Ultraschnelle Dynamik in Flüssigkeiten

8OWUDVFKQHOOH '\QDPLN LQ )OVVLJNHLWHQ

=HLWDXIJHO|VWH 8QWHUVXFKXQJHQ ]XP 2SWLVFKHQ .HUU(IIHNW 5DPDQ,QGX]LHUWHQ .HUU(IIHNW

' L V V H U W D W L R Q

]XU (UODQJXQJ GHV DNDGHPLVFKHQ *UDGHV G R F W R U U H U X P Q D W X U D O L X P

'U UHU QDW LP )DFK &KHPLH HLQJHUHLFKW DQ GHU

0DWKHPDWLVFK1DWXUZLVVHQVFKDIWOLFKHQ )DNXOWlW , GHU +XPEROGW8QLYHUVLWlW ]X %HUOLQ

YRQ

'LSO &KHP 7KRPDV /DXUHQW

JHE DP 0DL ]X =RVVHQ 3UlVLGHQW GHU +XPEROGW8QLYHUVLWlW ]X %HUOLQ

3URI 'U 'U KF + 0H\HU

'HNDQ GHU 0DWKHPDWLVFK1DWXUZLVVHQVFKDIWOLFKHQ )DNXOWlW , 3URI 'U % 5RQDFKHU

*XWDFKWHU 3URI 'U 1 3 (UQVWLQJ

3URI 'U / :|VWH 3URI 'U 5 6W|‰HU 7DJ GHU PQGOLFKHQ 3UIXQJ 2NWREHU

+LF VXQW OHRQHV

,QKDOWVYHU]HLFKQLV

(LQOHLWXQJ

'\QDPLN LQ )OVVLJNHLWHQ

=LHOVWHOOXQJ

(LQIKUXQJ LQ GLH /LWHUDWXU

7KHRUHWLVFKH *UXQGODJHQ

6ROYDWDWLRQ *OHLFKJHZLFKW XQG 1LFKWJOHLFKJHZLFKW *OHLFKJHZLFKW 5HDNWLRQVIHOGWKHRULH 1LFKWJOHLFKJHZLFKW 6ROYDWDWLRQVG\QDPLN 6WDWLVWLVFKH 0HFKDQLN LP 1LFKWJOHLFKJHZLFKW )OXNWXDWLRQ XQG 'LVVLSDWLRQ , QVWDQWDQH 1RUPDOPRGHQ 5HOD[DWLRQ XQG 5HVSRQV

6SHNWUDOH 'LFKWH

5HVSRQV XQG 6XV]HSWLEOLWlW 3RODULVDWLRQ OLQHDU XQG QLFKWOLQHDU 3RODULVDWLRQ DOV :HOOH +|KHUH 2UGQXQJHQ GHU 3RODULVDWLRQ )OVVLJNHLWVG\QDPLN LP ([SHULPHQW 2SWLVFKHU .HUU(IIHNW YV 5DPDQ,QGX]LHUWHU .HUU(IIHNW )HUQ, QIUDURW 6SHNWURVNRSLH 'HSRODULVLHUWH 5DPDQ XQG 5D\OHLJK 6SHNWURVNRSLH %URZQVFKH 2V]LOODWRUHQ .RQ]HSW GHU %URZQVFKHQ 2V]LOODWRUHQ 0XOWLPRGH %URZQLDQ 2VFLOODWRU 0RGHOO

3XOVHU]HXJXQJ XQG 3XOVNRQWUROOH

(U]HXJXQJ NXU]HU /LFKWSXOVH .HUU/LQVHQ 0RGHQNRSSOXQJ 'LVSHUVLRQ YV .RPSUHVVLRQ

:HOOHQJOHLFKXQJ

3URSDJDWLRQ

*DX‰VFKHU 3XOV

Y

*UXSSHQJHVFKZLQGLJNHLWVGLVSHUVLRQ

.RPSUHVVLRQ

$XIEDX GHV 7L6DSKLU 2V]LOODWRUV

hEHUVLFKW

%HUHFKQXQJ GHV 5HVRQDWRUV 6\VWHPEHUZDFKXQJ XQG /HLVWXQJVPHUNPDOH 0HVVXQJ GHV 2SWLVFKHQ 5DPDQ,QGX]LHUWHQ .HUU(IIHNWV 3XPS3UREH 6SHNWURVNRSLH ([SHULPHQWHOOHU $XIEDX

hEHUVLFKW

3UREH]HOOHQ XQG &KHPLNDOLHQ +RPRG\QH YV KHWHURG\QH 'HWHNWLRQ

+RPRG\QH 'HWHNWLRQ

+HWHURG\QH 'HWHNWLRQ

-RQHV0DWULW]HQ

6LJQDODXIQDKPH XQG YHUDUEHLWXQJ .RQYHQWLRQHOOH 'DWHQYHUDUEHLWXQJ (FKW]HLW'DWHQYHUDUEHLWXQJ PLW $,; )DVW6FDQ .RQYHQWLRQHOOH 'HWHNWLRQ YV )DVW6FDQ

$XVZHUWXQJ

%HVFKUHLEXQJ GHU %HLWUlJH ]XP .HUU6LJQDO 1XPHULVFKH 6LPXODWLRQ 9HUDUEHLWXQJ GHU 5RKGDWHQ 6SHNWUDOH )LOWHUHIIHNWH $QDO\VH LQ GHU =HLWGRPlQH $QDO\VH LQ GHU )UHTXHQ]GRPlQH ([WUDNWLRQ GHU LQWHUPROHNXODUHQ $QWZRUW

(UJHEQLVVH XQG 'LVNXVVLRQ

5HLQH )OVVLJNHLWHQ

(UJHEQLVVH

'LVNXVVLRQ

)OXRURIRUP (UJHEQLVVH 'LVNXVVLRQ $FHWRQLWULO 7ULFKORUDFHWRQLWULO (UJHEQLVVH 'LVNXVVLRQ

=XVDPPHQIDVVXQJ

,QKDOWVYHU]HLFKQLV YLL

$ 6\PPHWULH XQG 5HGXNWLRQ YRQ7HQVRUHQ

$ ,QYDULDQ] YRQ^E7HQVRUHQ

$ ,QYDULDQ] YRQ^E7HQVRUHQ

% 6SH]LDOIlOOH %URZQVFKHU 2V]LOODWRUHQ

% ,VROLHUWHU 2V]LOODWRU ' f

% 8QWHUJHGlPSIWHU 2V]LOODWRU 2/

% .ULWLVFK JHGlPSIWHU 2V]LOODWRU ' 2/

% hEHUJHGlPSIWHU 2V]LOODWRU :2/

% 6WDUN EHUJHGlPSIWHU 2V]LOODWRU 2/

& $%&'%HUHFKQXQJ RSWLVFKHU 5HVRQDWRUHQ

' 3DUDPHWHUWDEHOOHQ

' &KORURIRUP ' =HLWPRGHOO ' )UHTXHQ]PRGHOO ' $FHWRQLWULO ' =HLWPRGHOO ' )UHTXHQ]PRGHOO ' 7ULFKORUDFHWRQLWULO ' =HLWPRGHOO ' )UHTXHQ]PRGHOO ' 7HWUDFKORUNRKOHQVWRII ' =HLWPRGHOO ' )UHTXHQ]PRGHOO ' 0HWK\OFKORURIRUP ' =HLWPRGHOO ' )UHTXHQ]PRGHOO ' )OXRURIRUP ' =HLWPRGHOO

$EELOGXQJVYHU]HLFKQLV

$ENU]XQJVYHU]HLFKQLV

/LWHUDWXUYHU]HLFKQLV

.DSLWHO (LQOHLWXQJ

'\QDPLN LQ )OVVLJNHLWHQ

,Q GHP %HVWUHEHQ GHV 1DWXUZLVVHQVFKDIWOHUV GLH LQ XQVHUHU 8PJHEXQJ DXIWUHWHQGHQ 3KlQRPHQH ]X YHUVWHKHQ QDFK]XDKPHQ RGHU YRUKHU]XVDJHQ VSLHOW GHUHQ $XINOlUXQJ DXI DWRPDUHU XQG PROHNXODUHU (EHQH HLQH KHUDXVUDJHQGH 5ROOH 'LH 3UR]HVVH GLH KLHU YRQ ,QWHUHVVH VLQG P|JHQ LQ YHUVFKLHGHQHQ 3KDVHQ ]% IHVW ÀVVLJ JDVI|UPLJ XQG DXI XQWHUVFKLHGOLFKVWHQ =HLWVNDOHQ DEODXIHQ (LQ EHUZLHJHQGHU 7HLO LQGXVWULHOO UHOHYDQWHU 3UR]HVVH ¿QGHW QXQ LQ GHU ÀXLGHQ 3KDVH VWDWW 'D GHU 6\QWKHVHHUIROJ HL QHU FKHPLVFKHQ 5HDNWLRQ n n( GLH HLQHQ UHDNWLYHQ hEHUJDQJV]XVWDQG ^h EHVLW]W DXFK YRQ GHU 6WDELOLVLHUXQJ GLHVHV ,QWHUPHGLDWV GXUFK GDV /|VXQJVPLW WHO DEKlQJLJ VHLQ ZLUG EHVWHKW KLHU DXVJHVSURFKHQHV ,QWHUHVVH DQ GHVVHQ VSH]L¿VFKHQ (LJHQVFKDIWHQ

'LH XOWUDVFKQHOOH '\QDPLN PROHNXODUHU )OVVLJNHLWHQ DXI GHU =HLWVNDOD GHU 6WRII ZDQGOXQJ VHOEVW HUUHJW GHVKDOE VFKRQ VHLW YLHOHQ -DKU]HKQWHQ GLH $XIPHUNVDPNHLW GHU SK\VLNDOLVFKFKHPLVFKHQ )RUVFKXQJ %LV YRU QLFKW DOO]XODQJHU =HLW ZXUGHQ GLH HQW VSUHFKHQGHQ 8QWHUVXFKXQJHQ IDVW DXVVFKOLH‰OLFK LQ GHU )UHTXHQ]GRPlQH DXVJHIKUW 0LW GHQ LQ GHQ OHW]WHQ -DKUHQ HUUHLFKWHQ )RUWVFKULWWHQ LQ GHU (U]HXJXQJ VWDELOHU ut /DVHUSXOVH  ut ' f^3Dt KDW VLFK HLQ Y|OOLJ QHXHU =ZHLJ DXV &KHPLH XQG 3K\

VLN KHUDXV HQWZLFNHOW GLH )HPWRFKHPLH 1REHO3UHLV IU$ + =HZDLO^>@>@

'DPLW LVW GHP )RUVFKHU GLH %HREDFKWXQJ HLQHU JHHLJQHWHQ FKHPLVFKHQ 5HDNWLRQ LQ (FKW]HLW P|JOLFK ,QIROJH ZlFKVW DXFK GLH SUDNWLVFKH %HGHXWXQJ YRQ ]HLWDXÀ|VHQGHQ 6SHNWURVNRSLHWHFKQLNHQ GLH GDV G\QDPLVFKH 9HUKDOWHQ GHU UHLQHQ )OVVLJNHLW VRQGLH UHQ 8QWHU GHQ ]DKOUHLFKHQ 0HWKRGHQ VLQG ]% L GLH GLHOHNWULVFKH 6SHNWURVNRSLH LLGLH ]HLWDXIJHO|VWH 0HVVXQJ GHU )OXRUHV]HQ] 6WRNHV9HUVFKLHEXQJ 7566 LLLGLH ]HLWDXIJHO|VWH NRKlUHQWH $QWL6WRNHV 5DPDQ6WUHXXQJ &$56 XQGLYGHU LQ GHU YRU OLHJHQGHQ $UEHLW EHKDQGHOWH 2SWLVFKH.HUU(IIHNW 2.( ]X QHQQHQ 6LH DOOH JHEHQ HLQHQ (LQEOLFN LQ GLH PLNURVNRSLVFKH 3RODULVDWLRQ HLQHU DEUXSW JHVW|UWHQ $QRUGQXQJ YRQ 0ROHNOHQ LP *OHLFKJHZLFKW *HUDGH OHW]WHUHU REZRKO HLQ 3RODULVDWLRQVHIIHNW

YJO DOSKDEHWLVFKHV /LWHUDWXUYHU]HLFKQLV DP (QGH

HUVW LQ GULWWHU 2UGQXQJ HUZHLVW VLFK KLHU GXUFK GLH $QZHQGXQJ KHWHURG\QHU 'HWHNWL RQVWHFKQLN DOV lX‰HUVW JHHLJQHW 'LH NROOHNWLYH GK GLH LQWHUPROHNXODUH $QWZRUW HQJO UHVSRQVH QDFK 6W|UXQJ GXUFK HLQHQ NXU]HQ RSWLVFKHQ ,PSXOV NDQQ GDPLW DXI GHU =HLW VNDOD GHU LQWUDPROHNXODUHQ 6FKZLQJXQJHQ GHU )OVVLJNHLW VHOEVW YHUIROJW ZHUGHQ ,Q YLHOHQ 6\VWHPHQ ZHUGHQ PHKUHUH PLWHLQDQGHU NRQNXUULHUHQGH LQWHUPROHNXODUH XQG LQWUDPROHNXODUH 3UR]HVVH ± PLWXQWHU QRFK DXI JOHLFKHQ =HLWVNDOHQ ± EHREDFKWHW 'LH hEHUIKUXQJ LQ GLH )UHTXHQ]GRPlQH HUP|JOLFKW KLHU QLFKW QXU GHUHQ 8QWHUVFKHLGXQJ 'DV )UHTXHQ]SHQGDQW ]XP LQWHUPROHNXODUHQ 5HVSRQV GLH 6XV]HSWLEOLWlW JLEW GLH FKD UDNWHULVWLVFKH 9HUWHLOXQJ XQG (QWZLFNOXQJ ORNDOHU 3RWHQWLDOH LQ HLQHP H[SHULPHQWHOO VFKZHU ]XJlQJOLFKHQ )UHTXHQ]EHUHLFK ZLHGHU

=LHOVWHOOXQJ

'LH YRUOLHJHQGH H[SHULPHQWHOOH $UEHLW EHVFKlIWLJW VLFK PLW GHP $XIEDX HLQHU ut 3XOVTXHOOH GHU DQVFKOLH‰HQGHQ $QZHQGXQJ GHU GDPLW HU]HXJWHQ ,PSXOVH LQ HL QHP RSWLVFK QLFKWOLQHDUHQ ([SHULPHQW VRZLH GHU 'LVNXVVLRQ GHU VR JHPHVVHQHQ XOWUDVFKQHOOHQ '\QDPLN PROHNXODUHU )OVVLJNHLWHQ 'LHVH 7HLO]LHOH XPID‰WHQ LP HLQ ]HOQHQ

$XIEDX HLQHV 7L6DSKLU /DVHUV

0LW GHU (LJHQNRQVWUXNWLRQ HLQHV PRGHQJHNRSSHOWHQ RSWLVFKHQ 5HVRQDWRUV DXI 7L6DSKLU %DVLV^>@VWHKW HLQH JHHLJQHWH /LFKWTXHOOH LP QDKHQ ,QIUDURWEHUHLFK ]XU 8QWHUVXFKXQJ XOWUDVFKQHOOHU 3UR]HVVH ]XU 9HUIJXQJ 'LH *HRPHWULH GHV 5HVR QDWRUV ZLUG YRUDE EHUHFKQHW 'HU /DVHU LVW GXUFK 0HVVXQJ GHU +DOEZHUWVEUHLWH GHV 6SHNWUXPV XQG GHU /HLVWXQJ GHU JHQHULHUWHQ 3XOVH FKDUDNWHULVLHUW

$QZHQGXQJNXU]HU RSWLVFKHU 3XOVH LP .HUU(IIHNW

'LH HU]HXJWHQ NXU]HQ RSWLVFKHQ 3XOVH VROOHQ HLQH SDUWLHOOH 'RSSHOEUHFKXQJ LQ GHU NRQGHQVLHUWHQ 3KDVH LQGX]LHUHQ 2SWLVFKHU .HUU(IIHNW 'HU =HUIDOO GHU WUDQVLHQWHQ 3RODULVDWLRQ LVW DXI HLQHU 3LNRVHNXQGHQ=HLWVNDOD PLW HLQHP YHU]|

JHUWHQ 3UREHSXOV ]X YHUIROJHQ 'LH DSSDUDWLYH +HUDXVIRUGHUXQJ EHVWHKW YRU DO OHP GDULQ HLQ KRKHV 6LJQDO5DXVFK 9HUKlOWQLV ]X HU]LHOHQ ± GLH ]X HUZDUWHQ GHQ 6LJQDOH VLQG VHKU NOHLQ =X GLHVHP =ZHFN PVVHQ SRWHQWLHOOH 5DXVFKTXHO OHQ PLW LKUHQ =HLWNRQVWDQWHQ LGHQWL¿]LHUW XQG GXUFK JHHLJQHWH WHFKQLVFKH 0LWWHO HQWIHUQW ZHUGHQ 1XQ ZHUGHQ LQ GHU /LWHUDWXU EHVFKULHEHQH .HUU6LJQDOH UHL QHU )OVVLJNHLWHQ UHSURGX]LHUW &KORURIRUP^>@>@ $FHWRQLWULO^>@>@>@ 'LH VH 6XEVWDQ]HQ EHVLW]HQ HLQH KRKH 3RODULVLHUEDUNHLWVDQLVRWURSLH XQG KDEHQ GDKHU LQWHQVLYH 6LJQDOH :HLWHUH 0HVVXQJHQ IROJHQ DQ )OVVLJNHLWHQ PLW YHUJOHLFKED UHU PROHNXODUHU 6\PPHWULH MHGRFK PLW JHULQJHU DXVJHSUlJWHQ DQLVRWURSHQ (L JHQVFKDIWHQ 7ULFKORUDFHWRQLWULO 0HWK\OFKORURIRUP $OV HLQ LVRWURSHV 0ROHNO ZLUG 7HWUDFKORUNRKOHQVWRII>@ >@XQWHUVXFKW 6FKOLH‰OLFK VLQG DOOH )OVVLJNHLWHQ XQWHUHLQDQGHU ]X YHUJOHLFKHQ $OVGDQQ ZHUGHQ GLH DSSDUDWLYH 9RUDXVVHW]XQJHQ

(LQIKUXQJLQ GLH /LWHUDWXU ]XPhEHUJDQJ ]X EHUNULWLVFKHQ *DVHQE]Z NRPSULPLHUWHQ )OVVLJNHLWHQ JH VFKDIIHQ (V ZLUG KLHU )OXRURIRUP XQWHUVXFKW 6HLQH NULWLVFKHQ (LJHQVFKDIWHQ RS ' e.H M@h AS ' 2bb2k HUODXEHQ HLQH 9DULDWLRQ GHU 'LFKWH EHL PRGH UDWHQ %HGLQJXQJHQ +LQJHJHQ Ol‰W VHLQH JHULQJH $QLVRWURSLH WKHRUHWLVFK YRQ &KORURIRUP^>@ QXU VFKZDFKH 6LJQDOH HUZDUWHQ (LQ DEVFKOLH‰HQGHV H[SHUL PHQWHOOHV =LHO EHVWHKW LQ GHU 8QWHUVXFKXQJ HLQHU 7ULFKORUDFHWRQLWULO$FHWRQLWULO 0LVFKXQJ

$XVZHUWXQJXQG 'LVNXVVLRQ

(LQH $XVZHUWXQJ GHU HUKDOWHQHQ (UJHEQLVVH ¿QGHW LQ GHU =HLWGRPlQH PLW HLQHP SKlQRPHQRORJLVFKHQ 0RGHOO VWDWW =XVlW]OLFK GD]X ZHUGHQ GLH 'DWHQ QDFK)RX ULHU7UDQVIRUPDWLRQ LQ GLH )UHTXHQ]GRPlQH QDFK GHP .RQ]HSW GHU%URZQVFKHQ 2V]LOODWRUHQ^>@ DQDO\VLHUW ,P (UJHEQLV GHU YRUJHVFKODJHQHQ 0RGHOOH ZLUG GLH QXNOHDUH $QWZRUWIXQNWLRQ 5HVSRQV E]Z 6XV]HSWLEOLWlW HUKDOWHQ XQG GLVNXWLHUW

%HJOHLWHQG GD]X ZHUGHQ GLH WKHRUHWLVFKHQ +LQWHUJUQGH ± VRZHLW VLH KLHU 9HUZHQ GXQJ ¿QGHQ ± ]X %HJLQQ LQ HLQHP HLJHQHQ .DSLWHO EHKDQGHOW E]Z DQ 2UW XQG 6WHOOH NXU] VNL]]LHUW

(LQIKUXQJ LQ GLH /LWHUDWXU

'HU.HUU(IIHNW DOVR GLH WUDQVLHQWH 'RSSHOEUHFKXQJ LQ *OlVHUQ XQG )OVVLJNHLWHQ YHU XUVDFKW GXUFK VWDUNH HOHNWURPDJQHWLVFKH )HOGHU LVW EHUHLWV VHLW -DKUHQ EHNDQQW^>@

%LV YRU HWZD -DKUHQ ZDUHQ HQWVSUHFKHQGH RSWLVFKH 8QWHUVXFKXQJHQ DQ )OVVLJNHL WHQ DXI GLH )UHTXHQ]GRPlQH EHVFKUlQNW QlPOLFK DOV 5DPDQLQGX]LHUWH .HUU(IIHNW 6SHNWURVNRSLH 5,.(6^>@(UVW GLH 9HUIJEDUNHLW YRQ /DVHUSXOVHQ ff ut^>@|IIQH WH GHQ :HJ IU HLQH GLUHNWH 8QWHUVXFKXQJ GHV NXU]OHELJHQ 2.( LQ GHU =HLWGRPlQH 'LH IROJHQGH (LQIKUXQJ LQ GLH DNWXHOOHUH /LWHUDWXU XPID‰W HLQH $XVZDKO DQ ]XPHLVW H[SHULPHQWHOOHQ $UEHLWHQ GLH KLHU VHLW (QGH GHU HU -DKUHQ SXEOL]LHUW ZXUGHQ 'LH 6FKZHUSXQNWH GLHVHU hEHUVLFKW OLHJHQ ]XP HLQHQ LQ GHU %HQHQQXQJ GHU EHLWUDJHQGHQ )RUVFKHUJUXSSHQ VRZLH LQ GHU 9RUVWHOOXQJ GHU EHUHLWV XQWHUVXFKWHQ 6\VWHPH

'LH LQ GHQ YHUJDQJHQHQ -DKUHQ YHU|IIHQWOLFKWHQ $UEHLWHQ ODVVHQ VLFK XQWHU GLHVHP

$VSHNW YRU DOOHP GHQ *UXSSHQ XP0F0RUURZ/RWVKDZVRZLH&KR6FKHUHU)OH PLQJ9|KULQJHU=LHJOHUXQG LP ZHLWHUHQ&KDQJ&DVWQHUXQG&RQJ'HXHO6LPRQ ]XRUGQHQ

.DOSRX]RV0F0RUURZ/RWVKDZEHJLQQHQ ]XQlFKVW ÀVVLJHQ 6FKZHIHONRK OHQVWRII ]X XQWHUVXFKHQ &6 EHVLW]W DXIJUXQG VHLQHU OLQHDUHQ 6WUXNWXU SUROD WH HLQH VHKU KRKH 3RODULVLHUEDUNHLWVDQLVRWURSLH XQG LVW LQ GLHVHP =XVDPPHQ KDQJ KlX¿J *HJHQVWDQG GHU 8QWHUVXFKXQJ>@>@>@0LW HLQHU =HLWDXÀ|VXQJ YRQ SD utVHSDULHUHQ VLH HLQH HOHNWURQLVFKH .RPSRQHQWH YRQ ]ZHL QXNOHDUHQ $QWHL OHQ PLW /HEHQV]HLWHQ YRQSf utXQGS Tt>@>@>@ 0LW 8QWHUVXFKXQJHQ DQ

&+&O &+&OXQG &&O RUGQHQ VLH YLHU XQWHUVFKHLGEDUH 5HVSRQVNRP SRQHQWHQ ]X GLH GLIIXVLYH 5HRULHQWLHUXQJ : TtGLH ZHFKVHOZLUNXQJV LQGX]LHUWH 6W|UXQJ GHU PROHNXODUHQ 3RODULVLHUEDUNHLW qeffSff utHLQH /LEUDWLRQVEHZHJXQJ .f ut XQG GLH LQVWDQWDQH HOHNWURQLVFKH $QWZRUW

=XVlW]OLFK UHJHQ VLH QLHGHUIUHTXHQWH LQWUDPROHNXODUH 9LEUDWLRQHQ DQ^>@ ,Q HLQHU ZHLWHUHQ $UEHLW ]X &6 PRGHOOLHUHQ VLH GLH EHREDFKWHWHVXETt'\

QDPLN DOV 6XPPH XQWHUJHGlPSIWHU NULWLVFK JHGlPSIWHU XQG EHUJHGlPSIWHU 7HUPH^>@+DORJHQLHUWH %HQ]HQH ZHLVHQ HEHQIDOOV HLQH KRKH 3RODULVLHUEDUNHLWV DQLVRWURSLH REODWH DXI XQG VLQG LP ZHLWHUHQ 8QWHUVXFKXQJVJHJHQVWDQG hEHU )RXULHU7UDQVIRUPDWLRQ ODVVHQ VLFK HOHNWURQLVFKH XQG QXNOHDUH $QWHLOH YRQHLQDQGHU GXUFK 'HNRQYROXWLRQ VHSDULHUHQ^>@ (EHQIDOOV VWHOOHQ 0F 0RUURZ/RWVKDZ HUVWH (UJHEQLVVH ]X &+&1 YRU^>@ 'LH /DQJ]HLWUHOD[DWLRQ EHVWLPPHQ VLH KLHU PLW ' e Tt XQG FKDUDNWHULVLHUHQ GHQ 5HVSRQV LQ GHU )UHTXHQ]GRPlQH ELV{/ q 2ff U4^3 (V IROJHQ 8QWHUVXFKXQJHQ LQ &+&O

&%U&O &+%U XQG &)%U PLW 6FKZHUSXQNW DXI GHQ LQWUDPROHNXODUHQ 9LEUDWLRQVEHLWUlJHQ^>@(LQ hEHUVLFKWVDUWLNHO ID‰W LKUH $UEHLW DQ &6XQG

&&O PLW HLQHU %HVFKUHLEXQJ GHU 9HUELQGXQJ GHV .HUU(IIHNWV ]X DQGHUHQ 5D PDQ7HFKQLNHQ ]XVDPPHQ^>@ ,Q 0LVFKXQJHQ YRQ &6 LQ $ONDQHQ ¿QGHQ VLH ]XPLQGHVWHQV IU GLH /DQJ]HLWG\QDPLN HLQHQ =XVDPPHQKDQJ ]XU 9LVNRVLWlW MH GRFK QLFKW IU GDV LQHUWLDOH 9HUKDOWHQ ^>@/RWVKDZQLPPW DX‰HUGHP XQG DQ $UEHLWHQ ]XU5DPDQ6SHNWURVNRSLH DQ :DVVHU $QWHLO^>@>@ZlK UHQG0F0RUURZPLW&KDQJ&DVWQHUDP &&O]XVDPPHQDUEHLWHW ^>@

&KR6FKHUHU=LHJOHU)OHPLQJ HW DO YHUJOHLFKHQ GLH ]HLWDXIJHO|VWH )OXRU HV]HQ]6WRNHV9HUVFKLHEXQJ GHV )DUEVWRIIV /'6 LQ &+&1 PLW GHP.HUU (IIHNW YRQ UHLQHP $FHWRQLWULO EHU HLQ 0RGHOO%URZQVFKHU 2V]LOODWRUHQ^>@ =X VDPPHQ PLW0XNDPHO HUZHLWHUQ VLH GHQ WKHRUHWLVFKHQ =XJDQJ EHU HLQH

%HVFKUHLEXQJ GHU 'LFKWHPDWUL[ XQG DQDO\VLHUHQ GLH QLFKWUHVRQDQWH 'RSSHOEUH FKXQJ YRQ '062 &+&OXQG &+&1 VRZLH HLQLJHQ $ONRKROHQ^>@9|KULQJHU XQG 6FKHUHU EHVWLPPHQ LQGLYLGXHOOH 7HQVRUHOHPHQWH GHU 6XV]HSWLEOLWlW GULWWHU 2UGQXQJ YRQ &&O XQG %HQ]HQ PLWWHOV LPSXOVLY VWLPXOLHUWHU5DPDQ6WUHXXQJ 7*2+',656 PLWD ut=HLWDXÀ|VXQJ ^>@*OHLFKIDOOV VWHOOHQ VLH HLQH Ä5DSLG6FDQ³7HFKQLN IU GLH ]HLWDXIJHO|VWH 6SHNWURVNRSLH YRU ZLH VLH DXI lKQOLFKH :HLVH LQ GHU YRUOLHJHQGHQ $UEHLW YHUZHQGHW ZLUG^>@ 2EZRKO YLHOYHU VSUHFKHQG LP 6LJQDO5DXVFK 9HUKlOWQLV LVW GLHVHU :HJ MHGRFK PLW HLQHP 9HUOXVW DQ =HLWDXÀ|VXQJ YHUEXQGHQ XQG ZLUG YRQ LKQHQ QLFKW ZHLWHU YHUIROJW 6LH EHYRU ]XJHQ VWDWWGHVVHQ 3KRWRQ(FKR ([SHULPHQWH ]XU 0HVVXQJ GHU VSHNWUDOHQ 'LFKWH YRQ )OVVLJNHLWHQ^>@>@

6HLW OlQJHUHP VLQG YHUVFKLHGHQH 7HFKQLNHQ ]XU RSWLFDO KHWHURG\QHG GHWHFWLRQ 2+' ]ZHFNV (UK|KXQJ GHU 6LJQDOLQWHQVLWlW EHNDQQW>@>@>@ =LHJOHU HW DO VWHOOHQ KLHU DXVIKUOLFK GDU ZLH GLH =XPLVFKXQJ HLQHV ÄORNDOHQ 2V]LOODWRUV³ LQ E]Z DXVVHU 3KDVH ]XP 6LJQDOIHOG 'RSSHOEUHFKXQJ RGHU 'LFKURLVPXV SUREW PLW 6FKHUHU)OHPLQJEHL GHU ,3UlGLVVR]LDWLRQ^>@ DQ &+&O>@>@>@

(LQIKUXQJLQ GLH /LWHUDWXU (LQH 5HLKH YRQ UHOHYDQWHQ $UEHLWHQ ZHUGHQ YRQ&KDQJ&DVWQHU YHU|IIHQWOLFKW 9HUVFKLHGHQH )RUPDPLGH VRZLH GHUHQ ELQlUH /|VXQJHQ MHZHLOV LQ &+&1 :DV VHU XQG 'LPHWK\OIRUPDPLG VLQG 8QWHUVXFKXQJVJHJHQVWDQG (LQH XQWHUJH GlPSIWH /LEUDWLRQVEHZHJXQJ PLWff U4^3 ZLUG LQ GHQ UHLQHQ /|VXQJVPLWWHOQ LGHQWL¿]LHUW 'HU (LQÀX‰ YRQ :DVVHUVWRII%UFNHQELQGXQJHQ ZLUG IU 0LVFKXQ JHQ GLVNXWLHUW 'LH ODQJOHELJVWH .RPSRQHQWH ZLUG GHU 5RWDWLRQVGLIIXVLRQ ]XJH RUGQHW 'HU GLIIXVLYH $QWHLO ]HUIlOOW GDEHL ELH[SRQHQWLHOO^>@0LW 0HVVXQJHQ LQ (WK\OHQJO\FRO XQG :DVVHU EHL bf ut=HLWDXÀ|VXQJ ZHUGHQ QDKH]X EHU HLQVWLPPHQGH QXNOHDUH 5HVSRQVIXQNWLRQHQ JHIXQGHQ XQG GLHVH LQ 6ROYDWDWLRQV NRUUHODWLRQVIXQNWLRQHQ 0DURQFHOOL^>@ WUDQVIRUPLHUW^>@ 2.( 0HVVXQJHQ DQ GHXWHULHUWHQ )RUPDPLGHQ PLWDf ut=HLWDXIO|VXQJ JHEHQ LP %HUHLFK YRQ fSeff U4^3$XVNXQIW EHU GLH QLHGHUIUHTXHQWH '\QDPLN XQG ZHUGHQ PLW GHQ GHSRODULVLHUWHQ5D\OHLJK5DPDQ6SHNWUHQ '56 YHUJOLFKHQ^>@ 'LH LQWHUPROH NXODUH '\QDPLN VXEVWLWXLHUWHU %HQ]HQH VRZLH &\FORKH[DQ ZLUG XPIDVVHQG LQ

=HLW XQG )UHTXHQ]GRPlQH EHKDQGHOW XQG YHUJOHLFKHQG PLW )HUQ,QIUDURW 0HV VXQJHQ ),5 XQG GHSRODULVLHUWHQ5DPDQ7HFKQLNHQ GLVNXWLHUW^>@(LQHQ YRUOlX

¿JHQ +|KHSXQNW GHU DNWXHOOHQ )RUVFKXQJ VWHOOW HLQ hEHUVLFKWVDUWLNHO YRQ&DVW QHU0DURQFHOOL]XU )OVVLJNHLWVG\QDPLN DEJHOHLWHW YRP 2SWLVFKHQ.HUU(IIHNW GHU GLHOHNWULVFKHQ 'LVSHUVLRQ XQG GHU ]HLWDXIJHO|VWHQ 6WRNHV9HUVFKLHEXQJ GDU

^>@

&RQJ'HXHO6LPRQXQWHUVXFKHQ HLQH 5HLKH 1LWULOH PLWf ut=HLWDXÀ|VXQJ XQG GLVNXWLHUHQ GLH 5ROOH GHU PROHNXODUHQ 6\PPHWULH^>@ (UJHEQLVVH ZHUGHQ IU &\FOR+H[DGLHQ &\FOR2NWDGLHQ XQG ]ZHL %HQ]RQLWULOH EHULFKWHW^>@

XQG GLH YRQ &6 &+&OXQG %HQ]HQ PLW VWLPXOLHUWHU 9HUVWlUNXQJVVSHNWURVNRSLH 6*6 YHUJOLFKHQ^>@*HPHLQVDP PLW&KDQJVWHOOHQ VLH PLW GHU 3RVLWLRQV HPS¿QGOLFKHQ.HUU/LQVHQ 6SHNWURVNRSLH HLQH ZHLWHUH 0HWKRGH ]XU 0HVVXQJ VSHNWUDOHU 'LFKWHQ LQ )OVVLJNHLWHQ YRU %HQ]HQ %HQ]RQLWULO 7ROXHQ &6^>@>@

'HXWHULHUWHV 0HWKDQRO XQG VXEVWLWXLHUWH $QLOLQH VLQG PHKUIDFK 8QWHUVXFKXQJV JHJHQVWDQG YRQ 0HHFK6PLWK<RVKLKDUD >@>@>@>@ 'LH .HUQEHZH JXQJHQ ZHUGHQ PLWWHOV HLQHV NROOLVLRQVLQGX]LHUWHQ HLQHV XQWHUJHGlPSIWHQ XQG HLQHV 'LIIXVLRQVDQWHLOV EHVFKULHEHQ 'HU 9HUJOHLFK PLW GHU HQWVSUHFKHQGHQ 6RO YDWDWLRQVG\QDPLN ZLUG EHU GLH 6ROYDWDWLRQVNRUUHODWLRQVIXQNWLRQHQ^>@ GLVNX WLHUW )U 0HWKDQRO ZHUGHQ ,VRWRSHQHIIHNWH EHULFKWHW $XVWDXVFK GHV +\GUR[\O :DVVHUVWRIIV IKUW LQ &+2' ]X HLQHU 5RWYHUVFKLHEXQJ LQ GHU VSHNWUDOHQ 'LFKWH *LRUJLQL HW DO XQWHUVXFKHQ &+12XQG &'12XQG YHUJOHLFKHQ LKUH (UJHE QLVVH PLW '567HFKQLNHQ ^>@ 'LH =HLWDXÀ|VXQJ LVW PLW 2ff f ut HWZDV VFKOHFKWHU DOV LQ GHQ DQGHUHQ YRUJHVWHOOWHQ $UWLNHOQ (V KDQGHOW HV VLFK KLHU DXFK XP HLQ =ZHLIDUEHQ([SHULPHQW GK HV ZHUGHQ YHUVFKLHGHQH :HOOHQ OlQJHQ IU 3XPS XQG 3UREHVWUDKO HLQJHVHW]W $XI GHQ (LQVDW] HLQHU 2+' LVW GDQQ YHU]LFKWHW ZRUGHQ

,Q -DSDQ YHUJOHLFKHQ.LQRVKLWD HW DOHEHQIDOOV ]HLWDXIJHO|VWH 2.( 'DWHQ Hf ut YRQ &6 &&O XQG VXEVWLWXLHUWHQ %HQ]HQHQ PLW '567HFKQLNHQ ^>@>@

,Q $ONRKROHQ HQWGHFNHQ VLH QHJDWLYH ,QWHUIHUHQ]VLJQDOH GLH VLH HLQHU VFKZDFKHQ

$EVRUSWLRQ LQ YLEUDWRULVFKH 2EHUW|QH ]XVFKUHLEHQ^>@ $QVWLHJVSKlQRPHQH GHV VFKQHOOHQ H[SRQHQWLHOOHQ 5HVSRQV LQ &6 XQG %HQ]HQ ZHUGHQ PLW Sf ut

=HLWDXÀ|VXQJ XQWHUVXFKW^>@

1HHODNDQGDQ4XLWHYLV DUEHLWHQ XQG DQ VXEVWLWXLHUWHQ %HQ]HQHQ^>@

GHUHQ 0LVFKXQJHQ^>@XQG &+,^>@ 'DWHQ DXV 0HVVXQJHQ PLWeD ut=HLWDXÀ|

VXQJ ZHUGHQ PRGHOODEKlQJLJ LQ GHU =HLWGRPlQH XQG PRGHOOXQDEKlQJLJ GXUFK )RXULHU7UDQVIRUPDWLRQ LQ GHU )UHTXHQ]GRPlQGH FKDUDNWHULVLHUW

5DWDMVND*DGRPVND HW DOSRVWXOLHUHQ LQ HLQHU $UEHLW DP %HQ]HQ ]X IU

KHQ =HLWHQ q 2ff ut HLQH TXDVLNULVWDOOLQH 6WUXNWXU PLW =HQWUDOPROHNO XQG QlFKVWHQ 1DFKEDUQ 'LH :HFKVHOZLUNXQJ VROFKHU 6WUXNWXU PLW ut/DVHUSXOVHQ IKUW ]XU $QUHJXQJ ORNDOHU 3KRQRQHQ 9LEUDWLRQVPRGHQ^>@

/RXJKQDQH HW DO XQWHUVXFKHQ YLHOH GHU EHUHLWV YHUPHVVHQHQ )OVVLJNHL WHQ $FHWRQLWULO $FHWRQLWULO_ %HQ]HQ .RKOHQVWRIIGLVXO¿G &KORURIRUP XQG 0HWK\OLRGLG WHPSHUDWXUDEKlQJLJ A ' SDD k XQG YHUVXFKHQ HLQHQ =X VDPPHQKDQJ YRQ (LQ]HOPROHNO E]Z NROOHNWLYHU 2ULHQWLHUXQJ ]XU 9LVNRVLWlW KHU]XVWHOOHQ^>@ ,Q GLHVHU $UEHLW ZLH DXFK GHU YRQ&DVWQHU0DURQFHOOL^>@ ¿Q GHQ VLFK QRFK HLQH 5HLKH ZHLWHUHU 5HIHUHQ]HQ GLH KLHU QLFKW PHKU HUZlKQW ZHU GHQ

.DSLWHO

7KHRUHWLVFKH *UXQGODJHQ

'DV 9HUVWlQGQLV GHV 9RUJDQJV GHU (LQEHWWXQJ HLQHV JHO|VWHQ 0ROHNOV 6ROYDW LQ VHLQH /|VXQJVPLWWHOXPJHEXQJ 6ROYHQV LVW LQ GHU SK\VLNDOLVFKHQ &KHPLH YRQ IXQGDPHQWD OHP ,QWHUHVVH %H¿QGHW VLFK GDV ]X O|VHQGH 0ROHNO LQ HLQHP DQIlQJOLFKHQ 1LFKW JOHLFKJHZLFKW VR ZLUG GDV 6ROYDW6ROYHQV (QVHPEOH DOVEDOG LQ HLQ QHXHV *OHLFKJH ZLFKW UHOD[LHUHQ 'LHVHQ 9RUJDQJ EH]HLFKQHW PDQ DOV 6ROYDWDWLRQVG\QDPLN 'LH GDPLW YHUEXQGHQGH PROHNXODUH %HZHJXQJ GHU )OVVLJNHLW OlXIW PHLVW DXI VHKU NXU]HQ =HLW VNDOHQ VXETtELV Tt DE XQG PDQ VSULFKW GHVKDOE KLHU YRQ HLQHU 8OWUDNXU]]HLWG\QD PLN 'HU ([SHULPHQWDWRU NDQQ VLH VHLW -DKU]HKQWHQ PLW XQWHUVFKLHGOLFKVWHQ VSHNWUR VNRSLVFKHQ 7HFKQLNHQ LQ GHU )UHTXHQ]GRPlQH VLFKWEDU PDFKHQ 0LWWOHUZHLOH VWHKHQ PLW GHQ 3XOVEUHLWHQ PRGHUQHU 8OWUDNXU]]HLW$SSDUDWXUHQ YRQ WHLOZHLVH f ut KLQ UHLFKHQG SUl]LVH Ä8KUZHUNH³ ]XU 9HUIJXQJ XP VROFKH 5HOD[DWLRQVSUR]HVVH WDWVlFK OLFK LQ GHU =HLWGRPlQH ]X YHUIROJHQ 'LH SK\VLNDOLVFKHQ *UXQGODJHQ GHU YHUZHQGHWHQ VSHNWURVNRSLVFKHQ 7HFKQLNHQ OLHJHQ GDEHL LQ GHU 1DWXU GHU :HFKVHOZLUNXQJHQ ]ZL VFKHQ YHUVFKLHGHQHQ HOHNWURPDJQHWLVFKHQ )HOGHUQ ,P +LQEOLFN DXI GLH DQJHZHQGHWHQ XQGRGHU HU]HXJWHQ HOHNWURPDJQHWLVFKHQ )HOGHU N|QQHQ KLHU HQWVSUHFKHQGH .ODVVL¿

]LHUXQJHQ YRUJHQRPPHQ ZHUGHQ OLQHDU YV QRQOLQHDUUHVRQDQW YV QRQUHVRQDQWWLPH GRPDLQ YV IUHTXHQF\GRPDLQ WHFKQLTXHV^>@

,Q GLHVHP .DSLWHO VWHKHQ EHVWLPPWH 3UREOHPVWHOOXQJHQ ]XU )OVVLJNHLWVG\QDPLN LP 9RUGHUJUXQG 9RQ ,QWHUHVVH VLQG KLHU GLH *HVHW]Pl‰LJNHLWHQ LP UHLQHQ 6ROYHQV E]Z LQ GHU QlFKVWHQ 8PJHEXQJ GHV 6ROYDWV

:HOFKH 2EVHUYDEOHQ VLQG EHUKDXSW ]XU %HREDFKWXQJ GHU XOWUDVFKQHOOHQ )OV VLJNHLWVG\QDPLN JHHLJQHW"

:HOFKH H[SHULPHQWHOOHQ =XJlQJH ELHWHQ VLFK LQ GHU =HLW E]Z )UHTXHQ]GRPlQH DQ XQG ZLH KlQJHQ GLHVH PLWHLQDQGHU ]XVDPPHQ"

:HOFKH PROHNXODUHQ 9RUVWHOOXQJHQ KDW PDQ YRQ GHU %HZHJXQJ GHV HLQ]HOQHQ 0ROHNOV ELV KLQ ]XU NROOHNWLYHQ %HZHJXQJ YLHOHU 7HLOFKHQ"

:HOFKH PDWKHPDWLVFKHQ 0RGHOOH EHVFKUHLEHQ GLH NROOHNWLYH )OVVLJNHLWVG\QD PLN"

6ROYDWDWLRQ

*OHLFKJHZLFKW XQG 1LFKWJOHLFKJHZLFKW

*OHLFKJHZLFKW 5HDNWLRQVIHOGWKHRULH

=XU %HUHFKQXQJ GHU (QHUJLH L GLH EHL GHU 6ROYDWDWLRQ IUHLJHVHW]W ZLUG H[LVWLHUHQ

$QVlW]H GLH GLH /|VXQJVPLWWHOXPJHEXQJ DOV NRQWLQXLHUOLFKHV 'LHOHNWULNXP PLW GHU 'LHOHNWUL]LWlWVNRQVWDQWH0f DXIIDVVHQ^>@'DV JHO|VWH 0ROHNO EHDQVSUXFKW GDULQ HLQHQ VSKlULVFKHQ +RKOUDXP PLW GHP 5DGLXV@^>@ %HVLW]W GDV 6ROYDW HLQ SHUPDQHQWHV 'L SROPRPHQWO> SRODULVLHUW HV VHLQH 8PJHEXQJ =XP HLQHQ ZHUGHQ LQ GHQ 6ROYHQVPROH NOHQ HOHNWULVFKH 0RPHQWH LQGX]LHUW GLH SURSRUWLRQDO ]X GHUHQ 3RODULVLHUEDUNHLW VLQG

=XP DQGHUHQ ZHUGHQ VLFK GLH SHUPDQHQWHQ 'LSROH GHV 6ROYHQV GXUFK GDV 'LSROPR PHQW GHV 6ROYDWV DXVULFKWHQ %HLGHV IKUW ]XP $XIEDX HLQHV QHXHQ )HOGHV DP 'LSRO VHOEVW GDV GLH JOHLFKH 5LFKWXQJ ZLH GHU 'LSROYHNWRUO>KDW 'LHVHV )HOG QHQQW PDQ GDV 5HDNWLRQVIHOG O- ^>@ %HWUDFKWHW PDQO> DOV SXQNWI|UPLJ XQG VHLQHUVHLWV QLFKW SRODUL VLHUEDU LVW GXUFK /|VHQ GHU *OHLFKXQJ IU GLH 3RWHQWLDOH LQQHUKDOE XQG DX‰HUKDOE YRQ

@GDV 5HDNWLRQVIHOG JHJHEHQ ]X^>@

O- ' s O>

' 2

@ 0f

20fn  O>

'LH (QHUJLH GHV LGHDOHQ 3XQNWGLSROV LQ O- EHUHFKQHW VLFK DXV GHU $UEHLW GLH EHLP hEHUJDQJ DXV GHP 9DNXXP LQ VHLQ HLJHQHV 5HDNWLRQVIHOG O- # f ]X OHLVWHQ LVW^>@

'LHVH $UEHLW LVW

L-{fO '] _>

f O-_O>'

2s mO>m²

=XU %HVFKUHLEXQJ HLQHV HOHNWURQLVFKHQ hEHUJDQJV O>_e # O>_} GHU PHLVW PLW HLQHU

%HWUDJV XQG 5LFKWXQJVlQGHUXQJ YRQO>HLQKHUJHKW KDW GLHVHV ,QWHJUDO GLH *HVWDOW^>@

LO>_e{O>_} '] _>e

>_} O-_O>' 2s

mO>_em² O>_}²

:LH HLQJDQJV VNL]]LHUW VHW]W VLFK GDV 5HDNWLRQVIHOG DXV HLQHP GXUFK HOHNWURQLVFKH 3R ODULVDWLRQ JR| HQWVWHKHQGHQ XQG HLQHQ GXUFK 2ULHQWLHUXQJVSRODULVDWLRQ Jo EHGLQJWHQ

$QWHLO ]XVDPPHQ )U GLH 3URSRUWLRQDOLWlW LQ ZLUG GDKHU s ' sJR|nsJo DQJH QRPPHQ

sJR| ' 2

@ ?²

2?²n 

sJo ' 2

@

0f

20fn  ?² 2?²n 

'DEHL ZLUG GDYRQ DXVJHJDQJHQ GD‰ QXU GHU RSWLVFKH 3RODULVDWLRQVDQWHLO GHU 'LSRO PRPHQWVlQGHUXQJ LQVWDQWDQ IROJHQ NDQQ GHU 2ULHQWLHUXQJVDQWHLO EOHLEW ]XPLQGHVWHQV ZlKUHQG GHV hEHUJDQJV XQYHUlQGHUW

6ROYDWDWLRQ *OHLFKJHZLFKW XQG 1LFKWJOHLFKJHZLFKW

1LFKWJOHLFKJHZLFKW 6ROYDWDWLRQVG\QDPLN

'LH LP OHW]WHQ $EVFKQLWW HLQJHIKUWHQ 1lKHUXQJHQ GHU HLQIDFKHQ .RQWLQXXPV7KHRULH EHWUDIHQ GHQ HOHNWURVWDWLVFKHQ )DOO 'LH hEHUOHJXQJHQ N|QQHQ QXQ DXI HLQHQ ]HLWOLFK YDULLHUHQGHQ 'LSRO EHUWUDJHQ ZHUGHQ 0DQ EHWUDFKWHW GHU (LQIDFKKHLW KDOEHU DOOH P|JOLFKHQ)RXULHU.RPSRQHQWHQ

-E/ ' sE/>E/

' 2

@ 0E/

20E/ n  >E/

$QDORJ ]X XQG KDW PDQ GDQQ sJR|E/ ' 2

@ 0"

20"n 

sJoE/ ' 2

@

0E/

20E/ n  0" 20"n 

XQGsE| VLQG GLH HQWVSUHFKHQGHQ)RXULHU7UDQVIRUPLHUWHQ 8P YHUVFKLHGHQH 6\VWH PH XQG 0HWKRGHQ ]X YHUJOHLFKHQ IKUW PDQ DQ GLHVHU 6WHOOH YRU]XJVZHLVH QHXH G\QDPLVFKH 9DULDEOHQ HLQ (LQH JHZLVVH 1RUPLHUXQJ ZLUG GDEHL PLW GHP %H]XJ DXI HLQHQ (QG RGHU *OHLFKJHZLFKWV]XVWDQG HUUHLFKW=ZDQXQG+\QHVGH¿QLHUHQ ]% HLQH 6ROYDWDWLRQVYDULDEOH5E|QDFK^>@

5E| G' U_|

f sJoE_ U_"

f sJoE|_| '  sJo

] _|

f sJoE_

'LH ]HQWUDOHQ %H]XJVJU|‰HQ LQ GHU 6ROYDWDWLRQVG\QDPLN VLQG MHGRFK QRUPLHUWH 6RO YDWDWLRQVUHOD[DWLRQVIXQNWLRQHQ7E|GHU *HVWDOW

7E| ' {LE|

{LEf

{LE|cfZLUG GDEHL PLW HLQHU H[SHULPHQWHOO ]XJlQJOLFKHQ 2EVHUYDEOHQ LGHQWL¿]LHUW ,Q GHQ 8QWHUVXFKXQJVYHUIDKUHQ ]XU 6ROYDWDWLRQVG\QDPLN ZLH GLH ]HLWDXIJHO|VWH )OXRUHV ]HQ]6WRNHV9HUVFKLHEXQJ RGHU DXFK GLH 3XPS6XSHUNRQWLQXXP3UREH 6SHNWURVNRSLH LVW GLHV PHLVW GLH G\QDPLVFKH VSHNWUDOH 9HUVFKLHEXQJ HLQHU (PLVVLRQVEDQGH

{LE| ' DE|DE4

=ZLVFKHQ GHQ EHLGHQ 5HOD[DWLRQVIXQNWLRQHQ7E|XQG5E|NDQQ GLH %H]LHKXQJ

7E| ' 5E|

KHUJHVWHOOW ZHUGHQ^>@

(LQH 'DUVWHOOXQJ LQ GHU =HLWGRPlQH HUIRUGHUW QDFK GHP .RQYROXWLRQVWKHRUHP GDV $XIVWHOOHQ YRQ )DOWXQJVLQWHJUDOHQ

6WDWLVWLVFKH 0HFKDQLN LP 1LFKWJOHLFKJHZLFKW

)OXNWXDWLRQ XQG 'LVVLSDWLRQ

'DV )OXNWXDWLRQV'LVVLSDWLRQV 7KHRUHP GHU VWDWLVWLVFKHQ 0HFKDQLN YHUELQGHW GLH 5H OD[DWLRQ HLQHV GXUFK lX‰HUH 6W|UXQJ KHUEHLJHIKUWHQ 1LFKWJOHLFKJHZLFKWV]XVWDQGHV PLW GHU VSRQWDQHQ '\QDPLN GHV XQJHVW|UWHQ *OHLFKJHZLFKWV\VWHPV^>@ ,Q GHU VWDWL VWLVFKHQ 0HFKDQLN ZLUG QLFKW GLH 2EVHUYDEOHHLQHV HLQ]HOQHQ 6\VWHPV GLUHNW LQ GHU

=HLW | YHUIROJW YLHOPHKU VWHKW GHUHQ (UZDUWXQJVZHUW E|7 LP 0LWWHOSXQNW GHV ,QWHU HVVHV E|7 LVW DOVR DOV HLQH 0LWWHOXQJ EHU YHUVFKLHGHQH $QIDQJVZHUWH YRQ E| ]X YHUVWHKHQ *OHLFKJHZLFKWVV\VWHPH VLQG GDQQ VWDWLRQlUH 6\VWHPH

kE|l'kl 6SRQWDQ DXIWUHWHQGH )OXNWXDWLRQHQ LP 1LFKWJOHLFKJHZLFKW ZHUGHQ DOV LQVWDQWDQH $E ZHLFKXQJHQ LQE|JHJHQEHU GHP ]HLWXQDEKlQJLJHQ VWDWLRQlUHQ 0LWWHO DQJHVHKHQ

BE| 'E| kl

:lKUHQG GDV =HLWPLWWHO GHU )OXNWXDWLRQ BE|GH¿QLWLRQVJHPl‰ 1XOO LVW HUKlOW PDQ 6\VWHPLQIRUPDWLRQHQ GXUFK GDV )LQGHQ GHU .RUUHODWLRQ ]ZLVFKHQ )OXNWXDWLRQHQ ]X YHUVFKLHGHQHQ =HLWHQ 'LH .RUUHODWLRQ ]ZLVFKHQ BE| XQG HLQHU LQVWDQWDQHQ E]Z VSRQWDQWHQ )OXNWXDWLRQ EHL|' fLVW

kBEf BE|l'kEfE|l kl²

'LHVH .RUUHODWLRQ NDQQ SULQ]LSLHOO ]ZLVFKHQ EHOLHELJHQ =HLWLQWHUYDOOHQ JHVXFKW ZHU GHQ XP GHQ =HLWQXOOSXQNW | ' f KHUXP EHVWHKW MHGRFK IU NODVVLVFKH .RUUHODWLRQV IXQNWLRQHQ GLH 6\PPHWULHkBEfBE|l'kBE|BEfl :HLWHUKLQ JLOW ]X IUKHQ

=HLWHQ

kBEf BEfl'

EB²

ZlKUHQG ]X VSlWHQ =HLWHQ|$ 4GLH .RUUHODWLRQ ZHJHQ

kBEfBE|l $ kBEfl kBE|lXQGkBl' fJlQ]OLFK YHUVFKZLQGHW

%LVKHU ZXUGHQ *OHLFKJHZLFKWVV\VWHPH EHKDQGHOW ,P IROJHQGHQ VHL HLQ (QVHPEOH YRQ 6\VWHPHQ EHWUDFKWHW ZHOFKH GXUFK HLQ lX‰HUHV ]HLWDEKlQJLJHV )HOG JHVW|UW ZHU GHQ 'DV NDQQ ]% GDV $EVFKDOWHQ HLQHV NRQVWDQWHQ )HOGHV VHLQ 'DQQ ZLUG kE|l IU | 4 ]HLWDEKlQJLJ kE|l 9' kl 'LH 5HOD[DWLRQ ]X HLQHP QHXHQ *OHLFK JHZLFKWVZHUW kl ZLUG GXUFK GDV $XIVWHOOHQ HLQHU QRUPLHUWHQ $QWZRUWIXQNWLRQ 7E|

lKQOLFK HUID‰W

7E| G' E|7 kl

Ef7 kl

6WDWLVWLVFKH 0HFKDQLN LP 1LFKWJOHLFKJHZLFKW 'DV )OXNWXDWLRQV'LVVLSDWLRQV )' 7KHRUHP EHVDJW KLHU GD‰ LQ HLQHP 6\VWHP QDKH GHP *OHLFKJHZLFKW QLFKW ]ZLVFKHQ VSRQWDQHQ )OXNWXDWLRQHQ XQG H[WHUQ SUlSDULHUWHQ

$EZHLFKXQJHQ YRP *OHLFKJHZLFKW XQWHUVFKLHGHQ ZHUGHQ NDQQ 'DKHU VROOWH GLH QRU PLHUWH .RUUHODWLRQE|GLH ]HLWOLFKH (QWZLFNOXQJ YRQE|7 klLQV *OHLFKJHZLFKW HUIDVVHQ

7E| G' E|7 kl Ef7 kl

)'' kBEf BE|l

kBEfBEfl 'GE|

,Q GHU DQJHJHEHQHQ /LWHUDWXU ZLUG DXFK GHU PDWKHPDWLVFKH %HZHLV YRQ DXVJH IKUW

,QVWDQWDQH 1RUPDOPRGHQ

,P .RQ]HSW GHU LQVWDQWDQHQ 1RUPDOPRGHQ^>@>@ ZLUG GLH G\QDPLVFKH 2EVHUYDEOH DXI HLQHQ 6DW] JHHLJQHWHU XQDEKlQJLJHU 3RVLWLRQV XQG *HVFKZLQGLJNHLWVYDULDEOHQ^

XQGH[SDQGLHUW

E| ' Ef n[

Y Y^

|'^E| n

E| ' [

Y Y^

|'fE| n

5HOD[DWLRQ XQG 5HVSRQV

'LH %H]LHKXQJ JLOW ]XPLQGHVWHQV LP OLQHDUHQ 5HJLPH 'DV EHGHXWHW GD‰ GLH H[WHUQ KHUEHLJHIKUWH 6W|UXQJ QDKH GHP DQIlQJOLFKHQ *OHLFKJHZLFKWV]XVWDQG LVW 'LH (UJHEQLVVH N|QQHQ DXI GHQ XQWHUVFKLHGOLFKHQ =HLWYHUODXI GHU 6W|UXQJ EHUWUDJHQ ZHU GHQ 'DIU ZLUG ]XQlFKVW HLQ DOOJHPHLQHU $XVGUXFN IU GLH QLFKWQRUPLHUWH $QWZRUW IXQNWLRQ DXV JHVXFKW

E|7 kl' ] _n"

3" E|sE_

+LHU UHSUlVHQWLHUWsE|GLH H[WHUQH 6W|UXQJEH]HLFKQHW GLH 6\VWHPDQWZRUW RGHU 5HV SRQVIXQNWLRQ 'LH =HLWGLIIHUHQ] LP $UJXPHQW YRQXQWHUVWUHLFKW GD‰ GLH 6\VWHPDQW ZRUW QXU YRQ GHP VHLW GHU 6W|UXQJ YHUJDQJHQHQ =HLWLQWHUYDOO DEKlQJW QLFKW DEHU YRQ GHU DEVROXWHQ =HLW 'DUEHUKLQDXV JLOW E| ' fIU | f 'DV 6\VWHP NDQQ DOVR HUVW DQWZRUWHQ ZHQQ GLH 6W|UXQJ EHUHLWV HUIROJWH 'LHVHV 9HUKDOWHQ EH]HLFKQHW PDQ DOV Ä.DXVDOLWlW³ ,VW GLH 6W|UXQJ HLQ ,PSXOV GDQQ LVWsE|LP ,GHDOIDOO

sE| 'BE|sf

PLW BE|DOV .URQHFNHU'HOWD )U HLQ ([SHULPHQW ZHOFKHV GDV 5HOD[DWLRQVYHUKDOWHQ QDFK GHP $EVFKDOWHQ HLQHU 6WXIHQIXQNWLRQ XQWHUVXFKW NDQQ ]%

sE| 'sf | f

sE| ' f |Af

JHOWHQ 'XUFK 9HUJOHLFK PLW HUJLEW VLFK E| '

+ l _

_|E| 'l _

_|kBEfBE|l | :f

f | f

,

lLVW HLQ 6NDOLHUXQJVIDNWRU 'LH HQWIDOWHWH 5HVSRQVIXQNWLRQHQ LVW DOVR EHU GLH QHJDWLYH ]HLWOLFKH $EOHLWXQJ PLW GHU 5HOD[DWLRQVIXQNWLRQ YHUNQSIW

6SHNWUDOH 'LFKWH

,Q GLH )UHTXHQ]GRPlQH WUDQVIRUPLHUW ZLUG GLH HLQJHIKUWH .RUUHODWLRQVIXQNWLRQ E|

]X HLQHU VSHNWUDOHQ *U|‰HE/ 'LH %H]HLFKQXQJ XQG 9HUZHQGXQJ YRQE/ZLUG LQ GHU /LWHUDWXU GXUFKDXV XQWHUVFKLHGOLFK JHKDQGKDEW ,VWE|]XQlFKVW UHHOO XQG V\PPH WULVFK VR LVW DXFKE/ '+iE|jHLQH UHLQ UHHOH XQG V\PPHWULVFKH )XQNWLRQ (V LVW DEHU EOLFKE|EHUHLWV LQ GHU =HLWGRPlQH PLWE| 'E| nE|DOV NRPSOH[

DQ]XVHW]HQ ZREHL E| ' ^WE|^>@ 'LH )RXULHU7UDQVIRUPLHUWH GDYRQ GH¿QLHUW PDQ QXQ DOV ÄVSHNWUDOH 'LFKWH³^>@ 6LH EHVLW]W JOHLFKHUPD‰HQ HLQHQ 5HDO XQG ,PDJL QlUWHLOE/ 'E/ nE/ 'HU 5HDOWHLO LVW V\PPHWULVFK XP GLH 1XOOIUHTXHQ]

E/ 'E/XQG GHU ,PDJLQlUWHLO DQWLV\PPHWULVFKE/ 'E/

5HVSRQV XQG 6XV]HSWLEOLWlW

(EHQVR ZLH GLH .RUUHODWLRQVIXQNWLRQE|EHVLW]W DXFK GLH 5HVSRQVIXQNWLRQE|HLQHQ NRPSOHPHQWlUHQ $XVGUXFN LQ GHU )UHTXHQ]GRPlQH E/ ' E/ nE/ )U GLHVHQ $XVGUXFN ZLUG LP DOOJHPHLQHQ GHU %HJULII Ä6XV]HSWLEOLWlW³ YHUZHQGHW )U GLH 6XV]HSWLEOLWlW E/JHOWHQ ]X E/ DQDORJH 6\PPHWULHEHUOHJXQJHQ 'D LQ GHU

=HLW E| DOV NDXVDO XQG HQGOLFK YRUDXVJHVHW]W ZLUG JHQJW LP ZHLWHUHQ DOOHLQ GHU ,PDJLQlUWHLOE/ GD 5HDO XQG ,PDJLQlUWHLO EHU GLH.UDPHUV.URQLJ*OHLFKXQJHQ

E/ ' T Z

] _n"

3"

E/

D/ _D

E/ ' T Z

] _n"

3"

E/

D/ _D

LQ %H]LHKXQJ ]XHLQDQGHU VWHKHQ>@>@>@ (V LVW PLWWOHUZHLOH LQ GHU H[SHULPHQWHOOHQ 6SHNWURVNRSLH EOLFK JHZRUGHQ DXFKE/DOV VSHNWUDOH 'LFKWH ]X EH]HLFKQHQ^>@>@

3RODULVDWLRQ OLQHDU XQG QLFKWOLQHDU

3RODULVDWLRQ OLQHDU XQG QLFKWOLQHDU

=LHO GHV IROJHQGHQ $EVFKQLWWHV LVW HV GLH HLQJHIKUWH DEVWUDNWH 2EVHUYDEOHEHU HLQ H[SHULPHQWHOO ]XJlQJOLFKHV 3RODULVDWLRQVIHOG O ]X LGHQWL¿]LHUHQ 'HVVHQ PDNURVNRSL VFKH (UVFKHLQXQJ QlPOLFK GLH HLQHU HOHNWURPDJQHWLVFKHQ :HOOH VHL ]XQlFKVW IU GHQ OLQHDUHQ XQG QLFKWOLQHDUHQ )DOO GLVNXWLHUW

3RODULVDWLRQ DOV :HOOH

(LQH YROOVWlQGLJH %HVFKUHLEXQJ GHU $XVEUHLWXQJ HOHNWURPDJQHWLVFKHU )HOGHU JHOLQJW PLWKLOIH YRQ :HOOHQJOHLFKXQJHQ $XVJHKHQG YRQ GHQ 0D[ZHOO*OHLFKXQJHQ HUKlOW PDQ^>@

u O.EOoc | 'Y

Y|OEOoc |

'>_f Y Y|

MEOoc | nO OEOoc |

u

u O.EOoc |

'>_f Y Y|

Y

Y|O(EOoc | nEOoc |

'>_f Y

Y|

0f Y

Y|O.EOoc | n Y

Y|OEOoc | nEOoc |

0LWu Eu O5 'u²O5nuEu O5XQG XQWHU 9HUQDFKOlVVLJXQJ GHU 6WURPGLFKWH EOoc |LVW

u²O.EOoc | nu

u O.EOoc |

n0f>_f Y²

Y|² O.EOoc | '>_f Y²

Y|²OEOoc | ,P IUHLHQ 5DXP NDQQu

u O.EOoc |

' fDQJHVHW]W ZHUGHQ 0LWS' *s0f>_fIROJW GDUDXV DOV :HOOHQJOHLFKXQJ

u²O.EOoc | n  S² Y²

Y|² O.EOoc | '  0fS² Y²

Y|²OEOoc |

*OHLFKXQJ LVW *UXQGODJH IU GLH %HKDQGOXQJ GHU 3URSDJDWLRQ*DX‰VFKHU 6WUDK OHQ ZLH VLH LQ.DSLWHO GXUFKJHIKUW ZLUG ,Q GHU QLFKWOLQHDUHQ 2SWLN ZLUG PHLVW GLH GLHOHNWULVFKH 9HUVFKLHEXQJ O(EOoc |HLQJHKHQGHU EHWUDFKWHW +LHU HUKlOW PDQ LQ JOHLFKHU 9RUJHKHQVZHLVH DOV :HOOHQJOHLFKXQJ

u²O(EOoc | n?² S² Y²

Y|²O(EOoc | 'u

u OEOoc |

LP 6,6\VWHP

6HW]W PDQ IU GLH DQJUHLIHQGHQ HOHNWULVFKHQ :HFKVHOIHOGHU O. E]Z O( SODQDUH PRQR FKURPDWLVFKH :HOOHQ DQ NDQQ GLH 3RODULVDWLRQ O HEHQIDOOV DOV HLQH =XVDPPHQVHW]XQJ HEHQHU PRQRFKURPDWLVFKHU :HOOHQ DXIJHID‰W ZHUGHQ YJO DXFK

O.EOoc |#$ O.EO&c / ' 

2,EO&c / i TO k

O&Oo/|l

nSS

O(EOoc |#$ O(EO&c / ' 

2#EO&c / i TO k

O&Oo/|l

nSS

OEOoc |#$ OEO&c / ' 

2EO&c / i TO k

O&Oo/|l

nSS

+LHU EH]HLFKQHQO& GHQ :HOOHQYHNWRU XQG / GLH .UHLVIUHTXHQ] $OOHUGLQJV LVW GDPLW QRFK QLFKW JHNOlUW ZLH GLH 3RODULVDWLRQVZHOOH GHP VLH JHQHULHUHQGHQ HOHNWUL VFKHQ :HFKVHOIHOG E]Z IROJW ,Q LVRWURSHQ 0HGLHQ LVW O BO& 'DQQ VHL RHLQ (LQKHLWVYHNWRU VR GD‰O ' R m O mPLWR BO&JHOWH (LQH DXIWUHWHQGH 3KDVHQ YHUVFKLHEXQJ NDQQ GXUFK HLQHQ HQWVSUHFKHQGHQ 3KDVHQIDNWRU EHVFKUHLEHQ ZHUGHQ (V IROJW IU GLH 3RODULVDWLRQVZHOOH

OEOoc | ' 

2R EO O&c /i Tk

O&Oo/|nl

nSS

,Q GLHVHP =XVDPPHQKDQJ LVW DXFK GDV .RQ]HSW GHU ODQJVDP YDULLHUHQGHQ (LQKOOHQ GHQ HQJO VORZO\ YDU\LQJHQYHORSH DSSUR[LPDWLRQ YRQ %HGHXWXQJ (V EHVDJW GD‰ GLH 9HUlQGHUXQJHQ GHU NRPSOH[HQ )HOGDPSOLWXGHQ LQ E]Z YHUJOLFKHQ ]XU RSWLVFKHQ 7UlJHUIUHTXHQ] GHXWOLFK ODQJVDPHU VWDWW¿QGHQ (LQ %HWUDFKWHU LQ GHU5 5LFKWXQJ EHPHUNH GDKHU

Y O,E5cO&c /

Y5 O& O,E5cO&c / 'LHVH %HGLQJXQJ Ol‰W VLFK PLW GHQ REHQ JHJHEHQHQ :HOOHQJOHLFKXQJHQ E]Z DQZHQGHQ 0DQ HUKlOW DOV (UJHEQLV

Y O,E5cO&c /

Y5 ' /

? 0fSE5cO&c / i TO k

O& O&

5l

+|KHUH 2UGQXQJHQ GHU 3RODULVDWLRQ

,P )DOO QLFKW ]X JUR‰HU )HOGHU O.EOoc | LVW HLQH (QWZLFNOXQJ GHV 3RODULVDWLRQVIHOGHV OEOoc |LQ HLQH 5HLKH VLQQYROO

OEOoc | ' O^EfEOoc | n O^EEOoc | n O^E2EOoc | n O^EEOoc | n n O^E?EOoc | ' O^EfEOoc | n O^EEOoc | n O^EuEOoc | ZREHL

O^E?EOoc |

O.EOoc |_?

3RODULVDWLRQ OLQHDU XQG QLFKWOLQHDU O^EfEOoc | VWHKW GDEHL IU GLH VWDWLVFKH O^EEOoc | IU GLH OLQHDUH VRZLH O^E2EOoc | XQG O^EEOoc |IU GLH TXDGUDWLVFKH UHVSHNWLYH NXELVFKH 3RODULVDWLRQ XVZ 0LWXQWHU ZHUGHQ GLH K|KHUHQ QLFKWOLQHDUHQ 7HUPH DXFK XQWHU O^EuEOoc |]XVDPPHQJHID‰W 9RQ ,QWHUHVVH LVW QXQ GLH PDNURVNRSLVFKH 3RODULVDWLRQVDQWZRUW?WHU 2UGQXQJ HLQHV 0HGL XPV DXI ?DQOLHJHQGH HOHNWULVFKH )HOGHU LQ GHU WHQ 5DXPULFKWXQJ 'LH EHQ|WLJWHQ 3URSRUWLRQDOLWlWHQ N|QQHQ PLWWHOV JHHLJQHWHU OLQHDUHU XQG QLFKWOLQHDUHU 5HVSRQVIXQN WLRQHQ DQDORJ ]X EHVFKULHEHQ ZHUGHQ 'LHVH KDEHQ QXQ GLH (LJHQVFKDIWHQ NRPSOH[HU 7HQVRUHQ GHU 2UGQXQJ? )U GLH HUVWHQ?*OLHGHU LQ JLOW IROJOLFK LQ GHU =HLWGRPlQH

O^EEOoc | '0f

]

_| ^E E|(| O.EOoc | O^E2EOoc | '0f

] _|

]

_|2 ^E2_&E|(|c |2 G O.EOoc |O.&EOo2c |2 O^EEOoc | '0f

] _|

] _|2

]

_| ^E_&,E|(|c |2c |

O.EOoc | O.&EOo2c |2 O.,EOoc | O^E?EOoc | '0f

]

_| ]

_|?^E?_?E|(| |?

m O.EOoc | O.?EOo?c |? 'LH *OHLFKXQJHQ ELV VWHOOHQ )DOWXQJHQ EHU GLH HLQ]HOQHQ ,QWHJUDWLRQV YDULDEOHQ GDU ZDV GXUFK GLH HQWVSUHFKHQGH 3XQNW1RWDWLRQ DQJHGHXWHW LVW , Q GHU )UHTXHQ]GRPlQH YHUHLQIDFKW VLFK GLH )DOWXQJVRSHUDWLRQ ]XP 3URGXNW XQG HV Ol‰W VLFK GDIU VFKUHLEHQ

O^EEO&c / '0f^E E/(/ O.EO&c / O^E2EO&c / '0f^E2_&E/(/c /& O.EO&c / O.&EO&&c /&

O^EEO&c / '0f^E_&,E/(/c /&c /, O.EO&c / O.&EO&&c /& O.,EO&,c /, O^E?EO&c / '0f^E?_?E/(/ /? O.EO&_c / O.?EO&_?c /? 'HPQDFK NRSSHOW ^E? ? HEHQH PRQRFKURPDWLVFKH O.)HOGHU XQG VHW]W GDUDXV HLQH QHXH 3RODULVDWLRQVZHOOH O^E? ]XVDPPHQ

'LH $EIROJH GHU =HLWDUJXPHQWHw4= = = wqLVW ZHLWHU XQWHQ LQ$EELOGXQJYHUDQVFKDXOLFKW

,P 5DKPHQ GLHVHU $UEHLW ZLUG ZLH YLHOHURUWV EOLFK GLH 1RWDWLRQ QDFK0DNHUXQG 7HUKXQHYHU ZHQGHW ZRQDFK$ @ $4.= = =.$q^>@'LH 5HLKHQIROJH GHUH)HOGHU LQ %H]XJ DXI GLH ",QGL]HV ZLUG YRQ HLQLJHQ $XWRUHQ XQWHUVFKLHGOLFK VWUHQJ JHKDQGKDEW 0LWXQWHU VLQG HEHQGD ZHLWHUH QLFKWOLQHDUH .RHI¿]LHQWHQ XQG (QWDUWXQJVIDNWRUHQ Q|WLJ XP GLH $PSOLWXGHQ YRQHXQG SNRUUHNW ]X YHUELQGHQ^>@

| f | ' f | :f

L

LL

LLL

$EELOGXQJ 'UHL ([SHULPHQWH ]XU %HREDFKWXQJ PROHNXODUHU '\QDPLN ]X GHQ =HLWSXQNWHQw ? 3 w @ 3 XQGw A 3 L'DV 'LSROPRPHQW HLQHV JHO|VWHQ &KURPRSKRUV SRODULVLHUW XQG VWDELOLVLHUW VHLQH /|VXQJVPLWWHOXPJHEXQJ 'LH6ROYDWDWLRQVUHOD[DWLRQHUID‰W GLH 1HX RULHQWLHUXQJ GHU 8PJHEXQJ QDFK RSWLVFKHU $QUHJXQJ XQWHU bQGHUXQJ GHV 'LSROPR PHQWHV GHV &KURPRSKRUV LL%HL HLQHU'LHOHNWULVFKHQ 0HVVXQJEHZLUNW HLQ lX‰HUHV HOHNWULVFKHV )HOG HLQH 3RODULVDWLRQ GHV 'LHOHNWULNXPV 1DFK GHP $EVFKDOWHQ GHV )HOGHV ]HUIlOOW GLHVH 3RODULVDWLRQ LLL,P ]HLWDXIJHO|VWHQ.HUU(IIHNWSRODULVLHUW HLQ RSWLVFKHU ,PSXOV NXU]]HLWLJ HLQH LVRWURSH 9HUWHLOXQJ GHU )OVVLJNHLWVPROHNOH

)OVVLJNHLWVG\QDPLN LP ([SHULPHQW

)OVVLJNHLWVG\QDPLN LP ([SHULPHQW

,P IROJHQGHQ ZHUGHQ GUHL ([SHULPHQWH ]XU 8QWHUVXFKXQJ YRQ /|VXQJVPLWWHOHLJHQ VFKDIWHQ YRUJHVWHOOW GLH PLW HLQHU G\QDPLVFKHQ 3RODULVDWLRQ GHU /|VXQJVPLWWHOXPJH EXQJ YHUEXQGHQ VLQG YJO$EELOGXQJ ,Q HLQHPL]HLWDXIJHO|VWHQ ([SHULPHQW ]XU 6ROYDWDWLRQVUHOD[DWLRQ ZLUG HLQ JHO|VWHV &KURPRSKRU RSWLVFK DQJHUHJW 'DEHL YHUlQ GHUQ VLFK GLH /DGXQJVYHUWHLOXQJHQ ± 5LFKWXQJ XQG *U|‰H GHV UHVXOWLHUHQGHQ 'LSROPR PHQWV P|JHQ YDULLHUHQ 'LH XPJHEHQGHQ /|VXQJVPLWWHOPROHNOH UHRULHQWLHUHQ VLFK GHPHQWVSUHFKHQG QHX 'LH (QHUJLHOFNH7 #7fGHV JHO|VWHQ &KURPRSKRUV UHOD[LHUW ]X HLQHP QHXHQ *OHLFKJHZLFKWVZHUW 'LH EHLGHQ DQGHUHQ ([SHULPHQWH XQWHUVXFKHQ GLH UHLQH )OVVLJNHLW %HL GHULLGLHOHNWULVFKHQ 5HOD[DWLRQ VFKDOWHW PDQ HLQ H[WHUQHV )HOG ]X HLQHP JHJHEHQHQ =HLWSXQNW | ' f DE GLH PDNURVNRSLVFKH 3RODULVDWLRQ UHOD[LHUW

%HLPLLL]HLWDXIJHO|VWHQ.HUU(IIHNW VFKOLH‰OLFK LQGX]LHUW HLQ NXU]HU QLFKWUHVRQDQWHU /DVHUSXOV LQ MHGHP 7HLOFKHQ HLQHQ HOHNWULVFKHQ 'LSRO GHU LQ 3KDVH PLW GHP DQOLH JHQGHQ RSWLVFKHQ )HOG VFKZLQJW 'D GDV HOHNWULVFKH )HOG GHV /DVHUSXOVHV HLQH .UDIW DXI GLH LQGX]LHUWHQ 'LSROH LQ GLH )HOGULFKWXQJ DXVEW ULFKWHQ VLFK GLH 0ROHNOH GDQQ WHPSRUlU DXV ,Q GHP ]XYRU LVRWURSHQ 0HGLXP LVW GDPLW HLQH 3RODULVDWLRQVDQLVRWUR SLH HU]HXJW ZRUGHQ (V ZLUNW QXQ IU NXU]H =HLW GRSSHOEUHFKHQG HQJO ELUHIULQJHQW 'HU =HUIDOO GHU LQGX]LHUWHQ 3RODULVDWLRQVDQLVRWURSLH ZLUG PLWWHOV HLQHV ]ZHLWHQ ]HLWOLFK YHU]|JHUWHQ /DVHUSXOVHV EHU GLH 'UHKXQJ GHU 3RODULVDWLRQVHEHQH YHUIROJW

'LH EHLGHQ HUVWHQ ([SHULPHQWH PHVVHQ DOVR HLQH5HOD[DWLRQGHV XQWHUVXFKWHQ /|

VXQJVPLWWHOV\VWHPV ZlKUHQG LP ]XOHW]W YRUJHVWHOOWHQ ]HLWDXIJHO|VWHQ.HUU(IIHNW HLQ 5HVSRQV EHREDFKWHW ZLUG hEHU GLH ]XYRU DEJHOHLWHWH %H]LHKXQJ N|QQHQ GLH (UJHEQLVVH MHGRFK SULQ]LSLHOO PLWHLQDQGHU YHUJOLFKHQ ZHUGHQ

2SWLVFKHU .HUU(IIHNW YV 5DPDQ,QGX]LHUWHU .HUU(IIHNW

'LH EHL HLQHP ([SHULPHQW ]XP ]HLWDXIJHO|VWHP.HUU(IIHNW EHREDFKWHWH 3RODULVDWLRQ KDW LKUH 8UVDFKH ]XP HLQHQ LQLQWHUPROHNXODUHQ DOVR NROOHNWLYHQ %HZHJXQJHQ LQQHU KDOE GHU )OVVLJNHLW VRZLH GDUEHUKLQDXV GXUFKLQWUDPROHNXODUH%HLWUlJH GHV HLQ]HOQHQ 0ROHNOV 8QPLWWHOEDU YRU GHP (LQWUHIIHQ GHV /DVHUSXOVHV ZLUG HLQH LVRWURSH 9HU WHLOXQJ DQLVRWURS SRODULVLHUEDUHU 7HLOFKHQ EHREDFKWHW :lKUHQG GHU :HFKVHOZLUNXQJ PLW GHP VFKQHOO RV]LOOLHUHQGHQ HOHNWURPDJQHWLVFKHQ :HFKVHOIHOG GHV RSWLVFKHQ 3XOVHV ULFKWHQ VLFK QXU GLH (OHNWURQHQZRONHQ GHU 0ROHNOH DXV KLQJHJHQ EOHLEHQ GLH .HUQ NRRUGLQDWHQ JOHLFKVDP HLQJHIURUHQ 'XUFK GLH :HFKVHOZLUNXQJ PLW GHP 3XOV ZLUG LQ GHQ 3DUWLNHOQ QXQ HLQ 'LSROPRPHQW LQGX]LHUW 'LHVHU 'LSRO EHGLQJW HLQH .UDIW GLH ±

EHU GHQ /DVHUSXOV LQWHJULHUW ± HLQHQ 'UHKLPSXOV DXI GLH )OVVLJNHLWVPROHNOH DXVEW (V IROJW HLQH 5RWDWLRQVEHZHJXQJ GHU 0ROHNOH LP 3RWHQWLDO LKUHU 1DFKEDUQ 'LHVH

%HZHJXQJ VHW]W WUlJKHLWVEHGLQJW ]HLWYHU]|JHUW HLQ XQG LVW DX‰HUGHP VWDUN JHGlPSIW

$X‰HUGHP NRPPW HV LQWUDPROHNXODU DXIJUXQG GHU HQGOLFKHQ %DQGEUHLWH GHV LQ GX]LHUHQGHQ 3XOVHV ]XU $QUHJXQJ GHU QLHGULJVWIUHTXHQWHQ 5DPDQ%DQGHQ 5DPDQ ,QGX]LHUWHU .HUU(IIHNW 5,.( 'DEHL YHUlQGHUW VLFK GLH .HUQJHRPHWULH GHV DQJHUHJ WHQ 0ROHNOV XQG GDPLW GHVVHQ 3RODULVLHUEDUNHLWVDQLVRWURSLH 2ULHQWLHUXQJ XQG .HUQ

YHU]HUUXQJ HUIDKUHQ LKUHQ 0D[LPDOZHUW ]HLWOLFK YHU]|JHUW ]XP LQGX]LHUHQGHQ /DVHU SXOV 'HU 6WUHFNXQJ GHU .HUQNRRUGLQDWHQ IROJW HLQH .RQWUDNWLRQ XVZ 2.( XQG 5,.(

]HUIDOOHQ GDUDXIKLQ DXI lKQOLFKHQ =HLWVNDOHQ

'LH LQWUDPROHNXODUHQ 5,.($QWHLOH VLQG LG5 GLH ÄVFKQHOOVWHQ³ GK GLH KRFKIUH TXHQWHVWHQ %HLWUlJH ]XP.HUU6LJQDO 'D HV VLFK XP .HUQVFKZLQJXQJHQ GHU HLQ]HOQHQ 0ROHNOH KDQGHOW DOVR NHLQH 6FKZLQJXQJVNRUUHODWLRQ ]ZLVFKHQ 0ROHNOHQ EHVWHKHQ PX‰ OHEW GDV 6LJQDO ODQJH XQG GLH /LQLH LVW HQWVSUHFKHQG VFKPDO 6LH VLQG QDFK)RX ULHU7UDQVIRUPDWLRQ LP )UHTXHQ]ELOG OHLFKW ]X XQWHUVFKHLGHQ XQG GRUW JJI ]X HQWIHU QHQ 'LH ,QWHUSUHWDWLRQ GHU YHUEOHLEHQGHQ LQWHUPROHNXODUHQ 2.(%HLWUlJH KLQJHJHQ LVW VFKZLHULJHU GD VLH JHQHUHOO QLHGHUIUHTXHQWHU DOV GLH 5,.($QWHLOH VLQG YJO 'LV NXVVLRQ LQ.DSLWHO

.HUU(IIHNW DOV"^E3UR]H‰

'HU EHVFKULHEHQH .HUU(IIHNW LVW HLQ QLFKWOLQHDUHU RSWLVFKHU (IIHNW GD HU GLH IXQGD PHQWDOHQ 3ULQ]LSLHQ GHU OLQHDUHQ 2SWLN 6XSHUSRVLWLRQ XQG )UHTXHQ]HUKDOWXQJ JOHL FKHUPD‰HQ YHUOHW]W^>@(U ZLUG HUVW EHL GHQ KRKHQ )HOGVWlUNHQ YRQ /DVHUVWUDKOXQJ EH REDFKWHW 'LH %HVFKUHLEXQJ GHV KLHU JHQHULHUWHQ 3RODULVDWLRQVIHOGHV HUIRUGHUW GHVKDOE GLH (LQEH]LHKXQJ K|KHUHU QLFKWOLQHDUHU 7HUPH LQ 'D LP ,QQHUHQ YRQ )OVVLJ NHLWHQ ,QYHUVLRQVV\PPHWULH JLOW PX‰ MHGRFK LQ XQG ^E2 ' f VHLQ YJO KLHU]X DXFK$QKDQJ $ *HPl‰ XQG JHQHULHUHQ DOVR GUHL HOHNWURPDJQH WLVFKH )HOGHU YHUPLWWHOV HLQHV ^E HLQ QHXHV YLHUWHV )HOG HEHQ GDV 3RODULVDWLRQVIHOG ,P 5DKPHQ GHV =ZHLVWUDKO([SHULPHQWHV ZHUGHQ ]ZHL )HOGHU GHP LQGX]LHUHQGHQ /D VHUSXOV GHP 3XPSSXOV XQG GDV GULWWH GHP ]HLWOLFK YHU]|JHUWHQ GHP 3UREHSXOV ]X JHRUGQHW 'DV EHQ|WLJWH ]ZHLWH 3XPSIHOG LVW KLHU GDV NRPSOH[ NRQMXJLHUWH GHV HUVWHQ 'DPLW N|QQHQ GLH EHWUHIIHQGHQ )HOGHU LQ EHVFKULIWHW ZHUGHQ

O^EEO&c /2 '0f^EE/2(/2c /c/ ,O3UREHEO&2c /,O3XPSEO&c /,O^W_3XPSEO&c/

+LHU ZXUGHQ ]XU 9HUHLQIDFKXQJ QXU GLH NRPSOH[HQ )HOGDPSOLWXGHQ EHWUDFKWHW :LH GDQQ DXV HUVLFKWOLFK LVW GHU.HUU(IIHNW TXDGUDWLVFK LP 3XPSIHOG XQG OLQHDU LP 3UREHIHOG

.HUU(IIHNW :DKO GHV .RRUGLQDWHQV\VWHPV

-H QDFK EHWUDFKWHWHU (QWZLFNOXQJVRUGQXQJ ? JHOWHQ IU GLH HLQJHIKUWHQ 6XV]HSWLE OLWlWVWHQVRUHQ ^E? HLQH 5HLKH UlXPOLFKHU 6\PPHWULHEHVFKUlQNXQJHQ $EKlQJLJ YRQ GHQ 6\PPHWULHHLJHQVFKDIWHQ GHV 0HGLXPV GDV VLH EHVFKUHLEHQ N|QQHQ HLQLJH 7HQ VRUHOHPHQWH YHUVFKZLQGHQ XQG GLH YHUEOLHEHQHQ LQ %H]LHKXQJ ]XHLQDQGHU VWHKHQ ,Q IROJHGHVVHQ NDQQ GLH $Q]DKO XQDEKlQJLJHU 7HQVRUHOHPHQWH PLWXQWHU GUDVWLVFK UHGX ]LHUW ZHUGHQ ,Q $QKDQJ $ ZLUG GLHV IU GLH 7HQVRUHQ HUVWHU XQG GULWWHU 2UGQXQJ DXVJHIKUW

)OVVLJNHLWVG\QDPLN LP ([SHULPHQW 'DUEHUKLQDXV VSLHOW DEHU DXFK GLH :DKO HLQHV JHHLJQHWHQ .RRUGLQDWHQV\VWHPV HL QH IRUPDOH 5ROOH =XP HLQHQ NDQQ GDV 3UREOHP LQ GHQ lX‰HUHQ /DERUNRRUGLQDWHQ HUID‰W ZHUGHQ $OWHUQDWLY P|JHQ GLH 3RODULVDWLRQVULFKWXQJHQ GHU DQOLHJHQGHQ )HOGHU GLH 5DXPDFKVHQ HLQHV LQQHUHQ .RRUGLQDWHQV\VWHPV IHVWOHJHQ ,Q GHU /LWHUDWXU ZLUG GLHV QLFKW LPPHU HLQKHLWOLFK EHKDQGHOW JHOHJHQWOLFK VLQG YRQHLQDQGHU DEZHLFKHQGH /LQHDUNRPELQDWLRQHQ GHU EHWUHIIHQGHQ 7HQVRUHOHPHQWH GLH )ROJH 'LH VR HUKDOWHQHQ ^E7HQVRUHQ N|QQHQ QDWUOLFK LQHLQDQGHU WUDQVIRUPLHUW ZHUGHQ

/DERU.RRUGLQDWHQV\VWHP 'DV /DERU.RRUGLQDWHQV\VWHP VROO GXUFK GLH 3URSDJD WLRQVULFKWXQJ5XQG GLH 1RUPDOH ]XP /DVHUWLVFK VHQNUHFKW GD]X EHVWLPPW VHLQ %c +c 5 ZHUGHQ DXFK DOV c2c LQGL]LHUW ,P OLQNHQ %LOG YRQ $EELOGXQJ VLQG GLH 3ROD ULVDWLRQVULFKWXQJHQ GHU )HOGHU LQQHUKDOE GLHVHV 6\VWHPV GDUJHVWHOOW 'HU 3XPSVWUDKO LVW eD XQG GHU 3UREHVWUDKO VHQNUHFKW SRODULVLHUW 'XUFK %HWUDFKWXQJ GHU QRUPDOL VLHUWHQ NRPSOH[HQ )HOGYHNWRUHQ XQG GHV UHGX]LHUWHQ ^E7HQVRUV $ HUKlOW PDQ DXVJHKHQG YRQ IU GHQ 9HNWRU GHU 3RODULVDWLRQVDQWZRUWO^EE/

O^E '0f^E,O3UREH,O3XPS,O^W_3XPS

3 EE EE C

4 FF FF D

3 C 

ff 4 D

3 C 

f 4 D

3 C 

f 4 D

3

C ^E_n^E_22 ^E_22n^E_22

f 4 D

9RQ GHU DEJHVWUDKOWHQ 3RODULVDWLRQVZHOOH ZLUG QXU GLH 3URMHNWLRQ LQ GLH+5LFKWXQJ DOV 6LJQDOIHOG,O7 GHWHNWLHUW 'HVKDOE IROJW

,O7 O^E₊ ^E_22n^E_22

/RNDOHV .RRUGLQDWHQV\VWHP 'DV LQQHUH KLHU DOV ORNDO EH]HLFKQHWH .RRUGLQDWHQV\

VWHP VROO GXUFK GLH 3RODULVDWLRQVULFKWXQJ GHU RSWLVFKHQ )HOGHU IHVWJHOHJW VHLQ UHFKWHV

%LOG LQ$EELOGXQJ %HVWLPPW GLH 3RODULVDWLRQ GHV 3XPSVWUDKOV GLH%$FKVH HU KlOW PDQ XQWHU %HLEHKDOWXQJ GHU JHZlKOWHQ 5DXPULFKWXQJ GHV 3UREHIHOGHV DQDORJ ]X

3_\

\ [

(_3XPS (_3UREH

[

\ 3_{\ [} (_3XPS

(_3UREH

$EELOGXQJ 3URMHNWLRQ GHU .RRUGLQDWHQV\VWHPH ,P /DERU.RRUGLQDWHQV\VWHP OLQNV LVW GDV 3XPS IHOGH3XPS .78SRODULVLHUW XQG GDV 3UREHIHOGH3UREHSDUDOOHO ]XU{$FKVH 'LH DEJH VWUDKOWH 3RODULVDWLRQVZHOOH SZLUG GD]X VHQNUHFKW LQ|5LFKWXQJ GHWHNWLHUW ,P ORNDOHQ .RRUGLQDWHQV\VWHP UHFKWV EHVWLPPWH3XPS GLH 5LFKWXQJ GHU{$FKVH %HL JOHLFKHU .RQ¿JXUDWLRQ LVWH3UREH GDQQ78 SRODULVLHUW XQG GLH 'HWHNWLRQVULFKWXQJ IU S DXI .78IHVWJHOHJW 'LH}$FKVHQ GK GLH 3URSDJDWLRQVULFKWXQJHQ ]HLJHQ MHZHLOV LQ GLH 3DSLHUHEHQH KLQHLQ

O^E '0f^E,O3UREHO,3XPS,O^W_3XPS

3 EE EE C

4 FF FF D

3 C 

f 4 D

3 C 

ff 4 D

3 C 

ff 4 D

3

C ^E_

^E_22 f

4 D

'DV DEJHVWUDKOWH 6LJQDOIHOG ,O7 ZLUG QXQ VHQNUHFKW ]XP 3UREHIHOG LQ GHU %+(EHQH XQWHUeD GHWHNWLHUW XQG LVW

,O7 O^E_+n% ^E_^E_22 3K\VLNDOLVFK EHWUDFKWHW VSLHOW HV IUHLOLFK NHLQH 5ROOH ZHOFKHV GHU EHLGHQ .RRUGLQDWHQ V\VWHPH JHZlKOW ZLUG 'DKHU PX‰ DXFK GLH ZHLWHU KLQWHQ LQ$QKDQJ $ KHUJHOHLWHWH

%H]LHKXQJ $^E_22n^E_22 '^E_^E_22 JHOWHQ

)OVVLJNHLWVG\QDPLN LP ([SHULPHQW 'RSSHOEUHFKXQJ DOV"^E3UR]H‰

'LH %HKDQGOXQJ GHV.HUU(IIHNWV NDQQ QXQ DXI GLH HUVWH (QWZLFNOXQJVRUGQXQJ UHGX ]LHUW ZHUGHQ 'LH HUVWHQ EHLGHQ 7HQVRURSHUDWLRQHQ LQ ZHUGHQ ]X GLHVHP =ZHFN IRUPDO ]X HLQHP HIIHNWLYHQ 7HQVRU ± QXQ HUVWHU 2UGQXQJ ± ]XVDPPHQJHID‰W

^E_HII 3 EC

^E%% f f f ^E++ f f f ^E55

4

FD

' 3 EC

^E_ f f f ^E_22 f f f ^E_22

4

FD,O3XPS,O3XPS 'LHV HQWVSULFKW GHP^E7HQVRU HLQHV GRSSHOEUHFKHQGHQ HLQDFKVLJHQ .ULVWDOOV 'DKHU ZLUG ± ]XPLQGHVWHQV IU GLH 'DXHU GHU :HFKVHOZLUNXQJ PLW GHP HOHNWULVFKHQ 3XPS IHOG ± 'RSSHOEUHFKXQJ DXFK LQQHUKDOE GHU XQWHUVXFKWHQ )OVVLJNHLW EHREDFKWHW 'RS SHOEUHFKXQJ ZLUG DOV 3KDVHQGLIIHUHQ]{?'?%?+ ]ZLVFKHQ GHQ %UHFKXQJVLQGL]HV LQ GHQ UHSUlVHQWDWLYHQ 5DXPULFKWXQJHQ%XQG+UHJLVWULHUW XQG IROJW^>@

?% ' ? ?

2 ^E_ ,O3XPS²

?+ ' ? ?

2 ^E_22 ,O3XPS²

%LVODQJ ZXUGH IU GDV 3XPSIHOG ZLH IU DOOH DQGHUHQ HOHNWULVFKHQ )HOGHU GLH SODQDUH :HOOH ]XJUXQGH JHOHJW ,Q GLHVHP )DOO VSULFKW PDQ DOOJHPHLQ YRP@S .HUU (IIHNW 'HU_S.HUU(IIHNW ZLUG GDQQ GXUFK GHQ *UHQ]IDOO/ $fXQG,O3XPS ' UL?t|

EHVFKULHEHQ^>@

2ULHQWLHUXQJVYHUWHLOXQJVIXQNWLRQ

'HU ]XOHW]W HLQJHIKUWH HIIHNWLYH 7HQVRU^E_HII LVW GDV (UJHEQLV DOOHU %HLWUlJH GHU SRODUL VLHUEDUHQ 0ROHNOH LP :HFKVHOZLUNXQJVYROXPHQ 'LHVH EHVLW]HQ HLQH 2ULHQWLHUXQJV YHUWHLOXQJ =XQlFKVW VHL HLQ HLQ]HOQHV 7HLOFKHQ EHWUDFKWHWk8 XQGkzVLQG KLHU GLH 3R ODULVLHUEDUNHLWHQ SDUDOOHO XQG VHQNUHFKW ]X GHQ 0ROHNODFKVHQ 'HU :LQNHOw PDUNLHUW GLH 9HUGUHKXQJ GHU 0ROHNODFKVH JHJHQEHU GHU%$FKVH GHV ZLOONUOLFK IHVWJHOHJWHQ .RRUGLQDWHQV\VWHPV 'DQQ LQGX]LHUW HLQ OLQHDUHV HOHNWULVFKHV )HOG O. HLQHQ 'LSROOTLP 0ROHNO PLWR% 'k%%O.XQG

k%% ' k8ULt²Ew nkzt?²Ew ' 7kn {k

ULt²Ew ^

PLWk7 ' ^

k8n 2kz

XQG{k 'k8kz

2

ULt²Ew^

kULtEwl

$EELOGXQJ 2ULHQWLHUXQJ HLQHV HLQ]LJHQ UHSUlVHQWDWLYHQ 0ROHNOV JUDXHU 3IHLO DXI GHU (LQKHLWVNX JHO ,P.HUU([SHULPHQW OLQNV EHVWLPPW VRZRKODOV DXFK*GDV JHVWUHXWH 6LJQDO ,P ]HLWDXIJHO|VWHQ ),5([SHULPHQW UHFKWV LVW GHU $EVRUSWLRQVNRHI¿]LHQW DEKlQJLJ DOOHLQ YRP &RVLQXV GHV HUZDUWHWHQ 5DXPZLQNHOV

'HU LQGX]LHUWH 'LSRO ZHFKVHOZLUNW QXQ VHLQHUVHLWV PLW GHP DQJHOHJWHQ HOHNWULVFKHQ )HOG XQG GDGXUFK ZLUG HLQH $XVULFKWXQJ LQ%5LFKWXQJ EHZLUNW /LHJW QXQ HLQH JDQ]H .ROOHNWLRQ PLWHLQDQGHU QLFKW ZHFKVHOZLUNHQGHU 7HLOFKHQ YRU NDQQ HLQH ZLQNHODE KlQJLJH 2ULHQWLHUXQJVYHUWHLOXQJVIXQNWLRQ DXIJHVWHOOW ZHUGHQ )U GDV HUVWH 7HQVRUHOH PHQW GHU HIIHNWLYHQ 6XV]HSWLEOLWlW IROJW

^E_%% ' 7n{k

ULt²Ew ^

' k7n{k

ULt²Ew^

XQG IU GLH YHUEOLHEHQHQ GHU +DXSWGLDJRQDOH

^E₊₊ '^E₅₅ 'k7{k ^₂

ULt²Ew ^

ZREHLklGDV 2ULHQWLHUXQJVPLWWHO EHUw GDUVWHOOW^>@

)HUQ,QIUDURW 6SHNWURVNRSLH

'XUFK ]HLWDXIJHO|VWH 2.(5,.(0HVVXQJHQ DEJHIUDJWH 6LJQDOH ]XU LQWHUPROHNXOD UHQ '\QDPLN OLHJHQ QDFK)RXULHU7UDQVIRUPDWLRQ LQ HLQHP )UHTXHQ]EHUHLFK YRQ HW ZD f2Df U4^3 'LHVH 5HJLRQ GHV 6SHNWUXPV ZLUG GXUFK 0ROHNOURWDWLRQHQ XQG OLEUDWLRQHQ EHVWLPPW XQG LVW DXFK GXUFK )HUQ,QIUDURW0HVVXQJHQ ),5 ]XJlQJOLFK 'LH LQ GLHVHU $UEHLW XQWHUVXFKWHQ 6XEVWDQ]HQ 7DEHOOH VLQG PLW $XVQDKPH 7HWUD FKORUNRKOHQVWRIIV V\PPHWULVFK 6LH EHVLW]HQ HLQ SHUPDQHQWHV 'LSROPRPHQW XQG

&&OZLUG LQ.DSLWHO HLQJHKHQGHU GLVNXWLHUW

)OVVLJNHLWVG\QDPLN LP ([SHULPHQW

>FP@

.

>DX@

>FP@

na na

$EELOGXQJ(QHUJHWLVFKH /DJH GHUM5RWDWLRQVQLYHDXV PLW ]XQHKPHQGHU 5RWDWLRQVTXDQWHQ]DKON OLQNV XQG GDUDXV GXUFK%ROW]PDQQ%HVHW]XQJ EHUHFKQHWHV ),56SHNWUXP UHFKWV YRQ )OXRURIRUP 9HUZHQGHWH 0ROHNOJHRPHWULH GHU &) %LQGXQJVDEVWDQG EHWUlJW4=665c GHU &+ %LQGXQJVDEVWDQG4=3<;c 'LH :LQNHO EHU GDV =HQWUDODWRP EHWUDJHQa)&)@ 443=8XQGa+&)@ 43:=5^>@>@

VLQG IHUQLQIUDURWDNWLY 'DV ),56SHNWUXP06W+E/NDQQ LQ .HQQWQLV GHU 0ROHNO

*HRPHWULH EHU GLH %ROW]PDQQ%HVHW]XQJ GHU XQWHUVWHQ 5RWDWLRQVQLYHDXV YHUHLQID FKHQG DOV IUHLHU 5RWDWRU IUHH URWDWRU GLVNXWLHUW ZHUGHQ^>@ 'DV URWLHUHQGH 0ROHNO ZLUG GDEHL DOV VWDUU DQJHVHKHQ ,Q$EELOGXQJLVW GDV ),56SHNWUXP YRQ )OXRURIRUP ]XVDPPHQ PLW GHU HQHUJHWLVFKHQ /DJH GHU HUVWHQ 5RWDWLRQVQLYHDXV ZLHGHUJHJHEHQ

bKQOLFK ]XP YRUJHVWHOOWHQ 2SWLVFKHQ.HUU(IIHNW VLQG ]HLWDXIJHO|VWH E]Z AO3 )HUQLQIUDURW 8QWHUVXFKXQJHQ GLH /|VXQJVPLWWHOPROHNOH DQWZRUWHQ DXI HLQHQ P|J OLFKVW GHOWDI|UPLJHQ RSWLVFKHQ 3XOV PLW HLQHU VLFK DXIEDXHQGHQ 2ULHQWLHUXQJVSRODULVD WLRQ 'HUHQ EHREDFKWHWHU =HUIDOO HUIROJW DEHU RIIHQVLFKWOLFK DXI HLQHU HWZDV OlQJHUHQ

=HLWVNDOD ,Q$EELOGXQJ LVW GLH 8UVDFKH KLHUIU YHUGHXWOLFKW (LQ UHSUlVHQWDWLYHV )OVVLJNHLWVPROHNO LVW DOV 3IHLO LQ GHU 5LFKWXQJ GHU 0ROHNODFKVH GDUJHVWHOOW ,P UHVRQDQWHQ ),5([SHULPHQW UHFKWV ÄVLHKW³ GDV HLQJHVWUDKOWH HOHNWULVFKH :HFKVHOIHOG GHQ &RVLQXV GHV 3RODUZLQNHOVwJHJHQEHU GHU JHZlKOWHQ 5DXPDFKVH 'DV EHREDFK WHWH $EVRUSWLRQVVLJQDO06W+E|KlQJW GDQQ YRP (UZDUWXQJVZHUW GHV :LQNHOVkULtEwl DE GD GLH 2ULHQWLHUXQJ GHV 0ROHNOV LQ]ZLVFKHQ DXI HLQHU (LQKHLWVNXJHO ZHLWHU URWLH UHQ VROO (LQ 'HWHNWRU UHJLVWULHUW QXQ GLH .RUUHODWLRQ ]ZLVFKHQ GHQ =HLWSXQNWHQ|fXQG

|

kEfE|l kULtEwf ULtEw|l

,P QLFKWUHVRQDQWHQ.HUU([SHULPHQW OLQNV KLQJHJHQ UHJHOQ ZLH LP OHW]WHQ $EVFKQLWW EHVFKULHEHQ GLH XQWHUVFKLHGOLFKHQ 3RODULVLHUEDUNHLWHQ SDUDOOHO XQG VHQNUHFKW ]XU 0R

%LVW KLHU HLQ $EVRUSWLRQVNRHI¿]LHQWL@L3 h{si oj

OHNODFKVH GLH 2ULHQWLHUXQJ 'LH 'HWHNWLRQ ZLUG DX‰HUGHP LQ GHU RUWKRJRQDOHQ KRUL ]RQWDOHQ (EHQH YRUJHQRPPHQ (V LVW DOVR DXFK EHU GLH)9HUWHLOXQJ ]X PLWWHOQ 'LH .RUUHODWLRQ GHV (UZDUWXQJVZHUWV IU{^E++ ]ZLVFKHQ|f XQG|IROJW GDQQ

kEfE|l _

2

ULt²Ewf ^ _

2

ULt²Ew|^

'LHVHU 7HUP ]HUIlOOW XQWHU $QQDKPH JOHLFKHU 5RWDWLRQVJHVFKZLQGLJNHLW VFKQHOOHU DOV 2IIHQVLFKWOLFK VFKHLQHQ XQG EHU HLQH GULWWH 3RWHQ] PLWHLQDQGHU LQ %H]LHKXQJ ]X VWHKHQ 'LHVH $QQDKPH LVW MHGRFK QLFKW DOOJHPHLQ YHUL¿]LHUW

)RXULHU7UDQVIRUPDWLRQ YRQ06W+E|IKUW VFKOLH‰OLFK ]XP )UHTXHQ]DQDORJRQ GHP ),56SHNWUXP06W+E/ hEHU GLH LQYHUVH/DSODFH7UDQVIRUPDWLRQ NDQQ KLHU YRP ),5 6SHNWUXP DXV DXI GLH ]HQWUDOH .RUUHODWLRQVIXQNWLRQE| JHVFKORVVHQ ZHUGHQ 'DEHL JUHLIW PDQ LP ZHVHQWOLFKHQ DXI GLH ]X %HJLQQ GHV .DSLWHOV HLQJHJDQJHQHQ (UJHEQLVVH GHU .RQWLQXXPVWKHRULH ]XUFN YJO hEHUVLFKW LQ$EELOGXQJ

+LQJHJHQ VROO GLH 'LYLVLRQ YRQ06W+E/PLW GHU )UHTXHQ]/ GHQ ,PDJLQlUWHLO GHU 6XV]HSWLEOLWlWE/UHSURGX]LHUHQ^>@>@

'HSRODULVLHUWH 5DPDQ XQG 5D\OHLJK 6SHNWURVNRSLH

:HLWHUH H[SHULPHQWHOOH =XJlQJH ]XU %HREDFKWXQJ QLHGHUIUHTXHQWHU )OVVLJNHLWVG\QD PLN LQ GHU )UHTXHQ]GRPlQH f2Df U4^3 HU|IIQHQ GHSRODULVLHUWH5DPDQ VRZLH5D\

OHLJK 6WUHXWHFKQLNHQ '56 GHSRODUL]HG 5DPDQ5D\OHLJK VFDWWHULQJ E]Z '/6 GHSRODUL]HG OLJKW VFDWWHULQJ 'DEHL ZLUG GDV ]X XQWHUVXFKHQGH 6\VWHP PLW YHUWLNDO SRODULVLHUWHQ /LFKW EHVWUDKOW ,Q GHU KRUL]RQWDOHQ (EHQH ZHUGHQ GLH 6WUHXOLFKWLQWHQVL WlWHQ UMT XQGUT T MHZHLOV EHL KRUL]RQWDOHU XQG YHUWLNDOHU 3RODULVDWLRQ GHV 'HWHNWRUV DXIJH]HLFKQHW $OV 'HSRODULVDWLRQ EH]HLFKQHW PDQ GDQQ GHQ 4XRWLHQWHQUMT*UT T )U DQLVRWURSH 6\VWHPH LVW GLHVHU :HUW JU|‰HU 1XOO^>@

$XFK KLHU JHOLQJW GLH %HVFKUHLEXQJ GHU 2ULHQWLHUXQJVG\QDPLN PLWKLOIH JHHLJQHWHU UHGX]LHUWHU 7HQVRUHQ 9RP )OXNWXDWLRQV'LVVLSDWLRQV 7KHRUHP DXVJHKHQG ODVVHQ VLFK VR %H]LHKXQJHQ YRP HUKDOWHQHQ 6WUHXVSHNWUXP0#+5E/]XP ,PDJLQlUWHLO GHU 6X]HS WLEOLWlWE/KHUVWHOOHQ>@ >@>@>@

0#+5E/ ' |²E/*

i Tk

_&^|/_Al

|²E/* / ,Q]ZLVFKHQ KHEHQ ]HLWDXIJHO|VWH 6WUHXWHFKQLNHQ ZLH GLH VWLPXOLHUWH 9HUVWlUNXQJVVSHN WURVNRSLH^>@>@6*6 RGHU GLH LPSXOVLY VWLPXOLHUWH5DPDQ6WUHXXQJ ,656 GLH WHFK QLVFKHQ %HJUHQ]XQJHQ YRQ ),5 XQG '56 WHLOZHLVH DXI :HLO KLHU GHU OLEUDWLYH 7HLO GHU 6XV]HSWLEOLWlW GHXWOLFKHU VLFKWEDU ZLUG VLQG GLH (UJHEQLVVH LP 3ULQ]LS PLW GHQHQ GHV.HUU(IIHNWV lTXLYDOHQW^>@>@

=XU 'H¿QLWLRQ GHV %HJULIIV Ä,QWHQVLWlW³ VLHKH

(V IHKOHQ JHHLJQHWH /LFKWTXHOOHQ XQG 'HWHNWRUHQ LP )UHTXHQ]EHUHLFK NOHLQHU :HOOHQ]DKOHQ

'DV 6SHNWUXP ZLUG KLHU YRQ HLQHU5D\OHLJK/LQLH QDKH GHU 1XOOIUHTXHQ] GRPLQLHUW