LH 9HUlQGHUXQJ YRP NRRSHUDWLYHQ )|GHUDOLVPXV KLQ ]X HLQHU 0XOWLOHYHO *RYHUQDQFH LQ XUEDQHQ *HELHWHQ ]HLJH HLQHQ VXEVWDQ]LHOOHQ  

,ELG ,ELGII ,ELGII  ,ELG  





:HFKVHO LP VFKZHL]HULVFKHQ .RQWH[W 'LH QHXH $JJORPHUDWLRQVSROLWLN GHV %XQGHVVWHXHUHGHQ3UR]HVVGHU8UEDQLWlWDXIGHU%XQGHVHEHQH2KQHGLHVH9HU ODJHUXQJ$XIZHUWXQJ ZlUHQ ORNDOH XQG NDQWRQDOH 5HJLHUXQJHQ DQJHVLFKWV GHU PHWURSROLWLVFKHQ'\QDPLNKLOIORV'ULWWHQVIKUHGLH.RQNXUUHQ]DXIJOREDOHU (EHQH ]X XQWHUVFKLHGOLFKHQ (QWZLFNOXQJHQ DXI QDWLRQDOHU (EHQH 'LHVH 3ROLWLN KDEH*HZLQQHUXQG9HUOLHUHU'DKHUVWHKHGLH)UDJH]XU'HEDWWH:ROOHQZLUHLQ DXVJHJOLFKHQHV WHUULWRULDOHV 6\VWHP PLW QLFKW IXQNWLRQDO GHILQLHUWHQ HLQ]HOQHQ 5HJLRQHQ"2GHUZROOHQZLUXQVDXINODUHXUEDQH)XQNWLRQHQDQJURVVHQPHWUR SROLWLVFKHQ3ROHQNRQ]HQWULHUHQXPDXILQWHUQDWLRQDOHU(EHQHZHWWEHZHUEVIlKLJ ]X EOHLEHQ" 'LHVHV 'LOHPPD ± UHJLRQDOH 6ROLGDULWlW RGHU LQWHUQDWLRQDOH :HWW ZHEHUEIlKLJNHLW LQ EHVWLPPWHQ VWlGWLVFKHQ 5HJLRQHQ ± OLHIHUH GLH NULWLVFKH $QWZRUWDXIGLH)UDJHGHUÄXUEDQSROLF\³6FKOLHVVOLFKVFKUHLEHQVLHGHU%HL WUDJ GHV 0XOWLOHYHO*RYHUQDQFH$QVDW]HV N|QQH GDULQ JHVHKHQ ZHUGHQ GDVV GLHVHU LP 9HUJOHLFK ]XP NRRSHUDWLYHQ )|GHUDOLVPXV GHQ )RNXV VWlUNHU DXI GLH ]XVlW]OLFKH.RPSOH[LWlWXQGGHQ.RRUGLQDWLRQVEHGDUIOHQNH



*RYHUQDQFHXQG6\VWHPWKHRULH

'HU%HJULII*RYHUQDQFHVFKHLQWHLQJXWHV%HLVSLHOIUGLH*OHLFK]HLWLJNHLWYRQ ,QQRYDWLRQ XQG 5LVLNR ]X VHLQ (LQHUVHLWV HU|IIQHW HU DQDO\WLVFKH 3HUVSHNWLYHQ ]XU 8QWHUVXFKXQJ GHU (IIHNWLYLWlW RGHU (IIL]LHQ] YRQ 6WHXHUXQJVLQVWUXPHQWHQ DQGHUHUVHLWV VFKHLQW HU DXFK HLQH JHZLVVH WKHRUHWLVFKH %HOLHELJNHLW DXI .RVWHQ GHPRNUDWLVFKHU/HJLWLPDWLRQIROJHQUHLFK]X]XODVVHQ'DVLVWGHU*UXQGZDUXP EHWRQWZLUGGDVVPLWGHP*RYHUQDQFH%HJULIIÄNHLQHEHVWLPPWH7KHRULH³YHU EXQGHQVHL6REHWHXHUW%(1=GDVVQLFKWVGDJHJHQVSUHFKHDQVWHOOHGHVV\V WHPWKHRUHWLVFKHQ $QVDW]HV +DQGOXQJVWKHRULHQ (QWVFKHLGXQJVWKHRULHQ 1HW] ZHUNWKHRULHQ VSLHOWKHRUHWLVFKH 0RGHOOH RGHU 9HUKDQGOXQJVWKHRULHQ DQ]XZHQ GHQ'DHVGLHV\VWHPLVFKH*RYHUQDQFH7KHRULHQLFKWJHEHOLHJHGLH6WlUNHGHV %HJULIIVLQVHLQHU2IIHQKHLWÄ,QVRIHUQVWHKWPDQPLWGHP*RYHUQDQFH%HJULII LPPHUDP%HJLQQGHUZLVVHQVFKDIWOLFKHQ$UEHLW³'DVVHOEHJLOWDXFKIUGHQ %HJULII0XOWLOHYHO*RYHUQDQFHÄ(UVFKHLQWJHUDGHDXVVHLQHUZLVVHQVFKDIWOLFKHQ  

,ELG ,ELGI  ,ELG  %(1=XQG'26(*RYHUQDQFH  ,ELG  ,ELG 











2IIHQKHLW VHLQH $WWUDNWLYLWlW ]X JHZLQQHQ :HGHU OLHJW HLQH JHWHLOWH 'HILQLWLRQ QRFK HLQH EHUJUHLIHQGH 7\SRORJLH YRU $XFK HLQH 7KHRULH IHKOW ZHOFKH GLH 6WUXNWXUPHUNPDOH)XQNWLRQVZHLVHQRGHUGLH:LUNXQJYRQ0/*HUNOlUHQN|QQ WH³ *OHLFK]HLWLJ LVW NODU GDVV GHU *RYHUQDQFH%HJULII EHVRQGHUV ]XU $QDO\VH YRQ Ä6HOEVWVWHXHUXQJVSUR]HVVHQ³HQWZLFNHOWZXUGH'DVFKRQGHUV\VWHPWKHRUHWLVFKH %HJULIIÄ6HOEVWVWHXHUXQJVSUR]HVV³HLQH$ENRSSOXQJYRQGHQ)UDJHQGHU'HPR NUDWLHGHUSROLWLVFKHQ/HJLWLPDWLRQVXJJHULHUWZLUIWHU)UDJHQDXIGLHQLFKWQXU ]XU (QWVWHKXQJ DQUHJHQGHU 'LVNXUVH LQ )DFKNUHLVHQ EHLWUDJHQ ± GLHVH )UDJHQ VWHOOHQDXFKKLVWRULVFKH(UUXQJHQVFKDIWHQLQIUDJHGLHELVDQKLQDOV+DXSWVlXOHQ GHU PRGHUQHQ *HVHOOVFKDIWHQ ]lKOWHQ 'D]X JHK|UHQ 'HPRNUDWLH XQG 5HFKWV VWDDWOLFKNHLW 3$3$'2328/26 ZLUIW GHQ 7KHRUHWLNHUQ GHV *RYHUQDQFH.RQ]HSWV YRUGDVVVLHKRUL]RQWDOH%H]LHKXQJHQPLW'HPRNUDWLHJOHLFKVHW]HQ,QGHQ*R YHUQDQFH$QVlW]HQ ZLUGGLH 5ROOH ]LYLOJHVHOOVFKDIWOLFKHU $NWHXUH LQVWDDWOLFKHQ (QWVFKHLGXQJHQ EHWRQW 'RFK HLQH *OHLFKVHW]XQJ GHU 9HUHLQEDUNHLW YRQ *R YHUQDQFH5HJLHUXQJHQPLWGHU$XWRULVLHUXQJYRQ5HJLHUHQGHQGXUFKGLH%UJHU VWLPPWÄPLWIXQGDPHQWDOHQ*UXQGVlW]HQGHU/HJLWLPDWLRQ|IIHQWOLFKHU(QWVFKHL GXQJHQ³QLFKWEHUHLQ'HQQ*RYHUQDQFHÄ]LHOWLQHUVWHU/LQLHDXI/HJLWLPLWlW YRQ 3ROLWLN XQG ZHQLJHU DXI 'HPRNUDWLH LP 6LQQH YRQ 3DUWL]LSDWLRQ 'HVKDOE LPSOL]LHUWVLHGLH 5HFKWIHUWLJXQJ YRQ (QWVFKHLGXQJHQ LQ HLQHU :HLVH GLH QLFKW ]ZLQJHQG GHPRNUDWLVFKHQ .ULWHULHQ HQWVSULFKW³ )ROJOLFK IHKOW ]XQlFKVW HLQ PDOGLH5HVSRQVLYLWlWQlPOLFKGDVVGLH%UJHUGLH+HUUVFKHQGHQGXUFK$EZDKO VDQNWLRQLHUHQN|QQHQZHVZHJHQGLHVHGLH3UlIHUHQ]HQGHU%UJHU]XEHDFKWHQ KDEHQ5HJLHUHQGHPVVHQLKUH(QWVFKHLGXQJHQ|IIHQWOLFKUHFKWIHUWLJHQDFFRXQ WDELOLW\ 'DJHJHQZLUGEHLGHP%HJULII*RYHUQDQFHGLH7HQGHQ]]XHLQHUÄGH PRNUDWLVFKHQ (OLWHQKHUUVFKDIW³ ]XVlW]OLFK YHUVFKlUIW ,QVRIHUQ VLQG HLQLJH ZLFKWLJH 3UREOHPH GHU 'HPRNUDWLH LQ *RYHUQDQFH6WUXNWXUHQ ]X VHKHQ 'DIU P|FKWHLFKLP)ROJHQGHQPLW 3$3$'2328/26EHVRQGHUVDXIGLH6HOHNWLYLWlWGHU %HWHLOLJWHQLQ*RYHUQDQFHSROLF\FRPPXQLWLHVLVVXHQHWZRUNV HLQJHKHQ

 

%5811(1*5b%(50XOWL/HYHO*RYHUQDQFH 3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH  ,ELG  ,ELG  3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH 





,QGLHVHP=XVDPPHQKDQJZHLVW3$3$'2328/26]XQlFKVWDXI0$1&85 2/6216 7KHRUHP EHU GDV 3DUDGR[ NROOHNWLYHQ +DQGHOQV KLQ 2/621 ]HLJW GDULQ GDVV MHQH ,QWHUHVVHQ DP EHVWHQ RUJDQLVLHUEDU VLQG GLH VSH]LILVFK VLQG XQG YRQ NOHLQHQ *UXSSHQ YHUWUHWHQ ZHUGHQ ZHLO GLH 0LWJOLHGHU GLHVHU *UXSSHQ UHODWLY VWDUNHQ$QUHL]HQ]XU0LWZLUNXQJXQWHUOLHJHQVHLHQGLHVHSRVLWLYHU*HZLQQDQ WHLO  RGHU QHJDWLYHU $UW 0LVVELOOLJXQJ 7ULWWEUHWW  6R N|QQHQ ]% %DXHUQYHU ElQGHIUVWDDWOLFKH6XEYHQWLRQHQDOOLKUH.UlIWHGHVKDOEPRELOLVLHUHQZHLOVLH GDQN GHU VWUXNWXUHOOHQ $QODJH NRQ]HQWULHUWHU ,QWHUHVVHQ HLQHQ KRKHQ (UWUDJ HU ZDUWHQN|QQHQGHURKQHGLHVH0RELOLVLHUXQJDXVIDOOHQZUGHXQG]ZHLWHQVIU HLQH*HJHQPRELOLVLHUXQJGLH.RVWHQ]XKRFKXQGGHU(UWUDJ]XQLHGULJLVW%H NDQQWOLFKVLQGGLH(QWVFKHLGXQJVWUlJHULQVROFKHQ3ROLWLNQHW]ZHUNHQXQDEKlQJLJ YRQGHQGHPRNUDWLVFKHQ6WUXNWXUHQGDSHU'HILQLWLRQQXUGLH$NWHXUHPLWGDEHL VLQG GLH ÄGLH 9HWRPDFKW JHJHQEHU VWDDWOLFKHQ (QWVFKHLGXQJHQ DXVEHQ N|Q QHQ³'LH0DFKWGLHVHU$NWHXUHEHUXKWLQGHU5HJHODXIGHU.RQWUROOHJHVHOO VFKDIWOLFK XQYHU]LFKWEDUHU *WHU ZLH )LQDQ]PLWWHO ([SHUWHQZLVVHQ RGHU 2UJD QLVDWLRQVNDSD]LWlW 'LH $QZHVHQKHLW GHU 9HUWUHWHU GLHVHU VWDUNHQ ,QWHUHVVHQ JUXSSHQ ZXUGHLP *RYHUQDQFH'LVNXUV SRVLWLY DXIJHQRPPHQ GD VLH ]X HLQHP 3OXUDOLVPXV JHIKUW KDEH 3$3$'2328/26 ZHLVW DXI GHU DQGHUHQ 6HLWH GDUDXI KLQ GDVV GLH VWDDWOLFKH ,QWHJUDWLRQ GLHVHU VWDUNHQ *UXSSHQ GHQ GHPRNUDWLVFKHQ 3OXUDOLVPXV YHUKLQGHUH ,KUH $QZHVHQKHLW IKUH ]X HLQHP 0DFKWXQJOHLFKJH ZLFKW'HQQLQGHQ5HJLHUXQJHQXQG9HUZDOWXQJHQN|QQHQOHGLJOLFKVROFKH2U JDQLVDWLRQHQ WHLOQHKPHQ ÄGLHKLQUHLFKHQGXPIDVVHQGH,QWHUHVVHQ YHUWUHWHQXQG PLW 5HFKW HLQ 9HUWUHWXQJVPRQRSRO LQ HLQHP *HVHOOVFKDIWVVHNWRU EHDQVSUXFKHQ N|QQHQ'RFKJHUDGHGLHVHV0RQRSROYHUXUVDFKWWHQGHQ]LHOOHLQHHOLWlUH5HSUl VHQWDWLRQLQ|IIHQWOLFKHQ(QWVFKHLGXQJVDUHQHQ³,P)DOOHGHUQLFKWPRQRSROLV WLVFKHQ ,QWHUHVVHQJUXSSHQ KDW GLHV ]XGHP ]XU )ROJH GDVV GLH $NWHXUH QLFKW ZLUNVDP PLW HLQHP ([LW GURKHQ N|QQHQ XQG LQIROJHGHVVHQ DXFK LKUH 6WLPPH YRLFH DQ%HGHXWXQJYHUOLHUWÄ:HQQSROLF\QHWZRUNVSOXUDOLVWLVFKHUZHUGHQ VR YHUEHVVHUW GLHV DOVR VLFKHU GLH 9HUWUHWXQJ RUJDQLVLHUWHU ,QWHUHVVHQ XQG UHGX  

2/6210DQFXU 7KH/RJLFRI&ROOHFWLYH$FWLRQ&DPEULGJH 3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH  3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH  ,ELG  ,ELG  ,ELG  ,ELG 











]LHUWGLH6HOHNWLYLWlWGHV,QSXWV$EHUGDGXUFKZLUGHLQSROLWLVFKHV6\VWHPNHL QHVZHJVGHPRNUDWLVFKHU]XPDOGDGXUFKGDV3UREOHPGHU'LVWDQ]]ZLVFKHQGHU %DVLVXQGGHU)KUXQJLQ2UJDQLVDWLRQHQQLFKWJHO|VWZLUG³ *RYHUQDQFH ZLUG EHXUWHLOW DQKDQG LKUHV %HLWUDJV ]XU 3UREOHPO|VXQJVIlKLJNHLW GHVSROLWLVFKHQ6\VWHPVZREHLGLH]XJUXQGHJHOHJWHQ$QQDKPHQ]XU(IIHNWLYL WlWXQG(IIL]LHQ]VHOWHQGHILQLHUWZHUGHQ6WDWWGHVVHQZLUGGHU)RNXVDXISROLWL VFKH/HJLWLPLWlWDXI2XWSXW/HJLWLPLWlWJHOHJW6RN|QQHQÄ(QWVFKHLGXQJHQLQ JHVFKORVVHQHQ 1HW]ZHUNHQ GLH RUJDQLVLHUWHQ ,QWHUHVVHQ EHVVHUH %HWHLOLJXQJV FKDQFHQ ELHWHQ DOV QLFKWRUJDQLVLHUWHQ ,QWHUHVVHQ GLH VFKZHU ]X NRQWUROOLHUHQ VLQG XQG ,QVWLWXWLRQHQ GHU GHPRNUDWLVFKHQ 5HSUlVHQWDWLRQ VFKZlFKHQ³ /HJLWL PLWlW EHDQVSUXFKHQ ZHQQ VLH GXUFK HLQH K|KHUH (IIHNWLYLWlW XQG (IIL]LHQ] ]XU /|VXQJ JHVHOOVFKDIWOLFKHU 3UREOHPH EHLWUDJHQ (V VSULFKW LQ GHU 7DW D SULRUL QLFKWVJHJHQGLH$QQDKPHGDVVGLHRUJDQLVLHUWHQ,QWHUHVVHQGHPRNUDWLVFKH,Q VWLWXWLRQHQ VWDELOLVLHUHQ N|QQHQ 'DV 3UREOHP LQ *RYHUQDQFH%HLWUlJHQ EHVWHKW GDULQGDVVVLHYRUODXWHU3UREOHPO|VXQJV]ZDQJYHUJHVVHQGDVVGLH$NWHXUHGHU *RYHUQDQFHLQGHU5HJHOYRQUHFKWVVWDDWOLFKHQGHPRNUDWLVFKHQXQGNXOWXUHOOHQ ,QVWLWXWLRQHQGHV 'HPRV DEJHNRSSHOW DUEHLWHQ 'LH (QWNRSSOXQJ ]ZLVFKHQ 3DU WHLHQZHWWEHZHUE:DKONlPSIHQ XQG GHU (QWVFKHLGXQJVILQGXQJ3UREOHPO|VXQJ NRPPW LKUHUVHLWV EHVRQGHUV GLHVHQ PlFKWLJHQ 3ROLWLNQHW]ZHUNHQ ]XJXWH 3ROLWL VFKH (QWVFKHLGXQJHQ ]HLFKQHQ VLFK GDGXUFK DXV GDVV VLH .RQWURYHUVHQ EHU 3UREOHPGHILQLWLRQXQGO|VXQJHQDXVO|VHQ 'LH )RUVFKXQJ ]X *RYHUQDQFH LJQRULHUW RIW GDVV HV LQ GHU 3ROLWLN DXFK GDUXP JHKW ZHU ZDVEHNRPPW :HQLJH *UQGH VSUHFKHQGDIUGDVVGHU Ä6WDDW³ VLFK DP *HPHLQZRKORULHQWLHUW ZDV YLHOH%HLWUlJH ]X *RYHUQDQFHDQQHKPHQ RKQH VLHWKHRUHWLVFK]XEHJUQGHQ6HOEVWZHQQGHUÄ6FKDWWHQGHU+LHUDUFKLH³DXI%H WHLOLJWH LQ 1HW]ZHUNHQ GLV]LSOLQLHUHQG ZLUNHQ ZUGH IROJW GDUDXV QRFK QLFKW GDVV GLHVHU 6FKDWWHQ IU GLH %HIULHGLJXQJ GHV *HPHLQZRKOV VRUJW (V EUDXFKW GDQQEUJHUQDKH)RUHQGLHHLQHQJHVDPWJHVHOOVFKDIWOLFKYHUQQIWLJHQ.RQVHQV DQVWUHEHQ RKQH GLHYLWDOHQ *UXQGVlW]H GHU 5HFKWVVWDDWOLFKNHLWXQG 'HPRNUDWLH ]XYHUOHW]HQ:HQQGDVIUGLH1HW]ZHUNHGHUJXWRUJDQLVLHUWHQ,QWHUHVVHQQLFKW ]XWULIIW KLOIW HV DXFK QLFKW ZHQQ GLH GDGXUFK HQWVWHKHQGHQ 'HPRNUDWLHGHIL]LWH YRQ *RYHUQDQFH GXUFK HLQH .RPSHQVDWLRQ DQ 'HOLEHUDWLRQ JHUHFKWIHUWLJW ZHU   

,ELG ,ELG





GHQ]XPDOGLHVHÄYRQGHQJHZ|KQOLFKHQ%UJHUQZHGHUZDKUJHQRPPHQQRFK JHVFKlW]WZLUG³ 'LH 4XDOLWlW GHU 3ROLWLNHUJHEQLVVHEHXUWHLOW 3$3$'2328/26 GDKHU QLFKW DQKDQG LKUHU(IIHNWLYLWlWXQG(IIL]LHQ]VRQGHUQQDFKGHP3ULQ]LSGHU5HDOLWlWVQlKHXQG GHU1DFKKDOWLJNHLWXQGGHP*UXQGVDW]GHU6ROLGDULWlWÄ6LHNDQQGDQDFKHLQJH VFKlW]WZHUGHQLQZLHZHLW3ROLWLNVLFKDOVIDFWIXWXUHDQGRWKHUUHJDUGLQJHU ZHLVW6LHPXVVDOVRIROJHQGHQ*UXQGVlW]HQJHQJHQ³(VJHEHNHLQHQ:LGHU VSUXFK ]ZLVFKHQ GHP .RQ]HSW GHU 5HJLHUEDUNHLW XQG GHU 6WDELOLWlW GHV SROL WLVFKHQ 6\VWHPV 'HU SRVWXOLHUWH :LGHUVSUXFK JHKH GDUDXI ]XUFN GDVV GLH 7DWVDFKHLJQRULHUWZRUGHQVHLÄGDVV|IIHQWOLFKHXQGSULYDWH$NWHXUHGXUFKLQVWL WXWLRQDOHQJLQHHULQJGKGXUFKLQVWLWXWLRQHOOH5HIRUPHQ]XNRRSHUDWLYHQ3URE OHPO|VXQJHQYHUDQODVVWZHUGHQN|QQHQ³ =XU.ULWLNDPVHOHNWLYHQXQGHOLWlUHQ&KDUDNWHUYRQ*RYHUQDQFHNRPPWIU3$ 3$'2328/26DXFK,QWUDQVSDUHQ]LQGHU=XUHFKQXQJYRQ9HUDQWZRUWOLFKNHLWGHU

(QWVFKHLGXQJHQYRQ$NWHXUHQDFFRXQWDELOLW\ KLQ]XÄ*OHLFK]HLWLJZLUG«  GLH 3UD[LV YRQ *RYHUQDQFH EHJOHLWHW GXUFK (QWIRUPDOLVLHUXQJ GHV 5HFKWV VRIW ODZ ZHLOGLH%ORFNDGHPDFKWEHVWLPPWHU$NWHXUHGLHYHUDQWZRUWOLFKHQVWDDWOL FKHQ $NWHXUH GD]X ]ZLQJW 1RUPHQ PLW GLHVHQ DXV]XKDQGHOQ³ 'DPLW KlQJW DXFKGDV3UREOHP]XVDPPHQDXIGDV:$/.KLQZHLVW'LH*RYHUQDQFH3UR]HVVH ZHUGHQÄYRQHLQLJHQZHQLJHQ$NWHXUHQGRPLQLHUW³]XP7HLOPLWHQRUPHQ5HV VRXUFHQ$XIQDWLRQDOHU(EHQHNDQQVLFK/HJLWLPDWLRQDXIJHVHW]OLFKJHUHJHOWH DOOJHPHLQH JOHLFKH XQG JHKHLPH :DKOHQ VWW]HQ XQG DXI (8(EHQH JLEW HV LPPHUKLQ HLQ (83DUODPHQW DEHU DXI LQWHUQDWLRQDOHU (EHQH JLEW HV NHLQ :HOW SDUODPHQW'DKHUÄYHUNRPSOL]LHUWVLFKDXFKKLHUGHU6DFKYHUKDOWLP0HKUHEH QHQJHIOHFKWGHQQGLHGHPRNUDWLVFKH/HJLWLPDWLRQNDQQDXIWUDQVQDWLRQDOHU(EH QHQLFKWLQJOHLFKHU)RUPKHUJHVWHOOWZHUGHQZLHLP1DWLRQDOVWDDW³ (LQDQGHUHV3UREOHPGHU0XOWLOHYHO(EHQHQ3ROLWLNLVWGLHÄEHZXVVWHLQJHVHW]WH 9HUDQWZRUWXQJVEHUWUDJXQJE]ZDEJDEHDQGLHWUDQVQDWLRQDOH(EHQHLP)DOOH  

3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH ,ELG  ,ELG  ,ELG  ,ELG  :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQ  :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQ  ,ELG 











HLQHUDQWL]LSLHUWHQQDWLRQDOHQ$EOHKQXQJ³ZDVGDQQGHQRSSRVLWLRQHOOHQ*UXS SHQHLQH0RELOLVLHUXQJ]XVlW]OLFKHUVFKZHUW'HVKDOEPVVWHQLP*UXQGHJH QRPPHQ IRUPDOH XQG UHFKWOLFK IHVWJHVFKULHEHQH 5HJHOXQJHQ9HUHLQEDUXQJHQ JHWURIIHQZHUGHQGDDQVRQVWHQVLFKGHU6WlUNHUHGXUFKVHW]WÄ%LVODQJJLEWHV NHLQHIXQGLHUWHQ$XVVDJHQLQZLHZHLWGLH*RYHUQDQFH$QVlW]HWDWVlFKOLFKLQGHU /DJHVLQGGLH,QWHUHVVHQGHU6FKZDFKHQ]XEHUFNVLFKWLJHQXQGQLFKWQXUHLQHQ ZHLWHUHQ6WDNHKROGHULQGLH9HUKDQGOXQJHQHLQ]XEH]LHKHQ0LWDQGHUHQ:RUWHQ NDQQGXUFK,QIRUPDOLWlWHEHQJHUDGHMHQH8QJOHLFKKHLWHU]HXJWZHUGHQGLHPLW UHFKWOLFKHQ)HVWVFKUHLEXQJHQYHUVXFKWZXUGHDE]XEDXHQ³ $XFK :$/. YHUWULWW HLQH NULWLVFKH $XIIDVVXQJ ZRQDFK GLH 3DUWL]LSDWLRQVP|J OLFKNHLWHQGHUQLFKWVWDDWOLFKHQ$NWHXUHDXILQWHUQDWLRQDOHU(EHQHKDXSWVlFKOLFK YRQ1*2VDXVJHVFK|SIWZUGHQGLHVHKUVHOHNWLYH,QWHUHVVHQYHUWUHWHQ$XVVHU LKUH0HLQXQJYRU]XWUDJHQKDEHQVLHNDXP(LQIOXVVP|JOLFKNHLWHQE]Z0DFKW PHFKDQLVPHQGDQNGHUHUVLHLKUH,QWHUHVVHQGXUFKVHW]HQN|QQWHQ*OHLFK]HL WLJVLQGGLHQLFKWVWDDWOLFKHQ$NWHXUHNHLQHJHZlKOWHQ9HUWUHWHULKUHU0LWJOLHGHU ÄVRQGHUQGLHMHZHLOLJHQ([SHUWHQLQGLHVHP)HOG³'HQ,QWHUHVVHQJUXSSHQXP GLH 'HPRNUDWLH XQG 5HFKWVVWDDWOLFKNHLW NDQQ DXI GHU DQGHUHQ 6HLWH NHLQH NODUH 9HUDQWZRUWOLFKNHLW LP 6LQQH HLQHU GHPRNUDWLVFKHQ 5HSUlVHQWDWLRQ ]XJHZLHVHQ ZHUGHQ,QGHPVLHGLHNDXPRUJDQLVDWLRQVIlKLJHQ,QWHUHVVHQLP,QVWLWXWLRQHQJH IJH GHU 0HKUHEHQHQSROLWLN YHUWUHWHQ PVVHQ ZLUG GLH (UP|JOLFKXQJ GHU 6HOEVWEHVWLPPXQJ HUKHEOLFK HUVFKZHUW 8PJHNHKUW PDFKW HV GLH 9LHOIDOW GHU XQWHUVFKLHGOLFKHQ,QWHUHVVHQ)XQNWLRQHQXQG=LHOYRUVWHOOXQJHQKLQVLFKWOLFKGH PRNUDWLVFKHU9HUlQGHUXQJVSUR]HVVHlXVVHUVWVFKZLHULJGDV+DQGHOQQLFKWVWDDW OLFKHU $NWHXUH LQ GHU 0XOWLOHYHO *RYHUQDQFH ]X GXUFKVFKDXHQ :$/. VFKOlJW GHVKDOEHLQHQDQGHUHQ$SSURDFKPLWVHFKVPLWHLQDQGHUYHUEXQGHQHQ'LPHQVLR QHQYRULQGHQHQHUÄPDVVLYH,QWHUHVVHQJHOHLWHWH,QWHUYHQWLRQHQYRQHLQ]HOQHQ /REE\JUXSSHQ³IHVWVWHOOWÄ'UHL'LPHQVLRQHQEHVFKlIWLJHQVLFKKDXSWVlFKOLFK  

,ELG  6LHKH DXFK $%520(,7 +HLGUXQ   'LH 0HVVEDUNHLWYRQ'HPRNUDWLH]XU5HOHYDQ] GHV .RQWH[WV ,Q 3ROLWLVFKH 9LHUWHOMDKUHVVFKULIW    ± 8QG +$%(50$6 -UJHQ   'UHL QRUPDWLYH 0RGHOOH GHU 'HPRNUDWLH ]XP %HJULII GHOLEHUDWLYHU 3ROLWLN ,Q 0h167(5+HUIULHG+UVJ 'LH&KDQFHQGHU)UHLKHLW0QFKHQ53LSHU6±  :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQ  ,ELG  ,ELG  ,ELG  :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQ 





PLWGHQIRUPDOHQLQVWLWXWLRQHOOHQ$VSHNWHQGHV6WDDWHV±GLH)RUPHQSROLWLVFKHU 5HSUlVHQWDWLRQ XQG $UWLNXODWLRQ GLH LQWHUQH $UWLNXODWLRQ GHV 6WDDWVDSSDUDWHV XQGGLH)RUPHQGHU,QWHUYHQWLRQXQG$UWLNXODWLRQ'LHDQGHUHQGUHL'LPHQVLR QHQEHWUHIIHQGLHGLVNXUVLYHQXQGDNWLRQVRULHQWLHUWHQ$VSHNWHGHV6WDDWHVSROLWL VFKH3URMHNWHGLHYRQXQWHUVFKLHGOLFKHQVR]LDOHQ.UlIWHQDUWLNXOLHUWZHUGHQGLH YRUKHUUVFKHQGHQVWDDWOLFKHQ3URMHNWHGLHGHU6WDDWVORJLNIROJHQ XQGKHJHPRQL DOH3URMHNWHGLHGLH6WDDWVLQWHUHVVHQPLWHLQHUEUHLWHUHQDEHULPPHUVHOHNWLYHQ  SROLWLVFKHQ LQWHOOHNWXHOOHQ XQG PRUDOLVFKHQ 9LVLRQ |IIHQWOLFKHU ,QWHUHVVHQ LQ (LQNODQJEULQJHQ³ :$/. VWHOOW IHVW GDVV GLH QHX HQWVWHKHQGHQ VXSUDQDWLRQDOHQ 3ROLWLNIHOGHU DOV 0XOWLOHYHO*RYHUQDQFHLP6FKDWWHQGHV1DWLRQDOVWDDWHVVWHKHQ'LH6WDDWHQEH KDOWHQ LKUH 6FKOVVHOSRVLWLRQEHL 0LWKLOIH GHU QHXHQ *RYHUQDQFH)RUPHQ N|Q QHQ EHVWHKHQGH 6WUXNWXUHQVWDELOLVLHUW ZHUGHQ .RQ]HSWH GHU 0XOWLOHYHO *RYHU QDQFH N|QQHQ DXFK IU (LQLJXQJ .RQVHQV XQG ]XQHKPHQGH (IIHNWLYLWlW DXI .RVWHQ YRQ *UXQGZHUWHQ GHPRNUDWLVFKHU 5HJLHUXQJHQ JHKHQ 'HPRNUDWLH ZLOO:$/. DXILKUHQÄ=ZHFN³KLQGHILQLHUHQZREHLVLHGHQ=ZHFNGHU'HPR NUDWLH LQ GHU (UP|JOLFKXQJ GHU 6HOEVWEHVWLPPXQJ VLHKW Ä(LQ NROOHNWLYHV (QW VFKHLGXQJVV\VWHP LVW LQ GHP 0DVVH GHPRNUDWLVFK LQ GHP HV GHQ EHWURIIHQHQ ,QGLYLGXHQ 0|JOLFKNHLWHQ HIIHNWLYHU %HWHLOLJXQJ ELHWHW (IIHNWLYH %HWHLOLJXQJ NDQQ VLFK ZLHGHUXP LQ YHUVFKLHGHQHQ )RUPHQ DXVGUFNHQ GHU 0LWJHVWDOWXQJ GHV :LGHUVSUXFKV XQG GHU H[SOL]LWHQ $XWRULVLHUXQJ YRQ (QWVFKHLGXQJVWUlJHUQ 'LH9HUIDKUHQVROOWHQGDQDFKEHXUWHLOWZHUGHQREVLHGHP=ZHFNGHU6HOEVWEH VWLPPXQJGLHQOLFKVLQG'LHVHZLHGHUXPKlQJWDEHUVWDUNYRQGHU6WUXNWXUGHV (QWVFKHLGXQJV]XVDPPHQKDQJVDE³ 'LH V\VWHPWKHRUHWLVFKHQ *RYHUQDQFH$QVlW]H VWHOOHQ JURVVHQ +HUDXVIRUGHUXQ JHQIUGLH'HPRNUDWLHGDU6LHVHW]HQGLHODQJDQKDOWHQGHQ.RQIOLNWHLQ%H]XJ DXI /HJLWLPLWlW 5HSUlVHQWDWLRQ 7UDQVSDUHQ] XQG 3DUWL]LSDWLRQ DXI GLH 7DJHV DJHQGD $XV VR]LRORJLVFKHU 6LFKW YHUGHXWOLFKHQ VLH GLH 9HUVFKLHEXQJ XQGRGHU GLH.RQVROLGLHUXQJEHVWHKHQGHU0DFKWYHUKlOWQLVVHVRZLHHLQH5H'HILQLWLRQGHV 9HUKlOWQLVVHV]ZLVFKHQ6WDDWXQG*HVHOOVFKDIW7URW]GHPZLUGLQGHQ*RYHUQDQ FH$QVlW]HQ ZHQLJ DXI GHPRNUDWLVFKH 'HIL]LWH KLQJHZLHVHQ 0HLVW ZLUG VRJDU HLQH YHUEHVVHUWH 3DUWL]LSDWLRQ QLFKW VWDDWOLFKHU $NWHXUH YRUDXVJHVHW]W REVFKRQ  

,ELG ,ELG  ,ELG 











JOHLFK]HLWLJ WKHRUHWLVFK HLQH 9HUVFKOHFKWHUXQJ GHPRNUDWLVFKHU /HJLWLPDWLRQ 3DUWL]LSDWLRQXQG5HSUlVHQWDWLRQQLFKWDEJHOHKQWZLUG6WUXNWXUHQGHU*RYHU QDQFHN|QQHQDXIQDWLRQDOHU(EHQHGLHGHPRNUDWLVFKHQ,QVWLWXWLRQHQVFKZlFKHQ :lKUHQGDXIQDWLRQDOHU(EHQH3UREOHPHGHU9HUNQSIXQJ]ZLVFKHQ*RYHUQDQ FHXQGGHPRNUDWLVFKHQ,QVWLWXWLRQHQDXIWUHWHQEHVWHKWMHQVHLWVGHV1DWLRQDOVWDD WHV HLQ VWUXNWXUHOOHV 8QJOHLFKJHZLFKW ]XODVWHQ GHU 'HPRNUDWLH Ä3UREOHPH GHU .RQJUXHQ] ]ZLVFKHQ SROLF\PDNHUV XQG SROLF\WDNHUV GHU 5HSUlVHQWDWLRQ RGHU GHU 9HUDQWZRUWOLFKNHLW DFFRXQWDELOLW\  XQG 'HOHJDWLRQ SULQFLSDO DJHQW  RGHU 9HUDQWZRUWOLFKNHLWDFFRXQWDELOLW\ VWHOOHQVLFKGDKHUDXIGLHVHQ(EHQHQZHQQ JOHLFK VLFK GLH 9HUELQGXQJ ]ZLVFKHQ *RYHUQDQFH XQG 'HPRNUDWLH KLHU DQGHUV GDUVWHOOWDOVLP1DWLRQDOVWDDWGDNHLQHHQWVSUHFKHQGHQGHPRNUDWLVFKHQ,QVWLWXWL RQHQYRUKDQGHQVLQG³ %HL0XOWLOHYHO*RYHUQDQFHVLQGGLH(QWVFKHLGXQJV]XVDPPHQKlQJHNRPSOL]LHUW 'HU%HGDUIDQ%HWHLOLJXQJZlFKVW)UHLQHVWDUNH'HPRNUDWLHLVWHLQHNRQWLQX LHUOLFKH EUHLWH 3DUWL]LSDWLRQ QRWZHQGLJ 3DUWL]LSDWLRQ EH]LHKW VLFK DXI GHQ (QW VFKHLGXQJVSUR]HVV XQG GDPLW DXI GLH +HUVWHOOXQJ HLQHU JOHLFKEHUHFKWLJWHQ (LQ IOXVVQDKPH DXI GLH 3ROLWLNHUJHEQLVVH DOVR QLFKW QXU DXI GLH :LOOHQVELOGXQJ VRQGHUQ DXFK DXI GLH $XVEXQJ YRQ 0DFKW (LQ 7HLO GHV .RQ]HSWV EHLQKDOWHW HLQH ,QWHUHVVHQNRQYHUJHQ] ]ZLVFKHQ ,QGLYLGXHQ XQG ,QVWLWXWLRQHQ LQ HLQHU *H VHOOVFKDIW)ROJOLFKVROOWHQP|JOLFKVWYLHOHVLFKDQGHU:LOOHQVELOGXQJEHWHLOL JHQ6RYHUVWDQGHQKDW3DUWL]LSDWLRQPHKUHUH'LPHQVLRQHQ3DUWL]LSDWLRQDOV,Q WHUHVVHQILQGXQJ ,QWHUHVVHQlXVVHUXQJ ,QWHUHVVHQDXVJOHLFK .RPPXQLNDWLRQ DOV ZHFKVHOVHLWLJH %LOGXQJ XQG DOV 0LWWHO GHU 9HUVWlQGLJXQJ ZLH DXFK (LQLJXQJ 9RUDXVVHW]XQJ IU HLQH IXQNWLRQVIlKLJH SDUWL]LSDWLYH 'HPRNUDWLH VLQG DQ VSUXFKVYROOH 3UR]HGXUHQ ]XU %HVWLPPXQJ GHU 5HJHOQ GHU .RPPXQLNDWLRQ XQG GHU=XVDPPHQVFKOVVH  



 

,ELG 3$3$'2328/26*RYHUQDQFHXQG'HPRNUDWLH :$/.'HPRNUDWLVFKH+HUDXVIRUGHUXQJHQ  ,ELGI  











( +DQGOXQJVWKHRUHWLVFKH9HUDQWZRUWOLFKNHLW 

+$%(50$6XQGGLH(QW]DXEHUXQJGXUFK'LVNXUV

'LH )UDJH ZDV GLH *HVHOOVFKDIW WURW] ,QWHUHVVHQNRQIOLNWHQ ]XVDPPHQKlOW LVW LPPHUQRFKXQEHDQWZRUWHW:DVEULQJWGLH0HQVFKHQGD]XVLFKJHVHOOVFKDIWOL FKHQ =ZlQJHQ ]X XQWHUZHUIHQ GLH ]XP 7HLO LP :LGHUVSUXFK ]X LKUHQ HJRLVWL VFKHQ ,QWHUHVVHQ VWHKHQ" 'LH *UQGHUYlWHU GHU 6R]LRORJLH KDEHQ GLHVH )UDJHQ LP 5DKPHQ GHU EHVRQGHUV GDPDOV JHVHOOVFKDIWOLFK KRFK ZLUNVDPHQ UHOLJL|VHQ 9RUVWHOOXQJHQJHVWHOOW*OHLFK]HLWLJOHEHQZLUQDFKHLJHQHU9RUVWHOOXQJLQHLQHU =HLW LQ GHU ZLU XQV YRQ VR]LDOHQ =ZlQJHQ HPDQ]LSLHUW KDEHQ :HQQ VLFK GHU PRGHUQH0HQVFKWURW]GHPGHQVR]LDOHQ1RUPHQXQWHUZLUIWGDQQJHVFKLHKWGLHV QXU GHVZHJHQ ZHLO HU GDYRQ EHU]HXJW LVW GDVV VLH LKP VHLQHQ $OOWDJ HUOHLFK WHUQ 'DV LVW MHGHQIDOOV HLQH P|JOLFKH $QWZRUW hEHU]HXJHQG LVW VLH GHVZHJHQ QLFKW ZHLO HYLGHQWHUZHLVH GLH :LUNXQJ GHU 5HOLJLRQ DXI GLH 0HQVFKHQ DXFK KHXWHVWDUNJHQXJLVW$XFKGHUPRGHUQH0HQVFKIROJW5HJHOQGLHVHLQHHJRLVWL VFKHQ ,QWHUHVVHQ QLFKW I|UGHUQ XQG IU GLH HU NHLQHQ UDWLRQDO YHUELQGOLFKHQ *UXQGIULKUH%HIROJXQJDQJHEHQNDQQ,P6LQQHHLQHUIXQNWLRQDOHQ$QDORJLH VWHOOWVLFKGLH)UDJHZLHVLFKZHQQQLFKWWURW]VRGRFKGDQNGHU0RGHUQHGLH *HVHOOVFKDIW OHJLWLPLHUW $XI GLHVH VR]LRORJLVFK ZHLWHUKLQ UHOHYDQWH )UDJH KDW -h5*(1 +$%(50$6 HLQH $QWZRUW HQWZLFNHOW GLH HLQH 6\QWKHVH GHU ELVKHULJHQ 'LVNXVVLRQGDUVWHOOW

D

5HFKWVHQWZLFNOXQJ

+$%(50$6 VLHKW GLH /|VXQJ LP PRGHUQHQ 5HFKWVV\VWHP *HPlVV +$%(50$6 JHZlKUOHLVWHWGDV5HFKWGLH9HUV|KQXQJGHU,QWHUHVVHQGLYHUJHQ]GDDOOHLQHGDV 5HFKWVV\VWHPVRZRKOGLHVR]LRORJLVFKUHOHYDQWHQ0DFKWYHUKlOWQLVVHHQWKlOWZLH DXFK IUGLH MHZHLOLJH KLVWRULVFKH *HVHOOVFKDIWSKLORVRSKLVFKPDVVJHEOLFKH %H ZHUWXQJVPDVVVWlEH NRQ]HQWULHUW DXI GLH QlFKVWK|KHUH $EVWUDNWLRQVHEHQH JH EUDFKWKDW'DV5HFKWVV\VWHPVWHOOWXQWHUYLHOVFKLFKWLJHQ5LVLNHQGLHHLQGHXWLJH 9HUDQWZRUWOLFKNHLWIUGLHJDQ]H*HVHOOVFKDIWVLFKHU'DIUJHKW+$%(50$6 YRQ HLQHULQNUHPHQWHOOHQ5HFKWVHQWZLFNOXQJDXV %HYRULFKGLH5HFKWVHQWZLFNOXQJQDFK+$%(50$6VFKLOGHUHP|FKWHLFKGHQKLV WRULVFKHQ %H]XJ ]X VHLQHP $QVDW] KHUVWHOOHQ LQGHP LFK DXI GDV 6WDDWVEUJHU VFKDIWVNRQ]HSW YRQ 7+20$6 0$56+$// HLQJHKH 0$56+$// YHUWULWW LQ VHLQHP %HLWUDJGLH7KHVHGDVVGLHVR]LDOH8QJOHLFKKHLWLP6WDDWVEUJHUVWDWXVZLHGHU]X 



ILQGHQLVW'LHVHVR]LDOH8QJOHLFKKHLWLVWQDFKLKPQXUGDQQJHVHOOVFKDIWOLFKYHU WUlJOLFK ZHQQ VLH GHQ Ä6FKZHUSXQNW YRQ GHQ 3IOLFKWHQ ]X GHQ 5HFKWHQ³ YHU VFKLHEWXQGZHQQÄ6WDDWVEUJHUVWDWXVLQJHZLVVHU+LQVLFKWVHOEVW]XP$UFKLWHN WHQOHJLWLPHUVR]LDOHU8QJOHLFKKHLWHQJHZRUGHQLVW³0$56+$//XQWHUWHLOWGLH KLVWRULVFKH (QWZLFNOXQJ GHV 6WDDWVEUJHUVWDWXV LQ EUJHUOLFKH SROLWLVFKH XQG VR]LDOH(OHPHQWH'DVEUJHUOLFKH(OHPHQWEHVWHKHDXV*DUDQWLHQIULQGLYLGXHO OH )UHLKHLW )UHLKHLW GHU 3HUVRQ 5HGHIUHLKHLW *HGDQNHQ XQG *ODXEHQVIUHLKHLW (LJHQWXPVIUHLKHLW 9HUWUDJVIUHLKHLW XQG GDV 5HFKW DXI IDLUH *HULFKWVYHUIDKUHQ (LQSROLWLVFKHV(OHPHQWVLHKW0$56+$//LP5HFKWDXIGLH7HLOQDKPHDQSROLWL VFKHU0DFKW:DKOXQG6WLPPUHFKW DXIGLH7HLOQDKPHLP3DUODPHQW(LQVR ]LDOHV (OHPHQW NDQQ QDFK 0$56+$// LP 5HFKW DXI HLQ 0LQGHVWPDVV DQ ZLUW VFKDIWOLFKHU:RKOIDKUWDXIGLH6LFKHUKHLWXQGDXIGLH7HLOQDKPHDQ(U]LHKXQJV ZHVHQXQGVR]LDOHQ'LHQVWHHUNDQQWZHUGHQ0DQN|QQHGLHVH(OHPHQWHYRQ LKUHUKLVWRULVFKHQ(QWZLFNOXQJKHUMHZHLOVHLQHP-DKUKXQGHUW]XRUGQHQQlPOLFK EUJHUOLFKH5HFKWHGHPSROLWLVFKH5HFKWHGHPXQGVR]LDOH5HFKWHGHP -DKUKXQGHUW Ä'LH(QWZLFNOXQJGHV6WDDWVEUJHUVWDWXVEHVWDQG DXVGHPGRSSHOWHQ3UR]HVVGHU 9HUVFKPHO]XQJXQGGHU7UHQQXQJ'LH9HUVFKPHO]XQJZDUJHRJUDILVFKGLH7UHQ QXQJ IXQNWLRQDO 'HU HUVWH HQWVFKHLGHQGH 6FKULWW GDWLHUW YRP ]Z|OIWHQ -DKUKXQ GHUW DOV HLQH N|QLJOLFKH *HULFKWVEDUNHLW DXIJHEDXW XQG PLW 0LWWHOQ DXVJHVWDWWHW ZXUGHGLHEUJHUOLFKHQ5HFKWHYRQ,QGLYLGXHQ]XGHILQLHUHQXQG]XYHUWHLGLJHQ± XQGGDVQLFKWDXIGHU*UXQGODJH|UWOLFKHU*HEUlXFKHVRQGHUQDXIGHUGHVJHPHL QHQ/DQGUHFKWV$OV,QVWLWXWLRQHQZDUHQGLH*HULFKWVK|IH]ZDUQDWLRQDODEHUVSH ]LDOLVLHUW(VIROJWHHLQ3DUODPHQWGDVEHUHLWVGHP$QVDW]QDFKGLHSROLWLVFKHQ%H IXJQLVVHHLQHUQDWLRQDOHQ5HJLHUXQJEHVDVVXQGGDVELVDXIZHQLJH5HVWHGLHIU KHU ]XU &XULD 5HJLV JHK|UWHQ DOOH JHULFKWOLFKHQ )XQNWLRQHQ DEJHJHEHQ KDWWH &XULD5HJLVZDUMHQH$UWNRQVWLWXWLRQHOOHQ3URWRSODVPDVDXVGHPPLWGHU=HLWGLH ]DKOUHLFKHQ 5lWH GHU .URQH GLH .DPPHUQ GHV 3DUODPHQWV XQG GLH *HULFKWVK|IH VLFK HQWZLFNHOWHQ 6FKOLHVVOLFK ZXUGHQ GLH VR]LDOHQ 5HFKWH GLH LQ GHU 0LWJOLHG VFKDIW LQ GHU 'RUIJHPHLQVFKDIW GHU 6WDGW XQG GHU =XQIW ZXU]HOWHQ 6FKULWW IU 6FKULWWGXUFKGHQZLUWVFKDIWOLFKHQ:DQGHODXVJHO|VWELVQLFKWVPHKUDOVGDV$U PHQUHFKWEULJEOLHEZLHGHUXPHLQHVSH]LDOLVLHUWH,QVWLWXWLRQGLHREZRKOHVZHL WHUKLQORNDOYHUZDOWHWZXUGHHLQHQDWLRQDOH*UXQGODJHHUKLHOW³

 

0$56+$//6WDDWVEUJHUUHFKWHXQGVR]LDOH.ODVVHQ ,ELG ,ELG  ,ELG  











0$56+$// EHUVLHKW QLFKW GDVV GLHVH 5HFKWH LQ LKUHU (QWVWHKXQJ DXFK hEHU VFKQHLGXQJHQYRUZHLVHQ6RJHKHQVR]LDOH5HFKWHDXIGLH0LWJOLHGVFKDIWLQOR NDOHQ*HPHLQVFKDIWHQXQG=ZHFNYHUHLQLJXQJHQ]XUFNÄ'LHVH4XHOOHQZXUGHQ GXUFK GDV $UPHQUHFKW XQG HLQ 6\VWHP GHU /RKQIHVWVHW]XQJ ]XHUVW HUJlQ]W XQG GDQQ]XQHKPHQGHUVHW]W6LHZXUGHQDXIHLQHUQDWLRQDOHQ(EHQHNRQ]LSLHUWXQG |UWOLFKYHUZDOWHW³ 'LH(QWZLFNOXQJGHU6WDDWVEUJHUUHFKWHIlOOWQDFK0$56+$//PLWGHP$XIVWLHJ GHV .DSLWDOLVPXV ]XVDPPHQ GHU JUXQGVlW]OLFK DXI 8QJOHLFKKHLWHQ EDVLHUH XQG VLHDXFKSURGX]LHUH(UNRQVWDWLHUWGDVVGLH8QJOHLFKKHLWHQHQWZHGHUDOVÄYHU HUEEDUH .ODVVHQ YRQ 0HQVFKHQ ± 3DWUL]LHU 3OHEHMHU 'LHQHU 6NODYHQ XVZ ³ ± RGHU DXV PLWWHODOWHUOLFKHP )HXGDOLVPXV KHUDXV UHVXOWLHUHQ Ä6R]LDOH .ODVVHQ GHU]ZHLWHQ$UWVLQGZHQLJHUHLQH,QVWLWXWLRQDXVHLJHQHP5HFKWDOVGDV1HEHQ SURGXNWDQGHUHU,QVWLWXWLRQHQ .ODVVHQXQWHUVFKHLGHZHUGHQGXUFKGDV5HFKW XQG GLH JHVHOOVFKDIWOLFKHQ *HEUlXFKH LP PLWWHODOWHUOLFKHQ 6LQQH GHV %HJULIIV  ZHGHU JHVFKDIIHQ QRFK GHILQLHUW VRQGHUQ UHVXOWLHUHQ DXV GHP =XVDPPHQVSLHO HLQHU 9LHO]DKO YRQ )DNWRUHQ GLH PLW GHQ ,QVWLWXWLRQHQ GHV (LJHQWXPV GHU %LO GXQJXQGGHU6WUXNWXUGHUQDWLRQDOHQ9RONVZLUWVFKDIWHQLP=XVDPPHQKDQJVWH KHQ³ 0$56+$//LVWEHPKWHLQHIXQNWLRQDOH(UNOlUXQJIUGLHVR]LDOHQ8QJOHLFKKHL WHQ]XOLHIHUQLQGHPHUGLH8QWHUVFKLHGHHQWZHGHUGHP6WDWXVRGHUGHPQDFK GHP EUJHUOLFKHQ 5HFKW HLQJHVHW]WHQ 9HUWUDJ ]XVFKUHLEW Ä'LH JHZLFKWLJVWH 6FKOXVVIROJHUXQJPHLQHU$UJXPHQWDWLRQLVWGLHGDVVGXUFKGLH%LOGXQJLQLKUHQ %H]LHKXQJHQ]XU%HVFKlIWLJXQJVVWUXNWXU6WDDWVEUJHUUHFKWHDOV,QVWUXPHQWVR]L DOHU 6FKLFKWXQJ ZLUNHQ   'HU GXUFK GLH %LOGXQJ HUODQJWH 6WDWXV GHU LQ GLH :HOWKLQDXVJHWUDJHQZLUGWUlJWGHQ6WHPSHOGHU/HJLWLPLWlWZHLOHUGXUFKHLQH ,QVWLWXWLRQYHUOLHKHQZLUGGLHHLQJHULFKWHWZXUGHGHP%UJHUVHLQHLKP]XVWH KHQGHQ5HFKWH]XHUIOOHQ:DVGHU0DUNWDQELHWHWNDQQDQGHPJHPHVVHQZHU GHQZDVGHU6WDWXVEHDQVSUXFKW:HQQHLQHJURVVH'LVNUHSDQ]DXIWDXFKWZHU GHQ GLH DQVFKOLHVVHQGHQ 9HUVXFKH LKUHU $EVFKDIIXQJ QLFKW GLH )RUP HLQHV +DQGHOV EHU ZLUWVFKDIWOLFKH :HUWH DQQHKPHQ VRQGHUQ GLH HLQHU 'HEDWWH EHU  

,ELG ,ELG  ,ELGI  ,ELG  ,ELG 





VR]LDOH 5HFKWH³ $QVWHOOH HLQHU IXQNWLRQDOHQ (UNOlUXQJ ZLH EHL 0$56+$// XQG HLQHU Ä$Q]DSIXQJ³ DQGHUHU 4XHOOHQ ZLH EHL 6\VWHPWKHRUHWLNHUQ ]XP %HL VSLHO7(8%1(5YJO& JHKW+$%(50$6LQ%H]XJDXIGLHHXURSlLVFKH5HFKWV HQWZLFNOXQJVWUDGLWLRQYRQYLHUÄ9HUUHFKWOLFKXQJVVFKEHQ³DXVGLHDXIHLQDQGHU DXIEDXHQ XQG LQ GHQHQ GLH 6SDQQXQJ ]ZLVFKHQ 6\VWHP XQG /HEHQVZHOW HEHQ IDOOV]XU*HOWXQJNRPPW 'HU %HJULII Ä9HUUHFKWOLFKXQJ³ JHKW DXI GHQ 6R]LRORJHQ XQG -XULVWHQ 2772 .,5&++(,0(5 ±  ]XUFN GHU GHQ %HJULII IU GLH (QWZLFNOXQJ GHU :HLPDUHU 5HSXEOLN ]XP 6R]LDOVWDDW EUDXFKWH 'D +$%(50$6 GDULQ ÄQXU GDV OHW]WH*OLHGLQHLQHU.HWWHYRQ9HUUHFKWOLFKXQJVVFKEHQ³VLHKWJHEUDXFKWHUGHQ %HJULIILQVJHVDPWVRZRKOIUGLH9HUPHKUXQJGHVSRVLWLYHQ5HFKWVZLHDXFKIU GHVVHQ $XVGHKQXQJ 'DPLW ZLOO HU GLH UHFKWOLFKH 1RUPLHUXQJ GHUELVKHU QLFKW NDXP RGHU QXU LQIRUPHOO JHUHJHOWHQ %HUHLFKH HUIDVVW KDEHQ 0LW GHP %HJULII Ä9HUUHFKWOLFKXQJ³ ZLOO +$%(50$6 DXFK HLQH 9HUGLFKWXQJ GHV5HFKWVHUIDVVHQ ZRPLWHUGLH$XVGLIIHUHQ]LHUXQJGHV5HFKWVLQVJHVDPWLP$XJHKDW+$%(5 0$6 VWHOOW YLHU VROFKH 9HUUHFKWOLFKXQJVVFKEH IHVW (U YHUIROJW GDPLW GDV =LHO VHLQH 7KHVH GHU LQQHUHQ .RORQLDOLVLHUXQJ DP %HLVSLHO GHU 9HUUHFKWOLFKXQJ GHV )DPLOLHQ XQG 6FKXOUHFKWV ]X DQDO\VLHUHQ ZRIU HU ]XQlFKVW GLH 9HUUHFKWOL FKXQJVHOEVWDOVHLQHDQDO\WLVFKH(LQKHLWHUIDVVWÄ:HQQHV]XWULIIWGDVVVLFK GLHV\PEROLVFKH5HSURGXNWLRQGHU/HEHQVZHOWQLFKWRKQHSDWKRORJLVFKH1HEHQ HIIHNWH DXI GLH *UXQGODJHQ V\VWHPLVFKHU ,QWHJUDWLRQ XPSROHQ OlVVW XQG ZHQQ JHQDXGLHVHU7UHQGGLHXQYHUPHLGOLFKH1HEHQZLUNXQJHLQHVHUIROJUHLFKHQVR]L DOVWDDWOLFKHQ$UUDQJHPHQWVLVWPVVWHVLFKLQ%HUHLFKHQGHUNXOWXUHOOHQ5HSUR GXNWLRQGHUVR]LDOHQ,QWHJUDWLRQXQGGHU6R]LDOLVDWLRQXQWHUGHQHUZlKQWHQ%H GLQJXQJHQ HLQH $QJOHLFKXQJ DQ IRUPDO RUJDQLVLHUWH +DQGOXQJVEHUHLFKH YROO ]LHKHQ³+LHUJHKWHVGDUXPGLHVH9HUUHFKWOLFKXQJVVFKEHYRU]XVWHOOHQ'LH 7KHVHGHULQQHUHQ.RORQLDOLVLHUXQJGHU.RORQLDOLVLHUXQJGHU/HEHQVZHOWLVWGD PLWQLFKWGDV7KHPD  

,ELG +$%(50$6]lKOWGLH(QWZLFNOXQJGHVEUJHUOLFKHQ6WDDWHVGLH(QWZLFNOXQJGHV5HFKWV VWDDWHV GLH (QWZLFNOXQJ ]XP GHPRNUDWLVFKHQ 5HFKWVVWDDW XQG GLH .RQVWLWXWLRQDOLVLHUXQJ GHVVR]LDOHQXQGGHPRNUDWLVFKHQ5HFKWVVWDDWHVGD]X6LHKHGD]X+$%(50$67KHRULHGHV NRPPXQLNDWLYHQ+DQGHOQV±  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,  ,ELGI  ,ELG 











'HUHUVWH6FKXEZXUGHZlKUHQGGHU=HLWGHV$EVROXWLVPXVPLWGHU(QWZLFNOXQJ ]XP EUJHUOLFKHQ 6WDDW HLQJHOHLWHW 'LH HXURSlLVFKH 6WDDWHQELOGXQJVSKDVH JHKW HLQHUVHLWVPLWGHUHXURSlLVFKHQ5HFKWVHQWZLFNOXQJHLQKHUXQGDQGHUHUVHLWVGLI IHUHQ]LHUWVLFKLQGLHVHU3KDVHGDV5HFKWVV\VWHPXQG:LUWVFKDIWVV\VWHPGHVEU JHUOLFKHQ6WDDWHVDXV'HU6WDDWLVWQLFKWPHKUQDFK6WlQGHQRUJDQLVLHUWVRQGHUQ WUDQVIRUPLHUW VLFK ]X HLQHP EUJHUOLFKHQ 6WDDW GHU GLH SROLWLVFKH 3DUWL]LSDWLRQ PLW GHU ÄNDSLWDOLVWLVFKHQ (UZHUEVJHVHOOVFKDIW YROO]LHKW³ 'DV 5HFKW ]HLFKQHW VLFKGXUFK3RVLWLYLWlW/HJDOLVPXV$OOJHPHLQKHLWXQG)RUPDOLWlWDXV3RVLWLYLWlW XQWHUVWHOOW GHP %UJHU GLH $QHUNHQQXQJGHV :LOOHQV HLQHV VRXYHUlQHQ *HVHW] JHEHUVDXI(UGHQ(LQHUHOLJL|VOHJLWLPLHUWH0DFKWTXHOOHLVWQLFKWPHKU]ZLQJHQG QRWZHQGLJ/HJDOLVPXVGDJHJHQVHW]WDXIGHULQGLYLGXHOOHQ(EHQHDQXQGQLPPW DQGDVVGDVPRGHUQH5HFKWLP*HJHQVDW]]XPVDNUDOHQ5HFKWQLFKWYRQVLWWOL FKHQ 0RWLYHQ GHV 0HQVFKHQ DXVJHKHQ PXVV 'HVZHJHQ ZLUG GHU 8QJHKRUVDP RGHU GLH 0LVVDFKWXQJ GHU 5HFKWVRUGQXQJ QLFKW DOV E|VH HUDFKWHW GHP %UJHU ZLUG HLQ :LOOH XQG IROJOLFK DXFK =XUHFKQXQJV XQG 6FKXOGIlKLJNHLW DWWHVWLHUW )RUPDOLWlWJHKWDXIEDXHQGDXIGHP/HJDOLVPXVSULQ]LSGDYRQDXVGDVVGHU%U JHUGLH:LOONUIUHLKHLWDXVEW,QVJHVDPWNDQQQDFK+$%(50$6IHVWJHVWHOOWZHU GHQGDVVGHUEUJHUOLFKH6WDDWGHQ%UJHUQGLH9HUWUDJVIUHLKHLW]XPXWHW 'DV 5HFKWVV\VWHP VWHKW IU GLH 5HFKWVVLFKHUKHLW GLH GXUFK GLH 6LFKHUVWHOOXQJ GHUIRUPHOOHQ*OHLFKKHLWYRUGHP*HVHW]GLH)UHLKHLW9HUWUlJHHLQ]XJHKHQXQG GDV (LJHQWXPVUHFKW PDWHULHOOH *HVWDOW DQQLPPW 'DUDXI IKUW +$%(50$6 GLH 3DUDGR[LH]XUFNGDVVGHU+HUUVFKHULQGHQ6FKULIWHQYRQ7+20$6 +2%%(6XQ WHUGHP%HJULIIGHV/HYLDWKDQ]XUDOOHLQLJHQ4XHOOHOHJDOHU+HUUVFKDIWKRFKVWLOL VLHUWZLUGXQGJOHLFK]HLWLJDOV/HJLWLPLWlWVTXHOOHGHVIUHLZLOOLJHQ*HVHOOVFKDIWV YHUWUDJV DQJHVHKHQ ZLUG 'HU 9HUWUDJ VLFKHUW GHP +HUUVFKHU GLH 0DFKW XQG GHP%UJHUGLH%HUHLWVFKDIW]XP*HKRUVDP :DVVLFKLQ%H]XJDXIGDV5HFKW JHlQGHUW KDW LVW GDVV GHU *HKRUVDP QLFKW PHKU DXIJUXQG UHOLJL|VPRUDOLVFKHU /HJLWLPDWLRQHUZDUWHWZLUGVRQGHUQGDVVGDV5HFKWIUGLH%H]LHKXQJ]ZLVFKHQ +HUUVFKDIWXQG%UJHUQVWHKWGLHEHU0DFKWXQG*HOGYHUIJHQXQG]XPLQGHVW WKHRUHWLVFKHLQH4XHOOHGHV*HVHOOVFKDIWVYHUWUDJVXQGGHV5HFKWVLQVJHVDPWJH ZRUGHQ VLQG %UJHU VLQG QDFK +$%(50$6 QXU GDQQ 5HFKWVVXEMHNWH ZHQQ VLH LP %HUXIV *HZHUEH XQG %RGHQUHFKW HLQH .RORQLDOLVLHUXQJ LKUHU /HEHQVZHOW   

,ELG +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,I





]XODVVHQ,Q%H]XJDXINXOWXUHOOH5HSURGXNWLRQZLUGGLH/HEHQVZHOWLQGLHVHU 3KDVH DOV ÄGDV QLFKW QlKHU EHVWLPPWH 5HVHUYRLU³ NRORQLDOLVLHUW PLW GHU )ROJH GDVV LQ LKU Ä$UEHLWVOHLVWXQJHQ XQG *HKRUVDPVEHUHLWVFKDIW³ JHVFKDIIHQ ZHU GHQ 'HU +HUUVFKHUVLHKWLQGHU /HEHQVZHOWYHUPHKUWGHQ +RUW GHU 9HUDQNH UXQJ GHU V\VWHPLVFKHQ 0HGLHQ ZLH *HOG XQG 0DFKW GDQN GHP GLH SROLWLVFKH 2UGQXQJ/HJLWLPLWlWJHZLQQW,Q%H]XJDXIVR]LDOH,QWHJUDWLRQVWHOOW+$%(5 0$6 HLQH %HHLQWUlFKWLJXQJ GHU %UJHUIUHLKHLW IHVW Ä'LH ,URQLH GLHVHU )UHLKHLW KDWWHGDULQEHVWDQGHQGDVVGLHVR]LDOH(PDQ]LSDWLRQGHU/RKQDUEHLWHUQlPOLFK GLH)UHL]JLJNHLWXQG)UHLZLOOLJNHLWDXIGLHVLFK$UEHLWVYHUWUDJXQG2UJDQLVDWL RQVPLWJOLHGVFKDIW VWW]WHQ PLW GHU QRUPDWLY JDU QLFKW ]XU .HQQWQLV JHQRPPH QHQ3UROHWDULVLHUXQJLKUHU/HEHQVZHLVHEH]DKOWZHUGHQPXVVWH³ ,P ]ZHLWHQ 6FKXE EHREDFKWHW +$%(50$6 GLH (QWZLFNOXQJ GHV EUJHUOLFKHQ 5HFKWVVWDDWHVZlKUHQGGHU0RQDUFKLHLP'HXWVFKODQGGHV-DKUKXQGHUWV,P GHXWVFKHQ .RQVWLWXWLRQDOLVPXV VLHKW +$%(50$6 GLH LGHDOW\SLVFKH 5HSUlVHQWLH UXQJ GLHVHV 6FKXEV GHU YRQ 9RUPlU]7KHRUHWLNHUQ ZLH .$5/ 921 5277(&. RGHU52%(57921 02+/EHVFKULHEHQZXUGH+$%(50$6VLHKWLQGLHVHP6FKXE GHQ 6FKULWW ÄPLW GHP VLFK GHU PRGHUQH 6WDDW HLQH /HJLWLPLWlW DXV HLJHQHP 5HFKW /HJLWLPDWLRQHQ DXI GHU *UXQGODJH HLQHU PRGHUQHQ /HEHQVZHOW HU ZLUEW³'DQNGLHVHP8PVWDQGZXUGHQGLH%UJHUQLFKWQXUPLWV\VWHPLVFKHQ 0HGLHQ ZLH 0DFKW XQG *HOG VRQGHUQ DXFK YHUIDVVXQJVUHFKWOLFK DXIJHZHUWHW LQGHPVLHHLQNODJEDUHVXEMHNWLY|IIHQWOLFKH5HFKWHJHJHQEHUGHPVRXYHUlQHQ +HUUVFKHUHUKLHOWHQÄDQGHVVHQ:LOOHQVELOGXQJVLHIUHLOLFKQRFKQLFKWGHPRNUD WLVFKWHLOQHKPHQ³ 'LH +HUUVFKDIW ZXUGHZlKUHQG GLHVHU 3KDVH EHU GDV1D WXUUHFKWQXQDXFKQRUPDWLYDQGDV*HVHW]JHEXQGHQÄ'LH*DUDQWLHQGHV/HEHQV GHU)UHLKHLWXQGGHV(LJHQWXPVYRQ3ULYDWSHUVRQHQHUJHEHQVLFKQLFKWPHKUDOV IXQNWLRQDOH 1HEHQZLUNXQJHQ HLQHV SULYDWUHFKWOLFK LQVWLWXWLRQDOLVLHUWHQ *H VFKlIWVYHUNHKUVPLWGHU,GHHGHV5HFKWVVWDDWHVJHZLQQHQVLHYLHOPHKUGHQ5DQJ YRQPRUDOLVFKJHUHFKWIHUWLJWHQ9HUIDVVXQJVQRUPHQXQGSUlJHQGLH6WUXNWXUGHU +HUUVFKDIWVRUGQXQJ LP JDQ]HQ³ 'LH 2UGQXQJ EDVLHUW DXI GHP *HVHW] ZHV  

,ELG ,ELG  ,ELG  ,ELGI  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,,  ,ELG  ,ELG 











ZHJHQ +$%(50$6 IU GLHVH 3KDVH YRQ HLQHU Ä+HUUVFKDIW GHV *HVHW]HV³ DXV JHKW%HUHLWVLQGLHVHU3KDVHPDFKWVLFKGHU'UXFNKLQ]XHLQHU7UHQQXQJGHU ([HNXWLYHYRQGHU-XVWL]EHPHUNEDU =XPGHPRNUDWLVFKHQ5HFKWVVWDDWNDPHVPLWGHU)UDQ]|VLVFKHQ5HYROXWLRQGLH GDQQPLWGHUDPHULNDQLVFKHQ5HYROXWLRQEHVWlWLJWZXUGH-($1-$&48(6 5286 6($8XQG,00$18(/ .$17VLQGGLH]ZHLZLFKWLJVWHQ3KLORVRSKHQGLHVHU3KDVH GHU9HUUHFKWOLFKXQJGHV/HJLWLPDWLRQVSUR]HVVHV-HDXILKUH$UWDUEHLWHQVLHGLH Ä,GHH GHU )UHLKHLW³ KHUDXV GLH EHUHLWV ZlKUHQG GHV 9HUUHFKWOLFKXQJVSUR]HVVHV JHIRUGHUWZXUGHXQGQXQUHFKWOLFKHLQJHO|VWZHUGHQNRQQWH1LFKWQXUGLH%U JHU PLW *HOG XQG 0DFKW VRQGHUQ WKHRUHWLVFK DOOH 0HQVFKHQ LQQHUKDOE GHU 6WDDWVJUHQ]HQ VLQG 7UlJHU GHU 6WDDWVEUJHUVFKDIWVUHFKWH 6WDDWVEUJHU HUKDOWHQ GLHHUNlPSIWHQ7HLOQDKPHUHFKWHLQGHUHQ1DPHQGLHLQ.UDIWJHVHW]WHQ*HVHW]H QLFKWQXUGHVZHJHQ/HJLWLPLWlWEHDQVSUXFKHQZHLOVLHGHQ3ULQ]LSLHQGHU0RUDO ZLH GLH 1DWXUUHFKWVOHKUH  HQWVSUHFKHQ VRQGHUQ KDXSWVlFKOLFK GHVZHJHQ ZHLO ÄVLH GLH GHPRNUDWLVFK JHVLFKHUWH 9HUPXWXQJ IU VLFK KDEHQ GDVV VLH HLQ DOOJH PHLQHV ,QWHUHVVH DXVGUFNHQ XQG GDVV LKQHQ DOOH %HWURIIHQHQ PVVWHQ ]XVWLP PHQ N|QQHQ³ 0DWHULHOOH *HVWDOW QLPPW GLHVHU 6FKXE LQ )RUP GHV DOOJHPHL QHQ :DKOUHFKWV XQG GHV 5HFKWV DXI 2UJDQLVDWLRQVIUHLKHLW IU GLH %LOGXQJ YRQ 9HUElQGHQXQG3DUWHLHQDQ'LH*HZDOWHQWHLOXQJ]ZLVFKHQ*HVHW]JHEXQJ([H NXWLYH XQG 5HFKWVSUHFKXQJ NDQQ LP 3DUODPHQW YHUIDVVXQJVUHFKWOLFK YHUDQNHUW ZHUGHQ ,PYLHUWHQXQGOHW]WHQ6FKXEZXUGHGHUVR]LDOHXQGGHPRNUDWLVFKH5HFKWVVWDDW ÄDOV.RQVWLWXWLRQDOLVLHUXQJHLQHVLQGHU.ODVVHQVWUXNWXUYHUDQNHUWHQVR]LDOHQ*H ZDOWYHUKlOWQLVVHVYHUVWDQGHQ³:lKUHQGGLHVHU9HUUHFKWOLFKXQJVSKDVHZHUGHQ GLH$UEHLWV]HLWEHJUHQ]XQJGLHJHZHUNVFKDIWOLFKH.RDOLWLRQVIUHLKHLWXQGGLH7D ULIDXWRQRPLH VRZLH GHU .QGLJXQJVVFKXW] LQVWLWXWLRQDOLVLHUW +$%(50$6 KHEW KHUYRUGDVVGLHVH5HFKWH]XQlFKVWZHJHQÄGHUXQHLQJHVFKUlQNWHQ'LVSRVLWLRQV JHZDOWXQG2UJDQLVDWLRQVPDFKWGHU3ULYDWHLJHQWPHUDQ3URGXNWLRQVPLWWHO³JH EXQGHQZDUHQ

 

,ELG ,ELG  ,ELG  ,ELG  +$%(50$67KHRULHGHVNRPPXQLNDWLYHQ+DQGHOQV,, 





'LHVHQ YLHU 9HUUHFKWOLFKXQJVVFKEHQ PXVV QLFKW ]ZLQJHQG HLQ IQIWHU IROJHQ DQJHVLFKWV GHU EHVWHKHQGHQ /HUQHIIHNWH XQG WHFKQRORJLVFKHQ 0|JOLFKNHLWHQ NDQQGDV5HFKWVV\VWHPDXVGHQ(UIDKUXQJHQGLHVHUYLHU9HUUHFKWOLFKXQJVFKEH OHUQHQ XQG LQ GHU =XVDPPHQDUEHLW PLW DQGHUHQ 6XEV\VWHPHQ GLH 9HUDQWZRUW OLFKNHLWIUGLH5LVLNHQLQGHU*HVHOOVFKDIWEHUQHKPHQ'DIUVSULFKWGLH)XQN WLRQ GHV 5HFKWV LQ PRGHUQHQ *HVHOOVFKDIWHQ GLH VLFK DXV V\VWHP ZLH DXFK KDQGOXQJVWKHRUHWLVFKHU6LFKWGXUFK3OXUDOLVPXVDXV]HLFKQHQ 1DFK+$%(50$6VLQG5HFKWXQG*HVHOOVFKDIW]XJOHLFK6\VWHPXQG/HEHQVZHOW 0HGLXPXQG,QVWLWXWLRQ'DV5HFKWVV\VWHPPXVVJOHLFK]HLWLJGHUJHVHOOVFKDIWOL FKHQ1RUPDWLYLWlWZLHDXFKGHU)DNWL]LWlWHQWVSUHFKHQ5HFKWZDUXQGEOHLEWLQ VRIHUQÄHLQ]XWLHIVW]ZHLGHXWLJHV0HGLXPGHUJHVHOOVFKDIWOLFKHQ,QWHJUDWLRQ³ 1DFK +$%(50$6 ZXUGHQ LQ GHU 0RGHUQH GLH VHJPHQWlU RUJDQLVLHUWHQ YRUPR GHUQHQ*HPHLQVFKDIWHQLPPHUVWlUNHUGXUFKHLQHQ]LYLOJHVHOOVFKDIWOLFKDQJHOHJ WHQ 3OXUDOLVPXV GHU /HEHQVDUWHQ GHU IXQNWLRQDO GLIIHUHQ]LHUWHQ *HVHOOVFKDIWHQ HUZHLWHUW/DXW+$%(50$6XQWHUVFKHLGHWVLFKGLHPRGHUQH*HVHOOVFKDIWYRQGHQ YRUPRGHUQHQ *HVHOOVFKDIWHQ ZHLO VLH HLQ ,QGLYLGXXP YRUDXVVHW]W GDV LQ GHU .RPPXQLNDWLRQ PLW DQGHUHQ 0HQVFKHQ GLH *UXQGODJHQ VHLQHV :HUWHV\VWHPV DXFK]ZHFNUDWLRQDOUHFKWIHUWLJHQNDQQ'LHVH5HIOH[LYLWlWHUZDUWHWHVDXFKYRQ GHQ,QVWLWXWLRQHQGKYRQ6WDDWXQGYRQ5HFKW$XIGHUDQGHUHQ6HLWHPXVVXQG NDQQGDV5HFKWQLFKWQXUUHIOH[LYXQGQXUQRFKORJLVFKVHLQ(VVROODEHU]XPLQ GHVW LP ,QVWLWXWLRQDOLVLHUXQJVYRUJDQJ HLQH ÄUHIOH[LY JHZRUGHQH OHJLWLPH 2UG QXQJ³KHUVWHOOHQN|QQHQ'DVVRYHUVWDQGHQH5HFKWJHKWLQGHU0RGHUQHPLW SROLWLVFKHU0DFKWPLWGHP6WDDWHLQH6\QWKHVHHLQ'HU6WDDWJDUDQWLHUWGHQ%H VWDQGGHU,QVWLWXWLRQHQIU5HFKWVSUHFKXQJXQG5HFKWVGXUFKVHW]XQJ*OHLFK]HL WLJ OHJLWLPLHUW VLFK GDV SROLWLVFKH 6\VWHP GXUFK GDV 5HFKW Ä6R IRUGHUQ VLFK VWDDWOLFK VDQNWLRQLHUWHV 5HFKW XQG UHFKWVI|UPLJ DXVJHEWH SROLWLVFKH 0DFKW JH JHQVHLWLJ³ 1XQN|QQHGHP5HFKWGHVZHJHQQRUPDWLYHUE]ZOHJLWLPDWRULVFKHU*HKDOWHLQ JHUlXPWZHUGHQZHLOHVÄGXUFKHLQ9HUIDKUHQGHU5HFKWVHW]XQJGDV/HJLWLPLWlW HU]HXJW³ ]XVWDQGH NRPPW $OV OHJLWLPHV 5HFKW EOHLEH QXU EHVWHKHQ ZDV LQ  

+$%(50$6)DNWL]LWlWXQG*HOWXQJI/8+0$11'DV5HFKWGHU*HVHOOVFKDIWII +$%(50$6)DNWL]LWlWXQG*HOWXQJ  ,ELG  ,ELG  ,ELG 











GHQ 'LVNXUVHQ YRQ DOOHQ 5HFKWVDGUHVVDWHQ DOV JOWLJ HUDFKWHW ZHUGH Ä9RQ GHQ 5HFKWHQ JHKHQ ZLU ]X HLQHU UHFKWVI|UPLJ RUJDQLVLHUWHQ +HUUVFKDIW EHU GHUHQ $XVEXQJ DQ OHJLWLPHV 5HFKW JHEXQGHQ VHLQ VROO   3ROLWLVFKH +HUUVFKDIW VWW]WVLFKDXIHLQ'URKSRWHQWLDOGDVYRQNDVHUQLHUWHQ*HZDOWPLWWHOQJHGHFNWLVW JOHLFK]HLWLJOlVVWVLHVLFKDEHUGXUFKOHJLWLPHV5HFKWDXWRULVLHUHQ :lKUHQG GDV5HFKWXQJHDFKWHWVHLQHU3RVLWLYLWlWYRQ+DXVDXVQRUPDWLYH*HOWXQJEHDQ VSUXFKWVWHKWGLH0DFKWXQJHDFKWHWLKUHU$XWRULVLHUXQJDOV0LWWHOIUGLH(UUHL FKXQJNROOHNWLYHU=LHOHHLQHPSROLWLVFKHQ:LOOHQ]XU'LVSRVLWLRQ³ Ä'LHVHULQWHUQH=XVDPPHQKDQJGHV5HFKWVPLWSROLWLVFKHU0DFKW³NHQQ]HLFK QHW PRGHUQH *HVHOOVFKDIWHQ 6LH EHVWHKHQ DXV HLQHP 6\VWHP YRQ 5HFKWHQ GLH DXV HLQHU 7HLOQHKPHUSHUVSHNWLYH HQWZLFNHOW ZXUGHQ 'LHVHQ DXFK VXEMHNWLY DQ HUNDQQWHQ 5HFKWHQ ZLUGGXUFKGLH 2UJDQLVDWLRQGHU NROOHNWLY YHUELQGOLFKHQ ,Q VWLWXWLRQHQ /HJLWLPLWlW YHUOLHKHQ 'DV 5HFKW DXI JOHLFKH VXEMHNWLYH +DQGOXQJV IUHLKHLW ZLUG LQ *UXQGUHFKWHQ LQVWLWXWLRQDOLVLHUW IU GHUHQ 'XUFKVHW]XQJ GLH 6DQNWLRQVJHZDOW HLQHU 2UJDQLVDWLRQ QRWZHQGLJ LVW ,Q GLHVHP 9HUVWlQGQLV ZLUG GHU6WDDWDOVHLQH,QVWDQ]GHU9HUDQWZRUWOLFKNHLWHLQJHVHW]WGLHGLHSULYDWH$X WRQRPLHXQGGLH5HFKWVJOHLFKKHLWGHU%UJHUJHZlKUOHLVWHW :DVELVDQKLQDOV5HJLHUXQJVNXQVWDOV:LVVHQVFKDIWDOVHLQH3DUDGR[LHDQJH VHKHQZXUGHNDQQQXQLQGHQ'LVNXUVHQDOVHLQYHUQQIWLJHU.RQVHQVXQWHUGHQ 5HFKWVDGUHVVDWHQ HLQHU KLVWRULVFKHQ *HVHOOVFKDIW DXVJHPDFKW ZHUGHQ 1LFKW PHKU GHU /HJDOLVPXV VRQGHUQ GLH .UDIW GHV EHVVHUHQ $UJXPHQWV JHZLQQW GLH 2EHUKDQG:DV7(8%1(5DXIHPSLULVFKHU(EHQH]HLJHQZLOODUEHLWHW+$%(50$6 DXI WKHRUHWLVFKHU (EHQH KHUDXV 'DV PRGHUQH 5HFKW LVW GDQQ :LVVHQV XQG +DQGOXQJVV\VWHP]XJOHLFKZHQQHVGLHJHVHOOVFKDIWOLFKHQ5LVLNHQLQGLHJHVHOO VFKDIWOLFKHQ 9HUDQWZRUWOLFKNHLWHQ EHUVHW]HQ NDQQ 5LVLNR XQG 9HUDQWZRUW OLFKNHLWVLQGGDPLWQLFKWGLH]ZHL6HLWHQHLQHU)RUPVRQGHUQ)ROJHQKLVWRULVFK NXOWXUHOO EHGLQJWHU (QWVFKHLGXQJHQ HLQHV JDQ] EHVWLPPWHQ 7\SV GHU *HVHOO VFKDIWLQGLHMHGHU0HQVFKKLQHLQJHERUHQZLUGXQGLQGHUMHGHU0HQVFKEHUGLH 0|JOLFKNHLWMHGHQ(QWVFKHLG]XVHLQHP*XQVWHQ]XOHQNHQYHUIJHQZLOO

 

+$%(50$6)DNWL]LWlWXQG*HOWXQJ ,ELG  ,ELGI 





E

)DNWL]LWlWXQG*HOWXQJ

6R]LRORJHQ-XULVWHQXQG3KLORVRSKHQVLQGVLFKNDXPGDULQHLQLJZLHGDV9HU KlOWQLVYRQ)DNWL]LWlWXQG*HOWXQJ]XEHVWLPPHQLVW-HQDFK6WDQGSXQNWJHODQ JHQVLH]XDQGHUHQ)RUVFKXQJV]LHOHQ+$%(50$6KDWPLWVHLQHP:HUN)DNWL]LWlW XQG*HOWXQJGDV=LHOYHUIROJWGLHSRVWXOLHUWH6SDQQXQJ]ZLVFKHQ)DNWL]LWlWXQG *HOWXQJ]XEHUEUFNHQZRPLWHUGHQ$QVSUXFKHUKHEWGLHKLVWRULVFKH*HJHQ EHUVWHOOXQJ ]ZLVFKHQ *HVHOOVFKDIW XQG 9HUQXQIW =ZDQJ XQG )UHLKHLW  HLQHU VHLWVXQGGHU$XWRQRPLHDQGHUHUVHLWV]XEHUZLQGHQ,QVHLQHU7KHRULHGHVNRP PXQLNDWLYHQ+DQGHOQVKDWHUGLH(YROXWLRQGHV5HFKWVLQGLHVHQYLHU9HUUHFKW OLFKXQJVVFKEHQ UHNRQVWUXLHUW 'RFKGDVLVW QRFKNHLQH (UNOlUXQJGHV 9HUKlOW QLVVHV YRQ )DNWL]LWlW XQG *HOWXQJ 'DV KROW HU QDFK LQ )DNWL]LWlW XQG *HOWXQJ 'DULQVXFKWHUGHQ.RQVHQVLPPRGHUQHQ5HFKWGDHUIUGLHPRGHUQH*HVHOO VFKDIW DQQLPPW GDVV VLH DXI HLQHP 0HFKDQLVPXV YRQ $QGURKXQJ lXVVHUHU 6DQNWLRQHQXQGGHUÄ8QWHUVWHOOXQJHLQHVUDWLRQDOPRWLYLHUWHQ(LQYHUVWlQGQLVVHV EHUXKW³'DIUYHUZHLVWHU]XQlFKVWDXIGLHOLQJXLVWLVFKH:HQGHZRQDFKVLFK *HGDQNHQXQG7DWVDFKHQLQGHUREMHNWLYJHJHEHQHQ:HOWZLHGHUILQGHQXQG]ZDU SURSRUWLRQDO ]X LKUHP *HKDOW LQ GDUJHVWHOOWHQ 6lW]HQ XQG DXVJHGUFNWHQ 6DFK YHUKDOWHQ 6SUDFKH ZLUG LQ GHU 5HJHO DOV HLQH )RUP GHU ,QIRUPDWLRQVEHUWUDJXQJ HLQJH VHW]W hEHUQLPPW VLH MHGRFK HLQH KDQGOXQJVNRRUGLQLHUHQGH 5ROOH LVW VLH ]X JOHLFK HLQ 0HGLXP VR]LDOHU ,QWHJUDWLRQ 1XU LQ GLHVHP OHW]WHQ )DOO UHGHW +$  %(50$6 YRQ VR]LDOHP +DQGHOQ  'DYRQ XQWHUVFKHLGHW HU GDV NRPPXQLNDWLYH +DQGHOQ.RPPXQLNDWLYHV+DQGHOQKDWHLQHQHQJHQ%H]XJ]XU/HEHQVZHOWGD +$%(50$6 DQQLPPW GDVV ZLU XQV ZlKUHQG GHV NRPPXQLNDWLYHQ +DQGOXQJV PRGXVLQGHU/HEHQVZHOWEHILQGHQGDZLUGHP,GHDOELOGQDFKQXUGRUWDXVHLQHU XQYHUPLWWHOWHQ*HZLVVKHLWGLVWDQ]ORVOHEHQXQGVSUHFKHQ'LH+DQGOXQJYHU IROJWLQGLHVHP)DOOQLFKWGDV=LHOHLQHVYHUQQIWLJHQ.RQVHQVHVE]Z$XVZHJV VRQGHUQ LVW GHU $XVGUXFN HLQHU DXWKHQWLVFKHQ ZDKUKDIWLJHQ XQG ZDKUKDIWHQ 6WHOOXQJQDKPHGLHDXVHLQHP+LQWHUJUXQGZLVVHQDEJHOHLWHWLVWÄ,KP>GHP+LQ WHUJUXQGZLVVHQ@IHKOWGHULQWHUQH%H]XJ]XU0|JOLFKNHLWGHV3UREOHPDWLVFKZHU GHQVZHLOHVHUVWLP$XJHQEOLFNGHV$XVJHVSURFKHQZHUGHQVPLWNULWLVLHUEDUHQ  

+$%(50$6)DNWL]LWlWXQG*HOWXQJ ,ELG ,ELGI  ,ELG  











*HOWXQJVDQVSUFKHQLQ%HUKUXQJNRPPWDEHULQGLHVHP$XJHQEOLFNGHU7KH PDWLVLHUXQJ QLFKW OlQJHU DOV OHEHQVZHOWOLFKHU +LQWHUJUXQG IXQJLHUW VRQGHUQ LQ VHLQHU 0RGDOLWlW DOV +LQWHUJUXQGZLVVHQ ]HUIlOOW 'DV +LQWHUJUXQGZLVVHQ NDQQ QLFKWDOVVROFKHVIDOVLIL]LHUWZHUGHQHV]HUVHW]WVLFKVREDOGHVLQGHPHVWKHPD WLVLHUW ZLUG LQ GHQ 6WUXGHO YRQ 3UREOHPDWLVLHUXQJVP|JOLFKNHLWHQ KLQHLQJHUlW :DVLKPVHLQHHLJHQWPOLFKH6WDELOLWlWYHUOHLKWXQGHVJHJHQGHQ'UXFNNRQWLQ JHQ]HU]HXJHQGHU (UIDKUXQJHQ ]XQlFKVW LPPXQLVLHUW LVW GLH HLJHQDUWLJH (LQHE QXQJGHU6SDQQXQJ]ZLVFKHQ)DNWL]LWlWXQG*HOWXQJ« ³ +$%(50$6 ZLOO )DNWL]LWlW XQG *HOWXQJ LQ HLQHP OHEHQVZHOWOLFKHQ .RQWH[W ]X VDPPHQEULQJHQLQGHQHUDXFKGDVPRGHUQH5HFKWHLQEHWWHW*OHLFK]HLWLJZHLVV HUGDVVDXFKGLH/HEHQVZHOWHLQHU:DQGOXQJXQWHUZRUIHQLVWXPPLWGHU.RP SOH[LWlWGHU*HVHOOVFKDIWZLHDXFKGHU3OXUDOLVLHUXQJYRQ/HEHQVIRUPHQ6FKULWW ]XKDOWHQ,QGLHVHP3UR]HVVZLUGVLHHLQHU5DWLRQDOLVLHUXQJXQWHU]RJHQ(UIDVVW GLHVHQ8PVWDQGDEHUDOVHLQH(QW]DXEHUXQJVP|JOLFKNHLWDXIGDGLHOHEHQVZHOW OLFKHQ +LQWHUJUXQGEHU]HXJXQJHQ LP 0RPHQW HLQHU .RQIURQWDWLRQ%HJHJQXQJ PLW DQGHUHQ /HEHQVDUWHQ ]X HLQHU NRPPXQLNDWLY YHUIOVVLJWHQ hEHUOLHIHUXQJ YRQ 5HFKWVYRUVWHOOXQJHQ IKUWHQ 'LH *HOWXQJ HLQHU VR]LDOHQ 2UGQXQJ JHKW LQ GLHVHP OHW]WHQ )DOO QLFKW PHKU DXI OHEHQVZHOWOLFKH +LQWHUJUXQGEHU]HXJXQJHQ ]XUFN VRQGHUQ DXI GLH NRPPXQLNDWLYHQ +DQGOXQJHQ VWUDWHJLVFK KDQGHOQGHU $NWHXUH'LH$NWHXUHKDEHQLQGLHVHP)DOOLKUH3ULQ]LSLHQ=LHOH0RWLYHXQG 0LWWHO RIIHQ]XOHJHQ GD VLH DXI YRUNRPPXQLNDWLYH ,QWHUDNWLRQHQ ZHLWJHKHQG YHU]LFKWHQPVVHQÄ6RYHUVFKLHEWVLFKGLH%UGHGHUVR]LDOHQ,QWHJUDWLRQLPPHU ZHLWHUDXIGLH9HUVWlQGLJXQJVOHLVWXQJHQYRQ$NWRUHQIUGLH*HOWXQJXQG)DN WL]LWlWDOVRGLHELQGHQGH.UDIWYRQUDWLRQDOPRWLYLHUWHQhEHU]HXJXQJHQXQGGHU DXIHUOHJWHQ.UDIWlXVVHUHU6DQNWLRQHQMHGHQIDOOVDXVVHUKDOEGHUGXUFK6LWWHXQG *HZRKQKHLW UHJXOLHUWHQ +DQGOXQJVEHUHLFKH LQNRPSDWLEHO DXVHLQDQGHUJHWUHWHQ VLQG³ 'DV 5HFKW DOV ELQGHQGH XQG PRWLYLHUHQGH 5HJVDPNHLW O|VW LQ GHU 0RGHUQH GLH ELV DQKLQLP 5DKPHQGHU6LWWHQGHU 5HOLJLRQRGHUGHUSKlQRPHQRORJLVFKYHU VWDQGHQHQ /HEHQVZHOWNRQ]HSWH ]XJHPXWHWH VR]LDOH (LQLJXQJ DE +LVWRULVFK LVW GDV5HFKW]XQlFKVWWDXWRORJLVFKGXUFKVLFKVHOEVWEHVWLPPW0LWGHU0|JOLFKNHLW GHU'HURJDWLRQEOHLEWQXUGDVDOV5HFKWEHVWHKHQGHPEHVWHKHQGHUHFKWOLFKH,Q  

,ELG +$%(50$6)DNWL]LWlWXQG*HOWXQJ  ,ELG 





VWLWXWLRQHQ5HFKWVNUDIW YHUOHLKHQ 'LHVR]LDOH *HOWXQJGHV 5HFKWV KLQJHJHQEH VWLPPWVLFKQDFKGHP*UDGVHLQHU'XUFKVHW]XQJVIlKLJNHLWQDFKGHP*UDGVHL QHU &KDQFHQ DN]HSWLHUW ]X ZHUGHQ $QGHUV DOV %UDXFK XQG 6LWWH ]HLFKQHW VLFK GDVJHVHW]WH5HFKWGXUFKGLH/HJLWLPLWlWDXVGXUFKUDWLRQDOH*HVHW]JHEXQJVYHU IDKUHQ GLH YRU LKUHUVHLWV UHFKWOLFK JHVHW]WHQ *HULFKWHQ HLQNODJEDUEOHLEHQ 'DV 5HFKWKDWVRPLWEHLGH.RPSRQHQWHQGLH/HJDOLWlWXQGGLH/HJLWLPLWlWHLQHUEH VWLPPWHQ +DQGOXQJVZHLVH .HUQ HLQHU PRGHUQHQ 5HFKWVRUGQXQJ LVWGDVVVLH IUHUZQVFKWH+DQGOXQJHQUH]LSURNH$QHUNHQQXQJXQWHUGHQ$GUHVVDWHQHUIRU GHUWDEHUDXFKLP)DOOHHLQHUXQHUZQVFKWHQ+DQGOXQJVZHLVHOHJLWLPLHUWH6DQN WLRQVNUDIW KDW ,Q GHQ YRUPRGHUQHQ *HVHOOVFKDIWHQ KDWWHQ GLH PRUDOLVFKUHOL JL|VHQ1RUPHQGLHVH5ROOHLQQHGLHLQGHU5HJHOPLWEHUSRVLWLYHQ$QQDKPHQ JHUHFKWIHUWLJWZXUGHQ0LWGHU3RVLWLYLHUXQJGHV5HFKWVZXUGHGLHEHUSRVLWLYH ,QVWDQ] LP *HVHW]JHEXQJVSUR]HVV JHIXQGHQ 1LFKW 7UDGLWLRQ 6LWWH RGHU *RWW VRQGHUQ GLH IUHL DVVR]LLHUWH 5HFKWVJHPHLQVFKDIW VROOWH 4XHOOH GHV 5HFKWV VHLQ $XFK VLQG GLH 5HFKWVDGUHVVDWHQ QLFKW PHKU *HVFK|SIH *RWWHV VRQGHUQ KDEHQ 6WDDWVEUJHUVFKDIWHQXQGLKU:LOOHHQWVSULFKWGHQ*HVHW]HQGHUMHZHLOLJHQKLV WRULVFKHQ*HVHOOVFKDIWHQ Ä(LQHUVHLWVELHWHWGLHVWDDWOLFKH*DUDQWLHGHU5HFKWVGXUFKVHW]XQJHLQIXQNWLRQDOHV bTXLYDOHQW IU GLH (UZDUWXQJVVWDELOLVLHUXQJ GXUFK EDQQHQGH $XWRULWlW :lKUHQG GLH ZHOWELOGJHVWW]WHQ ,QVWLWXWLRQHQ GLH YHUKDOWHQVVWHXHUQGHQ hEHU]HXJXQJHQ GXUFK.RPPXQLNDWLRQVHLQVFKUlQNXQJIL[LHUHQHUODXEWGDVPRGHUQH5HFKWhEHU ]HXJXQJHQ GXUFK 6DQNWLRQHQ ]X HUVHW]HQ LQGHP HV GLH 0RWLYH GHU 5HJHOEHIRO JXQJIUHLVWHOOWDEHU1DFKDFKWXQJHU]ZLQJW,QEHLGHQ)lOOHQZLUGHLQH'HVWDELOL VLHUXQJ GXUFK EHJUQGHWHQ 'LVVHQV GDGXUFK YHUPLHGHQ GDVV GLH $GUHVVDWHQ GLH *HOWXQJGHU1RUPHQGHQHQVLHIROJHQVROOWHQQLFKWLQ)UDJHVWHOOHQN|QQHQ'LH VHVÃ1LFKWN|QQHQµJHZLQQWIUHLOLFKHLQHQDQGHUHQQlPOLFK]ZHFNUDWLRQDOHQ6LQQ ZHLO VLFK GHU *HOWXQJVPRGXV VHOEHU YHUlQGHUW :lKUHQG LP *HOWXQJVVLQQ DXWRUL WlWVJHEXQGHQHUhEHU]HXJXQJHQ)DNWL]LWlWXQG*HOWXQJYHUVFKPHO]HQWUHWHQEHLGH 0RPHQWH LQ GHU 5HFKWVJHOWXQJ DXVHLQDQGHU ± GLH GXUFKJHVHW]WH $N]HSWDQ] GHU 5HFKWVRUGQXQJZLUGYRQGHU$N]HSWDELOLWlWGHU*UQGHDXIGLHVLHLKUHQ/HJLWLPL WlWVDQVSUXFKVWW]WXQWHUVFKLHGHQ'LHVHGRSSHOWH.RGLHUXQJYHUZHLVWDQGHUVHLWV DXIGHQ8PVWDQGGDVVGLH3RVLWLYLWlWXQGGHU$QVSUXFKDXI/HJLWLPLWlWGHV5HFKWV DXFK MHQHU (QWVFKUlQNXQJ GHU .RPPXQLNDWLRQ 5HFKQXQJ WUDJHQ GLH JUXQGVlW] OLFK DOOH 1RUPHQ XQG :HUWH GHU NULWLVFKHQ hEHUSUIXQJ DXVVHW]W 'LH 5HFKWVJH QRVVHQ PVVHQ XQWHUVWHOOHQ GUIHQ GDVV VLH LQ IUHLHU SROLWLVFKHU 0HLQXQJV XQG :LOOHQVELOGXQJGLH5HJHOQGHQHQVLHDOV$GUHVVDWHQXQWHUZRUIHQVLQG DXFKVHO

 

,ELG











EHU DXWRULVLHUHQ ZUGHQ $OOHUGLQJV ZLUG GLHVHU /HJLWLPDWLRQVSUR]HVV ]XP %H VWDQGWHLO GHV 5HFKWVV\VWHPV ZHLO HU JHJHQEHU GHQ .RQWLQJHQ]HQ GHU IRUPORV IORWWLHUHQGHQ $OOWDJVNRPPXQLNDWLRQ VHOEHU GHU UHFKWOLFKHQ ,QVWLWXWLRQDOLVLHUXQJ EHGDUI9RUEHKDOWOLFKGLHVHU.RPPXQLNDWLRQVHLQVFKUlQNXQJZLUGGDV'DXHUULVLNR GHV:LGHUVSUXFKVGLVNXUVLYDXI'DXHUJHVWHOOWXQGLQGHU3URGXNWLYNUDIWHLQHUSUl VXPSWLY YHUQQIWLJHQ SROLWLVFKHQ 0HLQXQJV XQG :LOOHQVELOGXQJ XPJHZDQ GHOW³

'HU6WDDWVHLQHUVHLWVKDWGLH$XIJDEHIUGLHUHFKWVI|UPLJDXVJHEWHSROLWLVFKH 0DFKWGLH5HFKWVSUHFKXQJXQGGLH5HFKWVGXUFKVHW]XQJLQ)RUPHLQHUSROLWLVFK RUJDQLVLHUWHQ +LHUDUFKLH YRQ bPWHUQ ]X HUP|JOLFKHQ 'HU 6WDDW JDUDQWLHUW GHP %UJHU GLH 0|JOLFKNHLW VLFK GHQ WUDGLWLRQDOHQ *HPHLQVFKDIWVIRUPHQ ]X HQW]LHKHQXQGLQGLHSOXUDOLVWLVFKH=LYLOJHVHOOVFKDIW]XLQWHJULHUHQ'LH5HFKWV DGUHVVDWHQUHJHOQLKUH.RQIOLNWHQLFKWPHKUDXIGHU%DVLVYRQ*HZRKQKHLW/R\ DOLWlWRGHU9HUWUDXHQVRQGHUQHLQHUVHLWVEHUQHJDWLYH 5HFKWHDOV,QGLYLGXXP XQG DQGHUHUVHLWV EHU SRVLWLYH  SROLWLVFKH 7HLOQDKPHUHFKWH DOV 6WDDWVEUJHU E]Z6WDDWVEUJHULQ :HLO +$%(50$6 XQWHU GHP 5HFKW ÄHLQH UHIOH[LY JHZRUGHQH OHJLWLPH 2UGQXQJ ]XU *HVHOOVFKDIWVNRPSRQHQWH GHU /HEHQVZHOW³ YHUVWHKW PXVV HU HV VRZRKO LQ OHJLWLPH 2UGQXQJHQ ZLH DXFK LQGLH /HEHQVZHOW HLQEHWWHQ XQG ]ZDU EHU HLQH NRPPXQLNDWLYH +DQGOXQJ :LH GLH VXEMHNWLYHQ )UHLKHLWHQ MHGHP 6XEMHNW GLH *UHQ]HQVHLQHU:LOONUIUHLKHLWXPUHLVVHQEHUODVVHQHVDXVGHU6LFKWHLQHVGH PRNUDWLVFKHQ *HVHW]JHEXQJVYHUIDKUHQV DXFK GLH SROLWLVFKHQ 5HFKWH GHP 5HFKWVVXEMHNW0RWLYHIUUHJHONRQIRUPHV9HUKDOWHQ]XILQGHQPLWGHU9RUDXV VHW]XQJ GDVV VHLQH +DQGOXQJVPD[LPH D  DXV GHP 9HUVWlQGLJXQJVSUR]HVV DE OHLWEDU VHL XQG VLFK GDPLW E  DP *HPHLQZRKO ]X RULHQWLHUHQ KDEH 'DIU VSULFKWIU +$%(50$6GLH)XQNWLRQGHV5HFKWVLQPRGHUQHQ*HVHOOVFKDIWHQGDV ÄHLQHQ LQWHUQHQ =XVDPPHQKDQJ PLW GHU VR]LDOLQWHJUDWLYHQ .UDIW NRPPXQLNDWL YHQ +DQGHOQV³ DXIUHFKW]XHUKDOWHQ KDEH 'DV SRVWXOLHUWH 3DUDGR[ Ä]ZLVFKHQ VXEMHNWLYSULYDWHQ)UHLKHLWHQXQGVWDDWVEUJHUOLFKHU$XWRQRPLH³O|VW+$%(50$6 PLW GHP 'LVNXUVEHJULIIV GHV 5HFKWV DXI LQGHP HU ]XQlFKVW DXI GDV 9HUKlOWQLV ]ZLVFKHQVXEMHNWLYHPXQG|IIHQWOLFKHP5HFKWLQGHU5HFKWVGRJPDWLNXQGGDQQ DXIGLH6SDQQXQJ]ZLVFKHQGHQ0HQVFKHQUHFKWHQXQGGHU9RONVVRXYHUlQLWlWLQ  

+$%(50$6)DNWL]LWlWXQG*HOWXQJI ,ELG +$%(50$6)DNWL]LWlWXQG*HOWXQJ  ,ELG  





GHU7UDGLWLRQGHV9HUQXQIWUHFKWVGHUSROLWLVFKHQ3KLORVRSKLHHLQJHKW+$%(5 0$6IRUPXOLHUWPLW.$176/HKUHEHUGDV9HUKlOWQLV]ZLVFKHQ0RUDOXQG5HFKW GLH*OHLFKXUVSUQJOLFKNHLWVWKHVHZRIUHU]XQlFKVWGDV'HPRNUDWLHSULQ]LSGHP 0RUDOSULQ]LS XQWHURUGQHW XQG GDQQ PLWKLOIH GHU 'LVNXUVWKHRULH GLH SULYDWH XQG |IIHQWOLFKH $XWRQRPLH PLW GHQ 0HQVFKHQUHFKWHQ XQG GHU 9RONVVRXYHUlQLWlW LQ HLQH UH]LSURNH %H]LHKXQJ VHW]W *OHLFKXUVSUQJOLFK LVW GDPLW GLH *HQHVH GHU 5HFKWHDXILQGLYLGXHOOHUZLHDXFKDXIJHVHOOVFKDIWOLFKHU(EHQH +$%(50$6 ZLOO HLQH IXQNWLRQDOH (UNOlUXQJ IU GDV 9HUKlOWQLV YRQ 5HFKW XQG 0RUDOHUEULQJHQXQGNHLQHQRUPDWLYH%HJUQGXQJ'DIUQLPPWHUDQGDVVVLFK .$176$EVWUDNWLRQHQ±:LOONUlXVVHUHV9HUKlOWQLV=ZDQJVEHIXJQLV±DXI$G UHVVDWHQGHV5HFKWVXQGQLFKWDXIGHVVHQ8UKHEHUEH]LHKHQÄ'DV5HFKWDEV WUDKLHUW HUVWHQV YRQ GHU )lKLJNHLW GHU $GUHVVDWHQ LKUHQ :LOOHQ DXV IUHLHQ 6W FNHQ]XELQGHQXQGUHFKQHWPLWGHUHQ:LOONU'DV5HFKWDEVWUDKLHUWIHUQHUYRQ GHU OHEHQVZHOWOLFKHQ .RPSOH[LWlW GHU MHZHLOV EHUKUWHQ +DQGOXQJVSOlQH XQG EHVFKUlQNW VLFK DXI GDV lXVVHUH 9HUKlOWQLV GHU LQWHUDNWLYHQ (LQZLUNXQJHQ YRQ VR]LDOW\SLVFK EHVWLPPWHQ $NWRUHQ DXIHLQDQGHU 'DV 5HFKW DEVWUDKLHUW VFKOLHVV OLFK ZLH ZLU JHVHKHQ KDEHQ YRQ GHU$UW GHU 0RWLYDWLRQXQGEHJQJWVLFK PLW GHP (IIHNW GHU ZLH LPPHU ]XVWDQGH NRPPHQGHQ 5HJHONRQIRUPLWlW GHV +DQ GHOQV³ *HPlVV +$%(50$6 UHJHOQ 1RUPHQ GHU 0RUDO VR]LDOH %H]LHKXQJHQ GHU XQYHU WUHWEDUHQ QDWUOLFKHQ 3HUVRQHQ LQ HLQHU NRQNUHWHQ *HVHOOVFKDIW 5HFKWVQRUPHQ KDEHQ GDJHJHQ GLH VR]LDOHQ %H]LHKXQJHQ GHU $NWHXUH HLQHU *HPHLQVFKDIW ]XP *HJHQVWDQG GHQHQ VLH VLFK ]ZHFNV JHJHQVHLWLJHU $QHUNHQQXQJ XQWHUZHUIHQ (LQH.RQVHTXHQ]GDUDXVLVWGDVVGDV5HFKWGLH(IIHNWHGLHlXVVHUHQ9HUKlOWQLV VHQ|WLJHQIDOOVDXFKPLW=ZDQJ]XUHJXOLHUHQKDEH 2EVFKRQ .$176 5HFKWVYHUVWlQGQLV GHU /HJDOLWlW LQ HLQHP LQKDOWOLFKHQ %H]XJ ]XU0RUDOVWHKWZLOO+$%(50$6GHQ=XVDPPHQKDQJ]ZLVFKHQ0RUDOXQG5HFKW DXVHLQHUVR]LRORJLVFKHQ%HWUDFKWXQJKHUDXVJHZLQQHQGDGLHPRGHUQHQ*HVHOO VFKDIWHQDXIHLQHQ DOOJHPHLQ PLWJHWUDJHQHQJHVHOOVFKDIWOLFKHQ (WKRVQLFKW ]lK  

,ELG ,ELGI  ,ELG  ,ELG  ,ELGI 











OHQN|QQWHQ'LH)XQNWLRQGHV*HZRKQKHLWVUHFKWVGHUDOWHQ*HPHLQVFKDIWVROO LQGHUQHXHQ*HVHOOVFKDIWGLH9HUQXQIWPRUDOEHUQHKPHQÄ6LHKDWLKU7HORVLQ GHU XQSDUWHLOLFKHQ %HXUWHLOXQJ YRQ PRUDOLVFK UHOHYDQWHQ +DQGOXQJVNRQIOLNWHQ HUP|JOLFKWDOVRHLQ:LVVHQGDV]ZDU2ULHQWLHUXQJLP+DQGHOQGLHQHQVROODEHU ]XP ULFKWLJHQ +DQGHOQQLFKW DXFKVFKRQGLVSRQLHUW³ 1DFK +$%(50$6 ]HKUW GLHVH 9HUQXQIWPRUDO YRP YRUKDQGHQHQ XQG NULWLNIlKLJHQ NXOWXUHOOHQ :LVVHQ GDVVLFKMHGHV,QGLYLGXXPGLHVHU*HVHOOVFKDIWLP3ULYDWHQXQWHUD NRJQLWLYHQ E PRWLYDWLRQDOHQXQGF RUJDQLVDWRULVFKHQ$VSHNWHQDQHLJQHW'DVVHLDXFK GHU *UXQG ZDUXP GDV 9HUKlOWQLV ]ZLVFKHQ :LVVHQ XQG +DQGHOQ LQ GHU 9HU QXQIWPRUDO ZLH DXFK LKUH :LUNVDPNHLW QRFK VFKZDFK LVW 'LH 9HUQXQIWPRUDO H[SRQLHUW VLFK GDQQ LQ HLQHU *HVHOOVFKDIW ZHQQ VLH LQ GHU 6SUDFKH GHV 5HFKWV LQVWLWXWLRQDOLVLHUWZLUG,QGLHVHP)DOOLVWGDV5HFKWÄEHLGHV]XJOHLFK:LVVHQV V\VWHPXQG+DQGOXQJVV\VWHPHVOlVVWVLFKHEHQVRVHKUDOVHLQ7H[WYRQ1RUP VlW]HQ XQG LQWHUSUHWDWLRQHQ ZLH DOV ,QVWLWXWLRQHQ GK DOV HLQ .RPSOH[ YRQ +DQGOXQJVUHJXODWLYHQYHUVWHKHQ³ +$%(50$6 LVW GHU $QVLFKW GDVV GDV SKLORVRSKLVFKH .RQ]HSW GHU 6HOEVWJHVHW] JHEXQJ QLFKW PLW GHU PRUDOLVFKHQ 6HOEVWJHVHW]JHEXQJ HLQ]HOQHU 3HUVRQHQ YHU ZHFKVHOW ZHUGHQ GDUI $XWRQRPLH LVW K|KHU ]X EHZHUWHQ XQG N|QQH EHU GDV 'LVNXUVSULQ]LS UHDOLVLHUW ZHUGHQGDVMD ]XU 0RUDO XQGGHP 5HFKW LQGHUVHOEHQ 'LVWDQ]VWHKH(QWVFKHLGHQGLVWIU+$%(50$6GHU*HGDQNHGDVVVLFKGDV'H PRNUDWLHSULQ]LSLPUHFKWVI|UPLJHQ'LVNXUVSULQ]LSUHDOLVLHUHQOlVVWÄLQGHPVLFK GHU.RGHGHV5HFKWVXQGGHU0HFKDQLVPXVIUGLH(U]HXJXQJOHJLWLPHQ5HFKWV DOVRGDV'HPRNUDWLHSULQ]LSJOHLFKXUVSUQJOLFK³NRQVWLWXLHUHQ'DIUVFKOlJW HUGHQ*UXQGUHFKWHNDWDORJYRU  *UXQGUHFKWH GLH VLFK DXV GHU SROLWLVFK DXWRQRPHQ $XVJHVWDOWXQJ GHV 5HFKWV DXI GDV JU|VVWP|JOLFKH 0DVV JOHLFKHU VXEMHNWLYHU +DQGOXQJV IUHLKHLWHQHUJHEHQ  *UXQGUHFKWH GLH VLFK DXV GHU SROLWLVFK DXWRQRPHQ $XVJHVWDOWXQJ GHV 6WDWXVHLQHV0LWJOLHGHVLQHLQHUIUHLZLOOLJHQ$VVR]LDWLRQYRQ5HFKWVJH QRVVHQHUJHEHQ  

+$%(50$6)DNWL]LWlWXQG*HOWXQJ ,ELG  ,ELG±  ,ELG  ,ELG 





 *UXQGUHFKWHGLHVLFKXQPLWWHOEDUDXVGHU(LQNODJEDUNHLWYRQ5HFKWHQ XQG GHU SROLWLVFK DXWRQRPHQ $XVJHVWDOWXQJ GHV LQGLYLGXHOOHQ 5HFKWV VFKXW]HVHUJHEHQ  *UXQGUHFKWHDXIGLHFKDQFHQJOHLFKH7HLOQDKPHDQ3UR]HVVHQGHU0HL QXQJV XQG :LOOHQVELOGXQJ ZRULQ %UJHU LKUH SROLWLVFKH $XWRQRPLH DXVEHQXQGZRGXUFKVLHOHJLWLPHV5HFKWVVHW]HQ  *UXQGUHFKWH DXI GLH *HZlKUXQJ YRQ /HEHQVEHGLQJXQJHQ GLH LQ GHP 0DVVHVR]LDOWHFKQLVFKXQG|NRORJLVFKJHVLFKHUWVLQGZLHGLHVIUHL QH FKDQFHQJOHLFKH 1XW]XQJ GHU   ELV   JHQDQQWHQ EUJHUOLFKHQ 5HFKWHXQWHUJHJHEHQHQ9HUKlOWQLVVHQMHZHLOVQRWZHQGLJLVW +$%(50$6]HLJWPLWGLHVHQ*UXQGVlW]HQZDUXPGDV5HFKWXQG5HFKWVHW]XQJV SUR]HVVH DOV OHJLWLP DQ]XVHKHQ VLQG ZHLVV DEHU JOHLFK]HLWLJ GDVV GDPLW QRFK QLFKWGLH$XVEXQJSROLWLVFKHU+HUUVFKDIWOHJLWLPLHUWLVW'HU3UR]HVVGHU9HU UHFKWOLFKXQJ GLH *OHLFKXUVSUQJOLFKNHLW YRQ SULYDWHU XQG |IIHQWOLFKHU $XWRQR PLHEHNRPPWGDQQGHQ$QVFKHLQHLQHUOHJLWLPHQ+HUUVFKDIWZHQQVLHVLFKDXFK DXI IDNWLVFKH 9HUELQGOLFKNHLW EHUXIHQ NDQQ +$%(50$6 ZLOO GLH 9RUDXVVHW]XQ JHQ IUGLH (U]HXJXQJ NRPPXQLNDWLYHU 0DFKW XQG IU HLQH DQNRPPXQLNDWLYH 0DFKWJHEXQGHQH9HUZHQGXQJDGPLQLVWUDWLYHU0DFKWDQJHEHQ(UVWHOOWVLFK GLH )UDJH ZLH GHU ÄLQWHUQH =XVDPPHQKDQJ GHV 5HFKWV PLW SROLWLVFKHU 0DFKW³ KHUJHVWHOOWZHUGHQNDQQ

F

5HFKWXQG3ROLWLN

(UVWHQVVWHOOW+$%(50$6 IHVWGDVVGDVPRGHUQH5HFKWDXV7HLOQHKPHUSHUVSHNWL YHDXVHLQHP6\VWHPYRQ5HFKWHQEHVWHKW'LHVHQVXEMHNWLYHQ5HFKWHQZLUGLQ GHQ NROOHNWLY YHUELQGOLFKHQ 2UJDQLVDWLRQHQ QXU GDQQ /HJLWLPLWlW YHUOLHKHQ ZHQQVLHLKUHUVHLWVDXIHLQHUNROOHNWLYOHJLWLPLHUWHQ5HFKWVIRUPEHUXKHQ5HFKWH DXIJOHLFKHVXEMHNWLYH+DQGOXQJVIUHLKHLWZHUGHQLQ*UXQGUHFKWHQLQVWLWXWLRQDOL VLHUWIUGHUHQ'XUFKVHW]XQJGLH6DQNWLRQVJHZDOWHLQHU2UJDQLVDWLRQQRWZHQGLJ LVW'DV5HFKWKDWWHLQ6WDDWVJHELOGHQGLH$XIJDEHSULYDWH$XWRQRPLHXQGGLH *OHLFKKHLWGHU%UJHU]XJDUDQWLHUHQ'HPJHJHQEHUZLOO+$%(50$6GHP5HFKW QLFKW ZHJHQ VHLQHU )RUP GHU /HJDOLWlW RGHU VHLQHV ,QKDOWV GHV 6FKXW]HV GHU  

+$%(50$6)DNWL]LWlWXQG*HOWXQJ± ,ELG  ,ELG  ,ELG  ,ELG 











$XWRQRPLHVRQGHUQÄGXUFKHLQ9HUIDKUHQGHU5HFKWVHW]XQJGDV/HJLWLPLWlWHU ]HXJW³QRUPDWLYHQ*HKDOWHLQUlXPHQ1XUGDV5HFKWLVWOHJLWLPÄGDVLQHLQHU GLVNXUVLYHQ 0HLQXQJV XQG :LOOHQVELOGXQJ YRQ DOOHQ 5HFKWVJHQRVVHQ UDWLRQDO DN]HSWLHUWZHUGHQN|QQWH³,QGLHVHP6LQQHLVWGLH9RONVVRXYHUlQLWlWZHQLJHU LP.ROOHNWLYHQÄLQHLQHUDQVFKDXOLFKLGHQWLIL]LHUEDUHQ9HUVDPPOXQJDXWRQRPHU %UJHU³ VRQGHUQ LQ 'LVNXUVHQ ÄLQ GHQ JOHLFKVDP VXEMHNWORVHQ .RPPXQLNDWL RQVNUHLVOlXIHQ YRQ )RUHQ XQG .|USHUVFKDIWHQ³ LQ ÄGHU =LUNXODWLRQ YHUQQIWLJ VWUXNWXULHUWHU%HUDWXQJHQXQG(QWVFKHLGXQJHQ³]XVXFKHQ =ZHLWHQVVFKOlJWHUIUHLQHZHFKVHOVHLWLJH.RQVWLWXLHUXQJYRQ0DFKWXQG5HFKW .RQVHQVXQG6FKOLFKWXQJDOV]ZHL)RUPHQGHU6WUHLWEHLOHJXQJYRU6R]LDOH%H ]LHKXQJHQVLQGQDFK+$%(50$6 QXUGDQQDXIVWDELOH9HUKDOWHQVPXVWHUJHVWW]W ZHQQ VLH GXUFK 0HFKDQLVPHQ GHU +DQGOXQJVNRRUGLQLHUXQJ ZLH (LQIOXVV XQG 9HUVWlQGLJXQJUHJXOLHUWVLQG$QRPLVFKH+DQGOXQJHQVLQGLQGLHVHP9HUVWlQG QLVGLH)ROJHQPLVVOXQJHQHU+DQGOXQJVNRRUGLQLHUXQJGLHVLFKHQWZHGHUDOVHLQ .RQIOLNWLQGHULQWHUSHUVRQDOHU%H]LHKXQJRGHULQGHU:DKONROOHNWLYHU=LHOHXQG 3URJUDPPHQLHGHUVFKODJHQ,QVROFKHQ)lOOHQZHUGHQJHVHOOVFKDIWOLFKUHOHYDQWH *WHU DXI HLQH HLQYHUQHKPOLFKH RGHU NRRSHUDWLYH $UW JHUHJHOW Ä8QWHU %HGLQ JXQJHQ ZHUWRULHQWLHUWHQ +DQGHOQV VXFKHQ GLH $NWRUHQ QDFK RGHU EHUXIHQ VLFK DXI.RQVHQVXQWHU%HGLQJXQJHQLQWHUHVVHQJHOHLWHWHQ+DQGHOQVVWUHEHQVLHQDFK ,QWHUHVVHQDXVJOHLFK RGHU .RPSURPLVV 'LH 9HUVWlQGLJXQJVSUD[LV XQWHUVFKHLGHW VLFK YRQ GHU 9HUKDQGOXQJVSUD[LV GXUFK LKUH =LHOVHW]XQJ 'LHDQJHVWUHEWH (LQL JXQJZLUGLPHLQHQ)DOODOV.RQVHQVLPDQGHUHQDOV9HUHLQEDUXQJYHUVWDQGHQ 'RUWZLUGDQGLH%HUFNVLFKWLJXQJYRQ1RUPHQXQG:HUWHQKLHUDQGLH%HXUWHL OXQJ YRQ ,QWHUHVVHQODJHQ DSSHOOLHUW³ ,P HUVWHQ )DOO ZLUG GHU .RQIOLNW EHU HLQHQ:HUWHNRQVHQVXQGLP]ZHLWHQ)DOOEHUHLQHQ,QWHUHVVHQDXVJOHLFKEHLJH OHJW+$%(50$6VWHOOWGLHVH7\SHQZLHIROJWGDU 



 

,ELG ,ELG  +$%(50$6)DNWL]LWlWXQG*HOWXQJ  ,ELGI  ,ELG  ,ELG 





7DEHOOH(OHPHQWDUH7\SHQGHU6WUHLWVFKOLFKWXQJXQGGHUNROOHNWLYHQ:LOOHQVELOGXQJ 3UREOHPH 5HJHOXQJLQWHUSHU  VRQHOOHU.RQIOLNWH +DQGOXQJV NRRUGLQLHUXQJ EH]JOLFK :HUWRULHQWLHUXQJ .RQVHQV ,QWHUHVVHQODJH

6FKOLFKWXQJ

9HUIROJXQJNROOHN WLYHU=LHOH  =LHOVHW]XQJ

   ,PSOHPHQWLHUXQJ

(QWVFKHLGXQJGXUFK %HIHKOVJHZDOW $XWRULWlW PLWRUJDQLVLHUWHU  .RPSURPLVVELOGXQJ $UEHLWVWHLOXQJ 



.RQVHQV XQG 6FKOLFKWXQJ VLQG GLH MHZHLOLJHQ 7\SHQ GHU 6WUHLWVFKOLFKWXQJ ,P )DOOH HLQHV :HUWHNRQVHQV N|QQHQ GLH $NWHXUH DXI GLH PRUDOLVFKHQ $XWRULWlWHQ RGHU DXI HLQ (QWVFKHLGXQJVYHUIDKUHQ ]XUFNJUHLIHQ 'LHVHU 7\S GHU 6WUHLW VFKOLFKWXQJGHU.RQVHQVVWW]WVLFKXQPLWWHOEDUDXIGLHVHJPHQWlUH(LQKHLWYRQ 6LWWH0RUDOXQG5HFKW,P)DOOHGHVLQWHUHVVHQJHOHLWHWHQ+DQGHOQVZLUGGHQ 3DUWHLHQXQWHUGHU/HLWXQJHLQHV9HUPLWWOHUVGHU$XVJOHLFK.RPSURPLVVZHJHQ GHU HUOLWWHQHQ 1DFKWHLOH LQ $XVVLFKW JHVWHOOW 'HU 9HUPLWWOHU VHOEVW IlOOW NHLQH YHUELQGOLFKHQ (QWVFKHLGXQJHQ 1DFK +$%(50$6 EHUXKHQ 6FKOLFKWXQJ XQG .RPSURPLVVELOGXQJ KLVWRULVFK DXI VR]LDOHQ 0DFKWSRVLWLRQHQGLH VLFK EHU )D PLOLHQbOWHVWH3ULHVWHUXQG3UHVWLJHDXVJHELOGHWKDEHQÄ9RQGLHVHQ$QQDKPHQ DXVJHKHQG OlVVW VLFK GLH JOHLFKXUVSUQJOLFKH .RQVWLWXWLRQ YRQ VWDDWOLFKHP 5HFKW XQG SROLWLVFKHU 0DFKW QDFK HLQHP ]ZHLVWXILJHQ 0RGHOO YRUVWHOOHQ 'LH HUVWH6WXIHLVWGXUFKGLH3RVLWLRQHLQHVN|QLJOLFKHQ5LFKWHUVGHU)XQNWLRQHQGHU 6WUHLWVFKOLFKWXQJ PRQRSROLVLHUW JHNHQQ]HLFKQHW GLH ]ZHLWH 6WXIH GXUFK GLH UHFKWOLFKH ,QVWLWXWLRQDOLVLHUXQJ HLQHV +HUUVFKDIWVVWDEHV GHU NROOHNWLYH :LOOHQV ELOGXQJLQGHURUJDQLVLHUWHQ)RUPSROLWLVFKHU+HUUVFKDIWHUP|JOLFKW³

G

.RPPXQLNDWLYH0DFKW

+LVWRULVFKNRQQWHHLQ+HUUVFKHUGLH+HUUVFKDIWQDFKGHU/RJLNGHU6WUHLWVFKOLFK WXQJDQVLFKUHLVVHQLQGHPHUHLQ0RQRSROEHUGLH9HUZDOWXQJXQG,QWHUSUHWD WLRQGHU+HLOVJWHUHUULFKWHWH(UNRQQWHVLFKLPJQVWLJHQ)DOO]XHLQHPÄ5LFK WHUN|QLJ³ HQWZLFNHOQ LQGHP HU DXV GHP VDNUDOHQ 5HFKW HLQH GXUFK 6LWWH XQG 0RUDOELQGHQGH$XWRULWlWDEOHLWHWH,QGHQVWDDWOLFKRUJDQLVLHUWHQ*HVHOOVFKDIWHQ  

+$%(50$6)DNWL]LWlWXQG*HOWXQJ ,ELGI  ,ELGI 











YHUZDQGHOWVLFKQDFK+$%(50$6GLHGXUFKVR]LDOH0DFKWDXWRULVLHUWHSROLWLVFKH /HJLWLPLWlW YRQ HLQHP VDNUDOHQ ÄEORVV³ YHUELQGOLFKHQ 5HFKW ]XU ÄDIILUPDWLYHQ *HOWXQJHLQHVIDNWLVFKGXUFKJHVHW]WHQ5HFKWV³HLJHQHU$UWÄ'LHVHEHLGHQVL PXOWDQ YHUODXIHQGHQ 9RUJlQJH VLQG UFNJHNRSSHOW GLH $XWRULVLHUXQJ YRQ 0DFKW GXUFK VDNUDOHV 5HFKW XQG GLH 6DQNWLRQLHUXQJ YRQ 5HFKW GXUFK VR]LDOH 0DFKW YROO]LHKHQ VLFK XQR DFWR 6R HQWVWHKHQ SROLWLVFKH 0DFKW XQG VWDDWOLFK VDQNWLRQLHUWHV5HFKWDOVGLHEHLGHQ.RPSRQHQWHQDXVGHQHQVLFKGLHUHFKWVI|U PLJRUJDQLVLHUWHVWDDWOLFKH*HZDOW]XVDPPHQVHW]W³'LHVHV9HUVWlQGQLVVWHOOW +$%(50$6ZLHIROJWGDU 7DEHOOH6WDDWOLFKHV5HFKWXQGSROLWLVFKH0DFKW

  

VR]LDOH0DFKW GXUFKVDNUDOHV5HFKW DXWRULVLHUW  

VDNUDOHV5HFKW GXUFKVR]LDOH0DFKW VDQNWLRQLHUW

OHJLWLPH0DFKW

IDNWLVFKJHOWHQGHV5HFKW

    VWDDWOLFKHV5HFKWXQGSROLWLVFKH0DFKW

 ,P (UJHEQLV GHU =XVDPPHQNXQIW YRQ VR]LDOHU XQG SROLWLVFKHU 0DFKW HUEOLFNW +$%(50$6HLQVWDDWOLFKHV5HFKWGDVGXUFKGLHSROLWLVFKH0DFKWLKUH6DQNWLRQV NUDIWEHNRPPWÄ-HW]WOHJLWLPLHUWGDV5HFKWQLFKWQXUGLHSROLWLVFKH0DFKWVRQ GHUQGLH0DFKWNDQQVLFKGHV5HFKWVDOVHLQHV2UJDQLVDWLRQVPLWWHOVEHGLHQHQ³ (UVWGLHVH)XVLRQXQWHUVFKHLGHWHLQHVWDDWOLFKRUJDQLVLHUWH*HVHOOVFKDIWYRQHLQHU 6WDPPHVJHVHOOVFKDIW,QGHUVWDDWOLFKRUJDQLVLHUWHQ*HVHOOVFKDIWZLUGGLHSROLWL VFKH 0DFKW YRQ 5HFKWHV ZHJHQ ]ZLQJHQG ZRIU GLH *HULFKWH DOV 2UJDQH GHV 6WDDWHVDNWLYZHUGHQ1XQNDQQGDV5HFKWGHQ$QVSUXFKDXIHLQHGXDOH)XQNWL RQHUKHEHQ5HFKWGLHQWDOV2UJDQLVDWLRQVPLWWHOGHU6WDDWVJHZDOWXQGGLH0DFKW NRQVWLWXLHUWVLFKGXUFKGDV5HFKWDOVHLQH]ZLQJHQGH,QVWDQ])ROJHULFKWLJXQWHU VFKHLGHW +$%(50$6 ]ZLVFKHQ SROLWLVFKHU 0DFKW XQG GHU ,QVWLWXWLRQDOLVLHUXQJ  

,ELG ,ELG  +$%(50$6)DNWL]LWlWXQG*HOWXQJ 





GHV 5HFKWV Ä9RQ GHQ )XQNWLRQHQ GLH 5HFKW XQG 0DFKW IUHLQDQGHU HUIOOHQ XQWHUVFKHLGHWZLUDOVRGLH(LJHQIXQNWLRQHQGLH5HFKWXQG0DFKWDOV.RGHVIU GLH *HVHOOVFKDIW LP JDQ]HQ HUIOOHQ³ 'HQ IXQNWLRQDOHQ =XVDPPHQKDQJ YRQ 0DFKWXQG5HFKWJLEW+$%(50$6LQGHU7DEHOOHXQWHQZLHGHU 7DEHOOH'HUIXQNWLRQDOH=XVDPPHQKDQJYRQ5HFKWVXQG0DFKWNRGH )XQNWLRQHQ (LJHQIXQNWLRQ .RGH 0DFKW 5HFKW

9HUZLUNOLFKXQJ NROOHNWLYHU=LHOH 6WDELOLVLHUXQJYRQ 9HUKDOWHQVHUZDUWXQJHQ

)XQNWLRQIUHLQDQGHU VWDDWOLFKH,QVWLWXWLRQDOLVLH UXQJGHV5HFKWV 2UJDQLVDWLRQVPLWWHO SROLWLVFKHU+HUUVFKDIW



0RGHUQH *HVHOOVFKDIWHQ ]HLFKQHQVLFK QDFK +$%(50$6 GDGXUFK DXV GDVV VLFK LQLKQHQSROLWLVFKH+HUUVFKDIWGXUFKSRVLWLYHV5HFKW]XHLQHUOHJDOHQ+HUUVFKDIW HWDEOLHUW'LHSROLWLVFKH0DFKWXQGGDV5HFKWWUDJHQJHPHLQVDP]XU*HZlKUOHLV WXQJ GHU 5HFKWVVLFKHUKHLW EHL 5HFKW LVW XQDEKlQJLJ YRQ 0DFKW XQG $QVHKHQ DXIDOOH3HUVRQHQ]XEHUWUDJHQ'HU%HLWUDJGHV5HFKWVIUGLHSROLWLVFKH0DFKW EHVWHKWLQGHU5HJHOXQJGHU2UJDQLVDWLRQXQGGHU6WHXHUXQJVWDDWOLFKHU0DFKW ,P *HJHQVDW] ]XU 6\VWHPWKHRULH JHKW +$%(50$6 QLFKW GDYRQ DXV GDVV ]ZL VFKHQ 5HFKW XQG 0DFKW HLQ DXWRSRHWLVFKHU $XVWDXVFK EHVWHKW GHU EORVV GDUDXI KLQGHXWHW GDVV VLH 8PZHOWHQ IUHLQDQGHU VLQG 1DFK +$%(50$6 KDW GLH IUK ]HLWOLFKH3URIDQLVLHUXQJGHU0DFKWJH]HLJWGDVVGLH5HFKWVIRUPDOOHLQH]XHLQHU OHJLWLPHQ +HUUVFKDIWVDXVEXQJ QLFKW DXVUHLFKW ,P *HJHQWHLO GDV 5HFKW VWUDKOW GDQQ/HJLWLPLWlWDXVZHQQÄHVDOVHLQH5HVVRXUFHYRQ*HUHFKWLJNHLWIXQJLHUHQ NDQQ :LH GLH SROLWLVFKH 0DFKW NDVHUQLHUWH =ZDQJVPLWWHO DOV *HZDOWUHVVRXUFH EHUHLWKlOWVRPXVVDXFKGDV5HFKWDOV5HVVRXUFHYRQ*HUHFKWLJNHLWSUlVHQWEOHL EHQ³ =XU %HJUQGXQJ YHUZHLVW +$%(50$6 ]XQlFKVW DXI +$11$+ $5(1'7 GLHGHQ%HJULIIGHU0DFKWQLFKWZLH0$;:(%(5DOVHLQH&KDQFHDXIGLH'XUFK VHW]XQJ HLJHQHQ :LOOHQV JHJHQ GDV :LGHUVWUHEHQ GHV .RQWUDKHQWHQ YJO )Q  VRQGHUQ DOV HLQH (PHUJHQ] GHU YHUELQGHQGHQ VR]LDOHQ ,QWHUDNWLRQHQ EHJUHLIW0DFKWLP6LQQH$5(1'7VLVWÄGDV3RWHQ]LDOHLQHVLQ]ZDQJORVHU.RP

 

,ELG ,ELG ,ELGI  ,ELG  











PXQLNDWLRQ JHELOGHWHQ JHPHLQVDPHQ :LOOHQV³ 'DULQ VLHKW +$%(50$6 GLH *OHLFKXUVSUQJOLFKNHLWYRQ0DFKWXQG5HFKW'LHVHNRPPXQLNDWLYH0DFKWVHW ]HHLQHgIIHQWOLFKNHLWYRUDXVGLHDP*HPHLQZRKORULHQWLHUWLVWGLHLQGHU/DJH LVWGHQ.QRWHQ]XPOHJLWLPHQ5HFKW]XPDFKHQ5HFKWVROOQDFK+$%(50$6 DOV0HGLXPZLUNVDPZHUGHQZRGXUFKVLFKNRPPXQLNDWLYH0DFKWLQVWLWXWLRQD OLVLHUHQ OlVVW PLW GHP =LHO .RPPXQLNDWLRQVWHLOQHKPHQGH ]X HLQHU UH]LSURNHQ 7HLOQDKPH]XHUPlFKWLJHQgIIHQWOLFKNHLWGHILQLHUW+$%(50$6ZLHIROJW ÄgIIHQWOLFKNHLWLVW]ZDUHLQHEHQVRHOHPHQWDUHVJHVHOOVFKDIWOLFKHV3KlQRPHQZLH +DQGOXQJ $NWRU *UXSSH RGHU .ROOHNWLY DEHU HV HQW]LHKW VLFK GHQ KHUN|PPOL FKHQ%HJULIIHQIUVR]LDOH2UGQXQJgIIHQWOLFKNHLWOlVVWVLFKQLFKWDOV,QVWLWXWLRQ XQGJHZLVVQLFKWDOV2UJDQLVDWLRQEHJUHLIHQVLHLVWVHOEVWNHLQ1RUPHQJHIJHPLW .RPSHWHQ] XQG 5ROOHQGLIIHUHQ]LHUXQJ 0LWJOLHGVFKDIWVUHJHOXQJ XVZ (EHQVR ZHQLJVWHOOWVLHHLQ6\VWHPGDUVLHHUODXEW]ZDULQWHUQH*UHQ]]LHKXQJHQLVWDEHU QDFKDXVVHQKLQGXUFKRIIHQHGXUFKOlVVLJHXQGYHUVFKLHEEDUH+RUL]RQWHJHNHQQ ]HLFKQHW'LHgIIHQWOLFKNHLWOlVVWVLFKDPHKHVWHQDOVHLQ1HW]ZHUNIUGLH.RP PXQLNDWLRQ YRQ ,QKDOWHQ XQG 6WHOOXQJQDKPHQ DOVR YRQ0HLQXQJHQEHVFKUHLEHQ GDEHL ZHUGHQ GLH .RPPXQLNDWLRQVIOVVH VR JHILOWHUW XQG V\QWKHWLVLHUW GDVV VLH VLFK ]X WKHPHQVSH]LILVFK JHEQGHOWHQ |IIHQWOLFKHQ 0HLQXQJHQ YHUGLFKWHQ :LH GLH/HEHQVZHOWLQVJHVDPWVRUHSURGX]LHUWVLFKDXFKGLHgIIHQWOLFKNHLWEHUNRP PXQLNDWLYHV +DQGHOQ IU GDV GLH %HKHUUVFKXQJ HLQHU QDWUOLFKHQ 6SUDFKH DXV UHLFKWVLHLVWDXIGLH$OOJHPHLQYHUVWlQGOLFKNHLWGHUNRPPXQLNDWLYHQ$OOWDJVSUD[LV HLQJHVWHOOW'LH/HEHQVZHOWKDEHQZLUDOVHLQ5HVHUYRLUIUHLQIDFKH,QWHUDNWLRQHQ NHQQHQJHOHUQWDQGLHVHEOHLEHQDXFKGLHVSH]LDOLVLHUWHQ+DQGOXQJVXQG:LVVHQV V\VWHPHUFNJHEXQGHQGLHVLFKLQQHUKDOEGHU/HEHQVZHOWDXVGLIIHUHQ]LHUHQ'LH VH NQSIHQ HQWZHGHU ZLH 5HOLJLRQ 6FKXOH )DPLOLH  DQ DOOJHPHLQH 5HSURGXNWL RQVIXQNWLRQHQ GHU /HEHQVZHOW RGHU ZLH :LVVHQVFKDIW 0RUDO .XQVW  DQ YHU VFKLHGHQHQ *HOWXQJVDVSHNWHQ GHV DOOWDJVVSUDFKOLFK NRPPXQL]LHUWHQ :LVVHQV DQ $EHUGLHgIIHQWOLFKNHLWVSH]LDOLVLHUWVLFKZHGHULQGHUHLQHQQRFKLQGHUDQGHUHQ +LQVLFKWVRZHLWVLHVLFKDXISROLWLVFKUHOHYDQWH)UDJHQHUVWUHFNWEHUOlVVWVLHGH UHQVSH]LDOLVLHUWH%HDUEHLWXQJGHPSROLWLVFKHQ6\VWHP'LHgIIHQWOLFKNHLW]HLFKQHW VLFKYLHOPHKUGXUFKHLQH.RPPXQLNDWLRQVVWUXNWXUDXVGLHVLFKDXIHLQHQGULWWHQ $VSHNW YHUVWlQGLJXQJVRULHQWLHUWHQ +DQGHOQV EH]LHKW ZHGHU DXI GLH )XQNWLRQHQ >,QWHUHVVHQ@QRFKDXIGLH,QKDOWH>,GHHQ@GHUDOOWlJOLFKHQ.RPPXQLNDWLRQVRQGHUQ DXIGHQLPNRPPXQLNDWLYHQ+DQGHOQHU]HXJWHQVR]LDOHQ5DXP³

 

+$%(50$6)DNWL]LWlWXQG*HOWXQJ ,ELGII  +$%(50$6)DNWL]LWlWXQG*HOWXQJI 





'LH NRPPXQLNDWLYH 0DFKW PXVV GXUFK OHJLWLPH 5HFKWVHW]XQJ ]XP /HEHQ HU ZHFNWZHUGHQ:HOFKH%HGLQJXQJHQVLQGIUGLH%LOGXQJHLQHUNRPPXQLNDWLYHQ 0DFKWJXW"'LHVHVLQGQDFK+$%(50$6QXUGDQQJHJHEHQZHQQGLH5HVXOWDWH GLH 9HUPXWXQJ UDWLRQDOHU $N]HSWDQ] IU VLFK EHDQVSUXFKHQ N|QQHQ XQG LQ JH ZDOWORVHQ 9HUVWlQGLJXQJVYHUKlOWQLVVHQ ]XVWDQGH NRPPHQ 'DIU QLPPW HU DQ GDVV GLH UHFKWOLFKH ,QVWLWXWLRQDOLVLHUXQJ GHU |IIHQWOLFKHQ 0HLQXQJV XQG :LO OHQVELOGXQJ LP HUVWHQ )DOO HLQHQ NRJQLWLYHQ XQG LP ]ZHLWHQ )DOO HLQHQ SUDNWL VFKHQ6LQQKDEH1DFK+$%(50$6 ZHUGHQGLHLPNRJQLWLYHQ6LQQHRIIHQJHOHJ WHQ *UQGH LQ GHU GLVNXUVLYHQ 5HFKWVHW]XQJ XQG GLH LP SUDNWLVFKHQ 6LQQH DQJHOHJWHQ 0RWLYH LQ GHU NRPPXQLNDWLYHQ 0DFKWELOGXQJ YHUDUEHLWHW ZRPLW HU DXFKGLHSROLWLVFKH)UDJHQYRQPRUDOLVFKHQ(QWVFKHLGXQJHQJHWUHQQWKDEHQZLOO Ä:lKUHQG PRUDOLVFKH 5HJHOQ PLW GHP ZDV LP JOHLFKPlVVLJHQ ,QWHUHVVH DOOHU OLHJW HLQHQVFKOHFKWKLQDOOJHPHLQHQ :LOOHQ DXVGUFNHQEULQJHQ MXULGLVFKH 5H JHOQ DXFK GHQ SDUWLNXODUHQ :LOOHQ GHU $QJHK|ULJHQ HLQHU EHVWLPPWHQ 5HFKWV JHPHLQVFKDIW]XP$XVGUXFN8QGZlKUHQGGHUPRUDOLVFKIUHLH:LOOHJHZLVVHU PDVVHQ YLUWXHOO EOHLEW ZHLO HU QXU EHVDJW ZDV YRQ MHGHUPDQQ UDWLRQDOHUZHLVH DN]HSWLHUWZHUGHQN|QQWHLVWGHUSROLWLVFKH:LOOHHLQHU5HFKWVJHPHLQVFKDIWGHU JHZLVVPLWPRUDOLVFKHQ(LQVLFKWHQLQ(LQNODQJVWHKHQVROODXFK$XVGUXFNHLQHU LQWHUVXEMHNWLY JHWHLOWHQ /HEHQVIRUP YRQ JHJHEHQHQ ,QWHUHVVHQODJHQ XQG SUDJ PDWLVFK JHZlKOWHQ =ZHFNHQ³ +$%(50$6 WUHQQW ]ZDU GDV 5HFKW YRQ VR]LDO YRUJHIXQGHQHQ 1RUPHQ DEHU GHVZHJHQ VSULFKW HU GLHVHQ GLH /HJLWLPLWlW QLFKW DE 9RU DOOHP ZHQQVLHGLH %HGLQJXQJHLQHV]ZDQJORVHQ=ZDQJV GHVEHVVHUHQ $UJXPHQWVHUIOOHQ.RPPXQLNDWLYH0DFKWHUODQJWLQHLQHUVR]LDONRQVWUXLHUWHQ /HEHQVZHOW GLH OHJLWLPHUZHLVH EHDQVSUXFKWH .RRUGLQDWLRQVDXIJDEH XQWHU GHU %HGLQJXQJGDVVVLHEHLGHU%HIROJXQJELQGHQGHU*UXQGVlW]HDXFKLP5DKPHQ GHUHJRLVWLVFKHQ,QWHUHVVHQYHUIROJXQJHLQHK|KHUZHUWLJH$N]HSWDQ]JHZlKUOHLV WHW,PEHVWHQ)DOOZLUGGLHVHK|KHUZHUWLJH$N]HSWDQ]LQHLQHUKLVWRULVFKHQ*H VHOOVFKDIWLP5DKPHQHLQHV'LVNXUVYHUIDKUHQVJHPHLQVDPHQWZLFNHOW  



  

,ELG +$%(50$6)DNWL]LWlWXQG*HOWXQJ











) *HQHVHGHU(LQEUJHUXQJLQGHU6FKZHL] ,P OHW]WHQ .DSLWHO ZXUGH DXI GHU WKHRUHWLVFKHQ (EHQH GLH VR]LRORJLVFKH (QW ZLFNOXQJGHU 6WDDWVEUJHUVFKDIWXQGLKUH*HQHULHUXQJXQG ,PSOHPHQWLHUXQJLQ HLQHUGHPRNUDWLVFKJHIDVVWHQ*HVHOOVFKDIWDXIGHUSKLORVRSKLVFKHQ(EHQHGLVNX WLHUW1XQJHKWHVGDUXPLQHLQHUKLVWRULVFKHQ%HWUDFKWXQJGLH*HQHVHGHU(LQ EUJHUXQJ ]X UHNRQVWUXLHUHQ XQG LKUH %H]JH ]X *HIDKU XQG 5LVLNRNRQ]HSWHQ DXI]X]HLJHQ(LQHUVWHU%HLWUDJGD]XZXUGHYRQ52/) /«@(LQH5HFKWVRUGQXQJNDQQLQPRGHUQHQ*HVHOOVFKDIWHQQXU%HVWDQGKDEHQ ZHQQVLFKGLH$GUHVVDWHQGHV5HFKWV]XJOHLFKDOV8UKHEHUGHV5HFKWVYHUVWHKHQ GUIHQ³



6\VWHPLVFKH5LVLNHQDOV*UQGHIUHLQHUHVWULNWLYH (LQEUJHUXQJVSROLWLN

1RFKLVWGLH)UDJHXQEHDQWZRUWHWZDVGLH*UQGHGLHVHUUHVWULNWLYHQ(LQEUJH UXQJVSROLWLN VLQG :DUXP LVW GLH (LQEUJHUXQJVSUD[LV GHU 6FKZHL] GHIHQVLY" :DUXPZLUGLQGHU6FKZHL]ZHQLJHUHLQJHEUJHUWDOVLQDQGHUHQ/lQGHUQ".DQQ GLHVHU 8PVWDQG PLW IHKOHQGHQ 6FKXW]PHFKDQLVPHQ IU 0LQGHUKHLWHQ HUNOlUW ZHUGHQ"*HKWGLHWLHIH(LQEUJHUXQJVTXRWHDXIGDV0DUNHQ]HLFKHQGHU6FKZHL] ±GLHGLUHNWH'HPRNUDWLH±]XUFN",P)ROJHQGHQZLUGGHU9HUVXFKXQWHUQRP PHQ HLQHQ LQVWLWXWLRQHOOHQ *UXQG IU GLH (LQEUJHUXQJVUHVWULNWLRQHQ LQ GHU GL UHNWHQ 'HPRNUDWLH ]X ILQGHQ 'DIU PXVV PDQ GLH IROJHQGHQ .RQVWDQWHQ LP +LQWHUNRSIEHKDOWHQ 'DVVFKZHL]HULVFKH)UDPHZRUN2EVFKRQVLFKGLH6FKZHL]HU.DQWRQHLQLKUHQ ,QVWLWXWLRQHQIRUPHOOZLHDXFKKLVWRULVFKXQGDXFKHLQEUJHUXQJVSROLWLVFK]XP 7HLO HUKHEOLFK XQWHUVFKHLGHQ EH]HLFKQHW 9$77(5 DOOH 6FKZHL]HU .DQWRQH DOV VHPLGLUHFW.RQVHQVXVGHPRNUDWLHQ 9$77(5 VWHOOW GLH XQWHQ LQ GHU 'DUVWHO OXQJ]XVDPPHQJHIDVVWHQ9RONVUHFKWHLQHLQH6NDODYRQ0HKUKHLWVXQG0LQGHU KHLWVUHFKWHQ  

0$57, 'HPRNUDWLH 'DV XQHLQJHO|VWH 9HUVSUHFKHQ  7+h5(5 NRVPRSROLWLVFKHV 6WDDWVUHFKWI  0$57,'HPRNUDWLH'DVXQHLQJHO|VWH9HUVSUHFKHQ  9$77(5.DQWRQDOH'HPRNUDWLHQLP9HUJOHLFK  ,ELG





7DEHOOH9RONVUHFKWHXQG'HOLEHUDWLRQ  9RONVUHFKWHQDFKGHU/RJLNGHV0HKUKHLWVHQWVFKHLGV 3OHELV]LW















2EOLJDWRULVFKHV5HIHUHQGXP





2EOLJDWRULVFKHV5HIHUHQGXPPLW4XRUXP







)DNXOWDWLYHV5HIHUHQGXP









9RONVLQLWLDWLYH











)DN5HIHUHQGXPPLW4XRUXP















9RONVLQLWLDWLYHPLW4XRUXP

9RONVUHFKWHQDFKGHU/RJLNGHU'HOLEHUDWLRQ

'LHVFKZHL]HULVFKH.RQNRUGDQ]GHPRNUDWLHDXI%XQGHVHEHQHLVWGDEHLGLH.RQ VWDQWHGDVQDWLRQDOHÄIUDPHZRUN³ ,QGLHVHPÄIUDPHZRUN³ZXUGHQDXFK]XP 6FKXW]H GHU 0LQGHUKHLWHQ ,QVWLWXWLRQHQ DXIJHEDXW $XV GHU 'DUVWHOOXQJ REHQ JHKWKHUYRUGDVVLQGHU6FKZHL]GLH9RONVLQLWLDWLYHPLW4XRUXPXQGGDVIDNXO WDWLYH5HIHUHQGXP PLW4XRUXPDOV5HFKWHGHU0LQGHUKHLWHQLQGHU9HUIDVVXQJ YHUDQNHUW VLQG 1HEVW GLHVHQ QDWLRQDOHQ 6FKXW]PHFKDQLVPHQ DQHUNHQQW GLH 6FKZHL]DXVVHUGHPGDV9|ONHUUHFKWDOVHLQHSULPlUH5HFKWVTXHOOHZRPLWQHEVW GHP GHPRNUDWLVFKHQ0HKUKHLWVSULQ]LS DXFK VFKRQ LP 5HFKWVV\VWHP GDVGHPR NUDWLVFKH(OLWHSULQ]LS]XU$QZHQGXQJNRPPW2EVFKRQGDV6WLPPYRONQDFK GHQGLUHNWGHPRNUDWLVFKHQ,QVWLWXWLRQHQGDVREHUVWHVWDDWOLFKH2UJDQLVWZXUGHQ GLH GLUHNWGHPRNUDWLVFKHQ (QWVFKHLGXQJHQ GHV 9HUIDVVXQJVJHEHUV WKHRUHWLVFK DXFKDQGLH*UXQGUHFKWHJHEXQGHQ 'LHGLVNXUVLYH1DWXU]ZLVFKHQ9RONVVRXYHUlQLWlWXQG0HQVFKHQUHFKWHQ(V VWHKWIHVWGDVVLQGHU6FKZHL]QHEVWGHU9RONVVRXYHUlQLWlWDXFKGLH0HQVFKHQ UHFKWH DOV HLQH 4XHOOH GHPRNUDWLVFKHU /HJLWLPLWlW IXQJLHUHQ *OHLFK]HLWLJ PXVVKHUYRUJHKREHQZHUGHQGDVVGLHVHV6SDQQXQJVYHUKlOWQLVQLFKW]XPHUVWHQ  

9$77(5.DQWRQDOH'HPRNUDWLHQLP9HUJOHLFK %$80$119|ONHUUHFKWOLFKH6FKUDQNHQ  $8(5921$5;'LUHNWH'HPRNUDWLHRKQH*UHQ]HQ  =85%8&+(1*LEWHVHLQ5HFKWDXI%UJHUVFKDIW"LQ=85%8&+(16&+b33,













0DO ]XP 7UDJHQ NRPPW 6R ZXUGHQ LQ GHU 6FKZHL] GLH 5HKHLQDX,QLWLDWLYH   GLH hEHUIUHPGXQJVLQLWLDWLYHQ      GLH 6WDDWVYHU WUDJVLQLWLDWLYH   XQG GLH $UPHHDEVFKDIIXQJVLQLWLDWLYHQ  XQG   VRZLH GLH $OSHQLQLWLDWLYH   MHZHLOV DXV lKQOLFKHQ XQG Y|ONHUUHFKWOLFKHQ *UQGHQQLFKWXPJHVHW]W 'LH 0DFKW GHV 0HGLDQZlKOHUV 'LH $EVWLPPXQJVUHVXOWDWHLQ GLUHNWHQGHPR NUDWLVFKHQ $EVWLPPXQJHQ VLQG ZHJHQ GHU 0HKUKHLWVORJLN QlKHU DQ GHQ 3UlIH UHQ]HQ GHV 0HGLDQZlKOHUV DQJHVLHGHOW 8QG GHU 0HGLDQZlKOHU LVW WHQGHQ]LHOO GHIHQVLYUHVWULNWLY'HU0HGLDQZlKOHULQGHUGLUHNWHQ'HPRNUDWLHLVWGDQQPLQ GHUKHLWHQIUHXQGOLFKZHQQGLH0LQGHUKHLWGLHEUHLWH$QHUNHQQXQJGHU0HKUKHLW JHQLHVVW 'DV LVW MHGRFK LPPHU GDQQ HLQ /HHUODXI ZHQQ HV GDUXP JHKW ]X EHVWLPPHQ ZDQQ GDV 0HUNPDO HLQHU 0LQGHUKHLW DXFK HQWJHJHQ 0HKUKHLWVYRU OLHEHQRGHUJDUDXI.RVWHQGHU*HZRKQKHLWHQGHU0HKUKHLW]XPWUDJHQGHQ(OH PHQWHLQHUSROLWLVFKHQ*HPHLQVFKDIWZHUGHQVROO$XIHPSLULVFKHU(EHQHVWHOOWH VLFK *$0%/( GLH )UDJH Ä:KHQ FLWL]HQV KDYH WKH SRZHU WR OHJLVODWH LVVXHV GL UHFWO\ ZLOO WKH PDMRULW\ W\UDQQL]H WKH PLQRULW\"³ 6LH XQWHUVXFKW GLHVDQKDQG IQIXQWHUVFKLHGOLFKHUSROLF\7\SHQXQGILQGHWVWDUNHHPSLULVFKH8QWHUVWW]XQJ LKUHU7KHRULH'DKHUNRPPWVLH]XPIROJHQGHQ6FKOXVVÄ&LWL]HQVLQWKHSR OLWLFDOPDMRULW\KDYHUHSHDWHGO\XVHGGLUHFWGHPRFUDF\WRSXWWKHULJKWVRISROLWL FDOPLQRULWLHVWRDSRSXODUYRWH>«@7KLVSDWWHUQKROGVDFURVVDOOWKUHHGHFDGHV DQG DFURVV DOO EXW RQH RI WKH LVVXH DUHDV WKDW , KDYH LQYHVWLJDWHG³ $XFK GLH $QDO\VHQ YRQ +$,'(50$5.(/ 48(5=( XQG /,1'$0$1 ]HLJHQ GDVV 0LQGHU KHLWHQUHFKWHLQUHSUlVHQWDWLYHQ'HPRNUDWLHQEHVVHUJHVFKW]WVLQGDOVLQGHUGL UHNWHQ'HPRNUDWLH,KUH6FKOXVVIROJHUXQJODXWHWÄ7KXVEDVHGRQWKHDYDLODEOH FDVHV PRVW RI WKH WLPH PLQRULW\ LQWHUHVWV ZLOO ORVH LQ GLUHFW GHPRFUDF\ FRQ WHVWV³(VNDQQGDYRQDXVJHJDQJHQZHUGHQGDVVGLHGLUHNWH'HPRNUDWLHLQV EHVRQGHUH LQ GHQ NOHLQHQ %XQGHVVWDDWHQ GLH 0LQGHUKHLWHQ ZHQLJHU VFKW]W 672-$129,&VHLQHUVHLWVGRNXPHQWLHUWGDVVDXFKLQGHU6FKZHL]ÄGLUHFWGHPRF UDF\KDVEHHQDVRXUFHRILQWHUJURXSWHQVLRQVDQGPLVXQGHUVWDQGLQJVZKHQWKH  

%$80$119|ONHUUHFKWOLFKH6FKUDQNHQ± %2//,*(50LQGHUKHLWHQLQGHUGLUHNWHQ'HPRNUDWLHLQ)5(,7$*:$*6&+$/I  *$0%/(3XWWLQJ&LYLO5LJKWVWRD3RSXODU9RWH  ,ELG  *$0%/(3XWWLQJ&LYLO5LJKWVWRD3RSXODU9RWH  +$,'(50$5.(/48(5=(/,1'$0$1/RVH:LQRU'UDZ  '2129$1%2:/(5'LUHFW'HPRFUDF\DQG0LQRULW\5LJKWV 





LVVXHVDWVWDNHZHUHFORVHO\UHODWHGWRLGHQWLW\FXOWXUHODQJXDJHRUEDODQFHRI SRZHUEHWZHHQOLQJXLVWLFFRPPXQLWLHV³ $XIGHU(EHQHGHU'HPRNUDWLHWKHRULHZLUGYHUWUHWHQGDVVUHSUlVHQWDWLYH'HPR NUDWLHQGXUFKLKUH(OLWHGLVNXUVNXOWXULP3DUODPHQWEHUHLQHQ$QUHL]IU.RP SURPLVVH YHUIJHQ EHL GLUHNWHU 'HPRNUDWLH KLQJHJHQ ZUGH ÄGLH +HUYRUNHK UXQJ GHV MHZHLOV VFKOHFKWHUHQ ,FKV³ KHUYRUVWHFKHQ )ROJOLFK LVW GLH GLUHNWH 'HPRNUDWLHGRUWHLQH*HIDKUIUVWUXNWXUHOOH0LQGHUKHLWHQZRVLHQHEHQHLQDQ GHU LP VHOEHQ ÄIUDPH³ OHEHQ 'LH 0LQGHUKHLW PXVV MHZHLOV ]XVFKDXHQ ZLH GLH 0HKUKHLWEHULKU6FKLFNVDOHQWVFKHLGHWZHQQLP9RUDXVNHLQHLQVWLWXWLRQHOOHQ 9RUNHKUXQJHQ ]XP 6FKXW] GHU 0LQGHUKHLW JHWURIIHQ ZRUGHQ VLQG Ä7KXV ZKHUHWKHFLYLOULJKWVRIDSROLWLFDOPLQRULW\DUHDWVWDNHWKHDEVHQFHRIWKHUHS UHVHQWDWLYH ILOWHU RSHQV WKH GRRU WR WKH W\UDQQ\³ $XFK JHKW 6$5725, GDYRQ DXV GDVV HV VLFK EHL 0HKUKHLWVHQWVFKHLGHQ HLJHQWOLFK XP HLQHQ Ä1XOOVXPPHQ (QWVFKHLGXQJVPHFKDQLVPXV³ KDQGHOW Ä>«@ DOVR HLQH 0HKUKHLWVKHUUVFKDIW GLH NHLQH0LQGHUKHLWVUHFKWHNHQQW%HLMHGHU)UDJHEHNRPPWGLHJHZLQQHQGH0HKU KHLW DOOHV XQG GLH YHUOLHUHQGH 0LQGHUKHLW YHUOLHUW DOOHV³ 6$5725, ZLUIW GHP 0RGXVGHV0HKUKHLWVHQWVFKHLGV.RPSURPLVVORVLJNHLWXQGNRQIOLNWPD[LPLHUHQ GH(OHPHQWHYRU'HPQDFKQHLJWGLHGLUHNWH'HPRNUDWLH]XHLQHUÄ0HKUKHLWVW\ UDQQHL³ 'LH)UHXQG)UHPG.RQVWDQWH%HNDQQWOLFKNRPPHQLQNHLQHPDQGHUHQ/DQG GHU:HOWGLHGLUHNWGHPRNUDWLVFKHQ,QVWUXPHQWHVRRIW]XU$QZHQGXQJZLHLQGHU 6FKZHL],QWHUHVVDQWLVWGLH.RUUHODWLRQGDVVLQGHQ.DQWRQHQLQGHQHQGLHGL UHNWGHPRNUDWLVFKHQ ,QVWUXPHQWH VWDUN DXVJHEDXW VLQG GLH 6FKZHL]HU %UJHULQ QHQXQGEUJHU]XIULHGHQHUVLQGÄ,QVJHVDPWOlVVWVLFKDOOHUGLQJVIHVWVWHOOHQ GDVV 5HFKWH]XJXQVWHQ YRQ 0LQGHUKHLWHQ UHJHOPlVVLJ DXI WUDGLWLRQHOOH 0LQGHU KHLWHQHLJHQHU6WDDWVEUJHUQLFKWDEHUDXIGLHQHXHQ0LQGHUKHLWHQGHU0LJUDQ

 

672-$129,&'LUHFW'HPRFUDF\ 2))( 9R[ 3RSXOL XQG GLH 9HUIDVVXQJV|NRQRPLN LQ *5g=,1*(53$17+(5  ]LW QDFK %2//,*(56SLHOWHVHLQH5ROOHZHUHQWVFKHLGHW"LQ67(,1(5:,&.(5  76&+$11(16WLPPUHFKWXQGSROLWLVFKH9HUVWlQGLJXQJI  *$0%/(3XWWLQJ&LYLO5LJKWVWRD3RSXODU9RWH  6$5725,'HPRNUDWLHWKHRULH  %2//,*(56SLHOWHVHLQH5ROOHZHUHQWVFKHLGHW"LQ67(,1(5:,&.(5%2//,*(50LQ GHUKHLWHQLQGHUGLUHNWHQ'HPRNUDWLHLQ)5(,7$*:$*6&+$/I  6787=(5)5(