Das Desiderat der „angewandten oder empirischen Metaphysik“ – von der ANT zu Netzwerken sich selbst konditionierender Reflexionen?
June 16, 2017 | Author: Werner Vogd |
Category:
Sociology
Description
'DV'HVLGHUDWGHUÄDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN³ ±YRQGHU$17]X1HW]ZHUNHQVLFKVHOEVWNRQGLWLRQLHUHQGHU 5HIOH[LRQHQ" 9RQ7LOO-DQVHQXQG:HUQHU9RJG =XVDPPHQIDVVXQJ %UXQR /DWRXU IRUGHUW ]X UHFKW IU GLH 6R]LRORJLH HLQH ÄHPSLULVFKH³ E]Z ÄDQJHZDQGWH 0HWDSK\VLN³ XP GDV 9HUKlOWQLV YRQ SKLORVRSKLVFKHU E]Z PHWDWKHRUHWLVFKHU %H JUQGXQJXQGVR]LDOHU3UD[LVYRP.RSIDXIGLH)HVWHOOHQ]XN|QQHQ$OOHUGLQJVIHKOWLKPHLQH PHWDWKHRUHWLVFKH.RQ]HSWLRQPLWWHOVGHUVLFKGLH5HIOH[LRQVYHUKlOWQLVVHHLQHUHPSLULVFKHQ0HWD SK\VLNNRQ]HSWLRQDOLVLHUHQXQGUHNRQVWUXLHUHQODVVHQ0LWGHP9RUOLHJHQGHQZLUGLP5HNXUVDXI *RWWKDUG*QWKHUV5HIOH[LRQVORJLNHLQH3HUVSHNWLYHDXIJH]HLJWXQWHUGHUVLFKGDV/DWRXUVFKH'H VLGHUDWDXIJUHLIHQOlVVW$XIGLHVH:HLVHHU|IIQHWVLFKGHU:HJ]XHLQHUHPSLULVFKHQ)RUVFKXQJ GLHLQ+LQEOLFNDXIJHVHOOVFKDIWVXQGGLIIHUHQ]LHUXQJVWKHRUHWLVFKH,PSOLNDWLRQHQZHGHUEOLQGLVW QRFKHVVHQWLDOLVLHUHQGGLHHLJHQH%HJULIIVELOGXQJPLWGHU/RJLNGHU3UD[LVYHUZHFKVHOQOlVVW
(LQOHLWXQJ 6R]LRORJLVFKH7KHRULHXQGTXDOLWDWLYHHPSLULVFKH)RUVFKXQJILQGHQQLFKWOHLFKW]XHLQDQGHU ZREHLGLH3UREOHPODJHQXQWHUVFKLHGOLFKVLQGDEKlQJLJGDYRQREPDQVLFKYRQGHU7KHRULH NRPPHQGGHU(PSLULHQlKHUWRGHUXPJHNHKUW'LH%HZHJXQJYRQGHU7KHRULH]XU(PSLULH QHLJWGD]XVLFKLQGHQYRQLKUVHOEVWJHVFKDIIHQHQ%HJULIIOLFKNHLWHQXQG.RQ]HSWHQ]XYHU IDQJHQXQGGLHVHPLWGHU5HDOLWlW]XYHUZHFKVHOQ.RQ]HSWHXQG$XVJDQJVSXQNWHGLHDXV IRUVFKXQJVSUDNWLVFKHU6LFKW]XQlFKVWQW]OLFKHUVFKHLQHQZHUGHQHWZDHVVHQWLDOLVLHUWLQGHP GHU.RQWH[WYHUJHVVHQZLUGGHPVLFKGLH$XVJDQJVXQWHUVFKHLGXQJHQXQGGLHKLHUDXVDEJH OHLWHWHQ WKHRUHWLVFKHQ %HJULIIH YHUGDQNHQ (PSLULVFKH 'DWHQ XQG 3URWRNROOH ZHUGHQ GDQQ QXUQRFKVXEVXPSWLRQVORJLVFKGHP%DXNDVWHQV\VWHPGHVEHUJUHLIHQGHQWKHRUHWLVFKHQ5DK PHQVXQWHUJHRUGQHWHWZD-DFNVRQ0D]]HLYJODXFK.HOOHU 'LH7KHRULHEHU VLHKWZHQQPDQVRP|FKWHGLH(PSLULH 'LH HPSLULVFKH )RUVFKXQJ KLQJHJHQ QHLJW GD]X LKUH HLJHQH 0HWDWKHRULH ]X EHUVHKHQ 1DVVHKL6DDNH :lKUHQGLP([WUHPIDOOJDUNHLQH0HWDWKHRULHIRUPXOLHUWZLUGXQG GLH(UJHEQLVVHGHU)RUVFKXQJDOVUHLQHJURXQGHGWKHRU\HUVFKHLQHQ*ODVHU6WUDXVV WHQGLHUHQGLHPHLVWHQ9HUIDKUHQGD]XGHQ(LQIOXVVGHUHLJHQHQ0HWDWKHRULHDXIGLH(UJHE QLVVH ]X YHUQDFKOlVVLJHQ %HLVSLHOVZHLVH EHWUHLEW PDQ LQ )ROJH HLQHV HVVHQWLDOLVWLVFKHQ 6HOEVWPLVVYHUVWlQGQLVVHV HLQH %LRJUDILHIRUVFKXQJ RKQH HLQ %HZXVVWVHLQ GDIU ]X HQWZL FNHOQGDVVQLFKWMHGHU0HQVFKLQMHGHU6LWXDWLRQHLQH%LRJUDILHLP6LQQHGHVZHVWOLFKHQ,Q GLYLGXDOLVPXVEUDXFKWXQGKHUYRUEULQJW.QRUU&HWLQD ,QJOHLFKHP6LQQHRQWROR JLVLHUW PDQ .RQ]HSWH ZLH Ã+DQGOXQJµ XQG Ã6XEMHNWµ ZREHL PDQ GHQ 8PVWDQG EHUJHKW GDVV GLHVH .RQ]HSWH VHOEVW HUVW LQ VR]LDO XQG NXOWXUHOO IRUPDWLHUWHQ =XUHFKQXQJVSUR]HVVHQ HQWVWHKHQRGHUPDQYHUZHQGHW.DWHJRULHQJHVHOOVFKDIWOLFKHUXQGIXQNWLRQDOHU'LIIHUHQ]LH UXQJXQGYHUJLVVWGDQQPHKUXQGPHKUGDVVGLHVH.DWHJRULHQHUVWDXVEHVWLPPWHQ3UD[HQ
$XFKZHQQLQGHQOHW]WHQ-DKUHQYHUPHKUW9HUVXFKHIRUPXOLHUWZRUGHQVLQGKLHUZLHGHU]XHLQHP UHIOH[LYHQ:HFKVHOVSLHO]XJHODQJHQVLHKHHWZD.DOWKRIIHWDO/LQGHPDQQ9RJG EOHLEWGLHVHU%HIXQGJOWLJ 6R3RSSHUV.ULWLNDP(VVHQWLDOLVPXVI 6R]LDOH:HOW 6±
7LOO-DQVHQXQG:HUQHU9RJG
HUZDFKVHQ:LHDXFKLPPHUGLHPHWDWKHRUHWLVFKHQ5HIHUHQ]HQJHODJHUWVLQG±ZLUWUHIIHQ DXI6XEMHNWH2EMHNWH,QWHUDNWLRQHQ+DQGHOQGH6\VWHPHJHVHOOVFKDIWOLFKH)XQNWLRQVV\VWH PH RGHU DQGHUH .RQVWUXNWH GLH DOV OHW]WHU +DOW GHU 5HIOH[LRQ PLWJHIKUW ZHUGHQ RKQH ]X EHUFNVLFKWLJHQGDVVHVGLH3UD[LVLVWGLHVROFKH±XQGGDPLWLPPHUDXFKP|JOLFKHDQGHUH ± 5HIOH[LRQVOHLVWXQJHQ KHUYRUEULQJW XQG HQWVSUHFKHQG DXFK ZLHGHU XQWHUODXIHQ NDQQ 'LH EOLFKHQ )RUPHQ 6R]LDOIRUVFKXQJ WKHRUHWLVFK ]X IXQGLHUHQ EOHLEHQ GHPHQWVSUHFKHQG EHL HLQHPÃKDOELHUWHQ.RQVWUXNWLYLVPXVµVWHKHQ:RROJDU3DZOXFK XQGIKUHQRQWRORJL VFKH $QQDKPHQ LQ %H]XJ DXI GLH YHUZHQGHWHQ .DWHJRULHQ HLQ VHLHQ VLH ÃUHDOLVWLVFKµ RGHU ÃLGHDOLVWLVFKµ ±XQGGLHVP|JOLFKHUZHLVHZLGHUEHVVHUHQ:LVVHQVXPLPZLVVHQVFKDIWOLFKHQ 'LVNXUVRSHUDWLRQVIlKLJ]XEOHLEHQ :LHOlVVWVLFKGLHVHYHUWUDFNWH/DJHUXQJPHWKRGRORJLVFKHLQKROHQ"'LHELVODQJUDGLNDOVWH $QWZRUW VWDPPW YRQ GHU $FWRU1HWZRUN7KHRU\ $17 GLH VLFK DXV GHQ VFLHQFH VWXGLHV HQWZLFNHOWH$QVWDWWKRFKJUDGLJWKHRUHWLVFKDQJHUHLFKHUWH0HWDWKHRULHQZLHGLHKLQWHUÃ6XE MHNWHQµRGHUÃ%LRJUDSKLHQµYRUDXV]XVHW]HQZLUGHVKLHUGHU(PSLULHEHUODVVHQZDV$NWHXU LVWXQGZDVQLFKWZHURGHUZDV0RUDOLWlWDXIZHLVWXQGZDVQXUUHLQHV'LQJLVW'DEHLYHU IlOOWGLH$17MHGRFKQLFKWHLQHPQDLYHQ(PSLULVPXVVRQGHUQYHUIJWPLWGHU,GHHGHV$N WHXU1HW]ZHUNVEHUHLQHDEVWUDNWH0LQLPDORQWRORJLHGLHVLFKVLWXDWLYHPSLULVFKIOOHQOlVVW ±HLQHVR]LRORJLVFKH,QIUDVSUDFKHZLUGHLQHUVR]LRORJLVFKHQ0HWDVSUDFKHDOV$OWHUQDWLYHJH JHQEHUJHVWHOOW/DWRXU 'DV3UREOHPZLUGDOVRJHO|VWLQGHPHLQH(PSLULHYRUGHP +LQWHUJUXQGHLQHU7KHRULHJHELOGHWZLUGGLH]ZDUHLQDEVWUDNWHV.RRUGLQDWHQV\VWHPEHUHLW VWHOOWGDEHLMHGRFKDXIGLH%HVWLPPXQJYRQ*HJHQVWlQGHQZLHÃ%LRJUDSKLHµÃ6XEMHNWµRGHU Ã,QGLYLGXXPµYHU]LFKWHW 1LFKWVGHVWRWURW]ZLUNWGLH$17LQPHUNZUGLJHU:HLVHXQIHUWLJ6RYHUKDUUHQGLH$QDO\ VHQKlXILJDXIHLQHUGHVNULSWLYHQ(EHQHXQGGLH,QWHUSUHWDWLRQVFKHLQWLQYLHOHQ)lOOHQEHOLH ELJXQGZHQLJPHWKRGLVFKNRQWUROOLHUW'DV9RUKDEHQ$NWHXUKDIWLJNHLWVLWXDWLY]XEHVWLP PHQ VFKHLQW XQDXVJHUHLIW XQG KlXILJ DUELWUlU +RO]LQJHU (EHQVR VFKHLQW GLH $17 EOLQG ]X VHLQ IU XQWHUVFKLHGOLFKH 5HIOH[LRQVSRVLWLRQHQ GLH LKUHQ *UXQG LQ JHVHOOVFKDIWOL FKHU'LIIHUHQ]LHUXQJKDEHQ)DUtDV :LUP|FKWHQLP)ROJHQGHQGLH7KHVHHQWZLFNHOQXQGEHJUQGHQGDVVGDV*UXQGSUREOHP GHU$17LQHLQHU]XVSDUVDPHQ0HWDWKHRULHOLHJWGHUGDVWKHRUHWLVFKH+DQGZHUNV]HXJ]XU 8QWHUVFKHLGXQJ YRQ $NWHXUHQ XQG 'LQJHQ IHKOW +LHUPLW HLQKHUJHKHQG P|FKWHQ ZLU HLQHQ 9RUVFKODJXQWHUEUHLWHQGHUHLQHGLIIHUHQ]LHUWHUH,QIUDVSUDFKHEHUHLWVWHOOWYJODXFK-DQVHQ -DQVHQYRQ6FKOLSSH9RJG-DQVHQ9RJG9RJGD ,P$QVFKOXVV DQ*RWWKDUG*QWKHUDE XQG:DOWKHU%KO P|FKWHQZLUHLQH0H WDWKHRULH ]XU 'LVNXVVLRQ VWHOOHQ GLH NODU ]ZLVFKHQ 5HIOHNWLHUWHP XQG 5HIOHNWLHUHQGHP ]X XQWHUVFKHLGHQ YHUPDJ XQG GLH DXI GLHVH :HLVH VRZRKO ]ZLVFKHQ XQWHUVFKLHGOLFKHQ JHVHOO
6LHKHDXVGLHVHU3HUVSHNWLYHDXFKGLH.ULWLNDQHLQHUIDOVFKYHUVWDQGHQHQ'LIIHUHQ]LHUXQJVWKHRULHEHL 0QFK XQG.QRUU&HWLQD ,QWHUHVVDQWLVWGLH$QWZRUWYRQ1DVVHKLDXIGHQLQ.QRUU &HWLQD JHlXHUWHQ9RUZXUIDQGLH6\VWHPWKHRULHGHQQKLHUZLUGHLQHSRO\NRQWH[WXUDOH3HU VSHNWLYH HLQJHIRUGHUW GLH ]XJOHLFK 'LIIHUHQ]LHUXQJ ZLH (QWGLIIHUHQ]LHUXQJ GHQNHQ NDQQ ÄÃ'D .RPPXQLNDWLRQLQQHUKDOEZLVVHQVFKDIWOLFKHU([SHULPHQWHGXUFKHLQHDXVVFKOLHOLFKHRGHUDXFKQXU YRUZLHJHQGH&RGLHUXQJGHU:DKUKHLWVVHPDQWLNYHUPLWWHOWVHLQVROOLVWHPSLULVFKQLFKWUHNRQVWUXLHU EDUµ.QRUU&HWLQD +LHUKDWVLH5HFKWXQG8QUHFKW]XJOHLFK±VHOEVWYHUVWlQGOLFKLVWGLHV QLFKWUHNRQVWUXLHUEDUVFKRQZHLOZLVVHQVFKDIWOLFKH([SHULPHQWHLQGHU7DW3UDNWLNHQLQ2UJDQLVDWLR QHQVLQGLQGHQ+DQGOXQJHQ.RPPXQLNDWLRQHQJDQ]XQWHUVFKLHGOLFKHU1DWXUVWDWWILQGHQ±UHFKWOL FKH SROLWLVFKH LQWLPH NDUULHUHWHFKQLVFKH XVZ $EHU GDVV PDQ GDV UHNRQVWUXLHUHQ NDQQ VHW]W GRFK YRUDXVGDVVHVRIIHQVLFKWOLFKXQWHUVFKLHGOLFKH/RJLNHQVLQGGLHKLHUDXIHLQDQGHUWUHIIHQ³1DVVHKL 6RGDQQDXFK*ODVHUGHU]XHLQHU¾UHDOLVWLVFKHQ½(SLVWHPRORJLH]XUFNNHKUW
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
VFKDIWOLFKHQ5HIOH[LRQVSRVLWLRQHQGLIIHUHQ]LHUHQNDQQDOVDXFKLQGHU/DJHLVW$NWHXUHNODU YRQ2EMHNWHQ]XXQWHUVFKHLGHQ
'LH$17XQGGDV'HVLGHUDWHLQHUHPSLULVFKHQ0HWDSK\VLN ,QVEHVRQGHUH YRQ GHU (WKQRPHWKRGRORJLH KDEHQ ZLU JHOHUQW GDVV HV IUXFKWEDU VHLQ NDQQ GDV 3UREOHP GHV 9HUVWHKHQV HLQ]XNODPPHUQ XQG VWDWWGHVVHQ GLH $XIPHUNVDPNHLW DXI GLH 8QWHUVXFKXQJ GHU $OOWDJVPHWKRGRORJLHQ ]X OHQNHQ ZHOFKH GDV 9HUVWHKHQ LP 6LQQH HLQHV Ã'RLQJ &XOWXUHµ KHUVWHOOHQ :LU JHODQJHQ DXI GLHVH :HLVH ]X HLQHU 3HUVSHNWLYH GLH QLFKW PHKUQDFKGHUOHW]WHQ%HGHXWXQJYRQ:RUWHQ]XIUDJHQDOVRGLH,QGH[LNDOLWlWGHU%HJULIIH QLFKWPHKUDXI]XNOlUHQEUDXFKWVRQGHUQN|QQHQGDJHJHQDXIDOOGLH3UD[HQVFKDXHQGLHHV JHVWDWWHQPLW6LWXDWLRQHQDXFKGDQQ]XUHFKW]XNRPPHQZHQQPDQVLHQLFKWZLUNOLFKYHUVWH KHQNDQQ 'LHVHQ$QVDW]UDGLNDOLVLHUWGLH$17LP$QVFKOXVVDQGLHVFLHQFHVWXGLHVLQGHPVLHGLH 3RVLWLRQHLQQLPPWQLFKWQXUGHQ$NWHXUHQLKUH'HXWXQJVKRKHLW]XEHUODVVHQVRQGHUQDXFK GLHHSLVWHPLVFKHXQGRQWRORJLVFKH%HVWLPPXQJYRQ(QWLWlWHQXQG$NWHXUHQLQGHU6FKZHEH ]XKDOWHQ:RUXPHVVLFKOHW]WHQGOLFKKDQGHOW]HLJWVLFKGDQQLQGHU(PSLULH6RDUEHLWHWGLH $17 PLW ÃHSLVWHPLVFKHQ 'LQJHQµ 5KHLQEHUJHU GLH VLFK GDGXUFK DXV]HLFKQHQ GDVV VLHLQ+LQEOLFNDXILKUHQRQWRORJLVFKHQ 6WDWXV QLFKW YROOVWlQGLJ GHILQLHUWVLQGVRQGHUQ JH ZLVVHUPDHQ GDUDXI ZDUWHQ LQ EHVWLPPWHQ .RQWH[WHQ PLW GLHVHU RGHU MHQHU &KDUDNWHULVWLN KHUYRU]XWUHWHQ(SLVWHPLVFKH'LQJHWUHWHQDOVRDOVVHPDQWLVFKH2SHUDWRUHQDXIPLWWHOVGHUHU VLFK VLWXDWLRQV VWDQGRUW XQG EHREDFKWXQJVDEKlQJLJ XQWHUVFKLHGOLFKH RQWRORJLVFKH 6WDWXV ]XZHLVHQ ODVVHQ XQG EHU GLH GHU 3UR]HVV GHPHQWVSUHFKHQG JOHLFKVDP PHWDSK\VLVFK RIIHQ JHKDOWHQZHUGHQNDQQ +LHUPLW HUVFKHLQW HV DOV HLQ YLHOYHUVSUHFKHQGHU *HGDQNH GDVV DXFK GLH 6R]LDOZLVVHQ VFKDIWHQLQLKUHU)RUVFKXQJVSUD[LVLQ+LQEOLFNDXILKUH*HJHQVWlQGHPLWXQGHILQLHUWHQHSLV WHPLVFKHQXQGRQWRORJLVFKHQ6WDWXVDUEHLWHQN|QQWHQ6LHEHNlPHQHVGDQQMHGRFKQLFKWQXU PLWÃHSLVWHPLVFKHQ2EMHNWHQµVRQGHUQDXFKPLWÃHSLVWHPLVFKHQ6XEMHNWHQµ]XWXQQlPOLFK PLW Ã+DQGHOQGHQµ Ã6\VWHPHQµ HWF GLH NRQWH[W XQG VLWXDWLRQVDEKlQJLJ DXVIODJJHQ RGHU HEHQDXFKQLFKW 'HU$QVDW]GHQ/DWRXULQGLHVHP.RQWH[WYRUVFKOlJWEHVWHKWGDULQKRPRORJ]XU0HWKR GRORJLVLHUXQJGHU9HUVWHKHQVOHLVWXQJLQGHU(WKQRPHWKRGRORJLH:LHZLUG9HUVWHKHQKHUJH VWHOOW" HLQHQHEHQVRIOXLGHXQGG\QDPLVFKJHVWDOWHWHQ3UR]HVVGHV¾(WKQRWKHRUHWLVLHUHQV½IU GLH3UD[LV]XSRVWXOLHUHQ*HPHLQWLVWKLHUPLWHLQHPHWKRGRORJLVFKH+DOWXQJHLQ]XQHKPHQ HQWVSUHFKHQGGHU6SUHFKHU$NWHXUH3V\FKHQ.RPPXQLNDWLRQHQ6\VWHPHHWFLQDOOGLHVH %HJULIIHIOLHWVHOEVWUHGHQGDXFKVFKRQ7KHRULHHLQ EHVWlQGLJGDUDQDUEHLWHQ5HIOH[LRQHQ DOV3UD[HQDXV]XIODJJHQGLHDOVÄIXQJLHUHQGH2QWRORJLHQ³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±LQVRIHUQGLHVH3UD[HQUHIOH[LYZHUGHQ±YRQ3KLORVRSKLHXQG(SLVWHPRORJLH 'LH )UDJH QDFK GHU 5LFKWLJNHLW YRQ HSLVWHPLVFKHQ +DOWXQJHQ XQG RQWRORJLVFKHQ 3RVL WLRQHQDOVRQDFKGHU*HOWXQJGHULQGHUMHZHLOLJHQ(WKQRWKHRULH]XP$XVGUXFNNRPPHQGHQ PHWDSK\VLVFKHQ+DOWXQJLVWKLHUPLWPHWKRGRORJLVFKHLQ]XNODPPHUQ6LHLVWQLFKWPHKUYRQ 6LHKHHWZD*DUILQNHO6DFNV
7LOO-DQVHQXQG:HUQHU9RJG
DXHQGXUFK7KHRULHRGHU5HIOH[LRQ]XHQWVFKHLGHQVRQGHUQHUJLEWVLFKDOOHLQGXUFKGDVLQ GHU (PSLULH HQWIDOWHWH $UUDQJHPHQW 9RU GLHVHP +LQWHUJUXQG VWHOOW VLFK IU GHQ 6R]LDOIRU VFKHUPLW/DWRXUGLHIRUVFKXQJVSUDNWLVFKH)UDJHÄZLHPDQGLHGHQ$NWHXUHQHLJHQH0HWD SK\VLN HUNXQGHQ NDQQ³ E]Z ZLH VLFK HLQH ÄDQJHZDQGWH RGHU HPSLULVFKH 0HWDSK\VLN³ EH WUHLEHQOlVVW/DWRXU EHUGLHVLFKGLH9HUNHWWXQJHQSUDJPDWLVFKIXQNWLRQLHUHQGHU 5HIOH[LRQV XQG .RQVWUXNWLRQVOHLVWXQJHQ UHNRQVWUXLHUHQ ODVVHQ 6R]LDOIRUVFKXQJ GDUI XQG NDQQDXVGLHVHU3HUVSHNWLYHDOVRQLFKWPHKURKQH(UNHQQWQLVWKHRULHXQG2QWRORJLHJHGDFKW ZHUGHQ 'DVEHGHXWHWDOOHUGLQJV±XQGGLHVHUVFKHLQWDXVGHU6LFKWGHVNODVVLVFKHQZLVVHQVFKDIWV WKHRUHWLVFKHQ9HUVWlQGQLVVHVDOVHLQH]XQlFKVWYHUVW|UHQGH.RQVHTXHQ]±GDVVHVNHLQH3R VLWLRQPHKUJHEHQNDQQVR]XVDJHQHLQHQ*RWWHV$XJHQ6WDQGSXQNW YRQGHUDXVHSLVWHPL VFKHXQGRQWRORJLVFKH5LFKWLJNHLWEHDQVSUXFKWZHUGHQNDQQ9LHOPHKU]HLJWVLFKHPSLULVFK ZHOFKHQHSLVWHPLVFKHQXQGRQWRORJLVFKHQ)LJXUHQGLH9HUKlOWQLVVHLQLKUHQ.RQVWUXNWLRQV OHLVWXQJHQ IROJHQ 0LW /DWRXU NHKUW VLFK GDPLW GDV 9HUKlOWQLV YRQ 7KHRULH XQG 3UD[LV XP GHQQLKP]XIROJHEHLQKDOWHQGLHDOOWlJOLFKHQ3UD[HQVHOEVWEHUHLWVDOOGLH5HIOH[LRQVOHLVWXQ JHQZHOFKHGLHSKLORVRSKLVFKH7UDGLWLRQLP5DKPHQLKUHU'HQNJHVFKLFKWHDOVLGHDOW\SLVFKH 5HIOH[LRQVIRUPHQKHUDXVJHDUEHLWHWKDW Ä:LHN|QQWHQ)HOGIRUVFKHUHLQHU+DXVIUDXHLQHP%XFKKDOWHUHLQHP3LOJHUHLQHP.ULPL QHOOHQHLQHU6RSUDQVlQJHULQ]XK|UHQXQGGHPIROJHQZDVGLHVH]XVDJHQKDEHQKlWWHQVLH QLFKW+HJHO$ULVWRWHOHV'HZH\RGHU:KLWHKHDGXPLKQHQ]XKHOIHQ"+DEHQGLHVH$XWRUHQ QLFKWYLHOQW]OLFKH$UEHLWJHOHLVWHWXP]XNOlUHQZDVHLQ$NWHXUHLQH([LVWHQ]IRUPHLQH (QWLWlWVHLQNDQQ"'DVEHGHXWHWQLFKWGD3KLORVRSKHQHVEHVVHUZWHQWLHIHUHLQGUlQJHQ IXQGDPHQWDOHU ZlUHQ DOV 6R]LDOZLVVHQVFKDIWOHU QRFK EHGHXWHW HV GD VLH GHU 6R]LRORJLH HLQHÃ*UXQGODJHµOLHIHUWHQRGHUHLQHÃ0HWDWKHRULHµEHUHLWVWHOOWHQ$EHUZHQQPDQGLH6R]LDO ZLVVHQVFKDIWHQYRQGHQ5HVHUYRLUVSKLORVRSKLVFKHU,QQRYDWLRQHQDEVFKQHLGHWGDQQLVWGDV HLQ VLFKHUHV 5H]HSW GDIU GD QLHPDQG MH GLH SKLORVRSKLVFKHQ ,QQRYDWLRQHQ JHZ|KQOLFKHU $NWHXUH EHPHUNHQ ZLUG GLH RIW EHU GLH SURIHVVLRQHOOHU 3KLORVRSKHQ KLQDXVJHKHQ 1RFK VFKOLPPHUZLUGHVZHQQGLH6R]LDOZLVVHQVFKDIWOHUVLFKQLFKWQXUGHU0HWDSK\VLNHQWKDOWHQ VRQGHUQ HV JHUDGH]X DOV LKUH 3IOLFKW EHWUDFKWHQ DXI HLQHU lXHUVW EHVFKUlQNWHQ /LVWH YRQ +DQGOXQJVWUlJHUQ]XEHVWHKHQXQGGLHXQHQGOLFKPDQQLJIDOWLJHQ3URGXNWLRQHQGHU$NWHXUH VWlQGLJLQGLHVHQUXGLPHQWlUHQ:RUWVFKDW]EHUVHW]WHQ$NWHXUHEHY|ONHUQGLH:HOWPLWVHKU XQWHUVFKLHGOLFKHQ([LVWHQ]IRUPHQZlKUHQGGLH6R]LRORJHQGHV6R]LDOHQLKQHQHUNOlUHQDXV ZHOFKHQ%DXVWHLQHQGLH:HOWÃZLUNOLFKµEHVWHKW³/DWRXU /DWRXU YHUZHLVW KLHU ]XQlFKVW DXI ]ZHL LQ +LQEOLFN DXI LKU (UNHQQWQLVSRWHQWLDO ZHQLJ IUXFKWEDUH :HJH ZLH 7KHRULH XQG (PSLULH LQQHUKDOE GHU 6R]LDOZLVVHQVFKDIWHQ ]XHLQDQGHU LQV9HUKlOWQLVJHVHW]WZHUGHQN|QQHQ'HUHLQHEHVWHKWGDULQGHPZDVPDQIUGHQ0HQ VFKHQKlOWVXEVXPSWLRQVORJLVFKHLQHEHVWLPPWH0HWDSK\VLN]XXQWHUVWHOOHQ3DUDGHEHLVSLHO KLHUIU LVW GHU PHWKRGRORJLVFKH ,QGLYLGXDOLVPXV 'HPQDFK GHILQLHUW PDQ ÃGHQ 0HQVFKHQµ PRGHOOWKHRUHWLVFKDOV]ZHFNUDWLRQDOHQ$NWHXUXPGDQQLQ+LQEOLFNDXIGLHLKPXQWHUVWHOOWH LQYDULDQWH3UlIHUHQ]VWUXNWXUHLQXQWHLOEDUHV,QGLYLGXXP]XSRVWXOLHUHQPLWGHPVLFKLQ)RU VFKXQJVSUR]HVVHQHUIROJUHLFKUHFKQHQOlVVW'LHVLVWDOOHUGLQJVQLFKWHUVWDXQOLFKGDVLFKDXV MHGHP 0RGHOO GDV DXI GHILQLHUWHQ 0RGHOOYDULDEOHQ EHUXKW K\SRWKHVHQWHVWHQGH 3UR]HGXUHQ DEOHLWHQODVVHQ*OHLFK]HLWLJZLUGLQGLHVHP$QVDW]GLHJDQ]H)OOHYRQ%H]LHKXQJHQDXVJH
%HZXVVWLVWKLHUGLH5HGHYRP0HQVFKHQMHGRFKQLFKWYRP0HQVFKHQDOVHLQHPEHVWLPPWHQVRQ GHUQLP6LQQHYRQ)RXFDXOWDOVHLQHUÄHPSLULVFKWUDQV]HQGHQWDOHQ'XEOHWWH³)RXFDXOW ZHOFKH QXU DOV HLQH XQVFKDUIH :RONH LQ HLQHP 5DXP SV\FKRORJLVFKHU VR]LRORJLVFKHU XQG ELRORJL VFKHU %HVWLPPXQJVYHUVXFKH GLH QLFKW ]X HLQHU (LQGHXWLJNHLW ILQGHQ N|QQHQ JHIDVVW ZHUGHQ NDQQ )RXFDXOWII 2GHUDQGHUVKHUXP'HU0HQVFKZRKQWQLFKWQXULQHLQHU2QWRORJLH
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
EOHQGHWZHOFKHPHQVFKOLFKHV9HUKDOWHQXQG(UOHEHQXQGGLHKLHUDXVHUZDFKVHQGHQ3UlIH UHQ]HQDXVPDFKWXQGNRQGLWLRQLHUW 'HU ]ZHLWH ,UUZHJ EHVWHKW GDULQ VLFK JUXQGVlW]OLFK DOOHU PHWDSK\VLVFKHU .DWHJRULHQ ]X HQWKDOWHQ$XIGHQHUVWHQ%OLFNPDJPDQKLHU]ZDUQlKHUDQGHQ3KlQRPHQHQ]XVHLQLQ GHP PDQ DXI HLQH YRUKHULJH =XULFKWXQJ GHU HUKREHQHQ 'DWHQ GXUFK PHWKRGRORJLVFKH XQG PHWDWKHRUHWLVFKH.DWHJRULHQYHU]LFKWHW'RFKGDPLWYHUJLVVWPDQGDVV0HQVFKHQLKUHUVHLWV RQWRORJLVFKHXQGHSLVWHPLVFKH+DOWXQJHQHLQQHKPHQGDVVPDQHVLQVR]LDOHQ3KlQRPHQHQ DOVRPLW6LQQXQG5HIOH[LRQ]XWXQEHNRPPWGDVV0HQVFKHQDOVRLKUHHLJHQHQ2QWRORJLHQ HUVFKDIIHQ ± ZREHL KLHU LP 3OXUDO ]X VSUHFKHQ LVW ± XQG GDVV ]XGHP GLH HLQJHQRPPHQHQ HSLVWHPLVFKHQRGHURQWRORJLVFKHQ+DOWXQJHQLQGHU3UD[LVQLFKWYRQ'DXHUVLQGVRQGHUQVL WXDWLYZHFKVHOQN|QQHQ(LQ$U]WGHUHLQHQ3DWLHQWHQYRQGHU1RWZHQGLJNHLWHLQHU7KHUDSLH EHU]HXJHQP|FKWHPDJLKPEHLVSLHOVZHLVH]XQlFKVWDOVHLQHPYHUVWlQGQLVIlKLJHQ6XEMHNW EHJHJQHQLKQHLQZHQLJVSlWHUDEHUVFKRQDOVSV\FKLDWULVFKHQ)DOOREMHNWLYLHUHQGDHUDXI JUXQGVHLQHU.UDQNKHLWQLFKW]XU7KHUDSLHHLQVLFKWIlKLJLVW -H QDFK 1HW]ZHUNNRQVWHOODWLRQ UHIOHNWLHUW GHU $NWHXU GXDOLVWLVFK PRQLVWLVFK PDWHULDOLV WLVFKLGHDOLVWLVFKWUDQV]HQGHQWDOGLDOHNWLVFKVLHKWVLFKDOV/HLE.|USHU*HLVWRGHU%H]LH KXQJVZHVHQHU]HXJWVLFKDOV'LIIHUHQ]]XVLFKVHOEVWRGHU]XDQGHUHQXQGGDVPDOLQVWUX PHQWHOO LQ +LQEOLFN DXI GLH 1XW]HQPD[LPLHUXQJ PDO NRPPXQLNDWLY RGHU JDU LQ +LQEOLFN DXIGLH)UDJHREGLHHLJHQH6HHOHPRUDOLVFK6FKDGHQQHKPHQN|QQWH(LQHULQV([WUHPJH WULHEHQHQ PHWDWKHRUHWLVFKHQ (QWKDOWVDPNHLW HQWJHKW DOVR GDVV 0HQVFKHQ LQ ÄIXQJLHUHQGHQ 2QWRORJLHQ³OHEHQ)XFKV GDVVVLHVRZRKO:HOWDOVDXFKVLFKVHOEVWHUNHQQHQXQG UHIOHNWLHUHQ 0DQ VLHKW PLW GLHVHU %ULOOH QXU GDVV GLH $NWHXUH WXQ ZDV VLH WXQ RKQH GLH 5HLFKZHLWHGHVVHQEHZHUWHQ]XN|QQHQ /DWRXUV$QOLHJHQGLH)UDJHQGHU0HWDSK\VLNLQGLHVR]LDOH3UD[LVUFN]XELQGHQLVWHEHQ VRULFKWLJZLHQRWZHQGLJ(VVWHOOWVLFKMHGRFKGLH)UDJHREGLHVHV3URMHNWDXI%DVLVVHLQHU .RQ]HSWLRQGHV$NWHXU1HW]ZHUNVLQPHWDWKHRUHWLVFKNRQVHTXHQWHU:HLVHXQGLQGHU)ROJH HEHQVRHPSLULVFKGXUFKJHIKUWZHUGHQNDQQ
(LQHPDVVLYH$XVZHLWXQJGHV$NWHXUVEHJULIIV (ULQQHUQZLUXQV]XQlFKVWDQGLH%HVRQGHUKHLWHQGHU$NWHXU1HW]ZHUN7KHRULH'DVZLUN OLFK(UVWDXQOLFKHDQGLHVHP$QVDW]LVWHLQHPDVVLYH$XVZHLWXQJGHV$NWHXUVEHJULIIVGLHPLW HLQHU JOHLFK]HLWLJHQ LQKDOWOLFKHQ (QWOHHUXQJ GHU %HJULIIH ÃDFWRUµ XQG ÃDJHQF\µ HLQKHUJHKW $NWHXUNDQQKLHUSULQ]LSLHOODOOHVVHLQDQJHIDQJHQEHLHLQ]HOQHQ0HQVFKHQELVKLQ]X0L NUREHQ /DWRXU &RPSXWHUQ /DWRXU *HVSHQVWHUQ XQG *|WWHUQ /DWRXU RGHU0lUNWHQXQG7UHQQZlQGHQ*DUFLD3DUSHW :DVJHQDXHLQ$NWHXULVWEOHLEWGD EHL MHGRFK XQEHVWLPPW $QGHUV DOV LQ DQGHUHQ $NWHXUWKHRULHQ ZLUG GHU %HJULII WKHRUHWLVFK QLFKWH[DQWHGHILQLHUWVRQGHUQNRPSOHWWLQGLH(PSLULH]XUFNJHZRUIHQÄ)RU$17DWKHR UHWLFDOVWDWHPHQWFRXOGQHYHUGHWHUPLQHWKHH[WHQWWRZKLFKQRQKXPDQVDFWDQGWKHQDWXUHRI WKLV DJHQF\ 7KLV LV DQG UHPDLQV GHILQLWLYHO\ VR IRU WKH SHUVSHFWLYH DQ HPSLULFDO TXHVWLRQ >+HUYRUKHEXQJHQLP2ULJLQDO@´6D\HV ,QHWKQRJUDSKLVFKHU7UDGLWLRQZLUGGLH$NWHXUKDIWLJNHLWYRQ0HQVFKHQRGHUQLFKWPHQVFK OLFKHQ 'LQJHQ HPSLULVFK DOV $VVHPEODJH UHNRQVWUXLHUW (LQ $NWHXU LVW KLHU QLFKW PHKU GLH (LQ]HOSHUVRQRGHUGDVHLQ]HOQH'LQJ DXIJUXQGVHLQHU(LJHQVFKDIWHQVHLQHU,QWHQWLRQDOLWlW 5DWLRQDOLWlWRGHUlKQOLFKHV6WDWWGHVVHQLVWDJHQF\VHOEVWGDV5HVXOWDWHLQHUEHVWLPPWHQ.RQ VWHOODWLRQ 6LH HQWVWHKW DOV 'HVLGHUDW HLQHU EHVWLPPWHQ HPSLULVFKHQ /DJHUXQJ ³7KLV LV LQ IDFWVXJJHVWHGE\WKHYHU\QRWLRQRIDQDFWRUQHWZRUNWKHDVVHPEOLQJWRJHWKHURIDQHWZRUN RI YDULDEOH RQWRORJLHV RI YDULDEOH WLPHV DQG RI YDULDEOH VSDFHV $Q\ DFWRU ± ZKLFK RI FRXUVHLQFOXGHVQRQKXPDQDFWRUV±LVVHHQDVQHFHVVDULO\DSDUWRIDPRUHRUOHVVVWUXFWXUHG
7LOO-DQVHQXQG:HUQHU9RJG
QHWZRUN´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|JH LVW VLH EOLQG IU JU|HUH JHVHOOVFKDIWOLFKH =XVDPPHQKlQJH )UDJHQ GHU %H]LHKXQJ XQWHU VFKLHGOLFKHULQVWLWXWLRQHOOHU/RJLNHQ)ULHGODQG$OIRUG VRZLH5HIHUHQ]HQDXI:HEHUV :HUWVSKlUHQXQG/XKPDQQV)XQNWLRQVV\VWHPHPVVHQGHVKDOEDXVJHEOHQGHWZHUGHQ)DUtDV :HQQ DOVR .QRUU&HWLQD GHU 6\VWHPWKHRULH YRUZLUIW GDVV GLHVH IU GLH *OHLFK]HLWLJNHLW XQWHUVFKLHGOLFKHU JHVHOOVFKDIWOLFKHU 5DWLRQDOLWlWHQ LQ 2UJDQLVDWLRQHQ EOLQG VHLZHLOVLHMHGH2UJDQLVDWLRQQXUXQWHUHLQH)XQNWLRQVORJLNVXEVXPPLHUHVROLHHVLFKKLHU HQWVSUHFKHQGDQPHUNHQGDVVGLH$17IUXQWHUVFKLHGOLFKH5DWLRQDOLWlWHQLQ2UJDQLVDWLRQHQ EOLQG LVW ZHLO VLH QLFKW EHU GLH 6LWXDWLRQ KLQDXVEOLFNHQ NDQQ 'LH %HGHXWXQJ GLH /DWRXU SKLORVRSKLVFKHQ7KHRULHQRGHUJHVHOOVFKDIWVWKHRUHWLVFKHQhEHUOHJXQJHQ]XPHVVHQNDQQEH VWHKWYRUGLHVHP+LQWHUJUXQGQXUQRFKLQGHUHQ)XQNWLRQDOV9HUJOHLFKVKRUL]RQW0DQVLHKW GDVVHLQH6LWXDWLRQHEHQJHQDXVRLVWZLHEHL+HJHOEHVSURFKHQRGHUGDVVHLQH+DQGOXQJZLH YRQ'HZH\NRQ]HSWLRQDOLVLHUWIXQNWLRQLHUW$QDORJN|QQWHPDQIHVWVWHOOHQGDVVVLFKGLH6L WXDWLRQQLFKWVRYHUKlOWZLHYRQ/XKPDQQDQJHQRPPHQRGHUYRQ:HEHUSRVWXOLHUWZXUGH 'DPLWVLHKWPDQJHZLVVHUPDHQGLH%HVRQGHUKHLWGLH$XVQDKPHRKQHMHGRFKZHLWHUJHKHQ GH,QWHUSUHWDWLRQHQDQVWHOOHQ]XN|QQHQ (LQ QRFK YLHO JUXQGOHJHQGHUHV 3UREOHP LVW HQJ PLW GLHVHP 3UREOHP YHUEXQGHQ /DWRXUV 0HWDWKHRULHHUODXEWHVQLFKW]ZLVFKHQHLQHP2EMHNWXQGHLQHP6XEMHNW]XXQWHUVFKHLGHQ 0LWGHP9HUVXFKHLQHHVVHQWLDOLVWLVFKH'HXWXQJGHV$NWHXUVEHJULIIV]XXPJHKHQVFKWWHW HUJOHLFKVDPGDV.LQGPLWGHP%DGHDXVGDDJHQF\EHLLKPQXUQRFKHLQH(LJHQVFKDIWHLQHU (QWLWlWLVW(LQ0HQVFKHLQ6LFKHUKHLWVJXUW*RWWKDEHQEHLLKPLQGHUVHOEHQ$UWDJHQF\ZLH HWZD%lXPHJUQVHLQN|QQHQRGHU.DW]HQZHLFKVLQG'LH$17±GLHGHVKDOEHEHQVRJXW $NWDQW5KL]RP2QWRORJLH KHLHQ N|QQWH /DWRXU ± VXEVXPLHUW DOVR GLH 2QWRORJLHQ GHUHLQ]HOQHQ$NWHXUHGHUEHUJUHLIHQGHQ2QWRORJLHGHVHLQHQ$NWHXU1HW]ZHUNVLQQHUKDOE GHVVHQGHUHLQ]HOQH$NWHXUQXUQRFKHLQ%DXVWHLQHLQEHOLHELJHV'LQJLVWEHUGHQGHUJUR H/HYLDWKDQGHV1HW]ZHUNVYHUIJW$OVORJLVFKH.RQVHTXHQ]GLHVHV$QVDW]HVPXVVXQNODU EOHLEHQZDQQHLQ$NWHXUHLQ$NWHXULVW+RO]LQJHUI GDEHUKDXSWNHLQHEUDXFK EDUHQ .ULWHULHQ YRUOLHJHQ QDFK GHQHQ 'LQJH XQG $NWHXUH OHW]WOLFK XQWHUVFKLHGHQ ZHUGHQ N|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|JOLFKZlUH'DUEHUKLQDXVEOHLEWHLQHKLHUGXUFKLQIRUPLHUWH$QDO\VHUHLQGHVNULS WLY $XIJUXQG GHU PDQJHOQGHQ .RQ]HSWXDOLVLHUXQJ XQWHUVFKLHGOLFKHU 5HIOH[LRQVSRVLWLRQHQ
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
NDQQ VLH QXU GLH HLQH 2QWRORJLH GHV MHZHLOLJHQ $NWHXU1HW]ZHUNV EHVFKUHLEHQ 'LH $17 UDVWHW VR]XVDJHQ LQ GHP QDLYHQ 5HDOLVPXV GHU HLQHQ 6LQQ:HOW HLQ XQG EHUVLHKW GDEHL VlPWOLFKH ZHLWHUHQ 3UR]HVVH GHU 6LQQVWLIWXQJ XQG IXQNWLRQDOHQ 'LIIHUHQ]LHUXQJ )DUtDV 2GHUXPHVVFKlUIHU]XIRUPXOLHUHQ'LH$17PXVVJHUDGHGHVKDOEGHP&RPPRQ 6HQVH GHV MHZHLOLJHQ )HOGHV DXIVLW]HQ ZHLO VLH DQ GLH REMHNWLYH 5HDOLWlW LKUHV 1HW]ZHUNV JODXEW 'DV EHUJUHLIHQGH 3UREOHP GHU $17 LVW DOVR PLWKLQ GHU 0DQJHO DQ HLQHU PHWDWKHRUHWL VFKHQ.RQ]HSWLRQGLHPLWHLQHU3OXUDOLWlWYRQ2QWRORJLHQXQGHSLVWHPLVFKHQ3HUVSHNWLYHQ LQQHUKDOEGHUHPSLULVFKHQ9HUKlOWQLVVHDUEHLWHQNDQQ2EZRKOGLH3OXUDOLWlWYRQ2QWRORJLHQ EHKDXSWHWZLUGNDQQGLH$17LQHWKQRPHWKRGRORJLVFKHU7UDGLWLRQQLFKWDQGHUVDOVLPPHU ZLHGHULQHLQHU2QWRORJLHHLQ]XUDVWHQLQGHUHLQ$NWHXU±RGHUHLQ$NWDQW±HEHQQLFKWVDQ GHUHVPHKULVWDOVHLQRQ±HLQ6HLHQGHVZLHHEHQDXFKHLQ%DXPRGHUHLQ6WUDXFK
*RWWKDUG*QWKHUV5HIOH[LRQVORJLN :LOOPDQVLFKHLQHUHPSLULVFKHQ0HWDSK\VLNQlKHUQGLHQLFKWYRQYRUQKHUHLQDXIHLQHRQWR ORJLVFKH 3HUVSHNWLYH IHVWJHOHJW LVW VR EHGDUI HV HLQHU 0HWDWKHRULH GLH V\VWHPDWLVFK ]ZL VFKHQYHUVFKLHGHQHQ2QWRORJLHQ]XXQWHUVFKHLGHQXQGGLHVHLQ%H]LHKXQJ]XVHW]HQYHUPDJ +LHUEHJLQQW*RWWKDUG*QWKHUPLWGHU.ULWLNDQGHUNODVVLVFKHQ]ZHLZHUWLJHQ/RJLN'LH NODVVLVFKH /RJLN VR *QWKHU II NHQQW JHZLVVHUPDHQ QXU HLQH 5HIOH[LRQVSHU VSHNWLYH GD VLH OHGLJOLFK GHQ 8QWHUVFKLHG ]ZLVFKHQ ÃZDKUµ XQG ÃIDOVFKµ NHQQW :HQQ HLQH EHVWLPPWH$XVVDJHZDKULVWGDQQJLOWLKUH:DKUKHLWIUDOOH6XEMHNWH:HLFKWHLQH$XVVDJH YRQ GLHVHU :DKUKHLW DE GDQQ LVW VLH QRWZHQGLJHUZHLVH IDOVFK ,Q GLHVHP 6LQQH ELHWHW GLH NODVVLVFKH/RJLNQXUGLH0|JOLFKNHLWHLQHUHLQ]LJHQIUDOOHGHQNEDUHQ6XEMHNWHLGHQWLVFK ]XEHJUHLIHQGHQ2QWRORJLHGLHGXUFKGDV3ULQ]LSÃ7HUWLXPQRQGDWXUµIHVWJHOHJWZLUG$E ZHLFKHQGH3HUVSHNWLYHQVLQGLQGLHVHU/RJLNQXUDOVZDKUH$XVVDJHQEHUDEZHLFKHQGH3HU VSHNWLYHQ]XEHJUHLIHQ'LHVHU$QQDKPHHQWVSULFKWGLHIRUPDOH8QWHUVFKHLGXQJYRQZDKUHQ S XQGXQZDKUHQ¤S $XVVDJHQ'LH0HQJHGHUZDKUHQ$XVVDJHQVWHOOWGLHÃZDKUH2QWR ORJLHµ GDU ZlKUHQG DOOH DEZHLFKHQGHQ $XVVDJHQ GLH ZHLWHUKLQ LP %HUHLFK GHU 5HIOH[LRQ DXIWUHWHQQRWZHQGLJHUZHLVHÃIDOVFKµVLQG(VJLEWDOVRHLQHZDKUH2QWRORJLHXQGHLQH8Q PHQJHIDOVFKHU5HIOH[LRQHQ'DV6HLQKDWGHPHQWVSUHFKHQG9RUUDQJYRUGHP'HQNHQ*Q WKHUI 8PGLHVH3HUVSHNWLYH]XWUDQV]HQGLHUHQVFKOlJW*QWKHUYRUGDV9HUKlOWQLVYRQ1HJDWL RQ XQG *HJHQVWDQG XP]XGUHKHQ XQG GLH 1HJDWLRQ ]XQlFKVW DOV HLQH 5HIOH[LRQ ]X IDVVHQ +LHUIROJWHU+HJHOV $XIIDVVXQJYRP1LFKWVLQGHU/RJLN'HU%HUHLFKGHV1LFKWVLVW GHPQDFK QLFKW HLQIDFK GDV Ã)DOVFKHµ VRQGHUQ GLH 5HIOH[LRQ LP *HJHQVDW] ]XP 6HLQ :LU WUHIIHQKLHUPLWDOVRDXIGHUHLQHQ6HLWHDXIHLQHSRVLWLYVSUDFKOLFKEHVFKUHLEEDUH:HOWLQGHU VLFKHLQHLQGHXWLJEH]HLFKQHQOlVVWZDVLVWRGHUQLFKWLVWQlPOLFKGDVZDVZLUVHKHQZDKU QHKPHQXQGEHJULIIOLFKEH]HLFKQHQN|QQHQ XQGDXIGHUDQGHUHQ6HLWHDXIGLHQXUQHJDWLY VSUDFKOLFKIRUPXOLHUEDUH:HOWHLQHVRIIHQHQQRFKQLFKWHQWVFKLHGHQHQ6HLQVGDVQLFKWSRVL WLYHUUHLFKEDULVWMHGRFKEHUGLH5HIOH[LRQLQGLH:HOWHLQWULWWXQGKLHUHLQHQ8QWHUVFKLHG PDFKW*QWKHU%DHFNHU (UVWDQGLHVHU6WHOOHZLUGGHXWOLFKGDVVHVVLFK EHLHLQHU2QWRORJLHXPHLQH2QWRORJLHKDQGHOWDOVRXPHLQHQVFKRQLPPHULPORJRVUHIOHN WLHUWHQXQGLQWHUSUHWLHUWHQ5DXPGHV6HLQV'DPLWLVW]XQlFKVW]ZDUGLH5HIOH[LRQHLQJHIKUW XQGGLH2QWRORJLHDOV2QWRORJLHVLFKWEDUJHPDFKWGRFKDXFKDQGLHVHU6WHOOHJLEWHVYRUHUVW +LHUPLW HLQKHUJHKHQG OlVVW VLFK DXFK .ULWLN DQ /DWRXUV EHUVFKDUIHU $EOHKQXQJ GHU 7KHRULH GHU IXQNWLRQDOHQ 'LIIHUHQ]LHUXQJ lXHUQ $OV +\EULGODJHUXQJ EHUXKW GLH 0RGHUQH IU /DWRXU QXU DXI HLQHUVFKHLQEDUHQ'LIIHUHQ]LHUXQJ/DWRXU (VOlVVWVLFKPLWGHUPHWDWKHRUHWLVFKHQ.RQ]HSWLRQ YRQ/DWRXUQXUVFKZHUGHQNHQGDVVHV9HUPLVFKXQJLQK\EULGHQ3UD[HQXQG'LIIHUHQ]LHUXQJLQGLV WLQNWH6LQQVSKlUHQJHEHQNDQQ6LHKHDXFK/LQGHPDQQI
7LOO-DQVHQXQG:HUQHU9RJG
QXU HLQHQ 5DXP GHU 5HIOH[LRQ GHU HLQHP 5DXP GHV 6HLQV JHJHQEHUVWHKW (LQH 3OXUDOLWlW YRQ2QWRORJLHQYHUODQJWGHPJHJHQEHUDXFKYHUVFKLHGHQH6HLQVKRUL]RQWHXQG5HIOH[LRQHQ PLWHLQDQGHULQ%H]LHKXQJVHW]HQXQGUHODWLRQLHUHQ]XN|QQHQ +LHU VHW]WHQ *QWKHUV (QWZUIH HLQHU PHKUZHUWLJHQ /RJLN DQ =XQlFKVW HQWZLUIW HU HLQH 6WHOOHQZHUWORJLN*QWKHUFII XQGEDXWGLHVHVSlWHU]XHLQHU/RJLNGHUÄ3RO\NRQ WH[WXUDOLWlW³DXV*QWKHUD 'DEHLEHVWHKWGLHJUXQGOHJHQGHhEHUOHJXQJGDULQGDVVLQ GHUNODVVLVFKHQ]ZHLZHUWLJHQ/RJLNPLWGHU2SHUDWLRQGHU1HJDWLRQHLQ6FKULWWDQJHOHJWLVW GHUEHUGLH=ZHLZHUWLJNHLWVHOEVWKLQDXVUHLFKW'XUFKGLH$[LRPDWLNGHUNODVVLVFKHQ/RJLN GHQ6DW]GHU,GHQWLWlWGHQ6DW]YRPDXVJHVFKORVVHQHQ:LGHUVSUXFKXQGGHQ6DW]GHVDXVJH VFKORVVHQHQ'ULWWHQZLUGHLQH8PWDXVFKUHODWLRQ]ZLVFKHQSSLVW XQG¤SGHU6DFKYHUKDOW S LVW QLFKW HWDEOLHUW LQ GHU EHLGH 3RVLWLRQHQ GXUFK GLH 'LIIHUHQ] ]XU MHZHLOV DQGHUHQ EH VWLPPW VLQG (LQ]LJ GHU 1HJDWRU ELOGHW VLFK GDEHL VHOEVW DE *QWKHU *QWKHU ZHLVWDQGLHVHU6WHOOHGDUDXIKLQGDVVGHU1HJDWRUGLH=ZHLZHUWLJNHLWDOOHLQVFKRQGDGXUFK WUDQV]HQGLHUWGDVVHUGLHVHDOV8PWDXVFKUHODWLRQ GHU :HUWH EHUKDXSW HUVW NRQVWLWXLHUW ,Q QHUKDOEGHUNODVVLVFKHQ$[LRPDWLNZLUGGLHKLHUPLWYHUEXQGHQH5HIOH[LRQVEH]LHKXQJVHOEVW QLFKWWKHPDWLVLHUW6LHEOHLEWGDPLWXQEHVWLPPW 'HU 1HJDWRU ELOGHW IU *QWKHU GHPHQWVSUHFKHQG GHQ $XVJDQJVSXQNW IU GHQ $XIEDX HLQHUPHKUZHUWLJHQ/RJLN(UPXVVLQVRIHUQDOVHLQHWUDQVMXQNWLRQDOH2SHUDWLRQHUVFKHLQHQ *QWKHU D DOV GDVV HU GLH (LQKHLW HLQHU EHVWLPPWHQ =ZHLZHUWLJNHLW DOV ORJLVFKHQ 5DXPHUVWNRQVWLWXLHUW'LHVHUORJLVFKH5DXPZLUGYRQ*QWKHUPLWGHP%HJULIIÃ.RQWH[ WXUµEH]HLFKQHW,QGHPGHU%OLFNDXIGLHVH2SHUDWLRQGHU.RQVWLWXWLRQJHULFKWHWZLUGZLUG GLHVH LQGHVVHQ JOHLFKVDP WUDQV]HQGLHUW =XQlFKVW ZLUG GLH .RQWH[WXU DOV =XVDPPHQKDQJ ]ZLVFKHQ 5HIOH[LRQ XQG 5HIOHNWLHUWHP VLFKWEDU 'DGXUFK GDVV VLH VLFKWEDU ZLUG ZLUG SHU IRUPDWLYGLHgIIQXQJHLQHUZHLWHUHQ.RQWH[WXUYROO]RJHQ'LHXUVSUQJOLFKH.RQWH[WXUZLUG KLHULQHLQHQHXH2QWRORJLHHLQJHEHWWHWRKQHMHGRFKLQGLHVHUYROONRPPHQDXI]XJHKHQ 'LH WUDQVMXQNWLRQDOH 2SHUDWLRQ LVW LQ GLHVHP 6LQQH GHU +LQZHLV DXI GLH MHZHLOLJH %HRE DFKWHUSRVLWLRQ6LHHUP|JOLFKWGDV8PVFKDOWHQ]ZLVFKHQYHUVFKLHGHQHQ.RQWH[WXUHQDOVXQ WHUVFKLHGOLFKHQ2UWHQGHU5HIOH[LRQ*QWKHUE IKUWKLHUDOV%HLVSLHOGLH6XV SHQGLHUXQJGHU)UDJHQDFK5HFKWXQG8QUHFKWGXUFKGLH)UDJHGHU=XUHFKQXQJVIlKLJNHLWDQ ,QGHU'LVNXVVLRQEHUGLH5HFKWE]Z8QUHFKWPlLJNHLWHLQHU7DWNDQQGDUDXIKLQJHZLH VHQZHUGHQGDVVGHU+DQGHOQGHEHUKDXSWQLFKW]XUHFKQXQJVIlKLJZDU'LHWUDQVMXQNWLRQDOH 2SHUDWLRQEHVWHKWLQGLHVHP)DOOGDULQGLH)UDJHQDFK5HFKWXQG8QUHFKWDOV.RQWH[WXU]X PDUNLHUHQ LQGHP GLH 9RUDXVVHW]XQJHQ GHU $QZHQGXQJ GLHVHV ORJLVFKHQ 5DXPV LQ )UDJH JHVWHOOWZHUGHQ'LHVLVWMHGRFKHUVWGDQQP|JOLFKZHQQPDQHLQHZHLWHUH.RQWH[WXUQlP OLFKGLH'LVNXVVLRQEHU=XUHFKQXQJVIlKLJNHLWHU|IIQHW 0HKUHUH.RQWH[WXUHQN|QQHQHLQH9HUEXQGNRQWH[WXUELOGHQGLHDOVHLQHPHKURGHUZHQL JHUVWDELOH6WUXNWXUHUVFKHLQW*QWKHUEII 'LHVH*HELOGHlKQHOQDXIGHQHUVWHQ %OLFNGHPZDVLQGHU6\VWHPWKHRULHDOV¾VWUXNWXUHOOJHNRSSHOWH6\VWHPH½JHIDVVWZLUGYJO HWZD /XKPDQQ DXFK 5HQQ II E]Z GHP ZDV LQ GHU $17 DOV HLQ Ã$NWHXU 1HW]ZHUNµEHWUDFKWHWZLUG:lKUHQGDOOHUGLQJVHLQ$NWHXU1HW]ZHUNHLQHHLQKHLWOLFKH2QWR ORJLHDXIZHLVWGLHDJHQF\YHUWHLOWXQG$NWHXUHDOV,GHQWLWlWHQLQQHUKDOEGLHVHV$NWHXU1HW] ZHUNV EHJUHLIW EHVWHKW HLQH 9HUEXQGNRQWH[WXU JHUDGH LP $UUDQJHPHQW YRQ ZLGHUVSUFKOL FKHQ XQG LQNRPPHQVXUDEOHQ HSLVWHPLVFKHQ 3HUVSHNWLYHQ 6LH ZLUG DOVR QLFKW DOV HLQH HLQ KHLWOLFKHRQWRORJLVFKH2UGQXQJYHUVWDQGHQVRQGHUQVWHOOWVLFKDOVHLQSRO\]HQWULVFKHVHSLVWH PLVFKHV*HELOGHGDUÄ:DV*UXQGXQGZDV%HJUQGHWHVLVWZLUGJHUHJHOWGXUFKGHQ6WDQG *HUDGH DQ GLHVHP %HLVSLHO VROOWH NODU ZHUGHQ GDVV %KOV .ULWLN DQ /XKPDQQV 5H]HSWLRQ *RWWKDUG*QWKHUVQLFKWWUlJW'HQQGLH3RO\NRQWH[WXUDOLWlWEDXWJHUDGHDXIGHP.RQ]HSWHLQHU9LHO KHLW]ZHLZHUWLJHU.RQWH[WXUHQDXIGLHLQHLQDQGHUYHUVFKDFKWHOWVLQG
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
RUWGHU%HJUQGXQJ'HU:HFKVHOGHV6WDQGRUWHVUHJHOWGHQ8PWDXVFKYRQ*UXQGXQG%H JUQGHWHP-HGHU2UWGHU%HJUQGXQJLVWLQGLHVHP)XQGLHUXQJVVSLHO*UXQGXQG%HJUQGH WHV]XJOHLFK2UWHVLQGXQWHUHLQDQGHUZHGHUJOHLFKQRFKYHUVFKLHGHQVLHVLQGLQLKUHU9LHO KHLW YRQHLQDQGHU JHVFKLHGHQ 'LH 2UWVFKDIW GHU 2UWH LVW EDU MHJOLFKHU %HVWLPPEDUNHLW³ .DHKUI (LQH9HUEXQGNRQWH[WXUHUUHLFKWLKUH6WDELOLWlWQLFKWGDGXUFKGDVVVLFKYHUVFKLHGHQH(QWL WlWHQZHFKVHOVHLWLJ]XHLQHUVWDELOHQEHUJUHLIHQGHQ(QWLWlWNRQGLWLRQLHUHQVRQGHUQGDGXUFK GDVV XQWHUVFKLHGOLFKH 2QWRORJLHQ LP :LGHUVSUXFK ]XHLQDQGHU VWHKHQ XQG GLHVHU :LGHU VSUXFKHLQH%HZHJXQJLQ*DQJVHW]WGLHLKUHUVHLWVGHQ=XVDPPHQKDQJELOGHW6RZUGHQ HWZD LQ *QWKHUV %HLVSLHO GLH )UDJH QDFK GHU =XUHFKQXQJVIlKLJNHLW XQG GLH )UDJH QDFK 5HFKW XQG 8QUHFKW ]XHLQDQGHU LQ :LGHUVSUXFK WUHWHQ XP KLHUDXV HLQH VR]LDOH 3UD[LV HU ZDFKVHQ]XODVVHQGLHZHGHUPLWGHUHLQHQQRFKPLWGHUDQGHUHQ6HLWHLGHQWLVFKLVWVRQGHUQ GLH1LFKW,GHQWLWlWLQGHQ0XVWHUQGHU%HZHJXQJEHDUEHLWHW (LQH9HUEXQGNRQWH[WXUEHVWHKWDOVRIROJOLFKDXVPLQGHVWHQVGUHLYHUVFKLHGHQHQ.RQWH[WX UHQ6LHLVWZHGHUDXIGHUHLQHQQRFKDXIGHUDQGHUHQ6HLWH]XILQGHQVRQGHUQEHZHJWVLFK GD]ZLVFKHQXQGVWHOOWLQGHPVLHHLQHHLJHQH6WUXNWXUDXVSUlJWDXVGHP:LGHUVSUXFK6WDEL OLWlWKHU6LHHUVFKHLQWDOVHLQHVR]LDOH3UD[LVGLHGHQ:LGHUVSUXFKEHDUEHLWHWLQGHPVLHG\ QDPLVFKXQWHUVFKLHGOLFKH2QWRORJLHQDXVSUlJWXQGDUUDQJLHUW $XIGLHVH:HLVHN|QQHQGXUFKGLHSRO\NRQWH[WXUDOH/RJLNKHWHUDUFKLVFKYHUWHLOWH6HOEVW RUJDQLVDWLRQVSUR]HVVH SDUDGR[LHIUHL GK RKQH LQWHUQH ORJLVFKH :LGHUVSUFKH ± GDIU DEHU PLW:LGHUVSUFKHQLQQHUKDOEGHUYHUVFKLHGHQHQ/RJLNHQ±EHVFKULHEHQZHUGHQÄ:DV2SH UDWRUDQHLQHP2UWLVW2SHUDQGDQHLQHPDQGHUHQ2UWXQGXPJHNHKUW'DPLWZLUGGLH=LU NXODULWlW GHU 6HOEVWEH]JOLFKNHLW YRQ 2SHUDWRU XQG 2SHUDQG QDFK GHU )LJXU GHV &KLDVPXV EHUYLHU2UWHYHUWHLOW'LH=LUNXODULWlWO|VWVLFKDXILQHLQHQFKLDVWLVFKHQ0HFKDQLVPXVYRQ 2UGQXQJVXQG8PWDXVFKUHODWLRQHQLQGHPGLH]ZHLIXQGDPHQWDOHQ=LUNXODULWlWHQ]ZLVFKHQ 2SHUDWRU XQG 2SHUDQG LP 6SLHO VLQG RKQH GDEHL GLH IXQGDPHQWDOH +LHUDUFKLH ]ZLVFKHQ 2SHUDWRUXQG2SHUDQG]XYHUOHW]HQ>@8PWDXVFKXQG2UGQXQJVUHODWLRQHQ+LHUDUFKLHXQG +HWHUDUFKLH GHU 2SHUDWLYLWlW XQG 5HODWLRQDOLWlW IXQGLHUHQ VLFK JHJHQVHLWLJ³ .DHKU I
'HU%OLFNDXIGLHZHFKVHOVHLWLJH.RQGLWLRQLHUXQJORJLVFKHU5lXPH (LQ VROFKHUPDHQ WKHRUHWLVFK DXIJHODGHQHU HPSLULVFKHU %OLFN ULFKWHW VLFK DXI GLH ZHFKVHO VHLWLJH 5HODWLRQLHUXQJ YHUVFKLHGHQHU ORJLVFKHU 5lXPH :DV KHLW GLHV NRQNUHW" (QWIDOWHQ ZLUGDVEHUHLWVDQJHGHXWHWH%HLVSLHOHLQHV$U]WHVGHUVHLQHQ3DWLHQWHQYRQGHU1RWZHQGLJ NHLWHLQHU7KHUDSLHEHU]HXJHQP|FKWH(UVWHUPDJ/HW]WHUHP]XQlFKVWHLQHQ7KHUDSLHYRU VFKODJXQWHUEUHLWHQXQGGDV)UXQG:LGHUVFKLOGHUQ0LW%OLFNDXIGLH6HOHNWLRQYRQ,QIRU PDWLRQXQG0LWWHLOXQJP|JHQQXQVHLWHQVGHV3DWLHQWHQLQQHUKDOEGHVYRUJHVWHOOWHQPHGL]L QLVFKHQ5DWLRQDOVGLH$UJXPHQWHDEJHZRJHQZHUGHQ'DUEHUKLQDXVOlVVWVLFKMHGRFKGHU PHGL]LQLVFKH5DKPHQVHOEVWYHUZHUIHQXQGYHUPXWHQGDVVHVXPHLQDQGHUHV7KHPDJHKW EHLVSLHOVZHLVH GDUXP PLW GHU %HKDQGOXQJ *HZLQQ ]X PDFKHQ =XP DQGHUQ N|QQHQ DXFK DXI$U]WVHLWHZHLWHUH5HIOH[LRQVSHUVSHNWLYHQZLUNVDPZHUGHQ6RPDJGLHVHUEHUFNVLFKWL JHQ GDVV GHU 3DWLHQW XQG VHLQH $QJHK|ULJHQ UHFKWOLFKH %HVFKZHUGHPDFKW HLQEULQJHQ RGHU P|JOLFKHUZHLVH HLQH .ULWLN lXHUQ N|QQHQ GLH LP 1HW]ZHUN GHU DQGHUHQ SURIHVVLRQHOOHQ $NWHXUH HWZD GHU (LQZHLVHU ]X )ROJHUHIOH[LRQHQ IKUW ,QVJHVDPW ZLUG HV KLHU DOVR ]X HLQHPNRPSOH[HQ$UUDQJHPHQWXQWHUVFKLHGOLFKHU5HIOH[LRQHQNRPPHQGLHVLFKDXIDQGHUH 5HIOH[LRQHQ EH]LHKHQ XQG VLFK HQWVSUHFKHQG NRQGLWLRQLHUHQ -DQVHQ 9RJG 'D GLH PHGL]LQLVFKH3UD[LVGLHUHFKWOLFKZLUNVDPH'RNXPHQWDWLRQGLHVHU3UD[LVGLH$EUHFKQXQJ +LHUZHUGHQZLHGHUGLHKHJHOLDQLVFKHQ:XU]HOQ*QWKHUVGHXWOLFK
7LOO-DQVHQXQG:HUQHU9RJG
GHU /HLVWXQJHQ VRZLH GLH HLQ]HOQHQ (EHQHQ GHU lU]WOLFKHQ +LHUDUFKLH QXU ORVH PLWHLQDQGHU JHNRSSHOW VLQG N|QQHQ XQWHUVFKLHGOLFKH /|VXQJHQ JHIXQGHQ ZHUGHQ Ä6R NDQQ EHKDQGHOW ZHUGHQ RKQH ]X EHKDQGHOQ 5HFKWPlLJNHLW KHUJHVWHOOW ZHUGHQ LQGHP 8QUHFKWPlLJHV QLFKW GRNXPHQWLHUW ZLUG ZLUWVFKDIWOLFK JHDUEHLWHW ZHUGHQ LQGHP 0HGL]LQ YRUJHWlXVFKW ZLUGZRDQGHUHVVWDWWILQGHWXPDQDQGHUHU6WHOOHXPVRPHKUDQVRQVWHQQLFKWEH]DKOEDUH 0HGL]LQ VWDWWILQGHQ ]X ODVVHQ³ 9RJG 'DUEHU KLQDXV NDQQ MHGRFK QRFK PHKU JHVFKHKHQ6RNDQQP|JOLFKHUZHLVHGHU%OLFNDXIGLHPHUNZUGLJH'XDOLWlWGHV.|USHUVDOV /HLE.|USHUJHUFNWZHUGHQ3OHVVQHU :lKUHQGGHU3DWLHQWHEHQQRFK/HLEZDUZLUG GHU.|USHUSO|W]OLFK]XHLQHUHLJHQHQ.RQWH[WXUGLHHLQH(LJHQVWlQGLJNHLWXQG:LGHUVSHQV WLJNHLW DXIZHLVW GLH HUVW LQWHUSUHWLHUW ZHUGHQ ZLOO 8PJHNHKUW NDQQ GLH /HLEKDIWLJNHLW GHV .|USHUV SO|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±JHQDXVRZLH6LQQ±ZHGHUVLFKW EDUQRFKLQHLQHUDQGHUHQ:HLVHIDVVEDU 'LHKLHUHQWZLFNHOWH3HUVSHNWLYHOlVVWVLFKDXFKDXI$NWDQWHQEHUWUDJHQGHQHQEOLFKHU ZHLVHGHU6WDWXVHLQHV'LQJV]XJHVFKULHEHQZLUGPDQGHQNHHWZDDQHLQH=XFNHUNXJHORGHU HLQH2EODWHDXV:HL]HQPHKO'DV%HLVSLHOGHUKRP|RSDWKLVFKHQ3LOOHRGHUGHU+RVWLH]HLJW DXIGDVVDXFKGLHVH$NWDQWHQLQDQGHUHHSLVWHPLVFKHXQGRQWRORJLVFKH.RQILJXUDWLRQHQWUH WHQN|QQHQZHQQVLHLQHQWVSUHFKHQGH5HIOH[LRQVYHUKlOWQLVVHHLQJHEHWWHWVLQG:LHLQDQGH UHQ)lOOHQODVVHQVLFKPLWGHU$17KLHUOHGLJOLFK$VVR]LDWLRQHQSRVLWLYVSUDFKOLFKEH]HLFKHQ EDUHU $NWDQWHQ HQWGHFNHQ ]% Ã+RVWLH 2SODWH *RWWµ RGHU ÃKRP|RSDWKLVFKHV 0HGLND PHQW 3LOOH0HGL]LQµ'HURQWRORJLVFKH6WDWXVYRQ$EVWUDNWDZLH0HGL]LQ*RWWHWFNDQQ GHPHQWVSUHFKHQGQLFKWDXVGHU(PSLULHDEJHOHLWHWZHUGHQVRQGHUQPXVVGXUFKGDV+RPROR JLHSRVWXODWGHU$17JHVHW]WZHUGHQ 'HPJHJHQEHUN|QQHQGLHKLHUPLWYHUEXQGHQHQ/DJHUXQJHQPLW+LOIHGHU*QWKHUVFKHQ 5HIOH[LRQVORJLN LQ ]ZHLHUOHL +LQVLFKW GLIIHUHQ]LHUWHU XQG (PSLULHQlKHU UHNRQVWUXLHUW ZHU GHQ =XPHLQHQNDQQHLQHNODUHUH8QWHUVFKHLGXQJ]ZLVFKHQ5HIOH[LYLWlWXQG,UUHIOH[LYLWlWJH ]RJHQZHUGHQ:lKUHQGDJHQF\LQGHU$17LPPHUHLQHJUDGXHOOH$QJHOHJHQKHLWLVW6D\HV XQGKlXILJXQNODUEOHLEWREGLH=XVFKUHLEXQJHWZDGHP%HOLHEHQGHVMHZHLOLJHQ$X WRUVHQWVSULQJW+RO]LQJHU OlVVWVLFKPLW*QWKHUUHFKWNODULGHQWLIL]LHUHQREHLQQHX HUORJLVFKHU5DXPHU|IIQHWZLUGXQGZHOFKH6WHOOXQJHULP*HVDPWDUUDQJHPHQWKDW+LHUEHL ZLUG ]ZLVFKHQ GUHL YHUVFKLHGHQHQ )RUPHQ XQWHUVFKLHGHQ *QWKHU GLH VLFK RKQH :HLWHUHVLQGHU3UD[LVZLHGHUILQGHQODVVHQYJODXFK-DQVHQ
'HUEHVRQGHUH&KDUPHGHUKLHUYRUJHVFKODJHQHQ3HUVSHNWLYHEHVWHKWGDULQGDVVOHW]WOLFKQXUZHQL JHORJLVFKH2SHUDWLRQHQEHQ|WLJWZHUGHQXPGHQPHWDSK\VLVFKHQ6WUXNWXUUHLFKWXPVR]LDOHU3UD [HQ DXI]XVFKOLHHQ 'LH 1HJDWLRQ ZHOFKH HLQHQ ORJLVFKHQ 5DXP DOV .RQWH[WXU DXIVSDQQW LQ GHULP6LQQHHLQHU]ZHLZHUWLJHQ/RJLNHLQH6XEMHNW2EMHNW'LFKRWRPLHHUVFKHLQW 'LH5HIOH[L RQZHOFKHTXD=XUHFKQXQJHLQZHLWHUHV6XEMHNWNRQVWLWXLHUW 'LH5HMHNWLRQDOV5HIOH[LRQVRSH UDWLRQZHOFKHGLH:DKOHLQHU.RQWH[WXUYHUZLUIWXPHLQHDQGHUH]XDIILUPLHUHQ 'LH.RQGLWLR QLHUXQJE]Z0RGHUDWLRQGHV$UUDQJHPHQWVYRQ.RQWH[WXUHQGXUFKDQGHUH.RQWH[WXUHQ
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
7HLOZHLVH 5HMHNWLRQHQ YHUZHLVHQ (LJHQVFKDIWHQ 'LQJH $XVVDJHQ XVZ LQ HLQHQ DQGHUHQ %HUHLFKGHUQLFKWZHLWHUEHVWLPPWZLUG6RNDQQHWZDGLH$XVVDJHHLQHV$VVLVWHQ]DU]WHVDOV 8QIXJYHUZRUIHQZHUGHQ 7RWDOHXQGLIIHUHQ]LHUWH5HMHNWLRQHQKLQJHJHQYHUZHLVHQHLQH$XVVDJH(LJHQVFKDIW3UD[LV HWFLQHLQHQDQGHUHQ%HUHLFKGHUEHQDQQWMHGRFKLQVHLQHU%LQQHQVWUXNWXUQLFKWZHLWHUUH IOHNWLHUW ZLUG %HLVSLHOVZHLVH N|QQHQ QHXH 9RUVFKULIWHQ ]XU $NWHQSUD[LV HLQHU XQIlKLJHQ 9HUZDOWXQJ]XJHUHFKQHWZHUGHQZHOFKHGLHlU]WOLFKH$UEHLWQLFKWYHUVWHKW 7RWDOHGLIIHUHQ]LHUWH5HMHNWLRQHQYHUZHLVHQDXIHLQHQHEHQVROFKHQ%HUHLFKXQGUHIOHNWLH UHQLKQ]XVlW]OLFKLQVHLQHU%LQQHQVWUXNWXU+LHUNDQQEHLVSLHOVZHLVHGLHQHXH$NWHQSUD[LV LQ LKUHU )XQNWLRQ IU GLH 9HUZDOWXQJ YHUVWDQGHQ ZHUGHQ XQG HV N|QQHQ 7HFKQLNHQ HQW ZLFNHOW ZHUGHQ PLW GHQHQ DXI GLHVH $QVSUFKH GHU 9HUZDOWXQJ HLJHJDQJHQ ZHUGHQ NDQQ RKQHMHGRFKGLH9RUVFKULIWHQYROOXP]XVHW]HQ 6RPLWEHJLQQW$JHQF\LQGLHVHP6FKHPDHUVWEHL3XQNW&(UVWZHQQHLQH.RQWH[WXUDOV HLQ HLJHQHU DGUHVVLHUEDUHU :HOWEH]XJ DXIWULWW GHU :QVFKH /DXQHQ ,QWHUHVVHQ HWF KDW HUVFKHLQWHLQÃ'XµGDVYRQHLQHPÃ,FKµDOV,QWHUDNWLRQVSDUWQHUEHJULIIHQZHUGHQNDQQ±VHL HVQXQHLQH9HUZDOWXQJVVWHOOHHLQ3DWLHQWRGHUGLH(KHIUDX =XPDQGHUHQHU|IIQHWGLH*QWKHUVFKH5HIOH[LRQVORJLNGLH0|JOLFKNHLWPHKUHUH2QWROR JLHQJOHLFK]HLWLJPLW]XIKUHQXQGVLWXDWLYDXI]XUXIHQ-DQVHQ (LQH2QWRORJLHHQWVWHKW E]ZYHUVFKZLQGHWLPPHUGDQQZHQQHLQH.RQWH[WXUDEKlQJLJYRQHLQHUNRQNUHWHQ5HIOH[L RQVSUD[LVJH|IIQHWE]ZJHVFKORVVHQZLUG'LH(LQQDKPHHLQHU+RVWLHRGHUHLQHVKRP|RSD WKLVFKHQ0HGLNDPHQWVDXV3HUVSHNWLYHHLQHUJ|WWOLFKHQRGHUPDJLVFKHQ.UDIW]XUHIOHNWLHUHQ XQGHQWVSUHFKHQGHPSILQGHQ]XN|QQHQVFKOLHWQLFKWDXVGHQVHOEHQ6DFKYHUKDOWHLQZHQLJ VSlWHUDXFKDOV$EHUJODXEHQGHXWHQ]XN|QQHQ $JHQF\ZlUHDXVGHUYRUJHVFKODJHQHQ3HUVSHNWLYHDOVHLQH5HIOH[LYLWlW]XLGHQWLIL]LHUHQ GLHDOOHUGLQJVQLFKWH[DQWHGHILQLHUWZHUGHQNDQQXQGGDUI6RNDQQHWZDHLQH2UJDQLVDWLRQ DOV5HIOH[LRQVLQVWDQ]PLWHLJHQHU2QWRORJLHDXIWUHWHQHEHQVRN|QQHQGLH6LFKHUKHLWVEHVWLP PXQJHQLP$XWRPRELOEDXDOV$NWHXUHUVFKHLQHQRGHU*RWWDEHUDXFK7DEOHWWHQRGHU)LJX UHQLQHLQHP&RPSXWHUVSLHOZHQQGLHVHLQHLQHQHQWVSUHFKHQGHQ5HIOH[LRQV]XVDPPHQKDQJ HLQJHEHWWHWVLQG2EXQGZLHGLHVJHVFKLHKWEOHLEWGHU(PSLULHEHUODVVHQ±HLQHU(PSLULH GLH VHKU NODU ]ZLVFKHQ (QWLWlWHQ LQQHUKDOE HLQHU 2QWRORJLH ]% GHP 6LFKHUKHLWVJXUW RGHU HLQHU 0DULHQILJXU XQG GHU MHZHLOLJHQ 2QWRORJLH VHOEVW GHP ORJLVFKHQ 5DXP GHU 6LFKHU KHLWVEHVWLPPXQJHQ E]Z GHU 5HIOH[LRQ WUDQV]HQGHQWHU .UDIW XQWHUVFKHLGHQ NDQQ YJO /D WRXU 6R]HLJWVLFKEHLVSLHOZHLVHEHLHLQLJHQ&RPSXWHUVSLHOHUQHPSLULVFKHLQ:HFK VHOQE]Z2V]LOOLHUHQ]ZLVFKHQWHPSRUlUHQ3HUVRQDOLWlWV]XVFKUHLEXQJHQZREHLGLHFRPSX WHUEDVLHUWHQ6SLHOILJXUHQPHQVFKOLFKHPSIXQGHQXQGEHKDQGHOWZHUGHQXQGGHPYRUUDQJL JHQ0RGXVHLQHU7ULYLDOLWlWVHUZDUWXQJGLHPLWWHFKQLVFKYHUPLWWHOWHQ3URJUDPPHQUHFKQHQ OlVVW'LH3RLQWHEHVWHKWGDEHLGDULQGDVVHPSLULVFKXQWHUVFKLHGOLFKHQLFKW]XYHUHLQEDUHQGH 2QWRORJLHQQHEHQHLQDQGHUDXIWUHWHQ'HU6SLHOHQGHZHLGDVVHUHVPLWHLQHU0DVFKLQH]X WXQKDWIKOWXQGYHUKlOWVLFKWHLOZHLVHGHQQRFKDOVREHUHLQHPPHQVFKHQlKQOLFKHQ:HVHQ JHJHQEHU VWQGH +DUWK II 2GHU XP QRFKPDOV GDV %HLVSLHO GHU KRP|RSDWKL VFKHQ0HGLNDPHQWHDXI]XJUHLIHQ(LQ,QJHQLHXUPDJDOV$QKlQJHUGHU6FKXOPHGL]LQGDYRQ EHU]HXJWVHLQGDVVHLQKRP|RSDWKLVFKHV0LWWHOQLFKWVEHLQKDOWHWZDVZLUNVDPVHLQN|QQWH ZDVLKQDEHUOHW]WOLFKQLFKWGDUDQKLQGHUWGLHVH3UlSDUDWHWURW]GHPHLQ]XQHKPHQXPLQ)RO JH:LUNHIIHNWH]XVSUHQZHOFKHGDQQLQDQVFKOLHHQGHU5HIOH[LRQGHUHLJHQHQ3V\FKHRGHU JDUGHP3ODFHERHIIHNW]XJHUHFKQHWZHUGHQ9RJGII
6LHKH ]XP (UVFKHLQHQ GHU ¾'X½3HUVSHNWLYH LQ GHU QHXURELRORJLVFKHQ )RUVFKXQJ /LQGHPDQQ
7LOO-DQVHQXQG:HUQHU9RJG
'LHKLHUPLWYHUEXQGHQHQ/DJHUXQJHQN|QQHQPLW+LOIHGHU*QWKHUVFKHQ5HIOH[LRQVORJLN GLIIHUHQ]LHUWHU XQG (PSLULHQl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lVHQ] XQG hEHUODJHUXQJ PXOWLSOHU 2QWRORJLHQ6LHNDQQGDV*HVHW]YRPDXVJHVFKORVVHQHQ'ULWWHQLQ5LFKWXQJHLQHV6RZRKO DOVDXFKZHQGHQRKQHGDEHLDXIHLQHGLVWLQJXLHUWH%HVFKUHLEXQJGHUMHZHLOVORNDOHQ5HIOH [LRQVYHUKlOWQLVVHYHU]LFKWHQ]XPVVHQ (UVWDXIGLHVH:HLVHOlVVWVLFKGHP'HVLGHUDWHLQHUHPSLULVFKHQ0HWDSK\VLNJHUHFKWZHU GHQGLHLQNRQNUHWHQ9HUKlOWQLVVHQQLFKWVHOWHQDXI/DJHUXQJHQWULIIWLQGHQHQXQWHUVFKLHG OLFKH VLFK ZLGHUVSUHFKHQGH 2QWRORJLHQ QDKH QHEHQHLQDQGHU OLHJHQ XQG GHPHQWVSUHFKHQGH 3DDUHDXVGLYHUJLHUHQGHQHSLVWHPLVFKHQXQGRQWRORJLVFKHQ+DOWXQJHQVLFKQLFKWDXVVFKOLH HQVRQGHUQVLFKEHUYHUWHLOWH6WDQGRUWHZHFKVHOVHLWLJNRQGLWLRQLHUHQXQGLQVWUXLHUHQN|Q QHQ-DQVHQ 'DV3DUDGHEHLVSLHOKLHUIULVWGLH)UDJHGHU6XEMHNWLYLWlWXQGGDVKLHUPLW YHUEXQGHQH3UREOHPGHVIUHLHQ:LOOHQVGDVVLFKEHLJHQDXHU%HWUDFKWXQJDOV)UDJHGHU5H IOH[LRQDXVXQWHUVFKLHGOLFKHQ3HUVSHNWLYHQXQGGHUZHFKVHOVHLWLJHQ.RQGLWLRQLHUXQJGLHVHU 3HUVSHNWLYHQHUZHLVW(EHQVRN|QQHQXQGGUIHQDXFK([LVWHQ]DXVVDJHQZLHÃ(VJLEW*RWWµ Ã(VJLEWNHLQHQ*RWWµDEHUDXFKÃ(VJLEW6\VWHPHµÃ(VJLEW*HVHOOVFKDIWµÃ(VJLEW%LRJUDIL HQµÃ(VJLEW$NWHXU1HW]ZHUNHµHWFUDGLNDOLQGLH(PSLULH]XUFNYHUOHJWZHUGHQ+LHUOLH JHQGDQQZLHVFKRQ:LWWJHQVWHLQLQVHLQHQ6WXGLHQEHU*HZLVVKHLWDXIJH]HLJWKDW2QWR ORJLHXQG(SLVWHPRORJLH*ODXEHXQG:LVVHQQDKHXQGRIWPDOVNDXPWUHQQEDUQHEHQHLQDQ GHU$XVGHU3HUVSHNWLYHSRO\NRQWH[WXUDOHU5HIOH[LRQVYHUKlOWQLVVHKHLWGLHVQLFKWVDQGHUHV DOVGDVVHLQGLHVEH]JOLFKHV(LQUDVWHQLQHLQH*HZLVVKHLWZHLWHUHU5HIOH[LRQHQ]XU6WDELOL VLHUXQJEHGDUIGDVVDOVRGDVVLWXDWLYH(LQUDVWHQLQHLQHIXQJLHUHQGH2QWRORJLH)XFKV QXU LP .RQWH[W HLQHV ERGHQORVHQ 1HW]ZHUNV LQIHUHQ]LHOOHU %H]LHKXQJHQ %UDQGRP YRQVWDWWHQJHKHQNDQQGLHVLFKZHFKVHOVHLWLJNRQGLWLRQLHUHQ
'LVNXVVLRQ $XVJDQJVSXQNW XQVHUHU $UJXPHQWDWLRQ ZDU GLH $QQDKPH GDVV GLH ,GHH HLQHU VR]LRORJL VFKHQ,QIUDVSUDFKHGLHGHU$17]XJUXQGHOLHJW]XU]HLWGDVEHVWHWKHRUHWLVFKH$QJHERWLVW XP GHP 'LOHPPD YRQ 7KHRULH XQG (PSLULH LQ GHU TXDOLWDWLYHQ )RUVFKXQJ ]X EHJHJQHQ *OHLFKVDPOHLGHWGLH$17VHOEVWDQHLQHUJHZLVVHQ6FKZDPPLJNHLWXQG%HOLHELJNHLWLQGHU (PSLULHXQGYHUPDJGHVKDOEQLFKWVRUHFKWEHUGLHUHLQH'HVNULSWLRQLKUHVMHZHLOLJHQ*H JHQVWDQGHVKLQDXV]XJHKHQ9RUGLHVHP+LQWHUJUXQGHU|IIQHW*QWKHUV.RQ]HSWLRQGHU3RO\ NRQWH[WXUDOLWlWGLH0|JOLFKNHLW]XHLQHU3URWRVR]LRORJLHGLHKLHUVRZRKOHLQHKLQUHLFKHQGH DQDO\WLVFKH6FKlUIHHUP|JOLFKWZLHDXFKGLH5FNELQGXQJDQJHVHOOVFKDIWVWKHRUHWLVFKH'LV NXUVHHUODXEWRKQHDEHUGDEHLGLH,GHHHLQHU,QIUDVSUDFKHDXI]XJHEHQPLWGHUVLFKÄGDV6R ]LDOHIODFKKDOWHQ³OlVVW/DWRXUII /DWRXUVEHUHFKWLJWH.ULWLNDP6R]LRORJLVPXV XQG(VVHQWLDOLVPXVJHZLQQWPLW*QWKHUHLQUHIOH[LRQVORJLVFKHV,QVWUXPHQWPLW+LOIHGHV VHQ HV JHOLQJW EHU HWKQRJUDILVFKH 'HVNULSWLRQHQ GLH OHW]WOLFK HLQHU 6HLQVORJLN YHUKDIWHW EOHLEHQPVVHQKLQDXV]XJHODQJHQRKQHVLFKMHGRFKGHU7LHIHQVFKlUIHHLQHU$QDO\VH]XHQW
(LQVFK|QHV%HLVSLHOPLW9HUZHLVDXINRPPXQLNDWLYH.RQGLWLRQLHUXQJYRQ*HZLVVKHLWÄ'HU6DW] Ã,FKNDQQPLFKQLFKWLUUHQµZLUGVLFKHULQGHU3UD[LVJHEUDXFKW0DQNDQQDEHUEH]ZHLIHOQREHU GDQQLQJDQ]VWUHQJHP6LQQH]XYHUVWHKHQLVWRGHUREHUHKHUHLQHhEHUWUHLEXQJLVWGLHYLHOOHLFKW QXU]XP=ZHFNGHUhEHUUHGXQJJHEUDXFKWZLUG³:LWWJHQVWHLQ
'DV'HVLGHUDWGHUDQJHZDQGWHQRGHUHPSLULVFKHQ0HWDSK\VLN
lXHUQGLHXPGLH3UR]HVVHGHUJHVHOOVFKDIWOLFKHQXQGNXOWXUHOOHQ'LIIHUHQ]LHUXQJDOVHLQHU DOOWDJVSUDNWLVFKHQ5HIOH[LRQVOHLVWXQJZHL 'LHYRUJHVFKODJHQH3HUVSHNWLYHELHWHWGDEHLQLFKWQXUHLQHPHWKRGLVFKH(UZHLWHUXQJGHU $17VRQGHUQHUODXEWYLHOPHKUGHQ%UFNHQVFKODJ]X7KHRULHQJHVHOOVFKDIWOLFKHU'LIIHUHQ ]LHUXQJRKQHVLFKGDEHLLQGLH:LGHUVSUFKH]XYHUKHGGHUQGLHDXV]XHLQIDFKHQ.RPELQD WLRQHQUHVXOWLHUHQ)DUtDV 6LHELHWHWGDUEHUKLQDXVHLQHPHWKRGLVFKH:HQGXQJGHV VHQZDVGHU]HLWLQV\VWHPWKHRUHWLVFKHQ.UHLVHQDOVÃ:HOWJHVHOOVFKDIWµGLVNXWLHUWZLUGYJO 6WLFKZHKII 'LH8QWHUVFKHLGXQJHQ]ZLVFKHQ0LNUR0HVRXQG0DNURYHUVFKZLQ GHQKLHUQlPOLFKLP.RQNUHWHQHLQHU/HEHQVSUD[LVIUGLHQLFKWQXUGDV3UlVHQWHVRQGHUQ DXFKGDV$SUlVHQWH±VHLHV]HLWOLFK LQ )RUP YRQ *HVFKLFKWH XQG =XNXQIW RGHUUlXPOLFK DOV3HUVSHNWLYHGHU1LFKW$QZHVHQGHQ ±DOV5HIOH[LRQLP6HLQHUVFKHLQWXQGKLHUDOV,Q IRUPDWLRQHLQHQ8QWHUVFKLHGPDFKW'LH:HOWJHVHOOVFKDIW±VRIHUQVLHLQGHU:HLVHUHDOLVW GDVVVLHVLFKDOV5HIOH[LRQPDQLIHVWLHUW±PDFKWLP+LHUXQG-HW]WHLQHQ8QWHUVFKLHGLQGHP VLHHLQHMHZHLOVVSH]LILVFKH.RQVWHOODWLRQYRQ,GHQWLWlWXQG1LFKWLGHQWLWlWYRQ6XEMHNWXQG 2EMHNWYRQ.RQNUHWLRQXQG$EVWUDNWLRQPRGHULHUW(QWVFKHLGHQGLVWMHZHLOVZLHGHU3UR ]HVVGHU5HIOH[LRQVLWXDWLYVHLQHHLJHQH0HWDSK\VLNPLWSURGX]LHUWDOVRZHOFKH5HIOH[LRQV SHUVSHNWLYHQVLFKLP$UUDQJHPHQWVHOEVWDUUDQJLHUHQGHU5HIOH[LRQVSHUVSHNWLYHQHLQVSLHOHQ XPMHZHLOVVSH]LILVFKHNXOWXUHOOH)RUPHQ]XHQWZLFNHOQGLHLKUHUVHLWVEHVWLPPWH3HUVSHNWL YHQXQG3HUVSHNWLYLHUXQJHQDOV¾UHDO½XQGDQGHUHDOV¾LUUHDO½HUVFKHLQHQODVVHQ'LH(PSL ULH]HLJWVLFKGDQQDOVHLQHÄ*HVHOOVFKDIWGHU*HJHQZDUWHQ³1DVVHKL GLHGDUDXIEH UXKW GDVV GDV ZDV DQ HLQHP 2UW JHVFKLHKW DQ HLQHP DQGHUHQ 2UW PLWUHIOHNWLHUW ZHUGHQ NDQQ XQG GDVV GLHV ZLHGHUXP DP HUVWHQ 2UW UHIOHNWLHUW ZLUG XQG VHL HV QXU LQ GHU )RUP GDVVPDQ]ZDUQLFKWZHLZDVGRUWJHVFKLHKWHVDEHUSULQ]LSLHOOZLVVHQN|QQWHXQG]XPLQ GHVWGLHVEHUFNVLFKWLJHQGLQGLH5HIOH[LRQPLWHLQWULWWXPGDQQGDVKLHUDXVHQWVWHKHQGH$U UDQJHPHQWPLW]XSUlJHQ-DQVHQ9RJG *OHLFK]HLWLJ ZHUGHQ KLHU $QVFKOVVH DQ HLQH WKHRUHWLVFKH (PSLULH LQ GHU 7UDGLWLRQ GHU SKLORVRSKLVFKHQ $QWKURSRORJLH P|JOLFK GLH HEHQIDOOV GLH %HVWLPPXQJ GHVVHQ ZDV PLW 6XEMHNW6XEMHNWLYLWlWXQG'X3HUVSHNWLYHJHPHLQWLVWUDGLNDOGHU(PSLULHEHUOlVVW/LQGH PDQQ9RJG $OOGLHVHU|IIQHWGLH0|JOLFKNHLWHLQHUJHVWHLJHUWHQ5LJLGLWlWLQGHUHPSLULVFKHQ$QDO\VH IUGLHKLHUPLWJHVFKlUIWHWKHRUHWLVFKH.RQ]HSWHEHUHLWJHVWHOOWZHUGHQVROOHQ'HU1HW]ZHUN JHGDQNH GHU $17 ZLUG GDPLW HLQHUVHLWV EHLEHKDOWHQ $QGHUHUVHLWV JHOLQJW HV XQV DEHU PLW GHPREHQ*HVDJWHQGHQHSLVWHPLVFKHQXQGRQWRORJLVFKHQ6WDWXVGHU$NWDQWHQNRQVHTXHQW LQGHU6FKZHEH]XKDOWHQ$QVWHOOHHLQHV1HW]ZHUNVDXV'LQJHQUHNRQVWUXLHUHQZLUHLQ1HW] ZHUNDXV5HIOH[LRQVYHUKlOWQLVVHQGLHGDQQ2EMHNWHXQG6XEMHNWHDXVIODJJHQODVVHQ'RFK KLHUEHLKDQGHOWHVVLFKXPHSLVWHPLVFKH'LQJHXQGHSLVWHPLVFKH6XEMHNWHGHUHQ6WDWXVQLFKW Ä6R]LRORJLVFKJHVSURFKHQ³WUHIIHQZLUKLHUPLW1DVVHKLDXIÄHLQH:HOWLQGHUJOHLFK]HLWLJXQGELV ZHLOHQ XQDEKlQJLJ YRQHLQDQGHU XQWHUVFKLHGOLFKH %HREDFKWXQJVYHUKlOWQLVVH VWDWWKDEHQ GLH VLFK VFKRQDXVHPSLULVFKHQ*UQGHQQLFKWLJQRULHUHQN|QQHQ±RGHUEHVVHUGLHVLFKSDUDGR[HUZHLVHQXU LJQRULHUHQN|QQHQZHQQVLHGDVDNWLYWXQ:HQQHWZDHLQH|NRQRPLVFKH6LFKWZHLVHDXIEHOLHELJHV 3KlQRPHQDOOGDVZDVJHVFKLHKWH[SOL]LWGDUDXIHLQJUHQ]WREJH]DKOWZHUGHQVROORGHUQLFKW>@ GDQQ VLHKW GLHVH RSHUDWLYH 3HUVSHNWLYH ]XQlFKVW QLFKWV DQGHUHV ± PXVV GDV DEHU LQ HLQHU *HVHOO VFKDIW GXUFKVHW]HQ GLH GDV 3UREOHP DXFK SROLWLVFK RGHU UHFKWOLFK PRUDOLVFK EHREDFKWHQ N|QQWH³ 1DVVHKL ,QVEHVRQGHUH/XKPDQQKDWGDUDXIKLQJHZLHVHQGDVVQLFKWQXUGDV9HUWUDXWHVRQGHUQDXFKGDV8Q YHUWUDXWHGXUFKGLH.RPPXQLNDWLRQUHDOHUVFKHLQHQNDQQXQGVHLHVQXUGDVVPDQZHLGDVVPDQ HVZLVVHQN|QQWHZHQQPDQQXUZROOHQZUGHYJO/XKPDQQ *OHLFKHVJLOWEULJHQVVHLWGHU4XDQWHQPHFKDQLNDXFKIUGLH3K\VLN$XFKKLHUVLQGGLH%HREDFK WHUYHUKlOWQLVVHQXUQRFKSRO\NRQWH[WXUDOGDVKHLWDXI%DVLVHLQHUPHKUZHUWLJHQ/RJLN]XNRQ]L SLHUHQYJO9RJG E
7LOO-DQVHQXQG:HUQHU9RJG
YRQYRUQKHUHLQXQGIUDOOH5HIOH[LRQVRUWHEHVWLPPWLVWVRQGHUQQXULQ+LQEOLFNDXIMHZHLOV HLQHQ VSH]LILVFKHQ .QRWHQSXQNW LP 1HW]ZHUN GHU 5HIOH[LRQHQ UHNRQVWUXLHUW ZHUGHQ NDQQ -DQVHQYRQ6FKOLSSH9RJG $XIGLHVH:HLVHVLQGZLUZHGHUJHQ|WLJWGDVV6XEMHNWEHUK|KHQG]XDIILUPLHUHQQRFK]X QHJLHUHQ$QDO\VHQYRUGHP+LQWHUJUXQGHLQHUPHKUZHUWLJHQ/RJLNHU|IIQHQDOVRHLQH5HLKH YRQ %UFNHQVFKOlJHQ GLH EHU GLH MHZHLOLJH NRQNUHWH (PSLULH KLQDXVJHKHQ 'LH MHZHLOLJH .RQVWUXNWLRQYRQ6XEMHNWLYLWlWHUVFKHLQWGDPLWQLFKWQXULQHLQHPNRQNUHWHQ+LHUXQG-HW]W VRQGHUQNDQQLP5FNJULIIDXIDOOGLHXQV]XU9HUIJXQJVWHKHQGHQ.RQ]HSWHJHVHOOVFKDIWOL FKHU'LIIHUHQ]LHUXQJLQWHUSUHWLHUWZHUGHQ-DQVHQ 0LW GHP YRUOLHJHQGHQ %HLWUDJ IROJHQ ZLU +LUVFKDXHUV 3OlGR\HU IU HLQH ÄÃ(QWKHPPXQJµ GHU %H]LHKXQJHQ YRQ 7KHRULHELOGXQJ XQG TXDOLWDWLYHU )RUVFKXQJ³ XQG P|FKWHQQHXHÄ%LQGXQJVHIIHNWH³+LUVFKDXHU VRZRKODXI6HLWHQGHU7KHRULHELO GXQJZLHDXFKGHU(PSLULHHUP|JOLFKHQYJODXFK.HOOHU 'HQNEDUZLUGGLHVH%UFNH ]ZLVFKHQ*HVHOOVFKDIWVWKHRULHXQG(PSLULHMHGRFKHUVWGXUFKHLQHKLQUHLFKHQGDEVWUDNWHPH WDWKHRUHWLVFKH .RQ]HSWLRQ GLH JHUDGH GHVKDOE LQ PHWDSK\VLVFKHQ )UDJHQ DQDO\WLVFK DXIO| VXQJVIlKLJ LVW ZHLO VLH GLHVEH]JOLFK LQKDOWOLFK KLQUHLFKHQG XQEHVWLPPW EOHLEW ,Q GLHVHP 6LQQHN|QQWHVRXQVHUH9HUPXWXQJGHU5HNXUVDXI*RWWKDUG*QWKHUQLFKWQXUWKHRUHWLVFK VRQGHUQ DXFK HPSLULVFK IU GLH 6R]LDOZLVVHQVFKDIWHQ KLOIUHLFK VHLQ KLHU]X -DQVHQ YRQ 6FKOLSSH9RJG
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tDV,JQDFLR 9LUWXDODWWUDFWRUVDFWXDODVVHPEODJHV+RZ/XKPDQQ¶VWKHRU\RIFRPPXQLFD WLRQFRPSOHPHQWVDFWRUQHWZRUNWKHRU\LQ(XURSHDQ-RXUQDORI6RFLDO7KHRU\6 )RXFDXOW0LFKHO 'LH2UGQXQJGHU'LQJH)UDQNIXUW0DLQ )XFKV3HWHU 'HU6LQQGHU%HREDFKWXQJ:HLOHUVZLVW )ULHGODQG5RJHU5REHUW5$OIRUG %ULQJLQJVRFLHW\EDFNLQLQ:DOWHU3RZHOO3DXO'L0DJ JLR+UVJ 7KH1HZ,QVWLWXWLRQDOLVPLQ2UJDQL]DWLRQDO$QDO\VLV&KLFDJR±/RQGRQ6 *DG&KULVWRSKHU&DVSHU%-HQVHQ 2QWKHFRQVHTXHQFHVRISRVW$17LQ6FLHQFH7HFKQROR J\ +XPDQ9DOXHV6 *DUFLD3DUSHW 0DULH)UDQFH 7KH 6RFLDO &RQVWUXFWLRQ RI D 3HUIHFW 0DUNHW LQ 'RQDOG $ 0DF.HQ]LH)DELDQ0XQLHVD/XFLD6LX+UVJ 'R(FRQRPLVWV0DNH0DUNHWV"2QWKH3HUIRUPDWL YLW\RI(FRQRPLFV3ULQFHWRQ1-6 *DUILQNHO +DUROG +DUYH\ 6DFNV hEHU IRUPDOH 6WUXNWXUHQ SUDNWLVFKHU +DQGOXQJHQ LQ -|UJ 6WUELQJ%HUQW6FKQHWWOHU+UVJ 0HWKRGRORJLHLQWHUSUHWDWLYHU6R]LDOIRUVFKXQJ.ODVVLVFKH*UXQG ODJHQWH[WH.RQVWDQ]6 *ODVHU%DUQH\*$QVHOP6WUDXVV 7KH'LVFRYHU\RI*URXQGHG7KHRU\6WUDWHJLHVIRU4XDOLWD WLYH5HVHDUFK1HZ
Comments
Copyright © 2024 UPDOCS Inc.