Systemtheoretische Literaturwissenschaft: Begriffe - Methoden - Anwendungen 9783110219012, 9783110219005

This handbook gives an overview of systems theory in the field of literature, culture and media studies. The individual

179 112 4MB

German Pages 523 [524] Year 2011

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Inhalt
Einleitung
Archiv – Thomas Pynchon
Ausdifferenzierung – Antike
Autonomie – Bertolt Brecht und F.W. Bernstein
Autopoiesis – Chrétien de Troyes
Bewusstsein/Kommunikation – Johann Wolfgang Goethe
Code/Programm – Stefan George
Evolution – Alterssemantik
Funktion – Peter Handke
Funktionsrolle Autor – Andrea Fraser
Gedächtnis – Thomas Bernhard
Information/Mitteilung – Melchior Vischer
Intersystembeziehungen – Stefan Heym
Irritation – Jean de la Fontaine und Jean Crotti
Kommunikation/Handlung – ‚Literatursystem‘ der DDR
Komplexität – David Foster Wallace
Kontingenz/Ordnung – Frühaufklärung
Kultur – Türckische Cammer
Latenzschutz – Elias Canetti
Medium/Form – Robert Walser
Parasit – Michel Serres
Populäre Kommunikation – Der Schwarm
Raum und Zeit – Mark Strand
Rauschen – Italo Calvino
Selbstbeschreibung – Pamir / Massenmedien
Selbstreferenz/Fremdreferenz – Joseph Roth
Semantik – Walter Flex und Ernst Jünger
Sinn – Friedrich Schiller
Symbolische/diabolische Generalisierung – Gottfried Keller
System/Umwelt – Beschränkungen der Kunstfreiheit
Verbreitungsmedien – Franz Kafka und Thomas Pynchon
Zweitcodierung ‚Reputation‘ – Luftkriegsliteratur
Recommend Papers

Systemtheoretische Literaturwissenschaft: Begriffe - Methoden - Anwendungen
 9783110219012, 9783110219005

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

De Gruyter Lexikon Systemtheoretische Literaturwissenschaft

Systemtheoretische Literaturwissenschaft Begriffe – Methoden – Anwendungen

Herausgegeben von

Niels Werber unter Mitarbeit von Maren Lickhardt

De Gruyter

Library of Congress Cataloging-in-Publication Data Systemtheoretische Literaturwissenschaft : Begriffe, Methoden, Anwendungen / edited by Niels Werber. p. cm. -- (De Gruyter Lexikon) Includes bibliographical references. ISBN 978-3-11-021900-5 (alk. paper) 1. System theory in literature. 2. Literature--History and criticism. 3. Mass media--Philosophy. 4. Luhmann, Niklas, 1927-1998. I. Werber, Niels. PN6231.S93S97 2011 809.001‘1--dc22 2011001564

ISBN 978-3-11-021900-5 e-ISBN 978-3-11-021901-2

Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. © 2011 Walter de Gruyter GmbH & Co. KG, Berlin/New York Druck: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

Für Gerhard Plumpe



Inhalt

Einleitung (Niels Werber) ...............................................................................................

1

Archiv – Thomas Pynchon (Moritz Baßler) ..............................................................................................

9

Ausdifferenzierung – Antike (Gerhard Plumpe) .........................................................................................

23

Autonomie – Bertolt Brecht und F.W. Bernstein (Rudolf Helmstetter) ....................................................................................

39

Autopoiesis – Chrétien de Troyes (Thomas Klinkert) ........................................................................................

59

Bewusstsein/Kommunikation – Johann Wolfgang Goethe (Oliver Jahraus) .............................................................................................

77

Code/Programm – Stefan George (Gerhard Plumpe / Niels Werber) .............................................................

91

Evolution – Alterssemantik (Thomas Küpper) ......................................................................................... 121

Funktion – Peter Handke (Stefan Hofer) ................................................................................................ 135

VIII

Inhalt

Funktionsrolle Autor – Andrea Fraser (Sabine Kampmann) ..................................................................................... 147

Gedächtnis – Thomas Bernhard (Dirk Kretzschmar) ...................................................................................... 159

Information/Mitteilung – Melchior Vischer (Nicolas Pethes) ............................................................................................. 173

Intersystembeziehungen – Stefan Heym (Mirjam-Kerstin Holl) .................................................................................. 183

Irritation – Jean de la Fontaine und Jean Crotti (Linda Simonis) ............................................................................................. 195

Kommunikation/Handlung – ‚Literatursystem‘ der DDR (Matthias Schöning) ...................................................................................... 205

Komplexität – David Foster Wallace (Urs Stäheli) ................................................................................................... 219

Kontingenz/Ordnung – Frühaufklärung (Torsten Hahn) .............................................................................................. 233

Kultur – Türckische Cammer (Bettina Gruber) ............................................................................................ 247

Latenzschutz – Elias Canetti (Lutz Ellrich) .................................................................................................. 257

Medium/Form – Robert Walser (Natalie Binczek) ........................................................................................... 271

Parasit – Michel Serres (William Rasch) ............................................................................................. 285

Inhalt

IX

Populäre Kommunikation – Der Schwarm (Carsten Zorn) ............................................................................................... 299

Raum und Zeit – Mark Strand (Christoph Reinfandt) .................................................................................. 321

Rauschen – Italo Calvino (Monika Schmitz-Emans) ............................................................................ 333

Selbstbeschreibung – Pamir / Massenmedien (Christina Bartz) ............................................................................................ 351

Selbstreferenz/Fremdreferenz – Joseph Roth (Maren Lickhardt) ......................................................................................... 363

Semantik – Walter Flex und Ernst Jünger (Lars Koch) .................................................................................................... 373

Sinn – Friedrich Schiller (Alexa Johannes) ........................................................................................... 393

Symbolische/diabolische Generalisierung – Gottfried Keller (Niels Werber) ............................................................................................... 411

System/Umwelt – Beschränkungen der Kunstfreiheit (Thomas Hecken) ......................................................................................... 425

Verbreitungsmedien – Franz Kafka und Thomas Pynchon (Friedrich Balke) ............................................................................................ 437

Zweitcodierung ‚Reputation‘ – Luftkriegsliteratur

(Dominic Berlemann) ................................................................................... 455

Auswahlbibliographie ......................................................................... 469



(,1/(,781* 1,(/6:(5%(5 :HUHLQÅ:HUN´DOV%HLWUDJ]XU.XQVWHUNHQQWVHLHVLP0XVHXPLQHLQHU %LEOLRWKHNDXIHLQHU=HLWXQJVVHLWHRGHUDXIHLQHP0RQLWRUNDQQVLFKDXI HLQH RIIHQH JOHLFKZRKO DEHU EHUHLWV KRFKVSH]LDOLVLHUWH .RPPXQLNDWLRQ HLQVWHOOHQ'LHVEHWULIIWQLFKWQXU/LWHUDWXU.XQVW.XOWXURGHU0HGLHQ ZLVVHQVFKDIWOHUVRQGHUQMHGHUPDQQ-HGHUNDQQHVDQMHGHU%HVSUHFKXQJ HLQHU 7KHDWHUDXIIKUXQJ MHGHU 5H]HQVLRQ HLQHU EHOOHWULVWLVFKHQ 1HXHU VFKHLQXQJ RGHU $XVVWHOOXQJVNULWLN EHREDFKWHQ (V ZLUG GDULQ YRU DOOHP XP 7KHDWHU XP /LWHUDWXUXP .XQVW JHKHQ ² XQG QLFKW XP 3ROLWLN XQG 5HFKW :LVVHQVFKDIW RGHU 5HOLJLRQ =XJOHLFK ZLUG PDQ GLH (UIDKUXQJ PDFKHQGDVVGLH)UDJHREGDVÅ:HUN´GDQQDOVLQWHUHVVDQWRGHUODQJZHL OLJ EHVWU]HQG RGHU EDQDO IDV]LQLHUHQG KlVVOLFK RGHU UHJHOJHUHFKW VFK|Q JLOWPLWGLHVHU$XVJUHQ]XQJHLQHV6RQGHUKRUL]RQWHVGHU.RPPXQLNDWLRQ QRFKQLFKWHQWVFKLHGHQLVW)HVWVWHKWYRUHUVWQXU'DV:HUNLVWHLQ:HUN ²GDQQIROJWGLH.ULWLN 'RFKDXIGHP)XQGDPHQWHLQHU7DXWRORJLHOlVVWVLFKJXWEDXHQ(LQ :HUNLVWHLQ:HUN²XQGNHLQH3UHGLJWNHLQH%HOHKUXQJNHLQH$EKDQG OXQJNHLQ$QWUDJNHLQ*HVHW]'LHVH/RJLNEHZHJWVLFKOlQJVWDXIV\V WHPWKHRUHWLVFKHP 7HUUDLQ :DV LKU DQ (YLGHQ] ]XNRPPHQ PDJ EHGDUI DEHU QRFK GHU (UNOlUXQJ 'LH OHEHQVZHOWOLFKH (UIDKUXQJ GDVV EHL /H VXQJHQ 3UHPLHUHQ 9HUQLVVDJHQ NXULRVH IDV]LQLHUHQGH RIW XQQW]H RGHU YHUVW|UHQGH 'LQJH P|JOLFK VLQG EHGDUI GHU VR]LRORJLVFKHQ $XINOlUXQJ XP]XHUNHQQHQZDUXPHVVRLVWZLHHVLVW 'HU VR]LRORJLVFKH $QVDW] GHU 6\VWHPWKHRULH ZXQGHUW VLFK EHU GLH 6HOEVWYHUVWlQGOLFKNHLW DOOWlJOLFKHU JHVHOOVFKDIWOLFKHU 3KlQRPHQH HWZD GHU $QQDKPHGDVV.XQVW.XQVWVHLXQGNRPPWDXVGHP3RVWXODWLKUHU8Q ZDKUVFKHLQOLFKNHLW]XU%HVFKUHLEXQJDOOMHQHU(LQULFKWXQJHQGLHGLHVH8Q ZDKUVFKHLQOLFKNHLWLQ:DKUVFKHLQOLFKNHLWEHUIKUHQ,P)DOOHGHU:HUNH GLH DOV :HUNH DGUHVVLHUW ZHUGHQ IKUW GLHV ]X )UDJHQ QDFK GHP JHVHOO VFKDIWOLFKHQ5DKPHQGHUVROFKHHUVWDXQOLFKHQ3UDNWLNHQHUPXWLJWZLHZLU VLH YRQ GHU PRGHUQHQ .XQVW NHQQHQ $XFK GLHVHU %OLFN DXI GLH JHVHOO VFKDIWOLFKHQ 9RUDXVVHW]XQJHQ GHU .XQVW LVW DOOHV DQGHUH DOV DOWHUQDWLYORV GHQQHULPSOL]LHUWGDVVGHP:HUNVHOEVWQLFKWMHGH,QIRUPDWLRQHQWQRP PHQZHUGHQNDQQGLH]XVHLQHP9HUVWlQGQLVQ|WLJLVW(VJHQJHQLFKW





1LHOV:HUEHU



ODQJHJHQXJKLQ]XVFKDXHQPHKUPDOVQDFK]XOHVHQZLHGHUXQGZLHGHUKLQ ]XK|UHQXP]XYHUVWHKHQZDUXPHLQ:HUNGHQ$QVSUXFKPLW(UIROJYHU WUHWHQNDQQDXIHLQHJDQ]EHVWLPPWH:HLVHUH]LSLHUW]XZHUGHQ²QlPOLFK QLFKWSROLWLVFKRGHUUHOLJL|VGLGDNWLVFKRGHU|NRQRPLVFKVRQGHUQlVWKH WLVFK'LHVHUVR]LDOH5DKPHQGHUHVHUZDUWEDUPDFKWDXIJHVWDSHOWH%DKQ VFKZHOOHQ IHOOEHVHW]WH 7DVVHQ OHGHUEH]RJHQHV :HUN]HXJ GDGDLVWLVFKH /DXWIROJHQ /JHQJHVFKLFKWHQ RGHU )X‰EDOOPDQQVFKDIWVDXIVWHOOXQJHQ DOV VLQQYROOH%HLWUlJH]XU.XQVWDXI]XIDVVHQYHUVFKOLH‰WVLFKZHUNLPPDQHQ WHQ$QDO\VHQ'LH6WUXNWXUHLQHV:HUNHVGLH0HWULNHLQHV*HGLFKWHVGLH =HLWRUGQXQJ HLQHV 6WFNV GLH 2QWRORJLH GHU (U]lKOHU GLH 3HUVSHNWLYH HLQHV*HPlOGHVP|JHQVLFKDXFKRKQH6R]LRORJLHVHKUJHQDXHUIDVVHQODV VHQ:HUDEHUGLHHUVWDXQOLFKH7DWVDFKHHUNOlUHQZLOOGDVV:HUNH:HUNH VLQG NRPPW QLFKW RKQH HLQH $QDO\VH GHU JHVHOOVFKDIWOLFKHQ 9RUDXVVHW ]XQJHQ DXV 'LH VR]LRORJLVFKH 6\VWHPWKHRULH VWHOOW VROFKHQ $QDO\VHQ HLQ ,QVWUXPHQWDULXP]XU9HUIJXQJ'LHVHV+DQGEXFKZLUGHVYRUVWHOOHQLP .RQWH[WGHU6\VWHPWKHRULHYHURUWHQLQH[HPSODULVFKHQ$QDO\VHQDQZHQ GHQXQGVRVHLQH)UXFKWEDUNHLWIUGLH/LWHUDWXU.XQVWXQG.XOWXUZLV VHQVFKDIWHQHUSUREHQ :DVIU.XQVWZHUNHJLOWWULIIWLQJHZLVVHU+LQVLFKWDXFKIUZLVVHQ VFKDIWOLFKH 3DUDGLJPHQ ]X .XQVW XQG :LVVHQVFKDIWHQ VLQG QlPOLFK ÅLQ JHZLVVHU+LQVLFKW´YHUJOHLFKEDULQVRIHUQVLHHLQLJHDEVWUDNWH(LJHQVFKDI WHQ PLWHLQDQGHU WHLOHQ $XV V\VWHPWKHRUHWLVFKHU 3HUVSHNWLYH ZlUHQ VRJDU HLQH JDQ]H 5HLKH YRQ *HPHLQVDPNHLWHQ ]X QHQQHQ .XQVW XQG :LVVHQ VFKDIWHQ VLQG 6R]LDOV\VWHPH VLH NRPPXQL]LHUHQ VLQG FRGLHUW XQG SUR JUDPPLHUW EHVFKUHLEHQ VLFK VHOEVW XQG LKUH 8PZHOW QXW]HQ 0HGLHQ IU )RUPHQ 6\PEROH XQG *HQHUDOLVLHUXQJHQ VLQG DXWRQRP :LH PDQ EHL HLQHP .XQVWZHUNV GDYRQ DXVJHKHQ NDQQ GDVV HV DOV %HLWUDJ ]XU .XQVW EHWUDFKWHWZLUGGDUILP)DOOHHLQHVÅ3DUDGLJPDV´YRUDXVJHVHW]WZHUGHQ GDVVLQVHLQHP5DKPHQZLVVHQVFKDIWOLFKNRPPXQL]LHUWZLUG²QLFKWDEHU GDVV HV GHU :LUWVFKDIW QW]W RGHU GHU 3ROLWLNEHUDWXQJ KLOIW GDVV HV GLH 5HOLJLRQSURYR]LHUWRGHUIU$ELWXUSUIXQJHQWDXJWXQGDXFKQLFKWGDVV HVVLFKDOVHUJLHELJHUZHLVHQZLUGRGHUDOVVFKRODVWLVFKGDVVHVLQGLH'LV ]LSOLQHQDXVVWUDKOHQRGHUGLH7UHQGHU)DFKZLVVHQVFKDIW]XVFKODJHQZLUG GDVV HV ZHLWHUHQWZLFNHOW XQG %HVWDQG KDEHQ ZLUG RGHU GDVV HV 0RGH LVW XQG VFKQHOO LQ 9HUJHVVHQKHLW JHUlW,P)DOOH GHU 6\VWHPWKHRULH OlVVW VLFK -DKUHQDFKGHQHUVWHQJUR‰HQ0RQRJUDSKLHQ1LNODV/XKPDQQVDOOHU GLQJV NRQVWDWLHUHQ GDVV VLH NHLQH (SLVRGH LVW VRQGHUQ (SRFKH JHPDFKW KDW²XQGQLFKWQXULQGHU6R]LRORJLH 'LH VR]LRORJLVFKH 6\VWHPWKHRULH GLH LQ 'HXWVFKODQG VHLW GHQ HU -DKUHQ XQG EHVRQGHUV QDFK GHU EHUKPWHQ .RQWURYHUVH PLW -UJHQ +D  

6FKZDQLW]'LHWULFK6\VWHPWKHRULHXQG/LWHUDWXU(LQQHXHV3DUDGLJPD2SODGHQ

(LQOHLWXQJ



EHUPDVYRUDOOHPPLWGHP1DPHQXQGGHP:HUN/XKPDQQVYHUEXQGHQ LVW ZLUG LQ GHQ /LWHUDWXU .XOWXU XQG 0HGLHQZLVVHQVFKDIWHQ QXQPHKU VFKRQVHLWEHUGUHL‰LJ-DKUHQUH]LSLHUW:ROIJDQJ,VHU)UDQN%|FNHOPDQQ XQG6LHJIULHG-6FKPLGW]lKOHQ]XGHQHUVWHQGLH/XKPDQQIUSKLOROR JLVFKH XQG NXOWXUZLVVHQVFKDIWOLFKH 7KHRULHELOGXQJHQ XQG $QDO\VHYHU IDKUHQ IUXFKWEDU JHPDFKW KDEHQ %LV LQ GLH VSlWHQ HU -DKUH KLQHLQ KDWWHQGLHVHZHQLJHQ([SHULPHQWHPLWV\VWHPWKHRUHWLVFKHQ,QVWUXPHQWHQ DOOHUGLQJV RNNDVLRQHOOHQ &KDUDNWHU XQG ZDUHQ HKHU DQ HLQHP HLQ]HOQHQ $UJXPHQWRGHUNXU]IULVWLJHQ(UWUDJLQWHUHVVLHUWDOVDQGHU*UQGXQJHLQHU ÅV\VWHPWKHRUHWLVFKHQ /LWHUDWXUZLVVHQVFKDIW´ GLH HV KHXWH ]ZDQ]LJ -DKUH VSlWHUVFKRQDOOHLQGHVZHJHQ]XJHEHQVFKHLQWZHLOVLHHLQIHVWHU%HVWDQG WHLOGHUOLWHUDWXUZLVVHQVFKDIWOLFKHQ&XUULFXODJHZRUGHQLVWXQGLQ(LQIK UXQJVYHUDQVWDOWXQJHQ XQG hEHUEOLFNVYRUOHVXQJHQ JOHLFKEHUHFKWLJW QHEHQ ÅKHUPHQHXWLVFKH´ ÅVWUXNWXUDOLVWLVFKH´ ÅVR]LDOKLVWRULVFKH´ RGHU ÅGHNRQV WUXNWLYLVWLVFKH´ 0|JOLFKNHLWHQ OLWHUDWXUZLVVHQVFKDIWOLFKHQ 'HQNHQV JHWUH WHQ LVW 'DVV GLH *HVHOOVFKDIW XQG LKUH 6XEV\VWHPH LQNOXVLYH .XQVW XQG /LWHUDWXU DXV .RPPXQLNDWLRQHQ EHVWHKW GLH DQ .RPPXQLNDWLRQHQ DQ VFKOLH‰HQ LVW HLQH *UXQGDQQDKPH GHU 6\VWHPWKHRULH 'LH (LQULFKWXQJ HLQHV /HKUVWXKOV IU Å7KHRULH XQG *HVFKLFKWH OLWHUDULVFKHU .RPPX QLNDWLRQ´DQHLQHP*HUPDQLVWLVFKHQ,QVWLWXWPDJDOV%HOHJIUGLH,QVWL WXWLRQDOLVLHUXQJHLQHUYRQ/XKPDQQDQJHUHJWHQ/LWHUDWXUZLVVHQVFKDIWJHO WHQ $EHU VHOEVW ZHQQ QXQPHKU VHLW EHU IQI]HKQ -DKUHQ LQ GHU /HKUH XQG)RUVFKXQJYRQHLQHUÅV\VWHPWKHRUHWLVFKHQ/LWHUDWXUZLVVHQVFKDIW´GLH 5HGHLVWXQGLQQHUKDOEGLHVHVÅ3DUDGLJPDV´LQ]ZLVFKHQVRJDUYHUVFKLHGH QH6FKXOHQXQWHUVFKLHGHQZHUGHQJLEWHVGHQQRFKELVKHXWHNHLQH/LWHUD WXUZLVVHQVFKDIWGLHJDQ]XQGJDUV\VWHPWKHRUHWLVFKZlUHXQGGLHHWZDGLH 7KHRULHDUFKLWHNWXU/XKPDQQVLQWRWRDXIGDV)HOGGHU/LWHUDWXUEHUWUDJHQ KlWWH'LHVKDW*UQGH 'LH6\VWHPWKHRULHZLHVLH/XKPDQQLQGHU1DFKIROJHGHVDPHULNDQL VFKHQ 6R]LRORJHQ 7DOFRWW 3DUVRQV HQWZLFNHOW KDW XQG ZLH VLH KHXWH LP GHXWVFKVSUDFKLJHQ 5DXP YRQ 6R]LRORJHQ ZLH 'LUN %DHFNHU $QGUp .LH VHUOLQJ8UV6WlKHOLRGHU5XGROI6WLFKZHKZHLWHUHQWZLFNHOWZLUGLVWHLQHVR ]LRORJLVFKH7KHRULHXQGNHLQHSKLORORJLVFKH(LQHYROOVWlQGLJH$GDSWLRQGHU 6\VWHPWKHRULHKLH‰HIU/LWHUDWXUZLVVHQVFKDIWOHUGDVHLJHQH)DFK]XYHU ODVVHQ6R]LRORJHQ]XZHUGHQXQG7H[WHLQVEHVRQGHUHOLWHUDULVFKH7H[WH  

9JO/XKPDQQ1LNODVX-UJHQ+DEHUPDV +J 7KHRULHGHU*HVHOOVFKDIWRGHU6R]LDOWHFKQRORJLH² :DVOHLVWHWGLH6\VWHPIRUVFKXQJ")UDQNIXUW0DLQ  9JO 6FKPLGW 6LHJIULHG - +J  ÅVFK|Q´ =XU 'LVNXVVLRQ HLQHV XPVWULWWHQHQ %HJULIIV 0QFKHQ ,QGLHVHP%DQGILQGHWVLFK/XKPDQQVHUVWHV\VWHPDWLVFKHbX‰HUXQJ]XU.XQVWVHLQ $XIVDW]EHUGLH&RGLHUEDUNHLWGHU.XQVW(VLVW6-6FKPLGWV9HUGLHQVW/XKPDQQ]XGLH VHU´'LVNXVVLRQµHLQJHODGHQ]XKDEHQ /XKPDQQ1LNODVÅ,VW.XQVWFRGLHUEDU"´,QÅVFK|Q´ =XU'LVNXVVLRQHLQHVXPVWULWWHQHQ%HJULIIV+JY6LHJIULHG-6FKPLGW0QFKHQ6²





1LHOV:HUEHU



DOOHLQDOVVR]LDOH7DWVDFKH]XEHVFKUHLEHQLP)DOOHGHU6\VWHPWKHRULHDOVR DOV .RPPXQLNDWLRQ /LWHUDWXUZLVVHQVFKDIWOHU ² XQG GLHV KDEHQ VLH PLW .XQVWKLVWRULNHUQ RGHU )LOPZLVVHQVFKDIWOHUQ XQG YLHOHQ DQGHUHQ JHPHLQ VDP²VLQGDEHULPPHUZLHGHU]XGHU$QQDKPH]XUFNJHNHKUWGDVVOLWHUD ULVFKH :HUNH .XQVWZHUNH )LOPH RGHU )RWRJUDILHQ 7KHDWHUVWFNH RGHU +DSSHQLQJVÅPHKU´RGHUÅDQGHUV´VLQGDOVVRRGHUVRFRGLHUWHXQGSUR JUDPPLHUWH PHKU RGHU PLQGHU DQVFKOXVVIlKLJH 0LWWHLOXQJHQ YRQ ,QIRU PDWLRQHQ $XV GHU 6LFKW YRQ 6R]LRORJHQ PDJ /LWHUDWXU QLFKW PHKU XQG QLFKW ZHQLJHU DOV HLQ )DOO YRQ .RPPXQLNDWLRQ VHLQ HLQ )DOO YRQ YLHOHQ DOVR /LWHUDWXUZLVVHQVFKDIWOHUQ NDQQ GLHV QLFKW JHQJHQ ,Q HLQHP GHU HUVWHQJUR‰HQ9HUVXFKHÅV\VWHPWKHRUHWLVFKH,QVWUXPHQWDULHQIUHLQHOL WHUDWXUZLVVHQVFKDIWOLFKH0RGHOOELOGXQJ>]X@HUSUREHQ´EHWRQW6LHJIULHG- 6FKPLGW GDV Ä6XUSOXV¶ OLWHUDULVFKHU .RPPXQLNDWLRQ PLW HLQHP JDQ]HQ %QGHOYRQ(LJHQVFKDIWHQGLHYRQGHU6HOEVWUHIHUHQ]LDOLWlWGHU=HLFKHQ YHUZHQGXQJ XQG GHU =ZHLWUDQJLJNHLW GHU 5HIHUHQ] GHU .RPPXQLNDWLRQ LP 9HUKlOWQLV ]X LKUHU SRHWLVFKHQ )RUP EHU GLH 3RO\YDOHQ] GHU 5H]HS WLRQVP|JOLFKNHLWHQ ELV ]XU ÅbVWKHWLN.RQYHQWLRQ´ GHV /LWHUDWXUV\VWHPV UHLFKHQ ZHOFKH ÅEHVDJW GDVV GHUMHQLJH GHU LP /LWHUDWXUV\VWHP LQ %H]XJ DXI OLWHUDULVFKH 7H[WH KDQGHOW VHLQH VSUDFKOLFKNRJQLWLYHQ +DQGOXQJHQ QLFKWSULPlUQDFK.DWHJRULHQZLHZDKUIDOVFKRGHUQW]OLFKQXW]ORVDXV ULFKWHW VRQGHUQ VLH VROFKHQ %HZHUWXQJHQ XQG (ODERUDWLRQHQ XQWHU]LHKW GLHHUVXEMHNWLYIUSRHWLVFKUHOHYDQWKlOW´$QGHUVDOVDQGHUH.RPPXQLND WLRQHQODGHGLH/LWHUDWXU]XXQWHUVFKLHGOLFKHQÅ/HVDUWHQ´RGHUÅ/HNWUHQ´ HLQ XQG VWHOOH Å)UHLUlXPH´ IU GHQ *HQXVV YRQ 9LHOGHXWLJNHLWHQ hEHU UDVFKXQJHQXQG$EZHLFKXQJHQKHUZRVRQVWGLH3UDJPDWLNGHU(LQGHX WLJNHLWXQGGHU9HUVWlQGOLFKNHLWXQVHUHU.RPPXQLNDWLRQXQWHUÅQRUPDOHQ 8PVWlQGHQ´ KHUUVFKH 'LHVH GHILQLWRULVFKHQ 9HUVXFKH HULQQHUQ ELV LQ GHQ:RUWODXWGHU)RUPXOLHUXQJHQKLQHLQDQ5RPDQ-DNREVRQVIRUPDOLVWL VFKH %HVWLPPXQJ GHU Å3RHWL]LWlW´ YRQ /LWHUDWXU Å'RFK ZRGXUFK PDQL IHVWLHUWVLFK3RHWL]LWlW"´IUDJWHUXQGDQWZRUWHWÅ'DGXUFKGDVVGDV :RUW DOV :RUW XQG QLFKW DOV EOR‰HU 5HSUlVHQWDQW GHV EHQDQQWHV 2EMHNWV RGHUDOV*HIKOVDXVEUXFKHPSIXQGHQZLUG'DGXUFKGDVVGLH:|UWHUXQG LKUH =XVDPPHQVHW]XQJ LKUH %HGHXWXQJ LKUH lX‰HUH XQG LQQHUH )RUP QLFKWQXULQGLIIHUHQWHU+LQZHLVDXIGLH:LUNOLFKNHLWVLQGVRQGHUQHLJHQHV *HZLFKWXQGVHOEVWVWlQGLJHQ:HUWHUODQJHQ´hEHUGLHÅ$XWRQRPLHGHU  

6FKPLGW6LHJIULHG-'LH6HOEVWRUJDQLVDWLRQGHV6R]LDOV\VWHPV/LWHUDWXULP-DKUKXQGHUW)UDQN IXUW0DLQ6  (EG6  (EG6  -DNREVRQ 5RPDQ Å:DV LVW 3RHVLH"´ >@ ,Q 3RHWLN $XVJHZlKOWH $XIVlW]H î )UDQNIXUW0DLQ6²KLHU6>.XUVLYLHUXQJYRQ1:@

(LQOHLWXQJ



SRHWLVFKHQ )XQNWLRQ´ ]X VSUHFKHQ EHGHXWHW ]X QHJLHUHQ ZDV 6SUDFKH ÅQRUPDOHUZHLVH´VHL$XFKPLW%OLFNDXIDQGHUHPRQRJUDSKLVFKHÄ$QZHQ GXQJHQ´ OlVVW VLFK HLQH 1HLJXQJ ]XU ÄQHJDWLYHQ 3RHWRORJLH¶ EHREDFKWHQ 'LH$XWRUHQ]HLJHQZDV/LWHUDWXUQLFKWLVW²VLHLVWQLFKWQW]OLFKQLFKWDQ ZLVVHQVFKDIWOLFKHU:DKUKHLWLQWHUHVVLHUWZHGHUPRUDOLVFKQRFKHUEDXHQG QLFKWDXI(LQGHXWLJNHLWRGHU9HUVWlQGOLFKNHLWDXVZHGHU:LGHUVSLHJHOXQJ GHU5HDOLWlWQRFK0DQLIHVWDWLRQHLQHU$XWRUSV\FKHHWFHWF²XPEHLDOOHQ )RUPXOLHUXQJVYHUVXFKHQ ZDV /LWHUDWXU GHQQ GDQQ SRVLWLY VHL GRFK DXI DOWH YRUV\VWHPWKHRUHWLVFKH .RQ]HSWH ZLH ÅlVWKHWLVFK´ RGHU ÅSRHWLVFK´ ]XUFN]XJUHLIHQ 'DVV:HUNHGHU/LWHUDWXU GHU.XQVWGHV7KHDWHUVRGHU.LQRV VLFK YRQ GHP ZDV .RPPXQLNDWLRQ XQWHU ÅQRUPDOHQ 8PVWlQGHQ´ VHL VSH]L ILVFK XQWHUVFKHLGH ZLVVHQ XQG DN]HSWLHUHQ  DXFK HUNOlUWH ÅV\VWHPWKHR UHWLVFKH /LWHUDWXUZLVVHQVFKDIWOHU´ GHUHQ%HVFKlIWLJXQJPLW /LWHUDWXUVLFK XP /HNWUHQ EHPKW GLH GLHVHP 6SH]LILNXP JHUHFKW ZHUGHQ XQG GDKHU LKUHQ $QVDW] QLFKW JDQ]  LQ HLQHU 6\VWHPWKHRULH GHU /LWHUDWXU DXIJHKHQ ODVVHQ0DQKDWRIWNULWLVFKHLQJHZHQGHWV\VWHPWKHRUHWLVFKH$QDO\HQGHU /LWHUDWXUVWURW]WHQJHUDGH]XGDQQZHQQVLHVLFKDXIGLH7H[WHEHQHEHJH EHQYRQKHUPHQHXWLVFKHQVWUXNWXUDOLVWLVFKHQGHNRQVWUXNWLYLVWLVFKHQRG HUIRUPDOLVWLVFKHQ$QOHLKHQ'LHVPDJ]XWUHIIHQDEHUZRP|JOLFKJHKWHV QLFKW DQGHUV 0DQ N|QQWH DEHU GLHVHP Ä9RUZXUI¶ EHJHJQHQ XQG XP JHNHKUWEHKDXSWHQGDVVGLHhEHUQDKPHV\VWHPWKHRUHWLVFKHU'HQNILJXUHQ XQG 3UREOHPDWLVLHUXQJHQ GDV DOWH OLWHUDWXUZLVVHQVFKDIWOLFKH +DQGZHUNV ]HXJ PRGLIL]LHUW XQG LKUHQ %HQXW]HUQ QHXH %HREDFKWXQJHQ HUP|JOLFKW KDW)HVWVWHKWGDVVHLQH9LHO]DKOYRQV\VWHPWKHRUHWLVFKHQ%DXWHLOHQDXV GHU 6R]LRORJLH /XKPDQQV KHUDXVJHO|VW XQG LQ GLYHUVH OLWHUDWXUZLVVHQ VFKDIWOLFKH 3URMHNWH HLQJHODVVHQ ZRUGHQ VLQG 'LHVH ZLUNPlFKWLJHQ V\V WHPWKHRUHWLVFKHQ $QWHLOH LQ GHQ /LWHUDWXUZLVVHQVFKDIWHQ JLOW HV ]X NDU WLHUHQ'DV+DQGEXFKVWHOOWVLFKDXIGLH7DWVDFKHLQ)RUVFKXQJXQG/HKUH HLQGDVV7KHRULHHOHPHQWHLQIUXFKWEDUH:LUNXQJV]XVDPPHQKlQJHHLQJH WUHWHQVLQGRKQHGDVVGLH%HKHUUVFKXQJGHUJHVDPWHQJLJDQWLVFKHQ7KH RULHDUFKLWHNWXU /XKPDQQV XQG LKUHU XQEHUVHKEDUHQ ,PSOLNDWLRQHQ YR UDXVJHVHW]WZLUG0LW%HJULIIHQZLH.RQWLQJHQ]0HGLXPXQG)RUPRGHU $XVGLIIHUHQ]LHUXQJ N|QQHQ /LWHUDWXUZLVVHQVFKDIWOHU RIIHQEDU HUIROJUHLFK DUEHLWHQDXFKZHQQVLHDXVGHP=XVDPPHQKDQJGHVV\VWHPWKHRUHWLVFKHQ ,QVWUXPHQWDULXPV KHUDXVJHO|VW ZRUGHQ VLQG 'LH 1HXJLHU IU HLQ]HOQH   

(EG6 6FKZDQLW]6\VWHPWKHRULHXQG/LWHUDWXU:HUEHU1LHOV/LWHUDWXUDOV6\VWHP=XU$XVGLIIHUHQ]LHUXQJ OLWHUDULVFKHU .RPPXQLNDWLRQ 2SODGHQ  3OXPSH *HUKDUG (SRFKHQ PRGHUQHU /LWHUDWXU 2S ODGHQ5HLQIDQGW&KULVWRSK'HU6LQQGHUILNWLRQDOHQ:LUNOLFKNHLWHQ(LQV\VWHPWKHRUHWLVFKHU (QWZXUI ]XU $XVGLIIHUHQ]LHUXQJ GHV HQJOLVFKHQ 5RPDQV YRP  -DKUKXQGHUW ELV ]XU *HJHQZDUW +HLGHOEHUJ





1LHOV:HUEHU



:HUN]HXJH P|FKWH GLHVHV +DQGEXFK DEHU QLFKW PLW HLQHU 9HUSIOLFKWXQJ DXI GDV 6WXGLXP GHV JHVDPWHQ *HUlWHDUVHQDOV XQWHUELQGHQ VRQGHUQ LKU HQWJHJHQNRPPHQ:HUVLFKIUEHVWLPPWH%HJULIIHLQWHUHVVLHUWZLUGXQWHU GHP HQWVSUHFKHQGHQ /HPPD IQGLJ ZHUGHQ =XJOHLFK HQWVWHKW DXV GHU 9HUNQSIXQJGHU%HLWUlJHHLQH6NL]]HGHV*DQ]HQ'DV+DQGEXFKNDQQ JHOHVHQ ZHUGHQ ZLH /XKPDQQV 6R]LDOH 6\VWHPH QLFKW JUDGOLQLJ ZLH HLQH Å6FKQHOOVWUD‰H]XJXWHP(QGH´ E]ZYRQ$ELV= VRQGHUQLPPHUDXFK LQ DQGHUHU 5HLKHQIROJH Å9RUJULIIH XQG 4XHUYHUZHLVXQJHQ´ KDOWHQ DXFK KLHUÅGHQQLFKWOLQHDUHQ&KDUDNWHUGHU7KHRULHLQ(ULQQHUXQJ´ /XKPDQQVDFKW]LJVWHU*HEXUWVWDJZXUGHLQ/X]HUQPLWHLQHULQWHUQD WLRQDOHQ.RQIHUHQ]YRQEHWUlFKWOLFKHU*U|‰HXQGLQWHUGLV]LSOLQlUHU%UHLWH EHJDQJHQVHLQ]HKQWHU7RGHVWDJZDUGHPEHUUHJLRQDOHQ)HXLOOHWRQ$Q ODVV]XJDQ]VHLWLJHU(ULQQHUXQJ'HUHKHPDOLJH9HUZDOWXQJVEHDPWHGHULQ GHQIUKHQHU-DKUHQQRFKDOV*HKHLPWLSSJHKDQGHOWZXUGHLVWRKQH )UDJH SURPLQHQW =DKOUHLFKH (LQIKUXQJHQ LQ GDV :HUN GLHVHV ÅJU|‰WHQ 6R]LRORJHQ GHU 1DFKNULHJV]HLW´ ',( :(/7 DP   VLQG LQ]ZL VFKHQ HUVFKLHQHQ /XKPDQQ GHQ 6WDWXV DOV .ODVVLNHU ]X]XZHLVHQ ZLUG NDXP:LGHUVSUXFKKHUYRUUXIHQXQGGLHVJLOWVLFKHUQLFKWQXUIU6R]LROR JHQVRQGHUQDXFKIU-XULVWHQ3ROLWRORJHQgNRQRPHQ/LWHUDWXU0HGL HQ XQG .XOWXUZLVVHQVFKDIWOHU $XFK GLHV LVW DOOHV DQGHUH DOV HUZDUWEDU GHQQ REZRKO VHLQH XQLYHUVDOH 7KHRULH DXFK 3ODW] IU .XQVW 0DV VHQPHGLHQ XQG /LWHUDWXU KDW XQG /XKPDQQ GLHVHQ 7KHPHQ HLJHQH 0R QRJUDSKLHQXQG]DKOUHLFKH$XIVlW]HJHZLGPHWKDWIlOOWJHUDGHGHU=XJDQJ ]XHLQHU6\VWHPWKHRULHGHU/LWHUDWXU GHU.XQVWGHU0HGLHQ QLFKWOHLFKW GHQQJHVFKULHEHQVLQGGLH7H[WHYRUDOOHPIU6R]LRORJHQXQGIU6\VWHP WKHRUHWLNHU GLH QLFKW QXU LQ GHU *HVFKLFKWH GHV )DFKV ]X +DXVH VLQG VRQGHUQ VLFK DXFK LQ GHU ILOLJUDQHQ YHU]ZHLJWHQ YLHOVFKLFKWLJHQ 7KHR ULHDUFKLWHNWXU/XKPDQQV]XUHFKWILQGHQ%HLGHU/HNWUHVHLQHU]DKOUHLFKHQ 7H[WH ]XU .XQVW NDQQ OHLFKW GHU (LQGUXFN HQWVWHKHQ GLH WKHRUHWLVFKH 3HUVSHNWLYH /XKPDQQV HPDQ]LSLHUH VLFK JHUDGH]X YRQ VHLQHP 8Q WHUVXFKXQJVJHJHQVWDQGGHU.XQVWVRGDVVNXQVWKLVWRULVFKH%LOGXQJRGHU OLWHUDULVFKH%HOHVHQKHLWQLFKW YLHO KHOIHQ XPVHLQH hEHUOHJXQJHQ ]X YHU VWHKHQ GLH HLQ VR DQGHUHV /LFKW DXI GLH 6DFKH ]X ZHUIHQ VFKHLQHQ GDVV QRFK GDV 9HUWUDXWHVWH IUHPG ZLUNW hEHU GHQ 9HUVXFK /XKPDQQ HLQHP  

/XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH )UDQNIXUW0DLQ  6  9JO%HUJ+HQNGHX-RKDQQHV6FKPLGW +J 5H]HSWLRQXQG5HIOH[LRQ=XU5HVRQDQ]GHU6\V WHPWKHRULH1LNODV/XKPDQQVDX‰HUKDOEGHU6R]LRORJLH)UDQNIXUW0DLQ:HLWHUH)RUVFKXQJV EHULFKWH VSH]LHOO IU GLH /LWHUDWXUZLVVHQVFKDIWHQ ILQGHQ VLFK LP /LWHUDWXUYHU]HLFKQLV GHV +DQGEXFKV'HU(LQVDW]GHV+DQGEXFKVEHVWHKWQLFKWLQHLQHPhEHUEOLFNEHU(LQ]HOIRU VFKXQJHQ 6FKXOHQ RGHU(LQIOVVHVRQGHUQ LQ HLQHU*UXQGOHJXQJ GHU V\VWHPWKHRUHWLVFKHQ %HJULIIHDOV:HUN]HXJHGHU/LWHUDWXUXQG0HGLHQZLVVHQVFKDIWHQ

(LQOHLWXQJ



JU|‰HUHQ 3XEOLNXP QDKH]XEULQJHQ lX‰HUWH GHU )HUQVHKUHGDNWHXU 8OULFK %RHKP GHU GHQ 6R]LRORJHQ  IU GLH 6HQGXQJ Å3KLORVRSKLH KHXWH´ LQWHUYLHZWKDWYHU]ZHLIHOWÅ/XKPDQQVSULFKWJHQDXVRZLHHUVFKUHLEW $OVRY|OOLJXQYHUVWlQGOLFK´ 'DV YRUOLHJHQGH +DQGEXFK ZLUG KLHU $EKLOIH VFKDIIHQ 'LHV LVW DXV ]ZHL*UQGHQQ|WLJ=XPHLQHQLVWGLH/XKPDQQ5H]HSWLRQLQGHQ/LWHUD WXU0HGLHQXQG.XOWXUZLVVHQVFKDIWHQVREUHLWXQGVRIROJHQUHLFKGDVV PDQ RKQH V\VWHPWKHRUHWLVFKHV 5VW]HXJ QLFKW DXI GHU +|KH GHU IDFK OLFKHQ'LVNXVVLRQHQVWQGH]XPDQGHUHQOLHIHUQGLHVH]DKOUHLFKHQPHKU RGHUPLQGHUV\VWHPWKHRUHWLVFKÅLQVSLULHUWHQ´6WXGLHQYRQ$QJOLVWHQ5R PDQLVWHQ *HUPDQLVWHQ 6ODZLVWHQ .RPSDUDWLVWHQ )LOP 7KHDWHU XQG 0HGLHQZLVVHQVFKDIWOHUQ .XQVWKLVWRULNHUQ XQG .XOWXUZLVVHQVFKDIWOHUQ LQ DOOHU5HJHOGLH9RUDXVVHW]XQJHQ]XLKUHP9HUVWlQGQLVQLFKWPLWXQGEHU ODVVHQHVGHQ/HVHUQVLFKPLWGHU+LOIHVR]LRORJLVFKHU(LQIKUXQJHQRGHU /XKPDQQ·VFKHU 2ULJLQDOWH[WH GDV Q|WLJH 5VW]HXJ VHOEHU ]X EHVFKDIIHQ 6R ZQVFKHQVZHUW GLHV VHLQ PDJ DOOHLQ DXV ]HLW|NRQRPLVFKHQ *UQGHQ ZLUGKLHUHLQ6HUYLFHDQJHERWZLOONRPPHQVHLQGDVGXUFKGDVV\VWHPVR]LR ORJLVFKHÅ/DE\ULQWK´HLQHQ)DGHQOHJWGHU]X=LHOHQIKUWIUGLHVLFK JHUDGH/LWHUDWXU0HGLHQXQG.XOWXUZLVVHQVFKDIWOHULQWHUHVVLHUHQ 6HOEVWDQVROFKHQ(LQIKUXQJHQRGHU+DQGEFKHUQGLHGDVQLFKWVR ]LRORJLVFKH DNDGHPLVFKH 3XEOLNXP DGUHVVLHUHQ KHUUVFKW LQ]ZLVFKHQ NHLQ 0DQJHO6LHVHW]HQDOOHUGLQJVPHLVWGDVYRUDXVZDVHUVWJHVFKDIIHQZHUGHQ VROO 9HUVWlQGQLV GHU 7KHRULH XQG LKUHU (LQVDW]P|JOLFKNHLWHQ 'LHVHV +DQGEXFKO|VWGLHVHV3UREOHPLQGHPHVGLHV\VWHPWKHRUHWLVFKH$UFKLWHN WXUDXIYHUWUDXWHP7HUUDLQHUULFKWHW(VEHVWHKWDXV(LQ]HOXQWHUVXFKXQJHQ lVWKHWLVFKHU RGHU OLWHUDULVFKHU .RPPXQLNDWLRQ GLH VLFK DP /HLWIDGHQ HLQHV V\VWHPWKHRUHWLVFKHQ %HJULIIV RGHU %H]XJVSUREOHPV DXI GLH 'HWDLOV HLQODVVHQ9RQHLQHP*HGLFKWHLQHU1RYHOOHHLQHU)DEHORGHUHLQHU6HQ VDWLRQVQDFKULFKWDXVHUVFKOLH‰HQGLH%HLWUlJHGLHVHV%DQGHVLKUH/HPPDWD 'LH$UWLNHOJUHLIHQ]HQWUDOH%HJULIIHGHU6\VWHPWKHRULHE]Z%HJULIIVSDDUH KHUDXV XQG HUSUREHQ GLH )UXFKWEDUNHLW IU GLH /LWHUDWXU XQG .XQVWZLV VHQVFKDIWHQDQHLQHPEHLVSLHOKDIWHQ)DOO8QWHUMHGHP/HPPDILQGHWVLFK DOVR QLFKWQXU HLQ OH[LNDOLVFKHU (LQWUDJ ]XP %HJULII XQG VHLQHU)XQNWLRQ LQQHUKDOEGHU6\VWHPWKHRULHVRQGHUQHLQHH[SHULPHQWHOOH3UREHDQHLQHP OLWHUDULVFKHQ7H[WRGHUJHJHEHQHQIDOOVDQHLQHP)LOPRGHUHLQHPDQGHUHQ :HUNGHU.XQVWXPYRU]XIKUHQZRULQGHU(UWUDJHLQHU$UEHLWPLWV\V WHPWKHRUHWLVFKHP,QVWUXPHQWDULXPEHVWHKHQNDQQXQGZRVHLQH*UHQ]HQ OLHJHQ'DV+DQGEXFKYHUVWHKWVLFKKLHUDXFKDOV+DQGUHLFKXQJ  

%HREDFKWHU LP .UlKHQQHVW (LQ )LOP YRQ 8OULFK %RHKP XQG 7KRPDV 6WUDXFK DXV GHU 5HLKH 3KLORVRSKLHKHXWH:'5  /XKPDQQ6R]LDOH6\VWHPH6





1LHOV:HUEHU



6\VWHPWKHRUHWLVFKH6HPLQDUHXQG6\PSRVLHQZLH*HUKDUG3OXPSHVLH LQ %RFKXP VHLW GHQ HU -DKUHQ XQG QLFKW QXU LQ GHQ 5lXPHQ GHU 5XKU8QLYHUVLWlW YHUDQVWDOWHW KDW NDQQ HV IUHLOLFK QLFKW HUVHW]HQ ,KP GHP/HKUHU.ROOHJHQXQG)UHXQGLVWGLHVHV%XFKJHZLGPHWGDV]XVHL QHP*HEXUWVWDJHUVFKHLQW



$5&+,9²7+20$63«@GHQQRFKSULPlUDOV.RP PXQLNDWLRQ ]X EHJUHLIHQ´ 'DV LVW EHUHLWV LQ GHU %DVLVDQQDKPH VHLQHV VHPLQDOHQ(VVD\V'DV0HGLXPGHU.XQVWLPSOL]LWDQGHVVHQ%HJLQQHVKHL‰W .XQVWZHUNHGLHQWHQÅXPDXIHLQPLQLPDOHV$EJUHQ]XQJVNULWHULXPDE]X VWHOOHQ GHU hEHUPLWWOXQJ YRQ 6LQQ´ 1XQ ZUGH PDQ MD VDJHQ GHU hEHUPLWWOXQJ YRQ 6LQQ GLHQH EHLVSLHOVZHLVH HLQ 7HOHIRQ HLQ %ULHI RGHU HLQH%XVFKWURPPHOXQGXPLKQEHUPLWWHOQ]XN|QQHQPVVHGHU6LQQ EHUHLWVYRUKHUGDVHLQLUJHQGZREHLP6HQGHUQlPOLFKXQGJHQDXVRGHQNW GDV DXFK GLH +HUPHQHXWLN VHLW 3ODWRQ 'LH NRQNUHWH )RUP GHV .XQVW ZHUNVVHLQH0DWHULDOLWlWVHLQ7H[WLVWLKUIROJOLFKQXUHLQXQYROONRPPHQHV +LOIVPLWWHOGDVGHUhEHUPLWWOXQJGHVDX‰HUKDOEGHV:HUNVLQVHLQHU5HLQ IRUP YRUKDQGHQHQ 6LQQV YRP 6HQGHU ]XP (PSIlQJHU GLHQW (LJHQWOLFK  

:HUEHUÅ1LNODV/XKPDQQV.XQVWGHU*HVHOOVFKDIW´6 +HLGHJJHU 0DUWLQ Å'HU 8UVSUXQJ GHV .XQVWZHUNHV´ ,Q 0DUWLQ +HLGHJJHU +RO]ZHJH )UDQNIXUW0DLQ6²KLHU6  /XKPDQQÅ:DKUQHKPXQJXQG.RPPXQLNDWLRQDQ+DQGYRQ.XQVWZHUNHQ´6  /XKPDQQ 1LNODV Å'DV 0HGLXP GHU .XQVW´ >@ ,Q /XKPDQQ 6FKULIWHQ ]XU .XQVW XQG /LWHUDWXU6²KLHU6 



0RULW]%D‰OHU

NDQQ /XKPDQQ GDV QLFKW ZLUNOLFK PHLQHQ GHQQ VHLQ 0RGHOO YRQ .RP PXQLNDWLRQ DOV 'UHLVFKULWW DXV ,QIRUPDWLRQ 0LWWHLOXQJ XQG $QVFKOXVV NRPPXQLNDWLRQ LVW EHNDQQWOLFK XQJOHLFK NRPSOH[HU 'HQQRFK JHUlW HU VREDOGHVXP.XQVWZHUNH7H[WHÄ.XOWXU¶NXU]*HVSHLFKHUWHVJHKWLP PHUZLHGHULQDUJXPHQWDWLYH6FKZLHULJNHLWHQ 8QVHU 5RPDQDQIDQJ LVW HLQH NQVWOHULVFKH )RUP XQG )RUPHQ HQW VWHKHQ EHNDQQWOLFK ÅGXUFK 9HUGLFKWXQJ YRQ $EKlQJLJNHLWVYHUKlOWQLVVHQ ]ZLVFKHQ(OHPHQWHQDOVRGXUFK6HOHNWLRQDXV0|JOLFKNHLWHQGLHHLQ0H GLXP ELHWHW´ .XQVWZHUNH HQWVWHKHQ DXV VROFKHQ $NWHQ DEHU VLH VLQG VHOEVWNHLQH$NWHRGHU+DQGOXQJHQVRQGHUQDOOHQIDOOVGHUHQJHVSHLFKHUWHV (UJHEQLV DOV PDWHULHOOH )RUP 'DULQ XQWHUVFKHLGHQ VLH VLFK ZLH JHVDJW VSH]LILVFK YRQ %HZXVVWVHLQVDNWHQ XQG .RPPXQLNDWLRQHQ XQG ]ZDU ]X XQVHUHP 9RUWHLO 0DQ NDQQ VLH OHVHQ 6\VWHPH DEHU NDQQ PDQ QLFKW OH VHQ Å%DFNWKHQLWZDVDOZD\VVDQGDOVERWWRPKDOIRIDIORZHUSULQWELNLQL IDGHG&RXQWU\-RH WKH)LVK7VKLUW´/HVEDULVWKLHUQLFKWEOR‰GHU7H[W VRQGHUQEHUHLWVLQQHUKDOEVHLQHUHU]lKOWHQ:HOW6KDVWDV2XWILW$XFKGLH VHV EHVWHKW DXV 'LQJHQ 6DQGDOHQ %LNLQL 76KLUW 'LQJHQ GLH LQ GLHVHU VSH]LILVFKHQ.RPELQDWLRQUHNXUUHQW ÅLWZDVDOZD\V>«@´ XQGGDKHU ZLH GHUKROW OHVEDUVLQG8QGVHOEVWYHUVWlQGOLFKLVWDXFKGLHVHV2XWILWW\SLVFK IU 3RSNXOWXU (UJHEQLV HLQHU VRUJIlOWLJHQ 6HOHNWLRQ DXV YHUVFKLHGHQHQ NXOWXUHOOHQ 0|JOLFKNHLWHQ 6HOHNWLRQ .RPELQDWLRQ :LHGHUKROEDUNHLW GHU 5H]HSWLRQ².XOWXUZLVVHQVFKDIWOHUZUGHQQLFKW]|JHUQDXFKLQVRHLQHP )DOO YRQ 7H[W ]X VSUHFKHQ DXFK ZHQQ GLH 6SHLFKHUXQJ VWUHQJ JHQRP PHQ]XQlFKVWQXULQ'RFV*HGlFKWQLVHUIROJWXQGHUVWGXUFKGHQ5RPDQ DOOJHPHLQOHVEDUZLUG 'LHVHU7H[WOLHVWVLFKHWZDVR6DQGDOHQXQG%LNLQL VWHKHQPHWRQ\PLVFKIUHLQHW\SLVFKHVGNDOLIRUQLVFKH6WUDQGH[LVWHQ]GDV IORUDOH 0XVWHU DXI GHP %LNLQLXQWHUWHLO YHUZHLVW VSlWHVWHQV LQ .RPELQD WLRQPLWGHP&RXQWU\-RH WKH)LVK7VKLUWDXIGLH)ORZHU3RZHU%HZH JXQJGHUVSlWHQHU-DKUH'LH%DQGYRQ&RXQWU\-RH0F'RQDOGXQG %DUU\ Ä7KH )LVK¶0HOWRQ ZDU HLQH GHU SURWRW\SLVFKHQ 8UEDQ )RON&RXQ WU\)RUPDWLRQHQ GLHVHU =HLW ÅZKRVH VDWLULFDO SROLWLFRGUXJV DQG DQWLZDU WKHPHV LQGXFHG PDQ\ WR LGHQWLI\ ZLWK KLV DQDUFKLF RXWILW GXULQJ WKH ·V´XQGVRRIIHQEDUDXFK6KDVWD,QGLH*HVFKLFKWHGHU3RSXOlUNXOWXU JLQJHQ VLH PLW LKUHP PLWJU|OEDUHQ $QWL9LHWQDP6RQJ ,IHHOOLNH,·PIL[LQ· WRGLH5DJXQGGHPSXEOLNXPVZLUNVDPHQÄ)LVK&KHHU¶HLQ Å*LPPHDQ)²  

/XKPDQQÅ'DV0HGLXPGHU.XQVW´6I 8QGLQVRIHUQGXUFKDXVÅ6SXUHQGLHGLHPHQVFKOLFKH7lWLJNHLWLQGHUZDKUQHKPEDUHQ:HOW KLQWHUOl‰W´ /XKPDQQÅ'DV0HGLXPGHU.XQVW´6   9JO%D‰OHU0RULW]Å6\VWHPHNDQQPDQQLFKWOHVHQ´,Q5HFKWVKLVWRULVFKHV-RXUQDO   6²  6WURQJ0DUWLQ&7KH*UHDW5RFN'LVFRJUDSK\1HZ@,VWDOVR QLFKWMHGHU.RPPXQLNDWLRQLKUHP|JOLFKHÄ(QW(UHLJQXQJ¶´²PLWGLHVHP /XKPDQQ·VFKHQ$XVGUXFNLVWGLH6SHLFKHUXQJXQGDOVR7H[WXDOLVLHUXQJJH PHLQW ² ÅYRQ YRUQKHUHLQ HLQJHVFKULHEHQ"´ ² 'LH JHUDGH]X JHJHQWHLOLJH /|VXQJGHV3UREOHPVVFKOlJW+HQNGH%HUJYRU -HGHU7H[WNRQVWLWXLHUWVHLQH%HGHXWXQJHUVWEHUHLQHKLVWRULVFKNRQNUHWH1HJD WLRQ DQGHUHU 0|JOLFKNHLWHQ 'DV ]HLWLJW GLH 1RWZHQGLJNHLW HLQHU UDGLNDOHQ 7HP SRUDOLVLHUXQJ GHU 6HPDQWLN 7H[WH PVVHQ LQ VHPDQWLVFKHU +LQVLFKW DOV ]HLWOLFK

  

/XKPDQQÅ:DKUQHKPXQJXQG.RPPXQLNDWLRQDQ+DQGYRQ.XQVWZHUNHQ´6 6WDQLW]HN *HRUJ Å:DV LVW .RPPXQLNDWLRQ"´ ,Q 6\VWHPWKHRULH GHU /LWHUDWXU +J Y -UJHQ )RKUPDQQX+DUUR0OOHU0QFKHQ6²KLHU6

$UFKLY



EHVWDQGVORV EHWUDFKWHW ZHUGHQ ZHLO LKUH %HGHXWXQJ LQ HLQHU ]HLWSXQNWIL[LHUWHQ 7H[W.RQWH[W'LIIHUHQ]DXIJHKW22

(UVW ]XP =HLWSXQNW GHU $NWXDOLVLHUXQJGXUFK/HNWUH VR GH%HUJILQGH GLHEHGHXWXQJVVWLIWHQGH6HOHNWLRQVWDWW7H[WHVHOEVWVHLHQGHVKDOEÅLQVH PDQWLVFKHU+LQVLFKW´VHOEVWIOFKWLJ %HLGH /|VXQJHQ EHKDUUHQ PLW /XKPDQQ GDUDXI 7H[WH DXFK OLWHUDUL VFKH7H[WHVXEVSHFLHFRPPXQLFDWLRQLV]XEHWUDFKWHQ1XUVRPDQ|YULHUWPDQ VLFK MD EHUKDXSW LQ GLH SUHNlUH /DJH HQWZHGHU .RPPXQLNDWLRQ VHOEVW WH[WXDOLVLHUHQ 6WDQLW]HN RGHU7H[WHHQWPDWHULDOLVLHUHQ GH%HUJ ]XPV VHQ'DJHJHQODXWHWPHLQ9RUVFKODJ7H[WHXQG.RPPXQLNDWLRQHQJUXQG VlW]OLFK ]X XQWHUVFKHLGHQ XQG 7H[WH QLFKW DOV7HLOH YRQ 6R]LDO RGHU%H ZXVVWVHLQV6\VWHPHQ]XNRQ]LSLHUHQVRQGHUQDOVGHUHQ8PZHOW(VLVWMD ULFKWLJ GDVV HUVW GLH .RPPXQLNDWLRQ EHU .XQVW GLHVHVR]LDOHQ 6\VWHPH ]XJlQJOLFKPDFKWGDVJLOWLQJOHLFKHU:HLVHIU0DXVHIDOOHQ&RXQWU\-RH WKH)LVK76KLUWV)U|VFKHRGHU+LJJV7HLOFKHQDXFK$EHUGLHÄ.RP PXQLNDWLRQEHU¶LVWHEHQQLFKWGLH6DFKHVHOEVW/LWHUDWXUWKHRULHWXWGHV KDOEJXWGDUDQOLWHUDULVFKH7H[WHDOVHEHQVROFKHXQGQLFKWDOV.RPPXQL NDWLRQ EHU VLH  ]X NRQVWUXLHUHQ 8QG VR SODXVLEHO GH %HUJV $UJXPHQW 7H[WHZUGHQLKUH6HPDQWLNQXULQGHU/HNWUHHQWIDOWHQDXIGHQHUVWHQ %OLFN DXFK VFKHLQW VR WULYLDO LVW GLHVH 7DWVDFKH DXI GHQ ]ZHLWHQ $XFK 0DXVHIDOOHQ &RXQWU\ -RH  WKH )LVK 76KLUWV )U|VFKH RGHU +LJJV7HLO FKHQ VLQG IU GDV LQGLYLGXHOOH %HZXVVWVHLQ QXU LQ GHU DNWXHOOHQ :DKU QHKPXQJYRUKDQGHQDEHUDXFKKLHUJLOWZLHGHU6LHVLQGQLFKWGLHVH:DKU QHKPXQJ XQG WHLOHQ QLFKW GHUHQ (LJHQVFKDIW GHU (UHLJQLVKDIWLJNHLW XQG )OFKWLJNHLW 3\QFKRQV7H[WXQGVHLQEHGUXFNWHV76KLUWHUKDOWHQQLFKWHUVWLQGHU MHDNWXHOOHQXQGLQGLYLGXHOOHQ/HNWUHLKUH%HGHXWXQJVRQGHUQEHGHXWHQ ZLH DOOH 7H[WH GXUFKDXV IU VLFK HWZDV 0LW 5HFKW VFKUHLEHQ ZLU VROFKH %HGHXWXQJ GHP 7H[W ]X XQG QLFKW GHP /HVHU GHU VLH ² HWZD PDQJHOV SRSNXOWXUHOOHQ%DVLVZLVVHQV²DXFKYHUIHKOHQNDQQ6HPDQWLNLVWQLFKWDXI 3UDJPDWLN ]X UHGX]LHUHQ 'LH 6FKZLHULJNHLW GLH GLHVH 7DWVDFKH LPPHU ZLHGHUDXVGHP%OLFNJHUDWHQOlVVWPDJGDULQOLHJHQGDVV7H[WHHEHQZH VHQWOLFKH$QWHLOHLQDEVHQWLDHQWKDOWHQGLHLKUHSDUDGLJPDWLVFKH'LPHQVLRQ DXVPDFKHQ $EHU GLH SDUDGLJPDWLVFKH 'LPHQVLRQ LVW ZLH ZLU REHQ LQ hEHUHLQVWLPPXQJPLW/XKPDQQEHWRQWKDEHQHEHQQLFKWLQGLYLGXHOO]X IlOOLJ XQG DG KRF VRQGHUQ NXOWXUHOO LP $UFKLY PDWHULDOLWHU JHJHEHQ XQG GDGXUFK HUVWDXQOLFK NRQVWDQW ,Q LKUHU DQDO\VLHUEDUHQ )RUP LP $UFKLY   

%HUJ+HQNGHÅ'LH(UHLJQLVKDIWLJNHLWGHV7H[WHV´,Q.RPPXQLNDWLRQXQG'LIIHUHQ]6\VWHP WKHRUHWLVFKH $QVlW]H LQ GHU /LWHUDWXU XQG .XOWXUZLVVHQVFKDIW +J Y +HQN GH %HUJ X 0DWWKLDV 3UDQJHO2SODGHQ6²KLHU6



0RULW]%D‰OHU

NRPPW GHU SDUDGLJPDWLVFKHQ $FKVH OHW]WOLFK HEHQVR GLH (LJHQVFKDIW GHU 7H[WXDOLWlW]XZLHGHUNRQNUHWYRUOLHJHQGHQ.XQVWIRUP 'DV $UFKLY YHUKlOW VLFK GHPQDFK ]XU *HVHOOVFKDIW ZLH GHU 7H[W ]XU .RPPXQLNDWLRQ RGHU]XP%HZXVVWVHLQ (VOLHJWLQGLQJOLFKHU)RUPYRU JHVSHLFKHUW XQG YHUlQGHUW VHLQH *HVWDOW LP 9HUKlOWQLV ]XU *HVHOOVFKDIW QXU PLQLPDO GXUFK 9HUIDOO XQG +LQ]XIJXQJ YRQ 'RNXPHQWHQ  0DQ N|QQWHVDJHQGDVVVHLQH)XQNWLRQGDULQEHVWHKH0|JOLFKNHLWHQEHUHLW]X KDOWHQ DXI GLH DNWXHOOH VR]LDOH 6\VWHPH LQ MHGHP 0RPHQW VHOHNWLY ]X JUHLIHQ N|QQHQ $Q HLQLJHQ 6WHOOHQ VFKHLQW /XKPDQQ XQWHU GHP XQJH OLHEWHQ/DEHOÄ.XOWXU¶ JHQDXGLHVH3RWHQ]GHV$UFKLYV]XEHVFKUHLEHQDOV NXOWXUHOOHV*HGlFKWQLVIXQJLHUHQ]XN|QQHQ'DEHLZlUHQDWUOLFKQRFK ]XXQWHUVFKHLGHQ]ZLVFKHQHLQHPNXOWXUHOOHQ*HGlFKWQLVGDVHLQHU*HVHOO VFKDIW ]X HLQHP EHVWLPPWHQ =HLWSXQNW DNWLY XQG VR]XVDJHQ RKQH EH VRQGHUH JHOHKUWH )RUVFKXQJHQ ]XJlQJOLFK LVW XQG GHQ LQ GHQ 7LHIHQ GHV $UFKLYVODWHQWYRUKDQGHQHQ0|JOLFKNHLWHQ)UGHQ/LWHUDWXUXQG.XOWXU ZLVVHQVFKDIWOHULVWGDV$UFKLYMHGHQIDOOVJDQ]NRQNUHWGDV7H[WNRUSXVLQ GHP HU GLH 3DUDGLJPHQ IU HLQHQ JHJHEHQHQ 7H[W NDUWLHUHQ NDQQ ² DOV lTXLYDOHQWH )XQGVWHOOHQ LQ DQGHUHQ 7H[WHQ 1XU VR OlVVW VLFK KLVWRULVFKH XQGNXOWXUVSH]LILVFKH%HGHXWXQJVLFKHUQ-HGHU7H[WKDWSHUGHILQLWLRQHPHL QH SDUDGLJPDWLVFKH $FKVH XQG GLHVH $FKVH IKUW LQV $UFKLY 'LH 3RVW VWUXNWXUDOLVWHQKDEHQJHUQ%RQPRWVYRQGHU$UWJHSUlJWHVJHEHJDUNHLQH 7H[WH VRQGHUQ QXU ,QWHUWH[WH GDPLW ZDU JHQDX GLHV JHPHLQW 2KQH GLH SDUDGLJPDWLVFKHQ 9HUJOHLFKVP|JOLFKNHLWHQ HLQHV $UFKLYV JlEH HV NHLQHQ OHVEDUHQ7H[W8QGGHVKDOENDQQPDQXPJHNHKUW(QWZDUQXQJJHEHQEHL HLQHUJUR‰HQ6RUJHGLH/XKPDQQLQVHLQHPRSXVPDJQXPHEHQIDOOVPHKU IDFKlX‰HUW(UEHIUFKWHWPLWGHUÅ(LQULFKWXQJXQG6WDELOLVLHUXQJHLQHV 7H[WHV´ GHU Ä(QW(UHLJQXQJ¶ YRQ .RPPXQLNDWLRQ DOVR N|QQWHQ ÅGHU $XWRU XQG PLW LKP VHLQH ,QWHUHVVHQ XQG 3HUVSHNWLYHQ YHUJHVVHQ´ ZHU GHQ 'HU 7H[W VHW]H GDPLW VHLQH %HGHXWXQJ DXI .RVWHQ DOOHU DQGHUHQ GXUFK Å6HLQH 2IIHQVLFKWOLFKNHLW YHUGHFNW GDVV HV DQGHUH 0|JOLFKNHLWHQ JHJHEHQ KDWWH´ XQG GLHV VHL HLQHU OHEHQGLJHQ *HVHOOVFKDIW DEWUlJOLFK 'DV*HJHQWHLOLVWGHU)DOO7H[WXHOOH6HOHNWLRQLVWEHUKDXSWQXUVLQQYROO ZHLO XQG VRODQJH VLH 9HUJOHLFKH PLW GHP Ä:RUDXV¶ GHU 6HOHNWLRQ HUP|J OLFKWXQGGHVKDOEKlOWMHGHU7H[WTXD7H[WXDOLWlWGLHDQGHUHQ0|JOLFKNHL WHQGLHQLFKWUHDOLVLHUWHQ9DULDQWHQLPPHURIIHQ1XULQ'LIIHUHQ]]XGLH VHQPDFKWHUEHUKDXSW6LQQ  

=%/XKPDQQ6R]LDOH6\VWHPH6 /XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW6'DVVKLHUGHU$XWRU GLH%H]XJVJU|‰HEOHLEWXQGQLFKWGLH7H[WHXQGLKUH,QWHUWH[WHEHOHJWZLHGHUXPGDVV/XK PDQQGHPKHUPHQHXWLVFKHQ'HQNDQVDW]YHUSIOLFKWHWEOHLEW  (EG 

$UFKLY



/LWHUDULVFKH7H[WHKDEHQQXQQRFKHLQHZHLWHUH(LJHQVFKDIWGLHREHQ PLW(UZlKQXQJGHUSRHWLVFKHQ)XQNWLRQDQJHGHXWHWZXUGH+lXILJHUDOV *HEUDXFKVWH[WHEHLGHQHQHVYRUDOOHPDXIGLH5HIHUHQ]IXQNWLRQHQ'DU VWHOOXQJ$SSHOOXQG$XVGUXFNDQNRPPWUXIHQVLHQLFKWQXU3DUDGLJPHQ GHV]HLWJHQ|VVLVFKHQ$UFKLYVDXIVRQGHUQELOGHQbTXLYDOHQ]HQXQG2S SRVLWLRQHQ DXFK LP HLJHQHQ 6\QWDJPD LQ SUDHVHQWLD 'HU %HJLQQ YRQ ,Q KHUHQW 9LFH LVW YRQ HLQHU 2SSRVLWLRQVVWUXNWXU EHKHUUVFKW ÅEDFN WKHQ´ YV ÅWRQLJKW´'DVYRQXQVREHQLQWHUSUHWLHUWH+LSSLH2XWILWJHK|UW]XU6KDV WD YRQ YRU HLQHP -DKU Å7RQLJKW VKH ZDV DOO LQ IODWODQG JHDU KDLU D ORW VKRUWHU WKDQ KH UHPHPEHUHG ORRNLQJ MXVW OLNH VKH VZRUH VKH·G QHYHU ORRN´ ,QQHUKDOE GHU 'LHJHVH HQWVWHKW GLH 2SSRVLWLRQ GXUFK 'RFV 9HU JOHLFKGHU)UDXGLHÅWKHDOOH\´KHUDXINRPPWPLWVHLQHP(ULQQHUXQJVELOG YRQ6KDVWDZDVGHUHUVWHQGLUHNWHQ5HGH Å7KDW\RX6KDVWD"´ HUVWLKUHQ 6LQQ JLEW (UNDQQW KDW HU VLH VFKOLH‰OLFK OlQJVW GDV LVW PLW GHP HUVWHQ :RUWGHV5RPDQVNODU VKHQLFKWVRPHRQH XQGIUGHQ/HVHUZLUGGDVHUVWH 5lWVHO Ä:HULVWVLH"¶ ]XJOHLFKEHDQWZRUWHWXQGGXUFKHLQ]ZHLWHVDEJHO|VW Ä:LHVR KDW VLH VLFK VR YHUlQGHUW"¶  ,KUH $QWZRUW Å7KLQNV KH·V KDOOXFL QDWLQJ´  ZHLVW ]XGHP EHU GLH $VVR]LDWLRQ YRQ +DOOX]LQLHUHQ PLW GHP XVXHOOHQ *HEUDXFK HQWVSUHFKHQGHU 6XEVWDQ]HQ LQ +LSSLH.UHLVHQ 'RF GHUÄ%DFNWKHQ¶6SKlUH]X(ULVWDPDOWHQ2UWGHU$OWHJHEOLHEHQVLHKDW VLFK YHUlQGHUW 'LH 2SSRVLWLRQ GDPDOVKHXWH ZLUG VRZRKO NXOWXUHOO EH VHW]W +LSSLHV)ODWODQG JHDU  DOV DXFK JHJHQGHUHG PlQQOLFK'RFZHLE OLFK6KDVWD  'LH NXOWXUHOOH *UHQ]H ZlUH IUHLOLFK DXIJUXQG GHU 8QJOHLFK ]HLWLJNHLW GHV *OHLFK]HLWLJHQ LPPHU QRFK LQ EHLGH 5LFKWXQJHQ ]X EHU VFKUHLWHQ(WZDVZHLWHUXQWHQLVWYRQ3HQQ\GLH5HGHÅQLFHIODWODQGFKLFN RXW LQ VHDUFK RI VHFUHW KLSSLH ORYH WKULOOV EDVLFDOO\ ²´ XQG 'RF KRIIW QDWUOLFKDXFKDXI6KDVWDV5FNNHKUDEHUYHUJHEHQVZLHVLFKUDVFK]HLJW KH·G VHHQ KHU ORRNLQJ DURXQG DW HYHU\WKLQJ WKDW KDGQ·W FKDQJHG WKH DXWKHQWLF (QJOLVK3XE'DUWERDUGXSRQWKHZDJRQZKHHODQGWKHZKRUHKRXVHVZDJODPS ZLWK WKH SXUSOH SV\FKHGHOLF EXOE ZLWK WKH YLEUDWLQJ ILODPHQW WKH FROOHFWLRQ RI PRGHOKRWURGVPDGHHQWLUHO\RI&RRUVFDQVWKHEHDFKYROOH\EDOODXWRJUDSKHGE\ :LOW&KDPEHUODLQLQ'D\*ORIHOWPDUNHUWKHYHOYHWSDLQWLQJDQGVRIRUWKZLWK DQH[SUHVVLRQRI\RXZRXOGKDYHWRVD\GLVWDVWH

'HU 5RPDQ EDVWHOW KLHU DQ VHLQHQ HLJHQHQ bTXLYDOHQ]VWUXNWXUHQ .XQVW ZHUNHÄEHREDFKWHQ¶RIIHQEDUQLFKWQXULKUH8PZHOW PLWDOOHQ$EVWULFKHQ XQG8QHLJHQWOLFKNHLWHQGLH]ZLVFKHQÄ%HREDFKWXQJ¶XQGÄ6HOHNWLRQ¶]XEH  

6KDVWD LVW QHEHQEHL DXFK HLQH QDFK HLQHU NDOLIRUQLVFKHQ %HUJODQGVFKDIW EHQDQQWH 6RIW GULQN0DUNH GLH LKUHQ NRPPHU]LHOOHQ $XIVFKZXQJ LQ GHQ HU -DKUHQ KDWWH 6ORJDQ ÅLW +$67$EH6+$67$´  3\QFKRQ,QKHUHQW9LFH6  (EG



0RULW]%D‰OHU

UFNVLFKWLJHQZlUHQ VLHVWHOOHQ=XVDPPHQKlQJHDOOHUHUVWKHUGLHLP:HL WHUHQNXOWXUHOOHXQGGLVNXUVLYH9HUEUHLWXQJILQGHQN|QQHQ'LHSRHWLVFKH )XQNWLRQVHW]WWDWVlFKOLFKVRHWZDVZLH3RLHVLVLQV:HUNGLH+HUVWHOOXQJ YRQ SDUDGLJPDWLVFKHP 6LQQ 'HU EOHLEW ]XQlFKVW DXIGDV (LQ]HOZHUN EH VFKUlQNW NDQQ YRQ GRUW DXV DEHU LPEHVWHQ)DOOH DXFK NXOWXUSRLHWLVFKH :LUNXQJHQWIDOWHQ $XFKGHVZHJHQLVWHVVRZLFKWLJGDVVPDQVLFKGDVÄ:RUDXV¶GHU6H OHNWLRQDOV]ZDUZRP|JOLFKULHVLJHXQGXQEHUVFKDXEDUHDEHUHEHQGRFK DOV 0HQJH DXV NRQNUHWHQ 7H[WHQ XQG QLFKW QXU DOV XQEHVWLPPWHV Ä0HGL XP¶YRUVWHOOW-HGHVSDUDGLJPDWLVFKH)XQGVWFNLP$UFKLYGDV]XP9HU JOHLFKKHUDQJH]RJHQZLUGVWHKWVHOEVWZLHGHUXPLQHLQHPV\QWDJPDWLVFKHQ .RQWH[WGHU]XUNXOWXUHOOHQ6HPDQWLNEHLWUlJW'DVJLOWIU9HUJOHLFKVVWHO OHQLQMHGHU$UWYRQ'RNXPHQW/LWHUDULVFKH7H[WH XQGEHUKDXSW.XQVW ZHUNH  N|QQHQ GDUEHU KLQDXV GXUFK MHQHV VSH]LILVFKH :HFKVHOVSLHO YRQ 6\QWDJPD XQG 3DUDGLJPD GDV PDQ DOV SRHWLVFKH )XQNWLRQ EHVFKULHEHQ KDW LQ EHVRQGHUHU :HLVH ]X ,QVWUXPHQWHQ GHU $UFKLYLHUXQJ YRQ NXOWX UHOOHQ =XVDPPHQKlQJHQ ZHUGHQ (LQ %HLVSLHO LVW GLH REHQ ]LWLHUWH %H VWDQGVDXIQDKPHYRQ'RFV:RKQXQJVDXVVWDWWXQJ,QQHUKDOEGHUHU]lKOWHQ :HOWVLQGGLHJHQDQQWHQ'LQJH]XQlFKVWNRQWLQJHQW6RVLHKWHVHEHQEHL 'RF GDKHLP DXV ,P VHOHNWLYHQ 6DPPHOQ VHOEVW ZLUG DEHU EHUHLWV %H GHXWXQJ JHQHULHUW 'HU 7H[W SUlVHQWLHUW GLH $XI]lKOXQJ GHU 'LQJH DOV .DWDORJ DOV /LVWH LQ GHU VLH QHEHQJHRUGQHW ZHUGHQ XQWHU HLQHP EH VWLPPWHQ9HUJOHLFKVDVSHNW6LHJHK|UHQ]XMHQHUPlQQOLFKFRGLHUWHQ+LS SLH.XOWXUGLHHEHQQRFKKLSZDUXQGMHW]WXQWHU6KDVWDV%OLFNDXIHLQ PDOHKHUSHLQOLFKZLUNW²$XWRVDXV%LHUGRVHQ%DOOPLW:LOW&KDPEHUODLQ $XWRJUDPP HWF .RQWLJXLWlW ZLUG LQ bTXLYDOHQ] EHUIKUW XQG GDPLW VHPDQWLVLHUW,QGHPVROFKH7H[WHQXQVHOEVWLQV$UFKLYZDQGHUQNRQVHU YLHUHQ VLH GLH NXOWXUHOOHQ $VVR]LDWLRQHQ GLH PLW GHQ 'LQJHQ YHUEXQGHQ ZDUHQ 'XUFKVXFKW VSlWHU HWZD HLQPDO HLQ .XOWXUZLVVHQVFKDIWOHU GDV $U FKLY QDFK 'D\*OR RGHU 0DOHUHL DXI VFKZDU]HP 6DPW VR ILQGHW HU QXQ DXFKLQ,QKHUHQW9LFH+LQZHLVHDXILKUH+LSSLH.RQQRWDWLRQHQ+DOEZHUWV ]HLWLQNOXVLYH6HOEVWYHUORUHQHHQ]\NORSlGLVFKH,QIRUPDWLRQHQ²ZDVHWZD LVWHLQIODWODQGJHDU"²ZHUGHQEHUGHQ.RQWH[W]XPLQGHVWWHLOZHLVHUFN KROEDU'XUFKGLH2SSRVLWLRQVVWUXNWXUGHV5RPDQDQIDQJVN|QQHQZLU]X  

1DWUOLFK NDQQ GLH 3DUDGLJPHQELOGXQJ GLHGHU 7H[W YROO]LHKW DXFK GHP 3URWDJRQLVWHQ LQ GHU'LHJHVH]XJHVFKULHEHQZHUGHQGHUGDQQVHOEVWDOVVHOLJLHUHQGHU6DPPOHUDXIWULWWZLHHW ZD GHV (VVHLQWHV LP SURWRW\SLVFKHQ 'pFDGHQFH/LVWHQURPDQ ­ 5HERXUV YRQ -RULV&DUO +X\VPDQV  :LOW&KDPEHUODLQZDUHLQHUGHUEHVWHQ%DVNHWEDOOVSLHOHUGHUHU-DKUHVHLQH%HDFK9ROOH\ EDOO.DULHUUHNDPHLJHQWOLFKHUVWVSlWHU'HU$IUR$PHULNDQHUZDUDXFKHLQQRWRULVFKHU0D FKR(UVSLHOWHQHEHQ6FKZDU]HQHJJHULQ&RQDQWKH'HVWUR\HU  XQGEHKDXSWHWH )UDXHQJHKDEW]XKDEHQ

$UFKLY



PLQGHVWDXIHLQHQJXWEUJHUOLFKHQÄVWUDLJKWHQ¶.OHLGXQJVVWLOYRQHKHUGH ]HQWHP6FKLFNVFKOLH‰HQGHUVHKULP*HJHQVDW]]XPÄVTXDUHQ¶+LSSLH6WLO XQGVHLQHUDQWLEUJHUOLFKHQ$WWLWGHVWHKW 3\QFKRQV5RPDQEHREDFKWHWGLH.XOWXUXPLPNXQVWYROOHQ9HU WH[WHQHUVDPPHOWXQGJHQHULHUWVLH]XJOHLFKQRFKGD]XIUHLQ3XEOLNXP GDVYLHU]LJ-DKUHVSlWHUOHEW'HU7H[WVHOEVWWXWGDVDXFKZHQQHU]ZHL IHOORV GDV (UJHEQLV GHU 6FKUHLEWlWLJNHLW VHLQHV $XWRUV LVW XQG QXU LQ GHU /HNWUHMHLQGLYLGXHOOHU/HVHUDNWXDOLVLHUWZHUGHQNDQQ1LFKWGLHVHQ3HU VRQHQ VFKUHLEHQ ZLU GLH %HGHXWXQJ ]X VRQGHUQ GHP OLWHUDULVFKHQ :HUN VHOEVW 6HOHNWLRQ LVW VFKRQ IU /XKPDQQ ÅHLQ VXEMHNWORVHU 9RUJDQJ HLQH 2SHUDWLRQGLHGXUFK(WDEOLHUXQJHLQHU'LIIHUHQ]DXVJHO|VWZLUG´7H[W XDOLWlW VHW]W VROFKH (WDEOLHUXQJ YRQ 'LIIHUHQ] LPPHU VFKRQ YRUDXV ZHLO MHGHV(OHPHQWHLQHV7H[WHVQXULP9HUJOHLFKPLWMHQHQ(OHPHQWHQ%HGHX WXQJJHZLQQWDXVGHQHQHVVHOHNWLHUWZXUGH,QGHU5H]HSWLRQHLQHUNRQ NUHWHQ.XQVWIRUPEHGHXWHW6HOHNWLRQQLFKWVDQGHUHVDOV9HUJOHLFKPLWDO WHUQDWLYHQ0|JOLFKNHLWHQ'LHVHLP6\QWDJPDQLFKWUHDOLVLHUWHQDEHUNXO WXUHOOGHQNEDUHQ9DULDQWHQPVVHQZHQQLKUH$QDO\VHP|JOLFKVHLQVROO LUJHQGZRVHLQ XQGVLHVLQG QLUJHQGV VRQVW ]XILQGHQ DOV LP $UFKLY $Q GHUVDOVGDVVR]LDOH6\VWHPOlVVWVLFKGDV$UFKLYÅDXIGHU(EHQHVHLQHU(OH PHQWH´ NRQNUHWLVLHUHQ LQVRIHUQ LVW KLVWRULVFKH XQG NXOWXUHOOH 6HPDQWLN SRVLWLYLHUEDU-HGH/HNWUHDVVR]LLHUWSDUDGLJPDWLVFKH9HUJOHLFKVHOHPHQWH XQGMHGHSDUDGLJPDWLVFKH$FKVHEHUGLHHLQ7H[WDXIGLHVH:HLVHDQIlQJW ]X EHGHXWHQ NDUWLHUW HLQH bTXLYDOHQ]VWUXNWXU LP $UFKLY 'LH *UHQ]HQ PHLQHV $UFKLYV VLQG GLH *UHQ]HQ PHLQHV 9HUVWHKHQV RGHU ZLH PDQ ]X 'RFV XQG 6KDVWDV =HLWHQ VDQJ Å-XVW DVN WKH $[LV +H NQRZV HYHU\ WKLQJ´

 

6RKHL‰WHVDXFKZHLWHUXQWHQÅVWUDLJKWFKLFNXQLIRUPPDNHXSVXSSRVHGWRORRNOLNHQR PDNHXS´ 3\QFKRQ ,QKHUHQW 9LFH 6   +HXWH YHUVWHKW PDQ XQWHU IODWODQG JHDU HLQH EH VWLPPWH5DGVSRUWDXVUVWXQJGDVLVWLP5RPDQDEHUGHILQLWLYQLFKWJHPHLQW  /XKPDQQ6R]LDOH6\VWHPH6  9JOGDJHJHQHEG6  +HQGUL[ -LPL %ROG $V /RYH $XI -LPL +HQGUL[ ([SHULHQFH $[LV %ROG $V /RYH   'DV &HQWHUIROGGHV3ODER\ 'H]HPEHU LQGHP/HVOLH)LHGOHUV&URVVWKH%RUGHU&ORVHWKH*DS GDV*UQGXQJVPDQLIHVWGHU3RVWPRGHUQHHUVFKLHQEHWUDFKWHWGDV&RYHUGLHVHU/3







$86',))(5(1=,(581*²$17,.( *(5+$5'3/803( $QJHQRPPHQHVJlEHLQXQVHUHU*HVHOOVFKDIWNHLQH/LWHUDWXU)HKOWHLKU GDQQHWZDV1HQQHQVZHUWHV".lPHVLHRKQH/LWHUDWXUQLFKWEHUGLH5XQ GHQ" /XKPDQQ KLHOW GLH Å$XVZLUNXQJHQ´ GHU .XQVW DXI GLH )XQNWLRQV V\VWHPHGHUPRGHUQHQ*HVHOOVFKDIWIUJHULQJGLH)UDJHRELQLKUHU8P ZHOW /LWHUDWXU YRUNRPPW EHUKUW VLH RIIHQEDU NDXP =ZDU PXVV GDV 5HFKWJHOHJHQWOLFK6WUHLWLJNHLWHQHQWVFKHLGHQGLH/LWHUDULVFKHV]XP$QODVV KDEHQZHQQHVHWZDXP8UKHEHUUHFKWVYHUOHW]XQJHQRGHUXPGLH/lVLRQ YRQ 3HUV|QOLFKNHLWVUHFKWHQ GXUFK EHOOHWULVWLVFKH 3XEOLNDWLRQHQ JHKW )U GLHJHVHOOVFKDIWOLFKH([LVWHQ]GHV5HFKWVV\VWHPVVLQGVROFKH$QOlVVHDEHU XQHUKHEOLFK'LH3ROLWLNPDJVLFKJHOHJHQWOLFK]XOLWHUDULVFKHQ1HXHUVFKHL QXQJHQlX‰HUQZHQQGLHVHVLFKLQGHQ6WUHLWGHUSROLWLVFKHQ3DUWHLXQJHQ HLQPLVFKHQ RGHU GHQ ]HPHQWLHUWHQ .RQVHQV SROLWLVFKHU .RUUHNWKHLW LQ )UDJHVWHOOHQ$EHUGLHVVLQGDOOHQIDOOV)X‰QRWHQGHVSROLWLVFKHQ*HVFKlIWV )UGLH:LUWVFKDIWP|JHQOLWHUDULVFKH%HVWVHOOHUZLOONRPPHQVHLQDEHUVLH JHULHWHLQNHLQH.ULVHPVVWHQ9HUODJHQXUQRFK.RFKEFKHURGHU5DWJH EHUYHUNDXIHQ'HU5HOLJLRQZUGHPDQFKHU6WHLQGHV$QVWR‰HVDEKDQGHQ NRPPHQDEHUGHU6QGHQVLQGYLHOHXQGXQVHU6HHOHQKHLONHQQWJU|‰HUH *HIlKUGXQJHQ DOV VFK|QH /LWHUDWXU VLH HUVLQQHQ NDQQ $XFK GDV (U]LH KXQJVV\VWHP LVW DXI /LWHUDWXU QLFKW DQJHZLHVHQ GHU 'HXWVFKXQWHUULFKW KlWWHQRFKLPPHU]XWXQXQGN|QQWHGHQ6FKOHUQ*UDPPDWLNXQG2U WKRJUDSKLH QDKH EULQJHQ ZHQQ HU VLH QLFKW OlQJHU PLW GHU ÅSURGXNWLYHQ 5H]HSWLRQ´ LUJHQGZHOFKHU .DINDWH[WH WUDNWLHUHQ PVVWH 'LH XQLYHUVLWlUH /LWHUDWXUZLVVHQVFKDIWJHULHUWVLFKRKQHKLQVRDOVOHEHVLHVFKRQOlQJVWLQ HLQHU8PZHOWRKQH/LWHUDWXU6LHLQWHUHVVLHUWVLFKIU0HGLHQXQG.|USHU 5DXP XQG =HLW 7UDQVJUHVVLRQHQ XQG *HQGHU XQG DOO GDV OLH‰H VLFK ]XU  

-XULM0/RWPDQVSULFKWK\SRWKHWLVFKYRQHLQHUÅ=LYLOLVDWLRQLQGHU.XQVWXQEHNDQQWLVW´ XPYRQKLHUDXVGLH1RWZHQGLJNHLWGHU8QWHUVFKHLGXQJ.XQVW1LFKWNXQVWDOV3UlPLVVHGHU 0|JOLFKNHLWYRQ.XQVWNRPPXQLNDWLRQKHU]XOHLWHQ,QHLQHU*HVHOOVFKDIWRKQH.XQVWZU GHQÅ.XQVWZHUNH´GLHLQVLHKLQHLQJHULHWHQNHLQHÅNQVWOHULVFKHQ´,QIRUPDWLRQHQPLWWHLOHQ /RWPDQ-XULM0'LH6WUXNWXUOLWHUDULVFKHU7H[WH0QFKHQ6 'LH3KDQWDVLHHLQHU *HVHOOVFKDIWRKQH/LWHUDWXUHUVSDUWVLFKDQGLHVHU6WHOOHMHGH'HILQLWLRQYRQ/LWHUDWXU'DV ZUGHEHNDQQWOLFKDXFKLQHLQHUOlQJHUHQ$EKDQGOXQJRKQHVFKOVVLJHV(UJHEQLVEOHLEHQ  /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ66LHKHDXFK6I



*HUKDUG3OXPSH

1RW DXFK JDQ] RKQH /LWHUDWXU EHDUEHLWHQ $XFK DOV *HVSUlFKVWKHPD DX ‰HUKDOEV\VWHPLVFKHU=ZlQJHJLQJHHVDXFKRKQH/LWHUDWXUGDVJLOWIUGLH DOOWlJOLFKH ,QWHUDNWLRQ LQ2PQLEXVRGHU 6WUD‰HQEDKQ HEHQVR ZLH IU GDV JHKREHQH )HXLOOHWRQ GDV KHXW]XWDJH YLHO OLHEHU GLH ÅJUR‰HQ´ )UDJHQ GHU =HLW DXV VFK|QJHLVWLJHU 3HUVSHNWLYH EHOHXFKWHW DOV 5RPDQH XQG /\ULN ElQGFKHQ]XUH]HQVLHUHQ8QGGLH.XOWXU"$EJHVHKHQGDYRQGDVVNHLQHU ZHL‰ZDVVLHHLJHQWOLFKLVWJLOWIUGDV9HUKlOWQLVYRQ.XOWXUXQG.XQVW QDFKZLHYRUZDV*RWWIULHG%HQQVHLQHU]HLWLQHLQHP5XQGIXQNJHVSUlFK lX‰HUWH 6LH VWHKHQ LQ :LGHUVSUXFK ]XHLQDQGHU .XOWXU ]XPDO ZHQQ VLH SROLWLVFKGLULJLHUWZLUGLVWGHP*XWHQXQG+XPDQLWlUHQGHPJHVHOOVFKDIW OLFK:QVFKHQVZHUWHQYHUSIOLFKWHW/LWHUDWXUKDWGDPLWQLFKWV]XWXQ 2IIHQEDUZUGHGLHPRGHUQH*HVHOOVFKDIWRKQH/LWHUDWXUSUREOHPORV IRUWH[LVWLHUHQ,KUH)XQNWLRQVV\VWHPH EHQ|WLJHQ NHLQH 8PZHOW LQ GHUVR HWZDV ZLH /LWHUDWXU YRUNRPPW -XULVWLVFKH (QWVFKHLGXQJHQ SROLWLVFKH :LOOHQVELOGXQJ ZLUWVFKDIWOLFKHU (UIROJ UHOLJL|VH (UEDXXQJ XQG GLGDN WLVFKH &XUULFXOD DEHU DXFKPRUDOLVFKH (PS|UXQJ DOOWlJOLFKHV *HSODXGHU RGHUGDV)HXLOOHWRQGHU=HLWXQJHQEHQ|WLJHQXPLKUHU$XWRSRLHVLVZLOOHQ GLH/LWHUDWXUQLFKW:HQQHVLQGHUPRGHUQHQ*HVHOOVFKDIW/LWHUDWXUDEHU VHOEVWUHGHQG JLEW VR VFKHLQW LKUH $XVGLIIHUHQ]LHUXQJ LQ K|FKVWHP ZR P|JOLFK DEHU ]XJOHLFK SUREOHPDWLVFKHP 0D‰H HUIROJUHLFK YHUODXIHQ ]X VHLQ(VJLQJHDXFKRKQHVLHQXUGLH/LWHUDWXULQWHUHVVLHUWVLFKIU/LWHUD WXU'DVLVWHUVLFKWOLFKLP)DOOHGHV5HFKWVGHU3ROLWLNRGHUGHU:LUWVFKDIW DQGHUVIUGLHPDQDOOHURUWHQYLWDOHV,QWHUHVVHKDW'DKHUZUGHGHU+\ SRWKHVH YRQ HLQHU PRGHUQHQ *HVHOOVFKDIW RKQH 5HFKW :LUWVFKDIW RGHU 3ROLWLNDXFKMHGH3ODXVLELOLWlWIHKOHQ'LHVH6\VWHPHEHGLHQHQ)XQNWLRQHQ GLHLQLKUHU8PZHOWYRQ%HGHXWXQJVLQGHQWVSUHFKHQGDXIPHUNVDPEHR EDFKWHW XQG GHQ MH HLJHQHQ 2SHUDWLRQHQ ]XJUXQGH JHOHJW ZHUGHQ N|Q QHQ  $EHU ZHOFKH )XQNWLRQ HUIOOW GLH /LWHUDWXU DXI GLH PDQ DXFK DQ GHUQRUWVDQJHZLHVHQZlUH"'LH$QWZRUWHQ/XKPDQQVDXIGLHVH)UDJHVLQG VFKZDQNHQG XQG XQHLQGHXWLJ ,VW HV GLH )XQNWLRQ GHU /LWHUDWXU Å2UG QXQJV]ZlQJH>@LP%HUHLFKGHVQXU0|JOLFKHQ´VLFKWEDU]XPDFKHQXQG VLFKÅDOV:LHGHUHLQWULWWGHU:HOWLQGLH:HOW´XQGLQVRIHUQDOVÅQLFKWHU JlQ]XQJVIlKLJ´]X]HLJHQ"0DQGDUI=ZHLIHOKDEHQREHLQH)XQNWLRQGLH LQGHU%HREDFKWEDUNHLWYRQÅNRQWLQJHQWHU3HUIHNWLRQ´OLHJWDX‰HUKDOEGHU

 

%HQQ *RWWIULHG Å6ROO GLH 'LFKWXQJ GDV /HEHQ EHVVHUQ"´ ,Q *HVDPPHOWH :HUNH +J Y 'LHWHU:HOOHUVKRII%G:LHVEDGHQ6I  9JO*RWWIULHG%HQQÅ'DV0RGHUQH>«@LVWGLH.XQVWEHVFKlIWLJWVLFKPLWVLFKVHOEVW´,Q Å7H[WHDXVGHP1DFKOD‰´,Q-DKUEXFKGHUGHXWVFKHQ6FKLOOHUJHVHOOVFKDIW  6  9JO/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6  (EG6XQG6

$XVGLIIHUHQ]LHUXQJ



/LWHUDWXU$XIPHUNVDPNHLWILQGHWXQGÅDQVFKOX‰IlKLJ´LVWÅ0DQNDQQ²LQ GHU PRGHUQHQ *HVHOOVFKDIW ² >«@ RKQH .XQVW OHEHQ 0DQ NDQQ DEHU QLFKWRKQH5HFKWXQGRKQH*HOGOHEHQ´VR/XKPDQQLQHLQHP*HVSUlFK PLW*HRUJ6WDQLW]HNDXVGHP-DKUH 8QDEKlQJLJGDYRQZLHPDQGLHPLWGHP3UREOHPGHU$XVGLIIHUHQ]LH UXQJ XQPLWWHOEDU ]XVDPPHQKlQJHQGH )UDJHQDFK GHU )XQNWLRQ DXFK EH DQWZRUWHQPDJEOHLEWGHU(LQGUXFNXQDEZHLVEDUGDVVGLHPRGHUQH/LWH UDWXUPLWHLQHU8PZHOWUHFKQHQPXVVGLHLKUQXUJHULQJH$XIPHUNVDPNHLW VFKHQNW/LWHUDWHQP|JHQGDUEHUEHWUEWVHLQVLHVROOWHQDEHUEHGHQNHQ GDVV=HLWHQJU|‰HUHU|IIHQWOLFKHU$QWHLOQDKPHDQ/LWHUDWXUKlXILJPLWLK UHU SROLWLVFKHQ ,QGLHQVWQDKPH HLQKHUJLQJHQ GLH GDV LKU 0|JOLFKH ² XQG GDPLW LKUH $XVGLIIHUHQ]LHUXQJ ² EHJUHQ]WH XQG LQ )UDJH VWHOOWH 'HU 6FKULIWVWHOOHU PDJ VLFK DOV |IIHQWOLFKH 3HUVRQ XQG *HJHQVWDQG KHIWLJHU 'HEDWWHQ HUQVW JHQRPPHQ VHKHQ ZHQQ VHLQH 6FKULIWHQ DXFK  DOV SROL WLVFKH RGHU PRUDOLVFKH %RWVFKDIWHQ YHUVWDQGHQ ZHUGHQ 'LH *HVFKLFKWH ]HLJWDOOHUGLQJVGDVVVROFKH$QWHLOQDKPHQQLFKWVHOWHQLQ6FKUHLEYHUERWHQ RGHU9HUEDQQXQJHQHQGHWHQhEHUVSLW]WIRUPXOLHUWPXVVPDQIHVWVWHOOHQ GDVV VLFK GHU $XVGLIIHUHQ]LHUXQJVHUIROJ GHU /LWHUDWXU DQ GHP 0D‰H GHU *OHLFKJOWLJNHLW DEOHVHQ OlVVW GDV LKU JHVHOOVFKDIWOLFK HQWJHJHQJHEUDFKW ZLUG ,VWGLHDNWXHOOH/DJHPRGHUQHU/LWHUDWXUPLWGHP9HUZHLVDXIGLHDQ LKU ZHLWKLQ GHVLQWHUHVVLHUWH8PZHOW ]XWUHIIHQG FKDUDNWHULVLHUW GDQQ VWHOOW VLFK GLH )UDJH QDFK GHU *HQHDORJLH HLQHU $XVGLIIHUHQ]LHUXQJ HLQ GHUHQ (UIROJGHU/LWHUDWXUHLQHQÅPRQRORJLVFKHQ´&KDUDNWHULQGHP6LQQHJHJH EHQ KDWGDVV LKUH .RPPXQLNDWLRQVDQJHERWH QXU QRFK V\VWHPLQWHUQ YHU VWDQGHQ XQG IRUWJHVHW]W ZHUGHQ (V VFKHLQW .RQVHQV GDUEHU ]X EH VWHKHQGDVVVLFKGLH/LWHUDWXULP9HUODXIGHV-DKUKXQGHUWVLQ:HVWHX URSDDXVGLIIHUHQ]LHUWGKDXVlOWHUHQ$EKlQJLJNHLWHQHPDQ]LSLHUWXQGXP LQLKUHU$XWRQRPLH]XUHIOHNWLHUHQJHOHUQWKDEH.DUO3KLOLSS0R ULW].DQW6FKLOOHUXQGGLH*HEUGHU6FKOHJHOZHUGHQVWHWVDOV.URQ]HX  





 



/XKPDQQVWHOOWLPPHUKLQGLH+\SRWKHVHLQGHQ5DXPGDVV.XQVWDXIGHU*UXQGODJHGHU Å$ENRSSOXQJ´YRQGHQ)XQNWLRQVV\VWHPHQGLH0|JOLFKNHLWRIIHQVWHKWGHU*HVHOOVFKDIWDOV ([SHULPHQWLHUIHOG IU GHQ 8PJDQJPLW ÅSRO\NRQWH[WXUDOHQ 6HOEVWEHVFKUHLEXQJHQ´ ]X GLH QHQ HEG6 $EHUZRILQGHWGDV$XIPHUNVDPNHLW" /XKPDQQ1LNODV$UFKLPHGHVXQGZLU%HUOLQ6 9JOGDV/HPPDÅ)XQNWLRQ´LQGLHVHP%DQG 'LH 9HUEOIIXQJ PDQFKHU ''5$XWRUHQ EHU GHQ |IIHQWOLFKHQ %HGHXWXQJVYHUOXVW LKUHV 6FKUHLEHQVQDFKGHU:LHGHUYHUHLQLJXQJJLEWIUGLHVHQ%HIXQGHLQJXWHV%HLVSLHO $XFKKLHUKDW*RWWIULHG%HQQSUlJQDQWH)RUPXOLHUXQJHQJHIXQGHQZHQQHUVFKUHLEWGDVV GLH.XQVWQXUIUGLHYRQ%HODQJVHLGLHVLHPDFKWHQ YJO%HQQÅ7H[WHDXVGHP1DFKOD‰´ 6  9JO 9ROOKDUGW )ULHGULFK Å$XWRQRPLH´ ,Q 5HDOOH[LNRQ GHU GHXWVFKHQ /LWHUDWXUZLVVHQVFKDIW %G%HUOLQ1HZ@ZLHYLHOIDFKGLH)XQNWLRQGHU.XQVWLVWXQGZLHDFKWVDPPDQVHLQPX‰EHLP DXIVWHOOHQYRQYRUVFKULIWHQ>«@JHUDGHLQGLHVHUHQWPHQVFKWHQVLWXDWLRQNDQQ ÄDORYHO\DSSDULWLRQVHQW WREHDPRPHQW·VRUQDPHQW¶ GLH HULQQHUXQJ ZDFKUXIHQ DQ PHQVFKHQZUGLJHUH VLWXDWLRQHQ ]XPLQGHVW LP DX JHQEOLFNGLHQWGLHVHGLFKWXQJQLFKWPHKUÄWRKDXQWWRVWDUWOHWRZD\OD\¶GLHNXQVW LVWHLQDXWRQRPHUEH]LUNZHQQDXFKXQWHUNHLQHQXPVWlQGHQHLQDXWDUNHU

(LQÄ%H]LUN¶LVW]ZDUNHLQ6\VWHPXQG6\VWHPHVLQGQLFKWUlXPOLFKDEJH]LUNW DEHUSHUVHÅDXWRQRP´ VRQVWZlUHQHVNHLQH 'DVJLOWDXFKIUGLH.XQVW DXFKIU/LWHUDWXURGHUÅ:RUWNXQVW´:HQQPDQ.XQVWDOV)XQNWLRQVV\V WHPEHWUDFKWHWLVWLKUH$XWRQRPLHDOVRHLQHJHUDGH]XWULYLDOH,PSOLNDWLRQ GHUHQ WKHRUHWLVFKH 9RUDXVVHW]XQJHQ DEHU HEHQVR HUOlXWHUXQJVEHGUIWLJ VLQGZLHGLHKLVWRULVFKHQDOVR*HQHVHXQG(WDEOLHUXQJGHV.XQVWV\VWHPV VRZLHGLH.RQVHTXHQ]HQIUÄ*HEUDXFKVZHUW¶XQG*HEUDXFKVZHLVHQYRQ .XQVW:DVIROJWDOVRDXVGHU$XWRQRPLHGHV.XQVWV\VWHPVIUGLHÅVSHN WDNXOlUH(LQ]HOH[LVWHQ]GHU.XQVWZHUNH´LQVEHVRQGHUHIUGHQ*HEUDXFK YRQ7H[WHQ"  

%UHFKW %HUW $UEHLWVMRXUQDO (UVWHU %DQG  ELV  +J Y :HUQHU +HFKW )UDQN IXUW0DLQ6  'LH9HUVHVWDPPHQDXV:RUGVZRUWKV*HGLFKWÅ6KHZDVD SKDQWRPRIGHOLJKW´  /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6  (EG6



5XGROI+HOPVWHWWHU

%UHFKWV 8QWHUVFKHLGXQJ YRQ DXWRQRP XQG DXWDUN LVW JUXQGOHJHQG DEHU VHLQH (PSKDVH UKUW YRQ HLQHP HLQ]HOQHQ 7H[W GHU HLQHQ JDQ]HQ ÅEH]LUN´DOVÅDXWRQRP´H[HPSOLIL]LHUHQVROO'LHVHU.XU]VFKOXVV]ZLVFKHQ HLQHP:HUNXQGGHP6\VWHPEHVDJWQLFKWVEHUGLH*UHQ]HQGHV6\VWHPV 8QGLVWÅ.XQVW´VFKOLFKWGLH(LQKHLWGHU8QWHUVFKHLGXQJYRQ.XQVW6\V WHPXQG.XQVW:HUNZLH]LHKWGDV6\VWHPGLH*UHQ]HXQGZRUDQLVWGLH =XJHK|ULJNHLWHLQHV:HUNV]XP6\VWHP]XHUNHQQHQ" %UHFKWPDFKWGLHVH'LFKWXQJGLHHUJHUDGHOLHVW]XP$UJXPHQWIUGLH $XWRQRPLHGHU.XQVWVFKOHFKWKLQGLHVH'LFKWXQJKDWHLQH(YLGHQ]GLHIU GLH .XQVW LQVJHVDPW JHOWHQ VROO ,JQRULHUW %UHFKW GLH $XWRQRPLH GLHVHU 'LFKWXQJZHQQHUVHLQHUVHLWVHLQHQÄDXWRQRPHQ¶HLJHQPlFKWLJHQÄLQWHUHV VLHUWHQ¶ *HEUDXFK YRQ GHQ ]LWLHUWHQ 9HUVHQ PDFKW" (U EH]LHKW GDV *H GLFKWDXIVHLQHQÅPRPHQW´GLH6WXQGHXQGGLHHLJHQH=HLW ÅLQGLHVHUHQW PHQVFKWHQVLWXDWLRQ´ÅLPDXJHQEOLFN´ HVÅGLHQW´LKPGDEHL]XHWZDVDQ GHUHPDOVLQGHQDXVGHP=XVDPPHQKDQJGHV*HGLFKWV]LWLHUWHQ9HUVHQ JHVDJWZLUG ÅQLFKWPHKUÄWRKDXQWWRVWDUWOHWRZD\OD\¶´KHLP]XVXFKHQ ]X YHUGXW]HQ ]X EHUIDOOHQ  6LH N|QQHQ ÅGLH HULQQHUXQJ ZDFKUXIHQ DQ PHQVFKHQZUGLJHUHVLWXDWLRQHQ´" 'LH9HUVHIXQJLHUHQDOV0HGLXPHLQHV6HQGHXQG(PSIDQJVV\VWHPV LQGHPVLHVHOEVWDXFKGLHÄ%RWVFKDIW¶VLQG6LHEHUTXHUHQLQ%UHFKWV=LWDW QLFKW QXU JUR‰H KLVWRULVFKH XQG LGHRORJLVFKH $EVWlQGH ² ZHQLJH =HLOHQ ]XYRUNULWLVLHUW%UHFKW:RUGVZRUWKZHJHQÅNOHLQEUJHUOLFKH U WHQGHQ]HQ´ ²VRQGHUQDXFKHLQHQUHIHUHQ]LHOOHQ$EJUXQG6LHZHUGHQVHOEVW]XGHP 2UQDPHQWYRQGHPVLHVSUHFKHQ'DV=LWDWOLHVWGLH9HUVHVHOEVWDOV2U QDPHQW HLQHV $XJHQEOLFNV GDV GHQ EH]HLFKQHWHQ $XJHQEOLFN HLQHU ÅORYHO\ DSSDULWLRQ´  QLFKW QXU ÄIHVWKlOW¶ VRQGHUQ LQ 6FKULIW VWHOOW XQG LQ )RUP EULQJW'LHVHV2UQDPHQWHPDQ]LSLHUWVLFKYRQVHLQHU%HVWLPPXQJDOVÅDQ KlQJHQGH6FK|QKHLW´ .DQW ²GLHVLFKQLFKWDXWRQRPVHOEVWVWlQGLJXQ DEKlQJLJ LQ :HUNHQ PDQLIHVWLHUW VRQGHUQ QXU DE XQG DQKlQJLJ QXU LQ =XVDPPHQKDQJ PLW HWZDV DQGHUHP EHUHLWV %HVWHKHQGHP DOV 6XSSOH PHQW 'LHVH 9HUVH DEHU VLQG VHOEVW ZDV VLH EH]HLFKQHQ ,P VHOEHQ 0R PHQWPDFKHQVLHVLFKXQDEKlQJLJYRQGHP0RPHQWGHQVLHRUQDPHQWLH UHQ XQG GHU ZLH MHGHU 0RPHQW YHUJHKW GHU KLHU MHGRFK GDQN VHLQHP VSUDFKOLFKHQ VSUDFKNQVWOLFKHQ  2UQDPHQW ZHLWHU XQG DXI 6HQGXQJ JHKW ÅVHQW´ 'HU0RPHQWZLUGQLFKWHWZDÄIHVWJHKDOWHQ¶DEHUGDV2UQD PHQW GHU 9HUVH WULWW DQ VHLQH 6WHOOH ,P 8QWHUVFKLHG ]X GHU ÄVFK|QHQ (U VFKHLQXQJ¶VHOEVWGLHNHLQHQ$EVHQGHUQXUHLQHQ(PSIlQJHUKDWVLQGGLH 9HUVH JHVHQGHW ÅVHQW´  6LH VLQG GLH NRPPXQLNDWLYH XQG DXWRULVLHUWH   

Å(LQ.RPPXQLNDWLRQVV\VWHPLVW>@QLHDXWDUNHVNDQQDEHUGXUFKHLJHQH.RQGLWLRQLHUXQJ NRPPXQLNDWLYHU 6\QWKHVHQ $XWRQRPLH JHZLQQHQ´ /XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰HLQHUDOOJHPHLQHQ7KHRULH)UDQNIXUW0DLQ6 

$XWRQRPLH



hEHUWUDJXQJHLQHUDQRQ\PHQYRUNRPPXQLNDWLYHQÄ6HQGXQJ¶HLQH0LWWHL OXQJGLHEHUJUR‰H(QWIHUQXQJHQDQNRPPW²LQHLQHP9HUVWHKHQ LPV\V WHPWKHRUHWLVFKHQ 6LQQ  $EVFKOXVV HLQHU .RPPXQLNDWLRQ GXUFK GLH 8Q WHUVFKHLGXQJYRQ,QIRUPDWLRQXQG0LWWHLOXQJ %UHFKWV HPSKDWLVFKH 8QWHUVFKHLGXQJ YRQ DXWDUN XQG DXWRQRP GLH VLFKDXIÅGLHVHGLFKWXQJ´VWW]WOHJWHLQ0LVVYHUVWlQGQLVQDKH'DKHUVHL EHWRQW $XWRQRPLH LVW NHLQ 4XDOLWlWVNULWHULXP DXFK VFKOHFKWH .XQVW LVW .XQVW DXFK ODQJZHLOLJH VHQWLPHQWDOH WULYLDOH VFKHPDWLVFKH /LWHUDWXU LVW /LWHUDWXU 6FKOLH‰OLFK LVW DXFK HLQ VFKOHFKWHV )X‰EDOOVSLHO LPPHU QRFK )X‰EDOO XQG NHLQ %DQNURWW NHLQH EHVFKlIWLJXQJVSROLWLVFKH 0D‰QDKPH NHLQH *HULFKWVYHUKDQGOXQJ NHLQH 6FKXOVWXQGH XQG NHLQH 6R]LRORJHQWD JXQJ 'LH$XWRQRPLHGHU.XQVWDOV)XQNWLRQVV\VWHPLPSOL]LHUWNHLQHU OHL (PSKDVH HKHU LP *HJHQWHLO 'HU %HJULII ZLUG V\VWHPWKHRUHWLVFK DQ GHUVDQJHVHW]WDOVLQGHUYHU]ZHLJWHQXQEHUVLFKWOLFKHQYRQ*HOHKUVDP NHLWXQG,GHRORJLHNULWLNJHSUlJWHQ'LVNXVVLRQ]XUÅ$XWRQRPLHlVWKHWLN´ $XWRQRPLH LVW HLQ JHQHUHOOHV .ULWHULXP YRQ 6\VWHPHQ -HGHV )XQN WLRQVV\VWHPRSHULHUWLQGHQ8PZHOWHQDQGHUHU6\VWHPHLVWDOVRQLFKWÅDX WDUN´ QLFKW DXWLVWLVFK XQG DXWRNUDWLVFK VRQGHUQ HLQ G\QDPLVFKHU VWUXN WXUGHWHUPLQLHUWHU IXQNWLRQVRULHQWLHUWHU 2SHUDWLRQV XQG 5HSURGXNWLRQV ]XVDPPHQKDQJ GHU VLFK YRQ VHLQHU 8PZHOW QLFKW GXUFK HLQH 8QDEKlQ JLJNHLWVHUNOlUXQJ DE]LUNHOW VRQGHUQ GXUFK SUDNWL]LHUWH $EKlQJLJNHLW YRQ GHQHLJHQHQ)XQNWLRQVJHVHW]HQ6\VWHPHUHJXOLHUHQLKUH$EKlQJLJNHLWYRQ 8PZHOWEHGLQJXQJHQ.RQWDNWHXQG.RSSOXQJHQPLWDQGHUHQ6\VWHPHQLQ (LJHQUHJLHGKMHGHV6\VWHPIROJWGDEHLLQWHUQHQ5HJHOQ/HLWOLQLHQ.ULWH ULHQ HLQHU )XQNWLRQ DXI GLH HVVLFKVSH]LDOLVLHUW GHU2ULHQWLHUXQJ DQ HL QHP 3UREOHP XQWHU $XVEOHQGXQJ DQGHUHU  HLQHP &RGH GHU /HLWXQWHU VFKHLGXQJIUGLH6HOHNWLRQGHVVHQZDVLQGHQ=XVWlQGLJNHLWVEHUHLFKJH K|UW  XQG 3URJUDPPHQ GLH GLH $QZHQGXQJ GHV &RGHV UHJHOQ 6\VWHPH VLQGVHOEVWRUJDQLVLHUHQGVHOEVWUHSURGXNWLYXQGVHOEVWUHIHUHQ]LHOOGKLKUH )UHPGUHIHUHQ] LKU :HOWYHUKlOWQLV LKU %H]XJ DXI DQGHUHV LVW YHUPLWWHOW XQG EHGLQJW GXUFK 6HOEVWUHIHUHQ] $XWRQRPLH LVW QLFKW GDV Ä:HVHQ¶ GHU .XQVW VRQGHUQ 5HVXOWDW IXQNWLRQDOHU $XVGLIIHUHQ]LHUXQJ 1LFKW LPPHU JDEHVÅ.XQVW´QLFKWLPPHUZDUÅ.XQVW´HLQ6\VWHP:LHHVGD]XNDP N|QQHQ QXU 6SH]LDOLVWHQ IU 0DOHUHL /LWHUDWXU 0XVLN 7KHDWHU HU]lKOHQ .DQQPDQEHUKDXSWYRQGHQ8QWHUVFKLHGHQGHU.QVWHXQGLKUHQ 9RU  *HVFKLFKWHQDEVWUDKLHUHQXQGYRQÅ.XQVW´VFKOHFKWKLQVSUHFKHQ" 'LH 6\VWHPWKHRULH LVW HLQH .RPSDUDWLVWLN GHU 6\VWHPH PLW GHQ 3D UDPHWHUQ)XQNWLRQ 3UREOHPRULHQWLHUXQJ &RGH /HLWXQWHUVFKHLGXQJ XQG 3URJUDPP *HEUDXFKVDQZHLVXQJHQ $XFKLP)DOOGHU.XQVWIKUWGDVLQ HLQH XQJHZRKQWH $EVWUDNWLRQVODJH .XQVWZHUNH VLQG QLFKW GLH HOHPHQWD UHQ (LQKHLWHQ XQG Ä*HJHQVWlQGH¶ GHU .XQVW ÅGDV .XQVWZHUN´ JLOW YLHO PHKU DOV 0HGLXP GHV .XQVWV\VWHPV 'LH .QVWH ZHUGHQ XQWHUVFKLHGHQ



5XGROI+HOPVWHWWHU

KLQVLFKWOLFKLKUHVPHGLDOHQ6XEVWUDWVDOVRGXUFKGLH(OHPHQWHPLWGHQHQ VLH)RUPHQHQJH.RSSOXQJHQGHU(OHPHQWHELOGHQXQGYHUNQSIHQ'DV LVWGLHHOHPHQWDUH2SHUDWLRQRELQGHU0XVLNGHU%LOGHQGHQRGHUGHUOLWH UDULVFKHQ.XQVW.HLQ2SXVRKQH2SHUDWLRQHQ 'LH (LQKHLW GLH PLW GHU 5HGH YRQ GHU Å$XWRQRPLH´ GHU .XQVW UH NODPLHUWZLUGEHVWHKWQLFKWQXULQGHPZDVDOOHQ.QVWHQJHPHLQVDPLVW VRQGHUQDXFKLQGHPZDVVLHDOV.XQVWYRQDOOHPDQGHUHQXQWHUVFKHLGHW² GLH(LQKHLWVHW]W'LIIHUHQ]GLH'LIIHUHQ],GHQWLWlWGHV'LIIHUHQWHQYRUDXV 'LH V\VWHPWKHRUHWLVFKH 9HUJOHLFKVWHFKQLN HUP|JOLFKW HLQH WKHRUHWLVFK NRQWUROOLHUWH 9HUJOHLFKEDUNHLW DOVR GHQ %OLFN DXI GDV *HPHLQVDPH GHU .QVWHDOVHLQ6\VWHP XQGDXI8QWHUVFKLHGH ]XDQGHUHQ6\VWHPHQ  'DVV .XQVW HWZDV %HVRQGHUHV LVW LVW VR]LRORJLVFK EHWUDFKWHW QLFKWV %HVRQGHUHV NHLQ $OOHLQVWHOOXQJVPHUNPDO GHQQ GDV VLQG DQGHUH )XQN WLRQVV\VWHPH XQG Ä:HUWVSKlUHQ¶ DXFK :LVVHQVFKDIW :LUWVFKDIW 3ROLWLN 5HFKWXVZ%HLDOOGLHVHQ%HVRQGHUKHLWHQDEHUVLQGGLHV\PELRWLVFKHQ0H FKDQLVPHQ GHU %H]XJ ]XP Ä$OOJHPHLQHQ¶ =ZHFN XQG 1XW]HQ GHU =X VDPPHQKDQJ PLW GHU Ä3UD[LV¶ XQG GHP Ä/HEHQ¶ YHUJOHLFKVZHLVH HYLGHQW XQGZRQLFKWJLOWGLHLQVWLWXWLRQHOOH0DFKWGHV)DNWLVFKHQ'DVLVWEHLGHU .XQVWQLFKWVR VHOEVWGLH0DFKWGHV)LNWLRQDOHQZLUGLKUMDYRQDQGHUHQ )XQNWLRQVV\VWHPHQVWUHLWLJJHPDFKWZDVLVWHLQH%|UVHQVSHNXODWLRQJHJHQ GDV6FKUHLEHQHLQHV5RPDQV« 0DQZHL‰QLFKWHLQPDO]XYHUOlVVLJZR UDQ .XQVW ]X HUNHQQHQ LVW 0DQFKPDO LVW VLH VFK|Q DEHU GDV LVW *H VFKPDFNVDFKHXQGVFK|QVLQGDXFKDQGHUH'LQJH 0HQVFKHQXQG7LHUH GLH 1DWXU $XWRV 6FKXKH VRJDU %DKQVFKZHOOHQ  ² EUDXFKHQ ZLU GDIU Å.XQVW´"8QGPDQFKPDOLVWVLHJDUQLFKWVFK|QVRQGHUQXQYHUVWlQGOLFK XQGXQJHQLH‰EDUQLFKWMHGHUPDQQV6DFKHJHIlOOWPLUQLFKWQLFKWVIUXQV ZDVNRPPWGHQQLP)HUQVHKHQ" (LQH%HVRQGHUKHLWGHU.XQVWLP8QWHUVFKLHG]XDQGHUHQDXVGLIIHUHQ ]LHUWHQ)XQNWLRQVV\VWHPHQLVWGDVVGLH,QNOXVLRQIUHLJHVWHOOWLVWGK,QGLI IHUHQ]XQG,JQRUDQ]]LHKHQNHLQH6DQNWLRQHQQDFKVLFK'LH7HLOQDKPHLVW IUHLZLOOLJ$XWRQRPLHEHGHXWHWNHLQH9HUSIOLFKWXQJMHGHUGDUIDEHUNHLQHU PXVVGLH.XQVWLVWHLQ$QJHERWGDVPDQDXFKDXVVFKODJHQNDQQ.XQVW LVWDXWRQRPJHJHQEHU%HGDUIXQG*HEUDXFK$QGHUHUVHLWVKDWGLH.XQVW DXFKNHLQHIHVWHQÅ$QOHKQXQJVNRQWH[WH´²HVJLEWNHLQH.XQVWH[WUDIU %lFNHURGHU%DQNHU-XULVWHQRGHU$QlVWKHVLVWHQ3ULHVWHURGHU3URILER[HU VHOEVW GLH /HNWUHSUlIHUHQ]HQ EHVWLPPWHU %HUXIV *HKDOWV XQG =LHO JUXSSHQELOGHQQLFKWHLQPDO6HJPHQWHGHV/LWHUDWXUPDUNWV  

3IDOOHU5REHUWÅ%DKQVFKZHOOHQVLQGVFK|QZHLOVLHNHLQHPJHIDOOHQPVVHQ´,QbVWKHWLN GHU,QWHUSDVVLYLWlW+DPEXUJ  9JO]XUIUHLJHVWHOOWHQ,QNOXVLRQXQGGHQORVHQ.RSSOXQJHQPLWDQGHUHQ)XQNWLRQVV\VWHPHQ /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6I

$XWRQRPLH



$XWRQRPLHEHGHXWHWDXFK'LH.XQVWLVWIUDOOHGD$XVLKUHU$XWR QRPLH UHVXOWLHUW JHUDGH]X GHU ÄJHVHOOVFKDIWOLFKH $XIWUDJ¶ GHU .XQVW DEHU VLH NDQQ LKQ VLFK QXU VHOEVW HUWHLOHQ XQG HU NDQQ DXI XQWHUVFKLHGOLFKHP $QVSUXFKVQLYHDX LQ VHKU XQWHUVFKLHGOLFKHQ )RUPHQ HUIOOW ZHUGHQ 'LH *HVHOOVFKDIWLVWNHLQH$XIWUDJJHEHULQÅ'LH*HVHOOVFKDIW´²QLFKW]XYHU ZHFKVHOQPLWGHUSRO\NRQWH[WXUDOHQ,QWHUDNWLRQVZHOWGHQGLYHUVHQÅ6LQQ SURYLQ]HQ´Å:HUWVSKlUHQ´,QWHUHVVHQVYHUElQGHQ²LVWGHU2UWGLH8P JHEXQJ GLH ÄKHWHURQRPH¶ 5DQGEHGLQJXQJ IU DXWRQRPHV 2SHULHUHQ VLH NDQQ QLFKW DEJHZlKOW ZHUGHQ 9HUVWHKW PDQ XQWHU *HVHOOVFKDIW GDV XP IDVVHQGH 6R]LDOV\VWHP GDV (QVHPEOH GHU XQWHUVFKLHGOLFK HQJ XQG ORFNHU JHNRSSHOWHQ )XQNWLRQVV\VWHPH VWHOOW VLFK GHU Ä*HVHOOVFKDIWVEH]XJ¶ GHU .XQVW HWZDV DQGHUV GDU $XWRQRPLH LVW NHLQH *HJHQSRVLWLRQ ]XU *HVHOO VFKDIWVRQGHUQGLH$UWXQG:HLVHZLH.XQVWGLH$XVGLIIHUHQ]LHUXQJGHU *HVHOOVFKDIWLQGHU*HVHOOVFKDIWQDFKYROO]LHKW 'DPLW YHUOLHUW GHU XPVWULWWHQH %HJULII VHLQ 6NDQGDORQ VHLQH LGHDOLV WLVFKHQ KXPDQLVWLVFKDQWKURSRORJLVFKHQ (LQVlW]H VHLQH EHUVFKZlQJOL FKHQXWRSLVFKHQXQGHPDQ]LSDWRULVFKHQDXFKVHLQHlVWKHWL]LVWLVFKHQ,P SOLNDWLRQHQ 'LH $XWRQRPLH GHU .XQVW LVW NHLQ 5HVHUYDW XQG 5HIXJLXP DOOHUVRQVWLJHQ+HWHURQRPLHQNHLQ-HQVHLWVGHV1W]OLFKHQGHV5HLFKVGHU =ZHFNHXQGGHU1RWZHQGLJNHLWNHLQÅ.RUUHNWLYGHUVFKOHFKWHQ5HDOLWlW´ NHLQ,QVWUXPHQWIUÅ(QWIUHPGXQJVNULWLN´ Å*HJHQ$GRUQRJHZHQGHW´VFKUHLEW/XKPDQQ²XQGÅ$GRUQR´VWHKW KLHUIUHLQHJDQ]HELVKHXWHYLUXOHQWH'HXWXQJVWUDGLWLRQ²JHKWHVEHLGHU V\VWHPWKHRUHWLVFKHQ5HGHYRQ.XQVWDXWRQRPLHÅQLFKWXPÄ9HUVHOEVWlQGL JXQJGHU*HVHOOVFKDIWJHJHQEHU¶VRQGHUQXP9HUVHOEVWlQGLJXQJLQGHU*H VHOOVFKDIW´ >@ZLUVHKHQGLH*HVHOOVFKDIWOLFKNHLWGHU.XQVWDXFKQLFKWLQHLQHU1HJDWLYLWlWLQ HLQHUÄ*HJHQSRVLWLRQ]XU*HVHOOVFKDIW¶VRQGHUQGDULQGD‰GLH)UHLVHW]XQJIUHL QHVSH]LILVFKH)XQNWLRQQXUDOV9ROO]XJYRQ*HVHOOVFKDIWP|JOLFKLVW(QWVSUHFKHQG LVWGLHLQGHU1HX]HLWHUUHLFKWH$XWRQRPLHGHU.XQVWDXFKQLFKWHWZDVZDVGHU $EKlQJLJNHLW YRQ *HVHOOVFKDIW ZLGHUVWUHLWHW QLFKWV ZDV GLH .XQVW LQ HLQ KRII QXQJVORVHV $EVHLWV WUHLEW ,P *HJHQWHLO GLH .XQVW WHLOW GDV 6FKLFNVDO GHU PR

 



9JO/XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ 9JO:ROI]HWWHO)ULHGULFKX0LFKDHO(LQIDOWÅ$XWRQRPLH´,QbVWKHWLVFKH*UXQGEHJULIIH%G $EVHQ]²'DUVWHOOXQJ +JY.DUOKHLQ]%DUFNXD6WXWWJDUW6²KLHU6 9JO ]X /XKPDQQV $EJUHQ]XQJ YRQ ÄbVWKHWLN¶ YD GDV .DSLWHO Ä6HOEVWEHVFKUHLEXQJ¶ 'LH $XWRQRPLH GHU .XQVW ZXUGH ]XQlFKVW ÅSKLORVRSKLVFK HWDEOLHUW ² DOOHUGLQJV VR GD‰ LKUH RSHUDWLYHQ*UXQGODJHQQLFKWZLUNOLFKHLQVLFKWLJJHPDFKWVLQGGD‰VLFKGLHSKLORVRSKLVFKH bVWKHWLN XQG GLH DQ GHQ .XQVWZHUNHQ VHOEVW DOV KLVWRULVFK DUEHLWHQGH NXQVWZLVVHQVFKDIW OLFKH )RUVFKXQJ LP /DXIH GHV  -DKUKXQGHUWV WUHQQHQ XQG $XWRQRPLH GDQQ VFKOLH‰OLFK QXU QRFK DOV HLQH $UW 5HJLRQDORQWRORJLH XQWHU )KUXQJ GXUFK HLQ HLJHQHV 6RQGHUDSULRUL GXUFK HLQHQ HLJHQHQ Ä:HUW¶ DXIJHIDVVW ZLUG´ /XKPDQQ 'LH .XQVW GHU *HVHOOVFKDIW 6 I YJODXFK6 



5XGROI+HOPVWHWWHU GHUQHQ*HVHOOVFKDIWJHUDGHGDGXUFKGD‰VLHDOVDXWRQRPJHZRUGHQHV6\VWHP]X UHFKW]XNRPPHQVXFKW

$XWRQRPLH LVW QLFKW GDV Å:HVHQ´ GHU .XQVW VRQGHUQ 5HVXOWDW GHU HYR OXWLRQlUHQ/RJLNRGHU'\QDPLNIXQNWLRQDOHU'LIIHUHQ]LHUXQJ XQGGDPLW GHU 0RGHUQLVLHUXQJ GHU *HVHOOVFKDIW  $XWRQRP ZLUG HLQ 6\VWHP GXUFK GLH6SH]LDOLVLHUXQJDXIHLQH)XQNWLRQGKZHQQHVVLFKGDXHUKDIWDXIVHLQ 3UREOHPNDSUL]LHUHQXQGNRQ]HQWULHUHQNDQQ²XQGÅ(VJLEW3UREOHPH>@ QXU DOV 3UREOHP6\VWHPH E]Z DOV 6\VWHPSUREOHPH ´ ² HLQ ZHLWHUHV 3UREOHP KDW HV ZHQQ HV GDIU DQGHUVZR LQ GHU *HVHOOVFKDIW NHLQ 3UR EOHPEHZXVVWVHLQNHLQ9HUVWlQGQLVNHLQ,QWHUHVVHNHLQH6\PSDWKLHQJLEW GDPLWZLUGGLH$EJUHQ]XQJQDFKLQQHQXQGDX‰HQYHUVWlUNW:DVYRQHW ZDVDQGHUHPKHUYHUVWDQGHQZLUGYHUVWHKWVLFKHEHQQLFKWYRQVHOEVW'D EHLGHU$EO|VXQJYRQIHVWHQ$QOHKQXQJVNRQWH[WHQXQG(LQEHWWXQJHQGHU JHVHOOVFKDIWOLFKH6WDWXV*HEUDXFK6LQQXQG=ZHFNGHU.XQVWXQSODXVLEHO XQG IUDJZUGLJ ZHUGHQ ZLUG Å$XWRQRPLH´ ]XQlFKVW DOVR EHUVFKZlQJ OLFK DOV &UHGR 3RVWXODW *HERW XQG 9HUKHL‰XQJ IRUPXOLHUW 'DPLW ZHU GHQ EHUK|KWH (UZDUWXQJHQ XQG $QVSUFKH HU]HXJW DEHU NHLQH H[WHUQH 3ODXVLELOLWlW %HL DOOHQ DQGHUHQ )XQNWLRQVV\VWHPHQ ZLUG GLH )XQNWLRQ GXUFK $XV GLIIHUHQ]LHUXQJ ,VROLHUXQJ XQG 6SH]LDOLVLHUXQJ  KHUDXVJHVWHOOW XQG GDPLW YHUGHXWOLFKW1XUEHLGHU.XQVWVFKHLQWGLH$XVGLIIHUHQ]LHUXQJ]XHLQHP IXQNWLRQDOHQ 9DNXXP JHIKUW ]X KDEHQ ]XPDO GDV Å6FK|QH´ DOV Ä,GHDO¶ /HLWZHUW XQG $EVFKOXVVEHJULII QLFKW PHKU EHU]HXJW XQG 6FK|QHV DEHU DXFK 8QWHUKDOWXQJ XQG .XU]ZHLO DXFK RKQH .XQVW ]X KDEHQ LVW hEHU VFKZlQJOLFK WURW]LJ MXELODWRULVFK UH]LWLHUWH .ULWHULHQ ZLH Å=ZHFNPl‰LJ NHLW RKQH =ZHFN´ Å]ZHFNORVHU 6HOEVW]ZHFN´ GDV Å8QQW]H RGHU 8Q ]ZHFNPl‰LJH´KDEHQGLH*HVFKLFKWHGHU.XQVWQLFKWZHQLJEHODVWHWXQG WUEHQ GDV 9HUVWlQGQLV ELV KHXWH (V IHKOW HLQ VDFKOLFKHU %HJULII IU GLH )XQNWLRQGHUDX‰HUKDOEGHV.XQVWV\VWHPVEHU]HXJWRGHUDXFKQXUHLQ  

/XKPDQQ 1LNODV Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ ,Q 6WLO *H VFKLFKWHQXQG)XQNWLRQHQHLQHVNXOWXUZLVVHQVFKDIWOLFKHQ'LVNXUVHOHPHQWV+JY+DQV8OULFK*XPE UHFKWX./XGZLJ3IHLIIHU)UDQNIXUW0DLQ6²KLHU6I /XKPDQQEH ]LHKWVLFKDXI$GRUQR7KHRGRU:bVWKHWLVFKH7KHRULH)UDQNIXUW0DLQ6SDVV  ]X GLHVHQ 9HUVXFKHQ Å]XUHFKW]XNRPPHQ´ JHK|UHQ QRFK ÅGLH 6XFKH QDFK hEHUJlQJHQ QDFK.RQWDNWPLWGHPÄ/HEHQ¶RGHUVFKOLH‰OLFKGDV,QIUDJHVWHOOHQGHU8QWHUVFKHLGXQJYRQ .XQVWXQG 1LFKWNXQVW´GHQQ ÅZLH VROOWH GLH 6XFKHQDFK hEHUJlQJHQQDFK .RQWDNWPLW GHPÄ/HEHQ¶RGHUVFKOLH‰OLFKGDV,QIUDJHVWHOOHQGHU8QWHUVFKHLGXQJYRQ.XQVWXQG1LFKW NXQVWDQGHUVYHUVWDQGHQZHUGHQGHQQDOVDXWRQRPH$NWLRQ´ /XKPDQQ'LH.XQVWGHU*HVHOO VFKDIW6I $QP YJODXFK6   /XKPDQQ6R]LDOH6\VWHPH6  6R GLH EHNDQQWHQ )RUPHOQ IU %HJUQGXQJHQ GHU $XWRQRPLHlVWKHWLN .DQW .DUO 3KLOLSS 0RULW] ]LWLQ/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 $QP YJOX|

$XWRQRPLH



OHXFKWHW²DOOHVKlQJWDQGHU(YLGHQ]GHUHLQ]HOQHQ:HUNHGLHDXFKDXV EOHLEHQNDQQ 'LH Å/HHUIRUPHO´ )XQNWLRQVORVLJNHLW RGHU 6HOEVW]ZHFN KDW GLH .XQVW HKHU LQ 9HUOHJHQKHLW XQG LQ GLH DSRORJHWLVFKH 'HIHQVLYH JHEUDFKW 9HU IHFKWHUXQG9HUlFKWHUSRODULVLHUWXQGÄ6LQQJHEXQJHQ¶%HGHXWXQJVEHWHXHU XQJHQ hEHUK|KXQJHQ hEHUIRUGHUXQJHQ XQG Å9HUWHLGLJXQJHQ´ SURYR ]LHUW DEHU DXFK 9HUVWlQGQLVORVLJNHLW PRUDOLVFK RGHU SROLWLVFK PRWLYLHUWH $EOHKQXQJ XQG K\SHUNRPSHQVDWRULVFKH ,QVWUXPHQWDOLVLHUXQJHQ IU GDV ZDVLQGHUDXVGLIIHUHQ]LHUWHQ*HVHOOVFKDIW]XNXU]NRPPW²GLH.XQVWDOV :HOOQHVV%HUHLFKGHU*HVHOOVFKDIWSURIDQHU$QGDFKWVUDXP.XPPHUNDV WHQ (LQDQGHUHV%LOGXQGDQGHUH$XVVLFKWHQHUJHEHQVLFKEHUHLWVGXUFKGLH V\VWHPWKHRUHWLVFKH8QWHUVFKHLGXQJYRQ)XQNWLRQ LQGHUXQGIUGLH*HVHOO VFKDIW  XQG 'LHQVW /HLVWXQJHQ IU DQGHUH )XQNWLRQVV\VWHPH 'LH Å(LJHQ IXQNWLRQ´ GHU .XQVW LVW QLFKW OHGLJOLFK HLQ 6\QRQ\P IU Å6HOEVW]ZHFN´ )XQNWLRQVDXWRQRPLHKHL‰WQLFKW%HOLHELJNHLWXQGÅNQVWOHULVFKH)UHLKHLW´ VRQGHUQ3UREOHPRULHQWLHUXQJÅ6HOEVWSURJUDPPLHUXQJ´Å6HOEVWHLQVFKUlQ NXQJ´ ,QV\VWHPWKHRUHWLVFKHU %HWUDFKWXQJ EHGHXWHW GLH 5HGH YRQ Å(L JHQDUW´ Å(LJHQZHUW´ Å(LJHQZLOOLJNHLW´ NHLQH $SRORJLH XQG NHLQ 'RJ PD VRQGHUQ HLQH 'LDJQRVH GLH PLW HLQHU VNHSWLVFKHQ(LQVFKlW]XQJ YHU EXQGHQLVWÅ(LQHJHVHOOVFKDIWOLFKH$XVGLIIHUHQ]LHUXQJGHUVFK|QHQ.XQVW ]X HLQHP 6R]LDOV\VWHP PLW HLJHQHU )XQNWLRQVDXWRQRPLH LVW QLFKW QXU ZHQQEHUKDXSWHLQIUHXGLJ]XEHJU‰HQGHU)RUWVFKULWW´ 0LW GHU 8PVWHOOXQJ GHU *HVHOOVFKDIWVVWUXNWXU DXI GHQ 3ULPDW IXQN WLRQDOHU'LIIHUHQ]LHUXQJKDWGLH.XQVWLKUH$QOHKQXQJVNRQWH[WHYHUORUHQ VLH NRQQWH JDU QLFKW DQGHUV DOV ÅDXWRQRP´ ZHUGHQ VLH ZXUGH ² VR )RU PXOLHUXQJHQ/XKPDQQV²LQGLH$XWRQRPLHHQWODVVHQLQGLH$XWRQRPLH ÄYHUVWR‰HQ¶ ]XU $XWRQRPLH ÅJHQ|WLJW´ 'LH ÅHU]ZXQJHQH $XWRQRPLH´  



  



(EG6 Å'DV.XQVWZHUNLVWGDQDFKDOOHVDQGHUHDOVHLQÄ6HOEVW]ZHFN¶(VHUEULQJWIUHLOLFKDXFKNHLQH 'LHQVWOHLVWXQJ IU DX‰HUNQVWOHULVFKH =ZHFNH HWZD DOV 6FKPXFN >@´ HEG 6   YJO Å=XP ÄLQ VLFK VHOEVW 9ROOHQGHWHQ¶XQG HEHQGDPLW ]XP 6HOEVW]ZHFN´ EHL 0RULW] DOV ÅHLQH RIIHQH3DUDGR[LH´HEG6 LQ$QP ]XÅIXQNWLRQVORV´YJODXFK6I (EG6IIII 6RHLQLJH)RUPXOLHUXQJHQHEG6 /XKPDQQ Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ 6  ² Å,Q V\V WHPWKHRUHWLVFKHU3HUVSHNWLYHHUVFKHLQWGLH$XWRQRPLHGHU5HSURGXNWLRQHKHUDOVHLQH/DVW RGHU MHGHQIDOOV DOV HLQH 1|WLJXQJGLH 'LIIHUHQ] YRQ 6\VWHP XQG 8PZHOW ]XU 6HOEVWGHWHU PLQDWLRQ ]X YHUZHQGHQ´ HEG 6   XQG ]XU Å9HUVFKlUIXQJ GHU %LQQHQSUREOHPH´ 6I  GLH JHVHOOVFKDIWOLFKH $XWRQRPLH GHV .XQVWV\VWHPV EHUXKW GDUDXI ÅGD‰ HV 5HV VRXUFHQDQGHUVGHILQLHUWXQGDQGHUVLQ$QVSUXFKQLPPWDOVGLHVLQGHU*HVHOOVFKDIWVRQVW JHVFKLHKW´ /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6  'LHÅHQWVFKHLGHQGH'LIIHUHQ]GLHGLH.XQVWLQGLH$XWRQRPLHYHUVW|‰W  ´YHUPXWHW/XK PDQQLP8QWHUVFKLHGGHU.XQVWÅ]XP5DWLRQDOLVPXVGHUQHXHQ:LVVHQVFKDIW>@'LH5HOL



5XGROI+HOPVWHWWHU

GHU .XQVW UHVXOWLHUW DXV GHP KLVWRULVFKHQ Å+LQWHUJUXQGJHVFKHKHQ GDV EHVWLPPWH $EJUHQ]XQJVQRWZHQLJNHLWHQ DXIGUlQJW´ DXV GHU XPIDVVHQ GHQÅ1HXRUGQXQJGHV%HUHLFKVJHVHOOVFKDIWOLFKHU.RPPXQLNDWLRQ´GHP ÅhEHUJDQJ GHV *HVHOOVFKDIWVV\VWHPV ]X HLQHU SULPlU IXQNWLRQDOHQ 'LIIH UHQ]LHUXQJ´LQGHUHQ2UGQXQJVFKOLH‰OLFKÅDXFKGLH.XQVWLKUHQHLJHQHQ QLFKWGXUFKDQGHUH0lFKWHEHVWLPPEDUHQ3ODW]VXFKHQXQGEHVWLPPHQ´ PXVV6REDOGGLH.QVWHQLFKWPHKUZLHLQlOWHUHQ*HVHOOVFKDIWHQGD UDXI EDXHQ N|QQHQ HLQH Å6WW]IXQNWLRQ IU DQGHUH )XQNWLRQVNUHLVH´ ]X HUIOOHQ N|QQHQ :HUNH QXU ÅLP +LQEOLFN DXI HLQH (LJHQIXQNWLRQ GHU .XQVW´KHUJHVWHOOWZHUGHQ (VJHKWDOVRQLFKWÅXPHLQH'HIHQVLYDWWLWGHGDVVGLH$XWRQRPLHGHU .XQVW KRFK]XKDOWHQ XQG ]X YHUWHLGLJHQ VHL 'LH PRGHUQH .XQVW LVW LQ HLQHP RSHUDWLYHQ 6LQQH DXWRQRP 1LHPDQG VRQVW PDFKW GDV ZDV VLH PDFKW´ 'LH NRPPXQLNDWLRQVWKHRUHWLVFKH $QDO\WLN VHW]W EHL GHQ 2SH UDWLRQHQ DQ XQG VWHOOW GHQ =XVDPPHQKDQJ ]ZLVFKHQ .XQVWV\VWHP XQG .XQVWZHUNHQKHU,P8QWHUVFKLHG]XUSKLORVRSKLVFKHQbVWKHWLNRGHUlV WKHWLVFKHQ7KHRULHJHKWHVGHUV\VWHPWKHRUHWLVFKHQ.XQVWVR]LRORJLHQLFKW XPGLH2QWRORJLHGHV.XQVWZHUNVGDVÅ6FK|QH´ÅGDVbVWKHWLVFKH´GLH ÅlVWKHWLVFKH(UIDKUXQJ´XQGGLH8UWHLOVNUDIWVRQGHUQGDUXPÅZLH.XQVW DOV.RPPXQLNDWLRQIXQNWLRQLHUW´$OOHLQVWHOOXQJVPHUNPDOGHU.XQVWLVW LKUH .RPPXQLNDWLRQVZHLVH LP 0HGLXP YRQ .XQVWZHUNHQ GLH HLQ PDWHULDOHV PHGLDOHV 6XEVWUDW 7|QH 6WHLQ )DUEHQ 6SUDFKH  IRUPHQ DOVR )RUPHQ ELOGHQ XQG ELQGHQ XQG GDPLW GLH :DKUQHKPXQJ EHDQVSUXFKHQ EHVFKlI WLJHQÅHQJDJLHUHQ´ÅIDV]LQLHUHQ´)RUPEUDXFKW0DWHULHQLFKWÄ,QKDOW¶ HV JHKW QLFKW GDUXP GDV 0LWJHWHLOWH GHQ Ä,QKDOW¶ GLH ,QIRUPDWLRQ  ]X ÄYHUVWHKHQ¶RGHUGLH)RUPÄDOVVROFKH¶]XJRXWLHUHQVRQGHUQLQGHU)RUP GDV0HGLXPXQGGHQ8QWHUVFKLHGYRQ0LWWHLOXQJXQG,QIRUPDWLRQGHUHQ 

 

 





JLRQ JLEW GLHVH 'LIIHUHQ]LHUXQJ YRQ .XQVW XQG :LVVHQVFKDIW IUHL XQGQLPPW HEHQ GDPLW GLH 'LIIHUHQ]LHUXQJ EHLGHU%HUHLFKH JHJHQ 5HOLJLRQLQ .DXI´ HEG 6  ² .XQVW ZLUG ]XUÅ$XWRQRPLHHUNOlUXQJ´VR]XVDJHQÅJHQ|WLJW>@ZHLOLKUGLH$QVSUFKHUHOLJL|V]XVHLQ SROLWLVFK ]X VHLQ ZLVVHQVFKDIWOLFK ]X VHLQ GXUFK GLH (LJHQORJLN GLHVHU )XQNWLRQVEHUHLFKH YHUZHKUWZLUG´ HEG6 $XWRQRPLHLVWGHU.XQVWÅ]XJHIDOOHQ´ HEG6 VLHZLUG ÅHU]ZXQJHQ´ HEG6I XQGLKUÅDXIJHQ|WLJW´ HEG6  (EG6X (EG 6  GLH IXQNWLRQDOH 'LIIHUHQ]LHUXQJ ÅVFKDIIW JOHLFKVDP YRQ DX‰HQ HLQH QHXH /DJH DXI GLH GLH 6HOEVWEHVFKUHLEXQJ GHV .XQVWV\VWHPV DXWRQRP ]X UHDJLHUHQ KDW´ HEG 6  >+HUYRUKHEXQJ5+@  (EG6 (EG6'DVLVWNHLQHVR]LRORJLVFKH7KHRGL]HHGHU.XQVWGHQQ)XQNWLRQHQVLQGNHLQH ÅREMHNWLYHQ %HVWDQGVHUIRUGHUQLVVH GHV *HVHOOVFKDIWVV\VWHPV´ /XKPDQQ Å'DV .XQVWZHUN XQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´6 'DVVVLHQLFKWYRQDQGHUHQ)XQNWLRQVV\V WHPHQ]XHUVHW]HQLVWKHL‰WQLFKWGDVVDOOHJOHLFKHUPD‰HQÅUHVVLHUHQ´YJOGLHVNHSWLVFKH (LQVFKlW]XQJIU.XQVWXQG5HOLJLRQ HEG6  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 (EG6YJODXFK/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6II

$XWRQRPLH



(LQKHLW GLH )RUP ELOGHW ZDKU]XQHKPHQ 'LHVH 8QWHUVFKHLGXQJ LQ GHU )RUP ZLUG YRQ .XQVW YRQ :RUWNXQVW JHUDGH]X DEVLFKWOLFK HUVFKZHUW /LWHUDWXULVWDQGHUVJHPHLQWXQGDQGHUVJHPDFKW ,P8QWHUVFKLHG]XVFK|QHQ'LQJHQGHU1DWXUXQGGHU0HQVFKHQZHOW VLQG GLH :HUNH GHU .XQVW JHPDFKW XQG HLJHQV GDIU ² IU GLH :DKU QHKPXQJ ² KHUJHVWHOOW GDUXP VLQG VLH .RPPXQLNDWLRQ (V JHKW LQ GHU .XQVWXPHLQHQÅ]ZHFNHQWIUHPGHWHQ*HEUDXFKYRQ:DKUQHKPXQJHQ´'LH.XQVW VXFKWÅHLQDQGHUHVQLFKWQRUPDOHVLUULWLHUHQGHV9HUKlOWQLVYRQ:DKUQHK PXQJXQG.RPPXQLNDWLRQXQGDOOHLQGDVZLUGNRPPXQL]LHUW´ 'LH ÅNRPPXQLNDWLYH 6RQGHUOHLVWXQJ GHU .XQVW´ EHVWHKW GDULQ GLH 8QWHUVFKHLGXQJ YRQ :DKUQHKPXQJ XQG .RPPXQLNDWLRQ ]X NRPPXQL ]LHUHQVLHDOV)RUPLQEHVRQGHUHQ)RUPHQGHU:DKUQHKPXQJDQ]XELHWHQ XQG]XJOHLFKGLH(LQKHLWGHU8QWHUVFKHLGXQJGHU:DKUQHKPXQJ]XHQW]LH KHQ²ZDKU]XQHKPHQLVWLPPHUQXUHLQH6HLWHGHU)RUP,PhEHUTXHUHQ GHU*UHQ]HZHUGHQGLH*UHQ]HQYRQ.RPPXQLNDWLRQXQG:DKUQHKPXQJ ² .RPPXQLNDWLRQ NDQQ QLFKW ZDKUQHKPHQ XQG :DKUQHKPXQJ QLFKW NRPPXQL]LHUHQ ² LQHLQDQGHU JHVSLHJHOW 'DUXP VLHKW /XKPDQQ LQ GHU YHUGXW]WHQ %HREDFKWXQJ GHU 'LIIHUHQ] YRQ ,QIRUPDWLRQ XQG 0LWWHLOXQJ ÅGDV6FKOVVHOSUREOHPIUGDV9HUVWHKHQGHV.XQVWZHUNV´'LH)RUPHQ GHU .XQVW VWHOOHQ GDVJHZ|KQOLFKH 9HUKlOWQLV YRQ ,QIRUPDWLRQ XQG 0LW WHLOXQJ DXI GHQ .RSI ² RGHU DXFK DXI GLH PHGLDOIRUPDOHQ )‰H ² VLH YHUGXW]HQ GDV 9HUVWHKHQ $OV ÅYHUGXW]WH .RPPXQLNDWLRQ´ LVW .XQVW ÅHLQ IXQNWLRQDOHV bTXLYDOHQW ]XU 6SUDFKH´ HLQH Å$OWHUQDWLYH ]X VSUDFKOLFKHU .RPPXQLNDWLRQ´ 'LHVH DEVWUDNWHQ %HVWLPPXQJHQ ZlUHQ IU GLH HLQ]HOQHQ .QVWH HL JHQV ]X UHVSH]LIL]LHUHQ 8QJHDFKWHW GHU )UDJH RE GLH ÅDOOJHPHLQH )XQN WLRQ GHV 6WXW]LJPDFKHQV´ QLFKW DOO]X DOOJHPHLQ LVW XQG QLFKW DXFK YRQ 1LFKWNXQVW XQGPLW QLFKWNQVWOHULVFKHQ0LWWHOQ HUIOOWZHUGHQ NDQQ ODV VHQ VLFK /XKPDQQV hEHUOHJXQJHQ LP )DOOH GHU /LWHUDWXU JXW QDFKYROO ]LHKHQXQGYHUGHXWOLFKHQDQKDQGHLQHVEHVRQGHUVPDUNDQWHQ3DUDGLJPDV YRQ :RUWNXQVW GDV VHLQH VSUDFKOLFKH 'LIIHUHQ] XQG $XWRQRPLH JHJHQ EHU GHU 6SUDFKH GHP PHGLDOHQ 6XEVWUDW XQG LKUHP JHZ|KQOLFKHQ *H EUDXFKLQRIWXQPLWWHOEDUHLQOHXFKWHQGHQGDEHLDEHUJDUQLFKWLPPHUXQ PLWWHOEDUYHUVWlQGOLFKHQ)RUPHQKHUDXVVWHOOW

 

/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6X (EG6  (EG 6  YJO DXFK /XKPDQQ 1LNODV Å'LH %HKDQGOXQJ YRQ ,UULWDWLRQHQ $EZHLFKXQJ RGHU1HXKHLW"´,Q*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN YD.DS; )UDQNIXUW0DLQ  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6  /XKPDQQÅ'DV.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´6 



5XGROI+HOPVWHWWHU

,,



'LH5HGHYRQWH[WXHOOHU$XWRQRPLHMHQVHLWVDXWRQRPLHlVWKHWLVFKHUNODVVL ]LVWLVFKHUXQGlVWKHWL]LVWLVFKHUhEHUK|KXQJHQXQG9HUHQJXQJHQLVW/LWH UDWXUZLVVHQVFKDIWOHUQ GXUFK HLQHQ GHU NDQRQLVFKHQ 7H[WH GHV )DFKV YHU WUDXWÅ:DVZLUEHWRQHQLVWQLFKWGHU6HSDUDWLVPXVGHU.XQVWVRQGHUQGLH $XWRQRPLH GHU lVWKHWLVFKHQ )XQNWLRQ´ ZLH VRJDU DXI GHP .ODSSHQWH[W GHUGHXWVFKHQ7DVFKHQEXFKDXVJDEH]XOHVHQLVW5RPDQ-DNREVRQVNODV VLVFKH OLQJXLVWLVFKH (UNOlUXQJ IU Å3RHWL]LWlW´ DOV Å3URMHNWLRQ GHV 3ULQ]LSV GHUbTXLYDOHQ]YRQGHUSDUDGLJPDWLVFKHQDXIGLHV\QWDJPDWLVFKH$FKVH´ ]HLJWGDVVGLHlVWKHWLVFKH RGHUSRHWLVFKH )XQNWLRQVLFKQLFKWHLQPDOYRQ GHQ 5HJHOQ GHU *UDPPDWLN ÄVHSDULHUW¶ VRQGHUQ GLHVH GXUFK HLQH =X VDW]UHJHO VR]XVDJHQ EHUWUHLEW XQG GDUVWHOOW VLH YHUGLFKWHW GXUFK 3D UDOOHOLVPHQ GLH WH[WXHOOHQ %H]JH LP 6SUDFKPDWHULDO IRUPDOLVLHUW GDV 6H PDQWLVFKHXQGVHPDQWLVLHUWGDV)RUPDOH :lKUHQG LP JHZ|KQOLFKHQ UHIHUHQ]LHOO RGHU VR]LDO DXVJHULFKWHWHQ  6SUDFKJHEUDXFKGHU%H]XJDXIGLH,QIRUPDWLRQGHQ.RQWH[W5HGHJHJHQ VWlQGH RGHU DXI 6SUHFKHU XQG $GUHVVDWHQ UHJLHUW GRPLQLHUW LQ SRHWLVFK VWUXNWXULHUWHU 6SUDFKH GLH Å(LQVWHOOXQJ GHU %RWVFKDIW >PHVVDJH DOVR EHV VHUbX‰HUXQJ0LWWHLOXQJ@DXIVLFKVHOEVW´'LHSRHWLVFKH0LWWHLOXQJWHLOW QLFKW HLQH ,QIRUPDWLRQ VRQGHUQ GHQ 8QWHUVFKLHG YRQ ,QIRUPDWLRQ XQG 0LWWHLOXQJ PLW VLH PDFKW VLFK ]XU ,QIRUPDWLRQ ,QVRIHUQ N|QQWH PDQ GLH SRHWLVFKH )XQNWLRQ DOV HLQ IXQNWLRQDOHV bTXLYDOHQW YRQ Å9HUVWHKHQ´ EH WUDFKWHQVLHVHOEVWÅYHUVWHKW´²HUNHQQWEHREDFKWHWLQV]HQLHUWIRNXVVLHUW UH]LSLHUW ² GLH 'LIIHUHQ] YRQ ,QIRUPDWLRQ XQG 0LWWHLOXQJ LQGHP VLH GXUFK .RPSOH[LHUXQJ GHU VSUDFKOLFKHQ 6WUXNWXU GLH %HREDFKWXQJ GHU )RUPHUVFKZHUWVLHNRPPWMHGHP9HUVWHKHQ]XYRU 'LHSRHWLVFKH)XQNWLRQOlVVWVLFKDEHUIUMHJOLFKHDXFKIUJDQ]XQ SRHWLVFKH Å=ZHFNH´ HLQVHW]HQ ,KUH VWUXNWXUHOOH 'LIIHUHQ] LVW LQGLIIHUHQW JHJHQ*HJHQVWlQGHXQG=ZHFNHVLHNDQQDOVRDXFKÄKHWHURQRP¶LQVWUX PHQWHOO YHUZHQGHW XQG JHUDKPW ZHUGHQ :DV N|QQWHQ DXWRQRPH SR HWLVFKH=ZHFNHVHLQ"$XFKEHL-DNREVRQVWHKWGHUXQVFKlW]EDUH+LQZHLV GLH SRHWLVFKH )XQNWLRQ PDFKH GLH 6SUDFKH ÅVSUEDU´ LP 6FKDWWHQ GHU PLVVYHUVWlQGOLFKHQ 9HUOHJHQKHLWVIRUPHO Å6HOEVW]ZHFN´ 'LH $XWRQRPLH GHUSRHWLVFKHQ)XQNWLRQLVWDXIGHU7H[WHEHQH0DQLIHVWDWLRQXQG0RGHOO GHU$XWRQRPLHGHU.XQVWDOV.RPPXQLNDWLRQVV\VWHP6LHNDQQQLFKWQXU MHJOLFKH KHWHURIXQNWLRQDOHRGHU]ZHFNLQGLIIHUHQWH 0LWWHLOXQJVWUXNWXULHUHQ VRQGHUQDXFK0LWWHLOXQJHQDXWRQRPPRWLYLHUHQXQGJHQHULHUHQ  

-DNREVRQ 5RPDQ Å:DV LVW 3RHVLH"´ ,Q 5RPDQ -DNREVRQ 3RHWLN $XVJHZlKOWH $XIVlW]H ²+JY(OPDU+ROHQVWHLQX7DUFLVLXV6FKHOEHUW)UDQNIXUW0DLQ6²KLHU 6

$XWRQRPLH



,Q HLQHP *HGLFKW GHV MXQJHQ *RHWKH IUDJW Å'HU $XWRU´ ² VR GLH hEHUVFKULIW ² VLFK XQG XQV Å:DV ZlU LFK 2KQH 'LFK )UHXQG 3XE OLNXP $OO PHLQ (PSILQGHQ 6HOEVWJHVSUlFK $OO PHLQH )UHXGH VWXPP´ ,Q GLHVHQ 9HUVHQ GLH QLFKW QXU GLH YHUVLIL]LHUWH 9HUOlQJHUXQJ XQG (UZHLWHUXQJ HLQHV LQWHUDNWLRQDOHQ .RQWDNWV GDUVWHOOHQ EH]HLFKQHW Å)UHXQG3XEOLNXP´GLH6R]LDOGLPHQVLRQGHV.XQVWV\VWHPVGLH9RUDXVVHW ]XQJ HLQHU ,QVWDQ] GXUFK GLH Å(PSILQGHQ´ LQ Å6HOEVWJHVSUlFK´ WUDQV IRUPLHUW XQG UHNRQVWLWXLHUW ZLUG ,P 3XEOLNXP UHLPW VLFK ZRUWZ|UWOLFK ZDVRKQHHVVWXPPEOLHEHXQGQLFKWLQ.RPPXQLNDWLRQHLQWUHWHQN|QQWH $OV 0RQRORJYRU3XEOLNXP ZLUG GDV Å(PSILQGHQ´ WKHDWUDO 'DV 6HOEVW GLHVHV Å6HOEVWJHVSUlFK V ´ KDW NHLQH SV\FKLVFKH VRQGHUQ HLQH VR]LDOH NRPPXQLNDWLYH  5HIHUHQ] GLH )UHPGUHIHUHQ] GHU $GUHVVH JHKW GHU 6HOEVWUHIHUHQ]GHV6HQGHUVXQGGHU%RWVFKDIWYRUDXVHUVWGHUV\VWHPLVFKH =XVDPPHQKDQJHUJLEWGDV6HOEVWHLQHV*HVSUlFKVGDVNRPPXQL]LHUWDOV NRPPXQL]LHUWHHVQLFKW)UDOOVHLQÅ(PSILQGHQ´JHQJWHLQ:RUWHVLVW XQGEOHLEW²QLFKWQXUKLHUVRQGHUQDXFKLQHPSILQGVDPHUHQ9HUVHQ²LQ NRPPXQLNDEHO ZLUG DEHU LQ GHU )RUP GLHVHU %H]HLFKQXQJ LQ GLH .RP PXQLNDWLRQHLQJHVSHLVW HVZLUGMDQLFKWGDV(PSILQGHQVHOEVWNRPPXQL ]LHUWVRQGHUQQXUÅ(PSILQGHQ´GDV,QNRPPXQLNDEOHZLUG]XU6SUDFKHJH EUDFKWLQ6FKULIWJHVWHOOW -DPHV-R\FHKDWIUHLQHVROFKH8PJHKXQJXQG 9HUGUHKXQJYRQ6SUDFKHXQG,QWHUDNWLRQGLHDGlTXDWH6FKUHLEXQJJHIXQ GHQŗDFHWRŚDFH 'LHVHV Å6HOEVWJHVSUlFK´ YRU DEZHVHQGHP 3XEOLNXP LVW DXWRQRP JH JHQEHUGHP6HOEVWXQGGHP*HVSUlFKGHP(PSILQGHQGHU)UHXGHXQG GHP 3XEOLNXP'DEHL LVW GLH VHOEVW]ZHFNKDIWH (LQVWHOOXQJ GHU bX‰HUXQJ DXI VLFK VHOEVW LQ GLHVHQ 9HUVHQ GXUFKDXV ÄNRPPXQLNDWLY¶ LP XPJDQJV VSUDFKOLFKHQ 6LQQH YRQ PLWWHLOVDP  GLH 9HUVH ULFKWHQ VLFK DQ GDV 3XE OLNXP DOV Å)UHXQG´ DQ HLQHQ .ROOHNWLYVLQJXODU DQ DOOH XQG HLQHQ =XK|UHU RGHU /HVHU 6LH JHKHQ DXI 6HQGXQJ 6LH N|QQHQ QLFKW ZLVVHQ ZHU HPS IlQJWDEHUVLHN|QQHQVHQGHQZHLOVLHZLVVHQGDVV(PSIDQJP|JOLFKLVW 6LH VHW]HQ HLQ 6\VWHP YRUDXV GDV GHQ (PSIDQJ HLQHU 6HQGXQJ LQV 8Q JHZLVVH QLFKW XQZDKUVFKHLQOLFK PDFKW ZHQQ DXFK QLFKW JDUDQWLHUW  'LH 1LFKW8QZDKUVFKHLQOLFKNHLW GHU $QQDKPH VWLPXOLHUW GLH 6HQGXQJ 0LW WHLOXQJ HLQHU,QIRUPDWLRQGLHQXULQGHU'DUVWHOOXQJXQG$XIIKUXQJGHU )RUP GHU (LQKHLW GHU 8QWHUVFKHLGXQJ YRQ 0LWWHLOXQJ XQG ,QIRUPDWLRQ  EHVWHKW 'LH$XWRQRPLHGHUSRHWLVFKHQ)XQNWLRQGLHGDV=HLFKHQV\VWHPGHV OLWHUDULVFKHQ 7H[WHV VWUXNWXULHUW VHW]W KLHU DOVR VFKRQ HLQ 6R]LDOV\VWHP  

*RHWKH -RKDQQ :ROIJDQJÅ'HU $XWRU´ >@ ,Q *HGLFKWH ² 6lPWOLFKH :HUNH LQ %lQGHQ,$EW%G+JY.DUO(LEO)UDQNIXUW0DLQ6 GDV*HGLFKWZLUG XQWHUGHQÅ*HGLFKWHQ]ZHLIHOKDIWHQ8UVSUXQJV´DEJHGUXFNW 



5XGROI+HOPVWHWWHU

YRUDXV²XQGVLHNRQVWLWXLHUWHVLQHEHQGLHVHU9RUDXVVHW]XQJ'LHVH9HUVH VLQGQLFKWQXUDXWRQRPVWUXNWXULHUWVRQGHUQDXFKDGUHVVLHUWXQGGXUFKGLH 0|JOLFKNHLWGHU$GUHVVLHUXQJGLHYLUWXHOOH,QVWDQ]Å3XEOLNXP´PRWLYLHUW Å6WXPP´EOHLEWLQ*RHWKHV*HGLFKWQLFKWQXUGLHÅ)UHXGH´ GHVÅ$X WRUV´  (V LVW HLQ JHUlXVFKORVHV *HGLFKW RKQH DNXVWLVFKH :DKUQHK PXQJVTXDOLWlWHQ (LQH EHVRQGHUH 4XDOLWlW YRQ :RUWNXQVW EHVWHKW GDULQ GLH*HUlXVFKORVLJNHLWGHU6SUDFKHXQGGHU7H[WHK|UEDU]XPDFKHQLKUH HLJHQWPOLFKH 8QK|UEDUNHLW ]X *HK|U ]X EULQJHQ 'HQQ ZLH NDQQ PDQ *HUlXVFKORVHV ÄK|UHQ¶" :LH LVW GLH Å:DKUQHKPXQJ´ GLH YRQ XQG LQ GHU :RUWNXQVWJHERWHQZLUGEHVFKDIIHQ" :DV :RUWNXQVW PDFKW XQG ZLH HV VLFK GHU :DKUQHKPXQJ DXVVHW]W XQG DQELHWHW NDQQ PDQ ÅOHVHQ´ RGHU VLFK YRUOHVHQ ODVVHQ  (LQ EHVRQ GHUHU)DOOVLQGGDEHL*HGLFKWHGLHDXVGUFNOLFK]XP+|UHQXQG$XIKRU FKHQDXIIRUGHUQÅ+RUFKYRQIHUQHLQOHLVHU+DUIHQWRQ´GHUGHQ)UKOLQJ DQNQGLJHQ VROO DXFK ZHQQ HV JHUDGH +HUEVW RGHU :LQWHU ZLUG 2GHU Å+RUFK $XI GHU (UGH IHXFKWHP *UXQG JHOHJHQ $UEHLWHW VFKZHU GLH 1DFKWGHU'lPPHUXQJHQWJHJHQ´$XFKDPKHOOOLFKWHQ7DJJHOHVHQLVW GLHVHQ NXQVWYROOVFKZHUIlOOLJHQ XQWHUVFKLHGOLFKH 0HWUHQ YHUNHWWHQGHQ 9HUVHQDQ]XK|UHQ " ZLHVFKZHUGLH1DFKWVLFKGDWXW2GHU +RUFK²ZLH0XUPHOQGHVHPS|UWHQ0HHUHV :LHGXUFKKRKOHU)HOVHQ%HFNHQZHLQWHLQ%DFK 6W|KQWGRUWGXPSILJWLHIHLQVFKZHUHVOHHUHV 4XDOHUSUHVVWHV$FK>@

$XFKZHQQLQGHU8PJHEXQJGHU/HNWUHQXU6WUD‰HQYHUNHKU*HUlXVFKH XQG/lUPDXVGHU1DFKEDUVFKDIWLQV2KUGULQJHQELOGHW0HHUHVPXUPHOQ GHQ+LQWHUJUXQGIUHLQÅ$FK´GDVQXQWDWVlFKOLFK]XK|UHQLVW'LHVHV O\ULVFKH $FK EH]HLFKQHW DOV 6HXI]HUZRUW IU HLQHQ :RUWVHXI]HU GLH 1DKW XQG 6ROOEUXFKVWHOOH ]ZLVFKHQ GHP ZDV GLH 9HUVH EH]HLFKQHQ XQG GHP 0HGLXP GHV %H]HLFKQHQV 'LH /HNWUH ZLUG  YHUVHW]W DQ HLQHQ 6FKDX SODW]+|UUDXPDQGHPQLFKWV]XK|UHQLVWDOVGLHVSUDFKOLFKH)RUPGLH 8QJHK|UW+|UEDUHVK|UEDU8QJHK|UWHVEH]HLFKQHW :DV VROFKH $QVSUDFKHQ XQG +|U6SLHOH ]X *HK|U EULQJHQ GUlQJW VLFKLQGLHDNWXHOOH8PZHOWGHU/HNWUHKLQHLQRGHUVWHOOWVLFKQHEHQVLH +|UWPDQGDVZRUDXIVLHYHUZHLVHQ +DUIHQWRQ0HHUHVPXUPHOQ6W|KQHQ XD RGHUÄK|UW¶PDQGLH6SUDFKHLQGHUVLHGDVWXQ",QZHOFKHP6LQQHLVW GDV VWXPPH RGHU ODXWH /HVHQ HLQ +|UHQ" =XPDO ZHQQ HLQ 7H[W /DXW TXDOLWlWHQEHVFKUHLEWGLHNDXPDNXVWLVFK]XÄLPDJLQLHUHQ¶VLQG ZLHNOLQJW GDVZHQQGLH1DFKWÅVFKZHU«GHU'lPPHUXQJHQWJHJHQ´DUEHLWHW"    

0|ULNH(GXDUG:HUNHLQHLQHP%DQG+JY+HUEHUW**|SIHUW0QFKHQ6 6FKLOOHU )ULHGULFK *UXSSH DXV GHP 7DUWDUXV *HGLFKWH XQG 'UDPHQ  6lPWOLFKH :HUNH LQ IQI %lQGHQ%G+JY$OEHUW0HLHU0QFKHQ6

$XWRQRPLH



'DV $XI XQG +LQKRUFKHQ DXI HWZDV GDV JHUDGH JDU QLFKW GD DOVR QLFKWVLQQOLFKZDKUQHKPEDULVWPXVVQLFKWEHVLQQOLFKNRQWHPSODWLYVHLQ HVNDQQDXFKPRELOLVLHUHQXQGGD]XPRWLYLHUHQGLHEH]HLFKQHWHQ*HUlX VFKH]XHU]HXJHQÅ9|ONHUK|UWGLH6LJQDOHDXI]XPOHW]WHQ*HIHFKW´ $XFKKLHUVLQG]XQlFKVWGLH:RUWHVHOEVWGLH]XP+RUFKHQRGHU+|UHQ DXIIRUGHUQ GLH HLJHQWOLFKHQ Å6LJQDOH´ HLQ ]XQlFKVW QRFK VWXPPHU 9RU *HVDQJ:HQQVLHGLHÅ9|ONHU´QLFKWQXU]XP+|UHQVRQGHUQDXFK]XP 6LQJHQ EULQJHQ WUDJHQ GLHVH GDV LP 7H[W QRFK 8QK|UEDUH QDFK ² XQG PDFKHQGLH9HUVH]XHLQHUVHOIIXOILOOLQJSURSKHF\ -HGHXWOLFKHUHLQ7H[W]XYHUVWHKHQJLEWGDVVHUQLFKWV]XK|UHQJLEW GHVWREHVVHUVLQGGLH:|UWHUXQGZDVVLHPDFKHQZDKU]XQHKPHQ,QGHP IROJHQGHQ*HGLFKWZLUGGDV$XIKRUFKHQDQGHU1DVHKHUXPDGDEVXUGXP JHIKUW +RUFK²HLQ6FKUDQNJHKWGXUFKGLH1DFKW YROOPLWQDVVHQ+HPGHQ GHQKDELFKPLUDXVJHGDFKW XPHXFK]XEHIUHPGHQ

:DV GHU 'LFKWHU VLFK KLHU DXVJHGDFKW KDW LVW KRFKJUDGLJ XQZDKUVFKHLQ OLFK DEHU HLQ VSUDFKOLFKHV .XQVWZHUNLVW HV HUVW GXUFK GLH 8QZDKU VFKHLQOLFKNHLW VHLQHU )RUP VHLQH ÅGHP JHVHOOVFKDIWOLFKHQ $OOWDJ DEJH WURW]WH8QZDKUVFKHLQOLFKNHLWGHVNRPELQDWRULVFKHQ)RUPJHIJHV´8QG QLFKWQXUZLHVRQGHUQDXFKGDVVEHUKDXSWMHPDQGGDVZDVKLHUPLWJHWHLOW ZLUG VR LQ GLHVHU )RUP PLWWHLOW 6LH LVW HLQH NU]HVWP|JOLFKH 'HPRQV WUDWLRQ GHU $XWRQRPLH GHU .XQVW HLQ 6WFN Å:HOWNXQVW´ DXFK RGHU JH UDGHZHLOQXUHLQH[WUHPEHVFKUlQNWHU XQGEHVFKUDQNWHU :HOWDXVVFKQLWW GHPRQVWULHUW ZLUG $X‰HQVHLWH XQG ,QQHQVHLWH GHU )RUP )UHPGUHIHUHQ] XQG6HOEVWUHIHUHQ]VLQGYHUVFKUlQNW XQGYHUVFKUDQNW LQHLQH.LSSILJXU 0DQ OLHVW ZDV PDQQLFKW K|UW PDQK|UW QXU ZDV PDQ OLHVW ² XQG K|UW GDVVPDQQLFKWK|UWZDVPDQQLFKWK|UW0DQLPDJLQLHUWXQGPHUNWGDVV PDQQLFKWLQHLQHDQVFKDXOLFKH9RUVWHOOXQJXPVHW]HQNDQQZDVKLHUÅDXV JHGDFKW´ LVW DXFK ZHQQ GLH DXVJHGDFKWHQ *HJHQVWlQGH ² HLQ 6FKUDQN QDVVH+HPGHQ²VHKUDOOWlJOLFKXQGNRQNUHWVLQG'LH:DKUQHKPXQJZLUG VWLPXOLHUWXQGLQHLQHQLPDJLQLHUWHQ5DXPJHOHQNWXPGLH,PDJLQDWLRQDXI GLH 6WLPXODWLRQ GHU :DKUQHKPXQJ XQG GHQ $XVO|VHU GHU ,PDJLQDWLRQ ]XUFN]XIKUHQ 'LH $XWRQRPLH GHU SRHWLVFKHQ )XQNWLRQ HUIDVVW KLHU QLFKW QXU DEHU VSUEDUHU DOV LQ GHP ]LWLHUWHQ *HGLFKW YRQ *RHWKH GDV  

%HUQVWHLQ):'LH*HGLFKWH0QFKHQ6 'DV .XQVWZHUN VFKUHLEW /XKPDQQ LVW ÅHLQ GHPRQVWUDWLY XQZDKUVFKHLQOLFKHU 6DFKYHUKDOW 'DVHUJLEWVLFKDXVGHU%HVRQGHUKHLWGHV9HUKlOWQLVVHVYRQ0HGLXPXQG)RUP´ /XKPDQQ 'LH.XQVWGHU*HVHOOVFKDIW6   (EG6 



5XGROI+HOPVWHWWHU

:RUWPDWHULDOVRQGHUQDXFKÅLFK´XQGÅHXFK´GLH,QVWDQ]HQ6HQGHUXQG (PSIlQJHU $XFK ZHU LQ GHP UHJHOPl‰LJHQ :HFKVHO YRQ EHWRQWHQ XQG XQEH WRQWHQ 6LOEHQ QLFKW HLQ WURFKlLVFKHV 0HWUXP HUNHQQW XQG GLH SKRQROR JLVFKHQ 3DUDOOHOLVPHQ QLFKW DOV $VVRQDQ]HQ XQG .UHX]UHLPH PLW ZHFK VHOQGHUPlQQOLFKHUXQGZHLEOLFKHU.DGHQ] NODVVLIL]LHUHQNDQQVSUWXQ PLWWHOEDUHLQHK|KHUHÄIRUPDOH¶2UGQXQJXQG6WUXNWXULHUWKHLW'LH6HOEVW EH]JOLFKNHLW GHU SRHWLVFKHQ )XQNWLRQ OlVVW GHQ UHIHUHQWLHOOHQ %H]XJ DOV EOR‰HQ 9RUZDQG HUNHQQHQ VLH VHOEVW LVW GLH Ä%RWVFKDIW¶ GLH ,QIRUPDWLRQ DEHU RKQH 9RUZlQGHRKQH )UHPGUHIHUHQ] N|QQWH VLHJDU QLFKWRSHULH UHQ  'HU 6FKUDQN GHU GXUFK GLH 1DFKW JHKW ZLUG GXUFKVLFKWLJ DXI GLH )RUP LQ GHU YRQ LKP JHVSURFKHQ ZLUG 'LH )RUP HUVFK|SIW VLFK DEHU QLFKWLQGLHVHUÄIRUPDOHQ¶YHUEDOVWUXNWXUHOOHQ$NUREDWLN :DV ÄEH]ZHFNHQ¶ GLHVH 9HUVH" 6LH VDJHQ HV MD VHOEVW VLH ZROOHQ ÅEH IUHPGHQ´XQGVLHWXQHVDXFK'DV(LQWUHWHQGHU:LUNXQJVDEVLFKWYHUKLQ GHUWQLFKWGDVVPDQGDV=XVWDQGHNRPPHQGXUFKVFKDXWDEHUGDV'XUFK VFKDXHQ YHUKLQGHUW DXFK QLFKW GDV (LQWUHWHQ GHU GHNODULHUWHQ :LUNXQJ $XFKZHQQGLHÅ+HPGHQ´ XQGQLFKW+RVHQ RIIHQNXQGLJQXUDXVJHVXFKW XQG LP ]ZHLWHQ 9HUV  YRUDXVJHVFKLFNW ZXUGHQ ZHLO VLH VR JXW ]XU :LU NXQJVDEVLFKW LP 6FKOXVVYHUV  SDVVHQ GLHVH :LUNXQJVDEVLFKW N|QQWH DXI YLHOHUOHL DQGHUH :HLVH HUUHLFKW ZHUGHQ EHIUHPGHQ NDQQ PDQ DXFK RKQH Å+HPGHQ´:HGHUIROJWGLH)RUP (QGUHLP GHU)XQNWLRQ GHP=ZHFN GHU:LUNXQJVDEVLFKW QRFKJHKWVLHLKU XQGGHQ+HPGHQ YRUDXV)RUP XQG )XQNWLRQ EHGLQJHQ XQG PRWLYLHUHQVLFK JHJHQVHLWLJ GLH NRQWLQJHQWH 0|JOLFKNHLWGHU)RUPELOGXQJGLH5HDOLVLHUXQJGHU)XQNWLRQGLH)XQNWLRQ GLH)RUPELOGXQJ 'LH 9HUVH VLQG DGUHVVLHUW VLH VSUHFKHQ QLFKW āEHU¶ HWZDV XQG QLFKW QXUEHUVLFKVHOEVWVLHVSUHFKHQDXFKDQÅ(XFK´DOVRXQV DP$QIDQJ ZLUG QRFK MHGHU (LQ]HOQH ² Å)UHXQG 3XEOLNXP´ *RHWKH  ² LP 6LQJXODU DXIJHIRUGHUW 'LHVHVLQLWLDOHÅ+RUFK´LVWGRSSHOGHXWLJXQGERGHQORVLQ GHP PDQKLQDXVKRUFKW LQGLH 1DFKW DXI GLH)UHPGUHIHUHQ]  K|UW PDQ KLQHLQLQ GLH9HUVHLQGHPPDQGLH9HUVHK|UWKRUFKWPDQKLQDXVLQGLH 1DFKWLQGHQ9HUVHQLVWHV1DFKWLQGHU1DFKWHLQ6FKUDQNLP6FKUDQN QDVVH +HPGHQ  GLH QLHPDOV WURFNQHQ ZHUGHQ GHQQ NDXP EHJRQQHQ ZLUGGLH*HVFKLFKWHDQJHKDOWHQXQGZLGHUUXIHQ ÅDXVJHGDFKW´ 7URW]GHP EOHLEW HV Å1DFKW´ HJDO ]X ZHOFKHU 7DJHV]HLW GDV *HGLFKW JHOHVHQ ZLUG $XFK DOV DXVJHGDFKWHU ÅJHKW´ GHU 6FKUDQN LPPHU MHW]W GDV 3UlVHQV GHV 9HUEV LVW V\QFKURQLVLHUW PLW GHP ,PSHUDWLY Å+RUFK´ +RUFKHQ JHKW LP PHU QXU LQ GHUGLH *HJHQZDUW (V ZLUG XQG EOHLEW 1DFKW HLQH GRSSHOWH 1DFKW =HLW HLQHU *HVFKLFKWH GLH QLFKW HU]lKOW VRQGHUQ EHJRQQHQ XQG GHPHQWLHUWZLUGGLHVH1DFKWYHUJHKWQLFKWDXFKZHQQGLH*HVFKLFKWHQXU ÅDXVJHGDFKW´ ZXUGH 'DV LVW GLH 1DFKW GHV *HGLFKWV GLH LQ GHU )RUP

$XWRQRPLH



EHUQDFKWHWXQGGLHLPPHUGDQQDQEULFKWZHQQHVMHPDQGOLHVWXQGDXI GDVÅ+RUFK´KLQGLH2KUHQVSLW]WHJDOREEHL7DJRGHU1DFKWNHLQ/HVHU ZLUGMHJODXEHQGDVVHVVHLQH1DFKWLVWGHQQVLHXQWHUVFKHLGHWVLFK =XJOHLFKPLWGLHVHP%HIUHPGHQWXQGLH9HUVHQRFKHWZDVDQGHUHVDOV VLH VDJHQ XQG EH]ZHFNHQ 6LH EHQ XQG GHPRQVWULHUHQ PLW :RUWHQ GLH .XQVW LP 'XQNHOQ ]X SIHLIHQ 6LH EHIUHPGHQ QLFKW QXU VLH YHUWUHLEHQ DXFK GLH $QJVW 6LH ODVVHQ GHQ 6FKUDQN GXUFK GLH 1DFKW JHKHQ XP 6FKOLPPHUHV ]X YHUKLQGHUQ XQG *HIDKUHQ ]X EDQQHQ (V LVW HLQ DSR WURSlLVFKHU6FKUDQN5HTXLVLWHLQHV$EZHKU]DXEHUV'HU6FKUDQNOHQNWDE ² YRQ GHQ HLQJHELOGHWHQ DEHU DXFK UHDOHQ *HIDKUHQ :HQQ HLQ 6FKUDQN YROO PLW QDVVHQ +HPGHQ GXUFK GLH 1DFKW JHKW PXVV ÅHXFK´ XQG XQV QLFKW EDQJ VHLQ DEHU DXFK GHP 6SUHFKHU VHOEVW QLFKW QLFKW QXU ZHLO HU GHQ6FKUDQNDXIGHU*UHQ]H]ZLVFKHQGHP8QKHLPOLFKHQXQGGHP.R PLVFKHQ GXUFKGLH1DFKW JHKHQOlVVW 0LWÅ$QJVW´VROOGHUDXWRQRPHQ1DFKWGHV*HGLFKWVQLFKWHLQHSV\ FKRORJLVFKH 5HIHUHQ] XQWHUJHVFKREHQ ZHUGHQ 0LW NHLQHU 6LOEH LVW YRQ $QJVW GLH5HGH XQG $QJVW LVW NHLQH OLWHUDULVFKH5HIHUHQ] ZRKO DEHU GLH 6FKDXHUJHVFKLFKWH HLQ *HQUH GDV KLHU PLW GHU IUDJPHQWDULVFKHQ *H VFKLFKWHYRP6FKUDQNDXIVHLQHQ.HUQUHGX]LHUWHLQZHQLJSDURGLHUWXQG WUDQVIRUPLHUWZLUG(VJHKWQLFKWGDUXPQRFKHLQPDOGDV)UFKWHQ]XOHU QHQHKHUNDQQGDV)UFKWHQDOVQXUPLQLPDOLVWLVFKHYR]LHUWHVXQGGLVWDQ ]LHUWHVJHQRVVHQZHUGHQ 0LWGHP(LQJHVWlQGQLVGDVVGDV*DQ]HQXUÅDXVJHGDFKW´LVWVFKHLQW GLH)LNWLRQDQJHKDOWHQXQGQXQGLH:DKUKHLWJHVDJW]XZHUGHQ$EHUGLH 8QWHUVFKHLGXQJ]ZLVFKHQGHP)LQJLHUWHQ $XVJHGDFKWHQ)DEXOLHUWHQ(U ORJHQHQ XQGGHU:DKUKHLWLVWHLQHGXUFKVLFKWLJH)LQWH +lWWHQZLUQLFKW DXFKVRJHPHUNWGDVVGLH*HVFKLFKWHYRP6FKUDQNNHLQ7DWVDFKHQEHULFKW LVW" (LJHQWOLFKLVWGLHVHV(LQJHVWlQGQLVEHUIOVVLJ:LUGHVQXUÅXPGHV 5HLPHV ZLOOHQ´ 0RUJHQVWHUQ  JHPDFKW" 0LW GHU (QWKOOXQJ GHU )LNWLRQ ÅDXVJHGDFKW´  ZLUG ]XJOHLFK HLQH JDQ] DQGHUH )LNWLRQ YHUGHFNW XQG GLH LVW QXQ VHKU UHDO GDV VLQGZLU GLH PLW ÅHXFK´ DQJHVSURFKHQ ZHUGHQ 6LH ZLU VLQGMDLQGHP0RPHQWLQGHPGDVO\ULVFKH,FKGLH*HVFKLFKWHYRP 6FKUDQN]XHU]lKOHQEHJLQQWJDUQLFKWGD6LH ZLU VLQGHUVWMHW]WGDZHQQ GDV *HGLFKW JHOHVHQ ZLUG DEHU LQ GHU 1DFKW GHV *HGLFKWV VLQGZDUHQ ÅHXFK´ DOVRZLU JHQDXVRÅDXVJHGDFKW´ZLHGHU6FKUDQNZHQQQLFKWQRFK DXVJHGDFKWHU GHQQHVJLEWÅHXFK´DOVRXQVMDZLUNOLFK :RPDQÅHXFK´ DQVSUHFKHQNDQQLVWPDQQLFKWDOOHLQ:HQQPDQÅHXFK´DQVSULFKWPXVV PDQDXFKHWZDV]XVDJHQKDEHQ(VJHQJWQLFKWVLFKEL]DUUH*HVFKLFK WHQ DXV]XGHQNHQ PDQ PXVV VLH DXFK MHPDQGHP HU]lKOHQ 'DV N|QQHQ DXFK )UHPGH VHLQ VRJDU SK\VLVFK $EZHVHQGH 'LH SRHWLVFKH 0LWWHLOXQJ PDFKWVLHDQZHVHQGUHGHWVLHKHUEHLLQGHPVLHÅHXFK´²=XK|UHUHLQ3XE OLNXP²XQG]XP+RUFKHQEULQJW'LHHLJHQWOLFKH²XQGGXUFKGHQDXVJH



5XGROI+HOPVWHWWHU

GDFKWHQ6FKUDQNQXUYHUGHFNWH²)LNWLRQLVWGDVÅHXFK´VLQGDOVRZLU:DV GLH*HVFKLFKWHYRP6FKUDQNGHUGXUFKGLH1DFKWJHKWHLJHQWOLFKHU]lKOW LVWGDVVZLUJDUQLFKWGDGRUWZDUHQXQGGDVVMHW]WQLFKWVYRQDOOHGHPGD LVW QXU LQ GHU )RUP LQ GHU ÅLFK´ XQG ÅHXFK´ ]XVDPPHQWUHIIHQ YHU VFKUlQNW YHUVFKUDQNW" LQGHU1DFKWGHV*HGLFKWVGLHPHKUDOVWDXVHQG XQGHLQH1DFKWXPIDVVWZHLOVLHPLWMHGHU/HNWUHHUVWDQEULFKW1DWUOLFK NDQQ XQVHXFK QLFKW DQZHVHQG PDFKHQ GHQQ GDV VLQG ZLU VFKRQ 'DV *HGLFKWPDFKW1DFKWGLHJHGLFKWHLJHQHDXWRQRPH1DFKWGLHQXULP*H GLFKW QDFKWHW GLH SDUDGR[H 1DFKW GHU /LWHUDWXU :HQQ MHPDQG VSULFKW ZLUGHVKHOO $XFKZHQQVLFKGLH0LWWHLOXQJDP(QGHVR]XVDJHQLQVLFKVHOEVWHU VFK|SIW²NDXPKDWGHU6FKUDQNVHLQHQ*DQJGXUFKGLH1DFKWEHJRQQHQ EULFKWGLH*HVFKLFKWHDXFKVFKRQDEDEHUHVKDWVLFKVFKRQHUHLJQHWZDV GHU 6FKOXVVYHUV GDQQ DXVVSULFKW XQG OlQJVW EHYRU HU HV DXVVSULFKW HLQ %HIUHPGHQQLFKWGDV:DKUHQLFKWGDV*XWHQLFKWGDV6FK|QHVRQGHUQ HLQ NXU]HU 0RPHQW GHU Å,UULWDWLRQ´ GHV (UVWDXQHQV GHU 9HUZXQGHUXQJ GHV9HUGXW]WVHLQV ÅWRKDXQWWRVWDUWOHWRZD\OD\´ ÅXPHXFK]XEHIUHP GHQ´ ² GDV LVW GLH )XQNWLRQ GHU .XQVW GHU Å]ZHFNHQWIUHPGHWHQ :DKU QHKPXQJ´GLHDXFKGLH.RPPXQLNDWLRQ]ZHFNHQWIUHPGHWLQGHPVLHGDV 9HUVWHKHQÅYHUGXW]W´'LH)RUPQLPPWGDVÅ9HUVWHKHQ´GHQ$EVFKOXVV GHU.RPPXQLNDWLRQLQGHU8QWHUVFKHLGXQJYRQ,QIRUPDWLRQXQG0LWWHL OXQJ YRUZHJ XQG LQ VLFK DXI EHUVSULQJW GLH .OXIW ]ZLVFKHQ 0LWWHLOXQJ XQG 9HUVWHKHQ NHLQ 6SUXQJ LQV ,PDJLQlUH RGHU 3KDQWDVWLVFKH VRQGHUQ DXV GHP ,PDJLQlUHQ LQ GLH 5HDOLWlW GHU .RPPXQLNDWLRQ GLH HOHPHQWDUH VR]LDOH2SHUDWLRQ/LWHUDWXUOHLVWHW*HVHOOVFKDIW /LWHUDWXUVSLHOWXQGYHUGXW]W.RPPXQLNDWLRQXQGOHLVWHW*HVHOOVFKDIWGK VLHLVWVRJDUDXWRQRPJHJHQEHUGHU$QXQG$EZHVHQKHLWYRQ$XWRUHQ XQG/HVHUQLKUHQ7DJHQXQG1lFKWHQ2EGLHVH9HUVHHLQHQÅ*HEUDXFKV ZHUW´ %UHFKW  KDEHQ KlQJW GDYRQ DE RE MHPDQG VLH ]X LUJHQGHLQHP =ZHFNJHEUDXFKW ]XU(UKHLWHUXQJXPGLH$QJVW]XYHUWUHLEHQXPVLFK LQ$EZHVHQKHLWVHLQHU$QZHVHQKHLW]XHUIUHXHQ ,KUH$XWRQRPLHVFKOLH‰W HLQHQ *HEUDXFK QLFKW DXV VLH EHGLQJW LKQ XQG VHW]W LKQ YRUDXV 2E GHU *HEUDXFKHLQHV.XQVWZHUNVVLFKDQGHVVHQ(LJHQVLQQXQGDQGHQ*UHQ ]HQGHV.XQVWV\VWHPVRULHQWLHUWLQWHUHVVLHUWQXULP.XQVWV\VWHPDEHUHU OlVVWVLFKHWZDVHQWJHKHQZHQQHUHVQLFKWWXW ,,,



:DV .XQVW PDFKW OlVVW VLFK QXU DQ LKUHQ :HUNHQ EHREDFKWHQ :HUNH ]HLJHQ ZDV .XQVW LQ GHQ *UHQ]HQ LKUHU $XWRQRPLH PDFKHQ NDQQ 'DV .XQVWV\VWHPLVWNHLQ6FKUDQNGHUGXUFKGLH1DFKWGHU$XWRQRPLHJHKW GLH.XQVWZHUNHQLFKWQDVVH+HPGHQ(VPXVVDXFKNHLQ6FKUDQNVHLQHV

$XWRQRPLH



PXVVQLFKW1DFKWHVPVVHQNHLQHQDVVHQ+HPGHQVHLQHVN|QQHQDXFK 3ILUVLFKH VHLQ 'HU 7KHRUHWLNHU JOHLFKW GHP Å'LFKWHU´ LQ 5REHUW *HUQ KDUGWV*HGLFKWÅ9RP3ILUVLFK´Å0HQJHIUHXWVLFKDQGHU0HQJH'LFK WHUVFKRQDP(LQ]HOIDOOH,KPJHQJWGHU$QXQG3ILUVLFK².HQQWHU HLQHQNHQQWHUDOOH´+LHULUUWGHU'LFKWHU $XWRQRPLH EHWULIIW QXU GHQ NOHLQVWHQ JHPHLQVDPHQ 1HQQHU GHU EHL GHU /HNWUH QLFKW ÄKLOIW¶ GHQ ]X LJQRULHUHQ DEHU IDWDOH .DWHJRULHQIHKOHU QDFKVLFK]LHKW0DQZUGHGLH/LWHUDUL]LWlWOLWHUDULVFKHU7H[WHEHUVHKHQ 6R WH[W XQG OHNWUHIHUQ /XKPDQQV NRPPXQLNDWLRQVWKHRUHWLVFKH .XQVW VR]LRORJLH DXFK YRUJHKW VR HUP|JOLFKW VLH HV GRFK GLH $XWRQRPLH GHU .XQVWLQLKUHU6RQGHUIXQNWLRQXQG(LJHQOHLVWXQJ]XVHKHQGLHHOHPHQWD UHQ 2SHUDWLRQHQ QDFK]XYROO]LHKHQ DEHU DXFK GLH *UHQ]HQ GHV EHVRQGH UHQ ÅEH]LUNV´ %UHFKW  $XWRQRPLH EHGHXWHW ,QGLIIHUHQ] JHJHQEHU GHQ ,QWHUHVVHQ XQG $QVSUFKHQ GHU DQGHUHQ )XQNWLRQVV\VWHPH VRZLH JHJHQ EHUGHQ(UZDUWXQJHQYRQ/HVHUQPLWOHEHQVSUDNWLVFKHPH[LVWHQ]LHOOHP NRJQLWLYHP PRUDOLVFKHP SROLWLVFKHP UHOLJL|VHP 2ULHQWLHUXQJVEHGDUI XQG P|JOLFKHUZHLVH ÅWLHIOLHJHQGHQ %HGUIQLVVHQ´ QDFK 6FK|QKHLW 'D VHLQVGHXWXQJXQG6LQQÅ7URVWXQG5DW´ )ODQQ2·%ULHQ  'LH$XWRQRPLHGHU.XQVWVFKOLH‰WQLFKWVLQGHU:HOWDXVVLHVFKOLH‰W DOOHVLQGHU:HOWHLQDOOHDQGHUHQ)XQNWLRQHQ3UREOHPHXQG&RGHVN|Q QHQ]XP*HJHQVWDQGZHUGHQVLHNRPPWDEHUDXFKPLWHLQHPH[WUHPHQ0L QLPXP DQ :HOWUHIHUHQ] DXV ZHQLJHU DOV HLQ 6FKUDQN YROO PLW QDVVHQ +HPGHQLVWNDXPGHQNEDU ²LQ(LJHQUHJLHXQWHUGHU9RUDXVVHW]XQJGHU HLJHQHQ)XQNWLRQGHVHLJHQHQ&RGHVGHUHLJHQHQ)RUPZDKO'LH.XQVW VHW]W GLH $XWRQRPLH )XQNWLRQ XQG )XQNWLRQLHUHQ DQGHUHU 6\VWHPH XQG GHQ 1RUPDOJHEUDXFK GHU .RPPXQLNDWLRQ YRUDXV VLH PDFKW GHU :LV VHQVFKDIW QLFKW GLH :DKUKHLW GHU :LUWVFKDIW QLFKW %HGDUIVLFKHUXQJ XQG 3URILW GHU 3ROLWLN QLFKW GLH (QWVFKHLGXQJ EHU NROOHNWLY ELQGHQGH (QW VFKHLGXQJHQ VWUHLWLJ 'DV 9HUKlOWQLV GHU 6\VWHPH LKUHU )XQNWLRQHQ XQG &RGHVLVWZHGHUDJRQDOQRFKDJRUDO QXUDXIHLQHUYLUWXHOOHQ$JRUDWUHIIHQ VLHDXIHLQDQGHU NHLQ0HWD3URJUDPPUHJXOLHUWLKUH$QZHQGXQJGLHHLQ ]LJHQ 0HWD3URJUDPPH GLH ZLU NHQQHQ KHL‰HQ ,QGLYLGXHQ XQG GDYRQ JLEWHVPHKUHUH0LOOLDUGHQ 'HU DXWRQRPHQ  .XQVW GHU DXVGLIIHUHQ]LHUWHQ  *HVHOOVFKDIW HQW VSULFKWNHLQH*HVHOOVFKDIWGHU.XQVW²LP6LQQHGHUÅHUOHVHQHQ=LUNHO´DP (QGHYRQ6FKLOOHUVÅ%ULHIHQEHUGLHlVWKHWLVFKH(U]LHKXQJ´2EVLFKDXI GLHVHQ ÅDXWRQRPH Q  EH]LUN´ =LUNHO ,QWHUDNWLRQVV\VWHPH 2UJDQLVDWLR  

*HUQKDUGW 5REHUW Å9RP 3ILUVLFK´ ,Q .ODSSDOWDU 'UHL +RPPDJHQ )UDQNIXUW0DLQ  6  9JODOV3DUDOOHOH]XU.XQVWGLH$UJXPHQWDWLRQJHJHQ(UNOlUXQJHQYRQ5HOLJLRQPLWÅWLHIOLH JHQGH>Q@ PHQVFKOLFKHQ %HGUIQLVVHQ´ LQ /XKPDQQ 1LNODV 'LH 5HOLJLRQ GHU *HVHOOVFKDIW )UDQNIXUW0DLQ6II .DS9 



5XGROI+HOPVWHWWHU

QHQ JUQGHQODVVHQZHOFKHHWKRSRLHWLVFKHQRGHUSROLWLVFKHQ NROOHNWLYHQSl GDJRJLVFKHQNXOWLYLHUHQGHQ :LUNXQJHQGLH.XQVWEHULKUHQ%H]LUNKLQ DXV KDW LVW HLQH )UDJH GHU $QVFKOXVVNRPPXQLNDWLRQ GHU LQWHUV\VWHPL VFKHQ.RSSOXQJ .XQVW XQG .XQVWNRPPXQLNDWLRQ ELOGHQ NHLQ HLJHQHV 6HJPHQW GHU *HVHOOVFKDIW NHLQH 6FKLFKW PLW HQJHQ .RSSOXQJHQ DQ VR]LDOH .ULWHULHQ ZLH +HUNXQIW (LQNRPPHQ .ODVVHQODJH ² GLH GLYHUVHQ 0LOLHXV XQG &OL TXHQ 2UJDQLVDWLRQHQ XQG 9HUHLQH KDEHQ NHLQH NXQVWVSH]LILVFKHQ %HL WULWWV XQG =XJHK|ULJNHLWVEHGLQJXQJHQ ²  VRQGHUQ HLQ 6\VWHP XQWHU DQ GHUHQ GDV ZLH DOOH DQGHUHQ DOOHQ RIIHQ VWHKW ² ZLH .DINDV 1DWXUWKHDWHU YRQ2NODKDPDÅ-HGHULVWZLOONRPPHQ´ DOV.QVWOHUÄ5H]LSLHQW¶RGHU,Q VSL]LHQW =DXQJDVW RGHU $ERQQHQW  $XFK GLH ,QNOXVLRQ ZLUG LQWHUQ XQG QLFKW ]HQWUDO JHUHJHOW GK GLH 6\VWHPH VHOEVW GHILQLHUHQ LKUH =XJDQJV YRUDXVVHW]XQJHQGLH%HGLQJXQJHQGHU7HLOQDKPHXQG,QDQVSUXFKQDKPH :HU.XQVWQLFKWDOV.XQVWEHREDFKWHWRGHUJDUQLFKWHUVWLJQRULHUWYHU ]LFKWHW DXI ,QNOXVLRQ XQG DXI Å5HGXQGDQ]YHU]LFKW´  RKQH GDVV GLHV LUJHQGZHP DOV ([NOXVLRQ DXIIlOOW HV JLEW DXFK )XQNWLRQVV\VWHPH DQ GH QHQPDQQLFKWQLFKWWHLOQHKPHQNDQQ  0DQNDQQQLFKWQLFKWNRPPXQL]LHUHQDEHUPDQGDUI.XQVW$XFKGD UXP LVW VLH NHLQ 0RGHOO IU *HVHOOVFKDIW 'LH $XWRQRPLH GHU .XQVW HQW VSULFKWHLQHU*HVHOOVFKDIWGLHLKUHWUDJHQGHQ)XQNWLRQHQLQVSH]LDOLVLHUWH 6R]LDOV\VWHPH DXVGLIIHUHQ]LHUW KDW 'DVV .XQVW DXWRQRP LVW EHGHXWHW .HLQHUNDQQLKUVDJHQZDVVLH]XWXQKDWVLHLVWDXIVLFKJHVWHOOWVLHPXVV DXV VLFK VHOEVW KHUDXV GLVSRQLHUHQ HQWZLFNHOQ XQG HQWVFKHLGHQ ZDV VLH PDFKWGDV6\VWHPJHGlFKWQLVLVWGDEHLHEHQVRVHKU+UGHZLH+LOIH ZDV JHVWHUQVFK|QZDUNDQQKHXWHVFKRQXQLQWHUHVVDQWVHLQVHOEVWZDVLPPHU QRFKVFK|QXQGLQWHUHVVDQWLVWNDQQQLFKWHLQIDFKZLHGHUKROWZHUGHQXQG ZHU WDEXOD UDVD PDFKHQ ZLOO VHW]W VLFK GHP 9HUJOHLFK PLW DOOHP ELVKHU *HVFKULHEHQHQDXV²Å$OOHV*HVFKULHEHQHELVKHUTXDUN´XQGPXVVQXQ HUVWUHFKW6DKQHRGHU'HIWLJHUHVDXIWLVFKHQ 'LH.XQVWKDWVLFKGLH6XSSH XQGGHQ4XDUN GHU$XWRQRPLHQLFKWVHOEVWHLQJHEURFNWDEHUQXQPXVV VLHVLH DXV" O|IIHOQ  

(LQHDQGHUH)UDJHLVWDXFKREGLHGLVWLQNWLRQVSROLWLVFKHQIHLQHQ8QWHUVFKLHGHDXIGLHVLFK GLH .XQVWVR]LRORJLH %RXUGLHXV NDSUL]LHUW VLFK ZLUNOLFK DXI.XQVW DOV.XQVW EH]LHKHQ XQG HLQHVROFKH.ULWLNQLFKWDQGHUVDQVHW]HQPVVWHXQGN|QQWH$XFK/XKPDQQVLHKWIUHLOLFK GDVV GLH 6WHLJHUXQJ GHU ,QNOXVLRQVDQIRUGHUXQJHQ ÅLP (IIHNW´ DOV ([NOXVLRQ ZLUNW /XK PDQQ Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ 6  YJO DEHU DXFK /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6   9JOGD]X/XKPDQQÅ'DV.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´6  :LHQHV 5REHUW $OOHV *HVFKULHEHQH ELVKHU TXDUN >@ )DFVLPLOH HLQHV 3ULYDWGUXFNV +J Y 1RUEHUW7HIHOVNL0QFKHQ

$XWRQRPLH



$XWRQRPLH LVW NHLQ .ULWHULXP GHU %HZHUWXQJ VRQGHUQ GHU 8QWHU VFKHLGXQJ:DV.XQVWLVWNDQQLPPHUQRFKPLVVOXQJHQXQVWLPPLJRGHU XQLQWHUHVVDQW VHLQ DEHU GDUEHU EHILQGHW GDV .XQVWV\VWHP XQG HV PXVV GLH.ULWHULHQGDIUVHOEVWHQWZLFNHOQHVPXVVDXFKZLVVHQZDV]XP*H JHQVWDQGVEHUHLFKJHK|UWLQGHPVROFKH.ULWHULHQWULIWLJXQGVLQQYROOVLQG ²GLH3ROLWLNPXVVQLFKWVFK|QXQGGDV5HFKWQLFKWLQWHUHVVDQWVHLQ.XQVW QLFKWPRUDOLVFKRGHUSURILWDEHOQLFKWHLQPDOZDKU1LFKWHLQPDOÅVFK|Q´ «:HQLJHUOHLFKWHLQ]XVHKHQLVWGDVV.XQVWQLFKW6SD‰PDFKHQXQWHU KDOWHQ EHJHLVWHUQ UKUHQ RGHU DXIUKUHQ HUVFKWWHUQ RGHU HUOHXFKWHQ PXVV XPJHNHKUWVFKOLH‰WDEHULKUH$XWRQRPLHDOOGDVDXFKQLFKWDXVHV NRPPWGDUDXIQXUQLFKWLQHUVWHU/LQLHDQ  ,Q GHU $XWRQRPLVLHUXQJ GHU .XQVW HLQH $EZHUWXQJ XQG 9HUQDFK OlVVLJXQJDOOGHUDQGHUHQGHUQRFKQLFKWRGHUQLFKWPHKUÅVFK|QHQ´XQG DXWRQRPHQ.QVWH]XVHKHQEHUXKWDXIHLQHUhEHUVFKlW]XQJGHV6R]LDO SUHVWLJHV GHU .XQVW $XWRQRPLH GHU .XQVW EHGHXWHW QLFKW QXU .DQD OLVLHUXQJ 9HUNQDSSXQJ RGHU JDU 0RQRSROLVLHUXQJ GHU lVWKHWLVFKHQ XQG VR]LDOHQ (QHUJLHQ VLH NDQQ DXFK DOV .DWDO\VDWRU ZLUNHQ 2E GLH DXWR QRPH .XQVW GLH Å.XQVW DOOHU .QVWH GLH .XQVW ]X OHEHQ´ )ULHGULFK 6FKOHJHO EHI|UGHUQRGHUEHLGHQ$UWVGHIDLUH GH&HUWHDX 0RGHOOVWHKHQ RGHUKHOIHQNDQQLVW]ZHLIHOKDIWDEHUQLFKWDXVJHVFKORVVHQ 

 

8QGVLHZLUNWXPJHNHKUWGHUÅ,QIODWLRQ´GHV0HGLXPVHQWJHJHQ YJO/XKPDQQ'LH*HVHOO VFKDIWGHU*HVHOOVFKDIW6 







$87232,(6,6²&+5e7,(1'(752VLF@LP*UXQGHQLFKWVYHUVWHKHQGHQ>@%OHQGHUEHVFKUHLEWGHUDXIJUXQGVHLQHU,Q NRPSHWHQ]GLH3KlQRPHQHGHU:HOWDXFKQXUIHKOHUKDIWGDU]XELHWHQYHUPDJID‰W$ULVWRWH OHV 0LPHVLV DOV GLH VSH]LILVFKH 'DUVWHOOXQJVDUW GHV 3RHWLVFKHQ GDV HV DXI HLQH lVWKHWLVFKH :LUNXQJEHLP5H]LSLHQWHQDXIHLQlVWKHWLVFKHV9HUJQJHQDEJHVHKHQKDW>@2IIHQEDUEH ]LHKW $ULVWRWHOHV QLFKW ZLH 3ODWRQ 0LPHVLV DXI GDV GDUJHVWHOOWH (LQ]HOQH VRQGHUQ DXI GLH 'DUVWHOOXQJVHOEVW´



7KRPDV.OLQNHUW

)LNWLRQ YHUVWHFNWHQ NRQNUHWHQ JHVFKLFKWOLFKHQ %H]XJ´ GHU $UWXV XQG *UDOGLFKWXQJIUDJW $OOGLHVHQ3RVLWLRQHQLVWGLH$XIIDVVXQJJHPHLQVDPGDVV/LWHUDWXULQ LUJHQGHLQHU )RUP :LUNOLFKNHLW DXIQHKPHQ DEELOGHQ GDUVWHOOHQ N|QQH /lVVW VLH VLFK DEHU DXV V\VWHPWKHRUHWLVFKHU 6LFKW EHUKDXSW YHUWUHWHQ ZHQQ GRUW GDYRQ DXVJHJDQJHQ ZLUG GDVV HLQ 6\VWHP GLH /LWHUDWXU  GLH (OHPHQWHDXVGHQHQHVEHVWHKWVHOEVWHU]HXJW":REOLHEHGDQQGLH:LUN OLFKNHLW LQ GHU /LWHUDWXU" /XKPDQQ ]XIROJH ² XQG HU VFKOLH‰W KLHU DQ GLH %LRORJHQ 0DWXUDQD XQG 9DUHOD XQG GHQ YRQ LKQHQ HQWZLFNHOWHQ %HJULII GHU $XWRSRLHVLV DQ ² VLQG 6\VWHPH RSHUDWLY JHVFKORVVHQ Å'DV 6\VWHP HU]HXJWVLFKVHOEHU(VVWHOOWQLFKWQXUGLHHLJHQHQ6WUXNWXUHQKHUVRZLH JHZLVVH&RPSXWHU3URJUDPPHIUVLFKVHOEHUHQWZLFNHOQN|QQHQVRQGHUQ HVLVWDXFKDXIGHU(EHQHGHU2SHUDWLRQHQDXWRQRP´ (LQHDQGHUH0|J OLFKNHLW GDV .RQ]HSW GHU RSHUDWLYHQ *HVFKORVVHQKHLW ]XP $XVGUXFN ]X EULQJHQVHLVR/XKPDQQÅGLH$XVVDJHGDVVHLQDXWRSRLHWLVFKHV6\VWHP GLH2SHUDWLRQHQGLHHVEHQ|WLJWXP2SHUDWLRQHQ]XHU]HXJHQGXUFKGDV 1HW]ZHUNGHUHLJHQHQ2SHUDWLRQHQHU]HXJW´ :LHJHQDXLVWGDV]XYHUVWHKHQ"+DQGHOWHVVLFKQLFKWXPHLQ%HLVSLHO YRQ=LUNXODULWlWVRZLHGLH*HVFKLFKWHGHV%DURQVYRQ0QFKKDXVHQGHU VLFKDQJHEOLFKDQVHLQHPHLJHQHQ6FKRSIDXVGHP6XPSIJH]RJHQKDEHQ ZLOORGHUGDVEHNDQQWH%LOGYRQ(VFKHUDXIGHPVLFK]ZHL+lQGHJHJHQ VHLWLJ]HLFKQHQ".HLQHVZHJV8P]XYHUVWHKHQZDV/XKPDQQPHLQWPXVV PDQ VHLQHU $UJXPHQWDWLRQ QRFK ZHLWHU IROJHQ 'LH $QQDKPH GHU $XWR QRPLHE]ZRSHUDWLYHQ*HVFKORVVHQKHLWGHV6\VWHPVKDWQlPOLFKIROJHQGH ,PSOLNDWLRQHQ'DV6\VWHPÅNDQQNHLQH2SHUDWLRQDXVGHU8PZHOWLPSRU WLHUHQNHLQIUHPGHU*HGDQNHJHODQJWLQPHLQHQ.RSIZHQQPDQLKQDOV *HGDQNHQHUQVWQLPPWXQGNHLQFKHPLVFKHU3UR]HVVNDQQNRPPXQLNDWLY ZHUGHQ´'LH8PZHOWNDQQDXIJUXQGGHU*HVFKORVVHQKHLWGHV6\VWHPVLQ GLHVHVDOVRQXUÄHLQGULQJHQ¶LQGHPGDV6\VWHPVLHHLQHUV\VWHPVSH]LILVFKHQ &RGLHUXQJXQWHUZLUIW%HLGLHVHU&RGLHUXQJYHUZHQGHWGDV6\VWHP2SHUD   

   

.|KOHU(ULFK,GHDOXQG:LUNOLFKNHLWLQGHUK|ILVFKHQ(SLN6WXGLHQ]XU)RUPGHUIUKHQ$UWXVXQG *UDOGLFKWXQJ>@7ELQJHQ6 9JO0DWXUDQD+XPEHUWRÅ$XWRSRLHVLV´,Q$XWRSRLHVLV$7KHRU\RI/LYLQJ2UJDQL]DWLRQ+J Y0LODQ=HOHQ\1HZ@

$XWRSRLHVLV



WLRQHQ GLH YRQ GHQ 6WUXNWXUHQ GHV 6\VWHPV DEKlQJLJ VLQG XQG YRQ GHU 8PZHOW QLFKW EHHLQIOXVVW ZHUGHQ N|QQHQ :DV YRQ GHP HLQHQ SV\FKL VFKHQ 6\VWHP DOV VSDQQHQG XQG IDV]LQLHUHQG ZDKUJHQRPPHQ ZLUG HU VFKHLQWGHPDQGHUHQSV\FKLVFKHQ6\VWHPDOVEDQDOXQGODQJZHLOLJ6RJLEW HVDXIGHUHLQHQ6HLWH)X‰EDOOIDQVGLHNHLQH3DUWLHLKUHU0DQQVFKDIWYHU VlXPHQ XQG DXIGHU DQGHUHQ 6HLWH 3HUVRQHQ GLH VDJHQ VLH N|QQWHQGHU 7DWVDFKHGDVVHUZDFKVHQH0lQQHURGHU)UDXHQ0LQXWHQODQJKLQWHU HLQHP%DOOKHUODXIHQQLFKWVDEJHZLQQHQ'HU6DFKYHUKDOWGHQGLHVH6\V WHPHLQLKUHU8PZHOWYRUILQGHQLVWMHZHLOVGHUVHOEHGLHYRQLKPDXVJH KHQGHQ DSSHOODWLYHQ 6LJQDOH ULFKWHQ VLFK LP 3ULQ]LS DQ MHGHUPDQQ GHQ QRFKUHDJLHUHQQLFKWDOOHSV\FKLVFKHQ6\VWHPHDXIGLHVHOEH$UWXQG:HLVH 'LH XQWHUVFKLHGOLFKH :DKUQHKPXQJ XQG %HZHUWXQJ HLQHV 6DFKYHUKDOWV KlQJWDOVRYRQGHQ6\VWHPHQDEQLFKWYRQGHU8PZHOW ,, :HQQ PDQ QXQ GDV .RPPXQLNDWLRQVV\VWHP /LWHUDWXU EHWUDFKWHW GDQQ VWHOOWPDQIHVWGDVVHVVHLQHMHZHLOLJH²KLVWRULVFKVLFKZDQGHOQGH²8P ZHOW EHREDFKWHQ XQG VHOHNWLY GDUVWHOOHQ GK V\VWHPVSH]LILVFK FRGLHUHQ NDQQ 6ROFKH &RGLHUXQJ XQWHUOLHJW ZLH LP )ROJHQGHQ GDUJHOHJW ZHUGHQ VROODXWRSRLHWLVFKHQ3ULQ]LSLHQ,FKYHUQDFKOlVVLJHDXV*UQGHQGHUHLQ IDFKHUHQ 'DUVWHOOEDUNHLW GLH 7DWVDFKH GDVV HLQ IXQNWLRQDO DXVGLIIHUHQ ]LHUWHV/LWHUDWXUV\VWHPLP6LQQH/XKPDQQVHUVWVHLWGHP-DKUKXQGHUW H[LVWLHUW0XWDWLVPXWDQGLVNDQQPDQOLWHUDULVFKH.RPPXQLNDWLRQGXUFK  GLHIU9RUNRPPQLVVHRGHU=XVWlQGHGLHDQVLFKQXUHLQPDOYRUKDQGHQVLQG]ZHLP|JOL FKH $XVSUlJXQJHQ EHUHLWVWHOOW >@ (WZDV NDQQ DXI *UXQG VROFKHU &RGLHUXQJ JXW RGHU VFKOHFKWVWDUNRGHUVFKZDFK+DEHRGHU1LFKWKDEHUHFKWRGHUXQUHFKWVFK|QRGHUKl‰OLFK VHLQXQG]ZDUIUEHLGH.RPPXQLNDWLRQVWHLOQHKPHUEHLGHV´ 6>+HUYRUKHEXQJLP7H[W@  'XUFKGLHMHVSH]LILVFKHELQlUH&RGLHUXQJJUHQ]HQ6\VWHPHVLFKYRQHLQDQGHUDEVR]%GDV 6\VWHP GHU .XQVW ZHOFKHV PLW GHU /HLWGLIIHUHQ] VFK|Q YV KlVVOLFK RSHULHUW YRP 6\VWHP GHU :LVVHQVFKDIW GHVVHQ &RGLHUXQJ DXI GHU /HLWGLIIHUHQ] ZDKU YV IDOVFK EHUXKW 'XUFK 5HIOH[LYLWlWNDQQHLQ6\VWHPVHLQHHLJHQH$XWRQRPLHDIILUPLHUHQHWZDZHQQGLH.XQVWDOV 6\VWHPÅVLFKVHOEVWDOV'LVMXQNWLRQGHV6FK|QHQXQGGHV+l‰OLFKHQ]XU'DUVWHOOXQJ´ 6  EULQJW&RGLHUXQJXQG$XWRQRPLHKlQJHQDOVR]XVDPPHQ  0DWXUDQDGUFNWGLHVIROJHQGHUPD‰HQDXVÅ$OVVWUXNWXUGHWHUPLQLHUWH6\VWHPHVLQGZLUYRQ DX‰HQSULQ]LSLHOOQLFKWJH]LHOWEHHLQIOX‰EDUVRQGHUQUHDJLHUHQLPPHULP6LQQHGHUHLJHQHQ 6WUXNWXU 6R NDQQ LFK QLFKW VWHXHUQ ZLH PHLQH :RUWH ZLUNHQ -HGHU OLHVW ZDV HU RGHU VLH OLHVWGDIUWUDJHLFKNHLQH9HUDQWZRUWXQJ1LFKWGLHVHU7H[WOHJWIHVWZDV6LHOHVHQVRQGHUQ ,KUH6WUXNWXU,KUHMHZHLOLJH%HILQGOLFKNHLW´ 0DWXUDQD+XPEHUWR:DVLVWHUNHQQHQ"hEHUV Y +DQV *QWHU+ROO 0QFKHQ  6  =XHLQHU $QZHQGXQJGHV$XWRSRLHVLV.RQ ]HSWVDXISV\FKLVFKH6\VWHPHYJO/XKPDQQ1LNODVÅ'LH$XWRSRLHVLVGHV%HZX‰WVHLQV´,Q 6HOEVWWKHPDWLVLHUXQJ XQG 6HOEVW]HXJQLV %HNHQQWQLV XQG *HVWlQGQLV +J Y $ORLV +DKQ X 9RONHU .DSS)UDQNIXUW0DLQ6²  9JOKLHU]X6FKPLGW6LHJIULHG-'LH6HOEVWRUJDQLVDWLRQGHV6R]LDOV\VWHPV/LWHUDWXULP-DKUKXQ GHUW)UDQNIXUW0DLQ:HUEHU1LHOV/LWHUDWXUDOV6\VWHP=XU$XVGLIIHUHQ]LHUXQJOLWHUDULVFKHU



7KRPDV.OLQNHUW

DXVDXFKLQIUKHUHQ(SRFKHQZLHGHP0LWWHODOWHURGHUGHU5HQDLVVDQFH DOVV\VWHPKDIWEHWUDFKWHQ $OV (LQVWLHJ GLHQH HLQ EHUKPWHV =LWDW GHV IUDQ]|VLVFKHQ 0RUDOLVWHQ /D 5RFKHIRXFDXOG Å,O \ D GHV JHQV TXL Q·DXUDLHQW MDPDLV pWp DPRXUHX[ V·LOVQ·DYDLHQWMDPDLVHQWHQGXSDUOHUGHO·DPRXU´>(VJLEW/HXWHGLHVLFK QLHPDOVYHUOLHEWKlWWHQZHQQVLHQLHPDOVYRQ/LHEHKlWWHQVSUHFKHQK| UHQ@(VVHLP|JOLFKVR/D5RFKHIRXFDXOGGDVVHLQDIIHNWLYHU=XVWDQG² GDV 9HUOLHEWVHLQ ² QLFKW HWZD GXUFK GDV /LHEHVREMHNW XQG GLH YRQ LKP DXVJHKHQGHQ 6LJQDOH DXVJHO|VW ZHUGH VRQGHUQ GXUFK .RPPXQLNDWLRQ EHU/LHEHRGHUZLH/XKPDQQVDJWGXUFK/LHEHVVHPDQWLN,QGHU/LWH UDWXU GLH HLQH GHU +DXSWTXHOOHQ IU /LHEHVVHPDQWLN LVW ILQGHQ ZLU ]DKO UHLFKH%HLVSLHOHVROFKHUGXUFK.RPPXQLNDWLRQDXVJHO|VWHQ$IIHNW]XVWlQ GH 'DV ]ZHLIHOORV EHUKPWHVWH GLHVHU %HLVSLHOH LVW )UDQFHVFD GD 5LPLQL GLHGHP-HQVHLWVZDQGHUHU'DQWHLP9*HVDQJGHV,QIHUQRHU]lKOWZLHVLH XQG LKU 6FKZDJHU 3DROR GXUFK GLH /HNWUH HLQHV %XFKHV EHU GLH /LHEH ]ZLVFKHQ/DQFHORWXQGGHU.|QLJLQ*XHQLHYUHHLQDQGHUVRQDKHJHNRP PHQ VLQG GDVV VLH ]X (KHEUHFKHUQ ZXUGHQ 'LHVH (UIDKUXQJ NDQQ PDQ GXUFKDXVDEVWUDKLHUHQXQGYHUDOOJHPHLQHUQ6RKDWGLH)RUVFKXQJJH]HLJW GDVV GLH K|ILVFKH /LHEH LQ GHU PLWWHODOWHUOLFKHQ /LWHUDWXU QLFKW ZLH PDQ ODQJH =HLW DQQDKP DXI GHU 'DUVWHOOXQJ YRQ EHUHLWV HWDEOLHUWHQ 9HUKDO WHQVZHLVHQEHUXKWVRQGHUQHKHUHLQ,GHDOIRUPXOLHUWZHOFKHVLQGHU*H VFKLFKWH VHLQHU 5H]HSWLRQ DOOPlKOLFK 9HUKDOWHQVlQGHUXQJHQ KHUEHLIKUWH ZHQQJOHLFKKLHUQDWUOLFKNHLQPRQRNDXVDOHV9HUKlOWQLVXQWHUVWHOOWZHUGHQ NDQQ  .RPPXQLNDWLRQ2SODGHQ/XKPDQQ1LNODVÅ'LH)XQNWLRQGHU.XQVWXQGGLH$XVGLI IHUHQ]LHUXQJGHV.XQVWV\VWHPV´,Q'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6²   /D5RFKHIRXFDXOG)UDQoRLV9,GH5pIOH[LRQVRXVHQWHQFHVHWPD[LPHVPRUDOHV>@,Q°XYUHV FRPSOqWHV+JY/0DUWLQ&KDXIILHUX-HDQ0DUFKDQG3DULV6²KLHU6 (VKDQGHOWVLFKXPGLH0D[LPH  /XKPDQQ1LNODV/LHEHDOV3DVVLRQ=XU&RGLHUXQJYRQ,QWLPLWlW>@)UDQNIXUW0DLQ  6FKQHOO 5GLJHU Å'LH ÄK|ILVFKH /LHEH¶ DOV *HJHQVWDQG YRQ 3V\FKRKLVWRULH 6R]LDO XQG 0HQWDOLWlWVJHVFKLFKWH (LQH 6WDQGRUWEHVWLPPXQJ´ ,Q 3RHWLFD    6 ² KLHU 6IINRQWUDVWLHUWHLQLQGHU5HDOLWlWGHVXQG-DKUKXQGHUWVEOLFKHV+DQGOXQJV PRGHOO ÅHLQ0DQQHUEOLFNWHLQHVFK|QH)UDXZLUGYRQHLQHPVWDUNHQVH[XHOOHQ9HUODQJHQ HUJULIIHQXQGVXFKWXQPLWWHOEDU%HIULHGLJXQJVHLQHV6H[XDOWULHEHV´6 PLWMHQHQGLHVHP +DQGOXQJVPRGHOOJHJHQOlXILJHQ7HQGHQ]HQZHOFKHGLH'DUVWHOOXQJYRQ/LHEHLQGHUK|IL VFKHQ /LWHUDWXU NHQQ]HLFKQHQ 'LV]LSOLQLHUXQJ GHU $IIHNWH )UHLZLOOLJNHLW XQG 5HIOH[LYLWlW (U ZDUQW GDYRU GLH ÄK|ILVFKH /LHEH¶ XPVWDQGVORV PLW EHVWLPPWHQ VR]LDOHQ 3KlQRPHQHQ NRSSHOQ ]X ZROOHQ Å*HUDGH ZHLO GDV OLWHUDULVFKH 3KlQRPHQ ÄK|ILVFKH /LHEH¶ DOV RIIHQHU 'LVNXUV EHU GLH LGHDOH /LHEH ]X EHVWLPPHQ LVWGHU ]ZDU LP %OLFN DXI HLQH LGHDOH KHWHUR VH[XHOOH %H]LHKXQJ NODUH =LHOYRUVWHOOXQJHQ HUNHQQHQ Ol‰W LQ GHQ DEHU LPPHU ZLHGHU DE ZHLFKHQGH MD NRQWUlUH $XIIDVVXQJHQ HLQIOLH‰HQ HUZHLVW HV VLFK DOV lX‰HUVW SUREOHPDWLVFK GLHVHQYLHOVWLPPLJHQ'LVNXUVDXIGLHVR]LDOHQ,QWHUHVVHQXQGGLHSV\FKLVFKHQ%HILQGOLFKNHL WHQHLQHUHQJEHJUHQ]WHQ*UXSSH]XEH]LHKHQ´ 6 0LWDQGHUHQ:RUWHQ(VJHKWKLHU

$XWRSRLHVLV



'LHV EHGHXWHW GDVV HV RIIHQEDU )lOOH JLEW LQ GHQHQ GLH OLWHUDULVFKH )LNWLRQLKUH4XHOOHQXQG9RUELOGHUQLFKWLQGHU:LUNOLFKNHLWILQGHQNDQQ (LQH7KHRULHGHU/LWHUDWXUVROOWHVROFKHQ)lOOHQJHUHFKWZHUGHQXQGJDQ] JUXQGVlW]OLFK GLH )UDJH EHDQWZRUWHQ ZHOFKHQ *HVHW]HQ OLWHUDULVFKH 'DU VWHOOXQJHQXQWHUOLHJHQE]ZQDFKZHOFKHQ3ULQ]LSLHQVLHHQWVWHKHQ²XQDE KlQJLJYRQMHJOLFKHUÄ:LGHUVSLHJHOXQJ¶RGHUÄ$EELOGXQJ¶GHU:LUNOLFKNHLW ZLHDXFKLPPHUGLHVHNRQ]HSWXHOOJHGDFKWVHLQPDJ(VVROOYHUVXFKWZHU GHQGLHVH)UDJHLP)ROJHQGHQPLWGHP.RQ]HSWGHU$XWRSRLHVLV]XEH DQWZRUWHQ$OVDXWRSRLHWLVFKEH]HLFKQHW/XKPDQQ6\VWHPHÅGLHGLH(OH PHQWH DXV GHQHQ VLH EHVWHKHQ GXUFK GLH (OHPHQWH DXV GHQHQ VLH EH VWHKHQVHOEVWSURGX]LHUHQXQGUHSURGX]LHUHQ´0LWGHU:DKOGHV$XWR SRLHVLV.RQ]HSWVYHU]LFKWHWGLH/XKPDQQ·VFKH7KHRULHVHOEVWUHIHUHQ]LHOOHU 6\VWHPH GDUDXI LKUHQ *HJHQVWDQG ÅGXUFK :HVHQVDQQDKPHQ ]X EH VWLPPHQ´ (V KDQGHOW VLFK XP HLQ IRUPDOHV .RQ]HSW $XWRSRLHWLVFKH 6\VWHPH]HLFKQHQVLFKGXUFKIROJHQGH0HUNPDOHDXV  6LHEDVLHUHQDXI (UHLJQLVVHQQLFKWDXI6XEVWDQ]HQ  6LHN|QQHQVLFKVHOEVWEHREDFKWHQ GK VLFK YRQ GHU 8PZHOW XQWHUVFKHLGHQ   6LH N|QQHQ LKUH 6WUXNWXUHQ GXUFK 6HOEVWRUJDQLVDWLRQ YDULLHUHQ   6LH EHREDFKWHQ VLFK EHLP %HRE DFKWHQ %HREDFKWXQJ ]ZHLWHU 2UGQXQJ    6LH EHILQGHQ VLFK GDXHUKDIW LP=XVWDQGGHU8QVLFKHUKHLWEHUVLFKVHOEVWLP9HUKlOWQLV]XLKUHU8P ZHOWXQGN|QQHQGLHVH8QVLFKHUKHLWGXUFK6HOEVWRUJDQLVDWLRQSURGX]LHUHQ XQG NRQWUROOLHUHQ   $XIJUXQG GLHVHU 8QVLFKHUKHLW NOlUHQ VLH GHQ 6LQQ LKUHV7XQVZHLWJHKHQGUHWURVSHNWLY  'LH2SHUDWLRQHQGHV6\VWHPVVLQG UHNXUVLYPLWHLQDQGHUYHUQHW]W   D 'LHDXWRSRLHWLVFKHQ6\VWHPHHU]HX JHQVLFKVHOEVWDOVLKUHLJHQHV3URGXNWYHUIJHQDEHUQLFKWEHUDOOH8UVD FKHQ GLH ]XU 6HOEVWUHSURGXNWLRQ QRWZHQGLJ VLQG E  (V JHKW PHKU XP 5HSURGXNWLRQ DOV XP 3URGXNWLRQ F  'HU %HJULII GHU $XWRSRLHVLV OlVVW RIIHQ ZHOFKH PDWHULHOOHQ 2SHUDWLRQHQ LQ HLQHP 6\VWHP VWDWWILQGHQ ELR FKHPLVFKHQHXURSK\VLRORJLVFKHNRPPXQLNDWLYHHWF  G 'HU%HJULIIKDW DOV IRUPDOHU %HJULII NHLQHQ HPSLULVFKHQ (UNOlUXQJVZHUW H  'LH $E VFKOLH‰XQJ GHU 6\VWHPH JHJHQEHU GHU 8PZHOW HUP|JOLFKW VWUXNWXUHOOH 9DULDWLRQ I  'LH UHNXUVLYH 9HUQHW]XQJ GHU 2SHUDWLRQHQ ÅVWHOOW QXU $Q VFKOVVH KHU XQG $QVFKOXVVIlKLJNHLW LQ $XVVLFKW´   $XWRSRLHWLVFKH 6\VWHPH VLQG DXWRQRP LP +LQEOLFN DXI LKUH RSHUDWLYH 6FKOLH‰XQJ QLFKW QRWZHQGLJHUZHLVHLPPDWHULHOOHQ6LQQVRLVWHWZDGDV*HKLUQPDWHULHOODXI     



XPGLH ]XPLQGHVWUHODWLYH $XWRQRPLHGHVbVWKHWLVFKHQ²XQGGLHVEHUHLWVLP0LWWHODOWHU DOVRODQJHYRUGHU$XWRQRPLHlVWKHWLN /XKPDQQÅ'LH$XWRSRLHVLVGHV%HZX‰WVHLQV´6 /XKPDQQ 1LNODV Å2UJDQLVDWLRQ DOV DXWRSRLHWLVFKHV 6\VWHP´ ,Q 2UJDQLVDWLRQ XQG (QWVFKHL GXQJ2SODGHQ:LHVEDGHQ6²KLHU6 (EG6 (EG6² (EG6



7KRPDV.OLQNHUW

GHQ %OXWNUHLVODXI DQJHZLHVHQ RKQH GDVV GLHVHU VWUXNWXUHOO VHLQH 2SHUD WLRQHQ GHWHUPLQLHUHQ ZUGH   ,P 9HUKlOWQLV ]XU 8PZHOW HQWVFKHLGHW HLQ6\VWHPVHOEVWZHOFKH.RPPXQLNDWLRQHQHVYROO]LHKW  6R]LDOH6\V WHPH VLQG ZLH DXFK %HZXVVWVHLQVV\VWHPH LQ SHUPDQHQWHP =HUIDOO EH JULIIHQGKVLHEHVWHKHQDXV(UHLJQLVVHQÅGLHPLWLKUHP(QWVWHKHQJOHLFK ZLHGHU YHUJHKHQ XQG QLFKW GXUFK GLHVHOEHQ VRQGHUQ GXUFK DQGHUH (UHLJ QLVVH DEJHO|VW ZHUGHQ PVVHQ´   $XWRSRLHWLVFKH 6\VWHPH N|QQHQ VLFKVHOEVWEHULKUH8PZHOWLQIRUPLHUHQ GKHLQ%LOGYRQGLHVHUNRQVWUX LHUHQ  LQGHP VLH GLH 0|JOLFKNHLWHQ GHU )RUWVHW]XQJ LKUHU 2SHUDWLRQHQ VHOHNWLY EHVFKUlQNHQ   2SHUDWLYH *HVFKORVVHQKHLW LVW 9RUDXVVHW]XQJ IU GLH 2IIHQKHLW GHU 6\VWHPH   (V ZLUG XQWHUVFKLHGHQ ]ZLVFKHQ GHU $XWRSRLHVLV GHV 6\VWHPV XQG VHLQHQ 6WUXNWXUHQ ZHOFKH ÅGHU 6LFKHUXQJ YRQ DXVUHLFKHQGHU 5HGXQGDQ] XQG $QVFKOXVVIlKLJNHLW GLHQHQ XQG GDPLW GLH$XWRSRLHVLVHUVWHUP|JOLFKHQ´ ,,, (LQH5HLKHGLHVHU'HILQLWLRQVNULWHULHQOlVVWVLFK]XU%HVFKUHLEXQJGHVVHQ YHUZHQGHQ ZDV PDQ VHLW GHP +RFKPLWWHODOWHU DOV GDV 6\VWHP VFKULIWED VLHUWHU OLWHUDULVFKHU .RPPXQLNDWLRQ EH]HLFKQHQ NDQQ %HVRQGHUV ZLFKWLJ VLQG IROJHQGH 0HUNPDOH GLH 9DULDWLRQ GHU HLJHQHQ 6WUXNWXUHQ GXUFK 6HOEVWRUJDQLVDWLRQ  GLH6HOEVWEHREDFKWXQJ  GLH%HREDFKWXQJ]ZHLWHU 2UGQXQJ   GLH UHNXUVLYH 9HUQHW]XQJ GHU 2SHUDWLRQHQ   GLH 6HOEVW DXIUHFKWHUKDOWXQJGHV6\VWHPVGXUFK$QVFKOXVVNRPPXQLNDWLRQHQ IXQG  $OV%HLVSLHOGLHQHXQVHLQ7H[WDXVGHPVSlWHQ-DKUKXQGHUWGHU +HUYRUKHEXQJLP7H[W@ (EG6  ,FK ]LWLHUH PLW 9HUVQHQQXQJ LP ODXIHQGHQ 7H[W QDFK IROJHQGHU ]ZHLVSUDFKLJHU $XVJDEH &KUHVWLHQGH7UR\HV@´@ 6RGDQQ ZLUG LQ GHU JHVFKHLWHUWHQ DYHQWXUH GDV 9HUKlOWQLV ]ZLVFKHQ GHP(LQ]HOQHQXQGGHU*HVHOOVFKDIWYHUKDQGHOWXQGSUREOHPDWLVLHUW'HU HLQ]HOQH5LWWHUKDWHLQ$EHQWHXHUHUOHEWZHOFKHVLKP²XQGPLWLKPGHP .ROOHNWLYGHV$UWXVKRIHV²6FKDQGHHLQJHEUDFKWKDW'LH|IIHQWOLFKH0LW WHLOXQJGHVPLVVOXQJHQHQ$EHQWHXHUVO|VWHLQHGRSSHOWH5HDNWLRQDXVGLH HLQHVDQGHUHQ(LQ]HOQHQXQGGLHGHVJHVDPWHQ.ROOHNWLYVPLWGHP.|QLJ DQGHU6SLW]H6FKOLH‰OLFKZLUGGDV9HUKlOWQLV]ZLVFKHQ+DQGHOQXQG(U

$XWRSRLHVLV



]lKOHQ LQV]HQLHUW 'DV (U]lKOHQ ILQGHW LP VLWXDWLYHQ 5DKPHQ HLQHV K|IL VFKHQ )HVWHV VWDWW XQG HUKlOW GDGXUFK SHUIRUPDWLYHQ &KDUDNWHU (V ZLUG QRUPDWLY EHZHUWHW XQG IKUW ]X )ROJHKDQGOXQJHQ ZREHL @,Q*HVDPPHOWH$XIVlW]H]XUURPD QLVFKHQ3KLORORJLH%HUQ0QFKHQ6²=XU%HGHXWXQJGHV)LJXUDOVFKHPDVXQGGHV GDPLW YHUEXQGHQHQ PHKUIDFKHQ 6FKULIWVLQQV IU GLH PLWWHODOWHUOLFKH /LWHUDWXU YJO 2KO\ )ULHGULFKÅ9RPJHLVWLJHQ6LQQGHV:RUWHVLP0LWWHODOWHU´>@,Q6FKULIWHQ]XUPLWWHO DOWHUOLFKHQ %HGHXWXQJVIRUVFKXQJ 'DUPVWDGW  6 ² =XU VSH]LILVFKHQ )XQNWLRQDOLVLHUXQJ GLHVHV6FKHPDVLP$UWXVURPDQXQG]XVHLQHU,QWHUIHUHQ]PLWGHP0lUFKHQVFKHPDV:DU QLQJ5DLQHUÅ)RUPHQQDUUDWLYHU,GHQWLWlWVNRQVWLWXWLRQLPK|ILVFKHQ5RPDQ´,Q,GHQWLWlW +JY2GR0DUTXDUGX.DUOKHLQ]6WLHUOH0QFKHQ6²KLHU6II:DU QLQJ ]HLJW GDVV GLH (SLVRGHQ LQ &KUpWLHQV 5RPDQHQ ]XHLQDQGHU LQ HLQHP 9HUKlOWQLV VWHL JHUQGHU 5HSULVH VWHKHQ 'DV 0lUFKHQVFKHPD LP $UWXVURPDQ ZXUGH XQWHUVXFKW YRQ 1RO WLQJ+DXII ,OVH Å0lUFKHQ XQG 0lUFKHQURPDQ =XU %H]LHKXQJ ]ZLVFKHQ HLQIDFKHU )RUP XQGQDUUDWLYHU*UR‰IRUPLQGHU/LWHUDWXU´,Q3RHWLFD  6²



7KRPDV.OLQNHUW

VFKLFKWH]XHU]lKOHQGLHDEHUQLFKWZLHPDQHVHUZDUWHQZUGHYRQVHL QHU(KUHVRQGHUQLP*HJHQWHLOZLHVFKRQHUZlKQWYRQVHLQHU6FKDQGH KDQGHOW(LQGULWWHU6W|UIDNWRULVWGLH*HKlVVLJNHLWYRQ.HXGHUGHQ(U ]lKOHU &DORJUHQDQW MlK XQWHUEULFKW XQG LKQ PLW %HOHLGLJXQJHQ EHU VFKWWHW ZDV ]X HLQHP DXVJHGHKQWHQ 6WUHLW ]ZLVFKHQ .HX XQG &DORJUH QDQWIKUWGHUQXUPLW0KHYRQGHU.|QLJLQJHVFKOLFKWHWZHUGHQNDQQ ,Q GHU HLJHQWOLFKHQ (U]lKOXQJ NRPPW HV VRGDQQ ]X GHU JHVW|UWHQ .RP PXQLNDWLRQ]ZLVFKHQGHPK|ILVFKHQ5LWWHUXQGGHPYLODLQGHUQLFKWZHL‰ ZDVDYHQWXUHEHGHXWHWXQGLKQJHUDGHZHJVLQV9HUGHUEHQVFKLFNWLQGHPHU LKQ PLW GHU ZXQGHUVDPHQ:LUNXQJ GHU 4XHOOH EHNDQQW PDFKW RKQH LKQ DXIGLHJHIlKUOLFKHQ.RQVHTXHQ]HQKLQ]XZHLVHQ GLHLKPDEHUYHUPXWOLFK JDUQLFKWEHNDQQWVLQG 'DUDXVZLHGHUXPHUJLEWVLFKHLQHJHVW|UWH.RP PXQLNDWLRQ PLW GHP IUHPGHQ 5LWWHU GLH VFKOLH‰OLFK ]X GHU YHUKlQJQLV YROOHQ 1LHGHUODJH &DORJUHQDQWV IKUW 'LH JHVW|UWH .RPPXQLNDWLRQ XQG GLH8QWHUEUHFKXQJVLQGVRPLW3ULQ]LSLHQGHV7H[WHVDXVGHQHQVLFKDOOHV :HLWHUHHUJLEW$XVV\VWHPWKHRUHWLVFKHU3HUVSHNWLYHODVVHQVLFKGLHVH6W| UXQJHQ DOV 0DQLIHVWDWLRQHQ GHV SHUPDQHQWHQ =HUIDOOV EHJUHLIHQ LQ ZHO FKHPDXWRSRLHWLVFKH6\VWHPHEHJULIIHQVLQG'HU=HUIDOOPDFKWHVHUIRU GHUOLFKGDVVGLH(UHLJQLVVHGHV6\VWHPVSHUPDQHQWGXUFKDQGHUH(UHLJQLV VHHUVHW]WZHUGHQ'DGXUFKZLUGGLH'\QDPLNGHVVLFKVHOEVWODXIHQGHU QHXHUQGHQ6\VWHPVJHZlKUOHLVWHW 'LHLP3URORJSRVWXOLHUWH,GHDOLWlWGHU$UWXVZHOWKDWRIIHQEDUZLHLQ GHU (LQJDQJVVHTXHQ] GHXWOLFK ZLUG NHLQH (QWVSUHFKXQJ LQ GHU :LUN OLFKNHLW GHU +DQGOXQJVZHOW ² QRFK NHLQH RGHU NHLQH PHKU 'LH PRUDOLVFKH XQG NXOWXUHOOH hEHUOHJHQKHLW GHU $UWXVULWWHU HUVFKHLQW NHLQHVZHJV DOV XQ KLQWHUIUDJEDUHV)DNWXPVRQGHUQLVWHWZDVGDVVLFKHUVWLP/DXIHGHUZHL WHUHQ +DQGOXQJ LP =XJH GHVVHQ ZDV PDQ DOV 5HVWLWXWLRQ EH]HLFKQHQ N|QQWH ZLHGHU HLQVWHOOHQ NDQQ ,KU P‰WHW QXQ QDFK 0LWWHOQXQG:HJHQVXFKHQXP(XUH4XHOOH]XYHUWHLGLJHQGRFK,KUK|UW QLFKW DXI ]X ZHLQHQ@ $OV $EKLOIH VXJJHULHUW /XQHWH GLH MD LP %XQG PLW +HUYRUKH EXQJLP7H[W@ )U6FKQHOOÅ'LHÄK|ILVFKH/LHEH¶DOV*HJHQVWDQGYRQ3V\FKRKLVWRULH6R ]LDO XQG 0HQWDOLWlWVJHVFKLFKWH´GDJHJHQ LVWGLH K|ILVFKH /LHEH YRU DOOHP DXFKGXUFK HLQH VXEMHNWLYLVWLVFKH 7HQGHQ] JHNHQQ]HLFKQHW Å,Q GHUÄK|ILVFKHQ /LHEH¶JHKW HV QLFKW QXUXP 6XEOLPLHUXQJ 'LV]LSOLQLHUXQJ XQG 7ULHEElQGLJXQJ XP 'LHQVWHWKRV XQG VH[XHOOH )UXVWUD WLRQVRQGHUQYRUDOOHPXPHLQHSURYR]LHUHQGH+HUUVFKDIWGHV+HU]HQVGDV+HU]GLHLQ QHUH hEHU]HXJXQJ YRQ GHU LGHDOHQ 4XDOLWlW HLQHU /LHEHVEH]LHKXQJ ZLUG ]XP 0D‰VWDE PHQVFKOLFKHQ+DQGHOQV´ 6FKQHOOÅ'LHK|ILVFKH/LHEH´6   hEHUVOHLFKWJHlQGHUW



7KRPDV.OLQNHUW

'DVV/LHEHHLQREMHNWLYHVNHLQVXEMHNWLYHV%H]LHKXQJVPRGHOOGDUVWHOOW HUJLEWVLFK DXFK DXV HLQHU$QDO\VH GHU+DQGOXQJVORJLN GHV $UWXVURPDQV 'LHVVHLDQKDQGHLQHVGHU9RUOlXIHUWH[WHGHV+HUYRUKH EXQJLP7H[W@  =XU .RQWLQXLWlW ]ZLVFKHQ GHP $UWXVURPDQ XQG GHP 'RQ 4XLMRWH YJO GHQ JDWWXQJVJH VFKLFKWOLFKHQhEHUEOLFNEHL6WLHUOH.DUOKHLQ]Å'LH9HUZLOGHUXQJGHV5RPDQVDOV8UVSUXQJ VHLQHU 0|JOLFKNHLW´ ,Q /LWHUDWXU LQ GHU *HVHOOVFKDIW GHV 6SlWPLWWHODOWHUV +J Y +DQV 8OULFK *XPEUHFKW+HLGHOEHUJ6²

$XWRSRLHVLV



QHQKDW:HQQ4XLMRWH:LQGPKOHQIU5LHVHQKlOW6WLHUKHUGHQPLW5LW WHUKHHUHQ YHUZHFKVHOW LQ HLQHU 5DVLHUVFKVVHO HLQHQ +HOP ]X HUEOLFNHQ JODXEWXVZVRVLQGGLHV%HLVSLHOHHLQHULGLRV\QNUDWLVFKHQ:DKUQHKPXQJ GLHMHGRFKLQVLFKY|OOLJNRQVLVWHQWLVW²JHKRUFKWVLHGRFKGHQ5HJHOQVHL QHU %FKHU 0DQ OHUQW DXV 'RQ 4XLMRWHV $EHQWHXHUQ XQG VHLQHU 8QHLQ VLFKWLJNHLWDQJHVLFKWVGHU:LGHUVWlQGLJNHLWVHLQHU8PZHOWGDVVHLQ6\VWHP YRQVHLQHU8PZHOWQLFKWEHHLQIOXVVWZHUGHQNDQQVRQGHUQGDVVHVDXWR SRLHWLVFKMHQH,QWHUSUHWDWLRQHQGHV:DKUJHQRPPHQHQSUR]HVVLHUWZHOFKH JHPl‰GHU%HVFKDIIHQKHLWGHV6\VWHPVP|JOLFKXQGQRWZHQGLJVLQG²XQG NHLQHDQGHUHQ 'DUEHU KLQDXV OHUQW PDQ DXV 'RQ 4XLMRWHV *HVFKLFKWH GDVV MHQH 6HPDQWLN GHV 5LWWHUWXPV ZHOFKH VHLW GHP $UWXVURPDQ H[LVWLHUW HLQ VLFK EHU GLH -DKUKXQGHUWH HUVWUHFNHQGHV 1DFKOHEHQ JHIKUW KDW GHVVHQ *H VFKLFKWH VHOEVW DOV DXWRSRLHWLVFKH .HWWH YRQ YDULLHUHQGHQ XQG VHOHNWLYHQ $QVFKOVVHQ]XPRGHOOLHUHQZlUH=DKOUHLFKH(OHPHQWHZHOFKHZLUVFKRQ LQGHQ5RPDQHQYRQ&KUpWLHQGH7UR\HVILQGHQGLHQHQQRFKEHL&HUYDQ WHV GD]X GHQ 7H[W DXWRSRLHWLVFK ]X JHQHULHUHQ :LUG HWZD LP GDV %HZXVVWVHLQ 2-@ QLFKW VLHKW VLHKW HV DXV SULQ]LSLHOOHQ *UQGHQ QLFKW ZHLO HV GDV %HZX‰WVHLQ  LVWµ 'LH6\VWHPWKHRULHHUVHW]WQLFKWGDV6XEMHNWGXUFKGDV6\VWHPVRQ  

+DEHUPDV-UJHQ'HUSKLORVRSKLVFKH'LVNXUVGHU0RGHUQH=Z|OI9RUOHVXQJHQ)UDQNIXUW0DLQ 6II=LWDWH6X  .QHHU*HRUJX$UPLQ1DVVHKLÅ9HUVWHKHQGHV9HUVWHKHQV(LQHV\VWHPWKHRUHWLVFKH 5HYLVLRQGHU+HUPHQHXWLN´,Q=HLWVFKULIWIU6R]LRORJLH  6²KLHU6  /XKPDQQÅ'LH$XWRSRLHVLVGHV%HZXVVWVHLQV´6  0HUOHDX3RQW\0DXULFH'DV6LFKWEDUHXQGGDV8QVLFKWEDUH0QFKHQ6

%HZXVVWVHLQ.RPPXQLNDWLRQ



GHUQ VLH YHUVWHKW GDV %HZXVVWVHLQ DOV DXWRSRLHWLVFKHV 6\VWHP GDV LQ GLH VWUXNWXUHOOH .RSSOXQJ PLW .RPPXQLNDWLRQ HLQJHEXQGHQ LVW *HUDGH GD GXUFK DEHU N|QQHQ $SRULHQ GHU 6XEMHNWSKLORVRSKLH XPJDQJHQ ZHUGHQ ZHLO DQ GLH 6WHOOH GHU 6HOEVWUHIOH[LRQ GDV3UR]HVVLHUHQVLQQYHUDUEHLWHQGHU 6\VWHPHLQVWUXNWXUHOOHU.RSSOXQJJHVHW]WZLUG 'HQQGXUFKVWUXNWXUHOOH.RSSOXQJZLUGJHZlKUOHLVWHWGDVVVLFK.RP PXQLNDWLRQXQG%HZXVVWVHLQJHJHQVHLWLJÅEHHLQGUXFNHQ´DOVR(UHLJQLVVH GLH LQ HLQHP 6\VWHP DXIWUHWHQ LP DQGHUHQ 6\VWHP DOV ,UULWDWLRQHQ ÅFR SURGX]LHUW´ZHUGHQN|QQHQGLHIUGLHZHLWHUHMHHLJHQH6WUXNWXUELOGXQJ ZHLWHUYHUZHQGHW ZHUGHQ 'DVV .RPPXQLNDWLRQ VWUXNWXUHOO PLW %H ZXVVWVHLQ JHNRSSHOW LVW ]HLJW VLFK JHUDGH LQ GHU .RPPXQLNDWLRQ (LQH EHZXVVW VHLQV ORVH .RPPXQLNDWLRQ LVW QLFKW GHQNEDU ZHQQ .RPPX QLNDWLRQ QLFKW QXU UHLQH 9HUKDOWHQVDEVWLPPXQJ VHLQ VROO 6LH VWHOOW GHQ QRWZHQGLJHQ=XVDPPHQKDQJKHURKQHGHQZHGHU.RPPXQLNDWLRQQRFK %HZXVVWVHLQRSHULHUHQN|QQHQVRIHUQPDQ.RPPXQLNDWLRQDOVÅ(LQKHLW DXV,QIRUPDWLRQ0LWWHLOXQJXQG9HUVWHKHQ´DXIIDVVW )U/LWHUDWXUZLVVHQVFKDIWOHUZLUGGLHVH.RQ]HSWLRQGRUWGHXWOLFKZR 6SUDFKHXQG6LQQLQV6SLHONRPPHQ'LHVWUXNWXUHOOH.RSSOXQJZLUGEHU  6SUDFKH JHOHLVWHW Å.RSSOXQJ LVW ]XQlFKVW GXUFK 6SUDFKH´  6LH NDQQ %H ZXVVWVHLQ XQG .RPPXQLNDWLRQ JOHLFK]HLWLJ ÄDQVSUHFKHQ¶ 6LH ZLUG ]X HL QHP0RPHQWGHU$XWRSRLHVLVYRQ.RPPXQLNDWLRQXQGYRQ%HZXVVWVHLQ =XP HLQHQ HU]ZLQJW VLH .RPPXQLNDWLRQ LQGHP VLH NRPPXQLNDWLYH $Q VFKOXVVP|JOLFKNHLWHQ PLWSURGX]LHUW ]XP DQGHUHQ ELQGHW VLH GXUFK LKUH )RUPHQ GLH $XIPHUNVDPNHLW GHV %HZXVVWVHLQV XQG UHJW ,PDJLQDWLRQHQ DQ.RPPXQLNDWLRQNDQQ]XP%HLVSLHOPLWWHOV6SUDFKH%HZXVVWVHLQDOV  0HGLXPIUNRPPXQLNDWLYH)RUPELOGXQJHQLQ$QVSUXFKQHKPHQ 6SUD FKHNDQQGDQQVHOEVWDOVHLQ0HGLXPDQJHVHKHQZHUGHQGDVIUNRPPX QLNDWLYHZLHIUSV\FKLVFKH)RUPELOGXQJHQJOHLFKHUPD‰HQ]XJlQJOLFKXQG  JHHLJQHW LVW  =XP 0HGLXP ZLUG VLH DEHU HUVW GXUFK NRPPXQLNDWLYH )RUPELOGXQJHQ:HLO6SUDFKH%HZXVVWVHLQXQG.RPPXQLNDWLRQVWUXNWX UHOONRSSHOWHUP|JOLFKWVLH%HZXVVWVHLQVELOGXQJXQG*HVHOOVFKDIWVELOGXQJ JOHLFKHUPD‰HQ$OV)ROJHGDYRQZLUGGDV%HZXVVWVHLQLQVR]LDOHQ6\VWH  PHQ VR]LDOLVLHUW  'DGXUFK HUVFKHLQW %HZXVVWVHLQ DOV ÅVWUXNWXU  

    

  

/XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6 (EG6 /XKPDQQ6R]LDOH6\VWHPH6 /XKPDQQÅ:LH%HZXVVWVHLQDQ.RPPXQLNDWLRQEHWHLOLJW"´6 /XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6IXII /XKPDQQÅ:LH%HZXVVWVHLQDQ.RPPXQLNDWLRQEHWHLOLJW"´6 )XFKV0RGHUQH.RPPXQLNDWLRQ6 /XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6X /XKPDQQÅ:LH%HZXVVWVHLQDQ.RPPXQLNDWLRQEHWHLOLJW"´6



2OLYHU-DKUDXV

GHWHUPLQLHUWHV 6\VWHP´ XQG JOHLFK]HLWLJ DOV Å0HGLXP´ IU .RPPX  QLNDWLRQ  'DV 0HGLXP %HZXVVWVHLQ ZLUG GDEHL LQ GHU .RPPXQLNDWLRQ QLFKW WKHPDWLVLHUW VRQGHUQ YLHOPHKU LQYLVLELOLVLHUW 8PJHNHKUW YROO]LHKW %HZXVVWVHLQ.RPPXQLNDWLRQJUXQGVlW]OLFKPLW *HUDGH DQ GLHVHU 6WHOOH NDQQ PDQ GLH VFKLOOHUQGH 9HUZHQGXQJ YRQ /XKPDQQV0HGLHQEHJULIIEHREDFKWHQ=XPHLQHQLVW6SUDFKHHLQ0HGLXP GHU.RSSOXQJ²LP6LQQHHLQHVHKHUWUDGLWLRQHOOHQ0HGLHQEHJULIIV*OHLFK ]HLWLJ ZLUG KLHU GLH 0HGLXP)RUP'LIIHUHQ] HLQJHIKUW XP HUNOlUHQ ]X N|QQHQZLHEHUVFKQHLGXQJVIUHLRSHULHUHQGH6\VWHPHGHQQRFKVWUXNWXUHOO JHNRSSHOW ZHUGHQ N|QQHQ 0HGLXP XQG)RUP VLQG QDFK /XKPDQQUHOD  WLRQDOHXQGNRUUHODWLYH%HJULIIH :HQQ[GDV0HGLXPIU\LVWGDQQLVW\ GLH)RUPYRQ['DV0HGLXPEHVWHKWDXVQXUVHKUORVHYHUNQSIWHQ(OH PHQWHQÅ0HGLXP>@LVWMHGHUORVHJHNRSSHOWH=XVDPPHQKDQJYRQ(OH PHQWHQGHUIU)RUPXQJYHUIJEDULVWXQG)RUPLVWGLHULJLGH.RSSOXQJ  HEHQ GLHVHU (OHPHQWH´  0LW GLHVHQ %HJULIIOLFKNHLWHQ N|QQHQ LQVEHVRQ GHUH3DUDGR[LHQYHUDQVFKDXOLFKWZHUGHQ6FKUHLEWPDQEHLVSLHOVZHLVHPLW GHP)LQJHULQGHQ6DQGVRLVWGDV0HGLXPGHU6DQGGLH)RUP²GXUFK DXVLPWHFKQLVFKHQ6LQQH²EHVWHKWDXFKDXV6DQG'LHVH'LIIHUHQ]PDFKW DQVFKDXOLFKZLHHV]XVDPPHQJHKWGDVVDXWRSRLHWLVFKH6\VWHPHHLQHUVHLWV RSHUDWLY JHVFKORVVHQ VLQG DOVR VLFK QXU DXV VLFK VHOEVW KHUDXV UHSUR GX]LHUHQXQGDQGHUHUVHLWV²HEHQJHUDGHGDGXUFK²XPZHOWRIIHQVLQG 6R NDQQPDQVDJHQ GDVVVRZRKO%HZXVVWVHLQ DOV DXFK .RPPXQLND WLRQVRRSHULHUHQGDVVVLHHUVWHQVDOV0HGLHQ GDV'HQNHQGDV.RPPXQL ]LHUHQ  IXQJLHUHQ LQGHQHQLPPHU ZLHGHU QHXH )RUPHQ *HGDQNHQ bX ‰HUXQJHQ  SURGX]LHUW ZHUGHQ GLH LKUHUVHLWV ZLHGHUXP GLH 6\VWHPH ]X QHXHU *HGDQNHQSURGXNWLRQ XQG ]XP :HLWHUNRPPXQL]LHUHQ DQUHJHQ $EHUHVNRPPWQRFKHWZDV(QWVFKHLGHQGHVKLQ]X:HLOGLHEHLGHQ6\VWH PH VWUXNWXUDQDORJ VLQG DEHU LQ GHU VWUXNWXUHOOHQ .RSSOXQJ LKUH )RUP ELOGXQJ GLJLWDOLVLHUW ZLUG LVW GLH )RUPELOGXQJ GHV HLQHQ 6\VWHPV ² QLFKW WURW]VRQGHUQJHUDGHZHJHQGHU)RUPSURGXNWLRQGHVDQGHUHQ6\VWHPV² QLFKWXQDEKlQJLJYRPGLHVHP,QVRIHUQVLQGVLHDXFKMHZHLOVIUHLQDQGHU 0HGLHQ]ZHLRSHUDWLYJHVFKORVVHQHDEHUEHLGHVLQQKDIWRSHULHUHQGH6\V WHPHGLHGDV%H]XJVV\VWHPDEJHEHQYRUGHPVLFKMHGH)RUPYRQ6LQQ ELOGXQJXQGPLWKLQDXFK/LWHUDWXUYROO]LHKW :HQQPDQQXQGDVVR]LDOHXQGSV\FKLVFKH6\VWHPYRQHLQDQGHUXQWHU VFKHLGHW VR NDQQ PDQ IUDJHQ ZHOFKHV 0HGLXP GHQQ EHLGH PLWHLQDQGHU YHUELQGHW ZHOFKHV 0HGLXP VLH LQ ZHFKVHOVHLWLJH $EKlQJLJNHLW YRQHLQ DQGHU DOVR LQ VWUXNWXUHOOH .RSSOXQJ EULQJW /XKPDQQV $QWZRUW ODXWHW  

(EG6 (EG  /XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6 

%HZXVVWVHLQ.RPPXQLNDWLRQ



Å'DV DOOJHPHLQVWH 0HGLXP GDV SV\FKLVFKH XQG VR]LDOH 6\VWHPH HUP|J OLFKWXQGIUVLHXQKLQWHUJHKEDULVWNDQQPLWGHP%HJULIIÄ6LQQ¶EH]HLFK  QHWZHUGHQµ 6LQQLVWLP6LQQH/XKPDQQVÅHLQHXQQHJLHUEDUHHLQHGLI  IHUHQ]ORVH .DWHJRULHµ  ZHLO GDV 0HGLXP VHOEVW XQDEVFKOLH‰EDU LVW 6LQQ LVW LQ VHLQHQ )RUPHQ MHGRFK QLFKW LQ VHLQHP 0HGLXP EHREDFKWEDU XQG QXU GHVZHJHQ LVW %HREDFKWXQJ P|JOLFK 6LQQ LVW GLH 9RUDXVVHW]XQJ IU 6SUDFKHXQG]XJOHLFK3URGXNWGHV6SUHFKHQV6LQQLVWGLH9RUDXVVHW]XQJ GDIUGDVVGLHDXWRSRLHWLVFKHQ6\VWHPH%HZXVVWVHLQXQG.RPPXQLNDWLRQ EHUKDXSWRSHULHUHQN|QQHQDEHU6LQQLVWGDV3URGXNWGLHVHUVWUXNWXUHOOHQ .RSSOXQJ 1XQ PXVV PDQ QLFKW HUVW DXI GDV KHUPHQHXWLVFKH (UEH GHV 6LQQ EHJULIIV]XUFNJUHLIHQXP]XVHKHQZLHEHGHXWVDPGLHVH.RQ]HSWLRQIU /LWHUDWXU ZHUGHQ NDQQ /LWHUDWXU OlVVW VLFK QlPOLFK YRU GLHVHP +LQWHU JUXQG VHOEVW ZLHGHUXP DOV 0HGLXP EHREDFKWHQ GDV LQ JDQ] EHVRQGHUHU :HLVH PLW 6LQQ ² LQVEHVRQGHUH KLVWRULVFK EHWUDFKWHW XQWHU GHQ 9RUDXV VHW]XQJHQHLQHUIXQNWLRQDODXVGLIIHUHQ]LHUWHQ*HVHOOVFKDIWGLHNHLQHYRU JHJHEHQ6LQQVWUXNWXUHQPHKUNHQQW²RSHULHUW/LWHUDWXUNRSSHOWDXIGHU %DVLV LKUHU 6SUDFKOLFKNHLW %HZXVVWVHLQ XQG .RPPXQLNDWLRQ DXI VSH]L ILVFKH :HLVH PLWHLQDQGHU :R /HNWUH VWDWWILQGHW VLQG %HZXVVWVHLQ XQG .RPPXQLNDWLRQPLWHLQDQGHUJHNRSSHOWXQGDXIHLQDQGHUEH]RJHQ/LWHUD WXUNRSSHOWGLHEHLGHQ6\VWHPH]XHLQHPNRPSOH[HQ6LQQELOGXQJVSUR]HVV DEHU VR GDVV GDUDXV QHXH 6LQQELOGXQJVSUR]HVVH ² IU GLH PDQ GHQ KHU PHQHXWLVFKHQ %HJULII GHU ,QWHUSUHWDWLRQUHVHUYLHUHQ N|QQWH ² UHVXOWLHUHQ 'LH6SUDFKOLFKNHLWZlUHGHPQDFKGDVJHQXVSUR[LPXPGLH,QWHUSUHWDWLRQ GLHGLIIHUHQWLDVSHFLILFDYRQ/LWHUDWXULQIXQNWLRQDODXVGLIIHUHQ]LHUWHQ*H VHOOVFKDIWVVWUXNWXUHQ /LWHUDWXU ZlUH VRPLW HLQ 0HGLXP GDV %HZXVVWVHLQ NRPPXQL]LHUEDUPDFKWXQG.RPPXQLNDWLRQEHZXVVW *OHLFKHUPD‰HQN|QQWHPDQVRDQGHU/LWHUDWXUHLQHV\PEROLVFKHXQG  HLQH VR]LDOH 6HLWH XQWHUVFKHLGHQ 6\PEROV\VWHPH ÄNRQGHQVLHUHQ¶  DQ GHU VWUXNWXUHOOHQ .RSSOXQJVJUHQ]H ]ZLVFKHQ %HZXVVWVHLQ XQG .RPPXQL NDWLRQ ² JOHLFKVDP DQ GHU ,QQHQVHLWH GHV 7H[WHV 6R]LDOV\VWHPH NRQVWL WXLHUHQ VLFK DOV .RPPXQLNDWLRQVNHWWHQ DXVJHO|VW GXUFK 7H[WH DOV (UHLJ QLVVH GHU VSUDFKOLFKHQ XQG PHGLDO EDVLHUWHQ VWUXNWXUHOOHQ .RSSOXQJ YRQ %HZXVVWVHLQXQG.RPPXQLNDWLRQ²JOHLFKVDPDQGHU$X‰HQVHLWHGHU7H[ WH (LQH JDQ]H 5HLKH YRQ OLWHUDWXUWKHRUHWLVFKHQ XQG PHWKRGRORJLVFKHQ )UDJHQ ODVVHQ VLFK PLW +LOIH GLHVHV 'RSSHOKRUL]RQWV EHDQWZRUWHQ =XP %HLVSLHOGLH)UDJHZDUXPOLWHUDULVFKH7H[WHMHGHP/HVHUJDQ]LQGLYLGXHOOH  

/XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 /XKPDQQ6R]LDOH6\VWHPH6  9JO-DKUDXV2OLYHU/LWHUDWXUDOV0HGLXP6LQQNRQVWLWXWLRQXQG6XEMHNWHUIDKUXQJ]ZLVFKHQ%HZX‰W VHLQXQG.RPPXQLNDWLRQ:HLOHUVZLVW  /XKPDQQÅ'LH$XWRSRLHVLVYRQ%HZX‰WVHLQ´6 



2OLYHU-DKUDXV

6LQQRIIHUWHQ XQWHUEUHLWHQ N|QQHQ DEHU GHQQRFK IU MHGHQ /HVHU OHVEDU VLQG"9LHOOHLFKWN|QQWHVRJDUGHUÄ6WUHLWGHU,QWHUSUHWDWLRQHQ¶JHVFKOLFKWHW ZHUGHQ LQGHP PDQ VR HUNOlUW ZDUXP EHVWLPPWH 3RVLWLRQHQ HKHU GDV 6SLHOGHV7H[WHVPLW%HGHXWXQJKHUYRUKHEHQZlKUHQGDQGHUHDXIGLHRE MHNWLYH $QDO\VLHUEDUNHLW VHW]HQ ZDUXP IU EHVWLPPWH 3RVLWLRQHQ GHU /H VHUIUDQGHUHDEHUGHU7H[WZLFKWLJLVW$OOGLHVKlQJWPLWGHU'LIIHUHQ] YRQ 6\PERO XQG 6R]LDOV\VWHP ]XVDPPHQ GLH LKUHUVHLWV ZLHGHUXP GHQ 'RSSHOKRUL]RQW YRQ %HZXVVWVHLQ XQG .RPPXQLNDWLRQ YRUDXVVHW]W =X GHP LVW GLHVH .RQVWHOODWLRQ DOV KLVWRULVFKH 9DULDEOH HLQVHW]EDU :LH DOVR HLQ/HVHU]XHLQHUEHVWLPPWHQ=HLWHLQHQ7H[WYHUVWHKWKlQJWLPPHUGD YRQDELQZHOFKHU)RUPbX‰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|JOLFK LVW ZHQQ GDEHL /LWHUDWXU ]ZLVFKHQ %H ZXVVWVHLQ XQG .RPPXQLNDWLRQ VLWXLHUW ZLUG =HQWUDOHU $XVJDQJVSXQNW VHLQHUhEHUOHJXQJHQLVWGDVVGDV6R]LDOV\VWHP/LWHUDWXUQLFKWQXULQHLQHP /HLVWXQJV]XVDPPHQKDQJ PLW DQGHUHQ VR]LDOHQ 6\VWHPHQ VRQGHUQ DXFK PLW GHP SV\FKLVFKHQ 6\VWHP VWHKW 1HEHQ GLH /HLVWXQJHQ GLH GLH /L WHUDWXU LQ HLQHU IXQNWLRQDO DXVGLIIHUHQ]LHUWHQ *HVHOOVFKDIW IU DQGHUH 6R ]LDOV\VWHPHHUEULQJWQlPOLFKGLHÅ1HXVSH]LILNDWLRQGHU8PZHOW´WULWWDOV /HLVWXQJ JHJHQEHU GHP SV\FKLVFKHQ 6\VWHP GLH 0|JOLFKNHLW ZHFKVHO  VHLWLJHUÅ6LQQJHEXQJ´ /LWHUDWXUPDFKW3ULYDWKHLW|IIHQWOLFKXQGHUODXEW GLH3ULYDWLVLHUXQJYRQgIIHQWOLFKNHLWVLHHUODXEWHEHQGLH.RPPXQLNDWLRQ GHV3V\FKLVFKHQXQGGLH3V\FKLVLHUXQJGHU.RPPXQLNDWLRQÅ'LH/LWHUD WXU´ 'LUN %DHFNHU ]XIROJH ÅNRPPXQL]LHUW EHU GLH :DKUQHKPXQJ GHU .RPPXQLNDWLRQ GXUFK GDV %HZX‰WVHLQ XQG HUSUREW LP 5DKPHQ GLHVHU .RPPXQLNDWLRQ VRZRKO ,QWHJUDWLRQV ZLH 'LIIHUHQ]LHUXQJVFKDQFHQ ]ZL VFKHQ .RPPXQLNDWLRQ XQG %HZX‰WVHLQ >@´ %DHFNHU VSULFKW YRQ GHU  

5HLQIDQGW&KULVWRSK'HU6LQQGHUILNWLRQDOHQ:LUNOLFKNHLWHQ(LQV\VWHPWKHRUHWLVFKHU(QWZXUI]XU $XVGLIIHUHQ]LHUXQJGHVHQJOLVFKHQ5RPDQVYRP-DKUKXQGHUWELV]XU*HJHQZDUW+HLGHOEHUJ  (EG6  %DHFNHU'LUNÅ2V]LOOLHUHQGHgIIHQWOLFKNHLW´,Q0HGLHQXQGgIIHQWOLFKNHLW3RVLWLRQLHUXQJHQ 6\PSWRPH6LPXODWLRQVEUFKH+JY5XGROI0DUHVFK0QFKHQ6²KLHU6

%HZXVVWVHLQ.RPPXQLNDWLRQ



NRPPXQLNDWLYHQ $GUHVVLHUXQJ YRQ %HZXVVWVHLQ GXUFK /LWHUDWXU LP 6SH ]LHOOHQXQG.XQVWLP$OOJHPHLQHQ /LWHUDWXUOHLVWHWVRPLWDXFK,QGLYLGXDOLVLHUXQJXQG6R]LDOLVLHUXQJLKUHU /HVHU JOHLFK]HLWLJ ZHLO VLH 6R]LDOHV VLQQKDIW XQG 6LQQ ÅVR]LDO YHUIJEDU  PDFKW´  0LW LKUHU VSH]LILVFKHQ +DQGKDEXQJ YRQ 6SUDFKH NDQQ LKU GLH 9HUPLWWOXQJVIXQNWLRQÅ]ZLVFKHQGHQ6LQQZHOWHQSV\FKLVFKHUXQGVR]LDOHU 6\VWHPH´ ]XJHZLHVHQ ZHUGHQ 9HUVWHKHQ LVW ]ZDU HLQ NRPPXQLNDWLYHU 3UR]HVV GHU DEHU SV\FKLVFK EHJOHLWHW ZLUG 'HU OLWHUDULVFKH 7H[W DOV (LQ KHLW YRQ 6\PERO XQG 6R]LDOV\VWHP ]HLJW VLFK VRPLW DOV 'RSSHOKRUL]RQW GHU6LQQZHOWHQGHVSV\FKLVFKHQXQGGHVVR]LDOHQ6\VWHPV /LWHUDWXUZLVVHQVFKDIWOLFKOlVVWVLFKGLHVH'LIIHUHQ]IUXFKWEDUPDFKHQ LQGHP PDQ VLH VRZRKO OLWHUDWXUWKHRUHWLVFK DOV DXFK OLWHUDUKLVWRULVFK DOV %HREDFKWXQJVLQVWUXPHQWQXW]W,P*UXQGHJHQRPPHQZLUGGDPLWEHUHLWV HLQH OLWHUDWXUWKHRUHWLVFKH 'HILQLWLRQ IU GLH /LWHUDWXU GHU 0RGHUQH PLW JHJHEHQ6LHKDWHLQHKLVWRULVFKH3HUVSHNWLYHXQGJLOWVFKRQIUGLH/LWHUD WXUGHU$XINOlUXQJV]HLWDEGHU0LWWHGHV-DKUKXQGHUWVXQGLPYROOHQ 8PIDQJIUGLH/LWHUDWXUVHLWGHU*RHWKH]HLW'LHDQDO\WLVFKH)UDJHODXWHW DOVR,QZLHIHUQNDQQPDQZHVHQWOLFKHXQGNRQVWLWXWLYH(OHPHQWHGHVOLWH UDULVFKHQ7H[WHVHUNHQQHQZHQQPDQLKQPLWGHU'LIIHUHQ]YRQ%HZXVVW VHLQXQG.RPPXQLNDWLRQEHREDFKWHWZHOFKHKLVWRULVFKHQ6SH]LILHUXQJHQ ODVVHQ VLFK GDPLW EHREDFKWHQ XQG VFKOLH‰OLFK ZHOFKH +LOIH IU $QDO\VH XQG,QWHUSUHWDWLRQGHVOLWHUDULVFKHQ7H[WHVOHLVWHWVLH":HQQPDQEHGHQNW GDVV GLHVH 'LIIHUHQ] LP 5DKPHQ HLQHU V\VWHPWKHRUHWLVFKHQ *HVHOO VFKDIWVWKHRULH HQWZLFNHOW ZXUGH GLH LKUHUVHLWV XP GLH 6DWWHO]HLW LP -DKUKXQGHUW DQVHW]W GDQQ NDQQ PDQ VLFK SODXVLEHO PDFKHQ GDVV GLH 'LIIHUHQ] YRQ %HZXVVWVHLQ XQG .RPPXQLNDWLRQ IU GLH /LWHUDWXU GHV ZHJHQHLQHVRJUR‰H5ROOHVSLHOWZHLOVLHLQGHU/LWHUDWXUVHOEVWSHUPDQHQW XQG LQWHQVLY YHUKDQGHOW ZLUG 1LFKW ]XOHW]W OlVVW VLFK GLH 0RGHUQLWlW GHU /LWHUDWXUJHUDGHGDUDXVUHFKWIHUWLJHQ'HQQPLWGHU$XINOlUXQJHQWZLFNHOW VLFK HLQ QHXHV 0HQVFKHQELOG GDV GHQ 0HQVFKHQ DOV 6XEMHNW PLW VHLQHP 6HOEVWEHZXVVWVHLQ LQ GHU)lKLJNHLW EHUVLFKVHOEVW ]XUHIOHNWLHUHQ GHIL QLHUW 'RFK LQ GHP 0D‰H LQ GHP GHU 0HQVFK DXI VLFK VHOEVW VHLQ %H ZXVVWVHLQ XQG VHLQH 5HIOH[LRQ ]XUFNJHZRUIHQ LVW LQ GHP 0D‰H ZLUG .RPPXQLNDWLRQ LPPHU ZLFKWLJHU (LQHU GHU ZLFKWLJVWHQ HSRFKDOHQ 5R PDQH GHU GHXWVFKHQ /LWHUDWXU XQG YLHOOHLFKW HLQHU GHU HUVWHQ PRGHUQHQ 5RPDQH KDW JHQDX GLHVHV :HFKVHOVSLHO ]XP ,QKDOW *RHWKHV'LH /HLGHQ GHV MXQJHQ :HUWKHUV DXV GHP -DKUH  7DWVlFKOLFK YHUVXFKW :HUWKHU LQ  

5HLQIDQGW'HU6LQQGHUILNWLRQDOHQ:LUNOLFKNHLWHQ6 (EG6  1HXPDQQ*HUKDUGÅ/HNWUHQGHU/LHEH´,QhEHUGLH/LHEH(LQ6\PSRVLRQ+JY+HLQULFK 0HLHUX*HUKDUG1HXPDQQ0QFKHQ6²KLHU6I 



2OLYHU-DKUDXV

VHLQHQHUVWHQ%ULHIHQQRFKHLQHPSKDWLVFKHV0RGHOOYRQ6XEMHNWLYLWlW]X HQWIDOWHQLQGHPHUVLFKJDQ]XQGJDUDXIVLFKVHOEVWEH]LHKWVRJDU%FKHU DEOHKQW XQG VLFK YRQ DOOHQ VR]LDOHQ =ZlQJHQ GLH LKP VSlWHU DOV IDWDOH EUJHUOLFKH 9HUKlOWQLVVH HUVFKHLQHQ IUHL ZlKQW 'LHVH 6HOEVWEHJUQGXQJ EHUGDVHLJHQH%HZXVVWVHLQNDQQMHGRFKQLFKWIXQNWLRQLHUHQRKQH.RP PXQLNDWLRQ 8QG GDV LVW GHU *UXQG REVFKRQ :HUWKHU DOOHV KLQWHU VLFK ODVVHQZLOOZDUXPHUVRLQWHQVLYNRPPXQL]LHUWLQGHPHU%ULHIHDQVHLQHQ )UHXQG:LOKHOPVFKUHLEW,QGLHVHP6LQQHLVWDXFKGLHVHU6DW]]XYHUVWH KHQÅ,FKN|QQWHMHW]WQLFKW]HLFKQHQQLFKWHLQHQ6WULFKXQGELQQLHHLQ JU|‰HUHU0DOHUJHZHVHQDOVLQGLHVHQ$XJHQEOLFNHQ´ 0DL 6LFKIU HLQHQ0DOHU]XKDOWHQLVWIU:HUWKHURIIHQVLFKWOLFKNHLQH)UDJHGHV0D OHQV XQG PLWKLQ NHLQH GHU .RPPXQLNDWLRQ VRQGHUQ GHV HLJHQHQ 6HOEVW EHZXVVWVHLQV 'DVV GLHVHV .RQ]HSW QLFKW WUDJIlKLJ LVW GDVV VLFK HLQ %H ZXVVWVHLQRKQHVWUXNWXUHOOH.RSSOXQJYRQ.RPPXQLNDWLRQQLFKWGHQNHQ OlVVWZLUGDEHUJHUDGHDQ:HUWKHUV%ULHIHQYRUJHIKUW'HU5FN]XJDXI GDV HLJHQH %HZXVVWVHLQ LVW PLW HLQHP JHVWHLJHUWHQ NRPPXQLNDWLYHQ $XI ZDQGYHUEXQGHQ 1XUHLQHQNXU]HQ0RPHQWODQJVWRFNWGLH.RPPXQLNDWLRQDOVQlP OLFK :HUWKHU :LOKHOP EHULFKWHW GDVV HU VLFK RIIHQEDU LQ /RWWH YHUOLHEW KDEHEHYRUVLFKGDQQGDV3UREOHPGHU.RPPXQLNDWLRQQRFKYHUVFKlUIW 'HQQ/LHEHZLUGHLQHUVHLWVDOVLQQHUHV*HIKOXQGGDPLWDOV²WHFKQLVFK DXVJHGUFNW ² ÄSV\FKLVFKH $GUHVVH¶ NRQ]LSLHUW DEHU HUUHLFKEDU LVW GLHVH $GUHVVH GRFK QXU EHU .RPPXQLNDWLRQ XQG VHL HV QXU EHU DQGHUH 6FKULIW XQG DQGHUH %FKHU RE QXQ .ORSVWRFNV 1DPH IlOOW RGHU 2VVLDQ JHOHVHQZLUG/HW]WOLFKVFKHLWHUQLQGLHVHP5RPDQVRZRKOGDV0RGHOOYRQ 6XEMHNWLYLWlWDOVDXFKGDVYRQ/LHEHGDVHQJGDPLW]XVDPPHQKlQJWZHLO HVDXIGLH6XEMHNWLYLWlWGHU3DUWQHUDE]LHOW)UGLHVHV6FKHLWHUQPDJPDQ ² ZLH :HUWKHU ² DOV *UXQG GLH VR]LDOHQ 9HUKlOWQLVVH DQJHEHQ 9LHO HKHU VFKHLQWGDV6FKHLWHUQLQXQHUIOOEDUHQ$QIRUGHUXQJHQDQGDV:HFKVHOVSLHO YRQ %HZXVVWVHLQ XQG .RPPXQLNDWLRQ ]X OLHJHQ %HZXVVWVHLQ OlVVW VLFK QLFKWNRPPXQL]LHUHQRKQHVHOEVW.RPPXQLNDWLRQ]XZHUGHQ 'DGHU7H[W*RHWKHVIDVWDXVVFKOLH‰OLFKDXVGHQ%ULHIHQ:HUWKHUVEH VWHKWJLOWIUGHQ5RPDQZDVDXFKIUGHQ%ULHIJLOW'DPLWZLUGGHU5R PDQ ]XP UH]HSWLRQVlVWKHWLVFKHQ 0RGHOOIDOO 'HU 5RPDQ VHOEVW LVW HLQ 0RPHQWOLWHUDULVFKHU.RPPXQLNDWLRQGHUHQ=LHOHVLVW/HVHUPLWLKUHQMH LQGLYLGXHOOHQ /HVHHUOHEQLVVHQ ,GHQWLILNDWLRQHQ XQG 3KDQWDVLHQ ]X VR  

*RHWKH-RKDQQ:ROIJDQJ6lPWOLFKH:HUNH%ULHIH7DJHEFKHU*HVSUlFKH%G'LH/HLGHQGHV MXQJHQ:HUWKHUV'LH:DKOYHUZDQGWVFKDIWHQ.OHLQH3URVD(SHQ+JY:DOWUDXG:LHWK|OWHU )UDQNIXUW0DLQ6  -lJHU*HRUJÅ'LH:HUWKHUZLUNXQJ(LQUH]HSWLRQVlVWKHWLVFKHU0RGHOOIDOO´,Q+LVWRUL]LWlW LQ6SUDFKXQG/LWHUDWXUZLVVHQVFKDIW%HLWUlJHXQG%HULFKWHGHU6WXWWJDUWHU*HUPDQLVWHQWDJXQJ+J Y:DOWHU0OOHU6HLGHO0QFKHQ6²

%HZXVVWVHLQ.RPPXQLNDWLRQ



]LDOLVLHUHQ 'LH 'LIIHUHQ] ]ZLVFKHQ %HZXVVWVHLQ XQG .RPPXQLNDWLRQ PDFKWGDEHLDXIGHQ*HJHQVDW]YRQ6XEMHNWLYLWlWXQG0HGLXPYRQ,GHQ WLILNDWLRQ XQG %XFKGUXFN DXIPHUNVDP ZLH HV ,DQ :DWW SRLQWLHUW DXVJH GUFNWKDWÅ(VLVWHLQ:LGHUVSUXFKGD‰GLHVWlUNVWH,GHQWLILNDWLRQGHV/H VHUVPLWGHQ*HIKOHQILNWLYHU&KDUDNWHULVLHUXQJGLHHVLQGHU/LWHUDWXUMH JDE GXUFK GLH $XVQXW]XQJ GHU :HVHQV]JH GHV %XFKGUXFNV ]XVWDQGH NRPPHQ VROOWH ² GHV XQSHUV|QOLFKVWHQ REMHNWLYVWHQ XQG |IIHQWOLFKVWHQ DOOHU.RPPXQLNDWLRQVPHGLHQ´ *HUDGH GDV 7KHPD GHU /LHEH LVW SDUDGLJPDWLVFK IU GLHVH .RQIOLNW NRQVWHOODWLRQZHLOVLHZLHNHLQDQGHUHV3KlQRPHQGDVSV\FKLVFKH6\VWHP H[NOXVLY LQ $QVSUXFK QHKPHQ ZLOO XQG JHUDGH GDEHL ZLH JOHLFKHUPD‰HQ NHLQDQGHUHV3KlQRPHQGDUDXIDQJHZLHVHQLVWGDV%HZXVVWVHLQGHU/LHEH ]XNRPPXQL]LHUHQ'LH/LHEHLQV]HQLHUWVLFKDOVNRPPXQLNDWLRQVORVHV%H ZXVVWVHLQ XQG LVW GRFK GLH .RPPXQLNDWLRQ GHV ,QNRPPXQLNDEOHQ %H ZXVVWVHLQ 'DPLWDOOHUGLQJVWHLOWGLH/LHEHHLQH6WUXNWXUGLHDXFKGLH/L WHUDWXUDXVPDFKW,QVRIHUQNDQQ1LHOV:HUEHULQVHLQHUJUR‰HQ6WXGLH]X Å/LHEH DOV 5RPDQ´ /LHEH XQG /LWHUDWXU DOV ]ZHL )RUPHQ GHU .RPPX QLNDWLRQ LQWLPXQGOLWHUDULVFK EHVWLPPHQGLHEHLGHGLH$GUHVVLHUXQJGHV %HZXVVWVHLQVHEHQVRYRUDXVVHW]HQZLHDXFK]XP=LHOKDEHQXQGVLFKVR PLW EHUKDXSW HUVW )RUP YHUOHLKHQ 9RU GLHVHP +LQWHUJUXQG ZLUG GLH 6XEMHNWLYLWlWVXQG/LHEHVSUREOHPDWLNGHVVSlWHUHQ-DKUKXQGHUWV]XP 0RGHOOIDOOYRQ/LWHUDWXUVHOEVW'HQQDXFKXQWHUDQGHUHQHSRFKDOHQ9RU ]HLFKHQ NDQQ GLH *HQHVH GHV OLWHUDULVFKHQ 7H[WHV DXI HLQH QRWZHQGLJH .RPPXQLNDWLRQ DQJHVLFKWV GHV QLFKW NRPPXQL]LHUEDUHQ %HZXVVWVHLQV ]XUFNJHIKUWZHUGHQ/LWHUDWXULVWGHPQDFKLPPHU.RPPXQLNDWLRQGHV ,QNRPPXQLNDEOHQ GHV %HZXVVWVHLQV  GDV ]XJOHLFK GDV %HZXVVWVHLQ GHV /HVHUVVR]LDOLVLHUW 

 

:DWW,DQ'HUEUJHUOLFKH5RPDQ$XIVWLHJHLQHU*DWWXQJ'HIRH²5LFKDUGVRQ²)LHOGLQJ)UDQN IXUW0DLQ6I  :HUEHU1LHOV/LHEHDOV5RPDQ=XU.RHYROXWLRQOLWHUDULVFKHUXQGLQWLPHU.RPPXQLNDWLRQ0QFKHQ 







&2'(352*5$00²67()$1*(25*( *(5+$5'3/803(1,(/6:(5%(5 )ULHGULFK *XQGROI LVW HLQHU GHU /LHEOLQJVMQJHU GHV 'LFKWHUV 6WHIDQ *H RUJHGHVVHQ:HUNXQG3HUVRQHVLQGHQ-DKUHQXPYHUPRFKWHQHLQH *UXSSHYRQ$QKlQJHUQVRHQJDQHLQDQGHU]XELQGHQGDVHLQÄ.UHLV¶HQW VWDQGHLQHH[NOXVLYH9HUHLQLJXQJDOOHLQ]XU9HUHKUXQJGHVÄ0HLVWHUV¶XQG ]XU3IOHJHVHLQHV:HUNV*XQGROI]XGLHVHU=HLWLQHUVWHU/LQLHÄ-QJHU¶ *HRUJHV XQG LQ ]ZHLWHU 3URIHVVRU IU *HUPDQLVWLN LQ +HLGHOEHUJ VWHOOW VHLQHQ Ä0HLVWHU¶ OLWHUDWXUJHVFKLFKWOLFK LQ HLQH GH]LGLHUW DXWRQRPLHlVWKH WLVFKH 7UDGLWLRQ Å*HRUJH LVW KLHU GHU *LSIHO XQG GDV (QGH MHQHU GLFK WHULVFKHQ .XQVW YRQ GHU )ODXEHUW %DXGHODLUH 0DOODUPp +X\VPDQV JH WUlXPW KDEHQ´ 'LHVH EHGHXWHQGHQ 1DPHQ VWHKHQ DOOHVDPW IU EDKQ EUHFKHQGH OLWHUDULVFKH 3RVLWLRQHQ GLH DQ GHU 'LIIHUHQ]LHUXQJVJHVFKLFKWH GHU /LWHUDWXU HQWVFKHLGHQGHQ $QWHLO KDEHQ 'DVV VFK|QH RGHU LQWHUHV VDQWHJHOXQJHQHRGHULQQRYDWLYH/LWHUDWXUQLFKWXQEHGLQJWDXFKPRUDOLVFK JXWSlGDJRJLVFKZHUWYROOLQKDOWOLFKYRQ%HODQJUHSUlVHQWDWLYRGHUVLQQ VWLIWHQGVHLQPXVVKDEHQGLHVH$XWRUHQGHPRQVWULHUWXQGMHLKUHHLJHQHQ 6NDQGDOH HQWIDFKW 'XUFKVHW]HQ PXVVWHQVLH HLQH 0|JOLFKNHLW DXWRQRPHU /LWHUDWXU *HGLFKWH N|QQHQ DXFK GDV %|VH EHVLQJHQ RGHU GDV 6LQQORVH ]HOHEULHUHQ:QVFKHLKUHU8PZHOWHWZDGHU5HOLJLRQGHU0RUDORGHUGHU :LVVHQVFKDIWHQN|QQHQVLHLJQRULHUHQRGHUJDUEHREDFKWHQXQGPLW3UR YRNDWLRQHQEHDQWZRUWHQ 'LHVH (UUXQJHQVFKDIW YHUGDQNW GLH /LWHUDWXU HLQHP JHVDPWJHVHOO VFKDIWOLFKHQ(YROXWLRQVVFKULWWGHQ1LNODV/XKPDQQÅ$XVGLIIHUHQ]LHUXQJ´ JHQDQQWKDW'LH$XVGLIIHUHQ]LHUXQJHLQHVHLJHQHQ6\VWHPVGHU.XQVWLVW HLQ LQWHJUDOHU 7HLO GLHVHV 3UR]HVVHV GHU GLH 2ULHQWLHUXQJ GHU .RPPX  

9JO .DUODXI 7KRPDV 6WHIDQ *HRUJH 'LH (QWGHFNXQJ GHV &KDULVPDV 0QFKHQ  8QG ]X GHQ ODQJHQ )RUWZLUNXQJHQ GHV .UHLVHV QDFK *HRUJHV 7RG   YJO 5DXOII 8OULFK.UHLV RKQH0HLVWHU6WHIDQ*HRUJHV1DFKOHEHQ0QFKHQ  *XQGROI)ULHGULFK*HRUJH%HUOLQ6  9JO]XU$XVGLIIHUHQ]LHUXQJYRQ/LWHUDWXUDOV'LIIHUHQ]LHUXQJJHJHQGLH=XPXWXQJHQXQG (UZDUWXQJHQ NRH[LVWHQWHU 6R]LDOV\VWHPH ZLH 5HFKW 5HOLJLRQ :LVVHQVFKDIW 3ROLWLN HWF 3OXPSH*HUKDUG(SRFKHQPRGHUQHU/LWHUDWXU2SODGHQXQG:HUEHU1LHOV/LWHUDWXUDOV 6\VWHP =XU $XVGLIIHUHQ]LHUXQJ OLWHUDULVFKHU .RPPXQLNDWLRQ 2SODGHQ  'HU JUXQGOHJHQGH $XIVDW]YRQ/XKPDQQ]XGLHVHP7KHPDLVW/XKPDQQ1LNODVÅ,VW.XQVWFRGLHUEDU"´,Q 6FKULIWHQ]XU.XQVWXQG/LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ6²



*HUKDUG3OXPSH1LHOV:HUEHU

QLNDWLRQ HWZD DQ GHU VR]LDOHQ 3RVLWLRQ HLQHV 7HLOQHKPHUV 2EHUVFKLFKW =HQWUXP RGHU 8QWHUVFKLFKW 3HULSKHULH  ]XUFNVWHOOW ]XJXQVWHQ HLQHU 6DFKRULHQWLHUXQJHQWODQJYRQMHHLJHQHQ&RGLHUXQJHQGHU)XQNWLRQVV\VWHPH 2E MHPDQG5HFKW RGHU 8QUHFKW KDW :DKUHV RGHU )DOVFKHV VSULFKWVHOLJ RGHUYHUGDPPWLVW=XJULIIDXINQDSSH*WHUKDWRGHUQLFKWKlQJWQLFKW OlQJHUSULPlUYRQVHLQHU6WHOOXQJLQGHUVWUDWLIL]LHUWHQ*HVHOOVFKDIWDEVRQ GHUQ YRP NRPPXQLNDWLYHQ (UIROJ HLQHU VSH]LILVFK FRGLHUWHQ XQG DQ VFKOXVVIlKLJSURJUDPPLHUWHQ2IIHUWH)UGLH/LWHUDWXUKDWGLHV]XU)ROJH GDVVVLHHUVWPDOVHLJHQHQ6SLHOUHJHOQIROJWXQGVLFKGLHVHUQHXHQ)UHLKHLW $XWRQRPLH VWDWW +HWHURQRPLH  YHUVLFKHUW LQGHP VLH GLH 'LIIHUHQ] LKUHV &RGHVGHXWOLFKVLFKWEDULQV]HQLHUW'DVVLQGHU.XQVWGDV%|VHVFK|QVHLQ NDQQ RGHU 8QUHFKW LQWHUHVVDQW GDVV 5HLFKWXP PLW *HVFKPDFNORVLJNHLW HLQKHUJHKHQPDJRGHUKRKHU5DQJPLWJUR‰HU/DQJZHLOLJNHLW]lKOW]XGHQ QHXHQ 0|JOLFKNHLWHQ HLQHU HLJHQHQ VSH]LILVFK NQVWOHULVFKHQ &RGLHUXQJ GHU :HOW GLH VLFK YRQ DQGHUHQ %HREDFKWXQJVSUlPLVVHQ GHU 0RUDO GHU 3ROLWLNGHU:LVVHQVFKDIWHWF IUHLJHPDFKWKDW 'LH .RQVHTXHQ]HQ GLHVHU VR]LRORJLVFKHQ 7KHVH ]XU $XVGLIIHUHQ]LH UXQJ GHU *HVHOOVFKDIW VLQG DXI GHU 7H[WHEHQH GHU /LWHUDWXU JXW ]X EH REDFKWHQ+XJR)ULHGULFKKDWLQVHLQHUNODVVLVFKHQ$EKDQGOXQJEHUGLH 6WUXNWXU GHU PRGHUQHQ /\ULN   PLW %OLFN DXI %DXGHODLUH XQG 0DOODUPp YRQHLQHU)DV]LQDWLRQGHU8QYHUVWlQGOLFKNHLWJHVSURFKHQYRQHLQHU9HU ZHLJHUXQJ ÅNRPPXQLNDWLYHU :RKQOLFKNHLW´ YRP JUR‰HQ lVWKHWLVFKHQ 5HL] GHV Å$UPVHOLJHQ 9HUIDOOHQGHQ %|VHQ 1lFKWOLFKHQ .QVWOLFKHQ´ %DXGHODLUH  YRP Y|OOLJHQ 9HU]LFKW DXI :HOW XQG 6LQQ ]XJXQVWHQ SXUHU 6HOEVWUHIHUHQ]LDOLWlW 0DOODUPp *HRUJHZLUGYRQLKPEULJHQVŁEHUJDQ JHQ´HUVHLOHW]WOLFKHKHU(UEHGHU)UDQ]RVHQDOV(UEODVVHUHLQHVHLJHQHQ 9HUP|JHQV :DV QXQ GLH 7UDGLWLRQVOLQLH EHWULIIW ZlUHQ VLFK )ULHGULFK XQG*XQGROIDOOHUGLQJVVFKRQHLQLJQLFKWDEHULQGHU:HUWXQJ*XQGROI EHVWlWLJW LQ VHLQHP .RPPHQWDU ]X VHLQHU 5HLKH IUDQ]|VLVFKHU $XWRUHQ LKUHQ $QWHLO DQ HLQHU 'LIIHUHQ]LHUXQJVJHVFKLFKWH VLHKW DEHU LQ *HRUJH GHQMHQLJHQ GHU GLHVH (QWZLFNOXQJ GHU OLWHUDULVFKHQ $XWRQRPLH DXI LKUHU +|KHDEVFKOLH‰WXQGQHXHQ%RGHQEHWULWWÅVLHMHGRFKVLQGDXIGLHVHU6WX IH VWHKHQ JHEOLHEHQ GLH .XQVW VHOEVWJHQJVDPHU 6FKHLQ VWHULOH GK HQGKDIWH YROOHQGHWH 6FK|QKHLW MHQVHLWV GHV /HEHQV QLFKW /HEHQ DOV 6FK|QKHLW´ +LHU ZLUG HLQ 8QWHUVFKLHG PDUNLHUW ]ZLVFKHQ   HLQHU 6FK|QKHLWGLHDOOHLQGDV3URGXNWGHU/LWHUDWXULVWXQGNHLQH.RQVHTXHQ ]HQMHQVHLWVGHU/LWHUDWXUEHDEVLFKWLJWO·DUWSRXUO·DUWZLHGLHIUDQ]|VLVFKH  

)ULHGULFK+XJR'LH6WUXNWXUGHUPRGHUQHQ/\ULN9RQGHU0LWWHGHVQHXQ]HKQWHQELV]XU0LWWHGHV ]ZDQ]LJVWHQ-DKUKXQGHUWV  5HLQEHN6I  (EG6  *XQGROI*HRUJH6

&RGH3URJUDPP



3URJUDPPIRUPHOIUGLHVH3RVLWLRQGHU$XWRQRPLHlVWKHWLNODXWHWXQG   HLQHU.XQVWGLHVLFKNHLQHVZHJVYRQLKUHU8PZHOWGLIIHUHQ]LHUHQP|FKWH VRQGHUQ VLFK DOV HVVHQWLHOOHQ 7HLO GHV /HEHQV YHUVWHKW XQG VLFK LQ LKP DXIO|VHQ ZLOO HLQH /HEHQVNXQVW GDV Å/HEHQ DOV 6FK|QKHLW´ 'LH HUVWH 3RVLWLRQOLH‰HVLFKDOVW\SLVFKH5HIOH[LRQVIRUPHOHLQHUDXVGLIIHUHQ]LHUWHQ DXWRQRPHQ QDFK HLJHQHP &RGH NRPPXQL]LHUHQGHQ /LWHUDWXU YHUVWHKHQ :DVWXQZLU"1LFKWV²DX‰HU.XQVWXPGHU.XQVWZLOOHQ'LH]ZHLWH3RVL WLRQ GDJHJHQ DOV 5HYLVLRQ GHU $XVGLIIHUHQ]LHUXQJ GHU *HVHOOVFKDIW LQ )XQNWLRQVV\VWHPHDOV9HUVXFKGLHVSH]LILVFKH'LIIHUHQ]GHU/LWHUDWXU]X LKUHU8PZHOWGLHLKUH$XWRQRPLHDXVPDFKW]XEHUZLQGHQ:DVWXQZLU" $OOHV GHQQ GLH .XQVW YHUlQGHUW GDV /HEHQ VXEVWDQWLHOO 'HU Å6WLO *HRU JHV´ GLHQW QLFKW DOOHLQ GHU6HOEVWUHSURGXNWLRQ GHU.XQVW VRQGHUQ ]HXJW ÅIUHLQHHWKLVFKH+DOWXQJGLH]XJOHLFKDXFK/HEHQVIKUXQJVHLQZLOO´ 'DVV.XQVW.XQVWLVWRGHUDXFK3RHVLH3RHVLHZLH)ULHGULFK6FKOHJHO XQG1RYDOLVLP$QVFKOXVVDQ,PPDQXHO.DQWXPIRUPXOLHUHQN|Q QHQLVWKLVWRULVFKDOV(UUXQJHQVFKDIW]XVHKHQ$XFKGLHVVHKHQQLFKWQXU 6\VWHPWKHRUHWLNHUVR'HQ:HJYRQGHUÅURPDQWLVFKHQ5HYROWH´ELV]XU VHOEVWEH]JOLFKHQ 'LFKWXQJ 0DOODUPpV GLH QXU QRFK LKUH ÅHLJHQH )RUP DXVVDJW´KDWEHLVSLHOVZHLVHDXFK0LFKHO)RXFDXOWDOVGRSSHOWH%HZHJXQJ GHU $XWRQRPLVLHUXQJ XQG GHU 9HUQHLQXQJ YRQ H[WHUQHQ =XPXWXQJHQ XQG:HUWHQ EHVFKULHEHQ'LH/LWHUDWXUZLUGDXWRQRPVLHNDQQHQGOLFK .XQVWXPGHU.XQVWZLOOHQVHLQ²VWDWWKHWHURQRPJHVWHXHUWYRQH[WHUQHQ $QVSUFKHQDXI(UEDXXQJ%HOHKUXQJRGHU5HSUlVHQWDWLRQ*HRUJHVHOEVW KDWWHVHLQ]XQlFKVWHEHQIDOOVlVWKHWL]LVWLVFKHV.XQVWSURJUDPPLQGHQYRQ LKPEHJUQGHWHQ%OlWWHUQIUGLH.XQVWLQGLHIUDQ]|VLVFKH7UDGLWLRQGHVO·DUW SRXUO·DUWJHVWHOOW 'HU QDPH GLHVHU YHU|IIHQWOLFKXQJ Ä%OlWWHU IU GLH .XQVW¶  VDJW ]XP WHLO ZDV VLH VROO GHU NXQVW EHVRQGHUH GHU GLFKWXQJ XQG GHP VFKULIWWXP GLHQHQ DOOHV VWDDW OLFKHXQGJHVHOOVFKDIWOLFKHDXVVFKHLGHQGVLHZLOO>@HLQHNXQVWIUGLHNXQVWXQG VWHKWGHVKDOELPJHJHQVDW]]XMHQHUYHUEUDXFKWHQXQGPLQGHUZHUWLJHQVFKXOHGLH HLQHUIDOVFKHQDXIIDVVXQJGHUZLUNOLFKNHLWHQWVSUDQJVLHNDQQVLFKDXFKGDPLWEH VFKlIWLJHQPLWZHOWYHUEHVVHUXQJHQXQGDOOEHJOFNXQJVWUlXPHQLQGHQHQPDQJH JHQZlUWLJEHLXQVGHQNHLP]XDOOHPQHXHQVLHKWGLHMDVHKUVFK|QVHLQP|JHQ DEHULQHLQDQGHUHVJHELHWJHK|UHQDOVGDVGHUGLFKWXQJ

'LHV LVW 'LIIHUHQ]LHUXQJVVHPDQWLN 9HUSIOLFKWXQJHQ GHU .XQVW DXI SROL WLVFKHV(QJDJHPHQWZLUGHLQHGHXWOLFKH$EVDJHHUWHLOW-HGHUVFKUHLEW*H  

9JO/XKPDQQ1LNODVÅ'DV.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´,Q6FKULIWHQ ]XU.XQVWXQG/LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ6²  9HUVDUL 0DUJKHULWD 6WUDWHJLHQ GHU /LHEHVUHGH LQ GHU 'LFKWXQJ 6WHIDQ *HRUJHV :U]EXUJ  6I  )RXFDXOW0LFKHO'LH2UGQXQJGHU'LQJH>@)UDQNIXUW0DLQ6I  /DQGPDQQ*HRUJ3HWHU'HU*HRUJH.UHLV6WXWWJDUW6



*HUKDUG3OXPSH1LHOV:HUEHU

RUJHDQDQGHUHU6WHOOHGHUYRQGHUÅVXFKWHUJULIIHQ´VHLÅHWZDVÄZLUNHQ¶ ]X ZROOHQ´ VHL HV ÅQLFKW HLQPDO ZHUW LQ GHQ YRUKRI GHU NXQVW HLQ]XWUH WHQ´$XWRUHQGLHIULKUH7H[WHUHNODPLHUHQVLHÄVWQGHQ¶IUHLQVR]L DOHV3URMHNWZlUHQ*HRUJHHLQ*UDXV'HQQGHUHLQ]LJHÅ:HUWGHU'LFK WXQJ´OLHJHQLFKWHWZDLQLKUHPÅ6LQQ´VRQGHUQDOOHLQLQLKUHUÅ)RUP´ *HRUJHZLH+XJR)ULHGULFKHVDQGHXWHWUHIRUPXOLHUWKLHUGLHJHJHQ JXWHWDEOLHUWH3RHWRORJLHGHVIUDQ]|VLVFKHQbVWKHWL]LVPXV,KU3URJUDPP HLQHU UDGLNDOHQ 6HOEVWUHIHUHQ] ZLUG JHJHQ GDV 3URJUDPP HLQHU ÄUHDOLV WLVFKHQ¶/LWHUDWXUJHVHW]W)RUPZLUGJHJHQ,QKDOW6HOEVWEH]JOLFKNHLWJH JHQ Ä:LGHUVSLHJHOXQJ¶ JHVHW]W 'LHV VLQG DXV GHP VR]LRORJLVFKHQ 5FN EOLFNDXIGLHVH3RVLWLRQLHUXQJHQ$XVHLQDQGHUVHW]XQJHQLQQHUKDOEGHV/LWH UDWXUV\VWHPV6HLQH$XWRQRPLHLVWXQXPVWULWWHQHVJHKWXPGLH3URJUDP PLHUXQJGHV&RGHV+DWVLFKGHU5HDOLVPXVÅYHUEUDXFKW´"2GHULVWQLFKW YLHOPHKUHLQHUHLQDQ)RUPHQQLFKWDEHUDQGHU:HOWLQWHUHVVLHUWH'LFK WXQJÅVWHULO´"'LH)UDJHZDVDQGHU/LWHUDWXUVFK|QRGHUKlVVOLFKVWLPPLJ RGHU XQVWLPPLJ LQWHUHVVDQW RGHU ODQJZHLOLJ LVW ZLUG KLHU JDQ] XQ WHUVFKLHGOLFKEHDQWZRUWHW2IIHQEDUOlVVWGHU&RGHGHU/LWHUDWXUYHUVFKLH GHQH 3URJUDPPLHUXQJHQ ]X (U EOHLEW VWDELO GLH 3URJUDPPH ZHFKVHOQ 'LHVH'LIIHUHQ]LHUXQJYRQ&RGHXQG3URJUDPPJHK|UW]XGHQ(UUXQJHQ VFKDIWHQ GHU PRGHUQHQ *HVHOOVFKDIW LQ GHU QLFKW GDV 5HFKW DEJHVFKDIIW ZLUGZHQQ*HVHW]HQRYHOOLHUWZHUGHQRGHULQGHUQLFKWGLH:LVVHQVFKDIW HQGHW ZHQQ VLFK QHXH 3DUDGLJPHQ GXUFKVHW]HQ 1XU GDV 5HFKWVV\VWHP XQWHUVFKHLGHW5HFKWXQG8QUHFKWQXUGLH:LVVHQVFKDIWZDKUXQGIDOVFK² QDFK ZHFKVHOQGHQ 3URJUDPPHQ GLH HV GHQ 6\VWHPHQ HUP|JOLFKHQ DXFK DXIQHXH,UULWDWLRQHQLKUHU8PZHOW]XUHDJLHUHQ *XQGROI QXQ ZUGLJW GLH KLHU NXU] VNL]]LHUWHQ /HLVWXQJHQ GHU $XWR QRPLHlVWKHWLNGXUFKDXVKlOWDEHULKUH(QWZLFNOXQJIUDEJHVFKORVVHQXQG LKUH6FK|QKHLWHQIUYROOHQGHW,KUH]HLWJHQ|VVLVFKHQ3URGXNWHVHLHQÅVWH ULO´ LQ LKUHU 3HUIHNWLRQ 6FKZDU]H %OXPHQ DUWLIL]LHOOH 3URGXNWH RKQH )UFKWH *HRUJH KDEH GLHVH 3KDVH GHU /LWHUDWXUJHVFKLFKWH YROOHQGHW XQG EHHQGHW'LHQHXH(SRFKHGLHQXQPLWLKPEHJLQQHVHLGLHHLQHU.XQVW GHVYRP*HRUJLVFKHQ:RUWJHVWDOWHWHQXQGVHLQHP*HLVWEHVHHOWHQVFK| QHQ/HEHQV)UGLHVH7KHVHILQGHQVLFKOHLFKW%HOHJH,PÅ9RUVSLHO´GHU *HGLFKWVDPPOXQJ'HU7HSSLFKGHV/HEHQVWULWWGHPO\ULVFKHQ,FKXQG5H]L SLHQWHQ HLQ Å(QJHO´ HQWJHJHQ Å'DV VFK|QH OHEHQ VHQGHW PLFK DQ GLFK $OVERWHQ´'LH%RWVFKDIWEHWULIIWQXQNHLQHVZHJVGLH.XQVWDOOHLQVRQ  

*HRUJH 6WHIDQ 7DJH XQG 7DWHQ $XI]HLFKQXQJHQ XQG 6NL]]HQ >@ 'VVHOGRUI 0QFKHQ 6  (EG  *XQGROI*HRUJH6  *HRUJH 6WHIDQ :HUNH $XVJDEH LQ ]ZHL %lQGHQ >@ %G  +J Y 5REHUW %RHKULQJHU 6WXWWJDUW6

&RGH3URJUDPP



GHUQ GLH PHQVFKOLFKH ([LVWHQ] VFKOHFKWKLQ Å=X QHXHU IRUP XQG IDUEH ZLUG JHGHLKQ  'HU VWUHLW YRQ PHQVFK XQG PHQVFK XQG WLHU XQG HUGH 'HU NQDEHQ VSUXQJ GHU PlGFKHQ ULQJHOUHLKQ 8QG JDQJ XQG WDQ] XQG ]LHUOLFKH JHElUGH´ 'HU (QJHO ILJXULHUW QLFKW DOV 6HOEVWEHVFKUHL EXQJVIRUPHO GHV bVWKHWL]LVPXV VRQGHUQ DOV .QGHU HLQHV DQGHUHQ /H EHQVGDVEULJHQVQLFKWQXUVFK|QVRQGHUQDXFKKRFKULVNDQWLVW6WHI IHQ 0DUWXV NRPPHQWLHUW GLHVHQ $XIWULWW VR Å'DKHU HUIDKUHQ ZLU DXFK YRP (QJHO GHV Ä9RUVSLHOV¶ QLFKWV āEHU¶ GDV ÄVFK|QH /HEHQ¶ YLHOPHKU HU EULQJWGLHVHVÄVFK|QH/HEHQ¶GLUHNWPLW´(UOlVVWGHQ$GUHVVDWHQLQÅIUL VFKHQURVHQ´EDGHQWHLOWÅOLOLHQXQGPLPRVHQ´]X²XQGVHW]HVRJHQDX ZLHDXFKÅ*HRUJHLP9RUWUDJVHLQHU*HGLFKWH´GLHVHVÅ/HEHQSHUIRUPD WLYLQ6]HQH´,VWGLHVH,QV]HQLHUXQJQXQÄVFK|Q¶LP6LQQHHLQHV%HLWUDJV ]XU OLWHUDULVFKHQ .RPPXQLNDWLRQ" 2GHU PXVV VLH DOV 3URMHNW HLQHU /H EHQVNXQVW YHUVWDQGHQ ZHUGHQ GLH GLH *UHQ]H GHU 'LFKWXQJ ]XP /HEHQ HLQJHULVVHQ KDW" 0DUWXVUHIHULHUW HLQH 3RVLWLRQ GHU *HRUJH)RUVFKXQJ LQ GLHVHQ 9HUVHQ WHLOH *HRUJH Å'LUHNWLYHQ´ PLW GLH GLUHNW DXI GLH Å$XV ELOGXQJGHV*HRUJH.UHLVHVLPHQJHUHQ6LQQH´]LHOWHQÅ1XQWXLFKDOOHV ZDV GHU HQJHO ZLOO´ ODXWHW GLH YRP 'LFKWHU DQWL]LSLHUWH $QWZRUW VHLQHU -QJHU'LH9HUVH]LHOWHQDOVRDXIHLQHDX‰HUOLWHUDULVFKHÅ:LUNXQJ´DXI HLQHQ (IIHNW DOVR GHQ *HRUJH XQG *XQGROI GRFK ZLH REHQ ]LWLHUW DOV ZUGHORV XQG IDOVFK DEJHOHKQW KDWWHQ 2GHU HV JLQJH DXFK LP Ä9RUVSLHO¶ JDU QLFKW XP GDV /HEHQ VRQGHUQ XP HLQ UDIILQLHUWHV 6SLHO PLW Å6HOEVW EH]JOLFKNHLWHQ´'DQQEOLHEH*HRUJHVHLQHP$KQKHUUQ0DOODUPpWUHX² XQGGHUÅHQJHO´ZlUHNHLQHVZHJVGHU%RWHHLQHVVFK|QHQ/HEHQVVRQGHUQ HLQHUKHWRULVFKH)LJXUHLQÅ)ORULOHJLXP´JHUDGH]XGHVVHQ%OXPHQGLHHU VSUHFKHQGDXVWHLOWDXIGLHIORUHVUKHWRULFLYHUZLHVHQ*XQGROIV%HKDXSWXQJ *HRUJHKDEHGHQIUDQ]|VLVFKHQbVWKHWL]LVPXVGHVO·DUWSRXUO·DUWYROOHQGHW XPGDV7RU]XHLQHPÅ/HEHQDOV6FK|QKHLW´]X|IIQHQOlVVWVLFKDOVRPLW JXWHQ*UQGHQXQWHUPDXHUQXQGPLWHEHQVRJXWHQ*UQGHQZLGHUOHJHQ 'DV3UREOHPREZLUHVKLHUPLWHLQHP%HLWUDJ]XPDXWRQRPHQ6\V WHP OLWHUDULVFKHU .RPPXQLNDWLRQ ]X WXQ KDEHQ RGHU LP *HJHQWHLO PLW HLQHU 6HPDQWLN GLH GLHVH $XWRQRPLH JHUDGH EHVWUHLWHW XQG GLH *UHQ]HQ ]XU 8PZHOW DXIUHL‰W OlVVW VLFK V\VWHPWKHRUHWLVFK DOV )UDJH QDFK GHP    







 

(EG6 (EG6 (EG6 0DUWXV 6WHIIHQ :HUNSROLWLN =XU /LWHUDWXUJHVFKLFKWH NULWLVFKHU .RPPXQLNDWLRQ YRP  ELV LQV -DKUKXQGHUW PLW 6WXGLHQ ]X .ORSVWRFN 7LHFN *RHWKH XQG *HRUJH %HUOLQ 1HZ @%HUOLQ6 .DUODXI*HRUJH6 *HRUJH%ULHIZHFKVHO²6 (EG6 (EG6 (EG6 9DOOHQWLQ%HUWKROG*HVSUlFKHPLW*HRUJH*|WWLQJHQ6 9JO5DXOII.UHLVRKQH0HLVWHU 9DOOHQWLQ*HVSUlFKHPLW*HRUJH6I



*HUKDUG3OXPSH1LHOV:HUEHU

WH]XJHEUDXFKHQDEHUHEHQQLFKWGHPOHJDOHQXQGOHJLWLPHQ+HUUQGHP .DLVHU XQG 2EHUVWHQ .ULHJVKHUUQ JDOW VRQGHUQ *HRUJH GHP +HUUVFKHU LP JHKHLPHQ 5HLFK :lUH HV QLFKW DOOVHLWV EHNDQQW GDVV HV VLFK EHL *HRUJHXPHLQHQ'LFKWHUKDQGHOWN|QQWHPDQLKQDXVGHUKLHUNXU]VNL] ]LHUWHQ3HUVSHNWLYHVHLQHU$QKlQJHUEHWUDFKWHWIUHLQHQSROLWLVFKHQ)K UHUKDOWHQ6FKDXWPDQLQVHLQ:HUNEHVWlWLJWVLFKGLHVHV%LOG6HLQH*H IROJVFKDIWVFKHLQWVHLQH9HUVHQXUDOO]XZ|UWOLFKJHQRPPHQ]XKDEHQDOV 3URJUDPPGDVGHU)KUHUGHVJHKHLPHQ5HLFKHVPHKURGHUPLQGHUYHU VFKOVVHOWVHLQHQ-QJHUQPLWWHLOW$XVGHP7HSSLFKGHV/HEHQV ,FKELQIUHXQGXQGIKUHUGLUXQGIHUJH>)lKUPDQQ@>@ :HLWHPHQJHVLHKVWGXUVWLJWUDJHQ /DXWLVWLKUPKHQGHVJHZLPPHO>@ (LQHNOHLQHVFKDU]LHKWVWLOOHEDKQHQ 6WRO]HQWIHUQWYRPZLUNHQGHQJHWULHEH

2GHU ,KUPHLQHVFKOHUVSURVVHQYRQJHEOW (UNHQQWXQGNUWGDVHGOHXQEHPKW $XFKKHLPOLFKELQLFKULFKWHHXUHUWULWWH

8QG :LUGLHDOVIUVWHQZlKOHQXQGYHUVFKPlKQ 8QGZHOWHQKHEHQDXVGHQDOWHQDQJHOQ >@ (UGDUIQXQUHGHQZLHKHUDEYRPlWKHU 'HUODQJYHUERUJHQDOVHLQVLFKUHUWlWHU>@ ,KPZLUGGLHHKUHGUXPZLHNHLQHQWKURQHQ 'HPVLFKLQIURKHUKXOGLJXQJHUJDEHQ 'LHVHKHUIUDXHQXQGGLHHGOHQNQDEHQ 'LHKHUUVFKHUGHQHQNQIWLJY|ONHUIURQHQ

,P6WHUQGHV%XQGHV  GLFKWHW*HRUJHEHU)UHXQGXQG)HLQGÅGXPS IH0HQJH´XQG(OLWHGLHJHKHLPH/HKUHXQGGLHYHUVFKZRUHQH*HPHLQ VFKDIWGLHWULVWH*HJHQZDUWXQGKHKUH=XNXQIWHLQHJHKHLPH$UPHHYRQ 7HPSHOULWWHUQ GLH VLFK DXI LKU 6FKLFNVDO YRUEHUHLWHW Å1XU GHU 0HLVWHU

     

:HEHU0D[:LUWVFKDIWXQG*HVHOOVFKDIW>@+JY(GLWK+DQNH:ROIJDQJ-0RPPVHQ XD7ELQJHQ6 *HRUJH:HUNH6 (EG6 (EG6 (EG6

&RGH3URJUDPP



ZHLVV GHQ 7DJ´ 8QG DOOHV ZDUWHW DXI VHLQ .RPPDQGR GLH ÅJHKHLPH .XQGH´ 'DVQHXHZRUWYRQGLUYHUNQGHW 'DVQHXHYRONYRQGLUHUZHFNW

6REDOG GLH *HIROJVFKDIW Å]XP NDPSI HUVWDUNW´ LVW JHKW HV JHJHQ GHQ ÅIHLQG´'DVJHKHLPH'HXWVFKODQG]HLJWVHLQH0DFKW (QWODVVHQVHLGLKUDXVGHPLQQHUQUDXP 'HU]HOOHIUGHQNHUQJHEDOOWHUNUlIWH 8QGWUlFKWLJHUVFKDXHUIUGDVZHLWHODQG

'HUÅHUZHFNHU´KDWJHUXIHQGLH6FKDU]LHKW DXVGDVÅUHLFK´WUDJHQVLH PLWVLFK:HQLJHVLQGHVDEHU$XVHUZlKOWH(UZHFNWH,KUH.UDIWOLHJWLQ LKUHUÅ*UQGXQJ´QLFKWLQLKUHU=DKO )OHKWQLFKWXPVFKQHOOHQ]XZDFKVJU|VVUHUPDFKW 'LHNU|QXQJV]DKOELUJWMHGHP|JOLFKNHLW

$EHUDXFKÅGHPYRON´ZLUGVFKOLH‰OLFKGHU:HJJHZLHVHQGLHÅUXQH´GDV Å6LHJHOXQVHUHUOLSSHQ´ZLUGJHO|VW'HUÅNDPSI´ZLUGÅJHNlPSIW´GDV ÅIHOG JHZRQQHQ´ ZHUGHQ Å0LW NUlQ]HQ KHLPZlUWV ]RJHQ PDQQ XQG PDDW´ 'DV Å*HKHLPH 'HXWVFKODQG´ JLEW VLFK RIIHQ ]X HUNHQQHQ XQG JUQGHWVLFKDOVÅ1HXHV5HLFK´,PÅ1HXHQ5HLFK´YRQSURSKH]HLW *HRUJH 'DV GHXWVFKH ÅYRON´ ZHUGH VLFK ÅDXV IHLJHP HUVFKODIIHQ 6HLQ VHOEHU HULQQHUQ GHU NU XQG GHU VHQGH´ XQG GDQQ ÅIODWWHUW LP IUKZLQG PLW ZDKUKDIWHP ]HLFKHQ 'LH N|QLJVVWDQGDUWH XQG JUVVW VLFK YHU QHLJHQG'LH+HKUHQ²GLH+HOGHQ´ 0DQN|QQWHGLHVH%OWHQOHVHEHOLHELJIRUWVHW]HQ(VJHQJWGHU9HU PXWXQJHLQLJH3ODXVLELOLWlW]XYHUOHLKHQGDVVVREHGHXWHQGH*HRUJH6FK OHU ZLH :ROWHUV 9DOOHQWLQ .RPPHUHOO .DQWRURZLF] RGHU *XQGROI GLH PLW LKUHQ HLJHQHQ :HUNHQ HLQH HUKHEOLFKH 5HVRQDQ] HU]LHOW KDEHQ GLH 9HUVH GHV 0HLVWHUV JHUDGH]X ZRUWZ|UWOLFK YHUVWDQGHQKDEHQ 6LH NQGHQ LKQHQ HLQH 0LVVLRQ VLH LQLWLLHUHQ HLQHQ 2UGHQ GHU VLFK HLQHP JHKHLPHQ =LHOYHUVFKULHEHQKDWVLHHUVHW]HQSRVLWLYHV5HFKWXQGWUDGLHUWHV+HUNRP         

 

(EG6 (EG6 (EG6 (EG6 (EG6 (EG6 (EG6 (EG6 (EG6II6II (EG6



*HUKDUG3OXPSH1LHOV:HUEHU

PHQ'HU&RGHGLHVHU7H[WHZlUHDOVRSROLWLVFKGDV3URJUDPPGLHQWGHU 5HNUXWLHUXQJXQG)RUPXQJHLQHU*HIROJVFKDIW(VJHKWQLFKWXPGLHUDI ILQLHUWH.ODQJNXQVWGHU*HGLFKWHQLFKWXP3RHVLHDOV3RHVLHVRQGHUQXP GLH $XVVRQGHUXQJ XQG 0RWLYLHUXQJ HLQHU (OLWH 'HU 0HLVWHU ÅNUW GDV HGOH´ MHQVHLWV YRQ ÅVQGH RGHU VLWWH´ :HQQ :ROWHUV YRQ 'LHQVW XQG +HUUVFKDIW*XQGROIYRQ)KUHUXQG*HIROJVFKDIWRGHU9DOOHQWLQYRQXQ EHGLQJWHU 7UHXH ]XP 0HLVWHU VSULFKW .DQWRURZLF] LQ .DLVHU )ULHGULFK GHP6WDXIIHU*HRUJHKXOGLJWRGHU0D[.RPPHUHOOVHLQ%XFK'HU'LFKWHU DOV)KUHUYRQPLWGHU)HVWVWHOOXQJEHJLQQWGHU'LFKWHUVHLLQVRIHUQ )KUHU DOV HU ]XP Å9RUELOG´ HLQHU Å*HPHLQVFKDIW´ JHZRUGHQ VHL GDQQ N|QQHQVLFKGLH6FKOHUDXIGLH:RUWHLKUHV0HLVWHUVEHUXIHQMHQHV0HLV WHUVGHUVRGHU*HUPDQLVW.RPPHUHOODOV)KUHUGHUÅ*HVLQQXQJ´LKUHU Å*HPHLQVFKDIW´ GDV UHFKWH Å0D‰´ JHJHEHQ KDW ,P JOHLFKHQ -DKU  QHQQW DXFK .ODXV 0DQQ *HRUJH HLQHQ Å)KUHU GHU -XJHQG´ 'LHV NOLQJW QLFKW QDFK DXWRQRPHU /LWHUDWXU RGHU O·DUW SRXU O·DUW VRQGHUQ QDFK SROL WLVFKHUZHQQDXFKK|FKVWHOLWlUHU0RELOLVLHUXQJ:HQQLP*HRUJH.UHLV GDV:RUWÅ6WDDW´IlOOWVR.DUODXILVWGLHYRP0HLVWHUVRXYHUlQEHKHUUVFK WH*UXSSLHUXQJJHPHLQWQLFKWHWZD3UHX‰HQRGHUGDV'HXWVFKH5HLFK $XFK*HRUJHVHOEVWVSUDFKYRQÅXQVHUHP6WDDW´6HLQ:HUNVRN|QQWH PDQGLHVH/HNWUH]XVSLW]HQKDWLPHQJVWHQ=LUNHOVHLQHU5H]LSLHQWHQYRU DOOHPSROLWLVFKH5HVRQDQ]EHZLUNW:lKUHQGGLH9HUVXFKHLKPDOV'LFK WHUQDFK]XIROJHQNHLQHEHPHUNHQVZHUWHQ)UFKWHJH]HLWLJWKDEHQLVWGLH (UQWH DXI GHP SROLWLVFKJHVHOOVFKDIWOLFKHQ )HOG JUR‰ *HRUJH KDW NHLQH 'LFKWHUVFKXOHYRQ5DQJKLQWHUODVVHQVRQGHUQHLQHQ.UHLVGHVVHQ%HGHX WXQJYRUDOOHPHLQHJHVHOOVFKDIWVXQGNXOWXUSROLWLVFKHLVWQLFKWHLQHOLWHUD WXUJHVFKLFKWOLFKH *HRUJHKDWEHUGLH$XIJDEHGHU'LFKWXQJJHVFKULHEHQVLHDOOHLQNHQ QH ÅGDV JHKHLPQLV GHU HUZHFNXQJ´ $OV (UZHFNHU KDW GDV O\ULVFKH ,FK VHLQHU 9HUVHILUPLHUW XQG GLH 6FKDU ]XU 7DW JHUXIHQ 6HLQH QXU LP HQJHQ .UHLV ]LUNXOLHUHQGHQ KDQGVFKULIWOLFK UHSURGX]LHUWHQ *HGLFKWH XQG 6SU FKHKDEHQHLQHQ6WDDWLP6WDDWHJHJUQGHWXQGSULPlULQGHUSROLWLVFKHQ .RPPXQLNDWLRQ $QVFKOXVVIlKLJNHLW JHQHULHUW QLFKW LP 6\VWHP GHU /LWH UDWXU:HQQ&ODXV6FKHQN*UDIYRQ6WDXIIHQEHUJQDFKGHPPLVVJOFNWHQ $WWHQWDWDXI$GROI+LWOHUYRUVHLQHU([HNXWLRQLP+RIGHV%HQGOHUEORFNV DXVUXIW Å(V OHEH GDV JHKHLPH 'HXWVFKODQG´ ]HLJW VLFK GLH :LUNXQJV       

(EG6 .DUODXI*HRUJH6 (EG6 6ROLH‰HVLFKDXFK5DXOIIV.UHLVRKQH0HLVWHUOHVHQ1LFKW'LFKWXQJHQLP6WLOH*HRUJHVVLQG ZLFKWLJIUVHLQ1DFKOHEHQVRQGHUQVHLQNXOWXUSROLWLVFKHV(UEH .DUODXI*HRUJH6 (EG6

&RGH3URJUDPP



PlFKWLJNHLW VROFKHU $XVGHXWXQJHQ ZLH GHU YRQ )ULHGULFK *XQGROI EHL *HRUJH JLQJH HV DOOHLQ XQG DXVVFKOLH‰OLFK XP GLH Å7DW´ $XFK :DOWHU 0OOHU6HLGHO KDW PLW %OLFN DXI GLH 9HUVFKZ|UHU GHV  -XOL  HLQH HQJH9HUELQGXQJ]X*HRUJHJH]RJHQXQGEHWRQWLP.UHLVVHLÅ'LFKWXQJ´ DOV %HUXIXQJ ]XU Å7DW´ YHUVWDQGHQ ZRUGHQ 'DV 3URJUDPP GHU 7H[WH ZlUHDOVRHLQSROLWLVFKHVQLFKWHLQlVWKHWLVFKHV 1LFKW 3RHVLH XP GHU 3RHVLH ZLOOHQ GLFKWHWH GHU 0HLVWHU +HUU XQG )KUHUDXVGHU6LFKWVHLQHU*HIROJVFKDIWJDEHUNQIWLJHQ7DWHQLKUUHFK WHV0D‰:HQQÅ$XVGLIIHUHQ]LHUXQJGHV/LWHUDWXUV\VWHPV´PHLQWGDVVOL WHUDULVFKH.RPPXQLNDWLRQDQOLWHUDULVFKH.RPPXQLNDWLRQDQVFKOLH‰WXQG QXU ]XIlOOLJ (IIHNWH LQ NRQWHPSRUlUHQ 6\VWHPHQ HU]HXJW GDQQ JHK|UHQ *HRUJHV 6HOHNWLRQVRIIHUWHQ QLFKW LQ GDV DXWRQRPH 6\VWHP OLWHUDULVFKHU .RPPXQLNDWLRQ 'HQQ ZDV VHLQH :HUNH ]HLWLJHQ IROJW HKHU GHQ 6SLHO UHJHOQGHV3ROLWLVFKHQDOVGHQ&RGHVGHU/LWHUDWXU.HLQHVIDOOVJHKWHVDXV VFKOLH‰OLFK RGHU DXFK QXU YRU DOOHP GDUXP VWLPPLJH RGHU LQWHUHVVDQWH 7H[WH ]X YHUIDVVHQ *HRUJH EHPKW VLFK DXFK QLFKW VRQGHUOLFK XP IRU PDOH ,QQRYDWLRQHQ 6LFKHU EHNHQQW HU VLFK ]XU 'LFKWXQJ VHLQ :HUN VROO NHLQH3ROLWLNVHLQ$EHUJHUDGHPLWGHPÅPDDVVXQGNODQJ´GHU'LFKWXQJ HUUHLFKWGHU0HLVWHUVHLQH-QJHU(VJHKWVLFKHUXPGLHÅIRUP´DEHUXP GLH)RUPDOVGDVÅWLHIHUUHJHQGH´GDVHUZHFNW'LHYRQVHLQHU'LFKWXQJ HUZHFNWHQ*HWUHXHQVHW]W*HRUJHVHOEVWEHZXVVWGHU0DFKWÅGHU6WDGWGHV 6WDDWHVXQGGHV6WDPPHV´HQWJHJHQ'HU*HRUJH.UHLVKDWPLWWHQLQGHU YRQLKPYHUDFKWHWHQ*HVHOOVFKDIWVHLQHQHLJHQHQ6WDDWHUULFKWHW'LHSR OLWLVFKH )RUP GLHVHV 6WDDWHV KDW 0D[ :HEHU PLW GHP %HJULII ÅFKDULV PDWLVFKH +HUUVFKDIW´ EH]HLFKQHW XQG EHUKPW JHPDFKW 'HU 6R]LRORJH ZDUPLW6WHIDQ*HRUJHEHNDQQWXQGHUKDWVHLQHhEHUOHJXQJHQDQVHLQHQ HLJHQHQ%HREDFKWXQJHQGHV.UHLVHVJHVFKXOW :HEHUXQWHUVFKHLGHWÅGUHLUHLQH7\SHQOHJLWLPHU+HUUVFKDIW´QlPOLFK GHQ ÅUDWLRQDOHQ´ GHQ ÅWUDGLWLRQDOHQ´ XQG GHQ ÅFKDULVPDWLVFKHQ´ 7\SXV 'LH)UDJHQDFKGHU+HUUVFKDIWZLUGDXVGHU3HUVSHNWLYHGHU0DFKWXQWHU ZRUIHQHQ JHVWHOOW 6LH ODXWHW :DUXP ZLUG JHKRUFKW" ,P )DOOH UDWLRQDOHU +HUUVFKDIW OLHJW GLHV DQ GHU DOOVHLWV DQHUNDQQWHQ ÅOHJDO JHVDW]WHQ 2UG QXQJ´ GLH 9RUJHVHW]WH XQG 8QWHUJHEHQH XQWHUVFKHLGHW XQG :HLVXQJV JHELHWH GHILQLHUW (LQ %HDPWHU IROJW GHQ :HLVXQJHQ VHLQHV &KHIV ² DOOHV ÅLQQHUKDOEGHU6FKUDQNHQYRQ5HFKWVUHJHOQ´'HUÅW\SLVFKHOHJDOH+HUULVW  

(EG6 0OOHU6HLGHO :DOWHU Å6FKLOOHU LP 9HUVWlQGQLV 0D[ .RPPHUHOOV´ ,Q 3UlJQDQWHU 0RPHQW +JY+DQV-UJHQ6FKLQJV3HWHU$QGUp$OWX.DUO5LFKWHU:U]EXUJ6² KLHU6  *HRUJH:HUNH6I  (EG6  9JO.DUODXI*HRUJH6II 



*HUKDUG3OXPSH1LHOV:HUEHU

GHU9RUJHVHW]WH´:HEHUVSULFKWKLHUDXFKYRQEURNUDWLVFKHU+HUUVFKDIW ,P)DOOHWUDGLWLRQDOHU+HUUVFKDIWJHKRUFKWPDQLP*ODXEHQDQGLHÅ+HL OLJNHLWYRQMHKHUJHOWHQGHQ7UDGLWLRQHQ´0DQIROJWGHP)UVWHQZHLOHU GHU6RKQHLQHV9DWHUVLVWGHPPDQDXFKVFKRQJHIROJWLVW2GHUZHLOHU .|QLJ YRQ *RWWHV *QDGHQ LVW 2GHU ZHLO HV GHU SDWHU IDPLOLDV LVW Å*H KRUFKW ZLUG LKQHQ NUDIW GHU GXUFK GLH 7UDGLWLRQ LKQHQ]XJHZLHVHQHQ (L JHQZUGH´'LH7UDGLWLRQEHJUHQ]W]XJOHLFKGHQ6SLHOUDXPIUGLH:LOO NUGHV+HUUVFKHUV'HU+HUURULHQWLHUWVLFKLQVHLQHU0DFKWDXVEXQJGD KHUGDUDQZDVŁEOLFKHUZHLVH´YRQGHUÅWUDGLWLRQDOHQ)JVDPNHLWGHU8Q WHUJHEHQHQ´HUZDUWHWZHUGHQGDUIÅRKQHVLH]XP:LGHUVWDQG]XUHL]HQ´ ,QGHUUDWLRQDOHQ+HUUVFKDIWHUIOOHQGLH*HVHW]HRGHU6DW]XQJHQGLHJOHL FKH)XQNWLRQGHU:LOONUNRQWUROOH%ULFKWGHU9RUJHVHW]WHGLHÅIRUPDOHQ 3ULQ]LSLHQ´YHUZHLJHUQGLH8QWHUJHEHQHQGHQ*HKRUVDPRGHU]LHKHQYRU *HULFKW'LHFKDULVPDWLVFKH+HUUVFKDIWGDJHJHQOlVVWVLFKZHGHUYRQGHP ZDVGLH7UDGLWLRQJHELHWHWQRFKYRQIRUPDOHQ5HJHOQHLQVFKUlQNHQ'HQQ VLH EHUXKW DXI HLQHU ÅDOV DX‰HUDOOWlJOLFK JHOWHQGHQ 4XDOLWlW HLQHU 3HUV|Q OLFKNHLW´ GHP &KDULVPD :DV ŁEHUQDWUOLFK´ RGHU ŁEHUPHQVFKOLFK´ RGHU ÅPLQGHVWHQV VSH]LILVFK DX‰HUDOOWlJOLFK´ LVW OlVVW VLFK PLW %OLFN DXI HWDEOLHUWH5HJHOQQLFKWIDVVHQ:HEHUEH]HLFKQHW6WHIDQ*HRUJHDXVGUFN OLFK DOV &KDULVPDWUlJHU XQG RUGQHWVHLQHQ .UHLV DOV -QJHUVFKDU GHU FKD ULVPDWLVFKHQ+HUUVFKDIW]X:HEHUEHWRQWGDVVHVQLFKWGDUXPJHKHZLH GLH Å4XDOLWlW´ GHV FKDULVPDWLVFKHQ )KUHUV ÅYRQ LUJHQGHLQHP HWKLVFKHQ lVWKHWLVFKHQ RGHU VRQVWLJHQ 6WDQGSXQNW DXV ÄREMHNWLY¶ ]X EHZHUWHQ VHLQ ZUGH´ GLHVVHL ÅJOHLFKJOWLJ´ 'HQQ HV NRPPH ÅDOOHLQ´ GDUDXIDQ ÅZLH VLH WDWVlFKOLFK YRQ GHQ FKDULVPDWLVFK %HKHUUVFKWHQ GHQ Ä$QKlQJHUQ¶ EHZHUWHWZLUG´'LH*HIROJVFKDIWPDFKWGHQ&KDULVPDWUlJHU]XP)KUHU 'DV$X‰HUDOOWlJOLFKH:XQGHUEDUH*|WWOLFKHRGHU+HURLVFKHVHKHQVLHLQ LKP ZHQQ VLH HV VHKHQ GLHV JHQJW GHQQ HV VLQG QLFKW 6R]LRORJHQ GLH GHP 0HLVWHU IROJHQ VRQGHUQ GLH $QKlQJHU GLH VLFK LKP KLQJHEHQ 'LH Å$QHUNHQQXQJ´GHVFKDULVPDWLVFKHQ)KUHUVEHUXKWDXILKUHUÅJOlXELJHQ JDQ]SHUV|QOLFKHQ+LQJDEH´QLFKWDXIQDFKYROO]LHKEDUHQ5HJHOQRGHUJHO WHQGHQ7UDGLWLRQHQ'HP)KUHUQLFKW]XIROJHQLVWGDKHUNHLQH:LGULJ NHLW JHJHQ HLQH LUJHQGZR IHVWJHOHJWH RGHU HUZDUWEDUH Å3IOLFKW´ VRQGHUQ HLQ WUDXULJHV 9HUNHQQHQ 'DV &KDULVPD NDQQ VR :HEHU HLQH Å8PIRU PXQJ YRQ ,QQHQ KHU VHLQ GLH DXV 1RW RGHU %HJHLVWHUXQJ JHERUHQ HLQH       

:HEHU 0D[:LUWVFKDIW XQG *HVHOOVFKDIW *UXQGULVV HLQHU YHUVWHKHQGHQ 6R]LRORJLH>@ 7ELQJHQ 6I (EG6 (EG6I (EG6 (EG6 (EG6

&RGH3URJUDPP



:DQGOXQJ GHU ]HQWUDOHQ *HVLQQXQJV XQG 7DWHQULFKWXQJ XQWHU Y|OOLJHU 1HXRULHQWLHUXQJDOOHU(LQVWHOOXQJHQ]XDOOHQHLQ]HOQHQ/HEHQVIRUPHQXQG ]XU Ä:HOW¶ EHUKDXSW EHGHXWHW´ *HQDX GLHVH WRWDOH Å1HXRULHQWLHUXQJ´ EHREDFKWHQ GLH -QJHU GHV*HRUJH.UHLVHVEHL VLFKXQG UHFKQHQ HV GHP 0HLVWHUDOV8UKHEHU]X'HU)XQNWLRQVUROOHHLQHV$XWRUVLP/LWHUDWXUV\V WHP HQWVSULFKW GLHVH (LQVFKlW]XQJ *HRUJHV QLFKW QRFK YHUKlOW VLFK GHU Ä.UHLV¶ VR ZLH HLQ OLWHUDULVFKHU /HVH]LUNHO (V JLEW IU LKQ NHLQH *HVHW]H RGHU 6LWWHQ ZHOFKH GLH 9HUZDOWXQJ GHU FKDULVPDWLVFKHQ *HPHLQVFKDIW RUJDQLVLHUHQ HV JLEW NHLQH %HK|UGHQ QXU FKDULVPDWLVLHUWH Å6HQGERWHQ´ GHV 0HLVWHUV 6SUFKH XQG Å2IIHQEDUXQJHQ´ )U GLH FKDULVPDWLVFKH +HUUVFKDIWJHOWHJDQ]DOOJHPHLQGHU6DW]ÅHVVWHKWJHVFKULHEHQ²LFKDEHU VDJHHXFK´6LHLVWGDKHUÅVSH]LILVFKUHYROXWLRQlU´GHQQVLHEULFKWPLWGHU 9HUJDQJHQKHLW $XI 'DXHU ]X VWHOOHQ ² PLW %HUXIXQJ DXI 7UDGLWLRQHQ RGHUDXIUDWLRQDOH2UJDQLVDWLRQVSULQ]LSLHQ²LVWGLHVH+HUUVFKDIWQLFKW6LH EHVWHKW QXU VR ODQJH ZLH GDV &KDULVPD GHV +HUUQ EHL GHU -QJHUVFKDIW $QHUNHQQXQJ ILQGHW GDQQ ]HUIlOOW VLH *HRUJH VWLUEW DP  6HLQ &KDULVPDPDJQRFKYRQHLQLJHQVHLQHU-QJHULQKDJLRJUDSKLVFKHQ7UHI IHQDXIJHVSHLFKHUWZRUGHQVHLQYHUEUHLWHWZHUGHQNRQQWHHVQLFKWÅ'DV 3ROLWLVFKH´ VFKUHLEW &DUO 6FKPLWW ÅNDQQ VHLQH .UDIW DXV GHQ YHUVFKLH GHQVWHQ%HUHLFKHQPHQVFKOLFKHQ/HEHQV]LHKHQDXVUHOLJL|VHQ|NRQRPL VFKHQPRUDOLVFKHQXQGDQGHUHQ*HJHQVlW]HQHVEH]HLFKQHWNHLQHLJHQHV 6DFKJHELHWVRQGHUQQXUGHQ,QWHQVLWlWVJUDGHLQHU$VVR]LDWLRQRGHU'LVVR ]LDWLRQYRQ0HQVFKHQ´(VLVWLP)DOOH*HRUJHVGDV&KDULVPDGDVDVVR ]LLHUW XQG GLVVR]LLHUW 'LH :HOW EHVWHKW QXU DXV GHP .UHLV XQG GHQ 9LHO]XYLHOHQ 'DV ÅJHKHLPH 'HXWVFKODQG´ GHV *HRUJLVFKHQ Å6FKDW WHQUHLFKV´ IRUPXOLHUW HLQ Å*HJHQPRGHOO´ ]XU ÅEHVWHKHQGHQ 2UGQXQJ´ 6HPDQWLNXQG)RUPVHLQHU7H[WHGLHQHQHLQHUÅSROLWLVFKHQ,GHH´ *XQGROI VWHOOWH IHVW *HRUJH OLH‰H GLH .XQVW GHV O·DUW SRXU O·DUW KLQWHU VLFKXPGDV/HEHQVHOEVW]XIRUPHQ'DV3URMHNWGLHVHU)RUPXQJGHV/H EHQVNDQQDOVSROLWLVFKHV8QWHUQHKPHQJHOHVHQZHUGHQ'LHVLVWDEHUQLFKW GLHHLQ]LJH0|JOLFKNHLW(LQHUDQGHUHQ'HXWXQJNRPPWEHVRQGHUH3ODXVL ELOLWlW]X6LHNDQQGHQ%HIXQGGHVÅUHYROXWLRQlUHQ´%UXFKVPLWGHU9HU JDQJHQKHLWXQGUDGLNDOHQ9HUlQGHUXQJGHV/HEHQVDXIJUHLIHQGHQ:HEHU LQ GHU FKDULVPDWLVFKHQ 6HPDQWLN IUHLOHJW ,P .RQWH[W GHU HXURSlLVFKHQ $YDQWJDUGHQ GLH DOOHVDPW 3URMHNWH GHU 'XUFKGULQJXQJ YRQ .XQVW XQG  

(EG6 (EG6  (EG  6FKPLWW'HU%HJULIIGHV3ROLWLVFKHQ6  6FKlIHU $UPLQ 'LH ,QWHQVLWlW GHU )RUP 6WHIDQ *HRUJHV /\ULN .|OQ :HLPDU :LHQ  6I 



*HUKDUG3OXPSH1LHOV:HUEHU

/HEHQ ODQFLHUHQ NDQQ *HRUJHV 3URJUDPPDWLN GHV VFK|QHQ /HEHQV DOV %HLWUDJ]XU.XQVWHLQHUEHVWLPPWHQ(SRFKHYHUVWDQGHQZHUGHQ 'LH )RUGHUXQJ GDVV HV DXI GLH Å.XQVW GHV /HEHQV´ RGHU DXI GDV ÅVFK|QH/HEHQ´XQGZHQLJHUDXIGLHÅ.XQVWGHU.XQVWZHUNH´DQNRPPH VWHOOW*HRUJHXQGVHLQHQ.UHLVLQGHQGHQNEDUJU|‰WHQ*HJHQVDW]]XGHU NXQVWSKLORVRSKLVFKHQ7UDGLWLRQGLHVHLW0LWWHGHV-DKUKXQGHUWVÅbV WKHWLN´ KHL‰W 'LH $XVGLIIHUHQ]LHUXQJ GHU Å.XQVW´ DXV GHQ Å.QVWHQ´ WHFKQDL DUWHV  GLH LP  -DKUKXQGHUW HUIROJUHLFK DEJHVFKORVVHQ ZXUGH JLQJ PLW HLQHU ULJRURVHQ .RQ]HQWUDWLRQ GHV NXQVWSKLORVRSKLVFKHQ %OLFNV HLQKHU GHU VLFK VHLWKHU H[NOXVLY IU .XQVWZHUNH XQG LKUH DQJHPHVVHQH %HXUWHLOXQJ LQWHUHVVLHUWH 6HLW .DQW LVW bVWKHWLN HQWZHGHU .ULWLN GHV .XQVWZHUNVRGHU7KHRULHGHV.XQVWXUWHLOV'HU.QVWOHULVWDOOHLQDOV8U KHEHUVHLQHU:HUNHYRQ%HODQJLQMHGHUDQGHUHQ+LQVLFKWNRPPWHVDXI LKQ QLFKW DQ HU PDJ VLFK DOV 0HQVFK YHUQDFKOlVVLJHQ ZLH HU ZLOO 'LH .RQ]HQWUDWLRQGHUlVWKHWLVFKHQ(LQVWHOOXQJDXIGDV:HUNKDWWHHLQH3UHLV JDEH GHV Å/HEHQV´ ]XU )ROJH GDV LQ GHQ lOWHUHQ ÅWHFKQDL´ ZHVHQWOLFK VHOEVWYHUVWlQGOLFKHU XQG XPIDVVHQGHU HLQEH]RJHQ ZDU 'DVV GLH ÅJXWH´ %HZlOWLJXQJGHV/HEHQVVHOEVWHLQHÅ.XQVW´VHLHLQHÅWHFKQHWRXELRX´ KlWWHPDQLPDQWLNHQ*ULHFKHQODQGXQGLQGHUIUKHQ1HX]HLWDEHUNDXP PHKUXQWHUbVWKHWLNHUQGHV-DKUKXQGHUWVYHUVWDQGHQ,QGHU3HUVSHN WLYHGHU.XQVWXQGLKUHUlVWKHWLVFKHQ5HIOH[LRQLVWGDVÅ/HEHQ´LUUHOHYDQW XQG NRPPW DOOHLQ DOV ]X IRUPHQGHV 0DWHULDO IU .XQVWZHUNH LQIUDJH 6FKLOOHUVlVWKHWLVFKH7KHRULHGLHGDVÅ,GHDO´GHPÅ/HEHQ´VRKHPPXQJV ORV NRQIURQWLHUW ELHWHW IU GLHVH 9HUDFKWXQJ GHV EOR‰HQ /HEHQV HEHQVR HLQH )OOH YRQ %HOHJHQ ZLH +HJHOV .XQVWSKLORVRSKLH GLH GDV /HEHQ DOV Å1DWXUVFK|QHV´ GHP ,GHDO DOV .XQVWVFK|QHP  NDWHJRULVFK XQWHUOHJHQ VHLQ OlVVW (V VLQG JHUDGH GLH 'HIL]LWH GHV /HEHQV LQ GHU :HOW GLH GLH .XQVW]XWLOJHQKDW'LHVHhEHU]HXJXQJILQGHWLKUHQ1LHGHUVFKODJLQGHU 3URJUDPPDWLN GHV YRP Å.UHLV´ VR YHKHPHQW DEJHOHKQWHQ OLWHUDULVFKHQ Å5HDOLVPXV´ GLH :HOW ZLUG NHLQHVZHJV ZLGHUJHVSLHJHOW ZLH VLH LVW YLHO PHKUVWHOOWGHUÅSRHWLVFKH´5HDOLVPXVHLQ6HOHNWLRQVYHUIDKUHQGDUGDVGLH .RQWLQJHQ]HQ XQG 0lQJHO GHU :HOW DXVVRQGHUW 'LH Å5HDOLWlW´ GHV 5H DOLVPXVLVWDOVREHUHLWVGXUFKGDV6LHEGHV.XQVWFRGHVJHVFKWWHOWZRUGHQ $XFKVHLQH:HUNHVLQGYRPÅ/HEHQ´GDVVLHIRUPHQVWULNWVHSDULHUW 'LH $XV]HLFKQXQJ GHV .XQVWZHUNV DXI .RVWHQ GHV /HEHQV LVW )ROJH GHU $XVGLIIHUHQ]LHUXQJ GHU .XQVW JHZHVHQ 'DVV GDV /HEHQ VHOEVW HLQH Å.XQVW´VHLQXQGÅVFK|Q´JHVWDOWHWZHUGHQN|QQWHLVWHLQHGHP-DKU KXQGHUWIUHPGJHZRUGHQH9RUVWHOOXQJ6FKHLQWVLHGRFKGHU6WUXNWXUGHU PRGHUQHQ *HVHOOVFKDIW ]X ZLGHUVSUHFKHQ GLH VLFK VDFKOLFK LQ )XQN  

=XU $YDQWJDUGH DOV Å(SRFKH´ PRGHUQHU .XQVWNRPPXQLNDWLRQ YJO 3OXPSH (SRFKHQ PRGHUQHU/LWHUDWXU6²

&RGH3URJUDPP



WLRQVV\VWHPHRUGQHWGLHMHHLJHQHQ/RJLNHQJHKRUFKHQXQGGDVÅ6FK|QH´ GHP 6\VWHP DXWRQRPHU .XQVW ]XZHLVHQ 'DV /HEHQ ]HUIlOOW LQ GHU 0R GHUQH LQ HLQH 9LHO]DKO YRQ $UHQHQ GLH LKUHQ (LJHQUDWLRQDOLWlWHQ IROJHQ PVVHQ XQG LQVJHVDPW NHLQHVIDOOV PHKU XQWHU GHU GLULJLHUHQGHQ ,GHH GHV 6FK|QHQUHLQWHJULHUWZHUGHQN|QQHQ 'DVÅVFK|QH/HEHQ´XQGGLH$QPXWXQJHVDOV.XQVW]XSUDNWL]LHUHQ VLQGGDKHULQGHU0RGHUQHXQ]HLWJHPl‰H,GHHQJHZRUGHQ'HQQVLHVWHO OHQGLH'LIIHUHQ]LHUXQJGHU'LVNXUVHXQG6\VWHPHLQ)UDJHXQG]LHOHQDXI HLQH 1HXJHVWDOWXQJ GHU VR]LDOHQ 6\QWKHVLV LP *DQ]HQ 'LH $XVGLIIHUHQ ]LHUXQJGHU0RGHUQHVROOYRQHLQHUDQGHUHQ2UGQXQJVORJLNDEJHO|VWZHU GHQ )U GLHVH 1HXIRUPLHUXQJ GHU *HVHOOVFKDIW KDEHQ VLFK YHUVFKLHGHQH 2UJDQLVDWLRQVIRUPHQ LQQHUKDOE HLQHU lVWKHWLVFKHQ 0RGHUQHNULWLN KHUDXV JHELOGHWGLHVLFKLP.HUQDXI]ZHL0RGHOOH]XUFNIKUHQODVVHQ'DVHLQH EHVFKHLGHWVLFKPLWGHU+RIIQXQJLQHLQHUFKDRWLVFKHQ:HOWNOHLQH*UXS SHQ YRQ KRKHU)RUPLQWHQVLWlW DXV]XELOGHQ GLH VLFK ZLH 6FKLOOHUV ÅlVWKH WLVFKHU6WDDW´DOVÅDXVHUOHVHQH=LUNHO´YRQHLQHUEHODQJORVHQ8PZHOWVWULNW XQWHUVFKHLGHQ XQG OHW]WKLQ DXI GHUHQ )RUPXQJ 9HU]LFKW OHLVWHQ ZROOHQ 'DVDQGHUHVLHKWVLFKDOV%UHQQSXQNWHLQHV5HIRUPLHUXQJVZLOOHQVGHUGHQ $QVSUXFKKDWGHU*HVHOOVFKDIWLP*DQ]HQHLQHQHXH)RUP]XJHEHQGLH GLH $XVGLIIHUHQ]LHUXQJ VDPW LKUHQ VR]LRVWUXNWXUHOOHQ XQG VHPDQWLVFKHQ .RQVHTXHQ]HQ Å&KDRV´ EHUZLQGHQXQGÅVFK|Q´UHRUJDQLVLHUHQNDQQ 'DV HUVWH 0RGHOO NDQQ Å(OLWH´ GDV ]ZHLWH Å$YDQWJDUGH´ JHQDQQW ZHU GHQ*HRUJHYHUELQGHWZLHZLUVHKHQZHUGHQEHLGH0RGHOOH'LH(OLWH KlOWVFKRQMHW]WHLQH$OWHUQDWLYH]XMHQHUJHVHOOVFKDIWOLFKHQ2UGQXQJEHUHLW ZHOFKHGLH$YDQWJDUGH]HUVW|UHQXQGGHUHLQVWLQHLQHDQGHUH)RUPEHUIK UHQZLOO 'LH DYDQWJDUGLVWLVFKH 2SWLRQ NRQIURQWLHUW LQ GHU 1DFKIROJH 1LHW] VFKHV LP 1DPHQ GHV Å/HEHQV´ GDV %LOG HLQHU ÅXQVFK|QHQ´ XQG ÅIRUP ORVHQ´ GK KRFKNRPSOH[HQ 0RGHUQH HLQH *HVHOOVFKDIW GHU =XNXQIW ,Q LKU VLQG GLH |NRQRPLVFKHQ XQG SROLWLVFKHQ 2UJDQLVDWLRQVVWUXNWXUHQ ZLH GHUYHUZLUNOLFKW GLH HLQH .XOWXU GHV ÅJUR‰HQ 6WLOV´ QHXP|JOLFK PDFKHQ $XFKGLHVHU6WLOUHDOLVLHUWVLFKZHQLJHULQEHGHXWHQGHQHLQ]HOQHQ.XQVW ZHUNHQ VRQGHUQ LQ HLQHP ÅVFK|QHQ /HEHQ´ GDV GHQ :LGHUVWUHLW LQGLYL GXHOOHU .UlIWH ]X ElQGLJHQ XQG LQ HLQH KDUPRQLVFKH *DQ]KHLW ]X EHU IKUHQ YHUVWHKW 'LH $UFKLWHNWXU LWDOLHQLVFKHU 6WlGWH ZLH *HQXD GLH LKU *HSUlJHZHGHUVWHULOHU8QLIRUPLWlWQRFKH[]HQWULVFKHU,QGLYLGXDOLWlWYHU  

'HU%HJULIIGHVÅ&KDRV´ZLUGQLFKWQXUYRQ*HRUJHXQGVHLQHP.UHLVKlXILJJHJHQZDUWVGL DJQRVWLVFKYHUZHQGHWVRQGHUQDXFKYRQGHU*HRUJH)RUVFKXQJGLHVLFKDXIGHQ*HJHQVDW] &KDRV.RVPRVHLQOlVVWGHQZLUKLHUDOVDYDQWJDUGLVWLVFKH5HGXNWLRQYRQ.RPSOH[LWlWOH VHQ  9JO7DXEHV-DNREÅ(OLWHRGHU$YDQWJDUGH"´,Q7XPXOW=HLWVFKULIWIU9HUNHKUVZLVVHQVFKDIW  6



*HUKDUG3OXPSH1LHOV:HUEHU

GDQNHQVRQGHUQDOV(QVHPEOHDXV9HUVFKLHGHQHP]XU*HOWXQJNRPPHQ JDOW1LHW]VFKHDOV6LQQELOGGLHVHVÅJUR‰HQ6WLOV´GHU/HEHQVNXQVW1LHW] VFKH KDW PLW GLHVHU VHLQHU .RQ]HSWLRQ GHV ÅVFK|QHQ /HEHQV´ HLQHU =X NXQIWVJHVHOOVFKDIW GHQ $YDQWJDUGHEHZHJXQJHQ GHV IUKHQ  -DKUKXQ GHUWVHLQHQWVFKHLGHQGHV$UJXPHQW]XU9HUIJXQJJHVWHOOWJDQ]XQDEKlQ JLJGDYRQREVLHVLFKGDQQHKHUUHFKWHQRGHUHKHUOLQNHQSROLWLVFKHQ%H ZHJXQJHQ DQVFKORVVHQ 'LHV ]HLJW GHU HXURSlLVFKH )XWXULVPXV LQ JUR‰HU 'HXWOLFKNHLW,Q,WDOLHQRSWLHUWHHUIUHLQHQLPSHULDOUHRUJDQLVLHUWHQWHFK QLVFK DXIJHUVWHWHQ 1DWLRQDOVWDDW GHVVHQ )RUPLHUXQJVJUDG YRQ NHLQHP .XQVWZHUN PHKU ]X EHUELHWHQ VHLQ VROOWH 'HU .QVWOHU JDOW GHP )X WXULVWHQ 0DULQHWWL DOV )RUPVSH]LDOLVW LP 3UR]HVV GHU 5HRUJDQLVDWLRQ GHV /DQGHV'LFKWHUHWZDZXUGHQXPIXQNWLRQLHUW]X([SHUWHQ]HLWJHPl‰EH VFKOHXQLJWHU.RPPXQLNDWLRQ,Q6RZMHWUXVVODQGWUDWHQHKHPDOLJH.QVW OHUPLWYHUJOHLFKEDUHU0RWLYDWLRQLQGHQ'LHQVWHLQHU7RWDOIRUPLHUXQJGHU *HVHOOVFKDIWGLHDOVÅK|FKVWHV.XQVWZHUN´NHLQHVNQVWOHULVFKHQ.RUUHN WLYVLQ)RUPHLQ]HOQHUDXWRQRPHU:HUNHPHKUEHGUIWLJVHL'LHVHVHLHQ XQ]HLWJHPl‰XQGVFKlGOLFKZHLOLQLKQHQNUHDWLYH(QHUJLHQIHKOLQYHVWLHUW ZUGHQ XQG ÅDVR]LDO´ YHUSXIIWHQ $XFK GHU 6XUUHDOLVPXV LQ )UDQNUHLFK ]LHOWH LQ VHLQHU NRQIOLNWUHLFKHQ %HJHJQXQJ PLW GHP WRWDOLWlUHQ .RP PXQLVPXV DXI HLQH 5HRUJDQLVLHUXQJ GHU *HVHOOVFKDIW LP *DQ]HQ GLH GLH UHYROXWLRQlUHÅ.XQVWGHV/HEHQV´LQ.XQVWZHUNHQQLFKWPHKUDXVGUFNHQ PVVH *HPHLQVDP LVW GHQ KLVWRULVFKHQ $YDQWJDUGHQ GLH ,QWHQWLRQ GLH Å.XQVW GHU.XQVWZHUNH´ LP +LQEOLFN DXI GLH LQ LKQHQ JHVSHLFKHUWH SUR GXNWLYH3RWHQ]LQGDVÅVFK|QH/HEHQ´VHOEVW]XWUDQVIRUPLHUHQ'LHVH,Q WHQWLRQLVWNHLQHJHQXLQlVWKHWLVFKH,GHHVRQGHUQYHUVWlQGOLFKHUVWLPZHL WHUHQ +RUL]RQW GHV VLH WUDJHQGHQ $QJULIIV DXI GLH 6WUXNWXU GHU ÄFKDR WLVFKHQ¶ PRGHUQHQ *HVHOOVFKDIW GLH LQ HLQH QHX JHVWDOWHWH HQGOLFK EHU ]HXJHQGIRUPLHUWH=XNXQIWVJHVHOOVFKDIWEHUIKUWZHUGHQVROOWH'LH*H JHQZDUWLVWDXVDYDQWJDUGLVWLVFKHU6LFKWGDQQQLFKWVDQGHUHVDOVGHU6FKDX SODW]GLHVHV.DPSIHVXPGLHQHXH)RUPGHV6R]LDOHQGHU]ZLVFKHQ)XWX ULVWHQXQG3DVVDWLVWHQ$QKlQJHUQGHU=XNXQIWXQG$SRORJHWHQGHU9HU JDQJHQKHLWDXVJHWUDJHQZLUG 9RUGLHVHP+LQWHUJUXQGÅHOLWlUHU´RGHUÅDYDQWJDUGLVWLVFKHU´$QWZRU WHQ DXI GLH $XVGLIIHUHQ]LHUXQJ GHU .XQVW LQ GHU PRGHUQHQ *HVHOOVFKDIW HUVFKHLQW GHU *HRUJH.UHLV LQ GHU =HLW GHU :HLPDUHU 5HSXEOLN DOV 9DUL DQWHGHU$YDQWJDUGHEHZHJXQJHQ,QVHLQHUPRQXPHQWDOHQ*HRUJHELRJUD SKLH EHVWlWLJW DXFK 7KRPDV .DUODXI GDVV PDQFKHV GXUFKDXV GDIU VSUH FKH ÅGHQ *HRUJH.UHLV DOV $YDQWJDUGH%HZHJXQJ ]X YHUVWHKHQ´ $XI IlOOLJLVWXQ]ZHLIHOKDIWGDVV*HRUJHVHLQHGLFKWHULVFKH7lWLJNHLWPLWGHP 6WHUQ GHV %XQGHV  LP :HVHQWOLFKHQ HLQVWHOOWH XQG ZLH VFKRQ &ODXGH  

.DUODXI*HRUJH6

&RGH3URJUDPP



'DYLGIRUPXOLHUWH]XUÅ7DW´EHUJLQJ'HQ6WHUQGHV%XQGHVVHOEVWZLUG ZRKO NHLQ /HVHU DOV NRQYHQWLRQHOOHV /\ULN%lQGFKHQ DXIIDVVHQ YLHO HKHU KDQGHOWHVVLFKXPVSUXFKKDIWH/HEHQVUHJHOQGLHVLFKLQHVRWHULVFKHU0D QLHU DQ HLQHQ .UHLV *OHLFKJHVLQQWHU ULFKWHQ ,QVRIHUQ VLH PLW %OLFN DXI GLHVHQ.UHLV/HVHUHLQXQGDXVVFKOLH‰WOLH‰HVLFKKLHUYRQHLQHPÅHOLWl UHQ´ 0RGHOO VSUHFKHQ 1LFKW XQWHU GHQ ÅYLHO ]X YLHOHQ´ VRQGHUQ LQ GHU (OLWHGHV.UHLVHVVROOVLFKGDVÅVFK|QH/HEHQ´UHDOLVLHUHQ'LH'LFKWXQJ XQG LKUH .RPPXQLNDWLRQ GLHQW GHU (LQEXQJ QHXHU Å+DOWXQJHQ´ GHV 'HQNHQVXQGGHV.|USHUVVLHLVWZLHHLQVWHLQHÅWHFKQH´HLQZLVVHQGHV .|QQHQGDVVLFKLQGHUULFKWLJHQXQGÅVFK|QHQ´/HEHQVIKUXQJEHZlKUW 'LHVHV,GHDOGHVÅVFK|QHQ/HEHQV´ZlUHDXVOLWHUDWXUJHVFKLFKWOLFKHU3HUVSHN WLYHDEHUNHLQH9DULDQWHHLQHUFKDULVPDWLVFKHQ+HUUVFKDIWVRQGHUQQLFKWV ZHLWHUDOVHLQH5HSULVHlVWKHWL]LVWLVFKHU3URJUDPPHGLHVLFKHWZDLQGHP +DELWXV GHV 'DQG\V GHU *HRUJH LQ MXQJHQ -DKUHQ MD QLFKW IUHPG ZDU DXVSUlJWHQVWQGHHVQLFKWVSlWHVWHQVVHLW(QGHGHV:HOWNULHJHVXQGZlK UHQG GHU :HLPDUHU 5HSXEOLN HLQGHXWLJ LQ HLQHP ÅNXOWXUUHYROXWLRQlUHQ´ .RQWH[W 'LHVHU .RQWH[W PDFKW DXV GHP lVWKHWL]LVWLVFKHQ ,GHDO NHLQHQ 6WDDWVRQGHUQHLQHDYDQWJDUGLVWLVFKH0DQLIHVWDWLRQ 'LHKLVWRULVFKHQ$YDQWJDUGHQNHQQ]HLFKQHWHLQIRUFLHUWHV9HUVWlQGQLV JHVFKLFKWOLFKHU=HLWGDVGHQKLVWRULVFKHQ9HUODXIDXIGHQÅ.DPSI´]ZL VFKHQ9HUJDQJHQKHLWXQG=XNXQIWDXIGHP6FKDXSODW]GHU*HJHQZDUWKLQ ]XVSLW]W MD GUDPDWLVLHUW 6LJQDOLVLHUW ZLUG JHZLVVHUPD‰HQ HLQ ÅOHW]WHV *H IHFKW´ DXV GHP GLH =XNXQIW VLHJUHLFK KHUYRUJHKHQ ZLUG 'LHVHV NDLURORJLVFKH XQG SROHPLVFKH =HLWEHZXVVWVHLQ OlVVW VLFK LQ VlPWOLFKHQ KLVWRULVFKHQ $YDQWJDUGHEHZHJXQJHQ QDFKZHLVHQ ]XY|UGHUVW LQ DOOHQ )X WXULVPHQ 'LH $XVO|VFKXQJ GHU 9HUJDQJHQKHLW GHU WUDGLHUWHQ .XOWXU LVW GLHVHP'HQNHQ3UlPLVVHGHU1HXJHVWDOWXQJGHU=XNXQIW1LHW]VFKHV*|W ]HQGlPPHUXQJ 0DULQHWWLV 9RUVFKODJ GLH .DQlOH 9HQHGLJV ]X]XVFKWWHQ XP3ODW]IUPRGHUQH6FKQHOOVWUD‰HQ]XJHZLQQHQDOOH0XVHHQLQGLH/XIW ]X VSUHQJHQ GHU .DPSI GHU VRZMHWLVFKHQ )XWXULVWHQ JHJHQ MHGH 6SLHODUW KHUN|PPOLFKHU .XOWXU $OOGLHV PDJ PDQ DOV%HOHJ MHQHV )XURUV GHV )X WXUVKHUDQ]LHKHQGHUDXFK*HRUJHV+DOWXQJJHSUlJWKDW$XFKHUZDUYRQ GHU 1RWZHQGLJNHLW HLQHU UDGLNDOHQ =HUVW|UXQJ GHU 9HUJDQJHQKHLW EHU ]HXJW RKQH GLH GLH )RUPXQJ GHV ÅVFK|QHQ /HEHQV´ GHU =XNXQIW QLFKW P|JOLFK ZHUGH $XIVFKOXVVUHLFK LVW HLQH KLQWHUODVVHQH 1RWL] 0D[ .RPPHUHOOVGHULP.RQWH[WHLQHU5HIOH[LRQDXIGLH3UD[LVGHU5H]LWDWLRQ LP *HRUJH.UHLV VFKUHLEW Å0DJLVFKH 8UIXQNWLRQ GHU 6SUDFKH 9HUVXFK VR HLQH LQ *HRUJH YHUN|USHUWH :HOWZHQGH ]X YROO]LHKHQ 'LFKWXQJ 1H EHQVDFKH >@ *HRUJH YLHOOHLFKW GHU HUVWH GHU GLH 'LFKWXQJ DXI *HZDOW   

'DYLG&ODXGH6WHIDQ*HRUJH6HLQGLFKWHULVFKHV:HUN0QFKHQ6 Å.$,526'HUWDJZDUGD>@´*HRUJH:HUNH%G6



*HUKDUG3OXPSH1LHOV:HUEHU

JHVWHOOWKDW´.ULHJVEHGLQJWH=HUVW|UXQJHQJUR‰HU.XQVWZHUNHKDWHWZD *XQGROIRIIHQEDUDXVGUFNOLFKJXWJHKHL‰HQIROJWPDQGHP=HXJQLV(UQVW *O|FNQHUV GHU *XQGROI LP -DKUH  GHVKDOE DOOHUGLQJV QRFK QLFKW DOV Å)XWXULVWHQ´YHUVWDQGHQZLVVHQZLOO,QGHU9RUUHGHGHUOHW]WHQ)ROJHGHU %OlWWHUIUGLH.XQVW  HUVFKHLQWGLH*HJHQZDUWDOVÅ&KDRV´DOVÅDOOJH PHLQHV :LUUZDUU´ YRU DOOHP DEHU DOV =HLW LQ GHU GHU .DPSI JHJHQ GLH 9HUJDQJHQKHLWQRFKOlQJVWQLFKWJHZRQQHQVHL*HRUJHLVWYLHOPHKUGDYRQ EHU]HXJWGDVVGLHNXOWXUHOOHQÅ/LHEOLQJVJ|W]HQ´GHV-DKUKXQGHUWVZLH Å)RUWVFKULWW´ Å:LVVHQVFKDIW´ RGHU Å*OHLFKKHLW´ NHLQHVIDOOV ZLUNOLFK JH VWU]W VHLHQ hEHU GHQ :HOWNULHJ KLQDXV KlWWHQ VLH VLFK YLHOPHKU LQ GHU GHXWVFKHQ1DFKNULHJVJHVHOOVFKDIWVLHJUHLFKEHKDXSWHW,QGLHVHU/DJHKHOIH GHUEOR‰H$SSHOOÅHLQ:RUWGHU:UGHGHUHGOHQ/HLGHQVFKDIWRGHUDXFK QXUGHU9HUQXQIW´JDUQLFKWV6WDWWGHVVHQKlWWHQVLFKGLH:LVVHQGHQÅQXU ]XEHVFKlIWLJHQPLWGHPZDVVFKRQMHQVHLWVGHVJUR‰HQ6XPSIHVOLHJW´ 'LH(OLWHOHEWJOHLFKVDPVFKRQLP0RUJHQODQGHGHU$YDQWJDUGH'LH0DV VHGDJHJHQLVWGHV7RGHVÅ(XFKDOOWULIIWGHUWRG6FKRQHXUH]DKOLVWIUH YHO´ ,QVHLQHPZHQLJH-DKUHVSlWHUHQWVWDQGHQHQ*HGLFKW'HU'LFKWHULQ=HL WHQ GHU :LUUHQ JLEW *HRUJH GLHVHP IXWXULVWLVFKHQ 3DWKRV QRFK HLQGHXWLJHU $XVGUXFN'HPGLFKWHULVFKHQ0HQVFKHQNRPPHDXIGHP6FKODFKWIHOGGHU *HJHQZDUW HLQHUVHLWV GLH $XIJDEH ]X GLH *|W]HQ GHU 9HUJDQJHQKHLW ]X VWU]HQDQGHUHUVHLWVDEHUXQGYRUDOOHPGLH=XNXQIWLQGHU*HJHQZDUWDOV .UDIWSUlVHQW]XKDOWHQÅVHLQDXJ>VLFKWHW@GLHOLFKWHUH]XNXQIW´ÅHUVFKUW GLH KHLOJH JOXW GLH EHUVSULQJW XQG VLFK GLH OHLEHU IRUPW´ HU VLHKW HLQ ÅMXQJJHVFKOHFKW´ÅGDVYRQVLFKVSLHZDVPUEXQGIHLJXQGODX´XQGGDV ÅGHQPDQQJHELHUW´GHUÅGXUFKVWXUPXQGJUDXVLJHVLJQDOHGHVIUKURWV´ VHLQH *HWUHXHQ Å]XP :HUN´ IKUH XQG ÅGDV 1HXH 5HLFK´ EHJUQGH 1LFKW QXU LQ WHPSRUDOHU +LQVLFKW WHLOW *HRUJH DOVR ]ZHLIHOORV HQW VFKHLGHQGH 0HUNPDOH GHU $YDQWJDUGHQ GHV IUKHQ  -DKUKXQGHUWV QH EHQ GDV NDLURORJLVFKH =HLWEHZXVVWVHLQ XQG GDV IXWXULVWLVFKH 3DWKRV WULWW HLQH HQWGLIIHUHQ]LHUHQGH 3URJUDPPDWLN GHU 7DW GLH DXI HLQH DQGHUH *H VHOOVFKDIWDE]LHOW,QVR]LDOHU+LQVLFKWVLQGGLH%H]JHZHQLJHUHLQGHXWLJ GD*HRUJHVLFKYRUHLQHPH[DNWHQ2UJDQLVDWLRQVPDQLIHVWKWHWHXQGMHGH %LQGXQJDQSROLWLVFKH%HZHJXQJHQDEZLHV(LQHÅIXWXULVWLVFKH3DUWHL´ZLH 0DULQHWWL KDW HU QLFKW JHJUQGHW *OHLFKZRKO NDQQ PDQ EHKDXSWHQ GDVV    

 

.RPPHUHOO 0D[ (VVD\V 1RWL]HQ SRHWLVFKH )UDJPHQWH $XV GHP 1DFKODVV +J Y ,QJH -HQV 2OWHQ)UHLEXUJ6 *O|FNQHU (UQVW %HJHJQXQJ PLW 6WHIDQ *HRUJH $XV]JH DXV %ULHIHQ XQG 7DJHEFKHUQ ² +HLGHOEHUJ6 /DQGPDQQ'HU*HRUJH.UHLV6 *HRUJH:HUNH%G6 (EG6

&RGH3URJUDPP



*HRUJHV ÅQHXHV 5HLFK´ DOV *HJHQHQWZXUI ]XU 0RGHUQH YHUVWDQGHQ ZHU GHQ PXVV $QGHUV DOV GLH IXQNWLRQVGLIIHUHQ]LHUWH *HVHOOVFKDIW GHU *H JHQZDUW *HRUJHV LVW GDV ÅQHXH 5HLFK´ VWULNW KLHUDUFKLVFK DXIJHEDXW XQG UXKW HEHQVR LQ FKDULVPDWLVFKHU +HUUVFKDIW ZLH GLH .UHLVH XP 0DULQHWWL RGHU%UHWRQHVLVWLQWHUDNWLRQVQDKGKLQLQWLPHUZLHHOLWlUHU.RPPXQL NDWLRQVWUXNWXULHUWXQGZHQGHWVLFKJHJHQGLHGHQXQ]LHUWH$QRQ\PLWlWGHV 6R]LDOHQGLHVLFKLQHUVWHU/LQLHDXVGHUEHUHLWVYRQ6FKLOOHUEHREDFKWHWHQ )RUPDOLVLHUXQJGHU,QWHUDNWLRQHQGXUFKÅ/HLVWXQJVUROOHQ´XQGGHU'XUFK VHW]XQJ WHFKQLVFKHU 0HGLHQ HUJLEW 8QG HV UHKDELOLWLHUW GLH DOWHQ ÅWHFKQDL´GLHGLH$XVGLIIHUHQ]LHUXQJGHV:LVVHQVLQ:LVVHQVFKDIWHQGLH 7UHQQXQJ YRQ .|QQHQ XQG :LVVHQ .XQVW XQG 7KHRULH GLH $EVSDOWXQJ GHV :LVVHQV YRP .|USHU UFNJlQJLJ ]X PDFKHQ EHDQVSUXFKHQ 'LH Å.XQVW GHV /HEHQV´ GLH VLFK DP )RUPYRUELOG GHV *HGLFKWV XQG VHLQHV PXVWHUJOWLJHQ 9RUWUDJV HQW]QGHW LQWHJULHUW GLH LQ GHU PRGHUQHQ *H VHOOVFKDIWVHSDULHUWHQXQGVSH]LDOLVLHUWHQ9HUP|JHQ]XHLQHU*DQ]KHLWGLH LP ÅVFK|QHQ /HEHQ´ H[HPSODULVFKHU 0HQVFKHQ OHLEKDIWLJ ZLUG ,QVRZHLW GLHVHDEHUGXUFKLKU9RUELOGDXILKUHVR]LDOH8PZHOWHLQZLUNHQJHKWGDV Å1HXH5HLFK´DXFKPLWGHU8WRSLHHLQHU5HRUJDQLVDWLRQGHU*HVHOOVFKDIW LP *DQ]HQ HLQKHU GLH VLH YRQ HLQHP Å*OXWNHUQ´ DXV LQ LPPHU ZHLWHUHQ .UHLVHQ HUIDVVHQ VROO HWZD LP 6LQQH MHQHV 0DJQHWVWHLQJOHLFKQLVVHV YRQ GHP 6RNUDWHV LQ 3ODWRQV 'LDORJ Å,RQ´ VSULFKW Å-HQVHLWV GHV 6XPSIHV´ HUVFKHLQW VR GLH 9LVLRQ HLQHU ]HQWULSHWDOHQ =XNXQIWVJHVHOOVFKDIW YRQ VR KRKHU)RUPLHUWKHLWGDVVVLHGHP.XQVWZHUNDOV.RQWUDVWYRUGHPGLHVHV DOV .RVPRV HUVFKLHQH QLFKW PHKU GLHQHQ NDQQ ,P ÅQHXHQ 5HLFK´ ZlUH GDV GLFKWHULVFKH .XQVWZHUN GDKHU QLFKW PHKU (LQVSUXFK JHJHQ VRQGHUQ 9ROO]XJ XQG 0RYHQV YRQ *HVHOOVFKDIW 'LH IU GLH 0RGHUQH W\SLVFKHQ *HJHQVlW]H YRQ .XQVW XQG *HVHOOVFKDIW .XQVW XQG /HEHQ .XQVW XQG :HOWYHUOLHUHQLKUHQ6LQQLQHLQHU*HPHLQVFKDIWLQGHUGDV/HEHQVFK|Q LVW XQG GLH .XQVW JHOHEW ZLUG 'LHVHV 3URJUDPP HLQHU (QWGLIIHUHQ]LHUXQJ YRQ.XQVWXQG/HEHQLVWQXQDEHUDXVGLHVHU3HUVSHNWLYHHLQHUNXQVWXQG NXOWXUKLVWRULVFKHQ 5HNRQVWUXNWLRQ NHLQ SROLWLVFKHV GDV ]XU *UQGXQJ HLQHV6WDDWHVIKUWVRQGHUQHLQ3URJUDPPGHU.XQVWGDVHLQH]HLWODQJDOV $YDQWJDUGH (SRFKH PDFKW 'DVV ZLU QXQ QLFKW DUJXPHQWLHUHQ *HRUJHV *HGLFKWHJUQGHWHQHLQHQÅ6WDDW´ZLHREHQEHKDXSWHWOLHJWQLFKWDQGHU 6HPDQWLNGHU7H[WHGLHMHW]WJHQDXHURGHUDQGHUVJHOHVHQZUGHQVRQGHUQ DQGHU/HNWUHGHU7H[WHLQLKUHPNXOWXUXQGNXQVWKLVWRULVFKHQ.RQWH[W 'LH IXWXULVWLVFKH (PSKDVHGHU *HGLFKWH LKUH VFKDUIH'LIIHUHQ]LHUXQJ LQ  

9JOKLHU]XDXVVR]LRORJLVFKHU6LFKW%UHXHU6WHIDQbVWKHWLVFKHU)XQGDPHQWDOLVPXV6WHIDQ*HRUJH XQGGHUGHXWVFKH$QWLPRGHUQLVPXV'DUPVWDGW  9JO:HUEHU1LHOVÅ7HFKQRORJLHQGHU0DFKW6\VWHPXQGPHGLHQWKHRUHWLVFKHhEHUOHJXQ JHQ]X6FKLOOHUV'UDPDWLN´,Q-DKUEXFKGHUGHXWVFKHQ6FKLOOHUJHVHOOVFKDIW1U;/  6² 



*HUKDUG3OXPSH1LHOV:HUEHU

(OLWHXQG0DVVH=XNXQIWXQG9HUJDQJHQKHLWLKU$QJULIIDXIGLHPRGHUQH )XQNWLRQVGLIIHUHQ]LHUXQJ XQG LKUH 5KHWRULN GHU 6\QWKHVH ODVVHQ VLFKPLW %OLFN DXI GHQ ]HLWJHQ|VVLVFKHQ +LQWHUJUXQG GHU HXURSlLVFKHQ .XQVW DOV (OHPHQWHHLQHV(SRFKHQVWLOVHQW]LIIHUQGHPGHU$YDQWJDUGHQ 'LHKRKH=HLWGHU$YDQWJDUGHQLVWGLH=HLW]ZLVFKHQXQG QDFK  LVW DOOHQ KHOOVLFKWLJHQ %HREDFKWHUQ UDVFK NODU GDVV VLH JH VFKLFKWOLFKJHZRUGHQVLQG(VZLUGGHXWOLFKGDVVHVGLH6WUXNWXUGHUPR GHUQHQ *HVHOOVFKDIW VHOEVW LVW GLH GLH $WWDFNH GHU $YDQWJDUGHQ DXI VLH EHUVWDQGHQ XQG GHUHQ 0DQLIHVWDWLRQHQ DOV Å.XQVW´ HUIROJUHLFK HLQYHU OHLEW KDW $XFK GLH %HPKXQJHQ GHV .UHLVHV GLH /HEHQVNXQVW ÅMHQVHLWV GHV6XPSIHV´LQV:HUN]XVHW]HQXQG]XOHEHQJHOWHQGDKHUKHXWHHEHQVR DOVKLVWRULVFKZLHGLHIXWXULVWLVFKHQ0DQLIHVWHXQGVXUUHDOLVWLVFKHQ$WWDFN HQDXIGLHEUJHUOLFKH.XOWXU6LHVLQGPXVHDOJHZRUGHQXQGLQWHUHVVLHUHQ DOOHQIDOOVQRFK.XQVWXQG.XOWXUKLVWRULNHU,KUIXWXULVWLVFKHV3DWKRVXQG GLH WRWDOLWlUH )DV]LQDWLRQ LVW LP  -DKUKXQGHUW QLFKW PHKU ZLHGHU]X EHOHEHQ (V EOHLEHQ GDKHU OHEHQGLJ DOOHLQ MHQH *HGLFKWH *HRUJHV GLH DOV %HLWUDJ]XU/\ULNJHVFKLFKWHIDV]LQLHUHQXQG]XLKUHP9HUVWlQGQLVGHV9HU ZHLVHVDXIGDV/HEHQGHV.UHLVHVQLFKWEHGUIHQ:HQQGLH*HGLFKWHDXFK ÅRKQH0HLVWHU´/HVHUILQGHQGDQQDOV7HLOOLWHUDULVFKHU.RPPXQLNDWLRQ QLFKWDEHUDOV*UXQGJHVHW]HHLQHV1HXHQ5HLFKVRGHU*HERWHHLQHVQHXHQ .XOWV 8QVHUH EHLGHQ /HNWUHQ KDEHQ QLFKW QXU XQWHUVFKLHGOLFKH 0|JOLFK NHLWHQ YHUGHXWOLFKW YRQ 6WHIDQ *HRUJHV :HUN XQG :LUNXQJ ]X KDQGHOQ VRQGHUQDXFKHLQ3UREOHPGHU/LWHUDWXUZLVVHQVFKDIWYRUJHIKUWGDVQLFKW QXULKUHV\VWHPWKHRUHWLVFKHQ9HUWUHWHUEHVFKlIWLJW(VJHKWXPGLH)UDJH ZDV /LWHUDWXU DXVPDFKW :DV PDFKW 'LFKWXQJ ]XU 'LFKWXQJ" :HQQ ZLU *HRUJHV 7H[WH LQ GHQ .RQWH[W GHU $YDQWJDUGH HLQRUGQHQ XQG VR HLQHU (SRFKHGHU.XQVW]XVFKODJHQKDEHQZLUKLVWRULVFKDUJXPHQWLHUW,QGHQ 9RUGHUJUXQG UFNWH GLH VR]LDOH $QVFKOXVVIlKLJNHLW GHU7H[WH XQG HV KDW VLFKKHUDXVJHVWHOOWGDVVGLH/HVHU*HRUJHVVHLQH7H[WHOHW]WOLFKDOV/LWHUD WXU OHVHQ XQG QLFKW DOV 6WDWXWHQ HLQHV QHXHQ 5HLFKV 'LHVH Å8QWHUVFKHL GXQJ YRQ .XQVW XQG 1LFKWNXQVW´ ZLUG GXUFK HLQH VR]LDOH Å=XUHFKQXQJ ]XP.XQVWV\VWHP´HQWVFKLHGHQZLH$UPLQ6FKlIHULQVHLQHU*HRUJH6WX GLHPLW3HWHU)XFKVIRUPXOLHUW'DVVGLH*HGLFKWHDOVROLWHUDULVFKFRGLHUW VLQG XQG QLFKW SROLWLVFK ZlUH OHW]WHQGOLFK QLFKW DQ GHU 3URJUDPPLHUXQJ GHV:HUNVDE]XOHVHQ2EHVQLFKWGRFKÅHWZDVLQGHQ.XQVWZHUNHQJHEHQ PX‰ZDVHVHUP|JOLFKWVLHDOV.XQVW]XEH]HLFKQHQ´ZlUHKLHUQLFKW]X EHDQWZRUWHQGHQQQLFKWGLHQRFKJHQDXHUH$QDO\VHGHU7H[WHIKUWHXQV ]X LKUHU =XUHFKQXQJ ]XP .XQVWV\VWHP VRQGHUQ LKU .RQWH[W XQG LKUH  



6FKlIHU,QWHQVLWlWGHU)RUP6 (EG6

&RGH3URJUDPP



5H]HSWLRQLQGHU*HVHOOVFKDIWXQGDXIODQJH6LFKWDOVR DXFKMHQVHLWVGHV .UHLVHV 6LFKHU JLEW HV LQ GHU /\ULN *HRUJHV ]DKOUHLFKH +LQZHLVH GDUDXI GDVV HLQ%HREDFKWHU HUZQVFKW LVW GHU GLH /LWHUDWXUJHVFKLFKWH EHUEOLFNW XQGGLH'LVWLQNWLRQHQGHU:HUNHHLQ]XVFKlW]HQZHL‰,QWHUWH[WXHOOH$QD O\VHQ KDEHQ GHQ 1DFKZHLV JHIKUW ZLH VHKU *HRUJHV *HGLFKWH PLW GHQ 7H[WHQDQGHUHU$XWRUHQYRQ+|OGHUOLQELV+RIPDQQVWKDOYRQ'DQWHELV +X\VPDQV YHUQHW]W VLQG /LWHUDWXU VFKOLH‰W DQ /LWHUDWXU 'RFK ]HLJW ZLH GHUXPGLHVR]LRORJLVFKH$QDO\VHGHV.UHLVHVGDVVGLH$QVFKOXVVIlKLJNHLW VHLQHU7H[WHNHLQHVZHJVDXIGDV6\VWHPGHU/LWHUDWXUEHVFKUlQNWEOLHEMD GDVV HLQH /HNWUH P|JOLFK LVW GLH GLH 7KHVH YHUWULWW GDVV HV *HRUJH ]X DOOHUHUVW DXI GLH )RUPLHUXQJ HLQHV Å6WDDWHV´ DQJHNRPPHQ LVW 'LH =HXJ QLVVHGHU0LWJOLHGHUGLHVHV.UHLVHVEHVWlWLJHQGLHVH6LFKW'DV3URJUDPP GHV &RGHV GHU *HGLFKWH ZlUH GDQQ HLQ FKDULVPDWLVFKSROLWLVFKHV LKUH )RUP ZlUH HLQ %HLWUDJ ]XU )RUPLHUXQJ HLQHV ÅQHXHV 5HLFKHV´ ZLH HLQVW GLHJUR‰H)RUPGHUDOWHXURSlLVFKHQ.QVWHHLQ%HLWUDJ]XU5HSUlVHQWDWLRQ HLQHV7\SVYRQ+HUUVFKDIWJHZHVHQLVW 1LNODV/XKPDQQV6\VWHPWKHRULHGHU.XQVWVFKOlJWDXIGHU6XFKHQDFK .ULWHULHQÅGLHJHHLJQHWVLQGHLQHQ/LWHUDWXUEHJULII]XGHILQLHUHQ>@]ZHL Y|OOLJYHUVFKLHGHQH:HJH´HLQ'HU9RUVFKODJGDVVGDV:HUNVLFKVHOEVW SURJUDPPLHUWXQGVHLQH)RUPHQWVFKHLGXQJHQYRQHLQHP3URJUDPPIK UHQOlVVWGDVGDQQPLW%OLFNDXIGHQ&RGHGHU.XQVWJHOLQJHQRGHUVFKHL WHUQNDQQVWHKWLQGHUWKHRULHJHVFKLFKWOLFKHQ7UDGLWLRQHLQHU%HPKXQJ GLH Å/LWHUDUL]LWlW RGHU 3RHWL]LWlW YRQ 7H[WHQ´ ]X EHVWLPPHQ 1XU GHP .XQVWZHUNVHOEVWVHLHQGLH.ULWHULHQ]XHQWQHKPHQDQKDQGGHUHUHVEH REDFKWHW ZHUGHQ ZROOH 'HU %HREDFKWHU YRQ .XQVW ZHUGH ÅGHP .XQVW ZHUN VHOEVW GHQ /HLWIDGHQ ZHLWHUHU %HREDFKWXQJHQ HQWQHKPHQ XQG QXU ZHQQGLHVHJHOLQJHQHVDOV.XQVWZHUNLGHQWLIL]LHUHQZROOHQ'D]XPX‰HU GDV .XQVWZHUN DQKDQG YRQ )RUPHQ EHREDFKWHQ GLH LQ GDV :HUN VHOEVW HLQJHDUEHLWHWVLQG´'HU5HL]XQVHUHV%HLVSLHOVGLH*HGLFKWH6WHIDQ*H RUJHV EHVWHKW QXQ DEHU GDULQ GDVV LQ LKQHQ %HREDFKWXQJVDQZHLVXQJHQ HLQJHDUEHLWHW ]X VHLQ VFKHLQHQ GLH LKUHU Å,GHQWLIL]LHUXQJ DOV .XQVWZHUN´ HQWJHJHQVWHKHQXQGVWDWWGHVVHQLKUHQ/HVHUQHLQHDQGHUH/HEHQVIRUPHP SIHKOHQHLQHQÅ(WKRV´(LQHQJHZLVVHQ(UIROJNDQQPDQLKQHQLQGLHVHU +LQVLFKWNDXPDEVSUHFKHQ'HUÅ.UHLV´LVWMDNHLQHVZHJVHLQEOR‰OLWHUD ULVFKHV 3KlQRPHQ VRQGHUQ HLQH VR]LDOH 7DWVDFKH $QGHUVHLWV ]HLJW DEHU JHUDGH HLQH VR]LRORJLVFKH $QDO\VH GHU ODQJIULVWLJHQ (IIHNWH GHU 7H[WH *H RUJHV XQG LKUHV NXOWXUKLVWRULVFKHQ .RQWH[WHV GDVV VLH DOV %HLWUlJH GHU  

9JO6FKPLWW&DUO5|PLVFKHU.DWKROL]LVPXVXQGSROLWLVFKH)RUP>$XIODJH@6WXWWJDUW .DQWRURZLF](UQVW+'LH]ZHL.|USHUGHV.|QLJV(LQH6WXGLH]XUSROLWLVFKHQ7KHRORJLHGHV 0LWWHODOWHUV>@hEHUVY:DOWHU7KHLPHU0QFKHQ  6FKlIHU,QWHQVLWlWGHU)RUP6  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6



*HUKDUG3OXPSH1LHOV:HUEHU

OLWHUDULVFKHQ .RPPXQLNDWLRQ GHU 0RGHUQH DXI]XIDVVHQ VLQG ,KU VHPDQ WLVFKHV6SLHOPLWSROLWLVFKHQXQGUHOLJL|VHQ9RNDEHOQHUZHLVWVLFKDOVHLQ VR$UPLQ6FKlIHUV/HLWWKHVHDQGHUÅ,QWHQVLWlWGHU)RUP´DXVJHULFKWHWHV OLWHUDULVFKHV3URJUDPP*HUDGHHLQHGLVWDQ]LHUWH$QDO\VHGHU7H[WHGLHVLH NXOWXUKLVWRULVFKLQHLQH(SRFKHGHU0RGHUQHHLQRUGQHWIKUWVR]XHLQHU JHQDXHQ/HNWUH]XUFNGHQQGLHSROLWLVFKH6HPDQWLNGHU*HGLFKWHZlUH QXQDOV0HGLXPHLQHUSRHWLVFKHQ)RUPLHUXQJ]XOHVHQ'LHÅ*HVHOOVFKDIW´ VFKOHFKWKLQ ZLUG *HRUJH RIIHQEDU ]XP Å0HGLXP GHU .XQVW´ XQG GD UDXVIROJWGDVVGDV:HUNGDUDXIKLQ]XEHIUDJHQZlUHZLHVLHGLHVHV0H GLXP IRUPW ZHOFKHV 3URJUDPP GLH 6HOHNWLRQHQ XQG (QWVFKHLGXQJHQ VWHXHUW:DV*HRUJHV*HGLFKWHDXVPDFKWZlUHHLQH)RUPLHUXQJGHV3ROL WLVFKHQQLFKWHLQH3ROLWLVLHUXQJGHU)RUP:HOFKHÅ)UHLKHLWHQ´VLFK*H RUJHLP8PJDQJPLWVHLQHUSROLWLVFKHQ8PZHOWQLPPWXQGZHOFKH5HVW ULNWLRQHQHUVLFKLQVHLQHUÅ)RUPZDKO´DXIHUOHJWZlUHDEHUVHLQHQ*H GLFKWHQ ]X HQWQHKPHQ XQG QLFKW GHQ %HNXQGXQJHQ VHLQHU *HIROJVFKDIW 'DPLWVFKOLH‰WVLFKGHU.UHLV²XQG|IIQHWVLFK]XHLQHU6SLUDOH'HQQGLH /HNWUH N|QQWH MD GHQ (LQGUXFN HUZHFNHQ GLH 3URJUDPPLHUXQJ GHV &RGHV VHL SROLWLVFK XQG HUVW GLH OLWHUDWXUKLVWRULVFKH XQG VR]LRORJLVFKH (LQVFKlW]XQJGHV:HUNVZUGHGLH/HVHUGDULQEHVWlUNHQHVKDQGHOHVLFK GRFK XP OLWHUDULVFKH .RPPXQLNDWLRQ 8QG JHUDGH GLHVH (LQVFKlW]XQJ ZUGHQLFKWDXIGHU(EHQHGHU*HGLFKWHDUJXPHQWLHUHQGHUHQ)RUPHQDOV 3URJUDPPLHUXQJGHV&RGHVGHU.XQVW]XEHVWLPPHQZlUHQVRQGHUQDXI GHU%DVLVHLQHUHPSLULVFKHQ3UDJPDWLNQDFKGHUGDVDOV/LWHUDWXUJLOWZDV HLQHDXVVFKODJJHEHQGHVR]LDOH*UXSSHDOV/LWHUDWXUDQHUNDQQWKDW$XV GLHVHU 3DUDGR[LH IKUW NHLQ :HJ KHUDXV (V LVW DEHU GDV 9HUGLHQVW GHU 6\VWHPWKHRULH GLHVHV 3UREOHP VHKU SUl]LVH ]X IRUPXOLHUHQ 'LH 8QWHU VFKHLGXQJ]ZLVFKHQ/LWHUDWXUXQG1LFKWOLWHUDWXUIKUWLQHLQHQ=LUNHO(U ZLUG YRQ 7KHRULHQ XQWHUEURFKHQ GLH GLH )UDJH HQWZHGHU DXI GHU (EHQH GHU 7H[WH HQWVFKHLGHQ GHUHQ /LWHUDUL]LWlW RGHU 3RHWL]LWlW EHVWLPPW ZLUG +LHU ZlUHQ IRUPDOLVWLVFKH RGHU GHNRQVWUXNWLYLVWLVFKH 3RVLWLRQHQ ]X QHQ QHQ2GHUGLH)UDJHZLUGPLW%OLFNDXIVR]LDOH=XUHFKQXQJHQJHNOlUW:DV JLOWZDQQZHPDOV/LWHUDWXU"'LHVH3UREOHPVWHOOXQJIKUW]XU'LVNXUVDQD O\VHRGHU]XU/LWHUDWXUVR]LRORJLH'LH6\VWHPWKHRULHXQWHUQLPPWGHQ9HU VXFKEHLGH)UDJHQ]XIRUPXOLHUHQ²XQGJHPHLQVDP]XEHDQWZRUWHQ'LH &RGLHUXQJGHU.XQVWYHUZHLVWDXIEHLGH6HLWHQGHV3UREOHPVDXIGLH(LQ EHWWXQJGHU.XQVWLQHLQH*HVHOOVFKDIWGLHDXVHLQHU9LHO]DKOYRQ)XQNWL RQVV\VWHPHQEHVWHKWGLHDOOHVDPWVSH]LILVFKFRGLHUWVLQGXQGDXIGLHHLQ  

/XKPDQQ1LNODVÅ'DV0HGLXPGHU.XQVW´,Q6FKULIWHQ]XU.XQVWXQG/LWHUDWXU+JY1LHOV :HUEHU)UDQNIXUW0DLQ6²KLHU6  (EG6  9JO6FKlIHU,QWHQVLWlWGHU)RUP6II

&RGH3URJUDPP



]LJDUWLJH3URJUDPPLHUXQJGHV&RGHVLQHLQHPNRQNUHWHQ:HUN2E/XK PDQQV /|VXQJ GHU 3DUDGR[LH JHOXQJHQ LVW VHL GDKLQJHVWHOOW :LFKWLJHU VFKHLQW DEHU GLH )UDJH RE GLHVH 9HUVFKUlQNXQJ GHU %HREDFKWXQJ GHV .XQVWZHUNV PLW GHU %HREDFKWXQJ GHU %HREDFKWHU GHV .XQVWZHUNV DOVR GLH9HUVFKUlQNXQJGHUIRUPDOHQXQGVR]LDOHQ'LPHQVLRQGHU.XQVWVLFK DOVZLVVHQVFKDIWOLFKIUXFKWEDUHUZHLVHQNDQQ 





(92/87,21²$/7(566(0$17,. 7+20$6.h33(5 9RQ GHU (YROXWLRQ GHV /LWHUDWXUV\VWHPV ]X VSUHFKHQ N|QQWH ]XQlFKVW YHUPXWHQODVVHQQXQVROOHHLQJUR‰HU%RJHQJHVSDQQWZHUGHQ(YROXWLRQ DOV3ULQ]LSQDFKGHP/LWHUDWXUJHVFKLFKWH]XVDPPHQKlQJHQGHU]lKOWZHU GHQ N|QQH ,QGHVVHQ VWHOOW GLH (YROXWLRQVWKHRULH JHUDGH DXI GLH 'LVNRQ WLQXLWlW XQG DXI GLH .RQWLQJHQ] OLWHUDULVFKHQ *HVFKHKHQV VFKDUI .HLQH GXUFKJHKHQGH(QWZLFNOXQJVOLQLHLQVEHVRQGHUHNHLQH$XVULFKWXQJDXIHLQ =LHOZLUGEHKDXSWHWYLHOPHKUODVVHQVLFKGLHSXQNWXHOOHQ]XIlOOLJHQ9HU lQGHUXQJHQOLWHUDULVFKHU.RPPXQLNDWLRQLQGHQ%OLFNQHKPHQ *HUKDUG3OXPSHZHLVWGDUDXIKLQGDVVGHU/LWHUDWXUZLVVHQVFKDIWHYR OXWLRQVWKHRUHWLVFKH hEHUOHJXQJHQ XQYHUWUDXW VLQG ]X GHQ ZHQLJHQ 9RU OlXIHUQ]lKOWHU$QVlW]HGHVVRJHQDQQWHQ5XVVLVFKHQ)RUPDOLVPXVDXVGHQ HU -DKUHQ -XULM 7\QMDQRY HWZD EHWRQW  ZLH NRQWLQJHQW $E ZHLFKXQJHQ YRP 6FKRQGDJHZHVHQHQ LQ GHU OLWHUDULVFKHQ (YROXWLRQ ]X VWDQGH NRPPHQ 'XUFK Å)HKOHU´ GXUFK Å]XIlOOLJH´ 9HUVW|‰H JHJHQ GDV MHZHLOV EHVWHKHQGH .RQVWUXNWLRQVSULQ]LS ]HLFKQHW VLFK HLQ HQWJHJHQJH VHW]WHV .RQVWUXNWLRQVSULQ]LS DE ,QGHP 7\QMDQRY GLH =XIlOOLJNHLW GHU (QWVWHKXQJ YRQ 9DULDQWHQ KHUDXVVWHOOW ZLGHUVSULFKW HU GHU 9RUVWHOOXQJ HLQHUJHUDGOLQLJHQEUXFKORVHQ(QWZLFNOXQJHUYHU]LFKWHWLQGLHVHP6LQQH DXI ÅJUR‰H (U]lKOXQJHQ´ 0LW/XKPDQQV 6\VWHPWKHRULH ODVVHQ VLFK $Q VlW]H ZLH GHU YRQ7\QMDQRY DXIJUHLIHQ XQG ZHLWHUGHQNHQ ,P)ROJHQGHQ VROO]XQlFKVWVNL]]LHUWZHUGHQZLHGLH(YROXWLRQGHU/LWHUDWXUV\VWHPWKH RUHWLVFK EHREDFKWHW ZHUGHQ NDQQ 'DUDXIKLQ GLHQW GHU :HFKVHO OLWHUDUL VFKHU$OWHUVVHPDQWLNDOVHLQ%HLVSLHOGDIUZLHGDV/LWHUDWXUV\VWHPHLJHQH HYROXWLRQlUH/DJHQUHIOHNWLHUW

 

3OXPSH *HUKDUG Å(YROXWLRQ GHV /LWHUDWXUV\VWHPV´ ,Q 0HGLHQ XQG bVWKHWLN )HVWVFKULIW IU %XUNKDUGW/LQGQHU+JY+DUDOG+LOOJlUWQHUX7KRPDV.SSHU%LHOHIHOG6² KLHU6I  7\QMDQRY -XULM Å'DV OLWHUDULVFKH )DNWXP´ ,Q 5XVVLVFKHU )RUPDOLVPXV 7H[WH ]XU DOOJHPHLQHQ /LWHUDWXUWKHRULHXQG]XU7KHRULHGHU3URVD+JY-XULM6WULHGWHU0QFKHQ6²KLHU 6  9JO3OXPSHÅ(YROXWLRQGHV/LWHUDWXUV\VWHPV´6



7KRPDV.SSHU

(YROXWLRQVWKHRUHWLVFKH*UXQGODJHQ 3ULQ]LSLHOO PVVHQ ZLH 1LNODV /XKPDQQ HUNOlUW ÅGUHL 0HFKDQLVPHQ ]X VDPPHQZLUNHQ>@XP(YROXWLRQ]XHU]HXJHQ9DULDWLRQ6HOHNWLRQXQG5H WHQWLRQ RGHU 6WDELOLVLHUXQJ´ 'HU 9DULDWLRQVPHFKDQLVPXV EHUXKW YRU DOOHP DXIGHQLQGHU6SUDFKHVLFKELHWHQGHQ0|JOLFKNHLWHQ1HLQ]XVDJHQHU VHW]WEHLGHQNRPPXQLNDWLYHQ(UHLJQLVVHQDQÅ(VZLUGHWZDV1HXDUWLJHV 8QHUZDUWHWHV $EZHLFKHQGHV  JHVDJW YRUJHVFKODJHQ JHVFKULHEHQ HYHQ WXHOO JHGUXFNW´ /XKPDQQV 0RGHOO VFKOLH‰W ² HEHQVR ZLH GDV YRQ 7\Q MDQRY².RQWLQJHQ]HLQHUVSULFKWDXFKYRQÅ=XIDOO´0LWÅ=XIDOO´LVWGD EHL QLFKW ÅXUVDFKHORVH 6SRQWDQHLWlW RGHU XQJHUHJHOWHV *HVFKHKHQ´ JH PHLQWVWDWWGHVVHQKDWGHU%HJULIIÅQXUV\VWHPUHODWLYH%HGHXWXQJXQGEH ]HLFKQHWGDV)HKOHQHLQHU9RUZHJNRRUGLQDWLRQ]ZLVFKHQ(UHLJQLVVHQXQG 6\VWHPHQ´ 'LH $EZHLFKXQJ YRP %LVKHULJHQ NDQQ QDFK KHUJHEUDFKWHQ 0D‰JDEHQ]XP%HLVSLHODOV1HJDWLRQDOV9HUIHKOXQJRGHUDXFKDOVHWZDV 8QHUKHEOLFKHV 1HEHQVlFKOLFKHV HUVFKHLQHQ 'DV QDFK GHQ EHUNRP PHQHQ.ULWHULHQ1HEHQVlFKOLFKHNDQQMHGRFKLQGHQ0LWWHOSXQNWUFNHQ GLH1HJDWLRQRGHU9HUIHKOXQJHLQHHLJHQH)DV]LQDWLRQVNUDIWHUODQJHQXQG LP =XJH GHVVHQ lQGHUQ VLFK 6HOHNWLRQVSULQ]LSLHQ 'HU 6HOHNWLRQVPHFKD QLVPXVHQWVFKHLGHWGDUEHUREGLH1HXHUXQJIUHLQH:LHGHUYHUZHQGXQJ LQ)UDJHNRPPW)LQGHWGLH9DULDQWH,QWHUHVVHVFKOLH‰HQP|JOLFKHUZHLVH HLQHJDQ]H5HLKHlKQOLFKHU)RUPELOGXQJHQDQVLHDQ'LH9DULDQWHZLUG]X HLQHP Å9RUELOG NQIWLJHU :HUNH´ XQG SUlJW GDGXUFK HLQ QHXHV OLWHUDUL VFKHV3URJUDPPVLHNRPPWJOHLFKVDPOLWHUDULVFKLQ0RGHVRGDVVVLFK HWZD HLQ QHXHU 6WLO HWDEOLHUW :lKUHQG VLFK GXUFK GLH 6HOHNWLRQ (UZDU WXQJVVWUXNWXUHQ ELOGHQ GLH GHQ 6SLHOUDXP ZDKUVFKHLQOLFKHU $QVFKOXVV NRPPXQLNDWLRQHLQVFKUlQNHQEHWULIIWGLH6WDELOLVLHUXQJÅGHQ=XVWDQGGHV  

   





/XKPDQQ1LNODVÅ*HVFKLFKWHDOV3UR]H‰XQGGLH7KHRULHVR]LRNXOWXUHOOHU(YROXWLRQ´,Q 1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ%G2SODGHQ6²KLHU6>+HU YRUKHEXQJLP2ULJLQDO@9JO]XP)ROJHQGHQDXFK:HUEHU1LHOVÅ(YROXWLRQOLWHUDULVFKHU .RPPXQLNDWLRQVWDWW6R]LDOJHVFKLFKWHGHU/LWHUDWXU´,Q:HLPDUHU%HLWUlJH  + 6² 9JO /XKPDQQ 1LNODV Å6\VWHPWKHRULH (YROXWLRQVWKHRULH XQG .RPPXQLNDWLRQVWKHRULH´ ,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ%G2SODGHQ6²KLHU6 /XKPDQQ1LNODV'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 /XKPDQQÅ*HVFKLFKWHDOV3UR]H‰XQGGLH7KHRULHVR]LRNXOWXUHOOHU(YROXWLRQ´6 9JO:HUEHU1LHOVÅ'HU0DUNWGHU0XVHQ'LH:LUWVFKDIWDOV8PZHOWGHU/LWHUDWXU´,Q %HREDFKWXQJHQ GHU /LWHUDWXU $VSHNWH HLQHU SRO\NRQWH[WXUDOHQ /LWHUDWXUZLVVHQVFKDIW +J Y *HUKDUG 3OXPSHX1LHOV:HUEHU2SODGHQ6²KLHU6 9JO/XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6I 9JO ]XP 6WLOEHJULII /XKPDQQ 1LNODV Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ ,Q 6WLO *HVFKLFKWHQ XQG )XQNWLRQHQ HLQHV NXOWXUZLVVHQVFKDIWOLFKHQ 'LVNXUVHOHPHQWV +J Y +DQV8OULFK*XPEUHFKWX.DUO/XGZLJ3IHLIIHU)UDQNIXUW0DLQ6²

(YROXWLRQ



HYROXLHUHQGHQ6\VWHPVQDFKHLQHUHUIROJWHQVHLHVSRVLWLYHQVHLHVQHJDWL YHQ6HOHNWLRQ´ 1LHOV :HUEHU KDW YRU $XJHQ JHIKUW GDVV GLHVHV (YROXWLRQVPRGHOO PLWGHU|NRQRPLVFKHQ7KHRULHGHV3URGXNWOHEHQV]\NOXVYHUJOLFKHQZHU GHQ NDQQ LQ GHU PDQ GLH (LQIKUXQJVSKDVH GLH :DFKVWXPVSKDVH GLH 6lWWLJXQJVSKDVH XQG GLH 'HJHQHUDWLRQVSKDVH HLQHV 3URGXNWV XQWHUVFKHL GHW 'LH 0DUNWHLQIKUXQJ LVW ULVNDQW GD HLQ QHXHV 3URGXNW ÅDXI NHLQH 1DFKIUDJHVWR‰HQXQGYRP0DUNWQHJDWLYVHOHNWLHUWZHUGHQN|QQWHGRFK LVW GLH WDXIULVFKH :DUH RKQH .RQNXUUHQ] ² ÄlVWKHWLVFK¶ IRUPXOLHUW VLH LVW HLQ]LJDUWLJRULJLQHOOLQGLYLGXHOOJHQLDO´+DWGLH1HXHLQIKUXQJ(UIROJ OLHJWHVIUGLH.RQNXUUHQ]QDKHGDV3URGXNW]XLPLWLHUHQ:lKUHQGGHU 0DUNWDOOPlKOLFKJHVlWWLJWZLUGIlFKHUWVLFKGDV3URGXNWDQJHERWDXIXQG ZLUG DXI YHUVFKLHGHQH =LHOJUXSSHQ ]XJHVFKQLWWHQ ,VW MHGRFK GHU 0DUNW EHUVlWWLJW XQG MHGH =LHOJUXSSH HUUHLFKW YHUVFKZLQGHW GDV 3URGXNW ZLH GHU :HUEHU LOOXVWULHUW GLHVHV WKHRUHWLVFKH .RQ]HSW DQ *RHWKHV *|W] YRQ %HUOLFKLQJHQÅ'HU*|W]ZLUGHUIROJUHLFKHLQJHIKUWGLH.RQNXUUHQWHQSOD JLLHUHQ]XQlFKVWGDQQYDULLHUHQVLHGDV3URJUDPPVFKOLH‰OLFKLVWGHU%H GDUIQDFK6FKDUIULFKWHUQ)HPHJHULFKWHQXQGDOWGHXWVFKHQ.UDIWVSUFKHQ JHGHFNW ,Q )ROJH GHU 3URGXNWGLYHUVLILNDWLRQ HQWVWHKW HLQ QHXHV 3UR JUDPP ZlKUHQG GDV DOWH DEVWLUEW´ 6ROFKH 9RUJlQJH ODVVHQ VLFK PLW +LOIHGHU(YROXWLRQVWKHRULHQlKHULQGHQ%OLFNQHKPHQ'LHHYROXWLRQlUHQ 0HFKDQLVPHQ OLWHUDULVFKHU .RPPXQLNDWLRQ VRUJHQ IU Ä3URGXNWQHXHLQ IKUXQJHQ¶ ZLH GLH GHV *|W] IU 9DULDQWHQ GLH ÅHLQHQ JHJHEHQHQ 3UR JUDPPUDKPHQ VSUHQJHQ RKQH DEHU DXIJUXQG GLHVHU 'HYLDQ] QHJDWLY VH OHNWLHUW ]X ZHUGHQ´ 'HU 9RUWHLO GHU (YROXWLRQVWKHRULH JHJHQEHU GHU 7KHRULHGHV3URGXNWOHEHQV]\NOXVOLHJWLQVEHVRQGHUHGDULQGDVVGLH(UVWHUH GLH 9RUVWHOOXQJ HLQHU TXDVLRUJDQLVFKHQ (QWZLFNOXQJ Å/HEHQV]\NOXV´  YHUPHLGHW XQG YLHOPHKU GLH %UFKH GLH QLFKW TXDVLRUJDQLVFK HLQWUH WHQGHQ 9HUlQGHUXQJHQ GLH VR ZLH VLH DXVIDOOHQ DEHU DXFK DQGHUV P|J OLFKHQ9HUVFKLHEXQJHQLQQHUKDOEGHV/LWHUDWXUV\VWHPVKHUYRUKHEW %DXWGLH/LWHUDWXUZLVVHQVFKDIWVROFKHHYROXWLRQVWKHRUHWLVFKHQ$QVlW]H DXVEOHLEWLKUQRFKYLHOHV]XWXQ0XVWHUGHV3URGXNWOHEHQV]\NOXVHLJQHQ VLFKZLHDXV:HUEHUVhEHUOHJXQJHQKHUYRUJHKWQXUEHGLQJWKHXULVWLVFK DOV )ROLH IU GDV 1DFK]HLFKQHQ OLWHUDULVFKHU (YROXWLRQ DEHU DXFK KHU    

  

/XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  6  >+HUYRUKH EXQJLP2ULJLQDO@ 1DFK%XVVHYRQ&ROEH:DOWKHU3HWHU+DPPDQQX*HUW/D‰PDQQ%HWULHEVZLUWVFKDIWVWKHRULH $EVDW]XQG,QYHVWLWLRQVWKHRULH%HUOLQ+HLGHOEHUJ :HUEHUÅ'HU0DUNWGHU0XVHQ´6 (EG :HUEHUÅ'HU0DUNWGHU0XVHQ´6 (EG6



7KRPDV.SSHU

N|PPOLFKH 0RGHOOH GHU /LWHUDWXUJHVFKLFKWH N|QQHQ DOOHQIDOOV PLW 9RU EHKDOWHQ KHUDQJH]RJHQ ZHUGHQ 0LW GHQ HYROXWLRQVWKHRUHWLVFKHQ *UXQG JHGDQNHQNDXPYHUHLQEDUVLQGHWZDGLHZLVVHQVFKDIWOLFKHQ9HUVXFKHGDV *HVDPW ÄGHU¶ /LWHUDWXUJHVFKLFKWH LQ LKUHU OLQHDUHQ $QRUGQXQJ ]X EHU VFKDXHQXP]XEHVWLPPHQREHLQ:HUNIRUWRGHUUFNVFKULWWOLFKRULJL QHOORGHUHSLJRQDOEHGHXWHQGRGHUXQEHGHXWHQGVHL:lKUHQGVROFKH$Q VlW]H GLH LKQHQ EHNDQQWHQ 9RUOlXIHU GHV MHZHLOLJHQ OLWHUDULVFKHQ :HUNV DXIOLVWHQ XP HV ]X EHZHUWHQ XQG DXI HLQHU GXUFKJHKHQGHQ $FKVH HLQ ]XRUGQHQZlUHHYROXWLRQVWKHRUHWLVFK]XUHNRQVWUXLHUHQZHOFKH:HUN9D ULDQWHQLPMHZHLOLJHQOLWHUDULVFKHQ.RQWH[WJHJHQZlUWLJVLQGXQGZLHGLHVH LKUHU]HLWVHOHJLHUWZHUGHQ%HWUDFKWHWPDQ:HUNHMHGRFKDXIGHU)ROLHÄGHU¶ /LWHUDWXUJHVFKLFKWH LP *DQ]HQ QHKPHQ VLFK ]XP %HLVSLHO VRJHQDQQWH Ä7ULYLDOURPDQH¶ P|JOLFKHUZHLVH ZLH ÄJHVXQNHQHV .XOWXUJXW¶ ZHQQ QLFKW JDUZLHHLQ5FNVWDQGRGHUHLQ$EIDOOYRQHWZDV6FKRQGDJHZHVHQHPDXV ²DOVXQWHUE|WHQGLHVH5RPDQHOHGLJOLFKHLQEHUHLWVHUUHLFKWHVKRFKNXOWX UHOOHV 1LYHDX GDV EHL GHU ZLVVHQVFKDIWOLFKHQ (LQRUGQXQJ ]XP 0D‰VWDE JHQRPPHQZHUGHQN|QQWH$QKDQGGHU(YROXWLRQVWKHRULHZlUHKLQJHJHQ ]X XQWHUVXFKHQ RE GDV YHUPHLQWOLFK Ä7ULYLDOH¶ WDWVlFKOLFK GDULQ DXIJHKW +RFKNXOWXUJOHLFKVDPDEJHVFKZlFKWDXIÄQLHGHUHU¶(EHQH]XZLHGHUKROHQ RGHUREHVQLFKWJDQ]HLJHQH6SLHOUlXPHIU9DULDQ]NRPPXQLNDWLRQYRU DOOHPHLJHQH6HOHNWLRQVSULQ]LSLHQHLJHQH3URJUDPPHDXVELOGHW 1HEHQGHP1DFK]HLFKQHQOLWHUDULVFKHU(YROXWLRQVWHOOWVLFKHLQHUHYR OXWLRQVWKHRUHWLVFKHQ /LWHUDWXUZLVVHQVFKDIW HLQH ZHLWHUH XPIDQJUHLFKH $XIJDEH]XUHNRQVWUXLHUHQZLHGLH/LWHUDWXUGDV=XVDPPHQZLUNHQLKUHU HYROXWLRQlUHQ 0HFKDQLVPHQ VHOEVW UHIOHNWLHUW ([HPSODULVFK VROO LP )RO JHQGHQ GDUJHVWHOOW ZHUGHQ LQZLHIHUQ GHU /LWHUDWXU $OWHUVVHPDQWLN DOV HLQ HQWVSUHFKHQGHV 5HIOH[LRQVPHGLXP GLHQW 'XUFK GLH $OWHUVVHPDQWLN UHD JLHUW GDV /LWHUDWXUV\VWHP VR GLH 7KHVH DXI VHLQH HLJHQH (YROXWLRQ XQG YHUlQGHUW GDPLW ]XJOHLFK GLH %HGLQJXQJHQ IU ZHLWHUH (YROXWLRQ ² DXFK ZHQQGLHVHQLFKWVWHXHUEDULVW(VIHUWLJW6HOEVWEHVFKUHLEXQJHQDQGXUFK GLHHVHLQLJH9HUlQGHUXQJHQKHUYRUKHEWXQWHUVWW]WQDKHOHJWXQGDQGHUH 9HUlQGHUXQJHQYHUJLVVWIHUQUFNWYRUOlXILJQLFKWLQ%HWUDFKW]LHKW 'LH:HFKVHOEH]LHKXQJYRQOLWHUDULVFKHU(YROXWLRQXQG$OWHUVVHPDQWLN OlVVWVLFKHWZDDQ%HLVSLHOHQDXVGHPXQGIUKHQ-DKUKXQGHUWGLV NXWLHUHQ$Q0DWHULDOGDVYRQGHU/LWHUDWXUJHVFKLFKWVVFKUHLEXQJGD]XYHU ZHQGHWZXUGH(QWZLFNOXQJVOLQLHQ]X]LHKHQNDQQVWDWWGHVVHQHLQHYROX WLRQVWKHRUHWLVFKHU$QVDW]HUSUREWZHUGHQ7URW]GHU=XIlOOLJNHLWXQGGHU 'LVNRQWLQXLWlWOLWHUDULVFKHQ*HVFKHKHQVGLHGDQQLQGHQ%OLFNUFNHQLVW HV P|JOLFK =XVDPPHQKlQJH ]ZLVFKHQ GHQ YLHU DXVJHZlKOWHQ %HLVSLHOHQ

(YROXWLRQ



KHU]XVWHOOHQ ² LQVRIHUQ DOVVLFK HLQLJHGHU EHWUHIIHQGHQ 7H[WH YRU DOOHP EHU1HJDWLRQDXIDQGHUHYRQLKQHQEH]LHKHQ (YROXWLRQXQG$OWHUVVHPDQWLN'HU3RHWDGRFWXV *RWWVFKHG ZHQGHW VLFK LQ VHLQHP 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW JHJHQ GLH $QQDKPH GLH -XJHQG VHL ]XU 3RHVLH EHVRQGHUV EHIlKLJW (U LVW GHU 0HLQXQJGDVVQXUÅVHKUZHQLJHLQLKUHQPlQQOLFKHQ-DKUHQDOOHGLH:LV VHQVFKDIW EHVLW]HQ GLH ]X HLQHP ZDKUHQ 'LFKWHU XQHQWEHKUOLFK LVW´ 'DPLWYHUODQJW*RWWVFKHG]XQlFKVWHLQDXVIKUOLFKHV6WXGLXP,GHDOLVLHUW ZLUG XQWHU GLHVHQ 9RUDXVVHW]XQJHQ GHU 3RHWD GRFWXV GHU VHLQH .HQQW QLVVH LP /DXIH GHU -DKUH HUZRUEHQ KDW GDV $OWHU LVW HQWVSUHFKHQG KRFK DQJHVHKHQ $XFKGLHDOWHQJULHFKLVFKHQXQGU|PLVFKHQ'LFKWHU DQWLTXL JHOWHQDOV PD‰JHEOLFKDOOHUGLQJVPXVVGLH%LQGXQJDQGDVEHUOLHIHUWH$OWHIU*RWW VFKHGPLWGHU9HUQXQIWYHUHLQEDUVHLQ6REHJUQGHWHUGLH9RUELOGOLFKNHLW GHUDOWHQ*ULHFKHQGDPLWGDVVHVGHUÅ*HEUDXFKGHUJHVXQGHQ9HUQXQIW´ JHZHVHQ VHL GXUFK GHQ ÅYRU]HLWHQ *ULHFKHQODQG GLH 5HJHOQ GHU PHLVWHQ IUH\HQ .QVWH HUIXQGHQ´ KDEH GLH *ULHFKHQ VHLHQ ÅGLH YHUQQIWLJVWHQ /HXWHYRQGHU:HOW´JHZHVHQ *RWWVFKHGIDVVWGLH7UDGLWLRQGHU'LFKWNXQVWDOVHLQ.RQWLQXXPDXI LQGHPGHU1DFKZXFKVVLFKDQGLHDOWHQ3RHWHQKDOWHQNDQQ2KQHGLHVH ÅKlWWH XQV 2SLW] QLPPHUPHKU HLQH VR JXWH %DKQ ]X EUHFKHQ YHUPRFKW $XV/HVXQJGHU$OWHQLVWHUHLQ3RHWJHZRUGHQXQGZHULKPQLFKWIROJHW GHU ZLUG HV QLPPHUPHKU ZHUGHQ´ .DQQ PDQ VLFK PLW GLHVHQ 0HWD SKHUQ]XUHGHQNHLQHQ9RUJlQJHUQDQVFKOLH‰HQGDQQNRPPWPDQQLFKW ZHLW $XFK2SLW]ZLUGYRQ*RWWVFKHGHLQHEHVRQGHUH6WHOOXQJLQGHU7UD GLWLRQ]XJHRUGQHWGLHGHVÅ9DWHU>V@XQVUHUJHUHLQLJWHQ3RHVLH´'LH:U GH GLH 2SLW] GXUFK GLHVH =XZHLVXQJ HUODQJW JHKW DXV GHU %HJULIIVJH VFKLFKWH KHUYRU ,P  -DKUKXQGHUW HWZD VLQG GLH .LUFKHQYlWHU SDWUHV   



 

 

'LH hEHUOHJXQJHQ JHKHQ ]XUFN DXI GLH YRQ *HUKDUG 3OXPSH EHWUHXWH 'LVVHUWDWLRQ GHV 9HUIDVVHUV'DVLQV]HQLHUWH$OWHU6HQLRULWlWDOVOLWHUDULVFKHV3URJUDPPYRQELV:U]EXUJ  *RWWVFKHG -RKDQQ &KULVWRSK 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW  7HLO ,Q -RKDQQ &KULV WRSK*RWWVFKHG$XVJHZlKOWH:HUNH%G+JY-RDFKLP%LUNHX%ULJLWWH%LUNH%HU OLQ1HZ@'LH=XNXQIWVRULHQWLHUXQJGHUPRGHUQHQ*HVHOOVFKDIWZHUWHW GDV HLQVW 'HIL]LWlUH GHU -XJHQG LKUH (UIDKUXQJVORVLJNHLW LKUH 8QEHVWlQGLJNHLW GLH 9DJKHLW LKUHU +RIIQXQJHQ XQG LKUH GUDXIJlQJHULVFKH .KQKHLW HQWVFKLHGHQ DXI

9RU DOOHP DEHU LVW GDV .RQ]HSW -XJHQG GHP $OWHUVLGHDO YRQ *RWWVFKHGV 3RHWLN PDUNDQW HQWJHJHQJHVHW]W :lKUHQG GDV $OWHU EHL *RWWVFKHG IU *HOHKUWHQZLVVHQVWHKWGDV]XP'LFKWHQXQYHU]LFKWEDUVHLQVROO]HLFKQHW VLFKEHLGHU$ENHKUYRQVHLQHU'LFKWNXQVWGLH-XJHQGJHQDXGDGXUFKDXV QRFK QLFKW YRQ JHOHKUWHQ5HJHOQ XQG 0XVWHUQ GHU 3RHVLH HLQJHQRPPHQ ]XVHLQ(VZLUGGHU-XJHQGLPVRJHQDQQWHQÅ6WXUPXQG'UDQJ´DOV9RU WHLO DQJHUHFKQHW GLH 7UDGLWLRQ QLFKW ]X NHQQHQ ,P +LQEOLFN DXI GLH 6HOEVWEHVFKUHLEXQJ OLWHUDULVFKHU (YROXWLRQ KHL‰W GDV 0DQ YHU]LFKWHW GD UDXI6HOHNWLRQHQDQ)L[SXQNWHQGHU9HUJDQJHQKHLWDXV]XULFKWHQ 'LHVH(SRFKHVWHKWLQGHVQLFKWQXULP=HLFKHQGHU-XJHQG$XFKGDV $OWHU ZLUG LP Å6WXUP XQG 'UDQJ´ ZLHGHUXP ]XP ,GHDO DOOHUGLQJV PLW HLQHU HQWVFKHLGHQGHQ 8PNHKUXQJ JHJHQEHU *RWWVFKHGV $OWHUVNRQ]HS WLRQ'DV$OWHUSURILOLHUWVLFKHEHQVRZLHGLH-XJHQGJHUDGHGDGXUFKGDVV HVGLH7UDGLWLRQQLFKWNHQQWLQGHPHV²DOVQDWXUZFKVLJDXWRFKWKRQXU VSUQJOLFK²QRFKYRUDOOHU7UDGLWLRQSRVLWLRQLHUWZLUG 3DUDGLJPDWLVFKLVWLQVEHVRQGHUHGDV%LOG+RPHUVGDVGHQÅ6WXUPXQG 'UDQJ´ EHHLQIOXVVW (GZDUG @QlPOLFKDQGHU%UXVWGHU1DWXU´ $OVQDFKDKPHQVZHUWHUVFKHLQWDQ+RPHUYRUDOOHPGDVVHUhEHUOLHIHUWHV QLFKW QDFKJHDKPW KDEH +RPHU ZLUG GDPLW SDUDGR[HUZHLVH ]XP 9RUELOG IUHLQNQVWOHULVFKHV6FKDIIHQGDVVLFKQLFKWDQ9RUELOGHUDQOHKQW 6LJQLILNDQW VLQG GLH 5HDNWLRQHQ GLH GLHVH $XIIDVVXQJ KHUYRUUXIW *RWWVFKHG KlOW LQ VHLQHU 5H]HQVLRQ YRQ *RHWKH@ ILQGH ,KUH *HPlOGHXQG=HLFKQXQJHQGRFKHLJHQWOLFKQXUQRFKJHVWDPPHOWXQGHV PDFKWGLHVHVHLQHQVREOHUHQ(LQGUXFNGDPDQVLHKWHVLVWHLQHUZDFKVHQHU 0HQVFKGHUYLHOHUOHL]XVDJHQKDWXQG]XGHVVHQ-DKUHV]HLWHLQVRXQYROONRPPHQHU $XVGUXFNQLFKWUHFKWNOHLGHW´ ,QGHPHLQ'LFKWHUVLFKDEHUDOVUHLIHUZHLVWNDQQHUVLFKYRQGHQMX JHQGOLFKHQ $QIlQJHUQ DEVRQGHUQ 0DQ VROOH QLFKW GHQNHQ KHL‰W HV LQ (FNHUPDQQV*HVSUlFKHQPLW*RHWKHLQGHQOHW]WHQ-DKUHQVHLQHV/HEHQVÅGD‰GLH :HOWVRVHKULQGHU.XOWXUXQGJXWHP*HVFKPDFNYRUVFKULWWHGD‰VHOEVW GLH -XJHQG VFKRQ EHU HLQH >@ URKHUH (SRFKH KLQDXVZlUH :HQQ DXFK GLH:HOWLP*DQ]HQYRUVFKUHLWHWGLH-XJHQGPX‰GRFKLPPHUZLHGHUYRQ YRUQHDQIDQJHQXQGDOV,QGLYLGXXPGLH(SRFKHQGHU:HOW.XOWXUGXUFK PDFKHQ´-XJHQGZHUNHXQWHUOLHJHQGHP9HUGDFKWQLFKWDQGDVYRQDQ GHUHQLQGHU.XQVW(UUHLFKWHDQ]XNQSIHQVRQGHUQKLQWHUGLHVHV]XUFN ]XIDOOHQ 'LH 3RLQWH GLHVHU =XVFKUHLEXQJ LVW GDVV GLH -XQLRUHQ QLFKW IU VLFKEHDQVSUXFKHQN|QQHQGHQ6HQLRUHQYRUDXV]XVHLQ'LH-XJHQGPXVV VLFKGLHNXOWXUHOOHQ(UUXQJHQVFKDIWHQHUVWHLQPDOHUDUEHLWHQEHYRUVLHVLFK PLWGHQbOWHUHQPHVVHQNDQQ'HQQ)RUWVFKULWWLP6LQQH*RHWKHVEHGHX WHWQLFKWGDVVDOOHV%LVKHULJHREVROHWZLUG 1LFKW]XOHW]WZLUGHVLQGHU6HOEVWUHIOH[LRQGHV/LWHUDWXUV\VWHPVP|J OLFKYRQHLQHUÅ6FKXOH´GHU3RHVLH]XVSUHFKHQRKQHGDVVGDPLWZLHLQ GHUDOWHXURSlLVFKHQ3RHWLNIHVWH9RUVFKULIWHQXQG5HJHOQJHVHW]WZHUGHQ PVVHQ 'HU *HGDQNH HLQHU LQGLYLGXHOOHQ %LOGXQJ YHUELQGHW GHQ $Q VSUXFKDXI7UDGLWLRQPLWGHP$QVSUXFKDXI6HOEVWlQGLJNHLW'LH-XJHQG GLHVLFKVFKXOWYHUOLHUWGDGXUFKQLFKWLKU(LJHQHV*RHWKHHUNOlUW >'@DV*OFNGDVMXQJH0lQQHUYRQ7DOHQWMHW]WJHQLH‰HQLQGHPVLHVLFKIUKHU DXVELOGHQ HKHU ]X HLQHP UHLQHQ GHP *HJHQVWDQGH DQJHPHVVHQHQ 6WLO JHODQJHQ N|QQHQZHPVLQGVLHHVVFKXOGLJDOVLKUHQ9RUJlQJHUQGLHLQGHUOHW]WHQ+lOIWH GLHVHV>GHV@-DKUKXQGHUWVPLWHLQHPXQDEOlVVLJHQ%HVWUHEHQ>@VLFKMHGHUDXI VHLQH HLJHQH :HLVH DXVJHELOGHW KDEHQ" 'DGXUFK LVW HLQH $UW YRQ XQVLFKWEDUHU

 

*RHWKH -RKDQQ :ROIJDQJ Å%ULHI DQ )ULHGULFK 0OOHU :HLPDU ´ ,Q -RKDQQ :ROIJDQJ*RHWKH:HUNH+JLP$XIWUDJHGHU*UR‰KHU]RJLQ6RSKLHYRQ6DFKVHQ$EW %G:HLPDU6²KLHU6I>+HUYRUKHEXQJ7.@  (FNHUPDQQ-RKDQQ3HWHU*HVSUlFKHPLW*RHWKHLQGHQOHW]WHQ-DKUHQVHLQHV/HEHQV+JY&KULV WRSK0LFKHO,Q-RKDQQ:ROIJDQJ*RHWKH6lPWOLFKH:HUNH%ULHIH7DJHEFKHUXQG*HVSUl FKHLQ%GH+JY+HQGULN%LUXVXD$EW%G  )UDQNIXUW0DLQ6

(YROXWLRQ



6FKXOHHQWVWDQGHQXQGGHUMXQJH0DQQGHUMHW]WKLQHLQWULWWNRPPWLQHLQHQYLHO JU|‰HUHQXQGOLFKWHUHQ.UHLVDOVGHUIUKHUH6FKULIWVWHOOHU

(QWVFKHLGHQGLVWGDVVGLHÅMXQJH>Q@0lQQHUYRQ7DOHQW´VLFKDXVELOGHQ² HEHQVRVHOEVWlQGLJ ZLH GLH9RUJlQJHU ÅVLFK MHGHU DXIVHLQH HLJHQH :HLVH DXVJHELOGHWKDEHQ´'LH,QGLYLGXDOLWlWGHV.QVWOHUVEOHLEWDXIGLHVH:HLVH LQGHUÅXQVLFKWEDUH>Q@6FKXOH´JHZDKUW 0LWGLHVHU6HPDQWLNZLUG7UDGLWLRQQHXNRQ]LSLHUW,P*HJHQVDW]]XP Å2ULJLQDOJHQLH´ GDV LQ HLQH XUDQIlQJOLFKH /DJH YRU DOOHU hEHUOLHIHUXQJ KLQHLQSURML]LHUWZXUGHVROOVLFKGHUJHUHLIWH0HLVWHUGDGXUFKDXV]HLFKQHQ GDVVGLH.XOWXUXQGHUVHOEVW=HLWKDWWHQVLFK]XHQWZLFNHOQ'DPLWZLUG HLQ NRQWLQXLHUOLFKHV :HUGHQ GHU /LWHUDWXU EHKDXSWHW EH]LHKXQJVZHLVH JHIRUGHUW'LH9HUlQGHUXQJGHU$OWHUVVHPDQWLNJHKWPLWHLQHUHYROXWLRQl UHQ 8PVWHOOXQJ GHV /LWHUDWXUV\VWHPV HLQKHU 'DV ]XYRU JHIHLHUWH Å2ULJL QDOJHQLH´ZDUZLHJHVHKHQHLQ$XVKlQJHVFKLOGOLWHUDULVFKHU,QQRYDWLRQHQ GHUJHVWDOWZXUGHQ1HXHUXQJHQOHJLWLPLHUW'LH6HPDQWLNGHU5HLIHKLQJH JHQGLHVLFKVSlWHUEHL*RHWKHHWDEOLHUWNRUUHVSRQGLHUWPLWHLQHUYHUlQ GHUWHQ HYROXWLRQlUHQ /DJH 9DULDWLRQHQ JHOWHQ LQ GHU OLWHUDULVFKHQ .RP PXQLNDWLRQ OlQJVW DOV HWZDV *HZ|KQOLFKHV VR GDVV QLFKW PHKU GLH $E ZHLFKXQJYRPhEHUOLHIHUWHQ$N]HQWHVHW]WVRQGHUQSDUDGR[HUZHLVHHKHU GLH $EZHLFKXQJ YRP DXVVFKOLH‰OLFK EHIROJWHQ 3ULQ]LS GHU $EZHLFKXQJ 'DGXUFK HLJQHW VLFK GHU 5HNXUV DXI GLH hEHUOLHIHUXQJ ZLHGHU GD]X KHU YRU]XVWHFKHQ²QlPOLFKGHQ0HLVWHUDE]XKHEHQYRQGHQMHQLJHQ'LFKWHUQ GLHYRUJHEHQZLHDQHLQHP1XOOSXQNWGHU7UDGLWLRQRULJLQHOO]XVHLQ'LH 6WLOLVLHUXQJDOWHU0HLVWHUDOV9RUELOGHUZLUGLP:HLWHUHQVRGRPLQDQWGDVV GLH-XQLRUHQGHQDEZHUWHQGHQ7LWHOÅ(SLJRQHQ´HUKDOWHQ (YROXWLRQXQG$OWHUVVHPDQWLN'HU(SLJRQH 'LH)LJXUGHV(SLJRQHQLVWZLHGHUXPHLQ%HLVSLHOGDIUZLHGDV/LWHUDWXU V\VWHP DQKDQG YRQ $OWHUVVHPDQWLN GLH HLJHQH (YROXWLRQ UHIOHNWLHUW 'DV ZLUGHUVLFKWOLFKVREDOGPDQGLHVH$OWHUVVHPDQWLNQLFKWGHPOLWHUDWXUZLV VHQVFKDIWOLFKHQ$QVDW]VHOEVW]XJUXQGHOHJWVRQGHUQVLHGLVWDQ]LHUWXQWHU VXFKW)UDJWPDQ]XP%HLVSLHOZLHVLFKLQ.DUO,PPHUPDQQV5RPDQ'LH (SLJRQHQ   HLQ PRGHUQHU (SLJRQHQEHJULII PDQLIHVWLHUW VR IKUW HV QLFKWZHLWHU,PPHUPDQQVHOEVWDOV(SLJRQHQHLQ]XRUGQHQGHUVLFKYRP (UEHJUR‰HU$XWRUHQYRULKPXQWHUDQGHUHPYRQ*RHWKHQLFKWKDEHO|

 

*RHWKH -RKDQQ :ROIJDQJ Å/LWHUDULVFKHU 6DQVFXORWWLVPXV´ ,Q +$ %G  6 ² KLHU6



7KRPDV.SSHU

VHQ N|QQHQ (QWVFKHLGHQG LVW YLHOPHKU GDVV ,PPHUPDQQV 5RPDQILJX UHQ VLFK VHOEVW DOV HSLJRQDO EHVFKUHLEHQ XQG GLHVH 6HOEVWEHVFKUHLEXQJ VHW]WQLFKWYRUDXVGDVVGDV:HUNDOVHSLJRQDOHLQJHRUGQHWZHUGHQPXVV VRQGHUQGDVVLKPHLQHHQWVSUHFKHQGH6HPDQWLN]XU9HUIJXQJVWHKW:DV DEHU WUlJW GLHVH 6HPDQWLN ]XU 5HIOH[LRQ GHV /LWHUDWXUV\VWHPV EHL" ,Q 'LH (SLJRQHQZLUGHLQYHUJUHLVWHU-QJOLQJYRU$XJHQJHIKUW >@6RHLQMXQJHU0HQVFKYRQKHXWHVWHKWLPYLHUXQG]ZDQ]LJVWHQ-DKUHIHUWLJGD DOOHVZDUGLKPOHLFKWXQGPXQGUHFKWJHPDFKWLP)OXJHKDWHUGHQ6FKDXPYRQ GHU 2EHUIOlFKH GHU 'LQJH DEJHVFK|SIW 'D‰ GHU 0HQVFK QXU GXUFK (UIDKUXQJ XQWHU$UEHLWXQG1RW]XLUJHQGHLQHU(UNHQQWQLVJHODQJHQNDQQGD‰PDQGXUFK GDV .OHLQH VLFK ODQJH -DKUH KLQGXUFKZLQGHQ PX‰ EHYRU PDQ GDV *U|‰HUH ]X YHUVWHKQLPVWDQGHLVWGD‰QXUGDVZDKUKDIWEHVHVVHQZLUGZDVHUUXQJHQHUPKW XQGHUOLWWHQZXUGHZHUP|FKWHGHUJOHLFKHQ'LQJHMHW]WDXVVSUHFKHQ"'LHZRKO IHLOHQ.RPPXQLNDWLRQVPLWWHOI|UGHUQGHQMXQJHQ:HLVHQLQUHL‰HQGHU6FKQHOOLJ NHLWGXUFKDOOH/DQGH>@

'LHVHU*HGDQNHLVWYHUJOHLFKEDUPLWGHU*RHWKH6HQWHQ]Å:DVGXHUHUEW YRQ GHLQHQ 9lWHUQ KDVW (UZLUE HV XP HV ]X EHVLW]HQ´ 'HU EH VFKULHEHQH-XJHQGOLFKHGHUPKHORVEHUGLHLKPGDUJHERWHQHQ:LVVHQV JWHU YHUIJHQ NDQQ PDFKW VLH VLFK QLFKW ]X HLJHQ GD]X QlPOLFK ZlUHQ DXFK HLJHQH $QVWUHQJXQJHQ HUIRUGHUOLFK XQWHU DQGHUHP PVVWH HU YLHO /HEHQV =HLW DXIZHQGHQ 6R EHGHXWHW GLH 5HGH YRQ GHP ÅMXQJHQ :HL VHQ´HLQH&RQWUDGLFWLRLQDGMHFWR$OVLGHDOW\SLVFKHUVFKHLQWDOOHLQGHUDOWH :HLVHGHUVHLQ:LVVHQLP/DXIHGHU-DKUHVHOEVWHUODQJWKDW ,P YRULJHQ $EVFKQLWW ZXUGH KHUDXVJHVWHOOW GDVV VLFK IU *RHWKH HLQ 0HLVWHU GDGXUFK DXV]HLFKQHW VLFK LQGLYLGXHOO PLW GHU 7UDGLWLRQ DXVHLQ DQGHUJHVHW]W]XKDEHQ'HU0HLVWHUVWHKWGDKHUQLFKWXQWHUGHP9HUGDFKW QXULKU$XVOlXIHU]XVHLQ*HUDGHGDVKRKH/HEHQVDOWHUPDFKWJODXEKDIW GDVVHUHLJHQVWlQGLJLP=XJHHLQHUODQJHQ6HOEVWELOGXQJ]XVHLQHQhEHU ]HXJXQJHQ JHNRPPHQ LVW :HQQ GXUFK GLH (SLJRQHQVHPDQWLN GHU $Q VSUXFK DXI (LJHQVWlQGLJNHLW SUHLVJHJHEHQ ZLUG NRQWHUNDULHUW PDQ GDV .RQ]HSW GHU 6HOEVWELOGXQJ 'HU 3XHU VHQH[ LVW GDQQ GDV 3DUDGLJPD GHV .QVWOHUV GHU VLFK QLFKW YRQ LKP VHOEVW DXV IRUWHQWZLFNHOW VRQGHUQ GHU 7UDGLWLRQQXUQRFKXQWHUOLHJW9RUGHP+LQWHUJUXQGGHU)LJXUDWLRQHQGHV $OWHUVJHZLQQWGLHRIW]LWLHUWH%HVFKUHLEXQJGHU(SLJRQHQ%HGHXWXQJ   

(PLO*UWWHU]XP%HLVSLHOQHQQWGHQEHUZLHJHQGHQ7HLOGHU'UDPHQ,PPHUPDQQVÅHSL JRQLVFK´ PDQ N|QQH ÅJHQDX DQJHEHQ GLHVH 3DUWLH VWDPPW YRQ 7LHFN MHQH YRQ 6KDNHV SHDUH0OOQHU6FKLOOHUXVI´ *UWWHU(PLO,PPHUPDQQVÅ(SLJRQHQ´=ULFK6   ,PPHUPDQQ .DUO 'LH (SLJRQHQ )DPLOLHQPHPRLUHQ LQ QHXQ %FKHUQ ² ,Q .DUO ,P PHUPDQQ:HUNH+JY%HQQRYRQ:LHVH%G)UDQNIXUW0DLQ6  *RHWKH-RKDQQ:ROIJDQJ)DXVW6I,Q+$%G0QFKHQ6

(YROXWLRQ



>@:LUVLQGXPPLWHLQHP:RUWHGDVJDQ]H(OHQGDXV]XVSUHFKHQ(SLJRQHQXQG WUDJHQDQGHU/DVWGLHMHGHU(UEXQG1DFKJHERUHQVFKDIWDQ]XNOHEHQSIOHJW'LH JUR‰H %HZHJXQJ LP 5HLFKH GHV *HLVWHV ZHOFKH XQVUH 9lWHU YRQ LKUHQ +WWHQ XQG +WWFKHQ DXV XQWHUQDKPHQ KDW XQV HLQH 0HQJH YRQ 6FKlW]HQ ]XJHIKUW ZHOFKHQXQDXIDOOHQ0DUNWWLVFKHQDXVOLHJHQ2KQHVRQGHUOLFKH$QVWUHQJXQJYHU PDJ DXFK GLH JHULQJH )lKLJNHLW ZHQLJVWHQV GLH 6FKHLGHPQ]H MHGHU .XQVW XQG :LVVHQVFKDIW]XHUZHUEHQ$EHUHVJHKWPLWJHERUJWHQ,GHHQZLHPLWJHERUJWHP *HOGHZHUPLWIUHPGHQ*XWHOHLFKWIHUWLJZLUWVFKDIWHWZLUGLPPHUlUPHU

:lKUHQGGLHÅ9lWHU´QRFKYRQ*UXQGDXI²ÅYRQLKUHQ+WWHQXQG+WW FKHQ DXV´ ² LKU %HVLW]WXP HUUXQJHQ KDEHQ IlOOW HV KLQJHJHQ GHQ 1DFK NRPPHQYRQJDQ]DOOHLQ]X'LH(SLJRQHQEUDXFKHQVLFKQLFKWGDUXP]X EHPKHQ DOOHUGLQJV IKUHQ VLH GLH 7UDGLWLRQ DQJHEOLFK QLFKW ]X HWZDV 1HXHPZHLWHU =XVDPPHQIDVVHQG OlVVW VLFK IHVWVWHOOHQ 0LW GHU )LJXU GHV (SLJRQHQ ZLUG YRUJHIKUW GDVV HV DQ ,QQRYDWLRQHQ $EZHLFKXQJHQ YRQ EHUNRP PHQHQ)RUPHQPDQJHOW1DFKYROO]LHKEDUZLUGGHU:DQGHOYRP2ULJLQDO JHQLHGHUHU-DKUH]XP(SLJRQHQGHUHUZHQQGDVGD]ZLVFKHQ OLHJHQGHYRQ*RHWKHYHUWUHWHQH0RGHOOGHVDOWHQ0HLVWHUVEHUFNVLFKWLJW ZLUG 'LH *HQLH6HPDQWLN GHV VRJHQDQQWHQ Å6WXUP XQG 'UDQJ´ NRQ]L SLHUW HYROXWLRQlUH 9DULDWLRQ PLW GHP %LOG GHV XQYRUGHQNOLFK DOWHQ XU VSUQJOLFKHQ 'LFKWHUV SULPlU DOV SXQNWXHOOHQ 1HXEHJLQQ $XI GLHVH :HLVH NDQQ ]ZDU GHU %UXFK PLW GHU 7UDGLWLRQ PDUNLHUW NDXP MHGRFK GDV $Q VFKOLH‰HQHLQHV:HUNVDQHLQDQGHUHVGDUJHVWHOOWZHUGHQ'DJHJHQEHGHX WHW*RHWKHV,GHDOHLQHUHUVWPLWGHQ-DKUHQHUUHLFKEDUHQ0HLVWHUVFKDIWHLQH 8PVWHOOXQJ YRP SXQNWXHOOHQ $QVDW] DXI HLQH SRVWXOLHUWH /LQHDULWlW 'HU DOWH0HLVWHU]HLFKQHWVLFKGDQQJHUDGHGDGXUFKDXVGDVVHUGLH7UDGLWLRQ HLJHQVWlQGLJ DXIJHQRPPHQ KDW XQG VRPLW LQGLYLGXHOO DXI KRKHP 1LYHDX ZHLWHUIKUW'LHVH6HOEVWEHVFKUHLEXQJGHU/LWHUDWXUZLUGYRQ,PPHUPDQQ DXIJHJULIIHQ ² DOOHUGLQJV XQWHU QHXHQ 9RU]HLFKHQ 'LH .RQVROLGLHUXQJ NQVWOHULVFKHU6WLOHGLHGDV0RGHOOEHL*RHWKHUHIOHNWLHUWZLUGLQ(UVWDU UXQJXPJHZHUWHW'DPLWlQGHUQVLFKGLH5DKPHQEHGLQJXQJHQOLWHUDULVFKHU (YROXWLRQ:lKUHQG*RHWKHV6HPDQWLNUHFKWIHUWLJWGDVVSRVLWLYVHOHJLHUWH 9DULDQWHQ ]X 9RUELOGHUQ NQIWLJHU :HUNH ZHUGHQ XQG GDVV VLFK OLWH UDULVFKH3URJUDPPHHWDEOLHUHQGLHGDV(LQ]HOZHUNEHUJUHLIHQXQWHUJUlEW ,PPHUPDQQ GLH VR HQWVWDQGHQHQ (UZDUWXQJVVWUXNWXUHQ 'DV 3URJUDPP ZLUG DXVGUFNOLFK IRUW XQG ]XJOHLFK HLQHP (QGH ]XJHIKUW ,QGHP GHU (SLJRQH GDIU VWHKW GDVV GLH 7UDGLWLRQ VLFK JOHLFKVDP VHOEVW EHUOHEW PDUNLHUWHUHLQHYDNDQWH6WHOOHGLHHUVWGXUFKHLQQHXHVNQVWOHULVFKHV3UR JUDPPDXVJHIOOWZHUGHQNDQQ(UKDWDQJHEOLFKQLFKWGLH.UDIWHLQQHXHV ]XEHJUQGHQLQGHVVHQWUlJWGLHVH)LJXUGD]XEHLGDVV6HOHNWLRQVNULWHULHQ  

,PPHUPDQQ'LH(SLJRQHQ6



7KRPDV.SSHU

JHlQGHUW ZHUGHQ (QWVFKHLGHQG LVW QLFKW GLH ÄZDKUH¶ (SLJRQDOLWlW YRQ ,PPHUPDQQV:HUNHQ ZLHDXFKLPPHUVLHVLFKEHPHVVHQODVVHQVROO VRQ GHUQGLHLP5RPDQEHKDXSWHWH²GLHVHLVWHEHQVRZLHGLHDQGHUHQ)LJX UDWLRQHQGHV$OWHUV3URGXNWXQG%H]XJVSXQNWOLWHUDULVFKHU(YROXWLRQ



)81.7,21²3(7(5+$1'.( 67()$1+2)(5 'LH.XQVWDEHUHUK|KWHGHQ6FKZLHULJNHLWVJUDGYRQ/HEHQ 3HWHU+DQGNHV-RXUQDO'LH*HVFKLFKWHGHV%OHLVWLIWVGDV$XI]HLFKQXQJHQDXV GHQ -DKUHQ ² XPIDVVW EHJOHLWHWH GLH (QWVWHKXQJ GHU 7HWUDORJLH /DQJVDPH+HLPNHKUGLHJHPHLQKLQDOV:HQGHSXQNWLPKDQGNHVFKHQ6FKDI IHQYHUVWDQGHQZLUG:DUVHLQ:HUNELVGDKLQYRUDOOHPGDPLWEHVFKlIWLJW HLQJHVSLHOWH :DKUQHKPXQJV XQG 5ROOHQPXVWHU VSUDFKNULWLVFK ]X KLQWHU IUDJHQXQGOLWHUDULVFKH*HQUHVSURGXNWLY]XYHUIUHPGHQXQGGDPLW]XHU ZHLWHUQLVWVHLWGLHVHU7HWUDORJLHHLQQHXHV9HUWUDXHQLQGLH6SUDFKHDXV]X PDFKHQ'LHVHVQHXH9HUWUDXHQJHKWPLWGHP3URMHNWHLQHVXPIDVVHQGHQ (U]lKOHQVGHUÄ:HOW¶HLQKHUGDVLQGHQIQI-RXUQDOHQYRQ+DQGNHNRQ WLQXLHUOLFK HQWZLFNHOW ZLUG 3UlJQDQW IRUPXOLHUW ILQGHW VLFK GLHVHU $Q VSUXFKDQGDV(U]lKOHQLPIROJHQGHQ1RWDWÅ,FKZLOOHUUHLFKHQGDVVLFK GLUPLWPLUPHLQH:HOWHLQH:HOWGLH:HOW]HLJH´+LHUZLUGHLQGUHLID FKHV Å:HOWYHUKlOWQLV´ YRQ /LWHUDWXU DQYLVLHUW HLQHV PLW %H]XJ DXI GHQ $XWRUDOVGHQGLH/LWHUDWXUHUVFKDIIHQGHQ%HREDFKWHUHLQHVGDVDXIGHQ /HVHUDOVGHQGLH/LWHUDWXUUH]LSLHUHQGHQ%HREDFKWHUUHNXUULHUWXQGHLQHV GDVDXIHLQHDOVREMHNWLYEHDQVSUXFKWH:HOW%H]XJQLPPW,P)ROJHQGHQ VROOYRUDOOHPGHU%H]XJYRQ+DQGNHV6FKUHLEHQ]XU:HOW²RGHUSUl]LVHU ]XU *HVHOOVFKDIW ² LQWHUHVVLHUHQ 'HQQ ZLH MHGHV IXQNWLRQDO DXVGLIIHUHQ ]LHUWH 7HLOV\VWHP GHU *HVHOOVFKDIW RSHULHUW DXFK GLH /LWHUDWXU ² XQG DOVR HEHQVR +DQGNHV :HUN ² QLFKW ]XP 6HOEVW]ZHFN VRQGHUQ EHKDQGHOW HLQ JDQ] VSH]LILVFKHV JHVDPWJHVHOOVFKDIWOLFKHV 3UREOHP GLHVH 3UREOHPEH KDQGOXQJ²GLH)XQNWLRQ²LVWDOVHLJHQWOLFKH%HGLQJXQJGHU([LVWHQ]GHV MHZHLOLJHQ7HLOV\VWHPVGHU*HVHOOVFKDIW]XVHKHQ  

+DQGNH3HWHU'LH*HVFKLFKWHGHV%OHLVWLIWV)UDQNIXUW0DLQ6I +DQGNH3HWHU'DV*HZLFKWGHU:HOW(LQ-RXUQDO 1RYHPEHU²0lU] )UDQNIXUW0DLQ  +DQGNH %OHLVWLIW +DQGNH 3HWHU 3KDQWDVLHQ GHU :LHGHUKROXQJ )UDQNIXUW0DLQ  +DQGNH3HWHU$P)HOVIHQVWHUPRUJHQV XQGDQGHUH2UWV]HLWHQ² 6DO]EXUJ:LHQ +DQGNH 3HWHU*HVWHUQ XQWHUZHJV $XI]HLFKQXQJHQ 1RYHPEHU  ELV -XOL  6DO]EXUJ :LHQ   +DQGNH%OHLVWLIW6   /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 



6WHIDQ+RIHU

,PJHQDQQWHQ=LWDWYRQ+DQGNHIlOOW]XDOOHUHUVWGHUXPIDVVHQGH$Q VSUXFKDQGLH/LWHUDWXUXQGDQGDVHLJHQH6FKUHLEHQDXI²GHUDXFKJOHLFK EHUHFKWLJWH=ZHLIHOZHFNWGLH)UDJHVWHOOWVLFKRE.RPPXQLNDWLRQXQG LQGLHVHP)DOOOLWHUDULVFKH.RPPXQLNDWLRQÄ:HOW¶EHUKDXSWHLQKROHQXQG YHUPLWWHOQNDQQ'HQQÅ.RPPXQLNDWLRQWHLOWGLH:HOWQLFKWPLWVLHWHLOW VLHHLQ´'HU*UXQGKLHUIULVWGDVVDXFKGLH.RPPXQLNDWLRQ²DOVEH VRQGHUH)RUPGHU%HREDFKWXQJ²LPPHUQXUGLHHLQH6HLWHHLQHU8QWHU VFKHLGXQJ EH]HLFKQHQ NDQQ XQG GLH DQGHUH GDEHL DXVEOHQGHW DOVR QRWR ULVFKXQYROOVWlQGLJLVW(LQH/LWHUDWXUGLHVLFKDQKHLVFKWÄGLH:HOW¶DE]X ELOGHQPXVVIROJOLFKXQZHLJHUOLFKVFKHLWHUQGDPLWN|QQWHPDQ+DQGNHV Ä$XIWUDJDQVLFKVHOEVW¶DGDFWDOHJHQ'RFKOlVVWHLQHQGLH7DWVDFKHGDVV +DQGNHVHLQ6FKUHLEHQVHLWGHQHLJHQHQOLWHUDULVFKHQ$QIlQJHQEHVWlQGLJ XQG HLQJHKHQG WKHRUHWLVFK UHIOHNWLHUW QLFKW VR UHFKW DQ HLQ GHUDUW HLQ IDFKHV XQGLQOLWHUDWXUWKHRUHWLVFKHU+LQVLFKWEHUKROWHV 0LPHVLV0RGHOO YRQ /LWHUDWXU JODXEHQ =ZDU ILQGHQ VLFK LQ GHQ -RXUQDOHQ YLHOH WKHRUH WLVFKH 3DVVDJHQ GLH DQ PLPHWLVFKH 9HUIDKUHQ GHQNHQ ODVVHQ XQG QLFKW ]XOHW]WXQ]lKOLJH1DWXUELOGHUZLHGDVIROJHQGHGLHVLFKQLFKWVHOWHQDXFK EHUPHKUHUH6HLWHQKLQZHJHUVWUHFNHQ *HUlXVFKHGHV]XIULHUHQGHQ6HHV)ODWWHUQ1DFK*HUlXVFKHHLQHV/HLFKQDPVHLQ 8QWHUHLVIODWWHUQ²GHU'RQQHUIODWWHUWWLHIXQWHUGHP(LVGXUFKGHQJDQ]HQ6HH HLQ GHP Ä,UUOLFKWHUQ¶ HQWVSUHFKHQGHV *HUlXVFK 8QWHUHLVWLHUODXW GHV 6HHJDQ]HQ IDVWXQXQWHUEURFKHQH*HUlXVFKIROJH0XVLN Ä0LQLPDO¶ GLH*HUlXVFKHNRPPHQ ÄDQJHVFKRVVHQ¶HUGEHEHQKDIW]XP)UFKWHQ]XP)UFKWHQ"

'RFKWURW]GHU'HWDLOWUHXHXQGJHQDXHQ%HREDFKWXQJLVWKLHUQLFKW0LPH VLVJHPHLQW9LHOPHKUVLQGMHQH0RPHQWHGLHHLQPLPHWLVFKHV/LWHUDWXU YHUKlOWQLV GRFK QDKHOHJHQ N|QQWHQ DXIJHKREHQ LQ HLQHU 3RHWRORJLH GLH NRQVWUXNWLYLVWLVFKDUJXPHQWLHUWXQGGLHGLHÅVSUDFKOLFKH9HUPLWWHOWKHLWGHU 1DWXUZDKUQHKPXQJ´ VWHWV EHWRQW 'LHV ]HLJW VLFK HWZD LP IROJHQGHQ (LQWUDJ 'DV,FKHPSIDQGLFKKHXWHQDFKHLQHPODQJHQGXQNOHQ7DJDOVHLQH YRQ1DWXU DXV  XQ]XYHUOlVVLJH 0DVFKLQH ]XP ,Q*DQJ6HW]HQ GHU :HOW DOV RE JOHLFKVDP

 

/XKPDQQ1LNODVX3HWHU)XFKV5HGHQXQG6FKZHLJHQ)UDQNIXUW0DLQ6 9JOHWZDÅ(U]lKOHQGLH6RQQHQVWUDKOHQLQHLQH)ROJHEULQJHQ´RGHUÅ$QPDQFKHQ7DJHQ VFKUHLEWXQGHU]lKOWVLFKGLH:HOWVHOEHUXQGLFKVFKUHLEH]XZHQLJPLW>«@´,Q+DQGNH )HOVIHQVWHU6E]Z6  (EG6  .OHWWHQKDPPHU6LHJOLQGHÅ'LH%LOGHUJHOWHQQLFKWPHKU¶/DQGVFKDIWXQG6FKULIWLQ3HWHU +DQGNHV 'HU %LOGYHUOXVW RGHU 'XUFK GLH 6LHUUD GH *UHGRV¶´ ,Q )XQNWLRQ YRQ 1DWXU XQG /DQGVFKDIW LQ GHU |VWHUUHLFKLVFKHQ /LWHUDWXU +J Y 5HJLQH%DWWLVWRQ=XODQL%HUQ  6 ² KLHU6 

)XQNWLRQ



HUVWGDV,FKVLFKHLQVFKDOWHQPXVV ZLHHLQ.UDIWZHUN GDPLWGLH:HOWEHOHXFKWHW ZLUG VLFKHUOHXFKWHW 

'LH :HOW ZLUG QDFK GLHVHP %LOG HUVW HLJHQWOLFK GXUFK GDV 6XEMHNW JHQH ULHUWZDVDOV)ROJHHLQHV:HFKVHOVSLHOVYRQ8PZHOWUHL]HQXQG(LJHQDNWL YLWlW ]X VHKHQ LVW Å6RRIW HWZDV HLQ 'LQJ HLQ 0HQVFK HLQ 6DFKYHUKDOW VLFK PLU ]HLJW LQ PLU ZLUG HQWVWHKW  GDQQ IlQJW HV RKQH PHLQ =XWXQ ZLH YRQVHOEVWLQPLU]XHU]lKOHQDQ´'LHVHV6XEMHNW²YRQ1DWXUDXVXQ]X YHUOlVVLJ²LVWGDEHLDEHUQLFKWPHKUDOVYROONRPPHQHXQG :HOW 6LFKHU KHLWVSHQGHQGH(LQKHLWLP6LQQHGHURQWRORJLVFKHQ9RUVWHOOXQJHQGHUDOW HXURSlLVFKHQ:HOW¶]XYHUVWHKHQ(VZLUGYLHOPHKULQ)UDJHJHVWHOOWXQG DOVWUJHULVFKH,GHHQNRQVWUXNWLRQDXVJHZLHVHQ (LQH VFKUHFNOLFKH (QWGHFNXQJ GLH ,GHH GLH LFK YRQ NOHLQ DXI YRQ PLU VHOEHU KDWWH²GDV%LOGGLH$EJUHQ]XQJKLQWHUZHOFKHLFKPLFKEHLMHGHU,QIUDJHVWHOOXQJ GXUFKGLHDQGHUHQLPPHUZLHGHULP6WRO]GHVÄ,FKELQLFKXQGIUPLFKDOOHLQ]X VWlQGLJ¶]XUFN]LHKHQNRQQWH²GLHVH,GHHJLOWQLFKWHVJLEWVLHQLFKWZHGHU%LOG QRFK $EJUHQ]XQJ QRFK (LJHQEHUHLFK ZR LFK PLFK ]XYRU DOV 8QEHUKUEDUHU IKOWH6FKUHFNOLFKH(QWGHFNXQJ"1W]OLFKH(QWGHFNXQJ"

(VEHVWHKWNHLQVFKW]HQGHUÅ(LJHQEHUHLFK´PHKUZRKLQVLFKGDV,FK]X UFN]LHKHQXQGDXIGLHVH:HLVHDXFKHUVWHLJHQWOLFKNRQVWLWXLHUHQN|QQWH GHQQGDV6XEMHNWLVWQLFKWOlQJHUDOVHLQKHLWOLFKH(QWLWlW]XGHQNHQ9LHO PHKU HUZHLVW VLFK GLHVHV ,FK DOV .RQJORPHUDW VHKU XQWHUVFKLHGOLFKHU LQ VLFKJHVFKORVVHQHU6\VWHPH(VIlOOWYRUDOOHPGHUQDKH]XXQEHUZLQGEDUH *UDEHQ]ZLVFKHQGHPSV\FKLVFKHQ6\VWHP%HZXVVWVHLQXQGGHPVR]LDOHQ 6\VWHP.RPPXQLNDWLRQDXI%HWRQWZLUGHWZDGLHRSHUDWLYH*HVFKORVVHQ KHLW GHU SV\FKLVFKHQ 6\VWHPH Å9RUVWHOOXQJ LQ GHU 0HQJH EHLP $QEOLFN GHU 0HQJH GDVV DOO GLHVH .|SIH .lILJH VHLHQ PLW YLHOHQ YHUVFKLHGHQHQ DEHU GDULQ lKQOLFK JHIDQJHQHQ 9RUVWHOOXQJHQ JHVWXW]WH 9RUVWHOOXQJHQ LQ GLHVHQ .lILJHQ´ 'HU .RSI LVW LQ GLHVHP =LWDW GDV VWDUN DQ +DQGNHV %FKQHUSUHLV5HGH HULQQHUW DOV EODFN ER[ JHIDVVW GLH LKUH *HGDQNHQ QLFKW PLWWHLOHQ NDQQ 'HQQ GLH .RPPXQLNDWLRQ HUVFKHLQW ORVJHO|VW YRQ GHU3V\FKHÅ:LUUHGHWHQHQGOLFKVFK|QZHLOHVQXUQRFKGDV5HGHQZDU GDVVLFKEHJDEQLFKWPHKUZLUVHOEHUDOV5HGHQGH´'LH.RPPXQLNDWLRQ ²GDV6SUHFKHQ²HQW]LHKWVLFKGHU.RQWUROOHZLUGGDPLWDXWRSRLHWLVFK  

 

 

 

+DQGNH*HZLFKW6I +DQGNH8QWHUZHJV6>+HUYRUKHEXQJ6+@ 9JO KLHU]X HWZD /XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW  %GH )UDQNIXUW0DLQ KLHU6 +DQGNH%OHLVWLIW6 +DQGNH*HZLFKW6 9JO+DQGNH3HWHUÅ'LH*HERUJHQKHLWXQWHUGHU6FKlGHOGHFNH´,Q3HWHU+DQGNH$OVGDV :QVFKHQQRFKJHKROIHQKDW)UDQNIXUW0DLQ6²KLHUEHVRQGHUV6I +DQGNH*HZLFKW6



6WHIDQ+RIHU

$XFKLQGHUIUMHJOLFKH/LWHUDWXUSURGXNWLRQVRZLFKWLJHQDXI.RP PXQLNDWLRQ DE]LHOHQGHQ 7lWLJNHLW GHP 6FKUHLEHQ LVW GLH .OXIW]ZLVFKHQ GHU SV\FKLVFKHQ XQG GHU NRPPXQLNDWLYHQ 6HLWH GLHVHV DOOJHJHQZlUWLJH Å'UDPD ]ZLVFKHQ ,QQHQ XQG $XVVHQ 6WLOOH XQG /lUP ,FK XQG 'X´ VSUEDUÅ'LHLP/DXIGHU=HLWYHUORUHQH9HUELQGXQJPLWPHLQHUVFKUHL EHQGHQ +DQG DOV .LQG GRFK HLQH VHOEVWYHUVWlQGOLFKH (LQKHLW ]ZLVFKHQ GHQGXUFKPLFKHQWVWHKHQGHQ%XFKVWDEHQXQGPLU ´'LH+DQGVFKUHLEW JOHLFKVDP DEJHNRSSHOW YRP EULJHQ .|USHU YRQ VHOEVW XQG GHU NRP PXQLNDWLYH$NWPXVVGDEHLDOVQLFKWNRQWUROOLHUEDUHUVFKHLQHQ 'RFK WURW] GHU KLHU DQJHVSURFKHQHQ RSHUDWLYHQ *HVFKORVVHQKHLW GHV VR]LDOHQ6\VWHPV.RPPXQLNDWLRQXQGGHVSV\FKLVFKHQ6\VWHPV%HZXVVW VHLQVLQGEHLGHXQZHLJHUOLFKXQGGD]XJHPHLQVDPDQGHU.RQVWLWXWLRQGHV Ä0HQVFKHQ¶ EHWHLOLJW :RKO GHVKDOE IDVVW +DQGNH GDV PHQVFKOLFKH 'D VHLQLQGLH6FKZHOOHQ0HWDSKHUÅ(VJLEWNHLQDQGHUHVÄ6HLQ¶DOVGDVÄ$XI GHU6FKZHOOH6HLQ¶QHLQDOVGDVÄ6FKZHOOH6HLQ¶´'DVHLQZLUGKLHUDOVGLH ([LVWHQ] DXI GHU XQEHUVFKUHLWEDUHQ 6FKZHOOH ]ZLVFKHQ GHP *HGDQNHQ XQG GHU 6SUDFKH ]ZLVFKHQ GHP %HZXVVWVHLQ XQG GHU .RPPXQLNDWLRQ YHUVWDQGHQ 2GHU DXFK DOV ([LVWHQ] ]ZLVFKHQ ,QGLYLGXDOLWlW XQG *H VHOOVFKDIW 'LH)XQNWLRQGHU.XQVWNDQQQXQDOVVSH]LILVFKHU8PJDQJPLWGLH VHU6FKZHOOHQSUREOHPDWLNJHIDVVWZHUGHQ'HQQGHU'LFKWHUJLEWGHQ9HU VXFK*HVHOOVFKDIWOLFKNHLW]XHUUHLFKHQGDVKHL‰W]XNRPPXQL]LHUHQQLH DXI REZRKO GLH 3URJQRVHQ ² Å(V JLEW MD GRFK NHLQH /|VXQJ GLH HZLJH (QW]ZHLWKHLW]ZLVFKHQHLQHPXQGGHU:HOWEOHLEWGDVEOLFKH>@´²HKHU GVWHUVLQG(UEHILQGHWVLFKGDPLWLQVRIHUQLQHLQHUJDQ]lKQOLFKSDUDGR [DOHQ 6LWXDWLRQ ZLH GHU 0\VWLNHU ]ZLVFKHQ Ä,QGHU*HVHOOVFKDIWVHLQ¶XQG Ä$X‰HUKDOEVWHKHQ¶ DOV HU HEHQIDOOV 8QDXVVSUHFKOLFKHV ² VHLQH HLJHQHQ %HZXVVWVHLQVOHLVWXQJHQ ² LQ SRHWLVFKH 6SUDFKH ]X EHUVHW]HQ VXFKW 'HU 'LFKWHULVWDOVÅEHWHLOLJWXQEHWHLOLJWHU%HREDFKWHU´7HLOGHU*HVHOOVFKDIW JOHLFK]HLWLJ ZLOO HU HLQH DXVJH]HLFKQHWH %HREDFKWXQJVSRVLWLRQ HLQQHKPHQ   

  

 

+DQGNH8QWHUZHJV6 +DQGNH*HZLFKW6 /XKPDQQIDVVWGLHVHUHFKWLQWULNDWHZHFKVHOVHLWLJH%HGLQJWKHLWYRQSV\FKLVFKHP6\VWHPXQG .RPPXQLNDWLRQPLWGHQ%HJULIIHQVWUXNWXUHOOH.RSSOXQJE]Z,QWHUSHQHWUDWLRQ +DQGNH)HOVIHQVWHU6 /XKPDQQXQWHUVFKHLGHWGLH/LWHUDWXUQLFKWSULQ]LSLHOOYRQDQGHUHQ.QVWHQGDVLHLQLKUHQ ZHVHQWOLFKHQ =JHQ DOVR KLQVLFKWOLFK LKUHU.RPPXQLNDWLRQ XQG LKUHU$UW ]X EHREDFKWHQ JOHLFKIXQNWLRQLHUHQ'HQDOOHLQLJHQ8QWHUVFKLHGVLHKWHUÅGDULQREGLH5HLKHQIROJHGHVVWL PXOLHUWHQ (UOHEHQV EHOLHELJ LVW RGHU QLFKW´ /XKPDQQ 1LNODV Å,VW .XQVW FRGLHUEDU"´ ,Q 1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ%G6R]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2S ODGHQ6²KLHU6  +DQGNH*HZLFKW6 /XKPDQQX)XFKV5HGHQ6

)XQNWLRQ



XQGGDYRQDXFKEHULFKWHQ'RFKPLWGHPhEHUWUDJHQGHUHLJHQHQGXUFK HLQH +DOWXQJ YRQ /DQJVDPNHLW ,QQHKDOWHQ XQG *HGXOGHQ JHVFKlUIWHQ :DKUQHKPXQJ LQ GLH DQVFKOLH‰EDUH NRQYHQWLRQDOLVLHUWH 6SUDFKH LVW GHU 0RPHQW GHU (LQ]LJDUWLJNHLW DXFK VFKRQ GDKLQ VLQG GLH *UHQ]HQ GHU .RPPXQLNDWLRQ HUUHLFKW 'LHV PDQLIHVWLHUW VLFK LQ GHQ -RXUQDOHQ LQ LPPHU ZLHGHU JHlX‰HUWHQ =ZHLIHOQ DP 3URMHNW HLQHV VROFKHQ (U]lKOHQV XQG GHV (U]lKOHQV EHUKDXSW 'LH %HVRQGHUKHLW GHV 'LFKWHUV OLHJW QXQ GDULQ GDVV HU VLFK ² XQG GDULQ JOHLFKW HU ZLHGHUXP GHP 0\VWLNHU² YRQ GLHVHQ 6FKZLHULJNHLWHQ LQ SURGXNWLYHU :HLVH EHUUDVFKHQ OlVVW XQG WURW] GHU (LQVLFKW LQ GLH 5LVLNRKDIWLJNHLW MHJOLFKHU .RPPXQLNDWLRQ XQG MHJ OLFKHQ 6SUDFKJHEUDXFKV ² JHUDGH DXFK GHV 6SUDFKJHEUDXFKV PLW H[SOL]LW NQVWOHULVFKHP $QVSUXFK ² LPPHU ZLHGHU YRQ QHXHP .RPPXQL NDWLRQVYHUVXFKHVWDUWHW 'LH/LWHUDWXUSURGXNWLRQYROO]LHKWVLFKGDEHLQLFKWRKQH:LGHUVWlQGH VLH LVW QDFK +DQGNH NHLQ XQSUREOHPDWLVFKHV Å1DFKDKPHQ´ 9LHOPHKU ZLUG VLH DOV HLQ Å+HUYRUEULQJHQ´ XQG DOV HLQH $UW Å$EWURW]HQ´ JHJHQ DOOHVVRQVWQRFK0|JOLFKHYHUVWDQGHQ'DV.XQVWZHUNPXVVVLFKPLWDQ GHUHQ :RUWHQ JHJHQ VHLQH HLJHQH KRKH 8QZDKUVFKHLQOLFKNHLW SURILOLHUHQ 'LH6FKUHLEWHFKQLNZHOFKHYRQHLQHUJHZLVVHQÄ3ODQXQJVORVLJNHLW¶JHNHQQ ]HLFKQHWLVWHUODXEW]X%HJLQQQRFKGLYHUVH0|JOLFKNHLWHQLP6LQQHYRQ .RQWLQJHQ] Å7HFKQLN KHLVVW EHLP 6FKUHLEHQ EHUHLW VHLQ IU P|JOLFKVW YLHOH0|JOLFKNHLWHQGDV:LVVHQYRQGLHVHQ0|JOLFKNHLWHQXQGGLH*HLVWHV JHJHQZDUW LKP MHW]W ]X IROJHQ´ 'RFK QDFK GHU HUVWHQ VHKU VHOHNWLYHQ )RUPIHVWOHJXQJ ZLUG GLH )RUWVHW]XQJ ]ZLQJHQGHU HV JHKW GDUXP VLFK ÅYRP :HJ GHQ :HJ ZHLVHQ´ ]X ODVVHQ ZREHL GDV3UR]HVVKDIWH GHU VLFK ]XVDPPHQIJHQGHQ)RUPHQEHWRQWZLUGÅ'LH)RUPLVWQLFKWYHUIJEDU VLHHUHLJQHWVLFK)RUP(UHLJQLV6DW]XP6DW]6DW]IU6DW]´)RUPLVW V\VWHPWKHRUHWLVFKDOVGDV3URGXNWHLQHU8QWHUVFKHLGXQJ]XYHUVWHKHQGLH HLQH,QQHQVHLWHGLHEH]HLFKQHWH6HLWHXQGHLQH$X‰HQVHLWHDOOHVhEULJH JHQHULHUW6LHLVWZLHGLH%HREDFKWXQJHLQHSDUDGR[DONRQVWLWXLHUWHÄGRS SHOWH¶8QWHUVFKHLGXQJZHOFKHGLHXUVSUQJOLFKH8QWHUVFKHLGXQJYRQ8Q  

   

 

9JO GD]X VFKRQ 6FKLOOHU Å:DUXP NDQQ GHU OHEHQGLJH *HLVW GHP *HLVW QLFKW HUVFKHL QHQ"6SULFKWGLH6HHOHVRVSULFKWDFKVFKRQGLH6HHOHQLFKWPHKU´ 6FKLOOHU)ULHGULFK:HU NH1DWLRQDODXVJDEH+JY-XOLXV3HWHUVHQX*HUKDUG)ULFNH%G,*HGLFKWHLQGHU5HLKHQIROJH LKUHV (UVFKHLQHQV ² +J Y -XOLXV 3HWHUVHQ X )ULHGULFK %HLVVQHU :HLPDU  6  +DQGNH%OHLVWLIW6 +DQGNH)HOVIHQVWHU6>LP2ULJLQDONXUVLYJHVHW]W@ +DQGNH%OHLVWLIW6 (EG6 +DQGNH3KDQWDVLHQ6>+HUYRUKHEXQJLP2ULJLQDO@ %HLGH=LWDWHLQ+DQGNH)HOVIHQVWHU6E]Z6



6WHIDQ+RIHU

WHUVFKHLGXQJXQG%H]HLFKQXQJLQYLVLEHOPDFKWXQGVLFKJDQ]DXIGLH%H ]HLFKQXQJVVHLWHVFKOlJW²XQGGDQQQDFKLPPHUZHLWHUHU%HVWLPPXQJXQG (LQVFKUlQNXQJYHUODQJWELVHLQLQVLFKJHVFKORVVHQHV OLWHUDULVFKHV .XQVW ZHUNIHUWLJJHVWHOOWLVW'LHVHV.XQVWZHUNNDQQGDUDXIDXIVHLQHQ)RUPHQ JHKDOW KLQ EHREDFKWHW ZHUGHQ ZRPLW VLFK )RUP DOV HLQ %HREDFKWXQJV EHJULII ]ZHLWHU 2UGQXQJ HUZHLVW GHU GDV 6HKHQ EHLGHU 6HLWHQ GHU %HRE DFKWXQJ HUVWHU 2UGQXQJ HUODXEW .XQVW HUP|JOLFKW GHUDUW HLQHUVHLWV )RU PHQELOGXQJ XQG JLEW DQGHUHUVHLWV ]X HUNHQQHQ GDVV )RUPHQELOGXQJ LP PHUNRQWLQJHQWLVW6LHGHNODULHUWVLFKDXIGLHVH:HLVHVHOEHUDOVÅGHPRQV WUDWLYXQZDKUVFKHLQOLFKHU6DFKYHUKDOW´ 8QZDKUVFKHLQOLFKDEHUWURW]GHPJHRUGQHWGHQQGLH.XQVWLVWZHQQ VLHPLW)RUPHQRSHULHUWQXULQLKUHQ$QIlQJHQEHOLHELJ+DWVLHHLQHHUVWH )RUP IHVWJHOHJW VR PXVV IRUPJHOHLWHW ZHLWHURSHULHUW ZHUGHQ -HGH .RQ ]HQWUDWLRQ DXI HLQH 6HLWH GHU 8QWHUVFKHLGXQJ HU]HXJW HLQHQ ZHLWHUHQ %H VWLPPXQJVEHGDUI XQG ]ZDU VR ODQJH ÅELV GLH )RUPHQ VLFK ]LUNXOlU VFKOLHVVHQ HLQDQGHU ZHFKVHOVHLWLJ NRPPHQWLHUHQ XQGGDV EHVWlWLJHQ ZR PLW PDQ DQJHIDQJHQ KDWWH´ ,VW GLH )RUP RGHU HKHU GDV )RUPHQVSLHO  VFKOLH‰OLFK JHOXQJHQ VR HUKlOW VLH Å]XP =HLFKHQ LKUHU 9ROOHQGXQJ GHQ  *ODQ]GHV1RWZHQGLJHQ´ (UVWLQVHLQHQ)RUPHQZLUGGDV.XQVWZHUNDOVRGDXHUKDIWXQGZDVDOV ZLFKWLJH &KDUDNWHULVWLN YRQ .XQVW JHIDVVW ZHUGHQ PXVV LPPHU ZLHGHU QHX HUOHEEDU Å(V VWLPPWQLFKW GDVVVR YLHOHV ZDV HLQVW LQ %FKHUQEH VFKULHEHQ LQ %LOGHUQ GDUJHVWHOOW ZXUGH ÄYHUVFKZXQGHQ¶ LVW 'XUFK GLH %FKHUXQGGLH%LOGHULVWHVXQGZLHGHUKROWVLFKPLWWHOVGLHVHULQPLULQ GLU´ ,P .XQVWZHUN VLQG %HREDFKWXQJHQ GHPQDFK LQ )RUPHQ DEJH VSHLFKHUWGLHHVGXUFKGHQ*HEUDXFKYRQ:DKUQHKPXQJ]XHQWVFKOVVHOQ JLOW(VJHKWLQGHU5H]HSWLRQGHUÄ:LHGHUKROXQJ¶GDUXPGLHVH)RUPHQ ]XHUNHQQHQXQGGHQ3URGXNWLRQVSUR]HVVTXDVLQRFKPDOVGXUFK]XVSLHOHQ 'D]X +DQGNH Å:LHGHUKROHQ NDQQ LFK QLFKW GDV (UOHEQLV DEHU GHQ :HJ´ ,Q GHU %HREDFKWXQJ GHU )RUP NRQ]HQWULHUW VLFK HLQ %HREDFKWHU DOVR QLFKW QXU DXI GLH EH]HLFKQHWH 6HLWH ZDV HLQH %HREDFKWXQJ HUVWHU 2UGQXQJ ZlUH VRQGHUQ DXI GHQ Å:HJ´ GHU /LWHUDWXUSURGXNWLRQ GHU LQ GHU'LIIHUHQ]]ZLVFKHQGLHVHU6HLWHXQGLKUHP$X‰HQ¶QDFKYHUIROJWZHU GHQNDQQZREHLGLH%HREDFKWXQJJOHLFKVDP]ZLVFKHQGHU,QQHQXQGGHU  

9JO /XKPDQQ 1LNODV Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ ,Q 6WLO *HVFKLFKWHQ XQG )XQNWLRQHQ HLQHV NXOWXUZLVVHQVFKDIWOLFKHQ 'LVNXUVHOHPHQWV +J Y +DQV 8OULFK *XPEUHFKWX./XGZLJ3IHLIIHU)UDQNIXUW0DLQ6²  /XKPDQQ.XQVW6  (EG6  (LQ=LWDWYRQ)ULHGULFK+|OGHUOLQLQ+DQGNH%OHLVWLIW6QRWLHUW  +DQGNH%OHLVWLIW6>+HUYRUKHEXQJLP2ULJLQDO@  +DQGNH)HOVIHQVWHU6

)XQNWLRQ



$X‰HQVHLWHRV]LOOLHUW)RUPOlGWDXIGLHVH:HLVHGD]XHLQYROO]RJHQH%H REDFKWXQJVOHLVWXQJHQ DXI LKUHQ 8QWHUVFKHLGXQJVJHEUDXFK KLQ ]X EHRE DFKWHQ²DOVRHWZDGLHKDQGNHVFKHQ-RXUQDOHLP+LQEOLFNDXIGLH]XQlFKVW OHLWHQGH )UDJH /LWHUDWXUQLFKW /LWHUDWXU DXI LKUH SRHWRORJLVFKHQ %HRE DFKWXQJHQPLWKLQ.XQVWNDQQQXQZHLOVLH%HREDFKWHUP|JOLFKNHLWHQDOV Å3URJUDPP>H@ IU ZLHGHUKROWHQ *HEUDXFK´ XQG QLFKWV DQGHUHV EHUHLW VWHOOW DOV HLQH NRQWLQXLHUOLFKH (QWIDOWXQJ GLHVHU %HREDFKWXQJV3DUDGR[LH EHJULIIHQ ZHUGHQ 1LFKW GLH :HOW OlVVW VLFK DQKDQG YRQ .XQVW EHRE DFKWHQ GHQQ GLHVH LVW NRQVWLWXWLY XQEHREDFKWEDU Å>H@V EHVWHKW QXU GLH 0|JOLFKNHLWVWDWWGHV8QEHREDFKWEDUHQ)RUPHQ]XEHREDFKWHQXQGGDEHL ]X ZLVVHQ GDVV GLHV LQ GHU :HLVH GHU (QWIDOWXQJ HLQHU 3DUDGR[LH JH VFKLHKW´.XQVWLVWGDPLWÅ6XEVWLWXWLRQYRQDXIHLQDQGHUEH]RJHQHQ)RU PHQIUGDVZDVDOV(LQKHLWQLFKWEHREDFKWHWZHUGHQNDQQ´XQGÅZDV LQ>LKU@VLFKWEDUZLUGLVW>@GLH8QYHUPHLGOLFKNHLWYRQ2UGQXQJVFKOHFKW KLQ´:HLO.XQVWLQGLHVHU:HLVHLQGHU:HOWP|JOLFKLVWVDJWVLHDXFK HWZDV EHU GLHVH :HOW XQG GLH GDULQ EHILQGOLFKHQ %HREDFKWHU RGHU 6\V WHPH ² DOVR HWZD EHU GHQ Ä0HQVFKHQ¶ ² DXV 1DFK /XKPDQQ LVW GLH )XQNWLRQ GHU .XQVW GHPQDFK Å:HOW LQ GHU :HOW HUVFKHLQHQ ]X ODVVHQ ² XQGGLHVLP%OLFNDXIGLH$PELYDOHQ]GDVVDOOHV%HREDFKWEDUPDFKHQHW ZDVGHU%HREDFKWXQJHQW]LHKWDOVRDOOHV8QWHUVFKHLGHQXQG%H]HLFKQHQLQ GHU:HOWGLH:HOWDXFKYHUGHFNW´ 'LH.XQVWEHKDQGHOW:HOWDOVRNHLQHVZHJVLQDIILUPLHUHQGHURGHUJH ZLVVHUPD‰HQNRQVHUYLHUHQGHU:HLVHYLHOPHKUZLUNWVLHNODUSUREOHPDWLVLH UHQG $OVZlUHGDV/HEHQRKQHGLH.XQVWQXUHLQWlJOLFKVLFKZLHGHUKROHQGHU)RUWVHW ]XQJVURPDQHLQ/HEHQZLHGDVGHV=XK|UHUVHLQHU6FKODJHUVHQGXQJHUZDUWHWMH ZHLOVQRFKGDVQlFKVWH/LHGDEXQGGDQQQRFKHLQHVXQGGDQQQRFKHLQHVXQG VFKOLHVVOLFK ZDU HU ELV ]XP (QGH GDEHL GLH .XQVW DEHU HUK|KWH GHQ 6FKZLH ULJNHLWVJUDGYRQ/HEHQ 

(VJHKWDOVRQLFKWXPHLQ5HSUlVHQWLHUHQGHU:HOWVRQGHUQYLHOHKHUXP HLQ1DFKDKPHQGHU8QVLFKWEDUNHLWGHU:HOW2GHULQDQGHUHQ:RUWHQ  



     

/XKPDQQ.XQVW6 (EG6>+HUYRUKHEXQJLP2ULJLQDO@ (EG (EG6YJODXFKHEG6 (EG6 (EG6 +DQGNH %OHLVWLIW 6 I ]XP 8QWHUVFKLHG YRQ .XQVW XQG 8QWHUKDOWXQJ VLHKH /XKPDQQ 1LNODV'LH5HDOLWlWGHU0DVVHQPHGLHQ2SODGHQ6II $QGHUV GDJHJHQ *HUKDUG 3OXPSH XQG 1LHOV :HUEHU VLH VHKHQ GLH )XQNWLRQ GHU .XQVW GDULQPLWWHOV8QWHUKDOWXQJDXIGDVVLFKLP=XJHGHUJHVHOOVFKDIWOLFKHQ$XVGLIIHUHQ]LHUXQJ KHUDXVELOGHQGH 3UREOHP GHU IUHLHQ =HLW ]X UHDJLHUHQ 3OXPSH *HUKDUG X 1LHOV :HUEHU Å/LWHUDWXULVWFRGLHUEDU$VSHNWHHLQHUV\VWHPWKHRUHWLVFKHQ/LWHUDWXUZLVVHQVFKDIW´,Q/LWH



6WHIDQ+RIHU

XP HLQ $XIGHFNHQ GHV )XQNWLRQLHUHQV GHU PHQVFKOLFKHQ (UNHQQWQLV LP +LQEOLFNDXI:HOW²HLQHU(UNHQQWQLVGLHVLFKDOVJUXQGVlW]OLFKOFNHQKDIW HUZHLVW'LHLQGHU%HREDFKWXQJYRQ.XQVWLP%HREDFKWXQJVPRGXV]ZHL WHU 2UGQXQJ HQJDJLHUWHQ 5H]LSLHQWHQ ZHUGHQ KLHUEHL GD]X DQJHKDOWHQ 5FNVFKOVVH DXI LKUH MH HLJHQH UHDOH :HOW ]X ]LHKHQ .XQVW ELHWHW GDPLW HLQHH[NOXVLYH%HREDFKWXQJVSRVLWLRQDQGLH%HREDFKWXQJXQG,QIUDJHVWHO OXQJGHU:HOWXQGZHLOGLH5H]LSLHQWHQ7HLOGLHVHU:HOWVLQGDXFK6HOEVW EHREDFKWXQJ XQG 6HOEVWKLQWHUIUDJXQJ HUODXEW RGHU VRJDU IRUFLHUW 'HQQ .XQVW JLEW HLQHP ÅHWZDV ]X EHGHQNHQ´ IRUGHUW HLQHQ DXI ÅLQ )UDJH ]X NRPPHQ´ XQG RIIHULHUW OHW]WOLFK ÅHLQH QHXH 0|JOLFKNHLW ]X VHKHQ ]X VSUHFKHQ ]X GHQNHQ ]X H[LVWLHUHQ´ ZLH HV +DQGNH LQ VHLQHP (OIHQ EHLQWXUP$XIVDW] IRUPXOLHUW 6LH HU|IIQHW HLQHP DOVR GLH Å*HOHJHQKHLW VLFKDOV%HREDFKWHU]XEHREDFKWHQVLFKDOV,QGLYLGX>XP@]XHUIDKUHQ´ 'LHVHU ZLFKWLJH $VSHNW GHU 6HOEVWEHREDFKWXQJ LQ GHU.XQVW JUQGHW LQ LKUHP JDQ] HLJHQHQ *HEUDXFK YRQ :DKUQHKPXQJ :lKUHQG VLFK GLH 1RUPDONRPPXQLNDWLRQ GHU :DKUQHKPXQJ DXI GHU %HREDFKWXQJVHEHQH HUVWHU2UGQXQJLP6LQQHHLQHV6SUXQJEUHWWVIU,QIRUPDWLRQVYHUPLWWOXQJ EHGLHQWLQGHP6SUDFK]HLFKHQHQWZHGHUJHOHVHQRGHUJHK|UWZHUGHQYRQ LKQHQ DEHU XPJHKHQG DXI GLH UHIHULHUWHQ 6DFKYHUKDOWH JHVFKORVVHQ ZLUG ZLUG GLH :DKUQHKPXQJ LQ GHU .XQVWNRPPXQLNDWLRQ DXI VLFK VHOEHU ]X UFNJHZRUIHQ XQG DXI GHU %HREDFKWXQJVHEHQH ]ZHLWHU 2UGQXQJ HQ JDJLHUW'LH:DKUQHKPXQJEOHLEWJHZLVVHUPD‰HQDP.XQVWREMHNW²HWZD DQGHQ6SUDFK]HLFKHQ²NOHEHQ¶2GHUPLWDQGHUHQ:RUWHQbVWKHWLVFKHV %HWUDFKWHQEDXWQLFKWDXI5HIHUHQ]VRQGHUQDOOHLQDXI5HIHUHQ]DXIVLFK VHOEHU DXI 6HOEVWUHIHUHQ] DOVR 'LH .XQVW ÅNRQ]HGLHUW GHP ZDKU QHKPHQGHQ %HZXVVWVHLQ >DXI GLHVH :HLVH@ VHLQ MH HLJHQHV $EHQWHXHU LP %HREDFKWHQGHU.XQVWZHUNH²XQGPDFKWGLHGDIU$QODVVJHEHQGH)RU PHQZDKO GHQQRFK DOV .RPPXQLNDWLRQ YHUIJEDU´ 'HQQ ]ZHLIHOORV ÅDSSHOOLHUWGDV.XQVWZHUN]XQlFKVWDQGLH6LQQHGHV%HWUDFKWHUVGRFKLVW GLH:DKUQHKPXQJYRQ.XQVWDQJHZLHVHQDXI.RPPXQLNDWLRQ´DQGHUQ IDOOV ZUGHQ QLFKW .XQVWZHUNH ZDKUJHQRPPHQ ² DOVR NRPPXQLNDWLYH   

  

UDWXUZLVVHQVFKDIW XQG 6\VWHPWKHRULH 3RVLWLRQHQ .RQWURYHUVHQ 3HUVSHNWLYHQ +J Y 6LHJIULHG - 6FKPLGW2SODGHQ6²  %HLGH=LWDWHLQ+DQGNH8QWHUZHJV6E]Z6 +DQGNH 3HWHU Å,FK ELQ HLQ %HZRKQHU GHV (OIHQEHLQWXUPV´ ,Q 3HWHU +DQGNH3URVD *H GLFKWH7KHDWHUVWFNH+|UVSLHO$XIVlW]H)UDQNIXUW0DLQ6²KLHUI>+HUYRU KHEXQJLP2ULJLQDO@ /XKPDQQ.XQVW6 (EG6 :HUEHU 1LHOVÅ0HGLHQGHU (YROXWLRQ =X /XKPDQQV 0HGLHQWKHRULH XQG LKUHU 5H]HSWLRQ LQ GHU 0HGLHQZLVVHQVFKDIW´ ,Q 5H]HSWLRQ XQG 5HIOH[LRQ=XU 5HVRQDQ]GHU6\VWHPWKHRULH 1LNODV /XKPDQQV DXVVHUKDOE GHU 6R]LRORJLH +J Y +HQN GH %HUJ X -RKDQQHV ) . 6FKPLGW )UDQN IXUW0DLQ6²KLHU6

)XQNWLRQ



$QJHERWH GLH GXUFK GLH 'LIIHUHQ] YRQ ,QIRUPDWLRQ XQG 0LWWHLOXQJ JH NHQQ]HLFKQHW VLQG ² VRQGHUQ JHZ|KQOLFKH 2EMHNWH GLH P|JOLFKHUZHLVH EDOG ÅLP .HKULFKWNEHO GHU 0OODEIXKU´ YHUVFKZLQGHQ ZUGHQ ,QGHP GLH .XQVWNRPPXQLNDWLRQ GHQ 8PZHJ EHU :DKUQHKPXQJ ZlKOW GHKQW XQG YHUODQJVDPW VLH VLFK VWHOOW VLFK JOHLFKVDP VWLOO XQG ZLUG Å]HLWDXI ZHQGLJ´ :DKUQHKPXQJ XQG .RPPXQLNDWLRQ VWHKHQ IROJOLFK LQ HLQHU DQGHUHQ%H]LHKXQJ]XHLQDQGHUDOVLQGHU1RUPDONRPPXQLNDWLRQGHQQLQ GLHVHU ZLUG DXI :DKUQHKPXQJ LQ YLHO HSKHPHUHU :HLVH ]XUFNJHJULIIHQ .XQVWNDQQVRÅ:DKUQHKPXQJXQG.RPPXQLNDWLRQLQWHJULHUHQRKQH]X HLQHU9HUVFKPHO]XQJRGHU.RQIXVLRQGHU2SHUDWLRQHQ]XIKUHQ´ZR PLW:DKUQHKPXQJHQÅIU.RPPXQLNDWLRQYHUIJEDU´ZHUGHQ²REZRKO XQG JHUDGH ZHLO NHLQ 5HDOLWlWVNRQWLQXXP EHVWHKW ÅDXI GHP 8PZHOW VDFKYHUKDOWHLQV6\VWHPEHUIKUWZHUGHQN|QQWHQ´'LH.XQVWVFKDIIW VRPLWGDV.XQVWVWFN:DKUQHKPXQJXQG.RPPXQLNDWLRQJOHLFK]HLWLJ]X EHGLHQHQVLH]XYHUELQGHQXQGLKUH%H]LHKXQJ]XHLQDQGHU]XUHJHOQRKQH LKUH MH HLJHQHQ 2SHUDWLRQVHEHQHQ ]X YHUPLVFKHQ (LQ ZHLWHUHU VSH]LIL VFKHU $VSHNW GHU )XQNWLRQ YRQ /LWHUDWXU OLHJW IROJOLFK LP Å:LHGHUHLQ VFKOXVV GHU DXVJHVFKORVVHQHQ :DKUQHKPXQJ LQ GLH .RPPXQLNDWLRQ´ GDULQ DOVR GDVV VLH HWZDV SULQ]LSLHOO ,QNRPPXQLNDEOHV QlPOLFK :DKU QHKPXQJ LQ GHQ .RPPXQLNDWLRQV]XVDPPHQKDQJ GHU *HVHOOVFKDIW HLQ EH]LHKWXQGDOVRNRPPXQLNDWLYYHUIJEDUPDFKW 'DUDXVIROJW DXFK GDVV VLFK .XQVW JDQ] HQWVFKHLGHQG DQ SV\FKLVFKH 6\VWHPHULFKWHWZDVDQKDQGGHVIROJHQGHQ=LWDWVHU|UWHUWZHUGHQVROO +DOWJHJHQGLHHPS|UHQGH6HOEVWJHIlOOLJNHLWGHU7H[WXQG*HVFKLFKWHQXQG5R PDQKHUVWHOOHULPPHUGHQSUHLVJHJHEHQHQVLFKSUHLVJHEHQGHQQLFKWDQGHUVN|Q QHQGHQDEHUGRFKHWZDVN|QQHQGHQXQGGDEHLGRFKQLHQXUVLFKEHVSLHJHOQGHQ

  





 





/XKPDQQ.XQVW6 %DHFNHU VSULFKW YRP Å6WLOOVWHOOHQGHU .RPPXQLNDWLRQ LP .XQVWZHUN´GLH JOHLFKZRKO QXU ILQJLHUW LVW GD .RPPXQLNDWLRQ QRWJHGUXQJHQ ZHLWHUVFKUHLWHQ PXVV %DHFNHU 'LUN Å'LH $GUHVVHGHU.XQVW´,Q6\VWHPWKHRULHGHU/LWHUDWXU+JY-UJHQ)RKUPDQQX+DUUR0OOHU 0QFKHQ6²KLHU6II  9JOGD]X)XFKV3HWHUÅ'LH)XQNWLRQGHUPRGHUQHQ/\ULN´,Q3HWHU)XFKV.RQWXUHQGHU 0RGHUQLWlW 6\VWHPWKHRUHWLVFKH (VVD\V ,, +J Y 0DULH&KULVWLQ )XFKV %LHOHIHOG  6 ² KLHU6 /XKPDQQ.XQVW6I %HLGH=LWDWHHEG6 'DPLW PXVV .XQVW DOV ÅIXQNWLRQDOHV bTXLYDOHQW ]XU 6SUDFKH´ YHUVWDQGHQ ZHUGHQ /XK PDQQ.XQVW6  %DHFNHUÅ$GUHVVH´6YJOGD]XZHLWHUDXFK)XFKV3HWHUX)HUGLQDQG6FKPDW]/LHEHU +HUU)XFKVOLHEHU+HUU6FKPDW](LQH.RUUHVSRQGHQ]]ZLVFKHQ'LFKWXQJXQG6\VWHPWKHRULH2SODGHQ KLHU6 9JO KLHU]X 5HLQIDQGW &KULVWRSK 'HU 6LQQ GHU ILNWLRQDOHQ :LUNOLFKNHLW (LQ V\VWHPWKHRUHWLVFKHU (QWZXUI]XU$XVGLIIHUHQ]LHUXQJGHVHQJOLVFKHQ5RPDQVYRP-DKUKXQGHUWELV]XU*HJHQZDUW+HLGHO EHUJKLHUEHVRQGHUV6²



6WHIDQ+RIHU VRQGHUQ DXFK GHQ DQGHUQ LKU 6SLHJHOELOG HUP|JOLFKHQGHQ VRJHQDQQWHQ Ä1DU]LVV¶ KRFK 6HLQ DQGHUHU 1DPH LVW 3URPHWKHXV $WODV 6LV\SKRV ,[LRQ 7DQWDORV -R KDQQ:ROIJDQJ*RHWKH)UDQ].DIND

,Q GLHVHP =LWDW ZLUG GHU LPPHU ZLHGHU JHJHQ +DQGNH HUKREHQH 1DU ]LVVPXV9RUZXUI LQ JDQ] QHXHV /LFKW JHUFNW 'HU .XQVWSURGX]HQW DOV 1DU]LVV HUJ|W]W VLFK DQ VHLQHP 6SLHJHOELOG ² HU NDQQ JDU QLFKW DQGHUV 'RFK ZHLO GLHVHU 3UR]HVV GHV 6LFK6HOEHU%HVSLHJHOQV LQ )RUPHQ GHV .XQVWZHUNV JHVSHLFKHUW LVW HUP|JOLFKW HU GHP .XQVWUH]LSLHQWHQ HLQHQ HLQJHKHQGHQ%OLFNGDUDXI'XUFKGDVQDU]LVVWLVFKHÄ6LFK9RUZDJHQ¶ZLUG GHU .XQVWSURGX]HQW EHREDFKWEDU XQG ZHLO GHU .XQVWUH]LSLHQW VLFK LP .ODUHQ GDUEHU LVW GDVV HU KLHUEHL HLQHQ %HREDFKWHU EHLP %HREDFKWHQ EHREDFKWHW HUP|JOLFKW GLHV 5FNVFKOVVH DXI VLFK VHOEHU ZLH +DQGNH IRUPXOLHUWÅ:HQQLFKYRQPLUVHOEHUVFKUHLEHVRLQPHLQHQ6WUXNWXUHQXQG GLHGDVOHVHQILQGHQGDEHLLQGHQ%LOGHUQVLFKVHOEHU´ ,P)UHPGEHRE DFKWHQZLUGDOVRHEHQIDOOVÄQDU]LVVWLVFKHV¶6HOEVWEHREDFKWHQP|JOLFKRGHU JDUIRUFLHUW²JHZLVVHUPD‰HQHLQ1DU]LVVPXV]ZHLWHU2UGQXQJ²XQGGLHV QXU GDQN GHP VLFK VHLQHP QDU]LVVWLVFKHQ 'UlQJHQ KLQJHEHQGHQ .XQVW SURGX]HQWHQGHUEHUVHLQHHLJHQH:DKUQHKPXQJXQG,QWURVSHNWLRQHLQH VROFKHDXFKGHQ5H]LSLHQWHQHUP|JOLFKW(LQ6HOEVWEHREDFKWHQGDVNRQ VWUXNWLYLVWLVFK NRQWXULHUW LVW ZHQQ +DQGNH IHVWKlOW Å'X NDQQVW QXU YRQ LQQHQGD]XOHUQHQGDVbXVVHUHLVWEORVVHU$QVWRVV´ 'DDXVGHP%HREDFKWHQHLQHV%HREDFKWHUVLPPHUDXFKGLH(UNHQQW QLV EHU XQVHUHQ SUHNlUHQ ² ZHLO SDUDGR[DOHQ XQG GHQ HLJHQHQ EOLQGHQ )OHFNQLFKWEHUFNVLFKWLJHQGHQ²8PJDQJPLW:HOWUHVXOWLHUWZDVGXUFK DXV ]X 9HUXQVLFKHUXQJ RGHU ]XPLQGHVW ]X 8QUXKH IKUHQ NDQQ HUK|KW DOVR GLH .XQVW WDWVlFKOLFK GHQ Å6FKZLHULJNHLWVJUDG YRQ /HEHQ´ 6LH HU UHLFKW GLHV EHU GDV Å=HUEUHFKHQ DOOHU HQGJOWLJ VFKHLQHQGHQ :HOWELO GHU´ZLH+DQGNHIHVWKlOWE]ZIU/LWHUDWXUIRUGHUW'DPLWLVWGHUÅ2UW GHU/LWHUDWXU>@GDV3DUDGR[GKGHUhEHUHLQNXQIWZLUGHQWJHJHQJHKDO WHQZLHHVVLFKZLUNOLFKYHUKlOW>@´6WDWWDOVRGLH:HOWDE]XELOGHQRGHU     

   

+DQGNH%OHLVWLIW6 9JOGD]XHWZD'XU]DN0DQIUHG3HWHU+DQGNHXQGGLHGHXWVFKH*HJHQZDUWVOLWHUDWXU1DU]LVVDXI $EZHJHQ6WXWWJDUWXDKLHUEHV6II 9JO+DQGNH3KDQWDVLHQ6 +DQGNH)HOVIHQVWHU6>+HUYRUKHEXQJLP2ULJLQDO@YJOKLHU]XDXFKÅ,FK>@KDEHQXU HLQ 7KHPD >@ DXIPHUNVDP ]X ZHUGHQ XQG DXIPHUNVDP ]X PDFKHQ VHQVLEOHU HP SILQGOLFKHU JHQDXHU ]X PDFKHQ XQG ]X ZHUGHQ GDPLW LFK XQG DQGHUH DXFK JHQDXHU XQG VHQVLEOHUH[LVWLHUHQN|QQHQGDPLWLFKPLFKPLWDQGHUHQEHVVHUYHUVWlQGLJHQXQGPLWLKQHQ EHVVHUXPJHKHQNDQQ´ +DQGNH(OIHQEHLQWXUP6  +DQGNH8QWHUZHJV6 +DQGNH%OHLVWLIW6 +DQGNH(OIHQEHLQWXUP6 +DQGNH3KDQWDVLHQ6

)XQNWLRQ



]X NULWLVLHUHQ ZLUG LKUH .RQWLQJHQ] DXIJHGHFNW GLH 7DWVDFKH GDVV VLH NRQVWLWXWLY XQEHREDFKWEDU LVW 'HU .QVWOHU LVW QXQ DEHU ÅGDV 6\PERO >GLHVHV@PHQVFKOLFKHQ6FKHLWHUQV²LPPHUKLQGDVGXUFKVLFKWLJVWHXQGGDV NODUVWH´ 'HQQ DQ 6WHOOH GHU :HOW N|QQHQ QDU]LVVWLVFKH¶ )RUPHQ EHR EDFKWHWZHUGHQGLHGXUFKGLHXQYHUVFKUlQNWH:DKUQHKPXQJHLQHVHLQ]HO QHQ %HREDFKWHUV KHUJHVWHOOW ZRUGHQ VLQG 1DFK /XKPDQQ LVW HV JHQDX ÅGLHVH 0|JOLFKNHLW HLQ %HREDFKWHWZHUGHQ ]X HU]HXJHQ PLW GHU GHU .QVWOHUVHLQ:HUNYRQVLFKVHOEVWDEO|VW'HQQHUVHOEVWNDQQQLFKW RGHU QXU PLW XQHUWUlJOLFKHQ 9HUHLQIDFKXQJHQ  EHREDFKWHW ZHUGHQ´ 'LH YRQ LKP JHQHULHUWHQ )RUPHQ PVVHQ GDEHL ]ZLQJHQG DOV NRQVWUXLHUW XQG EH REDFKWHUDEKlQJLJ YHUVWDQGHQ ZHUGHQ ² JHQDX ZLH GLH ÄUHDOH :HOW¶ VHOEHU DXFK,QGLHVHP6LQQHNDQQPDQ+DQGNH$XVVDJHDXVGHP(LQJDQJV]LWDW YHUVWHKHQGDVVLFKQXQXPIDVVHQGHUEHOHXFKWHQOlVVWÅ,FKZLOOHUUHLFKHQ GDVVLFKGLUPLWPLUPHLQH:HOWHLQH:HOWGLH:HOW]HLJH´'LHVHPLWWHOV NQVWOHULVFKHU 7lWLJNHLW HU]HXJWH :HOW VWHKW ]ZLVFKHQ GHP 3URGX]HQWHQ XQGGHP5H]LSLHQWHQXQGEULQJWEHLGHDOV%HREDFKWHULQ%H]LHKXQJ]XHL QDQGHU 'DV 5HLFK GHU /LWHUDWXU LVW GDV =ZLVFKHQUHLFK QLFKW LFK QLFKW GX VRQGHUQ GDV 'D]ZLVFKHQ DOV 5HLFK QLFKW GLHVHU 2UW XQG MHQHU VRQGHUQ GHU %HUHLFK GD ]ZLVFKHQQLFKWGLHVH=HLWXQGMHQHVRQGHUQGLH(U]lKO]HLW²GLH=ZLVFKHQ]HLW

$OV NRPPXQLNDWLYHV %LQGHJOLHG ]ZLVFKHQ ÅLFK´ XQG ÅGX´ JHIDVVW OHLVWHW GLHVHV Å5HLFK GHU /LWHUDWXU´ GLH LPDJLQlUH :HOW GHV .XQVWZHUNV GLH VWUXNWXUHOOH .RSSOXQJ ]ZLVFKHQ ZDKUQHKPHQGHP %HZXVVWVHLQ ÅPHLQH :HOW´  XQG VLFK PLWWHLOHQGHU .RPPXQLNDWLRQ ÅGLU ]HLJH>Q@´  8QG ZHLO GDV.XQVWZHUNEHUGLHLKQLKPJHVSHLFKHUWHQ)RUPHQHLQHÅ.RPPXQL NDWLRQ GHU )RUP´ LQLWLLHUW HU|IIQHW HV GLH 0|JOLFKNHLW LP %HREDFKWHQ GLHVHU)RUPHQGLHVLFKDOVNRQWLQJHQWH%HREDFKWXQJVOHLVWXQJHQ]XHUNHQ QHQ JHEHQ DXFK 5FNVFKOVVH DXI GDV HLJHQH %HREDFKWHQ YRQ :HOW ]X ]LHKHQ'LH:HOWGHV=LWDWV²ÅPHLQH:HOW´²HUZHLVWVLFKGDEHLWDWVlFK OLFKDOVÅGLH:HOW´$OVHLQ]LJH0|JOLFKNHLWZLH:HOWJUXQGVlW]OLFKNRP PXQLNDWLYYHUKDQGHOWZHUGHQNDQQ²ZDVGLH.XQVWLQGHPVLHGXUFKJlQ JLJDXIGLH3HUVSHNWLYHGHU%HREDFKWXQJ]ZHLWHU2UGQXQJVHW]WXQGGDPLW ÅDOV6\PEROLVLHUXQJHLQHVJDQ]DOOJHPHLQHQ0RGHOOVGHU)XQNWLRQVV\VWHPH GHU PRGHUQHQ *HVHOOVFKDIW´ ]X JHOWHQ KDW JOHLFKVDP RIIHQOHJW .XQVW   

   

+DQGNH)HOVIHQVWHU6 /XKPDQQ.XQVW6>LP2ULJLQDO]7NXUVLYJHVHW]W@ +DQGNH%OHLVWLIW6 +DQGNH)HOVIHQVWHU6 /XKPDQQ1LNODVÅ'DV0HGLXPGHU.XQVW´,Q'HOILQ9,,  6²KLHU6 /XKPDQQ1LNODVÅ'LH$XWRQRPLHGHU.XQVW´,Q$UW /DQJXDJH /XKPDQQ+JYRP ,QVWLWXWIUVR]LDOH*HJHQZDUWVIUDJHQ)UHLEXUJLP%UHLVJDXXGHP.XQVWUDXP:LHQ:LHQ 6²KLHU6I



6WHIDQ+RIHU

NRQIURQWLHUWDOVRGLH7HLOQHKPHQGHQPLWGHQHLJHQHQHLQJHVFKUlQNWHQ%H REDFKWXQJVEHGLQJXQJHQXQG(UNHQQWQLVP|JOLFKNHLWHQXQGI|UGHUWGHUDUW LQ KRKHP 0D‰H HLQ .RQWLQJHQ]EHZXVVWVHLQ 'DUDXV HUJHEHQ VLFK GDQQ DXFKZLFKWLJH)UHLKHLWVJUDGH'HQQGLH.XQVW]HLJWGHP%HREDFKWHU:HJH DXI ZLH HU VHLQHU HLJHQHQ :DKUQHKPXQJ NULWLVFKHU JHJHQEHU VWHKHQ NDQQ6LHELHWHWPLWDQGHUHQ:RUWHQGLHÅ0|JOLFKNHLWGDV6HKHQ]XOHU QHQ´XQGGLHVHVQHXH6HKHQ¶DXIGLHHLJHQH9HUIDVVWKHLWLQGHU:HOWXQG GLH.RQWLQJHQ]GLHVHU:HOWUFN]XUHFKQHQ8QGZHLO.RQWLQJHQ]LPPHU DXFKHLQJHZLVVHV0D‰DQ:DKOIUHLKHLWLPSOL]LHUWIRUGHUWGLH.XQVWGD]X DXI GDV QHXH 6HKHQ¶ LQ (LJHQYHUDQWZRUWOLFKNHLW ZR]X :DKOIUHLKHLW JOHLFKVDPYHUSIOLFKWHW]XQXW]HQ.XQVWIRUGHUWXQVDOVRDXI²XQGOlVVW XQVJOHLFK]HLWLJGLH:DKO'DKHUGLH:LGPXQJGLH+DQGNHVHLQHPHUVWHQ -RXUQDOYRUDQVWHOOWÅ)UGHQGHQ·VDQJHKW´

 

9JOKLHU]X%DHFNHU'LUNÅ=XU)XQNWLRQXQG)RUPGHU.XQVW´,Q0RGHUQH%HJUHLIHQ=XU 3DUDGR[LHHLQHVVR]LRlVWKHWLVFKHQ'HXWXQJVPXVWHUV+JY&KULVWLQH0DJHUVNL&KULVWLDQH:HOOHUX 5REHUW6DYDJH:LHVEDGHQ6²  /XKPDQQ1LNODVÅ'LH5HDOLWlWGHU0DVVHQPHGLHQ1LNODV/XKPDQQLP5DGLRJHVSUlFKPLW :ROIJDQJ +DJHQ´ ,Q :DUXP KDEHQ 6LH NHLQHQ )HUQVHKHU +HUU /XKPDQQ" /HW]WH *HVSUlFKH PLW 1LNODV/XKPDQQ 'LUN%DHFNHU1RUEHUW%RO]:ROIJDQJ+DJHQ$OH[DQGHU.OXJH +JY:ROIJDQJ +DJHQ%HUOLQ6²KLHU6  9JOYRQ)RHUVWHU+HLQ]Å(WKLNXQG.\EHUQHWLN]ZHLWHU2UGQXQJ´,Q6KRUW&XWV+HLQ] YRQ )RHUVWHU +J Y 3HWHU *HQWH +HLGL 3DULV X 0DUWLQ :HLQPDQQ )UDQNIXUW0DLQ  6²KLHU6²6HOEVWYHUVWlQGOLFKLPSOL]LHUWGLHVH:DKOIUHLKHLWGLHVLFKDXVGHU.RQ WLQJHQ]HUJLEWDEHULPPHUDXFKGDVHLJHQH(LQJHEXQGHQVHLQLQGLH3UR]HVVHGHV/HEHQVVR ZLHGLH8QKLQWHUJHKEDUNHLWGHU%HREDFKWXQJGLHEHLGHXQDEGLQJEDUVLQG'LH:DKOIUHLKHLW LVWGDPLWHLQHSDUWLHOOH  +DQGNH*HZLFKW6



)81.7,21652//($8725²$1'5($)5$6(5 6$%,1(.$030$11 ,=ZHLIHOKDIWH$XWRUVFKDIWHQ ,Q GHQ 'HEDWWHQ XP GLH )LJXU GHV $XWRUV KDW GLH /LWHUDWXUZLVVHQVFKDIW HLQH 9RUUHLWHUUROOH HLQJHQRPPHQ $XFK IU DQGHUH JHLVWHVZLVVHQVFKDIWOL FKH 'LV]LSOLQHQ LQ GHQHQ .QVWOHU ]HQWUDOH )LJXUHQ PDUNLHUHQ ELOGHQ GLH DXV OLWHUDWXUZLVVHQVFKDIWOLFKHU 3HUVSHNWLYH IRUPXOLHUWHQ )UDJHQ HLQH KLOI UHLFKH 2ULHQWLHUXQJVJU|‰H ,P =HQWUXP GHU 'LVNXVVLRQHQ VWDQGHQ XQG VWHKHQ GLH )UDJHQ QDFK GHU ,QGLYLGXDOLWlW GHV $XWRUV QDFK GHU ,QWHQ WLRQDOLWlW GHU JHVFKDIIHQHQ :HUNH GLH .ULWLN DP %LRJUDSKLVPXV XQG GLH 5HIOH[LRQGHU3DUDPHWHUGHUZLVVHQVFKDIWOLFKHQ'LV]LSOLQ'LHVRJHQDQQWH $XWRU.XQVWZHUN/HVHU7ULDV ZXUGH LQ LKUHU XQKLQWHUJHKEDUHQ )DNWL]LWlW LQ =ZHLIHO JH]RJHQ XQG GLH KLVWRULVFKH (QWVWHKXQJ GHU $XWRUILJXU LP 5DKPHQ GHU $XVGLIIHUHQ]LHUXQJ GHU PRGHUQHQ *HVHOOVFKDIW XQG GHU +HUDXVELOGXQJGHVPRGHUQHQ8UKHEHUUHFKWVLQGHQ%OLFNJHQRPPHQ ,P=HQWUXPGHVNDWHJRULVFKHQ=ZHLIHOVVWDQGGHU$XWRUDOV.DWHJRULH OLWHUDWXUZLVVHQVFKDIWOLFKHU ,QWHUSUHWDWLRQHQ 'DEHL ZXUGH GHU $UJZRKQ JHJHQEHUGHU$XWRUILJXUDXFKGXUFK]ZHLIHOKDIWH$XWRUVFKDIWHQLQOLWHUD ULVFKHQ:HUNHQVHOEVWJHVFKUWLQGHQHQGDV$XWRUVXEMHNW]XYHUVFKZLQ GHQVFKHLQW'LHPLWWOHUZHLOHNDQRQLVFKHQ7H[WHYRQ5RODQG%DUWKHVXQG 0LFKHO )RXFDXOW ERWHQ JHQJHQG $QODVV ]X KLW]LJHQ 'HEDWWHQ EHU GHQ Å7RG´GHV$XWRUVEHUGLHYHUPHLQWOLFKH/HXJQXQJYRQGHVVHQ6XEMHNW VWDWXVXQGHLQGDPLWVFKHLQEDUYHUEXQGHQHVDQWLKXPDQLVWLVFKHV:HOWELOG 6HLW HLQLJHU =HLW KDW VLFK GDV ZLVVHQVFKDIWOLFKH ,QWHUHVVH ]XQHKPHQG DXI GLHJHVHOOVFKDIWOLFKH3UlVHQ]YRQ$XWRUILJXUHQYHUODJHUW9RQHLQHU5FN

 

9JO UFNEOLFNHQG XQG VWHOOYHUWUHWHQG IU GLH XPIDQJUHLFKHQ 'LVNXVVLRQHQ 5FNNHKU GHV $XWRUV=XU(UQHXHUXQJHLQHVXPVWULWWHQHQ%HJULIIV+JY)RWLV-DQQLGLV*HUKDUG/DXHU0DWLDV 0DUWLQH] X 6LPRQH :LQNR 7ELQJHQ  7H[WH ]XU 7KHRULH GHU $XWRUVFKDIW +J Y )RWLV -DQQLGLV*HUKDUG/DXHU0DWLDV0DUWLQH]X6LPRQH:LQNR6WXWWJDUW  %DUWKHV5RODQGÅ'HU7RGGHV$XWRUV´>/DPRUWGHO·DXWHXU@,Q7H[WH]XU7KHRULHGHU $XWRUVFKDIW 6 ² )RXFDXOW 0LFKHO Å:DV LVW HLQ $XWRU"´ >4X·HVWFH TX·XQ DXWHXU" @,Q7H[WH]XU7KHRULHGHU$XWRUVFKDIW6²



6DELQH.DPSPDQQ

NHKUGHV$XWRUVXQG:LHGHUNHKUGHV.QVWOHUVLVWGLH5HGHXQG)XQNWLRQXQG 5ROOH GHU .QVWOHUILJXU ZHUGHQ LQ GHQ %OLFN JHQRPPHQ ² HLQ $QOLHJHQ GDVIUHLOLFKEHUHLWV)RXFDXOWLQ4X·HVWFHTX·XQDXWHXU"IRUPXOLHUWH $XFK1LNODV/XKPDQQLQWHUHVVLHUWVLFKIUGLH)XQNWLRQGHU)LJXUGHV $XWRUV :LH VLHKW HLQH V\VWHPWKHRUHWLVFKH 3HUVSHNWLYH DXI .QVWOHUWXP XQG $XWRUVFKDIW DXV XQG NDQQ VLH GHQ ELVKHULJHQ (UNHQQWQLVVHQ HWZDV KLQ]XIJHQ"$QKDQGHLQHV%HLVSLHOVDXVGHUELOGHQGHQ.XQVWVROOLP)RO JHQGHQGDV3RWHQ]LDOHLQHUV\VWHPWKHRUHWLVFKHQ$QDO\VHYRQ$XWRUVFKDIW YHUGHXWOLFKW ZHUGHQ VHKU NRPSOH[H XQG DXWRUVFKDIWVUHIOH[LYH NQVWOHUL VFKH.RQ]HSWH]XHUIDVVHQ ,,$QGUHD)UDVHU8QWLWOHG =XU'LVNXVVLRQVWHKWHLQ:HUNRKQH7LWHOGHUDPHULNDQLVFKHQ.QVWOHULQ $QGUHD )UDVHU DXV GHP -DKU  'HQ 5H]LSLHQWHQ ZLUG LP $XVVWHO OXQJVUDXP HLQ PLQWLJHV 9LGHR DXI HLQHP0RQLWRUSUlVHQWLHUW GDV LQ )DUEHRKQH7RQXQGRKQH6FKQLWWHGHQ*HVFKOHFKWVYHUNHKUHLQHV3DDUHV LQHLQHP+RWHO]LPPHU]XVHKHQJLEW9RQHLQHUHLQ]LJHQXQWHUGHU'HFNH DQJHEUDFKWHQ 9LGHRNDPHUD DXV LQ HQWVSUHFKHQGHU (QWIHUQXQJ JHILOPW VLHKWPDQZLHHLQ0DQQXQGHLQH)UDXPLWWOHUHQ$OWHUVGDV=LPPHUEH WUHWHQ 0DQ VLHKW LKUH HUVWHQ $QQlKHUXQJVYHUVXFKH XQG =lUWOLFKNHLWHQ ZLH VLH VLFK HQWNOHLGHQ LQ YHUVFKLHGHQHQ 6WHOOXQJHQ PLWHLQDQGHU *H VFKOHFKWVYHUNHKUKDEHQXQGQDFKHLQHUDEVFKOLH‰HQGHQ3KDVHGHV$QHLQ DQGHUNXVFKHOQV%HWWXQG%LOGUDXPYHUODVVHQ'XUFKGLH:HUNEH]HLFKQXQJ DXIHLQHP6FKLOGLP$XVVWHOOXQJVUDXPHUIlKUWGHU%HWUDFKWHU²ZHQQHUHV GXUFKGLHEHJOHLWHQGHQ3UHVVHPHOGXQJHQUXQGXPGDV6NDQGDOYLGHRQLFKW RKQHKLQVFKRQ ZHL‰ ²GDVV GLH )UDX LQ GHP 9LGHR $QGUHD )UDVHUVHOEVW LVW 8QG HU HUKlOW ,QIRUPDWLRQHQ EHU GDV GHP 9LGHR YRUDQJHJDQJHQH 3URMHNW,P:LQWHUKDW)UDVHUEHUGLH1HZ@1DFKGHU8QWHUUHGXQJPLWPHLQHP6FKOHU*DPEHWWLPLWZHOFKHPLFKPLFK DP1HXQXQG]ZDQ]LJVWHQDXIGHP3LQFLRJHWURIIHQKDEHVFKUHLEW0XUDX)UDQ] -RVHI>«@XQGYRQGHVVHQKRKHU,QWHOOLJHQ]LFKDXFKMHW]WQDFKPHLQHU5FNNHKU DXV:ROIVHJJ>«@LQHLQHUGHUDUWHUIULVFKHQGHQ:HLVHEHJHLVWHUWJHZHVHQELQGD‰ LFKJDQ]JHJHQPHLQH*HZRKQKHLWJOHLFKGXUFKGLH9LD&RQGRWWLDXIGLH3LD]]D 0LQHUYD]XJHKHQ>«@EHUGLH)ODPLQLDXQGGLH3LD]]DGHO3RSRORGHQJDQ]HQ &RUVRHQWODQJLQPHLQH:RKQXQJJHJDQJHQELQHUKLHOWLFKJHJHQ]ZHL8KUPLW WDJGDV7HOHJUDPPLQZHOFKHPPLUGHU7RGPHLQHU(OWHUQXQGPHLQHV%UXGHUV -RKDQQHVPLWJHWHLOWZXUGH(OWHUQXQG-RKDQQHVW|GOLFKYHUXQJOFNW&DHFLOLD$PDOLD >@,FKKDWWH*DPEHWWLIQI%FKHUJHJHEHQYRQZHOFKHQLFKEHU]HXJWJHZHVHQ ELQGD‰VLHLKPIUGLHQlFKVWHQ:RFKHQQW]OLFKXQGQRWZHQGLJVHLQZUGHQ XQG LKP DXIJHWUDJHQ GLHVH IQI %FKHU DXI GDV DXIPHUNVDPVWH XQG PLW GHU LQ VHLQHP )DOOH JHERWHQHQ /DQJVDPNHLW ]X VWXGLHUHQ 6LHEHQNlV YRQ -HDQ 3DXO 'HU 3UR]H‰YRQ)UDQ].DIND$PUDVYRQ7KRPDV%HUQKDUG'LH3RUWXJLHVLQYRQ0XVLO (VFKRGHU'LH$QDUFKLHYRQ%URFKXQGGDFKWH MHW]W>«@GD‰LFKJDQ]XQDXIIlOOLJ GLH $QGHXWXQJ JHPDFKW KDEH PLFK GDV QlFKVWH 0DO PLW LKP EHU GLH :DKOYHU ZDQGWVFKDIWHQXQGQLFKWEHU'LH:HOWDOV:LOOHXQG9RUVWHOOXQJDXVHLQDQGHU]XVHW]HQ >@ =ZHL 7DJH QDFK GHU 5FNNHKU YRQ GHU +RFK]HLW PHLQHU 6FKZHVWHU &DHFLOLD >«@PXVVLFK>«@LQGDVPLULQGHQOHW]WHQ-DKUHQWDWVlFKOLFKDOOHVLQDOOHPPHKU RGHU ZHQLJHU ZLGHUZlUWLJ JHZRUGHQH :ROIVHJJ ]XUFN GDFKWH LFK QRFK LPPHU YRP RIIHQHQ )HQVWHU DXV DXI GLH PHQVFKHQOHHUH 3LD]]D 0LQHUYD KLQXQWHU VFKDXHQG>«@,FKKDWWHVFKRQODQJHZHGHU]XPHLQHQ(OWHUQQRFK]XPHLQHP %UXGHUHLQVRJHQDQQWHVJXWHV>«@9HUKlOWQLV>«@,FKKDEH-DKU]HKQWHXQWHULKU HP+D‰JHOLWWHQVDJWHLFKPLUMHW]WDEHULFKOHLGHVFKRQMDKUHODQJQLFKWPHKUGD UXQWHU>«@8QGXQZHLJHUOLFKKDWLKU+D‰JHJHQPLFKPHLQHQ+D‰JHJHQVLHKHU YRUJHUXIHQ$XFKVLHOLWWHQLQGHQOHW]WHQ-DKUHQQLFKWPHKUXQWHUPHLQHP+D‰

'LHVH(LQJDQJVSDVVDJHQDXV7KRPDV%HUQKDUGV5RPDQ$XVO|VFKXQJ   ODVVHQ VLFK ² LP )DOO YRQ 1U  XQG  ² DOV WUDQVIRUPLHUHQGH  LQ WHUWH[WXHOOH$QVSLHOXQJHQDXIGLH8UV]HQHDOWHXURSlLVFKHU0HPRULDONXOWXU VRZLH²LP)DOOYRQ1U²DOV9HUZHLVDXIGLHYRP0HGLXPGHU 'UXFN  6FKULIWOLFKNHLW LQ*DQJ JHEUDFKWHQ 6WUXNWXUlQGHUXQJHQVR]LDOHU .RPPX QLNDWLRQ XQG GHV VR]LDOHQ *HGlFKWQLVVHV PRGHUQHU *HVHOOVFKDIWHQ OHVHQ  

%HUQKDUG7KRPDV$XVO|VFKXQJ(LQ=HUIDOO)UDQNIXUW0DLQ6I,P)ROJHQ GHQ6LJOH$/XQG6HLWHQDQJDEH



'LUN.UHW]VFKPDU

:LH VFKRQ IU GHQ DQWLNHQ 'LVNXUVVWLIWHU GHU 0QHPRWHFKQLN 6LPRQLGHV YRQ.HRVPDUNLHUWQXQIU%HUQKDUGV3URWDJRQLVWHQ)UDQ]-RVHI0XUDX GHUSO|W]OLFKXQGXQHUZDUWHWLQGLH*HJHQZDUWHLQEUHFKHQGH7RGMHQHHQW VFKHLGHQGH=lVXUYRQGHUDXV*HGlFKWQLVSUR]HVVHUHNXUVLYLKUHQ$QIDQJ QHKPHQ =XGHP ]LWLHUW %HUQKDUGV 6]HQHULH GLH DXI 6LPRQLGHV ]XUFN JHKHQGH WRSRJUDSKLVFKH 2UGQXQJ DOWHXURSlLVFKHU *HGlFKWQLVPRGHOOH =XPHLQHQZLUG0XUDXYRQGHUJHGlFKWQLVLQLWLLHUHQGHQ7RGHVQDFKULFKWLQ GHUÅHZLJHQ6WDGW´5RPDOVRHLQHP*HGlFKWQLVRUWSDUH[FHOOHQFHJHWURI IHQ]XP]ZHLWHQZHUGHQHVLPZHLWHUHQ(U]lKOYHUODXIGLHUHDOHQXQGLPD JLQLHUWHQ %HJHJQXQJHQPLWVHLQHP *HEXUWVRUW :ROIVHJJ VHLQ GLH 0XUDX ]XDXVIKUOLFKHQ 5H .RQVWUXNWLRQHQGHU9HUJDQJHQKHLWYHUDQODVVHQ 'LH3DVVDJH1UZHLFKWEH]JOLFKGHU)RUPHQ)XQNWLRQHQXQG,Q KDOWHGHV(ULQQHUQVKLQJHJHQHUKHEOLFKYRPDQWLNHQ8UELOGDE:lKUHQG 6LPRQLGHV·PHPRULDHLQJHEXQGHQLQGHQULWXHOOHQ5DKPHQYRQ7RWHQNXOW XQG%HVWDWWXQJGHP/RESUHLVGHU9HUVWRUEHQHQVRZLHGHP$XIEDXNRQ WLQXLWlWV XQG LGHQWLWlWVVWLIWHQGHU *HGlFKWQLVVWUXNWXUHQ GLHQW JHKW HV EHL %HUQKDUGXPGLH'HVWUXNWLRQNRQILUPLHUHQGVWDELOLVLHUHQGHU'LPHQVLRQHQ GHV *HGlFKWQLVVHV 6HLQ 3URWDJRQLVW QLPPW %HJUlEQLV XQG 7RWHQJHGHQ NHQMDJHUDGH]XP$QODVVHLQHUJQDGHQORVHQ$EUHFKQXQJPLWVHLQHQ9HU VWRUEHQHQXQGGHUYRQLKQHQUHSUlVHQWLHUWHQ9HUJDQJHQKHLW 'LH YRQ %HUQKDUG ]ZLVFKHQ GLH 7RGHVQDFKULFKW XQG 0XUDXV HUVWHQ FRQGHPQDWLRPHPRULDH$XVEUXFK¶SODW]LHUWH3DVVDJH1UVHW]WVLFKZLH EHUHLWV DQJHGHXWHW PLW 6FKULIW XQG /LWHUDWXU DOV .RPPXQLNDWLRQV XQG 6SHLFKHUPHGLHQGHUPRGHUQHQ*HVHOOVFKDIWXQGGHUYRQLKQHQDXVJHO|V WHQ (YROXWLRQ GHU *HGlFKWQLVWKHRULH XQG SUD[LV DXVHLQDQGHU 8QG ]ZDU ]XQlFKVWLQYRUDXVGHXWHQGHU:HLVH'HQQGHU(LQVDW]HEHQGLHVHU0HGLHQ ZLUG ZLH VSlWHU QRFK DXVIKUOLFK JH]HLJW ZLUG LP 9HUODXI GHU 5RPDQ KDQGOXQJGDV(QGHGHUDOWHXURSlLVFKHQ3UD[LVGHVVR]LDOHQ*HGlFKWQLVVHV ²VRZRKOIUGLH:ROIVHJJHU*HVHOOVFKDIWDOVDXFKIU0XUDXVHOEVW²KHU EHLIKUHQ  

=XPDQWLNHQ)XQNWLRQVNRQQH[]ZLVFKHQ7RWHQJHGHQNHQ%HJUlEQLVXQG*HGlFKWQLVVLHKH *ROGPDQQ6WHIDQÅ6WDWW7RWHQNODJH*HGlFKWQLV=XU(UILQGXQJGHU0QHPRWHFKQLNGXUFK 6LPRQLGHVYRQ.HRV´,Q3RHWLFD  6²  'D HV LP 5DKPHQ XQVHUHU )UDJHVWHOOXQJ SULPlU XP GLH JHQHUHOOH %HGHXWXQJ YRQ 6FKULIW %XFKGUXFN XQG OLWHUDULVFKHU )LNWLRQ DOV 0HGLHQ YRQ 0HWDNRPPXQLNDWLRQ %HREDFKWXQJ ]ZHLWHU 2UGQXQJ $EVWUDNWLRQ XQG 5HIOH[LYLWlW LP 5DKPHQ VR]LDOHU *HGlFKWQLVSUR]HVVH JHKWVLQGGLHJHQDQQWHQ5HIHUHQ]WH[WHDOVVROFKHVRZLHLKUHP|JOLFKHSRHWRORJLVFKH)XQN WLRQ IU GHQ 5RPDQ YRQ XQWHUJHRUGQHWHU 5HOHYDQ] 9JO GD]X YD 0LWWHUPH\HU 0DQIUHG Å9RQ0RQWDLJQH]X-HDQ3DXO6DUWUH9HUPXWXQJHQ]XU,QWHUWH[WXDOLWlWLQ%HUQKDUGV$XV O|VFKXQJ´ ,Q 7KRPDV %HUQKDUG ² 7UDGLWLRQHQ XQG 7UDEDQWHQ +J Y -RDFKLP +RHOO X .DL /XHKUV.DLVHU :U]EXUJ  6 ² /XENROO &KULVWLQH ÅÄ$XV/HVH¶ ,QWHUWH[WXHOOH %H]JHLQ7KRPDV%HUQKDUGV5RPDQ$XVO|VFKXQJ´,Q1HXH$VSHNWHGHU/LWHUDWXUZLVVHQVFKDIW .XOWXUWKHPD (VVHQ ² ,QWHUWH[WXDOLWlW ² SURGXNWLYH 9HUIDKUHQ +J Y 0D[ /HRQKDUG 7UDXQVWHLQ

*HGlFKWQLV



%HUQKDUGOHJWDOVRJOHLFK]X%HJLQQLQNRPSULPLHUWHU)RUP6XMHWXQG SRHWRORJLVFKHV3URJUDPPVHLQHV5RPDQVRIIHQ6FKULIWXQG/LWHUDWXUDOV PRGHUQH 0HGLHQ GHV VR]LDOHQ *HGlFKWQLVVHV VROOHQ ² LQ GHVWUXLHUHQG DXVO|VFKHQGHU $EVLFKW ² JHJHQ *HGlFKWQLVVWUXNWXUHQ VRZLH JHJHQ *H VFKLFKWV XQG :HOWELOGHU GHU 9RUPRGHUQH LQ $QVFKODJ JHEUDFKW ZHUGHQ 'LHVHU 3UR]HVV ZLUG LQGHV QLFKW QXU DXI GHU LQWUDGLHJHWLVFKHQ (EHQH HU ]lKOW VRQGHUQ GHU PDQLIHVWH 7H[W VROO LKQ DXIJUXQG VHLQHU HLJHQHQ 6FKULIWI|UPLJNHLWLQGHU5HDOLWlWVHOEVWDXVO|VHQ 1XQLVWGLH(LQVLFKWGDVVHVLQ%HUQKDUGV5RPDQXP)RUPHQ)XQN WLRQHQXQG0HGLHQGHV VR]LDOHQ *HGlFKWQLVVHVJHKWNHLQHVIDOOVQHX:DV GHUOLWHUDWXUXQGNXOWXUZLVVHQVFKDIWOLFKHQ)RUVFKXQJ]XUPHPRULDLQ$XV O|VFKXQJELVODQJDOOHUGLQJVIHKOWLVWHLQHYRPV\VWHPWKHRUHWLVFKHQ*HGlFKW QLVSDUDGLJPD LQVSLULHUWH 5HOHNWUH GHV 7H[WHV 'LHV EHUUDVFKW LQVRIHUQ DOV EHUHLWV GLH (LQJDQJVVHTXHQ]HQ GHV 5RPDQV JHQJHQG $QKDOWVSXQNWH IUHLQHV\VWHPWKHRUHWLVFKDQJHOHLWHWH,QWHUSUHWDWLRQELHWHQ6RGHFNWVLFK %HUQKDUGV 'DUVWHOOXQJ GHU YRQ JHJHQZlUWLJHQ (UHLJQLVVHQ DXVJHO|VWHQ UH NRQVWUXNWLYHQ *HGlFKWQLVOHLVWXQJHQ 0XUDXV PLW /XKPDQQV $XIIDV VXQJYRQGHU5HNXUVLRQDOVEDVDOHP2SHUDWLRQVPRGXVGHV*HGlFKWQLVVHV 5HNXUVLYLWlWHUP|JOLFKWHVVLQQYHUDUEHLWHQGHQ6\VWHPHQ(ULQQHUXQJHQDQ YHUJDQJHQH(UHLJQLVVHDOVJHJHQZlUWLJ]XEHKDQGHOQXP]ZLVFKHQLKUHP MHW]LJHQXQGYRUKHULJHQ=XVWDQGXQWHUVFKHLGHQ]XN|QQHQ'DIHUQHUGLH $XVHLQDQGHUVHW]XQJ PLW 6SUDFKH XQG 6FKULIW DOV .RPPXQLNDWLRQV XQG *HGlFKWQLVPHGLHQ HLQH ]HQWUDOH 0RWLYHEHQH GHV 5RPDQV GDUVWHOOW UH IOHNWLHUWHU²V\VWHPWKHRUHWLVFKUHIRUPXOLHUW²GLH'LIIHUHQ]]ZLVFKHQGHP SV\FKLVFKHQ6\VWHPGHV%HZXVVWVHLQVXQGGHPVR]LDOHQ6\VWHPGHU.RPPX QLNDWLRQ6FKRQGHUHUVWH6DW]GHV5RPDQVWKHPDWLVLHUWGLH%HGHXWXQJGLH VHU 6\VWHPJUHQ]H GXUFK GLH 'DUVWHOOXQJ LKUHU VRZRKO VSUDFK DOV DXFK VFKULIWI|UPLJHQ hEHUVFKUHLWXQJ 'HU /HVHU HUIlKUW ]XQlFKVW GDVV 0XUDX XQPLWWHOEDU YRU GHP (LQWUHIIHQ GHU 7RGHVQDFKULFKW YRQ HLQHU Å8QWHU UHGXQJ´PLW*DPEHWWLNRPPWGHUJHVDPWHHUVWH7HLOGHV5RPDQVEHVWHKW DXV VROFKHQ 8QWHUUHGXQJHQ LQ GHQHQ 0XUDX VHLQHP *HJHQEHU YRQ :ROIVHJJHU]lKOW'HUJOHLFKH6DW]LQIRUPLHUW]XGHPGDUEHUGDVV0XUDX   6 ² .OLQNHUW 7KRPDV %HZDKUHQ XQG /|VFKHQ =XU 3URXVW5H]HSWLRQ EHL 6DPXHO %H FNHWW &ODXGH 6LPRQ XQG 7KRPDV %HUQKDUG 7ELQJHQ  +RHOO -RDFKLP Å'LH %FKHU GHV *HLVWHVPHQVFKHQ7KRPDV%HUQKDUGV%LEOLRWKHNGHVE|VHQ*HLVWHV´,Q7KRPDV%HUQKDUG² HLQH (LQVFKlUIXQJ +J Y -RDFKLP +RHOO $OH[DQGHU +RQROG X .DL /XHKUV.DLVHU %HUOLQ 6²VRZLH%HW]8ZH3RO\SKRQH5lXPHXQGNDUQHYDOLVLHUWHV(UEH$QDO\VHQGHV:HUNV 7KRPDV%HUQKDUGVDXIGHU%DVLV%DFKWLQVFKHU7KHRUHPH:U]EXUJ  6HOEVWGLHELVODQJDXVIKUOLFKVWH$QDO\VHGHV5RPDQVDXV HULQQHUXQJV NXOWXUZLVVHQVFKDIW OLFKHU 3HUVSHNWLYH ² 9RJW 6WHIIHQ2UWVEHJHKXQJHQ 7RSRJUDSKLVFKH(ULQQHUXQJVYHUIDKUHQ XQG SROL WLVFKHV*HGlFKWQLVLQ7KRPDV%HUQKDUGV'HU,WDOLHQHU¶XQG$XVO|VFKXQJ¶%HUOLQ²JUHLIW/XK PDQQV *HGlFKWQLVWKHRULH QLFKW DXI )U HLQHQ hEHUEOLFN EHU ELVKHULJH JHGlFKWQLVWKHRUH WLVFKH,QWHUSUHWDWLRQVDQVlW]HGHV7H[WHVVLHKHHEG6²



'LUN.UHW]VFKPDU

YRQGLHVHU8QWHUUHGXQJ XQGDOOHQZHLWHUHQ PLW*DPEHWWLVFKUHLEW0XUDXV (ULQQHUXQJHQOLHJHQDOVREHUHLWVLQ6FKULIWIRUPYRU XQGZXUGHQZLHPDQ DP 6FKOXVV GHV 5RPDQV HUIlKUW YRQ HLQHP ILNWLYHQ +HUDXVJHEHU SXEOL ]LHUW  'LHV DOOHV EHGHXWHW V\VWHPWKHRUHWLVFK UHIRUPXOLHUW GDVV GLH ]X QlFKVWLQGLYLGXHOOHQEHZXVVWVHLQVLQWHUQHQXQGVRPLWLQWUDQVSDUHQWHQXQG XQEHREDFKWEDUHQ (ULQQHUXQJHQ 0XUDXV LP 5DKPHQ HLQHU $OWHU(JR .RPPXQLNDWLRQVVLWXDWLRQ XQWHU $QZHVHQGHQ ]XQlFKVW LQ GDV VR]LDOH .RPPXQLNDWLRQVPHGLXP GHU 6SUDFKH ŁEHUVHW]W´ ZHUGHQ ,Q GLHVHU ]HL FKHQKDIWDEVWUDKLHUWHQ)RUPVLQGVLHXQYHUPHLGOLFKUH]LSURNHQ%HREDFK WXQJHQ ]ZHLWHU 2UGQXQJ  DXVJHVHW]W 'LHVHU 3UR]HVV VHW]W VLFK IRUW XQG HUUHLFKW JHVHOOVFKDIWVZHLWH $XVGHKQXQJ LQGHP 0XUDXV (ULQQHUXQJHQ GXUFK LKUH 9HUVFKULIWOLFKXQJ LQ HLQ H[WHUQHV 6SHLFKHUXQG 9HUEUHLWXQJV PHGLXPDXVJHODJHUWZHUGHQ'D]XVSlWHUPHKU %HYRUGLHV\VWHPWKHRUHWLVFKDQJHOHLWHWH5HOHNWUHYRQ$XVO|VFKXQJYHU WLHIWIRUWJHVHW]WZHUGHQNDQQPVVHQ]XQlFKVWHLQLJHZHLWHUH.RPSRQHQ WHQGHU*HGlFKWQLVWKHRULH/XKPDQQVXPULVVHQZHUGHQ ,Q $EZDQGOXQJ HLQHU GHU EHNDQQWHVWHQ 7KHVHQ /XKPDQQV N|QQWH PDQEHKDXSWHQQHEHQ.XOWXUVHL*HGlFKWQLVHLQHUGHUÅVFKOLPPVWHQ%HJULI IH´GLHMHJHELOGHWZXUGHQ%HLGH%HJULIIHEOLFNHQDXIHLQHODQJH%HGHX WXQJVXQG*HEUDXFKVJHVFKLFKWH]XUFN'DKHU]HLFKQHQVLHVLFKEHUHLQ VWLPPHQGGXUFKHLQHKRKH'LIIXVLRQVIlKLJNHLWLQK|FKVWKHWHURJHQHNRP PXQLNDWLYH.RQWH[WHGXUFKVHPDQWLVFKH$OWODVWHQQRUPDWLYHUXQGDSRUH WLVFKHU $UW VRZLH GXUFK HUKHEOLFKH GHILQLWRULVFKH 8QVFKlUIHQ DXV $QJH VLFKWV GLHVHU 6FKZLHULJNHLWHQ PLW *HGlFKWQLV XQG .XOWXU EH]LHKW /XKPDQQ ]XP HLQHQ GLH EHJULIIVKLVWRULRJUDSKLVFKH  3RVLWLRQ HLQHV %HREDFKWHUV ]ZHLWHU2UGQXQJYRQGHUDXVGLHKLVWRULVFKNRQWLQJHQWH6HPDQWLNEHLGHU %HJULIIHUHNRQVWUXLHUWXQGPLWGHP9HUODXIJHVHOOVFKDIWOLFKHU6WUXNWXUlQ GHUXQJHQ NRUUHOLHUW ZLUG =XP ]ZHLWHQ ZHUGHQ *HGlFKWQLV XQG .XOWXU DOV DXJHQVFKHLQOLFK XQYHU]LFKWEDUH %HJULIIH VR]LDOHU .RPPXQLNDWLRQ JHPl‰ GHUV\VWHPWKHRUHWLVFKHQ%DVLVSUlPLVVHQXQG(UNHQQWQLVLQWHUHVVHQQHXGH ILQLHUWXQGLQGLH*HVDPWDUFKLWHNWXUGHV7KHRULHJHElXGHVHLQJHSDVVW ,P)DOOYRQ*HGlFKWQLVVHKHQGLHZLFKWLJVWHQ5HVXOWDWHGLHVHU%HDUEHL WXQJIROJHQGHUPD‰HQDXV'LHVWULNWH8QWHUVFKHLGXQJ]ZLVFKHQGHQ6LQQ NRQVWLWXWLRQHQSV\FKLVFKHUXQGVR]LDOHU6\VWHPHHU]ZLQJWGLHHEHQVRNRQ VHTXHQWH 8QWHUVFKHLGXQJ ]ZLVFKHQ EHZXVVWVHLQVLPPDQHQWHQ XQEHRE DFKWEDUHQXQGVR]LDONRPPXQLNDWLYHQEHREDFKWEDUHQ*HGlFKWQLVSUR]HV VHQ=ZDUJlEHHVVR/XKPDQQRKQHÅ%HZX‰WVHLQVV\VWHPHPLW*HGlFKW   

/XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 =XU (QWZLFNOXQJ GHV *HGlFKWQLVEHJULIIV EHL /XKPDQQ YRQ GHQ 6R]LDOHQ 6\VWHPHQ ELV ]XU *HVHOOVFKDIWGHU*HVHOOVFKDIWVLHKH+ROO0LUMDP.HUVWLQ6HPDQWLNXQGVR]LDOHV*HGlFKWQLV'LH6\V WHPWKHRULH 1LNODV /XKPDQQV XQG GLH *HGlFKWQLVWKHRULH YRQ $OHLGD XQG -DQ $VVPDQQ :U]EXUJ 6²

*HGlFKWQLV



QLV´DXFKNHLQVR]LDOHV*HGlFKWQLVGRFKEDXWGLHVHVQLFKWDXIGLHÅYLHO]X YHUVFKLHGHQ>HQ@ XQG LQ GHU .RPPXQLNDWLRQ QLFKW DXI HLQHQ 1HQQHU ]X EULQJHQ>GHQ@*HGlFKWQLVOHLVWXQJHQGHU%HZX‰WVHLQVV\VWHPHDXI´'DVVR ]LDOH *HGlFKWQLV RSHULHUW YLHOPHKU DXI HLQHU HLJHQHQ HPHUJHQWHQ 2UG QXQJVHEHQH DXI GHU ÅLQ GLDFKURQHQ NRPPXQLNDWLY ]XJlQJOLFKHQ 9HU NQSIXQJHQ YRQ %HREDFKWXQJHQ´ GLH Å*HJHQZDUW DOV 5HVXOWDW GHU 9HU JDQJHQKHLW´ XQG PLWKLQ GLH HLJHQH (YROXWLRQVIlKLJNHLW EHREDFKWHW ZHU GHQ 'HV :HLWHUHQ YHUZLUIW /XKPDQQ DOOH JlQJLJHQ 7KHRULHQ XQG 0HWD SKHUQGLHLP*HGlFKWQLVHLQUFNZlUWVJHZDQGWHVUHLQDXIGDV%HZDKUHQ GHU 9HUJDQJHQKHLW DXVJHULFKWHWHV 6SHLFKHUPHGLXP IU 'DWHQ XQG ,QIRU PDWLRQHQVHKHQ'LHHLJHQWOLFKH)XQNWLRQGHV*HGlFKWQLVVHVEHVWHKHYLHO PHKULQGHUÅ5HJXOLHUXQJGHV9HUKlOWQLVVHVYRQ(ULQQHUQXQG9HUJHVVHQ´ *G*   'HP 9HUJHVVHQ NRPPH LQVRIHUQ HQWVFKHLGHQGH %HGHXWXQJ ]XZHLOHVGLHÅ6HOEVWEORFNLHUXQJGHV6\VWHPVGXUFKHLQ*HULQQHQGHU5H VXOWDWHIUKHUHU%HREDFKWXQJHQ´YHUKLQGHUHXQGDXIGLHVH:HLVHIUQHXH HYROXWLRQVG\QDPLVLHUHQGH ,QIRUPDWLRQVYHUDUEHLWXQJVNDSD]LWlWHQ VRUJH *G*  $QGLHVHU6WHOOHNDQQZLHGHU%HUQKDUGV5RPDQLQGHQ%OLFNJHQRP PHQ ZHUGHQ XQG ]ZDU ]XQlFKVW GLH %HGHXWXQJ VHLQHV7LWHOV Å$XVO|VFK XQJ´hEHU6LQQXQG=ZHFNVHLQHVHULQQHUQGELODQ]LHUHQGHQ:ROIVHJJEH ULFKWHVlX‰HUW0XUDX 'DVHLQ]LJHGDVLFKVFKRQHQGJOWLJLP.RSIKDEHKDWWHLFK]X*DPEHWWLJHVDJW LVWGHU7LWHO$XVO|VFKXQJGHQQPHLQ%HULFKWLVWQXUGD]XGDGDVLQLKP%HVFKULH EHQHDXV]XO|VFKHQDOOHVDXV]XO|VFKHQGDVLFKXQWHU:ROIVHJJYHUVWHKHXQGDOOHV GDV:ROIVHJJLVWDOOHV*DPEHWWLYHUVWHKHQ6LHPLFKZLUNOLFKXQGWDWVlFKOLFKDO OHV1DFKGLHVHP%HULFKWPXVVDOOHVGDV:ROIVHJJLVWDXVJHO|VFKWVHLQ>«@0HLQ %HULFKWO|VFKW:ROIVHJJJDQ]HLQIDFKDXV $/ 

0XUDXV VFKULIWOLFKIL[LHUWH(ULQQHUXQJHQ XQG GDPLW ]XJOHLFK GHU 5RPDQ VHOEVWEDVLHUHQDOVRDXIGHUSDUDGR[HQ3UlPLVVHGDV(U]lKOWH GDV(U LQQHUWH  GXUFK GHQ $NW GHV (U]lKOHQV  GHV (ULQQHUQV  DXVO|VFKHQ ]X ZROOHQ ,P /LFKWH GHV V\VWHPWKHRUHWLVFKHQ *HGlFKWQLVNRQ]HSWV O|VW VLFK GLHVH3DUDGR[LHMHGRFKLQJOHLFKPHKUIDFKHU:HLVHDXI=XPHLQHQLVWPLW MHGHP:HFKVHOGHU6\VWHPUHIHUHQ]XQGGHUPHGLDOHQ&RGLHUXQJYRQ,Q IRUPDWLRQHQHLQ$XVO|VFKXQJVYRUJDQJYHUEXQGHQ'LHRSHUDWLYJHVFKORV VHQHQ XQG VHOEVWUHIHUHQ]LHOOHQ 6LQQVHTXHQ]HQ YRQ 0XUDXV LQGLYLGXHOOHP *HGlFKWQLVZHUGHQDXVGHPSV\FKLVFKHQ6\VWHPJHO|VFKWLQGHPVLH]X QlFKVW LQ GDV VR]LDOH 6\VWHP PQGOLFKLQWHUDNWLYHU .RPPXQLNDWLRQ HLQ  

/XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  6  ,P )ROJHQ GHQ6LJOH*G*XQG6HLWHQDQJDEH  +ROO6HPDQWLNXQGVR]LDOHV*HGlFKWQLV6



'LUN.UHW]VFKPDU

JHVSHLVWZHUGHQ$XVGLHVHPZLHGHUXPZHUGHQVLHJHO|VFKWZHQQVLH]X %HVWDQGWHLOHQGHVVR]LDOHQ6\VWHPVVFKULIWOLFKHU.RPPXQLNDWLRQXQGGD PLWGHVVR]LDOHQ*HGlFKWQLVVHVZHUGHQLQGHP(ULQQHUXQJHQ]HLWUHVLVWHQW XQG XQDEKlQJLJ YRQ LQWHUDNWLRQLVWLVFKHU .RPPXQLNDWLRQ XQG GHQ ÅDE VWHUEHQGHQ *HGlFKWQLVVHQ GHU 0HQVFKHQ´ DXIEHZDKUW RUJDQLVLHUW XQG YHUQHW]WZHUGHQN|QQHQ *G* 'HU3UR]HVVGHV$XVO|VFKHQV¶YRQ (ULQQHUXQJHQ YROO]LHKW VLFK DOVR ]XQlFKVW HLQPDO PLW MHGHP Å2UWVZHFK VHO´ GHV V\VWHPLVFKHQ XQG PHGLDOHQ 6SHLFKHUV GHV (ULQQHUQV 9RQ ZHLW HQWVFKHLGHQGHUHU %HGHXWXQJ VLQG LQGHV GLH PLWVROFKHQ *UHQ]EHUWULWWHQ YHUEXQGHQHQ LQKDOWOLFKWKHPDWLVFKHQ 7UDQVIRUPDWLRQHQ GHV (ULQQHUWHQ -HGHU6\VWHPXQG0HGLHQZDQGHOYHUODJHUW0XUDXV(ULQQHUXQJHQLQHLQHQ JU|‰HUHQ VR]LDOHQ %HREDFKWXQJVUDKPHQ LQ GHP VLH XQZHLJHUOLFK NRP PHQWLHUHQGHQXQGNULWLVLHUHQGHQ=XJULIIHQXQWHUOLHJHQ6ROFKHQ%HREDFK WXQJHQ ]ZHLWHU 2UGQXQJ ÅDXVJHOLHIHUW´ EOHLEHQ DXFK *HGlFKWQLVLQKDOWH QLFKWGDVZDVVLHYRUKHUZDUHQ²XQGLQGLHVHP6LQQHZHUGHQVLHDXVJH O|VFKW%HUHLWVDXIGHU(EHQHGHULQWHUDNWLYHQ$OWHU(JR.RPPXQLNDWLRQ EHUQLPPW *DPEHWWL ZLHGHUKROW GLH )XQNWLRQ GHV DXVO|VFKHQGUHODWLYLH UHQGHQ %HREDFKWHUV ]ZHLWHU 2UGQXQJ  GHU %HREDFKWXQJHQ HUVWHU 2UG QXQJ 0XUDXV *DPEHWWL KDWWH ODXW DXIJHODFKW XQG PLFK HLQHQ PD‰ORVHQ hEHUWUHLEHU JHQDQQW PLFKDOVW\SLVFK|VWHUUHLFKLVFKHQ6FKZDU]PDOHUEH]HLFKQHWDOVJURWHVNHQ1HJDWL YLVWHQ 'DUDXI KDWWH LFK JHVDJW GD‰ PHLQH hEHUWUHLEXQJHQ LQ :DKUKHLW XQG LQ :LUNOLFKNHLWPD‰ORVH8QWHUWUHLEXQJHQVHLHQGD‰:ROIVHJJVRZLHLFKHVLKPEH VFKUHLEHLQ:LUNOLFKNHLWQRFKHLQH,G\OOHVHLJHJHQGDVZDV:ROIVHJJZLUNOLFKLVW $/I 

2EZRKO 0XUDX KLHU ² ZLH LQ DOOHQ DQGHUHQ )lOOHQ ² GLH 5HSOLNHQ VHLQHV *HJHQEHUV PLW HLQHU PRQRPDQLVFKHQ -DKUDXV  5DGLNDOLVLHUXQJ VHLQHU %HREDFKWXQJHQEHDQWZRUWHWOlVVWVLFKGLHYRQ*DPEHWWLV%HREDFKWXQJHQ ]ZHLWHU2UGQXQJLQGLH:HOWJHVHW]WH.RQWLQJHQ]GHU9HUVLRQHQ0XUDXV QLFKWPHKUEHVHLWLJHQ-HGHGLHVHU%HREDFKWXQJHQSOXUDOLVLHUWGLH3HUVSHN WLYHXQGO|VFKWGLHYRUKHULJHHL JHQ QVLQQLJH6LFKWGHU'LQJHDXV'LHVHQ 9RUJDQJ GHU .RQWLQJHQWVHW]XQJ VHOEVW UHIOHNWLHUHQ ² XQG DOV XQYHUPHLG OLFKDN]HSWLHUHQ²NDQQ0XUDXMHGRFKHUVWLQGHP$XJHQEOLFNLQGHPPLW GHU 9HUVFKULIWOLFKXQJ GLH QlFKVWH VR]LDOV\VWHPLVFKH XQG PHGLDOH 7UDQV IRUPDWLRQ VHLQHU (ULQQHUXQJHQ DQVWHKW :DU GDV .RQWLQJHQ]SRWHQWLDO VHLQHUYHUVSUDFKOLFKWHQ(ULQQHUXQJHQLQGHULQWHUDNWLYHQ.RPPXQLNDWLRQPLW GHPDQZHVHQGHQ*DPEHWWLQRFKKDOEZHJVEHKHUUVFKEDUJHUlWHVJlQ]OLFK DX‰HU.RQWUROOHZHQQGLHYHUVFKULIWOLFKWHQ(ULQQHUXQJHQ]XJHVHOOVFKDIWVZHLW  

-DKUDXV 2OLYHU 'DV ÄPRQRPDQLVFKH¶ :HUN (LQH VWUXNWXUDOH :HUNDQDO\VH GHV 2HXYUHV YRQ 7KRPDV %HUQKDUG)UDQNIXUW0DLQXD

*HGlFKWQLV



WUDQVSDUHQWHQ XQG EHREDFKWEDUHQ :LVVHQVEHVWlQGHQ ZHUGHQ ,P GHP 0HGLXPGHU6FKULIWWULWW]XJOHLFKGHU%HREDFKWHULQ(UVFKHLQXQJ ,FKZLOOZHQLJVWHQVGHQ9HUVXFKPDFKHQKDWWHLFK]X*DPEHWWLJHVDJW:ROIVHJJ ]XEHVFKUHLEHQZLHLFKHVVHKHGHQQMHGHUNDQQQXUEHVFKUHLEHQZDVHUVLHKWZLH HVLKPHUVFKHLQWQLFKWDQGHUV>«@,FKZHUGHYHUVXFKHQGLH0HLQLJHQVR]X]HL JHQZLHVLHVLQGZHQQVLHGDQQDXFKQXUVRDXIJHVFKULHEHQVLQGZLHLFKVLHJHVH KHQKDEHXQGZLHLFKVLHVHKH $/I 

'LH7DWVDFKHGDVVGLHLKPDOV%HREDFKWHU]XJHUHFKQHWH.RQWLQJHQ]VHL QHU(ULQQHUXQJHQHUVWPLWLKUHU6FKULIWI|UPLJNHLWPDQLIHVWZLUGJHUlW0X UDXQRFKDXVHLQHUDQGHUHQ3HUVSHNWLYHLQGHQ%OLFN6RlX‰HUWHUEHUGHQ HLJHQWOLFKHQ6FKUHLESUR]HVVVHLQHV:ROIHJJ*HGlFKWQLVWH[WHV 'LH6FKZLHULJNHLWLVWMDLPPHUQXUZLHHLQHQVROFKHQ%HULFKWDQIDQJHQZRHLQHQ WDWVlFKOLFKEUDXFKEDUHQHUVWHQ6DW]HLQHUVROFKHQ$XIVFKUHLEXQJKHUQHKPHQHL QHQVROFKHQDOOHUHUVWHQ6DW],Q:DKUKHLW*DPEHWWLKDEHLFKMDVFKRQRIWDQJH IDQJHQ PLW GLHVHP %HULFKW DEHU LFK ELQ VFKRQ LQ GHP DOOHUHUVWHQ DXIJHVFKULH EHQHQ6DW]JHVFKHLWHUW $/ 

'HUV\VWHPWKHRUHWLVFKLQVSLULHUWH/HVHUILQGHWLQGLHVHU7H[WSDVVDJHZLH GHUXPYHUEOIIHQGJHQDX9HUWUDXWHVZLHGHU8QG]ZDU/XKPDQQVhEHU OHJXQJHQ ]XU *HQHVH GHV OLWHUDULVFKHQ  7H[WHV DOV HLQH VLFK LP +HUVWHO OXQJVSUR]HVV ]XQHKPHQG VHOEVW RUJDQLVLHUHQGH 6HTXHQ] YRQ %HREDFK WXQJHQ$QHLQHQRFKUHODWLYZLOONUOLFKH$QIDQJVXQWHUVFKHLGXQJ²DOVRDQ HLQHQHUVWHQ6DW] XQGNHLQHQDQGHUHQ DQHLQHQHUVWHQ6DFKYHUKDOW XQG NHLQHQ DQGHUHQ  ² VFKOLH‰W HLQH ]ZHLWH YRQ GHU HUVWHQ YRUJHJHEHQH XQG GDPLWVFKRQQLFKWPHKUEHOLHELJH2SHUDWLRQDQGLHGDQQZLHGHUXPGHQ 0|JOLFKNHLWVVSLHOUDXP GHU GULWWHQ 2SHUDWLRQ HLQVFKUlQNW XVZ ELV ]XP $EVFKOXVV GHV 7H[WHV (LQ VLFK GHUDUW VHOEVW SURJUDPPLHUHQGHV .XQVW ZHUNEHVWHKWDOVRDXVHLQHU5HLKHYRQ]XQHKPHQGHLJHQGLULJLHUHQGHQ(QW VFKHLGXQJHQEHU$XVZDKO)RUPXQJXQG$QRUGQXQJYRQ6LQQVHTXHQ]HQ ² GLH GHU 5H]LSLHQW LP 0RGXV GHU %HREDFKWXQJ ]ZHLWHU 2UGQXQJ QDFK YROO]LHKW 0XUDXV DXWRUHIOH[LYHU 9HUZHLV DXI GHQ .RQVWUXNWLRQVSUR]HVV VHLQHU :ROIVHJJ(ULQQHUXQJV6FKULIW QlPOLFK DXI LKUH (QWVWHKXQJ DXV HLQHPXQYHUPHLGOLFKNRQWLQJHQWHQ$QIDQJEHWULIIWQDWUOLFK]XJOHLFKGHQ JHVDPWHQ 5RPDQ %HUQKDUG0XUDX SUlVHQWLHUHQ XQV HLQHQ OLWHUDULVFKHQ 7H[W DOV 0HGLXP GHV VR]LDOHQ *HGlFKWQLVVHV GHVVHQ .RQWLQJHQ] ² XQG GDPLWHEHQDXFKGLH.RQWLQJHQ]GHVGDULQ(ULQQHUWHQ²RIIHQJHOHJWZLUG $OV %HVWDQGWHLO GHV VR]LDOHQ 6FKULIW *HGlFKWQLVVHV JHKW GHU7H[W LQ GDV SRO\SHUVSHNWLYLVFKH %HREDFKWXQJVJHIOHFKW GHU PRGHUQHQ IXQNWLRQV GLIIHUHQ]LHUWHQ*HVHOOVFKDIWHLQZRVHLQH6LFKWGHU'LQJHSRWHQ]LHOOLQILQL WHQ 7UDQVIRUPDWLRQV XQG GDPLW LPPHU ZLHGHU QHXHQ $XVO|VFKXQJV SUR]HVVHQ XQWHUOLHJW :HGHU 0XUDXV (ULQQHUXQJVWH[W QRFK GHU PDQLIHVWH 5RPDQWH[WN|QQHQ²HEHQDXIJUXQGLKUHU7H[WI|UPLJNHLW²LQLKUHU(LQ



'LUN.UHW]VFKPDU

VLQQLJNHLW EHVWHKHQ EOHLEHQ $XI GLH .RQVHTXHQ]HQ NRPPH LFK VSlWHU QRFKHLQPDO]XVSUHFKHQZHQQHV]XVlW]OLFKGDUXPJHKW0XUDXV:ROIV HJJ%HVFKUHLEXQJHQDOV$EELOGHLQHUYRUPRGHUQHQ*HVHOOVFKDIW]XOHVHQ GHUHQ6R]LDOXQG*HGlFKWQLVVWUXNWXUHQGXUFKGHQ(LQVDW]GHV0HGLXPV 6FKULIWDXVJHO|VFKWZHLODXIJHEURFKHQZHUGHQ =XQlFKVWVLQGDEHUPLWGHQ%HJULIIHQGHU JHSIOHJWHQ 6HPDQWLNXQGGHU .XOWXU ZHLWHUH .RPSRQHQWHQ GHU *HGlFKWQLVWKHRULH /XKPDQQV ]X VNL] ]LHUHQGLHIUHLQHV\VWHPWKHRUHWLVFKH%HUQKDUG/HNWUHHEHQIDOOVK|FKVW UHOHYDQWVLQG'HPQDFKEH]LHKWVLFKGDVVR]LDOH*HGlFKWQLVDXIGHQGLD FKURQHQ 7HLO GHU JHSIOHJWHQ 6HPDQWLN GHU *HVHOOVFKDIW 6LQQYHUDUEHL WXQJVUHJHOQGHUJHVHOOVFKDIWOLFKHQ.RPPXQLNDWLRQZLH%HJULIIH7KHPHQ ,GHHQ5LWXDOHHWFNRQGHQVLHUHQGXUFK:LHGHUKROXQJXQGUHNXUVLYH9HU ZHQGXQJ]XVWDELOHQHULQQHUXQJVUHOHYDQWHQ,GHQWLWlWHQ1LFKWDNWXDOLVLHU WHVHPDQWLVFKH)RUPHQZHUGHQKLQJHJHQDXVGHP*HGlFKWQLVJHO|VFKW 9RQ ]HQWUDOHU %HGHXWXQJ VLQG QXQ GLH .DXVDOEH]LHKXQJHQ ]ZLVFKHQ JHSIOHJWHU 6HPDQWLN VR]LDOHP *HGlFKWQLV XQG JHVHOOVFKDIWOLFKHU ,GHHQ  HYROXWLRQ 6REDOG :LVVHQVEHVWlQGH XQG EHZDKUHQVZHUWH 6HPDQWLN PLW +LOIHYRQ9HUEUHLWXQJVXQG6SHLFKHUPHGLHQZLH6FKULIWXQG%XFKGUXFN DUFKLYLHUWXQGNRPPXQL]LHUWZHUGHQVLQGVLHLQWHUSUHWLHUHQGHQXQGWUDQV IRUPLHUHQGHQ 5HOHNWUHQ DQKDQG EHREDFKWXQJVOHLWHQGHU 'LIIHUHQ]HQ ZLH .RQWLQXLWlWYV'LVNRQWLQXLWlW/HJLWLPDWLRQYV'HOHJLWLPDWLRQRGHU,GHQ WLWlW YV $OWHULWlW DXVJHVHW]W 'LH ,GHHQHYROXWLRQ NRPPW LQ *DQJ LQGHP ÅJHJHQ GHQ 6WULFK´ GHV VFKHPDWLVLHUWHQ NRQWLQXLWlWV XQG VWDELOLWlWVVL FKHUQGHQ*HGlFKWQLVVHVGHUJHSIOHJWHQ6HPDQWLN²XQGGHUDXILKUEHUX KHQGHQ 5HDOLWlWV XQG 2UGQXQJVYRUVWHOOXQJHQ GHU *HVHOOVFKDIW ² ODWHQWH 6LQQRSWLRQHQHUVFKORVVHQXQGGHPVR]LDOHQ.RPPXQLNDWLRQVNUHLVODXI]X JHIKUWZHUGHQ'LHYRQGHU*HVHOOVFKDIWDQVFKULIWOLFKH.RPPXQLNDWLRQ JHVWHOOWH )RUGHUXQJ DQ GHQ 1HXKHLWVZHUW GHU PLWJHWHLOWHQ ,QIRUPDWLRQHQ IKUWDX‰HUGHP]XUJHQHUHOOHQ8PRULHQWLHUXQJGHU5H]HSWLRQVKDOWXQJYRQ

 

+DUDOG:HLQULFKXQG*HUKDUG1HXPDQQVWHOOHQGHQ$XVO|VFKXQJVEHJULIILQ%HUQKDUGV5R PDQKLQJHJHQLQGHQ.RQWH[WGHU'HEDWWHQEHUGDV(QGHGHUÅ*XWHQEHUJ*DOD[LV´LQGHU *HGlFKWQLVNXOWXU XQG GLH 8QP|JOLFKNHLW VR]LDOHQ 9HUJHVVHQN|QQHQV DQJHVLFKWV XQHQG OLFKHU6SHLFKHUNDSD]LWlWHQGHV:LVVHQVLQGHQQHXHQ0HGLHQ6LHKH:HLQULFK+DUDOG/HWKH .XQVWXQG.ULWLNGHV9HUJHVVHQV0QFKHQXQG1HXPDQQ*HUKDUGÅ*HGlFKWQLV6WXU]´ ,Q$N]HQWH  6²'D]XDXVV\VWHPWKHRUHWLVFKHU6LFKW(VSRVLWR(OHQD6R ]LDOHV9HUJHVVHQ)RUPHQXQG0HGLHQGHV*HGlFKWQLVVHVGHU*HVHOOVFKDIW)UDQNIXUW0DLQ0HL QHU$QVLFKWQDFKELQGHW%HUQKDUGGDVMHQLJHZDVHULQVHLQHP5RPDQXQWHUÅ$XVO|VFKXQJ´ YRQ(ULQQHUXQJHQYHUVWHKWMHGRFKJHUDGHXQGDXVVFKOLH‰OLFKDQGDV0HGLXPGHU6FKULIW  9JO /XKPDQQ 1LNODV Å*HVHOOVFKDIWOLFKH 6WUXNWXU XQG VHPDQWLVFKH 7UDGLWLRQ´ ,Q 1LNODV /XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WXGLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW %G)UDQNIXUW0DLQ6²

*HGlFKWQLV



.RQWLQXLWlW XQG5HGXQGDQ] DXI 9DULHWlW XQG 9HUJOHLFK ,Q GLHVHP =X VDPPHQKDQJ NRPPW GHU PRGHUQH  .XOWXUEHJULII LQV 6SLHO 1DFK /XK PDQQVSULFKWPDQYRQ.XOWXUDOVHLJHQVWlQGLJHP*HJHQVWDQGVEHUHLFKHUVW VHLW0LWWHGHV-DKUKXQGHUWV'LHXQXPNHKUEDUHJHVHOOVFKDIWOLFKH)XQN WLRQVGLIIHUHQ]LHUXQJ GLH 'LYHUJHQ] GHU :LVVHQVIRUPDWLRQHQ XQG %HRE DFKWXQJVHEHQHQVRZLH]XQHKPHQGHZHOWJHVHOOVFKDIWOLFKH9HUIOHFKWXQJGHV .RPPXQL]LHUHQVXQG%HREDFKWHQVIKUHQGD]XGDVVGLHPRGHUQH*HVHOO VFKDIW VLFK VHOEVW QXU QRFK DOV SRO\SHUVSHNWLYLVFK XQG NRQWLQJHQW EHRE DFKWHQNDQQ²XQGGLHVH(UIDKUXQJDOV.XOWXUEH]HLFKQHWXQGUHIOHNWLHUW =XJOHLFK HUP|JOLFKW GHU%HJULII ÅXQLYHUVDOLVWLVFKH KLVWRULVFKH XQG UHJLR QDOH9HUJOHLFKH>«@´ *G* $OOHVZDVÅLQGHUHLJHQHQXQGIUHP GHQ .XOWXU LQ GHU *HJHQZDUW XQG GHU 9HUJDQJHQKHLW JHWDQ XQG JHVDJW ZLUG NDQQ ]ZHLPDO EHREDFKWHW ZHUGHQ DOV HLQIDFKH 2SHUDWLRQ DXI GHU (EHQH HUVWHU 2UGQXQJ  XQG DOV NXOWXUHOOHV 3KlQRPHQ DXI GHU (EHQH ]ZHLWHU2UGQXQJ ²XQGZLUGGDPLWXQZHLJHUOLFKNRQWLQJHQW´0LWGHP %HJULII.XOWXULP6LQQHHLQHUGLHHLJHQH*HVFKLFKWOLFKNHLWXQG7UDGLWLRQV ELOGXQJUHIOHNWLHUHQGHQ0HWD%HREDFKWXQJVHEHQHNDQQGLHPRGHUQH*H VHOOVFKDIWQXQDXFKLKUVR]LDOHV*HGlFKWQLVEH]HLFKQHQ =XUFN ]X %HUQKDUG 6HLQ +DXSWSURWDJRQLVW WULWW EHVWlQGLJ DOV YHU JOHLFKHQGUHIOHNWLHUHQGHU %HREDFKWHU YRQ )UHPGVSUDFKHQ $XWRUHQ XQG .QVWOHUQ(SRFKHQSKLORVRSKLVFKHQ6\VWHPHQXQGOLWHUDULVFKHQ7H[WHQ LQ (UVFKHLQXQJ 8QV NRPPW HV ZLHGHUXP QLFKW DXI GLH 4XLQWHVVHQ]HQ YRQ0XUDXV.XOWXUXQG/LWHUDWXUYHUJOHLFKHQDQVRQGHUQHLQ]LJDXI%HUQ KDUGV 'DUVWHOOXQJ SRO\SHUVSHNWLYLVFKNRQWLQJHQWHU %HREDFKWHUYHUKlOWQLV VHGLHVLFKLQGHUPRGHUQHQ*HVHOOVFKDIWGXUFKGHQNRPPXQLNDWLYHQ(LQ VDW] GHU 6FKULIW XQG HLQHQ YHUJOHLFKVRULHQWLHUWHQ .XOWXUEHJULII HQWIDOWHQ 8QGDXVGLHVHU3HUVSHNWLYHJHUlW0XUDXHLQZHLWHUHV0DODOV5HSUlVHQWDQW PRGHUQHU6LQQSOXUDOLWlWLQGHQ%OLFNGLHHU%HUQKDUG²XQGGDPLWNRP PH LFK ]XP OHW]WHQ 3XQNW ² JHJHQ GLH (LQVLQQLJNHLW GHU YRUPRGHUQHQ :ROIVHJJHU *HVHOOVFKDIW LKUHU .XOWXU XQG LKUHV VR]LDOHQ *HGlFKWQLVVHV ]XP(LQVDW]EULQJW 'HU PLW /XKPDQQV 7\SRORJLH JHVHOOVFKDIWOLFKHU 'LIIHUHQ]LHUXQJVIRU PHQYHUWUDXWH/HVHUNDQQNDXPXPKLQLQGHQ:ROIVHJJ%HVFKUHLEXQJHQ  

9JO/XKPDQQ1LNODVÅ'LH%HKDQGOXQJYRQ,UULWDWLRQHQ$EZHLFKXQJRGHU1HXKHLW´,Q 1LNODV/XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WXGLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*H VHOOVFKDIW%G)UDQNIXUW0DLQ6²  9JO DXFK /XKPDQQ 1LNODV Å.XOWXU DOV KLVWRULVFKHU %HJULII´ ,Q /XKPDQQ *HVHOO VFKDIWVVWUXNWXU XQG 6HPDQWLN %G  6 ² VRZLH %DHFNHU 'LUN Å.XOWXU´ ,Q bVWKHWLVFKH *UXQGEHJULIIH+LVWRULVFKHV:|UWHUEXFKLQVLHEHQ%lQGHQ%G+JY.DUOKHLQ]%DUFNXD6WXWW JDUW6²%DHFNHU'LUNÅ.XOWXUHOOH2ULHQWLHUXQJ´,Q/XKPDQQXQGGLH.XOWXU WKHRULH+JY*QWHU%XUNDUWX*QWHU5XQNHO)UDQNIXUW0DLQ6²  (VSRVLWR6R]LDOHV9HUJHVVHQ6



'LUN.UHW]VFKPDU

0XUDXVGDV$EELOGHLQHUYRUPRGHUQHQ*HVHOOVFKDIW]XHUNHQQHQGLHVLFK JOHLFKVDP DXV VHJPHQWlUHQ XQG VWUDWLIL]LHUHQGHQ 2UGQXQJVPXVWHUQ NRQ VWLWXLHUW %HUHLWV GLH WRSRJUDSKLVFKHQ *HJHEHQKHLWHQ ZHLVHQ GHQ 2UW DOV KHUPHWLVFK JHVFKORVVHQHV 6\VWHP DXV 6R LVW GLH 5HGH YRQ HLQHU ŁEHU DFKWKXQGHUW0HWHUKRFK´JHOHJHQHQÅMDKUKXQGHUWHODQJXQHLQQHKPEDU>HQ@ >«@)HVWXQJ´]XGHUÅQXUHLQHHLQ]LJHMHGHU]HLWGXUFKHLQH=XJEUFNH´ ]X VSHUUHQGH 6WUD‰H KLQDXIIKUW :HLWHU KHL‰W HV :ROIVHJJ ZHUGH ÅVHLW -DKUKXQGHUWHQ´GXUFKHLQHQÅGLFKWH>Q@KRFKJHZDFKVHQH>Q@:DOGYRUGHQ %OLFNHQ GHUHU >JHVFKW]W@ GLH HV QLFKW VHKHQ VROOHQ´ $/ I  $XFK LQQHUKDOEGLHVHUDEJHVFKRWWHWHQ:HOWKDEHQVLFKYRUPRGHUQH9HUKlOWQLVVH ZHLWJHKHQG HUKDOWHQ 'LH ZLHGHUKROW DOV ÅJUR‰´ ÅJUR‰DUWLJ´ ÅDX‰HURU GHQWOLFKKHUUVFKDIWOLFK´XQGÅXQJHKHXHUOLFK´EHVFKULHEHQH+HUUVFKDIWVDU FKLWHNWXUGHU*HElXGH]LHOWHLQ]LJDXIGLH(KUIXUFKWHLQIO|‰HQGHhEHUZlO WLJXQJ )UHPGHU XQG $X‰HQVWHKHQGHU DE IHUQHU VLQG JHVHOOVFKDIWOLFKH )XQNWLRQVEHUHLFKH ZLH :LUWVFKDIW %LOGXQJ XQG 5HOLJLRQ ZHGHU UlXPOLFK QRFK IXQNWLRQDO JHJHQHLQDQGHU GLIIHUHQ]LHUW GLH VWUDWLILNDWRULVFKH /HLW GLIIHUHQ]REHQXQWHQGHWHUPLQLHUWMHGHVR]LDOH,QWHUDNWLRQXQG.RPPX QLNDWLRQHEHQVRILQGHWVLFKGLHLQVEHVRQGHUHIUVHJPHQWlUH*HVHOOVFKDI WHQ NRQVWLWXWLYH =HQWUXP3HULSKHULH'LIIHUHQ]LHUXQJ ZREHL GLH QlKHUH XQG ZHLWHUH 8PJHEXQJ GHQ :ROIVHJJHUQ DOV %HUHLFKH GHV 8QEHNDQQWHQ XQG GHU *HIDKU JHOWHQ VFKOLH‰OLFK EDVLHUW GLH JHVDPWH 6WUXNWXU YRQ 0X UDXV :ROIVHJJHU )DPLOLH DXI GHP YRUPRGHUQHQ JHQHDORJLVFKG\QDVWL VFKHQ0RGHOOGHV*UR‰HQ+DXVHV¶ ,QXQVHUHP=XVDPPHQKDQJVLQGLQVEHVRQGHUHGLHVR]LDOHQ*HGlFKW QLVVWUXNWXUHQ GHU :ROIVHJJHU *HVHOOVFKDIW YRQ ,QWHUHVVH /XKPDQQ IDVVW GLH VWUXNWXUHOOHQ XQG IXQNWLRQDOHQ 0HUNPDOH GHV VR]LDOHQ *HGlFKWQLVVHV YRUPRGHUQHUXQGVFKULIWORVHU*HVHOOVFKDIWHQIROJHQGHUPD‰HQ]XVDPPHQ 6FKULIWORVH *HVHOOVFKDIWHQ KDOWHQ VLFK DQ >«@ ª4XDVL2EMHNWH© GDV VLQG 5LWHQ RGHU)HVWHRGHUHU]lKOEDUH0\WKHQDOVR,QV]HQLHUXQJHQ>«@'LH>«@(U]lKOWUD GLWLRQHQVFKULIWORVHU*HVHOOVFKDIWHQGLHQHQGHQQDXFKQLFKWGHUhEHUWUDJXQJYRQ :LVVHQ VRQGHUQ GHU UHGHQGHQK|UHQGHQ (LQVWLPPXQJ DXI HWZDV ZDV PDQ VFKRQZHL‰XQGDOV(ULQQHUXQJUHDNWXDOLVLHUW>«@'DV*HGlFKWQLVIUKHUHU*H VHOOVFKDIWHQ LVW YRU DOOHP HLQ WRSRJUDSKLVFKHV *HGlFKWQLV >GDV@ JHQJW VRODQJH GDV3UREOHPGDULQOLHJW6]HQHQIUZLHGHUKROEDUHV+DQGHOQ ]XP%HLVSLHOKHLOLJH 3OlW]H RGHU 7HPSHO IU GLH .XOWH  EHUHLW]XKDOWHQ (V VWHOOW 2UWH >«@ EHUHLW GLH ,QWHUDNWLRQHQHUP|JOLFKHQXQGWUHQQHQ'DULQOLHJWGLHDOVEHNDQQWYRUDXV]XVHW ]HQGH6WUXNWXUGLH%HJHJQXQJHQ XQG9HUPHLGXQJYRQ%HJHJQXQJHQ UHJXOLHUW 'DPLW LVW ]XJOHLFK HLQH $EJUHQ]XQJ HLQHV (LJHQEHUHLFKV HLQHU EHZRKQWHQ ª=L YLOLVDWLRQ©JHJHQEHUHLQHUXQEHNDQQWEOHLEHQGHQGHVKDOEªZLOGHQ©8PZHOWJH JHEHQXQGGDVQLFKWREMHNWLYLHUEDUH*HVFKHKHQNDQQYHUJHVVHQZHUGHQ'DGLHV %HNDQQWVHLQ ZLH*HGlFKWQLVEHUKDXSW XQEHPHUNWIXQNWLRQLHUWEOHLEWGDV6RQ GHUSUREOHP QXU GHU SHUV|QOLFKH :XQVFK QLFKW YHUJHVVHQ ]X ZHUGHQ (U ZLUG >«@]XQlFKVWDQGLH*|WWHUVSlWHUDQGLH1DFKNRPPHQJHULFKWHW *G*I 

*HGlFKWQLV



)HUQHU JHKW /XKPDQQ GDYRQ DXV GDVV HV LQ HLQIDFKHQ RUDOHQ *HVHOO VFKDIWHQQRFKQLFKWJHQJHQG:LVVHQJLEWGDVDOV,QIRUPDWLRQHQGLHQHQ NDQQ'DKHUQHLJHGLH.RPPXQLNDWLRQ]XUÅ6FKZDW]KDIWLJNHLW´XQGGLHQH SULPlU GHU Å%HVWlWLJXQJ VR]LDOHU *HVLQQXQJ XQG ZHFKVHOVHLWLJHU (LQVWHO OXQJHQ´ *G*  /HVHUPLWV\VWHPWKHRUHWLVFKHP(UZDUWXQJVKRUL]RQWZHUGHQLQ0XUDXV :ROIVHJJEHULFKWHLQH²ZLHGHUXPYHUEOIIHQGH[DNWH²6SLHJHOXQJGLHVHU YRUPRGHUQHQ %HREDFKWXQJV .RPPXQLNDWLRQV XQG *HGlFKWQLVVWUXN WXUHQDXIILQGHQ6RZLUGLPPHUZLHGHU²H[HPSODULVFKLPIROJHQGHQ=LWDW ²DXIGLHPDQJHOQGH VSUDFKOLFKH $EVWUDNWLRQVIlKLJNHLWGHUÅ:ROIVHJJHU´ DXI LKUH UHGXQGDQWHQ IRUPHOKDIWULWXDOLVLHUWHQ ,QWHUDNWLRQVIRUPHQ VRZLH DXI LKU HLQVLQQLJHV ÅMDKUKXQGHUWDOWHQ 7UDGLWLRQHQ´ IROJHQGHV :HOW XQG *HVFKLFKWVELOGYHUZLHVHQ 0HLQH (OWHUQ KDWWHQ YRQ *HEXUW DQ LPPHU QXU QDFK GHQ LKQHQ YRQ LKUHQ 9RU JlQJHUQ YRUJHVFKULHEHQHQ *HVHW]HQ JHOHEW XQG ZDUHQ QLHPDOV DXI GLH ,GHH JH NRPPHQVLFKHLQPDOHLJHQHQHXH*HVHW]H]XPDFKHQXPQDFKGLHVHQYRQLKQ HQJHPDFKWHQQHXHQ*HVHW]HQ]XOHEHQ>«@0HLQH(OWHUQZDUHQLPPHUQXUGHQ LKQHQ YRUJHVFKULHEHQHQ :HJ JHJDQJHQ XQG HV ZlUH LKQHQ QLHPDOV HLQJHIDOOHQ GLHVHQ:HJDXFKQXUIUHLQHQ$XJHQEOLFN]XYHUODVVHQ>«@ $/XI 

$XFK HUHLJQHW VLFK LQ :ROIVHJJ YRUZLHJHQG LQIRUPDWLRQVORVH .RPPX QLNDWLRQ 'LHVH0HQVFKHQ>«@UHGHQGHQJDQ]HQ7DJQXUGDVhEHUIOVVLJVWHGDV%DQDOVWH (V LVW PLW LKQHQ QLFKW GLH JHULQJVWH QW]OLFKH 8QWHUKDOWXQJ P|JOLFK >«@ 'LHVH /HXWH>KDEHQ@QXUGDV$OOHUSULPLWLYVWHLP.RSI*HOG-DJG*DPEHWWL*HPVH *HWUHLGH .DUWRIIHOQ +RO] .RKOH VRQVW QLFKWV 0HLQH 0XWWHU UHGHW DQGDXHUQ YRQLKUHQ$NWLHQGLHVLHZLHVLHIRUWZlKUHQGVDJWDXIGLHXQJOFNOLFKVWH:HLVHDQJH OHJW KDW PHLQ 9DWHU IKUW XQXQWHUEURFKHQ GDV :RUW /DJHUKDXV LP 0XQG $/ I 

,Q/XKPDQQV7KHRULH YRUPRGHUQHU *HVHOOVFKDIWVXQG *HGlFKWQLVVWUXN WXUHQVWHKHQIHKOHQGH)XQNWLRQVGLIIHUHQ]LHUXQJJHEUHPVWH:LVVHQVXQG ,GHHQHYROXWLRQ VRZLH 6FKULIWORVLJNHLW LQ HLQHP HQJHQ IXQNWLRQDOHQ ,QWHU GHSHQGHQ]YHUKlOWQLV (UVW GLH HYROXWLRQlUH (UUXQJHQVFKDIW GHU 'UXFN  6FKULIWOLFKNHLWIKUWVRZRKO]XU9HUPHKUXQJGHVYHUIJEDUHQ:LVVHQVDOV DXFK ]XU :LVVHQVGLYHUVLIL]LHUXQJ LQIROJH GHU UDXP]HLWOLFKHQ 7UHQQXQJ ]ZLVFKHQ ,QIRUPDWLRQ 0LWWHLOXQJ XQG 9HUVWHKHQ ,QVEHVRQGHUH GHU =X ZDFKVDQ7H[WHQGLHELVKHULJHV:LVVHQNULWLVFKNRPPHQWLHUHQGEHREDFK WHQ IKUW ]X HLQHU ]XQHKPHQG VHOEVWUHIOH[LYHQ %HREDFKWXQJ GHU *HVHOO VFKDIWXQG²DXIGLDFKURQHU(EHQH²LKUHVVR]LDOHQ*HGlFKWQLVVHV=XGHP VHW]HQ :LVVHQVYHUPHKUXQJ XQG HYROXWLRQ VRZLH DOOJHPHLQH =XJlQJOLFK NHLW ]XP :LVVHQ GHU *HVHOOVFKDIW XQG ]X LKUHP EXFKI|UPLJHQ  GLH JH SIOHJWVWDQGDUGLVLHUWH 6HPDQWLN XQWHU YHUVWlUNWHQ (YROXWLRQVGUXFN *G*  



'LUN.UHW]VFKPDU

,Q$XVO|VFKXQJOlVVW%HUQKDUGGDV0HGLXPGHU 'UXFN 6FKULIWOLFKNHLW PLWDOOGHQJHQDQQWHQ0RGHUQLVLHUXQJVSRWHQ]LDOHQEHUGLHYRUPRGHUQHQ LOOLWHUDOHQ *HVHOOVFKDIWV XQG *HGlFKWQLVVVWUXNWXUHQ :ROIVHJVV KHUHLQ EUHFKHQ =XQlFKVW LQ *HVWDOW YRQ 0XUDXV 2QNHO *HRUJ HLQHP DXINOl UHULVFKHQ)UHLJHLVWXQG.XQVWOLHEKDEHU²HLQHPW\SLVFKHQ%HUQKDUG·VFKHQ Å*HLVWHVPHQVFKHQ´DOVR :LHYHUZXQGHUWZDUHQVLHVDJWHPHLQ2QNHO*HRUJDOVLFKHLQHV7DJHV>«@(LQ ODVV LQ GLH %LEOLRWKHNHQ YHUODQJWH >«@ (LQHV 7DJHV VR PHLQ 2QNHO *HRUJ ZDU LFKVR]XVDJHQLQGLHVHYHUVFKODIHQHQ%LEOLRWKHNHQHLQJHEURFKHQZDVVLHPLUOH EHQVOlQJOLFK QLFKW YHU]LHKHQ KDEHQ >«@ 8QG LFK KDWWH DQJHIDQJHQ LQ XQVHUHQ MDKUKXQGHUWHDOWHQ6FKULIWHQ]XEOlWWHUQGLHLQJUR‰HQ.LVWHQDXIGHQ'DFKE|GHQ JHODJHUWZDUHQYRQZHOFKHQVLHLPPHU.HQQWQLVJHKDEWGLHVLHDEHUQLHPDOVQl KHULQ$XJHQVFKHLQJHQRPPHQKDEHQ6LHIUFKWHWHQXQOLHEVDPH(QWGHFNXQJHQ 0LFKVDJWHGHU2QNHO*HRUJ KDWWHLPPHUDOOHVLQWHUHVVLHUWXQGQDWXUJHPl‰LQ WHUHVVLHUWHQPLFKYRUDOOHPXQVHUH=XVDPPHQKlQJH'LH*HVFKLFKWHLQWHUHVVLHUWH PLFK DEHU QLFKW VR ZLH VLH VLFK IU XQVHUH *HVFKLFKWH LQWHUHVVLHUWHQ VR]XVDJHQ QXUIUVLHDOV]X+XQGHUWHQXQG]X7DXVHQGHQDXIHLQDQGHUJHOHJWHQ5XKPHVEOlW WHUVRQGHUQDOV*DQ]HV:DVVLHQLHPDOVJHZDJWKDWWHQLQLKUHIUFKWHUOLFKHQ*H VFKLFKWVJUQGHKLQHLQXQGKLQXQWHU]XVFKDXHQKDWWHLFKJHZDJW'DVEUDFKWHVLH JHJHQPLFKDXI $/II 

$XVV\VWHPWKHRUHWLVFKHU6LFKWOlVVWVLFKGLHVHV=LWDWIROJHQGHUPD‰HQSDUD SKUDVLHUHQ 0XUDXV 2QNHO EHUQLPPW GLH )XQNWLRQ HLQHV %HREDFKWHUV ]ZHLWHU 2UGQXQJ GHU GLH:ROIVHJJHU *HVHOOVFKDIW GXUFK GLH )UHLVHW]XQJ YRQ 6FKULIW XQG %XFKGUXFN HLQHP 0RGHUQLVLHUXQJVVFKXE DXVVHW]HQ P|FKWH'HUhEHUJDQJYRQJHSIOHJWHU6HPDQWLNXQGKRP|RVWDWLVFKHU*H VFKLFKWVXQG*HGlFKWQLVDXIIDVVXQJ]X,GHHQHYROXWLRQK|KHUVWXILJHU%H REDFKWXQJ 5HIOH[LRQ XQG 0HWDNRPPXQLNDWLRQ VROO LQ *DQJ NRPPHQ =XGHP LOOXVWULHUW GLH ]LWLHUWH 3DVVDJH /XKPDQQV 7KHVH GDVV 6FKULIWJH EUDXFK%XFKGUXFNVRZLHGLHLQVWLWXWLRQDOLVLHUWH$UFKLYLHUXQJGHVVR]LDOHQ *HGlFKWQLVVHV LQ %LEOLRWKHNHQ QXU GDQQ LKUH HYROXWLRQVG\QDPLVLHUHQGH :LUNXQJ DXI GLH 'LIIHUHQ]LHUXQJV XQG :LVVHQVIRUPHQ GHU *HVHOOVFKDIW HQWIDOWHQ ZHQQ VLH ]X NRPPXQLNDWLYHQ =ZHFNHQ HLQJHVHW]W ZHUGHQ 8QGHEHQGDVN|QQHQ²XQGVROOHQ²VLHLQ:ROIVHJJQLFKW'RUWGLHQWGHU 6FKULIWJHEUDXFK DXI YRUPRGHUQH :HLVH HLQ]LJ GHU +HUUVFKDIWVVLFKHUXQJ XQG WUDGLHUHQGHU 3IOHJH GHU 6HPDQWLN HLQVLQQLJHU :HOWEHREDFKWXQJ XQG HEHQVROFKHU *HGlFKWQLVVWUXNWXUHQ )ROJOLFK LVW *HRUJV 9HUVXFK HLQHU LQWHUQHQ5HYROWHPLWWHOVSO|W]OLFKHUgIIQXQJGHU$UFKLYHGLH'LYHUVLIL]LH UXQJNRPPXQL]LHUEDUHQ6LQQV5HIOH[LRQVIlKLJNHLWXQG0HWDNRPPXQLND WLRQ HLQ]XOHLWHQ ]XP 6FKHLWHUQ YHUXUWHLOW ,KP KLOIW QXU GLH 6HOEVWH[NOX  

9JOGD]X(OZHUW*HRUJÅ'LHJHVHOOVFKDIWOLFKH(LQEHWWXQJYRQ6FKULIWJHEUDXFK´,Q7KH RULHDOV3DVVLRQ1LNODV/XKPDQQ]XP*HEXUWVWDJ+JY'LUN%DHFNHUXD)UDQNIXUW0DLQ 6²

*HGlFKWQLV



VLRQ *HRUJ YHUOlVVW GLH )DPLOLH XQG HU]lKOW 0XUDX GHU LKQ LQ VHLQHQ ZHFKVHOQGHQ 'RPL]LOHQ LP HXURSlLVFKHQ $XVODQG EHVXFKW VHLQH %HRE DFKWXQJHQ GHU :ROIVHJJHU 9HUKlOWQLVVH 'DEHL HUIlKUW 0XUDX DXFK YRQ *HRUJV 3OlQHQ VHLQH $XWRELRJUDSKLH VFKUHLEHQ ]X ZROOHQ 6LH ZLUG DO OHUGLQJVQLHJHVFKULHEHQE]ZWDXFKWQLHPDOVDXI0XUDXYHUPXWHWGDKHU GDVVGHU7H[WQDFK*HRUJV7RGYRQGHQ:ROIVHJJHUQHQWGHFNWXQGYHU QLFKWHWZXUGH :LHGHPDXFKVHL1XQMHGHQIDOOVLVWGLH5HLKHDQ0XUDX6HLQHELODQ ]LHUHQGH :ROIVHJJ1LHGHUVFKULIW EULQJW QLFKW QXU *HRUJV (U]lKOXQJHQ VRQGHUQ DXFK XQG YRU DOOHP GLH HLJHQH 6LFKW GHU 'LQJH ]X 3DSLHU 8QG EH]HLFKQHQGHUZHLVHLVWHVJHUDGHQLFKWGLH3UlVHQ]GHV2UWHVGLH0XUDXV *HGlFKWQLVDUEHLW ZlKUHQG VHLQHV :ROIVHJJDXIHQWKDOWHV SUlJW 'DV RUWV JHEXQGHQH*HGlFKWQLVYRUPRGHUQHU*HVHOOVFKDIWHQVFKHLQWQXULQQHUKDOE GHU:ROIVHJJHU0DXHUQ²QLFKWMHGRFKEHLPRGHUQHQUHIOHNWLHUHQGEHRE DFKWHQGHQ Ä%RWHQ DXV GHU )UHPGH¶ ]X IXQNWLRQLHUHQ %HL 0XUDXV QlFKW OLFKHP %HVXFK GHU VRJHQDQQWHQ .LQGHUYLOOD GHP WRSRJUDSKLVFKHQ =HQ WUXPVHLQHU.LQGKHLWVHULQQHUXQJHQVWHOOWVLFK²HQWJHJHQDOOHUYRUKHULJHQ (UZDUWXQJHQ XQG V\PEROLVFKHQ $XIODGXQJHQ GHV 2UWHV ² NHLQ EHU ZlOWLJHQGHU*HGlFKWQLVHIIHNWHLQ0XUDXVPHPRULDVHW]WGDKHUJDQ]DXIGDV 0HGLXPGHU6FKULIW$OVÅDXIJHVFKULHEHQH*HVFKLFKWH´VR/XKPDQQJH ZLQQW ÅGLH 9HUJDQJHQKHLW >«@ HLQH ]XYRU XQEHNDQQWH 0DFKW EHU GLH *HJHQZDUW´ ZHLO VLH PLW GHU Å6\PEROLVLHUXQJ GHV $EZHVHQGHQ GXUFK 6FKULIW GLH *HJHQZDUW GHV 9HUJDQJHQHQ GLH $NWXDOLWlW GHV 8UVSUXQJV´ GHXWOLFKPDFKW´'DVVR]LDOH*HGlFKWQLVXQGGLH*HVFKLFKWVPRGHOOHOLWH UDOHU*HVHOOVFKDIWHQEDVLHUHQGDPLWÅWURW]LUUHYHUVLEOHQ9HUODXIV´YRQ=HLW XQG*HVFKLFKWHDXIÅJHGDQNOLFKH>U@5FNUHFKHQEDUNHLW´XQGLKUHUVLQQJH EHQGHQ5HNRQVWUXNWLRQÅGXUFK'DWLHUXQJXQG.DXVDOLWlW´(UVWGLH/LWH UDULOLVLHUXQJ YRQ *HVFKLFKWH XQGVR]LDOHP*HGlFKWQLV HU|IIQHW GLH 0|J OLFKNHLW EHLGHV UHIOHNWLHUHQG ]X EHREDFKWHQ XQG GLH =HLWKRUL]RQWH GHU 9HUJDQJHQKHLW*HJHQZDUWXQG=XNXQIW]XHLQHU(LQKHLW]XYHUNQSIHQ 0XUDXVWH[WI|UPLJHU%HULFKWPLWVHLQHQ$OWHUQDWLYEHREDFKWXQJHQ]ZHLWHU 2UGQXQJZLUGLQJHQDXGLHVHP6LQQHJHJHQGLH:ROIVHJJHU*HVHOOVFKDIW LKUH YRUPRGHUQHQ 2UJDQLVDWLRQV XQG .RPPXQLNDWLRQVVWUXNWXUHQ VRZLH  

9JO/XKPDQQ1LNODVÅ:HOW]HLWXQG6\VWHPJHVFKLFKWHhEHU%H]LHKXQJHQ]ZLVFKHQ=HLW KRUL]RQWHQ XQG VR]LDOHQ 6WUXNWXUHQ JHVHOOVFKDIWOLFKHU 6\VWHPH´ ,Q 1LNODV /XKPDQQ 6R ]LRORJLVFKH$XINOlUXQJ$XIVlW]H]XU7KHRULHGHU*HVHOOVFKDIW%G:LHVEDGHQ6² KLHU6VRZLH/XKPDQQ1LNODVÅ=HLWXQG*HGlFKWQLV´,Q6R]LDOH6\VWHPH=HLWVFKULIWIU 6R]LRORJLH  +6²  /XKPDQQVSULFKWLQGLHVHP=XVDPPHQKDQJYRQGHUPHPRU\IXQFWLRQXQGGHURVFLOODWRUIXQFWLRQ VR]LDOHU 6\VWHPH 9JO /XKPDQQ 1LNODV Å(LQH 5HGHVNULSWLRQ ÄURPDQWLVFKHU .XQVW¶´ ,Q 6\VWHPWKHRULHGHU/LWHUDWXU+JY-UJHQ)RKUPDQQX+DUUR0OOHU0QFKHQ6² KLHU6I



'LUN.UHW]VFKPDU

JHJHQ GDV KHUPHWLVFK HLQJHKHJWH 7UDGLWLRQVZLVVHQ XQG JHGlFKWQLV GHU GRUWLJHQ%LEOLRWKHNHQLQ6WHOOXQJJHEUDFKW $P6FKOXVVGHV5RPDQVHUIlKUWGHU/HVHUYRPILNWLYHQ+HUDXVJHEHU GDVV0XUDXQDFKGHU9ROOHQGXQJVHLQHV:ROIVHJJ%HULFKWHVLQ5RPYHU VWRUEHQLVW'LHVHV)DNWXPHU|IIQHWHLQHQOHW]WHQUHVPLHUHQGHQ%OLFNDXI GLH NDXVDOHQ 5HODWLRQHQ ]ZLVFKHQ 0HGLDOLWlW *HVHOOVFKDIWVVWUXNWXU XQG VR]LDOHP *HGlFKWQLV LQ GHU 6\VWHPWKHRULH XQG DXI LKUH OLWHUDULVFKH 6SLH JHOXQJ LQ %HUQKDUGV 5RPDQ 6FKULIWOLFK IL[LHUW VLQG 0XUDXV :ROIVHJJ (ULQQHUXQJHQYRQLKUHU%LQGXQJDQHLQ%HZXVVWVHLQHLQHQ.|USHUHLQHQ 2UWRGHUDQPQGOLFKH,QWHUDNWLRQHQJHO|VW6LHEHUGDXHUQVHLQHQ7RG ,KUH H[WHUQDOLVLHUHQGH 9HUODJHUXQJ LQV $UFKLYPHGLXP GHU 6FKULIW EH I|UGHUWQXQVRZRKOLKU9HUJHVVHQZHUGHQDOVDXFKLKU:LHGHUDXIILQGHQ,Q MHGHP$NWGHU 5H /HNWUHZHUGHQ0XUDXV(ULQQHUXQJVWH[WXQGPLWLKP GHUJHVDPWH5RPDQDOVNRQWLQJHQWH.RQVWUXNWHPDQLIHVWGLH]XJOHLFKQXU DOV VROFKH %HREDFKWXQJHQ ]ZHLWHU 2UGQXQJ ]XJlQJOLFK VLQG DOVR DIILU PLHUHQGRGHUNULWLVFKNRPPHQWLHUWZHUGHQN|QQHQ'LHDXVGLHVHQ%HRE DFKWXQJHQHUZDFKVHQGHQJHVHOOVFKDIWVZHLWHQSRO\SHUVSHNWLYLVFKHQ'HEDW WHQ EHU GLH (ULQQHUXQJHQ HUP|JOLFKHQ PLWKLQ ]XDOOHUHUVW GLH UHIOH[LYH $XVHLQDQGHUVHW]XQJ PLW GHU Ä*OHLFK]HLWLJNHLW GHV 8QJOHLFK]HLWLJHQ¶ PLW GHULP0HGLXPGHU6FKULIWSUlVHQWHQKLVWRULVFKHQ9HUJDQJHQKHLWGLHIU %HUQKDUG PHLVW VR DXFK LQ $XVO|VFKXQJ SULPlU GLH QDWLRQDOVR]LDOLVWLVFKH 9HUJDQJHQKHLWgVWHUUHLFKVPHLQW$XIGLHVHP:HJHYHUOLHUHQ*HVFKLFKWH XQGVR]LDOHV*HGlFKWQLV:ROIVHJJV²DOVPHWRQ\PLVFKHVSDUVSURWRWRGHU |VWHUUHLFKLVFKHQ *HVHOOVFKDIW XQG LKUHV *HVFKLFKWVELOGHV ² MHGH (LQVLQ QLJNHLWLQWUDQVSDUHQWH8QEHREDFKWEDUNHLWXQGGDPLW]XJOHLFKMHGHZHLWHUH ]XNXQIWVRULHQWLHUHQGH3UlJHNUDIW(UVWGLHYHUVFKULIWOLFKWHQ(ULQQHUXQJHQ DQ:ROIVHJJO|VFKHQ:ROIVHJJDXVZHLO6FKULIWEHREDFKWEDUDXVO|VFKEDU PDFKW ZDVRKQHVLH XQEHREDFKWEDU EOLHEH'DUXP JHKW HV LQ%HUQKDUGV 5RPDQXQGGDVVROOHU]XJOHLFKVHOEVWOHLVWHQ(LQHV\VWHPWKHRUHWLVFKLQ VSLULHUWH/HNWUHYRQ$XVO|VFKXQJNDQQGHQ%OLFNGDIUVFKlUIHQ 



,1)250$7,210,77(,/81*²0(/&+,259,6&+(5 1,&2/$63(7+(6 'LH,QGLDQHUKDEHQVLFK]XP.ULHJVUDWYHUVDPPHOW2SLWRGHU6RKQGHV +lXSWOLQJVKDWPLWGHP7RPDKDZNHLQHQ.UHLVLQGHQ(UGERGHQJH]R JHQXQGGLHbOWHVWHQGHV6WDPPHVNDXHUQLQGHU5XQGH'LH3IHLIHNUHLVW (V JLEW 9RU]HLFKHQ 8QNHQ UXIHQ %IIHO IOLHKHQ 6FKDNDOH EUOOHQ 6FKOHFKWH 9RU]HLFKHQ 9HUPXWOLFK VLQG %OHLFKJHVLFKWHU LQ GHU 1lKH XQG 2SLWRLVWEHUHLWVYRQHLQHPVHOWVDPHQ)HUQZHKHUJULIIHQ1XQPXVVHQW VFKLHGHQZHUGHQZLHPDQGLH'LQJHZLHGHU]XP%HVVHUHQZHQGHQNDQQ Å0DQLWX0DQLWX0DQLWX²*LEXQVHLQ=HLFKHQYRP+LPPHO:DVVRO OHQ ZLU PLW 2SLWR WXQ" 6ROOHQ ZLU LKQ DXI GHQ .ULHJVSIDG VFKLFNHQ RGHU VROOHUGLH$OOLJDWRUHQHLHUGHLQHV0HGL]LQPDQQVKWHQ"´:lKUHQGGLH,Q GLDQHULQHLQHQUK\WKPLVFKHQ*HVDQJHLQVWLPPHQXPGHQ*UR‰HQ*HLVW ]XHLQHP)LQJHU]HLJ]XEHZHJHQÅVDXVWSO|W]OLFKYRQREHQHLQ)X‰EDOOLQGHQ .UHLVXQGVFKOlJWPLWGXPSIHP)DOOLQGHU0LWWHGHU,QGLDQHUDXI$OOHVLQGELVDXI GHQ7RGHUVFKURFNHQ'HU5K\WKPXVLVWMlKXQWHUEURFKHQVLHVHKHQKDOEHQWVHW]WKDOE QHXJLHULJDXIGHQ%DOOGHUYRULKQHQOLHJW´ 'LHVH6]HQHILQGHWVLFKLQHLQHP7KHDWHUVWFNGHV3UDJHU$YDQWJDUGH DXWRUV0HOFKLRU9LVFKHUYRQGDVDXV]XJVZHLVHGDVHUVWH0DOLP-DKU GDUDXI LQ &DUO (LQVWHLQV (XURSD$OPDQDFK SXEOL]LHUW ZXUGH )X‰EDOOVSLHOHU XQG,QGLDQHUHQWVWHKWGDPLWQLFKWQXULPXQPLWWHOEDUHQ.RQWH[WYRQ'DGD LVPXV XQG 6SlWH[SUHVVLRQLVPXV VRQGHUQ PDUNLHUW PLW GLHVHP 7LWHO ]X JOHLFKGLH1lKHGLHGLH$YDQWJDUGHQ]XP6SRUWHLQHUVHLWV]XDX‰HUHXUR SlLVFKHQ.XOWXUHQDQGHUHUVHLWVJHVXFKWKDEHQ'LHSHUIRUPDWLYH'LPHQ VLRQGHVHLQHQGLHULWXHOOHGHUDQGHUHQHUVFKLHQHQLQGHUNODVVLVFKHQ0R  

9LVFKHU0HOFKLRUÅ)X‰EDOOVSLHOHUXQG,QGLDQHU´>@,Q0HOFKLRU9LVFKHU)X‰EDOOVSLHOHU XQG,QGLDQHU&KDSOLQ=ZHL6FKDXVSLHOH+JY6LJULG+DXII0QFKHQ6²KLHU6 XQG6  ([HPSODULVFKVHLKLHUOHGLJOLFKDQ%HUWROW%UHFKWV(ORJHQDXIGHQ6SRUWHULQQHUW Å'DV7KH DWHUDOV6SRUW´,Q%HUWROW%UHFKW:HUNH*UR‰HNRPPHQWLHUWH%HUOLQHUXQG)UDQNIXUWHU$XVJDEHLQ  %lQGHQ %G 6FKULIWHQ  +J Y :HUQHU +HFKW %HUOLQ XD  6 ² YJO 6LFNV .DL0DUFHO Å6ROOHQ 'LFKWHU ER[HQ" %UHFKWV bVWKHWLN XQG GHU 6SRUW´ ,Q +RIPDQQVWKDO -DKUEXFK]XUHXURSlLVFKHQ0RGHUQH  6² GLHNRORQLDOH'LPHQVLRQGHU$YDQW JDUGHEHOHJW]%GLH$QDORJLVLHUXQJNXELVWLVFKHUPLWDIULNDQLVFKHU.XQVWLQ(LQVWHLQ&DUO 1HJHUSODVWLN0QFKHQ



1LFRODV3HWKHV

GHUQH DOV YHUKHL‰XQJVYROOH $OWHUQDWLYH ]XU 6LQQ]HQWULHUWKHLW WUDGLWLRQHOOHU .XQVW6SRUWDOV.|USHUEHZHJXQJRKQHVHPDQWLVFKHQ*HKDOWE]ZIUHPGH .XOWXUHQ PLW LKUHQ UlWVHOKDIWHQ 3UDNWLNHQ XQG =HLFKHQ ZLHVHQ HLQHU bV WKHWLN GHQ :HJ GLH VLFK MHQVHLWV GHV 'LNWDWV GHU +HUPHQHXWLN HQWIDOWHQ ZROOWH 'LHVVHLWV GLHVHV -HQVHLWV LVW GDV 6LQQYHUZHLJHUXQJVJHERW GHU $YDQW JDUGHQDEHUZRP|JOLFKZHQLJHUHLQGHXWLJDOVHVLQGHQGDGDLVWLVFKHQ/D ERUHQVFKHLQHQZROOWH9LHOPHKUZHUIHQ6SRUWZLHNXOWXUHOOH'LIIHUHQ]GLH )UDJH QDFK GHU 0|JOLFKNHLW YRQ .RPPXQLNDWLRQ XQG 9HUVWHKHQ HKHU QRFKHLQPDOPLW1DFKGUXFNDXIDOVGDVVVLHVLHHLQIUDOOH0DOHUOHGLJWHQ %HL9LVFKHUYHUGHXWOLFKWGLHVGLHHLQJDQJV]LWLHUWH6]HQHLQGHUHLQDPHUL NDQLVFKHU,QGLDQHUVWDPPPLWHLQHPHXURSlLVFKHQ6SRUWJHUlWNRQIURQWLHUW ZLUG 6RIRUW YHUZDQGHOW VLFK GHU 6WDPPHVUDW LQ HLQ ,QWHUSUHWDWLRQVV\QGL NDWGDVEHPKWLVWGHQ6HQGHUGHVUlWVHOKDIWHQ2EMHNWV]XLGHQWLIL]LHUHQ XQGVHLQH%RWVFKDIW]XGHFKLIIULHUHQ «@'HU,QGLDQHULVWIDEHOKDIW>«@'DV'ULEEOLQJ +\SHUNRQWLQHQWDO8QHUK|UW>@,FKJUDWXOLHUH´

 LP:0)LQDOHDQGHVVHQ(QWVWHKXQJDOOH]HKQ)HOGVSLHOHUEHWHLOLJWZDUHQEHYRU&DU ORV$OEHUWRVFKOLH‰OLFKWUDI  /XKPDQQ6R]LDOH6\VWHPH6  9LVFKHU)X‰EDOOVSLHOHU6



,17(56«@ZDUGKHXWH]X.|QLJ6DORPREHVWHOOW>«@XQGLFKIDQGDOO GDGHQ.DQ]OHU-RVDSKDWEHQ$OLXGGHQ3ULHVWHU=DGRNGHQ3URSKHWHQ1DWKDQ XQG%HQDMDEHQ-HKRMDGDGHUEHUGDV+HHUJHELHWHW 8QGLFKZDUIPLFKGHP.|QLJ]X)‰HQXQGHUEHIDKOPLUPLFK]XHUKHEHQ6R JHVFKDKHVGD‰LFKGHQ.|QLJ6DORPRVDKZLHHLQ0HQVFKGHQDQGHUQ>«@XQG REHUJOHLFKDXIVHLQHP7KURQVD‰>«@HUVFKLHQHUPLUYRQJHULQJHUHU6WDWXUDOV LFKLKP]XJHPHVVHQNOHLQHUQRFKDOVVHLQYHUVWRUEHQHU9DWHU>«@ '.'% 1

6FKRQ ]X %HJLQQ GHV 5RPDQV ZLUG GHU 0DFKWNRQIOLNW DQJHGHXWHW 0DQ VLHKW GHQ DOOPlFKWLJHQ3RWHQWDWHQ GHU DOOHV DXIELHWHW XP ]X LPSRQLHUHQ XQG HLQ]XVFKFKWHUQ 'HPJHJHQEHU ]HLJW VLFK GLH ]ZHLGHXWLJH *HVLQ QXQJ(WKDQVGHU]ZDUVHLQH5ROOHDOV8QWHUWDQHUIOOWGHVVHQLURQLVFKHU 8QWHUWRQDEHULPSOL]LHUWGDVVHUDOVNULWLVFKHU%HREDFKWHUKLQWHUGLH,QV]H QLHUXQJGHU0DFKWVLHKWXPGHUHQDQJHPD‰WH0DVNH]XOIWHQ'LHVVSLW]W VLFK]XGD(WKDQPLWGHU$EIDVVXQJGHV (LQHQ XQG (LQ]LJ :DKUHQ XQG $XWRULWDWLYHQ +LVWRULVFK *HQDXHQ XQG $PWOLFK $QHUNDQQWHQ%HULFKWVEHUGHQ (UVWDXQOLFKHQ$XIVWLHJGDV*RWWHVIUFKWLJH/H EHQ VRZLH GLH +HURLVFKHQ 7DWHQ XQG :XQGHUEDUHQ /HLVWXQJHQ GHV 'DYLG EHQ -HVVH.|QLJYRQ-XGDZlKUHQG6LHEHQXQGEHLGHU-XGDXQG,VUDHOZlKUHQG'UHL XQGGUHL‰LJ-DKUHQGHV(UZlKOWHQ*RWWHVXQG9DWHUVYRQ.|QLJ6DORPR '.'%  

EHDXIWUDJWZLUG'DYLGV/HEHQVROOGXUFK4XHOOHQUHNRQVWUXLHUWZHUGHQ – LQVEHVRQGHUH VROFKH EH]JOLFK GHU JUR‰HQ /LHEH XQG %HYRU]XJXQJ GLH .|QLJ 'DYLGVHLQHP JHOLHEWHQ6RKQXQG1DFKIROJHU .|QLJ6DORPRHUZLHVHQXQGVROO EHVDJWHU%HULFKWIUXQVHUHXQGDOOHNRPPHQGHQ=HLWHQ(LQH:DKUKHLWDXIVWHOOHQ XQGGDGXUFK$OOHP:LGHUVSUXFKXQG6WUHLWHLQ(QGHVHW]HQ$OOHQ8QJODXEHQDQGLH (UZlKOXQJ'DYLGVEHQ-HVVHGXUFKXQVHUQ+(UUQ-DKZHKEHVHLWLJHQVRZLH$OOHQ=ZHLIHO DQGHQ*ORUUHLFKHQ9HUKHL‰XQJHQDXV]XPHU]HQZHOFKHXQVHU+(UU-DKZHKEHWUHIIV 'DYLGV6DPHQXQG1DFKNRPPHQVFKDIWJHPDFKW '.'% 2

  

$OOH=LWDWHDXV+H\P6WHIDQ'HU.|QLJ'DYLG%HULFKW0QFKHQ '.'%  +HUYRUKHEXQJHQLP2ULJLQDO



0LUMDP.HUVWLQ+ROO

'HUXPVWlQGOLFKH7LWHOGHV$XIWUDJV]HLJWGLHGLNWDWRULVFKH$EVLFKW6WDWW :DKUKHLWVVXFKH VROO HLQH JHVFKLFKWVNOLWWHUQGH 9HUKHUUOLFKXQJ GHU +HUU VFKHU VWDWWILQGHQ GLH GHUHQ 0DFKW OHJLWLPLHUHQ VROO 9HUGlFKWLJ HUVFKHLQW DOOHVGDGXUFKGDVV'DYLGYRPELHGHUHQ3DWULDUFKHQ-HVVHDEVWDPPWXQG DOV $XIVWHLJHU DP +RI .|QLJ 6DXOV LQV 5DPSHQOLFKW GHU gIIHQWOLFKNHLW WULWW6HLQ6RKQ6DORPRLVWQLFKWGDV.LQGGHU.|QLJLQ0LFKDOGHU7RFK WHU .|QLJ 6DXOVVRQGHUQ GDV 3URGXNW HLQHU HKHEUHFKHULVFKHQ $IIlUH PLW %DWKVKHED GLH ]XU (UPRUGXQJ LKUHV HUVWHQ (KHPDQQV IKUW )U (WKDQ HUJLEW VLFK QXQ HLQ 5ROOHQNRQIOLNW ]ZLVFKHQ VHLQHP (WKRV DOV +LVWRULNHU XQGVHLQHQ3IOLFKWHQDOVOR\DOHU8QWHUWDQ ,,.QVWOHULVFKH6HOEVWUHIHUHQ]XQGDX‰HUWH[WXHOOH5HIHUHQ]HQ 1DFK1LNODV/XKPDQQZHQGHWGDVIXQNWLRQDODXVGLIIHUHQ]LHUWH.XQVWV\V WHP HLJHQH 5HJHOQ IU GLH 3URGXNWLRQ VHLQHU .RPPXQLNDWLRQHQ E]Z .XQVWZHUNH DQ 0D‰VWDE LVW IU /XKPDQQ GLH lVWKHWLVFKH *HVWDOWXQJ QDFKGHP/HLWFRGHVFK|QKlVVOLFK-HQDFK.XQVWSURJUDPPE]Z$XVOH JXQJ GHV &RGHV NRPPHQ DOOHUGLQJV ZHLWHUH =XVDW]FRGHV KLQ]X ]% LQ WHUHVVDQWXQLQWHUHVVDQW  ]XGHP YDULLHUW GLH *HVWDOWXQJ PLW .XQVWDUWHQ *DWWXQJHQ XQG 7H[WVRUWHQ =ZDU LVW HLQ .XQVWZHUN lVWKHWLVFK VFKOLH‰W DOVR QXU DQ DQGHUH .XQVWZHUNH DQ JUHLIW DEHU GXUFK %HREDFKWXQJHQ ]ZHLWHU2UGQXQJGLH8QWHUVFKHLGXQJYRQ6HOEVWXQG)UHPGUHIHUHQ]DXI ]%DOV3UREOHPHGHUDX‰HUV\VWHPLVFKHQ8PZHOWGLHGDVDQGHUH6\VWHP QLFKWOHLVWHQNDQQRGHUYHUGUlQJWKDW RGHUDOVÄ6SROLHQ¶²KLVWRULVFKYHU EUJWH3HUVRQHQXQG(UHLJQLVVHGLHLQVGDUJHVWHOOWH*HVFKHKHQHLQJHEDXW ZHUGHQ  'DKHU VLQG :HUNH ZLH .DINDV 3URFH‰ XD DOV 5HIOH[ DXI 'LN WDWXUHQ RGHU (UNHQQWQLVNULWLN )UHXG E]Z 1LHW]VFKH  OHVEDU ODVVHQ DEHU YHUVFKLHGHQH/HVDUWHQ]X (LQ.XQVWZHUNLVWHLQJHOXQJHQHVNQVWOHULVFKHV.RPPXQLNDWLRQVDQ JHERW ZHQQ HV DOV VROFKHV HUNDQQW XQG DN]HSWLHUW ZLUG XQG $QVFKOXVV NRPPXQLNDWLRQHQ ILQGHW GLH DXI GDV .XQVWZHUN NXQVWVSH]LILVFK %H]XJ  



   

9JO /XKPDQQ 1LNODV 'LH .XQVW GHU *HVHOOVFKDIW )UDQNIXUW DP 0DLQ  +ROO 0LUMDP .HUVWLQ6HPDQWLNXQGVR]LDOHV*HGlFKWQLV'LH6\VWHPWKHRULH1LNODV/XKPDQQVXQGGLH*HGlFKWQLV WKHRULHYRQ$OHLGDXQG-DQ$VVPDQQ:U]EXUJ /XKPDQQ.XQVWGHU*HVHOOVFKDIW.DS6²KLHUYD6² 3OXPSH *HUKDUG (SRFKHQ PRGHUQHU /LWHUDWXU (LQ V\VWHPWKHRUHWLVFKHU (QWZXUI 2SODGHQ  6² /XKPDQQ.XQVWGHU*HVHOOVFKDIW6²+ROO6HPDQWLNXQGVR]LDOHV*HGlFKWQLV6² /XKPDQQ.XQVWGHU*HVHOOVFKDIW6:HUEHU1LHOV/LWHUDWXUDOV6\VWHP=XU$XVGLIIHUHQ]LHUXQJ OLWHUDULVFKHU.RPPXQLNDWLRQ2SODGHQ /XKPDQQ.XQVWGHU*HVHOOVFKDIW6²

,QWHUV\VWHPEH]LHKXQJHQ



QHKPHQRGHUHV]XZHLWHUHQ.XQVWSURGXNWLRQHQQXW]HQ'LH6HOEVWEH]J OLFKNHLW GHV PRGHUQHQ .XQVWV\VWHPV KDW DXFK )ROJHQ IU )UHPGUHIHUHQ ]HQ)UHPGUHIHUHQ]HQLQ%H]XJDXIDX‰HUWH[WXHOOH5HDOLWlWN|QQHQ3HUWXU EDWLRQHQ VHLQ GLH DQGHUH 6\VWHPH LP .XQVWV\VWHP DXVO|VHQ GLH GLHVHV DEHU LQ VHLQHP 6LQQH YHUDUEHLWHW hEHUQRPPHQH (UHLJQLVVH XQG )DNWHQ ZHUGHQ 7HLO HLQHV NQVWOHULVFK JHVWDOWHWHQ *HVFKHKHQV XQG VLQG HLQJH VFKPRO]HQLPÄ$PDOJDP¶.XQVWZHUN 'HU .|QLJ 'DYLG %HULFKW VFKLOGHUW NRQNUHWH 3UREOHPH GLH HQWVWHKHQ ZHQQPDQWRWDOLWlUHU3ROLWLNDXVJHVHW]WLVW(WKDQVWHKWYRUGHU(QWVFKHL GXQJ VLFK HQWZHGHU VFKZHLJHQG LQV LQQHUH ([LO E]Z 3ULYDWOHEHQ ]X EH JHEHQ RGHU DOV 2SSRVLWLRQHOOHU HLQH %HVWUDIXQJ IU GLH XQHUZQVFKWH :DKUKHLW]XULVNLHUHQRGHUGDV6SLHOGHU0DFKWPLW]XVSLHOHQXQGDOV2S SRUWXQLVWPLWVFKXOGLJ]XZHUGHQ 'LH9HUELQGXQJ]XUDX‰HUWH[WXHOOHQ5HDOLWlWHUJLEWVLFKGXUFK(QWVWH KXQJV]HLWXQG(UIDKUXQJVKRUL]RQWGHV$XWRUV+H\PIOLHKWDXIJUXQGSROL WLVFKHU*HVLQQXQJXQGMGLVFKHU$EVWDPPXQJYRUGHU1D]LGLNWDWXULQGLH 86$ZRHUGLHHQJOLVFKH)DVVXQJGHV5RPDQVVFKUHLEW'DQQJHUlWHUZLH DQGHUHGHXWVFKH([LODXWRUHQLQV)DGHQNUHX]GHU.RPPXQLVWHQMDJGXQWHU 0F&DUWK\ $QJHWDQ YRQ GHU $X‰HQZLUNXQJ GHU ''5 DOV 1HXEHJLQQ 'HXWVFKODQGVZDQGHUWHUGRUWKLQDXVZRHUDOVEHUKPWHU$XWRUKR ILHUWZLUGDEHUQLFKWXQNULWLVFKJHQXJLVWXP$QIHLQGXQJHQ]XHQWJHKHQ $OV6FKULIWVWHOOHUGHUEHUGLH7DJHVSROLWLNKLQDXVJHKHQZLOOPDJHUVHLQH .XQVW QLFKW DQ LGHRORJLVFKH 9RUJDEHQ GHU 3ROLWLN YHUUDWHQ :lKUHQG +H\PGLH6SDQQXQJ]ZLVFKHQ6WDDWVDXWRUXQG'LVVLGHQWDXVWUDJHQPXVV HQWVWHKWGLHGHXWVFKH)DVVXQJGHV.|QLJ'DYLG%HULFKW+H\PYHUOHLKW(WKDQ =JH GHU SHUV|QOLFKHQ $XVHLQDQGHUVHW]XQJ ZHLO HU HLQHQ GHU :DKUKHLW YHUSIOLFKWHWHQ$XWRUGDUVWHOOHQZLOOGHUGHQ)DOOVWULFNHQGHUGLNWDWRULVFKHQ 0DFKW ]XP 2SIHU IlOOW LQGHP HU HLQHQ RIIL]LHOOHQ $XIWUDJ DEDUEHLWHQ PXVV .XQVWNDQQSULQ]LSLHOOLPLWLHUHQNULWLVLHUHQXQGDIILUPLHUHQVLPXOLHUW SRWHQWLHOOH3UREOHPHXQG/|VXQJHQ²KLHUKDWVLHGLH)XQNWLRQGHU0DFKW NULWLN XQG IXQJLHUW DOV DXINOlUHULVFKHV VR]LDOHV *HZLVVHQ XQG *HJHQJH GlFKWQLV GDV VLFK GHU 3URSDJDQGD HQWJHJHQVWHOOW LQGHP HV XQWHUGUFNWH *UXSSHQXQG:DKUKHLWHQYHUDQVFKDXOLFKW'DVZLUGGHXWOLFKZHQQ(WKDQ VHLQHP *HZLVVHQ DOV +LVWRULNHU IROJW XP =HXJHQ ]X :RUW NRPPHQ ]X ODVVHQ ZLH GLH YRQ 'DYLG JHGHPWLJWH .|QLJLQ 0LFKDO RGHU GDV XQJH VKQWH LQ GLH ,UUHQDQVWDOW DEJHVFKREHQH 9HUJHZDOWLJXQJVRSIHU 7DPDU 'LH2SIHUOLHIHUQ:DKUKHLWHQGLHGLHURKH*HZDOWKLQWHUGHU)DVVDGHGHU QREHOLQV]HQLHUWHQ0DFKWXQJHVFK|QW]HLJHQDOVRGDVZDVDOV/DWHQ]YHU  



9JO.ODSSHQWH[WGHUEWE$XVJDEH /XKPDQQ.XQVWGHU*HVHOOVFKDIW6



0LUMDP.HUVWLQ+ROO

VFKZLHJHQZLUG6RZLUGGLH)UDJHQDFKGHQ0HFKDQLVPHQYRQ7\UDQQHL XQG SURSDJDQGLVWLVFKHU 0DQLSXODWLRQ VRZLH QDFK YHUGHFNWHU 2SSRVLWLRQ JHVWHOOW 9RQ (WKDQ DXIJHVXFKWH =HXJHQ ZHUGHQ PXQGWRW JHPDFKW ZHLO VLH HLQ QHJDWLYHV %LOG GHV YHUHKUWHQ '\QDVWLHJUQGHUV 'DYLG RIIHQEDUHQ 6WDWWGHVJHUHFKWHQ+HUUVFKHUVZLUGHLQPDFKWJLHULJHUVNUXSHOORVLQWULJDQ WHU$XIVWHLJHUJH]HLJWGHUVHOEVW)UHXQGHDXVGHP:HJUlXPWXQGVFKRQ ]X/HE]HLWHQPLW/JHQXQG/HJHQGHQVWLOLVLHUWZLUGVRGDVVGHU:HJ]X GHP ZDV GHP (U]lKOHU DOV KLVWRULVFKH :DKUKHLW HUVFKHLQW NDXP PHKU JDQJEDULVW3DUDOOHO]XU5HFKHUFKHGHU$QWLJHVFKLFKWHZLUGGLH+HUUVFKDIW VHLQHV ² HLJHQWOLFK LOOHJLWLPHQ ² 6RKQHV 6DORPR JHVFKLOGHUW GHU VHLQHP 9DWHU LQ 0DFKWJLHU XQG *HZDOW QLFKW QDFKVWHKW GD HU HLQHQ YRQ (WKDQ DXIJHVW|EHUWHQ +DOEEUXGHU DOV 0DFKWNRQNXUUHQWHQ |IIHQWOLFK W|WHQ OlVVW %HLGH .|QLJH WUDGLWLRQHOO DOV ZHLVH XQG JHUHFKWH +HUUVFKHU EHUOLHIHUW ZHUGHQDOVVNUXSHOORVH'HVSRWHQGHPDVNLHUW(WKDQLVWPLWVHLQHQ5HFKHU FKHQGLHGLH0DFKWGHU'HVSRWHQVLFKHUQVROOHQGLHVXEYHUVLYH7ULHENUDIW GHU$XINOlUXQJ +LQ]X NRPPW GDVV (WKDQ LQGHP HU GHQ XQJHVFK|QWHQ %HULFKW RI IL]LHOODEOLHIHUWLQGHUHU]lKOWHQ*HVFKLFKWHGDVZLGHUVSLHJHOWZDVGHUJH VDPWH5RPDQDXIGHU0HWDHEHQHEHZLUNHQZLOO'LH%RWVFKDIWEHLGHU(EH QHQ LVW GDVV ZHQQ DOOH DQGHUHQ :DKUKHLWHQ YHUVFKZLHJHQ ZHUGHQ GLH .XQVWGLH )XQNWLRQ EHUQHKPHQ NDQQ DEHUQLFKW PXVV  PLW LKUHQ0LW WHOQ.ULWLNTXDVLGXUFKGLH+LQWHUWU]XYHUNQGHQYRUDOOHPZHQQDQGH UH 6\VWHPH ZLH GLH :LVVHQVFKDIWHQ XQG GDV MRXUQDOLVWLVFKH 6\VWHP E]Z GLH0DVVHQPHGLHQYHUVDJHQ'DPLW KlOWGHU5RPDQGHQ''50DFKWKD EHUQ GHQ 6SLHJHO YRU WXW GLHV DEHU ÄGXUFK GLH %OXPH¶ ZHLO HU PLW UHOL JLRQVNULWLVFKHP8QWHUWRQGLHELEOLVFKHQ.|QLJHNULWLVLHUWXQGGDVXDDOV V\PEROLVFKH.ULWLNGHV1DWLRQDOVR]LDOLVPXVOHVEDULVW²RGHUDOV.RPPHQ WDU ]X /HQLQ 'DYLG DOV 6\VWHPEHJUQGHU  6WDOLQ 6DORPR DOV LOOHJLWLPHU (UEH 7URW]NL HUPRUGHWHU+DOEEUXGHUDOV0DFKWNRQNXUUHQW 'HU5RPDQ LVW.ULWLNXQGGRFKQLFKW.ULWLNDQGHU''5GHQQHUOlVVWZLHEHL.XQVW ZHUNHQ EOLFK YHUVFKLHGHQH /HVDUWHQ ]X *OHLFK]HLWLJ LVW HU QLFKW QXU GXUFK GLH :DKO GHU *DWWXQJ VRQGHUQ DXFK GXUFK VSH]LILVFKH 7HFKQLNHQ HLQ .XQVWZHUN GDV VLFK XD DXI )LNWLRQDOLWlW XQG NQVWOHULVFKH )UHLKHLW EHUXIHQNDQQ ,,,,QWHUV\VWHPEH]LHKXQJHQXQGGLH5ROOHYRQ6HPDQWLNXQG*HGlFKWQLV $OV 0HWDNRPPXQLNDWLRQ ZLUIW GHU 7H[W ZHLWHUH LQWHUHVVDQWH )UDJHQ DXI GLH VLFK DXI GLH IXQNWLRQDO DXVGLIIHUHQ]LHUWH *HVHOOVFKDIW VRZLH ,QWHUV\V WHPEH]LHKXQJHQ]XUFNSURML]LHUHQODVVHQ'HU5RPDQPDFKWHLQGLNWDWRUL VFKHVSROLWLVFKHV6\VWHPEHREDFKWEDUXQGZLH(WKDQVHLQH3URIHVVLRQJH JHQhEHUJULIIHGHV0DFKWDSSDUDWVYHUWHLGLJHQPXVVIKUHQDXFKGDV:LV

,QWHUV\VWHPEH]LHKXQJHQ



VHQVFKDIWVXQG.XQVWV\VWHPHLQHQ.DPSIXP$XWRQRPLHJHJHQGLH9HU HLQQDKPXQJHQDQGHUHU6\VWHPH:lKUHQGLQWUDGLWLRQHOOHQKLHUDUFKLVFKHQ *HVHOOVFKDIWHQ UHOLJL|VH XQG JHQHDORJLVFKH /HJLWLPDWLRQVHU]lKOXQJHQ GR PLQLHUHQ XP GLH 0DFKWDXVEXQJ DE]XVLFKHUQ ]% *RWWHVJQDGHQWXP &KDULVPD  EHVWHKW GLH PRGHUQH *HVHOOVFKDIW DXV DXVGLIIHUHQ]LHUWHQ VHOEVWVWlQGLJHQ )XQNWLRQVV\VWHPHQ $OOHUGLQJV LVW GDV LQ GHU 0RGHUQH QLFKWVHOEVWYHUVWlQGOLFKXQGXQJHIlKUGHW /XKPDQQ EHQXW]W IU GLH %HVFKUHLEXQJ YRQ 6\VWHPUHODWLRQHQ YHU VFKLHGHQH%HJULIIH3HQHWUDWLRQOLHJWYRUZHQQHLQ6\VWHPVHLQH.RPSOH[L WlW ]XP $XIEDX HLQHV DQGHUHQ ]XU 9HUIJXQJ VWHOOW DEHU IU GDV DQGHUH 6\VWHP8PZHOWEOHLEWDXFKZHQQVLH]HLWZHLOLJNRQYHUJLHUHQ,QWHUSHQHWUD WLRQ EHUXKW DXI :HFKVHOVHLWLJNHLW 'LH 6\VWHPH VHW]HQ JHJHQVHLWLJ LKUH .RPSOH[LWlW YRUDXV VWHOOHQ VLH HLQDQGHU ]XU 9HUIJXQJ XP VR XQZDKU VFKHLQOLFKHUH 2UGQXQJHQ ]X HUP|JOLFKHQ ,QWHUGHSHQGHQ]HQ VWDELOLVLHUHQ 6WUXNWXUHQ LP 6\VWHP LQGHP VLH ÅVSH]LILVFKH +LQVLFKWHQ GHU $EKlQJLJ NHLW´ JHJHQEHU QHXWUDOHUHQ $OWHUQDWLYHQ EHYRU]XJHQ ,UULWDWLRQHQ DE ZHKUHQXQG6HOEVWUHSURGXNWLRQHUP|JOLFKHQ:HQQPDQPLW/XKPDQQ GDYRQDXVJHKWGDVVGLH,QWHUV\VWHPEH]LHKXQJ]ZLVFKHQIXQNWLRQDODXVGLI IHUHQ]LHUWHQ6\VWHPHQVRNRRSHUDWLYLVWGDVVGLH6HOEVWVWlQGLJNHLWGHU6\V WHPH UHVSHNWLHUW ZLUG GDQQ O|VHQ ,PSXOVH ]ZLVFKHQ 6\VWHPHQ 3HUWXUED WLRQHQ ,UULWDWLRQHQ DXVGLHYRQGHQ)XQNWLRQVV\VWHPHQLQGLYLGXHOODEJH DUEHLWHW ZHUGHQ XQG XD GXUFK )UHPGUHIHUHQ]HQ ,QWHUGHSHQGHQ]XQWHUEUH FKXQJHQ DXVO|VHQ N|QQHQ 'DV IKUW ]XU 8PZHOWVHQVLELOLVLHUXQJ XQG (QW WDXWRORJLVLHUXQJGHU6\VWHPHXQGHUP|JOLFKWQHXH$QVFKOXVVNRPPXQLND WLRQHQE]Z5HNRPELQDWLRQHQRGHUJDU,GHHQHYROXWLRQHQ $QGHUVVLHKWHVDXVZHQQ3HQHWUDWLRQHQYRQ6\VWHPHQLQGHP0D‰H VWDWWILQGHQGDVVHLQ6\VWHPDQGHUH6\VWHPHPLW,QWHUGHSHQGHQ]YRUJDEHQ LQILOWULHUW XQG RNNXSLHUW ² HLQH VROFKH H[WUHPH .RQVWHOODWLRQ HQWVWQGH ZHQQGDV3ROLWLNV\VWHPGLNWDWRULVFKWRWDOLWlUZLUGXQGDOOHDQGHUHQ6\VWH PHXQWHURUGQHQZLOO'LHVZlUHHLQH5HJUHVVLRQLQDOWHXURSlLVFKH9HUKlOW QLVVH *HQDX GDV EHVFKUHLEW +H\P =ZDU LVW (WKDQ GLH +DXSWILJXU DEHU GXUFKPXOWLSHUVSHNWLYLVFKH.ROODJHYHUVFKLHGHQHU4XHOOHQXQG$XVVDJHQ GHU2SIHUHQWVWHKHQPXOWLSOH*HJHQJHGlFKWQLVVHGLHGLHYRP3ROLWLNV\V WHP JHSIOHJWH 6HPDQWLN GDUDQ KLQGHUQ ZROOHQ HLQH QHXH WRQDQJHEHQGH 7UDGLWLRQ ]X YHUIHVWLJHQ GLH GLH 0DFKWKDEHU LGHDOLVLHUW ,QVRIHUQ OHJHQ VLFKLGHRORJLHNULWLVFKHSROLWLVFKHXQGVR]LRORJLVFKH/HVDUWHQQDKHEHLGH  

/XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH  $XIO 2SODGHQ  6²  (EG6I  /XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  KLHU %G  6 ² /XKPDQQ6R]LDOH6\VWHPH6



0LUMDP.HUVWLQ+ROO

QHQVLFKGLHGDUJHVWHOOWHWUDGLWLRQHOOH*HVHOOVFKDIWPLWPRGHUQHQ'LNWDWX UHQYHUJOHLFKHQOlVVW,P7H[WZLUGGDVYHUDQVFKDXOLFKWLQGHPVLFK0LOL WlUV9HUZDOWXQJVEHDPWHXQG5HOLJLRQVIKUHUDXIGLH6HLWHGHU0DFKWVWHO OHQXQGGHQ+LVWRULNHUNRQWUROOLHUHQ (V]HLJWVLFKGDVV,QWHUV\VWHPUHODWLRQHQQLFKWRKQHGHQ*HGlFKWQLV EHJULII IXQNWLRQLHUHQ /XKPDQQV $QWDJRQLVPXV YRQ ,GHHQHYROXWLRQHQ XQGJHSIOHJWHU6HPDQWLNHQWVSULFKWGHPYRQ)XQNWLRQVXQG6SHLFKHUJH GlFKWQLV,QGHPGDV6SHLFKHUJHGlFKWQLVE]ZGLHJHSIOHJWH6HPDQWLNIU /HJLWLPDWLRQ XQG 7UDGLWLRQ ]XVWlQGLJ LVW HQWVWHKW HLQH 6\QFKURQLVLHUXQJ GHU )XQNWLRQVV\VWHPH ZlKUHQG VLFK GDV )XQNWLRQVJHGlFKWQLV LQ V\VWHP VSH]LILVFKH*HGlFKWQLVVHDXVGLIIHUHQ]LHUW'XUFK3HUWXUEDWLRQHQZDQGHUQ ]% 7KHPHQ E]Z 3UREOHPVWHOOXQJHQ ]ZLVFKHQ 6\VWHPHQ VHQVLELOLVLHUHQ IU.RQIOLNWHXQGJHEHQ,PSXOVHIU6HPDQWLNSOXUDOLVLHUXQJHQ,QGLNWDWR ULVFKHQ*HVHOOVFKDIWHQZLUG3OXUDOLVLHUXQJGXUFKGDV3KlQRPHQGHUSROLWL VFKHQ ,QILOWUDWLRQ DOVR GHUH[WUHPHQ3HQHWUDWLRQ JHEUHPVW +LHUEHL IK UHQH[WHUQH,PSXOVHQLFKW]X,QWHUGHSHQGHQ]XQWHUEUHFKXQJHQVRQGHUQ]X 6WHXHUXQJVYHUVXFKHQXQG,QWHUYHQWLRQHQHLQHV6\VWHPVGXUFKDQGHUH6\V WHPH 'LH :LVVHQVFKDIW IU GLH (WKDQ DOV )LJXU E]Z VR]LDOH 5ROOH VWHKW ZLUG VR GHP :LOOHQ GHU SROLWLVFKHQ 0DFKW XQWHUZRUIHQ XQG NDQQ QLFKW PHKU QDFK HLJHQHQ 5HJHOQ GLH 4XHOOHQ DXVZHUWHQ ZHLO GDV HUZQVFKWH =LHO HLQHU SROLWLVFKHQ *HVFKLFKWVVFKUHLEXQJ YRUJHJHEHQ LVW 'LH .XQVW NDQQlKQOLFKZLHLP5RPDQGDUJHVWHOOWXQGLQGHU''5UHDOH[LVWHQWDI ILUPLHUHQGLP'LHQVWHGHU3ROLWLNVWHKHQLQGHPVLHSROLWLVFKZHOWDQVFKDX OLFKH(OHPHQWHDOV7HLOGHVGHU]HLWGRPLQDQWHQ6HPDQWLNSURJUDPPVDXI QLPPWDOV,QWHUGHSHQGHQ]YRUJDEHDQGHUH$OWHUQDWLYHQ]XUFNGUl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|QLJ6DORPRQMHPHKU(WKDQV5HFKHU FKHVHLQH/HJLWLPDWLRQJHIlKUGHWGHVWRPHKUPLW*HZDOWUHDJLHUWXPVHL QH0DFKW]XVLFKHUQ*OHLFK]HLWLJHQW]LHKWVLFKGLH(ULQQHUXQJYLHOHU2S IHUGHU.RQWUROOHGXUFKGLH]HQWUDOH0DFKWVLHJLEW(WKDQGHQ%OLFNKLQWHU GLH .XOLVVHQ GHU 0DFKW IUHL XQG HUPlFKWLJW LKQ PLWWHOV DQGHUV ODXWHQGHU  

9JO+ROO6HPDQWLNXQGVR]LDOHV*HGlFKWQLV.DS²

,QWHUV\VWHPEH]LHKXQJHQ



:DKUKHLWHQHLJHQH0DFKWDQ]XVDPPHOQXQGGHQ+HUUVFKHQGHQDOV*HJ QHUHQWJHJHQ]XWUHWHQ 6\VWHPWKHRUHWLVFKEHUVHW]WKHL‰WGDVGDVV.XQVWKLHULP*HJHQVDW] ]XDIILUPDWLYHU.XQVW ]%VWDDWVWUDJHQGHU''5$XWRUHQ HLQH*HJHQHU ]lKOXQJ DOVRDOWHUQDWLYH*HGlFKWQLVIRUPDWLRQHQ JHQHULHUWGLHGDVSROLWL VFKH6\VWHPLUULWLHUWVRGDVVHVVLFKX8SURYR]LHUWIKOWZHLOHVEHIUFK WHQPXVVGDVVVHLQH DNWXHOOHGRPLQDQWH SROLWLVFKH6HPDQWLNQLFKWPHKU DQVFKOXVVIlKLJ LVW 'LHVH (URVLRQ GHU $QVFKOXVVIlKLJNHLW NDQQ GXUFKDXV EHGURKOLFKH'LPHQVLRQHQDQQHKPHQZHQQ,QWHUDNWLRQVV\VWHPHXQGVR]L DOH%HZHJXQJHQ(OHPHQWHYRQ*HJHQHU]lKOXQJHQLQLKUH.RPPXQLNDWLR QHQLQWHJULHUHQ²GDPLWZLUGGLHLUULWLHUWH6HOEVWEHREDFKWXQJGHVVLFKEH GURKWIKOHQGHQ3ROLWLNV\VWHPVZHLWHUEHVWlWLJW'HQQRFK]HLJWJHUDGHGDV %HLVSLHOYRP+H\PV5RPDQDXIEHUJHRUGQHWHU(EHQHGDVVGDVPRGHUQH .XQVWV\VWHP VHOEVW XQWHU %HGLQJXQJHQ GLNWDWRULVFKHU 2NNXSDWLRQ QLFKW DIILUPDWLYH $OWHUQDWLYHQ SURGX]LHUHQ NDQQ $XFK lVWKHWL]LVWLVFKH 9DULDQ WHQZlUHQQDFKZLHYRUXPVHW]EDUH2SWLRQHQ 'LH:LVVHQVFKDIWGLH²ZLH(WKDQ]HLJW²GXUFK5HFKHUFKHXQG4XHO OHQNULWLNGHU:DKUKHLWYHUSIOLFKWHWLVWWULWWLQ.RQNXUUHQ]]XU5HOLJLRQGD VLFKGHU*ODXEHWUDGLWLRQHOODOV:HJGHUDEVROXWHQ:DKUKHLWGHILQLHUWXQG HUVWLP=XJHHLQHUNULWLVFKHQ$XINOlUXQJ:LVVHQXQG*ODXEHGLIIHUHQ]LHUW ZHUGHQN|QQHQZDVZLHGHUXPHLQ=HLFKHQIUGLHIXQNWLRQDODXVGLIIHUHQ ]LHUWH*HVHOOVFKDIWLVW)U(WKDQZLUNWVLFKGDVVRDXVGDVVHU]ZDUSHU V|QOLFKJOlXELJEOHLEWGHQQHUEHWHWQRFKXQGHPSIlQJWPHKUHUHJ|WWOLFK LQVSLULHUWH 9LVLRQHQ '.'% 6  DEHU JHJHQEHU UHOLJL|VHQ ,QVWLWXWLR QHQLVWHULGHRORJLHNULWLVFKHU+LVWRULNHU .HLQH*HVFKLFKWHEHJLQQWPLWLKUHP$QIDQJGLH:XU]HOQGHV %DXPVVLQGGHP $XJHYHUERUJHQ>«@$QGHUH9|ONHUKDWWHQ.|QLJHGLH*|WWHU]XVHLQEHKDXS WHWHQ GDV 9RON ,VUDHO DEHU KDWWH *RWW ]XP .|QLJ ² HLQHQ XQVLFKWEDUHQ .|QLJ GHQQ-DKZHKLVWHLQXQVLFKWEDUHU*RWW>«@(UVSUDFKZHQQHUVLFK]XVSUHFKHQ HQWVFKOR‰>«@(UYHUNQGHW*HVHW]HZDUVHOEVWDEHURIWXQJHUHFKWZDUMlK]RU QLJ]X=HLWHQRGHUODQJPWLJKDWWHVHLQH*QVWOLQJHXQGKlXILJZLGHUVSUDFKHU VLFK VHOEVW HU lKQHOWH HLQHP MHQHU 6WDPPHVlOWHVWHQ GHQHQ PDQ KHXWH QRFK LQ HLQVDPHQ*HELUJVWlOHUQEHJHJQHQNDQQ '.'% 

'DV =LWDW ]HLJW GLH 6LFKW GHV VNHSWLVFKHQ NULWLVFK DXIJHNOlUWHQ :LVVHQ VFKDIWOHUVGHUKLQWHUGHU5HOLJLRQGHUHQ,QVWUXPHQWDOLVLHUEDUNHLWHUNHQQW 'LHV VHW]W VLFK IRUW ZHQQ (WKDQ GLH *HVFKLFKWH GHU HUVWHQ %HJHJQXQJ ]ZLVFKHQ.|QLJ6DXOXQGGHPMXQJHQ'DYLGXQWHUVXFKWGLHGLH6FKZlFKH 6DXOVXQGGLH(UZlKOWKHLW'DYLGVEHZHLVHQVROO(WKDQHQWGHFNW]ZHLNRQ NXUULHUHQGHZHLOVLFKORJLVFKZLGHUVSUHFKHQGH*HVFKLFKWHQGLHVHU%HJHJ  

9JO/XKPDQQ1LNODV'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6II II



0LUMDP.HUVWLQ+ROO

QXQJ =XP HLQHQ WULIIW 'DYLG .|QLJ 6DXO EHL +RIH ZR HU GLHVHQ GXUFK /DXWHQVSLHOYRP:DKQVLQQKHLOWVSlWHUJLEWHVHLQHZHLWHUHHUVWH%HJHJ QXQJQDFKGHP.DPSIJHJHQ*ROLDWKDOVVLFK'DYLGDOVEHVVHUHU.lPS IHUHUZHLVWGHU6DXOVGURKHQGH1LHGHUODJHLQHLQHQ6LHJXPZDQGHOW9RQ GHU RIIL]LHOOHQ .RPPLVVLRQ GLH VHLQHQ %HULFKW NRQWUROOLHUW ZLUG HU WURW] *HJHQZHKUJH]ZXQJHQEHLGH%HULFKWH]XVDPPHQ]XEDXHQ+LHU]HLJWVLFK QLFKW QXU GHU :LGHUVWUHLW ]ZLVFKHQ :LVVHQVFKDIW XQG 3ROLWLN VRQGHUQ DXFK GLH .RQNXUUHQ] ]ZLVFKHQ :LVVHQVFKDIW XQG 5HOLJLRQ DOV /HJL WLPDWLRQVLQVWDQ]HQ :HLO *RWW 'DYLG HUZlKOW KDW NDQQ XQG GDUI HV ]ZL VFKHQGHQ%HULFKWHQNHLQHQ:LGHUVSUXFKJHEHQGDEHLGHGLHJ|WWOLFKH(U ZlKOWKHLW 'DYLGV EHZHLVHQ XQG VRPLW ZDKU VLQG '.'% ²  'D GXUFKGDVV(WKDQGLH3UREOHPDWLNWUDQVSDUHQWPDFKWHQWODUYWHUGLHXQ WHUZUILJH 0DFKWK|ULJNHLW GHU 5HOLJLRQVIKUHU XQG GLH 0DQLSXOLHUEDUNHLW GHVUHOLJL|VEHJODXELJWHQHZLJ:DKUHQ'LHVHHLQH:DKUKHLWLVWHLQ.RQ VWUXNWGDV]ZDU,GHQWLWlWVVWLIWXQJHUODXEWDEHUXPGHQ3UHLVGDVVDQGHUH GXUFK (UIDKUXQJ EHJODXELJWH :DKUKHLWHQ JHZDOWVDP XQWHUGUFNW ZHUGHQ PVVHQ$XIGHU0HWDHEHQHHUJLEWVLFK,QWHUWH[WXDOLWlWEHUGLH*UHQ]HQ GHV.XQVWV\VWHPVKLQDXVGHQQGHU5RPDQUHIHULHUWGLHEHLGHQ*HVFKLFK WHQ QDFK ELEOLVFKHQ 2ULJLQDOWH[WHQ VR GDVV KLHU GLH .XQVW ELEHONULWLVFK NRPPHQWLHUW $Q(WKDQV5ROOHQZDQGHOLVWHUNHQQEDUGDVVVLFK5ROOHQLQQHUKDOEGHU 6R]LDOV\VWHPH lQGHUQ N|QQHQ ZHLO :LVVHQ GXUFK NULWLVFKH 6XENXOWXUHQ E]ZVR]LDOH%HZHJXQJHQWUDQVIRUPLHUWXQGDOV%HJOHLWVHPDQWLNHQLQ6\V WHPHHLQJHVSHLVWZLUGGLHSRWHQWLHOONULWLVFKNRPPHQWLHUHQN|QQHQ0R UDOKlOWVLFKHEHQVRZLH6XENXOWXUHQQLFKWDQGLH*UHQ]HQYRQ)XQNWLRQV V\VWHPHQ DXFK ZHQQ GLHVH RSHUDWLRQDO JHVFKORVVHQ VLQG 6LH GXUFK]LHKW GLH*HVHOOVFKDIWDOV.RPPXQLNDWLRQEHU:HUWHYHUPLWWOXQJXQGIJWTXD OLWDWLYH0D‰VWlEHLQGHUHQ.RPPXQLNDWLRQHQHLQ6XENXOWXUHQXQGVR]LDOH %HZHJXQJHQDJLHUHQHLQH(EHQHXQWHUGHQ)XQNWLRQVV\VWHPHQXQGN|Q QHQ PLW GHUHQ /HLWFRGHV YDULDEHO XPJHKHQ *OHLFK]HLWLJ SOXUDOLVLHUW VLFK GLH 0RUDO SDVVHQG ]X GHQ MHZHLOLJHQ 6R]LDOV\VWHPHQ XQG GHUHQ 6HPDQWL NHQ :HQQ (WKDQ DOV +LVWRULNHU GXUFK JHZRQQHQHV QHJDWLYHV :LVVHQ EHU GLH+HUUVFKHUILJXU'DYLG VHLQPRUDOLVFKHV *HZLVVHQ HQWZLFNHOW WXW HU GDV ZHLO HU DOWHUQDWLYHV :LVVHQ GHU 2SIHU HQWGHFNW KDW GLH DOV ÄLQ RIIL]LHOOHV *HGlFKWQLV¶ RIIL]LHOOH XQG GDPLW SROLWLVFK NRQWUROOLHUEDUH *H GlFKWQLVIRUPDWLRQHQ XQWHUZDQGHUQ N|QQHQ 'LHVH :DQGOXQJ WUlJW GD]X EHL GDVV HU VLFK HPDQ]LSLHUW LQGHP HU VLFK ]X VHLQHU 5ROOH DOV :LVVHQ VFKDIWOHUGHUGHUKLVWRULVFKHQ:DKUKHLWYHUSIOLFKWHWLVWEHNHQQWXQGGHQ  

%LEHO%XFK6DPXHO².DSLWHO%XFK6DPXHO%XFKGHU.|QLJH 9JO+ROO6HPDQWLNXQGVR]LDOHV*HGlFKWQLV6²²  (EG 

,QWHUV\VWHPEH]LHKXQJHQ



%HULFKW LP 6LQQHGHU :DKUKHLWVILQGXQJIHUWLJVFKUHLEW *OHLFK]HLWLJ ZDQ GHOWVLFKGXUFKVHLQHPRUDOLVFKH+DOWXQJVHLQH5ROOHDOV8QWHUWDQGHQQHU OlVVW VLFK QLFKW GXUFK 5HSUHVVLRQHQ XQG GXUFK DOV 'URKXQJ YRUJHIKUWH 0RUGHYRQVHLQHU0LVVLRQDEVFKUHFNHQ'HXWOLFKZLUGGDVVQXULQQHUKDOE GHU :LVVHQVFKDIWHQ HLQH ZLVVHQVFKDIWOLFKH /HLVWXQJ ZLVVHQVFKDIWOLFK JH ZUGLJW ZLUG ² DXV SROLWLVFKHU 6LFKW HUVFKHLQW VLH DOV DIILUPDWLY ZQ VFKHQVZHUWRGHUGLVVLGHQWVXEYHUVLYNULWLVFKRGHUJDUXPVWU]OHULVFKXQG EHGURKOLFK :LVVHQVFKDIWXQG.XQVWN|QQHQVLFKYRQ3ROLWLNXQG5HOLJLRQHPDQ ]LSLHUHQ ]XPDO ZHQQ VLH ODWHQWH *UXSSHQJHGlFKWQLVVH PRELOLVLHUHQ XQG GLH,QVWLWXWLRQHQGHU0DFKWXQG5HOLJLRQLUULWLHUHQXQGHLQVFKFKWHUQ'D EHLHQWVWHKWGLH0|JOLFKNHLWLGHRORJLHXQGPDFKWNULWLVFKHU.RPPXQLND WLRQHQLQYHUVFKLHGHQHQ6\VWHPHQZDVDXFKHLQ:HFKVHOVSLHOGHUVR]LDOHQ 5ROOHQ SURYR]LHUW GHQQ OR\DOH %UJHU8QWHUWDQHQ E]Z *OlXELJH YHUlQ GHUQ LKUH 5ROOHQ JHJHQEHU GHQ ,QVWLWXWLRQHQ GHU 0DFKW XQG GHV *ODX EHQVZHLOVLHLQGHU/DJHVLQG]XUHIOHNWLHUHQXQGDOWHUQDWLYH5ROOHQDXV OHJXQJHQ]XYHUVXFKHQ 6R ZDU (WKDQV +DOWXQJ DOV 8QWHUWDQ ]ZDU ]X %HJLQQ VFKRQ NULWLVFK DEHU QXU LP 9HUERUJHQHQ ,P 9HUODXI GHU $EIDVVXQJ GHV %HULFKWV HQW GHFNW HU ZHLWHUH *HJHQVWLPPHQ XQG ORJLVFKH :LGHUVSUFKH GLH LKQ LP PHUPHKU]XU2SSRVLWLRQZHUGHQODVVHQLQGHPHU²JDQ]:LVVHQVFKDIWOHU ² /RJLN XQG EHZHLVEDUHQ )DNWHQ PHKU 3ODW] HLQUlXPW DOV /HJHQGHQ 'D (WKDQ QDFK GHU $EOLHIHUXQJ GHV XQJHVFK|QWHQ %HULFKWV LQV ([LO JHKHQ PXVV]HLJWVLFKVHLQHNULWLVFKH+DOWXQJ]XPHLQHQGDULQGDVVHU6DORPRV VDOEXQJVYROOH3VDOPHQDOVDXIJHVHW]WH,QV]HQLHUXQJGHU0DFKWHUNHQQW]X PDO6DORPRGLH)RUPXOLHUXQJHQEHL(WKDQJHVWRKOHQKDWXPVLHDOVJ|WW OLFKLQVSLULHUWDXV]XJHEHQ '.'%I ]XPDQGHUHQIKOWHUVLFKLQVHL QHU NULWLVFKHQ +DOWXQJ EHVWlWLJW GD LKP HLQH 9LVLRQ ]XWHLO ZLUG GLH LKP IROJHQGH:RUWH]XNRPPHQOlVVW :DVLVW6WHLQZDVVLQG(LVHQXQG.XSIHUXQGZDVVLQGGLH7KURQHGHU.|QLJH XQG GLH 6FKZHUWHU GHU 0lFKWLJHQ" =X 6WDXE ZHUGHQ VLH ZHUGHQ VDJW GHU +HUU DEHUGDV:RUWXQGGLH:DKUKHLWXQGGLH/LHEHGDVEOHLEW '.'%I 

*RWWLVWDOVRJOHLFK]HLWLJHLQSHUV|QOLFKHU*RWWGHUNULWLVFKHV'HQNHQJH VWDWWHWXQGHLQVWDDWVWUDJHQGHU*RWWGHUGHQ0lFKWLJHQLKUHU*HZDOWXQG .RUUXSWLRQ IUHLH %DKQ OlVVW hEHU DOOHP VWHKW MHGRFK GHU NULWLVFKH :LV VHQVFKDIWOHUGHUHKHULQV([LOJHKWDOV:DKUKHLWHQ]XYHUVFKZHLJHQGHU GDGXUFKPRUDOLVFKHQ0D‰VWlEHQJHUHFKWZLUGZHLOHUXQWHUGUFNWHQ*H JHQJHGlFKWQLVVHQ VHLQH 6WLPPH JHJHQ GLH $QPD‰XQJHQ HLQHV RIIL]LHOOHQ DUWLIL]LHOOHQ SROLWLVFKHQ *HGlFKWQLVVHV OHLKW GDV VHLQH /HJLWLPDWLRQ XQG 6WDELOLVLHUXQJ]XU$EVFKRWWXQJQXW]W



0LUMDP.HUVWLQ+ROO

+H\PJUHLIW]XGHPhEHUOLHIHUXQJHQEHU'DYLGXQG6DORPRDXIXQG UHLKWVLFKLQGLH7UDGLWLRQYHUVFKLHGHQHU.XQVWDUWHQHLQ1DFKGHPEHLGH .|QLJHVHLWGHP0LWWHODOWHU]X,GHDOHQVWLOLVLHUWZXUGHQJLEWHVHLQHODQJH 7UDGLWLRQ HQWVSUHFKHQGHU $EELOGXQJHQ 0LW GHU .XQVW GHU -DKUKXQGHUW ZHQGH E]Z GHP 2ULHQWDOLVPXV ZLUG HLQH ZHLWHUH )DFHWWH GHXWOLFK GDV (URWLVFK$XVVFKZHLIHQGHGHVRULHQWDOLVFKHQ+RIOHEHQVXQGGHVVHQ,QV]H QLHUXQJ GHU 0DFKW %LOGHU ZLH 'HU 7RG GHV 6DUGDQDSDO YRQ (XJqQH 'HOD FURL[  ]HLJHQGLHVH.RPELQDWLRQYRQ(URWLNXQG*HZDOWDOV6FKDW WHQVHLWHGHU0DFKWGLHGHU5RPDQEHVFKUHLEWZHQQHULP$QNODQJDQGLH %LEHO 6DORPRV +RI QLFKW QXU DOV +RUW GHU :HLVKHLW XQG *HUHFKWLJNHLW VRQGHUQDXFKGHU/XVWXQG,QWULJHGDUVWHOOW ,9.XQVWEOHLEW.XQVW²NQVWOHULVFKH*HVWDOWXQJ XQGLQWHUV\VWHPLVFKH$VSHNWHGHU/HVDUWHQ /XKPDQQV %HJULIIH Ä ,QWHU 3HQHWUDWLRQ¶ XQG Ä,QWHUV\VWHPEH]LHKXQJ¶ OLH IHUQ HLQ QHXWUDOHV $QDO\VHLQVWUXPHQWDULXP DOV %HREDFKWXQJ GULWWHU 2UG QXQJ GLH GLH 5HODWLRQHQ IXQNWLRQDO DXVGLIIHUHQ]LHUWHU 6\VWHPH XQG GLH $XVZLUNXQJHQDXIV\VWHPLQWHUQH.RPPXQLNDWLRQHQHUOlXWHUW'DV.XQVW V\VWHP VHOEVW ZlKOW GLH $UW GHV .RPPXQLNDWLRQVEHLWUDJV ]% LQGHP HV 3HUWXUEDWLRQHQE]ZH[WHUQHLQWHUGHSHQGHQ]XQWHUEUHFKHQGH,PSXOVH ]% 7KHPHQ XQG .RQIOLNWH  ]X QHXHU 9DULDQWHQELOGXQJ QXW]W .RPPXQLND WLRQVEHLWUlJH .XQVWZHUNH  N|QQHQ 3HUWXUEDWLRQVLPSXOVH DXIJUHLIHQ XQG VLFKGDGXUFKSURILOLHUHQVLHELHWHQGXUFKLKU(LJHQSURILOHLQH0|JOLFKNHLW XQWHUYLHOHQVRZLHRIWYHUVFKLHGHQH/HVDUWHQGLHMHZHLOVVHOEVWZLHGHU,Q WHUGHSHQGHQ]HQGXUFK3URJUDPPHE]Z5HLKHQ 6WLOH ELOGHQN|QQHQ'D GXUFK HUJHEHQ VLFK DOWHUQDWLYH 6\VWHPVWUXNWXUHQ YJO /XKPDQQV 'LIIH UHQ]HQ 0HGLXP)RUP XQG .RQWH[W)RUP  ZLH GDV KLHU DQJHGHXWHWH 6SDQQXQJVYHUKlOWQLV ]ZLVFKHQ DIILUPDWLYHU XQG NULWLVFKHU .XQVW ]HLJW hEHUGHQ(LQ]HOIDOOHLQHV:HUNVRGHU$XWRUVKLQDXVODVVHQVLFKVR6WDEL OLVLHUXQJHQ XQG ,GHHQHYROXWLRQHQ LQ LKUHQ 0HFKDQLVPHQ UHNRQVWUXLHUHQ 0DQ NDQQ GDEHL 6HOEVWVWlQGLJNHLW XQG 9DULDQ] IXQNWLRQDO DXVGLIIHUHQ ]LHUWHU 6\VWHPH EHVFKUHLEHQ RKQH GLH %H]LHKXQJHQ ]ZLVFKHQ 6\VWHPHQ DXV]XNODPPHUQRGHU]XVLPSOLIL]LHUHQ 'LH ,QWHUV\VWHPEH]LHKXQJHQ LQ +H\PV 5RPDQ ]HLJHQ VLFK YD DOV .RPPHQWLHUXQJ YRQ 0DFKWPLVVEUDXFK GHU VLFK DXI GLH ''5 EH]LHKHQ OlVVW JOHLFK]HLWLJ WKHPDWLVLHUW VLFK .XQVW VHOEVW LQGHP VLH (QWVWHKXQJ E]Z (QWVWHKXQJVSUREOHPH HLQHV 7H[WHV HEHQVR EHKDQGHOW ZLH GDV 3UR EOHP GHU :DKUXQJ YRQ 6HOEVWUHIHUHQ] JHJHQEHU IXQNWLRQDOHU 9HUHLQ  

(FR8PEHUWR +J 'LH*HVFKLFKWHGHU6FK|QKHLW0QFKHQ:LHQ6

,QWHUV\VWHPEH]LHKXQJHQ



QDKPXQJ:LVVHQVFKDIWVROOQXUDQHLJHQHQ0D‰VWlEHQJHPHVVHQZHUGHQ *OHLFKHVJLOWIUGLH.XQVW (V VSLHJHOQ VLFK GLH LP 5RPDQ SUREOHPDWLVLHUWHQ ,QWHUV\VWHPEH]LH KXQJHQ YD ]ZLVFKHQ 3ROLWLN :LVVHQVFKDIW XQG 5HOLJLRQ DXFK LQ 7H[W VRUWH XQG *HVWDOWXQJ +H\P ZlKOW GLH K\EULGH 7H[WVRUWH ÄKLVWRULVFKHU 5RPDQ¶=ZDULVWGHUKLVWRULVFKH5RPDQLP*HJHQVDW]]XUSROLWLVFKHQ5H GHJHVWDOWHULVFKHLQ.XQVWZHUNDEHUHUJUHLIWKLVWRULVFKHV:LVVHQXQGKLV WRULRJUDILVFKH *HVFKLFKWVELOGHU TXDVL DOV 6LPXODWLRQ E]Z 6]HQDULR DXI +LVWRULVFKH 5RPDQH N|QQHQ YRQ GHQ *HVFKLFKWVZLVVHQVFKDIWHQ LGHROR JLHNULWLVFKH PHWDKLVWRULRJUDILVFKH XQG PXOWLSHUVSHNWLYLVFKH (OHPHQWH EHUQHKPHQ +H\P WXWGLHV LQGHP HU LP 5RPDQ XQWHUVFKLHGOLFKH 7H[W VRUWHQZLH=LWDWHDXV%LEHOXQG3VDOPHQ,QWHUYLHZVPLW)LJXUHQ$XV]JH DXVVRJHQDQQWHQ4XHOOHQMRXUQDOLVWLVFKH.RPPHQWDUHXQGSV\FKRDQDO\ WLVFKDPELWLRQLHUWH*HGDQNHQVWU|PHPLWGHU(U]lKOXQJDXVGHU6LFKWGHU +DXSWILJXU]XHLQHU7H[WNROODJHNRPELQLHUWVRGDVVVLFKDXVGHU6LFKWGHV /HVHUVGLHVHGLYHUJHQWHQ3HUVSHNWLYHQJHJHQVHLWLJNRPPHQWLHUHQ ,QWHUV\VWHPLVFKH 3HUVSHNWLYHQ DOV $QVFKOXVVP|JOLFKNHLWHQ HUJHEHQ VLFK DXFK DXV GHQ /HVDUWHQ GHV 7H[WHV 'LH )UDJH QDFK GHU :DKUKHLW PQ]WVLFKXPDOVSROLWLVFKHZHLOLGHRORJLHNULWLVFKH/HVDUWGD0DFKWDOV 0DQLSXODWLRQVPHFKDQLVPXVGHPDVNLHUWZLUG(WKDQLVWHVQLFKWYHUJ|QQW VLFKPLWGHQ0lFKWLJHQDXV]XV|KQHQZLHHLQVW1DWKDQGHU:HLVH'DUDQ VFKOLH‰W VLFK HLQH 0HGLHQNULWLN DQ GHQQ GHU 7H[W ]HLJW GDVV JHUDGH GDV )HKOHQ RGHU 9HUVDJHQ IUHLHU 0DVVHQPHGLHQ E]Z HLQHV XQDEKlQJLJHQ -RXUQDOLVPXVV\VWHPV GLNWDWRULVFKH 7HQGHQ]HQ EHJQVWLJW 'LH ZLVVHQ VFKDIWOLFKHQ/HVDUWHQYHUDQVFKDXOLFKHQGDVVGDV:LVVHQVFKDIWVV\VWHPIUHL XQGNULWLVFKGHU:DKUKHLWVVXFKHYHUSIOLFKWHWLVWXQGQLFKWGHU,OOXVLRQGHU HLQHQDEVROXWHQXQDElQGHUOLFKHQ:DKUKHLWVRQGHUQGHU3OXUDOLWlWKLVWRUL VFKHU(UIDKUXQJHQ5DXPJLEW*OHLFK]HLWLJZHUGHQVR]LRORJLVFKH'LPHQ VLRQHQ GHV 7H[WHV GXUFK GLH LQQHUHQ 3UREOHPH XQG .RQIOLNWH LQ WUDGL WLRQHOOHQ KLHUDUFKLVFKHQ *HVHOOVFKDIWHQ XQG LKUHQ PRGHUQHQ GLNWDWRUL VFKHQ bTXLYDOHQWHQ JH]HLJW ,Q UHFKWOLFKHU +LQVLFKW ZLUG GHXWOLFK GDVV 0DFKWPLVVEUDXFK GHQ 2SIHUQ GLH 0|JOLFKNHLW GHU *HJHQZHKU QLPPW RGHU VLH DOV 0LWOlXIHU VFKXOGLJ PDFKW 3V\FKRORJLVFK ZHUGHQ GLH )ROJHQ GHV 0DFKWPLVVEUDXFKV DQ GHQ 2SIHUQ JHVFKLOGHUW HWZD ZHQQ GLH YHUJH ZDOWLJWH WUDXPDWLVLHUWH 7DPDU QXU QRFK LQ )RUP HLQHV Ä6WUHDP RI &RQ VFLRXVQHVV¶UHGHW'DUDQVFKOLH‰WVLFKHLQHPRUDOLVFKH'LPHQVLRQDQGLH DQ(WKDQV*HZLVVHQVNRQIOLNWHQYHUGHXWOLFKWZLUGXQGPLWGHU6NUXSHOOR VLJNHLWXQG0LWOHLGORVLJNHLWDQGHUHU)LJXUHQNRQWUDVWLHUW%LEHOXQG5HOL JLRQVNULWLN PDFKHQ HUNHQQEDU ZLH VHKU VLFK 5HOLJLRQ PDQLSXOLHUHQ XQG  

1QQLQJ $QVJDU 9RQ KLVWRULVFKHU )LNWLRQ ]X KLVWRULRJUDSKLVFKHU 0HWDILNWLRQ %GH7ULHU  YJOYDGLH7\SRORJLHLP%G



0LUMDP.HUVWLQ+ROO

LQVWUXPHQWDOLVLHUHQ OlVVW XQG LQ .RQNXUUHQ] ]X GHQ :LVVHQVFKDIWHQWULWW 6HOEVW/HVDUWHQGLHGDV6\VWHPGHU)DPLOLHUHIOHNWLHUHQVLQGP|JOLFK'HU 5RPDQ]HLJWGLH+DUPRQLHGHUIXQNWLRQVWFKWLJHQ)DPLOLHLP.RQWUDVW]X GHQ,QWULJHQXQGGHU6LWWHQORVLJNHLWGHVN|QLJOLFKHQ+RIHVDQGHP/LHEH )UHXQGVFKDIW XQG0HQVFKOLFKNHLW QLFKWV JHOWHQ*OHLFK]HLWLJ VSLHOW HU PLW (WKDQVYHUVFKLHGHQHQ)UDXHQXQWHUVFKLHGOLFKH)DPLOLHQYDULDQWHQGXUFK ,VWGLH.XQVWDOVRGRFKQLFKW+HUULQLKUHU6HOEVWZHLOVLHYHUVFKLHGHQH /HVDUWHQ HUODXEW XQG LQWHUV\VWHPLVFKH $VSHNWH DXIVFKHLQHQ OlVVW" .XQVW NDQQ YLHOH 7KHPHQ 3UREOHPH XQG )XQNWLRQHQ DXIJUHLIHQ ZDV MHGRFK ]lKOWXP.XQVWZHUNHDOV7HLOGHV.XQVWV\VWHPV]XHUNHQQHQLVWQLFKWGHU ,QKDOW(VLVWLKUHIRUPDOH*HVWDOWXQJDOVRGLH$QWZRUWDXIGLH)UDJHZLH VLHVLFKLQGLHV\VWHPHLJHQHQ9RUELOGHUGHU6WLOHGKGHU*DWWXQJHQ7H[W VRUWHQXQG.XQVWSURJUDPPHHLQRUGQHQODVVHQLQGHPVLHGLHOLWHUDULVFKHQ 5HLKHQE]Z(OHPHQWHGHU9RUELOGHUDXIJUHLIHQYHUlQGHUQXQGPLW1HX HPH[SHULPHQWLHUHQ,P)DOOHGHV.|QLJ'DYLG%HULFKWNDQQPDQGDYRQDXV JHKHQ GDVV GDV 9RUELOG GHU UHDOLVWLVFKH KLVWRULVFKH 5RPDQ LVW GHU DEHU EHUHLWV H[SHULPHQWHOOH 7HFKQLNHQ XQG LURQLVFKH VRZLH LGHRORJLHNULWLVFKH 6LFKWZHLVHQEHQXW]WVLFKVRPLWLQ5LFKWXQJ0HWDILNWLRQ|IIQHW²HULVWDOV .XQVWZHUN6HOEVWUHIOH[LRQVRZLH.RPPHQWDU]XGHQ3UREOHPHQGHU+LV WRULRJUDILH ]X NRQNXUULHUHQGHQ *HVFKLFKWVELOGHUQ YRQ SROLWLVFKHQ (OLWHQ XQG8QWHUWDQHQ]X:DKUKHLW0DFKW*ODXEHQXQG0RUDO+H\PV5RPDQ QXW]W GLH .XQVW LQ LKUHU NULWLVFKHQ .RPPHQWDWRUHQUROOH GHQQ VLH VROO XQWHU GHP 'HFNPDQWHO GHV NQVWOHULVFK :HUWYROOHQ GLH .RPPXQLNDWLR QHQDQGHUHU6\VWHPHNULWLVFKEHREDFKWHQXQGNRPPHQWLHUHQ.ULWLNZUGL JHVSUlVHQWLHUHQXQGDOWHUQDWLYH:DKUKHLWHQYHUNQGHQ'DPLWJUHQ]WVLFK +H\PV.XQVWYRQXQSROLWLVFKHUlVWKHWL]LVWLVFKHURGHUV\VWHPDIILUPDWLYHU ''5 .XQVW DE LQGHP VLH GHU .XQVW GLH )XQNWLRQ ]XZHLVW NRQNXU ULHUHQGH%HREDFKWXQJVSHUVSHNWLYHQJHJHQEHUGHU3HUIRUPDQ]YRQ0DFKW HLQ]XQHKPHQ 'DGXUFK NDQQ VLFK HLQH DOWHUQDWLYH OLWHUDULVFKH 5HLKH DOV ÄNULWLVFKSROLWLVFKH .XQVW¶ EHJUQGHQ ZDV LP .XQVWV\VWHP RIW ]X VSDQ QXQJVUHLFKHQ XQG LQQRYDWLRQVEHI|UGHUQGHQ .RPPXQLNDWLRQHQ XQG ]X 5HIOH[LRQHQEHU.XQVWIKUW 'DVPRGHUQH.XQVWV\VWHPILQGHWHLJHQH)RUPHQXPVLFKYRQDQGH UHQ6\VWHPHQDE]XJUHQ]HQXQGLVW.QRWHQSXQNWIUYHUVFKLHGHQH.RP PXQLNDWLRQHQGLHQHXJHVWDOWHWXQGYHUNQSIWZHUGHQN|QQHQ]XPDO([ SHULPHQWLHUIUHXGLJNHLW GD]X EHLWUDJHQ NDQQ 6XENXOWXUHQ ]X LQWHJULHUHQ XQG,GHHQHYROXWLRQHQ]XEHZHUNVWHOOLJHQGLHGLH*HVHOOVFKDIWVHQVLEHOIU 3UREOHPEHZlOWLJXQJHQ KDOWHQ 9HUJOHLFKEDUHV JLOW IU DQGHUH 7H[WVRUWHQ 6FKZLHULJHU ZLUG HV LQ GHU %LOGHQGHQ .XQVW GD VLH ZHQLJHU HLQGHXWLJ LQ LKUHU%RWVFKDIWLVWXQGLP/DXIHGHU0RGHUQLVLHUXQJYHUPHKUW6SLHODUWHQ HQWVWHKHQ GLH VLFK GXUFK $EVWUDNWLRQHQ LQKDOWOLFKHQ 'HXWXQJHQ YHU VFKOLH‰HQ



,55,7$7,21²-($1'(/$)217$,1(81'-($1&5277, /,1'$6,021,6 ,UULWDWLRQHQWVWHKWZHQQHLQ5HL]DOVDXIIDOOHQGLQWHUHVVDQWEHUUDVFKHQG VW|UHQGRGHUEHXQUXKLJHQGZDKUJHQRPPHQZLUG,PDOOJHPHLQHQ6SUDFK JHEUDXFKVFKHLQWGDEHLHLQQHJDWLYDN]HQWXLHUWHU%HJULIILP6LQQHGHU6W| UXQJ9HUZLUUXQJRGHU%HXQUXKLJXQJYRU]XKHUUVFKHQ%HPHUNHQVZHUWDP .RQ]HSWGHU,UULWDWLRQLVWGDVVHVVLFKXPHLQHQUHODWLRQDOHQ%HJULIIKDQ GHOW GHU HLQH 8QWHUVFKHLGXQJ YRQ ]ZHL 6HLWHQ YRQ ,QQHQ XQG $X‰HQ YRUDXVVHW]W(VJHKWXPHWZDVGDV]ZDU]XQlFKVWYRQDX‰HQNRPPWDEHU YRQ GHU DQGHUHQ 6HLWH YRQ LQQHQ DOV LUULWLHUHQGHV (UHLJQLV ZDKUJH QRPPHQZLUG (LQHVROFKH'LVSRVLWLRQLUULWLHUEDU]XVHLQ GK5HL]HDOV,UULWDWLRQHQ ]X]XVFKUHLEHQ LVW/XKPDQQ]XIROJHHLQH(LJHQDUWYRQ6\VWHPHQLQVEH VRQGHUH YRQ /HEHZHVHQ ELRORJLVFKHQ 6\VWHPHQ  0HQVFKHQ %HZXVVW VHLQVV\VWHPHQ  XQG VR]LDOHQ 6\VWHPHQ .RPPXQLNDWLRQVV\VWHPHQ  ,UUL WDWLRQLVWLQVRIHUQHLQVSDQQHQGHV3KlQRPHQDOVHVPLWGHU*UHQ]HYRQ 6\VWHPXQG8PZHOW]XWXQKDWXQGHLQHQZLFKWLJHQ0RGXVEH]HLFKQHWLQ GHPHLQ6\VWHPVHLQH8PZHOWEHREDFKWHWXQGVLFK]XLKUYHUKlOW8PZHOW NDQQ GDEHL GLH PDWHULHOOH QDWXUKDIWH 8PJHEXQJ GHV 6\VWHPV VHLQ VLH NDQQDEHUDXFKHLQDQGHUHV6\VWHPVHLQGDVIUGDVEHREDFKWHQGH6\VWHP DOVbX‰HUHVDOVR8PZHOW]lKOW ,QGLHVHP=XVDPPHQKDQJLVWHVHQWVFKHLGHQG]XVHKHQGDVVGLH,UUL WDWLRQDOVVROFKHGHU,QQHQVHLWHGKGHP6\VWHPDQJHK|UW,UULWDWLRQNDQQ QXUGDVVHLQZDVYRP6\VWHPDOVVROFKHVZDKUJHQRPPHQXQG]XJHUHFK QHWZLUG ,UULWDWLRQ LVW HLQ MHZHLOV V\VWHPHLJHQHU =XVWDQG RKQH (QWVSUHFKXQJ LQ GHU 8P ZHOW GHV 6\VWHPV :HQQ PDQ DQ HLQHP 6\VWHP HLQH ,UULWDWLRQ EHREDFKWHW NDQQ PDQ GDUDXV QLFKW VFKOLH‰HQ GD‰ DXFK GLH 8PZHOW HQWVSUHFKHQG LUULWLHUW VHL MD QLFKWHLQPDOGD‰GHU8PZHOW]XVWDQGGHUGLH,UULWDWLRQDXVO|VW IUGLH8PZHOW >@HLQ3UREOHPVHL

 

9JO /XKPDQQ 1LNODV'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW %G  )UDQNIXUW0DLQ  6 ²   (EG6



/LQGD6LPRQLV

0LW DQGHUHQ :RUWHQ $XFK ZHQQ VLH DXI lX‰HUH 5HL]H UHDJLHUW LVW ,UUL WDWLRQLPPHU DXFK HLQVHOEVWHU]HXJWHUXQGVHOEVWLQGX]LHUWHU=XVWDQG 'LH ELVKHULJHQ $XVIKUXQJHQ ZHUIHQ GLH )UDJH DXI ZLH 6\VWHPHPLW ,UULWDWLRQHQ XPJHKHQ *HUDGH GLHVHU $VSHNW KDW GLH 'LVNXVVLRQ XP GDV 3KlQRPHQ EHVRQGHUV EHVFKlIWLJW :DV 7KHRUHWLNHU XQG 6R]LRORJHQ DP 3KlQRPHQ GHU ,UULWDWLRQ LQWHUHVVLHUW LVW GLH %HREDFKWXQJ GDVV GLH (L JHQVFKDIWGHU,UULWLHUEDUNHLWVRZRKOHLQ3UREOHPDOVDXFKHLQH&KDQFHIU GDVEHWUHIIHQGH6\VWHPEHGHXWHQNDQQ'LH&KDQFHGHU,UULWDWLRQVHLGD EHLVRGDV$UJXPHQWYRUDOOHPLQGHP8PVWDQG]XVHKHQGDVVVLFKPLW GHU,UULWLHUEDUNHLW]XJOHLFKHLQHDQGHUH)lKLJNHLWGHV6\VWHPVHUK|KHQlP OLFK GLH )lKLJNHLW ]X OHUQHQ 8P P|JOLFKHQ 0LVVYHUVWlQGQLVVHQ YRU ]XEHXJHQPXVVPDQKLHUMHGRFKVRJOHLFKSUl]LVLHUHQ'DV9HUKDOWHQHLQHV 6\VWHPVLVWGXUFK,UULWDWLRQLQNHLQHU:HLVHYRUKHUEHVWLPPW9LHOPHKUWXQ VLFK ZDV GLH $UW XQG :HLVH GHV 8PJDQJV PLW ,UULWDWLRQ EHWULIIW IU HLQ 6\VWHPJUXQGVlW]OLFKLPPHU]ZHLDOWHUQDWLYH0|JOLFKNHLWHQDXI'DV6\V WHPNDQQVHLQH6WUXNWXUHQE]ZGLH$UWXQG:HLVHVHLQHV2SHULHUHQVlQ GHUQ RGHU DXFK QLFKW 'DVV EHLGH 5HDNWLRQVZHLVHQ P|JOLFK VLQG HUJLEW VLFKDXVGHUDXWRSRLHWLVFKHQ9HUIDVVWKHLWGHV6\VWHPV 7KHRUHWLVFKOlVVWVLFKVRPLWQLFKWLP9RUDXVDEVHKHQZDVHLQ6\VWHP WXW ZHQQ HV LUULWLHUW LVW %UHFKHQ ZLU DOVR XQVHUH DOOJHPHLQHQ 9RUEHU OHJXQJHQKLHUDEXQGZHQGHQZLUXQVHLQHPNRQNUHWHQ)DOOEHLVSLHO]XXP ]XVHKHQZDVHLQ6\VWHPWXWZHQQHVHWZDVDOV,UULWDWLRQZDKUQLPPWXQG REXQGZLHHVGDUDXVOHUQW $OV %HLVSLHO GLHQW XQV KLHU HLQH JDQ] HLQIDFKH (U]lKOXQJ GLH )DEHO YRP0OOHUVHLQHP6RKQXQGGHP(VHO'LH*HVFKLFKWH²ZLUIROJHQKLHU GHU)DVVXQJYRQ-HDQGH/D)RQWDLQH²LVWEHNDQQW(LQ0OOHUXQGVHLQ 6RKQ ZROOHQ HLQHQ (VHO ]XP 0DUNW EULQJHQ XP LKQ GRUW ]X YHUNDXIHQ 8PGDV7LHU]XVFKRQHQGDPLWHVHLQHQJXWHQ3UHLVHU]LHOWZlKOWPDQHL QHQ XQJHZ|KQOLFKHQ :HJ GHV 7UDQVSRUWV 9DWHU XQG 6RKQ ELQGHQ GHQ (VHO DQ GHQ )‰HQ DQ HLQH 6WDQJH XP LKQ VR NRSIEHUKlQJHQG ]XP 0DUNW]XWUDJHQ ,QGHU)ROJHVHLIUHLOLFKLQHWZDVXQRUWKRGR[HU:HLVHDQJHQRPPHQ GDVVGDVKLHUYRUJHVWHOOWH7ULR²9DWHU6RKQXQG(VHO²HLQÄ6\VWHP¶GDU VWHOOW9RQÄ6\VWHP¶VSUHFKHLFKGDEHLLQGHP6LQQHDOVHVVLFKEHLGHPJH QDQQWHQ *HVSDQQ XP HLQ *HIJH KDQGHOW GDV VHLQH 2UJDQLVDWLRQ XQG 9HUIDKUHQVZHLVH VHOEVW KHUYRUEULQJW XQG VLH QDFK HLJHQHQ LPPDQHQWHQ 5HJHOQIRUWVHW]WRGHUPRGLIL]LHUW=XGHPLVWVRQHKPHQZLUDQGDVZDV GDV YRUJHVWHOOWH (QVHPEOH YHUELQGHW XQG VHLQHQ =XVDPPHQKDQJ DXV PDFKW .RPPXQLNDWLRQ =ZLVFKHQ 0OOHU 6RKQ XQG (VHO VSLHOHQ VLFK  

6LHKHGD]XGLH%HLWUlJHGHV%DQGHV,UULWDWLRQXQG.UHDWLYLWlWKHPPHQGHXQGI|UGHUQGH)DNWRUHQLP NUHDWLYHQ3UR]HVV+JY*RWWOLHE*XQWHUQX)UDQoRLV&RXFKHSLQ=ULFK

,UULWDWLRQ



.RPPXQLNDWLRQHQDE²PDQYHUVWlQGLJWVLFKEHUGDVZDVPDQWXW$XFK GLH:DQGOXQJHQGLHGLHVHV*HIJHDXIVHLQHP:HJGXUFKOlXIWVLQGZLH ZLU VHKHQ ZHUGHQ (UJHEQLV NRPPXQLNDWLYHU 3UR]HVVH VLH EHUXKHQ DXI (QWVFKHLGXQJHQGLHLQGHU.RPPXQLNDWLRQJHWURIIHQZHUGHQ6HKHQZLU JHQDXHU]XZLHGDV6\VWHPÅ'HQ(VHO]XP0DUNWEULQJHQ´VLFKVHOEVWLQ *DQJKlOWXQGZDVLKPXQWHUZHJVZLGHUIlKUW .DXPLVWPDQDXIJHEURFKHQW|QWGHP7ULRVFKRQGDV/DFKHQHLQHV 3DVVDQWHQ HQWJHJHQ Å:DV IU HLQH )DUFH VSLHOHQ GLHVH /HXWH GD" 'HU JU|‰WH(VHOYRQGHQGUHLHQLVWQLFKWGHUGHQPDQGDIUKlOW´6HLWHQVGHV *HVSDQQVYHUEXFKWPDQGLHVHQ=XUXIRIIHQEDUDOV,UULWDWLRQZLHGLH5H DNWLRQGHV9DWHUV GHVÄ.RSIV¶GHU*UXSSH ]HLJWÅ'HU0OOHU´VRKHL‰W HVEHL/D)RQWDLQHÅHUNHQQWEHLGLHVHQ:RUWHQVHLQH'XPPKHLW´'RFK GDPLWQLFKWJHQXJ'DV6\VWHPOlVVWHVQLFKWGDEHLEHZHQGHQGHQ5HL]DOV ,UULWDWLRQ ZDKU]XQHKPHQ XQG ]X]XUHFKQHQ (V UHDJLHUW PLW GHP (QW VFKOXVVVHLQ9HUKDOWHQ]XlQGHUQÅ(U>GHU0OOHU@VWHOOWGDV7LHUDXIVHLQH )‰HXQGOlVVWHVORVELQGHQ´,QYHUlQGHUWHU$QRUGQXQJ QXQUHLWHWGHU 6RKQDXIGHP(VHOGHU0OOHUJHKWQHEHQKHU VHW]WGDV7ULRVHLQHQ:HJ IRUW 'RFK HUQHXW ZLUG HV LQ VHLQHP )RUWJDQJ JHVW|UW 'LHVPDO JLOW GHU 9RUZXUI GHV HQWJHJHQNRPPHQGHQ %HREDFKWHUV GHP 6RKQ 'LHVHU VR KHL‰WHVIKUHVHLQHQDOWHQ9DWHUZLHHLQHQ/DNDLHQQHEHQVLFKKHU:LH GHU ]HLJW VLFK GDV *HVSDQQ GXUFK GLH HLQJHZRUIHQH %HPHUNXQJ LUULWLHUW 'HU =XUXI ZLUNW DOV HLQ $QODVV GXUFK GHQ GDV 6\VWHP LQ HLQHQ =XVWDQG GHU%HXQUXKLJXQJXQGJUXQGOHJHQGHQ9HUXQVLFKHUXQJJHUlW(UQHXWYHU VXFKW HV GLH ,UULWDWLRQ ]X YHUDUEHLWHQ LQGHP HV VHLQH Ä6WUDWHJLH¶ lQGHUW 'HU6RKQJHKW]X)X‰GHUDOWH0OOHUVWHLJWDXIGHQ(VHO'RFKDXFKLQ GLHVHU QHXHQ $XVIRUPXQJ HUZHLVW VLFK GDV *HIJH DOV QLFKW PLQGHU VW| UXQJVDQIlOOLJ DOV ]XYRU $XFK KLHU O|VW GHU .RPPHQWDU HLQHV YRUEHU JHKHQGHQ %HREDFKWHUV 8QUXKH XQG 6HOEVW]ZHLIHO DXV (V VHL GRFK HLQH 6FKDQGHGDVVGHUDUPH-XQJHKLQWHUKHUODXIHQPVVHZlKUHQGGHU0OOHU HV VLFK ZLH HLQ IHWWHU %LVFKRI DXI VHLQHP 6LW]SODW] EHTXHP PDFKH 9RQ GLHVHP(LQZXUIOlVVWVLFKXQVHU*HIJHHUQHXWEHXQUXKLJHQ:LHGHUVDW WHOW PDQ XP 'LHVPDO QHKPHQ 0OOHU XQG 6RKQ JHPHLQVDP DXI GHP (VHOVUFNHQ 3ODW] 'RFK DXFK GLHVHV $UUDQJHPHQW EOHLEW YRQ GHU .ULWLN lX‰HUHU%HREDFKWHUQLFKWYHUVFKRQWÅ'LHVH/HXWHVLQGYHUUFNW´W|QWHV QXQÅGHUDUPH/DQJRKUNDQQQLFKWPHKUHUZLUGXQWHULKUHQ6W|‰HQ]X  

/D)RQWDLQH-HDQGHÅ/HPHXQLHUVRQILOVHWO·kQH´>Å'HU0OOHUVHLQ6RKQXQGGHU(VHO´@ ,Q-HDQGH/D)RQWDLQH°XYUHVFRPSOqWHV%G+JY5HQp*URRVX-DFTXHV6FKLIIULQ3D ULV6²KLHU6Å4XHOOHIDUFHGLWLOYRQWMRXHUFHVJHQVOj"/HSOXVkQHGHV WURLVQ·HVWSDVFHOXLTX·RQSHQVH´  Å/HPHXQLHUjFHVPRWVFRQQDvWVRQLJQRUDQFH´ HEG6   Å,OPHWVXUSLHGVVDErWHHWODIDLWGpWDOHU´ HEG 



/LQGD6LPRQLV

VDPPHQEUHFKHQ´6RVLHKWVLFKXQVHU7ULRDXIV1HXHLQ6HOEVW]ZHLIHOJH VWU]W(LQZHLWHUHV0DOYHUVXFKWHVGHP8QKHLOEHL]XNRPPHQLQGHPHV ÄOHUQW¶ $XI ,UULWDWLRQHQ UHDJLHUW GDV 6\VWHP QLFKW ÅQRUPDWLY´ VRQGHUQ ÅNRJQLWLY´ HV LVW DOVR EHUHLW PLW 'LIIHUHQ]LHUXQJHQ GLH HLJHQH 6WUXNWXU XP]XEDXHQ VWDWW DQ HWDEOLHUWHQ (LQULFKWXQJHQ GHU ,QIRUPDWLRQVYHUDU EHLWXQJ IHVW]XKDOWHQ 'LHV LVW DOOHV DQGHUH DOV VHOEVWYHUVWlQGOLFK 6R UHD JLHUWGDV5HFKWVV\VWHPMDNHLQHVZHJVPLWGHU$EVFKDIIXQJYRQ*HVHW]HQ DXILKUHSHUPDQHQWHhEHUWUHWXQJ 0DQYHUVWlQGLJWVLFKQXQHUQHXWXPGLHZLHHVVFKHLQWQDFKGHQELV KHULJHQ :DQGOXQJHQ HLQ]LJ QRFK EULJ EOHLEHQGH $XIVWHOOXQJ DQ]XQHK PHQ(VHO9DWHUXQG6RKQODXIHQQHEHQHLQDQGHUKHU:LHPDQZHL‰YHU KLOIWDXFKGLHVHbQGHUXQJGHP7ULRQLFKWGD]XYRQQXQDQYRQZHLWHUHQ 6W|UXQJHQ YHUVFKRQW ]X EOHLEHQ ,P *HJHQWHLO HV LVW QXQ HUVW UHFKW GHQ $QIHFKWXQJHQ VHLQHU LQQHUJHVHOOVFKDIWOLFKHQ  8PZHOW DXVJHVHW]W 6SRWW XQG %HVFKLPSIXQJHQ ODVVHQ QLFKW DXI VLFK ZDUWHQ Å:DV LVW GDV IU HLQH 0RGH´VRK|UWPDQQXQÅGDVVGHU(VHOJHPlFKOLFKVSD]LHUHQJHKWZlK UHQGGHU0OOHUVLFKDEVWUDPSHOW´ 'DPLW LVW ZLH HV VFKHLQW XQVHU 6\VWHP LQ VHLQHP 9HUVXFK GDV 3UR EOHPGHU,UULWDWLRQ]XEHKDQGHOQDQVHLQYRUOlXILJHV(QGHJHODQJW(VKDW DOOHGHQNEDUHQ0|JOLFKNHLWHQVHLQ$UUDQJHPHQW]XlQGHUQGXUFKJHVSLHOW :LHJHVHKHQKDEHQZLUHVEHLGHP*HVSDQQLQ/D)RQWDLQHV)DEHOPLWHL QHPLQKRKHP0D‰HLUULWLHUEDUHQXQG]XJOHLFKLQKRKHP0D‰HOHUQEHUHL WHQ XQG OHUQIlKLJHQ 6\VWHP ]X WXQ (V UHDJLHUW DXI 6W|UIDNWRUHQ VHLQHU 8PZHOW LQGHP HV VLFK VWHWV DXIV1HXH UHYLGLHUW 'RFK GHQ LUULWLHUHQGHQ 0RPHQWHQLVWQLFKWEHL]XNRPPHQ:LHVHKUDXFKGDV(VHOVJHVSDQQVLFK XPEDXW XQG ]X DGDSWLHUHQ YHUVXFKW GLH 8PZHOW EULQJW LPPHU QHXH XQ DQJHQHKPH5HL]HXQG$QVW|‰HKHUYRUGLHGDV6\VWHPQLFKWDQGHUVGHQQ DOV,UULWDWLRQHQYHUEXFKHQNDQQ0DQJHZLQQWGHQ(LQGUXFNGDVVLP9HU KlOWQLVYRQ6\VWHPXQG8PZHOWGKYRQ(VHOVWULRXQG3DVVDQWHQNHLQH *HVHW]Pl‰LJNHLWXQGNHLQH9HUUHFKHQEDUNHLWEHVWHKWVRQGHUQQXUGLHSX UH 8QORJLN UHJLHUW 8PVR PHKU PDJ HV HUVWDXQHQ GDVV GDV 6\VWHP ]X PLQGHVWLQGHU)DEHOLQ$QEHWUDFKWVROFKZLOGZXFKHUQGHUXQGQLFKWNRQ WUROOLHUEDUHU4XHOOHQGHU,UULWDWLRQJOHLFKZRKOQLFKWNROODELHUW(VJHODQJW YLHOPHKUIROJWPDQGHU'DUVWHOOXQJ/D)RQWDLQHV]XHLQHU6HOEVWEHVFKUHL EXQJ GLH GDV 0DQNR GHU QLFKW EHKHEEDUHQ ,UULWDWLRQ LQ HLQH SRVLWLYH  (QWVFKHLGXQJXPPQ]W6RYHUNQGHWVFKOLH‰OLFKGHU0OOHUÅ,FKELQHLQ (VHOHVLVWZDKULFKJHEHHV]X'RFKZHQQPDQYRQQXQDQPLFKWDGHOW  

Å&HVJHQVVRQWIRXV/HEDXGHWQ·HQSHXWSOXVLOPRXUUDVRXVOHXUVFRXSV´ HEG  /XKPDQQ 1LNODV Å'LH :HOWJHVHOOVFKDIW´ >@ ,Q 1LNODV /XKPDQQ 6R]LRORJLVFKH $XI NOlUXQJ%G2SODGHQ6²  Å(VWFH OD PRGH 4XH EDXGHW DLOOH j O·DLVH HW PHXQLHU V·LQFRPPRGH"´ /D )RQWDLQH Å/H PHXQLHUVRQILOVHWO·kQH´6  

,UULWDWLRQ



RGHUPLFKOREWVHLHVGDVVPDQHWZDVVDJWRGHUGDVVPDQQLFKWVVDJW² LFK PDFKH HV QDFK PHLQHP HLJHQHQ .RSI´ $P (QGH GHU )ROJH GHU 6HOEVWPRGLILNDWLRQHQ PLW GHQHQ GDV 6\VWHP DXI ,UULWDWLRQ ]X DQWZRUWHQ VXFKWHVWHKWQXQGHU(QWVFKOXVVVLFKQLFKWPHKULUULWLHUHQ]XODVVHQ'LH .RPPHQWDUHGHU/HXWH /REXQG7DGHO5HGHQXQG6FKZHLJHQ GLHLKQ E]ZGDV(VHOVV\VWHP]XYRUYHUZLUUWHQXQGEHXQUXKLJWHQZHUGHQQXQLJ QRULHUW (V KDW JHOHUQW VLFK QXQPHKU QRUPDWLY ]X YHUKDOWHQ %HPHUNXQ JHQGHU3DVVDQWHQZHUGHQQLFKWPHKUDOVUHOHYDQWHV(UHLJQLVQLFKWPHKU DOV ,QIRUPDWLRQ DXIJHIDVVW VRQGHUQ VWDWWGHVVHQ QXUPHKU DOV *HVFKZlW] DOVEOR‰HV5DXVFKHQLP+LQWHUJUXQGPLWJHIKUW'LH3RLQWHGHU)DEHOYHU DQVFKDXOLFKWVRDXIHLQJlQJLJH:HLVHGHQEHUHLWVHUZlKQWHQWKHRUHWLVFKHQ %HIXQGGDVV,UULWDWLRQHLQ0RPHQWGHV6\VWHPVLVWXQGHVLQVRIHUQLQGHU 'LVSRVLWLRQ GHV 6\VWHPV OLHJW RE XQG LQ ZHOFKHU :HLVH HV ,UULWDWLRQHQ EHDUEHLWHW 'DV 6\VWHP LVW GHQ 6W|UTXHOOHQ XQG 5HL]HQ VHLQHU 8PZHOW QLFKWDXVJHOLHIHUW(VNDQQDXFKZLHGHU$XVVSUXFKGHV0OOHUVDQ]HLJW DXI,UULWDWLRQUHDJLHUHQLQGHPHVQLFKWVWXWXQGÅVLFKGDUDXIYHUOl‰WGD‰ GLH,UULWDWLRQPLWGHU=HLWYRQVHOEVWYHUVFKZLQGHQZHUGH´'DEHLLVWHV NHLQ=XIDOOGDVVGLH:HLVKHLWGHV0OOHUVGLHVLFKLP)D]LWEHNXQGHWHLQH QDFKWUlJOLFKHLVW'HQQGLH4XHOOHQGHU,UULWDWLRQLQGHU8PZHOWVLQGVR OlVVWGLH)DEHOGHXWOLFKZHUGHQDXV6LFKWGHV6\VWHPVUDGLNDONRQWLQJHQW 'DV6\VWHPNDQQPLWDQGHUHQ:RUWHQJDUQLFKWLP9RUDXVÄZLVVHQ¶ZDV ]XWXQEHVVHULVWREHVVHLQH6WUXNWXUHQlQGHUQ GKOHUQHQ RGHUEOR‰GLH ELVKHULJHQUHSURGX]LHUHQVROO'LH6LJQDOHDXVGHU8PZHOWMHGHQIDOOVEOHL EHQ ² ZLH GLH =XUXIH GHU 3DVVDQWHQ ² IU GDV 6\VWHP ZHLWJHKHQG XQOR JLVFKXQGXQHUJUQGOLFK *OHLFKZRKO ZUGH HV ]X NXU] JUHLIHQ ZROOWH PDQ VLFK ,UULWDWLRQ QXU DOV HWZDV 1HJDWLYHV YRUVWHOOHQ GDV HLQVFKUlQNHQG XQG OLPLWLHUHQG ZLUNW ,UULWDWLRQNDQQYLHOPHKUlX‰HUVWSURGXNWLYVHLQ,QGHP0D‰HLQGHP,UUL WDWLRQ.RPPXQLNDWLRQVWLPXOLHUWXQGGD]XDQUHJWQHXH7KHPHQXQG)RU PHQKHUYRU]XEULQJHQZLUGVLH]XHLQHPNRQVWLWXWLYHQ0RPHQWGHU$XWR SRLHVLV YRQ .RPPXQLNDWLRQ 'LHVH SURGXNWLYH 5ROOH YRQ ,UULWDWLRQ OlVVW VLFK EHVRQGHUV HLQJlQJLJ DP %HLVSLHO PRGHUQHU .XQVW EHREDFKWHQ 6Sl WHVWHQVVHLWGHU5RPDQWLNGHILQLHUHQVLFK.XQVWXQG/LWHUDWXUGXUFK.RQ ]HSWHGLHGHU)LJXUGHU,UULWDWLRQDIILQVLQG6RVLQGHVQXQGLH,PSHUDWLYH GHV 1HXHQ XQG ,QWHUHVVDQWHQ GLH ]X lVWKHWLVFKHQ XQG OLWHUDULVFKHQ /HLW YRUVWHOOXQJHQ DYDQFLHUHQ (LQH VROFKH 3URJUDPPDWLN EHJQVWLJW MD SUR  

Å-HVXLVkQHLOHVWYUDLM·HQFRQYLHQVMHO·DYRXH0DLVTXHGRUpQDYDQWRQPHEOkPHRQPH ORXH4X·RQGLVHTXHOTXHFKRVHRXTX·RQQHGLVHULHQ-·HQYHX[IDLUHjPDWrWH´ HEG6    /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6



/LQGD6LPRQLV

YR]LHUW,UULWDWLRQ:DVUHL]WZDV$QVWR‰HUUHJWGDVKDWVRGDUIPDQDQ QHKPHQHLQ3RWHQWLDOQHXXQGLQWHUHVVDQW]XVHLQ (LQH EHVRQGHUV HLQGUXFNVYROOH $XVSUlJXQJ GLHVHU LPPDQHQWHQ  bV WKHWLN GHU ,UULWDWLRQ ILQGHW VLFK GRUW ZR GLH )RUGHUXQJ GHV 1HXHQ VLFK YHUVFKlUIWXQGPLW1DFKGUXFN]XP3URJUDPPHUKREHQZLUGLP)HOGGHU NQVWOHULVFKHQ $YDQWJDUGHQ 6R JHK|UW HV ]XP FKDUDNWHULVWLVFKHQ *HVWXV YRQ $YDQWJDUGHNXQVW PLW HWDEOLHUWHQ OLWHUDULVFKlVWKHWLVFKHQ )RUPHQ ]X EUHFKHQXQGVLFKVHOEVWDOVUDGLNDOH$EZHLFKXQJYRQGHPZDVELVODQJDOV .XQVW JDOW ]X SURNODPLHUHQ 'DEHL KDEHQ ZLU HV KLHU ZLH QRFK DXV]X IKUHQLVWPLWHLQHPHWZDVDQGHUHQ)DOO]XWXQDOVLQGHPREHQHU|UWHUWHQ %HLVSLHO GHU (VHOVIDEHO :lKUHQG EHL OHW]WHUHP GDV 6\VWHP GLH $QOlVVH VHLQHV,UULWLHUWVHLQVYRQDX‰HQDXVVHLQHU8PZHOWEH]RJEH]HLFKQHQGLH $YDQWJDUGHQHLQHQ)DOOLQGHPGLH.XQVWVLFKVHOEVWLUULWLHUW'LH.XQVW ILQGHWKLHUPLWDQGHUHQ:RUWHQGLH6WHLQHGHV$QVWR‰HVGLH$QOlVVHGHU ,UULWDWLRQ QLFKW ÄGUDX‰HQ¶ LQ LKUHU JHVHOOVFKDIWOLFKHQ 8PZHOW VRQGHUQ LQ VLFK VHOEVW LQ DQGHUHQ .XQVWZHUNHQ E]Z NQVWOHULVFKHQ .RPPXQLND WLRQHQ:LHPDQVLHKWZLUNW,UULWDWLRQDXIGLHVH:HLVHQLFKWDOV%UXFK VRQGHUQ YLHOPHKU DOV HLQ 0RPHQW EHU GDV .XQVW DXI YRUDQJHKHQGH .XQVWZHUNHXQGlVWKHWLVFKH.RPPXQLNDWLRQHQ%H]XJQLPPWXQGDQGLH VHDQVFKOLH‰W'RFKGLH,UULWDWLRQJUHLIWQLFKWQXU]XUFNVRQGHUQZLUNW DXFK IRUW 'LH VROFKHUDUW EHU VLFK VHOEVW LUULWLHUWH .XQVW ELHWHW LKUHUVHLWV ZLHGHUXP$QODVV]XZHLWHUHU,UULWDWLRQ6RHQWVWHKWHLQVLFKVHOEVWHU]HX JHQGHUXQGLQ*DQJKDOWHQGHU=XVDPPHQKDQJLUULWLHUWHUXQGLUULWLHUHQGHU .RPPXQLNDWLRQ GHU LP 9HUVXFK VLFK VHOEVW ]X EHUELHWHQ LPPHU DEHQ WHXHUOLFKHUH )RUPHQ GHV $QVW|‰LJHQ )UDSSLHUHQGHQ XQG 3URYRNDQWHQ KHUYRUWUHLEW 6FKDXHQZLUXQVDQHLQHPNRQNUHWHQ)DOODQZLHGLHVH'\QDPLNVLFK IRUWVFKUHLEHQGHU ,UULWDWLRQ LQ GHU $YDQJDUGHNXQVW IXQNWLRQLHUW $OV %HL VSLHOJUHLIHLFKHLQHQ7H[WDXVGHP8PNUHLVGHVIUDQ]|VLVFKHQ'DGDLVPXV DXIGDV0DQLIHVWÅ7$%8´YRQ-HDQ&URWWLGDVLP2NWREHUDOV)OXJ EODWW]XU(U|IIQXQJGHV3DULVHU6DORQG·$XWRPQHYHUEUHLWHWZXUGH 6FKRQ VHLQHU )RUP QDFK VWHOOW GHU JHQDQQWH 7H[W HLQ .XULRVXP GDU (UYHUZHQGHWE]ZLPLWLHUWHLQH)RUPGDV0DQLIHVWXQGHLQ0HGLXPGDV  

:LU QHKPHQ KLHU GHQ 9RUVFKODJ YRQ *HUKDUG 3OXPSH DXI ÅGDV Ä:HUN¶ DOV .RPPXQLND WLRQVPHGLXPGHU.XQVW]XEHWUDFKWHQ´ 3OXPSH*HUKDUGbVWKHWLVFKH.RPPXQLNDWLRQGHU0R GHUQH%G2SODGHQ6   ,QGLHVHU+LQVLFKWWHLOW,UULWDWLRQHLQZLFKWLJHV0HUNPDOGDV.RPPXQLNDWLRQLP$OOJHPHL QHQNHQQ]HLFKQHWQlPOLFKGHQ8PVWDQGGDVVVLHÅ*HOHJHQKHLW>@ELHWH>W@DXIVLH]XUFN ]XNRPPHQ´ 6WDQLW]HN *HRUJ Å:DV LVW .RPPXQLNDWLRQ"´ ,Q 6\VWHPWKHRULH GHU /LWHUDWXU +JY-UJHQ)RKUPDQQX+DUUR0OOHU0QFKHQ6²KLHU6   -HDQ&URWWLÅ7DEX´,Q0DQLIHVWHXQG3URNODPDWLRQHQGHUHXURSlLVFKHQ$YDQWJDUGH ²  +JY:ROIJDQJ$VKROWX:DOWHU)lKQGHUV6WXWWJDUW:HLPDU6I )DNVLPLOHGHV 2ULJLQDOVXQGhEHUVHW]XQJ 

,UULWDWLRQ



)OXJEODWWGLHLP%HUHLFKGHU.XQVW]XPLQGHVWDXIGHQHUVWHQ%OLFNEH IUHPGOLFK ZLUNHQ +DQGHOW HV VLFK GRFK XP )RUPHQ GLH LKUHU +HUNXQIW QDFKGHUSROLWLVFKHQ.RPPXQLNDWLRQDQJHK|UHQ0DUNLHUWVRPLWVFKRQ GLHVH²ZHQQJOHLFKLP.RQWH[WGHU$YDQWJDUGHQEHNDQQWH²(QWOHKQXQJ HLQHHUVWH,UULWDWLRQVRYHUVWlUNWVLFKGHU(LQGUXFNGHV$QVWR‰HUUHJHQGHQ QRFK ZHQQ PDQ GLH bX‰HUXQJHQ GHV 7H[WHV JHQDXHU EHWUDFKWHW 'D LVW ]XQlFKVW GDV LQVJHVDPW GUHLPDO HUVFKHLQHQGH :RUW Å7$%8´ GDV GXUFK )HWWGUXFN XQG *UR‰EXFKVWDEHQ JOHLFK GRSSHOW KHUYRUJHKREHQ GHP %H WUDFKWHU DOV HUVWHV LQ GHQ %OLFN IlOOW 6FKRQ W\SRJUDSKLVFK VFKHLQW GLHVH %XFKVWDEHQIROJH GDUDXI DQJHOHJW DXI]XIDOOHQ ]X UHL]HQ ]X EHUUDVFKHQ 'RFK QLFKW QXU GLH )RUP GHU 'DUVWHOOXQJ DXFK GDV ZDV KLHU JHlX‰HUW ZLUGVFKHLQWGD]XGLVSRQLHUW$QVWR‰]XHUUHJHQ8QWHUGHP1DPHQÅ7D EX´ ² HLQHU LP )UDQ]|VLVFKHQ QHXHQ :RUWSUlJXQJ ² IKUW VLFK KLHU HLQ *HJHQVWDQGRGHU6DFKYHUKDOWLQGLH.XQVWGHEDWWHHLQGHUEHKDXSWHWQHX ]X VHLQ 'DEHL HULQQHUW GLHVHU 1DPH ]XJOHLFK DQ GDV LP 'HXWVFKHQ KR PRSKRQH LP )UDQ]|VLVFKHQ lKQOLFK NOLQJHQGH :RUW Å7DEX´ÅWDERX´ ² HLQH$QVSLHOXQJGLHGLH)UDJHGHU1RUPXQGGHV9HUERWVDXIZLUIWÄ7DEX¶ LVW LQ GHU XUVSUQJOLFKHQ NXOWLVFKHQ %HGHXWXQJ GHV :RUWV ]XQlFKVW GDV +HLOLJHGDVZDVQLFKWEHUKUWZHUGHQGDUIGDVRQVWGLH*HIDKUGHU(QW ZHLKXQJ EHVWQGH 'DUEHU KLQDXV PDJ PDQ DEHU DXFK DQ GLH ZHLWHUH YHUEUHLWHWH$XIIDVVXQJGHV%HJULIIVGHQNHQ,QGLHVHP6LQQHPHLQWÄ7DEX¶ HLQH JHVHOOVFKDIWOLFKH .RQYHQWLRQ HLQ TXD hEHUHLQNXQIW JHOWHQGHV XQJH VFKULHEHQHV*HVHW]GDVYHUELHWHWEHVWLPPWH7KHPHQDQ]XVSUHFKHQRGHU JHZLVVH+DQGOXQJHQDXV]XIKUHQ'RFKGLHVHDVVR]LDWLYHQ%HGHXWXQJVDV SHNWHEOHLEHQXQWHUVFKZHOOLJGHQQKLHULP.RQWH[WGHV0DQLIHVWVLVW7D EX]XQlFKVWHLQ1DPHGHQHVHUVWQRFK]XGHILQLHUHQPLW%HGHXWXQJ]X IOOHQJLOW(LQHVROFKH'HILQLWLRQELHWHWGLHHLQOHLWHQGH)RUPHOGHV7H[WHV DQ Å7$%8 LVW (LQ QHXHV'HQNHQ (LQH QHXH $XVGUXFNVZHLVH (LQH QHXH 5HOLJLRQ´'HU]LWLHUWHQ(UNOlUXQJKDIWHWLQVRIHUQHWZDV3URYR]LHUHQGHV DQDOVVLHPLWGHP$QVSUXFKQHX]XVHLQ]XJOHLFKGHUELVKHULJHQ.XQVW HLQH $EVDJH HUWHLOW 'LHVH =XUFNZHLVXQJ ZLUG GHQQ LQ GHP IROJHQGHQ $XVUXIDXFKH[SOL]LWIRUPXOLHUWÅ*(18*GHU6HQVXDOLWlWGHV0DWHULDOLV PXVGHV1DWXUDOLVPXVGHU'HIRUPDWLRQLQGHU.8167´=ZDUVLQGHV ]XQlFKVWGLHEHUNRPPHQHQ.XQVWULFKWXQJHQGHV1DWXUDOLVPXVXQGbV WKHWL]LVPXV GLH KLHU EHLVHLWH JHVFKREHQ ZHUGHQ GRFK GLH +HUDXVIRUGH UXQJGLH7$%8VWDWXLHUWJLOWHEHQVRGHQXQPLWWHOEDUYRUDQJHKHQGHQXQG  

=XU6SH]LILNGHV0DQLIHVWVDOVDYDQWJDUGLVWLVFKHU.RPPXQLNDWLRQVIRUPVRZLH]XP9HUKlOW QLVYRQ$YDQWJDUGHXQG3ROLWLNYJO+DKQ7RUVWHQÅ$YDQWJDUGHDOV.XOWXUNDPSI'DV0D QLIHVWDOV0HGLXPDUWLVWLVFKHU3ROLWLN´,Q$YDQWJDUGHQLQ2VWXQG:HVW+JY+DUWPXW.LU FKHU0DULD.âDľVNDX(ULFK.OHLQVFKPLGW.|OQ:LHQ6²EHV6²  Å7$%8HVW8QH3HQVpHQRXYHOOH8QH([SUHVVLRQQRXYHOOH8QH5HOLJLRQQRXYHOOH´  Å$66(=GHVHQVXDOLWpGHPDWpULDOLVPHGHQDWXUDOLVPHGHGpIRUPDQWLRQ(1$57´



/LQGD6LPRQLV

JOHLFK]HLWLJHQ$YDQWJDUGHQ'HQQGLHVHZHUGHQGXUFKGLHEHWRQWH6HW]XQJ GHV1HXHQGLHVLFKKLHUYROO]LHKW]XJOHLFKIUÄQLFKWPHKUQHX¶GKIU EHUKROW HUNOlUW 0DQ HUNHQQW KLHU ]XGHP GHQ GHNODUDWLYHQ 0RGXV GHV 0DQLIHVWVGHUIRUGHUWXQGVHW]WXQGLP9ROO]XJYRQ6SUDFKH]XJOHLFK7DW VDFKHQ]XVFKDIIHQYHUVXFKW (VIHKOWQXQQRFKHLQH%HVWLPPXQJGHVVHQZRULQGHQQGDV1HXHGHU KLHUSURNODPLHUWHQ.XQVWULFKWXQJEHVWHKHQVROOhEHUGLHVH)UDJHJHEHQ² JUDPPDWLVFKLQGHUIUGDV0DQLIHVWW\SLVFKHQNROOHNWLYHQ:LU)RUP²GLH IROJHQGHQ =HLOHQ $XVNXQIW Å:LU ZROOHQ 'DV *HKHLPQLV P\VWqUH  DXV GUFNHQ 'DV ZDV PDQ QLFKW VHKHQ NDQQ 'DV ZDV PDQ QLFKW DQIDVVHQ NDQQ´$XIIDOOHQGDQGHU]LWLHUWHQ(UNOlUXQJLVWGDVVKLHUPLWGHP%H JULII GHV *HKHLPQLVVHV HLQH )LJXU DXIJHUXIHQ ZLUG GLH LKUHU +HUNXQIW QDFK QLFKWGHU .XQVW VRQGHUQ GHP %HUHLFK GHU5HOLJLRQ XQG GHV .XOWL VFKHQ DQJHK|UW 'HU %H]XJ ]XP 5HOLJL|VHQ GHU GDPLW DXVJHVWHOOW ZLUG PXVV GHQ /HVHU%HWUDFKWHU GHV )OXJEODWWV HUVWDXQHQ (U ZLUIW LQ PHKU IDFKHU+LQVLFKW)UDJHQXQG=ZHLIHODXI,QVEHVRQGHUHHLQ/HVHUGHUJH ZRKQWLVWGLH.XQVWDOVHLQH6DFKHIUVLFKDOV.XQVWXPGHU.XQVWZLO OHQ ]X EHWUDFKWHQ ZLUG DQ GHU VR LP =HLFKHQ GHV 0\VWHULXPV VLFK IRU PLHUHQGHQ7DEX.XQVW$QVWR‰QHKPHQ:DVGDV0DQLIHVWKLHUHQWZLUIW LVW RIIHQEDU HLQ 3URMHNW GHU (QWGLIIHUHQ]LHUXQJ GDV GDUDXI ]LHOW GLH *UHQ]H]ZLVFKHQ.XQVWV\VWHPXQG5HOLJLRQVV\VWHP]XYHUZLVFKHQZHQQ QLFKW DXI]XKHEHQ 'RFK GLH ]LWLHUWH 6HOEVWEHVFKUHLEXQJ GHU 7DEX.XQVW LVW QRFK LQ DQGHUHU +LQVLFKW GD]X DQJHWDQ GHQ /HVHU ]X LUULWLHUHQ 'DV 3URJUDPPGDVKLHUIRUPXOLHUWZLUGKDWPLWGHP+HLOLJHQGHP8QVLFKW EDUHQXQG8QEHUKUEDUHQ]XWXQ(VVHW]WVLFK]XP=LHOHWZDV]XEHUK UHQGDVQLFKWDQJHIDVVWZHUGHQNDQQE]ZGDUI'LHJHQDQQWHQ%HVFKUHL EXQJHQ YHUZHLVHQ PLWKLQ DXI GLH XUVSUQJOLFKH NXOWLVFKH %HGHXWXQJ GHV $XVGUXFNV Å7DEX´ VLH UHJHQ GD]X DQ GDV *HKHLPQLV YRQ GHP KLHU GLH 5HGH LVW LP 6LQQH HLQHV VROFKHQ WDEXLVLHUWHQ *HJHQVWDQGV ]X YHUVWHKHQ 9RU GHP +LQWHUJUXQG GLHVHV %HGHXWXQJVIHOGV HUVFKHLQW GLH SURSDJLHUWH QHXH.XQVWDOVHLQHVROFKHGLHVLFK]XP=LHOVHW]WHLQ7DEX E]Z7DEXV  ]X EUHFKHQ 'DEHL LVW GLH 9RUVWHOOXQJ GHV 7DEXEUXFKV GLH KLHU HYR]LHUW ZLUG QLFKW QRWZHQGLJ DXI GDV 9HUERW LP NXOWLVFKUHOLJL|VHQ 6LQQ EH VFKUlQNW =XP %HUHLFK GHV 7DEXV GDV GLH QHXH .XQVW KLHU LQV 9LVLHU QLPPWP|JHQDXFKDQGHUH1RUPHQ]%VROFKHGHU.XQVWRGHUGHU*H VHOOVFKDIWLP$OOJHPHLQHQJHK|UHQ'LH5LFKWXQJ7DEXHQWZLUIWPLWKLQHLQ 3URJUDPP GDV LQGHP HV DQ VWLOOVFKZHLJHQG YRUDXVJHVHW]WH 1RUPHQ  

9JO+DKQÅ$YDQWJDUGHDOV.XOWXUNDPSI´6I Å1RXVYRXORQVH[SULPHU/H0\VWqUH&HTXLQHVHSHXWYRLU&HTXLQHVHSHXWWRXFKHU´  =XP 3KlQRPHQ GHU (QWGLIIHUHQ]LHUXQJ LP .RQWH[W GHU $YDQWJDUGHQ YJO 3OXPSH bVWKH WLVFKH.RPPXQLNDWLRQGHU0RGHUQH%G6 

,UULWDWLRQ



UKUWGDUDXIDXVJHULFKWHWLVW]XSURYR]LHUHQXQG]XLUULWLHUHQ'DV.RQ ]HSWGDVGDV0DQLIHVWHQWZLUIWLVWVRLP.HUQHLQ3URMHNWGHU,UULWDWLRQ 'LHVH%HREDFKWXQJZLUIWGLH)UDJHDXIDQZHQE]ZDQZHOFKH$GUHV VH GLH +HUDXVIRUGHUXQJ GHV 0DQLIHVWV 7DEX JHULFKWHW LVW 'D]X IROJHQGH LP )RUWJDQJ XQVHUHU $QDO\VH QRFK ]X EHUSUIHQGH 7KHVH 'LH SULPlUH $GUHVVHGHV7DEX3URMHNWVLVWDQGHUVDOVPDQDXIGHQHUVWHQ%OLFNPHLQHQ N|QQWH QLFKW GLH 5HOLJLRQ XQG DXFK QLFKW GLH *HVHOOVFKDIW LP *DQ]HQ VRQGHUQGLH.XQVW $XIVFKOXVVUHLFK LQ GLHVHP =XVDPPHQKDQJ LVW HLQ 3DVVXV GHV 0DQL IHVWVGHUGHXWOLFKPDFKWZRUXPHVLQGHUQHXHQ.XQVWULFKWXQJQLFKWJH KHQVROOÅ7$%8ULFKWHWVLFKQLFKWDQGLH0HQJHLVWQLFKWPHQVFKOLFKLVW QLFKW VR]LDO EHVFKlIWLJW VLFK QLFKW PLW GHU 3HVW GHU 6\SKLOLV GHP (OHQG GHP .ULHJ GHP )ULHGHQ´ 'LH ]LWLHUWH 6WHOOH VFKOLH‰W HLQH JDQ]H 5HLKH YRQ5HIHUHQ]HQDXVGLHIU7DEXNHLQHUHOHYDQWHQ%H]JHGDUVWHOOHQXQG GLHIROJOLFKLQGLHVHP9RUKDEHQQLFKWE]ZQLFKWLQHUVWHU/LQLHDGUHVVLHUW VLQGGLH$OOWDJVZHOWGLH:LVVHQVFKDIW 0HGL]LQ GLH3ROLWLN6WDWWVLFKDQ LKUH LQQHUJHVHOOVFKDIWOLFKH 8PZHOW ]X ZHQGHQ EH]LHKW VLFK GLH 7DEX .XQVWYLHOPHKU]XQlFKVWDXIVLFKVHOEVWÅ7$%8LVWGDV*(+(,01,6XQG ZLOOGDV*(+(,01,6DXVGUFNHQ´,QGHP0D‰HLQGHPGLH7DEX.XQVW VLFKVHOEVWDXVVWHOOWXQG]XPHQWVFKHLGHQGHQ%H]XJVSXQNWHUNOlUWOLHJWHV QDKHDQ]XQHKPHQGDVVDXFKGLH+HUDXVIRUGHUXQJGLHVLHODQFLHUWZHQL JHUGHU*HVHOOVFKDIWDOVYLHOPHKUGHU.XQVWJLOW'DV)OXJEODWWZlUHVRPLW YRU DOOHP DOV HLQH 5HSOLN DXI YRUDQJHKHQGH .RPPXQLNDWLRQHQ LP )HOG GHU.XQVW]XOHVHQLQVEHVRQGHUHDXIGLH3URJUDPPHXQG0DQLIHVWHDQGH UHU$YDQWJDUGHQ(VVFKOLH‰WDQYRUDQJHKHQGHDYDQWJDUGLVWLVFKH.RPPX QLNDWLRQHQDQLQGHPHVGHUHQ9RUVFKOlJHWHLOVLP0RGXVGHUhEHUELHWXQJ IRUWVFKUHLEW WHLOV LQ =ZHLIHO ]LHKW XQG KLQWHUWUHLEW 7DEX EH]HLFKQHW PLW DQGHUHQ:RUWHQHLQH$UWXQG:HLVHLQGHUGLH.XQVWVLFKVHOEVWLUULWLHUW 'LHVHU 1DPH VWHKW VRPLW IU GDV 3URMHNW LQ GDV EHUHLWV LP =HLFKHQ GHU $YDQWJDUGHQ LUULWLHUWH .XQVWV\VWHP HLQ ZHLWHUHV 0RPHQW GHV $QVWR‰HV HLQH QHXH ,UULWDWLRQ HLQ]XIKUHQ 'DEHL VLQG VLFK GLH 7DEX.QVWOHU RI IHQEDUEHZXVVWGDVVDXFKGLHVH,UULWDWLRQQLFKWGLHOHW]WHVHLQZLUGGLHGLH .XQVW DXI SURGXNWLYH :HLVH EHXQUXKLJHQ ZLUG -HGHQIDOOV YHUJHVVHQ VLH QLFKWLKUHP7H[WHLQH)RUPHOHLQ]XVFKUHLEHQGLHHLQH$QVFKOXVVVWHOOHIU ZHLWHUH NQVWOHULVFKH .RPPXQLNDWLRQHQ ELHWHW Å7$%8 LVW VFKRQ QLFKW PHKU QHX´ (LQH 5LFKWXQJ GLH LP $XJHQEOLFN LKUHU .RQVWLWXLHUXQJ VFKRQYHUDOWHWLVW²GLHVHV(LQJHVWlQGQLVNDQQQXUGD]XDXIIRUGHUQHLQHQ  

Å7$%8QHV·DGUHVVHSDVjODIRXOHQ·HVWSDVKXPDLQQ·HVWSDVVRFLDOQHV·RFFXSHSDVGHOD SHVWHGHODV\SKLOLVGHODPLVqUHGHODJXHUUHGHODSDL[´  Å7$%8HVWOH0@ )UDQNIXUW0DLQ  9JOHEG%G,6² 9JOHEG%G,6² /XKPDQQ6R]LDOH6\VWHPH6 'HU Å0RGHUQH´%HJULII ZlUH HLQ ZHLWHUHV VFK|QHV %HLVSLHO IU GLH VHPDQWLVFKH 'LIIHUHQ] PRUSKRORJLVFK LGHQWLVFKHU %HJULIIH LQ $EKlQJLJNHLW YRQ 7KHRULHQ 9JO QXU GLH NOHLQHUHQ %lQGH]XU9HUVDPPOXQJYHUVFKLHGHQHU$XIVlW]HYRQ+DEHUPDV-UJHQ'LH0RGHUQHHLQXQ YROOHQGHWHV3URMHNW3KLORVRSKLVFKSROLWLVFKH$XIVlW]H²/HLS]LJXQG/XKPDQQ1LN ODV%HREDFKWXQJHQGHU0RGHUQH2SODGHQ



0DWWKLDV6FK|QLQJ

,Q KLVWRULVFKHP ,QWHUHVVH DQ DOWHXURSlLVFKHQ )RUPHQ GHU 9HUJHVHOOVFKDI WXQJYHUZHQGHW/XKPDQQGHQ%HJULIIÄ+DQGHOQ¶ZHLWJHKHQGV\QRQ\PPLW Ä,QWHUDNWLRQ¶'HU$XVGUXFNÄ+DQGHOQ·EH]HLFKQHWGDQQQLFKWVDQGHUHVDOV ,QWHUDNWLRQ XQWHU $QZHVHQGHQ GK HLQ VR]LDOHV *HVFKHKHQ GDV GLH JH PHLQVDPH SV\FKRSK\VLVFKH 3UlVHQ] GHU $NWHXUH ]XU 9RUDXVVHW]XQJ KDW XQGGHQÅ9HUKDOWHQVIOX‰´GHPHQWVSUHFKHQGEHUUKHWRULVFKHXQGVR]LDO GUDPDWXUJLVFKH5HJHOQGHV6SUHFKHQVXQG$XIWUHWHQVPRGHOOLHUW'DV,Q WHUHVVH GHU 6\VWHPWKHRULH DQ GLHVHQ JHVFKLFKWOLFKHQ 7DWEHVWlQGHQ NDQQ LQVJHVDPWDOVPHGLHQXQGVR]LDOKLVWRULVFKEH]HLFKQHWZHUGHQ,P9RUGHU JUXQG VWHKHQ YRU DOOHP GLH JHVHOOVFKDIWOLFKHQ $XVZLUNXQJHQ GHU 8P VWHOOXQJYRQ0QGOLFKNHLWDXI6FKULIWOLFKNHLWDOVSULPlUHP7UlJHUPHGLXP VR]LDOHU 3UR]HVVH :lKUHQG GLH ,QWHUDNWLRQVZHOWHQ EHL DOOHU /LHEH XQG *HQDXLJNHLW HLQ]HOQHU 5HNRQVWUXNWLRQVDQVWUHQJXQJHQ LQ HYROXWLRQlUHU 3HUVSHNWLYH SULPlU DOV 1lKUERGHQ GHV 1HXHQ XQG GDUVWHOOXQJVWHFKQLVFK RIWJHQXJDOV.RQWUDVWIROLHGHVVHOEHQLQWHUHVVLHUHQJLOWGLHYROOH$XIPHUN VDPNHLWGHUDXI6FKULIWEDVLHUHQGHQ.RPPXQLNDWLRQ1XUGLHVHHUODXEWHV HLQHU*HVHOOVFKDIWGLH]XUIXQNWLRQDOHQ$XVGLIIHUHQ]LHUXQJQ|WLJH=DKODQ /HLWXQWHUVFKHLGXQJHQ ]X JHQHULHUHQ XQG YHUIJEDU ]XKDOWHQ ² XQGVWHOOW GHPHQWVSUHFKHQG HLQH NRQVWLWXWLYH 9RUDXVVHW]XQJ MHQHU VR]LDOHQ (YR OXWLRQGDUEHUGHUHQ5HNRQVWUXNWLRQVLFKGLH6\VWHPWKHRULHEHJUQGHW 9RP,PSXOVGHQGDV'RPLQDQWZHUGHQGHU6FKULIWJLEWSURILWLHUWGLH HLQPDO ÄVFK|Q¶ JHQDQQWH /LWHUDWXU QLFKW QXU GDGXUFK GDVV VLH V\VWHPLVFK VHOEVWlQGLJZLUGXQGLKUHNRPPXQLNDWLYH6HOEVWUHSURGXNWLRQLP9HUEXQG GHU .QVWH LQ =XNXQIW VHOEVW RUJDQLVLHUW XQG FRGLHUW :LFKWLJHU DOV GLH )UDJH GHU $XVGLIIHUHQ]LHUXQJ LVW GLH QHXH )RUP GHU NRPPXQLNDWLYHQ 6HOEVWUHSURGXNWLRQGHU.XQVWLP0HGLXPGHU6FKULIWGLHJHUDGH]XHLQHU (QWIHVVHOXQJ LKUHV 3RWHQWLDOV JOHLFKNRPPW Å,P *HEUDXFK YRQ 6FKULIW YHU]LFKWHW GLH *HVHOOVFKDIW >«@ DXI GLH ]HLWOLFKH XQG LQWHUDNWLRQHOOH *D UDQWLHGHU(LQKHLWGHUNRPPXQLNDWLYHQ2SHUDWLRQ>«@´,P*HJHQVDW] ]XU,QWHUDNWLRQGLH7HLOQDKPHHUIRUGHUWWUHWHQLQGHUVFKULIWOLFKHQ.RP PXQLNDWLRQbX‰HUXQJXQG5H]HSWLRQ]HLWOLFKDXVHLQDQGHU'DVKDWXQWHU DQGHUHPGHQ(IIHNWGDVVSURGXNWLRQVVHLWLJGDV3UREOHPGHU5HVRQDQ]HU ]HXJXQJUHIOHNWLHUWXQGGXUFKGLHSURJUDPPDWLVFKH/HJLWLPDWLRQÄLQWHUHV VDQWHU¶ XQGHEHQQLFKWPHKUQXUVFK|QHU 6XMHWVXQG'DUVWHOOXQJVZHLVHQ  

/XKPDQQ6R]LDOH6\VWHPH6 9JO/XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6II  9JO /XKPDQQ 1LNODV /LHEH DOV 3DVVLRQ =XU &RGLHUXQJ YRQ ,QWLPLWlW )UDQNIXUW0DLQ  6WDQLW]HN *HRUJ %O|GLJNHLW %HVFKUHLEXQJHQ GHV ,QGLYLGXXPV LP  -DKUKXQGHUW 7ELQJHQ  6W|FNPDQQ,QJR9RUGHU/LWHUDWXU(LQH(YROXWLRQVWKHRULHGHU3RHWLN$OWHXURSDV7ELQJHQ  9JO 6FKPLGW 6LHJIULHG - 'LH 6HOEVWRUJDQLVDWLRQ GHV 6R]LDOV\VWHPV /LWHUDWXU LP  -DKUKXQGHUW )UDQNIXUW0DLQXQG/XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ  /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6 

.RPPXQLNDWLRQ+DQGOXQJ



GLH HLQH JHVWHLJHUWH $XIPHUNVDPNHLW HU]HXJHQ VROOHQEHDQWZRUWHW ZLUG 5H]HSWLRQVVHLWLJGDJHJHQWUHWHQYRUDOOHPGLHQHXHQ)UHLKHLWVVSLHOUlXPHLQ GHQ 9RUGHUJUXQG GLH GDGXUFK HQWVWHKHQ GDVV GLH 0LWWHLOXQJVVLWXDWLRQ Å]ZLVFKHQ HLQHP 7H[W XQG VHLQHP /HVHU >«@ YLHO HKHU KHU]XVWHOOHQ´ LVW XQGQLFKWVFKRQDOVJHJHEHQYRUDXVJHVHW]WZHUGHQNDQQ'HUSULYDWH/H VHU HQWVFKHLGHW ]XQHKPHQG ZDV HU OLHVW ZDQQ ZR XQG ZLH ODQJH 'HU SURIHVVLRQHOOH/HVHUZLUGGDUEHUKLQDXV]XP.ULWLNHUGHQJHUDGHGDVXQ HQGOLFKH 3RWHQWLDO DQ $QVFKOXVVP|JOLFKNHLWHQ UHL]W GLH GHU LQWHUHVVDQWH YRQGHQ5HVWULNWLRQHQLQWHUDNWXHOOUHJXOLHUWHU5H]HSWLRQVVLWXDWLRQHQHPDQ ]LSLHUWH 7H[W ELHWHW ,Q NHLQHP )DOO NDQQ GHU $XWRU XQWHU %HGLQJXQJHQ GHU6FKULIWGDUEHUYHUIJHQZLHGHU7H[WGHQHUGHUgIIHQWOLFKNHLWDXV JHVHW]W KDW JHOHVHQ XQG ZHLWHUYHUDUEHLWHW ZLUG 8QWHU %HGLQJXQJHQ GHU 6FKULIW ZLUG .RPPXQLNDWLRQ ² XQG LQVEHVRQGHUH OLWHUDULVFKH .RPPX QLNDWLRQ PLW GHU LKU HLJHQHQ 3RO\YDOHQ] ² ]X HLQHP ULVNDQWHQ *HVFKlIW GDVJHWlWLJWZHUGHQPXVVZlKUHQGGHU5FNHQHLQHURIIHQHQ=XNXQIW]X JHZHQGHW LVW LQ GHU HUVW HQWVFKLHGHQ ZHUGHQ ZLUG ZDV HWZDV EHGHXWHW 9RUDOOHPGLHÅ6HOEVWEHVFKUHLEXQJ´GHUPRGHUQHQ.QVWHSIOHJWGDKHU HLQH6HPDQWLNGHU$XVQDKPHGHUhEHUELHWXQJXQGGHV9RUDQVFKUHLWHQV GLHVLHEHUDOOXQGQLUJHQGVDXI6XEYHUVLRQHQIHVW]XOHJHQVFKHLQW 6\VWHPDWLVFKEHWUDFKWHWJLOW+DQGHOQLP9HUJOHLFKPLWGHUJHIHLHUWHQ3R WHQWLDOLWlWGHU.RPPXQLNDWLRQDOV DOOHUGLQJV ÅXQHUOlVVOLFKH6HOEVWVLPSOL ILNDWLRQ´ VR]LDOHU 6\VWHPH GLH GHQ (QGORVSUR]HVV GHU .RPPXQLNDWLRQ GXUFK GLH =XUHFKQXQJ DXI3HUVRQHQ XQG0RWLYH WHPSRUlU XQWHUEULFKW ² KHXWH ZLH JHVWHUQ :HQQ /XKPDQQ .RPPXQLNDWLRQ DOV GUHLVWHOOLJH 5H ODWLRQYRQ,QIRUPDWLRQ0LWWHLOXQJXQG9HUVWHKHQNRQ]HSWXDOLVLHUWLQGHU VLFK.RPPXQLNDWLRQGDQQHUHLJQHWZHQQDXI6HLWHQGHV9HUVWHKHQVGDV DOVHUVWH3HUVRQ ÅHJR´ IXQJLHUWHLQH8QWHUVFKHLGXQJ]ZLVFKHQ,QIRUPD WLRQXQG0LWWHLOXQJKLQVLFKWOLFKHLQHUYRQDQGHUHU6HLWH ÅDOWHU´ JHPDFK WHQ bX‰HUXQJ JHIlOOW ZLUG GDQQ VWHOOW GHU Å(LQEDX HLQHV +DQGOXQJVYHU VWlQGQLVVHV´ GDV GLH =XVFKUHLEXQJ YRQ 0RWLYDWLRQHQ YRUQLPPW HLQH  



  

9JO 3OXPSH *HUKDUG X 1LHOV :HUEHU Å/LWHUDWXU LVW FRGLHUEDU $VSHNWH HLQHU V\V WHPWKHRUHWLVFKHQ /LWHUDWXUZLVVHQVFKDIW´ ,Q /LWHUDWXUZLVVHQVFKDIW XQG 6\VWHPWKHRULH 3RVLWLRQHQ .RQWURYHUVHQ 3HUVSHNWLYHQ +J Y 6LHJIULHG - 6FKPLGW 2SODGHQ  6 ² KLHU LQVEHV 6II :HUEHU 1LHOV /LWHUDWXU DOV 6\VWHP =XU $XVGLIIHUHQ]LHUXQJ OLWHUDULVFKHU .RPPXQLNDWLRQ 2SODGHQ6II )UDQN 0DQIUHG Å:DV LVW HLQ OLWHUDULVFKHU 7H[W XQG ZDV KHL‰W HV LKQ ]X YHUVWHKHQ"´ ,Q :HJH GHU /LWHUDWXUZLVVHQVFKDIW +J Y -XWWD .RONHQEURFN1HW] *HUKDUG 3OXPSH X +DQV -R FKHQ6FKULPSI%RQQ6²KLHU6 9JO DP %HLVSLHO )ULHGULFK 6FKOHJHOV 6FK|QLQJ 0DWWKLDV,URQLHYHU]LFKW )ULHGULFK 6FKOHJHOV WKH RUHWLVFKH.RQ]HSWH]ZLVFKHQ$WKHQlXPXQG3KLORVRSKLHGHV/HEHQV3DGHUERUQXD6² =XU %HREDFKWXQJ GHU 6HOEVWEHVFKUHLEXQJHQ GLH VR]LDOH 6\VWHPH YRQ VLFK DQIHUWLJHQ YJO /XKPDQQ.XQVWGHU*HVHOOVFKDIW6II /XKPDQQ6R]LDOH6\VWHPH6



0DWWKLDV6FK|QLQJ

8PNHKUXQJ XQG $V\PPHWULVLHUXQJ GDU (UVW LQ GLHVHU3HUVSHNWLYH HUKlOW .RPPXQLNDWLRQHLQHÅ5LFKWXQJYRP0LWWHLOHQGHQDXIGHQ0LWWHLOXQJVHP SIlQJHU´XQGHUVWMHW]WYHUVFKLHEHQVLFKGLH*HZLFKWHLQGHUGUHLVWHOOLJHQ 5HODWLRQVRGDVVGLH0LWWHLOXQJXQGLKUH0RWLYHGDV²]XPHLVWNULWLVFKH² ,QWHUHVVH DQ HLQ]HOQHQ .RPPXQLNDWLRQVVHTXHQ]HQ EQGHOQ +DQGOXQJ VHW]WGHPQDFK.RPPXQLNDWLRQYRUDXV6LPSHOLVWVLHGLHVHUJHJHQEHULQ JOHLFKVDPVR]LDORQWRORJLVFKHU+LQVLFKWZHLOVLHGDV6R]LDOHDXIHLQH9HU DQVWDOWXQJ YRQ ,QGLYLGXHQ UHGX]LHUW XQG PLW GHP .RQ]HSW Ä+DQGOXQJ¶ HOHPHQWDUH (LQKHLWHQ NRQVWUXLHUW GHUHQ $QIDQJ XQG (QGH LP NRPPX QLNDWLYHQ3UR]HVVXQEHVWLPPWVLQG*OHLFKZRKOXQHUOlVVOLFKVLQGGHUDUWLJH $WWULEXWLRQHQZHQQPDQVLHDOV6HOEVWVLPSOLILNDWLRQVR]LDOHU6\VWHPHEH JUHLIW GLH GDUEHU XQFRGLHUWH Å0RWLYDWLRQVUHVVRXUFHQ´ JHQHULHUHQ XQG ÅVWUXNWXUHOOH 9DULDWLRQ´ DQUHJHQ GLH GHU *HIDKU VR]LDOHU 6WHULOLWlW YRU EHXJHQGLHLPPHUGDQQGURKWZHQQÅDOOHLQYRQGHQ%HGLQJXQJHQNRP PXQLNDWLYHQ (UIROJV´ DEKlQJLJ JHPDFKW ZLUG ÅRE HWZDV XQWHUQRPPHQ ZLUG´RGHUQLFKW 'DPLWZlUHJHQDXGHU3XQNWHUUHLFKWDQGHPVLFKGHU%RJHQ]XUFN ]X+DEHUPDVVFKODJHQOLH‰HGHU/XKPDQQQLFKWQXUHLQIXQNWLRQDOLVWLVFK UHGX]LHUWHV 9HUVWlQGQLV YRQ .RPPXQLNDWLRQ YRUJHKDOWHQ KDW VRQGHUQ VLFKEHLGHU,QWHUSUHWDWLRQYRQGHVVHQ7KHRULHVHOEVWHLQHJHZLVVH$V\P PHWULH ]XJXQVWHQ GHU 0LWWHLOXQJVVHLWH JHVWDWWHW XP LQ LGHRORJLHNULWLVFKHU (LQVWHOOXQJQDFKGHQYHUVFKZLHJHQHQ0RWLYDWLRQHQXQG:LUNXQJVDEVLFK WHQGHV7KHRULHHQWZXUIV]XIUDJHQ6\VWHPWKHRUHWLVFKEHWUDFKWHWYHUVWHKW +DEHUPDVGLHNRPSDNWH.RPPXQLNDWLRQVRIIHUWHGHU7KHRULH/XKPDQQV SULPlU DOV +DQGOXQJ GLH GHPHQWVSUHFKHQG DXI ,QWHQWLRQHQ ]X EHIUDJHQ LVW GLH LP )DOO HLQHU *HVHOOVFKDIWVWKHRULH NHLQH DQGHUHQ VHLQ N|QQHQ DOV SROLWLVFKH(VZUGHMHGRFK]XZHLWIKUHQGLHVHQ6FKODJDEWDXVFKGHUPLW GHU.RQWURYHUVHXQWHUGHP7LWHO7KHRULHGHU*HVHOOVFKDIWRGHU6R]LDOWHFKQRORJLH EHJDQQ XQG IU GLH LQWHOOHNWXHOOH *HVFKLFKWH GHU %XQGHVUHSXEOLN QDFK PLQGHVWHQVHEHQVRDXIVFKOXVVUHLFKLVWZLHGLH6FKDUPW]HO]ZLVFKHQ +DEHUPDV XQG :LOKHOP +HQQLV RGHU +HUPDQQ /EEH KLHU ]X UHNRQ VWUXLHUHQ :LFKWLJ LVW IU DOOHV :HLWHUH YLHOPHKU GLH V\VWHPWKHRUHWLVFKH    

 



(EG6 /XKPDQQ1LNODVÅ,VW.XQVWFRGLHUEDU"´,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ6R ]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ6²KLHU6 (EG6 +DEHUPDV-UJHQX1LNODV/XKPDQQ7KHRULHGHU*HVHOOVFKDIWRGHU6R]LDOWHFKQRORJLH²:DVOHLVWHW GLH6\VWHPIRUVFKXQJ")UDQNIXUW0DLQ 9JO 6FKODN 6WHIDQ :LOKHOP +HQQLV ² 6]HQHQ HLQHU ,GHHQJHVFKLFKWH GHU %XQGHVUHSXEOLN 0QFKHQ  +DFNH -HQV 3KLORVRSKLH GHU %UJHUOLFKNHLW 'LH OLEHUDONRQVHUYDWLYH %HJUQGXQJ GHU %XQGHV UHSXEOLN*|WWLQJHQ 9JOVWDWWGHVVHQGLH6NL]]HLQ6FK|QLQJ0DWWKLDVÅ=ZLVFKHQ7HFKQRNUDWLHXQG%LRSROLWLN =XU5HNRQVWUXNWLRQGHV%HJULIIV6R]LDOWHFKQRORJLH´,Q(WKLFD  +6²

.RPPXQLNDWLRQ+DQGOXQJ



.RQ]HSWXDOLVLHUXQJ GHV 9HUKlOWQLVVHV YRQ .RPPXQLNDWLRQ XQG +DQG OXQJGHQQGLHVHVROOLP:HLWHUHQKHUDQJH]RJHQZHUGHQXP²QDFKHLQHP ZLVVHQVFKDIWVWKHRUHWLVFKHQ =ZLVFKHQVFKULWW ]XU 3URGXNWLYLWlW XQRUWKR GR[HU 7KHRULHDQZHQGXQJHQ ² HLQHQ 9HUVXFK ]XU )XQNWLRQVZHLVH GHV ''5/LWHUDWXUV\VWHPVDQ]XOHLWHQ ,,%HJULIIHLQ7KHRULHQ²(LQXQG$XVWULWWH :LH GLH 6\VWHPWKHRULH 1LNODV /XKPDQQV QRFK LP DOWHQ -DKUKXQGHUW PLW ZDFKVHQGHP(UIROJGHPRQVWULHUWKDWEH]HLFKQHWGLHPHWDVSUDFKOLFKH5H GHYRQGHU/H[LNDOLVLHUXQJGHU7KHRULHVSUDFKHPLWGHUGLHVHU%HLWUDJEH JRQQHQKDWQLFKWEOR‰HLQHQ%HREDFKWXQJVSRVWHQGULWWHU2UGQXQJVRQ GHUQ VWW]WVLFK DXI KDUWH)DNWHQ /H[LND GLH GHQ 6SUDFKJHEUDXFK JHQDX HLQHU7KHRULHIL[LHUHQJLEWHVZLUNOLFK²DXFKXQG]XPDOIU6\VWHPWKHR UHWLNHU6LHVSLHJHOQDXIGHQHUVWHQ%OLFNZDV)DFKVSUDFKHQOLQJXLVWLNXQG 3KUDVHRORJLH DXIZHQGLJ XQWHUVXFKHQ ZUGHQ QlPOLFK VHPDQWLVFKH (L JHQVFKDIWHQXQGSUDJPDWLVFKH5HJHOQHLQHU7KHRULHVSUDFKHGLHLP=XJH LKUHV LQVWLWXWLRQHOOHQ (UIROJV 6HOHNWLRQ XQG .RPELQDWLRQ GHU %HJULIIH LKUHV :RUWVFKDW]HV ]XQHKPHQG UHJXOLHUW 'DV ZHLWH )HOG EHUOLHIHUWHU 7HUPLQRORJLHZLUGGXUFK1HRORJLVPHQGHQ,PSRUWYRQ$XVGUFNHQDQ GHUHU:LVVHQVFKDIWHQXQGZHLWHUH)RUPHQVSUDFKOLFKHU1HXELOGXQJHQNDU WLHUW'DUDXIHUKHEWVLFKLQPHKUHUH(EHQHQJHJOLHGHUWGDV'HQNJHElXGH GHVVHQ $UFKLWHNWXU GXUFK GLH $QRUGQXQJ V\PPHWULVFKHU *HJHQEHJULIIH JHSUlJW ZLUG 'RFK ZDV YLHOHQ %HREDFKWHUQ DOV HLQ JOHLFKHUPD‰HQ LP SRVDQWHVXQGVWDELOHV%DXZHUNJLOWHUVFKHLQWDQGHUHQDOVHLQ.DUWHQKDXV GDV ZHQLJHU GXUFK GLH 5REXVWKHLW GHU 9HUVWUHEXQJHQ ]XVDPPHQJHKDOWHQ ZLUG DOV GXUFK GLH )RUPXOLHUXQJVURXWLQHQ GHU 7KHRULHVSUDFKYHUZHQGHU GLH ² ZLH GHU 9HUIDVVHU REHQ ² MHGH 9HUIUHPGXQJ GHU %HJULIIH VRUJVDP YHUPHLGHQ 6RZHQLJZLHOLWHUDULVFKHRGHUDQGHUH.RPPXQLNDWLRQVRIIHUWHQNDQQ MHGRFKDXFKGLHJHVFKOLIIHQVWH7KHRULHQLFKWYHUIJHQZLHVLHEHREDFKWHW ZLUG :HLO VLH WURW] JU|‰WHU +HOOVLFKWLJNHLW ÅQLFKW VLHKW ZDV >VLH@ QLFKW VLHKW´NDQQVLHDXFKQLFKWDQWL]LSLHUHQZLHVLHJHVHKHQ ZHUGHQ ZLUG² GDVZXVVWHQLHPDQGEHVVHUDOV1LNODV/XKPDQQVHOEVWGHVVHQ.RPPXQL  

9JO%DUDOGL&ODXGLR*LDQFDUOR&RUVLX(OHQD(VSRVLWR*/8*ORVVDU]X1LNODV/XKPDQQV 7KHRULHVR]LDOHU6\VWHPH)UDQNIXUW0DLQ.UDXVH'HWOHI/XKPDQQ/H[LNRQ(LQH(LQIK UXQJLQGDV*HVDPWZHUNYRQ1LNODV/XKPDQQ6WXWWJDUWX|  'LHVH 6HQWHQ] JHK|UW ]XP 6WDQGDUG5HSHUWRLUH GHU V\VWHPWKHRUHWLVFKHQ Ä3DUROH¶ $OV HLQ 1DFKZHLVNDQQYHUZLHVHQZHUGHQDXI/XKPDQQ1LNODVÅ,FKQHKPHPDO.DUO0DU[´ ,Q WHUYLHZPLW:DOWHUYDQ5RVVXP ,Q1LNODV/XKPDQQ$UFKLPHGHVXQGZLU,QWHUYLHZV+JY 'LUN%DHFNHUX*HRUJ6WDQLW]HN%HUOLQ6²KLHU6



0DWWKLDV6FK|QLQJ

NDWLRQVWKHRULH HEHQ GLHVHQ $VSHNW IRNXVVLHUW *OHLFKZRKO KDW /XKPDQQ DOV %HGLQJXQJ DXVJHUHLIWHU 7KHRULHQ GLH HLJHQH GDEHL DXVGUFNOLFK HLQ VFKOLH‰HQG IRUPXOLHUW VLH PVVWHQ GHUDUW DXVJHDUEHLWHW VHLQ ÅGD‰ MHGHU %HJULII«JHlQGHUWZHUGHQPX‰ZHQQHULQHLQHVROFKH7KHRULH´HLQWULWW =ZHLIHOORVLVWGLHNHLQHVZHJVUHLEXQJVORVH'RSSHODPELWLRQ6\VWHPDWL]LWlW XQG 5HIOH[LYLWlW JOHLFKHUPD‰HQ ]X VWHLJHUQ WDWVlFKOLFK LQ KRKHP 0D‰H YHUZLUNOLFKW'LHVH/HLVWXQJPDFKWVHLQH7KHRULHUREXVW*OHLFKZRKOIUDJW VLFKZHOFKHQ3UHLVGLH7KHRULHELOGXQJGDIU]XHQWULFKWHQKDWWH" =LHKWPDQDOV,QGLNDWRUGLHKLVWRULVFKH7UHIIJHQDXLJNHLWHLQHU7KHRULH KHUDQ LKUH HSRFKHQVSH]LILVFKH 6HQVLWLYLWlW GDQQ VW|‰W PDQ ² WURW] GHU %HUHLWVFKDIW DXFK YRQ+LVWRULNHUQVLFK GHU 6\VWHPWKHRULH DQ]XQHKPHQ ²VFKQHOODXI5HVHUYHQJHJHQEHUGHUPHWDVSUDFKOLFKHQ+lUWHGHU6\VWHP WKHRULH 6R ZLUG ]% EHNODJW GDVV GLH WKHRULHW\SLVFKH'LVWDQ]LHUXQJ YRQ +DQGOXQJHQ XQJHHLJQHW VHL XP ]XU ² VHL HV DXFK QXU ÄVR]LRORJLVFKHQ ² $XINOlUXQJ¶ EHU MHQH PRUDOLVFK EULVDQWHQ (SRFKHQ EHL]XWUDJHQ GHUHQ &KDUDNWHUYRQPD‰ORVHQ9HUEUHFKHQJHSUlJWZLUG'HPNRUUHVSRQGLHUW GHU 9RUZXUI GDVV VLFK LKU KLVWRULVFKHU (UNOlUXQJVZHUW DXI ZHQLJH (SR FKHQ EHVFKUlQNH ,QVEHVRQGHUH GLH (SRFKHQVFKZHOOH ]XU 0RGHUQH XQG GLH1DFKNULHJVJHVHOOVFKDIWHQDPHULNDQLVFKZHVWHXURSlLVFKHQ7\SVVWHKHQ LP )RNXV V\VWHPWKHRUHWLVFKHU 8QWHUVXFKXQJHQ :lKUHQG VLFK DQ GHQ -DKUHQXPGHU3UR]HVVGHU(WDEOLHUXQJMHQHUIXQNWLRQDOHQ'LIIHUHQ ]LHUXQJ EHREDFKWHQ OlVVW GLH YRQ GHU 6\VWHPWKHRULH DOV IXQGDPHQWDOHV 6WUXNWXUPHUNPDOPRGHUQHU*HVHOOVFKDIWHQEHJULIIHQZLUGHUVFKHLQHQGLH 1DFKNULHJV]HLWXQGLKU(QGHQDFKDOVGLH=HLWSKDVHPLWGHUVWlUNVWHQ $IILQLWlW ]ZLVFKHQ V\VWHPVR]LRORJLVFKHU 7KHRULH XQG JHVHOOVFKDIWOLFKHU 6HOEVWEHVFKUHLEXQJ ,Q GHQ 1HXQ]LJHUMDKUHQ HUVFKHLQW GLH 6\VWHPWKHRULH JHUDGH]X DOV ZLVVHQVFKDIWOLFKHU $XVGUXFN HLQHV =HLWVWLOV GHU GLH PRUDOL VFKH hEHUIRUGHUXQJ GHU 3ROLWLN VHLW  UHYLGLHUW *HQXVVYROO EHUOlVVW VLHVLFKHLQHPNRQWUROOLHUWHQ5HODWLYLVPXVEHUHLFKVVSH]LILVFKHU&RGHVGHU VLFK LPPHU ZLHGHU GDUDQ GHOHNWLHUW (LIHUHU DOOHU .ODVVHQ DQ GHQ 7DWEH VWDQGIXQNWLRQDOHU$XVGLIIHUHQ]LHUXQJ]XHULQQHUQ =ZHLIHOORV OlVVW VLFK GDV )RUVFKXQJVLQWHUHVVH GHU 6\VWHPWKHRULH DQ JHVLFKWVGHU+HUDXVIRUGHUXQJHQGHVQHXHQ-DKUWDXVHQGVHEHQVRHUZHLWHUQ  

=LWLHUWQDFK6WDQLW]HN*HRUJÅ:DVLVW.RPPXQLNDWLRQ"´,Q6\VWHPWKHRULHGHU/LWHUDWXU+J Y-UJHQ)RKUPDQQX+DUUR0OOHU0QFKHQ6²KLHU6  9JO6FKO|JHO5XGROIÅÄ$XIJHNOlUWHU8QJODXEH¶RGHUÄPHQWDOH6lNXODULVLHUXQJ¶"'LH)U|P PLJNHLWNDWKROLVFKHU6WDGWEUJHULQV\VWHPWKHRUHWLVFKHU+LQVLFKW FD² ´,Q*H VFKLFKWH ]ZLVFKHQ .XOWXU XQG *HVHOOVFKDIW %HLWUlJH ]XU 7KHRULHGHEDWWH +J Y 7KRPDV 0HUJHO X 7KRPDV:HOVNRSS0QFKHQ6²  9JO]%(OOULFK/XW]ÅÄ7UDJLF&KRLFHV¶²hEHUOHJXQJHQ]XUVHOHNWLYHQ:DKUQHKPXQJGHU 6\VWHPWKHRULH DP %HLVSLHO GHV 1DWLRQDOVR]LDOLVPXV´ ,Q :LGHUVWlQGH GHU 6\VWHPWKHRULH .XO WXUWKHRUHWLVFKH$QDO\VHQ]XP:HUNYRQ1LNODV/XKPDQQ+JY$OEUHFKW.RVFKRUNHX&RUQHOLD 9LVPDQQ%HUOLQ6²

.RPPXQLNDWLRQ+DQGOXQJ



ZLHGDV6WLOUHSHUWRLUHLKUHU9HUIHFKWHU*OHLFKZRKOMHGRFKVFKHLQWGLH6\V WHPWKHRULHPLWGHQJUR‰HQ.RQNXUUHQ]WKHRULHQGHU6HFK]LJHUELV1HXQ ]LJHUMDKUHGHQ0DNHO]XWHLOHQGDVVVLHVLFKLQKRKHP0D‰HGDIULQWHUHV VLHUW ZDVPLW GHQ%HJULIIHQ SDVVLHUW GLH LQVLH HLQWUHWHQ DEHU QXU ZHQLJ 6LQQGDIUKDWGDVV%HJULIIHDXVGHU7KHRULHDXFKZLHGHUDXVWUHWHQN|Q QHQ RKQH GDVV EHLP $XVWULWW GHU WKHRULHVHLWLJ HU]HXJWH %HGHXWXQJV]X ZDFKVHLQIDFKDQQXOOLHUWZUGH =XU*HVDPWELODQ]GHV(UNOlUXQJVZHUWVHLQHUNXOWXUXQGJHVHOOVFKDIWV ZLVVHQVFKDIWOLFKHQ 7KHRULH JHK|UW DEHU GD]X ZDV LKUH .HUQEHJULIIH OHLV WHQZHQQVLFKGHU7KHRULHUDKPHQORFNHUWXQEHIXJWH$QZHQGXQJHQVLFK PHKUHQ XQG HLQ]HOQH 9HUVDW]VWFNH JDQ] DXV GHP =XVDPPHQKDQJ JH ULVVHQZHUGHQ(UVWGLHVHU8PVWDQGVLFKHUW7KHRULHQHLQÄ/HEHQ¶QDFKGHQ 7KHRULHGHEDWWHQXQGEHUGHQ7RGPHKURGHUZHQLJHUDXUDWLVFKHU0HLV WHUGHQNHU KLQDXV 0LW XQGJHJHQ /XKPDQQ ZlUH GHPQDFK ]X IUDJHQ RE GLH 7UDJIlKLJNHLW WKHRUHWLVFKHU %HJULIIH QLFKW GRFK ÅHQWVXEMHNWLYLHUW´ ZHUGHQ NDQQ ZHQQJOHLFK HU GDPLW UHFKW EHKDOWHQ PDJ GDVV ÅNHLQ DQ GHUHU´GDVÅ7KHRULHZHUN´ZHLWHUVFKUHLEHQNDQQDOVGHU$XWRU 'RFKVLQG7KHRULHQEHUKDXSW:HUNH":lUHGDVWDWVlFKOLFKGHU)DOO GDQQZUGHVLFKQLFKWQXU:LVVHQVFKDIWVJHVFKLFKWHDXI7KHRULHJHVFKLFKWH DOVEOR‰H$EIROJHJUR‰HU7KHRULHZHUNHUHGX]LHUHQVRQGHUQDXFKGLHOLWH UDWXUZLVVHQVFKDIWOLFKH $GDSWDWLRQ GHU 6\VWHPWKHRULH ZlUH HLQ JUR‰HV 0LVVYHUVWlQGQLV GDV QXU Å6HNXQGlUDQDO\VHQ´ KHUYRUJHEUDFKW KDW =XP *OFNLVWGLHEDQDOH5HDOLWlWGHV7KHRULHVSUDFKJHEUDXFKVGRFKZRKOHLQH DQGHUH 9RQ GHQ 7LWHO JHEHQGHQ %HJULIIHQ ZLH 'LVNXUV 6\VWHP 'HNRQ VWUXNWLRQELV]X6LJQDOZ|UWHUQZLH(SLVWHPHVWUXNWXUHOOH.RSSOXQJRGHU 'LIIpUDQFH OLH‰H VLFK OHLFKW QDFKZHLVHQ GDVV GHU VR]LDOH (UIROJ JUR‰HU 7KHRULHQ PLW HLQHU 'LIIXVLRQ GHU .H\ZRUGV HLQKHUJHKW GLH ]XQHKPHQG 9HUZHQGXQJ ILQGHQ RKQH SDUDGLJPDWLVFKH 7KHRULH]XJHK|ULJNHLW VLJQDOL VLHUHQ]XVROOHQXQG]ZDUXQWHU%HLEHKDOWXQJGHVWKHRULHVSH]LILVFKHQ(U NHQQWQLVJHZLQQV ² RGHU ZHQLJVWHQV HLQHV JU|‰HUHQ 7HLOV GDYRQ 0DQ P|FKWHIDVWVDJHQGDVVQLFKWVQRUPDOHUVHLDOVGLH/HLVWXQJHLQHU7KHRULH DQ]XHUNHQQHQXQGLKUH(UNHQQWQLVVHDXI]XQHKPHQRKQHVLHVLFKGHVKDOE LQDOOHQ3XQNWHQ]XHLJHQ]XPDFKHQÄ(FKWH¶7KHRULHYHUWUHWHUP|JHQGHU JOHLFKHQQXUXQJHUQUDWLIL]LHUHQDEHUZLHVRVROOWHPDQQLFKW]%PLWGHU 0DFKW YRQ 'LVNXUVHQ UHFKQHQ RKQH GLH GLVNXUVDQDO\WLVFKH 9RUOLHEH IU GHQ0DFKWEHJULII]XWHLOHQ"8QGZLHVRVROOWHHVQLFKWP|JOLFKVHLQ.RQ ]HSWHGHU6\VWHPWKHRULHDXIVSH]LHOOH.RQVWHOODWLRQHQDQ]XZHQGHQLQGH QHQYRQIXQNWLRQDOHU'LIIHUHQ]LHUXQJJDUQLFKWJHVSURFKHQZHUGHQNDQQ"  

/XKPDQQÅ,FKQHKPHPDO.DUO0DU[´6 (EG6  (EG 



0DWWKLDV6FK|QLQJ

'LHQDFKIROJHQGH$SSOLNDWLRQGHUVSH]LILVFKV\VWHPWKHRUHWLVFKHQ)DV VXQJGHU%HJULIIH.RPPXQLNDWLRQXQG+DQGOXQJE]Z,QWHUDNWLRQDXIGLH 9HUKlOWQLVVHGHVÄ/LWHUDWXUV\VWHPV¶GHU''5MHGHQIDOOVZLOODOVSURGXNWL YHhEHUWUDJXQJYHUVWDQGHQZHUGHQGLHQLFKWQXU]XUEHVVHUHQ(UNHQQWQLV GHV *HJHQVWDQGEHUHLFKV EHLWUlJW VRQGHUQ GDPLW DXFK GHU 7KHRULH HWZDV ]XUFNHUVWDWWHW ,,,.RPPXQLNDWLRQXQG,QWHUDNWLRQLPÄ/LWHUDWXUV\VWHP¶GHU''5 $OOH 8QWHUVXFKXQJHQ ]XU ''5 VWHKHQ YRU HLQHP EHVRQGHUHQ 3UREOHP PLW GHP GLH SUDJPDWLVFKHQ 9RU]JH GHV VLFK LQ HLQPDOLJHU :HLVH KLVWR ULVFK XQG VR]LDOUlXPOLFK VHOEVW EHJUHQ]HQGHQ )RUVFKXQJVJHELHWV Ä''5¶ EH]DKOW ZHUGHQ PVVHQ 6LH PVVHQ VRZRKO GHU YLHU]LJMlKULJHQ 6WDELOLWlW GHU ''5 JHUHFKW ZHUGHQ DOV DXFK GHU 7DWVDFKH GHU IULHGOLFKHQ 5HYROX WLRQ GLH LKU HLQ (QGH JHVHW]W KDW :LOO PDQ QLFKW DQQHKPHQ GDVV GLHVH JlQ]OLFK VSRQWDQ ZDU GDQQ JLOW HV GLH VSH]LILVFKH )RUP GHU .RH[LVWHQ] YRQ+HUUVFKDIWXQG1LVFKHYRQ$QSDVVXQJXQG:LGHUVWDQG]XXQWHUVX FKHQ 'DV 9HUKlOWQLV YRQ'XUFKKHUUVFKXQJ GHU *HVHOOVFKDIW XQG XQDXV O|VFKOLFKHQ)UHLKHLWVVSLHOUlXPHQPXVVLQGHU5HNRQVWUXNWLRQVRDXVWDULHUW ZHUGHQGDVVGDVEOHLHUQH*HZLFKWPLWGHPGLHSDUWHLVWDDWOLFKH'LNWDWXU DXIGHU=LYLOJHVHOOVFKDIWODVWHWHLQHUVHLWVXQGGLHLQGLYLGXHOOHQ+DQGOXQJV P|JOLFKNHLWHQ XQG NXOWXUHOOHQ 5HVLVWHQ]HQ DQGHUHUVHLWV JOHLFKHUPD‰HQ ZHGHUEHUQRFKXQWHUVFKlW]WZHUGHQ %HWUDFKWHW PDQ GLH ''5 DXV V\VWHPWKHRUHWLVFKHU 3HUVSHNWLYH VR GUlQJWVLFKGHU9HUGDFKWDXIGDVVVLHDQMHQHUPDQJHOQGHQIXQNWLRQDOHQ 'LIIHUHQ]LHUXQJJHVFKHLWHUWVHLGLHQDFKPHKUXQGPHKU]XU1RUP JHVHOOVFKDIWOLFKHU 6HOEVWEHVFKUHLEXQJHQ JHZRUGHQ LVW QDFKGHP VLH ]XYRU EHUHLWVGLH7LHIHQVWUXNWXUPRGHUQHU*HVHOOVFKDIWHQEHVWLPPWKDW6LFKHU OLFK KDW GLH UHODWLYH IXQNWLRQDOH Å(QWGLIIHUHQ]LHUXQJ´ GLH YROOH (QWIDO WXQJ GHU |NRQRPLVFKHQ .UlIWH EORFNLHUW XQG GHU ''5 GDPLW HLQH $UW Ä6WDQGRUWQDFKWHLO¶LP6WUHLWGHUSROLWLVFKHQ6\VWHPHHLQJHEUDFKW2EPDQ DOOHUGLQJV DXV GLHVHU (QWGLIIHUHQ]LHUXQJ IU DOOH *HVHOOVFKDIWVEHUHLFKH LQ JOHLFKHU :HLVH HLQH TXDVLNDXVDOH 6FKZlFKXQJ IROJHUQ GDUI PXVV ZHQLJ VWHQV GHU /LWHUDWXU JHJHQEHU DOV RIIHQH )UDJH EHKDQGHOW ZHUGHQ (V  

'HU $XVGUXFN Ä/LWHUDWXUV\VWHP¶ ZLUG KLHU LQ HLQHP QLFKW JlQ]OLFK WKHRULHNRQIRUPHQ 9HU VWlQGQLV YRQ 6\VWHP JHEUDXFKW XQG GHVKDOE VWHWV PLW $QIKUXQJV]HLFKHQ YHUVHKHQ 9JO DXFKGHQ%HJULIIVJHEUDXFKEHL0H\V]LHV8OULFK'DV/LWHUDWXUV\VWHPGHU''56WXGLHQ]XU0H GLHQXQG.RPPXQLNDWLRQVJHVFKLFKWHGHU''5/LWHUDWXU'LVV+DOOH  9JO 3ROODFN 'HWOHI Å'LH NRQVWLWXWLYH :LGHUVSUFKOLFKNHLW GHU ''5 ² 2GHU :DU GLH ''5*HVHOOVFKDIWKRPRJHQ"´,Q*HVFKLFKWHXQG*HVHOOVFKDIW  6²  (EG6

.RPPXQLNDWLRQ+DQGOXQJ



N|QQWHGRFKDXFKVRVHLQGDVVGLHYHUKLQGHUWH$XWRQRPLHGHU/LWHUDWXU LKUH6HPL0RGHUQLWlWVR]XVDJHQGHU/LWHUDWXUQLFKWVFKDGHWVRQGHUQLP *HJHQWHLOLKUHQJHVHOOVFKDIWOLFKHQ*HEUDXFKVZHUWVRJDUVWHLJHUW:lKUHQG GLHGXUFKSROLWLVFKH'LUHNWLYHQHU]HXJWH(QWSURIHVVLRQDOLVLHUXQJGHV:LUW VFKDIWHQV XQPLWWHOEDU VSUEDUH 9HUVRUJXQJVPlQJHO QDFK VLFK ]LHKW GLH GLH /HJLWLPLWlW GHUVWDDWOLFKHQ 2UJDQLVDWLRQ LQ JHVHOOVFKDIWOLFKHU 3HUVSHN WLYHVXN]HVVLYHXQWHUJUDEHQZLUNWGLHSROLWLVFKEHGLQJWH6HPL3URIHVVLRQD OLWlWGHU.QVWHDXIODQJHQ:HJHQ²XQGQRFKQLFKWHLQPDOHLQGHXWLJ6LH IKUW]XQlFKVW]XNHLQHPGLUHNWHQ0DQJHOVRQGHUQVRJDU]XUHODWLYHQ*H ZLQQHQZHLOGHU'LOHWWDQWLVPXVVLFKPLWGHU.XQVWEHVVHUYHUWUlJWDOVPLW DQGHUHQ:HUWVSKlUHQ'HVKDOEN|QQHQGLH.QVWHLP9HUJOHLFKPLWDQ GHUHQ''5Ä3URGXNWHQ¶VRJDUSRVLWLYKHUYRUVWHFKHQ 0HKU QRFK DOV GHU GHNRQWH[WXDOLVLHUWH lVWKHWLVFKH :HUW GHU ''5 .XQVW GHU VLH ² DQGHUV DOV HWZD GLH $XWRPRELOSURGXNWLRQ GHU ''5 ² LQWHUQDWLRQDOLQWHUHVVDQWJHPDFKWKDWLVWDOOHUGLQJVGHUNRQWH[WDEKlQJLJH VR]LDOH *HEUDXFKVZHUW YRQ .XQVW XQG /LWHUDWXU KHUYRU]XKHEHQ 'DQN LKUHUJU|‰HUHQ)OH[LELOLWlWJHJHQEHUGHQMHZHLOVKHUUVFKHQGHQ%HGLQJXQ JHQHQWZLFNHOWVLFKLQVEHVRQGHUHGLH/LWHUDWXU]XHLQHU$UW(UVDW]|IIHQW OLFKNHLW3DUWHLVWDDWOLFK]ZDUQLFKWYRUJHVHKHQDEHUPDOPHKUPDOZHQLJHU JHGXOGHW GDUI GLH /LWHUDWXU GDV %HZXVVWVHLQ IU DQGHUH 0|JOLFKNHLWHQ ZDFKKDOWHQXQGDXIGLHVH:HLVHHLQHPLQGHVWHQVLPSOL]LWNULWLVFKH.RP PXQLNDWLRQDQVWR‰HQGHQQIXQNWLRQDOLVWLVFKEHWUDFKWHW²GDVVFKHLQWDXFK LKUHQ%HZDFKHUQNODUJHZHVHQ]XVHLQ²ZLUNWVLHGDPLWHQWODVWHQG'HP 6FKHLWHUQGHUSDUWHLVWDDWOLFKHQ.RQ]HSWXDOLVLHUXQJYRQÅ/LWHUDWXU>«@DOV JHVDPWJHVHOOVFKDIWOLFKHP 2UJDQ PLW >«@ HLQKHLWOLFKHU )XQNWLRQ´ XQG PRQRVHPDQWLVFKHU 6SUDFKH VWHKW LQVRIHUQ GHU QLFKW LQWHQGLHUWH 1XW]HQ HLQHU QLFKW UHVWORV NRQWUROOLHUWHQ /LWHUDWXU JHJHQEHU GLH ZHQLJVWHQV GHU ,PDJLQDWLRQLKUQRWZHQGLJHV0D‰DQ)UHLKHLWOlVVW :LOOPDQLQGLHVHV*HIOHFKWDXV.RPSOL]HQVFKDIWXQG:LGHUVWlQGLJ NHLW DXI 6HLWHQ GHU /LWHUDWXU DXV 'XOGXQJ XQG .RQWUROOH DXI 6HLWHQ GHU 0DFKWHLQH%UHVFKHVFKODJHQGDQQELHWHWHVVLFKDQDXI/XKPDQQV8QWHU  

3ROODFNHEG6VSULFKWYRQHLQHUÅVHPLPRGHUQHQNRPSOH[HQ*HVHOOVFKDIW´9JODXFK 3ROODFN'HWOHIÅ'DV(QGHHLQHU2UJDQLVDWLRQVJHVHOOVFKDIW6\VWHPWKHRUHWLVFKHhEHUOHJXQ JHQ ]XP JHVHOOVFKDIWOLFKHQ 8PEUXFK LQ GHU ''5´ ,Q =HLWVFKULIW IU 6R]LRORJLH    6²  9JO6WDQLW]HN*HRUJÅ3RHWRORJLHQGHV'LOOHWWDQWLVPXV²LURQLVFK"´,Q6SUDFKHQGHU,URQLH² 6SUDFKHQGHV(UQVWHV+JY.DUO+HLQ]%RKUHU)UDQNIXUW0DLQ6²  6FKOHQVWHGW'LHWHUÅ)XQNWLRQGHU/LWHUDWXU²5HODWLRQHQLKUHU%HVWLPPXQJ´,Q)XQNWLRQ GHU /LWHUDWXU $VSHNWH ² 3UREOHPH ² $XIJDEHQ +J Y GHU $NDGHPLH GHU :LVVHQVFKDIWHQ GHU ''5=HQWUDOLQVWLWXWIU/LWHUDWXUJHVFKLFKWH%HUOLQ 2VW 6²KLHU6  9JO=LPD3HWHU9Å'HU0\WKRVGHU0RQRVHPLH3DUWHLOLFKNHLWXQGNQVWOHULVFKHU6WDQG SXQNW´,Q(LQIKUXQJLQ7KHRULH*HVFKLFKWHXQG)XQNWLRQGHU''5/LWHUDWXU+JY+DQV-U JHQ6FKPLWW6WXWWJDUW6²



0DWWKLDV6FK|QLQJ

VFKHLGXQJYRQ.RPPXQLNDWLRQXQG+DQGHOQ]XUFN]XJUHLIHQ'LHVH'LI IHUHQ]LHUXQJ GHU 0RGL YRQ 9HUJHVHOOVFKDIWXQJ XQG 2UJDQLVDWLRQ HUODXEW VRZRKOGLH3DUDGR[LHGHVÄ''5/LWHUDWXUV\VWHPV¶]XYHUVWHKHQDOVDXFK GLH/HLVWXQJGHU7H[WHXQGGLH9HUZLFNOXQJHQLKUHU$XWRULQQHQXQG$X WRUHQV\VWHPDWLVFK]XXQWHUVFKHLGHQ 'DV HLQH XQNRQWUROOLHUWH (LJHQG\QDPLN HQWIDOWHQGH 6WUXNWXUSUREOHP GHVÄ/LWHUDWXUV\VWHPV¶GHU''5OlVVWVLFKIROJHQGHUPD‰HQDXIGHQ3XQNW EULQJHQ$P$QIDQJVWHKWHLQH$UW,QWKURQLVDWLRQGHU/LWHUDWXUDOVGHVEH YRU]XJWHQ0HGLXPVGHUSDUWHLVWDDWOLFKHQ,QGRNWULQDWLRQGHU*HVHOOVFKDIW DP(QGHDEHUGLHÅ$QJVWYRUXQNDONXOLHUEDUHU0HLQXQJVELOGXQJ´GXUFK HEHQ GLHVH 'LH hEHUEHZHUWXQJ GHV SROLWLVFKHQ 3RWHQWLDOV GHU /LWHUDWXU EHJOHLWHWGLH*HVFKLFKWHGHU''5/LWHUDWXUGXUFKJlQJLJ=XQlFKVWEHU VFKlW]W PDQ GLH SURSDJDQGLVWLVFKHQ )lKLJNHLWHQ OLWHUDULVFKHU 7H[WH GDQQ GHUHQVXEYHUVLYHV3RWHQWLDO'HU)HKOHUUHVXOWLHUWDXVGHUHLQVHLWLJHQ.RP PXQLNDWLRQVWKHRULHGLHGHUZHLWJHKHQGYHUELQGOLFKHQ'RNWULQGHV6R]LD OLVWLVFKHQ 5HDOLVPXV LPSOL]LW ]XJUXQGH OLHJW 8P GHUHQ .RQJORPHUDW DXV ,PSHUDWLYHQDQDO\WLVFK]XGXUFKGULQJHQORKQWHVVLFK]XQlFKVWGHQV\V WHPWKHRUHWLVFKHQ .RPPXQLNDWLRQVEHJULII KLQVLFKWOLFK VHLQHU .RQ]HSWX DOLVLHUXQJDOV(LQKHLWDXV,QIRUPDWLRQ0LWWHLOXQJXQG9HUVWHKHQ]X5DWH ]X]LHKHQ 8QWHU =XJUXQGHOHJXQJ GHU DXI 0DU[· 0DWHULDOLVPXV VLFK EHUXIHQGHQ Å)RUPHO YRP =XUFNEOHLEHQ GHV %HZX‰WVHLQV´ JHJHQEHU GHQ 7DWVD FKHQ ZLUG GLH IU GLH 6HLWH GHU %HZXVVWVHLQVHQWZLFNOXQJ SDUDGLJPDWLVFK JHKDOWHQH/LWHUDWXUPLWGHUGRSSHOWHQ$XIJDEHNRQIURQWLHUWEHVDJWH9HU VSlWXQJDXI]ZHLHUOHL:HLVH]XPLQLPLHUHQ(LQHUVHLWVVROOVLHGLHÄ7DWVDFK HQ¶GXUFKHLQHK|KHUH$EELOGXQJVJHQDXLJNHLWEHVVHUHUIDVVHQDQGHUHUVHLWV VROOVLHGLHVHEHVVHUYHUPLWWHOQ)UGLH,QIRUPDWLRQVVHLWHGLHVHUGRSSHOWHQ $XIJDEHQVWHOOXQJ]HLFKQHWÅGLH3DUWHL´YHUDQWZRUWOLFKGLHEHVWLPPWZDV DOV7DWVDFKHWDWVlFKOLFK]XJHOWHQKDW'LHGLHVEH]JOLFKHQÅLGHRORJLVFKHQ 3RVWXODWHGHV6R]LDOLVWLVFKHQ5HDOLVPXV´ODXWHQÅ3DUWHLOLFKNHLW´XQGÅ:L GHUVSLHJHOXQJ´)UGLHHLJHQWOLFKH0LWWHLOXQJVVHLWHVLQGGLH6FKULIWVWHOOHU VHOEVWYHUDQWZRUWOLFK6LHKDEHQGDV:HUNVR]XJHVWDOWHQGDVVGLHÅ7DW VDFKHQ´GXUFK7\SLVLHUXQJXQYHUNHQQEDUVLQG]XU,GHQWLILNDWLRQHLQODGHQ LQGHPVLHGLHHU]lKOWH:HOWLGHDOLVLHUHQ ÅUHYROXWLRQlUH5RPDQWLN´ VRZLH HLQHQ ÅSRVLWLYHQ +HOGHQ´ LQVWDOOLHUHQ 6FKOLH‰OLFK VROO GLH $XIQDKPH GHU  

0L[JH@O|VW´ 'HU $Q VSUXFK ÅGLH JHVDPWH JHVHOOVFKDIWOLFKH (QWZLFNOXQJ LQ DOOHQ LKUHQ $VSHN WHQ]XSODQHQXQG]XVWHXHUQ´ZLUGGXUFKGHQEOR‰HQ7DWEHVWDQGGDVV GLH0LWWHLOXQJVVLWXDWLRQ]ZLVFKHQ7H[WXQG/HVHUGXUFKNHLQQRFKVRHQ JHV*HIOHFKWIODQNLHUHQGHUSDUWHLVWDDWOLFKHU0D‰QDKPHQGHWHUPLQLHUWZHU GHQNDQQVRQGHUQVLFKHUVWLVWLQGLYLGXHOOHQ$NWGHU/HNWUHNRQVWLWXLHUW ODWHQWXQWHUJUDEHQ 'LHVH .RQVWUXNWLRQVPlQJHO LQ GHQ SDUWHLVWDDWOLFKHQ 3ODQXQJHQ HU ]HXJHQ HLQH 6LWXDWLRQ LQ GHU 3DUWHL XQG 6WDDW LKUH WRWDOLWlUH 0DFKWNRP SHWHQ] GXUFK SRWHQWLHOO MHGHV HLQ]HOQH :HUN KHUDXVJHIRUGHUW VHKHQ $XV GHUIUGLHPRGHUQH/LWHUDWXUJHUDGH]XWUDQV]HQGHQWDOHQ8QWHUEHVWLPPW KHLWXQGJOHLFK]HLWLJHQ3RWHQWLDOLWlWVFKULIWOLFKHU.RPPXQLNDWLRQGLHGHP 9HUVWHKHQDXI5H]LSLHQWHQVHLWHXQZHLJHUOLFK)UHLKHLWVVSLHOUlXPHHU|IIQHW IROJW]ZHLHUOHL9RQ6HLWHQGHUVWDDWOLFKHQ/LWHUDWXUEURNUDWLHDXVZLUGHL QHUVHLWVGHU9HUVXFKXQWHUQRPPHQ,QWHUDNWLRQVHOHPHQWHLQGLHOLWHUDULVFKH .RPPXQLNDWLRQ ZLHGHU HLQ]XIKUHQ XP GLH 6LQQSRWHQWLDOH GHU 6FKULIW XQGGLHK\SROHSWLVFKH2UJDQLVDWLRQGHVOLWHUDULVFKHQ'LVNXUVHVZLHGHU]X ElQGLJHQ :HQQ PDQ VFKRQ GLH 5H]HSWLRQ GHU 7H[WH QLFKW NRQWUROOLHUHQ NDQQ GDQQ GRFK ZHQLJVWHQV 3URGXNWLRQ XQG 'LVWULEXWLRQ 'DUDXV HQW VWHKW GDV EHL GHQ 9HUODJHQ DQJHVLHGHOWH ,QVWLWXW GHU 9RU]HQVXU GDV LP )DOOH NRPSOL]LHUWHU $XVKDQGOXQJVSUR]HVVH GDUEHU ZDV YHU|IIHQWOLFKW ZHUGHQNDQQGHIDFWRGLH*UHQ]HQJHPHLQVDPHU$XWRUVFKDIWYRQ'LFKWHU XQG /HNWRU VWUHLIW 'DQHEHQ WULWW GLH QDFKWUlJOLFKH .RQWUROOH GHU 'LV WULEXWLRQGLHIODQNLHUHQGKHUDQJH]RJHQZHUGHQNDQQXPPLWWHOV/HQNXQJ GHU 9HUEUHLWXQJ HLQHV :HUNV NRPPXQLNDWLYH $QVFKOVVH GDUDQ ]X UHV WULQJLHUHQhEHUVSLW]WJHVDJWJHKWGLH8WRSLHGHUSDUWHLVWDDWOLFKHQ2UJDQH GDKLQDOOH%FKHUP|JOLFKVWVHOEVW]XVFKUHLEHQXQGDXVVFKOLH‰OLFKVHOEVW ]X OHVHQ ,P 9HUVXFK DOOH $XWRULQQHQ XQG $XWRUHQ ]X RUJDQLVLHUHQ XQG GXUFK 0LWDUEHLW DQ GHQ YHUVFKLHGHQVWHQ 6WHOOHQ GHV Ä/LWHUDWXUV\VWHPV¶ LQ  

6FK|Q(ULFK'HU9HUOXVWGHU6LQQOLFKNHLWRGHUGLH9HUZDQGOXQJHQGHV/HVHUV0HQWDOLWlWVZDQGHOXP 6WXWWJDUW6  )UDQNÅ:DVLVWHLQOLWHUDULVFKHU7H[W>«@"´6  0HXVFKHO 6LJULG ÅhEHUOHJXQJHQ ]X HLQHU +HUUVFKDIWV XQG *HVHOOVFKDIWVJHVFKLFKWH GHU ''5´,Q*HVFKLFKWHXQG*HVHOOVFKDIW  6²KLHU6  9JO $VVPDQQ -DQ 'DV NXOWXUHOOH *HGlFKWQLV6FKULIW (ULQQHUXQJ XQG SROLWLVFKH ,GHQWLWlW LQ IUKHQ +RFKNXOWXUHQ0QFKHQ6²

.RPPXQLNDWLRQ+DQGOXQJ



9HUSIOLFKWXQJHQ ]X ]ZLQJHQ RGHU LP =ZHLIHOVIDOO GLH NRPSOHWWH $XIODJH PLVVOLHELJHU:HUNHGLHPDQJOHLFKZRKOQLFKWYHUELHWHQZROOWHGXUFK$U PHH )'- RGHU DQGHUH 2UJDQLVDWLRQHQ DXI]XNDXIHQ NDP PDQ GLHVHU Ä8WRSLH¶VRJDUUHFKWQDKHhEHUZDFKWZHUGHQDOOHGLHVH)RUPHQGHULQWHU DNWLRQHOOHQ.RQWUROOHZLHGHUXPGXUFKGLHHLQJHULFKWHWH+DXSWDEWHL OXQJ ;; GHV 0LQLVWHULXPV IU 6WDDWVVLFKHUKHLW GDV GLH SDUWHLVWDDWOLFKH ,QWHUSUHWDWLRQYRQOLWHUDULVFKHQ.RPPXQLNDWLRQVRIIHUWHQDOV+DQGOXQJHQ PLW *HJHQPD‰QDKPHQ YHUJLOW GLH KLQVLFKWOLFK )RUP GHU hEHUZDFKXQJ XQGSHUV|QOLFKHP=HUVW|UXQJVSRWHQWLDODOOHVDXVVFKUHLWHQ $OO GLHVH 0D‰QDKPHQ YHUP|JHQ DQGHUHUVHLWV QLFKWV GDUEHU GDVV GLH VFKOLH‰OLFKYHU|IIHQWOLFKWH/LWHUDWXUNUHDWLYHUNRPPXQL]LHUWDOVMHGH%UR NUDWLH ]X DQWL]LSLHUHQ YHUPDJ 1HEHQ GHQ VWUXNWXUHOOHQ 9RUDXVVHW]XQJHQ EHGLQJHQVHOEVWGLHRIIL]LHOOYHUIJWHQ9RUHQWVFKHLGXQJHQlVWKHWLVFKHU$UW LKUH HLJHQH hEHUVFKUHLWXQJ 'D VLFK GLH SROLWLVFKH ,QVWUXPHQWDOLVLHUXQJV DEVLFKW QLFKW DOV )RUGHUXQJ QDFK HLQHU QHXHQ DXFK LQIRUPDOHU +LQVLFKW JHQXLQ VR]LDOLVWLVFKHQ /LWHUDWXU DUWLNXOLHUW VRQGHUQ ² PLW %OLFN DXI GLH (SLN]%²DOV)HVWOHJXQJLQQHUKDOEGHVWUDGLHUWHQ)RUPHQVSHNWUXPVGHV ÄEUJHUOLFKHQ¶ 5RPDQV ZLUG HLQH /LWHUDWXU LQVWLWXLHUW GLH NDXP DQGHUV NDQQ DOV YRP ,QGLYLGXXP VHLQHU (QWZLFNOXQJ XQG GHP 9HUKlOWQLV ]XU VR]LDOLVWLVFKHQ  *HVHOOVFKDIW ]X HU]lKOHQ (QWVSUHFKHQG QDKH OLHJHQ QDU UDWLYH 6WUDWHJLHQ GLH GLH VWDDWOLFKHQ 9RUJDEHQ PLW SHUV|QOLFKHQ 0RWLYD WLRQVUHVVRXUFHQ DPDOJDPLHUHQ =ZLVFKHQ GHU UHLQHQ 3DUWHLOLWHUDWXU HL QHUVHLWVXQGGHUGLVVLGHQWHQ/LWHUDWXUDQGHUHUVHLWVHU|IIQHWVLFKGDPLWHLQ EHJUHQ]WHU 6SLHOUDXP LQ GHP LQGLYLGXHOOH $UUDQJHPHQWV PLW GHU (U]LH KXQJVGLNWDWXU''5OLWHUDULVFKNRPPXQL]LHUWZHUGHQ 0LW GHU JDQ]HQ $PELYDOHQ] GLH GLHVHV %HGLQJXQJVJHIJH DXV LQWHU DNWLRQHOOHU 5HVWULNWLRQ XQG NRPPXQLNDWLYHP )UHLKHLWVUHVW DXIZHLVW WUlJW GLH /LWHUDWXU VFKOLH‰OLFK DXI QLFKW PLQGHU DPELYDOHQWH :HLVH ]XU ,QWH JUDWLRQ GHU ''5*HVHOOVFKDIW EHL ,QGHP GLH 7H[WH GHQ /HVHUQ DEZHL FKHQGH 6HOEVWWKHPDWLVLHUXQJHQ RIIHULHUHQ XQG DOWHUQDWLYH 0XVWHU YRU SUlJHQGLHHVHUP|JOLFKHQGHUHLJHQHQ/HEHQVJHVFKLFKWHHLQHQXQDEKlQ JLJHQ 6LQQ ]X JHEHQ EHI|UGHUQ VLH ]XJOHLFK GLH SHUV|QOLFKH ,QNOXVLRQ LQ MHQH *HVHOOVFKDIW GHUHQ 0DVVHQRUJDQLVDWLRQHQ DOOHLQ NHLQHQ DXVUHLFKHQ GHQ6LQQHUJHEHQ'DEHLSRWHQ]LHUHQVLFKGLH$PELYDOHQ]HQ]XHLQHP*H IOHFKWGDVRKQHGLHVWUDWHJLVFKH6LPSOLILNDWLRQGHVNRPPXQLNDWLYHQ3UR ]HVVHVSHU=XVFKUHLEXQJYRQ+DQGOXQJHQXQG,QWHQWLRQHQQXUVFKZLHULJ ]XGXUFKGULQJHQLVW²:DJWPDQHLQHVROFKH9HUHLQIDFKXQJVRNDQQPDQ DOOHUGLQJV]XGHP(UJHEQLVNRPPHQGDVVHLQHGRSSHOWH,QYLVLELOLVLHUXQJ GDV *HVFKHKHQ EHVWLPPW (LQHUVHLWV YHUELUJW GLH /LWHUDWXU LKU 3RWHQWLDO ]XP +LQWHUVLQQ YRU GHQ SDUWHLDPWOLFKHQ 6WHOOHQ ZHLO HV QLFKW LQ GHU JH  

9JO6WULWWPDWWHU(UZLQ'LH/DJHLQGHQ/IWHQ$XV7DJHEFKHUQ%HUOLQ:HLPDU



0DWWKLDV6FK|QLQJ

IRUGHUWHQ:HLVHDSRORJHWLVFKIXQJLHUWVRQGHUQOHGLJOLFKNRPSHQVDWRULVFK DQGHUHUVHLWVZLUGPLW/HW]WHUHPDXFKJHJHQEHUGHP/HVHUJHQDXGDVYHU ERUJHQZDVHUVXFKW'HQQZDVGLHVHUDQGHQ7H[WHQVFKlW]WQlPOLFKGLH $EZHLFKXQJ GLH VHLQHQ (LJHQVLQQ EHIOJHOW NDQQ VFKOLH‰OLFK NRPSHQVD WRULVFKZLUNHQGDUILKPDEHUQLFKWEHUHLWVDOV.RPSHQVDWLRQVDQJHERWHQW JHJHQWUHWHQ $XFK LQ GLHVHU +LQVLFKW EOHLEW /LWHUDWXU .RPPXQLNDWLRQ ² DEHUGDVLVWVLFKHUHLQH6LPSOLILNDWLRQ



.203/(;,7b7²'$9,')267(5:$//$&( 85667b+(/, /LWHUDWXUXQG.RPSOH[LWlW²GDPLWVFKHLQWHLQH6HOEVWYHUVWlQGOLFKNHLWDQ JHGHXWHW'HQQZHUZUGHQLFKWGDYRQDXVJHKHQGDVV/LWHUDWXUNRPSOH[ LVW MD GDVV VLH VLFK YLHOOHLFKW VRJDU GXUFK LKUH .RPSOH[LWlW YRQ $OOWDJV GLVNXUVHQ]XXQWHUVFKHLGHQYHUPDJ0DQFKH/LWHUDWXUNULWLNHUVHKHQVRJDU LQ GHU .RPSOH[LWlW HLQ lVWKHWLVFKHV 4XDOLWlWVPHUNPDO :DKUQHKPXQJV OXVWVRHWZD+DQV'LHWHU*HOIHUWHQWVWHKWGXUFK5HGXNWLRQYRQ.RPSOH [LWlW'DVN|QQHZLHEHL8O\VVHVGXUFKGLH(UK|KXQJYRQ$QIDQJVNRP SOH[LWlWJHVFKHKHQRGHUZLHEHL6FKLOOHUV-XQJIUDXYRQ2UOHDQVGXUFK9HU PLQGHUXQJGHU5HVWNRPSOH[LWlW:DVGHQQEHUKDXSWXQWHU.RPSOH[LWlW ]XYHUVWHKHQVHLEOHLEWDOOHUGLQJVUHFKWXQNODU+LHUVROOGHQQDXFKNHLQHV ZHJVHLQQRUPDWLYHU%HJULIIYRQ.RPSOH[LWlWYRUJHVFKODJHQZHUGHQ,QWH UHVVDQWHU DEHU LVW DQ GHP OLWHUDWXUNULWLVFKHQ .RPSOH[LWlWVYHUVWlQGQLV HLQ DQGHUHU$VSHNW(VJHKWGDUXPHLQH5HJHODXI]XVWHOOHQ²HLQH5HJHOQlP OLFKPLW+LOIHGHUHUVLFKJXWHXQGVFKOHFKWH/LWHUDWXUYRQHLQDQGHUXQWHU VFKHLGHQOlVVW:HQQZLUXQVGLHVHQ9HUVXFKQLFKWDXVGHU3HUVSHNWLYHGHV /LWHUDWXUNULWLNHUV VRQGHUQ GHV /LWHUDWXUVR]LRORJHQ DQVFKDXHQ GDQQ ZLUG GHXWOLFK GDVV KLHU GLH .RPSOH[LWlWVVHPDQWLN GD]X JHQXW]W ZLUG EH VWLPPWH OLWHUDULVFKH :HUNH YRQ DQGHUHQ :HUNHQ QLFKW QXU ]X XQWHU VFKHLGHQ VRQGHUQ DXFK DXV]XZlKOHQ RGHU ]XPLQGHVW HLQH (PSIHKOXQJ IUHLQHVROFKH$XVZDKO]XJHEHQ 'LH.RPSOH[LWlWVVHPDQWLNVWHKWKLHU DOVRLP'LHQVWHGHU5HGXNWLRQYRQ.RPSOH[LWlW .RPSOH[LWlWDOV3UREOHP 'DPLW VLQG ZLU EHL HLQHP VR]LRORJLVFKHQ .RPSOH[LWlWVYHUVWlQGQLV DQJH ODQJW ² GHP .RPSOH[LWlWVEHJULII YRQ 1LNODV /XKPDQQ /XKPDQQ EHU QLPPW GLHVHQ %HJULII YRQ 'LVNXVVLRQHQ LQ GHU .RPPXQLNDWLRQVWKHRULH  

9JO*HOIHUW+DQV'LHWHU:DVLVWJXWH/LWHUDWXU":LHPDQJXWH%FKHUYRQVFKOHFKWHQXQWHUVFKHLGHW 0QFKHQ6  6LHKH/XKPDQQ1LNODVÅ.RPSOH[LWlW´,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ%G 2SODGHQ6²KLHU6II/XKPDQQ1LNODV6R]LDOH6\VWHPH)UDQNIXUW0DLQ 6²



8UV6WlKHOL

LQVEHVRQGHUH YRQ GHVVHQ $QZHQGXQJ LQ GHU 2UJDQLVDWLRQVWKHRULH 'HU .RPSOH[LWlWVEHJULIIIXQJLHUWVFKRQIUKDOVQDKH]XXQLYHUVHOOHLQVHW]EDUHU %HJULII DXFK ZHQQ HU ]XQlFKVW LQ HLQHP HKHU LQJHQLHXU XQG QDWXUZLV VHQVFKDIWOLFKHQ.RQWH[WHQWZLFNHOWZRUGHQLVW0LW.RPSOH[LWlWJHUlWGLH 5HODWLRQLHUXQJ YRQ (OHPHQWHQ HLQHU (LQKHLW LQ GHQ %OLFN Å:K\ LV RQH FKHPLFDOVXEVWDQFHDSRLVRQZKHQDQRWKHUZKRVHPROHFXOHVKDYHMXVWWKH VDPH DWRPV EXW DVVHPEOHG LQWR D PLUURU,PDJH SDWWHUQ LV FRPSOHWHO\ KDUPOHVV"´ 'LHVHV 5HODWLRQLHUXQJVSUREOHP EHWULIIW QLFKW QXU SKDUPDNR ORJLVFKH6XEVWDQ]HQVRQGHUQ]%DXFK*HZHUNVFKDIWHQ6RVFKOlJW:HD YHUYRUGDV9HUKDOWHQYRQ*HZHUNVFKDIWHQDOVHLQHVSH]LILVFKH:HLVHGHV 8PJDQJVPLWGHUHLJHQHQ.RPSOH[LWlW]XYHUVWHKHQ.RPSOH[LWlWWULWWDO VR ]XQlFKVW HLQPDO DOV 3UREOHP DXI ² DOV 3UREOHP GDV JHO|VW ZHUGHQ PXVV'DVKDWWHEHUHLWVXQVHUOLWHUDWXUNULWLVFKHV%HLVSLHOEHWRQWXQGGDQQ DEHU VRJOHLFK LQ GHU OLWHUDULVFKHQ $EDUEHLWXQJ YRQ .RPSOH[LWlW *HQXVV XQG 4XDOLWlW YHURUWHW +LHU LVW DOOHUGLQJV 9RUVLFKW DQJHVDJW .RPSOH[LWlW VHOEVWLVWZHGHUJXWQRFKVFKOHFKW²VLHUXIWQXUQDFKHLQHU$QWZRUW$Q :HDYHUV %HLVSLHOHQ VHKHQ ZLU DXFK EHUHLWV ZHLWHUH 0HUNPDOH YRQ .RP SOH[LWlW .RPSOH[H 6\VWHPH EHVWHKHQ DXV PHKUHUHQ (OHPHQWHQ VHLHQ HV $WRPH ,QGLYLGXHQ +DQGOXQJHQ 6lW]H RGHU ZLH VSlWHU EHL /XKPDQQ .RPPXQLNDWLRQHQ XQG5HODWLRQHQ]ZLVFKHQGLHVHQ(OHPHQWHQ(LQH6XE VWDQ]NDQQGDGXUFK]X*LIWZHUGHQGDVVGLHJOHLFKHQ(OHPHQWHDXIQHXH :HLVHDQJHRUGQHWZHUGHQHLQJXWHV%XFKPDJVLFKLQHLQVFKOHFKWHV%XFK YHUZDQGHOQZHLOGLHJOHLFKHQ:RUWHRGHU6lW]HDXIXQWHUVFKLHGOLFKH:HLVH PLWHLQDQGHUNRPELQLHUWZHUGHQ /XKPDQQV%HJULIIGHU.RPSOH[LWlWNRQ]HQWULHUWVLFKGHQQDXFKJHQDX DXI GLH %H]LHKXQJ YRQ (OHPHQWHQ XQG5HODWLRQHQ Å$OV NRPSOH[ ZROOHQ ZLU HLQH ]XVDPPHQKlQJHQGH 0HQJH YRQ (OHPHQWHQ EH]HLFKQHQ ZHQQ DXI *UXQG LPPDQHQWHU %HVFKUlQNXQJHQ GHU 9HUNQSIXQJVNDSD]LWlW GHU (OHPHQWH QLFKW PHKU MHGHV (OHPHQW MHGHU]HLW PLW MHGHP DQGHUHQ YHU NQSIW VHLQ NDQQ´ (LQH $QVDPPOXQJ YRQ 6DQGN|UQHUQ LVW GHPQDFK QLFKW NRPSOH[ ² KLHU KDEHQ ZLU HV QXU PLW HLQHU JUR‰HQ 0HQJH YRQ JOHLFKDUWLJHQ (OHPHQWHQ ]X WXQ QLFKW DEHU PLW %H]LHKXQJHQ ]ZLVFKHQ GLHVHQ (OHPHQWHQ *HQDXVR YHUIJW HLQ :|UWHUEXFK QXU EHU JHULQJH .RPSOH[LWlW VR XPIDVVHQG HV DXFK VHLQ PDJ VR YLHOH (LQWUlJH HV DXFK HQWKDOWHQ PDJ .RPSOH[LWlW NRPPW HUVW GDGXUFK ]XVWDQGH GDVV EH VWLPPWH9HUELQGXQJHQUHDOLVLHUWZHUGHQ²XQGDQGHUH9HUELQGXQJHQRI IHQ EOHLEHQ GK DOV 0|JOLFKNHLW SUlVHQW VLQG DEHU ]XU =HLW  QLFKW YHU  

:HDYHU :DUUHQ Å6FLHQFH DQG &RPSOH[LW\´ ,Q $PHULFDQ 6FLHQWLVW    6 II 6L PRQ+HUEHUWÅ7KH$UFKLWHFWXUHRI&RPSOH[LW\´,Q3URFHHGLQJVRIWKH$PHULFDQ3KLORVRSKLFDO 6RFLHW\  +6²  :HDYHUÅ6FLHQFHDQG&RPSOH[LW\´6I  /XKPDQQ6R]LDOH6\VWHPH6

.RPSOH[LWlW



ZLUNOLFKWZHUGHQ.RPSOH[LWlWLVWDOVRHLQ3UREOHP²XQG]ZDUHLQ6HOHN WLRQVSUREOHP 9HUELQGXQJHQ PVVHQ DXVJHZlKOW ZHUGHQ GDPLW YRQ .RPSOH[LWlWGLH5HGHVHLQNDQQÅ.RPSOH[LWlWLQGHPDQJHJHEHQHQ6LQQH KHL‰W 6HOHNWLRQV]ZDQJ 6HOHNWLRQV]ZDQJ KHL‰W .RQWLQJHQ] XQG .RQ WLQJHQ] KHL‰W 5LVLNR´ (LQ 6\VWHP LQQHUKDOE GHVVHQ DOOH 9HUELQGXQJHQ YHUZLUNOLFKWVLQGNDQQQLFKWNRPSOH[VHLQLQHLQHPVROFKHQ6\VWHPVWHOOW VLFK GDV 3UREOHP GHU $XVZDKO QLFKW (UVW GDGXUFK GDVV QXU EHVWLPPWH 9HUELQGXQJHQUHDOLVLHUWZHUGHQHQWVWHKW.RPSOH[LWlWQXUVRLVWGLH6HOHN WLRQVHQWVFKHLGXQJ DQIHFKWEDU 'DKHU LVW IU /XKPDQQ GDV 3UREOHP GHU .RPSOH[LWlW QRWZHQGLJHUZHLVH PLW .RQWLQJHQ] YHUNQSIW $OOHV N|QQWH DXFKJDQ]DQGHUVVHLQ:LHDOVRDXVZlKOHQXQGZLHVROOPLWGHU.RQWLQ JHQ]GHU(QWVFKHLGXQJIUHLQHEHVWLPPWH$XVZDKOXPJHJDQJHQZHUGHQ" 'DVLVWHLQGUlQJHQGHV3UREOHPIUMHGHVVR]LDOH6\VWHPVHLHQHV*HVSUl FKHDQHLQHU3DUW\VHLHQHV(QWVFKHLGXQJHQLQHLQHP8QWHUQHKPHQRGHU VHLHQHV)RUPNRPELQDWLRQHQHLQHV.XQVWZHUNV,PPHUPVVHQ9HUIDKUHQ JHVFKDIIHQ ZHUGHQ PLW GHQHQ VLFK GDV .RPSOH[LWlWVSUREOHP EHDUEHLWHQ OlVVWPLWGHQHQGLHOHW]WOLFK]HUVW|UHULVFKH9HUIKUXQJDOOH0|JOLFKNHLWHQ JOHLFK]HLWLJ ]X UHDOLVLHUHQ DEJHZDQGW ZHUGHQ NDQQ ² ]XPLQGHVW IU GHQ 0RPHQW XQGGDV1LFKWUHDOLVLHUWHDOOHQIDOOVLPNXOWXUHOOHQ*HGlFKWQLV]X HULQQHUQ²DEHUVHOEVWKLHUKHL‰WHVNHLQ*HGlFKWQLVRKQH9HUJHVVHQ  :DV DOVR EHGHXWHW GLHVHV DOOJHJHQZlUWLJH 3UREOHP IU GLH /LWHUDWXU" :LU VWR‰HQ KLHU DXI ]ZHL XQWHUVFKLHGOLFKH $VSHNWH (UVWHQV LVW .RPSOH [LWlW HLQH JUXQGOHJHQGH .DWHJRULH PLW +LOIH GHUHU VLFK MHGHV :HUN EH VFKUHLEHQOlVVW]ZHLWHQVWUHIIHQZLULQGHU/LWHUDWXUDXIILNWLYH.RPSOH[L WlWVV]HQDULHQ ZREHL DXFK GLHVH ,QV]HQLHUXQJHQ QLFKW ORVJHO|VW YRQ GHU .RPSOH[LWlWGHV/LWHUDULVFKHQ]XGHQNHQVLQG /LWHUDULVFKH.RPSOH[LWlW 0LW GHU (WDEOLHUXQJ GHU PRGHUQHQ /LWHUDWXU XQG ]HLWJOHLFK GHU $XV GLIIHUHQ]LHUXQJGHV/LWHUDWXUV\VWHPV HLQKHUJHKWHLQH:HUWVFKlW]XQJYRQ /LWHUDWXU DOV JHQXLQ NRPSOH[HU *HJHQVWDQG ÅFRPSOH[LW\ >«@ LV LQHFWUL FDEO\ERXQGZLWKRXUPRGHUQQRWLRQRIOLWHUDWXUH´0LW'LGHURWEHJLQQW VLFK GLH /LWHUDWXU LP *HJHQVDW] ]XP SK\VLNDOLVFKHQ 5HGXNWLRQLVPXV DOV NRPSOH[ ]X EHVFKUHLEHQ /LWHUDULVFKH :HUNH EHU]HXJHQ QXQ GDGXUFK  

(EG6 =X/XKPDQQV7KHRULHGHV*HGlFKWQLVVHVVLHKH/XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOO VFKDIW%G)UDQNIXUW0DLQ6II  3DXOVRQ :LOOLDP Å/LWHUDWXUH &RPSOH[LW\ ,QWHUGLVFLSOLQDULW\´ ,Q &KDRV DQG 2UGHU +J Y 1.DWKHULQH+D\OHV&KLFDJR,/6²KLHU6  (EG6 



8UV6WlKHOL

GDVV VLH VLFK YRQ LKUHQ 8PZHOWHLQIOVVHQ DENRSSHOQ GDVV VLH DOVR QLFKW EOR‰HUHOLJL|VH7UDNWDWHSROLWLVFKH0DQLIHVWHRGHUPRUDOLVFKH(UEDXXQJV VFKULIWHQVLQGVRQGHUQHLQHHLJHQH/RJLNHQWZLFNHOQ8QGGLHVH/RJLNLVW XQPLWWHOEDUDQGDV.RPSOH[LWlWVSUREOHPJHEXQGHQ/LWHUDWXUVFKDIIWHLJH QH.RPSOH[LWlWXQGILQGHW0LWWHOGHU²]XQlFKVW²KDUPRQLVFKHQ5HODWLR QLHUXQJ YRQ )RUPHQ /XKPDQQ PDFKW GHQQ JHQDX GDUDQ GLH )XQNWLRQ YRQ .XQVW IHVW /LWHUDWXU ]HLJW DXFK GRUW QRFK 2UGQXQJVP|JOLFKNHLWHQ ZRGHUXQHLQJHZHLKWH%HREDFKWHUQXU&KDRVYHUPXWHQZUGH6SH]LILVFK DPOLWHUDULVFKHQ8PJDQJPLW.RPSOH[LWlWLVWQXQGDVV/LWHUDWXULP*H JHQVDW] ]X DQGHUHQ VR]LDOHQ 6\VWHPHQ GLH 6SDQQH ]ZLVFKHQ XQVWUXN WXULHUWHU .RPSOH[LWlW XQG LKUHU 6WUXNWXULHUXQJ KlXILJ DXI UDGLNDOH :HLVH YHUJU|‰HUW XQG JOHLFKVDP DXVORWHW ZLH XQWHU GLHVHQ %HGLQJXQJHQ PLW .RPSOH[LWlWXP]XJHKHQVHL*RHWKHV)DXVWHQWZHUIH]%ÅH[WUHPHFRP SOH[LW\´ ² HLQH .RPSOH[LWlW ZHOFKH 2UGQXQJVYHUVXFKH LPPHU ZLHGHU IUXVWULHUH PHKU QRFK HLQH .RPSOH[LWlW GLH GHQ /HVHU GDUEHU LP 8Q JHZLVVHQOlVVWREHVVLFKKLHUEHUKDXSWXPHLQHLQKHLWOLFKHV:HUNKDQ GHOW ,Q )UDQFR 0RUHWWLV EHHLQGUXFNHQGHU NRPSOH[LWlWVWKHRUHWLVFK DQJH OHLWHWHU /LWHUDWXUJHVFKLFKWH EHUQLPPW -R\FHV 8O\VVHV HLQH lKQOLFKH 5ROOH 8O\VVHVIKUWHLQH([WUHPIRUPGHV8PJDQJVPLW.RPSOH[LWlWYRULQGHP HLQH9LHO]DKOYRQ(OHPHQWHQDQJHRUGQHWZHUGHQRKQHGLHVHMHGRFKHLQHU EHUJHRUGQHWHQ6WUXNWXU]XXQWHUZHUIHQÅ,WVSDUDWDFWLFDOVWUXFWXUHPXOWL SO\LQJGHYHORSPHQWDOGLUHFWLRQVDQGPDNLQJWKHPLQGHSHQGHQWRIRQHDQ RWKHUFRQYH\VWKHRSSRVLWHVHQVDWLRQDQRSHQSUHVHQWZKHUHWKHYDULRXV GHYHORSPHQWV DUH VWLOO DOO HTXDOO\ SRVVLEOH´ -R\FH DUEHLWHW PLW HLQHU 9HUPHK UXQJ YRQ (OHPHQWHQ XQG UDGLNDOLVLHUW VR GDV .RPSOH[LWlWVSUREOHP 'LH 9HUYLHOIlOWLJXQJXQG$QHLQDQGHUUHLKXQJYRQ(OHPHQWHQHU|IIQHWHQGORVH 0|JOLFKNHLWHQ GLH QHEHQHLQDQGHU EHVWHKHQ ² DEHU HV HUIROJW NHLQH 7DW NHLQH (QWVFKHLGXQJ NHLQH 6HOHNWLRQ .RPSOH[LWlW XQWHU 6XVSHQGLHUXQJ GHV YRQ /XKPDQQ JHQDQQWHQ 6HOHNWLRQV]ZDQJV ² GDULQ OLHJW LQ JU|‰WHU (LQIDFKKHLWIRUPXOLHUW GHU.HUQYRQ-R\FHV8PJDQJPLW.RPSOH[LWlW ,P *HJHQVDW] ]X NRPSOH[HQ VR]LDOHQ 6\VWHPHQ ILQGHW LQ GHU PR GHUQLVWLVFKHQ)HLHUXQEHVWLPPWHU.RPSOH[LWlWQXUHLQHPLQLPDOH5HGXN WLRQYRQ.RPSOH[LWlWVWDWW'LH0|JOLFKNHLWVVSLHOUlXPHVROOHQRIIHQEOHL

 

YDQ GHU /DDQ -DPHV Å)DXVW DQG 7H[WXDO &KDRV´ ,Q *RHWKH &KDRV DQG &RPSOH[LW\ +J Y +HUEHUW5RZODQG$PVWHUGDP6²KLHU6  0RUHWWL)UDQFR0RGHUQ(SLF7KH:RUOG6\VWHPIURP*RHWKHWR*DUFLD0DUTXH]/RQGRQ 6

.RPSOH[LWlW



EHQHLQHIHVWH5HODWLRQLHUXQJ HWZDGXUFKHLQ1DUUDWLY ZLUGYHUPLHGHQ 'HXWOLFKZLUGKLHUDXFKZDUXP/XKPDQQEHWRQWGHQ.RPSOH[LWlWVXQG 6\VWHPEHJULIIDXVHLQDQGHU]XKDOWHQ.RPSOH[LWlWEHVFKUHLEW5HODWLRQVJH IJH DEHU QLFKW QRWZHQGLJHUZHLVH HLQH VHOEVWUHIHUHQWLHOOH 9HUVFKUlQ NXQJ*HQDXGLHVPDFKW.RPSOH[LWlWIUPRGHUQHOLWHUDULVFKH6WUDWHJLHQ LQWHUHVVDQW(VN|QQHQ0|JOLFKNHLWVKRUL]RQWHHU|IIQHWZHUGHQRKQHEHU VWUXNWXUHOO JHIHVWLJWH )RUPHQ GHU .RPSOH[LWlWVUHGXNWLRQ ]X YHUIJHQ 6WDWWGHVVHQ ZLUG DXVJHWHVWHW ZLH ZHLW ]XIlOOLJH RGHU ]XIlOOLJ DQPXWHQGH  6HOHNWLRQVZHLVHQIKUHQ 6]HQDULHQGHV6FKHLWHUQV5HGXNWLRQYRQ.RPSOH[LWlWLQGHU/LWHUDWXU 1HEHQ GLHVHQ 9HUVXFKHQ PLW +LOIH GHV .RPSOH[LWlWVEHJULIIV GDV /LWHUD ULVFKH LQ GHU 0RGHUQH ]X EHVWLPPHQ ZLUG .RPSOH[LWlW DEHU DXFK ]XP *HJHQVWDQGOLWHUDULVFKHU)LNWLRQHQ,QGHQ9RUGHUJUXQGJHUDWHQQXQPLVV OLQJHQGH)RUPHQGHV.RPSOH[LWlWVPDQDJHPHQWV²HVJHKWDOVRQLFKWXP GHQ DOOJHPHLQHQ +LQZHLV DXI GLH )HLHU XQEHVWLPPWHU .RPSOH[LWlW VRQ GHUQ XP GLH ILNWLRQDOH ,QV]HQLHUXQJ YRQ .RPSOH[LWlW Ä5HGXNWLRQ YRQ .RPSOH[LWlW¶DOVRQLFKWQXULP6LQQHHLQHVDXFKYRQGHU/LWHUDWXUYHUZHQ GHWHQ0HFKDQLVPXVVRQGHUQDOV*HJHQVWDQGYRQ/LWHUDWXU 5HGXNWLRQ YRQ .RPSOH[LWlW LVW HLQ QRWZHQGLJHU 0HFKDQLVPXV PLW +LOIH GHVVHQ 6\VWHPH LKUH %H]LHKXQJ ]X LKUHU 8PZHOW RUJDQLVLHUHQ 5H GXNWLRQ YRQ .RPSOH[LWlW KHL‰W GDVV ÅGDV 5HODWLRQVJHIJH HLQHV NRP SOH[HQ=XVDPPHQKDQJVGXUFKHLQHQ]ZHLWHQ=XVDPPHQKDQJPLWZHQLJHU 5HODWLRQHQUHNRQVWUXLHUWZLUG´(VJHKWDOVRXP0RGHOOELOGXQJXPGLH +HUVWHOOXQJ YRQ %H]LHKXQJVPXVWHUQ XP 0\WKHQ PLW +LOIH GHUHU GLH .RPSOH[LWlW HLQHV 6\VWHPV RGHU GHU 8PZHOW UHNRQVWUXLHUW ZHUGHQ NDQQ  

,Q8O\VHVVNDQQQDKH]XDOOHVPLWDOOHPYHUEXQGHQZHUGHQGLHYHUZLUNOLFKWHQ9HUELQGXQJHQ ZHUGHQVFKRQIDVW]XIlOOLJDXVJHO|VWÅDPHFKDQLVPVRHDV\WRVHWLQPRWLRQWKDWLWDOPRVW DOZD\VHQGVXSEHLQJGRPLQDWHGE\FKDQFH´ 0RUHWWL0RGHUQ(SLF6   6RGHU+LQZHLVLQ/XKPDQQ6R]LDOH6\VWHPH6Å:HU]ZLVFKHQ6\VWHPXQG.RPSOH[LWlW QLFKWXQWHUVFKHLGHQNDQQYHUEDXWVLFKGHQ=XJDQJ]XP3UREOHPNUHLVGHUgNRORJLH'HQQ GLHgNRORJLHKDWHVPLWHLQHU.RPSOH[LWlW]XWXQGLHNHLQ6\VWHPLVWZHLOVLHQLFKWGXUFK HLQHHLJHQH6\VWHP8PZHOW'LIIHUHQ]UHJXOLHUWLVW´  0RUHWWL QXW]W GHQ .RPSOH[LWlWVEHJULII DEHU QLFKW QXU DOV LPPDQHQWH .DWHJRULH ]XU %H VFKUHLEXQJHLQ]HOQHU:HUNHVRQGHUQ²XQGGDVPDFKWVHLQH6WXGLHVRKHUDXVUDJHQG²DOVOL WHUDWXUJHVFKLFKWOLFKH.DWHJRULH/LWHUDWXUJHVFKLFKWHOlVVWVLFKDOVGDV0LWXQG*HJHQHLQDQ GHUXQWHUVFKLHGOLFKHU)RUPHQGHV8PJDQJVPLW.RPSOH[LWlWDQDO\VLHUHQ(ULGHQWLIL]LHUWLQ GHU0RGHUQH]ZHL6WUlQJHHLQHUVHLWVHLQHQ8PJDQJPLW.RPSOH[LWlWGHUVLFKGHU5HGXN WLRQYRQ.RPSOH[LWlWVRZHLWZLHP|JOLFK]XHQW]LHKHQVXFKW -R\FHV8O\VVHV DQGHUHUVHLWV GHU 9HUVXFK HLQHU %lQGLJXQJ XQG 5HGXNWLRQ YRQ .RPSOH[LWlW DOVR GHU 6FKDIIXQJ ÅJH RUGQHWHU.RPSOH[LWlW´ (OLRWV:DVWH/DQG   /XKPDQQ6R]LDOH6\VWHPH6



8UV6WlKHOL

5HGXNWLRQYRQ.RPSOH[LWlWKDWGUHL(IIHNWH'HUHUVWH(IIHNWLVWXQVEH UHLWV EHNDQQW 'LH LQQHUH .RPSOH[LWlW HLQHV 6\VWHPV ZLUG GXUFK HLQH VHOEVWUHIHUHQWLHOOH %HZHJXQJ HLQH Ä5HODWLRQLHUXQJ GHU 5HODWLRQLHUXQJ¶  YHUHLQIDFKWUHNRQVWUXLHUW =ZHLWHQV ZLUG DXIGLHVH :HLVH HLQH .RPSOH[L WlWVJHIlOOH]XU8PZHOWJHVFKDIIHQ(LQ6\VWHPLVWLPPHUZHQLJHUNRPSOH[ DOV VHLQH 8PZHOW 8QG GULWWHQV JHKW .RPSOH[LWlWVUHGXNWLRQ LPPHU PLW .RPSOH[LWlWVVWHLJHUXQJHLQKHU'HU7\SXVP|JOLFKHU(OHPHQWHPDJ]% LP :LVVHQVFKDIWVV\VWHP DXI ZDKUKHLWVIlKLJH 3XEOLNDWLRQHQ HLQJHVFKUlQNW ZHUGHQ ZDV ZLHGHUXP ]X HLQHU XQJHKHXUHQ 9HUYLHOIlOWLJXQJ ZLVVHQ VFKDIWOLFKHU3XEOLNDWLRQVW\SHQIKUW(LQVFKUlQNXQJZLUGKLHU]XU*UXQG ODJHYRQQHXHU9LHOIDOW (LQ VROFKHV .RPSOH[LWlWVJHIlOOH VWHKW LP 0LWWHOSXQNW YRQ :LOO 6HOIV (U]lKOXQJ ,QFOXVLRQŠ Ä,QFOXVLRQ¶ LVW HLQ QHXHV $QWL'HSUHVVLYXP ZHO FKHVGDV,QWHUHVVHDQGHU8PZHOWZLHGHUZHFNHQVROO'LH(U]lKOXQJGR NXPHQWLHUW PLW ILNWLYHQ 7DJHEXFKDXVVFKQLWWHQ GLH 9HUVXFKVSKDVH GLHVHV QHXHQ 0HGLNDPHQWV (UVWH 6HOEVWWHVWV GHV OHLWHQGHQ 3V\FKLDWHUV %XVQHU ]HLJHQHUVWDXQOLFKH(UJHEQLVVH2EZRKOHUVLFKIUKHUQLHIU&XUOLQJLQ WHUHVVLHUWKDWOlVVWLKQHLQH&XUOLQJhEHUWUDJXQJQLFKWPHKUORVMDHUEH JHLVWHUW VLFK VRJDU IU GLH 9HUILOPXQJ HLQHV'UDPDV YRQ -RKQ%HWMHPDQ bKQOLFK HUJHKW HV VHLQHP .ROOHJHQ %RKP GHQ HU HEHQIDOOV ]X HLQHP 6HOEVWYHUVXFKPLWÄ,QFOXVLRQ¶DQOHLWHW$OVGLHVHUDEHUYRQHLQHP7RLOHWWHQ JDQJDXFKQDFK0LQXWHQQLFKW]XUFNJHNHKUWLVW]HLJWVLFK'U%XVQHU EHVRUJW ,ZHQWRXWLQWKHFRUULGRUDQGIRXQGKLPVWDQGLQJWKHUHUDSW$SSDUHQWO\ZKDW KDG KDSSHQHG ZDV WKDW ZKHQ KH ZDV LQ WKH WRLOHW KH EHFDPH IDVFLQDWHG E\ WKH SDUWLFXODUVWUXFWXUHRIWKHILUHUHVLVWDQWWLOHVRQWKHFHLOLQJ>«@+HZDQWHGWRJHW EDFNWRWKHFKHVV JDPHEXW IHOWWKDWKH UHDOO\RXJKWWRXQGHUWDNHVRPHVRUW RI FRPSDUDWLYHVWXG\RIWKHILUHUHVLVWDQWWLOHVLQWKH)DFLOLW\

%RKP JHOLQJW HV LPPHU ZHQLJHU GLH *UHQ]H ]ZLVFKHQ VLFK XQG VHLQHU 8PZHOW DXIUHFKW]XHUKDOWHQ 'DV 0HGLNDPHQW LVW VR HUIROJUHLFK GDVV GHU PDQJHOQGH 8PZHOWEH]XJ GHV 'HSUHVVLYHQ VLFK LQ JU|‰WH 2IIHQKHLW YHU ZDQGHOW'LH9HUVXFKVSHUVRQZLUGGXUFKLKUDOOJHJHQZlUWLJHV,QWHUHVVHJH UDGH]XYRQGHU.RPSOH[LWlWGHU8PZHOWEHUIOXWHW 'DPLW DEHU QLFKW JHQXJ EHL GHP 0DOHU '\NHV HLQHU ZHLWHUHQ 9HU VXFKVSHUVRQJHQJWQLFKWHLQPDOPHKUGLH(LQYHUOHLEXQJDOOHU8PZHOWVWL PXOL Å)XUWKHUPRUH WKH SDLQWHU FODLPHG WKDW KH EHJDQ WR IHHO DV LI KH NQHZPRUHDERXWZKDWHYHULWZDVWKDQKHSRVVLEO\FRXOG´ (VHQWVWHKW HLQQLFKWPHKU]XVWLOOHQGHU+XQJHUQDFK8PZHOWNRPSOH[LWlW²HLQ+XQ  

6HOI:LOOÅ,QFOXVLRQŠ´,Q*UH\$UHD+JY:LOO6HOI/RQGRQ6² (EG6  (EG6 

.RPSOH[LWlW



JHUGHUQLFKW]XOHW]WDXFK]XHLQHU(KHNULVHIKUHQZLUGQDFKGHPVHLQH *DWWLQVLFK]XQlFKVWEHUGLHODQJHKHUEHLJHVHKQWH*HQHVXQJGHVGHSUHV VLYHQ0DOHUVJHIUHXWKDW$EHUVHLQ8PZHOWLQWHUHVVHZLUGXQHUWUlJOLFK²HU ]HLJWVLFKHWZDPD‰ORVDQGHU:RKOWlWLJNHLWVDUEHLWVHLQHU)UDXLQWHUHVVLHUW %DOGPHUNWHUDEHUGDVVVHLQH)UDX]XZHQLJEHULKUH7lWLJNHLWHQZHL‰ Å7KHUH·V QR SRLQW LQ \RXU JRLQJ DQ\ IXUWKHU ZLWK WKLV \RX KDYHQ·W JRW HQRXJK LQIRUPDWLRQ´ '\NH VHKQW VLFK QDFK GHU YROOHQ 8PZHOWNRP SOH[LWlWXQGVFKHLWHUWGDUDQÅGDVVHLQEHU*UHQ]HQYHUPLWWHOWHU.RQWDNW NHLQHP6\VWHPGLHYROOH.RPSOH[LWlWGHVDQGHUHQYHUPLWWHOQNDQQ´ :DV 6HOIV (U]lKOXQJ DXI NRPLVFKH DEHU HEHQVR SUl]LVH :HLVH LQV]H QLHUWLVWGHU=XVDPPHQEUXFKHLQHV.RPSOH[LWlWVJHIlOOHV'HUGHSUHVVLYH LQVLFKJHNHKUWHXQGZHOWDEJHZDQGWH.UDQNHZLUGJHUDGH]XVFKWLJQDFK 8PZHOWNRPSOH[LWlW 'DV ORJLVFKH (QGH GHU (U]lKOXQJ IKUW NRQVHTXHQW ]XU$XIO|VXQJYRQJHVFKORVVHQHQSV\FKLVFKHQ6\VWHPHQ'U%XVQHUZLUG ]XP 2SIHU GHU $OO,QNOXVLRQVNUDQNKHLW VHLQHV 3DWLHQWHQ '\NH (U ILQGHW VLFK QXQ LQ GHVVHQ SV\FKLVFKHV 6\VWHP LQNOXGLHUW ZDV DEHU ZLHGHUXP QLFKWJDQ]VREHGURKOLFKLVWZLHHVDXIGHQHUVWHQ%OLFNHUVFKHLQW'HQQ '\NHVHOEVWKDWMDVFKRQQDKH]XMHGHHLJHQH,GHQWLWlWGXUFKGLHEHVWlQGLJH ,QNOXVLRQ VHLQHU 8PZHOW DXIJHJHEHQ Å'\NH·V PLQG LV D FOXWWHUHG SODFH >«@+HOHDYHVPHSUHWW\PXFKWRP\VHOI´0HKUQRFKÅ,KDYHEHFRPH ²DVLWZHUH²,QFOXVLRQ´'LH(U]lKOXQJIKUWDXIGLHVH:HLVHHLQDSRND O\SWLVFKHV .RPSOH[LWlWVPDQDJHPHQW YRU GDV GHQ .DONOHQ GHU 6\V WHPWKHRULH YHUERUJHQ EOHLEW 'HQ $EEDX YRQ .RPSOH[LWlWVJHIlOOHQ XQG GLH SDUDGR[HQ (IIHNWH GLH VLFK LQ GLHVHU NDWDVWURSKLVFKHQ $EEDXSKDVH ]HLJHQ'HQQZHQQ(JRHLQHLPPHUJU|‰HUH(LJHQNRPSOH[LWlWHQWZLFNHOW LQGHPHVJHUDGH]XLQGLH8PZHOWJHVRJHQZLUGGDQQYHUJU|‰HUWVLFK(JR QLFKWQXUVRQGHUQJHUlWVHOEVWLQGLH.ULVH0DQN|QQWHGLHVVFKRQIDVWDOV HLQH3DUDEHODXIGLH8QP|JOLFKNHLWYRQÅUHTXLVLWHYDULHW\´OHVHQ(LQ6\V WHP GDV RKQH .RPSOH[LWlWVUHGXNWLRQ YHUVXFKW GLH 8PZHOWNRPSOH[LWlW DE]XELOGHQO|VWVLFKDXI*HQDXDXVGLHVHP*UXQGNDQQHVIU/XKPDQQ NHLQHÅUHTXLVLWHYDULHW\´JHEHQ'LH8PZHOWLVWLPPHUNRPSOH[HUDOVGDV 6\VWHP $EHU 6HOIV (U]lKOXQJ EOHLEW QLFKW EHL GLHVHP WKHRUHWLVFKHQ Ä9HUERW¶ VWHKHQ VRQGHUQ PDOW DXV ZDV JHVFKHKHQ ZUGH ZHQQ GLHVHV 9HUERWPLVVDFKWHWZUGH'DPLWVWHLJHUWHUGDV3UREOHPXPHLQH]XVlW] OLFKH'UHKXQJ(JRO|VWVLFK]XQlFKVWQLFKWHLQIDFKDXIVRQGHUQZLOOVR JDU NRPSOH[HU DOV GLH 8PZHOW ZHUGHQ 'DUDXV HUNOlUW VLFK GLH 8Q]XIULH GHQKHLWPLWGHQPDQJHOQGHQ,QIRUPDWLRQHQYRQ'\NHV)UDXMDDXFK'\  

(EG6 /XKPDQQ6R]LDOH6\VWHPH6  6HOIÅ,QFOXVLRQŠ´6  (EG6  /XKPDQQ6R]LDOH6\VWHPH6 



8UV6WlKHOL

NHV SO|W]OLFKH )lKLJNHLW 'LQJH ]X ZLVVHQ GLH HU JDU QLFKW ZLVVHQ NDQQ :LUKDEHQHVDOVRPLWHLQHU8PNHKUXQJYRQ/XKPDQQV/HKUVDW]]XWXQ GDVVHLQ6\VWHPLPPHUZHQLJHUNRPSOH[DOVVHLQH8PZHOWVHLQPXVV'LH 8PZHOW LVW XQWHUNRPSOH[ ² XQG JHUDGH GLHV LVW *UXQG IU GLH PD‰ORVH (QWWlXVFKXQJYRQ'\NH.HKUHQZLUDEHUQRFKHLQPDO]X(JRV,QNOXVLRQ YRQ$OWHU²DOVR'\NHV,QNOXVLRQYRQ%XVQHU²]XUFN(LQEHUHLWVGHVLQ WHJULHUWHV GD EHUNRPSOH[HV (JR LQNOXGLHUW HLQ HEHQIDOOV YRQ Ä,QFOXVLRQ¶ DIIL]LHUWHV$OWHUZDVOHW]WOLFKGD]XIKUWGDVDOOHVQXUQRFK]XP0HGLXP Ä,QFOXVLRQ¶ ZLUG ² ]X MHQHP 0HGLXP DOVR ZHOFKHV GLH (LJHQNRPSOH[LWlW GHV'HSUHVVLYHQVWHLJHUQVROOWH 'LH (LQYHUOHLEXQJ GHU :HOWNRPSOH[LWlW ² GDV LVW JDQ] EXFKVWlEOLFK DXFKGDV7KHPDHLQHU(SLVRGHLQ'DYLG)RVWHU:DOODFHV7KH%URRPRIWKH 6\VWHP/HRQRUH6WRQHFLSKHU%HDGVPDQ7RFKWHUHLQHVHUIROJUHLFKHQ%D E\1DKUXQJ+HUVWHOOHUVWULIIWLQHLQHP5HVWDXUDQWDXIGHQUHLFKHQ8QWHU QHKPHU 1RUPDQ %RPEDUGLQL %RPEDUGLQL EHVWHKW JHJHQEHU GHP XQ JOlXELJHQ.HOOQHUDXIVHLQHU%HVWHOOXQJYRQVLHEHQ6WHDNVÅ,DPDQREHVH JOXWWRQRXVSLJ>«@,DPPRUHKRJWKDQKXPDQ7KHUHLVURRPSK\VLFDO URRPIRU\RXLQP\VWRPDFK'R\RXKHDU"@/RQGRQ (EG6  (EG6  (EG6 

.RPSOH[LWlW



'DV 5H]HSW GHU :HLJKW :DWFKHUV EHVWHKW QXQ GDULQ HLQ PLQLPDOHV VFKODQNHV 6HOEVW PLW HLQHU PD[LPDOHQ 8PZHOW ]X XPJHEHQ 'LH V\VWHP WKHRUHWLVFKH 7KHVH GHV .RPSOH[LWlWVJHIlOOHV HQWSXSSW VLFK KLHU DOV 3KL ORVRSKLHGHU:HLJKW:DWFKHUV'LHHLJHQHN|USHUOLFKH.RPSOH[LWlW]XUH GX]LHUHQXPVLFKDXIGLHVH:HLVHHOHJDQWLQHLQHUUHLFKHQ8PZHOWEHZH JHQ]XN|QQHQ%RPEDUGLQLHUZHLVWVLFKDEHUDOVJHVFKLFNWHU)XQNWLRQDOLVW :HQQHVULFKWLJLVWGDVVGDV*UXQGSUREOHPGLH$QJVWYRUGHU/HHUHLVW GDQQPXVVHVDXFKDOWHUQDWLYH/|VXQJHQ]XU6FKODQNKHLWVNXUJHEHQÅ5D WKHUWKDQGLPLQLVKLQJ6HOIWRHQWLFH2WKHUWRILOORXUXQLYHUVHZHPD\DOVR RI FRXUVH REYLRXVO\ FKRRVH WR ILOO WKH XQLYHUVH ZLWK 6HOI´ *UHQ]HQORVH *HIUl‰LJNHLWXQGXQHQGOLFKHU+XQJHU²GDVVLQGKLHUGLH)LJXUHQZHOFKH GLH%H]LHKXQJ]ZLVFKHQ6\VWHPXQG8PZHOWVWHXHUQ6LHVLQGGLHIXQNWLR QDOHQ$OWHUQDWLYHQ]XU5HGXNWLRQYRQ.RPSOH[LWlW$OOHUGLQJVIKUWGLHV QLFKWGD]XGDVVGLH8PZHOWLQV6\VWHPDXIJHVRJHQZLUGVRQGHUQ²XQG GDV LVW GLH 3RLQWH ² GDVV GLH 8PZHOW GXUFK GDV LPPHU GLFNHU ZHUGHQGH 6\VWHPYHUGUlQJWZLUG'LHVHVÅ3URMHFW7RWDO@HLQVWlQGLJHV1HXIRUPLHUHQ GHU VLQQNRQVWLWXWLYHQ 'LIIHUHQ] YRQ $NWXDOLWlW XQG 0|JOLFKNHLW 6LQQ LVW ODXIHQGHV $NWXDOLVLHUHQ YRQ 0|JOLFKNHLWHQ´ $EHU GLH .XQVW VR /XK PDQQV:RUWLQ'LH.XQVWGHU*HVHOOVFKDIWÅYHUVFKlUIW´GLHVH'LIIHUHQ]'LH 8QWHUVFKHLGXQJZLUGGXUFK.XQVWZHVHQWOLFKWUHQQVFKlUIHUZDKUQHKPEDU DOVGLHVLQGHUDX‰HUlVWKHWLVFKHQ:DKUQHKPXQJ.RPPXQLNDWLRQGHU)DOO LVW'HQQGLH.XQVWVFK|SIWDXVGHPZDVGXUFK$NWXDOLVLHUXQJYRQ0|J  

(VLVWDX‰HUGHP²XQGGLHVQLFKWQXUDXIGHQHUVWHQ%OLFN²UHFKW]XPXWXQJVUHLFK.XQVW DOV 6\VWHP ]X EHKDQGHOQ 'LH 6\VWHPELOGXQJVZDKUVFKHLQOLFKNHLW DOVR GHU 8PVWDQG GDVV VLFK ÅXP HLQH 0HGLHQNRPPXQLNDWLRQ KHUXP DXWRSRLHWLVFKH 6\VWHPH ELOGHQ´ /XKPDQQ 1LNODV(LQIKUXQJLQGLH7KHRULHGHU*HVHOOVFKDIW+JY'LUN%DHFNHU+HLGHOEHUJ6  LVW VR /XKPDQQ JHVHOOVFKDIWOLFK NHLQHVIDOOV JOHLFK YHUWHLOW 6R VLQG Å*HOG´ XQG Å0DFKW´ HEG6 lX‰HUVWHUIROJUHLFKXQGHLQH6\VWHPELOGXQJLVWZDKUVFKHLQOLFK$QGHUVLP)DOO GHU:LVVHQVFKDIW²XQGEHVRQGHUVGHU.XQVWÅ'LH*HVHOOVFKDIWLVWQLFKWVRXQPLWWHOEDUYRQ HLQHP.ROODSVGHU)RUVFKXQJEHGURKWZLHVLHYRQHLQHP.ROODSVGHUgNRQRPLHEHGURKW ZlUH'LHJHVHOOVFKDIWOLFKH5HOHYDQ]KlQJWPLWGHU)UDJH]XVDPPHQZLHZLFKWLJHVLVWGDVV EHVWLPPWH0HGLHQLKUH2SHUDWLRQVZHLVHUHNXUVLYVFKOLH‰HQXQG6\VWHPHDXVGLIIHUHQ]LHUHQ 'DV ZUGH HUVW UHFKW JHOWHQ ZHQQ PDQ GLH .XQVW HLQEH]LHKW :HQQ PDQ VDJHQ ZUGH .XQVWLVWHLQ6\VWHPNlPHPDQDXIZHQLJHUZLFKWLJH6DFKHQDOVLP%HUHLFKGHUgNRQRPLH REZRKO IRUPDO GLH .XQVW RKQH 6\VWHPELOGXQJ VLFKHUOLFK QLFKW VR ODXIHQ ZUGH ZLH VLH OlXIW´ HEG6I 'LH8QZDKUVFKHLQOLFKNHLWLQGLHVHP6LQQHEH]LHKWVLFKDOVRDXIGLH Å6\VWHPELOGXQJVNDSD]LWlW´GLHGHU.XQVWLVWVR/XKPDQQÅQLFKWYRQJOHLFKHUJHVHOOVFKDIW OLFKHU%HGHXWXQJZLHGLH6\VWHPELOGXQJVNDSD]LWlWGHV0HGLXPV*HOG´ HEG6 (EHQ VR LVW HV P|JOLFK LQ )RUPGHV *HGDQNHQH[SHULPHQWVQDFKGHQ )ROJHQYRQ ([NOXVLRQ ]X IUDJHQDOVRZDVHLQ$XVVFKOXVVDXVUHFKWOLFKHU|NRQRPLVFKHUXQGSROLWLVFKHU.RPPXQLND WLRQ LP *HJHQVDW] ]X HLQHP $XVVFKOXVV DXV ZLVVHQVFKDIWOLFKHU RGHU NXQVWI|UPLJHU .RP PXQLNDWLRQEHGHXWHW,QOHW]WHUHQEHLGHQ)lOOHQZlUHQGLH)ROJHQZHLWZHQLJHUJUDYLHUHQG 9JO ]XU =XPXWXQJ XQG ZDUXP HV VLFK GHQQRFK ORKQW .XQVW DOV 6\VWHP ]X EHREDFKWHQ %DHFNHU'LUNÅ'LH$GUHVVHGHU.XQVW´,Q6\VWHPWKHRULHGHU/LWHUDWXU+JY-UJHQ)RKU PDQQX+DUUR0OOHU0QFKHQ6²  /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6  /XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH )UDQNIXUW0DLQ  6

.RQWLQJHQ]2UGQXQJ



OLFKNHLWHQXQG2SWLRQHQEOR‰H0|JOLFKNHLWJHEOLHEHQLVW²REZRKOHVHEHQ VRJXWDXFKKlWWHDNWXDOLVLHUWZHUGHQN|QQHQXQGDOVSRWHQWLHOOH5HDOLWlW VLQQNRQVWLWXWLYLVW'LH.XQVWVROlVVWVLFKDXFKVDJHQO|VWVLFKYRQGHU DNWXHOOHQ5HDOLWlWÅXPGDQQPLWHLJHQHQ:HUNHQ]XEHOHJHQGD‰DXFKLP %HUHLFKGHVQXU0|JOLFKHQ2UGQXQJ]XILQGHQVHL´ 'HU 0|JOLFKNHLWVUDXP LVW ZLH JHVDJW QLFKW DEKlQJLJ YRQ GHU :LUN OLFKNHLWHLQGHXWLJNXQVWI|UPLJHU.RPPXQLNDWLRQ(LQHVFK|QH(U]lKOXQJ GDYRQGDVVGLH5HDOLVLHUXQJHLQHU2UGQXQJGXUFK(QWVFKHLGXQJXQG6H OHNWLRQ XQHQGOLFK YLHOH P|JOLFKH :HOWHQ HUVFKDIIW ILQGHW VLFK LQ HLQHP 'LDORJLQ*RWWIULHG:LOKHOP/HLEQL]·7KHRGL]HH  (LQ3ULHVWHU7KHR GRUXVHUKlOWLQGLHVHU(U]lKOXQJGLH*HOHJHQKHLWGLH6SKlUHGHVQXURGHU EOR‰ 0|JOLFKHQ HLQ]XVHKHQ ² XQG 0|JOLFKNHLWHQ LQ GLHVHU 6SKlUH GXUFK ]XSURELHUHQ (U GDUIVLFK DOVR ZLH GHU 6SLHOHU HLQHV 6WUDWHJLHVSLHOV NRQ ILJXUDWLRQVNULWLVFK YHUKDOWHQ XQG HUIDKUHQ GDVV GLHV ÅGLH XPVLFKWLJH 5H JXODWLRQPHKUHUHUYRQHLQDQGHUDEKlQJLJHU:HUWH´EHGHXWHW'LH*|WWLQ 3DOODV HUOlXWHUW ]XYRU LKU 5HLFK Å'X VLHKVWKLHU GHQ 3DODVW GHU/RVH GHV /HEHQV GHU PHLQHU 2EKXWDQYHUWUDXW LVW (U HQWKlOW 'DUVWHOOXQJHQ QLFKW DOOHLQGHVVHQZDVZLUNOLFKJHVFKLHKWVRQGHUQDXFKDOOHVGHVVHQZDVP|J OLFKLVW-XSLWHUKDWGLHVHYRU%HJLQQGHUEHVWHKHQGHQ:HOWGXUFKJHVHKHQ KDWDOOHGLHP|JOLFKHQ:HOWHQEHUGDFKWXQGGLHEHVWHYRQDOOHQHUZlKOW´ 'LH $NWXDOLVLHUXQJ GHU HLQHQ ZLUNOLFKHQ :HOW VFKDIIW HLQH XQEHU VFKDXEDUH=DKODQEOR‰P|JOLFKHQ:HOWHQGHQQMHGHV(UHLJQLVMHGH:DKO OHJW HLQHQ =XVWDQG IHVW ² XQG VFKOLH‰W DQGHUH HEHQIDOOV P|JOLFKH DXV :RKOJHPHUNW$XFKGLHGXUFKGHQ*RWWVFKOLH‰OLFKYHUZLUNOLFKWH:HOWLVW XQGEOHLEWDXFKHLQHGHUP|JOLFKHQ:HOWHQGHQQZDVDNWXHOOLVWLVWHEHQ VRP|JOLFK1XULVWVLHHEHQQLFKWQXURGHUEOR‰P|JOLFK'HQ8QWHUVFKLHG YHUGDQNWVLHHLQHUJ|WWOLFKHQ:DKO'LHVHKlWWHDXFKDQGHUVDXVIDOOHQN|Q QHQ ,QVRIHUQ PXVV ZHU HLQH EHVWLPPWH P|JOLFKH :HOW VHKHQ ZLOO GLH %HGLQJXQJHQ VFKRQ VR JHQDX DQJHEHQ ZLH HV VFKHLQEDU QXU GHP *RWW RGHUVHLQHU7RFKWHUP|JOLFKVHLQGUIWH0DQNDQQVR3DOODV DXI GLHVH :HLVH >@ DXFK HUIDKUHQ ZDV HLQWUHWHQ ZUGH ZHQQ GLHVH RGHU MHQH 0|JOLFKNHLW H[LVWLHUHQ VROOWH :HQQ GLH GDEHL JHVWHOOWHQ %HGLQJXQJHQ QLFKW EH VWLPPW JHQXJ VLQG VR ZHUGHQ VLFK VR YLHOH XQWHUHLQDQGHU YHUVFKLHGHQH :HOWHQ

 

/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 3LDV&ODXV&RPSXWHUVSLHOHKWWSZZZXQLGXHGHaEMWH[WHNXSGI 6WDQG  9JOGD]XDXFKGLH$XVIKUXQJHQLQ3LDV&ODXV&RPSXWHU²6SLHO²:HOWHQ0Q FKHQ6²  /HLEQL]*RWWIULHG:LOKHOPÅ'LH7KHRGL]HH9RQGHU*WH*RWWHVGHU)UHLKHLWGHV0HQ VFKHQXQGGHP8UVSUXQJGHVhEHOV´,Q*RWWIULHG:LOKHOP/HLEQL]3KLORVRSKLVFKH6FKULIWHQ %G+JXEHUVY+HUEHUW+HUULQJ)UDQNIXUW0DLQKLHU%G6 



7RUVWHQ+DKQ ]HLJHQZLHPDQQXUZLOOXQGGLHDOOHGLHVHOEH)UDJHLQYHUVFKLHGHQHU:HLVHXQG DXIMHGHP|JOLFKH$UWEHDQWZRUWHQ

'HUHLQHQDNWXDOLVLHUWHQ2UGQXQJGHU:HOWXQGGHU'LQJHVWHKWHLQHXQ EHUVFKDXEDUH=DKOEOR‰P|JOLFKHU:HOWHQJHJHQEHUGLHVHKDWGHU*RWW DEHUIUZHQLJHUJXWRGHUSHUIHNWEHIXQGHQXQGGDKHUQLFKWUHDOLVLHUW'LH .RQILJXUDWLRQHQGHV3ULHVWHUVVLQG DOVR LP 9HUJOHLFK PLW GHUGHV*RWWHV LPPHUVFKRQGHIL]LWlU $XIGLHVHEOR‰P|JOLFKHQ:HOWHQXQGGDPLWGHQSRWHQWLHOOJHEOLHEHQHQ 7HLO GHV .RQWLQJHQ]UDXPV JUHLIW GLH .XQVW ]X DOOHUGLQJV XQG GDV LVW ZLFKWLJQLFKWXPGHUHLQHQ:LUNOLFKNHLWHUQHXW]XEHVFKHLQLJHQGDVVVLH KLQVLFKWOLFK LKUHU 3HUIHNWLRQ DOWHUQDWLYORV LVW 9LHOPHKU OlVVW .XQVW 2UG QXQJLQGHU2UGQXQJ GHU:LUNOLFKNHLW5HDOLWlW HQWVWHKHQXQGVWDWWHWGLH VH2UGQXQJPLWHLQHUVFKHLQEDUHQ1RWZHQGLJNHLWDXVGLHGLH5HDOLWlWDOVR GLHUHDOLVLHUWH0|JOLFKNHLWDOVEUFKLJXQZDKUVFKHLQOLFKRGHU]XIlOOLJHU VFKHLQHQODVVHQNDQQ,Q'LH*HVHOOVFKDIWGHU*HVHOOVFKDIWEHVFKUHLEW/XKPDQQ GLH)ROJHQGLHVHU(PHUJHQ]HLQHUDOWHUQDWLYHQ2UGQXQJÅ'DV.XQVWZHUN HUEULQJWIUVLFKVHOEVWGHQ1RWZHQGLJNHLWVEHZHLV²XQGHQW]LHKWLKQGD PLW GHU :HOW´ 'LH .XQVW IKUW YRU GDVV VLH PLW LKUHQ HLJHQHQ 0LWWHOQ 2UGQXQJHU]HXJHQNDQQXQGGD]XQLFKWDXIGLHZLUNOLFKHDNWXHOOH5HDOLWlW DQJHZLHVHQLVWGLH0|JOLFKNHLWHLQHVSODXVLEOHQ2UGQXQJVJHZLQQVLQGHU )LNWLRQ GHV .XQVWZHUNV IKUW GD]X GDVV GLH 5HDOLWlW DOV NRQWLQJHQW DOV ZHGHUQRWZHQGLJQRFKXQP|JOLFKEHREDFKWHWZHUGHQNDQQ$EHUGLH5H GH YRQ )LNWLRQDOLWlW LVW VR /XKPDQQ QRFK ]X VFKZDFK E]Z ÅGHU $XV GUXFN VDJW QLFKW JHQXJ 'LH .XQVW EOHLEW QLFKW )LNWLRQ VLH HU]HXJW HLQH 5HDOLWlWPLWGHP5HFKW]XHLJHQHU2EMHNWLYLWlW´'LHVLVWGHU3XQNW'LH 5HDOLWlWVSDOWHWVLFKDXILQHLQHUHDOHXQGHLQHILNWLRQDOH5HDOLWlW%HLGH 9HUVLRQHQEHDQVSUXFKHQDEHUIUVLFKGDVLVW]HQWUDOHLQH5HDOLWlW]XVHLQ 'LH.XQVWVHW]WDXI.RQIURQWDWLRQ 8QGLQGLHVHU'LIIHUHQ]LHUXQJGHU5HDOLWlWLVWHLQLJHVP|JOLFKLQVEH VRQGHUH PLW %OLFN DXI GLH 5HGH YRQ GHU ZLUNOLFKHQ :HOW DOV GHU EHVWHQ :HOW'HQQGLHÅ)XQNWLRQGHU.XQVW´LVWHVVR/XKPDQQV9RUVFKODJLQ 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW Å:HOW LQ GHU :HOW HUVFKHLQHQ ]X ODVVHQ´ ²  

(EG6² /XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6  (EG%G,6  /RJLVFKOLHJWPLWGHUÅ8QWHUVFKHLGXQJYRQUHDOHUXQGILNWLRQDOHU5HDOLWlW´HLQUHHQWU\YRU 9JOGD]XXQG]XU8QWHUVFKHLGXQJ/XKPDQQ1LNODVÅ/LWHUDWXUDOVILNWLRQDOH5HDOLWlW´,Q 1LNODV/XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ 6 ² KLHU 6  'LHVHU UHHQWU\ LVW DXI EHLGHQ 6HLWHQ GHU 8QWHUVFKHLGXQJ 5HDOL WlW)LNWLRQ ]X EHREDFKWHQ ,FK JHKH LP )ROJHQGHQ QXU HLQHU 0|JOLFKNHLW GHV :LHGHUHLQ WULWWVGHU8QWHUVFKHLGXQJLP8QWHUVFKLHGHQHQQDFK 

.RQWLQJHQ]2UGQXQJ



HLQH ZHOWKDOWLJH 2UGQXQJ LQ GHU 2UGQXQJ ² ÅGLH (LQKHLW LQ GHU (LQKHLW GDU]XVWHOOHQVHLHVYHUEHVVHUW>@VHLHV>@YHUVFKOLPPHUW´ :LHGLHVH9HUEHVVHUXQJ²]XU(ULQQHUXQJ'LHEHVWHDOOHU:HOWHQQDFK 'XUFKVLFKW GHU0|JOLFKNHLWHQ ]X UHDOLVLHUHQ ZDU ]XYRU GDV :HUN HLQHV  *RWWHV²DXVVHKHQNDQQKDW/XKPDQQLQHLQHPHUVFKLHQHQHQ$XI VDW]DQJHVSURFKHQ'HPQDFKIKUWGLH.XQVWPLWLKUHQ0LWWHOQYRUGDVV DOOHVÅDXFKDQGHUVP|JOLFKLVW´'LH:HOWN|QQWHJDQ]DQGHUVVHLQÅ6FK| QHU]XP%HLVSLHO2GHUZHQLJHU]XIDOOVUHLFK2GHUPLWQRFKYHUERUJHQHP 6LQQGXUFKVHW]W'LHVHU+LQZHLVZLUGPLWHLJHQHQDUWLVWLVFKHQ0LWWHOQJH JHQ GLH 1RUPDOVLFKW GXUFKJHVHW]W´ 8QDEOlVVLJ ]HLJW GDV .XQVWZHUN GDVV GLH ÅIHVWVLW]HQGH $OOWDJVYHUVLRQ´ NRQWLQJHQW LVW GLH PLW GLHVHU YHU WUDXWHQ9HUVLRQHLQKHUJHKHQGH2UGQXQJGHU'LQJHÅZLUGDOVDXIO|VEDUHU ZLHVHQ´ .XQVW VRUJW GDIU GDVV GLH .RQWLQJHQ] GHU 5HDOLWlW DX JHQVFKHLQOLFK ZLUG'LH :HOW N|QQWH DXFK DQGHUVVHLQVR ZLH VLH DNWXHOO LVWLVWVLHEOR‰²GDVPHLQWNRQWLQJHQW²ZHGHUQRWZHQGLJQRFKXQP|JOLFK 'HU2UGQXQJVHQWZXUIEHDQVSUXFKWHEHQVRUHDOZLHGLHWlJOLFKHUIDK UHQH5HDOLWlWVHOEVW]XVHLQ2GHUNRPSOH[HU8QGGLHVDOOHVZLH+DQV%OX PHQEHUJHVHLQPDOJHQDQQWKDWLQÅ)RUPGHUOLQHDUHQ.RQVLVWHQ]LQHL QHP5DXP=HLW6\VWHP´'HQQGLH.XQVWSURGX]LHUWHLQHHLJHQH:HOW HLQH ILNWLYH 5HDOLWlW GLH VLFK PLW GHU UHDOHQ 5HDOLWlW PHVVHQ NDQQ 1XU NDQQ HV VLFK GDEHL XP GLH  9HUVLRQ GHU :HOW KDQGHOQ EHREDFKWEDUH )HKOHUN|QQHQNRUULJLHUWZHUGHQ'LH:HOWGHU.XQVWNDQQHLQHVHLQGLH QLFKWYRP=XIDOOEHKHUUVFKWZLUG2GHUHLQHGLHHEHQVFK|QHULVW'DVV PDQ GLHV JHQLH‰HQ NDQQ REZRKO PDQ ZHL‰ GDVV HV HLQH (UILQGXQJ LVW XQGHVQLFKWDOV/JHRGHULGLRV\QNUDWLVFKH7UlXPHUHL²GLHHLQHQJHQDX JHQRPPHQQLFKWVDQJHKW²LJQRULHUWRGHUVFKQHOOZLHGHUYHUJLVVWOLHJWDP 5HDOLWlWVDXVZHLV GHQ GDV .XQVWZHUN HUEULQJW 'HQQ GLH )UDJH VR /XK PDQQÅODXWHW>«@QLFKWZDVJLEWHVQRFKXQGZDVJLEWHVQLFKW"VRQGHUQ ZLHGHDUELWUDULVLHUWPDQGLH)LNWLRQ"8QGGDUDXIKDWGDV.XQVWZHUNVHOEVW ]XDQWZRUWHQ´ 'DUDXIPXVVGDV.XQVWZHUNLQGHU7DWDQWZRUWHQ'DVVVLFKDEHUGLH )UDJH EHUKDXSW VWHOOHQ OlVVW OLHJW DP :LUNOLFKNHLWVEHJULII =XU (LQRUG QXQJGHU/XKPDQQ·VFKHQ$XVIKUXQJHQVHLNXU]GHU7H[WDQJHVSURFKHQ  

/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6I /XKPDQQ 1LNODV Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ ,Q 1LNODV /XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ6² KLHU6  (EG6  %OXPHQEHUJ+DQVÅ:LUNOLFKNHLWVEHJULIIXQG0|JOLFKNHLWGHV5RPDQV´,Q+DQV%OXPHQ EHUJ bVWKHWLVFKH XQG PHWDSKRURORJLVFKH 6FKULIWHQ $XVZDKO XQG 1DFKZRUW YRQ $QVHOP +DYHU NDPS)UDQNIXUW0DLQ6²KLHU6  /XKPDQQ 1LNODV Å:HOWNXQVW´ ,Q /XKPDQQ 6FKULIWHQ ]X .XQVW XQG /LWHUDWXU 6 ² KLHU6 



7RUVWHQ+DKQ

GHP GLHVH 9DULDQWH GHU 6\VWHPWKHRULH HLQHQ 7HLO LKUHU (LQVLFKWHQ ]XU .XQVWYHUGDQNW /XKPDQQV $XVIKUXQJHQ ]XU 2UGQXQJ GHU .XQVW VLQG WHLOZHLVH 5H IRUPXOLHUXQJHQYRQ+DQV%OXPHQEHUJV6FKULIWHQ]XU7KHRULHGHU.XQVW :LUNOLFKNHLWVEHJULIIXQG0|JOLFKNHLWGHV5RPDQVLVWLQGLHVHP=XVDPPHQKDQJ LQVEHVRQGHUH HLQVFKOlJLJ ,Q GLHVHP $XIVDW] YRQ  JHKW %OXPHQEHUJ GHU 7KHVH QDFK GDVV ÅGLH *HVFKLFKWH GHU bVWKHWLN HLQH HLQ]LJH $XVHLQ DQGHUVHW]XQJPLWGHPDQWLNHQ6DW]GDUVWHOOWGD‰GLH'LFKWHUOJHQ´(U ]HLFKQHW XD GLH(QWVWHKXQJGHV.XQVWYHUVWlQGQLVVHVGHU)UKHQ1HX ]HLW QDFK XQG KHEW GHQ %UXFK KHUYRU GHU PLW GLHVHP HLQKHUJHKW 'HQQ GHU2UGQXQJVJHZLQQEHGHXWHWLQHLQ.RQNXUUHQ]YHUKlOWQLVPLWGHU:HOW XQGLQ=HLWHQDOVGHU2UGQXQJVHQWZXUIGHU5HOLJLRQYHUELQGOLFKZDUPLW *RWWHLQ]XWUHWHQ 'LH9HUJOHLFKEDUNHLWGHVPHQVFKOLFKHQ:HUNHVPLWGHPJ|WWOLFKHQ6FK|SIXQJV ZHUNZDUGLHKHLPOLFKHRGHUDXVGUFNOLFKH2ULHQWLHUXQJHLQHVQHXVLFKELOGHQGHQ %HJULIIHV YRP .QVWOHU XQG GDV IKUWH QDWUOLFK PLW 9HKHPHQ] ]XUFN DXI GLH )UDJHQDFKGHP9HUKlOWQLVGHV.XQVWZHUNHV]XU1DWXUZLUNOLFKNHLWQDFKGHUQRW ZHQGLJHQ RGHU ]XIlOOLJHQ $EKlQJLJNHLW RGHU /|VEDUNHLW GLHVHV %H]XJHV :HQQ GLHVH $XIIDVVXQJ YRQ GHP IUKHQ ,PSXOV IU GLH .XQVWDXIIDVVXQJ GHU 1HX]HLW ULFKWLJLVWGDQQOLHJWLQGHU.RQVHTXHQ]GHV$QVDW]HVQLFKWQXUHLQH1HXEHVWLP PXQJGHU'LIIHUHQ]lVWKHWLVFKHUXQGSK\VLVFKHU*HJHQVWlQGHVRQGHUQGLH,GHH GHU.RQNXUUHQ]GHV.QVWOHUVPLWGHUYRUJHIXQGHQHQ:HOWLPJDQ]HQDOVRQLFKW QXULKUHU$EZDQGOXQJ,GHDOLVLHUXQJ9DULLHUXQJVRQGHUQGHUNQVWOHULVFKHQ(U VFKDIIXQJZHOWHEHQEUWLJHU:HUNH18

$XFKKLHUJHKWHVDOVRXP'LIIHUHQ]HUIDKUXQJ0DQZLOOVLFKYRQGHU1D WXUGHU5HDOLWlWQLFKWOlQJHUGLH5HJHOQYRUVFKUHLEHQODVVHQ,QGHU)ROJH ZLUGHVGHU.XQVWQLFKWPHKUGDUXPJHKHQ :LUNOLFKNHLWHQDXVGHUHLQHQXQGHLQ]LJHQ:LUNOLFKNHLWQDFKDKPHQGKHUDXV]XKH EHQVRQGHUQQXUQRFKGHQ:LUNOLFKNHLWVZHUWGHUHLQHQYRUJHJHEHQHQ:LUNOLFK NHLWDOVVROFKHQQDFK]XELOGHQ>$EVDW]@7KHPDGHU.XQVWZLUGLQOHW]WHU.RQVH TXHQ]GHUIRUPDOH:LUNOLFKNHLWVDXVZHLVVHOEVW>@19

'LHVLVWGLH(PHUJHQ]YRQ2UGQXQJPLWHLJHQHP5HFKWDXI2EMHNWLYLWlW ZDV ]XJOHLFK .RQVHTXHQ]HQ IU GHQ :LUNOLFKNHLWVEHJULII KDW ² XQG GHQ $OOHLQDQVSUXFK GHU lX‰HUHQ :HOW DXI :LUNOLFKNHLW HPSILQGOLFK HLQ VFKUlQNW 'LH .RQVHTXHQ]HQ GLHVHU QHXHQ )RUPXOLHUXQJ GHU JHLVWLJHQ /HLVWXQJ GHV 0HQ VFKHQVLQGZHLWUHLFKHQG:LUNOLFKNHLWNDQQQLFKWPHKUHLQHGHQJHJHEHQHQ'LQ JHQJOHLFKVDPDQKDIWHQGH4XDOLWlWVHLQVRQGHUQGHU,QEHJULIIGHVHLQVWLPPLJHQ

 

%OXPHQEHUJÅ:LUNOLFKNHLWVEHJULIIXQG0|JOLFKNHLWGHV5RPDQV´6 (EG6  (EG6 

.RQWLQJHQ]2UGQXQJ



6LFKGXUFKKDOWHQVHLQHU6\QWD[YRQ(OHPHQWHQ:LUNOLFKNHLWVWHOOWVLFKLPPHUVFKRQ XQG LPPHU QXU DOV HLQH $UW YRQ 7H[W GDU GHU GDGXUFK DOV VROFKHU NRQVWLWXLHUW ZLUGGD‰HUEHVWLPPWHQ5HJHOQGHULQQHUHQ.RQVLVWHQ]JHKRUFKW20

6RZLUGZLHZLHGHUXP/XKPDQQVFKUHLEWGLHÅ0DJLHGHU'LQJH²GD‰VLH VLQG ZLH VLH VLQG ² >@ JHEURFKHQ´ %OXPHQEHUJV HEHQ ]LWLHUWH $XV IKUXQJHQQHKPHQGLHREHQDXV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW]LWLHUWHQ6lW ]H ]XP (QW]XJ GHV 1RWZHQGLJNHLWVEHZHLVHV GHU :HOW GXUFK GDV .XQVW ZHUNDXI2UGQXQJEHGHXWHWGHQ(QWZXUIHLQHUVWLPPLJHQ6\QWD[LQGLH GDQQ GLH (OHPHQWH HLQJHIJW ZHUGHQ VHLHQ GLHVH YROOVWlQGLJ HUIXQGHQ RGHUDXVGHU5HDOLWlWGHU:HOWLQGDV.XQVWZHUNÄFRSLHUW¶,QGHQ=XVDP PHQKDQJGHU6\QWD[GHV.XQVWZHUNVJHEUDFKWZHUGHQDXFKGLHQDFKJH DKPWHQ*HJHQVWlQGH]XP7HLOGHU:LUNOLFKNHLWGHU.XQVWGLHGHUUHDOHQ 5HDOLWlW GLH 1RWZHQGLJNHLW HQW]LHKW 'LH %HGLQJXQJ GHU 0|JOLFKNHLW GHU 'H$UELWUDULVLHUXQJ OLHJW DOVR LQ HLQHU 9HUVFKLHEXQJ GHV :LUNOLFKNHLWVEH JULIIV 'LH 2UGQXQJVHQWZUIH VLQG QXQ DEHU QLFKW ZLOONUOLFK VRQGHUQ VLH QHKPHQ LP 9RUIHOG GHU $XWRQRPLVLHUXQJ GHU .XQVW EHYRU]XJW GDV DXI ZDV P|JOLFK ZDU XQG EOR‰ P|JOLFK JHEOLHEHQ LVW DOVR QLFKW DNWXDOLVLHUW ZXUGH'HQQMHGH(QWVFKHLGXQJMHGH$NWXDOLVLHUXQJHLQHV0|JOLFKHQSUR GX]LHUW $XVVFKOVVH DXV GHP 5HLFK GHU :LUNOLFKNHLW HLQ ZHQQ PDQ VR ZLOO XQJHQXW]WHV 3RWHQWLDO 'LHVH QLFKW DNWXDOLVLHUWHQ 0|JOLFKNHLWHQ VLQG GLH5HVVRXUFHGHU.XQVW/XKPDQQQHQQWGLHVLPREHQDXV'LH*HVHOOVFKDIW GHU*HVHOOVFKDIW]LWLHUWHQ=XVDPPHQKDQJGLHÅ5HDNWLYLHUXQJDXVJHVFKDOWHWHU3RV VLELOLWlWHQ´ 'LHV HUVWUHEH GLH .XQVW $XFK KLHU ORKQW VLFK HLQ %OLFN LQ %OXPHQEHUJV$XVIKUXQJHQ]XP9HUKlOWQLVYRQ.XQVWXQG:LUNOLFKNHLW 'LH.XQVWVROOWHVLFK>@LP5DXPHGHVYRQ*RWWXQGGHU1DWXUQLFKW9HUZLUN OLFKWHQ DQVLHGHOQ XQG KLHU JDE HV NHLQH 'XDOLWlW PHKU YRQ YRUJHJHEHQHU :LUN OLFKNHLW XQG QDFKJHVWDOWHQGHP :HUN YLHOPHKU ZDU MHGHV VLFK DQ GHP QHXHQ :LUNOLFKNHLWVEHJULII PHVVHQGH :HUN LPPHU VFKRQ GLH :LUNOLFKNHLW GHV 0|JOLFKHQ GHVVHQ1LFKW5HDOLWlWGLH9RUDXVVHW]XQJIUGLH5HOHYDQ]VHLQHU5HDOLVLHUXQJVHLQ PX‰WH

*HUDGHZHLOHWZDVQXUP|JOLFKLVWHLJQHWHVVLFKIUGLHlVWKHWLVFKH$XV JHVWDOWXQJ'HU5HDOLWlWZLUGGDPLW²ZHQQGDV.XQVWZHUNJHOLQJW²YRU JHIKUW GDVV VLH VHOEVW HLQH 0|JOLFKNHLW LVW GHQQ ZDV DNWXDOLVLHUW ZLUG PXVV]XYRUMDP|JOLFKJHZHVHQVHLQ'DPLWLVWHVYRUZLHQDFKGHU$NWXD OLVLHUXQJYRUDOOHPHLQHVNRQWLQJHQW(VZlUHDXFKDQGHUVP|JOLFKJHZH VHQ(LQHQLQGLHVHP6LQQHHLJHQHQ:LUNOLFKNHLWVDQVSUXFK]XHUKHEHQXQG  

(EG /XKPDQQÅ:HOWNXQVW´6  /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6  %OXPHQEHUJÅ:LUNOLFKNHLWVEHJULIIXQG0|JOLFKNHLWGHV5RPDQV´6 



7RUVWHQ+DKQ

GHQ HQWVSUHFKHQGHQ :LUNOLFKNHLWVDXVZHLV ]X HUEULQJHQ LVW I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lXIW DEHU QRFKQLFKWDEJHVFKORVVHQLVW 'LHIROJHQGHQ9HUVHVWDPPHQDXV%DUWKROG+HLQULFK%URFNHV·6DPP OXQJ,UGLVFKHV9HUJQJHQLQ*RWW%URFNHVLVWHLQ]HQWUDOHU$XWRUGHU)UKDXI NOlUXQJ²XQGJHQDXHUGHU+DPEXUJHU$XINOlUXQJHLQHUZLH%OXPHQEHUJ HLQPDO DQJHPHUNW KDW EHVRQGHUV ÄHLJHQWPOLFKHQ (QNODYH¶ GHU $XINOl UXQJ,QGLHVHU6DPPOXQJILQGHWVLFKHLQ*HGLFKWGDVPLW'LH:HOWEHU VFKULHEHQLVW(VJHKWXPQLFKWVZHQLJHUDOVGLH(LQKHLWGHVVHQZDVVLFK LP$OOWDJSHUVSHNWLYLVFKDXIHLQ]HOQHDXI)XQNWLRQHQ]XJHVFKQLWWHQH2UG QXQJHQJLEW-HGHGLHVHU2UGQXQJHQUHNODPLHUWIUVLFKGLHJOWLJH]XVHLQ 6RHWZDGLH:HOWGHV.DXIPDQQV 'HP.DXIPDQQNRPPWGLH:HOWQXUEOR‰DOVHLQ&RQWRU $OVHLQH:HFKVHO%DQFNDOVHLQH0HVVHYRU 9ROO+RIIQXQJ]XP*HZLQQYROO6RUJ·XQG)XUFKWIU6FKDGHQ 'HQFNWHUGLH(UGHVH\HLQJURVVHU.DXIPDQQV/DGHQ

.DXIHQ1LFKWNDXIHQ RUGQHW GLH :HOW GHV .DXIPDQQV DOOHV ZDV DQ'LQ JHQ XQG (UHLJQLVVHQ LQ GHU :HOW YRUNRPPW ZLUG JHPl‰ GLHVHU )RUP EHREDFKWHW QLFKW RE HVVFK|Q RGHU HUEDXOLFK RGHU ZDVVRQVW LPPHU LVW )UGHQ*HOHKUWHQYHUZDQGHOWVLFKGLH:HOWLQ:LVVHQ 6FKHLQWHLQ*HOHKUWHUQLFKWGLH(UGHGLHVRVFK|Q $OVHLQHQ%FKHU6FKUDQFNWLHIVLQQLJDQ]XVHKQ 'HQHUPLWQHXHQWKHLOVXQGWKHLOVPLWDOWHQ*ULOOHQ ,QDOOHUOH\)RUPDWJHKDOWHQVH\]XIOOHQ"

'LHVH:HOWKDWGLH6FK|QKHLWHLQHV0|EHOVLQGHPVFKULIWI|UPLJXQGLQ YHUVFKLHGHQH )RUPDWH JHEUDFKW :LVVHQ JHVSHLFKHUW LVW 8QG VR JHKW HV  

9JO%OXPHQEHUJ+DQV'LH/HVEDUNHLWGHU:HOW)UDQNIXUW0DLQ6 %URFNHV%DUWKROG+HLQULFKÅ'LH:HOW´,Q%DUWKROG+HLQULFK%URFNHV,UGLVFKHV9HUJQJHQ LQ *RWW EHVWHKHQG LQ3K\VLFDOLVFK XQG0RUDOLVFKHQ *HGLFKWHQ (UVWHU 7HLO QHEVWHLQHP $QKDQJ HWOLFKHU EHUVHW]WHQ)DEHOQGHV+HUUQGHOD0RWWH0LWHLQHUJHGRSSHOWHQ9RUUHGHYRQ+UQ+RI5DKW:HLFKPDQQ %DUWKROG+HLQULFK%URFNHV)QIWHQHXEHUVHKHQHXQGYHUEHVVHUWH$XIODJH+DPEXUJ 6²KLHU6  (EG6 

.RQWLQJHQ]2UGQXQJ



IRUWELV]XP0HGL]LQHUGHUGLH:HOWLQHLQ6SLWDOYHUZDQGHOWGDVLFKLKP DOOHVQXULQGHU)RUPNUDQNJHVXQG]HLJW²ZREHLNUDQNGHU3UlIHUHQ]ZHUW LVW (LQ$UW]WEHVFKDXWGHQ.UHLVGHU:HOWDOVHLQ6SLWDO ,KQNUlQFNWGHU0HQVFKHQ:RKOHUOHE·WYRQLKUHU4XDO 6HLQ=ZHFN REVHLQH.XQVWJOHLFK]XZDVHGOHUVIKUHW  ,VWZHQQGXUFKLKQGLH:HOWEUDYVFKZLW]HWXQGSXUJLUHW

8QGVRJHKWHVIRUW(EHQIDOOVZLUGGLH(LQVHLWLJNHLWGHU:HOWGHV$GYRND WHQGHV/LHEHQGHQXQGGHVLQIRUPDWLRQVVFKWLJHQÅ=HLWXQJV1DUU>HQ@´ DXIJH]HLJW$OOGLHVH)LJXUHQEHREDFKWHQGLH:HOWPRQRSHUVSHNWLYLVFKHV LVWLKQHQHUVWHQVQLFKWPHKUP|JOLFKGLH(LQVHLWLJNHLWLKUHV(QWZXUIVHLQ ]XVHKHQ²GHP$U]W]%QLFKWGDVVVLFKGLH:HOWIUGHQ.DXIPDQQDQ GHUVGDUVWHOOW²XQG]ZHLWHQVIHKOWLKQHQHLQHHLQKHLWVVWLIWHQGH3HUVSHNWLYH 0DQ N|QQWH DXFK VDJHQ $OO GLHVH 2UGQXQJHQ VLQG NRQWLQJHQW LQ GHU MHZHLOLJHQ%HREDFKWXQJVFKHLQHQVLHDEHUDOWHUQDWLYORVXQGQRWZHQGLJ 6WDWWDEHUQXQPLWHLQHPHLJHQHQ2UGQXQJVHQWZXUI]XDQWZRUWHQGHU GLH$OOWDJVVLFKWGHQRUPDOLVLHUWHJUHLIW%URFNHVDXIGHQWUDGLWLRQVUHLFKHQ 7RSRVYRP%XFKGHU:HOW]XUFN'LHVHU7RSRVWUDQVIRUPLHUWGLH JDQ]H  :HOW LQ HLQ %XFK GHVVHQ 6LQQ HQW]LIIHUW ZHUGHQ NDQQ %FKHU HQWKDOWHQ QXQ %XFKVWDEHQ :|UWHU XQG 6lW]H GLH QDFK HLQHU EHVWLPPWHQ 6\QWD[ JHRUGQHW VLQG XQG KDEHQ HLQHQ $XWRU 'LHVHU LVW QLHPDQG DQGHUHV DOV *RWW%URFNHVLPSRUWLHUWDOVRGLH6\QWD[YRQGHUGHU:LUNOLFKNHLWVDXVZHLV DEKlQJW (LQ)URPPHUDEHUJODXEWPLW5HFKWHVVH\GLH:HOW (LQ%XFKGDV*|WWOLFKH*HKHLPQLVV·LQVLFKKlOW (LQ%XFKGDV*2WWHV+DQGDXVHZ·JHU+XOGJHWULHEHQ =X6HLQHV1DPHQV(KUXQGXQVUHU/XVWJHVFKULHEHQ

'LH (LQKHLW LQ GHU (LQKHLW ]X UHSUlVHQWLHUHQ ZLUG VR GHU :LUNOLFKNHLW VHOEVWEHUWUDJHQDOOHUGLQJVZLUGGLHVH]XUJODXEHQVI|UPLJHQ6FKULIWZR PLW GLH 8QWHUVFKHLGXQJ YRQ 2EHUIOlFKH XQG 7LHIH LP *HGLFKW DXI VFKHLQW30 'LH 2UGQXQJ LVW ]XJOHLFK RIIHQNXQGLJ DOV 1DWXU  XQG JHKHLP DOV6LQQGHU6FKULIW 'LH'H$UELWUDULVLHUXQJLVWHLQ(IIHNWGHV+LQZHLVHV DXIGHQJHKHLPHQ6LQQGHULQGHU7LHIHDXIVHLQH(QWKOOXQJZDUWHW,KU 0HGLXPLVWQLFKWSULPlUGDV.XQVWZHUNVRQGHUQ]XQlFKVWGHU*ODXEHQ $XWRUGHU2UGQXQJLVWQLFKWGHU.QVWOHUVRQGHUQ*RWW%URFNHVHQWZLUIW DOVR PLW GHQ 0LWWHOQ GHU .XQVW GDV %LOG HLQHU SRO\NRQWH[WXUDOHQ *HVHOO  

(EG6 (EG  (EG6  9JOGD]X/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW%G,6² 



7RUVWHQ+DKQ

VFKDIWLQGHUYHUVFKLHGHQFRGLHUWH)RUPHQGHU.RPPXQLNDWLRQIUVLFKEH DQVSUXFKHQGLHHLQHZDKUHXQGYHUSIOLFKWHQGH%HREDFKWXQJGHU*HVHOO VFKDIW ]XVHLQ XQG JHQDX VR .RQWLQJHQ] SURGX]LHUHQ GHQQ DOOH DQGHUHQ 3HUVSHNWLYHQVLQGHEHQVRP|JOLFK 6WDWWQXQDEHUDXIHLQHQNXQVWHLJHQHQ (QWZXUI]XVHW]HQNRSLHUW%URFNHVGHQ(LQKHLWVHQWZXUIGHU5HOLJLRQ (V JLEW QLFKWV ZDV QLFKW VHOEVW 7HLO GLHVHV J|WWOLFKHQ %XFKHV ZlUH DXFKGLH.XQVWLVW7HLOGLHVHUEXFKI|UPLJHQ(LQKHLW 2XQEHJUHLIOLFKV%XFK2:XQGHU$%& :RULQDOV/HVHULFKXQGDXFKDOV/HWWHUVWHK /D‰JURVVHU6FKUHLEHUPLFKLP%XFKHGLHVHU(UGHQ =X'HLQHV1DPHQV5XKPHLQODXWHU%XFKVWDEZHUGHQ

6WDWW GHV ÅSOXUDOLVWLVFKHQ 6XEMHNWLYLVPXV´ GHU IXQNWLRQVVSH]LILVFKHQ XQG GDPLWNRQWLQJHQWHQ6LFKWZHLVH HEHQGHU$OOWDJVLFKWDXIGLH:HOW KDWGHU )URPPH ÅGDV5HFKW GHU ZDKUHQ $QVLFKW´ 'LH (LQKHLW E]Z GLH LQ GHU 7LHIHGHU6FKULIWYHUERUJHQH2UGQXQJUHVXOWLHUWDXVGHUPLW%OXPHQEHUJV :RUWÅ/HVEDUNHLWVPHWDSKHU´²XQGPLWGHU0HWDSKHUZLUGGDV%XFKGHU :HOWDOV6FKULIW*RWWHVLQGDV.XQVWZHUNLPSRUWLHUW,VWGHU7RSRVHLQPDO DNWLYLHUW ZLUG DOOHV ]XU 6FKULIW -HGH%HREDFKWXQJ VHLHV GHU 1DWXU RGHU GHV 6WHUQHQKLPPHOV OlVVW VLFK GDQQ ]XU /HNWUH HUNOlUHQ 'LH *HJHQ VWlQGH GHU :HOW ZHUGHQ QDFKJHDKPW DEHU DOV 6FKULIWGLH GLH 6\QWD[ GHU :LUNOLFKNHLW HQWKlOW $XFK GHU 1DFKWKLPPHO SUlVHQWLHUW QLFKWV DOV GDV Å:XQGHU$%& GHU 6WHUQHQ´ ² HLQH IUHPGH 6FKULIWGLH QRFK  QLFKW HQW ]LIIHUWZHUGHQNDQQDEHUGHQQRFKGDUDXIEHKDUUW%URFNHVHLQH.RPPX QLNDWLRQVRIIHUWH GDUVWHOOW 'DV *HGLFKW EHREDFKWHW GLH 1DWXU PLWWHOV GHU 8QWHUVFKHLGXQJ YRQ ,QIRUPDWLRQ XQG 0LWWHLOXQJ 'LH 0LWWHLOXQJVDEVLFKW VHLXQ]ZHLIHOKDIW 6SULFKQLFKW:DV6FKULIW"LFKNDQQVLHQLFKWYHUVWHKQ -DQLFKWHLQPDKOGLH/HWWHUQVHKQ 'HQQK|U.DQQVWGXGLH/HWWHUQGHU6LQHVHQ 'HU$UDEHUGHU5XVVHQOHVHQ" 8QGNRPPHQLKUH6FKULIWHQGLU 1LFKWJDQW]YHUZLUUWMDVRQGHU2UGQXQJIU" 'LHGRFKZHQQZLUVLHHUVWEHJUHLIHQXQGHQWGHFNHQ *DURIWYROO*HLVWXQG:HLVKHLWVWHFNHQ

 

%URFNHVÅ'LH:HOW´6 %OXPHQEHUJ/HVEDUNHLW6 ]X%URFNHVLQVJHVDPW6²   (EG6  %URFNHV %DUWKROG +HLQULFK Å'LH KLPPOLVFKH 6FKULIW´ ,Q %DUWKROG +HLQULFK %URFNHV $XV]XJ GHU YRUQHKPVWHQ *HGLFKWH DXV GHP ,UGLVFKHQ 9HUJQJHQ LQ *RWW )DNVLPLOHGUXFN QDFK GHU $XVJDEH YRQ  0LW HLQHP 1DFKZRUW YRQ 'LHWULFK %RGH 6WXWWJDUW  6 ² KLHU6 

.RQWLQJHQ]2UGQXQJ



'LH*DUDQWLHGDVVGLHVFKHLQEDUH8QRUGQXQJ VRQGHU2UGQXQJ9HUZLUUXQJ  WDWVlFKOLFK 2UGQXQJ LVW VRZLH GLH 0LWWHO GHV 2UGQXQJVJHZLQQV XQG GHU 'H$UELWUDULVLHUXQJ VLQG QLFKW LQ GHU .XQVW DQJHVLHGHOW 'HQQ GLH 2UG QXQJYHUEUJWGHU1DPH*RWWHVZDV]ZDUVHKUHUEDXOLFKDEHUNXQVWIHUQ LVW'LH6FKULIWEXFKVWDELHUWGHQ1DPHQGHV$XWRUV'DV*HGLFKWJHUlWLQ VHLQHU OHW]WHQ 6WURSKH PLW GHP 1DPHQ *RWWHV DQ HLQH *UHQ]H .XQVW I|UPLJHZLUG]XHUEDXOLFKHU.RPPXQLNDWLRQ-HQVHLWVGHU*UHQ]HVLQGGLH +HLOLJH6FKULIWE]ZGHU*ODXEHQ]XVWlQGLJ 1RFKMQJVWDOVLFKLP%XFKGHU6WHUQHQ 0LWLQQLJOLFKHU/XVWVWXGLUWH 8QGYROOHU(KUIXUFKWEXFKVWDELUWH 6RGHXFKWPLFKGD‰LFKKLHXQGGD 8QGEHUDOOJHVFKULHEHQVDK 'HQJURVVHQ1DPHQ-(+2%$+

'LHVH6WURSKHQGHU)UKDXINOlUXQJVROOWHQQLFKW]XGHU$QQDKPHYHUOHL WHQGHPIUKHQ$FKW]HKQWHQ-DKUKXQGHUWIHKOWHGDV:LVVHQXPGLH0|J OLFKNHLWPLWNXQVWHLJHQHQ0LWWHOQZLUNOLFKH2UGQXQJ]XNRQVWUXLHUHQ,P *HJHQWHLO*HUDGHGHU5RPDQKDWWHGLHVOlQJVWYRUJHIKUW=XJOHLFK]HLJW DXFKGLHPD‰JHEOLFKH3RHWLNGHU)UKDXINOlUXQJ-RKDQQ&KULVWRSK*RWW VFKHGV 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW YRU GLH 'HXWVFKHQ DE   GDVV PDQ GXUFKDXV XP GLHVHV 3RWHQWLDO ZHL‰ XQG EHPKW LVW GLHVHV JHUHJHOW ]X]XODVVHQ 1lPOLFK VR GDVV NHLQH .RQNXUUHQ] HQWVWHKW 'DVV GLH %LQ GXQJDQGLHUHDOH5HDOLWlWDXVJHUHFKQHWLQGLHVHP7H[WJHORFNHUWZLUGPDJ GHQ/HVHUGHUVLFKGHQHUVWHQ6HLWHQGHV5HJHOZHUNV]XZHQGHWYHUZXQ GHUQ GHQQ ]XQlFKVW HLQPDO ZLUG HLQH )XQNWLRQVEHVWLPPXQJ GHU .XQVW SUlVHQWLHUWGLHGLHVHDXIGLH1DFKDKPXQJGHU1DWXUDOV:HUN*RWWHVYHU SIOLFKWHWÅ'LH6FK|QKHLWHLQHVNQVWOLFKHQ:HUNHV´VFKUHLEW*RWWVFKHG EHUXKWQLFKWDXIHLQHPOHHUHQ'QNHOVRQGHUQVLHKDWLKUHQIHVWHQXQGQRWKZHQ GLJHQ *UXQG LQ GHU 1DWXU GHU 'LQJH *RWW KDW DOOHV QDFK =DKO 0DD‰ XQG *H ZLFKWJHVFKDIIHQ'LHQDWUOLFKHQ'LQJHVLQGDQVLFKVHOEHUVFK|QXQGZHQQDOVR GLH.XQVWDXFKZDVVFK|QHVKHUYRUEULQJHQZLOOVRPX‰VLHGHP0XVWHUGHU1D WXUQDFKDKPHQ'DVJHQDXH9HUKlOWQL‰GLH2UGQXQJXQGULFKWLJH$EPHVVXQJDO OHU 7KHLOH GDUDXV HLQ 'LQJ EHVWHKW LVW GLH 4YHOOH DOOHU 6FK|QKHLW 'LH 1DFKDK PXQJ GHU YROONRPPHQHQ 1DWXU NDQQ DOVR HLQHP NQVWOLFKHQ :HUNH GLH 9ROO NRPPHQKHLWJHEHQGDGXUFKHVGHP9HUVWDQGHJHIlOOLJXQGDQJHQHKPZLUGXQG GLH $EZHLFKXQJ YRQ LKUHP 0XVWHU ZLUG DOOHPDO HWZDV XQJHVWDOWHV XQG DEJH VFKPDFNWHV]XZHJHEULQJHQ

  

%URFNHVÅ'LHKLPPOLVFKH6FKULIW´6 *RWWVFKHG -RKDQQ &KULVWRSK Å9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW (UVWHU $OOJHPHLQHU 7KHLO´ ,Q -RKDQQ &KULVWRSK *RWWVFKHG $XVJHZlKOWH :HUNH %G  7HLO  +J Y %ULJLWWH %LUNHX-RDFKLP%LUNH%HUOLQ1HZ@ EHJLQQHQ OlVVW  ]XVDPPHQ HQWVWHKHQ 8QWHU 5FNJULII DXI %OXPHQ EHUJ/XKPDQQNDQQ(VSRVLWR]HLJHQZLHGLH0RGHUQHDXIGDV3UREOHP ÅPHKUIDFKHU.RQWLQJHQ]´ UHDJLHUW 1lPOLFK GXUFK ILNWLRQDOH (QWZUIH ZLHVLHDXV5RPDQHQXQG%HUHFKQXQJHQGHU:DKUVFKHLQOLFKNHLWUHVXOWLH UHQ5RPDQXQG:DKUVFKHLQOLFKNHLWVWKHRULHVLQG,QVWUXPHQWHPLWGHQHQ VLFKGLHXQJHZLVVH=XNXQIWYHUJHJHQZlUWLJHQOlVVWXQG2UGQXQJPLW2UL HQWLHUXQJVZHUW LP 5HLFK GHU 8QVLFKHUKHLW JHVFKDIIHQ ZHUGHQ NDQQ 1XQ LVW GLH Å2ULHQWLHUXQJ DQ GHU ILNWLYHQ 5HDOLWlW >@ HLQ 7HLO GHU UHDOHQ 5H DOLWlW 6LH LVW HLQ )DNWRU GHU LKUH ]XNQIWLJH (QWZLFNOXQJ EHVWLPPW´ ,QVRIHUQIKUHQGLHYLHOHQ)LNWLRQHQPLWGHQHQDXFKZLUKHXWHOHEHQGLH YHUVFKLHGHQHQ 2UGQXQJVDQJHERWH HKHU ]X HLQHU 5HDOLWlWVYHUYLHOIDFKXQJ GHQQ]XGHPLP0HGLXPGHU0HGLHQNULWLNJHUQHEHVFKZRUHQHQ5HDOLWlWV YHUOXVW(VKDQGHOWVLFKVR(VSRVLWR HKHU XP HLQ hEHUDQJHERW DQ 5HDOLWlWHQ GK XP HLQH 9HUYLHOIDFKXQJ GHV 5HDOL WlWVEH]XJV LQ HLQH 9LHOIDOW ILNWLYHU 5HDOLWlWHQ GLH VLFK QLFKW JHJHQVHLWLJ DXV VFKOLH‰HQGLH DEHU]XVDPPHQGLHNRPSOH[HXQGLQVLFK JHJOLHGHUWH5HDOLWlWXQ VHUHU*HVHOOVFKDIWDXVPDFKHQ>@(VKDQGHOWVLFKQLFKWXPYHUVFKLHGHQH7HLOJH ELHWH HLQHU HLQ]LJHQ 5HDOLWlW VRQGHUQ ZHLWDXV UDGLNDOHU XP HLQHQ UHJHOUHFKWHQ Ä5HDOLWlWVSOXUDOLVPXV¶ VR ILNWLY MHGH 5HDOLWlW IU VLFK DXFK VHLQ PDJ -HGHU GLHVHU YHUVFKLHGHQHQ%HUHLFKHGHUUHDOHQ5HDOLWlWEHDQVSUXFKWHLQH5HDOLWlW]XVHLQGK

 

/XKPDQQ1LNODV6R]LRORJLHGHV5LVLNRV>@%HUOLQ6'LH:HQGXQJEH]HLFKQHW GHQ8PVWDQGGDVVLQGHU0RGHUQHLP8QWHUVFKLHG]XYRUKHUJHKHQGHQ(SRFKHQ=HLWXQG 6R]LDOGLPHQVLRQ HQWNRSSHOW GK DXWRQRP VLQG Å>=@HLWOLFKH .RQWLQJHQ]HQ´ VR ZLHGHUXP (VSRVLWR N|QQHQ QXQ ÅVR]LDOH.RQWLQJHQ]HQ KHUYRUUXIHQ GLH ZLHGHUXP GLH 8QVLFKHUKHLW LQGHU=HLWHUK|KHQ²XQGIUEHLGH'LPHQVLRQHQLVWGLH8QVLFKHUKHLW]LUNXOlU´ (VSRVLWR (OHQD'LH)LNWLRQGHUZDKUVFKHLQOLFKHQ5HDOLWlW)UDQNIXUW0DLQ6   (EG6

.RQWLQJHQ]2UGQXQJ



QLFKW QXU HLQH 3KDQWDVLH HLQH +DOOX]LQDWLRQ RGHU HLQ ZLOONUOLFKHV *HELOGH 'HU DXVVFKODJJHEHQGH3XQNWLVWDOOHUGLQJVJHUDGHGLH*OHLFK]HLWLJNHLWYRQ.RQWLQJHQ] XQG GHU >VLF@ $EZHVHQKHLW YRQ :LOONU XQG GDULQ EHVWHKW GLH 0RGHUQLWlW GHU .RQVWUXNWLRQ

.RQWLQJHQ]XQG:LOONUVLQGVWULNW]XWUHQQHQGHQQREZRKOSHUGHILQLWLR QHP QXU ZHGHU QRWZHQGLJ QRFK XQP|JOLFK UHDOLVLHUHQ GLH NRQWLQJHQWHQ (QWZUIHHLQH2UGQXQJLQNOGHU(LQVFKUlQNXQJYRQ)UHLKHLWVJUDGHQGLH MHGH2SHUDWLRQ$NWXDOLVLHUXQJPLWVLFKEULQJW (EHQ GLHVHU +LQZHLV DXI GLH $EZHVHQKHLW YRQ :LOONU IKUW ]XUFN ]X *RWWVFKHGVDP$QIDQJGHVDFKW]HKQWHQ-DKUKXQGHUWVHQWVWDQGHQHU5HJHO SRHWLN ² XQG ]XU SRHWRORJLVFKHQ :DKUVFKHLQOLFKNHLW =XQlFKVW YHUSIOLFKWHW DXFKGLH:DKUVFKHLQOLFKNHLWDXIGLH6\QWD[GHU5HDOLWlW*RWWVFKHGÅ,FKYHU VWHKH QlPOLFK GXUFK GLH SRHWLVFKH :DKUVFKHLQOLFKNHLW QLFKWV DQGHUHV DOV GLH bKQOLFKNHLW GHV (UGLFKWHWHQ PLW GHP ZDV ZLUNOLFK ]X JHVFKHKHQ SIOHJWRGHUGLHhEHUHLQVWLPPXQJGHU)DEHOPLWGHU1DWXU´-HGHDQGHUH 6\QWD[ZlUHÅXQJHUHLPWXQGOlFKHUOLFK´ 'DQQ QLPPW GLH 'LVNXVVLRQ DEHU HLQH QHXH :HQGXQJ 'HQQ QHEHQ GHUZLUNOLFKHQ1DWXUH[LVWLHUHQP|JOLFKHXQGLQVLFKNRQVLVWHQWH1DWXUHQ ² GLH *RWW QLFKW UHDOLVLHUW KDW ZHLO HV LKP VR *RWWVFKHG QLFKW JHIDOOHQ KDEH,QGLHVHU:HOWUHGHQ%lXPHHEHQ (VNDQQMDHLQH6DFKHZRKOP|JOLFKDEHULQGHU7KDWEH\GHULW]LJHQ2UGQXQJ GHU 'LQJH VHKU XQJODXEOLFK VH\Q 'LHVH 9HUNQSIXQJ GHU ZLUNOLFK YRUKDQGHQHQ 'LQJHKlOWMDQlPOLFKQLFKWDOOHP|JOLFKH'LQJHLQVLFKZLHGLH:HOWZHLVHQGDU WKXQ(VZlUHQDQGUH9HUELQGXQJHQHQGOLFKHU:HVHQHEHQVRZRKOJHVFKLFNWJH ZHVHQHUVFKDIIHQ]XZHUGHQZHQQHV*RWWJHIDOOHQKlWWH'HP'LFKWHUQXQVWH KHQDOOHP|JOLFKH:HOWHQ]X'LHQVWHQ(UVFKUlQNHWVHLQHQ:LW]DOVRQLFKWLQGHQ /DXIGHUZLUNOLFKYRUKDQGHQHQ1DWXUHLQ6HLQH(LQELOGXQJVNUDIWIKUHWLKQDXFK LQGDV5HLFKGHUEULJHQ0|JOLFKNHLWHQGLHGHULW]LJHQ(LQULFKWXQJQDFKIUXQ QDWUOLFK JHKDOWHQ ZHUGHQ 'DKLQ JHK|UHQ DXFK UHGHQGH 7KLHUH XQG PLW 9HU QXQIWEHJDEWH%lXPHGLH]ZDUVRYLHOXQVEHNDQQWLVWQLFKWZLUNOLFKYRUKDQGHQ VLQGDEHUGRFKQLFKWVZLGHUVSUHFKHQGHVLQVLFKHQWKDOWHQ

'LH%HVRQGHUKHLWGHU.XQVWZLUGVRGXUFKGLH+LQWHUWURIIL]LHOO]XJHODV VHQ *RWWVFKHG XQWHUVFKHLGHW NXU]HUKDQG GLH :DKUVFKHLQOLFKNHLW LQ HLQH ÅXQEHGLQJWH XQG HLQH EHGLQJWH :DKUVFKHLQOLFKNHLW´ /HW]WHUH LVW GDV 5HLFKGHU.XQVW(VJHKWGDUXPGDVVHLQH:HOWXQWHUHLQHUEHVWLPPWHQ 9RUDXVVHW]XQJ ZLUNOLFK ZlUH ,P 5HLFK GHU K\SRWKHWLVFKHQ :DKUVFKHLQ OLFKNHLWN|QQHQ]%GLH2OLYHQElXPHVSUHFKHQRKQHGDVVGLHV]XHLQHP  

(EG6 *RWWVFKHGÅ9HUVXFKHLQHU&ULWLVFKHQ'LFKWNXQVW´6  (EG  (EG6  (EG6 

7RUVWHQ+DKQ



:LGHUVSUXFKIKUWH'LHVHV=XJHVWlQGQLVIROJWVHOEVWHLQHUJHZLVVHQ1RW GHQQHLQHUVHLWVKDEHQDQWLNH'LFKWHU)DEHOQKLQWHUODVVHQYDDEHUILQGHQ VROFKHVLFKDXFKLQGHU+HLOLJHQ6FKULIWhEHUGLHVHGDV8UWHLO]XIlOOHQXQ JHUHLPWXQGOlFKHUOLFK]XVHLQJLQJHGDQQZRKOGRFK]XZHLW8QGVRVSUH FKHQ 2OLYHQElXPH LQ HLQHUDOWHUQDWLYHQ P|JOLFKHQ :HOW HEHQ QXU PV VHQVLHGLHVQDFKGHQ*HVHW]HQGHU:DKUVFKHLQOLFKNHLWWXQ 'D‰](GLH%lXPHVLFKHLQHQ.|QLJZlKOHQN|QQHQGDVLVWDQVLFKVHOEVWLQ GLHVHU:HOWZHGHUP|JOLFKQRFKZDKUVFKHLQOLFK JOHLFKZRKOPDFKWGRUWLP%X FKHGHU5LFKWHU-RWKDPHLQHVFK|QH)DEHOGDUDXVGHUHVDQLKUHUK\SRWKHWLVFKHQ :DKUVFKHLQOLFKNHLWQLFKWLP JHULQJVWHQPDQJHOW'HQQPDQGDUIQXUGLHHLQ]LJH %HGLQJXQJ ]XP YRUDXV VHW]HQ GD‰ GLH %lXPH HWZD LQ HLQHU DQGHUQ :HOW 9HU VWDQGXQGHLQH6SUDFKHKDEHQVRJHKWDOOHVEULJHVHKUZRKODQ(VZLUGP|JOLFK XQGZDKUVFKHLQOLFKVH\QGD‰VLHLQLKUHU:DKODXIGHQ2HOEDXP>GLGHU2OLYHQ EDXP@IDOOHQZHUGHQGD‰GHU2HOEDXPVROFKHVDEVFKODJHQXQGVDJHQZLUG6ROO LFKPHLQH)HWWLJNHLWODVVHQHWF(VZLUGP|JOLFKVH\QGD‰VLHIHUQHUDXIGHQ)HL JHQEDXPJHUDWKHQN|QQHQXQGGD‰GLHVHULKQHQJOHLFKIDOOVHLQHDEVFKOlJLJH$QW ZRUWJHEHQZLUG6ROOLFKPHLQH6‰LJNHLWODVVHQHWFXVZ+LHUWKXQZHGHUGLH %lXPH EHUKDXSW QRFK MHGHU LQV EHVRQGUH HWZDV GDV QDFK GHU HLQPDO DQJH QRPPHQHQ %HGLQJXQJ XQP|JOLFK ZlUH (LQ 2HOEDXP UHGHW ZLH HLQ 2HOEDXP XQG HLQ )HLJHQEDXP ZLH HLQ )HLJHQEDXP UHGHQ ZUGH ZHQQ EH\GH GHQ *H EUDXFK GHU 6SUDFKH KlWWHQ +LHU LVW DOVR QLFKWV :LGHUVSUHFKHQGHV LQ GHU %HJH EHQKHLWIROJOLFKDXFKQLFKWV8QZDKUVFKHLQOLFKHV

(LQ2OLYHQEDXPUHGHWZLHHLQ2OLYHQEDXPUHGHW8QGZHQQGLH6\QWD[ HV ]XOlVVW GDQQ LVW GLHV LQ ILNWLRQDOHQ 7H[WHQ PLW HLJHQHP 5HDOLWlWVDQ VSUXFKGXUFKDXVUHJHONRQIRUPDXFKLP6LQQHGHU)UKDXINOlUXQJ 

 

(EG6I



.8/785²7h5&.,6&+(&$00(5 %(77,1$*58%(5 'HP %HVXFKHU GHU GLH QHX HLQJHULFKWHWH7UFNLVFKH &DPPHU LP 'UHVGQHU 5HVLGHQ]VFKORVVEHWULWWHU|IIQHWVLFKGHUPXVHDOH5DXPDOVHLQJHKHLPQLV YROOHU 6FKUHLQ YRU GXQNOHQ :lQGHQ VWUDKOHQG KHOOH 9LWULQHQ DXV GHQHQ EXQWH 2EMHNWH KHUYRUOHXFKWHQ :DIIHQ 6FKLOGH OHEHQVJUR‰H 3IHUGHILJX ULQHQPLWNRVWEDUHP6DWWHO]HXJGDKLQWHUHLQ]ZHLWHU5DXPGHVVHQYLVXHOOH +|KHSXQNWHHLQPODQJHVXQGPKRKHVUHLFKEHVWLFNWHV=HOWXQGHL QH ZDQGKRKH 6WDQGDUWH ELOGHQ 1HKPHQ ZLU DQ GLHVHU ILNWLYH %HVXFKHU KlWWH NHLQH .HQQWQLVVH HXURSlLVFKHU .XOWXUSUDNWLNHQ XQG GLH ,QVWLWXWLRQ GHV 0XVHXPV ZlUH LKP XQEHNDQQW 'DV $UUDQJHPHQWYRU VHLQHQ $XJHQ PVVWHLKPXQYHUVWlQGOLFKEOHLEHQ:DVEHGHXWHWGLH=XVDPPHQVWHOOXQJ YRQ :DIIHQ *HZlQGHUQ *HEUDXFKVJHJHQVWlQGHQ XQG %LOGHUQ" 'LH JH KHLPQLVYROOH 'XQNHOKHLW" :DUXP ILQGHW VLFK GHU %HWUDFKWHU YRQ LKQHQ GXUFK *ODVYLWULQHQ JHWUHQQW" :DUXP OlVVW VLFK MHGHU *HJHQVWDQG PLW 6FKULIW XQWHUOHJW QRFK HLQPDO DXI %LOGVFKLUPHQ LQ HLQHP K|KOHQDUWLJHQ 1HEHQUDXPDXIUXIHQ" $OO GLHVH )UDJHQ GLH VLFK HLQHP DQJHVLFKWV GHU *OREDOLVLHUXQJ ZRKO GRSSHOW ILNWLYHQ  UDGLNDO GLVNXOWXUDOHQ %HREDFKWHU DQJHVLFKWV HLQHU GHU DUWLJHQ0XVHXPVSUlVHQWDWLRQVWHOOHQPVVWHQIKUHQGLUHNWLQV=HQWUXP GHV/XKPDQQ·VFKHQ.XOWXUEHJULIIVGHUVLFKYRQWUDGLWLRQHOOHQLQKDOWOLFK PDWHULHOO JHIOOWHQ .XOWXUEHJULIIHQ GXUFK GLH %HREDFKWHUSHUVSHNWLYH GLH HUHLQQLPPWXQWHUVFKHLGHW 'DVNODVVLVFKH.XOWXUYHUVWlQGQLVPLWVHLQHPHW\PRORJLVFKJHVWW]WHQ 9HUVWlQGQLV VLHKW EHNDQQWHUPD‰HQ GLH PLW .XOWXU YHUEXQGHQHQ *UXQG OHLVWXQJHQLQGHQ%HGHXWXQJHQGHVODWHLQLVFKHQ9HUEVÄFROHUH¶ÄSIOHJHQDQ EDXHQ¶XQGÄDQEHWHQYHUHKUHQIHLHUQ¶=HQWUDOLVWGDEHLGHU$VSHNWHLQHU GXUFK:LHGHUKROXQJDXI'DXHUJHVWHOOWHQ3UD[LVGLHHVHUP|JOLFKWJHVHOO VFKDIWOLFKHXQGELRJUDSKLVFKH.RQWLQXLWlWKHU]XVWHOOHQ,QGHQ([SRQDWHQ GHU7UFNLVFKHQ&DPPHUILQGHQVLFKEHLGH$VSHNWHUHSUlVHQWLHUW'LH:DI IHQXQGDQGHUHQ*HUlWVFKDIWHQYHUZHLVHQDXIJDQ]EHVWLPPWH7HFKQLNHQ GHU .ULHJVNXQVW ]% GLH 5HIOH[E|JHQ GLH DXIJUXQG LKUHU KRKHQ P|JOL FKHQ6FKXVVIUHTXHQ]GHUWUNLVFKHQ5HLWHUHLGDVJHIUFKWHWH0DQ|YHUGHU 6FKHLQIOXFKWHUODXEWHQDXVGHUGHU)HLQGPLWHLQHPSO|W]OLFKHQ3IHLOKDJHO HLQJHGHFNWZHUGHQNRQQWH GLHVRUJVDPÄJHSIOHJW¶GKJHEWXQGZHLWHU JHJHEHQ ZHUGHQ PVVHQ GLH =HLFKHQ GHU JHVHOOVFKDIWOLFKHQ XQG PLOLWl



%HWWLQD*UXEHU

ULVFKHQ 5DQJRUGQXQJ 5RVVVFKZHLIH GLH LQ EHVWLPPWHU $Q]DKO GHP 6XO WDQ$JDVXQG:HVLUHQ]XVWDQGHQ VRZLHGHU)U|PPLJNHLW DXIGHQ.OLQ JHQHLQJUDYLHUWH.RUDQYHUVH GLHDXIGLH$VSHNWHYRQ9HUHKUXQJXQG$Q EHWXQJYHUZHLVHQ 'LHVHU *UXQGDXIIDVVXQJ YRQ .XOWXU LVW HLQH IDVW EHOLHELJH (UZHLWHU EDUNHLWVFKRQLQKlUHQW8QWHU.XOWXUZHUGHQGDQQDOOHXQG]ZDUZLUNOLFK DOOH3UD[LVIRUPHQ *HEUlXFKH*HZRKQKHLWHQ,QVWLWXWLRQHQ3URGXNWLRQV ZHLVHQ (U]HXJXQJVWHFKQLNHQ 5LWHQ XVZ  YHUVWDQGHQ XQDEKlQJLJ YRQ LKUHUP|JOLFKHQ%HZHUWXQJ GDV(UULFKWHQYRQ6FKlGHOS\UDPLGHQLVWGDQQ HEHQVRZLHGLH.UDQNHQSIOHJH.XOWXU XQGXQDEKlQJLJYRQLKUHU7UlJHU VFKDIW .XOWXU LVW QLFKW GDV 3ULYLOHJ HLQHU EHVWLPPWHQ (WKQLH RGHU HLQHU EHVWLPPWHQ.ODVVH GDVHQWVSUlFKHGHUYRQ/XKPDQQEHVFKULHEHQHQKLV WRULVFKEHUKROWHQ8QWHUVFKHLGXQJYRQ=LYLOLVLHUWHQXQG%DUEDUHQ VRQ GHUQ HLQ XQLYHUVHOOHV 3KlQRPHQ RGHU DXI GHU%HJULIIVHEHQH HLQ 7HUPL QXVXQWHUGHQVLFKGLHKHWHURJHQVWHQ%HUHLFKHPHQVFKOLFKHU7lWLJNHLWIDV VHQODVVHQ ,QVEHVRQGHUH LP GHXWVFKHQ 6SUDFKEHUHLFK WULWW GD]X HLQH 8Q WHUVFKHLGXQJ]ZLVFKHQ.XOWXUXQG=LYLOLVDWLRQ.XOWXUZlUHQXUGDVZDV ÄLQQHUH:HUWH¶RGHUXPHLQHQDOWPRGLVFKHQ7HUPLQXV]X(KUHQNRPPHQ ]X ODVVHQ Ä+HU]HQVELOGXQJ¶ EHWUlIH =LYLOLVDWLRQ GDJHJHQ DOOH ÄlX‰HUHQ¶ WHFKQLVFKHQXQGJHVDPWJHVHOOVFKDIWOLFKHQ(UUXQJHQVFKDIWHQZLH.DQDOLVD WLRQ 9HUNHKUVZHVHQ HLQ NRGLIL]LHUWHV 5HFKWVV\VWHP XVZ 'LHVH 8QWHU VFKHLGXQJGLHVLFKLP,QWHUGLVNXUVKDUWQlFNLJKlOWLVWLQGHUVFLHQWLILFFRP PXQLW\ XQEHOLHEW RE LKUHU +HUNXQIW XQG LKUHU PDQJHOQGHQ WKHRUHWLVFKHQ 7UHQQVFKlUIH YHUNHQQW VLH GRFK GDVV GLH EHLGHQ 3ROH LQ KRKHP *UDGH YRQHLQDQGHU DEKlQJLJ VLQG 6LH LVW ]XGHP SUlVNULSWLY ZHUWHQG  GD GLH YHULQQHUOLFKWH.XOWXUHLQHUÄEOR‰lX‰HUOLFKHQ¶=LYLOLVDWLRQHQWJHJHQJHVWHOOW ZLUG :HUWHQG ZHQQ DXFK PLW LPPHU JHULQJHUHP *HIlOOH LVW DXFK GHU XPJDQJVVSUDFKOLFKEHQXW]WH%HJULIIYRQ.XOWXUZHQQYRQ.XOWXUEHWULHE GLH 5HGH LVW XQG GDPLW 2SHU XQG 7KHDWHU .RQ]HUWH )LOPH /HVXQJHQ XVZDOVRHLQHHUZHLWHUWH$XIIDVVXQJYRQ.XQVWJHPHLQWVLQG 'LHVH .XOWXUEHJULIIH VLQG DXVQDKPVORV ÄPDWHULHOO JHIOOW¶ GK VLH EH ]LHKHQVLFKDXILQKDOWOLFKH%HVWLPPXQJHQYRQ*HJHQVWlQGHQXQG$NWLYL WlWHQ 'HU .XOWXUEHJULII 1LNODV /XKPDQQV MHGRFK LVW JUXQGVlW]OLFK DQGHUV DXVJHOHJW/XKPDQQKDWYRQ+DXVDXVNHLQH%HJHLVWHUXQJIUGHQ%HJULII .XOWXU PLWJHEUDFKW 'DV NDQQ DXFK QLFKW EHUUDVFKHQ LVW GRFK GLH 6\V WHPWKHRULH HLQH 'LIIHUHQ]LHUXQJVWKHRULH GHU 0RGHUQH GHUHQ JUR‰H /HLV WXQJ GDULQ EHVWHKW GLH DXWRSRLHWLVFKH (LJHQG\QDPLN VR]LDOHU )XQNWLRQV  

/XKPDQQ 1LNODV Å-HQVHLWV YRQ %DUEDUHL´ ,Q *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN 6WXGLHQ ]XU :LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW%G)UDQNIXUW0DLQ6²

.XOWXU



V\VWHPHKHUDXVJHDUEHLWHW]XKDEHQ6RZRKO]XGLHVHU'LIIHUHQ]LHUXQJVOHLV WXQJDOVDXFK]XLKUHU%HVFKUHLEXQJVWHKWGHU.XOWXUEHJULII]XQlFKVWHLQ PDO TXHU (U V\QWKHWLVLHUW XQG UHLQWHJULHUW ZDV *HVHOOVFKDIW XQG V\VWHP WKHRUHWLVFKH 6R]LRORJLH ÄVRHEHQ¶ DXI YHUVFKLHGHQH 6\VWHPUHIHUHQ]HQ ÄYHU WHLOW¶ KDEHQ .HLQ :XQGHU GDVV /XKPDQQV %HVFKlIWLJXQJ PLW LKP PLW HLQHU.ULWLNVHLQHUÅ]XJUR‰HQ´Å6SDQQZHLWH´EHJLQQW 6LHUHLFKWYRQGHQV\PEROLVFKHQ*UXQGODJHQGHV+DQGHOQV 3DUVRQV ELV]XU*H VDPWKHLWPHQVFKOLFKHU$UWHIDNWH6LHVFKOLH‰WHOHNWURQLVFKH0DVFKLQHQXQG7lWR ZLHUXQJHQPHQVFKOLFKHU.|USHU+RFKNXOWXUXQG$OOWDJVNXOWXU.XOWXUGHUDUFKD LVFKVWHQ DOOHU 6WlPPH XQG .XOWXU GHU PRGHUQHQ *HVHOOVFKDIW HLQ 1LPPW PDQ QRFKGHQELRORJLVFKHQ.XOWXUEHJULIIKLQ]X>«@ODVVHQVLFKLQQHUKDOEGHV6R]LD OHQNDXPQRFK*UHQ]HQDXVPDFKHQ:LOOPDQ.XOWXUDOVHLQHEHVRQGHUHNODVVLIL ]LHUEDUH0HQJHYRQ*HJHQVWlQGHQDOVHLQHRQWRORJLVFKH5HJLRQGHU:HOWLP8Q WHUVFKLHG ]X DQGHUHQ *HJHQVWlQGHQ E]Z 5HJLRQHQ GHILQLHUHQ WULWW GLH 6SDQQ ZHLWHGHV%HJULIIVLQ:LGHUVSUXFK]XGHUIUZLVVHQVFKDIWOLFKH%HJULIIHHUIRUGHU OLFKHQ3UlJQDQ]

'D/XKPDQQGHQ%HJULIIDEHUVFKOLH‰OLFKGRFKEHQXW]WHZLHNRQWXULHUWHU LKQ QHX XP DQ V\VWHPWKHRUHWLVFKH )UDJHVWHOOXQJHQ DQVFKOLH‰HQ ]X N|Q QHQXQGZLHNRPPHQZLUPLW/XKPDQQLQV0XVHXP" 'HQ .HUQ GHV /XKPDQQ·VFKHQ .XOWXUEHJULIIV GHU HLQ KLVWRULVFKHU %H JULIILVWDOVRQLFKWDXIHLQHDQWKURSRORJLVFKH2PQLSUlVHQ]YRQ.XOWXUDE ]LHOWELOGHWGHU9RUJDQJGHV9HUJOHLFKV.XOWXUDOV.DWHJRULHXQG%HREDFK WXQJVJHVLFKWVSXQNWHQWVWHKW]XHLQHPEHVWLPPWHQ=HLWSXQNWQlPOLFKLP hEHUJDQJ YRQ GHU VWUDWLIL]LHUWHQ ]XU V\VWHPLVFK GLIIHUHQ]LHUWHQ *HVHOO VFKDIW VHLW GHU ]ZHLWHQ +lOIWH RGHU GHP OHW]WHQ 'ULWWHO GHV DFKW]HKQWHQ -DKUKXQGHUWV'DVKHL‰WDOVRIU/XKPDQQVHOEVWYHUVWlQGOLFKQLFKWHVKlW WHYRUGLHVHU=HLWNHLQH.XOWXULP6LQQHJlQJLJHU.XOWXUEHJULIIHJHJHEHQ HVEHGHXWHWOHGLJOLFKGDVVGLH1HLJXQJXQWHUVFKLHGOLFKH*HJHQVWlQGHXQG 3UD[HQ XQWHU GLHVHP %HJULII ]X VXEVXPLHUHQ XQG GDPLW ]X HLQHU QHXHQ 6\QWKHVH ]XVDPPHQ]X]LHKHQ HLQ 3URGXNW GLHVHU =HLW GDUVWHOOW 'HU .XO WXUEHJULIIZLUGGDPLWGHU/XKPDQQ·VFKHQ7KHRULHDUFKLWHNWXUGLHLQLKUHU KLVWRULVFKHQ 3HUVSHNWLYH VWDUN DXI GLHVHQ hEHUJDQJV]HLWUDXP IRNXVVLHUW HLQJHJOLHGHUW :XUGHQDWUOLFKDXFKGDYRUYHUJOLFKHQVRHUUHLFKWGLH3UD[LVGHV9HU JOHLFKHQVQXQPHKUHLQHKLVWRULVFKQHXH4XDOLWlWÅ,P-DKUKXQGHUWYHU EUHLWHWXQGYHUWLHIWVLFKGLHVHV9HUJOHLFKVLQWHUHVVHDXIGHU)ROLHHLQHV%H JULIIV YRQ .XOWXU GHU DXV GHP ELVKHU EOLFKHQ .UHLV GHU 9HUJOHLFKVWKH PHQ KHUDXVJH]RJHQ XQG IU VLFK DXIJHVWHOOW ZLUG´ /XKPDQQV .XOWXU  

/XKPDQQ 1LNODV Å.XOWXU DOV KLVWRULVFKHU %HJULII´ ,Q *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN 6²KLHU6I  (EG6



%HWWLQD*UXEHU

EHJULIILPSOL]LHUWDOVRLP:RUWVLQQHLQHÄ.RPSDUDWLVWLN¶YHUVWDQGHQQLFKW DOVYHUJOHLFKHQGH/LWHUDWXUZLVVHQVFKDIWVRQGHUQDOVHLQHXPIDVVHQGH3UD [LVGHV9HUJOHLFKVGHU%HREDFKWXQJXQG.RQVWUXNWLRQYRQ8QWHUVFKLHGHQ XQG(QWVSUHFKXQJHQ(UVWHKWGDKHUGHP%HJULIIGHU,QWHUNXOWXUDOLWlWVHKU QDKH LVW DEHU XPIDVVHQGHU GD HV GDEHL VRZRKO XP UlXPOLFKH ÄIUHPGH .XOWXUHQ¶ DOVDXFKXP]HLWOLFKH ÄDOWH.XOWXUHQ¶ 'LIIHUHQ]HQJHKWHVLVW QDKHOLHJHQGGDVVVLFKHLQH3UD[LVKHUDXVELOGHWLQGHUGLHVHV,QWHUHVVHVLFK EXFKVWlEOLFK PDWHULDOLVLHUWNULVWDOOLVLHUW 'LHVH 3UD[LV LVW GDV 0XVHXP DOV NRPSOH[H (LQKHLW DXV 0DFKHUQ %HVXFKHUQ XQG 2EMHNWDUUDQJHPHQWV 1LFKW]XIlOOLJZLUGGLH)UDQ]|VLVFKH5HYROXWLRQDOVHLQHZHVHQWOLFKH(WDS SHLQGHU(QWVWHKXQJVJHVFKLFKWHYRQ0XVHHQLPPRGHUQHQ6LQQJHVHKHQ 2ULHQWLHUW DP 'HQNHQ -HDQ-DFTXHV 5RXVVHDXV PLW VHLQHU ,GHDOLVLHUXQJ GHV]XJOHLFKÄ)UHPGHQ¶XQGÄ$OWHQ¶ GHUÄHGOH:LOGH¶LVWHLQHUVHLWVH[RWLVFKH )UHPGH]XJOHLFKDEHUDXFKGLHIHUQH9HUJDQJHQKHLWGHV=LYLOLVLHUWHQ IRU GHUW PDQ GLH (LQULFKWXQJ LQVEHVRQGHUH DQWKURSRORJLVFKHU 6DPPOXQJHQ GLH LKUHQ $XIWUDJ OHKUUHLFK ]X VHLQ QXU HUIOOHQ N|QQHQ LQGHP VLH GHQ 9HUJOHLFK ]ZLVFKHQ Ä.XOWXUHQ¶ VSlWHVWHQV PLW GHU 3OXUDOLVLHUXQJ LVW GDV :RUWXQXPJlQJOLFKJHZRUGHQ HEHQVRP|JOLFKPDFKHQZLHGHQPLWGHU HLJHQHQ.XOWXU'LHVHZLUGZHLWJHKHQGQRFKDOV6LQJXODUEHJULIIHQGLH(U NHQQWQLV HLQHU 3OXUDOLWlW LQQHUKDOE GHUHU HQWVWHKW PLW GHU 5RPDQWLN XQG LKUHU9RUOLHEHIUDOVÄ%UDXFKWXP¶EHREDFKWHWHUHJLRQDOH'LIIHUHQ]HQ :LHKLVWRULVFKVSH]LILVFKGLHVHV,QWHUHVVHLVWZLUGGHXWOLFKYHUJOHLFKW PDQGLHlOWHUHQ)RUPHQGHV0XVHXPVPLWGHUXQVJHOlXILJHQDQKDQGXQ VHUHV %HLVSLHOV ,Q LKUHU (QWVWHKXQJ LVW GLH7UFNLVFKH &DPPHU HEHQVR ZLH DQGHUH6DPPOXQJHQPLWRULHQWDOLVFKHQ([SRQDWHQNHLQHVZHJVGDV(UJHE QLV HLQHV SULPlU HWKQRJUDSKLVFKHQ (UNHQQWQLV ,QWHUHVVHV 6R JHQDQQWH Ä7UNHQEHXWHQ¶ ELOGHWHQ ZLFKWLJH %HVWDQGWHLOH GHU 5VW XQGRGHU :XQ GHUNDPPHUQYHUVFKLHGHQHUHXURSlLVFKHU)UVWHQ GLH'UHVGQHU6DPPOXQJ VWHOOWGDEHLHLQH$XVQDKPHGDUGDVLHEHUZLHJHQGGDV(UJHEQLVYRQ$Q NDXI XQG GLSORPDWLVFKHQ *HVFKHQNHQ LVW  6FKRQ GLHVH =XRUGQXQJ YHU GHXWOLFKWGLHDQGHUH)XQNWLRQGHUYRUPRGHUQHQ6DPPOXQJHQ=XDOOHUHUVW VLQG VLH *HJHQVWlQGH GHU 5HSUlVHQWDWLRQ )UKH ,QYHQWDUH EHOHJHQ GDVV GLH RVPDQLVFKHQ *HJHQVWlQGH ]XQlFKVW NHLQHVZHJV ]XVDPPHQ DXIEH ZDKUWXQGJH]HLJWZXUGHQ0DQLQWHUHVVLHUWVLFKQLFKWIUVLHZHLOPDQVLH HLQHU(LQKHLWXQWHUGHP(WLNHWWÄWUNLVFKH.XOWXU¶]XJHRUGQHWKlWWHVRQ GHUQZHLOVLHXQWHUGLH5XEULNGHV.XULRVHQRGHUGHU5DULWlWIDOOHQ'LHV NRPPW LQ GHQ YROONRPPHQ DQGHUHQ .ULWHULHQ ]XP $XVGUXFN DQ GHQHQ VLFK JHQHUHOO GLH $QRUGQXQJ XQG 8QWHUEULQJXQJ GHU 2EMHNWH LQ GHQ 6FKDW] 5VW XQG :XQGHUNDPPHUQ RULHQWLHUWH +lXILJ HUIROJW GLH $Q  

9JOGD]X%HFNHU&KULVWRSK9RP5DULWlWHQ.DELQHWW]XU6DPPOXQJDOV,QVWLWXWLRQ6DPPHOQXQG 2UGQHQLP=HLWDOWHUGHU$XINOlUXQJ(JHOVEDFK)UDQNIXUWXD

.XOWXU



RUGQXQJ QDFK *HVLFKWVSXQNWHQ GHV 0DWHULDOV VR LQ GHU $PEUDVHU :XQ GHUNDPPHULQGHU]%DOOH*HJHQVWlQGHDXV.RUDOOHJHPHLQVDPJUXSSLHUW ZDUHQHJDOREHVVLFKGDEHLXP$UWHIDNWHRGHU1DWXUDOLHQKDQGHOWH QDFK *HVLFKWVSXQNWHQ GHV JHVHOOVFKDIWOLFKHQ $QVHKHQV $QWLNHQ ]XHUVW VR LQ GHU 6NL]]H GLH $XJXVW GHU 6WDUNH IU HLQH 1HXRUGQXQJ VHLQHU 6DPP OXQJHQDQIHUWLJWH RGHUQDFK.RVWEDUNHLWXQG5HSUlVHQWDWLRQVZHUW 1XQ >«@ WUDW GLH %HZXQGHUXQJ RULHQWDOLVFKHU 3UDFKW XQG GHU VFKHLQEDU XQ HLQJHVFKUlQNWHQ0DFKWGHV6XOWDQVGHXWOLFKHUDOVLP-DKUKXQGHUWDQGLH6WHOOH GHV .DPSIHV JHJHQ GHQ ÅEDUEDULVFKHQ´ *HJQHU 'LH ,QV]HQLHUXQJ DOV 6XOWDQ LQ %HJOHLWXQJ VHLQHV +RIVWDDWHV XQG +DUHPV SUXQNYROO DXIJH]lXPWH RULHQWDOLVFKH +DQGSIHUGH LQ .DIWDQH JHNOHLGHWH 'LHQHUVFKDIW ZLH .DPPHUWUNHQ XQG PRK UHQ-DQLWVFKDUHQFRUSV]XUPXVLNDOLVFKHQ%HJOHLWXQJDOVUHSUlVHQWDWLYH*DUGHEHL )HVWLYLWlWHQXQG]XU%HZDFKXQJGHU/XVWVFKO|VVHUDOOGLHVZDUHQ(OHPHQWHGH UHQVLFK$XJXVWGHU6WDUNHLPPHUZLHGHUEHGLHQWHXPVRDXIK|FKVWUHSUlVHQWD WLYH :HLVH VHLQHQ KHUUVFKDIWOLFKHQ 5DQJ DEHU DXFK VHLQH 5ROOH LQ GHQ 7UNHQ NULHJHQ]XXQWHUVWUHLFKHQ

(VJHKWQLFKWXPGHQ9HUJOHLFKDXVZLVVHQVFKDIWOLFKHP,QWHUHVVHVRQGHUQ XPGLHP|JOLFKVWHIIHNWLYH)XQNWLRQDOLVLHUXQJGHUDQGHUHQ.XOWXULP5DK PHQGHUHLJHQHQ'LH*HJHQVWlQGHVLQGQLFKWPXVHDOH([SRQDWHVRQGHUQ ELOGHQ (OHPHQWH HLQHV )XQGXV DXV GHP PDQ VLFK IU+RIIHVWH IUHL]JLJ EHGLHQW .OHLGXQJVVWFNH :DIIHQ =HOWH XQG 5HLW]HXJH ZHUGHQ EHQXW]W XQGHQWVSUHFKHQGVLQGYLHOHGDYRQYHUORUHQJHJDQJHQ 'DV2ULHQWDOLVFKH LVW4XHOOHHLQHVNHLQHVZHJVLQWHUHVVHORVHQlVWKHWLVFKHQ:RKOJHIDOOHQV GDV EHWULIIW DXFK GLH )DV]LQDWLRQ IHUQ|VWOLFKHU .XOWXUHQ GLH ZLH GLH &KL QRLVHULHQ LQ 3LOOQLW] XQG GDV -DSDQLVFKH 3DODLV ]HLJHQ XQWHUVFKLHGVORV ]X 5HSUlVHQWDWLRQV]ZHFNHQ HLQJHVHW]W ZHUGHQ  %HUHLWV LQ GHU /LWHUDWXU GHV VLHE]HKQWHQ-DKUKXQGHUWVHUVFKHLQWGHURVPDQLVFKH+HUUVFKHUDOV%LOGXQ EHVFKUlQNWHUDEVROXWLVWLVFKHU0DFKW LQ-RKQ0LOWRQV3DUDGLVH/RVWWKURQW 6DWDQDOV6XOWDQLQVHLQHPXQWHULUGLVFKHQ5HLFK HLQH3RVLWLRQGHU$XJXVW QDFKHLIHUQ P|FKWH %HL HLQHU 7UXSSHQSDUDGH GLH DXFK PLW GHU $EVLFKW VWDWWILQGHWGLHSUHX‰LVFKHQ1DFKEDUQ]XEHHLQGUXFNHQGHPVRJÄ=HLWKDL QHU/DJHU¶WUHWHQ+RIVWDDWXQG7UXSSHQNRPSOHWWLQRVPDQLVFKHU.RVW PLHUXQJ DXI XQG $XJXVW HPSIlQJW LP WUNLVFKHQ =HOW HLQ $XIWULWW GHU DXFKDOVgOELOGIHVWJHKDOWHQZLUG (EHQVRSUDJPDWLVFKXQGLQ'LVWDQ]]XPRGHUQHP.XOWXUYHUVWlQGQLV HUIROJWGLH$QHLJQXQJDXIGHU(EHQHGHU2EMHNWH1HEHQGHUEHVFKULHEH  

Å'LH.RVWEDUNHLWGHU6FKDW]NDPPHUVWFNH.XULRVLWlWHQDXVYHUVFKLHGHQHQ0DWHULDOLHQXQG $XWRPDWHQVWHLJHUWVLFK]XPÄMXEHOHQFDELQHW¶XQGGHQÄSUHFLRVVHQ¶´VR%HFNHU 6 EHU $XJXVWV$UUDQJHPHQW  6FKXFNHOW +ROJHU Å'LH 7UFNLVFKH &DPPHU GHU .XUIUVWHQ YRQ 6DFKVHQ´ ,Q 7UFNLVFKH &DPPHU 2ULHQWDOLVFKH 3UDFKW LQ GHU 5VWNDPPHU 'UHVGHQ %HUOLQ 0QFKHQ  6 ² KLHU 6



%HWWLQD*UXEHU

QHQ SDUDGLJPDWLVFKQLFKWPXVHDOHQ 9HUZHQGXQJYRQ2ULJLQDOJHJHQVWlQ GHQHQWVWHKHQÄ+\EULGH¶ 0LVFKREMHNWH RGHURULHQWDOLVLHUHQGH1HXVFK|S IXQJHQ %HLVSLHO IU HUVWHUHV LVW GHU EHUKPWH 'LQJOLQJHU6lEHO PLW GHP IU GLH (U|IIQXQJ GHU $XVVWHOOXQJ JHZRUEHQ ZXUGH ZRGXUFK EHLP %H WUDFKWHUGHU(LQGUXFNHQWVWDQGEHLGHUPLWJUR‰HQ6DSKLUHQJHVFKPFN WHQ :DIIH PVVH HV VLFK XP HLQ W\SLVFKHV RVPDQLVFKHV 3UXQNVWFN KDQ GHOQ7DWVlFKOLFKLQIRUPLHUHQLKQ.DWDORJXQG9LWULQHQEHVFKULIWXQJGDVV JHUDGHGHUSSLJEHVHW]WH*ULIIGHUGHP(XURSlHUÄW\SLVFKRULHQWDOLVFKH¶ 3UXQNHQWIDOWXQJ VLJQDOLVLHUW HLQ :HUN YRQ $XJXVWV +RIMXZHOLHU * &K 'LQJOLQJHU LVW GHU LQ VHLQHP $XIWUDJ GLH PLW .RUDQYHUVHQ XQG 'HNRU YHUVHKHQH2ULJLQDONOLQJHGDPLWPRQWLHUWH $OV%HLVSLHOIUGHQ7\SGHUY|OOLJHQ1HXVFK|SIXQJNDQQGLHVRJ-R KDQQ0LFKDHO*DUQLWXU GLHQHQ HLQ PHKUWHLOLJHV 5HLW]HXJ GDV YRQ GHP JOHLFKQDPLJHQ3UDJHU*ROGVFKPLHG$QIDQJGHVVLHE]HKQWHQ-DKUKXQGHUWV IU GHQ .XUIUVWHQ &KULVWLDQ ,, YRQ 6DFKVHQ JHVFKDIIHQ ZXUGH XQG GDV DOV EHVWHV %HLVSLHO GHU 7UNHQPRGH LQ 6DFKVHQ JLOW hEULJHQV VFKHLQHQ VROFKH XQWHUVFKLHGOLFKHQ $QHLJQXQJVIRUPHQ DXFK XPJHNHKUW LP 2VPD QLVFKHQ 5HLFK H[LVWLHUW ]X KDEHQ 'LH 7XOSHQ]HLW GLH DOV HLQHU GHU +|KH SXQNWH WUNLVFKHU .XQVW JHOWHQGH 3KDVH ZlKUHQG GHU +HUUVFKDIW 6OH\ PDQV GHV 3UlFKWLJHQ LVW LKUHUVHLWV (UJHEQLV HLQHU 'XUFKGULQJXQJ WUNL VFKHUXQGHXURSlLVFKHU7HFKQLNHQ  'LHVHU LQWHJULHUHQGHQ ,QGLHQVWQDKPH PDFKW QHEHQ GHP $XVODXIHQ GHU7UNHQPRGH DXI%DVLVGHVQHXHQWZLFNHOWHQ.XOWXUYHUVWlQGQLVVHVHUVW GLH0XVHXPVNXOWXUGHVIUKHQQHXQ]HKQWHQ-DKUKXQGHUWVHLQ(QGH(UVW LP,QYHQWDUYRQ  ZHUGHQGLHÅRULHQWDOLVFKHQ%HVWlQGHYRQIUKHU PLWLKQHQYHUZDKUWHQHXURSlLVFKHQ :DIIHQ ´JHWUHQQWYHU]HLFKQHW'LH PRGHUQH$XIIDVVXQJGLH.XOWXUHQ]XP=ZHFNGHV9HUJOHLFKVDOVGLVWLQNW XQWHUVFKHLGEDUH (LQKHLWHQ QHEHQHLQDQGHU DXIULFKWHW XQG JHUDGH GDGXUFK GHQ 6LQJXODU .XOWXU ]X HLQHP 3DVVHSDUWRXW%HJULII PDFKW .XOWXU LVW QXQPHKUEHUDOO KDWVLFKMHW]WDXFKLQ'UHVGHQGXUFKJHVHW]W/XKPDQQ EHVFKUHLEWVLHVR 9HUJOHLFKH JHQHULHUHQ UFNEOLFNHQG JHVHKHQ .XOWXU DEHU QRFK QLFKW HLQHQ %H JULII YRQ .XOWXU XQG QRFK QLFKW .RPPXQLNDWLRQ EHU .XOWXU (UVW GLH 9HUI JXQJ EHU HLQH .RPPXQLNDWLRQVHEHQH DXI GHU .XOWXU EHKDQGHOW XQG HU|UWHUW ZHUGHQNDQQHU]HXJWQHXDUWLJH3KlQRPHQ]XVDPPHQIDVVXQJHQXQGGDPLWZLHGHU QHXH9HUJOHLFKVP|JOLFKNHLWHQ6LHHUP|JOLFKHQGDQQDXFKGLH(LQEH]LHKXQJHQW OHJHQHU )RUPHQZHOWHQ KLVWRULVFKHU .XOWXUHQ XQG VFKOLH‰OLFK GLH HUIULVFKHQGH

 

(EG6 (EG6  )U HLQHQ VSlWHUHQ KLVWRULVFKHQ (LQVDW] QlPOLFK HUVW (QGH GHV  -DKUKXQGHUWV  YJO %HQQHWW7RQ\7KH%LUWKRIWKH0XVHXP+LVWRU\7KHRU\3ROLWLFV1HZ«@ (LQ :RUWHLQ%HJULIIPHOGHWVLFKZHQQGDV9HUJOHLFKHQDOOHVZDVYHUJOLFKHQZHUGHQ NDQQUHODWLYLHUWXQGHVVFKOLH‰OLFKNHLQHYHUELQGOLFKHQ:HVHQVIRUPHQPHKUJLEW GLH*UHQ]HQZHLVHQN|QQWHQ'DVLVWGLHKLVWRULVFKH6LWXDWLRQYRQGHUDXVGDQQ ZHOWZHLW XQG KLVWRULVFK UFNZlUWV RKQH (LQVFKUlQNXQJ .XOWXU JHRUWHW ZHUGHQ NDQQ'LH$UWLNXODWLRQXQG)RUPXOLHUXQJYRQ.XOWXUHUVHW]WGLHZHOWLQYDULDQWHQ :HVHQVIRUPHQDXIGHU%DVLVYHUJOHLFKHQGHU%HREDFKWXQJHQ²GXUFK5HIOH[LRQ

5HIOH[LRQ%HREDFKWXQJ]ZHLWHU2UGQXQJOlVVWGLH.XOWXUHQLP$XJHGHV %HWUDFKWHUVDXVHLQDQGHUWUHWHQ(UVWPDOVDXFKLQWHUHVVLHUWPDQVLFKLQGHU 7UFNLVFKHQ&DPPHUIUGLH,QVFKULIWHQDXIGHQ.OLQJHQGLHQLFKWPHKUQXU DOV'HNRUZDKUJHQRPPHQZHUGHQGKPDQZLOOZLVVHQZLHGHUÄ$QGHUH¶ EHREDFKWHW 'LHVHU:HFKVHOGHU3HUVSHNWLYHQKDWDXFKPLWGHP:HFKVHOGHU7Ul JHUVFKLFKW]XWXQ(LQHVHLW(QGHGHVDFKW]HKQWHQ-DKUKXQGHUWVWURW]YHU EUHLWHWHU DGOLJHU 3DUWL]LSDWLRQ EUJHUOLFK GRPLQLHUWH 'LVNXUVZHOW EULQJW LKUH$QWKURSRORJLHYRPÄ0HQVFKHQ¶]XU*HOWXQJEHLGHU8QLYHUVDOLVPXV XQG GLH SDUWLNXODULVWLVFKH %HREDFKWXQJ IUHPGHU .XOWXUHQ VLFK HUJlQ]HQ XQG JHJHQVHLWLJ EHGLQJHQ 'LH HUVWHQ 8PVHW]XQJHQ GLHVHV .RQ]HSWV ODV VHQVLFKJXWDQGHQHWKQRORJLVFKHQXQGDQWKURSRORJLVFKHQ0XVHXPVSUR MHNWHQGHU5HYROXWLRQV]HLWYHUIROJHQGLHPLWGHU%HJUQGXQJGLHVHU'LV]L SOLQHQHLQKHUJHKHQ 1DWUOLFKJDEHVDXFKLQIUKHUHQ-DKUHQYLHOH*HOHKUWHGLH%HVFKUHLEXQJHQGHV 0HQVFKHQXQGGHUSULPLWLYHQ9|ONHUVDPPHOWHQXQGLQWHUSUHWLHUWHQ'DPLWDEHU HLQH:LVVHQVFKDIWLPHLJHQWOLFKHQ6LQQHHQWVWHKHQNRQQWHJHQJWHVQLFKWXQEH GLQJW GDVV EHVWLPPWH )RUVFKXQJHQ XQWHUQRPPHQ ZXUGHQ ² ]% GD‰ 5HLVHQGH XQG (QWGHFNHU IHUQHU /lQGHU ÅNXULRVH 7DWVDFKHQ´ VDPPHOWHQ ² RGHU GDVV PDQ EHUHLQHEHVWLPPWH0HQJHYRQ%HOHJPDWHULDOYHUIJWH1RWZHQGLJZDUHVHLQHQ HQWVSUHFKHQGHQ WKHRUHWLVFKHQ XQG HSLVWHPRORJLVFKHQ %HZXVVWVHLQVVWDQG ]X HU UHLFKHQ>«@

:RPLWZLUZLHGHUEHLGHU5HIOH[LRQDQJHODQJWZlUHQ(LQH6RFLpWpGHV2E VHUYDWHXUVGHV+RPPHVJUQGHWHVLFK'LHHWKQRORJLVFKHQ9RUOHVXQJHQ EHUGLHÅ1DWXUJHVFKLFKWHGHV0HQVFKHQ´GLH-DXIIUHWHLQHVLKUHU0LWJOLH GHUKLHOWZXUGHQGXUFKGDV9RU]HLJHQHQWVSUHFKHQGHU2EMHNWH]%ÅGHU 0DQWHOHLQHV0DQGDULQVGHU]ZHLWHQ.ODVVH´(VVEHVWHFNXVZXQWHUVWW]W >«@ GLH GLUHNWH 9RUIKUXQJ YRQ 2EMHNWHQ >«@ GLH GLH YRUDXVJHKHQGHQ 'DUOH JXQJHQVWW]HQVROOWHQEHGHXWHWHGD‰GLHVH2EMHNWHEHZXVVWYRQGHU(EHQHLKU HU²DXFKZHQQHVVLFKLQGLHVHP)DOOXP$UWHIDNWHKDQGHOW²ÅQDWUOLFKHQ´XQ EHGHXWHQGHQEHUHLWVH[LVWHQWHQ6WRIIOLFKNHLWDXIGLH(EHQHGHUÅNXOWXUHOOHQ´$U

 



/XKPDQQÅ.XOWXUDOVKLVWRULVFKHU%HJULII´6 0RUDYLD 6HUJLR %HREDFKWHQGH 9HUQXQIW 3KLORVRSKLH XQG $QWKURSRORJLH LQ GHU $XINOlUXQJ )UDQN IXUW0DLQXD6QDFK+DUWHQ(ONH0XVHHQXQG0XVHXPVSURMHNWHGHU)UDQ]|VLVFKHQ5H YROXWLRQ(LQ%HLWUDJ]XU(QWVWHKXQJVJHVFKLFKWHHLQHU,QVWLWXWLRQ0QVWHU6



%HWWLQD*UXEHU JXPHQWDWLRQEHUWUDJHQZXUGHQXQGGDGXUFKQLFKWPHKU ÅDOOJHPHLQH´2EMHNWH VRQGHUQVDFKEH]RJHQXQGVSH]LILVFKGLH%HZHLVVWFNHHLQHUEHVWLPPWHQ:LVVHQ VFKDIWZDUHQ

8QG GDEHL KDQGHOWH HV VLFK XP HLQH :LVVHQVFKDIW GLH HV VLFK ]X LKUHU +DXSWDXIJDEHJHPDFKWKDWWH.XOWXUHQDXVLKUHQ'LIIHUHQ]HQKHUDXVEH VFKUHLEEDU]XPDFKHQ,PNRQNUHWHQ)DOOZLUGQXQQLFKWPHKUGHU*HJHQ VWDQGVHOEVWEHREDFKWHW HLQH:DIIH]%GLHHYHQWXHOOUHLFKHUJHVFKPFNW XQG NRVWEDUHU LVW DOV GLH HLJHQHQ 3URGXNWH HLQH 3UD[LV GLH HUODXEW QRFK PHKU $XIPHUNVDPNHLW ]X NRQ]HQWULHUHQ ZLH GLH %HJOHLWXQJ GXUFK HLQH -DQLWVFKDUHQ/HLEJDUGH EHREDFKWHWZLUGZLHHLQHDQGHUHGLHRVPDQLVFKH .XOWXU EHREDFKWHW Å'LH %HREDFKWXQJVSHUVSHNWLYH .XOWXU >YHUGRSSHOW@ GLH3KlQRPHQHXPVLHHLQ]ZHLWHV0DOEHREDFKWHQXQG9HUJOHLFKHQDXV VHW]HQ]XN|QQHQ´ 'DKHUGDVHUVWDXQOLFKVSlWH,QWHUHVVHDQGHQ,QVFKULIWHQ GLHDOV&KLII UHGHV$QGHUHQLQ0RGHNRPPHQ)UVW3FNOHUHLQURPDQWLVFKHU2ULHQW IDKUHU OlVVW GLH 7XJKUDV 7lIHOFKHQ PLW GHP NDOOLJUDSKLHUWHQ 1DPHQV]XJ GHV6XOWDQVLQVHLQHP*XW%UDQLW]EHUGHQ7UHQDQEULQJHQ 'LH )LJXU GHV 9HUJOHLFKV GLH ZLU KLHU LQ LKUHU )XQNWLRQ IU GLH (QWVWHKXQJ GHU (WKQRORJLH XQG .XOWXUDQWKURSRORJLH DOVR YRQ .XOWXUZLVVHQVFKDIWHQ SDU H[FHO OHQFHZLUNVDPVHKHQZLUNWQDWUOLFKDXFKLQQHUKDOEGHVDOVÅHLJHQH.XOWXU´EH JULIIHQHQ .RQJORPHUDWV GLH YLHO VSlWHUH (WDEOLHUXQJ GHU .XOWXUZLVVHQVFKDIWHQ JHKW GHVKDOE PLW VROFKHQ %LQQHQYHUJOHLFKHQ GLH HLQH gIIQXQJ GHU LQYROYLHUWHQ 'LV]LSOLQHQPLWVLFKEULQJHQHLQKHU9RUUHLWHUZDUGDV&HQWHUIRU&RQWHPSRUDU\&XO WXUDO6WXGLHVGHU8QLYHUVLWlW%LUPLQJKDPGDVVHLWVHLQHU*UQGXQJ3RSXOlU XQG6XENXOWXUHQLQLKUHQPHGLDOHQ$XVSUlJXQJHQXQWHUVXFKWHXQGGDPLWGHU%H KDQGOXQJ GHV NODVVLVFKHQ OLWHUDULVFKHQ XQG NXQVWZLVVHQVFKDIWOLFKHQ .DQRQV HLQ QHXHV*HELHW]XU6HLWHVWHOOWH

'LHVHGUHLIDFKH6WR‰ULFKWXQJGHV9HUJOHLFKHQV KLVWRULVFK]HLWOLFKHWKQR JUDSKLVFKUlXPOLFK XQG VFKOLH‰OLFK LQ +LQEOLFN DXI *UXSSHQELOGXQJ XQG 6WUDWLILNDWLRQ EHZLUNW VFKOLH‰OLFK YRU DOOHP HLQHV HLQXP VLFK JUHLIHQGHV %HZXVVWVHLQYRQ.RQWLQJHQ]'D.XOWXUDXFKDOV*HGlFKWQLVVSHLFKHUIU *HVHOOVFKDIWVV\VWHPHIXQJLHUW YJO0HPRULD7KHRULHQGHU.XOWXU]%EHL $OHLGD $VVPDQQ  IKUW GDV $XINRPPHQ GHV PRGHUQHQ .XOWXUYHUVWlQG QLVVHV >«@]XHLQHU1HXRUGQXQJGHV*HGlFKWQLVVHVGHU*HVHOOVFKDIW >«@6DNUDOH2E MHNWH HUVFKHLQHQ LQ 0XVHHQ PLW ]HLWOLFKHU XQG UHJLRQDOHU =XRUGQXQJ DOV .XQVW $OOHVZDVHVEHUKDXSWJLEWNDQQLP%HGDUIVIDOOHDOV'RSSHOJlQJHUVHLQHUVHOEVW

 

0RUDYLD%HREDFKWHQGH9HUQXQIW6QDFK+DUWHQ0XVHHQXQG0XVHXPVSURMHNWH6 %DHFNHU'LUN:R]X.XOWXU"$XIO%HUOLQ6  2ULHQWLHUXQJ .XOWXUZLVVHQVFKDIW :DV VLH NDQQ ZDV VLH ZLOO +J Y +DUWPXW %|KPH 3HWHU 0DWXVVHNX/RWKDU0OOHU$XIO5HLQEHNE+DPEXUJ6II 

.XOWXU



YHUVWDQGHQ ZHUGHQ ,GHQWLWlW $XWKHQWL]LWlW (FKWKHLW 2ULJLQDOLWlW LP 6LQQH YRQ (LQ]LJDUWLJNHLWXQG8QYHUJOHLFKEDUNHLWZHUGHQ]X3UREOHPEHJULIIHQ

'LHVHV %HZXVVWVHLQ GHU .RQWLQJHQ] OLHJW GHU VHOEVWEHZXVVWHQ +RINXOWXU XP $XJXVW GHQ 6WDUNHQ QRFK IHUQ ZHQQ VLH GLH ÄH[RWLVFKHQ¶ 2EMHNWH LQ GHU+DXSWVDFKHDOV5HTXLVLWHQLKUHU6HOEVWGDUVWHOOXQJIXQNWLRQDOLVLHUW'LH 8QEHNPPHUWKHLW PLW GHU ]% NRVWEDUH RULHQWDOLVFKH .OLQJHQ RGHU *H ZHKUOlXIH QHX PRQWLHUW ZHUGHQ PLW GHU YRQ .DIWDQHQ XQG =HOWHQ EHU .DPHOHXQGDUDELVFKH3IHUGHELV]XÄ/HLEWUNHQ¶XQGÄ0RKUHQNQDEHQ¶GLH (U]HXJQLVVHLQ'LHQVWJHQRPPHQZHUGHQXQGHLQHQQHXHQ3ODW]LP7KHD WHU K|ILVFKHU 5HSUlVHQWDWLRQ DQJHZLHVHQ EHNRPPHQ NDQQ GDV YHUGHXWOL FKHQ9HUJOLFKHQZLUGKLHUVHOHNWLYXQGVWULNWLP,QWHUHVVHDEVROXWLVWLVFKHU 0DFKWHQWIDOWXQJ ,GHQWLWlW(FKWKHLWJDU$XWKHQWL]LWlWELOGHQQRFKNHLQH3UREOHPNDWH JRULHQ $OV VLFK GLHV lQGHUW HQWVWHKWPLW GHP QHXHQ.XOWXUYHUVWlQGQLV HLQH DSRUHWLVFKH 6LWXDWLRQ Å-HGHU 9HUVXFK >,GHQWLWlW HWF ]X NRPPXQL ]LHUHQ@ GHNRQVWUXLHUW VLFK VHOEVW ZHLO GLH NRQVWDWLYH .RPSRQHQWH GHU .RPPXQLNDWLRQ GXUFK GLH SHUIRUPDWLYH .RPSRQHQWH GLH ,QIRUPDWLRQ GXUFK LKUH 0LWWHLOXQJ ZLGHUOHJW ZLUG´ $XI XQVHU %HLVSLHO DQJHZDQGW 'HU9HUVXFKGLH,GHQWLWlW(LQ]LJDUWLJNHLWGHUEHREDFKWHWHQDXVJHVWHOOWHQ XQGGDPLW]XJOHLFKGLH,GHQWLWlW(LQ]LJDUWLJNHLWGHUEHREDFKWHQGHQDXV VWHOOHQGHQ.XOWXU ]XGHPRQVWULHUHQVFKHLWHUWDQGHPLQVWLWXWLRQDOLVLHUWHQ 9HUJOHLFKVHOEVWGHQGLHHWKQRJUDSKLVFKYHUVWDQGHQH6DPPOXQJGDUVWHOOW 'LH Å6HPDQWLN GHU .XOWXU´ ŁEHU]LHKW DOOHV ZDV NRPPXQL]LHUW ZHUGHQ NDQQPLW.RQWLQJHQ]´²XQGGLHPRGHUQH0XVHXPVNXOWXULVWGHUVLFKW EDUVWH $XVGUXFN GLHVHU KLVWRULVFKHQ 6LWXDWLRQ VRZRKO LKUHU (UUXQJHQ VFKDIWHQ DOV DXFK LKUHU JUXQGOHJHQGHQ 3UREOHPDWLN 8QVWULWWLJ LVW GHU PXVHDOLVLHUHQGH 9HUJOHLFK GHQ /XKPDQQ ]XP 3URWRW\S YRQ .XOWXU HU KHEWXQWHUGHP$VSHNWGHVÄ,QWHUHVVDQWHQ¶MHQHPÅFODVKRIFLYLOL]DWLRQV´ YRU]X]LHKHQ ZLH 6DPXHO +XQWLQJWRQ LKQ SURJQRVWL]LHUWH -HQHU VHW]W DOOHUGLQJV YRUDXV GDVV VLFK HLQH XQLYHUVDOLVLHUWH .XOWXU GHV 9HUJOHLFKHQV XQWHU P|JOLFKHU 6XVSHQGLHUXQJ YRQ :HUWXQJ DOVR GLH 'LIIHUHQ]LHUXQJV PRGHUQH HXURSlLVFKQRUGDPHULNDQLVFKHQ7\SV ODQJIULVWLJ JHJHQ NRQNXU ULHUHQGH 0RGHOOH ]X EHKDXSWHQ YHUPDJ GLH YHUVSUHFKHQ EHXQUXKLJHQGH  

/XKPDQQÅ.XOWXUDOVKLVWRULVFKHU%HJULII´6 =XU ]HQWUDOHQ .DWHJRULH GHU $XWKHQWL]LWlW YJO GLH NODVVLVFKH 6WXGLH YRQ 7ULOOLQJ /LRQHO 6LQFHULW\DQG$XWKHQWLFLW\+DUYDUGGW'DV(QGHGHU$XIULFKWLJNHLW)UDQNIXUW0DLQ%HUOLQ GLH/XKPDQQV%HREDFKWXQJGHVKLVWRULVFKHQ$XIWUHWHQVYRQÅ$XWKHQWL]LWlW´DQKDQG YRQUHLFKHPOLWHUDULVFKHP0DWHULDOYRUZHJQLPPW  /XKPDQQÅ.XOWXUDOVKLVWRULVFKHU%HJULII´6I  (EG6  +XQWLQJWRQ6DPXHO37KH&ODVKRI&LYLOL]DWLRQV1HZ«@(VJLEWGLUGLH)UHLKHLWGHLQ/HEHQJHQDXVRHLQ]XWHLOHQZLHGX HVIUULFKWLJKlOWVW

)h1)=,*OlVVWVLFKDEHUZHGHUYRQGHQ9RUWHLOHQHLQHUVROFKHQ'LVNUH WLRQVNXOWXU QRFK YRQ GHQ IXQNWLRQDOLVWLVFKHQ $UJXPHQWHQ IU /DWHQ] VFKXW] EHHLQGUXFNHQ (U PDFKW VHLQ :LVVHQ SXEOLN XQG ZLUG GDQQ QRW JHGUXQJHQ]XP%HREDFKWHUGHU:LUNXQJHQGLHGLHVHU$NWGHU:DKUKHLWV VWLIWXQJKHUYRUUXIW$P(QGHGHV6WFNV²LQHLQHPOHW]WHQ*HVSUlFKPLW GHP.DSVHODQ²ZLGHUUXIWHUXQWHUGHP(LQGUXFNGHU(UHLJQLVVHVHLQXQ EHGDFKWHV7XQ .$36(/$1 >«@ $OOHV LVW HUVFKWWHUW >«@ )h1)=,* 'DV 8QKHLO LVW JHVFKH KHQ .DQQ LFK QLFKWV PHKU UHWWHQ" >«@ ,FK VFKlPH PLFK VR VHKU $P PHLVWHQ VFKlPHLFKPLFKPHLQHU%OLQGKHLW.$36(/$1(VLVW]XVSlW

'LHVHUUHVLJQDWLYH6DW]GHV.$36(/$16LVWIUHLOLFKQLFKWQXUHLQH$XVVD JHEHUGLHXQZLGHUVWHKOLFKHQ.UlIWHGHU$XINOlUXQJXQGGLH8QEHXJVDP NHLWGHV:LOOHQV]XP:LVVHQ(ULVWHLQ$SSHOODQGLH=XVFKDXHULKUHHL JHQHQ (UIDKUXQJHQ PLW :LVVHQ XQG 8QZLVVHQ ]X UHIOHNWLHUHQ XQG QDFK /|VXQJHQGHV3UREOHPV]XVXFKHQGLHGDV3UREOHPDOVVROFKHVQLFKWYHU GUlQJHQ'LHHQWVFKHLGHQGHQ)UDJHQODXWHQGDQQREGDV:LVVHQEHL%H GDUI ÅVHLQHQ 6WDFKHO JHJHQ VLFK VHOEVW NHKUHQ´ NDQQ RE ÅDEVLFKWVYROOH 6HOEVWWlXVFKXQJ´IXQNWLRQLHUWXQGREHLQHSV\FKLVFKH7HFKQLNGLHPDQ ÅRSWLPLVWLVFKH9HUOHXJQXQJ´QHQQHQN|QQWHWDWVlFKOLFKGLH/DJHEHU IRUGHUWHU6XEMHNWHYHUEHVVHUW /LHEH XQG (URWLN VLQG OLWHUDULVFK EHZlKUWH 7HVWDUHQHQ IU VROFKH hEXQJHQ GLH PHKU RGHU PLQGHU SODQYROO GDUDXI DE]LHOHQ XQWHU %HGLQ JXQJHQ IHKOHQGHU 6LFKHUKHLW GHU HLJHQHQ Å8QZHLVKHLW YRQ +HU]HQ IURK >]X@ZHUGHQ´'DEHLN|QQHQGLHYRQ/LHEHVJHIKOHQRGHUHURWLVFKHQ$Q ZDQGOXQJHQEHWURIIHQHQ6XEMHNWH²GDV]HLJHQQLFKWQXUDOOWlJOLFKH(UIDK UXQJHQ VRQGHUQ DXFK HLQVFKOlJLJH SRHWLVFKH XQG VR]LDOZLVVHQVFKDIWOLFKH 7H[WH ² JHUDGH]X EOLQG GDUDXI YHUWUDXHQ GDVV VLH VSRQWDQ LQ =XVWlQGH DEQHKPHQGHU NRJQLWLYHU 8UWHLOVNUDIW XQG YHUPLQGHUWHU DOOJHPHLQHU =X UHFKQXQJVIlKLJNHLWJHUDWHQ,OOXVLRQHQDOOHU$UWVWHOOHQVLFKJOHLFKVDPYRQ VHOEVWHLQ$QGHUVJHVDJW/LHEHPDFKWHPSIlQJOLFKIU(LQELOGXQJHQ)LN WLRQDOH /LWHUDWXU NDQQ GLHVHQ TXDVLQDWXUZFKVLJHQ 9RUJDQJ EHJOHLWHQ XQWHUVWW]HQYHUVWlUNHQDEHUQDWUOLFKDXFKNULWLVFKDQDO\VLHUHQXQGPLW   

 





(EG6 (EG6I 1LHW]VFKH)ULHGULFK9RP1XW]HQXQG1DFKWHLOGHU+LVWRULHIUGDV/HEHQ.6$+JY*LRU JLR&ROOLX0D]]LQR0RQWLQDUL0QFKHQ6 6DIUDQVNL:LHYLHO:DKUKHLWEUDXFKWGHU0HQVFK"6 *ROHPDQ'DQLHO(PRWLRQDOH,QWHOOLJHQ]0QFKHQ6 1LHW]VFKH9RP1XW]HQXQG1DFKWHLOGHU+LVWRULH6



/XW](OOULFK

]DUWHU,URQLHRGHUEHL‰HQGHP6SRWWEHUJLH‰HQ'LHHPSLULVFKH6R]LRORJLH NDQQ LKQ VWDXEWURFNHQ RGHU MRYLDO NRQVWDWLHUHQ XQG JJI ]X LQVWLWX WLRQDOLVLHUWHQ)RUPHQGHU7KHUDSLHUDWHQZHQQGLHVWDWLVWLVFKHQ'DWHQGD ]X $QODVV JHEHQ 6ROFKH hEHUHLQVWLPPXQJHQ OHJHQ 0XWPD‰XQJHQ EHU GLH VWUXNWXUHOOH $IILQLWlW ]ZLVFKHQ KRUPRQHOO EHGLQJWHQ XQG WH[WXHOO HU ]HXJWHQPLWKLQ]ZLVFKHQOLELGLQ|VHQXQGOLWHUDULVFKHQ)LNWLRQHQQDKH-H WLHIHUPDQDOOHUGLQJVGLH8QWHUVXFKXQJWUHLEWGHVWRZHQLJHULVWNODUREGLH 7H[WH VLFK GHU ([LVWHQ] VSH]LILVFKHU OHLEVHHOLVFKHU =XVWlQGH YHUGDQNHQ RGHUREHVQLFKWGLHSRHWLVFKHQ.RQVWUXNWHVLQGGLHOHW]WOLFKEHVWLPPHQ ZHOFKH *HIKOH HQWVWHKHQ XQG ZHOFKH NRQNUHWHQ 3UDNWLNHQ LKQHQ NRU UHVSRQGLHUHQ 'LH /LWHUDWXU N|QQWH VLFK XQWHU GLHVHQ 8PVWlQGHQ EH P‰LJWIKOHQLP*HZDQGHGHU1DUUDWLRQ+DQGEFKHUIUJHNRQQWH7lQ GHOHLXQGYLUWXRVH*DODQWHULHDQ]XELHWHQRGHULP*HJHQ]XJUDGLNDOH/HKU EFKHU ]X OLHIHUQ GLH GXUFK H[HPSODULVFKH *HVFKLFKWHQ DXINOlUHQ XQG DEVFKUHFNHQ *XVWDYH )ODXEHUWV 5RPDQ 0DGDPH %RYDU\   LVW IU GLH ]ZHLWH6WUDWHJLHHLQNDXP]XEHUWUHIIHQGHV0XVWHUEHLVSLHOGHQQHU]HLJW XQHUELWWOLFKGLHYHUKHHUHQGHQ)ROJHQHLQHUQDLYHQ5H]HSWLRQGHVURPDQ WLVFKHQ/LHEHVGLVNXUVHVDXI+LHUHUVFKHLQWOLWHUDULVFKYHUEUHLWHWHV:LVVHQ DOV GLH HLQ]LJH SUREDWH 0HGL]LQ JHJHQ HLQH GXUFK .LWVFKURPDQH LQV JH Z|KQOLFKH/HEHQHLQJHVFKOHSSWHXQGHEHQGHVKDOEEHVRQGHUVDQVWHFNHQGH .UDQNKHLW'LH%RWVFKDIWLVWEHUGHXWOLFK,QGHU.XQVWGHU:DKUKHLWOLHJW ]XJOHLFKGLH:DKUKHLWGHU.XQVW$XFK+HQGULN,EVHQIROJW]XQlFKVWGLH VHP DWWUDNWLYHQ 3URJUDPP ,Q VHLQHQ 6WFNHQ 'LH 6WW]HQ GHU *HVHOOVFKDIW  XQG(LQ9RONVIHLQG  EULQJWHUDXI|IIHQWOLFKHQ%KQHQODWHQWH 9HUJHKHQ/DVWHUXQG6QGHQDQV7DJHVOLFKWXQGYHUWHLGLJWGLHVH6WUDWHJLH ]XJOHLFK DOV DOOJHPHLQHV 9HUIDKUHQ GDV YHUJLIWHWH /HEHQVTXHOOHQ UHLQLJW XQGQHXHJHVXQGH.UlIWHHUVFKOLH‰W'RFKGDQQOLHIHUW,EVHQEHUUDVFKHQ GHUZHLVH GLH JHUDGH]X ÄNODVVLVFKH¶ 'DUVWHOOXQJ SRVLWLYHU :LUNXQJHQ GHV 1LFKW:LVVHQ,QVHLQHP'UDPD'LH:LOGHQWH  VFKLOGHUWHUHLQHIXQN WLRQLHUHQGH /LHEHVEH]LHKXQJ GLH DXI HLQHU /JH EHUXKW XQG ]HUEUHFKHQ ZUGH ZHQQ GLH :DKUKHLW DQV /LFKW NlPH $OV SDUDGLJPDWLVFK NDQQ GLH HQWZRUIHQH6]HQHULHJHOWHQZHLOVLHGLH)LJXUHLQHVH[WHUQHQ%HREDFKWHUV XQG VHOEVWHUQDQQWHQ %HUDWHUV HLQIKUW GHU GLH SUREOHPDWLVFKH /RJLN GHV IDPLOLDOHQ6\VWHPVGXUFKVFKDXWXQGHQWVFKHLGHQPXVVREGLH$XIUHFKWHU KDOWXQJGHUEHVWHKHQGHQ9HUKlOWQLVVHRGHUGLH2IIHQEDUXQJGHU:DKUKHLW PRUDOLVFKK|KHU]XEHZHUWHQLVW:LHVHKUGLHVHDXVJHNOJHOWHOLWHUDULVFKH  

9JO +DKQ $ORLV Å.RQVHQVILNWLRQHQ LQ .OHLQJUXSSHQ 'DUJHVWHOOW DP %HLVSLHO MXQJHU (KHQ´ ,Q *UXSSHQVR]LRORJLH 3HUVSHNWLYHQ XQG 0DWHULDOLHQ 6RQGHUKHIW GHU .|OQHU =HLWVFKULIW IU 6R ]LRORJLHXQG6R]LDOSV\FKRORJLH+JY)ULHGKHOP1HLGKDUGW.|OQ6²  9JO /XKPDQQ 1LNODV /LHEH DOV 3DVVLRQ =XU &RGLHUXQJ YRQ ,QWLPLWlW )UDQNIXUW0DLQ  :HUEHU1LHOV/LHEHDOV5RPDQ'LH.RHYROXWLRQLQWLPHUXQGOLWHUDULVFKHU.RPPXQLNDWLRQ0QFKHQ 

/DWHQ]VFKXW]



.RQVWUXNWLRQ GDQQ GDV ,QWHUHVVH GHU 6R]LRORJHQ DXI VLFK JH]RJHQ KDW ]HLJHQ GLH K|FKVW XQWHUVFKLHGOLFKHQ .RPPHQWDUH YRQ 7KHRGRU *HLJHU XQG1LNODV/XKPDQQ:lKUHQG*HLJHUQDFKGHQ%HGLQJXQJHQIUDJWXQWHU GHQHQ MHJOLFKHV Å:LOOHQV(QJDJHPHQW´ IU 1LFKW:LVVHQ XQG /DWHQ] VFKXW] XQQ|WLJ VHLQ GUIWH UHNXUULHUW /XKPDQQ DXI ,EVHQV %HJULII GHU Å/HEHQVOJH´ XP GLH YHUWUDFNWH 5ROOH YRQ 7KHUDSHXWHQ XQG 8QWHUQHK PHQVEHUDWHUQ]XUHIOHNWLHUHQ ,P VHPDQWLVFKHQ 6LHJHV]XJ GHU 0HWDSKHU Å/HEHQVOJH´ TXD QW] OLFKHV,QVWUXPHQWGHU'DVHLQVEHZlOWLJXQJ NQGLJWVLFKGHUXQDXIKDOWVDPH $XIVWLHJGHVVLFKVHOEVWXQWHU%HREDFKWXQJVWHOOHQGHQ6XEMHNWVDQ'HQQ GLHVHV YHUOlVVW VLFK LPPHU ZHQLJHU DXI GHQ *HQXVV GHU VHOEVWLQGX]LHUWHQ ,OOXVLRQVRQGHUQVLHKWVLFK]XQHKPHQGYRUGLH(QWVFKHLGXQJJHVWHOOWHQW ZHGHU GXUFK HLJHQH $NWLYLWlWHQ ZRKOWXHQGH (LQELOGXQJHQ KHUYRU]XEULQ JHQRGHU0D‰QDKPHQ]XP6FKXW]YRUVFKlGOLFKHQ,OOXVLRQHQ]XHUJUHLIHQ %HVRQGHUV GLH $QEDKQXQJ YRQ /LHEHVEH]LHKXQJHQ LVW GDYRQ EHWURIIHQ 0HQVFKOLFKH 9HUPLWWOHU .XSSOHU %RWVFKDIWHU :HUEHU  RGHU WHFKQLVFKH 0HGLHQ %ULHIH7HOHJUDPPH(PDLOV GLHQHQDOV6FKXW]PHFKDQLVPHQGLH GLH 5LVLNHQ GHU .RQWDNWDXIQDKPH PLQGHUQ XQG ]XJOHLFK HLQH H[]HVVLYH DEHULQGLUHNWH,QV]HQLHUXQJGHV%HJHKUHQVHUODXEHQ0HGLHQJHZLQQHQLP (LQVDW]MHGRFKRIWHLQ(LJHQOHEHQ 9HU 0LWWOHUYHUOLHEHQVLFKRGHUEH WUHLEHQ6HOEVWZHUEXQJ8QGLQWHQVLYJHQXW]WH.RPPXQLNDWLRQVWHFKQLNHQ HUP|JOLFKHQ 6FK|SIXQJHQ YRU GHUHQ LPDJLQlUHQ 5HL]HQ GLH EDQDOH 5H DOLWlWVLFKQXUEODPLHUHQNDQQ'DVVHLQH(0DLO.RPPXQLNDWLRQGLH]X  

*HLJHUH[SOL]LHUWGHQ%HJULIIGHVÅ:LOOHQV(QJDJHPHQWV´]XQlFKVWDQKDQGGHVDXIVFKOXVV UHLFKHQ%HLVSLHOVHLQHV$U]WHVGHUGLH6\PSWRPHGHVHLJHQHQ/XQJHQNUHEVHVÅQLFKWZDKU KDEHQ´ ZROOWH XQG GDKHU LQ HLQHP ÅIRROV SDUDGLVH >«@ OHEWH XQG VWDUE´ $QVFKOLH‰HQG NRPPW *HLJHU DXI ,EVHQ ]X VSUHFKHQ 'LH ÅYLHO ]LWLHUWH /HEHQVOJH >«@ LVW HLQH EHOLHELJH 9RUVWHOOXQJGHUHQ)UZDKUKDOWHQ²VRXQEHJUQGHWMDXQJHUHLPWVLHDXFKVHLQPDJ²GHP 0HQVFKHQ GDV 'DVHLQ HUWUlJOLFK PDFKW >«@ ,EVHQ VFKHLQW GDYRQ EHU]HXJW JHZHVHQ ]X VHLQGD‰GHU0HQVFKHLQHUVROFKHQ/HEHQVOJHXQDEZHLVOLFKEHGUIH'LH7DWVDFKHGD‰GLH PHLVWHQ0HQVFKHQVLFKHLQH/HEHQVOJH]XUHFKWOHJHQVFKHLQWLKPUHFKW]XJHEHQ8QHQW EHKUOLFKLVWVLHDEHUZRKOQXUIUMHQHGLH]XVFKZlFKOLFKVLQGXPHLQLQVLFKEHVFKORVVHQHV XQGVLFKHUVFK|SIHQGHV'DVHLQ]XHUWUDJHQ´ *HLJHU7KHRGRU,GHRORJLHXQG:DKUKHLW(LQH VR]LRORJLVFKH.ULWLNGHV'HQNHQV>@1HXZLHG%HUOLQ6   Å'LH(LQVLFKWLQODWHQWH3UREOHPH)XQNWLRQHQ6WUXNWXUHQVFKOLH‰W>«@QLFKW]ZLQJHQGDXV GHQ9HUVXFK]XXQWHUQHKPHQGLHVH/DWHQ]LQGLH.RPPXQLNDWLRQHLQ]XEULQJHQXQGZLHLQ GHU3V\FKRDQDO\VHGDVÄ8QEHZX‰WH¶EHZXVVW]XPDFKHQXQGJHQDXGDGXUFK(IIHNWH]XHU ]LHOHQ>«@:HQQHU>GHU%HUDWHU@VLHKWGDVVGLH/DWHQ]VHOEVWHLQH)XQNWLRQKDW²HWZDGLH )XQNWLRQ GHU 9HUGUlQJXQJ XQO|VEDUHU 3UREOHPH ² ZLUG HU PLW GHU 2IIHQOHJXQJ HKHU ]| JHUQ ZHQQ HU GHUHQ (IIHNWH QLFKW EHUEOLFNHQ XQG QLFKW NRQWUROOLHUHQ NDQQ (U ZLUG ]X PLQGHVW DKQHQ N|QQHQ GDVV GDV 2IIHQOHJHQ GHU Ä/HEHQVOJHQ¶ ]XU .DWDVWURSKH IKUHQ NDQQ²Ä.DWDVWURSKH¶KLHULP6LQQHHLQHU1RWZHQGLJNHLWHLQHVDQGHUHQ3ULQ]LSVGHU6WDELOL WlWDOVRZDKUVFKHLQOLFKHLQHUDQGHUHQÄ/HEHQVOJH¶´ /XKPDQQ1LNODVX3HWHU)XFKV5H GHQXQG6FKZHLJHQ)UDQNIXUW0DLQ6   9JO+DUWOH\/HVOLH3ROHV7KH*R%HWZHHQ>@=ULFK



/XW](OOULFK

YLUWXHOOHQ HURWLVFK DXIJHODGHQHQ %H]LHKXQJHQ ]ZLVFKHQ ]ZHL 3HUVRQHQ IKUW]ZDQJVOlXILJLQHLQH.RPPXQLNDWLRQEHUGLH/DWHQ]VFKXW]2SWLRQ DOVR GLH 9HUPHLGXQJ GHV 5HDO/LIH.RQWDNWV  HLQPQGHW ]HLJW 'DQLHO *ODWWDXHULQVHLQHP5RPDQ*XWJHJHQ1RUGZLQG :LU N|QQHQ GDV QLFKW OHEHQ ZDV ZLU VFKUHLEHQ :LU N|QQHQ GLH YLHOHQ %LOGHU QLFKWHUVHW]HQGLHZLUXQVYRQHLQDQGHUDXVPDOHQ>«@:LUZHUGHQQDFKXQVHUHP HUVWHQ XQG HLQ]LJHQ  7UHIIHQ HUQFKWHUW DXVHLQDQGHU JHKHQ WUlJH ZLH QDFK HL QHPIHWWHQ0DKOGDVXQVQLFKWJHVFKPHFNWKDWGDEHLKDWWHQZLUXQVHLQ-DKUPLW +HL‰KXQJHUGDUDXIJHIUHXWKDWWHQHV0RQDWHODQJN|FKHOQXQGEURGHOQODVVHQ

'LH6XEMHNWHVLQG²ZLHHV VFKHLQW²KHXW]XWDJHLQHLQH/DJHJHUDWHQLQ GHU VLH VLFK QLFKW HLQPDO PHKU XQEHZXVVW RGHU KDOEEHZXVVW HWZDV YRU PDFKHQN|QQHQ RGHUZROOHQ $XIRIIHQHU'LVNXUVEKQHEDXHQVLHLKUH 6FKXW]YRUULFKWXQJHQDXIXQGWDXVFKHQUDWLRQDOH$UJXPHQWHEHU5LVLNHQ XQG *HIDKUHQ YRQ LQWLPHQ .RQWDNWHQ DXV 0LWKLQ HUZHLVHQ VLFK XQWHU VSlWPRGHUQHQ 9HUKlOWQLVVHQ GLH QRWRULVFKHQ 6WUDWHJLHQ GHU 6HOEVWWlX VFKXQJGLH-HDQ3DXO6DUWUHDXVJLHELJLQ'DV6HLQXQGGDV1LFKWV  DQD O\VLHUW XQG 0D[ )ULVFK LQ VHLQHP 5RPDQ +RPR )DEHU   PXVWHUKDIW EHVFKULHEHQ KDW DOV REVROHWH $EZHKUPHFKDQLVPHQ (LQH XQYHUGHFNWH 3URSDJDQGD IU GLH QW]OLFKH /JH HUKHEW LKUH 6WLPPH $EHU ZlKUHQG ]XP %HLVSLHO EHL 5DLQHU :HUQHU )DVVELQGHU  QRFK HLQH OLWHUDULVFKH )LJXUGDVHUO|VHQGHZHQQJOHLFKGHSULPLHUHQGH,PPXQLVLHUXQJVSURJUDPP YHUNQGHW ² Å0DQ VROO NHLQH )UDJHQ VWHOOHQ GLH $QWZRUWHQ N|QQWHQ VFKUHFNOLFK VHLQ >«@ 1LHPDOV GLH :DKUKHLW GDV LVW VFKRQ ULFKWLJ 'LH :DKUKHLW WXW ZHK XQG /JHQ KHOIHQ ]X EHUOHEHQ´ ² JHKHQ EHL 5HQp 3ROOHVFKGUHL‰LJ-DKUHVSlWHUGLH5ROOHQWH[WHXQGGLH0HLQXQJVlX‰HUXQJHQ GHV$XWRUVVFKRQXQJHKHPPWLQHLQDQGHUEHU)DVVELQGHUVPHORGUDPDWL VFKH 7|QH VLQG HLQHU NKOHQ 3URVD GHU .RVWHQ1XW]HQ.DONXODWLRQ ]X 6HOEVWVFKXW]]ZHFNHQJHZLFKHQ      

*ODWWDXHU'DQLHO*XWJHJHQ1RUGZLQG>@0QFKHQ6'DV3UREOHPLVWIUHLOLFK NHLQHVZHJVQHXRGHUHUVWLP.RQWH[WGHU,QWHUQHWVHQWVWDQGHQ$XFK%ULHIHVFKDIIHQVROFKH 0|JOLFKNHLWHQ,KUHSUlPHGLDOHQ$VSHNWHZHUGHQLQ(UQVW%ORFKV$QDO\VHGHVDQWL]LSLHUHQ GHQ %HZXVVWVHLQV XQG VSH]LHOO GHU Å$SRULHQ GHU 9HUZLUNOLFKXQJ´ HUJUQGHW 'DV 3ULQ]LS +RIIQXQJ>@)UDQNIXUW0DLQ6II  9JO%HLHU.DWKL6HOEVWWlXVFKXQJ=XU2QWRORJLHXQG(WKLNHLQHVSULYDWLYHQ3KlQRPHQV%HUOLQ1HZ «@ 6HOEVW ZHQQ HV LQV]HQLHUW ZDU ² HV ZDU GRFK /LHEH RGHU"´ 3ROOHVFK 5HQp /LHEH LVW NlOWHU DOV GDV .DSLWDO 6WFNH 7H[WH ,QWHUYLHZV 5HLQEHN  6I  0LW GHP JOHLFKHQ $UJXPHQW LPPXQLVLHUWH VLFK EHUHLWV HLQ 5RPDQKHOG EHL )RUG 0DGR[)RUGQDFKGHPHUGHQMDKUHODQJHQ%HWUXJVHLQHU)UDXHQWGHFNWKDWWH 'LHDOOHUWUDXULJV WH*HVFKLFKWH>@=ULFK6   3ROOHVFK/LHEHLVWNlOWHUDOVGDV.DSLWDO6I  :LHQHU2VZDOGÅ(LQLJHVEHU.RQUDG%D\HU´>@,Q5LWHQGHU6HOEVWDXIO|VXQJ+JY9H UHQDYRQ+H\GHQ5\QVFK0QFKHQ6²KLHU



/XW](OOULFK

WLJNHLW GHU 7KHVH GDVV GLH ZDKUKDIW XQHUWUlJOLFKH XQG GDKHU DXV]XEOHQ GHQGH:DKUKHLWHKHULPXQDXIK|UOLFKHQ*DQJGHVJHZ|KQOLFKHQ'DVHLQV OLHJW OlVVW VLFK DXI LQGLUHNWHP XQG GLUHNWHP :HJH HUEULQJHQ 6R IKUW )UDQ].DINDV5RPDQ'HU3UR]H‰YRUZLH-RVHI.ÅGLH%HVFKZHUOLFKNHLWHQ GHU$OOWDJVEDQDOLWlWHQ´GDGXUFK]XXPJHKHQYHUVXFKWGDVVHUVLFKQDFK DOOHQ5HJHOQGHU.XQVWLQGDV2SIHUHLQHVEURNUDWLVFKRUJDQLVLHUWHQ9HU IROJXQJVDSSDUDWHVYHUZDQGHOWZlKUHQG0DUWLQ:DOVHUPLWVHLQHU.XQVWIL JXU$QVHOP.ULVWOHLQHLQHQ9HUWUHWHUSUlVHQWLHUWGHUQLFKWOlQJHUEOR‰IU $QGHUHVVWHKHQXQGZHUEHQP|FKWHVRQGHUQJDQ]HUVHOEVWVHLQZLOOXQG GDKHU GLH 0DVNHUDGH HLQHV 6FKULIWVWHOOHUV ZlKOW GHU GLH VLPSOH :DKUKHLW VDJWXPVLHGDQQGXUFKGLH+HUVWHOOXQJYRQ)LNWLRQHQ]XEHUELHWHQGLH VRIRUWLQVLFK]XVDPPHQIDOOHQÅMHGH$XVVLFKWDXIHLQZHQLJ6RQGHUEDUNHLW ZLUGJOHLFKZLHGHUYHUQLFKWHWZHQQLFKMHW]W>«@PLWWHLOHGD‰>«@'DVLVW GLH:DKUKHLW$OOHUGLQJVDXFKQLFKWVDOVGLH:DKUKHLW´:DOVHUOlVVWVHL QHQ+HOGHQPLWGHPDPELWLRQLHUWHQ3URMHNWVFKHLWHUQVLFKYRUGHU%DQDOL WlWGHV$OOWDJVGXUFK9HUIDKUHQGHU/LWHUDULVLHUXQJ]XVFKW]HQGLHPHKU DOV GLH EOR‰H :DKUKHLW DXI]XELHWHQ EHDQVSUXFKHQ 6WlQGLJ RV]LOOLHUW .ULVWOHLQ]ZLVFKHQGHQJlQJLJHQ0XVWHUQYRQKRKHUXQGQLHGHUHU/LWHUD WXU XQG EHGLHQW GDPLW GLH 9RUVWHOOXQJ GDVV GDV OLWHUDULVFKH )HOG GXUFK HLQH PDUNDQWH 'LFKRWRPLH JHSUlJW LVW :lKUHQG GLH QLHGHUH /LWHUDWXU XQEHNPPHUWGHQMHZHLOVEHVWHKHQGHQ%HGDUIDQ,OOXVLRQHQGHFNWXPVR LKUHQ ]DKOHQGHQ .XQGHQ ]X 5HDOLWlWVIOXFKW 9HUGUlQJXQJ XQG 6HOEVW WlXVFKXQJ]XYHUKHOIHQYHUVFKPlKWGLHKRKH/LWHUDWXUPDWHULHOOH,QWHUHV VHQ XQG ULFKWHW VLFK EHL GHU +HUVWHOOXQJ LKUHU 3URGXNWH QDFK .ULWHULHQ XQWHU GHQHQ QHEHQ GHU VWLOLVWLVFKHQ 4XDOLWlW GLH WLHIHUH :DKUKHLW HLQHV :HUNV EHVRQGHUH *HOWXQJ EHVLW]W ,QVWLWXWLRQDOLVLHUWH .XOWXUKWHU E HUZDFKHQGLH(LQKDOWXQJGHUKHUUVFKHQGHQ6WDQGDUGV'LHVNDQQLQPDQ FKHQ )lOOHQ GD]X IKUHQ GDVV VHOEVW HWDEOLHUWH $XWRUHQ LKUHQ LP %H]LUN GHU KRKHQ /LWHUDWXU EHUHLWV HUZRUEHQHQ 1LPEXV VFKODJDUWLJ HLQE‰HQ ZHQQVLH]%GXUFKHLQHQ6WDUNULWLNHUGHPGDVDQVSUXFKVYROOH3XEOLNXP ]XIROJHQJHQHLJWLVWQHXEHXUWHLOWXQGYHUZRUIHQZHUGHQ6ROFKHNRP  



 



'DPLW ZLUG LPSOL]LW DXFK *RHWKHV 7KHVH GDVV GLH 5HSURGXNWLRQ GHV *HZ|KQOLFKHQ DOV 6FKXW]ZDOO JHJHQ GDV 8QJHKHXUH GLHQW DXI GHQ .RSI JHVWHOOW 9JO GD]X GHQ EHUKPWHQ 6FKOXVVYRQ7HLO,.DSGHU:DKOYHUZDQGWVFKDIWHQÅ6RVHW]HQVLHDOOH]XVDPPHQMHGHUDXI VHLQH :HLVH GDV WlJOLFKH /HEHQ IRUW PLW XQG RKQH 1DFKGHQNHQ DOOHV VFKHLQW VHLQHQ JH Z|KQOLFKHQ *DQJ ]X JHKHQ ZLHPDQ DXFK LQ XQJHKHXUHQ )lOOHQ ZR DOOHV DXIGHP 6SLHOH VWHKWQRFKLPPHUVRIRUWOHEWDOVZHQQYRQQLFKWVGLH5HGHZlUH´ 6FKQHOO5DOI*HVFKLFKWHGHUGHXWVFKVSUDFKLJHQ/LWHUDWXUVHLW6WXWWJDUW6 :DOVHU0DUWLQ'DV(LQKRUQ)UDQNIXUW0DLQ6 9JO %RXUGLHX 3LHUUH 'LH 5HJHOQ GHU .XQVW *HQHVH XQG 6WUXNWXU GHV OLWHUDULVFKHQ )HOGHV >@ )UDQNIXUW0DLQ $OVPDUNDQWHV%HLVSLHOOlVVWVLFK0DUFHO5HLFK5DQLFNLV9HUGLNWEHU*HUG*DLVHUGHQ9HU IDVVHUGHU5RPDQH'LHVWHUEHQGH-DJG  XQG6FKOXVVEDOO  DQIKUHQÅ6WDWW]XHUNOl

/DWHQ]VFKXW]



SURPLVVORVHQ8UWHLOHGLHVLFKYRPH[LVWLHUHQGHQ=XVSUXFKGHV3XEOLNXPV XQG GHQ (LQVFKlW]XQJHQ HLQHU DOWHQ 5H]HQVHQWHQJDUGH IUHL PDFKHQ XQG HLQ]LJLP1DPHQGHU:DKUKHLWQHXH6LFKWZHLVHQGXUFKVHW]HQODVVHQVLFK MHGRFKDOV7HLOHGHVEUJHUOLFKHQ/LWHUDWXUEHWULHEHVLQWHUSUHWLHUHQGHUVHL QHQ KRFKZHUWLJHQ 3URGXNWHQ HLQHQ NDXP PHUNOLFKHQ /DWHQ]VFKXW] JH ZlKUW 1DFK %RXUGLHX HUVFKDIIW QlPOLFK GLH ÅKHUUVFKHQGH .ODVVH´ HLQHQ %HUHLFKLQWHOOHNWXHOOHUXQGNQVWOHULVFKHU3UDNWLNHQGHQVLHYRUGHQNDOWHQ *HVHW]HQGHUgNRQRPLHÅYHUVFKRQW´MDEXFKVWlEOLFKIUÅVDNURVDQNW´HU NOlUWXQG]XUHLJHQHQ(UEDXXQJUHVHUYLHUW'HQQRFKEHVLW]WDXFKXQGJH UDGHGLHVHDOVÅ6SKlUHGHU8QHLJHQQW]LJNHLW´LQV]HQLHUWH:HOWEHVRQGHUHU 3URGXNWHXQG$XVWDXVFKEH]LHKXQJHQHLQHQÅREMHNWLY|NRQRPLVFKHQ&KD UDNWHU´ GHU IUHLOLFK ÅLP JHVHOOVFKDIWOLFKHQ /HEHQ QLFKW HUNDQQW ZHUGHQ NDQQ´VRQGHUQHLQ]LJGXUFKXQYRUHLQJHQRPPHQHVR]LRORJLVFKH$QDO\VHQ LQGHQ%OLFNNRPPW(UVWLP/LFKWHVROFKHU6SH]LDOEHREDFKWXQJHQZLUG ² ZLH %RXUGLHX EHKDXSWHW ² GHXWOLFK GDVV GLH 3UD[LVIRUPHQ GHU KRKHQ .XQVWXQG/LWHUDWXULQNOGHUVLHIODQNLHUHQGHQ.XQVWXQG/LWHUDWXUNULWLN VLFKÅQXUDXIJUXQGHLQHVHUKHEOLFKHQ$XIZDQGHVDQ9HUVFKOHLHUXQJRGHU EHVVHU(XSKHPLVLHUXQJ´YHUZLUNOLFKHQ *LOWGLHVQXQDXFKIU7H[WHGLHVLFKPLWNROOHNWLYEHJDQJHQHQ9HU EUHFKHQ XQG GHP 8PJDQJ PLW QDWLRQDOHQ 6FKXOG RGHU 6FKDPJHIKOHQ EHIDVVHQ"=XQlFKVWLVWDXIIlOOLJGDVVOLWHUDULVFKH:HUNHGHQLQGLHVHU+LQ VLFKW JHVHOOVFKDIWOLFK EHWULHEHQHQ /DWHQ]VFKXW] ]XPHLVW HQWZHGHU XQWHU VWW]HQRGHUGXUFKEUHFKHQDEHUQXUVHOWHQVR]XEHVFKUHLEHQYHUVXFKHQ GDVVVHLQH)XQNWLRQHQXQG'\VIXQNWLRQHQGHXWOLFKKHUYRUWUHWHQ(LQJH KHQGH6WXGLHQEHUGLH9RUXQG1DFKWHLOHXQGGLHMHKLVWRULVFKH6LWXLH UXQJE]ZNXOWXUHOOH5DKPXQJGHV%HVFKZHLJHQVE]ZGHV1LFKW:LVVHQ :ROOHQVZHUGHQGHQ6R]LDOZLVVHQVFKDIWOHUQEHUODVVHQ8QGGLHVHOLHIHUQ HQWVSUHFKHQG GH]LGLHUWH 7KHVHQ +HUPDQQ /EEH ]XP %HLVSLHO OHJW XQ XPZXQGHQ GDU GDVV GDV %HVFKZHLJHQ GHU 169HUJDQJHQKHLW YRQ   UHQYHUNOlUWHUVWDWW]XYHUGHXWOLFKHQYHUVFKOHLHUWHUVWDWW]XHUKHOOHQYHUGXQNHOWHU>«@ 6HLQ:HUNGLHQWQLFKWGHU:DKUKHLW´ 'HXWVFKH/LWHUDWXULQ:HVWXQG2VW3URVDVHLW0Q FKHQ6   %RXUGLHX 3LHUUH ÅgNRQRPLVFKHV .DSLWDO NXOWXUHOOHV.DSLWDO VR]LDOHV.DSLWDO´ ,Q6R]LDOH 8QJOHLFKKHLWHQ 6R]LDOH:HOW6RQGHUEDQG +JY5HLQKDUG.UHQNHO*|WWLQJHQ6² KLHU6'LHVR]LRORJLVFKH%HREDFKWXQJHUP|JOLFKWPLWKLQ²VRVLHKWHVDXFK/XK PDQQ ² ÅHLQH 3UREOHPDWLVLHUXQJ YRQ /DWHQ] GLH LP GLUHNWHQ =XJULII RKQH 6\VWHPVFKXW] NDXP P|JOLFK ZlUH *OHLFKZRKO IRUPXOLHUW GLH 6R]LRORJLH NHLQ *HKHLPZLVVHQ GDV GDUDXI EHVFKUlQNWEOHLEHQP‰WH)UGLHVR]LRORJLVFKH7KHRULHHUVFKHLQHQODWHQWH6WUXNWXUHQDOV HLQVHKEDUXQGHUVFKHLQWGLH(LQVLFKWDOVYHUEUHLWXQJVIlKLJ´ *HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN 6WXGLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW%G)UDQNIXUW0DLQ6I   %RXUGLHXÅgNRQRPLVFKHV.DSLWDO´6  $QVlW]HILQGHQVLFKEHL)RUWH'LHWHU'DV+DXVDXIPHLQHQ6FKXOWHUQ)UDQNIXUW0DLQ .|KOPHLHU0LFKDHO$EHQGODQG0QFKHQ6.|KOHU+DUULHW8QGGDQQGLHVH6WLOOH .|OQ



/XW](OOULFK

ELV FD  ÅGDV VR]LDOSV\FKRORJLVFK XQG SROLWLVFK Q|WLJH 0HGLXP GHU 9HUZDQGOXQJ XQVHUHU 1DFKNULHJVEHY|ONHUXQJ LQ GLH %UJHUVFKDIW GHU %XQGHVUHSXEOLN 'HXWVFKODQG´ ZDU ,DQ %XUXPD KLQJHJHQ EH]LHKW VLFK DXI GLH |IIHQWOLFKHQ 'HEDWWHQ EHU GLH 169HUEUHFKHQ LQ GHU %5' GHU HU E]Z HU -DKUH XQG YHUJOHLFKW VLH PLW GHQ EHNDQQWHQ .RP PXQLNDWLRQVEORFNDGHQLQ-DSDQ 'LH 'HXWVFKHQ YRQ 6FKXOG JHWULHEHQ KDEHQ GDV %HGUIQLV LKUH 6QGHQ ]X EHLFKWHQGLH/DVWLKUHU6FKXOGDE]XZHUIHQXQG9HUJHEXQJ]XHUODQJHQ$EHU-D SDQHUZROOHQVFKZHLJHQXQGYRUDOOHPZROOHQVLHGD‰DXFKGLHDQGHUHQVFKZHL JHQGHQQHVJHKWQLFKWXP6FKXOGLQGHQ$XJHQ*RWWHVVRQGHUQXP|IIHQWOLFKH 6FKDQGHXP3HLQOLFKNHLWXPÄ:DKUXQJGHV*HVLFKWV¶

'LHVH SUlJQDQWH NXOWXUZLVVHQVFKDIWOLFKH %HVWLPPXQJ ]ZHLHU JHJHQVlW]OL FKHU 8PJDQJVIRUPHQ PLW ÅVFKOLPPHU 9HUJDQJHQKHLW´  ² QlPOLFK GLH RIIL]LHOOH PHGLDO YHUEUHLWHWH 'HPRQVWUDWLRQ YRQ 6FKXOG XQG GLH QLFKW PLQGHU RIIL]LHOOH VR]LDO ZHLWKLQ DQHUNDQQWH 'H7KHPDWLVLHUXQJ VFKDQG KDIWHU7DWHQ²JLEWQLFKWDOOHLQ$QODVV]XGHU9HUPXWXQJGDVVDXFKLQGHU IUHLPWLJHQ 5KHWRULN GHU 6FKXOG /DWHQ]VFKXW]0HFKDQLVPHQ RGHU YHU GHFNWH0RWLYH IU|IIHQWOLFKH+HXFKHOHL DP:HUNVHLQN|QQWHQVRQGHUQ HUZHFNW]XGHPGHQ(LQGUXFNGDVVGLH/DJHZHLWNRPSOH[HUXQGGLHNXO WXUHOO FRGLHUWHQ 9HUKDOWHQVZHLVHQ ZHLW VFKZLHULJHU ]X HQWVFKOVVHOQ VLQG DOVHLQHUHLQIXQNWLRQDOLVWLVFKH$QDO\VHVXJJHULHUW $XIVFKOXVVUHLFK VLQG LQ GLHVHP =XVDPPHQKDQJ ]XQlFKVW HLQPDO GLH YRQ*:6HEDOGDQJHVWR‰HQH'HEDWWHEHUGDVYHUPHLQWOLFKH6FKZHLJHQ GHU/LWHUDWXUYRQGHQ$XVZLUNXQJHQGHV/XIWNULHJVZHOFKH²ZLH6HEDOG PHLQW²DOVÅ(UIDKUXQJHLQHUQDWLRQDOHQ(UQLHGULJXQJVRQGHUJOHLFKHQQLH ZLUNOLFKLQ:RUWHJHIDVVW>«@ZRUGHQVLQG´VRGDQQGLHYRQ+DQQHV+HHU DQDO\VLHUWH LQGLUHNWH =HQVXU UDGLNDOHU GDV KHUUVFKHQGH 'LVNXUV7DEX LQ  

/EEH +HUPDQQ Å'HU 1DWLRQDOVR]LDOLVPXV LP GHXWVFKHQ 1DFKNULHJVEHZX‰WVHLQ´ ,Q +LVWRULVFKH=HLWVFKULIW  6²KLHU6  %XUXPD,DQ(UEVFKDIWGHU6FKXOG9HUJDQJHQKHLWVEHZlOWLJXQJLQ'HXWVFKODQGXQG-DSDQ0QFKHQ :LHQ6  0HLHU &KULVWLDQ 'DV *HERW ]X YHUJHVVHQ XQG GLH 8QDEZHLVEDUNHLW GHV (ULQQHUQV 9RP |IIHQWOLFKHQ 8PJDQJPLWVFKOLPPHU9HUJDQJHQKHLW0QFKHQ,P$QVFKOXVVDQHLQHQ$XIVDW]YRQ3HWHU %HQGHUHU|UWHUW0HLHUGLHEHWUlFKWOLFKHQVR]LDOLQWHJUDWLYHQ(IIHNWHGLHVLFKDXVHLQHUUHFKW ]HLWLJHQ6FKOLH‰XQJGHU6WDVL$NWHQHUJHEHQKlWWHQ 6² 0DQN|QQWH0HLHUV5HIOH[LR QHQ GXUFK IROJHQGH )HVWVWHOOXQJ HUJlQ]HQ 'DV SROLWLVFKH 6\VWHP KDW LQ GLHVHP SUHNlUHQ )DOO ]ZDU NHLQHQ /DWHQ]VFKXW] JHZlKUW DEHU GLH /LWHUDWXU NRQQWH PLW HLQLJHQ DXIODJHQ VWDUNHQ%FKHUQ ]%GHQ5RPDQHQYRQ7KRPDV%UXVVLJ GDVIDWDOH%LOGHLQHULGHRORJLVFK Y|OOLJ YHUJLIWHWHQ ''5%HY|ONHUXQJ GXUFK KHLWHUH RVWDOJLVFKH %HWUDFKWXQJHQ NRUULJLHUHQ XQGVR²ZHQLJVWHQVSDUWLHOO²GLHIHKOHQGHQ/DWHQ]VFKXW]/HLVWXQJHQDXVJOHLFKHQ  6HEDOG:*/XIWNULHJXQG/LWHUDWXU>@)UDQNIXUW0DLQ9JOKLHU]XGLH.RPPHQ WDUH YRQ +DJH 9RONHU=HXJHQ GHU =HUVW|UXQJ 'LH /LWHUDWHQ XQG GHU /XIWNULHJ )UDQNIXUW0DLQ EHV6IIIHUQHU)RUWH'LHWHU6FKZHLJHQRGHU6SUHFKHQ)UDQNIXUW0DLQEHV IIII

/DWHQ]VFKXW]



GHU 1DFKNULHJV]HLW GXUFKEUHFKHQGHU %HVFKUHLEXQJHQ YRQ .ULHJVJUDXHQ XQG.ULHJVYHUEUHFKHQXQGVFKOLH‰OLFK GHUYRQ]DKOUHLFKHQ$XWRUHQXQ WHUQRPPHQH9HUVXFKGLH1RWZHQGLJNHLWXQGGLH*UHQ]HQMHJOLFKHU'DU VWHOOXQJGHU6KRDK]XEHVWLPPHQ ,QDOOGLHVHQ'LVNXVVLRQHQEHWRQHQGLHEHWHLOLJWHQ$XWRUHQVRZRKOGLH 5ROOH GHU Å6HOEVWDQlVWKHVLHUXQJ´ XQG GHU Å9HUGUlQJXQJ´ DOV DXFK GDV JUXQGVlW]OLFKH3UREOHPHLQHU'DUVWHOOXQJGHUPDQ]ZDUQLFKWDXVZHLFKHQ NDQQ XQG GDUI GLH DEHU MHGHU OLWHUDULVFKHQ Å%HVFKlIWLJXQJ >«@ PLW GHQ ZDKUHQ 6]HQHQ GHV 8QWHUJDQJV >«@ HWZDV ,OOHJLWLPHV EHLQDKH 9R\HXULV WLVFKHV´ YHUOHLKW *OHLFKZRKO EOHLEW LQ GHQ $XVHLQDQGHUVHW]XQJHQ XQ NODU ZHOFKH EHVRQGHUHQ $XIJDEHQ ILNWLRQDOH 7H[WH HUIOOHQ PVVHQ XP GLH8UWHLOVNUDIWYRQ/HVHUQ]XVWlUNHQGLHZLVVHQP|FKWHQZDQQ/DWHQ] VFKXW]VLQQYROOXQGZDQQHUYHUGHUEOLFKLVW=XGHQZHQLJHQ$QJHERWHQ ZHOFKH GLH /LWHUDWXU LQ GLHVHU +LQVLFKW EHUKDXSW XQWHUEUHLWHW KDW GDUI PDQZRKOGLH'DUVWHOOXQJPHQVFKOLFKHU5HDNWLRQVIRUPHQXQG9HUKDOWHQV ZHLVHQ]lKOHQGLH-0&RHW]HHLQVHLQHP5RPDQ'LVJUDFHOLHIHUW+LHU JHKWHVQLFKWXP*HQR]LGRGHU%RPEHQNULHJNROOHNWLYH6FKXOGRGHUQDWL RQDOH (UQLHGULJXQJ VRQGHUQ ÄQXU¶ XP GLH 9HUJHZDOWLJXQJ HLQHU ZHL‰HQ 6LHGOHULQ GXUFK GUHL 0LWJOLHGHU GHU VFKZDU]HQ %HY|ONHUXQJ 6GDIULNDV (LQGULQJOLFK EHVFKUHLEW &RHW]HH GLH PHQWDOH XQG KDELWXHOOH .RQVWLWXWLRQ GLHVHU MXQJHQ )UDX GLHEHZXVVW DXI GLH MXULVWLVFKH (UPLWWOXQJ GHU :DKU KHLW 9HU]LFKW OHLVWHW ZHOFKH LKU ]XNQIWLJHV /HEHQ EOR‰ HUVFKZHUHQ XQG ]XU$EJHOWXQJGHUYHUJDQJHQHQ8QWDWQLFKWV:HVHQWOLFKHVEHLWUDJHQZU GH $QGLHVHP%HLVSLHOZLUGHUVLFKWOLFKGDVV/LWHUDWXUHLQH6WXIHGHU%H REDFKWXQJ  2UGQXQJ HUUHLFKHQ NDQQ (EHQVR ZLH GLH %HREDFKWXQJ  2UGQXQJ]HLJWVLHGDVVDOOHVRJHQDQQWHQ:DKUKHLWHQ²DXFKGLHVFKPHU]  





 



+HHU+DQQHV'DV9HUVFKZLQGHQGHU7lWHU+DPEXUJ6² 9JOGD]XH[HPSODULVFK.OHLQVFKPLGW(ULFKÅ6FKUHLEHQDQ*UHQ]HQ3UREOHPHGHU$XWRU VFKDIWLQ6KRDK$XWRELRJUDSKLN´,QhEHUOHEHQVFKUHLEHQ=XU$XWRELRJUDSKLNGHU6KRDK+JY 0DQXHOD *QWKHU :U]EXUJ  6 ² ,QWHUHVVDQW VLQG LQ GLHVHP =XVDPPHQKDQJ DXFKGLH.RQWURYHUVHQXP-RQDWKDQ/LWWHOOV5RPDQ/HV%LHQYHLOODQWHV 'LH:RKOJHVLQQWHQ 3D ULV 6HEDOG /XIWNULHJ 6  9JOGLH QRFK ZHLW GDUEHU KLQDXV JHKHQGHQ $XVVDJHQ YRQ'LHWHU )RUWHGHULP5DKPHQVHLQHUNULWLVFKHQ6HEDOG5H]HQVLRQVRJDUYRQÅXUDOWHQ5HIOH[HQ´XQG HLQHUXQYHUPHLGOLFKHQÅ$PQHVLH´VSULFKW 6FKZHLJHQRGHU6SUHFKHQ6  6HEDOG/XIWNULHJ6 6HEDOGV HLJHQH ([SHULPHQWH LQ /XIWNULHJ XQG /LWHUDWXU ]% 6 ²  KDW 'LHWHU )RUWH ]X 5HFKWPLWNULWLVFKHQ$QQRWDWLRQHQYHUVHKHQ 6FKZHLJHQRGHUVSUHFKHQ6II XQGGLHKRFK DPELWLRQLHUWH.RPELQDWLRQDXVKLVWRULRJUDILVFKHU3Ul]LVLRQXQGVSUDFKOLFKHU9LUWXRVLWlWEHL -|UJ)ULHGULFK 'HU%UDQG'HXWVFKODQGLP%RPEHQNULHJ²0QFKHQ DUEHLWHWPLW IUDJZUGLJHQ0HWDSKHUQXQG9HUJOHLFKHQGLHGHQ7H[WDQGHQ5DQGGHVUHDNWLRQlUHQ.LW VFKHVEHI|UGHUQ &RHW]HH-0'LVJUDFH/RQGRQGW6FKDQGH)UDQNIXUW0DLQ



/XW](OOULFK

OLFKHQ YHUVW|UHQGHQ XQGVWUXNWXUHUVFKWWHUQGHQ ² EOR‰ .RQVWUXNWLRQHQ YRQ %HREDFKWHUQ8QWHUVFKHLGHUQ VLQG XQG NHLQH *HZLVVKHLW OLHIHUQ ]X JOHLFKPDFKWVLHLKUHQ/HVHU,QQHQDEHUDXFKNODUGDVVGLHVH(LQVLFKWQLH PDQGHQ GDYRQ EHIUHLW DOV HLQ %HREDFKWHU  2UGQXQJ ]X H[LVWLHUHQ GHU PLWGHUÅ+lUWHGHU:LUNOLFKNHLW´NRQIURQWLHUWLVW

 

/XKPDQQ1LNODV'LH3ROLWLNGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6



0(',80)250²52%(57:$/6(5 1$7$/,(%,1&=(. ,  5REHUW:DOVHUV(U]lKOXQJ'DV=LPPHUVWFNHUVFKLHQ]XHUVWLP)HXLO OHWRQ GHU =HLWVFKULIW Å6FKZHL]HUODQG´ ZRPLW VLH DOV 7H[W QLFKW QXU W\ SRJUDSKLVFKVRQGHUQDXFKGXUFKGHQ.RQWH[WGHULKUEHQDFKEDUWHQ%HL WUlJHHLQHYRQLKUHUVSlWHUHQ3XEOLNDWLRQLP(U]lKOEDQG 3RHWHQOHEHQGHXW OLFK XQWHUVFKLHGHQH LQ GHU EXFKI|UPLJHQ (GLWLRQ ZHLWJHKHQG JHWLOJWH )RUPJHKDEWKDEHQPXVV'LH%HGHXWXQJGHUSUDJPDWLVFKHQ5DKPHQEH GLQJXQJHQ GHV )HXLOOHWRQV IU GLH .RQVWLWXWLRQ GHU (U]lKOXQJ ² SHULR GLVFKH (UVFKHLQXQJVIUHTXHQ] IHVWJHOHJWH /lQJHVSH]LILVFKHV/D\RXW/H VHUHUZDUWXQJHWF²ZLUGGXUFKGHQ0HGLHQWUDQVIHUZHLWJHKHQGLQYLVLELOL VLHUW=XVDPPHQPLWDQGHUHQ(U]lKOXQJHQGHV$XWRUVELOGHW'DV=LPPHU VWFN LQ GHU %XFKDXVJDEH YLHOPHKU HLQH DXNWRULDOH :HUNHLQKHLW GLH ]X JOHLFK DXFK DOV $XVGUXFN HLQHU DXWRQRPOLWHUDULVFKHQ 1RELOLWLHUXQJ GHV 7H[WHVDXIJHIDVVWZHUGHQPXVV,QWHUHVVDQWLVWGHPJHJHQEHUGDVV:DOVHU LQGHU(U]lKOXQJJOHLFKVDPHLQPDNLQJRIVHLQHV7H[WHVDOVHLQHYRQPR QHWlUHQ=ZlQJHQEHKHUUVFKWH6XFKHQDFKHLQHPÅJHHLJQHWH>Q@6WRII´GDU VWHOOW6RVSULFKWVHLQHQDUUDWLYH6WUXNWXUGHQH[WULQVLVFKHQ3UDJPDWLVPXV GHU(UVWYHU|IIHQWOLFKXQJLP)HXLOOHWRQGXUFKDXVRIIHQVLYDQLQVRIHUQVLH GLHSXEOL]LVWLVFKHQ3URGXNWLRQVEHGLQJXQJHQDOV0HGLXPGHU)RUPGHVVHQ ZDVHU]lKOWZLUGVSLHJHOW  

Å1HEHQGHUJHQDXHQ9RUJDEHGHV8PIDQJVGLHGHP5HGDNWHXUDXFKGDV5HFKW]X(LQJULI IHQXQG.U]XQJHQJLEWLVWHVYRUDOOHPGLH)XQNWLRQGHV)HXLOOHWRQVHLQHVWDUNH/HVHUELQ GXQJKHU]XVWHOOHQ'D]XVROOGDV)HXLOOHWRQÄXQWHUKDOWHQ¶GDVKHL‰WLP:RUWVLQQGHQGDX HUQGHQÄ'LDORJ¶PLWGHP/HVHUVXFKHQ'DV)HXLOOHWRQHQWZLFNHOWGD]XHLQHHLJHQH5KHWRULN >@ =XU /HVHUQlKH GLH GDV )HXLOOHWRQ VXFKW JHK|UW DXFK VHLQ VXEMHNWLYHU 6WLO 'LH VXE MHNWLYH(LQIlUEXQJGDVH[SOL]LWHÄ,FK¶6DJHQGDVLVWHLQXQJHVFKULHEHQHV*HVHW]GHUÄNOHLQHQ )RUP¶6LHVHW]WGDVOLWHUDULVFKH)HXLOOHWRQYRQGHUDQRQ\PHQ0DVVHGHU1DFKULFKWHQāEHU GHP6WULFK¶DEXQGJLEWGHU=HLWXQJJOHLFK]HLWLJLKUHXQYHUZHFKVHOEDUH+DQGVFKULIW´ 8W] 3HWHU7DQ]DXIGHQ5lQGHUQ5REHUW:DOVHUVÄ-HW]W]HLWVWLO¶)UDQNIXUW0DLQ6   ,QVRIHUQ NDQQ DXI GLHVHQ 7H[W GHU YRQ 8W] LP =XVDPPHQKDQJ HLQHU DQGHUHQ 7H[WVWHOOH IRUPXOLHUWHU %HIXQG DSSOL]LHUW ZHUGHQ ZRQDFK :DOVHU ÅGLH =HLWXQJ XQG GDPLW VHLQHQHL JHQHQPHGLDOHQ2UW]XP2UWGHVÄ3RHWLVFKHQ¶´HUNOlUW HEG6 



1DWDOLH%LQF]HN

'HUYRQGHU=HLWVFKULIW]XP%XFKIKUHQGH0HGLHQWUDQVIHUJHKWPLW HUKHEOLFKHQGLH/HNWUHXQGGDV9HUVWlQGQLVGHU(U]lKOXQJEHWUHIIHQGHQ 9HUlQGHUXQJHQ HLQKHU ,Q GHU %XFK3XEOLNDWLRQ QlPOLFK ZLUG GHP 9HU ZHLVDXIGLHIHXLOOHWRQLVWLVFKHQ5DKPHQEHGLQJXQJHQGHV7H[WHVXQGGDPLW DXIGHQ'UXFNXQWHUZHOFKHPGLHVFKULIWVWHOOHULVFKH7lWLJNHLWVWHKWZHQQ VLHDOV(UZHUEVWlWLJNHLWSUDNWL]LHUWZLUGGLHVHOEVWUHIHUHQWLHOOH$XVULFKWXQJ JHQRPPHQ+LHUVFKHLQWGHU7H[WQLFKWPHKUEHUVLFKVHOEVWEHUVHLQ HLJHQHV=XVWDQGHNRPPHQ]XVSUHFKHQ+LHUVSULFKWHUEHUHLQH3URGXN WLRQVZHLVHGLHLKQVHOEVWQLFKWXQPLWWHOEDU]XEHUKUHQVFKHLQW ,Q'DV=LPPHUVWFNOlVVW:DOVHUÅHLQHQ6FKULIWVWHOOHUGHUQDFKGHPHU VLFKGXUFK:RFKHQKLQGXUFKYHUJHEOLFKDEJHPKWKDWWHHLQHQJHHLJQHWHQ 6WRII DXI]XWUHLEHQ >@ HLQH (QWGHFNXQJVUHLVH XQWHU VHLQH %HWWVWHOOH >@ YHUDQVWDOWHQ´'LHVHV8QWHUQHKPHQHUZHLVWVLFK]XQlFKVWDOVHLQ)HKOYHU VXFK GHVVHQ .RQVHTXHQ]HQ DXI GLH VR]LDOH 6LWXDWLRQ GHV SXEOL]LVWLVFK (UZHUEVWlWLJHQQFKWHUQIHVWJHKDOWHQZHUGHQÅÄ:DVIDQJHLFKQXQDQXQG ZRPLWXPGHUWDXVHQG*RWWHVZLOOHQYHUGLHQHLFKPLULQ=XNXQIWPHLQ DUPVHOLJHVNlUJOLFKHV%URW"¶IUDJWHHUVLFKYROO6RUJHQXQG%DQJHQ´8Q WHU VHLQHP %HWW MHGHQIDOOV ZLUG GHU 6FKULIWVWHOOHU QLFKW IQGLJ 9LHOOHLFKW IKUWLKQGLHVH5HLVH]XZHLWZHJYRQMHQHP7HLO²MHQHPÄ6WFN¶²VHLQHV =LPPHUVDQGHPVHLQH$UEHLWEOLFKHUZHLVHVWDWWILQGHWGHP6FKUHLEWLVFK 9LHOOHLFKWLVWHVJUXQGVlW]OLFKQLFKWP|JOLFKGHQÄJHHLJQHWHQ6WRII¶JH]LHOW HQWGHFNHQ ]X ZROOHQ 9LHOOHLFKW DEHU LVW GLHVHU )HKOYHUVXFK OHW]WOLFK NHLQ VROFKHU VRQGHUQ JHK|UW QRWZHQGLJ ]XU XP XQG DEZHJLJ YHUODXIHQGHQ VFKULIWVWHOOHULVFKHQ 3URGXNWLYLWlW GLH GHQ ,FK(U]lKOHU VFKOLH‰OLFK XQHU ZDUWHWHLQHQYRQLKPIUÄJHHLJQHW¶JHKDOWHQHQ6WRIIILQGHQOlVVW9LHOOHLFKW MHGRFKXPHLQHOHW]WH(UZlJXQJDQ]XVWHOOHQKDWLKQGLH5HLVHÄXQWHUVHLQH %HWWVWHOOH¶GD]XJHEUDFKWGLH.DWHJRULHGHUÄ*HHLJQHWKHLW¶²GHVDSWXP² VHOEVW]XUHYLGLHUHQ'HQQSO|W]OLFKÅVDKHU>@QDKYRUVHLQHU1DVHHLQVR VHOWVDPHVLQWHUHVVHHLQIO|‰HQGHV6FKDXVSLHOZLHHUHVQLFKWYRQZHLWHP]X KRIIHQJHZDJWKDEHQZUGHMHLQVHLQHP/HEHQDQ]XWUHIIHQ´'LH.HQQ ]HLFKQXQJ GHV )XQGHV DOV HLQH 8QZDKUVFKHLQOLFKNHLW K|FKVWHQ *UDGHV NRQWUDVWLHUW LQGHV LURQLVFK VHLQHU %DQDOLWlW ZRPLW GLH (U]lKOXQJ HLQHQ HUVWHQ +|KHSXQNW HUUHLFKWÅ,Q GHU :DQGGLH JUDX VFKZDU] XQG VFKLP  

:DOVHU5REHUW'DV=LPPHUVWFN,Q5REHUW:DOVHU6lPWOLFKH:HUNHLQ(LQ]HODXVJDEHQ+JY -RFKHQ*UHYHQ%DQG3RHWHQOHEHQ)UDQNIXUW0DLQ6  (VLVWDEHUDXFKDOVHLQLQWHUWH[WXHOOHU9HUZHLV]XOHVHQQlPOLFKÅDOVUDGLNDONRPSULPLHUHQ GH 3DUDSKUDVH YRQ Ä9R\DJH DXWRXU GH PD FKDPEUH¶ MHQHV RULJLQHOOHQ 5HLVHEHULFKWV¶ PLW GHP;DYLHUGH0DLVWUHDP(QGHGHV-DKUKXQGHUWV]XPDUDEHVNHPSILQGVDPHQ5RPDQ LQ GHU 1DFKIROJH /DXUHQFH 6WHUQHV EHLJHWUDJHQ KDW´ 6WDQLW]HN *HRUJ Å5HJHQVFKLUP IRUVFKXQJ5REHUW:DOVHUV%LOGXQJVNULWLNLP=XVDPPHQKDQJGHUPRUDOLVWLVFKHQ7UDGLWLRQ´ ,Q=HLWVFKULIWIUGHXWVFKH3KLORORJLH  6²KLHU6   :DOVHU'DV=LPPHUVWFN6  (EG

0HGLXP)RUP



PHOLJZDUVWDNQlPOLFKHLQDOWHUURVWLJHU1DJHOZRUDQHLQ5HJHQVFKLUP KLQJ´ 9RQQXQDQEUDXFKWGHU6FKULIWVWHOOHUGHPZDVVLFKLKPGDUELHWHWOH GLJOLFKUH]HSWLY]XIROJHQ,VWGHUÄJHHLJQHWH6WRII¶HUVWJHIXQGHQVFKHLQW HU VLFK VRGDQQ JHUDGH]X VHOEVWVWlQGLJ ]X HLQHP Å6WFN´ DXV]XJHVWDOWHQ Å:HLWEUDXFKWHLFKQLFKW]XODXIHQ'DV6WFNZDUJDQ]QDK´VWHOOWGHU ,FK(U]lKOHUIHVW(LQÅ6WFN´HLQÅ=LPPHUVWFN´GDVELVODQJXQEHPHUNW JHEOLHEHQH GHQQRFK YHUWUDXWH 'LQJH ² GLH :DQG GHQ 1DJHO XQG GHQ 5HJHQVFKLUP ² DOV $NWHXUHHLQHV VLQQIlOOLJHQ =XVDPPHQKDQJV YRUIKUW $OVÅHWZDV/HEHQVEHUGUVVLJH>V@´XQGÅHWZDV/HEHQVPGHV´ZHUGHQVLH ZDKUJHQRPPHQ DOV ÅHWZDV $OWHV XQG .XPPHUYROOHV´ VRZLH DOV ÅHWZDV +LQIlOOLJHV´ ÅDOV ZlUHQ HV]ZHL %HWWOHU GLHVLFK LQ NDOWHU KRIIQXQJVORVHU (LQ|GHXPDUPHQXPHQJ]XVDPPHQJHGUFNW]XJUXQGH]XJHKHQ´ 'DVKLHUEHVFKULHEHQH6]HQDULRIKUWHLQH$OOHJRUHVHYRUZHQQHVGLH +LQZHQGXQJ GHU H[SOL]LWHQ $XVVDJH ² Å,Q GHU :DQG GLH JUDX VFKZDU] XQGVFKLPPHOLJZDUVWDNQlPOLFKHLQDOWHUURVWLJHU1DJHOZRUDQHLQ5H JHQVFKLUP KLQJ´ ² ]X HLQHU ]ZHLWHQ ]XQlFKVW QXU LPSOL]LW DQJH VSURFKHQHQ6LQQHEHQHQDFKYROO]LHKWXQGDOV,UUHDOLVPDUNLHUWÅDOVZlUHQ HV]ZHL%HWWOHU´+HUYRUJHKREHQZLUGVRPLWGHUhEHUJDQJYRQHLQHUEOR ‰HQ 'LQJEHVFKUHLEXQJ ]XU GHUHQ $XVOHJXQJ DOV HWZDV DQGHUHV KLQ LP =XJH GHVVHQ VLFK ÄGLH :DQG GHU 1DJHO XQG 5HJHQVFKLUP¶ LQ KDQGHOQGH )LJXUHQ ]X YHUZDQGHOQ XQG GDV 6]HQDULR PLW HLQHU JHUDGH]X H[LVWHQWLHOO DXIJHODGHQHQ %HGHXWXQJ ]X YHUVHKHQ VFKHLQHQ 'LQJH GLH GLH )RUPXQJ GLHVHU $OOHJRULH HUP|JOLFKHQ ,Q GHU 'UDPDWXUJLH GHU 'HVNULSWLRQ WUHWHQ VLH GDKHU DOV 0HGLHQ DXI *HPl‰ GHP V\VWHPWKHRUHWLVFKHQ 9HUVWlQGQLV EH]LHKW VLFK GLH .DWHJRULH Ä0HGLXP¶ DXI HLQH 9RUDXVVHW]XQJVEHGLQJXQJ GLH XQWHUVFKLHGOLFKH 5HDOLVLHUXQJVP|JOLFKNHLWHQ XPIDVVW ZlKUHQG GLH .DWHJRULH Ä)RUP¶ HLQH VSH]LILVFKH 8PVHW]XQJ HEHQ GLHVHU 5HDOLVLHUXQJV P|JOLFKNHLWHQEH]HLFKQHW 1LFKW LKUH :DKUQHKPXQJ DOV VSH]LILVFKH PDWHULDOH )RUPHQ VWHKW LQ :DOVHUV(U]lKOXQJLP9RUGHUJUXQGVRQGHUQGLH7UDQVIRUPDWLRQGLHGLH  

 

 



(EG6 (EG =XP5HJHQVFKLUP0RWLYDOV]HQWUDOHQ7URSXVGHU3KLOLVWHUNULWLNEHL:DOVHUVLHKH6WDQLW]HN Å5HJHQVFKLUPIRUVFKXQJ´6II :DOVHU'DV=LPPHUVWFN6 ,QGLHVHP6LQQVFKUHLEW.UDXVHGDV0HGLXPJHOWHDOVÅHLQHEHVWLPPWH0|JOLFKNHLWGHU(U P|JOLFKXQJ XQEHVWLPPWHU 0|JOLFKNHLWHQ´ .UDXVH 'HWOHI Å0HGLXP´ ,Q 'HWOHI .UDXVH /XKPDQQ/H[LNRQ (LQH (LQIKUXQJ LQ GDV *HVDPWZHUN YRQ 1LNODV /XKPDQQ 6WXWWJDUW  6  6LHZHUGHQWDWVlFKOLFKDOVVROFKH]ZDUDXFKEHVWLPPWXQGDOVVROFKHYHUZHLVHQVLHDXFKDXI DQGHUH 0HGLHQ HWZD GDV /LFKW GXUFK ZHOFKHV VLH HUVW ]X )RUPHQ JHQHULHUW ZHUGHQ 'LH



1DWDOLH%LQF]HN

'LQJH1DJHOXQG5HJHQVFKLUPYROO]LHKHQZHQQVLHGDVÅ6FKDXVSLHO´DXI IKUHQ 'HU 6FKULIWVWHOOHU HUZHFNW GDEHL GHQ (LQGUXFN DOV QHKPH HU QDFKGHP VHLQ $XVIOXJ XQWHU VHLQH %HWWVWDWW PLVVJOFNW LVW QXU QRFK GLH )XQNWLRQ HLQHV %HWUDFKWHUV HLQ GHP VLFK HLQ Å6FKDXVSLHO´ GDUELHWHW IU ZHOFKHVHUVHOEVWQLFKWYHUDQWZRUWOLFK]HLFKQHW(UDJLHUWYRUDOOHPZLHHV VFKHLQWDOVHLQGXUFKÄ5KUXQJ¶XQGÄ(UVFKWWHUXQJ¶EHWHLOLJWHU5H]LSLHQW GHVVHQ/HLVWXQJLQGHUEOR‰HQÄ$XI]HLFKQXQJ¶GHVVHQOLHJWZDVHUÄVLHKW¶ Å=XVHKHQZLH6FKZDFKHVLQVHLQHU6FKZDFKKHLWDQGHUHV6FKZDFKHVQRFK VWW]HUKUWHXQGHUVFKWWHUWHPLFKWLHIXQGLFKKDEHQLFKW]|JHUQP| JHQHVKLHUDXI]X]HLFKQHQ´ ,, /XKPDQQ IKUW GLH 0HGLXP)RUP8QWHUVFKHLGXQJ HUVWPDOV LQ VHLQHP HUVFKLHQHQHQ$XIVDW]Å'DV0HGLXPGHU.XQVW´HLQZRHUVLHH[SOL ]LWDOVHLQHPRGLIL]LHUWHhEHUQDKPHGHUDXI)ULW]+HLGHU]XUFNJHKHQGHQ 'LQJ0HGLXP8QWHUVFKHLGXQJNHQQWOLFKPDFKW,QGHU(LQVLFKWGDVVGLH :DKUQHKPXQJHLQHV'LQJV]ZDQJVOlXILJDXIHLQVLHEHGLQJHQGHV0HGLXP ]XUFNYHUZHLVW GDVV HV PLWKLQ HLQH XQDXIO|VEDUH :HFKVHOEH]LHKXQJ ]ZL VFKHQ GLHVHQ EHLGHQ .DWHJRULHQ JLEW ² NHLQ 'LQJ RKQH 0HGLXP ² OLHJW GHUHQWVFKHLGHQGH$XVJDQJVLPSXOVIUGLH$QHLJQXQJXQGV\VWHPWKHRUHWL VFKH :HLWHUHQWZLFNOXQJ GHV .RQ]HSWV ,Q GHQ VSlWHU YHU|IIHQWOLFKWHQ 6FKULIWHQ'LH.XQVW GHU *HVHOOVFKDIW XQG 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW ZLUG +HLGHUDOV,GHHQJHEHUQXUQRFKLQ)X‰QRWHQHUZlKQWGLH0HGLXP)RUP 8QWHUVFKHLGXQJLP+LQEOLFNDXIHLQLJHGHU]HQWUDOHQ$VSHNWHGHU(UVWHLQ IKUXQJ MHGRFK NRQWLQXLHUW 9RQ $QEHJLQQ EHVWHKW HLQ $QOLHJHQ /XK PDQQVLQGHUQDFKGUFNOLFKHQ$EJUHQ]XQJYRQGHUZLUNPlFKWLJHQ7UDGL WLRQ*HJHQVWlQGOLFKHVXQG0DWHULHOOHVÄGLQJRQWRORJLVFK¶]XGHQNHQZHV KDOE HU ² GDULQ PDQLIHVWLHUW VLFK GLH $EZHLFKXQJ YRQ GHU +HLGHU·VFKHQ 9RUODJH LQVEHVRQGHUH ² GHQ 'LQJ GXUFK GHQ )RUPEHJULII VXEVWLWXLHUW Å0LWGHU8QWHUVFKHLGXQJ0HGLXP)RUPZLUGHLQH>@$XVJDQJVGLIIHUHQ] YRUJHVFKODJHQ GLH GDV GLQJRQWRORJLVFKH .RQ]HSW HUVHW]HQ GDV KHL‰W EHUIOVVLJ PDFKHQ VROO´ 'LQJH ZHUGHQ GDPLW ]X .RQVWUXNWLRQV HIIHNWHQ GLH VLFK HLQHU PHGLDOHQ 9RUDXVVHW]XQJ YHUGDQNHQ XQG MH QDFK $QZHQGXQJ GHU 0HGLXP)RUP8QWHUVFKHLGXQJ YHUVFKLHGHQ DXVIDOOHQ $QGHUVIRUPXOLHUW'LQJHDOV)RUPHQVLQGQLFKWVLHZHUGHQEHREDFKWHU DEKlQJLJHUVWKHUYRUJHEUDFKW  (U]lKOXQJ OHQNW GDV ,QWHUHVVH MHGRFK YRQ GLHVHU ]X HLQHU %HVFKUHLEXQJ GHU 'LQJH KLQ GXUFKGLHVLHDOVDOOHJRULVFKEHVWLPPWH$NWDQWHQLQ(UVFKHLQXQJWUHWHQ  :DOVHU'DV=LPPHUVWFN6  /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6

0HGLXP)RUP



'LH 0HGLXP)RUP8QWHUVFKHLGXQJ LVW GDULQ DQGHUHQ V\VWHPWKHRUH WLVFKHQ8QWHUVFKHLGXQJHQYHUJOHLFKEDUUHODWLRQDOJHEDXWHUODXEWVLHGRFK LKUH EHLGHQ 8QWHUVFKHLGXQJVZHUWH VWHWV QXU LQ %H]XJ ]XHLQDQGHU ]X EH VWLPPHQ'HPQDFKODVVHQVLFKZHGHUHLQ0HGLXPQRFKDXFKHLQH)RUP ÄDQVLFK¶GKÄGLQJRQWRORJLVFK¶IHVWOHJHQVRQGHUQPVVHQDOV%H]LHKXQJ ]ZLVFKHQ ORVHU XQG IHVWHU E]Z ULJLGHU .RSSOXQJ YRQ (OHPHQWHQ EH VFKULHEHQXQGDOV%HREDFKWXQJEHKDQGHOWZHUGHQ$QGHUVDOOHUGLQJVDOV LP )DOO GHU 6\VWHP8PZHOW RGHU .RPPXQLNDWLRQ:DKUQHKPXQJ'LI IHUHQ] LVW GLH 0HGLXP)RUP8QWHUVFKHLGXQJ JUDGXHOO JHEDXW GD VLH DXI YHUJOHLFKVZHLVHPHKURGHUZHQLJHUIHVWHULJLGHE]ZORVH.RSSOXQJVJUDGH UHIHULHUW,QVRIHUQVLHQLFKWDXIGHU(EHQHGHU(OHPHQWH²0HGLHQXQG )RUPHQ N|QQHQ QlPOLFK GLHVHOEHQ (OHPHQWH JHEUDXFKHQ ² VRQGHUQ DXI GHU(EHQHLKUHU.RSSOXQJVGLFKWHRSHULHUWXQGGDKHUHLQHhEHUJlQJLJNHLW ]ZLVFKHQ LKQHQ LPSOL]LHUW LVW VLH JHZLVVHUPD‰HQ ÄZHLFKHU¶ EHVFKDIIHQ DOV DQGHUHV\VWHPWKHRUHWLVFKH%DVLVXQWHUVFKHLGXQJHQ=XU9HUDQVFKDXOLFKXQJ GHU )XQNWLRQVZHLVH GHU 0HGLXP)RUP8QWHUVFKHLGXQJ YHUZHLVW /XK PDQQ DXI GLH 6SUDFKH LQ LKUHQ XQWHUVFKLHGOLFKHQ PHGLDOHQ 5HDOLVDWLRQV IRUPHQ +HLGHU QHQQW DOV :DKUQHKPXQJVPHGLHQ /XIW XQG /LFKW GLH DNXVWLVFKHE]ZRSWLVFKH6RQGHUNRQVWHOODWLRQHQYHUPLWWHOQ6SUDFKHHUIOOW GLHVHOEHQ %HGLQJXQJHQ LVW DOVR HEHQIDOOV HLQ 0HGLXP IU GLH $XIQDKPH YRQ)RUPHQ'DVJLOWLQHLQHPDNXVWLVFKHQE]ZEHLGHU6FKULIWRSWLVFKHQ 6LQQH IU GLH VWUHQJH .RSSOXQJ ]X HLQ]HOQHQ :RUWHQ ZR VFKRQ OHLFKWH 0LVVELOGXQJHQGDV:RUWXQHUNHQQEDUZHUGHQODVVHQ XQGDXIHLQHU]ZHL WHQ(EHQHIUGLH)RUPXQJYRQ:RUWHQ]X6lW]HQIUGLHGDVVHOEHJLOW $N]HQWXLHUW ZLUG LQ GLHVHU 3DVVDJH GDVV GDV 0HGLXP 6SUDFKH ² LP 6LQQHYRQÄODQJXH¶²DOVHLQ6\VWHPORVHU.RSSOXQJXQWHUVFKLHGOLFKHU(OH  





 

/XKPDQQ YHUZHQGHW DXFK DQGHUH $WWULEXWH ]XU .HQQ]HLFKQXQJ GHU EHLGHQ 6HLWHQ GHU 8QWHUVFKHLGXQJ6RKlOWHU]%IHVWÅGD‰GLH)RUPVWlUNHULVWDOVGDVPHGLDOH6XEVWUDW´(U HUJlQ]WGLHVH%HVFKUHLEXQJLQGHPHULKUHQWJHJHQKlOWÅ$QGHUHUVHLWVVLQG)RUPHQZHQLJHU EHVWlQGLJDOVGDVPHGLDOH6XEVWUDW´ HEG6  Å'HU %HJULII GHV (OHPHQWV VROO GDEHL QLFKW DXI QDWXUDOH .RQVWDQWHQ YHUZHLVHQ QLFKW DXI 3DUWLNHO6HHOHQ,QGLYLGXHQGLHMHGHU%HREDFKWHUDOVGLHVHOEHQYRUILQGHQN|QQWH9LHOPHKU VLQG LPPHU (LQKHLWHQ JHPHLQW GLH YRQ HLQHP EHREDFKWHQGHQ 6\VWHP NRQVWUXLHUW XQ WHUVFKLHGHQ  ZHUGHQ ]XP %HLVSLHO GLH 5HFKHQHLQKHLWHQ GHV *HOGHV RGHU GLH 7|QH LQ GHU 0XVLN´ HEG6  -DKUDXVDUEHLWHWGLH6FKZLHULJNHLWHQKHUDXVGLHVLFKIUGLHDQGHUHQ'LIIHUHQ]NRQ]HSWHHU JHEHQ N|QQHQ ZHUGHQ VLH PLWKLOIH GHU 0HGLXP)RUP8QWHUVFKHLGXQJ UHIRUPXOLHUW Å6R >@ LVWGLH 0HGLXP)RUP'LIIHUHQ] ]XGHP LQ GHU /DJH VHOEVW GLH 6\VWHP8PZHOW'LIIH UHQ] GLH XUVSUQJOLFKH 6WDUWGLIIHUHQ] GHU 6\VWHPWKHRULH LQ )UDJH ]X VWHOOHQ XQG OHW]WOLFK DXFK ]X HUVHW]HQ´ -DKUDXV 2OLYHU/LWHUDWXU DOV 0HGLXP6LQQNRQVWLWXWLRQ XQG 6XEMHNWHUIDKUXQJ ]ZLVFKHQ%HZXVVWVHLQXQG.RPPXQLNDWLRQ:HLOHUVZLVW6  6\VWHPDWLVFKHQWIDOWHWZLUGGLHVLQ/XKPDQQ1LNODVÅ'LH)RUPGHU6FKULIW´,Q6FKULIW+J Y+DQV8OULFK*XPEUHFKWX./XGZLJ3IHLIIHU0QFKHQ6² /XKPDQQ1LNODV'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6I



1DWDOLH%LQF]HN

PHQWH ]X YHUVWHKHQ LVW GLH XQHQGOLFK YLHOH SRWHQWLHOOH .RPELQDWLRQHQ ² /DXW XQG :RUWNRPELQDWLRQHQ 6lW]H $XVVDJHQ HWF ² DOVR )RUPHQ HU P|JOLFKHQ 'LHVH ZHUGHQ JHQHULHUW VREDOG HLQH VSH]LILVFKH $XVZDKO ² ULJLGHUH.RSSOXQJ²DXVGHQVSUDFKOLFKHQ(OHPHQWHQJHWURIIHQXQGGLHVH LQHLQHP]ZHLWHQ6FKULWWRSWLVFKRGHUDXGLWLYIL[LHUWZHUGHQ6RVLQGDXFK ÄGLH:DQGGHU1DJHOXQGGHU5HJHQVFKLUP¶LP9HUKlOWQLV]XGHPDOOHJRUL VFKHQÅ6FKDXVSLHO´LQGDVVLHVLFKLP9HUODXILKUHU%HVFKUHLEXQJYHUZDQ GHOQUHODWLYORVHJHNRSSHOWN|QQWHQVLHGRFKSRWHQWLHOODXFK]XU%HVFKUHL EXQJDQGHUHU$OOHJRUHVHQJHQXW]WRGHUDEHUHLQIDFKQXUDOV*HEUDXFKVJH JHQVWlQGHEHREDFKWHWZHUGHQ,KUH6FKLOGHUXQJDOVÅ]ZHL%HWWOHUGLHVLFK LQNDOWHUKRIIQXQJVORVHU(LQ|GHXPDUPHQXPHQJ]XVDPPHQJHGUFNW]X JUXQGH]XJHKHQ´OHJWGDV6LQQSRWHQWLDODXIHLQHEHVWLPPWH'HXWXQJIHVW (LQHUVHLWVLVW/XKPDQQVHKUGDUDXIEHGDFKWGHQ%HJULIIGHV0HGLXPV YRQMHGHU$QOHKQXQJDQGHQ'LQJEHJULIIXQGGDPLWYRQGHU)L[LHUXQJDXI :DKUQHKPXQJVSUR]HVVHVRZLHNRQGLWLRQHQZLHVLHGDV9HUVWlQGQLV)ULW] +HLGHUVEHKHUUVFKHQ]XO|VHQ'HUV\VWHPWKHRUHWLVFKHQ'HILQLWLRQJHPl‰ NDQQGHQ6WDWXVHLQHV0HGLXPVSULQ]LSLHOODOOHVHLQQHKPHQVRIHUQHVGLH %HGLQJXQJHLQHUORVHUHQ.RSSOXQJGHU(OHPHQWH²ZLHVLHMDGLH6SUDFKH EHUHLWVWHOOW²LQ5HODWLRQ]XHLQHUULJLGHUHQ.RSSOXQJGHU(OHPHQWH²ZLH VLH HQWZHGHU LQ GHU PQGOLFKHQ RGHU VFKULIWOLFKHQ 0LWWHLOXQJVIRUP HLQHU EHVWLPPWHQ $XVVDJH JHJHEHQ LVW ² HUI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|QQHQ:RÄ'LQJH¶²HLQHLQ]ZLVFKHQYRUDOOHPGXUFK %UXQR /DWRXU NRPSOH[ HUDUEHLWHWH .DWHJRULH ² V\VWHPWKHRUHWLVFK EH VFKULHEHQZHUGHQVROOHQGDZHUGHQVLHLQ0HGLXP)RUP%HREDFKWXQJHQ PLWKLQLQ=ZHL6HLWHQ)RUPHQEHUVHW]WXQGDXIGLHVH:HLVHLQRSHUDWLYH 9RUJlQJH ]HUOHJW 6R ILQGHQ VLH (LQJDQJ LQ GDV V\VWHPWKHRUHWLVFKH *H ElXGHZHUGHQGDULQMHGRFKLQHLQHRSHUDWLYH%H]XJVHLQKHLWXPGHILQLHUW  

6LHKH GD]X LQVEHVRQGHUH /DWRXU %UXQR 'DV 3DUODPHQW GHU 'LQJH )U HLQH SROLWLVFKH gNRORJLH )UDQNIXUW0DLQ  (V LVW NHLQ =XIDOO GDVV GLH 0HGLXP)RUP8QWHUVFKHLGXQJ YRU DOOHP LP =XVDPPHQKDQJ PLWGHP.XQVWV\VWHPHQWZLFNHOWXQGYHUWLHIWZRUGHQLVWIRUGHUWGLHVHVGRFKHLQ.RQ]HSW HLQPLWGHVVHQ+LOIHGHU'LQJEH]XJKHUJHVWHOOWXQGGDPLWGLH%HGLQJXQJGHU:DKUQHKPXQJ HLQ]HOQHU.XQVWZHUNHHUIOOWZHUGHQNDQQÅ$OV%HVRQGHUKHLWGLHGDV.XQVWV\VWHPYRQDQ GHUHQ)XQNWLRQVV\VWHPHQXQWHUVFKHLGHWN|QQHQZLUIHVWKDOWHQGD‰GLH%HREDFKWXQJ]ZHL

0HGLXP)RUP



6SUDFKH IXQJLHUW GHU RELJHQ 'DUVWHOOXQJ ]XU )ROJH DOV 0HGLXP IU ]ZHLYHUVFKLHGHQH)RUPELOGXQJV]XVDPPHQKlQJHQlPOLFKHUVWHQVIUHLQH NRQNUHWH$XVVDJHXQG]ZHLWHQVIUGHUHQEHVRQGHUH0LWWHLOXQJVZHLVH$OV VFKULIWOLFK IL[LHUWH 6SUDFKlX‰HUXQJ OlVVW VLFK OHW]WHUH LKUHUVHLWV PLW +LOIH GHU 0HGLXP)RUP8QWHUVFKHLGXQJ GLIIHUHQ]LHUHQ 'HPQDFK ELOGHW GLH 6FKULIW HLQ 0HGLXP ZHOFKHV HQWZHGHU KDQGVFKULIWOLFK RGHU GUXFNWHFK QLVFKUHDOLVLHUWDOVRJHIRUPWZHUGHQNDQQEHYRUHVVLFKZLHGHUXPDQKDQG GHU 0HGLXP)RUP8QWHUVFKHLGXQJ XPVFKUHLEHQ OlVVW 'HQQ DXFK GHU %XFKGUXFNIXQJLHUWDOV0HGLXPLQVRIHUQHUHQWZHGHUGLH)RUPGHV%XFKV RGHUGHU=HLWVFKULIWHUP|JOLFKW8QGGLHVHNDQQLP)DOOGHUKLHUEHVSUR FKHQHQ(U]lKOXQJYRQ5REHUW:DOVHULKUHUVHLWVDOVGDV%H]XJVPHGLXPGHU QDUUDWLYHQ6WUXNWXUGHU(U]lKOXQJUHNRQVWUXLHUWZHUGHQ 2EJOHLFK/XKPDQQV%HVFKUHLEXQJGD]XQHLJWGLHYRP0HGLXPDXV JHKHQGH 5LFKWXQJ KHUYRU]XKHEHQ GDV 0HGLXP IROJOLFK DOV 9RUDXVVHW ]XQJVEHGLQJXQJ GHU )RUP ]X EHVWLPPHQ VR JLOW JUXQGVlW]OLFK DXFK GLH XPJHNHKUWH YRQ GHU )RUP ]XP 0HGLXP IKUHQGH 3HUVSHNWLYH ZRQDFK GLH6SUDFKHDOV0HGLXPEHUKDXSWHUVWLQ(UVFKHLQXQJWULWWZHQQVLHVLFK LQULJLGHQ.RSSOXQJHQYRQNRQNUHWHQ$XVVDJHQLQHLQHUVSH]LILVFKHQPH GLDOHQ)RUPGKDOVPQGOLFKHbX‰HUXQJRGHUDOVVFKULIWOLFKHU7H[WUHD OLVLHUW 'HQQ GLH %HREDFKWEDUNHLW GHV 0HGLXPV EHUXKW HEHQVR DXI GHU 8QWHUVFKHLGXQJYRQHLQHU)RUPZLHYLFHYHUVD=XVDPPHQIDVVHQGOlVVW VLFK GDKHU IHVWKDOWHQ GDVV 0HGLHQ IOH[LEHO VHLQ PVVHQ XP XQWHU VFKLHGOLFKH)RUPHQDQXQGDXIQHKPHQ]XN|QQHQ8QGRE]ZDUVLHVHOEVW DOVIRUPORVJHOWHQ]HLFKQHQVLHVLFKGHQQRFKDOVHLQH$UWPHGLDOH6SXULQ GLH)RUPHQHLQGXUFKZHOFKHVLHVRPLWEHREDFKWEDUZHUGHQ0LWDQGHUHQ :RUWHQ 8P VLH EHREDFKWHQ ]X N|QQHQ PXVV PDQ VLH DOV )RUPHQ YRQ DQGHUHQ0HGLHQ)RUPHQXQWHUVFKHLGHQ 6RHWZDYHUZHLVWDXFKGHVELEOLRQRPH/D\RXWGHU(U]lKOXQJ'DV=LP PHUVWFNDXIGDV0HGLXPLQGHPHVHUVFKHLQW:DVLVWGHPQDFKHLQ%XFK" (LQ%XFKLVWHLQ0HGLXPGDVXQWHUDQGHUHPGXUFKHLQVSH]LILVFKHV/D\ RXWJHNHQQ]HLFKQHWLVW=XGHPGHXWHWGLH3ODW]LHUXQJGHU(U]lKOXQJ]ZL  WHU 2UGQXQJ LP %HUHLFK GHV :DKUQHKPEDUHQ KHUJHVWHOOW ZLUG (V JHKW LPPHU XP 'LQJH XQGXP4XDVL'LQJHXPUHDOHRGHUXPLPDJLQLHUWH'LQJHXPVWDWLVFKH2EMHNWHXQGXP (UHLJQLVVHTXHQ]HQ:LU ZROOHQ GLHVH 8QWHUVFKLHGH EHUJUHLIHQG YRQ GLQJOLFKHU )L[LHUXQJ YRQ )RUPHQ VSUHFKHQ´ /XKPDQQ 'LH .XQVW GHU *HVHOOVFKDIW 6   ,Q 'LH .XQVW GHU *H VHOOVFKDIW DYDQFLHUW GLH 8QWHUVFKHLGXQJ GHVKDOE ]X HLQHU WUDJHQGHQ 6lXOH GHU *HVDPW DUJXPHQWDWLRQ=XHUVWZLUGVLHYRQ/XKPDQQLQGHP$XIVDW]Å'DV0HGLXPGHU.XQVW´,Q '(/),19,,  6²V\VWHPDWLVFKHLQJHIKUW  (EHQVR OlVVW VLFK GHU 6DQG XP HLQ LQ GHP =XVDPPHQKDQJ EHOLHEWHV %HLVSLHO ]X QHQQHQ QXUGDQQDOVHLQ0HGLXP²HLQHORVH.RSSOXQJYRQ(OHPHQWHQ²IUGLH)X‰VSXUHQGLHLQ LKP KLQWHUODVVHQ ZHUGHQ EHVWLPPHQ ² GLHVH ELOGHQ LKUHUVHLWV HLQH IHVWHUH .RSSOXQJ YRQ (OHPHQWHQ²ZHQQGLH)X‰VSXUHQDXFKEHREDFKWHWZHUGHQ



1DWDOLH%LQF]HN

VFKHQ DQGHUHQ (U]lKOXQJHQ 5REHUW :DOVHUV ² DXFK VLH EH]HLFKQHW HLQH IRUPDOH .RQVWLWXHQWH ² GDUDXI KLQ GDVV VLH DOV %HVWDQGWHLO HLQHU (U]lKO VDPPOXQJ ² LQ GHU )XQNWLRQ HLQHV 0HGLXPV GDV HLQHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ (LQ]HOHU]lKOXQJHQ JHQHULHUW ² YHU|IIHQWOLFKW LVW :DV LVW PLWKLQ HLQH (U]lKOVDPPOXQJ" (LQ 0HGLXP GDV HLQHQ =XVDPPHQKDQJ ]ZLVFKHQXQWHUVFKLHGOLFKHQ(U]lKOXQJHQEHKDXSWHWXQGHUP|JOLFKW$XFK VSH]LILVFKH SDUDWH[WXHOOH $QJDEHQ GLHVHU 3XEOLNDWLRQ PLWKLQ )RUPHQ PDFKHQ GHXWOLFK GDVV HVVLFK EHL GLHVHP%DQG XP GHQ $XVVFKQLWW HLQHV EHUJUHLIHQGHUHQ :HUNNRQWH[WHV KDQGHOW DOV GHVVHQ 0HGLXP GHU $XWRU QDPH :DOVHU IXQJLHUW :DV LVW GHP]XIROJH HLQ $XWRU" (LQ 0HGLXP GDV HLQ:HUN]XNRQVWLWXLHUHQHUP|JOLFKW6FKOLH‰OLFKLQGL]LHUWDXFKGHUQDUUD WLYH=XVDPPHQKDQJGHULP=LPPHUGHV6FKULIWVWHOOHUVVWDWWILQGHQGHQXQG EHPKWHQ 6XFKH QDFK HLQHP ÄJHHLJQHWHQ 6WRII¶ HLQHQ *HVLFKWVSXQNW GHU 0HGLHQIXQNWLRQ LQVRIHUQ HU GLH DXIWUDJVOLWHUDULVFKHQ 3XEOLNDWLRQVYHU SIOLFKWXQJ DOV 0HGLXP GHU IHXLOOHWRQLVWLVFKHQ 6FKUHLEWlWLJNHLW ]XP $XV GUXFNEULQJW:DVLVWDOVR$XIWUDJVOLWHUDWXU"(LQ0HGLXPLQZHOFKHP]% HLQ ÄJHHLJQHWHU 6WRII¶ JHVXFKW ZLUG ² 'HXWOLFK ZLUG DQ GLHVHQ $QVlW]HQ GDVV MH QDFKGHP ZHOFKH )RUP E]Z ZHOFKHU *HVLFKWVSXQNW HLQHU IRU PDOHQ%HVWLPPXQJIRNXVVLHUWZHUGHQHLQHDQGHUHPHGLDOH%HVWLPPXQJLQ (UVFKHLQXQJWULWW ,,, 'LHSULPlUH)XQNWLRQVEHVWLPPXQJGHV0HGLXPVEHVWHKWGDULQHLQH)RUP ]XJHQHULHUHQE]ZDXFKQXU]XHUP|JOLFKHQ6LHXQWHUVFKHLGHWVLFKIROJ OLFK YRQ GHQ PHGLHQZLVVHQVFKDIWOLFK EOLFKHQ )L[LHUXQJHQ DXI 6SHLFKH UXQJ hEHUWUDJXQJ RGHU 5HSURGXNWLRQ YRQ 'DWHQ PLWKLQ DXI =ZHFNH GHUHQ (UIOOXQJ LPPHU DQ HLQH VSH]LILVFKH 0HGLHQWHFKQLN JHEXQGHQ LVW XQGGDKHUOHW]WOLFKÄGLQJOLFK¶JUXQGLHUWZLUG6\VWHPWKHRUHWLVFKZLUGGHP JHJHQEHUHLQDQGHUHUDEVWUDNWHUHU$QVDW]JHZlKOW%HUHLWVLQ6R]LDOH6\V WHPH QRFK EHYRU GLH 0HGLXP)RUP8QWHUVFKHLGXQJ DOV HLJHQVWlQGLJH %HREDFKWXQJVNDWHJRULH HWDEOLHUW ZXUGH OLHIHUW /XKPDQQ HLQH 'HILQLWLRQ ZRQDFK 0HGLHQ Å8QZDKUVFKHLQOLFKHV LQV :DKUVFKHLQOLFKH´ WUDQVIRUPLH UHQ=ZDUEH]LHKHQVLFKGLHhEHUOHJXQJHQKLHUYRUUDQJLJDXIV\PEROLVFK JHQHUDOLVLHUWH .RPPXQLNDWLRQVPHGLHQ ZHVKDOE ]XDOOHUHUVW GHU %HUHLFK GHU.RPPXQLNDWLRQDQJHVSURFKHQLVWJOHLFKZRKOHUKHEWGLHVH$XIIDVVXQJ ² DXFK YRU GHP +RUL]RQW GHU V\VWHPWKHRUHWLVFKHQ :HLWHUHQWZLFNOXQJ ²  

Å'LHMHQLJHQ HYROXWLRQlUHQ (UUXQJHQVFKDIWHQ GLH DQ MHQHQ %UXFKVWHOOHQ GHU .RPPXQLND WLRQDQVHW]HQXQGIXQNWLRQVJHQDXGD]XGLHQHQ8QZDKUVFKHLQOLFKHVLQ:DKUVFKHLQOLFKHV]X WUDQVIRUPLHUHQZROOHQZLU0HGLHQQHQQHQ´ /XKPDQQ1LNODV6R]LDOH6\VWHPH*UXQGUL‰HLQHU DOOJHPHLQHQ7KHRULH)UDQNIXUW0DLQ6 

0HGLXP)RUP



GHQ$QVSUXFKHLQHUDOOJHPHLQHQ$XVVDJHGLHVLFKGHVKDOEHEHQVRDXIGLH 0HGLXP)RUP8QWHUVFKHLGXQJDQZHQGHQOlVVW'DUDXVIROJWGDVV0H GLHQ ² LQ GH]LGLHUWHU $EOHKQXQJ GHU 9RUVWHOOXQJ XQG 0HWDSKRULN GHU ÄhEHUWUDJXQJ¶²HLQHQ=XVWDQG]%HLQHORVH.RSSOXQJYRQ(OHPHQWHQ LQHLQHQDQGHUHQ=XVWDQGHLQHULJLGH.RSSOXQJYRQ(OHPHQWHQWUDQVIRU PLHUHQ=XJOHLFKNDQQGLHVH=XQDKPHGHV.RSSOXQJVJUDGHVDOV7UDQVIRU PDWLRQGHV8QZDKUVFKHLQOLFKHQLQV:DKUVFKHLQOLFKHJOHLFKVDPWHOHRORJL VLHUW ZHUGHQ (UVW HLQH EHVWLPPWH $XVZDKO DQ =HLFKHQ XQG JUDPPD WLVFKHQ 5HJHOQ DXV GHP DOOJHPHLQHQ 6SUDFKV\VWHP XQG GHUHQ HQWZHGHU VFKULIWOLFKHRGHUODXWOLFKH0LWWHLOXQJHUK|KHQQlPOLFKGLH:DKUVFKHLQOLFK NHLW GDVV .RPPXQLNDWLRQ VWDWWILQGHW bKQOLFK HUK|KW GLH DOOHJRULVFKH 8PGHXWXQJGHV1DJHOVXQGGHV5HJHQVFKLUPVLQÄ]ZHL%HWWOHUGLHVLFKLQ NDOWHU KRIIQXQJVORVHU (LQ|GH XPDUPHQ XP HQJ ]XVDPPHQJHGUFNW ]X JUXQGH ]X JHKHQ¶ GLH :DKUVFKHLQOLFKNHLW GDVV GDV %HVFKULHEHQH DOV ÄJH HLJQHWHU 6WRII¶ IU HLQH 3XEOLNDWLRQ ZDKUJHQRPPHQ ZLUG $EHU DXFK GLH 3XEOLNDWLRQGHU(U]lKOXQJLQHLQHP%XFKHUK|KWGLH:DKUVFKHLQOLFKNHLW GDVVVLHDOVHLQOLWHUDULVFKHV:HUN]XU*HOWXQJNRPPW8QJHDFKWHWGHVVHQ DEHU RE GHU 7UDQVIRUPDWLRQVSUR]HVV QXU GLH .RSSOXQJVJUDGH ]ZLVFKHQ GHQ(OHPHQWHQEHWULIIWRGHUREHUGHU+HUVWHOOXQJYRQ:DKUVFKHLQOLFKNHLW GLHQWJUQGHWGLHPHGLDOH)XQNWLRQLQEHLGHQ)lOOHQQLFKWDXIWHFKQLVFK DSSDUDWLYHQ9RUJDEHQ 'LH 0HGLXP)RUP8QWHUVFKHLGXQJ ELOGHW NHLQ .RQNXUUHQ]PRGHOO ]XU .RQ]HSWLRQ GHU V\PEROLVFK JHQHUDOLVLHUWHQ .RPPXQLNDWLRQVPHGLHQ VRQGHUQPXVVYLHOPHKUDOVGHUHQ(UZHLWHUXQJPHKUQRFKDOVHLQHLQQHU KDOEGHUV\VWHPWKHRUHWLVFKHQ%HJULIIVHQWIDOWXQJUHODWLYVSlWKLQ]XJHNRP PHQH1HXSHUVSHNWLYLHUXQJGHU0HGLHQNDWHJRULHYHUVWDQGHQZHUGHQ$XI VFKOXVVUHLFKLVWKLHUEHL]XPHLQHQGDVV/XKPDQQVLFKLQGHUREHQ]LWLHU WHQ ([SOLNDWLRQ DXI 6SUDFKH DOV 0HGLXP EH]LHKW )ROJOLFK ZLUG DXFK GLH 0HGLXP)RUP8QWHUVFKHLGXQJ YRQ LKP YRU DOOHP DXI GHP )HOG GHU  

6LHKH GD]X Å'LH 8QWHUVFKHLGXQJ 0HGLXP)RUP EHUVHW]W GLH 8QZDKUVFKHLQOLFKNHLW GHU RSHUDWLYHQ .RQWLQXLWlW GHV 6\VWHPV LQ HLQH V\VWHPLQWHUQ KDQGKDEEDUH 'LIIHUHQ] XQG WUDQV IRUPLHUWVLHGDPLWLQHLQH5DKPHQEHGLQJXQJIUGLH$XWRSRLHVLVGHV6\VWHPV´ /XKPDQQ 1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW7HLOEDQG.DSLWHO²)UDQNIXUW0DLQ6   $QGHUVIRUPXOLHUWÅ'LHIUGLH7KHRULHVR]LDOHU6\VWHPHUHOHYDQWHQ0HGLHQVLQGGLH.RP PXQLNDWLRQVPHGLHQ GLH HWZDV ZDKUVFKHLQOLFK PDFKHQ N|QQHQ ZDV RKQH VLH XQZDKU VFKHLQOLFK ZlUH 'LH .RPPXQLNDWLRQVPHGLHQ YHUELQGHQ GLH .RPPXQLNDWLRQHQ GLH VRQVW NHLQH $QVFKOVVH ILQGHQ ZUGHQ´ &RUVL *LDQFDUORX (OHQD (VSRVLWR Å)RUP0HGLXP´ ,Q*ORVVDU]X1LNODV/XKPDQQV7KHRULHVR]LDOHU6\VWHPH+JY&ODXGLR%DUDOGL*LDQFDUOR&RUVL X(OHQD(VSRVLWR)UDQNIXUW0DLQ6   )U GLH /LWHUDWXUJHVFKLFKWH EHGHXWHW GLHV GDVV VLH ]ZDU ÅXQWHU%HUFNVLFKWLJXQJGHU WHFK QLVFKHQ hEHUWUDJXQJVPHGLHQ´ JHVFKULHEHQ ZHUGHQ NDQQ GDVV VLH ]XJOHLFK DXFK LQ HLQHP XPIDVVHQGHUHQ 6LQQ ÅDOV *HVFKLFKWH MHQHU Ä0HGLHQ¶ >]X@ NRQ]LSLHUHQ >LVW@ GLH GLH OLWHUDUL VFKHQ:HUNHDOV5HVVRXUFHIUÄ)RUPHQ¶JHQXW]WKDEHQ´ 3OXPSH*HUKDUG(SRFKHQPRGHU QHU/LWHUDWXU2SODGHQ6 



1DWDOLH%LQF]HN

.RPPXQLNDWLRQ UHIOHNWLHUW ,QGHP VLH MHGRFK ]XP DQGHUHQ GLH 0LWWHL OXQJVPRGDOLWlW HLQHU VSUDFKOLFKHQ $XVVDJH DOVR LKUH VFKULIWOLFKH RGHU PQGOLFKH 3UlVHQWDWLRQVIRUP LQ GHQ )RNXV UFNW OHJW VLH HV QDKH GLH NRPPXQLNDWLYHQ 3UR]HVVH DXFK LP +LQEOLFN DXI LKUH MHZHLOLJH PDWHULDO PHGLHQWHFKQLVFKH %HVFKDIIHQKHLW ]X EHREDFKWHQ 'LH :DKUQHKPXQJVGL PHQVLRQGHU.RPPXQLNDWLRQJHODQJWDXIGLHVH:HLVHDOVZLFKWLJH%HRE DFKWXQJVNRPSRQHQWH]XU*HOWXQJ 1LFKW QXU ]XU %HVFKUHLEXQJ YRQ 6LQQSUR]HVVHQ ZLUG GLH 0HGL XP)RUP8QWHUVFKHLGXQJKHUDQJH]RJHQZRVLHVLFKDOVÅ8QWHUVFKHLGXQJ YRQ $NWXDOLWlW XQG 3RWHQWLDOLWlW´ HUHLJQHW Ä'LH :DQG GHU 1DJHO XQG GHU5HJHQVFKLUP¶LQ:DOVHUV(U]lKOXQJIKUHQGLHVH2SHUDWLRQEHVRQGHUV SODVWLVFK YRU $XJHQ LQGHP VLH DXV GHP =XVWDQGGLQJOLFKHU %HGHXWXQJV ORVLJNHLWLQGHQMHQLJHQHLQHVDOOHJRULVFKDXIJHODGHQHQÅ6FKDXVSLHOV´EHU JHKHQ 0LW +LOIH GHU 0HGLXP)RUP8QWHUVFKHLGXQJ N|QQHQ YLHOPHKU DXFK DOOH V\VWHPWKHRUHWLVFKHQ 0HGLHQNRQ]HSWH UHIRUPXOLHUW ZHUGHQ 6R GLHQW GLH 0HGLXP)RUP8QWHUVFKHLGXQJ DOV HLQ EHUJUHLIHQGJHQHUDOL VLHUHQGHV %HREDFKWXQJVVFKHPD LQ ZHOFKHP VLFK GLH V\VWHPWKHRUHWLVFKH 0HGLHQWKHRULHJOHLFKHUPD‰HQDEVWUDKLHUWZLHNRQGHQVLHUWILQGHW:LHVLFK 6SUDFKH QDFK LKUHU 0D‰JDEH GLIIHUHQ]LHUHQ OlVVW VR DXFK GLH HLQ]HOQHQ V\PEROLVFKJHQHUDOLVLHUWHQ.RPPXQLNDWLRQVPHGLHQ²HWZDGDV*HOGRGHU GLH .XQVW ² XQG WHFKQLVFKHQ 9HUEUHLWXQJV XQG 5HSURGXNWLRQVPHGLHQ ZLH EHLVSLHOVZHLVH GLH 'UXFNSUHVVH -H QDFK $XVJDQJVSXQNW N|QQHQ VLH VRZRKOGLH3RVLWLRQGHV0HGLXPVHLQQHKPHQ²GDV*HOGGLHQWGHPQDFK DOV ,QVWUXPHQW XP HLQH EHVWLPPWH =DKOXQJ ]X WlWLJHQ XQG GLH 'UXFN SUHVVHGLHQWDOVPHGLDOH9RUDXVVHW]XQJXQWHUZHOFKHUVLFKHLQ6\VWHPGHU 0DVVHQPHGLHQ KHUDXVELOGHQ NDQQ ² RGHU GLH GHU )RUP 'DQDFK ZlUH *HOGHLQH)RUPLQVRIHUQHVDXV0HWDOORGHU3DSLHUEHVWHKWXQGGHU%XFK GUXFNPLWEHZHJOLFKHQ/HWWHUQDXFKLQVRIHUQHUHLQHEHVWLPPWHWHFKQR ORJLVFKH (QWZLFNOXQJVVWXIH GDUVWHOOW 'DVV HWZDV DOV 0HGLXP LP 8QWHU VFKLHG ]X HLQHU )RUP EHVFKULHEHQ ZHUGHQ NDQQ VHW]W HLQHQ %HREDFKWHU YRUDXVGHUHEHQGLHVH8QWHUVFKHLGXQJLQHLQHUVSH]LILVFKHQ:HLVHKDQG KDEWXQG]XZHLVW'LHVHQ*HVLFKWVSXQNWPDFKW:DOVHUV(U]lKOXQJGHXW OLFKZRVLHGLH2SHUDWLRQGHV6HKHQVLQGHU:LHGHUKROXQJGHV9HUEVDOV HLQH.DWHJRULHGHV3UR]HVVKDIWHQXQWHUVWUHLFKW

 

/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 :DV/XKPDQQLQGLHVHP=XVDPPHQKDQJIUGDV%HREDFKWHQYRQ6LQQNRQVWDWLHUWGDVVVHL QH)RUPQlPOLFKÅ0HGLXPXQG)RUP]XJOHLFK>VHL@XQG]ZDUVRGD‰GDV0HGLXPVHLQHU VHLWVQXUDOV3UR]HVVLHUHQYRQ)RUPHQDNWXDOLVLHUWZHUGHQ>N|QQH@´ HEG6 WULIIWOHW]W OLFKDXIDOOH0HGLXP)RUP.RQVWHOODWLRQHQ]X  6LHKHGD]X/XKPDQQ1LNODV'LH5HDOLWlWGHU0DVVHQPHGLHQHUZ$XIO2SODGHQ 

0HGLXP)RUP



Å:DVPXVVLFKVHKHQ"´>@=XVHKHQZLHVLFKHLQ$OWHVXQG.XPPHUYROOHVDQ HLQDQGHUHV$OWHVXQG.XPPHUYROOHVNODPPHUWH]XVHKHQ>@ZLHHLQ+LQIlOOLJHV DPDQGHUQ+LQIlOOLJHQKLQJ>@=XVHKHQZLH6FKZDFKHVLQVHLQHU6FKZDFKKHLW DQGHUHV6FKZDFKHVQRFKVWW]HUKUWHXQGHUVFKWWHUWHPLFKWLHIXQGLFKKDEH QLFKW]|JHUQP|JHQHVKLHUDXI]X]HLFKQHQ

8QGREJOHLFKGDVÄ6FKDXVSLHO¶KLHUDOVHLQHQXUUH]HSWLYHGKGHP6HKHQ GHQJOHLFKVDP]XVWR‰HQGH(UHLJQLVDEIROJHEHVFKULHEHQZLUGDOVKDQGOHHV VLFKGDEHLXPHLQHEOR‰H5HDNWLRQYHUDQNHUWGHU7H[WHVOHW]WOLFKGRFKLP ,FK(U]lKOHUDOV%HREDFKWHU'HQQ]ZLVFKHQGHU:DKUQHKPXQJGHU'LQ JH LQ GLHVHP Å=LPPHUVWFN´ ² Å,Q GHU :DQG GLH JUDX VFKZDU] XQG VFKLPPHOLJ ZDU VWDN QlPOLFK HLQ DOWHU URVWLJHU 1DJHO ZRUDQ HLQ 5H JHQVFKLUP KLQJ´ ² XQG GHU (YRNDWLRQ GHV Å6FKDXVSLHOV´ ÅWUDW´ GHU 6FKULIWVWHOOHUÅ]XP6FKUHLEWLVFKVHW]WHHUVLFKQLHGHUHUJULIIHUYROO(LIHU GLH)HGHUXQGVFKULHEHUIOLQNIROJHQGHV´'LHGHVNULSWLYH(QWIDOWXQJGHV Å6FKDXVSLHOV´HUIROJWDP6FKUHLEWLVFKQLFKWLQGHU%HWUDFKWXQJGHU:DQG VRQGHUQLP*HEUDXFKGHUÅ)HGHU´XQGGHV3DSLHUV'DV0HGLXPGDVHV KHUYRUEULQJW LVW GLH %HVFKUHLEXQJ VHOEVW GLH LKUHUVHLWV ZLHGHU DXI GLH 6FKUHLEZHUN]HXJHXQGGHQ6FKUHLEWLVFKDOVLKUH0HGLHQ]XUFNYHUZHLVW ,9 %HGHXWVDP LVW GLH VHOEVWLPSOLNDWLYH XQG UHJHQHUDWLYH 6WUXNWXU GHU 0HGL XP)RUP8QWHUVFKHLGXQJ$OV=ZHL6HLWHQ)RUPNDQQVLHQlPOLFKQLFKW QXUXQWHUVFKLHGOLFKDQJHZDQGWZHUGHQVRQGHUQDXFKLQDXIHLQDQGHUVWX IHQZHLVH DXIEDXHQGHQ %HREDFKWXQJVNHWWHQ HQWIDOWHW ZHUGHQ ZHOFKH ]% GHU 'DUVWHOOXQJ YRQ HYROXWLRQlUHQ 3UR]HVVHQ GLHQHQ N|QQHQ Å0HGLHQ ZHUGHQ DXV LPPHU VFKRQ JHIRUPWHQ (OHPHQWHQ JHELOGHW GHQQ DQGHUV N|QQWHZHGHUYRQORVHUQRFKYRQIHVWHU.RSSOXQJGLH5HGHVHLQ'DUDXV HUJHEHQ VLFK 0|JOLFKNHLWHQ HLQHV HYROXWLRQlUHQ 6WXIHQEDXV YRQ 0H GLXP)RUP9HUKlOWQLVVHQ´ VR /XKPDQQ (LQH VROFKH %HVFKUHLEXQJ OHLVWHWHULQVEHVRQGHUHLQ'LH.XQVWGHU*HVHOOVFKDIWZRGLH0HGLXP)RUP 8QWHUVFKHLGXQJ DOV HLQ ]HQWUDOHV WKHRUHWLVFKHV XQG DQDO\WLVFKHV .RQ]HSW ]XP (LQVDW] NRPPW ,Q GHP 0D‰H LQ GHP KLHU GLH ELV GDKLQ ]XU %H VFKUHLEXQJ XQG 'LIIHUHQ]LHUXQJ IXQNWLRQDOHU 6R]LDOV\VWHPH JUXQGOHJHQ GHQ%HJULIIHZLHÄELQlUHU&RGH¶RGHUÄV\PEROLVFKJHQHUDOLVLHUWHV.RPPX QLNDWLRQVPHGLXP¶DXVGHP)RNXVGHV,QWHUHVVHVDEUFNHQXQGLKUH7UDJ IlKLJNHLW LP =XVDPPHQKDQJ PLW GHP .XQVWV\VWHP LQ )UDJH JHVWHOOW VFKHLQWQLPPWGLH5HOHYDQ]GHU0HGLXP)RUP8QWHUVFKHLGXQJ]X(LQH   

:DOVHU'DV=LPPHUVWFN6I (EG6  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6



1DWDOLH%LQF]HN

8PZHUWXQJ GHU /HLWEHJULIIH GLH QLFKW QXU PLW GHP *HJHQVWDQGVEH]XJ Ä.XQVW¶ ]XVDPPHQKlQJW VRQGHUQ DXFK PLW HLQHU GHU 6\VWHPWKHRULH LQV JHVDPWEHVFKHLQLJWHQ8PRULHQWLHUXQJHLQKHUJHKW 1HEHQGHUGLDFKURQHQ$QZHQGXQJDXIGDV.XQVWV\VWHPYRUDOOHPLP +LQEOLFN DXI GHVVHQ DOOPlKOLFKH $XVGLIIHUHQ]LHUXQJ DOV HLQ DXWRQRPHV 7HLOV\VWHPGHU*HVHOOVFKDIWUHVHUYLHUW/XKPDQQGLH0HGLXP)RUP%HRE DFKWXQJHQ LQVEHVRQGHUH DXFK IU %HVFKUHLEXQJHQ YRQ .XQVWZHUNHQ 6R KlOW HU ]% IHVW Å'DV .XQVWZHUN PDFKW VLFK ]XVDPPHQIDVVHQG JHVDJW EHREDFKWEDUDOVHLQH6HULHYRQLQHLQDQGHUYHUVFKOXQJHQHQ8QWHUVFKHLGXQ JHQZREHLGLHMHZHLOVDQGHUH6HLWHGHU8QWHUVFKHLGXQJ]XZHLWHUHQ8QWHU VFKHLGXQJHQDXIIRUGHUW´'DVHLQ]HOQH.XQVWZHUNÅDOV*UR‰IRUPHLQHV 3OXUDOV YRQ 0HGLXP)RUP.RSSOXQJHQ´ ZLUG DEHU DXFK EHU GLH 0H GLXP)RUP8QWHUVFKHLGXQJ PLW GHP .XQVWV\VWHP YHUNRSSHOW ZHQQ HV KHL‰WÅ'DV0HGLXPGHU.XQVWLVWDOVRLQMHGHP.XQVWZHUNSUlVHQW²XQG GRFKXQVLFKWEDUGDHVQXUDXIGHUQRFKXQEH]HLFKQHWHQ6HLWHJOHLFKVDP DOV $WWUDNWRU ZHLWHUHU %HREDFKWXQJHQ JLOW ,P 6XFKHQ YHUZDQGHOW VLFK GDQQGDV0HGLXPLQ)RUP´'HU*HZLQQHLQHUVROFKHQ9RUJHKHQVZHLVH EHVWHKW GDEHL GDULQ GDVV GHU .XQVWEHJULII QLFKW EHU GLH EOR‰H 5H NRQVWUXNWLRQ XQG $GGLWLRQ HLQ]HOQHU .XQVWZHUNH UHNRQVWUXLHUW ZHUGHQ NDQQVRQGHUQDOVHLQ%HJULIIGHU3RWHQWLDOLWlWGLHVHQ5DKPHQEHUVFKUHL WHW ZRPLW HLQH (UNOlUXQJ IU GHQ SHUPDQHQWHQ $QVFKOXVV GHV 6\VWHPV XQG GLH 8QHQGOLFKNHLW ZHLWHUHU .XQVWIRUPHQ E]Z .XQVWZHUNH JHJHEHQ

 

)UGLH%HVFKUHLEXQJGHU.XQVWOlVVWVLFKMHGHQIDOOVIHVWKDOWHQGDVV/XKPDQQGHQLQÅ,VW .XQVWFRGLHUEDU"´EHJRQQHQHQ$QVDW]EHUHLWVLQÅ'DV0HGLXPGHU.XQVW´YHUOlVVWXQGDXI DQGHUH)UDJHQXPOHQNWXPYRQGDDQEHUÅ:HOWNXQVW´ELV]X'LH.XQVWGHU*HVHOOVFKDIWGLH 0HGLXP)RUP8QWHUVFKHLGXQJLPPHUSURQRFLHUWHUDOVEDVDOHDQDO\WLVFKH.DWHJRULHNHQQW OLFK]XPDFKHQ  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6  :HUEHU 1LHOV Å1DFKZRUW 1LNODV /XKPDQQV .XQVW GHU *HVHOOVFKDIW ² (LQ HLQIKUHQGHU hEHUEOLFN´,Q1LNODV/XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU+JY1LHOV:HUEHU)UDQN IXUW0DLQ6²KLHU6  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6'LHVH'\QDPLNIKUW/XKPDQQLQVHLQHU7KHRULH GHV2UQDPHQWVIRUWZHOFKHDXIVHQJVWHPLWGHU0HGLXP)RUP8QWHUVFKHLGXQJYHUNQSIW LVWÅ'DV2UQDPHQWHU]HXJWVHLQHQHLJHQHQLPDJLQlUHQ5DXPGXUFKHLQHODXIHQGH9HUlQGHU XQJ YRQ )RUPJUHQ]HQ LQ PHKUGHXWLJH hEHUJlQJH (V YHUKLQGHUW GHQ =HUIDOO GHV .XQVW ZHUNVLQHLQ]HOQH*HVWDOWHQ>@2GHUDQGHUVJHVDJWHVKlOWHLQ.XQVWZHUN]XVDPPHQRKQH DQGHVVHQILJXUDWLYHU(LQWHLOXQJWHLO]XQHKPHQXQGHEHQGDGXUFK´ HEG6 (VKDWDO OHUGLQJV HLQH ZLFKWLJH )XQNWLRQ LQGHP HV GLH HLQ]HOQHQ .XQVWZHUNH DEVFKOLH‰W XQG EH JUHQ]W ,Q JHZLVVHU :HLVH ELHWHW HV VRPLW GHU SRWHQWLHOO XQHQGOLFKHQ $EIROJH GHU 0HGL XP)RUP8QWHUVFKHLGXQJHQ GLH DQKDQG HLQHV .XQVWZHUNV XQG YRQ GLHVHP DXVJHKHQG YRUJHQRPPHQZHUGHQN|QQHQ(LQKDOW6HOEVWZRHVQLFKWDOV9HU]LHUXQJHLQHV.XQVWZHUNV HYLGHQWLVWKlOWGDV2UQDPHQWGLHVHV]XVDPPHQZHLOHVJHZLVVHUPD‰HQVHLQH(LQKHLWNRQV WLWXLHUW

0HGLXP)RUP



ZlUH$QVWDWWGDV0|JOLFKNHLWVIHOGHLQ]XJUHQ]HQZLUGHVDXIGLHVH:HLVH YLHOPHKU JH|IIQHW 'LH HLQ]HOQHQ :HUNH N|QQHQ KLHUEHL VRIHUQ VLFKVRO FKH %H]XJQDKPHQ HUNHQQHQ ODVVHQ DOV 0HGLHQ IU )RUPELOGXQJHQ ZHL WHUHU :HUNH EHVWLPPW ZHUGHQ :LH VLFK LQQHUKDOE GHU HLQ]HOQHQ .XQVW ZHUNH XQWHUVFKLHGOLFKH 0HGLXP)RUP%H]LHKXQJHQ QDFKZHLVHQ ODVVHQ VRDXFKIUGLH%H]LHKXQJGHU.XQVWZHUNHXQWHUHLQDQGHUHWZDEHUPR WLYLVFKH =XVDPPHQKlQJH ,Q ZHOFKHQ DQGHUHQ OLWHUDULVFKHQ 7H[WHQ VR N|QQWH PDQ IUDJHQ VWHKW ZLH LQ :DOVHUV 'DV =LPPHUVWFN HLQ 1DJHO LP =HQWUXPGHV,QWHUHVVHV"8QGZHOFKH)XQNWLRQEWHUGRUWDXV" 7KHRGRU)RQWDQHHUODXEWGLH6SXUGLHVHU)UDJH]XYHUIROJHQZHQQHU LQVHLQHU5H]HQVLRQYRQ*XVWDY)UH\WDJV6ROOXQG+DEHQIHVWKlOWÅ,QGLH VHQ'HWDLOVQXQLVW*XVWDY)UH\WDJ0HLVWHU'DZLUGLPHUVWHQ%DQGHNHLQ 1DJHOHLQJHVFKODJHQDQGHPLPGULWWHQ%DQGHQLFKWLUJHQGHWZDVVHLHV HLQ 5RFN RGHU HLQ 0HQVFK DXIJHKlQJW ZUGH >@´ +LHU HUVFKHLQW GHU 1DJHO DOV HLQ ,QGLNDWRU IU GLH UHDOLVWLVFKH 'DUVWHOOXQJVlVWKHWLN *XVWDY )UH\WDJV ZHQQ GLHVHU LKQ DOV HLQ YHUPHLQWOLFK EHODQJORVHV 'HWDLO ]XP =ZHFN QDUUDWLYHU $QVFKOXVVSURGXNWLRQ GK DOV HU]lKOVWUXNWXUHOOHV 0HGL XPHLQVHW]W%HL5REHUW:DOVHUJHKWGDV0RWLYEHUHLQHVROFKHQDUUDWLYH )XQNWLRQKLQDXVKLHUZLUGGHU1DJHO]XP0HGLXPGHU9HUDQVFKDXOLFKXQJ HLQHU $OOHJRUHVH LQ ZHOFKHU HU VLFK YRQ HLQHP *HEUDXFKVJHJHQVWDQG LQ HLQ Å6FKDXVSLHO´ YHUZDQGHOW 1LFKW QXU NRPPW VRPLW GHU 1DJHO DOV 0H GLXP OLWHUDULVFKHU 'DUVWHOOXQJ ]XP 7UDJHQ YLHOPHKU ZLUG GDUDQ DXFK GHXWOLFKGDVV.XQVWDOV5HVVRXUFHIU)RUPHQIXQNWLRQLHUW

 

=XU DQDO\WLVFKHQ $QZHQGXQJ GHU .DWHJRULH GHV 2UQDPHQWV VLHKH 'HPEHFN 7LOO 7H[WH UDKPHQ*UHQ]UHJLRQHQOLWHUDULVFKHU:HUNHLP-DKUKXQGHUW *RWWVFKHG:LHODQG0RULW]-HDQ3DXO  %HUOLQ1HZ@)UDQNIXUW0DLQ6 6HUUHV0LFKHOX%UXQR/DWRXU&RQYHUVDWLRQVRQ6FLHQFH&XOWXUHDQG7LPH>@$QQ$UERU 6 hEHUVHW]XQJ55 



:LOOLDP5DVFK

0DWKHPDWLNHUDUEHLWHW²HUILQGHWGLH/|VXQJLQWXLWLYXQGEHUOlVVWDQGH UHQGLHPKVHOLJH$UEHLW%HZHLVHEHL]XEULQJHQÅ,QWXLWLRQLVWHLQ$QVWR‰ XQGHLQ.RPPDQGRJHIROJWYRQ$EVWUDNWLRQ'HU%HZHLVVWHOOWGLH'LQJH VFKOXVVHQGOLFKULFKWLJOHJWVLHIHVWVRQFKWHUQZLHHVJHKW,FKVHKHPLFK VHOEVWVDJHQÄ%HDFKWHGLHVHV.RQ]HSWZLUIWKLHU/LFKWDXIMHQHV3UREOHP (V EOHLEW GLU EHUODVVHQ GLH 'HWDLOV EHL *HOHJHQKHLW DXV]XDUEHLWHQ $XI :LHGHUVHKHQ LFK PXVV ORV ZR DQGHUV KLQ¶´ 'LH 9HUORFNXQJ GHU ,QWXL WLRQGLH6FKQHOOLJNHLWGHUXQEHUHFKHQEDUHQ)OLHJHIKUWVRPDQFKHQIUXV WULHUWHQ 0|FKWHJHUQ'LFKWHUMHW]W:LVVHQVFKDIWOHU LQ 9HUVXFKXQJ LQ HL QHP 0RPHQW GHU )DV]LQDWLRQ 6HUUHV· ODE\ULQWKLVFKHQ *HSIORJHQKHLWHQ QDFK]XHLIHUQZDV]X6HUUHV·$WWUDNWLRQEHLWUlJW 6RJDUGHULQWHOOHNWXHOOQFKWHUQH1LNODV/XKPDQQZDUYHU]DXEHUWXQG ELVZHLOHQ OlVVW VHLQ PHWDSKRULVFKHU *HEUDXFK GHV 6HUUHV·VFKHQ %HJULIIV Ä3DUDVLW¶HLQHPQLFKWVEULJDOVGLH'HWDLOVPKVDPVHOEVWKHUDXV]XILQGHQ %HLGHU%HVFKUHLEXQJGHU%H]LHKXQJGHV.QVWOHUV]XP0DUNWHWZDÅGLH .RSSOXQJYRQ.XQVWXQG:LUWVFKDIW´HQWZLUIW/XKPDQQGDVLGHDOH6]H QDULR²Å0DQWXWGDVZDVPDQJHUQHWXWPLW(LIHUXQG%HJHLVWHUXQJXQG EHNRPPWGDIUDXFKQRFK*HOG´²DEHUEHPHUNWGDQQGDVVQLFKWDOOHVVR LVWZLHHVVFKHLQW 'LH .RSSOXQJ ZLUNW VR YHUPXWHW PDQ VHOHNWLY 'LH&KDQFH GHV 9HUNDXIV ZLUG ]XU9HUIKUXQJXQGHVILQGHQVLFKUDVFK3DUDVLWHQGLHDQGLHVHUSUREOHPDWLVFKHQ %H]LHKXQJ.XQVWXQG0DUNWDQVHW]HQXQG5DWXQG9HUPLWWOXQJVGLHQVWHDQELHWHQ QLFKW ]X JUR‰H )RUPDWH ELWWH 2ULJLQDOLWlW MD GHQQ LQ GHU 6SUDFKH GHV 0DUNWHV KHL‰W2ULJLQDOLWlW.QDSSKHLWDEHUQLFKW]XHLJHQZLOOLJH$XVIKUXQJHQDPEHVWHQ YLHOOHLFKWÄUHGHVFULSWLRQV¶ELVKHULJHU.XQVWVWLOH=LWDWH3DURGLHUXQJHQ$XIKHEXQJ JHOlXILJHU%HVFKUlQNXQJHQDEHUPLWDOOGHPLPPHUQRFKHLQHQIUGHQ0DUNWHU NHQQEDUHQ%H]XJYRQ.XQVWDXI.XQVW

%DOGWUHWHQQXQDXFKGLH3DUDVLWHQLQV%OLFNIHOGPHUNZUGLJHUZHLVHYHU ZHLVWDOOHUGLQJVLQGLHVHP7H[WNHLQH)X‰QRWHDXI6HUUHVRGHUVHLQ%XFK 0DQ NDQQ VLFK DOVR GLH 3DUDVLWHQ GLH ]ZLVFKHQ GHP .QVWOHU XQG GHP .XQGHQ LQWHUYHQLHUHQ NDXP DQGHUV YRUVWHOOHQ DOV JHZ|KQOLFKH ZHQQ DXFK PHWDSKRULVFKH 5DWWHQ ² *DOHULHEHVLW]HU $JHQWHQ XQG DQGHUH 9HU PLWWOHU PDQFKH QW]OLFK PDQFKH VFKlGOLFK  GLH LKUH VSULFKZ|UWOLFKHQ +lQGH ² ZDV GHQ .QVWOHU EHWULIIW ² EHUDOO LP 6SLHO KDEHQ LQGHP VLH QLFKW QXU EHVWLPPHQ ZDV YHUPDUNWEDU LVW VRQGHUQ DXFK 3UR]HQWH GHU Å(LQQDKPHQ´ IU LKUHQ $XIZDQG HLQVWUHLIHQ ,Q HLQHP DQGHUHQ $XIVDW]  

(EG6 /XKPDQQ1LNODV6FKULIWHQ]X.XQVWXQG/LWHUDWXU)UDQNIXUW0DLQ6  7URW]/XKPDQQVDXVGUFNOLFKHU$EQHLJXQJJHJHQEHUGHQMHQLJHQGLH)X‰QRWHQDEOHKQHQ 9JO/XKPDQQ1LNODV:DVWXQ+HUU/XKPDQQ"9RUOHW]WH*HVSUlFKHPLW1LNODV/XKPDQQ%HUOLQ 6²$OOHUGLQJV²ZLHDXIGHQVHOEHQ6HLWHQ]XOHVHQLVW²OHKQWHUJOHLFKHUPD ‰HQMHQH$UWGHVÅ5HIHULHUHQV´DEGLHLFKQXQLKPXQG6HUUHVXQWHU]LHKH 

3DUDVLW



EHU.XQVWZHQLJHUVHLQHHLJHQH0HLQXQJlX‰HUQGDOVMHQHHLQHVUHNRQV WUXLHUWHQ .XQVWPDUNWV GHV  -DKUKXQGHUWV YHUPHUNW /XKPDQQ GLH =X QDKPH YRQ QRWZHQGLJHQ Å6SH]LDONHQQWQLVVHQ´ XP GLH .RSSOXQJ ]ZL VFKHQ3URGX]HQWXQG.RQVXPHQW]XYHUKDQGHOQÅ'HU.XQVWNULWLNHUZLUG DOV3DUDVLWGHU%H]LHKXQJYRQ.QVWOHUXQG3XEOLNXPJHVHKHQGHUVHLQHQ HLJHQHQ9RUWHLODXVGHQ8QVLFKHUKHLWHQGLHVHU%H]LHKXQJ]LHKW´:LHGHU XP ]DKOHQ 3URGX]HQW XQG.RQVXPHQW HLQHQ 3UHLV GHU DQ GHQ 3DUDVLWHQ ZHLWHUJHOHLWHWZLUG²QXULVWHVMHW]WGHU.ULWLNHUGHUEHU*HVFKPDFNXQG GDPLW EHU GHQ :HUW HQWVFKHLGHW LQ VRZRKO ZRUW DOV DXFK VSULFK Z|UWOLFKHP 6LQQH :LU EOHLEHQ XQV VHOEVW EHUODVVHQ XQG IUDJHQ XQV RE GHU %HJULII Å3DUDVLW´ DOV TXDVLWHFKQLVFKH %H]HLFKQXQJ ]X YHUVWHKHQ LVW RGHUEOR‰DOV6FKLPSIZRUW %LV ]XU0LWWH GHU HU -DKUH DOV GLHVH $XIVlW]H JHVFKULHEHQ ZXUGHQ KDWWH/XKPDQQ6HUUHV·%XFK'HU3DUDVLWRIWJHQXJ]LWLHUWXPGDYRQDXV]X JHKHQGDVVVHLQH6WDPPOHVHUZXVVWHQZRUDXI XQGDXIZHQ HUVLFKEH ]RJ $EHU GLH 9HUVFKLHEXQJ YRP WHFKQLVFKHQ +LQWHUJUXQG GHU 6HUUHV· 9HUZHQGXQJ GHU 0HWDSKHU XQG /XKPDQQV ,QWHUHVVH LQ VLH GXUFKGULQJW ]XU XPJDQJVVSUDFKOLFKHQ %HGHXWXQJ YRQ 3DUDVLW LP 6LQQH HLQHV QD MD Ä3DUDVLWHQ¶²GDVKHL‰WHLQHVIDXOHQ/XPSVGHUXQYHUGLHQWHUZHLVHYRQGHQ 0KHQDQGHUHUSURILWLHUWXQGGDGXUFKHLQHQÅUHLQHQ´.UHLVODXIYRQ3UR GXNWLRQ XQG .RQVXP YHUIlOVFKW ² LVW QXU DOO]X HLQIDFK =X RIW VFKHLQW /XKPDQQHKHUGHQ)OXJGHU)OLHJH]XLPLWLHUHQDOVGHQVRUJIlOWLJHQ.DUWR JUDSKHQ:DUXP":DVDQGLHVHP)HVWPDKOIU5DWWHQVWLOOWH/XKPDQQVLQ WHOOHNWXHOOHQ+XQJHU"hEHUGLHVH)UDJH]XVLQQLHUHQYHUODQJWYRQHLQHPVR VFKZHUIlOOLJHQ1DUUHQZLHLFKHVELQPHKUDOVHLQHQHQW]FNHQGHQ%LOGHU WDQ]6RJDU6HUUHVJDE]XGDVVIU(UGHQEHZRKQHUPDQFKPDO'HWDLOVJH IUDJWVLQG ,FKZLOOPLFKDXI]ZHL6]HQDULRVNRQ]HQWULHUHQGLH6HUUHVEHU)DEHOQ YRQ bVRS XQG/D )RQWDLQH HQWZLFNHOW,Q MHGHP GLHVHU )lOOH PDOW 6HUUHV HLQHKDUPORVH/HNWLRQGLHXUVSUQJOLFKDOVSUDNWLVFKHU5DWXQG]XUPRUD OLVFKHQ(UEDXXQJJHGDFKWZDULQGXQNOHUHQ7|QHQDOVHLQHSROLWLVFKH3D UDEHOXQGLQWHJULHUWVLHLQHLQHYRQ,QIRUPDWLRQVWKHRULHJHSUlJWH.RVPR ORJLH:DVEHLGHQXUVSUQJOLFKHQ)DEHOGLFKWHUQDOVHLQHKHU]HUZlUPHQGH *HVFKLFKWHEHUGLHJHJHQVHLWLJHQ9RUWHLOHYRQ.RRSHUDWLRQGDKHUNRPPW Å'HU /DKPH XQG GHU %OLQGH´  ZLUG YRQ 6HUUHV LQ HLQ ILQVWHUHV %HLVSLHO SROLWLVFKHU $XVEHXWXQJ XPJHZDQGHOW XQG GLH VFKOLFKWHQ 7XJHQGHQ GHV HLQIDFKHQ/HEHQVGLHVLFKDP(QGHYRQ/D)RQWDLQHVÅ'LH/DQGUDWWHXQG GLH 6WDGWUDWWH´ EHVWlWLJW ILQGHQ VLQG GLH 9HUDQODVVXQJ IU HLQH $EKDQG OXQJ]XU9HUPLWWOXQJXQGGLH$XVWDXVFKEDUNHLWYRQ5ROOHQGLH]XLPPHU JU|‰HUHU .RPSOH[LWlW IKUHQ /XKPDQQ ZLHGHUXP VLHKW LQ 6HUUHV· JH  

/XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU6



:LOOLDP5DVFK

VFKLFNWHU9HUZHQGXQJGHV3DUDVLWHQGHQ0HFKDQLVPXVEHUGHQ*HVHOO VFKDIWVV\VWHPHRSHULHUHQXQGPXWLHUHQ'HU3DUDVLWLVWIU/XKPDQQGHU -RNHULP.DUWHQVSLHOGHU.RPELQDWLRQHQHUODXEWGLHEHUGLH9RUVWHOOXQJ DOOHU.|QLJLQQHQ.|QLJHXQG$VVHGHV8QLYHUVXPVKLQDXVJHKW 'DVHUVWHGLHVHU6]HQDULHQEHWULIIWGLHDQVFKHLQHQGHQWJHJHQNRPPHQ GH XQG SUDJPDWLVFKH .RRSHUDWLRQ ]ZLVFKHQ HLQHP XQEHZHJOLFKHQ 3D UDO\WLNHUXQGHLQHPEOLQGHQ:DQGHUHU$OOHLQLVWMHGHV,QGLYLGXXPLQ*H IDKU 'HU 0DQQ GHU VHLQH %HLQH QLFKW EHQXW]HQ NDQQ YHUKXQJHUW P|J OLFKHUZHLVH(VVHQLQ*HUXFKVXQG6LFKWZHLWHXQGGHU%OLQGHUHQQWYLHO OHLFKW QLFKWVDKQHQG LQ HLQH JHIlKUOLFKH 6LWXDWLRQ KLQHLQ 6LH WXQ VLFK ]X VDPPHQ'HU%OLQGHWUlJWGLHXQZLOONUOLFKYHUDQNHUWH4XHOOHGHU6HKNUDIW GLHPLW%OLFNXQG6WLPPHEHLGHVLFKHUDQDOOHQ*HIDKUHQYRUEHL]X1DK UXQJ XQG 6FKXW] IKUW 'LHVH .ROODERUDWLRQ DOV HLQH JHJHQVHLWLJ QXW] EULQJHQGH V\PELRWLVFKH %H]LHKXQJ ]X YHUVWHKHQ LVW JHZLVV YHU]HLKEDU 'HU HLQH KDW ZDV GHP DQGHUHQ IHKOW *HPHLQVDP SURILWLHUHQ VLH EHLGH 6HUUHVZUGHHLQHVROFKH6LFKWZHLVHDOOHUGLQJVQLFKWYHU]HLKHQÅ0LWHLQHU 6\PELRVH KDW HV DQJHIDQJHQ´ JLEW HU ]X ÅGRFK GLH KDW QXU GLH )OLW WHUZRFKHQJHGDXHUW8QGVFKRQLVWGHU3DUDVLWZLHGHUGD´:DVDXIGHQ HUVWHQ%OLFNDOVSUDJPDWLVFKH.RRSHUDWLRQHUVFKHLQWHQGHWODXW6HUUHVLQ $XVEHXWXQJ$EHUZLH" 2EZRKOMHGHUGHU3DUWQHUGHPSDUDOOHOHQ3UREOHPGHVhEHUOHEHQVJH JHQEHUVWHKW VWHOOHQ SK\VLVFKH 0RELOLWlW XQG 6HKNUDIW QDFK 6HUUHV NHLQH JOHLFKZHUWLJHQPHQVFKOLFKHQ$WWULEXWHGDU'DVHUVWH²0RELOLWlW²LVWHLQ $VSHNWURKHU*HZDOWGDVDQGHUH²6HKNUDIWJHNRSSHOWPLW6SUDFKH²LVW UHODWLY JHVHKHQ HLQ QLFKWSK\VLVFKHV .RQWUROOLQVWUXPHQW 'DV HUVWH JLEW (QHUJLH DE GDV ]ZHLWH ,QIRUPDWLRQ 2GHU JHQDXHU 'LH ,QIRUPDWLRQ Å(QHUJLH LQ PLNURVNRSLVFKHU *U|‰HQRUGQXQJ´  GHV ]ZHLWHQ $VSHNWV NRQWUROOLHUWGLHPDNURVNRSLVFKH(QHUJLHGHVHUVWHQÅ'HU%OLQGHJLEW6ROL GHV .UDIW 7UDQVSRUW HLQH $UEHLW GLH VLFK LQ .DORULHQ PHVVHQ Ol‰W XQG DXVVRXQGVRYLHOHQ6SHLVHQ0DKO]HLWHQSURGX]LHUWLVW,FKPHLQHHLQH(Q HUJLHYRQGHUJHZ|KQOLFKHQ$UW´0LWGHPÅ.USSHO´KDWHVHWZDVDQGH UHVDXIVLFK (UUHGHWXQGGDVLVWDOOHV(UNQGLJW+LQGHUQLVVHDQHUZDFKWHUJLEWGLH5LFK WXQJYRU$XIGHQ6FKXOWHUQHLQHUGXQNOHQ.UDIWVLW]HQGHUKHOOWXQGHUOHXFKWHWHU GLHVH%DOGZLUGPDQVDJHQPVVHQHUOHQNWVLHHUWHLOWLKU%HIHKOH/HW]WOLFKKDW HU GHP %OLQGHQ NHLQHQ DQGHUHQ 9HUWUDJ DQJHERWHQ DOV GHQ 3DNW GHV 3DUDVLWHQ 'HQQ HU ]DKOW PLW ,QIRUPDWLRQ >«@ (U JLEW :RUWH IU .UDIW >«@ 6FKOLPPHU QRFKHUEHUQLPPWGLH0DFKWHUKHUUVFKW>«@'HU%OLQGHXQGGHU/DKPHGLHVH

 

6HUUHV'HU3DUDVLW6

3DUDVLW



EHU.UHX]DQJHOHJWH9HUHLQLJXQJYRQ0DWHULHOOHPXQG/RJLVFKHPVLHWDXVFKHQ )HVWHVJHJHQ6WLPPHGDVLVWGLHlOWHVWH)DEHOLQGHU7KHRULHGHV6WHXHUQV

'LHVH'DUVWHOOXQJlKQHOW RE]ZDUPLWHLQHP6HKYHUOXVWVDQVWDWWHLQHV*H K|UYHUOXVWV +RUNKHLPHUVXQG$GRUQRV/HNWUHGHU6LUHQHQ6]HQHLQGHU 2G\VVHH :LH VLH PLVVELOOLJW 6HUUHV GLH SUDNWLVFKH 9HUELQGXQJ YRQ *HZDOW XQG:HLWEOLFNDOVHLQHQXQJOHLFKHQ$XVWDXVFKGHUVHLQHZDKUH%HGHXWXQJ DOVSROLWLVFKH3DUDEHOHQWVFKOHLHUW'LHSDUDVLWLVFKH%H]LHKXQJGHV%OLQGHQ ]X GHP /DKPHQ ]HLJW GDVV PDWHULHOOH 3URGXNWLRQ PLW PDQJHOQGHU 6HK NUDIW HLQKHUJHKHQ PXVV GDPLW VLH LQWHOOHNWXHOO NRQWUROOLHUEDU ZLUG 6HUUHV HULQQHUWGDUDQGDVVPDQ3IHUGHQ6FKHXNODSSHQDXIVHW]WXPVLH]XWUDLQLH UHQ$XIHEHQVROFKH:HLVHPXVVGHU+DQGZHUNHUÅLP9HUKlOWQLV]XPLQ WHOOHNWXHOOHQ 3DUDO\WLNHU EOLQG VHLQ 'HU 5XGHUJlQJHU KDW NHLQH /XNH DXV GHUHUKHUDXVVHKHQN|QQWHHUK|UWDXIGLH6WLPPHVHLQHV+HUUQHUKRUFKW HUZLHGHUKROWXQGHUJHKRUFKW´/RJLNGRPLQLHUW0DWHULH²XQGGDPLWLVW GLH.\EHUQHWLNGHU.RQWUROOHHUIXQGHQHLQH.HWWHHLQ1HW]²JHJUQGHW DXIÅGHP'LHEVWDKOYRQ,QIRUPDWLRQ(VJHQJW*HVHW]H]XHUODVVHQXQG GHUHQ .HQQWQLV GHU 0HKU]DKO YRU]XHQWKDOWHQ 8QG GDV VR VHKU GD‰ GLH 0DFKWOHW]WHQGOLFKQLFKWVDQGHUHVLVW´:LUQHQQHQGLHVH0DFKWÅEURNUD WLVFK´ XQG EHVWDXQHQ RGHU YHUZQVFKHQ  LKUH VWDUNH :LGHUVWDQGVIlKLJ NHLW 6HUUHV·:LHGHUJDEHGHU)DEHOPDJXQVYRQHLQHPDOO]XREHUIOlFKOLFKHQ 9HUVWlQGQLV YRQ V‰HU 6\PELRVH EHIUHLHQ DEHU VHLQH *HVFKLFKWH HLQHU XQLGLUHNWLRQDOHQ $XVEHXWXQJ LVW ]X VLPSHO 0DQ NDQQ VLFK QLFKW YRU VWHOOHQGDVV/XKPDQQGDUDXIKHUHLQIlOOWREZRKO²ZLHZLUVHKHQZHUGHQ ²6HUUHV/XKPDQQVHKUZRKOGDEHLKLOIWGHQ$QUHL]GHU6\PELRVHKLQWHU VLFK ]X ODVVHQ 7URW]GHP HWZDV IHKOW 'LH WUJHULVFKH 9HUORFNXQJ GHU 6\PELRVH NDQQ QLFKW DOOHV VHLQ JHQDXVR ZHQLJ ZLH .\EHUQHWLN DXI.RQ WUROOHUHGX]LHUEDULVW:DV/XKPDQQV$XIPHUNVDPNHLWZLUNOLFKZHFNWLVW GDV IOVVLJHUH XQG NRPSOH[HUH ]ZHLWH 6]HQDULR XQWHU (LQEH]LHKXQJ GHU )LJXU GHV 'ULWWHQ ² GHU DXVJHVFKORVVHQHQ XQG JOHLFK]HLWLJ HLQJHVFKORVVH QHQ0LWWH²GLHHUVWPDOVUHFKWZRUWZ|UWOLFKLQGHU)RUPYRQ5DWWHQDXI WULWW (LQ UHLFKHU %UJHU GHU YRP 3DFKW]LQV VHLQHU %DXHUQ OHEW JLEW HLQ %DQNHWWIU(KUHQJlVWH(VLVWHLQOlUPHQGHUIU|KOLFKHUXQGQDFKOlVVLJHU +DXIHQ(VVHQIlOOWXQWHUGHQ7LVFKHLQHNODUH(LQODGXQJDQGHQ3DUDVLW ]XHUVFKHLQHQXQGVLFKDQGHQ5HVWHQJWOLFK]XWXQ'DVLQG]ZHL5DWWHQ GLHHLQHLVWHLQH6WDGWUDWWHXQGOHEWLQGHQ(FNHQXQG:LQNHOQGHV+DXVHV GHVUHLFKHQ0DQQHV'LHDQGHUHLVWLKU&RXVLQYRP/DQGKLHUDXI%HVXFK =DKOUHLFKH6SLHOHUVLQGDXIGHU%KQHHLQLJHZHQLJHVLQGLQGHQ.XOLVVHQ   

(EG6I (EG6I



:LOOLDP5DVFK

6HUUHVNRQ]HQWULHUWVLFKDQIDQJVDXIGHQ*DVWJHEHUXQGGLH5DWWHQGLHDQ VHLQHP )HVW SDUDVLWlUWHLOQHKPHQ $EHU EDOG ZHUGHQ GLH 5ROOHQ IRUPEDU DXVWDXVFKEDU'LH6WDGWUDWWH3DUDVLWGHVUHLFKHQ:LUWVLVWDX‰HUGHP:LUW GHV DXVJHKXQJHUWHQ &RXVLQV YRP /DQG 8QG ZDV LVW PLW GHP :LUW GHV %DQNHWWV" ,VW HU QLFKW DXFK HLQ 3DUDVLW GHU HLQHQ 7HLO GHU (UQWH VHLQHU 3lFKWHUDE]ZHLJW"8QGGDLVWQRFKHLQHZHLWHUHXQHUZDUWHWH:HQGXQJ,Q GHU1DFKWK|UWGHUUHLFKH:LUW*HUlXVFKHNRPPWGLH7UHSSHKHUDEXQG |IIQHW GLH 7U ]XP 6SHLVHVDDO 'LH 5DWWHQ EHVFKlIWLJW PLW GHQ 5HVWHQ K|UHQQXQHEHQIDOOV*HUlXVFKHXQGIOLHKHQXQJHVHKHQ'LH/DQGUDWWHLVW YRU ODXWHU $QJVW lX‰HUVW XQZLOOLJ XP]XNHKUHQ 6LQG GLH 3DUDVLWHQ LQ GLH VHP0RPHQW]X2SIHUQJHZRUGHQ2SIHUHLQHVDQGHUHQ3DUDVLWHQQlP OLFKLKUHVHLJHQHQXUVSUQJOLFKHQ:LUWV" 6HUUHV SUlVHQWLHUW IROJHQGHV 'LDJUDPP DOV 'DUVWHOOXQJ GHU %H]LH KXQJ

 0LFKHO6HUUHV'HU3DUDVLW

6HUUHV VLHKW LQ GLHVHU $EIROJH YRQ :LUWHQ XQG 3DUDVLWHQ HLQH VLFK VHOEVW DXIKHEHQGH.DVNDGH6REDOG3GHUXUVSUQJOLFKH:LUW DOV3 ]X3XQG 3]XUFNNHKUWNROODELHUWGLH6WUXNWXUXQGZLUNHKUHQ]XPXUVSUQJOLFKHQ =XVWDQG]XUFN²]XU8UVLWXDWLRQGHV)HVWVEHYRUGLH$XVJHVFKORVVHQHQ EHVFKOLH‰HQ VLFK HLQ]XVFKOLH‰HQ 'HU Å:LHGHUHLQWULWW´ GHV :LUWV DOV 3D UDVLWPDFKWNODU6FKLIIKHEWGLH6W|UXQJDXIXQGVHW]WGLH6]HQHDXI1XOO ]XUFN 'LHVH Å.DVNDGH´ LVW DOOHUGLQJV QLFKW HQGJOWLJ (PHUJHQ] XQG .ROODSV PVVHQ QRWZHQGLJHUZHLVH RV]LOOLHUHQ 'HU :LUW NDQQ QLFKW DXI  

(EG69JOGLH$EELOGXQJDXI6

3DUDVLW



HZLJLP6SHLVHVDDOEOHLEHQ HUNDQQQLFKWXQHQGOLFKGDV6LJQDOSURGX]LH UHQGDVGHQ5DWWHQVFKPDXVXQWHUEULFKW(UYHUOlVVWGHQ5DXPGLH5DWWHQ NHKUHQ WULSSHOQG ]XUFN XQG GDV 1HW]ZHUN GHU 3DUDVLWHQ LVW ZLHGHU KHUJHVWHOOWÅ=XPLQGHVW]HLJWVLFKVRGD‰GLH3DUDVLWHQVWHWVGDVLQGZHQQ GDV6LJQDOQLFKWGDLVW´ 6HUUHVUHVPLHUWÅ$P$QIDQJLVWGLH3URGXNWLRQgOPKOH%XWWHUPD VFKLQH6FKODFKWNFKHRGHU.lVHUHL´(UYHUZHLOWMHGRFKIUDJWVLFKZDVHV ZLUNOLFKEHGHXWHW]XÅSURGX]LHUHQ´²XQGEHDQWZRUWHWGDQQVHLQH)UDJH Å3URGXNWLRQ LVW RKQH =ZHLIHO HWZDV 6HOWHQHV « 'LH XQHUZDUWHWH XQ ZDKUVFKHLQOLFKH 3URGXNWLRQ LVW JHVFKZlQJHUW PLW ,QIRUPDWLRQ XQG VWHWV PDFKHQ VLFK GLH 3DUDVLWHQ XQYHU]JOLFK GDUEHU KHU´ :HQQ PDQ GDV VFKHPDWLVFKH 'LDJUDPP REHQ HUQHXW EHWUDFKWHW IlOOW DXI GDVV 3 ² GHU 5HSUlVHQWDQW GHU XUVSUQJOLFKHQ 3URGXNWLRQ GHQ HLQ )UDJH]HLFKHQ EH JOHLWHW²QLFKWQXUGLH8QZDKUVFKHLQOLFKNHLWYRQIROJHQUHLFKHU3URGXNWLRQ UHIOHNWLHUWXQGDXFKQLFKWQXUGLH7DWVDFKHGDVVGHUHUVWH3URGX]HQWDXFK GHUHUVWH3DUDVLWLVWVRQGHUQGLH8QP|JOLFKNHLWHLQHUHLQIDFKHQOLQHDUHQ XQG ]HLWOLFK VHTXHQWLHOOHQ 3URGXNWLRQVEH]LHKXQJ DOV ,QIRUPDWLRQ XQG 5DXVFKHQGDUVWHOOW(VLVWQLFKWVRGDVVDP$QIDQJ,QIRUPDWLRQZDUXQG GDQQ GLH 6FKODQJH GDV 5DXVFKHQ  GLH LQ GHQ *DUWHQ JHJOLWWHQ ZDU XQG GRUW&KDRVDQJHULFKWHWKDW9LHOPHKUÅ'HU0L‰EUDXFKHUVFKHLQWQRFKYRU GHP %UDXFK´ ,QIRUPDWLRQ XQG 5DXVFKHQ HQWVWHKHQ JOHLFK]HLWLJ 'DV HLQH EUDXFKW GDV DQGHUH 'HU 3DUDVLW DOV 5DXVFKHQ IROJW QLFKW GHU ,Q IRUPDWLRQYRQLKUVWHKOHQGXQGVLHNRUUXPSLHUHQGHULVWHLQHLKUHU0|J OLFKNHLWVEHGLQJXQJHQ QRWZHQGLJHU .RQWUDVW ]XP 6LJQDO GHU HUVW HUP|J OLFKW HV DOV 6LJQDO ]X K|UHQ ,QIRUPDWLRQ LVW GHU 8QWHUVFKLHG ]ZLVFKHQ 5DXVFKHQ XQG 6LJQDO 0LWWHOV 6HUUHV· %LOGVSUDFKH N|QQHQ ZLU QXQ :LUW XQG*DVWDOV6HQGHUXQG(PSIlQJHULQHLQHPHLQIDFKHQ,QIRUPDWLRQVV\V WHP UHNRQVWUXLHUHQ 'LHVHV ,QIRUPDWLRQVV\VWHP ² GDV VHOEVW P|JOLFKHU ZHLVH DXI GHP 3DUDVLWLVPXV HLQHU IUKHUHQ 3URGXNWLRQ IX‰W ² ZLUG QXQ GXUFKGHQ3DUDVLWHQYHUVWlUNWGHPDXVJHVFKORVVHQHQ'ULWWHQGHVVHQ5DX VFKHQHUK|KWH.RPSOH[LWlWKHUYRUUXIWZlKUHQGVLFKK|KHUH(EHQHQGHV 'LHEVWDKOVXQG$XVWDXVFKVELOGHQ'HU3DUDVLWLVWGDVJOHLFK]HLWLJGHVWUXN WLYH HV QlKUW VLFK DQ HLQHV)UHPGHQ)HVWPDKO  XQGGDV NRQVWUXNWLYH HU ZLUG ]XP :LUW IU ]XNQIWLJH 3DUDVLWHQ  5DXVFKHQ LP .DQDO 3DUDVLWHQ ÅVLQG XQYHUPHLGOLFK JDQ] ZLH GDV +LQWHUJUXQGUDXVFKHQ 'DV +LQWHU JUXQGUDXVFKHQ LVW GHU *UXQG GHV 6HLQV GDV 3DUDVLWHQWXP LVW GHU *UXQG  

(EG6 (EG6  6LHKH GLH NXU]H 'LVNXVVLRQ GHU %H]LHKXQJ YRQ 0HQVFK ]X 7LHU XQG 3IODQ]HQZHOW HEG 6I  (EG6 



:LOOLDP5DVFK

GHU%H]LHKXQJ'DV+LQWHUJUXQGUDXVFKHQLVWGHU*UXQGUDXPGHU3DUDVLW GHU*UXQGGHV.DQDOVGHUGXUFKGLHVHQ5DXPIKUW´ ,VW 6HUUHV· 3DUDVLW DOVR HLQ Å.RQ]HSW´ GDV Å/LFKW´ DXI HLQ 3UREOHP ZLUIW".|QQHQZLUQDFK%HOLHEHQÅGLH'HWDLOVDXVDUEHLWHQ´"'HU3DUDVLW LVW PHKU 0HWDSKHU DOV .RQ]HSW XQG DOV VROFKH DQIlOOLJ IU YHUVFKLHGHQH $QRUGQXQJHQYRQ'HWDLOV6RJHVHKHQNDQQHUXQWHU8PVWlQGHQDXIPHKU DOVQXUHLQ3UREOHP/LFKWZHUIHQ 'LH 5ROOH GHU ÅDXVJHVFKORVVHQHQ 0LWWH´ LQQHUKDOE GHU ,QIRUPDWLRQV EHUWUDJXQJ]XYHUVWHKHQLVWVLFKHUOLFK7HLOYRQ6HUUHV·$QOLHJHQ'DKHU NDQQ HU GHQ 3DUDVLWHQ LQ GHU )RUP YRQ *HUlXVFK Å5DXVFKHQ´  DOV HLQ QRWZHQGLJHV (OHPHQW GHU .RPPXQLNDWLRQ VHKHQ GHQQ GHU EHUKPWH .DQDO LQ GHU ,QIRUPDWLRQVWKHRULH GXUFK GHQ GLH 1DFKULFKW YRP 6HQGHU ]XP (PSIlQJHU JHODQJW NDQQ QLH JDQ] ÅIUHL´ VHLQ 5DXVFKHQ ² REZRKO PDQHVLPPHUZHJZQVFKW²EOHLEWGRFKEHVWHKHQXQGPXVVDXFKEHVWH KHQ EOHLEHQ XP GLH .RQVWUXNWLRQ YRQ ,QIRUPDWLRQ DOV HLQ 'UHLHUXQWHU QHKPHQ]XHUP|JOLFKHQ'HU3DUDVLWÅLVWGHU'ULWWHLPWULYLDOHQ6FKHPD LQGHP6WHUQPLWGHQGUHLbVWHQ*HQDXGDVLVWGLHQLFKWDQDO\VLHUEDUH5H ODWLRQGDPLWPHLQHLFKGD‰NHLQH%H]LHKXQJHLQIDFKHULVW8QGJHQDXVR EHJLQQWGLH,QWHUVXEMHNWLYLWlW'HU'ULWWHLVWLPPHUGD*RWWRGHU'lPRQ 9HUQXQIW RGHU 5DXVFKHQµ 2GHU EHLGHV *RWW XQG 'lPRQ 9HUQXQIW XQG 5DXVFKHQ 7DWVlFKOLFK NRPPW GHU 3DUDVLW YRU GHU %H]LHKXQJ GLH HU DQ JHEOLFKDXVQXW]WÅ(VJLEWHLQ'ULWWHVYRUGHP=ZHLWHQHVJLEWHLQHQ'ULW WHQYRUGHPDQGHUHQ>«@(VJLEWVWHWVHLQ0HGLXPHLQH0LWWHHLQ9HU PLWWHOQGHV´ $EHU GLH 9HUPLWWOXQJ LVW QLH UHLQ QLH NHXVFK :R LPPHU 5DWWHQ DXFK KLQZDQGHUQ VLH EULQJHQ 8QJH]LHIHU PLW VLFK :HQQ XQVHUH ,PPXQV\VWHPH:LGHUVWDQGOHLVWHQHQWVWHKHQQHXH*HVHOOVFKDIWVIRUPHQ 0HWDSKHUQ KDEHQ GDV 3UREOHP GDVV GLH HQWVWHKHQGHQ %LOGHU HLQH 7HQGHQ] ]XU 9HUYLHOIlOWLJXQJ KDEHQ ² ZLH GLH 5DWWHQ GLH VLH KHUDXIEH VFKZ|UHQ6FKDOWHQZLUHLQHQ*DQJUXQWHUXP]XVHKHQZHOFKHVÅ.RQ ]HSW´YLHOOHLFKWPLWGHU0HWDSKRULNNRUUHOLHUW'DV.RQ]HSWGDVZLUEUDX FKHQLVW+HLQ]YRQ)RHUVWHUVÅRUGHUIURPQRLVH´3ULQ]LS 2UGQXQJGXUFK 6W|UXQJ  ,Q HLQHP HLQIDFKHQ ([SHULPHQW ² GDUJHOHJW LQ VHLQHP EDKQ EUHFKHQGHQ $UWLNHO YRQ  EHU VLFK VHOEVW RUJDQLVLHUHQGH 6\VWHPH ² HQWGHFNWHYRQ)RHUVWHUGDVVHUGLH2UGQXQJYRQPDJQHWLVLHUWHQ:UIHOQ LQHLQHU6FKDFKWHO MHQDFKGHPZLHGLH3ROHGHU0DJQHWZUIHODQIlQJOLFK ]X OLHJHQ NDPHQ  VWDUN HUK|KHQ NRQQWH HLQIDFK LQGHP HU GLH 6FKDFKWHO VFKWWHOWH ² XQG GDPLW ÅQRLVH´ 6W|UXQJ  LQML]LHUWH :ROOWH PDQ GDV ([ SHULPHQWZLHGHUKROHQHUNOlUWYRQ)RHUVWHUVlKHPDQÅVWDWWHLQHV+DXIHQV YRQ:UIHOQ>«@HLQHXQJODXEOLFKJHRUGQHWH6WUXNWXU>«@GLHZLHLFKPLU   

(EG6 (EG6hEHUVHW]XQJJHlQGHUW :5 

3DUDVLW



YRUVWHOOH GXUFKDXV DOV HLQ.XQVWREMHNW LQ HLQHU 6XUUHDOLVPXV$XVVWHOOXQJ GXUFKJHKHQ ZUGH´ $XI GLHVHV DXJHQVFKHLQOLFK WULYLDOH ([SHULPHQW IROJHQ ZHLWHUH HLQGUXFNVYROOHUH 9HUVXFKH LQ GHQHQ HU HLQHQ lKQOLFKHQ ,QIRUPDWLRQVDQVWLHJ 1HJHQWURSLH EHPHUNWÅ:RNRPPWDOOGLHVH,QIRU PDWLRQ KHU" 'LH $QWZRUW ODXWHW QDWUOLFK YRP Ä5DXVFKHQ¶ GDV LQ GDV 1HW]ZHUNHLQJHIKUWZXUGH«,QGLHVHP)DOO²ZLHLQVRYLHOHQ)lOOHQ² LVWHVGDV5DXVFKHQZHOFKHVHLQHXUVSUQJOLFKH[WUHPVFKZDFKH6WUXNWXU DQUHLFKHUW´ =XQDKPH LQ 2UGQXQJ ODXW GLHVHU 'DUVWHOOXQJ PXVV QLFKW QRWZHQGLJHUZHLVHHLQHQJHSODQWHQ)RUWVFKULWWGXUFKHLQHK|KHUH2UGQXQJ YRUDXVVHW]HQ VRQGHUQ NDQQ GXUFKDXV HLQ Å]XIlOOLJHV´1HEHQSURGXNW GHU *HUlXVFK9HU]HUUXQJHQVHLQGLH,QWHUYHQWLRQGHV3DUDVLWHQ9RQ)RHUVWHU HLOW6HUUHV·IHVWOLFKHU0HWDSKRULNXPUXQG-DKUHYRUDXVZHQQHUYHU NQGHWÅ,QPHLQHP/RNDOVlWWLJHQVLFKVROFKHVHOEVWRUJDQLVLHUHQGHQ6\V WHPHGDKHUQLFKWQXUDQ2UGQXQJVRQGHUQZHUGHQDXFK5DXVFKHQDXIGHU 6SHLVHNDUWHILQGHQ´²RGHUMHQDFKGHPDXIGHP%RGHQ /XKPDQQGHUYRQ)RHUVWHUV$UEHLWVHOEVWYHUVWlQGOLFKVHKUJXWNDQQWH XQGVHLQHHLJHQHVXEWLOHSRHWLVFKH6HQVLELOLWlWEHVD‰HUNDQQWHGLH1W] OLFKNHLWYRQ6HUUHV·PHWDSKRULVFKHU)LJXU²XQGHUZXVVWHZDVHUGDPLW]X WXQKDWWH/XKPDQQYHUVWlUNW6HUUHV·HWZDVYDJH9HUELQGXQJYRQ3DUDVLW XQG 3DUDGR[ XQG HQWZLFNHOW GLH0HWDSKHU DXI HLQH :HLVH ZHLWHU ZHOFKH ,QWHUVXEMHNWLYLWlW XQG 9HUPLWWOXQJ PLQLPLHUW XQG JOHLFK]HLWLJ GHQ XQ EHDEVLFKWLJWHQ$QVWLHJLQ2UGQXQJ SURGX]LHUWYRPÅ5DXVFKHQ´GHUDXV JHVFKORVVHQHQ 0LWWH  PD[LPLHUW 'DV *UXQGPXVWHU LVW LQ GHQ %HLVSLHOHQ DXVGHU.XQVWZHOW VLHKHREHQ ]XVHKHQ'HU3DUDVLWGHU]ZLVFKHQGHP .QVWOHUXQGGHP0DUNWGHP3URGX]HQWHQXQGGHP.RQVXPHQWHQÅYHU PLWWHOW´ LVW VHOEVW ZHGHU .QVWOHU QRFK .XQVWPDUNW ZHGHU 3URGX]HQW QRFK.RQVXPHQW1RFKLVWHUEOR‰.DQDO9LHOPHKUJlUWXQGZlFKVWGHU 3DUDVLWELVHU]XVHLQHPHLJHQHQ6XEV\VWHPZLUGGHVVHQ$JHQWHQGHU*D OHULHEHVLW]HURGHUGHU0XVHXPVNXUDWRUVLQGGHU/LWHUDWXUDJHQW.RQ]HUW RUJDQLVDWRU GHU .ULWLNHU DOV =HLWXQJVUH]HQVHQW RGHU DOV :LVVHQVFKDIWOHU :R GLHVH 6XEV\VWHPH H[LVWLHUHQ LQ GHU :LUWVFKDIW LQ GHU :LVVHQVFKDIW RGHU VRQVWZR  KlQJW YRQ GHU )XQNWLRQ DE GLH VLH MHZHLOV HUIOOHQ 9HU PLWWOXQJZLUG]XLKUHPHLJHQHQ8QWHUQHKPHQXQGVWHKWQLFKWPHKUÅGD ]ZLVFKHQ´ VRQGHUQ DXI GHU 6HLWH DOV HLQ Å6XSSOHPHQW´ XP HLQH DQGHUH 7URSH ]X EHQXW]HQ GLHVPDO YRQ 'HUULGD GLH /XKPDQQ DXFK VHKU JH VFKlW]W KDW  QRWZHQGLJHU 9HUPLWWOHU RGHU VRJDU 0|JOLFKNHLWVEHGLQJXQJ GLHHLQHQ8QDEKlQJLJNHLWVWDWXVEHDQVSUXFKW,P:HVHQWOLFKHQEHREDFKWH WH/XKPDQQXQGIDQG*HIDOOHQDQGHU0D‰ORVLJNHLWXQG)UXFKWEDUNHLWGHV  

)RHUVWHU+HLQ]YRQ2EVHUYLQJ6\VWHPV6HDVLGH&DOLIRUQLD6 hEHUVHW]XQJ55  (EG6 hEHUVHW]XQJ55   (EG6 hEHUVHW]XQJ55  



:LOOLDP5DVFK

3DUDVLWHQ XQG VDK GDULQ HLQH .UHDWLYLWlW GLH JXW PLW GHU .DSD]LWlW PR GHUQHU*HVHOOVFKDIWVV\VWHPHNRUUHOLHUWPXWLHUWH1DFKNRPPHQLPEOLQGHQ (LIHUQDFKJU|‰HUHU.RPSOH[LWlW]XZHUIHQ :HOFKH$UEHLWDOVRPDFKWGHU3DUDVLWIU/XKPDQQ"(LQH$QWZRUW² JHIXQGHQLQ'LH:LUWVFKDIWGHU*HVHOOVFKDIWYRQ²LVWGLH(UILQGXQJYRQ $UEHLWVHOEVWLP%HVRQGHUHQ/RKQDUEHLW'DVXUDOWH3UREOHPGHU.QDSS KHLW GDV QLFKW PLW GHU (QGOLFKNHLW YRQ :DUHQ RGHU 5RKVWRIIHQ JOHLFK ]XVHW]HQLVWLVWHLQ6XEVHWGDYRQXQGGDV3URGXNWHLQHV3DUDGR[HVRGHU² ZLH /XKPDQQ HV DXVGUFNW ² ÅHLQH )RUP HQWIDOWHWHU 6HOEVWUHIHUHQ]µ .QDSSKHLWZLUGHLJHQWOLFKHUVWGXUFKMHQH(QWVFKHLGXQJHQKHUYRUJHUXIHQ GLH HLQH /|VXQJ ILQGHQ VROOHQ HQWZHGHU =XJULIIVHQWVFKHLGXQJHQ RGHU 9HUWHLOXQJVHQWVFKHLGXQJHQ Å.QDSSKHLW LVW GHPQDFK >«@ HLQ SDUDGR[HV 3UREOHP'HU=XJULIIVFKDIIWGDVZDVHUEHVHLWLJHQZLOO(UZLOOVLFKHLQH ]XUHLFKHQGH0HQJHVLFKHUQXQGVFKDIIWGDGXUFKGLH.QDSSKHLWGLHHVHUVW VLQQYROO PDFKW VLFK HLQH ]XUHLFKHQGH 0HQJH ]X VLFKHUQ´ 'LH 8QWHU VFKHLGXQJ GLH KHUYRUJHEUDFKW ZLUG XP GLHVH .QDSSKHLW ]X ÅHQWIDOWHQ´ ILQGHWEHL/XKPDQQXQWHUVFKLHGOLFKH)RUPHQ(LJHQWXP1LFKWHLJHQWXP +DEHQ1LFKWKDEHQ RGHU HLQIDFK UHLFKDUP :LH LPPHU PDQ GLHVH JUXQGOHJHQGH=ZHLWHLOXQJDXFKEH]HLFKQHWVLHHUP|JOLFKW RGHUHUIRUGHUW JDU 7DXVFKJHVFKlIWHXQG+DQGHO $EHU GDQQ WULWW GDV *HOG DXI GHQ 3ODQ MHQHV .RPPXQLNDWLRQVPHGL XPZHOFKHVGLH'LIIHUHQ]LHUXQJGHU:LUWVFKDIWDOVHLQDXWRQRPHV*HVHOO VFKDIWVV\VWHP H[HNXWLHUW *HOG GXSOL]LHUW .QDSSKHLW XQG NRGLHUW VLH GD GXUFK =XVlW]OLFK ]XU XUVSUQJOLFKHQ .QDSSKHLW DQ :DUHQ NRPPW HLQH ZHLWHUH.QDSSKHLWKLQ]XMHQHDQ*HOG'DVHUP|JOLFKW²ODXW/XKPDQQ² HLQH GRSSHOWH 3HUVSHNWLYH LQ GHU .QDSSKHLW JOHLFK]HLWLJ QDWUOLFK XQG NQVWOLFK QRWZHQGLJ XQG NRQWLQJHQW LVW /XKPDQQ ]LHKW IROJHQGHQ 6FKOXVV Å'LH HUVWH .QDSSKHLW HUJLEW VLFK DXV GHU %LIXUNDWLRQ GLH GXUFK GHQ =XJULII XQG GXUFK .RQGHQVLHUXQJHQ GHU 5HVXOWDWH GHV =XJULIIV HU ]HXJWZLUG6LHIKUW]XHLQHUZHFKVHOVHLWLJHQ6WLPXODWLRQGHV=XJUHLIHQV XQG +DEHQZROOHQV >«@ 'DV *HOG PX‰ JHJHQ GLHVHQ :HWWEHZHUE GLIIH UHQ]LHUWPX‰LP9HUKlOWQLV]XLKPDOVGDVDXVJHVFKORVVHQH'ULWWHEHKDQ GHOWZHUGHQN|QQHQ´*HOGRIIHQEDUWDOVRIROJHQGH&KDUDNWHULVWLND$XI GHUHLQHQ6HLWHLVWHVYLUDO,QGHPHVVLFKDQGLH0HFKDQLVPHQWUDGLWLRQHO OHU:LUWVFKDIWDQKlQJWGXSOL]LHUWHVVHLQH7UDQVDNWLRQHQGXUFKHLQH9HU GRSSHOXQJGHUQRWZHQGLJHQ%LIXUNDWLRQHQGLH.QDSSKHLWGHILQLHUHQ'DV  

/XKPDQQ1LNODV'LH:LUWVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 (EG6  (EG6YJODXFK/XKPDQQ1LNODV*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WXGLHQ]XU:LVVHQV VR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW%G)UDQNIXUW0DLQ6  /XKPDQQ:LUWVFKDIWGHU*HVHOOVFKDIW6  (EG6 

3DUDVLW



%LOGHLQHV*HVFKZUVGUlQJWVLFKDXI.UHEV]HOOHQGLHÅQLFKWQDWUOLFKH´ 5HSOLNDWLRQHQJHVXQGHU=HOOHQDXVO|VHQGLHÅQDWUOLFKHQ´YHUGRSSHOQXQG VLH VFKOXVVHQGOLFK GXUFK ÅPXWLHUHQGH´ HUVHW]HQ :HQQ /XKPDQQ DXV GUFNOLFK GDUDXI KLQZHLVW GDVV *HOG GLH 3RVLWLRQ GHV DXVJHVFKORVVHQHQ 'ULWWHQHLQQLPPWXQGGDGXUFKYRPWUDGLWLRQHOOHQ:HWWNDPSIXP:DUHQ SURILWLHUWHUZDUWHWPDQGDVVHUGDV*HOGKLHU]XP3DUDVLWHQHUNOlUWDEHU GDV JHVFKLHKW PHUNZUGLJHUZHLVH QLFKW 'LHVH (KUH JHEKUW DOOHLQ GHU ,GHHGHU$UEHLWÅ,P)DOOHGHU&RGLHUXQJYRQ.QDSSKHLWGXUFK(LJHQWXP XQGVSlWHUGXUFK*HOG PX‰JHUDGHGDVDXVJHVFKORVVHQZHUGHQZDVLP XQPLWWHOEDUVWHQ9HUKlOWQLV]XU.QDSSKHLWVWHKWGLH$UEHLW>«@6LHEOHLEW QDWUOLFKXQYHUPHLGEDUXQGEOHLEWLP6\VWHPHUKDOWHQ0DQDUEHLWHWZHL WHU$UEHLWLVWGHPQDFKGDVDXVJHVFKORVVHQHHLQJHVFKORVVHQH'ULWWH²GHU 3DUDVLWLP6LQQHYRQ0LFKHO6HUUHV´ /XKPDQQV'LVNXVVLRQYRQ.QDSSKHLWDOVHLQHU|NRQRPLVFKHQ.DWH JRULH]HLJWVRZRKOGLH6WlUNHDOVDXFKGLH6FKZlFKHYRQ6HUUHV·0HWDSKHU 6WDWW $UEHLW DOV GLH IRUWGDXHUQGH %HGLQJXQJ GHV SRVWODSVDULVFKHQ 0HQ VFKHQDQ]XVHKHQSRVWXOLHUWVLH/XKPDQQJHVFKLFNW²LQ:HEHU·VFKHU7UD GLWLRQ²DOVGLHXQDEVLFKWOLFKH.RQVHTXHQ]GHU9HUWHLOXQJYRQ%HVLW]VLH LVW GDV 0LWWHO XP .QDSSKHLW HLQHQ :HUW EHL]XPHVVHQ XQG VLH GDPLW ]X KDQGKDEHQ$OV(LJHQWXPPHLQW/XKPDQQNDQQ$UEHLWQXUDOV6NODYHUHL YHUVWDQGHQZHUGHQ$EHUDOVGHU.QDSSKHLWV3DUDVLWNDQQVLHVLFKVHOEVWUDU PDFKHQ XQG GDGXUFK GHQ :HUW GHV 6\VWHPV PDQLSXOLHUHQ 0LW +LQZHLV DXI /RFNH IROJHUW /XKPDQQ Å$OV (LJHQWPHU VHLQHU N|USHUOLFKHQ XQG JHLVWLJHQ)lKLJNHLWHQZLUGMHGHUPDQQ]XP6NODYHQVHLQHUVHOEVW'LH6NOD YHUHLZLUGDOOJHPHLQXQGGDGXUFKDXIJHKREHQ6LHHUVFKHLQWMHW]WDOV)UHL KHLW>«@-HGHUNDQQDUEHLWHQRKQHGLH8QWHUVFKHLGXQJYRQ(LJHQWXPXQG 1LFKWHLJHQWXP]XVW|UHQ'LH3DUDVLWHQEHUQHKPHQGDV6\VWHP´   $EHU NDQQ QLFKW HWZDV bKQOLFKHV YRQ *HOG EHKDXSWHW ZHUGHQ" *LEW HV QLFKWHWZDV$UELWUlUHVDQGLHVHU:DKO"(ULQQHUQZLUXQVDQ6HUUHV·3DUD VLWHQ'LDJUDPPhEHUDOOZLPPHOWHVYRQ3DUDVLWHQXQGMHGHUYRQLKQHQ GLHQWGHPQlFKVWHQDOV:LUW1LFKWVKlWWH/XKPDQQGHU/RJLNGHV3DUDVL WHQQDFKGDUDQJHKLQGHUWHLQH$EIROJHYRQ:LUWHQXQG5DWWHQ]XQDUUDWL YLHUHQ².QDSSKHLWEHZLUWHW7DXVFKJHVFKlIWH7DXVFKJHVFKlIWH*HOGXQG  

(EG 6  YJO IROJHQGH 3DVVDJH LQ /XKPDQQ *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN %G  6Å:HUDUEHLWHWLVW²LP8QWHUVFKLHG]XGHPGHUJHQLH‰WXQG]XGHPGHU%HGUI QLVVHVSUW²QLFKWHUVHOEVW(ULVWVLFKVHOEVWHQWIUHPGHWVRZHLWHUGLH)XQNWLRQGHV3DUD VLWHQDQHEHQMHQHU'LIIHUHQ]EHUQLPPW(UYROO]LHKWHLQHHPHUJHQWHVR]LDOH2UGQXQJHL QH2UGQXQJGHU.RPSHQVDWLRQGHU'LIIHUHQ]YRQUHLFKXQGDUPGLHHUVLFK ZLHGHUXPLP 8QWHUVFKLHG]X*HQX‰XQG%HGUIQLV QLFKWDOV9ROO]XJVHLQHU6HOEVWUHIHUHQ]UHSUlVHQWLH UHQNDQQ$OVHLQJHVFKORVVHQHUDXVJHVFKORVVHQHU'ULWWHUOHEWHULQHLQHUDQGHUHQORJLVFKHQ :HOW´  /XKPDQQ:LUWVFKDIWGHU*HVHOOVFKDIW6



:LOOLDP5DVFK

*HOG $UEHLW 3DUDVLWHQ P|JHQ VLFK MD YRQ .QDSSKHLW HUQlKUHQ DEHU VLH VHOEVW VLQG QLFKW 0DQJHOZDUH XQG QLFKW VR OHLFKW ]X NRQWUROOLHUHQ ZLH /XKPDQQV .QDSSKHLWVJHVFKLFKWH XQV JODXEHQ PDFKW $EHU NRQWUROOLHUHQ PXVV HU VLH 0LW GHU (UNHQQWQLV LKUHU )UXFKWEDUNHLW ]HLJW VLFK IU /XK PDQQDXFKLKUH*HIDKUDOVRNHKUWHU]XUFNZLHGHUXUVSUQJOLFKH:LUW GHV5DWWHQIHVWVGLH7DVFKHQODPSHLQGHU+DQGXPGLH3DUDVLWHQ]XSDUD VLWLHUHQ'LH/RJLNGHUIXQNWLRQDOHQ'LIIHUHQ]LHUXQJZHOFKHQLFKWDXIGLH (QGORVNHWWH DQ $XVEHXWXQJHQ IROJW GLH 6HUUHV VR UHL]W ÅVWDELOLVLHUW´ GDV SDUDVLWlUH 5HJLPH LQGHP VLH GLH .DVNDGH ]XP (LQVWXU] EULQJW 'LH YHU VFKLHGHQHQ 3DUDVLWHQ ² GHU $UEHLWHU GHU /LWHUDWXUNULWLNHU GHU .XOWXUXQ WHUQHKPHU ² EHNRPPHQ DOOH LKUH HLJHQH 1LVFKH LKU1HVW GDV VLH QXQ MH QDFK *HVFKPDFN GHNRULHUHQ N|QQHQ 'LH 7DWVDFKH GDVV DOO GDV ZHQQ DXFKQXU]XP7HLO JHVHKHQXQGEHVFKULHEHQZHUGHQNDQQVFKHLQWGDUDXI KLQ]X]XGHXWHQ GDVV GHU JU|‰WH 3DUDVLW YRQ DOOHQ GHU ZLVVHQVFKDIWOLFKH %HREDFKWHULVW /XKPDQQKDWVLFKQLFKWJHVFKHXWXQVGDVPLW]XWHLOHQZLHZLUDQGLH VHP OHW]WHQ %HLVSLHO SDUDVLWlUHQ 9HUKDOWHQV VHKHQ N|QQHQ ,Q /XKPDQQV (U|UWHUXQJGHU%H]LHKXQJ]ZLVFKHQ*HVHW]XQG3ROLWLNQLPPWGHU3DUDVLW HLQHQ ]HQWUDOHQ 3ODW] HLQ GHU HLQH RUGHQWOLFKH .DWHJRULVLHUXQJ ]X YHU PHLGHQ VFKHLQW )UK LQ VHLQHU /DXIEDKQ EHVFKUHLEW /XKPDQQ GLHVH %H ]LHKXQJ DOV 6\PELRVH LQ GHU $XVWDXVFK DXI SDUDOOHOHQ $XVWDXVFKHEHQHQ VWDWWILQGHWÅ'DVSROLWLVFKH6\VWHPOLHIHUWDXIGHUHLQHQ7DXVFKEDKQGHP 5HFKWVV\VWHP $V\PPHWULVLHUXQJHQ QlPOLFK 3UlPLVVHQ GHV (QWVFKHLGHQV LQ GHU )RUP SRVLWLY JHVHW]WHQ 5HFKWHV´ XQG HUKlOW LP *HJHQ]XJ GD]X Å3UlPLVVHQ IU GHQ (LQVDW] SK\VLVFKHU *HZDOW´ .XU]XP *HVHW] XQG 3ROLWLNYHUVRUJHQVLFKJHJHQVHLWLJPLW/HJLWLPLWlW HLQYRQ/XKPDQQYHU DFKWHWHU%HJULII ,QGLHVHQ]ZHL7DXVFKEDKQHQNDQQPDQ6HUUHV·%OLQGHQ VHKHQ 3ROLWLNPLWLKUHUURKHQ*HZDOW XQGDXFKGHQ/DKPHQ *HVHW]PLW VHLQHUZHKUORVHQ9HUQXQIW ²XQG/XKPDQQN|QQWHGLHVHQ6FKULWWVFKOLH‰ OLFKDXFKPDFKHQVRJDUZHQQHUVLFKZHLJHUWHGLHVH%H]LHKXQJ]XHLQHU XQLGLUHNWLRQDOHQ $XVEHXWXQJ GHV HLQHQ GXUFK GHQ DQGHUHQ ]X PDFKHQ :lKUHQG /XKPDQQ VLFK EHUHLWV  H[SOL]LW DXI HLQH JHJHQVHLWLJ YRU WHLOKDIWH %H]LHKXQJ DOV HLQHQ ÅV\PELRWLVFKHQ 0HFKDQLVPXV´ EH]LHKW YHUKHGGHUQVLFK*HVHW]XQG3ROLWLNLQHLQHPÅZHFKVHOVHLWLJSDUDVLWl UH>Q@ 9HUKlOWQLV´ REZRKO SDUDVLWlU KLHU EHVFKULHEHQ ZLUG DOV ÅQLFKWV DQ GHUHV>«@DOVGLH0|JOLFKNHLWDQHLQHUH[WHUQHQ'LIIHUHQ]]XZDFKVHQ´  

/XKPDQQ 1LNODV $XVGLIIHUHQ]LHUXQJ GHV 5HFKWV %HLWUlJH ]XU 5HFKWVVR]LRORJLH XQG 5HFKWVWKHRULH >@)UDQNIXUW0DLQ6I  (EG6YJODXFK/XKPDQQ1LNODVÅ6\PELRWLVFKH0HFKDQLVPHQ´,Q*HZDOWYHUKlOWQLVVH XQG GLH 2KQPDFKW GHU .ULWLN +J Y 2WWKHLQ 5DPPVWHGW )UDQNIXUW0DLQ  6 ² QDFKJHGUXFNWLQ/XKPDQQ1LNODV6R]LRORJLVFKH$XINOlUXQJ2SODGHQ6²  /XKPDQQ1LNODV'DV5HFKWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6

3DUDVLW



'DV ÅQLFKWV DQGHUHV´ ILQGHW HLQH XP HLQLJHV LQWHUHVVDQWHUH %HVFKUHL EXQJ LQ HLQHP YRQ /XKPDQQV VR *XQWKHU 7HXEQHU  EULOODQWHVWHQ $XI VlW]HQÅ'LH5FNJDEHGHV]Z|OIWHQ.DPHOV´/XKPDQQHU]lKOWDQIDQJV j OD 6HUUHV HLQH )DEHO (LQ 9DWHU YHUHUEW VHLQHQ %HVLW] .DPHOH  VHLQHQ GUHL 6|KQHQ LQ IROJHQGHU $XIWHLOXQJ 'LH +lOIWH JHKW DQ GHQ lOWHVWHQ 6RKQGHU]ZHLWHEHNRPPWHLQ9LHUWHOXQGGHU-QJVWHHLQ6HFKVWHO=XP =HLWSXQNW VHLQHV 7RGHV ZDUHQ HOI .DPHOH LP %HVLW] GHV 9DWHUV ZDV GDV 7HVWDPHQWPDWKHPDWLVFKJHVHKHQXQP|JOLFKPDFKW(LQ5LFKWHUO|VWGDV 5lWVHO LQGHP HU HLQHV VHLQHU HLJHQHQ .DPHOH ]XP DXI]XWHLOHQGHQ %HVLW] KLQ]XIJW²PLWGHUHLQ]LJHQ%HGLQJXQJVHLQ.DPHOVRVFKQHOOZLHP|J OLFK ZLHGHU ]XUFN]XEHNRPPHQ Å0LW ]Z|OI .DPHOHQ ZDU GLH 7HLOXQJ OHLFKW$FKPHGHUKLHOWGLH+lOIWHGKVHFKV$OLEHNDPVHLQ9LHUWHOQlP OLFKGUHL%HQMDPLQZXUGHQLFKWEHQDFKWHLOLJWHUHUKLHOWVHLQ6HFKVWHOQlP OLFK ]ZHL 6R ZDUHQ HOI .DPHOH YHUWHLOW XQG GDV ]Z|OIWH NRQQWH ]XUFN JHJHEHQ ZHUGHQµ :DV LVW DOVR ² IUDJW /XKPDQQ DQ GLHVHU 6WHOOH ² GDV ]Z|OIWH .DPHO" 0LWWOHUZHLOH KDEHQ ZLU DOOH HLQH $QWZRUW SDUDW 'DV *H VFKHQN GHV 5LFKWHUV LVW GHU 3DUDVLW GLH HLQJHVFKORVVHQH DXVJHVFKORVVHQH 0LWWHGLHDOVHLQH0|JOLFKNHLWVEHGLQJXQJIU6\VWHPRSHUDWLRQHQIXQJLHUW QXU LVW /XKPDQQ MHW]W YHUVFKZHQGHULVFKHU :lUHQ GLH %UGHU DP 5DQGH HLQHV SROLWLVFKHQ  *HZDOWNRQIOLNWV ZHJHQ GHU $XIWHLOXQJ GHV %HVLW]HV GDQQ ZlUH GHU 3DUDVLW GDV *HVHW] GDV VHLQHQ :LOOHQ DXI]ZLQJW $QGHU HUVHLWVNDQQ3ROLWLNSDUDVLWlUDOVGLHÅ/HJLWLPLWlW´GHV*HVHW]HVHUVFKHLQHQ $EHU DOO GLHV VWHKW XQG IlOOW PLW GHP |NRQRPLVFKHQ :HUW N|QQWH GDV ]Z|OIWH .DPHO DOV Å0HKUZHUW´ DP (QGH GRFK HLQHQ 3ODW] DQ GHU 7DIHO HLQIRUGHUQ" /XKPDQQ GHXWHW DOO GLHVH 0|JOLFKNHLWHQ YHUVFKLHGHQWOLFK DQ PLW $XVQDKPH GHV PDU[LVWLVFKHQ 0HKUZHUWV YHUVWHKW VLFK  ELV GLH $Q GHXWXQJHQ XQG (UZlJXQJHQ LQ HLQHU 5HLKH UKDSVRGLVFKHU )UDJHQ NXO PLQLHUHQ 'DV]Z|OIWH.DPHOKDWYLHOH1DPHQXQGZLUKDEHQHVLPPHUZLHGHUEHLP3RVL WLRQVZHFKVHO HUZLVFKW Å,VW´ HV QXQ GDV DXVJHVFKORVVHQH 'ULWWH GDV LQV 6\VWHP ]XUFNNHKUWÅLVW´HVGHU3DUDVLW"Å,VW´HVGLH%HGLQJXQJGHU0|JOLFKNHLW«HWZD GLH%HGLQJXQJGHU0|JOLFKNHLWGHV(QWVFKHLGHQV"Å,VW´HVGLH*HZDOWRGHUÅLVW´ HVGLH5HGXQGDQ]">«@6FKOLH‰OLFKÅLVW´GDV.DPHOHLQ.DPHO2GHU"$EHUZDV LVWÅLVW´"32

:DVLPPHUÅLVW´LVWZLUZLVVHQGDVVZLUDP(QGHPLWGHP]Z|OIWHQ.D PHOXQGGHU7DWVDFKHGHU%HREDFKWXQJGDVWHKHQÅ-HGHQIDOOVLVWGHU3XQNW  

/XKPDQQ1LNODVÅ'LH5FNJDEHGHV]Z|OIWHQ.DPHOV´>@,Q'LH5FNJDEHGHV]Z|OIWHQ .DPHOV1LNODV/XKPDQLQGHU'LVNXVVLRQEHU*HUHFKWLJNHLW+JY*XQWKHU7HXEQHU6WXWWJDUW 6²7HXEQHUV/REEHILQGHWVLFKDXI6GHV%DQGHV  (EG6  (EG6



:LOOLDP5DVFK

K|FKVWHU 8QVLFKHUKHLW XQG OHW]WHU 8QHQWVFKHLGEDUNHLW GHUMHQLJH 3XQNW YRQGHPDXVPDQDOOHVDQGHUHDPEHVWHQEHREDFKWHQNDQQ´ :HUDXFKLPPHUVLFKDXIGLHVHU3RVLWLRQEHILQGHW²XQGZHUN|QQWH GDUDQ ]ZHLIHOQ GDVV /XKPDQQ VLFK JHQDX GRUW VDK ² PXVV GHU 3DUDVLW DOOHU3DUDVLWHQVHLQ

 

(EG6



3238/b5(.20081,.$7,21²'(56&+:$50 &$567(1=251 

3RSXODUFXOWXUHLVDFRQVWDQWEDWWOHILHOG 6WXDUW+DOO

Å:LVVHQ6LHLQGHU6FLHQFH)LFWLRQJLEWHVHLQLJH6lW]HEHOLHEWH.ODVVLNHU ZLH,FKZHL‰QLFKWZDVHVLVWDEHUHVNRPPWDXIXQV]XRGHU*HEHQ6LHPLUGHQ 3UlVLGHQWHQ(LQZHLWHUHUGLHVHUREOLJDWRULVFKHQ6lW]HODXWHW6LHVLQGXQVEHU OHJHQXQGIDVWLPPHUEOHLEWGHU)LOPRGHUGDV%XFKGLH(UNOlUXQJVFKXO GLJ,QGLHVHP)DOON|QQHQZLUVLHQDFKOLHIHUQ´ $XI GHP 5FNHQ GHV %XFKHV GHP GLHVHV =LWDW HQWQRPPHQ LVW ² )UDQN 6FKlW]LQJV 'HU 6FKZDUP ² SUDQJW GHU +LQZHLV Å7+5,//(5 '(6 -$+5(6´'DUXQWHUDX‰HUGHPHLQ=LWDWDXVGHP6SLHJHOÅ(LQZLOGVFKlX PHQGHU $EHQWHXHU&RFNWDLO´ 8QG GHU .ODSSHQWH[W VHOEVW YHUVSULFKW HLQ ÅDWHPEHUDXEHQGHV 6FKUHFNHQVV]HQDULR´ $EHU GLHVHV %XFK LVW HEHQ DXFK WDWVlFKOLFKHLQPDO]XHLQHPMHQHU%HVWELV0HJDVHOOHUDYDQFLHUWEHLGH QHQVROFKH3DUDWH[WHVLFKJHZLVVHUPD‰HQYRQVHOEVWYHUVWHKHQ8QGDXFK VHUL|VH 5H]HQVHQWHQ KDEHQ KLHU ]XGHP LPPHU ZLHGHU EHJHLVWHUW HLQJH VWLPPW ² XQG VFKZlUPWHQYRQ HLQHU $UW ZLOG VFKlXPHQGHP 6WUXGHO HL QHP IDV]LQLHUHQGHQ XQZLGHUVWHKOLFKHQ /HVH6RJ LQ GHQ GLHVHV %XFK VLH KLQHLQJH]RJHQKDEH8QGDXFKVLHOLH‰HQVLFKGDYRQ]XQHXHQ:RUWVFK|S  

6FKlW]LQJ)UDQN'HU6FKZDUP.|OQ'DV=LWDWILQGHWVLFKDXI6(VVSULFKWHLQ 3URWDJRQLVWGHV%XFKHVGHU0HHUHVELRORJH6LJXU-RKDQVRQGHUPLWGLHVHQ6lW]HQHLQH9RU VWHOOXQJ GHU MQJVWHQ (UNHQQWQLVVH VHLQHV :LVVHQVFKDIWOHUWHDPV EHU GLH DXV GHU R]HD QLVFKHQ 7LHIVHH VWDPPHQGH 7LWHO JHEHQGH (LQ]HOOHU6FKZDUPVSH]LHV HLQOHLWHW ² YRU GHQ 0LWJOLHGHUQHLQHULQWHUQDWLRQDOEHVHW]WHQ7DVN)RUFHXQWHU/HLWXQJGHV860LOLWlUVZHOFKH GLHVH6SH]LHVEHNlPSIHQVROO GLH+DQGOXQJLVWLQGHUXQPLWWHOEDUHQ*HJHQZDUWDQJHVLHGHOW XQGVSLHOWXQWHUDQGHUHPDXIGHQÄ:DURQ7HUURU¶DQ   0LWWOHUZHLOH KDW'HU6FKZDUP ODXW 9HUODJVDQJDEHQHLQH *HVDPWDXIODJH YRQ IDVW YLHU 0LOOLR QHQ([HPSODUHQHUUHLFKWXQGLVWQLFKW]XOHW]WDXFKHLQLQWHUQDWLRQDOHU(UIROJ²PLWhEHUVHW ]XQJHQLQLQ]ZLVFKHQ6SUDFKHQ  9RQ GHQHQ 'LUN %DHFNHU ]XGHP LQ HLQHP ]LHPOLFK ZLW]LJHQ NOHLQHQ $XIVDW]  YRUJHIKUW KDWZDUXPVLHVWHWVJDQ]XQYHUPHLGOLFKHWZDVSHLQOLFKZLUNHQZHLOVLHIU7H[WHOHW]WOLFKDO OHV NRPSHQVLHUHQPVVHQ ZRUDQ HV GLHVHQ LP 9HUJOHLFK ]XU PQGOLFKHQ .RPPXQLNDWLRQ PDQJHOWHLQH6WLPPHDOVRHWZD²HLQHDXIJHUHJWH6WLPPHLP%XFKODGHQGLHUXIWÅ+,(5 '$6,6772//´ YJO%DHFNHU'LUNÅ+LOIHLFKELQHLQ7H[W´,Q'LUN%DHFNHU:R]X6R ]LRORJLH"%HUOLQ6² 



&DUVWHQ=RUQ

IXQJHQ LQVSLULHUHQ XQG LQVEHVRQGHUH ]X HLQHP ZDKUHQ :LUEHOZLQG DQ HLJHQV IU GLHVHV %XFK HUVRQQHQHQVSHNWDNXOlUHQQHXHQ *HQUH%HJULIIHQ ZLH%LR7KULOOHUXQGgNR7KULOOHU.DWDVWURSKHQXQG(QG]HLW7KULOOHU ² JHUDGHVRDOVZlUHQVLHGLH:HUEHDEWHLOXQJYRQ6FKlW]LQJV9HUODJ8QGDOV ZlUHGLHVDOOHVLPPHUQRFKQLFKWJHQXJELVVGDQQVFKOLH‰OLFKDXFKQRFK +ROO\ZRRGK|FKVWVHOEVWDQ ,(LQEHUOHJHQHU6W|UHQIULHGLQGHUPRGHUQHQ:HOWJHVHOOVFKDIW , +RFKJHWULHEHQH JUHQ]HQORVH $QVFKOXVVIlKLJNHLW ² 1LFKW QXU GLH GDV %XFK VFKPFNHQGHQ 3DUDWH[WH JHUDGH GLH VNL]]LHUWH ÄXQDEKlQJLJH¶ ZHLWOlXIL JHUHDQGHUQRUWVDQGDV%XFKDQVFKOLH‰HQGH.RPPXQLNDWLRQEHVWlWLJWXQG EHNUlIWLJWHVQDFKGUFNOLFK(LQIDFKDOOHVVDJWHLQHPGDVVHVIUHLQHQVRO FKHQ²GHUDUWDQVWHFNHQGHQZLUEHOVRJXQGWDXPHODUWLJHQ².RPPXQL NDWLRQV]XVDPPHQKDQJNHLQHQEHVVHUHQ%HJULIIDOVGHQGHUSRSXOlUHQ.RP  

=XU 9HUDQVFKDXOLFKXQJ GLHVHU HXSKRULVFKHQ $XIQDKPH EHL GHU .ULWLN ORKQHQ VLFK ]ZHL DXVIKUOLFKH=LWDWHÅ+DWPDQVLFK>@HUVWHLQPDODQVDXJHQODVVHQJLEWHVNHLQ(QWNRPPHQ PHKU 'LHVHV %XFK ZLOO JHOHVHQ ZHUGHQ YRP $QIDQJ ELV ]XP (QGH PRUJHQV DEHQGV QDFKWV:HOWHQN|QQWHQGUDX‰HQNROODELHUHQPDQZUGHHVQLFKWEHPHUNHQVRVHKU]LHKW HLQHQ GLH NROODELHUHQGH :HOW YRQ )UDQN 6FKlW]LQJV (QG]HLW7KULOOHU >@ LQ LKUHQ %DQQ´ 5DSS 7RELDV Å'DV 0HHU NlPSIW ]XUFN +HXWH HUVFKHLQW )UDQN 6FKlW]LQJV JUR‰DUWLJHU XQGEHXQUXKLJHQGHU(QG]HLW7KULOOHUÄ'HU6FKZDUP¶´,QWD]YRP Å(VEHJLQQW PLW HLQHP >@ ZLQ]LJNOHLQHQ =DQJHQZXUP GHU >@ GLH 0HWKDQK\GUDWVFKLFKW DP HLVNDOWHQ 0HHUHVERGHQ ODQJVDP DXIO|VW >@ XQG GDPLW HLQH ZHOWHQYHUVFKOLQJHQGH )OXWZHOOH DXVO|VW 8PGLHVHV²ELRWHFKQLVFKP|JOLFKH²8QWHUJDQJVV]HQDULRKDW>@)UDQN6FKlW]LQJ>@HLQHQ UDVDQWHQVFKQHOOHQVSDQQHQGHQ7KULOOHUJHEDXWZLHHVLKQLQGHUGHXWVFKHQ/LWHUDWXUELVKHU NDXP JHJHEHQ KDW >@ HLQ 8QWHUJDQJVGUDPD GDV HLQHQ WDXVHQG 6HLWHQ OHVHQ OHVHQ OHVHQ OlVVW´ :HLGHUPDQQ 9RONHU Å0LW GHU :HOW JHKW HV ]X (QGH ,Q GHU GHXWVFKHQ /LWHUDWXU IlQJWGDV(U]lKOHQHUVWULFKWLJDQ²$P0LWWZRFKZLUGGLH/HLS]LJHU%XFKPHVVHHU|IIQHW´ )$6 YRP   :RPLW QXQ DX‰HUGHP DXFK VFKRQ GHU ]ZHLWH $VSHNW GHU DNWXHOOHQ ZHOWJHVHOOVFKDIWOLFKHQÄ5HDOYHUKlOWQLVVH¶DQJHGHXWHWLVWPLWGHPGDV%XFKV]HQDULRYRUDOOHP DUEHLWHW XQG VSLHOW GLH VLFK KlXIHQGHQ +LQZHLVH DXI H[LVWHQ]EHGURKHQGH 5FNZLUNXQJHQ GHUPRGHUQHQÄ1DWXUYHUQXW]XQJ¶²GLHKLHUQXQ]XP$XVGUXFNHLQHVQHXDUWLJHQVSHNWDNX OlUHQ:HOWJHULFKWVXPJHGHXWHWZHUGHQHLQHVVlNXODUHQÄMQJVWHQ7DJV¶DQGHPHV]XUÄ(QG DEUHFKQXQJ¶GHU1DWXUPLWGHP0HQVFKHQNRPPW,Q6FKlW]LQJV%XFKVWHFNWJHQDXHUJH VDJWHLQ5DFKHQHKPHQGHVWLHULVFKHV6XEMHNWKLQWHUDOOGHP6HLQ6FKZDUPKDWHLQHQXQHU ELWWOLFKHQÅ)HOG]XJGHU1DWXUJHJHQGHQ0HQVFKHQ´HQWIHVVHOW²XPHLQHZHLWHUH)RUPXOLH UXQJ]X]LWLHUHQPLWGHUGHU.ODSSHQWH[WHLQHPGLHJOREDOHQ.DWDVWURSKHQXQG3ODJHQYRQ EXFKVWlEOLFKELEOLVFKDSRNDO\SWLVFKHP=XVFKQLWWDQNQGLJW]XGHUHQ$XVPDOXQJGDV%XFK VR*HOHJHQKHLWHUKlOW  %HUHLWV LP -DKU  KDW PDQ VLFK GRUW GLH )LOPUHFKWH DP %XFK JHVLFKHUW JHQDXHU 8PD 7KXUPDQ JHPHLQVDP PLW ZHLWHUHQ 3URGX]HQWHQ  ² XQG IU VHLQH 9HUILOPXQJ GLH QDFK GHP OHW]WHQ ,QIRUPDWLRQVVWDQG EHL $EIDVVXQJ GLHVHV 7H[WHV  LP -DKU  LQ GLH .LQRV NRPPHQZLUGVROOHQDXFKGXUFKDXVHLQLJH+ROO\ZRRG6FKZHUJHZLFKWHJHZRQQHQZRUGHQ VHLQ MHGHQIDOOVGHU*DJHE]ZGHP5XIXQGGHP8PVWDQGQDFKGDVVVLHDQZHQLJVWHQVHL QHP ZDKUKDIWHQ :HOWHUIROJ EHWHLOLJW ZDUHQ  ZLH 7HG 7DOO\ IU GDV 'UHKEXFK 2VFDUJH NU|QWIUGDV6FULSW]X7KH6LOHQFHRIWKH/DPEV XQG'LQRGH/DXUHQWLLVDOV3URGX]HQW

3RSXOlUH.RPPXQLNDWLRQ



PXQLNDWLRQJLEW(QWVSUHFKHQG]HLJWGDV%HLVSLHODXFKVFKRQDQZRGXUFK GLHVH$UWGHV.RPPXQL]LHUHQVVLFKNHQQ]HLFKQHQOlVVWZDVVLHYRUDQGH UHQDXV]HLFKQHWXQGZLHVLHVLFKDXFK²V\VWHPWKHRUHWLVFKJHVHKHQ²YRQ DQGHUHQ )RUPHQ GHU .RPPXQLNDWLRQ XQWHUVFKHLGHQ OlVVW 6R KDQGHOW HV VLFKEHLP6FKZDUPRIIHQVLFKWOLFK]XQlFKVWHLQPDOXPHLQNRPPXQLNDWLYHV (UHLJQLV XQG HLQH 6LQQRIIHUWH GLH PLW EHVRQGHUVVSHNWDNXOlUHQ $QUHL]HQ YHUVHKHQLVW²XQGGLHYRUDOOHPGHVKDOEXQGGDGXUFKIU$QVFKOVVHXQG $QQDKPHQ DWWUDNWLY ZLUG XQG JDQ] EHUGXUFKVFKQLWWOLFK DWWUDNWLY ZLUG  8QG GLHV OlVVW VLFK YHUDOOJHPHLQHUQ 3RSXOlUH .RPPXQLNDWLRQ LVW VWHWV GDGXUFKJHNHQQ]HLFKQHWGDVVVLHHVHLQHPGXUFKEHVRQGHUH$QUHL]HXQJH Z|KQOLFK VFKZHU PDFKW QLFKW DQ]XVFKOLH‰HQ VRZLH RIW DXFK LKUH 6LQQ RIIHUWHQUXQGZHJDE]XOHKQHQ $QVFKOLH‰HQXQG$QQHKPHQDOVRZLUGKLHU YLHOPHKU LQ EHVRQGHUHU :HLVH HUOHLFKWHUW ZLUG ² DXIJUXQG EHVRQGHUHU 9RUNHKUXQJHQGHV(LQVDW]HVEHVRQGHUHU(OHPHQWH0LWWHOXQG)RUPHQ² EHVRQGHUV UHL]YROO XQG EHVRQGHUV DQJHQHKP 3RSXOlUH .RPPXQLNDWLRQ YHUZDQGHOW GLH %HWHLOLJXQJ DQ .RPPXQLNDWLRQ GDV $QVFKOLH‰HQ DQ LKU 3UR]HVVLHUHQYRQ6LQQLQHWZDVGDV9HUJQJHQEHUHLWHWXQGÄHLQIDFK6SD‰ PDFKW¶ E]Z ÄULFKWLJ 6SD‰ PDFKW¶  3RSXOlU LVW DOOH .RPPXQLNDWLRQ VR N|QQWH PDQ DXFK VDJHQ GLH XP JU|‰WP|JOLFKH 5HLFKZHLWH ]X HU]LHOHQ ² EHZXVVWRGHUDXFKJDQ]XQEHDEVLFKWLJW²)RUPHQXQG0LWWHOQXW]W RGHU DXFKDOOHUHUVWQHXHUILQGHW GLHSV\FKLVFKH6\VWHPHXQG%HZXVVWVHLQVV\V WHPHEHVRQGHUV]XYHUOlVVLJIDV]LQLHUHQDNWLYLHUHQXQGÄDQJHQHKPUHL]HQ¶ :LH LPPHU HV SRSXOlUH .RPPXQLNDWLRQ DEHU LP (LQ]HOIDOO DXFK JH QDXHUUHLFKHQPDJ²NXOWXUHOOXQGJHVHOOVFKDIWOLFKHQWVFKHLGHQGLVWGDUDQ GDVV VLH RIIHQEDU HLQH 0|JOLFKNHLW LQ GLH *HVHOOVFKDIW HLQIKUW PLW ÅHU  

:DV ]XGHP GHQ LQ]ZLVFKHQ QDFK GHU .XOWXULQGXVWULH.ULWLN.RQMXQNWXU GHU HU ELV HU-DKUH PLW$EVWDQGSURPLQHQWHVWHQ%H]XJVXQG$XVJDQJVSXQNWYRQZLVVHQVFKDIW OLFKHQ$QVlW]HQXQG3XEOLNDWLRQHQ]XP7KHPDGDUVWHOOW YJOGD]XH[HPSODULVFK GHQ6DP PHOEDQG7LWHOVHOEVWHEHQVRZLHGLHGDULQYHUVDPPHOWHQ3RVLWLRQHQXQG$QVlW]H *|WWOLFK 8GRX5DLQHU:LQWHU +J 3ROLWLNGHV9HUJQJHQV=XU'LVNXVVLRQGHU3RSXOlUNXOWXULQGHQ&XO WXUDO6WXGLHV.|OQ   'DIUNDQQPDQHLQH%HVWlWLJXQJDXFKEHLHLQHP9HUWUHWHUGHU&XOWXUDO6WXGLHVILQGHQ GHU VLFK]XGHPEHVRQGHUVGHU(QWZLFNOXQJWKHRUHWLVFKHU*UXQGODJHQZLGPHW 1DFKHLQHP%H JULIIVYRUVFKODJYRQ/DZUHQFH*URVVEHUJDUEHLWHWPRGHUQH3RSXOlUNXOWXUOHW]WOLFKVWHWVPLW XQGEH]LHKWVLFKVWHWVDXIÅDIIHFWLYHPDWWHULQJPDSV´ YJO*URVVEHUJ/DZUHQFHÅ5HSODFLQJ 3RSXODU&XOWXUH´,Q7KH&OXEFXOWXUHV5HDGHU5HDGLQJVLQ3RSXODU&XOWXUDO6WXGLHV+JY6WHYH 5HGKHDG2[IRUG6²   6RVROOWHPDQLQVEHVRQGHUHGLHQRFKHLQPDOGHXWOLFKDQGHUVJHODJHUWHQÄDIIHFWLYHPDWWHULQJ PDSV¶QLFKWYHUJHVVHQDXIGLHYRUDOOHP3RSXOLVPXVXQG3URSDJDQGD DOV]HQWUDOH%HVWDQG WHLOH GHV Ä3RSXOlUHQ GHU 3ROLWLN¶ GHU PRGHUQHQ 3ROLWLN  JHUQH ]LHOHQ ² XQG DQ GLH DXI VHLQH :HLVHDXFKGHU6FKZDUPHULQQHUWGLH%H]XJQDKPHDXIÄEUDQGKHL‰H¶7KHPHQXQGZHLWYHU EUHLWHWHbQJVWH6RUJHQXQG%HIUFKWXQJHQVRZLHDXIMHDNWXHOOÄJOREDOXOWLPDWLYH¶XQGJOR EDOGLVNXWLHUWH%HGURKXQJHQ ZLHGHU]HLWDOVRHWZD7HUURUDQVFKOlJHPLW$WRPXQG%LRZDI IHQ 



&DUVWHQ=RUQ

K|KWHU $QVFKOXVVIlKLJNHLW´ XQG Å.RQQHNWLYLWlW´ ]X NRPPXQL]LHUHQ ² XQGLPEHVWHQ)DOOVRJDUJOHLFKPLWÅXQLYHUVDOLVLHUWHU´DOVRHEHQVRJOR EDOHUZLHDXFKÅWUDQVV\VWHPLVFKHU´$QVFKOXVVIlKLJNHLW'DV%HLVSLHOGHV 6FKZDUPV EHOHJW GLHV HLQGUFNOLFK ² GDVV SRSXOlUH .RPPXQLNDWLRQ WDW VlFKOLFK ZHQQVLHHUIROJUHLFKLVW HEHQVRLQVSH]LDOLVLHUWHQgIIHQWOLFKNHL WHQZLHLQGHUEUHLWHQgIIHQWOLFKNHLWXQGHEHQVRZHOWUHJLRQDOZLHJOREDO XQGLQWHUQDWLRQDO$QVFKOVVHILQGHQNDQQ 'RFK VHLQ %HLVSLHO ]HLJW DXFK QRFK PHKU 3RSXOlUH .RPPXQLNDWLRQ YHUPDJ RIIHQEDU DX‰HUGHP ZHQQ VLH HUIROJUHLFK LVW  EHU DOOH *UHQ]HQ KLQZHJ]XPLQGHVWLQHLQHU+LQVLFKWDXFKJDQ]JOHLFKVLQQLJH$QVFKOVVH]X HUUHLFKHQ²ZDVVLFKYRQNHLQHUDQGHUHQ HWZDSROLWLVFKHQZLVVHQVFKDIW OLFKHQNQVWOHULVFKHQ .RPPXQLNDWLRQVDJHQOlVVW6LHNDQQEHUDOOJOHL FKHUPD‰HQ EHJHLVWHUW DXIJHQRPPHQ ZHUGHQ XQG VLFK GHU JOHLFKHQ %H OLHEWKHLW HUIUHXHQ 8QG VFKOLH‰OLFK DEHU QLFKW ]XOHW]W IROJHQ LKU VHKU KlXILJDXFKQRFK]DKOORVHJOHLFKVLQQLJH$QVFKOVVHLQLQVEHVRQGHUHHLQHP JOREDOHQ6\VWHPLP:LUWVFKDIWVV\VWHP²LQ)RUPYRQ=DKOXQJHQ ,(LQLQIHNWL|VHU*HJHQVWDQGLQGHUPRGHUQHQ:LVVHQVRUGQXQJ²'DVVGHP%H JULII GHU ÄSRSXOlUHQ .RPPXQLNDWLRQ¶ LP YRUOLHJHQGHQ %XFK HLQ HLJHQHU %HLWUDJ JHZLGPHW LVW LVW GHQQRFK DOOHV DQGHUH DOV VHOEVWYHUVWlQGOLFK ,P :HUNYRQ1LNODV/XKPDQQZLUGPDQLKQYHUJHEOLFKVXFKHQ,QJHZLVVHP 6LQQHKDQGHOWHVVLFKDOVRDXFKJDUQLFKWXPHLQHQÄ2ULJLQDO%HJULII¶GHU 6\VWHPWKHRULH 'DKHU ZLUG KLHU LP :HLWHUHQ DXFK QRFK GLH Ä:LVVHQVJH VFKLFKWHGHV3RSXOlUHQLQGHU6\VWHPWKHRULH¶]XHU]lKOHQVHLQ²XQGGDPLW   

  



6WlKHOL8UVÅ'LH.RQWLQJHQ]GHV*OREDOHQ3RSXOlUHQ´,Q6R]LDOH6\VWHPH  + 6²KLHU6 (EG6 (EG6 (EG6 *DQ] JHQDX PVVWH PDQ IUHLOLFK VDJHQ GDVV VLFK GLHV YRQ NHLQHU HLQIDFK QXU SROLWLVFKHQ ZLVVHQVFKDIWOLFKHQXVZ.RPPXQLNDWLRQVDJHQOlVVW$OOHPRGHUQHQ)XQNWLRQVV\VWHPHN|Q QHQQDWUOLFKDXFKSRSXOlUNRPPXQL]LHUHQ'HQQRFKLVWJDQ]RIIHQVLFKWOLFKQLFKWDOOHZLV VHQVFKDIWOLFKH UHOLJL|VH XVZ .RPPXQLNDWLRQ EHU DOOH 6\VWHPJUHQ]HQ XQG YHUVFKLHGHQH :HOWUHJLRQHQ KLQZHJDQVFKOXVVIlKLJXQGEHOLHEW²XQGVRZLUGHVVLQQYROOIUJHQDXGLH VHQ 8QWHUVFKLHG GDQQ DXFK HLQHQ %HJULII ]XU 9HUIJXQJ ]X KDEHQ YJO GD]X DXVIKUOLFK DXFKGLH'DUVWHOOXQJ]XPÄ3RSXOlUHQGHU6\VWHPH¶XQWHU7HLO,,  'HU :HOWJHVHOOVFKDIW LVW GLH 3URGXNWLRQ YRQ .RPPXQLNDWLRQ GLH 6SD‰PDFKW RGHU GRFK MHGHQIDOOV āEHUDOO DQNRPPW¶  RIIHQEDU VHKU YLHO ZHUW N|QQWH PDQ DOVR LQ JHZLVVHU :HLVH DXFKVDJHQ8QGLQMHGHP)DOONDQQPDQVDJHQGDVVVLFKKLHUEHVWLPPWH8PZHOWEHGLQJXQ JHQGHU*HVHOOVFKDIW²EHVWLPPWHPHQVFKOLFKH%HGUIQLVVH²HLQPDOVHKUGHXWOLFKLP:LUW VFKDIWVV\VWHP DEELOGHQ Å,Q GHU $QQDKPH YRQ %HGUIQLVVHQ >@ WHVWHW GDV :LUWVFKDIWV V\VWHP>@JOHLFKVDPEOLQGVHLQHH[WHUQH8PZHOWXQGGHU0DUNWHUIROJHQWVFKHLGHWEHUGDV ZDVGDV6\VWHPDOV8PZHOWVHKHQXQGEHKDQGHOQNDQQ´ /XKPDQQ1LNODV'LH:LUWVFKDIWGHU *HVHOOVFKDIW)UDQNIXUW0DLQ6 

3RSXOlUH.RPPXQLNDWLRQ



YRUDOOHPGLH*HVFKLFKWHYRQHLQHPWKHRULHLQWHUQHQ5LQJHQXPGDV3RSX OlUHHLQHP5LQJHQGDUXP]XQlFKVWGDVVHVEHUKDXSWDOVP|JOLFKHU*H JHQVWDQGGHU7KHRULHZDKUXQGHUQVWJHQRPPHQZHUGHQNRQQWHXQGLP ZHLWHUHQ9HUODXIGDQQXPHLQH]XWUHIIHQGH)DVVXQJXQG(QWVFKOVVHOXQJ VHLQHU5ROOHXQGVHLQHU6WHOOXQJVHLQHU)ROJHQXQGVHLQHU)XQNWLRQHQLQ QHUKDOE GHU PRGHUQHQ .XOWXU XQG *HVHOOVFKDIW YJO 7HLOH ,, XQG ,9  :LH GLH 5HGH YRQ HLQHU Ä:LVVHQVJHVFKLFKWH¶ EHUHLWV DQGHXWHW KDQGHOW HV VLFKKLHUEHUGLHVXPHLQHQ²VHOEVWZLHGHUXP²NXOWXUXQGOLWHUDWXUZLV VHQVFKDIWOLFK DXIVFKOXVVUHLFKHQ 9RUJDQJ 'HVKDOE ZLUG DP 9HUODXI GHU V\VWHPWKHRUHWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GHP 3RSXOlUHQ DXFK YRU DOOHP HLQH EHVWLPPWH 7HQGHQ] KHUDXVJHDUEHLWHW XQG KHUDXVJHVWHOOW ZHU GHQ(VLVW PLWWOHUZHLOH QLFKWQXUP|JOLFKPLWGHU6\VWHPWKHRULH]X]HL JHQGDVVSRSXOlUH.RPPXQLNDWLRQHLQHÄ4XHOOHVWlQGLJHU6W|UXQJHQ¶LQ QHUKDOEGHUPRGHUQHQ*HVHOOVFKDIWVVWUXNWXUHQGDUVWHOOW YJO7HLOH,,XQG ,9 =XQHKPHQGJHVW|UWZXUGHQYLHOPHKU DXIGHP:HJ]XVROFKHQ(LQ VLFKWHQ  QLFKW ]XOHW]W DXFKGLH 6WUXNWXU XQG 2UGQXQJ GHU 7KHRULHVHOEVW YJOLQVEHVRQGHUH7HLO,9 $QLKUVHOEVWDP%HLVSLHOGHU6\VWHPWKHRULH DOVR ]HLJW VLFK GDUEHU KLQDXV H[HPSODULVFK GDVV GDV 3RSXOlUH DXFK IU GLHPRGHUQH:LVVHQVRUGQXQJ IUPRGHUQH7KHRULHQ'HQNVWLOHXQG:LV VHQVV\VWHPH  HLQH LPPHU ZLHGHU IROJHQUHLFKH 4XHOOH YRQ 6W|UXQJHQ XQG ,UULWDWLRQHQGDUVWHOOWXQGHV7KHRULHQPRGHUQHU/LWHUDWXU.XOWXUXQG*H VHOOVFKDIW LPPHU ZLHGHU DXFK ]X QDFKKDOWLJHQ bQGHUXQJHQ XQG $QSDV VXQJHQDQJHUHJW XQGJH]ZXQJHQ KDW²ZHQQXQGVREDOGGLHVHVLFKQXU HUVWHLQPDOÄHUQVWKDIW¶DXIGDV VFKHLQEDUVRJDQ]ÄXQHUQVWH¶ 3RSXOlUHHLQ OLH‰HQ , 7KHRULH XQG %HLVSLHO ² :HQQ GLH ZHLWHUH 'DUVWHOOXQJ DXFK LQ JHZLVVHU :HLVHGDUDXI]LHOWGLHÄV\VWHPWKHRUHWLVFKH:LVVHQVJHVFKLFKWHGHV3RSXOl UHQ¶ DP (QGH DOV HLQ VHOEVW DXIVFKOXVVUHLFKHV NXOWXU XQG OLWHUDWXUJH VFKLFKWOLFKHV%HLVSLHOYRUVWHOOHQ]XN|QQHQVRKHL‰WGDVMHGRFKQLFKWGDVV  

=XU*HVFKLFKWHGLHVHU6W|UXQJHQ$QSDVVXQJHQXQG9HUlQGHUXQJHQ²VRZLHIU]DKOUHLFKH %HLVSLHOHDXVGHUPRGHUQHQ/LWHUDWXU.XOWXU:LVVHQVXQG7KHRULHJHVFKLFKWH²YJO+H FNHQ 7KRPDV +J  'HU 5HL] GHV 7ULYLDOHQ .QVWOHU ,QWHOOHNWXHOOH XQG GLH 3RSNXOWXU 2SODGHQ VRZLH+HFNHQ7KRPDV7KHRULHQGHU3RSXOlUNXOWXU'UHL‰LJ3RVLWLRQHQYRQ6FKLOOHUELV]XGHQ &XOWXUDO6WXGLHV%LHOHIHOG  8QGLP)DOOHGHU6\VWHPWKHRULHNDQQPDQ]XGHPGDYRQDXVJHKHQGDVVVLHYRQDOOHQHLQ VFKOlJLJHQ $XWRUHQ QLFKW ]XOHW]W DXFK JHQDX GHVKDOE LQ HLQH $XVHLQDQGHUVHW]XQJ PLW GHP 3RSXOlUHQÄJH]ZXQJHQ¶XQGÄYHUZLFNHOW¶ZXUGH,P)DOOHGHVEHUHLWV]LWLHUWHQ6R]LRORJHQ8UV 6WlKHOLHWZDPDFKWGLHVVFKRQHLQ%OLFNLQGLH8QWHUVXFKXQJGHXWOLFKPLWGHUHUVLFK]XYRU SURPRYLHUWKDW XQGHLJHQWOLFKDXFKVFKRQHLQ%OLFNDXIGHUHQ7LWHO  YJO6WlKHOL8UV6LQQ ]XVDPPHQEUFKH (LQH GHNRQVWUXNWLYH /HNWUH YRQ 1LNODV /XKPDQQV 6\VWHPWKHRULH :HLOHUVZLVW  



&DUVWHQ=RUQ

GDVHLQJHIKUWHOLWHUDULVFKH%HLVSLHO 6FKlW]LQJV6FKZDUP GHVKDOEQXQQXU QRFKHLQHQHEHQVlFKOLFKHRGHUJDUNHLQH5ROOHHWZDPHKUVSLHOHQZUGH 7KHRULHXQG%HLVSLHOZHUGHQKLHULP*HJHQWHLOIUHLQH:HLOHGLH3OlW]H WDXVFKHQ 'HU 6FKZDUP ZLUG ]X HLQHP OHLWHQGHQ ,QVWUXPHQW GHU $QDO\VH /HNWUHXQG'DUVWHOOXQJ²XQGGLHÄV\VWHPWKHRUHWLVFKH:LVVHQVJHVFKLFKWH GHV3RSXOlUHQ¶]XHLQHP%HLVSLHOGDVGDQQYRUDOOHPDXIGLHVH:HLVH PLW +LOIHXQGYRUGHP+LQWHUJUXQGYRQ6FKlW]LQJV7H[W LPJHUDGHVNL]]LHU WHQ 6LQQH DOV HLQH EHVRQGHUV H[HPSODULVFKH Ä)DOOJHVFKLFKWH¶ DOVR HQW]LI IHUEDU ZLUG (LQLJH GHU 1DUUDWLYH GLH 6FKlW]LQJV 7H[W HQWIDOWHW VRZLH HL QLJHGHUILNWLYHQ:LUNXQJV]XVDPPHQKlQJHGLHGLHVHUSRSXOlUH7H[WNRQ VWUXLHUW YJO$EVFKQLWW,,VRZLH7HLO,,, ODVVHQVLFKLQGLHVHP.RQWH[W QlPOLFK DXFK ZLH DOOHJRULVFKH 9HUDQVFKDXOLFKXQJHQ OHVHQ ,P $QVFKOXVV DQVLHZLUGEHVRQGHUVDQVFKDXOLFKZLHGLH6\VWHPWKHRULHGDVPLWLKU LQ ]ZLVFKHQ EHVFKUHLEEDUH:LUNHQGHV3RSXOlUHQDXFKQRFKHLQPDOÄLQVLFK VHOEVW¶ VSLHJHOW XQG DQKDQG LKUHV HLJHQHQ %HLVSLHOV EHVWlWLJW GXUFK GHQ 9HUODXIGHQLKUHHLJHQH$XVHLQDQGHUVHW]XQJPLWGHP3RSXOlUHQJHQRP PHQKDW $X‰HUGHPZLUGVRDP%HLVSLHOGHV6FKZDUPV]XJOHLFKGHXWOLFK ZRUDXI HV DOOHQ QHXHUHQ V\VWHPWKHRUHWLVFKHQ )RUVFKXQJVDQVlW]HQ ]XP 3RSXOlUHQ ]XQlFKVW HLQPDO DQNRPPW GDVV SRSXOlUH .RPPXQLNDWLRQ GHXWOLFK HUQVWHU ]X QHKPHQ LVW VLH HUKHEOLFK PHKU OHLVWHW XQG GHXWOLFK PHKU ,UULWDWLRQHQ YRQ LKU DXVJHKHQ DOV GLH 6\VWHPWKHRULH HV LKU XU VSUQJOLFKHLQPDO]XWUDXWH =XYRULVWGDUXPQXQDEHUQRFKJHVRQGHUW²DOVRJHWUHQQWYRQGHUDE VFKOLH‰HQGHQ 6NL]]H XQG 5HOHNWUH GHU ÄV\VWHPWKHRUHWLVFKHQ :LVVHQVJH VFKLFKWH GHV 3RSXOlUHQ¶ ² GLH IU DOOH QHXHUHQ V\VWHPWKHRUHWLVFKHQ )RU VFKXQJVDQVlW]H ]XP 3RSXOlUHQ JUXQGOHJHQGH .RQ]HSWLRQ ]X EHKDQGHOQ GLHGHV3RSXOlUHQGHU6\VWHPH'HQQEHYRUGHU:HUWGHV6FKZDUPVIU HLQH 5HIOH[LRQ XQG 5HOHNWUH GHU V\VWHPWKHRUHWLVFKHQ )RUVFKXQJ ]XP 3RSXOlUHQ VRZLH GHU GDEHL VXN]HVVLYH KLQ]XJHZRQQHQHQ (LQVLFKWHQ  VLFKWEDU ZHUGHQ NDQQ LVW ]XQlFKVW HLQ HUVWHV %LOG YRQ GHUHQ JUXQGOH JHQGHQ3UREOHPXQG)UDJHVWHOOXQJHQ]XJHZLQQHQ ,,'DV3RSXOlUHGHU6\VWHPH 1DFKGHQNXUVRULVFKHQ(LQEOLFNHQ LP.RQWH[WGHV0HUNPDOVÄJHVWHLJHUWH $QVFKOXVVIlKLJNHLW¶  LQ GLH ZHLWH 9HUEUHLWXQJ XQG 9LHOJHVWDOWLJNHLW GLH  

'LHYRQ8UV6WlKHOLVHLW(QGHGHUHU-DKUHLQHLQHU5HLKHYRQ3XEOLNDWLRQHQEHJUQGHW XQG DXVJHDUEHLWHW ZXUGH YJO H[HPSODULVFK 6WlKHOL 8UV Å'DV 3RSXOlUH ]ZLVFKHQ &XOWXUDO 6WXGLHVXQG6\VWHPWKHRULH´,Q*|WWOLFKX:LQWHU +J 3ROLWLNGHV9HUJQJHQV6² VRZLH6WlKHOL8UVÅ%HVWLPPXQJHQGHV3RSXOlUHQ´,Q'DV3RSXOlUHGHU*HVHOOVFKDIW6\VWHPWKH RULHXQG3RSXOlUNXOWXU+JY&KULVWLDQ+XFNX&DUVWHQ=RUQ:LHVEDGHQ6²

3RSXOlUH.RPPXQLNDWLRQ



SRSXOlUH .RPPXQLNDWLRQ LQ]ZLVFKHQ LQ GHU PRGHUQHQ :HOWJHVHOOVFKDIW HUUHLFKWKDWNHKUHQZLUQXQVR]XVDJHQDQGHQ8UVSUXQJGLHVHU(UIROJVJH VFKLFKWH ]XUFN :LH XQG ZR ILQJ GDV DOOHV DQ" 8QG ZHVKDOE JHK|UW GLH 3URGXNWLRQ SRSXOlUHU .RPPXQLNDWLRQ VR VHOEVWYHUVWlQGOLFK ]XU PRGHU QHQ *HVHOOVFKDIW" 'LH $QWZRUWHQ GLH GDV V\VWHPWKHRUHWLVFKH .RQ]HSW YRP Ä3RSXOlUHQ GHU 6\VWHPH¶ DXI GLHVH )UDJHQ DQELHWHW KDEHQ ]XJOHLFK GHQ:HJIUZHLWHUHQHXHV\VWHPWKHRUHWLVFKH3UREOHPVWHOOXQJHQXQG)RU VFKXQJVDQVlW]H]XP3RSXOlUHQEHUHLWHW'HQQVLH]HLJHQDXFKEHUHLWVH[ HPSODULVFK HLQHQ DOOJHPHLQHQ 3UREOHP]XVDPPHQKDQJ DXI GHU VLFK QLFKW DOOHLQ DP %HLVSLHO GHV Ä3RSXOlUHQ GHU 6\VWHPH¶ EHREDFKWHQ XQG JHQDXHU EHIUDJHQOlVVW3RSXOlUH.RPPXQLNDWLRQVWHOOWRIIHQEDUHLQHUVHLWVDOOHVDQ GHUH DOV HLQH Ä]XIlOOLJH =XJDEH¶ ]X GHQ 6WUXNWXUHQ GHU PRGHUQHQ *HVHOO VFKDIW GDU VRQGHUQ PXVV DOV HLQH $QWZRUW DXI ]HQWUDOH 3UREOHPH YHU VWDQGHQZHUGHQGLHVLFKXQPLWWHOEDUXQGYRQYRUQKHUHLQDXVGHUHQ6WUXN WXU VHOEVW HUJHEHQ VLH HUIOOW DOVR HLQHUVHLWV ]HQWUDOH )XQNWLRQHQ IU GLH PRGHUQH *HVHOOVFKDIW  ² DQGHUHUVHLWV DEHU ZLOO VLH QLFKW VR UHFKW ]X GHQ DQGHUHQ 3UREOHPO|VXQJHQ SDVVHQ GLH GLH PRGHUQH *HVHOOVFKDIW IU LKUH ]HQWUDOHQ3UREOHPHJHIXQGHQKDW6LHVW|UWXQGHUVFKZHUWYLHOPHKUGXUFK GLH$UWXQG:HLVHLQGHUVLHLKUH)XQNWLRQHQHUIOOWLPPHUZLHGHUGLH(U IOOXQJ DQGHUHU )XQNWLRQHQ ² XQG ZLH GLHVHU =XVDPPHQKDQJ XQG VHLQH )ROJHQJHQDX]XIDVVHQXQG]XYHUVWHKHQVLQGELOGHWGDQQDXFKELVKHXWH HLQH GHU ]HQWUDOHQ )UDJHVWHOOXQJHQ GHU V\VWHPWKHRUHWLVFKHQ )RUVFKXQJ ]XP3RSXOlUHQ ,,6SH]LDOLVLHUXQJXQG3RSXODULVLHUXQJ=ZHL6HLWHQPRGHUQHU*HVHOOVFKDIWOLFKNHLW² *UXQGOHJHQGIUGDV.RQ]HSWYRPÄ3RSXOlUHQGHU6\VWHPH¶LVW]XQlFKVW GLH8QWHUVFKHLGXQJYRQ]ZHL6HLWHQPRGHUQHU*HVHOOVFKDIWOLFKNHLW'DULQ VFKHLQWHVDXIGHQHUVWHQ%OLFNHLQHP)RUVFKXQJVDQVDW]VHKUlKQOLFKGHQ GHU /LWHUDWXUZLVVHQVFKDIWOHU -UJHQ /LQN LP $QVFKOXVV DQ 0LFKHO )RX FDXOWV'LVNXUVDQDO\VHHQWZLFNHOWKDW'DQDFKLVWLQGHUPRGHUQHQ*HVHOO VFKDIW ÅJUXQGVlW]OLFK ]ZLVFKHQ VSH]LDOGLVNXUVLYHQ XQG LQWHUGLVNXUVLYHQ (OH  

6RHUVFKHLQWGDV3RSXOlUHGHPQDFK]XQlFKVWLQHLQHPEHVWLPPWHQ:RUWVLQQHDOV3DUDVLW 0DQEUDXFKWHV]ZDUDEHUHVVW|UW²XQGHVVW|UW]ZDUDEHUPDQEUDXFKWHV YJO]XNXO WXUZLVVHQVFKDIWOLFKHQ $XVGHXWXQJVP|JOLFKNHLWHQ YRQ %HJULII XQG 0HWDSKHU GHV 3DUDVLWHQ 6HUUHV0LFKHO'HU3DUDVLW)UDQNIXUW0DLQ]X/XKPDQQVYRUQHKPOLFKHP9HUVWlQGQLV DOVÄ5FNNHKUGHV$XVJHVFKORVVHQHQ'ULWWHQLQV6\VWHP¶ YJO/XKPDQQ1LNODVgNRORJLVFKH .RPPXQLNDWLRQ 2SODGHQ  6   $OV VFKOLFKWHUH /HLWPHWDSKHU IU GLH V\VWHPWKHRUH WLVFKH%HVFKUHLEXQJGHU5ROOHGHV3RSXOlUHQLQGHQ6WUXNWXUHQGHUPRGHUQHQ*HVHOOVFKDIW ZXUGHDX‰HUGHPDXFKQRFKGLHHLQHVÄSHUPDQHQWHQ6W|UJHUlXVFKV¶XQGÄVW|UHQGHQ+LQWHU JUXQGUDXVFKHQV¶ YRUJHVFKODJHQ YJO +DKQ 7RUVWHQ 1LFRODV 3HWKHV X 8UV 6WlKHOL +J  Å3RSXODU1RLVHLQ*OREDO6\VWHPV´ 6SHFLDO6HFWLRQ ,Q6R]LDOH6\VWHPH  ²  =XZHLWHUHQ0|JOLFKNHLWHQGLHQHXHV\VWHPWKHRUHWLVFKH$QVlW]HKLHUHU|IIQHQYJO†



&DUVWHQ=RUQ

PHQWHQ ]X XQWHUVFKHLGHQ´ ,Q lKQOLFKHP 6LQQH PXVV PDQ PLW 6WlKHOLV V\VWHPWKHRUHWLVFKHP .RQ]HSW JUXQGVlW]OLFK ]ZLVFKHQ VROFKHQ )RUPHQ GHU.RPPXQLNDWLRQXQWHUVFKHLGHQGLHDXIGLHSURIHVVLRQHOOHQ/HLVWXQJV NHUQHGHUPRGHUQHQ)XQNWLRQVV\VWHPHEH]RJHQXQGEHVFKUlQNWVLQG DXI ZLVVHQVFKDIWOLFKH )DFK]HLWVFKULIWHQ DXI 8QLYHUVLWlWHQ *HULFKWH 2SHUD WLRQVVlOH SDUODPHQWDULVFKH )DFKDXVVFKVVH XVZ  XQG MHQHQ SRSXOlUHQ XQG DOOJHPHLQYHUVWlQGOLFKHQ .RPPXQLNDWLRQVIRUPHQ GHU 6\VWHPH GLH DXILKUÄ/DLHQSXEOLNXP¶]LHOHQ XQGDXVLKUHQÅXQLYHUVDOLVWLVFKDQJHOHJWHQ 3XEOLNXPVNRQVWUXNWLRQHQ´UHVXOWLHUHQ  0LW GLHVHU =XRUGQXQJ EHLGHU 6HLWHQ YRQ 6SH]LDOLVLHUXQJ XQG 3RSX ODULVLHUXQJ  ]X GHQ PRGHUQHQ )XQNWLRQVV\VWHPHQ GHXWHW VLFK QXQ DEHU DXFK VFKRQ GHU HQWVFKHLGHQGH 8QWHUVFKLHG ]XP .RQ]HSW /LQNV DQ $XV GHVVHQ6LFKWQlPOLFKVLQGPRGHUQHSRSXOlUH,QWHUGLVNXUVH²PDQN|QQWH VDJHQ QRFK JDQ] LP 6LQQH URPDQWLVFKHU 3URJUDPPH ² $XVGUXFN XQG (UJHEQLV HLQHU ÅUHLQWHJUDWLYHQ *HJHQWHQGHQ] JHJHQ GLH >@ ZDFKVHQGH 'LV NXUVVSH]LDOLVLHUXQJ´ $XV V\VWHPWKHRUHWLVFKHU 6LFKW ]HLJW VLFK GDJHJHQ 3RSXODULVLHUXQJLVWDXI6SH]LDOLVLHUXQJQLFKWDOV.RPSHQVDWLRQRGHUÄDXV JOHLFKHQGHU)DNWRU¶]XEH]LHKHQ6LHPXVVYLHOPHKUDOVGHUHQNRQVHTXHQWH (UJlQ]XQJ XQG .RPSOHWWLHUXQJ YHUVWDQGHQ ZHUGHQ 6LH ELOGHW HLQHQ XQ YHU]LFKWEDUHQ=XVDW]]XPRGHUQHUIXQNWLRQVV\VWHPLVFKHU6SH]LDOLVLHUXQJ 'LHVHLVWDXILKQDOVRDXFKVHOEVWDQJHZLHVHQXQGPHKUQRFK6LHVHOEVW SURGX]LHUWLKQ(VJHKWOHW]WOLFKGDUXPGDVVGLHPRGHUQHQ)XQNWLRQVV\V WHPHYRQYRUQKHUHLQJH]ZXQJHQZDUHQHLQHQKLVWRULVFKJDQ]QHXDUWLJHQ 0RGXV IU GLH Ä,QNOXVLRQ YRQ 0HQVFKHQ¶ ]X HQWZLFNHOQ ² XQG HUVWPDOV OHUQHQ PXVVWHQ DXFK HLQ DOOJHPHLQHV DQRQ\PHV 3XEOLNXP DQ]XVSUHFKHQ XQG]XU%HWHLOLJXQJDQLKUHQ.RPPXQLNDWLRQHQ]XPRWLYLHUHQ

 

/LQN -UJHQ Å/LWHUDWXUDQDO\VH DOV ,QWHUGLVNXUVDQDO\VH $P%HLVSLHOGHV8UVSUXQJV OLWHUDUL VFKHU6\PEROLNLQGHU.ROOHNWLYV\PEROLN´,Q'LVNXUVWKHRULHQXQG/LWHUDWXUZLVVHQVFKDIW+JY -UJHQ)RKUPDQQX+DUUR0OOHU)UDQNIXUW0DLQ6²KLHU6>+HUYRU KHEXQJLP2ULJLQDO@/LQNV,QWHUGLVNXUV.RQ]HSWOlVVWVLFK]XGHPLP.HUQHEHQIDOOVDOVHLQ 9RUVFKODJ]XU.RQ]HSWXDOLVLHUXQJSRSXOlUHU.RPPXQLNDWLRQYHUVWHKHQ²HVJLEWGHPQDFK QlPOLFK ÅHLQH 5HLKH YRQ 7H[WVRUWHQ E]Z *HQUHV LQ GHQHQ GLH LQWHUGLVNXUVLYH )XQNWLRQ GRPLQLHUWGDVVLQGDOOH7H[WVRUWHQGHU3RSXODULVLHUXQJYRUDOOHPMRXUQDOLVWLVFKHXQGOLWHUDUL VFKHLPZHLWHVWHQ6LQQH´ HEG6>+HUYRUKHEXQJLP2ULJLQDO@   6WlKHOLÅ%HVWLPPXQJHQGHV3RSXOlUHQ´6  9JO]XGHUHQDNWXHOOHU)RUWZLUNXQJDXFK6FKPLGW%HQMDPLQ0DULXVÅ0DVVHQPHGLHQ²GLH SRVWPRGHUQH (LQO|VXQJ GHV 5RPDQWLVFKHQ 3URJUDPPV HLQHU 1HXHQ 0\WKRORJLH´ ,Q KWWSZZZPHGLHQREVHUYDWLRQHQXQLPXHQFKHQGHDUWLNHOWKHRULH0\WKRORJLHKWPO OHW] WHU=XJULII   /LQNÅ/LWHUDWXUDQDO\VH´6>+HUYRUKHEXQJ&=@

3RSXOlUH.RPPXQLNDWLRQ



,,'LH*HEXUWGHV3RSXOlUHQDXVV\VWHPLVFKHUÄ,QNOXVLRQVNRQNXUUHQ]¶²6WlKHOLV +HUOHLWXQJ GHU (QWVWHKXQJ PRGHUQHU SRSXOlUHU .RPPXQLNDWLRQ HUJLEW VLFKLQVRIHUQHLJHQWOLFKDXFKVFKRQXQPLWWHOEDUDXV1LNODV/XKPDQQVKLV WRULVFKYHUJOHLFKHQGHQ $QDO\VHQ ]X GHQ YHUVFKLHGHQHQ )RUPHQ ÄLQWHUQHU 6\VWHPGLIIHUHQ]LHUXQJ¶GLHLP/DXIHGHU(YROXWLRQGHV*HVHOOVFKDIWVV\V WHPVELVODQJUHDOLVLHUWZXUGHQ VHJPHQWlUHKLHUDUFKLVFKVWUDWLILNDWRULVFKH IXQNWLRQDOH 'LIIHUHQ]LHUXQJ  ² GDV .RQ]HSW YRP Ä3RSXOlUHQ GHU 6\V WHPH¶YHUGHXWOLFKWVRN|QQWHPDQXPJHNHKUWDXFKVDJHQLP*UXQGHQXU HLQLJH QRWZHQGLJH .RQVHTXHQ]HQ DXV GLHVHQ $QDO\VHQ GLH ]XYRU VR QXU QRFKQLFKWJH]RJHQXQGVLFKWEDUJHPDFKWZXUGHQ 6R EDVLHUWHQ ZLH /XKPDQQ JH]HLJW KDW DOOH ÄKLHUDUFKLVFK VWUDWLIL]LHU WHQ¶*HVHOOVFKDIWHQ GHU$QWLNHGHV0LWWHODOWHUVGHUIUKHQ1HX]HLW QRFK DXI GHU 9RUVWHOOXQJ GDVV LKUH SULPlUHQ 6XEV\VWHPH GLH *HVHOOVFKDIWV VFKLFKWHQ ÄDXV0HQVFKHQEHVWHKHQ¶²XQGMHGHU0HQVFKPLWKLQDXFK XQG IU VHLQ JDQ]HV /HEHQ  HLQHP EHVWLPPWHQ JHVHOOVFKDIWOLFKHQ 6XEV\VWHP DQJHK|UW)UGLH7HLOV\VWHPHVHOEVWKLH‰GLHVGDVVKLHULP*UXQGHNHLQH EHVRQGHUHQ 9RUNHKUXQJHQ LP +LQEOLFN DXI GLH ,QNOXVLRQ YRQ 0HQVFKHQ Q|WLJ ZDUHQ 'LH NRPPXQLNDWLYH %HWHLOLJXQJ GHU MHZHLOLJHQ 6FKLFKW]X JHK|ULJHQ ZDU LKQHQ VLFKHU VLH NRQQWHQ LKQHQ EXFKVWlEOLFK QLFKW HQW IOLHKHQ ²XQGGLH.RPPXQLNDWLRQGHU7HLOV\VWHPHZDUDXFKDOOHLQDXIGLH %HGUIQLVVHGHUMHZHLOLJHQ6FKLFKWDE]XVWLPPHQ GLH]XGHPDOVÄQDWUOLFK JHJHEHQ¶ XQG VRPLW NDXP YHUlQGHUOLFK JHGDFKW ZDUHQ  8QG VFKOLH‰OLFK NRQQWHQGLHVH7HLOV\VWHPHVLFKDXFKQRFKSUDNWLVFKRKQHMHGH5FNVLFKW DXILKUHāEULJHPHQVFKOLFKH8PZHOW¶UHSURGX]LHUHQ,KUH$XWRSRLHVLVHU IRUGHUWHNHLQHUOHL%HWHLOLJXQJYRQ$QJHK|ULJHQDQGHUHU6\VWHPH ,QGHUPRGHUQHQ*HVHOOVFKDIWGDJHJHQHUJLEWVLFKQXQHLQJDQ]DQGH UHV%LOG²XQGGLHVYRUDOOHPÄDXV6LFKW¶GHUQHXDUWLJHQSULPlUHQ7HLOV\V WHPH LQ GLH GLHVH *HVHOOVFKDIW QXQ GLIIHUHQ]LHUW LVW 'LH 0HQVFKHQ VLQG QXQHUVWPDOVQLFKWPHKU7HLOQLFKWPHKU$QJHK|ULJHXQGIHVWH0LWJOLHGHU HLQHVEHVWLPPWHQ QRFKEHUKDXSWLUJHQGHLQHV GLHVHU6\VWHPH6LHOHEHQ QXQ YLHOPHKU LQ GHU 8PZHOW GHU JHVHOOVFKDIWOLFKHQ 7HLOV\VWHPH 8QG GLH ZLFKWLJVWH.RQVHTXHQ]DXVGHUHQ6LFKW²DXV6LFKWGHU7HLOV\VWHPHVHOEVW DOVR VRZLHLP+LQEOLFNDXIGHUHQ$XWRSRLHVLV ²LVWGDQQGDVVÄZLU0HQ VFKHQ¶ KHXWH JHZLVVHUPD‰HQ ZlKOHQ N|QQHQ :LU N|QQHQ XQV MHGHQIDOOV JUXQGVlW]OLFK DQ GHU .RPPXQLNDWLRQ DOOHU PRGHUQHQ SULPlUHQ 7HLOV\V WHPHEHWHLOLJHQ DOOHUPRGHUQHQ)XQNWLRQVV\VWHPHIU:LUWVFKDIW3ROLWLN :LVVHQVFKDIWXVZ :LUN|QQHQXQV LP/DXIHXQVHUHV/HEHQV²XQGDXFK JDQ] DOOWlJOLFK  DEZHFKVHOQG HLQPDO KLHU HLQPDO GRUW EHWHLOLJHQ $X‰HU  

9JO]XP)ROJHQGHQGDUXPDXFKYRUDOOHP/XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW )UDQNIXUW0DLQ6² .DSLWHO   9JOKLHU]XXQG]XP)ROJHQGHQHEG6² .DSLWHO$EVFKQLWW9, 



&DUVWHQ=RUQ

GHP N|QQHQ ZLU 3UlIHUHQ]HQ ELOGHQ ² XQV DOVR LQ EHVWLPPWH 6\VWHPH KlXILJHULQDQGHUHVHOWHQHUÄLQNOXGLHUHQ¶8QGVFKOLH‰OLFKN|QQHQZLUXQV DXFK QRFK EHVWLPPWHQ 6\VWHPHQ VR]XVDJHQ ÄGDXHUKDIW YHUSIOLFKWHQ¶ DOV 8QWHUQHKPHU:LVVHQVFKDIWOHU.QVWOHUXVZ  0LW DQGHUHQ :RUWHQ 'LH PRGHUQHQ )XQNWLRQVV\VWHPH PVVHQ QXQ XQWHUDOOHQ0HQVFKHQVWHWVJHQJHQGILQGHQGLHVLFKDQLKUHQMHZHLOLJHQ .RPPXQLNDWLRQHQEHWHLOLJHQ,KUH$XWRSRLHVLVKlQJWQLFKWPHKUYRQGHU 5HSURGXNWLRQEHVWLPPWHUÄ%HY|ONHUXQJVJUXSSHQ¶DE VHLHVHLQHÄ.ODVVH¶ HLQH Ä6FKLFKW¶ RGHU HLQH EHVWLPPWH ÄHWKQLVFKH *UXSSH¶  6LH PVVHQ VLFK PLW LKUHU .RPPXQLNDWLRQ QXQ YLHOPHKU DQ DOOH ULFKWHQXQG ² QHEHQ DQ GHUHP ² DXFK QRFK EHVWlQGLJ DQ HLQHU DOOVHLWV DWWUDNWLYHQ XQG YHU VWlQGOLFKHQ 5HNUXWLHUXQJVNRPPXQLNDWLRQ JOHLFKVDP DUEHLWHQ +LQVLFKW OLFKLKUHUPHQVFKOLFKHQ8PZHOWDOVRPVVHQGLHPRGHUQHQ)XQNWLRQVV\V WHPH HLQHQ KLVWRULVFK QHXDUWLJHQ $QVSUXFK DXI Ä$OOLQNOXVLRQ¶ HQWZLFNHOQ 8QG XQWHUHLQDQGHU PVVHQ VLH ]XGHP DXFK HUVWPDOV XP GLH %HWHLOLJXQJ YRQ0HQVFKHQNRQNXUULHUHQ8QGDXIGLHVH+HUDXVIRUGHUXQJHQDQWZRUWHW GDQQ ² KLVWRULVFK ]XP HUVWHQ 0DO ² HLQ 3RSXOlUHV GHU 6\VWHPH 'DUDXI DQWZRUWHW ² LQ MHGHP HLQ]HOQHQ )XQNWLRQVV\VWHP DXI MH HLJHQH :HLVH ² GLH(QWZLFNOXQJLPPHUQHXHU(LQULFKWXQJHQXQGNRPPXQLNDWLYHU0LWWHO XQG)RUPHQGLHHLQH%HWHLOLJXQJDQLKUHQ.RPPXQLNDWLRQHQIUVRYLHOH 0HQVFKHQ ZLH P|JOLFK VR DWWUDNWLY ZLH P|JOLFK HUVFKHLQHQ ODVVHQ VR QW]OLFKXQGLQWHUHVVDQWZLHP|JOLFKVRXQSUREOHPDWLVFKVRHUWUDJUHLFK YRUWHLOKDIWEHJOFNHQGYHUJQJOLFKXVZ²ZLHP|JOLFK  ,, (LQ QRWZHQGLJ ÄDXV GHP 5XGHU ODXIHQGHU¶ ,QNOXVLRQVPHFKDQLVPXV ² 'LHVHU 8UVSUXQJHUNOlUWQXQDEHU]XJOHLFKDXFKQRFKPHKU(UHUNOlUWDXFKEH UHLWVZDUXPSRSXOlUH.RPPXQLNDWLRQMHQVHLWVGLHVHULKUHUXQPLWWHOEDUHQ )XQNWLRQ HLQ HUKHEOLFKHV (LJHQOHEHQ LQ GHU PRGHUQHQ *HVHOOVFKDIW HQW IDOWHQPXVVWHXQGKLHUVFKOLH‰OLFKDXFKHLQHJDQ]HPRGHUQH3RSXOlUNXOWXU ÄDXIVDWWHOQ¶ NRQQWH 'HQQ GLH (UIOOXQJ GHU VNL]]LHUWHQ $XIJDEH ILQGHW  

8QGGLHVQLFKWQXULP+LQEOLFNDXILKUHÄ/HLVWXQJVNHUQH¶²VRQGHUQJOHLFKHUPD‰HQDXFKLP %OLFN DXI LKU 3XEOLNXP LKUH Ä.OLHQWHQ¶ LKUH .XQGHQ 3DWLHQWHQ 0DQGDQWHQ 6WXGHQWHQ XVZ   (QWVSUHFKHQG KDW 6WlKHOL VHLQHQ $QVDW] GDQQ DXFK QRFK HLQPDO JHVRQGHUW LQ GHU $XV HLQDQGHUVHW]XQJ PLW YHUVFKLHGHQHQ PRGHUQHQ )XQNWLRQVV\VWHPHQ HPSLULVFK EHZlKUW XQG SUl]LVLHUW9JOKLHU]XDPXPIDQJUHLFKVWHQ6WlKHOL8UV6SHNWDNXOlUH6SHNXODWLRQ'DV3RSXOlUH GHU gNRQRPLH )UDQNIXUW0DLQ  )U GDV :LVVHQVFKDIWVV\VWHP YJO 6WLFKZHK 5XGROI Å7KH0XOWLSOH3XEOLFVRI6FLHQFH,QFOXVLRQDQG3RSXODUL]DWLRQ´,Q3RSXODU1RLVHLQ*OREDO 6\VWHPV6²  8UV 6WlKHOL VHOEVW KDW GLHVH .RQVHTXHQ] VR QLFKW JH]RJHQ *HQDXHU ]X LKUHU %HJUQGXQJ YJODEHU+XFN&KULVWLDQX&DUVWHQ=RUQÅ'DV3RSXOlUHGHU*HVHOOVFKDIW=XU(LQOHLWXQJ´ ,Q'DV3RSXOlUH6²

3RSXOlUH.RPPXQLNDWLRQ



RIIHQEDU XQWHU LUUHGX]LEOHQ 8QJHZLVVKHLWVEHGLQJXQJHQ VWDWW (V JLEW QLH *HZLVVKHLW GDUEHU PLW ZHOFKHQ NRQNUHWHQ )RUPHQ XQG 0LWWHOQ VLFK DQJHVLFKWV HLQHU LQGLYLGXDOLVLHUWHQ XQG VLFK EHVWlQGLJ ZDQGHOQGHQ PR GHUQHQ%HY|ONHUXQJ MHDNWXHOOGDVJU|‰WP|JOLFKH0D‰DQ,QNOXVLRQ%H WHLOLJXQJXQG$QVFKOXVVIlKLJNHLWHUUHLFKHQOlVVW'DUXPOlVVWGLH(UIOOXQJ GLHVHU $XIJDEH VLFK EHLVSLHOVZHLVH DXFK QLFKW ZLH GLH .RPPXQLNDWLRQ GHU V\VWHPLVFKHQ /HLVWXQJVNHUQH  ÄFRGLHUHQ¶ XQG ÄSURJUDPPLHUHQ¶ 6WDWW GHVVHQ GURKW YLHOPHKU LPPHU DXFK GLH 0|JOLFKNHLW ]X ZHLW ]X JHKHQ ² XQGPLWGHQPRWLYLHUWHQ$QVFKOVVHQGLH*UHQ]HQRGHUVRJDUGLHJHVDPWH )XQNWLRQVIlKLJNHLWGHV6\VWHPVDXIV6SLHO]XVHW]HQ8QGDXFKRKQHGLHV VFKRQ VRUJW GDV 3RSXOlUH LQQHUKDOE GHU 6\VWHPH IU HLQH UHJHOPl‰LJH 6SDQQXQJ ² GD GLH 6\VWHPH HLJHQWOLFK DXI DOO MHQH ÄXQVDFKOLFKHQ¶ 4XDOL WlWHQSRSXOlUHU.RPPXQLNDWLRQDQJHZLHVHQVLQGGLHLQLKQHQ]XJOHLFKHL QHGHXWOLFKH$EZHKUXQGVWlQGLJH$EJUHQ]XQJVEHPKXQJHQHUIRUGHUQ ,QGHU.RQVHTXHQ]PXVVWHSRSXOlUH.RPPXQLNDWLRQYRQ%HJLQQDQHLQ )HOGXQDEOlVVLJHU([SHULPHQWHGDUVWHOOHQ²XQGPXVVWHLP=XJHSRSXOl UHQ.RPPXQL]LHUHQVLPPHUZLHGHUDXFKYLHOPHKUXQGJDQ]$QGHUHVKHU DXVNRPPHQDOVGDVZDVZLUNOLFK]LHOJHQDXLKUHUXUVSUQJOLFKHQ$XIJDEH GLHQWXQGDOOHLQGLHVH]XHUIOOHQYHUPDJ ,,'LH+\EULVGHV3RSXOlUHQ²%HUHLWVKLHUQXQIKUW'HU6FKZDUPQRFKHLQ 6WFN ZHLWHU $Q VHLQHP %HLVSLHO WUHWHQ GLH .RQWXUHQ GHV VSDQQXQJV UHLFKHQ 9HUKlOWQLVVHV ]ZLVFKHQ GHP VSH]LDOGLVNXUVLYHQ :LVVHQ GHU PR GHUQHQ )XQNWLRQVV\VWHPH XQG ÄLKUHP¶ 3RSXOlUHQ EHVRQGHUV GHXWOLFK XQG VFKDUIKHUYRU6RIUDJWGHU7H[WPLW%OLFNDXIGLHPRGHUQH:LVVHQVFKDIW  

$P DXVIKUOLFKVWHQ KDW 6WlKHOL VHOEVW GLHV DP %HLVSLHO GHU SRSXOlU XQG VSHNWDNXOlU DXI EHUHLWHWHQ.RPPXQLNDWLRQEHU%|UVHQVSHNXODWLRQ²HLQHP$XVVFKQLWWGHV3RSXOlUHQGHU :LUWVFKDIWDOVR²JH]HLJWXQGGLVNXWLHUW YJO6WlKHOL6SHNWDNXOlUH6SHNXODWLRQ )UGDV%HL VSLHOSRSXOlUHUXQGÄNXUDWLHUWHU¶:LVVHQVFKDIWVNRQIHUHQ]HQYJO+VHU5HPEHUWÅ(WLNHWWHQ DXINOHEHQ´,Q+XFNX=RUQ +J 'DV3RSXOlUH6²)UHLQH]XVDPPHQIDVVHQGH 'LVNXVVLRQ²PLWZHLWHUHQ%HLVSLHOHQXQGZHLWHUHU/LWHUDWXU²YJODX‰HUGHP+XFNX=RUQ Å'DV3RSXOlUH´LQVEHVRQGHUH6²  *HJHQEHU ÄUHLQHP 6SD‰¶ XQG ÄEOR‰HU 8QWHUKDOWXQJ¶ JHJHQEHU ÄUHLQHP *OFNVVSLHO¶ )L QDQ]VSHNXODWLRQ RGHUÄ]XVHKUYHUNU]WHQXQG]XJHVSLW]WHQ'DUVWHOOXQJHQ¶ :LVVHQVFKDIW  =XP %HLVSLHO YRQ *HZDOWGDUVWHOOXQJHQ VRZLH GHU EHVWlQGLJHQ 'LVNXVVLRQ GDUEHU XQWHU ZHOFKHQ%HGLQJXQJHQVLHQRFKDOV%HVWDQGWHLOGHV.XQVWV\VWHPVJHOWHQGUIHQ E]ZZDQQ VLH VWDWWGHVVHQ YHUELHWEDUH JHIlKUOLFKH 8QWHUKDOWXQJ GDUVWHOOHQ  YJO 3HWKHV 1LFRODV Å'LH *HZDOWGHV 3RSXOlUHQ ,UULWDWLRQHQGHV .XQVWV\VWHPV LP 'LVNXUVEHU0HGLHQJHZDOW´ ,Q +XFNX=RUQ +J 'DV3RSXOlUH6²  :DV]XGHUDP(QGH]XEHKDQGHOQGHQ)UDJHIKUWREGLHPRGHUQH'LIIHUHQ]LHUXQJVIRUP VLFKPLWGHU1RWZHQGLJNHLWSRSXOlUHQ.RPPXQL]LHUHQVQLFKWHLQH$UW*HJHQSURJUDPP]X VLFKVHOEVWÄHLQJHKDQGHOW¶²XQGLQVLFKVHOEVWHLQ$OWHUQDWLYSURJUDPP]XVLFKVHOEVWJHVFKDI IHQKDW



&DUVWHQ=RUQ

YRQ GHU 6FKlW]LQJV SRSXOlUH )LNWLRQ HLJHQWOLFK JDQ] ZHVHQWOLFK OHEW  HEHQVRVHOEVWJHZLVVZLHSURYRNDQWREGLHVHQLFKWY|OOLJKLOIORVXQGLKUH (UNHQQWQLVVHQLFKWHLJHQWOLFKJDQ]QXW]XQGZHUWORVZlUHQ²RKQH)RU PHQ GHU SRSXOlUHQ 8PDUEHLWXQJ XQG 9HUPLWWOXQJ ZLH 'HU 6FKZDUP VLH ELHWHW 'DUEHU KLQDXV VSLHOW GDV %XFK HLQH EXFKVWlEOLFKH )RUP GHU Ä(LQYHUOHLEXQJ¶ GXUFK XQG ÄDX‰HUKDOE GHV 7H[WHV¶ XQG VR]XVDJHQ ]XP $XVJOHLFK  ELHWHW GHU Ä:HUEHIDFKPDQQ¶ 6FKlW]LQJ DX‰HUGHP DXFK QRFK GDV DOOHJRULVFKH 0RGHOO HLQHU EHLGVHLWLJHQ Ä:LQ:LQ6LWXDWLRQ¶ JOHLFKVDP DQ²HLQHVV\PELRWLVFKHQXQGV\QHUJHWLVFKHQ9HUKlOWQLVVHVDOVR'HPQDFK ZUGHQGLH/HLVWXQJVNHUQHGHU)XQNWLRQVV\VWHPHJDQ]HUKHEOLFKYRQSRS XOlUHU .RPPXQLNDWLRQ DOV HLQHP P|JOLFKHQ Ä9HQWLO¶ XQG Ä([SHULPHQ WDOUDXP¶ SURILWLHUHQ +LHU N|QQHQ VLH HLQPDO GHQ HQJHQ *UHQ]HQ HQWIOLH KHQ GLH LKQHQ &RGHV XQG 3URJUDPPH VRQVW ]LHKHQ VLFK JOHLFKVDP HQW VSDQQHQXQGÄHLQPDOHWZDV$QGHUHVDXVSURELHUHQ¶²RGHUVRJDUJDQ]XQG JDU1HXDUWLJHV ,,,'HU6FKZDUPDOV$OOHJRULH :LHVLFKDQGHQJHUDGHJHQDQQWHQ6WHOOHQVFKRQDQGHXWHWSURGX]LHUWDXFK SRSXOlUH /LWHUDWXU VWHWV ² ZDV NHLQHVZHJV VHOEVWYHUVWlQGOLFK HUVFKHLQW ² XQZLOONUOLFK$OOHJRULHQGHV/HVHQVXQGGHU/HVEDUNHLW YRQ7H[WHQ7KH  

6RHQGHWGDV%XFKPLWHLQHU'DQNHVOLVWHEHUGHUWDWVlFKOLFKGHU6DW]VWHKWÅ$XIIDVW 6HLWHQ²SUDOOYROOPLW:LVVHQXQG:LVVHQVFKDIW²VROOWHPDQGLH(LQIOVVHYLHOHUNOXJHU/HX WHHUZDUWHQXQGVRLVWHVDXFK´ 6FKlW]LQJ6FKZDUP6 ²XQGLQGHUGDQQXQWHUDQGH UHPHOI:LVVHQVFKDIWOHUXQWHU1HQQXQJDOOLKUHU7LWHODXIJHIKUWZHUGHQ ZDVRIIHQEDUYRU DOOHPGHQ/HVHUEHHLQGUXFNHQVROO 9JO]XGHPÅÄ:LHVLQG6LHEHL,KUHU5HFKHUFKHYRUJH JDQJHQ"¶ 6FKlW]LQJ >@ ,FK ELQ >@ ]X GHQ ZLFKWLJVWHQ )RUVFKHUQ JHIDKUHQ GLH PLU DP PHLVWHQ ]X PHLQHP 7KHPD HU]lKOHQ NRQQWHQ HWZD *HUKDUG %RKUPDQQ DXV %UHPHQ 'HU KDWPLUDOOHVEHU+\GUDWHHUNOlUW´ Å(LQ:XUPEULQJWGLH)OXW)UDQN6FKlW]LQJEHUVHL QHQ(QG]HLWWKULOOHUÄ'HU6FKZDUP¶´,Q)$6YRP ,QWHUYLHZPLW)UDJHQYRQ7LO PDQ6SUHFNHOVHQXQG9RONHU6WROORU] >LP:HLWHUHQ]LWLHUWDOVÅ)$6,QWHUYLHZ´@   6R PXVV VLFK JOHLFK LP HUVWHQ 'ULWWHO GHV %XFKHV HLQH YRQ 6FKlW]LQJV VWRO]HVWHQ :LVVHQ VFKDIWOHU)LJXUHQGHPWLJÅGHQ6LQQXQG=ZHFNYRQ3UHVVHDUEHLW´HLQJHVWHKHQ 6FKlW]LQJ 6FKZDUP6 ²XQGGDVVPDQVLFKÅZHQQPDQHLQHEUHLWHgIIHQWOLFKNHLWIUGLHHLJHQH 7lWLJNHLWLQWHUHVVLHUHQZLOODXIHLQYLHOOHLFKWQLFKWKRFKSUl]LVHVGDIUMHGRFKYHUVWlQGOLFKHV 9RNDEXODUYHUOHJHQPXVV´ 6FKlW]LQJ6FKZDUP6I   /DXW$XWRUHQLQIR]X%HJLQQGHV%XFKHVKDW6FKlW]LQJVHLQH7lWLJNHLWDOVÅ.UHDWLYFKHIHLQHU :HUEHDJHQWXU´]XGHPDXFKQRFKSDUDOOHO]XU$UEHLWDP%XFKDXVJHEW  $OOH]XOHW]WJHQDQQWHQ9DULDQWHQILQGHWPDQLQHLQHUNXU]HQ,QWHUYLHZ6HTXHQ]YHUGLFKWHW Å*HUKDUG%RKUPDQQWDXFKWDOV)LJXULQ,KUHP%XFKDXIDXFK]ZHLVHLQHU.ROOHJHQ:LH ILQGHQGLHGDVGHQQSO|W]OLFKLQHLQHP7KULOOHUYRU]XNRPPHQZRHVLKQHQIDVWDQGHQ .UDJHQJHKW"6FKlW]LQJ'LHILQGHQGDVWROO,FKELQYRQLKUHU:HOWIDV]LQLHUWVLHDEHUDXFK YRQPHLQHUZHLOHVLKQHQSO|W]OLFKGLH0|JOLFKNHLWJLEWPLWLKUHQ,GHHQ]XVSLHOHQXQG *UHQ]HQ]XEHUVFKUHLWHQ´ )$6,QWHUYLHZ 

3RSXOlUH.RPPXQLNDWLRQ



RULHQÄGHU:HOW¶ $XFKVLHEHKDXSWHWXQGNRQVWUXLHUWVWHWVÄILNWLYH¶DEHU GHQNEDUH :LUNXQJVYHUKlOWQLVVH XQG :LUNXQJV]XVDPPHQKlQJH GLH HV HU P|JOLFKHQ XQG QDKH OHJHQ VLH DXI ZHLW PHKU =XVDPPHQKlQJH DOV GLH MHQLJHQ]XEHUWUDJHQLQGHQHQVLHLPMHZHLOLJHQ7H[WJHUDGHVWHKHQ ,P 6FKZDUP ODVVHQ VLFK GDEHL ZLH JHVHKHQ ]XQlFKVW XQG YRU DOOHP JDQ]VSH]LILVFKH$OOHJRULHQGHV/HVHQVDXVPDFKHQ$OOHJRULHQGHU/HVEDU NHLW GHV 3RSXOlUHQ ² $OOHJRULHQ DOVR GLH JDQ] XQPLWWHOEDU GLH 0|JOLFK NHLWHQEHWUHIIHQGHVVHQ5ROOHLQGHUPRGHUQHQ*HVHOOVFKDIW]XYHUVWHKHQ XQG]XEHVFKUHLEHQ8QGGDVEHJLQQWVFKRQPLWGHP+HOGHQGHV%XFKHV PLWGHP6FKZDUPVHOEVWDOVR(UVHOEVWNDQQEHUHLWVDOVVFKLOOHUQGHV,QELOG GHV3RSXOlUHQJHOHVHQXQGYHUVWDQGHQZHUGHQ²XQGGLH5HDNWLRQHQDXI LKQGDUEHUKLQDXVDOVHLQH%HELOGHUXQJGHUZLGHUVSUFKOLFKHQ:LVVHQVJH VFKLFKWH GHV 3RSXOlUHQ 0LW HLQHU $UJXPHQWDWLRQVILJXU YRQ GH 0DQ N|QQWH PDQ LQVRIHUQ DXFK VDJHQ 'LHVHV %XFK ZROOWH RIIHQEDU JDQ] EH VRQGHUV SRSXOlU VHLQ XQG HLQH JDQ] EHVRQGHUV SRSXOlUH *HVFKLFKWH HU ]lKOHQ²XQGGDUXPHU]lKOHQGLHVHV%XFKXQGVHLQH*HVFKLFKWHGDQQDXFK EHVRQGHUVYLHOEHUGDV3RSXOlUH  

'HUOLWHUDWXUZLVVHQVFKDIWOLFKH$QVDW]VHOEVWHWZDDXIGHQPDQVLFKGDIULP*UXQGVDW]EH UXIHQNDQQ DXFKRKQHVHLQHVWDUNHQGHNRQVWUXNWLYHQ,QWHQWLRQHQXQG$QVSUFKHEHUQHK PHQ]XPVVHQ EHKDQGHOWGDJHJHQUHJHOPl‰LJZLHVHOEVWYHUVWlQGOLFKQXUÄ+RFKWH[WH¶GHU SKLORVRSKLVFKHQXQGOLWHUDULVFKHQ7UDGLWLRQ YJOH[HPSODULVFKGLHJUXQGOHJHQGH5HIHUHQ] XQWHUVXFKXQJYRQGH0DQ3DXO$OOHJRULHQGHV/HVHQV$XVGHP$PHULNDQLVFKHQYRQ:+D PDFKHUXQG3.UXPPH)UDQNIXUW0DLQ 'LH.RQ]HQWUDWLRQDXIÄ+RFKWH[WH¶KlQJW KLHUIUHLOLFKXQPLWWHOEDUPLWGHQHUNHQQWQLVNULWLVFKHQ,QWHQWLRQHQGHV$QVDW]HV]XVDPPHQ (VJHKWYRUQHKPOLFKGDUXPDOOH$QVSUFKHGDUDXI]XGHNRQVWUXLHUHQPDQN|QQHVROFKHQ 7H[WHQ ÄKHUPHQHXWLVFK¶ EHVWLPPWH$XVVDJHQXQGHLQGHXWLJH:DKUKHLWHQHQWQHKPHQ:lUHHV KHXWHDEHUQLFKWYLHOOHLFKWYLHOPHKUDQGHU=HLWQXQVWDWWGHVVHQHLQPDOGLHYRUGHUJUQGLJHQ Ä1LFKW*HOWXQJVDQVSUFKH¶SRSXOlUHU7H[WHXQGLKUHUEOLFKHQ/HNWUHQ]XGHNRQVWUXLHUHQ" YJOH[HPSODULVFKGDIUHWZD*|WWOLFK8GRX6WHSKDQ3RURPEND +J 'LH=ZHLGHXWLJNHLW GHU8QWHUKDOWXQJ=XJDQJVZHLVHQ]XU3RSXOlUHQ.XOWXU.|OQ   6RYHUKDQGHOQGLH0LWJOLHGHUYRQ6FKlW]LQJV7DVN)RUFHDQJHVLFKWVGHVVHQZDVVLHGDDOO PlKOLFK HQWGHFNHQ XQG HQWVFKOVVHOQ XQG VFKOLH‰OLFK DXI GHQ 1DPHQ Ä@Ä'DVLVWGHU ZHVHQWOLFKH8QWHUVFKLHG>@>8@QPLWWHOEDU(UOHEWHVN|QQHQZLUQLFKWZHLWHUJHEHQ>@%HL GHQ@1HXH=HOOHQHUEHQ>@GLHXQPLWWHOEDUH(UIDKUXQJDOVVHLHQVLH VHOEHUGDEHLJHZHVHQ>@6LHEUDXFKHQNHLQH6WDWLVWLN>@,QKLQUHLFKHQGJUR‰HQ9HUElQGHQ VLQG VLH VHOEHU GLH 6WDWLVWLN >@ >$@OOHV IOLH‰W HLQ LQ GLH (QWZLFNOXQJ QHXHU 6WUDWHJLHQ XQG .RQ]HSWH>@¶Ä:DVIUHLQHNDOWHHNHOKDIWH$QJHOHJHQKHLW¶VDJWH9DQGHUELOWÄ)LQGHQ6LH"¶ /LVFKWWHOWHGHQ.RSIÄ,FKEHZXQGHUHGLHVH:HVHQ6LHHUDUEHLWHQ6WUDWHJLHQGLHXQVMDK UHODQJEHVFKlIWLJHQZUGHQLQ0LQXWHQ¶´ 6FKlW]LQJ6FKZDUP6I   8QG GLHVH $UJXPHQWDWLRQVILJXU YHUOLHUW DXFK UDVFK DOO LKUH ÄIHXLOOHWRQLVWLVFKH¶ $QPXWXQJ ZHQQPDQDQHLQHVGHU%HLVSLHOHGHQNWDQGHQHQGH0DQVLHDXVJHDUEHLWHWKDW1LHW]VFKHV 7H[WHZROOWHQYRUDOOHPEHU]HXJHQGGDUOHJHQGDVVGLH:DKUKHLWVDQVSUFKHVHLQHU3KLORVR SKHQ.ROOHJHQOHW]WHQ(QGHVVWHWVDXIÄEOR‰HU5KHWRULN¶JUQGHQ²XQGVRKDEHQVLHZLHGH



&DUVWHQ=RUQ

,,, (LQ ]ZHLWHU :HJ GHU (YROXWLRQ ]X LQWHOOLJHQWHP /HEHQ ² ,P 6FKZDUP OlVVW VLFKQXQDEHUDXFKQRFKHLQHÄDOOJHPHLQH¶$OOHJRULHGHV/HVHQVGHU/HV EDUNHLW YRQ Ä:HOW]XVDPPHQKlQJHQ¶ DXVPDFKHQ GLH LP +LQEOLFN DXI GLH ÄV\VWHPWKHRUHWLVFKH :LVVHQVJHVFKLFKWH GHV 3RSXOlUHQ¶ EHVRQGHUV DXI VFKOXVVUHLFKLVW(VJHKWYHUHLQIDFKWJHVDJWXPGLHDOOHJRULVFKH.RQVWUXN WLRQ HLQHU ÄHPSILQGOLFKHQ 6WHOOH¶ HLQHV 3IHLOHUV JOHLFKVDP GXUFK GHVVHQ (UVFKWWHUXQJ HLQ JDQ]HV 2UGQXQJVV\VWHP ]X )DOO ]X EULQJHQ LVW 6LH KlQJW DX‰HUGHP XQPLWWHOEDU PLW GHP ]XVDPPHQ ZDV GLH .ULWLN GDV ÅgNR:HOWJHQHVXQJVZHVHQ´ 6FKlW]LQJV QDQQWH ² PLW MHQHQ 6WUDWHJLHQ XQG ILNWLYHQ .RQVWUXNWLRQHQ GHV %XFKHV GLH PDQ DXFK DOV VSHNXODWLYH OLWHUDULVFKH ([SHULPHQWH ]XU Ä|NRORJLVFKHQ )UDJH¶ YHUVWHKHQ NDQQ :DV N|QQWHGLH7HQGHQ]GHUPRGHUQHQ*HVHOOVFKDIW]XU1DWXU]HUVW|UXQJQRFK DXIKDOWHQ":DVN|QQWHLKUZLUNVDPHQWJHJHQZLUNHQ" 6FKlW]LQJJHKHKLHUÅPLWGHP$QWKURSR]HQWULVPXVLQV*HULFKW´²VR VFKULHEHLQ5H]HQVHQW]XGHUDOOHJRULVFKHQ.RQVWUXNWLRQGLHXQVDQGLHVHU 6WHOOH QXQ EHVRQGHUV LQWHUHVVLHUW 'DV DEHU LVW QXU GLH KDOEH :DKUKHLW 7DWVlFKOLFKJHKWHVXPGLH$QQDKPHGDVVKLQWHUDOOHP$QWKURSR]HQWULV PXV XQGGDUXPDXFKKLQWHUDOOXQVHUHPUFNVLFKWVORVHQ8PJDQJPLWGHU 1DWXU QRFKLPPHUGLH,GHHGHV&KULVWHQWXPVZLUNWZLU0HQVFKHQVHLHQ ÄGLH.URQHGHU6FK|SIXQJ¶²ZHVKDOEZLUXQVÄGLH(UGHXQWHUWDQPDFKHQ¶ GUIWHQ 'HU 7H[W HQWZLFNHOW XQG HQWIDOWHW JHQDXHU JHVDJW GLH ,GHH GDVV YRUDOOHPHLQH+\SRWKHVHGHQ$QWKURSR]HQWULVPXVZLUNOLFKQDFKKDOWLJ]X HUVFKWWHUQYHUPDJ XQGVRPLWDXFKXQVHUHP]HUVW|UHULVFKHQ8PJDQJPLW GHU 1DWXU QDFKGUFNOLFK (LQKDOW JHELHWHQ N|QQWH  GDVV ZLU LQ :DKUKHLW DXIGLHVHP3ODQHWHQJDUQLFKWDOOHLQHVLQGGDVVZLUDOVRQLFKWGLHÄ.URQH¶ XQGMHGHQIDOOVQLFKWGLHHLQ]LJH.URQH GHUVLFKKLHUYROO]LHKHQGHQ(YROX WLRQVLQG 

 

 

0DQDQUHLFKKDOWLJHP0DWHULDO]HLJWDP(QGHYRUDOOHP XQGEHLVSLHOORVXPIDVVHQGXQG]X YHUOlVVLJ  GDV JHVDPWH Ä:DIIHQDUVHQDO¶ GHU Ä5KHWRULN GHU 3HUVXDVLRQ¶ HQWIDOWHW VRZLH ]X JOHLFKYHUDQVFKDXOLFKWNDUWRJUDILHUWXQGYRUJHIKUW YJOGH0DQ$OOHJRULHQ6²  'HWMH5RELQÅ'LH5DFKHGHV.LOOHUVFKOHLPV0LWÄ'HU6FKZDUP¶KHEW)UDQN6FKlW]LQJGHQ GHXWVFKHQ6SDQQXQJVURPDQDXILQWHUQDWLRQDOHV1LYHDX´,Q6=YRP 6RZLUGGHU6FKZDUPXQWHUDQGHUHPDXFKQRFKDOVHLQH$UWVlNXODUHU(UVDW]IUGLHÄ+\SR WKHVH*RWW¶HLQJHVHW]W'LH9RUVWHOOXQJGDVVZLUYRQQRFKXQEHNDQQWHQWLHULVFKHQÄ,QWHOOL JHQ]LHQ¶DXIGHU(UGHEHREDFKWHWZHUGHQVROOWHXQVVRGLH,GHHÄHLQ1DWXU*HZLVVHQHLQ SIODQ]HQ¶N|QQHQ²HLQHGVWHUHSDQRSWLVFKSURWHVWDQWLVFKH.RQWUROO9LVLRQGLHVLFKGDQQ VRJDUELVLQGLH%XFK*HVWDOWXQJKLQHLQDXVZLUNHQVROOWH ELVKLQ]XGHPEHUJUR‰HQVWDUUHQ $XJHGDVXQVYRP&RYHUDXVDQEOLFNW  .|UWH3HWHUÅ(LQ(UGEHEHQLVWLPPHUQXUGHU$QIDQJ$QJULIIGHU(LQ]HOOHU,P5RPDQ Ä'HU6FKZDUP¶VXFKW)UDQN6FKlW]LQJGLH*HIDKULQGHU7LHIVHH´)$=YRP ,QGHUIQIVHLWLJHQ Å(SLORJ´EHUVFKULHEHQHQ 5HIOH[LRQHLQHUVHLQHU3URWDJRQLVWLQQHQGLH GDV %XFK EHVFKOLH‰W ZLUG GLHVHU *HGDQNH GDQQ H[SOL]LW DXFK QRFK HLQPDO VR DXVJHIKUW Å$XFKPLWGHU9RUVWHOOXQJDQGHUHU,QWHOOLJHQ]HQDXIDQGHUHQ3ODQHWHQYHUPRFKWHGDV&KULV WHQWXP6FKULWW]XKDOWHQ>@)UXQVKDW*RWWGLHVH:HOWEHVWLPPW>@'DUDQlQGHUQ%H ZRKQHUDQGHUHU:HOWHQQLFKWV>@'RFKGLH%DVWLRQLVWJHIDOOHQ'LH@DVHPDQWLFVWKDWLVRSHUDWLYHO\ QRWUHOHYDQWIRUIXQFWLRQDOV\VWHPV>@²WKH\GRQRWKDYHWRWDNHVHULRXVO\WKH¶QRQVHULRXV¶ VHPDQWLFV7KHVHWZRPHDQLQJVRIÄVHULRXVQHVV¶VXSSRUWHDFKRWKHU5HDOO\VHULRXVSUREOHPV FDQRQO\EHLQGLFDWHGE\DVHULRXVVHPDQWLFV´ 6WlKHOL8UVÅ([RUFLVLQJWKHÄ3RSXODU¶6HUL RXVO\/XKPDQQ·V&RQFHSWRI6HPDQWLFV´,Q,QWHUQDWLRQDO5HYLHZRI6RFLRORJ\  6² KLHU6 0DQGDUIGDUXPDXFKYHUPXWHQGDVV/XKPDQQVLFKYRQGHUNODVVLVFKHQ NXOWXUNULWLVFKHQ3RVLWLRQRKQHKLQQLHZLUNOLFKXQWHUVFKHLGHQVRQGHUQVLHQXUEHUKROHQVLH

3RSXOlUH.RPPXQLNDWLRQ



,9 'DV EHUOHJHQH IXQNWLRQDOH 3RSXOlUH ² 'LH ZHLWHUH V\VWHPWKHRUHWLVFKH )RUVFKXQJ ]HLJWH QXQ DEHU XQG ]HLJW VHLW LQ]ZLVFKHQ VFKRQ JXW HLQHP -DKU]HKQWGDVV/XKPDQQV7KHRULHPLWDOOGHPGHXWOLFKKLQWHULKUHQ0|J OLFKNHLWHQ ]XUFNEOLHE XQG YRU DOOHP KLQWHU GHQ 0|JOLFKNHLWHQ GLH VLH HLJHQWOLFKELHWHWXPLQVWUXNWLYH$QJHERWHIUHLQHJUXQGOHJHQGQHXH3HUV SHNWLYLHUXQJ SRSXOlUHU .RPPXQLNDWLRQ ]X PDFKHQ  'DEHL VHW]HQ DOOH QHXHUHQ )RUVFKXQJVSRVLWLRQHQ ]XQlFKVW DP VHOEHQ ]HQWUDOHQ 3XQNW XQG 3UREOHPDQ,QHLQHUJHPHLQVDPHQ$QVWUHQJXQJKDEHQVLHJOHLFKVDPGHQ V\VWHPWKHRUHWLVFKHQ 5XELNRQ EHUVFKULWWHQ ² XQG ]XQlFKVW HLQPDO GLH VFKHLQEDU XQEHUZLQGOLFKH )URQW XQG 6FKHLGHOLQLH HLQJHULVVHQ GLH /XK PDQQ]ZLVFKHQ(UQVWXQG8QHUQVWHUULFKWHWKDWWH3RSXOlUH.RPPXQLND WLRQ GLHQW LQ GHU PRGHUQHQ *HVHOOVFKDIW VR ]HLJHQ VLHDOOH ]XQlFKVW HLQ PDOVHKUZRKO]XU/|VXQJÄHUQVWHU¶3UREOHPH 1LPPWPDQLKUH3HUVSHNWLYHQXQG(LQVLFKWHQ]XVDPPHQVSLW]WVLFK DEHUYRUDOOHPGLHHLJHQWPOLFKH3UREOHPVWUXNWXUQXQDXFKQRFKHLQPDO HUKHEOLFK]XGLHEHUHLWVDP3RSXOlUHQGHU6\VWHPHH[HPSODULVFKVLFKWEDU ZXUGH(VHUZHLVWVLFKGDVVQLFKWQXUGLH$IILQLWlWGLHVLFK]ZLVFKHQSRS XOlUHU.RPPXQLNDWLRQXQGIXQNWLRQDOHU'LIIHUHQ]LHUXQJIHVWVWHOOHQOlVVW WDWVlFKOLFKQRFKGHXWOLFKDXVJHSUlJWHULVW DOVGLHVGHU%OLFNDXIGDVÄ3RSX OlUHGHU6\VWHPH¶DOOHLQHVLFKWEDU]XPDFKHQYHUPRFKWH ²VRQGHUQJHQDX VRDXFKGDVSUREOHPDWLVFKH9HUKlOWQLVLQGHPSRSXOlUH.RPPXQLNDWLRQ ]X DQGHUHQ 3UREOHPO|VXQJHQ GLHVHU *HVHOOVFKDIW VWHKW 'LH V\VWHP WKHRUHWLVFKH )RUVFKXQJ HUEUDFKWH LQ]ZLVFKHQ JHQDXHU JHVDJW QRFK GUHL ZHLWHUH(LQVLFKWHQ   1LFKW QXU GLH PRGHUQHQ )XQNWLRQVV\VWHPH VLQG DXI SRSXOlUH .RPPXQLNDWLRQ DOV Ä/|VXQJ¶ DQJHZLHVHQ 'HU PRGHUQHQ 'LIIHUHQ]LH UXQJVIRUPVLQG]XGHPDXFKQRFKDQDQGHUHU6WHOOHYRQYRUQKHUHLQJDQ] QHXDUWLJH Ä3UREOHP]RQHQ¶ ² QHXDUWLJH /FNHQ XQG 1LVFKHQ JOHLFKVDP ² HLQJHVFKULHEHQDQXQGLQGHQHQSRSXOlUH.RPPXQLNDWLRQVLFKEHVRQGHUV JXWHLQQLVWHQHLQULFKWHQXQGHQWZLFNHOQNRQQWH  3RSXOlUH.RPPXQLNDWLRQHUVFKZHUWXQGVW|UWQLFKWQXUGLH$XWR SRLHVLVGHU)XQNWLRQVV\VWHPH6LHYHUGUlQJWPLWXQWHUDXFK²LPGLUHNWHQ :HWWEHZHUE PLW GHQ V\VWHPLVFKHQ /HLVWXQJVNHUQHQ ² 3UREOHPO|VXQJHQ GLHGLHVHHQWZLFNHOQXQGDQELHWHQ3RSXOlUH3UREOHPO|VXQJHQZHUGHQDOVR LPPHU ZLHGHU DXFK P|JOLFKHQ ÄHUQVWHQ¶ $OWHUQDWLYHQ YRUJH]RJHQ 3RSX  QXUQRFKHLQPDOEHUELHWHQZROOWH3RSXOlUH.RPPXQLNDWLRQEOHLEWDXFKEHLLKPPLQGHU ZHUWLJVLHKDWQXU]XVlW]OLFKQXQDXFKNHLQHUOHLHUQVWKDIWH)ROJHQ ZLHGLHEHUKPWHÄ9HU GXPPXQJ¶ PHKUVLHHUIOOWNHLQHUOHLHUIUHXOLFKHRGHUEHGURKOLFKH)XQNWLRQHQ ZLH0DQLSX ODWLRQ PHKUVLHVWHOOWNHLQHHUQVWH*HIDKUXQGNHLQHUQVWKDIWHV3UREOHP²VLHVWHOOWHLQIDFK JDUNHLQHQHUQVW]XQHKPHQGHQ*HJHQVWDQGPHKUGDU  6LHIDVVHQDOVRQXQDXFKDOOH XQGPLWGHPJOHLFKHQ1DFKGUXFN SRSXOlUH.RPPXQLNDWLRQ IXQNWLRQDODXIYJOGD]XDXFKGLHhEHUEOLFNVGDUVWHOOXQJHQLQ+XFNX=RUQÅ'DV3RSXOlUH´ VRZLH6WlKHOLÅ%HVWLPPXQJHQGHV3RSXOlUHQ´



&DUVWHQ=RUQ

OlUH .RPPXQLNDWLRQ VFKOlJW ÄJHSIOHJWH¶ XQG ÄJHKREHQH¶ .RPPXQLNDWLRQ PLWXQWHU DXFK GLUHNW DXV GHP )HOG ² XQG VFKOlJW VLH DXI GHUHQ YHU PHLQWOLFK HLJHQHQ)HOGHUQ   3RSXOlUH .RPPXQLNDWLRQ ELHWHW QLFKW VHOWHQ ² ZLH DXFK 'HU 6FKZDUP ² 3UREOHPO|VXQJHQ IU PHKUHUH 3UREOHPH JOHLFK]HLWLJ DQ XQG YHUPDJGLH/|VXQJJOHLFKPHKUHUHU3UREOHPH]XVW|UHQ ,9 3RSXOlUHV 0XOWLWDVNLQJ 3URJQRVWLN 3UDJPDWLVPXV 1HJDWLRQ ² 'LH QHXHUH V\VWHPWKHRUHWLVFKH)RUVFKXQJ]XP3RSXOlUHQNRQ]HQWULHUWVLFKYRUDOOHP DXI ]ZHL QHXDUWLJH VWUXNWXUHOOH Ä/FNHQ¶ GLH VLFK PLW GHP hEHUJDQJ ]X IXQNWLRQDOHU 'LIIHUHQ]LHUXQJ ÄDXIJHWDQ¶ KDEHQ ² EH]LHKXQJVZHLVH DXI GLH EHLGHQHQWVSUHFKHQGHQLQGHUPRGHUQHQ*HVHOOVFKDIWQXQJOHLFKVDPÄKHU UHQORVHQ¶ 3UREOHPH GLH ,QGLYLGXDOLWlWVELOGXQJ GHU ,QGLYLGXHQ XQG GLH 6HOEVWEHVFKUHLEXQJGHU*HVHOOVFKDIW'DVKHL‰WDOOHUGLQJVQLFKWGDVVGLH /HLVWXQJVNHUQHGHU)XQNWLRQVV\VWHPHNHLQH$QJHERWH]XU/|VXQJGHUKLHU ]X *UXQGH OLHJHQGHQ 3UREOHPH PDFKHQ ZUGHQ 6R YHUVXFKW GDV (U ]LHKXQJVV\VWHPGLHÄ,QGLYLGXDOLWlWVHQWZLFNOXQJHQ¶LQHLQHPJHZLVVHQ5DK PHQDXIGLH%HGUIQLVVH XQGGHQÄ3HUVRQDOEHGDUI¶ GHU)XQNWLRQVV\VWHPH DE]XVWLPPHQ²XQGGLH:LVVHQVFKDIWEHDQVSUXFKW XQGDOOHQYRUDQEH DQVSUXFKWH/XKPDQQIUVHLQH7KHRULH GLH]XYHUOlVVLJVWHQ*HVHOOVFKDIWV EHVFKUHLEXQJHQDQ]XIHUWLJHQXQGDQ]XELHWHQ 'HQQRFK PVVHQ ÄVSH]LDOGLVNXUVLYH¶ /|VXQJVDQJHERWH DQ GLHVHQ EHL GHQ6WHOOHQUHJHOPl‰LJPLW$QJHERWHQSRSXOlUHU.RPPXQLNDWLRQNRQNXU ULHUHQ 8QG YRU DOOHPPVVHQ VLH LQ GLHVHP XQPLWWHOEDUHQ :HWWEHZHUE  

9JO GD]X DXFK GLHHQWVSUHFKHQGHQ'LDJQRVHQ /XKPDQQV Å'LH KLVWRULVFKH 'LIIHUHQ][] EHVWHKW GDULQ GDVV PLWGHP hEHUJDQJ ]X HLQHU SULPlU DQ )XQNWLRQHQ RULHQWLHUWHQ*HVHOO VFKDIWVGLIIHUHQ]LHUXQJGLH0|JOLFKNHLWGHUNRQNXUUHQ]IUHLHQ5HSUlVHQWDWLRQGHU*HVHOOVFKDIWLQGHU*H VHOOVFKDIWDXIJHJHEHQZHUGHQPXVVWH´ /XKPDQQ1LNODVÅ7DXWRORJLHXQG3DUDGR[LHLQGHQ 6HOEVWEHVFKUHLEXQJHQGHUPRGHUQHQ*HVHOOVFKDIW´,Q1LNODV/XKPDQQ3URWHVW6\VWHPWKHRULH XQG VR]LDOH %HZHJXQJHQ +J X HLQJHOHLWHW YRQ .DL8ZH +HOOPDQQ )UDQNIXUW0DLQ  6² KLHU 6  >+HUYRUKHEXQJ LP 2ULJLQDO@  Å'LH 1LFKW]HQWUDOLVLHUEDUNHLW GHU =X VWlQGLJNHLWIUGLH,QGLYLGXDOLWlWGHU,QGLYLGXHQPDJHKHUHLQ*OFNVIDOOVHLQ(LQH=HQWUDO DJHQWXU GLH VLFK PLW GHQ 0|JOLFKNHLWHQ EHIDVVW LQGLYLGXHOO ]X VHLQ LVW QLFKW QXU HLQH *UHXHOYRUVWHOOXQJVRQGHUQDX‰HUGHPDXFKHLQHRIIHQVLFKWOLFKH3DUDGR[LH´ /XKPDQQ'LH *HVHOOVFKDIW6   9JO/XKPDQQ1LNODV'DV(U]LHKXQJVV\VWHPGHU*HVHOOVFKDIW)UDQNIXUW0DLQ  9JO =RUQ &DUVWHQ Å0RGHUQH 6HOEVWEHVFKUHLEXQJVYHUKlOWQLVVH .RQNXUUHQ] IXQNWLRQDOH 'LIIHUHQ]LHUXQJ XQG ODWHQWH /HLVWXQJVWUDQVIHUV LP 3UR]HVV GHU 6HOEVWEHVFKUHLEXQJ PRGHU QHU *HVHOOVFKDIW´ ,Q 6R]LDOH 6\VWHPH    +  =HKQ -DKUH GDQDFK 1LNODV /XK PDQQV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6SHFLDO,VVXH 6²VRZLH=RUQ&DUVWHQÅ'LH 6LPSVRQV GHU *HVHOOVFKDIW 6HOEVWEHVFKUHLEXQJHQ PRGHUQHU *HVHOOVFKDIW XQG GLH 3RSX OlUNXOWXU´,Q+XFNX=RUQ +J 'DV3RSXOlUH6²  =XGHQ%HLWUlJHQSRSXOlUHU.RPPXQLNDWLRQ]XU,QGLYLGXDOLVLHUXQJXQGÄ6HOEVWVR]LDOLVDWLRQ¶ PRGHUQHU,QGLYLGXHQYJOYRUDOOHPGLH$UEHLWHQYRQ-HQV5XFKDW]H[HPSODULVFKXQGPLW

3RSXOlUH.RPPXQLNDWLRQ



PLWJUR‰HU5HJHOPl‰LJNHLWXQWHUOLHJHQ²GHQQDQEHLGHQ6WHOOHQVLQG(L JHQVFKDIWHQ JHIUDJW XQG VSLHOHQ 6HOHNWLRQVNULWHULHQ HLQH 5ROOH GLH SRSX OlUHU.RPPXQLNDWLRQHUKHEOLFKHQWJHJHQNRPPHQ6LHSDVVWNXU]JHVDJW HLQIDFK EHVVHU ]X GLHVHQ 3UREOHPHQ 6R HUZHLVHQ GH]LGLHUW SRSXOlUH *HVHOOVFKDIWVEHVFKUHLEXQJHQ²ZLHDXFK'HU6FKZDUPHLQHDQELHWHW²VLFK YRUDOOHP LP9HUJOHLFK]XGHQHQGLHLQGHQÄ.HUQEHUHLFKHQ¶GHUPRGHU QHQ )XQNWLRQVV\VWHPH DQJHIHUWLJW ZHUGHQ  LPPHU ZLHGHU DOV ÅPXFK ÄIDVWHU¶ZKHQLWFRPHVWRGHDOLQJZLWKDFXWHSUREOHPVRIZRUOGVRFLHW\´ hEHUGLHVHUP|JOLFKWGLHVFKLHUH*HVFKZLQGLJNHLWSRSXOlUHU.RPPXQLND WLRQGLH3URGXNWLRQHLQHUVROFKHQ0HQJHXQG9LHOIDOWDQVSHNXODWLYHQ6]H QDULHQXQG=XNXQIWVHQWZUIHQ LP0HGLXPGHU6SUDFKHLQ0XVLNLQ'H VLJQ XQG 0RGH LQ )LOPHQ XQG &RPSXWHUVSLHOHQ 6SLHO XQG Ä5HDOLW\ 6KRZV¶ ²GDVVGLHVHVLFKLP'XUFKVFKQLWWGDQQDXFKGXUFKHLQHEHPHU NHQVZHUW KRKH Ä7UHIIHUTXRWH¶ DXV]HLFKQHQ (LQ HQWVFKHLGHQGHU )DNWRU IUGLHhEHUOHJHQKHLWSRSXOlUHU.RPPXQLNDWLRQLVW]XGHPGHU3UDJPDWLV PXV GHU LQ DOO GHP ]XP $XVGUXFN NRPPW ² XQG YRQ GHP GDQQ JOHLFK DXFKQRFK]ZHLZHLWHUHHEHQVRNODVVLVFKHZLHÄHUQVWKDIWH¶*HQUHVGHU*H VHOOVFKDIWVEHVFKUHLEXQJ EHWURIIHQ VLQG $XFK GLH Ä8WRSLH¶ XQG GHU ÄXWR SLVFKH5RPDQ¶NRQQWHQGDUXPZHLWJHKHQGGXUFKSRSXOlUH.RPPXQLND WLRQHUVHW]WXQGYHUGUlQJWZHUGHQ 









ZHLWHUHU/LWHUDWXUHWZD5XFKDW]-HQVÅ'XELVW'HXWVFKODQGXQGGLH3RSXODULWlWGHV6WDUV 0XVWHUIU,QNOXVLRQXQG,QGLYLGXDOLVLHUXQJ´,Q+XFNX=RUQ +J 'DV3RSXOlUH6²  )U HLQHQ hEHUEOLFN EHU LKUH %HLWUlJH ]XU *HVHOOVFKDIWVEHVFKUHLEXQJ YJO YRU DOOHP QRFKPDOV=RUQÅ0RGHUQH6HOEVWEHVFKUHLEXQJVYHUKlOWQLVVH´ 3RSXOlUH.RPPXQLNDWLRQDOVRZHLVW²VRPVVWHPDQJHQDXHUVDJHQ²LQYLHOHQ+LQVLFKWHQ GLHJU|‰HUH$IILQLWlW]XGHPDXIELHWHW0HKUYRQGHP XQGHQWVSULFKWLQVHKU9LHOHPVHKU JHQDXGHP ZDVGLHPRGHUQH*HVHOOVFKDIWDQGLHVHQ6WHOOHQHUIRUGHUW +DKQ 7RUVWHQ 1LFRODV 3HWKHV X 8UV 6WlKHOL Å,QWURGXFWLRQ´ ,Q 3RSXODU 1RLVH LQ *OREDO 6\VWHPV 6 ² KLHU 6 I 8QG HLQHV VFKHLQW EHUKDXSW QXU LKQHQ ]X JHOLQJHQ ÅWUDQVIRUPLQJVFLHQWLILFWKHRULHVLQWRJOREDOP\WKVRIPRGHUQLW\´ +DKQ3HWKHVX6WlKHOL Å,QWURGXFWLRQ´6  Å7KH VSHHG E\ ZKLFK SRSXODU FXOWXUH FUHDWHV GLIIHUHQW IXWXUH VFHQDULRV HQKDQFHV WKH SRVVLELOLW\WKDWRQHRIWKRVHVFHQDULRVZLOOFRPHWUXH´²KHL‰WHVVRGDQQDXFKH[SOL]LWEHL 1LFRODV3HWKHVÅÄ7KLQNLQJDKHDG¶)LFWLRQDV3UHGLFWLRQLQ3RSXODU6FULSWVRQ3ROLWLFDO6FH QDULRV´ ,Q +DKQ 3HWKHV X 6WlKHOL +J 3RSXODU 1RLVH LQ *OREDO 6\VWHPV 6 ² KLHU 63RSXOlUH*HVHOOVFKDIWVEHVFKUHLEXQJIlOOWDOVRQLFKW]XOHW]WDXFKGXUFKLUULWLHUHQG]X YHUOlVVLJH SURJQRVWLVFKH )lKLJNHLWHQ DXI ² XQG HUODQJW VR DXFK HLQH RIW XQG JHUQH XQWHU VFKlW]WH$XWRULWlWXQG*ODXEZUGLJNHLW 3HWKHVHWZD]HLJWZLH863ROLWLNXQG0LOLWlUSR SXOlUH 6]HQDULHQ GDUXP DXVGUFNOLFK LQ LKUH $XVELOGXQJV XQG (QWVFKHLGXQJVSUD[LV HLQ ELQGHQ  ,QHLQHUDXVJH]HLFKQHWHQ8QWHUVXFKXQJ]XUVFKOHLFKHQGHQ6XEVWLWXWLRQGHUXWRSLVFKHQ*HQ UHVOLHVWPDQVREHUHLWVLQGHQHU-DKUHQÅ'HU8WRSLVWZDQGHOWVLFKYRP.RQVWUXNWHXU GHUGHQ%DXSODQGHU:HOWHQWZLUIWXPLKQGHU0HQVFKKHLWDOVHUVWUHEHQVZHUWHV=LHOYRU]X VWHOOHQ ]XP *HQHUDOVWlEOHU GHU 0HQVFKKHLW GHU )HOG]XJVSOlQH IU DOOH P|JOLFKHQ IU GLH =XNXQIW]XHUZDUWHQGHQ(UHLJQLVVHDXIVWHOOWIUGHQ)DOOHLQHUUDGLRDNWLYYHUVHXFKWHQ(UGH []IUGHQ)DOOHLQHU,QYDVLRQDXVGHP:HOWUDXP[]XVZ'LH9HUlQGHUXQJGHU:HOWLVW QLFKWPHKUGDVGLUHNWDQJHVWHXHUWH=LHOGLHSURJUDPPDWLVFKH)RUGHUXQJ[]VRQGHUQHLQH



&DUVWHQ=RUQ

$OOHV (UZlKQWH LVW QXQ DX‰HUGHP DXFK YRQ%HGHXWXQJ IU GLH5ROOH SRSXOlUHU .RPPXQLNDWLRQ LP .RQWH[W GHU 6HOEVWVR]LDOLVDWLRQ PRGHUQHU ,QGLYLGXHQ6RPDFKWGLH$NWXDOLWlWSRSXOlUHU.RPPXQLNDWLRQVRZLHLKUH )lKLJNHLW ]X UDVFKHQ SUDJPDWLVFKHQ5HDNWLRQHQ DXI9HUlQGHUXQJHQ XQG 1HXHUXQJHQ VLH ]XJOHLFK DXFK EHVRQGHUV DWWUDNWLY ZHQQ HV GDUXP JHKW Å$QKDOWVSXQNWHIUGLH$UEHLWDQGHUHLJHQHQÄ,GHQWLWlW¶´]XILQGHQ=XP =ZHLWHQ ZLUG DQ GLHVHU 6WHOOH GLH PXOWLSOH )XQNWLRQDOLWlW SRSXOlUHU .RP PXQLNDWLRQ EHVRQGHUV GHXWOLFK Ä7KULOOHU¶ RGHU Ä8QWHUKDOWXQJVURPDQH¶ ZLH'HU6FKZDUPELHWHQLQDOOHU5HJHOQLFKWQXU*HVHOOVFKDIWVEHVFKUHLEXQ JHQ DQ KLHU ÄGLH PRGHUQH *HVHOOVFKDIW LVW YRU DOOHP HLQH GLH GXUFK LKU 9HUKlOWQLV ]XU 8PZHOW LKUH HLJHQH ([LVWHQ] JHIlKUGHW¶  VRQGHUQ JHEHQ GHP/HVHU]XJOHLFKDXFKGLH0|JOLFKNHLWGDV%HVFKULHEHQHDXIVLFKVHOEVW ]X EH]LHKHQ 8QG VFKOLH‰OLFK HULQQHUW GHU %OLFN DXI GLHVH EHLGHQ VSH ]LHOOHQ %H]XJVSUREOHPH DXFK QRFK DQ HLQHQ ELVODQJ QRFK JDU QLFKW JH QDQQWHQ]HQWUDOHQ8QWHUVFKLHGDQGLHVSH]LILVFKHQ5HFKWIHUWLJXQJV]ZlQ JHXQG9HUDQWZRUWOLFKNHLWHQGXUFKGLHVLFKIXQNWLRQVV\VWHPLVFKFRGLHUWH GHXWOLFK YRQ SRSXOlUHU .RPPXQLNDWLRQ XQWHUVFKHLGHW /HW]WHUH NDQQ LP *UHQ]IDOORIIHQEDUVFKRQDOOHLQGDGXUFKJHUHFKWIHUWLJWHUVFKHLQHQGDVVVLH ÄHLQ3XEOLNXPILQGHW¶²XQGGDUXPQLFKW]XOHW]WDXFKPLWEOR‰ÄEHKDXSWH WHQ¶ DOVR HWZD ÄYHUVFKZ|UXQJVWKHRUHWLVFKHQ¶  *HVHOOVFKDIWVEHVFKUHLEXQ JHQH[SHULPHQWLHUHQVRZLHQRFKZLFKWLJHULUULWLHUHQGNRPSURPLVVORVDE OHKQHQGH XQG QHJDWLYH%HVFKUHLEXQJHQ DQELHWHQ XQG DXFK HEHQVR NRP SURPLVVORV ÄQHJDWLRQLVWLVFKH¶ XQG ÄGLVVLGHQWH¶ GHQ JHVHOOVFKDIWOLFKHQ Ä1RUPDOEHWULHE¶VW|UHQGH LQGLYLGXHOOH+DOWXQJHQQDKHOHJHQ ,9'LHNRPPHQGH2UGQXQJGHV$QVFKOXVVIlKLJHQ²/LWHUDWXUXQGNXOWXUZLV VHQVFKDIWOLFKHU|IIQHWVLFKLP$QVFKOXVVGDUDQYRUDOOHPGLH0|JOLFKNHLW ]X HLQHP )RUVFKXQJVSURJUDPP GDV ]X IUDJHQ XQG P|JOLFKVW SUl]LVH ]X EHVWLPPHQ KlWWH LQZLHIHUQ HLQ]HOQH $XVVFKQLWWH XQG )RUPHQ SRSXOlUHU .RPPXQLNDWLRQ EHU LKUH JHVHOOVFKDIWOLFKH )XQNWLRQDOLWlW LPPHU DXFK QRFK HLQ LUUHGX]LEOHV ,UULWDWLRQVSRWHQWLDO HLJQHW (V ZlUH MHQHU 5HVW XQG 

 

 

VHOEVWYHUVWlQGOLFK JHZRUGHQH *HJHEHQKHLW PLW GHU PDQ VLFK DXVHLQDQGHU]XVHW]HQ KDW´ 6FKZRQNH 0DUWLQ 9RP 6WDDWVURPDQ ]XU 6FLHQFH )LFWLRQ 6WXWWJDUW  ]LW QDFK GHP XP IDQJUHLFKHQ %XFKDXV]XJ LQ 1HXVVV $UQKHOP +J  8WRSLH %HJULII XQG 3KlQRPHQ GHV 8WRSL VFKHQ)UDQNIXUW0DLQ1HZ@.|OQ   $XIIlOOLJXQGEHPHUNHQVZHUWLVWKLHUGLH7HQGHQ]|IIHQWOLFKH$EVWLPPXQJHQJOHLFKVHOEVW ]XP,QKDOWYRQ8QWHUKDOWXQJVIRUPDWHQ]XPDFKHQ ZLHLQÄ&DVWLQJ6KRZV¶ JHQDXVRZLH GHU 8PVWDQG GDVV $EVWLPPXQJHQ LQ]ZLVFKHQ DXFK DOV IHVWHU %HVWDQGWHLO LQ SUDNWLVFK DOOH SRSXOlUHQ,QWHUQHW$QJHERWHLQWHJULHUWVLQG  8QGGLHVZRP|JOLFKDXFKZHLODEVWLPPXQJVlKQOLFKH3UR]HVVHRKQHKLQDOVGLH]HQWUDOH$W WUDNWLRQSRSXOlUHU.RPPXQLNDWLRQ]XEHJUHLIHQZlUHQ²E]ZGHUHQ9HUVSUHFKHQDXIGH PRNUDWLVFKH0LWZLUNXQJPLWWHOVP|JOLFKVWVFKQHOOHUXQGXQDXIZlQGLJHU2SHUDWLRQHQ NDX IHQQLFKW NDXIHQ HLQVFKDOWHQDXVVFKDOWHQ DQNOLFNHQQLFKW DQNOLFNHQ  9LHOOHLFKW JLQJ HV KLHU VRJDU YRQ %HJLQQ DQ XPHLQHHUVDW]ZHLVH (UIOOXQJ DOOHU JUXQGOHJHQGHQ 9HUVSUHFKHQ GHUPRGHUQHQ*HVHOOVFKDIW ² ZLHHLQH 8QWHUVXFKXQJ YRQ +DQV*HRUJ6RHIIQHUDUJXPHQ WLHUW YJO6RHIIQHU+DQV*HRUJÅ'LH,QV]HQLHUXQJYRQ*HVHOOVFKDIW:lKOHQDOV)UHL]HLW JHVWDOWXQJ´,Q'LH$XVOHJXQJGHV$OOWDJV%G'LH2UGQXQJGHU5LWXDOH+JY+DQV*HRUJ 6RHIIQHU)UDQNIXUW0DLQ6²  



5$8081'=(,7²0$5.675$1' &+5,6723+5(,1)$1'7 )UDJW PDQ DP %HJLQQ GHV  -DKUKXQGHUWV QDFK GHP 6WDWXV XQG 6WHO OHQZHUW YRQ 5DXP XQG =HLW VR HUKlOW PDQ UHFKW ZLGHUVSUFKOLFKH %H IXQGH(LQHUVHLWVZHUGHQ5DXPXQG=HLWLP$OOWDJVOHEHQQDFKZLHYRUDOV RQWRORJLVFKH *HJHEHQKHLWHQ YRUDXVJHVHW]W PDQ ÄKDW¶ =HLW XQG 5DXP RGHUHEHQQLFKWRGHU]XZHQLJ XQGPDQPXVVOHUQHQPLWGLHVHQ*HJH EHQKHLWHQXP]XJHKHQXQGGDV%HVWHGDUDXV]XPDFKHQ$QGHUHUVHLWVJH ULHWLQGHUZLVVHQVFKDIWOLFKHQ5HIOH[LRQEHU5DXPXQG=HLWLP/DXIHGHV -DKUKXQGHUWV]XQHKPHQGLQGHQ%OLFNGDVVHVVLFKEHLEHLGHQ'LPHQ VLRQHQ XP EHREDFKWHUDEKlQJLJH XQG NXOWXUVSH]LILVFKH .RQVWUXNWH KDQ GHOW GHUHQ $XIIDVVXQJ DOV 6HLQVYRUDXVVHW]XQJ ]X XQWHUVFKLHGOLFKHQ KLV WRULVFKHQ=HLWSXQNWHQXQGDQXQWHUVFKLHGOLFKHQ2UWHQMHZHLOVDXIXQWHU VFKLHGOLFKH :HLVH NRQVWDWLHUW UHIOHNWLHUW XQG ÄQDWXUDOLVLHUW¶ ZXUGH XQG ZLUG(UNDQQWZXUGHGLHVLP=XJHGHUVLFKVHLWGHP-DKUKXQGHUWYROO ]LHKHQGHQ Å8PVWHOOXQJ GHV :LVVHQVFKDIWVV\VWHPV YRQ HLQHP RQWROR JLVFKHQ DXI HLQ NRQVWUXNWLYLVWLVFKHV >«@ 6HOEVWYHUVWlQGQLV´ DQ GHUHQ (QGHMHGRFKQLFKWGLHYROOVWlQGLJH$QHUNHQQXQJGHV.RQVWUXNWFKDUDNWHUV YRQ5DXPXQG=HLWVWHKWVRQGHUQGHUHLQJDQJVEHREDFKWHWHGRSSHOWH6WD WXVXQG6WHOOHQZHUW]ZLVFKHQ2QWRORJLHXQG.RQVWUXNWLYLVPXV:lKUHQG GLH 6\VWHPWKHRULH 1LNODV /XKPDQQV PLW LKUHQ NRQVWUXNWLYLVWLVFKHQ *UXQGDQQDKPHQ XQG LKUHU DXVJHSUlJWHQ KLVWRULVFKHQ .RPSRQHQWH DOV 7KHRULH GHU 0RGHUQHVLFK LQ EHVRQGHUHU :HLVH HLJQHWXP GLHVHP'RS SHOFKDUDNWHUDXIGLH6SXU]XNRPPHQ]HLJWVLFKGLHPRGHUQH/LWHUDWXUVHLW GHP-DKUKXQGHUWPLWLKUHU)DYRULVLHUXQJYRQ,PDJLQDWLRQXQG)LNWLR QDOLWlWVFKRQIUKVHQVLEHOIUGHQ.RQVWUXNWFKDUDNWHUXQVHUHV8PJDQJV PLWGHU:LUNOLFKNHLW9RUGLHVHP+LQWHUJUXQGVROOLP)ROJHQGHQGDVV\V WHPWKHRUHWLVFKH 9HUVWlQGQLV YRQ 5DXP XQG =HLW PLW +LOIH HLQHV OLWHUD ULVFKHQ7H[WHVHUOlXWHUWZHUGHQ YHU|IIHQWOLFKWHGHUDPHULNDQLVFKH/\ULNHU0DUN6WUDQGVHLQ*H GLFKWÅ.HHSLQJ7KLQJV:KROH´GDVXQWHUGHP7LWHOÅ'LH'LQJHJDQ]ODV VHQ´VHLWDXFKLQGHXWVFKHUhEHUVHW]XQJYRUOLHJW   

/XKPDQQ1LNODV'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6



&KULVWRSK5HLQIDQGW ,QHLQHP)HOG ELQLFKGDV ZDVHVQLFKWLVW ,PPHU LVWGDVGHU)DOO :RLFKDXFKELQ ELQLFKGDVZDVIHKOW  :HQQLFKJHKH WHLOHLFKGLH/XIW XQGLPPHUVWU|PWVLHQDFK XPGLH5lXPH]XIOOHQ ZRPHLQ.|USHUJHZHVHQLVW  $OOHKDEHQZLU*UQGH XQV]XEHZHJHQ ,FKEHZHJHPLFK XPGLH'LQJHJDQ]]XODVVHQ

'DV *HGLFKW NRQVWLWXLHUW VLFK ]XQlFKVW EHU HLQ WUDGLWLRQHOOHV O\ULVFKHV ,FKGDVVLFKLQHLQHU/DQGVFKDIWZLHGHUILQGHW(VVFKOLH‰WGDPLWGHXWOLFK DQ GLH IU GLH NXOWXUHOOH0RGHUQH NRQVWLWXWLYH URPDQWLVFKH 7UDGLWLRQ GHU O\ULVFKHQ 6HOEVWYHUJHZLVVHUXQJ GHV 6XEMHNWV LP $QJHVLFKW GHU 1DWXU DQ JLEWGLHVHUDEHULQGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVHLQHQHXH:HQ GXQJ:HGHUJHKWGDV6XEMHNWHPSKDWLVFKLQGHU1DWXUDXIQRFKJHOLQJW HVLKPHLQH%DODQFH]ZLVFKHQ,QQHQXQG$X‰HQKHU]XVWHOOHQ6WDWWGHVVHQ NRQVWDWLHUW HV HLQH XQEHUZLQGOLFKH *UHQ]H (V GDV ,FK  LVW QLFKW GDV )HOG GDV HV ZDKUQLPPW XQG ÄLQ¶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‰HQZHOWZREHLGLH/XIWDOV  

=LWLHUW QDFK 6WHSKDQ -DNRE /\ULVFKH 9LVLWH RGHU 'DV QlFKVWH *HGLFKW ELWWH (LQ SRHWRORJLVFKHU )RUWVHW]XQJVURPDQ=ULFK6'LHhEHUVHW]XQJVWDPPWDXV6WUDQG0DUN'XQNOHU +DIHQ)UDQNIXUW0DLQ >hEHUVHW]XQJHQYRQ0LFKDHO.UJHU5DLQHU*6FKPLGWXQG 5LFKDUG :HLKH@ GDV 2ULJLQDO ZXUGH HUVWPDOV YHU|IIHQWOLFKW LQ 6OHHSLQJ ZLWK 2QH (\H 2SHQ  XQGZLHGHUDEJHGUXFNWLQ6WUDQG0DUN6HOHFWHG3RHPV1HZ«@GLHGHUVR]LRNXOWXUHOOHQ(YROXWLRQ]X]XUHFKQHQLVWXQGGLH GHU 7KHRUHWLNHU QLFKW WULIIW VRQGHUQ QXU QDFKNRQVWUXLHUW´ 'HPJHJHQ EHU ELHWH 9HUVLRQ  UHLFKH 0|JOLFKNHLWHQ GDV IU GLH PRGHUQH .XOWXU FKDUDNWHULVWLVFKH 0LVFKYHUKlOWQLV YRQ 5DXP XQG =HLW EHL GRPLQLHUHQGHU =HLWGLPHQVLRQVFKDUIVLQQLJ]XDQDO\VLHUHQ 'LH ]HQWUDOH )RUPXOLHUXQJ GLHVHV ]ZHLWHQ %HJULIIV YRQ 5DXP LQ VHL QHPVSH]LILVFKHQ=XVDPPHQVSLHOPLWGHP%HJULIIGHU=HLWILQGHWVLFKLQ 1LNODV/XKPDQQV'LH.XQVWGHU*HVHOOVFKDIWYRQÅ:DVLPPHULKQHQDOV K\SRNHtPHQRQ Ä]X *UXQGH OLHJHQ¶ PDJ ZLU YHUVWHKHQ XQWHU 5DXP XQG =HLW0HGLHQGHU0HVVXQJXQG(UUHFKQXQJYRQ2EMHNWHQ DOVRQLFKW)RUPHQGHU $QVFKDXXQJ ´'HXWOLFKYHUZHLVWKLHUGLHHLQOHLWHQGH$X‰HUDFKWODVVXQJ GHV DULVWRWHOLVFKHQ %HJULIIV GHV YRP (UNHQQHQ XQDEKlQJLJ 6HLHQGHQ DXI GLH JUXQGVlW]OLFKH $QHUNHQQXQJ GHU 'LIIHUHQ] YRQ :HOW XQG (UNHQQHQ  

  

IXUW0DLQ  6 ² /XKPDQQ 1LNODV %HREDFKWXQJHQ GHU 0RGHUQH 2SODGHQ  6² Å'LH%HVFKUHLEXQJGHU=XNXQIW´  6WLFKZHK5XGROIÅ5DXP5HJLRQXQG6WDGWLQGHU6\VWHPWKHRULH´,Q5XGROI6WLFKZHK'LH :HOWJHVHOOVFKDIW6R]LRORJLVFKH$QDO\VHQ)UDQNIXUW0DLQ6²9JODXFKDQ6WLFK ZHKVhEHUOHJXQJHQDQVFKOLH‰HQG/LSSXQHU5RODQG5DXP²6\VWHPH²3UDNWLNHQ=XP9HU KlOWQLVYRQ$OOWDJ:LVVHQVFKDIWXQG*HRJUDSKLH:LHVEDGHQ6² 6WLFKZHKÅ5DXP5HJLRQXQG6WDGW´6 (EG6 /XKPDQQ 1LNODV 'LH .XQVW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  6 ² 6  >+HUYRUKHEXQJLP2ULJLQDO@

5DXPXQG=HLW



ZlKUHQGGLH5HGHYRQGHUÄ0HVVXQJXQG(UUHFKQXQJYRQ2EMHNWHQ¶DXI GHQ(IIHNWHLQHUNRQVWUXLHUWHQ6HLQVYRUDXVVHW]XQJDEKHEW*DQ]LP6LQQH VHLQHU SURJUDPPDWLVFKHQ hEHUOHJXQJHQ ]XP .RQVWUXNWLYLVPXV VXFKW /XKPDQQGLH3ODXVLELOLVLHUXQJGLHVHUNRQVWUXLHUWHQ2QWRORJLHGXUFK5FN ELQGXQJDQGLHHPSLULVFKH([LVWHQ]GHV%HREDFKWHQVVHOEVWGHVVHQHUVWH (QWVFKHLGXQJHQHUDXIÅGLHQHXURSK\VLRORJLVFKH2SHUDWLRQVZHLVHGHV*H KLUQV´EH]LHKWVRGDVVÅ5DXPXQG=HLWLPPHUVFKRQDEJHVWLPPWDXIGLH TXDQWLWDWLYH6SUDFKHGHV*HKLUQV´VLQG$XVGLHVHQhEHUOHJXQJHQHUJLEW VLFK ZHQQ VFKRQ NHLQH RQWRORJLVFKH VR GRFK LPPHUKLQ HLQH RSHUDWLYH 9RUJlQJLJNHLW YRQ 5DXP XQG =HLW GLH IU ÅHLQH JHZLVVH *OHLFKPl‰LJNHLW´ GHU 9HUIJEDUNHLW YRQ :HOW VRUJW LQGHP Å>I@U GLH HLJHQHQ 2SHUDWLRQHQ GHV%HZX‰WVHLQVXQGGHU.RPPXQLNDWLRQ>«@GLH:HOWDOVRLPPHUVFKRQ UlXPOLFKXQG]HLWOLFKJH|IIQHW´LVW'XUFKGLHVHRSHUDWLYH9RUJlQJLJNHLW N|QQHQ5DXPXQG=HLWDOV0HGLHQYHUZHQGHWZHUGHQGLHLP+LQEOLFNDXI GLH'LIIHUHQ]YRQ6WHOOHQXQG2EMHNWHQVSH]LILVFKH)RUPELOGXQJHQHUODX EHQ Å5DXP XQG =HLW ZHUGHQ HU]HXJW GDGXUFK GD‰ 6WHOOHQ XQDEKlQJLJ YRQ GHQ 2EMHNWHQ LGHQWLIL]LHUW ZHUGHQ N|QQHQ GLH VLH MHZHLOV EHVHW]WHQ >«@'HU5DXPPDFKWHVP|JOLFKGD‰2EMHNWHLKUH6WHOOHQYHUODVVHQ'LH=HLW PDFKWHVQRWZHQGLJGD‰GLH6WHOOHQLKUH2EMHNWHYHUODVVHQ´,VWGHU5DXPPLW HLQHP2EMHNWEHVHW]WVRHQWVWHKW$WPRVSKlUH %H]RJHQ DXI GLH (LQ]HOGLQJH GLH GLH 5DXPVWHOOHQ EHVHW]HQ LVW $WPRVSKlUH MH ZHLOVGDVZDVVLHQLFKWVLQGQlPOLFKGLHDQGHUH6HLWHLKUHU)RUPDOVRDXFKGDV ZDVPLWYHUVFKZLQGHQZUGHZHQQVLHYHUVFKZlQGHQ>«@$WPRVSKlUHLVWVRPLW GDV 6LFKWEDUZHUGHQ GHU (LQKHLW GHU 'LIIHUHQ] GLH GHQ 5DXP NRQVWLWXWLHUW DOVR DXFK GLH 6LFKWEDUNHLW GHU 8QVLFKWEDUNHLW GHV 5DXPHV DOV 0HGLXP IU )RUPELO GXQJHQ

(EHQGLHVHV6LFKWEDUZHUGHQGHU(LQKHLWGHU'LIIHUHQ]LVWDXFKGLH6WR‰ ULFKWXQJYRQ0DUN6WUDQGVÅ'LH'LQJHJDQ]ODVVHQ´ZREHLGDV0HGLXP GHU6SUDFKHGDV0HGLXPGHV5DXPHVEHUODJHUWXQGGLH$WPRVSKlUHLP 6LQQH GHU YRQ /XKPDQQ LGHQWLIL]LHUWHQ Å'LVSRVLWLRQVIUHLKHLW´ EHL GHU Å2EMHNWEHVHW]XQJ´GHVYRUJlQJLJHQ0HGLXPV5DXPVHPDQWLVFKDXIOlGW 'DVO\ULVFKH,FKHUNHQQWGDV3ULQ]LSGHV5DXPVQDFK/XKPDQQQlPOLFK  

(EG6 (EG6  (EG6I>+HUYRUKHEXQJHQLP2ULJLQDO@+LHUZLUGGHXWOLFKGDVVGLH:HOWGHU6\VWHPH XQGGDPLWQDFK/XKPDQQGLH:HOWGHU0RGHUQH GXUFKHLQHLJHQSURGX]LHUWHV:HFKVHOVSLHO YRQ.RQWLQJHQ]XQG1RWZHQGLJNHLWJHSUlJWLVWZLH/XKPDQQDQVFKOLH‰HQGEHWRQWÅ.RQ WLQJHQ] ZLUG GDGXUFK PLW 1RWZHQGLJNHLW 1RWZHQGLJNHLW PLW .RQWLQJHQ] YHUVRUJW 'LH 7UHQQXQJ GHU EHLGHQ 0HGLHQ >YRQ 5DXP XQG =HLW &5@ HUODXEW HV PLWKLQ GLH PRGDOWKH RUHWLVFKH3DUDGR[LHGHU.RQWLQJHQ]GHV1RWZHQGLJHQE]ZGHUQRWZHQGLJHQ.RQWLQJHQ]LQ GHU:HOW]XHQWIDOWHQ´  (EG6  (EG6 



&KULVWRSK5HLQIDQGW

GDVVÅHLQH6WHOOHGXUFKQXUHLQ2EMHNWEHVHW]WVHLQNDQQ´ZHQQHVVLFKEH ZHJW VWU|PW GLH /XIW DOV 6WHOOYHUWUHWHU GHV 0HGLXPV 5DXP QDFK DQ GHUHUVHLWV DEHU LVW ÅYRQ GLHVHU (LJHQSRVLWLRQ DXV >«@ YRQ GHU 6WHO OHQVWUXNWXUKHUJHVHKHQMHGHDQGHUH>6WHOOH@]XJlQJOLFK´XQGGLHVH,QVWDELOLWlW GHU ,QDNWXDOLWlW VXJJHULHUW ÅUHDVRQV IRU PRYLQJ´ ZLH HV LP HQJOLVFKHQ 2ULJLQDOEQGLJHUIUGLHHWZDVXQJHOHQNHQÅ*UQGHXQV]XEHZHJHQ´ KHL‰W5DXPLVWDOVRSULQ]LSLHOOVWDELO%HZHJXQJPDUNLHUWDOV6WHOOHQYHUOXVW XQG6WHOOHQJHZLQQGLH$XVQDKPH'LH=HLWDQGHUHUVHLWV DUWLNXOLHUW LKUH 1RWZHQGLJNHLW DOV *OHLFK]HLWLJNHLW DOOHU =XVWlQGH XQG (UHLJQLVVH ² ZHQQPDQVRZLOODOV6HOEVWQHJDWLRQ$OOHVZDVLP0RPHQWDNWXHOOLVWEHVLW]WQXU GLHVHHLQH=HLWVWHOOH$OOHDQGHUHQVLQGLP0RPHQWLQDNWXHOON|QQHQLP0RPHQW QLFKWHQW]RJHQZHUGHQXQGYHUPLWWHOQLQVRIHUQGHQ(LQGUXFNHLQHUVWDELOHQ:HOW ,QVWDELOLWlWNRUUHOLHUWDOVRPLW$NWXDOLWlW6WDELOLWlWPLW,QDNWXDOLWlW

(UQHXW ]HLJW VLFK GDV3RWHQWLDO ]XU VHPDQWLVFKHQ $XIODGXQJ GHU DQGHUHQ 6HLWH GHU )RUP ZHQQ GDV 0HGLXP GHU 6SUDFKH LQ Å'LH 'LQJH JDQ] ODV VHQ´GDV0HGLXPGHU=HLWEHUODJHUW$OOHUGLQJVLVWLP)DOOHGHU=HLWGLH $NWXDOLWlW LQVWDELO ZlKUHQG GLH ,QDNWXDOLWlW 6WDELOLWlW YHUKHL‰W 8QG HEHQ KLHU VHW]W MD GDV SRHWLVFKH 3URMHNW GHV Å'LH 'LQJH JDQ] ODVVHQ´ DQ XQG SRVWXOLHUW HLQHQ VWDELOHQ JDQ]KHLWOLFKH 6LQQKRUL]RQW GHU GXUFK VWHWH ]X NQIWLJH%HZHJXQJHLQJHKROWZHUGHQN|QQWHÅ'LH:HOWVHOEVW´VRN|QQ WHPDQPLW/XKPDQQ]XVDPPHQIDVVHQÅEOHLEW>GDEHL@XQ]XJlQJOLFKZHLO =XJDQJQXUYRQ6WHOOH]X6WHOOHP|JOLFKLVW´ :LHNRPPWPDQYRQKLHU]XU PRGHUQHQ /LWHUDWXULQVJHVDPW"/XK PDQQVHOEVWJHKWLP$QVFKOXVVDQVHLQH(UOlXWHUXQJHQ]X5DXPXQG=HLW ]XP%HJULIIGHV.XQVWZHUNVDXVV\VWHPWKHRUHWLVFKHU3HUVSHNWLYHEHU(U VFKUHLEWGDEHLGHP.XQVWZHUNHLQHQ'RSSHOFKDUDNWHU]X(LQHUVHLWVPXVV HVDOVZDKUQHKPEDUHV2EMHNWGLH0HGLHQ5DXPXQG=HLWQXW]HQDQGHU HUVHLWVDEHUÅHU]HXJHQGLHVH2EMHNWH>«@]XJOHLFKLPDJLQlUH5lXPHXQG =HLWHQ´ 'LHVH LPDJLQlUHQ 5lXPH XQGRGHU =HLWHQ HUP|JOLFKHQ GDQQ DOVÅ5HGXQGDQ]JDUDQWLH´GDVV GDV .XQVWZHUN VHKU YLHO PHKU 9DULHWlW DXIQHKPHQ >NDQQ@ RKQH GD‰ GHU %H REDFKWHUGLHhEHUVLFKWGLH0|JOLFKNHLWGHV)RUWJDQJVYRP(LQHQ]XP$QGHUHQ YHUOLHUWXQGGDV.XQVWZHUNGHVKDOEDOVPL‰OXQJHQEHWUDFKWHWZHUGHQP‰WH'LHV NDQQPLWRSWLVFKHQDNXVWLVFKHQXQGPLWHU]lKOHULVFKHQ0LWWHOQHUUHLFKWZHUGHQ GLHVLFKHUVWHOOHQGD‰DOOHVPDOEDUDOOHVHU]lKOEDUZLUGVRIHUQQXU=HLWXQG5DXP GHQ hEHUJlQJHQ GHQ QRWZHQGLJHQ +DOW JHEHQ 'DV GHXWOLFKVWH %HLVSLHO LVW >«@ GLH=HQWUDOSHUVSHNWLYHDEHUDXFKGLHPLW=HLWV\QFKURQLVLHUWHQhEHUJlQJHLQGHQ

 

(EG6 (EG>+HUYRUKHEXQJHQLP2ULJLQDO@  (EG6  (EG 

5DXPXQG=HLW



(U]lKOXQJHQRGHUGLH6XJJHVWLRQYRQ7RQIROJHQGXUFK0HORGLH5K\WKPXV$XI O|VXQJYRQ'LVVRQDQ]HQ9HU]|JHUXQJHQLQGHU0XVLN

$XI GHQ HUVWHQ %OLFN PXWHW GDV VR ]XVDPPHQJHIDVVWH .XQVWYHUVWlQGQLV VHKUWUDGLWLRQHOODQ0DQPXVVMHGRFKEHGHQNHQGDVVHVDXIHLQHUQHXHQ NRQVWUXNWLYLVWLVFKHQ*UXQGODJHIRUPXOLHUWLVWÅ'HU5HLFKWXPDQ0|JOLFK NHLWHQ GHU .XQVW EHUXKW LQ GLHVHP 6LQQH DXI HLQHU ,PLWDWLRQ GHU 'LIIH UHQ]VWUXNWXUYRQ5DXPXQG=HLW²DEHUQLFKWZLHPDQODQJHJHJODXEWKDW DXI HLQHU ,PLWDWLRQ GHU 2EMHNWH GHU UHDOHQ 5DXP=HLW:HOW´ 9ROO]LHKW PDQGLHVHQ:HFKVHOYRQGHU,GHQWLWlWVRULHQWLHUXQJGHVWUDGLWLRQHOOHQ0L PHVLV3DUDGLJPDV ]XU 'LIIHUHQ]RULHQWLHUXQJ HLQHU V\VWHPWKHRUHWLVFKHQ .XQVWWKHRULHLP6LQQH/XKPDQQVPLW²XQGVRZRKOGLHPRGHUQH.XQVW SUD[LV DOV DXFK GLH PRGHUQH lVWKHWLVFKH 5HIOH[LRQ KDEHQ GLHVHQ :DQGHO QXUVHKU]|JHUOLFKYROO]RJHQXQGVLFKODQJHDXIÄGXUFKWUDGLHUWH¶6HPDQWL NHQGHUZHVWOLFKHQbVWKHWLNJHVWW]W²GDQQHUJLEWVLFKGLH0|JOLFKNHLW GLH(QWVWHKXQJGHUPRGHUQHQ/LWHUDWXUPLWLKUHP$N]HQWDXI,PDJLQDWLRQ XQG )LNWLRQDOLWlW LQ GHQ .RQWH[W MHQHU 5HDOLWlWVYHUGRSSHOXQJ ]X VWHOOHQ GLH (OHQD (VSRVLWR DOV 'LH )LNWLRQ GHU ZDKUVFKHLQOLFKHQ 5HDOLWlW EH]HLFKQHW KDW'LHVH5HDOLWlWVYHUGRSSHOXQJILQGHWVLFKQLFKWQXULPPRGHUQHQ5R PDQ XQG GHU ZLH (VSRVLWR DXIVFKOXVVUHLFK EHVFKUHLEW LP  XQG -DKUKXQGHUW JOHLFK]HLWLJ HQWVWHKHQGHQ :DKUVFKHLQOLFKNHLWVUHFKQXQJ 6LH VHW]W VLFK YLHOPHKU DXI EUHLWHU )URQW LQ GHQ 0DVVHQPHGLHQ IRUW XQG NDQQLQVJHVDPWDOVW\SLVFKIUPRGHUQH*HVHOOVFKDIWHQDQJHVHKHQZHUGHQ 'LH /LWHUDWXU VSLHOW GDEHL LQVRIHUQ HLQH EHVRQGHUH 5ROOH DOV VLH GLH 'LI IHUHQ]VWUXNWXUYRQ5DXPXQG=HLWXQWHUEHVRQGHUHU%HUFNVLFKWLJXQJGHU 3RVLWLRQDOLWlW SV\FKLVFKHU 6\VWHPH GXUFKVSLHOW 6RZRKO GLH 6SUHFK LQVWDQ]HQPRGHUQHU/\ULNDOVDXFKGLHMHQLJHQGHVPRGHUQHQ5RPDQV LP MHZHLOVZHLWHVWHQ6LQQHVHLWGHPELV-DKUKXQGHUW EULQJHQMDGXUFK ÅVFKULIWOLFKH 9HUVWLPPOLFKXQJ´ HLQH ÅILQJLHUWH 0QGOLFKNHLW´ KHUYRU GLH LQ GHU 7DW %HREDFKWHUSRVLWLRQHQ DOV 6XEMHNWSRVLWLRQHQ PLW LKUHQ MH ZHLOVVSH]LILVFKNRQVWUXLHUWHQ'LIIHUHQ]VWUXNWXUHQYRQ5DXPXQG=HLWVL PXOLHUW 1LPPW PDQ GDQQ QRFK DQ GDVV VLFK GLH PRGHUQH OLWHUDULVFKH .RPPXQLNDWLRQVHLWGHP-DKUKXQGHUWDOVHLJHQVWlQGLJHV6R]LDOV\VWHP RUJDQLVLHUW KDW VR WULWW ]X GHU YRQ /XKPDQQ SRVWXOLHUWHQ 5HGXQGDQ]JD      



(EG6I (EG6 =XP %HJULII GHU Ä'XUFKWUDGLHUXQJ¶ VLHKH /XKPDQQ 1LNODV /LHEH DOV 3DVVLRQ =XU &RGLHUXQJ YRQ,QWLPLWlW)UDQNIXUW0DLQ6 (VSRVLWR(OHQD'LH)LNWLRQGHUZDKUVFKHLQOLFKHQ5HDOLWlW)UDQNIXUW0DLQ -DKUDXV 2OLYHU /LWHUDWXU DOV 0HGLXP 6LQQNRQVWLWXWLRQ XQG 6XEMHNWHUIDKUXQJ ]ZLVFKHQ %HZX‰WVHLQ XQG.RPPXQLNDWLRQ:HLOHUVZLVW6 *RHWVFK3DXOÅ)LQJLHUWH0QGOLFKNHLWLQGHU(U]lKONXQVWHQWZLFNHOWHU6FKULIWNXOWXUHQ´,Q 3RHWLFD  6²



&KULVWRSK5HLQIDQGW

UDQWLHGXUFKLPDJLQLHUWH5lXPHXQGRGHU=HLWHQQRFKGLHVHOEVWUHIHUHQ WLHOOH(LJHQG\QDPLNGHU$XVGLIIHUHQ]LHUXQJGHV6\VWHPVKLQ]XGLHGLHLQ .XQVWZHUNHQDNNRPPRGLHUEDUH9DULHWlW]XQHKPHQGYRQGHQ3DUDPHWHUQ GHUVXEMHNWJHEXQGHQHQ'LIIHUHQ]VWUXNWXUYRQ5DXPXQG=HLWHQWIUHPGHW ZLHHWZDPRGHUQLVWLVFKHXQGSRVWPRGHUQLVWLVFKH:HUNHLPPHUZLHGHUEH OHJHQ,P-DKUKXQGHUWVRN|QQWHPDQVDJHQKDWVLFKGDVOLWHUDULVFKH .XQVWZHUN DOV V\PEROLVFK JHQHUDOLVLHUWHV .RPPXQLNDWLRQVPHGLXP GHV 6R]LDOV\VWHPV/LWHUDWXU]XPLQGHVWSRWHQWLHOOYRQ5DXPXQG=HLWHPDQ]L SLHUWZREHLVHLQHVSUDFKOLFKH9HUIDVVWKHLW*UHQ]HQVHW]WXQGGLH(PDQ]L SDWLRQLQ0DOHUHLRGHU0XVLNGHXWOLFKHU]XHUNHQQHQLVW 'HQQRFKNRQVWUXLHUHQDXFKGLHDPZHLWHVWHQYRQPLPHWLVFKHQ,GHD OHQLPWUDGLWLRQHOOHQ6LQQHDEUFNHQGHQ.XQVWZHUNH:HOWHQLQGHPVLHHV GHP %HWUDFKWHU RGHU /HVHU HUP|JOLFKHQ GLH Å3URGXNWLRQ YRQ 8QWHU VFKHLGXQJHQ´ ]X EHREDFKWHQ GLH DXFK MHQVHLWV GHU .XQVW GLH :HOW KHU YRUEULQJHQ 0RGHUQH .XQVW XQG /LWHUDWXU VLQG LQ GLHVHP 6LQQH Å:HOW NXQVW´DQKDQGGHUHUGDV%HREDFKWHQEHREDFKWHWZHUGHQNDQQÅ0DQEH REDFKWHWGDV(LQVHW]HQYRQ0DUNLHUXQJHQLQHLQHQ]XQlFKVWOHHUHQ5DXP RGHU HLQH ]XQlFKVW OHHUH =HLW >«@ PDQ EHREDFKWHW GDV *HZLQQHQ YRQ )RUP´ 'DEHL WUHWHQ ]XU (EHQH GHU %HREDFKWXQJ HUVWHU 2UGQXQJ LP +LQ EOLFNDXIGDV.XQVWZHUNDOVZDKUQHKPEDUHV2EMHNW LPPHUGLH(EHQHGHU %HREDFKWXQJ]ZHLWHU2UGQXQJ LP+LQEOLFNDXIGLHLPDJLQlUHQWZRUIHQHQ 5lXPHXQG=HLWHQ VRZLHZHLWHUH%HREDFKWXQJVHEHQHQKLQ]XGLHVLFKDXI GLH 6HOEVWEHREDFKWXQJ GHU VLFK VHLW GHP  -DKUKXQGHUW DXVGLIIHUHQ]LH UHQGHQPRGHUQHQ.XQVWXQG/LWHUDWXUXQGGHUHQ%HREDFKWXQJHQDQGHUHU %HREDFKWXQJHQ ]%LQGHU:LVVHQVFKDIW EH]LHKHQ'LHPRGHUQH.XQVW XQG GLH PRGHUQH /LWHUDWXU IKUHQ DOVR LQ EHVRQGHUHU :HLVH GLH .RQ WLQJHQ] HLQHU GXUFK 8QWHUVFKHLGXQJHQ XQWHUVFKLHGOLFKVWHU 6\VWHPH NRQV WUXLHUWHQ:HOWYRU$XJHQGLHJDQ]LP6LQQHGHULQÅ'LH'LQJHJDQ]ODV VHQ´YHUGLFKWHWHQ(UIDKUXQJGHVO\ULVFKHQ,FKVQLHDOV(LQKHLWEHREDFKWHW ZHUGHQ NDQQ XQG GHQQRFK DOV XQHUUHLFKEDUHU /HW]WKRUL]RQW DOOHU EH REDFKWEDUHQ8QWHUVFKHLGXQJHQHPSLULVFKYRUDXVJHVHW]WZLUG*HUDGHGLH YRQ /XKPDQQ DQJHQRPPHQH RSHUDWLYH 9RUJlQJLJNHLW GHU 0HVVXQJ XQG (UUHFKQXQJ YRQ 2EMHNWHQ LQ GHQ 0HGLHQ 5DXP XQG =HLW ² GLH LQ GHU TXDQWLWDWLYHQ 6SUDFKH GHU QHXURSK\VLRORJLVFKHQ 2SHUDWLRQVZHLVH GHV RU JDQLVFKHQ 6\VWHPV *HKLUQ HUIROJW XQG YRQ KLHU DXV SHU VWUXNWXUHOOHU .RSSOXQJ LQV %HZXVVWVHLQ JHODQJW XQG GDQQ P|JOLFKHUZHLVH NRPPXQL ]LHUWZLUG ZREHLSV\FKLVFKHXQGVR]LDOH6\VWHPHDOV6LQQV\VWHPHMHZHLOV QHXHDXFKXQGLQVEHVRQGHUHVSUDFKOLFKH8QWHUVFKHLGXQJHQLQV6SLHOEULQ  

/XKPDQQ1LNODVÅ:HOWNXQVW´,Q1LNODV/XKPDQQ)UHGHULFN'%XQVHQX'LUN%DHFNHU 8QEHREDFKWEDUH:HOWhEHU.XQVWXQG$UFKLWHNWXU%LHOHIHOG6²KLHU6

5DXPXQG=HLW



JHQ ²OlVVWDEHUGRFKVHPDQWLVFKH5HVWHHLQHURQWRORJLVFKHQ9RUJlQJLJ NHLW LP 6SLHO GLH VLFK DXFK LQ /XKPDQQV 5HGH YRP Ä]XQlFKVW OHHUHQ 5DXP¶XQGÄ]XQlFKVWOHHUHU=HLW¶VSLHJHOW+LQ]XNRPPWGDVVVLFKGLHPR GHUQH*HVHOOVFKDIWLQVHPDQWLVFKHU+LQVLFKWGXUFKGDV:LVVHQVFKDIWVV\V WHP XQG GLH 0DVVHQPHGLHQ LKUH HLJHQH Q  2QWRORJLH Q  NRQVWUXLHUW XP QLFKWYRQGHURSHUDWLYHQ2QWRORJLHGHV:LUWVFKDIWVV\VWHPV]XUHGHQ GH UHQ NXOWXUHOOH )XQNWLRQDOLWlW XQG :LUNPlFKWLJNHLW GXUFK GHQ NRQVWUXNWL YLVWLVFKHQ (LQVFKODJ GHU PRGHUQHQ .XQVW XQG /LWHUDWXU VRZLH HLQLJHU 7KHRULHELOGXQJHQLQQHUKDOEGHU:LVVHQVFKDIWQLFKWQDFKKDOWLJEHHLQWUlFK WLJWZLUG'LHVH$PELYDOHQ]OlVVWVLFKDEVFKOLH‰HQGZLHGHUXPDQKDQGGHV 5DXPSUREOHPVGHU6\VWHPWKHRULHNXU]HUOlXWHUQ Å0LWLKUHQEHVRQGHUHQ0HUNPDOHQ´VRVFKUHLEW/XKPDQQXQWHUDXV GUFNOLFKHP 9HUZHLV DXI GHQ .RQWH[W GHV UDGLNDOHQ .RQVWUXNWLYLVPXV ÅLVW>@GLHPRGHUQH:HOW>«@HLQJHQDXHV.RUUHODWGHUPRGHUQHQ*HVHOO VFKDIW´ 'DEHL VHW]W GLH IU GLH PRGHUQH *HVHOOVFKDIW FKDUDNWHULVWLVFKH Å3ULYLOHJLHUXQJ YRQ =HLW JHJHQEHU GHP 5DXP DXFK GLH EDVDOH (LQKHLW HLQHU :HOW YRUDXV GLH QLFKW PHKU GXUFK IXQGDPHQWDOH UlXPOLFKH 'LIIH UHQ]HQJHVFKLHGHQLVW´XQGLQGLHVHU+LQVLFKWVSUHFKHQ/XKPDQQXQGLQ VHLQHU 1DFKIROJH DXFK 5XGROI 6WLFKZHK YRQ GHU PRGHUQHQ *HVHOOVFKDIW DOVHLQHUÄ:HOWJHVHOOVFKDIW¶:HQQGLHVVRLVWGDQQGUIWHHVMHQVHLWVGLH VHU :HOWJHVHOOVFKDIW QLFKWV JHEHQ XQG LQ GHU 7DW VSULFKW 6WLFKZHK KLQ VLFKWOLFK GHU ([NOXVLRQVEHUHLFKH GHU :HOWJHVHOOVFKDIW LQ GHU VRJHQDQQWHQ GULWWHQ:HOWYRQÄVFKZDU]HQ/|FKHUQ¶EHUGLHPDQQLFKWVZLVVHQNDQQ /XKPDQQ KLQJHJHQ YHUVFKOlJW HV LQ HLQLJHQ VSlWHQ 6FKULIWHQ DQJHVLFKWV GHV GXUFK JHVHOOVFKDIWOLFKH ([NOXVLRQ YHUXUVDFKWHQ JHVHOOVFKDIWOLFKHQ (OHQGVEXFKVWlEOLFKGLH7KHRULH =XUhEHUUDVFKXQJDOOHU:RKOJHVLQQWHQPX‰PDQIHVWVWHOOHQGD‰HVGRFK([NOX VLRQHQJLEWXQG]ZDUPDVVHQKDIWXQGLQHLQHU$UWYRQ(OHQG GDVVLFKGHU%H VFKUHLEXQJ HQW]LHKW -HGHU GHU HLQHQ %HVXFK LQ GHQ )DYHODV VGDPHULNDQLVFKHU *UR‰VWlGWHZDJWXQGOHEHQGZLHGHUKHUDXVNRPPWNDQQGDYRQEHULFKWHQ>«@(V EHGDUIGD]XNHLQHUHPSLULVFKHQ 8QWHUVXFKXQJHQ:HUVHLQHQ$XJHQWUDXWNDQQ HVVHKHQXQG]ZDULQHLQHU(LQGUFNOLFKNHLWDQGHUGLHYHUIJEDUHQ(UNOlUXQJHQ VFKHLWHUQ

 

/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6 6WLFKZHKÅ5DXP5HJLRQXQG6WDGW´6  9JO/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6²6WLFKZHK:HOWJHVHOOVFKDIW  9JO 6WLFKZHK 5XGROI,QNOXVLRQ XQG([NOXVLRQ6WXGLHQ]XU *HVHOOVFKDIWVWKHRULH%LHOHIHOG  6  /XKPDQQ 1LNODV Å-HQVHLWV YRQ %DUEDUHL´ ,Q 1LNODV /XKPDQQ *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN 6WXGLHQ ]XU :LVVHQVVR]LRORJLH GHU PRGHUQHQ *HVHOOVFKDIW %G  )UDQNIXUW0DLQ  6²KLHU6 



&KULVWRSK5HLQIDQGW

(VJLEWLKQDOVRGHQ5DXPMHQVHLWVGHU:HOWJHVHOOVFKDIWGHUDXVGHU/RJLN GHU7KHRULHKHUDXVHUNOlUXQGLQWHJULHUEDUVHLQPVVWHDEHUGRFKSULPlU GLH$EZHKUGHU:RKOJHVLQQWHQRGHUHLQHQÄXQWKHRUHWLVFKHQ¶5FNIDOODXI HLQHQ DQWKURSRPRUSKHQ WLHI EHWURIIHQ =HXJQLV DEOHJHQGHQ %HREDFKWHU SURYR]LHUW :HQQ VLFK GLH 6\VWHPWKHRULH GLHVHU +HUDXVIRUGHUXQJ VWHOOHQ ZLOOVROOWHVLHGHU'LPHQVLRQGHV5DXPHVYHUVWlUNW$XIPHUNVDPNHLWZLG PHQXPGHQ+RPRJHQLVLHUXQJVWHQGHQ]HQGHV:HOWJHVHOOVFKDIWVNRQ]HSWV PLW VHLQHU DXVVFKOLH‰OLFKQDFK LQQHQ JHULFKWHWHQ $QHUNHQQXQJ YRQ 3RO\ NRQWH[WXUDOLWlW ]X HQWNRPPHQ XQG GHQ $QIRUGHUXQJHQ HLQHU WUDQVNXOWX UHOOHQ0RGHUQH]XJHQJHQ6FKRQKDWWHGHU$OWSKLORORJH0DWKH PDWLNHUXQG7KHRORJH(GZLQ$$EERWWLQVHLQHPDQRQ\PYHU|IIHQWOLFK WHQ5RPDQ)ODWODQG$5RPDQFHRI0DQ\'LPHQVLRQVHLQDOWHV4XDGUDWVFKLO GHUQODVVHQZLHHVPLWVHLQHQ9HUVXFKHQGLH%HZRKQHUYRQ)OlFKHQODQG EHU GLH ([LVWHQ] YRQ /LQLHQODQG XQG 5DXPODQG DXI]XNOlUHQ WUDJLVFK VFKHLWHUWH ZHLO VLFK VHLQH 0LWEHZRKQHU XQG GLH VWDDWOLFKHQ $XWRULWlWHQ ZHLJHUQ EHU GLH *UHQ]HQ LKUHU :HOW KLQDXV]XVFKDXHQ :LOO PDQ GLHV GHQQRFKXQGGLHVLVWWURW]VHLQHVQHJDWLYHQ$XVJDQJVGDV3URMHNWGHV5R PDQV VR EHGDUI HV ZLH $EERWW LQ HLQHP YRUJHVFKDOWHWHQ :LGPXQJVWH[W PDKQW HLQHV Å$XVEDX>V@ GHU 3KDQWDVLH XQG GHU P|JOLFKHQ (QWZLFNOXQJ GHUVHOWHQHQXQGYRU]JOLFKHQ*DEHGHU%HVFKHLGHQKHLW´

 

9JOGD]X(FNVWHLQ/DUVX&KULVWRSK5HLQIDQGWÅ/XKPDQQLQWKH&RQWDFW=RQH=XU7KH RULHHLQHUWUDQVNXOWXUHOOHQ0RGHUQH´,Q'LIIHUHQ] WKHRULHQ  :LH N|QQHQVLFKSRVWNRORQLDOH7KHR ULHQ XQG 6\VWHPWKHRULH EHREDFKWHQ" +J Y 0DULR *UL]HOM X 'DQLHOD .LUVFKVWHLQ %HUOLQ >LP 'UXFN@  $EERWW (GZLQ $ )OlFKHQODQG (LQ PHKUGLPHQVLRQDOHU 5RPDQ YHUID‰W YRQ HLQHP DOWHQ 4XDGUDW 'HXWVFKYRQ-RDFKLP.DOND0QFKHQ



5$86&+(1²,7$/2&$/9,12 021,.$6&+0,7=(0$16 ,6HPDQWLVLHUXQJHQGHV5DXVFKHQV 'HU%HJULIIGHVÄ5DXVFKHQV¶LVWYHUVFKLHGHQXQGWHLOVGLYHUJHQWNRQWH[WXD OLVLHUW XQG VHPDQWLVLHUW ZRUGHQ 0LW GHP RIW HUVDW]ZHLVH YHUZHQGHWHQ $XVGUXFN Ä/lUP¶ E]Z GHP HQJOLVFKHQ ÄQRLVH¶ RGHU GHP IUDQ]|VLVFKHQ ÄEUXLW¶ YHUELQGHW VLFK ]XPLQGHVW HLQH DQGHUH 6HPDQWLVLHUXQJ LQVRIHUQ /lUP JHPHLQKLQ DOV XQDQJHQHKP JLOW ZlKUHQG 5DXVFKHQ DXFK $QJH QHKPHV DVVR]LLHUHQ OlVVW%lFKH DXI :LHVHQ EHLVSLHOVZHLVH HUIULVFKHQGHQ 5HJHQ XQG DQGHUH 1DWXUSKlQRPHQH  +LQ]X NRPPHQ VHLQH PHWDSKRUL VFKHQ %HGHXWXQJVSRWHQ]LDOH VRZLH GLH VSH]LILVFKHQ .RQQRWDWLRQHQ GLH VLFKDXVGHU²QLFKWQXU²HW\PRORJLVFKHQ9HUZDQGWVFKDIWYRQÅ5DXVFK´ XQGÅ5DXVFKHQ´HUJHEHQ  

'LH $PELJXLVLHUXQJ HLQHV ]XQlFKVW SRVLWLY NRQQRWLHUWHQ 5DXVFKHQV LP 6LQQ HLQHV 'LI IHUHQ]LHUXQJV XQG 2ULHQWLHUXQJVYHUOXVWV LVW HLQ ZLFKWLJHV WH[WEHUJUHLIHQGHV 3URMHNW UR PDQWLVFKHU/LWHUDWXU  *ULPP -DFRE X :LOKHOP 'HXWVFKHV :|UWHUEXFK %G  $UW ÅUDXVFKHQ´ 'DV 9HUE ÄUDX VFKHQ¶ LVW ]XQlFKVW JHEUlXFKOLFK IU GLH ÄXQJHVWPH ZLOGH EHZHJXQJ OHEHQGHU ZHVHQ¶ 6S  XQG ZLUG YRQ KLHU DXI JHUlXVFKYROOHV LP 6LQQ YRQ DXIIlOOLJHV  9HUKDOWHQ EHU WUDJHQ0DQVSULFKWIHUQHUYRPÅUDXVFKHQYRQ*HJHQVWlQGHQLQ>@YRQVFKDOOEHJOHLWHWHU EHZHJXQJ´ 6S   LQVEHVRQGHUH EH]RJHQ DXI ÅZDVVHU IOXW UHJHQ´ 6S   VRZLH DXI ÅVWXUPZLQGOXIW´ÅIHXHU´1DWXUHUVFKHLQXQJHQXQGDQGHUHQ2EMHNWHQ 6SI +LQ]X NRPPHQGDV5DXVFKHQÅYRQZRUWHQVDLWHQPXVLNJHW|Q´VRZLHÅYRQEHZHJWHPOHEHQXQG GHU]HLWEHUKDXSW´ 6S   9JO *ULPP -DFRE X :LOKHOP 'HXWVFKHV :|UWHUEXFK %G  $UW ÅUDXVFK´ 6S II $OV HUVWHYRQÅPHKUHUHQEHGHXWXQJHQ´IUÅ5DXVFK´QHQQWGDV*ULPP·VFKH'HXWVFKH:|UWHUEXFK ÅGDVUDXVFKHQGLHUDXVFKHQGHEHZHJXQJ YHUJOJHUlXVFK ´XQG]ZDUÅYRQZRONHQGLHVLFK HQWOHHUHQ´ ÅYRQ W|QHQ´ YRQ ÅGLQJ HQ  LQ UDXVFKHQGHU EHZHJXQJ´ GDQQ GLH ÅXQJHVWPH EHZHJXQJ´ 6S   'DV ZDV PDQ KHXWH SULPlU XQWHU Å5DXVFK´ YHUVWHKW LVW GDYRQ QXU DEJHOHLWHW ÅHLQH lXV]HUXQJ GHV WULQNHUZLW]HV GHU GLH >@ EH]HLFKQXQJHQ IU ]XVWlQGH GHU WUXQNHQKHLWLPGHXWVFKHQJHVFKDIIHQKDWVHLHVGDV]VLH>GLHVHEHUWUDJHQH%HGHXWXQJ@DQ GDV UDXVFKHQ LP NRSIH DQNQSIW >@ RGHU DQ GLH JHUlXVFKYROOH OXVWLJNHLW GHU ]HFKHU´ 6S (LQ7UXQNHQKHLWVÅ5DXVFK´OLHJWGHPQDFKGDQQYRUZHQQHVLP.RSIGHU7ULQ NHUZLUEHOWRGHUZHQQGLHVHODXWH*HUlXVFKHPDFKHQ(LQHGHPJHJHQEHUMQJHUH6SH]LIL NDWLRQOLHJWLQGHU,GHHHLQHVÅ5DXVFKHV´GHU%HJHLVWHUXQJ XQGYRQKLHUDXVJHKHQGGHVSR HWLVFKHQ(QWKXVLDVPXVDOVUDXVFKKDIW ÅHUVWGLHQHXHGLFKWHULVFKHUHGHKDWUDXVFKDXFKDXI GHQ WDXPHO GLH VHHOLVFKH WUXQNHQKHLW GDV HQW]FNHQ GHV LQQHUQ ELV ]XP VHOEVWYHUJHVVHQ JHZHQGHW´ 6S 



0RQLND6FKPLW](PDQV

9RPÄ5DXVFKHQ¶KDQGHOQYHUVFKLHGHQH:LVVHQVGLVNXUVHXQWHUMHVSH]L ILVFKHQ $N]HQWXLHUXQJHQ 6R KDEHQ 3KlQRPHQRORJHQ GDV .|USHUJHIKO DOV HLQ Ä+LQWHUJUXQGUDXVFKHQ¶ GHV /HEHQV EHVFKULHEHQ ,Q GHQ 6SXUHQ 0HUOHDX3RQW\VHU|UWHUW%DUEDUD%HFNHUGDV5DXVFKHQXQWHUGHP$VSHNW ÅXQVHUHV VLQQOLFKN|USHUOLFKHQ LQGHU:HOW6HLQV´ 3KlQRPHQRORJLVFK EHWUDFKWHWVWHOOWGHU.|USHUHLQHQhEHUJDQJVEHUHLFK]ZLVFKHQGHP0HQ VFKHQ XQG GHU :HOW,QQHQXQG $X‰HQ GDU'XUFK VHLQH 6LQQHVWHKW GDV ,FK LQ VWlQGLJHP $XVWDXVFK PLW GHU :HOW GLH :HOW ÄXPUDXVFKW¶ HV 'HU .|USHUVHOEVWÅ9RUDXVVHW]XQJXQVHUHVVLQQOLFKHQ:HOWEH]XJV´LVWGLHHL JHQWOLFKH8UVDFKHGLHVHV5DXVFKHQV$OVHWZDV(LQKHLWOLFKHVZDKUJHQRP PHQZLUGGDV5DXVFKHQZHLOGLH6LQQHEHLVHLQHU(U]HXJXQJ]XVDPPHQ ZLUNHQ +LQWHUJUXQGIROLH HLQHV MHGHQ EHZXVVWHQ :DKUQHKPXQJVDNWHV VLQG GLHVH GLIIXVHQ 6LQQHVHLQGUFNH GLH VLFK RUGQHQ VWUXNWXULHUHQ XQG REMHNWLYLHUHQODVVHQ 0LWLQIRUPDWLRQVWKHRUHWLVFKHQ.RQ]HSWHQGHV5DXVFKHQVDOVGHV+LQ WHUJUXQGHVDOOHUVLFKDXVLKPDXVGLIIHUHQ]LHUHQGHQ,QIRUPDWLRQHQLVWGLHVH .RQ]HSWLRQ GHV N|USHUOLFKVHQVXHOOHQ 5DXVFKHQV ]ZDU GXUFKDXV YHU ZDQGWGRFKZlKUHQGGLH,QIRUPDWLRQVWKHRULHGDV5DXVFKHQLP:HVHQW OLFKHQQHJDWLYEHVWLPPW²QlPOLFKDOV=XVWDQGQLFKWVWDWWILQGHQGHU.RP PXQLNDWLRQ E]Z DOV 9HUKLQGHUXQJ YRQ ,QIRUPDWLRQ ² DN]HQWXLHUW GHU SKlQRPHQRORJLVFKH$QVDW]GHQ(UP|JOLFKXQJV&KDUDNWHUGHVÄUDXVFKHQ GHQ¶ +LQWHUJUXQGVGHU GXUFK GLIIHUHQ]LHUHQGH $XVILOWHUXQJ VWUXNWXULHUWHU VLQQOLFKHU :DKUQHKPXQJHQ MD DXFK NHLQHVZHJV ]XP 6FKZHLJHQ JHEUDFKW ZLUG VRQGHUQ LQ DOOHQ 6LQQHVZDKUQHKPXQJHQ LPPHU QRFK PLWVFKZLQJW 'DV5DXVFKHQLVWDXVGHUVNL]]LHUWHQSKlQRPHQRORJLVFKHQ3HUVSHNWLYHLP hEULJHQ ]ZDU GHU EHGLQJHQGH +LQWHUJUXQG DOOHU :DKUQHKPXQJHQ HQW ]LHKWVLFKVHOEVWMHGRFKNODUHU:DKUQHKPXQJXQG%HVFKUHLEXQJ ,QYHUVFKLHGHQHQWKHRUHWLVFKGLVNXUVLYHQ=XVDPPHQKlQJHQHUVFKHLQW GDVÄ5DXVFKHQ¶DOV6\QRQ\PIUGDVÄ$PRUSKH¶Ä6WUXNWXUORVH¶Ä8QJHRUG QHWH¶ Ä2UGQXQJVZLGULJH¶ ² LQ GHU 5HJHO XQWHU $N]HQWXLHUXQJ GHU WHP SRUDOHQ XQG NDXVDOHQ 9RUJlQJLJNHLW GHV 6WUXNWXUORVHQ YRU GHU 6WUXNWXU GHV&KDRWLVFKHQYRUGHU2UGQXQJ:RGDV5DXVFKHQ]XGHPDOVGDVÄ%H GHXWXQJVORVH¶ GLVNXUVLYLHUWZLUG VWHOOWVLFK DQOlVVOLFK GHU (U|UWHUXQJ YRQ 6WUXNWXULHUXQJVYRUJlQJHQ]XJOHLFKGLH)UDJHQDFKGHU*HQHVHYRQ%HGHX       

%HFNHU %DUEDUD Å5DXVFKHQ XQG 6LQQOLFKNHLW´ ,Q GDV UDXVFKHQ +J Y 6DELQH 6DQLR XQG &KULVWLDQ6FKHLE+RIKHLP6²KLHU6 (EG6I (EG6 (EG6I (EG6 9JO0pWUDX[$OH[DQGUHÅ=XU:DKUQHKPXQJVWKHRULH0HUOHDX3RQW\V´,Q/HLEKDIWLJH9HU QXQIW+JY$OH[DQGUH0pWUDX[XQG%HUQKDUG:DOGHQIHOV0QFKHQ6²

5DXVFKHQ



WXQJDXVGHP%HGHXWXQJVORVHQ6RHU|UWHUW0LFKHO6HUUHVLQ'LHIQI6LQQH GLH %H]LHKXQJ ]ZLVFKHQ %HGHXWXQJVORVHP XQG%HGHXWXQJ DOV %H]LHKXQJ ]ZLVFKHQ Ä/lUP¶ XQG VLJQLILNDQWHQ VSUDFKOLFKHQ bX‰HUXQJHQ )U LKQ LVW GLH*HQHVHYRQ%HGHXWXQJDQ5HSHWLWLRQXQG5K\WKPLNJHEXQGHQGXUFK 5K\WKPLVLHUXQJ ZLUG DXV GHP 5DXVFKHQGHQ GHP /lUPHQGHQ HWZDV ]X PLQGHVWEDVDO6WUXNWXULHUWHV 9RU DOOHP LQ lVWKHWLVFKHQ .RQWH[WHQ HUIlKUW GDV .RQ]HSW GHV Ä5DX VFKHQV¶ SUlJQDQWH $XVOHJXQJHQ GLH DOOHUGLQJV ZLHGHUXP GLYHUJLHUHQ 8QWHU MHZHLOV VSH]LILVFKHQ WKHRUHWLVFKHQ 3UlPLVVHQ ZHUGHQ lVWKHWLVFKH *HELOGHUHVSHNWLYHlVWKHWLVFKH6WUXNWXUHQDOV3URGXNWHGHU$XVGLIIHUHQ]LH UXQJ EHJULIIHQ GHU 7HUPLQXV Ä5DXVFKHQ¶ EH]HLFKQHW KLHUEHL LQ GHU 5HJHO GDVZRYRQE]ZZRJHJHQVLHVLFKDXVGLIIHUHQ]LHUHQ$OV.HUQEHJULIIIXQ JLHUWGDVÄ5DXVFKHQ¶LQGHUbVWKHWLN0DUWLQ6HHOVGHPGDUDQJHOHJHQLVWLQ $EZHLFKXQJYRQLQIRUPDWLRQVWKHRUHWLVFKHQ$QVlW]HQGDV5DXVFKHQQLFKW DXVVFKOLH‰OLFK QHJDWLY ]X EHVWLPPHQ (LQH ÅXQIDVVEDUH 6LPXOWDQHLWlW VLQQOLFKHU (UVFKHLQXQJHQ´YHUELQGHW GHU bVWKHWLN 6HHOV ]XIROJH GDV Å(U VFKHLQHQ´ XQG GDV Å5DXVFKHQ´ =ZLVFKHQ (UVFKHLQHQ XQG 5DXVFKHQ ZLUG QLFKW JDQ] NODU GLIIHUHQ]LHUW XQG VR HQWVWHKW JHOHJHQWOLFK GHU Å(LQ GUXFNGD‰DOOHV(UVFKHLQHQSULPlUHLQ5DXVFKHQLVW´'LH(UIDKUXQJGHU 1DWXU DOV (UVFKHLQXQJ JLOW EHL 6HHO DOV NRQVWLWXWLY IU HLQHQ lVWKHWLVFKHQ %H]XJGHV0HQVFKHQ]XGHQ'LQJHQXQGEH]RJHQDXIGLH*HQHVHlVWKHWL VFKHU (UIDKUXQJ DXV GHP 1DWXUHUOHEHQ OlVVW VLFK VDJHQ GDVV lVWKHWLVFK HUIDKUHQH 2EMHNWH ]XQlFKVW HLQPDO VROFKH VLQG GLH DOV UDXVFKHQGH HU IDKUHQZHUGHQ.XQVWZHUNHPDFKHQ5DXVFKHQ JOHLFKVDPGXUFK2VWHQ  





  

6HUUHV0LFKHO'LHIQI6LQQH)UDQNIXUW0DLQ6IÅ%HYRUGLH6SUDFKH%HGHXWXQJ EHVLW]W PDFKW VLH /lUP GHU /lUP NRPPW RKQH GLH %HGHXWXQJ DXV DEHU GLH %HGHXWXQJ QLFKWRKQHGHQ/lUP(VNRPPWYRUGD‰VLFKYRP/lUPDXVPLWGHU=HLWHLQH$UW5K\WK PXVKHUDXVELOGHWTXDVLSHULRGLVFKH%HZHJXQJHQHWZDV]XIlOOLJ:LHGHUNHKUHQGHV(LQ)OX‰ VWHLJWDXVGHP0HHUXQGDXVGHP)OX‰VWHLJW9HQXVDXVGHPXQUHJHOPl‰LJHQ3OlWVFKHUQ HUKHEWVLFKHLQUK\WKPLVFKHV6WU|PHQHLQH0XVLN´ 9JOGD]X6RQGHUHJJHU5XWKÅ,VW.XQVWZDVUDXVFKW"´,Q5DXVFKHQ6HLQH3KlQRPHQRORJLHXQG 6HPDQWLN]ZLVFKHQ6LQQXQG6W|UXQJ+JY$QGUHDV+LHSNRX.DWMD6WRSND:U]EXUJ 6² 6HHO0DUWLQbVWKHWLNGHV(UVFKHLQHQV)UDQNIXUW0DLQ6Å+LHULQOLHJWGHUJUDYLH UHQGH 8QWHUVFKLHG ]XP LQIRUPDWLRQVWKHRUHWLVFKHQ %HJULII GHV 5DXVFKHQV DOV HLQHV =X VWDQGVLQGHPNHLQH,QIRUPDWLRQHQPHKUEHUWUDJHQZHUGHQN|QQHQPLWGLHVHPQHJDWLYHQ DX‰HUGHP DXI HLQH VFKHLWHUQGH .RPPXQLNDWLRQ EHVFKUlQNWHQ %HJULII NRPPW HLQH lVWKH WLVFKH%HWUDFKWXQJQLFKWDXV´ 6RQGHUHJJHUÅ,VW.XQVWZDVUDXVFKW"´6 (EG6 (EG²:LH6RQGHUHJJHUDXVIKUWÅGHILQLHUW6HHOGLH(UIDKUXQJGHV5DXVFKHQVZHVHQWOLFK EHUGLH6LPXOWDQHLWlWXQG0RPHQWDQHLWlWYRQ:DKUQHKPXQJHQGLHDXFKGHQ.HUQGHVlV WKHWLVFKHQ (UVFKHLQHQV DXVPDFKHQ´ 8QG VR VFKHLQH HV ÅHLQHQ IOLH‰HQGHQ hEHUJDQJ ]ZL VFKHQ(UVFKHLQHQXQG5DXVFKHQ]XJHEHQ´ 6 $XVJDQJVSXQNWHLQHUVROFKHQ.RQ]HS WLRQGHV5DXVFKHQVLVWÅ6HHOV7KHVHYRPEHJULIIOLFKLQNRPPHQVXUDEOHQ(UVFKHLQHQVNHUQDO



0RQLND6FKPLW](PDQV

VLRQ YHUQHKPEDUÅHQWIHVVHOQ´GDV5DXVFKHQXQGDN]HQWXLHUHQGDPLWLKUH HLJHQH VLQQOLFKH 'LPHQVLRQ ,Q GHU .XQVW LVW GDV 5DXVFKHQ ² LP 8Q WHUVFKLHG]XP5DXVFKHQUHLQSK\VLVFKHU3UR]HVVH²Å(IIHNWHLQHV$UWLNX ODWLRQVSUR]HVVHV´,QMHGHP)DOOLVW]ZLVFKHQNQVWOHULVFKHPXQGQLFKW NQVWOHULVFKHP5DXVFKHQ]XXQWHUVFKHLGHQ *HOHJHQWOLFKLVWEHL6HHODXFK GDYRQGLH5HGHLQ.XQVWZHUNHQJHEHHVQXUÅ3KDVHQ´GHV5DXVFKHQV  6HUUHV IU GHQ GHU 5K\WKPXV E]Z GLH 5K\WKPLVLHUXQJ HLQH hEHU JDQJVVWXIH E]Z SKDVH ]ZLVFKHQ &KDRV XQG /lUP KLHU 6WUXNWXULHUWHP GRUWELOGHWEHWUDFKWHWGDVÄ5DXVFKHQ¶YRUDOOHPXQWHUGHU3HUVSHNWLYHVHL QHU 9RUJlQJLJNHLW YRU GHP 5K\WKPXV GHU IU LKQ VHLQHUVHLWV GLH 0XVLN NRQVWLWXLHUW ² ZHOFKH LKUHUVHLWV DOV VLQQOLFKHV XQG ]XJOHLFK VWUXNWXULHUWHV )XQGDPHQWDOOHUVSUDFKOLFKHQ$UWLNXODWLRQYHUVWDQGHQZLUG$P'XUFK JDQJ]ZLVFKHQGHPÅ*HW|VHGHV&KDRV´XQGGHQÅ$QIlQJHQGHU0XVLN´ YHURUWHW6HUUHVGLH6LUHQHQDOV+WHULQQHQGLHVHVhEHUJDQJV]ZLVFKHQGHU LPPHUQRFKUDXVFKHQGHQGDV5DXVFKHQDEHUGRFKEHUHLWVUK\WKPLVLHUHQ GHQ 0XVLN XQG GHU GLIIHUHQ]LHUHQGHQ %HGHXWXQJ NRQVWLWXLHUHQGHQ XQG YHUPLWWHOQGHQ6SUDFKHEHZDFKHQGLH0XVHQGHQhEHUJDQJ 'LHVH²XQGDQGHUH²3URILOLHUXQJHQGHV5DXVFKHQVDOVlVWKHWLVFKHU %HJULII XQG]ZDULPGRSSHOWHQ6LQQYRQbVWKHWLNTXD7KHRULHGHU6LQQ OLFKNHLW XQG 7KHRULH GHU .XQVW  NRQYHUJLHUHQ EHL DOOHQ VRQVWLJHQ 'LYHU JHQ]HQLQGHUSRVLWLYHQ6HPDQWLVLHUXQJGHV5DXVFKHQVGLH6HHOMDDXFKH[ SOL]LW DOV WKHRUHWLVFKHQ *HZLQQ JHJHQEHU GHU ,QIRUPDWLRQVWKHRULH YHU EXFKW

  





 

OHU lVWKHWLVFKHQ (UIDKUXQJHQ´ ZHOFKH ÅHLQHQ 9RUUDQJ GHU 6LQQOLFKNHLW ]X LPSOL]LHUHQ VFKHLQW´ 6  6HHObVWKHWLNGHV(UVFKHLQHQV6 (EG6,Q.XQVWZHUNHQYHUELQGHWVLFKDEHU]XJOHLFKGDV(UVFKHLQHQPLWGHU.RQVWL WXWLRQ E]Z 9HUPLWWOXQJ YRQ 6LQQ 6HHOV .XQVWWKHRULH XQWHUVWHOOW E]Z SRVWXOLHUW EH]RJHQ DXIGLH.XQVWHLQKDUPRQLVFKHV9HUKlOWQLVYRQ6LQQOLFKNHLWXQG6LQQ (EG6GD]X6RQGHUHJJHUÅ,VW.XQVWZDVUDXVFKW"´6 6HUUHV'LHIQI6LQQH6Å8QVHUH6SUDFKHQKDEHQ6LQQ'LH0XVLNXQWHUKDOEGHU6SUD FKH XQLYHUVHOO XQWHUKDOEGHU 6SUDFKHQ SK\VLVFKH *UXQGODJHXQG 9RUDXVVHW]XQJ OLHJWXQ WHUKDOEGHV6LQQVXQGLKPYRUDXV'HU6LQQVHW]WVLHYRUDXVXQGWUlWHRKQHVLHQLFKWKHU YRU´8QGDXI6Å8QWHUKDOEGHU6SUDFKHGHFNWGLHPXVLNDOLVFKH)XQGDPHQWSODWWHGDV &KDRVGDVLKUYRUDXVJHKWPLW8QLYHUVDOLWlW]X'LH6SUDFKHEHGDUIGHU0XVLNVLHLVWGHUHQ 9RUDXVVHW]XQJ GLH 0XVLN GDJHJHQ EUDXFKWGLH 6SUDFKH QLFKW 'LH 0XVLN EHGDUI GHV 5DX VFKHQVDOVLKUHU9RUDXVVHW]XQJZlKUHQGGDV5DXVFKHQGLH0XVLNQLFKWEUDXFKW´ (EG6I 9JOGD]XLQVJHVDPW6RQGHUHJJHUÅ,VW.XQVWZDVUDXVFKW"´6RQGHUHJJHUYHUJOHLFKWGLHGLI IHUHQWHQ.RQ]HSWXDOLVLHUXQJHQGHV5DXVFKHQVEHL6HHOXQG%HWWLQH0HQNH

5DXVFKHQ



,,5DXVFKHQV\VWHPWKHRUHWLVFK 'LH 6\VWHPWKHRULH VFKOLH‰W PLW LKUHU 6HPDQWLVLHUXQJ GHV %HJULIIV Ä5DX VFKHQ¶GXUFKDXVDQGLH,QIRUPDWLRQVWKHRULHDQ/XKPDQQYHUZHQGHWGHQ %HJULIIH[SOL]LWDOV*HJHQEHJULII]XUGHPGHUÄ,QIRUPDWLRQ¶XQGDOVV\QR Q\P PLW GHP GHU Ä6W|UXQJ¶ 'RFK HU JHZLQQW GHP Ä5DXVFKHQ¶ GDUEHU KLQDXVJHKHQGHLQHVSH]LILVFKHHLJHQVLQQLJH$XVOHJXQJDELQGHPHUGLH VHQ %HJULII LQ GLH 0RGHOOLHUXQJ GHU .RPPXQLNDWLRQ ]ZLVFKHQ 6\VWHPHQ LQWHJULHUW6\VWHPH LPV\VWHPWKHRUHWLVFKHQ6LQQ VLQGXPJHEHQYRQ/lUP ² KDQGOH HV VLFK GDEHL QXQ XP %HZXVVWVHLQVV\VWHPH RGHU XP *HVHOO VFKDIWVV\VWHPH $XVGHU6LFKWHLQHV%HZXVVWVHLQVV\VWHPVLVWGDVZDVHLQDQGHUHV6\V WHP lX‰HUW ]XQlFKVW HLQPDO HLQ Ä5DXVFKHQ¶ +HUVWHOOXQJ YRQ .RPPXQL NDWLRQLVWYHUHLQIDFKWJHVDJWHLQH9HUZDQGOXQJGLHVHV5DXVFKHQVDXIGHU %DVLV YRQ 6HOHNWLRQ 6\VWHPH EHUIKUHQ RUGQHQG GDV ZDKUJHQRPPHQH 5DXVFKHQLQHLQLKQHQYHUVWlQGOLFKHV.RQWLQXXPYRQ6HOHNWLRQHQLQGHP VLH DXV GHP 5DXVFKHQ 5HOHYDQWHV DXVILOWHUQ XQG DQHLQDQGHU DQVFKOLH‰HQ ,QIRUPDWLRQVWKHRUHWLVFK JHVSURFKHQ PXVV GDV 5DXVFKHQ DOV 6LJQDO LQ WHUSUHWLHUWUHVSHNWLYHLQHLQHQ&RGHEHUIKUWZHUGHQ 6ROFKH9HUZDQG OXQJ YRQ 5DXVFKHQ IXQGDPHQWDO IU DOOH .RPPXQLNDWLRQ YROO]LHKW VLFK LP =HLFKHQ HLQHU XQDXIO|VEDUHQ 6SDQQXQJ ]ZLVFKHQ *HRUGQHWHP XQG 8QJHRUGQHWHPGDV5DXVFKHZLUGELOGOLFKJHVDJWGXUFKVHLQH%HDUEHLWXQJ QLHDEJHVWHOOW $XFK 6SUDFKOLFKHV NDQQ DOV Ä5DXVFKHQ¶ SHU]LSLHUW ZHUGHQ ² DOV 5HGH GHU DQGHUHQ =ZHL YHUVFKLHGHQH 7HLOQHKPHU HLQHV 'LDORJVVLQG XQG EOHL EHQDXVV\VWHPWKHRUHWLVFKHU6LFKWJHVFKORVVHQH%HZXVVWVHLQVV\VWHPHEH IDQJHQLQLKUHPHLJHQHQ'HQNHQXQG6SUHFKHQ ZLHHVGHU1LFKW6\VWHP WKHRUHWLNHU DXVGUFNHQ ZUGH  XPUDXVFKW YRQ IUHPGHQ bX‰HUXQJHQ ² DEHUVLHZROOHQPLWHLQDQGHUNRPPXQL]LHUHQ=XQlFKVWIROJHQLKUHbX‰H  

/XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH )UDQNIXUW0DLQ  6Å,Q(LQNODQJPLWHYROXWLRQVWKHRUHWLVFKHQ*UXQGYRUVWHOOXQJHQQHKPHQZLUQLFKWDQ GD‰GLH:HOWVLFKVHOEVW]XU%HVWLPPWKHLWUHVSH]LIL]LHUWZLUJHKHQYLHOPHKUGDYRQDXVGD‰ HV0HFKDQLVPHQJHEHQPX‰GLHDXVZHOFKHQ$QOlVVHQLPPHUVLHLQ7lWLJNHLWWUHWHQKLQ UHLFKHQGH %HVWLPPWKHLW SURGX]LHUHQ )U GLHVHQ 3UR]H‰ GHU ODXIHQGHQ 6HOEVWEHVWLPPXQJ DOVYRQ6LQQIRUPLHUWVLFKGLH'LIIHUHQ]YRQ6LQQXQG:HOWDOV'LIIHUHQ]YRQ2UGQXQJXQG 6W|UXQJYRQ,QIRUPDWLRQXQG5DXVFKHQ´  (EG6IÅ%HLGHV>,QIRUPDWLRQXQG5DXVFKHQ@LVWEHLGHVEOHLEWHUIRUGHUOLFK'LH(LQ KHLW GHU 'LIIHUHQ] LVW XQG EOHLEW *UXQGODJH GHU 2SHUDWLRQ 'DV NDQQ QLFKW JHQXJ EHWRQW ZHUGHQ(LQH3UlIHUHQ]IU6LQQJHJHQ:HOWIU2UGQXQJJHJHQ6W|UXQJIU,QIRUPDWLRQ JHJHQ5DXVFKHQLVWQXUHLQH3UlIHUHQ]6LHPDFKWGDV*HJHQWHLOQLFKWHQWEHKUOLFK,QVRIHUQ OHEWGHU6LQQSUR]H‰YRQ6W|UXQJHQQlKUWVLFKYRQ8QRUGQXQJOl‰WVLFKGXUFK5DXVFKHQ WUDJHQ>@´



0RQLND6FKPLW](PDQV

UXQJHQDXIXQEHVWLPPWH:HLVHDXIHLQDQGHUDQJHVWUHEWLVWMHGRFK8QEH VWLPPWKHLWP|JOLFKVWLQ%HVWLPPWKHLW]XEHUIKUHQ $OVHLQ5DXVFKHQZDKUJHQRPPHQZLUG²DXVGHU6LFKWHLQHV6\VWHPV JHVDJW²DOVRGDVZDVGLHVHV6\VWHP]ZDUQLFKWYHUVWHKWYRQGHPHVDEHU XQWHUVWHOOW HV N|QQH VLFK XP HLQ DQGHUHV 6\VWHP UHVSHNWLYH XP GHVVHQ bX‰HUXQJHQ KDQGHOQ (EHQ GLHVH +\SRWKHVH OHLWHW .RPPXQLNDWLRQ HLQ ²DOVRHLQSRVLWLYHVH[SORUDWLYHV9HUKlOWQLV]XPÄ5DXVFKHQ¶0LWGHUDXI+\SRWKH VHQ XQG ([SORUDWLRQ JHJUQGHWHQ hEHUIKUXQJ GHV 5DXVFKHQV LQ HLQH )RUPYRQ2UGQXQJHQWVWHKWHLQQHXHV6\VWHP²LP)DOOGHUEHLGHQ6SUH FKHUXDHWZDHLQHQDFKEHVWLPPWHQ5HJHOQJHRUGQHWH*HVSUlFKVIRUP :HLWHUHVEHVWlWLJWGLHSRVLWLYH6HPDQWLVLHUXQJGHV5DXVFKHQVLPV\V WHPWKHRUHWLVFKHQ.RQWH[W'LH$XIQDKPHYRQ$QVW|‰HQYRQDX‰HQGLH 9HUDUEHLWXQJGHUDXIIUHPGH6\VWHPH]XUFNJHKHQGHQ,UULWDWLRQHQLVWIU 6\VWHPHNRQVWLWXWLY8PVHLQH*UHQ]H]XU8PZHOW]XHUULFKWHQXQG]X HUKDOWHQEHGDUIHVGHUVWlQGLJHQhEHUIKUXQJGHVDOVVROFKHVZDKUJHQRP PHQHQ 5DXVFKHQV LQ 2UGQXQJ GHU VWlQGLJHQ $XVHLQDQGHUVHW]XQJ PLW GHP/lUP'LHDQGHU.RPPXQLNDWLRQEHWHLOLJWHQSV\FKLVFKHQ6\VWHPH EOHLEHQ IUHLQDQGHU 8PZHOW XQG SURGX]LHUHQ GRFK JHPHLQVDP QHXHQ 6LQQ (V PXVV VLFK EULJHQV QLFKW XQEHGLQJW XP ]ZHL SUlVHQWH %H  









)XFKV 3HWHU Å,FK VHKH ZDV ZDV 'X QLFKW VLHKVW´ ² 1LNODV /XKPDQQV 6\VWHPWKHRULH  KWWSZZZDIPHGLHQGHDUFKLYMRXUQDOLVPXVQLNODVOXKPDQQKWPO 6WDQG   Å:LUUHGHQJHUDGHXQGXQVHUHbX‰HUXQJHQUHDJLHUHQLUJHQGZLHDXIHLQDQGHUDEHUZLUEHLGH N|QQHQQLFKWLQXQVHUH.|SIHJXFNHQ>@LFKZHL‰QLFKWZDV6LHZLUNOLFKGHQNHQXQG6LH ZLVVHQQLFKWZDVLFKZLUNOLFKGHQNH$OVRPXVVHLQH)RUPYRQ2UGQXQJHQWVWHKHQGLHGLH VHV5DXVFKHQGLHVLQGLHVHP)DOOVWUXNWXULHUWHVSUDFKOLFKH5DXVFKHQLQLUJHQGHLQHU:HLVHLQ HLQHQ=XVDPPHQKDQJEULQJW´ 9JO/XKPDQQ6R]LDOH6\VWHPH6Å.RPPXQLNDWLRQLVW>@DOVHLQH$UW6HOEVWHUUHJXQJ XQG6LQQEHUIOXWXQJGHV6\VWHPV]XEHJUHLIHQ6LHZLUGGXUFKGLH(UIDKUXQJGHUGRSSHOWHQ .RQWLQJHQ]LQGX]LHUWNRPPWXQWHUGLHVHU%HGLQJXQJVRJXWZLH]ZDQJVOlXILJ]XVWDQGHXQG IKUWGDUDXIKLQ]XU$XVELOGXQJYRQ6WUXNWXUHQGLHVLFKXQWHUVROFKHQ%HGLQJXQJHQEHZlK UHQ0DQNDQQVLFKYRUVWHOOHQGD‰GLHVHLQJOHLFKVDPOHHUHV(YROXWLRQVSRWHQWLDOEHUHLWVWHOOW GDV ZHQQ QLFKWV %HVVHUHV YHUIJEDU LVW MHGHQ =XIDOO DXVQXW]HQ ZLUG XP 2UGQXQJ DXI ]XEDXHQ,QVRIHUQSD‰WGLHVHV.RQ]HSW]XHLQHUÄRUGHUIURPQRLVH¶7KHRULH´ )XFKV 1LNODV /XKPDQQV 6\VWHPWKHRULH Å(LQ VROFKHU =XVDPPHQKDQJ ZlUH ]XP %HLVSLHO GLH )RUPGHV,QWHUYLHZVDQGHUZLUXQVMHW]WLP$XJHQEOLFNRULHQWLHUHQ$OVR6LHNORSIHQPLU ]XP%HLVSLHOQLFKWDXIGLH6FKXOWHU6LHNVVHQPLFKQLFKW6LHVSULQJHQQLFKWDXIGHQ7LVFK VRQGHUQ6LHPDFKHQGDVZDVHLQ,QWHUYLHZW\SLVFKHUZHLVHDXVPDFKWXQGGDV5DXVFKHQZl UHVR]XVDJHQGLH*U|‰HGLHHUVWJHRUGQHWZHUGHQPXVVGDPLWLUJHQGHLQH)RUPYRQ2UG QXQJHQWVWHKWXQGGLHZLUGGDQQLQGHU6\VWHPWKHRULHW\SLVFKHUZHLVH6\VWHPJHQDQQW´ /XKPDQQ 6R]LDOH 6\VWHPH 6 I Å$OOH 5HSURGXNWLRQ XQG DOOH 6WUXNWXUELOGXQJ VHW]W >@ HLQH.RPELQDWLRQYRQ2UGQXQJXQG8QRUGQXQJYRUDXVVWUXNWXULHUWHLJHQHXQGXQID‰EDUH IUHPGH JHUHJHOWH XQG IUHLH .RPSOH[LWlW GHU $XIEDX VR]LDOHU 6\VWHPH XQG HEHQVR >GHU@ $XIEDXSV\FKLVFKHU6\VWHPH IROJWGHPRUGHUIURPQRLVHSULQFLSOH YRQ)RHUVWHU 6R]LDOH 6\VWHPH HQWVWHKHQ DXI *UXQG GHU *HUlXVFKH GLH SV\FKLVFKH 6\VWHPH HU]HXJHQ EHL LKUHQ 9HUVXFKHQ]XNRPPXQL]LHUHQ´ (EG6Å2KQHÄQRLVH¶NHLQ6\VWHP´

5DXVFKHQ



ZXVVWVHLQVV\VWHPHKDQGHOQGLHbX‰HUXQJHQDXVWDXVFKHQXQGGDVZDVDXV LKUHU ZHFKVHOVHLWLJHQ 3HUVSHNWLYH ]XQlFKVW DOV 5DXVFKHQ HUVFKHLQW LQWHU SUHWLHUHQG LQ 6LJQDOH YHUZDQGHOQ $XFK GLH ZLHGHUKROWH :DKUQHKPXQJ HLQHUWHFKQLVFKHQ'DWHQDXI]HLFKQXQJNDQQDXVGHU3HUVSHNWLYHHLQHV,Q WHUSUHWHQDOVHLQIUHPGHV6\VWHPHUVFKHLQHQGHVVHQ]XQlFKVWDOV5DXVFKHQ ZDKUJHQRPPHQH'DWHQVLFK VFKOLH‰OLFK DOV 6LJQDOH OHVHQ RGHU K|UHQ ODV VHQ  .RPPXQLNDWLRQ LP /XKPDQQ·VFKHQ 6LQQ  LVW XQYHUPHLGEDU NHLQ 6\VWHPNDQQVLFKLQY|OOLJHU$EJHVFKORVVHQKHLWKDOWHQ9HUVWlQGLJXQJLP 6LQQHGHU+HUPHQHXWLN XQGGHV0RGHOOVGHU+RUL]RQWYHUVFKPHO]XQJ LVW KLQJHJHQXQP|JOLFKGLH6\VWHPHEOHLEHQJHVFKORVVHQ /XKPDQQ VSULFKW PLW %OLFN DXI 3UR]HVVH GHV 9HUVWHKHQV E]Z 9HU VWHKHQOHUQHQVLQGHQHQ5DXVFKHQVLFK]XP6LJQDOYHUZDQGHOWYRQÅGRS SHOWHU.RQWLQJHQ]´'LHLQGLHVHP%HJULIINRQ]HQWULHUWH7KHRULHGHUVLFK DQEDKQHQGHQ .RPPXQLNDWLRQ LVW ZLH /XKPDQQ H[SOL]LW EHWRQW DQ VFKOLH‰EDU ÅDQ GHQ ÄRUGHU IURP QRLVH SULQFLSOH¶ GHU DOOJHPHLQHQ 6\VWHP WKHRULH´ $XV GHU 3HUVSHNWLYH GHV MHZHLOV HLQHQ 6\VWHPV VWHOOW VLFK GLH %HJHJQXQJPLWHLQHPDQGHUHQVROFKHQ6\VWHP]XQlFKVWDOVXQZDKUVFKHLQ OLFK GDU ZREHL DEHU HEHQ GLHVH 8QZDKUVFKHLQOLFKNHLW GLH 6LJQLILNDQ] GHU  

(EG6Å'LHLQWHUSHQHWULHUHQGHQ6\VWHPHEOHLEHQIUHLQDQGHU8PZHOW'DVEHGHXWHW GLH .RPSOH[LWlW GLH VLH HLQDQGHU ]XU 9HUIJXQJ VWHOOHQ LVW IU GDV MHZHLOV DXIQHKPHQGH 6\VWHPXQID‰EDUH.RPSOH[LWlWDOVR8QRUGQXQJ>@6HOEVWZHQQPDQVLFK6\VWHPHDOVYROO GHWHUPLQLHUW YRUVWHOOHQP‰WH ZUGHQ VLH GXUFK ,QWHUSHQHWUDWLRQ PLW 8QRUGQXQJ LQIL]LHUW XQGGHU8QEHUHFKHQEDUNHLWGHV=XVWDQGHNRPPHQVLKUHU(OHPHQWDUHUHLJQLVVHDXVJHVHW]W´  9JOHEG6II]XP%HJULIIGHUGRSSHOWHQ.RQWLQJHQ]3DUVRQVVREHWRQW/XKPDQQVHL EHL VHLQHQ 5HIOH[LRQHQ EHU GLH 0|JOLFKNHLWVEHGLQJXQJHQ VR]LDOHQ +DQGHOQV EHU ÅEOR‰H .RQIRUPLWlWVRGHU.RRUGLQDWLRQVWKHRULHQ´KLQDXVJHJDQJHQXQGKDEHGDPLWHLQHQÅ7KHR ULHJHZLQQ´HLQJHVSLHOWGHQPDQQLFKWSUHLVJHEHQGUIH/XKPDQQGLVWDQ]LHUWVLFKYRQ3DU VRQV· 7KHVH HLQHV GDV VR]LDOH +DQGHOQ EHGLQJHQGHQ YRUJlQJLJHQ :HUWHNRQVHQVHV (V VHL QLFKW QRWZHQGLJ ÅGLH /|VXQJ GHV 3UREOHPV GHU GRSSHOWHQ .RQWLQJHQ] DXVVFKOLH‰OLFK LQ VFKRQYRUKDQGHQHP.RQVHQVDOVRDXVVFKOLH‰OLFKLQGHU6R]LDOGLPHQVLRQ]XVXFKHQ´6HLQH HLJHQH%HVFKUHLEXQJ GHU 0RGHOOVLWXDWLRQ DQ]XEDKQHQGHU .RPPXQLNDWLRQ JHKW YRQ .RP PXQLNDWLRQVSDUWQHUQ DXV GLH QRFK NHLQHQ .RQVHQV DOV JHPHLQVDPH *UXQGODJH EHVLW]HQ Å$OWHU EHVWLPPW LQ HLQHU QRFK XQNODUHQ 6LWXDWLRQ VHLQ 9HUKDOWHQ YHUVXFKVZHLVH ]XHUVW (U EHJLQQW PLW HLQHP IUHXQGOLFKHQ %OLFN HLQHU *HVWH HLQHP *HVFKHQN ² XQG ZDUWHW DE RE XQGZLH(JRGLHYRUJHVFKODJHQH6LWXDWLRQVGHILQLWLRQDQQLPPWMHGHUGDUDXIIROJHQGH6FKULWW LVW GDQQ LP /LFKWH GLHVHV $QIDQJV HLQH +DQGOXQJ PLW NRQWLQJHQ]UHGX]LHUHQGHP EHVWLP PHQGHP(IIHNW²VHLHVQXQSRVLWLYRGHUQHJDWLY´  (EG 6  XQWHU 9HUZHLV DXI +HLQ] YRQ )RHUVWHUV Å2Q 6HOI2UJDQL]LQJ 6\VWHPV DQG 7KHLU(QYLURQPHQWV´Å(VEUDXFKWJDUQLFKWVFKRQIHVWOLHJHQGHU:HUWNRQVHQV]XVHLQGDV 3UREOHP GHU GRSSHOWHQ .RQWLQJHQ] GDV KHL‰W GLH OHHUH JHVFKORVVHQH XQEHVWLPPEDUH 6HOEVWUHIHUHQ] VDXJWJHUDGH]X=XIlOOHDQVLHPDFKW]XIDOOVHPSILQGOLFKXQGZHQQHVNHLQHQ :HUWNRQVHQVJlEHZUGHPDQLKQHUILQGHQ´²6Å'DV3UREOHPGHUGRSSHOWHQ.RQ WLQJHQ]LVWYLUWXHOOLPPHUSUlVHQWVREDOGHLQ6LQQHUOHEHQGHVSV\FKLVFKHV6\VWHPJHJHEHQ LVW (V EHJOHLWHW XQIRFXVVLHUW DOOHV (UOHEHQ ELV HV DXI HLQH DQGHUH 3HUVRQ RGHU DXI HLQ VR ]LDOHV6\VWHPWULIIWGHPIUHLH:DKO]XJHVFKULHEHQZLUG'DQQZLUGHVDOV3UREOHPGHU9HU KDOWHQVDEVWLPPXQJDNWXHOO´



0RQLND6FKPLW](PDQV

DXV GHU .RPPXQLNDWLRQ ]ZLVFKHQ ]ZHL %HZXVVWVHLQVV\VWHPHQ UHVXO WLHUHQGHQ QHXHQ 2UGQXQJ HUK|KW 'DV :LFKWLJVWH IU GHQ )RUWEHVWDQG XQGGLH.RQVROLGLHUXQJYRQ6\VWHPHQLVWXPJDQJVVSUDFKOLFKJHVDJWGDVV VLH OHUQHQ PLW GHP 5DXVFKHQ XP]XJHKHQ ]ZLVFKHQ $UWHQ XQG 4XHOOHQ GHV5DXVFKHQVGLIIHUHQ]LHUHQGXQGDXIVLHMHZHLOVVSH]LILVFKUHDJLHUHQG =X GHQ ZLFKWLJVWHQ /HLVWXQJHQ GHU .RPPXQLNDWLRQ JHK|UW GLH 6HQVLELOLVLHUXQJ GHV6\VWHPVIU=XIlOOHIU6W|UXQJHQIUÄQRLVH¶DOOHU$UW0LW+LOIHYRQ.RP PXQLNDWLRQLVWHVP|JOLFK8QHUZDUWHWHV8QZLOONRPPHQHV(QWWlXVFKHQGHVYHU VWlQGOLFK]XPDFKHQÄ9HUVWlQGOLFK¶KHL‰WGDEHLQLFKWGD‰PDQDXFKGLH*UQGH ]XWUHIIHQG EHJUHLIHQ XQG GHQ 6DFKYHUKDOW lQGHUQ N|QQWH 'DV OHLVWHW GLH .RP PXQLNDWLRQ QLFKW RKQH ZHLWHUHV (QWVFKHLGHQG LVW GD‰ 6W|UXQJHQ EHUKDXSW LQ GLH)RUP YRQ6LQQJH]ZXQJHQ ZHUGHQXQGGDPLWZHLWHUEHKDQGHOWZHUGHQN|Q QHQ 0DQ NDQQ GDQQ XQWHUVFKHLGHQ RE GLH 6W|UXQJHQ LP .RPPXQLNDWLRQV SUR]H‰VHOEVWDXIWUHWHQ]XP%HLVSLHODOV'UXFNIHKOHU GHU%HJULIIJLEW6LQQORVHP 6LQQPDQNDQQ'UXFNIHKOHUHUNHQQHQXQGEHVHLWLJHQ RGHURE VLHLQGHQ7KH PHQ XQG %HLWUlJHQ GHU .RPPXQLNDWLRQ ]X VXFKHQ VLQG VR GD‰ PDQ VLH QLFKW HLQIDFK WHFKQLVFK NRUULJLHUHQ NDQQ VRQGHUQ LKUH *UQGH HUPLWWHOQ PX‰ 'XUFK .RPPXQLNDWLRQ EHJUQGHW XQG VWHLJHUW GDV 6\VWHP VHLQH (PSILQGOLFKNHLW XQG VHW]WVLFKVRGXUFK'DXHUVHQVLELOLWlWXQG,UULWLHUEDUNHLWGHU(YROXWLRQDXV

'LHHLJHQWOLFKH+HUDXVIRUGHUXQJLVW IUGDVHLQ]HOQH%HZXVVWVHLQVV\VWHP ZLHIUGHQ7KHRUHWLNHUYRQ%HZXVVWVHLQVV\VWHPHQ ²QRFKPDOVXPJDQJV VSUDFKOLFKDXVJHGUFNW²QLFKWGHU/lUPGHUQDWUOLFKHQ'LQJHQLFKWGDV 5DXVFKHQYRQ)OVVHQ5HJHQJVVHQXQG/DZLQHQVRQGHUQGHU/lUPGHU DQGHUHQ GDV 5DXVFKHQ GHUbX‰HUXQJHQ ZHOFKH ZLU K\SRWKHWLVFK DOV GLH DQGHUHU%HZXVVWVHLQVV\VWHPHEHWUDFKWHQ=XQlFKVWHLQPDOPX‰GDVNRP PXQLNDWLRQVZLOOLJH 6\VWHP OHUQHQ ]ZLVFKHQ7\SHQ YRQ 6\VWHPHQ ]X XQ WHUVFKHLGHQ XQG K\SRWKHWLVFK  ]ZLVFKHQ FRGLHUWHQ XQG QLFKWFRGLHUWHQ (UHLJQLVVHQ]XGLIIHUHQ]LHUHQ 'DV5DXVFKHQGDVDOV%HNXQGXQJHLQHV  

(EG6IÅ:HQQMHGHUNRQWLQJHQWKDQGHOWDOVRMHGHUDXFKDQGHUVKDQGHOQNDQQXQGMH GHUGLHVYRQVLFKVHOEVWXQGGHQDQGHUHQZHL‰XQGLQ5HFKQXQJVWHOOWLVWHV]XQlFKVWXQ ZDKUVFKHLQOLFK GD‰ HLJHQHV KDQGHOQ EHUKDXSW $QNQSIXQJVSXQNWH XQG GDPLW 6LQQ JHEXQJ LP+DQGHOQDQGHUHUILQGHW>@=XJOHLFKPLWGHU8QZDKUVFKHLQOLFKNHLWVR]LDOHU2UG QXQJHUNOlUWGLHVHV.RQ]HSWDEHUDXFKGLH1RUPDOLWlWVR]LDOHU2UGQXQJGHQQXQWHUGLHVHU %HGLQJXQJGRSSHOWHU.RQWLQJHQ]ZLUGMHGH6HOEVWIHVWOHJXQJZLHLPPHU]XIlOOLJHQWVWDQGHQ XQGZLHLPPHUNDONXOLHUW,QIRUPDWLRQVXQG$QVFKOX‰ZHUWIUDQGHUHVKDQGHOQJHZLQQHQ´ 6RZLUGÅMHGHU$QVWR‰MHGHU,UUWXPSURGXNWLY'LH6\VWHPJHQHVHVHW]WVWUXNWXULHUWH.RP SOH[LWlWYRUDXVLPVLQQHQLFKWEHOLHELJHU9HUWHLOXQJHQ2KQHÄQRLVH¶NHLQ6\VWHP$EHUXQWHU GLHVHU%HGLQJXQJLVWGDV(QWVWHKHQYRQ ZLHLPPHUNXU]OHELJHUZLHLPPHUNRQIOLNWUHLFKHU  2UGQXQJQRUPDOZHQQIUGLHMHQLJHQGLHLKU+DQGHOQIHVWOHJHQGRSSHOWH.RQWLQJHQ]]XU (UIDKUXQJ JHEUDFKW DOVR HLQH EHLGVHLWLJ NRQWLQJHQWH (JR$OWHU.RQVWHOODWLRQ KHUJHVWHOOW ZHUGHQNDQQ´  (EG6  =XUÅ$XVGLIIHUHQ]LHUXQJGHU.RPPXQLNDWLRQVSUR]HVVH´Å(UHLJQLVVHPVVHQ>@LQFRGLHU WH XQG QLFKWFRGLHUWH XQWHUVFKLHGHQ ZHUGHQ &RGLHUWH (UHLJQLVVH ZLUNHQ LP .RPPXQLND WLRQVSUR]H‰DOV,QIRUPDWLRQQLFKWFRGLHUWHDOV6W|UXQJ 5DXVFKHQQRLVH ´ HEG6 

5DXVFKHQ



DQGHUHQ 6\VWHPV LQWHUSUHWLHUW ZLUG VW|UW EULJHQV ZLH /XKPDQQ HLQPDO EHPHUNWPHKUDOVGDV5DXVFKHQEOR‰HU1DWXUHUVFKHLQXQJHQ  ,,,9HUVXFKHLQHU.RPPXQLNDWLRQEHU7H[WH ,QVHLQHU(LJHQVFKDIWDOVHLQ%HJULII]XU%HVFKUHLEXQJGHU%H]LHKXQJYRQ 6\VWHPHQ]XHLQDQGHUOlVVWVLFKÄ5DXVFKHQ¶XQG]ZDULQPHKUHUOHL+LQVLFKW NXQVWWKHRUHWLVFKIUXFKWEDUPDFKHQ D $XVGHU3HUVSHNWLYHHLQHV5H]LSL HQWHQGHUVLFKLQDX‰HUNQVWOHULVFKHQ6\VWHPHQEHZHJWZLUGGDV.XQVW ZHUN E]Z GLH .XQVW² HLQIUHPGHV 6\VWHP ² ]XQlFKVW DOV HLQ5DXVFKHQ HUIDKUHQ$QVFKOXVVNRPPXQLNDWLRQHUJLEWVLFKQLFKWYRQVHOEVWVLHPXVV HUDUEHLWHWZHUGHQ² E *HUDGHEH]RJHQDXI.XQVWOlVVWVLFKLP6LQQGHU 6\VWHPWKHRULHVDJHQGDVV5DXVFKHQ]XPHLQHQDOV6W|UXQJ]XPDQGHUHQ DOV LQWHQWLRQDO HU]HXJWHU (IIHNW ZDKUJHQRPPHQ ZHUGHQ NDQQ ² F  'LH /LWHUDWXU LVW PLW GHU +HUDXVIRUGHUXQJ GHV 5DXVFKHQV LQVRIHUQ NRQIURQ WLHUWDOVVLHVLFKPLWGHU)UDJHVHLQHU%HVFKUHLEEDUNHLWE]Z'DUVWHOOEDUNHLW DXVHLQDQGHUVHW]HQ PXVV G  'HU %HJULII GHV Ä5DXVFKHQV¶ NDQQ IUXFKWEDU JHPDFKWZHUGHQXPGLH'LIIHUHQ]HQNQVWOHULVFKHU6WLOH]XPRGHOOLHUHQ *DQ]HLQIDFKJHVDJWN|QQHQOLWHUDULVFKH7H[WHVRZRKOÄUDXVFKHQ¶DOV DXFKYRP5DXVFKHQHU]lKOHQ0DQN|QQWHVRJDUDXIGHQ*HGDQNHQNRP PHQ ]X EHKDXSWHQ /LWHUDWXU KDQGOH HLJHQWOLFK IDVW QXU YRP 5DXVFKHQ 'HQQ PLW GLHVHP %HJULII YHUNQSIHQ VLFK MD ]ZHL *UXQGW\SHQ YRQ (U ]lKOXQJGLHNXOWXUHQXQG]HLWDOWHUEHUJUHLIHQGLPPHUZLHGHUHQWVWDQGHQ  

(EGIÅ'LH&RGLHUXQJPX‰DOVRSHUDWLYH9HUHLQKHLWOLFKXQJYRQ,QIRUPDWLRQXQG0LW WHLOXQJGXUFK$OWHUXQG(JRJOHLFKVLQQLJJHKDQGKDEWZHUGHQ'DVHUIRUGHUWHLQHGDIUDXV UHLFKHQGH 6WDQGDUGLVLHUXQJ ² DXFK GLHV HLQ 8QWHUVFKLHG ]XU 8PJHEXQJ GHU DXIIlOOW XQG $XIPHUNVDPNHLW DXI VLFK ]LHKW $UWLNXOLHUWH 5HGH VW|UW GHQ GHU QLFKW DQJHVSURFKHQ LVW PHKUDOVEOR‰H*HUlXVFKH 0LQGHVWYRUDXVVHW]XQJIUGDV=XVWDQGHNRPPHQYRQ ZLHLP PHUVFKOHFKWFRGLHUWHU .RPPXQLNDWLRQLVWQDWUOLFKGD‰DOV(JRHLQ6\VWHPIXQJLHUWGDV QLFKW YROOVWlQGLJ GXUFK GLH HLJHQH 9HUJDQJHQKHLW GHWHUPLQLHUW LVW DOVR EHUKDXSW DXI ,Q IRUPDWLRQUHDJLHUHQNDQQ´  (LQHQ GLIIHUHQ]LHUHQGHQ $QVDW] ]XU 9HUNQSIXQJ YRQ 5DXVFKHQ XQG /LWHUDWXU ILQGHQ ZLU DXFKEHL6HHO9JObVWKHWLNGHV(UVFKHLQHQV6Å$QGHU6SUDFKHGHU/LWHUDWXUODVVHQVLFK YLHUP|JOLFKH)RUPHQGHV5DXVFKHQVXQWHUVFKHLGHQ3KRQHWLVFKHV5DXVFKHQ'HU.ODQJ GHU5HGHEHUW|QWLKUHQ6LQQ>@5K\WKPLVFKHV5DXVFKHQ'LH9HUODXIVIRUPGHU6lW]H EHUUROOWMHGHVHLQGHXWLJH6DJHQ>@/RJLVFKHV5DXVFKHQ'LHORJLVFKH.RQVWUXNWLRQGHU 6lW]HXQWHUPLQLHUWLKUHQIROJHULFKWLJHQ6LQQ>@5HIHUHQWLHOOHV5DXVFKHQ'LH.RPSOH[L WlWGHUVHPDQWLVFKHQ%H]JHHLQHV7H[WVOlVVWXQGXUFKVLFKWLJZHUGHQZRYRQHUVSULFKW>@ ²(LQHOLWHUDULVFKHÄ6SUDFKHGHV5DXVFKHQV¶VRN|QQWHPDQVDJHQLVWJHJHEHQZHQQHLQLJH RGHUDOOH3KlQRPHQHGLHVHV5DXVFKHQVIUGLH9HUIDVVXQJGHV7H[WV]HQWUDOVLQGGKZHQQ VLH LPPHU ZLHGHU EHUKDQG QHKPHQ RGHU VLFK KHUYRUGUlQJHQ ,P UDXVFKHQ ZHUGHQ 7H[WH DXI YHUVFKLHGHQH :HLVH VHPDQWLVFK XQGXUFKVLFKWLJ 'LHVHV %H]XJORV:HUGHQ GHU OLWHUD ULVFKHQ5HGHKDWIUHLOLFKLQGHU.RQVWUXNWLRQGHUEHWUHIIHQGHQ:HUNHVHOEHUHLQHQQDFKKDO WLJHQ 6LQQ ² ]% GHQ HLQHU ,QGLNDWLRQ DOOJHPHLQHU RGHU VSH]LHOOHU *UHQ]HQ GHV RGHU HLQHV NRPPHQVXUDEOHQXQGNRPPXQLNDEOHQ 6LQQV´



0RQLND6FKPLW](PDQV

VLQG (U]lKOXQJHQ YRP 8UVSUXQJ ² XQG (U]lKOXQJHQ YRP (LQDQGHU QLFKW9HUVWHKHQ =X GHQ YRQ GHU 6\VWHPWKHRULH YHUPLWWHOWHQ *UXQGHLQ VLFKWHQ GLH VLFK ]XQlFKVW ÅNRQWUDLQWXLWLY´ HUVFKHLQHQG EDOG ÅDQDO\WLVFK EHZlKUHQ´JHK|UW LQ-RFKHQ+|ULVFKV:RUWHQ VFKOLH‰OLFKGLH GD‰ .RPPXQLNDWLRQ >@ QLFKW HWZD .RQVHQV VRQGHUQ 'LVVHQV ]XU UHJXODWLYHQ ,GHH KDW :LU UHGHQ ZHLO ZLU 'LVVHQV KDEHQ .RQVHQV VRUJW IU GDV (QGH YRQ .RPPXQLNDWLRQ :DVVROOPDQZHLWHUVDJHQQDFKGHPPDQJHVDJWKDW'XKDVW UHFKWZLUVLQGXQVY|OOLJHLQLJ"¶ 

9LHOHV VSULFKW IU GLH 7KHVH GDVV 3XPSHUQLFNHO(IIHNWH GHU EHYRU]XJWH 6WRIIVLQGDXVGHPPDQ*HVFKLFKWHQPDFKW 0LWGHUIROJHQGHQ8QWHUVFKHLGXQJW\SLVFKHU%H]LHKXQJHQ]ZLVFKHQOL WHUDULVFKHQ7H[WHQXQGGHP5DXVFKHQJHKWHVQDWUOLFKQLFKWXPHLQDQGHU DXVVFKOLH‰HQGH%H]LHKXQJHQ /LWHUDULVFKH7H[WHN|QQHQHUVWHQVVHOEVWDOV%HLWUlJHHLQHVIUGHQ/H VHU ÄIUHPGHQ¶ 6\VWHPV GHP /LWHUDWXUV\VWHP  EHWUDFKWHW ZHUGHQ GLH LKQ ]XU .RPPXQLNDWLRQ HLQODGHQ ZREHL VLH LKP GLHV OHLFKWHU RGHU VFKZHUHU PDFKHQN|QQHQ(LQHUVROFKHQ%HWUDFKWXQJHQWVSUHFKHQ/XKPDQQV(U|U WHUXQJHQ]XUPRGHUQHQ.XQVWXQG/LWHUDWXUHUUFNWGDEHLGDV6LFK9HU ZHLJHUQ GHU :HUNH JHJHQEHU .RPPXQLNDWLRQVEHGUIQLVVHQ GHU 5H]LSL HQWHQ RGHUGRFK]XPLQGHVWGDV6LFK6SHUUHQJHJHQHLQVFKOlJLJH9HUVXFKH ]X LQWHUSUHWLHUHQ  DOV FKDUDNWHULVWLVFK IU GLH lVWKHWLVFKH 0RGHUQH LQ GHQ %OLFN  

9JO+|ULVFK-RFKHQ'HU6LQQXQGGLH6LQQH(LQH*HVFKLFKWHGHU0HGLHQ)UDQNIXUW0DLQ 6  Å'LH ZLUNXQJVPlFKWLJHQ (U]lKOXQJHQ YRP 8UVSUXQJ N|QQHQ >@ NDXP DQGHUV DOV PLWGHU8QWHUVFKHLGXQJYRQ&KDRVXQG2UGQXQJYRQ5DXVFKHQXQGGLVWLQNWHP6SUHFKHQ YRQ7RKXZDERKXXQG6FK|SIXQJVZRUWHQHLQ]XVHW]HQ´  +|ULVFK-RFKHQ7KHRULH$SRWKHNH)UDQNIXUW0DLQ  %HNDQQWLVWGLH(SLVRGHXPGHQIUDQ]|VLVFKHQ2IIL]LHUDXVGHPQDSROHRQLVFKHQ+HHUGHU ]HLWZHLVHDXIHLQHPZHVWIlOLVFKHQ*XWVKRIHLQTXDUWLHUWZDUXQGYRQVHLQHQ*DVWJHEHUQPLW GHQHQ HU DXI JXWHP )X‰ JHVWDQGHQ KDWWH ]XP $EVFKLHG HLQH )ODVFKH ZHVWIlOLVFKHQ .RUQ XQGHLQHQ/DLEZHVWIlOLVFKHV6FKZDU]EURWHUKLHOWhEHUGHQ.RUQIUHXWHHUVLFKGDVJUREH %URWLUULWLHUWHLKQELVHU]XEHJUHLIHQJODXEWHGLH*DVWJHEHUKlWWHQQHWWHUZHLVHDXFKDQVHLQ KXQJULJHV3IHUGJHGDFKWÅ$KF·HVWERQSRXU1LFROH´ GLHVGHU1DPHGHV3IHUGHV VRGHU /HXWQDQW'HUGDQNHQGH$XVUXIGHV%HVFKHQNWHQZXUGHYRQGHQ6FKHQNHQGHQ]XP*OFN ²GDIUDQ]|VLVFK²QLFKWYHUVWDQGHQ*HQDXHUJHVDJWZXUGHHUIDOVFKYHUVWDQGHQ$EMHW]W ZXVVWH PDQ LQ :HVWIDOHQ ZLH ZHVWIlOLVFKHV 6FKZDU]EURW LP /DQG GHU *RXUPHWV JHQDQQW ZLUG3XPSHUQLFNHO'LH)UHXGHZDUZHFKVHOVHLWLJZHQQJOHLFKVLHDXIEHLGHQ6HLWHQDXIHL QHP 0LVVYHUVWlQGQLV EHUXKWH MD GDV 0LVVYHUVWlQGQLV YHUKLQGHUWH DXI EHLGHQ 6HLWHQ HLQH .UlQNXQJ =XP 3XPSHUQLFNHO(IIHNW YJO 5|WWJHUV .XUW Å'LH (LQKHLW GHXWVFKIUDQ ]|VLVFKHU0L‰YHUVWlQGQLVVH²RGHUGHU3XPSHUQLFNHO(IIHNW´,Q+DJHQHU8QLYHUVLWlWVUHGHQ  6²  9JO /XKPDQQ 1LNODV X 3HWHU )XFKV 5HGHQ XQG 6FKZHLJHQ )UDQNIXUW0DLQ  6  EHU HLQH Å6RQGHUIRUPDWLRQ´ PRGHUQHU /\ULN Å6LH JHZLQQW LKU 3URILO GXUFK 'HVRULHQWLH UXQJGHV9HUVWHKHQVXQGKRKH%HZX‰WKHLWLP+LQEOLFNDXIGLHGD]XHUIRUGHUOLFKHQ7HFKQL NHQ *HGLFKWH GLHVHU )RUPDWLRQ VROOHQ VLFK GHP YHUVWHKHQGHQ JDU GHP KHUPHQHXWLVFKHQ

5DXVFKHQ



/LWHUDULVFKH7H[WHN|QQHQ]ZHLWHQVYRQGHU%HJHJQXQJ]ZLVFKHQYHU VFKLHGHQHQ6\VWHPHQKDQGHOQGDV5DXVFKHQXQGGHQ²VHLHVJHOLQJHQGHQ VHLHVVFKHLWHUQGHQ²9HUVXFKVHLQHUhEHUIKUXQJLQ6LJQDOHDOVR]XPH[ SOL]LWHQ*HJHQVWDQGGHU'DUVWHOOXQJPDFKHQ(VLVWIDVWXQP|JOLFKQLFKW DQ+HEHOV*HVFKLFKWHÅ.DQQLWYHUVWDQ´]XGHQNHQZHQQHVXPHLQH,OOXV WUDWLRQIUGLHV\VWHPWKHRUHWLVFKH0RGHOOLHUXQJYRQ.RPPXQLNDWLRQ]ZL VFKHQ ]ZHL 6\VWHPHQ JHKW $OOHUGLQJV HU]lKOW +HEHO QLFKW HLQIDFK QXU HLQH 0RGHOOJHVFKLFKWH VROFKHU DXV GHP 5DXVFKHQ GHV 1LFKWZLVVHQV XQG GHU 2ULHQWLHUXQJVORVLJNHLW KHUYRUJHKHQGHQ Ä.RPPXQLNDWLRQ¶ VRQGHUQ HU XQWHUVWUHLFKW]XJOHLFKGHUHQ'RSSHOE|GLJNHLW²XQGGRFKDXFKZLHGHULKUH /HEHQVQRWZHQGLJNHLWXQGLKUHSRVLWLYHQ(IIHNWH'HU+DQGZHUNVEXUVFKH GHULQGHQ1LHGHUODQGHQPLWHLQHULKPXQYHUVWlQGOLFKHQ6SUDFKZHOWNRQ IURQWLHUW ZLUG XQG GLH $QWZRUWHQ DXI DOOH VHLQH QHXJLHULJHQ )UDJHQ DOV 1HQQXQJHQ GHV 1DPHQV LPPHU GHUVHOEHQ 3HUVRQ ² GHV +HUUQ.DQQQLW YHUVWDQ²LQWHUSUHWLHUWVWHOOWILOWHUQGÄ.RPPXQLNDWLRQ¶KHU²LQDNWLYHUMD NUHDWLYHU 5HDNWLRQ DXI GDV 5DXVFKHQ HLQHU LKP IUHPGHQ 6SUDFKZHOW (U NDQQ PLW GHQ LKP JHJHEHQHQ $QWZRUWHQ GHUHQ LURQLVFKH GHP +DQG ZHUNVEXUVFKHQVHOEVWDEHUNHLQHVZHJVEHZXVVWH3RLQWH]XGHPGDULQOLHJW GDVVVLHGDV1LFKW6WDWWILQGHQYRQ.RPPXQLNDWLRQEHKDXSWHQ HWZDVÄDQ IDQJHQ¶,QSDUDGR[DOHU9HUGUHKXQJGHV$XVVDJHVLQQVGHQVHLQHQLHGHU OlQGLVFKHQ*HVSUlFKVSDUWQHUPLWLKUHQ$QWZRUWHQNRPPXQL]LHUHQZROOHQ HUVFKOLH‰WHUK\SRWKHWLVFKDXVGHU%HKDXSWXQJYRQ1LFKW.RPPXQLNDWLRQ HLQH%HGHXWXQJGLHHUDOV$XVVDJHDEVLFKWLQWHUSUHWLHUW$XVGHU3HUVSHN WLYH GHVVHQ GHU GDV ZHFKVHOVHLWLJH 1LFKWYHUVWHKHQ GHV +HOGHQ XQG GHU DQGHUHQEHREDFKWHWKDW(UVWHUHUDXVGHQbX‰HUXQJHQGHU/HW]WHUHQHWZDV KHUDXVJHILOWHUWZDVGLHVHJDUQLFKWVDJHQZROOWHQXQGHUKDWGLHVQLFKWHLQ  =XJULIIHQW]LHKHQ²XQGGHQQRFKHWZDVPLWWHLOHQXQGVHLHVLP*UHQ]IDOOQXUGLH9HUZHLJH UXQJGHU0LWWHLOXQJVHOEVW6SUDFKHZLUGZLHHVVFKHLQWLQLKUIXQNWLRQDOHV*HJHQWHLOYHU NHKUWVROOYHUEHUJHQPLWXQWHUYHUVFKZHLJHQZDVVLHVDJWXQGVDJHQZDVVLHYHUVFKZHLJW 1LHPDQG VFKUHLEW 9HUVH VDJW HLQPDO 0RQWDOH ZHQQ HV GDV 3UREOHP GHU 'LFKWXQJ ZlUH VLFKYHUVWlQGOLFK]XPDFKHQ´9JOIHUQHU/XKPDQQ1LNODV6FKULIWHQ]XU.XQVWXQG/LWHUDWXU )UDQNIXUW0DLQ6Å,FKVHKHHWZDVZDVLFKQLFKWVHKH²ZLUVHKHQHWZDVZDVZLU QLFKWVHKHQ²GXVLHKVWHWZDVZDVLFKQLFKWVHKH²LFKVHKHHWZDVZDVGXQLFKWVLHKVW'DV 6HKHQGHV1LFKW6HKHQ.|QQHQVLVWHLQHGHUZLFKWLJVWHQ(UUXQJHQVFKDIWHQGHUPRGHUQHQ .XQVW´  +HEHO -RKDQQ 3HWHU Å.DQQLWYHUVWDQ´ ,Q -RKDQQ 3HWHU +HEHO .DOHQGHUJHVFKLFKWHQ >@ $XVZDKOXQG1DFKZRUWYRQ(UQVW%ORFK)UDQNIXUW0DLQ6²  :LHHLQ.RPPHQWDU]XUÅ.DQQLWYHUVWDQ´NOLQJWGLHVÅ(VEOHLEW]ZDUULFKWLJGD‰LQWHUSHQH WULHUHQGH6\VWHPHLQHLQ]HOQHQ(OHPHQWHQNRQYHUJLHUHQQlPOLFKGLHVHOEHQ(OHPHQWHEHQXW ]HQ DEHU VLH JHEHQ LKQHQ MHZHLOV XQWHUVFKLHGOLFKH 6HOHNWLYLWlW XQG XQWHUVFKLHGOLFKH $Q VFKOX‰IlKLJNHLW XQWHUVFKLHGOLFKH 9HUJDQJHQKHLWHQ XQG XQWHUVFKLHGOLFKH =XNQIWH 'LH .RQYHUJHQ]LVWGDHVVLFKXPWHPSRUDOLVLHUWH(OHPHQWH (UHLJQLVVH KDQGHOWQXUMHJHJHQ ZlUWLJP|JOLFK'LH(OHPHQWHEHGHXWHQGDKHUREZRKOVLHDOV(UHLJQLVVHLGHQWLVFKVLQGLQ GHQ EHWHLOLJWHQ 6\VWHPHQ YHUVFKLHGHQHV 6LH ZlKOHQDXV MHZHLOVDQGHUHQ0|JOLFKNHLWHQ DXV XQGIKUHQ]XMHZHLOVDQGHUHQ.RQVHTXHQ]HQ´ /XKPDQQ6R]LDOH6\VWHPH6 



0RQLND6FKPLW](PDQV

PDOEHPHUNW0|JOLFKZDULKPGLHVDXIGHU%DVLVGHUHLJHQHQ&RGLHUXQJ UHVSHNWLYH GHU &RGHV GHUHQ HU VLFK EHGLHQW RKQH GDVV ZLHGHUXP VHLQH *HVSUlFKVSDUWQHUGDUXPZVVWHQ :HUQDFKHLQHU3HUVRQIUDJWEHNRPPW QRUPDOHUZHLVHDOV$QWZRUWGHUHQ1DPHQJHQDQQW %HUKPWXQGEHOLHEWLVWÅ.DQQLWYHUVWDQ´YRUDOOHPZRKOGHVKDOEZHLO KLHU GDV 5DXVFKHQ GHU IUHPGHQ 6SUDFKZHOW  SRVLWLY VHPDQWLVLHUW ZLUG :DV PDQ DOV HLQ 6FKHLWHUQ DXI VSUDFKOLFKEHUVHW]HULVFKHU (EHQH EH VFKUHLEHQ N|QQWH EHUELHWHW MHGHV WULYLDOH *HOLQJHQ ÄOHUQW¶ GRFK GHU +DQGZHUNVEXUVFKHDXVVHLQHPQLHGHUOlQGLVFKHQ$EHQWHXHUZHLWDXV:LFK WLJHUHVDOVLKPGLH,QIRUPDWLRQEHUGLH1DPHQLUJHQGZHOFKHUQLHGHUOlQ GLVFKHU %UJHU KlWWHQ EHGHXWHQ N|QQWHQ HLQH /HEHQVZHLVKHLW EHU GLH 5HODWLYLWlW YRQ 5HLFKWXP XQG |NRQRPLVFK EHGLQJWHQ 8QWHUVFKLHGHQ JH JHQEHUGHU6WHUEOLFKNHLWDOOHUGHU$UPHQZLHGHU5HLFKHQ 'DVVHUGLHV ]XÄOHUQHQ¶YHUPDJOLHJWQDWUOLFKXDGDUDQGDVVHUGXUFKVHLQHQ/HUQHL IHU XQG HLQH JHZLVVH ,QNOLQDWLRQ ]X FKULVWOLFKVWRLVFKHU :HOWYHUDFKWXQJ GD]XGLVSRQLHUWLVWHLQHVROFKHÄ/HKUH¶DQ]XQHKPHQ 'LHJHUDGHDXIGHU %DVLVLKUHV6FKHLWHUQVJHOLQJHQGH$QVFKOXVVNRPPXQLNDWLRQVHW]WVLFKIRUW ELVDXIGLH(EHQHGHV/HVHUV'LHVHUYROO]LHKWQDFKZDVGHU3URWDJRQLVW DXV VHLQHP YRUGHUJUQGLJHQ 0LVVYHUVWHKHQ OHUQW 'HU 7H[W UHDOLVLHUW GDV *HOLQJHQ YRQ .RPPXQLNDWLRQ DOVR LQGHP HU YRP SUHNlUHQ GHP 5DX VFKHQ DEJHZRQQHQHQ .RPPXQL]LHUHQ KDQGHOW SHUIRUPDWLY ² $QDORJHV JLOWIUDQGHUH(U]lKOXQJHQEHU0LVVYHUVWlQGQLVVHDXVGHQHQPDQPHKU OHUQHQNDQQDOVDXVQRUPJHUHFKWHQ'HFRGLHUXQJHQ /LWHUDULVFKH7H[WHN|QQHQGULWWHQVVFKOLH‰OLFKYRQHLQHUEHUJHRUGQH WHQ5HIOH[LRQVHEHQHDXVGLH)UDJHQDFKGHP:HVHQXQGGHU0RGHOOLHUEDU NHLW YRQ .RPPXQLNDWLRQ WKHPDWLVLHUHQ 'LHV JHVFKLHKW LQ GHQ 3DORPDU (U]lKOXQJHQ,WDOR&DOYLQRVGLHDXVYHUVFKLHGHQHQ3HUVSHNWLYHQXQGXQWHU YHUVFKLHGHQHQ$N]HQWXLHUXQJHQYRQ.RPPXQLNDWLRQVYHUVXFKHQKDQGHOQ GLH VWHWV XQDEJHVLFKHUW XQG WHQWDWLY EOHLEHQ ZHQQ VLH QLFKW JDU Y|OOLJ VFKHLWHUQ .RPPXQLNDWLRQVYHUVXFKHQ PLW DQGHUHQ 0HQVFKHQ PLW IUHP GHQ.XOWXUHQPLWQDWUOLFKHQ'LQJHQXQGPLWGHPHLJHQHQ6HOEVW ,Q VRIHUQGHP+HOGHQ3DORPDUGLHVHV6FKHLWHUQLPPHUDXFKEHZXVVWLVWXQG GLHVVHLQ9HUKDOWHQPLWEHVWLPPWVLQGVHLQH$EHQWHXHU*HJHQJHVFKLFKWHQ ]X Å.DQQLWYHUVWDQ´  +HUU3DORPDU KDW HLQ DXVJHSUlJWHV %HZXVVWVHLQ IU GLH)UHPGKHLWYRQ6SUDFKHQGLH'LYHUVLWlWYRQ&RGHVIUDOOGLHNXOWXU VSH]LILVFKHQ XQG SV\FKRORJLVFKHQ +LQGHUQLVVH GLH VLFK GHU .RPPXQL NDWLRQ HQWJHJHQVWHOOHQ GHP XQLYHUVDOHQ ,QWHUSUHWDWLRQV XQG .RPPXQL NDWLRQVEHGUIQLV GHV 0HQVFKHQ ]XP +RKQ 6R LVW HV QXU NRQVHTXHQW ZHQQHWZDLQGHU(U]lKOXQJÅ6FKODQJHQXQG6FKlGHO´GLH5HOLNWHGHUD] WHNLVFKHQ.XOWXUHLQHUVHLWVDOVIDV]LQLHUHQGHXQGKHUDXVIRUGHUQGH2EMHNWH  

&DOYLQR,WDOR+HUU3DORPDU'WY%XUNKDUW.URHEHU0QFKHQ:LHQ

5DXVFKHQ



YRQ,QWHUSUHWDWLRQVXQG.RPPXQLNDWLRQVYHUVXFKHQLQGHQ%OLFNUFNHQ DQGHUHUVHLWV DEHU JHUDGH GLH )UDJZUGLJNHLW VROFKHU $QVFKOXVVYHUVXFKH XQWHUVWULFKHQ ZLUG :lKUHQG HLQ PH[LNDQLVFKHU /HKUHU GLH ,QWHUSUHWLHU EDUNHLWGHUD]WHNLVFKHQ6\PEROHSULQ]LSLHOOEHVWUHLWHWJODXEWGHU%HJOHLWHU 3DORPDUVGLHVH6\PEROHLQWHUSUHWLHUHQ]XN|QQHQXQGSUlVHQWLHUWHLQHQ JHOHKUWHQ .RPPHQWDU (LQH SDUDGR[DOH 3RLQWH OLHJW GDULQ GDVV P|J OLFKHUZHLVHGHU'HXWXQJVYHU]LFKWGHV/HKUHUVHLQHIUXFKWEDUHUH)RUPGHU $QVFKOXVVNRPPXQLNDWLRQ GDUVWHOOW DOV GDV VHOEVWEHZXVVWH ,QWHUSUHWLHUHQ GHV EHOHVHQHQ7RXULVWHQ =XGHP LVW GHP NULWLVFKHQ =HXJHQ 3DORPDU EH ZXVVW GDVV GLH YRQ VHLQHP %HJOHLWHU JHOLHIHUWH K\SRWKHWLVFKH ,QWHUSUH WDWLRQGHUIUHPGDUWLJHQ=HLFKHQLKUHUVHLWVHLQHU,QWHUSUHWDWLRQEHGDUI ,PPHUKLQ 'DVV GLH VNXOSWLHUWHQ 6FKODQJHQ XQG 6FKlGHO0RWLYH DQ GHQD]WHNLVFKHQ5XLQHQHLQPDOHWZDVÄEHGHXWHW¶KDEHQGDVVVLHLQIHUQHU 9HUJDQJHQKHLWHWZDVÄNRPPXQL]LHUHQ¶VROOWHQXQWHUVWHOOHQGHU/HKUHUXQG GHU7RXULVWEHLDOOHPVRQVWLJHQ'LVVHQVGLHVWHLQHUQHQ2UQDPHQWHDOV1D WXUSKlQRPHQH]XGHXWHQZlUHDEVWUXV0LWGHU(U]lKOXQJEHUGHQÅ*H VDQJGHU$PVHOQ´UFNW&DOYLQRGHPJHJHQEHUHLQNRPPXQLNDWLRQVWKHR UHWLVFKHV3UREOHPLQGHQ%OLFNGDVQRFKJUXQGOHJHQGHULVWDOVGLH)UDJH QDFKGHQ%HGLQJXQJHQHLQHU(QW]LIIHUEDUNHLWIUHPGNXOWXUHOOHU&RGHV+LHU JHKWHVXP8QHQWVFKHLGEDUNHLWGHU)UDJHREPDQHVEHLEHVWLPPWHQ*H UlXVFKHQ EHUKDXSW PLW FRGLHUWHQ bX‰HUXQJHQ ]X WXQ KDW (V OLHJW ]ZDU DXV PHQVFKOLFKHU 6LFKW QDKH GDV 3IHLIHQ YRQ 9|JHOQ DOV .RPPXQLND WLRQVV\VWHP ]X EHWUDFKWHQ ² DEHU DOOH lX‰HUOLFKHQ bKQOLFKNHLWHQ PLW PHQVFKOLFKHP3IHLIHQlQGHUQQLFKWVDQGHU8QYHUVWlQGOLFKNHLWGHVGDEHL XQWHUVWHOOWHQ&RGHV0DQZHL‰MDQLFKWHLQPDOPLWZHOFKHQ=HLFKHQPDQ HV]XWXQKDW6LQGDP(QGHVRIUDJWVLFK3DORPDUHLQPDOQLFKWGLH3IHLI W|QHVHOEVWVRQGHUQGLH3DXVHQGD]ZLVFKHQGLHHLJHQWOLFKHQ%HGHXWXQJV WUlJHU" +HUU 3DORPDU GHP 3IHLIHQ HLQHV $PVHOSlUFKHQV LP *DUWHQ ODX VFKHQG VSLHOW YHUVFKLHGHQH 2SWLRQHQ DXI +HUVWHOOXQJ HLQHU Ä$QVFKOXVV NRPPXQLNDWLRQ¶GXUFKXQGEOHLEWVLFKGDEHLGHVXQDEJHVLFKHUWHQ([SHUL PHQWDOFKDUDNWHUV VHLQHU 9HUVXFKH VWHWV EHZXVVW +DQGHOW HV VLFK EHL GHQ 7|QHQ EHUKDXSW XP 6LJQDOH" .DQQ PDQ GHQ $PVHOQ XQWHUVWHOOHQ GDVV VLH HLQHQ 'LDORJ IKUHQ" :HQQ GLH 9|JHO VHOEVW HLQDQGHU HLQIDFK QXU   

&DOYLQR,WDORÅ6FKODQJHQXQG6FKlGHO´,Q+HUU3DORPDU6² &DOYLQR,WDORÅ'DV3IHLIHQGHU$PVHOQ´,Q+HUU3DORPDU6²KLHUÅ>@LVWHVHLQ 'LDORJRGHUSIHLIWMHGH$PVHOQXUYRUVLFKKLQXQGQRFKWIUGLHDQGHUH8QGKDQGHOWHV VLFKLPHLQHQ)DOOHRGHULPDQGHUHPXPIUDJHQXQG$QWZRUWHQ DXIGHQ3DUWQHURGHUDXI VLFKVHOEVW RGHUXP%HVWlWLJXQJHQYRQHWZDVGDVOHW]WHQ(QGHVLPPHUGDVVHOEHLVW GLHHL JHQH $QZHVHQKHLW GLH HLJHQH =XJHK|ULJNHLW ]XU *DWWXQJ ]XP *HVFKOHFKW RGHU ]XP *H ELHW " 9LHOOHLFKW OLHJW GHU :HUW GLHVHV HLQ]LJHQ Ä:RUWHV¶ GDULQ GD‰ HV YRQ HLQHP DQGHUHQ SIHLIHQGHQ6FKQDEHOZLHGHUKROW>@ZLUG´



0RQLND6FKPLW](PDQV

JHJHQVHLWLJ DQSIHLIHQ VR N|QQWH LKU 6LJQDODEWDXVFK GDV =HUUELOG GHVVHQ VHLQ ZDV HLQH V\VWHPWKHRUHWLVFK PRGHOOLHUWH .RPPXQLNDWLRQ LVW HLQ EH KDUUOLFKHV $QHLQDQGHU9RUEHL HLQ GRSSHOWHV .DQQLWYHUVWDQ  3DORPDUV 9HUVXFKHVLFKSIHLIHQGLQGLHXQWHUVWHOOWH3IHLI.RPPXQLNDWLRQ]ZLVFKHQ GHQ$PVHOQHLQ]XVFKDOWHQVLQGDEVXUG²VFKRQZHLOHUQLFKWZHL‰REGDV ZDVHUIU.RPPXQLNDWLRQKlOWXQGZRUDQHUXQWHUGLHVHU3UlPLVVHSDU WL]LSLHUHQ P|FKWH ZLUNOLFK HLQ $XVWDXVFK YRQ 6LJQDOHQ LVW %HVFKUHLEHQ OlVVW VLFK GDV *HVFKHKHQ QXU LP .RQMXQNWLY LQ K\SRWKHWLVFKHQ XQG QH JDWLYHQ:HQGXQJHQ (U >3DORPDU@ ODXVFKW HLQH :HLOH VHKU DXIPHUNVDP DXI GDV 3IHLIHQ GHU $PVHOQ GDQQYHUVXFKWHUHVQDFK]XDKPHQVRJXWHUNDQQ(VIROJWHLQHUVWDXQWHV6FKZHL JHQDOVEHGUIWHVHLQH%RWVFKDIWHLQHUJUQGOLFKHQ3UIXQJ6FKOLH‰OLFKHUW|QWHLQ LGHQWLVFKHV3IHLIHQYRQGHP3DORPDUQLFKWZHL‰REHVHLQH(UZLGHUXQJLVWRGHU GHU%HZHLVGD‰VHLQ3IHLIHQVRJUXQGYHUVFKLHGHQLVWGD‰GLH$PVHOQVLFKEHU KDXSW QLFKW GDYRQ VW|UHQ ODVVHQ XQG LKUHQ 'LDORJ ZLHGHU DXIQHKPHQ DOV RE QLFKWV JHZHVHQ ZlUH 6LH IDKUHQ IRUW ]X SIHLIHQ XQG HLQDQGHU HUVWDXQW ]X EH IUDJHQ+HUU3DORPDUXQGGLH$PVHOQ

(LQH V\VWHPWKHRUHWLVFK IRUPXOLHUEDUH  NRPLVFKH 3RLQWH GHU *HVFKLFKWH HUJLEWVLFKDEHUQLFKWQXUDXVGHU%HKDUUOLFKNHLWPLWGHU3DORPDUGLH$P VHOQDQSIHLIWRKQHYHULIL]LHUHQ]XN|QQHQREHUHVEHLVHLQHP*HJHQEHU PLW HLQHP NRPPXQLNDWLRQVIlKLJHQ 6\VWHP ]X WXQ KDW,Q JHZLVVHP6LQQ NDQQ 3DORPDU RGHU NDQQ GRFK GHU /HVHU  DXV GHP 3IHLIHQ GHU $PVHOQ WURW] E]Z JHUDGH ZHJHQ GHVVHQ 8QYHUVWlQGOLFKNHLW QlPOLFK GRFK HWZDV OHUQHQ ² DQDORJ ]X GHU EHLP /HVHQ YRQ .DQQLWYHUVWDQ HUP|JOLFKWHQ (LQ VLFKW GLH VLFK GRUW DXV GHU 'DUVWHOOXQJ VFKHLWHUQGHU .RPPXQLNDWLRQ HU JLEW'HQQGDV3IHLIHQGHV$PVHOSlUFKHQVJOHLFKWGHQ.RPPXQLNDWLRQV SUDNWLNHQ GHV (KHSDDUV 3DORPDU DXI HUVWDXQOLFKH :HLVH ZDV 3DORPDU VHOEVWDQVDW]ZHLVHHUNHQQW $XFK+HUUXQG)UDX3DORPDUlX‰HUQVLFKLQ LPPHUJOHLFKHQ7|QHQ:DVVLHVDJHQEHGHXWHWLP5DKPHQHLQHVVFKZH OHQGHQ ZHQQJOHLFK UHODWLY KDUPORVHQ (KH]ZLVWHV QLFKW ZDV HV ]X EH GHXWHQ VFKHLQW 6LH ZROOHQ HLQDQGHU DXFK JDU QLFKW GDV VLJQDOLVLHUHQ ZDV LKUH bX‰HUXQJHQ ]X EHVDJHQ VFKHLQHQ VRQGHUQ MHGHU YRQ EHLGHQ KDW LP .RQWH[W ODQJMlKULJHQ (KHOHEHQV HLQHQ LQGLYLGXHOOHQ 6HNXQGlUFRGH HQW ZLFNHOW XP 8QPXW .ULWLN (LJHQVLQQ ]X DUWLNXOLHUHQ (LQ ULWXDOLVLHUWHU 0DFKWNDPSI DUWLNXOLHUW VLFK DQGHXWXQJVZHLVH DEHU EHKDUUOLFK LQ $Q  

Å>@ 2GHU NHLQHGHU EHLGHQ $PVHOQ NDQQ GLH DQGHUH YHUVWHKHQ MHGH JODXEW LQ LKU 3IHLIHQ HLQHIUVLHJDQ]IXQGDPHQWDOH%HGHXWXQJJHOHJW]XKDEHQGLHDEHUQXUVLHHUID‰WZlKUHQG GLHDQGHUHHWZDVHUZLGHUWGDVEHUKDXSWQLFKWVPLWGHPJHVDJWHQ]XWXQKDW'DQQZlUHHV HLQ'LDORJ]ZLVFKHQ+|UJHVFKlGLJWHPHLQ*HVSUlFKRKQH6LQQXQG9HUVWDQG$EHUVLQG GLHPHQVFKOLFKHQ'LDORJHHWZDVDQGHUHV"´ HEG6I   (EG6

5DXVFKHQ



VSLHOXQJHQ $QGHXWXQJHQ XQDXVJHVSURFKHQHQ 8QWHUVWHOOXQJHQ =X GHQ 6SLHOUHJHOQGHVHKHOLFKHQ0LWHLQDQGHUVJHK|UWHVDXIGLHbX‰HUXQJHQGHV MHZHLOV DQGHUHQ QLFKW HLQ]XJHKHQ ,QVRIHUQ OLHJW GHU *HGDQNH QDKH GDVV +HUUXQG)UDX3DORPDUQXUVFKHLQEDUNRPPXQL]LHUHQGDQHLQDQGHUYRU EHLSIHLIHQ²HEHQZLHGLH$PVHOQEHUGLH3DORPDUQDFKGHQNW $EHULVW QLFKW VROFKHV 1DFKGHQNHQ GRFK DXFK ZLHGHU DOV ,QGL] HLQHU $XVHLQDQ GHUVHW]XQJPLWGHPHLJHQHQ.RPPXQLNDWLRQVYHUKDOWHQGHXWEDU"  $EHULVWHVHLQ'LDORJRGHUSIHLIWMHGH$PVHOQXUYRUVLFKKLQXQGQLFKWIUGLH DQGHUH" >@ 2GHU NHLQH GHU EHLGHQ $PVHOQ NDQQ GLH DQGHUH YHUVWHKHQ MHGH JODXEWLQLKU3IHLIHQHLQHIUVLHJDQ]IXQGDPHQWDOH%HGHXWXQJJHOHJW]XKDEHQ GLHDEHUQXUVLHHUID‰WZlKUHQGGLHDQGHUHHWZDVHUZLGHUWGDVEHUKDXSWQLFKWV PLW GHP *HVDJWHQ ]X WXQ KDW 'DQQ ZlUH HV HLQ 'LDORJ ]ZLVFKHQ +|UJH VFKlGLJWHQHLQ*HVSUlFKRKQH6LQQXQG9HUVWDQG$EHUVLQGGLHPHQVFKOLFKHQ 'LDORJHHWZDVDQGHUHV"

3DORPDUHLQHUVHLWVVHOEVWNULWLVFKXQGVNHSWLVFKLVWGRFKDXFKZLHGHUHLQ YHUVLHUWHU 3URGX]HQW K\SRWKHWLVFKHU ,QWHUSUHWDWLRQHQ ² HLQ HLIULJHU +HU VWHOOHUYRQ$QVFKOXVVNRPPXQLNDWLRQ'LH'HXWXQJGHV$OWHUQLHUHQV]ZL VFKHQ $PVHOSIHLIHQ XQG 3IHLISDXVHQ DOV bTXLYDOHQW GHU 6SDQQXQJ ]ZL VFKHQ6SUDFKHXQG6FKZHLJHQ]ZLVFKHQ*HVDJWHPXQG1LFKWJHVDJWHPLQ PHQVFKOLFKHQ 'LVNXUVHQ HQWVSULFKW HLQHU DQWKURSR]HQWULVFKHQ +DOWXQJ JHJHQEHUGHU1DWXUZLHVLHDXVGHPPHQVFKOLFKHQ/HVH(QW]LIIHUXQJV XQG .RPPXQLNDWLRQVEHGUIQLV HQWVSULQJW (LQ VROFKHU $QWKURSR]HQWULV PXVLVWLP.RQWH[WGHU(U]lKOXQJ]XPHLQHQQDWUOLFKLURQLVFK]XVHKHQ ²DOVXQUHIOHNWLHUWHhEHUWUDJXQJYRQ(LJHQVFKDIWHQGHU%HZXVVWVHLQVV\VWH PHDXIDQGHUH6\VWHPH=XPDQGHUHQOLHJWLQGLHVHUhEHUWUDJXQJHLQXWR SLVFKHV0RPHQW6LHHQWVSULFKWGHU XQYHULIL]LHUEDUHQ +RIIQXQJGLH:HOW VHOEVWP|JHVLQQKDIWRUJDQLVLHUWVHLQ²XQGGHPGDPLWYHUEXQGHQHQXQ HUIOOEDUHQ :XQVFK QDFK hEHUEUFNXQJ GHU 7UHQQXQJ ]ZLVFKHQ .XOWXU XQG1DWXU,P+HJHQGLHVHU+RIIQXQJVHOEVWOLHJWGHU$QVDW]]XUhEHU EUFNXQJGHU'LVWDQ]]ZLVFKHQ1DWXUXQG.XOWXUGDUXPZlUHHV]XELO OLJVLFKHLQIDFKEHUVLH]XPRNLHUHQ :UGHQ GLH 0HQVFKHQ DOOHV LQV 3IHLIHQ OHJHQ ZDV VLH QRUPDOHUZHLVH GHP :RUW DQYHUWUDXHQXQGZUGHQGLH$PVHOQLP3IHLIHQDOOGDV1LFKWJHVDJWHLKUHUFRQGL WLRDOV1DWXUZHVHQPLWVFKZLQJHQODVVHQVRZlUHGHUHUVWH6FKULWWJHWDQXPGLH 7UHQQXQJ ]X EHUZLQGHQ ]ZLVFKHQ MD ]ZLVFKHQ ZDV" 1DWXU XQG .XOWXU" 6FKZHLJHQXQG5HGHQ"

,VW GDV 6FKZHLJHQ GHU $PVHOQ HLQ QDWXUKDIWHV 5DXVFKHQ RGHU HLQ $QD ORJRQ ]X GHPMHQLJHQ 5DXVFKHQ YRQ GHP GLH .RPPXQLNDWLRQ ]ZLVFKHQ   

(EG6I (EG6



0RQLND6FKPLW](PDQV

%HZXVVWVHLQVV\VWHPHQ LKUHQ $XVJDQJ QLPPW" 'LHVH XQEHDQWZRUWEDUH )UDJH YHUZHLVW XQWHU DQGHUHP DXI HLQH IU MHGH bVWKHWLN GHV 5DXVFKHQV ]HQWUDOH 8QWHUVFKHLGXQJ ]ZLVFKHQ QDWUOLFKHP XQG NQVWOLFKHP 5DX VFKHQ GHP 5DXVFKHQ GHU 'LQJH XQG GHP GHU .XQVWZHUNH :lKUHQG 6HHOV bVWKHWLN GHV 5DXVFKHQV GHQ 8QWHUVFKLHG ]ZLVFKHQ 1DWXU XQG .XQVWUDXVFKHQ EHWRQW GHXWHW VLFK LQ 3DORPDUV hEHUOHJXQJHQ DQ ZLH VFK|Q HV ZlUH GLHVH 'LIIHUHQ]LHUXQJ KLQWHUVLFK ODVVHQ ]X N|QQHQ ² XP GDPLW ]X HLQHU XQEHUELHWEDU SRVLWLYHQ XWRSLVFKHQ 6HPDQWLVLHUXQJ GHV 5DXVFKHQV]XJHODQJHQ  3DORPDUV KHLPOLFKH 6HKQVXFKW JLOW ² ZLH VHLQH 5HIOH[LRQHQ EHU GDV 6FKZHLJHQDQGHXWHQ²HLQHU%HGHXWVDPNHLWGLHGDV5DXVFKHQVHOEVWVFKRQ ODWHQW EHVLW]HQ VROO YRU XQG XQDEKlQJLJ YRQ DOOHU )LOWHUXQJ GXUFK %H ZXVVWVHLQVV\VWHPH YRU DOOHU PHQVFKOLFKHQ DQWKURSR]HQWULVFKHQ DQWKUR SRPRUSKLVLHUHQGHQ 6WUXNWXULHUXQJ XQG &RGLHUXQJ =XJOHLFK ZHL‰ HU QD WUOLFKDEHUGRFKDXFKZLHGHUGDUXPGDVV6LQQQXUGRUWHUZDUWEDULVWZR =HLFKHQVLQGZR6SUDFKHLVWGDVVGLH9HUZDQGOXQJGHV5DXVFKHQVLQ&R GHV XQEHGLQJW Q|WLJ LVW ZR XQG VHL HV K\SRWKHWLVFK  LQWHUSUHWLHUW XQG NRPPXQL]LHUW ZHUGHQ VROO GDVV HEHQ GXUFK LKUH VSUDFKOLFKH 'DUVWHOOXQJ GLH1DWXUVHOEVWDEHUXQDXVZHLFKOLFKYHUZDQGHOWZLUG +HUU 3DORPDU KRIIW LPPHU GD‰ LP 6FKZHLJHQ HWZDV HQWKDOWHQ VHLQ P|JH ZDV PHKULVWDOV6SUDFKHDXV]XGUFNHQYHUPDJ$EHUZHQQ6SUDFKHQXQZLUNOLFKGHU (QGSXQNWZlUHGDV=LHO]XZHOFKHPDOOHV6HLHQGHVWUHEW"

%HVFKUHLEW GLH 3DORPDU(U]lKOXQJ EHU GHQ $PVHO*HVDQJ GLHVHQ XQG LQVEHVRQGHUHGHVVHQ3DXVHQ DOVHLQ5DXVFKHQDXVGHPGHUPHQVFKOLFKH =XK|UHU 6LJQDOH KHUDXVILOWHUQ P|FKWH VR EHVSLHJHOW VLH ]XJOHLFK GLHVHV 6WUHEHQ GRSSHOW LURQLVFK ,URQLH JLOW GHU ]ZHFNORVHQ %HKDUUOLFKNHLW GHU 'HXWXQJVDQVlW]H ,URQLH DEHU DXFK GHP GHQNZUGLJHQ $QDORJLHEH]XJ ]ZLVFKHQ $PVHO XQG 0HQVFKHQSDDU ² XQG GDPLW GHP 0RGHOO XQG GHU 3UREOHPDWLN YRQ Ä.RPPXQLNDWLRQ¶ EHUKDXSW $QJHVSLHOW ZLUG DXI YHU VFKLHGHQH.RQ]HSWHGHV5DXVFKHQVLQVEHVRQGHUHDXIGLH'LIIHUHQ]]ZL VFKHQGHP5DXVFKHQQDWUOLFKHU3KlQRPHQHXQGGHP5DXVFKHQGDVDOOH 2IIHUWHQ NRPPXQL]LHUHQGHU 6\VWHPH VFKOHFKWKLQ EHJOHLWHW XQG XPJLEW *HOlXILJH 8QWHUVFKHLGXQJHQ ZLH GLH ]ZLVFKHQ 1DWUOLFKHP XQG $UWLIL ]LHOOHP %HZXVVWORVHP XQG %HZXVVWHP ZHUGHQ GDEHL LP +HUUQ 3DORPDU  

=XP9HUJOHLFK6HHObVWKHWLNGHV(UVFKHLQHQV6EHVFKUHLEWGDV5DXVFKHQGHV:DOGHVDOV KRFKNRPSOH[HV lVWKHWLVFKHV (UHLJQLV Å'DV :DOGHVUDXVFKHQ LVW HLQ *HUlXVFK RGHU HLJHQW OLFK HLQH 9LHO]DKO YRQ *HUlXVFKHQ GHUHQ 4XHOOH YRP +|UHU QLFKW DXVJHPDFKW ZHUGHQ NDQQ>@'DV:LVVHQXPGLH+HUNXQIWGHVMHZHLOLJHQ5DXVFKHQV %HZHJXQJGHU%OlWWHUXQG =ZHLJHLP:LQG>@NDQQGLHVH2KQPDFKWGHV(UIDVVHQVLQNHLQHU:HLVHDXVJOHLFKHQ>@´  &DOYLQRÅ'DV3IHLIHQGHU$PVHOQ´6I:lUHHVDEHUVRGDVV ZLH3DORPDUVFKOLH‰OLFK DXFKQRFKHUZlJW ÅDOOHV6HLHQGH6SUDFKHZlUHVFKRQVHLW$QIDQJGHU=HLWHQ´ 6 GDQQ ZlUHGDVÄ(JR¶6\VWHPHLQ6LJQDOLQHLQHP&RGHGHQHVVHOEVWQLFKWYHUVWHKW

5DXVFKHQ



UHODWLYLHUW ,Q GLH 6SUDFKH GHV 7H[WHV NHKUW GDGXUFK XQWHU DQGHUHP HLQ OHLVHV 5DXVFKHQ ]XUFN $XFK GLHV N|QQHQ /HVHU EHREDFKWHQ ² PLW GHU 0|JOLFKNHLWGDVVGLHV)ROJHQKDWIUGLH%HREDFKWXQJGHUHLJHQHQ.RP PXQLNDWLRQXQGLKUHU*UHQ]H]XP5DXVFKHQ





6(/%67%(6&+5(,%81*²3$0,50$66(10(',(1 &+5,67,1$%$57= $P6HSWHPEHUVLQNWGDVGHXWVFKH6HJHOVFKXOVFKLII3DPLUXQGGD PLWHLQHUGHUOHW]WHQ3/LQHUXQGZHQLJHQGHXWVFKHQ$XVELOGXQJVVFKLIIH DXI GHQHQ GDV 1DYLJLHUHQ HLQHV *UR‰VHJOHUV HUOHUQW ZHUGHQ NDQQ 'HU ]XPGDPDOLJHQ=HLWSXQNWVSHNWDNXOlUH8QWHUJDQJLVWKHXWHDEJHVHKHQYRQ 6HJHOEHJHLVWHUWHQ IDVW QXU QRFK HLIULJHQ $5'=XVFKDXHUQ EHNDQQW ZHLO GHU3URJUDPPDQELHWHUHLQHQ6SLHOILOPEHUGDV(UHLJQLVSURGX]LHUW KDW 'LH 3DPLU GLHQW DOVR QXU QRFK DOV $EHQGXQWHUKDOWXQJ REJOHLFK LKU 6LQNHQ LP -DKU  IU HLQ 0HGLHQHUHLJQLV EHVRQGHUHU $UW VRUJW $OOH 6HQGHU GHV $5'9HUEXQGHV VWHOOHQ LKU 3URJUDPP DP $EHQG QDFK GHP %HNDQQWZHUGHQ GHV 8QJOFNV HLQ XQG GD HV NHLQHQ DQGHUHQ GHXWVFKHQ 3URJUDPPDQELHWHU JLEW LVW EXQGHVZHLW NHLQ )HUQVHKHQ ]X HPSIDQJHQ (LQ VROFKHU WRWDOHU 3URJUDPPDXVIDOO LVW HLQPDOLJ LQ GHU GHXWVFKHQ )HUQ VHKJHVFKLFKWH XQG PDUNLHUW GDPLW GLH %HGHXWVDPNHLW GLH GHP 3DPLU 8QWHUJDQJ ]XU GDPDOLJHQ =HLW ]XJHGDFKW ZLUG 'DV Å*HIKO HLQHU QD WLRQDOHQ.DWDVWURSKH´ZLUGGXUFKGLH6HQGHXQWHUEUHFKXQJDXVJHO|VWZLH 'HU 6SLHJHO EHULFKWHW 'HU 6SLHJHO GHXWHW HV VFKRQ DQ +LHU JHKW HV QLFKW HLQIDFK XP GHQ 8QWHUJDQJ HLQHV *UR‰VHJOHUV EHL GHP  3HUVRQHQ PHKUKHLWOLFK .DGHWWHQ VWHUEHQ VRQGHUQ XP HLQ *HVFKHKHQ YRQ QDWLR QDOHU 7UDJZHLWH 'LH DXI GDV 8QJOFN IROJHQGH %HULFKWHUVWDWWXQJ EHIDVVW VLFKGDQQDXFKQLFKWDXVVFKOLH‰OLFKPLWGHP9HUOXVWGHV6FKLIIHVRGHUGHP (UWULQNHQGHUMXQJHQ%HVDW]XQJVRQGHUQWKHPDWLVLHUWJHVDPWJHVHOOVFKDIW OLFKH )UDJHQ *HQDXHU ,Q GHU SXEOL]LVWLVFKHQ 'LVNXVVLRQ XPGHQ 8QWHU  

3/LQHU E]Z )O\LQJ3/LQHU LVW HLQ ZHUWVFKlW]HQGHU %HJULII IU HLQHQ :LQGMDPPHU GHU GHXWVFKHQ5HHGHUHL)/DHLV]  6LHKW PDQ HLQPDO YRQ GHP ''5)HUQVHKHQ LP =RQHQUDQGJHELHW DE -HGRFK DXFK LQ GHU ''5lQGHUWPDQGHQ3URJUDPPYHUODXIDQOlVVOLFKGHV3DPLU8QJOFNV9JO]XU3URJUDPP lQGHUXQJ Å'HU 9HUOXVW GHU Ä3DPLU¶ JLOW DOV VLFKHU´ ,Q )UDQNIXUWHU $OOJHPHLQH =HLWXQJ YRP   Å:RUWHDP6RQQWDJÄ3DPLU¶8QJOFN´,Q'HU6SLHJHO  6I6'DVEHQDQQWH *HIKO HLQHU QDWLRQDOHQ .DWDVWURSKH EHVWHKW QLFKW DOOHLQ DXIJUXQG GHU %HGHXWVDPNHLW GHU 3DPLUVRQGHUQZLUGQDWUOLFKLPJOHLFKHQ0D‰HGXUFKGLHHQWVSUHFKHQGHPHGLDOH,QV]HQLH UXQJLQ)RUPGHV3URJUDPPDEEUXFKVHYR]LHUWGHUZLHGHUXPHLQ|IIHQWOLFKZDKUQHKPEDUHU *DUDQW IU GHQ 6WDWXV GHV 6HJHOVFKLIIHV LVW 9JO LQ GLHVHP 6LQQH ]XU 7KHRUHWLVLHUXQJ GHV 0HGLHQHUHLJQLVVHV'D\DQ'DQLHOX(OLKX.DW]0HGLD(YHQWV7KH/LYH%URDGFDVWLQJRI+LVWRU\ &DPEULGJH



&KULVWLQD%DUW]

JDQJXQGVHLQH8PVWlQGHZLUGLQPHKURGHUZHQLJHUH[SOL]LWHU)RUPGLH *HVHOOVFKDIW DOV *DQ]HV ]XP *HJHQVWDQG GHQQ GLH3DPLU LVW HLQ 2EMHNW DQ GHP JOHLFKVDP HLQH 6HPDQWLN GHU *HVHOOVFKDIWVEHVFKUHLEXQJ NRQGHQ VLHUW 'DV 6LQNHQ GHU 3DPLU JLEW DOVR $QODVV ² VR GLH LP )ROJHQGHQ YHU IROJWH 7KHVH ² HLQH JHVHOOVFKDIWOLFKH 6HOEVWEHVFKUHLEXQJ DQ]XIHUWLJHQ 6HOEVWEHVFKUHLEXQJ PHLQW GDEHL ]XQlFKVW GHQ 9HUVXFK GHU *HVHOOVFKDIW VLFKVHOEVW]XHUIDVVHQE]ZVLFKVHOEVW]XP2EMHNW]XZHUGHQ(VJHKWGD UXPGLH*HVHOOVFKDIWDOV7RWDOLWlW]XEHREDFKWHQXQGHQWVSUHFKHQG]XEH VFKUHLEHQ 'DEHL ELHWHW GHU 8QWHUJDQJ HLQHQ $QODVV IU HLQHQ VROFKHQ 9HUVXFKZHLOVLFKVHLWGHP6WDSHOODXIGHU9LHUPDVWEDUNLP-DKUHLQH 9LHO]DKOYRQ*HVFKLFKWHQXQG/HJHQGHQXPGDV6FKLIIUDQNHQ²HVDOVR VFKRQ*HJHQVWDQGHLQHUXPIDVVHQGHQ1DUUDWLYLHUXQJLVWGLHLQ)RUPYRQ 6DFKEFKHUQDXWRELRJUDSKLVFKHQ(UOHEQLVEHULFKWHQ=HLWXQJVQDFKULFKWHQ VRZLH )RWRV XQG )LOPHQ |IIHQWOLFK ]LUNXOLHUW 8QG VFKRQ GLHVH (U]lK OXQJHQ XQG 'DUVWHOOXQJHQ VLQG EHVWLPPW YRQ *HVHOOVFKDIWVEHREDFKWXQ JHQLQVRIHUQGLH3DPLUDOVHLJHQHU6R]LDOYHUEDQGXQGDOVHLQJHVHOOVFKDIW OLFKHV *HJHQNRQ]HSW ]XP EUJHUOLFKHQ /HEHQ DQ /DQG HQWZRUIHQ ZLUG $QVROFKH*HJHQEHUVWHOOXQJHQYRQ/DQGXQG0HHUNDQQDQOlVVOLFK GHV.HQWHUQVDQJHVFKORVVHQZHUGHQ 'LH3DPLUKDWLQGLHVHP=XVDPPHQKDQJVWUXNWXUHOOHbKQOLFKNHLWPLW HLQHP4XDVL2EMHNWLP6LQQH0LFKHO6HUUHV·XQG/XKPDQQVLQVRIHUQHV VLFKGDEHLÅXP)HVWOHJXQJHQGHV6LQQVXQGGHUULFKWLJHQ)RUPYRQ*H JHQVWlQGHQ´ KDQGHOW ÅDXI GLH VLFK GLH .RPPXQLNDWLRQ EH]LHKHQ NDQQ RKQH GD‰ =ZHLIHO GDUEHU DXINRPPHQ ZDV JHPHLQW LVW XQG ZLH GDPLW XP]XJHKHQLVW´4XDVL2EMHNWHVLQGHEHQVRÅHU]lKOEDUH0\WKHQDOVR,Q  

'DV 7KHRUHP GHU 6HOEVWEHVFKUHLEXQJ EHVDJW ]XGHP GDVV HLQH VROFKH 6HOEVWHUIDVVXQJ GHV 6\VWHPVQLFKWP|JOLFKLVW$XIGLHVHV]HQWUDOH0RPHQWGHU6HOEVWEHVFKUHLEXQJZLUGLPZHL WHUHQ9HUODXIGHV7H[WHVQRFKHLQJHJDQJHQ  9JO]XUFLQHDVWLVFKHQ%HDUEHLWXQJ/HLQHQORV0DULWLPHV.LQRLQ'HXWVFKODQGXQG(XURSD² 9RPÄ6WDSHOODXIGHV,PSHUDWRU¶ELV]XP8QWHUJDQJGHUÄ3DPLU¶+JY-|UJ6FK|QLQJ0Q FKHQ6²  9JOLQGLHVHP6LQQHEVSZ+HLQULFK+DXVHUGHULP5DKPHQVHLQHV%HULFKWVEHUVHLQH5HL VHPLWGHU3DPLUYRQGLHVHUDOVÄXQVHU'RUI¶VSULFKW +DXVHU+HLQULFK'LHOHW]WHQ6HJHOVFKLIIH 6FKLII0DQQVFKDIW0HHUXQG+RUL]RQW%HUOLQ  EVSZ6X 'LHVHV'RUI ZLUGLQ'LIIHUHQ]]XU6WDGWJHVHW]WÅ,PPHUPHKUZLUGGDV6FKLIIPHLQHJDQ]H:HOW>«@ ,FKVSUHNHLQH/XVWXQGNDQQPLUEHUKDXSWQLFKWYRUVWHOOHQGLH*UHQ]HQGHUÄ3DPLU¶]X EHUVFKUHLWHQ'DV/HEHQLQGHU6WDGWGDVKLQWHUPLUOLHJWNRPPWPLUOHHUXQGEHUIOVVLJ YRU,FKKDEHGLHVHQJDQ]HQ0RQDWJHEUDXFKWXPHVDXVDWPHQGYRQPLU]XVWR‰HQ´ HEG 6I   $QGHU*HJHQEHUVWHOOXQJYRQ/DQGXQG0HHU]HLJWVLFKVFKRQGDVVGLH3DPLU%HULFKWHLQ HLQHQXPIDVVHQGHUHQ6HHIDKUWVGLVNXUVHLQJHEXQGHQVLQGGHUHEHQDXIVROFKHQ*HJHQVlW]HQ DXIEDXW'LH3DPLULVWLP5DKPHQGHVVHQHLQEHVRQGHUVSURPLQHQWHV2EMHNWDQGHPGLHVHU 'LVNXUV HQWIDOWHW ZLUG $XIJUXQG GHVVHQ LVW HV VLFKHUDXFK ORKQHQVZHUW]X DQDO\VLHUHQ LQ ZLHIHUQ GLH 3DPLU(U]lKOXQJHQ DQ GLHVHQ 6HHIDKUWVGLVNXUV DQVFKOLH‰HQ E]Z LKQ PLWJHVWDO WHQ'DVNDQQDEHUDXVWH[W|NRQRPLVFKHQ*UQGHQDQGLHVHU6WHOOHQLFKWJHOHLVWHWZHUGHQ

6HOEVWEHVFKUHLEXQJ



V]HQLHUXQJHQGHUHQ)XQNWLRQVSH]LHOOGDULQOLHJWGLH2SHUDWLRQHQGHV6\V WHPVLQHLQHUQLFKWYRUDXVVHKEDUHQ:HLVHPLW*HGlFKWQLV]XYHUVRUJHQ´ 0LWGHU9LHUPDVWEDUNJHKWHLQVROFKHU0\WKRVHLQKHUEHVWHKHQGDXVHLQHU 9LHO]DKOYRQ(U]lKOXQJHQYRPXQYHUIlOVFKWHQ/HEHQMHQVHLWVEUJHUOLFKHU .RQYHQWLRQHQ VRZLH YRP XQPLWWHOEDUHQ .DPSI GHV 6FKLIIHV XQG VHLQHU 0DQQVFKDIW JHJHQ GLH XQEHUHFKHQEDUH 1DWXUJHZDOW GHV 0HHUHV ,P 0LW WHOSXQNWVWHKWGLH)LJXUGHV6HHIDKUHUVDOVEHVRQGHUHU0HQVFKHQW\SXVGHU VLFKLQGHU$XVHLQDQGHUVHW]XQJPLWGHP0HHUXQGVHLQHQ*HIDKUHQKHU DXVELOGH'LHVHU0\WKRVZLUGEHU-DKU]HKQWHLPPHUZLHGHUDXIHLQ1HX HV HU]lKOW XQG KlOW GDGXUFK HLQ VSH]LILVFKHV XQG YRU DOOHP JHVHOO VFKDIWVEHVFKUHLEHQGHV:LVVHQEHUHLW'DEHLLVWMHGRFKGDV%HVRQGHUHGDVV GHU 8QWHUJDQJ HLQHQ GRSSHOWHQ $QODVV GHU 0\WKHQHU]lKOXQJ ELHWHW (L QHUVHLWVZLUGLQGHU)ROJHGHV6LQNHQVGHU3DPLUGLHEHUHLWVEHVWHKHQGHQ (U]lKOXQJHQDXIJHJULIIHQXQGZLHGHUKROW$QGHUHUVHLWVZHUGHQVLHLPJOHL FKHQ0D‰HLQ)UDJHJHVWHOOWXQGGLHVOHW]WHQGOLFKVRHUIROJUHLFKGDVV3D PLUKHXWHHEHQYRUDOOHPGHU7LWHOHLQHVYRQGHU$5'SURGX]LHUWHQ6SLHO ILOPHVLVW$XIMHGHQ)DOOYHUELQGHWVLFKGDPLWNHLQ:LVVHQPHKUEHUHLQH VSH]LILVFKH )RUP GHV 6R]LDOYHUEDQGHV XQG HLQHU HLJHQHQ /HEHQVZHLVH E]ZFKDUDNWHUOLFKHQ(LJHQKHLWZLHVLHVLFKEHLGHU$XVELOGXQJXQGGHP /HEHQ DXI GHU 3DPLU KHUDXVELOGHQ VROO 'HU 8QWHUJDQJ PDUNLHUW DOVR GHQ %HJLQQHLQHVODQJVDPHQ9HUVFKZLQGHQVGHVGDPLWYHUEXQGHQHQ:LVVHQV ,P)ROJHQGHQZLUGQXQGLHVHU:LGHUVWUHLW²GLHDOWH(U]lKOXQJGLHDQOlVV OLFKGHV8QWHUJDQJVJOHLFKHUPD‰HQZLHGHUKROWXQGVWLOOJHVWHOOWZLUG²DQ KDQGGHU6DFKEFKHU(U]lKOXQJHQXQG3UHVVHEHULFKWHUHNRQVWUXLHUWXQG LP=XJHGHVVHQDXIJH]HLJWZLHVLFKGDULQHLQHJHVHOOVFKDIWOLFKH6HOEVWEH VFKUHLEXQJPDQLIHVWLHUW,P=HQWUXPVWHKHQGDEHLGLHDQOlVVOLFKGHV.HQ WHUQVHUVFKHLQHQGHQ=HLWXQJVDUWLNHOGLHDOV'RNXPHQWGHU(LJHQEHREDFK WXQJLP+LQEOLFNDXIHLQHHQWVSUHFKHQGH6HPDQWLNDQDO\VLHUWZHUGHQ 'LHVH $UWLNHO VLQG VHKU EDOG QDFK GHP 8QJOFN YRQ GHU )UDJH EH VWLPPWREHLQH$XVELOGXQJDXIHLQHP*UR‰VHJOHUZLHVLHGLH3DPLUELHWHW DQJHVLFKWVGHV]HLWJHQ|VVLVFKHQ7UDQVSRUWZHVHQVPLWPRWRULVLHUWHQ6FKLI IHQQRFKQRWZHQGLJXQGDQJHPHVVHQVHL'LH*HJQHUGHU6HJHODXVELOGXQJ QHKPHQGDEHLGHQ8QWHUJDQJGHU3DPLUDOV$QODVVXPDXIGLHGDPLWYHU EXQGHQHQ*HIDKUHQKLQ]XZHLVHQXQGDUJXPHQWLHUHQGDKHUGDVVPDQGLH MXQJHQ .DGHWWHQ DXI HLQHP 6HJHOVFKLII HLQHP XQNDONXOLHUEDUHQ 5LVLNR DXVVHW]H RKQH GDVV GLHVH HWZDV OHUQHQ ZUGHQ GDV VLH IU LKUH ]XNQI WLJHQ XQG GK PRWRULVLHUWHQ )DKUWHQ EHQ|WLJWHQ 6FKOLH‰OLFK N|QQWHQ GLH Å]XU QDXWLVFKHQ $XVELOGXQJ HUIRUGHUOLFKHQ (UIDKUXQJHQ >«@ DXFK DXI  

/XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  6  9JO EHL 6HUUHV 0LFKHO 'HU 3DUDVLW >@ )UDQNIXUW0DLQ  6 I 'D 4XDVL2EMHNWH DQ 6FKULIWORVLJNHLWJHEXQGHQVLQGKDQGHOWHVVLFKZLHJHVDJWQXUXPHLQHbKQOLFKNHLW



&KULVWLQD%DUW]

0RWRUVFKLIIHQJHPDFKWZHUGHQ´ZLH'HU6SLHJHOVFKUHLEW'LH%HIUZRU WHU KDOWHQ GHP HQWJHJHQ GDVV HV ZHQLJHU XP GLH $QHLJQXQJ EHVWLPPWHU )lKLJNHLWHQ JHKH DOV XP HLQH ÅFKDUDNWHUOLFKHQ $XVOHVH´ GLH GXUFK GHQ ÅXQPLWWHOEDUHQ .DPSI PLW GHQ (OHPHQWHQ XQG LQ HQJHU *HPHLQVFKDIW JDQ] YRQ VHOEVW´ JHVFKHKH $XV GLHVHP .DPSI XQG LP $QJHVLFKW GHU *HIDKUZLHVLHQXUDXIHLQHP6HJHOVFKLII]XHUOHEHQVHLZUGHQ²VRKHL‰W HV LQ HLQHP DQGHUHQ $UWLNHO ² GLH Å,QVWLQNWH JHVFKlUIW´ XQG Å0XW XQG 8PVLFKWLJNHLWNDQQVLFKGHU6HHIDKUHUDXFKQLUJHQGZRDQGHUVEHVVHUDQ HLJQHQ´*HPl‰VROFKHQbX‰HUXQJHQVWHKWGLH+HUDXVELOGXQJHLQHVEH VWLPPWHQ 0HQVFKHQW\SXV PLW GHU 6FKXOXQJ DXI 6HJHOVFKLIIHQ LQ )UDJH 'LHVHU EHVWHKW DXV HLQHP JDQ]HQ .RQJORPHUDW YRQ (LJHQVFKDIWHQ XQG Å0DQQHVWXJHQGHQ´ZLHÅ0XW²(QWVFKORVVHQKHLW²7DWNUDIW²8PVLFKW² .DPHUDGVFKDIW ² :DKUKDIWLJNHLW ² %HNHQQHUPXW ² (LQVDW]EHUHLWVFKDIW XQG *HPHLQVFKDIWVVLQQ´ ZLH 'HU 6SLHJHO DXV GHU 0DULQH5XQGVFKDX YRQ ]LWLHUW 0LW VROFKHQ &KDUDNWHUVNL]]HQ VFKOLH‰HQ GLH =HLWXQJVDUWLNHO DQ EH VWHKHQGH %HVFKUHLEXQJHQ GHV 6HJOHUV DOV HLQHV EHVRQGHUHQ Ä0HQVFKHQ VFKODJV¶DQ'LHVJHVFKLHKWMHGRFKQXUVHOWHQZLHLPJHUDGHKHUDQJH]R JHQHQ6SLHJHO$UWLNHOGXUFKGLUHNWHV=LWLHUHQYRQ)DFK]HLWVFKULIWHQ(EHQ VRZLUGDQDOWH(U]lKOXQJHQXQG'DUVWHOOXQJHQDQJHVFKORVVHQZLH]%GLH 5HSRUWDJH GHV )LOPVFKDIIHQGHQ +HLQULFK +DXVHU GLH  HUVWPDOV HU VFKHLQW XQG XD IDVW WH[WLGHQWLVFK ZLHGHU DXIJHOHJW ZLUG,Q GLHVHP (UOHEQLVEHULFKWYRQ+DXVHUV5HLVHDXIGHU3DPLUVWHKWYRUDOOHPGHU.D SLWlQDOV9HUWUHWHUGHUJHQDQQWHQÄ0DQQHVWXJHQGHQ¶LP0LWWHOSXQNW 'HU.DSLWlQLVWHLQVWDUNLPSXOVLYHU0HQVFK>«@:HOWIUHPGZLHDOOH6HHOHXWHLVW HU>«@GHUHUVWH0HQVFKGHQLFKJHWURIIHQKDEHGHUÄHFKW¶LVWGHUNHLQH0DVNH WUlJW 8QJHVFKLFNW LP $XVGUXFN VSULFKW HU YRQ GHU 6HJHOVFKLIIDKUW DXI HLQH $UW GLH VWDUNHQ (LQGUXFN KLQWHUOl‰W EHVHVVHQ YRQ GHU ,GHH GHV 6HJHOQV NHQQW HU QLFKWV YRQ GHU :HOW OHEW RKQH )UDX RKQH %LQGXQJ DQ /DQG (U WUlJW IDVW XQ EHZX‰W LQ VLFK GLH JDQ]H 7UDGLWLRQ GHQ JDQ]HQ 5XKP XQG 6WRO] GHU 6HJHO VFKLIIDKUW>«@9RQ'DPSIHUQ ZHL‰HUQLFKWVZLOOQLFKWVZLVVHQ6HLQH+DOWXQJ LVWHLQVHOWVDPHV*HPLVFKDXVGHP'UDQJQDFK3IOLFKWHUIOOXQJXQGGHP'UDQJ

 

Å7XW6HJHOQ1RW"´,Q'HU6SLHJHO  6I6'HU6SLHJHO]LWLHUWKLHUGDV%XOOHWLQ GHV3UHVVH XQG ,QIRUPDWLRQVDPWHV GHU %XQGHVUHJLHUXQJ GDV LQ YLHOHQ $UWLNHOQ KHUDQJH]RJHQ ZLUG 9JOLQLGHQWLVFKHP:RUWODXW]%Å'LH+RIIQXQJIODFNHUWZLHGHUDXI´,Q)UDQNIXUWHU$OO JHPHLQH=HLWXQJYRP  Å$QGHU:DWHUNDQWGHQNWPDQDQGHUV6HJHOVFKXOVFKLII$XVELOGXQJMDRGHUQHLQ"´,Q.|OQHU 6WDGWDQ]HLJHUYRP  *|UW]5ROIÅ6HJHOVFKXOVFKLIIH²QRFK]HLWJHPl‰"´,Q'LH:HOW  6  'HU%HJULIIILQGHWVLFKEHL&DUO6FKPLWWGHUGDPLWDOOJHPHLQGHQ7\SXVYRQ6HHIDKUHUQEH ]HLFKQHWGHUVLFKQLFKWDXI7HFKQLNYHUODVVHVRQGHUQÅGLHKRKH.XQVWGHU1DYLJDWLRQ´EH KHUUVFKH6FKPLWW&DUO/DQGXQG0HHU>@6WXWWJDUW6

6HOEVWEHVFKUHLEXQJ



QDFK)UHLKHLWÄ,FKYHUDFKWHGLH0RGH,FKJHKHDQJH]RJHQZLHLFKZLOO:HQQHV PLUSD‰WGDQQUHL‰HLFKPLUDXFKQRFKGLHYLHU6WUHLIHQYRPbUPHO¶

'HU.DSLWlQZLUGKLHUDOVVLQQIlOOLJHU%HZHLVIUGLHGXUFKGDV6HJHOQSUR YR]LHUWH ÄFKDUDNWHUOLFKH $XVOHVH¶ YRUJHVWHOOW GHQQ HU HUVFKHLQW DOV 5HSUl VHQWDQWGHVEHVRQGHUHQÄ0HQVFKHQVFKODJV¶²EHL+DXVHUDXFKÄDQGHUH5DV VH¶RGHUÄVHHPlQQLVFKH%HY|ONHUXQJ¶JHQDQQW²XQGGHU7XJHQGHQGHV 6HJHOIDKUHUV'LH]HQWUDOH(LJHQVFKDIWLVWLQGLHVHU%HVFKUHLEXQJGLH:HOW IUHPGKHLW E]Z $EJHZDQGWKHLW YRQ GHU *HVHOOVFKDIW ZDV GLH VHH PlQQLVFKH%HY|ONHUXQJLQGHQ:RUWHQ+DXVHUVÄZLOG¶XQGÄSULPLWLY¶PD FKH 'RFK DEVHLWV GHU *HVHOOVFKDIW LVW GHU .DSLWlQ ZLH DXFK GLH %H VDW]XQJ QLFKWNRQWDPLQLHUWYRQGLHVHUXQG]ZDUJOHLFKHUPD‰HQYRQLKUHQ =ZlQJHQ YV)UHLKHLW DOVDXFKYRQLKUHQ$XVVFKZHLIXQJHQ YV3IOLFKW  (U KDW QLFKW DQ LKUHQ .RQYHQWLRQHQ LKUHQ NQVWOLFKHQ +LHUDUFKLHQ XQG LKUHU6FKHLQKDIWLJNHLWGLHVLFKLQVHLQHU5DQJNHQQXQJGXUFKGLHYLHU6WUHL IHQDPbUPHODXVGUFNHQWHLOhEHUVROFKH%HVFKUHLEXQJHQZLUGGHU.D SLWlQ ]XP 9HUPLWWOHU XQG ]XU 0DQLIHVWDWLRQ HLQHU .ULWLN DQ GHU EU JHUOLFKHQ*HVHOOVFKDIWVRZLH]XPHLJHQWOLFKHQXQGZDKUKDIWHQ0HQVFKHQ VWLOLVLHUW,QVHLQHU)XQNWLRQDOVHLJHQWOLFKHUXQGZHOWDEJHZDQGWHU0HQVFK ZLUG VHLQ %OLFN DOV XQYHUIlOVFKW DXWRULVLHUW LKP ZLUG ]XJHWUDXW GLH ]X QHKPHQGH(QWIUHPGXQJGHU*HVHOOVFKDIWXQGLKUH2ULHQWLHUXQJDQ2EHU IOlFKOLFKNHLWHQ EHREDFKWHQ ]X N|QQHQ 'LH *HVHOOVFKDIW DOV *DQ]HV NRPPW VR EHU GLH )LJXU GHV .DSLWlQV XQG VHLQH &KDUDNWHULVLHUXQJ DOV ZHOWIUHPGLQGHQ%OLFN 'LH VR NRPPXQL]LHUWH JHVHOOVFKDIWOLFKH 6HOEVWEHVFKUHLEXQJ XQG GHU GDIU HLQVWHKHQGH 0HQVFKHQW\SXV ZHUGHQ LQ GHU )ROJH GHV 6FKLIIEUXFKV HLQHUVHLWVDIILUPLHUW]%LQGHPGLH9HUVWRUEHQHQDOV+HOGHQJHIHLHUWZHU GHQ $QGHUHUVHLWV ZLUG GHU 7\SXV XQG PLW LKP GLH HQWVSUHFKHQGH 6R ]LDOEHREDFKWXQJGHVDYRXLHUWXQGGLHVQDWUOLFKPD‰JHEOLFKYRQGHQ*HJ  



 



+DXVHU'LHOHW]WHQ6HJHOVFKLIIH6I6LHKHLQHLQHPlKQOLFKHQ6LQQHÅ7KUHH&KHHUVIRUWKH 3DPLU'LHGHXWVFKHQ3/LQHUVHJHOWHQGHQVFKQHOOVWHQ&OLSSHUQ´,Q/DQGHV]HLWXQJ5HQGVEXUJ YRP  DEJHGUXFNW LQ Ä3DPLU¶ XQG Ä3DVVDW¶ 'LH OHW]WHQ GHXWVFKHQ +DQGHOVVHJOHU +J Y (ULFK5$QGHUVHQ%HUOLQ6²KLHU6Å6HHOHXWHVLQGDXVEHVRQGHUHP+RO] JHVFKQLW]W´ 9JO+DXVHU'LHOHW]WHQ6HJHOVFKLIIH6 (EG6 (EG6 9RU DOOHP ZLUG LPPHU ZLHGHUHLQH$XVVDJH GHV hEHUOHEHQGHQ .DUO 2WWR 'XPPHU ]LWLHUW GHUGLH0DQQVFKDIWDOVÅGLV]LSOLQLHUW´EHVFKUHLEWGHQQZlKUHQGGHUÅ1RWODJHJDEHVNHLQH 3DQLN´Å'LHOHW]WHQ6WXQGHQGHUÄ3DPLU¶'UDPDWLVFKHU%HULFKWGHUhEHUOHEHQGHQ´,Q'LH :HOW  69JODXFKÅ-HGHUVRUJWHQXUIUGHQDQGHUHQÄ3DPLU¶hEHUOHEHQGH EHULFKWHQ´,Q%HUOLQHU0RUJHQSRVWYRPVRZLHÅÄ'LHÄ3DPLU¶0DQQVFKDIWZDUGLV]L SOLQLHUWXQGJDQ]IXUFKWORV*QWHU+DVHOEDFKEHULFKWHWEHUGLH0LQXWHQGHV8QWHUJDQJV´ ,Q /DQGHV]HLWXQJ 5HQGVEXUJ YRP  DEJHGUXFNW LQ $QGHUVHQ Ä3DPLU¶ XQG Ä3DVVDW¶ 6



&KULVWLQD%DUW]

QHUQGHU$XVELOGXQJDXI6HJHOVFKLIIHQ,QGHP$UJXPHQWLHUHQJHJHQGLHVH $XVELOGXQJVIRUP JHKW HV GHPJHPl‰ QLFKWQXU XPGLH )UDJH QDFK GHUHQ 1RWZHQGLJNHLWVRQGHUQYLHOPHKUQRFKXPGLH$EVDJHDQGHQGDPLWYHU EXQGHQHQ0HQVFKHQW\SXV :HQQ JDU YRQ GHP SlGDJRJLVFKHQ (IIHNW GLH 5HGH LVW GHQ GLH $XVELOGXQJ DXI GHP6HJHOVFKLIIELHWHWGDQQEHJLQQHQGLH$XJHQGHUHU]XOHXFKWHQGLHVLFKVHLW GHUÄ3DPLU¶.DWDVWURSKHLQHLQHU$EZHKUSRVLWLRQJHGUlQJWVHKHQ'DQQIOLH‰HQLQ GLH'LVNXVVLRQDOOHMHQHNOLQJHQGHQ9RNDEHOQHLQGLHJHUQEHQXW]WZHUGHQZHQQ GLH:HUWHGHU0DQQHV]XFKWVLQQIlOOLJXPVFKULHEHQZHUGHQVROOHQ0LWVHNWLHUHU KDIWHP (UQVW ZLUG JHJODXEW XQG YHUIRFKWHQ ZDV GHU >@ .RQWHUDGPLUDO >«@ %HUQKDUG5RJJH>«@IRUPXOLHUWHÄ'HU'LHQVWEHLDOOHQ:HWWHUODJHQLQGHU 7DNHODJHVWlKOW.|USHUXQG*HLVWYHUODQJWGLH(QWZLFNOXQJXQG(QWIDOWXQJGHU EHVWHQ0DQQHVWXJHQGHQ>«@¶

'HU%HIUZRUWHUGHU6HJHOVFKLIIDXVELOGXQJ5RJJHLVWVHOEVW.DSLWlQXQG ]ZDU HLQHV EHVWHQV DXVJHVWDWWHWHQ 7XUELQHQVFKLIIHV 0LW GHP 8QWHUJDQJ GHU 3DPLU LVW DOVR GLH =HLW IU 6SRWW JHNRPPHQ (V ZLUG JHVSRWWHW EHU GLH GLH GDV /HEHQ MXQJHU 0HQVFKHQ ULVNLHUHQ XQG QXU ÅHUJUHLIHQGH *H VFKLFKWHQ´ 6HHPDQQVJDUQ XQG HZLJ *HVWULJHV YRUEHWHQ ZlKUHQG VLH VHOEVWDXIPRWRULVLHUWHQ6FKLIIHQIDKUHQ,QlKQOLFKHP6LQQHZHQQDXFK ZHQLJHUKHUDEODVVHQGVFKUHLEWDXFKGLH$EHQGSRVW6ROOPDQÅLP=HLWDOWHU GHU 0RWRU XQG $WRPVFKLIIH QRFK WUlXPHULVFKHQ ,OOXVLRQHQ QDFKJHKHQ GLH PRUJHQ ZLHGHU 0HQVFKHQ W|WHQ RGHU ]XPLQGHVW LQ *HIDKU EULQJHQ N|QQHQ"´ 'LH *HJHQEHUVWHOOXQJ YRQ 7XUELQH XQG 7DNHODJH YRQ 0RWRU XQG 6HJHOZLHVLHVLFKLP6SLHJHO$UWLNHOILQGHWLVWGDEHLHLQGXUFKJlQJLJHVXQG VFKRQYRUGHP8QWHUJDQJSUlVHQWHV0RWLYGHU3DPLU'DUVWHOOXQJHQ'HU 9HUZHLVDXIGHQ0RWRUPDUNLHUWGDEHLHEHQVRHLQWHFKQLVLHUWHVXQGGDPLW ]HLWJHPl‰HV9HUNHKUVXQG7UDQVSRUWZHVHQZLHDXFKHLQHHEHQVROFKH*H VHOOVFKDIW:lKUHQGDEHUDQOlVVOLFKGHV8QWHUJDQJVGHU3DPLUGLH0RWRUL VLHUXQJGHU6FKLIIHDIILUPLHUWZLUGZHLOVLHGDV5LVLNRHLQHU+DYDULHPLQ GHUQ ZUGH VLQG GLH Ä'DPSIHU¶ LQ +DXVHUV 5HSRUWDJH QRFK %HVWDQGWHLO GHU(QWIUHPGXQJGHU*HVHOOVFKDIW'LHVZLUGLQ)RUPHLQHU2SSRVLWLRQV ELOGXQJ YRQ 3DPLU XQG 'DPSIVFKLIIHQ ÄYRQ GHQHQ GHU .DSLWlQ QLFKWV ZLVVHQZLOO¶LQV]HQLHUWÅ,FKHUNHQQHGLHÄ3DPLU¶VRZLHLFKVLHVHKH´EH VFKUHLEW +DXVHU VHLQH $QNXQIW DP +DIHQ YRU GHU $EUHLVH GHQQ ÅVLH LVW GHUHLQ]LJHJUR‰H6HJOHUGHUDXJHQEOLFNOLFKLP+DIHQOLHJW+LQWHULKUODJ HLQ'DPSIHUVHLQ5XPSIUDJWHJXWGRSSHOWVRKRFKDXIZLHGHUGHUÄ3D   

Å7XW6HJHOQ1RW"´6 7LOOÅ*HIlKUOLFKH5RPDQWLN´,Q$EHQGSRVWYRPDEJHGUXFNWLQ$QGHUVHQÄ3DPLU¶ XQGÄ3DVVDW¶6

6HOEVWEHVFKUHLEXQJ



PLU¶>«@DEHUWURW]GHPVDKGLHÄ3DPLU¶YLHOPlFKWLJHUXQGJU|‰HUDXV´ ,QGLHVHUDQJHIHUWLJWHQ%HVFKUHLEXQJZLUGGHU3DPLUJHJHQEHUGHP 'DPSIHU WURW] GHVVHQ /HLVWXQJVIlKLJNHLW HLQH K|KHUH :HUWLJNHLW HLQJH UlXPWGHQQGHU'DPSIHUVWHKWIUHLQHPRGHUQH9HUNHKUVIRUPGLHYRP VHHIDKUHULVFKHQ0RPHQWGHVXUVSUQJOLFKHQ.DPSIHVJHJHQGLH(OHPHQWH HQWNOHLGHWLVWÅ0DQYHUJOHLFKH´²VR+DXVHU²GDVVWXQGHQODQJGDXHUQGH 0DQ|YHUDXIGHU3DPLUÅPLWHLQHP'DPSIHUZRGDV'DPSIVSLOOGLH$U EHLWWXWZRGHU0HQVFKEOR‰HLQ9HQWLO]XGUHKHQEUDXFKW´$QGLH6WHO OH GHU N|USHUOLFKHQ $UEHLW WULWW VR )HLQPHFKDQLN DOVR HLQH WHFKQLVLHUWH 9HUPLWWOXQJ GLH ]X %HUKUXQJVYHUOXVW PLW GHP 6FKLII ZLH GHP 0HHU IKUW 'LHVH (QWIUHPGXQJVSUREOHPDWLN VSLHOW QXQ LP 6SLHJHO NHLQH 5ROOH PHKU 6WDWWGHVVHQ ZLUG DXIGLH %HREDFKWXQJ GHV 5LVLNRV GHU 6HJHOVFKLII IDKUWXPJHVFKDOWHWXPGDUEHUGLH:HUWLJNHLW]ZLVFKHQPRWRULVLHUWHUXQG WUDGLWLRQHOOHU 6FKLIIIDKUW XP]XNHKUHQ /HW]WHUH HUVFKHLQW QXU QRFK DOV *HIlKUOLFKH5RPDQWLN*HIDKUPDUNLHUWJHPl‰/XKPDQQGDV*HJHQWHLOYRQ 5LVLNR XQG EH]HLFKQHW GLH =XUHFKQXQJ YRQ 6FKlGHQ DXI Å8UVDFKHQ DX ‰HUKDOE GHU HLJHQHQ .RQWUROOH´ ZLH HWZD Ä1DWXUHUHLJQLVVH¶ 9RQ 5LVLNR VSULFKWPDQGDJHJHQZHQQPDQDQQLPPWÅGD‰GLH6FKlGHQQLFKWHLQWUH WHQ N|QQWHQ ZHQQ HLQH DQGHUH (QWVFKHLGXQJ JHWURIIHQ ZRUGHQ ZlUH´ ,Q(QWVSUHFKXQJ]XGLHVHU'HILQLWLRQZLUGGDV)DKUHQDXI*UR‰VHJOHUQDOV YHUPHLGEDUH ZHLO VLQQORVH *HIDKU XQG GDPLW DOV 5LVLNR YHUVWDQGHQ 'LH 9HUKDQGOXQJHQ EHU GHQ :HUW XQG GLH 3UREOHPH GHU $XVELOGXQJ JHKHQ GDEHLDEHUEHUGHQ6DFKJUXQGKLQDXV9LHOPHKUJHKWHVGDUXPGLH*H VHOOVFKDIWVEHVFKUHLEXQJ GLH VLFK LQ VROFKHQ *HJHQEHUVWHOOXQJHQ YRQ 7HFKQLVLHUXQJXQG7UDGLWLRQDXVGUFNHQ]XVWDELOLVLHUHQRGHUGXUFKDQGH UH)RUPHQ]XHUVHW]HQDOVRHLQHQHXHJHVHOOVFKDIWOLFKH6HOEVWEHVFKUHLEXQJ DQ]XIHUWLJHQ 'LHVHV 8QWHUIDQJHQ LVW MHGRFK DXVVLFKWVORV ZHQQ PDQ /XKPDQQV 7KHRUHPGHUJHVHOOVFKDIWOLFKHQ6HOEVWEHVFKUHLEXQJIROJWGDV]XQlFKVWEH VDJWÅGD‰NHLQH*HVHOOVFKDIWVLFKVHOEVWPLWLKUHQHLJHQHQ2SHUDWLRQHQHU UHLFKHQNDQQ'LH*HVHOOVFKDIWKDWNHLQH$GUHVVH´'DVVGLH*HVHOOVFKDIW QLFKWDGUHVVLHUEDULVWPHLQWXDGDVVVLHQLFKWDOV*DQ]KHLWHUIDVVEDULVW ÅGHQQ HLQH .RPSOHWWGDUVWHOOXQJ GHV 6\VWHPV LP 6\VWHP LVW XQP|JOLFK

 

+DXVHU'LHOHW]WHQ6HJHOVFKLIIH6I (EG6  7LOOÅ*HIlKUOLFKH5RPDQWLN´  /XKPDQQ1LNODVÅ5LVLNRXQG*HIDKU´,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ%G .RQVWUXNWLYLVWLVFKH 3HUVSHNWLYHQ 2SODGHQ  6 ² KLHU 6  9JO DXFK /XKPDQQ 1LNODV6R]LRORJLHGHV5LVLNRV%HUOLQ1HZ«@]XXQWHUVWHOOHQ>«@1HXHUGLQJVNRPPHQMHGRFK%HVFKUHLEXQJHQKLQ]XGLH VLFKGLHVHU%HVFKUlQNXQJDXIHLQ]HOQH)XQNWLRQVV\VWHPHQLFKW PHKUIJHQ >«@ ,FKGHQNHDQ6FKODJZRUWHZLH>«@5LVLNRJHVHOOVFKDIW

Ä5LVLNR¶LVWQXQHLQHGHU]HQWUDOHQ%HVFKUHLEXQJVIRUPHOQGHU%HULFKWHUVWDW WXQJ]XP3DPLU8QWHUJDQJ=XGLHVHUZLUG5LVLNRZHLOHVDQGDV.RQ]HSW GHU*HIDKUDQVFKOLH‰WGDVVREHGHXWVDPIUGLHWUDGLWLRQHOOHQ(U]lKOXQ JHQYRQGHU3DPLULVW,QGHU*HIDKUGHUXQPLWWHOEDUHQ.RQIURQWDWLRQPLW GHU HOHPHQWDUHQ *HZDOW GHV 0HHUHV VROOH VLFK VFKOLH‰OLFK GHU EHVRQGHUH 0HQVFKHQW\SXV GHV 6HHIDKUHUV KHUDXVELOGHQ 'LHVH *HIDKU ZLUG LQ GHU )ROJHGHV8QWHUJDQJVMHGRFK]XP5LVLNRXPIRUPXOLHUW5LVLNRLVWQlPOLFK JHPl‰/XKPDQQGLH6HOEVW]XUHFKQXQJYRQ6FKlGHQDXIGDVHLJHQH+DQ GHOQXQG(QWVFKHLGHQXQGGDPLWGDV*HJHQWHLOYRQ*HIDKUGLHVLFKGXUFK )UHPG]XVFKUHLEXQJDXV]HLFKQHW,QVRIHUQGLH*HIDKUGHV6HJHOQVDEHULQ GHQ=HLWXQJVDUWLNHOQDOVYHUPHLGEDUDXVJHIODJJWZLUGLVWVLHNHLQH*HIDKU LPHLJHQWOLFKHQ6LQQHPHKU²DOVRHLQ8QJOFNGDVHEHQQLFKWGHPHLJH QHQ+DQGHOQ]XJHUHFKQHWZLUG²VRQGHUQNDONXOLHUEDUHV5LVLNRGDVPDQ QLFKWHLQ]XJHKHQJHQ|WLJWLVW'XUFKGLHVHQ(LQEH]XJYRQ$EZlJXQJHQ XQG .DONXODWLRQHQ P|JOLFKHU 3UREOHPH LQ GHU =XNXQIW ZLUG LQ GHQ %H VFKUHLEXQJHQ YRQ GHU 'DUVWHOOXQJ GHU *HIDKU DXI GLH %HQHQQXQJ YRQ 5LVLNHQXQGGDPLWDXIHLQHPRGHUQH6HPDQWLNXPJHVFKDOWHW 'LHVH 8PVWHOOXQJ ZLUG JHUDGH GDQQ DXJHQIlOOLJ ZHQQ QDFK GHU 8U VDFKH GHV 8QJOFNV JHVXFKW ZLUG GHQQ ZLH E]JO GHU $XVELOGXQJVIUDJH VWHKHQVLFKDXFKGDEHL]ZHL3RVLWLRQHQJHJHQEHU'LHHLQHKHEWDXIHLQH 6HPDQWLNGHV5LVLNRVDEZlKUHQGGLHDQGHUHGHQ8QWHUJDQJYHUVWlUNWDOV VFKLFNVDOKDIWHV 8QJOFN DQVLHKW $OV VFKLFNVDOKDIW ZLUG GHU HLJHQZLOOLJH 9HUODXIGHV+XUULNDQV&DUULHJHVFKLOGHUWGHPGLH3DPLUWURW]GLYHUVHU0D Q|YHU QLFKW DXVZHLFKHQ NDQQ XQG GHU VLH GDKHU OHW]WHQGOLFK ]XP 6LQNHQ EULQJW&DUULHZLUGDEHU]XQHKPHQG]XHLQHUEHUHFKHQEDUHQZHLOPHWHR URORJLVFKHUIDVVEDUHQ9DULDEOHQLQGHUPLVVOXQJHQHQ.DONXODWLRQGHV.D SLWlQV GHU DXIJUXQG IDOVFKHU %HODGXQJ GDV 5LVLNR GHV .HQWHUQV LQV 8Q WUDJEDUHJHWULHEHQKDW$OVGHU6WXUPGHUJHPl‰HLQHUVWDWLVWLVFKHQ5HJHO Pl‰LJNHLWEHVRQGHUVKlXILJLP6HSWHPEHUEHUGHP$WODQWLVFKHQ2]HDQ ZWHW GDV 6FKLII WULIIW YHUUXWVFKW GLH )UDFKW GHV *UR‰VHJOHUV ZDV VHLQ 6LQNHQ]XU)ROJHKDW²VRGLH5HNRQVWUXNWLRQGHV*HVFKHKHQV'LHVLVW  

/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6I 9JO/XKPDQQ5LVLNRXQG*HIDKU6I  9JOGLH'DUVWHOOXQJYRQ.DUO+HLQ]7URWW'LHOHW]WH)DKUWGHUÄ3DPLU¶)UHLQDFKGHQ6FKLOGHUXQ JHQ GHV JHUHWWHWHQ6FKLIIVMXQJHQ .DUO+HLQ] 7URWW .|OQ  6 I 9JO HEHQVR Å'HU Ä3DPLU¶ 6SUXFK:RUWODXWGHU)HVWVWHOOXQJHQGHV/EHFNHU6HHDPWV´,Q$QGHUVHQÄ3DPLU¶XQGÄ3DV VDW¶6  9JOÅ'HU8QWHUJDQJGHUÄ3DPLU¶YRUGHP6HHDPW´,Q+DQVD  DEJHGUXFNWLQ$Q GHUVHQ Ä3DPLU¶ XQG Ä3DVVDW¶ 6 ² 6  9JO DXFKÅ:DU GLH *HWUHLGHODGXQJ IU GLH 



&KULVWLQD%DUW]

GDQQDXFKGLH9HUVLRQGHUGLH$5'3URGXNWLRQIROJW'HU)LOPEHIDVVW VLFK PD‰JHEOLFK PLW GHU 0RWLYDWLRQ GHV .DSLWlQV VLFK IU GLH ULVNDQWH %HODGXQJ]XHQWVFKHLGHQXQGGHP$XIEHJHKUHQGHU0DQQVFKDIWGLHGLH )HKONDONXODWLRQ IUK]HLWLJ HUNHQQW 1LFKW GLH *HIDKUHQ GHV 0HHUHV VRQ GHUQGLHIDOVFKH%HUHFKQXQJHLQHV7HFKQLNHUVVLQGGHPQDFKIUGDV6LQ NHQGHV6FKLIIHVYHUDQWZRUWOLFK9RP0\WKRVHLQHV*UR‰VHJOHUV²GHUXQ PLWWHOEDUHQ .RQIURQWDWLRQ PLW GHQ (OHPHQWHQ XQG GHQ 8QZlJEDUNHLWHQ GHV0HHUHV²EOHLEWGDEHLQLFKWVPHKUEULJ'LH(SRFKHGHU*HIDKUZLUG EHHQGHW XQG GLH 5LVLNRJHVHOOVFKDIW DOVR GLH 6HOEVWEHVFKUHLEXQJ GHU *H VHOOVFKDIWXQWHUGHU0D‰JDEHGHV5LVLNRVHLQJHOlXWHW

 Ä3DPLU¶JHIlKUOLFK":LGHUVSUHFKHQGH$XVVDJHQGHV.DSLWlQVEHLGHU6HHDPWVYHUKDQGOXQJ´ ,Q +DPEXUJHU $EHQGEODWW YRP   DEJHGUXFNW LQ $QGHUVHQ Ä3DPLU¶ XQG Ä3DVVDW¶ 6



6(/%675()(5(1=)5(0'5()(5(1=²-26(3+527+ 0$5(1/,&.+$5'7 ,P)ROJHQGHQHU]lKOHLFKGLH*HVFKLFKWHPHLQHV)UHXQGHV.DPHUDGHQXQG*H VLQQXQJVJHQRVVHQ)UDQ]7XQGD,FKIROJH]XP7HLOVHLQHQ$XI]HLFKQXQJHQ]XP 7HLO VHLQHQ (U]lKOXQJHQ ,FK KDEH QLFKWV HUIXQGHQ QLFKWV NRPSRQLHUW (V KDQ GHOWVLFKQLFKWPHKUGDUXP]XÅGLFKWHQ´'DVZLFKWLJVWHLVWGDV%HREDFKWHWH²  3DULVLP0lU]-26(3+527+

0LWGLHVHP9RUZRUW]XVHLQHPLP3DUDWH[WDOV%HULFKWJHNHQQ]HLFKQHWHQ 5RPDQ'LH)OXFKWRKQH(QGHDYDQFLHUW-RVHSK5RWK]XHLQHPGHUZLFKWLJV WHQ9HUWUHWHUGHU1HXHQ6DFKOLFKNHLWGLHLQ$EJUHQ]XQJ]XP([SUHVVLR QLVPXVDXIHLQHQQFKWHUQHQ%H]XJ]XUDNWXHOOHQ:LUNOLFKNHLWVHW]W*H IRUGHUW ZHUGHQ 'RNXPHQWDWLRQ %HREDFKWXQJ XQG =HXJHQVFKDIW VR]LR SROLWLVFKHU 9HUKlOWQLVVH XQG DOOWDJVNXOWXUHOOHU 3KlQRPHQH PLWWHOV 6WDWLVWL NHQ=DKOHQ)DNWHQHWFVRZLHP|JOLFKVWQHXWUDOHQ%HULFKWHQGLH]HLWJH Q|VVLVFKHQ0DVVHQPHGLHQELOGHQ ELV ]X HLQHP JHZLVVHQ *UDG GHQ 0D‰ VWDEIUGDVOLWHUDULVFKH6FKDIIHQ'HUVLFKDOVUHDOHU=HXJH]HLWQDKHU%H JHEHQKHLWHQGDUVWHOOHQGH$XWRU(U]lKOHU-RVHSK5RWKZLOO²VRVFKHLQWHV DQIDQJV ² QLFKW PHKU ÅGLFKWHQ´ ÄHUILQGHQ¶ XQG ÄNRPSRQLHUHQ¶ VRQGHUQ PLW+LOIHYRQDXWKHQWLVFKHP4XHOOHQPDWHULDOÄEHREDFKWHQ¶'DVVVLFKGLHV QLFKW QXU DXI HLQ ,QGLYLGXDOVFKLFNVDO EH]LHKW DOVR GLH *HVFKLFKWH GHV Å)UHXQGHV´ )UDQ] 7XQGD VRQGHUQ GDEHL NRQNUHWH JHVHOOVFKDIWOLFKH XQG SROLWLVFKH7KHPHQ]XP7UDJHQNRPPHQ]HLJWVFKRQGHVVHQZHLWHUH.ODV VLILNDWLRQDOVÅ.DPHUDGHQ´XQGÅ*HVLQQXQJVJHQRVVHQ´'LHJHVHOOVFKDIWV   

5RWK-RVHSK'LH)OXFKWRKQH(QGH.|OQ,P)ROJHQGHQ6LJOH)(XQG6HLWHQDQJDEH 9JO ]% 'HQNOHU +RUVW Å6DFKH XQG 6WLO 'LH 7KHRULH GHU Ä1HXHQ 6DFKOLFKNHLW¶ XQG LKUH $XVZLUNXQJHQ DXI .XQVW XQG 'LFKWXQJ´ ,Q :LUNHQGHV :RUW    6 ² KLHU 6²+HUPDQG-RVW6WLOH,VPHQ(WLNHWWHQ=XU3HULRGLVLHUXQJGHUPRGHUQHQ.XQVW:LHVED GHQ6.UHX]HU+HOPXWÅ%LRJUDSKLH5HSRUWDJH6DFKEXFK=XLKUHU*HVFKLFKWH VHLWGHQ]ZDQ]LJHU-DKUHQ´,Q3UREOHPHGHU0RGHUQH6WXGLHQ]XUGHXWVFKHQ/LWHUDWXUYRQ1LHW]VFKH ELV %UHFKW +J Y %HQMDPLQ %HQQHWW $QWRQ .DHV X :LOOLDP /LOO\PDQ 7ELQJHQ  6²KLHU6I3HWHUVHQ.ODXVÅ1HXH6DFKOLFKNHLW6WLOEHJULII(SRFKHQEH]HLFK QXQJRGHU*UXSSHQSKlQRPHQ"´,Q'9M6  +6²KLHU6%HFNHU 6DELQD1HXH6DFKOLFKNHLW%G'LHbVWKHWLNGHUQHXVDFKOLFKHQ/LWHUDWXU ² .|OQXD 6I²8HFNHU0DWWKLDV:LUNOLFKNHLWXQG/LWHUDWXU6WUDWHJLHQ GRNXPHQWDULVFKHQ6FKUHLEHQVLQGHU:HLPDUHU5HSXEOLN%HUQ6I



0DUHQ/LFNKDUGW

SROLWLVFKHQ9HUlQGHUXQJHQQDFKGHP(UVWHQ:HOWNULHJZHUGHQLP5RPDQ LQ HLQHP V\QFKURQHQ 4XHUVFKQLWW DQKDQG GHU %HZHJXQJ GHV 3UR WDJRQLVWHQ YRQ GHU VLELULVFKHQ 7DLJD ELV QDFK 3DULV DOVR YRQ GHQ $XV OlXIHUQ GHU UXVVLVFKHQ 5HYROXWLRQ ELV ]XP QHXVDFKOLFKNDSLWDOLVWLVFKHQ ZHVWOLFKHQ/HEHQVVWLODXIJH]HLJW'LH5HYROXWLRQlULQ1DWDVFKDPLWLKUHP NKO QRUPLHUWHQ 6H[XDOOHEHQ )(   GLH EUJHUOLFKH .ODUD PLW %HLQHQ ZLHÅ,QVWUXPHQWH>«@GHV6SRUWV´ )( ÅDUPVHOLJJHNOHLGHWH´$UEHLWHU )(   GHU )DEULNDQW GHU LPPHU GHP ÅXQHUELWWOLFKHQ *HVHW]´ GHU $Q SDVVXQJ XQG GHV (UIROJV JHKRUFKW )(   GLH /LHEH ]X 6WDXEVDXJHUQ Å9DFXXPJHQDQQW´ )( ,PSUHVVLRQHQGHU*UR‰VWDGW%HUOLQ )(  GLH,GHHHLQHVJHHLQWHQ(XURSDV )( MXQJH+HUUHQGHU*HVHOOVFKDIW PLW ZHL‰HQ =lKQHQ ÅZLH HLQH 5HNODPH IU .DORGRQW´ )(   XQGGLH ,QGXVWULHOOHQWRFKWHU,UHQHGLHDXFKQDFKGHP.ULHJGDV/HEHQGHU6FK| QHQ XQG 5HLFKHQ IKUW )(   HWF ELOGHQ GDV 3DQRUDPD ]HLWJHQ|V VLVFKHU7RSRLXQG7\SHQXPJHVHOOVFKDIWOLFKH.ODVVHQSROLWLVFKH+DOWXQ JHQVRZLHDOOWlJOLFKH/HEHQVJHZRKQKHLWHQ5HYXHSDVVLHUHQ]XODVVHQ =HLWEH]JH RGHU )UHPGUHIHUHQ] SUlJHQ GHQ 5RPDQ LQ VR JUR‰HP 0D‰GDVVGHUIDVWXQEHWHLOLJWHYRQlX‰HUHQ8PVWlQGHQJHWULHEHQH7XQGD DOVILJXULHUWHVbTXLYDOHQWGHU7H[WDQRUGQXQJHUVFKHLQWGLHVHKUVWDUNGLH DX‰HUOLWHUDULVFKH8PZHOWGDVÅ5HDOH´DOVPHGLDOH5HVVRXUFHRGHU0HGLXP IU LKUHQ )RUPJHZLQQ QXW]W XQG VLFK DXI GHQ HUVWHQ %OLFN JHUDGH]X DOV SDVVLYHV6DPPHOEHFNHQIU=HLWSKlQRPHQHSUlVHQWLHUW'LHVHU5HDOLVPXV RSHULHUWKLHUDXIGHUWKHPDWLVFKHQ(EHQHLQGHPGLH/LWHUDWXUGXUFKOlVVLJ ZLUG IU GHQ7KHPHQYRUUDW GHQ LP)DOOH GHU 1HXHQ6DFKOLFKNHLW GLH HL JHQH=HLWDXI]XZHLVHQKDW,Q%H]XJDXIGLH)XQNWLRQVZHLVHGHU0DVVHQ PHGLHQ ZHLVW 1LNODV /XKPDQQ GDUDXI KLQ GDVV HV GLH 7KHPHQ VLQG GLH QLFKW (LJHQSURGXNWH GHU 0DVVHQPHGLHQ ELOGHQ XQG GLHVH DQ GLH *HVHOO VFKDIWELQGHQ'DVNDQQIUXFKWEDUJHPDFKWZHUGHQXPUHDOLVWLVFKHYRQ lVWKHWL]LVWLVFKHQ6WU|PXQJHQ]XXQWHUVFKHLGHQDEHUSULQ]LSLHOOXQGDXFK LP.RQWH[WGHU1HXHQ6DFKOLFKNHLWLVWGDVOLWHUDULVFKH6\VWHPDOVVROFKHV VWULNWYRPPDVVHQPHGLDOHQ6\VWHPJHWUHQQW1HXVDFKOLFKH/LWHUDWXUEOHLEW /LWHUDWXUHVILQGHWNHLQ$QJULIIDXIGHUHQ$XWRQRPLHXQGHLJHQVWlQGLJH $XVGLIIHUHQ]LHUWKHLW VWDWW ZLH HV EHL GHQ $YDQWJDUGHQ GLHVHU =HLW EHRE     



9JO 3OXPSH *HUKDUG (SRFKHQ PRGHUQHU /LWHUDWXU (LQ V\VWHPWKHRUHWLVFKHU (QWZXUI 2SODGHQ 6 (EG6 9JO/XKPDQQ1LNODV'LH5HDOLWlWGHU0DVVHQPHGLHQ:LHVEDGHQ6IYJODXFK/XK PDQQ1LNODV(LQIKUXQJLQGLH6\VWHPWKHRULH+JY'LUN%DHFNHU+HLGHOEHUJ6 9JO3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU %HFNHU6DELQDÅ1HXH6DFKOLFKNHLWLP5RPDQ´,Q1HXH6DFKOLFKNHLWLP5RPDQ1HXH,QWHUSUH WDWLRQHQ]XP5RPDQGHU:HLPDUHU5HSXEOLN+JY6DELQD%HFNHUX&KULVWRSK:HLVV6WXWWJDUW :HLPDU6²KLHU6%HFNHU1HXH6DFKOLFKNHLW6

6HOEVWUHIHUHQ])UHPGUHIHUHQ]



DFKWHW ZHUGHQ NDQQ 8QG VRODQJH ZLU HLQ DXVGLIIHUHQ]LHUWHV JHVFKORV VHQHV/LWHUDWXUV\VWHPYRUDXVVHW]HQN|QQHQZLUGDXFK)UHPGUHIHUHQ]DXV VFKOLH‰OLFKQDFK0D‰JDEHLQWHUQHU2SHUDWLRQHQYHUKDQGHOW'LH8PZHOW GHWHUPLQLHUW GDV /LWHUDWXUV\VWHP QLFKW VLH ]X EHDFKWHQ RGHU EHVWLPPWH 7KHPHQ DXI]XJUHLIHQ LQGHP YHUVFKLHGHQH %H]JH DOV $EVWlQGH RGHU 'LIIHUHQ]HQHLQDQGHUYRUJHVFKDOWHWVLQGE]ZVLFKJHJHQVHLWLJLPSOL]LHUHQ -HGH8PZHOWEHREDFKWXQJELUJWHLQÄ%HZXVVWVHLQ¶GHVVHQZDV8PZHOWLP *HJHQVDW] ]X HLQHP 6HOEVW LVW ZDV JOHLFK]HLWLJ HLQ Ä%HZXVVWVHLQ¶ GLHVHV 6HOEVWEHLQKDOWHWE]ZGLHVH8QWHUVFKHLGXQJYRQ6HOEVWXQG8PZHOWNRQ VWLWXLHUW EHUKDXSW HUVW %HZXVVWVHLQ MHGH 8PZHOWEHREDFKWXQJ EHJLQQW DOVR V\VWHPWKHRUHWLVFK JHVSURFKHQ PLW GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ GHP HLJHQHQ 6\VWHP XQG GHU 8PZHOW VHW]W JUXQGVlW]OLFK 6HOEVWUHIHUHQ] YRUDXVDOVRQLFKWQXUHLQHHLJHQH3RVLWLRQVRQGHUQGLHÅ)lKLJNHLW%H ]LHKXQJHQ]XVLFKVHOEVWKHU]XVWHOOHQXQGGLHVH%H]LHKXQJHQ]XGLIIHUHQ ]LHUHQ JHJHQ %H]LHKXQJHQ ]X >GHU@ 8PZHOW´ %HL GLHVHU YRQ /XKPDQQ DOV5HIOH[LRQEH]HLFKQHWHQ6HOEVWUHIHUHQ]KDQGHOWHVVLFKXPHLQH6\VWHP UHIHUHQ] Å,Q GLHVHP )DOOH LVW GDV 6HOEVW GDV 6\VWHP GHP GLH VHOEVW UHIHUHQWLHOOH2SHUDWLRQVLFK]XUHFKQHW6LHYROO]LHKWVLFKDOV2SHUDWLRQPLW GHU GDV 6\VWHP VLFK VHOEVW LP 8QWHUVFKLHG YRQ VHLQHU 8PZHOW EH]HLFK QHW´ 'LHVH 'LIIHUHQ] PDFKW GLH )RUP GHV 6\VWHPV DXV GLH LKUHUVHLWV ZLHGHU LQQHUKDOE GHV 6\VWHPV UHIOHNWLHUW ZHUGHQ NDQQ 'DV .XQVWZHUN HUVFKHLQWDOV(LQKHLWGHU'LIIHUHQ]YRQ)RUPXQG.RQWH[W(VLVWGXUFK DXV DQJHZLHVHQ DXI 0RWLY]XIXKU YRQ DX‰HQ EHVWLPPW DEHU GHQ 0RGXV  



      



9JO3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6 9JO/XKPDQQ1LNODV6R]LDOH6\VWHPH*UXQGUL‰HLQHUDOOJHPHLQHQ7KHRULH)UDQNIXUW0DLQ 6/XKPDQQ1LNODVÅ'DV.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´,Q1LN ODV /XKPDQQ 6FKULIWHQ ]X .XQVW XQG /LWHUDWXU +J Y 1LHOV :HUEHU )UDQNIXUW0DLQ  6² KLHU 6  /XKPDQQ 1LNODV Å'LH .XQVW GHU *HVHOOVFKDIW´ ,Q /XKPDQQ 6FKULIWHQ]X.XQVWXQG/LWHUDWXU6²KLHU6 9JO/XKPDQQ6R]LDOH6\VWHPH6/XKPDQQ(LQIKUXQJLQGLH6\VWHPWKHRULH6 9JO/XKPDQQ(LQIKUXQJLQGLH6\VWHPWKHRULH6 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG6YJODXFK/XKPDQQ1LNODVÅ'LH$XVGLIIHUHQ]LHUXQJGHV.XQVWV\VWHPV´ ,Q/XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU6²KLHU6 /XKPDQQ6R]LDOH6\VWHPH6YJODXFK6/XKPDQQ1LNODVÅ,VW.XQVWFRGLHUEDU"´ ,Q/XKPDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU6²KLHU6 9JO /XKPDQQ 1LNODV Å:HOWNXQVW´ ,Q /XKPDQQ6FKULIWHQ ]X .XQVW XQG /LWHUDWXU 6 ² KLHU66 9JO /XKPDQQ 6R]LDOH 6\VWHPH 6 I  /XKPDQQ 1LNODV Å'DV 3UREOHP GHU (SRFKHQELOGXQJ XQG GLH (YROXWLRQVWKHRULH´ ,Q /XKPDQQ 6FKULIWHQ ]X .XQVW XQG /LWHUDWXU 6² KLHU 6  /XKPDQQ 1LNODV Å'LH (YROXWLRQ GHV .XQVWV\VWHPV´ ,Q /XK PDQQ6FKULIWHQ]X.XQVWXQG/LWHUDWXU6²KLHU6 9JO /XKPDQQ Å.XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ 6  /XKPDQQ Å:HOWNXQVW´6



0DUHQ/LFNKDUGW

GHU%H]XJQDKPHDXIH[WHUQHJHVHOOVFKDIWOLFKH0RWLYHVHOEVW6RPLWNRQ WUROOLHUW GDV 6\VWHP VHLQH HLJHQH $QVFKOXVVIlKLJNHLW XQG YHUIlOOW EHL DOOHU 6HOEVWUHIHUHQWLDOLWlWQLFKWLQ7DXWRORJLH 'DVV)UHPGEH]JHLQ'LH)OXFKWRKQH(QGHQDFK0D‰JDEHGHUHLJHQHQ )XQNWLRQVZHLVHYHUDUEHLWHWZHUGHQXQGPLWHLQHPVHOEVWUHIHUHQWLHOOHQ%H ]XJ]XP/LWHUDWXUV\VWHPHLQKHUJHKHQYHUGHXWOLFKWGDV9RUZRUWGHV$X WRU(U]lKOHUV5RWKGHUGHQ(QWVFKOXVVGDUOHJWHLQHÅ*HVFKLFKWH´]XÄHU ]lKOHQ¶DOVRGLHQDUUDWLYHQ.RQYHQWLRQHQGHU/LWHUDWXUH[SOL]LW]XHUIOOHQ JHGHQNW ,P 5RPDQ ZLUG EHUGLHV GDV =XVWDQGHNRPPHQ HLQHU *H VFKLFKWHRGHU(U]lKOXQJEHU5XVVODQGWKHPDWLVLHUW,QGHUZHVWOLFKHQ*H VHOOVFKDIW EHU VHLQH (UOHEQLVVH LQ 6LELULHQEHIUDJW HUILQGHW )UDQ]7XQGD /JHQJHVFKLFKWHQXQGVFKUHLEWGLHVHVFKOLH‰OLFKDXIXPVLFKQLFKWLQ:L GHUVSUFKH ]X YHUVWULFNHQ ZHLO HU LPPHU ZLHGHU ÅYRQ 6LELULHQ HU]lKOHQ PXVVWH´ )( XQGGLHVJHQLH‰WÅ,FKDPVLHUHPLFKGDEHLLFKELQJH VSDQQWGDUDXIZDVLFKZHLWHUVFKUHLEHQZHUGH´ )( =X7XQGDV7H[W VFKUHLEWGHU$XWRU(U]lKOHU5RWKÅHLQ1DFKZRUWLQGHPLFKPLWWHLOWHGD‰ GHU $XWRU LQ 6LELULHQ YHUVFKROOHQ XQG GD‰ PLU GDV 0DQXVNULSW DXI HLQH ZXQGHUEDUH:HLVHLQGLH+lQGHJHNRPPHQVHL>«@(VHUVFKLHQLQHLQHP JUR‰HQ %HUOLQHU 9HUODJ´ )( I  (V HQWVWHKW HLQ %XFK DXI GHU %DVLV YRQ7XQGDV(U]lKOXQJHQGLHDOVHUIXQGHQDXVJHZLHVHQXQGGRFKYRQGHQ 5H]LSLHQWHQ DOV DXWKHQWLVFK ZDKUJHQRPPHQ ZHUGHQ 'LHV UHODWLYLHUW GLH )UHPGEH]JH LP 5RPDQ GHU VFKOLH‰OLFK ODXW 9RUZRUW HEHQIDOOV DXI %H ULFKWHQYRQ)UDQ]7XQGDEDVLHUWDXFKZHQQGHU$XWRU(U]lKOHU.HQQW QLV YRQ 7XQGDV (UILQGXQJHQ KDW XQG LKQHQ QLFKW XQEHGLQJW HUOLHJW =X GHPVSLHOWGHU$XWRU-RVHSK5RWKPLWVHLQHUHLJHQHQ5ROOHLP/LWHUDWXU EHWULHE GHU HU -DKUH DOV %HULFKWHUVWDWWHU YRQ VHLQHQ 5XVVODQGUHLVHQ EHL GHQHQ DXFK 7HLOH YRQ 'LH )OXFKW RKQH (QGH HQWVWDQGHQ VLQG 1LFKW GDVV VXJJHULHUWZLUGGDVVGLH)UHPGEH]JHP|JOLFKHUZHLVHHUIXQGHQXQGNHLQH ZLUNOLFKNHLWVJHWUHXHQ :LGHUJDEHQ VLQG VWHOOW GLH =XJHK|ULJNHLW ]XP /L WHUDWXUV\VWHP KHUDXV GDV QLFKW ]ZLQJHQG ILNWLY YHUIDKUHQ PXVV HLQH hEHUWUHLEXQJ GHU (UOHEQLVVH ILQGHW LQ 7XQGDV (U]lKOXQJHQ HEHQIDOOV H[ SOL]LWQLFKWVWDWW )(I GLHSULQ]LSLHOODXFKNHLQHURUQDPHQWDOHQ*H VWDOWXQJEHGUIHQXP/LWHUDWXU]XVHLQ9LHOPHKUVWHOOHQ7XQGDV6FKUHLE  

    

9JO/XKPDQQÅ.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´6I 9JO /XKPDQQ 6R]LDOH 6\VWHPH 6    /XKPDQQ (LQIKUXQJ LQ GLH 6\VWHPWKHRULH 6II 9JO:LOG5HLQHUÅ%HREDFKWHWRGHUJHGLFKWHW"-RVHSK5RWKV5RPDQ'LH)OXFKWRKQH(QGH´ ,Q1HXH6DFKOLFKNHLWLP5RPDQ6²KLHU6 9JO +HL]PDQQ -UJHQ -RVHSK 5RWK XQG GLH bVWKHWLN GHU 1HXHQ 6DFKOLFKNHLW +HLGHOEHUJ  6:LOGÅ%HREDFKWHWRGHUJHGLFKWHW´6 9JO:LOGÅ%HREDFKWHWRGHUJHGLFKWHW´6 6RDEHUHEG6

6HOEVWUHIHUHQ])UHPGUHIHUHQ]



PRWLYDWLRQHQ DXV $PVHPHQW XQG 6SDQQXQJ HLQH 5FNELQGXQJ DQ RGHU 6HOEVWUHIHUHQ]DXIGDVOLWHUDULVFKH6FKDIIHQGDUGDVVHLWGHU0RGHUQHHQW ODQJ GHV V\VWHPHLJHQHQ &RGHV LQWHUHVVDQWXQLQWHUHVVDQW RSHULHUW 'LHV DOVR HLQ 0RPHQW GHU V\VWHPLQWHUQHQ *HVHW]H GHU /LWHUDWXU XQG QLFKW VHLQH ILNWLRQVLQWHUQUHDOHQ (UOHEQLVVH RGHU GLH 9HUIDVVXQJ GHU UXVVLVFKHQ *HVHOOVFKDIW PRWLYLHUW XQG OHLWHW )UDQ] 7XQGDV 5XVVODQGHU]lKOXQJHQ GLH VRPLW ILNWLRQVLQWHUQ DOV 5HSURGXNWLRQHQ GHV OLWHUDULVFKHQ 6\VWHPV DXVJH ZLHVHQZHUGHQXQGHLQHHU]lKOHULVFKH%H]XJQDKPHDXIGLHVHVXQWHU'LIIH UHQ]LHUXQJYRQGHQ)UHPGEH]JHQGDUVWHOOHQ 6\VWHPEH]JH ZHUGHQ GDUEHU KLQDXV EHU SRHWRORJLVFKH 'HEDWWHQ DXVJHWUDJHQ7XQGDV%UXGHUDQJHVHKHQHUUKHLQOlQGLVFKHU%UJHU.DSHOO PHLVWHUXQG%HVLW]HUHLQHU=DXEHUEHUJ$XVJDEHEHUK|KW.XQVWDOVÅHWZDV +HLOLJHVGHP7DJ$EJHZDQGWHV´ )(I (UVWHOOWVLHLQHLQH5HLKHPLW GHP3ULHVWHUEHUXIXQGOHLWHWGDUDXVVHLQH8QP|JOLFKNHLWDEVLFKSROLWLVFK ]X EHWHLOLJHQ )UDQ] 7XQGD UlXPW GDJHJHQ GHP SROLWLVFKHQ (QJDJHPHQW HLQHQHEHQVRJUR‰HQ6WHOOHQZHUWHLQZLHGHU.XQVWRKQHEHLGH%HUHLFKH MHGRFK ]X YHUPLVFKHQ XQG QHJLHUW VRZRKO IU GLH 3ROLWLN DOV DXFK GLH .XQVWUHOLJL|VWUDQV]HQGHQWH=JH Å,FK NDQQ PLU YRUVWHOOHQ´ VDJWH )UDQ] ÅGD‰ XQWHU 8PVWlQGHQ HLQH SROLWLVFKH 5HGHHEHQVRZLFKWLJLVWZLHÄ3DUVLIDO¶(LQJXWHU3ROLWLNHUNDQQVRZLFKWLJVHLQZLH HLQJXWHU0XVLNHU(LQ3ULHVWHULVWHUDOOHUGLQJVQLFKW(LQ.RQ]HUWVDDOLVWHEHQVR ZHQLJHLQ7HPSHOGHU.XQVWZLHHLQ9HUVDPPOXQJVORNDOHLQ7HPSHOGHU3ROLWLN´ )( 

'LH3URIDQLVLHUXQJGHVNQVWOHULVFKHQ6FKDIIHQVGLH$EJUHQ]XQJYRQPH WDSK\VLVFKHQ .DWHJRULHQ RGHU GHUHQ 'LIIHUHQ]LHUXQJ YRQ GHU 5HOLJLRQ JHKWQLFKWPLWHLQHU$XIKHEXQJGHU8QWHUVFKHLGXQJYRQ.XQVWXQG3R OLWLN HLQKHU *HUDGH LQ GHP QHXVDFKOLFKHQ 5RPDQ 'LH )OXFKW RKQH (QGH ZHUGHQ VHOEVWUHIHUHQWLHOO DOVR XQWHU %H]XJQDKPH DXI GDV HLJHQH 6\VWHP GHU/LWHUDWXU8QWHUVFKHLGXQJHQGHU6\VWHPHJHWURIIHQ 'DV EHWULIIW DXFK GLH 0DVVHQPHGLHQ GHU :HLPDUHU 5HSXEOLN 'LHVH ZXUGHQLQGHQHU-DKUHQDOV9RUELOGIUGLH/LWHUDWXUHQWGHFNWGLHDNWX HOOH=HLWEH]JHHEHQVRHLQIDFKXQGVFKPXFNORVGDUVWHOOHQVROOWH(VJLQJ DOVRLQGHQlVWKHWLVFKHQ'HEDWWHQEH]JOLFKGHU1HXHQ6DFKOLFKNHLWQLFKW GDUXP GDVV GLH /LWHUDWXU DXI GLH ]HLWJHQ|VVLVFKH 3XEOL]LVWLN DOV IUHPGHV 6\VWHP%H]XJ ]X QHKPHQVROOH VRQGHUQ GHUHQ )XQNWLRQVZHLVH LQ%H]XJ  

9JO3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6I3OXPSH*HUKDUGX1LHOV:HUEHUÅ/LWHUDWXU LVW FRGLHUEDU $VSHNWH HLQHU V\VWHPWKHRUHWLVFKHQ /LWHUDWXUZLVVHQVFKDIW´ ,Q /LWHUDWXUZLVVHQ VFKDIWXQG6\VWHPWKHRULH+JY6LHJIULHG-6FKPLGW2SODGHQ6²  6R DEHU +HL]PDQQ -RVHSK 5RWK 6  0DWMDæ %LUN Å=HLWNULWLVFKH $VSHNWH LP 5RPDQ 'LH )OXFKWRKQH(QGH>@²HLQHPÄ%HULFKW¶YRQ-RVHSK5RWK´,Q1HRSKLORORJXV  + 6²KLHU6



0DUHQ/LFNKDUGW

DXI GLH :LUNOLFKNHLW VROOWH LQQHUKDOE GHU /LWHUDWXU UHSURGX]LHUW ZHUGHQ ZDV ZlUH GLHV UHDOLVLHUW ZRUGHQ ]XU $XIO|VXQJ GHV /LWHUDWXUV\VWHPV JH IKUW KlWWH =X %HJLQQ GHV 5RPDQV ZLUG GLH =HLWXQJ GXUFKDXV DOV HLQHU GHU ,PSXOVHIU GLH +DQGOXQJ XQGVRPLW DXFK DOV (LQIOXVVIDNWRUIU GDV VFKULIWVWHOOHULVFKH *HVWDOWHQ GLHVHU +DQGOXQJ DXVJHZLHVHQ 'HU DXV GHU UXVVLVFKHQ .ULHJVJHIDQJHQVFKDIW JHIORKHQH XQG VLFK LQ GHU 7DLJD YHU VWHFNHQGH 3URWDJRQLVW HUIlKUW LP -DKU  QRFK QLFKWV YRQ GHP (QGH GHV(UVWHQ:HOWNULHJHVZHLOHUGXUFK=XIlOOHNHLQH=HLWXQJOHVHQNRQQWH 'LHVHV-DKUZLUGHU]lKOHULVFKDXVJHEOHQGHW(UVWQDFKGHPLKQEHU GLH =HLWXQJ GLHVH ,QIRUPDWLRQ HUUHLFKW EULFKW HU PLW GHP HKHU YDJHQ :XQVFKVHLQH9HUOREWHZLHGHU]XVHKHQDXIVHLQHQ:HJQDFK:HVWHQDXI )(I 'LHVHQ8PVWlQGHQZLUGJOHLFKDP$QIDQJGHV5RPDQVJHQXJ 5DXPHLQJHVWDQGHQXPGLH5HOHYDQ]GHU=HLWXQJIUGLHVHQHUQVW]XQHK PHQ6LHELOGHWHLQHQZHVHQWOLFKHQ%H]XJVSXQNWIU5RWKV6FKUHLEHQGDV PLW GHP (QWZXUI GHV 3ORWV GHP :HJGHV3URWDJRQLVWHQ HUVW QDFK GHP (UODQJHQ YRQ ,QIRUPDWLRQHQ DXV GHU ZHVWOLFKHQ :HOW EHU GLH =HLWXQJ HLQVHW]W,Q5RWKV5RPDQZLUGGHU-RXUQDOLVPXVDEHUHLQGHXWLJDOVIUHPG XQGIUGLH.XQVWLQDGlTXDWDXVJHZLHVHQ$XFKLQ%H]XJDXIGLHVHV0RWLY ZLUGQLFKWQXUHLQ)UHPGEH]XJKHUJHVWHOOWVRQGHUQHLQH8QWHUVFKHLGXQJ JHWURIIHQ]ZLVFKHQGHP)UHPGEH]XJXQGVLFKVHOEVWE]ZGHP%H]XJ]X VLFKVHOEVW'HU$XWRU(U]lKOHUGLVWDQ]LHUWVLFKRGHUGLHVFKULIWVWHOOHULVFKH 7lWLJNHLW YRQ GHU V\VWHPHLJHQHQ )XQNWLRQVZHLVH GHU =HLWXQJHQ DQ GLH VLFK7XQGDDOV]HLWZHLOLJHU-RXUQDOLVWDQSDVVHQPXVV'DEHLZLUGGHXWOLFK ZDV /XKPDQQ LQ 'LH 5HDOLWlW GHU 0DVVHQPHGLHQ EHVFKUHLEW QlPOLFK GDVV DXFK GLHVH NHLQ GXUFKOlVVLJHV 0HGLXP IU GDV :HOWJHVFKHKHQ GDUVWHOOHQ VRQGHUQ ]XQlFKVW HLQPDO VHOEVWUHIHUHQWLHOO IXQNWLRQLHUHQ VLFK VHOEVW XQG LKUH)XQNWLRQHQUHSURGX]LHUHQ9RUDOOHPZLUGGLHVH)XQNWLRQVZHLVHLQ LKUHP8QWHUVFKLHG]XPVFKULIWVWHOOHULVFKHQ6FKDIIHQUHIOHNWLHUW Å(UOHEWHGDPDOVYRQ$UWLNHOQIU=HLWXQJHQXQG=HLWVFKULIWHQ(VJDEHLQ .OL VFKHH IU 3URWHVWH XQG $XIUXIH HLQ ]ZHLWHV IU 6NL]]HQ XQG (ULQQHUXQJHQ HLQ GULWWHVIU(PS|UXQJXQG$QNODJH6HLQH*HVLQQXQJZDUUHYROXWLRQlUHUDOVGLHVH IHUWLJH6SUDFKH(UEHUQDKPQXUGDV+DQGZHUNV]HXJ6FKULIWVWHOOHUHUOHEHQDOOHV GXUFKGDV0LWWHOGHU6SUDFKHVLHKDEHQNHLQ(UOHEQLVRKQH)RUPXOLHUXQJ7XQGD DEHUVXFKWHQDFKEHVWHKHQGHQRIWHUSUREWHQXQG]XYHUOlVVLJHQ)RUPXOLHUXQJHQ XPQLFKWLP(UOHEQLVXQWHU]XJHKHQ´ )( 

:lKUHQGGDV6FKUHLEHQIU=HLWXQJHQLP:HVHQWOLFKHQGDUDXIEDVLHUWGLH HLJHQHQ 6SUDFKNOLVFKHHV ]X UHSURGX]LHUHQ YJO DXFK )(   GLH MHGH (PSILQGXQJ DEW|WHQ VXFKHQ 6FKULIWVWHOOHU GLH 6SUDFKH DOV .DWDO\VDWRU RGHU *HQHUDWRU IU GDV (UOHEHQ 'lPSIHQ RGHU 6WHLJHUXQJ GHV 'DU]X VWHOOHQGHQ XQWHUVFKHLGHW GLH 6\VWHPH JHPl‰ GHP $XWRU(U]lKOHU 5RWK  

9JO/XKPDQQ5HDOLWlWGHU0DVVHQPHGLHQ6

6HOEVWUHIHUHQ])UHPGUHIHUHQ]



'LHVH ]HLWXQJVNULWLVFKH :HUWXQJ ² DQ DQGHUHU 6WHOOH VSULFKW GHU $XWRU (U]lKOHU YRQ GHU +HUDXVJDEH HLQHU =HLWVFKULIW DOV Å$EDUW VFK|SIHULVFKHU 7lWLJNHLW´ )( ²LVWEHDFKWHQVZHUWLP.RQWH[WGHU1HXHQ6DFKOLFK NHLW LP =XVDPPHQKDQJ HLQHU V\VWHPWKHRUHWLVFKHQ %HWUDFKWXQJ YRQ 6HOEVWXQG)UHPGUHIHUHQ]]HLJWVLFKXQDEKlQJLJYRQGLHVHU:HUWXQJHU QHXW ZLH VWDUN GHU 5RPDQ %H]XJ DXI VLFK VHOEVW XQG GDV HLJHQH 6\VWHP QLPPWXPVLFKE]ZGLHVHVYRQGHQGXUFKDXVEHIUXFKWHQGHQ)UHPGEH] JHQDE]XJUHQ]HQ1XUYRUGHP+LQWHUJUXQGHLQHUHLJHQHQ3RVLWLRQRGHU )XQNWLRQVZHLVH XQG GHUHQ 5HIOH[LRQ YROO]LHKHQ VLFK )UHPGUHIHUHQ]HQ XQGGHU5RPDQQXW]WGLHLQGHQ5RPDQDXIJHQRPPHQH'LIIHUHQ]EHLGHU %H]XJQDKPHQIUGLHHLJHQH.RQWXURGHUGHQ6WLO 6HOEVWUHIHUHQ]VHW]WDEHUEHUHLWVDXIGHU(EHQHGHU6HOEVWUHSURGXNWLRQ RGHU6HOEVWRUJDQLVDWLRQDOVRGHU$XWRSRLHVLVGHV6\VWHPVDQ (VJHKWEHLGLHVHU$UWYRQ6HOEVWUHIHUHQ]QLFKWQXUXP5HIOH[LRQQLFKWQXUGD UXP GD‰ GDV 6\VWHP VHLQH HLJHQH ,GHQWLWlW EHREDFKWHQ XQG EHVFKUHLEHQ NDQQ 6RQGHUQDOOHVZDVLP6\VWHPDOV(LQKHLWIXQNWLRQLHUWHUKlOWVHLQH(LQKHLWGXUFK GDV 6\VWHP VHOEVW XQG GDV JLOW QLFKW QXU IU 6WUXNWXUHQ XQG 3UR]HVVH VRQGHUQ DXFKIUGLHHLQ]HOQHQ(OHPHQWHGLHIUGDV6\VWHPVHOEVWQLFKWZHLWHUGHNRPSR QLHUEDUVLQG>«@.XQVWZLUG]XHLQHPVLFKVHOEVWEHVWLPPHQGHQVLFKVHOEVWSUR GX]LHUHQGHQ VLFK DQ LQQHUHQ .RKlUHQ]HQ XQG :LGHUVSUFKHQ RULHQWLHUHQGHQ 6\VWHP

'LHVHYRQ/XKPDQQDOVEDVDOH6HOEVWUHIHUHQ]EH]HLFKQHWHLQWHUQHÄ9HUZHL VXQJ¶ GLH GLH HLJHQHQ (OHPHQWH XQG LKUH 5HODWLRQ ]XP *HJHQVWDQG KDW RGHUEHVVHUJHVDJWGLUHNWLVWEHGHXWHWLP*UXQGHGDVVVLFKGDV6\VWHP ]XGHPHQWZLFNHOWZDVHVLVW(VKDQGHOWVLFKGDEHLXPGLHMHQLJHQ2SH UDWLRQHQGLHEHLGHU.RQVWLWXWLRQGHV6HOEVWDOVRGHU$XVELOGXQJGHV6\V WHPVVWlQGLJPLWODXIHQ$QGHUVJHVDJWLP9ROO]XJUHSURGX]LHUWVLFKGDV 6\VWHP ODXIHQG VHOEVW YHUIlKUW VRPLW LPPHU VHOEVWUHIHUHQWLHOO /LWHUDWXU HU]HXJW /LWHUDWXU /LWHUDWXU LVW OLWHUDULVFK RGHU /LWHUDWXU ZHLVW /LWHUDUL]LWlW DXI VLQG WDXWRORJLVFKH )RUPXOLHUXQJHQ GLH DQ NRQNUHWHQ %HLVSLHOHQ VFKZHU GLQJIHVW ]X PDFKHQ VLQG 'LH OLWHUDULVFKHQ 2SHUDWLRQHQ HQWODQJ GHVV\VWHPHLJHQHQ&RGHVVLQGVHOEVWZLHGLHRELJHQ%HVFKUHLEXQJHQYRQ HLQHU ]LUNXOlUHQ 7DXWRORJLH EHGURKW GLH OHW]WOLFK GHQ 6WLOOVWDQG GHV 6\V WHPV GHVVHQ (QWURSLH ]XU )ROJH KlWWH 'HU VHOEVWUHIHUHQWLHOOH =LUNHO PXVV VLFK DV\PPHWULVLHUHQ =XVDW]LQIRUPDWLRQHQ RGHU DEHU =XVDW]VLQQ     

 



9JO+HL]PDQQ-RVHSK5RWK6 9JO/XKPDQQÅ.XQVWZHUNXQGGLH6HOEVWUHSURGXNWLRQGHU.XQVW´6I (EG6I 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG6/XKPDQQ(LQIKUXQJLQGLH6\VWHPWKHRULH6 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG6²



0DUHQ/LFNKDUGW

LQWHJULHUHQ'LHDQIDQJVVNL]]LHUWH%H]LHKXQJ]XU8PZHOWE]ZGLH8Q WHUVFKHLGXQJHQ]ZLVFKHQ)UHPGUHIHUHQ]XQG6HOEVW6\VWHPUHIHUHQ]EHX JHQ GHP (QGH GHV 6\VWHPV YRU 5HIOH[LYLWlW DOVR GDV 5HIOHNWLHUHQ GHV HLJHQHQVHOEVWUHIHUHQWLHOOHQ3UR]HVVHVDOVVROFKHQGLH/XKPDQQDXFKSUR ]HVVXDOH 6HOEVWUHIHUHQ] QHQQW WULWW DX‰HUGHP KLQ]X XQG EHVFKUHLEW HLQH 0HWDHEHQH ]X GHQ HLJHQHQ )XQNWLRQHQ GLH HLQH VLFK EHZXVVWH 6HOEVW VWHXHUXQJHUP|JOLFKWLQGHPGHU3UR]HVVQLFKWPHKUHLQIDFKQXUDEOlXIW VRQGHUQ DOV3UR]HVV LQ HLQHP WHPSRUDOLVLHUWHQ 9HUKlOWQLV YRQGDYRU XQG GDQDFK ]XP $XVGUXFN NRPPW Å9RQ SUR]HVVXDOHU 6HOEVWUHIHUHQ] RGHU 5HIOH[LYLWlWZROOHQZLUQXUGDQQVSUHFKHQZHQQGLHVHV:LHGHUHLQWUHWHQLQ GHQ 3UR]H‰ PLW GHQ 0LWWHOQ GHV 3UR]HVVHV DUWLNXOLHUW ZLUG´ *HUWUXGH 6WHLQV Å5RVH LV DURVH LV D URVH LV DURVHµ NDQQ XQHQGOLFK ZHLWHU ]LWLHUW ZHUGHQ EHLQKDOWHW DEHU EHUHLWV HLQHQ UHIOH[LYHQ hEHUVFKXVV 'LH SRWHQ ]LHOOLPPHUZHLWHUODXIHQGH5HSURGXNWLRQGHVVSUDFKOLFKHQ=HLFKHQVZLUG JHUDGHGXUFKGLHVH5HLKXQJDOVHZLJH5HSURGXNWLRQUHIOH[LYDXVJHGUFNW ZlKUHQG HLQH UHIOH[LYH $UWLNXODWLRQ GHU HLJHQHQ (OHPHQWH LQ 5HQp 0D JULWWHV&HFLQ·HVWSDVXQHSLSHLQGHU1HJDWLRQ]XP$XVGUXFNNRPPW 'HUNQVWOHULVFKH3UR]HVVRGHU9ROO]XJGHU.XQVWDOVEDVDOVHOEVWUHIH UHQWLHOOHU 3UR]HVV OlVVW VLFK DXFK LQ -RVHSK 5RWKV 5RPDQ NDXP NRQNUHW DXIZHLVHQXQGQXUVFKZHUYRQGHVVHQUHIOH[LYHU9HUKDQGOXQJDOVVROFKHQ XQWHUVFKHLGHQ =XQlFKVW HLQPDO ZLVVHQ ZLU GDVV HV VLFK WURW] GHU SDUD WH[WXHOOHQ0DUNLHUXQJDOV%HULFKWEHL5RWKV7H[WXPHLQHQ5RPDQHLQHQ OLWHUDULVFKHQ7H[WKDQGHOW(LQ]HOQH7H[WPHUNPDOHN|QQHQDEHUQLFKWHLQ GHXWLJDOVQRWZHQGLJGHPOLWHUDULVFKHQ6\VWHP]XJHK|ULJ]XJHZLHVHQZHU GHQ 'DVV GDV *HVFKHKHQ LP 5RPDQ EHLVSLHOVZHLVH LP HSLVFKHQ 3UlWHUL WXP NRQVWUXLHUW LVW PDFKWGDV 3UlWHULWXP QLFKW QRWZHQGLJ ]X HLQHP HS LVFKHQ 0LWWHO XQWHUVWUHLFKWDEHU LP .RQWUDVW ]XP MRXUQDOLVWLVFKHQ0HGL XPGDVDOV9HUJOHLFKVIROLHLQ7H[WHQGHU1HXHQ6DFKOLFKNHLWLPPHUSUl VHQWLVWGLH/LWHUDUL]LWlWGHV5RPDQV$XFKPLW9HUJOHLFKHQUHSURGX]LHUW GHU 5RPDQ OLWHUDULVFKH .RQYHQWLRQHQ ZDV YRU DOOHP GDUDQ HUVLFKWOLFK ZLUGGDVVGHU6DW]Å'HU3ROH]lKOWHVHLQH:RUWHZLH3HUOHQ>«@´ )(  LQGHU)RUVFKXQJLPPHUZLHGHUDOV%HZHLVGDIUDQJHIKUWZLUGGDVVHV VLFKEHL'LH)OXFKWRKQH(QGHXPHLQHQOLWHUDULVFKHQ7H[WKDQGHOW8QWHU DQGHUHPPLWVHLQHQKlXILJHQ9HUJOHLFKHQ ]%)( HU]HXJWGHU5RPDQ    



 

(EG6 9JO/XKPDQQ(LQIKUXQJLQGLH6\VWHPWKHRULH6/XKPDQQ6R]LDOH6\VWHPH6 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG6 6WHLQ*HUWUXGH6DFUHG(PLO\,Q*HUWUXGH6WHLQ*HRJUDSK\DQG3OD\V%RVWRQ 9JO7URPPOHU)UDQNÅ-RVHSK5RWKXQGGLH1HXH6DFKOLFKNHLW´,Q-RVHSK5RWKXQGGLH7UD GLWLRQ +J Y 'DYLG %URQVHQ 'DUPVWDGW  6 ² KLHU 6  +HL]PDQQ -RVHSK 5RWK6

6HOEVWUHIHUHQ])UHPGUHIHUHQ]



VLFKVHOEVWDOVOLWHUDULVFKHV3URGXNW(EHQVRELOGHQMHGRFKDXFK6WLOPHUN PDOH GLH GHP MRXUQDOLVWLVFKHQ 0HGLXP ]XJHUHFKQHW ZHUGHQ OLWHUDULVFKH 0RPHQWH GHV 7H[WHV 3Ul]LVH =HLW XQG 2UWVDQJDEHQ VLQG LQ GHU /L WHUDWXUHEHQVROLWHUDULVFKZLHHLQIDFKHVWHUHRW\SH6DW]NRQVWUXNWLRQHQGLH ]ZDUGXUFKDXVGHQ=HLWXQJVVWLOVLPXOLHUHQDEHUDQGHUHUVHLWVHLQHUNQVW OHULVFKHQ6WLOLVLHUXQJHQWVSULQJHQXQGVLFKDOVUKHWRULVFKHV0LWWHOGHU3D UDOOHOLVLHUXQJ HUZHLVHQ ZHQQ LPPHU ZLHGHU 6lW]H DXIIlOOLJ GHQ JOHLFKHQ 6DW]EDXDXIZHLVHQXQGPLWÅ-HGHV-DKU>«@´ )( Å(U>«@´ )(  Å:LU>«@´ )( Å(VJDE>«@´ )( RGHUÅ'D>«@´ )( EH JLQQHQ%DVDOH6HOEVWUHIHUHQ]OlVVWVLFKGDUDQNDXPIHVWPDFKHQ'LHOLWHUD ULVFKH RGHU URPDQHVNH $XWRSRLHVLV XQG GHU ]XJUXQGHOLHJHQGH &RGH DQ GHPVLHVLFKRULHQWLHUWPVVWHQRFKHLQPDOHLJHQVLQGHQ%OLFNJHQRPPHQ ZHUGHQ $Q GHU PDVVLYHQ +lXIXQJ GHU DXIJH]HLJWHQ 6WLOPLWWHO GLH NRQ YHQWLRQHOO GHP OLWHUDULVFKHQ 6\VWHP ]XJHRUGQHW ZHUGHQ XQG GHU DXIIlOOL JHQ DEJUHQ]HQGHQ 9HUKDQGOXQJ GHU )RUGHUXQJ QDFK MRXUQDOLVWLVFKHP 6FKUHLEHQIUOLWHUDULVFKH7H[WHOlVVWVLFKDEHUHUNHQQHQGDVVLP5RPDQ UHIOH[LY PLW GHP HLJHQHQ 6FKDIIHQ XQG GHQ DQ GLHVHV JHULFKWHWH (UZDU WXQJHQXPJHJDQJHQZLUG'LH/LWHUDUL]LWlWGHVHLJHQHQ3UR]HVVHVZLUGDXI GLHVH :HLVH PLW GHQ HLJHQHQ 0LWWHOQ DUWLNXOLHUW $XFK GDV (U]lKOHQ GDV DOOHUGLQJV HEHQVR DOV $UWLNXODWLRQ GHU 6\VWHPUHIHUHQ] DXIJHIDVVW ZHUGHQ NDQQNRPPWLPPHUZLHGHUUHIOH[LYLQ6SLHOÅ,FKKDEHHU]lKOWZLH7XQGD IUGLH5HYROXWLRQ]XNlPSIHQEHJDQQ(VZDUHLQ=XIDOO´ )( 'HU HLJHQH3UR]HVVGHV(U]lKOHQVZLUGLP5RPDQPLWGHUDUWLJHQ)RUPXOLHUXQ JHQLPPHUZLHGHUJHVSLHJHOWXQGOHW]WOLFKHUZHLVWVLFKGDV6FKUHLEHQXQG GLH3XEOLNDWLRQYRQ7XQGDV/JHQJHVFKLFKWHQQLFKWQXUDOV9HUKDQGOXQJ GHV 9HUKlOWQLVVHV YRQ 6\VWHPUHIHUHQ] XQG )UHPGUHIHUHQ] VRQGHUQ DXFK DOVUHIOH[LYH9HURUWXQJGHV*HVWDOWHQVYRQ'LH)OXFKWRKQH(QGH ,P .RQWH[W GHU 1HXHQ 6DFKOLFKNHLW ZLUG /LWHUDUL]LWlW DOVR HLQH VSH ]LILVFKH9HUIDVVXQJGHU/LWHUDWXULP6SDQQXQJVIHOGYRQ)LNWLRQDOLWlWXQG )DNWXDOLWlW RGHU )LNWLYLWlW XQG )DNWXDOLWlW DXVJHORWHW ZREHL /HW]WHUHV XQWHU HU]lKOWKHRUHWLVFKHQ *HVLFKWVSXQNWHQ NRUUHNWHU HUVFKHLQW 6WHKW HLQ 7H[WHOHPHQWXQWHUGHP9RU]HLFKHQGHU)LNWLRQDOLWlWZLHDXFKLPPHUGLH VHEHVWLPPWZHUGHQNDQQRGHUQLFKW"+DQGHOWHVVLFKGDEHLXPHPSLULVFK QDFKZHLVEDUHVWH[WH[WHUQHV0DWHULDORGHU(UILQGXQJ":DVPDFKWEHLHLQHU 0LVFKXQJ YHUVFKLHGHQHU %HUHLFKH GDV /LWHUDULVFKH YRQ OLWHUDULVFKHQ 7H[ WHQ DXV" :RULQ EHVWHKW GLH VSH]LILVFKH )XQNWLRQ YRQ/LWHUDWXUZHQQ VLH VLFKYRUZLHJHQGDQMRXUQDOLVWLVFKHQ$UEHLWVZHLVHQVFKXOHQVROOXQGGDPLW IUHPGHQ $QVSUFKHQ XQWHUJHRUGQHW ZLUG" 8QWHU V\VWHPWKHRUHWLVFKHP   

9JO:LOGÅ%HREDFKWHWRGHUJHGLFKWHW´6 9JO7URPPOHUÅ-RVHSK5RWK´6:LOGÅ%HREDFKWHWRGHUJHGLFKWHW´0DWMDæÅ=HLWNUL WLVFKH$VSHNWH´6+HL]PDQQ-RVHSK5RWK6



0DUHQ/LFNKDUGW

%OLFNZLQNHO VLQG )LNWLRQDOLWlW RGHU )LNWLYLWlW QLFKW ]ZLQJHQG GLH 0HUN PDOH GLH HLQHQ 7H[W GHP OLWHUDULVFKHQ 6\VWHP ]XRUGQHQ RGHU GDV OLWH UDULVFKH 6\VWHP HU]HXJHQ $OOHUGLQJV EHGDUI HV HLQHU JHQXLQ OLWHUDULVFKHQ 2SHUDWLRQVZHLVHXQG=LHOVHW]XQJHQWODQJHLQHVHLJHQHQ&RGHVGDPLWGDV /LWHUDWXUV\VWHP DOV JHVFKORVVHQHV DXVGLIIHUHQ]LHUWHV 6\VWHP DXVJHPDFKW ZHUGHQ NDQQ :HQQ HLQ VROFKHV 6\VWHP YRUDXVJHVHW]W ZLUG ]HUVW|UHQ )UHPGUHIHUHQ]HQ GDV 6\VWHP RGHU GLH =XJHK|ULJNHLW HLQHV OLWHUDULVFKHQ 7H[WHV]XGLHVHPNHLQHVZHJVVRQGHUQVLHXQWHUVWW]HQVHOEVWUHIHUHQWLHOOH 3UR]HVVHLQGHPVLHGDV6\VWHPDQVFKOXVVIlKLJKDOWHQ$X‰HUGHPYROO]LH KHQ VLH VLFK LPPHU QXU QDFK 0D‰JDEH VlPWOLFKHU $UWHQ YRQ 6HOEVWUHIH UHQ]8PJHNHKUWNDQQHLQVROFKHV6\VWHPLGHQWLIL]LHUWZHUGHQZHQQGLHVH VHOEVWUHIHUHQWLHOOHQ 9HUIDKUHQ VRZLH HLQH DOV V\VWHPHLJHQ DXV]XPDFKHQGH 8QWHUVFKHLGXQJYRQ6\VWHPXQG8PZHOWRGHU6HOEVWUHIHUHQ]XQG)UHPG UHIHUHQ]NRQVWDWLHUWZHUGHQNDQQ,Q'LH)OXFKWRKQH(QGHILQGHQVLFK]DKO UHLFKH ,QGL]LHQ IU HLQH VHOEVWUHIHUHQWLHOOH '\QDPLN GLH LKUHUVHLWV UHIOHN WLHUWZLUG(LJHQH6HOHNWLRQVNULWHULHQZLH$PVHPHQWXQG6SDQQXQJEHU ZLHJHQ GHQ $QVSUXFK DXI %HULFKWHUVWDWWXQJ XQG ,QIRUPDWLRQ ZRGXUFK HLQH HLJHQH $UW YRQ 1W]OLFKNHLW GHU /LWHUDWXU SRVWXOLHUW ZLUG GLH QLFKW GHUYRQDX‰HQDQVLHKHUDQJHWUDJHQHQ)RUGHUXQJQDFK1W]OLFKNHLWJOHLFK NRPPW 6R HQWVSULFKW VFKRQ GHU  HUVFKLHQHQH QHXVDFKOLFKH 5RPDQ 'LH )OXFKW RKQH (QGH5RWKVbX‰HUXQJHQ YRQ  LQ GHQHQ HU DQJHEOLFK 6FKOX‰PLWGHU1HXHQ6DFKOLFKNHLWPDFKWGDEHLDEHULP*UXQGHQXUDXIGHQ (LJHQJHVHW]HQ GHU /LWHUDWXU EHVWHKW JHPl‰ GHUHU :DKUKDIWLJNHLW DQGHUV EHVWLPPW LVW DOV GXUFK GHQ DQKDQG IUHPGHU 0HWKRGHQ DQ GLH /LWHUDWXU KHUDQJHWUDJHQHQ1DFKZHLVHLQHUhEHUHLQVWLPPXQJPLWGHUlX‰HUHQ:LUN OLFKNHLW

 

:HUEHU 1LHOV /LWHUDWXU DOV 6\VWHP =XU $XVGLIIHUHQ]LHUXQJ OLWHUDULVFKHU .RPPXQLNDWLRQ 2SODGHQ   9JO 5RWK -RVHSKÅ6FKOX‰ PLWGHU1HXHQ 6DFKOLFKNHLW´ ,Q'LH /LWHUDULVFKH :HOW    1U6I1U6I,Q1HXH6DFKOLFKNHLW%G4XHOOHQXQG'RNXPHQWH+JY6DELQD%H FNHU.|OQXD6²



6(0$17,.²:$/7(5)/(;81'(5167-h1*(5 /$56.2&+  :HQQHWZDVQHXJHPDFKWZLUG PXVVHWZDVDQGHUHVDOWJHPDFKWZHUGHQ 'DVHUIRUGHUWZLHOHLFKWHLQ]XVHKHQ VHKUVSH]LILVFKHJH]LHOWH1HJDWLRQHQ

, 'LH %HVFKUHLEXQJ GHV 9HUKlOWQLVVHV YRQ Å*HVHOOVFKDIWVVWUXNWXU XQG 6H PDQWLN´ ZHOFKHU VLFK 1LNODV /XKPDQQ LQ YLHU %lQGHQ JHZLGPHW KDW ZHLVW GHXWOLFKH %HUKUXQJVSXQNWH ]X GHP YRQ 5HLQKDUW .RVHOOHFN DQJH VWR‰HQHQ3URMHNWGHU%HJULIIVJHVFKLFKWHDXI:LH.RVHOOHNVRIUDJWDXFK /XKPDQQQDFKGHQVSUDFKOLFKVHPDQWLVFKHQ6HGLPHQWHQJHVHOOVFKDIWOLFKHU 3UR]HVVHXQG6WUXNWXUHQ'DVEHJULIIOLFKH$UFKLYDXIGDVGLH*HVHOOVFKDIW ]XUFNJUHLIW XP Å(UIDKUXQJHQ ]X SDFNHQ XQG QHXH 3HUVSHNWLYHQ ]X HU |IIQHQ´ ILJXULHUW LQ /XKPDQQV 7HUPLQRORJLH XQWHU GHP /DEHO Å6HPDQ WLN´,QGHU6HPDQWLNNRQGHQVLHUHQ7KHPHQUHVHUYRLUH6HOEVWEHREDFKWXQ JHQ XQG VLQQLPSUlJQLHUWH .RPPXQLNDWLRQVPXVWHU GLH DOV )RUPHQ ÅK| KHUVWXILJ JHQHUDOLVLHUWHQ UHODWLY VLWXDWLRQVXQDEKlQJLJ YHUIJEDUHQ 6LQQ>V@´Q|WLJVLQGXPHLQHU*HVHOOVFKDIW%LOGHULKUHUVHOEVW]XJHEHQ6H PDQWLVFKH 0XVWHU VWHOOHQ GHPQDFK ZHLWHVWJHKHQG VLFKHU GDVV (UHLJQLVVH XQG GLH PLW GLHVHQ YHUEXQGHQHQ 6LQQRIIHUWHQ LQ HUZDUWEDUHU XQG DQ VFKOXVVIlKLJHU:HLVHNRPPXQLNDWLYSUR]HVVLHUWZHUGHQ6RSHUVSHNWLYLHUW JHK|UWHQ DOOH (LQ]HONRPPXQLNDWLRQHQ GHU *HVHOOVFKDIW ]XP %HUHLFK GHU 6HPDQWLN'LH9LHO]DKOGHU(LQ]HONRPPXQLNDWLRQHQQHLJWJOHLFKZRKOGD ]XVLFKLQ)RUPYRQZLHGHUHUNHQQEDUHQ)LJXUHQSDUDGLJPDWLVFKHQ1DU  

/XKPDQQ 1LNODV Å/LWHUDWXU DOV .RPPXQLNDWLRQ´ ,Q 1LNODV /XKPDQQ 6FKULIWHQ ]X .XQVW XQG/LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ6²KLHU6  %UXQQHU 2WWR :HUQHU &RQ]H X 5HLQKDUW .RVHOOHFN +J  *HVFKLFKWOLFKH *UXQGEHJULIIH +LV WRULVFKHV/H[LNRQ]XUSROLWLVFKVR]LDOHQ6SUDFKHLQ'HXWVFKODQG%GH6WXWWJDUW²  /XKPDQQ1LNODV/LHEHDOV3DVVLRQ=XU&RGLHUXQJYRQ,QWLPLWlW)UDQNIXUW0DLQ6  /XKPDQQ 1LNODV *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN 6WXGLHQ ]XU :LVVHQVVR]LRORJLH GHU PRGHUQHQ *HVHOOVFKDIW%G)UDQNIXUW0DLQ6



/DUV.RFK

UDWLRQHQ XQG VSH]LILVFKHQ %LOGNRQMXQNWXUHQ VR ]X YHUGLFKWHQ GDVV VLFK EHUJHRUGQHWH 7\SLVLHUXQJVPXVWHU EHREDFKWHQ ODVVHQ ,P +LQEOLFN DXI HLQHVROFKHÅ9HUDUEHLWXQJGHU9HUDUEHLWXQJYRQ6LQQ´GLHLQOLWHUDULVFKHQ 7H[WHQ HEHQVR VWDWWILQGHW ZLH LQ ZLVVHQVFKDIWOLFKHQ $EKDQGOXQJHQ RGHU *HVHW]HVWH[WHQ VSULFKW /XKPDQQ YRQ ÅJHSIOHJWHU 6HPDQWLN´ 'LH *UHQ ]HQ ]ZLVFKHQ PHWDUHIOH[LYHU JHSIOHJWHU 6HPDQWLN XQG $OOWDJVVHPDQWLN VLQGIOLH‰HQG%HLGHVHPDQWLVFKHQ%HUHLFKHZHLVHQHLQHQ]HLWOLFKHQ,QGH[ DXIGHUVLHDXIGHP:HJHGHULQGLUHNWHQ$QSDVVXQJDQGLH6R]LDOVWUXNWXU DQGLH(YROXWLRQGHU*HVHOOVFKDIW]XUFNELQGHW,Q.RUUHODWLRQ]XP3UR ]HVVGHU$XVGLIIHUHQ]LHUXQJGHU*HVHOOVFKDIWVVWUXNWXUXQGEHHLQIOXVVWYRQ GHU(QWZLFNOXQJGHU9HUEUHLWXQJVPHGLHQHUJHEHQVLFKDXFK1HXNRQILJX UDWLRQHQ GHU 6HPDQWLN 2E HLQH VHPDQWLVFKH )RUPHO VLFK GXUFKVHW]HQ NDQQ ZLUG YRU DOOHP YRQ GHP )DNWRU EHHLQIOXVVW ZLHSODXVLEHO XQG HYL GHQW VLH DXI GLH VR]LDOH .RPSOH[LWlW GHU *HVHOOVFKDIWVVWUXNWXU %H]XJ QLPPW8PVWULWWHQLVWLQGHVGLH)UDJHLQZLHZHLWGDV9HUKlOWQLV]ZLVFKHQ *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN PRQRGLUHNWLRQDO RGHU ELGLUHNWLRQDO JHGDFKW ZHUGHQ PXVV :HQQ /XKPDQQ HWZD VFKUHLEW GDVV 6HPDQWLNHQ ÅYRQ 6R]LDOVWUXNWXUHQ DEKlQJLJ >VLQG@ GLH GXUFK GLH MHZHLOV GRPLQDQWH )RUP GHU 6\VWHPGLIIHUHQ]LHUXQJ YRUJHJHEHQ VLQG´ GDQQ YHUZHLVW HU GDPLW DXI HLQ 3ULPDW GHU *HVHOOVFKDIWVVWUXNWXU DXI GHUHQ ,PSXOVH GLH 6HPDQWLNLP0RGXVOLQHDUHU1DFKWUlJOLFKNHLWQXUUHDJLHUW'DGLH6HPDQ WLNDEHUDQGHUHUVHLWVGHQNRPPXQLNDWLYHQ(UIROJYRQ7KHPHQXQG1HX W\SLVLHUXQJHQ GHV 6LQQV JHZlKUOHLVWHW DIIL]LHUW VLH DXFK LKUHUVHLWV LQ YHU PLWWHOWHU )RUP GHQ 9HUlQGHUXQJVSUR]HVV GHU *HVHOOVFKDIWVVWUXNWXU (LQ JHGHQNGHU)UDJHYRQ8UV6WlKHOLQDFKGHUÅNRQVWLWXWLYH>Q@5ROOHYRQ%H VFKUHLEXQJHQIUGDV%HVFKULHEHQH´HUVFKHLQWHVGDKHUVLQQYROOYRQHL QHU ]HLWOLFK ]HUGHKQWHQ UH]LSURNHQ 6LJQLILNDWLRQVG\QDPLN ]ZLVFKHQ 6R ]LDOVWUXNWXU XQG VHPDQWLVFKHQ 1HW]ZHUNHQ DXV]XJHKHQ GLH 3KDVHQYHU VFKLHEXQJHQ 8QJOHLFK]HLWLJNHLWHQ XQG UHWURDNWLYH 8PVFKULIWHQ PLW HLQ VFKOLH‰W ,QVEHVRQGHUH LQ 6LWXDWLRQHQ JHVHOOVFKDIWOLFKHU 8PEUFKH ZHQQ EHZlKUWH+DQGOXQJVXQG'HXWXQJVPXVWHUDQ(YLGHQ]YHUOLHUHQWULWWGHU NRQVWLWXWLYH $VSHNW GHU 6HPDQWLN LQ GHQ 9RUGHUJUXQG GLH QHXH +DQG OXQJVPXVWHUPLW QDUUDWLYHU (YLGHQ]DXVVWDWWHWXQGLKUHQ*HEUDXFKZDKU VFKHLQOLFKPDFKW 1DFKIROJHQGVROOGHQ%H]JHQ]ZLVFKHQ*HVHOOVFKDIWVVWUXNWXUXQG6H PDQWLN DP %HLVSLHO HLQHV VROFKHQ JHVHOOVFKDIWOLFKHQ 7UDQVIRUPDWLRQVSUR  

%DUDOGL&ODXGLRÅ6HPDQWLN´,Q&ODXGLR%DUDOGL*LDQFDUOR&RUVLX(OHQD(VSRVLWR*/8 *ORVVDU ]X 1LNODV /XKPDQQV 7KHRULH VR]LDOHU 6\VWHPH )UDQNIXUW0DLQ  6 ² KLHU 6  /XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW%G)UDQNIXUW0DLQ6  6WlKHOL 8UV Å'LH 1DFKWUlJOLFKNHLW GHU 6HPDQWLN =XP 9HUKlOWQLV YRQ 6R]LDOVWUXNWXU XQG 6HPDQWLN´,Q6R]LDOH6\VWHPH  +6²KLHU6

6HPDQWLN



]HVVHV JHQDXHU QDFKJHJDQJHQ ZHUGHQ 8P GLHV ]X OHLVWHQ ZHUGHQ PLW :DOWHU)OH[XQG(UQVW-QJHU]ZHLlX‰HUVWHUIROJUHLFKH$XWRUHQGHV(UV WHQ:HOWNULHJVNRQWUDVWLYJHJHQEHUJHVWHOOWGLHLQLKUHQ7H[WHQGHQ=X VDPPHQKDQJ ]ZLVFKHQ JHVHOOVFKDIWOLFKHP 8PEUXFK .ULHJ XQG /LWHUDWXU WKHPDWLVLHUHQ'DEHLZLUGVLFK]HLJHQGDVVEHLGH$XWRUHQLQLKUHQ7H[WHQ DXIGHQJOHLFKHQ3UREOHPEH]XJ²GLHYRUDQVFKUHLWHQGHDOV'HVLQWHJUDWLRQ JHZHUWHWH$XVGLIIHUHQ]LHUXQJGHUJHVHOOVFKDIWOLFKHQ7HLOEHUHLFKH²PLWGHU $UWLNXODWLRQ Y|OOLJ XQWHUVFKLHGOLFKHU 6HPDQWLNHQ UHDJLHUHQ :lKUHQG GLH .ULHJVEFKHUYRQ)OH[GHUJHVHOOVFKDIWOLFKHQ$XVGLIIHUHQ]LHUXQJHLQUFN ZlUWVJHZDQGWHV%LOGGHV.ULHJHVHQWJHJHQVHW]HQQHKPHQ-QJHUV%FKHU GLHLQGHQ0DWHULDOVFKODFKWHQGHU:HVWIURQWPLWEHVRQGHUHU'HXWOLFKNHLW ]X EHREDFKWHQGHQ (IIHNWH GHU $XVGLIIHUHQ]LHUXQJ ]XP $XVJDQJVSXQNW HLQHU lVWKHWLVFKHQ +\SHUIRUFLHUXQJ LP =XJH GHUHU,QGLYLGXXP XQGEU JHUOLFKH*HVHOOVFKDIWDOVEHUKROWH9RUVWHOOXQJHQGHV-DKUKXQGHUWVYHU DEVFKLHGHWZHUGHQ'LH7H[WZHOWHQYRQ)OH[XQG-QJHUUHDJLHUHQVRPLW XQWHUVFKLHGOLFK DXI GDV JHPHLQVDPH 3UREOHP GHU JHVHOOVFKDIWOLFKHQ $XV GLIIHUHQ]LHUXQJ=ZDUVWLOLVLHUHQEHLGH$XWRUHQGHQ.ULHJ]XHLQHP0HGL XP GHU JHVHOOVFKDIWOLFKHQ 1HXMXVWLHUXQJ :LH MHGRFK GLH 1DFKNULHJV RUGQXQJDXVVHKHQVROOZLUGJOHLFKZRKOY|OOLJJHJHQOlXILJDXVEXFKVWDELHUW 'LH )UDJH QDFK GHP NRPPXQLNDWLYHQ (UIROJ GHU MHZHLOLJHQ 6HPDQ WLVLHUXQJVYHUVXFKH EHDQWZRUWHW VLFK JHJHQ (QGHGHUQDFKIROJHQGHQ $XV IKUXQJHQ PLW %OLFN DXI GLH PLWWHOIULVWLJH OLWHUDWXUJHVFKLFKWOLFKH 7UD GLHUXQJ GHU NRQNXUULHUHQGHQ (U]lKOXQJHQ YRP.ULHJH 'DEHL ]HLJW VLFK GDVV )OH[· XQG-QJHUV .ULHJVQDUUDWLRQHQ HLQ XQWHUVFKLHGOLFK KRKHV0D‰ DQ.RPSDWLELOLWlWPLWGHU6R]LDOVWUXNWXUDXIZHLVHQ'LHVLFKGDUDXVDEOHL WHQGHQ3ODXVLELOLWlWVXQG(YLGHQ]QLYHDXVHUNOlUHQGLHGLIIHULHUHQGH+DOE ZHUWV]HLWLKUHUVHPDQWLVFKHQ$QJHERWH ,, 'DVVGHU.DPSIVR]LRORJLVFKH %HGHXWXQJKDWLQGHPHU,QWHUHVVHQJHPHLQVFKDI WHQ9HUHLQKHLWOLFKXQJHQ2UJDQLVDWLRQHQYHUXUVDFKWRGHUPRGLIL]LHUWLVWSULQ]LSL HOOQLHEHVWULWWHQZRUGHQ'DJHJHQPXVVGHUJHZ|KQOLFKHQ$QVFKDXXQJGLH)UDJH SDUDGR[YRUNRPPHQREQLFKWGHU.DPSIVHOEVWVFKRQRKQH5FNVLFKWDXIVHLQH )ROJHRGHU%HJOHLWHUVFKHLQXQJHQHLQH9HUJHVHOOVFKDIWXQJVIRUPLVW

'LHVHhEHUOHJXQJ]XUVR]LDOHQ%LQGXQJVNUDIWYRQ.RQIOLNWHQVWDPPWDXV *HRUJ6LPPHOVYHU|IIHQWOLFKWHU6R]LRORJLH,QLKUNRPPWHLQZLFKWLJHU  

6LPPHO *HRUJ 6R]LRORJLH 8QWHUVXFKXQJHQ EHU GLH )RUPHQ GHU 9HUJHVHOOVFKDIWXQJ %HUOLQ  6



/DUV.RFK

%HVWDQGWHLO GHU ELOGXQJVEUJHUOLFKNXOWXUNULWLVFKHQ 6HPDQWLN GHV ZLOOKHO PLQLVFKHQ .DLVHUUHLFKV ]XP $XVGUXFN GLH VLFK LP 6FKDWWHQ YRQ 6R]LDO GDUZLQLVPXV .RORQLDOLVPXV(XSKRULH XQG 1DWLRQDOLVPXV LQ GHQ 6FKULI WHQ YLHOHU GHXWVFKHU ,QWHOOHNWXHOOH GDKLQJHKHQG NRQNUHWLVLHUWH GHQ .ULHJ DOVHLQHNXOWXUHOOH3URGXNWLYNUDIW]XEHJUHLIHQGLHDOVYLWDOLVWLVFKHU3URWD JRQLVW KLQWHU DOOHQ ]LYLOLVDWRULVFKHQ $OOWDJVHUVFKHLQXQJHQ DP :HUNH VHL $QJHVLFKWV HLQHU YRUDQVFKUHLWHQGHQ Å8PVWHOOXQJGHV *HVDPWV\VWHPV GHU *HVHOOVFKDIWDXIGDV3ULPDWIXQNWLRQDOHU'LIIHUHQ]LHUXQJ´XQGGHUKLHU DXVUHVXOWLHUHQGHQ8QP|JOLFKNHLWGLHVLFKVWHLJHUQGH.RPSOH[LWlWGHUJH VHOOVFKDIWOLFKHQ $EOlXIH EHUEOLFNHQ ]X N|QQHQ PHLQWHQ ]HLWJHQ|VVLVFKH %HREDFKWHULQNXOWXUNULWLVFKHU.ODJHHLQHÅWLHIH9HUVWLPPXQJXQG=HUULV VHQKHLW´]XHUNHQQHQÅGLHXQDEKlQJLJYRQQDWLRQDOHUXQG3DUWHL]XJHK| ULJNHLWRKQH5FNVLFKWDXISROLWLVFKH*UHQ]HQXQGJHVHOOVFKDIWOLFKH6WHO OXQJ MHGHU 9ROOPHQVFK´ HPSILQGHQ PVVH 9RQ HLQHP NRPPHQGHQ .ULHJHUKRIIWHPDQVLFKGHPHQWVSUHFKHQGHLQHVXEVWDQ]LHOOH9HUlQGHUXQJ ZHOFKHGLHYRQ0D[1RUGDXEHNODJWH)UDJPHQWDULVLHUXQJGHU*HVHOOVFKDIW EHHQGHQ XQG HLQH QHXH *DQ]KHLW GHU /HEHQVYROO]JH VFKDIIHQ ZUGH 'LHVH9RUVWHOOXQJYRP.ULHJHDOVHLQHUNXOWXUHOOHQ.DWKDUVLVZDUNRPPX QLNDWLY LQ KRKHP 0D‰H DQVFKOXVVIlKLJ NRQQWH VLH GRFK DXI HLQH ZHLW YHUEUHLWHWH6HPDQWLNUHNXUULHUHQGLHUHDOSROLWLVFKH(UIROJVHUOHEQLVVH²GHQ :LGHUVWDQG JHJHQ 1DSROHRQ  GHQ HUIROJUHLFKHQ PLOLWlULVFKHQ 9RUODXI GHU 5HLFKVJUQGXQJ  ² PLW OLWHUDULVFKHQ hEHUK|KXQJHQ YHUEDQGXQGGDV6WHUEHQDXIGHP6FKODFKWIHOGLQHLQURPDQWLVFKHV/LFKW WDXFKWH (UVWH OLWHUDULVFKH 9RUELOGHU ILQGHW GLH +RIIQXQJ DXI HLQH (U QHXHUXQJVZLUNXQJ GHV .ULHJHV VFKRQ LQ 1RYDOLV·  YHU|IIHQWOLFKWHP 5RPDQ +HLQULFK YRQ 2IWHUGLQJHQ LQ GHP ]X OHVHQ ZDU GDVV LP .ULHJH VLFK GLHÅ8UJHZlVVHU´UHJHQXQGQHXHÅ*HVFKOHFKWHU>@DXVGHUJUR‰HQ$XI O|VXQJDQVFKLH‰HQ´ZHUGHQ5XQG-DKUHVSlWHULVWGLH.ULHJVVHPDQ WLNGDQQLQQDKH]XDOOHQVLFKDQWLEUJHUOLFKJHEHQGHQ.XQVWSURJUDPPHQ ² YRP )XWXULVPXV ELV ]XP ([SUHVVLRQLVPXV ² RPQLSUlVHQW =HQWUDOHU %HJULII GHU .ULHJVVHPDQWLN YHUVWDQGHQ DOV hEHUIKUXQJ YRQ /HLG XQG 7RGLQÅVLQQKDIWUHIHUHQ]LHOOH.RPPXQLNDWLRQVVWUXNWXUHQ´LVWGDVÅ(U OHEQLV´ HLQH VHLW GHU 5RPDQWLN LQ SKLORVRSKLVFKHQ XQG OLWHUDULVFKHQ  



  

.XOWXUNULWLVFKH 3HUVSHNWLYHQ GLIIXQGLHUHQ LP .DLVHUUHLFK LQ ELOGXQJVEUJHUOLFKHQ .UHLVHQ ELVLQGHQÅVHPDQWLVFKHQ$SSDUDW´GHU$OOWDJVNRPPXQLNDWLRQKLQHLQ(LQHQhEHUEOLFNEHU GLHKRFKVSH]LDOLVLHUWHÅJHSIOHJWH6HPDQWLN´GHVSKLORVRSKLVFKHQNXOWXUNULWLVFKHQ'HQNHQV JLEW%ROOHQEHFN*HRUJ(LQH*HVFKLFKWHGHU.XOWXUNULWLN9RQ5RXVVHDXELV*QWKHU$QGHUV0Q FKHQ /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW%G6 1RUGDX0D['LHNRQYHQWLRQHOOHQ/JHQGHU.XOWXUPHQVFKKHLW$XIO/HLS]LJ6 1RYDOLV6FKULIWHQ'LH:HUNH)ULHGULFKYRQ+DUGHQEHUJV+JY5LFKDUG6DPXHO+DQV-RDFKLP 0lKOX*HUKDUG6FKXO]6WXWWJDUWIIKLHU%G6 /XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6

6HPDQWLN



6FKULIWHQ ZHLWHUJHIKUWH (SLSKDQLH GHV :DKUQHKPHQV XQG )KOHQV GLH GRUW OHEHQVSKLORVRSKLVFK JHZHQGHW 9HUEXQGHQKHLW XQG *DQ]KHLW HQW VWHKHQOlVVWZRGHUZLVVHQVFKDIWOLFKH5DWLRQDOLVPXVQXU]X(QW]DXEHUXQJ XQG'LVVR]LDWLRQJHIKUWKDWWH,QGHULPDJLQDWLYHQ.RSSOXQJYRQ.DPSI XQG (UOHEQLV ZXUGH GHU *UXQGVWHLQ ]X HLQHU OLWHUDULVFKHQ (QWGLIIH UHQ]LHUXQJVVHPDQWLNJHOHJWGHUHQ)RUWVFKUHLEXQJVLFKGXUFKGDV-DKU KXQGHUWKLQGXUFKELVKLQ]XHLQHU7DJHEXFKHLQWUDJXQJ*HRUJ+H\PVYRP -XOLYHUIROJHQOlVVWGHUVLFKZQVFKWGDVVÅPDQHLQHQ.ULHJEH JlQQH´ GHU GLH ODQJZHLOLJH 6HNXULWlW GHV EUJHUOLFKHQ /HEHQV KLQZHJ IHJHQZHUGH $OV GDQQ LP 6RPPHU  GLH SROLWLVFKHQ :HLFKHQ WDWVlFKOLFK DXI .ULHJJHVWHOOWZXUGHQNULVWDOOLVLHUWHVLFKVHKUVFKQHOOHLQHEUHLWH)URQWYRQ ,QWHOOHNWXHOOHQ XQG 6FKULIWVWHOOHUQ KHUDXV GLH LQ 5HGHQ =HLWXQJVDUWLNHOQ XQG*HGLFKWHQGD]XEHLWUDJHQZROOWHGLH'HXWVFKHQJHLVWLJPRELO]XPD FKHQ LQ GHU +RIIQXQJ GDPLW HLQH (UQHXHUXQJ GHU 1DWLRQ HLQ]XOHLWHQ GLH GHU $XVGLIIHUHQ]LHUXQJ GHU *HVHOOVFKDIW GXUFK (QWGLIIHUHQ]LHUXQJ HQWNRPPW8QWHUGHP7LWHOÅ'LH,GHHQYRQ´LQVVHPDQWLVFKH$U FKLY HLQJHJDQJHQ SURSDJLHUWH PDQ HLQHQ YRONVJHPHLQVFKDIWOLFKHQ $XI EUXFKGHULP0HGLXPGHV.ULHJHVHLQ+|FKVWPD‰DQVR]LDOHU'LFKWHHU UHLFKHQZROOWH,QGHP0D‰HLQGHPVLFKLP)RUWJDQJGHV.ULHJHVGDQQ DOOHUGLQJVKHUDXVVWHOOWHGDVV]ZLVFKHQSURJUDPPDWLVFKHU,GHHXQGNULHJH ULVFKHU:LUNOLFKNHLWHLQLPPHUJU|‰HUZHUGHQGHU5LVVNODIIWHJHULHWDXFK GLH WUDGLHUWH 6HPDQWLN YRP .ULHJH GLH ELVKHU P|JOLFKH 6LQQRIIHUWHQ VH OHNWLHUWKDWWHXQWHU1HXIRUPXOLHUXQJVGUXFN=ZHLOLWHUDULVFKH%HDUEHLWXQ JHQ GHV .ULHJVHUOHEQLVVHV DQ GHQHQ VLFK VFKODJOLFKWDUWLJ .RQWLQXLWlWHQ XQG9HUVFKLHEXQJHQHLQHUVROFKHQÅWUDQVLWRULVFKHQ6HPDQWLN´GHV.ULH JHVQDFKYROO]LHKHQODVVHQVWDPPHQYRQ:DOWHU)OH[XQG(UQVW-QJHUGLH PLWGHQ7H[WHQ'HU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQXQG,Q6WDKOJHZLWWHUQ]ZHL GHU HUIROJUHLFKVWHQ DIILUPDWLYHQ .ULHJVEFKHU GHU HU -DKUH YRUJHOHJW KDEHQ'HUQDFKIROJHQGH$QVDW]GLHXQWHUVFKLHGOLFKHQ(U]lKOXQJHQYRP .ULHJH EHL )OH[ XQG -QJHU LQ LKUHU MHZHLOLJHQ 3RLQWLHUXQJ QDFK]X ]HLFKQHQEHJUHLIWLQHLQHU$GDSWLRQGHU6\VWHPWKHRULH/LWHUDWXUDOVÅ9RU ODJH IU :DKUQHKPXQJV XQG 9HUVWHKHQVSUR]HVVH´ XQG RULHQWLHUW VLFK     



+H\P*HRUJ'LFKWXQJHQXQG6FKULIWHQ%G7DJHEFKHU7UlXPH%ULHIH+JY.ODXV/XGZLJ 6FKQHLGHU+DPEXUJ6 9JO)ODVFK.XUW'LHJHLVWLJH0RELOPDFKXQJ'LHGHXWVFKHQ,QWHOOHNWXHOOHQXQGGHU(UVWH:HOWNULHJ %HUOLQ =XU]HLWJHQ|VVLVFKHQ6HPDQWLNYRQÅ*HPHLQVFKDIW´XQGÅ*HVHOOVFKDIW´VLHKH7|QQLHV)HU GLQDQG*HPHLQVFKDIWXQG*HVHOOVFKDIW*UXQGEHJULIIHGHUUHLQHQ6R]LRORJLH>@'DUPVWDGW /XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6 +ROO0LUMDP.HUVWLQ6HPDQWLNXQG6R]LDOHV*HGlFKWQLV'LH6\VWHPWKHRULH1LNODV/XKPDQQVXQG GLH*HGlFKWQLVWKHRULHYRQ$OHLGDXQG-DQ$VVPDQQ:U]EXUJ6



/DUV.RFK

LP 9HUVXFK HLQHU .RQ]HSWXDOLVLHUXQJ OLWHUDULVFKHU 7H[WH DOV .RPSDNW NRPPXQLNDWLRQHQ DQ /XKPDQQV 3HUVSHNWLYH DXI GLH RUGQXQJVRUJDQLVLH UHQGH)XQNWLRQYRQ*HVFKLFKWH'LHVH HULQQHUW>@VHOHNWLYXQGYHUJLVVWGDVPHLVWH6LHHUQHXHUWVLFKVHOEVWDOV*HGlFKW QLV >@ QXU GDQQ ZHQQ XQG QXU LQVRZHLW DOV GLH 2SHUDWLRQHQ GLH GLH *HVHOO VFKDIWUHSURGX]LHUHQ$QODVVJHEHQGDV6\VWHPJHGlFKWQLV]XUHLPSUlJQLHUHQ´

'HU Å*UR‰H .ULHJ´ ZLH LKQ =HLWJHQRVVHQ JHQDQQW KDEHQ ZDU LQ VHLQHU QHXDUWLJHQ 6WUDWHJLH IHVW]HPHQWLHUWHU )URQWHQ GHP (LQVDW] YRQ LQ LKUHP 9HUQLFKWXQJVSRWHQ]LDO ELV GDWR QLFKW JHNDQQWHU 7HFKQLN XQG GHU (QW JUHQ]XQJ GHU .ULHJV|NRQRPLH HLQ VROFKHU 5HLPSUlJQLHUXQJVDQODVV GHU LPPHQVHQ 'HXWXQJVEHGDUI HU]HXJWH XQG VLFK GDKHU GD]X HLJQHW GHP Å=XVDPPHQKDQJYRQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN´H[HPSODULVFK QDFK]XJHKHQ ,,, 'LH :HUNH YRQ )OH[ XQG -QJHU JHK|UHQ LP OLWHUDWXUJHVFKLFKWOLFKHQ .D WHJRULVLHUXQJVYRUVFKODJ *HUKDUG 3OXPSHV GHU OLWHUDULVFKHQ (SRFKH GHU KLVWRULVFKHQ$YDQWJDUGHDQLQGHUGLH*UHQ]HGHU/LWHUDWXUSROLWLVFKSHU IRULHUW HUVFKHLQW %HLGH :HUNNRPSOH[H SRVLWLRQLHUHQ VLFK LP 6\VWHPEH UHLFKGHU/LWHUDWXUYHUVXFKHQDEHU]XJOHLFKPLWJHJHQOlXILJHQOLWHUDULVFKHQ 3URJUDPPLHUXQJHQGD]XEHL]XWUDJHQGLH$XVGLIIHUHQ]LHUXQJYRQ*HVHOO VFKDIW VHPDQWLVFK ]X HQWGLIIHUHQ]LHUHQ )HUQ=LHO LVW HV PLW /LWHUDWXU 3ROLWLN ]X LUULWLHUHQ GK ² IUHL QDFK *RWWIULHG %HQQV 3RVWXODW Å*HKLUQH PXVVPDQ]FKWHQJUR‰H*HKLUQHGLH'HXWVFKODQGYHUWHLGLJHQ´²PLW +LOIH GHV V\PEROLVFK JHQHUDOLVLHUWHQ .RPPXQLNDWLRQVPHGLXPV Å:HUN´ GHU YRU DOOHP LQ EUJHUOLFKOLWHUDWXULQWHUHVVLHUWHQ .UHLVHQ WKHPDWLVLHUWHQ 'HIL]LHQ] GHU *HJHQZDUW LQ HLQHU $PDOJDPLHUXQJ YRQ *HVFKLFKWVPHWD SK\VLN XQG bVWKHWLN HLQHQ DQGHUHQ *HVHOOVFKDIWVW\SXV HQWJHJHQ]XVWHOOHQ 'RUW ZR /XKPDQQ GDV 3ULPDW GHU *HVHOOVFKDIWVVWUXNWXU JHJHQEHU GHU

 

/XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6 (EG  =XGLHVHU%HVWLPPXQJGHU.DWHJRULHÅ$YDQWJDUGH´YJO3OXPSH*HUKDUG(SRFKHQPRGHUQHU /LWHUDWXU(LQV\VWHPWKHRUHWLVFKHU(QWZXUI2SODGHQ6²XQG3OXPSH*HUKDUGX 1LHOV :HUEHU Å/LWHUDWXU LVW FRGLHUEDU $VSHNWH HLQHU V\VWHPWKHRUHWLVFKHQ /LWHUDWXUZLV VHQVFKDIW´,Q/LWHUDWXUZLVVHQVFKDIWXQG6\VWHPWKHRULH3RVLWLRQHQ.RQWURYHUVHQ3HUVSHNWLYHQ+JY 6LHJIULHG-6FKPLGW2SODGHQ6²KLHU6I  %HQQ *RWWIULHG 5HGHQ XQG (VVD\V LQ GHU )DVVXQJ GHV (UVWGUXFNV 0LW HLQHU (LQOHLWXQJ KJ Y %UXQR+LOOHEUDQG)UDQNIXUW0DLQ6 

6HPDQWLN



6HPDQWLNEHWRQWDUWLNXOLHUWVLFKLQGHQ:HUNHQYRQ)OH[XQG-QJHUGHU JHJHQPRGHUQH 9HUVXFK EHU HLQH VHPDQWLVFKH 1HXNRQILJXUDWLRQ JHVHOO VFKDIWVVWUXNWXUHOOH 9HUlQGHUXQJHQ ]X LQLWLLHUHQ 'HU (UVWH :HOWNULHJ ZLUG GHPHQWVSUHFKHQG DOV HLQ 8PZHOWHUHLJQLV PLW HLQHU KRKHQ $XV VFKWWXQJ DQ OLWHUDWXUIlKLJHP 0DWHULDO DQJHVHKHQ GHVVHQ 9HUDUEHLWXQJ VLFK LQQHUOLWHUDULVFK DOV 1HXYHUKDQGOXQJ GHU XP GHQ %HJULII GHV ,QGLYL GXXPVJHODJHUWHQ%HJOHLWVHPDQWLNLP0HGLXPGHV.ULHJHVUHDOLVLHUW'LH .RUUHVSRQGHQ]YRQ)OH[XQG-QJHUHUJLEWVLFKDXVGHPLQEHLGHQ2HXY UHV ]X EHREDFKWHQGHQ 9HUVXFK GLH SRO\NRQWH[WXUDOH *HVHOOVFKDIW GHU 0RGHUQH LQ HLQHP ÅPRQRWH[WXUDOHQ (QWGLIIHUHQ]LHUXQJVWUDXP DX‰HU .UDIW ]X VHW]HQ´ 2EZRKO LQ EHLGHQ 9DULDQWHQ HLQHU VFKUHLEHQGHQ =X UFNQDKPH YRQ 5HODWLYLVPXV +LVWRULVPXV XQG 3OXUDOLVPXV GLH /LWHUD ULVLHUXQJ GHV .ULHJHV HLQH ]HQWUDOH 5ROOH VSLHOW VLQG LQ GHQ :HUNHQ YRQ )OH[XQG-QJHUGLYHUJLHUHQGH.RGLHUXQJHQYRQ,QGLYLGXDOLWlWEHREDFKW EDUGLHDOV9DULDWLRQHQGHUOLWHUDULVFKHQ.ULHJVGDUVWHOOXQJVSH]LILVFKH1DU UDWLYH VROGDWLVFKHU *HPHLQVFKDIW XQG VROGDWLVFKHQ +HOGHQPXWV DXIUXIHQ XQG ]XGHP HLJHQH )RUPHQ OLWHUDULVFKHU *HVWDOWXQJ SUR]HVVLHUHQ =LHO LVW HV LQ EHLGHUOHL (U]lKOXQJHQ YRP .ULHJH OLWHUDULVFKH %LOGHU GHV 6ROGD WLVFKHQ ]X HQWZHUIHQ GLH DXIJUXQG LKUHU (YLGHQ] LQQHUV\VWHPLVFK HLQH '\QDPLNYRQ.RPPXQLNDWLRQVDQVFKOVVHQEHZLUNHQXQGH[WUDV\VWHPLVFK HLQ KRKHV ,UULWDWLRQVSRWHQ]LDO HQWIDOWHQ :HUNSROLWLVFK YHUIJHQ VRZRKO GLH6FKULIWHQYRQ)OH[ZLHGLHYRQ-QJHUEHUHLQJUR‰HV9ROXPHQYRQ V\PEROLVFKHP.DSLWDOGDVVLFKDXVHLQHUDQ:DOWHU%HQMDPLQV%HJULIIGHV (U]lKOHUVRULHQWLHUWHQ$XIIDVVXQJYRQ$XWRUVFKDIWKHUOHLWHWGLHLQLKUHP  

 

  

6R /XKPDQQ *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN %G  .ULWLVFK GD]X 6WlKHOL 8UV Å'LH 1DFKWUlJOLFKNHLWGHU6HPDQWLN²=XP9HUKlOWQLVYRQ6R]LDOVWUXNWXUXQG6HPDQWLN´,Q6R ]LDOH6\VWHPH  +6² 9JO KLHU]X DXVIKUOLFK .RFK /DUV 'HU (UVWH :HOWNULHJ DOV 0HGLXP GHU *HJHQPRGHUQH =X GHQ :HUNHQYRQ:DOWHU)OH[XQG(UQVW-QJHU:U]EXUJ %HJOHLWVHPDQWLNHQ VLQG LQ GHU /RJLN GHU 6\VWHPWKHRULH QLFKW DQ EHVWLPPWH )XQNWLRQVV\V WHPHJHEXQGHQVRQGHUQN|QQHQDOV]HQWUDOH%HJULIIHLQDOOHQ6\VWHPHQDXIWUHWHQXQGGXUFK GLHGRUWKHUUVFKHQGH6HPDQWLNZHLWHUYHUDUEHLWHWZHUGHQDXIGHQ%HJULIIÅ,QGLYLGXXP´EH ]RJHQLP/LWHUDWXUV\VWHPLQ)RUPHLQHU*HQLH'HEDWWH=XU%HJOHLWVHPDQWLNGHV,QGLYLGX XPVYJO/XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6² 0OOHU+DUURÅ6\VWHPWKHRULH/LWHUDWXUZLVVHQVFKDIW´,Q1HXH/LWHUDWXUWKHRULHQ(LQH(LQIK UXQJ+JY.ODXV0LFKDHO%RJGDO2SODGHQ6²KLHU6 6RGLHVFKODJZRUWDUWLJH.RQNUHWLVLHUXQJGHVÅ6WUXNWXUVFKLFNVDOVGHU0RGHUQH´LQ/XKPDQQ 1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 1DFK %HQMDPLQ ZLUG GHU (U]lKOHU LQ GHU 0RGHUQH VXN]HVVLYH YRP 5RPDQFLHU DEJHO|VW :lKUHQG (UVWHUHU QRFK LQ HLQHU :HOW OHEW LQ GHU (UIDKUXQJ 2ULHQWLHUXQJ HUP|JOLFKW EH NODJW/HW]WHUHUHLQHQ2ULHQWLHUXQJVXQG(UIDKUXQJVYHUOXVWGHUVLFKDXVGHQ(LJHQORJLNHQ DXVGLIIHUHQ]LHUWHU7HLOV\VWHPHHUJLEW$OVZLFKWLJHQ'\QDPLVLHUHUGHU(UIDKUXQJVHQWZHUWXQJ EHREDFKWHW%HQMDPLQGHQÅ*UR‰HQ.ULHJ´9JO%HQMDPLQ:DOWHUÅ'HU(U]lKOHU%HWUDFK WXQJHQ]XP:HUN1LNRODL/HVVNRZV´,Q:DOWHU%HQMPLQ*HVDPPHOWH6FKULIWHQ+JY5ROI



/DUV.RFK

9ROO]XJYRQYLHOHQ]HLWJHQ|VVLVFKHQ/HVHUQDOV(LQKHLWYRQVROGDWLVFKHP /HEHQXQG6FKUHLEHQEHREDFKWHWZRUGHQLVW'DVLQ:DOWHU)OH[·1RYHOOH 'HU :DQGHUHU ]ZLVFKHQ EHLGHQ :HOWHQ   EHVFKULHEHQH /HEHQ GHV :DQ GHUYRJHO)UHXQGHV(UQVW:XUFKHEWHHLQHLPPHQVH)DV]LQDWLRQVNUDIWDXI GDVMXQJHQGOLFKH/HVHSXEOLNXPDXV,QGHU5RPDQILJXUXQGVHLQHPHU]lK OHQGHQ %HJOHLWHU VDK PDQ ]XU ,GHQWLILNDWLRQ HLQODGHQGH 9HUN|USHUXQJHQ MHQHU ,GHDOH GLH QRFK LQ GHQ -DKUHQ GHU :HLPDUHU 5HSXEOLN XQWHU GHU &KLIIUHÅ'LH-XJHQGYRQ/DQJHPDUFN´DOVGDVTXDVLP\WKRORJLVFKH(UZH FNXQJVHUOHEQLV GHXWVFKHU /HEHQV XQG 7DWJHPHLQVFKDIW JHIHLHUW ZXUGHQ 'HU-QJHU·VFKH$UEHLWHU  KLQJHJHQLVWHLQH)LJXUDWLRQGHUHQ.RQ MXQNWXU LQ GHQ VSlWHQ HU -DKUHQ PLW %OLFN DXI GHQ LQ GHU 0DWHULDO VFKODFKWEHREDFKWEDUZHUGHQGHQ6FKXEGHUIXQNWLRQDOHQ$XVGLIIHUHQ]LH UXQJYRQ*HVHOOVFKDIW]XHUNOlUHQLVW$XVDEVWUDNWHU3HUVSHNWLYHEHWUDFK WHW IRUFLHUW GDV PLOOLRQHQIDFKH 6WHUEHQ DXI GHQ 6FKODFKWIHOGHUQ )UDQN UHLFKVLP:LVVHQGHUGHXWVFKHQ*HVHOOVFKDIWHLQHQGRSSHOWHQ%UXFKPLW GHUHYROXWLRQlUHQ.RQWLQXLWlWLP)RUWVFKULWWVJODXEHQGHV-DKUKXQGHUWV HLQHUVHLWV PLW GHP NXOWXULQWHJUDWLYHQ 1DWLRQDOLVPXV HLQHV -XOLXV /DQJEHKQ RGHU 3DXO GH /DJDUGH DQGHUHUVHLWV 6R HQWVWDQG HLQ %HGDUI DQ QHXHQ JHVHOOVFKDIWOLFKHQ 6HOEVWEHVFKUHLEXQJVIRUPHOQ ZHOFKHU HLQ 0R PHQWGHU'\QDPLVLHUXQJLGHHQSROLWLVFKHU(YROXWLRQHLQOHLWHWHGLHZLHGH UXP YRQ/LWHUDWXU EHREDFKWHW XQG XQWHU 0D‰JDEH GHUHLJHQHQ 3URJUDP PLHUXQJHQPLWJHVWDOWHWZLUG'LHVHLWGHU-DKUKXQGHUWZHQGHLQVEHVRQGHUH LQ .RQWH[W YRQ .XOWXUNULWLN ([SUHVVLRQLVPXV XQG )XWXULVPXV JHIKUWH .ODJH EHU GLH Å0RQRNXOWXU GHU 9HUQXQIW´ YHUGLFKWHW VLFK XQWHU GHQ %HGLQJXQJHQGHVWHFKQLVLHUWHQ.ULHJHVLQGHU(LQVLFKWGDVVGLH5DWLRQDOL WlW HLQH .RPSRQHQWH GHU *HZDOW LPSOL]LHUW ZHOFKH LQ LKUHP OHEHQVYHU QLFKWHQGHQ&KDUDNWHUDQJHVLFKWVGHUDQRQ\PHQ7RGHV]RQHQGHV*UDEHQ NULHJV QLFKW PHKU JHOHXJQHW ZHUGHQ N|QQH =HQWUDOHV $Q]HLFKHQ GDIU GDVV GLH VHPDQWLVFKHQ .DWHJRULHQ GXUFK GLH .RPSOH[LWlW GHV PRGHUQHQ .ULHJHV LQ 8QRUGQXQJ JHUDWHQ VLQG LVW GLH LQ GHU /LWHUDWXU GHU HU -DKUH LPPHU ZLHGHU DUWLNXOLHUWH 6HKQVXFKW QDFK JHIDKUHQVHQVLEOHU :DKU QHKPXQJVVFKlUIH QDFK HLQHP %HJULIIV5HDOLVPXV GHU HLQH .RQMXQNWXU YRQ 7\SRORJLHQ XQG *HVWDOWHQ6FKDXHQ HLQOHLWHWH PLW +LOIH GHUHU PDQ NODUH )URQWYHUOlXIH XQG NODUH )UHXQG)HLQG8QWHUVFKHLGXQJHQ ZLHGHU]X ILQGHQ VXFKWH :LH +HOPXW /HWKHQ IRUPXOLHUW LVW GHU Å:XQVFK QDFK :DKUQHKPXQJVVFKlUIH >@ LPPHU GDQQ PlFKWLJ ZHQQ HLQ WUDGLWLRQHOOHU ,QWHUSUHWDWLRQVUDKPHQ]HUEULFKW´  7LHGHPDQQX+HUPDQQ6FKZHSSHQKlXVHU%G,,)UDQNIXUW0DLQ6²KLHU 6  /XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6  /HWKHQ+HOPXW9HUKDOWHQVOHKUHQGHU.lOWH/HEHQVYHUVXFKH]ZLVFKHQGHQ.ULHJHQ)UDQNIXUW0DLQ 6

6HPDQWLN



0LW%OLFNDXIGDVEHUDXVHUIROJUHLFKH*HQUHGHV.ULHJHVURPDQV GHU :HLPDUHU 5HSXEOLN ]HLJW VLFK GDVV GHU KRFKWHFKQLVLHUWH .ULHJ YHU VWDQGHQ DOV 8PZHOWEHGLQJXQJ HLQHQ LPPHQVHQ 6HOHNWLRQVGUXFN DXI GLH 6HPDQWLNGHU,GHHQYRQDXVEWHGHPGLHVH²]XVlW]OLFKLQ)UDJHJH VWHOOWGXUFK.ULHJVQLHGHUODJHXQG1RYHPEHUUHYROXWLRQ²QLFKWRKQHZHLW UHLFKHQGH VHPDQWLVFKH 8PEDXWHQ JHZDFKVHQ ZDUHQ (LQ VROFKHU 8PEDX JHVFKLHKWLQGHQ7H[WHQ-QJHUVLQGHPGDV,QGLYLGXXPDOV%H]XJVJU|‰H GHU :LVVHQVRUJDQLVDWLRQ HPSKDWLVFK YHUDEVFKLHGHW XQG DQ 6WHOOH GHVVHQ HLQ QHXHU 7\SXV SRVWGLIIHUHQ]LHOOHU 7RWDOLWlW DXIV 7DEOHDX JHKREHQ ZLUG GHUVLFKGHU(YROXWLRQGHV.ULHJHVJHJHQEHUDOVHEHQEUWLJHUZHLVHQVROO 'DPLWQHJLHUHQ-QJHUV7H[WHDQJHVWDPPWH+HURLVLHUXQJVPXVWHUZLHVLH VLFK LQ GHQ 7H[WHQ YRQ :DOWHU )OH[ ILQGHQ GHU NODVVLVFKH VHPDQWLVFKH 0XVWHU UHSURGX]LHUW XQG GHQ .ULHJ LP 6LQQH GHU Å,GHHQ YRQ ´ DOV ELOGXQJVUHOHYDQWHV *DQ]KHLWVHUHLJQLV GDUJHVWHOOW KDWWH %HLGH :HUN3UR JUDPPLHUXQJHQUHDJLHUHQDXIGHQ.ULHJPLWGHUhEHUIKUXQJYRQ)UHPG UHIHUHQ] LQ 6HOEVWUHIHUHQ] LQGHP VLH 7H[WZHOWHQ HQWZHUIHQ GLH ² XQWHU XQWHUVFKLHGOLFKHU %H]XJQDKPH DXI GLH LP /LWHUDWXUV\VWHP PLWHLQDQGHU NRQNXUULHUHQGHQ 3URJUDPPH ² 2UGQXQJVHQWZUIH LPDJLQLHUHQ XQG JDQ] HLJHQHUKHWRULVFKH6WUDWHJLHQDQGHQ7DJOHJHQXPLQGHU1HJDWLRQGHULP IUKHQ-DKUKXQGHUWVXN]HVVLYHDQ(YLGHQ]JHZLQQHQGHQ(LQVLFKWGDVV GLH:HOWQLFKWVLVWÅZDVDXVHLQHP3XQNWEHVFKULHEHQZHUGHQN|QQWH´ DQVFKOXVVIlKLJH.RPPXQLNDWLRQVDQJHERWH]XXQWHUEUHLWHQ 9RQ GLHVHQ hEHUOHJXQJHQ DXVJHKHQG LVW QDFKIROJHQG QLFKW DOOHLQH QDFK GHP .ULHJ DOV %HVFKOHXQLJXQJV XQG 0RELOLVLHUXQJVHUHLJQLV ]X IUD JHQVRQGHUQDXFKQDFKGHU7UDQVIRUPDWLRQGHUJHVHOOVFKDIWOLFKHQ6HOEVW EHVFKUHLEXQJVVHPDQWLN GLH LQ GHU (LQKHLW GHU 'LIIHUHQ] GHU )OH[-Q JHU·VFKHQ .ULHJVHU]lKOXQJ EHREDFKWEDU ZLUG 6LFKWEDU ZHUGHQ GDEHL GLH XQWHUVFKLHGOLFKHQ OLWHUDULVFKHQ 6WUDWHJLHQ GLH VLFK PLW GHU (LQVLFKW DXV HLQDQGHUVHW]HQ GDVV GHU .ULHJ XQWHU GHQ %HGLQJXQJHQ GHU 0RGHUQH ]X QHKPHQG DOV HLQ DXWRSRHWLVFKHV 6\VWHP ]X EHJUHLIHQ LVW GHVVHQ KHL‰H 3KDVHDOV8PZHOWHUHLJQLVGLHDQGHUHQJHVHOOVFKDIWOLFKHQ7HLOV\VWHPHDQGLH *UHQ]H LKUHU 9HUDUEHLWXQJVNDSD]LWlW GUlQJW )U GLH .ULHJVOLWHUDWXU VWHOOW VLFKGDPLWGDV3UREOHPGDVVGDVQRFKLQGHQ7H[WHQ]XGHQ%HIUHLXQJV NULHJHQXQGGHP.ULHJWUDGLHUWHNXOWXUHOOH:LVVHQGHU6FKODFKW HURGLHUWXQGGDPLWDXFKGHQVLQQVWDELOLVLHUHQGZLUNHQGHQÅ7\SHQVFKDW]´ GHV +HOGHQWXPV LQ )UDJH VWHOOW ,Q GLHVHP 6LQQH EHVWlWLJHQ GLH XQWHU  

9JO KLHU]X QRFK LPPHU OHVHQVZHUW0OOHU +DQV+DUDOG 'HU .ULHJ XQG GLH 6FKULIWVWHOOHU 'HU .ULHJVURPDQGHU:HLPDUHU5HSXEOLN6WXWWJDUW  /XKPDQQ 1LNODV Å,QWHUYLHZ´ ,Q $UFKLPHGHV XQG ZLU ,QWHUYLHZV +J Y 'LUN %DHFNHU X *HRUJ6WDQLW]HN%HUOLQ6  0DWXV]HN.U]\V]WRI&'HU.ULHJDOVDXWRSRLHWLVFKHV6\VWHP'LH.ULHJHGHU*HJHQZDUWXQG1LNODV /XKPDQQV6\VWHPWKHRULH:LHVEDGHQ



/DUV.RFK

VFKLHGOLFKHQ UHIHUHQ]LHOOHQ %H]XJQDKPHQ DXI GLH .XOWXU GHV .ULHJHV LQ GHQ:HUNHQYRQ)OH[XQG-QJHU/XKPDQQV(LQVLFKWGDVVÅ.XOWXULQGHU 7DWQLFKWVDQGHUHVDOVGDV*HGlFKWQLVGHU*HVHOOVFKDIW LVW DOVRGHU)LOWHU YRQ 9HUJHVVHQ(ULQQHUQ XQG GLH ,QDQVSUXFKQDKPH YRQ 9HUJDQJHQKHLW ]XU%HVWLPPXQJGHV9DULDWLRQVUDKPHQVGHU=XNXQIW´ ,,, :DOWHU)OH[MXJHQGEHZHJWHU.ULHJVIUHLZLOOLJHUGHUHUVWHQ6WXQGHVWDUEEHL HLQHP$QJULIIDXIGLH2VWVHHLQVHOgVHOLP-DKUH=XYRUKDWWHHUHLQH JDQ]H 5HLKH YRQ *HGLFKWHQ XQG .ULHJV1RYHOOHQ YHUIDVVW XQG ZXUGH VR LQVEHVRQGHUHPLWVHLQHP7H[W'HU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQ]XHLQHP GHUPHLVWJHOHVHQHQ.ULHJVDXWRUHQGHUHU-DKUH'LHVHV%XFKGDVYRQ GHQ*HVFKHKQLVVHQEHULFKWHWGLHHLQPLWDXWRELRJUDILVFKHQ=JHQDXVJH VWDWWHWHU (U]lKOHU ]XVDPPHQ PLW VHLQHP )UHXQG (UQVW :XUFKH DQ GHU 2VWIURQWHUOHEWVWHOOWLQVRIHUQHLQHQ$QDFKURQLVPXVGDUDOVHVGHQ.ULHJ GHU -DKUH ² LQ HLQHP 6WLO XQG HLQHU WKHPDWLVFKHQ 3HUVSHNWLYLH UXQJHU]lKOWDOVKDQGHOHHVVLFKXPGHQ.ULHJGHU-DKUH'DV$U UDQJHPHQWYRQ6LQQPDWHULDOGDVLP:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQ]XEH REDFKWHQ LVW UHNXUULHUW DXI GLH VHPDQWLVFKHQ ,GHQWLWlWVEHVWlQGH XQG GLH lVWKHWLVFKHQ9RUOLHEHQGHVGHXWVFKHQ%LOGXQJVEUJHUWXPVLQGLYLGXDOLVLHUW GHQ.ULHJ]XP(UOHEQLV]ZHLHU)UHXQGHXQGEOHQGHWDOOGDV:LUNOLFKNHLWV PDWHULDO DXV GDV QLFKW LQ GLH ]XJUXQGH JHOHJWH lVWKHWLVFKH 0DWUL[ SDVVW :HQQDXFKLP6LQQHGHU6\VWHPWKHRULHLPPHUJLOWGDVV/LWHUDWXU0DWHULDO DXVLKUHU8PZHOWQLFKWLPSRUWLHUWVRQGHUQQLFKWLGHQWLVFKUHSURGX]LHUW VRLVWGDVY|OOLJH)HKOHQDOOMHQHU$VSHNWHGHV.ULHJHVGLHVLFKGHU'DU VWHOOXQJHLQHUWH[WLQWHUQHQ(QWZLFNOXQJYRQÅ,QGLYLGXDOLWlW]XU,GHDOLWlW´ YHUZHLJHUQ ² .ULHJVWHFKQLN 9HUZVWXQJ VR]LDOH .RQIOLNWH ² GRFK VLJ QLILNDQW'D'HU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQVLFKDQHLQHU5HDNWXDOLVLH UXQJGHVOLWHUDULVFKHQ3URJUDPPVGHU:HLPDUHU.ODVVLNYHUVXFKWXQGLP =XJH GHVVHQ HLQH ÅHPSKDWLVFKH $XIZHUWXQJ GLHVHV %HJULIIV GHV ,QGLYL GXXPV  ]XP Ä6XEMHNW¶´ EHWUHLEW PXVV GHU .ULHJ LQ VSH]LILVFKHU :HLVH YHUNOlUW ZHUGHQ XP LKQ LP +LQEOLFN DXI ]HQWUDOH %HJULIIH ZLH Å+DUPR QLH´ XQG Å7XJHQGKDIWLJNHLW´ OLWHUDWXUIlKLJ ]X KDOWHQ 'HPHQWVSUHFKHQG HU]lKOWGHU7H[WNDXPYRQNULHJHULVFKHQ$XVHLQDQGHUVHW]XQJHQVRQGHUQ  

/XKPDQQ1LNODV'LH3ROLWLNGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 /XKPDQQ 1LNODV Å,VW .XQVW FRGLHUEDU"´ ,Q /XKPDQQ 6FKULIWHQ ]XU .XQVW XQG /LWHUDWXU 6²KLHU6  %ROOHQEHFN*HRUJ%LOGXQJXQG.XOWXU*ODQ]XQG(OHQGHLQHVGHXWVFKHQ'HXWXQJVPXVWHUV)UDQN IXUW0DLQ6  /XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6 

6HPDQWLN



VWHOOWYRUDOOHPGDV/HEHQGHU)UHXQGHLP+LQWHUODQGGHU.DPSI]RQHGDU 'LH+DQGOXQJZLUGEHVWLPPWYRQYHUWUlXPWHQÅVHQWLPHQWDOLVFK´JHVWDOWH WHQ1DWXULPSUHVVLRQHQGLHGHU'HVLQWHJUDWLRQVZLUNXQJGHU0RGHUQHXQG GHV WHFKQLVLHUWHQ .ULHJHV GDV RUJDQLVFKH %LOG XQSUREOHPDWLVFKHU $OOYHU EXQGHQKHLW HQWJHJHQVHW]HQ $OV %HLVSLHO HLQHU VROFKHQ 7H[WVWUDWHJLH GHU UHLEXQJVORVHQ5H,QWHJUDWLRQYRQ,FKXQG:HOWVHLKLHUQXUGLHIROJHQGH KRPRHURWLVFK JUXQGLHUWH %DGHV]HQH ]LWLHUW GLH GLH %LOGVSUDFKH GHV QDFK GHU -DKUKXQGHUWZHQGH VHKUSRSXOlUHQ-XJHQGVWLO0DOHUV )LGXV VSUDFKOLFK IRUW]XIKUHQWUDFKWHW 'DQQODJHQZLUODQJHLQGHPUHLQOLFKHQ*UDVXQGOLH‰HQXQVYRQ:LQGXQG6RQ QH WURFNQHQ $OV OHW]WHU VSUDQJ GHU :DQGHUYRJHO DXV GHQ :HOOHQ 'HU )UKOLQJ ZDUJDQ]ZDFKXQGNODQJYRQ6RQQHXQG9RJHOVWLPPHQ'HUMXQJH0HQVFKGHU DXIXQV]XVFKULWWZDUYRQGLHVHP)UKOLQJWUXQNHQ0LW UFNJHQHLJWHP +DXSWH OLH‰HUGLH0DLVRQQHJDQ]EHUVLFKKLQIOXWHQHUKLHOWLKUVWLOOHXQGVWDQGPLWIUHL DXVJHEUHLWHWHQ$UPHQXQGJH|IIQHWHQ+lQGHQGD6HLQH/LSSHQVFKORVVHQVLFK]X *RHWKHVLQEUQVWLJHQ9HUVHQDXIGLHLKPIUHLXQGOHLFKWYRQGHQ/LSSHQVSUDQ JHQDOVKDEHHUGLHHZLJHQ:RUWHHEHQJHIXQGHQGLHGLH6RQQHLQLKQKLQHLQXQG EHU+HU]XQG/LSSHQDXVLKPKHUDXVVWU|PWH>@

3DUDOOHO]XUKDUPRQLVLHUHQGHQ'DUVWHOOXQJYRQ1DWXUXQG.DPHUDGVFKDIW EHIROJW GHU :DQGHUHU ]ZLVFKHQ EHLGHQ :HOWHQ DXFK LQ GHU FKDUDNWHUOLFKHQ =HLFKQXQJ GHU +DXSWILJXU GDV .XQVWSURJUDPP GHU :HLPDUHU .ODVVLN 'HU(UQVW:XUFKHGHUYRP7H[WDOVOHXFKWHQGHV9RUELOGIUMHGHQGHXW VFKHQ 6ROGDWHQ SUlVHQWLHUW ZLUG LVW GDV 0XVWHUEHLVSLHO HLQHU ÅVFK|QHQ 6HHOH´ GLH QHEHQ LKUHP Å%lQGFKHQ *RHWKH´ XQG Å1LHW]VFKHV =DUDWKXV WUD´HLQHÅ)HOGDXVJDEHGHV1HXHQ7HVWDPHQWV´VWHWVEHLVLFKIKUW .HLQH6SXUHLQHVILQVWHUHQ(LIHUHUVODJLQVHLQHPRIIHQHQ%OLFNXQGVHLQHUIURKHQ *HElUGH 6HLQH 6HHOH ZDU ZHLW XQG YROO 6RQQH XQG HU ODV GLH %LEHOVWHOOHQ QLFKW DQGHUV DOV LQ GHP KHOOHQ VWDUNHQ *HLVWH PLW GHP ZLU .ULHJVIUHLZLOOLJHQ GHQ 0RQGUHJHQERJHQ DQ *RWWHV +LPPHO VFKDXWHQ DOV ZLU QDFK )UDQNUHLFK KLQ DXVIXKUHQ6HLQ&KULVWHQWXPZDUJDQ].UDIWXQG/HEHQ'LHUHOLJL|VH(UZHFNXQJ DXV)HLJKHLWZDULKPHUElUPOLFK(UKDWWHHLQHVWLOOHKHU]OLFKH9HUDFKWXQJIUGDV GUDX‰HQ XQG GDKHLP ZXFKHUQGH $QJVW&KULVWHQWXP XQG GLH *HEHWVSDQLN GHU )HLJHQ

:lKUHQG)OH[LQHLQHPUHLQOLFKHQGLH]HQWUDOHQ(OHPHQWHVHLQHU.ULHJV YRUVWHOOXQJVSUDFKOLFKQDFKELOGHQGHQ6WLOYHUVXFKWWUDGLHUWH(U]lKOZHLVHQ XQGHPRWLRQDOH$UUDQJHPHQWVYRQ6FKLOOHUV:DOOHQVWHLQRGHU.|UQHUV/H\HU XQG 6FKZHUW LQVWUXPHQWHOO ]X UHDNWXDOLVLHUHQ XQG GDPLW DQ GHU JHSIOHJWHQ  

)OH[:DOWHU'HU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQ(LQ.ULHJVHUOHEQLV,Q:DOWHU)OH[*HVDPPHOWH :HUNH%G+JY.RQUDG)OH[0QFKHQR-6²KLHU6  (EG6  (EG6I



/DUV.RFK

.XOWXUVHPDQWLNGHV-DKUKXQGHUWVSDUWL]LSLHUWZLUGLQ-QJHUV.ULHJV EFKHUQ GHU HU -DKUH KLQJHJHQ GLH VXN]HVVLYH $QHUNHQQXQJ QDFK YROO]LHKEDU GDVV GLH 0DWHULDOVFKODFKW GLH WUDGLHUWH .ULHJVVHPDQWLN GHV +HOGHQ DXFK GHP :RUWVLQQH QDFK ÅLQ *UXQG XQG %RGHQ JHVFKRVVHQ´ KDW )U VHLQH lVWKHWLVFK XQG EHREDFKWXQJVWRSRJUDILVFK JDQ] DQGHUV JH IRUPWH 1HXIRUPXOLHUXQJ GHV .ULHJVHUOHEQLVVHV GUDPDWLVLHUW -QJHU ]X QlFKVW HLQHQ SDUWLHOOHQ %UXFK PLW GHU JHSIOHJWHQ %LOGXQJV6HPDQWLN GHV ,QGLYLGXXPV XQG YHUVXFKW VLFK LQ HLQHP ]ZHLWHQ 6FKULWW DQ HLQHU QHXHQ 6LQQELOGXQJ GLH EHU HLQ =ZHLHEHQHQPRGHOO YRQ GLVSDUDWHU 2EHUIOlFKH XQGXQWHUJUQGLJHU*HVWDOWHLQH2UGQXQJLQGHU)UDJPHQWDULWlW]XILQGHQ EHKDXSWHW 'HXWOLFK ZLUG GLH GLYHUJLHUHQGH3RVLWLRQLHUXQJ JHJHQEHUGHU JHSIOHJWHQ%LOGXQJV6HPDQWLNGHUEUJHUOLFKHQ(OLWHQLQVEHVRQGHUHDQGHU GLIIHUHQWHQ &RGLHUXQJ GHU 'DUVWHOOXQJ GHV 6WHUEHQV LP .ULHJ EHL EHLGHQ $XWRUHQ 'HUGHU1RYHOOHGHQ7LWHOJHEHQGHÅ:DQGHUHU]ZLVFKHQEHLGHQ:HO WHQ´EHZHJWVLFKHLQHUVHLWV]ZLVFKHQ.ULHJXQG)ULHGHQ)URQWXQG+LQ WHUODQG(ULVWDEHUDXFKLQVRIHUQHLQHWRSRORJLVFKH'RSSOXQJVILJXUDOVHU ]X/HE]HLWHQEHUVHLQHQ+HOGHQWRGKLQDXVDOV9RUELOGGHUQDFKIROJHQGHQ *HQHUDWLRQSUlVHQWEOHLEHQVROOÅ/HXWQDQWVGLHQVWWXQKHL‰WVHLQHQ/HXWHQ YRUOHEHQ>@'DV9RUVWHUEHQLVWGDQQZRKOHLQ7HLOGDYRQ´)OH[·7H[W EHGLHQWVLFK]XUHPRWLRQDOHQ8QWHUPDXHUXQJGLHVHU%RWVFKDIWQHEHQGHP VHPDQWLVFKHQ $UFKLY GHU ELOGXQJVEUJHUOLFKHQ .XQVWHPSKDVH DXFK GHP 0RWLYKDXVKDOW GHV &KULVWHQWXPV ZHOFKHV LQ GHU 6FKLOGHUXQJ GHU )LJXU :XUFKH]XP(LQVDW]NRPPW'DV=LHOGLHVHU6DNUDOLVLHUXQJVSUD[LVLVWHV WH[WVWUDWHJLVFK HLQH Å7UDQVIRUPDWLRQ XQEHVWLPPEDUHU LQ EHVWLPPEDUH .RPSOH[LWlW´]XHUUHLFKHQXPGLH(U]lKOXQJVRPLW]XVlW]OLFKHUHUEDX OLFKHU(YLGHQ]DXVVWDWWHQ]XN|QQHQ'LHGLHJHWLVFKYROO]RJHQH.RQWH[WX DOLVLHUXQJ GHV +HOGHQWRGV LP 0RWLYEHUHLFK GHU ,PLWDWLR &KULVWL ELHWHW GHPHQWVSUHFKHQG UHIHUHQ]LDOLVLHUEDUH /HNWUHP|JOLFKNHLWHQ DQ GLH HV HUODXEHQ GHU ÅQHJDWLYHQ (UIDKUXQJ HLQHQ SRVLWLYHQ 6LQQ JHJHQEHU ]X VWHOOHQ´ 'HU :HOWHQZDQGHUHU DNWXDOLVLHUW ]X GLHVHP =ZHFNH HUQHXW GLH ODWHQWH VROGDWLVFKH 6HPDQWLN GHU %HIUHLXQJVNULHJH GLH QDFK  SDUDOOHO ]XU1HXJHVWDOWXQJGHU:HKUSIOLFKWLJHQKHHUHHQWVWDQGXQGIUGHQ%UJHU 6ROGDWHQ HLQ HKUHQYROOHV2SIHU DXI GHP Å$OWDU GHV 9DWHUODQGHV´ YRUVDK (QJ DQ GLH 6HPDQWLVLHUXQJ GHV Å7RGHV IUV 9DWHUODQG´ JHNRSSHOW ZDU     



-QJHU(UQVW'DVDEHQWHXHUOLFKH+HU](UVWH)DVVXQJ$XI]HLFKQXQJHQEHL7DJXQG1DFKW,Q(UQVW -QJHU6lPWOLFKH:HUNH6WXWWJDUWII%G6 )OH['HU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQ6 /XKPDQQ1LNODV)XQNWLRQGHU5HOLJLRQ)UDQNIXUW0DLQ6 /XKPDQQ1LNODVÅ'LH$XVGLIIHUHQ]LHUXQJGHU5HOLJLRQ´,Q1LNODV/XKPDQQ*HVHOOVFKDIWV VWUXNWXUXQG6HPDQWLN%G6²KLHU6 /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW%G6

6HPDQWLN



GLH VDNUDOH 0RWLYDWLRQ HLQHU (UKDEHQKHLW GHV /HLGHQV XQG 7UDXHUQV ZLH VLH DXFK LP /LHG YRP JXWHQ.DPHUDGHQ YRQ /XGZLJ 8KODQG ]XP $XVGUXFN NRPPW*HGLFKWHWXQGYHUWRQWELHWHWGLHVHU7H[WHLQH]HLWJH Q|VVLVFKH0DWUL[XPGLH$QJVWYRUGHPHLJHQHQ7RGLQ)RUPGHU7UDXHU XP GHQ IU HLQHQ K|KHUHQ=ZHFN JHIDOOHQHQ .DPHUDGHQ ]X DUWLNXOLHUHQ ,QGHP HV DQ GLH 7RWHQNODJH GLH 9HUSIOLFKWXQJ ]XU HKUHQYROOHQ XQG ]X JOHLFK WDWNUlIWLJHQ %HZDKUXQJ GHV $QGHQNHQV ELQGHW VWLIWHW GDV /LHG HL QHQ DIIHNWLY EHVHW]WHQ 5DXP NULHJHULVFKHQ (QJDJHPHQWV IU GDV 9DWHU ODQG GHU OHW]WHQGOLFK DOOH 0LWJOLHGHU GHU GHXWVFKHQ 1DWLRQ LQ HLQHQ JH PHLQVDPHQ GLH /HEHQGHQ XQG GLH 7RWHQ YHUELQGHQGHQ *HQHUDWLRQHQ YHUWUDJ LQWHJULHUW 'HU 7RG YRQ :XUFKH HUIOOW ZLH GDV QDFKIROJHQGH =LWDW ]HLJW HLQH JDQ] lKQOLFKH $SSHOO)XQNWLRQ GLH GDGXUFK DQ hEHU ]HXJXQJVNUDIWJHZLQQWGDVVVLHDQGLH.DPHUDGVFKDIWV6HPDQWLNGHV8K ODQG/LHGHV DQVFKOLH‰HQ XQG GLH ,QGLYLGXDOLWlW MHGHV HLQ]HOQHQ 7RGHV ]XU 6DNUDOLVLHUXQJHLQHVIRUWGDXHUQGHQ$QGHQNHQVVWHLJHUQNDQQ *UR‰HQ 6HHOHQ LVW GHU 7RG GDV JU|‰WH (UOHEHQ :HQQ GHU (UGHQWDJ ]XU 5VWH JHKWXQGVLFKGLH)HQVWHUGHU6HHOH>@YHUGXQNHOQZLH.LUFKHQIHQVWHUDP$EHQG EOKWLQGHPYHUGlPPHUQGHQ*RWWHVWHPSHOGHVVWHUEHQGHQ/HLEHVGLH6HHOH>@ LPWLHIHQ*ODQ]HGHU(ZLJNHLW

'RUW ZR )OH[ DXI V\QNUHWLVWLVFKH 5HDNWXDOLVLHUXQJ NXOWXUNULWLVFKHQ :LV VHQV LQ GHU $IILUPDWLRQ GHV ,QGLYLGXXPV DOV VROGDWLVFKHP 9RUELOG ]LHOW YHUVXFKW VLFK GDV -QJHU·VFKH 7H[WNRUSXV DQ HLQHU 'XUFKVWUHLFKXQJ XQG 1HX6WLIWXQJ JHSIOHJWHU 6HPDQWLN GLH VLFK DOV HVVD\LVWLVFKH 8QWHUPDXH UXQJ VHLQHV $QVSUXFKV DXI =HLWGHXWXQJ UHDOLVLHUW XQG VHLQH /HJLWLPDWLRQ DXVGHUIDNWLVFKHQ(QWLQGLYLGXDOLVLHUXQJVOHLVWXQJGHVWHFKQLVLHUWHQ.ULHJHV EH]LHKW ,Q JHZLVVHU :HLVH VWHKHQ VLFK GDPLW ]LYLOLVDWLRQVEHUHLQLJWH (P SKDVHGHV,QGLYLGXXPVXQGWRWDOG\QDPLVLHUWH'XUFKVWUHLFKXQJGHV,QGLYL GXXPV JHJHQEHU %HLGH 9DULDQWHQ VLQG XP HLQH /HJLWLPLHUXQJ E]Z bVWKHWLVLHUXQJ NULHJHULVFKHU *HZDOW EHPKW RUGQHQ LKUH .RPPXQLND WLRQVDQJHERWH DEHU LQ YHUVFKLHGHQH ]HLWOLFKH 3HUVSHNWLYHQ HLQ :lKUHQG GHU:HOWHQZDQGHUHUVLFKLPSOL]LWLQGLHUFNZlUWVJHZDQGWH8WRSLHGHUJX WHQ DOWHQ =HLW HLQVFKUHLEW ]HLJHQ VLFK -QJHUV 7H[WH YRQ HLQHP Å3DWKRV GHV)XWXUV´EHVWLPPWGDVVLFKLQlKQOLFKHU)RUP]HLWJOHLFKDXFKEHLDQ GHUHQ DYDQWJDUGLVWLVFKHQ $XWRUHQ GHU HU -DKUH ZLH -RKDQQHV 5 %H FKHU%HUWROW%UHFKWXQG*RWWIULHG%HQQILQGHW$QJHVLFKWVHLQHUÅ/DJHLQ   9JO]XU)XQNWLRQGHV8KODQG/LHGHVLQ$QVlW]HQ.KQH7KRPDV.DPHUDGVFKDIW'LH6ROGD WHQGHVQDWLRQDOVR]LDOLVWLVFKHQ.ULHJHVXQGGDV-DKUKXQGHUW*|WWLQJHQ6I  )OH[:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQ6  6W|FNPDQQ,QJRÅ'LH3ROLWLNGHU/LWHUDWXU=XUSROLWLVFKHQ%HREDFKWXQJGHUKLVWRULVFKHQ $YDQWJDUGHQ´,Q%HREDFKWXQJHQGHU/LWHUDWXU$VSHNWHHLQHUSRO\NRQWH[WXHOOHQ/LWHUDWXUZLVVHQVFKDIW +JY*HUKDUG3OXPSHX1LHOV:HUEHU2SODGHQ6²KLHU6 



/DUV.RFK

GHU QLFKW GLHVHV RGHU MHQHV VRQGHUQ >@ GLH 7RWDOLWlW XQVHUHV /HEHQV LQ )UDJH VWHKW´ ZLUG GHU .ULHJ PLW VHLQHQ SK\VLVFKHQ XQG SV\FKLVFKHQ +HUDXVIRUGHUXQJHQ DOV HLQH 6FKXOH JHLVWLJHU 5VWXQJ LQV]HQLHUW GLH GHQ (LQ]HOQHQXQWHUGHP*HVLFKWVSXQNWDNWLYLVWLVFKHU7DXJOLFKNHLWGHPVROGD WLVFKHQ .ROOHNWLY PHQWDOLWlWV XQG YHUKDOWHQVNDOLEULHUHQG LQWHJULHUW 'RUW ZRGHU:DQGHUHU]ZLVFKHQEHLGHQ:HOWHQVLFKDQHLQHUWU|VWHQGHQ,QGLYLGXDOL VLHUXQJGHV7RGHVYHUVXFKWXQGHLQHVDNUDOH$XUDJHQHUDWLRQVEHUVFKUHL WHQGHU9HUEXQGHQKHLWLPDJLQLHUWNRPPWLQ-QJHUV.ULHJVWH[WHQHLQH6RO GDWHQNODVVH ]XU $QVLFKW GLH RKQH HLQ 5LWXDO GHU .ODJH RGHU GHU 7UDXHU GHQ 6FKPHU] GHV .ULHJHV DXVKlOW =HQWUDOHV 6\PERO GHU JHVHOOVFKDIWV VWUXNWXUHOOHQ (YROXWLRQ GHV.ULHJHV GLH QHXH %HJULIIHQRWZHQGLJ PDFKW VLHKW-QJHULQGHQ.lPSIHQXPGHQEHOJLVFKHQ2UW/DQJHPDUFNGLHYRQ GHU GHXWVFKHQ 3URSDJDQGD DOV 3DUDGHEHLVSLHO LGHDOLVWLVFKHQ 2SIHUPXWV NRPPXQL]LHUWZXUGHQ :LUVHKHQKLHUHLQHQNODVVLVFKHQ$QJULII]XVDPPHQEUHFKHQXQJHDFKWHWGHU6WlU NH GHV :LOOHQV ]XU 0DFKW GHU GLH ,QGLYLGXHQ EHVHHOW XQG GHU PRUDOLVFKHQ XQG JHLVWLJHQ :HUWH GXUFK GLH VLH DXVJH]HLFKQHW VLQG )UHLHU :LOOH %LOGXQJ %H JHLVWHUXQJ XQG GHU 5DXVFK GHU 7RGHVYHUDFKWXQJ UHLFKHQ QLFKW ]X GLH 6FKZHU NUDIWGHUZHQLJHQKXQGHUW0HWHU]XEHUZLQGHQDXIGHQHQGHU=DXEHUGHVPH FKDQLVFKHQ 7RGHV UHJLHUW 6R HUJLEW VLFK GDV HLQ]LJDUWLJH ZDKUKDIW JHVSHQVWLJH %LOG HLQHV 6WHUEHQV LP 5DXPH GHU UHLQHQ ,GHH HLQHV 8QWHUJDQJHV EHL GHP >@ VHOEVWGLHDEVROXWH$QVWUHQJXQJGHV:LOOHQVHLQHQGlPRQLVFKHQ:LGHUVWDQGQLFKW ]X]ZLQJHQYHUPDJ

'LH PRGHUQH .ULHJVWHFKQLN PLW LKUHP Å+HU] XQG 1HUYHQ PRUGHQGH>Q@ *HSUlJH´ OlVVW NHLQHQ 3ODW] PHKU IU HLQ YRQ GHU Å'LDOHNWLN GHV +HU ]HQV´EHVWLPPWHV+HOGHQWXPGDVLP.ULHJHLQVWYRUDOOHPGDVÅ*UR‰H 6WDUNH )HLHUOLFKH´ VDK 1LFKW PHKU GHU QDPHQWOLFK DGUHVVLHUEDUH +HOG VRQGHUQGHUQDPHQORVH6ROGDWZLUG]XHLQHU=HLW&KLIIUHGLHHLQHU/RJLN GHU 0DVFKLQHQZHOW ]X HQWVSUHFKHQ VFKHLQW XQG GLH (LQVLFKW YHUGLFKWHW GDVV GHU HLQ]HOQH 6ROGDW ÅHUVHW]EDU LVW XQGGDVV KLQWHU MHGHP *HIDOOHQHQ EHUHLWVHLQH$EO|VXQJLQ5HVHUYHVWHKW´ .RQVHTXHQWLVWGDVVPLW-QJHUV%HREDFKWXQJHQGHU3URVDGHV6WHU EHQV DXFK HLQH JDQ] DQGHUH 6WLOZDKO LQ GHU 'DUVWHOOXQJ GHV .ULHJHV HLQ   

 





-QJHU(UQVW'HU$UEHLWHU*HVWDOWXQG+HUUVFKDIW>@6WXWWJDUW6 (EG6 6R*HUPDU2WWRÅ7URPPHOIHXHU´,Q'DV$QWOLW]GHV.ULHJHV)URQWHUOHEQLVVHGHXWVFKHU6ROGDWHQ +JY(UQVW-QJHU%HUOLQ6 3OHVVQHU +HOPXW *UHQ]HQ GHU *HPHLQVFKDIW (LQH .ULWLN GHV VR]LDOHQ 5DGLNDOLVPXV ,Q +HOPXW 3OHVVQHU*HVDPPHOWH6FKULIWHQ+JY*QWHU'X[2GR0DUTXDUGX(OLVDEHWK6WU|NHU%G )UDQNIXUW0DLQ6 -QJHU(UQVW,Q6WDKOJHZLWWHUQ$XVGHP7DJHEXFKHLQHV6WR‰WUXSSIKUHUV%HUOLQ6 -QJHU'HU$UEHLWHU6

6HPDQWLN



KHUJHKWDOVGLHVEHL)OH[GHU)DOOZDU-QJHUVWHOOWSURJUDPPDWLVFKIHVW Å'DV(LJHQWPOLFKHGLHVHU/LWHUDWXUOLHJWLQGHU5ROOHGLHGLHWRWDOH=HU VW|UXQJ LQ LKU VSLHOW GHU 0HQVFK PDFKW VLFK PLW GHP $QEOLFN NQIWLJHU 7UPPHUIHOGHU YHUWUDXW DXI GHQHQ GHU PHFKDQLVFKH 7RG LQ XQXP VFKUlQNWHU+HUUVFKDIWWULXPSKLHUW´=HQWUDOIU-QJHUV/LWHUDULVLHUXQJHQ GHV.ULHJVHUOHEQLVVHVGLHHLQHVROFKH+DELWXDOLVLHUXQJVIXQNWLRQEHUQHK PHQVROOHQLVWHLQHÅbVWKHWLNGHV%|VHQ´GLHVLFKDQGLHÅ7RSRLGHUHX URSlLVFKHQ5RPDQWLNXQG'HNDGHQ]OLWHUDWXU´>@DQVFKOLH‰W´XQGVRGLH .RQWLQJHQ] GHU WHFKQLVLHUWHQ .DPSIVLWXDWLRQ DOV (UIDKUXQJ YRQ 3O|W] OLFKNHLW 8QJHZLVVKHLWXQG=XIDOO NRQWXULHUW 'XUFK GLH 6LWXLHUXQJ LQQHU KDOE HLQHU OLWHUDULVFKHQ 7UDGLWLRQ GLH VLFK %UJHUOLFKNHLW XQG +XPDQLWlW DOV $QJULIIV]LHO DXI GLH )DKQH JHVFKULHEHQ XQG HLQHQ .XOW GHV 5DXVFKHV XQGGHUhEHUVFKUHLWXQJJHIHLHUWKDWWHSURILOLHUW-QJHUGHQÅ6ROGDWHQDOV %HREDFKWXQJVPDVFKLQHRKQH1HUYHQ´GHUHQWLQGLYLGXDOLVLHUWGD]XDXV HUNRUHQLVWLQGHUPLWÅ%OXWJHVSHLVWHQ7XUELQH´GHU6FKODFKW]XEHVWH KHQ7\SLVFKIUHLQVROFKHV'DUVWHOOXQJVYHUIDKUHQGDVGLHJUDXHQKDIWHQ (LQGUFNHGHVYRQGLFKWHQ6WHUEHLQWHUYDOOHQGXUFK]RJHQHQ6WHOOXQJVNULHJV ]XHLQHUlVWKHWLVFKHQ*UHQ]HUIDKUXQJXPFRGLHUWLVWGLHIROJHQGH6FKLOGH UXQJHLQHVQlFKWOLFKHQ%RPEDUGHPHQWV 0LQHQ ]LHKHQ LKUH SHUOHQGHQ )XQNHQE|JHQ EHU XQV XQG ]HUVFKHOOHQ LQ YXOND QLVFKHQ([SORVLRQHQ:HL‰H/HXFKWElOOHEHUVFKZHPPHQGDVEOLW]HQGH*HZ|ON DXV5DXFK*DVHQXQG6WDXEGDVDOVNRFKHQGHU6HHEHUGHQ*HILOGHQEURGHOW PLW JUHOOHP /LFKW %XQWH 5DNHWHQ KlQJHQ EHU GHQ *UlEHQ LQ 6WHUQFKHQ ]HU VSUKHQG XQG SO|W]OLFK HUO|VFKHQG ZLH IDUELJH 6LJQDOH HLQHV ULHVLJHQ 5DQJLHU EDKQKRIV

'DVNDWKDUWLVFKH.ULHJVHUOHEQLVYRQGHPGLH7H[WH,Q6WDKOJHZLWWHUQ   'HU.DPSIDOVLQQHUHV(UOHEQLV  XQG'DV:lOGFKHQ  XQWHU]X QHKPHQGHU SROLWLVFKHU $XIODGXQJ EHULFKWHQ UHVXOWLHUW DXV GHP 9HUVXFK HLQH SROLWLVFKH ,GHH GHU *HPHLQVFKDIW YHUVWDQGHQ DOV NOHLQH GXUFK GDV *HVDPWNXQVWZHUN GHV .ULHJHV JHVFKPLHGHWH (OLWH HLQHV EHOOL]LVWLVFKHQ :LOOHQV]XU0DFKWOLWHUDULVFK]XHYR]LHUHQ'LH.ULHJHU*HPHLQVFKDIWGHU IUKHQ %FKHU -QJHUV PDUNLHUHQ LQ LKUHU 9HUIOHFKWXQJ YRQ bVWKHWLN :DKUQHKPXQJVHPSKDVH XQG (QWSV\FKRORJLVLHUXQJ HLQH 9RUVWXIH MHQHU 7RWDOLVLHUXQJHLQHUNULHJHULVFKHQ2UGQXQJLP&KDRVDXVGHULQGHQIU KHQHU-DKUHQGLH*HVWDOWGHV$UEHLWHUVHUZDFKVHQZLUG(EHQVRZLH      

-QJHU (UQVW ÅhEHU GHQ 6FKPHU]´ ,Q (UQVW -QJHU %OlWWHU XQG 6WHLQH +DPEXUJ  6²KLHU6 $OW3HWHU$QGUpbVWKHWLNGHV%|VHQ0QFKHQ6 (EG6 -QJHU(UQVWÅ'LHWRWDOH0RELOPDFKXQJ´,Q.ULHJXQG.ULHJHU+JY(UQVW-QJHU%HUOLQ 6 -QJHU(UQVW'HU.DPSIDOVLQQHUHV(UOHEQLV%HUOLQ6



/DUV.RFK

EHL )OH[ VR ZLUG DXFK LQ -QJHUV 7H[WHQ GHU .ULHJ ]X HLQHP %LO GXQJVHUOHEQLV VWLOLVLHUW GDV LQ GHU (LQEXQJ HLQHV KHURLVFKHQ 5HDOLVPXV GDVlX‰HUHQDUUDWLYH0XVWHUJOHLFKZRKOJDQ]DQGHUVSHUVSHNWLYLHUW'RUW ZR)OH[GLH1DWXULQNODVVLVFKHU7UDGLWLRQDOV/DQGVFKDIWGHU6HHOHVHPDQ WLVFKDXIJHODGHQKDWWHQHKPHQ-QJHUV7H[WHLQLKUHP9HUVXFKHLQHUUHLQ VHQVXDOLVWLVFKHQ %HVFKUHLEXQJ GHU 6FKODFKW GHQ 2UW GHV .DPSIHV QXU QRFKDOVVWUDWHJLVFKHV*HOlQGHZDKU:lKUHQGGHU.ULHJLP:DQGHUHU]ZL VFKHQ EHLGHQ :HOWHQ JDQ] GXUFK GLH LQWUDGLHJHWLVFKH (U]lKOLQVWDQ] XQG LKUH )RNXVVLHUXQJ DXI GHQ JHOLHEWHQ .DPHUDGHQ (UQVW :XUFKH JHILOWHUW ZLUG XQG VR DOV lX‰HUHU $QODVV GHU UHIOHNWLHUWHQ 6XEMHNWLYLHUXQJ GHV ,FK(U ]lKOHUVHUVFKHLQW]HLFKQHQVLFK-QJHUV(U]lKOXQJHQGXUFKHLQHQ9HUOXVW YRQ %HREDFKWHUVLFKHUKHLW XQG HLQH '\QDPLN VLQQOLFKHU 6HQVDWLRQHQ DXV *HUDGH GLHVH (U]lKOKDOWXQJ LQ Å(FKW]HLW´ GHUHQ NDOWHU 6WLO ÅDOV 9HUELQ GXQJ ]ZLVFKHQ :DKUQHKPXQJVSDUDGLJPD XQG QHX]HLWOLFKHU 7HFKQLN HUIDKUXQJ´ HLQH $EVDJH DQ PRUDOLVFKKXPDQLVWLVFKH .DWHJRULHQ GHV EUJHUOLFKHQ=HLWDOWHUVLPSOL]LHUWVLJQDOLVLHUWMHQH(URVLRQELOGXQJVEUJHU OLFKHU.ULHJVVHPDQWLNGLHLQGHQ7H[WHQYRQ:DOWHU)OH[HLQOHW]WHV0DO DXIIODFNHUWH 'HP HQWVSULFKW GLH )XQNWLRQ GLH GLH VROGDWLVFKH *HPHLQ VFKDIW LQ -QJHUV .ULHJVEFKHUQ EHUQLPPW =ZDU VSUHFKHQ GLH 7H[WH LPPHU ZLHGHU YRQ HLQHP ÅQHXHQ *HVFKOHFKW´ GDV LQ GHQ 6WDKOJHZLWWHUQ JHVFKPLHGHW ZLUG GLHVHV LVW DEHU QLFKW PLW VROFKHQ )RUPHQ GHU .D PHUDGVFKDIW]XYHUZHFKVHOQZLHVLHLQGHQHU-DKUHQYRQGHQJUR‰HQ GHQ:HOWHQZDQGHUHUOHVHQGHQ:HKUYHUElQGHQDOVVR]LDOLQWHJUDWLYHV/HLWELOG HLQHUHLQLJHQXQGJHUHFKWHQ)URQWWUDGLHUWZXUGH-QJHUVÅ/DQGVNQHFKWH´ VLQGHLQHOLWlUHU+DXIHQYRQ%UGHUQLP*HLVWHGHULQVHLQHQ7H[WHQYLUX OHQWH .ULHJHU ZLUG DOV HLQH HLQVDPH NDOWH )LJXU PLW JHVFKLFKWVPH WDSK\VLVFKHP ,QGH[ SUlVHQWLHUW GLH /XVW LP UDXVFKKDIWHQ 7|WHQ HP SILQGHW XQG VLFK YRQ GHU VR]LDOHQ :lUPH NDPHUDGVFKDIWOLFKHU *HPHLQ VFKDIWIHUQKlOW$QGHUVZlUHGDV0RWLYGHVÅ6WDQGKDOWHQVDXIYHUORUHQHP 3RVWHQ´ QLFKW PLW GHP DNWLYLVWLVFKHQ 3DWKRV DXV]XVWDWWHQ GDV JHEUDXFKW ZLUG XP GHQ %UXFK PLW GHP EUJHUOLFKHQ =HLWDOWHU LQ DOOHU 5DGLNDOLWlW EHKDXSWHQ]XN|QQHQ-HGH]LYLOH=XUFNKDOWXQJEHU%RUGZHUIHQGGH NODPLHUWGHU(U]lKOHULQ'DV:lOGFKHQGHPHQWVSUHFKHQG(VKHL‰WÅW| WHQ XQG HV LVW NHLQ =ZHLIHO GDVV ZLU W|WHQ ZHUGHQ JXW PLWOHLGORV XQG QDFKDOOHQ5HJHOQGHU.XQVW´

 

$OWbVWKHWLNGHV%|VHQ6  -QJHU(UQVW'DV:lOGFKHQ(LQH&KURQLNDXVGHQ*UDEHQNlPSIHQ%HUOLQ6



6HPDQWLN



,9 0LW%OLFNDXIGLH0DWHULDOVFKODFKWHQGLHVHVÅSURVDLVFKVWHQDOOHU.ULHJH´ HQWZLUIW -QJHUV $UEHLWHU(VVD\ HLQ NRPSOH[LWlWVUHGX]LHUHQGHV 0RGHOO VR ]LDOHU2UGQXQJLQGHUGLHGLVSDUDWHQ(LQ]HOHUVFKHLQXQJHQGHUIXQNWLRQDO GLIIHUHQ]LHUWHQ *HVHOOVFKDIW XQWHU GHU +HUUVFKDIW GHU WUDQV]HQGHQWDO YHU RUWHWHQ*HVWDOWGHV$UEHLWHUVLQHLQHUWRWDOHQ$PDOJDPLHUXQJYRQ*HVHOO VFKDIW :LUWVFKDIW XQG WHFKQLVFKHP $SSDUDW QHX LQWHJULHUW ZHUGHQ 'LH *HJHQZDUWGHUHU-DKUHHUVFKHLQWGDEHLDOVHLQH3KDVHGHVhEHUJDQJV GLH GLH DOWH EUJHUOLFKH :HOW GHV  -DKUKXQGHUWV YRQ GHU NRPPHQGHQ :HOW GHV $UEHLWHUV WUHQQW Å'HU $XVEUXFK GHV :HOWNULHJV VHW]WH HLQHQ EUHLWHQ URWHQ 6FKOXVVVWULFK XQWHU GLHVH =HLW´ 9RU GLHVHP +LQWHUJUXQG KDWGLHHLJHQH.XQVWSURJUDPPLHUXQJ]XHUZHLVHQGDVVÅGDV/HEHQXQWHU KRKHQ $VSHNWHQ DOV 7RWDOLWlW EHJULIIHQ ZLUG 'DKHU LVW VLH QLFKWV DEJH O|VWHVQLFKWVZDVDQVLFKXQGDXVVLFKKHUDXV*OWLJNHLWEHVLW]WVRQGHUQ HV JLEW NHLQ *HELHW GHV /HEHQV GDV QLFKW DOV 0DWHULDO GHU .XQVW ]X EH WUDFKWHQ LVW´ 'LHVH HQWGLIIHUHQ]LHUHQGH .XOWXUVWUDWHJLH IKUW ]X ÅHLQHU 1HXRUGQXQJGHUJUR‰HQ*HELOGHGHV/HEHQVLQGLHPHKUDOV.XOWXUQlP OLFKGLH9RUDXVVHW]XQJYRQ.XOWXUHLQJHVFKORVVHQLVW'LHVH1HXRUGQXQJ HUIRUGHUW GLH ,QWHJUDWLRQ DOOHU (LQ]HOJHELHWH GLH HLQ DEVWUDNWHU *HLVW LP PHU PHKU YHUVHOEVWVWlQGLJW XQG GHP =XVDPPHQKDQJ HQW]RJHQ KDW´ $XFK EHL -QJHU DOVR ILQGHW VLFK LQ GHU .XQVW GHU 6FKOVVHO ]XU hEHU ZLQGXQJ YRQ )UDJPHQWDULVLHUXQJ XQG 8QEHUVLFKWOLFKNHLW *OHLFKZRKO EHDUEHLWHW HU VHLQHQ +XQJHU QDFK *DQ]KHLW PLW HLQHU DQGHUV JHODJHUWHQ 6HPDQWLN3ROLWLN DOV GLHV EHL )OH[ GHU )DOO ZDU :lKUHQG GLHVHU IU VHLQ (QWGLIIHUHQ]LHUXQJVSURMHNW HLQH /HJLWLPDWLRQVUHVVRXUFH LQ GHU +|KHQ NDPP/LWHUDWXUGHU:HLPDUHU.ODVVLNXQGLP&KULVWHQWXP]XHUVFKOLH‰HQ VXFKWXQGGDPLWGLHHUKRIIWHJHVHOOVFKDIWOLFKH.RKlVLRQLQHLQHUWH[WLQWHU QHQ 7RS'RZQ+LHUDUFKLVLHUXQJ YRQ JHSIOHJWHU 6HPDQWLN XQG VHPDQ WLVFKHP$SSDUDWSHUIRUPDWLYQDFKELOGHWOHJLWLPLHUWVLFKGHU=HLWGHXWXQJV DQVSUXFK LP :HUN -QJHUV LQ )RUP HLQHV %RWWRPXS0RGHOOV DXV GHP .ULHJVHUOHEQLVVHOEVW 'LHVHV ZLUG ZHUNSROLWLVFK DOV ÄDXWKHQWLVFKH¶%UXFK (UIDKUXQJGHU/LWHUDULVLHUXQJGHVNULHJHULVFKHQ5DXPHVYRUDQJHVWHOOWDXV GHPVLFKLQ-QJHUV7H[WZHOWHQVXN]HVVLYHGDVLQQRYDWLYHXQGDIILUPDWLYH $VSHNWHYHUELQGHQGH%LOGGHV$UEHLWHUVXQGVHLQHU3ODQODQGVFKDIWHQHQW ZLFNHOW'LHVHQHXH*HVWDOWJHZLQQWPLWWHOIULVWLJJHJHQEHUGHU+HOGHQHU ]lKOXQJYRQ)OH[HLQHQHYROXWLRQlUHQ9RUVSUXQJGHUHLQHUVHLWVDXVHLQHP  

-QJHU,Q6WDKOJHZLWWHUQ6 -QJHU'HU$UEHLWHU6  (EG6  (EG6 



/DUV.RFK

K|KHUHQ6\VWHPDWLVLHUXQJVXQG$EVWUDNWLRQVJUDGGHU-QJHU·VFKHQ6HOEVW EHVFKUHLEXQJVIRUPHO UHVXOWLHUW XQG DQGHUHUVHLWV GDULQ EHJUQGHW LVW GDVV GHU7UlJHUGHV2UGHQV3RXUOHPpULWHGLH3URILOLHUXQJVHLQHV$UEHLWHUVLP VSDQQXQJVYROOHQ%H]XJDXIGLH]XEHREDFKWHQGH)RUWHQWZLFNOXQJGHUV\V WHPLVFKHQ$XVGLIIHUHQ]LHUXQJDOVlVWKHWLVFKH+HUDXVIRUGHUXQJ]XEHJUHL IHQ XQG GLH ]XU 6SUDFKH JHEUDFKWHQ +HWHURQRPLHQ ]XJOHLFK PLWKLOIH GHV ÅVWHUHRVNRSLVFKHQ%OLFNV´SRHWLVFK]XUHLQWHJULHUHQYHUPDJ)UGLH-Q JHU·VFKH$XWRUVFKDIWLVWGHU(UVWH:HOWNULHJQXUGHU$XVJDQJVSXQNWHLQHV OLWHUDULVFKHVVD\LVWLVFKHQ'HXWXQJVSURMHNWHVGDVVLFKLQ5HDNWLRQDXIQHXH 8PZHOWEHGLQJXQJHQ LPPHU ZLHGHU QHX XQG ZHLWHUJHVFKULHEHQ KDW 0LW GHP GLVWDQ]LHUWHQ %OLFN GHU /LWHUDWXUJHVFKLFKWVVFKUHLEXQJ LVW GDKHU ]X NRQVWDWLHUHQGDVVGDV-QJHU·VFKH'HXWXQJVSURMHNWLQVHLQHUVXN]HVVLYHQ =XUFNQDKPH DOOHU DNWLYLVWLVFKHQ $OOUHQ ]XJXQVWHQ HLQHV ]HLWVHQVLEOHQ 5HIOH[LRQVVWLOV GHQ HYROXWLRQlUHQ 6HOHNWLRQVNULWHULHQ PLW HLQHU ]HLWOLFKHQ 3KDVHQYHUVFKLHEXQJ VHKU YLHO EHVVHU HQWVSURFKHQ KDW DOV GDVMHQLJH GHV :DQGHUHUV]ZLVFKHQEHLGHQ:HOWHQ:lKUHQGGLH7H[WHYRQ:DOWHU)OH[GLHLQ GHQ HU -DKUHQ ]X GHQPHLVWYHUNDXIWHQ%FKHUQ EHUKDXSW JHK|UWHQ DXIJUXQG GHU YHUVXFKWHQ 9HUVFKOHLHUXQJ GHU Å5DGLNDOLWlW GHV 6WUXNWXU ZDQGHOV´ VFKQHOO GHQ $QVFKOXVV DQ GLH ,GHHQHYROXWLRQ YHUSDVVW KDEHQ XQGLQLKUHU%HREDFKWXQJVOHLVWXQJXQGLKUHUlVWKHWLVFKHQ9HUIDVVWKHLW]X VHKHQGV DOV XQLQWHUHVVDQW HPSIXQGHQ ZXUGHQ NRQQWH (UQVW -QJHU GLH VLQQELOGHQGH .UDIW VHLQHU 7H[WH LQ )RUP OLWHUDULVFK]HLWGLDJQRVWLVFKHU :HLWHUHQWZLFNOXQJPLWWHOIULVWLJVWDELOLVLHUHQ'DGLH6HPDQWLNGHV.ULHJHV LP -QJHU·VFKHQ 2HXYUH QLFKW EHL GHQ .RPPXQLNDWLRQVDQJHERWHQ GHU 6WDKOJHZLWWHUVWHKHQJHEOLHEHQLVWVRQGHUQVLFKJHJHQEHUGHPDXVVFKOLH‰OL FKHQÅ*HULQQHQGHU5HVXOWDWHIUKHUHU%HREDFKWXQJHQ´YHUZHLJHUWKDW JHODQJ HLQ Å=XJULII DXI GLH VR]LDOH 5HDOLWlW´ GHU LQ GHU 6HOEVWEHVFKUHL EXQJVIRUPHOGHV$UEHLWHU(VVD\VDXFKIUGLH=HLWGHV'ULWWHQ5HLFKHVXQG GHV =ZHLWHQ :HOWNULHJV HLQ JUR‰HV NRPPXQLNDWLYHV $QVFKOXVVSRWHQ]LDO DXIZLHV,QWHUHVVDQWLVWGDVVLP$UEHLWHU(VVD\LQDIILUPDWLYHU$EVLFKWGHV gIWHUHQGLH$QDORJLH]ZLVFKHQGHUWRWDOHQ:HUNVWlWWHQODQGVFKDIWGHU0R GHUQHXQGHLQHP$PHLVHQVWDDWJH]RJHQZLUG,P(VVD\'HU:DOGJDQJDXV GHP-DKUHGDJHJHQKDWGHU7\SXVGHV$UEHLWHUVDQJHVLFKWVYRQPLOOL RQHQIDFKHP6WHUEHQXQGGHU9HUZVWXQJ(XURSDVYLHOYRQVHLQHPIUKH UHQ*ODQ]HLQJHE‰W=ZDUEOHLEWGLH7KHVHHLQHUWRWDOHQ0RELOPDFKXQJ GHU :HOW EHVWHKHQ ZLH VLH -QJHU VFKRQ  H[SOL]LW IRUPXOLHUW KDWWH GRFKWULWWGHP$UEHLWHULP:DOGJlQJHUHLQQHXHU7\SXVGHU9HUZHLJHUXQJ JHJHQEHU GHQ =HLWWHQGHQ]HQ DQ GLH 6HLWH 'LHVH )LJXU GLH VLFK QLFKW  

/XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN%G6 /XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW%G6  %DUDOGLÅ6HPDQWLNµ6 

6HPDQWLN



PHKUYRPWRWDOLWlWVDIILQHQ(OLWH6ROGDWHQKHUOHLWHWVRQGHUQLQ)RUPJHLV WLJHU1LFKWYHUHLQQDKPXQJÅDXFKLQDXVVLFKWVORVHU/DJHIUGLH)UHLKHLW]X NlPSIHQHQWVFKORVVHQLVW´GLVWDQ]LHUWVLFKYRPHLQVWDNWLYLVWLVFKSURSD JLHUWHQ:LOOHQ]XU0DFKW6HPDQWLVFKGUFNWVLFKGLHVH1HXMXVWLHUXQJGHU %HJULIIH XQG %H]XJVJU|‰HQ QDFK  LQ HLQHU NOHLQHQ 9HUVFKLHEXQJ LP %LOGEHUHLFK SROLWLVFKHU =RRORJLH DXV 1XQPHKU VSULFKW GHU 7H[W DQJH VLFKWV GHU WRWDOHQ 0RELOLVLHUXQJ GHU :HOW DEOHKQHQG YRQ HLQHP Å7HUPL WHQ]XVWDQG´GHUGLH0HQVFKHQVWHWVEHGURKH'DV%LOGGHU7HUPLWHQLVW VR QHX QLFKW 6FKRQ  KDWWH HV .DUO (VFKHULFK =RRORJH XQG 5HNWRU GHU8QLYHUVLWlW0QFKHQJHEUDXFKWXPGLH6WXGHQWHQVFKDIWDXIGLHQHXH =HLWHLQ]XVFKZ|UHQ

 

-QJHU(UQVW'HU:DOGJDQJ>@6WXWWJDUW6 (EG6  (VFKHULFK .DUO 7HUPLWHQZDKQ (LQH 0QFKHQHU 5HNWRUDWVUHGH EHU GLH (U]LHKXQJ ]XP SROLWLVFKHQ 0HQVFKHQ 0QFKHQ  YJO KLHU]X :HUEHU 1LHOV Å.OHLQHU *UHQ]YHUNHKU 'DV %LOG GHU VR]LDOHQ ,QVHNWHQ LQ GHU 6HOEVWEHVFKUHLEXQJ GHU *HVHOOVFKDIW´ ,Q %LOGZHOWHQ GHV :LVVHQV .XQVWKLVWRULVFKHV-DKUEXFKIU%LOGNULWLN  +6² 





6,11²)5,('5,&+6&+,//(5 $/(;$-2+$11(6 :RYRQDXFKLPPHUPDQVSUHFKHQP|FKWHREYRQHLQHU.DWHJRULHYRQ HLQHP3KlQRPHQHLQHP3UREOHPRGHUHLQIDFKQXUYRQHLQHP%HJULII² 6LQQLVWQLFKWLPPHUOHLFKW]XIDVVHQWURW]RGHUJHUDGHZHJHQHLQHVhEHU DQJHERWVDQJHVFKLFKWOLFKHQPRGHUQHQLGHRORJLVFKHQRGHUWKHRUHWLVFKHQ 6LQQEHJULIIHQIUGHQ6LQQIRUGHUQGHQ,QWHOOHNW0LW6LQQYHUELQGHWPDQ GHQQRFKLQGHU5HJHONODVVLVFKKHUPHQHXWLVFKH9HUIDKUHQVZHLVHQGLHYHU VXFKHQGHQHLJHQWOLFKJHPHLQWHQ6LQQ]%LQHLQHP7H[WRGHUHLQHUVR]LD OHQ+DQGOXQJ]XYHUVWHKHQRGHUHLQHQ7H[WDXIHLQHQHLQGHXWLJHQ6LQQJH KDOWKLQDXV]XOHJHQ:HUPLWKLOIHGLHVHU0HWKRGHQDFKGHP6LQQLQHLQHP 7H[W IUDJW HUZDUWHW ]XPHLVW GHVVHQ )HVWVFKUHLEXQJ DXI HLQH %HGHXWXQJ GLHQDFKGLHVHU$XIIDVVXQJLQJOHLFKVDPREMHNWLYLHUWHU)RUPGHP7H[W]X JUXQGH OLHJW XQG QXU HQWVFKOVVHOW ZHUGHQPXVV (V VROO VRHLQH SODXVLEOH /HNWUHHUP|JOLFKWXQGJHUHFKWIHUWLJWZHUGHQ(LQDQGHUHUHEHQIDOOVNXU UHQWHU6LQQEHJULIIZUGHGDJHJHQQLFKWSULPlUQDFKGHU%HGHXWXQJHLQHV 7H[WHVIUDJHQVRQGHUQ]XHUVWQDFKGHU/RJLNVHLQHU$UJXPHQWH'LH)UD JH ZlUH LQ GLHVHP )DOOH QLFKW Å:HOFKHQ 6LQQ KDW GHU 7H[W"´ VRQGHUQ Å0DFKWGHU7H[W6LQQ"´ )ULHGULFK6FKLOOHUVbVWKHWLVFKH%ULHIH² 3DUDGR[LHQXQGVLQQVWLIWHQGH(QWSDUDGR[LHUXQJVYHUVXFKH 'HU6LQQHLQHV7H[WHVZLH)ULHGULFK6FKLOOHUVhEHUGLHlVWKHWLVFKH(U]LHKXQJ GHV0HQVFKHQLQHLQHU5HLKHYRQ%ULHIHQ  GLHVLVWPHLQ$XVJDQJVSXQNW IU ZHLWHUH 7KHVHQ NDQQ ZHGHU LP 6LQQH HLQHU HLQGHXWLJHQ %HGHXWXQJV ]XZHLVXQJDXVJHOHJWQRFKLP6LQQHHLQHUNRKlUHQWHQ$UJXPHQWDWLRQVORJLN SODXVLEHO JHPDFKW ZHUGHQ :HQQ VLFK DOVR GLH /HVEDUNHLW HLQHV 7H[WHV JHJHQEHU GHUDUWLJHQ 9HUIDKUHQVZHLVHQ DXIJUXQG YRQ :LGHUVSUFKHQ  

6FKLOOHU)ULHGULFKÅhEHUGLHlVWKHWLVFKH(U]LHKXQJGHV0HQVFKHQLQHLQHU5HLKHYRQ%ULH IHQ´,Q)ULHGULFK6FKLOOHU6FKLOOHUV:HUNH1DWLRQDODXVJDEH3KLORVRSKLVFKH6FKULIWHQHUVWHU7HLO%G %HJUQGHWY-XOLXV3HWHUVHQ+JLP$XIWUDJGHU1DWLRQDOHQ)RUVFKXQJVXQG*HGHQN VWlWWHQ GHU NODVVLVFKHQ GHXWVFKHQ /LWHUDWXU LQ :HLPDU *RHWKH XQG 6FKLOOHU$UFKLY  XQG GHV 6FKLOOHU1DWLRQDOPXVHXPV LQ 0DUEDFK Y /LHVHORWWH %OXPHQWKDO X %HQQR YRQ :LHVH :HLPDU6²



$OH[D-RKDQQHV

DUJXPHQWDWLYHQ)LQWHQXQGUKHWRULVFKHQ.XQVWJULIIHQVSHUUWGDQQEHGDUI HVHLQHVDQGHUHQ6LQQEHJULIIVGHUMHQVHLWVHLQGHXWLJHURGHUUHLQORJLVFKHU 6LQQ]XZHLVXQJHQRSHULHUW Å0LW HLQHP :RUW HV JLHEWNHLQHQ DQGHUQ :HJ GHQ VLQQOLFKHQ 0HQ VFKHQ YHUQQIWLJ ]X PDFKHQ DOV GD‰ PDQ GHQVHOEHQ ]XYRU lVWKHWLVFK PDFKW´ 'LHV VR VFKHLQW HV DXI GHQ HUVWHQ %OLFN LP  %ULHI HLQGHXWLJ IRUPXOLHUW]XVHLQLVWHUNOlUWHV=LHOGHUlVWKHWLVFKHQ(U]LHKXQJLQ)ULHG ULFK6FKLOOHUVbVWKHWLVFKHQ%ULHIHQ'DVVGHUlVWKHWLVFKH=XVWDQGDOVHLQH$UW 'XUFKJDQJVVWDGLXP]XPYHUQXQIWEHVWLPPWHQ'DVHLQGHV0HQVFKHQNRQ ]LSLHUWZLUGVFKOLH‰WRIIHQVLFKWOLFKDQJHVFKLFKWVSKLORVRSKLVFKH7UDGLWLR QHQ DQ ZRUXQWHU VLFK DXFK .DQWV *HVFKLFKWVSKLORVRSKLH EHILQGHW ]XP %HLVSLHOLQGHVVHQ$XIVDW],GHH]XHLQHUDOOJHPHLQHQ*HVFKLFKWHLQZHOWEUJHUOLFKHU $EVLFKW   RGHU DXFK DQ GHVVHQ (WKLN .ULWLN GHU SUDNWLVFKHQ 9HUQXQIW   'LH *HVFKLFKWVSKLORVRSKLHQ LQ GHU ]ZHLWHQ +lOIWH GHV  -DKU KXQGHUWV SURJQRVWL]LHUHQ LP $OOJHPHLQHQ GHQ 6LHJHV]XJ YRQ 6LWWOLFKNHLW XQG 9HUQXQIW DP (QGH HLQHU (QWZLFNOXQJ ]XP JDQ]HQ 0HQVFKHQ KLQ 'DV .RQ]HSW GHU 9HUQXQIW YDULLHUW GDEHL 'HP (LQ]XJ GHU 9HUQXQIW LQ GDVPHQVFKOLFKH%HZXVVWVHLQGHUVLFKHLJHQWOLFKSHUVHXQGDXWRPDWLVFK YROO]LHKHQ VROO PXVV SDUDGR[HUZHLVH GXUFK GLH (U]LHKXQJ ]XU 9HUQXQIW DXIGLH6SUQJHJHKROIHQZHUGHQ$XFK6FKLOOHUV,GHHOlVVWVLFKLP+RUL ]RQW GLHVHU (U]LHKXQJVYHUVXFKH OHVHQ ZHQQ HU *HVFKLFKWVSKLORVRSKLH XP GLH .RPSRQHQWH GHV bVWKHWLVFKHQ HUZHLWHUW LQGHP HU HV DOV KLOI UHLFKHV=ZLVFKHQVWDGLXPDXIGHP:HJ]XPYROOHQGHWHQ9HUQXQIWYHUP| JHQHLQVHW]W 'HU6LQQGHU%ULHIHZLUGDXFKDQDQGHUHU6WHOOHUHGXQGDQWGHNODULHUWDOV Å8QWHUVXFKXQJ´ %ULHI LQGHUEHZLHVHQZHUGHQVROOGDVVÅGLH6FK|Q KHLW >«@ VLFK DOV HLQH QRWKZHQGLJH %HGLQJXQJ GHU 0HQVFKKHLW DXI]HLJHQ ODVVHQ >PVVWH@´ 'HU $XVGUXFN Å6FK|QKHLW´ ZLUG lTXLYDOHQW ]XP $XV  

(EG6 =XU JHVFKLFKWVSKLORVRSKLVFKHQ /HVDUW YJO 3OXPSH *HUKDUG bVWKHWLVFKH .RPPXQLNDWLRQ GHU 0RGHUQH%G9RQ.DQWELV+HJHO2SODGHQ6/DW]HO6LJEHUWÅ=X6FKLOOHUV 9HUQXQIWDXIIDVVXQJ %HWUDFKWXQJHQ ]XU LQGLYLGXHOOHQ 9HUZHQGXQJVJHVFKLFKWH HLQHV :RU WHV´ ,Q/LWHUDWXUZLVVHQVFKDIWOLFKHV -DKUEXFK    6 ² EHV 6 ² 6 I :LHVH %HQQRYRQÅ'LH8WRSLHGHVbVWKHWLVFKHQEHL6FKLOOHU´,Q%HQQRYRQ:LHVH=ZLVFKHQ8WR SLHXQG:LUNOLFKNHLW6WXGLHQ]XUGHXWVFKHQ/LWHUDWXU'VVHOGRUI6=XHLQHP)RU VFKXQJVEHUEOLFN EHU GLH HLQH PRUDOLVFKH XQG JHVHOOVFKDIWOLFKH %HGHXWXQJ GHU %ULHIH YHU WUHWHQGH7KHVHYJO&KR.\RXQJ6LN6HOEVWUHIHUHQWLDOLWlWGHU/LWHUDWXU'DVÄlVWKHWLVFKH6SLHO¶GHU 0RUDOGLVNXUV XQG LKU 9HUKlOWQLV LQ GHU lVWKHWLVFKHQ 7KHRULH )ULHGULFK 6FKLOOHUV (LQH V\VWHPWKHRUHWLVFKH 6WXGLH%LHOHIHOG6²  9JO %URNRII -UJHQ Å'LH 8QYHUHLQEDUNHLW YRQ (U]LHKXQJ XQG lVWKHWLVFKHU (U]LHKXQJ )ULHGULFK6FKLOOHUV%ULHIHhEHUGLHlVWKHWLVFKH(U]LHKXQJGHV0HQVFKHQ´,Q-DKUEXFKGHU'HXWVFKHQ 6FKLOOHUJHVHOOVFKDIW  6²  6FKLOOHU ÅhEHU GLH lVWKHWLVFKH (U]LHKXQJ´6  $XFK LP %ULHI ZLUGGLHVH /HVDUW EH VWlWLJW'RUWVWHKWÅGD‰PDQXPMHQHVSROLWLVFKH3UREOHPLQGHU(UIDKUXQJ]XO|VHQGXUFK 

6LQQ



GUXFNÅlVWKHWLVFKHU=XVWDQG´JHEUDXFKWZLHDQPHKUHUHQ6WHOOHQGHUbV WKHWLVFKHQ%ULHIHGHXWOLFKZLUG $Q DQGHUHU 6WHOOH GHU %ULHIH KHL‰W HV MHGRFK LQ HLQHP YROONRPPHQ NRQWUlUHQ6LQQGDVVEHUHLWVGHUDXIGDV6FK|QHXQGGDVbVWKHWLVFKHDXV JHULFKWHWH6SLHOWULHEGHQÅ%HJULIIGHU0HQVFKKHLWYROOHQGH´XQGGDVVLP 6SLHOGHU0HQVFKÅJDQ]0HQVFK´VHL'LH]ZHLWH7KHVHGHUTXD6FK|Q KHLWYROO]RJHQHQK|FKVWHQ9ROOHQGXQJGHV0HQVFKHQYHUODJHUWGLH=LHO VHW]XQJGHU$UJXPHQWDWLRQGDKLQJHKHQGGDVV6FKLOOHUGDVHUUHLFKWH0HQ VFKHQLGHDOLPlVWKHWLVFKHQ=XVWDQGQLFKWPHKUDOVÅ%HGLQJXQJ´RGHUDOV QRWZHQGLJHV'XUFKJDQJVVWDGLXP]XPYHUQQIWLJHQ0HQVFKHQHUVFKHLQHQ OlVVWVRQGHUQDOV(QGVWDGLXPGHUlVWKHWLVFKHQ(U]LHKXQJ,QGLHVHPGHU $QQDKPH HLQHV lVWKHWLVFKHQ =ZLVFKHQ]XVWDQGHV HQWJHJHQJHVHW]WHQ 6LQQ HQGHQGLH%ULHIHZHQQGHUlVWKHWLVFKH6WDDWLPOHW]WHQ%ULHIGDQQDXFKDOV GHUDQJHPHVVHQHIUGLH9HUZLUNOLFKXQJHLQHVYROONRPPHQHQKXPDQLVWL VFKHQ,GHDOVGHUPHQVFKOLFKHQ%LOGXQJDQJHVHKHQZLUGXQGHQWVSUHFKHQG LQGHUEHUKPWHQ+LHUDUFKLHGHUGUHLYHUVFKLHGHQHQ6WDDWVIRUPHQG\QDPL VFKHU 6WDDW HWKLVFKHU 6WDDW XQG lVWKHWLVFKHU 6WDDW EHUUDVFKHQG DQ GLH REHUVWH6WHOOHUFNW 'HU:LGHUVSUXFK]ZLVFKHQGHQEHLGHQ0HQVFKKHLWVEHJULIIHQ²HLQHU VHLWV ZLUG GLH Å9ROOHQGXQJ´ LP (WKLVFKHQ DQGHUHUVHLWV LP bVWKHWLVFKHQ JHIXQGHQHLQHUVHLWVLVWGDVbVWKHWLVFKHHLQ=ZLVFKHQVWDGLXPDQGHUHUVHLWV =LHO XQG =ZHFN ² ZLUG LQ GHU )RUVFKXQJ JHVSLHJHOW YRQ HLQHU lX‰HUVW NRQWURYHUVHQ'LVNXVVLRQEHUGLH%HGHXWXQJGHVlVWKHWLVFKHQ6WDDWHVDP (QGHGHU%ULHIH,QGLHVHU'LVNXVVLRQ]HLJWVLFKGDVV]XPHLQHQGLHVHU  

  





GDVlVWKHWLVFKHGHQ:HJQHKPHQPX‰ZHLOHV6FK|QKHLWLVWGXUFKZHOFKHPDQ]XU)UH\KHLW ZDQGHUW´ 6 9JODXFKGHQ%ULHI 6  'LH ,GHQWLIL]LHUXQJ GHU6FK|QKHLW XQG GHV bVWKHWLVFKHQ YROO]LHKW VLFK LP 7H[W ]% GXUFK GLH IROJHQGHQ]ZHL$XVVDJHQ=XPHLQHQZLUGJHVDJWGDVVEHL6FK|QKHLWGDV*HPWLQlVWKH WLVFKHU6WLPPXQJLVW YJO%ULHI6 XQG]XPDQGHUHQGDVVGHU0HQVFKLP5HLFK GHU6FK|QKHLWlVWKHWLVFKZLUG YJO%ULHI6 'LH%H]HLFKQXQJÄ6FK|QKHLW¶ZLUGYRP (QGH GHV  %ULHIHV DQ ELV ]XP  %ULHI GXUFK GLH %H]HLFKQXQJ GHV ÄlVWKHWLVFKHQ =X VWDQGV¶VXEVWLWXLHUW (EG6 (EG6 9JO LQVJHVDPW GHQ  %ULHI LQ 6FKLOOHU ÅhEHU GLH lVWKHWLVFKH (U]LHKXQJ´ 6 II 'LH Å6FK|QKHLW´ VR KHL‰W HV GRUW ]% ZLUG UHGXQGDQW DXFK DOV Å.RQVXPPDWLRQ >ODW 9ROOHQ GXQJ@VHLQHU0HQVFKKHLW´EH]HLFKQHW 6  9JO+DPEXUJHU.lWHÅ1DFKZRUW6FKLOOHUVlVWKHWLVFKHV'HQNHQ´,Q)ULHGULFK6FKLOOHUhEHU GLH lVWKHWLVFKH (U]LHKXQJ GHV 0HQVFKHQ 0LW HLQHP 1DFKZRUW YRQ .lWH +DPEXUJHU 6WXWWJDUW 6²KLHU6XQG-DQ]5ROI3HWHU$XWRQRPLHXQGVR]LDOH)XQNWLRQGHU.XQVW 6WXGLHQ]XUbVWKHWLNYRQ6FKLOOHUXQG1RYDOLV6WXWWJDUW6 1DFK-DQ]LVWÅGLH'HXWXQJJHUDGHGHUOHW]WHQ%ULHIH>@ELVKHXWHXPVWULWWHQ´ -DQ]5ROI 3HWHUÅhEHUGLHlVWKHWLVFKH(U]LHKXQJGHV0HQVFKHQLQHLQHU5HLKHYRQ%ULHIHQ´,Q6FKLO OHU+DQGEXFK+JY+HOPXW.RRSPDQQ,Q=XVDPPHQDUEHLWPLWGHU'HXWVFKHQ6FKLOOHUJH VHOOVFKDIW0DUEDFK6WXWWJDUW6²KLHU6 -DQ]EH]LHKWGDVEHVRQGHUVDXI



$OH[D-RKDQQHV

*HJHQHQWZXUI HEHQIDOOV JHVFKLFKWV SKLORVRSKLVFK JHOHVHQ ZHUGHQ NDQQ GHQQDXFKHUVFKOLH‰WDQWUDGLWLRQHOOH*HVFKLFKWVPRGHOOHDQLQGHPHUVLH LQYHUWLHUWXQGGDGXUFKWUDQVIRUPLHUW0LW%H]XJDXIGDVWUDGLWLRQHOOHWHORV GHU9HUQXQIWHUVHW]WHUGLHVHVQXUGXUFKHLQDQGHUHVGDVbVWKHWLVFKH =XPDQGHUHQZLUGGLH:HQGXQJ]XPlVWKHWLVFKHQ6WDDWDOV=LHO VWDWW DOV'XUFKJDQJ LQV\VWHPWKHRUHWLVFKDUEHLWHQGHQ6WXGLHQDXFKDOV6\PS WRP HLQHU $XWRQRPLVLHUXQJ GHU .XQVW XQGRGHU bVWKHWLN JHGHXWHW GLH VLFK JHJHQEHU GHUHQ hEHUQDKPH HLQHU PRUDOLVFKHQ RGHU JHVHOOVFKDIWOL FKHQ )XQNWLRQ ZLH ]% (U]LHKXQJ RGHU SROLWLVFKH 9HUEHVVHUXQJ LQ GHQ %ULHIHQOHW]WOLFKGXUFKVHW]W 0DQNDQQLQGHQVHKUYHUVFKLHGHQHQPDODQGLH3KLORVRSKLHPDODQ GLH $XWRQRPLH bVWKHWLN RGHU PDO DQ GLH .XQVW GHU %ULHIH DGUHVVLHUWHQ )RUVFKXQJVDQVlW]HQHLQ%HVWUHEHQHUNHQQHQGLH$UJXPHQWDWLRQ6FKLOOHUV YRQ :LGHUVSUFKHQ ]X EHIUHLHQ (V ZLUG ]X GLHVHP =ZHFN GHU :LGHU VSUXFKDOV7HLOYRQÅNRPSOHPHQWlUHQ6WUDWHJLHQ´]ZDUEHQDQQWMHGRFK ]XJXQVWHQ HLQHU 6WUDWHJLH QlPOLFK GHU ÄGRPLQDQWHQ¶ 6HLWH XQG GDPLW ]XJXQVWHQ GHU :LGHUVSUXFKVIUHLKHLW DXIJHO|VW 'LH DQGHUH 6WUDWHJLH ZLUG DXIJUXQG YRQ SUREOHPDWLVFKHQ ,PSOLNDWLRQHQ ² XQYHUPHLGEDU DXIWUHWHQ GHQ:LGHUVSUFKOLFKNHLWHQ²HLQIDFKDGDFWDJHOHJW :LGHUVSUFKHKLQRGHUKHUHVLVWOHW]WOLFKHLQHZLGHUVSUXFKVIUHLHXQG VLQQVWLIWHQGH /HNWUH GLHXQWHU $XVVFKOXVV YRQ DQGHUHQ P|JOLFKHQ/HN WUHQJHZRQQHQZLUG'DV6LQQSUREOHPGHUbVWKHWLVFKHQ%ULHIHGDVGLHZL GHUVSUFKOLFKH$UJXPHQWDWLRQDXVO|VWZLUG]ZDUQLFKWJHO|VWGRFKGXUFK GLH5HGX]LHUXQJDXIHLQHQ$UJXPHQWDWLRQVVWUDQJYRQ]ZHLRGHUPHKUHUHQ P|JOLFKHQHQWVFKlUIW bKQOLFK YHUIDKUHQV\VWHPWKHRUHWLVFK RULHQWLHUWH 6WXGLHQ GLH HLQH 6\V WHPUHIHUHQ]IUGLHbVWKHWLVFKHQ%ULHIHDXVORWHQZROOHQ'LH3UREOHPDWLNGHV 6LQQV LQ GHQ bVWKHWLVFKHQ %ULHIHQ ZLUG GDEHL OHGLJOLFK LQ HLQ V\VWHPWKHR UHWLVFKHV 'LVNXVVLRQVIRUXP EHU HLQGHXWLJH 6\VWHP]XRUGQXQJHQ .XQVW 

 





GLH'HXWXQJGHVÄlVWKHWLVFKHQ6WDDWHV¶GHUHLQHUVHLWVÅLP6LQQH(UQVW%/2&+6]XPÄ9RU 6FKHLQ¶ GHU SROLWLVFKHQ )UHLKHLW´ 6   ZLUG DQGHUHUVHLWV ÅNHLQH SROLWLVFKH )UHLKHLW´ 6 ELHWHGDGHU6FKHLQÄLQHLQLJHQZHQLJHQDXVHUOHVHQHQ=LUNHOQ¶YHUEOHLEH-DQ]]LWLHUW *DGDPHU GHU YRQ HLQHU ÅÄIU GLH .XQVW LQWHUHVVLHUWH>Q@ %LOGXQJVJHVHOOVFKDIW¶´ VSULFKW 6  9JO ]% +DPEXUJHU Å1DFKZRUW´ 6  %ROWHQ-UJHQ )ULHGULFK 6FKLOOHU 3RHVLH 5HIOH[LRQ XQGJHVHOOVFKDIWOLFKH6HOEVWGHXWXQJ0QFKHQ6 9JO3OXPSHbVWKHWLVFKH.RPPXQLNDWLRQ6II'LVVHOEHFN.ODXV*HVFKPDFNXQG.XQVW(L QHV\VWHPWKHRUHWLVFKH6WXGLH]X6FKLOOHUV%ULHIHQÄhEHUGLHlVWKHWLVFKH(U]LHKXQJGHV0HQVFKHQ¶2SODGHQ (QJOHUW'RURWKHD/LWHUDWXUDOV5HIOH[LRQVPHGLXPIU,QGLYLGXDOLWlW6\VWHPWKHRUHWLVFKH6WXGLHQ ]XU)XQNWLRQGHVlVWKHWLVFKHQ6LQQDQJHERWVEHL6FKLOOHUXQG1RYDOLV)UDQNIXUW0DLQXDXQG &KR6HOEVWUHIHUHQWLDOLWlWGHU/LWHUDWXU 3OXPSHbVWKHWLVFKH.RPPXQLNDWLRQ6 =XUÅ'RPLQDQ]GHV.XQVWDVSHNWV´LQGHQ%ULHIHQYJO(QJOHUW/LWHUDWXUDOV5HIOH[LRQVPHGLXP 6

6LQQ



/LWHUDWXU 3KLORVRSKLH bVWKHWLN :LVVHQVFKDIW"  YHUVFKREHQ XQG GDULQ EHODVVHQ (V JHKW XP GLH VLFKHU XPVWULWWHQH )UDJH RE HV VLFK EHL GHU bVWKHWLN6FKLOOHUVXQGDXFKLP$OOJHPHLQHQXPHLQ6XEV\VWHPGHVSKLOR VRSKLVFKHQ6\VWHPVHLQHLJHQVWlQGLJHV6\VWHPRGHUXPGDV.XQVWV\V WHPVHOEVWKDQGHOW $UJXPHQWHIUGLH.RH[LVWHQ]XQG7UHQQXQJYRQ.XQVWXQGbVWKHWLN ² DOVR IU HLQ SKLORVRSKLVFKHV 6XEV\VWHP ² ZHUGHQ XD LQ GHQ XQWHU VFKLHGOLFKHQ9HUKlOWQLVVHQGHU.XQVWJHVHKHQGLHVLH]XPHLQHQ]XUbV WKHWLN XQG ]XP DQGHUHQ ]XP :LUWVFKDIWVV\VWHP XQWHUKlOW $OV H[WHUQHV 5HIOH[LRQVV\VWHPGHU.XQVWEHREDFKWHWGLHSKLORVRSKLVFKHbVWKHWLNGDQQ GLH $XWRQRPLHEHVWUHEXQJHQ GHU .XQVW $XV GHU V\VWHPWKHRUHWLVFKHQ 3HUVSHNWLYH GHU]XIROJH GLH bVWKHWLVFKHQ %ULHIH GHU SKLORVRSKLVFKHQ .RP PXQLNDWLRQDQJHK|UHQLVWHVVRDXFKY|OOLJNRKlUHQWGDVHLJHQWOLFKH=LHO DXIGDVGLH%ULHIHKLQDXVODXIHQLQHLQHU$XWRQRPLHlVWKHWLNVHKHQ]XZRO OHQ-HGRFKZUGHPDQPLWGLHVHU6\VWHP]XRUGQXQJGHUbVWKHWLN]XU3KL ORVRSKLH GHQ IODJUDQWHQ .XQVWDQWHLO GHU %ULHIH YROONRPPHQ LJQRULHUHQ $XVGHU3HUVSHNWLYHHLQHVEHLJHRUGQHWHQXQGHLJHQVWlQGLJHQbVWKHWLN6\V WHPVZUGHGHVVHQ/HLVWXQJHEHQIDOOVGDULQJHVHKHQZHUGHQVHPDQWLVFKH 6LQQRIIHUWHQ IU HLQ DXWRQRPHV .XQVWV\VWHP ÅDOV QRWZHQGLJHV VHOEVW  

 







9JO3OXPSH*HUKDUGÅ'LH/LWHUDWXUGHU3KLORVRSKLH´,Q%HREDFKWXQJHQGHU/LWHUDWXU$VSHN WHHLQHUSRO\NRQWH[WXUDOHQ/LWHUDWXUZLVVHQVFKDIW+JY*HUKDUG3OXPSHX1LHOV:HUEHU2SODGHQ 6XQG:HUEHU1LHOVÅÄ(FRQRPLFYLFHV²OLWHUDU\EHQHILWV¶=XU'LIIHUHQ]LHUXQJ YRQ/LWHUDWXUbVWKHWLNXQG:LUWVFKDIWXP´,Q63,(/ 6LHJHQHU3HULRGLFXP]XU,Q WHUQDWLRQDOHQ(PSLULVFKHQ/LWHUDWXUZLVVHQVFKDIW   +6II 9JO(QJOHUW/LWHUDWXUDOV5HIOH[LRQVPHGLXP6 9JO&KR6HOEVWUHIHUHQWLDOLWlWGHU/LWHUDWXU6I 9JO:HUEHUÅ(FRQRPLFYLFHV´6II'DV6\VWHPGHU:LUWVFKDIWGDVDXIJUXQGVHLQHVEL QlUHQ)XQNWLRQVFRGHV SURILWDEHOXQSURILWDEHO HKHUDXIÄLQWHUHVVDQWH¶:HUNHGHU/LWHUDWXU DXVJHULFKWHWLVWXQWHUKlOW]XP6\VWHPGHU/LWHUDWXUHLQDQGHUHV9HUKlOWQLVDOVGLHbVWKHWLN GLH GDV 6\VWHP GHU /LWHUDWXU DOV 6XEV\VWHP GHU 3KLORVRSKLH PLW HLQHP DQGHUHQ 6XEFRGH VFK|QKlVVOLFK EHREDFKWHW=XU'LVNXVVLRQEHUGHQVSH]LILVFKHQ&RGHGHU.XQVWXQG/L WHUDWXU 6 9JODXFK/XKPDQQ1LNODVÅ,VW.XQVWFRGLHUEDU"´,Q6FKULIWHQ]X.XQVWXQG /LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUWDP0DLQ6²6II VFK|QKlVVOLFK  6FKZDQLW] 'LHWULFK 6\VWHPWKHRULH XQG /LWHUDWXU (LQ QHXHV 3DUDGLJPD 2SODGHQ  6  VFK|QKlVVOLFK VRZLH3OXPSH*HUKDUGX1LHOV:HUEHUÅ/LWHUDWXULVWFRGLHUEDU$VSHNWH HLQHUV\VWHPWKHRUHWLVFKHQ/LWHUDWXUZLVVHQVFKDIW´,Q/LWHUDWXUZLVVHQVFKDIWXQG6\VWHPWKHRULH3R VLWLRQHQ .RQWURYHUVHQ 3HUVSHNWLYHQ +J Y 6LHJIULHG - 6FKPLGW 2SODGHQ  6 ² LQWH UHVVDQWODQJZHLOLJ  3DUDGR[ZLUGHVZHQQGLH3KLORVRSKLHXQWHUGHP'HFNQDPHQGHUbVWKHWLNDOVH[WHUQHV5H IOH[LRQVV\VWHPGHU.XQVW]ZHLVLFKJHJHQVHLWLJDXVVFKOLH‰HQGH$QVSUFKH]XJOHLFKHUKHEW GHUHQ $XWRQRPLH ]X OHJLWLPLHUHQ XQG JOHLFK]HLWLJ GHUHQ )XQNWLRQ KHWHURQRP ]X EHVWLP PHQ 6LH YHUEOHLEH GDGXUFK OHW]WOLFK ÅSKLORVRSKLVFKHQ 3UREOHPVWHOOXQJHQ´ YHUKDIWHW YJO 3OXPSHÅ'LH/LWHUDWXUGHU3KLORVRSKLH´6II=LWDWDXI6  9JO(QJOHUW/LWHUDWXUDOV5HIOH[LRQVPHGLXP6(QJOHUWHUNOlUWGDV(QWVWHKHQGHUbVWKHWLN GXUFKGLH1DFKIUDJHYRQVHPDQWLVFKHQ2IIHUWHQGDGHU:DQGHOGHU*HVHOOVFKDIWVVWUXNWXU VHPDQWLVFKH3UREOHPHQDFKVLFK]LHKH YJOEHV6² 



$OH[D-RKDQQHV

UHIHUHQWLHOOHV VHPDQWLVFKHV 6\VWHP GHU .XQVW´ ]X VWLIWHQ 'DV 3OlGR\HU IUGLHGULWWHP|JOLFKH6\VWHPUHIHUHQ]GLH,GHQWLIL]LHUXQJGHV6\VWHPVGHU bVWKHWLN PLW GHP 6\VWHP GHU .XQVW ZLUG GDPLW EHJUQGHW GDVV LQ GHU 6\VWHPWKHRULHGLH6\VWHPJUHQ]HQQLFKWGXUFKGHQ*HJHQVWDQGVEHUHLFK² LP)DOOHGHUbVWKHWLNZlUHLKU*HJHQVWDQGGLHWKHRUHWLVFKH5HIOH[LRQGHU .XQVW ² VRQGHUQ GXUFK .RPPXQLNDWLRQHQ NRQVWLWXLHUW ZUGHQ bVWKH WLVFKH .RPPXQLNDWLRQ DOV Å6HOEVWWKHPDWLVLHUXQJ GHU .XQVW ]XP =ZHFN GHU %HJUQGXQJ GHU 6HOEVWUHIHUHQWLDOLWlW´ ZLH HV GLH bVWKHWLVFKHQ %ULHIH ]HLJWHQEHUXKHDXINXQVWLQWHUQHUXQGQLFKWNXQVWH[WHUQHU6HOEVWEHREDFK WXQJ'LH%ULHIHVHLHQDXVGHP,QQHUHQGHV.XQVWV\VWHPVJHVFKULHEHQ 9RQ ZHOFKHP 6\VWHP DXV VLFK GLH bVWKHWLVFKHQ %ULHIH KHUVFKUHLEHQ LVW DOVR VFKZHU HLQ]XRUGQHQ ,VW GDV ZDV 6FKLOOHU GRUW LQ  %ULHIHQ DEKDQ GHOWQXQSKLORVRSKLVFKlVWKHWLVFKRGHUJDUOLWHUDULVFK"$XFKGLHVHVHPDQ WLVFKH6SLHOZLHVHZLUGEHUHLQLJWGXUFKHLQGHXWLJH%HGHXWXQJV]XZHLVXQJHQ /HW]WOLFKJHKWHVDXFKLQGHU)UDJHGHV6\VWHPVWDWXVLPPHUXP6LQQVWLI WXQJHQ PLW GHP )RNXV DXI :LGHUVSUXFKVIUHLKHLW 6R HQWVWHKHQ Å/|VXQ JHQ´IUGDV6LQQSUREOHPGHUbVWKHWLVFKHQ%ULHIHGXUFK7LOJXQJYRQ6\VWHP UHIHUHQ]HQ LQGHP HLQH ]XJHZLHVHQ ZLUG XQG DQGHUH LJQRULHUW ZHUGHQ :HQQPDQVDJWVLHVHLHQSKLORVRSKLVFKH.RPPXQLNDWLRQLJQRULHUWPDQ HLQHQ P|JOLFKHQ .XQVWDVSHNW LQ GHQ %ULHIHQ EHKDXSWHW PDQ VLH VHLHQ .XQVWZLUGPDQGHQDUJXPHQWDWLYHQXQGWKHRUHWLVFKHQ5HIOH[LRQHQQLFKW JHUHFKW 'LH V\VWHPWKHRUHWLVFKHQ Å/|VXQJHQ´ EHGLHQHQ VLFK HEHQIDOOV VLQQVWLIWHQGHU 9HUIDKUHQVZHLVHQ ZLH =XZHLVXQJ *DWWXQJV =XRUGQXQJ ,JQRUDQ] XQG %HVFKQHLGXQJ XP NQVWOLFK (LQGHXWLJNHLW GRUW KHUEHL]X IKUHQZRVLFK:LGHUVSUFKHEHREDFKWHQODVVHQ'LHVKDW0HWKRGHXQG 1LNODV /XKPDQQ QHQQW GLHVHV 9HUIDKUHQ (QWSDUDGR[LHUXQJ RGHU GLH $V\PPHWULVLHUXQJGHV6LQQV:LGHUVSUFKOLFKHURGHUSDUDGR[HU6LQQVR ODXWHWVHLQH7KHVHPVVHVLFKLQGHU.RPPXQLNDWLRQDXIO|VHQE]ZHQW IDOWHQ N|QQHQ XP QLFKW ZHLWHUH $QVFKOXVVNRPPXQLNDWLRQHQ ]X EORFNLH UHQ   

 

 

(QJOHUW/LWHUDWXUDOV5HIOH[LRQVPHGLXP6 'HU*HJHQVWDQGZHUGHGXUFKGLH6\VWHPWKHRULHGHRQWRORJLVLHUW9JO&KR6HOEVWUHIHUHQWLDOLWlW GHU/LWHUDWXU6II (EG6 9JOHEG69JOGD]XDXFK2UW&ODXV0LFKDHO0HGLHQZHFKVHOXQG6HOEVWUHIHUHQ]&KULVWLDQ :HLVHXQGGLHOLWHUDULVFKH(SLVWHPRORJLHGHVVSlWHQ-DKUKXQGHUWV7ELQJHQ62UWVLHKW HEHQIDOOVGLH0|JOLFKNHLW]XU5HIOH[LRQGHU.XQVWQLFKWQXULQÄH[WHUQHQ5HIOH[LRQVGLVNXU VHQ¶ ZLH GHU SKLORVRSKLVFKHQ bVWKHWLN VRQGHUQ EHVRQGHUV DXFK LQ GHU /LWHUDWXU VHOEVW LQ )RUPYRQ6HOEVWUHIOH[LRQJHJHEHQ 9JO /XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH  $XIO )UDQN IXUW0DLQ6 (EG6II

6LQQ



0DQLIHVWLHUHQVLFKQXQLQQHUKDOEHLQHV'LVNXUVHVYHUVWlUNWVHPDQWLVFKH6WUDWHJLHQ GHU (QWWDXWRORJLVLHUXQJ RGHU (QWSDUDGR[LHUXQJ >HLQVFKOLH‰OLFK LKUHU ]LUNXOlUHQ 9DULDQWHQ@ GDQQ GHXWHW GLHV DXI HLQ 3UREOHPSRWHQWLDO KLQ > GDV MH GLVNXUV VSH]LILVFKH8QWHUVFKHLGXQJHQDXIJHVWDXWKDEHQ@

:LHPDQVHKHQNDQQZLUGGHU6LQQLQGHQbVWKHWLVFKHQ%ULHIHQ]ZDUDOWHU QLHUHQG PLW %H]XJ PDO DXI GLHVH PDO DXI MHQH =LHOULFKWXQJ PDO DQ VFKOLH‰HQG DQ HLQH SKLORVRSKLVFKH PDO DQ HLQH lVWKHWLVFKH .RPPXQLND WLRQPDODQHLQH.XQVWNRPPXQLNDWLRQMHGRFKNRQVHTXHQWLQGHQ)ROJH NRPPXQLNDWLRQHQ GLH VLFK LQ GHQ 6WXGLHQ YHUVFKLHGHQHU ZLVVHQVFKDIWOL FKHU'LV]LSOLQHQ]X6FKLOOHUV7H[WlX‰HUQHQWSDUDGR[LHUW %HDFKWHQVZHUWHUVFKHLQWDXVV\VWHPWKHRUHWLVFKHU3HUVSHNWLYHGDVVGLH %ULHIHWURW]LKUHU:LGHUVSUFKOLFKNHLWPDVVHQZHLVH$QVFKOXVVNRPPXQLND WLRQHQ HUZLUNHQ )ROJHNRPPXQLNDWLRQHQVLQG KLHUV\VWHPWKHRUHWLVFK JH VSURFKHQP|JOLFKZHLOVLHDXIGHQ7H[WPLW6WUDWHJLHQGHU(QWSDUDGR[LH UXQJ E]Z GHU :LGHUVSUXFKVDXIO|VXQJ ]XJUHLIHQ 'HQQ QHEHQ GHQ VNL] ]LHUWHQ ZLGHUVSUFKOLFKHQ =LHOULFKWXQJHQ GHV bVWKHWLVFKHQ ]XJOHLFK Å:HJ´XQGÅ=LHO´]XVHLQ]ZLVFKHQGHQHQGLHbVWKHWLVFKHQ%ULHIHZHFKVHOQ VLQG GDUEHU KLQDXV QRFK ]DKOUHLFKH DQGHUH :LGHUVSUFKH VRZLH 3DUD GR[LHQ XQG 7DXWRORJLHQ ]X ILQGHQ 'LH :LGHUVSUFKOLFKNHLW XQG 3DUD GR[LHEHODGHQKHLWGHU%ULHIHVFKHLQHQQLFKWQXU)ROJHQGHU6FKZLHULJNHLWHQ 6FKLOOHUV ]X VHLQ PLW NDQWLVFKHQ %HJULIIOLFKNHLWHQ XP]XJHKHQ VR HLQH HEHQIDOOV JHUQ YHUWUHWHQH 7KHVH LQ GHU )RUVFKXQJ RGHU GHU 7DWVDFKH 5HFKQXQJ ]X WUDJHQ GDVV GLH HLJHQH :LGHUVSUFKOLFKNHLW 6FKLOOHU QLFKW EHZXVVWZDUZHLOVLHVLFKDOV)ROJHHLQHVZRUNLQSURJUHVVHUJDEHQVRQGHUQ  

2UW0HGLHQZHFKVHOXQG6HOEVWUHIHUHQ]6 9JO %URNRII Å'LH 8QYHUHLQEDUNHLW YRQ (U]LHKXQJ XQG lVWKHWLVFKHU (U]LHKXQJ´ 6 ²  -DQ] $XWRQRPLH XQG VR]LDOH )XQNWLRQ GHU .XQVW 6  +DPEXUJHU Å1DFKZRUW´ &KR 6HOEVWUHIHUHQWLDOLWlWGHU/LWHUDWXU3OXPSHbVWKHWLVFKH.RPPXQLNDWLRQ6I%U JHU3HWHUÅ=XP3UREOHPGHVlVWKHWLVFKHQ6FKHLQVLQGHULGHDOLVWLVFKHQbVWKHWLN´,Q.ROOR TXLXP.XQVWXQG3KLORVRSKLHbVWKHWLVFKHU6FKHLQ+JY:LOOL2HOPOOHU3DGHUERUQXD 6²3XQWHO.DLÅ(PSILQGXQJ5HIOH[LRQXQGÄlVWKHWLVFKHU6LQQ¶'LH(LJHQJHVHW]OLFK NHLW YRQ .XQVW XQG.XQVWUH]HSWLRQ LQ 6FKLOOHUV7KHRULH GHU bVWKHWLN´,Q(PSILQGXQJ XQG 5HIOH[LRQ (LQ 3UREOHP GHV  -DKUKXQGHUWV +J Y +DQV .|UQHU XD +LOGHVKHLP XD  6²6XQG%ROWHQ)ULHGULFK6FKLOOHU6I  9JOGLH$QVlW]HYRQ*HWKPDQQ6LHIHUW$QQHPDULHÅ,G\OOHXQG8WRSLH=XUJHVHOOVFKDIWOL FKHQ)XQNWLRQGHU.XQVWLQ6FKLOOHUVbVWKHWLN´,Q-DKUEXFKGHUGHXWVFKHQ6FKLOOHUJHVHOOVFKDIW  6²KLHU6²XQG.RRSPDQQ+HOPXWÅÄ%HVWLPPH'LFKDXV'LUVHOEVW¶ 6FKLOOHUGLH,GHHGHU$XWRQRPLHXQG.DQWDOVSUREOHPDWLVFKHU8PZHJ´,Q)ULHGULFK6FKLO OHU.XQVW+XPDQLWlWXQG3ROLWLNLQGHUVSlWHQ$XINOlUXQJ(LQ6\PSRVLXP+JY:ROIJDQJ:LWW NRZVNL7ELQJHQ6²KLHU6  9JOGD]X&KR6HOEVWUHIHUHQWLDOLWlWGHU/LWHUDWXU6'LH7KHVHVFKHLQW]XQlFKVWDQJHVLFKWV GHV MDKUHODQJHQ $UEHLWVSUR]HVVHV 6FKLOOHUV EHLP 6FKUHLEHQ GHU %ULHIH SODXVLEHO ² ]ZLVFKHQ GHU Ä8UIDVVXQJ¶ VHLQHU %ULHIH  DQ GHQ +HU]RJ YRQ $XJXVWHQEXUJ ELV ]XU ÄHQGJOWLJHQ )DVVXQJ¶ LQ GHQ +RUHQ  OLHJHQ ]ZHL -DKUH HLQ %UDQG XQG VFKZHUH .UDQNKHLW ² HQW VSUHFKHQGZHUGHQ6FKLOOHUV%ULHIHKlXILJDOVÅIUDJPHQWDULVFK´EH]HLFKQHW 



$OH[D-RKDQQHV

Q|WLJHQ ]XU $QQDKPH GLHVH VHLHQ 3URJUDPP ,Q GLHVHP )DOO ZHUGHQ DEHUGLHÅ/|VXQJHQ´GLHPLWHLQGHXWLJHQ6LQQ]XZHLVXQJHQGDV6LQQSURE OHPLQGHQ%ULHIHQLQGHQ*ULII]XEHNRPPHQYHUVXFKHQPLW%OLFNDXIGLH :LGHUVSUFKOLFKNHLW DOV EHDEVLFKWLJWH UKHWRULVFKH 6WUDWHJLH VHOEVW ]XP 3UREOHP :LGHUVSUFKH 3DUDGR[LHQ XQG 7DXWRORJLHQ VLQG DEHU ODXW /XKPDQQ JHQDXGLHMHQLJHQ6WUXNWXUHQ'HQNILJXUHQXQG3UR]HVVHGLHGLH.RPPX QLNDWLRQVW|UHQRGHUVRJDUYHUKLQGHUQN|QQHQLQGHPVLH$QVFKOXVVVHOHN WLRQHQ XQP|JOLFK PDFKHQ :HOFKHQ 6LQQ KDW DOVR GDV *DQ]H" 3Ul]LVHU QRFKYRUGHP+RUL]RQWGHUGDUJHVWHOOWHQ6LQQSUREOHPDWLNPXVVGLH)UD JH DEHU HLJHQWOLFK ODXWHQ *LEW HV HLQHQ 6LQQEHJULII PLW GHP GLH bVWKH WLVFKHQ%ULHIHOHVEDUZHUGHQ"'HUV\VWHPWKHRUHWLVFKH6LQQEHJULIIELHWHWGD]X HLQ3RWHQWLDOPLW6LQQYLHOJHQHUHOOHUXP]XJHKHQDOVDQGHUH6LQQEHJULIIH 'RFKPXVVHLQZHLWHUJHIDVVWHU6LQQEHJULIIDOVELVKHUDQJHQRPPHQZHU GHQZR]XNRQVWLWXWLYDXFK3DUDGR[LHQJHK|UHQVRPHLQ9RUVFKODJ 6LQQV\VWHPWKHRUHWLVFK /XKPDQQ EH]HLFKQHW 6LQQ DOV HLQ Å8QLYHUVDOPHGLXP´ ÅGDV VRZRKO %HZX‰WVHLQVV\VWHPH DOV DXFK VR]LDOH 6\VWHPH EHQXW]HQ PVVHQ´ 6\V WHPHGLHGLH.RPSOH[LWlWYRQ8PZHOWXQG:HOWLQ)RUPYRQ6LQQYHU DUEHLWHQVLQGDXILKQDQJHZLHVHQIUVLHÅJLEWHVQXUGLHVH0|JOLFKNHLW´ =ZDUUlXPW/XKPDQQHLQGDVVHVQRFKDQGHUHVJHEHQNDQQDX‰HU6LQQ ZLH]%=XJDQJVZHLVHQ]XUXQPLWWHOEDUHQ(UIDKUXQJVZHOWGLHWUDGLWLRQHOO PLWÅ*HQX‰´Å)DNWL]LWlW´RGHUÅ([LVWHQ]´EHWLWHOWZXUGHQGRFKLVW6LQQ GLH DOOHQ 2SHUDWLRQHQ XQG 3UR]HVVHQ YRQ VHOEVWUHIHUHQWLHOOHQ 6\VWHPHQ DXVQDKPVORVDXIHUOHJWH9HUDUEHLWXQJVZHLVH)UHLQ6\VWHPZLH]%KLHU GDVbVWKHWLNRGHU/LWHUDWXUV\VWHPGDVVHLQHHLJHQH.RPSOH[LWlWXQGGLH VHLQHU8PZHOWPLWKLOIHYRQ6LQQYHUDUEHLWHWJLEWHVQXUGLHVH)RUP6LQQ ZHVKDOE/XKPDQQDXFKYRP6LQQ]ZDQJVSULFKW'HUDQVLFKÅGLIIHUHQ]  

   





9JO]XU$QQDKPHGDVVGLH5KHWRULN6FKLOOHUVGHU*HEUDXFKHLQHUPHWDSKRULVFKHQ6SUDFKH ORJLVFKH%UFKHXQG=LUNHODUJXPHQWDWLRQHLQHEHDEVLFKWLJWH6WUDWHJLHGDUVWHOOHQDXFK:LO NLQVRQ(OL]DEHWK0X/$:LOORXJKE\6FKLOOHUVbVWKHWLVFKH(U]LHKXQJGHV0HQVFKHQ(LQH(LQ IKUXQJ 0QFKHQ  XQG %HUJKDKQ .ODXV / Å6FKLOOHUV SKLORVRSKLVFKHU 6WLO´ ,Q .RRSPDQQ6FKLOOHU+DQGEXFK6² 9JO]XP7KHPD6LQQLQVEHVRQGHUH/XKPDQQ6R]LDOH6\VWHPH6² /XKPDQQ1LNODV'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 /XKPDQQ 1LNODV Å6LQQGHU.XQVWXQG 6LQQGHV 0DUNWHV² ]ZHL DXWRQRPH 6\VWHPH´ ,Q /XKPDQQ6FKULIWHQ]XU.XQVW6²6 /XKPDQQ6R]LDOH6\VWHPH6 (EG6 (EG6

6LQQ



ORVH´ XQG XQWHLOEDUH 6LQQ YROO]LHKH VLFK GDEHL QDFK GHU 0D‰JDEH GHU 'LIIHUHQ] $NWXDOLWlW3RWHQWLDOLWlW 'LHVH 'LIIHUHQ] EHVDJW LP *UXQGH QXUGDVVHWZDVJHUDGHLPÅ%OLFNSXQNW´VWHKWÅXQGDQGHUHVZLUGPDUJLQDO DQJHGHXWHW DOV +RUL]RQW IU HLQ 8QG6RZHLWHU GHV (UOHEHQV XQG +DQ GHOQV´ -HGHU DNWXDOLVLHUWH 6LQQ YHUZHLVW GDEHL DXI GLH DQGHUH 6HLWH GHU 'LIIHUHQ] LQ GHU GLH :HOW DOV 0|JOLFKNHLWVKRUL]RQW ]XJlQJOLFK JHKDOWHQ ZLUG 'LH VLQQNRQVWLWXWLYH 'LIIHUHQ] YRQ $NWXDOLWlW XQG 0|JOLFKNHLW ELUJW MHGRFK DXFK HLQ Å0RPHQW GHU 8QUXKH´ HLQ VWlQGLJHV 6LQQSUR ]HVVLHUHQ ZHOFKHV DXIJUXQG GHV VWlQGLJHQ 1HXIRUPLHUHQV GHU 'LIIHUHQ] ]XVWDQGHNRPPW(LQVHKUJHQHUHOOHUDEHUGRFKHQWVFKHLGHQGHU$VSHNW DXV6LFKWGHU6\VWHPWKHRULHLVWGDVVDQGHQDNWXHOOHQ6LQQEHVWlQGLJPLW ZHLWHUHP DNWXDOLVLHUWHQ 6LQQ DQJHVFKORVVHQ ZHUGHQ PXVV XP GLH .RP PXQLNDWLRQ HLQHV VHOEVWUHIHUHQWLHOOHQ 6\VWHPV XQG GDPLW GHVVHQ $XWR SRLHVLVDP/DXIHQ]XKDOWHQ'DUDQ]HLJWVLFK]XJOHLFKGDV6SH]LHOOHGHV V\VWHPWKHRUHWLVFKHQ 6LQQEHJULIIV (U LVW DXI .RPPXQLNDWLRQHQ DXVJH ULFKWHW 'LH 2SHUDWLRQVZHLVH GHU 'LIIHUHQ] $NWXDOLWlW3RWHQWLDOLWlW NDQQ DQ IROJHQGHP %HLVSLHO HUOlXWHUW ZHUGHQ 'HU 6LQQ GHU JHVFKLFKWVSKLORVR SKLVFKHQ0RGHOOH]%JHKWLP6LQQSUR]HVVLHUHQGHUbVWKHWLVFKHQ%ULHIHQLFKW YHUORUHQ HV ZLUG QXU HLQ DQGHUHU 6LQQ DNWXDOLVLHUW 'LH 8WRSLH GHU 9HU QXQIW ZLUG EOR‰ GXUFK GLH 8WRSLH GHV bVWKHWLVFKHQ HUVHW]W 'LHVHU QHXH 6LQQHUVFKHLQWGDQQOHGLJOLFKDOVGLHVHU6LQQXQGQLFKWVDQGHUHVXQGO|VW GHQ XUVSUQJOLFKHQ 6LQQ QXU LQ %H]XJ DXI VHLQH $NWXDOLWlW DE 'HVVHQ 6WDWXV YHUlQGHUW VLFK GDGXUFK ZLHGHUXP LQ GHU )RUP GDVV HU DOV QLFKW DNWXHOOHU 6LQQ LQ GDV5HLFKGHV 3RWHQWLHOOHQ ]XUFNJHVHW]W ZLUG DXV GHP KHUDXV HU ]XVDPPHQ PLW DOOHP DQGHUHQ GLH 0|JOLFKNHLW KDW DOV 6LQQ LU JHQGZDQQZLHGHUDNWXDOLVLHUW]XZHUGHQ 'HU 6LQQEHJULII GHU 6\VWHPWKHRULH HQWKlOW EHUGLHV NHLQH ,GHRORJLH RGHU YHUUlW GHP 6LQQVXFKHQGHQ ZDV VLQQYROO RGHU VLQQORV IU LKQ VHLQ NDQQ Å'LH /HLWILJXU LVW GDQQ HLQ NODUHV 3DUDGR[ QlPOLFK GLH 8QWHU VFKHLGXQJVLQQYROOVLQQORVVHOEVWIUVLQQYROO]XHUNOlUHQ´9RUGLHVHP  



 

 

   

(EG 6  Å'LIIHUHQ]ORV´ ZLUG KLHU YRQ /XKPDQQ VHOEVW LQ GRSSHOWH $QIKUXQJVVWULFKH JHVHW]W DOV 9RUVFKODJ XQG *HJHQHQWZXUI ]XUGHU]HLWLJ IDYRULVLHUWHQ 'LIIHUHQ] 6LQQ1DWXU 9JOHEG (EG6 (EG6 (EG6II (EG6 (EG6 (EG6 (EG6 9JO/XKPDQQÅ6LQQGHU.XQVW´6I (EG6



$OH[D-RKDQQHV

+LQWHUJUXQG ZLUG GHXWOLFK ZDUXP /XKPDQQ 6LQQ DOV GLIIHUHQ]ORV XQG XQQHJLHUEDU NRQ]LSLHUW GHQQ DXFK GLH Å%HKDXSWXQJ HWZDV VHL ÄVLQQORV¶ PDFKW6LQQVRQVWZUGHXQGN|QQWHPDQVLHJDUQLFKWDXIVWHOOHQ´(VVHL HLQ ÅDQGHUHU 6LQQEHJULII´ GHU GLH 8QWHUVFKHLGXQJ VLQQYROOVLQQORV JH EUDXFKWXQGGLHVHQDFKGHP&RGHSRVLWLYQHJDWLYVWUXNWXULHUW6\VWHPH N|QQHQ ZLH JHVDJW QLFKW VLQQIUHL RSHULHUHQ $Q GLH 6WHOOH GHU 'LIIHUHQ] VLQQYROOVLQQORVVHW]W/XKPDQQDOVRGLH'LIIHUHQ]YRQDNWXHOOSRWHQWLHOO XQGDN]HQWXLHUWEHLVHLQHP6LQQEHJULIIGDPLWHLQIDFKQXUGDV)DNWXPGHU DNWXHOOHQ*HJHEHQKHLWRGHUGHVDNWXHOOHQ9ROO]XJVLQGHU.RPPXQLNDWLRQ XQG QLFKW HWZD GDV )DNWXP VHLQHU %HGHXWXQJ (V LVW GHU =ZDQJ ]X HLQHU 6HOHNWLRQQLFKW]XYLHOHQYHUVFKLHGHQHQJOHLFK]HLWLJDXIGLHHVEHLP6LQQ DQNRPPW6LQQ]ZLQJWGHQQDFKIROJHQGHQ6LQQHEHQIDOOV]XU6HOHNWLRQLQ GHPHUÅEHVWLPPWH$QVFKOXVVP|JOLFKNHLWHQQDKHOHJWXQGDQGHUHXQZDKU VFKHLQOLFK RGHU VFKZLHULJ RGHU ZHLWOlXILJ PDFKW RGHU YRUOlXILJ  DXV VFKOLH‰W´ 'LH bVWKHWLVFKHQ %ULHIH XP GLH )RUPXOLHUXQJ DXI]XJUHLIHQ OHJHQ ]% GXUFK LKUHQ 9HUZHLV DXI JHVFKLFKWVSKLORVRSKLVFKH 7UDGLWLRQHQ LKUH /HN WUHDOV*HVFKLFKWVSKLORVRSKLHQDKH'XUFKGLHJOHLFK]HLWLJH6HOHNWLRQYRQ QRFKDQGHUHP6LQQLQ5LFKWXQJ$XWRQRPLHlVWKHWLNRGHU.XQVWZLUGGLHVH /HNWUHDEHUZLHGHUDXVJHVFKORVVHQ6FKLOOHUV%ULHIHPDFKHQGLH6HOHNWLRQ HLQHVEHVWLPPWHQQDFKIROJHQGHQ6LQQVVFKZLHULJZHQQQLFKWXQP|JOLFK ,KUZLGHUVSUFKOLFKHU6LQQHUVFKZHUWKLHU$QVFKOXVVVHOHNWLRQHQDXIJUXQG ZLGHUVSUFKOLFKHUXQGPHKUGHXWLJHU/HNWUHP|JOLFKNHLWHQ (VLVWQLFKW5HGXQGDQ]GLHHLQVLQQYHUDUEHLWHQGHVVHOEVWUHIHUHQWLHOOHV 6\VWHPJHIlKUGHQN|QQWH,P*HJHQWHLOGLHVHJHZlKUOHLVWHWVRJDUHLQHK| KHUH 6LFKHUKHLW ]% IU GHQ )DOO GDVV LUUHIKUHQGH 6HOHNWLRQHQ JHZlKOW ZHUGHQÅ6LQQVWDWWHWGDVMHDNWXHOOYROO]RJHQH(UOHEHQXQG+DQGHOQPLW UHGXQGDQWHQ 0|JOLFKNHLWHQ DXV 'DGXUFK ZLUG GLH 8QVLFKHUKHLW GHU 6H OHNWLRQ ]XJOHLFK DXFK ZLHGHU NRPSHQVLHUW´ $XFK GDV JHVHOOVFKDIWOLFKH 3UREOHP GHU .RPSOH[LWlW DXI GDV 6LQQ UHDJLHUW VWHOOW IU VLQQYHUDU EHLWHQGH6\VWHPHNHLQHZLUNOLFKH*HIDKUGD.RPSOH[LWlWZLUGGXUFK6LQQ VWUXNWXULHUW VHOHNWLHUW UHGX]LHUW XQG LP 0|JOLFKNHLWVKRUL]RQW ÅYHUIJEDU  



 

  

Å$XFK1HJDWLRQHQKDEHQQXUGDGXUFKVLQGVLHDQVFKOLH‰EDU6LQQ-HGHU$QODXI]XU1HJD WLRQYRQ6LQQEHUKDXSWZUGHDOVR6LQQZLHGHUYRUDXVVHW]HQZUGHLQGHU:HOWVWDWWILQ GHQPVVHQ6LQQLVWDOVRHLQHXQQHJLHUEDUHHLQHGLIIHUHQ]ORVH.DWHJRULH,KUH$XIKHEXQJ ZlUH LP VWUHQJVWHQ 6LQQH ÄDQQLKLODWLR¶ ² XQG GDV ZlUH HLQH 6DFKH HLQHU XQGHQNEDUHQ H[ WHUQHQ,QVWDQ]´ /XKPDQQ6R]LDOH6\VWHPH6  /XKPDQQÅ6LQQGHU.XQVW´6 (EG 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG (EG (EG

6LQQ



JHKDOWHQ´ 'LH LQ DOOHP 6LQQ LPPDQHQWH *HJHEHQKHLW LPPHU DXFK DXI GLH DQGHUH 6HLWH GHU 'LIIHUHQ] ]X YHUZHLVHQ IKUW DOOHUGLQJV ]X HLQHP 3UREOHP GDV GHU $XWRSRLHVLV VLQQYHUDUEHLWHQGHU 6\VWHPH WDWVlFKOLFK JH IlKUOLFKZHUGHQN|QQWHGLH6HOEVWUHIHUHQ] 'HQQPLWGHU6HOEVWUHIHUHQ]VLQGGHV:HLWHUHQGLH3UREOHPHGHU7DX WRORJLHGHU3DUDGR[LHXQGGHV:LGHUVSUXFKVYHUEXQGHQGLHPLWLKUDXI WUHWHQXQGGLH$QVFKOXVVIlKLJNHLWHLQHV6\VWHPVEORFNLHUHQN|QQHQ (LQHUVHLWV UHODWLYLHUW /XKPDQQ GLH DXV 6LFKW GHU /RJLN QLFKW DXV VFKOLH‰EDUH Å*HIDKU´ GHU ÅÄ(QWIDOWXQJ¶ UHLQHU 7DXWRORJLHQ ]X NRPSOH[H UHQLQKDOWOLFKJHKDOWYROOHQ6HOEVWUHIHUHQ]6\VWHPHQ´GHQQGDVVHLÅXQ P|JOLFK´GDVLHGXUFKÅMHGHQEHOLHELJHQ=XIDOO´VR]XVDJHQHPSLULVFK HQWWDXWRORJLVLHUW ZUGHQ 'LH $XIO|VXQJ YRQ 3DUDGR[LHQ LQWHUHVVLHUW E ULJHQVGLH6\VWHPWKHRULHQLFKWLP6LQQHLKUHU/RJLNVRQGHUQQXUDOV(QW IDOWXQJ LQQHUKDOE GHU .RPPXQLNDWLRQ YRU GHP +LQWHUJUXQG GLHVH DQ VFKOXVVIlKLJ ]X PDFKHQ 3DUDGR[LHQ SURGX]LHUHQ V\PPHWULVFKHQ 6LQQ GHU DEHU VFKRQ GXUFK GLH XQLYHUVHOOH 9HUZHLVXQJVIXQNWLRQ GHV 6LQQV JUXQGVlW]OLFKLQDOOHP6LQQHQWKDOWHQLVW6LQQDQVLFKLVWNRQWLQJHQWXQG ZHLOHUÅDXIDOOHV0|JOLFKHYHUZHLVWDOVRDXFKDXIJHJHQWHLOLJHQRGHULQ NRQVLVWHQWHQ6LQQLVWLQMHGHP6LQQHUOHEHQ:LGHUVSUFKOLFKHVODWHQWYRU KDQGHQ´ $OVR VWXIW /XKPDQQ DQGHUHUVHLWV GDV 3UREOHP GHU ]LUNXOlUHQ 6HOEVWUHIHUHQ] DOV *HIlKUGXQJ HLQ DXI GDV GLH EHWURIIHQHQ 6LQQV\VWHPH PLW,QWHUYHQWLRQ]XUHDJLHUHQKlWWHQ )UMHGH$UWYRQ6HOEVWUHIHUHQ]VWHOOWVLFKGDUDXIKDWWHQZLUEHLOlXILJLPPHUZLH GHU KLQJHZLHVHQ GDV 3UREOHP GHV 8QWHUEUHFKHQV HLQHV QXU WDXWRORJLVFKHQ =LU

  

 

 



(EG %HLGH6HLWHQHLQHU8QWHUVFKHLGXQJN|QQHQQXULQ]HLWOLFKHU6XN]HVVLRQDNWXDOLVLHUWZHUGHQ (LQH 8QWHUVFKHLGXQJ GLH JOHLFK]HLWLJ EHLGH 6HLWHQ DOVR LKUH HLJHQH (LQKHLW LQ GHQ %OLFN QLPPWYHUOLHUWLKUH8QWHUVFKHLGXQJVIlKLJNHLWXQGZLUGSDUDGR[(LQH6\PPHWULHEHLGHU6HL WHQ²L6$ GLHHLQH6HLWH YHUZHLVWDXI% GLHDQGHUH6HLWH XQG%YHUZHLVWZLHGHUDXI$ ]XUFN²ZUGHHLQHQWDXWRORJLVFKHQ=LUNHOHUJHEHQGHUIUZHLWHUH2SHUDWLRQHQGHV6\V WHPV QLFKW SURGXNWLY ZlUH GD HU HQWZHGHU XQHQGOLFKH /HHUH RGHU XQHQGOLFKH %HOLHELJNHLW QDFK VLFK ]LHKHQ ZUGH YJO /XKPDQQ 1LNODV Å6HOEVWUHIHUHQ] XQG 7HOHRORJLH LQ JHVHOO VFKDIWVWKHRUHWLVFKHU3HUVSHNWLYH´,Q1LNODV/XKPDQQ*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WX GLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW%G)UDQNIXUW0DLQ6²6  /XKPDQQ6R]LDOH6\VWHPH6 (EG6 (EG 9JO,VHQE|FN3HWHUÅ'LH3DUDGR[LHGHV9HUVWHKHQV.XOWXUKHUPHQHXWLNQDFK*DGDPHUXQG /XKPDQQ´ ,Q .XOWXUKHUPHQHXWLN ,QWHUGLV]LSOLQlUH %HLWUlJH ]XP 8PJDQJ PLW NXOWXUHOOHU 'LIIHUHQ] +JY&KULVWRSK(UQVW:DOWHU6SDUQX+HGZLJ:DJQHU0QFKHQ6I/XKPDQQ VWHOOWGLH (QWIDOWXQJ YRQ 3DUDGR[LHQ VWDWW LQ GLH7UDGLWLRQ GHU/RJLN HKHU LQ GLH7UDGLWLRQ GHUDEHQGOlQGLVFKHQ5KHWRULN /XKPDQQ6R]LDOH6\VWHPH6



$OH[D-RKDQQHV NHOV 'DV EOR‰H +LQZHLVHQ GHV 6HOEVW DXI VLFK VHOEVW PX‰ PLW =XVDW]VLQQ DQJH UHLFKHUWZHUGHQ

'DVV GDV +LQ]XIJHQ YRQ =XVDW]VLQQ ]XU 8QWHUEUHFKXQJ GHU UHLQHQ 6HOEVWUHIHUHQ] XQG ]XU $XIO|VXQJ YRQ =LUNXODULWlW HLQ 0RPHQW GHV )LN WLRQDOHQPLWHLQVFKOLH‰WJLEW/XKPDQQ]X(VLVWIULKQDEHUDQJHVLFKWVGHU Å(UIRUGHUQLV HLQHV VROFKHQ 9HUIDKUHQV´ QDFKUDQJLJ ]X EHZHUWHQ $Q JHVLFKWVGLHVHVDUWLIL]LHOOHQXQGILNWLRQDOHQ=XJHVEHLDOOHP6LQQXQGXQWHU 5HNXUV DXI GLH V\VWHPWKHRUHWLVFKH )RUGHUXQJ ZHUGHQ ]% GLH *HQLHlV WKHWLN XQG GLH URPDQWLVFKH ,URQLH DXFK DOV Å$UWHIDNWH´ EH]HLFKQHW GLH LP=XJHGHV$XWRQRPLVLHUXQJVSUR]HVVHVGHV.XQVWV\VWHPVDXIWUHWHQXP GLH HLJHQH 6HOEVWUHIHUHQ] ]X XQWHUEUHFKHQ XQG ]X YHUGHFNHQ 'LH 6\V WHPWKHRULHKDWIUGLHVHV9HUIDKUHQGHU6HOEVWUHIHUHQ]XQWHUEUHFKXQJXQG (QWSDUDGR[LHUXQJHLQHQ1DPHQ(VKHL‰W$V\PPHWULVLHUXQJ'DEHLJHKW HVGDUXPGLH6\PPHWULHHLQHU8QWHUVFKHLGXQJGLHMHGHP6LQQ]XJUXQGH OLHJW VHPDQWLVFK ]X LQYLVLELOLVLHUHQ 8P HLQH 6HLWH VLFKWEDU ]X PDFKHQ XQGGDPLW6LQQ]XJHQHULHUHQPXVVGLHDQGHUHXQVLFKWEDUJHPDFKWZHU GHQ/XKPDQQIKUWPHKUHUHVHPDQWLVFKH)RUPHQGHU$V\PPHWULVLHUXQJ DXI ZLH ]% =ZHFNH 7HPSRUDOLVLHUXQJ ([WHUQDOLVLHUXQJ 5HIOH[LRQ XQG +LHUDUFKLVLHUXQJ 6LQQZLUGDOVRJHQHULHUWGXUFKGLHQDFKWUlJOLFKHDUWLIL]LHOOH(QWIDOWXQJ YRQ3DUDGR[LHQGLHPLWGHU6HOEVWUHIHUHQ]HLQKHUJHKHQXQGGHQ6LQQSUR ]HVVHQ ]XJUXQGH OLHJHQ 6LH NRPPHQ GXUFK GLH V\VWHPLQWHUQH 'LIIHUHQ] 6\VWHP8PZHOW]XVWDQGHGXUFKGLHVLFKHLQ6\VWHPLQ'LIIHUHQ]]XVHL QHU 8PZHOW HU]HXJW (V EHLQKDOWHW GLH NRQVWLWXWLYH 3DUDGR[LH GHV 6\V WHPVGDVVHVGDVHLJHQH6HOEVWXQGGDV$QGHUHVHLQH8PZHOWDXVVFKOLH‰     







(EG69JODXFK/XKPDQQÅ6HOEVWUHIHUHQ]XQG7HOHRORJLH´6 /XKPDQQ6R]LDOH6\VWHPH6=XU)LNWLRQDOLWlWGHU$V\PPHWULVLHUXQJYJO6I 3OXPSH*HUKDUGÅ.XQVWLVW.XQVW9RP6XEMHNW]XU7DXWRORJLH´,Q6\PSWRPH=HLWVFKULIW IU(SLVWHPRORJLVFKH%DXVWHOOHQ  6²KLHU6 /XKPDQQ6R]LDOH6\VWHPH6 Å$OVRJHUDGHGXUFKGLH%HREDFKWXQJZLHDQGHUH6\VWHPHGXUFK,QYLVLELOLVLHUXQJGHUHLJH QHQ 3DUDGR[LHQ GLH %ORFNLHUXQJ GHU .RPPXQLNDWLRQ GXUFK 3DUDGR[LHQ YHUPHLGHQ HQWSDUDGR[LHUW VLFK GLH 6\VWHPWKHRULH DOV 6HOEVWEHVFKUHLEXQJ GHU *HVHOOVFKDIW VHOEVW´ ,VHQE|FNÅ'LH3DUDGR[LHGHV9HUVWHKHQV´6  9JO/XKPDQQÅ6HOEVWUHIHUHQ]XQG7HOHRORJLH´6²YJODXFK/XKPDQQ1LNODV Å7DXWRORJLH XQG 3DUDGR[LH LQ GHQ 6HOEVWEHVFKUHLEXQJHQ GHU PRGHUQHQ *HVHOOVFKDIW´ ,Q =HLWVFKULIW IU6R]LRORJLH   +  6 ² KLHU 6 II VRZLH /XKPDQQ1LNODV Å6HOEVWUHIHUHQ] XQG ELQlUH 6FKHPDWLVLHUXQJ´ ,Q 1LNODV /XKPDQQ *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN 6WXGLHQ ]XU :LVVHQVVR]LRORJLH GHU PRGHUQHQ *HVHOOVFKDIW >@ %G  )UDQNIXUW0DLQ 6²XQG6FKZDQLW]6\VWHPWKHRULHXQG/LWHUDWXU6I6FKZDQLW]]HLJWGDVVGLH $XIO|VXQJ GHU 3DUDGR[LH GXUFK GLH +LHUDUFKLVLHUXQJ YRQ (EHQHQ LQ GHU 7\SHQWKHRULH YRQ %HUWUDQG5XVVHOOQLFKWHQGJOWLJLVWÅZHLOHVRIIHQEDUNHLQHK|FKVWH(EHQHJLEWYRQGHUDXV VLFKPLWPDWKHPDWLVFKHQ0LWWHOQEHZHLVHQOLH‰HGD‰GLH0DWKHPDWLNORJLVFKNRQVLVWHQWLVW´ 9JO/XKPDQQ6R]LDOH6\VWHPH6II

6LQQ



OLFK GXUFK GHQ %H]XJ DXI GDV (LJHQH HUKDOWHQ NDQQ GXUFK GLH LQWHUQH 2SHUDWLRQ GHU 1HJDWLRQ VHLQHU VHOEVW 'LHVH 3DUDGR[LH PLWKLOIH GHUHU VLFK GDV 6\VWHP ]ZDU HLQHUVHLWV JHQHULHUW XQGVHLQH $XWRSRLHVLV LQ *DQJ VHW]WPXVVV\VWHPLQWHUQMHGRFKDQGHUHUVHLWVZLHGHUYHUZDOWHWZHUGHQXQG LQQHUKDOEGHU.RPPXQLNDWLRQZLHGHUXPHQWIDOWHWGKLQYLVLELOLVLHUWZHU GHQXPGHU$XWRSRLHVLVQXQQLFKWYRQGLHVHU:DUWHDXVJHIlKUOLFKZHU GHQ ]X N|QQHQ 'LHVH *UXQGSDUDGR[LH GHU .RPPXQLNDWLRQ UHFKWIHUWLJW /XKPDQQGXUFKGDV3RWHQWLDOGHU6\VWHPWKHRULHGLHVHLQGHUVHOEHQZLHGHU HQWIDOWHQ]XN|QQHQ 6FKLOOHUPLW/XKPDQQ²3DUDGR[LH6LQQ (LQ ZHLWHUHU :LGHUVSUXFK LQ GHQ bVWKHWLVFKHQ %ULHIHQ LVW GLH %HVWLPPXQJ GHV bVWKHWLVFKHQ DQKDQG GHU 'LIIHUHQ] )RUP6WRII $XI GHU HLQHQ 6HLWH ZLUGGLHVHKLHUDUFKLVLHUWXQGGDPLWDV\PPHWULVLHUWLQGHP)RUPLQ%H]XJ DXIGDVbVWKHWLVFKHEHUGHP6WRIIVWHKHGDÅQXUYRQGHU)RUP>@ZDK UH lVWKHWLVFKH )UH\KHLW ]X HUZDUWHQ´ VHL XQG GLH )RUP GHQ 6WRII ÅYHU WLOJH´5HGXQGDQWZLUGIRUPXOLHUWGDVVGHUÅ,QKDOWQLFKWVGLH)RUPDEHU DOOHVWXQ´VROO$XIGHUDQGHUHQ6HLWHKDWWHQGLH%ULHIHHOIXQG]Z|OIHLQH :HFKVHOZLUNXQJ ]ZLVFKHQ )RUP XQG 6WRII DQQHKPHQ ODVVHQ GD ÅGLH )RUPDEHUQXUDQHLQHP6WRIIHUHDOLVLUWZHUGHQNDQQ´%HLGH6HLWHQGHU 'LIIHUHQ] YRQ 6WRII)RUP HUVFKHLQHQ DEHU EHL HLQHU :HFKVHOZLUNXQJ V\PPHWULVFK 8P HLQ ZHLWHUHV %HLVSLHO IU GLH YLHOIlOWLJHQ $V\PPHWUL VLHUXQJVIRUPHQ LQ GHQ %ULHIHQ ]X JHEHQ VLQG GLH %H]JH DXI .DQW XQG GLH*HVFKLFKWVSKLORVRSKLHV\VWHPWKHRUHWLVFKJHVHKHQDV\PPHWULVLHUHQGH ([WHUQDOLVLHUXQJHQ 'XUFK GLH ZLGHUVSUFKOLFKH %H]XJQDKPH ZLUG GLH $NWXDOLWlW GHU YRUKDQGHQHQ 6LQQVHOHNWLRQ DEHU ZLHGHU DXIJHKREHQ XQG OlVVWGHQ6LQQGHUbVWKHWLNZLHGHUXQEHVWLPPWHUVFKHLQHQ)RUPHQWVFKHL GXQJHQ LQ 6FKLOOHUV lVWKHWLVFKHP :HUN GLH GXUFK $V\PPHWULVLHUXQJHQ ]XVWDQGHNRPPHQZHUGHQGXUFK:LGHUVSUFKHZLHGHU]XUFNJHQRPPHQ 1RFKHLQPDOJHIUDJW:R]XGDV*DQ]H"0DFKWHVGHQQRFKHLQHQ6LQQ"   



  

(EG6 9JO,VHQE|FNÅ'LH3DUDGR[LHGHV9HUVWHKHQV´6,P8PJDQJPLW3DUDGR[LHQPDQL IHVWLHUHVLFKJHUDGHGLHhEHUOHJHQKHLWGHU6\VWHPWKHRULHJHJHQEHUDQGHUHQ7KHRULHQ9JO HEG6 %HLGH=LWDWHLQ6FKLOOHUÅhEHUGLHlVWKHWLVFKH(U]LHKXQJ´6 (EG (EG6'DVlKQHOWGHUV\VWHPWKHRUHWLVFKHQ%HVFKUHLEXQJYRQ0HGLXPXQG)RUP .RRSPDQQÅÄ%HVWLPPH'LFKDXV'LUVHOEVW¶´6²'LHlVWKHWLVFKH)UHLKHLWLQWHUHV VLHUWH6FKLOOHUVR.RRSPDQQQXUDXIJUXQGGHV(LQIOXVVHVYRQ6HLWHQ.DQWVZHOFKHQHULQ VHLQHU'HILQLWLRQGHV6FK|QHQEHUWUHIIHQZROOWH



$OH[D-RKDQQHV

'LH =XUFNQDKPH YRQ EHVWLPPWHP HLQGHXWLJHP 6LQQ PDFKW 6LQQ ZHQQ PDQ HLQHU GHU YLHOHQ %HVWLPPXQJHQ GHV HLJHQWOLFK ÅXQHUIRUVFKOL FKHQ´ bVWKHWLVFKHQ LP  %ULHI *ODXEHQ VFKHQNW HV VHL ÅHUIOOWH 8Q HQGOLFKNHLW´,QUHGXQGDQWHU:RUWZDKOZLUGGLHVH9HUIDVVXQJGHVbVWKH WLVFKHQ DXFK ÅXQHQGOLFKH )OOH´ PLW DOOHQ ,QKDOWHQ JHIOOWH ÅlVWKHWLVFKH %HVWLPPEDUNHLW´ XQG ÅlVWKHWLVFKH %HVWLPPXQJVIUH\KHLW´ JHQDQQW 'LH %HVWLPPEDUNHLWGHVbVWKHWLVFKHQVRKHL‰WHVLVWÅQLFKWDXVVFKOLH‰HQGEH VWLPPWGKEH\VHLQHU%HVWLPPXQJQLFKWEHVFKUlQNW´DEHUDXFKQLFKW XQEHVWLPPW 'LHVH %HVWLPPXQJ VFKOLH‰W SDUDGR[HUZHLVH HLQH DXVVFKOLH ‰HQGH 6HOHNWLRQ YRQ 6LQQ DXV GHQQ GDV bVWKHWLVFKH PXVV EHVWLPPEDU EOHLEHQLP6LQQHHLQHU3RWHQWLDOLWlW6RPLWLVWGLHÅlVWKHWLVFKH6WLPPXQJ´ ÅGHU*UXQGGHU0|JOLFKNHLWYRQDOOH>P@´'DVbVWKHWLVFKHZLOOVLFKDOOH 0|JOLFKNHLWHQ]XU 6HOEVW %HVWLPPXQJRIIHQKDOWHQ(VZLUGDXFKQLFKW DOVXQEHVWLPPWRGHUOHHU²ZLHHLQHÅOHHUH8QHQGOLFKNHLW´²YRUJHVWHOOW ÅZHLOHVDOOH5HDOLWlWYHUHLQLJW´,P'LHQVWHGHU%HVWLPPEDUNHLWGHVbV WKHWLVFKHQPDFKHQGLH:LGHUVSUFKHLQGHQbVWKHWLVFKHQ%ULHIHQ6LQQ 6\VWHPWKHRUHWLVFK JHVSURFKHQ N|QQWH PDQ VDJHQ 6REDOG GXUFK ILN WLRQDOH)RUPHQYRQ$V\PPHWULHQXQG )UHPG 5HIHUHQ]HQ6LQQVHOHNWLHUW XQG LQIROJH GHVVHQ 6HOEVWUHIHUHQ] XQWHUEURFKHQ ZLUG GHPDVNLHUHQ GLH :LGHUVSUFKH LKUHUVHLWV GLH DUWLIL]LHOOHQ 6HOEVWUHIHUHQ]XQWHUEUHFKHU XQG ODVVHQDOOHEHVWLPPWHQ6LQQPRPHQWHGLHGDVbVWKHWLVFKHEHWUHIIHQZLH GHUDOVEHVWLPPEDUXQGNRQWLQJHQWHUVFKHLQHQ 'HQQ HLQ :LGHUVSUXFK OlVVW DXV V\VWHPWKHRUHWLVFKHU 6LFKW GDV %H VWLPPWHYRQ6LQQZLHGHULQV8QEHVWLPPWHXPVFKODJHQ'HQQRFKEOHLEW GDV ]XYRU %HVWLPPWH ZHLWHUKLQ DNWXDOLVLHUW Å'DV ZDV VLFK ZLGHUVSULFKW LVWMDEHVWLPPWVRQVWN|QQWHPDQNHLQHQ:LGHUVSUXFKIHVWVWHOOHQ´ $OOHV]XYRU%HVWLPPWHZLUGYRQGHU)RUPGHU%ULHIHÅYHUWLOJW´GLHQW GHU SDUDGR[HQ Ä%HVWLPPXQJ¶ GHV bVWKHWLVFKHQ QXU DOV 6WRII 6R ZHUGHQ DOOHDNWXDOLVLHUWHQH[WHUQDOLVLHUHQGHQ6LQQRIIHUWHQGHUbVWKHWLVFKHQ%ULHIHZLH GHU %H]XJ ]XU .DQWVFKHQ 3KLORVRSKLH GLH SROLWLVFKH 8WRSLH GLH /HJLWL PLHUXQJGHU.XQVWDXWRQRPLHRGHUGLH%HVWLPPXQJGXUFKGLHDQGLH$Q WLNHDQVFKOLH‰HQGH'LIIHUHQ])RUP6WRIIGXUFKGLH:LGHUVSUFKHZLHGHU ]XUFNJHQRPPHQ'HUGXUFKVLHJHVFKDIIHQH6LQQHUKlOW]ZDUHLQHQQLFKW       

 



6FKLOOHUÅhEHUGLHlVWKHWLVFKH(U]LHKXQJ´6 $OOH=LWDWHHEG6 (EG6 (EG6 (EG6 (EG6 9JO3OXPSHÅ.XQVWLVW.XQVW´6 9JO/XKPDQQ6R]LDOH6\VWHPH6 (EG

6LQQ



DNWXHOOHQ6WDWXVLP5HLFKGHV3RWHQWLHOOHQXQG0|JOLFKHQXQGEOHLEWGRUW DEHU ]XJlQJOLFK 'HU 6LQQ GHV bVWKHWLVFKHQ YHUZHLVW LQWHUHVVDQWHUZHLVH DXI GLH ]ZHLWH 6HLWH GHU VLQQNRQVWLWXWLYHQ 'LIIHUHQ] $NWXDOLWlW3RWHQ WLDOLWlW QDFK GHUHQ 0D‰JDEH 6LQQ ]ZDU DXV V\VWHPWKHRUHWLVFKHU 3HUV SHNWLYH SUR]HVVLHUW DEHU DOV DNWXDOLVLHUWHU 6LQQ VLFK JHJHQ HLQHQ DQGHUHQ SRWHQWLHOOHQ 6LQQ GLIIHUHQ]LHUW %HLP 6LQQ GHV bVWKHWLVFKHQ LVW HV JHQDX VSLHJHOYHUNHKUW (V VHW]W HLQ 0|JOLFKHV JHJHQ HLQ %HVWLPPWHV E]Z $N WXDOLVLHUWHV RGHU (LQGHXWLJHV DE (V PDFKW GDV 0|JOLFKH ]X VHLQHU 5HIH UHQ] XQG JHQDX GDUDXI YHUZHLVW QDFK /XKPDQQ LP *UXQGH DXFK MHGHU 6LQQ 'DV lVWKHWLVFKH 6\VWHP ZLH HV LQ GHQ lVWKHWLVFKHQ %ULHIHQ GDUJHVWHOOW ZLUG HUZHLVW VLFK VRPLW DOV HLQ 6\VWHP GDV GDV 7KHPD 6LQQ EHKDQGHOW LQNOXVLYHVHLQHUV\PPHWULVFKHQXQG]LUNXOlUHQ)RUPHQZLH:LGHUVSUFKH 7DXWRORJLHQ XQG 3DUDGR[LHQ VRZLH GHVVHQ DV\PPHWULVFKHQ )RUPHQ ZLH ]%VHLQH9HUZHLVHVHLQH5HIHUHQWLDOLVLHUXQJHQXQG([WHUQDOLVLHUXQJHQ 6FKLOOHUV bVWKHWLN KlOW HEHQIDOOV GLH 'LIIHUHQ]HQ GHU GUHL 6LQQGLPHQ VLRQHQGLHDOV'RSSHOKRUL]RQWHGHU6\VWHPWKHRULH]XU+RUL]RQWLHUXQJGHV 6LQQV GLHQHQ LQ GHU V\PPHWULVFKHQ 6FKZHEH ,Q GHU 6DFKGLPHQVLRQ XQWHUVFKHLGHWGHU6LQQGHVbVWKHWLVFKHQQLFKW]ZLVFKHQGLHVHPDQGHUHP GXUFKGLH5FNQDKPHQYRQ([WHUQDOLVLHUXQJHQXQG5HIHUHQ]LDOLVLHUXQJHQ VLQG LKP DOOH %H]XJQDKPHQ DOOH 6WRIIH XQG DOOH %HVWLPPXQJHQ JOHLFK 'DV bVWKHWLVFKH ZLGHUVHW]W VLFK HEHQIDOOV DOOHQ $V\PPHWULVLHUXQJVYHUVX FKHQ LQ GHU =HLWGLPHQVLRQ GLH GLH *OHLFK]HLWLJNHLW HLQHU V\PPHWULVFKHQ XQG GDGXUFK SDUDGR[HQ 8QWHUVFKHLGXQJ GXUFK 7HPSRUDOLVLHUXQJ XQG ]HLWOLFKH6XN]HVVLRQLQGHQ*ULIIEHNRPPHQZROOHQ -HGHUDQGHUH=XVWDQGLQGHQZLUNRPPHQN|QQHQZHLVWXQVDXIHLQHQYRUKHUJH KHQGHQ ]XUFN XQG EHGDUI ]X VHLQHU $XIO|VXQJ HLQHV IROJHQGHQ QXU GHU lVWKH WLVFKHLVWHLQ*DQ]HVLQVLFKVHOEVWGDHUDOOH%HGLQJXQJHQVHLQHV8UVSUXQJVXQG VHLQHU)RUWGDXHULQVLFKYHUHLQLJW+LHUDOOHLQIKOHQZLUXQVZLHDXVGHU=HLWJH ULVVHQ

'LH8QWHUVFKHLGXQJDOWHUHJRLQGHU6R]LDOGLPHQVLRQZLUGHEHQIDOOVQLYHO OLHUWLQGHQ%ULHIHQLQ%H]XJDXIGDV9HUP|JHQHLQHUlVWKHWLVFKIUHLHQ%H WUDFKWXQJ VLQG DOOH 8QWHUVFKLHGH ]ZLVFKHQ GHP .QVWOHU XQG GHP %H WUDFKWHUYRQ.XQVWHLQJHHEQHW 3DUDGR[LHQJUHLIHQ6LQQXQGGDPLWGLH0|JOLFKNHLW]X$QVFKOXVVNRP PXQLNDWLRQHQLQDOOHQGUHL6LQQGLPHQVLRQHQDQVWDWW$NWXDOLWlWXQG6HOHN  

(EG6²/XKPDQQJUHLIWPLWVHLQHQDOV'RSSHOKRUL]RQWHYRUJHVWHOOWHQ'LIIHUHQ]HQ GLH+RUL]RQWVWUXNWXUGHV6LQQVLP$QVFKOXVVDQGDVSKlQRPHQRORJLVFKH'HQNHQ+XVVHUOV XQG LQ GHVVHQ 1DFKIROJH  DQ GLH SKLORVRSKLVFKH +HUPHQHXWLN *DGDPHUV DXI YJO ,VHQE|FNÅ'LH3DUDGR[LHGHV9HUVWHKHQV´6   6FKLOOHUÅhEHUGLHlVWKHWLVFKH(U]LHKXQJ´6   (EG6I



$OH[D-RKDQQHV

WLRQHUZLUNHQVLH8QHQWVFKHLGEDUNHLWXQG8QEHVWLPPWKHLWVWDWW=HLWJHIlO OH*OHLFK]HLWLJNHLWVWDWW9HUVWlQGLJXQJEORFNLHUHQVLHGLH.RPPXQLNDWLRQ 'DV 6\VWHP GHU bVWKHWLN KRFKJUDGLJ JHIlKUGHW VHLQH $XWRSRLHVLV QLFKW ZHLWHUIKUHQ ]X N|QQHQ EHUVWHKW MHGRFK GHQ $QJULII EDXW 3DUDGR[LHQ VWUXNWXUHOO LQV 6\VWHP HLQ (V VHOHNWLHUW JHUDGH]X 3DUDGR[LHQ :LGHU VSUFKH XQG 7DXWRORJLHQ DOV 6LQQ XQG HU]HXJW GDPLW ÅHUZDUWEDUH 8QHU ZDUWEDUNHLW´HLJHQWOLFKHLQ0HUNPDOYRQ/LWHUDWXU,QGHQ%ULHIHQZHUGHQ GLH HLJHQHQ )RUPHQWVFKHLGXQJHQ XQG 6LQQSUR]HVVH VHOEVWEH]JOLFK PLW UHIOHNWLHUWLQGHPGLHVHVHOEVWRIWDOVÅ:LGHUVSUXFK´Å=LUNHO´XQGÅ3DUD GR[RQ´EH]HLFKQHWZHUGHQÅ$EHULVWKLHUQLFKWYLHOOHLFKWHLQ=LUNHO"´ 'LHVHU6DW]GHULQGLHVHP$XJHQEOLFNHYLHOOHLFKWSDUDGR[HUVFKHLQW>@ZLUGLFK YHUVSUHFKH HV ,KQHQ GDV JDQ]H *HElXGH GHU lVWKHWLVFKHQ .XQVW XQG GHU QRFK VFKZLHULJHUQ /HEHQVNXQVW WUDJHQ $EHU GLHVHU 6DW] LVW DXFK QXU LQ GHU :LV VHQVFKDIWXQHUZDUWHWOlQJVWVFKRQOHEWHXQGZLUNWHHULQGHU.XQVW

'LH%ULHIHOHJHQKLHULKUHHLJHQH/HNWUHP|JOLFKNHLWDOV.XQVWQDKH8QHU ZDUWHWHVXQG3DUDGR[HVILQGHVLFKHEHQDXFKDOV:LUNXQJYRQlVWKHWLVFKHU .XQVW XQG /LWHUDWXU 'LHVHU /HNWUH HQWVSULFKW GDVV 6FKLOOHU VHLQH $XV IKUXQJHQLPIQIWHQ%ULHIDOVÅ*HPlKOGH´EH]HLFKQHWVROFKHVWDPPHQ DEHUVRKHL‰WHVLP]HKQWHQ%ULHIYRQÅ'LFKWHUQ´ 'LH0|JOLFKNHLWGHU0HKUIDFKDQVFKOXVVIlKLJNHLWGHU%ULHIHVLHVRZRKO SKLORVRSKLVFK DOV DXFK lVWKHWLVFK DOV DXFK OLWHUDULVFK OHVHQ ]X N|QQHQ ZLUG JHUDGHGXUFK :LGHUVSUFKH HUUHLFKW 'HQQ DOOHU 6LQQ ² RESKLORVR SKLVFK lVWKHWLVFKRGHU OLWHUDULVFK ² GLHQW OHW]WOLFK EOR‰ GD]X HLQ XQHQG OLFKHV 6WRII XQG )RUPHQUHVHUYRLU LP 6LQQH HLQHU ÅHUIOOWHQ 8QHQGOLFK NHLW´GLHGDVbVWKHWLVFKHJHQHULHUWDQ]XOHJHQ'HU)RNXVGHU%ULHIHULFKWHW VLFKGDEHLDXIGLHHLJHQH)RUPGLHGLHVHQUHLFKKDOWLJHQ3RROYRQ0|JOLFK NHLWHQDOV0HGLXPQXW]WXPGDVbVWKHWLVFKHGDVQLFKWEHVWLPPWZHUGHQ GDUI QXU PLWKLOIH GHV HLJHQHQ 6LQQSUR]HVVLHUHQV LP 7H[W VHOEVW DOV %H VWLPPEDUHVKHUYRUEULQJHQ]XN|QQHQ'LHVH/HVDUWGDVVGLH%ULHIHVHOEVW lVWKHWLVFK VHLHQ DOVR GHP 6\VWHP GHU bVWKHWLN DQJHK|UHQ ZLUG GXUFK VHOEVWEH]JOLFKH5HIOH[LRQHQQDKHJHOHJW :LU ZHUGHQ GLH .OLSSHQ YHUPHLGHQ DQ ZHOFKHQ EH\GH >3KLORVRSKHQ $-@ JH VFKHLWHUWVLQGZHQQZLUYRQGHQ]ZH\(OHPHQWHQEHJLQQHQLQZHOFKH6FK|QKHLW VLFKYRUGHP9HUVWDQGHWKHLOWDEHUXQVDOVGDQQDXFK]XGHUUHLQHQlVWKHWLVFKHQ(LQKHLW

 

3OXPSHÅ.XQVWLVW.XQVW´6 9JO]XPÅ:LGHUVSUXFK´XD6FKLOOHUÅhEHUGLHlVWKHWLVFKH(U]LHKXQJ´6 %ULHI    %ULHI    %ULHI    %ULHI  ]XP Å=LUNHO´   %ULHI  E]Z  %ULHI XQG]XPÅ3DUDGR[RQ´6 %ULHI XQG %ULHI   (EG6  (EG6 

6LQQ



HUKHEHQGXUFKGLHVLHDXIGLH(PSILQGXQJZLUNWXQGLQZHOFKHUMHQHEH\GHQ=X VWlQGHJlQ]OLFKYHUVFKZLQGHQ

'LH H[SOL]LW lVWKHWLVFKH 6HOEVWEH]JOLFKNHLW ZLUG DXFK DQ IROJHQGHU 6WHOOH UHIOHNWLHUW Å,FK ZHUGH GDKHU LP )RUWJDQJH PHLQHU 8QWHUVXFKXQJHQ GHQ :HJ GHQ GLH 1DWXU LQ lVWKHWLVFKHU +LQVLFKW PLW GHP 0HQVFKHQ HLQ VFKOlJWDXFK]XGHPPHLQLJHQPDFKHQ´:LHDXFKLPPHUPDQHVQHQ QHQ P|FKWH 3RHWL]LWlW /LWHUDUL]LWlW RGHU bVWKHWLN VLH ]HLFKQHW VLFK DXV GLHVHU 3HUVSHNWLYH  GXUFK 6HOEVWUHIOH[LYLWlW GHV HLJHQHQ 6LQQSUR]HVVLH UHQV]ZLVFKHQ6HOEVWUHIHUHQ]XQG5HIHUHQ]DXVGXUFKHUZDUWEDUH8Q HUZDUWEDUNHLW DXIJUXQG YRQ 5HGXQGDQ]HQ XQG 5FNQDKPHQ YRQ )RUP HQWVFKHLGXQJHQ LQQHUKDOE HLQHV 7H[WHV  GXUFK 0HKUIDFKDQVFKOXVVIl KLJNHLW DXIJUXQG YRQ SRWHQWLHOOHP %HVWLPPXQJVUHLFKWXP  GXUFK GLH 6HOHNWLRQYRQ3DUDGR[LHQXQGDQGHUHQ]LUNXOlUHQ6LQQIRUPHQE]ZGXUFK 'HPDVNLHUXQJHQGHVILNWLRQDOHQ6LQQV $XVGLHVHU3HUVSHNWLYHGUlQJHQVLFK]ZHL)UDJHQDXIGLHHYHQWXHOOHL QHQ5HYLVLRQVEHGDUILQQHUKDOEGHU6\VWHPWKHRULHDQNQGLJHQ 'DVOLWHUDULVFKlVWKHWLVFKH3URJUDPP6FKLOOHUVIKUWWURW]XQHLQGHX WLJHU XQG V\PPHWULVFKHU 6LQQHU]HXJXQJ XQG 3DUDGR[LHQ QLFKW ]XU %OR FNDGHRGHU]XP$XVEOHLEHQYRQ$QVFKOXVVNRPPXQLNDWLRQHQ,P*HJHQ WHLO$XIVlW]HXQG0RQRJUDSKLHQ]X6FKLOOHUVbVWKHWLVFKHQ%ULHIHQH[LVWLHUHQ HQPDVVH'DV/LWHUDWXUXQG.XQVWV\VWHPKDWPLW0HKUGHXWLJNHLWHQEHU KDXSW NHLQ 3UREOHP WURW] 0HKUIDFKDQVFKOXVVIlKLJNHLW VFKUHLEW HV VLFK IRUW$XFKGLH$QQDKPHGLH%ULHIHVHLHQSKLORVRSKLVFK]XOHVHQPDFKWHV QLFKW HLQIDFKHU 6R ]HLJHQ DXFK GLH SKLORVRSKLVFKHQ $QWZRUWHQ DXI GLH 3KLORVRSKLH6FKLOOHUVGDVVDXFKSKLORVRSKLVFKH8QHLQGHXWLJNHLWHQXQG3DUD GR[LHQQLFKW]XU%ORFNDGHYRQ$QVFKOXVVVHOHNWLRQHQIKUHQPVVHQVRQ GHUQV\VWHPLQWHUQYHUDUEHLWHWZHUGHQXQGVRGLH$XWRSRLHVLVGHV6\VWHPV LP *DQJH KDOWHQ 'LH )UDJH ZlUH RE GDV $XIO|VHQ YRQ 3DUDGR[LHQ LP 6LQQHLKUHU(QWIDOWXQJEHUKDXSWZLH/XKPDQQPHLQWQRWZHQGLJIUGLH $XWRSRLHVLVHLQHV6\VWHPVLVW.XQVWbVWKHWLNXQG3KLORVRSKLHVRZLHGLH /LWHUDWXU :LVVHQVFKDIWVLQGGDIU*HJHQEHLVSLHOH 'LH]ZHLWH)UDJHLVWREPDQ6LQQZHLWHUKLQDOVGLIIHUHQ]ORVH.DWH JRULHEHLEHKDOWHQP|FKWH$XVGHP9RULJHQN|QQWHPDQIUGLH6\VWHP WKHRULH HLQH VLQQNRQVWLWXLHUHQGH 8QWHUVFKHLGXQJ DQQHKPHQ GLH VLFK DXV GHQIROJHQGHQ]ZHL6HLWHQ]XVDPPHQVHW]WVLQQKDIWSDUDGR['LHVHU9RU VFKODJ KlWWH GHQ 9RU]XJ 3DUDGR[LHQ JOHLFKZHUWLJ QHEHQ VLQQKDIWHQ bX  

(EG6I>NXUVLYYRQ$-@ (EG6>NXUVLYYRQ$-@  'LHVVWHOOWLP*UXQGHGLH2SHUDWLRQVZHLVHHLQHVEHOLHELJHQ6\VWHPVGDUXQGZHLVWHLQ6\V WHPEHUKDXSWHUVWDOVVHOEVWUHIHUHQWLHOOHV6\VWHPDXV'LHVHU3XQNWGLIIHUHQ]LHUWHLQlVWKH WLVFKHV6\VWHPVRPLWQRFKQLFKWKLQUHLFKHQGJHJHQEHUDQGHUHQ6\VWHPHQ 



$OH[D-RKDQQHV

‰HUXQJHQ DOV 7HLO GHU .RPPXQLNDWLRQ ]X EHKDQGHOQ GD DXFK VLH RKQH $XIO|VXQJ DQVFKOXVVIlKLJVLQG RGHU ZHUGHQ N|QQHQ 'LHVHU &RGH ZUGH GHQ6LQQGHUbVWKHWLVFKHQ%ULHIHZHGHUHQWSDUDGR[LHUHQQRFKDV\PPHWULVLH UHQ VRQGHUQ HLQHQ *UXQG IU GLH 5HLFKZHLWH VHLQHU .RPPXQLNDWLRQHQ ILQGHQ



6@

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



$QIDQJHLQHVXQHQGOLFKHQ5RPDQV´.HOOHUV3URWDJRQLVWPDFKW²ZHQLJV WHQVQDFKVHLQHUHLJHQHQhEHU]HXJXQJ²DXVMHGHPÅLQWHUHVVDQWHQ'HWDLO´ HLQHÅ'RUIJHVFKLFKWH´Å5lXEHUV]HQH´RGHUÅ+DQGHOVQRYHOOH´GLHÅXQWHU GHP 1DPHQ Ä.XUW YRP :DOGH¶´ VHLQHP 'LFKWHUQDPHQ HUVFKHLQHQ VRO OHQ'LHVHU+DOWXQJHQWVSULFKWODXW6FKPLWWGHU%HJULIIGHUÅ2FFDVLR´GHU LP*HJHQVDW]]X.RQ]HSWHQEHUHFKHQEDUHU8UVlFKOLFKNHLWXQGLP*HJHQ VDW]]XMHGHUÅ%LQGXQJDQHLQH1RUP´PLWÅ$QOD‰*HOHJHQKHLWYLHOOHLFKW DXFK =XIDOO >]X@ XPVFKUHLEHQ´ VHL 2FFDVLRQDOLVWHQ WULQNHQ ÅYRP %UXQ QHQ GHU *HOHJHQKHLW´ (LQH %XFKH DOVR JUXQGORV DOOHLQ DXV =XIDOO RGHU ZHLO HU .XUW YRP :DOGH VHLQ ZLOO 'LHV PDJ GHP .QVWOHU DOV 0RWLYDWLRQ UHLFKHQDEHUQLFKWHLQHPDQRQ\PHQ.RPPXQLNDWLRQVSDUWQHU GHP3XE OLNXP JHGUXFNWHU %FKHU  GHU LKP ]X QLFKWV YHUSIOLFKWHW LVW XQG DOOHLQ YRP7H[W]XP:HLWHUOHVHQEHZHJWZHUGHQPXVV2EHVVHLQHU)UDXUHLFKW ZLUGPDQQRFKVHKHQ :HQQ 6LQQRIIHUWHQ QLFKW ÅUHJHOJHOHLWHW XQG HUZDUWEDU´ VLQG VRQGHUQ ÅRULJLQHOO XQG LQNDONXODEHO´ GDQQ KDQGHOW HV VLFK XP 6FK|SIXQJHQ GHV *HQLHVDOVRXPIRUFLHUWH,QGLYLGXDOLWlW9LJJL6W|UWHOHUGHU+HOGGHU1R YHOOHOlVVWVLFKDOVÅ*HQLH´DSRVWURSKLHUHQXQGVHLQH6HOEVWLQV]HQLHUXQJ VHW]WDXI'LIIHUHQ]/LWHUDULVFKZLOOHUGLHVRJ*HQLHSHULRGHGHVÄ6WXUPXQG 'UDQJ¶ ZLHGHU LQV /HEHQ ]XUFNUXIHQ XQG GDVV HU MHPDQG LVW GHU DOOHV MHGHQ=XIDOOMHGH*HJHEHQKHLWJHQLDOLQ/LWHUDWXU]XYHUZDQGHOQYHUVWHKW VROO VHLQH 8PZHOW DXFK EHPHUNHQ ZHQQ VFKRQ VHLQH 7H[WH NHLQH /HVHU ILQGHQ 6RNHKUWHHUJDQ]DXIJHEOlKWYRQQHXHQ$XVVLFKWHQXQGLQVHLQH+HLPDW]XUFN (UOLH‰GLH+DDUHODQJZDFKVHQVWULFKVLHKLQWHUGLH2KUHQVHW]WHHLQH%ULOOHYRQ ODXWHUP)HQVWHUJODVDXIXQGWUXJHLQNOHLQHV6SLW]ElUWFKHQXPVHLQbX‰HUHVGHP EHGHXWHQGHQ ,QKDOWH HQWVSUHFKHQ ]X ODVVHQ >@ 6HLQHU 6HQGXQJ JHPl‰ GLH HU EHUQRPPHQEHJDQQHUVLFKPHKUXQWHUVHLQHQ0LWEUJHUQXP]XWXQXQGVXFKWH $QKlQJHU >@ IU GLH 6WXUP XQG 'UDQJSHULRGH ]X HUZHUEHQ $OOHLQ VREDOG GLH

 

 

 

 



6FKPLWW &DUO 3ROLWLVFKH 5RPDQWLN >@ %HUOLQ  6  'DV =LWDW YRQ 1RYDOLV DXV Å%OWKHQVWDXE´)UDJPHQW 1U 1RYDOLV Å%OWHQVWDXE´ >@ ,Q :HUNH 7DJHEFKHU XQG %ULHIH )ULHGULFK YRQ +DUGHQEHUJV %G  +J Y +DQV-RDFKLP 0lKO 'DUPVWDGW  6 ²KLHU6 .HOOHU*RWWIULHG'LHPL‰EUDXFKWHQ/LHEHVEULHIH>@6WXWWJDUW6I'LHEHLGHQYRU KHUJHKHQGHQ=LWDWHILQGHQVLFKHEHQIDOOVKLHU6I 9JO.HOOHU/LHEHVEULHIH6 9JO6FKPLWW3ROLWLVFKH5RPDQWLN6 9JO.HOOHU/LHEHVEULHIH6 9JO3OXPSH*HUKDUG(SRFKHQPRGHUQHU/LWHUDWXU2SODGHQ6 9JO.HOOHU/LHEHVEULHIH6 'LHVH'LIIHUHQ]IKUWGHU(U]lKOHUIUHLOLFKDOV3ODJLDWYRU:DV9LJJLDOVÅ1DJHOQHXHVXQG 8QHUK|UWHV DXVJDE´ LVW LQ :DKUKHLW QLFKWV DOV Å:LHGHUKROXQJ´ RGHU .RSLH HLQHU 0RGH HEG6]XU0RGHYJO6I 



1LHOV:HUEHU ZDFNHUHQ /HXWH VHLQH $EVLFKWHQ PHUNWHQ XQG VHLQH ZXQGHUOLFKHQ $XIIRUGHUXQ JHQYHUVWDQGHQPDFKWHQVLHLKQ]XP*HJHQVWDQGHLKUHV*HOlFKWHUV

=XGLHVHQ*HQLHVSDVVWGDVVVLHYRQGHQ$XWRUHQ .ORSVWRFN*RHWKH  LQGHUHQ1DPHQVLHHLQÅQHXHV0RUJHQURW´GHU3RHVLHKHUEHLIKUHQZRO OHQÅQLFKWYLHO´ZXVVWHQ'LHQHXH3HULRGHZLUGJHVFKLFKWVORVJHVWDUWHW .HQQWQLVVH GHU ÅYHUMlKUWHQ*HJHQVWlQGH GLHVHU $OWHQ´ KDEHQ GLHVH PR GHUQLJDUQLFKWQ|WLJGHQQGDV*HQLHVFK|SIWJRWWJOHLFKH[QLKLORE]ZDXV GHQ]XIlOOLJHQ=XVWlQGHQXQG8PVWlQGHQVHLQHU6XEMHNWLYLWlWXQGQRWLHUW ZDV VHLQH Å0XVH´ LKP HLQJHEHQ PDJ 0DQ PXVV DOV HLQ VROFKHV *HQLH QLFKW YLHO ZLVVHQ /LWHUDWXUJHVFKLFKWH  RGHU N|QQHQ 5HJHOQ 9HUIDKUHQ 5KHWRULN  ,PPDQXHO .DQW KDW GLHVH ÅJHQLHPlVVLJH´ 7H[WSURGXNWLRQ ]X UHFKWDOVÅYRUQHKP´E]ZIDXOEH]HLFKQHWZHLOVLFKGLHVH*HQLHVDXILKUHQ Å6FKDUIEOLFNDXILKU,QQHUHV´YHUODVVHQXQGDOOHVZDVZLHSRHWLVFKHKLV WRULVFKHXQGSKLORVRSKLVFKH.HQQWQLVVH6FKXOXQJXQGÅ$UEHLWHUIRUGHUH´ DOV ÅSHGDQWLVFK´ DEOHKQWHQ 7DWVlFKOLFK IKUW GLH 1RYHOOH 9LNWRU 6W|U WHOHU YRQ HLQHP DUEHLWVDPHQ HUIROJUHLFKHQ XQG DQJHVHKHQHQ *HVFKlIWV PDQQ ]X HLQHP ÅYRUQHKPHQ´ YHUHLQVDPWHQ XQG YHUDUPWHQ /LWHUDWHQ .XUWYRP:DOGH'DVJHQLDOH,QQHUHPDJ]ZDUDOOHV0|JOLFKHLQHLQHQXQ HQGOLFKHQ 5RPDQ YHUZDQGHOQ QXU NDQQ VLFK GDV *HQLH DXI GLHVH :HLVH ÅZHGHUVLFKYHUVWlQGOLFKPDFKHQQRFK$QGHUHQPLWWKHLOHQ´'LH6HOHN WLYLWlW JHQLDOHU .RPPXQLNDWLRQ LVW VXEMHNWLYH LQGLYLGXHOOH JHQLDOH LGLR V\QNUDWLVFKHDOVROHW]WOLFKLQNRPPXQLNDEOH6HOHNWLYLWlW:HUGLH(QWVFKHL GXQJHQZDUXPVRXQGQLFKWDQGHUVDXVJHZlKOWZXUGHLP7H[WQDFKYROO ]LHKHQP|FKWHZUGH*UQGHGDIUZHGHULP7H[WVHOEVWQRFKLQGHU*H VHOOVFKDIW RGHU LQ GHU :HOW ILQGHQ VRQGHUQ QXU LQ GHU ,QGLYLGXDOLWlW GHV ,QGLYLGXXPV VHOEVW ² DEHU GLHVH HQW]LHKW VLFK MD JHUDGH MHGHU (UZDUWEDU NHLW GHQQ GDV *HQLHPl‰LJH EOHLEW IU DOOH %HREDFKWHU ÅDUFDQ´ DOVR YHU ERUJHQSHUVH /DQJH+DDUH%ULOOHXQG6SLW]EDUWGHV$XWRUVJHQJHQQLFKWXP]XP /HVHQVHLQHU7H[WH]XEHZHJHQ'DVYRQ.HOOHUV1RYHOOHSHUVLIOLHUWHOLWH UDULVFKH 3URJUDPP RFFDVLRQDOLVWLVFKHU *HQLDOLWlW OLHIH DOVR KLQDXV DXI Å6LQQYHUZHLJHUXQJ´ RGHU SDUDGR[H *HVWHQ GHU .RPPXQLNDWLRQ YRQ    

 



 

(EG6I (EG6I (EG6 (EG6 9JO.DQW,PPDQXHOÅ9RQHLQHPQHXHUGLQJVHUKREHQHQYRUQHKPHQ7RQLQGHU3KLORVR SKLH´>@,Q:HUNH%G+JY.DUO5RVHQNUDQ]X)ULHGULFK:LOKHOP6FKXEHUW/HLS ]LJ6²KLHU6 (EG6 (EG.DQWIRUPXOLHUWKLHUDXVGUFNOLFKPLW%OLFNDXIGHQ'LFKWHU 3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



Å,QNRPPXQLNDELOLWlW´ 'D HV OLWHUDULVFKH .RPPXQLNDWLRQ IDNWLVFK JLEW ZLH .HOOHUV 1RYHOOH EHOHJW PXVV PDQ VLFK QDFK ZHLWHUHQ 1RWZHQGLJ NHLWVEHGLQJXQJHQXPVFKDXHQGLHGLHVH:LUNOLFKNHLWHUP|JOLFKHQ(VVLQG V\PEROLVFKH *HQHUDOLVLHUXQJHQ GLH DXFK OLWHUDULVFKH .RPPXQLNDWLRQ GDQQWURW]GHP]XVWDQGHNRPPHQODVVHQ ,QDOOHQ )lOOHQLQGHQHQV\PEROLVFKJHQHUDOLVLHUWH .RPPXQLNDWLRQVPHGLHQHQW VWDQGHQVLQGODVVHQVLFK]XJHVSLW]WH.RPPXQLNDWLRQVSUREOHPHQDFKZHLVHQ,P PHU JHKW HV XP 6LWXDWLRQHQ LQ GHQHQ GLH 0RWLYDWLRQ ]XU $QQDKPH GHU .RP PXQLNDWLRQ GDV KHL‰W ]XU hEHUQDKPH GHU LKU ]XJUXQGH OLHJHQGHQ 6HOHNWLRQV OHLVWXQJ LQ GDV HLJHQH (UOHEHQ RGHU +DQGHOQ SUREOHPDWLVFK VHLQ NDQQ ,PPHU VLQGHV,QWHUDNWLRQHQLQGHQHQGLH .RQWLQJHQ]GDVKHL‰WGLH0|JOLFKNHLWDXFK DQGHUV]XHUOHEHQRGHU]XKDQGHOQDXI EHLGHQ 6HLWHQVRKRFKLVW GD‰HLQHhEHU WUDJXQJYRQ6HOHNWLRQVOHLVWXQJHQQRUPDOHUZHLVHQLFKW ]XHUZDUWHQLVW

(V LVW LP )DOOH GHU .XQVW GDV :HUN GDV DOV 6\PERO GDIU IXQJLHUW GDVV WURW] NRQWLQJHQWHU DOVR DXFK DQGHUV YRUVWHOOEDUHU)RUP JOHLFKZRKO 2UG QXQJ 1LFKW%HOLHELJNHLW (UZDUWEDUNHLW 6WUXNWXU  ]X HUZDUWHQ LVW XQG ]ZDU 2UGQXQJ GLH GDQQ ]X EHREDFKWHQ LVW ZHQQ PDQ LQ GHQ NRQ GHQVLHUWHQ )RUPHQWVFKHLGXQJHQ GHV :HUNV HLQ 3URJUDPP HQWGHFNW GDV GLH%HOLHELJNHLWGHU.RQWLQJHQ]GDGXUFKOLPLWLHUWGDVVMHGH(QWVFKHLGXQJ ]XUYRUKHULJHQXQG]XUQDFKIROJHQGHQSDVVHQPXVV'DV.XQVWZHUNYHU VSULFKWGLHÅ%HREDFKWEDUNHLW´HLQHUÅ.RPPXQLNDWLRQYRQ2UGQXQJLQHL QHP )RUPHQDUUDQJHPHQW GDV QLFKW YRQ VHOEVW SDVVLHUW´ 'DV .XQVW ZHUNGHVVHQ5DKPHQ %LOGUDKPHQ3DUDWH[WH)UDPHVLP6LQQH*RIIPDQV  EHUHLWV VR]XVDJHQ GXUFK )RUPHQ JH]lKPWH .RQWLQJHQ] DQQRQFLHUW YHU VSULFKWHLQHQÅ7UDQVIHUYRQ6HOHNWLYLWlW´²lKQOLFKZLHGDV*HOGGLHhEHU WUDJXQJYRQ=DKOXQJVIlKLJNHLWYHUKHL‰WRGHU+HUUVFKDIWVV\PEROH DQ*H KRUVDPVHU]ZLQJXQJVFKDQFHQ HULQQHUQ XQG PDQ QLFKW QXU GHQ .DLVHU JU‰WVRQGHUQDXFKVHLQHQ+XW9LJJLVÅZLOGH>@/LWHUDWXU´OLHIGDJHJHQ ÅQHEHQ´GHPZDVPDQHUZDUWHQNDQQÅKHU´6LHVSUHQJWHMHGHQ5DKPHQ $QGHUHQ%HREDFKWHUQVFKLHQ9LJJLQXUÅUHLQHQ8QVLQQ´KHUYRU]XEULQJHQ 'DVÅ+|KHUH´XQGÅ8QHUK|UWH´GDVHU]XVFKDIIHQJHGHQNWEOHLEWRKQH $QVFKOXVVIlKLJNHLW GD HV YRQ GHU LKP XPJHEHQGHQ Å*HVHOOVFKDIW´ DOV .XQVWJDUQLFKWHUNDQQWZLUG8QVLQQKDWDEHUÅNHLQHQGLIIHUHQ]LHUHQGHQ  

  



9JO /XKPDQQ 1LNODV X 3HWHU )XFKV 5HGHQ XQG 6FKZHLJHQ )UDQNIXUW0DLQ  6  )RUPXOLHUW PLW %OLFN DXI GHQ Å.XOW GHU ,QGLYLGXDOLWlW´ GHV 'DQG\ HLQH )LJXU DOV GHVVHQ G|UIOLFKHV3HQGDQWPDQ9LJJLDXVPDFKHQN|QQWH /XKPDQQ 1LNODV Å,VW .XQVW FRGLHUEDU"´ ,Q 6FKULIWHQ ]XU .XQVW XQG /LWHUDWXU +J Y 1LHOV :HUEHU)UDQNIXUW0DLQ6²KLHU6 (EG 6  'LHV NDQQ PLVVOLQJHQ DEHU DXFK ZDV VFKOHFKW SDVVW LVW HLQ .XQVWZHUN DEHU HEHQNHLQJXWHV /XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 9JO.HOOHU/LHEHVEULHIH6



1LHOV:HUEHU

(IIHNW´XQGWDXJWGDKHUQLFKWDOVPRWLYLHUHQGH6HOHNWLYLWlW(LQ6\PERO GDV 9LJJL HLQVHW]W GHU 'LFKWHUQDPH .XUW YRP :DOGH HUZHLVW VLFK QLFKW DOVJlQJLJH0Q]HÅ.XUWYRP:DOGH":DVLVWGDVIUHLQ.DOE"´,QGHU .RPPXQLNDWLRQ PLW VHLQHU )UDX VHLQHQ 0LWEUJHUQ XQG DXFK PLW $X WRUHQ5HGDNWHXUHQ9HUOHJHUQHUZHLVWVLFKVRGLHÅGLDEROLVFKH´DOVRWUHQ QHQGH6HLWHGHU/LWHUDWXU6LHIKUW]XU([NOXVLRQ .RPPXQLNDWLRQ WUlJW GLH/DVW ÅH[WUHP XQZDKUVFKHLQOLFK´ ]X VHLQ 'LHV JLOW DXFK IU GLH .XQVW GHUHQ Å:HUNH´ DQGHUHQ HLQ Å6LQQDQJHERW´ PDFKWGDVDEJHOHKQWZHUGHQNDQQÅ9HUVWHKHQ´GHV:HUNVEHGHXWHWNHL QHVZHJVGDVVGHU5H]LSLHQWGLH2IIHUWHVRHUOHEWZLHGHU.QVWOHUVLHJH PHLQWKDWZLHLQGHU7UDGLWLRQGHU+HUPHQHXWLNYLHOPHKUOLHIHUWGDV9HU VWHKHQ GLH 9RUDXVVHW]XQJ GDIU GDVV ÅPDQ GDV 6LQQDQJHERW GHU 0LWWHL OXQJDQQHKPHQRGHUDEOHKQHQNDQQ´$OVRVHOEVWLQGHPÅXQZDKUVFKHLQOL FKHQ´)DOOLQGHPDOWHUÅVHLQH$XIPHUNVDPNHLW´GHPDQGHUHQ]XU9HUI JXQJVWHOOWNDQQGLHV]XU$EOHKQXQJIKUHQ'RFKVRUJWGLH6\PEROLVLH UXQJGDIUGDVVGLHVH$EOHKQXQJGLH.RPPXQLNDWLRQQLFKWEHHQGHWVRQ GHUQ ]XU 9RUDXVVHW]XQJ IU ZHLWHUH .RPPXQLNDWLRQ ZHUGHQ NDQQ =XP %HLVSLHOZHQQMHPDQGPHLQWGDV:HUNVHLSODJLLHUWXQGHLQDQGHUHUHLQ ZHQGHWGDVZLUNHQXUVRHVVHLHLQ9HUIDKUHQGHU,QWHUWH[WXDOLWlWGDVGLH YLHOHQ hEHUQDKPHQ UHFKWIHUWLJH $QQHKPHQ$EOHKQHQ Å*HQDX GLHVH 'LIIHUHQ] VROO >@ GXUFK GLH 6\PEROLVLHUXQJ EHUEUFNW ZHUGHQ´ 'LH 6\PEROLVLHUXQJ GHU .XQVWYRU DOOHP GDV Å:HUN´ HUK|KHQ GLH Å(UIROJV EHGLQJXQJHQ GHU .RPPXQLNDWLRQ´ ZHLO VLH HLQHQ Å.RQWH[W´ KHUVWHOOHQ GHU VR]XVDJHQ ÅNRPPXQLNDWLRQVI|UGHUOLFK´ LVW DXFK ZHQQ $EOHKQXQJHQ YHUKDQGHOW ZHUGHQ 'LH /LWHUDWXUNULWLN OHEW GDYRQ $XFK LKUH 9HUULVVH JHOWHQ :HUNHQ GHU /LWHUDWXU 6LH ZHUGHQ DOVRQLFKW DXVGHU .XQVW DXVJH VFKORVVHQVRQGHUQLQLKUH*HVFKLFKWHLQWHJULHUW²PLWDOOHQ&KDQFHQ DXI 1HXOHNWUHXQG1HXEHZHUWXQJ'DVÅ6\PERO´GHV:HUNV]LHOWPLWKLQDXI Å,QNOXVLRQ´ (V VWHOOW $QVFKOXVVIlKLJNHLW IU $EOHKQXQJHQ XQG $Q QDKPHQYRQ6HOHNWLRQVRIIHUWHQGD 'LH)ROJHQV\PEROLVFKHU*HQHUDOLVLHUXQJODVVHQVLFKYLHOOHLFKWDPHLQ IDFKVWHQDPNODVVLVFKHQ%HLVSLHOGHU6R]LRORJLHGHP*HOGHUOlXWHUQ*HOG PRWLYLHUW]XU.RPPXQLNDWLRQDEHUQXULQVHKUVSH]LILVFKHU:HLVH²JH        

/XKPDQQ 1LNODV ÅhEHU GLH )XQNWLRQ GHU 1HJDWLRQ LQ VLQQNRQVWLWXLHUHQGHQ 6\VWHPHQ´ >@,Q6R]LRORJLVFKH$XINOlUXQJ%G2SODGHQ6²KLHU6 .HOOHU/LHEHVEULHIH6 9JO /XKPDQQ 1LNODV 'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW )UDQNIXUW0DLQ  /XKPDQQ 1LNODV'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6I /XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6 (EG6 (EG6 (EG6

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



JHQ =DKOXQJ HUKlOW PDQ NQDSSH *WHU RGHU DXFK $UEHLW DEHU QLFKWV VRQVW*HOGPRWLYLHUWDOVRDEHUQXUKRFKVHOHNWLY*HOGLVWHLQJHQHUDOLVLHUWHV 0HGLXP ZHLO HV PLW JUR‰HU ,QGLIIHUHQ] JHJHQ ]HLWOLFKH UlXPOLFKH VDFK OLFKHXQGVR]LDOH6LWXDWLRQHQHLQJHVHW]WZHUGHQNDQQ6SLHOHQGEHUEUFNW HVGLHÅ9HUVFKLHGHQKHLWGHV9HUVFKLHGHQHQ´0LWHLQHP(XURNDQQPDQ DOOHV0|JOLFKHEHUDOONDXIHQVRJDU6FKXOGHQ(LQ*XWVFKHLQGHUQXULQ HLQHP JDQ] EHVWLPPWHQ 'RUI YRQ HLQHU JDQ] EHVWLPPWHQ 3HUVRQ EHL HL QHPJDQ]EHVWLPPWHQ%lFNHUJHJHQHLQJDQ]EHVWLPPWHV%URWJHWDXVFKW ZHUGHQNDQQZlUHNHLQ*HOGLP/XKPDQQ·VFKHQ6LQQ$QDORJGD]XZlUH DXFK HLQ ÄlVWKHWLVFK¶ JHPHLQWHV 3URGXNW GHVVHQ )RUPHQSURJUDPP QXU YRQHLQHUHLQ]LJHQ3HUVRQHQW]LIIHUWZHUGHQN|QQWHZlKUHQGDOOHDQGHUHQ GHQ8QWHUVFKLHG]XU8PZHOWJDUQLFKWHUNHQQHQNHLQÄ:HUN¶*HOGLVWHLQ V\PEROLVFKHV0HGLXPZHLOGDV*HOGV\PEROHJRXQGDOWHUXQWHU%HGLQJXQJHQ GRSSHOWHU.RQWLQJHQ]GD]XPRWLYLHUWHVGHQQRFKPLW.RPPXQLNDWLRQ]X YHUVXFKHQ ² DOVR EHLVSLHOVZHLVH YROONRPPHQ 8QEHNDQQWHQ PLWWHQ LQ GHU 1DFKWDXI$QUXIEHLHLQHU$XWRSDQQH]XKHOIHQXQGGHU0HFKDQLNHUWXW HV ZHLO HU GDIU EH]DKOW ZLUG 'DVV HJR HV ZDJHQ ZUGH HLQHQ 8Q EHNDQQWHQPLWWHQLQGHU1DFKWDQ]XUXIHQRKQHGDVVPDQYRUDEZVVWH GDVVPDQHLQH'LHQVWOHLVWXQJHLQNDXIHQZUGHXQGGDVVDOWHURKQH%H]DK OXQJGHQ'LHQVWOHLVWHWHLVWXQZDKUVFKHLQOLFK*HQHUDOLVLHUXQJRKQH6\PEROLVLH UXQJ²HWZDLQGHP)DOOGDVVDOWHUXQGHJRGLHJOHLFKH6SUDFKHVSUHFKHQXQG GHU0HFKDQLNHUGXUFKDXVYHUVWHKWZRUXPHVGHPXQJOFNOLFKHQ$XWRIDK UHU JHKW QlPOLFK XP 3DQQHQKLOIH ² KlWWH NHLQH EHVRQGHUV JUR‰HQ $XV VLFKWHQDXI(UIROJ'HU0HFKDQLNHUYHUVWHKW²XQGOHJWVLFKZLHGHUVFKOD IHQ(UVWGDV*HOG6\PEROYHUZDQGHOWGLHVHÅ1HLQ:DKUVFKHLQOLFKNHLWLQ -D:DKUVFKHLQOLFKNHLW´ HV PRWLYLHUW HV ]X YHUVXFKHQ ZHQQ PDQ ]DKOHQ NDQQXQGGLHVJLOWIUDOWHUZLHIUHJR'DV6\PEROLVFKHGHV*HOGPHGL XPVPDFKWGLHVQLFKWQXUP|JOLFKVRQGHUQHUZDUWEDUbKQOLFKLVWHVPLW GHP9HUKlOWQLVYRQ*HQHUDOLVLHUXQJXQG6\PEROLVLHUXQJLQGHU/LWHUDWXU 'LH6FKLOGHUXQJGHV%XFKHQVWDPPHVJHQHUDOLVLHUWHUIROJUHLFK²GHQQMHGHU GHV 'HXWVFKHQ PlFKWLJH /HVHU NDQQ GLHVH 6]HQH YHUVWHKHQ JOHLFKJOWLJ ZHOFKHU 6FKLFKW HU DQJHK|UW ZR HU VLFK EHILQGHW ZHQQ HU GDV OLHVW ZLH JUR‰GHU]HLWOLFKH$EVWDQG]ZLVFKHQ1RWL]XQG/HNWUHLVWHWF'RFKIHKOW GLH6\PEROLVLHUXQJ²XQGHVIlOOWVFKZHUGHQ7H[WDOV7HLOHLQHV:HUNHV ]X YHUVWHKHQ GHQQ GLH 6HOHNWLYLWlW GHU PLWJHWHLOWHQ ,QIRUPDWLRQHQ OlVVW VLFK QLFKW DOV HLQH DQ HLQHP )RUPHQSURJUDPP RULHQWLHUWH 2SHUDWLRQV VHTXHQ] HQW]LIIHUQ 9LJJLV *HOHJHQKHLWVQRWL]HQ PDFKHQ GDKHU IU *ULWOL NHLQHQ6LQQ6LHNDQQQLFKWHLQPDOÅNULWLVFK´UHDJLHUHQGDVLHGLH:HUN   

9JO/XKPDQQ1LNODV'LH:LUWVFKDIWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6 9JO/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6



1LHOV:HUEHU

IRUPGHU.RPPXQLNDWLRQQLFKWHUNHQQW6LHK|UWQXU8QVLQQXQGVFKOlIW HLQ 0DQPXVVQXUGLH3HUVSHNWLYHZHFKVHOQXPGDV3UREOHPLQGHQ%OLFN ]XEHNRPPHQGHP/XKPDQQGHQ1DPHQÅGLDEROLVFKH*HQHUDOLVLHUXQJ´ JHJHEHQKDW'DV'LDEROLVFKHGHV*HOGHVOLHJHQLFKWGDULQÅGD‰*HOG]X 6QGH YHUIKUW +DEJLHU ZHFNW /X[XVEHGUIQLVVHQ GLHQW YRQ GHU 6RUJH ]XP 6HHOHQKHLO DEOHQNW RGHU >@ ]XU $XVEHXWXQJ >@ XQG ]XP:DUHQIH WLVFKLVPXV IKUW´ 'LHV DOOHV VHLHQ 6RUJHQ PRUDOLVFKHU RGHU UHOLJL|VHU %HREDFKWHUHUVWHU2UGQXQJ/XKPDQQPHLQWYLHOPHKUGLHÅ'LDEROLN´GHV *HOGHVVHLLQGHUV\PEROLVFKHQ*HQHUDOLVLHUXQJGHV0HGLXPVVHOEVWHLQJH EDXW'DV*HOGV\PEROWURFNQHQlPOLFKDOOHDQGHUHQ6\PEROHDXVRGHUHU VHW]H VLH /XKPDQQ QHQQW DOV %HLVSLHOH 0RWLYH GHU ÅQDFKEDUVFKDIWOLFKHQ 5H]LSUR]LWlW RGHU GHU KHLOVGLHQOLFKHQ )U|PPLJNHLW´ Å'LHVH /RJLN YHU WUHLEWGLHDQGHUHQ/RJLNHQ´N|QQHQZLU0LFKHO6HUUHV]LWLHUHQ:HUJXW EH]DKOW ZRUGHQ LVW NDQQ VFKOHFKW EHKDXSWHQ DOOHV DXV 1lFKVWHQOLHEH hEHU]HXJXQJ RGHU /R\DOLWlW JHWDQ ]X KDEHQ ZHU VLFK EH]DKOHQ OlVVW DN ]HSWLHUW GDVV HU VRQVW NHLQH $QVSUFKH PHKU VWHOOHQ NDQQ ZDV LPPHU DXFKVHLQHLJHQWOLFKHV0RWLYJHZHVHQVHLQPDJ'LH*HOGORJLNVHL GHP *UXQGVDW] GHV DXVJHVFKORVVHQHQ 'ULWWHQ YHUSIOLFKWHW 'DV *HOG LVW DOVR V\PEROLVFKHV 0HGLXP DXFK LQVRIHUQ DOV HV DOV FRGLHUWHV 0HGLXP SRVLWLYHQ XQG QHJDWLYHQ:HUW>=DKOXQJ1LFKW=DKOXQJ@]XVDPPHQKlOW8QGHVLVWGLDEROLVFKHV 0HGLXPLQVRIHUQDOVHVDOOHDQGHUHQ:HUWHDXIGHU(EHQHGHV&RGHVQHXWUDOLVLHUW XQGLQGHQLQIHULRUHQ6WDWXVGHU*UQGHIU=DKOXQJHQE]Z1LFKW]DKOXQJHQDE VFKLHEW'DV*HOGKLQGHUWVLFKNHLQHVZHJVGDUDQIUNDULWDWLYH=ZHFNHDXVJHJH EHQ]XZHUGHQHVIRUGHUWQXUGD‰GLHVH2SHUDWLRQDOVHLQH|NRQRPLVFKHRULHQ WLHUWZLUG DQGHU0|JOLFKNHLWGDV*HOGIUNDULWDWLYH=ZHFNH QLFKWDXV]XJHEHQ VRQGHUQHVIUDQGHUH9HUZHQGXQJHQEHUHLW]XKDOWHQ

'DV'LDEROLVFKHLVWIU/XKPDQQHLQH)XQNWLRQV\PEROLVFKJHQHUDOLVLHUWHU 0HGLHQVFKOHFKWKLQÅ:HQQ:HLQXQG%URWQLFKWYHUIJEDUVLQGZDUXP QLFKW 0DO]ELHU XQG %DQDQHQ"´ IUDJW /XKPDQQ LQ GHU 5HOLJLRQ GHU *HVHOO VFKDIWXQGIKUWVRHLQPDOVHOEVWGLH'LDEROLVLHUXQJYRQ6\PEROHQYRU :R HWZDV DOV V\PEROLVFK JHQHUDOLVLHUWHV 0HGLXP EHREDFKWHW ZLUG VW|‰W PDQ DXI 'LDEROLN $XFK LQ GHU /LWHUDWXU ]XPDO GDQQ ZHQQ HLQ $XWRU ÅYRP7HXIHOJHULWWHQZLUG´ZLH9LJJL  

  

  

9JO/XKPDQQ'LH:LUWVFKDIWGHU*HVHOOVFKDIW6 (EG6 (EG6 9JO6HUUHV0LFKHO'HU3DUDVLW>@)UDQNIXUW0DLQ6 /XKPDQQ'LH:LUWVFKDIWGHU*HVHOOVFKDIW6 /XKPDQQ1LNODV'LH5HOLJLRQGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6'DV'LDEROLVFKH EHVWHKWKLHU]XPDOLQGHU.RQWLQJHQWVHW]XQJGHU6\PEROHGHV$EHQGPDKOHV 9JO.HOOHU/LHEHVEULHIH6

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



*HQHUDOLVLHUXQJ PDFKW .XQVW ]ZDU HUZDUWEDU DEHU DXFK ODQJZHLOLJ $XVVFKOLH‰OLFK*HPHLQSOlW]HYRU]XWUDJHQZUGH]ZDUYHUPXWOLFKGLH9HU VWHKHQVFKDQFHQ HUK|KHQ DEHU ]XJOHLFK DXFK GDV 5LVLNR GHU $EOHKQXQJ 'LH .XQVW KDW IU GLHVHV 3UREOHP GLH /|VXQJ JHIXQGHQ DXI GHU (EHQH GHU:HUNH$EZHLFKXQJPLW5HGXQGDQ]]XNRPELQLHUHQ$QGHUVZlUHHLQH SHUIHNWH.RSLHGHVVFK|QVWHQ:HUNVGDVEHVWHZDVHLQ.QVWOHUVFKDIIHQ N|QQWH$EZHLFKXQJRKQH5HNXUVLRQZlUHGDJHJHQVRDQGHUVGDVVHVDOV :HUNQLFKWHUNDQQWZHUGHQZUGH9LJJLPXVVIUEHLGH([WUHPHKHUKDO WHQÅVFKOHUKDIWHV´:LHGHUNDXHQRKQH9DULDWLRQXQGJHQLDOLVFKH6LQJX ODULWlW 6HLQH 1RWL]HQ HQWEHKUHQ GHU :HUNIRUP 8QG VHLQH YRQ 5FN VLFKWHQDXI5HJHOQXQG9RUOlXIHUIUHLHLQNDONXODEOH,QGLYLGXDOLWlWZLUGDOV .XQVW YHUNDQQW GD VLH QLFKWV PLW DQGHUHQ JHPHLQ KlWWH GHQQ DOOHV *H PHLQVDPHZlUHMDEHUHLWVJHQHUDOLVLHUWXQGDOVRQLFKWLQGLYLGXHOO1LFKWDOV .QVWOHU DOV Å.DX]´ HUVFKHLQW 9LJJL GDKHU VHLQHQ 0LWEUJHUQ .HOOHUV .DULNDWXU GHV *HQLHV VFKDIIW QLFKW QXU GLH .XQVWJHVFKLFKWH DE VRQGHUQ DXFKGLHÅ.ULWHULHQ´PLWGHQHQEHUHLQ.XQVWZHUN]XEHXUWHLOHQZlUH GHQQ.ULWHULHQZUGHQ]ZDUQLFKWGHQJOHLFKHQ*HVFKPDFNYRUDXVVHW]HQ DEHUHLQHJHZLVVH(LQLJNHLWGDUEHUZLHPDQGXUFKXQGEHU.XQVWNRP PXQL]LHUW 9LJJL GHU (LJHQVLQQLJH KDW HV HQWVSUHFKHQG VFKZHU Å,FK YHUVWHKH GLHVDOOHVQLFKW´DQWZRUWHWVHLQHHLJHQH)UDX*ULWOLDXIGLH0LWWHLOXQJVHL QHU LP :DOG DQJHVWHOOWHQ Å%HREDFKWXQJHQ´ XQG Å:DKUQHKPXQJHQ´%HL HLQHU/HVXQJDXVGHUÅQHXVWHQ+DQGVFKULIW´9LJJLVVFKOXPPHUW*ULWOLHLQ IDFK HLQ :LH DQ GHU YRQ LKU DXIJHVFKULHEHQHQ $QHNGRWH YRP 6FKRUHQ KDQV ]X VHKHQ LVW HUZDUWHW *ULWOL YRQ HLQHU Å*HVFKLFKWH´ 3URWDJRQLVWHQ +DQGOXQJ XQG HLQH 3RLQWH $QIDQJ 0LWWH XQG (QGH 'DKHU PLVVOLQJW LKUHP%HZXVVWVHLQGLHVWUXNWXUHOOH.RSSOXQJPLWGHQ (LJHQ 6LQQRIIHU WHQ LKUHV 0DQQHV ZHVKDOE GLH /HVXQJ DOV 5HLKH YRQ Å6W|UXQJHQ´ HUOHEW ZLUG GHU VLH LQ GHQ 6FKODI HQWNRPPW %HL GLHVHU /HVXQJ HUUHJW QLFKW MHGHVDXVJHVSURFKHQH:RUWVRJOHLFKGHQ*HJHQVLQQZLH/XKPDQQJHUQH XQG ]XP :RKOJHIDOOHQ GHU *HUPDQLVWLN *RHWKH ]LWLHUW YLHOPHKU EOHLEW GDV(UHLJQLVGDV.RPPXQLNDWLRQZHUGHQN|QQWHDQVFKOXVVORV1LHPDQG PDFKWVLFKKLHUGLH0KHGLH6HOHNWLYLWlWYRQ,QIRUPDWLRQXQG0LWWHLOXQJ  

  

 

(EG6 (EG 9JO/XKPDQQ1LNODVÅ,QGLYLGXXP,QGLYLGXDOLWlW,QGLYLGXDOLVPXV´,Q*HVHOOVFKDIWVVWUXNWXU XQG6HPDQWLN%G)UDQNIXUW0DLQ6²KLHU6 9JO.HOOHU/LHEHVEULHIH6I (EG6I 9JO /XKPDQQ 1LNODV 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH >@ )UDQN IXUW0DLQ  6  6WDQLW]HN *HRUJ Å:DV LVW .RPPXQLNDWLRQ"´ ,Q 6\VWHPWKHRULH GHU /LWHUDWXU+JY-UJHQ)RKUPDQQX+DUUR0OOHU0QFKHQ:LHQ6I



1LHOV:HUEHU

]XXQWHUVFKHLGHQXQGGLHVHVHOEVWZLHGHUXPVHOHNWLYH'LIIHUHQ]GHUZHLWH UHQ .RPPXQLNDWLRQ ]XU 9HUIJXQJ ]X VWHOOHQ 1LHPDQG NRPPW DXI GDV (UHLJQLV ]XUFN 8QG RKQH Å5HNXUVLRQ´ NHLQH .RPPXQLNDWLRQ 'D HV GHU OLWHUDULVFKHQ .RPPXQLNDWLRQVRIIHUWH QLFKW JHOLQJW DOWHUV KLHU *ULWOLV  (UZDUWXQJHQ DXI]XJUHLIHQ XQG WHLOV ]X EHGLHQHQ WHLOV GXUFK $E ZHLFKXQJHQ]XEHUUDVFKHQXPVR1HXJLHU]XVWLPXOLHUHQJUHLIWHJR KLHU 9LJJL  DXI DQGHUH 0LWWHO GHU 0RWLYDWLRQ ]XUFN 8P VHLQH )UDX ]X HLQHU NRQJHQLDOHQ5H]LSLHQWLQDXV]XELOGHQVHW]WHUHLQHUVHLWVDXILKUH/LHEH]X LKP DQGHUVHLWV DXI VHLQH 0DFKWVWHOOXQJ DOV +DXVKHUU XP VLH ]X HLQHP /HNWUHSHQVXP]X]ZLQJHQGDVGLH*UXQGODJHIUGLHNQIWLJH6\PSRHVLH )U 6FKOHJHO  YRQ 'LFKWHU XQG 0XVH OHJHQ VROO 'DVV KLHU HLQ 5HJLVWHU ZHFKVHOVWDWWILQGHWPDFKWGLH1RYHOOHVHKUGHXWOLFK'LHHUZQVFKWH$Q VFKOXVVIlKLJNHLWZLUGQLFKWYRQGHU/LWHUDWXUHU]HXJWVRQGHUQYRP(KH PDQQXQG+DXVKHUUQHU]ZXQJHQ (U PDFKWH VFKQHOO HLQHQ (U]LHKXQJVSODQ OHJWH HLQH $Q]DKO %FKHU ]XUHFKW WUDW IHVWYRUGLH)UDXKLQXQGZLHVVLHDQXQIHKOEDU]XOHVHQXQG]XOHUQHQZDVHULKU YRUOHJH'DGXUFKJHULHWVLHLQJUR‰H1RWVLHVDKGD‰GHU)ULHGH*HIDKUOLHIJlQ] OLFK ]HUVW|UW ]X ZHUGHQ DXFK JHWUDXWH VLH VLFK QLUJHQGV 5DW ]X KROHQ XP LKUHQ 0DQQ QLFKW ]X YHUUDWHQ XQG GHP 6SRWWH GHU /HXWH DXV]XVHW]HQ ZHOFKHQ GLHVH *HVFKLFKWHHLQJHIXQGHQHV)UHVVHQZlUH6LHIJWHVLFKDOVRREJOHLFKPLW]RUQL JHP+HU]HQXQGWDWZLHHUYHUODQJWH

:lKUHQG9LJJLEHUGLHÅ)JVDPNHLW´VHLQHU)UDX]XQlFKVW]XIULHGHQLVW EOHLEWGLHHUZDUWHWHÅEHJHLVWHUWH$QUHJXQJ´YRQLKUHU6HLWHGRFKDXV.HLQ :XQGHU +HLPOLFKDEHUYHUJR‰VLHELWWHUH7UlQHQVLHVFKlPWHVLFKYRUVLFKVHOEHULQGLHVHU W|ULFKWHQ XQG VFKLPSIOLFKHQ /DJH XQG VFKOHXGHUWH GLH %FKHU RIW LQ HLQH (FNH RGHUWUDWVLHXQWHUGLH)‰H'HQQGHU7HXIHOULWWLKUHQ0DQQGD‰HULKUDOOHVLQ GLH +DQG JDE ZDV HU YRQ ODQJZHLOLJHU XQG KHU]ORVHU =LHUHUHL XQG 6FK|QWXHUHL QXU]XVDPPHQVFKOHSSHQNRQQWH

8QGZHQQ9LJJLEHUGLH(UJHEQLVORVLJNHLWVHLQHV3URMHNWVHQWWlXVFKWLVW VR *ULWOL EHU GLH 9HUVXFKH LKUHV 0DQQHV VLH Å]X TXlOHQ´ 9LJJL ZLUG VHLQH)UDXVFKOLH‰OLFKYHUVWR‰HQXQGMHPDQGHQKHLUDWHQGHUVLFKDXIVHLQH OLWHUDULVFKHQ3URMHNWHEHVVHUHLQOlVVW*ULWOLZLUGVLFKYRQLKUHP(KHKHUUQ  

9JO/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW6 Å'LH 0LWWHLOXQJ >HLQHU ,QIRUPDWLRQ 1:@ LVW ]XQlFKVW QXU HLQH 6HOHNWLRQVRIIHUWH (UVW GLH 5HDNWLRQ VFKOLH‰WGLH.RPPXQLNDWLRQ DE´/XKPDQQ6R]LDOH 6\VWHPH 6  9LJJL N|QQWH QDWUOLFKGDV(LQVFKODIHQVHLQHU)UDX]XP7KHPDHLQHUZHLWHUHQ6HOHNWLRQVRIIHUWHPDFKHQ ² XQG GDUDXI UHDJLHUW *ULWOL LQ GHU 7DW QlPOLFK PLW 0LVVIDOOHQ XQG *HJHQYRUZUIHQ YJO .HOOHU/LHEHVEULHIH6   (EG6  (EG  (EG6 

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



GHUVHLQH6WHOOXQJPLVVEUDXFKWXPVLH]XODQJZHLOLJHUXQGJHVFKPDFNORVHU /HNWUH]X]ZLQJHQVFKHLGHQODVVHQXPHLQHQ0DQQ]XKHLUDWHQGHVVHQ :RUWHVLHEHUKUHQ6RZLHGHU(LQVDW]YRQ0DFKWQLFKWGLH:DKUKHLWYRQ ZLVVHQVFKDIWOLFKHQ +\SRWKHVHQ HU]ZLQJHQ NDQQ RGHU ZLH GLH $QNQGL JXQJ YRQ =DKOXQJHQ ]ZDU 'LHQVWOHLVWXQJHQ HUZDUWEDU PDFKW QLFKW DEHU =XQHLJXQJVRPXVV9LJJLPLWVHLQHP9HUVXFKVFKHLWHUQ*ULWOL]XU/HN WUHXQG]XU'LFKWXQJ]XEHZHJHQ-HPHKUHUÅ$QZHLVXQJHQ´JLEWXQGMH ZHQLJHUHUVLFKDXIGLH:HOWVLFKWVHLQHU)UDXGHVKDOEHLQOlVVWZHLOHVLKUH LVWXQGLKUHOLHEHQGHQ2IIHUWHQÅNDOWXQGVWUHQJ´DEZHLVWGHVWRJUQG OLFKHU]HUUWWHWHUHLQH(KHGHUHQÅ=XNXQIW´XQGÅ*OFN´HUVFKOLH‰OLFK JDQ]YRQHLQHUOHW]WHQÅ3UREH´DEKlQJLJPDFKW*ULWOL]XU3RHWLQ]XPD FKHQ 2KQH )ROJHQ EOHLEW GHU (U]LHKXQJVSODQ IUHLOLFK QLFKW ÅZHLO GDV *HVFKHKHQH >*ULWOL@ HLQ XQYHUPXWHWHV /LFKW EHU GHQ LQQHUQ =XVWDQG GLHVHU (KH DXIJHVWHFNW KDEH 6LH HPSILQGH NHLQH =XQHLJXQJ PHKU IU +HUUQ6W|UWHOHUIUVLH*UXQGJHQXJ>@DXIJlQ]OLFKHU7UHQQXQJ]XEH VWHKHQ´ 9LJJLOHEW]X%HJLQQGHU*HVFKLFKWHLQÅEHKDJOLFKHQXQGRUGHQWOLFKHQ 8PVWlQGHQ´ LVW JOFNOLFK YHUKHLUDWHW ZHQQ DXFK NLQGHUORV XQG EHWUHLEW QHEHQVHLQHQHLQWUlJOLFKHQ*HVFKlIWHQHLQZHQLJ/LWHUDWXULQVHLQHU)UHL ]HLW :lKUHQG GHU +DQGHO ÅPLW )OHL‰ XQG 8PVLFKW´ EHWULHEHQ ZLUG XQG ÅWUHIIOLFK´ JHGHLKW LQYHVWLHUW 9LJJL LQ VHLQ 6WHFNHQSIHUG DE XQG DQ HLQH Å)ODVFKH :HLQ´ EHL GHU HLQ ÅJHELOGHWHV :RUW´ PLW Å*HVLQQXQJVYHU ZDQGWHQ´ LQ GHQ +DQGHOVVWlGWHQ JHVSURFKHQ ZLUG $OO GLHV NDP ÅLKP HLQVWZHLOHQZRKO]XVWDWWHQ´'LHVlQGHUWVLFKDOV9LJJLVHLQHOLWHUDULVFKH 3DVVLRQ ]X VHLQHP +DXSWLQWHUHVVH HUKHEW GDV GDQQ VFKQHOO VHLQH JDQ]H ([LVWHQ] SUlJW ² ELV ]X %ULOOH XQG 6SLW]EDUW 'LHVHU 5ROOHQZHFKVHO KDW )ROJHQ IUVHLQH (KH GHQQ 9LJJL ZDU HV JHZRKQW PLW GHP Å]LHPOLFKHQ 9HUP|JHQ´VHLQHU)UDX]XZLUWVFKDIWHQXQGQXQP|FKWHHUGLHVHV9HU IDKUHQDXFKLQSRHWLVFKHQ'LQJHQIRUWVHW]HQ*ULWOLVROO]XU0XVHZHUGHQ :lKUHQGLKP*ULWOLLKUH0LWJLIWJHUQH]XU%HZLUWVFKDIWXQJEHUOlVVWZHL JHUWVLHVLFKMHGRFKÅLKUH)UDXHQJHIKOH>@IUGLHgIIHQWOLFKNHLWDXI]X VFKUHLEHQ´ 9LJJL KDEH ÅGDV 8QP|JOLFKH YRQ LKU YHUODQJW´ QlPOLFK +|FKVWSHUV|QOLFKHV SXEOLN ]X PDFKHQ XQG EHUGLHV LKUH ZHUWYROOH XQG ÅVFK|QH=HLW´DOV*DWWLQXQG+DXVIUDXPLWÅHLQHULKUIUHPGHQXQGZLGHU   

   

9JO /XKPDQQ 1LNODV /LHEH DOV 3DVVLRQ =XU &RGLHUXQJ YRQ ,QWLPLWlW >@  $XIO )UDQN IXUW0DLQ 9JO.HOOHU/LHEHVEULHIH6 (EG6 (EG6 (EG6I (EG6



1LHOV:HUEHU

ZlUWLJHQQXW]ORVHQ7lWLJNHLW]XYHUEULQJHQ´9LJJLKDW/LHEHXQGgNR QRPLHPLW/LWHUDWXUYHUZHFKVHOW'DEHLZROOWHHUGRFKQXUHLQH0XVHGLH MHGRFK DXI VHLQ SRHWLVFKHV %LOGXQJVSURJUDPP PLW .XU]VFKODI XQG $XV IOFKWHQUHDJLHUW'LHVH:HLJHUXQJVLFKDXIVHLQHQHXH:HOWZDKUQHKPXQJ HLQ]XODVVHQ GHXWHW 9LJJL NRQVHTXHQW DOV /LHEORVLJNHLW :HQQ VHLQH )UDX GDVZDVLKPZLFKWLJLVWQLFKWGXUFKVHLQH$XJHQ]XVHKHQYHUVXFKWOLHEW VLHQLFKWJHQXJ 'DVNDQQVRQLFKWJHKHQOLHEH)UDX'XVLHKVWZLHLFKPLUDOOH0KHJHEHGLFK ]X PLU KHUDQ]XELOGHQ XQG GX NRPPVW PLU GHQQRFK QLFKW HQWJHJHQ 'X ZHL‰W GD‰LFKGLHGRUQHQYROOH/DXIEDKQHLQHV'LFKWHUVEHWUHWHQKDEHGD‰LFKGHV9HU VWlQGQLVVHV GHU EHJHLVWHUQGHQ $QUHJXQJ GHV OLHEHYROOHQ 0LWHPSILQGHQV HLQHV ZHLEOLFKHQ:HVHQVHLQHUJOHLFKJHVWLPPWHQ*DWWLQEHGDUIXQGGXOlVVHVWPLFKLP 6WLFKGXVFKOlIVWHLQ

9LJJL ZLOO (LQKHLW DEHU HU]HXJW 'LIIHUHQ] Å:HU =LHOH YHUIROJW HU]HXJW 1HEHQIROJHQ´ 'LH 6\PEROLVLHUXQJ YRQ (LQKHLW SURGX]LHUW GLDEROLVFKH 'LVWDQ]:lKUHQG9LJJLEHU]HXJWLVWVHLQH)UDXDXIVHLQHJHQLDOH,QGLYL GXDOLWlW ÅJOHLFK]XVWLPPHQ´ DUEHLWHW HU LQ :DKUKHLW DQ VHLQHU 6FKHLGXQJ -HGH ZHLWHUH %HPKXQJ YRU DOOHP GHU EHUKPWH %ULHIZHFKVHO PDFKW *ULWOLGHXWOLFKGDVV9LJJLQLFKWPHKUGHUÅ.DXIPDQQ´LVWGHQVLHJHKHLUD WHWKDWVRQGHUQHLQÅ6FK|QJHLVW´DXIGHVVHQÅ.QVWH´VLHVLFKQLFKWHLQ ]XVWLPPHQ YHUPRFKWH 9LJJL EHVRUJW VHLQHU )UDX LPPHU PHKU %FKHU ]XU/HNWUHLQYHVWLHUWLPPHUPHKU=HLWLQVHLQHQ%LOGXQJVSODQ²XQGJH QDX GLHV IKUW ]XP %UXFK 'LH 9RUVWHOOXQJ LP 5DKPHQ GHU 3RHVLH K|FKVWLQGLYLGXHOOH*HIKOH]XNRPPXQL]LHUHQ Å0LWHPSILQGHQ´ XQGVLFK JHJHQVHLWLJ LQGHU (UOHEQLVLQWHQVLWlW ]XVWHLJHUQ EH]HLFKQHW QXQ ]LHPOLFK H[DNW QLFKW QXU 9LJJLV 3URJUDPP VRQGHUQ DXFK GDV GHU /LWHUDWXU XP  'DV *HQLH 9LJJL NDQQ VLFK QLFKW YRUVWHOOHQ GDVV 6\PSRHVLH ]XU 7UHQQXQJIKUWVWDWW]XU9HUVFKPHO]XQJ1LFKWQXUGDV*HOGDXFKGLH/L WHUDWXUNDQQHQWIUHPGHQÅ'DVZDVYHUELQGHWXQGGDVZDVWUHQQWZLUG DQHLQDQGHUEHZX‰W´'HUGLDEROLVFKH%OLFNDXIGDV6\PEROHQW]LHKWLKP GDV ZDV HV VRQVW WXW 1lPOLFK GLH Å(LQKHLW GHV 8QWHUVFKLHGHQHQ >@ LQ 5LFKWXQJ DXI GDV =XVDPPHQ GHV 8QWHUVFKLHGHQHQ´ ]X DUWLNXOLHUHQ 1XQ JHKWHVLQGLHDQGHUH5LFKWXQJÅLQ5LFKWXQJDXIGDV$XVHLQDQGHU´'LH 'LIIHUHQ] GLH *ULWOL HUOHEW DOV 9LJJL VLH ]X HLQHU 3DUWQHULQ VHLQHU OLWHUD ULVFKHQ $PELWLRQHQ ]X PDFKHQ YHUVXFKW OlVVW VLH DXFK DQGHUH 'LIIHUHQ    

 



(EG6 (EG6 /XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW6 9JO.HOOHU/LHEHVEULHIH6 /XKPDQQ'LH:LUWVFKDIWGHU*HVHOOVFKDIW6I (EG

6\PEROLVFKHGLDEROLVFKH*HQHUDOLVLHUXQJ



]HQEHREDFKWHQLQGHU/LHEHXQGDXFKLQGHU:LUWVFKDIW,KU9HUP|JHQ ]LHKWVLHDXVVHLQHU+DQGOXQJKLQDXVLKUH+DQGZLUGZLHGHUIUHLIUQHXH %LQGXQJHQ2EZRKO 9LJJL LQ JHZLVVHU :HLVH DOOHVULFKWLJ PDFKW XQG LP PHU PHKU (QHUJLH LQ GDV Å0LWHLQDQGHU´ LQYHVWLHUW I|UGHUW HU JHQDX GD GXUFK GDV Å$XVHLQDQGHU´ bKQOLFK IKUHQ VHLQH ,QGLYLGXDOLVLHUXQJHQ ]XP9HUVWXPPHQGDVLHYRQ8QVLQQQLFKWPHKU]XXQWHUVFKHLGHQVLQG 'LH 6\PEROLVLHUXQJ HUP|JOLFKW Å(LQKHLW DQ]XVWUHEHQ XQG EHL 9HU VFKLHGHQKHLW]XEOHLEHQ´2KQHVLHZUGHMHGH'LIIHUHQ]]XP$EEUXFK RGHU]XU$EOHKQXQJYRQ.RPPXQLNDWLRQIKUHQHWZDZHUNHLQHV\VWHP WKHRUHWLVFKH6R]LRORJLHEHWUHLEWLVWJDUNHLQ6R]LRORJHRGHUZHUGHQQHX HQ 6WXUP XQG 'UDQJ QLFKWPDJ YHUPDJ EHUKDXSW QLFKW DQ OLWHUDULVFKHU .RPPXQLNDWLRQWHLOQHKPHQ9LJJLV0LVVYHUVWlQGQLVEHVWHKWGDULQ]XYHU JHVVHQGDVV.XQVWZHUNH6HOHNWLRQVRIIHUWHQGDUVWHOOHQDXIGLHVLFKGHU5H ]LSLHQW VHLQHUVHLWV VHOHNWLY HLQODVVHQ NDQQ QLFKW DEHU HLQHLQGHXWLJH hEHU WUDJXQJVSURJUDPPH GLH VLFK 3XQNW IU 3XQNW XQG 5HODWLRQ IU 5HODWLRQ GHP 5H]LSLHQWHQ HLQEUHQQHQ RGHU ZHQQ GDV PLVVOLQJW GHQ 5H]LSLHQWHQ DXVGHU.XQVWDXVVFKOLH‰HQ'LH6\PEROLVLHUXQJKlOWYLHOPHKUJHJHQZlU WLJGDVVHVLQQHUKDOEGHU.XQVWRGHUGHU:LVVHQVFKDIWGLYHUJLHUHQGH3R VLWLRQHQ JHEHQ NDQQ ZHQQ VLH QXU LQ GHU )RUP YRQ .XQVWZHUNHQ RGHU )RUVFKXQJVWKHVHQ DXIWUHWHQ XQG QLFKW YRQ *HEHWHQ RGHU =DKOXQJHQ  'LHV IKUW ]X HLQHU HEHQIDOOV HPSLULVFK UHNRQVWUXLHUEDUHQ ÅJHZDOWLJHQ $XVGHKQXQJYRQ0|JOLFKNHLWHQ´RKQHGDVVGLHVJOHLFKGHPRWLYLHUHQZU GH GHQQ PDQ NDQQ MD ZLVVHQ $XFK GRUW JHKW HV XP :DKUKHLW RGHU XP *ODXEHQXP.XQVWRGHUXP5HFKW'LH6\PEROLVLHUXQJEHUQLPPWÅPR WLYDWLRQDOH )XQNWLRQHQ´ XQG PDFKW GLH DQVRQVWHQ XQZDKUVFKHLQOLFKH ÅhEHUWUDJXQJYRQ6HOHNWLRQVOHLVWXQJHQ´]ZLVFKHQDOWHUXQGHJRÅ]XPLQGHVW KLQUHLFKHQG HUZDUWEDU´ 6HOEVW ZHQQ PDQ VWUHLWHW GLVSXWLHUW GHEDWWLHUW NULWLVLHUW²JHOLQJW.RPPXQLNDWLRQ,P)DOOHGHU.XQVWNRPPXQLNDWLRQLVW HVGDVÅ:HUN´GDVGHUDUWGLH8QWHUVFKLHGH]ZLVFKHQGHQ3DUWQHUQEHU EUFNW XQG HLQH ÅKLQUHLFKHQGH 9RUYHUVWlQGLJXQJ´ KHUEHLIKUW 'LHV EHVDJWQLFKWGDVVEHLGHGDVJOHLFKH:HUNVFK|QILQGHQPVVHQVRQGHUQ GDVVDOWHUXQGHJR]XHLQHU.RPPXQLNDWLRQHUPXWLJWZHUGHQGLHVLFKYRQ GHQ)RUPHQWVFKHLGXQJHQGHV:HUNVIKUHQOlVVW²XQGYRQQLFKWVVRQVW :HU KLHU GHP :HUN GDV 9HUWUDXHQ LQ VHLQH PRWLYDWLRQDOHQ /HLVWXQJHQ  

(EG6 (EG6  9JO /XKPDQQ 1LNODV Å,VW .XQVW FRGLHUEDU"´ >@ ,Q 6R]LRORJLVFKH $XINOlUXQJ %G  2SODGHQ6²KLHU6  9JOHEG6  9JO]XPV\VWHPWKHRUHWLVFKHQ%HJULIIGHV:HUNV3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6I $XFKKLHUVWHKWGDV:HUNIUGLH(LQKHLWHLQHU'LIIHUHQ]GHU'LIIHUHQ]YRQ0HGLXPXQG )RUP 



1LHOV:HUEHU

HQW]LHKWXPVWDWWGHVVHQZLH9LJJLXQYHUVHKHQVDXI(U]LHKXQJXQG0DFKW ]X VHW]HQ SURGX]LHUW NHLQH .XQVWOLHEKDEHU VRQGHUQ 6FKHLGXQJHQ 'DV 3UREOHPLVWQLFKWGDGXUFKJHO|VWZHQQPDQQXUGDUDXIDFKWHWGDVUHFKWH 6\PERO LP UHFKWHQ 0RPHQW ]X DNWLYLHUHQ XP VHLQH .RPPXQLNDWLRQV FKDQFHQ]XHUK|KHQ'HQQGHUV\PEROLVFKHQ*HQHUDOLVLHUXQJLVWGLHGLD EROLVFKH 5HODWLYLHUXQJ LPPDQHQW 9LJJL VHW]W DXI QRFK PHKU JHQLDOLVFKH ,QGLYLGXDOLWlWPHKUOLWHUDULVFKHQ2XWSXWPHKU,QWHUDNWLRQPHKU6FKULIW YHUNHKU 6HLQH OLWHUDULVFKHQ 6HOHNWLRQVRIIHUWHQ IKUHQ GHQQRFK DXI DOOHQ (EHQHQSULYDWZLH|IIHQWOLFKLQGLH([NOXVLRQ'HU7HXIHOGHULKQUHLWHW XPVHLQH3RHWLVLHUXQJVDQVWUHQJXQJHQLPPHUZLHGHU]XLQWHQVLYLHUHQIKUW ]XU 'LDEROLVLHUXQJ XQG PLWKLQ ]XU (QWZHUWXQJ DOOHU VHLQHU V\PEROLVFKHQ *XWKDEHQ 6HLQ VR]LDOHV $QVHKHQ VHLQH /LHEH XQG VHLQ 9HUP|JHQ YHU JHKHQ 1LFKWV HULQQHUW PHKU DQ LKQ DXI GDV VLFK NQIWLJH .RPPX QLNDWLRQHQEH]LHKHQN|QQWHQHULVWÅYHUJHVVHQXQGYHUVFKROOHQ´

 

.HOOHU/LHEHVEULHIH6



6@,Q1LNODV/XKPDQQ6FKULIWHQ]X.XQVWXQG /LWHUDWXU+JY1LHOV:HUEHU)UDQNIXUW0DLQ6²KLHU6 



7KRPDV+HFNHQ 1LHPDQGVRQVWPDFKWGDVZDVVLHPDFKW8QGQXUGHVKDOEN|QQHQLQEH]XJDXI .XQVW)UDJHQGHU8QDEKlQJLJNHLWXQGGHU$EKlQJLJNHLWLQHLQHPNDXVDOHQ6LQQ DXIWUHWHQ

+LQ]XIJHQPXVVPDQ8QGQXUGHVKDOENDQQGDVVR]LDOH6\VWHP.XQVW DOV6\VWHPLQGHU8PZHOWDQGHUHU)XQNWLRQVV\VWHPHDXIHLQH:HLVHEHRE DFKWHW ZHUGHQ GLH QLFKW VHLQHQ HLJHQHQ 6\VWHPVSH]LILND HQWVSULFKW 6R NDQQ ]% VHOEVWYHUVWlQGOLFK JHVDJW ZHUGHQ GLH 5RPDQH *QWHU *UDVV· VHLHQ XQPRUDOLVFK RGHU DP 6WDQGSXQNW GHV :DKUHQ JHPHVVHQ  IDOVFK RGHU EHUWULHEHQ VLH VHLHQ SROLWLVFK EHGHXWVDP RGHU YHUZHUIOLFK DWKHLV WLVFK RGHU SDQWKHLVWLVFK $Q GHU .XQVWNRPPXQLNDWLRQ KlWWH PDQ GDPLW DEHUJDUQLFKWWHLOJHQRPPHQDXFKZHQQPDQ]ZHLIHOORVEHUHLQJHPHLQ KLQ DOV VROFKHV NODVVLIL]LHUWHV .XQVWZHUN JHVSURFKHQ KDW 9|OOLJ XQSURE OHPDWLVFK N|QQWH PDQ IUHLOLFK VRIRUW DQVFKOLH‰HQG VDJHQ DEHU VFK|QKlVVOLFKRGHULQWHUHVVDQWXQLQWHUHVVDQWLVWHV]XGHPE]ZWURW] GHPZHQQHVDXFKXQPRUDOLVFK RGHUDOO]XPRUDOLVFK KLVWRULVFKXQSUl]L VH RGHU YRQ JUR‰HU *HQDXLJNHLW  LVW ² XQG KlWWH GDPLW YRQ HLQHP 0R PHQW]XPDQGHUHQHLQHQ%HLWUDJ]XP.XQVWV\VWHPJHOHLVWHW'HQNEDULVW DXFKGHU6DW]'LH5RPDQHVLQGNQVWOHULVFKZHUWYROOKRFKJUDGLJSURILWD EHOSROLWLVFKHUEDXOLFK²GDQQLVWHEHQQXUGDVHUVWH*OLHGGHU$XI]lKOXQJ HLQH$XVVDJHLQQHUKDOEGHV.XQVWV\VWHPV )U.XQVWZHUNHEHGHXWHWGLHVH'LIIHUHQ]LHUXQJGDVVVLHQLFKWGDUDXI DXVJHULFKWHW ZHUGHQ PVVHQ JHVHW]HVWUHX SROLWLVFK NRUUHNW RGHU UHQ GLWHWUlFKWLJ ]X VHLQ XP DOV JHOXQJHQH  .XQVWZHUNH ]X JHOWHQ *HQDXVR  

/XKPDQQ1LNODV'LH.XQVWGHU*HVHOOVFKDIW)UDQNIXUW0DLQ6I 6R/XKPDQQ9RUVFKODJHEG6II  'LHVGHU9RUVFKODJYRQ*HUKDUG3OXPSH]XP&RGHGHV.XQVWV\VWHPV DXFKDOVXQWHUKDOW VDPODQJZHLOLJ >QLFKW XQWHUKDOWVDP@ JHIDVVW  Å6RZHLW GDV .XQVWV\VWHP GLH 'LVMXQNWLRQ VFK|QKl‰OLFK DXV VHLQHU SKLORVRSKLVFKHQ 8PZHOW ]XU 6HOEVWEHVFKUHLEXQJ XQG 6HOEVWSUR JUDPPLHUXQJQRFKYHUZDQGWKDWGDUIPDQHLQHSUlJQDQWH8PFRGLHUXQJYHUPXWHQ,QQHU KDOElVWKHWLVFKHU.RPPXQLNDWLRQLVWGDVÄ6FK|QH¶HEHQVRZLHGDVÄ+l‰OLFKH¶HQWZHGHUÄLQ WHUHVVDQW¶ RGHU ÄXQLQWHUHVVDQW¶´ 3OXPSH *HUKDUG bVWKHWLVFKH .RPPXQLNDWLRQ GHU 0RGHUQH %G9RQ1LHW]VFKHELV]XU*HJHQZDUW2SODGHQ6 3OXPSHJHKW]XGHPLP*HJHQ VDW]]X/XKPDQQLP5DKPHQGHU7KHRULHGHV6R]LDOV\VWHPV.XQVWEHUGLH.RQ]HQWUDWLRQ DXI.XQVWZHUNH VRJDUDXIVROFKHGHUVRJKRKHQ.XQVW KLQDXVVRQGHUQDUJXPHQWLHUWDXV JHZHLWHWDXIDOOH3KlQRPHQHDXIGLHPDQVLFKNRPPXQLNDWLYPLWGHU8QWHUVFKHLGXQJXQ WHUKDOWVDP LQWHUHVVDQW QLFKW XQWHUKDOWVDP XQLQWHUHVVDQW  EH]LHKW 'HU (LQZDQG ÅQLFKW QXU.XQVWXQWHUKLHOWHVRQGHUQYLHOHVDQGHUHDXFK]%6SRUW´ HEG6 LVWQDFK3OXP SHV$XIIDVVXQJV\VWHPWKHRUHWLVFKGDUXPQLFKWVWLFKKDOWLJÅ:HUDOVRHLQHQ6LHJÄODQJZHLOLJ¶ HLQH 1LHGHUODJH DEHU ÄLQWHUHVVDQW¶ QHQQW NRPPXQL]LHUW QLFKW DOV 7HLOQHKPHU GHV 6SRUW V\VWHPVVRQGHUQQLPPWHLQÄPDWFK¶DOVÄ:HUN¶ZDKU´ HEG6 2GHUJUXQGVlW]OLFKJH VDJWÅ(VJHKWXPGLH'LIIHUHQ]YRQ.RPPXQLNDWLRQHQXQGQLFKWXP5HJLVWHUGHV6HLQV ZHQQJOHLFK QLFKW LQ $EUHGH JHVWHOOW ZHUGHQ VROO GD‰ QLFKW DOOHV JOHLFK JXW DOV $QOD‰ XQG 7KHPD lVWKHWLVFKHU .RPPXQLNDWLRQ JHHLJQHW LVW XQG HQWVSUHFKHQG SUlSDULHUWH EHUHLFKV VSH]LILVFK ]XJHVFKQLWWHQH $UWHIDNWH JHZ|KQOLFK OHLFKWHU DOV Ä:HUNH¶ LQ )UDJH NRPPHQ DOV 6WHLQH$VWJDEHOQ6DQGZVWHQRGHU3DFNXQJVEHLODJHQ´ HEG6  

6\VWHP8PZHOW



JLOW GDQQ DEHU DXFK 6LH PVVHQ QLFKW GDUDXI DXVJHOHJW VHLQ LOOHJDO SR OLWLVFKLQNRUUHNWRGHUXQYHUNlXIOLFK]XVHLQXPDOV ZDKUH .XQVWZHUNH]X JHOWHQ/XKPDQQHUNOlUWGLHVHQ6DFKYHUKDOWDOWPRGLVFKHUDP%HLVSLHOGHV 9HUKlOWQLVVHVYRQ0RUDOXQG.XQVW 'DVÄ6FK|QH¶PX‰QLFKWQRWZHQGLJPLWGHPPRUDOLVFK*XWHQEHUHLQVWLPPHQHV GDUI VRJDU DXV HLQHU VROFKHQ .RQYHUJHQ] NHLQH hEHU]HXJXQJVNUDIW JHZLQQHQ VRQGHUQPX‰DOV.XQVWVHOEVWEHU]HXJHQ$QGHUHUVHLWVNDQQQDWUOLFKDXFKYRQ HLQHU hEHUNUHX]LGHQWLILNDWLRQ GHU &RGHV NHLQH 5HGH VHLQ VR DOV RE GDV 6FK|QH VLFK MHW]W KDXSWVlFKOLFK LP %HUHLFK GHU PRUDOLVFKHQ 3HUYHUVLWlWHQ ,Q]HVW ]XP %HLVSLHO  DOV HLJHQVWlQGLJ EHZHLVHQ PVVH (KHU VWHKHQ GLH 8QWHUVFKHLGXQJHQ RUWKRJRQDODOVRLQGLIIHUHQW]XHLQDQGHU

'DVEHGHXWHWDEHUHEHQIDOOVQLFKWGDVVGLH.XQVWZHUNHPRUDOLVFKRGHULQ DQGHUHU+LQVLFKWLQGLIIHUHQWDXVIDOOHQPVVHQ(VEHGHXWHWOHGLJOLFKGDVV VLH QLFKW PHKU DXIJHUXIHQ VLQG VLFK PRUDOLVFK RGHU VRQVWZLH DX‰HU NQVWOHULVFK]XEHZHLVHQXPGHQ5DQJHLQHVYROOHQGHWHQ.XQVWZHUNVHLQ ]XQHKPHQ/XKPDQQVHW]WGLHVHQ$XVGLIIHUHQ]LHUXQJVSUR]HVVKLVWRULVFK² ZLH VR YLHOH DQGHUH DXFK ² PLW GHU5HQDLVVDQFH DQ XP GHQ ÅRIIHQVLFKW OLFKHQ XQG LUUHYHUVLEOHQ hEHUJDQJ ]X IXQNWLRQDOHU 'LIIHUHQ]LHUXQJ´ ² HEHQIDOOV LP (LQNODQJ PLW DQGHUHQ EOLFKHQ %HVWLPPXQJHQ ² XP  JHJHEHQ]XVHKHQ.QVWOHULVFKH3URJUDPPHEHVLW]HQQDFKGHU$XVGLI IHUHQ]LHUXQJ GHU .XQVWVSKlUH RGHU LGHHQJHVFKLFKWOLFK JHVDJW QDFK GHU ZHLWKLQ GXUFKJHVHW]WHQ $XIO|VXQJ GHU (LQKHLW GHV 6FK|QHQ :DKUHQ *XWHQ  YROONRPPHQH )UHLKHLW LKUH 9RUVWHOOXQJHQ YRQ JHOXQJHQHU .XQVW RKQH 5FNVLFKW DXI GLH $QIRUGHUXQJHQ LKUHU 8PZHOW ]X IRUPXOLHUHQ RKQH JOHLFK]HLWLJ *HIDKU ]X ODXIHQ PLW HQWVSUHFKHQGHQ :HUNHQ LKUHQ .XQVWVWDWXVGHVKDOE]XYHUOLHUHQ*HUKDUG3OXPSHVSLW]WGDVDXIGLH)RU PHO ]X GDVV GLH DXWRQRPH /LWHUDWXU JHUDGHZHJV ÅLKUH JHVDPWH 8PZHOW QHJLHUHQ´N|QQHÅÄ$XWRQRPLH¶´KHL‰HLQGHP=XVDPPHQKDQJDEHUDXFK GDVV ÅGLHVHV OLWHUDULVFKH Ä1HLQ¶ IU GLH *HVHOOVFKDIW QLFKWV ZHLWHU EHVDJW DX‰HUGD‰HVLPJQVWLJVWHQ)DOODXIVSDQQHQGHRGHUOHLFKWVFKRFNLHUHQGH :HLVHXQWHUKlOW´ /XKPDQQ VHOEVW EHVFKUHLEW GLH )ROJHQ GHU $XVGLIIHUHQ]LHUXQJ HLQHV .XQVWV\VWHPVLQQHUKDOEGHUPRGHUQHQ*HVHOOVFKDIWLQHLQHUDQGHUHQ+LQ VLFKWHEHQIDOOVPLWHLQHU+|FKVWIRUPHO'LH.RQVHTXHQ]GHU$XVGLIIHUHQ ]LHUXQJ OLHJH GDULQ GDVV ÅGDV .XQVWV\VWHP ]ZDU YRQ VHLQHU JHVHOOVFKDIW OLFKHQ 8PZHOW DEKlQJLJ´ EOHLEH XQG ÅVROFKH ]XP %HLVSLHO ZLUWVFKDIW OLFKH $EKlQJLJNHLWHQ´VRJDU]XQlKPHQGDVVDEHUÅGLH8PZHOWQLFKWGH WHUPLQLHUHQ´N|QQHZDVDOV.XQVWZHUN]lKOHXQGZLHHVEHZHUWHWZHUGHQ  

/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 (EG6  3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6I 



7KRPDV+HFNHQ

PVVH /XKPDQQ ELODQ]LHUW DOV (UJHEQLV GLHVHU (QWZLFNOXQJ HLQH ÅhEHU IOOHNRPPXQLNDWLYHU0|JOLFKNHLWHQ´GLHQXULP.XQVWV\VWHPVHOEVWÅEH DUEHLWHWXQGDXI)RUPHQJHEUDFKW´ZHUGHQN|QQH *HUKDUG 3OXPSH ZLHGHUXP VFKOLH‰W DQ GLHVH (LQVFKlW]XQJ DQ XQG EULQJWVLHPLWVHLQHU'LDJQRVHYRP%HGHXWXQJVYHUOXVWGHUNQVWOHULVFKHQ 6XEYHUVLRQ XQG 1RUPGXUFKEUHFKXQJ ]XVDPPHQ (U EHUQLPPW /XK PDQQV %LOG YRQ GHP LPPHQV JH|IIQHWHQ 0|JOLFKNHLWHQUDXP XP GHU .XQVWGLH0|JOLFKNHLWGHVÄ7DEXEUXFKV¶DE]XVSUHFKHQ >'@LH$XVGLIIHUHQ]LHUXQJGHU.XQVWLQGHU0RGHUQHLKU3DUWLDOZHUGHQZLH'LHWHU +HQULFKJHVDJWKDWO|VWVLHYRQGHQWUDGLHUWHQ=ZlQJHQPRUDOLVFKHUSROLWLVFKHU RGHUUHOLJL|VHU3URYHQLHQ]DEXQGHQWIHVVHOWLKUH3RWHQWLDOHGLHDQNHLQHP:LUN OLFKNHLWVEHJULIIHVVHLGHQQHLQlVWKHWLVFKHUGLHDQNHLQHPWHFKQLVFKHQ5HJHOEH JULIIHVVHLGHQQHLQHLJHQJHVHW]WHUHLQH*UHQ]HILQGHQPVVHQ>«@$XVGLHVHP 6DFKYHUKDOW DXV GHU V\VWHPLPPDQHQW QDKHOLHJHQGHQ MD JHUDGH]X RIIHULHUWHQ 0|JOLFKNHLW GLH QRUPDWLYHQ 3RVLWLRQHQ GHU NRH[LVWLHUHQGHQ VR]LDOHQ 6\VWHPH ² 3ROLWLN5HFKW(U]LHKXQJHWF²lVWKHWLVFKDX‰HU.XUV]XVHW]HQRGHU]XEUVNLH UHQ KDW GLH PRGHUQH .XQVW ODQJH LKUH HYROXWLYH .UDIW EH]RJHQ (UVW ZHQQ GLH *HVHOOVFKDIWVHOEVWNHLQH7DEXVPHKUNHQQW²XQGGLHVH/DJHVFKHLQWDOOPlKOLFK HUUHLFKW ]X VHLQ ² YHUOLHUHQ GLH NRQWUDQRUPDWLYHQ 6LPXODWLRQHQ GHU .XQVW DOOHQ ÄVXEYHUVLYHQ¶ 5HL] XQG HV N|QQWH VFKOLH‰OLFK DXVVLFKWVUHLFKHU HUVFKHLQHQ HLQHU SHUPLVVLYHQ:LUNOLFKNHLWGHQ6FKHLQGHU2UGQXQJGHV5LWXVXQGGHU*OlXELJNHLW HQWJHJHQ]XKDOWHQ

1LNODV/XKPDQQGUIWHGLH'LDJQRVHWHLOHQHUHQWZLUIWDOOHUGLQJVHLQ%LOG GHV$XVGLIIHUHQ]LHUXQJVSUR]HVVHVGDVEHUZLHJHQGJUDXHXQVSHNWDNXOlUH )DUEHQYHUZHQGHW'DYRQGDVVGLH.XQVWLKUHÅHYROXWLYH.UDIW´ODQJHDXV GHU.RQIURQWDWLRQPLW)XQNWLRQVV\VWHPHQLQLKUHU8PZHOWEH]RJHQKDEH LVWEHLLKPNHLQH5HGH(UKlOWYLHOPHKUIHVWGDVVGLH.XQVWÅQXUZHQLJ GLUHNWH$XVZLUNXQJHQDXIDQGHUH)XQNWLRQVV\VWHPH´KDEHXQGHVGHVKDOE NDXP ÅJHVHOOVFKDIWOLFKH 5HDNWLRQHQ´ DXI LKUH $XVGLIIHUHQ]LHUXQJ JHEH =ZDU NRQ]HGLHUW HU GDVV )lOOH H[LVWLHUWHQ LQ GHQHQ Å(QWZLFNOXQJHQ LP .XQVWV\VWHP´DOVÅhEHUJULIIH´XQGÅ)HKOOHLVWXQJHQ´HPSIXQGHQZUGHQ DOV %HLVSLHOH DXV GHP  -DKUKXQGHUW IKUW HU DOOHUGLQJV DOOHLQ GLH SR OLWLVFKHQ 5HDNWLRQHQ LQ GHU 6RZMHWXQLRQ XQG LP QDWLRQDOVR]LDOLVWLVFKHQ 'HXWVFKODQG DXI GLH PRGHUQH .XQVW DQ 'LHVH $QJULIIH DXI GLH .XQVW IlQGHQLQHLQHPJHVFKLFKWOLFKHQ0RPHQWVWDWWLQGHPGLH$XWRQRPLHGHU .XQVW EHUHLWV GXUFKJHVHW]W VHL Å0DQ PX‰ GDQQ SROLWLVFKH *HZDOW HLQ VHW]HQXP'HUDUWLJHV]XXQWHUELQGHQXQGGDQQEOHLEWQXUGLH0|JOLFK NHLWSROLWLVFKJHIRUGHUWHQ,QV]HQLHUHQVGDVGDV.XQVWV\VWHPQLFKWEHHLQ GUXFNW´ ELODQ]LHUW /XKPDQQ XP GDPLW GLH $XVVDJH ]X YHUELQGHQ Å'LH  

/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 3OXPSHbVWKHWLVFKH.RPPXQLNDWLRQGHU0RGHUQH6  /XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW6 

6\VWHP8PZHOW



*HVHOOVFKDIWKDWVLFKDXI$XVGLIIHUHQ]LHUXQJDXWRQRPHU)XQNWLRQVV\VWHPH IHVWJHOHJW´ DOV VHLHQ GLH EHDFKWOLFKHQ *HJHQEHLVSLHOH QXU 5DQGQRWL]HQ GHU *HVFKLFKWH RGHU ]% GLH UHDOVR]LDOLVWLVFKHQ 6WDDWHQ NHLQH *HVHOO VFKDIWHQ +lOWPDQVLFKQXQDQGLHVRJZHVWOLFKHQ6WDDWHQ²DOVRMHZHLOVDQHLQH Å*HVHOOVFKDIW´ LP 6LQQH /XKPDQQV LQ GHU GDV .XQVWV\VWHP HEHQVR ZLH GLH DQGHUHQ 6XEV\VWHPH LQ VHLQHU 8PZHOW EHU $XWRQRPLH YHUIJW ² GDQQNDQQVHOEVWYHUVWlQGOLFKEHUKDXSWQLFKWEHVWlWLJWZHUGHQGDVVÅ(QW ZLFNOXQJHQ LP .XQVWV\VWHP´ QLH LP DOOJHPHLQHQ 6LQQH DOV ÅhEHUJULIIH´ XQG Å)HKOOHLVWXQJHQ´ ZDKUJHQRPPHQ ZUGHQ %HVWlWLJHQ OlVVW VLFK QXU GDVV GHU (LJHQZHUW GHU .XQVW DN]HSWLHUW ZLUG XQG NHLQH PDVVLYHQ 9HU VXFKHXQWHUQRPPHQZHUGHQGLH.XQVWLQGHU3ROLWLNLP$OOWDJRGHUÅ/H EHQ´DXIJHKHQ]XODVVHQZLHGDVJHUDGHDXFKYRQNQVWOHULVFKHUQlPOLFK DYDQWJDUGLVWLVFKHU IXWXULVWLVFKHU GDGDLVWLVFKHU VXUUHDOLVWLVFKHU NXERIX WXULVWLVFKHU 6HLWHLPPHUZLHGHUJHIRUGHUWZRUGHQLVW 'HVKDOE ORKQW HV VLFK HLQPDO JHQDXHU ]X EHWUDFKWHQ ZLH GDV 9HU KlOWQLVYRQIQI6\VWHPHQ²3ROLWLN  5HFKW  :LUWVFKDIW  3lGD JRJLN   :LVVHQVFKDIW   ² DXV GHU JHVHOOVFKDIWOLFKHQ 8PZHOW GHV .XQVWV\VWHPV]XGLHVHPLQGHU*HJHQZDUWGHUÄZHVWOLFKHQ:HOW¶EHVFKDI IHQLVW 8PPLWGHU3ROLWLN]XEHJLQQHQGDVSROLWLVFKH6\VWHP²DOVGDV6\V WHP GDV DXV .RPPXQLNDWLRQHQ EHVWHKW GLH VLFK DXI GLH 0DFKW IU NRO OHNWLY ELQGHQGH (QWVFKHLGXQJHQ EH]LHKHQ ² EHVFKlIWLJW VLFK PLW GHU .XQVWLQYLHOIlOWLJHU:HLVH=XPHLVWJHKWHVGDUXPGLHSULQ]LSLHOOEHORELJ WH.XQVWXQG.XOWXUGXUFKVWDDWOLFKH6XEYHQWLRQHQXQG6WHXHUHUPl‰LJXQ JHQ ]X I|UGHUQ LQ GHQ JU|‰HUHQ |IIHQWOLFKHQ 'HEDWWHQ MHGRFK WULWW ]X PHLVW HLQ JDQ] DQGHUHU $VSHNW KHUYRU 3ROLWLVFKH $XIPHUNVDPNHLW HU IDKUHQ.XQVWZHUNHGDQQZHQQYHUPXWHWRGHUDOVEHZLHVHQHUDFKWHWZLUG GDVVVLHGLH8UVDFKHIU:LUNXQJHQGDUVWHOOHQGLHDOVJHIlKUOLFKRGHUPLVV OLFK HLQJHVWXIW ZHUGHQ ,P 5HJHOIDOO JHKW HV GDEHL XP GLH Ä,QKDOWH¶ YRQ .XQVWZHUNHQ XP HLQ]HOQH %RWVFKDIWHQ 6\PEROH GDUJHVWHOOWH +DQGOXQ JHQ²VHLHQVLHQXQVH[XHOOHUJHZDOWWlWLJHUSROLWLVFKHUUHOLJL|VHU$UW GDVV HLQ.XQVWZHUNDXVSROLWLVFKHU6LFKWDOVJHIlKUOLFKKLQJHVWHOOWZHUGHQZU GHZHLOHVEHUYHUZLUUHQGHGHVRULHQWLHUHQGHÄ)RUPHQ¶YHUIJWHNRPPW QXU QRFK VHOWHQ YRU  =X LKUHP 9HUERW ZLUG GDQQ DXIJHUXIHQ LP (U IROJVIDOOYHUDEVFKLHGHWPDQHQWVSUHFKHQGH*HVHW]H  

(EG6 9JOGD]XDXVIKUOLFK3OXPSH(SRFKHQPRGHUQHU/LWHUDWXU6II  'D]XDXFK3OXPSH*HUKDUGX1LHOV:HUEHU +J %HREDFKWXQJHQGHU/LWHUDWXU$VSHNWHHLQHU SRO\NRQWH[WXUDOHQ/LWHUDWXUZLVVHQVFKDIW2SODGHQ 



7KRPDV+HFNHQ

(LQH=HQVXUILQGHW]ZDUQLFKWPHKUVWDWW²MHGHUGDUIHWZDVRKQHYRU KHUJHKHQGHVWDDWOLFKH.RQWUROOHYHU|IIHQWOLFKHQ²VSH]LHOO]XP6FKXW]GHU -XJHQG]%JLEWHVDEHUGLH]X%HJLQQHUZlKQWH%XQGHVSUIVWHOOHIUMX JHQGJHIlKUGHQGH 0HGLHQ GLH 3XEOL]LHUWHV DXI HLQHQ ,QGH[ VHW]HQ NDQQ GHUHVYHUKLQGHUWGDVVHQWVSUHFKHQGH%FKHU)LOPHHWFIU-XJHQGOLFKH ]XJlQJOLFK VLQG hEHU GLH ,QGL]LHUXQJ EHVWLPPW HLQ *UHPLXP GDV VLFK XQWHUGHU/HLWXQJGHU%XQGHVSUIVWHOOH]XVDPPHQVHW]WDXVYHUVFKLHGHQHQ )DFKYHUWUHWHUQGLHYRQ2UJDQLVDWLRQHQXQG9HUElQGHQDEJHVWHOOWZHUGHQ 9HUWUHWHU GHV %XFKKDQGHOVXQG GHV 9HUODJVZHVHQV GHU /HKUHUVFKDIW GHU .XQVWXQG/LWHUDWXUHWF'DUDQNDQQPDQVHKUVFK|QVHKHQZLHEHUGHQ :HJGHV9HUElQGHSOXUDOLVPXVGLHDXVGLIIHUHQ]LHUWH*HVHOOVFKDIWLQGHUDQ QlKHUQGHQ *HVDPWKHLW LKUHU )XQNWLRQVV\VWHPH UH SUlVHQWLHUW ZHUGHQ VROO'HQQRFKlQGHUWGLHVQLFKWVGDUDQGDVVGLHVHV*UHPLXPSROLWLVFKLQ VWLWXLHUW ZRUGHQ LVW XQG NHLQHVZHJV DOV JOHLFKVDP EHU GHU *HVHOOVFKDIW VFKZHEHQGHV 2UJDQ IXQJLHUHQ NDQQ 'XUFK GLH =XVDPPHQVHW]XQJ ZLUG DEHU LPPHUKLQ GHXWOLFK DQJH]HLJW GDVV EHU GLH .XQVW QLFKW HLQIDFK JH KHUUVFKW ZHUGHQ VROO LKU (LJHQUHFKW ZLUG EHU GHQ 8PZHJ GHV )DFK YHUWUHWHUVEHUFNVLFKWLJW'LH.XQVWJHK|UWQLFKW]XU3HULSKHULHEHUGLH HLQH]HQWUDOHJHVHOOVFKDIWOLFKH,QVWDQ]EHVWLPPW ,QWHUHVVDQW LVW EHL GHQ 'HEDWWHQ GLH LQQHUKDOE ZLH DX‰HUKDOE GLHVHV *UHPLXPV XP GHQ -XJHQGVFKXW] XQG GLH .XQVWIUHLKHLW JHIKUW ZHUGHQ GDVVRIWPDOVGLH.XQVWDXWRQRPLHLQVRIHUQDQHUNDQQWZLUGDOVGDV$UJX PHQW LQV )HOG JHIKUW ZLUG EHL GHQ SRUQRJUDILVFKHQ )LOPHQ UHFKWVUD GLNDOHQ 5RFNJUXSSHQ HWF KDQGHOH HV VLFK JDU QLFKW XP .XQVWZHUNH XQG .QVWOHU DOV N|QQH PDQ EHU GDV ZDV LP .XQVWV\VWHP DXIJHKREHQ LVW JDUQLFKWLQQHJDWLYHU:HLVHSROLWLVFKVSUHFKHQ²ZDV]ZHLIHOORVGHIDFWR QLFKWGHU)DOOLVWGHQ1LPEXVGHU.XQVWDEHUJXWDQ]HLJW =X6FKZLHULJNHLWHQGHU9HUVWlQGLJXQJLVWHVYRUDOOHPLQGHQHU XQGHU-DKUHQGHQQRFKLPPHUZLHGHUJHNRPPHQZHLO3ROLWLNHUQLQ GHU =HLW KlXILJ PLVVILHO LQ ZHOFKHU :HLVH .XQVWZHUNH ]XU SROLWLVFKHQ 0HLQXQJVlX‰HUXQJRGHU$JLWDWLRQJHQXW]WZXUGHQ+LHUODJDXFKLQDOWHU LGHDOLVWLVFKHU7UDGLWLRQ GDV$UJXPHQW QDKH EHL VROFKHQ :HUNHQ KDQGHOH HVVLFKJDUQLFKWXP.XQVWZHUNHE]ZXP:HUNHKRKHU.XQVWVRQGHUQ XP7DJHVXQG*HEUDXFKVZHUNHRKQHMHGHQlVWKHWLVFKHQ$QVSUXFK8P JHNHKUW DUJXPHQWLHUWHQ SROLWLVFK LQWHUHVVLHUWH .QVWOHU LQ MHQHQ 7DJHQ JHUQ QXU HQJDJLHUWH .XQVWZHUNH VHLHQ ZDKUH .XQVWZHUNH 'LHVHQ 'H EDWWHQODJVWHWVGLH9HUPLVFKXQJGHV%H]XJVDXI.XQVWZHUNHXQGGHV%H ]XJV DXI lVWKHWLVFKH .RPPXQLNDWLRQ ]XJUXQGH .XQVWZHUNH N|QQHQ QD WUOLFKSROLWLVFKH,QKDOWHDXIZHLVHQGDVlQGHUWDEHUQLFKWVGDUDQGDVVGLH .XQVWNRPPXQLNDWLRQ²GLHGDV.XQVWV\VWHPDXVPDFKW²GLHVHSROLWLVFKHQ =XVDPPHQKlQJHXQG:LUNXQJVDEVLFKWHQQLFKW]XU*UXQGODJHLKUHU$XV VDJHQHUKHEWVRQGHUQLQLKUHJHVHOOVFKDIWOLFKH8PZHOWYHUZHLVW

6\VWHP8PZHOW



(LQSROLWLVFKKRFKJUDGLJHQJDJLHUWHV.XQVWZHUNNDQQGHPQDFKMHGHU ]HLW DOV VFK|Q RGHU KlVVOLFK E]Z QDFK GHP NRQNXUULHUHQGHQ 9RUVFKODJ *HUKDUG 3OXPSHV DOV XQWHUKDOWVDP RGHU XQLQWHUHVVDQW  DQJHVHKHQ RGHU DXFKEHXUWHLOWZHUGHQ²XQGQXUGDQQKDWHLQH.XQVWNRPPXQLNDWLRQLP 6LQQH GHV DXVGLIIHUHQ]LHUWHQ .XQVWV\VWHPV VWDWWJHIXQGHQ *HJHQZlUWLJ VLQG GLH HQJDJLHUWHQ 'HEDWWHQ E]Z .RQIXQGLHUXQJHQ  ZHJHQ GHU DSR OLWLVFKHQ +DOWXQJ GHU PHLVWHQ 6FKULIWVWHOOHU YHUEODVVW 6LH N|QQHQ DEHU MHGHU]HLWZLHGHUDXIOHEHQ ,P5HFKWVV\VWHPKDWPDQGDV3UREOHPGDVVGHU.XQVWHLQKRKHU YHUIDVVXQJVUHFKWOLFKHU 5DQJ HLQJHUlXPW ZLUG DXIJUXQG GHU *HVHW]HVODJH SRUQRJUDILVFKH )LOPH HWF MHGRFK XD DOV MXJHQGJHIlKUGHQG ² XQG GHUHQ 9HUEUHLWXQJDOV8QUHFKW²]XYHUXUWHLOHQVLQGODQJHVR]XO|VHQYHUVXFKW LQGHPPDQGLH3RUQRJUDILH]XU1LFKW.XQVWHUNOlUWH'DYRQLVWPDQPLWW OHUZHLOHDEJHJDQJHQQXQEHVWUHLWHWPDQQLFKWPHKUNDWHJRULVFKGLH9HU HLQEDUNHLW YRQ .XQVW XQG 3RUQRJUDILH VRQGHUQ QLPPW HLQH $EZlJXQJ YRU XP HYWO GHQ -XJHQGVFKXW] GHQ 3HUV|QOLFKNHLWVVFKXW] XVZ LP (LQ ]HOIDOO IU ZLFKWLJHU ]X YHUDQVFKODJHQ DOV GLH .XQVWIUHLKHLW 'LH *HULFKWH QHKPHQGDGXUFKVRRGHUVRDQGHU.XQVWNRPPXQLNDWLRQWHLO6LHHUNOlUHQ HWZDV ]XU .XQVW RGHU EHVWUHLWHQ .XQVWHLJHQVFKDIWHQ EHYRU VLH JJI GLH $EZlJXQJYRUQHKPHQ$XFKLQ)UDJHQGHV8UKHEHUUHFKWVPVVHQJHQXLQ NQVWOHULVFKH)UDJHQYRQ-XULVWHQLP6LQQHGHU.XQVWNRPPXQLNDWLRQDXI JHZRUIHQZHUGHQ HWZDGLH)UDJHREHLQ:HUNHLJHQVWlQGLJJHQXJLVWXP DOV VFK|SIHULVFKH /HLVWXQJ HLQHP EHVWLPPWHQ 8UKHEHU ]XJHUHFKQHW ]X ZHUGHQ 'LH*HULFKWHWXQGLHVDOOHUGLQJVQLFKWRKQH]XYRU6DFKYHUVWlQ GLJHJHK|UW]XKDEHQGHQHQVLHLQ)UDJHQGHU.XQVWK|KHUH.RPSHWHQ] ]XPHVVHQ  ,P %HUHLFK GHV ZLUWVFKDIWOLFKHQ 6\VWHPV ZLUG .XQVW ZLH MHGH DQ GHUH :DUH DXFK DOV 3URGXNW DQJHVHKHQ GDV DXI GHP 0DUNW DQJHERWHQ ZLUGXP5HQGLWHQ]XHU]LHOHQ'DVVEHVWLPPWH*WHUGLH]%YRQ9HUOH JHUQDOV.XQVWZHUNHYRQ5DQJDQJHVHKHQZHUGHQYRUDXVVLFKWOLFKZHQLJHU SURILWDEHOVLQGDOVDQGHUH*WHUPXVVMHGRFKNHLQ+LQGHUXQJVJUXQGVHLQ VLH ]X SURGX]LHUHQ ]X YHUWUHLEHQ XQG DXV]XVWHOOHQ 5LVLNREHUHLWVFKDIW LQ GHU XQEHUVLFKWOLFKHQ .RQNXUUHQ] QLHGULJH .RVWHQ JHULQJH $XWRUHQKR QRUDUH  &KDQFHQ LQ 1LVFKHQPlUNWHQ VWDDWOLFKH 6XEYHQWLRQHQ HWF VLQG QXU HLQLJH *UQGH PLW DOV KRFKUDQJLJ HLQJHVWXIWHU .XQVW XQWHUQHK PHULVFK0HKUZHUWHU]LHOHQ]XZROOHQ1XUXQWHUGHU'URKXQJGHV5XLQV NDQQDOOHUGLQJVHLQHSULYDWZLUWVFKDIWOLFKH8QWHUQHKPXQJLKU+DQGHOQUHLQ DXIGLH0D[LPHDEVWHOOHQ.XQVWZHUNH²HJDOZHOFKH²]XSURGX]LHUHQ ,PSlGDJRJLVFKHQ6\VWHPVHW]WPDQGLH6FKOHU.XQVWZHUNHQDXV GLHFXUULFXODUDOVEHGHXWHQGGHILQLHUWZRUGHQVLQG]XU+XPDQLWlWXQG%LO GXQJGHU6FKOHUEHL]XWUDJHQ:DVDOVKRKH.XQVWDQJHVHKHQZLUGZLUG GDEHLYRU]XJVZHLVHDXIJHUXIHQ)DVWN|QQWHPDQGDUXPPHLQHQGDVSlGD



7KRPDV+HFNHQ

JRJLVFKH 6\VWHP WUDJH VHLQHQ 1DPHQ LQ GHU +LQVLFKW ]X 8QUHFKW HV VHL WDWVlFKOLFKEOR‰7HLOGHV.XQVWV\VWHPV'HU(LQGUXFNYHUIOFKWLJWVLFKMH GRFK VFKQHOO ZHQQ PDQ VLHKW GDVV DXFK EHU .XQVW LP SlGDJRJLVFKHQ 6\VWHPYHUKDQGHOWZLUGXP6FKOHUQ1RWHQGDIU]XJHEHQ  $XFK LQ GHQ :LVVHQVFKDIWHQ QLPPW GLH %HVFKlIWLJXQJ PLW GHU .XQVW HLQHQ KRKHQ 5DQJ HLQ 9HUVFKLHGHQVWH 3KLORORJLHQ .XOWXUZLVVHQ VFKDIWHQHWF]lKOHQ.XQVWZHUNH]XLKUHQEHYRU]XJWHQ*HJHQVWlQGHQXP ZDKUH 6lW]H DXI]XVWHOOHQ XQG XQZDKUH ]XUFN]XZHLVHQ E]Z ]X ZLGHU OHJHQ .XQVWNRPPXQLNDWLRQ ZLUG YRQ LKQHQ GDEHL LQ UHLFKHP 0D‰H WUD GLHUWLQGHPEHVWlQGLJlVWKHWLVFKH$XVVDJHQEHU.XQVW]XVDPPHQJHIDVVW XQG DXI EHVWLPPWH *UQGH ]XUFNJHIKUW ZHUGHQ ² XQG LQGHP .XQVW ZHUNH DXVIKUOLFK YRUJHVWHOOW ZHUGHQ EHYRU PDQ VLH DQDO\VLHUW 'D GLH :DKUKHLWVVXFKH WHLOZHLVH LQVWLWXWLRQHOO RUJDQLVLHUW LVW :LVVHQVFKDIW GRUW DOV %HUXI DXVJHEW ZLUG XQG HV DOV K|KHUH /HLVWXQJ JLOW NRPSOL]LHUWH :DKUKHLWHQ ]X HQWGHFNHQ HUVWUHFNW VLFK GLH ZLVVHQVFKDIWOLFKH $XIPHUN VDPNHLWIROJOLFK]XPHLVWDXIGLHVFKZLHULJHQ:HUNHE]ZDXIMHQH:HUNH GLHVLFKJXWDXIGLIIL]LOHSKLORVRSKLVFKHXQGDQGHUH7KHRULHQEH]LHKHQODV VHQ 'LH HGLWRULVFKH $XIEHUHLWXQJ XQG 6LFKHUXQJ VROFKHU :HUNH KlOW VLH GDQN SROLWLVFKHU 8QWHUVWW]XQJ IU GDV :LVVHQVFKDIWVV\VWHP VXEYHQWLR QLHUW DXI GHP0DUNW1LFKW VHOWHQ EHWHLOLJHQ VLFK 3KLORORJHQ VRJDU VHOEVW GLUHNWDP.XQVWV\VWHPLQGHPVLH DOVKDQGOHHVVLFKQRFKXPZDKUH6lW ]H $XVVDJHQEHUGHQlVWKHWLVFKHQ:HUWRGHU8QZHUWYRQ.XQVWZHUNHQ IRUPXOLHUHQ =XVDPPHQIDVVHQGNDQQPDQIHVWKDOWHQGDVVEHU.XQVWZHUNHLQYLH OHUOHL :HLVH NRPPXQL]LHUW ZLUG RKQH GDVV EHU VLH LP 5DKPHQ GHV .XQVWV\VWHPVJHVSURFKHQZUGHGHUKRKH5DQJGHU.XQVWDEHUQLFKW]X OHW]WGDUDQVLFKWEDUZLUGGDVV]XU.XQVWHUNOlUWH:HUNHVHOEVWYRQ3ROLWL NHUQ RGHU :LVVHQVFKDIWOHUQ XQJHUQ EOR‰ GHU 0DFKWDXVEXQJ DXVJHVHW]W RGHUNDOW]XP2EMHNWGHU$QDO\VHKHUJHQRPPHQZHUGHQ'DUXPUHLFKHUQ VLHLKUH5HGHQXQG$XIVlW]HJHUQPLW$XVVDJHQGHU.XQVWNRPPXQLNDWLRQ DQ'LHVlQGHUWDEHUQLFKWVGDUDQGDVVVLHNDXPHLQPDOEHDEVLFKWLJHQ3R OLWLN RGHU :LVVHQVFKDIW NQVWOHULVFK RGHU QDFK 0D‰JDEH YRQ *HVLFKWV SXQNWHQGHV6FK|QHQRGHUGHV8QWHUKDOWVDPHQ]XEHWUHLEHQ 'DV .XQVWV\VWHP VW|‰W IROJOLFK LQ VHLQHU JHVHOOVFKDIWOLFKHQ 8PZHOW EHVWlQGLJ DXI DQGHUH 6XEV\VWHPH GLH QDFK 0D‰JDEH HLQHU DQGHUHQ 6\V WHPUHIHUHQ] NRPPXQL]LHUHQ DOV HVVHOEVW6RODQJH GLHVVR LVW EOHLEWGHP .XQVWV\VWHPIUHLOLFKVHLQHV\VWHPLVFKH$XWRQRPLH6LHEHVDJWQLFKWVDQGH UHVDOVGDVV$XVVDJHQEHUGDV:DKUHXQG)DOVFKHHWFQLFKWEHUHLWV$XV VDJHQ EHU GDV 6FK|QH XQG +lVVOLFKH RGHU GDV 8QWHUKDOWVDPH XQG 8Q LQWHUHVVDQWH  YRUZHJQHKPHQ (PSLULVFK JHVHKHQ NRPPW HV LQ GHU ,QWHU DNWLRQ LQ .OHLQJUXSSHQ XQG LQ YLHOHQ 2UJDQHQ GHU 0DVVHQPHGLHQ GHQ QRFK KlXILJ ]X HLQHU 9HUVFKUlQNXQJ 'DQQ IKUHQ SROLWLVFKH ZLVVHQ

6\VWHP8PZHOW



VFKDIWOLFKH SlGDJRJLVFKH $QQDKPHQ ]X lVWKHWLVFKHQ 9RUOLHEHQ VHOWHQHU XPJHNHKUW 9LHOVWlUNHUDOVLQGHU$OOWDJVNRPPXQLNDWLRQILQGHWGLHVWUHQ JH %HUFNVLFKWLJXQJ GHU $XWRQRPLH GHV .XQVWV\VWHPV LQ GHU LQVWLWXWLR QHOOHQ.RPPXQLNDWLRQVWDWW 7URW] GHU )|UGHUXQJ GHU +RFKNXQVW GXUFK SlGDJRJLVFKH ZLVVHQ VFKDIWOLFKH SROLWLVFKH ,QVWLWXWLRQHQ VHKHQ VLFK LKUH 9HUWUHWHU GHQQRFK EHUZLHJHQGLQHLQHIHLQGOLFKH8PZHOWJHVWHOOW'DVVGLH:HUNHGHUVRJ KRKHQ.XQVWVLFK]XHLQHP7HLODXIGHP0DUNWZLUWVFKDIWOLFKEHZlKUHQ PVVHQ EHWUDFKWHQ VLH RIW DOV HLQHQ SROLWLVFKHQ )HKOHU 'HVKDOE SRFKHQ VLHLPPHUZLHGHUDXIGLH$XWRQRPLHGHU.XQVWZRPLWVLHIUHLOLFKQXUHL QHQ lX‰HUVW NOHLQHQ7HLO GHVVHQPHLQHQ ZDV YRQ 6FKULIWVWHOOHUQ YHUIDVVW YRQ=HLFKQHUQJH]HLFKQHWZLUGXVI6LHYHUZHQGHQGHQ%HJULIIGHUÄ$XWR QRPLH¶]XGHPDXIHLQHDQGHUHDOVGLHV\VWHPWKHRUHWLVFKH:HLVHQlPOLFK QLFKWLP6LQQHV\VWHPLVFKHU$XWRQRPLHVRQGHUQLP6LQQHHLQHU$XWDUNLH GLHHVHUP|JOLFKWVLFKXQDEKlQJLJYRQDQGHUHQDXV]XZHLWHQ$XFKLQGHU VRJHQDQQWHQ ÄPRGHUQHQ *HVHOOVFKDIW¶ LQ GHU GLH .XQVWNRPPXQLNDWLRQ QLFKW UHOLJL|V RGHU PRUDOLVFK GHWHUPLQLHUW LVW PHLQW $XWRQRPLH MHGRFK QXUGLH$XIQDKPHYRQ,UULWDWLRQHQXQG,QSXWVGHU8PZHOWQDFKHLJHQHQ 0D‰VWlEHQ6LHEHVDJWQLFKWGDVVGLHV\VWHPLVFKH8PZHOWVLFKEHLLKUHP 9RUJHKHQ DQ GHQ 0D‰JDEHQ GHV 6FK|QHQ RGHU GHV 8QWHUKDOWVDPHQ DXV ULFKWHW 'DUXP PDJ GLH $XVGLIIHUHQ]LHUXQJ GHV .XQVWV\VWHPV ]X HLQHU 5DIILQLHUXQJ VHLQHU %HLWUlJH LQVJHVDPW IKUHQ ]XU $XIJDEH |NRQRPL VFKHU SROLWLVFKHU XD ]XJXQVWHQ NXQVWVLQQLJHU /HLWOLQLHQ IKUW VLH DEHU NHLQHVZHJV









9(5%5(,781*60(',(1² )5$1=.$).$81'7+20$63P@LWWHQ LP &KDRV >@ HLQ IHLQ DEJHVWLPPWHV GXUFK NRQVWUXLHUWHV (U]lKOJHIOHFKW´ HUJHEH XQG HEHQ QLFKW GHP Å$PRNODXI HLQHV %HUVHUNHUV´ JOHLFKH VRQGHUQ GDV 5HVXOWDW HLQHU ÅXQWUJOLFKHQ 6L FKHUKHLW IU GDV 7LPLQJ GHU 6]HQHQ´ GDUVWHOOH XQG EHUGLHV ÅOLWHUDULVFK YRUZHJJHQRPPHQKDWZDVGHQVSHFLDOHIIHFWVLP)LOPHUVWKHXWH²ZLHHWZD LQ6WHYHQ6SLHOEHUJV6DYLQJ3ULYDWH5\DQ²JHVWDWWHWZLUG´ $XFK GHU HLQVWLJH 9RUZXUI lVWKHWLVFKHU )XQNWLRQVORVLJNHLW GHU Å'DU VWHOOXQJGHV6FKUHFNHQV´ZLFKQXQGHU(UNHQQWQLVGDVVGLHVHÅGXUFKLKUH )RUP´WURW]GHV(LQJHVWlQGQLVVHVYHUHLQ]HOWHUVWLOLVWLVFKHU)HKOJULIIHÅOHJL WLPLHUW´ XQGQLFKWEHU]RJHQ VHLVRQGHUQ HLQHQ JODXEZUGLJHQ XQG ÅHU VWDXQOLFK GLFKWH>Q@ 5HDOLVPXV´ KHUYRUEULQJH /HGLJV 9HUZHQGXQJ ÅNQDSSJHKlPPHUWH>U@6lW]HVHLQH7HFKQLNGHUMlKDQJHULVVHQHQXQGVR IRUWZLHGHULQHLQHP%ODFNRXWDEJHEURFKHQHQ6]HQHQ>@GLHGDXHUQGHQ 7HPSRZHFKVHOVDPWHLQJHVHW]WHQUHWDUGLHUHQGHQ0RPHQWHQ´JDOWHQGHP HQWVSUHFKHQGQXQQLFKWPHKUDOV$XVGUXFNGHUNQVWOHULVFKHQ8QIlKLJNHLW GHV$XWRUHQVRQGHUQDOV]XZUGLJHQGH(OHPHQWHGHUÅlVWKHWLVFKH>Q@2U JDQLVDWLRQ HLQHV QXU VFKHLQEDU QLFKW PHKU ]X ElQGLJHQGHQ DOVR XQ PHQVFKOLFKHQ6FKUHFNHQVPDWHULDOV´ 6FKOLH‰OLFK WUDI DXFK GHU ]XYRU QRFK DOV $XVJHEXUW HLQHV XQWROH ULHUEDUHQ 1LKLOLVPXV JHEUDQGPDUNWH DXI QDWXUJHWUHXH :LHGHUJDEH UHLQ lX‰HUOLFKHU 5HDOLWlW DXVJHULFKWHWH *HVWXV NRPPHQWDUORVHQ %HVFKUHLEHQV VHLWHQVGHV(U]lKOHUVQXQPHKUDXIEUHLWH=XVWLPPXQJGDGLHÅ6DFKOLFK NHLW´XQGÅ,GHRORJLHIHUQH´GHUÅ%LOGVFKRFNV´YRQÅ/HGLJVNDOWUHJLVWULH UHQGHU GRNXPHQWDULVFKHU 3URVD´ GHP KHXWLJHQ 3XEOLNXP ÅQlKHU OLHJHQ DOVPRUDOLVFKH8QWHUZHLVXQJHQ´XQGPDQDQGLHVHUHWZDYRQHLQGHXWLJHQ    



  



6FKRHOOHU :LOIULHG ) Å&ROODJH GHV .DKOVFKODJV´ ,Q 6GGHXWVFKH =HLWXQJ YRP  6,9 +DJHÅ'LH$QJVWPX‰LP*HQLFNVLW]HQ´6 %DXPJDUWÅ0DVVDNHU]XU0LWWDJVVWXQGH´6 6FKRHOOHUÅ&ROODJHGHV.DKOVFKODJV´6,9 3UDOOH8ZHÅ'LHHUEDUPXQJVORVH3K\VLRORJLHGHV.ULHJHV´,Q)UDQNIXUWHU5XQGVFKDXYRP 6 5HLQKDUGW6WHSKDQÅ*HJHQZDUWGHV1LFKWV´,Q'HU7DJHVVSLHJHOYRP6: %DXPJDUWÅ0DVVDNHU]XU0LWWDJVVWXQGH´6 6FKRHOOHUÅ&ROODJHGHV.DKOVFKODJV´6,9

=ZHLWFRGLHUXQJÄ5HSXWDWLRQ¶



6FKXOG]XZHLVXQJHQDQGLH'HXWVFKHQRGHU$OOLLHUWHQ$EVWDQGQHKPHQGHQ 'DUVWHOOXQJVZHLVHVFKlW]HÅGDVVVLHYRUDOOHP]HLJW>@ZDVGDVZDUGHU WRWDOH.ULHJ´XQGVHLQÅZDKUH>V@*HVLFKW´QlPOLFKÅGLH*HJHQZDUWGHV 1LFKWVXQGGHU6LQQORVLJNHLW´ ,QVJHVDPWZDUDOVRQLFKWGLHJHQXLQOLWHUDULVFKH%HZHUWXQJVPD‰VWlEH SHU VH GRPLQDQWVHW]HQGH =ZHLWFRGLHUXQJ IU GLH 5HQDLVVDQFH YRQ 9HU JHOWXQJYHUDQWZRUWOLFKVRQGHUQGHU8PVWDQGGDVVVLFKGDVKHWHURJHQH*H IOHFKWGHUDQV:HUNKHUDQJHWUDJHQHQLQQHUZLHDX‰HUOLWHUDULVFKHQ(UZDU WXQJHQ 1RUPHQ XQG :HUWH GLH DOV .ULWHULHQ IU GLH $NWXDOLVLHUXQJ GHU EHLGHQ6HLWHQGHV1HEHQFRGHVKHUDQJH]RJHQZXUGHQLQGHU=ZLVFKHQ]HLW NRPSOHWWJHZDQGHOWKDWWH'LHVH7UDQVIRUPDWLRQGLHPDQDXFKDOV5HVXO WDWHLQHV/HUQSUR]HVVHVDXIIDVVHQNDQQXQGLQGHUHQ.HUQGDV8PVFKDOWHQ YRQ HLQHP QRUPDWLYHQ DXI HLQHQ NRJQLWLYHQ (UZDUWXQJVVWLO VWHKW KDWWH ]XP(UJHEQLVGDVVVLFKQXQWDWVlFKOLFKHLQELVKHXWHHUKDOWHQJHEOLHEHQHU .UHLVODXI]ZLVFKHQGHQSRVLWLYHQ:HUWHQGHU&RGHVLQWHUHVVDQWODQJZHLOLJ VRZLHZHUWYROOZHUWORVHWDEOLHUHQNRQQWH'LHDX‰HUJHZ|KQOLFKH'\QDPLN GLHVHU LQ *HVWDOW HLQHU QDFK REHQ ZHLVHQGHQ 6SLUDOH LQ (UVFKHLQXQJ WUH WHQGHQ.UHLVVWUXNWXUEHNXQGHWVLFKQLFKW]XOHW]WGDULQGDVV9HUJHOWXQJODXW )HXLOOHWRQ ÅHLQ VLQJXOlUHU )DOO GHXWVFKHU 1DFKNULHJVOLWHUDWXU´ VHL ÅGDV ZRKOUDGLNDOVWH²XQGEHGHXWHQGVWH²GHXWVFKH5RPDQZHUNEHUGLH*H ZDOWVDPNHLW GHV =ZHLWHQ :HOWNULHJV´ GDUVWHOOH XQG ÅVFKOLFKWZHJ ]XP %HVWHQJHK|UWZDVLQGHQIQ]LJHU-DKUHQLQGHXWVFKHU6SUDFKHJHVFKULH EHQZXUGH´(YROXWLRQVWKHRUHWLVFKHQWVSULFKWGDVGHP6WDGLXPGHU6WD ELOLVLHUXQJ XQG EUDFKWH /HGLJ QDFK GHP 0XVWHU GHV 6FKQHHEDOOHIIHNWV VXN]HVVLYH HLQH KHUYRUUDJHQGH 5HSXWDWLRQ HLQ ZHQQ DXFK HUVW SRVWKXP :LH GLIIL]LO HV DOOHUGLQJV LVW /LWHUDWXUJHVFKLFKWH ]X VFKUHLEHQ ]HLJW VLFK VFKRQ LQ GHU 6SH]LILN GHU $QODJH GLHVHU .UHLVVWUXNWXU PVVHQ GRFK PLW GHQEHLGHQ0HGLHQFRGHVGHU/LWHUDWXUXQGGHU]ZLVFKHQJHVFKDOWHWHQ%H DFKWXQJ HLQHV :HUNHV VHLWHQV GHU /LWHUDWXUNULWLN JOHLFK GUHL 6HOHNWLRQV EDUULHUHQ LPPHU ZLHGHU DXIV 1HXH SDVVLHUW ZHUGHQ ZLOO PDQ HLQHQ 3ODW] LPVR]LDOHQ*HGlFKWQLVGHV/LWHUDWXUV\VWHPHUREHUQGHUJOHLFKZRKOMHGHU ]HLW DXFK ZLHGHU YHUORUHQ JHKHQ NDQQ (V JHQJW DEHU ZLH ZLU JHVHKHQ KDEHQGDV6FKHLWHUQDQQXUHLQHUGLHVHU]LUNXOlUYHUVFKUlQNWHQ6HOHNWLRQV LQVWDQ]HQXPVFKRQLQ9HUJHVVHQKHLW]XJHUDWHQ$QJHVLFKWVGHUOLWHUDWXU LQWHUQ ]X YHUDUEHLWHQGHQ ,QIRUPDWLRQVEHUVFKVVH ZLUG DOOHUGLQJV NODU   

  

0HGLFXV 7KRPDV Å$XVZHLWXQJ GHU 7RGHV]RQH´ ,Q )UDQNIXUWHU 5XQGVFKDX YRP  6 5HLQKDUGWÅ*HJHQZDUWGHV1LFKWV´6: 3LFKOHU *HRUJ Å(LQJHVFKODJHQH .LHIHU DXIJHULVVHQH %UXVWN|UEH´ ,Q 'LH 3UHVVH YRP 69,, 3UDOOHÅ'LHHUEDUPXQJVORVH3K\VLRORJLHGHV.ULHJHV´6 +DJHÅ'LH$QJVWPX‰LP*HQLFNVLW]HQ´6



'RPLQLF%HUOHPDQQ

GDVV VLFK GLH +HUDXVELOGXQJ GLHVHV FRGHEDVLHUWHQ *HGlFKWQLV PHFKDQLVPXVGHU]ZLQJHQGDXIHLQHVFKDUIVHOHNWLHUHQGH=ZHLWFRGLHUXQJ DQJHZLHVHQ EOHLEW XQG JHZLVVHUPD‰HQ GLH $QWZRUW DXI 1RUEHUW %RO]· HLQJDQJVHUZlKQWHQ+LOIHUXIGDUVWHOOWQLFKWGHP=XIDOOYHUGDQNWVRQGHUQ LQQHUV\VWHPLVFKHQ 1RWZHQGLJNHLWHQ GLH GDIU YHUDQWZRUWOLFK ]HLFKQHQ GDVVGDV/LWHUDWXUV\VWHPYRUDOOHPHLQVEHKHUUVFKHQPXVV²GLH.XQVWGHV 9HUJHVVHQV



$86:$+/%,%/,2*5$3+,(  'LHVH%LEOLRJUDSKLHEDVLHUWDXIGH%HUJ+HQNÅ/XKPDQQ·V6\VWHPV7KHRU\DQG,WV$SSOL FDWLRQVLQ/LWHUDU\6WXGLHV$%LEOLRJUDSK\´,Q(-(6²(XURSHDQ-RXUQDORI(QJOLVK6WXGLHV  +6²'LHGRUWLJHQ$QJDEHQZXUGHQLQ$XVZDKOEHUQRPPHQXQGXP MQJHUH 3XEOLNDWLRQHQ HUJlQ]W )U GLH hEHUODVVXQJ GHU ELEOLRJUDSKLVFKHQ ,QIRUPDWLRQHQ P|FKWHQZLU+HQNGH%HUJVHKUKHU]OLFKGDQNHQ

9HU]HLFKQLVGHUYHUZHQGHWHQ$ENU]XQJHQ ,$6/ .=I66 /L/L 63,(/

   

=I6



,QWHUQDWLRQDOHV$UFKLYIU6R]LDOJHVFKLFKWHGHUGHXWVFKHQ/LWHUDWXU .|OQHU=HLWVFKULIWIU6R]LRORJLHXQG6R]LDOSV\FKRORJLH =HLWVFKULIWIU/LWHUDWXUZLVVHQVFKDIWXQG/LQJXLVWLN 6LHJHQHU 3HULRGLFXP ]XU ,QWHUQDWLRQDOHQ (PSLULVFKHQ /LWHUDWXU ZLVVHQVFKDIW =HLWVFKULIWIU6R]LRORJLH

%LEOLRJUDSKLHQXQG$XGLR9LGHRJUDSKLHQ $QGULQL 6LPRQD .ODXV 'DPPDQQ $[HO +DQQHIRUWK X 1LNROD -XQJ Å*HVDPW YHU]HLFKQLVGHU9HU|IIHQWOLFKXQJHQ1LNODV/XKPDQQV²´,Q'LH9HUZDOWXQJ GHVSROLWLVFKHQ6\VWHPV1HXHUHV\VWHPWKHRUHWLVFKH=XJULIIHDXIHLQDOWHV7KHPD0LWHLQHP*HVDPW YHU]HLFKQLV GHU 9HU|IIHQWOLFKXQJHQ 1LNODV /XKPDQQV ² +J Y .ODXV 'DPPDQQ 'LHWHU*UXQRZX.ODXV3-DSS2SODGHQ6² HLQHEHUDUEHLWHWH9HU VLRQ OLHJW LP )RUVFKXQJVEHULFKW GHU )DNXOWlW IU 6R]LRORJLH GHU 8QLYHUVLWlW %LHOHIHOG YRU$UEHLWVEHULFKWHXQG)RUVFKXQJVPDWHULDOLHQ   'DPPDQQ.ODXVÅ/XKPDQQVHKHQXQGK|UHQ(LQH$XGLRXQG9LGHRJUDSKLH´,Q Å*LEWHVHLJHQWOLFKGHQ%HUOLQHU=RRQRFK"´(ULQQHUXQJHQDQ1LNODV/XKPDQQ+JY7KHRGRU 0%DUGPDQQX'LUN%DHFNHU.RQVWDQ]6² GH%HUJ+HQNX0DWWKLDV3UDQJHOÅ$XVZDKOELEOLRJUDSKLH]XP7KHPD6\VWHPWKHRULH XQG .XQVW´ ,Q .RPPXQLNDWLRQ XQG 'LIIHUHQ] 6\VWHPWKHRUHWLVFKH $QVlW]H LQ GHU /LWHUDWXU XQG.XQVWZLVVHQVFKDIW+JY+HQNGH%HUJX0DWWKLDV3UDQJHO2SODGHQ6²  ³ Å6HOHFW $QQRWDWHG %LEOLRJUDSK\ WR /XKPDQQ·V 6\VWHPV 7KHRU\ DQG ,WV $SSOLFD WLRQVLQ/LWHUDU\6WXGLHV´,Q3RHWLFV7RGD\  +6² ³/XKPDQQLQ/LWHUDU\6WXGLHV$%LEOLRJUDSK\6LHJHQ 



$XVZDKOELEOLRJUDSKLH

*ORVVDUH(LQIKUXQJHQXQGDOOJHPHLQH$EKDQGOXQJHQ ]X/XKPDQQV6\VWHPWKHRULH %DHFNHU'LUN-UJHQ0DUNRZLW]5XGROI6WLFKZHK+DUWPDQQ7\UHOOX+HOPXW:LONH +J  7KHRULH DOV 3DVVLRQ 1LNODV /XKPDQQ ]XP VHFK]LJVWHQ *HEXUWVWDJ )UDQNIXUW0DLQ  %DLHU+RUVW6R]LRORJLHDOV$XINOlUXQJRGHU'LH9HUWUHLEXQJGHU7UDQV]HQGHQ]DXVGHU*HVHOO VFKDIW1LNODV/XKPDQQ]XP*HEXUWVWDJ.RQVWDQ] %DUDOGL&ODXGLR*LDQFDUOR&RUVLX(OHQD(VSRVLWR*/8*ORVVDU]X1LNODV/XKPDQQV 7KHRULHVR]LDOHU6\VWHPH)UDQNIXUW0DLQ %DUGPDQQ 7KHRGRU 0 X $OH[DQGHU /DPSUHFKW 6\VWHPWKHRULH YHUVWHKHQ (LQH PXOWLPH GLDOH(LQIKUXQJLQV\VWHPLVFKHV'HQNHQ2SODGHQ &'520PLW%XFK  %DUVFK$FKLPÅ/LWHUDWXUZLVVHQVFKDIWDOV/LWHUDWXU V\VWHP ZLVVHQVFKDIW´,Q3HUVSHN WLYHQ GHU *HUPDQLVWLN 1HXHVWH $QVLFKWHQ ]X HLQHP DOWHQ 3UREOHP +J Y $QQH %HQWIHOG X :DOWHU'HODEDU2SODGHQ6² %HFNHU)UDQNX(ONH5HLQKDUGW%HFNHU6\VWHPWKHRULH(LQH(LQIKUXQJIU*HVFKLFKWVXQG .XOWXUZLVVHQVFKDIW)UDQNIXUW0DLQ %HUJOHU$QGUHDV.RPPXQLNDWLRQDOVV\VWHPWKHRUHWLVFKHXQGGLDOHNWLVFKH2SHUDWLRQ(LQ%HLWUDJ ]XP9HUKlOWQLVYRQ+HJHOXQG/XKPDQQ0QFKHQ %OKGRUQ ,QJROIXU Å%H\RQG &ULWLFLVP DQG &ULVLV 2Q WKH 3RVWFULWLFDO &KDOOHQJH RI 1LNODV/XKPDQQ´,Q'HEDWWH5HYLHZRI&RQWHPSRUDU\*HUPDQ$IIDLUV  6²  %UHXHU,QJHERUJ3HWHU/HXVFKX'LHWHU0HUVFKÅ:LUNOLFKNHLWDOV.RQVWUXNWLRQ'LH 6\VWHPWKHRULH GHV 6R]LRORJHQ 1LNODV /XKPDQQ´ ,Q :HOWHQ LP .RSI 3URILOH GHU *HJHQ ZDUWVSKLORVRSKLH +J Y ,QJHERUJ %UHXHU 3HWHU /HXVFK X 'LHWHU 0HUVFK +DPEXUJ 6² 'LHFNPDQQ-RKDQQ(LQIKUXQJLQGLH6\VWHPWKHRULH0QFKHQ )XFKV3HWHU1LNODV/XKPDQQ²EHREDFKWHW(LQH(LQIKUXQJLQGLH6\VWHPWKHRULH2SODGHQ  ³ 'DV VHOWVDPH 3UREOHP GHU :HOWJHVHOOVFKDIW (LQH 1HXEUDQGHQEXUJHU 9RUOHVXQJ 2SODGHQ  ³/LHEH6H[XQGVROFKH6DFKHQ=XU.RQVWUXNWLRQPRGHUQHU,QWLPV\VWHPH.RQVWDQ] *HUKDUGV -UJHQ :DKUKHLW XQG ,GHRORJLH (LQH NULWLVFKH (LQIKUXQJ LQ GLH 6\VWHPWKHRULH YRQ 1LNODV/XKPDQQ.|OQ *ULSS+DJHOVWDQJH +HOJD 1LNODV /XKPDQQ (LQH HUNHQQWQLVWKHRUHWLVFKH (LQIKUXQJ EHUDUE$XIO0QFKHQ *UXQGPDQQ5HLQHU/XKPDQQ&RQVHUYDWLYH/XKPDQQ3URJUHVVLYH6DQ'RPHQLFR +DIHUNDPS+DQVX0LFKDHO6FKPLG +J 6LQQ.RPPXQLNDWLRQXQGVR]LDOH'LIIHUHQ]LH UXQJ%HLWUlJH]X/XKPDQQV7KHRULHVR]LDOHU6\VWHPH)UDQNIXUW0DLQ

$XVZDKOELEOLRJUDSKLH



+HVV$QGUHDVÅ:KDW,V$FWXDOO\6R'LVWLQFWLYHO\6RFLHWDODERXW6RFLHW\"1LNODV/XK PDQQ·V'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW´,Q6FKZHL]HULVFKH=HLWVFKULIWIU6R]LRORJLH   6² +RKP +DQV-UJHQ 6R]LDOH 6\VWHPH .RPPXQLNDWLRQ 0HQVFK (LQH (LQIKUXQJ LQ VR ]LRORJLVFKH6\VWHPWKHRULH:HLQKHLP0QFKHQ +RUVWHU'HWOHI1LNODV/XKPDQQ0QFKHQ -HQVHQ6WHIDQ(UNHQQWQLV.RQVWUXNWLYLVPXV6\VWHPWKHRULH(LQIKUXQJLQGLH3KLORVRSKLHGHU NRQVWUXNWLYLVWLVFKHQ:LVVHQVFKDIW2SODGHQ .LVV*iERU*UXQG]JHXQG(QWZLFNOXQJGHU/XKPDQQVFKHQ6\VWHPWKHRULHEHUDUE$XIO 6WXWWJDUW .QHHU *HRUJ X $UPLQ 1DVVHKL 1LNODV /XKPDQQV 7KHRULH VR]LDOHU 6\VWHPH (LQH (LQ IKUXQJ0QFKHQ .|UQLJ 6WHSKDQ 3HUVSHNWLYLWlW XQG 8QEHVWLPPWKHLW LQ 1LHW]VFKHV /HKUH YRP :LOOHQ ]XU 0DFKW(LQHYHUJOHLFKHQGH6WXGLH]X+HJHO1LHW]VFKHXQG/XKPDQQ7ELQJHQ%DVHO .UDXVH'HWOHI/XKPDQQ/H[LNRQ(LQH(LQIKUXQJLQGDV*HVDPWZHUNYRQ1LNODV/XKPDQQ PLW$EELOGXQJHQXQGEHU6WLFKZRUWHQ6WXWWJDUW /LQN-RFKHQX .ULHPKLOGH0DU['DV3UREOHPGHU6\VWHPWKHRULH 'HU$QVDW]YRQ1LNODV /XKPDQQXQGVHLQHSROLWLVFKHQ)ROJHQ*LH‰HQ /XKPDQQ1LNODV(LQIKUXQJLQGLH6\VWHPWKHRULH+HLGHOEHUJ $XGLRNDVVHWWHQ  1HFNHO6LJKDUGX-UJHQ:ROIÅ7KH)DVFLQDWLRQRI$PRUDOLW\/XKPDQQ·V7KHRU\RI 0RUDOLW\DQG,WV5HVRQDQFHVDPRQJ*HUPDQ,QWHOOHFWXDOV´,Q7KHRU\&XOWXUH 6RFLHW\   +6² EHUDUE9HUVLRQYRQÅ'LH)DV]LQDWLRQGHU$PRUDOLWlW=XU 6\VWHPWKHRULH GHU 0RUDO PLW 6HLWHQEOLFNHQ DXI LKUH 5HVRQDQ]HQ´ ,Q 352./$   +6²  5HHVH6FKlIHU:DOWHU/XKPDQQ]XU(LQIKUXQJYROOVWlQGLJEHUDUE$XIO+DPEXUJ  5LOO,QJR6\PEROLVFKH,GHQWLWlW'\QDPLNXQG6WDELOLWLWlWEHL(UQVW&DVVLUHUXQG1LNODV/XK PDQQ:U]EXUJ 6FKRO])ULWKDUG)UHLKHLWDOV,QGLIIHUHQ]$OWHXURSlLVFKH3UREOHPHPLWGHU6\VWHPWKHRULH1LNODV /XKPDQQV)UDQNIXUW0DLQ 6LPRQ )ULW] % (LQIKUXQJ LQ 6\VWHPWKHRULH XQG .RQVWUXNWLYLVPXV  $XIO +HLGHOEHUJ  6WDUN &DUVWHQ $XWRSRLHVLV XQG ,QWHJUDWLRQ (LQH NULWLVFKH (LQIKUXQJ LQ GLH /XKPDQQVFKH 6\VWHPWKHRULH+DPEXUJ 7KRPH +HOPXW 'HU 9HUVXFK GLH Å:HOW´ ]X EHJUHLIHQ )UDJH]HLFKHQ ]XU 6\VWHPWKHRULH YRQ 1LNODV/XKPDQQ)UDQNIXUW0DLQ :LOONH +HOPXW 6\VWHPWKHRULH (LQH (LQIKUXQJ LQ GLH *UXQGSUREOHPH  EHUDUE $XIO 6WXWWJDUW1HZHWF@+JY5XGROI0DUHVFK:LHQ6² Å%LRJUDSKLHLP,QWHUYLHZ*HVSUlFKDP-DQXDULQ2HUOLQJKDXVHQ´,Q1LNODV /XKPDQQ+JY'HWOHI+RUVWHU0QFKHQ6² +DJHQ :ROIJDQJ +J  :DV WXQ +HUU /XKPDQQ" 9RUOHW]WH *HVSUlFKH PLW 1LNODV /XK PDQQ%HUOLQ +DJHQ :ROIJDQJ +J  :DUXP KDEHQ 6LH NHLQHQ )HUQVHKHU +HUU /XKPDQQ" /HW]WH *H VSUlFKHPLW1LNODV/XKPDQQ%HUOLQ 

 /XKPDQQV3XEOLNDWLRQHQ]X.XQVW/LWHUDWXU.RPPXQLNDWLRQXQG 0DVVHQPHGLHQ

/XKPDQQ 1LNODV ÅgIIHQWOLFKH 0HLQXQJ´ ,Q 1LNODV /XKPDQQ 3ROLWLVFKH 3ODQXQJ $XIVlW]H]XU6R]LRORJLHYRQ3ROLWLNXQG9HUZDOWXQJ2SODGHQ6² ³Å(LQIKUHQGH%HPHUNXQJHQ]XHLQHU7KHRULHV\PEROLVFKJHQHUDOLVLHUWHU.RPPX QLNDWLRQVPHGLHQ´ ,Q 1LNODV /XKPDQQ 6R]LRORJLVFKH $XINOlUXQJ  $XIVlW]H ]XU 7KHRULH GHU*HVHOOVFKDIW2SODGHQ6² ³Å6\VWHPWKHRULH(YROXWLRQVWKHRULHXQG.RPPXQLNDWLRQVWKHRULH´,Q1LNODV/XK PDQQ 6R]LRORJLVFKH $XINOlUXQJ  $XIVlW]H ]XU 7KHRULH GHU *HVHOOVFKDIW 2SODGHQ  6² ³*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WXGLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW )UDQNIXUW0DLQ

$XVZDKOELEOLRJUDSKLH



³ Å,VW .XQVW FRGLHUEDU"´ ,Q ÅVFK|Q´ =XU 'LVNXVVLRQ HLQHV XPVWULWWHQHQ %HJULIIV +J Y 6LHJIULHG-6FKPLGW0QFKHQ6² DXFKLQ1LNODV/XKPDQQ6R]LRORJLVFKH $XINOlUXQJ6R]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ6²  ³*HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN6WXGLHQ]XU:LVVHQVVR]LRORJLHGHUPRGHUQHQ*HVHOOVFKDIW )UDQNIXUW0DLQ ³ Å'LH 8QZDKUVFKHLQOLFKNHLW GHU .RPPXQLNDWLRQ´ ,Q 1LNODV /XKPDQQ 6R]LROR JLVFKH$XINOlUXQJ6R]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ6² ³Å6\PELRWLVFKH0HFKDQLVPHQ´,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ6R ]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ6² ³Å9HUlQGHUXQJHQLP6\VWHPJHVHOOVFKDIWOLFKHU.RPPXQLNDWLRQXQGGLH0DVVHQPH GLHQ´,Q1LNODV/XKPDQQ6R]LRORJLVFKH$XNOlUXQJ6R]LDOHV6\VWHP*HVHOOVFKDIW2UJDQL VDWLRQ2SODGHQ6² ³/LHEHDOV3DVVLRQ=XU&RGLHUXQJYRQ,QWLPLWlW)UDQNIXUW0DLQ ³ Å$XWRSRLHVLV +DQGOXQJ XQG NRPPXQLNDWLYH 9HUVWlQGLJXQJ´ ,Q =I6    +6² ³ 6R]LDOH 6\VWHPH *UXQGUL‰ HLQHU DOOJHPHLQHQ 7KHRULH )UDQNIXUW0DLQ  YRU DOOHP .DS.RPPXQLNDWLRQXQG+DQGOXQJ6²  ³ Å'DV .XQVWZHUN XQG GLH 6HOEVWUHSURGXNWLRQ GHU .XQVW´ ,Q 'HOILQ    6² HUZHLWHUWH 9HUVLRQ LQ 6WLO *HVFKLFKWHQ XQG )XQNWLRQHQ HLQHV NXOWXUZLVVHQ VFKDIWOLFKHQ 'LVNXUVHOHPHQWV +J Y +DQV 8OULFK *XPEUHFKW X . /XGZLJ 3IHLIIHU )UDQNIXUW0DLQ6²  ³Å6\VWHPHYHUVWHKHQ6\VWHPH´,Q=ZLVFKHQ,QWUDQVSDUHQ]XQG9HUVWHKHQ)UDJHQDQGLH 3lGDJRJLN +J Y 1LNODV /XKPDQQ X .DUO (EHUKDUG 6FKRUU )UDQNIXUW0DLQ  6² ³Å'DV0HGLXPGHU.XQVW´,Q'HOILQ  6² DXFKLQÅRKQH7LWHOµ1HXH 2ULHQWLHUXQJHQLQGHU.XQVW+JY)UHGHULFN'%XQVHQ:U]EXUJ6²  ³Å,QWHUVXEMHNWLYLWlWRGHU.RPPXQLNDWLRQ8QWHUVFKLHGOLFKH$XVJDQJVSXQNWHVR]LR ORJLVFKHU7KHRULHELOGXQJ´,Q$UFKLYLRGL)LORVRILD  6² DXFKLQ1LNODV /XKPDQQ 6R]LRORJLVFKH $XINOlUXQJ  'LH 6R]LRORJLH XQG GHU 0HQVFK 2SODGHQ  6²  ³ÅÅ'LVWLQFWLRQVGLUHFWULFHV´hEHU&RGLHUXQJYRQ6HPDQWLNHQXQG6\VWHPHQ´,Q 1LNODV /XKPDQQ 6R]LRORJLVFKH $XINOlUXQJ  %HLWUlJH ]XU IXQNWLRQDOHQ 'LIIHUHQ]LHUXQJ GHU *HVHOOVFKDIW2SODGHQ6² ³Å6SUDFKHXQG.RPPXQLNDWLRQVPHGLHQ²(LQVFKLHIODXIHQGHU9HUJOHLFK´,Q=I6   6I ³ Å:DV LVW .RPPXQLNDWLRQ"´ ,Q ,QIRUPDWLRQ 3KLORVRSKLH    6 ² DXFK LQ 1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ'LH6R]LRORJLHXQGGHU0HQVFK2SODGHQ 6²  ³Å6FKZLHULJNHLWHQPLWGHP$XIK|UHQ´,Q1LNODV/XKPDQQ$UFKLPHGHVXQGZLU,QWHU YLHZV+JY'LUN%DHFNHUX*HRUJ6WDQLW]HN%HUOLQ6²



$XVZDKOELEOLRJUDSKLH

³ Å:LH LVW %HZX‰WVHLQ DQ .RPPXQLNDWLRQ EHWHLOLJW"´ ,Q 0DWHULDOLWlW GHU .RPPX QLNDWLRQ+JY+DQV8OULFK*XPEUHFKWX./XGZLJ3IHLIIHU)UDQNIXUW0DLQ 6² DXFKLQ1LNODV/XKPDQQ6R]LRORJLVFKH$XINOlUXQJ 'LH6R]LRORJLHXQGGHU 0HQVFK2SODGHQ6²  ³Å)UDXHQ0lQQHUXQG*HRUJH6SHQFHU%URZQ´,Q=I6  6² DXFK LQ1LNODV/XKPDQQ3URWHVW6\VWHPWKHRULHXQGVR]LDOH%HZHJXQJHQ+JXHLQJHOHLWHWY.DL 8ZH+HOOPDQQ)UDQNIXUW0DLQ6²  ³Å6WKHQRJUDSKLH´,Q'HOSKLQ  +6² HUZHLWHUWH9HUVLRQÅ6WKHQR JUDSKLHXQG(XU\DOLVWLN´,Q3DUDGR[LHQ'LVVRQDQ]HQ=XVDPPHQEUFKH6LWXDWLRQHQRIIHQHU (SLVWHPRORJLH +J Y +DQV 8OULFK *XPEUHFKW X . /XGZLJ 3IHLIIHU )UDQNIXUW0DLQ 6²  ³Å:DKUQHKPXQJXQG.RPPXQLNDWLRQVH[XHOOHU,QWHUHVVHQ´,Q6H[XDOLWlWHQLQXQ VHUHU*HVHOOVFKDIW%HLWUlJH]XU*HVFKLFKWH7KHRULHXQG(PSLULH+JY5ROI*LQGRUIX(UZLQ - +DHEHUOH %HUOLQ 1HZ LP'UXFN@ *UR\V%RULVÅ=XU'LVNXVVLRQJHVWHOOW1LNODV/XKPDQQ'LH.XQVWGHU*HVHOOVFKDIW'LH GXQNOH6HLWHGHU.XQVW´,Q6R]LDOH6\VWHPH  6² *UXEHU %HWWLQD Å'LH /LWHUDWXU GHU 5HOLJLRQ´ ,Q %HREDFKWXQJHQ GHU /LWHUDWXU $VSHNWH HLQHU SRO\NRQWH[WXUDOHQ /LWHUDWXUZLVVHQVFKDIW +J Y *HUKDUG 3OXPSH X 1LHOV :HUEHU 2SODGHQ6²



$XVZDKOELEOLRJUDSKLH

³Å*HQGHUDOV6WUDWHJLHGHU'DXHU(LQH/HNWUHYRQ%DXGHODLUHV8QH&KDURJQH´,Q *HQGHU6WXGLHVXQG6\VWHPWKHRULH6WXGLHQ]XHLQHP7KHRULHWUDQVIHU+JY6DELQH.DPSPDQQ $OH[DQGUD.DUHQW]RVX7KRPDV.SSHU%LHOHIHOG6² *XPEUHFKW +DQV 8OULFK Å/LWHUDULVFKH *HJHQZHOWHQ .DUQHYDOVNXOWXU XQG GLH (SRFKHQVFKZHOOHYRP6SlWPLWWHODOWHU]XU5HQDLVVDQFH´,Q/LWHUDWXULQGHU*HVHOOVFKDIW GHV6SlWPLWWHODOWHUV+JY+DQV8OULFK*XPEUHFKW+HLGHOEHUJ6² ³ Å3DWKRORJLHQ LP /LWHUDWXUV\VWHP´ ,Q 7KHRULH DOV 3DVVLRQ 1LNODV /XKPDQQ ]XP *HEXUWVWDJ+JY'LUN%DHFNHUXD)UDQNIXUW0DLQ6² ³ Å5K\WKPXV XQG 6LQQ´ ,Q 0DWHULDOLWlW GHU .RPPXQLNDWLRQ +J Y +DQV 8OULFK *XPEUHFKWX./XGZLJ3IHLIIHU)UDQNIXUW0DLQ6² ³Å,QWHUSUHWDWLRQYHUVXV8QGHUVWDQGLQJ6\VWHPV´,Q&DUGR]R/DZ5HYLHZ   +  6 ² GHXWVFKH hEHUVHW]XQJ Å,QWHUSUHWDWLRQ YHUVXV 9HUVWHKHQ YRQ 6\VWHPHQ´,Q'LIIHUHQ]HQ6\VWHPWKHRULH]ZLVFKHQ'HNRQVWUXNWLRQXQG.RQVWUXNWLYLVPXV+J Y+HQNGH%HUJX0DWWKLDV3UDQJHO7ELQJHQ%DVHO6²  ³Å)RUPZLWKRXW0DWWHUYV)RUPDV(YHQW´,Q0RGHUQ/DQJXDJH1RWHV   +6² GHXWVFKHhEHUVHW]XQJÅ)RUPRKQH0DWHULHYHUVXV)RUPDOV(UHLJ QLV´,Q6\VWHPWKHRULHXQG+HUPHQHXWLN+JY+HQNGH%HUJX0DWWKLDV3UDQJHO7ELQ JHQ%DVHO6²  ³Å:DVVLFKQLFKWZHJNRPPXQL]LHUHQOl‰W´,Q.RPPXQLNDWLRQ0HGLHQ0DFKW+JY 5XGROI0DUHVFKX1LHOV:HUEHU)UDQNIXUW0DLQ6² +DJHQ:ROIJDQJÅ=XUPHGLDOHQ*HQHDORJLHGHU(OHNWUL]LWlW´,Q.RPPXQLNDWLRQ0H GLHQ0DFKW+JY5XGROI0DUHVFKX1LHOV:HUEHU)UDQNIXUW0DLQ6² +DKQ0DUFXVÅ9RP.RSIVWDQGGHV3KRQR]HQWULVPXVDXIGHQ%UHWWHUQGHU6\VWHP WKHRULH RGHU /XKPDQQ XQGRGHU 'HUULGD ² HLQIDFK HLQH (QWVFKHLGXQJ" $QPHUNXQ JHQ ]X 'LH )RUP GHU 6FKULIW YRQ 1LNODV /XKPDQQ´ ,Q 6R]LDOH 6\VWHPH    +  6² +DKQ7RUVWHQÅ(QHUJLHJHODGHQH(OLWHQ0DVVHXQG(QWURSLHDOVVR]LDOHU0\WKRVGHU 0RGHUQH´,Q0\WKHQLQ.XQVWXQG/LWHUDWXU7UDGLWLRQXQGNXOWXUHOOH5HSUlVHQWDWLRQ+JY $QQHWWH6LPRQLVX/LQGD6LPRQLV.|OQ:HLPDU:LHQ6² ³ Å7XQQHO XQG 'DPP DOV 0HGLHQ GHV :HOWYHUNHKUV 3RSXOlUH .RPPXQLNDWLRQ LQ GHU PRGHUQHQ 5DXPUHYROXWLRQ´ ,Q 7RSRJUDSKLHQ GHU /LWHUDWXU 'HXWVFKH /LWHUDWXU LP WUDQVQDWLRQDOHQ.RQWH[W+JY+DUWPXW%|KPH6WXWWJDUW:HLPDU6² +DKQ7RUVWHQ(ULFK.OHLQVFKPLGWX3HWKHV1LFRODV +J .RQWLQJHQ]XQG6WHXHUXQJ /LWHUDWXUDOV*HVHOOVFKDIWVH[SHULPHQW²:U]EXUJ +DKQ 7RUVWHQ -XWWD 3HUVRQ X 1LFRODV 3HWKHV +J  *UHQ]JlQJH ]ZLVFKHQ :DKQ XQG :LVVHQ=XU.RHYROXWLRQYRQ([SHULPHQWXQG3DUDQRLD²)UDQNIXUW0DLQ +DOSHUQ5LFKDUGÅ7KH/\ULFLQWKH)LHOGRI,QIRUPDWLRQ$XWRSRLHVLVDQG+LVWRU\LQ 'RQQH·V6RQJVDQG6RQQHWV´,Q7KH