• Keine Ergebnisse gefunden

40:,70:3/89448.0 ,7,907807:3/07 0:74/00307,9438 :9,390',23 74845,20,34,8907

N/A
N/A
Protected

Academic year: 2022

Aktie "40:,70:3/89448.0 ,7,907807:3/07 0:74/00307,9438 :9,390',23 74845,20,34,8907"

Copied!
95
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

0ROHNXODUHXQGKLVWRORJLVFKH

&KDUDNWHULVLHUXQJGHU

1HXURGHJHQHUDWLRQV±0XWDQWH9DPLQ 'URVRSKLODPHODQRJDVWHU

'LVVHUWDWLRQ]XU(UODQJXQJGHV'RNWRJUDGHVGHU

1DWXUZLVVHQVFKDIWHQ'UUHUQDWGHUQDWXUZLVVHQVFKDIWOLFKHQ )DNXOWlW,,,±%LRORJLHXQG

9RUNOLQLVFKH0HGL]LQGHU8QLYHUVLWlW5HJHQVEXUJ

YRUJHOHJWYRQ +HLNR6WHSKDQ:DOFK

DXV5RGLQJ2SI

(2)

3URPRWLRQVJHVXFKHLQJHUHLFKWDP 'LH$UEHLWZXUGHDQJHOHLWHWYRQ 3URI'U6WHSKDQ6FKQHZO\

3UIXQJVDXVVFKX‰

9RUVLW]HQGHU

3UIHU*XWDFKWHU

3UIHU*XWDFKWHU

3UIHU

(3)

,QKDOWVYHU]HLFKQLV

(LQOHLWXQJ 'HU0RGHOORUJDQLVPXV'URVRSKLODPHODQRJDVWHU 'DVYLVXHOOH6\VWHPYRQ'URVRSKLODPHODQRJDVWHU 'DV.RPSOH[DXJH 'LHRSWLVFKHQ1HXURSLOH 9DP²(LQHVWUXNWXUHOOHQHUYHQV\VWHPVSH]LILVFKH0XWDWLRQ

*HQRPHXQGLKUH$QQRWDWLRQ 'LH7UDQVNULSWLRQV5HJXODWLRQLQ(XNDU\RWHQ 'HU&RUH3URPRWRU (QKDQFHU5HSUHVVRUXQG%RXQGDU\(OHPHQW (QKDQFHUXQG6LOHQFHUN|QQHQSURPRWRUVSH]LILVFKZLUNHQ '1$6FKOHLIHQXQGGHU0HGLDWRU.RPSOH[

0DWHULDOXQG0HWKRGHQ 2UJDQLVPHQ )OLHJHQVWlPPH 9DP5HNRPELQDWLRQVVWlPPH

%DNWHULHQVWlPPH 0ROHNXODUH0HWKRGHQ 0ROHNXODUH6WDQGDUGPHWKRGHQ 9HNWRUHQ 3ULPHU

.ORQLHUXQJGHV9DP%HUHLFKVDXV9DP.6)OLHJHQ

573&5 6HTXHQ]LHUXQJHQ .HLPEDKQWUDQVIRUPDWLRQYRQ'URVRSKLODPHODQRJDVWHU +LVWRORJLVFKH0HWKRGHQ 3DUDIILQVFKQLWWH .U\RVWDWVFKQLWWH 6HPLGQQXQG8OWUDGQQVFKQLWWH 5|QWJHQPXWDJHQHVH

%HVWUDKOXQJVXQG.UHX]XQJVSURWRNROOIU5|QWJHQPXWDJHQHVH

&RPSXWHU3URJUDPPH

(4)

(UJHEQLVVHXQG'LVNXVVLRQ

&KDUDNWHULVLHUXQJGHV9DP3KlQRW\SV 'HU9DP3KlQRW\S 1DFKZHLVYRQ=HOOWRGLPRSWLVFKHQ6\VWHPYRQ9DP)OLHJHQ 7ROXLGLQEODX)lUEXQJHQDQ3ODVWLN6HPLGQQVFKQLWWHQ 781(/)lUEXQJDQ.U\RVWDWVFKQLWWHQ 8OWUDVWUXNWXUHOOH8QWHUVXFKXQJHQDQZ9DPI)OLHJHQ (LQIOX‰GHU9DP0XWDWLRQDXIYHUVFKLHGHQH]HOOW\SVSH]LILVFKH0DUNHULP=16 9DPUHSULPLHUWDOOHXQWHUVXFKWHQODF=(QKDQFHU7UDS/LQLHQ 9DPEHHLQIOX‰WQLFKWGLH([SUHVVLRQGHV*OLD0DUNHUVUHSR (LQHP|JOLFKH)XQNWLRQGHV9DP*HQSURGXNWV 0ROHNXODUH,GHQWLIL]LHUXQJGHV9DP*HQV 'LH6HPLGRPLQDQ]GHV9DP*HQVXQG,PSOLNDWLRQHQIUGHVVHQ,GHQWLIL]LHUXQJ ,QGXNWLRQGHV3KlQRW\SVLQZLOGW\SLVFKHQ)OLHJHQ 5HYHUVLRQGHV3KlQRW\SVGXUFK$XVVFKDOWHQGHVGHIHNWHQ*HQV .HLPEDKQWUDQVIRUPDWLRQHQ 3&*β) 3&8%/

3&*HQLH 'LVNXVVLRQGHU3(OHPHQW7UDQVIRUPDWLRQVH[SHULPHQWH 'LH7UDQVNULSWHGHU9DP5HJLRQ 'P\EXQG*β 'DV'URVRSKLOD8%/

&*

$73ε8QWHUHLQKHLW

&*

5|QWJHQLQGX]LHUWH5HYHUWDQWHQGHU9DP0XWDWLRQ ([SHULPHQWHOOH'XUFKIKUXQJGHU5|QWJHQPXWDJHQHVH 1HXH5|QWJHQLQGX]LHUWH;&KURPRVRPDOH'HIL]LHQ]HQ

=XVDPPHQIDVVXQJXQG$XVEOLFN

&*LVW9DP 9,67$²(LQHQHXH*HQIDPLOLH 0|JOLFKH)XQNWLRQHQGHU9,67$²3URWHLQH

(5)

$QKDQJ 6HTXHQ]HQ KXPDQBFRQ [HQRBFRQ PXVBFRQ PXVBFRQ (UJlQ]XQJHQ]XEHVWHKHQGHQ*HQEDQN(LQWUlJHQ 9HNWRUXQG5HVWULNWLRQV.DUWHQ 'LHNEGHV9DP%HUHLFKV 361(

S^&R6SH5`

4XHOOHQDQJDEHQ

$EELOGXQJVYHU]HLFKQLV 'DQN

(6)
(7)

( ,1/(,781*

7KHUH LV D WKHRU\ WKDW VWDWHV ,I DQ\RQH ILQGV RXW ZKDW WKH XQLYHUVH LV IRU LW ZLOO GLVDSSHDU DQG EH UHSODFHG E\ VRPHWKLQJ PRUH EL]DUUHO\ LQH[SOLFDEOH 7KHUH LV DQRWKHU WKHRU\ WKDW VWDWHV 7KLV KDV DOUHDG\ KDSSHQHG 'RXJODV$GDPV±$SU

(8)

(LQOHLWXQJ

(LQOHLWXQJ

0HKU RGHU ZHQLJHU UHIOHNWLHUW IOOHQ %6( &UHX]IHOG-DNRE $O]KHLPHU 3DUNLQVRQ XQG YLHOH DQGHUH GHJHQHUDWLYH 1HUYHQV\VWHP(UNUDQNXQJHQ GLH 6FKODJ]HLOHQ GHU 0HGLHQ 8QG LQ HLQHU KRFKWHFKQLVLHUWHQ ]LJIDFK DEJHVLFKHUWHQ XQG NRQWUROOLHUWHQ :HOW PVVHQ ZLU HUNHQQHQ GD‰ GLH )XQNWLRQVZHLVH GHV PHQVFKOLFKH *HKLUQV LQ YLHOHQ %HUHLFKHQ QRFK ]XU Å7HUUD ,QFRJQLWD´ ]XP XQ EHNDQQWHQ 7HUULWRULXP JHK|UW 8QG GDV EHUHLWHW 8QEHKDJHQ 0|JHQ GLH &KDQFHQ QRFK VR JHULQJ ZHQQ EHUKDXSW YRUKDQGHQ VHLQ VLFK PLW %6( ]X LQIL]LHUHQ GHU 9HUODXI GLHVHU XQG YLHOHU DQGHUHU QHXURQDOHU .UDQNKHLWHQ JHKW DQ GLH 6XEVWDQ] 7|GOLFK VLQG YLHOH .UDQNKHLWHQ DEHU GHU 9HUODXI YRQ QHXURGHJHQHUDWLYHQ .UDQNKHLWHQ GLH KlXILJ HLQKHUJHKHQGH (LQEX‰H GHU NRJQLWLYHQ )lKLJ NHLWHQ GHU VFKHLQEDUH 9HUOXVW GHVVHQ ZDV HLQHQ 0HQVFKHQ DXVPDFKW Ol‰W GLH %HWURIIHQHQ XQG LKU VR]LDOHV 8PIHOG PHLVW LQ +LOIORVLJNHLW ]XUFN 'LH $QWZRUWHQ VLQG UDU GHU 'UXFN DXI GLH )RU VFKXQJ JUR‰ 'LH (UIRUVFKXQJ YRQ 1HXURGHJHQHUDWLRQV0XWDQWHQ EHL 'URVRSKLOD ZLH ]% 9DP ZLUG K|FKVWZDKUVFKHLQOLFK QLFKW LQ GHU (QWZLFNOXQJ HLQHV $QWL$O]KHLPHU 0HGLNDPHQWHV PQ GHQ $EHU ZLU ZLVVHQ LQ]ZLVFKHQ GD‰ ZLU PLW GHQ )OLHJHQ DXI PROHNXODUHU (EHQH ZRKO PHKU

*HPHLQVDPNHLWHQ DOV 'LYHUJHQ]HQ KDEHQ *UXQGODJHQIRUVFKXQJ DQ UHODWLY HLQIDFKHQ XQG EHU VFKDXEDUHQ 0RGHOORUJDQLVPHQ VFKHLQW PLU GLH HLQ]LJH 0|JOLFKNHLW DXFK GLH )XQNWLRQHQ LP PHQ VFKOLFKHQ*HKLUQEHVVHU]XYHUVWHKHQ

(LQ ELRORJLVFKHU 0RGHOORUJDQLVPXV VROOWH ]ZHL *UXQGYRUDXVVHW]XQJHQ HUIOOHQ ,P 9HUJOHLFK ]XP HLJHQWOLFK LQWHUHVVLHUHQGHQ 2UJDQLVPXV OHW]WHQGOLFK PHLVWHQV GHP 0HQVFKHQ PX‰ HU HLQHQ P|JOLFKVW JXWHQ =XJULII DXI GDV ]X XQWHUVXFKHQGH 3UREOHP RIIHULHUHQ 7URW] DOOHU 9HUHLQIDFKXQJ PX‰ QHEHQ HLQHU JXWHQ H[SHULPHQWHOOHQ +DQGKDEEDUNHLW JHZlKUOHLVWHW VHLQ GD‰ HLQH K|FKVWP|J OLFKH hEHUWUDJEDUNHLW GHU JHZRQQHQ (UNHQQWQLVVH HUKDOWHQ EOHLEW 6RPLW VWHOOW GLH $XVZDKO HLQHV JHHLJQHWHQ 0RGHOOV IU HLQH EHVWLPPWH )UDJHVWHOOXQJ LPPHU HLQH *UDWZDQGHUXQJ ]ZLVFKHQ GLHVHQ EHLGHQVLFKHLJHQWOLFKDXVVFKOLH‰HQGHQ)RUGHUXQJHQGDU

'HU0RGHOORUJDQLVPXV'URVRSKLODPHODQRJDVWHU

8QJHDFKWHW GHU YLHOHQ ELRORJLVFKHQ 6RQGHUO|VXQJHQ XQG (LJHQDUWHQ GHU )UXFKWIOLHJH 'URVRSKLOD PHODQRJDVWHU XQG GHU GDPLW HLQJHE‰WHQ $OOJHPHLQJOWLJNHLW YRQ HUZRUEHQHP :LVVHQ NDQQ PDQ GRFK HLQHV NODU IHVWVWHOOHQ 6HLW 7KRPDV +XQW 0RUJDQ GXUFK GLH 3XEOLNDWLRQ VHLQHU 9HUVXFKH ]XU 9HUHUEXQJVOHKUH LQ Å7KH 0HFKDQLVPV RI 0HQGHOLDQ +HUHGLW\´ GHQ *UXQG VWHLQ JHOHJW KDW HUIUHXW VLFK GLH )UXFKWIOLHJH 'URVRSKLOD PHODQRJDVWHU HLQHU ZDFKVHQGHQ %HOLHEWKHLW DOV 0RGHOO .DXP HLQ DQGHUHU 2UJDQLVPXV ZXUGH ]XU %HDQWZRUWXQJ YRQ VR YLHOHQ XQWHUVFKLHG

(9)

(LQOHLWXQJ OLFKHQ MHZHLOV ]XU =HLW DNWXHOOHQ ELRORJLVFKHQ )UDJHVWHOOXQJHQ HLQJHVHW]W 'LHV EHJLQQW (QGH GHV -DKUKXQGHUWV PLW GHQ EHUHLWV HUZlKQWHQ $UEHLWHQ ]XU 9HUHUEXQJVOHKUH YRQ 7KRPDV 0RUJDQ GLH HU LQ Å7KH 7KHRU\ RI WKH *HQH´ ]XVDPPHQID‰WH XQG IU GLH HU GHQ 0HGL]LQ 1REHOSUHLV HUKLHOW JLQJ GLH JOHLFKH $XV]HLFKQXQJ DQ 0RUJDQV 6FKOHU +HUPDQQ -RVHSK 0XOOHU IU VHLQH $UEHLWHQ ]XU $XVZLUNXQJ YRQ 5|QWJHQVWUDKOHQ DXI GDV (UEJXW GHU )UXFKWIOLHJHQ 0XOOHU 'DPLW NRQQWHQ HUVWPDOLJ 0XWDWLRQHQ LQ JUR‰HU $Q]DKO JHQHULHUW XQG IU GLH )RU VFKXQJVDUEHLW HLQJHVHW]W ZHUGHQ ]% LQ /LQGVOH\ HW DO $XFK GHU 6FKULWW ZHJ YRQ GHU NODVVLVFKHQ .UHX]XQJVJHQHWLN KLQ ]X PROHNXODUHQ ELRFKHPLVFKHQ )UDJHVWHOOXQJHQ NRQQWH PLW 'URVRSKLOD PHODQRJDVWHU lX‰HUVW HUIROJUHLFK YROO]RJHQ ZHUGHQ IKUWHQ &KULVWLDQH 1VVOHLQ 9ROKDUG XQG (ULF :LVFKDXV DOV HUVWH HLQH JHQRPZHLWH JHVlWWLJWH 0XWDJHQHVH GXUFK XP QHXH

*HQH ]X ILQGHQ GLH IU GLH (PEU\RQDOHQWZLFNOXQJ UHOHYDQW VLQG 'LHVHU $QVDW] ZXUGH PLW JUR‰HP (UIROJ XQG HUVWPDOLJ EHL PHKU]HOOLJHQ 2UJDQLVPHQ DQJHZDQGW 6R HUIROJUHLFK GD‰ VLH ]XVDPPHQ PLW (GZDUG /HZLV GHQ 1REHOSUHLV IU LKUH $UEHLWHQ ]XU (PEU\RQDOHQWZLFNOXQJ XQG 6HJPHQWDWLRQ EHL 'URVRSKLOD PHODQRJDVWHUHUKLHOWHQ ,Q LKUHQ $UEHLWHQ NRQQWHQ VLH ]HLJHQ GD‰

QHEHQ GHQ +RPHRER[*HQHQ DXFK YLHOH DQGHUH GHU UHJXODWRULVFKHQ %DXVWHLQH XQG GHU GDPLW YHU EXQGHQHQ (QWZLFNOXQJVPHFKDQLVPHQ YRQ 'URVRSKLODLQ lKQOLFKHU )RUP DXFK LP 0HQVFKHQ YRU KDQGHQ VLQG +lXILJ N|QQHQ PXWDQWH'URVRSKLOD)OLHJHQ GXUFK GDV (LQEULQJHQ XQG GLH )UHPGH[

SUHVVLRQ GHV EHWURIIHQHQ KXPDQHQ +RPRORJV JHUHWWHW ZHUGHQ 'HU OHW]WH VSHNWDNXOlUH (UIROJ IU GLH'URVRSKLOD)RUVFKXQJ ZDU LP )UKMDKU GLH %HNDQQWJDEH GD‰ GHU HXFKURPDWLVFKH $QWHLO GHV*HQRPVYRQ'URVRSKLODPHODQRJDVWHUGXUFKVHTXHQ]LHUWVHL$GDPVHWDO

'LH ]XU 9HUIJXQJ VWHKHQGHQ JHQRPLVFKHQ 'DWHQ VLQG PLW 6LFKHUKHLW YRQ lKQOLFKHU IXQGDPHQWDOHU %HGHXWXQJ ZLH GLH (QWGHFNXQJ GHU 5HVWULNWLRQVHQ]\PH RGHU GLH 3RO\PHUDVHNHW WHQUHDNWLRQ 3&5 0XOOLV )DORRQD $EHU DQDORJ ]X GLHVHQ 0HLOHQVWHLQHQ XQG LQ]ZLVFKHQ XQYHU]LFKWEDUHQ 0HWKRGHQ GHU 0ROHNXODUELRORJLH VLQG DXFK GLH 6HTXHQ]GDWHQ JOHLFK ZHOFKHV 2UJDQLVPXV DOV ZLVVHQVFKDIWOLFKH (UNHQQWQLV DQ VLFK QXU YRQ NXU]]HLWLJHU %HGHXWXQJ $EHU VLH JHEHQ GHU )RUVFKXQJ HLQ QHXHV :HUN]HXJH ]XU +DQG GHVVHQ 3RWHQWLDO QRFK QLFKW DQVDW]ZHLVH HU VFK|SIW LVW (LQ :HUN]HXJ XP DQGHUH LQWHUHVVDQWH 3UREOHPH QHX ]X EHOHXFKWHQ XQG EHU GLH 2UJDQLVPHQJUHQ]HQKLQZHJQHXH9HUJOHLFKHDQVWHOOHQ]XN|QQHQ

(10)

(LQOHLWXQJ

'HU )RNXV GLHVHU $UEHLW OLHJW DXI GHU 6WUXNWXU XQG GHU )XQNWLRQ GHV 1HUYHQV\VWHPV YRQ 'URVRSKLOD PHODQRJDVWHU LP VSH]LHOOHQ DXI HLQHP )OLHJHQVWDPP GHU LQQHUKDOE GHV RSWLVFKHQ 6\VWHPVVRZRKOKLVWRORJLVFKHDOVDXFKIXQNWLRQHOOH'HIHNWHDXIZHLVW8PVSlWHUGLH7HUPLQRORJLH XQG GLH 7RSRORJLH GLHVHV *HKLUQ%HUHLFKV YHUZHQGHQ ]X N|QQHQ VROO LP IROJHQGHQ GDV RSWLVFKH 6\VWHPGHU)UXFKWIOLHJHQVRZHLWQ|WLJHU|UWHUWZHUGHQ

'DVYLVXHOOH6\VWHPYRQ'URVRSKLODPHODQRJDVWHU

'LH RSWLVFKHQ /REHQ QHKPHQ GHQ JU|‰WHQ 7HLO GHV ]HQWUDOHQ 1HUYHQV\VWHPV HLQ XQG EHWRQHQ VR UHLQ DQWHLOVPl‰LJ GLH 5HOHYDQ] XQG GLH .RPSOH[LWlW GHV RSWLVFKHQ ,QSXWV =XJOHLFK VWHOOHQ VLH GHQ %HUHLFK K|FKVWHU KLVWRORJLVFKHU 2UGQXQJ LQQHUKDOE GHV 1HUYHQV\VWHPV GHU )UXFKWIOLHJHQ GDU'LHVHUKRKHU*UDGDQ2UJDQLVDWLRQXQG2UGQXQJGHURSWLVFKHQ1HXURSLOHOHLWHWVLFKDXVGHQ YRUJHVFKDOWHWHQ JHRPHWULVFK SUl]LVHQ .RPSOH[DXJHQ GHU )OLHJHQ DE 'HUHQ .RPSOH[LWlW XQG 2UGQXQJ ZLHGHUXP LVW HLQH SK\VLNDOLVFKH *UXQGYRUDXVVHW]XQJ XP DXV HLQHP YLHO]HOOLJHQ 0RVDLN DQ )DUE XQG ,QWHQVLWlWVZHUWHQ HLQ NRKlUHQWHV $EELOG GHU 8PZHOW ]X HUKDOWHQ 'DV IRUPJHEHQGH (OHPHQW GLHVHU .HWWH VLQG VFKOLH‰OLFK GLH HEHQIDOOV H[DNW DXVJHULFKWHWHQ 5H]HSWRU]HOOHQ GHU HLQ]HOQHQ 2PDWLGLHQ 'HUHQ $[RQH ELOGHQ GLH *UXQGVWUXNWXU GHV JHVDPWHQ RSWLVFKHQ 6\VWHPV ZHOFKHVLPIROJHQGHQDXVIKUOLFKHUEHVFKULHEHQZLUG

'DV.RPSOH[DXJH

'DV DGXOWH .RPSOH[DXJH YRQ 'URVR SKLOD PHODQRJDVWHU EHVWHKW DXV FD JOHLFKPl‰LJ KH[DJRQDO DQJHRUGQHWHQ )D FHWWHQ 'LH &RUQHD GHU lX‰HUH $EVFKOX‰

HLQHV (LQ]HODXJHV RGHU 2PDWLGLXPV ZLUG DOV GXUFKVLFKWLJH FKLWLQKDOWLJH 6XEVWDQ]

YRQ GHQ YLHU .HJHO]HOOHQ XQG GHQ ]ZHL SULPlUHQ 3LJPHQW]HOOHQ VH]HUQLHUW $XI JUXQG LKUHU ELNRQYH[HQ )RUP ZLUNW GLH

&RUQHD ]XVDPPHQ PLW GHU VRJHQDQQWHQ 3VHXGRFRUQHD IU GLH GDUXQWHUOLHJHQGHQ DFKW 3KRWRUH]HSWRUHQ DOV 6DPPHOOLQVH (LQ 2PDWLGLXP HLQHU DGXOWHQ )OLHJH VWHOOW GLH NOHLQVWH VLFK ZLHGHUKROHQGH (LQKHLW LP $XIEDX GHV .RPSOH[DXJHV GDU 'LHVHV

$EELOGXQJ6FKHPDWLVFKHU$XIEDXHLQHV2PDWLGLXPV 'LHVH $EELOGXQJ ]HLJW VFKHPDWLVFK HLQHQ /lQJVVFKQLWW XQG PHKUHUH 4XHUVFKQLWWH GXUFK YHUVFKLHGHQH (EHQHQ HLQHV 2PDWLGLXPV PRGLIL ]LHUWQDFK:ROIILQ%DWH $ULDV

(11)

(LQOHLWXQJ (LQ]HODXJH EHVWHKW DXV GHP SUl]LVHQ =XVDPPHQVFKOX‰ YRQ MH 3KRWRUH]HSWRUHQ 55 PLW XQWHUVFKLHGOLFKHQ :LUNXQJVVSHNWUHQ XQG $XIJDEHQ XQG ZHLWHUHQ =HOOHQ GLH NHLQH SKRWR UH]HSWLYHQ $XIJDEHQ KDEHQ VLHKH $EELOGXQJ 'HU SDOLVDGHQDUWLJH $XIEDX HLQHV $XJHV HUNOlUW VLFK GXUFK GLH (QWVWHKXQJ DXV HLQHU PRQRHSLWKHOLDOHQ =HOOVFKLFKW 3UR[LPDO ]XU VRJ ´IHQHVWUDWHG PHPEUDQHµ GLH GHQ HLJHQWOLFKHQ $EVFKOX‰ GHV 2PDWLGLXPV]XP QDFKJHVFKDOWHWHQ XQG 6LJQDO YHUDU EHLWHQGHQRSWLVFKHQ/REXVELOGHWEHJLQQHQGLHRSWLVFKHQ1HXURSLOH

'LHRSWLVFKHQ1HXURSLOH

,P DGXOWHQ =16 YRQ'URVRSKLOD PHODQRJDVWHUZHUGHQ GUHL RSWLVFKH 1HXURSLOH XQWHUVFKLHGHQ GLH GLUHNW SUR[LPDO DQ GLH 5HWLQD DQVFKOLH‰HQGH /DPLQD JDQJOLRQDULVLP IROJHQGHQ /DPLQD GLH QDFK IROJHQGH 0HGXOOD JDQJOLRQDULV LP IROJHQGHQ 0HGXOOD XQG OHW]WOLFK GHU /REXODUNRPSOH[ $E ZHLFKHQG ]X DQGHUHQ 2UGQXQJHQ LQQHUKDOE GHU ,QVHNWHQ ZLUG OHW]WHUHU EHL GHQ 'LSWHUHQ LQ HLQH DQWHULRUH /REXOD XQG HLQH SRVWHULRUH /REXODSODWWH XQWHUWHLOW :LH JHQHUHOO EHL 1HXURSLOHQ EHVWHKW GHUHQ ,QQHUHV QXU DXV 1HUYHQIRUWVlW]HQ 6\QDSVHQ XQG YHUHLQ]HOWHQ *OLD]HOOHQ 'LH JHVDPWHQ QHXURQDOHQ 6RPDWD VLQG ]XVDPPHQ PLW ZHLWHUHQ *OLD]HOOHQ LP XPJHEHQGHQ =HOONRUWH[ DQJH RUGQHW 9RU DOOHP GXUFK YHUVFKLHGHQH ]HOOW\SVSH]LILVFKH (QKDQFHU7UDS /LQLHQ NRQQWHQ EHL 'URVRSKLODPHODQRJDVWHUYLHOHGHU=HOOHQLGHQWLIL]LHUWXQGFKDUDNWHULVLHUWZHUGHQ

D'LH/DPLQD

:LH GDV .RPSOH[DXJH LVW DXFK GDV HUVWH RSWLVFKH 1HXURSLO PRGXODU RUJDQLVLHUW 'LH HLQ]HOQHQ 0RGXOH ZHUGHQ DOV&DUWULGJHEH]HLFKQHW XQG VHW]HQ VLFK DXV MH QHXURQDOHQ =HOOHQ YHUVFKLHGHQHQ

*OLD]HOOHQ XQG GHQ 7HUPLQL GHU 3KRWRUH]HSWRUHQ 55 ]XVDPPHQ ]XVDPPHQJHID‰W LQ 0HLQHUW]KDJHQ 21HLO 6WUDX‰IHOG 'LH $[RQH YRQ 5 XQG 5 WHUPLQLHUHQ HUVW LQ GHU 0HGXOOD $OOH QHXURQDOHQ 6XSHUSRVLWLRQVDXJHQ VLQG GDGXUFK JHNHQQ]HLFKQHW GD‰ GLH YRQ HLQHP2PDWLGLXP VWDPPHQGHQ 5H]HSWRUD[RQH QLFKW LQQHUKDOE GHU VHOEHQ /DPLQDFDUWULGJH WHUPL QLHUHQ 9LHOPHKU ZHUGHQ $[RQH YRQ EHQDFKEDUWHQ (LQ]HODXJHQ GLH HQWODQJ GHU JOHLFKHQ RSWLVFKHQ $FKVH EOLFNHQ DXI HLQH &DUWULGJH YHUVFKDOWHW 'DGXUFK LVW JHZlKUOHLVWHW GD‰ LQQHUKDOE MHGHV 0RGXOV $[RQH WHUPLQLHUHQ XQG VR HLQH HUVWH $XIVXPPLHUXQJ GHU HLQJHKHQGHQ 6LJQDOH HU UHLFKW ZHUGHQ NDQQ $QDWRPLVFK IKUW GLHV GD]X GD‰ VLFK GLH $[RQH YRQ 55 HLQHV2PDWLGLXPV QDFK GHP $XVWULWW DXV GHU 5HWLQD LQQHUKDOE GHV /DPLQDNRUWH[ XP ƒ YHUGULOOHQ XQG LQ YHUVFKLH GHQHQ 6lXOHQ WHUPLQLHUHQ 6R HQWKlOW MHGH 6lXOH IU VLFK ZLHGHU 7HUPLQL YRQ 3KRWRUH]HSWRU D[RQHQ =XVDPPHQ PLW GHQ $[RQHQ YRQ 5 XQG 5 ]LHKHQ GLH )RUWVlW]H GHU /DPLQDPRQR SRODU]HOOHQ/ZHLWHUEHUGDVlX‰HUHRSWLVFKH&KLDVPDLQGLH0HGXOOD

(12)

(LQOHLWXQJ

+LVWRORJLVFK NDQQ GLH /DPLQD YRQ DX‰HQ QDFK LQQHQ LQ GUHL %HUHLFKH XQWHUWHLOW ZHUGHQ GLH VLFK DXV MHZHLOV VSH]LILVFKHQ =HOOSRSXODWLRQHQ ]XVDPPHQVHW]HQ 'LUHNW XQWHUKDOE GHU 5HWLQD EHILQGHW VLFK GLH )HQVWHUVFKLFKW 'LHVHU %HUHLFK EHLQKDOWHW QHEHQ YLHOHQ 7UDFKHHQ ]ZHL SURPL QHQWH *OLD]HOOW\SHQ =XP HLQHQ GLH )HQVWHUJOLD GLH GXUFK LKUH VHKU ODQJJHVWUHFNWH =HOOPRUSKR ORJLH JXW LGHQWLIL]LHUEDU LVW XQG ]XP DQGHUHQ GLH SVHXGRFDUWULGJH*OLD GLH QXU YHUHLQ]HOW YRUNRPPW XQG DXIIDOOHQG JUR‰H =HOONHUQH EHVLW]W 'LH =HOOIRUWVlW]H GHU SVHXGRFDUWULGJH *OLD GULQJHQ DXFK LQ GHQGHU)HQVWHUVFKLFKWIROJHQGHQ%HUHLFKGHP/DPLQDNRUWH[HLQ

,QQHUKDOE GHV /DPLQDNRUWH[ VLQG DOOH QHXURQDOHQ 6RPDWD GHU /DPLQDQHXURQH XQG HLQLJH *OLD ]HOOW\SHQ ORNDOLVLHUW 1HXURQH VLHKH )LVFKEDFK 'LWULFK *OLD VLHKH 6DLQW 0DULH &DUOVRQ 'HU SUR[LPDOHQ 6DWHOOLWHQJOLD ZLUG HLQH 5ROOH EHL GHU 1lKUVWRIIYHUVRUJXQJ GHU /DPLQDPR QRSRODU]HOOHQ ]XJHVFKULHEHQ 6DLQW 0DULH &DUOVRQ XQG GLH GLVWDOH 6DWHOOLWHQJOLD ELOGHW KLVWRORJLVFKGHQ$EVFKOX‰GHV=HOONRUWH[KLQ]XPSUR[LPDOJHOHJHQHQ/DPLQDQHXURSLO

:LH DOOH 1HXURSLOH LVW DXFK GDV GHU /DPLQD IUHL YRQ MHJOLFKHQ QHXURQDOHQ 6RPDWD YJO

$EELOGXQJ 1HEHQ GHQ =HOOIRUWVlW]HQ YRQ 5 XQG 5 GHQHQ GHU /DPLQDPRQRSRODU]HOOHQ VRZLH GHQHQ HLQLJHU ZHLWHUHU 1HXURQH NRPPHQ GRUW DOV =HOON|USHU QXU GLH GHU (SLWKHOLDO XQG GHU0DUJLQDOJOLDYRU0HLQHUW]KDJHQ 21HLO6DLQW0DULH &DUOVRQ

E'LH0HGXOOD

'LH $[RQH YRQ 5 XQG 5 ZHFKVHOQ ZlKUHQG VLH YRQ GHU /DPLQD LQ GLH 0HGXOOD SURML]LHUHQ GLH 6HLWH 'DGXUFK HQWVWHKW HLQH DEHUPDOLJH 9HUGULOOXQJ GHU =HOOIRUWVlW]H GDV lX‰HUH RSWLVFKH

&KLDVPD 'DEHL ZDFKVHQ GLH =HOOIRUWVlW]H GHU 5H]HSWRU]HOOHQ ZlKUHQG GHU (QWZLFNOXQJ QLFKW

EHU .UHX] VRQGHUQ GLH JHVDPWH /DPLQD YHUGUHKW VLFK JHJHQ GLH 0HGXOOD $P KLVWRORJLVFK JXW HUNHQQEDUHQ .HX]XQJVSXQNW EHILQGHQ VLFK GLH =HOON|USHU GHU 5LHVHQJOLD $QDORJ ]XU /DPLQD LVW DXFK GLH 0HGXOOD LQ HLQHQ =HOONRUWH[ XQG HLQHQ 1HXURSLOEHUHLFK XQWHUWHLOW )LVFKEDFK 'LWULFK YJO$EELOGXQJ

(13)

(LQOHLWXQJ

%LVKHU LVW GLH JHVDPWH YRUJHVWHOOWH $XIWHLOXQJ QXU KLVWRORJLVFKHU 1DWXU XQG JLEW NDXP $XI VFKOX‰ EHU )XQNWLRQV]XVDPPHQKlQJH 8QDEKlQJLJ YRQ GHU IXQNWLRQHOOHQ %DVLV JLEW GLH VWUHQJH JHRPHWULVFKH $UFKLWHNWXU GHV RSWLVFKHQ 6\VWHPV GHP QHXURELRORJLVFK ,QWHUHVVLHUWHQ HLQ KHUYRU UDJHQGHV :HUN]HXJ ]XU +DQG XP GLH 0HFKDQLVPHQ XQG OHW]WHQGOLFK DXFK GLH )XQNWLRQDOLWlW GHU DP$XIEDXGLHVHV6\VWHPVEHWHLOLJWHQ.RPSRQHQWHQ]XHUJUQGHQ

+HUYRUUDJHQG GHPRQVWULHUW ZXUGH GLHV XQWHU DQGHUHP EHL GHU $XINOlUXQJ GHV VHYHQOHVV 6LJQDO WUDQVGXNWLRQVZHJV 'HU 3KRWRUH]HSWRU 5 LVW GHU OHW]WH GHU DFKW 5H]HSWRUHQ GHU DXV GHP =HOO YHUEDQG GHU HPEU\RQDOHQ $XJHQVFKHLEH DXVGLIIHQ]LHUW :HJHQ GHU 896HQVLWLYLWlW OLH‰HQ VLFK )OLHJHQ RKQH 5 DXIJUXQG LKUHU 89%OLQGKHLW OHLFKW DXVVHOHNWLRQLHUHQ 'HU PROHNXODUH 'HIHNW GHU 9HUKDOWHQVPXWDQWH VHYHQOHVV NRQQWH DXI HLQHQ IU 5 VSH]LILVFKHQ 5H]HSWRU ]XUFNJHIKUW ZHUGHQ %DVOHU +DIHQ 6LPRQ HW DO 'LH NODUH 6WUXNWXU GHV .RPSOH[DXJHV XQG GDPLW YHUEXQGHQ GLH OHLFKWH ,GHQWLIL]LHUXQJ GHU 5 =HOOHQ HUP|JOLFKWH HV QXQ GLH ,QWHUDNWLRQV SDUWQHU GHV 5H]HSWRUV ]X ILQGHQ 'LHVHU HLQIDFKH $QVDW] IKUWH QLFKW QXU ]X HLQHP LQ]ZLVFKHQ IXQGLHUWHQ 0RGHOO GHU VHYHQOHVV 6LJQDONDVNDGH VRQGHUQ ]X ZHLWUHLFKHQGHQ (UNHQQWQLVVHQ YRQ 5H]HSWRU6LJQDONDVNDGHQJHQHUHOO]XVDPPHQJHID‰WLQ<DPDPRWR

'LH NODUH 6WUXNWXU GHV RSWLVFKHQ 6\VWHPV LVW DXFK GHU *UXQG ZDUXP LQ ]XQHKPHQGHQ 0D‰H 'URVRSKLODDOV 0RGHOORUJDQLVPXV IU QHXURGHJHQHUDWLYH (UNUDQNXQJHQ KHUDQJH]RJHQ ZLUG 1LFKW XP GLH QHXURGHJHQHUDWLYHQ (IIHNWH GLH GLH .UDQNKHLWHQ KDEHQ QDFK]XELOGHQ GD]X ZlUHQ GLH 6\VWHPH 0HQVFK XQG )OLHJH ZRKO GRFK ]X YHUVFKLHGHQ VRQGHUQ ZHLO LP )OLHJHQPRGHO EHUHLWV NOHLQH 9HUlQGHUXQJHQ JXW YHUIROJW ZHUGHQ N|QQHQ 'D YLHOH QHXURQDOH %DXVWHLQH ]ZLVFKHQ

$EELOGXQJ 1HXURQDOH =HOOW\SHQ GHU /DPLQD XQG 0HGXOOD

$EELOGXQJ DXV )LVFKEDFK 'LWWULFK ,Q GLHVHP %LOG VLQG GLH 1HXURQW\SHQ GHUHQ 3RVLWLRQ XQG LKU MHZHLOLJHV

$UERULVLHUXQJVPXVWHU JXW ]X HUNHQQHQ 'HQ +DXSWWHLO GHU 1HUYHQIRUWVlW]H LQQHUKDOE GHU /DPLQD VWHOOHQ GLH 3KRWRUH]HSWRUHQ GHUHQ 7HUPLQL LQ HQJHP .RQWDNW ]X GHQ /DPLQDPRQRSRODU]HOOHQ VWHKHQ KLHU QLFKW JH]HLJW 'LH 7 =HOOH GHUHQ 6RPD ]XP 0HGXOODNRUWH[ JHK|UW YHU ]ZHLJW VRZRKO LQ GHU /DPLQD DOV DXFK GHU 0HGXOOD 'LH HLQ]LJHQ =HOOW\SHQ GLH VRZRKO LQ GHU SUR[LPDOHQ 0HGXOOD DOV DXFK LQ GHU /DPLQD YHU]ZHLJHQ VLQG GLH 1HXURQH &

XQG & *XW ]X HUNHQQHQ LVW DXFK GD‰ GLH JH]HLJWHQ

$[RQH YRQ 5 XQG 5 DQWHULRU EHJLQQHQ GDQQ EHU GDV RSWLVFKH &KLDVPD NUHX]HQ XQG SRVWHULRU LQ GHU 0HGXOOD WHUPLQLHUHQ

(14)

(LQOHLWXQJ

)OLHJHQ XQG 0HQVFKHQ ]XPLQGHVW IXQNWLRQVDQDORJ VLQG N|QQHQ VR :HFKVHOZLUNXQJHQ PLW DQGHUHQ =HOOW\SHQ RGHU *HQHQ JXW XQWHUVXFKW ZHUGHQ YJO )HDQ\ %HQGHU )HUQDQGH]

)XQH]HWDO

(LQH 6W|UXQJ GHV 6\VWHPV VLQG ]% GLH LQ GLHVHU $UEHLW EHVFKULHEHQHQ /|FKHU LQ /DPLQD XQG 0HGXOOD (V VWHKW NDXP DQ]XQHKPHQ GD‰ LQ YLYR LP RSWLVFKHQ 6\VWHP GHU )OLHJHQ /|FKHU YRU KDQGHQ VLQG :DKUVFKHLQOLFK HQWVWHKHQ GLHVH HUVW VHNXQGlU EHL GHQ YHUVFKLHGHQHQ :DVFK XQG )L[LHUXQJVVFKULWWHQ RGHU EHLP 6FKQHLGHQ GHU )OLHJHQN|SIH $EHU VLH VLQG LP :LOGW\S QLFKW YRU KDQGHQ XQG VRPLW LVW GLHVHU KLVWRORJLVFKH %HIXQG HLQ ,QGL] GDIU GD‰ HLQ RGHU PHKUHUH 3UR]HVVH LQQHUKDOE GHV RSWLVFKHQ 6\VWHPV GHUDQJLHUW VLQG (LQH $XINOlUXQJ GHU 9DP0XWDWLRQ ZLUG VRPLW GDV 9HUVWlQGQLV GHU 1HXURQ XQG RGHU *OLD)XQNWLRQ LP RSWLVFKHQ 6\VWHP YRQ'URVRSKLOD PHODQR JDVWHUHUZHLWHUQ

9DP±(LQHVWUXNWXUHOOHQHUYHQV\VWHPVSH]LILVFKH0XWDWLRQ

'HU )OLHJHQVWDPP 9DP 9$FXRODU 0HGXOOD HQWVWDPPW HLQHU (060XWDJHQHVH (WK\O 0HWKDQR6XOIRQDW EHL GHU GLH HQWVWDQGHQHQ 0XWDQWHQ DXI VWUXNWXUHOOH 'HIHNWH LQQHUKDOE GHV 1HUYHQV\VWHPV YRQ DGXOWHQ )OLHJHQ XQWHUVXFKW ZXUGHQ +HLVHQEHUJ %|KO $OV PXWDJH QHV $JHQV ZXUGH (06 ]XHUVW YRQ /HZLV XQG %DFKHU DQJHZHQGHW /HZLV %DFKHU :HJHQ GHU OHLFKWHQ $SSOLNDWLRQ DOV )XWWHUEHLJDEH VHLQHU IU GLH )OLHJHQ JHULQJHQ 7R[L]LWlW XQG GHU KRKHQ PXWDJHQHQ :LUNXQJ LVW (06 VHLWGHP HLQHV GHU PHLVW YHUZHQGHWHQ 0XWDJHQH GHU

$EELOGXQJ'HU9DP3KlQRW\S

$XWRIOXRUHV]HQ]DXIQDKPHQ YRQ ]ZHL KRUL]RQWDOHQ 3DUDIILQVFKQLWWHQ GXUFK HLQHQ .RSI HLQHU9DP.6)OLHJH ,Q$LVW HLQ 7DJH DOWHV KHWHUR ]\JRWHV :HLEFKHQ XQG LQ%HLQ JOHLFKDOWULJHV KHPL]\JRWHV 0lQQFKHQ JH]HLJW 'LH 9DNXROHQ VLQG GXUFK ZHL‰H3IHLOVSLW]HQPDUNLHUW5H5HWLQD/D/DPLQD0H0HGXOOD/RS/REXODSODWWH/R/REXOD=1=HQWUDOKLUQ

(15)

(LQOHLWXQJ 'URVRSKLODIRUVFKXQJ 'XUFK GHQ DON\OLHUHQGHQ (IIHNW YRQ (06 NRPPW HV YRUQHKPOLFK ]X HLQHU )HKOSDDUXQJ YRQ 2$ON\O*XDQLGLQ PLW 7K\PLGLQ XQG IROJOLFK ]X HLQHU *& ]X $77UDQVLWLRQ LP QDFKIROJHQGHQ '1$5HSOLNDWLRQV]\NOXV 6QRZ HW DO ,Q ZHLWDXV JHULQJHUHP 0D‰H VLQG MHGRFK DXFK 7UDQVLWLRQHQ YRQ $7 ]X *& 2(WK\O7K\PLGLQ %LOGXQJ XQG 3DDUXQJ PLW

*XDQLGLQ XQG NOHLQHUH &KRPRVRPHQDEHUDWLRQHQ KDXSWVlFKOLFK NXU]H 'HOHWLRQHQ EHVFKULHEHQ VLHKH $VKEXUQHU D 'HU IU GHQ 3KlQRW\S YHUDQWZRUWOLFKH 'HIHNW LVW VRPLW K|FKVWZDKU VFKHLQOLFK HLQH 3XQNWPXWDWLRQ GLH ]X HLQHP QHRPRUSKHQ *HQSURGXNW IKUW 'LH 0XWDWLRQ LP 8UVSUXQJVVWDPP 9DP.6 LVW QLFKW OHWDO ZRGXUFK MHGRFK QLFKW DXVJHVFKORVVHQ LVW GD‰ GDV *HQ 9DPDQVLFKOHWDOPXWLHUEDULVWVLHKHDXFK

)OLHJHQ PLW GHU ;FKURPRVRPDOHQ 0XWDWLRQ 9DP ]HLJHQ DOV VHPLGRPLQDQWHQ 3KlQRW\S HLQH DOWHUVDEKlQJLJH $XVELOGXQJ YRQ 9DNXROHQ LQ GHU /DPLQD XQG GHU 0HGXOOD VLHKH $EELOGXQJ

%HUHLWV HLQ PXWDQWHV9DP&KURPRVRP UHLFKW LP DQVRQVWHQ JHQHWLVFK ZLOGW\SLVFKHQ +LQWHUJUXQG DXV XP ]X HLQHU $XVSUlJXQJ GHV9DP3KlQRW\SV ]X IKUHQ &RRPEH +HLVHQEHUJ 'LH 6HPLGRPLQDQ] HUJLEW VLFK DXV GHU 7DWVDFKH GD‰ KHPL]\JRWH 0lQQFKHQ YRQ KRPR]\JRWHQ :HLE FKHQ SKlQRW\SLVFK QLFKW ]X XQWHUVFKHLGHQ VLQG EHL KHWHUR]\JRWHQ 7LHUHQ GLH (IIHNWH MHGRFK PLW OHLFKWHU ]HLWOLFKHU 9HU]|JHUXQJ DXIWUHWHQ 'LH 0XWDWLRQ NDQQ DOVR QLFKW GXUFK (LQEULQJHQ YRQ 'XSOLNDWLRQHQ GLH GHQ IUDJOLFKHQ %HUHLFK DEGHFNHQ JHUHWWHW ZHUGHQ 6FKOHLS *OFN 'DUDXV HUJLEW VLFK GLH 6FKOX‰IROJHUXQJ GD‰ HV VLFK EHL GHP 8UVSUXQJVDOOHO9DP.6XP HLQ 1HR PRUSK KDQGHOQ PX‰ ZHOFKHV GDV RSWLVFKH 6\VWHP VW|UHQG EHHLQIOX‰W 6RZRKO HLQH 1XOOPXWDQWH DOV DXFK HLQH K\SRPRUSKH 0XWDWLRQ P‰WHQ VLFK GXUFK ZLOGW\SLVFKH .RSLHQ GHV *HQV E]Z GHV JHVDPWHQ *HQORFXV UHWWHQ ODVVHQ 'LHV LVW YRU DOOHP IU GLH ,GHQWLIL]LHUXQJ GHV EHWURIIHQHQ *HQV YRQHVVHQWLHOOHU%HGHXWXQJVLHKHDXFK

&RRPEH XQG +HLVHQEHUJ NRQQWHQ ]HLJHQ GD‰ ]XVlW]OLFK ]XU 9DNXROHQELOGXQJ GLH /DPLQD PRQRSRODU]HOOHQ / XQG / DEVWHUEHQ XQG GLH )OLHJHQ NXU] QDFK GHP 6FKOSIHQ EHUHLWV HLQ GHIHNWHV(5*6LJQDO(OHNWUR5HWLQR*UDPPDXIZHLVHQ&RRPEH +HLVHQEHUJ

$OV GLHVH /LQLH JHQHULHUW ZXUGH ZDUHQ GLH PROHNXODUJHQHWLVFKHQ 0LWWHO GLH ]XU 9HUI

JXQJ VWDQGHQ QRFK VHKU EHJUHQ]W 'LH HUVWHQ &KDUDNWHULVLHUXQJHQ GLH YRQ &RRPEH XQG +HLVHQ EHUJ &RRPEH +HLVHQEHUJ SXEOL]LHUW ZXUGHQ EHVFKlIWLJHQ VLFK GHP]XIROJH YRUQHKPOLFK PLW GHU SK\VLRORJLVFKHQ XQG KLVWRORJLVFKHQ %HVFKUHLEXQJ GHU 0XWDQWH 'LH9DP0XWDWLRQ ZXUGH LQ GHU $UEHLW YRQ &RRPEH XQG +HLVHQEHUJ EHU 5HNRPELQDWLRQVNDUWLHUXQJ ]ZLVFKHQ YHUPLOOLRQ XQG IRUNHG DXI GLH JHQHWLVFKH 3RVLWLRQ HLQJHJUHQ]W 'LHV HQWVSULFKW ]\WRORJLVFK LQ HWZD GHP %HUHLFK (% DXI GHP ;&KURPRVRP YRQ 'URVRSKLOD PHODQRJDVWHU 'XUFK ZHLWHUH

(16)

(LQOHLWXQJ

NODVVLVFK JHQHWLVFKH ([SHULPHQWH NRQQWH JH]HLJW ZHUGHQ GD‰ GLH 0XWDWLRQ LQQHUKDOE GHV YRQ GHU 'HIL]LHQ] 'IVGEDEJHGHFNWHQ %HUHLFKV OLHJHQ PX‰ *OFN 5)/3$QDO\VHQ 5HVWULN WLRQV )UDJPHQW /lQJHQ3RO\PRUSKLVPXV VFKUlQNWHQ GHQ P|JOLFKHQ %HUHLFK LQ GHP GLH 0XWD WLRQ ORNDOLVLHUW VHLQ PX‰ DXFK GLVWDO DXI HLQHQ %HUHLFK YRQ FD NE HLQ 6FKOHLS YJO

$EELOGXQJ

*HQRPHXQGLKUH$QQRWDWLRQ

'DV KDSORLGH 'URVRSKLOD*HQRP EHVWHKW DXV FD [1XNOHRWLGHQ .QDSS HLQ 'ULWWHO GDYRQ JHK|UW ]XP +HWHURFKURPDWLQ 'LHVHU 7HLO LVW GHP]XIROJH YRQ HLQLJHQ $XVQDKPHQ DEJHVHKHQ

%HUJKHOOD 'LPLWUL /X HW DO QLFKW NRGLHUHQG 'LH %H]HLFKQXQJ +HWHURFKURPDWLQ EH]LHKW VLFK DEZHLFKHQG YRQ LKUHU XUVSUQJOLFKHQ KLVWRORJLVFKHQ 'HILQLWLRQ LQ]ZLVFKHQ DXI JHQR PLVFKH %HUHLFKH GLH ZHJHQ LKUHV KRKHQ $QWHLOV DQ UHSHWLWLYHQ 6HTXHQ]DEVFKQLWWHQ VFKZHU NORQLHU XQG VHTXHQ]LHUEDU VLQG +DUWO HW DO 'LH YHUEOHLEHQGHQ 0HJDEDVHQ (XFKUR PDWLQNRGLHUHQIULQVJHVDPWJXWGUHL]HKQWDXVHQG*HQH$GDPVHWDO0\HUVHWDO

)U HLQHQ GHU 3URWDJRQLVWHQ GHV 6HTXHQ]LHUSURMHNWV GHU %LRWHFK)LUPD &HOHUD XQWHU /HLWXQJ YRQ *UDLJ 9HQWHU ZDU GDV *HQRP GHU )UXFKWIOLHJHQ QXU HLQ 3UREHGXUFKODXI 'DEHL VROOWH JHWHVWHW ZHUGHQ LQZLHZHLW VLFK HLQ :*69HUIDKUHQ :KROH*HQRPLF6KRWJXQ IU GDV UHODWLY JUR‰H XQG VHKU NRPSOH[ RUJDQLVLHUWH *HQRP HLQHV K|KHUHQ (XNDU\RWHQ HLJQHW :HEHU 0\HUV 9HQWHU HW DO 'DV KXPDQH *HQRP LVW LP 9HUJOHLFK ]X 'URVRSKLOD LQ HWZD XP GHQ )DNWRU JU|‰HU (LQHU GHU YLVLRQlUHQ $VSHNWH VFKRQ EHL GHU 6HTXHQ]LHUXQJ GHV'URVRSKLOD XQG YRU DOOHP EHL GHU GHV KXPDQHQ *HQRPV ZDU GLH $QQDKPH GD‰ GLH 5HFKHQOHLVWXQJ GHU

&RPSXWHU DXVUHLFKHQ ZUGH XP GLH GXUFK GDV 6KRWJXQ9HUIDKUHQ DQJHIDOOHQHQ 0LOOLDUGHQ

$EELOGXQJ.DUWLHUXQJGHU9DP0XWDWLRQ

'LH 9DP0XWDWLRQ OLHJW DXI GHP ;&KURPRVRP LP %HUHLFK )% XQG ZLUG SUR[LPDO &HQWURPHU GXUFK GHQ

%UXFKSXQNWGHU'HIL]LHQ]'IIXQGGLVWDO7HORPHUGXUFKHLQHQ+DH,,,5)/3EHJUHQ]W

(17)

(LQOHLWXQJ

%DVHQ DXV 0LOOLRQHQ 6HTXHQ]UHDNWLRQHQ LQ GLH ULFKWLJH 5HLKHQIROJH ]X EULQJHQ )U GDV KXPDQH *HQRP EHQ|WLJWH DOOHLQ GLHVHU 3UR]H‰ FD &38 6WXQGHQ DXI HLQHP SDUDOOHO DUEHLWHQGHQ 1HW] DXV KRFKOHLVWXQJVIlKLJHQ (LQ]HOUHFKQHUQ 9HQWHU HW DO ² ]X %HJLQQ GHV Å+XPDQ *HQRPH 3URMHFWV´ LP -DKU HLQH XWRSLVFKH 5HFKHQOHLVWXQJ 1LFKW ]XOHW]W GHVZHJHQ NDP EHL GHQ |IIHQWOLFKHQ 2UJDQLVDWLRQHQ NHLQ 6KRWJXQ9HUIDKUHQ ]XP (LQVDW] VRQGHUQ HLQ 3UR]HGHUHEHLGHPGLH6HTXHQ]HQEHUHLWVPHKURGHUPLQGHUJHRUGQHWSURGX]LHUWZHUGHQ

,Q]ZLVFKHQ VLQG PHKUHUH JXW HWDEOLHUWH 0R GHOORUJDQLVPHQ GXUFKVHTXHQ]LHUW XQG DXIJUXQG GHU /HLVWXQJVIlKLJNHLW GHU 6HTXHQ]LHU(LQ KHLWHQ YRQ |IIHQWOLFKHQ XQG SULYDWHQ $QVWDOWHQ YHUGRSSHOW VLFK DOOHLQH GLH $Q]DKO GHU LQ

*HQ%DQN 85/ YHU|IIHQWOLFKWHQ 6HTXHQ]HQ SUR -DKU VLHKH $EELOGXQJ 'DEHL EOHLEHQ YLHOH 'DWHQ GLH YRQ SKDUPD]HXWLVFKHQ 8QWHU QHKPHQ SURGX]LHUW ZHUGHQ QRFK XQEHUFN VLFKWLJW GD )LUPHQ LQ]ZLVFKHQ KlXILJ LQ (LJHQ UHJLH IU VLH LQWHUHVVDQWH 0RGHOORUJDQLVPHQ VH TXHQ]LHUHQRKQHGLH'DWHQ]XSXEOL]LHUHQ

'LH ,QIRUPDWLRQ EHU GLH OLQHDUH $EIROJH GHU 1XNOHRWLGH ELOGHW GDV *UXQGJHUVW DEHU GLH HLJHQWOLFK LQWHUHVVDQWH $XVVDJH ZR VLQG ZHOFKH *HQH ORNDOLVLHUW EOHLEW GDEHL ]XQlFKVW QRFK XQEHUKUW (UVW HLQ ZHLWHUHU HEHQVR UHFKHQLQWHQVLYHU 9HUJOHLFK PLW EHNDQQWHQ F'1$V XQG GHUHQ /RNDOLVDWLRQ VRZLH GDV $XIVSUHQ QHXHU ELV GDWR XQEHNDQQWHU *HQH HUP|JOLFKW 5FN VFKOVVH EHU GLH 2UJDQLVDWLRQ GHV *HQRPV 'LH IHUWLJH $QQRWDWLRQ DOVR GLH /RNDOLVDWLRQ EH NDQQWHU XQG GLH 9RUKHUVDJH QHXHU *HQH ZLUG YRQ DXVJHNOJHOWHQ 3URJUDPPHQ XQG $OJRULWKPHQ YRUJHQRPPHQ

9RU DOOHP GDV (UNHQQHQ HLQHV *HQORFXV GH QRYR VHLQHV 3URPRWRUV XQG GHU ]XJHK|ULJHQ ([RQ,QWURQ6WUXNWXUHQ LVW HLQH GHU +DXSWVFKZLHULJNHLWHQ EHL GHU $QQRWDWLRQ (QWVSUHFKHQG VFKZDQNHQ GLH 9RUKHUVDJHQ IU GLH EHLP 0HQVFKHQ WDWVlFKOLFK YRUKDQGHQHQ *HQH ]ZLVFKHQ 'LFNVRQ XQG NQDSS 9HQWHU HW DO 'LH HUVWH 6FKlW]XQJ EHUXKW DXI

$EELOGXQJ(LQWUlJHLQ*HQ%DQN

,Q GLHVHP *UDSKHQ VLQG GLH SXEOL]LHUWHQ (LQWUlJH LQ GHU

|IIHQWOLFKHQ 6HTXHQ]GDWHQEDQN *HQ%DQN ORJDULWKPLVFK DXIJH WUDJHQ 'HU DEJHGHFNWH =HLWUDXP JHKW YRQ ELV 'LH EODXH .XUYH JLEW GLH $Q]DKO GHU (LQWUlJH [ XQG GLH OLOD .XUYH GLH 1XNOHRWLGH ; ZLHGHU 'DEHL ]HLJW VLFK GDV

EHU GLH -DKUH KLQZHJ ]ZDU GLH $Q]DKO GHU YHU|IIHQWOLFKWHQ 6H TXHQ]HQ H[SRQHQWLHOO ZlFKVW GLH %DVHQ SUR (LQWUDJ MHGRFK WHFKQLVFK EHGLQJW QDKH]X NRQVWDQW EOHLEHQ 6HLW NDQQ PDQ JURE HLQH 9HUGRSSOXQJ GHU 6HTXHQ]GDWHQ SUR-DKU IHVWVWHOOHQ

(18)

(LQOHLWXQJ

WHLOZHLVH QLFKW YHU|IIHQWOLFKWHQ F'1$ XQG (67'DWHQ GLH ]ZHLWH DXI GHQ |IIHQWOLFK ]XJlQJ OLFKHQ F'1$6HTXHQ]HQ XQG GHU DQKDQG YRQ JHQRPLVFKHQ 6HTXHQ]HQ QHX SURJQRVWL]LHUWHQ

*HQHQ

'LH )HVWOHJXQJ HLQHV '1$$EVFKQLWWV DOV *HQ LVW DOV HLQGHXWLJ GHILQLHUW VREDOG IU GLHVHQ

%HUHLFK HLQH HQWVSUHFKHQGH F'1$ YRUOLHJW 'LH 1HX$QQRWDWLRQ HLQHV *HQV DXIJUXQG YRQ +RPRORJLHQ XQG .RQVHQVXVVHTXHQ]HQ LVW LP *HJHQVDW] GD]X VWDUN YRQ GHQ .ULWHULHQ DEKlQJLJ DE GHQHQ HLQ %HUHLFK DOV *HQ GHILQLHUW ZLUG ,P )DOOH GHU $QQRWDWLRQ GHV +XPDQJHQRPV KHL‰W GLHV LP 'HWDLO GD‰ ]XQlFKVW HLQ %HUHLFK ]% DQKDQG YRQ .RQVHQVXVVHTXHQ]HQ DOV SXWDWLYHV

*HQ JHNHQQ]HLFKQHW ZXUGH %HL DOOHQ .DQGLGDWHQ ZXUGHQ GDQQ GLH SURJQRVWL]LHUWHQ ([RQ,QWURQ6WUXNWXUHQEHUSUIWREVLHIROJHQGHQ$QVSUFKHQJHQJHQ9HQWHUHWDO

D.RQVHUYLHUXQJGHU([RQ,QWURQhEHUJlQJHLQ0DXV'1$$EVFKQLWWHQ E+XPDQHF'1$RGHU(67+RPRORJLH

FNRQVHUYLHUWH%HUHLFKH]X1DJHUF'1$VRGHU(67V GbKQOLFKNHLWHQ]XDQGHUHQEHNDQQWHQ3URWHLQHQ

6LQG PLQGHVWHQV ]ZHL GLHVHU YLHU .ULWHULHQ HUIOOW ZLUG GHU %HUHLFK DOV *HQ PLW ([RQ,QWURQ 6WUXNWXU DQQRWLHUW 2EZRKO GLHVH .ULWHULHQ GXUFKDXV VLQQYROO HUVFKHLQHQ LVW GLH =DKO GHU GHU]HLW DQQRWLHUWHQ *HQH LQQHUKDOE GHV +XPDQJHQRPV VRPLW PHKU RGHU PLQGHU ZLOONUOLFK 'LH )HVW OHJXQJ HLQHV 6HTXHQ]DEVFKQLWWV DOV *HQ LVW HQWVSUHFKHQG GHILQLWLRQVDEKlQJLJ XQG IOLH‰HQG VR ODQJH VLH QLFKW GXUFK HLQH F'1$ H[SHULPHQWHOO EHVWlWLJW ZHUGHQ NDQQ ² )U GLH KRFK WHFKQLVLHUWH XQG FRPSXWHUJHVWW]WH $QQRWDWLRQV0DVFKLQHULH HLQH XQO|VEDUH $XIJDEH -HGH =HOOH LQ HLQHP 2UJDQLVPXVVWHKWMHGRFKYRUHLQHPlKQOLFKJHODJHUWHQ3UREOHP

:HOFKHU '1$$EVFKQLWW NRGLHUW IU HLQ 3URWHLQ" :LH NDQQ HLQH =HOOH LQQHUKDOE GHU 8QPHQJH DQ 'DWHQ GLH IU VLH LQ LKUHP .RQWH[W XQG (QWZLFNOXQJVVWDQG UHOHYDQWH ,QIRUPDWLRQ H[WUDKLHUHQ XQG LKUH $XIJDEH LP =HOOYHUEDQG HUIOOHQ" 'LHVHV %DVLVSUREOHP GHU *HQUHJXODWLRQ GDV IU 9DP HLQHEHVRQGHUH5HOHYDQ]]XKDEHQVFKHLQWYJOVROOLPIROJHQGHQNXU]EHOHXFKWHWZHUGHQ 'LH7UDQVNULSWLRQV5HJXODWLRQLQ(XNDU\RWHQ

$QGHUV DOV EHL 3URNDU\RWHQ EHL GHQHQ GLH 5HSUHVVLRQ HLQHV JHQHUHOO DNWLYHQ *UXQG]XVWDQGHV GHQ +DXSWWHLO GHU *HQUHJXODWLRQ DXVPDFKW ]XVDPPHQJHID‰W LQ +RFKVFKLOG 'RYH LVW EHL (XNDU\RWHQ GHU *UXQG]XVWDQG HLQHV *HQV LQDNWLY 3URPRWRUHQ N|QQHQ ]ZDU HLQH UlXPOLFKH XQG |UWOLFKH 6SH]LILWlW GHU *HQH[SUHVVLRQ VWHXHUQ 6FKZ\WHU HW DO (LFKEDXP HW DO

(19)

(LQOHLWXQJ DEHU GHU ([SUHVVLRQVOHYHO HLQHV W\SLVFKHQ HXNDU\RWLVFKHQ &RUH3URPRWRUV LVW PHLVW QXU VHKU VFKZDFK (QWVSUHFKHQG ZHUGHQ (QKDQFHU EHQ|WLJW GLH GHQ JHULQJHQ %DVLVOHYHO GHU 7UDQVNULSWLRQ DQKHEHQ XQG GLH %LQGXQJ GHU 51$3RO\PHUDVHQ ]XVDPPHQ PLW DQGHUHQ )DNWRUHQ DQ GHQ 3UR PRWRUEHJQVWLJHQ

$QGHUV DOV LQ 3URNDU\RWHQ JLEW HV LQ (XNDU\RWHQ GUHL 51$3RO\PHUDVHQ -HGH IU VLFK LVW HLQ NRPSOH[HV *HIJH DXV 3URWHLQ8QWHUHLQKHLWHQ GDV WHLOZHLVH DXV GHQ JOHLFKHQ WHLOZHLVH DXV QXU IU GLH MHZHLOLJH 3RO\PHUDVH VSH]LILVFKHQ 3URWHLQHQ ]XVDPPHQJHVHW]W LVW :XUGHQ GLH 3RO\PHU DVHQ IUKHU DXIJUXQG LKUHU $QIlOOLJNHLW IUα$PDQLWLQ GHU WR[LVFKHQ 6XEVWDQ] GHV .QROOHQEOlW WHUSLO]HV $PDQLWD SKDOORLGHV XQWHUVFKLHGHQ :LHODQG )DXOVWLFK VWHOOWH VLFK EDOG KHUDXV GD‰ VLH LQ GHU =HOOH Y|OOLJ XQWHUVFKLHGOLFKH *HQNODVVHQ WUDQVNULELHUHQ 'LH 51$3RO\PHUDVH , SURGX]LHUW ULERVRPDOH 51$V VLHKH *UXPPW XQG GLH 51$3RO\PHUDVH ,,, HLQH 5HLKH NOHLQHU VWDELOHU 51$V XQWHU DQGHUHP GLH NOHLQH ULERVRPDOH 6 51$ 'LH SURWHLQNRGLHUHQGHQ

*HQH ZHUGHQ ELV DXI ZHQLJH $XVQDKPHQ DXVVFKOLH‰OLFK YRQ GHU 51$3RO\PHUDVH ,, 51$3,, WUDQVNULELHUW 'HU LVROLHUWH 51$3,, .RPSOH[ LVW QLFKW LQ GHU /DJHLQ YLWUR DQ GHQ 3URPRWRU HLQHV '1$ 7HPSODWHV ]X ELQGHQ XQG GLH 3RO\PHULVDWLRQ ]X LQLWLLHUHQ (UVW GLH =XJDEH YRQ LQVJHVDPW VHFKV 3URWHLQNRPSOH[HQ GHQ JHQHUHOOHQ 7UDQVNULSWLRQVIDNWRUHQ 7),,$ 7),,% 7),,' 7),,(

7),,) XQG 7),,+ HUP|JOLFKW HLQHQ JHRUGQHWHQ 7UDQVNULSWLRQVVWDUW ]XVDPPHQJHID‰W LQ 2USKD QLGHVHWDO1LNRORY %XUOH\

'HU&RUH3URPRWRU

'HU %HUHLFK YRQ ELV FD 1XNOHRWLGH EH]RJHQ DXI GLH 51$7UDQVNULSWLRQVVWDUWVWHOOH ZLUG DOV &RUH3URPRWRU EH]HLFKQHW %ODFNZRRG .DGRQDJD )U GLH SUl]LVH 7UDQVNULS WLRQVLQLWLDWLRQ ZHUGHQ LQ ZHFKVHOQGHQ .RPELQDWLRQHQ PLQGHVWHQV YLHU (OHPHQWH EHQ|WLJW GLH 7$7$%R[ GDV 7),,%5HFRJQLWLRQ(OHPHQW %5( GDV ,1LWLDWR5(OHPHQW ,QU XQG GDV 'RZQVWUHDP3URPRWRU(OHPHQW 'SH 'DEHL ELOGHQ GLH 3DDUH 7$7$%R[ XQG %5( VRZLH ,QU XQG 'SH MHZHLOV HLQH (LQKHLW PLW HQJ JHNRSSHOWHU )XQNWLRQDOLWlW -H QDFK .RQVWHOODWLRQ GLHVHU 0RWLYH NDQQ PDQ YHUVFKLHGHQH 3URPRWRU7\SHQ XQWHUVFKHLGHQ 3URPRWRUHQ PLW 7$7$%R[

RGHU PLW ,QU'SH 3URPRWRUHQ PLW EHLGHQ 6WUXNWXUHQ &RPSRVLWH 3URPRWRUHQ XQG ]XOHW]W VROFKH GLH ZHGHU 7$7$%R[ QRFK ,QU'SH DXIZHLVHQ 1XOO3URPRWRUHQ /HH <RXQJ 'LH 7$7$%R[ XQG GDV ,QU VLQG )XQNWLRQVDQDORJH 6PDOH HW DO XQG GLHQHQLQ YLYREHLGH DOV

%LQGXQJVVWHOOHQ IU GHQ N'3URWHLQ.RPSOH[ 7),,'%XUNH .DGRQDJD 'HVVHQ

%LQGXQJ GHILQLHUW GHQ (LQWULWWVSXQNW IU GLH DQGHUHQ *7)V *HQHUHOOHQ7UDQVNULSWLRQV)DNWRUHQ XQGGLH51$3,,XQGVWHOOWLQQHUKDOEGHU5HJXODWLRQGHU7UDQVNULSWLRQVLQLWLDWLRQHLQHQJHVFKZLQ

(20)

(LQOHLWXQJ

GLJNHLWVEHVWLPPHQGHQ 6FKULWW GDU ]XVDPPHQJHID‰W LQ %XUOH\ XQG 5RHGHU 'LH

%HREDFKWXQJ GD‰ 1XOO3URPRWRUHQ KlXILJ PHKUHUH 7UDQVNULSWLRQVVWDUWVWHOOHQ DXIZHLVHQ EHNUlI WLJW GLH %HGHXWXQJ YRQ 7$7$%R[ XQG ,QU DOV )L[SXQNWH IU GLH 7UDQVNULSWLRQVLQLWLDWLRQ XQG LVW ]XGHP HLQ +LQZHLV DXI HLQHQ XQJHQDXHQ 7UDQVNULSWLRQVVWDUW EHLP )HKOHQ GLHVHU (OHPHQWH *HQJ -RKQVRQ,QFH 6FRWWR

(LQHQ +DXSWEHVWDQGWHLO YRQ 7),,'ELOGHW GDV LQ VHLQHU 3URWHLQVWUXNWXU ELVKHU HLQPDOLJH XQG KRFKNRQVHUYLHUWH '1$ELQGHQGH 3URWHLQ 7%3 7$7$%R[%LQGLQJ3URWHLQ 1HEHQ GHU HLJHQW OLFKHQ .RQVHQVXVVHTXHQ] GHU 7$7$%R[ 7$7$$$$ ELQGHW 7%3 DXFK DQ DQGHUH $7UHLFKH 6HTXHQ]HQ 'DUDXV IROJW GD‰ VHLQH %LQGXQJVVSH]LILWlW IU GLH DOOHLQLJH )HVWOHJXQJ GHV 7UDQVNULS WLRQVVWDUWV QLFKW DXVUHLFKHQ NDQQ +DKQ HW DO &RUPDFN HW DO 6KHQ XQG *UHHQ 6KHQ *UHHQ NRQQWHQ ]HLJHQ GD‰ ZHLWHUH %HVWDQGWHLOH YRQ 7),,' GLH VRJHQDQQWHQ 7$)V 7%3$VVRFLDWHG )DFWRUV GLH 6HTXHQ]EHUHLFKH LQ XQPLWWHOEDUHU 8PJHEXQJ GHV 7$7$0RWLYV HUNHQQHQ XQG VR HLQH )HLQMXVWLHUXQJ GHU 7%3%LQGXQJVDNWLYLWlW YRUQHKPHQ N|QQHQ (LQH lKQOLFK )XQNWLRQ NDQQ DXFK GHU %LQGXQJVVWHOOH GHV 7UDQNULSWLRQVIDNWRUV 7),,% ]XJHVSURFKHQ ZHUGHQ %5( .RQVHQVXVVHTXHQ] 665&*&& GLH GLUHNW REHUKDOE GHU 7$7$%R[ OLHJW XQG HEHQIDOOV GLH 7UDQVNULSWLRQVLQLWLDWLRQ EHJQVWLJW /DJUDQJH HW DO :ROOQHU *UDOOD

%HL 3URPRWRUHQ RKQH 7$7$%R[ ZLUG GLH )HLQDEVWLPPXQJ GHV 7UDQVNULSWLRQVVWDUWV GXUFK GLH ,QU'SH%HUHLFKH YRUJHQRPPHQ ]XVDPPHQJHID‰W LQ 6PDOH 'DV ,QLWLDWRU(OHPHQW .RQVHQVXVVHTXHQ] 6lXJHU <<$1:<< .RQVHQVXVVHTXHQ] 'URVRSKLOD 7&$.7< $ HQW VSULFKW MHZHLOV GHP 7UDQVNULSWLRQVVWDUW EHILQGHW VLFK GLUHNW DP 7UDQVNULSWLRQVVWDUW GHU NRQVHU YLHUWH 'SH%HUHLFK .RQVHQVXVVHTXHQ] 5*:&*7* OLHJW XQWHUKDOE GDYRQ %HL 'URVRSKLOD 3URPRWRUHQ VFKHLQW GDV 'SH0RWLY VRJDU lKQOLFK ZHLW YHUEUHLWHW ]X VHLQ ZLH GLH 7$7$%R[

.XWDFK XQG .DWRQDJD $OOHUGLQJV EHVFKUlQNW VLFK GLH :LUNXQJ DXI &RUH3URPRWRUHQ GLH DXFK HLQ ,QU(OHPHQW EHLQKDOWHQ 6R NRQQWH JH]HLJW ZHUGHQ GD‰ HLQ DXIJHUHLQLJWHU 7),,' .RPSOH[ VRZRKO ,QU DOV DXFK 'SH LQ YLWUR ELQGHQ NDQQ HLQH HIIL]LHQWH 7UDQVNULSWLRQVLQLWLDWLRQ MHGRFK EHLGHU (OHPHQWH EHGDUI %XUNH .DGRQDJD %XUNH XQG .DGRQDJD NRQQWHQ GHV ZHLWHUHQ ]HLJHQ GD‰ LQ GHQ ELVKHU XQWHUVXFKWHQ 7$7$%R[ IUHLHQ 3URPRWRUHQ EHLGH (OHPHQWH HQWKDOWHQ VLQG XQG 'SH GLH (IIL]LHQ] YRQ ,QU3URPRWRUHQ QLFKW DEHU GLH HLQHV 7$7$%R[

3URPRWRUV HUK|KHQ NDQQ %XUNH .DGRQDJD $OV P|JOLFKHU 0LWWOHU ]XU ,QU%LQGXQJ ZXUGH LQQHUKDOE GHU 7$)V HLQ .RPSOH[ DXV 7$),, XQG 7$),, LGHQWLIL]LHUW &KDONOH\

9HUULM]HU 'LH %LQGXQJ DQ 'SH ZLUG LQ 'URVRSKLOD DQVFKHLQHQG GXUFK G1& HLQHP 2UWKRORJ ]X GHP DOV KXPDQHQ 7UDQVNULSWLRQVUHSUHVVRU EHVFKULHEHQHQ 3URWHLQ 1& YHUPLWWHOW :LOO\ XQG 0LWDUEHLWHU :LOO\ HW DO NRQQWHQ ]HLJHQ GD‰ GLHVHU .RPSOH[ GHU EHL 7$7$%R[

(21)

(LQOHLWXQJ

3URPRWRUHQ DOV 5HSUHVVRU ZLUNW DQ 'SH ELQGHW XQG EHL ,QU'SH3URPRWRUHQ DNWLYLHUHQG ZLUNW (LQH JUDSKLVFKH =XVDPPHQIDVVXQJ XQG P|JOLFKHV 0RGHOO GHU 7UDQVNULSWLRQVLQLWLDWLRQ EHL GHQ ]ZHLKlXILJVWHQ3URPRWRU7\SHQ]HLJW$EELOGXQJ

%HUHLWV HLQ &RUH3URPRWRU PLW 7$7$ %R[ XQGRGHU ,QLWLDWRU(OHPHQW NDQQ IU HLQH ]HLWOLFKH XQG UlXPOLFKH 6SH]LILWlW GHU *HQH[SUHVVLRQ VRUJHQ 6FKZ\WHU HW DO (LFKEDXP HW DO GLH +DXSWUHJXODWLRQ EHL HXNDU\RWLVFKHQ 2UJDQLVPHQ REOLHJW MHGRFK VRJHQDQQWHQ (QKDQFHUQ RGHU 5HSUHVVRUHQ

(QKDQFHU5HSUHVVRUXQG%RXQGDU\(OHPHQW

8UVSUQJOLFK ZXUGHQ (QKDQFHU DOV FLVZLUNHQGH '1$%HUHLFKH GHILQLHUW GLH XQDEKlQJLJ YRQ LKUHU 2ULHQWLHUXQJ GLH 7UDQVNULSWLRQ YRQ *HQHQ SRVLWLY EHHLQIOXVVHQ N|QQHQ .KRXU\ *UXVV ,QQHUKDOE GHV *HQRPV YRQ (XNDU\RWHQ VLQG GLH *HQH UHODWLY ZHLWOlXILJ YHUVWUHXW XQG HQW

$EELOGXQJ'LH7UDQVNULSWLRQVLQLWLDWLRQ

'LH 7UDQVNULSWLRQVLQLWLDWLRQ JHKW DQ GHQ EHLGHQ &RUH3URPRWRUHQ PLW XQG RKQH 7$7$%R[ ]ZDU XQWHUVFKLHGOLFKH :HJH GDV (UJHEQLV LVW MHGRFK GDVVHOEH ,Q$LVW HLQ W\SLVFKHU 7$7$%R[ 3URPRWRU JH]HLJW 'LH 6HTXHQ]EHUHLFKH GLH YRQ LKUHU 3RVLWLRQ KHU ,QU XQG 'SH HQWVSUlFKHQ VLQG KLHU QLFKW NRQVHUYLHUW XQG IDUEORV GDUJHVWHOOW 'LH HUVWHQ 6FKULWWH ]XU $XI ILQGXQJ GHU 7UDQVNULSWLRQVVWDUWVWHOOH ZHUGHQ YRQ 7),,% GDV DQ GDV NRQVHUYLHUWH %5(0RWLY ELQGHW XQG GHU 7$7$%R[

GLH YRQ 7%3 HUNDQQW ZLUG HLQJHOHLWHW 'LH 3RVLWLRQLHUXQJ GHV 7),,'.RPSOH[HV LVW VRPLW DXFK RKQH NRQVHUYLHUWHQ ,QU XQG 'SHIL[LHUW,P)DOOH%HLQHV3URPRWRUVRKQH7$7$%R[ELQGHQ7$)XQG7$)GLHEHLGH.RPSRQHQWHQYRQ7),,' VLQG DQ GHQ ,QLWLDWRU 'LH 6HTXHQ]EHUHLFKH GLH YRQ LKUHU 3RVLWLRQ KHU GHU 7$7$%R[ XQG %5( HQWVSUlFKHQ VLQG EHL GLHVHQ 3URPRWRUHQ QLFKW NRQVHUYLHUW XQG ZHUGHQ LQ%IDUEORV GDUJHVWHOOW 1DFK ZLH YRU ELQGHW 7%3 MHGRFK GLHVHQ 6H TXHQ]EHUHLFK XQG WUlJW VR ]XU ]XVlW]OLFKHQ 6WDELOLWlW EHL ,QZLHZHLW 7),,% EHL 3URPRWRUHQ GHV 7\SV % EHL GHU =LHOILQGXQJ XQG 6WDELOLWlW GHV 7),,'.RPSOH[HV EHLWUlJW LVW QRFK XQNODU 7),,% KLHU QXU NDULHUW GDUJHVWHOOW $OV (QGHUJHEQLV N|QQHQ LQ EHLGHQ )lOOHQ GLH UHVWOLFKHQ .RPSRQHQWHQ GHV 7UDQVNULSWLRQVLQLWLDWLRQVNRPSOH[HV UHNUXWLHUW ZHUGHQ 7),,$7),,+ XQG GLH 51$3,, EHJLQQW DQ 3RVLWLRQ PLW GHU 7UDQVNULSWLRQ URWHU $VWHUL[ ,Q HLQHU VFKHPDWLVFKHQ $XVVFKQLWWVYHUJU|‰HUXQJ LVW GHU &RUHSURPRWRU PLW GHQ EHWHLOLJWHQ .RQVHQVXVVHTXHQ]HQ XQG LKUHQ MHZHLOLJHQ 3RVLWLRQHQ EH]JOLFK GHV 7UDQVNULSWLRQVVWDUWVGDUJHVWHOOWQlKHUH(UOlXWHUXQJHQVLHKH7H[W

(22)

(LQOHLWXQJ

VSUHFKHQG N|QQHQ (QKDQFHU%HUHLFKH LQ XQPLWWHOEDUHU 1lKH GHU 7UDQVNULSWLRQVHLQKHLW RGHU DEHU DXFK PHKUHUH .LOREDVHQ GDYRQ HQWIHUQW OLHJHQ :lKUHQG ]XP %HLVSLHO GHU (QKDQFHU IU GDV *HQ GHV ,PPXQRJOREXOLQV +α LQQHUKDOE GHV HUVWHQ ,QWURQV OLHJW LVW GHU NRQWUROOLHUHQGH %HUHLFK IU GDV 'URVRSKLOD 3URWHLQ &87 NE REHUKDOE GHV 3URPRWRUV ORNDOLVLHUW -DFN 'H/RWWR 'LHVH .RQWUROOEHUHLFKH VLQG ELV ]X PHKUHUH KXQGHUW %DVHQ ODQJ XQG HQWKDOWHQ PHLVW GLH (UNHQ QXQJVVHTXHQ]HQ IU YHUVFKLHGHQH 7UDQVNULSWLRQVIDNWRUHQ 'LHVH HLQ]HOQHQ 0RGXOH N|QQHQ VR ]X HLQHU GLIIHUHQ]LHUWHUHQ .RQWUROOH YRQ QDFKJHVFKDOWHWHQ *HQHQ EHLWUDJHQ ]XVDPPHQJHID‰W LQ

%ODFNZRRG .DGRQDJD =ZDU NDQQ DXFK EHL 3URNDU\RWHQ GHU DNWLYLHUHQGH 7UDQVNULSWLRQV IDNWRU LQ HLQLJHU (QWIHUQXQJ GHV 3URPRWRUV ELQGHQ %XFN HW DO 5HLW]HU 0DJDVDQLN GLH HLJHQWOLFKH $NWLYLHUXQJ JHVFKLHKW GRUW MHGRFK GXUFK HLQH GLUHNWH ,QWHUDNWLRQ GHU DNWLYLHUHQGHQ 'RPlQH GHV 7UDQVNULSWLRQVIDNWRUV PLW GHP 7UDQVNULSWLRQVLQLWLDWLRQVNRPSOH[ :HGHO HW DO 'LH 7UDQVNULSWLRQVUHJXODWLRQ EHL (XNDU\RWHQ LVW GHXWOLFK NRPSOH[HU XQG &RXOVRQ

&RXOVRQ HW DO NRQQWH ]HLJHQ GD‰ GLH EHL GHU 7UDQVNULSWLRQ EHWHLOLJWHQ 3URWHLQ)DPLOLHQ LQ GHQ YHUVFKLHGHQ 7D[D (XNDU\RWD 3URNDU\RWD XQG $UFKHD ZHLWJHKHQG XQDEKlQJLJ YRQHLQDQGHU VLQG 'HU WDWVlFKOLFKH 0HFKDQLVPXV PLW GHP HLQH DNWLYLHUHQGH 'RPlQH DXI GLH 7UDQVNULSWLRQV LQLWLDWLRQ ZLUNW LVW QRFK XQNODU (V JLEW MHGRFK HLQLJH 0RGHOOH XQG +LQZHLVH ZLH 7HLOVFKULWWH GLHVHV0HFKDQLVPXVDEODXIHQN|QQWHQ

(QKDQFHUXQG6LOHQFHUN|QQHQSURPRWRUVSH]LILVFKZLUNHQ

'LH $UEHLWHQ YRQ /L XQG 1ROO /L 1ROO ]HLJWHQ GD‰ DXFK LQ 'URVRSKLOD PHODQRJDVWHU (QKDQFHU EHVWLPPWH 3URPRWRUHQ EHYRU]XJW DNWLYLHUHQ 'LH *HQH GSS GHFDSHQWDSOHJLF RDI RXW DW ILUVW XQG VOK 6/< KRPRORJRXV OLHJHQ LQ XQPLWWHOEDUHU 1DFKEDUVFKDIW (LQ 7UDQVSRVRQ PLW HLJHQHP 3URPRWRU GDV LQQHUKDOE GHVRDI/RFXV LQVHULHUW VWHKW IRUWDQ XQWHU GHU .RQWUROOH GHU YHU VFKLHGHQHQ GSS(QKDQFHU 'LH ]X GHQ (QKDQFHUQ QlKHU OLHJHQGHQ *HQH RDI XQG VOK EOHLEHQ MHGRFK QDFK ZLH YRU XQEHHLQIOX‰W XQG ZHUGHQ GXUFK GLHGSS(QKDQFHU QLFKW DNWLYLHUW 0HUOL HW DO $QGHUHUVHLWV NDQQ PDQ GHQ 3URPRWRUEHUHLFK YRQRDIGXUFK GHQ YRQGSS DXVWDXVFKHQ XQG HUKlOW VRPLW HLQ GSS([SUHVVLRQVPXVWHU IURDI 'DPLW ZLUG JH]HLJW GD‰ GHU GSS(QKDQFHU VHLQHQ

=LHOSURPRWRU HUNHQQW XQG EHL VHLQHU VSH]LILVFKHQ :LUNXQJ VRJDU DQGHUH *HQH EHUVSULQJHQ NDQQ $QDORJ GD]X NRQQWHQ 2KWVXNL XQG 0LWDUEHLWHU 2KWVXNL HW DO ]HLJHQ GD‰ GHU (QKDQFHU $($XWRUHJXODWRU\ (OHPHQW LQQHUKDOE GHV $QWHQQDSHGLD.RPSOH[HV EHL 'URVRSKLOD QXU GDV *HQ IW] IXVKL WDUD]X QLFKW DEHU GDV JOHLFK ZHLW HQWIHUQWH *HQ VFU VH[ FRPEV UHGXFHG DNWLYLHUW 'HU DXIIlOOLJVWH 8QWHUVFKLHG ]ZLVFKHQ GHQ EHLGHQ *HQ/RFL LVW GD‰ GHU &RUH3URPRWRU YRQ IW] HLQH RSWLPDOH 7$7$%R[ .RQVHQVXVVHTXHQ] EHVLW]W ZlKUHQG GHU VFU3URPRWRU EHU HLQ

(23)

(LQOHLWXQJ ,QU'SH0RWLY YHUIJW 'LH $UEHLWVJUXSSH NRQQWH ]HLJHQ GD‰ $( XQDEKlQJLJ YRP NRQWURO OLHUWHQ *HQ 7$7$%R[ 3URPRWRUHQ GHQMHQLJHQ 3URPRWRUHQ YRU]LHKW GLH GLHVHV 0RWLY QLFKW KDEHQ $QGHUH .RQWUROOEHUHLFKH ZLH ]XP %HLVSLHO1(( GHU (QKDQFHU IU GDV *HQ UKRUKRPERLG ]HLJHQKLQJHJHQNHLQHVROFKHQ3UlIHUHQ]HQ2KWVXNLHWDO

(LQH DQGHUH 0|JOLFKNHLW GHQ :LUNXQJVEHUHLFK HLQHV (QKDQFHUV ]X IRNXVVLHUHQ ELHWHQ DOV ,QVXODWRU RGHU %RXQGDU\(OHPHQW EH]HLFKQHWH '1$%HUHLFKH 'DV WUDQVSRVDEOH (OHPHQW J\SV\

WUlJW IODQNLHUHQG %LQGHVWHOOHQ IU GDV =LQN)LQJHU 3URWHLQ 68+: VXSSUHVVRU RI +DLU\ZLQJ

>VX+Z@ *H\HU XQG &RUFHV *H\HU &RUFHV NRQQWHQ ]HLJHQ GD‰ HV EHL HLQHU ,QVHUWLRQ YRQJ\SV\LQQHUKDOE GHU NRQWUROOLHUHQGHQ 5HJLRQ GHV'URVRSKLOD*HQORFXV\HOORZ]X $XVIlOOHQ LP ([SUHVVLRQVPXVWHU GHV *HQV NRPPW ,QWHUHVVDQWHUZHLVH VLQG YRQ GHU J\SV\,QVHUWLRQ QLFKW DOOH (QKDQFHU YRQ \HOORZ GLH VRZRKO DOV DXFK OLHJHQ EHWURIIHQ 'LH DEEORFNHQGH :LUNXQJ GHV WUDQVSRVDEOHQ (OHPHQWV HQWIDOWHW VLFK QXU ZHQQ J\SV\ ]ZLVFKHQ (QKDQFHU XQG 3URPRWRU OLHJW 'LHVHU (IIHNW YRQ J\SV\ LVW DXFK EHL DQGHUHQ *HQORFL ]X EHREDFKWHQ XQG NRQQWH DXI HLQ 6WFN YRQ ES HLQJHJUHQ]W ZHUGHQ GD‰ GLH %LQGXQJVVWHOOH IU 68+: HQWKlOW 'URVHWW *H\HU &RUFHV ,Q HLQHU 9LHO]DKO DQGHUHU 2UJDQLVPHQ NRQQWHQ LQ]ZLVFKHQ QHEHQ GLHVHP =LQF )LQJHU 3URWHLQ DXFK ZHLWHUH '1$ELQGHQGH 3URWHLQH NODVVLIL]LHUW ZHUGHQ GHUHQ %LQGXQJVVWHOOHQ DOV ,QVXODWRU ZLUNHQ ]XVDPPHQJHID‰W LQ 6XQ (OJLQ %HOO HW DO 'LHVHU DEVFKLU PHQGH RGHU EHJUHQ]HQGH (IIHNW EHVFKUlQNW VLFK QLFKW QXU DXI (QKDQFHU XQG 6LOHQFHU VRQGHUQ lKQOLFKH 0HFKDQLVPHQ VFKHLQHQ DXFK EHL GHU 8QWHUWHLOXQJ HLQHV &KURPRVRPV LQ HLQ]HOQH IXQN WLRQHOOH .RPSDUWLPHQWH ]% (XFKURPDWLQ+HWHURFKURPDWLQ HLQH 5ROOH ]X VSLHOHQ )RXUHO HW DO

(LQH VFKHPDWLVFKH =XVDPPHQIDVVXQJ GHU 0|JOLFKNHLWHQ XP GLH 6SH]LILWlW HLQHV (QKDQFHUV RGHU6LOHQFHUV]XJHZlKUOHLVWHQ]HLJW$EELOGXQJ

(24)

(LQOHLWXQJ

9RU DOOHP GLH 3URPRWRU6HOHNWLYLWlW HLQLJHU (QKDQFHU GLH WHLOZHLVH PHKUHUH .LOREDVHQ HQWIHUQWOLHJHQZLUIWGLH)UDJHDXIZHOFKHU1DWXUGLHVH,QWHUDNWLRQPLWGHP3URPRWRULVW

'1$6FKOHLIHQXQGGHU0HGLDWRU.RPSOH[

'DV .HUQSUREOHP EHL GHU 5HJXODWLRQ GXUFK ZHLW HQWIHUQWH .RQWUROOEHUHLFKH LVW HV GHQ (Q KDQFHU E]Z GLH DQ GHQ (QKDQFHU JHEXQGHQHQ 3URWHLQH LQ UlXPOLFKH 1lKH ]X GHP 3URPRWRU ]X EULQJHQ %HL GHQ GHU]HLW GLVNXWLHUWHQ 0RGHOOHQ GLH GLHV EHZHUNVWHOOLJHQ N|QQWHQ NRPPW HV ]XQlFKVW ]XU $XVELOGXQJ HLQHU '1$6FKOHLIH 1DFKIROJHQG N|QQHQ GLH DQ GHQ (QKDQFHU JHEXQ GHQHQ 3URWHLQH XQG $NWLYDWRUHQ LQ HLQHP DOV Å7UDFNLQJ´ RGHU Å6FDQQLQJ´ EH]HLFKQHWHQ 6XFKYRU JDQJ GHQ SDVVHQGHQ 3URPRWRU DXIVSUHQ 6RZRKO GLH $XVELOGXQJ YRQ '1$6FKOHLIHQ DOV DXFK GLH GLUHNWH ,QWHUDNWLRQ YRQ (QKDQFHU3URWHLQHQ PLW 7HLOHQ GHV 7UDQVNULSWLRQVLQLWLDWLRQVNRPS OH[HV NRQQWH LQ PHKUHUHQ $UEHLWHQ EHZLHVHQ ZHUGHQ ]XVDPPHQJHID‰W LQ :DQJ *LDHYHU

%ODFNZRRG .DGRQDJD 8P HLQH GHUDUWLJH 6FKOHLIH DXV]XELOGHQ PX‰ LQ HLQHP HUVWHQ 6FKULWW GLH VHKU NRPSDNWH QXNOHRVRPDOH 9HUSDFNXQJ GHU '1$ JHORFNHUW ZHUGHQ 'LHVH Å$XI ORFNHUXQJ´ GHU '1$ HUOHLFKWHUW E]Z HUP|JOLFKW HUVW HLQH %LQGXQJ GHU 7UDQVNULSWLRQV 0DVFKLQHULH DQ GHQ 3URPRWRU VLHKH ]% ,PEDO]DQR HW DO +lXILJ JHVFKLHKW GLHV GXUFK HLQH

$FHW\OLHUXQJ YRQ +LVWRQHQ 'DGXUFK ZLUG GLH $IILQLWlW GHU 1XNOHRVRPHQ%DXVWHLQH ]XU '1$

YHUPLQGHUW XQG VR GLH =XJlQJOLFKNHLW GHU '1$ IU 7UDQVNULSWLRQVIDNWRUHQ JHVWHLJHUW RKQH MHGRFK GLH QXNOHRVRPDOH 2UJDQLVDWLRQ JDQ] DXI]XO|VHQ ]XVDPPHQJHID‰W LQ 6WXKO 6LQG GXUFK GLHVH hEHUIKUXQJ GHU '1$ LQ HLQH $UW ÅNRPSHWHQWHQ´ =XVWDQG GLH %LQGXQJVVWHOOHQ IU GLH 7UDQVNULSWLRQV$NWLYDWRUHQ XQG GHU 3URPRWRU ÅIUHLJHOHJW´ NDQQ GLH JHQVSH]LILVFKH 5HJXOD WLRQEHJLQQHQYJO$EELOGXQJ

$EELOGXQJ0RGHOO]XU(QKDQFHU6SH]LILWlW

'LH :LUNXQJ HLQHV (QKDQFHUV LVW SULQ]LSLHOO ]XQlFKVW XQJHULFKWHW 'HU %ODXH (QKDQFHU N|QQWH DXI DOOH GUHL VNL]]LHUWHQ *HQH ZLUNHQ GLH :LUNXQJ DXI *HQ ZLUG MHGRFK GXUFK HLQ Ä%RXQGDU\(OHPHQW³ DEJHEORFNW HEHQVR GLH :LUNXQJ GHV JUQHQ (QKDQFHUV DXI GLH *HQH XQG :HQQ VLFK GLH *HQH XQG EH]JOLFK LKUHU 3URPRWRUHQ XQWHUVFKHLGHQ ]% 7$7$%R[ RGHU ,QU'SH3URPRWRULVWHVP|JOLFKGD‰GHUEODXH(QKDQFHUQLFKWDXI*HQVRQGHUQSUlIHUHQWLHOODXI*HQDNWLYLHUHQGZLUNW

(25)

(LQOHLWXQJ

$Q GHU ,QLWLDWLRQ GHU 7UDQVNULSWLRQ VLQG FD YHUVFKLHGHQ 3URWHLQH REOLJDW EHWHLOLJW 0LQ GHVWHQV GLH GRSSHOWH $Q]DKO VSLHOW DOOHUGLQJV EHL GHU LQ YLYR5HJXODWLRQ GHV 3UR]HVVHV HLQH 5ROOH ,PPHU QHXH EHWHLOLJWH 3URWHLQH N|QQHQ LQ XQWHUVFKLHGOLFKHQ 0RGHOOV\VWHPHQ LGHQWLIL]LHUW ZHUGHQ 6R JDOWHQ 7%3 EH]LHKXQJVZHLVH 7),,'ODQJH DOV GLH DOOHLQLJHQ 0LWWOHU ]ZLVFKHQ $NWLYDWRUHQ XQG GHU 51$3,, (UVW LQ GHU MQJHUHQ 9HUJDQJHQKHLW PHKUHQ VLFK GLH +LQZHLVH GD‰ HLQ DOV 0HGLDWRU EH]HLFKQHWHU .RPSOH[ DOV ]ZLVFKHQJHVFKDOWHWHV (OHPHQW VRZRKO EHL GHU $NWLYLHUXQJ DOV DXFK EHL GHU 5HSUHVVLRQ GLHQHQ NDQQ ]XVDPPHQJHID‰W LQ 0\HUV XQG .RUQEHUJ 'HU 3URWHLQNRPSOH[ ZXUGH ]XQlFKVW LQ +HIHQ GXUFK GLH %HREDFKWXQJ JHIXQGHQ GD‰ EHL HLQHP LQ YLWUR 7UDQVNULSWLRQVV\VWHP VRZRKO 51$3,, DOV DXFK GLH ELV GDWR EHNDQQWHQ JHQHUHOOHQ 7UDQ VNULSWLRQVIDNWRUHQ *7)V LP hEHUVFKX‰ ]XJHJHEHQ ZHUGHQ N|QQHQ XQG GLH 5HDNWLRQ LPPHU QRFK GXUFK HLQHQ XQEHNDQQWHQ %HVWDQGWHLO OLPLWLHUW LVW .HOOHKUHU HW DO )ODKHUW\ HW DO /HW]WHQGOLFK NRQQWH GHU DXV 3URWHLQHQ EHVWHKHQGH .RPSOH[ JHUHLQLJW ZHUGHQ XQG LVW LQ]ZLVFKHQ LQ PHKUHUHQ 2UJDQLVPHQ IXQNWLRQHOO QDFKJHZLHVHQ .LP HW DO 3DUN HW DO 'HU JHUHLQLJWH .RPSOH[ ELQGHW XQWHU DQGHUHP GHQ FDUER[\OVWlQGLJHQ %HUHLFK GHU 51$3,,

&7' YRQ GHP EHNDQQW LVW GD‰ HU YRU GHU 7UDQVNULSWLRQVLQLWLDWLRQ PDVVLY GXUFK 7),,+

SKRVSKRU\OLHUW ZLUG 'LHVH 3KRVSKRU\OLHUXQJ ZLUG GXUFK GHQ 0HGLDWRU.RPSOH[ XP GDV IDFKH JHVWHLJHUW (QWVSUHFKHQG ZLUG DXFK GLH 7UDQVNULSWLRQVLQLWLDWLRQ XP GDV IDFKH HUK|KW .LP HW DO 0\HUV HW DO (LQH GHU QHXVWHQ $UEHLWHQ JHKW VRJDU VRZHLW GLH 5ROOH YRQ 7),,'DOV ]HQWUDOHP %LQGHJOLHG ]ZLVFKHQ $NWLYDWRUHQ XQG 51$3,, ,QLWLDWLRQVNRPSOH[ LQ )UDJH ]X VWHOOHQ 3DUN HW DO 3DUN XQG 0LWDUEHLWHU IROJHUQ DXV LKUHQ (UJHEQLVVHQ GLH IU GHQ

$EELOGXQJ'1$6FKOHLIHQ]XU(QKDQFHU3URPRWRU)LQGXQJ

$'LH 1XFOHRVRPHQ ELOGHQ GLH NOHLQVWH 8QWHUHLQKHLW GHU '1$ 9HUSDFNXQJ 'LH %LQGXQJ DQ GLH +LVWRQH GHU 1XFOHRVRPHQ NDQQ ]% GXUFK $FHW\OLHUXQJ JHORFNHUW ZHUGHQ 'DGXUFK ZLUG GLH '1$ IU 7UDQVNULSWLRQVIDNWRUHQ ]XJlQJOLFKHU .RPSHWHQ] JUQHU

$VWHUL[% 0RGHOO IU GHQ 6XFKPHFKDQLVPXV GHV (QKDQFHUV (LQ (QKDQFHU ZLUG GXUFK HLQHQ .RPSOH[ DXV '1$ELQGHQGHQ 3URWHLQHQ XQG &R$NWLYDWRUHQ JHEXQGHQ 'LHVHU .RPSOH[ EHZHJW VLFK LQ HLQHP DOV Ä7UDFNLQJ³ RGHU Ä6FDQQLQJ³ EH]HLFKQHWHQ 0RGXV EHU GLH '1$ ELV HU DQ HLQHQ SDVVHQGHQ 3URPRWRU ELQGHQ NDQQ XQG GRUW GLH 7UDQVNULSWLRQ LQLWLLHUW 'HU '1$%HUHLFK

EHUGHQVLFKGHU(QKDQFHU$NWLYDWRU.RPSOH[EHZHJWZLUGGDEHLZLHLQ$JH]HLJWJHORFNHUW

(26)

(LQOHLWXQJ

'URVRSKLOD0HGLDWRU.RPSOH[ JHZRQQHQ ZXUGHQ GD‰ GPHGLDWRUDOV ]HQWUDOHU &RDNWLYDWRU LQ HLQHU 9LHO]DKO YRQ *HQHQ ZLUNW XQG GLH 7$)V DOV %HVWDQGWHLOH GHV 7),,'HKHU DOV 3URPRWRU 6SH]LIL ]LHUXQJVXQG3RVLWLRQLHUXQJV:HUN]HXJHWlWLJVLQG3DUNHWDO

'LH 5HOHYDQ] GLHVHV NXU]HQ $EULVVHV EHU GLH 7UDQVNULSWLRQ LQ HXNDU\RWLVFKHQ 2UJDQLVPHQ IU GLH YRUOLHJHQGH $UEHLW HUJLEW VLFK DXV GHQ (UJHEQLVVHQ YRQ +LHU ZLUG JH]HLJW ZHUGHQ GD‰

9DPGLH7UDQVNULSWLRQHLQHVEHVWLPPWHQ5HSRUWHUJHQVVSH]LILVFKEHHLQIOX‰W

(27)

0 $7(5,$/ 0 (7+2'(1

(28)

0DWHULDOXQG0HWKRGHQ

0DWHULDOXQG0HWKRGHQ

2UJDQLVPHQ )OLHJHQVWlPPH

6WDPP 'HWDLOV 3KlQRW\S +HUNXQIW /LWHUDWXU 9DP.6 8UVSUQJOLFKHV9DP$OOHO /HKUVWXKO

6WDPPVDPPOXQJ &RRPEH +HLVHQ EHUJ

'II'SUI 'HIL]LHQ] XQG 'XSOLNDWLRQ LP

%HUHLFK)% /HKUVWXKO

6WDPPVDPPOXQJ .DW]HQ 6WHOOHU

DWW;\ZI 0DUNHU6WDPP /HKUVWXKO

6WDPPVDPPOXQJ DWW;\ZI'S<VKLO 'S<VG%VVKL\ GLHVH$UEHLW

'IVGE)0FVX>@ /HKUVWXKO

6WDPPVDPPOXQJ

DWW;\FYYI )U 5HNRPELQDWLRQV

.DUWLHUXQJHQ /HKUVWXKO

6WDPPVDPPOXQJ

DWW;\ZVQI )U 5HNRPELQDWLRQV

.DUWLHUXQJHQ /HKUVWXKO

6WDPPVDPPOXQJ 9DPI 1HXH5HNRPELQDQWH0XWDJHQHVH GLHVH$UEHLW

9DPI 1HXH5HNRPELQDQWH GLHVH$UEHLW

9DPI5>@ 5|QWJHQLQGX]LHUWH 9DP 5HYHU

WDQWH1XPPHU>@ GLHVH$UEHLW 3&>@ S3^&R6SH5` PLW ,QVHUWLRQ

1XPPHU>@ GLHVH$UEHLW

ZW&6 :LOGW\S&DQWRQ6SH]LDO /HKUVWXKO

6WDPPVDPPOXQJ /LQGVH\=LPP

Z ZKLWHPXWDQWHUÅ:LOGW\S´ /HKUVWXKO

6WDPPVDPPOXQJ VGXQDWW; VFDOORSHGXQGXQHYHQ0DUNHUOLQLH /HKUVWXKO

6WDPPVDPPOXQJ

VG9DP 6WDPP PLW 6FDOORSHG PDUNLHUWHP

9DP&KURPRVRP /HKUVWXKO

6WDPPVDPPOXQJ *OFN

3^Z∆`6%706HU 7UDQVSRVDVHTXHOOH /HKUVWXKO

6WDPPVDPPOXQJ 5REHUWVRQHWDO Z&\26FR ,,&KURPRVRP %DODQFHU IU

3(OHPHQW/LQLHQ /HKUVWXKO 6WDPPVDPPOXQJ Z706E6HU ,,,&KURPRVRP %DODQFHU IU

3(OHPHQW/LQLHQ /HKUVWXKO 6WDPPVDPPOXQJ Z&\R6FR706E6HU ,, ,,, &KURPRVRP %DODQFHU IU

3(OHPHQW/LQLHQ /HKUVWXKO 6WDPPVDPPOXQJ 3^βJDO`$ ([SUHVVLRQVPXVWHUZLHDUJRV /HKUVWXKO

6WDPPVDPPOXQJ .UHW]VFKPDU HW DO

UHSR ODF= (QKDQFHU7UDS IU *OLD

]HOOHQ /HKUVWXKO

6WDPPVDPPOXQJ ;LRQJHWDO

(29)

0DWHULDOXQG0HWKRGHQ

6WDPP 'HWDLOV 3KlQRW\S +HUNXQIW /LWHUDWXU

WHU ODF= (QKDQFHU7UDS IU 7HUPL

QDO]HOOHQGHU7UDFKHHQ /HKUVWXKO

6WDPPVDPPOXQJ 6DPDNRYOLVHWDO

$ ODF= (QKDQFHU7UDS IU /DPLQD

PRQRSRODU]HOOHQ /HKUVWXKO 6WDPPVDPPOXQJ

$OOH 6WlPPH ZXUGHQ ]XU $XI]XFKW DXI 6WDQGDUG 'URVRSKLOD0HGLXP 0DLVPHKO $JDU 6RMDPHKO 0HODVVH 0DO]

H[WUDNW+HIHXQGJO1LSDJLQDOV)XQJL]LGEHLƒ&E]Zƒ&XQGUHODWLYHU/XIW IHXFKWLJNHLWJHKDOWHQ 9DP5HNRPELQDWLRQVVWlPPH

'HU $XVJDQJVVWDPP9DP.6ZXUGH PLW YHUVFKLHGHQHQ ;FKURPRVRPDOHQ 0DUNHUVWlPPHQ JHNUHX]W XQG DOOH 1DFK NRPPHQ EHL GHQHQ HLQ 5HNRPELQDWLRQVHUHLJQLVV VWDWWJHIXQGHQ KDW ]XQlFKVW DOV 6WDPP QHX HWDEOLHUW XQG KLVWR ORJLVFK XQWHUVXFKW $XV GLHVHQ 6WlPPHQ ZXUGHQ GLHMHQLJHQ PLW GHU VWlUNVWHQ KLVWRORJLVFKHQ $XVSUlJXQJ GHV9DP 3KlQRW\SVDXVJHZlKOWXQGZHLWHUYHUZHQGHW

%DNWHULHQVWlPPH

3ODVPLGH ZXUGHQ LQ(FROL;/EOXH GHU )LUPD 6WUDWDJHQH WUDQVIRUPLHUW XQG DPSOLIL]LHUW *HQRW\S VLHKH 6DPEURRN HWDO

0ROHNXODUH0HWKRGHQ

0ROHNXODUH6WDQGDUGPHWKRGHQ

6RZHLW QLFKW DQGHUV DQJHJHEHQ ZXUGH EHL DOOHQ PROHNXODUELRORJLVFKHQ 0HWKRGHQ QDFK GHQ Å&XUUHQW 3URWRFROV IRU PROHFXODUELRORJ\´$XVXEHOHWDOYHUIDKUHQ

9HNWRUHQ

9HNWRU .XU]EH ]HLFKQXQJ

9ROOVWlQGLJHU1DPH +HUNXQIW $QPHUNXQJHQ

S6. S%OXHVFULSW6. 6WUDWDJHQH S61( S6DPVWDJ1DFKPLWWDJV

([SHULPHQW GLHVH $UEHLW VLHKH DXFK

$EELOGXQJ VLHKH

S& S3^&R6SH5` /HKUVWXKO6WDPPVDPPOXQJ

$EELOGXQJ 'URVRSKLOD 7UDQVIRU PDWLRQV9HNWRU ÅKHOSHU´

3ODVPLG S8&π∆ /HKUVWXKO6WDPPVDPPOXQJ 1LFKW LQWHJULHUEDUHV 7UDQVSRVRQ DOV DN WLYH 7UDQVSRVDVH TXHOOH ]XU 7UDQVIRU PDWLRQYRQ)OLHJHQ

3ULPHU

1DPH 6HTXHQ] 70PLWRKQH5H

VWULNWLRQVVFKQLWW VWHOOH

.,; ATCTAGACTCTGAAGTGTAATGTTC

6,; ATCTAGACAAACTTAACACTAAATTCAC

.(3 CACTGCAGGGTACCCCTTTGCTTTTG

(30)

0DWHULDOXQG0HWKRGHQ

1DPH 6HTXHQ] 70PLWRKQH5H

VWULNWLRQVVFKQLWW VWHOOH 6(3 CACTGCAGCACTCTATTTGTATTACGTAGC

81, GTAAAAGGACGGCCAGT

5(9 AACAGCTATGACCATG

*HQLHXS TTTTTCCCGTGCGCTAAGTTTTC

*HQLHORZ GTGCTCGCCAGTGCCATTTC

*HQLHXS CGACAGCGAGATATTCAGCCTTCC

*HQLHORZ CTCGCCCTTTACGCACTCCTTC

*HQLHXS TGAATATGCAGCCAGACTTTA

*HQLHORZ AGCGCATTGGAGGTGTTGTAGAGG

*HQLHXS AATGCTGGAGGCCGCTTTTTG

*HQLHORZ CCGCTTTGGTTCCGCTCTAA

'LH %HUHFKQXQJ GHU 6FKPHO]WHPSHUDWXU GHU HLQ]HOQHQ 3ULPHU HUIROJWH QDFK GHP $OJRULWKPXV YRQ 5\FKOLN 5\FKOLN

.ORQLHUXQJGHV9DP%HUHLFKVDXV9DP.6)OLHJHQ

$OOH UHOHYDQWH %HUHLFKH DXV9DP)OLHJHQ ZXUGHQ EHU 3&5 NORQLHUW :HJHQ GHU 5HGXQGDQ] GHU ([SHULPHQWH ZLUG KLHU QXU H[HPSODULVFK HLQ ZLFKWLJHU 6FKULWW GHU .ORQLHUXQJVKLVWRULH DXIJHIKUW $OOH LQML]LHUWHQ .RQVWUXNWH VLQG DXV ]XYRU WHLOZHLVH VHTXHQ]LHUWHQ 3&5.ORQHQ HQWVWDQGHQ $OV 3&5 (Q]\P ZXUGH ([SDQG +L)L YRQ 5RFKH 'LDJQRVWLFV YHUZHQGHW %HL GLHVHP (Q]\PPL[ DXV 7DT3RO\PHUDVH PLW KRKHU 3UR]HVVLYLWlW XQG 3ZR3RO\PHUDVH PLW ([

RQXFOHDVHDNWLYLWlW )HKOHUNRUUHNWXU HUJHEHQ VLFK 3URGXNWH PLW VHKU JHULQJHU )HKOHUUDWH %DUQHV (FNHUW XQG .XQNHO

D6XENORQLHUXQJHLQHVNE.SQ6SK)UDJPHQWDXVFRVZW25'1$

M /LJDWLRQGHV)UDJPHQWHVLQHLQHQ.SQ6PDJHVFKQLWWHQHQS6.9HNWRU M Å%OXQWLQJ´GHV/LJDWLRQVSURGXNWVPLW73RO\PHUDVH

M /LJDWLRQ

M 7UDQVIRUPDWLRQLQHOHNWURNRPSHWHQWHQ;/EOXH (FROL6WDPP

M 6HOHNWLRQGHUULFKWLJHQ.ORQHXQG$QVHTXHQ]LHUXQJGHU(QGHQEHU9HNWRUVSH]LILVFKH3ULPHU E'HVLJQYRQ3ULPHUQDQKDQGGHUQHXHQ6HTXHQ]GDWHQKLHU.,;6,;.(3 6(3

F/RQJ3&5PLW9DP.6JHQRPLVFKHU'1$

3ULPHUSDDU .,;6,;

(Q]\P ([SDQG+LJK)LGHOLW\YRQ5RFKH'LDJQRVWLFV

$QVDW]

µO .,; µΜ

µO 6,; µΜ

QJ 7HPSODWH 9DP.6'1$

µO 3XIIHU [ ([SDQG+LIL.LW

µO ([SDQG

+L)L 8

DGG

µO

+2 3&5 :DVVHU

(31)

0DWHULDOXQG0HWKRGHQ

7HPSHUDWXUSURILO

=HLW 7HPSƒ& $Q]DKO[ $QPHUNXQJHQ

+RW6WDUW (UVWHU 'HQDWXULHUXQJV

VFKULWW $QIDQJV]\NOHQ

$OOH ]ZHL =\NOHQ ZLUG GLH 3RO\PHUL VDWLRQV]HLWXPYHUOlQJHUW

G.ORQLHUXQJGHV3&5)UDJPHQWV

M 5HLQLJXQJGHV)UDJPHQWVEHU4XLDJHQ3&5([WUDFWLRQ.LW M 3KHQRO5HLQLJXQJQDFK9HUGDXPLW%DP+,RGHU(FR5, M /LJDWLRQLQS6.%DP+,RGHUS6.(FR5,JHVFKQLWWHQ M 7UDQVIRUPDWLRQLQHOHNWURNRPSHWHQWH;/EOXH (FROL=HOOHQ

M 6HOHNWLRQGHUULFKWLJHQ.ORQHXQG$QVHTXHQ]LHUXQJGHU(QGHQEHU9HNWRUVSH]LILVFKH3ULPHU H$XIDUEHLWXQJGHUQHXHQ'DWHQ

M (UVWHOOXQJHLQHU5HVWULNWLRQVNDUWH M 6XENORQLHUXQJDXVJHZlKOWHU)UDJPHQWH

M 6HTXHQ]LHUXQJXQG(UVWHOOXQJYRQ&RQWLJVDXVGHQ6XENORQHQ

M $EJOHLFKPLWGHQHOHNWURQLVFKHQ'DWHQEDQNHQEHU%/$676XFKHQ85/

573&5

8P$XIVFKOX‰EHUHLQ]HOQHP51$VGHU 9DP5HJLRQ]XHUKDOWHQZXUGHQ57 3&55HDNWLRQHQGXUFKJHIKUW D(UVWVWUDQJV\QWKHVH

M .|SIHYRQ&2EHWlXEWHQVG9DP)OLHJHQEHL57HQWIHUQW M P51$QDFK4XLDJHQ51$PLQL.LWLQ µO+2HOXLHUW

$QVDW]

µO 51$OVJ

S0RO 3ULPHU -H QDFK 3URGXNW VSH]LILVFK RGHU 2OLJRG7

ƒ& 'HQDWXULHUXQJVVFKULWW

µO 0'77

µO ([SDQG+LIL [3XIIHU

µO G173V µΜ/|VXQJ*LEFR%5/

µO 6XSHU6FULSW,, *LEFR%5/

ƒ& 6\QWKHVH

ƒ& +LW]HLQDNWLYLHUXQJ

(32)

0DWHULDOXQG0HWKRGHQ

E3&5

1DFKIROJHQGH 3&5 QDFK %HGDUI XQG MHZHLOLJHU 6SH]LILNDWLRQ GHU 3ULPHU XQG GHU HUZDUWHWHQ 3URGXNWOlQJH PLW µO F'1$LQµO5HDNWLRQVDQVlW]HQ

6HTXHQ]LHUXQJHQ

'HU *UR‰WHLO GHU 6HTXHQ]LHUUHDNWLRQHQ ZXUGH PLW GHP7KHUPR 6HTXHQDVH IOXRUHVFHQW ODEHOOHG SULPHU F\FOH VHTXHQFLQJ .LWYRQ 3KDUPDFLD$PHUVKDP XQG GHP KDOEDXWRPDWLVFKHQ $/)H[SUHVV GHU JOHLFKHQ )LUPD QDFK $QOHLWXQJ GXUFKJHIKUW 0HLVW ZXUGHQ GLH ]X VHTXHQ]LHUHQGHQ 6WFNH LQ SDVVHQGHQ /lQJHQ VXENORQLHUW PD[NE XQG GDQQ PLW 6WDQGDUG 3ULPHUQ 81, 5(9 YRQ EHLGHQ 6HLWHQ GHU 0&6 GHV 9HNWRUV VHTXHQ]LHUW ,Q $XVQDKPHIlOOHQ ZXUGH GLH )LUPD 'HOSKL6HT)UDQN3IDQQVFKPLGWPLWGHU6HTXHQ]LHUXQJEHDXIWUDJW

.HLPEDKQWUDQVIRUPDWLRQYRQ'URVRSKLODPHODQRJDVWHU

'LH 7UDQVIRUPDWLRQ ]XU VWDELOHQ ,QVHUWLRQ GHU 3(OHPHQWH LQZ)OLHJHQ ZXUGH QDFK 5XELQ 6SUDGOLQJ 5XELQ 6SUDGOLQJ GXUFKJHIKUW $OV 7UDQVIRUPDWLRQVYHNWRU ZXUGH GDV 3ODVPLG S3^&DVSHU` 3& PLW GHQ HQWVSUHFKHQGHQ,QVHUWLRQHQYHUZHQGHWVLHKHDXFK

+LVWRORJLVFKH0HWKRGHQ

(UIDKUXQJVJHPl‰ EHGUIHQ DOOH KLVWRORJLVFKHQ 0HWKRGHQ HLQHU VRUJIlOWLJHQ $QSDVVXQJ XQG PVVHQ IU GLH HLQ]HOQH )UDJHVWHOOXQJ RSWLPLHUW ZHUGHQ 'HVZHJHQ ZHUGHQ LQ GLHVHP $EVFKQLWW QXU JUXQGVlW]OLFKH 9HUIDKUHQVZHLVHQ GHU 0HWKRGHQ XQG GD]X JHK|ULJH SXEOL]LHUWH %DVLV3URWRNROOH DQJHIKUW 'HWDLOV VRZHLW IU GDV HLQ]HOQH ([SHULPHQW YRQ HVVHQWLHOOHU%HGHXWXQJVLQGEHLGHQMHZHLOLJHQ$EELOGXQJHQLQGHU$UEHLWYHUPHUNW

3DUDIILQVFKQLWWH

1DFK-lJHUXQG)LVFKEDFKLQ$VKEXUQHU$VKEXUQHUE3URWRNROO

)U GLH 3DUDIILQ0DVVHQKLVWRORJLH ZXUGHQ ELV ]X )OLHJHQ QHEHQHLQDQGHU LQ .UlJHQ DXIJHIlGHOW XQG IU KPLQ LQ &$512< 5RPHLV )L[DQV LQNXELHUW 1DFK HLQHU VWHLJHQGHQ $ONRKROUHLKH PLW DE VFKOLH‰HQG (W2+SD EHU 0ROHNXODUVLHE ZXUGHQ GLH .UlJHQ EHU 1DFKW LQ 0HWK\OEHQ]RDW LQNXELHUW XQG DP GDUDXIIROJHQGHQ7DJLQ3DUDIILQHLQJHEHWWHW%HL]XODQJHQ,QNXEDWLRQV]HLWHQLQGHQHLQ]HOQHQ$ONRKROElGHUQHU K|KW VLFK GLH %LOGXQJ YRQ DUWLIL]LHOOHQ NOHLQHUHQ /|FKHUQ LP *HKLUQ 'LH 'LFNH GHU 6FKQLWWH EHWUlJW VWDQGDUGPl‰LJ µP

$EELOGXQJ3(OHPHQW.RQVWUXNWH

'LH GUHL 3&%DONHQ UHSUlVHQWLHUHQ GLH DXV 9DP)OLHJHQ VWDPPHQGHQ JHQRPLVFKHQ %HUHLFKH GLH LQ GHQ 3(OHPHQWYHNWRU S3^&DVSHU` NORQLHUW ZXUGHQ $QVFKOLH‰HQG ZXUGHQ IU MHGHV .RQVWUXNW ZHLW EHU Z(PEU\RQHQ PLW MH HLQHP GLHVHU .RQVWUXNWH WUDQVIRUPLHUW XQG LQ GHQ )ROJHJHQHUDWLRQHQ DXI HLQH VWDELOH ,QVHUWLRQ GHV MHZHLOLJHQ 3(OHPHQWV LP VRQVW ZLOG W\SLVFKHQ )OLHJHQJHQRP VHOHNWLRQLHUW =XU 2ULHQWLHUXQJ VLQG REHUKDOE GHU LQ GHU9DP5HJLRQ EHNDQQWHQ 7UDQVNULSWLRQVHLQKHLWHQ ]XVlW]OLFK ]XU (FR5, 5HVWULNWLRQVNDUWH QRFK GLH MHZHLOLJHQ +DXSWNORQLHUXQJVVFKQLWWVWHOOHQ GHU HLQ]HOQHQ .RQVWUXNWH DQJHJHEHQ

ILU)%JQ $736H)%JQ XEO)%JQ *HQLH&*)%JQ 'P\E)%JQ

*βI≡)%JQ

(33)

0DWHULDOXQG0HWKRGHQ

:lKUHQG GHV 6FKQHLGHQV XQG GHQ GDUDXIIROJHQGHQ ;\ORO:DVFKVFKULWWHQ ]XU (QWIHUQXQJ GHV 3DUDIILQV ZHUGHQ GLH

$XJHQIDUEVWRIIH EHU GHQ JHVDPWHQ 6FKQLWW YHUWHLOW XQG ODJHUQ VLFK DP *HZHEH DQ 8QWHU GHU %HOHXFKWXQJ PLWWHOV HLQHU +J/DPSH ODVVHQ VLFK GLHVH 3LJPHQWH ]XU $XWRIOXRUHV]HQ] DQUHJHQ 'LH VR JHZRQQHQ JUQ IOXRUHV]LHUHQGHQ

$XIQDKPHQ VLQG KHUYRUUDJHQG JHHLJQHW XP VLFK HLQHQ hEHUEOLFN EHU GHQ KLVWRORJLVFKHQ =XVWDQG HLQHV 'URVRSKLODJHKLUQV]XYHUVFKDIIHQ

.U\RVWDWVFKQLWWH

D,PPXQRKLVWRFKHPLHQDFK6%XFKQHUXQG$+RIEDXHULQ$VKEXUQHU$VKEXUQHUE3URWRNROO

E;*DO )lUEXQJHQ QDFK ' .DQNHO XQG * )LW]JHUDOG LQ $VKEXUQHU $VKEXUQHU E 3URWRNROO ÅDOWHUQDWH SURFHGXUH´ 'HU LQ GLHVHP 3URWRNROO DQJHJHEHQH 0F,OYDLQH 3XIIHU ZXUGH GXUFK GHQ 6WDQGDUG3XIIHU 3%6 VLHKH

$VKEXUQHUEHUVHW]W

6HPLGQQXQG8OWUDGQQVFKQLWWH

M 5VVHOLQ336|S+3KRVSKDWSXIIHUQDFK6|UHQVHQDXI(LVHQWIHUQW M )L[LHUXQJLQ*OXWDUDOGHK\G(0WDXJOLFKEHU1DFKWEHLƒ&

M :DVFKHQLQ336|S+

M )U8OWUDGQQVFKQLWWHZHLWHUH)L[DWLRQIUK2VPLXPWHWUR[LGLQ336|SKDXI(LV M (QWZlVVHUQEHUVWHLJHQGH$ONRKROUHLK H[(W2+MH PLQ M :DVFKHQIUPLQLQ3URS\OHQR[LG(LQEHWWXQJLQ'XUFXSDQ

M $XVKlUWXQJIUFDKEHLƒ&

6HPLGQQVFKQLWWHPLWµP6FKQLWWGLFNH8OWUDGQQVFKQLWWHPLWFD² QP6FKQLWWGLFNH

5|QWJHQPXWDJHQHVH

%HVWUDKOXQJVXQG.UHX]XQJVSURWRNROOIU5|QWJHQPXWDJHQHVH

M PRGLIL]LHUWQDFK&DUWKHZ5XELQODERUDWRU\0DQXDO M IULVFKJHVFKOSIWH0lQQFKHQGHV*HQRW\SV 9DPIDEVDPPHOQ M IU]ZHLZHLWHUH7DJHEHLƒ&DOWHUQODVVHQ

M MHZHLOVFD6WFNLQ%HVWUDKOXQJVJOlVHUJHEHQ $EELOGXQJ M YRUGHU%HVWUDKOXQJDXI(LVVWHOOHQXQGFD PLQDENKOHQODVVHQ

M PLQ EHVWUDKOHQ FD 5DG FP $OXPLQLXP$EVFKLUPSODWWH GLUHNW YRU GHP %HU\OOLXP)HQVWHU GHU 5|QWJHQU|KUHEHIHVWLJHQ

M )OLHJHQVRIRUWDXIIULVFKHZDUPH*OlVHUPLW%UHLXQGYLHO+HIHEHUIKUHQ M FDKHUKROHQODVVHQ

M PLWPLQGHVWHQVELVIDFKHU0HQJHDQGUHL7DJHDOWHQ-XQJIUDXHQNUHX]HQ

M DP]ZHLWHQ7DJQDFKGHU%HVWUDKOXQJXPVHW]HQGDQDFKMHGHQ7DJDXIIULVFKH*OlVHU M DPVHFKVWHQ7DJDOOH)OLHJHQYHUZHUIHQ

$EELOGXQJ%HVWUDKOXQJVVFKHPD 'LH YRQ REHQ NRPPHQGH 5|QWJHQVWUDKOXQJ Kν GXUFKGULQJW HLQHQ HQJ DXI GLH )OLHJHQ DXI JHVHW]WHQ 6FKDXPVWRIIVWRSIHQ 6R NRQQWH HU UHLFKW ZHUGHQ GD‰ DOOH 0lQQFKHQ GHU JOHLFKHQ 6WUDKOXQJVGRVLV DXVJHVHW]W ZHUGHQ 'LH $WHP O|FKHU VROOHQ ZlKUHQG GHU LQVJHVDPW FD KDOE VWQGLJHQ 3UR]HGXU HLQH DXVUHLFKHQGH 6DXHU VWRIIYHUVRUJXQJGHU)OLHJHQJHZlKUOHLVWHQ

Schaum stoffstopfen

Fliegen unten

Atem löcher unten

h υ

cher

(34)

0DWHULDOXQG0HWKRGHQ

&RPSXWHU3URJUDPPH

=XU%LOGEHDUEHLWXQJZXUGHQIROJHQGH3URJUDPPHHLQJHVHW]W

$GREH3KRWRVKRS9&RUHO'UDZ*UDSKLFV6XLWHY*,03

=XU'1$6HTXHQ]EHDUEHLWXQJZXUGHQIROJHQGH3URJUDPPHHLQJHVHW]W /DVHU*HQH'1$6WDUY[,QWHUQHWEDVLHUHQGH:HUN]HXJHVRZHLWDQJHJHEHQ

=XU7H[WYHUDUEHLWXQJZXUGHQIROJHQGH3URJUDPPHHLQJHVHW]W 8OWUD(GLWY6WDU2IILFH

(35)

( 5*(%1,66(81' ' ,6.866,21

(36)

(UJHEQLVVHXQG'LVNXVVLRQ

(UJHEQLVVHXQG'LVNXVVLRQ

$XV GHU LQ GHU (LQOHLWXQJ HUZlKQWHQ $UEHLW YRQ &RRPEH XQG +HLVHQEHUJ &RRPEH +HLVHQEHUJ VLHKH GLH 9DP DOV VHPLGRPLQDQWHV (06$OOHO FKDUDNWHULVLHUW KDEHQ ZDUHQ ]XU %HVFKUHLEXQJ GHV 9DP3KlQRW\SV ELVODQJ QXU ]ZHL 3KlQRPHQH EHNDQQW =XP HLQHQ GD‰ LQ 9DP)OLHJHQ DOWHUVDEKlQJLJ GLH QDPHQVJHEHQGHQ 9DNXROHQ LQ GHU 0HGXOOD XQG GHU /DPLQD DXIWUHWHQ XQG ]XP DQGHUHQ GD‰ GLHV PLW GHU 'HJHQHUDWLRQ YRQ /DPLQDPRQRSRODUQHXUR QHQ GHV 7\SV / XQG / HLQKHU]XJHKHQ VFKHLQW :LH E]Z LQ ZHOFKHP 0D‰H GLHVH =HOOHQ GH JHQHULHUHQ RE QRFK ZHLWHUH =HOOW\SHQ EHWURIIHQ VLQG XQG ZHOFKHV *HQ LQ GHU 9DP0XWDQWH GHIHNW LVW ZDU QRFK HEHQVR XQNODU ZLH GLH )UDJH QDFK GHU )XQNWLRQ GLH GDV 9DP3URWHLQ LQ GHQ )OLHJHQ ZDKUQLPPW 'LHVH )UDJHQ ]X EHDQWZRUWHQ ZDU GDV +DXSW]LHO GHU YRUOLHJHQGHQ $UEHLW (QWVSUHFKHQG Ol‰W VLFK GHU H[SHULPHQWHOOH 7HLO LQ GUHL +DXSWDEVFKQLWWH JOLHGHUQ GHUHQ %HDU EHLWXQJSDUDOOHOHUIROJWHXQGGHUHQ(UJHEQLVVHWHLOZHLVHLQHLQDQGHUEHUJUHLIHQ

D &KDUDNWHULVLHUXQJGHV9DP3KlQRW\SV

E (LQIOX‰GHU9DP0XWDWLRQDXIYHUVFKLHGHQH]HOOW\SVSH]LILVFKH0DUNHULP=16 F ,GHQWLILNDWLRQGHVLQ9DPEHWURIIHQHQ*HQV

&KDUDNWHULVLHUXQJGHV9DP3KlQRW\SV 'HU9DP3KlQRW\S

)U GLH QDFKIROJHQGHQ 9HUVXFKH ZXUGH GHU $XVJDQJVVWDPP9DP.6PLW HLQHU ;&KURPRVRP PDUNLHUWHQ /LQLH JHNUHX]W $XV GHQ 1DFKNRPPHQ EHL GHQHQ HLQ 5HNRPELQDWLRQVHUHLJQLV VWDWWJH IXQGHQ KDW ZXUGHQ (LQ]HOOLQLHQ HWDEOLHUW XQG 6WlPPH PLW HLQHP KLVWRORJLVFK GHXWOLFKHQ 9DP 3KlQRW\S ZHLWHU XQWHUVXFKW YJO ([HPSODULVFK IU GLHVH /LQLHQ LVW KLHU HLQ 6WDPP GHV

*HQRW\SVZ9DPIGDUJHVWHOOWVLHKH$EELOGXQJ

'HU *UR‰WHLO GHU IULVFK JHVFKOSIWHQ 9DP)OLHJHQ YHUIJW EHU HLQ KLVWRORJLVFK QLFKW YRQ ZLOGW\SLVFKHQ )OLHJHQ XQWHUVFKHLGEDUHV *HKLUQ YJO $EELOGXQJ $ 1XU LQ VHKU ZHQLJHQ $XV QDKPHQ NRPPW HV ]X GLHVHP IUKHQ =HLWSXQNW EHUHLWV ]XU $XVELOGXQJ YHUHLQ]HOWHU 9DNXROHQ GLH LQ =DKO XQG *U|‰H PLW VWHLJHQGHP $OWHU GHXWOLFK ]XQHKPHQ VLHKH $EELOGXQJ %' $OV %H VRQGHUKHLW LQ GHU KLHU JH]HLJWHQ /LQLHZ9DPI IlOOW DXI GD‰ )OLHJHQ QDFK FD 7DJHQ UHSURGX ]LHUEDU NDXP QRFK 9DNXROHQ LQ GHQ RSWLVFKHQ 1HXURSLOHQ DXIZHLVHQ ,Q $EELOGXQJ ( LVW HLQHU GLHVHU ([WUHPIlOOH GDUJHVWHOOW EHL GHQHQ QDFK 7DJHQ $OWHUXQJ NHLQH 'HJHQHUDWLRQ PHKU IHVW ]XVWHOOHQ LVW 'LH LQ $EELOGXQJ &( PDUNLHUWHQ 'HIHNWH LP .RPSOH[DXJH VLQG NHLQH )ROJH GHU

(37)

(UJHEQLVVHXQG'LVNXVVLRQ

9DP0XWDWLRQ VRQGHUQ WDXFKHQ KlXILJHU EHL )OLHJHQVWlPPHQ RKQH LQWDNWHV ZKLWH*HQ DXI (QW VSUHFKHQG VLQG GLHVH $XIIlOOLJNHLWHQ LQ DOOHQ KLHU DXIJHIKUWHQ )OLHJHQ ]X VHKHQ XQG ]HLJHQ WHQ GHQ]LHOO PLW ]XQHKPHQGHQ $OWHU GHU )OLHJHQ HLQH 9HUVWlUNXQJ ,P 5DKPHQ GLHVHV ([SHULPHQWV ZXUGH MHGRFK GLH /HEHQVGDXHU GHU )OLHJHQ QLFKW VWDWLVWLVFK SURWRNROOLHUW VR GD‰ QLFKW DXVJH VFKORVVHQ ZHUGHQ NDQQ GD‰ QXU GLH )OLHJHQ GLH NHLQH 9DNXROHQELOGXQJ ]HLJHQ 7DJH EHU OHEHQ XQG GHQ (LQGUXFN GHU (QWZLFNOXQJ GHV 3KlQRW\SV YHUIlOVFKHQ ,Q HLQHP YRQ GLHVHU KLVWR ORJLVFKHQ 9HUVXFKVUHLKH XQDEKlQJLJHQ ([SHULPHQW NRQQWH MHGRFK PLW HLQHP DQGHUHQ UHNRP ELQDQWHQ 9DP)OLHJHQVWDPP JH]HLJW ZHUGHQ GD‰ GLHVHU 6WDPP EHU 7DJH KLQZHJ LP 9HUJOHLFK ]XPZW&6NHLQH JHVWHLJHUWH 0RUWLOLWlW DXIZHLVW 6HOEVW ZHQQ QXU )OLHJHQ RKQH 'HJHQHUD WLRQVHUVFKHLQXQJHQ 7DJH EHUOHEHQ VR ]HLJW GLHV GRFK GHXWOLFK GD‰ GLH $XVSUlJXQJ GHV9DP 3KlQRW\SVLQQHUKDOEHLQHV)OLHJHQVWDPPHVVWDUNHQ)OXNWXDWLRQHQXQWHUOLHJW

$EELOGXQJ'XQNHOIHOGDXIQDKPHQYRQ3DUDIILQVFKQLWWHQYRQ0lQQFKHQ

+RUL]RQWDOH 3DUDIILQVFKQLWWH GXUFK GHQ .RSI MH HLQHV 0lQQFKHQV GHV *HQRW\SVZ9DPI IDFKH 9HUJU|‰HUXQJ

*H]HLJW LVW MHZHLOV HLQH +HPLVSKlUH :HL‰H 3IHLOVSLW]HQ EHGHXWHQ 9DNXROHQ LQQHUKDOE GHV RSWLVFKHQ 6\VWHPV ZHL‰H 3IHLOH ]HLJHQ DXI 'HJHQHUDWLRQVHUVFKHLQXQJHQ GHV .RPSOH[DXJHV ,Q)VLQG GLH HLQ]HOQHQ %HUHLFKH GHV *HKLUQV XQG GHV

$XJHV HLQHV SKlQRW\SLVFK ZLOGW\SLVFKHQ *HKLUQV ]XU EHVVHUHQ hEHUVLFKW HLQJHIlUEW 9RQ 'LVWDO QDFK 3UR[LPDO 5H 5HWLQD/D/DPLQD0H0HGXOOD/RS/REXODSODWWH/R/REXOD=1=HQWUDOKLUQ

$ 3KlQRW\SLVFK ZLOGW\SLVFKHV 0lQQFKHQ % Z9DPI 0lQQFKHQ IULVFK JHVFKOSIW 'XUFK GLH ZHL‰H 3IHLOVSLW]H PDUNLHUW VLQG LQQHUKDOE GHU 0HGXOOD EHUHLWV YHUHLQ]HOW NOHLQH 9DNXROHQ ]X HUNHQQHQ 1LFKW DOOH 0lQQFKHQ ]HLJHQ ]X GLHVHP IUKHQ =HLWSXQNW EHUHLWV HLQHQ HLQGHXWLJHQ 3KlQRW\S& 7DJH DOWHV 0lQQFKHQ 'LH ZHL‰HQ 3IHLOVSLW]HQ GHXWHQ ZLHGHU DXI 9DNXROHQ LQ GHU 0HGXOOD XQG GHU =HOON|USHUVFKLFKW DP hEHUJDQJ ]ZLVFKHQ /DPLQD XQG 5HWLQD GHP /DPLQDNRUWH[ 'XUFK GHQ ZHL‰HQ 3IHLO ZLUG HLQH OHLFKWH 'HJHQHUDWLRQVHUVFKHLQXQJ LQQHUKDOE GHU 5HWLQD PDUNLHUW GLH QLFKW W\SLVFK IU GHQ9DP3KlQRW\S LVW VRQGHUQ DOOJHPHLQ EHL )OLHJHQVWlPPHQ PLW GHIHNWHPZKLWH*HQ DXIWDXFKW YJO Z9DPI'7DJHDOWHV0lQQFKHQ(7DJHDOWHV0lQQFKHQ

Referenzen

ÄHNLICHE DOKUMENTE

[r]

[r]

1) Karten mit schwarzen Zahlen der Reihe nach auslegen. Jeder schwarzen Zahl eine passende rote Zahl zuordnen, so dass das Ergebnis immer 10 ist. 2) Karten an zwei

Die Plättchennummer (entspricht der Aufgabennummer) und wird mit der entsprechenden Lösung auf das Nummernfeld gelegt.. Bei richtiger Lösung ergeben alle Plättchen ein Muster auf

[r]

mehr) und das Kind soll die richtige Reihenfolge mit seinen eigenen

[r]

[r]