0DWUL[ZlKUHQGGHU5HJHQHUDWLRQLP1XFOHXVIDFLDOLV
',66(57$7,21 ]XU(UODQJXQJGHV7LWHOV
'2.725'(51$785:,66(16&+$)7(1 GHU
81,9(56,7b7.2167$1=
YRUJHOHJWYRQ 5REHUW6WUHLI
JHERUHQDP0lU]
LQ2IIHQEXUJ%DGHQ%5'
$XJXVW
Dissertation der Universität Konstanz Datum der mündlichen Prüfung: 29.01.2002 Referent: Prof. Dr.C.A.O. Stürmer
Referent: Prof. Dr. G.W. Kreutzberg
L
:LHZRKOEHLMHGHP'RNWRUDQGHQJDEHVDXFKEHLPLUVRZRKO=HLWHQGHU(XSKRULH XQG GHV *OFNV GD DOOH 9HUVXFKH JXW OLHIHQ ZLH DXFK =HLWHQ GHU 1LHGHUJHVFKODJHQKHLWMDGHUVFKLHUHQ9HU]ZHLIOXQJGDSO|W]OLFKQLFKWVPHKUJLQJ XQGGLH(UJHEQLVVHGHUHLQ]HOQHQ9HUVXFKHVLFKQLFKWPHKUPLWGHQHQYRP9RUWDJ YHUJOHLFKHQOLHHQ
$EHU LFK KDWWH ]XP *OFN YLHOH /HXWH XP PLFK GLH PLU LQ PHLQHQ 1|WHQ DXIPXQWHUQGH :RUWH ]XVSUDFKHQ XQG PLFK VR ZLHGHU YRUDQJHWULHEHQ KDEHQ XQG PLUJHKROIHQKDEHQDXFKGLHVH'XUVWVWUHFNHQHUIROJUHLFKKLQWHUPLFK]XEULQJHQ
%HL DOO GLHVHQ /HXWHQ P|FKWH LFK PLFK EHGDQNHQ XQG VROOWH LFK MHPDQGHQ QDPHQWOLFK QLFKW HUZlKQHQ ELWWH LFK EHUHLWV LP YRUDXV XP (QWVFKXOGLJXQJ ± HV VROONHLQH0LDFKWXQJVHLQHU3HUVRQRGHUVHLQHV6FKDIIHQVVHLQ
$OVHUVWHVP|FKWHLFKPLFKEHL+HUUQ3URIHVVRU*:.UHXW]EHUJEHGDQNHQGHUHV PLUHUP|JOLFKWKDWPHLQHJDQ]HQ8QWHUVXFKXQJHQLQVHLQHP/DERUGXUFK]XIKUHQ XQGGHUPDQFKDXIPXQWHUQGH:RUWHEHUHLWKDWWHXQGVRZLHGHUPRWLYLHUHQNRQQWH VLFKLQGHQQlFKVWHQ9HUVXFK]XVWU]HQ
(EHQVR JURHQ 'DQN ]ROOH LFK )UDX 3URIHVVRU &$2 6WUPHU GLH PLFK HUVW DXI GHQ :HJ ]XU 1HXURELRORJLH JHEUDFKW KDW 'XUFK LKUH 9RUOHVXQJHQ XQG .XUVH DQ GHU8QLYHUVLWlW.RQVWDQ]ZXUGHHUVWPHLQ,QWHUHVVHDQGHU1HXURELRORJLHJHZHFNW XQGJHVFKUW
'HVZHLWHUHQP|FKWHLFKPLFKEHL+HUUQ'U*+DJHUIUVHLQHGLUHNWH%HWUHXXQJ PHLQHU 3URPRWLRQ VHLQH 8QWHUVWW]XQJ XQG 'LVNXVVLRQVEHUHLWVFKDIW EHGDQNHQ
$XFK VHLQH =HLW GLH HU LQ GDV .RUUHNWXUOHVHQ PHLQHU$UEHLW LQYHVWLHUW KDW LVW LKP KRFKDQ]XUHFKQHQ
+HUUQ 'U ): 6FKZDLJHU P|FKWH LFK IU VHLQH XQHUPGOLFKHQ %HPKXQJHQ GDQNHQ PLU XQG GHQ DQGHUHQ 'RNWRUDQGHQGHU$EWHLOXQJGLH7KHRULHXQG3UD[LV PROHNXODUELRORJLVFKHU0HWKRGHQQDKH]XEULQJHQ
$XFK )UDX 'U % *ULPSH GDQNH LFK IU LKUH +LOIH XQG HUNOlUHQGHQ :RUWH EHL GHU
$QWLN|USHUKHUVWHOOXQJ XQG IU LKUH 'LVNXVVLRQVEHUHLWVFKDIW XQG +LOIHVWHOOXQJ EHL GHQWlJOLFKHQ3UREOHPHQ
LL
LP)DOOHYRQPLJOFNWHQVLFKJHJHQVHLWLJZLHGHUDXIEDXHQNRQQWH
'DQNDXFKDQ.DULQ%UFNQHUIULKUHKHUYRUUDJHQGHSKRWRODERUWHFKQLVFKH$UEHLW XQG IU LKU KHU]KDIWHV /DFKHQ ZHOFKHV 7UEVLQQ LPPHU YHUIOLHJHQ OLH XQG DQ +HOPD7\UODVIULKUH+LOIHEHLGHQ=HOONXOWXUHQ
(LJHQWOLFKN|QQWHLFKVRQRFKHLQH:HLOHZHLWHUGDQNHQXQG$OOHHLQ]HOQDXI]lKOHQ 8PGLH6DFKHMHGRFKDE]XNU]HQP|FKWHLFKGHUJDQ]HQ$EWHLOXQJGDQNHQIUDOO GLHJHVHOOLJHQ)HLHUQVHLHVQXQ*HEXUWVWDJH:DQGHUWDJH2NWREHUIHVWHRGHUGLH PRUJHQGOLFKH7HHUXQGH'LHVZDUHQGLH0RPHQWHLQGHQHQPDQDEVFKDOWHQXQG ZLHGHU(QHUJLHVFK|SIHQNRQQWH
1LFKW ]XOHW]W JLOW PHLQ EHVRQGHUHU 'DQN PHLQHQ (OWHUQ ZHOFKH PLU ZlKUHQG PHLQHV JDQ]HQ 6WXGLXPV XQG PHLQHU 3URPRWLRQ ]XU 6HLWH VWDQGHQ XQG PLFK HUPXQWHUWXQGXQWHUVWW]WKDEHQ
LLL
(5./b581*
+LHUPLW HUNOlUH LFK GLH YRUOLHJHQGH $UEHLW VHOEVWlQGLJ XQWHU 9HUZHQGXQJ GHU LQ GLHVHU$UEHLWDXIJH]lKOWHQ+LOIVPLWWHOXQG0HWKRGHQHUVWHOOWXQGYHUIDW]XKDEHQ
$OOH YRQ PLU ]LWLHUWHQ 4XHOOHQ RGHU Z|UWOLFK E]Z LQKDOWOLFK EHUQRPPHQH 6WHOOHQ VLQGDOVVROFKHJHNHQQ]HLFKQHWXQGDXIJHIKUW
0QFKHQLP-DQXDU
5REHUW6WUHLI
LY
)6&%(1$/&$0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1U&$0%UDYR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRVSKDFDQ5H]HSWRU3URWHLQ7\URVLQ3KRVSKDWDVHEHWD]HWD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'\VWURSKLQDVVR]LLHUWHU3URWHLQNRPSOH['$3&BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
a XQGb'\VWURJO\FDQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$JULQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0XVNHOVSH]LILVFKH.LQDVH0X6. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0DWHULDOXQG0HWKRGHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9HUVXFKVWLHUHXQG2SHUDWLRQHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'XUFKWUHQQHQGHV1HUYXVIDFLDOLVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWH.RUWH[/lVLRQHQWUDXPDWLVFKH+LUQYHUOHW]XQJHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,VFKLDVOlVLRQHQXQG,VFKLDVTXHWVFKXQJHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'XUFKWUHQQHQGHV+\SRJORVVXV1HUYHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3HUIXVLRQXQG*HKLUQHQWQDKPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
.U\RVWDWVFKQLWWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$QWLN|USHUIlUEXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0LNURVNRSLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LJLWDOH%LOGDQDO\VH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)lUEXQJHQPLWGHP$QWLN|USHU) BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)lUEXQJHQPLWGHP$QWLN|USHUJHJHQ1U&$0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
([FHO7DEHOOHQXQGDQJHZDQGWH6WDWLVWLN BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVH.HWWHQ5HDNWLRQ3&5 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*HZHEVHQWQDKPHXQG$XIEHUHLWXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
8PVFKUHLEHQGHU51$LQF'1$UHYHUVH7UDQVNULSWLRQ57BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3&53RO\PHUDVHQ.HWWHQ5HDNWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3ULPHUHQWZLFNOXQJXQG2SWLPLHUXQJGHU3&5%HGLQJXQJHQ BBBBBBBBBBBBBBBBBBBBBBBBBBB
6HPLTXDQWLWDWLYH3&5 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
.ORQLHUXQJXQG6HTXHQ]LHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3ODVPLGHXQGNRPSHWHQWH=HOOHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
.ORQLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3ODVPLGSUlSDUDWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6HTXHQ]LHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,QVLWX+\EULGLVLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5DGLRDNWLYHLQVLWX+\EULGLVLHUXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3UREHQYRUEHUHLWXQJIU5LERVRQGHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'HQDWXULHUHQGHV+DUQVWRIIJHO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6FLQWLODWLRQVPHVVXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+\EULGLVLHUXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$XIEULQJHQGHU)LOPHPXOVLRQXQG(QWZLFNOXQJGHU6FKQLWWH BBBBBBBBBBBBBBBBBBBBBBBBBBB
0LNURVNRSLHXQG$XVZHUWXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5DGLRDNWLYH0DUNLHUXQJGHU2OLJRQXNOHRWLGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+\EULGLVLHUXQJPLW2OLJRQXNOHRWLG6RQGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QLFKWUDGLRDNWLYHLQVLWX+\EULGLVLHUXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*HZHEVYRUEHUHLWXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DUNLHUXQJGHU5LERVRQGH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
hEHUSUIXQJGHU0DUNLHUXQJVUHDNWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+\EULGLVLHUXQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+HUVWHOOXQJHLQHVSRO\NORQDOHQ$QWLN|USHUVHUXPVJHJHQ6& BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
.RSSOXQJGHV3HSWLGVDQGDV7UlJHUSURWHLQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*HZLQQXQJYRQ3Ul,PPXQVHUXPBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQLVLHUXQJXQWHU9HUZHQGXQJYRQ)UHXQGV$GMXYDQWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Y
:HVWHUQEORWV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*HZHEVHQWQDKPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,VROLHUXQJGHU)D]LDOLV.HUQUHJLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$XIEHUHLWXQJGHV*HZHEHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URWHLQ.RQ]HQWUDWLRQVEHVWLPPXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(OHNWURSKRUHVHXQG3URWHLQWUDQVIHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$QWLN|USHUIlUEXQJXQG'HWHNWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
/|VXQJHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3XIIHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0HGLHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)DUEO|VXQJHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6RQVWLJHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (UJHEQLVVHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6&$/&$0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:HVWHUQEORW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
.ORQLHUXQJXQG6HTXHQ]LHUXQJ]XU$XINOlUXQJGHU1XNOHLQVlXUHVHTXHQ]YRQ6& BBBBBBBBBBBBB
3RO\NORQDOHV$QWLN|USHUVHUXPJHJHQ6&$/&$0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVH.HWWHQ5HDNWLRQ3&5BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
UDGLRDNWLYHXQGQLFKWUDGLRDNWLYHLQVLWX+\EULGLVLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
UDGLRDNWLYHLQVLWX+\EULGLVLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
QLFKWUDGLRDNWLYHLQVLWX+\EULGLVLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVHQ.HWWHQ5HDNWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1U&$0QHXURQJOLDUHODWHGFHOODGKHVLRQPROHFXOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:HVWHUQEORW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVH.HWWHQ5HDNWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'\VWURSKLQDVVR]LLHUWHU3URWHLQ.RPSOH[ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'\VWURJO\FDQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:HVWHUQEORW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVH.HWWHQ5HDNWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$JULQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVHQ.HWWHQ5HDNWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0X6.±0XVNHOVSH]LILVFKH.LQDVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVHQ.HWWHQ5HDNWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRVSKDFDQ5H]HSWRU3URWHLQ7\URVLQ3KRVSKDWDVHEHWD]HWD BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PPXQKLVWRFKHPLH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RO\PHUDVHQ.HWWHQ5HDNWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQVLWX+\EULGLVLHUXQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LVNXVVLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6&XQG&'(LQIXQNWLRQLHUHQGHU/LJDQG5H]HSWRU.RPSOH[LP=16"BBBBBBBBBBBBBBBBBBBB
6&LVWHLQUHJHQHUDWLRQVDVVR]LLHUWHV2EHUIOlFKHQPROHNO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,VW&'GHU%LQGXQJVSDUWQHUIU6&LP=HQWUDOQHUYHQV\VWHPGHU5DWWH" BBBBBBBBBBBBBBBBBBBB
(QWZLFNOXQJVDVVR]LLHUWH2EHUIOlFKHQXQGH[WUD]HOOXOlUH0DWUL[0ROHNOHPLW5HOHYDQ]]XU
5HJHQHUDWLRQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1U&$0 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3KRVSKDFDQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'\VWURSKLQDVVR]LLHUWHU3URWHLQNRPSOH[ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(LQH'\VWURJO\FDQ5HJXODWLRQLVWDOV)ROJHDXIHLQH=169HUOHW]XQJQLFKWQDFKZHLVEDU BBBBB
$JULQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
YL
9HU]HLFKQLVKlXILJEHQXW]WHU$ENU]XQJHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /LWHUDWXU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(LQOHLWXQJ
$OOJHPHLQH(LQIKUXQJ
%HWUDFKWHWPDQGDV]HQWUDOH1HUYHQV\VWHPVREHVWHKWHVLPZHVHQWOLFKHQDXV YHUVFKLHGHQHQ=HOOW\SHQ'LHVVLQGGLH1HXURQHGLH0LNURJOLDXQGGLH0DNURJOLD 0DNURJOLD OlW VLFK LQ $VWUR]\WHQ XQG 2OLJRGHQGUR]\WHQ XQWHUJOLHGHUQ VLHKH
$EELOGXQJ
$EELOGXQJ 'LH YHUVFKLHGHQHQ =HOOW\SHQ LP *HKLUQ XQG LKUH )XQNWLRQ 'DUJHVWHOOW VLQG QRPHQNODWRULVFKHQLFKWSK\ORJHQHWLVFKH%H]JH
1HXURQH XQG 0DNURJOLD HQWVWHKHQ DXV JHPHLQVDPHQ 9RUOlXIHU]HOOHQ ZlKUHQG VLFKGLH0LNURJOLDZDKUVFKHLQOLFKDXVPHVRGHUPDOHQ6WDPP]HOOHQHQWZLFNHOW 'LHVH YHUVFKLHGHQHQ =HOOW\SHQ ODVVHQ VLFK EHUHLWV GXUFK LKUH 0RUSKRORJLH XQWHUVFKHLGHQ$EELOGXQJ$(VJLEWMHGRFKDXFKYHUVFKLHGHQH0RUSKRORJLHQ GHVJOHLFKHQ=HOOW\SXVDEKlQJLJYRQGHP(QWZLFNOXQJVVWDGLXPXQGGHU)XQNWLRQ GHUHQWVSUHFKHQGHQ=HOOHQYHUJO$EELOGXQJ%
)XQNWLRQHOO EHVWHKHQ JURH 8QWHUVFKLHGH ]ZLVFKHQ GHQ HLQ]HOQHQ =HOOW\SHQ 1HXURQH HU]HXJHQ HOHNWULVFKH 6LJQDOH YHUDUEHLWHQ GLHVH XQG OHLWHQ VLH ZHLWHU ZlKUHQG GLH 0DNURJOLD 1HXURQH LQ LKUHU )XQNWLRQ XQWHUVWW]W +LHUEHL VRUJHQ GLH 2OLJRGHQGUR]\WHQ GXUFK HOHNWULVFKH ,VROLHUXQJ GHU QHXURQDOHQ )RUWVlW]H IU HLQH K|KHUH hEHUWUDJXQJVJHVFKZLQGLJNHLW XQG HUP|JOLFKHQ HUVW GLH :HLWHUOHLWXQJ GHV 6LJQDOV EHU ZHLWH 'LVWDQ]HQ 'LH $VWUR]\WHQ YHUVRUJHQ GLH 1HXURQH PLW 1lKUVWRIIHQ EHVLW]HQ HLQH 6WW]IXQNWLRQ XQG N|QQHQ GXUFK 9HUlQGHUXQJ GHV
H[WUD]HOOXOlUHQ 0LOLHXV VRJDU GLH QHXURQDOH 9HUDUEHLWXQJ GHU 6LJQDOH EHHLQIOXVVHQ 0LNURJOLD KLQJHJHQ GLHQW DOV ,PPXQ]HOOH GHV ]HQWUDOHQ 1HUYHQV\VWHPV XQG VFKW]HQ VR GDV HPSILQGOLFKH *OHLFKJHZLFKW GLHVHV
=HOOYHUEDQGHVYRU,QIHNWLRQHQXQG(QW]QGXQJHQYHUJOHLFKH$EELOGXQJ
$EELOGXQJ$'LH=HOOHQGHV=HQWUDOHQ1HUYHQV\VWHPV9HUlQGHUWQDFK$WZRRGXQG0DF.D\
$EELOGXQJ%9HUVFKLHGHQH6WDGLHQGHU0LNURJOLDYRQOLQNVQDFKUHFKWV8PZDQGOXQJ
HLQHUUXKHQGHQ0LNURJOLDLQHLQHDNWLYLHUWH]XPSKDJR]\WLHUHQGHQ(QGVWDGLXPDXV.UHXW]EHUJ
:DVSDVVLHUWEHLHLQHU1HUYHQYHUOHW]XQJ"
,P *HJHQVDW] ]XP SHULSKHUHQ 1HUYHQV\VWHP ZR HLQH 5HJHQHUDWLRQ XQG VRPLW GLH :LHGHUHUODQJXQJ HLQHU IXQNWLRQVIlKLJHQ 9HUELQGXQJ P|JOLFK LVW ILQGHW QRUPDOHUZHLVH LP ]HQWUDOHQ 1HUYHQV\VWHP GHU 0DPPDOLD NHLQH 5HJHQHUDWLRQ VWDWW(LQGRUWDXIWUHWHQGHU=HOOVFKDGHQLVWLQGHU5HJHOLUUHSDUDEHO
(V VWHOOW VLFK QXQ GLH )UDJH ZLHVR LP ]HQWUDOHQ 1HUYHQV\VWHP NHLQH VSRQWDQH 5HJHQHUDWLRQ HUIROJHQ NDQQ (LQH P|JOLFKH $QWZRUW LVW GD HV DXIJUXQG GHU KRKHQ1HXURQHQGLFKWHXQGGHUNRPSOH[HQ9HUVFKDOWXQJHQGHU1HXURQHOHLFKW]X HLQHU IDOVFKHQ 5HLQHUYDWLRQ LP 9HUODXI GHU 5HJHQHUDWLRQ NRPPHQ N|QQWH XQG HV GDKHUVLFKHUHULVWNHLQHDQVWDWWHLQHUIDOVFKHQ5HJHQHUDWLRQ]XHUP|JOLFKHQ ,Q )lOOHQ ZR MHGRFK HLQH 5HJHQHUDWLRQ P|JOLFK LVW ]HQWUDO RGHU SHULSKHU ILQGHW HLQH 9LHO]DKO YHUVFKLHGHQHU 9RUJlQJH LQ XQG ]ZLVFKHQ GHQ =HOOHQ GHV 1HUYHQV\VWHPV VWDWW (LQH EHVRQGHUH %HGHXWXQJ KDEHQ KLHUEHL GLH 3URWHLQH GHU H[WUD]HOOXOlUHQ 0DWUL[ VRZLH =HOOREHUIOlFKHQSURWHLQH GD GLHVH HLQH ZHVHQWOLFKH 5ROOH EHL GHU =HOOPLJUDWLRQ GHU 6WUXNWXUYHUlQGHUXQJ GHV =HOOYHUEDQGV GHU
=HOOWHLOXQJXQG=HOO]DKOUHJXODWLRQVRZLHGHVD[RQDOHQ:DFKVWXPVVSLHOHQ
'DKHU EHVFKlIWLJW VLFK GLH YRUOLHJHQGH $UEHLW PLW GHU ,GHQWLILNDWLRQ YRQ 2EHUIOlFKHQSURWHLQHQ XQG 3URWHLQHQ GHU ([WUD]HOOXOlUHQ 0DWUL[ (&0 ZHOFKH ZlKUHQG GHU 5HJHQHUDWLRQ 9HUlQGHUXQJHQ XQWHUZRUIHQ VLQG 'LH 8QWHUVXFKXQJ GHU 5HJXODWLRQ YRQ %LQGXQJVSDUWQHUQ DOV )ROJH HLQHU 9HUOHW]XQJ GHV 1HUYHQ ZXUGH JHQXW]W XP :HFKVHOZLUNXQJHQ ]ZLVFKHQ GHQ LGHQWLIL]LHUWHQ 0ROHNOHQ DXI]X]HLJHQ $OV $XVZDKONULWHULXP ZXUGH KLHUEHL DXI GLH ([SUHVVLRQ YHUVFKLHGHQHU 3URWHLQH ZlKUHQG GHU (QWZLFNOXQJ ]XUFNJHJULIIHQ $XV GLHVHQ ZXUGHHLQ7HLOGHUUHOHYDQWHUVFKHLQHQGHQ0ROHNOHDXVJHZlKOWXQGXQWHUVXFKW
$QKDQG GHV IROJHQGHQ 6FKHPDV XQG GHU 7DEHOOH VROO GLH 9HUWHLOXQJ XQG GLH ,QWHUDNWLRQ GLHVHU 3URWHLQH XQWHUHLQDQGHU VRZHLW EHNDQQW RGHU YHUPXWHW DXIJH]HLJWZHUGHQ
$EELOGXQJ 9HUWHLOXQJ GHU 2EHUIOlFKHQSURWHLQH XQG GHU Ä([WUD]HOOXOlUHQ0DWUL[3URWHLQH³VRZHLW ELVODQJ EHNDQQW E]Z YHUPXWHW
3URWHLQ $UW GHV 3URWHLQV ([SULPLHUW YRQ )XQNWLRQ %LQGXQJVSDUWQHU $UW GHV 3URWHLQV )6&%(1
$/&$0 =HOODGKlVLRQV PROHNO GHU ,PPXQJOREXOLQ 6XSHUIDPLOLH
1HXURQHQ $[RQDOH :HJILQGXQJ%LOGXQJ
GHV 1HXUDOURKUV &' 7=HOO
5H]HSWRU
1U&$0%UDYR =HOODGKlVLRQV PROHNO GHU ,PPXQJOREXOLQ 6XSHUIDPLOLH
1HXURQHQ
*OLD]HOOHQ =HOOSUROLIHUDWLRQ XQG
=HOOZDFKVWXPD[RQDOHV :DFKVWXP
&RQWDFWLQ )) 3KRVSKDFDQ
$[RQLQ 7$*
1HXURIDVFLQ 3KRVSKDFDQ &KRQGURLWLQ
6XOIDW
3URWHRJO\FDQ
1HXURQHQ 3KRVSKRU\OLHUXQJ 1U&$0 =HOODGKlV
LRQVPROHNO a XQG b
'\VWURJO\FDQ 5H]HSWRUSURWHLQ 7UDQVPHPEUDQ SURWHLQ
0XVNHO]HOOHQ
1HXURQHQ %HWHLOLJW DQ GHU $FHW\OFKROLQ 5H]HSWRU .RPSOH[ %LOGXQJ 9HUELQGXQJ GHV =\WRVNHOHWW XQG GHU ([WUD]HOOXOlUHQ 0DWUL[
$JULQ /DPLQLQ
+HSDULQ (&0 3URWHLQ
$JULQ (&0 3URWHLQ 1HXURQHQ
$VWUR]\WHQ " =HOO ,QWHUDNWLRQ6\QDSWRJHQHVH
$FHW\OFKROLQUH]HSWRU
&OXVWHULQJ
0X6.a'\VWURJO\FDQ 5H]HSWRU 3URW .LQDVH 0X6. PXVFOH
VSHFLILF NLQDVH 5H]HSWRU
3URWHLQ .LQDVH 0XVNHO]HOOHQ %LOGXQJ GHU SUl XQG
SRVWV\QDSWLVFKHQ 0HPEUDQ $JULQ (&0 3URWHLQ
,PIROJHQGHQVROOQXQQlKHUDXIGLHKDXSWVlFKOLFKXQWHUVXFKWHQ3URWHLQHXQGLKUH
%LQGXQJVSDUWQHUHLQJHJDQJHQZHUGHQ
)6&%(1$/&$0
%(1 ZXUGH ]XP HUVWHQ 0DO YRQ 3RXUTXLH HW DO 3RXUTXLH HW DO LP +XKQ EHVFKULHEHQ 6LH IDQGHQ GDV 3URWHLQ ZlKUHQG GHU (QWZLFNOXQJ LQ HLQHP NXU]HQ
=HLWIHQVWHUDXIGHU=HOOREHUIOlFKHSHULSKHUSURML]LHUHQGHU1HXURQH0RWRQHXURQHQ GHV5FNHQPDUNVXQG*HKLUQVVRZLHVHQVRULVFKHQ1HXURQHQGHU6SLQDOJDQJOLHQ 8QJHIlKU ]HLWJOHLFK ZXUGHQ lKQOLFKH 3URWHLQH YRQ DQGHUHQ *UXSSHQ XQWHU DQGHUHQ1DPHQEHVFKULHEHQXQGSXEOL]LHUWYRQ7DQDNDHWDODOV6&7DQDNDHW DO XQG YRQ %XUQV HW DO DOV '0*UDVS %XUQV HW DO 7DQDND IDQG GDV 3URWHLQ DXI 0RWRQHXURQHQ GHV 5FNHQPDUNV XQG DXI SHULSKHUHQ 1HUYHQ VRZLH LQ DQGHUHQ *HZHEHQ 'DV YRQ LKQHQ JHIXQGHQH 3URWHLQ ZLHV KRKH bKQOLFKNHLWPLWGHP7XPRUPDUNHU08&/HKPDQQHWDODXI%XUQVHWDO IDQGHQGDV3URWHLQDXIGHUD[RQDOHQ2EHUIOlFKHYRQ1HXURQHQGHVHPEU\RQDOHQ 5FNHQPDUNVGHV+XKQV3RXUTXLHHWDONRQQWHQNXU]GDUDXIGLH([SUHVVLRQYRQ
%(1VRZRKODXI1HXURQHQZLHDXFKDXI6WDPP]HOOHQGHV%OXWV\VWHPV3RXUTXLH HW DO D &RUEHO HW DO 3RXUTXLH HW DO E ]HLJHQ$XIJUXQG GHU bKQOLFKNHLWGHU6HTXHQ]HQGLHVHU3URWHLQHVRZLHLKUHP(UVFKHLQXQJVPXVWHUNDP PDQ ]X GHP 6FKOX GD HV VLFK EHL GLHVHQ 2EHUIOlFKHQPROHNOHQ XP GDV JOHLFKH3URWHLQKDQGHOW3RXUTXLHHWDOD3ULQFHHWDO3ULQFHHWDO IDQGHQ HLQ 3URWHLQ LQ 5DWWH ZHOFKHV bKQOLFKNHLW ]X 6&%(1'0*UDVS DXIZLHV XQG YRQ LKQHQ DOV ) *O\NRSURWHLQ EH]HLFKQHW ZXUGH 'HU $QWLN|USHU ) PDUNLHUWH PRWRULVFKH XQG VHQVRULVFKH 1HXURQH GHV 5FNHQPDUNV XQG *HKLUQV (LQZHLWHUHVYHUZDQGWHVRGHUKRPRORJHV3URWHLQ.J&$0ZXUGHYRQ3HGX]]LHW DO 3HGX]]L HW DO LP ]HQWUDOHQ 1HUYHQV\VWHP GHU 5DWWH HQWGHFNW 9RQ EHLGHQ 3URWHLQHQ VLQG MHGRFK QXU ZHQLJH$PLQRVlXUHQ GHV 1WHUPLQDOHQ (QGHV EHNDQQW :HLWHUH KRPRORJH 3URWHLQH LQ DQGHUHQ 7LHUDUWHQ ZXUGHQ JHIXQGHQ 1HXUROLQLQ*ROGILVFKXQG=HEUDILVFK3DVFKNHHWDO/DHVVLQJHWDO XQG'0*UDVSLQ=HEUDILVFKXQG0DXV.DQNLHWDO
:lKUHQG YRQ GHQ +XKQ XQG )LVFK+RPRORJHQ GLH JHVDPWH 6HTXHQ] EHNDQQW ZDU ZXUGH GLH 0DXVVHTXHQ] HUVW YROOVWlQGLJ DXIJHGHFNW %RZHQ HW DO -DKUH QDFKGHP GLH VHOEH $UEHLWVJUXSSH EHUHLWV GDV PHQVFKOLFKH
+RPRORJ JHIXQGHQ XQG XQWHU GHP 1DPHQ $/&$0 DFWLYDWHG OHXNRF\WH FHOO DGKHVLRQPROHFXOHE]Z&'EHVFKULHEHQKDWWH%RZHQHWDO9RQGHU 5DWWHQVHTXHQ] VLQG ELVODQJ OHGLJOLFK NU]HUH 6WFNH EHNDQQW XQG VHTXHQ]LHUW
%UXGHUHWDO
6&$/&$0 JHK|UW ]XU )DPLOLH GHU ,PPXQRJOREXOLQlKQOLFKHQ
=HOOREHUIOlFKHQSURWHLQHQ ,KQHQ DOOHQ JHPHLQVDP LVW GHU SULQ]LSLHOOH $XIEDX EHVWHKHQG DXV HLQHU $Q]DKO ,PPXQJOREXOLQlKQOLFKHU 6FKOHLIHQ JHIROJW YRQ PHKUHUHQ )LEURQHFWLQ 7\S ,,, 6HTXHQ]HQ GLH SUR[LPDO GHU ,PPXQRJOREXOLQ lKQOLFKHQ 6WUXNWXUHQ OLHJHQ 6LH VLQG HQWZHGHU GXUFK HLQHQ
*O\NRV\OSKRVSKDWLG\OLQRVLWRO6FKZDQ] *3, LQ GHU 0HPEUDQ YHUDQNHUW RGHU EHVLW]HQ HLQH PHPEUDQGXUFKVSDQQHQGH 'RPlQH PLW HLQHP LQWUD]HOOXOlUHQ 3URWHLQWHLO 'LHVH LQWUD]HOOXOlUH 'RPlQH NDQQ DXIJUXQG DOWHUQDWLYHQ 51$
6SOHLHQV VWDUN YDULLHUHQ 9HUJOHLFKH KLHU]X DXFK &XQQLQJKDP HW DO 6DQWRQL HW DO )XUOH\ HW DO $OV HUVWHV 3URWHLQ PLW ,PPXQRJOREXOLQ lKQOLFKHQ 6WUXNWXUHQ ZXUGH GDV QHXURQDOH =HOODGKlVLRQVPROHNO 1&$0 5XWLVKDXVHU HW DO HQWGHFNW MHGRFK GDXHUWH HV HLQLJH -DKUH ELV GDV 0ROHNODXIJHUHLQLJW7KLHU\HWDOXQGFKDUDNWHULVLHUWZDU5XWLVKDXVHUXQG -HVVHOO +RIIPDQ HW DO 5XWLVKDXVHU HW DO 9RQ GHU ,J 6XSHUIDPLOLH LVW EHNDQQW GD VLH VRZRKO KRPRSKLOH DOV DXFK KHWHURSKLOH
%LQGXQJHQ HLQJHKHQ NDQQ 3K\VLRORJLVFKH %LQGXQJVSDUWQHU IU 6&'0*UDVS%(1 ZXUGHQ ELVODQJ QRFK QLFKW JHIXQGHQ MHGRFK NRQQWH JH]HLJW ZHUGHQ GD %(1 LQ GHU /DJH LVW GHQ 5H]HSWRU IU $/&$0 &' ]X ELQGHQ 6NRQLHUHWDO&'ZLUGYRQ/\PSKR]\WHQXQG7=HOOHQJHELOGHWXQGLVWLQ GHU 5HLIXQJ XQG$NWLYLHUXQJ GHU 7=HOOHQ LQYROYLHUW )ORUHV HW DO (V JLEW
$QKDOWVSXQNWHLQGHU/LWHUDWXUGD&'DXFKYRQ=HOOHQGHV*HKLUQVYHUPXWOLFK YRQ1HXURQHQJHELOGHWZHUGHQN|QQWH0D\HUHWDO
1U&$0%UDYR
(LQ ZHLWHUHV XQWHUVXFKWHV 3URWHLQ ZHOFKHV HEHQIDOOV ]XU ,PPXQJOREXOLQ6XSHUIDPLOLHJHK|UWLVW1U&$0QHXURQJOLDUHODWHGFHOODGKHVLRQ PROHFXOH DXFK DOV %UDYR EH]HLFKQHW (V ZXUGH HUVWPDOV LP 6HKV\VWHP GHV +XKQVDXIGHQ)DVHUQDXVZDFKVHQGHUQHXURQDOHU=HOOHQGHU5HWLQDHQWGHFNWGH OD 5RVD HW DO *UXPHW HW DO FKDUDNWHULVLHUWHQ 1U&$0 XQG NRQQWHQ
PHKUHUH DOWHUQDWLYH )RUPHQ GHV 1U&$0 0ROHNOV PLW HLQHP 0ROHNXODUJHZLFKW YRQXQG.']HLJHQVLHKH$EELOGXQJ*UXPHWHWDO
$EELOGXQJ 6FKHPDWLVFKHU $XIEDX YRQ 1U&$0 'XUFK 3IHLOH PDUNLHUW ]ZLVFKHQ GHU XQG ,PPXQJOREXOLQVFKOHLIHVRZLHLQGHU)LEURQHFWLQ,,,*UXSSHVLQGGLHDOWHUQDWLYHQ6SOHLVWHOOHQGHV 0ROHNOV'HUVHQNUHFKWHZHLH%DONHQPDUNLHUWGHQ7UDQVPHPEUDQEHUHLFK
$XIJUXQG GHU KRKHQ bKQOLFKNHLW GHU 6WUXNWXU XQG GHU 3URWHLQYHUWHLOXQJ YRQ 1U
&$0 PLW 1J&$0 QHXURQJOLD FHOO DGKHVLRQ PROHFXOH YHUPXWHWHQ VLH HLQH JOHLFKH)XQNWLRQLQGHU=HOO=HOO,QWHUDNWLRQZlKUHQGGHUQHXURQDOHQ(QWZLFNOXQJ 'LH hEHUHLQVWLPPXQJ GHU EHLGHQ 3URWHLQH 1U&$0 XQG %UDYR ZXUGH GXUFK .D\\HP HW DO .D\\HP HW DO JH]HLJW ZREHL GLHVH MHGRFK HLQ GLPHUH 6WUXNWXU GHV 3URWHLQV LP *HJHQVDW] ]XU ELVKHU IU 1U&$0 DQJHJHEHQ PRQRPHUHQ JHIXQGHQ KDEHQ ZHOFKH EHUHLWV IU GLH DQGHUHQ )DPLOLHQPLWJOLHGHU /)DLVVQHUHWDOXQG1&$0%XUJRRQHWDOEHVFKULHEHQZXUGH hEHU +XKQ 1U&$0 LVW EH]JOLFK VHLQHU %LQGXQJVHLJHQVFKDIWHQ XQG VHLQHU
%LQGXQJVSDUWQHUHLQLJHVEHNDQQW6RZXUGHJH]HLJWGD1U&$0]XKRPRSKLOHQ XQG KHWHURSKLOHQ %LQGXQJHQ LQ GHU /DJH LVW 0DXUR HW DO XQG PLW GHQ 3URWHLQHQ ) FRQWDFWLQ 0RUDOHV HW DO $[RQLQ 6WRHFNOL XQG /DQGPHVVHU 6XWHU HW DO XQG 1HXURIDVFLQ 9RONPHU HW DO LQWHUDJLHUW 'DYLV HW DO ]HLJWHQ GD 1U&$0 XQG 1HXURIDVFLQ PLW GHP HV HLQH hEHUHLQVWLPPXQJ LQ GHU ]\WRSODVPDWLVFKHQ 3URWHLQVWUXNWXUDXIZHLVWDQGHQ 5DQYLHUVFKHQ 6FKQUULQJHQ FRH[SULPLHUW ZHUGHQ 'DYLV HW DO (LQ ZHLWHUHU%LQGXQJVSDUWQHUIU1U&$0LVW3KRVSKDFDQVLHKH$EVFKQLWW
3KRVSKDFDQ 5H]HSWRU 3URWHLQ 7\URVLQ 3KRVSKDWDVH EHWD]HWD
3KRVSKDFDQHLQ&KRQGURLWLQ6XOIDW3URWHRJO\FDQLVWHLQVHNUHWLHUWHV(&03URWHLQ 0DXUHOHWDOPLWHLQHP0ROHNXODUJHZLFKWGHV.HUQSURWHLQVYRQN'D ZHOFKHV GHP H[WUD]HOOXOlUHQ 7HLO GHU PHPEUDQJHEXQGHQHQ 5H]HSWRU 3URWHLQ 7\URVLQ 3KRVSKDWDVH EHWD]HWD HQWVSULFKW 0DXUHO HW DO 0DXUHO lXHUWH
GLH9HUPXWXQJGDHVVLFKXPHLQHQP|JOLFKHQP51$6SOHLKDQGHOQN|QQWH,Q GHU 0DXV ZXUGH HLQ +RPRORJ JHIXQGHQ ZHOFKHV DOV '6' 3URWHRJO\FDQ EH]HLFKQHW ZXUGH )U GLHVHV NRQQWH EHUHLWV JH]HLJW ZHUGHQ GD HV I|UGHUQGHQ (LQIOX DXI GDV 1HUYHQZDFKVWXP XQG $XVZDFKVHQ KDW 1HXH 8QWHUVXFKXQJHQ ODVVHQDXFKDXIHLQHQP|JOLFKHUZHLVHLQKLELWRULVFKHQ(IIHNWVFKOLHHQ*DUZRRGHW DO (V NRQQWH JH]HLJW ZHUGHQ GD 3KRVSKDFDQ XQG QHXURQDOH
=HOOREHUIOlFKHQPROHNOHZLH1U&$0PLWHLQDQGHULQWHUDJLHUHQN|QQHQ
'\VWURSKLQDVVR]LLHUWHU3URWHLQNRPSOH['$3&
a XQGb'\VWURJO\FDQ
=ZHL ZHLWHUH XQWHUVXFKWH 3URWHLQH JHK|UHQ ]XU *UXSSH GHU '\VWURSKLQ DVVR]LLHUWHQ 3URWHLQHQ (V KDQGHOW VLFK KLHUEHL XP a'\VWURJO\FDQ XQG b'\VWURJO\FDQ GLH ]XVDPPHQ PLW ZHLWHUHQ 3URWHLQHQ GHQ '\VWURSKLQ*O\NRSURWHLQ .RPSOH[ ELOGHQ a XQG b'\VWURJO\FDQ ZHUGHQ GXUFK HLQH JHPHLQVDPH P51$ FRGLHUW XQG HUVW QDFK GHU7UDQVODWLRQ LQ ]ZHLJHWUHQQWH 3URWHLQH JHVSDOWHQ ,EUDJKLPRY%HVNURYQD\D HW DO b'\VWURJO\FDQ LVW HLQ 0HPEUDQ GXUFKVSDQQHQGHV 3URWHLQ PLW HLQHP 0ROHNXODUJHZLFKW YRQ N'D ZHOFKHV H[WUD]HOOXOlU GDV VHNUHWLHUWH N'Da'\VWURJO\FDQ XQG LQWUD]HOOXOlU '\VWURSKLQELQGHW(UYDVWLXQG&DPSEHOO$EELOGXQJ
([WUD]HOOXOlUNRQQWHHLQH%LQGXQJYRQa'\VWURJO\FDQDQ$JULQ6XJL\DPDHWDO HLQ+HSDUDQ6XOIDW3URWHRJO\FDQGHU(&05XSSHWDO7VHQHWDO D JH]HLJW ZHUGHQ 'D '\VWURJO\FDQ ZHLWHUKLQ H[WUD]HOOXOlU /DPLQLQ XQG LQWUD]HOOXOlU '\VWURSKLQ ELQGHW ZHOFKHV ZLHGHUXP DQ$NWLQ ELQGHW YHUPXWHW PDQ LQ GLHVHP .RPSOH[ HLQ %LQGHJOLHG ]ZLVFKHQ GHU H[WUD]HOOXOlUHQ 0DWUL[ XQG GHP
=\WRVNHOHWW )DOORQ XQG +DOO (UYDVWL XQG &DPSEHOO (LQH DQGHUH )XQNWLRQGHV'\VWURSKLQ*O\NRSURWHLQ.RPSOH[HVOLHJWGDULQ$JULQ]XELQGHQXQG GLH .RQ]HQWULHUXQJ YRQ $FHW\OFKROLQUH]HSWRUHQ LP V\QDSWLVFKHQ %HUHLFK ]X XQWHUVWW]HQ 6XJL\DPD HW DO 8QWHUVXFKXQJHQ ]HLJWHQ GD GLH
$XVELOGXQJXQG9HUWHLOXQJYRQa-'\VWURJO\FDQZlKUHQGGHU(QWVWHKXQJGHU1HUY 0XVNHO 6\QDSVHQ GHP 0XVWHU GHU $FHW\OFKROLQ5H]HSWRUHQ IROJW &RKHQ HW DO 'HUHUVWH+LQZHLVGDa-'\VWURJO\FDQHLQP|JOLFKHU5H]HSWRUIU$JULQLVW ZXUGH YRQ )DOORQ XQG VHLQHQ 0LWDUEHLWHUQ HUEUDFKW 0D HW DO :HLWHUKLQ
NRQQWH IU a-'\VWURJO\FDQ HLQH %HWHLOLJXQJ DQ GHU (SLWKHOHQWZLFNOXQJ JH]HLJW ZHUGHQ'XUEHHMHWDO
$EELOGXQJ '$*.RPSOH[ 'LH DXV HLQHP JHPHLQVDPHQ 9RUOlXIHUPROHNO JHVSOHLVWHQ 3URWHLQH a'\VWURJO\FDQ XQG b'\VWURJO\FDQ VLQG ZHVHQWOLFK DP $XIEDX GHV '$*.RPSOH[HV EHWHLOLJW b'\VWURJO\FDQ LVW 0HPEUDQ GXUFKVSDQQHQG XQG ELQGHW LQWUD]HOOXOlU '\VWURSKLQ E]Z 8WURSKLQ ([WUD]HOOXOlUILQGHWHLQH%LQGXQJDQa'\VWURJO\FDQVWDWW'LHVHVELQGHWDQGLHH[WUD]HOOXOlUHQ0DWUL[
3URWHLQH$JULQXQG/DPLQLQ$EELOGXQJYHUlQGHUWQDFK)DOORQXQG+DOO
$JULQ
$JULQ LVW HLQ +HSDUDQ6XOIDW3URWHRJO\NDQ GDV LQ GHQ H[WUD]HOOXOlUHQ 5DXP DEJHJHEHQ ZLUG (V ZXUGH DXIJUXQG VHLQHU )lKLJNHLW $FHW\OFKROLQUH]HSWRUHQ ZlKUHQG GHU (QWZLFNOXQJ GHU 6\QDSVHQ DQ GHU QHXURPXVNXOlUHQ (QGSODWWH ]X NRQ]HQWULHUHQ EHNDQQW (QWGHFNW XQG LVROLHUW ZXUGH HV HUVWPDOV LP HOHNWULVFKHQ 2UJDQGHV)LVFKHV7RUSHGRFDOLIRUQLFD1LWNLQHWDO*RGIUH\HWDO
%HL $JULQ KDQGHOW HV VLFK XP HLQ 3URWHLQ PLW HLQHP 0ROHNXODUJHZLFKW YRQ EHU N'D 'LH )XQNWLRQ XQG GLH$NWLYLWlW YRQ$JULQ ZLUG EHU DOWHUQDWLYHV 6SOLFLQJ YDULLHUW )HUQV HW DO *HVHPDQQ HW DO +RFK HW DO 5XHJJ HW DO (V NRQQWH JH]HLJW ZHUGHQ GD GLH YHUVFKLHGHQHQ 9DULDQWHQ ]X XQWHUVFKLHGOLFKHQ=HLWSXQNWHQZlKUHQGGHU(QWZLFNOXQJYRQGHQHLQ]HOQHQ=HOOHQ JHELOGHWZHUGHQ0DHWDO6RLVW]XP%HLVSLHOIUGLH%LQGXQJDQ+HSDULQ GDV $PLQRVlXUHQ ODQJH ,QVHUW Q|WLJ VLHKH GLH IROJHQGH $EELOGXQJ 6SOHLVWHOOH $ *HVHPDQQ HW DO %LVODQJ VLQG E]Z LQ +XKQ 6SOHLVWHOOHQEHNDQQWGLHMHQDFK6SH]LHVDOV;<=LQ1DJHWLHUHQE]Z$%&
XQG1LQ+XKQEH]HLFKQHWZHUGHQ$QKDQGGHUIROJHQGHQ'DUVWHOOXQJ$EELOGXQJ ZLUGGLHVQlKHUYHUDQVFKDXOLFKW
$EELOGXQJ]HLJWGLHVFKHPDWLVFKH'DUVWHOOXQJYRQ$JULQ+XKQPLWGHQP|JOLFKHQ6SOHLVWHOOHQ 'XUFKGLHVHNDQQGLH)XQNWLRQXQG$NWLYLWlWYRQ$JULQJHVWHXHUWZHUGHQ6SOHL$LQ+XKQHQWVSULFKW
< LQ 5DWWH % HQWVSULFKW = XQG & HQWVSULFKW ; 'HU 1WHUPLQDOH 6SOHL LVW ELVODQJ QXU IU +XKQ EHVFKULHEHQ9HUlQGHUWQDFK*HVHPDQQHWDOXQG'H\VWHWDO
$JULQZLUGYRUDOOHPLQ1HXURQHQJHELOGHWHVJLEWMHGRFKDXFKHLQH9DULDQWHGLH EHYRU]XJW LQ QLFKW QHXURQDOHQ =HOOHQ *OLD XQG 0XVNHO]HOOHQ JHELOGHW ZLUG 'LHVHU 9DULDQWH IHKOHQ LP DPLQRWHUPLQDOHQ 7HLO GHV 3URWHLQV $PLQRVlXUHQ
%LVODQJLVWGLHVH)RUPQXULP+XKQXQGQLFKWLQ1DJHUQEHVFKULHEHQ7VHQHWDO E
(LQH +DXSWIXQNWLRQ YRQ $JULQ ZlKUHQG GHU 6\QDSWRJHQHVH LVW GLH 6WDELOLVLHUXQJ YRQ $FHW\OFKROLQUH]HSWRU .OXVWHUQ XQG DQGHUHQ V\QDSWLVFKHQ 3URWHLQHQ LQ GHU SRVWV\QDSWLVFKHQ 0HPEUDQ 'DEHL ELQGHW $JULQ XQWHU DQGHUHP DQ a-'\VWURJO\FDQ
0XVNHOVSH]LILVFKH.LQDVH0X6.
0X6. LVW HLQH 5H]HSWRU7\URVLQNLQDVH XUVSUQJOLFK DOV VSH]LILVFK IU 0XVNHOJHZHEH9DOHQ]XHODHWDOEHVFKULHEHQ(VKDQGHOWVLFKKLHUEHLXP HLQ PHPEUDQGXUFKVSDQQHQGHV 3URWHLQ PLW PHKUHUHQ ,PPXQJOREXOLQlKQOLFKHQ 'RPlQHQ XQG HLQHU LQWUD]HOOXOlUHQ 7\URVLQNLQDVH'RPlQH PLW HLQHP 0ROHNXODUJHZLFKW YRQ FD N'D 6LH ZLUG EHUHLWV VHKU IUK ZlKUHQG GHU (QWZLFNOXQJJHELOGHWXQGNRQ]HQWULHUWVLFKVSH]LHOODQGHQPRWRULVFKHQ(QGSODWWHQ ZlKUHQG GHU 5HLIXQJ XQG GHV :DFKVWXPV GHV 0XVNHODSSDUDWHV :LH GXUFK 0lXVH PLW HLQHP 'HIHNW LQ GHP IU 0X6. NRGLHUHQGHQ *HQ JH]HLJW ZHUGHQ NRQQWH LVW GLHVHV 3URWHLQ HVVHQWLHOO IU GLH $XVELOGXQJ GHU PRWRULVFKHQ (QGSODWWHQ (LQH 6W|UXQJ RGHU JDU GDV )HKOHQ GLHVHV 3URWHLQV IKUW EHL 0lXVHQ ]XP7RG ZlKUHQG GHU *HEXUW GD VLH QLFKW LQ GHU /DJH VLQG ]X DWPHQ *ODVV HW DO:LHJH]HLJWZHUGHQNRQQWHLQLWLLHUW0X6.HLQH6LJQDONDVNDGHGLH]XU
%LOGXQJ GHU SUl XQG SRVWV\QDSWLVFKHQ 0HPEUDQVWUXNWXU VRZLH ]XU %LOGXQJ V\QDSVHQVSH]LILVFKHU 3URWHLQH IKUW 'H&KLDUD HW DO +LHUEHL LVW GDV DXVO|VHQGH 6LJQDO IU GLH .LQDVH GLH %LQGXQJ GHV H[WUD]HOOXOlUHQ 0DWUL[SURWHLQV
$JULQ *ODVV HW DO *LOOHVSLH HW DO NRQQWHQ ]HLJHQ GD ZLHGHUXP GDV 0HPEUDQSURWHLQ 5DSV\Q IU GLH$NWLYLHUXQJ YRQ 0X6. ]XVWlQGLJ LVW *LOOHVSLH HW DO
:LH6WXGLHQDP.UDOOHQIURVFK;HQRSXVODHYLVJH]HLJWKDEHQLVWGLH%LOGXQJXQG GDV 9RUNRPPHQ YRQ 0X6. ZlKUHQG GHU HPEU\RQDOHQ (QWZLFNOXQJ QLFKW QXU DXI GHQ %HUHLFK GHU PRWRULVFKHQ (QGSODWWHQ EHVFKUlQNW 9LHOPHKU NRQQWH 0X6. LQ
*HKLUQ 5FNHQPDUN XQG GHQ$XJHQYHVLNHOQ JHIXQGHQ ZHUGHQ )X HW DO 'LHV IKUW ]X GHU 9HUPXWXQJ GD 0X6. QLFKW QXU DQ GHU %LOGXQJ GHU
QHXURPXVNXOlUHQ (QGSODWWH VRQGHUQ P|JOLFKHUZHLVH DXFK DQ GHU (QWZLFNOXQJ GHV1HUYHQV\VWHPVEHWHLOLJWVHLQN|QQWH
0DWHULDOXQG0HWKRGHQ
9HUVXFKVWLHUHXQG2SHUDWLRQHQ
)U GLH 9HUVXFKH ZXUGHQ J ELV J VFKZHUH 5DWWHQ GHV ,Q]XFKWVWDPPHV :,67$5 DXV GHU =XFKW GHV 7LHUKDXVHV GHV 0D[3ODQFN,QVWLWXWV IU %LRFKHPLH YHUZHQGHW $OOH 2SHUDWLRQHQ ZXUGHQ XQWHU DSUR[LVWHULOHQ %HGLQJXQJHQ GXUFKJHIKUW 'HQ 5DWWHQ ZXUGH ELV 6WXQGHQ YRU GHU 2SHUDWLRQ GDV )XWWHU YRUHQWKDOWHQ
'XUFKWUHQQHQGHV1HUYXVIDFLDOLV
'LH 7LHUH ZXUGHQ GXUFK ,QKDODWLRQVQDUNRVH PLWWHOV 1DUNRVHHWKHU EHWlXEW XQG KLQWHUGHPUHFKWHQ2KUUDVLHUW'DQDFKZXUGHGLH+DXWKLQWHUGHU2KUPXVFKHOPLW HLQHU 6FKHUH JH|IIQHW GDV GDUXQWHUOLHJHQGH %LQGHJHZHEH GXUFKWUHQQW XQG GHU 1HUY IUHLJHOHJW 'HU 1HUY ZXUGH QXQ PLWWHOV HLQHU 3LQ]HWWH JHKDOWHQ ZREHL QDFK OHLFKWHP 'UXFN DXI GHQ 1HUY HLQH %HZHJXQJ GHU 6FKQXUUKDDUH ]X EHREDFKWHQ ZDU XQG EHLGH bVWH GHV 1HUYV PLW HLQHU 236FKHUH GXUFKWUHQQW YHUJOHLFKH
$EELOGXQJ
$EELOGXQJ9HUODXIGHV1HUYXVIDFLDOLV 'HU3IHLOPDUNLHUWGLH/lVLRQVVWHOOH
'LH2SHUDWLRQVZXQGHZXUGHPLW.ODPPHUQJHVFKORVVHQ1DFKGHP(UZDFKHQGHU
7LHUH DXV GHU 1DUNRVH ZXUGH GHU (UIROJ GHU 2SHUDWLRQ GXUFK HLQH YLVXHOOH
.RQWUROOHGHU6FKQXUUKDDUHEHUSUIW'LHVHGXUIWHQVLFKQXUQRFKDXIGHUOLQNHQ XQRSHULHUWHQ6HLWHEHZHJHQQLFKWMHGRFKDXIGHUUHFKWHQRSHULHUWHQ6HLWH
$EELOGXQJ6FKHPDWLVFKH'DUVWHOOXQJGHU1HUYGXUFKWUHQQXQJ:LHLQGHU$EELOGXQJJH]HLJWZXUGH MHZHLOVQXUGHUUHFKWH)D]LDOLVQHUYGLVWDOYRP)RUDPHQVW\ORPDVWRLGHXPGXUFKWUHQQW'LHXQYHUOHW]WH OLQNH.HUQUHJLRQGHVGLHQWH1HUYVDOV.RQWUROOH)1EH]HLFKQHWGHQ1XFOHXVIDFLDOLV
'LUHNWH.RUWH[/lVLRQHQWUDXPDWLVFKH+LUQYHUOHW]XQJHQ
'LH 2SHUDWLRQ ZXUGH XQWHU 1DUNRVH GXUFKJHIKUW +LHU]X ZXUGH GHQ 5DWWHQ HLQ
*HPLVFK DXV 7HLOHQ .HWDPLQ :LUNVWRII .HWDPLQK\GURFKORULG %D\HU /HYHUNXVHQ 'HXWVFKODQG XQG 7HLO 5RPSXQ :LUNVWRII ;\OD]LQK\GRFKORULG :'7 *DUEVHQ 'HXWVFKODQG LQML]LHUW PO DXI J .|USHUJHZLFKW 1DFK .RQWUROOH GHU 1DUNRVHWLHIH GXUFK hEHUSUIXQJ GHV 5FN]LHK5HIOH[HV GHV +LQWHUEHLQHV VRZLH GHV /LHGUHIOH[HV ZXUGH GHU .RSI GHU 7LHUH LQ HLQHQ VWHUHRWDNWLVFKHQ$SSDUDW6WRHOWLQJ,OOLQRLV86$HLQJHVSDQQW
'DV )HOO ZXUGH QXQ PLW HLQHU 6NDOSHOONOLQJH OHLFKW JH|IIQHW XQG PLWWHOV HLQHU 6FKHUH ELV NXU] YRU GLH $XJHQ XQG ELV LQ GHQ 1DFNHQ KLQHLQ DXIJHVFKQLWWHQ
$QVFKOLHHQG ZXUGH GDV %LQGHJHZHEH EHU GHP 6FKlGHONQRFKHQ PLWWHOV HLQHV IHXFKWHQ :DWWHVWlEFKHQV ]XU 6HLWH JHVFKREHQ 9RQ GHU 1DKWOLQLH GHU SDULHWDOHQ XQGLQWHUSDULHWDOHQ6FKlGHONQRFKHQDXVJHKHQGYHUVHW]WHPDQQXQGHQ+DOWHUGHV VWHUHRWDNWLVFKHQ$SSDUDWHVPPQDFKURVWUDOXQGPPQDFKODWHUDOZRGXUFK GHU +DOWHU EHU GLH KLSSRFDPSDOH 5HJLRQ GHU UHFKWHQ .RUWH[KlOIWH JHEUDFKW ZXUGH$Q GLHVHU 6WHOOH ZXUGH HLQ FD PP [ PP JURHV .QRFKHQVWFN GHU 6FKlGHOGHFNH PLWWHOV HLQHV IHLQHQ .QRFKHQERKUHUV 6WlUNH 0HLVLQJHU
'VVHOGRUI 'HXWVFKODQG HQWIHUQW XQG GLH QXQ IUHLOLHJHQGHQ +LUQKlXWH PLW HLQHU IHLQHQ .DQOH DXIJHULVVHQ 0LWWHOV HLQHU DP +DOWHU EHIHVWLJWHQ PP .DQOH GHUHQ 6SLW]H PLW HLQHU )HLOH ]XYRU HLQJHNU]W ZXUGH ZXUGH QXQ XQWHU HLQHP :LQNHO YRQ HLQH FD ELV PP WLHIH/lVLRQ LQ GHQ VHQVRPRWRULVFKHQ .RUWH[
JHVHW]W 1DFK GHU 2SHUDWLRQ ZXUGH GDV )HOO EHU GHU 6FKlGHOGHFNH GXUFK PHKUHUH:XQGNODPPHUZLHGHUYHUVFKORVVHQXQGGLH7LHUHLQHLQHQ$XIZDFKNlILJ PLW:DVVHUXQG)XWWHUXQWHUHLQHU:lUPHODPSHJHVHW]W
,VFKLDVOlVLRQHQXQG,VFKLDVTXHWVFKXQJHQ
'LH 7LHUH ZXUGHQ GXUFK ,QKDODWLRQVQDUNRVH PLWWHOV 1DUNRVHHWKHU EHWlXEW
$QVFKOLHHQGZXUGHGDV)HOOEHUGHPUHFKWHQ2EHUVFKHQNHOGXUFKHLQHQSDUDOOHO ]XP .QRFKHQ YHUODXIHQGHQ 6FKQLWW JH|IIQHW 'LH %LQGHJHZHEVQDKWOLQLH ]ZLVFKHQ GHP0XVFXOXV ELFHSV XQG GHP 0XVFXOXV JOXWHXV ZXUGH GXUFKWUHQQW XQG GHU GDUXQWHUOLHJHQGH,VFKLDVQHUYIUHLJHOHJW'DQQZXUGHGHU1HUYMHQDFK([SHULPHQW HQWZHGHU IU 6HNXQGHQ JHTXHWVFKW RGHU GXUFKWUHQQW 'LH 2SHUDWLRQVZXQGH ZXUGH PLW :XQGNODPPHUQ JHVFKORVVHQ XQG GLH 7LHUH LQ HLQHQ $XIZDFKNlILJ JHVHW]W
'XUFKWUHQQHQGHV+\SRJORVVXVQHUYHQ
'DV+\SRJORVVXV0RGHOZHLVWbKQOLFKNHLWPLWGHP)D]LDOLV0RGHODXI(VKDQGHOW VLFKZLHGHUXPHLQELODWHUDOHV6\VWHPGKHLQ1HUYIUGLHOLQNHXQGHLQ1HUYIU GLHUHFKWH.|USHUVHLWHPLWGHQNRUUHVSRQGLHUHQGHQ.HUQJHELHWHQLP6WDPPKLUQ 'LH 7LHUH ZXUGHQ ZLH EHL GHU GLUHNWHQ .RUWH[OlVLRQ GXUFK 1DUNRVH PLW HLQHP *HPLVFK DXV .HWDPLQK\GURFKORULG XQG ;\OD]LQK\GURFKORULG EHWlXEW 'LH 5DWWH ZXUGH DXI GHQ 5FNHQ JHOHJW XQG YRP 7LHU DXV UHFKWV QHEHQ GHU .HKOH GDV)HOOGXUFKHLQHQ/lQJVVFKQLWWGXUFKWUHQQW6HLWOLFKGHU6SHLVHU|KUHZXUGHGDV
%LQGHJHZHEH XQWHU 9HUPHLGXQJ GHU 9HUOHW]XQJ YLWDOHU %OXWJHIlH VRZLH GHU 6SHLVH XQG /XIWU|KUH YRUVLFKWLJ ZHJ JHVSUHL]W 'HU QXQ IUHLOLHJHQGH 1HUY ZXUGH PLW HLQHU 3LQ]HWWH HUIDW XQG PLWWHOV HLQHU 236FKHUH GXUFKWUHQQW$QVFKOLHHQG ZXUGHGDV)HOOPLW:XQGNODPPHUQZLHGHUYHUVFKORVVHQ
,PPXQKLVWRFKHPLH
3HUIXVLRQXQG*HKLUQHQWQDKPH
,Q XQWHUVFKLHGOLFKHQ =HLWLQWHUYDOOHQ QDFK GHU 2SHUDWLRQ ZXUGH MH 7LHUHQ QDFK
%HWlXEXQJPLW1DUNRVHlWKHUHLQHOHWDOH'RVLV&KORUDOK\GUDWPOELVPOHLQHU /|VXQJLQGHQ%DXFKUDXPLQML]LHUW1DFK$XVVHW]HQGHU$WPXQJZXUGHGHU
%UXVWNRUEJH|IIQHWXQGGLH7LHUHEHUGHQOLQNHQ9HQWULNHOGHV+HU]HQV]XQlFKVW PLW SK\VLRORJLVFKHU .RFKVDO]O|VXQJ SHUIXQGLHUW 1DFK 0LQXWHQ ZXUGH GLH 3HUIXVLRQ PLW PO HLQHU 3DUDIRUPDOGHK\GO|VXQJ 3)$ LQ 0 3KRVSKDWSXIIHU 3%6 IRUWJHVHW]W 1DFK GHU 3HUIXVLRQ ZXUGH GLH 6FKlGHOGHFNH JH|IIQHWXQGGDV*HKLUQHQWQRPPHQ'LH*HKLUQHZXUGHQQXQLQHLQHU3)$
/|VXQJLQPO)DOFRQWXEHVDXIHLQHP5RWRUEHL&IUòKLPPHUVLRQVIL[LHUW 'DQDFKZXUGHQVLHEHU1DFKW]XU.U\RSURWHNWLRQLQ6XFURVHO|VXQJDXIGHP 5RWRUEHL&EHODVVHQ'LH*HKLUQHZXUGHDPQlFKVWHQ7DJPLWWHOV.RKOHQGLR[LG HLQJHIURUHQ XQG HQWZHGHU VRIRUW LP .U\RVWDW JHVFKQLWWHQ RGHU EHL & ELV ]XU ZHLWHUHQ9HUZHQGXQJHLQJHIURUHQ
.U\RVWDWVFKQLWWH
'LH*HKLUQHZXUGHQPLWHLQHP/HLFD.U\RWRP0RGHO-XQJ)ULJRFXW(/HLFD
%HQVKHLP 'HXWVFKODQG JHVFKQLWWHQ 'DV 6WDPPKLUQ ZXUGH YRQ FDXGDO KHU ELV ]XP(UUHLFKHQGHU)D]LDOLV.HUQUHJLRQDQJHVFKQLWWHQVLHKH$EELOGXQJ
$EELOGXQJ9HQWUDOH$QVLFKWHLQHV5DWWHQ*HKLUQV'XUFKGHQ3IHLOLVWGLH/DJHGHV1XFOHXVIDFLDOLV PDUNLHUW
1DFK (UUHLFKHQ GHU .HUQUHJLRQ ZXUGHQ P GLFNH *HKLUQVFKQLWWH DXI
&KURPJHODWLQHEHVFKLFKWHWH2EMHNWWUlJHUDXIJH]RJHQ'LH)D]LDOLVUHJLRQOlWVLFK EHUHLWVXQJHIlUEWXQWHUGHP%LQRNXODUGXUFKGLH$QKlXIXQJGHUDXHUJHZ|KQOLFK JURHQ0RWRQHXURQHHUNHQQHQ
=XU JHQDXHUHQ ,GHQWLILNDWLRQ HUIROJWH HLQH 1LVVOIlUEXQJ PLW .UHV\OYLROHWW VLHKH
$EELOGXQJ 1DFK GHP 6FKQHLGHQ ZXUGHQ GLH *HKLUQVFKQLWWH HQWZHGHU VRIRUW JHIlUEWRGHUEHL&ELV]XUZHLWHUHQ9HUZHQGXQJDXIEHZDKUW
$EELOGXQJ.U\RVWDWVFKQLWWGXUFKGDV6WDPPKLUQLP%HUHLFKGHV1XFOHXVIDFLDOLV 'LH=HOON|USHUGHU 0RWRQHXURQHVLQGGHXWOLFKGXUFKGLH.UHV\OYLROHWW)lUEXQJ]XHUNHQQHQ
$QWLN|USHUIlUEXQJ
$XV VWDWLVWLVFKHQ *UQGHQ ZXUGHQ IU MHGHQ =HLWSXQNW ]ZLVFKHQ XQG .U\RVWDWVFKQLWWH GHU )D]LDOLVNHUQUHJLRQ MHZHLOV RSHULHUWH 6HLWH XQG .RQWUROOVHLWH JHIlUEW 'LH 6FKQLWWH ZXUGHQ ]XQlFKVW ELV K EHL 5DXPWHPSHUDWXU JHWURFNQHW XQGDQVFKOLHHQGLQHLQHU$FHWRQUHLKHIUMHZHLOVPLQIL[LHUW XQGHQWZlVVHUW1DFKPHKUPDOLJHP:DVFKHQLQ03%6ZXUGHQGLHSULPlUHQ
$QWLN|USHUDXIJHWUDJHQXQGEHU1DFKWEHL&LQNXELHUW
$P QlFKVWHQ 7DJ ZXUGH HUQHXW LQ 0 3%6 JHZDVFKHQ EHYRU PLW GHP VHNXQGlUHQ $QWLN|USHU HLQHP &\)OXRURFKURP JHNRSSHOWHP $QWLN|USHU 'LDQRYD +DPEXUJ 'HXWVFKODQG YHUGQQW JHJHQ GHQ SULPlUHQ
$QWLN|USHU IU K EHL 5DXPWHPSHUDWXU 57 LP 'XQNHOQ LQNXELHUW ZXUGH 1DFK HUQHXWHP :DVFKHQ LQ 3%6 ZXUGH HLQ ZHLWHUHU &\$QWLN|USHU 'LDQRYD +DPEXUJ 'HXWVFKODQG YHUGQQW JHJHQ GHQ VHNXQGlUHQ $QWLN|USHU ]XU 9HUVWlUNXQJ GHV 6LJQDOV DXIJHWUDJHQ XQG ZLHGHUXP IU K EHL 57 LP 'XQNHOQ LQNXELHUW 1DFK GLHVHU ,QNXEDWLRQ XQG HUQHXWHP :DVFKHQ ZXUGH HLQ 7HLO GHU 6FKQLWWH PLW HLQHP SULPlUHQ $QWLN|USHU JHJHQ *OLDO )LEULOODU\ $FLGLF 3URWHLQ
*)$3 ]XU ,GHQWLILNDWLRQ GHU $VWUR]\WHQ IU K EHL 57 LP 'XQNHOQ LQNXELHUW PRQRNORQDOHU *)$3$QWLN|USHU YRQ 6LJPD 'HLVHQKRIHQ 'HXWVFKODQG YHUGQQWSRO\NORQDOHU*)$3$QWLN|USHUYRQ'DNR+DPEXUJ'HXWVFKODQG
YHUGQQW 1DFK $EODXI GLHVHU =HLW XQG :DVFKHQ LQ 3%6 ZXUGH HLQ VHNXQGlUHU '7$)JHNRSSHOWHU $QWLN|USHU PRQRNORQDOHU '7$)$QWLN|USHU YRQ 'LDQRYD +DPEXUJ 'HXWVFKODQG YHUGQQW SRO\NORQDOHU '7$)$QWLN|USHU YRQ 'LDQRYD +DPEXUJ 'HXWVFKODQG YHUGQQW JHJHQ GHQ *)$3$QWLN|USHU DSSOL]LHUW XQG IU K LQNXELHUW $QVFKOLHHQG ZXUGH JHZDVFKHQ XQG GLH
*HKLUQVFKQLWWH PLW ,PPXQR )ORXUH 0RXQWLQJ 0HGLXP ,&1 %LRPHGLFDO $XURUD 86$HLQJHGHFNW
$OV .RQWUROOH ZXUGHQ 6FKQLWWH QXU PLW .DQLQFKHQ E]Z 0lXVHVHUXP XQG GHQ VHNXQGlUHQ )OXRURFKURP JHNRSSHOWHQ $QWLN|USHUQ LQNXELHUW VRZLH QXU PLW GHQ VHNXQGlUHQ$QWLN|USHUQ
'LH IROJHQGH 7DEHOOH VROO HLQHQ hEHUEOLFN EHU GLH EHQXW]WHQ SULPlUHQ XQG VHNXQGlUHQ$QWLN|USHUJHEHQ
$QWLJHQ 3ULPlUHU$QWLN|USHU 6HNXQGlUHU$QWLN|USHU )
*O\NRSURWHLQ
) PRQRNORQDOHV
6HUXP ]XU 9HUIJXQJ JHVWHOOWYRQ:6WDOOFXS
=LHJH JHJHQ 0DXV &\
JHNRSSHOW ,J* +/
',$129$
6&$/&$0 SRO\NORQDOHV 6HUXP ]XU 9HUIJXQJ JHVWHOOW YRQ
&$26WUPHU
=LHJH JHJHQ .DQLQFKHQ
&\ JHNRSSHOW ,J* +/
',$129$
1U&$0 3RO\NORQDOHV 6HUXP ]XU 9HUIJXQJ JHVWHOOW YRQ ( 3ROOHUEHUJ
=LHJH JHJHQ .DQLQFKHQ
&\ JHNRSSHOW ,J* +/
',$129$
&' 7XQG7SRO\NORQDOH
6HUHQ&211(;
=LHJH JHJHQ 0DXV &\
JHNRSSHOW ,J* +/
',$129$
$JULQ $JULQ SRO\NORQDOHV 6HUXP JHJHQ +XKQ $JULQ ]XU 9HUIJXQJ JHVWHOOW YRQ 05XHJJ
=LHJH JHJHQ 0DXV &\
JHNRSSHOW ,J* +/
',$129$
'\VWURJO\FDQ 0RQRNORQDOHU $QWLN|USHU 1292&$675$
=LHJH JHJHQ 0DXV &\
JHNRSSHOW ,J* +/
',$129$
3KRVSKDFDQ 5373
0RQRNORQDOHU $QWLN|USHU JHJHQ 5DWWH +\EULGRPD
%DQN %H]HLFKQXQJ ) KWWSZZZXLRZDHGXaGV KEZZZIKWPO
=LHJH JHJHQ 0DXV &\
JHNRSSHOW ,J* +/
',$129$
*OLDO ILEULOODU\
DFLGLF SURWHLQ
*)$3
0RQRNORQDOHU $QWLN|USHU JHJHQ 0DXV *)$3 6LJPD
*
=LHJH JHJHQ 0DXV '7$) JHNRSSHOW ,J* +/
',$129$
*OLDO ILEULOODU\
DFLGLF SURWHLQ
*)$3
3RO\NORQDOHV 6HUXP JHJHQ .XK*)$3'$.2
=LHJH JHJHQ .DQLQFKHQ '7$) JHNRSSHOW ,J*
+/ ',$129$
0LNURVNRSLH
=XU$QDO\VHGHU6FKQLWWHZXUGHHLQNRQIRNDOHV/DVHU5DVWHU0LNURVNRSDXI%DVLV HLQHV LQYHUVHQ )RUVFKXQJVPLNURVNRSHV '0 ,5% )LUPD /HLW] +HLGHOEHUJ 'HXWVFKODQGPLWGHUVHULHQPlLJJHOLHIHUWHQ$XIQDKPHVRIWZDUHEHQXW]W
(V ZXUGHQ MHZHLOV (EHQHQLQGHQP*HKLUQVFKQLWWHQDXIJHQRPPHQZDV HLQHU RSWLVFKHQ 6FKQLWWGLFNH YRQ P HQWVSUDFK 'LH $XIO|VXQJ GHV DXIJHQRPPHQHQ %LOGHV ZXUGH DXI [ %LOGSXQNWH 3L[HO IHVWJHOHJW 'RSSHOPDUNLHUXQJHQ ZXUGHQ VHTXHQWLHOO DXIJHQRPPHQ XP VR HLQ hEHUVWUDKOHQ HLQHV )DUEVWRIIHV LQ GDV 6SHNWUXP GHV DQGHUHQ ÄFURVV WDON³ ]X PLQLPLHUHQ =XU 5DXVFKPLQGHUXQJXQG9HUEHVVHUXQJGHU%LOGTXDOLWlWZXUGHHLQÄOLQHDYHUDJH³YRQ JHZlKOW GK MHGH %LOGSXQNW]HLOH ZXUGH PDO KLQWHUHLQDQGHU YRP /DVHU DEJHIDKUHQ GHWHNWLHUW XQG GDUDXV GDV UHVXOWLHUHQGH (LQ]HOELOG JHPLWWHOW %HL GHQ VR HQWVWDQGHQHQ $XIQDKPHQ KDQGHOW HV VLFK XP %LW *UDXZHUWELOGHU 'LHVH
$XIQDKPHQ ZXUGHQ QXQ DXI 0DJQHWRRSWLFDO 'LVN RGHU &RPSDFW 'LVN IU GLH ZHLWHUH$XVZHUWXQJJHVLFKHUW
'LJLWDOH%LOGDQDO\VH
=XU%LOGDXVZHUWXQJZXUGHQ]ZHLYHUVFKLHGHQH6\VWHPHEHQXW]WGLHZHLWHUXQWHQ QlKHU EHVFKULHEHQ ZHUGHQ )U EHLGH JHPHLQVDP ZDU GLH (UVWHOOXQJ HLQHU Ä0D[LPXP,QWHQVLW\3URMHNWLRQ³
)lUEXQJHQPLWGHP$QWLN|USHU)
=XU VFKQHOOHUHQ %HDUEHLWXQJ ZXUGH HLQH 6LOLFRQ *UDSKLFV :RUNVWDWLRQ PLW GHP
%LOGDQDO\VHSURJUDPP,PDJH6SDFHYRQ0ROHFXODU'\QDPLFVYHUZHQGHW
(V ZXUGH QXQ HLQH ³0D[LPXP ,QWHQVLW\ 3URMHNWLRQ´ HU]HXJW XQG GLH PDUNLHUWHQ 1HXURQH DXVJH]lKOW 3RVLWLYH 0RWRQHXURQH ]HLJWHQ HLQH ULQJI|UPLJH $QRUGQXQJ GHU 0DUNLHUXQJ XP LKUHQ=HOON|USHU=XU.RQWUROOHZXUGHDOV]ZHLWH0HWKRGHGHU
+LHUIUZXUGHQGLH%LOGVHTXHQ]HQYRQ(LQ]HOELOGHUQMHP6FKQLWWHLQJHOHVHQ$QVFKOLHHQGVLHKWHLQ LPDJLQlUHU %HREDFKWHU VHQNUHFKW YRQ REHQ GXUFK GHQ %LOGHUVWDSHO KLQGXUFK XQG HUPLWWHOW MH 3XQNWHVlXOH DXV GLHVHQ (LQ]HOELOGHUQ GHQ 3XQNW ZHOFKHU GHQ K|FKVWHQ *UDXVWXIHQZHUW IU VFKZDU] ELV IU ZHL
DXIZHLVW XQG EHUQLPPW LKQ LQ HLQ QHXHV %LOG $XI GLHVH :HLVH HQWVWHKW HLQ QHXHV %LOG PLW GHQ KHOOVWHQ
*UDXZHUWHQDOOHU(LQ]HOELOGHU
$XVZHUWXQJ PLWWHOV GHU VRJHQDQQWHQ 0RYLH)XQNWLRQ DOOH (LQ]HOELOGHU HLQJHOHVHQ XQG QDFKHLQDQGHU ZLH HLQ )LOP EHU GHQ %LOGVFKLUP DEJHVSLHOW +LHUGXUFK ZXUGH VLFKHUJHVWHOOW GD VW|UHQGHU +LQWHUJUXQG RGHU XQVSH]LILVFKH )lUEXQJHQ DXV GDUEHU RGHU GDUXQWHUOLHJHQGHQ (LQ]HOELOGHUQ GDV PRPHQWDQ EHWUDFKWHWH %LOG QLFKW YHUIlOVFKHQ 'LH VR HUKDOWHQH $Q]DKO PDUNLHUWHU 0RWRQHXURQHZXUGHQXQLQHLQHP'LDJUDPPEHUGHU=HLWDXIJHWUDJHQ
)lUEXQJHQPLWGHP$QWLN|USHUJHJHQ1U&$0
'D]X ZXUGH HLQ 5HFKQHU PLW GHP %LOGDQDO\VHV\VWHP 2SWLPDV 9HUVLRQ 2SWLPDV &RUSRUDWLRQ 8QOLPLWHG HLQJHVHW]W 'LH 9RUWHLOH GLHVHV
%LOGYHUDUEHLWXQJVV\VWHPV ODJHQ LQ GHU 0|JOLFKNHLW GHU 2EMHNWHUNHQQXQJ XQG GHU HLQIDFKHUHQ +DQGKDEXQJ VRZLH GHU 0|JOLFKNHLW YHUVFKLHGHQH $UEHLWVVFKULWWH LQ 0DNURV]XVDPPHQ]XIDVVHQXQGGLH$XVZHUWXQJ]XVWDQGDUGLVLHUHQ
=XU (QWZLFNOXQJ GHU 0DNURV ZXUGHQ ]XHUVW PHKUHUH %LOGHU ZLH IROJW PDQXHOO DQDO\VLHUW
0LWWHOV HPSLULVFKHU )HVWOHJXQJ HLQHV 6FKZHOOHQZHUWHV ÄWKUHVKKROG³ ZXUGHQ GLH LPPXQRKLVWRFKHPLVFK JHIlUEWHQ 6WUXNWXUHQYRP+LQWHUJUXQGLVROLHUW
'XUFKHLQHÄJU|HUDOV[XQGNOHLQHUDOV\³%H]LHKXQJZXUGHQ 0RWRQHXURQH XQG .DSLOODUHQ VRZLH $VWUR]\WHQ VHSDULHUW 'LH :HUWHIU[XQG\EH]LHKHQVLFKDXIGLH$Q]DKOGHUJHIlUEWHQ
%LOGSXQNWHGKGLH*U|HGHUJHIlUEWHQ)OlFKH
)DOVFK SRVLWLY HUNDQQWH 6WUXNWXUHQ ZXUGHQ PDQXHOO GHVHOHNWLHUW
'LH PDUNLHUWHQ 0RWRQHXURQH XQG .DSLOODUHQ ZXUGHQ DXV GHP
%LOGHQWIHUQW
'XUFKHLQHZHLWHUHÄJU|HUDOVXXQGNOHLQHUDOVY³%H]LHKXQJ ZXUGHQ GLH $VWUR]\WHQ YRQ VRQVWLJHQ PDUNLHUWHQ 6WUXNWXUHQ JHWUHQQWPDUNLHUW
'LH 0DUNLHUXQJ ZXUGH QRFKPDOV YRQ +DQG NRQWUROOLHUW XQG NRUULJLHUW
0LWGLHVHQÄJU|HUDOV«XQGNOHLQHUDOV«³%H]LHKXQJHQNRQQWHQQXQ0DNURV HQWZLFNHOWZHUGHQGDVHLQHXP0RWRQHXURQHXQG.DSLOODUHQ]XHUNHQQHQXQGGDV DQGHUHXP$VWUR]\WHQ]XHUNHQQHQ
)U GLH$XVZHUWXQJ ZXUGHQ GLH %LOGHUVHULHQ HLQJHOHVHQ HLQH 0D[LPXP ,QWHQVLW\
3URMHNWLRQ 0,3 HUVWHOOW XQG HLQ 0HGLDQ)LOWHU ]XU 5HGX]LHUXQJ GHV 5DXVFKHQV
EHU GLHVH 0,3 JHOHJW 1XQ ZXUGH YLVXHOO HLQH 6FKZHOOH JHVHW]W GK DOOH 3L[HO GLHHLQHPEHVWLPPWHQ*UDXZHUWEHUHLFKDQJHK|UWHQZXUGHQPDUNLHUW'XUFKGLHVH
%HDUEHLWXQJ ZXUGHQ GLH YRP $QWLN|USHU PDUNLHUWHQ =HOOHQ XQG 6WUXNWXUHQ YRP +LQWHUJUXQG JHO|VW hEHU HLQ PLW GHU 6RIWZDUH JHOLHIHUWHV 0DNUR ZXUGHQ QXQ DXWRPDWLVFK %HUHLFKH ÄDUHD³ HUUHFKQHW GHUHQ %HJUHQ]XQJ DXV 3L[HO GHV JOHLFKHQ *UDXZHUWHV EHVWHKHQ MHGRFK QXU LP %HUHLFK GHU JHZlKOWHQ 6FKZHOOH 0LW GHQ VHOEVWGHILQLHUWHQ 0DNURV ZXUGHQ DQVFKOLHHQG ]XHUVW GLH 0RWRQHXURQH DXV GHP %LOG HQWIHUQW XP VW|UHQGH 6WUXNWXUHQ DXV]XVFKOLHHQ 6LH ZXUGHQ LQ
³5HJLRQVRI,QWHUHVW´52,XPJHZDQGHOWXQGDXVGHP%LOGDXVJHVFKQLWWHQ1RFK YHUEOLHEHQH IDOVFK HUNDQQWH 6WUXNWXUHQ XQG =HOOHQ ZXUGHQ ]XYRU PDQXHOO DXVVRUWLHUW $OV QlFKVWHV ZXUGHQ PLWWHOV GHV ]ZHLWHQ 0DNURV GLH SRVLWLYHQ
$VWUR]\WHQ VHOHNWLHUW ZREHL ZLHGHUXP HLQ YLVXHOOH .RQWUROOH XQG JHJHEHQHQIDOOV HLQH PDQXHOOH .RUUHNWXU HUIROJWH 8QWHU GLH NRUULJLHUWH 0DVNH ZXUGH GLH XUVSUQJOLFKH³0D[LPXP,QWHQVLW\3URMHNWLRQ´JHODGHQGLH0DUNLHUXQJHQLQ52,¶V XPJHZDQGHOW XQG YRQ GHQ PDUNLHUWHQ %HUHLFKHQ HLQ +LVWRJUDP HUVWHOOW 9RQ GLHVHP ZXUGH QXQ GHU 0LWWHOZHUW GHU *UDXZHUWH XQG GLH 6XPPH GHU 3L[HO XQWHU GHP PDUNLHUWHQ %HUHLFK LQ HLQ 7DEHOOHQNDONXODWLRQVSURJUDPP 0LFURVRIW ([FHO
658QWHUVFKOHLKHLP'HXWVFKODQGEHUWUDJHQ
([FHO7DEHOOHQXQGDQJHZDQGWH6WDWLVWLN
9RQ GHQ (LQ]HOPHVVXQJHQ GLH LQ HLQ 0LFURVRIW ([FHO 'DWHQEODWW EHUWUDJHQ ZXUGHQ ZXUGH MHZHLOV GHU 0LWWHOZHUW DOOHU (LQ]HOPHVVXQJHQ GHV MHZHLOLJHQ
=HLWSXQNWHV QDFK $[RWRPLH JHELOGHW XQG GLHVHU LQ HLQHU *UDILN EHU GHU =HLW DXIJHWUDJHQ )U GLH 0DUNLHUXQJ PLW GHP$QWLN|USHU ) ZXUGH ]XVlW]OLFK GDV 9HUKlOWQLVGHU)PDUNLHUWHQ0RWRQHXURQH]XU*HVDPW]DKOGHU0RWRQHXURQHLQ HLQHU*UDILNGDUJHVWHOOW$XFKKLHUEHLZXUGHMHZHLOVGHU0LWWHOZHUWGHU$Q]DKODOOHU 0RWRQHXURQH VRZLH GHU JHIlUEWHQ 0RWRQHXURQH ]X GHP EHWUHIIHQGHQ =HLWSXQNW
HUUHFKQHW $QVFKOLHHQG ZXUGH ]X MHGHP =HLWSXQNW GDV 9HUKlOWQLV EHLGHU 0LWWHOZHUWHHUPLWWHOWXQGGLHVHVLQHLQHU*UDILNEHUGHU=HLWDXIJHWUDJHQ
'D LQ GHQ *UDILNHQ QLFKW GLH (LQ]HOZHUWH VRQGHUQ GHUHQ 0LWWHOZHUWH DXIJHWUDJHQ ZXUGHQZXUGHDOV)HKOHUEDONHQQLFKWGLHDEVROXWH6WDQGDUGDEZHLFKXQJVRQGHUQ GLH UHODWLYH 6WDQGDUGDEZHLFKXQJ DXFK DOV 9DULDWLRQVNRHIIL]LHQW EH]HLFKQHW /RUHQ] .DSLWHO DXIJHWUDJHQ 'LHVH JLEW HLQ 0D IU GLH 6WUHXXQJ GHV0LWWHOZHUWHVDQXQGEHUHFKQHWVLFKZLHIROJW
9N V[
ZREHL9NIUGHQ9DULDWLRQVNRHIIL]LHQWVIUGLH6WDQGDUGDEZHLFKXQJXQG[IUGHQ 0LWWHOZHUWVWHKW
3RO\PHUDVH.HWWHQ5HDNWLRQ3&5
8P GLH YHUlQGHUWH ([SUHVVLRQ GHU 3URWHLQH DXI %RWHQ51$ P51$ (EHQH ]X XQWHUVXFKHQZXUGHXQWHUDQGHUHPGLH0HWKRGHGHU3RO\PHUDVH.HWWHQ5HDNWLRQ 3&5 JHZlKOW )U GLH 8QWHUVXFKXQJ GHU ZlKUHQG GHU 5HJHQHUDWLRQ UHJXOLHUWHQ 3URWHLQHQ ZXUGHQ MH =HLWSXQNW 5DWWHQ RSHULHUW 1DFK YHUVFKLHGHQHQ 5HJHQHUDWLRQV]HLWHQ ZXUGHQ GLH7LHUH GXUFK bWKHULQKDODWLRQ JHW|WHW GLH *HKLUQH VRIRUW HQWQRPPHQ XQG PLW LQ IOVVLJHP 6WLFNVWRII JHNKOWHP ,VRSHQWDQ VFKRFNJHIURUHQ
8P GLH JHZHEVVSH]LILVFKH 9HUWHLOXQJ GHU P51$ ]X XQWHUVXFKHQ ZXUGH GHQ 7LHUHQ QDFK 7|WXQJ YHUVFKLHGHQH 2UJDQH 7K\PXV +HU] /XQJH /HEHU 1LHUH 0LO] 0XVNHO HQWQRPPHQ XQG VFKRFNJHIURUHQ :HLWHUKLQ ZXUGHQ YHUVFKLHGHQH
=HOONXOWXUHQ 0LNURJOLD XQG $VWUR]\WHQ VRZLH IULVFK LVROLHUWH 5FNHQPDUNV PRWRQHXURQHEHQXW]WXPGLH]HOOVSH]LILVFKHP51$([SUHVVLRQ]XXQWHUVXFKHQ
*HZHEVHQWQDKPHXQG$XIEHUHLWXQJ
'LH *HKLUQH ZXUGHQ LQ HLQ .U\RWRP HLQJHVSDQQW XQG ELV ]XU )D]LDOLV .HUQUHJLRQ LP 6WDPPKLUQ DQJHVFKQLWWHQ 1XQ ZXUGH GLH .HUQUHJLRQ GHU RSHULHUWHQ 6HLWH
VRZLH GHU .RQWUROOVHLWH DXVJHVWDQ]W XQG LQ JHWUHQQWH (SSHQGRUIUHDNWLRQVJHIlH
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
'DV 9RUJHKHQ EHL GHU 51$,VROLHUXQJ DXV 2UJDQHQ XQG =HOONXOWXUHQ ZDU HQWVSUHFKHQG
8PVFKUHLEHQ GHU 51$ LQ F'1$ UHYHUVH 7UDQVNULSWLRQ 57
1DFKSKRWRPHWULVFKHU(UPLWWOXQJGHV51$*HKDOWHVZXUGHIUGLH57QJELV J *HVDPW51$ LQ GLH 5HDNWLRQ HLQJHVHW]W $OV 7UDQVNULSWLRQV,QLWLDWRUHQ ZXUGHQ5DQGRP+H[DPHUH EHQXW]WXPHLQHP|JOLFKVWNRPSOHWWH8PVFKUHLEXQJ GHUP51$]XJHZlKUOHLVWHQ'HU5HDNWLRQVDQVDW]ZDUZLHIROJW
$098O$PHUVKDP O
3XIIHU [ O
G173¶VMHP00%,)HUPHQWDV O 5DQGRP+H[DPHUHJO3URPHJDO 51$VLQ8O3URPHJD0DQQKHLP O
0J&OP0 O
'77 0 O
(QGYROXPHQOGK J51$LQO+2
$OV*HZHEVVWDQ]HUZXUGHHLQ.RUNERKUHUPLWHLQHPOLFKWHQ'XUFKPHVVHUYRQPPEHQXW]W'LH(LQVWLFKWLHIH ZXUGHPLWWHOVGHV$QVFKODJVDXIPPEHJUHQ]W
5DQGRP+H[DPHUHEHVWHKHQDXV1XNOHLQVlXUHQGLHEHUGLHJDQ]HP51$YHUWHLOWELQGHQN|QQHQ'DGXUFK ZLUGHLQHEHUGLH/lQJHGHUP51$JOHLFKPlLJHUHXQGYROOVWlQGLJHUH8PVFKUHLEXQJGHVP51$6WUDQJHVLQ F'1$HUUHLFKWLP9HUJOHLFK]X2OLJRG73ULPHUQZHOFKHDXVVFKOLHOLFKDPSRO\$(QGHGHUP51$ELQGHQXQG YRQGRUWDXVPLWGHU7UDQVNULSWLRQEHJLQQHQ(VNDQQKLHUEHL]X$EEUFKHQZlKUHQGGHU7UDQVNULSWLRQNRPPHQ ZRGXUFKYHUVWlUNWF'1$DXVGHPµ%HUHLFKGHUXUVSUQJOLFKHQP51$HQWVWHKHQZUGH
'DVGRSSHOWGHVWLOOLHUWH:DVVHUGLH51$XQGGLH3ULPHUZXUGHQLQHLQ(SSHQGRUI 5HDNWLRQVJHIlSLSHWWLHUWXQGIU0LQXWHQEHL&LQNXELHUW1DFKGLHVHU=HLW ZXUGHGDV5HDNWLRQVJHIlDXI(LVEHUIKUW
'LH UHVWOLFKHQ 5HDJHQ]LHQ ZXUGHQ ]XSLSHWWLHUW XQG GLH P51$ LQ HLQHP 7KHUPRF\FOHU 37& 0- 5HVHDUFK :DWHUWRZQ 86$ PLW GHP IROJHQGHQ 3URJUDPPXPJHVFKULHEHQ
PLQ &
PLQ &
PLQ &
1DFK GLHVHP OHW]WHQ 'HQDWXULHUXQJVVFKULWW ZLUG GDV 5HDNWLRQVJHIl DXV GHP 7KHUPRF\FOHU HQWQRPPHQ XQG ELV ]XU ZHLWHUHQ 9HUZHQGXQJ EHL ±&
HLQJHIURUHQ
3&53RO\PHUDVHQ.HWWHQ5HDNWLRQ
$OOH 5HDNWLRQHQ ZXUGHQ LQ PO GQQZDQGLJHQ 5HDNWLRQVJHIlHQ LQ HLQHP 7KHUPRF\FOHU 0RGHO 37& GHU )LUPD 0- 5HVHDUFK :DWHUWRZQ 86$
GXUFKJHIKUW 'DV 5HDNWLRQVYROXPHQ EHWUXJ O GLH 5HDNWLRQVDQVlW]H ZXUGHQ ]XVlW]OLFK PLW 0LQHUDO|O 6LJPD 'HLVHQKRIHQ 'HXWVFKODQG ]XP 6FKXW]
YRU 9HUGDPSIXQJ XQG 9ROXPHQHLQHQJXQJ EHUVFKLFKWHW $OV (Q]\P ZXUGH HQWZHGHU 5HG7DT YRQ 6LJPD 'HLVHQKRIHQ 'HXWVFKODQG RGHU7DT3RO\PHUDVH YRQ (XURELR PLW GHQ PLWJHOLHIHUWHQ 3XIIHUQ EHQXW]W 'DV HQ]\PDWLVFK DNWLYH
=HQWUXP GHU 7DT3RO\PHUDVHQ ZXUGHQ GXUFK HLQHQ $QWLN|USHU &ORQWHFK 3DOR
$OWR86$LQDNWLYLHUWGHUGXUFKHLQHQPLQWLJHQ'HQDWXULHUXQJVVFKULWWEHL&
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
O6HQVH3ULPHU
O$QWLVHQVH3ULPHU
O1XNOHRWLG*HPLVFK
O[5HDNWLRQVSXIIHU 8 7DT3RO\PHUDVH
OF'1$
[ O0DJQHVLXPFKORULG0HQJHDEKlQJLJYRQ3ULPHUSDDU [ O:DVVHUDXI(QGYROXPHQYRQO
3ULPHUHQWZLFNOXQJXQG2SWLPLHUXQJGHU3&5%HGLQJXQJHQ
(V ZXUGH YHUVXFKW GLH 3ULPHU DXV UDWWHQVSH]LILVFKHQ 6HTXHQ]HQ ]X HQWZLFNHOQ 6RIHUQGLHVQLFKWP|JOLFKZDUGDGLH5DWWHQVHTXHQ]QXUWHLOZHLVHRGHUEHUKDXSW QLFKW EHNDQQW ZDU ZXUGH QDFK HLQHP 9HUJOHLFK GHU 6HTXHQ] YHUVFKLHGHQHU 6SH]LHV GHU %HUHLFK IU GLH 3ULPHUHQWZLFNOXQJ KHUDQJH]RJHQ GHU GLH K|FKVWH +RPRORJLH EHU GLH YHUVFKLHGHQHQ 6SH]LHV DXIZLHV %HL GHU (QWZLFNOXQJ GHU 3ULPHU ZXUGH DXI HLQH 9HUPHLGXQJ SDOLQGURPHU 6HTXHQ]HQ HLQHQ DXVJHJOLFKHQHQ *& ]X $7 *HKDOW VRZLH HLQ $QQHDOLQJWHPSHUDWXU YRQ &
JHDFKWHW 1DFK$XVZDKO HLQHU JHHLJQHWHUVFKHLQHQGHQ6HTXHQ]ZXUGHGLHVHPLW GHU JHVDPWHQ *HQEDQN YHUJOLFKHQ XP P|JOLFKH .UHX]UHDNWLRQHQ PLW DQGHUHQ QLFKWYHUZDQGWHQ6HTXHQ]HQDXV]XVFKOLHHQ
'LHVRJHIXQGHQHQ3ULPHUSDDUHZXUGHQQXQQRFKDXILKUH5HDNWLRQVEHGLQJXQJHQ KLQ RSWLPLHUW +LHU]X ZXUGHQ PHKUHUH 5HDNWLRQVDQVlW]H PLW XQWHUVFKLHGOLFKHQ 0DJQHVLXPFKORULG 0J&O .RQ]HQWUDWLRQHQ LP %HUHLFK HLQHU (QGNRQ]HQWUDWLRQ YRQ P0 ELV P0 LP 5HDNWLRQVDQVDW] VRZLH XQWHUVFKLHGOLFKHQ
$QQHDOLQJWHPSHUDWXUHQ JHIDKUHQ $XV GHP DQVFKOLHHQGHQ 9HUJOHLFK GHU HLQ]HOQHQ 5HDNWLRQHQ ZXUGHQ GLH RSWLPDOHQ %HGLQJXQJHQ GK NHLQH 1HEHQEDQGHQ VWDUNH 3URGXNWEDQGH RKQH 6FKPLHU HUPLWWHOW XQG GLHVH IU GLH ZHLWHUHQ3RO\PHUDVH.HWWHQ5HDNWLRQHQPLWGLHVHP3ULPHUSDDUEHQXW]W
6HPLTXDQWLWDWLYH3&5
=XU VHPLTXDQWLWDWLYHQ 8QWHUVXFKXQJ ZXUGHQ QXQ IU MHGHQ =HLWSXQNW IDFK
%HVWLPPXQJHQ GHU RSHULHUWHQ 6HLWH XQG GHU .RQWUROOVHLWH GXUFKJHIKUW $OV
$OV$QQHDOLQJWHPSHUDWXUEH]HLFKQHWPDQGLH7HPSHUDWXUEHLGHUGLH3ULPHUVSH]LILVFKDQGLHF'1$ELQGHQ 6LHHUUHFKQHWHVLFKJHPlIROJHQGHU)RUPHO
6WDQGDUGXQG]XU%HVWLPPXQJGHVUHODWLYHQF'1$*HKDOWHVZXUGHQGLHHLQ]HOQHQ 3UREHQPLW3ULPHUQJHJHQGDV+DXVKDOWVJHQ&\FORSKLOLQ$VRZLH]XU.RQWUROOH GHU2SHUDWLRQXQGGHU*HZHEVH[WUDNWLRQJHJHQ% YHUPHVVHQ1DFKHUIROJWHU 5HDNWLRQ ZXUGHQ GLH 3UREHQ DXI LJHQ 3RO\DFU\ODPLGJHOHQ DXIJHWUHQQW 'LH
*HOH ZXUGHQ GDQDFK IU ò 6WXQGH LQ HLQHU JPO NRQ]HQWULHUWHQ (WKLGLXPEURPLGO|VXQJLQ[7%(JHIlUEW$QVFKOLHHQGZXUGHQGLH*HOHIUHLQH ò 6WXQGH LQ :DVVHU HQWIlUEW 'LH *HOH ZXUGHQ PLWWHOV HLQHU DQ HLQHQ &RPSXWHU DQJHVFKORVVHQHQ &&'.DPHUD XQG GHU 6RIWZDUH %LRSULQW 9HU 9LOEHU /RXUPDW DXIJHQRPPHQ XQG DEJHVSHLFKHUW =XU 0HVVXQJ GHU LQWHJULHUWHQ RSWLVFKHQ 'LFKWH GHU HLQ]HOQHQ %DQGHQ ZXUGH GLH 6RIWZDUH ,PDJH0DVWHU 9'6 6RIWZDUH 9HUVLRQ +RHIHU 3KDUPDFLD %LRWHFK ,QF 6DQ )UDQFLVFR 86$
0HGLD&\EHUQHWLFVKHUDQJH]RJHQ
'LH REHQ EHVFKULHEHQH $XVZHUWXQJVPHWKRGH ZXUGH ]XYRU GXUFK PHKUHUH *HOH JHHLFKW XQG DXI LKUH /LQHDULWlW KLQ XQWHUVXFKW +LHU]X ZXUGH HLQH .RQ]HQWUDWLRQVUHLKH HLQHU F'1$ DXI HLQ *HO DXIJHWUDJHQ XQG JHPl GHV REHQ EHVFKULHEHQHQ9HUIDKUHQVJHIlUEWDXIJHQRPPHQXQGDXVJHZHUWHW(V]HLJWHVLFK KLHUEHLGDXQWHUGHQYRUJHZlKOWHQ%HGLQJXQJHQHLQHDXVUHLFKHQGH/LQHDULWlWLQ
%H]XJDXIGHQ(LQEDXGHV(WKLGLXPEURPLGVLQGLH'1$JHZlKUOHLVWHWZDU
'LH HUKDOWHQHQ :HUWH IU GLH RSWLVFKH 'LFKWH GHU *HOEDQGHQ ZXUGHQ LQ HLQ 7DEHOOHQNDONXODWLRQVSURJUDPP 0LFURVRIW ([FHO65 8QWHUVFKOHLKHLP 'HXWVFKODQGEHUWUDJHQ+LHUZXUGHQXQGHU0LWWHOZHUWGHUIDFK%HVWLPPXQJHQ XQG GLH ]XJHK|ULJH 6WDQGDUGDEZHLFKXQJ VRZLH GDV 9HUKlOWQLV GHU RSHULHUWHQ 6HLWH ]XU .RQWUROOVHLWH HUPLWWHOW 'HU H[SHULPHQWHOO HUPLWWHOWH 6HLWHQXQWHUVFKLHG GHV XQWHUVXFKWHQ 0ROHNOV ZXUGH GDQQ JHJHQ GHQ F'1$ *HKDOW GHU 3UREH JHPHVVHQGXUFKGDV&\FORSKLOLQYHUKlOWQLVQRUPDOLVLHUW
*&*HKDOW[$7*HKDOW[ $QQHDOLQJWHPSHUDWXUGHU3ULPHU
% DXFK DOV *DS ÄJURZWK DVVRFLDWHG SKRVSKRSURWHLQ³ EH]HLFKQHW LVW HLQ ZDFKVWXPVDVVR]LLHUWHV 3KRVSKRSURWHLQZHOFKHVZlKUHQGGHU(QWZLFNOXQJZLHDXFKGHU5HJHQHUDWLRQH[SULPLHUWZLUG1DFK)DFLDOLV 1HUY'XUFKWUHQQXQJHUIROJWHLQH+RFKUHJXODWLRQLP.HUQJHELHW
.ORQLHUXQJXQG6HTXHQ]LHUXQJ
3ODVPLGHXQGNRPSHWHQWH=HOOHQ
'DPLW LQ GLH 3ODVPLGH HLQ '1$ )UDJPHQW HLQJHEXQGHQ ZHUGHQ NRQQWH PXWHQ GLHVH HUVW GXUFK $XIVFKQHLGHQ GHU 5LQJIRUP OLQLHDULVLHUW ZHUGHQ 'DV KLHU EHQXW]WH 6\VWHP S=(U2 EHVLW]W PHKUHUH 5HVWULNWLRQVHQ]\P6FKQLWWVWHOOHQ ]ZLVFKHQ GHQ 6S XQG 7 $QKHIWXQJVVWHOOHQ VLHKH $EELOGXQJ ,P YRUOLHJHQGHQ)DOOZXUGHPLW(FR59JHVFKQLWWHQ+LHUIUZXUGHJGHV3ODVPLGV PLW 8 GHV (Q]\PV (FR5 9 IU ELV PLQ YHUGDXW$QVFKOLHHQG HUIROJWH HLQH 3KHQRO&KORURIRUP ([WUDNWLRQ GHU '1$ XQG HLQH 1DWULXPD]HWDW )lOOXQJ DXV GHU ZlVVULJHQ 3KDVH YHUJOHLFKH E]Z 'LH LQ 7ULV('7$ 3XIIHU UHVXVSHQGLHUWHQ3ODVPLGHZXUGHQGDQQDOLTXRWLHUWXQGEHL±&ELV]XUZHLWHUHQ 9HUZHQGXQJDXIEHZDKUW
$EELOGXQJ5LQJGDUVWHOOXQJGHV9HNWRUVPLW.ORQLHUXQJVVWHOOH6S7(UNHQQXQJVVWHOOHXQGGHU
=HRFLQ 5HVLVWHQ] VRZLH GHP /HWDOJHQ ODF=D ZHOFKHV EHL HUIROJUHLFKHU (LQNORQLHUXQJ GHV '1$
)UDJPHQWVQLFKWPHKUH[SULPLHUWZHUGHQNDQQ
=XU+HUVWHOOXQJGHUHOHNWURNRPSHWHQWHQ=HOOHQZXUGHHLQ$XVVWULFKGHU723)¶
6WDPP]HOOHQVXVSHQVLRQ ,QYLWURJHQ *URQLQJHQ 1LHGHUODQGH DXI HLQH /%$JDU 3ODWWH JHPDFKW 'LHVH 3ODWWH ZXUGH EHU 1DFKW EHL & LQNXELHUW$P QlFKVWHQ 7DJ ZXUGHQ PO /%0HGLXP LQ HLQHQ PO (UOHQPH\HUNROEHQ JHIOOW XQG PLW HLQHU HLQ]HOQHQ .RORQLH YRQ GHU /%$JDU 3ODWWH DQJHLPSIW 'LH =HOOHQ ZXUGHQ LQ
HLQHP 6FKWWHOLQNXEDWRU XQWHU VWlQGLJHU %HZHJXQJ XQG DXVUHLFKHQGHU %HOIWXQJ EHL&EHU1DFKWKRFKJH]RJHQ$P)ROJHWDJZXUGHGLHGLFKWH=HOOVXVSHQVLRQ LQ HLQHQ ELV /LWHU IDVVHQGHQ .ROEHQ PLW /LWHU 0HGLXP YHUHLQW XQG HUQHXW LQNXELHUW ELV GLH =HOOHQ HLQH RSWLVFKH 'LFKWH YRQ ELV SKRWRPHWULVFK HUPLWWHOWEHLHLQHU:HOOHQOlQJHYRQQPHUUHLFKWKDWWHQ'LH=HOO|VXQJZXUGH QXQ DXI YRUJHNKOWH =HQWULIXJDWLRQVJHIlH YHUWHLOW XQG IU PLQ DXI (LV JHODJHUW 'LH /|VXQJHQ ZXUGHQ DQVFKOLHHQG EHL & XQG J IU PLQ ]HQWULIXJLHUWXQGGDV3HOOHWLQPOVWHULOHP:DVVHUJHZDVFKHQXQGQDFKHLQHU ZHLWHUHQ =HQWULIXJDWLRQ LQ PO HLVJHNKOWHP VWHULOHP *O\FHURO DXIJHQRPPHQ (V HUIROJWH QXQ HLQ PLQ =HQWULIXJDWLRQVVFKULWW EHL J
$QVFKOLHHQGZXUGHQGLH3HOOHWVLQPOGHU*O\FHURO/|VXQJDXIJHQRPPHQ DOLTXRWLHUW MHZHLOV O DXVUHLFKHQG IU .ORQLHUXQJVUHDNWLRQHQ XQG PLWWHOV IOVVLJHP6WLFNVWRIIVFKRFNJHIURUHQXQGEHL±&DXIEHZDKUW
.ORQLHUXQJ
)U GLH .ORQLHUXQJ YRQ 3&5)UDJPHQWHQ VRZLH ]XU 6HTXHQ]DQDO\VH ZXUGHQ MHZHLOV VHFKV LGHQWLVFKH 3&5 5HDNWLRQHQ PLW GHQ VSH]LILVFKHQ 3ULPHUQ GXUFKJHIKUW XQG YHUHLQW 'DV 5HDNWLRQVSURGXNW ZXUGH DQVFKOLHHQG PLW HLQHP 3&5 $XIUHLQLJXQJV .LW 4XLDJHQ YRQ GHQ EHUVFKVVLJHQ 3ULPHUQ XQG IUHLHQ 1XNOHRWLGHQJHWUHQQWXQGLQO:DVVHUDXIJHQRPPHQ'LH.RQ]HQWUDWLRQZXUGH ]XP HLQHQ SKRWRPHWULVFK HUPLWWHOW ZLH DXFK DXI HLQHP$JDURVHJHO LP 9HUJOHLFK ]XU,QWHQVLWlWGHU0DUNHUEDQGHQDEJHVFKlW]W
$OV 9HNWRU 3ODVPLG IDQG KLHUEHL GDV S=(U2 6\VWHP YRQ ,QYLWURJHQ
*URQLQJHQ1LHGHUODQGH9HUZHQGXQJ'DEHLGLHVHP9HNWRUGLH.ORQLHUXQJVVWHOOH JHUDGH JHVFKQLWWHQ LVW ÄEOXQW HQG³ VLHKH ZDU HLQH 9RUEHKDQGOXQJ GHV 3&53URGXNWHVQ|WLJ8PHLQHRSWLPDOH/LJDWLRQGHULQGHU3&5HUKDOWHQHQF'1$
PLWGHP3ODVPLG]XHUUHLFKHQPXWHQ]XHUVWP|JOLFKHhEHUKlQJHDQGHQ(QGHQ GHU '1$ EHVHLWLJW ZHUGHQ 'LHV HUIROJWH GXUFK HLQ VRJHQDQQWHV ÄEOXQWLQJ³ GHV 3&53URGXNWHV'HU5HDNWLRQVDQVDW]KLHUIUVHW]WHVLFKZLHIROJW]XVDPPHQ 83)83RO\PHUDVH6WUDWDJHQH
O[5HDNWLRQVSXIIHU6WUDWDJHQH
OG173¶VMHP00%,)HUPHQWDV:LOQD/LWWDXHQ O3&53URGXNWMHQDFK.RQ]HQWUDWLRQ
DXIO(QGYROXPHQPLW:DVVHUDXIIOOHQ
(VHUIROJWHHLQH,QNXEDWLRQEHL&IUPLQ$QVFKOLHHQGHUIROJWHGLH/LJDWLRQ LQGHQ9HNWRUGDV3ODVPLG+LHUIUZXUGHIROJHQGHU5HDNWLRQVDQVDW]SLSHWWLHUW OYRUEHKDQGHOWHV3&53URGXNW
OU$73P06WUDWDJHQH
O[/LJDVH5HDNWLRQVSXIIHU(XURJHQHWHF O7/LJDVH(XURJHQHWHF
OS=(U29HNWRU,QYLWURJHQ*URQLQJHQ1LHGHUODQGH
O:DVVHU
XQG IU PLQGHVWHQV HLQH 6WXQGH EHL 5DXPWHPSHUDWXU LQNXELHUW 'LH 9HNWRUHQ PLW GHP,QVHUWZXUGHQQXQGXUFK(OHNWURSRUDWLRQLQNRPSHWHQWH=HOOHQVLHKHKLHU]X GHV 6WDPPHV (VFKHULFKLD FROL HLQJHVFKOHXVW +LHU]X ZXUGHQ O HLVJHNKOWH %DNWHULHQVXVSHQVLRQ PLW O GHV 3ODVPLGDQVDW]HV LQ HLQH YRUJHNKOWH(OHNWURSRUDWLRQVNYHWWH%LR5DGEHUIKUWXQGLQHLQHP*HQH3XOVHU
%LR5DGNXU]XQWHU6SDQQXQJJHVHW]WN9EHLHLQHU.DSD]LWlWYRQ)XQG HLQHP:LGHUVWDQGYRQ2KP6RIRUWGDQDFKZXUGHQGLH=HOOHQLQO62&
0HGLXP DXIJHQRPPHQ XQG LQ HLQHP PO (SSHQGRUI5HDNWLRQVJHIl XQWHU VWlQGLJHU%HZHJXQJIU6WXQGHEHL&LQNXELHUW1DFKGLHVHU=HLWZXUGHQ ELV O GHU %DNWHULHQVXVSHQVLRQ DXI YRUJHZlUPWHQ //%$JDU 3ODWWHQ GLH ]XU 6HOHNWLRQGLH$QWLELRWLND,37*=HR]LQXQG7HWUD]\NOLQHQWKLHOWHQYHUWHLOWXQGEHL
& LP %UXWVFKUDQN EHU 1DFKW JHODJHUW$XIJUXQG GHU$QWLELRWLNDJDEH XQG GHV /HWDO*HQHVLP3ODVPLGGXUIWHQDPQlFKVWHQ7DJQXU=HOONRORQLHQDXIGHQ3ODWWHQ JHZDFKVHQ VHLQ GLH HLQ 3ODVPLG PLW ,QVHUW EHVDHQ GD GLH$QWLELRWLNDUHVLVWHQ]
JHJHQ =HR]LQ DXI GHP 3ODVPLG ODJ 8P GLHV ]X EHUSUIHQ ZXUGH HLQH 3&5 5HDNWLRQGXUFKJHIKUWZREHLDOV3ULPHU2OLJRQXNOHRWLGHPLWGHU6HTXHQ]GHU6S XQG 7 %LQGXQJVVWHOOHQ EHQXW]W ZXUGHQ $OV 9RUODJH ZXUGHQ PLW HLQHU 3LSHWWHQVSLW]H=HOOHQDXVGHQ]XEHUSUIHQGHQ.RORQLHQJHQRPPHQXQGGLUHNWLQ GLH 3&55HDNWLRQ HLQJHVHW]W 'HU 5HDNWLRQVDQVDW] HQWKLHOW P0 0J&O GLH
%LQGXQJVWHPSHUDWXU EHWUXJ & HV ZXUGHQ =\NOHQ GXUFKODXIHQ YHUJOHLFKH $QVFKOLHHQG ZXUGH GDV 3&53URGXNW DXI HLQ $JDURVHJHO DXIJHWUDJHQ $QKDQG GHU +|KH GHU %DQGHQ LP 9HUJOHLFK ]XP *U|HQVWDQGDUG NRQQWHQ GLH .RORQLHQ ZHOFKH GDV 3ODVPLG PLW GHP ULFKWLJHQ ,QVHUW WUXJHQ HLQGHXWLJLGHQWLIL]LHUWZHUGHQ
3ODVPLGSUlSDUDWLRQ
8P QXQ DXVUHLFKHQG )UDJPHQW ]X HUKDOWHQ ZXUGHQ GLH ZLH XQWHU EHVFKULHEHQ LGHQWLIL]LHUWHQ SRVLWLYH .ORQH PLWWHOV HLQHU 3LSHWWHQVSLW]H LQ PO )DOFRQ *HIlH PLW PO //% 0HGLXP EHUIKUW XQG XQWHU VWlQGLJHU %HZHJXQJ EHL & EHU 1DFKW KRFKJH]RJHQ $P QlFKVWHQ 7DJ ZXUGH YRQ GHU
%DNWHULHQVXVSHQVLRQ O /|VXQJ DEJHQRPPHQ PLWO*O\FHUROYHUPLVFKW XQGEHL±&]XU/DJHUXQJHLQJHIURUHQ'LHUHVWOLFKH6XVSHQVLRQZXUGHLQHLQHU .KO]HQWULIXJH EHL & XQG J DE]HQWULIXJLHUW GHU hEHUVWDQG YHUZRUIHQ XQG GDV =HOOSHOOHW LQ PO 67(73XIIHU DXIJHQRPPHQ XQG JHO|VW 'DV *HPLVFK ZXUGH LQ HLQ PO (SSHQGRUI 5HDNWLRQVJHIl EHUIKUW XQG PLW O /\VR]\P
%RHKULQJHU0DQQKHLP'HXWVFKODQGYHUVHW]W(VHUIROJWHHLQH,QNXEDWLRQIU PLQ EHL 5DXPWHPSHUDWXU JHIROJW YRQ HLQHP 'HQDWXULHUXQJVVFKULWW IU PLQ 'DV 5HDNWLRQVJHIlZXUGHGDQDFKVRIRUWDXI(LVDEJHNKOWXQGIUPLQEHL&PLW J]HQWULIXJLHUW'HUhEHUVWDQGZXUGHLQQHXH5HDNWLRQVJHIlHEHUIKUW XQG PLW O '1$VHIUHLHU 51$VH .RQ]HQWUDWLRQ PJPO YHUVHW]W XQG EHL
& IU PLQ LQNXELHUW $QVFKOLHHQG ZXUGHQ O GHV ,RQHQDXVWDXVFKHUV
&7$%EHLJHPLVFKWXQGIUPLQGHVWHQVPLQEHL5DXPWHPSHUDWXUEHODVVHQ1DFK HLQHP ZHLWHUHQ =HQWULIXJDWLRQVVFKULWW PLQ EHL J ZXUGH GDV HUKDOWHQH 3HOOHW LQ O HLQHU 0 .RFKVDO]O|VXQJ DXIJHQRPPHQ IU PLQ DXI (LV LQNXELHUW XQG EHL & IU PLQ PLW J ]HQWULIXJLHUW 'HU GDV 3ODVPLG HQWKDOWHQGH hEHUVWDQG ZXUGH LQ HLQ QHXHV *HIl EHUIKUW XQG PLW PO (WKDQRO]XU)lOOXQJGHU'1$YHUVHW]WPLQGHVWHQVPLQDXI(LV1DFKHUQHXWHU
=HQWULIXJDWLRQZXUGHGDV3HOOHWPLW(WKDQROJHZDVFKHQHUQHXW]HQWULIXJLHUW GHUhEHUVWDQGYHUZRUIHQOXIWJHWURFNQHWXQGGDQQLQO7ULV+&OP0S+
DXIJHQRPPHQ (V HUIROJWH QXQ HLQH SKRWRPHWULVFKH .RQ]HQWUDWLRQVEHVWLPPXQJ GHU3ODVPLGO|VXQJ2' EHLQPHQWVSULFKW'1$*HKDOWYRQJPO'LHVH 3ODVPLGH ZXUGH QXQ HLQHUVHLWV ]XU +HUVWHOOXQJ GHU 5LERVRQGHQ IU LQ VLWX +\EULGLVLHUXQJHQEHQXW]WVLHKHDQGHUHUVHLWVDXFKIU6HTXHQ]DQDO\VHQ
6HTXHQ]LHUXQJ
=X %HJLQQ HUIROJWH QRFK HLQH $XINOlUXQJ GHU 6HTXHQ] GXUFK UDGLRDNWLYH 1XNOHRWLGHXQGPDQXHOOHV$XVOHVHQGHU)LOPH
6SlWHU ZXUGHQ GLH QHX NORQLHUWHQ 1XNOHRWLGVWUlQJH LP LQVWLWXWVHLJHQHQ 6HUYLFHODERUPLWWHOVIOXRURFKURPHQ)DUEVWRIIHQDXWRPDWLVFKVHTXHQ]LHUW
'LH VR HUKDOWHQHQ 6HTXHQ]HQ ZXUGHQ LQ GHQ &RPSXWHU HLQJHJHEHQ XQG PLWWHOV HLQHV 6HTXHQ]DQDO\VHSURJUDPPV *&* :LVFRQVLQ DXI hEHUODSSXQJHQ XQWHUVXFKW$XVGLHVHQ(UJHEQLVVHQNRQQWHQGLHHLQ]HOQHQNXU]HQ6HTXHQ]HQ]XU JHVDPWHQNRGLHUHQGHQ6HTXHQ]]XVDPPHQJHVWHOOWZHUGHQ
(EHQIDOOV ZXUGHQ VR bKQOLFKNHLWHQ XQG +RPRORJLHQ ]X DQGHUHQ 6HTXHQ]HQ JHIXQGHQXQGEHUSUIW
,QVLWX+\EULGLVLHUXQJ
$OV ZHLWHUH 0HWKRGH ]XU 'HWHNWLRQ GHU P51$ ZXUGH GLHLQ VLWX +\EULGLVLHUXQJ EHQXW]W9RUWHLOGLHVHU0HWKRGHLVWHLQZHLWHUHU,QIRUPDWLRQVJHZLQQJHJHQEHUGHU 3&5 GXUFK GLH ]HOOXOlUH $XIO|VXQJ GHV P51$ 6LJQDOV $OV 6RQGHQ ZXUGHQ HQWZHGHUHLQ5LERQXNOHRWLG)UDJPHQWYRQFDES/lQJHRGHU2OLJRQXNOHRWLGH YRQ ELV ES /lQJH EHQXW]W (LQ DXV GHU 3&5 PLW VSH]LILVFKHQ 3ULPHUQ JHZRQQHQHV'1$6WFNZXUGHLQHLQ3ODVPLGS=(U2,QYLWURJHQ*URQLQJHQ 1LHGHUODQGH NORQLHUW LQ %DNWHULHQ HLQJHVFKOHXVW XQG H[SULPLHUW 'LHVHV 3ODVPLG GLHQWHGDQQDOV9RUODJHIUGLH+HUVWHOOXQJGHUPDUNLHUWHQ+\EULGLVLHUXQJVVRQGHQ
=XU9RUJHKHQVZHLVHVLHKHÄ.ORQLHUXQJXQG6HTXHQ]LHUXQJ³
5DGLRDNWLYHLQVLWX+\EULGLVLHUXQJ
3UREHQYRUEHUHLWXQJIU5LERVRQGHQ
'LH LVROLHUWHQ 3ODVPLGH PLW GHP HLQNORQLHUWHQ '1$)UDJPHQW ZHUGHQ QDFK SKRWRPHWULVFKHU %HVWLPPXQJ DXI HLQH (QGNRQ]HQWUDWLRQ YRQ FD QJO YHUGQQW 9RQ GLHVHU 9HUGQQXQJ ZLUG ZLHGHUXP O IU GLH IROJHQGH 3&5 HLQJHVHW]W)UGLH3&5ZXUGHQPRGLIL]LHUWH7XQG6S3ULPHUEHQXW]WDOV=7 XQG =6S EH]HLFKQHW GLH QHEHQ GHU 7 XQG 6S 6HTXHQ] QRFK HLQHQ 7HLO GHU 3ODVPLGVHTXHQ] HQWKLHOWHQ (V ZXUGHQ QXQ MH 3ODVPLG 5HDNWLRQVDQVlW]H YHUJOHLFKH 3&5 0DJQHVLXPFKORULGJHKDOW ZDU P0 SLSHWWLHUW XQG HLQH 3&5PLW=\NOHQGXUFKJHIKUW'LH$QVlW]HZXUGHQKLQWHUKHUYHUHLQLJWXQGPLW GHP 4,$TXLFN 3&5 3XULILFDWLRQ .LW 4XLDJHQ DXIJHUHLQLJW 'LH .RQ]HQWUDWLRQ
GHV$PSOLILNDWLRQVSURGXNWHVZXUGHSKRWRPHWULVFKHUPLWWHOWXQG]XVlW]OLFKDQKDQG GHU%DQGHLP$JDURVHJHODEJHVFKlW]W
5DGLRDNWLYH0DUNLHUXQJGHU+\EULGLVLHUXQJVVRQGH
)UGLHIROJHQGH0DUNLHUXQJVUHDNWLRQZXUGHQQJGHU]XYRUJHZRQQHQHQ'1$
LQ GLH 5HDNWLRQ HLQJHVHW]W 'LHVH ZXUGH LQ O 'LHWK\OS\URFDUERQDW '(3&
6LJPD 'HLVHQKRIHQ 'HXWVFKODQG EHKDQGHOWHP :DVVHU DXIJHQRPPHQ :HLWHUH
%HVWDQGWHLOHGHV5HDNWLRQVDQVDW]HVZDUHQ
O[3XIIHU%RHKULQJHU0DQQKHLP'HXWVFKODQG
O0'LWKLRWKUHLWRO'776LJPD'HLVHQKRIHQ'HXWVFKODQG OG173*HPLVFK*$&MHP00%,)HUPHQWDV
O6a8738UDFLO7UL3KRVSKDW$PHUVKDP)UHLEXUJ'HXWVFKO
O51$VLQ3URPHJD0DQQKHLP'HXWVFKODQG
O63RGHU751$3RO\PHUDVH%RHKULQJHU0DQQKHLP
1DFKHLQHU,QNXEDWLRQYRQ0LQXWHQLQHLQHP7KHUPRKHL]EORFNEHL&ZXUGHQ GLH3UREHQ]HQWULIXJLHUWQRFKPDOVGLHJOHLFKH0HQJHDQ3RO\PHUDVH]XJHJHEHQ XQG IU ZHLWHUH 0LQXWHQ LP +HL]EORFN LQNXELHUW 1DFK HUQHXWHU =HQWULIXJDWLRQ ZXUGHQ GLH 3UREHQ IU 0LQXWHQ DXI & HUKLW]W XP GLH 3RO\PHUDVHQ ]X LQDNWLYLHUHQ 'LH '1$ ZXUGH DQVFKOLHHQG GXUFK HLQHQ '1$VH 9HUGDX ]HUVW|UW +LHU]XZXUGHIROJHQGHV]XSLSHWWLHUW
O51$VLQ3URPHJD0DQQKHLP'HXWVFKODQG
OW51$PJPO%RHKULQJHU0DQQKHLP'HXWVFKODQG O51$VHIUHLH'1$VH8%RHKULQJHU
'HU 5HDNWLRQVDQVDW] ZXUGH QDFK 'XUFKPLVFKXQJ IU PLQ EHL & LP +HL]EORFNLQNXELHUW
$QVFKOLHHQG DQ GHQ '1$9HUGDX HUIROJWH HLQH )lOOXQJ GHU 51$ GXUFK =XJDEH YRQ
O0'77
PO'(3&EHKDQGHOWHV+2
O01DWULXPDFHWDWS+RGHU O0$PPRQLXPDFHWDW
O(WKDQRO
1DFK'XUFKPLVFKXQJZXUGHGLH3UREHIU0LQXWHQLQHLQ7URFNHQHLV(WKDQROEDG JHVWHOOWXQGDQVFKOLHHQGIU0LQXWHQEHL&PLWFDJDE]HQWULIXJLHUW 'HUhEHUVWDQGZXUGHYHUZRUIHQXQGGDV3HOOHWPLWPO(WKDQROJHZDVFKHQ 1DFK HLQHP HUQHXWHQ =HQWULIXJDWLRQVVFKULWW ZXUGH GHU hEHUVWDQG YHUZRUIHQ XQG GDV 3HOOHW IU ELV 0LQXWHQ EHL 5DXPWHPSHUDWXU JHWURFNQHW 'DV 3HOOHW ZXUGHGDQQLQO'(3&EHKDQGHOWHP:DVVHUDXIJHQRPPHQ
'HQDWXULHUHQGHV+DUQVWRIIJHO
'LH VR HUKDOWHQH 5LERQXNOHRWLGVRQGH ZXUGH DQVFKOLHHQG DXI LKUH 6DXEHUNHLW GKDXIGLH$Q]DKOXQG6WlUNHGHUHLQ]HOQHQ%DQGHQKLQEHUSUIW'D]XZXUGH HQWVSUHFKHQG GHU IROJHQGHQ $QOHLWXQJ HLQ GHQDWXULHUHQGHQ 3RO\DFU\ODPLGJHO JHJRVVHQ
J+DUQVWRII
PO[7%(
PO$FU\ODPLGO|VXQJ
DXIPOPLW:DVVHUDXIIOOHQ
O$PPRQLXPSHUVXOIDWO|VXQJ
O7HWUDPHWK\OHWK\OHQGLDPLQ7(0('
1DFKGHPGDV*HODXVUHLFKHQGSRO\PHULVLHUWZDUZXUGHHVIUHLQHò6WXQGHEHL NRQVWDQW:ODXIHQJHODVVHQXPQLFKWSRO\PHULVLHUWHV$FU\ODPLGDXVGHP*HO ]X HQWIHUQHQ ,Q HLQHU 0LNWURWLWHUSODWWH ZXUGHQ QXQ O 6WRSO|VXQJ *LEFR /LIH 7HFKQRORJLHV5RFNYLOOH86$PLWOGHU6RQGHJHPLVFKWXQGIU0LQXWHQEHL
& GHQDWXULHUW$QVFKOLHHQG ZXUGHQGLH 3UREHQ DXI GDV *HO DXIJHWUDJHQ XQG EHLNRQVWDQW:IU6WXQGHDXIJHWUHQQW
'DV *HO ZXUGH DQVFKOLHHQG DXI HLQ :KDWPDQQ )LOWHUSDSLHU DXIJHOHJW XQG DXI HLQHP9DNXXPKHL]WLVFKJHWURFNQHW'DQDFKZXUGHEHU1DFKWHLQ)LOPDXIJHOHJW XQG EHL 5DXPWHPSHUDWXU H[SRQLHUW$P QlFKVWHQ7DJZXUGHGHU)LOPPDVFKLQHOO 2SWLPD[ 7\S 75 3URWHF 0HGL]LQWHFKQLFN *PE+ HQWZLFNHOW XQG DQKDQG GHV
%DQGHQPXVWHUVGLH4XDOLWlWGHU6RQGHEHXUWHLOW