,

,QKDOWVYHU]HLFKQLVV

$%%,/'81*69(5=(,&+1,6 ,,

(,1/(,781*

$5%(,71(+0(5)5(,=h*,*.(,7 925*(+(16:(,6(

(5:$5781*(1181'%()h5&+781*(1925'(5(8 (5:(,7(581*

(5*(%1,66($86*(:b+/7(5925+(56$*(1

$6<00(75,((=:,6&+(11g.2120,6&+(11(5:$5781*(1

81'62=,$/32/,7,6&+(1167,0081*(1 ',(%(621'(5+(,77'(5'(876&+32/1,6&+(1%(=,(+81*(1

%,6+(5,*((5)$+581*(116(,77'(5(8 (5:(,7(581*

:,(67$%,/:$5(1925+(56$*(1%,6-(7=7"

(5)$+581*(1,11*52‰%5,7$11,(132/(11 81''(876&+/$1' (5)$+581*(1,11*52‰%5,7$11,(1 0LJUDWLRQVVWU|PH 3URILOGHU0LJUDQWHQGHU(8

$XVZLUNXQJHQQGHUU$UEHLWVNUlIWHPLJUDWLRQDXI %HVFKlIWLJXQJVUDWHXQG/|KQH (5)$+581*(1,1132/(1 (5)$+581*(1,11'(876&+/$1' 3(1'(/0,*5$7,2181''),1$1=.5,6(

6&+/866%(0(5.81*(1

/,7(5$7859(5=(,&+1,6 ,,,

,,

$EELOGXQJVYHU]HLFKQLV

$EELOGXQJ 1DWLRQDOLWlWGHUIUGDV:RUNHU5HJLVWUDWLRQ6FKHPH UHJLVWULHUWHQ0LJUDQWHQ

$EELOGXQJ $OWHUGHUGXUFK:RUNHU5HJLVWUDWLRQ6FKHPHUHJLVWULHUWHQ $UEHLWQHKPHULQ3UR]HQW0DLL±0lU]]

$EELOGXQJ %HVFKlIWLJXQJVUDWHQGHUU(80LJUDQWHQXQG

$EELOGXQJ $UEHLWVPDUNWXQGG0LJUDWLRQQODXWW/)666

Einleitung

$UEHLWQHKPHUIUHL]JLJNHLWW

:lKUHQGGHU9HUKDQGOXQJHQQ]ZLVFKHQGHQDOWHQ(80LWJOLHGVOlQGHUQQ(8 XQGGHQQ%HLWULWWVNDQGLGDWHQ(8(8 GHU(82VWHUZHLWHUXQJ ZXUGHHEHVFKORVVHQGDVVVGLH$UEHLWQHKPHUIUHL]JLJNHLWPD[LPDOVLHEHQ -DKUHHODQJELODWHUDOO]XUHJHOQQVHL 'LHVH5HJHOOLVWXQWHUUGHPP6\QRQ\PP 0RGHOOEHNDQQW/HGLJOLFKK,UODQG*UR‰EULWDQQLHQXQG6FKZHGHQOLEH UDOLVLHUWHQGLH$UEHLWVPlUNWHHJHJHQEHUUGHQ(8/lQGHUQQPLWVRIRUWLJHU :LUNXQJZlKUHQGDOOHDQGHUHQQDOWHQ0LWJOLHGVOlQGHU'HXWVFKODQGHLQJH VFKORVVHQhEHUJDQJVUHJHOXQJHQQEHVFKORVVHQ,QQGHUU]ZHLWHQ3KDVHH|IIQHWHQ DFKWZHLWHUH0LWJOLHGVOlQGHUUGLH$UEHLWVPlUNWH'HXWVFKODQGDOOHUGLQJVHU KLHOWW5HVWULNWLRQHQZHLWHUKLQDXIUHFKWXQGQXW]WVRPLWWGLHHYROOH=HLWGHU hEHUJDQJVUHJHOXQJELVV.DKDQHFXQGG=LPPHUPDQQ

=LHOGLHVHU$UEHLWLVWHV%HIUFKWXQJHQQXQGELVKHULJH(UIDKUXQJHQDQKDQG GUHLHU(86WDDWHQGDU]XVWHOOHQQXQGEHVRQGHUH7HQGHQ]HQLPP5DKPHQGHUU (82VWHUZHLWHUXQJKHUYRU]XKHEHQ'LH$UEHLWNRQ]HQWULHUWVLFKDXIIGLHEHL GHQDOWHQ0LWJOLHGVOlQGHU*UR‰EULWDQQLHQXQG'HXWVFKODQGVRZLHDXI3ROHQ DOVJU|‰WHP%HLWULWWVODQGLPP5DKPHQGHUU(82VWHUZHLWHUXQJ%HGLQJWW GXUFKVHLQHHOLEHUDOH$UEHLWVPDUNWSROLWLNELHWHWW*UR‰EULWDQQLHQ$XIVFKOXVVV EHUGDV$XVPD‰‰GHUUHDOHQ0LJUDWLRQVVWU|PHDXVGHQ(86WDDWHQXQGELH WHWP|JOLFKHUZHLVHHDXIVFKOXVVUHLFKHH,PSOLNDWLRQHQQIUU'HXWVFKODQGXQGGLH =HLWQDFKGHP$EODXIIGHUUhEHUJDQJVUHJHOXQJLPP-DKUH

9RUJHKHQVZHLVH

.DSLWHOO]ZHLLVHW]WVLFKPLW(UZDUWXQJHQXQG%HIUFKWXQJHQQGHUU(8 2VWHUZHLWHUXQJDXVHLQDQGHU=XQlFKVWZHUGHQYHUVFKLHGHQHH$UWHQYRQQ(U KHEXQJHQQ]XU3URJQRVHHYRQQ2VW:HVW:DQGHUXQJHQDXIJH]HLJWXQG(UJHEQLVVH GLHVHUU]XVDPPHQJHIDVVW'HVV:HLWHUHQZHUGHQ|NRQRPLVFKHH(UZDUWXQJHQQXQGG VR]LDOSROLWLVFKHH6WLPPXQJHQQLPP=XVDPPHQKDQJPLWWGHU2VWHUZHLWHUXQJVRQ GLHUWXQGHVZLUGHUNOlUWZHVKDOEWHLOZHLVHVWDUNNDXVJHSUlJWH8QWHUVFKLHGHHDXI WUHWHQ,PP$QVFKOXVVZHUGHQ%HVRQGHUKHLWHQGHUUGHXWVFKSROQLVFKHQ%H]LHKXQ

,P-DKUHHWUDWHQGLHHVRJHQDQQWHQQ(8/lQGHUGHUU(8EHL(VWODQG/HWWODQG/LWDXHQ 0DOWD3ROHQ6ORZDNHL6ORZHQLHQ7VFKHFKLHQ8QJDUQXQG=\SHUQ,P-DKUHHIROJWHQ %XOJDULHQQXQGG5XPlQLHQQ(8'DDLP=XJHHGHUU2VWHUZHLWHUXQJJ0DOWDDXQG=\SHUQHLQHH 6RQGHUUROOHHVSLHOHQZLUGGKlXILJYRQQGHUU(8JHVSURFKHQZHOFKHHVLFKDXVVGHUU(8RKQH 0DOWDDXQGG=\SHUQ]XVDPPHQVHW]W

6HOELJHH(LQLJXQJIDQGIUUGLH%HLWULWWVOlQGHUGHUU(82VWHUZHLWHUXQJ$QZHQGXQJ

JHQQKHUYRUJHKREHQZHLOGLHVH$XVZLUNXQJHQQDXII4XDOLWlWXQG4XDQWLWlWGHUU 0LJUDWLRQQ]ZLVFKHQ3ROHQQXQG'HXWVFKODQGKDEHQN|QQHQ ,PIROJHQGHQ.DSLWHOZLUGGDXIJH]HLJWLQZLHZHLW(UZDUWXQJHQQGHUU2VWHUZHLWH UXQJHLQJHWUHWHQVLQGXQGREVLFK%HIUFKWXQJHQWDWVlFKOLFKEHVWlWLJWHQ1HEHQ GHPP9HUJOHLFKKGHU3URJQRVHQQPLWWGHQQHUVWHQQWDWVlFKOLFKHQQ(UIDKUXQJHQVHLWGHUU 2VWHUZHLWHUXQJZLUGGHLQGHWDLOOLHUWHU%OLFNDXIIGLHEHREDFKWHWHQ0LJUDWLRQVVWU| PHGDV3URILOOGHUU(80LJUDQWHQVRZLHH9HUlQGHUXQJHQQGHV/RKQQLYHDXVVXQG GHUU%HVFKlIWLJXQJVUDWHLQ*UR‰EULWDQQLHQJHZRUIHQ$QVFKOLH‰HQGGZHUGHQ$XV ZLUNXQJHQQDXV3HUVSHNWLYHGHV(QWVHQGHODQGV3ROHQHU|UWHUW$QKDQGGHUEHR EDFKWHWHQ9HUlQGHUXQJHQQLQQ*UR‰EULWDQQLHQXQG3ROHQQVRZLHGHU6WUXNWXUUGHUU $UEHLWVORVLJNHLWWLQ'HXWVFKODQGZLUGGDVUHVWULNWLYH9HUKDOWHQ'HXWVFKODQGHU NOlUWXQG7HQGHQ]HQIUUGLHH=HLWQDFKKGHUU3KDVHJHJHEHQ,POHW]WHQQ$E VFKQLWWGHVGULWWHQQ.DSLWHOVVZLUGGGDV3KlQRPHQGHUU3HQGHOPLJUDWLRQEHVRQGHUV LP5DKPHQMQJVWHUU(QWZLFNOXQJHQQZLUWVFKDIWOLFKHQ$EVFKZXQJVVHUOlXWHUW'LH $UEHLWZLUGGPLW6FKOXVVEHPHUNXQJHQDEJHVFKORVVHQ

(UZDUWXQJHQXQG%HIUFKWXQJHQYRUGHU(8

(UZHLWHUXQJJ

(LQHUUGHU+DXSWJUQGHZHVKDOEGLHHPHLVWHQQ(86WDDWHQELODWHUDOHhEHU JDQJVUHJHOXQJHQQ]XP6FKXW]GHU$UEHLWVPlUNWHHEHVWLPPWHQLVWHLQHYHUEUHLWHWH $QJVWWYRUU0DVVHQPLJUDWLRQQELOOLJHUU$UEHLWVNUlIWHDXVVGHQQQHXHQQ0LWJOLHGVVWDD WHQ(VVJLEWHLQEUHLWHVV$QJHERWDQ/LWHUDWXUZHOFKHGDV$XVPD‰GHU0LJUDWLRQQ DXVGHQQHXHQQ0LWJOLHGVVWDDWHQ]XVFKlW]HQYHUVXFKWW.DKDQHFXQG=LPPHUPDQQ )HUQHUUWUDWHQYHUHLQ]HOWVWDUNSRSXOLVWLVFKKJHSUlJWHH0HLQXQJHQQZLHH EHLVSLHOVZHLVHHIROJHQGH$XVVDJHHDXIÄ'LHHELOOLJHQQ$UEHLWVNUlIWHDXVVGHP2VWHQ ZHUGHQXQVGLH-REVZHJQHKPHQ³:LHHLPP:HLWHUHQ$XIJH]HLJWWZLUGNRQQWHQ GLHVH(PSILQGXQJHQQYRQQGHUU3ROLWLNQLFKWLJQRULHUWZHUGHQ6WUDXEKDDUU %HVRQGHUVLP5DKPHQGHUKLVWRULVFKHQXQGJHRJUDILVFKHQ%HVRQGHUKHLWHQ GHUUGHXWVFKSROQLVFKHQ%H]LHKXQJHQZLUGGQDFKYROO]LHKEDUZHVKDOE'HXWVFKODQG GLHYROOH=HLWGHUELODWHUDOHQhEHUJDQJVUHJHOXQJDXVQXW]W

(UJHEQLVVHDXVJHZlKOWHU9RUKHUVDJHQQ

$XIJUXQGGXQWHUVFKLHGOLFKHUUPHWKRGRORJLVFKHUU$QVlW]HHXQGGHUU9LHO]DKOYHU ZHQGHWHU9DULDEOHQLVWHVNRPSOL]LHUWGLHHLQ]HOQHQQ6WXGLHQQYRQQ0LJUDWL RQVSURJQRVHQQPLWHLQDQGHUU]XYHUJOHLFKHQ'HU*UR‰WHLOOGHU6WXGLHQSURJQRV WL]LHUWHHHLQH4XRWHHYRQQ]ZHLLELVIQII3UR]HQWWGHUU%HY|ONHUXQJGHU=HQWUDO XQGG2VWHXURSlLVFKHQ/lQGHUGLHODQJIULVWLJLQQGHQ:HVWHQZDQGHUQZUGHQ

'LHVHQWVSUlFKHHWZDHLQHP3UR]HQWWGHUJHVDPWHQ(8%HY|ONHUXQJHQQ =DLFHYDXQG=LPPHUPDQQQ(LQLJHH6WXGLHQZLHHHWZDD6LQQQHWDO ]LWLHUWQDFK.DKDQHFFXQG=LPPHUPDQQGLHVLFKLPREHUHQ %HUHLFKKGHUU9RUKHUVDJHQQEHILQGHQHQKLQJHJHQQVFKlW]WHQGDV0LJUDWLRQVSR WHQWLDODXIIVLHEHQQELVVDFKW3UR]HQW

$XVVPHWKRGRORJLVFKHUU6LFKWEHVWHKHQ]ZHLL$QVlW]HXPP0LJUDWLRQVEHZHJXQ JHQQ]XSURJQRVWL]LHUHQ'LHVVLQG]XP(LQHQ6FKlW]XQJHQQDXII*UXQGODJHHYRQQ %HIUDJXQJHQGLHHLQGHQQPHLVWHQ.DQGLGDWHQ/lQGHUQQYRUUGHU(8 2VWHUZHLWHUXQJLP-DKUHHUKREHQZXUGHQXQGGGLH:DQGHUXQJVDEVLFKW LQ5LFKWXQJ(8PD‰HQ=XP$QGHUHQQVLQGHV+RFKUHFKQXQJHQDXII *UXQGODJHHYRQQ|NRQRPHWULVFKHQQ0RGHOOHQGLHHPLW+LOIHDQDO\WLVFKHU0H WKRGHQXQGYHUVFKLHGHQHUU(LQIOXVVYDULDEOHQHUUHFKQHWZXUGHQ+LHUIUZXU GHQQ(LQIOXVVYDULDEOHQQZLHKLVWRULVFKH'DWHQQGHUU%HLWULWWVOlQGHUYHUZHQGHWW ]XPP%HLVSLHOO/RKQGLIIHUHQ]HQUHODWLYH$UEHLWVORVLJNHLWEHUHLWVLPP=LHOODQG OHEHQGHH0LJUDQWHQEHY|ONHUXQJRGHUJHRJUDILVFKHH'LVWDQ]

'HUU+DXSWYRUWHLOGHVHUVWHQ$QVDW]HV6FKlW]XQJHQQDXII*UXQGODJHYRQQ%H IUDJXQJHQLVWGLH9HUIJEDUNHLWWLQGLYLGXHOOHUU&KDUDNWHULVWLNDVRZLHGLHH 0|JOLFKNHLW]ZLVFKHQQNXU]XQGGPLWWHOIULVWLJHUU0LJUDWLRQQXQWHUVFKHLGHQ]X N|QQHQ$OOHUGLQJVLVWHVVFKZLHULJ]ZLVFKHQGHPPHUPLWWHOWHQ9RUKDEHQXQGG GHPDQVFKOLH‰HQGHPWDWVlFKOLFKHQ9HUKDOWHQ]XXQWHUVFKHLGHQ=DLFHYDXQG =LPPHUPDQQQ

5HVXOWDWHGHV]ZHLWHQ$QVDW]HV+RFKUHFKQXQJHQDXII*UXQGODJHYRQQ|NR QRPHWULVFKHQ0RGHOOHQJHODQJHQQ]XXQWHUVFKLHGOLFKHQ(UJHEQLVVHQVWDUN DEKlQJLJYRQQGHQQWHLOZHLVHHVHKUUHVWULNWLYHQ0RGHOODQQDKPHQ6RVFKlW]WHQ %RHULXQG%UFNHUU]LWLHUWWQDFK=DLFHYDXQG=LPPHUPDQQ LQLKUHUU8QWHUVXFKXQJJXQWHUGHUU$QQDKPHHYRQQYROONRPPHQHU0RELOLWlWGDVVV ELV]XP-DKUH3UR]HQWGHUU%HY|ONHUXQJQHXHU(80LWJOLHGHUULQGLHH (8ZDQGHUQZUGH(LQHH6WXGLHHYRQQ$OYDUH]3ODWDDHWDO]LWLHUW QDFK=DLFHYDXQG=LPPHUPDQQHUPLWWHOWHHHLQHJHULQJIJLJQLHG ULJHUHH0LJUDWLRQVHEHQH'DUEHUUKLQDXVVVWHOOWHHGLH6WXGLHIHVWGDVVhEHU JDQJVSHULRGHQQZLHGDV0RGHOOHLQHOHGLJOLFKYHUVFKLHEHQGH:LU NXQJDQVRQVWHQQMHGRFKQXUUPDUJLQDOH(IIHNWHKDEHQZUGHQ 9LHOH8QWHUVXFKXQJHQKREHQMHGRFKKHUYRUGDVVGLH)UDJHHGHUU$XIHQWKDOWV GDXHUGHUU0LJUDQWHQLQGHQ(86WDDWHQZHLWHUKLQQXQNODUVHL'LH0HKUKHLW GHUU%HIUDJWHQ0LJUDQWHQQDQQWHHLQHQ$XIHQWKDOWV]HLWUDXPYRQQHLQHPPELV IQI-DKUHQQ]XPP/HEHQQXQG$UEHLWHQQLP$XVODQG1XUZHQLJHlX‰HUWHQQGHQQ :XQVFKGDXHUKDIWDXVZDQGHUQ]XZROOHQ+HLQHQQXQG3HJHOV