sŽƌǁŽƌƚ

^ĞŚƌƌŐĞĞŚƌƚĞĞĂŵĞŶŶƵŶĚĚ,ĞƌƌĞŶ͕

ůŝĞďĞĞ^ƚƵĚŝĞƌĞŶĚĞĞĚĞƌƌst͕

ůŝĞďĞĞ<ŽůůĞŐŝŶŶĞŶŶƵŶĚĚ<ŽůůĞŐĞŶ͕͕

ŝĐŚŚĨƌĞƵĞĞŵŝĐŚ͕͕/ŚŶĞŶĚĞŶŶdĂŐƵŶŐƐďĂŶĚĚƵŶƐĞƌĞƌƌĂŬƚƵĞůůĞŶŶ&ĂĐŚƚĂŐƵŶŐŐǀŽŵ:ƵŶŝŝϮϬϭϭǀŽƌůĞŐĞŶŶnjƵƵ ŬƂŶŶĞŶ͘͘ĞƌƌZĞĂĚĞƌǁƵƌĚĞĞǁŝĞĚĞƌŝŶŶƵŶƐĞƌĞƌǁŝƐƐĞŶƐĐŚĂĨƚůŝĐŚĞŶŶ&ĂĐŚďƵĐŚƌĞŝŚĞĞǀŽŶŶWĨůĞŐĞǁĞƌŬŬǀĞƌͲ ƂĨĨĞŶƚůŝĐŚƚƚƵŶĚĚďĞnjĞƵŐƚƚƵŶƐĞƌƌ/ŶƚĞƌĞƐƐĞĞĂŶŶĚĞƌƌŐĞƐƵŶĚŚĞŝƚƐƂŬŽŶŽŵŝƐĐŚĞŶŶƵŶĚĚƉĨůĞŐĞǁŝƐƐĞŶƐĐŚĂĨƚůŝͲ ĐŚĞŶŶŝƐŬƵƐƐŝŽŶ͘͘WĨůĞŐĞǁĞƌŬŬďĞĨĂƐƐƚƚƐŝĐŚŚƐĞŝƚƚƐĞŝŶĞƌƌ'ƌƺŶĚƵŶŐŐŵŝƚƚ&ŽƌƐĐŚƵŶŐƐƉƌŽũĞŬƚĞŶĚĞƌƌWĨůĞŐĞͲͲ ƵŶĚĚ'ĞƐƵŶĚŚĞŝƚƐǁŝƐƐĞŶƐĐŚĂĨƚ͘͘/ŵDŝƚƚĞůƉƵŶŬƚƚƐƚĞŚĞŶĚŝĞĞŶƚǁŝĐŬůƵŶŐĞŶŶǀŽŶŶŶĞƵĞŶŶsĞƌƐŽƌŐƵŶŐƐŵŽͲ ĚĞůůĞŶŶƵŶĚĚĚĞƌƌŝŶĨƺŚƌƵŶŐŐǀŽŶŶĞ,ĞĂůƚŚŚŝŵ'ĞƐƵŶĚŚĞŝƚƐǁĞƐĞŶ͘͘ŝĞĞ&ƂƌĚĞƌƵŶŐŐĞƌĨŽůŐƚƚŝŵZĂŚŵĞŶŶĚĞƌƌ ŝŶƚĞƌŶĂƚŝŽŶĂůĞŶŶƵŶĚĚǁŝƐƐĞŶƐĐŚĂĨƚůŝĐŚĞŶŶƵƐĂŵŵĞŶĂƌďĞŝƚƚǀŽŶĞƵƌŽƉćŝƐĐŚĞŶŶDŽĚĞůůƉƌŽũĞŬƚĞŶŶƵŶĚĚ ŝŶƚĞŐƌŝĞƌƚĞŶsĞƌƐŽƌŐƵŶŐƐǀĞƌƚƌćŐĞŶŶŵŝƚƚ<ƌĂŶŬĞŶͲͲƵŶĚĚWĨůĞŐĞŬĂƐƐĞŶ͘͘ƵƌĐŚŚĚŝĞĞǀĞƌƐĐŚŝĞĚĞŶĞŶŶ/ŶĨŽƌŵĂͲ ƚŝŽŶƐǀĞƌĂŶƐƚĂůƚƵŶŐĞŶŶƵŶĚĚ&ĂĐŚƚĂŐƵŶŐĞŶŶǀŽŶŶWĨůĞŐĞǁĞƌŬŬŐƌĞŝĨĞŶŶǁŝƌƌĂŬƚƵĞůůĞĞŶƚǁŝĐŬůƵŶŐĞŶŶĂƵĨĨƵŶĚĚ ŝŶĨŽƌŵŝĞƌĞŶŶĚŝĞĞ&ĂĐŚƂĨĨĞŶƚůŝĐŚŬĞŝƚ͘

ůƐƐhŶƚĞƌŶĞŚŵĞŶƐŐƌƵƉƉĞĞĨƺŚůĞŶŶǁŝƌƌƵŶƐƐǀĞƌƉĨůŝĐŚƚĞƚ͕͕ĞŝŶŶĂƚƚƌĂŬƚŝǀĞƌƌWĂƌƚŶĞƌĨƺƌƌŝŶƚĞƌĞƐƐŝĞƌƚĞ'ĞͲ ƐƵŶĚŚĞŝƚƐďĞƌƵĨĞĞnjƵƵƐĞŝŶ͘͘ŝĞĞWĨůĞŐĞǁĞƌŬŬ'ŵď,,ǁƵƌĚĞĞϭϵϴϵĂůƐƐ^ĞŬƚŽƌƺďĞƌŐƌĞŝĨĞŶĚĞƌƌ'ĞƐƵŶĚŚĞŝƚƐͲ ĚŝĞŶƐƚůĞŝƐƚĞƌƌŐĞŐƌƺŶĚĞƚƚƵŶĚďĞƐĐŚćĨƚŝŐƚƚŚĞƵƚĞĞĂůƐƉƌŝǀĂƚǁŝƌƚƐĐŚĂĨƚůŝĐŚĞĞhŶƚĞƌŶĞŚŵĞŶƐŐƌƵƉƉĞĞ ĚĞƵƚƐĐŚůĂŶĚǁĞŝƚĐĂ͘͘ϭ͘ϮϬϬϬDŝƚĂƌďĞŝƚĞƌ͘͘ĞƌƌŐƌƂƘƚĞĞsĞƌƐŽƌŐƵŶŐƐďĞƌĞŝĐŚŚŝƐƚƚĞƌůŝŶ͕͕ĚĂƌƺďĞƌƌŚŝŶĂƵƐƐŝƐƚƚ ĚŝĞĞhŶƚĞƌŶĞŚŵĞŶƐŐƌƵƉƉĞĞŝŶŶDƺŶĐŚĞŶ͕͕WŽƚƐĚĂŵ͕͕,ĂůůĞ͕͕,ĂŶŶŽǀĞƌƌƵŶĚĚ<ĞůůŝŶŐŚƵƐĞŶŶďĞŝŝ,ĂŵďƵƌŐŐ ƚćƚŝŐ͘͘/ŶŶĞƌůŝŶŶǁĞƌĚĞŶŶĚĞƌnjĞŝƚƚƌƵŶĚĚϱϬϬϬWĂƚŝĞŶƚĞŶŶĚƵƌĐŚŚƐƉĞnjŝĂůŝƐŝĞƌƚĞ͕͕ĂŵďƵůĂŶƚĞĞWĨůĞŐĞĚŝĞŶƐƚĞĞƉĨůĞͲ ŐĞƌŝƐĐŚŚƵŶĚĚŵĞĚŝnjŝŶŝƐĐŚŚŝŶŶĚĞƌƌĞŝŐĞŶĞŶŶ,ćƵƐůŝĐŚŬĞŝƚƚďĞƚƌĞƵƚ͕ƐŽǁŝĞĞϰϬϬWĂƚŝĞŶƚĞŶŶŝŵZĂŚŵĞŶĚĞƐƐ ďĞƚƌĞƵƚĞŶtŽŚŶĞŶƐƐƵŶĚĚϳϬϬWĂƚŝĞŶƚĞŶŶŝŶŶϭϬWĨůĞŐĞŚĞŝŵĞŶ͘͘ĂƐŵĞĚŝnjŝŶŝƐĐŚĞĞsĞƌƐŽƌŐƵŶŐƐnjĞŶƚƌƵŵ DĞĚŝƉůƵƐƐďĞŚĂŶĚĞůƚƉƌŽYƵĂƌƚĂůůϭ͘ϲϬϬϬWĂƚŝĞŶƚĞŶ͘͘WĨůĞŐĞǁĞƌŬŝƐƚƚdĞŝůŶĞŚŵĞƌĂŶŶnjǁĞŝŝƚĞůĞŵĞĚŝnjŝŶŝͲ ƐĐŚĞŶŶhͲWƌŽũĞŬƚĞŶŶƵŶĚĚŝƐƚĂŶŶĚĞƌƌŶƚǁŝĐŬůƵŶŐŐŝŶŶŽǀĂƚŝǀĞƌsĞƌƐŽƌŐƵŶŐƐƉƌŽnjĞƐƐĞĞŝŶŶĚĞƌƌWĨůĞŐĞĞďĞƚĞŝͲ ůŝŐƚ͘͘

ZĞŶŽŵŵŝĞƌƚĞĞ&ƺŚƌƵŶŐƐŬƌćĨƚĞĞĂƵƐƐĚĞƌƌ'ĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚƚŚĂďĞŶŶŝŶĚĞƌƌǀĞƌŐĂŶŐĞŶĞŶŶ&ĂĐŚƚĂŐƵŶŐŐ ǀŽŵ:ƵŶŝŝϮϬϭϭŝŚƌĞŶŶĞŝƚƌĂŐŐĞůĞŝƐƚĞƚ͕͕ƵŵĚŝĞĞ&ƌĂŐĞĞŶĂĐŚŚŶĞƵĞŶŶYƵĂůŝĨŝŬĂƚŝŽŶƐƉƌŽĨŝůĞŶŶŝŵƵŐĞĞĚĞƌƌ ǀĞƌƐĐŚŝĞĚĞŶĞŶŶ/ŶŶŽǀĂƚŝŽŶƐƉƌŽnjĞƐƐĞĞŝŵŵ'ĞƐƵŶĚŚĞŝƚƐǁĞƐĞŶŶnjƵƵƵďĞůĞƵĐŚƚĞŶ͘

ĞƌƌǀŽƌůŝĞŐĞŶĚĞĞZĞĂĚĞƌŐƌĞŝĨƚƚŚŝĞƌďĞŝŝĚŝĞĞĂŬƚƵĞůůĞŶŶƵŶĚĚnjƵŬƵŶĨƚƐǁĞŝƐĞŶĚĞŶŶdƌĞŶĚƐƐĂƵĨĨƵŶĚĚůĞŐƚƚƐŝĞĞŝŶŶ ǀĞƌƚŝĞĨĞŶĚĞƌƌƵŶĚĚnjƵŐůĞŝĐŚŚĂůůŐĞŵĞŝŶŶǀĞƌƐƚćŶĚůŝĐŚĞƌƌ&ŽƌŵĚĂƌ͘͘hŶƐĞƌŝĞůŝƐƚƚĚŝĞĞĨĂĐŚǁŝƐƐĞŶƐĐŚĂĨƚůŝĐŚĞĞ ŝƐŬƵƐƐŝŽŶǀŽŶŐĞƐƵŶĚŚĞŝƚƐƉŽůŝƚŝƐĐŚĞŶ͕ƐŽnjŝĂůĞŶƵŶĚƂŬŽŶŽŵŝƐĐŚĞŶŶ'ƌƵŶĚƐĂƚnjĨƌĂŐĞŶŶĂƵƐƐĚĞƌƌWĨůĞŐĞͲ ĨŽƌƐĐŚƵŶŐ͕͕ĂƵƐƐĂŬƚƵĞůůĞŶƚĞůĞŵĞĚŝnjŝŶŝƐĐŚĞŶŶ&ŽƌƐĐŚƵŶŐƐƉƌŽũĞŬƚĞŶŶƵŶĚĚĂƵƐƐƐŶĂůLJƐĞŶŶnjƵƵŶƚǁŝĐŬůƵŶŐŐ ĚĞƌƌ'ĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚ͘

/ĐŚŚǁƺŶƐĐŚĞĞ/ŚŶĞŶŶƐƉĂŶŶĞŶĚĞĞ>ĞŬƚƺƌĞ͘

ƌ͘͘'ĞŽƌŐŝŽƐƐ'ŝĂŶŶĂŬŽƉŽƵůŽƐ

'ĞƐĐŚćĨƚƐĨƺŚƌĞŶĚĞƌ'ĞƐĞůůƐĐŚĂĨƚĞƌƌ ĚĞƌƌWĨůĞŐĞǁĞƌŬhŶƚĞƌŶĞŚŵĞŶƐŐƌƵƉƉĞ

Inhaltsverzeichnis

Grußwort 4

Dipl. Geogr. Jana Grohs M.A. Geschäftsleitung VWA Berlin

Gesundheitssystementwicklung 5 Dr. Ellis Huber Vorstand Securvita

Chancen für mehr Prävention 14

Fr. Dr. med. Katharina Graffmann-Weschke Leitung Bereich Prävention AOK Nord-Ost

Nutzen von Technikentwicklungen 25 Ludwig Kunkel TSB Innovationsagentur Berlin GmbH

Die Entwicklung von MVZ - Neue Anforderungen an Qualifikation 46 Dr. Bernd Köppl

Vorsitzender Bundesverband Medizinische Versorgungszentren

Aufgabe des QM in der Pflegepraxis 72 Gesine Dannemeier Geschäftsführerin KTQ

„Gemeinsam für eine bessere gesundheitliche und soziale Versorgung“ 99 Gabriela Seibt Qualitätsverbund Pankow

Veranstaltungsprogramm 121

(36448035

^ĞŚƌƌŐĞĞŚƌƚĞĞĂŵĞŶŶƵŶĚ,ĞƌƌĞŶ͕

ƐĞŚƌƌŐĞĞŚƌƚĞƌƌ,Ğƌƌƌƌ͘,ƵďĞƌ͕

ƐĞŚƌƌŐĞĞŚƌƚĞƌƌ,Ğƌƌƌ'ƌĞƵĠů͕͕

ƐĞŚƌƌŐĞĞŚƌƚĞĞZĞĨĞƌĞŶƚŝŶŶĞŶŶƵŶĚZĞĨĞƌĞŶƚĞŶ͕

ŝĐŚŚĨƌĞƵĞŵŝĐŚŚƐĞŚƌ͕͕^ŝĞĞĂůƐƐ>ĞŝƚĞƌŝŶŶĚĞƌsĞƌǁĂůƚƵŶŐƐͲͲƵŶĚĚtŝƌƚƐĐŚĂĨƚƐͲŬĂĚĞŵŝĞĞĂƵĨĨĚĞŵŵ

ŚĞƵƚŝŐĞŶDĂƌŬƚƉůĂƚnjnj'ĞƐƵŶĚŚĞŝƚƐǁĞƐĞŶŶŝŶŶƵŶƐĞƌĞŵ^ƚƵĚŝĞŶnjĞŶƚƌƵŵŵďĞŐƌƺƘĞŶŶnjƵĚƺƌĨĞŶ͘

ĂƐƐ dŚĞŵĂĂ ƵŶƐĞƌĞƌƌ ĚŝĞƐũćŚƌŝŐĞŶŶ sĞƌĂŶƐƚĂůƚƵŶŐŐ ůĂƵƚĞƚƚ <ĂƌƌŝĞƌĞĐŚĂŶĐĞŶ ĂƵĨĨ ĚĞŵŵ DĂƌŬƚƉůĂƚnj

ĚĞƌƌ'ĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚ͘ŝĞĞ'ĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚŝƐƚƚŚĞƵƚĞĚŝĞĂŵŵƐƚćƌŬƐƚĞŶŶǁĂĐŚƐĞŶĚĞ

tŝƌƚƐĐŚĂĨƚƐďƌĂŶĐŚĞĞŝŶŶĞƵƚƐĐŚůĂŶĚ͘ŝĞĞEĂĐŚĨƌĂŐĞĞŝŶŶĞƌŚĂůďďĚĞƌƌ'ĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚƚŶĂĐŚŚ

ĞŝŶĞƌďĞƌƵĨůŝĐŚĞŶYƵĂůŝĨŝnjŝĞƌƵŶŐŐŝƐƚŚŽĐŚ͘͘ƌďĞŝƚŐĞďĞƌƐŝŶĚŵĞŚƌƌĚĞŶŶũĞĞĂŬƚŝǀǀŐĞĨŽƌĚĞƌƚ͕͕ƐŝĐŚ

ŝŶŶĚĞŶŶtĞŝƚĞƌďŝůĚƵŶŐƐƉƌŽnjĞƐƐƐŝŚƌĞƌƌDŝƚĂƌďĞŝƚĞƌƌĞŝŶnjƵďƌŝŶŐĞŶ͘͘ŝĞĞstttůĞŝƐƚĞƚƚŚŝĞƌƌƐĞŝƚǀŝĞůĞŶ

:ĂŚƌĞŶ ĞŝŶĞŶ ŐƌŽƘĞŶŶ ĞŝƚƌĂŐŐ ŝŶŶ ĚĞƌƌ ďĞƌƵĨůŝĐŚĞŶ tĞŝƚĞƌďŝůĚƵŶŐ ǀŽŶ ĞƌƵĨƐƚćƚŝŐĞŶŶ Ƶ͘Ă͘͘ ŵŝƚ

^ƚƵĚŝĞŶĂŶŐĞďŽƚĞŶŶǁŝĞĞĚĞŵŵ'ĞƐƵŶĚŚĞŝƚƐͲͲƵŶĚ^ŽnjŝĂůƂŬŽŶŽŵĞŶͬͲŝŶ͘

ĞƌƌŚĞƵƚŝŐĞĞDĂƌŬƚƉůĂƚnjƚĞŝůƚƐŝĐŚŝŶnjǁĞŝŝŐƌŽƘĞĞůƂĐŬĞ͘͘ĞƌƌsŽƌŵŝƚƚĂŐŐŝƐƚŐĞŬĞŶŶnjĞŝĐŚŶĞƚƚǀŽŶ

&ĂĐŚǀŽƌƚƌćŐĞŶ ŵŝƚƚ dŚĞŵĞŶŶ ǁŝĞ͗͗ ŚĂŶĐĞŶŶ Ĩƺƌƌ ŵĞŚƌƌ WƌćǀĞŶƚŝŽŶŶ ĂƵƐ ĚĞƌƌ ^ŝĐŚƚƚ ĞŝŶĞƌ

<ƌĂŶŬĞŶŬĂƐƐĞĞ ŽĚĞƌƌ ĚŝĞĞ ĞĚĞƵƚƵŶŐŐ ǀŽŶŶ Ds ƵŶĚĚ 'ĞƐƵŶĚŚĞŝƚƐnjĞŶƚƌĞŶŶ Ĩƺƌƌ ĚŝĞĞ ĂŵďƵůĂŶƚĞ

<ƌĂŶŬĞŶǀĞƌƐŽƌŐƵŶŐ͘͘tŝƌƐƉƌĞĐŚĞŶŶƺďĞƌƌĚĞŶŶEƵƚnjĞŶŶǀŽŶdĞĐŚŶŝŬĞŶƚǁŝĐŬůƵŶŐĞŶŶŝŶĚĞƌƌWĨůĞŐĞ͕

ƺďĞƌ YƵĂůŝƚćƚƐŵĂŶĂŐĞŵĞŶƚ ƵŶĚĚ ƌŝĐŚƚŝŐĞƐƐ EĞƚnjǁĞƌŬĞŶ͘͘ ŵŵ EĂĐŚŵŝƚƚĂŐ ǁĞƌĚĞŶŶ ǁŝƌ

ŐĞŵĞŝŶƐĂŵŵ ŝŶŶ tŽƌŬƐŚŽƉƐƐ ǀĞƌƐĐŚŝĞĚĞŶĞĞ ŐĞƐƵŶĚŚĞŝƚƐǁŝƌƚƐĐŚĂĨƚůŝĐŚĞĞ dŚĞŵĞŶŶ ĚŝƐŬƵƚŝĞƌĞŶ͘ /ŶŶ

ĚĞŶŶ WĂƵƐĞŶ ŚĂďĞŶŶ ^ŝĞ ĚŝĞĞ DƂŐůŝĐŚŬĞŝƚƚ ŵŝƚ <ŽůůĞŐĞŶŶ ĂƵƐ ŝŚƌĞƌƌ ƌĂŶĐŚĞ ŝŶƐ 'ĞƐƉƌćĐŚŚ njƵ

ŬŽŵŵĞŶ͕͕ ĚĂĨƺƌƌ ŚĂďĞŶŶ ǁŝƌƌ /ŶĨŽƐƚćŶĚĞĞ ŝŵŵ &ŽLJĞƌ ĂƵĨŐĞďĂƵƚ͘ hŶƐĞƌĞŶŶ ^ƚƵĚŝĞƌĞŶĚĞŶŶ ĂŶŶ ĚĞƌ

sttt ďŝĞƚĞƚƚ ƐŝĐŚŚ ĚŝĞ ŚĂŶĐĞ͕͕ ƐŝĐŚŚ ƺďĞƌƌ dŚĞŵĞŶŶ Ĩƺƌƌ /ŚƌĞĞ ^ƚƵĚŝĞŶƉƌŽũĞŬƚĞ ƵŶĚ

ďƐĐŚůƵƐƐĂƌďĞŝƚĞŶnjƵƵŝŶĨŽƌŵŝĞƌĞŶ͘͘

/ĐŚŚ ŵƂĐŚƚĞĞ ĚŝĞĞ 'ĞůĞŐĞŶŚĞŝƚƚ ĂƵĐŚ ŶƵƚnjĞŶ ƵŶƐĞƌĞŶ <ŽŽƉĞƌĂƚŝŽŶƐƉĂƌƚŶĞƌŶ Ĩƺƌƌ ŝŚƌĞ

hŶƚĞƌƐƚƺƚnjƵŶŐŐ njƵƵ ĚĂŶŬĞŶ͕͕ ǀŽƌƌ ĂůůĞŵŵ ĚĞŵŵ WĨůĞŐĞǁĞƌŬ ĞƌůŝŶŶ ƵŶĚĚ ĚĞŶ ZĞĨĞƌĞŶƚŝŶŶĞŶ ƵŶĚ

ZĞĨĞƌĞŶƚĞŶƐŽǁŝĞĞƵƐƐƚĞůůĞƌŶŶĂŶŶĚŝĞƐĞŵŵdĂŐĞ͘/ĐŚǁƺŶƐĐŚĞĞƵŶƐƐǀŝĞůĞĞŝŶƚĞƌĞƐƐĂŶƚĞĞsŽƌƚƌćŐĞ

ƵŶĚƐƉĂŶŶĞŶĚĞĞŝƐŬƵƐƐŝŽŶĞŶ͘

/ĐŚŚ ĨƌĞƵĞĞ ŵŝĐŚŚ ƐĞŚƌ͕͕ ĚĂƐƐƐ ,Ğƌƌƌ ƌ͘͘ ůůŝƐƐ ,ƵďĞƌƌ ŚĞƵƚĞĞ ĚŝĞĞ Ğŝƚƚ ŐĞĨƵŶĚĞŶŶ ŚĂƚ͕͕ ĚĞŶ

ƌƂĨĨŶƵŶŐƐǀŽƌƚƌĂŐŐ njƵ ŚĂůƚĞŶ͘͘ ,Ğƌƌƌ ƌ͘͘ ,ƵďĞƌƌ ǁĂƌƌ ǀŽŶŶ ϭϵϴϳͲϵϵϵ WƌćƐŝĚĞŶƚ ĚĞƌƌ ƌnjƚĞŬĂŵŵĞƌ

ĞƌůŝŶ͕͕ ŝƐƚ ŚĞƵƚĞĞ sŽƌƐƚĂŶĚĚ ĚĞƌƌ ^ĞĐƵƌǀŝƚĂ <ƌĂŶŬĞŶŬĂƐƐĞ͕͕ sŽƌƐŝƚnjĞŶĚĞƌƌ ĚĞƐƐ ĞƌƵĨƐǀĞƌďĂŶĚĞƐ

ĞƵƚƐĐŚĞƌWƌćǀĞŶƚŽůŽŐĞŶƵŶĚsŽƌƐƚĂŶĚƐŵŝƚŐůŝĞĚĚĞƐƐWĂƌŝƚćƚŝƐĐŚĞŶtŽŚůĨĂŚƌƚƐǀĞƌďĂŶĚĞƐ͕͕>s

ĞƌůŝŶ͘͘

,Ğƌƌƌƌ͘͘,ƵďĞƌƌǁŝƌĚŶƵŶŶƺďĞƌƌ'ĞƐƵŶĚŚĞŝƚĂůƐƐtĞƌƚƵŶĚtĞƌƚƐĐŚƂƉĨƵŶŐŐʹ<ŽŽƉĞƌĂƚŝŽŶƐƚĂƚƚƚ

sĞƌƐŽƌŐƵŶŐƐƐƚĞƵĞƌƵŶŐŐƐƉƌĞĐŚĞŶ͘͘

ĂĨƺƌƌǀŽƌĂďďƐĐŚŽŶŶĞŝŶŵĂůůǀŝĞůĞŶĂŶŬ͘

ŝƉů͘͘'ĞŽŐƌ͘͘:ĂŶĂĂ'ƌŽŚƐƐD͘͘͘͘͘

4

*HVXQGKHLWVV\VWHPHQWZLFNOXQJ

,QWHJULHUWH0HGL]LQXQGG,QWHJULHUWH9HUVRUJXQJDOVVQHXH3HUVSHNWLYHIUGDVV

*HVXQGKHLWVZHVHQQLQQ'HXWVFKODQG

(OOLV+XEHUULQ=HLWVFKULIWWIUU6R]LDOPDQDJHPHQW

-RXUQDOORI6RFLDOO0DQDJHPHQW%HUWXFK9HUODJ:HLPDU

'LH.HUQIXQNWLRQHQHLQHVVR]LDOOLQWHJULHUHQGHQ*HVXQGKHLWVV\VWHPVV

,Q'HXWVFKODQGGZLHHLQQDOOHQHXURSlLVFKHQQ*HVHOOVFKDIWHQLVWWGLHH%HGHXWXQJGHV *HVXQGKHLWVV\VWHPVVDOVVR]LDOHU,QWHJUDWLRQVIDNWRUUXQEHVWULWWHQ(LQVR]LDOHVV *HVXQGKHLWVZHVHQQSIOHJWWGDVJHVHOOVFKDIWOLFKH%LQGHJHZHEHXQGGEULQJWWGLH0HQVFKHQ ]XHLQDQGHUULQ%H]LHKXQJ'HU$U]WGLHQWWÄGHUU*HVXQGKHLWWGHVHLQ]HOQHQ0HQVFKHQXQGG GHUUJHVDPWHQQ%HY|ONHUXQJ³%XQGHVlU]WHNDPPHUU'LHVH9HUSIOLFKWXQJRUGQHWWGHU lU]WOLFKHQ3URIHVVLRQQHLQHLQWHJULHUHQGH)XQNWLRQ]ZLVFKHQQDOOJHPHLQHPXQGG LQGLYLGXHOOHP:RKO]X'HUUlU]WOLFKH.HUQDXIWUDJJLOWWDOVRRHLQHUUSUHLVZHUWHQRGHUU UHVVRXUFHQVSDUHQGHQQ*HVXQGKHLWVYHUVRUJXQJIUJUR‰HH%HY|ONHUXQJVJUXSSHQ'LHVHH $XIJDEHGHUUbU]WHVFKDIWWZLUGLPJHJHQZlUWLJHQ*HVXQGKHLWVV\VWHPQLFKWKLQUHLFKHQG HUIOOW'LH0HGL]LQYHUQDFKOlVVLJWXQWHUUGHQQ=ZlQJHQGHUU3URILW]LHOHHLP6\VWHPLKUHQQ VR]LDOHQQ$XIWUDJ'LHH*HVXQGKHLWWGHVVR]LDOHQ*HZHEHVVGHUU=LYLOJHVHOOVFKDIWWLVWW]XX ZHQLJ*HJHQVWDQGYRQPHGL]LQLVFKHUU7KHRULHXQGG3UD[LV

'LHPLWWGHPlU]WOLFKHQ*HPHLQZRKODXIWUDJNRUUHVSRQGLHUHQGH.HUQDXIJDEHGHU *HVHW]OLFKHQQ.UDQNHQYHUVLFKHUXQJJ*.9EHLQKDOWHWGLH.XOWLYLHUXQJJYRQ *HPHLQVFKDIWOLFKNHLWLQQJUR‰HQQ%HY|ONHUXQJVJUXSSHQ(VJHKWWIUGLHHLQ]HOQHH .UDQNHQNDVVHXPGLHH%LOGXQJJHLQHUUVROLGDULVFKHQ&RPPXQLW\6ROLGDULWlWXQG 0LWPHQVFKOLFKNHLWWVLQGGQDFKGHP6WDQGGHUUZLVVHQVFKDIWOLFKHQQ(UNHQQWQLVVVWDUNHH *HVXQGKHLWVUHVVRXUFHQGLHGDVV0RUELGLWlWVVSHNWUXPPLQGHUU%HY|ONHUXQJPD‰JHEOLFK SUlJHQÄ0HQVFKHQGLHHVLFKKDOVVNRPSHWHQWHUIDKUHQGLHHVR]LDOHH5HVRQDQ]ILQGHQXQG GLHHEHLLVR]LDOHQ(QWVFKHLGXQJHQPLWZLUNHQN|QQHQVLQGZHQLJHUUNUDQN8PJHNHKUWW VWHLJHQQ(UNUDQNXQJVKlXILJNHLWXQG6WHUEOLFKNHLWWLQGHUU%HY|ONHUXQJGHXWOLFKDQZHQQ GDVVJHVHOOVFKDIWOLFKHH%LQGHJHZHEHXQWHUU6SDQQXQJVWHKW³³)LVFKHU-(6 'HUU=XVWDQGGHVVVR]LDOHQ%LQGHJHZHEHVVSUlJWWGLHH$XIJDEHQQGHUU9HUVRUJXQJXQGDXFKK GLHH|NRQRPLVFKH/DJHGHUU*HVHW]OLFKHQQ.UDQNHQYHUVLFKHUXQJ'LHV\VWHPLVFKH 9HUSIOLFKWXQJJ]XUU.XOWLYLHUXQJJYRQQ6ROLGDULWlWWXQGVR]LDOHUU7HLOKDEHHXQWHUULKUHQ 9HUVLFKHUWHQLVWWYLHOHQ.DVVHQQNDXPPEHZXVVW'HUU$XIWUDJZLUGGQXUPDQJHOKDIWWHUIOOW

'HHIDFWRDUEHLWHQQDOOH.UDQNHQNDVVHQXQWHUGHQQ5DKPHQEHGLQJXQJHQQGHVV 5LVLNRVWUXNWXUDXVJOHLFKVV56$PLWWHLQHPJOREDOHQ%XGJHW)UUGLHHHLQ]HOQHQ 9HUVLFKHUWHQHUKlOWWGLH.UDQNHQNDVVHHQlPOLFKHLQHGHILQLHUWHH=XZHLVXQJJDXVVGHP *HVXQGKHLWVIRQGV'LHVHÄ.RSISDXVFKDOH³VHW]WWVLFKDXVHLQHUU*UXQGSDXVFKDOHVRZLHH DOWHUVJHVFKOHFKWVXQGULVLNRDGMXVWLHUWHQ=XXQGG$EVFKOlJHQQ]XVDPPHQ%DVLVV]XUU (UPLWWOXQJGHUPRUELGLWlWVDEKlQJLJHQ3DXVFKDOHQLVWWHLQQ.DWDORJJPLWGHU]HLW VFKZHUHQQXQGGNRVWHQLQWHQVLYHQ(UNUDQNXQJHQ%XQGHVYHUVLFKHUXQJVDPWW'LHH

1RUPNRVWHQQGHVVPRUELGLWlWVRULHQWLHUWHQQ56$HQWVSUHFKHQGHQQGXUFKVFKQLWWOLFKHQQ $XVJDEHQDOOHU.UDQNHQNDVVHQIUGLHVREHVWLPPWHQJHVXQGHQQXQGGNUDQNHQ 9HUVLFKHUWHQJUXSSHQ

5

'LHGXUFKVFKQLWWOLFKHH+|KHHGHUU9HUVLFKHUWHQSDXVFKDOHOLHJWWJHJHQZlUWLJEHL(XUR LP-DKUIUUHUQVWKDIWWNUDQNH0HQVFKHQGDUEHUUXQGGIUUJHVXQGHGDUXQWHU'LHH6XPPHH GHUULQGLYLGXHOOHQQ.RSISDXVFKDOHQEHVWLPPWGLHILQDQ]LHOOHQ0|JOLFKNHLWHQXQGGGDPLW DXFKGLH|NRQRPLVFKHHhEHUOHEHQVJUHQ]HGHU.DVVH6LQGGLHUHDOHQQ 9HUVRUJXQJVNRVWHQJHULQJHUDOVVGDVV9HUVLFKHUWHQEXGJHWJHKWWHVVGHUU.DVVHHJXWVLQG VLHHK|KHUEULFKWWGDV.DVVHQXQWHUQHKPHQXQWHUUVWHLJHQGHQ=XVDW]EHLWUlJHQ]XVDPPHQ 0LW]ZHL6WUDWHJLHQQNDQQGDV0DQDJHPHQWWGDUDXIUHDJLHUHQPLW5LVLNRDXVJUHQ]XQJ RGHUUPLW6ROLGDULVLHUXQJLQQHUKDOEEGHUU9HUVLFKHUWHQJHPHLQGH'XUFKKGHQ 5LVLNRVWUXNWXUDXVJOHLFKGHUDOVRR.UDQNKHLWHQQXQGGLH3UREOHPHYRQNUDQNHQ 9HUVLFKHUWHQDEELOGHWZLUGGHLQH.XOWXUYRQVROLGDULVFKHU*HPHLQVFKDIWOLFKNHLWW]XUU VLQQYROOHQhEHUOHEHQVVWUDWHJLHHIUU.DVVHQGLHLKUHQQVR]LDOHQ$XIWUDJJHUNHQQHQ

+HLONXQVWIUU0HQVFKXQG*HVHOOVFKDIWW

*HVXQGKHLWVDJWWVFKRQ7KRPDVYRQQ$TXLQLVWWZHQLJHUHLQQ=XVWDQGGXQGPHKUHLQHH +DOWXQJXQGGVLHHJHGHLKWWPLWWGHUU)UHXGHDP/HEHQ:LVVHQVFKDIWWXQGG)RUVFKXQJ YHUlQGHUQKHXWHHJUXQGOHJHQGXQVHUU9HUVWlQGQLVVYRPP/HEHQ'LHH0DVFKLQHQELOGHUHLQHUU WHFKQLVFKHQ0HGL]LQZHUGHQQGXUFKGDV:LVVHQQXPPLWHLQDQGHUNRPPXQL]LHUHQGHH /HEHQVQHW]HHDEJHO|VW1LFKW5lGHUZHUNHXQGGELRFKHPLVFKH$XWRPDWHQVRQGHUQ ELRORJLVFKHH1HW]ZHUNHXQGVR]LDOH:HFKVHOZLUNXQJHQEHVWLPPHQXQVHUHH/HEHQVNUlIWH

+HLONXQVWWIUUGHQLQGLYLGXHOOHQQ0HQVFKHQQXQGGDVVVR]LDOHH*HIJHPXVVVGLHVHH (UZHLWHUXQJGHUQDWXUZLVVHQVFKDIWOLFKHQ0HGL]LQKLQ]XXHLQHUXPIDVVHQGHQ *HVXQGKHLWVI|UGHUXQJJDQHUNHQQHQXQGGXPVHW]HQ'LHDOOJHPHLQHQQ9RUVWHOOXQJHQQYRQQ *HVXQGKHLWXQG.UDQNKHLWWlQGHUQVLFKKJHJHQZlUWLJJWLHIJUHLIHQGG.LFNEXVFKK ,QWHJULHUWH0HGL]LQXQGG,QWHJULHUWH9HUVRUJXQJVLQGGLHHJHVXQGKHLWVGLHQOLFKHQQ 3HUVSHNWLYHQQHLQHVVQHXHQQ6\VWHPV'LH:LVVHQVFKDIWEHOHJWZLH*HERUJHQKHLWWLQ VR]LDOHQQ1HW]HQDOV*HVXQGKHLWVTXHOOHZLUNW:HUULP.UHLVYRQ)UHXQGHQ%HNDQQWHQQ XQGG*OHLFKJHVLQQWHQQDQJHQRPPHQQXQGGEHWHLOLJWWLVWOHEWJHVQGHUUXQGOlQJHU'LHH ZLUNVDPVWHQ$U]QHLPLWWHOGHUU,QIRUPDWLRQVJHVHOOVFKDIWKHL‰HQDOVR%LOGXQJJXQG *HPHLQVFKDIW/LHEHHVWDWWW9DOLXPP+XEHUU'LHVH4XLQWHVVHQ]GHUU JHVXQGKHLWVZLVVHQVFKDIWOLFKHQQ(UNHQQWQLVZLUGGMHW]WGLHH3UD[LVVGHUU+HLONXQVWWLQ 'HXWVFKODQGQHXRULHQWLHUHQ+HLOHQ3IOHJHQXQG+HOIHQZLUGJDQ]KHLWOLFKHUUXQG JHPHLQVFKDIWOLFKHUUHUIROJHQXQWHUVFKLHGOLFKH3URIHVVLRQHQQLQQ7HDPVEHVFKlIWLJHQXQGG LQGLYLGXHOOHZLHVR]LDOHH3UREOHPHLQWHJULHUWWO|VHQOHUQHQ(LQHHVROFKH0HGL]LQQEHQ|WLJW bU]WH3IOHJHZLVVHQVFKDIWOHU6R]LDODUEHLWHUURGHUU3lGDJRJHQGLHJOHLFKEHUHFKWLJWW ]XVDPPHQZLUNHQQXQG%UJHUGLHHPLWWIUJHVXQGH9HUKlOWQLVVHHZLHJHVXQGHV9HUKDOWHQQ HLQWUHWHQ

'LHHKHXWLJHQ*HVXQGKHLWVSUREOHPHODVVHQQVLFKQLFKWPHKUPLWÄPHGL]LQLVFKHP )RUWVFKULWW³RGHUUELRFKHPLVFKHQQÄ:XQGHUZDIIHQ³³EHVLHJHQ'HSUHVVLRQHQQXQGGbQJVWH QHKPHQGUDPDWLVFKK]X'DVVVR]LDOHH%LQGHJHZHEH]HUEULFKWWPHKUUXQGPHKU 5FNHQVFKPHU]HQXQGFKURQLVFKH*HEUHFKHQEHVFKUHLEHQQLFKWWQXUUN|USHUOLFKH 3UREOHPHVLHHGUFNHQQDXFKGLHH/DVWWGHUSV\FKRVR]LDOHQQ9HUKlOWQLVVHDXV'LHHDNWXHOOHH :LUWVFKDIWVNULVHEHHLQWUlFKWLJWGLH*HVXQGKHLWWGHUU0HQVFKHQ6LHLVWWIUU$QJVW

6

9HU]ZHLIOXQJ8QVLFKHUKHLWHQDQGDXHUQGHQQ6WUHVVXQGDOOHGDUDXVHUZDFKVHQGHQ )ROJHQIUGDVLQGLYLGXHOOHZLHHDOOJHPHLQHH:RKOOHEHQVRR8UVDFKHHZLHHIUGLHH,QVROYHQ] HLQ]HOQHU8QWHUQHKPHQ'LHNXOWXUHOOHQXQGGVR]LDO|NRORJLVFKHQQ9HUKlOWQLVVHVLQGGKHXWH HQWVFKHLGHQGREE0HQVFKHQQIHWWWRGHUUGHSUHVVLYVFKWLJRGHUUVFKPHU]JHEHXWHOWWVLQG VLFKKIDOVFKKHUQlKUHQRGHUU]XZHQLJEHZHJHQ'LHHLQGLYLGXHOOH*HVXQGKHLWVNRPSHWHQ] VWHKWLQQ:HFKVHOZLUNXQJJPLWWGHUUMHZHLOLJHQ/HEHQVZHOW

^{,QWHJULHUWH9HUVRUJXQJJIKUWGDKHUUGLHHEHLGHH.HUQDXIJDEHQQGHVVVR]LDOHQ *HVXQGKHLWVV\VWHPVV]XVDPPHQQXQGGRUJDQLVLHUWW6ROLGDULWlWXQGG+LOIHJOHLFK]HLWLJ LQWHJULHUWWDOVR9HUVLFKHUXQJXQGG9HUVRUJXQJDOVVWUDQVSDUHQWHXQGJHPHLQVDPHH$XIJDEH YRQQ0DQDJHPHQWJHVHOOVFKDIWHQ(VVJHKWWXPSUHLVZHUWHH*HVXQGKHLWWXQGVROLGDULVFKHVV 0LWHLQDQGHUUIUUJUR‰HH%HY|ONHUXQJVJUXSSHQ'LHV]XXHUUHLFKHQQLVWQXQGLHH$XIJDEH HLQHUUEHKDUUOLFKHQQXQGQDFKKDOWLJHQQ2UJDQLVDWLRQVHQWZLFNOXQJJQDFKGHU.ULVH *HVXQGKHLWVV\VWHPHQWZLFNOXQJJNDQQQHXHQ:RKOVWDQGGXQGGVR]LDOHQ)RUWVFKULWW EHZLUNHQ'DVHUIRUGHUWHLQH5HYROXWLRQGLHNHLQH*HZDOWWEUDXFKWQXUQHXHV'HQNHQ XQGGJHPHLQVDPHVV+DQGHOQ} 'LH*HVXQGKHLWVUHYROXWLRQQ

,FKKKDEHGLHHDQVWHKHQGHQQ(QWZLFNOXQJVSUR]HVVHHLQQ$QDORJLHH]XUUÄ=ZHLWHQ5HYROXWLRQQLQQ GHUU$XWRLQGXVWULH³:RPDNNHWDODOV*HVXQGKHLWVUHYROXWLRQEHVFKULHEHQ+XEHUUUU /DQJEHLQ(VJHKWWGDUXPGLHH5lGHUZHUNHHGHVVKHXWLJHQQ6\VWHPJHIJHVVGXUFK RIIHQNRPPXQL]LHUHQGHH1HW]ZHUNHDE]XO|VHQXQGDUEHLWVWHLOLJJKLHUDUFKLVFKH 2UJDQLVDWLRQVPXVWHUUGXUFKVLFKKVHOEVWWVWHXHUQGH7HDPVV]XEHUZLQGHQDOVRDXFKKLP *HVXQGKHLWVZHVHQQHLQHHQHXH2UJDQLVDWLRQVNXOWXUUXP]XVHW]HQ'LHH0DFKWWYHUODJHUWVLFK GDEHLDXVVGHQQ=HQWUDOHQQLQQGLH3HULSKHULHHXQGGGLHHQHXH2UJDQLVDWLRQQPXVVHLQHH JHPHLQVDPHH2ULHQWLHUXQJJXQGJHJHQVHLWLJHV9HUWUDXHQQDXIEDXHQ6HOEVWFRQWUROOLQJXQGG RIIHQHH.RPPXQLNDWLRQQVROOWHQGLHH.RQWUROODQVSUFKHHGHUU9HUZDOWXQJJXQGGGLHH0DFKWGHUU 6WDQGHVIUVWHQZLHH.DVVHQIXQNWLRQlUHHUVHW]HQ,PPHUUPHKUUHQWVFKHLGHQGLHH .UDQNHQYHUVLFKHUWHQQVHOEVWWEHUUGLHH$N]HSWDQ]GHUU$QJHERWHVLHHQXW]HQLKUHH :DKOP|JOLFKNHLWHQ'LH=XNXQIWWJHK|UWGHU%H]LHKXQJVPHGL]LQQXQGGHUU&RPPXQLW\ 0HGL]LQ*HQWHFKQRORJLHHRGHUPROHNXODUELRORJLVFKH6WUDWHJLHQN|QQHQQGLHH +HUDXVIRUGHUXQJGHUUKHXWLJHQQ.UDQNKHLWHQQMHGHQIDOOVVQLFKWEHZlOWLJHQDXFKKZHQQYLHOH 1XW]QLH‰HUUGLHVHUU0HGL]LQVROFKHH7UlXPHHKHJHQ

'LH=HLWWLVWUHLIGDVVV,QWHJULHUWH9HUVRUJXQJVSURMHNWH6FKULWWIUU6FKULWWGLH 5HJHOYHUVRUJXQJJEHUQHKPHQ0LWWGHPP*HVXQGKHLWVPRGHUQLVLHUXQJVJHVHW]VLQG QlPOLFKVHLWWGHPGLHHGDIUUQRWZHQGLJHQSROLWLVFKHQQ9RUDXVVHW]XQJHQ JHJHEHQ'HUU*HVHW]JHEHUU]LHOWPLWWGHUU,QWHJULHUWHQQ9HUVRUJXQJJ††6*%9DXIHLQHH XPIDVVHQGHH0RGHUQLVLHUXQJJGHVV6\VWHPV3URMHNWHGHUU,QWHJULHUWHQQ9HUVRUJXQJJVROOHQ QHXH2UJDQLVDWLRQVXQG'LHQVWOHLVWXQJVNRQ]HSWHHQWZLFNHOQPLWWGHQHQGLHHELVKHUU EHNODJWH=HUVSOLWWHUXQJJLQ6HNWRUHQQXQGGLH3UREOHPHHLQHUUhEHU)HKORGHU 8QWHUYHUVRUJXQJEHUZXQGHQZHUGHQ'DV*HVHW]HUP|JOLFKWGDVVV 0DQDJHPHQWJHVHOOVFKDIWHQQLQQ$QDORJLHH]XDQGHUHQQ:LUWVFKDIWVEHUHLFKHQQDOVV *HQHUDOXQWHUQHKPHURGHUUÄ6\VWHPDQELHWHU³DXIWUHWHQXQGLP5DKPHQHLQHVV*OREDOHQ %XGJHWVGLHH9ROOYHUVRUJXQJGHILQLHUWHU%HY|ONHUXQJVJUXSSHQVLFKHUVWHOOHQN|QQHQ9RQ GLHVHP3RSXODWLRQVPRGHOOHUZDUWHQ)DFKOHXWHHHLQHQ3URGXNWLYLWlWVVSUXQJLQQGHU

7

*HVXQGKHLWVYHUVRUJXQJJXQGGLH(QWZLFNOXQJJYRQ*HVXQGKHLWVXQWHUQHKPHQGLHH SUHLVZHUWHUUXQGTXDOLWDWLYYEHVVHUUDOVVGLHELVKHULJHQ6WUXNWXUHQGLH9HUVRUJXQJVDXIJDEHH EHZlOWLJHQ

'LHILQDQ]LHOOHQ6SLHOUlXPHHVLQGPLWWGHQ1RUPNRVWHQQGHVV5LVLNRVWUXNWXUDXVJOHLFKV EUJHUEH]RJHQNODUGHILQLHUW%HLLGXUFKVFKQLWWOLFKK(XURRÄ.RSISDXVFKDOH³³SURR 3HUVRQQDXVVGHP*HVXQGKHLWVIRQGGEHNRPPWWHLQQ'RUIPLWW(LQZRKQHUQ0LOOLRQHQQ (XURHLQH6WDGWWPLWW(LQZRKQHUQQ0LOOLRQHQ(XURRXQGGHLQ/DQGGPLWW 0LOOLRQHQQ(LQZRKQHUQQ0LOOLDUGHQ(XUREHUHLWJHVWHOOW.RPPXQDOH*HVXQGKHLWVSROLWLNN XQGGUHJLRQDOH9HUVRUJXQJVQHW]HHN|QQHQGDPLWWVXEVLGLlUH6ROLGDULWlWRUJDQLVLHUHQXQGG HLQHQQRSWLPDOHQ*HVXQGKHLWVQXW]HQQIUUGLHH%UJHULQQHQXQG%UJHUHUUHLFKHQ

)UKOLQJVHUZDFKHQLQ'HXWVFKODQG

^{,Q'HXWVFKODQGGH[LVWLHUHQQRFKKYHUHLQ]HOWHDEHUUEHUHLWVVHUIROJUHLFKDUEHLWHQGH3URMHNWH GLHHDXIGHPP:HJ]XUULQWHJULHUWHQQ9HUVRUJXQJPLWJOREDOHU%XGJHWVWHXHUXQJJXQGHLQHUU 9HUJWXQJJGXUFKKYHUVLFKHUWHQEH]RJHQHHXQGPRUELGLWlWVEDVLHUWH.RSISDXVFKDOHQVLQGG 7LVND'LH3URVSHU0RGHOOHGHU%XQGHVNQDSSVFKDIWLQQ%RWWURS5HFNOLQJKDXVHQ RGHUULPP6DDUODQGGXQGGLH*HVXQGHVV.LQ]LJWDO*PE+]HLJHQEHLVSLHOKDIWZLHHGLHV JOFNHQNDQQ}

^{'XUFKGLHH(LQULFKWXQJHLJHQHUUPHGL]LQLVFKHU1HW]HVWlUNWWXQGHUQHXHUWWGLHH.QDSSVFKDIWW GHQQWUDGLWLRQHOOHQQ9HUEXQGJHGDQNHQ.UDQNHQ3IOHJHXQGG5HQWHQYHUVLFKHUXQJHLQ UHJLRQDOHV6\VWHPPYRQQ.QDSSVFKDIWVlU]WHQ.QDSSVFKDIWVNUDQNHQKlXVHUUXQGG 5HKDELOLWDWLRQVNOLQLNHQQVRZLHHLQHLJHQHU6R]LDOPHGL]LQLVFKHUU'LHQVWWVLQGXQWHUHLQHPP 'DFKYHUHLQW'LHH3URVSHU1HW]HGHU.QDSSVFKDIWWVLQGXPELVNRVWHQJQVWLJHU DOVVGDVVKHUN|PPOLFKH9HUVRUJXQJVV\VWHP9HUVLFKHUWHGLHGHPP,QWHJULHUWHQ 9HUVRUJXQJVQHW]DQJHVFKORVVHQQVLQGKDEHQGDEHLYLHOHH9RUWHLOH6LHEHNRPPHQQHLQH KRKH4XDOLWlWEHLLGHUPHGL]LQLVFKHQQ%HWUHXXQJ'LHQLHGHUJHODVVHQHQQ1HW]lU]WHXQGGLHH .QDSSVFKDIWVNUDQNHQKlXVHUDUEHLWHQHQJJ]XVDPPHQDPEXODQWHUXQGVWDWLRQlUHUU %HUHLFKVLQGGPLWHLQDQGHUUYHU]DKQW(VJLEWNHLQHEHODVWHQGHQ]HLWUDXEHQGHQXQG PLWXQWHUUDXFKULVLNREHKDIWHWHQQ'RSSHOXQWHUVXFKXQJHQPHKU'LHHVWDWLRQlUHQ $XIHQWKDOWHHVLQGNU]HUGLHH9HUZHLOGDXHUULP.UDQNHQKDXVVVLQNW'LHH3UD[LVJHEKUUXQG GLHH=X]DKOXQJHQQLP.UDQNHQKDXVVIDOOHQZHJ9RP,QWHJULHUWHQQ9HUVRUJXQJVQHW]GHU %XQGHVNQDSSVFKDIWWSURILWLHUHQDOOH%HWHLOLJWHQGHVV9HUEXQGQHW]HVGLHNQDSSVFKDIWOLFK .UDQNHQYHUVLFKHUWHQGLHH.QDSSVFKDIWVlU]WHGLHH.QDSSVFKDIWVNUDQNHQKlXVHUUXQGGLHH NQDSSVFKDIWOLFKH.UDQNHQYHUVLFKHUXQJ}

'LH0DQDJHPHQWJHVHOOVFKDIWWW*HVXQGHV.LQ]LJWDOO*PE+++ZXUGHHLP6HSWHPEHU YRQQQLHGHUJHODVVHQHQQbU]WHQJHJUQGHWGLHLQGLHVHUUOlQGOLFKHQQ5HJLRQQVHLW -DKUHQNRRSHULHUHQ,Q]ZLVFKHQPDFKHQbU]WHHXQGGPHKUHUHH.UDQNHQKlXVHUPLW'LH *HVHOOVFKDIWHUUGHUU*PE++VLQG]X]ZHLL'ULWWHOOGHUUbU]WH9HUHLQ0HGL]LQLVFKHVV 4XDOLWlWVQHW]bU]WHLQLWLDWLYH.LQ]LJWDOH9XQG]XXHLQHP'ULWWHOOGLHHDXI,QWHJULHUWHH 9HUVRUJXQJJVSH]LDOLVLHUWH2SWL0HGLVV$*DXV+DPEXUJ'DVV6HUYLFHXQWHUQHKPHQVROOO GHQQbU]WHQGHQ5FNHQIULKUHQQHLJHQWOLFKHQ-REQlPOLFKIUGLHH5XQGXP%HWUHXXQJ LKUHUU3DWLHQWHQQIUHLKDOWHQ(VVJHKWGHQQ%HWHLOLJWHQGDUXP%URNUDWLHDE]XEDXHQ 3UR]HVVH]XXYHUHLQIDFKHQQRGHUGHQ.RQWDNW]ZLVFKHQQbU]WHQXQGGHQ9HUWUHWHUQQLFKWW

8

lU]WOLFKHU+HLOEHUXIHH]XYHUVWlUNHQ$OOHVVLQQDOOHPUHFKQHWWGLHH$2..%DGHQ:UWWHPEHUJJ PLW]HKQELVV3UR]HQWWDQQ(LQVSDUXQJHQQXQGGLQ]ZLVFKHQQ]HLJWWVLFKGDVVVGLHVH (UZDUWXQJUHDOLVWLVFKKLVW

^{'HUU9HUWUDJJKDWW]XQlFKVWHLQH/DXI]HLWWYRQQQHXQ-DKUHQ(UXPIDVVWWDOOHH6HNWRUHQQGHUU 9HUVRUJXQJJXQGDOOH,QGLNDWLRQHQXQGDUEHLWHWPLWWHLQHUYLUWXHOOHQ *HVDPWEXGJHWYHUJWXQJ'DV%XGJHWHQWVSULFKWWGHQ1RUPNRVWHQQGHVV56$IUUGLH 9HUVLFKHUWHQLP.LQ]LJWDODOVRRGHUUUHDOHQQ.DXINUDIWWGHUU$2..IUGLH9HUVRUJXQJJLQQGLHVHUU 5HJLRQ'LHVHH%XGJHWVXPPHHZLUGGGDQQPLWWGHQQUHDOHQQ.RVWHQQYHUJOLFKHQGLHHIUUDOOHH $2.9HUVLFKHUWHQLPP.LQ]LJWDODQJHIDOOHQVLQG0HKU.RVWHQZlUHQHLQQ0LVVHUIROJJGHVV .RQ]HSWHVJHULQJHUHH.RVWHQQPHVVHQQGHQQ(UIROJ'LH$2.LQYHVWLHUWH]XQlFKVW 0LOOLRQHQQ(XURLQQGHQ$XIEDXGHVV0DQDJHPHQWVVXQGLQQ$QJHERWH]XUU 4XDOLWlWVVLFKHUXQJ'LHVHH,QYHVWLWLRQKDWVLFKKEHUHLWVQDFKKNXU]HUU=HLWJHORKQW'LHH HUUHLFKWHH9HUVRUJXQJVYHUEHVVHUXQJJXQGGGLHJHULQJHUHQ.RVWHQQIKUWHQ]XUU 5HILQDQ]LHUXQJGHV9RUVFKXVVHV.ROEHFN}

'LH.XOWXUUHLQHVVVR]LDOOYHUDQWZRUWOLFKHQ9HUVRUJXQJVPDQDJHPHQWV

'LHYLHOIlOWLJHQQ3UR]HVVHGHUgNRQRPLVLHUXQJXQGDXFKKGHUU%URNUDWLVLHUXQJJLP *HVXQGKHLWVV\VWHPVLQG]XXHLQHUU*HIDKUUIUUGLHH*HVXQGKHLWGHUUHLQ]HOQHQQ0HQVFKHQQ XQGGGHVV*HPHLQZHVHQVVLQVJHVDPWWJHZRUGHQ(LQHH0HGL]LQQXQG3IOHJHLQVR]LDOHU 9HUDQWZRUWXQJJVFKHLWHUQKHXWHHJOHLFKHUPD‰HQQDP7HUURUUGHUgNRQRPLHH)RUUHVWHUU )RUUHVWHUUZLHHDPP7HUURUUGHUU%URNUDWLH,QGHQQ=HLWHQQGHUU*OREDOLVLHUXQJ XQGGGHU$QJVWYLHOHU0HQVFKHQQYRUUVR]LDOHU$XVJUHQ]XQJJXQGGGHP9HUOXVWGHUU 6LFKHUKHLWWLQQLKUHU*HVHOOVFKDIWWVWUHEHQQGLHVR]LDOHQ)UDJHQQDFKKQHXHQQ$QWZRUWHQ'LHH 0HQVFKHQVXFKHQQ*HERUJHQKHLWLQQVR]LDOHUU*HPHLQVFKDIWW2SDVFKRZVNLL'DVV =HLWDOWHUUGHUUUFNVLFKWVORVHQ,QGLYLGXDOLVWHQJHKW]X(QGHH.OHLQ'DVV *HVXQGKHLWVV\VWHPPXVVVQXQQHXJHGDFKWWZHUGHQ

'LH6RUJHXPHLQHKLQUHLFKHQGH*HVXQGKHLWWGHVVVR]LDOHQ%LQGHJHZHEHVVJHK|UW]X VHLQHP$XIWUDJXQG]XVHLQHU$XIJDEH'LH9HUHLQ]HOXQJGHU0HQVFKHQXQGGHUU9HUOXVW VR]LDOHUU%LQGXQJHQQPVVHQQGXUFKVR]LDOH,QWHJUDWLRQQRGHUUYHUOlVVOLFKHH%H]LHKXQJHQQ EHUZXQGHQZHUGHQ'LHH$UEHLWWPLW1RWOHLGHQGHQ3DWLHQWHQXQGGLHH6RUJHIU.UDQNH YHUPLWWHOQQHLQHQEHVRQGHUHQQ.RQWDNWW]XP.HUQQGHVV0HQVFKOLFKHQ.UDQNKHLW +LQIlOOLJNHLWXQG7RGVWHOOHQQGLHHOHPHQWDUH*HIlKUGXQJGHVHLQ]HOQHQ0HQVFKHQGDU GLHHLPVHLQH%H]RJHQKHLWWDXIGLHH0LWPHQVFKHQVLQQOLFKYHUPLWWHOQ'DKHUEHVLW]WWGDV VR]LDOHHXQGGVROLGDULVFKHH*HVXQGKHLWVZHVHQQLQQGHU%HY|ONHUXQJJVRYLHOO=XVSUXFK

,QYHVWLWLRQHQQLQGLH*HVXQGKHLWGHU%UJHUVLFKHUQQGLH+XPDQ5HVVRXUFHQQXQGVWlUNHQ GLHHLQNOXVLYHQXQGSURGXNWLYHQQ.UlIWHHGHUUPRGHUQHQ*HVHOOVFKDIW,QGLYLGXHOOHXQGG VR]LDOHH*HVXQGKHLWVWHOOHQHEHQ:HUWHHGDUGLHHQLFKWDQQGHU%|UVHHJHKDQGHOWWZHUGHQQ N|QQHQ*HVXQGKHLWWDOV=LHOOELOGHWWHLQQ%LQGHJHZHEHGDVGLHH0HQVFKHQQMHQVHLWVVYRQQ |NRQRPLVFKHQXQGGSULYDWHQQ%H]LHKXQJHQPLWHLQDQGHUUYHUELQGHW(LQLWDOLHQLVFKHUU *HPVHPDUNWLVWWQLFKWQXUUHLQQ3ODW]ZR*HOGGXPJHVHW]WWZLUGVRQGHUQVHKUYLHOPHKU 0DUNWZLUWVFKDIWWOlVVWWVLFKKDXFKDQ:HUWHQVWDWWDQQUHLQHUU*HOGYHUPHKUXQJDXVJHULFKWHWW GHQNHQQXQGHLQ:HWWEHZHUEXPP|JOLFKVWJXWHH(UJHEQLVVHHLVWWQLFKWWYHUERWHQ0DUNWXQG :HWWEHZHUEVLQGDOV,QVWUXPHQWHIUVHOEVWVFKWLJH,GHRORJLHQHEHQVRQW]OLFKKZLHHIUU

9

VR]LDOOGLHQOLFKH8QWHUQHKPHQ8QVHUHMHW]LJHQ*HVHOOVFKDIWHQQZHUGHQGLH.ULVHGHV .DSLWDOLVPXVQXUGDQQQEHUZLQGHQN|QQHQZHQQVLHHOHUQHQPDUNWZLUWVFKDIWOLFKHHXQGG ZHWWEHZHUEOLFKH6\VWHPHQLFKWJHOGVRQGHUQZHUWHRULHQWLHUWWDXV]XVWHXHUQ'LHVH1RQ 3URILWW*HVXQGKHLWVZLUWVFKDIWWEUDXFKWWHLQHH0DQDJHPHQWNXQVWGLHHDQQ+RFKVFKXOHQ EHUHLWVHQWZLFNHOWWLVWJHOHKUWXQGGDXFKJHOHUQWZHUGHQQNDQQ

(LQDQKXPDQLVWLVFKHQQ:HUWHQDXVJHULFKWHWHVVV\VWHPLVFKHV9HUVWlQGQLVGHUU 2UJDQLVDWLRQHQGHV*HVXQGKHLWVZHVHQVZLUGGNQIWLJ]XUU]HQWUDOHQ)KUXQJVDXIJDEH 'LHEHVWLPPHQGHQ$NWHXUHZLH.UDQNHQNDVVHQRGHUGLHHKHOIHQGHQ3URIHVVLRQHQYRU DOOHPGLHHbU]WHVFKDIWPVVHQGHQ:DQGHOOYRQGHUUJHOGJHVWHXHUWHQQ2SWLPLHUXQJJLKUHUU 3DUWLNXODULQWHUHVVHQQ]XHLQHUZHUWJHVWHXHUWHQQ2SWLPLHUXQJGHUULQGLYLGXHOOHQXQG VR]LDOHQQ*HVXQGKHLWWVFKDIIHQ6LHHN|QQHQGLHVVLQQHLQHP]LHOJHULFKWHWHQXQGGEHZXVVWHQ 3UR]HVVVGHVV&KDQJHH0DQDJHPHQWVVHUUHLFKHQXQGGDPLWGLHKHXWLJHH9HUNUXVWXQJJXQG (UVWDUUXQJJGHVV*HVXQGKHLWVV\VWHPVEHUZLQGHQ=HQWUDOOLVWGDEHLLGLHH(LQVLFKWWDOOHUU %HWHLOLJWHQGDVVVVLHHHEHQQQLFKW3DUWLNXODULQWHUHVVHQYHUWUHWHQVRQGHUQQHLQH JHPHLQVDPHH$XIJDEHLQQVR]LDOHU9HUDQWZRUWXQJJO|VHQPVVHQ+XEHUU

6HLWHLQLJHQ-DKUHQHUHLJQHWWVLFKKLQQHUIROJUHLFKHQQ:LUWVFKDIWVXQWHUQHKPHQQHLQQHSRFKDOHUU 3UR]HVVPXVWHUZHFKVHO0LWW%HJULIIHQZLHHH/HDQ0DQDJHPHQWXQGGG%XVLQHVV 5HHQJLQLHULQJZXUGHHHLQQQHXHVV3DUDGLJPDDGHUULQGXVWULHOOHQ3URGXNWLRQHLQJHIKUWGDV GLHHDUEHLWVWHLOLJH+LHUDUFKLHGXUFKKHLQHH7HDPNXOWXUUHUVHW]WLQQGHU,QGLYLGXDOLWlW (LJHQVWlQGLJNHLW5LVLNRIUHXGHXQG.UHDWLYLWlWWYRQQ0HQVFKHQQLQV=HQWUXPUFNHQQ *ODVHO/LHYHJRHG'LH=ZHLWHH5HYROXWLRQLQQGHUU$XWRLQGXVWULHHHEHVFKUHLEWGDVV YHUlQGHUWHH'HQNHQQXQG+DQGHOQQDPP%HLVSLHOOGLHVHUU6FKOVVHOLQGXVWULHH+DPPHUUU &KDPS\-DPS\:RPDFNNHWWDO:RPDFNNNN-RQHVV6HLWGHP YHUODXIHQGLHHJOREDOHQ(QWZLFNOXQJHQLQHLQHPPUDVDQWHQ7HPSR

Ä&KDQJH0DQDJHPHQW³³YHUlQGHUWWGLHH.XOWXUUVR]LDOHUU*HPHLQVFKDIWHQQXQGGLH)KUXQJJ YRQQ8QWHUQHKPHQGLHVLFKKDP0DUNWEHKDXSWHQXQGHUIROJUHLFKKJHZLQQHQQZROOHQQ 'RSSOHUUU/DXWHUEXUJJ(LQHHQHXHHWHDPXQGNXQGHQRULHQWLHUWHH+DOWXQJJVROOO]ZDUU DXFKLQQ|IIHQWOLFKHQ9HUZDOWXQJHQXQGJHPHLQQW]LJHQQ2UJDQLVDWLRQHQQ(LQ]XJKDOWHQ 'RFKGLHVHHXQGGYRUUDOOHPGLHH(LQULFKWXQJHQQGHVV*HVXQGKHLWVZHVHQVVWXQVLFKGDPLW VFKZHU'LH=ZHLWHH5HYROXWLRQLP*HVXQGKHLWVZHVHQVWHKWWGLHVHQ6\VWHPHQQQRFK EHYRU$OOHHEHWHLOLJWHQQ$NWHXUHHDKQHQGDVVVHLQJUXQGOHJHQGHUU3UR]HVVPXVWHUZHFKVHOO DQVWHKWXQGGDVVVVLFKDXFKKLPP*HVXQGKHLWVZHVHQQHLQHQHXHH6LFKWZHLVHXQGG 2UJDQLVDWLRQVNXOWXUGXUFKVHW]HQPXVV

Ä:LHZUGHHHVIXQNWLRQLHUHQZHQQGDVPHGL]LQLVFKH6\VWHPVFKODQNHVV'HQNHQ HLQIKUHQZUGH"³IUDJHQQGLH:LVVHQVFKDIWOHUUGHVV0DVVDFKXVHWW,QVWLWXWHHRI7HFKQRORJ\ 0,7:RPDFNNN-RQHV6IIÄ$OVV(UVWHVZUGHGHUU3DWLHQWWLQQGHQQ0LWWHOSXQNWW JHUFNWZHUGHQXQG=HLWWXQGG%HTXHPOLFKNHLWZlUHQGLHH]HQWUDOHQQ/HLVWXQJVPD‰VWlEH GHVV6\VWHPV$OV1lFKVWHVZUGHGDVPHGL]LQLVFKH6\VWHPPVHLQH $EWHLOXQJVVWUXNWXUUEHUGHQNHQXQGGVHLQ([SHUWHQZLVVHQQDXIPHKUIDFKTXDOLIL]LHUWH 7HDPVVEHUWUDJHQ'LH,GHHGDEHLZlUHVHKUUHLQIDFK:HQQQGHUU3DWLHQWWYRQQHLQHP PHKUIDFKTXDOLIL]LHUWHQQ7HDPGDVVLQHLQHPPJHPHLQVDPHQQ5DXPDUEHLWHWRGHUUHLQHH Ä=HOOH³³LQQGHUU6SUDFKHHGHUU3URGXNWLRQLQGDV6\VWHPDXIJHQRPPHQQLVWZLUGLKP VWlQGLJH$XIPHUNVDPNHLWWXQG%HKDQGOXQJJHZLGPHWELVVGDVV3UREOHPJHO|VWLVW³³(VV

10

JHKWWDOVRGDUXPHLQLQGLYLGXHOOHV9HUVRUJXQJVPDQDJHPHQWWPLWWKRKHU.UHDWLYLWlW .RPPXQLNDWLRQVEHUHLWVFKDIWWXQGG%H]LHKXQJVIlKLJNHLWWXP]XVHW]HQXQGGLQGLYLGXHOOHH Ä*HVXQGKHLWVSURGXNWH³KHU]XVWHOOHQ

Ä6FKOLH‰OLFKPVVWHGHU3DWLHQWDNWLYDQQGHP3UR]HVVEHWHLOLJWXQGDXIJHNOlUWZHUGHQ± XQGG]XP0LWJOLHGGHVV7HDPVZHUGHQGDPLWWYLHOHH3UREOHPHHGXUFK3UlYHQWLRQQJHO|VWW RGHUUYRQ]X+DXVHHDXVVJHNOlUWWZHUGHQXPP%HVXFKHEHLLGHPPHGL]LQLVFKHQ7HDP YHUPHLGHQQ]XN|QQHQ³

(LQHVFKODQNHH9HUZDOWXQJJXQGHLQHRIIHQH.RPPXQLNDWLRQLP*HVXQGKHLWVZHVHQ LQYHVWLHUHQGLHYRUKDQGHQHQQ5HVVRXUFHQQLQQGLHHSULPlUHH:HUWVFK|SIXQJXQGVSDUHQ 2YHUKHDGNRVWHQQPD[LPDOOHLQ(LQ+DXVDU]WGHUUEHLVSLHOVZHLVHHHLQHQ+DXVEHVXFKKEHL HLQHPVWHUEHQGHQQ3DWLHQWHQQPDFKWHUNHQQWVRIRUWGDVVGLHH.RVWHQEHUQDKPHGHV /RKQDXVIDOOVIUUGHQSIOHJHQGHQ$QJHK|ULJHQQZHVHQWOLFKSUHLVZHUWHUXQGKXPDQHUULVW DOVVHLQHhEHUZHLVXQJJLQVV+RVSL]RGHUULQV.UDQNHQKDXV$OVV0DQDJHUGHVV 3ULPlUSUR]HVVHVHQWVFKHLGHWWHUUVLFKGDKHUUIUUGHQQ/RKQHUVDW]GXUFKGLH.UDQNHQNDVVH )UUGLHVHYHUQQIWLJHXQG|NRQRPLVFKSURGXNWLYH(QWVFKHLGXQJEUDXFKWHVVNHLQ ZHLWHUHV)RUPXODUUXQGGNHLQHUOHLL.RQWUROOXQG*HQHKPLJXQJVEURNUDWLH'HQQQGHUU$U]W RGHUULQNRPSOH[HQQXQGGVFKZLHULJHQ%HWUHXXQJVIlOOHQHLQPXOWLSURIHVVLRQHOOHV 9HUVRUJXQJVWHDPEHUQHKPHQQGLH9HUDQWZRUWXQJIUUGHQ(LQVDW]]GHUU5HVVRXUFHQLPP 9HUVRUJXQJVSUR]HVV(LQLQGLYLGXHOOOJHVWDOWHWHHÄ&DVH0DQDJHPHQW³GXUFKGHQQ$U]WWRGHU GXUFKKDQGHUHH*HVXQGKHLWVEHUXIHDOVVQHXHV6WUXNWXUXQGG2UGQXQJVSULQ]LSSIUUHLQQ VFKODQNHVXQG|NRQRPLVFKRSWLPLHUWHV9HUVRUJXQJVPDQDJHPHQWWNDQQQGDVVKHXWLJHH 6WHXHUXQJVGLOHPPDEHUZLQGHQ

*HVXQGKHLWVUHIRUPDOV6\VWHPHQWZLFNOXQJJRUJDQLVLHUWN|QQWHHGHU*HVXQGKHLWVSROLWLNNLQ 'HXWVFKODQGKHOIHQYRP&KDRVGHUU*HJHQZDUWWLQQHLQHEHVVHUH=XNXQIW]XXEOLFNHQ'LH V\VWHPLVFKHH)lKLJNHLWWPLWP|JOLFKVWJQVWLJHP5HVVRXUFHQHLQVDW]JU|‰HUH %HY|ONHUXQJVJUXSSHQYRQGHUU*HEXUWWELVV]XP7RGHJHVXQGKHLWOLFKJXWW]XYHUVRUJHQ VR]XVDJHQHLQHQ9RONVZDJHQQGHU*HVXQGKHLWVYHUVRUJXQJ]XXHQWZLFNHOQLVWWDXFKKHLQQ :LUWVFKDIWVSURGXNWGDVEHUDOOJHEUDXFKWWZLUG'HXWVFKODQGZDUUPDOGLHH$SRWKHNHHGHU :HOW'HXWVFKODQGGN|QQWHH]XP*HVXQGKHLWVYHUVRUJHUGHU:HOWZHUGHQZHQQHVVGLH +HUDXVIRUGHUXQJHLQHUQDFKKDOWLJHQQ*HVXQGKHLWVUHIRUPPIUU6ROLGDULWlWVR]LDOH *HUHFKWLJNHLWXQG&KDQFHQJOHLFKKHLWEHZlOWLJW(VVLVWNHLQQ7UDXPLQQGLHVHPP6HNWRU QHXH$UEHLWVSOlW]HXQGHLQQVR]LDOHVZLHHZLUWVFKDIWOLFKHVV:DFKVWXPP]XXHUUHLFKHQ /LWHUDWXU

$PHOXQJ90H\HU/XWWHUORK.6FKPLG(6HLOHU5:HDWKHUO\-,QWHJULHUWH 9HUVRUJXQJJXQG0HGL]LQLVFKH9HUVRUJXQJV]HQWUHQ9RQGHU,GHH]XU8PVHW]XQJ%HUOLQ %0&6FKULIWHQUHLKH$XIODJH

$PHOXQJ9'HLPHO'5HXWHU:YDQQ5RRLM1:HDWKHUO\-0DQDJHG&DUHH LQ(XURSD%HUOLQ%0&&6FKULIWHQUHLKH

11

%HUEXHU(=ZLVFKHQQ(WKLNNXQGG3URILW$U]WXQG3DWLHQWWDOVV2SIHUUHLQHVV6\VWHPV .|QLJVWHLQ$FFHVV9HUODJ

%|FNHQ-%XW]ODII0(VFKH$+UVJ5HIRUPHQQLP*HVXQGKHLWVZHVHQ *WHUVORK9HUODJJ%HUWHOVPDQQQ6WLIWXQJJ

%XQGHVlU]WHNDPPHUU†GHUU0XVWHUEHUXIVRUGQXQJGHUU%XQGHVlU]WHNDPPHU 2QOLQHH'RNXPHQW85/KWWSZZZEXQGHVDHU]WHNDPPHUGH%HUXIVRUGQXQJ† =XJULII

%XQGHVYHUVLFKHUXQJVDPWWW6RIXQNWLRQLHUWWGHUUQHXH5LVLNRVWUXNWXUDXVJOHLFKLP *HVXQGKHLWVIRQG2QOLQHH'RNXPHQW85/KWWSZZZJNY VSLW]HQYHUEDQGGHXSORDG:LHBIXQNWLRQLHUWB0RUELB56$BSGI

&KDPS\-5HHQJLQHHULQJJLP0DQDJHPHQW)UDQNIXUW&DPSXV9HUODJ

'RSSOHU./DXWHUEXUJ&K&KDQJHH0DQDJHPHQW$XIODJH)UDQNIXUW &DPSXV9HUODJJ

)LVFKHU-(*HVXQGKHLWVVWUDWHJLH*HVXQGGLQQ%DGHQ:UWWHPEHUJ :LVVHQVFKDIWOLFKHH6WHOOXQJQDKPHLP$XIWUDJGHV0LQLVWHULXPVVIUU$UEHLWWXQGG 6R]LDOHV%DGHQ:UWWHPEHUJ0DQQKHLPHU,QVWLWXWIUU3XEOLFF+HDOWKGHUU8QLYHUVLWlW +HLGHOEHUJ

)RUUHVWHUU9'HUU7HUURUUGHUgNRQRPLH:LHQ3DXOO=VROQD\9HUODJ

)RUUHVWHUU9'LH'LNWDWXUUGHV3URILWV0QFKHQ+DQVHU9HUODJJ

*DZDQGH$$QQDOVVRIPHGLFLQH7KHHFRVWFRQXQGUXP:KDWWDD7H[DVVWRZQFDQ WHDFKKXVDERXWWKHDOWKKFDUH0F$OOHQ7H[DVDQGWKHHKLJKKFRVWWRIKHDOWKFDUH7KH1HZ

*ODVHO)/LHYHJRHG%'\QDPLVFKHH8QWHUQHKPHQVHQWZLFNOXQJ$XIODJH %HUQ3DXO+DXSW9HUODJ

+DPPHU0&KDPS\-%XVLQHVV5HHQJLQHHULQJ)UDQNIXUW&DPSXV9HUODJJ

+LOGHEUDQGW+5LFKWHU5HLFKKHOP07URMDQ$*ODHVNH*+HVVHOPDQQ+ 'LH+RKH.XQVWGHUU$QUHL]H1HXH9HUJWXQJVVWUXNWXUHQLPGHXWVFKHQQ *HVXQGKHLWVZHVHQQXQGGHUU%HGDUIIU6\VWHPO|VXQJHQQLQ6R]LDOHU)RUWVFKULWW -DKUJDQJ+HIWW6III

+XEHU(/LHEHHVWDWWW9DOLXP.RQ]HSWHIUHLQHHQHXHH*HVXQGKHLWVUHIRUP 0QFKHQ9HUODJ'URHPHUU.QDXU

+XEHU(/DQJEHLQ.'LHH*HVXQGKHLWVUHYROXWLRQ5DGLNDOH:HJHHDXVVGHUU .ULVHZDVV3DWLHQWHQZLVVHQPVVHQ%HUOLQ$XIEDX9HUODJJ

12

+XEHU(*HVXQGKHLWVUHIRUPPDOV*HVXQGKHLWVV\VWHPHQWZLFNOXQJLQ=HLWVFKULIW IUUlU]WOLFKHH)RUWELOGXQJXQG4XDOLWlWWLP*HVXQGKHLWVZHVHQ=DH)4(OVHYLHU9HUODJJ

-DQXV.$PHOXQJ9,QWHJULHUWH9HUVRUJXQJVV\VWHPHLQQ.DOLIRUQLHQ(UIROJV XQGG0LVVHUIROJVIDNWRUHQQGHUHUVWHQ]HKQ-DKUHXQG,PSXOVHIUU'HXWVFKODQGLQ *HVXQGKHLWVZHVHQQ

.LFNEXVFK,'LH*HVXQGKHLWVJHVHOOVFKDIW0HJDWUHQGVVGHU*HVXQGKHLWWXQGG GHUHQ.RQVHTXHQ]HQQIUU3ROLWLNXQG*HVHOOVFKDIW*DPEXUJ9HUODJJIUU *HVXQGKHLWVI|UGHUXQJ

.OHLQ6W'HUU6LQQGHV*HEHQV:DUXP6HOEVWORVLJNHLWWLQGHUU(YROXWLRQVLHJWW XQGGZLUUPLW(JRLVPXVQLFKWZHLWHUNRPPHQ)UDQNIXUWWDP0DLQ6)LVFKHU9HUODJJ

.ROEHFN&,QWHJULHUWHH9HUVRUJXQJ'LHH]ZHLWH*HQHUDWLRQLQNPD'DV *HVXQGKHLWVZLUWVFKDIWVPDJD]LQ+HIWW66WXWWJDUW7KLHPH9HUODJ

7LVND*3UD[LVQHW]H(UIROJVDXVVLFKWHQHUNHQQHQLQ'HXWVFKHVbU]WHEODWW $XVJDEH6HLWHH$%&.|OQ'HXWVFKHUbU]WHYHUODJ

:DOWHU&.RE\OLQVNL$3DWLHQWLP9LVLHU'LHQHXHH6WUDWHJLHGHU 3KDUPDNRQ]HUQH+DPEXUJ+RIIPDQQXQG&DPSHH9HUODJJ

:RPDFN-3-RQHV'75RRV''LH]ZHLWH5HYROXWLRQLQQGHUU $XWRLQGXVWULH0QFKHQ+H\QH9HUODJ

:RPDFN-3-RQHV'7$XIGHPP:HJ]XPPSHUIHNWHQQ8QWHUQHKPHQ 0QFKHQ+H\QH9HUODJ

,QWHUQHWDGUHVVHQ

KWWSZZZEXQGHVNQDSSVFKDIWGHH KWWSZZZJHVXQGHVNLQ]LJWDOGHH KWWSZZZPHGL[JUXSSHQSUD[LVFK KWWSZZZRSWLPHGLVGH KWWSZZZSURVSHUQHW]GH

KWWSLQWHUPRXQWDLQKHDOWKFDUHRUJJ KWWSZZZJHLVLQJHURUJ KWWSZZZNDLVHUSHUPDQHQWHRUJJ KWWSZZZPDUVKILHOGFOLQLFRUJJ KWWSZZZPD\RFOLQLFRUJJ

13

14

15

16

17

18

19

20

21