5 8QLYHUVDO 6FKZHQNERKUHU =XVDW]JHUlW IU 6LWHZRUN 6\VWHPH 0RGHOOQU GDUEHU %HGLHQXQJVDQOHLWXQJ *HUPDQ '
,QKDOW (LQOHLWXQJ 6LFKHUKHLW 6LFKHUKHLWVSODNHWWHQ 7HFKQLVFKH 'DWHQ 6WDELOLWlWVZHUWH 0RQWDJH (LQ]HOWHLOH =XEHK|U
6LFKHUKHLW *()$+5 )HKOHUKDIWH %HGLHQXQJ RGHU :DUWXQJ GXUFK GHQ $QZHQGHU RGHU %HVLW]HU N|QQHQ ]X 9HUOHW]XQJHQ IKUHQ 'LHVH 6LFKHUKHLWVKLQZHLVH XQG GLH +LQZHLVH LQ GHU %HGLHQXQJVDQOHLWXQJ GHU =XJPDVFKLQH VROOHQ GDEHL KHOIHQ GDV 9HUOHW]XQJVULVLNR ]X UHGX]LHUHQ $FKWHQ 6LH LPPHU DXI GDV :DUQV\PERO (V EHGHXWHW 9256,&+7 :$5181* RGHU *()$+5 ³ 6LFKHUKHLWVKLQZHLV :HQQ GHU +LQZHLV QLFKW EHDFKWHW ZLUG NDQQ HV ]X 9HUOHW]XQJHQ RGHU 7RG NRPPHQ 327(17,(//( *()$+5 %HL ]X VWDUNHP 'UXFN NDQQ GHU %RKUHU XQNRQWURO
6LFKHUKHLWVSODNHWWHQ $EELOGXQJ :DUQV\PERO ([SORVLRQVJHIDKU %HGLHQXQJVDQOHLWXQJ 6WURPVFKODJJHIDKU OHVHQ 1LFKW LQ %HUHLFKHQ *HIDKU IU GHQ JDQ]HQ XQWHULUGLVFKHU *DV RGHU .|USHU 6WURPOHLWXQJHQ JUDEHQ 9RQ URWLHUHQGHQ :HOOHQ XQG 6SLQGHOQ IHUQEOHLEHQ 7HFKQLVFKH 'DWHQ +LQZHLV 7HFKQLVFKH 'DWHQ XQG .
6WDELOLWlWVZHUWH $QKDQG GHU QDFKVWHKHQGHQ 'LDJUDPPH NDQQ GHU 1HLJXQJVJUDG GHV +DQJV HUPLWWHOW ZHUGHQ GHU PLW HLQHU =XJPDVFKLQH PLW LQVWDOOLHUWHP %RKUHU EHIDKUHQ ZHUGHQ NDQQ )U GLH 6WDELOLWlWVZHUWH XQG +DQJSRVLWLRQHQ LQ GHQ 'LDJUDPPHQ VLQG LP $EVFKQLWW ´6WDELOLWlWVDQJDEHQµ LQ GHU %HGLHQXQJVDQOHLWXQJ GHU =XJPDVFKLQH GLH HQWVSUHFKHQGHQ 1HLJXQJVJUDGH DXIJHIKUW +LQZHLV 'HU %RKUHUDQWULHEVNRSI PLW HLQHP %RKUHU XQWHU FP µ LVW IU GLH 9HUZHQGXQJ RKQH *HJHQJHZLFKW YRUJHVHKHQ :HQQ GDV *HJHQJHZLFKW YHUZHQGH
0RQWDJH (LQ]HOWHLOH =XEHK|U %(=(,&+181* 67 %RKUHUDQWULHEVNRSI %RKUHU VHSDUDW HUKlOWOLFK 6FKUDXEH FP µ [ µ 0XWWHU µ 6FKUDXEH FP µ [ µ 0XWWHU µ %RKUHUYHUOlQJHUXQJHQ VHSDUDW HUKlOWOLFK 9(5:(1'81*6=:(&.
'LH $EGHFNXQJHQ DQHLQDQGHU EHIHVWLJHQ GDPLW VLH ZlKUHQG GHV %HWULHEV QLFKW YHUVFKPXW]W ZHUGHQ 'LH 0DQVFKHWWHQ DQ GHQ +\GUDXOLNNXSSOXQJHQ ]XUFNVFKLHEHQ XQG GLH .XSSOXQJHQ GHV =XVDW]JHUlWV DQ GHQ .
'HQ %RKUHUDQWULHEVNRSI PLW GHU +DQG QDFK REHQ GUHKHQ XQG ]ZHL FP µ [ µ 6FKUDXEHQ GXUFK GLH /|FKHU LP OLQNHQ XQG UHFKWHQ *HVWHOODUP VWHFNHQ $EE P $EELOGXQJ $QWULHEVNRSI %RKUHUZHOOH 'HQ 0RWRU DEVWHOOHQ P 'HQ %RKUHU PLW FP µ [ µ 6FKUDXEH XQG µ 0XWWHU DP $QWULHEVNRSI EHIHVWLJHQ $EE $EELOGXQJ $QWULHEVNRSI UHFKWH 6HLWHQDQVLFKW 6FKUDXEHQ FP µ [ µ XQG 'LH 6FKUDXEHQ XQG 0XWWH
'HQ =XVDW]JHUlWH +\GUDXOLNKHEHO QDFK YRUQH KLQWHQ XQG ]XUFN DXI 1HXWUDOVWHOOXQJ VFKLHEHQ XP GHQ 'UXFN DQ GHQ +\GUDXOLNNXSSOXQJHQ DE]XODVVHQ 'LH 0DQVFKHWWHQ ]XUFN DXI GLH +\GUDXOLNNXSSOXQJHQ VFKLHEHQ XQG GLH .XSSOXQJHQ O|VHQ :,&+7,* 'LH 9HUELQGXQJVVFKOlXFKH PLWHLQDQGHU YHUELQGHQ XP ]X YHUPHLGHQ GD GDV +\GUDXOLNV\VWHP ZlKUHQG GHU /DJHUXQJ YHUVFKPXW]W ZLUG 'LH 6FKXW]DEGHFNXQJHQ DQ GHQ +\GUDXOLNNXSSOXQJHQ DQ GHU =XJPDVFKLQH DQEULQJHQ 'HQ 0RWRU VWDUWHQ GLH 0RQWDJHSODWWH QDFK YRUQH NLSSHQ
:HQQ GHU %RKUHU YROOHU (UGH LVW GHQ %RKUHUDQWULHE DXVNXSSHOQ XQG GHQ %RKUHU DXV GHP /RFK ]LHKHQ 'HQ %RKUHUDQWULHE HLQNXSSHOQ XP GLH (UGH DE]XVFKWWHOQ 'DQQ PLW GHP %RKUHQ IRUWIDKUHQ +LQZHLV 6FKQHOOHV 8PVFKDOWHQ YRQ 9RUZlUWV DXI 5FNZlUWVGUHKXQJ KLOIW GLH (UGH EHVVHU DE]XVFKWWHOQ P $EELOGXQJ :DUWXQJ :DUWXQJVLQWHUYDOOH :DUWXQJVWlWLJNHLW %RKUHU]lKQH XQWHUVXFKHQ %HL MHGHP :DUWXQJ EHL (LQVDW] 6WG 6WG 6WG /DJHUXQJ ; ; 3ODQHWHQJHWULHEH|O NRQWUROOLHUHQ 1RWL]HQ $XVWDX
'HQ $QWULHEVNRSI VR EHU HLQHU gOZDQQH DEVWW]HQ GD VLFK GLH gODEODVFKUDXEH $EE DQ GHU 8QWHUVHLWH GHV $QWULHEVNRSIV EHILQGHW XQG DXI GLH gOZDQQH JHULFKWHW LVW 'LH gODEODVFKUDXEH HQWIHUQHQ XP GDV gO DE]XODVVHQ :HQQ GDV gO YROOVWlQGLJ DEJHODXIHQ LVW GHQ $QWULHEVNRSI VR GUHKHQ GD VLFK GLH gODEOD|IIQXQJ REHQ DP $QWULHEVNRSI EHILQGHW XQG QDFK REHQ JHULFKWHW LVW 3LQWV HLQHV PLOGHQ +RFKGUXFNVFKPLHU|OV $3, */ 1XPPHU RGHU HLQIOOHQ 'LH $EODVFKUDXEH ZLHGHU DQEULQJ