• Keine Ergebnisse gefunden

5HIOH[LYH 9HUEHQ XQG .RQVWUXNWLRQHQ DOV /HKU XQG

5HIOH[LYH3V\FKR9HUEHQ

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

(LQH*UXSSHYRQ)UHXQGHQGLVNXWLHUWEHUGDV7KHPDÃGDRLVWLVFKH7HPSHOLQ&KLQD¶

XQG HLQHU GHU QRFK QLH LQWHQVLY XQG OlQJHUH =HLW GDUEHU QDFKJHGDFKW KDW VDJW Ä'DPLWKDEHLFKPLFKQRFKQLHEHIDVVW³

'DPLWNDQQGHU/HUQHUGDV9HUEVLFKEHIDVVHQPLWHWZDVPLWVHLQHU)XQNWLRQLP HLQIDFKHQ.RQWH[WFKXQNHQ

*UXSSLHUXQJYRQVHP9HU9HUEHQQDFKGUHL9HUEW\SHQ

%HL VHP9HU9HUEHQ KDQGHOW HV VLFK XP GLH VHPDQWLVFKH 9HUlQGHUXQJ ]ZLVFKHQ GHQ QLFKW UHIOH[LYHQ WUDQVLWLYHQ 9HUEHQ XQG LKUHQ UHIOH[LY JHEUDXFKWHQ )RUPHQ :LH GLH *UDPPDWLN YRQ =LIRQXQ HW DO XQG GLH OLQJXLVWLVFKH (UIDVVXQJ JH]HLJW KDEHQ ODVVHQ VLFK VHP9HU9HUEHQ HKHU OH[LNDOLVFK HUNOlUHQ XQG GDKHU ZHUGHQ VLH KLHU ]XU )|UGHUXQJ GHV (UZHUEV QDFK GUHL 9HUEJUXSSHQ JHRUGQHW 3V\FKRWUDQVIRUPDWLYHQ.DXVDWLYXQG+DQGOXQJVYHUEHQ'DEHLLVW]XEHDFKWHQ GDVV GLH 5HIOH[LYLHUXQJ EHL GLHVHQ 9HUEHQ DXI GLH 'HWUDQVLWLYLHUXQJ E]Z 'HNDXVDWLYLHUXQJGHV9HUEVYHUZHLVWXQGGDVVGLHVHPDQWLVFKH9HUlQGHUXQJZLH IROJW]XHUNOlUHQLVW'DV6XEMHNW]%GLH(UGHLQ'LH(UGHGUHKWVLFKEHILQGHW VLFK LQ HLQHP =XVWDQG GHU YRQ HLQHP H[WHUQHQ $UJXPHQWE]Z HLQHP Ã'UHKHU¶

XQDEKlQJLJLVW.XQ]H:LHEHLGHUYRUDQJHJDQJHQHQ9HUEJUXS SLHUXQJJHKWHVKLHUDXFKXPHLQH9HUEOLVWHPLWGUHL9HUEW\SHQGLH/HKUHQGHDOV 9RUVWXIHIULKUH&KXQNDQJHERWHYHUZHQGHQN|QQHQ

5HIOH[LYH3V\FKR9HUEHQ

VLFKlQJVWLJHQYRU VLFKlUJHUQEHU VLFKDXIUHJHQEHU VLFKEHJHLVWHUQIU VLFKEHOXVWLJHQEHU VLFKEHXQUXKLJHQ VLFKHUIUHXHQDQ VLFKHUUHJHQEHU VLFKIUHXHQEHU VLFKNPPHUQXP VLFKODQJZHLOHQ VLFKYHUJQJHQPLW VLFKZXQGHUQEHU

5HIOH[LYJHEUDXFKWH9HUEHQGHUHQ%DVLVYHUEHQWUDQVIRUPDWLYXQGNDX VDWLYVLQG

VLFKEHVFKOHXQLJHQ VLFKGXUFKVHW]HQ VLFKIOOHQ VLFKOHHUHQ VLFK|IIQHQ VLFKVWDELOLVLHUHQ VLFKYHUEHVVHUQ VLFKYHUGRSSHOQ VLFKYHUIRUPHQ +LHUNDQQGDV9HUEÃVLFKEHVFKlIWLJHQ¶DOV6\QRQ\PIUÃVLFKEHIDVVHQ¶HLQJHIKUWZHUGHQ MHGRFKPLWGHU9RUDXVVHW]XQJGDVVGLH=LHOJUXSSHGLHVHV9HUEEHUHLWVHUZRUEHQKDW

'LHVH(UNOlUXQJJLOWP(DXFKIU3V\FKR9HUEHQEHLGHQHQGHU$XVO|VHUGXUFKGLH3UlSRVL WLRQDOSKUDVH DXVJHGUFNWZHUGHQNDQQZLH]%,FKlUJHUHPLFKEHUGHQ&KHI'HQQHVJHKW WURW]GHV$XVO|VHUVLQGHU3UlSRVLWLRQDOSKUDVHXPGHQ=XVWDQGÄ6LFKbUJHUQ³GHV6XEMHNWV

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

VLFKYHUNU]HQ VLFKYHUOlQJHUQ VLFKYHUODQJVDPHQ VLFKYHUVFKlUIHQ VLFKYHUVFKOHFKWHUQ VLFKYHUVWlUNHQ 5HIOH[LYH+DQGOXQJVYHUEHQ

VLFKlQGHUQ VLFKEHVFKlIWLJHQPLW VLFKEHZHJHQ VLFKGUHKHQ VLFKHQJDJLHUHQ VLFKHQWVFKXOGLJHQ VLFKHUK|KHQ VLFKHULQQHUQDQ VLFKHUZlUPHQ VLFKILQGHQ VLFKVSDOWHQ VLFKXQWHUKDOWHQ VLFKYHUDEVFKLHGHQ

,Q$EVFKQLWWZXUGHQ]ZHL9HUEOLVWHQE]Z9HUEJUXSSLHUXQJHQGDUJHVWHOOW GLH/HKUHQGHQDOV9RUVWXIHIU&KXQNDQJHERWHXQG/HUQHQGHQDOVV\VWHPDWLVLHUWH 9HUEOLVWHQ]XU$EUXQGXQJGHV&KXQNLQJUHIOH[LYHU9HUEHQDOVOH[LNDOLVFKH(LQ KHLWHQ]XU9HUIJXQJVWHKHQ

(LQ&KXQNDQJHERW

,PYRUOLHJHQGHQ8QWHUNDSLWHOZLUGGDV*HGLFKWÄ$OOWDJ³YRQ*HUQKDUGWDOVHLQ

&KXQNDQJHERWYRUJHVWHOOWGDVXQWHUVFKLHGOLFKHUHIOH[LYH9HUEW\SHQEHLQKDOWHW

5REHUW*HUQKDUGW

'DV&KXQNDQJHERWELHWHWHLQHUVHLWVIUGLH3URGXNWLRQEHLP/HUQHUDXWKHQWLVFKH

&KXQNVLP.RQWH[WÄ$OOWDJ³DQGLHLKPGDEHLKHOIHQVLFKGHU.RPSHWHQ]QDWLYHU 'DV*HGLFKWZLUGQDFK5XJ7RPDV]HZVNL]LWLHUW

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

6SUHFKHU DQ]XQlKHUQ QlPOLFK GHUQDWLYHOLNHIOXHQF\XQG QDWLYHOLNHVHOHFWLRQ

$QGHUHUVHLWV N|QQHQ GLH &KXQNV LP *HGLFKW DOV *UDPPDWLNDXVO|VHUIUGLH5H ]HSWLRQEHLP/HUQHUHLQJHVHW]WZHUGHQZREHL]%GLH8QWHUVFKHLGXQJ]ZLVFKHQ QLFKW VHP9HU9HUEHQ ZLHVLFK HUKHEHQNUDW]HQZDVFKHQ XQG LQKlUHQWHQ UHIOH [LYHQ 9HUEHQ ZLHVLFK ZXQGHUQEHHLOHQGHP /HUQHU GHXWOLFK JHPDFKW ZHUGHQ VROOWH'DV5HIOH[LYSURQRPHQEHLQLFKWVHP9HU9HUEHQZHLVWHLQH5HIHUHQ]LGHQ WLlWPLWGHP6XEMHNWDXI,FKHUKHEHPLFK ,FKHUKHEHPLFKVHOEHUZlKUHQGHV EHLLQKlUHQWHQUHIOH[LYHQ9HUEHQQXUGHQ%H]XJVDXVGUXFNGHV6XEMHNWVGDUVWHOOW

$X‰HUGHP NDQQ GHU /HUQHU VR JHQDQQWH /H[LNDOLVLHUXQJHQ ZLHVLFK]XU$UEHLW EHJHEHQVLFKLQHLQ/RNDOVHW]HQRGHU5HGHZHQGXQJHQZLHVLFKDP5LHPHQUHL‰HQ PLW LKUHQ YRP /HKUHU HUNOlUWHQ)XQNWLRQHQLP.RQWH[WFKXQNHQ-HGRFKVROOWHQ /HUQHQGH HLJHQH &KXQNV SIOHJHQ XQG ZHLWHU DNWLY GXUFK HLJHQH 6SUDFKNRQWDNWH

&KXQNV VDPPHOQ 'LH JUDPPDWLVFKH .RPSHWHQ] XQG GDV DNWLYH NRQWLQXLHU OLFKH VRZLH NRUUHNWH&KXQNLQJVLQGJUXQGVlW]OLFKH9RUDXVVHW]XQJHQIUGDV(U UHLFKHQYRQ6SUDFKIlKLJNHLWHQDXIPXWWHUVSUDFKOLFKHP1LYHDX

9JO+DQGZHUNHU

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

=XVDPPHQIDVVXQJ

$EVFKOLH‰HQG VROOHQDOOH.DSLWHOGHUYRUOLHJHQGHQ$UEHLWNXU]]XVDPPHQJHIDVVW ZHUGHQ'LH(LQOHLWXQJVWHOOWDOV$XVJDQJVSXQNWGHU$UEHLWGDUGDVV/HUQHUYHU PXWOLFKEHLP(UOHUQHQUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQLQGHU 5HJHO JUR‰H 6FKZLHULJNHLWHQ LQ GHU 5H]HSWLRQ XQGEHVRQGHUV LQ GHU 3URGXNWLRQ KDEHQ'DEHLWUHWHQIROJHQGH)UDJHVWHOOXQJHQDXI:HLVHQUHIOH[LYH9HUEYHUZHQ GXQJHQEHVWLPPWH %HGHXWXQJHQ DXI" %HL ZHOFKHQ 9HUEHQ LVW GLH UHIOH[LYH 9HU ZHQGXQJP|JOLFK":HOFKH5HJXODULWlWHQVLQGHUNHQQEDUXQGZLHN|QQWHGHU(U ZHUE UHIOH[LYHU 9HUEHQ DOV OH[LNDOLVFKH (LQKHLWHQ JHI|UGHUW ZHUGHQ" .DSLWHO ELHWHWHLQHQ%OLFNDXIGLH*UDPPDWLNHQLQGHQHQUHIOH[LYH9HUEHQXQG.RQVWUXN WLRQHQ DXV V\QWDNWLVFKVHPDQWLVFKHU +LQVLFKWEHVFKULHEHQ ZHUGHQ DEHU IU GLH /HKUXQG/HUQ]ZHFNHOHLGHUQLFKWDXVIKUOLFKJHQXJ.DSLWHOEULQJWGLHOLQJX LVWLVFKHQ(UJHEQLVVHGHU%HGHXWXQJHQE]Z%HGHXWXQJVPRGLILNDWLRQHQGHVUHIOH [LYHQ*HEUDXFKV$]XVDPPHQGLHJOHLFK]HLWLJPLWGHQJUDPPDWLVFKHQ$QJDEHQ

% HLQH 6\VWHPDWLVLHUXQJ GLHVHU YLHOIlOWLJHQ 9HUENODVVH XQG .RQVWUXNWLRQHQ HU P|JOLFKHQ $EH]LHKW VLFK DXI GLH 5HIHUHQ]LGHQWLWlW GLH UH]LSURNH %HGHXWXQJ GHQ$XVGUXFNDOOJHPHLQHU(LJHQVFKDIWHQRGHUJHQHUHOOHU0|JOLFKNHLWHQGLHSDV VLYLVFKH%HGHXWXQJGLHUHVXOWDWLYH2UWVXQG=XVWDQGVYHUlQGHUXQJXQGGLHPLVV 0RGLILNDWLRQ %EH]LHKW VLFK DXI GHQ 6WDWXV GHV 5HIOH[LYSURQRPHQV XQG GLH 9HUlQGHUXQJLP.DVXVUDKPHQVRZLHLQGHU0RUSKRORJLH.DSLWHOVWHOOWGHQOHUQ XQG OHKUWKHRUHWLVFKHQ +LQWHUJUXQG GDU 'DEHL VSLHOHQ &KXQNVEHLP *UDPPDWLN HUZHUE E]ZEHLP (UODQJHQ YRQ 6SUDFKIlKLJNHLWHQ HLQH VHKU ZLFKWLJH 5ROOH 5DVWHUXQG5HJHOQPDFKHQGHP/HUQHUJUDPPDWLVFKH,QIRUPDWLRQHQEHZXVVWVR ZLH ]XJlQJOLFK XQG XQWHUVWW]HQ GHQ /HUQHUEHLP (QWIDOWHQ VHLQHU *UDPPDWLN NRPSHWHQ] $X‰HUGHP ZLUG GLH (LQVLFKW LQ GLH ,QSXWYHUDUEHLWXQJEHLP /HUQHU DOVRGLH)RUP%HGHXWXQJ)XQNWLRQ9HUELQGXQJYHUGHXWOLFKWZREHLVLFKKHUDXV VWHOOWGDVVGLH5HIOH[LYLHUXQJEHLP9HUEV\VWHPDWLVFKPLWGHQYRUKDQGHQHQ%H GHXWXQJVPRGLILNDWLRQHQYHUVHKHQZHUGHQVROOWH,Q.DSLWHOZLUGHLQ:HUN]HXJ VHWDXV&KXQNV5DVWHUQXQG5HJHOQHUVWHOOWGLHDOVNRPELQLHUWH6WUDWHJLHEHLGHU

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ 9HUPLWWOXQJ UHIOH[LYHU 9HUEHQ XQG .RQVWUXNWLRQHQ LP 'HXWVFKHQ HLQJHVHW]W ZHUGHQ VROOWHQ (LQHUVHLWVEDVLHUW GLHVHV :HUN]HXJVHW DXI HLQHP JUDPPDWLVFK VHPDQWLVFKHQ.RQ]HSWZREHLGLH)RUPXQG%HGHXWXQJGHUEHKDQGHOWHQ6HTXHQ ]HQE]Z6HTXHQ]W\SHQLQGHQDQJHIHUWLJWHQ6NL]]HQGHXWOLFKW]XHUNHQQHQVLQG GLH/HKUHQGHDOV(UNOlUXQJVPXVWHUIUNRJQLWLYH/HUQHULP8QWHUULFKWGHV'HXW VFKHQ DOV )UHPGVSUDFKH YHUZHQGHQ N|QQHQ $QGHUHUVHLWVELHWHW GHU ]ZHLWH 7HLO GHV :HUN]HXJVHWV 9HUEJUXSSLHUXQJHQ ]XU 8QWHUVWW]XQJ GHV (UZHUEV UHIOH[LYHU 9HUEHQDOVOH[LNDOLVFKH(LQKHLWHQ

%HLGHUYRUOLHJHQGHQ$UEHLWKDQGHOWHVVLFKXPHLQHQ9HUVXFKGHQYLHOIlOWL JHQ%HVWDQGDQUHIOH[LYHQ9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQDXVVHPDQ WLVFKHU+LQVLFKW]XV\VWHPDWLVLHUHQXQG/HKUHQGHQHLQGDUDXIEDVLHUHQGHV:HUN ]HXJVHW ]XU 9HUIJXQJ ]X VWHOOHQ 'LHV YHUVWHKW VLFK DOV (UJlQ]XQJ ]XU 'DUVWHO OXQJLQ6WDQGDUGZHUNHQZDVVRZRKO/HKUHQGHQEHLP9HUPLWWHOQDOVDXFK/HUQHQ GHQEHLP(UZHUEHQGLHVHU9HUENODVVHKHOIHQNDQQ

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

/LWHUDWXUYHU]HLFKQLV

$JXDGR.)RUPHOKDIWH6HTXHQ]HQXQGLKUH)XQNWLRQHQIUGHQ/(UZHUE,Q

=HLWVFKULIWIU$QJHZDQGWH/LQJXLVWLN)UDQNIXUW0DLQ3HWHU/DQJ9HUODJ

%X‰PDQQ + /H[LNRQ GHU 6SUDFKZLVVHQVFKDIW $XIODJH 6WXWWJDUW $OIUHG .U|QHU9HUODJ

&KHQJ$Q&KXQJ3URFHVVLQJ,QVWUXFWLRQDQG6SDQLVKVHUDQGHVWDU)RUPVZLWK VHPDQWLFDVSHFWXDO 9DOXH ,Q 9DQ3DWWHQ % HG3URFHVVLQJ LQVWUXFWLRQ WKHRU\

UHVHDUFKDQGFRPPHQWDU\0DKZDK1-/DZUHQFH(UOEDXP

'XGHQ*UDPPDWLNGHUGHXWVFKHQ*HJHQZDUWVVSUDFKH0DQQKHLPXD$XIODJH GHU'XGHQLQ%lQGHQ

'XGHQGLH*UDPPDWLN0DQQKHLPXD$XIODJHGHU'XGHQLQ%lQGHQ (GPRQGVRQ:+RXVH-(LQIKUXQJLQGLH6SUDFKOHKUIRUVFKXQJEHUDUE

$XIODJH$XIODJH7ELQJHQ%DVHO)UDQFNH87%

(LVHQEHUJ3*UXQGULVVGHUGHXWVFKHQ*UDPPDWLN'HU6DW]$XIODJH6WXWW JDUW:HLPDU0HW]OHU

(OOLV1&6HTXHQFLQJLQ6/$3KRQRORJLFDO0HPRU\&KXQNLQJDQG3RLQWVRI 2UGHU,Q6WXGLHVLQ6HFRQG/DQJXDJH$FTXLVLWLRQ

+DQGZHUNHU%&KXQNV5DVWHUXQG5HJHOQ9RP/H[LNRQ]XU*UDPPDWLNLQGHU )UHPGVSUDFKHQYHUPLWWOXQJ ,Q %|UQHU :9RJHO . +UVJ *UDPPDWLN XQG )UHPGVSUDFKHQHUZHUE7ELQJHQ*XQWHU1DUU9HUODJ

+DUULQJWRQ0&RPPHQWDU\,QSXW3URFHVVLQJDVD7KHRU\RI3URFHVVLQJ,QSXW ,Q 9DQ3DWWHQ % HG3URFHVVLQJ LQVWUXFWLRQ WKHRU\ UHVHDUFK DQG FRPPHQWDU\

0DKZDK1-/DZUHQFH(UOEDXP

+HOELJ *%XVFKD - 'HXWVFKH *UDPPDWLN(LQ+DQGEXFKIUGHQ$XVOlQGHU XQWHUULFKW%HUOLQ/DQJHQVFKHLGW

-DFNHQGRII5&RQVFLRXVQHVVDQGWKHFRPSXWDWLRQDOPLQG1HZ<RUN$FDGHPLF 3UHVV

.DXIPDQQ,:XQGHUOLFK'&URVVOLQJXLVWLFSDWWHUQVRIUHVXOWDWLYHV,Q7KHRULH GHV/H[LNRQV$UEHLWHQGHV6RQGHUIRUVFKXQJVEHUHLFKV1U

.RUSXVOLQJXLVWLN GHU +XPEROGW8QLYHUVLWlW ]X %HUOLQ KWWSZZZKX EHUOLQGHNRUSOLQJNRUSRUD

.UDVKHQ 67HUUHO 7 7KH QDWXUDO DSSURDFK/DQJXDJH DFTXLVLWLRQ LQ WKH FODVVURRP2[IRUG3HUJDPRQ3UHVV

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

.XQ]H - 5HIOH[LYH .RQVWUXNWLRQHQ LP 'HXWVFKHQ ,Q=HLWVFKULIWIU 6SUDFK ZLVVHQVFKDIW

.XQ]H - 7\SHQ GHU UHIOH[LYHQ 9HUEYHUZHQGXQJ LP 'HXWVFKHQ XQG LKUH +HUNXQIW,Q=HLWVFKULIWIU6SUDFKZLVVHQVFKDIW

.XQ]H - 5HIOH[LYLWlW 0DQXVNULSW IU GLH 9RUOHVXQJ LP :LQWHUVHPHVWHU +XPEROGW8QLYHUVLWlW]X%HUOLQ

/HZLV07KH/H[LFDO$SSURDFK/RQGRQ/DQJXDJH7HDFKLQJ3XEOLFDWLRQV /WJH & 6\QWDJPHQ XQG)UHPGVSUDFKHQHUZHUE )UDQNIXUW D 0 3HWHU /DQJ

9HUODJ

0LOOHU*$7KHPDJLFQXPEHUVHYHQSOXVRUPLQXVWZR6RPHOLPLWVRQRXU FDSDFLW\ IRU SURFHVVLQJ LQIRUPDWLRQ ,Q 3V\FKRORJLFDO 5HYLHZ /DQFDVWHU /DQFDVWHU3UHVV,QF

3DZOH\$6\GHU)+7ZR3X]]OHVIRU/LQJXLVWLF7KHRU\1DWLYHOLNH6HOHFWLRQ DQG 1DWLYHOLNH )OXHQF\ ,Q 5LFKDUGV -6FKPLGW 5 HGV /DQJXDJH DQG

&RPPXQLFDWLRQ/RQGRQ/RQJPDQ

5XJ:7RPDV]HZVNL$*UDPPDWLNPLW6LQQXQG9HUVWDQG.DSLWHOGHXW VFKH*UDPPDWLNIU)RUWJHVFKULWWHQH0QFKHQ.OHWW

5XJ :7RPDV]HZVNL $ *UDPPDWLN PLW 6LQQ XQG 9HUVWDQG hEXQJV JUDPPDWLN0LWWHOXQG2EHUVWXIH6WXWWJDUW.OHWW

6FKPLWW1&DUWHU 5 )RUPXODLF VHTXHQFHV LQ DFWLRQ $Q LQWURGXFWLRQ ,Q )RUPXODLF 6HTXHQFHV$FTXLVLWLRQSURFHVVLQJ DQG XVH $PVWHUGDP3KLODGHOSKLD -RKQ%HQMDPLQV

6KDUZRRG6PLWK0,QSXWHQKDQFHPHQWLQLQVWUXFWHG6/$7KHRUHWLFDOEDVHV,Q 6WXGLHVLQVHFRQGODQJXDJHDFTXLVLWLRQ

9DQ3DWWHQ%,QSXWSURFHVVLQJDQGJUDPPDULQVWUXFWLRQ7KHRU\DQGUHVHDUFK 1RUZRRG1-$EOH[

9DQ3DWWHQ%,QSXWSURFHVVLQJLQVHFRQGODQJXDJHDFTXLVLWLRQ,Q9DQ3DWWHQ%

HG3URFHVVLQJ LQVWUXFWLRQ WKHRU\ UHVHDUFK DQG FRPPHQWDU\ 0DKZDK1 -/DZUHQFH(UOEDXP

9DQ3DWWHQ %:RQJ : 3URFHVVLQJ ,QVWUXFWLRQ DQG WKH )UHQFK &DXVDWLYH

$QRWKHU5HSOLFDWLRQ,Q9DQ3DWWHQ%HG3URFHVVLQJLQVWUXFWLRQWKHRU\UHVHDUFK DQGFRPPHQWDU\0DKZDK1-/DZUHQFH(UOEDXP

.,(83+821*+$

&KXQNV5DVWHUXQG5HJHOQLQGHU9HUPLWWOXQJUHIOH[LYHU9HUEHQXQG.RQVWUXNWLRQHQLP'HXWVFKHQ

:DJQHU)8QWHUVXFKXQJHQ]X5HIOH[LYNRQVWUXNWLRQHQLP'HXWVFKHQ)UDQNIXUW DP0DLQ3HWHU/DQJ

:UD\$)RUPXODLF/DQJXDJHDQGWKH/H[LFRQ&DPEULGJH&DPEULGJH8QLYHU VLW\3UHVV

=LIRQXQ *+RIIPDQ /6WUHFNHU % *UDPPDWLN GHU GHXWVFKHQ 6SUDFKH

%lQGH%HUOLQ1HZ<RUNGH*UX\WHU

=LIRQXQ * 5HDOLVLHUXQJ GXUFK 3URWHUPH PLW UHIOH[LYHU XQG UH]LSURNHU ,QWHU SUHWDWLRQ,Q=LIRQXQ*HWDOHGV*UDPPDWLNGHUGHXWVFKHQ6SUDFKH%DQG

%HUOLQ1HZ<RUNGH*UX\WHU

=LIRQXQ*5HIOH[LYNRQYHUVHQ,Q=LIRQXQ*HWDOHGV*UDPPDWLNGHUGHXW VFKHQ6SUDFKH%DQG%HUOLQ1HZ<RUNGH*UX\WHU