• Keine Ergebnisse gefunden

%LVPHWK\OSKHQ\O55GLSKHQ\OHWKDQVWlUNHUHUK|KWN-PRODOVLP%LV PHWK\OSKHQ\O56GLSKHQ\OHWKDQN-PRO

(V H[LVWLHUW IU GLH ULQJQDKH %LQGXQJ IROJOLFK NHLQH 6\VWHPDWLN EH]JOLFK GHU =DKO GHU 6XEVWLWXHQWHQ'LH5RWDWLRQVEDUULHUHZLUGMHGRFKYRQNHLQHPGHU6XEVWLWXHQWHQVRHUK|KWGD‰

HLQH %HKLQGHUXQJ GHU 'UHKEDUNHLW JHJHEHQ LVW XQG DXFK DXI GLH :LQNHOODJH GHV (QHUJLHPLQLPXPVZLUNWVLFKGLH6XEVWLWXWLRQNDXPDXV,QHUVWHU1lKHUXQJOl‰WVLFKVDJHQ GD‰ LQ DOOHQ 9HUELQGXQJHQ MH ]ZHL 0LQLPD ]ZLVFKHQ ƒ XQG ƒ E]Z ƒ XQG ƒ H[LVWLHUHQ'LH/DJHGHU0D[LPDEOHLEWGXUFKGLH6XEVWLWXWLRQXQYHUlQGHUW'HQ(UZDUWXQJHQ QDFK V R VROOWH GLH ULQJQDKH %LQGXQJ IU HLQH JHVWUHFNWH .HWWH DOOHUGLQJV DXFK QLFKW HQWVFKHLGHQGVHLQ

(>N-PRO@

F>ƒ@

$EELOGXQJHLQGLPHQVLRQDOH5RWDWLRQVSRWHQWLDOHGHU]HQWUDOHQ%LQGXQJGHU%LV PHWK\OSKHQ\OHWKDQ'HULYDWH%LVPHWK\OSKHQ\OHWKDQVFKZDU]%LV

PHWK\OSKHQ\OSKHQ\OHWKDQURW%LVPHWK\OSKHQ\OELSKHQ\OHWKDQJHOE

%LVPHWK\OSKHQ\O55GLSKHQ\OHWKDQEODX%LVPHWK\OSKHQ\O56 GLSKHQ\OHWKDQJUQ

:HVHQWOLFKVWlUNHUDOVGLHULQJQDKH%LQGXQJZLUGGLH]HQWUDOH%LQGXQJGXUFKGLH6XEVWLWXWLRQ EHHLQIOX‰W V $EELOGXQJ (LQ 3KHQ\OULQJ DOV 6HLWHQJUXSSH EHZLUNW GLH $QKHEXQJ HLQHV GHU LP %LVPHWK\OSKHQ\OHWKDQ DXIWUHWHQGHQ (QHUJLHPLQLPD ƒ DXI N-PRO

$X‰HUGHPZHUGHQGLH0D[LPDEHLƒXQGƒXPN-PROE]ZN-PROHUK|KW'LH :LQNHOODJHQ YHUlQGHUQ VLFKLP 9HUJOHLFK ]XP %LVPHWK\OSKHQ\OHWKDQ ZHGHU IU GLH 0LQLPD QRFK IU GLH 0D[LPD QHQQHQVZHUW 'LH (LQIKUXQJ HLQHU %LSKHQ\OJUXSSH KDW ]XVlW]OLFKGLH(UK|KXQJGHV0D[LPXPVEHLƒDXIN-PROXQGGHVƒ0LQLPXPV DXI N-PRO ]XU )ROJH VR GD‰ QXU QRFK HLQ JOREDOHV 0LQLPXP DXIWULWW (LQH GRSSHOWH 3KHQ\OVXEVWLWXWLRQ DP a XQG DP a.RKOHQVWRIIDWRP GHU (WK\OHQJUXSSH EHZLUNW GLH (UK|KXQJ GHU (QHUJLH GHV ƒ0LQLPXPV XQG GLH 9HUVFKLHEXQJ GHU 1HEHQPLQLPD 'LH 0D[LPDOHQHUJLHQEHLƒXQGƒZHUGHQLP9HUJOHLFK]XU(LQIDFKVXEVWLWXWLRQHEHQIDOOV QRFK HLQPDO XP FD N-PRO DQJHKREHQ 'LH %DUULHUH IU HLQH ƒ5RWDWLRQ HUK|KW VLFK

VRJDUDXIN-PRO'HU9HUJOHLFKGHUEHLGHQ]ZHLIDFKVXEVWLWXLHUWHQ6\VWHPH]HLJWGD‰

GDV5RWDWLRQVSRWHQWLDOGHV%LVPHWK\OSKHQ\O55GLSKHQ\OHWKDQV]XGHPGHV

%LVPHWK\OSKHQ\O56GLSKHQ\OHWKDQVDQDORJLVWDOOHUGLQJVXPƒYHUVFKREHQ'LH 5RWDWLRQVEDUULHUHOLHJWEHLƒXQGGDV0LQLPXPEHLƒ

$XV GHQ ELVKHULJHQ (UJHEQLVVHQ IROJW GD‰ VLFK GLH =DKO GHU EHL PRGHUDWHQ 7HPSHUDWXUHQ EHVHW]WHQ0LQLPDGHU]HQWUDOHQ%LQGXQJPLWGHU=DKOGHU6XEVWLWXHQWHQYHUULQJHUWXQGGD‰

VLFK GLH (QHUJLHQ GHU 0D[LPD HUK|KHQ VR GD‰ IU EHLGH %LVPHWK\OSKHQ\O GLSKHQ\OHWKDQ9HUELQGXQJHQ HLQH 5RWDWLRQVEHKLQGHUXQJ YRUOLHJW 'LH ELSKHQ\OVXEVWLWXLHUWH 9HUELQGXQJ QLPPW HLQH =ZLVFKHQVWHOOXQJ HLQ hEHUWUDJHQ DXI GHQ NRQGHQVLHUWHQ =XVWDQG EHGHXWHQ GLHVH %HREDFKWXQJHQ GD‰ IU DOOH VXEVWLWXLHUWHQ 6\VWHPH K|KHUH

*ODVEHUJDQJVWHPSHUDWXUHQDOVIUGDV3RO\S[\O\OHQ]XHUZDUWHQVLQGZREHLGLH]ZHLIDFKH 6XEVWLWXWLRQHLQHQJU|‰HUHQ(LQIOX‰DOVGLHHLQIDFKH6XEVWLWXWLRQKDW

'LHHLQIDFKVXEVWLWXLHUWHQ6\VWHPHVROOWHQEHYRU]XJWDOV.QlXHOYRUOLHJHQZlKUHQGVLFKIU GLHGRSSHOWVXEVWLWXLHUWHQ9HUELQGXQJHQEHUGLH6WHUHRFKHPLHDQGHQ.RKOHQVWRIIDWRPHQGHU (WK\OHQJUXSSHGLHEHYRU]XJWH.HWWHQJHVWDOWJHNQlXHOWRGHUJHVWUHFNWJH]LHOWVWHXHUQODVVHQ VROOWH 'LHVH 9HUPXWXQJ HUJLEW VLFK DXV GHQ 5RWDWLRQVSRWHQWLDOHQ EHL DXVVFKOLH‰OLFKHU

%HWUDFKWHXQJ GHU ]HQWUDOHQ %LQGXQJ 'DV GHP %LVPHWK\OSKHQ\O56GLSKHQ\OHWKDQ HQWVSUHFKHQGH V\QGLRWDNWLVFKH 3RO\aaGLSKHQ\OS[\O\OHQ 0LQLPXP ƒ VROOWH GHP]XIROJH DOV JHVWUHFNWH .HWWH H[LVWLHUHQ XQG GDV GHP %LVPHWK\OSKHQ\O55 GLSKHQ\OHWKDQ HQWVSUHFKHQGH 3RO\aaGLSKHQ\OS[\O\OHQ 0LQLPXP ƒ VROOWH DOV JHNQlXHOWH.HWWHYRUOLHJHQ,QGLHVHP)DOOZlUHHLQH.ULVWDOOLVDWLRQDXVJHVFKORVVHQ)UDOOH 9HUELQGXQJHQELVDXIGDVV\QGLRWDNWLVFKH3RO\aaGLSKHQ\OS[\O\OHQOl‰WVLFK DXIJUXQG GHU]XHUZDUWHQGHQ.QlXHOJHVWDOWHLQHHUK|KWH/|VOLFKNHLWHUKRIIHQ

,P IROJHQGHQ $EVFKQLWW VROO DQKDQG GHU ]ZHLGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDOH XQWHUVXFKW ZHUGHQLQZLHZHLWIUGLH7RUVLRQVIUHLKHLWGHUIUGLH.RQIRUPDWLRQHQWVFKHLGHQGHQ]HQWUDOHQ

%LQGXQJ 1DFKEDUJUXSSHQHIIHNWH H[LVWLHUHQ $X‰HUGHP VROOHQ GLH ELVKHU HUKDOWHQHQ (UJHEQLVVHXQGGLHGDUDXVJH]RJHQHQ9HUPXWXQJHQXQWHUPDXHUWZHUGHQ

=ZHLGLPHQVLRQDOH5RWDWLRQVSRWHQWLDOH

'LH ]ZHLGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDOH ZXUGHQ IU GLH ]HQWUDOHQ %LQGXQJHQ ]ZHLHU DXIHLQDQGHUIROJHQGHU 0RQRPHUH EHUHFKQHW 'LH ULQJQDKHQ %LQGXQJHQ ZXUGHQ QLFKW PHKU EHUFNVLFKWLJWZHLOVLHIUHLQH.RQIRUPDWLRQVEHKLQGHUXQJDXIJUXQGGHUQLHGULJHQ%DUULHUHQ XQG GHU EHUHLWV ZHLWHU REHQ HUZlKQWHQ *UQGH QLFKW UHOHYDQW VHLQ VROOWHQ 'LH .HWWHQDXVVFKQLWWHZXUGHQDQDORJ]XGHQHLQGLPHQVLRQDOHQ7RUVLRQVSRWHQWLDOHQJHZlKOWQXU ZDUHQVLHXPHLQH0RQRPHUHLQKHLWYHUOlQJHUW,PIROJHQGHQZHUGHQGLHVH.HWWHQIUDJPHQWH GHU(LQIDFKKHLWKDOEHUPLWGHQ1DPHQGHUHQWVSUHFKHQGHQ3RO\PHUHEH]HLFKQHWZREHLGDV V\QGLRWDNWLVFKH 3RO\aaGLSKHQ\OS[\O\OHQ DOV 3RO\aaGLSKHQ\OS[\O\OHQ XQG GDV

LVRWDNWLVFKH 3RO\aaGLSKHQ\OS[\O\OHQ DOV 3RO\aaGLSKHQ\OS[\O\OHQ EH]HLFKQHW ZLUG

'DV]ZHLGLPHQVLRQDOH7RUVLRQVSRWHQWLDOGHV3RO\S[\O\OHQVLVWLQ$EELOGXQJJH]HLJW(V LVW KRFKV\PPHWULVFK PLW LQVJHVDPW QHXQ (QHUJLHPLQLPD GLH GHQ .RPELQDWLRQHQ GHU 3RWHQWLDOVHQNHQ DXV GHP HLQGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDO HQWVSUHFKHQ (V VLQG YLHU DEVROXWH 0LQLPD EHL ƒƒ ƒƒ ƒƒ XQG ƒƒ ]X HUNHQQHQ ZHOFKH XP FDN-PROHQHUJLHlUPHU VLQG DOV GLH EULJHQ 0LQLPD 'LH IU GLH hEHUJlQJH ]ZLVFKHQ ]ZHL 3RWHQWLDOVHQNHQ ]X EHUZLQGHQH (QHUJLH LVW PLW N-PRO XQYHUlQGHUW ]XP HLQGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDO 1DFKEDUJUXSSHQHIIHNWH PDFKHQ VLFK QXU LQ GHU DEVROXWHQ %DUULHUHQK|KH YRQ N-PRO EHPHUNEDU KDEHQ DEHU HUZDUWXQJVJHPl‰ NHLQH

$XVZLUNXQJHQDXIGLH0|JOLFKNHLWYRQ5RWDWLRQVEHUJlQJHQ

(QHUJLH>N-PRO@

!

F

F

$EELOGXQJ]ZHLGLPHQVLRQDOHV5RWDWLRQVSRWHQWLDOGHU]HQWUDOHQ%LQGXQJHQGHV3RO\

S[\O\OHQV

,Q $EELOGXQJ LVW GDV ]ZHLGLPHQVLRQDOH 5RWDWLRQVSRWHQWLDO GHU ]HQWUDOHQ %LQGXQJHQ GHV 3RO\aSKHQ\OS[\O\OHQV GDUJHVWHOOW 'DV HQWVSUHFKHQGH 5RWDWLRQVSRWHQWLDO GHV 3RO\a ELSKHQ\OS[\O\OHQVLVWKLHUQLFKWJH]HLJWQDKH]XDQDORJ'LHDEVROXWHQ0LQLPDOLHJHQZLH DXVGHQHLQGLPHQVLRQDOHQ5RWDWLRQVSRWHQWLDOHQHUZDUWHWEHL.RPELQDWLRQHQGHU:LQNHOYRQ

ƒ XQG ƒ 1HEHQPLQLPD PLW (QHUJLHQ YRQ FD N-PRO ]HLJHQ VLFK DX‰HUGHP IU

ƒƒXQGƒƒXQGGLHHQWVSUHFKHQGHQXPJHNHKUWHQ)lOOHZRKLQJHJHQGDV0LQLPXP EHLƒƒHQHUJHWLVFKDXIN-PRODQJHKREHQLVW'DVHLQGLPHQVLRQDOH5RWDWLRQVSRWHQWLDO OLHIHUW IU GDV ORNDOH 0LQLPXP EHL ƒ N-PRO 'LH %DUULHUHQK|KHQ IU 7RUVLRQVEHUJlQJH EOHLEHQ PLW :HUWHQ ]ZLVFKHQ N-PRO XQG N-PRO XQYHUlQGHUW LP 9HUJOHLFK ]XP HLQGLPHQVLRQDOHQ )DOO 'HU DEVROXWH (QHUJLHK|FKVWZHUW EHWUlJW DOOHUGLQJV N-PRO

'LH 1DFKEDUJUXSSHQHIIHNWH KDEHQ IROJOLFK ZHGHU LP 3RO\aSKHQ\OS[\O\OHQ QRFK LP 3RO\aELSKHQ\OS[\O\OHQ ZHVHQWOLFKHQ (LQIOX‰ DXI GLH 5RWDWLRQVIUHLKHLW 'LH ]ZHLGLPHQVLRQDOHQ 7RUVLRQVSRWHQWLDOH EHVWlUNHQ DEHU GLH 7DWVDFKH GD‰ GLH JQVWLJVWHQ :LQNHOODJHQƒXQGƒVLQG/lQJHUH.HWWHQVROOWHQIROJOLFKJHNQlXHOWYRUOLHJHQ

(QHUJLH>N-PRO@

!

F

F

$EELOGXQJ]ZHLGLPHQVLRQDOHV5RWDWLRQVSRWHQWLDOGHU]HQWUDOHQ%LQGXQJHQGHV 3RO\aSKHQ\OS[\O\OHQV

$XFK GLH ]ZHLGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDOH GHU GRSSHOW VXEVWLWXLHUWHQ 9HUELQGXQJHQ XQWHUVWW]HQ GLH DXV GHQ HLQGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDOHQ JHZRQQHQHQ 5HVXOWDWH ,Q EHLGHQ )lOOHQ V $EELOGXQJ LVW QXU QRFK HLQ JOREDOHV 0LQLPXP EHL ƒƒ LP 3RO\aaGLSKHQ\OS[\O\OHQE]ZEHLƒƒLP3RO\aaGLSKHQ\OS[\O\OHQ]X HUNHQQHQ 'LH ORNDOHQ 0LQLPD OLHJHQ PLW (QHUJLHQ YRQ N-PRO ELV N-PRO HWZD LP JOHLFKHQ%HUHLFKZLHLQGHQHLQGLPHQVLRQDOHQ5RWDWLRQVSRWHQWLDOHQ$XFKGLH%DUULHUHQK|KHQ IU GLH hEHUJlQJH LQ GLH ORNDOHQ 0LQLPD VLQG QDKH]X XQYHUlQGHUW FD N-PRO 'LH DEVROXWH(QHUJLHEDUULHUHHUK|KWVLFKDEHUZHVHQWOLFK

)UGLHGRSSHOWVXEVWLWXLHUWHQ6\VWHPHWULWWHLQHVWDUNH5RWDWLRQVEHKLQGHUXQJDXI XQG HVLVW ZLHHUZDUWHWEHLPRGHUDWHQ7HPSHUDWXUHQQXUHLQ(QHUJLHPLQLPXPEHVHW]W'DUDXVUHVXOWLHUW HLQHUHODWLYVWDUUH.HWWHZHOFKHXQWHU9HUQDFKOlVVLJXQJGHUULQJQDKHQ%LQGXQJDOVJQVWLJVWH .RQIRUPDWLRQLP)DOOGHV 3RO\aaGLSKHQ\OS[\O\OHQV GDV.QlXHOV R XQGLP)DOO GHV3RO\aaGLSKHQ\OS[\O\OHQVGLHJHVWUHFNWH.HWWHLVW8QWHUGHU9RUDXVVHW]WXQJGD‰

GLH %DUULHUHQK|KHQ DXVUHLFKHQG KRFK VLQG XP .RQIRUPDWLRQVEHUJDlQJH ]X XQWHUGUFNHQ VROOWH GDV 3RO\aaGLSKHQ\OS[\O\OHQ IROJOLFK QLFKW ]XU .ULVWDOOLVDWLRQ IlKLJ VHLQ ZlKUHQG EHLP 3RO\aaGLSKHQ\OS[\O\OHQ GLH .ULVWDOOLVDWLRQ DXIJUXQG GHU JHVWUHFNWHQ .HWWHQNRQIRUPDWLRQQLFKWDXV]XVFKOLH‰HQLVW

(QHUJLH>N-PRO@

!

F F

(QHUJLH>N-PRO@

!

F F

$EELOGXQJ]ZHLGLPHQVLRQDOH5RWDWLRQVSRWHQWLDOHGHU]HQWUDOHQ%LQGXQJHQGHV 3RO\aaGLSKHQ\OS[\O\OHQVXQGGHV3RO\aaGLSKHQ\OS[\O\OHQV

=XVDPPHQIDVVHQGOl‰WVLFKDXVGHQHLQXQG]ZHLGLPHQVLRQDOHQ5RWDWLRQVSRWHQWLDOHQVDJHQ GD‰ GLH .HWWHQIOH[LELOLWlW GXUFK GLH 6XEVWLWXWLRQ KHUDEJHVHW]W ZLUG ZDV DXI K|KHUH

*ODVEHUJDQJVWHPSHUDWXUHQDOVIUGDV3RO\S[\O\OHQVFKOLH‰HQOl‰W'HU6XEVWLWXWLRQVJUDG VSLHOW LQ GLHVHU +LQVLFKW HLQH ZHLWHUH HQWVFKHLGHQGH 5ROOH $X‰HUGHP VROOWHQ ELV DXI GDV 3RO\aaGLSKHQ\OS[\O\OHQ DOOH 9HUELQGXQJHQ EHYRU]XJW DOV .QlXHO YRUOLHJHQ 'LHV EHVWlUNWGLH+RIIQXQJDXIHLQHYHUEHVVHUWH/|VOLFKNHLW,PIROJHQGHQVROOHQGLHVH(UJHEQLVVH QRFK DQKDQG GHU .RQIRUPDWLRQHQ OlQJHUHU .HWWHQ GLH QDFK HLQHP 5,60RGHOO DXIJHEDXW ZXUGHQYHUGHXWOLFKWZHUGHQ

5,60RGHOO

1DFK 5,60RGHOOHQ LQ ZHOFKH GLH DXV GHQ 7RUVLRQVSRWHQWLDOHQ HUKDOWHQHQ ,QIRUPDWLRQHQ HLQJLQJHQ ZXUGHQ IU GLH 'HULYDWH GHV 3RO\S[\O\OHQV MHZHLOV .HWWHQ DXV 0RQRPHUHQ DXIJHEDXW )U GLHVH .HWWHQ ZXUGHQ DQVFKOLH‰HQG GLH FKDUDNWHULVWLVFKHQ .HWWHQSDUDPHWHU U! V! XQG U!V! EHUHFKQHW 'LH :HUWH VLQG LQ 7DEHOOH ]XVDPPHQJHID‰W'LHUlXPOLFKH$XVGHKQXQJGHU.HWWHQZlFKVWLQGHU)ROJH3RO\S[\O\OHQ 3RO\aSKHQ\OS[\O\OHQ3RO\aaGLSKHQ\OS[\O\OHQZDVDXIGHUHQWVFKHLGHQGHQ5ROOH GHU]HQWUDOHQ%LQGXQJGHU(WK\OHQJUXSSHIUGLH.RQIRUPDWLRQEHUXKW,QGLHVHU5HLKHQLPPW QlPOLFKJOHLFK]HLWLJGLH=DKO GHUHQHUJHWLVFKJQVWLJHQ=XVWlQGH LP 5RWDWLRQVSRWHQWLDOGHU ]HQWUDOHQ %LQGXQJ DE 'LH $XVQDKPH ELOGHW GDV 3RO\aaGLSKHQ\OS[\O\OHQ ZHOFKHV ZLH GDV 3RO\aaGLSKHQ\OS[\O\OHQ HEHQIDOOV QXU HLQ EHVHW]WHV 0LQLPXP DXIZHLVW

$OOHUGLQJV IKUHQ GHU 7RUVLRQVZLQNHO GHU ]HQWUDOHQ %LQGXQJ ƒ XQG GLH 0LQLPD GHU ULQJQDKHQ%LQGXQJƒXQGƒLQGLHVHP0RGHOO]XHLQHUJHNQlXHOWHQ.HWWH'LHVPDFKW VLFKLQGHQ:HUWHQIUGHQ *\UDWLRQVUDGLXV XQGGHQ .HWWHQHQGHQDEVWDQG EHPHUNEDU 'LHVH VLQG ZHJHQ GHU 1LFKWEHUFNVLFKWLJXQJ GHU (IIHNWH GHV DXVJHVFKORVVHQHQ 9ROXPHQV VRJDU JHULQJHUDOVEHLP3RO\S[\O\OHQ

(LQZHLWHUHVZHVHQWOLFKHV0HUNPDOJHKWDXVGHP9HUKlOWQLVU!V!KHUYRU1XUGDV3RO\

aaGLSKHQ\OS[\O\OHQ OLHJW DOV VWDUUHV 6WlEFKHQ U!V! YRU ZlKUHQG GLH DQGHUHQ6\VWHPHJHNQlXHOWVHLQVROOWHQU!V! 'LHVZLUGGXUFKGHQ9HUJOHLFKPLW WKHRUHWLVFKHQ (UJHEQLVVHQ LQ GHU /LWHUDWXU EHOHJW V DXFK .DSLWHO 'LH JH]LHOWH (LQVWHOOXQJHLQHU.RQIRUPDWLRQOl‰WVLFKDOVREHLGHQ]ZHLIDFKVXEVWLWXLHUWHQ9HUELQGXQJHQ

EHU GLH 6WHUHRFKHPLH DQ GHQ .RKOHQVWRIIDWRPHQ GHU (WK\OHQJUXSSH HUUHLFKHQ 3RO\aa

GLSKHQ\OS[\O\OHQJHVWUHFNWXQG3RO\aaGLSKHQ\OS[\O\OHQJHNQlXHOW'LHVVROO LPIROJHQGHQ$EVFKQLWWDQKDQGHLQHVUHDOLVWLVFKHUHQ0RGHOOVEHUSUIWZHUGHQZHOFKHVGLH (IIHNWHGHVDXVJHVFKORVVHQHQ9ROXPHQVPLWHLQEH]LHKW'LH)UDJHREDXFKLQEHLGHQ)lOOHQ GLH )OH[LELOLWlW lKQOLFK LVW ZLH VLFK DXV GHQ 5RWDWLRQVSRWHQWLDOHQ YHUPXWHQ Ol‰W PX‰ PLW +LOIHPROHNXODUG\QDPLVFKHU6LPXODWLRQHQXQWHUVXFKWZHUGHQ

3DUDPHWHU 33; 333; 3%33; 3'33; 3'33;

V!>c@

U!>c@

U!V!

7DEHOOHFKDUDNWHULVWLVFKH.HWWHQSDUDPHWHUIU.HWWHQDXV0RQRPHUHQ EHUHFKQHWIU5,60RGHOO

'LH :HUWH IU GDV PRGLIL]LHUWH 5,60RGHOO ZHOFKH LQ 7DEHOOH ]XVDPPHQJHID‰W VLQG XQWHUVFKHLGHQVLFKNDXPYRQGHQ:HUWHQIUGDVHUVWH5,60RGHOO%LVDXIGDV3RO\aa

GLSKHQ\OS[\O\OHQ ZHOFKHV HLQH 6WlEFKHQJHVWDOW DXIZHLVW OLHJHQ DOOH DQGHUHQ 6\VWHPH JHNQlXHOWYRU1XUIUGDV3RO\aaGLSKHQ\OS[\O\OHQNRQQWHQNHLQH:HUWHEHUHFKQHW ZHUGHQ $XIJUXQG GHU VWHULVFKHQ :HFKVHOZLUNXQJHQ N|QQHQ GLH 7RUVLRQVZLQNHO PLQLPDOHU (QHUJLH QLFKW PHKU HLQJHQRPPHQ ZHUGHQ 'DV 0RGHOO WROHULHUW DEHU QXU HLQH JHZLVVH

$EZHLFKXQJ YRP (QHUJLHPLQLPXP 'LHVH P‰WH IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ

EHUVFKULWWHQ ZHUGHQ VR GD‰ GDV $XIEDXHQ YRQ .HWWHQ IHKOVFKOXJ $XI GLHVH %HVRQGHUKHLW ZLUG LP 5DKPHQ GHU PROHNXODUG\QDPLVFKHQ 6LPXODWLRQHQ 7RUVLRQVZLQNHODQDO\VH QRFK HLQJHJDQJHQZHUGHQ

3DUDPHWHU 33; 333; 3%33; 3'33; 3'33;

V!>c@

U!>c@

U!V!

7DEHOOHFKDUDNWHULVWLVFKH.HWWHQSDUDPHWHUIU.HWWHQDXV0RQRPHUHQ EHUHFKQHWIUGDVPRGLIL]LHUWH5,60RGHOO

'LH PROHNXODUPHFKDQLVFKHQ 5HFKQXQJHQ VDJHQ IU DOOH 6\VWHPH HLQH 9HULQJHUXQJ GHU .HWWHQIOH[LELOLWlWLP9HUJOHLFK]XP3RO\S[\O\OHQYRUDXV'DEHLVROOWHGHU6XEVWLWXWLRQVJUDG GLH HQWVFKHLGHQGH 5ROOH VSLHOHQ )HUQHU LVW IU GLH ]ZHLIDFK VXEVWLWXLHUWHQ 6\VWHPH GLH 0|JOLFKNHLW GHU JH]LHOWHQ .RQIRUPDWLRQVHLQVWHOOXQJ GXUFK GLH 6WHUHRFKHPLH DQ GHQ

.RKOHQVWRIIDWRPHQ GHU (WK\OHQJUXSSH JHJHEHQ ,P IROJHQGHQ $EVFKQLWW VROOHQ PLW +LOIH PROHNXODUG\QDPLVFKHU6LPXODWLRQHQZHLWHUH,QGL]LHQJHIXQGHQZHUGHQGLHGHQ(LQIOX‰GHU 6XEVWLWXHQWHQXQGGHV6XEVWLWXWLRQVJUDGVDXIGLH.HWWHQIOH[LELOLWlWEHOHJHQ

0ROHNOG\QDPLN

7RUVLRQVZLQNHOIOXNWXDWLRQHQ

'LH $QDO\VH GHU 7RUVLRQVZLQNHOIOXNWXDWLRQHQ ZXUGH IU 6LPXODWLRQHQ DQ .HWWHQ DXV 0RQRPHUHQEHU=HLWHQYRQQVGXUFKJHIKUW9RUGHUHLJHQWOLFKHQ6LPXODWLRQZXUGHQGLH .HWWHQ HLQHU .RPELQDWLRQ DXV ÄVLPXODWHG DQQHDOLQJ³ XQG PROHNXODUPHFKDQLVFKHU (QHUJLHPLQLPLHUXQJXQWHU]RJHQYJO.DSLWHOÄ7KHRUHWLVFKH*UXQGODJHQ³'LH$XVZHUWXQJ HUIROJWHDQDORJ]XGHQ6LPXODWLRQHQGHU3RO\FDUERQDWHVGRUW

)U GDV 3RO\S[\O\OHQ GDV 3RO\aSKHQ\OS[\O\OHQ XQG GDV 3RO\aELSKHQ\OS[\O\OHQ WUHWHQGLHHUVWHQ6SUQJHEHL.ULQJQDKH%LQGXQJE]Z.]HQWUDOH%LQGXQJDXI ZlKUHQGLP3RO\aaGLSKHQ\OS[\O\OHQXQGLP3RO\aaGLSKHQ\OS[\O\OHQHUVWDE .7RUVLRQVEHUJlQJH]XEHREDFKWHQVLQG'LH$XIHQWKDOWVGDXHULQGHQ1HEHQPLQLPDV HLQGLPHQVLRQDOH5RWDWLRQVSRWHQWLDOHOLHJWIUGLH]ZHLIDFKVXEVWLWXLHUWHQ9HUELQGXQJHQDEHU DXFKEHLKRKHQ7HPSHUDWXUHQLP%HUHLFKYRQZHQLJHQ3LFRVHNXQGHQZLHLQ$EELOGXQJ GDUJHVWHOOW

F>ƒ@

7>.@

$EELOGXQJ7RUVLRQVZLQNHOVSUXQJZlKUHQGHLQHU6LPXODWLRQGHU0ROHNOG\QDPLN GHV3RO\aaGLSKHQ\OS[\O\OHQV.HWWHDXV0RQRPHUHQ

)U GLH 3RO\S[\O\OHQ'HULYDWH ODVVHQ VLFK DQDORJ ]X GHQ %HREDFKWXQJHQ EHL GHQ 3RO\FDUERQDWHQ .RUUHODWLRQHQ LQ GHQ 7RUVLRQVEHUJlQJHQ GHU ]HQWUDOHQ %LQGXQJHQ EHQDFKEDUWHU 0RQRPHUH QDFKZHLVHQ V $EELOGXQJ )U GLHVH .RUUHODWLRQHQ NRQQWH DOOHUGLQJVNHLQH6\VWHPDWLNJHIXQGHQZHUGHQ

F>ƒ@

W>SV@

$EELOGXQJ.RUUHODWLRQGHU7RUVLRQVVSUQJHLQGHQ]HQWUDOHQ%LQGXQJHQ]ZHLHU EHQDFKEDUWHU0RQRPHUHLP3RO\S[\O\OHQ.HWWHDXV0RQRPHUHQ

'LH )OXNWXDWLRQVDQDO\VH G K GDV $QSDVVHQ HLQHU *DX‰)XQNWLRQ DQ GLH 7RUVLRQVZLQNHOYHUWHLOXQJVRZLHGLH$XIWUDJXQJXQG$XVZHUWXQJGHU7HPSHUDWXUDEKlQJLJNHLW GHUTXDGUDWLVFKHQ+DOEZHUWVEUHLWHZXUGHQXUIUGLH]HQWUDOHQ%LQGXQJHQGXUFKJHIKUW'LH (UJHEQLVVHVLQGLQ7DEHOOH]XVDPPHQJHVWHOOW

33; 333; 3%33; 3'33; 3'33;

$FKVHQDEVFKQLWW

6WHLJXQJ

7DEHOOH(UJHEQLVVHGHU)OXNWXDWLRQVDQDO\VHGHU7RUVLRQVZLQNHOGHU]HQWUDOHQ

%LQGXQJ

Z

7>.@

$EELOGXQJ$EKlQJLJNHLWGHUTXDGUDWLVFKHQ)OXNWXDWLRQVEUHLWHYRQGHU7HPSHUDWXU IUGDV3RO\aaGLSKHQ\OS[\O\OHQ.HWWHDXV0RQRPHUHQ

%HLDOOHQXQWHUVXFKWHQ6XEVWDQ]HQQLPPWGLH TXDGUDWLVFKH7RUVLRQVZLQNHOIOXNWXDWLRQ OLQHDU PLWGHU7HPSHUDWXU]XV7DEHOOHZLHHVDXVGHU)OXNWXDWLRQVWKHRULHXQWHUGHU$QQDKPH KDUPRQLVFKHU 3RWHQWLDOH HUZDUWHW ZLUG V DXFK .DSLWHO *H]HLJW LVW GLHV IU GDV 3RO\aaGLSKHQ\OS[\O\OHQLQ$EELOGXQJ$OOHUGLQJVLVWGLHOLQHDUH$EKlQJLJNHLWIU GLHYHUVFKLHGHQHQ6XEVWLWXHQWHQXQWHUVFKLHGOLFK'LHYHUVFKLHGHQHQ6WHLJXQJHQVSLHJHOQGLH XQWHUVFKLHGOLFKHQ )RUPHQ GHU 3RWHQWLDOYHUOlXIH ZLHGHU )U GDV 3RO\S[\O\OHQ LVW GLH 6WHLJXQJ ZHVHQWOLFK JU|‰HU DOV IU GLH EULJHQ 6\VWHPH 'DV EHGHXWHW GD‰ GLH .UPPXQJ QLFKWVRVWDUNLVWZLHIUGLHVXEVWLWXLHUWHQ6\VWHPH'LHVHU%HIXQGHUJLEWVLFKDXFKDXVGHP 9HUJOHLFK GHU 5RWDWLRQVSRWHQWLDOH V $EELOGXQJ (UVWDXQOLFK LVW GLH EHVRQGHUV QLHGULJH 6WHLJXQJ IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ 'HQ HLQGLPHQVLRQDOHQ 5RWDWLRQVSRWHQWLDOHQQDFKVROOWHGLH6WHLJXQJPLWGHQUHVWOLFKHQVXEVWLWXLHUWHQ9HUELQGXQJHQ YRUDOOHPDEHUPLWGHP3RO\aaGLSKHQ\OS[\O\OHQEHUHLQVWLPPHQ'LH$EZHLFKXQJ PX‰ DXI DQGHUH :HFKVHOZLUNXQJHQ ]XUFN]XIKUHQ VHLQ GLH HLQH VWlUNHUH .UPPXQJ GHV 3RWHQWLDOV KHUYRUUXIHQ 'LH (UNOlUXQJ OLHJW LQ GHU 7HQGHQ] GHU .HWWHQ LP 9DNXXP DOV VFKOHFKWHP /|VXQJVPLWWHO ]X NROODELHUHQ 'LH /DJHQ GHU (QHUJLHPLQLPD GHU ]HQWUDOHQ

%LQGXQJHQ EHJQVWLJHQ GLHVHV 9HUKDOWHQ ZlKUHQG GLH VWHULVFKH $EVWR‰XQJ ]ZLVFKHQ QLFKW GLUHNW EHQDFKEDUWHQ 0RQRPHUHQ GHQ .ROODSV XQP|JOLFK PDFKHQ RKQH GD‰ GLH 7RUVLRQVZLQNHODXVGHU/DJHPLQLPDOHU(QHUJLHKHUDXVJHGUlQJWZHUGHQ(VNRPPW]XHLQHP

*OHLFKJHZLFKW EHLGHU 3UR]HVVH ,Q GLHVHP *OHLFKJHZLFKWV]XVWDQG ZHLFKHQ GLH 7RUVLRQVZLQNHOYRPHQHUJHWLVFKJQVWLJVWHQ:HUWDEXQGGHU 3RWHQWLDOYHUODXI ZLUG JHVW|UW 'LHV LVW LP (LQNODQJ PLW GHP )HKOVFKODJHQ GHV 9HUVXFKV IU GDV 3RO\aaGLSKHQ\OS [\O\OHQPLWGHPPRGLIL]LHUWHQ5,60RGHOO.HWWHQDXI]XEDXHQVR$XFKGDEHLP‰WHQ GLH 7RUVLRQVZLQNHO YRQ LKUHQ HLJHQWOLFKHQ (QHUJLHPLQLPD DEZHLFKHQ ZDV GDV 0RGHOO YHUELHWHW )U GDV 3RO\aaGLSKHQ\OS[\O\OHQ ZHOFKHV HEHQVR KRKH 5RWDWLRQVEDUULHUHQ ]HLJW LVW GHU JHNQlXHOWH =XVWDQG EHL GLHVHU .HWWHQOlQJH QLFKW P|JOLFK VR GD‰ GDV 7RUVLRQVSRWHQWLDOQLFKWYHUlQGHUWZLUG

'LH $FKVHQDEVFKQLWWH VDJHQ DXV GD‰ IU DOOH VXEVWLWXLHUWHQ 6\VWHPH DXFK DP DEVROXWHQ 1XOOSXQNW QRFK )OXNWXDWLRQHQ DXIWUHWHQ 'LHVHV 9HUKDOWHQ LVW IU TXDQWHQPHFKDQLVFKH 6\VWHPH]ZDQJVOlXILJNDQQEHL.UDIWIHOGUHFKQXQJHQZHOFKHUHLQPHFKDQLVFKHU1DWXUVLQG DEHU QXU GDGXUFK HUNOlUW ZHUGHQ GD‰ VLFK GLH 6\VWHPH QLFKW LP WKHUPRG\QDPLVFKHQ

*OHLFKJHZLFKW EHILQGHQ G K GLH .HWWHQ VLQG LQ ORNDOHQ 0LQLPD DXI GHU 3RWHQWLDOHQHUJLH +\SHUIOlFKH JHIDQJHQ (LQH P|JOLFKH (UNOlUXQJ ZUGH GLH JHJHQOlXILJH 7HQGHQ] YRQ

=XVDPPHQNQlXHOQ KHUYRUJHUXIHQ GXUFK GDV 9DNXXP XQG (LQQHKPHQ GHV HQHUJHWLVFK JQVWLJVWHQ7RUVLRQVZLQNHOVELHWHQ'LH(UIOOXQJEHLGHU.ULWHULHQLVWEHLGHU.HWWHQOlQJHYRQ 0RQRPHUHQ QLFKW P|JOLFK 'LHVH (UNOlUXQJ LVW DQDORJ ]XU 'HXWXQJ GHU JHULQJHUHQ 3RWHQWLDONUPPXQJLP3RO\aaGLSKHQ\OS[\O\OHQVR'HUQHJDWLYH$FKVHQDEVFKQLWW IUGDV3RO\S[\O\OHQPX‰HLQ$UWHIDNWVHLQ

=XVDPPHQIDVVHQG Ol‰W VLFK VDJHQ GD‰ GLH )OH[LELOLWlW GHU VXEVWLWXLHUWHQ 3RO\S[\O\OHQH JHULQJHU LVW DOV GLH GHV 3RO\S[\O\OHQV $X‰HUGHP EHZLUNW GLH GRSSHOWH 6XEVWLWXWLRQ HLQH VWlUNHUH (LQVFKUlQNXQJ DOV GLH (LQIDFKVXEVWLWXWLRQ ZDV VLFK LQ GHQ HUVW EHL K|KHUHQ 7HPSHUDWXUHQ ]X EHREDFKWHQGHQ 7RUVLRQVEHUJlQJHQ EHPHUNEDU PDFKW 'LH ]ZHLIDFK VXEVWLWXLHUWHQ6\VWHPHVROOWHQEHUWUDJHQDXIGHQNRQGHQVLHUWHQ=XVWDQGLQLKUHQHQHUJHWLVFK JQVWLJVWHQ .RQIRUPDWLRQHQ JHVWUHFNWH .HWWH IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ XQG .QlXHO IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ IROJOLFK DXFK EHL K|KHUHQ 7HPSHUDWXUHQ JHIDQJHQ VHLQ XQG YHUJOLFKHQ PLW GHQ DQGHUHQ 6\VWHPHQ HLQH K|KHUH

*ODVEHUJDQJVWHPSHUDWXUDXIZHLVHQ

0ROHNXODUG\QDPLNOlQJHUHU.HWWHQ

(V ZXUGHQ .HWWHQ DXV 0RQRPHUHQ DXIJHEDXW XQG GHUHQ (QHUJLHQ PLWWHOV HLQHV PROHNXODUPHFKDQLVFKHQ 0LQLPLHUXQJVDOJRULWKPXV PLQLPLHUW 'LH 5HFKQXQJHQ ]XU 0ROHNOG\QDPLNZXUGHQIU7HPSHUDWXUHQYRQ.XQG6LPXODWLRQV]HLWHQYRQSVLP 9DNXXP GXUFKJHIKUW 1DFK GLHVHQ =HLWHQ ZDUHQ GLH 6\VWHPH lTXLOLEULHUW VR GD‰ GLH FKDUDNWHULVWLVFKHQ3DUDPHWHUU!V!XQGU!!V!IUGLHOHW]WHQSVEHUHFKQHWZHUGHQ NRQQWHQ(LQ9HUJOHLFKGHU]HLWOLFKHQ(QWZLFNOXQJGHU*\UDWLRQVUDGLHQLVWLQ$EELOGXQJ GDUJHVWHOOW (LQ 9HUJOHLFK GHU .QlXHOJHVFKZLQGLJNHLWHQ ZLH IU GLH 3RO\FDUERQDWH V GRUW ZDU IU GLH 3RO\S[\O\OHQH QLFKW P|JOLFK ZHLO DXIJUXQG GHU XQWHUVFKLHGOLFKHQ /DJHQ GHU 7RUVLRQVSRWHQWLDOPLQLPDGLH6WDUWVWUXNWXUGHV.HWWHQUFNJUDWVQLFKWGLHVHOEHZDU

3DUDPHWHU 33; 333; 3%33; 3'33; 3'33;

V!>c@

U!>c@

U!V!

7DEHOOHFKDUDNWHULVWLVFKH.HWWHQSDUDPHWHUIU.HWWHQDXV0RQRPHUHQ EHUHFKQHWDXV6LPXODWLRQHQ]XU0ROHNOG\QDPLN

$XVGHQLQ7DEHOOHDXIJHOLVWHWHQ:HUWHQZLUGGHXWOLFKGD‰VLFKDOOH.HWWHQLP9DNXXP HUZDUWXQJVJHPl‰ ]XVDPPHQNQlXHOHQ 'LH :HUWH GHU .HWWHQHQGHQDEVWlQGH VLQG IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ GDV 3RO\aSKHQ\OS[\O\OHQ XQG GDV 3RO\S[\O\OHQ ZHVHQWOLFKJHULQJHUDOVIUGLHEULJHQ9HUELQGXQJHQ'LHVH(UJHEQLVVHVLQGQLFKWQXUDXI GLH/DJHGHU(QHUJLHPLQLPDLQGHQ7RUVLRQVSRWHQWLDOHQ]XUFN]XIKUHQVRQGHUQ]HLJHQIU GDV 3RO\aELSKHQ\OS[\O\OHQ LP 9HUJOHLFK ]XP 3RO\aSKHQ\OS[\O\OHQ DXFK GD‰ GLH VWHULVFK DQVSUXFKVYROOHUH %LSKHQ\OJUXSSH HLQH $QQlKHUXQJ GHU .HWWHQHQGHQ ]X YHUKLQGHUQ VFKHLQW $X‰HUGHP ]HLJW $EELOGXQJ GD‰ GDV 3RO\aaGLSKHQ\OS[\O\OHQ XQG GDV 3RO\aELSKHQ\OS[\O\OHQODQJVDPHUGHP*OHLFKJHZLFKWV]XVWDQG]XVWUHEHQDOVGLHEULJHQ 6\VWHPHDOVRZHQLJHUIOH[LEHOVHLQN|QQWHQ7URW]GHPOLHJHQGDV3RO\aSKHQ\OS[\O\OHQ GDV 3RO\aELSKHQ\OS[\O\OHQ XQG GDV 3RO\aaGLSKHQ\OS[\O\OHQ LP YROOVWlQGLJ NROODELHUWHP=XVWDQGYRUZlKUHQGGDV3RO\aaGLSKHQ\OS[\O\OHQQDFK9HUJOHLFKGHV 9HUKlOWQLVVHV U!!V! PLW /LWHUDWXUZHUWHQ DOV *DX‰.QlXHO DQJHVHKHQ ZHUGHQ NDQQ 'DV 3RO\S[\O\OHQQLPPWPLWHLQHP:HUWYRQHLQH=ZLVFKHQVWHOOXQJHLQ'LHVH(UJHEQLVVH VLQG DXI GLH /DJHQ GHU 7RUVLRQVSRWHQWLDOPLQLPD ]XUFN]XIKUHQ V HLQGLPHQVLRQDOH 5RWDWLRQVSRWHQWLDOH

V!>c@

W>SV@

$EELOGXQJ]HLWOLFKH(QWZLFNOXQJGHV*\UDWLRQVUDGLXVIUGLH3RO\S[\O\OHQ 'HULYDWH.HWWHQDXV0RQRPHUHQ3RO\S[\O\OHQVFKZDU]3RO\aSKHQ\OS [\O\OHQURW3RO\aELSKHQ\OS[\O\OHQJUQ3RO\aaGLSKHQ\OS[\O\OHQ KHOOEODX3RO\aaGLSKHQ\OS[\O\OHQGXQNHOEODX

1DFKGHQ(UJHEQLVVHQGHUPROHNXODUG\QDPLVFKHQ6LPXODWLRQHQOLHJHQDOOH6\VWHPHHQWJHJHQ GHQ(UZDUWXQJHQDXVGHQPROHNXODUPHFKDQLVFKHQ6LPXODWLRQHQLPJHNQlXHOWHQ=XVWDQGYRU 'LHV Ol‰W EHUWUDJHQ DXI GLH NRQGHQVLHUWH 3KDVH ZHLWHUKLQ DXI HLQH +HUDEVHW]XQJ GHU .ULVWDOOLQLWlW XQG HLQH 9HUEHVVHUXQJ GHU /|VOLFKNHLW KRIIHQ 'LH JHULQJVWH )OH[LELOLWlW XQG

GDPLWGLHK|FKVWH*ODVEHUJDQJVWHPSHUDWXUVROOWHQGDV3RO\aaGLSKHQ\OS[\O\OHQXQG GDV3RO\aaGLSKHQ\OS[\O\OHQDXIZHLVHQ

'HQ (UJHEQLVVHQ GHU 6LPXODWLRQHQ IROJHQG VROOWHQ GLH ]ZHLIDFK VXEVWLWXLHUWHQ 6\VWHPH GLH K|FKVWHQ*ODVEHUJDQJVWHPSHUDWXUHQDXIZHLVHQ'DV3RO\aaGLSKHQ\OS[\O\OHQVROOWH QXU LQ HLQHU JHNQlXHOWHQ .HWWHQNRQIRUPDWLRQ YRUOLHJHQ N|QQHQ ZlKUHQG GDV 3RO\aa

GLSKHQ\OS[\O\OHQ DOV HQHUJHWLVFK JQVWLJVWHQ =XVWDQG GLH JHVWUHFNWH .RQIRUPDWLRQ HLQQHKPHQ VROOWH %HLGH 6\VWHPH VROOWHQ DXIJUXQG GHU (QHUJLHEDUULHUHQ VWDUU VHLQ 0|JOLFKHUZHLVH VLQG VLH VRJDU LQ GLHVHQ =XVWlQGHQ JHIDQJHQ 'LH H[SHULPHQWHOOH

&KDUDNWHULVLHUXQJ GHV 3RO\aaGLSKHQ\OS[\O\OHQV XQG GHV 3RO\aaGLSKHQ\OS [\O\OHQVVROOWHIROJOLFKEHUGLH%HXUWHLOXQJGHU*WHGHU6LPXODWLRQHQ$XIVFKOX‰EHUGLH 5RWDWLRQVEHKLQGHUXQJ JHEHQ 'LHVH Ol‰W VLFK ]XP HLQHQ DQ GHU +|KH GHU

*ODVEHUJDQJVWHPSHUDWXUXQG]XPDQGHUHQDQGHU9RU]XJVNRQIRUPDWLRQDEOHVHQ

9RQ0,VKDTXHZXUGHQLP5DKPHQVHLQHU'LVVHUWDWLRQVRZRKOGLHHLQIDFKVXEVWLWXLHUWHQDOV DXFK ]ZHLIDFK VXEVWLWXLHUWH 6\VWHPH V\QWKHWLVLHUW (V LVW MHGRFK ]ZHLHUOHL DQ]XPHUNHQ (UVWHQV ZDU NHLQH JHWUHQQWH 6\QWKHVH GHU ]ZHLIDFK VXEVWLWXLHUWHQ 9HUELQGXQJHQ P|JOLFK VRQGHUQHVZXUGHHLQ0DWHULDOHUKDOWHQZHOFKHVDOV&RSRO\PHUDXVGHP3RO\aaGLSKHQ\O S[\O\OHQXQGGHP3RO\aaGLSKHQ\OS[\O\OHQDQJHVHKHQZHUGHQNDQQ=ZHLWHQVLVW DXFK GDV 3RO\aSKHQ\OS[\O\OHQ ZHOFKHV VFKRQ YRU %HJLQQ GHU LQ GLHVHU $UEHLW GXUFKJHIKUWHQ 0RGHOOUHFKQXQJHQ H[SHULPHQWHOO UHDOLVLHUW ZRUGHQ ZDU DXIJUXQG GHU 6\QWKHVHURXWH QLFKW HLQKHLWOLFK 1HEHQ GHU JHZQVFKWHQ .RSI6FKZDQ]9HUNQSIXQJ VLQG DXFKGLH.RSI.RSIXQGGLH6FKZDQ]6FKZDQ]9HUNQSIXQJP|JOLFKV$EELOGXQJ0 ,VKDTXHKDWGLHP|JOLFKHQ6WUXNWXUHQVRZRKOIUGDV3RO\aSKHQ\OS[\O\OHQDOVDXFKIU GDV 3RO\aaGLSKHQ\OS[\O\OHQ GXUFK&.HUQUHVRQDQ]VSHNWURVNRSLH QDFKJHZLHVHQ (LQZHVHQWOLFKHV=LHOLVWDEHUHUUHLFKWDOOH6\VWHPHVLQGO|VOLFK

D

E F

$EELOGXQJP|JOLFKH9HUNQSIXQJVPXVWHUGHU0RQRPHUHLP3RO\aSKHQ\OS [\O\OHQD.RSI6FKZDQ]9HUNQSIXQJE.RSI.RSI9HUNQSIXQJF6FKZDQ]

6FKZDQ]9HUNQSIXQJ

([SHULPHQWHOOH&KDUDNWHULVLHUXQJ

'LIIHUHQWLDONDORULPHWULVFKH8QWHUVXFKXQJHQ

'LH WKHUPLVFKH &KDUDNWHULVLHUXQJ PLWWHOV 'LIIHUHQWLDONDORULPHWULH ]HLJW HLQH (UK|KXQJ GHU

*ODVWHPSHUDWXU LP 9HUJOHLFK ]XP 3RO\S[\O\OHQ 7J . ZREHL GHU :HUW IU GLH GRSSHOWSKHQ\OVXEVWLWXLHUWH9HUELQGXQJ7J .QRFKGHXWOLFKJU|‰HULVWDOVGHU:HUW IUGLHHLQIDFKVXEVWLWXLHUWHQ9HUELQGXQJHQ333;7J .3%33;7J .'LHVH

%HREDFKWXQJHQ ODVVHQGDUDXIVFKOLH‰HQ GD‰GLH.HWWHQIOH[LELOLWlW GXUFK ]ZHL 6XEVWLWXHQWHQ ZHVHQWOLFK VWlUNHU EHHLQIOX‰W ZLUG DOV GXUFK QXU HLQHQ 6XEVWLWXHQWHQ ZDV PLW GHQ 6LPXODWLRQVHUJHEQLVVHQEHUHLQVWLPPW

6RZRKO GDV 3RO\aSKHQ\OS[\O\OHQ GDV 3RO\aELSKHQ\OS[\O\OHQ DOV DXFK GDV 3RO\aaGLSKHQ\OS[\O\OHQ ZHLVHQ LP 7HPSHUDWXUEHUHLFK ELV . NHLQHQ H[RWKHUPHQ 9RUJDQJ LQ GHQ GLIIHUHQWLDONDORULPHWULVFKHQ 0H‰NXUYHQ DXI $XFK OlQJHUHV 7HPSHUQ EHL GLHVHQ 7HPSHUDWXUHQ XQG $ENKOHQ PLW ODQJVDPHQ .KOUDWHQ NDQQ NHLQH ([RWKHUPH LQGX]LHUHQ 'LH 6XEVWDQ]HQ VROOWHQ IROJOLFK YROONRPPHQ DPRUSK VHLQ ZDV GXUFK 5|QWJHQZHLWZLQNHO'LIIUDNWRPHWULHEHVWlWLJWZHUGHQPX‰

5|QWJHQVWUXNWXUXQWHUVXFKXQJHQ

'DV5|QWJHQGLDJUDPPIUGDV3RO\aSKHQ\OS[\O\OHQLVWLQ$EELOGXQJGDUJHVWHOOW(V VLQG]ZHL+DORVEHLQ ƒcXQGQ ƒc]XHUNHQQHQ%HVRQGHUVGHU DXVJHSUlJWH+DOREHLNOHLQHUHU:LQNHOODJHOl‰WDXIHLQHJXWH1DKRUGQXQJLQQHUKDOEGHU.HWWH VFKOLH‰HQZHOFKH=HLFKHQHLQHUJXWHQ2ULHQWLHUXQJVNRUUHODWLRQ]ZHLHUDXIHLQDQGHUIROJHQGHU 0RQRPHUH VHLQ NDQQ 'LHV HUJLEW VLFK DQDORJ ]X GHQ 3RO\FDUERQDWV\VWHPHQ DXV HLQHP 9HUJOHLFKPLWGHP3RO\QRUERUQHQV.DSLWHO

$XFK GDV 5|QWJHQGLIIUDNWRJUDPP GHV 3RO\aaGLSKHQ\OS[\O\OHQV ]HLJW NHLQH IU NULVWDOOLQH6WUXNWXUHQFKDUDNWHULVWLVFKHQ5HIOH[H'LHVHVLVWDXIGLH6\QWKHVH]XUFN]XIKUHQ ZHOFKHNHLQHLQKHLWOLFKHV3URGXNWOLHIHUWVR

'LH 6\VWHP VLQG DOVR DOOH DPRUSK $XIJUXQG GHU DXIWUHWHQGHQ 9HUNQSIXQJVPXVWHU GHU 0RQRPHUHVRZHOFKHHLQH.ULVWDOOLVDWLRQHUVFKZHUHQVROOWHQLVWGLHVH7DWVDFKHDEHUQLFKW YHUZXQGHUOLFK=XUJHQDXHUHQ8QWHUVXFKXQJGLHVHU%HKDXSWXQJPVVHQ6\VWHPHPLWHLQHP GHILQLHUWHQ9HUNQSIXQJVPXVWHUV\QWKHWLVLHUWZHUGHQ

,>FSV@

Q>ƒ@

$EELOGXQJ5|WJHQZHLWZLQNHOGLIIUDNWRJUDPPGHV3RO\aSKHQ\OS[\O\OHQV

,P IROJHQGHQ $EVFKQLWW VROO PLWWHOV GLIIHUHQWLDONDORULPHWULVFKHU 0HVVXQJHQ XQWHUVXFKW ZHUGHQ RE VLFK GLH XQWHUVFKLHGOLFKHQ 6XEVWLWXWLRQVPXVWHU XQG GLH XQWHUVFKLHGOLFKHQ )OH[LELOLWlWHQ JHPHVVHQ DQKDQG GHU *ODVEHUJDQJVWHPSHUDWXU DXFK DXI GDV SK\VLNDOLVFKH

$OWHUXQJVYHUKDOWHQDXVZLUNHQ 3K\VLNDOLVFKH$OWHUXQJ

'LH $OWHUXQJVPHVVXQJHQ ZXUGHQ XQWHU GHQ JOHLFKHQ 9RUDXVVHW]XQJHQ ZLH LP .DSLWHO Ä3RO\FDUERQDWH³ EHVFKULHEHQ GXUFKJHIKUW :HJHQ GHV )HKOHQV GHU *ODVVWXIH LQ GHQ GLIIHUHQWLDONDORULPHWULVFKHQ 0H‰NXUYHQ GHV 3RO\S[\O\OHQV NRQQWHQ NHLQH YHUJOHLFKHQGHQ 8QWHUVXFKXQJHQ JHPDFKW ZHUGHQ $XFK IU GDV 3RO\aELSKHQ\OS[\O\OHQ NRQQWH GDV

$OWHUXQJVYHUKDOWHQDXIJUXQGPDQJHOQGHU3UREHQPHQJHQLFKWXQWHUVXFKWZHUGHQ 3RO\aSKHQ\OS[\O\OHQ

(LQLJH 0H‰NXUYHQ GLH QDFK XQWHUVFKLHGOLFKHQ $OWHUXQJV]HLWHQ IU GDV 3RO\aSKHQ\OS [\O\OHQ DXIJHQRPPHQ ZXUGHQ ]HLJW $EELOGXQJ :LH LP )DOO GHU 3RO\FDUERQDWH YHUVFKLHEW VLFK GHU $OWHUXQJVSHDN PLW ZDFKVHQGHU $OWHUXQJV]HLW ]X K|KHUHQ 7HPSHUDWXUHQ

$XFKGLH$OWHUXQJVHQWKDOSLHQLPPWLQGLHVHU5LFKWXQJ]X

'LH 'LIIHUHQ] GHU :lUPHNDSD]LWlWHQ GHV *ODV]XVWDQGV XQG GHU IOVVLJHQ 3KDVH EHL GHU

*ODVEHUJDQJVWHPSHUDWXU ZXUGH DXV GHQ =\NOHQ PLW WD PLQ EHUHFKQHW (V HUJLEW VLFK D&S -J.'LHVHU:HUWOLHJWLPIU3RO\PHUHFKDUDNWHULVWLVFKHQ%HUHLFKXQGLVW

YRQJOHLFKHU*U|‰HZLHGHU:HUWGHUWHLONULVWDOOLQHQ3RO\FDUERQDW3UREHQVR8QWHUGHU

$QQDKPHGD‰GLH7RUVLRQVIUHLKHLWVJUDGHGHQJU|‰WHQ%HLWUDJ]XU:lUPHNDSD]LWlWVlQGHUXQJ EHLP *ODVEHUJDQJ OHLVWHQ VROOWH GDV 3RO\aSKHQ\OS[\O\OHQ ZHQLJHU IOH[LEHO DOV GDV 3RO\R[\FDUERQ\OR[\F\FORKH[\OSKHQ\OHQVHLQ

4>:J@

7>.@

$EELOGXQJGLIIHUHQWLDONDORULPHWULVFKH0H‰NXUYHQIUGDV3RO\aSKHQ\OS[\O\OHQ T .PLQ7 .DXIJHQRPPHQQDFKXQWHUVFKLHGOLFKHQ$OWHUXQJV]HLWHQWD

PLQVFKZDU]WD PLQURWWD PLQJUQWD PLQEODXWD PLQ KHOOEODXWD PLQPDJHQWDWD PLQJHOEWD PLQEUDXQ

7PD[>.@

ORJ>WDPLQ@

$EELOGXQJ$EKlQJLJNHLWGHU3HDNWHPSHUDWXUYRP/RJDULWKPXVGHU$OWHUXQJV]HLW IUGLHLQ$EELOGXQJJH]HLJWHQ.XUYHQ

$XIIlOOLJ LVW GD‰ HV LQ $EELOGXQJ NHLQHQ %HUHLFK JLEW LQ ZHOFKHP GLH 3HDNWHPSHUDWXU XQDEKlQJLJ YRQ GHU $OWHUXQJV]HLW LVW 'LHV JLOW IU DOOH LP 5DKPHQ GLHVHU $UEHLW GXUFKJHIKUWHQ 0HVVXQJHQ DP 3RO\aSKHQ\OS[\O\OHQ XQG VWHKW LP *HJHQVDW] ]X GHQ (UJHEQLVVHQ IU GLH 3RO\FDUERQDWH 'HU QDFK GHU 7KHRULH YRUKHUJHVDJWH %HUHLFK LQ ZHOFKHP GLH 3HDNWHPSHUDWXU ZHJHQ GHU XQ]XUHLFKHQGHQ +RPRJHQLWlW GHV *ODVHV YRQ GHU

$OWHUXQJV]HLW XQDEKlQJLJ LVW OLHJW IROJOLFK EHL $OWHUXQJV]HLWHQ ZHOFKH NOHLQHU DOV PLQ VLQG 'DUDXV IROJW GD‰ GHU *ODV]XVWDQG LQQHUKDOE NU]HUHU =HLW VWDELOLVLHUW E]Z GDV IUHLH 9ROXPHQKRPRJHQYHUWHLOWLVW

'LH$OWHUXQJVHQWKDOSLHQV$EELOGXQJVFKZDQNHQlKQOLFKVWDUNZLHIUGLH3RO\FDUER QDWH 'LHV EHVWlWLJW GLH 9HUPXWXQJ GD‰ GHU *UXQG LQ GHQ 7HPSHUDWXUVFKZDQNXQJHQ LQQHUKDOEGHV2IHQVXQGEHLGHUhEHUIKUXQJGRUWKLQOLHJW

'LHEHUHFKQHWHQ:HUWHIUGHQ1LFKWOLQHDULWlWVSDUDPHWHU[VWLPPHQIUGLHXQWHUVFKLHGOLFKHQ 0H‰SDUDPHWHUJXWEHUHLQXQGEHVWlWLJHQGHQ&KDUDNWHUYRQ[DOV0DWHULDONRQVWDQWH1XUIU +HL]UDWHQYRQ.PLQZDUZHJHQGHUHUKDOWHQHQQHJDWLYHQ6WHLJXQJLQGHU$EKlQJLJNHLW GHU $OWHUXQJVHQWKDOSLH YRP /RJDULWKPXV GHU $OWHUXQJV]HLW NHLQH VLQQYROOH $XVZHUWXQJ P|JOLFK 'HU PLWWOHUH :HUW [ LVW K|KHU DOV IU GDV 3RO\R[\FDUERQ\OR[\

F\FORKH[\OSKHQ\OHQ)UGDV3RO\aSKHQ\OS[\O\OHQLVWDOVRGHU$QWHLOGHU6WUXNWXUGHV

*ODVHVDQGHU5HOD[DWLRQV]HLWJHULQJHU'LHVN|QQWHDQHLQHUJHULQJHUHQ.RRSHUDWLYLWlWOLHJHQ VRGD‰GLH%HZHJXQJVSUR]HVVHZHQLJHUIUHLHV9ROXPHQEHQ|WLJHQ'DVIUHLH9ROXPHQLVWKLHU GDV0D‰IUGLH6WUXNWXU6lPWOLFKH(UJHEQLVVHGHU$OWHUXQJVPHVVXQJHQVLQGLQ7DEHOOH ]XVDPPHQJHID‰W

ORJ>WDPLQ@

dD>-J@

$EELOGXQJ$EKlQJLJNHLWGHU$OWHUXQJVHQWKDOSLHYRP/RJDULWKPXVGHU

$OWHUXQJV]HLWIUGLHLQ$EELOGXQJJH]HLJWHQ.XUYHQ

T ›7S›ORJWD

>.'HNDGH@

›d+›ORJWD

>-J'HNDGH@

›7S›d+

>.-@

' [

7DEHOOH(UJHEQLVVHGHU$OWHUXQJVPHVVXQJHQIUGDV3RO\aSKHQ\OS[\O\OHQ

3RO\aaGLSKHQ\OS[\O\OHQ

,P*HJHQVDW]]XP3RO\aSKHQ\OS[\O\OHQ]HLJWGDV3RO\aaGLSKHQ\OS[\O\OHQNDXP

$OWHUXQJVHUVFKHLQXQJHQ ZDV VLFK VFKRQ LQ GHU QLFKW JHWHPSHUWHQ 3UREH GXUFK GDV )HKOHQ HLQHV$OWHUXQJVSHDNVZLHHULQGHUYHUJOHLFKEDUHQ0HVVXQJIUGDV3RO\aSKHQ\OS[\O\OHQ EHREDFKWHWZLUGEHPHUNEDUPDFKW$XIJUXQGGHUGDGXUFKQRWZHQGLJHQODQJHQ7HPSHU]HLWHQ XQG GHU ZHJHQ GHU KRKHQ *ODVEHUJDQJVWHPSHUDWXU HUIRUGHUOLFKHQ KRKHQ 7HPSHUDWXUHQ NRQQWH NHLQH V\VWHPDWLVFKH 8QWHUVXFKXQJ GHU $OWHUXQJ GXUFKJHIKUW ZHUGHQ 'LH OlQJVWH

$OWHUXQJV]HLWEHWUXJK)UGLHVH0HVVXQJHUJLEWVLFKLP9HUJOHLFK]XUQLFKW JHDOWHUWHQ 3UREHHLQH$OWHUXQJVHQWKDOSLHYRQ-J(LQGHUDUWLJHU:HUWZLUGIUGDV3RO\aSKHQ\OS [\O\OHQ VFKRQ QDFK HLQHU $OWHUXQJV]HLW YRQ K HUUHLFKW 'DUDXV LVW ]X VFKOLH‰HQ GD‰ GDV 3RO\aaGLSKHQ\OS[\O\OHQ ZHQLJHU IOH[LEHO LVW DOV GDV 3RO\aSKHQ\OS[\O\OHQ XQG VRPLW ODQJVDPHU DOWHUW 9HUJOHLFKW PDQ GLH JHPDFKWHQ %HREDFKWXQJHQ IU GDV 3RO\aa

GLSKHQ\OS[\O\OHQPLWGHQ(UJHEQLVVHQIUGDVNRQIRUPDWLRQVEHKLQGHUWH3RO\QRUERUQHQVR Ol‰W VLFK VFKOLH‰HQ GD‰ GDV .RQ]HSW GHU NRQIRUPDWLRQVEHKLQGHUWHQ 3RO\PHUH LP )DOOH GHV 3RO\aaGLSKHQ\OS[\O\OHQV IXQNWLRQLHUW KDW XQG HLQ UHODWLY VWDUUHV NQlXHOI|UPLJHV 3RO\PHUYRUOLHJW

:QVFKHQVZHUW LVW QDWUOLFK HLQH V\VWHPDWLVFKH 8QWHUVXFKXQJ GHV $OWHUXQJVYHUKDOWHQV GHV 3RO\aaGLSKHQ\OS[\O\OHQVVRGD‰HLQH[DNWHU9HUJOHLFK]XP3RO\aSKHQ\OS[\O\OHQ P|JOLFKZLUG

1DFKGHUH[SHULPHQWHOOHQ&KDUDNWHULVLHUXQJLVW]XIROJHUQGD‰GLHV\QWKHWLVLHUWHQ0DWHULDOLHQ O|VOLFK VLQG XQG KRKH *ODVWHPSHUDWXUHQ DXIZHLVHQ ZDV DXI GHQ (UIROJ GHV .RQ]HSWHV GHU NRQIRUPDWLRQVEHKLQGHUWHQ 3RO\PHUH EH]JOLFK GHU %DUULHUHQK|KH ]XUFN]XIKUHQ LVW 'LH YHUULQJHUWH)OH[LELOLWlWPDFKWVLFKYRUDOOHPLP$OWHUXQJVYHUKDOWHQGHV3RO\aaGLSKHQ\OS [\O\OHQV EHPHUNEDU $X‰HUGHP EHVWlWLJHQ GLH *ODVEHUJDQJVWHPSHUDWXUHQ XQG GLH 0HVVXQJHQ]XUSK\VLNDOLVFKHQ$OWHUXQJGLH&RPSXWHUVLPXODWLRQHQZHOFKHYRUKHUVDJHQGD‰

GLH]ZHLIDFKH6XEVWLWXWLRQHLQHVWlUNHUH(LQVFKUlQNXQJGHU%HZHJOLFKNHLWKDEHQVROOWHDOVGLH HLQIDFKH 6XEVWLWXWLRQ $OOHUGLQJV LVW DXFK LQ DOOHQ )lOOHQ GLH .ULVWDOOLVDWLRQ YROOVWlQGLJ XQWHUGUFNW (V LVW DEHU QLFKW VLFKHU RE GLHV DXI GLH QLFKW GHILQLHUWHQ 9HUNQSIXQJVPXVWHU

]XUFN]XIKUHQLVWGXUFKGLHODWHUDOHQ6XEVWLWXHQWHQEHGLQJWZLUGRGHUP|JOLFKHUZHLVHVRJDU lX‰HUVW VWDUUH .HWWHQ YRUOLHJHQ GLHVHV JLOW QXU IU GDV 3RO\aaGLSKHQ\OS[\O\OHQ =XU

%HDQWZRUWXQJGLHVHU)UDJHPVVHQGLH3RO\PHUHPLWHLQHPGHILQLHUWHQ9HUNQSIXQJVPXVWHU GDUJHVWHOOWZHUGHQ6ROOWHGLHVJHOLQJHQVRZlUHQ]XGHPIUGLHUHLQHQ3RO\aaGLSKHQ\OS [\O\OHQH DXIJUXQG GHU HPSLULVFKHQ %HDPDQ%D\HU5HJHO QlKHUXQJVZHLVH DX‰HUJHZ|KQOLFKKRKH6FKPHO]WHPSHUDWXUHQYRQ.]XHUZDUWHQ

(V LVW QLFKW DEVFKOLH‰HQG ]X HQWVFKHLGHQ RE VLFK PLW +LOIH GHV .RQ]HSWHV GHU NRQIRUPDWLRQVEHKLQGHUWHQ 3RO\PHUH DXFK WHLONULVWDOOLQH O|VOLFKH 6WUXNWXUHQ GHU 3RO\S [\O\OHQ'HULYDWHGDUVWHOOHQODVVHQ

$QKDQJ6WUXNWXUXQWHUVXFKXQJHQDQ2OLJRPHUHQGHVS;\O\OHQV

=XP 6FKOX‰ GLHVHV .DSLWHOV VROOHQ QRFK (UJHEQLVVH SUlVHQWLHUW ZHUGHQ ZHOFKH GLH LP 5DKPHQ GLHVHU $UEHLW EHKDQGHOWH 3UREOHPVWHOOXQJ QLFKW GLUHNW EHWUHIIHQ ZHOFKH DEHU LP

=XVDPPHQKDQJ PLW GHQ 8QWHUVXFKXQJHQ DP 3RO\S[\O\OHQ GXUFKJHIKUW ZXUGHQ 9LHOH 9HUVXFKH]XU0RGLILNDWLRQGHV3RO\S[\O\OHQV]LHOHQZLHEHUHLWVHUZlKQWDXIGLH(UK|KXQJ GHU/|VOLFKNHLWDE(LQ GDEHLDXIWUHWHQGHV 3UREOHP LVW GLH ]XPHLVW VWDUNH 9HUULQJHUXQJ GHV .ULVWDOOLQLWlWVJUDGVZDV]XU)ROJHKDWGD‰DXFKGLH0DWHULDOHLJHQVFKDIWHQVFKOHFKWHUZHUGHQ (LQHDOWHUQDWLYH,GHHJHKWDXIGLH'LSORPDUEHLWYRQ$*UHLQHU]XUFNGHUVLFKPLWGHU 6\QWKHVHXQG8QWHUVXFKXQJYRQ2OLJRPHUHQV$EELOGXQJGHVS;\O\OHQVEHID‰WH

Q

+

$EELOGXQJXQWHUVXFKWH2OLJRPHUV\VWHPHQ

'LHGLIIHUHQWLDONDORULPHWULVFKHQ8QWHUVXFKXQJHQ]XPWKHUPLVFKHQ9HUKDOWHQGHU2OLJRPHUH V7DEHOOHHUJHEHQLQWHUHVVDQWH(UJHEQLVVH(VH[LVWLHUWQLFKWQXUHLQ6FKPHO]SXQNWIU GLH 2OLJRPHUH VRQGHUQ HV WUHWHQ ZHLWHUH 8PZDQGOXQJVHUVFKHLQXQJHQ EHL QLHGULJHUHQ 7HPSHUDWXUHQDXIZHOFKHVLFKGXUFK]XVlW]OLFKHQ(QGRWKHUPHQEHLP$XIKHL]HQXQGGXUFK ([RWKHUPHQEHLP$ENKOHQEHPHUNEDUPDFKHQ'LHVH8PZDQGOXQJHQPVVHQIROJOLFKPLW bQGHUXQJHQ GHU 6WUXNWXU HLQKHUJHKHQ 'HU ZLFKWLJVWH 3XQNW HUJLEW VLFK DOOHUGLQJV EHL GHU ([WUDSRODWLRQ GHU $EKlQJLJNHLW GHU DEVROXWHQ 6FKPHO]SXQNWH GHU 2OLJRPHUH hEHUJDQJVWHPSHUDWXUHQ LQ GLH LVRWURSH 6FKPHO]H YRQ GHU .HWWHQOlQJH 3RO\PHULVDWLRQVJUDGQDFKGHUYRQ)ORU\DXIJHVWHOOWHQ*OHLFKXQJ

+ [ 5 7

7 - = D P

Š

*O

'DULQEHGHXWHQ7E]Z7ŠGLH6FKPHO]WHPSHUDWXUHLQHV0ROHNOVHQGOLFKHU.HWWHQOlQJHE]Z GHU XQHQGOLFKHQ OLQHDUHQ .HWWHD+P GLH 6FKPHO]HQWKDOSLH 5 GLH *DVNRQVWDQWH XQG[ GLH .HWWHQOlQJH 3RO\PHULVDWLRQVJUDG $XV GLHVHU ([WUDSRODWLRQ NDQQ DXI GHQ 6FKPHO]SXQNW HLQHVOLQHDUHQ3RO\PHUHQPLWXQHQGOLFKKRKHP0ROHNXODUJHZLFKWJHVFKORVVHQZHUGHQ 'HU HUKDOWHQH :HUW YRQ .– . OLHJW DEHU ZHLW XQWHU GHP PLW . DQJHJHEHQHQ 6FKPHO]SXQNWIUGDV3RO\S[\O\OHQ(VVWHOOWVLFKGLH)UDJHREGLHVHU)HKOHUQXUGXUFKGLH EHLGHU([WUDSRODWLRQJHPDFKWH1lKHUXQJHLQHVOLQHDUHQ9HUKDOWHQVHQWVWHKWGLH(QGJUXSSHQ KDEHQ EHL NU]HUHQ .HWWHQ HLQHQ JU|‰HUHQ (LQIOX‰ RGHU RE EHL NU]HUHQ .HWWHQ DQGHUH 6WUXNWXUHQDXIWUHWHQGLHQLHGULJHUH6FKPHO]SXQNWH]XU)ROJHKDEHQ6ROOWHOHW]WHUHVGHU)DOO

VHLQ VR ZlUH HV LQWHUHVVDQW ]X XQWHUVXFKHQ ELV ]X ZHOFKHU .HWWHQOlQJH GLHVH 6WUXNWXUHQ H[LVWLHUHQXQGREVLFKGDUDXVEHUGLHJHQDXH(LQVWHOOXQJGHU.HWWHQOlQJHGHU6FKPHO]SXQNW GHV 3RO\S[\O\OHQV DEVHQNHQ Ol‰W 'DUDXV ZUGH HLQH YHUEHVVHUWH 9HUDUEHLWEDUNHLW UHVXOWLHUHQ =XU $XINOlUXQJ GHU 6WUXNWXUHQ GHU HLQ]HOQHQ 3KDVHQ GHU 2OLJRPHUH ZXUGHQ 5|QWJHQVWUHXPHVVXQJHQ GXUFKJHIKUW %HVRQGHUV LQWHUHVVDQW VLQG GDEHL GLH 6WUXNWXUHQ GHU +RFKXQG7LHIWHPSHUDWXUPRGLILNDWLRQHQXQGGHU9HUJOHLFK]XGHQ0RGLILNDWLRQHQGHV3RO\

S[\O\OHQV

6XEVWDQ] $XIKHL]HQ $ENKOHQ

(QGRWKHUPH (QGRWKHUPH ([RWKHUPH ([RWKHUPH

7ULPHU

7HWUDPHU

3HQWDPHU

+H[DPHU

2NWDPHU

7DEHOOHWKHUPLVFKHV9HUKDOWHQGHUXQWHUVXFKWHQ2OLJRPHUHGHVS;\O\OHQV HQWQRPPHQDXV'LH:HUWHEH]LHKHQVLFKDXIGLHMHZHLOVHUVWHQ+HL]E]Z

.KONXUYHQ(QGRWKHUPHE]Z([RWKHUPHEH]HLFKQHQGHQDEVROXWHQ6FKPHO]SXQNW E]ZGHQ.ULVWDOOLVDWLRQVSXQNW

7LHIWHPSHUDWXUPRGLILNDWLRQHQ

,>FSV@

Q>ƒ@

$EELOGXQJ5|QWJHQZHLWZLQNHO'LIIUDNWRJUDPPGHV7ULPHUVJHPHVVHQEHL

5DXPWHPSHUDWXUGLH3IHLOHPDUNLHUHQGLHDXIGLHODPHOODUH6WUXNWXU]XUFKJHKHQGHQ 5HIOH[H

$OOH 5|QWJHQGLIIUDNWRJUDPPH PLW $XVQDKPH GHV 'LIIUDNWRJUDPPV GHV 2NWDPHUV GLH EHL 5DXPWHPSHUDWXU DXIJHQRPPHQ ZXUGHQ ZHLVHQ FD DFKW ELV ]HKQ VFKDUIH 5HIOH[H DXI XQG ]HLJHQXQWHUHLQDQGHUVWDUNHbKQOLFKNHLWHQ'LHVZLUGLP IROJHQGHQDQKDQGGHV EHLVSLHOKDIW IU GDV 7ULPHU LQ $EELOGXQJ JH]HLJWHQ 'LIIUDNWRJUDPPV YHUGHXWOLFKW ,P .OHLQZLQNHOEHUHLFK ƒ Q ƒ VLQG ]ZHL 5HIOH[H ]X VHKHQ GHQHQ VLFK 1HW]HEHQHQDEVWlQGH YRQ c XQG c ]XRUGQHQ ODVVHQ 'LHVH 5HIOH[H GHXWHQ DXI ODPHOODUH6WUXNWXUHQKLQXQGN|QQHQDOV5HIOH[HHUVWHUXQG]ZHLWHU2UGQXQJGHU6FKLFKWGLFNH LQGL]LHUW ZHUGHQ (LQH 6FKLFKWGLFNH YRQ FD c HQWVSULFKW VHKU JXW GHU /lQJH HLQHV JHVWUHFNWHQ7ULPHUPROHNOV

$X‰HUGHP LVW QRFK GHU 5HIOH[ EHL Q ƒ HQWVSUHFKHQG HLQHP $EVWDQG YRQ c FKDUDNWHULVWLVFK GHVVHQ ,QWHQVLWlW HWZD XP HLQHQ )DNWRU JU|‰HU LVW DOV GLH GHU EULJHQ 5HIOH[H (LQH JHQDXH %HVWLPPXQJ GHU .ULVWDOOVWUXNWXU GLH HLQNULVWDOOLQH 3UREHQ HUIRUGHUW ZDU DXIJUXQG PDQJHOQGHU 0DWHULDOPHQJH QLFKW GXUFKIKUEDU 'LH ZLFKWLJVWHQ 5HIOH[ODJHQ DOOHUEHL5DXPWHPSHUDWXUDXIJHQRPPHQHQ'LIIUDNWRJUDPPHVLQGLQ7DEHOOHQRFKHLQPDO ]XVDPPHQJHID‰W

6XEVWDQ] LQWHQVLYVWHU5HIOH[

G>c@

ODPHOODUH5HIOH[H G>c@

7ULPHU

7HWUDPHU

3HQWDPHU

+H[DPHU

7DEHOOH1HW]HEHQHQDEVWlQGHGGHU+DXSWUHIOH[HGHUS;\O\OHQ2OLJRPHUHJHPHVVHQ EHL5DXPWHPSHUDWXUGHU:HUWLVWPLWHLQHUJUR‰HQ8QJHQDXLJNHLWEHOHJW

$XV 7DEHOOH LVW HUVLFKWOLFK GD‰ GLH 6FKLFKWGLFNH PLW GHU $Q]DKO GHU 0RQRPHUH LP 2OLJRPHU ]XQLPPW 'LH HQWVSUHFKHQGH $XIWUDJXQJ $EELOGXQJ XQG OLQHDUH 5HJUHVVLRQVUHFKQXQJHUJLEWHLQH6WHLJXQJYRQc0RQRPHUE]ZEHL9HUQDFKOlVVLJXQJ GHV :HUWHV IU GDV +H[DPHU V 7DEHOOH c0RQRPHU 'LHV LVW LQ HWZD GLH /lQJH HLQHV JHVWUHFNWHQ 0RQRPHUV VR GD‰ ]X IROJHUQ LVW GD‰ GLH 2OLJRPHUH LQ HLQHU QDKH]X JHVWUHFNWHQ.RQIRUPDWLRQYRUOLHJHQ'LH.ULVWDOOVWUXNWXUHQWVSULFKWDEHUQLFKWGHUGHV3RO\S [\O\OHQVZLHHLQ9HUJOHLFKGHU5HIOH[ODJHQHUJLEW

'HU$EVWDQGVZHUWGHUDXVGHPLQWHQVLYVWHQ5HIOH[EHUHFKQHWZLUGLVWHWZDVJU|‰HUDOVHLQH 0RQRPHUOlQJH (V LVW GDYRQ DXV]XJHKHQ GD‰ LQ 5LFKWXQJ GHU 6FKLFKWHEHQHQQRUPDOHQ QXU

$EVWlQGH HLQHV 9LHOIDFKHQ GHU 0RQRPHUOlQJH ]X VHKHQ VLQG VR GD‰ GLH VWUXNWXUHOOH :LHGHUKROXQJVHLQKHLWGLHGHQLQWHQVLYVWHQ5HIOH[KHUYRUUXIWLQHLQHPYRQƒYHUVFKLHGHQHQ :LQNHO]XU6FKLFKWHEHQHQQRUPDOHQOLHJHQPX‰

G>c@

$Q]DKOGHU0RQRPHUH

$EELOGXQJ$EKlQJLJNHLWGHV6FKLFKWDEVWDQGVYRQGHU0RQRPHU]DKOGHV2OLJRPHUV

+RFKWHPSHUDWXUPRGLILNDWLRQHQ

$XFKGLHLP7HPSHUDWXUEHUHLFK]ZLVFKHQGHUHUVWHQ8PZDQGOXQJXQGGHP6FKPHO]YRUJDQJ DXIJHQRPPHQHQ'LIIUDNWRJUDPPHVLQGIUDOOH2OLJRPHUH$XVQDKPHGDV2NWDPHUlKQOLFK XQG ZHLVHQ GLH JOHLFKHQ &KDUDNWHULVWLND ZLH GLH HQWVSUHFKHQGHQ 'LDJUDPPH GLH EHL 5DXPWHPSHUDWXUHUKDOWHQZXUGHQDXI'LH:HUWHGHU1HW]HEHQHQDEVWlQGHGLHGHQ5HIOH[HQ ]X]XRUGQHQ VLQG JLEW 7DEHOOH ZLHGHU XQG HLQ 'LIIUDNWRJUDPP LVW H[HPSODULVFK IU GDV 7ULPHULQ$EELOGXQJJH]HLJW

6XEVWDQ] LQWHQVLYVWHU5HIOH[

G>c@

ODPHOODUH5HIOH[H G>c@

7ULPHU.

7HWUDPHU.

3HQWDPHU.

+H[DPHU.

7DEHOOH1HW]HEHQHQDEVWlQGHGGHU+DXSWUHIOH[HGHUS;\O\OHQ2OLJRPHUHJHPHVVHQ EHLK|KHUHQ7HPSHUDWXUHQLQ.ODPPHUQDQJHJHEHQEHLP3HQWDPHUOLHJHQ

ZDKUVFKHLQOLFK]ZHLlKQOLFKH6WUXNWXUHQQHEHQHLQDQGHUYRU

'LH 7DWVDFKH GD‰ GLH 1HW]HEHQHQDEVWlQGH IU DOOH 5HIOH[H NOHLQHU ZHUGHQ LVW GDUDXI ]XUFN]XIKUHQGD‰EHLK|KHUHQ7HPSHUDWXUHQGLH8QRUGQXQJ]XQLPPWXQGGLH.HWWHQVRPLW

VWlUNHU GD]X QHLJHQ VLFK ]XVDPPHQ]X]LHKHQ 'LH .RUUHODWLRQ GHU 6FKLFKWGLFNHQ PLW GHU

$Q]DKO GHU 0RQRPHUH OLHIHUW IU GLH +RFKWHPSHUDWXUSKDVHQ PLW HLQHU 6WHLJXQJ GHU 5HJUHVVLRQVJHUDGHQ YRQ c0RQRPHU HEHQIDOOV HLQHQ NOHLQHUHQ :HUW DOV IU GLH 7LHIWHPSHUDWXUSKDVHQ 'HU 7RUVLRQVZLQNHO GHU ]HQWUDOHQ %LQGXQJ GHU (WK\OHQEUFNH VROOWH GHPQDFKNOHLQHUDOVƒVHLQVRGD‰GLH0ROHNOHHLQHKHOLNDOH$QRUGQXQJLP.ULVWDOOJLWWHU DQQHKPHQ

,>FSV@

Q>ƒ@

$EELOGXQJ5|QWJHQZHLWZLQNHO'LIIUDNWRJUDPPGHV7ULPHUVJHPHVVHQEHL.

,>FSV@

Q>ƒ@

$EELOGXQJ5|QWJHQZHLWZLQNHO'LIIUDNWRJUDPPGHV+H[DPHUVJHPHVVHQEHL.

%HPHUNHQVZHUWLVWGDV9HUKDOWHQGHV+H[DPHUV'DV'LIIUDNWRJUDPP$EELOGXQJ]HLJW EHL.]ZDUQRFKODPHOODUH5HIOH[HDOOHUGLQJVLVW GHU 3HDN EHLFD c YHUVFKZXQGHQ 6WDWWGHVVHQVLQG5HIOH[HEHLQ ƒG cQ ƒG cXQGQ ƒ G c]XEHREDFKWHQGLHLQGHU/DJHJXWPLWGHQXQG5HIOH[HQGHU a0RGLILNDWLRQ GHV 3RO\S[\O\OHQV EHUHLQVWLPPHQ :LUG GDV +H[DPHU EHU VHLQH 6FKPHO]WHPSHUDWXU YRQ . HUKLW]W XQG DQVFKOLH‰HQG ZLHGHU DEJHNKOW VR LVW GHP 'LIIUDNWRJUDPPLQ$EELOGXQJQRFKHLQ+DOREHUODJHUWKLHUQLFKWJH]HLJW'DV+H[DPHU ZHLVW DOVR EHL K|KHUHQ 7HPSHUDWXUHQ ZDKUVFKHLQOLFK GLH .ULVWDOOVWUXNWXU GHUa±)RUP GHV 3RO\S[\O\OHQVDXIXQGNDQQDXFKWHLONULVWDOOLQYRUOLHJHQ

2NWDPHU

F

E

D

,>DX@

Q>ƒ@

$EELOGXQJ5|QWJHQZHLWZLQNHO'LIIUDNWRJUDPPHGHV2NWDPHUVJHPHVVHQEHL.