• Keine Ergebnisse gefunden

Interaktion zwischen Metabolismus und Transport von Benzo[a]pyren in der Gastrointestinalen Barriere

N/A
N/A
Protected

Academic year: 2022

Aktie "Interaktion zwischen Metabolismus und Transport von Benzo[a]pyren in der Gastrointestinalen Barriere"

Copied!
138
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

,QWHUDNWLRQ]ZLVFKHQ0HWDEROLVPXVXQG7UDQVSRUW YRQ%HQ]R>D@S\UHQLQGHU*DVWURLQWHVWLQDOHQ

%DUULHUH

7+(6(

]XU(UODQJXQJGHV*UDGHVHLQHV 3+,/2623+,&$/'2&725

3K' LP)DFKJHELHW /HEHQVPLWWHOWR[LNRORJLH

GXUFKGLH7LHUlU]WOLFKH+RFKVFKXOH+DQQRYHU

YRUJHOHJWYRQ 5RODQG%VHQ

DXV1HXVV

+DQQRYHU

JHI|UGHUWGXUFKGLH')*/$XQGGLH*HVHOOVFKDIWGHU)UHXQGHGHU7LHUlU]WOLFKHQ +RFKVFKXOHH9

(2)

%HWUHXXQJVJUXSSH 3URI'U+HLQ]1DX

3URI'U%XUNKDUG7PPOHU 3URI'U*HUKDUG%UHYHV

*XWDFKWHQ 3URI'U+HLQ]1DX

7LHUlU]WOLFKH+RFKVFKXOH+DQQRYHU

3URI'U%XUNKDUG7PPOHU

0HGL]LQLVFKH+RFKVFKXOH+DQQRYHU

3URI'U*HUKDUG%UHYHV

7LHUlU]WOLFKH+RFKVFKXOH+DQQRYHU

*XWDFKWHQ 3''U$OEUHFKW6HLGHO

%LRFKHPLVFKHV ,QVWLWXW IU 8PZHOWFDUFLQRJHQH 3URI 'U

*HUQRW*ULPPHU6WLIWXQJ*UR‰KDQVGRUI

'DWXPGHUPQGOLFKHQ3UIXQJ

(3)
(4)
(5)

,

1+$/769(5=(,&+1,6

(LQOHLWXQJ

'LH(Q]\PHGHU3KDVHGHV)UHPGVWRIIPHWDEROLVPXV

'DV&\WRFKURP36\VWHP

'LH(SR[LGK\GURODVHQ

'LH(Q]\PHGHU3KDVHGHV)UHPGVWRIIPHWDEROLVPXV

8'3*OXFXURQRV\OWUDQVIHUDVHQ

6XOIRWUDQVIHUDVHQ

*OXWDWKLRQ67UDQVIHUDVHQ

'LH$%&7UDQVSRUWSURWHLQHLP*DVWURLQWHVWLQDOWUDNW

'HU/HEHQVPLWWHOIUHPGVWRII%HQ]R>D@S\UHQ

&DFR=HOOHQDOVLQYLWUR0RGHOO

)UDJHVWHOOXQJHQGHUYRUOLHJHQGHQ$UEHLW

0DWHULDOXQG0HWKRGHQ

0DWHULDO

&KHPLNDOLHQ

%HQ]R>D@S\UHQ%HQ]R>D@S\UHQ0HWDEROLWHXQG

>&@%HQ]R>D@S\UHQ

6RQVWLJH5HDJHQ]LHQ

)HUWLJPHGLHQIUGLH=HOONXOWXU

9HUZHQGHWH3XIIHU

9HUEUDXFKVPDWHULDOLHQXQG/DERUKLOIVPLWWHO

3HUPDQHQWH=HOOOLQLH

0HWKRGHQ

0HWKRGHQ]XU=HOONXOWXU

'LH.XOWLYLHUXQJGHUSHUPDQHQWHQ=HOOLQLH&DFR

(LQIULHUHQGHU=HOOHQ

(6)

$XIWDXHQGHU=HOOHQ .XOWLYLHUXQJGHU&DFR=HOOHQLP7UDQVZHOOŠ6\VWHP

0HVVXQJGHV>+@0DQQLWRO)OX[HVEHUGHQ

&DFR0RQROD\HU

0HVVXQJGHVWUDQVHSLWKHOLDOHQHOHNWULVFKHQ:LGHUVWDQGHV 7((5

hEHUSUIXQJGHU7UDQVSRUWIXQNWLRQDOLWlWGHV

&DFR0RQROD\HUV

.XOWLYLHUXQJGHU&DFR=HOOHQDXI*ODVSHWULVFKDOHQ hEHUSUIXQJGHU&\WRWR[L]LWlWGHV%HQ]R>D@S\UHQV 'HU7UDQVSRUWYRQ>&@PDUNLHUWHP%HQ]R>D@S\UHQ 8QWHUVXFKXQJHQ]XP7UDQVSRUWYRQ>&@PDUNLHUWHP

%HQ]R>D@S\UHQ

,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR=HOOHQ

&KHPLVFKH+HPPXQJYRQ&<3$XQG&<3%LQGHQ=HOOHQ 8QWHUVXFKXQJHQ]XU$73$EKlQJLJNHLWGHV7UDQVSRUWHVYRQ

>&@%HQ]R>D@S\UHQ

&KHPLVFKH+HPPXQJGHU3*O\NRSURWHLQ$NWLYLWlW

&KHPLVFKH+HPPXQJGHU053$NWLYLWlW

'QQVFKLFKWFKURPDWRJUDSKLH

8QWHUVXFKXQJHQ]X0HWDEROLVPXVXQG7UDQVSRUWYRQ

%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWHQ

+3/&$QDO\WLNYRQ%HQ]R>D@S\UHQXQGVHLQHQ0HWDEROLWHQ

9HUZHQGHWH*HUlWH

3UREHQDXIEHUHLWXQJ

+3/&$QDO\VH

$QDO\WLVFKH.HQQGDWHQ

,QNXEDWLRQHQYRQ&DFR=HOOHQLQ*ODVSHWULVFKDOHQPLWXQG RKQH,QGXNWLRQGHU&<3$XQG&<3%

.LQHWLNGHU%HQ]R>D@S\UHQ0HWDEROLVLHUXQJGXUFK&DFR=HOOHQ

(7)

8QWHUVXFKXQJHQ]XPJHULFKWHWHQ7UDQVSRUWYRQ

%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWHQ

,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR=HOOHQ &KHPLVFKH+HPPXQJGHU&\WRFKURP3$XQG%

$NWLYLWlWHQ

&KHPLVFKH+HPPXQJGHU3*O\NRSURWHLQ$NWLYLWlW

&KHPLVFKH+HPPXQJGHU053$NWLYLWlW

%HUHFKQXQJHQ

%HUHFKQXQJGHV>ñ+@9LQEODVWLQVXOIDW)OX[HV ZlKUHQGGHU7UDQVSRUWYHUVXFKH

%HUHFKQXQJGHVDSSDUHQWHQ3HUPHDELOLWlVNRHIIL]LHQWHQ3DSS

%HUHFKQXQJGHU)OX[UDWHQ>&@PDUNLHUWHQ6XEVWDQ]

%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWH DXVGHQ7UDQVSRUWYHUVXFKHQ

%HUHFKQXQJGHU5I:HUWHIUGLH'QQVFKLFKWFKURPDWRJUDSKLH

6WDWLVWLN

(UJHEQLVVH

9RUDXVVHW]XQJHQIUGLH7UDQVSRUWXQWHUVXFKXQJHQPLW>&@PDUNLHUWHP XQGQLFKWUDGLRDNWLYHP%HQ]R>D@S\UHQ

7UDQVSRUWXQWHUVXFKXQJHQPLW>&@PDUNLHUWHP%HQ]R>D@S\UHQ

(UJHEQLVVHGHU8QWHUVXFKXQJHQ]XP7UDQVSRUWPLW

>&@PDUNLHUWHP%HQ]R>D@S\UHQ

(UJHEQLVVHGHU,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR

=HOOHQ

(UJHEQLVVHGHUFKHPLVFKHQ+HPPXQJYRQ&<3$XQG&<3%LQ GHQ=HOOHQ

(UJHEQLVVHGHU8QWHUVXFKXQJHQ]XU$73$EKlQJLJNHLWGHV 7UDQVSRUWHVYRQ>&@PDUNLHUWHU6XEVWDQ]

(UJHEQLVVHGHUFKHPLVFKHQ+HPPXQJGHU3*O\NRSURWHLQ$NWLYLWlW (UJHEQLVVHGHUFKHPLVFKHQ+HPPXQJGHU053$NWLYLWlW

(8)

(UJHEQLVVHGHU'QQVFKLFKWFKURPDWRJUDSKLH

8QWHUVXFKXQJHQ]XP0HWDEROLVPXVYRQ%HQ]R>D@S\UHQXQGGHP7UDQVSRUW XQG%HQ]R>D@S\UHQ0HWDEROLWHQ

(UJHEQLVVHGHU,QNXEDWLRQHQYRQ&DFR=HOOHQLQ*ODVSHWULVFKDOHQ PLWXQGRKQH,QGXNWLRQGHU&<3$XQG&<3%

.LQHWLNGHU%HQ]R>D@S\UHQ0HWDEROLVLHUXQJGXUFK&DFR=HOOHQ 8QWHUVXFKXQJHQ]XPJHULFKWHWHQ7UDQVSRUWYRQ%HQ]R>D@S\UHQXQG

%HQ]R>D@S\UHQ0HWDEROLWHQ

(UJHEQLVVHGHU8QWHUVXFKXQJHQ]XPJHULFKWHWHQ7UDQVSRUWYRQ

%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWHQ

(UJHEQLVVH]XU,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR

=HOOHQ

(UJHEQLVVH]XUFKHPLVFKHQ+HPPXQJGHU&\WRFKURP$XQG

%$NWLYLWlWHQ

(UJHEQLVVHGHUFKHPLVFKHQ+HPPXQJGHU3*O\NRSURWHLQ$NWLYLWlW (UJHEQLVVHGHUFKHPLVFKHQ+HPPXQJGHU053$NWLYLWlW

'LVNXVVLRQ

=XVDPPHQIDVVXQJ

6XPPDU\

/LWHUDWXUYHU]HLFKQLV

(9)

$

%.h5=81*69(5=(,&+1,6

$EE $EELOGXQJ

$%& $73%LQGLQJ&DVVHWWH

$K5 $U\OK\GURNDUERQ5H]HSWRU

$73 $GHQRVLQµWULSKRVSKDW

%>D@3 %HQ]R>D@S\UHQ

FSP FRXQWVSHUPLQXWH

&<3 &\WRFKURP3

'0(0 'XOEHFFRV0RGLILHG(DJOHV0HGLXP

'062 'LPHWK\OVXOIR[LG

'1$ 'HVR[\ULERQXFOHLQVlXUHGHVR[\ULERQXFOHLFDFLG ('7$ (WK\OGLDPLQWHWUDHVVLJVlXUH

*67 *OXWDWKLRQ67UDQVIHUDVH

K 6WXQGH

+3/& +LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSKLH ,1) ,QGHQR>FG@IOXRUDQWKHQ

.0 0LFKDHOLV0HQWHQ.RQVWDQWH

0'5 0XOLSOH'UXJ5HVLVWHQFH

PLQ 0LQXWH

053 0XOWLSOH5HVLVWHQFHDVVRFLDWHG3URWHLQ .1 .1DSKWKRIODYRQ

1 1DSKWKRIODYRQ

2'6 2FWDGHF\OVLODQ

3 &\WRFKURP3

3$.V 3RO\F\FOLVFKH$URPDWLVFKH.RKOHQZDVVHUVWRIIH 3DSS $SSDUHQWHU3HUPHDELOLWDWLRQVNRHIIL]LHQW

3%6 3KRVSKDWJHSXIIHUWH6DO]O|VXQJSKRVSKDWHEXIIHUHGVDOLQH

Uð 5HJUHVVLRQVNRHIIL]LHQW

5I 5HODWLYH:DQGHUXQJVVWUHFNHUHWHQWLRQIDFWRU

(10)

V 6HNXQGH

68/7 6XOIRWUDQVIHUDVH

7DE 7DEHOOH

7&'' 7HWUDFKORUGLEHQ]RSGLR[LQ 7((5 7UDQVHSLWKHOLDO(OHFWULFDO5HVLVWHQFH 8'3*OXFXURQVlXUH 8ULGLQGLSKRVSKRJOXFXURQVlXUH 8*7 8'3*OXFXURQRV\OWUDQVIHUDVH

89 8OWUDYLROHWW

9PD[ 0D[LPDOH8PVDW]JHVFKZLQGLJNHLW

YY 9ROXPHQSUR9ROXPHQ

[J [IDFKHVGHU(UGEHVFKOHXQLJXQJ

(11)

(

,1/(,781*

'LH 6FKOHLPKDXW GHV PHQVFKOLFKHQ 'QQGDUPV LVW IU GLH 5HVRUSWLRQ YRQ 1DKUXQJVEHVWDQGWHLOHQ YHUDQWZRUWOLFK 'DV EHGLQJW GD‰ VLH DXFK PLW SRWHQWLHOO WR[LVFKHQ )UHPGVWRIIHQLQ.RQWDNWNRPPWZHOFKHEHUGLH1DKUXQJDXIJHQRPPHQZRUGHQVLQG'LH 0XNRVD LVW LQ GHU /DJH VLFK PLW HLQHU 9LHO]DKO YRQ /HEHQVPLWWHONRQWDPLQDQWHQ XQG RUDO YHUDEUHLFKWHQ3KDUPDNDDXVHLQDQGHU]XVHW]HQXQGGXUFKYHUVFKLHGHQH0HFKDQLVPHQ(LQIOX‰

DXI GHUHQ 5HVRUSWLRQ ]X QHKPHQ %HLVSLHOVZHLVH EHVLW]W GLH PHQVFKOLFKH 'QQGDUPVFKOHLPKDXWHLQHJUR‰H$Q]DKOYRQIUHPGVWRIIPHWDEROLVLHUHQGHQ(Q]\PHQZHOFKH LQGHU /DJHVLQGGHQOLSRSKLOHQ )UHPGVWRIIHQIXQNWLRQHOOH *UXSSHQ DQ]XIJHQ RGHU VROFKH EHLGLHVHQIUHL]XOHJHQ3KDVHGHV)UHPGVWRIIPHWDEROLVPXV:HLWHUH(Q]\PHN|QQHQGDQQ QDFK HLQHU VROFKHQ )XQNWLRQDOLVLHUXQJVUHDNWLRQ HLQH ZHLWHUH .RQMXJDWLRQ GHV )UHPGVWRIIHV PLWHLQHPHQGRJHQHQ6XEVWUDWYRUQHKPHQ3KDVHGHV)UHPGVWRIIPHWDEROLVPXV$X‰HUGHP YHUIJHQ GLH =HOOHQ GHU 'QQGDUPPXNRVD EHU HLQH 5HLKH YRQ PXOWLVSH]LILVFKHQ 7UDQVSRUWSURWHLQHQ GHUHQ SK\VLRORJLVFKH 5ROOH ELV GDWR QRFK QLFKW JHNOlUW LVW XQG GHUHQ

$XIJDEH P|JOLFKHUZHLVH GDULQ EHVWHKW )UHPGVWRIIH LQ GHU :HLVH DQ LKUHU 5HVRUSWLRQ ]X KLQGHUQLQGHP VLH YRQ LKQHQ ZLHGHU ]XUFN LQV 'DUPOXPHQ WUDQVSRUWLHUW XQG DQVFKOLH‰HQG DXVJHVFKLHGHQZHUGHQN|QQHQ

0LWGLHVHU$UEHLWVROOWHXQWHUVXFKWZHUGHQLQZLHZHLWHLQ=XVDPPHQVSLHOGHUEHLGHQ%HUHLFKH )UHPGVWRIIPHWDEROLVPXV XQG WUDQVSRUW EH]JOLFK GHV /HEHQVPLWWHONRQWDPLQDQWHQ

%HQ]R>D@S\UHQLQGHUPHQVFKOLFKHQ'QQGDUPVFKOHLPKDXWH[LVWLHUW%HQ]R>D@S\UHQGDV]XU

*UXSSHGHUSRO\F\FOLVFKHQDURPDWLVFKHQ.RKOHQZDVVHUVWRIIH3$.VJHK|UWZLUGHLQHJUR‰H

%HGHXWXQJ LQ GHU .UHEVHQWVWHKXQJ ]XJHVSURFKHQ 'DKHU NDQQ PLW GHU 8QWHUVXFKXQJ HLQHU P|JOLFKHQDNWLYHQ%HHLQIOXVVXQJGHU5HVRUSWLRQGHV3$.GXUFKGLH'QQGDUPVFKOHLPKDXW HLQ %HLWUDJ ]XP DOOJHPHLQHQ 9HUVWlQGQLV GHU .UHEVHQWVWHKXQJ QDFK RUDOHU $XIQDKPH YRQ

%HQ]R>D@S\UHQJHOHLVWHWZHUGHQ

'LH(Q]\PHGHU3KDVHGHV)UHPGVWRIIPHWDEROLVPXV

'LHHUKHEOLFKH$Q]DKOYRQPHWDEROLVFKHQ9RUJlQJHQGLHLPPHQVFKOLFKHQ2UJDQLVPXV]XU 8PZDQGOXQJ OLSRSKLOHU )UHPGVWRIIH LQ ZDVVHUO|VOLFKH 3URGXNWH IKUHQ ZHUGHQ LQ ]ZHL

(12)

3KDVHQHLQJHWHLOW'DEHLNDWDO\VLHUHQGLH(Q]\PHGHU3KDVHGLH2[LGDWLRQGLH5HGXNWLRQ RGHUGLH+\GURO\VHYRQOLSRSKLOHQ)UHPGVWRIIHQHVZHUGHQDOVRIXQNWLRQHOOH*UXSSHQ2+

6+ &22+ HWF HQWZHGHU IUHLJHVHW]W RGHU HLQJHIJW 'LHVH IXQNWLRQHOOHQ *UXSSHQ HUP|JOLFKHQHVGDQQDQGHUHQ(Q]\PHQLQHLQHU3KDVHGLH)UHPGVWRIIHXQWHU%LOGXQJYRQ .RQMXJDWHQDQHQGRJHQH0ROHNOH]XNRSSHOQ

'DV&\WRFKURP36\VWHP

'LH (Q]\PH GHV &\WRFKURP 36\VWHPV &<3 JHK|UHQ ]X HLQHU )DPLOLH YRQ +lPRSURWHLQHQ GLH LQ GHQ =HOOHQ IDVW DOOHU2UJDQH YRUNRPPHQ $XVJHQRPPHQ VLQG GDEHL OHGLJOLFKGLHUHLIHQ(U\WKUR]\WHQXQGGLH=HOOHQGHU6NHOHWWPXVNXODWXU'LH&<3(Q]\PHVLQG DQHLQHU9LHO]DKOYRQPHWDEROLVFKHQ9RUJlQJHQGHU3KDVHDQ)UHPGVWRIIHQEHWHLOLJW,KUH

$XIJDEHEHVWHKWLQGHUR[LGDWLYHQ%LRWUDQVIRUPDWLRQYRQXQWHUVFKLHGOLFKHQ;HQRELRWLNDDEHU DXFKYRQHQGRJHQHQ6XEVWUDWHQ6LHVLQGXQWHU DQGHUHPDQGHU %LRV\QWKHVH YRQ 6WHURLGHQ DP 0HWDEROLVPXV YRQ )HWWVlXUHQ RGHU GHU WR[LNRORJLVFKHQ ,QDNWLYLHUXQJ E]Z $NWLYLHUXQJ YRQ)UHPGVWRIIHQEHWHLOLJW2.,7$ XQG0$67(56

,Q GHU =HOOH LVW GDV &\WRFKURP 36\VWHP YRUQHKPOLFK LQ GHQ 0HPEUDQHQ GHV JODWWHQ HQGRSODVPDWLVFKHQ5HWLFXOXPVXQGLQJHULQJHUHP0D‰HLQGHQ0LWRFKRQGULHQORNDOLVLHUW'DV 6\VWHPEHVWHKWDXV]ZHLJHNRSSHOWHQ(Q]\PHQGHU1$'3+DEKlQJLJHQ&\WRFKURP3 5HGXNWDVH XQG GHP +lPRSURWHLQ &\WRFKURP 3 ZHOFKHV GLH )UHPGVWRIIELQGXQJVVWHOOH EHVLW]W'HU1DPH&\WRFKURP3UKUWYRQGHP$EVRUSWLRQVPD[LPXPGHU(Q]\PHEHL QP ZDV DOV FKDUDNWHULVWLVFKHV 0HUNPDO QDFK GHU %LQGXQJ YRQ .RKOHQPRQR[LG DQ GDV UHGX]LHUWH +lP GHU SURVWKHWLVFKHQ *UXSSH GLHVHU (Q]\PIDPLOLH DXIIlOOW 2085$ XQG 6$72 'LH &<3(Q]\PH JHK|UHQ ]X GHQ 0RQRR[\JHQDVHQ GD YRQ ]ZHL 6DXHUVWRIIDWRPHQQXUHLQVLQGDV6XEVWUDWHLQJHIKUWZLUG0HKUDOV,VRIRUPHQGHU&<3 (Q]\PH VLQG LQ]ZLVFKHQ FKDUDNWHULVLHUW ZlKUHQG YRQ GHU &\WRFKURP 35HGXNWDVH QXU HLQH)RUPEHNDQQWLVW'LHPHLVWHQ&\WRFKURPHVLQGFKHPLVFKLQGX]LHUEDUXQGZHLVHQKlXILJ HLQHEHUODSSHQGH6XEVWUDWVSH]LILWlWDXI3$5.HWDO

'LH&<30XVWHULQGHQH[WUDKHSDWLVFKHQ*HZHEHQXQWHUVFKHLGHQVLFKHUKHEOLFKYRQGHPGHU /HEHU :lKUHQG GHU &<3$*HKDOW LQ GHU /HEHU QXU EHL HWZD GHU *HVDPWPHQJH DQ

&\WRFKURP 3(Q]\PHQ OLHJW VR PDFKW &<3$ HWZD GHV &<3*HKDOWHV LP 'QQGDUP DXV :$7.,16 HW DO ,P 'QQGDUP NRPPHQ 3(Q]\PH LQ GHQ

(13)

K|FKVWHQ.RQ]HQWUDWLRQHQLP'XRGHQXPYRU ,KUH.RQ]HQWUDWLRQHQQHKPHQQDFK GLVWDO KLQ DE VR GD‰ LP ,OHXP GLH JHULQJVWHQ .RQ]HQWUDWLRQHQ JHPHVVHQ ZHUGHQ 'LH &<3(Q]\PH

$ $ & & & XQG ' NRQQWHQ LP KXPDQHQ 'QQGDUP LGHQWLIL]LHUW ZHUGHQ .$0,16.< XQG )$6&2 /$03(1 HW DO .2/$56 HW DO NRQQWHQ ]HLJHQ GD‰ QHEHQ GHU /HEHU ILUVW SDVV(IIHNW DXFK GLH 'QQGDUPVFKOHLPKDXW GXUFK GLH PHWDEROLVFKH $NWLYLWlW LKUHU &<3$(Q]\PH DQ GHU YHUPLQGHUWHQ RUDOHQ %LRYHUIJEDUNHLW YHUVFKLHGHQHU 3KDUPDND EHWHLOLJW VHLQ NDQQ 'DUDXI DXIEDXHQG NRQQWH DP %HLVSLHO GHV ,PPXQVXSSUHVVLYXPV7DFUROLPXV).EHOHJWZHUGHQGD‰GLHVHV&<3$6XEVWUDWLQGHU 0XNRVDHIIL]LHQWPHWDEROLVLHUWXQGVRPLWVHLQH%LRYHUIJEDUNHLW GHXWOLFK KHUDEJHVHW]W ZLUG /$03(1HWDOXQG

'LH(SR[LGK\GURODVHQ

$OVZHLWHUHZLFKWLJH(Q]\PJUXSSHGHU3KDVHVLQGGLH(SR[LGK\GURODVHQ]XQHQQHQ 9RQ EHVRQGHUHP ,QWHUHVVH LVW GDEHL GLH PLNURVRPDOH (SR[LGK\GURODVH GLH HLQ VHKU EUHLWHV 6XEVWUDWVSHNWUXP DXIZHLVW 'DV K\GURO\WLVFKH (Q]\P GHP DOV &RIDNWRU IU GLHVH 5HDNWLRQ DXVVFKOLH‰OLFK GDV :DVVHU GLHQW LVW LQ GHU =HOOH GHP &\WRFKURP 36\VWHP EHQDFKEDUW 'LHDXIIDOOHQGHQJH1DFKEDUVFKDIW]XGLHVHQ(Q]\PHQXQGGLHVWDUNH,QGX]LHUEDUNHLWVHLQHU

$NWLYLWlWGHXWHQDXI HLQH IXQNWLRQHOOH ,QWHUDNWLRQ KLQ GHQQ GLH (SR[LGK\GURODVH NDWDO\VLHUW GLH $GGLWLRQ YRQ :DVVHU DQ DURPDWLVFKH (SR[LGH ZDV ]X GHQ HQWVSUHFKHQGHQ WUDQV 'LK\GURGLROHQ IKUW'XUFKGLHVHLUUHYHUVLEOH HQ]\PDWLVFKH 5HDNWLRQ ZLUG GDV F\WRWR[LVFKH :LUNHQIUHLHU(SR[LGHXQWHUEXQGHQ*8(17+1(5

'LH(Q]\PHGHU3KDVHGHV)UHPGVWRIIPHWDEROLVPXV

(LQH 5HLKH ZHLWHUHU (Q]\PH NDQQ LQ IROJHQGHQ 5HDNWLRQHQ DOVR LQ 3KDVH ZHLWHUH 0HWDEROLVLHUXQJVVFKULWWH]XPHLVWLQ)RUPYRQ.RQMXJDWLRQHQHQGRJHQHU 6XEVWUDWH DQ GHP DXV 3KDVH UHVXOWLHUHQGHQ 0HWDEROLWHQ YRUQHKPHQ 'DEHL VLQG LP +LQEOLFN DXI GLH GHP

&\WRFKURP0HWDEROLVPXVIROJHQGHQ6WRIIZHFKVHOVFKULWWHGLH8'3*OXFXURQRV\OWUDQVIHUDVHQ GLH6XOIRWUDQVIHUDVHQXQGGLH*OXWDWKLRQ67UDQVIHUDVHQYRQEHVRQGHUHP,QWHUHVVH

(14)

8'3*OXFXURQRV\OWUDQVIHUDVHQ

'LH*OXFXURQLGLHUXQJLVWHLQHGHUZLFKWLJHQ.RQMXJDWLRQVUHDNWLRQHQGLHVLFKGHP3KDVH 0HWDEROLVPXV DQVFKOLHVVHQ NDQQ 6XEVWUDWH GHU 8'3*OXFXURQRV\OWUDQVIHUDVHQ PVVHQ OHGLJOLFK HLQH IXQNWLRQHOOH *UXSSH EHUHLWVWHOOHQ GDPLW HLQH .RQMXJDWLRQ PLW HLQHP

*OXFXURQVlXUHUHVW DQHLQHQQXNOHRSKLOHQ3DUWQHUHUIROJHQNDQQ$OV &RIDNWRU EUDXFKW GLHVH HQ]\PDWLVFKH5HDNWLRQ8ULGLQGLSKRVSKRJOXFXURQVlXUH8'3*OXFXURQVlXUHGLHVRJHQDQQWH DNWLYLHUWH*OXFXURQVlXUH

%LVKHUVLQGGLH8'3*OXFXURQRV\OWUDQVIHUDVHQLQ]ZHL)DPLOLHQ8*7XQG8*7HLQJHWHLOW

%85&+(// HW DO 0$&.(1=,( ]X GHQHQ HLQH 9LHO]DKO YRQ ,VRHQ]\PHQ JHK|UHQZHOFKHVLFKWHLOZHLVHLQLKUHU6XEVWUDWVSH]LILWlWEHUODSSHQN|QQHQ6RNDWDO\VLHUHQ ]XP %HLVSLHO 8*7$ 8*7$ 8*7$ XQG 8*7$ GLH )RUPLHUXQJ YRQ

%HQ]R>D@S\UHQ0RQRXQG'LJOXFXURQLGHQ DXV%HQ]R>D@S\UHQGLRO%2&. HWDO D XQG E 8'3*OXFXURQRV\OWUDQVIHUDVHQ VLQG ZLH GLH &<3(Q]\PH PHPEUDQJHEXQGHQ XQG NRPPHQ LQ GHQ =HOOHQ YLHOHU 2UJDQH YRU 'LH K|FKVWHQ .RQ]HQWUDWLRQHQZHUGHQLQGHU/HEHULQGHQ1LHUHQXQGLP'DUPHSLWKHOHUUHLFKW2(6&+

,PKXPDQHQ'QQGDUPVLQGGLHIXQNWLRQHOOHQ([SUHVVLRQHQGHU8*7$8*7$

XQG 8*7% IHVWJHVWHOOW ZRUGHQ 5$'20,16.3$1'<$ (LQH ZHLWHUH

*HPHLQVDPNHLW GLH 8'3*OXFXURQRV\OWUDQVIHUDVHQ PLW GHP &<36\VWHP KDEHQ LVW LKUH PLWXQWHUVWDUNH,QGX]LHUEDUNHLWGXUFKYHUVFKLHGHQH,QGXNWRUHQZLH]%0HWK\OFKRODQWKUHQ

%2&.HWDO081=(/HWDO

6XOIRWUDQVIHUDVHQ

6XOIRWUDQVIHUDVHQ ZHUGHQ LQ ]ZHL )DPLOLHQ XQWHUWHLOW GLH F\WRVROLVFKHQ XQG GLH PHPEUDQJHEXQGHQHQ 6XOIRWUDQVIHUDVHQ 2(6&+ $XFK GLHVH (Q]\PJUXSSH LVW LQ HLQHU 5HLKH YRQ 2UJDQHQ ZLH GHU /HEHU RGHU GHP 0DJHQ'DUP7UDNW ]X ILQGHQ $OOH EHNDQQWHQ KXPDQHQ 6XOIRWUDQVIHUDVHQ EHGLHQHQ VLFK HLQHV EHVWLPPWHQ &RIDNWRUV GHP  3KRVSKRDGHQRVLQSKRVSKRVXOIDW DNWLYHV 6XOIDW 3$36 ZHOFKHV LQ ]ZHL 6FKULWWHQ DXV DQRUJDQLVFKHP 6XOIDW XQG $73 KHUJHVWHOOW ZLUG )$/$1< )U GHQ 0HWDEROLVPXV YRQSKHQROLVFKHQ)UHPGVWRIIHQLVWGDEHLGLHWKHUPRVWDELOH3KHQROVXOIRWUDQVIHUDVH68/7$

IUKHU3367HLQ0LWJOLHGGHU)DPLOLHGHUF\WRVROLVFKHQ6XOIRWUDQVIHUDVHQYRQEHVRQGHUHU

(15)

%HGHXWXQJ5$)72*,$1,6 HWDO'22/(<HWDO'LHVHV(Q]\P]HLFKQHWVLFK GXUFK HLQH EUHLWH 6XEVWUDWVSH]LILWlW DXV 8QWHU DQGHUHP NDWDO\VLHUW HV GHQ 7UDQVIHU HLQHV 6XOIRQDWUHVWHVDXIGLHQXNOHRSKLOH+\GUR[\OJUXSSHEHVWLPPWHUSKHQROLVFKHU6XEVWUDWH

*OXWDWKLRQ67UDQVIHUDVHQ

'LH *OXWDWKLRQ67UDQVIHUDVHQ VLQG HLQH JUR‰H *UXSSH YRQ (Q]\PHQ GLH KDXSWVlFKOLFK F\WRVROLVFK DEHU DXFK PHPEUDQJHEXQGHQ YRUNRPPHQ 6LH NDWDO\VLHUHQ GLH .RQMXJDWLRQ YHUVFKLHGHQHU )UHPGVWRIIHPLW GHP 7ULSHSWLG *OXWDWKLRQ ZHOFKHV HLQH IUHLH 6+*UXSSH DQ GHU $PLQRVlXUH &\VWHLQ EHVLW]W *OXWDWKLRQ67UDQVIHUDVHQ VLQG LQ VHKU YLHOHQ 2UJDQHQ ]X ILQGHQXQGLQKRKHU.RQ]HQWUDWLRQLQGHU/HEHULP0DJHQXQGLP'DUPQDFKJHZLHVHQ'(

:$=,(56 HW DO 6$/,1$6 XQG :21* 'HU]HLW VLQG EHLP 0HQVFKHQ IQI .ODVVHQYRQ*OXWDWKLRQ67UDQVIHUDVHQPLWEHUODSSHQGHU6XEVWUDWVSH]LILWlWEH]JOLFKGHV]X NRQMXJLHUHQGHQ)UHPGVWRIIHVEHNDQQWYRQGHQHQYLHU.ODVVHQ DOSKDP\SLXQGWKHWDLP

&\WRVRO]XILQGHQVLQG,P'DUPWUHWHQYRUQHKPOLFKGLH9HUWUHWHUGHUP\XQGGHUWKHWD)RUP DXIZREHLGLH0LWJOLHGHUGHUP\.ODVVHLP%HUHLFKGHV'QQGDUPVH[SULPLHUWZHUGHQGLH GHUWKHWD.ODVVHLP%HUHLFKGHV.RORQV3(7(56XQG52(/2)6

'LH LQ 3KDVH GHV )UHPGVWRIIPHWDEROLVPXV HQWVWHKHQGHQ .RQMXJDWH VLQG LP $OOJHPHLQHQ YLHO EHVVHU ZDVVHUO|VOLFK DOV GLH $XVJDQJVYHUELQGXQJHQ 'DV KDW ]XU )ROJH GD‰ GLH NRQMXJLHUWHQ)UHPGVWRIIHZHOFKH]XYRUQRFKHLQHQVHKUOLSRSKLOHQ&KDUDNWHUJHKDEWKDWWHQ IUGHQ2UJDQLVPXVEHUGLH*DOOHXQGGLH1LHUHQOHLFKWHUDXV]XVFKHLGHQVLQG

'LH$%&7UDQVSRUWSURWHLQHLP*DVWURLQWHVWLQDOWUDNW

1HEHQ HLQHU HQ]\PDWLVFKHQ %HHLQIOXVVXQJ GHU 5HVRUSWLRQ YRQ )UHPGVWRIIHQ ZlUH HV DX‰HUGHP GHQNEDU GD‰ EHVWLPPWH WUDQVPHPEUDQH 7UDQVSRUWSURWHLQH HLQH $XIQDKPH GLHVHU )UHPGVWRIIHLQGHU:HLVHYHUPLQGHUQLQGHPVLHHQWVSUHFKHQGH6XEVWDQ]HQGLUHNWRGHUQDFK GHU 0HWDEROLVLHUXQJ ZLHGHU DXV GHU =HOOH KHUDXV G K ]XUFN LQ GDV 'DUPOXPHQ WUDQVSRUWLHUHQ6RPLWZUGHQGLHVH6WRIIHRGHULKUH0HWDEROLWHPLWGHQ)DHFHVDXVJHVFKLHGHQ 'DV EHVRQGHUH $XJHQPHUN EHL GLHVHU +\SRWKHVH JLOW HLQLJHQ 0LWJOLHGHUQ GHU )DPLOLH GHU

$%&7UDQVSRUWSURWHLQH$%&VWHKWIU$73%LQGLQJ&DVVHWWHHLQVWUXNWXUHOOHV0HUNPDO

(16)

ZHOFKHV DOOHQ 0LWJOLHGHUQ GLHVHU JUR‰HQ 3URWHLQIDPLOLH JHPHLQ LVW 3*O\NRSURWHLQ XQG GLH 0XOWLSOH 5HVLVWHQFHDVVRFLDWHG 3URWHLQV 053V VLQG DOV XQLGLUHNWLRQDO DUEHLWHQGH XQG

$73VSDOWHQGH 3KDUPDND(IIOX[3XPSHQ EHNDQQW 3*O\NRSURWHLQ ZLUG IU GDV 3KlQRPHQ GHU 0XOWLSOH 'UXJ 5HVLVWHQFH 0'5 YRQ YHUVFKLHGHQHQ 7XPRUW\SHQ YHUDQWZRUWOLFK JHPDFKW(VYHUKLQGHUWGLHIUGLH:LUNXQJQ|WLJH$NNXPXODWLRQYHUVFKLHGHQHU&\WRVWDWLND LQ GHQ .UHEV]HOOHQ LQ GHU :HLVH GD‰ HV GLHVH 6WRIIH QDFK (LQWULWW LQ GLH =HOOH ZLHGHU KLQDXVWUDQVSRUWLHUW *277(60$1 XQG 3$67$1 'DEHL LVW ]X EHDFKWHQ GD‰ 3

*O\NRSURWHLQ HLQ VHKU EUHLWHV 6XEVWUDWVSHNWUXP DXIZHLVW GDV 6XEVWDQ]HQ XQWHUVFKLHGOLFKHU 6WUXNWXU XQG :LUNXQJVZHLVH PLW HLQEH]LHKW (V LVW MHGRFK QLFKW QXU LQ UHVLVWHQWHQ 7XPRU]HOOHQ]XILQGHQVRQGHUQHVZLUGDXFKLQYHUVFKLHGHQHQ2UJDQHQSK\VLRORJLVFKHUZHLVH H[SULPLHUW 'HU %UVWHQVDXP GHU SUR[LPDOHQ 1LHUHQWXEXOL +HSDWRF\WHQ ZHOFKH GHQ

*DOOHQJDQJ DXVNOHLGHQ GLH .DSLOODUHQGRWKHO]HOOHQ GHV *HKLUQV XQG GHU +RGHQ VRZLH GLH DSLNDOH 0HPEUDQ GHU (QWHUR]\WHQ ZHLVHQ 3*O\NRSURWHLQ DXI 7+,(%$87 HW DO

&25'21&$5'2HWDO7$7687$HWDO$OOHJHQDQQWHQ2UJDQHKDEHQHLQHQ JHZLVVHQ%DUULHUHFKDUDNWHUGKVLHVWHOOHQVFKDUIH*UHQ]HQ]ZLVFKHQ]ZHL.RPSDUWLPHQWHQ GDU ZDV ]X GHU +\SRWKHVH IKUWH RE VHLQH SK\VLRORJLVFKH 5ROOH LQ GHU 9HUKLQGHUXQJ GHV (LQWULWWVEHVWLPPWHU)UHPGVWRIIHLQGLHVH*HZHEHEHVWHKW

9HUVFKLHGHQH 053V ZHUGHQ HEHQIDOOV YRQ HLQHU JUR‰HQ $Q]DKO YRQ 2UJDQHQ ] % GHU 'QQGDUPVFKOHLPKDXW XQG 7XPRU]HOOLQLHQ H[SULPLHUW .58+ HW DO .22/ HW DO XQG 6LH WUDQVSRUWLHUHQ 6XEVWUDWH ZLH 9LQNDDONDORLGH /HXNRWULHQH DOV DXFK XQWHUVFKLHGOLFKH 3KDVH 0HWDEROLWH /2( HW DO NRQQWHQ LQ GLHVHP =XVDPPHQKDQJ GHQ 7UDQVSRUW YRQ *OXWDWKLRQNRQMXJDWHQ GHV WR[LNRORJLVFK UHOHYDQWHQ $IODWR[LQ % ]HLJHQ 'DEHL HUJDEHQ GLH 8QWHUVXFKXQJHQ DQ 0HPEUDQYHVLNHOQ ZHOFKH DXV XQWHUVFKLHGOLFKHQ

=HOOLQLHQJHZRQQHQZXUGHQGD‰GLH7UDQVSRUWUDWHQGHVSRWHQWHQ/HEHUNDU]LQRJHQVE]ZGHV

*OXWDWKLRQNRQMXJDWV EHL =HOOPHPEUDQYHVLNHOQ GLH YRQ 053EHUH[SULPLHUHQGHQ

=HOOSRSXODWLRQVWDPPWHQGHXWOLFKHUK|KWZDUHQ

:$&+(5 HW DO XQG %(1(7 HW DO DUEHLWHWHQ DXV GD‰ HLQH 5HLKH YRQ 6XEVWDQ]HQ GLH 6XEVWUDWH GHU &<3$(Q]\PH VLQG DXFK JOHLFK]HLWLJ 6XEVWUDWH GHU 3

*O\NRSURWHLQYHUPLWWHOWHQ 7UDQVSRUWYRUJlQJH GDUVWHOOHQ 'HP]XIROJH NDP HV ]X GHU

$QQDKPHGD‰GHULQWHQVLYH0HWDEROLVPXVGHU&<3$6XEVWUDWHXQGHLQVLFKDQVFKOLHVVHQGHU 7UDQVSRUW GXUFK HLQ $%&7UDQVSRUWSURWHLQ HLQ =XVDPPHQVSLHO ]ZHLHU 3UR]HVVH GDUVWHOOHQ

(17)

N|QQWHZHOFKHVXUVlFKOLFKHQ(LQIOX‰DXIGLHOLPLWLHUWHRUDOH%LRYHUIJEDUNHLWYHUVFKLHGHQHU

&<3$6XEVWUDWHKlWWH6&+8(7=XQG6&+,1.(/

8QWHU%HUFNVLFKWLJXQJJHQDQQWHU8QWHUVXFKXQJHQVWHOOWVLFKGLH)UDJHREGLH.RPELQDWLRQ GHU EHLGHQ 3UR]HVVH )UHPGVWRIIPHWDEROLVPXV XQG ±WUDQVSRUW LQ GHU 'QQGDUPVFKOHLPKDXW HEHQVR GLH 5HVRUSWLRQ YRQ DQGHUHQ SRWHQWLHOO WR[LVFKHQ 6XEVWDQ]HQ HLQVFKUlQNHQ ZUGH 'HQQGLHPHLVWHQELVKHULJHQ8QWHUVXFKXQJHQEHVFKUlQNWHQVLFKDXIGHQ=XVDPPHQKDQJYRQ

&<3$0HWDEROLVPXV XQG HLQHP 7UDQVSRUW GXUFK 3*O\NRSURWHLQ DOV 8UVDFKH IU HLQH YHUPLQGHUWH RUDOH %LRYHUIJEDUNHLW EHVWLPPWHU 3KDUPDND 6R JLEW HV ELVKHU NHLQH (UNHQQWQLVVH GDUEHU LQZLHZHLW DQGHUH &<3(Q]\PH ZLH EHLVSLHOVZHLVH &<3$ XQG

&<3%LPP|JOLFKHQ=XVDPPHQVSLHOPLW3KDVH(Q]\PHQXQG$%&7UDQVSRUWSURWHLQHQ (LQIOX‰DXIGLH5HVRUSWLRQLKUHU6XEVWUDWHQHKPHQN|QQWHQ

'HU/HEHQVPLWWHOIUHPGVWRII%HQ]R>D@S\UHQ

,P 5DKPHQ GLHVHU $UEHLW VROOWH DQKDQG GHU XELTXLWlU YRUNRPPHQGHQ 0RGHOOVXEVWDQ]

%HQ]R>D@S\UHQ XQWHUVXFKW ZHUGHQ LQZLHZHLW HLQ =XVDPPHQKDQJ ]ZLVFKHQ %HQ]R>D@S\UHQ 0HWDEROLVPXV XQG HLQHP ]XP 'DUPOXPHQ JHULFKWHWHQ 7UDQVSRUW H[LVWLHUW %HQ]R>D@S\UHQ 6XPPHQIRUPHO &+ 0: JHK|UW ]X GHQ SRO\F\FOLVFKHQ DURPDWLVFKHQ .RKOHQZDVVHUVWRIIHQ3$.VGLHEHLXQYROOVWlQGLJHU9HUEUHQQXQJYRQRUJDQLVFKHP0DWHULDO XQWHU 6DXHUVWRIIPDQJHO HQWVWHKHQ -H YROOVWlQGLJHU HLQ .RKOHQVWRII XQG :DVVHUVWRII HQWKDOWHQGHU %UHQQVWRII ]X &2 XQG +2 YHUEUDQQW ZLUG GHVWR JHULQJHU LVW GLH 0HQJH GHU 3$.VZHOFKHDOV1HEHQSURGXNWHHQWVWHKHQ.266'XUFKGLH(QHUJLHHU]HXJXQJGHU ,QGXVWULHGXUFK0RWRUHQYRQ.UDIWIDKU]HXJHQDEHUDXFKGXUFKGDV5DXFKHQYRQ=LJDUHWWHQ HQWVWHKHQ 3$.V DOVR DXFK %HQ]R>D@S\UHQ ZDV VHLQH XELTXLWlUH 9HUEUHLWXQJ HUNOlUW (LQ ZHLWHUHUZHVHQWOLFKHUXQYROOVWlQGLJHU9HUEUHQQXQJVSUR]H‰H[LVWLHUWEHLP%UDWHQRGHU*ULOOHQ YRQ )OHLVFK XQG )LVFK %$80 (1*67 XQG .5(7=6&+0$11 =X HLQHU .RQWDPLQDWLRQVROFKHU/HEHQVPLWWHOPLW%HQ]R>D@S\UHQNRPPWHVIHUQHUEHLGHU5lXFKHUXQJ (LQH%LODQ]GHUPLWWHOEDUHQXQGXQPLWWHOEDUHQ([SRVLWLRQGHV0HQVFKHQ JHJHQEHUGLHVHP 3$. HUJDE GD‰ GLH $XIQDKPH EHU GLH 1DKUXQJ ELV ]X QJ %HQ]R>D@S\UHQ SUR 7DJ JHJHQEHUGHU$XIQDKPHEHUGLH/XIWEHUZLHJW -$&2%XQG*5,00(5-HGRFK ZLUG EHLP 0HQVFKHQ QXU HLQ =HKQWHO GHV RUDO DXIJHQRPPHQHQ %HQ]R>D@S\UHQV WDWVlFKOLFK UHVRUELHUW.266'HU5HVWYHUEOHLEWLP'DUPOXPHQXQGZLUGVSlWHUDXVJHVFKLHGHQ

(18)

%HQ]R>D@S\UHQ$EELVWDOVVROFKHVQLFKWUHDNWLYXQGZLUGGHVKDOEDOV3URNDU]LQRJHQ EH]HLFKQHW(UVWGLHPHWDEROLVFKH$NWLYLHUXQJLQGHU3KDVHIKUW]XU%LOGXQJKRFKUHDNWLYHU (SR[LGH ZHOFKH 5HDNWLRQHQ PLW ]HOOXOlUHQ 0DNURPROHNOHQ '1$ 3URWHLQH HLQJHKHQ N|QQHQ .25(('$ HW DO ZHQQ QLFKW ZHLWHUH HQ]\PDWLVFK JHVWHXHUWH 7UDQVIRUPDWLRQHQ DQGHQ JHELOGHWHQ (SR[LGHQ VWDWWILQGHQ 6ROFKH N|QQHQ GLH +\GURO\VH ]X +\GUR[\0HWDEROLWHQ GXUFK GLH (SR[LGK\GURODVH RGHU GLH .RQMXJDWLRQHQ PLW HQGRJHQHQ 6XEVWUDWHQLQGHU3KDVHZLH6XOIDWXQG*OXFXURQVlXUHUHVWHQRGHU*OXWDWKLRQVHLQ+8XQG :(//6 'LH HQ]\PDWLVFKH %LOGXQJ YRQ (SR[LGHQ IKUWH ]X GHU $XIIDVVXQJ GD‰

%HQ]R>D@S\UHQ LP 0HKUVWXIHQPRGHOO GHU .DQ]HURJHQHVH GLH 5ROOH HLQHV ,QLWLDWRUV ]XNlPH 1DFK GLHVHU 7KHRULH ZUGHQ LQ VXENDQ]HURJHQHU 'RVLV JHQRWR[LVFKH (IIHNWH DXVJHO|VW ZHOFKH ]X SHUVLVWLHUHQGHQ 9HUlQGHUXQJHQ DQ GHU '1$ GHU EHWURIIHQHQ =HOOHQ IKUWHQ ,QLWLDWLRQZRPLWHLQH9RUDXVVHW]XQJ]XU(QWVWHKXQJYRQ7XPRUHQJHVFKDIIHQZlUH.266 ,QGHU/HEHUZLUG%HQ]R>D@S\UHQGXUFK&<3$XQWHUDQGHUHP]XP%HQ]R>D@S\UHQ HSR[LG$EER[LGLHUWZHOFKHVGDQQYRQGHU(SR[LGK\GURODVH]XP%HQ]R>D@S\UHQ GLK\GURGLRO $EE K\GURO\VLHUW ZLUG :HLWHUKLQ NDQQ HV ]XU 7UDQVIRUPDWLRQ ]XP

%HQ]R>D@S\UHQGLK\GURGLROHSR[LG $EE GHP XOWLPDOHQ NDU]LQRJHQHQ 0HWDEROLWHQ7+$..(5HWDO%8(1,1*HWDOGXUFKZHLWHUH&<3,VRIRUPHQ NRPPHQ ZREHL KLHU EHVRQGHUV GDV &<3% ]X QHQQHQ LVW .,0 HW DO $Q 5DWWHQOHEHUPLNURVRPHQZXUGH]XGHPGLH7UDQVIRUPDWLRQ]XP+\GUR[\EHQ]R>D@S\UHQ

$EE EHU GLH YRUDXVJHJDQJHQH %LOGXQJ GHV %HQ]R>D@S\UHQHSR[LGV $EE EHREDFKWHW<$1*HWDO

&<3$ XQG &<3% ZHUGHQ DXFK LP 'DUP H[SULPLHUW 'LH ([SUHVVLRQ GHV &<3$ LVW KLHU VWDUN LQGX]LHUEDU =+$1* HW DO 'LH ,QGXNWLRQ GHV %HQ]R>D@S\UHQ PHWDEROLVLHUHQGHQ (Q]\PV &<3$ OlXIW EHU GHQ $U\OK\GURNDUERQ5H]HSWRU $K 5H]HSWRUGHUDQGDV+LW]HVFKRFNSURWHLQKVSJHEXQGHQLVW0LWGHU%LQGXQJGHV,QGXNWRUV

%HQ]R>D@S\UHQGLVVR]LLHUWGDVKVSDE'HU,QGXNWRU5H]HSWRU.RPSOH[ELQGHWGDUDXIKLQDQ HLQHQVSH]LILVFKHQQXNOHlUHQ7UDQVORNDWRU$K5H]HSWRUQXNOHlUHU7UDQVORNDWRU$517GHU GHQJHVDPWHQ.RPSOH[LQV ,QQHUHGHV =HOONHUQHVIKUW ZR GLHVHU DQ EHVWLPPWH 5HVSRQVH (OHPHQWH GHU .HUQ'1$ ]X ELQGHQ YHUPDJ 'LHVH VRJHQDQQWHQ ;HQRELRWLFD 5HVSRQVLYH (OHPHQWV ;5( VLQG LQ .RQWUROOUHJLRQHQ GHU $K*HQ%DWWHULH ORNDOLVLHUW ZHOFKH ] % GDV*HQGHVJHQDQQWHQ&<3$PLWHLQEH]LHKW$XIGLHVHP:HJHZLUGGLH7UDQVNULSWLRQGHU

(19)

6WUXNWXUJHQH DNWLYLHUW ZDV EHGHXWHW GD‰ KLHU HLQH DXI GHU $NWLYLHUXQJ GHU 7UDQVNULSWLRQ EHUXKHQGH (Q]\PLQGXNWLRQ YRUOLHJW +$1.,1621 6&+5(1. 'DPLW LQGX]LHUW GDV SRWHQWLHOOH 6XEVWUDW %HQ]R>D@S\UHQ VHLQHQ HLJHQHQ 0HWDEROLVPXV ZDV DOV

$XWRLQGXNWLRQEH]HLFKQHWZLUG2(6&+

'LHLQ3KDVHHQWVWDQGHQHQ%HQ]R>D@S\UHQ0HWDEROLWH$EEN|QQHQGHVZHLWHUHQ YRQ(Q]\PHQGHU3KDVHGHV)UHPGVWRIIPHWDEROLVPXVPLWHQGRJHQHQ6XEVWUDWHQNRQMXJLHUW ZHUGHQ$EE6RNRQQWHQ+8HWDOXQGXQG681'%(5*HWDO ]HLJHQGD‰GLHGUHL,VRIRUPHQGHU*OXWDWKLRQ67UDQVIHUDVHQ*67*67DOSKD*67P\XQG

*67SL ZHVHQWOLFK DQ GHU .RQMXJDWLRQ GHV XOWLPDOHQ .DQ]HURJHQV %HQ]R>D@S\UHQ GLK\GURGLROHSR[LGEHWHLOLJWVLQG)HUQHUVLQGGLH8'3*OXFXURQRV\OWUDQVIHUDVHQ8*7 8*7$XQG8*7$LQGHU/DJHDXVYHUVFKLHGHQHQ%HQ]R>D@S\UHQ0HWDEROLWHQGHU3KDVH 0RQRRGHU'LJOXFXURQLGH]XELOGHQ*6&+$,'0(,(5HWDO%2&.HWDO (EHQVR NDQQ HLQH .RQMXJDWLRQ GXUFK GLH F\WRVROLVFKH 3KHQRO6XOIRWUDQVIHUDVH 68/7$

VWDWWILQGHQ 721* XQG -$0(6 HW DO $87583 HW DO VWHOOWHQ DQ RSHUDWLY JHZRQQHQ PHQVFKOLFKHQ 'DUPVHJPHQWHQ IHVW GD‰ LP KXPDQHQ 'QQGDUP HLQ LQWHQVLYHU 0HWDEROLVPXVEH]JOLFKGHV%HQ]R>D@S\UHQV]XEHREDFKWHQZDU'DEHLHQWVWDQGHQGXUFKGLH 7UDQVIRUPDWLRQHQLQ3KDVHXQG 3KDVHYHUVFKLHGHQH %HQ]R>D@S\UHQ0HWDEROLWHGLH]XP 7HLOFKDUDNWHULVLHUWZHUGHQNRQQWHQ

'HUP|JOLFKH]ZHLSKDVLJH0HWDEROLVPXVGHV%HQ]R>D@S\UHQVLVWLQ$EEDXIJH]HLFKQHW 'DEHL ZHUGHQ GHQNEDUH 3URGXNWH GHU )XQNWLRQDOLVLHUXQJV 3KDVH XQG .RQMXJDWLRQVUHDNWLRQ3KDVHJH]HLJW

(20)

2

2+

2

2+

++

+2 +2++ 2+

2

2 ++ 2

;

; 2 ;

3KDVH

3KDVH 5HDNWLRQPLW]HOOXOlUHQ

0DNURPROHNOHQ'1$

3URWHLQH

RGHU.RQMXJDWLRQGXUFK

*67

&<3$ &<3$

VSRQWDQ (SR[LGK\GURODVHRGHU

.RQMXJDWLRQGXUFK*67

&<3$

&<3%

8*7 367

8*7 367

*67

$EE$XVVFKQLWWDXVGHP0HWDEROLVPXVGHV%HQ]R>D@S\UHQV

; VWHKW IU HLQ HQGRJHQHV 6XEVWUDW G K *OXWDWKLRQ HLQHQ *OXFXURQVlXUH RGHU HLQHQ 6XOIDWUHVWGDVDQGHQK\GUR[\OLHUWHQ0HWDEROLWHQDXV3KDVHNRQMXJLHUWZHUGHQNDQQ

(21)

)UKHUH8QWHUVXFKXQJHQYRQ3(11<XQG&$03%(//ZLHVHQ%HQ]R>D@S\UHQDOVHLQ 6XEVWUDW IU GHQ DNWLYHQ 7UDQVSRUW GXUFK 3*O\NRSURWHLQ DXV ,Q LKUHQ 8QWHUVXFKXQJHQ YHUZHQGHWHQ VLH DSLNDOH 0HPEUDQYHVLNHO GLH VLH DXV PHQVFKOLFKHU 'DUPVFKOHLPKDXW JHZRQQHQ KDWWHQ 'LHLQVLGH RXW9HVLNHO ]HLJWHQ EHL GHQ YRUJHQRPPHQHQ 8QWHUVXFKXQJHQ HLQH $XIQDKPH YRQ >ñ+@%HQ]R>D@S\UHQ GLH VLFK XQWHU =XJDEH YRQ 9HUDSDPLO HLQHP VSH]LILVFKHQ ,QKLELWRU GHV 3*O\NRSURWHLQV GHXWOLFK KHPPHQ OLHVV -HGRFK EHOHJHQ GLH (UJHEQLVVH VSlWHUHU 8QWHUVXFKXQJHQ GD‰ %HQ]R>D@S\UHQ NHLQ 6XEVWUDW GLHVHV $%&

7UDQVSRUWHUVVHLQNDQQ6&+8(7=HWDO,QGLHVHP)DOONRQQWHGXUFKGHQ9HUJOHLFK HLQHVNQRFNRXW0DXV0RGHOOVPGUDPLWGHP:LOGW\SPGUDJH]HLJWZHUGHQ GD‰ HLQ 3*O\NRSURWHLQYHUPLWWHOWHU 7UDQVSRUW IU %HQ]R>D@S\UHQ DXV]XVFKOLHVVHQ LVW 9LHU 6WXQGHQQDFKGHU)WWHUXQJYRQ>ñ+@%HQ]R>D@S\UHQZXUGHQYHUVFKLHGHQH2UJDQHGHU7LHUH DXI LKUHQ *HKDOW DQ 5DGLRDNWLYLWlW XQWHUVXFKW XP KHUDXV]XILQGHQ RE HV TXDQWLWDWLYH 8QWHUVFKLHGHLQGHULQWHVWLQDOHQ5HVRUSWLRQEH]JOLFKGHV>ñ+@%HQ]R>D@S\UHQVJHJHEHQKDWWH (VZDUHQGDEHLNHLQHVWDWLVWLVFKVLJQLILNDQWHQ8QWHUVFKLHGHIHVW]XVWHOOHQ,QGHUVHOEHQ6WXGLH ZXUGHHLQZHLWHUHU9HUJOHLFKYROO]RJHQ'DEHLZXUGHQGLH)OX[UDWHQYRQ>ñ+@%HQ]R>D@S\UHQ

EHUGLH0RQROD\HU YRQ VWDELO WUDQVIL]LHUWHQ //&3. =HOOHQ ZHOFKH GDV 7UDQVSRUWSURWHLQ

EHUH[SULPLHUWHQ PLW GHQHQ YRQ JHZ|KQOLFKHQ //&3. =HOOHQ YHUJOLFKHQ )U GDV 3

*O\NRSURWHLQ6XEVWUDW >ñ+@9LQEODVWLQ ZDUHQ HUKHEOLFKH 8QWHUVFKLHGH LQ GHQ )OX[UDWHQ ]ZLVFKHQGHQEHLGHQ =HOOSRSXODWLRQHQ]XHUNHQQHQ'LH)OX[UDWHQGHV>ñ+@%HQ]R>D@S\UHQV KLQJHJHQ ZDUHQ IU GLH VWDELO WUDQVIL]LHUWHQ XQG GLH :LOGW\S=HOOHQ JOHLFK VR GD‰

%HQ]R>D@S\UHQ LQ XQPHWDEROLVLHUWHU )RUP DOV HLQ 6XEVWUDW IU HLQHQ 3*O\NRSURWHLQ YHUPLWWHOWHQ7UDQVSRUWDXVJHVFKORVVHQZHUGHQNRQQWH

(VOLHJHQELVKHUMHGRFKNHLQH(UNHQQWQLVVHEHUGHQP|JOLFKHQ7UDQVSRUWYRQ%HQ]R>D@S\UHQ 0HWDEROLWHQ YRU GHU GXUFK HLQ]HOQH 9HUWUHWHU GHU $%&7UDQVSRUWSURWHLQIDPLOLH YHUPLWWHOW ZHUGHQN|QQWH

,P 5DKPHQ GLHVHU $UEHLW ZXUGHQ GDKHU 8QWHUVXFKXQJHQ EHU HLQHQ P|JOLFKHQ

=XVDPPHQKDQJ ]ZLVFKHQ 0HWDEROLVPXV XQG 7UDQVSRUW YRQ %HQ]R>D@S\UHQ DQKDQG HLQHV HWDEOLHUWHQLQWHVWLQDOHQLQYLWUR0RGHOOVGHU&DFR=HOOHGXUFKJHIKUW

(22)

&DFR=HOOHQDOVLQYLWUR0RGHOO

&DFR=HOOHQVWHOOHQHLQHSHUPDQHQWHKXPDQH=HOOLQLHGDUZHOFKHLKUHQ8UVSUXQJLQHLQHP

$GHQRNDU]LQRPGHVPHQVFKOLFKHQ.RORQVKDW'LH%HVRQGHUKHLWGLHVHU=HOOLQLHEHUXKWGDUDXI GD‰ VLH ZlKUHQG GHU .XOWLYLHUXQJ EHU :RFKHQ DXVGLIIHUHQ]LHUHQ XQG JHVFKORVVHQH 0RQROD\HU JOHLFK HLQHU 6FKOHLPKDXW ELOGHQ ZHOFKH W\SLVFKH &KDUDNWHULVWLND GHU KXPDQHQ 'QQGDUPPXNRVDDXIZHLVHQ&+$175(7HWDO'LIIHUHQ]LHUWH&DFR=HOOHQ]HLJHQ HLQH IU 'QQGDUPHQWHUR]\WHQ W\SLVFKH PRUSKRORJLVFKH 3RODULVDWLRQ PLW DXVJHSUlJWHP

%UVWHQVDXPXQG GHU $XVELOGXQJ YRQ7LJKW -XQFWLRQV)HUQHU H[SULPLHUHQ VLH (Q]\PH ZLH GLH 6XFUDVH ,VRPDOWDVH GLH $PLQRSHSWLGDVH XQG GLH $ONDOLVFKH 3KRVSKDWDVH ZHOFKH W\SLVFKHUZHLVH YRQ 'QQGDUPHQWHUR]\WHQ JHELOGHW ZHUGHQ .RORQ]HOOHQ H[SULPLHUHQ LP 8QWHUVFKLHG GD]X GLHVH (Q]\PH NDXP 3,172 HW DO 'DKHU NDQQ GLH IXQNWLRQHOOH ([SUHVVLRQ GLHVHU /HLWHQ]\PH ]XU %HXUWHLOXQJ GHU 'LIIHUHQ]LHUXQJ GHU &DFR =HOOHQ KHUDQJH]RJHQ ZHUGHQ %HL GHQ 8QWHUVXFKXQJHQ YRQ 3,172 HW DO GDXHUWH GLH 3UROLIHUDWLRQVSKDVHGHU=HOOHQELV]XP7DJQDFK$XVVDKWDQDQVFKOLHVVHQGEHJDQQHQVLH VLFK ]X GLIIHUHQ]LHUHQ :lKUHQG GHU 'LIIHUHQ]LHUXQJ NRQQWH HLQ VWlQGLJHU $QVWLHJ GHU (Q]\PDNWLYLWlWHQLQGHQ=HOOHQJHPHVVHQHQZHUGHQXQGDEGHP7DJZDUGDV0D[LPXP HUUHLFKW

&DFR =HOOHQ H[SULPLHUHQ HLQH 9LHO]DKO YRQ IUHPGVWRIIPHWDEROLVLHUHQGHQ (Q]\PHQ GHU 3KDVHQXQG9RQGHQ&\WRFKURP3(Q]\PHQVLQG&<3$%28/(1&HWDO YRUKDQGHQZHOFKHVVWDUNLQGX]LHUEDULVWXQG&<3%/$03(1XQYHU|IIHQWOLFKWH'DWHQ

&<3$ KLQJHJHQ ZXUGH QLFKW JHIXQGHQ ZlKUHQG &<3( HEHQIDOOV LQ &DFR =HOOHQ QDFKJHZLHVHQZHUGHQNRQQWH526(1%(5*XQG/())/$03(1HWDO 'HVZHLWHUHQH[SULPLHUHQ&DFR=HOOHQHLQH5HLKHYRQNRQMXJLHUHQGHQ(Q]\PHQGHU3KDVH 6RNRQQWHQ081=(/HWDOGLH([SUHVVLRQXQGGLH,QGX]LHUEDUNHLWGHUGUHL8'3

*OXFXURQRV\OWUDQVIHUDVHQ 8*7$ 8*7$ XQG 8*7% LQ GLHVHU LQWHVWLQDOHQ =HOOLQLH ]HLJHQ'DEHLHUIROJWHGLH,QGXNWLRQGHU8*7$XQG8*7$LQGHQ=HOOHQEHUGHQ$K 5H]HSWRU0HFKDQLVPXV'HVZHLWHUHQNRQQWHQEHLGLHVHU=HOOLQLH$NWLYLWlWHQGHU*OXWDWKLRQ 67UDQVIHUDVHQ XQG VRZLH GHU 3KHQRO6XOIRWUDQVIHUDVH 68/7$ JHPHVVHQ ZHUGHQ 3(7(56XQG52(/2)6%$5$1&<..8=0$HWDO

&DFR =HOOHQ H[SULPLHUHQ DQ LKUHP PRUSKRORJLVFK DSLNDOHQ 3RO ]XGHP GUHL ZLFKWLJH 9HUWUHWHU GHU $%&7UDQVSRUWSURWHLQIDPLOLH 3*O\NRSURWHLQ VRZLH 053 XQG 053

(23)

+817(5HWDONRQQWHQ]HLJHQGD‰GDVUDGLRDNWLYPDUNLHUWH3*O\NRSURWHLQ6XEVWUDW 9LQEODVWLQVXOIDWHLQHPOXPHQVHLWLJJHULFKWHWHQ7UDQVSRUWEHU&DFR0RQROD\HULQHLQHP .DPPHUV\VWHPGHQ7UDQVZHOO£6FKDOHQXQWHUODJ'DEHLIDQGHLQGHXWOLFKHU1HWWRWUDQVSRUW GHV 9LQEODVWLQVXOIDWHV LQ GLH DSLNDOHQ .DPPHUQ GHU 7UDQVZHOO£6FKDOHQ VWDWW ZHOFKH EH]JOLFKGHU3RODULVLHUXQJGHU&DFR=HOOHQGHU'DUPOXPHQVHLWHHQWVSUDFKHQ+262<$HW DOIDQGHQKHUDXVGD‰GLH([SUHVVLRQGHV3*O\NRSURWHLQVYRP'LIIHUHQ]LHUXQJVJUDG GHU &DFR =HOOHQ DEKlQJLJ LVW %HL GLHVHQ 8QWHUVXFKXQJHQ ZLHVHQ GLH YROOVWlQGLJ DXVGLIIHUHQ]LHUWHQ 0RQROD\HU G K QDFK ELV :RFKHQ .XOWLYLHUXQJVGDXHU GLH K|FKVWHQ ([SUHVVLRQVUDWHQIUGHQ$%&7UDQVSRUWHUDXI 1HEHQGHUIXQNWLRQHOOHQ $XVELOGXQJGHV3

*O\NRSURWHLQV NRQQWH QRFK GLH ([SUHVVLRQ YRQ ]ZHL ZHLWHUHQ 0LWJOLHGHUQ GHU $%&

7UDQVSRUWSURWHLQIDPLOLH GHP 053 *870$11 HW DO XQG GHP 053 +,52+$6+, HWDOIHVWJHVWHOOWZHUGHQ

=XVDPPHQIDVVHQGOl‰WVLFKGHVKDOEVDJHQGD‰GLHGLIIHUHQ]LHUWHQ&DFR =HOOHQQDFK GHP JHJHQZlUWLJHQ6WDQGGHU8QWHUVXFKXQJHQHLQ JHHLJQHWHVLQ YLWUR0RGHOO IU H[SHULPHQWHOOH 8QWHUVXFKXQJHQ ]XU ,QWHUDNWLRQ YRQ 0HWDEROLVPXV XQG 7UDQVSRUW LP PHQVFKOLFKHQ 'QQGDUPGDUVWHOOHQ

)UDJHVWHOOXQJHQGHUYRUOLHJHQGHQ$UEHLW

%LVKHU OLHJHQ QRFK NHLQH 8QWHUVXFKXQJHQ YRU GLH VLFK PLW GHP LQWHVWLQDOHQ 0HWDEROLVPXV YRQ 3$.V XQG HLQHP DQVFKOLHVVHQGHQ OXPHQVHLWLJ JHULFKWHWHQ 7UDQVSRUW HQWVWDQGHQHU 0HWDEROLWHEHVFKlIWLJWKDEHQ(LQVROFKHV=XVDPPHQVSLHOZDVHLQHUELRFKHPLVFKHQ%DUULHUH EH]JOLFK GHU 5HVRUSWLRQ YRQ /HEHQVPLWWHONRQWDPLQDQWHQ JOHLFKNlPH VROOWH LP 5DKPHQ GLHVHU $UEHLW HUVWPDOLJ DQ &DFR =HOOHQ XQWHUVXFKW XQG EHVFKULHEHQ ZHUGHQ $OV 0RGHOOVXEVWDQ]ZXUGHHLQW\SLVFKHU9HUWUHWHUGLHVHU6WRIIJUXSSHJHZlKOWGDV%HQ]R>D@S\UHQ 0LWGHU8QWHUVXFKXQJHLQHUP|JOLFKHQDNWLYHQ%HHLQIOXVVXQJGHU5HVRUSWLRQGHV3$.VGXUFK GHQ'QQGDUPVROOHLQ%HLWUDJ]XPDOOJHPHLQHQ9HUVWlQGQLVGHU.UHEVHQWVWHKXQJQDFKRUDOHU

$XIQDKPHYRQ%HQ]R>D@S\UHQJHOHLVWHWZHUGHQ

(24)

'LHVH$UEHLWYHUIROJWHGHVKDOEIROJHQGH)UDJHVWHOOXQJHQ

/DVVHQ VLFK IU %HQ]R>D@S\UHQ RGHU %HQ]R>D@S\UHQ0HWDEROLWH OXPHQVHLWLJ JHULFKWHWH 7UDQVSRUWYRUJlQJHEHVFKUHLEHQ"

:HOFKH%HQ]R>D@S\UHQ0HWDEROLWHZHUGHQYRQGHQ&DFR=HOOHQJHELOGHW"

,VW HLQH ,QWHUDNWLRQ YRQ 0HWDEROLVPXV XQG HLQHP OXPHQVHLWLJ JHULFKWHWHQ 7UDQVSRUW GHU HQGRJHQJHELOGHWHQ%HQ]R>D@S\UHQ0HWDEROLWH]XHUNHQQHQ"

$EE 'HQNEDUH:HJHGHV%HQ]R>D@S\UHQVLQGHU'QQGDUP]HOOH&DFR

$%&$%&7UDQVSRUWSURWHLQH3KDVHXQG3KDVH(Q]\PHGHU3KDVHQXQG 'DUPOXPHQ

%OXWEDVDO

'QQGDUP]HOOH&DFR

%HQ]R>D@S\UHQ

3KDVH 3KDVH

%HQ]R>D@S\UHQ 0HWDEROLWH 0HWDEROLWH 0HWDEROLWH 0HWDEROLWH

$%& $%& $%&

(25)

0

$7(5,$/81'

0

(7+2'(1

0DWHULDO

&KHPLNDOLHQ

%HQ]R>D@S\UHQ%HQ]R>D@S\UHQ0HWDEROLWHXQG>&@%HQ]R>D@S\UHQ

%HQ]R>D@S\UHQ XQG %HQ]R>D@S\UHQ0HWDEROLWH ZXUGHQ DOV 6WDQGDUGO|VXQJHQ EHL ±ƒ&

DXIEHZDKUW3UREHQXQYHU]JOLFKEHL±ƒ&HLQJHIURUHQ

'LH 6WDPPO|VXQJ GHV %HQ]R>D@S\UHQV ZXUGH LQ HLQHU .RQ]HQWUDWLRQ YRQ PJPO P0 LQ $FHWRQ HUVWHOOW 'LH 6WDPPO|VXQJHQ GHU %HQ]R>D@S\UHQ0HWDEROLWH ZXUGHQ LQ 0HWKDQRO PLW .RQ]HQWUDWLRQHQ YRQ ELV —JPO DQJHVHW]W 'LH JHQDQQWHQ 6XEVWDQ]HQ ZXUGHQ IUHXQGOLFKHUZHLVH YRP %LRFKHPLVFKHQ ,QVWLWXW IU 8PZHOWFDUFLQRJHQH 3URI 'U

*HUQRW*ULPPHU6WLIWXQJ*UR‰KDQVGRUI]XU9HUIJXQJJHVWHOOW

>&@%HQ]R>D@S\UHQ PLW HLQHU VSH]LILVFKHQ $NWLYLWlW YRQ P&LPPRO ZXUGH YRQ

$PHUVKDP&R/LWWOH&KDOIRQW(QJODQGEH]RJHQ'DV/|VXQJVPLWWHO7ROXROZXUGHYRUGHQ ([SHULPHQWHQ PLW 6WLFNVWRII DEJHEODVHQ XQG GDV UDGLRDNWLY PDUNLHUWH %HQ]R>D@S\UHQ LQ GHU IDFKHQ0HQJH'LPHWK\OVXOIR[LG'062DXIJHQRPPHQZDV HLQHU.RQ]HQWUDWLRQYRQ P0HQWVSUDFK

6RQVWLJH5HDJHQ]LHQ

3URGXNW EH]RJHQYRQ

$FHWRQ $OGULFK6WHLQKHLP

'062'LPHWK\OVXOIR[LG )OXND%XFKV6FKZHL]

*HODWLQH7\S$ 6LJPD'HLVHQKRIHQ

,RGDFHWDPLG 6LJPD'HLVHQKRIHQ

'0DQQLWRO 6LJPD'HLVHQKRIHQ

>ñ+@'0DQQLWRO

VSH]$NWLYLWlW&LPPRO

,&1%LRPHGLFDOV,QF(VFKZHJH

(26)

0HWKDQRO 0DOOLQFNURGW%DNHU'HYHQWHU+ROODQG

0. %LRPRO+DPEXUJ

D1DSKWKRIODYRQ%HQ]RIODYRQ 6LJPD'HLVHQKRIHQ E1DSKWKRIODYRQ%HQ]RIODYRQ 6LJPD'HLVHQKRIHQ

1HXWUDOURW 6LJPD'HLVHQKRIHQ

3HQLFLOOLQ6WUHSWRP\FLQ ,8E]Z—JPO

*LEFR%5/(JJHQVWHLQ

3UREHQHFLG 6LJPD'HLVHQKRIHQ

7ROXRO $OGULFK6WHLQKHLP

7U\SVLQ('7$6ROXWLRQ[ *LEFR%5/(JJHQVWHLQ

9HUDSDPLO 6LJPD'HLVHQKRIHQ

9LQEODVWLQVXOIDW 6LJPD'HLVHQKRIHQ

>*ñ+@9LQEODVWLQVXOIDW

VSH]$NWLYLWlW&LPPRO

$PHUVKDP&R/LWWOH&KDOIRQW(QJODQG

$OOHQLFKWJHVRQGHUWDXIJHIKUWHQ5HDJHQ]LHQZXUGHQYRQGHU)LUPD0HUFN(XURODE*PE+

'DUPVWDGW EH]RJHQ /|VXQJVPLWWHO GLH IU GLH +3/& RGHU ]XP $QVHW]HQ YRQ 6WDQGDUGV YHUZHQGHW ZXUGHQ KDWWHQ GLH 4XDOLWlW +3/& JUDGLHQW JUDGH $OOH DQGHUHQ 6XEVWDQ]HQ ZXUGHQLQGHQ*UDGHQUHLQVWRGHUSDYHUZHQGHW+RFKUHLQHV:DVVHUZXUGHHLQHP0LOOL 4SOXV3):DVVHUUHLQLJXQJV6\VWHPHQWQRPPHQ0LOOLSRUH*PE+(VFKERUQ

)HUWLJPHGLHQIUGLH=HOONXOWXU

'XOEHFFRV0RGLILHG(DJOHV0HGLXP'0(0ZXUGHYRQ*LEFR%5/(JJHQVWHLQEH]RJHQ

(27)

9HUZHQGHWH3XIIHU 3%63XIIHU

6WRII 0HQJH>JO@

&D&O

.&O

.+32

0J&O+2

1D+32+2

1D&O

'LH DEJHZRJHQHQ &KHPLNDOLHQ ZXUGHQ PLW 0LOOL4SOXV 3):DVVHU DXI O DXIJHIOOW

$QVFKOLHVVHQGZXUGHGLH/|VXQJDXWRNODYLHUW

0RGLIL]LHUWH 5LQJHUO|VXQJ S+ IU GHQ (LQVDW] LQ GHU =HOONXOWXU +262<$ HW DO

6WRII 0HQJH>JO@

&D&O

'*OXNRVH

+(3(6

.&O

.+32

0J&O+2

0J62

1D+32+2

1D&O

$XFKEHLGLHVHP3XIIHUZXUGHQGLHDEJHZRJHQHQ&KHPLNDOLHQPLW0LOOL4SOXV3):DVVHUDXI ODXIJHIOOWXQGGLH/|VXQJDXWRNODYLHUW

(28)

9HUEUDXFKVPDWHULDOLHQXQG/DERUKLOIVPLWWHO

3URGXNW EH]RJHQYRQ

XQGPO*ODVVSULW]HQ)RUWXQD£ 2PQLODE/DERU]HQWUXP*HKUGHQ

*ODVSHWULVFKDOHQFPð'XUDQ£ 2PQLODE/DERU]HQWUXP*HKUGHQ

.U\RU|KUFKHQ 1DOJHQH5RFKHVWHU1<86$

0LNUROLWHUVSULW]HQXQG—O +DPLOWRQ%RQDGX]$*%RQDGX]6FKZHL]

2'63XOYHU&3XOYHU 0DOOLQFNURGW%DNHU'HYHQWHU+ROODQG

37)()ULWWHQ 0DOOLQFNURGW%DNHU'HYHQWHU+ROODQG

6SLW]NROEHQPO'XUDQ£ 2PQLODE/DERU]HQWUXP*HKUGHQ 6SLW]NROEHQPO'XUDQ£ 2PQLODE/DERU]HQWUXP*HKUGHQ 6WHULOILOWHUHLQKHLWHQ—P 1DOJHQH5RFKHVWHU1<86$

7UDQVZHOO£PP'XUFKPHVVHU

—P3RUHQJU|VVH

&RUQLQJ&RVWDU&R&DPEULGJH0$86$

=HOONXOWXUIODVFKHQFPð *UHLQHU&HOOVWDU)ULFNHQKDXVHQ

=HOONXOWXUIODVFKHQFPð *UHLQHU&HOOVWDU)ULFNHQKDXVHQ

3HUPDQHQWH=HOOOLQLH

&DFRLVWHLQHPHQVFKOLFKH.RORQNDU]LQRP]HOOLQLHGLHYRQGHU(XURSHDQ&ROOHFWLRQRI&HOO

&XOWXUH PLW GHU 3DVVDJHQXPPHU EH]RJHQ ZXUGH (&$&& 1R 'DV 1lKUPHGLXP ]XU .XOWLYLHUXQJ GLHVHU =HOOLQLH EHVWDQG DXV 'XOEHFFRV 0RGLILHG (DJOH 0HGLXP*LEFR%5/(JJHQVWHLQGHPYYI|WDOHV5LQGHUVHUXP&\WRJHQ /RKPDU VRZLH3HQLFLOOLQ6WUHSWRP\FLQ,8POE]Z—JPO]XJHVHW]WZXUGHQ

(29)

0HWKRGHQ

0HWKRGHQ]XU=HOONXOWXU

'LH.XOWLYLHUXQJGHUSHUPDQHQWHQ=HOOLQLH&DFR

'LH=HOOHQZXUGHQLQRGHUFPðJUR‰HQ=HOONXOWXUIODVFKHQNXOWLYLHUWXQGEHIDQGHQVLFK ZlKUHQG GLHVHU =HLW LQ HLQHP %UXWVFKUDQN 1XDLUH 6DUVWHGW EHL UHODWLYHU /XIWIHXFKWLJNHLWXQG&2±%HJDVXQJ'DV.XOWXUPHGLXPGHU&DFRZXUGHDOOHELV 7DJHJHZHFKVHOWRGHUHVZXUGHQGLH=HOOHQSDVVDJLHUW=XP=HLWSXQNWGHU3DVVDJLHUXQJZDU GHU0RQROD\HU]XELVNRQIOXHQWHWZD&DFR=HOOHQSURFPð'DIUZXUGH GDV0HGLXPDEJHVDXJWXQG POHLQHU7U\SVLQ('7$3%6/|VXQJ(QGNRQ]HQWUDWLRQ 7U\SVLQ XQG ('7$ LQ GLH .XOWXUIODVFKH JHJHEHQ 1DFK PLQWLJHU ,QNXEDWLRQ EHL

ƒ& NRQQWHQ GLH =HOOHQ PLW IULVFKHP 0HGLXP YRP )ODVFKHQERGHQ DEJHO|VW XQG DQVFKOLH‰HQGEHLJDE]HQWULIXJLHUWZHUGHQ'HUWU\SVLQKDOWLJHhEHUVWDQGZXUGHGDUDXIKLQ DEJHVDXJWXQGGLH=HOOHQLQIULVFKHV0HGLXPDXIJHQRPPHQ'LH9HUWHLOXQJDXIQHXHFPð .XOWXUIODVFKHQJHVFKDKLP9HUKlOWQLVZDVHLQHU$XVVDKWGLFKWHYRQ =HOOHQSURFPð HQWVSUDFK

(LQIULHUHQGHU=HOOHQ

=XU /DQJ]HLWODJHUXQJ LQ HLQHP )OVVLJVWLFNVWRIIEHKlOWHU ƒ& ZXUGHQ GLH =HOOHQ DEWU\SVLQLHUWXQGDQVFKOLH‰HQGLQ(LQIULHUPHGLXPDXIJHQRPPHQ$XIGDV=HOOSHOOHWHLQHU FPðJUR‰HQ.XOWXUIODVFKHZXUGHPO(LQIULHUPHGLXPJHJHEHQXQGMHPOGHU/|VXQJZXUGH LQ HLQ PO IDVVHQGHV .U\RU|KUFKHQ JHIOOW 'DV HQWVSUDFK HLQHU =HOOGLFKWH YRQ

=HOOHQ SUR PO 'LH 5|KUFKHQ ZXUGHQ LQ HLQHQ DXI ƒ& YRUJHNKOWHQ XQG PLW ,VRSURSDQRO JHIOOWHQ(LQIULHUFRQWDLQHU1DOJHQH5RFKHVWHU1<86$JHVWHOOWXQGGLHVHUEHU1DFKWLQ HLQHU .KOWUXKH EHL ƒ& GHSRQLHUW 'HU &RQWDLQHU JHZlKUOHLVWHWH HLQH VFKRQHQGH

$ENKOXQJ GHU HLQ]XIULHUHQGHQ =HOOHQ DXI GLH *HIULHUWHPSHUDWXU YRQ ƒ& PLW ƒ& SUR 0LQXWH 6WXQGHQ VSlWHU ZXUGHQ GLH =HOOHQ GDQQ LQ GHQ )OVVLJVWLFNVWRIIFRQWDLQHU

EHUIKUW

(30)

%HVWDQGWHLOHGHV(LQIULHUPHGLXPV 0HQJHPO

'0(0PLWYYI|WDOHP5LQGHUVHUXP

'062

3HQLFLOOLQ6WUHSWRP\FLQO|VXQJ,8POE]Z—JPO

$XIWDXHQGHU=HOOHQ

(LQ 7LHIJHIULHUU|KUFKHQ ZXUGH QDFK GHU (QWQDKPH DXV GHP )OVVLJVWLFNVWRIIFRQWDLQHU XPJHKHQG LQ HLQHP ƒ& ZDUPHQ :DVVHUEDG JHVFKZHQNW ELV GLH =HOOHQ XQG GDV (LQIULHUPHGLXP DXIJHWDXW ZDUHQ 8QPLWWHOEDU GDQDFK ZXUGHQ GLH =HOOHQ HQWQRPPHQ LQ POIULVFKHV0HGLXPJHJHEHQXQGEHLJDE]HQWULIXJLHUW'DVJHVSOWH=HOOSHOOHWZXUGHLQ PO.XOWXUPHGLXPDXIJHQRPPHQXQGLQHLQHUFPðJUR‰HQ.XOWXUIODVFKHDXVJHVlKW1DFK ELV7DJHQHUIROJWHGLHZHLWHUH3DVVDJLHUXQJ

.XOWLYLHUXQJGHU&DFR=HOOHQLP7UDQVZHOO££6\VWHP

)U 8QWHUVXFKXQJHQ ]XP 7UDQVSRUW YRQ >&@PDUNLHUWHP XQG YRQ QLFKW PDUNLHUWHP

%HQ]R>D@S\UHQ EHU GHQ &DFR 0RQROD\HU ZXUGHQ GLH =HOOHQ LQ HLQHU 'LFKWH YRQ

=HOOHQSURFPðDXIGLHMHFPðJUR‰HQ3RO\FDUERQDWPHPEUDQHQGHU7UDQVZHOO£6FKlOFKHQ DXVJHVlKW+LJK'HQVLW\6HHGLQJ'LH6FKlOFKHQVLQGGDGXUFKFKDUDNWHULVLHUWGD‰VLHHLQH REHUHXQGHLQHXQWHUH.DPPHU DXIZHLVHQGLHGXUFK HLQH SHUPHDEOH 3RO\FDUERQDWPHPEUDQ JHWUHQQW VLQG %HLGH .DPPHUKlOIWHQ ZXUGHQ PLW .XOWXUPHGLXP JHIOOW 'LH .XOWLYLHUXQJVGDXHU ELV ]XP %HJLQQ GHU 9HUVXFKH EHWUXJ ELV 7DJH ZREHL GDV .XOWXUPHGLXPDOOHELV7DJHJHZHFKVHOWZXUGH$P7DJQDFKGHU$XVVDKWZDUHQGLH

=HOOHQ GHV JHVFKORVVHQHQ 0RQROD\HUV YROOVWlQGLJ DXVGLIIHUHQ]LHUW XQG ]HLJHQ W\SLVFKH

&KDUDNWHULVWLNDYRQ'QQGDUPHQWHUR]\WHQ+,'$/*2HWDO%28/(1& HWDO 'LHIU7UDQVSRUWVWXGLHQPD‰JHEOLFKH.RQIOXHQ]GHV0RQROD\HUVXQGGLH,QWHJULWlWGHU7LJKW -XQFWLRQVZXUGHQ PLW ]ZHL 0HWKRGHQ EHUSUIW ]XP HLQHQ EHU GLH 0HVVXQJ GHV >+@

0DQQLWRO)OX[HV EHU GHQ &DFR 0RQROD\HU VRZLH GHV ZHLWHUHQ EHU GLH 0HVVXQJ GHV WUDQVHSLWKHOLDOHQHOHNWULVFKHQ:LGHUVWDQGHV7((5

(31)

0HVVXQJGHV>+@0DQQLWRO)OX[HVEHUGHQ&DFR0RQROD\HU

$P 7DJ QDFK %HJLQQ GHU .XOWLYLHUXQJ LP 7UDQVZHOO£6\VWHP ZXUGHQ GLH &DFR 0RQROD\HUDXILKUH*HVFKORVVHQKHLWXQWHUVXFKWXPVLFKHU]XVWHOOHQGD‰ GLHVH LQWDNW ZDUHQ EHYRUVLHIU7UDQVSRUWXQWHUVXFKXQJHQHLQJHVHW]WZRUGHQVLQG

8PHLQHJHQDXH$XVVDJHEHUGLH8QYHUVHKUWKHLWGHV&DFR0RQROD\HUV]XHUKDOWHQZXUGH GHU)OX[YRQ7ULWLXPPDUNLHUWHP0DQQLWROEHUGHQ=HOOPRQROD\HULQHLQHP=HLWUDXPYRQ 6WXQGHQ JHPHVVHQ 'DEHL ZXUGH GHP 0HGLXP GHU DSLNDOHQ .DPPHUQ —&L DEVROXW ]XJHJHEHQ ZDV HLQHU .RQ]HQWUDWLRQ YRQ Q0 HQWVSUDFK 'LHVHOEH 0HQJH DQ NDOWHP 0DQQLWRO ZXUGH GHP 0HGLXP GHU EDVRODWHUDOHQ .DPPHUQ ]XJHJHEHQ XP JOHLFKH .RQ]HQWUDWLRQHQDXIGHQEHLGHQ6HLWHQ]XHUKDOWHQXQGRVPRWLVFKH(IIHNWHDXV]XVFKOLHVVHQ

$XVGHQ.DPPHUQEHLGHU6HLWHQZXUGHQGDQQ]XMHGHU6WXQGH3UREHQYRQMH—OJH]RJHQ 'LHVHZXUGHQQDFK=XJDEHYRQMHZHLOVPOGHV)OVVLJV]LQWLOODWLRQVFRFNWDLOV(FR/LWH£ ,&1

%LRPHGLFDOV ,QF (VFKZHJH LQ HLQHP 6]LQWLOODWLRQV]lKOHU :DOODF $'/ 1LHQKDJHQ DXVJH]lKOW :lKUHQG GHV 9HUVXFKHV VWDQGHQ GLH 7UDQVZHOOV DXI HLQHP LP %UXWVFKUDQN SRVWLHUWHQ 6FKWWOHU +HLGROSK ,QVWUXPHQWV *PE+ &R .* 6FKZDEDFK GHU GLH .XOWXUJHIl‰HLQKRUL]RQWDOHU(EHQHVDQIWNUHLVHQGEHZHJWH5RWDWLRQVVWXIH

'LH 0DQQLWRO.RQ]HQWUDWLRQHQ LQ GHQ MHZHLOLJHQ 7UDQVZHOONDPPHUQ ZXUGHQ DQKDQG GHU JHPHVVHQHQ FRXQWV SHU PLQXWH NXU] FSP HUUHFKQHW $EVFKQLWW $QVFKOLHVVHQG NRQQWH GHU DSSDUHQWH 3HUPHDELOLWDWLRQVNRHIIL]LHQW NXU] 3DSS IU GLH HQWVSUHFKHQGHQ 0RQROD\HU DXVJHUHFKQHW ZHUGHQ XP HLQH YHUJOHLFKEDUH $XVVDJH EHU GLH *HVFKORVVHQKHLW GHU &DFR =HOOHQ WUHIIHQ ]X N|QQHQ $57856621 XQG .$5/6621 'LH (QGNRQ]HQWUDWLRQHQ DQ UDGLRDNWLYHP 0DQQLWRO LQ GHQ EDVDOHQ .DPPHUQ VROOWHQ QDFK ]ZHL 6WXQGHQ QLFKW PHKU DOV GHU HLQJHVHW]WHQ $XVJDQJVNRQ]HQWUDWLRQHQ LQ GHQ DSLNDOHQ .DPPHUQEHWUDJHQKDEHQXPVLFKHU]XVWHOOHQGD‰GLH0RQROD\HUZLUNOLFKLQWDNWZDUHQ

0HVVXQJGHVWUDQVHSLWKHOLDOHQHOHNWULVFKHQ:LGHUVWDQGHV7((5

=XU%HVWLPPXQJGHVWUDQVHSLWKHOLDOHQ:LGHUVWDQGHVZXUGHHLQ(SLWKHO9ROWRKPPHWHU:RUOG 3UHFLVLRQ ,QVWUXPHQWV ,QF 6DUDVRWD )/ 86$ PLW VRJHQDQQWHQ &KRSVWLFN(OHNWURGHQ YHUZHQGHW 'D LQ GHQ 9RUXQWHUVXFKXQJHQ IHVWJHVWHOOW ZXUGH GD‰ GHU WUDQVHSLWKHOLDOH :LGHUVWDQGWHPSHUDWXUDEKlQJLJLVWZXUGHQGLH7UDQVZHOOVFKDOHQPLWGHQGDULQNXOWLYLHUWHQ

(32)

&DFR =HOOHQ PLQ YRU GHU 0HVVXQJ DXV GHP %UXWVFKUDQN JHQRPPHQ GDPLW GLHVH LP NOLPDWLVLHUWHQ =HOODERU GLH NRQVWDQWH 8PJHEXQJVWHPSHUDWXU YRQ ƒ& DQQHKPHQ NRQQWHQ 'LH KLHU YHUZHQGHWH &KRSVWLFN(OHNWURGH ZXUGH DQ MH ]ZHL YHUVFKLHGHQHQ (LQOlVVHQ GHU 7UDQVZHOONDPPHUQHLQJHVHW]WXQGGHUWUDQVHSLWKHOLDOH:LGHUVWDQGJHPHVVHQ

%HL JHVFKORVVHQHP 0RQROD\HU PXVV GHU HUUHFKQHWH :LGHUVWDQG JHPHVVHQHU :HUW PLQXV /HHUZHUW EHU :FPð EHWUDJHQ +817(5 HW DO 'LHVH 0H‰ZHUWH VROOWHQ ZlKUHQGGHU8QWHUVXFKXQJHQEHLEHKDOWHQZHUGHQ

hEHUSUIXQJGHU7UDQVSRUWIXQNWLRQDOLWlWGHV&DFR0RQROD\HUV

8P GLH IU GLH ([SHULPHQWH ZLFKWLJH )XQNWLRQDOLWlW GHU &DFR =HOOHQ LQ %H]XJ DXI GLH ([SULPLHUXQJGHV$%&7UDQVSRUWSURWHLQV3*O\NRSURWHLQ]XJHZlKUOHLVWHQZXUGHGHU)OX[

YRQ>+@9LQEODVWLQVXOIDWQDFKGHP9HUVXFKVSURWROOYRQ+817(5HWDOXQWHUVXFKW 8PGHQ4XHQFKHIIHNWEHLGHU)OVVLJV]LQWLOODWLRQV]lKOXQJ]XPLQGHUQZXUGHQGLHREHUHQXQG XQWHUHQ7UDQVZHOONDPPHUQPLWMHZHLOVPOPRGLIL]LHUWHU5LQJHUO|VXQJJHIOOW+262<$HW DO 'LH =lKODXVEHXWH EHL GHQ 3UREHQ PLW PRGLIL]LHUWHU 5LQJHUO|VXQJ ODJ XP K|KHU JHJHQEHU GHU $XVEHXWH GHU 0HGLXPSUREHQ 'DV UDGLRDNWLY PDUNLHUWH 9LQNDDONDORLG ZXUGH LQ HLQHU .RQ]HQWUDWLRQ YRQ P&L GHU DSLNDOHQ RGHU GHU EDVRODWHUDOHQ 7UDQVZHOONDPPHU ]XJHJHEHQ XQG GDUDXIKLQ GHU )OX[ ]XU JHJHQEHUOLHJHQGHQ .DPPHU DXI GHUDQGHUHQ6HLWHGHV0RQROD\HUVJHPHVVHQ([SULPLHUWHQ&DFR=HOOHQGDVIXQNWLRQHOOH3

*O\NRSURWHLQ VR PX‰WH EHU GHQ 8QWHUVXFKXQJV]HLWUDXP YRQ 6WXQGHQ HLQ GHXWOLFKHU 1HWWRWUDQVSRUWGHV>+@9LQEODVWLQVXOIDWV]XUDSLNDOHQ6HLWHGHV0RQROD\HUVKLQ]XHUNHQQHQ VHLQ=XUJHQDXHQ&KDUDNWHULVLHUXQJGHV7UDQVSRUWYRUJDQJHVZXUGHGHUVSH]LILVFKH+HPPHU GHV GXUFK 3*O\NRSURWHLQ YHUPLWWHOWHQ 7UDQVSRUWHV 9HUDSDPLO LQ HLQHU .RQ]HQWUDWLRQ YRQ

—0GHUPRGLIL]LHUWHQ5LQJHUO|VXQJ]XJHVHW]W

,Q EHLGHQ ([SHULPHQWHQ ZXUGHQ VWQGOLFK 3UREHQ YRQ —O DXV GHQ REHUHQ XQG XQWHUHQ .DPPHUQ GHV 7UDQVZHOO£6\VWHPV HQWQRPPHQ XQG PLW PO )OVVLJV]LQWLOODWLRQVFRFNWDLO YHUVHKHQ'LH9LDOVZXUGHQNXU]JHYRUWH[WXQG]XU0HVVXQJGHUHQWKDOWHQHQ5DGLRDNWLYLWlWLQ HLQHQ)OVVLJV]LQWLOODWLRQV]lKOHUJHVWHOOW'HU)OX[GHV>+@9LQEODVWLQVXOIDWHVZXUGH JHPl‰

GHU)RUPHODXV$EVFKQLWWHUUHFKQHW

(33)

'LHVH ([SHULPHQWH ZXUGHQ ]ZHLPDO ZlKUHQG GHU 8QWHUVXFKXQJHQ ]XP )OX[YHUKDOWHQ YRQ

>&@PDUNLHUWHP%HQ]R>D@S\UHQ$EVFKQLWWGXUFKJHIKUWXPVLFKHU]XVWHOOHQGD‰VLFK GLHMHZHLOLJH3RSXODWLRQGHU&DFR=HOOHQIUGLHEHYRUVWHKHQGHQ7UDQVSRUWXQWHUVXFKXQJHQ HLJQHWH

.XOWLYLHUXQJGHU&DFR=HOOHQDXI*ODVSHWULVFKDOHQ

%HYRUGLH&DFR=HOOHQLQ*ODVSHWULVFKDOHQNXOWLYLHUWZHUGHQNRQQWHQPXVVWHQGHUHQ%|GHQ PLW*HODWLQHEHVFKLFKWHWZHUGHQGDQXUVRHLQHJXWH$QKHIWXQJGHU=HOOHQHUP|JOLFKWZHUGHQ NRQQWH 0LW 0LOOL4SOXV3):DVVHU ZXUGH GLH *HODWLQH DXI PJPO HLQJHVWHOOW XQG LP :DVVHUEDGEHLƒ&YHUIOVVLJW$XIGLHHLQ]HOQHQ%RGHQIOlFKHQYRQFPðZXUGHQPO GHU/|VXQJJHJHEHQXQGPLQEHLƒ&LQNXELHUW'DQDFKZXUGHGLH/|VXQJDEJHVDXJWGLH )OlFKHPLW3%6[JHZDVFKHQXQGVRIRUWPLW.XOWXUPHGLXPXQG=HOOHQYHUVHKHQ

hEHUSUIXQJGHU&\WRWR[L]LWlWGHV%HQ]R>D@S\UHQV

1HXWUDOURW LVW HLQ )DUEVWRII GHU IU 8QWHUVXFKXQJHQ ]XU ,QWHJULWlW YRQ =HOOPHPEUDQHQ YHUZHQGHW ZLUG (LQH 3RSXODWLRQ LQWDNWHU =HOOHQ QLPPW ZlKUHQG GHU ,QNXEDWLRQ PLW GHP )DUEVWRII HLQH EHVWLPPWH 0HQJH YRQ GLHVHP DXI ZDV VLFK PLW +LOIH HLQHV /XPLQRPHWHUV JHQDXPHVVHQOl‰W'DV(UJHEQLVGLHVHU0HVVXQJNDQQGDQQDOV9HUJOHLFK]XGHU$XIQDKPH YRQ 1HXWUDOURW GXUFK =HOOSRSXODWLRQHQ KHUDQJH]RJHQ ZHUGHQ ZHOFKH PLW SRWHQWLHOO F\WRWR[LVFKHQ 6WRIIHQ LQNXELHUW ZRUGHQ VLQG )KUW HLQH %HKDQGOXQJ PLW HLQHU 6XEVWDQ] ]X HLQHUHUK|KWHQ5DWHDQWRWHQ=HOOHQVREHZLUNWGLHVHU8PVWDQGHLQHHUK|KWH$XIQDKPHGHV )DUEVWRIIHV EH]RJHQ DXI GLH JHVDPWH =HOOSRSXODWLRQ GD GLH 0HPEUDQHQ GHU WRWHQ RGHU VWHUEHQGHQ=HOOHQIU1HXWUDOURWGXUFKOlVVLJHUZHUGHQ

0LW +LOIH GHV 1HXWUDOURW&\WRWR[L]LWlWVWHVWHV VROOWH EHUSUIW ZHUGHQ GD‰ GLH NXOWLYLHUWHQ

&DFR=HOOHQZlKUHQGGHU([SHULPHQWHPLWYHUVFKLHGHQHQ.RQ]HQWUDWLRQHQGHV.DQ]HURJHQV

%HQ]R>D@S\UHQ XQG DQGHUHU YHUZHQGHWHU &KHPLNDOLHQ NHLQHQ IXQNWLRQHOOHQ 6FKDGHQ GDYRQJHWUDJHQKDEHQ+817(5HWDO-$&2%HWDO'HU$EODXIGHV7HVWVZDU LQHLQHP3URWRNROOGHU)LUPD'\QDWHFK'HXWVFKODQG*PE+'HQNHQGRUIYRUJHJHEHQ

&DFR=HOOHQZXUGHQ7DJHQDFK$XVVDKWDXI:HOO3ODWWHQIUHLQHQ=HLWUDXPYRQK PLW GHQ 6WRIIHQ LQNXELHUW ZHOFKH EHL GHQ VSlWHUHQ 9HUVXFKHQ LQ HQWVSUHFKHQGHQ

(34)

.RQ]HQWUDWLRQHQHLQJHVHW]WZXUGHQ1DFKGHU,QNXEDWLRQZXUGHGDV0HGLXPDEJHVDXJWXQG GLH =HOOHQ PLW 3%6 [ JHZDVFKHQ 'DUDXIKLQ ZXUGH MHGHP (LQOD‰ —O VHUXPIUHLHV '0(0]XJHJHEHQZHOFKHV1HXWUDOURWLQGHQ.RQ]HQWUDWLRQHQ>—JPO@HQWKLHOW1DFK VWQGLJHU ,QNXEDWLRQV]HLW ZXUGHQ GLH =HOOHQ ]ZHLPDO PLW 3%6 JHZDVFKHQ $QVFKOLHVVHQG ZXUGHQMHGHP(LQOD‰GHU0XOWLZHOOSODWWH—OHLQHU(LVHVVLJ$ONRKROO|VXQJPO(LVHVVLJ LQ PO LJHP (WKDQRO ]XJHJHEHQ 'LHVH ZXUGH GDQQ DXI HLQHP 6FKWWOHU IU PLQ VDQIWLQKRUL]RQWDOHU(EHQHJHVFKZHQNW

'HULQGHQ=HOOHQYHUEOLHEHQH*HKDOWDQ1HXWUDOURWZXUGHEHLHLQHU:HOOHQOlQJHYRQQP PLWHLQHP0LFURSODWH/XPLQRPHWHU$WKRV/DEWHF,QVWUXPHQWV:DOVgVWHUUHLFKJHPHVVHQ

(35)

'HU7UDQVSRUWYRQ>&@PDUNLHUWHP%HQ]R>D@S\UHQ

'LHGXUFKJHIKUWHQ7UDQVSRUWYHUVXFKHPLW>&@PDUNLHUWHP%HQ]R>D@S\UHQZXUGHQQLFKWPLW

=HOONXOWXUPHGLXP VRQGHUQ PLW PRGLIL]LHUWHU 5LQJHUO|VXQJ GXUFKJHIKUW GD VR GHU 4XHQFKHIIHNWIUGLH6]LQWLOODWLRQV]lKOXQJYHUPLQGHUWZHUGHQNRQQWH

)HUQHU PXVVWH HLQH XQJHKLQGHUWH $XIQDKPH GHV >&@PDUNLHUWHQ %HQ]R>D@S\UHQV GXUFK GLH

=HOOHQ JHZlKUOHLVWHW VHLQ 'D HV EHL &DFR =HOOHQ LP 7UDQVZHOO£±6\VWHP YRUNRPPW GD‰

HLQH PHKUHUH —P GLFNH :DVVHUODJH DQ GHU 2EHUIOlFKH GHU (SLWKHO]HOOHQ 8QVWLUUHG :DWHU /D\HUHQWVWHKWZHQQGDVLQYLWUR±6\VWHPQLFKWEHZHJWZLUGZXUGHZlKUHQGGHU9HUVXFKH HLQ 6FKWWOHU YHUZHQGHW PLW GHVVHQ +LOIH GLH 7UDQVZHOOV LQ KRUL]RQWDOHU (EHQH NUHLVHQG EHZHJW ZHUGHQ NRQQWHQ ',$021' %$55< XQG ',$021' 'DGXUFK NRQQWHGLH]HOOXOlUH$XIQDKPHGHVVHKUOLSRSKLOHQ$URPDWHQHUOHLFKWHUWZHUGHQ

8QWHUVXFKXQJHQ]XP7UDQVSRUWYRQ>&@PDUNLHUWHP%HQ]R>D@S\UHQ

9HUVXFKH PLW >&@PDUNLHUWHP %HQ]R>D@S\UHQ ZXUGHQ ELV 7DJH QDFK $XVVDKW GHU

&DFR=HOOHQDXIGLH7UDQVZHOO£,QVHUWVGXUFKJHIKUW1DFK(QWIHUQXQJGHV.XOWXUPHGLXPV ZXUGHQLQEHLGH.DPPHUKlOIWHQMHPOPRGLIL]LHUWH5LQJHUO|VXQJJHJHEHQ'DEHLHUIROJWH GLH=XJDEH YRQ >&@PDUNLHUWHP %HQ]R>D@S\UHQ LQ HLQHU .RQ]HQWUDWLRQ YRQ —0 ZDV —&L SUR :HOO HQWVSUDFK HQWZHGHU LQ GLH REHUHQ RGHU GLH XQWHUHQ .DPPHUQ GHV 7UDQVZHOO£6\VWHPV 1LFKWUDGLRDNWLY PDUNLHUWHV %HQ]R>D@S\UHQ ZXUGH GHQ JHJHQEHUOLHJHQGHQ .DPPHUQ QLFKW ]XJHJHEHQ hEHU HLQHQ =HLWUDXP YRQ K ZXUGHQ PLW +LOIH YRQ +DPLOWRQ6SULW]HQ 3UREHQ YRQ —O DXV GHQ REHUHQ XQG XQWHUHQ .DPPHU HQWQRPPHQ XQG PLW PO GHV )OVVLJV]LQLOODWLRQVFRFNWDLOV 5HDG\ 2UJDQLF£ %HFNPDQ ,QVWUXPHQWV *PE+ 0QFKHQ YHUVHKHQ 'LHVHU HLJQHWH VLFK JXW IU )OVVLJV]LQWLOODWLRQV]lKOXQJOLSRSKLOHU6XEVWDQ]HQ'LH9LDOVZXUGHQNXU]JHYRUWH[WXQG]XU 0HVVXQJ GHU HQWKDOWHQHQ 5DGLRDNWLYLWlW GHU 6]LQWLOODWLRQV]lKOXQJ ]XJHIKUW 'LH HQWQRPPHQHQ 3UREHQYROXPLQD ZXUGHQ QLFKW PLW HQWVSUHFKHQGHU =XJDEH YRQ PRGLIL]LHUWHU 5LQJHUO|VXQJ HUVHW]W =XU %HUHFKQXQJ GHV )OX[HV YRQ >&@PDUNLHUWHU 6XEVWDQ]

%HQ]R>D@S\UHQ RGHU %HQ]R>D@S\UHQ0HWDEROLWH EHU GLH &DFR 0RQROD\HU ZXUGHQ GLH LQ

$EVFKQLWWJH]HLJWHQ)RUPHOQYHUZHQGHW

(36)

,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR=HOOHQ

'LH+lOIWHGHUIUGHQ7UDQVSRUWYHUVXFK]XYHUZHQGHQGHQ0RQROD\HUZXUGHKYRU%HJLQQ GHV 9HUVXFKHV PLW —0E1DSKWKRIODYRQ LQ '062 LQNXELHUW XP GLH %HQ]R>D@S\UHQ PHWDEROLVLHUHQGHQ (Q]\PH &\WRFKURP 3 $ &<3$ XQG &\WRFKURP 3 %

&<3%LQGHQ=HOOHQ]XLQGX]LHUHQ*8(1*(5,&+ /, HWDO6&+5(1.

:$/.(5 HW DO (V VROOWH XQWHUVXFKW ZHUGHQ LQZLHZHLW HLQH ,QGXNWLRQ GHU 3KDVH (Q]\PH HLQHQ (LQIOX‰ DXI GLH 7UDQVSRUWUDWHQ YRQ >&@%HQ]R>D@S\UHQ KDW 'DV 0HGLXPGHUDQGHUHQ7UDQVZHOOVHQWKLHOW'062LQGHUVHOEHQLJHQ.RQ]HQWUDWLRQYY MHGRFK NHLQHQ ,QGXNWRU =X %HJLQQ GLHVHV 7UDQVSRUWYHUVXFKHV ZXUGH GDV .XOWXUPHGLXP HQWIHUQWXQGLQEHLGH.DPPHUKlOIWHQMHPOPRGLIL]LHUWH5LQJHUO|VXQJJHJHEHQ(VZXUGHQ HQWZHGHU LQ GLH REHUH RGHU GLH XQWHUH .DPPHU >&@PDUNLHUWHV %HQ]R>D@S\UHQ LQ HLQHU .RQ]HQWUDWLRQ YRQ —0 JHJHEHQ 1LFKWUDGLRDNWLY PDUNLHUWHV %HQ]R>D@S\UHQ ZXUGH GHQ JHJHQEHUOLHJHQGHQ .DPPHUQ QLFKW ]XJHJHEHQ hEHU HLQHQ =HLWUDXP YRQ K ZXUGHQ PLW +LOIHYRQ+DPLOWRQ6SULW]HQ—O3UREHQDXVREHUHUXQGXQWHUHU.DPPHUHQWQRPPHQXQG GHU 6]LQWLOODWLRQV]lKOXQJ ]XJHIKUW 'LH HQWQRPPHQHQ 3UREHQYROXPLQD ZXUGHQ QLFKW PLW HQWVSUHFKHQGHU =XJDEH YRQ PRGLIL]LHUWHU 5LQJHUO|VXQJ HUVHW]W =XU %HUHFKQXQJ GHV )OX[HV YRQ >&@PDUNLHUWHU 6XEVWDQ] %HQ]R>D@S\UHQ RGHU %HQ]R>D@S\UHQ0HWDEROLWH EHU GLH

&DFR0RQROD\HUZXUGHQGLHLQ$EVFKQLWWJH]HLJWHQ)RUPHOQYHUZHQGHW

&KHPLVFKH+HPPXQJYRQ&<3$XQG&<3%LQGHQ=HOOHQ

(VZXUGHQKYRU%HJLQQGHV7UDQVSRUWYHUVXFKHVGLH]XYHUZHQGHQGHQ0RQROD\HUPLW

—0E1DSKWKRIODYRQLQ'062LQNXELHUWXPHQWVSUHFKHQGH(Q]\PH]XLQGX]LHUHQ

D1DSKWKRIODYRQ LVW HLQ VHOHNWLYHU ,QKLELWRU YRQ &<3$ XQG &<3% &+$1* HW DO ,Q JHULQJHQ .RQ]HQWUDWLRQHQ QDQRPRODUHU %HUHLFK KHPPW HV GLH $NWLYLWlW GHV

&<3% XQG HUVW LQ K|KHUHQ 'RVHQ PLNURPRODUHU %HUHLFK NRPPW HV ]XU LQKLELWRULVFKHQ

%HHLQIOXVVXQJGHV&<3$6+,0$'$ HWDO

=XU+HPPXQJGHU&\WRFKURPHZXUGHD1DSKWKRIODYRQHLQH6WXQGHYRUGHP9HUVXFKVVWDUW LQ HLQHU .RQ]HQWUDWLRQ YRQ —0 LQ '062 DXI GLH =HOOHQ JHJHEHQ 'HU ZHLWHUH $EODXI HUIROJWHZLHLQ$EVFKQLWWEHVFKULHEHQ

(37)

8QWHUVXFKXQJHQ]XU$73$EKlQJLJNHLWGHV7UDQVSRUWHVYRQ>&@%HQ]R>D@S\UHQ

=XU ZHLWHUHQ (LQJUHQ]XQJ P|JOLFKHU 0HFKDQLVPHQ GLH (LQIOX‰ DXI GDV )OX[YHUKDOWHQ YRQ GHU >&@PDUNLHUWHQ 6XEVWDQ] KDEHQ N|QQWHQ ZXUGH GLH LQWUD]HOOXOlUH $731HXV\QWKHVH GXUFK *DEH YRQ P0 ,RGDFHWDPLG ]XP =HLWSXQNW K QDFK 9HUVXFKVEHJLQQ EORFNLHUW (V VROOWH VRPLW HLQH P|JOLFKH (QHUJLHDEKlQJLJNHLW EHL JHULFKWHWHP 7UDQVSRUW YRQ GHU >&@

PDUNLHUWHQ 6XEVWDQ] %HQ]R>D@S\UHQ RGHU %HQ]R>D@S\UHQ0HWDEROLWH GHPRQVWULHUW ZHUGHQ GD MHJOLFKH $73VSDOWHQGHQ 6WUXNWXUHQ GXUFK GLH IHKOHQGH 1HXV\QWKHVH DQ LKUHU :LUNXQJ JHKLQGHUWZUGHQ'HUZHLWHUH$EODXIHUIROJWHZLHYRUKHUEHVFKULHEHQ$EVFKQLWW

&KHPLVFKH+HPPXQJGHU3*O\NRSURWHLQ$NWLYLWlW

=XU 8QWHUVXFKXQJ HLQHU HYHQWXHOO YRUKDQGHQHQ %HWHLOLJXQJ GHV 3*O\NRSURWHLQV DQ HLQHP OXPHQVHLWLJ JHULFKWHWHQ 7UDQVSRUW YRQ GHU >&@PDUNLHUWHQ 6XEVWDQ] %HQ]R>D@S\UHQ RGHU

%HQ]R>D@S\UHQ0HWDEROLWH ZXUGH GHU &DOFLXP.DQDO%ORFNHU 9HUDSDPLO HLQJHVHW]W 'LHVHU VHOHNWLYH ,QKLELWRU GHV 3*O\NRSURWHLQV ]HLJWH ]XYRU EHL GHU 8QWHUVXFKXQJ GHV >ñ+@

9LQEODVWLQVXOIDW)OX[HV HLQH GHXWOLFK KHPPHQGH :LUNXQJ $XIJUXQG GHVVHQ ZXUGH HLQH .RQ]HQWUDWLRQ YRQ —0 LQ PRGLIL]LHUWHU 5LQJHUO|VXQJ HUVWHOOW PLW GHU GLH =HOOHQ HLQH 6WXQGH YRU 9HUVXFKVEHJLQQ LQNXELHUW ZRUGHQ VLQG 'HU ZHLWHUH $EODXI HUIROJWH ZLH EHUHLWV EHVFKULHEHQ$EVFKQLWW

&KHPLVFKH+HPPXQJGHU053$NWLYLWlW

$OVHLQ0RGXODWRUDQGHUHU$%&7UDQVSRUWSURWHLQHZXUGH3UREHQHFLGYHUZHQGHW3UREHQHFLG KHPPWGHQXQLGLUHNWLRQDOHQ7UDQVSRUWRUJDQLVFKHU$QLRQHQGLHDOV6XEVWUDWHGHU0XOWLSOH 5HVLVWHQFHUHODWHG 3URWHLQV 053 XQG 053 LGHQWLIL]LHUW ZRUGHQ VLQG 9(56$1'792257 HW DO *2//$38', HW DO )U GLHVH 8QWHUVXFKXQJ ZXUGH3UREHQHFLGLQHLQHU.RQ]HQWUDWLRQYRQP0HLQJHVHW]WXPHLQHP|JOLFKH%HWHLOLJXQJ GLHVHU$%&7UDQVSRUWSURWHLQHQDFK]XZHLVHQ$XFKKLHUZXUGHQGLH =HOOHQ HLQH 6WXQGH YRU 9HUVXFKVEHJLQQ PLW GHP +HPPHU GHU 053V LQNXELHUW 'HU ZHLWHUH $EODXI HUIROJWH ZLH YRUKHULQ$EVFKQLWWEHVFKULHEHQ

(38)

'QQVFKLFKWFKURPDWRJUDSKLH

+LQZHLVH ]XU %HGHXWXQJ GHU 0HWDEROLVLHUXQJ EHL GHP ]X EHVFKUHLEHQGHQ )OX[ GHU >&@

PDUNLHUWHQ6XEVWDQ]%HQ]R>D@S\UHQRGHU%HQ]R>D@S\UHQ0HWDEROLWHEHU&DFR0RQROD\HU VROOWH HLQH SRODUH $XIWUHQQXQJ GHU UDGLRDNWLYHQ )UDNWLRQHQ EULQJHQ (V ZXUGH GHVKDOE HLQ 7UDQVSRUWYHUVXFK GXUFKJHIKUW ZLH HU LQ $EVFKQLWW EHVFKULHEHQ ZRUGHQ LVW (V ZXUGHQ LQ GLHVHP )DOO MHGRFK QXU ]X =HLWSXQNWHQ 3UREHQ DXV GHQ REHUHQ XQG XQWHUHQ 7UDQVZHOO£.DPPHUQJH]RJHQ'LH]XP(QGHGHV)OX[YHUVXFKHVHQWQRPPHQHQ9ROXPLQDDQ PRGLIL]LHUWHU 5LQJHUO|VXQJ GHU DSLNDOHQ RGHU GHU EDVRODWHUDOHQ 7UDQVZHOO£.DPPHUQ GHU 'UHLIDFKDQVlW]H ZXUGHQ ]XVDPPHQJHEUDFKW XQG DOV MH HLQH 3UREH DXIJHDUEHLWHW 'LH GDULQ HQWKDOWHQHQ UDGLRDNWLYHQ )UDNWLRQHQ ZXUGHQ PLWWHOV 'QQVFKLFKWFKURPDWRJUDSKLH DXI HLQHQ P|JOLFKHQ*HKDOWDQ>&@%HQ]R>D@S\UHQ0HWDEROLWHQXQWHUVXFKW

'DV LQ GHU PRGLIL]LHUWHQ 5LQJHUO|VXQJ HQWKDOWHQH UDGLRDNWLYH %HQ]R>D@S\UHQ ZXUGH GXUFK )HVWSKDVHQH[WUDNWLRQ JHZRQQHQ 'D]X ZXUGHQ GLH 3UREHQ DXI ([WUHOXW£6lXOHQ 0HUFN (XURODE*PE+'DUPVWDGWJHJHEHQXQGGDVZl‰ULJH0HGLXPKHUDXVJHGUFNW%(1)(1$7, HWDO'LHDXIGHQ6lXOHQ]XUFNJHEOLHEHQHQUDGLRDNWLYHQ)UDNWLRQZXUGHQGDQQPLW PO 'LHWK\OHWKHU(WKDQRO YRQ GHQ 6lXOHQ KHUXQWHUJHVSOW 'DV /|VXQJVPLWWHOJHPLVFK ZXUGH XQWHU 6WLFNVWRIIEHJDVXQJ YHUGDPSIW XQG HV HUIROJWH HLQH :LHGHUDXIQDKPH GHU H[WUDKLHUWHQ3UREHQLQMH—O0HWKDQRO

'LH $XIWUHQQXQJ IDQG DXI GHP .LHVHOJHO HLQHU 36&'QQVFKLFKWFKURPDWRJUDSKLHSODWWH 0HUFN (XURODE *PE+ 'DUPVWDGW VWDWW 'LH HLQ]HOQHQ —O3UREHQ ZXUGHQ JHWHLOW XQG ]ZHLPDO —O QHEHQHLQDQGHU DXI YRUJH]HLFKQHWH 6WDUWSXQNWH JHJHEHQ 1DFK NXU]HU 7URFNQXQJ ZXUGH GLH 3ODWWH LQ HLQH /DXINDPPHU JHJHEHQ 'DV )OLH‰PLWWHO EHVWDQG DXV 7HLOHQ 3HWUROHWKHU XQG DXV HLQHP 7HLO (VVLJHVWHU $OV GLH )OLH‰PLWWHOIURQW GHU 3ODWWH

EHU]RJHQKDWWHZXUGHGLHVHDXVGHU.DPPHUJHQRPPHQXQGJHWURFNQHW'DV.LHVHOJHOGHU EHVFKULHEHQHQ%DKQHLQHU3UREHZXUGHLQNXU]HQ$EVWlQGHQLQJOHLFKJUR‰HQ6WFNHQYRQGHU 3ODWWHJHNUDW]WSXOYHULVLHUWXQGGHU6]LQWLOODWLRQV]lKOXQJ]XJHIKUW

(39)

8QWHUVXFKXQJHQ ]X 0HWDEROLVPXV XQG 7UDQVSRUW YRQ %HQ]R>D@S\UHQ XQG

%HQ]R>D@S\UHQ0HWDEROLWHQ

+3/&$QDO\WLNYRQ%HQ]R>D@S\UHQXQGVHLQHQ0HWDEROLWHQ

=XU GHWDLOLHUWHQ 8QWHUVXFKXQJ GHU P|JOLFKHUZHLVH WUDQVSRUWLHUWHQ %HQ]R>D@S\UHQPHWDEROLWH ZXUGH HLQH JUR‰H $Q]DKO XQWHUVFKLHGOLFKHU 3UREHQ DXV 9HUVXFKHQ PLW &DFR =HOOHQ HLQHU KRFKDXIO|VHQGHQ 6lXOHQFKURPDWRJUDSKLH +LJK 3HUIRUPDQFH /LTXLG &KURPDWRJUDSK\

+3/&XQWHU]RJHQGLHHLQH$XIWUHQQXQJYHUVFKLHGHQVWHU0HWDEROLWHHUP|JOLFKWH

'LHDQJHZDQGWH$QDO\VHQPHWKRGHZXUGHLQ=XVDPPHQDUEHLWPLWGHP%LRFKHPLVFKHQ,QVWLWXW IU8PZHOWFDUFLQRJHQH3URI'U*HUQRW*ULPPHU6WLIWXQJ*UR‰KDQVGRUIHQWZLFNHOW6LH EHVWDQG DXV HLQHU 3UREHQDXIEHUHLWXQJ PLW )OVVLJ XQG )HVWSKDVHQH[WUDNWLRQHQ DQVFKOLHVVHQGHU5RWDWLRQVYHUGDPSIXQJXQGGHU$QDO\VHPLWWHOVUHYHUVHGSKDVH+3/&

'LH4XDQWLIL]LHUXQJGHV%HQ]R>D@S\UHQVXQGGHU0HWDEROLWHQHUIROJWHEHUGLH=XJDEHHLQHV LQWHUQHQ 6WDQGDUGV ZHOFKHU LQ JHQDX GHILQLHUWHU 0HQJH MHGHU 3UREH ZlKUHQG GHU

$XIDUEHLWXQJ ]XJHVHW]W ZXUGH $OV LQWHUQHU 6WDQGDUG ZXUGH GDV LQ 7ROXRO JHO|VWH ,QGHQR>FG@IOXRUDQWKHQ,1)YHUZHQGHW

9HUZHQGHWH*HUlWH

'LH)OVVLJXQG)HVWSKDVHQH[WUDNWLRQHQHUIROJWHQSHU+DQG'LHPOIDVVHQGHQ.DUWXVFKHQ IU GLH )HVWSKDVHQH[WUDNWLRQ 0DOOLQFNURGW %DNHU 'HYHQWHU +ROODQG ZDUHQ PLW PJ UHYHUVHG SKDVH2'60DWHULDO JHIOOW &.DUWXVFKHQ 'DV +3/&6\VWHP EHVWDQG DXV HLQHP(QWJDVHUHLQHUELQlUHQ3XPSHHLQHP$XWRLQMHNWRUHLQHP6lXOHQRIHQHLQHP'LRGHQ

$UUD\'HWHNWRU VRZLH GHP &KHP 6WDWLRQ3URJUDPP GHU +HZOHWW3DFNDUG /LTXLG

&KURPDWRJUDSK6HULH+HZOHWW3DFNDUG*PE+:DOGEURQQ

3UREHQDXIEHUHLWXQJ

'DV0HWKDQROZHOFKHV]XU([WUDNWLRQYRQ%HQ]R>D@S\UHQXQGVHLQHUHQGRJHQNRQMXJLHUWHQ 3KDVHE]ZVHLQHUIXQNWLRQDOLVLHUWHQ3KDVH0HWDEROLWHYHUZHQGHWZRUGHQLVWZXUGH PLWYY7ULHWK\ODPLQYHUVHW]W([WUDNWLRQVPHWKDQRO'DVLQGHU$QDO\VHYHUZHQGHWH 0HWKDQROEOLHEUHLQVW

(40)

)HVWH 3UREHQ &DFR =HOOHQ LQ PO ([WUDNWLRQVPHWKDQRO ZXUGHQ ]XU )OVVLJSKDVHQH[WUDNWLRQ PLQ GXUFK 8OWUDVFKDOOEHKDQGOXQJ PLW HLQHP 8OWUDVFKDOOILQJHU

%DQGHOLQ(OHNWURQLN%HUOLQXQWHU(LVNKOXQJKRPRJHQLVLHUW'DUDXIKLQZXUGHQGLH3UREHQ IUPLQEHLJ]HQWULIXJLHUW=HQWLIXJH%HFNPDQ$YDQWL-,5RWRU%HFNPDQ-$

%HFNPDQ,QVWUXPHQWV*PE+0QFKHQXQGDQVFKOLHVVHQGGLH0HWKDQROEHUVWlQGHLQ MHZHLOVHLQHQPO*ODVVSLW]NROEHQEHUIKUW'LHYHUEOHLEHQGHQ=HOOSHOOHWVZXUGHQZLHGHU LQPO0HWKDQRODXIJHQRPPHQXQGIUPLQLQHLQ8OWUDVFKDOOEDG%DQGHOLQ(OHNWURQLN

%HUOLQ JHVWHOOW (V IROJWH HLQH ZHLWHUH PLQWLJH =HQWULIXJDWLRQ EHL J XQG HLQH hEHUIKUXQJGHV0HWKDQROEHUVWDQGHVLQGLHHQWVSUHFKHQGHQ6SLW]NROEHQ'LHYHUEOHLEHQGHQ

=HOOSHOOHWVZXUGHQDXIGLHVHP:HJQRFKHLQZHLWHUHV0DOJHZDVFKHQXQGDE]HQWULIXJLHUWVR GD‰MHGH&DFR3UREHPLWLQVJHVDPWPO0HWKDQROJHZDVFKHQZXUGHXPLQWUD]HOOXOlUHV

%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWH]XH[WUDKLHUHQ

'LH )HVWSKDVHQH[WUDNWLRQ GHU IOVVLJHQ 3UREHQ HUIROJWH XQWHU 9HUZHQGXQJ GHU JHQDQQWHQ

&.DUWXVFKHQ 9RU $XIJDEH GHU 3UREHQ ZXUGHQ GLH .DUWXVFKHQ ]ZHLPDO PLW PO 0HWKDQROJHVSOWZREHLGLH]ZHLWHQPOPLWHLQHU*DOVVSULW]HXQGSDVVHQGHP$XIVDW]SHU +DQGGXUFKGLH.DUWXVFKHJHSUHVVWZXUGHQXPHYWOQRFKYRUKDQGHQH/XIWKHUDXV]XGUFNHQ

$QVFKOLH‰HQGZXUGHQGLH.DUWXVFKHQMHZHLOVPLWPO HLQHV :DVVHU([WUDNWLRQVPHWKDQRO

*HPLVFKHV YY NRQGLWLRQLHUW 'LH 0HGLXPSUREHQ MH PO ZXUGH PLQ LQ HLQ 8OWUDVFKDOOEDG XQG DQVFKOLH‰HQG DXI YRUNRQGLWLRQLHUWH &.DUWXVFKH JHJHEHQ GXUFK GLH GDQDFKQRFKMHPOGHU:DVVHU([WUDNWLRQVPHWKDQROO|VXQJJHSUH‰WZXUGHQXP ZDVVHUO|VOLFKH %HVWDQGWHLOH GHV 0HGLXPV YRUDE KHUDXV]XVSOHQ 'LH ([WUDNWLRQ GHV

%HQ]R>D@S\UHQVXQGVHLQHU0HWDEROLWHHUIROJWHLQGHPMHZHLOVPO([WUDNWLRQVPHWKDQRODXI GLH HLQ]HOQHQ .DUWXVFKHQ JHJHEHQ ZXUGH 8P YHUPHLGOLFKH 5HVWH DXV GHQ 3UREHQJHIl‰HQ KHUDXV]XVSOHQ XQG GLHVH GHU ODXIHQGHQ ([WUDNWLRQ ]X]XIKUHQ ZXUGHQ ZlKUHQG GHU EHVFKULHEHQHQ 6SO XQG ([WUDNWLRQVVFKULWWH MH PO GHU MHZHLOLJHQ )OLHVVPLWWHO LQ GLH 3UREHQJHIl‰HJHJHEHQ'DV]XU([WUDNWLRQYHUZHQGHWH0HWKDQROZXUGHHEHQIDOOVLQPO

*ODVVSLW]NROEHQDXIJHIDQJHQ

$Q EHLGH ([WUDNWLRQVIRUPHQ VFKOR‰ VLFK GLH =XJDEH HLQHU GHILQLHUWHQ 0HQJH GHV LQWHUQHQ 6WDQGDUGV,1)—JELV—JDEVROXWDQ'LH]XJHJHEHQH0HQJHGHVLQWHUQHQ6WDQGDUGV ULFKWHWH VLFK QDFK GHU NDONXOLHUWHQ 0HQJH DQ %HQ]R>D@S\UHQ LQ GHQ MHZHLOLJHQ 3UREHQ XP

(41)

YHUJOHLFKEDUH 0HQJHQYHUKlOWQLVVH LQ GHQ IROJHQGHQ $XIDUEHLWXQJVVFKULWWHQ ]X HUKDOWHQ XQG GDPLWJOHLFKH%HGLQJXQJHQIUGLH:LHGHUILQGXQJ]XJHZlKUOHLVWHQ

'DUDXIKLQHUIROJWHPLW+LOIHYRQ5RWDWLRQVYHUGDPSIHUQHLQH5HGX]LHUXQJGHV/|VXQJVPLWWHOV DXVGHQJUR‰HQ6SLW]NROEHQ'LHVHQZXUGHQZLHGHUPO0HWKDQRO]XJHJHEHQZHOFKHGDQQ LQ NOHLQHUH PO IDVVHQGH 6SLW]NROEHQ EHUIKUW ZXUGHQ (V HUIROJWH HLQH HUQHXWH 9HUGDPSIXQJXQGHLQH:LHGHUDXIQDKPHGHU3UREHPLW—O0HWKDQRO'LHVHZXUGHQGDQQ LQGLH ,QVHUWVGHU +3/&9LDOVJHEUDFKW(VHUIROJWHHLQHVDQIWH5HGX]LHUXQJGHV 9ROXPHQV XQWHUHLQHP6WLFNVWRIIVWURPELV]XU7URFNQXQJGHU3UREHXQGHLQHOHW]WH:LHGHUDXIQDKPHLQ

—O0HWKDQRO

(42)

+3/&$QDO\VH

,P $QVFKOX‰ DQ GLH 3UREHQDXIEHUHLWXQJ ZXUGHQ GLH —O3UREHQ LQ GHQ $XWRLQMHNWRU GHU +3/&$QODJHJHODGHQZHOFKHU—ODXVGHQ3UREHQHQWQDKPXQGDXIGLH6lXOHYHUEUDFKWH 'LH%HGLQJXQJHQGHU+3/&0HWKRGHVLQGLQ7DEHOOHZLHGHUJHJHEHQ

)OLH‰PLWWHO$ 0HWKDQRO )OLH‰PLWWHO% :DVVHU

)OX‰UDWH POPLQ

*UDGLHQWHQ =HLWPLQ )OLH‰PLWWHO$ )OLH‰PLWWHO%

$QDO\VHPLQ

(TXLOOLEULHUXQJPLQ

6lXOH %DNHUERQG 3$+ SOXV —P PP PP L '

0DOOLQFNURGW%DNHU'HYHQWHU+ROODQG 7HPSHUDWXU ƒ&

'HWHNWLRQ 0H‰ZHOOHQOlQJH$QP%DQGEUHLWHQP 0H‰ZHOOHQOlQJH%QP%DQGEUHLWHQP 5HIHUHQ]ZHOOHQOlQJHQP%DQGEUHLWHQP

7DEHOOH %HGLQJXQJHQGHU+3/&0HWKRGH

.DOLEULHUWZXUGHDXIGHU*UXQGODJHGHU5HWHQWLRQV]HLWHQXQG3HDNIOlFKHQYRQ%HQ]R>D@S\UHQ XQG 6WDQGDUGPHWDEROLWHQ PLW EHNDQQWHQ .RQ]HQWUDWLRQHQ YHUJOLFKHQ PLW GHU HLQJHVHW]WHQ 0HQJHXQGGHUUHVXOWLHUHQGHQ3HDNIOlFKHGHVLQWHUQHQ6WDQGDUGV,1)'LH9HUZHQGXQJGHV 'LRGHQ$UUD\'HWHNWRUV HUODXEWH GLH ,GHQWLIL]LHUXQJ GHU 0HWDEROLWH EHU GLH 0HVVXQJ LKUHU

(43)

VSH]LILVFKHQ 89$EVRUSWLRQVVSHNWUHQ )HUQHU PDFKWH HV GHU UHODWLY ODQJJH]RJHQH *UDGLHQW GHU$QDO\VHP|JOLFKGLHYHUVFKLHGHQSRODUHQ$UWHQYRQ%HQ]R>D@S\UHQ0HWDEROLWHQZlKUHQG HLQHV$QDO\VHQODXIHV]XGHWHNWLHUHQVHLHQVLHNRQMXJLHUWRGHUIXQNWLRQDOLVLHUW

'LH%HQ]R>D@S\UHQ'HULYDWHZXUGHQ]XIROJHQGHQ=HLWHQYRQGHU6lXOHHOXLHUWELVPLQ

*OXFXURQLGH XQG 6XOIDWH ELV PLQ 7HWUROH XQG 'LROH ELV PLQ &KLQRQH XQG 3KHQROH XQG ELV PLQ %HQ]R>D@S\UHQ 'HU LQWHUQH 6WDQGDUG HOXLHUWH DOV OHW]WH .RPSRQHQWH QDFK PLQ 'HU 0HWKDQROVSOXQJ ELV ]X 0LQXWH IROJW HLQH :LHGHUKHUVWHOOXQJ GHV $QIDQJVJUDGLHQWHQ YRQ :DVVHU XQG 0HWKDQRO YY (V VFKOR‰VLFKHLQHPLQWLJH(TXLOOLEULHUXQJVSKDVHDQ

4XDQWLIL]LHUWZXUGHGHUDEVROXWH3UREHQJHKDOWDQ%HQ]R>D@S\UHQXQGGHU0HWDEROLWHEHUGLH GHILQLHUWH0HQJHGHVLQWHUQHQ6WDQGDUGVQDFKIROJHQGHU)RUPHO

3HDNIOlFKHVXEVWDQ]VSH]8PUHFKQXQJVIDNWRU

%HQ]R>D@S\UHQ 0HWDEROLW>—J@

3HDNIOlFKH,1)]XJHJHEHQH 0HQJH>—J@

'HU VXEVWDQ]VSH]LILVFKH 8PUHFKQXQJVIDNWRU UHVXOWLHUWH DXV GHP 9HUJOHLFK GHU 3HDNIOlFKH HLQHUGHILQLHUWHQ0HQJH%HQ]R>D@S\UHQPLWGHU3HDNIOlFKHGHUVHOEHQGHILQLHUWHQ0HQJH,1)

$XIJUXQG GHV XQWHUVFKLHGOLFKHQ $EVRUSWLRQVYHUKDOWHQV GHU EHLGHQ 6XEVWDQ]HQ EHWUXJ GLH 3HDNIOlFKHGHV,1)QXUGHU%HQ]R>D@S\UHQ3HDNIOlFKHZDVEHLGHU4XDQWLIL]LHUXQJ JHQDX EHUFNVLFKWLJW ZHUGHQ PXVVWH %HL GHU %HVWLPPXQJ GHU 0HQJH HLQHV 0HWDEROLWHQ ZXUGHGDKHUGHQ8QWHUVFKLHGHQLP$EVRUSWLRQVYHUKDOWHQJHJHQEHUDQGHUHQ6XEVWDQ]HQPLW HLQHP VSH]LHOOHQ 8PUHFKQXQJIDNWRU 5HFKQXQJ JHWUDJHQ 'LH 8PUHFKQXQJVIDNWRUHQ ]X GHQ HLQ]HOQHQ0HWDEROLWW\SHQVLQGLQ7DEHOOHDXIJHIKUW

(44)

6WRII 8PUHFKQXQJVIDNWRU

3KDVH0HWDEROLWH

*OXFXURQLGH

6XOIDWH

3KDVH0HWDEROLWH

7HWURO

'LROH

&KLQRQH

3KHQROHELV2+ ELV

%HQ]R>D@S\UHQ

7DEHOOH 8PUHFKQXQJVIDNWRUHQ ]XU 4XDQWLIL]LHUXQJ YRQ %HQ]R>D@S\UHQ XQG

%HQ]R>D@S\UHQ0HWDEROLWHQ QDFK+3/&$QDO\VH

$QDO\WLVFKH.HQQGDWHQ

'LH9HUVXFKH]XU:LHGHUILQGXQJYRQ%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ0HWDEROLWHQZXUGHQ LP %LRFKHPLVFKHQ ,QVWLWXW IU 8PZHOWFDUFLQRJHQH 3URI 'U *HUQRW *ULPPHU 6WLIWXQJ

*UR‰KDQVGRUIGXUFKJHIKUWGDGLH%HQ]R>D@S\UHQ0HWDEROLWHQXULQVHKUJHULQJHQ0HQJHQ ]XU 9HUIJXQJ VWDQGHQ (V NRQQWHQ NRQVWDQWH :LHGHUILQGXQJVUDWHQ IU DOOH 6WDQGDUGVXEVWDQ]HQHUPLWWHOWZHUGHQ6LHODJHQEHL

)U GLH 'HWHNWLRQ YRQ %HQ]R>D@S\UHQ XQG %HQ]R>D@S\UHQ0HWDEROLWHQ ZXUGH GLH XQWHUH

%HVWLPPXQJVJUHQ]H GHILQLHUW GDPLW HLQ VLFKHUHV 896SHNWUXP ]XU ,GHQWLILNDWLRQ GHU 6XEVWDQ]HQ HUKDOWHQ ZHUGHQ NRQQWH 6RPLW ODJHQ GLH XQWHUHQ %HVWLPPXQJVJUHQ]HQ EHL

—JO

(45)

%HL GHU .DOLEULHUXQJ GHU +3/&$QODJH ZXUGH HLQ 5HJUHVVLRQVNRHIIL]LHQW PLW Uð HUPLWWHOW

=XU hEHUSUIXQJ GHU 5HSURGX]LHUEDUNHLW ZXUGHQ PHKUPDOV $QDO\VHQ GHUVHOEHQ 3UREHQ GXUFKJHIKUW'DEHLHUJDEVLFKHLQH9DULDWLRQYRQXQGGDUXQWHU

,QNXEDWLRQHQYRQ&DFR=HOOHQLQ*ODVSHWULVFKDOHQPLWXQGRKQH,QGXNWLRQGHU

&<3$XQG&<3%

&DFR =HOOHQ LQ *HODWLQHEHVFKLFKWHWHQ *ODVSHWULVFKDOHQ ZXUGHQ DP 7DJ LKUHU .XOWLYLHUXQJPLW—0%HQ]R>D@S\UHQLQPO.XOWXUPHGLXPLQNXELHUWK ]XYRUZDUGLH +lOIWH GHU 6FKDOHQ PLW —0E1DSKWKRIODYRQ YRULQNXELHUW ZRUGHQ )U GHQ 9HUVXFK ZXUGHQ GLH 6FKDOHQ LP .XOWXUVFKUDQN DXI HLQHP 6FKWWOHU LQ KRUL]RQWDOHU (EHQH VDQIW JHVFKZHQNW 'DV 0HGLXP GHU $QVlW]H ZXUGH QDFK XQG K DEJHQRPPHQ XQG GLH

=HOOHQ PLW ZHLWHUHQ PO .XOWXUPHGLXP GHP '062 ]XJHJHEHQ ZRUGHQ LVW JHVSOW 'DUDXIKLQZXUGHQPO0HWKDQRODXIGLH=HOOHQJHJHEHQXQGGLHVHPLWHLQHP0HWDOOVSDFKWHO DEJHVFKDEW'LH$QDO\VHGHU3UREHQHUIROJWHEHUGLH+3/&

.LQHWLNGHU%HQ]R>D@S\UHQ0HWDEROLVLHUXQJGXUFK&DFR=HOOHQ

&DFR =HOOHQ LQ *HODWLQHEHVFKLFKWHWHQ *ODVSHWULVFKDOHQ ZXUGHQ DP 7DJ LKUHU .XOWLYLHUXQJPLW%HQ]R>D@S\UHQLQGHQ.RQ]HQWUDWLRQHQXQG

—0LQPO.XOWXUPHGLXPLQNXELHUW$XFKKLHUZXUGHQGLH6FKDOHQZlKUHQGGHU,QNXEDWLRQ LP.XOWXUVFKUDQNDXIHLQHP6FKWWOHULQKRUL]RQWDOHU(EHQHVDQIWJHVFKZHQNW'DV0HGLXP GHU$QVlW]HZXUGHQDFKKDEJHQRPPHQXQGGLH=HOOHQPLWZHLWHUHQPO.XOWXUPHGLXP '062 YY JHVSOW 'DUDXIKLQ ZXUGHQ PO 0HWKDQRO DXI GLH =HOOHQ JHJHEHQ XQG GLHVHPLWHLQHP0HWDOOVSDFKWHODEJHVFKDEW'LH$QDO\VHGHU3UREHQHUIROJWHEHUGLH+3/&

8QWHUVXFKXQJHQ]XPJHULFKWHWHQ7UDQVSRUWYRQ%HQ]R>D@S\UHQXQG%HQ]R>D@S\UHQ 0HWDEROLWHQ

7UDQVSRUWYHUVXFKHPLW%HQ]R>D@S\UHQZXUGHQELV7DJHQDFK$XVVDKWGHU&DFR=HOOHQ DXIGLH7UDQVZHOO,QVHUWVGXUFKJHIKUW(VZXUGHQMHPO.XOWXUPHGLXPLQGLHREHUHQXQG

(46)

GLH XQWHUHQ .DPPHUQ JHJHEHQ ZREHL HQWZHGHU GHU DSLNDOHQ RGHU GHU EDVRODWHUDOHQ

%HQ]R>D@S\UHQLQHLQHU.RQ]HQWUDWLRQYRQ—0]XJHJHEHQZXUGH1DFKXQG K E]Z K ZXUGH GDV NRPSOHWWH 0HGLXP GHU HQWVSUHFKHQGHQ 7UDQVZHOOV DXV REHUHU XQG XQWHUHU.DPPHUHQWQRPPHQGHU0RQROD\HUPLWZHLWHUHQPOSUR.DPPHUJHVSOWXQGGLH

=HOOHQELV]XU$XIDUEHLWXQJEHL±ƒ&HLQJHIURUHQ

,QGXNWLRQYRQ&<3$XQG&<3%LQGHQ&DFR=HOOHQ

'LH+lOIWHGHUIUGHQ7UDQVSRUWYHUVXFK]XYHUZHQGHQGHQ0RQROD\HUZXUGHKYRU%HJLQQ GHV 9HUVXFKHV PLW —0E1DSKWKRIODYRQ LQ '062 LQNXELHUW XP GLH %HQ]R>D@S\UHQ PHWDEROLVLHUHQGHQ (Q]\PH &\WRFKURP 3 $ &<3$ XQG &\WRFKURP 3 %

&<3% LQGHQ=HOOHQ]XLQGX]LHUHQ*8(1*(5,&+/,HWDO6&+5(1.

:$/.(5 HW DO (V VROOWH JH]HLJW ZHUGHQ LQZLHZHLW HLQH ,QGXNWLRQ GLHVHU 3KDVH (Q]\PH HLQHQ (LQIOX‰ DXI GLH 7UDQVSRUWUDWHQ YRQ %HQ]R>D@S\UHQ E]Z VHLQHU HQWVWHKHQGHQ 0HWDEROLWHQ KDWWH 'DV 0HGLXP GHU DQGHUHQ 7UDQVZHOOV HQWKLHOW HEHQIDOOV '062 LQ GHUVHOEHQ LJHQ YY .RQ]HQWUDWLRQ MHGRFK NHLQHQ ,QGXNWRU 'HU 9HUVXFK ZXUGHGLHVPDOPLWHLQHUEHLGVHLWLJHQ ,QNXEDWLRQPLW%HQ]R>D@S\UHQGXUFKJHIKUW LQGHP LQ EHLGH .DPPHUQ DOVR LQ GLH DSLNDOH XQG GLH EDVRODWHUDOH MH PO .XOWXUPHGLXP JHJHEHQ ZXUGHQZHOFKHV%HQ]R>D@S\UHQLQHLQHU.RQ]HQWUDWLRQYRQ—0EHLQKDOWHWH'HUZHLWHUH

$EODXI GHV 7UDQVSRUWYHUVXFKHV HUIROJWH K VSlWHU DQDORJ ]X GHU DXV$EVFKQLWW EHVFKULHEHQHQ0HWKRGH

&KHPLVFKH+HPPXQJGHU&\WRFKURP3$XQG%$NWLYLWlWHQ

'LHIUGHQ7UDQVSRUWYHUVXFK]XYHUZHQGHQGHQ0RQROD\HUZXUGHQDOOHKYRU%HJLQQGHV 9HUVXFKHV PLW —0 E1DSKWKRIODYRQ LQ '062 LQNXELHUW XP HLQH P|JOLFKVW KRKH LQWUD]HOOXOlUH 0HWDEROLVLHUXQJVUDWH GHV %HQ]R>D@S\UHQV ]X HUUHLFKHQ (V VROOWH XQWHUVXFKW ZHUGHQ RE GLH +HPPXQJ GHU &\WRFKURPH 3 $ XQG % HLQHQ (LQIOX‰ DXI HLQHQ SRODULVLHUWHQ 7UDQVSRUW KDWWH XQG VRPLW GHQ (IIHNW GHU ,QGXNWLRQ GLHVHU (Q]\PH GXUFKE 1DSKWKRIODYRQ LQKLELWRULVFK EHHLQIOXVVWH =XU +HPPXQJ GHU &\WRFKURPH ZXUGHQ GHP 0HGLXPHLQH6WXQGHYRU%HJLQQGHV9HUVXFKHVD1DSKWKRIODYRQLQHLQHU.RQ]HQWUDWLRQYRQ —0 ]XJHJHEHQ &+$1* HW DO 6+,0$'$ HW DO 'DUDXIKLQ ZXUGHQ GLH

Referenzen

ÄHNLICHE DOKUMENTE

Erste Untersuchungen an Bord der M ETEOR haben gezeigt das Beggiatoa Filamente an der anoxischen Station bei 244 m Wassertiefe große.. Polyphosphateinschlüsse besitzen, die

[r]

[r]

 Der  Profiler  mit  Mikrosensoren  misst  die  Atmungsleistung  von   Mikroorganismen  in  gestörten  Sedimenten  am  Meeresboden... biogeochemische  und

[r]

[r]

[r]

[r]