*ODVNHUDPLNNRFKIHOG -&.
/LHEH .XQGLQ OLHEHU .XQGH :LU GDQNHQ ,KQHQ GDVV 6LH VLFK IU HLQ -812 *ODV NHUDPLNNRFKIHOG HQWVFKLHGHQ KDEHQ 6LH KDEHQ GDPLW DXI 4XDOLWlW XQG 'DXHUKDIWLJNHLW JHVHW]W 'LHVH *HEUDXFKVDQZHLVXQJ HUP|JOLFKW HV ,KQHQ ,KU *ODVNHUDPLNNRFKIHOG 6FKULWW IU 6FKULWW NHQQHQ]XOHU QHQ XQG DOO VHLQH 0|JOLFKNHLWHQ RSWLPDO ]X QXW]HQ ,Q MHGHP )DOOH VROOWHQ 6LH YRU GHU HUVWHQ ,QEHWULHEQDKPH GDV .DSLWHO ©:LFKWLJH 6LFKHUKHLWVKLQZHLVHª GXUFK OHVHQ :LU HPSIHKOHQ ,KQHQ GLH *HEUDXFKVDQZHLVXQJ LQ GHU 1lKH GHU .
,QKDOWVYHU]HLFKQLV )U GHQ %HQXW]HU :LFKWLJH 6LFKHUKHLWVKLQZHLVH 'DV (LQEDX *ODVNHUDPLNNRFKIHOG 9RU GHP HUVWHQ *HEUDXFK 'LH .RFKVWHOOH *ODVNHUDPLNNRFKIOlFKH %HUKUXQJVWDVWHQ 5HVWZlUPHDQ]HLJH %HGLHQXQJ *HUlW HLQVFKDOWHQ .
:LFKWLJH 6LFKHUKHLWVKLQZHLVH 0DFKHQ 6LH VLFK ELWWH YRU GHP HUVWHQ *HEUDXFK GHV *HUlWHV PLW GHU *HEUDXFKVDQZHLVXQJ YHU WUDXW %LWWH DFKWHQ 6LH VSH]LHOO DXI GLH 6LFKHUKHLWV JHNHQQ]HLFKQHW VLQG KLQZHLVH GLH PLW HLQHP %HQXW]XQJ XQG %HGLHQXQJ 'DGXUFK YHUPHLGHQ 6LH 6FKlGHQ VRZRKO DQ 3HUVR QHQ DOV DXFK DP *HUlW %HZDKUHQ 6LH GLH *HEUDXFKVDQZHLVXQJ VRUJIlOWLJ DXI XQG JHEHQ 6LH GLHVH JJI DQ QDFKIROJHQGH %HQW]HU ZHLWHU 9HUKLQGHUQ 6LH GDVV .
=XFNHU LQ IHVWHU RGHU IOVVLJHU )RUP VRZLH .XQVWVWRII GDUI QLFKW DXI GDV KHLVVH .RFKIHOG JHODQJHQ %HLP (UNDOWHQ N|QQHQ 5LVVH RGHU %UFKH LQ GHU *ODV NHUDPLNSODWWH DXIWUHWHQ 6ROOWH =XFNHU RGHU .XQVWVWRII YHUVHKHQWOLFK DXI GLH KHLVVH .RFK]RQH JHODQJW VHLQ GDUI GLHVH DXI NHLQHQ )DOO DXVJHVFKDOWHW ZHUGHQ VRQ GHUQ GLH =XFNHU RGHU .XQVWVWRIIUHVWH PVVHQ EHL QRFK KHLVVHU .RFK]RQH PLW HLQHP .OLQJHQVFKDEHU DE JHVFKDEW ZHUGHQ 6FKW]HQ 6LH ,KUH +DQG YRU 9HU EUHQQXQJHQ 9HUZHQGHQ 6LH DXI *ODVNHUDPLN .
'DV (LQEDX *ODVNHUDPLNNRFKIHOG *HUlWHEHUVLFKW .RFK]RQH *ODVNHUDPLNSODWWH 5DKPHQ 'UHLNUHLV .RFK]RQH PP .RFK]RQH PP : =ZHLNUHLV .RFK]RQH [ PP : .RFK]RQH %HGLHQHOHPHQWH : PP : %HGLHQHOHPHQWH 3 10 2 13 10 11 6 5 4 8 11 9 12 7 1 3RZHU 2Q 7DVWH 6WHXHUXQJ $86 (,1 7LPHUDQ]HLJH .RFKIHOG 7DVWH (,1 $86 9HUULHJHOXQJVWDVWH $Q]HLJH /HLVWXQJVVWXIH E]Z 5HVWZlUPH .
9RU GHP HUVWHQ *HEUDXFK (UVWUHLQLJXQJ 8P P|JOLFKH )HUWLJXQJVVSXUHQ ]X EHVHLWLJHQ LVW GDV .RFKIHOG YRU *HEUDXFK ]X UHLQLJHQ 'LH *ODVNHUDPLNIOlFKH XQG GHQ 5DKPHQ PLW ZDUPHP :DVVHU XQG 6SOPLWWHO DEZDVFKHQ XQG WURFNHQUHLEHQ (UVWHV $XIKHL]HQ .RFK]RQHQ QDFKHLQDQGHU NXU] ]XU .RQWUROOH HLQVFKDO WHQ 'LH .RFKVWHOOH *ODVNHUDPLNNRFKIOlFKH 'LH .
5HVWZlUPHDQ]HLJH (LQ ©+ª 5HVWZlUPH OHXFKWHW LQ GHU /HLVWXQJVVWXIHQ DQ]HLJH DXI ZHQQ DQ GHU 2EHUIOlFKH GHU HQWVSUHFKHQ GHQ .RFK]RQH HLQH 7HPSHUDWXU DXIWULWW EHL GHU 9HU EUHQQXQJVJHIDKU EHVWHKW 'LH HQWVSUHFKHQGH /DPSH HUOLVFKW HUVW ZHQQ NHLQH 9HUEUHQQXQJVJHIDKU PHKU EHVWHKW $XVVHU VLH KDEHQ QRFK .RFKJXW DXI GHU DEJH VFKDOWHWHQ .RFK]RQH 6R NDQQ HV VHLQ GDVV QDFK GHP (UO|VFKHQ GHU 5HVWZlUPHDQ]HLJH ODPSH GLH .RFK]RQH GXUFK GLH $EVWUDKOXQJ GHV .
(LQVWHOOHQ GHU +HL]OHLVWXQJ 7DEHOOH XQG 7LSV 'LH $QJDEHQ LQ GHU IROJHQGHQ 7DEHOOH VLQG 5LFKWJU|V VHQ :HOFKH /HLVWXQJVHLQVWHOOXQJ IU GLH .RFKYRU JlQJH HUIRUGHUOLFK LVW KlQJW YRQ GHU 4XDOLWlW GHU 7|SIH XQG YRQ GHU $UW XQG 0HQJH GHU /HEHQVPLWWHO DE /HLVWXQJV VWXIH *DUYRUJlQJH %HLVSLHOH IU GLH $QZHQGXQJ :DUPKDOWHQ NOHLQH 0HQJHQ ZDUPKDOWHQ 6FKPHO]HQ *HODWLQH 6FKRNRODGH %XWWHU :lUPHQ )HUWLJJHULFKWH 6DXFH +ROODQGDLVH 4XHOOHQ 5HLV 0LOFKJHULFKWH *DU]LHKHQ )OHLVFKEUKH .
*HUlW DXVVFKDOWHQ 'DV *HUlW NDQQ MHGHU]HLW GXUFK GLH 3RZHU 2Q 7DVWH DXVJHVFKDOWHW ZHUGHQ 6LFKHUKHLWVDEVFKDOWXQJ 6ROOWHQ HLQH RGHU PHKUHUH .
=ZHLNUHLV .RFK]RQH 'LH KLQWHQ UHFKWV OLHJHQGH .RFK]RQH ELHWHW GLH 0|J OLFKNHLW MH QDFK .RFKJHVFKLUU QXU GHQ LQQHUHQ .UHLV RGHU ]XVlW]OLFK QRFK GHQ lXVVHUHQ .UHLV GHU .RFK ]RQH ]X EHQXW]HQ =ZHLNUHLV .RFK]RQH ]XVFKDOWHQ 'LH =ZHLNUHLV .RFK]RQH KLQWHQ UHFKWV PXVV DN WLYLHUW VHLQ 'H]LPDOSXQNW GHU .RFK]RQH PXVV OHXFKWHQ 'LH JHZQVFKWH /HLVWXQJVVWXIH ZlKOHQ 0LW GHU 0HKUNUHLV 7DVWH GHQ ]ZHLWHQ +HL]NUHLV ]XVFKDOWHQ 'LH .RQWUROODPSH OHXFKWHW GHU lXVVHUH .
'UHLNUHLV .RFK]RQH 'LH YRUQH OLQNV OLHJHQGH .RFK]RQH ELHWHW GLH 0|JOLFK NHLW MH QDFK .RFKJHVFKLUU GHQ NOHLQHQ PLWWOHUHQ RGHU JURVVHQ .UHLV GHU .RFK]RQH ]X EHQXW]HQ 0LWWOHUH XQG JURVVH .RFK]RQH ]XVFKDOWHQ 'LH 'UHLNUHLV .RFK]RQH YRUQH OLQNV PXVV DNWL YLHUW VHLQ 'H]LPDOSXQNW GHU .RFK]RQH PXVV OHXFKWHQ 'LH JHZQVFKWH /HLVWXQJVVWXIH ZlKOHQ 'XUFK HLQPDO 'UFNHQ GHU 0HKUNUHLV 7DVWH ZLUG GHU ]ZHLWH +HL]NUHLV ]XJHVFKDOWHW 'LH HUVWH .
*HUlW RGHU .RFK]RQHQ YHUULHJHOQ VSHUUHQ *HUlW YHUULHJHOQ VSHUUHQ 0LW GHU 6FKOVVHOWDVWH N|QQHQ 6LH GLH JDQ]H 6WHXHUXQJ GDV *HUlW VSHUUHQ XP XQEHDEVLFKWLJWHV %HWlWLJHQ ]X YHUKLQGHUQ 'LHVH )XQNWLRQ HLJQHW VLFK DXFK DOV .
'LH DXWRPDWLVFKH $QNRFKIXQNWLRQ 'LHVH )XQNWLRQ HUOHLFKWHUW ,KQHQ GDV .RFKHQ 6LH EUDXFKHQ ZlKUHQG GHV .RFKYRUJDQJV QLFKW GDXHUQG DQZHVHQG ]X VHLQ GLH .RFKVWHOOH ZLUG DXWRPDWLVFK PLW YROOHU /HLVWXQJ DXIJHKHL]W XQG ]XU ULFKWLJHQ =HLW VLHKH 7DEHOOH DXI GLH YRQ ,KQHQ JHZlKOWH /HLVWXQJVVWXIH ]XUFNJHVFKDOWHW $XWRPDWLVFKH $QNRFK IXQNWLRQ HLQVFKDOWHQ .RFK]RQHQWDVWH GHU JHZQVFKWHQ .
*HZlKOWH /HLVWXQJV VWXIH DQ]HLJHQ 8P LQ GHU /HLVWXQJVVWXIHQDQ]HLJH GLH JHJHQZlUWLJH /HLVWXQJVVWXIH ]X VHKHQ GUFNHQ 6LH NXU] VHF DXI GLH MHZHLOLJH .RFK]RQHQWDVWH bQGHUQ GHU /HLVWXQJV VWXIH ZlKUHQG GHU DXWRPDWLVFKHQ $QNRFK IXQNWLRQ 'LH JHZQVFKWH .RFK]RQH PXVV DNWLYLHUW VHLQ 'H]LPDOSXQNW LQ GHU MHZHLOLJHQ .
'LH 7LPHUIXQNWLRQ 'LHVH )XQNWLRQ HUOHLFKWHUW ,KQHQ GDV .RFKHQ 6LH EUDXFKHQ ZlKUHQG GHV .RFKYRUJDQJV QLFKW GDXHUQG DQZHVHQG ]X VHLQ GLH .RFK]RQH ZLUG DXWRPDWLVFK ]XU JHZlKOWHQ =HLW DXVJHVFKDOWHW (V N|QQHQ HLQH RGHU PHKUHUH PD[ .RFKVWHOOHQ JOHLFK]HLWLJ SURJUDPPLHUW ZHUGHQ :HQQ NHLQH .RFK]RQH SURJUDPPLHUW LVW NDQQ GLH 7LPHUIXQNWLRQ DOV (LHU 8KU YHUZHQGHW ZHUGHQ VLHKH .DSLWHO ©'LH 7LPHUIXQNWLRQ DOV (LHU 8KUª 7LPHUIXQNWLRQ HLQVFKDOWHQ 'LH JHZQVFKWH .
7LPHUIXQNWLRQ DXV VFKDOWHQ :HQQ GLH =HLW DEJHODXIHQ LVW HUW|QW 0LQXWHQ ODQJ HLQ 6LJQDOWRQ XQG JOHLFK]HLWLJ EOLQNW GLH .RQWUROOHXFKWH GHU DEJHODXIHQHQ .RFK ]RQH PLQ 8P GHQ 6LJQDOWRQ DXV]XVFKDOWHQ EHYRU GLH ]ZHL 0LQXWHQ DEJHODXIHQ VLQG GUFNHQ 6LH HLQH 7DVWH ,KUHU :DKO 'LH .RFK]RQH LVW QXQ DXVJHVFKDOWHW RGHU ZHQQ 6LH GHQ 7LPHU YRU]HLWLJ DXVVFKDOWHQ 'LH JHZQVFKWH .RFK]RQH PXVV DNWLYLHUW VHLQ 'H]LPDOSXQNW GHU MHZHLOLJHQ .
'LH 7LPHUIXQNWLRQ DOV (LHU 8KU 'LH 7LPHUIXQNWLRQ NDQQ DXFK DOV (LHU 8KU EHQXW]W ZHUGHQ VRIHUQ GHU 7LPHU QLFKW EHUHLWV IU HLQH .RFK ]RQH YHUZHQGHW ZLUG (LHU 8KU HLQVWHOOHQ :HQQ GDV *HUlW DXVJHVFKDO WHW LVW 3RZHU 2Q 7DVWH GUFNHQ 7LPHUWDVWH GUFNHQ 0LW GHQ 3OXV 0LQXV 7DVWHQ GLH JHZQVFKWH =HLW HLQJHEHQ :HQQ EHUHLWV DXI HLQHU RGHU PHKUHUHQ .RFK]RQHQ JHNRFKW ZLUG $OOH .RFK]RQHQ YHUULHJHOQ VLHKH .DSLWHO ©(LQ ]HOQH .RFK]RQHQ YHUULHJHOQ VSHUUHQ ª .
'DV ULFKWLJH .RFKJHVFKLUU 6LQQYROOHU (QHUJLHYHUEUDXFK 8P (QHUJLH ]X VSDUHQ VROOWHQ 6LH QXU JHHLJQHWHV .RFK XQG %UDWJHVFKLUU PLW JODW WHP HEHQHP %RGHQ YHUZHQGHQ 7|SIH XQG 3IDQQHQ JUXQGVlW]OLFK YRU GHP (LQ VFKDOWHQ GHU .RFK]RQH DXIVHW]HQ 7|SIH XQG 3IDQQHQ LPPHU ZR P|JOLFK PLW GHP 'HFNHO YHUVFKOLHVVHQ GLH .RFK]RQH HLQLJH 0LQXWHQ YRU (QGH GHU .RFK ]HLW DEVFKDOWHQ XP GLH 5HVWZlUPH ]X QXW]HQ GLH 5HVWZlUPH GHU .
5HLQLJXQJ XQG 3IOHJH =XP 5HLQLJHQ GHU *ODVNHUDPLNIOlFKH JHOWHQ GLH JOHL FKHQ *HVLFKWVSXQNWH ZLH IU *ODVIOlFKHQ $XI NHLQHQ )DOO VFKHXHUQGH RGHU DJJUHVVLYH 5HLQLJXQJVPLWWHO RGHU 6FKHXHUVDQG XQG 6FKZlPPH HWF PLW NUDW]HQGHU 2EHUIOlFKH YHUZHQGHQ 6SH]LDO 5HLQLJXQJVPLWWHO XQG .
7UDJHQ 6LH GLH *ODVNHUDPLN 5HLQLJXQJVPLWWHO QLFKW DXI GLH KHLVVH .
:DV WXQ ZHQQ $EKLOIH EHL 6W|UXQJHQ 0|JOLFKHUZHLVH KDQGHOW HV VLFK EHL HLQHU 6W|UXQJ QXU XP HLQHQ NOHLQHQ )HKOHU GHQ 6LH DQKDQG QDFKIROJHQGHU +LQZHLVH VHOEVW EHKHEHQ N|QQHQ )KUHQ 6LH NHLQH ZHLWHUHQ $UEHLWHQ VHOEVW DXV ZHQQ QDFKVWHKHQGH ,QIRUPDWLRQHQ LP NRQNUHWHQ )DOO QLFKW ZHLWHUKHOIHQ 5HSDUDWXUHQ DP *HUlW GUIHQ QXU YRQ )DFKNUlIWHQ GXUFKJHIKUW ZHUGHQ 'XUFK XQVDFKJHPlVVH 5HSDUDWXUHQ N|QQHQ HUKHEOLFKH *HIDKUHQ IU GHQ %HQXW]HU HQWVWHKHQ :HQGHQ 6LH VLFK LP 5HSDUDWXUIDOO DQ ,KUHQ )DFKKlQGOHU RGHU
/lVVW VLFK GLH 6WHXHUXQJ DXV LUJHQG HLQHP *UXQG RGHU 'HIHNW LP HLQJHVFKDOWHWHP =X VWDQG QLFKW PHKU EHGLHQHQ VR PXVV HLQ YRU KDQGHQHU +DXSWVFKDOWHU DXVJHVFKDOWHW RGHU GLH HQWVSUHFKHQGH 6LFKHUXQJ KHUDXVJH VFKUDXEW XQG GHU .XQGHQGLHQVW EHQDFKULFKWLJW ZHUGHQ 6723 %HLP $XIWUHWHQ YRQ 6SUQJHQ RGHU %UFKHQ LQ GHU *ODVNHUDPLN LVW GDV .RFKIHOG VRIRUW DXV ]XVFKDOWHQ XQG YRP 1HW] ]X WUHQQHQ 6FKDOWHQ 6LH GDIU GLH 6LFKHUXQJ DXV RGHU ]LHKHQ GHQ 1HW]VWHFNHU XQG EHQDFKULFKWLJHQ GHQ .
$XVSDFNHQ XQG .
)LJ 572 502 ,QVWDOODWLRQ $UEHLWVSODWWH QDFK YRUJHVFKULHEHQHP $XVVFKQLWW PDVV )LJ DXVVFKQHLGHQ *HQDX $QULVVOLQLH VlJHQ 47 'DV *HUlW HQWVSULFKW EH]JOLFK GHV 6FKXW]HV JH JHQ )HXHUJHIDKU GHP 7\S < ,(& 1XU *H UlWH GLHVHV 7\SV GUIHQ HLQVHLWLJ DQ QHEHQVWH KHQGH +RFKVFKUlQNH RGHU :lQGH HLQJHEDXW ZHUGHQ (60 0) (26 A 7) 22 3 A 3 %HIHVWLJXQJ QDFK )LJ =XP $QVFKUDXEHQ GHU 6FKQDSSIHGHUQ PXVV GLH 3RVLWLRQ $ )LJ JHZlKOW ZHUGHQ 490 0.5 5 12 A (26 7) 5 12 1 0.
(OHNWULVFKHU $QVFKOXVV )LJ 9RU GHP $QVFKOXVV LVW ]X SUIHQ RE GLH DQJHJHEHQH 6SDQQXQJ DXI GHP 7\SHQVFKLOG DOVR GLH 1HQQVSDQ QXQJ GHV *HUlWHV PLW GHU YRUKDQGHQHQ 1HW]VSDQ QXQJ EHUHLQVWLPPW 'DV 7\SHQVFKLOG EHILQGHW VLFK DXI GHU XQWHUHQ 9HUNOHLGXQJ GHV *ODVNHUDPLNNRFKIHO GHV 'HU 1HW]DQVFKOXVV GHV *ODVNHUDPLNNRFKIHOGHV KDW PLW GHP YRUKDQGHQHQ $QVFKOXNDEHO XQG HQWVSUH FKHQG GHP $QVFKOXVFKHPD )LJ ]X HUIROJHQ XQG LVW VR DXV]XIKUHQ GDVV HLQH DOOSROLJH 7UHQQP|JOLFK NHLW PLW HLQHU .
*DUDQWLHEHGLQJXQJHQ )U GLHVHV *HUlW OHLVWHQ ZLU ]XVlW]OLFK ]X GHU JHVHW] OLFKHQ *HZlKUOHLVWXQJ GHV +lQGOHUV DXV .
.XQGHQGLHQVW XQG 6HUYLFHVWHOOHQ 6HKU JHHKUWH .XQGLQ VHKU JHHKUWHU .
HLQH 0DUNH GHU (OHFWUROX[ =DQXVVL +DXVJHU WH *PE+ 5HQQEDKQVWUDH ' )UDQNIXUW 7HOHIRQ r )D[ r
