a product message image
{' '} {' '}
Limited time offer
SAVE % on your upgrade

Page 1

Münzen von Antike bis Neuzeit Gorny & Mosch • Giessener Münzhandlung

Auktion

Münzen von Antike bis Neuzeit

GornyMosch-A269-U1U4-RS16-06.indd Alle Seiten

269

GORNY & MOSCH Giessener Münzhandlung GmbH Maximiliansplatz 20, D-80333 München Tel. +49-(0)89/24 22 64 30, Fax +49-(0)89/2 28 55 13 E-mail: info@gmcoinart.de www.gmcoinart.de

März 2020

Bedeutende Slg. griechischer Münzen (Dr. G. W.), „Greek Imperials“ der Slg. E. L. Teil II, Münzen der Römischen Kaiserzeit der Slg. H. I. Teil II, Münchner Sammlung lykischer Münzen, Spezialsammlung Königreich Bosporus aus deutschem Privatbesitz. Ausgesuchte Münzen und Medaillen von Mittelalter bis Neuzeit.

9./10 März 2020

269 30.01.2020 10:15:17


E-Auktion 270 12. März 2020 ab 10:00 Uhr Antike Münzen und Lots

Weitere Münzen aus der Sammlung Dr. G.W. Römische Provinzialprägungen aus süddeutschem Privatbesitz Sammlung E.L. Römische Münzen aus der Sammlung H.I.

13. März 2020 ab 10:00 Uhr Münzen, Medaillen und Lots von Mittelalter bis Neuzeit

Anmeldung unter https://auktionen.gmcoinart.de


Auktion Münzen von Antike bis Neuzeit Bedeutende Slg. griechischer Münzen (Dr. G. W.), „Greek Imperials“ der Slg. E. L. Teil II, Münzen der Römischen Kaiserzeit der Slg. H. I. Teil II, Münchner Sammlung lykischer Münzen, Spezialsammlung Königreich Bosporus aus deutschem Privatbesitz. Ausgesuchte Münzen und Medaillen von Mittelalter bis Neuzeit. 9./10. März 2020

269 in den eigenen Geschäftsräumen at our office

GORNY & MOSCH Giessener Münzhandlung GmbH Maximiliansplatz 20, D-80333 München Tel. +49-(0)89/24 22 64 30, Fax +49-(0)89/2 28 55 13 E-Mail: info@gmcoinart.de www.gmcoinart.de Amtsgericht München HRB Nr. 75528 Geschäftsführer: Dieter Gorny, Dr. Hans-Christoph von Mosch

GM_Kat269-270-Vorspann-04.indd 1

22.01.2020 14:49:48


Zeitplan der Auktionen 269-270

Montag, 09.03.2020 10.00 Auktion 269, Münzen der Antike Kelten, Griechen

14.00 Griechen, Römische Provinzialprägungen

Dienstag, 10.03.2020 10.00 Auktion 269, Münzen der Antike Römische Republik, Römische Kaiserzeit 14.00 Römische Kaiserzeit, Byzanz, Völkerwanderung, Miscellan 16.00 Auktion 269, Münzen von Mittelalter bis Neuzeit Karolinger, Deutsche Münzen und Medaillen bis 1871, Deutschland ab 1871, Thematische Medaillen, Österreich-Ungarn, Europäische Münzen und Medaillen, Amerika, Asien Donnerstag, 12.03.2020 10.00 E-Auktion 270 Antike Münzen und Lots Freitag, 13.03.2020 10.00 E-Auktion 270 Münzen und Medaillen von Mittelalter bis Neuzeit

Die Echtheit der Stücke wird gewährleistet. All objects are guaranteed genuine.

Gorny & Mosch ist Partner von Art Loss Register. Sämtliche Gegenstände in diesem Katalog, sofern sie eindeutig identifizierbar sind, wurden vor der Versteigerung mit dem Datenbankbestand des Registers individuell abgeglichen.

GM_Kat269-270-Vorspann-04.indd 10

22.01.2020 14:49:51


Inhaltsübersicht Table of Contents

Montag, den 9. März 2020

10.00

Kelten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0001-0070

Griechen bis Ägina . . . . . . . . . . . . . . . . . . . 0071-0331

14.00

Griechen ab Korinth . . . . . . . . . . . . . . . . . . 0332-0696

Römische Provinzialprägungen . . . . . . . . 0697-0948

Dienstag, den 10. März 2020

10.00

Römische Republik . . . . . . . . . . . . . . . . . . . 0949-0985

Römische Kaiserzeit . . . . . . . . . . . . . . . . . . . 0986-1177

14.00

Römische Kaiserzeit. . . . . . . . . . . . . . . . . . . 1178-1258

Byzanz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1259-1318 Völkerwanderung . . . . . . . . . . . . . . . . . . . . . 1319-1322 Miscellan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1323 16.00 Karolinger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1324

Deutsche Münzen u. Medaillen bis 1871 . . 1325-1416

Deutschland ab 1871 . . . . . . . . . . . . . . . . . . 1417-1492

Thematische Medaillen . . . . . . . . . . . . . . . 1493-1496

Österreich-Ungarn . . . . . . . . . . . . . . . . . . . . 1497-1517

Europäische Münzen und Medaillen . . . . 1518-1560

Amerika . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1561-1563 Asien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1564-1567

Besichtigung

in den eigenen Geschäftsräumen Auction lot viewing at our office

Donnerstag, den 05.03.2020, Freitag, den 06.03.2020 und Sonntag, den 08.03.2020 von 10.00 – 18.00 Uhr und nach vorheriger Vereinbarung Thursday, March 05, 2020, Friday, March 06, 2020 and Sunday, March 08, 2020 from 10.00 a.m. – 6.00 p.m. and by appointment

Unsere Ergebnisliste steht zwei Tage nach unserer Auktion im Internet für Sie bereit: Our list of prices realized is available two days after the sale: http://www.gmcoinart.de

GM_Kat269-270-Vorspann-04.indd 11

22.01.2020 14:49:51


Ihre Ansprechpartner Mit Ihren Fragen und Anliegen können Sie sich direkt an die dafür zuständigen Mitarbeiter wenden. Geschäftsführung Dieter Gorny Dr. Hans-Christoph von Mosch Sekretariat Anna Pryazhennikova Tel.: +49-(0)89/2 42 26 43-0 Dace Tretjaka Tel.: +49-(0)89/2 42 26 43-13 Auktionsverwaltung Sybille Ostendorf Tel.: +49-(0)89/2 42 26 43-20 Chiara Spandri Tel.: +49-(0)89/2 42 26 43-36 Antike Münzen und Kunstobjekte Dr. Georg Morawietz Tel.: +49-(0)89/2 42 26 43-19 Dr. Martin Schulz Tel.: +49-(0)89/2 42 26 43-23 Dr. Margret Nollé Tel.: +49-(0)89/2 42 26 43-25 Münzen und Medaillen von Mittelalter bis Moderne Marc Raffler Tel.: +49-(0)89/2 42 26 43-14 Sascha Praisler Tel.: +49-(0)89/2 42 26 43-15 Buchhaltung Anne Otter Tel.: +49-(0)89/2 42 26 43-21 Online-Kommunikation Irene Rulka, M.A. Tel.: +49-(0)89/2 42 26 43-22 Representative in Russia Mr. Andrey Pyatygin BC „Berta House“ Staropimenovskiy per. 18 125009 Moscow, Russia Tel.: +7-916 723 9527 gornyandmosch@mail.ru

GM_Kat269-270-Vorspann-04.indd 20

GORNY & MOSCH Giessener Münzhandlung GmbH Maximiliansplatz 20 D-80333 München Tel.: +49-(0 )89/2 42 26 43-0 Fax: +49-(0 )89/2 28 5513 www.gmcoinart.de E-mail: info@gmcoinart.de Amtsgericht München HRB Nr. 75528 Geschäftsführer: Dieter Gorny, Dr. Hans-Christoph von Mosch Ust-IdNr. DE 129 359 049 Konten Bank Accounts Postbank BLZ 70010080 Kto.-Nr. 150384-802 BIC (SWIFT): PBNKDEFF IBAN: DE 28 700 100 80 01503 848 02 Commerzbank München BLZ 70040041 Kto.-Nr. 6667117 00 BIC (SWIFT): COBADEFF XXX IBAN: DE 73 700 400 41 06667 117 00 HypoVereinsbank München BLZ 70020270 Kto.-Nr. 00 2860120 BIC (SWIFT): HYVEDEMM XXX IBAN: DE 36 700 202 70 00028 601 20

22.01.2020 14:49:51


LIVE BIDDING – EIN KOSTENLOSER SERVICE

Nutzen Sie unsere komfortable Möglichkeit der Teilnahme an unseren Auktionen via Internet von überall auf der Welt. Alles was Sie dazu brauchen ist ein aktueller Webbrowser, wie zum Beispiel Mozilla Firefox oder Google Chrome. Sie können über ein Smartphone, Tablet, Notebook oder PC jederzeit mitbieten. Seien Sie "live" dabei, wenn der Hammer fällt. Hören Sie den Auktionator und sehen Sie das aktuelle Los inkl. aktuellem Gebotsstand sowie Beschreibung. Nutzen Sie die Gelegenheit, Ihre Lieblingsstücke zu ersteigern. Verpassen Sie keinen Ausruf Ihrer Lieblingsstücke und bieten Sie jederzeit – von zu Hause aus oder unterwegs – einfach und bequem per Mausklick mit. Seien Sie am Bildschirm unser Gast im Saal! Wir laden Sie herzlich ein!

In nur fünf Schritten zu Ihrem erfolgreichen Zuschlag: 1. Registrieren Sie sich bitte unter www.gmcoinart.de (bis spätestens 24 Stunden vor Auktionsbeginn). 2. Aktivieren Sie anschließend die Registrierung über den Link in Ihrer Bestätigungs-EMail. 3. Der Anmeldeprozess ist nun abgeschlossen. Sie erhalten Ihre Zugangsdaten per EMail. 4. Bereits jetzt haben Sie die Möglichkeit, Ihre Gebote abzugeben. 5. Am Auktionstag reicht eine kurze Anmeldung auf www.gmcoinart.de und Sie können jederzeit „live“ in die Auktion einsteigen. www.gmcoinart.de – immer einen Besuch wert.


FREE LIVE INTERNET BIDDING

Take advantage of this comfortable possibility to attend our current auction via Internet from all over the world at any given time. All you need is a current web browser, e.g. Mozilla Firefox or Google Chrome. At any time you can place your bid via smartphone, tablet, computer, notebook or personal computer. Be live with us when the hammer falls. Listen to the auctioneer and watch the current lot as well as its latest price and description. Take the opportunity to buy your favorite piece. Don’t miss any starting price of a lot and bid at any time – wherever you are – simply and comfortably by a mouse click. Be our guest in the auction room on your screen! We would like to invite you!

Only five steps to your successful hammer price: 1. Please register on www.gmcoinart.de (at least 24 hours before the auction starts). 2. Activate the registration with the link in your confirmation email. 3. The registration process has finished now. You will receive your login data with an email. 4. You already have the opportunity to place your bids now. 5. On the day of the auction only a quick login on www.gmcoinart.de is necessary for being “live” any time at our auction. www.gmcoinart.de – always worth a visit.


無料ライブ入札サービス 弊社のインターネットオークションなら世界中どこからでも快適にご参加いただけ ます。参加に必要なのは Mozilla Firefox、Google Chrome といっ た最新のウェブブラウザのみ。スマートフォン、タブレット、ノートパソコン、ま たはデスクトップから、いつでも入札にご参加いただけます。 落札のその瞬間をぜひ「ライブ」でご体験ください。オークショニアの声を聞き、 最新の入札状況、説明つきで商品をご覧ください。お気に入りの品をオークション で獲得できるこの機会をぜひご利用ください。お気に入りの品の開始価格を見逃す ことなく、ご自宅からでも外出先でも、いつでもクリックするだけで簡単、快適に 入札できます。

たった 5 つのステップで入札が可能です: 1. www.gmcoinart.de から登録します(オークション開始の 24 時間前まで)。 2. 確認メールのリンクから登録を有効にします。 3. 申し込み手続きはこれで完了です。アクセスデータがメールで送信されます。 4. これで入札価格を提示することができます。 5. オークションの日に www.gmcoinart.de からログインするだけで、簡単に「ラ イブ」オークションに参加できます。 www.gmcoinart.de ~一見の価値あり。


Deutsch

Hinweise für Käufer 1. Der Ausruf erfolgt zu 80% des im Katalog angegebenen Schätzpreises. Gebote darunter werden nicht akzeptiert! 2. Differenzbesteuerte Ware: Der Zuschlagpreis bildet die Berechnungsgrundlage für das vom Käufer zu zahlende Aufgeld. Käufern aus Deutschland und EU-Ländern wird ein Aufgeld von 25% berechnet; die gesetzliche Umsatzsteuer ist in diesem Betrag bereits enthalten. Käufern aus Drittländern wird ein Aufgeld von 20% berechnet. Wird die Ware vom Käufer selbst oder durch Dritte in Drittländer ausgeführt, wird die gesetzliche Umsatzsteuer berechnet, nach Vorlage der gesetzlich geforderten Ausfuhrnachweise jedoch erstattet. Wird die Ware von uns selbst in Drittländer ausgeführt, wird die gesetzliche Umsatzsteuer nicht berechnet. Die Beachtung der Zollvorschriften des Bestimmungslandes liegt in der Verantwortung der Bieter. 3. Vollbesteuerte Ware bzw. Ware in Vorübergehender Verwendung: In Ausnahme fällen unterliegen die Stücke der Vollbesteuerung (gekennzeichnet mit +) bzw. befinden sich in der Vorübergehenden Verwendung (gekennzeichnet mit •); betroffene Losnummern werden als solche gekennzeichnet. Die Details bzgl. Aufgeld und Steuern entnehmen Sie bitte den Versteigerungsbedingungen am Ende des Kataloges. 4. Mit dem beiliegenden Formular können Sie schriftliche Gebote abgeben. Kaufen Sie erstmals bei uns, geben Sie bitte auf dem Formular den Namen eines Händlers an, dem Sie gut bekannt sind (Referenz). 5. Änderungen nach Drucklegung des Katalogs finden Sie im Online-Katalog auf unserer Website unter www.gmcoinart.de/online-katalog. 6. Die Bezahlung kann in bar, mit Scheck, per Überweisung oder mit EC-Karte erfolgen. Bankspesen bei Auslandsschecks und –überweisungen betragen 15 € bzw. 50 € ab einem Betrag von 25.000 €. 7. Der ideale Weg, Münzen zu ersteigern, ist die persönliche Teilnahme an unseren Auktionen. Selbst kurz vor der Auktion und in den Pausen können die Münzen noch in aller Ruhe besichtigt werden. 8. Die Lots werden verkauft wie besehen. Eine Rückgabe ist ausgeschlossen. Auch daher empfiehlt sich die persönliche Anwesenheit des Bieters. 9. Bei Versand wird eine Pauschale für Porto, Versicherung und Verpackung erhoben. Bei größeren Sendungen erhöht sich die Pauschale entsprechend. 10. Verluste beim Versand auf dem Postweg sind durch unsere Versicherung gedeckt. 11. Das Abonnement von vier Katalogen kostet 45 €. Wenn Sie unsere Kataloge abonnieren wollen, überweisen Sie bitte den entsprechenden Betrag auf unser Postbank-Konto. Der Preis für einen einzelnen Katalogband beträgt 15 €. 12. Im Streitfall gelten die Versteigerungsbedingungen am Ende des Katalogs.

Hinweise für Einlieferer Wenn Sie einzelne Münzen oder eine Sammlung versteigern lassen wollen, sind Sie bei uns an der richtigen Adresse! 1. Wir garantieren Ihnen eine fachgerechte Bearbeitung und hochwertige Publikation Ihrer Stücke in unseren Katalogen. 2. Unsere Kataloge erreichen einen großen internationalen Kundenkreis, der durch unsere Präsenz auf den wichtigen internationalen Börsen stetig erweitert wird. Wir haben eine der besten Kundendateien, die es weltweit gibt. Mit dieser Voraussetzung können wir Ihnen einen guten Verkauf Ihrer Stücke versprechen. 3. Münzen, deren Schätzwert über 200 € liegt, werden einzeln in die Auktion auf genommen. 4. Wir nehmen auch Münzen von schlechterer Qualität in unsere Auktionen auf und versteigern sie in Form von Lots, die erfahrungsgemäß gute Preise erzielen. 5. Für Einlieferungen ab 5.000 € Schätzwert übernehmen wir nach Absprache die Versandkosten, ab 50.000 € können wir Ihre Einlieferungen unter Umständen und nach Absprache auch an einem vereinbarten Ort persönlich entgegen nehmen. Nach Absprache ist der Versand Ihres Versteigerungsgutes durch uns versichert. Ein Anruf genügt. 6. Für nicht verkaufte Stücke werden keine Gebühren erhoben. 7. Unsere Verkaufsprovision richtet sich nach dem Wert und der Qualität der eingelieferten Ware. 8. Wir schätzen Ihre Stücke nach dem derzeitigen Marktwert. Zu hoch angesetzte Limite werden nicht akzeptiert. 9. Drei Wochen vor der Auktion übersenden wir Ihnen eine Auflistung der Münzen, die in die Auktion aufgenommen wurden, mit den dazugehörigen Schätzpreisen. Auf diese Weise sind Sie über den Bestand Ihrer Münzen in unserem Hause bestens informiert. 10. Die Auszahlung der Einlieferer erfolgt 54 Tage nach der Auktion. 11. Unsere Verträge für Einlieferungen können Sie unverbindlich anfordern. Haben Sie noch Fragen? Wir freuen uns auf Ihren Anruf. Telefon: +49-(0)89/24 22 64 3-0.

GM_Kat269-270-Vorspann-04.indd 21

22.01.2020 14:49:51


Guide for Bidders  . 1 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.

English

Lots will open at 80% of the estimates stated in the catalogue. No bids under this limit will be accepted. Goods subject to sale in the margin: the hammer price is the basis for the calculation of the buyer´s premium. Buyers from Germany and EUcountries will be charged a premium of 25%; the relevant VAT is already included in this amount. Buyers from countries outside the EU will be charged a premium of 20%. As far as these buyers export the goods in person or by a third party the relevant VAT will be charged but refunded after receiving the legal proof of exportation. In case that we export the goods the relevant VAT will not be charged. Bidders are responsible for respecting customs laws of the countries of destination of the lots. Goods subject to tax in full or to temporary admission: in exceptional cases the lots are subject to taxation in full (marked with +) or to temporary admission (marked with •); these lot numbers will be indicated as such. For details regarding buyer´s premium and taxes please see the conditions of sale at the end of the catalogue. Bidders can submit written bids with the enclosed bid sheet. If you are bidding in our auction sale for the first time, please give us the name of another dealer that knows you well as a reference. Changes made after the printing of the catalogue are reflected in our online-catalogue on our website at www.gmcoinart.de/online_catalogue. Payment may be made in cash, by valid check or bank/post wire. Bank charges of 15 € (50 € for amounts of 25.000 € or more) will occur in case of payment by foreign check or bank wire. The best way to take part in our auctions is to attend in person. Up to the time of sale and even between the sessions you will be able to view the lots at your leisure. The lots are sold as viewed. Returns are not permitted. Also for this reason your personal attendance at our auction is recommended. For the shipment of the coins a charge for postage, insurance and packing will be added. For bigger shipments the charge will increase accordingly. Any loss by mail is covered by our own insurance. A subscription for four catalogues costs 45 €. Would you like to subscribe to our catalogues please credit the appropriate amount to our Postbank account. The price for a single catalogue is 15 €. The conditions of sale at the end of the catalogue will be used as guidelines in case of dispute.

Guide for Consigners Whether you are consigning single coins or a collection, we are the people to see! 1. We guarantee you a competent description of your coins and quality presentation in our catalogues. 2. Our catalogues reach a vast international clientele which is constantly increased by our presence at the largest international coin shows. We have one of the best clientele lists worldwide. This promises favourable results when we auction your coins. 3. Coins with an estimated value of over 200 € will be sold as individual lots. 4. We also accept coins of less quality for our auctions and sell them as lots which in our experience obtain good prices. 5. For consignments with a value over 5.000 € we may bear the transpor tation costs. For deliveries over 50.000 € we may collect the items personally at an arranged place after prior consultation. Upon consultation, the shipping of your goods could be covered by our insurance. Just give us a call. 6. You will not be charged any fees for your unsold lots. 7. Our seller’s commission depends on the quality and value of the items consigned. 8. We estimate your coins according to current market value. Artificially high reserves will not be accepted. 9. Three weeks before the auction we will send you a list of your coins which are in the sale with their corresponding estimates. This way you are fully informed about the status of the coins you have entrusted to us. 10. Payment to consigners is made 54 days after the close of the sale. 11. Would you like to receive copies of our contracts without making any commitment or do you have any further question? We will be pleased to help you. Please call +49-(0)89/24 22 64 3-0.

GM_Kat269-270-Vorspann-04.indd 22

22.01.2020 14:49:51


Italiano

Avvertenze ai compratori 1. Al principio dell´asta viene chiamato l´80% del prezzo di stima indicato nel catalogo. Offerte inferiori non vengono prese in considerazione! 2. Merce a regime di margine: il prezzo aggiudicato costituisce la base di calcolo per il soprapprezzo da pagare da parte dell’acquirente. Agli acquirenti resi denti in Germania e nei paesi europei viene calcolato il 25 % di soprapprezzo; In questa somma é gia compresa l’IVA prevista dalla legge. Agli acquirenti residenti in paesi terzi viene calcolato il 20%. Se la merce sarà esportata tramite terzi o dall’acquirente stesso in paesi terzi, viene calcolata l’IVA prevista dalla legge, ma verrá rimborsata alla presentazione di un certificato di esporta zione previsto dalla legge. Se la spedizione e quindi l’esportazione verso paesi terzi verrà effettuata da Gorny & Mosch, non viene calcolata l’IVA prevista dalla legge. L’offerente risponde all’osservanza del regolamento doganale del paese di destinazione. 3. Merce a tassazione piena ovvero merce a utilizzo provvisorio: in casi d’eccezione i lotti sono soggetti a tassazione piena (contrassegnati con +) ossia si trovano in uno stato di utilizzo provvisorio (contrassegnati con •). I lotti coinvolti saranno indicati come tali. Informazioni dettagliate su soprapprezzo e tassazione, sono indicate nelle condizioni dell’asta in fondo al catalogo. 4. Offerte in forma scritta possono essere rilasciate compilando il modulo in alle gato. Se acquista per la prima volta da Gorny & Mosch, La preghiamo di indica re nel modulo il nome di un commerciante di Sua conoscenza come referenza. 5. Eventuali correzioni effettuate dopo la stampa del catalogo sono disponibili nel nostro sito ufficiale sotto il link www.gmcoinart.de/online_catalogue. 6. Il pagamento può essere effettuato in contanti, tramite assegno valido o via bonifico bancario. Le spese bancarie per pagamento mediante assegno estero o bonifico bancario equivalgono a 15 € (ossia 50 € a partire da un ammontare di 25.000 €). 7. Partecipare di persona all’asta è un modo migliore per acquistare le monete. Durante l’asta si ha l’occasione di ispezionare le monete e valutarne personal mente la qualità. 8 I lotti vengono venduti come visti dal vivo. È esclusa la restituzione. Perciò si consiglia di partecipare personalmente alle aste. 9. Per la spedizione verrà applicata una somma concordata sul porto, sull’assicurazione e sull’imballaggio. Per spedizioni più grandi la somma concordata aumenterà rispettivamente. 10. La nostra assicurazione risarcisce l‘intero valore dell‘acquisto in caso di smarrimento della spedizione. 11. Il prezzo dell´abbonamento di quattro cataloghi è di 45 €. Se ha interesse ad un abbonamento, La preghiamo di versare la corrispondente somma sul nostro conto corrente postale. Il prezzo per un singolo catalogo è di 15 €. 12. In caso di controversie, valgono le condizioni di vendita elencate in fondo al catalogo

Avvertenze ai venditori  e vuole consegnare monete singole o collezioni per la vendita all’asta – siamo le S persone giuste a cui rivolgersi! 1. Le garantiamo una schedatura e una pubblicazione professionale della merce a noi affidata. 2. I nostri cataloghi raggiungono una vasta cerchia internazionale di collezionisti, che viene continuamente allargata per l´impegno promozionale che poniamo nel partecipare alle più importanti manifestazioni internazionali del settore. Disponiamo di una delle migliori banche dati clienti del mondo. I clienti presenti alle nostre aste sono collezionisti seri e professionali. 3. Monete che hanno un valore stimato superiore a 200 €, verranno presentate all’asta come singolo lotto. 4. Accettiamo nelle nostre aste anche le monete di scarsa qualità. Verranno poi messe all’asta sotto forma di lotti che, per esperienza, vengono acquistati a buon prezzo. 5. A partire da un controvalore di 5.000 € i costi del trasporto sono a nostro carico mentre a partire da un controvalore di 50.000 € gli oggetti possono essere ritirati personalmente da un nostro incaricato in un luogo pattuito. Se il venditore desidera che la spedizione venga assicurata tramite Gorny & Mosch, basta una telefonata. 6. Non vengono addebitate spese per le monete invendute. 7. La nostra provvisione di vendita si attiene al valore e alla qualità della merce inviataci. 8. Le monete vengono valutate a seconda del valore di mercato attuale. Limiti troppo elevati non vengono accettati. 9. Tre settimane prima dell´asta, Le verrà inviata la lista delle monete che saranno messe all´asta con il corrispettivo valore stimato. In tal modo teniamo al corrente il cliente sulla situazione della merce a noi affidata. 10. Il pagamento del venditore viene effettuato 54 giorni dopo la fine dell´asta. 11. Può fare richiesta, non impegnativa, dei contratti per la consegna di oggetti. Siamo a Sua completa disposizione nel caso avesse ulteriori domande. Ci può contattare al numero: Tel.: +49-(0)89/24 22 643-0.

GM_Kat269-270-Vorspann-04.indd 23

22.01.2020 14:49:51


Informations pour les enchérisseurs

Français

1. Les enchères débuteront à 80% du prix estimé dans le catalogue. Toute offre inférieure ne sera pas acceptée. 2. Objets sous le régime de la marge bénéficiaire: la commission à payer se calcule à partir du prix d’adjudication. Elle est de 25% pour les clients provenant d’Allemagne ou d’autres pays européens (la TVA applicable étant déjà prise en compte dans ce montant) et de 20% pour ceux pro venant de pays hors de l’UE. Si la marchandise est exportée hors de l’UE par le client ou un tiers, la TVA réglementaire est tout d’abord facturée, avant d’être remboursée dès réception des preuves officielles d’exporta tion. Si la marchandise est envoyée hors de l’UE par nos soins, la TVA n’est pas calculée. Les enchérisseurs sont responsables du respect de la réglementation douanière en vigueur dans le pays de destination. 3. Objets sous le régime d´imposition intégrale ou d’admission temporaire: dans certains cas, les pièces sont soumises au régime d’imposition inté grale (marquées par +) ou d’admission temporaire (marquées par •) ; les numéros concernés seront indiqués comme tels. Pour toute information sur la commission et les taxes, veuillez consulter les conditions de vente à la fin du catalogue. 4. Le formulaire ci-joint vous permet de faire une offre d’achat écrite. Si vous achetez pour la première fois chez nous, merci de nous fournir le nom d‘une maison de vente aux enchères où vous êtes bien connu(e) (réference). 5. Toute modification après édition du catalogue est affichée dans notre catalogue en ligne. Vous pouvez consulter celui-ci sur www.gmcoinart.de/ online_catalogue. 6. Le règlement peut se faire en espèces, par chèque ou virement. Le paiement par chèque ou virement de l‘étranger augmente de 15 € ou bien de 50 € à partir d‘un montant de 25.000 €. 7. L’idéal est de participer personnellement aux enchères: vous pouvez juste avant la vente et pendant les pauses examiner les pièces à volonté. 8. Les lots sont vendus en l’état. Les retours ne seront pas acceptés. C’est pourquoi la présence de l’enchérisseur est fortement recommandée. 9. Les frais d’emballage, de port et d’assurance sont calculés de façon forfaitaire. Pour les envois plus importants, ce forfait augmente proportionnellement. 10. Tout envoi effectué par nos services est couvert par notre assurance. 11. Le prix d’un catalogue s’élève à 15 € ; l’abonnement à quatre catalogues à 45 €. Pour vous abonner, veuillez verser ce montant sur notre compte postal „Postbank“. 12. En cas de litige, les conditions de vente exposées à la fin du catalogue font foi.

Informations pour les vendeurs Vous souhaitez vendre aux enchères une monnaie unique ou votre collection? Vous êtes chez nous à la bonne adresse! 1. Nous garantissons une description professionnelle de vos pièces et une publication de haute qualité dans nos catalogues. 2. Nos catalogues s’adressent à une vaste clientèle internationale, qui augmente continuellement grâce à notre participation aux grands salons professionnels mondiaux. Nous disposons en outre d’un des meilleurs fichiers clients du monde. De cette façon, vos pièces ont de grandes chances d’être vendues à de bons prix. 3. Les monnaies, dont le prix estimé est supérieur à 200 €, sont vendues séparément. 4. Nous acceptons aussi les pièces de moindre qualité et les vendons sous forme de lots ; ce qui, selon notre expérience, apporte de bons résultats. 5. Pour une mise en dépôt d’une valeur supérieure à 5.000 €, nous prenons en charge les frais de transport. A partir de 50.000 €, nous pouvons éven tuellement après entente préalable retirer personnellement la marchandi se à un lieu convenu. A votre demande, notre assurance couvrira l’envoi des pièces. Il vous suffit pour cela de nous contacter. 6. Aucun frais ne vous sera facturé pour les pièces non vendues. 7. Notre commission dépend de la valeur et de la qualité de la marchandise. 8. Nous évaluons vos monnaies conformément aux prix du marché. Les prix de réserve trop élevés ne seront pas acceptés. 9. Trois semaines avant la vente aux enchères, nous vous envoyons un inventaire des pièces proposées avec leur estimation. Ainsi, vous restez informé(e) du statut des objets que vous nous avez confiés. 10. Le produit de la vente est versé 54 jours après celle-ci. 11. Vous pouvez nous adresser, à titre indicatif, une demande de contrat de dépôt de pièces. Vous avez d’autres questions? Nous sommes heureux de pouvoir y répondre au +49-(0)89/24 22 64 3-0.

GM_Kat269-270-Vorspann-04.indd 24

22.01.2020 14:49:51


Русский

Информация для участников торгов 1. Торги начинаются с 80% от указанной оценочной стоимости лота в каталоге. Более низкие ставки на принимаются! 2. Налог на прибыль: Цена с молотка является расчетной базой для размера комиссии начисляемой покупателю. Клиентам из Германии, а также из стран Европейского Союза, выставляется комиссия в размере 25%; НДС согласно законодательству Германии в данной сумме учтен. Покупатели, не относящиеся к данной категории, оплачивают комиссию 20%. В случае, если монеты получены у нас в офисе лично, либо через третье лицо, на сумму счета дополнительно начисляется НДС согласно законодательству Германии. При вывозе товара за пределы Европейского Союза, а также наличии подтверждения таможни об экспорте, сумма НДС возвращается удобным для Вас способом. Если товар будет вывезен лично нами, то НДС в счет не включается. Выполнение предписаний таможни страны назначения лежит под ответственностью покупателя. 3. Товар, подлежащий полному налогооблажению (отмеченный +), и товар, находящийся в е режиме временного ввоза (отмеченный •): В особых случаях монеты облагаются НДС в полном размере, либо находятся в режиме временного ввоза; данные позиции отмечены в каталоге. Подробности налогооблажения и комиссии указаны в условиях торгов в конце каталога. 4. Для размещения заочного бида просим Вас заполнить соответствующий формуляр. Если Вы собираетесь принять участие в нашем аукционе впервые, пожалуйста, укажите на формуляре заочного бида координаты дилера или аукционного дома, который может дать Вам рекомендацию. 5. Возможные изменения в печатной версии каталога Вы сможете найти на нашем официальном сайте по линку: www.gmcoinart.de/online_catalogue. 6. Мы принимаем оплату наличными денежными средствами, чеком или безналичным перечислением. При оплате чеком или банковским переводом насчитывается дополнительный сбор в размере 15 € (или 50€ за сумму перевода 25 000€ и выше). 7. Мы настоятельно рекомендуем личное присутствие на аукционе. До, а также во время аукциона Вы можете ознакомиться с выставленными на торги лотами. Личное участие в аукционе поможет избежать дополнительных почтовых расходов и риска потери монет при пересылке. 8. После проведения аукциона претензии по качеству и состоянию лотов не принимаются. Возможность возврата приобретенных лотов на аукционе также исключена. В связи с этим мы рекомендуем личное присутствие и посещение предаукционного показа. 9. Дополнительные расходы на страховку, пересылку и упаковку приобретенного товара оплачиваются за счет покупателя. 10. Потеря монет при пересылке покрывается нашей страховкой. 11. Подписка на 4 каталога стоит 45 €. Если Вы хотите получать наши каталоги, просим перечислить соответствующую сумму на наш счет. Цена одного каталога составляет 15 €. 12. В спорных случаях действуют правила проведения аукционов, опубликованные в конце каталога.

Правила приема товаров на комиссию

Если Вы хотите продать на аукционе единичные монеты или целую коллекцию, то Вы сделали верный выбор обратившись к нам! 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

GM_Kat269-270-Vorspann-04.indd 25

Обработку товара, выставленного на аукцион, производят наши лучшие специалисты. Мы гарантируем публикацию Ваших лотов в нашем высококачественном каталоге. Любители нумизматики со всего мира получают наши аукционные каталоги. Наше участие в важнейших специализированных выставках позволяет постоянно расширять нашу клиентскую базу, которая является одной из самых полных в мире. Поэтому мы не сомневаемся , что Ваш товар будет продан по достойной цене. Монеты, оценочная стоимость которых превышает 200 €, выставляются на аукцион отдельным лотом. Мы принимаем также монеты не очень хорошего качества, выставляя их на торги в сборных лотах, продажа которых также приносит хорошую цену. Если оценочная стоимость товара превышает 5.000 €, мы готовы взять на себя транспортные расходы. Если стоимость материла более 50.000 €, то только после согласования с нашими экспертами мы готовы забрать товар там, где Вам удобно. В случае, если Вы желаете застраховать пересылку товара на аукцион через нашу страховую компанию, пожалуйста, свяжитесь с нами. Комиссионное вознаграждение не распространяется на непроданный товар. Наше комиссионное вознаграждение зависит от стоимости и качества выставляемого на аукцион товара. Наши эксперты производят оценку выставляемых на аукцион лотов, исходя из их реальной рыночной стоимости. Завышенные цены будут отклонены. За три недели до аукциона Вы получите полный список Ваших лотов, выставленных на аукционе, с указанием соответствующей оценочной стоимости. Все выплаты продавцу осуществляются через 54 дня после проведения аукциона. По вашему желанию мы высылаем стандартный договор о принятии товаров на комиссию. На любые Ваши вопросы мы всегда готовы ответить по телефону +49-(0) 89/24 22 64 30

22.01.2020 14:49:51


Japanisch

ご購入者の皆様へ

1. 開始価格はカタログに指定された査定価格の 80%とします。それ以下の入札はお受 けできませんのでご了承ください。 2. 不均一課税品:落札価格は購入者負担の手数料の算出基準となります。ドイツおよ び EU 内の購入者は手数料として 25%が加算されます。法定売上税はこの価格にす でに含まれています。第三国の購入者は手数料として 20% が加算されます。商品 が購入者自身または第三者によって第三国に輸出される場合、法定売上税が加算さ れますが、法が要請する輸出関連書類の提示に従い、払戻を受けます。商品が当社 によって第三国に輸出される場合、法定売上税は加算されません。行き先国の関税 規則の順守についての責任は入札者が負うものとします。 3. 完全課税品または一時輸出入品:完全課税品(+マークを記載)または一時輸出入品 (●マークを記載)は例外となります。該当するロット番号はそのようにマークさ れます。手数料および税金に関する詳細はカタログの最後にあるオークション規則 を参照してください。 4. 添付のフォームで書面による入札を提示することもできます。当社で初めてご購入 される方は、参考としてあなたのことをよく知るディーラーの名前をフォームにご 記入ください。 5. カタログ印刷後の変更については当社のウェブサイト www.gmcoinart.de/onlinekatalog からオンラインカタログをご覧ください。 6. お支払いは現金、小切手または振込をご利用いただけます。 外国小切手 および振込にかかる銀行手数料は 15 €、または 25,000 €以上の価格の場合は 50 €と なります。 7. 硬貨のご購入は、当社のオークションにご自身で直接ご参加いただくのが最適な方 法です。オークション直前や休憩中でも、硬貨をじっくりと検討していただけます。 8. ロットは無保証での販売となり、返品は不可となっていることからも、入札者ご自 身が直接ご出席されることを推奨します。 9. 郵送の場合、送料、保険料および梱包代が定額で発生します。郵送物のサイズが大 きい場合はそれに準じて定額が上がります。 10. 配達途中に郵送物が損失した場合は当社の保険によりカバーされます。 11. カタログ 4 冊の定期購入は 45 €となります。当社カタログの定期購入をご希望の方 は、当社の Postbank 口座まで該当金額をお振込みください。カタログ 1 冊の単価は 15 €となります。 12. 争議となった場合カタログの最後にあるオークション規則が適用されます。

ご出品者の皆様へ 硬貨単品、またはコレクションをオークションに出品したい方にとって、当社はまさに最適 です! 1. 当社はお品の専門的な取扱いおよびカタログでの質の高い公開を保証します。 2. 当社のカタログは世界各国の広範囲にわたるお客様に届けられ、それにより、重要 な国際的市場における当社の存在感はますます拡大しています。当社は世界でも格 別に優れたお客様ファイルを所有しています。これらの前提にもとづき、当社は皆 様にお品の最適な販売をお約束できます。 3. 査定価格が 200 €を超える硬貨は、単品でオークションにかけられます。 4. 当社では質のあまり高くない硬貨もロット形式でオークションにかけ、これまでの 経験上ご満足いだける価格を達成しています。 5. 査定価格が 5,000 €を超える出品についてはご相談の上送料を当社負担とし、 50,000 €を超える出品については、必要に応じ、またご相談の上取り決めた場所まで 個人的にお受取りにあがります。ご相談の上、オークション品発送にかかる補償は 当社が負担いたします。お電話一本でお取引が可能です。 6. 落札に至らなかったお品については手数料は発生しません。 7. 当社の販売手数料は、出品されるお品の価値および品質に応じて決定されます。 8. 当社はお品を現時点における市場価値にもとづいて査定します。高すぎる最高値設 定はお受けできませんのでご了承ください。 9. オークションの 3 週間前に当社よりオークションに出品される硬貨のリストを、そ の査定価格とともにお送りします。このように出品される硬貨の当社での保有状況 を詳細にお知らせします。 10. 出品者へのお支払いはオークション終了から 54 日後に実施されます。 11. 当社の出品契約はご自由にご要請いただけます。 ご質問、お問い合わせはお気軽に当社までお電話ください。 TEL:+49-(0)89/24 22 64 3-0




81

145 167

358

82

188

105

242

286 122

119

130



363

306

307




420

530

514

493

519

531

566

476

953

619

616

596

571

1203

625






1463

1384

1324

1394

1435

1469

1538

1439

1325

1440 1524

1373

1501

1567




.(/7(1

.(/7(1

1 2:1

2:1

63$1,(1 

%DUVNXQHV'HQDU J +lOIWH-KY&KU9V.RSIHLQHVElUWLJHQ0DQQHVQUGDKLQWHUEHQNRWH 5V 5HLWHU PLW 6FKZHUW LQ GHU HUKREHQHQ 5HFKWHQ Q U GDUXQWHU EDVNXQHV &1+  61* %0 6SDQLHQ  6HOWHQLQGLHVHU(UKDOWXQJY] $XVGHU3DXOR/HLWmR6DPPOXQJYRQ0Q]HQGHULEHULVFKHQ+DOELQVHO

±

2 2:1 

2:1

%ROVNDQ'HQDU J +lOIWH-KY&KU9V.RSIHLQHVElUWLJHQ0DQQHVQUGDKLQWHUERQ5V5HL WHUPLWHLQJHOHJWHU/DQ]HQUGDUXQWHUEROVNDQ*XDGDQII&1+6 +HUUOLFKJHW|QW)DVWY]

3 

±

3

1,5:1

&DVWXOR$( J (QGH-KY&KU9V0lQQOLFKHU.RSIPLW%LQGHQUGDYRU0RQGVLFKHO5V1U VFKUHLWHQGH6SKLQ[PLW.DSSHGDYRU6WHUQLP$EVFKQLWW5HVWHGHULEHULVFKHQ,QVFKULIW&1+61U 'XQNHOJUQH3DWLQDVVY]

±

4 2:1 

2:1

,NDORVNHQ'HQDU J 0LWWH-KY&KU9V%DUWORVHU.RSIPLWJHORFNWHP+DDUXQG7RUTXHVQU5V 5HLWHUPLW5XQGVFKLOGQOJDORSSLHUHQGLP+LQWHUJUXQG%HLSIHUGLP$EVFKQLWW,NDOHQVNHQLQLEHULVFKHU 6FKULIW61*&RS61*/RULFKVII&1+61U  6FK|QH7|QXQJ'UXFNVWHOOHQDP5DQG9VNOHLQH.UDW]HUY] ([6DPPOXQJ53HUZRUEHQH[6.$$XNWLRQ%HUQ/RV

±




.(/7(1

5



5

1,5:1

0DODFD $( 6WDWHU J    -KY&KU9V.RSIGHV+HSKDLVWRVQUGDKLQWHU=DQJHGDV*DQ]HLQ .UDQ]5V)URQWDOHU+HOLRVNRSI61*&RSII 9DU %XUJRVI&1+6  6FK|QHURWEUDXQH3DWLQDVVY]

±

6

2:1

2:1

(1*/$1' 

$75(%$7(6 'DQHEXU\ 7\SH Y&KU6WDWHU J 9V:HLQEODWW]ZLVFKHQ9(5,5V5HLWHU PLW/DQ]HXQGRYDOHP6FKLOGLP*DORSSQULP)HOG&2)9DQ$UVGHOO$%&  *ROG5.XSIHUKDOWLJ3UlJHVFKZlFKHQ9VNOHLQH.UDW]HUY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

7 2:1 

2:1

(SDWLFFXVQ&KU.OHLQVLOEHU J 9V(3$7,%VWHGHV+HUNXOHVPLW/|ZHQVNDOSQUGDKLQWHU 3XQNWNUHLV5V$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQGDUEHU3XQNWNUHLVYDQ$UVGHOO$%& Y]

±

8 2:1 



2:1

,&(1,(FHQ.OHLQVLOEHU J FDQ&KU9V=ZHL5FNHQDQ5FNHQVWHKHQGH0RQGVLFKHOQLQ UHFKWHFNLJHP )HOG REHQ XQG XQWHQ MH GUHLJHUDKPWH3XQNWUHLKHQ5V3IHUGQUGDUXQWHU(&(XQG6REHQ 3XQNWURVHWWH9DQ$UVGHOO$%& Y] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±


.(/7(1

9 2:1 

2:1

&$789(//$81, 7DVFLRYDQXV FD    Y &KU 9LHUWHOVWDWHU J  FD    Y &KU 0]VW 9HUXODPLXP 9V .UHX]I|UPLJHV 2UQDPHQW DXV 3HUOVFKQUHQ 0RQGVLFKHOQ XQG /LQLHQ LQ GHQ =ZLFNHOQ 9(525V3IHUGQOOLQNVREHQ%XNUDQLXPXQWHQ7$69DQ$UVGHOO$%& *ROG5VW ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 7DVFLRYDQRVGHUQXUYRQVHLQHQ0Q]HQEHNDQQWLVWZDUZRKOHLQ)KUHUGHU&DWXYHOODXQL6HLQH+DXSWVWDGW XQG0Q]VWlWWHODJDXVZHLVOLFKGHU0Q]HQLQ9HUXODPLXPLQGHU1lKHGHVKHXWLJHQ6W$OEDQV'RUWILQGHQ VLFKQRFKKHXWHEHGHXWHQGHEDXOLFKHDQWLNHhEHUUHVWHDOOHUGLQJVYRUQHKPOLFKDXVU|PLVFKHU=HLW7DVFLRYDQXV JLOW DOV 9DWHU GHV &XQREHOOLQXV XQG *UR‰YDWHU GHV &DUDWDFXV ZDV DXI HLQHU LQ HLQHU PLWWHODOWHUOLFKHQ ZDOLVLVFKHQ +DQGVFKULIW EHUOLHIHUWHQ *HQHDORJLH EHUXKW +DUOHLDQ   ,QZLHZHLW GLHVH QRFK GLH WDWVlFKOLFKHQ9HUKlOWQLVVHLQYRUU|PLVFKHU=HLWZLHGHUJLEWLVWIUHLOLFKIU'LVNXVVLRQHQJHHLJQHW

10

11

12

±

13

*$//,(1 

6h'267*$//,(1$OOREURJHV4XLQDU J -KY&KU9V%5,.RSIGHU5RPDPLW+HOPQU5V 5HLWHUPLWHLQJHOHJWHU/DQ]HQU' 7 +HUUOLFKHGXQNOH7|QXQJHWZDVGH]HQWULHUWY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV



6h':(67*$//,(1 (OXVDWHV 'UDFKPH J  9V :LUEHO PLW 6WULFKHQ XQG 3XQNWHQ 5V 6WLOLVLHUWHV 3IHUG Q O GDUXQWHU 3 XQG , &DVWHOLQ  II 6OJ 6FK|UJKXEHU  II 6FKHHUV 6HLQH0DULWLPH 7DI 9,,, II +HUUOLFKH7|QXQJY]

±

±



(OXVDWHV'UDFKPH J 9V:LUEHOPLW6WULFKHQXQG3XQNWHQ5V6WLOLVLHUWHV3IHUGQOGDUXQWHU3XQG, &DVWHOLQII6OJ6FK|UJKXEHUII6FKHHUV6HLQH0DULWLPH7DI9,,,II +HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±



$5025,&$&RULRVROLWHV%LOORQ6WDWHU J Y&KU9V6WLOLVLHUWHUPHQVFKOLFKHU.RSIQUGLH +DDUH LQ GUHL JHVWULFKHOWHQ 5ROOHQ DXI GHU :DQJH XQG UHFKWV LP )HOG 9ROXWHQ 5V 6WLOLVLHUWHV 3IHUG PLW 0HQVFKHQNRSIQU]ZLVFKHQGHQ%HLQHQ/\UD' 7 9DU /D7RXU 'XQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

14 2:1 

2:1

2VLVPLL %LOORQ6WDWHU J  (QGH    +lOIWH  -K Y &KU 9V .RSI Q U XPJHEHQ YRQ 3HUOVFKQUHQ GDYRU NOHLQHU .RSI 5V $QGURNHSKDOHV 3IHUG Q O 'HQ .RSI EHUVSDQQW HLQ %RJHQ GHVVHQ XQWHUH (QGHQ LQ QDFK REHQ JHULFKWHWH 0HQVFKHQN|SIH EHUJHKHQ 'DUXQWHU (EHU DXI *UXQGOLQLH PLW %RJHQ Q U ' 7  'HSH\URW1&9,,, 'XQNOH7|QXQJJXWHVVV ([$0$&ROOHFWLRQ

±




.(/7(1

15

2:1



2:1

5HGRQHV6WDWHU J Y&KU9V.RSIPLWJHORFNWHQ+DDUHQQU5V6WLOLVLHUWHVDQGURNHSKDOHV 3IHUGPLW:DJHQOHQNHUQUGDUXQWHUYLHUVSHLFKLJHV5DG' 7'HSH\URW1XPpUDLUH&HOWLTXH9,, ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 6FK|QHGXQNOH7|QXQJY]

±

16

2:1 

2:1

9HQHWL 6WDWHU J   -K Y &KU 9V 6WLOLVLHUWHU YRQ 3HUOVFKQUHQ XPJHEHQHU .RSI Q U DXI GHP HLQ :LOGVFKZHLQ VWHKW 5V 9RQ HLQHP DQGURNHSKDOHQ 3IHUG JH]RJHQHU :DJHQ PLW /HQNHU GHU HLQH 3HLWVFKH VFKZLQJWGLHLQHLQHP9LHU]DFNHQGHW'DUXQWHUHLQHDP%RGHQOLHJHQGHJHIOJHOWH*HVWDOW'HOD7RXU ' 7 *ROG5VVY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

17

2:1





2:1

9HQHWL%LOORQ6WDWHU J (QGH+lOIWH-KY&KU9V.RSIQUXPJHEHQYRQ3HUOVFKQUHQ5V :DJHQ PLW DQGURNHSKDOHP 3IHUG X :DJHQOHQNHU PLW 3HLWVFKH Q U GDUXQWHU%VWHHLQHV+LSSRSKRURVGHU PLWDXVJHEUHLWHWHQ$UPHQGLH)‰HGHV3IHUGHKlOW' 7 9DU   %UHLWHU6FKU|WOLQJVFK|QHGXQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 8UVSUQJOLFKGHQ1DPQHWHV]XJHRUGQHWYHUWUHWHQ'HOHVWUpHXQG7DFKHGLH$QVLFKWGDVVGLHVH0Q]HQYRQGHQ 9HQHWLJHSUlJWZRUGHQVLQG

±


.(/7(1

18 2:1 

125':(67*$//,(1 $XOHUFL (EXURYLFHV +HPLVWDWHU J     Y &KU 9V 6WLOLVLHUWHU .RSI PLW 7lWRZLHUXQJDXIGHU:DQJHQO5V*DORSSLHUHQGHV3IHUGPLWGDUDXINQLHHQGHP)DKUHUQUGDUXQWHU:ROI GDYRU.UHX]' 7 VDXFK6XSSO  *ROG3UlJHVFKZlFKHQVV $XVGHU$0$6DPPOXQJ

19









2:1

21

20

±

22

&DUQXWHV3RWLQ J 0LWWH-KY&KU9V6WLOLVLHUWHUPlQQOLFKHUEDUWORVHU.RSIPLW6WDFKHOKDDUHQQO LQ3HUONUHLV5V$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQXQG.RSIQU/LQNVREHQYLHUVSHLFKLJHV5DG'DV*DQ]H LQ3HUONUHLV'HOD7RXU' 7 56FK|QHVFKZDU]EUDXQH3DWLQDY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

0HOGL3RWLQ J 9V.RSIPLWNDSSHQDUWLJHP+HOPPLW3HUONUDQ]QOGDYRU3229,.$5V/|ZHPLW 6I|UPLJJHVFKZXQJHQHP6FKZDQ]QUVSULQJHQGGDUXQWHU529(&$' 7/7  6FK|QHGXQNHOJUQH3DWLQDIDVWY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

125'*$//,(181'*$//,$%(/*,&$%HOORYDFL3RWLQ J -KY&KU9V=ZHL=LHJHQVLFK DXIUHFKW DQWLWKHWLVFK JHJHQEHUVWHKHQG GD]ZLVFKHQ 3XQNW GDUXQWHU 5DG RGHU 6RQQHQVFKHLEH 5V (EHU XQG :ROIDXIUHFKWJHJHQEHUGD]ZLVFKHQ3XQNW&DVWHOLQ6FKHHUV7UDLWp7DI;;,,,GHOD7RXU ([/DQ]0QFKHQ$XNWLRQ/RV 6FKZDU]H3DWLQDY]

±

6XHVVLRQHV $( J  FD    Y &KU 9V -DQXVNRSI XQWHQ 9ROXWHQ 5V /|ZH Q O LQ GHQ )HOGHUQ .ULQJHO/D7RXU&DVWHOLQ6FKHHUV*DXOH%HOJLTXH7I;,;' 7 ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 6FK|QHROLYJUQH3DWLQDVVY]

±

23

24 1,5:1





,QFHUWD4XLQDU J 8PY&KU9V$7(9/$IURQWDOHEDUWORVHJHIOJHOWH%VWH 9LNWRULD" PLW QOJHZDQGWHP.RSI5V6WLHUQUXQWHQ3HQWDJUDPPREHQ6I|UPLJH9ROXWHUHFKWV9/$72' 7 6FKHHU*DXOH%HOJLTXH7DI;,, +HUUOLFKHGXQNOH7|QXQJVVY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 'LHVH 4XLQDUH KDEHQ HLQ ZHLWHV 9HUEUHLWXQJVJHELHW LP 1RUGHQ *DOOLHQV XQG ZXUGHQ VFKRQ YHUVFKLHGHQHQ 6WlPPHQ]XJHVFKULHEHQPHLVWGHQ5HPL(LQHVLFKHUH=XZHLVXQJLVWDEHUQRFKQLFKWJHOXQJHQ 0,77(/*$//,(1 %LWXULJHV &XEL 3RWLQ J   +lOIWH  -K Y &KU 9V :HLEOLFKH %VWH PLW JHORFNWHP+DDUQO5V)URQWDOVWHKHQGHU$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQXQG.RSIQOOLQNVXQWHQXQG UHFKWV REHQ MH HLQ 'UXGHQIX‰ DX‰HUGHP LQ GHQ )HOGHUQ GUHL 3XQNWNUHLVH XQWHQ 9$1',//26 '  7  &DUQXWHV 'HSH\URW1&,9 'XQNHOJUQH3DWLQDVVY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

±




.(/7(1

25 2:1

2:1 

%LWXULJHVRGHU/HPRYLFHV'UDFKPH J FDHU-DKUHY&KU9V.RSIPLW+DDUVlFNHQQO5V3IHUGQ OGDUXQWHUUHWU,95&GDUEHU3XQNWNUHLV' 7 +HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

26 2:1 

2:1

267*$//,(1 0HGLRPDWULFL 9LHUWHOVWDWHU J     -K Y &KU 9V 6WLOLVLHUWHU $SROORQNRSI PLW ORFNLJHP +DDU Q U 5V 6WLOLVLHUWHU 3HJDVRV PLW JHSXQNWHWHQ %HLQHQ Q U XQWHU 6FKZHLI X %DXFK MH GUHL 3XQNWH GDUXQWHU ]ZHL JHSXQNWHWH /LQLHQ &DVWHOLQ  .HOOQHU  6FKHHUV 71&  6 GLHVHV ([HPSODU  *ROG5V6WHPSHOULVVXQG3UlJHVFKZlFKHVV ([6DPPOXQJ'U*:H[$XFWLRQHV$*$XNWLRQ%DVHO/RVH[&DKQ$XNWLRQ)UDQNIXUW /RV$XVGHPIUVWOLFKIUVWHQEHUJLVFKHQ0Q]NDELQHWW'RQDXHVFKLQJHQ$XVGHU6OJ)GH6DXOF\

±

27 2:1

2:1 

g67/,&+(60,77(/*$//,(1+DHGXL4XLQDU J (QGH$QIDQJ-KY&KU9V-XJHQGOLFKHU EDUWORVHU .RSI PLW GLFNHQ /RFNHQ GLH LQ 6SLUDOHQ HQGHQ Q U 5V *DORSSLHUHQGHV 3IHUG Q U GDUEHU 5DG GDUXQWHU/\UD' 7%0& 55+HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

28 2:1





2:1

$HGXL 4XLQDU J   'ULWWHO  -K Y &KU 'LRVXORV 9V -XJHQGOLFKHU .RSI Q O 5V ',$69/26 JDORSSLHUHQGHV3IHUGQU' 7%0& VWJO  +HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±


.(/7(1

29 2:1

2:1

2%(5,7$/,(1 *DOOLD&LVDOSLQD



0$66$/,27,6&+( ,0,7$7,21(1 ,QVXEUHV 7RXWLRSRXRV 'UDFKPH J  0LWWH  -K Y &KU 9V %HNUlQ]WHU .RSI GHU $UWHPLV Q U 5V 6292/2,;92; /|ZH Q U 3DXWDVVR 7DI  &&&%0 , 6 &KLHVD%DURQL1U)OHVFKH Y] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 'LH,QVXEUHVVLHGHOWHQVGOLFKGHV&RPHU6HHV6LHEHUQDKPHQZRKOVFKRQ0LWWHGHV-KVY&KUGLH7\SHQ GHU+DQGHOVVWDGW0DVVDOLDDOV9RUELOGHUIULKUHHLJHQH0Q]SUlJXQJ]XQlFKVWPLWDEJHNU]WHU/HJHQGHYRQ 0DVVDOLD VSlWHU PLW HLJHQHQ %HLVFKULIWHQ VR ZLH KLHU GDV OLQNVOlXILJH LQ QRUGHWUXVNLVFKHP $OSKDEHW JHVFKULHEHQH7RWLRSRXRV

±

30 2:1

2:1

'(876&+/$1' 

+(66(1 81' 5+(,1/$1' 1RUGJUXSSH 5HJHQERJHQVFKVVHOFKHQ J     Y &KU 9V 7ULVNHOHVPLW%ODWWNUDQ]GHVVHQ]ZHL(QGHQMHZHLOVPLWHLQHP.UHLVJHVFKPFNW5V'UHL'RSSHONUHLVHXQG IQI3XQNWNUHLVHLQS\UDPLGDOHU$QRUGQXQJLQHLQHPJH]DFNWHQ7RUTXHV.HOOQHU7\S,;$6OJ6FK|UJKXEHU &DVWHOLQ)OHVFKH (OHNWURQY] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

±

31 2:1 

2:1

1RUGJUXSSH 5HJHQERJHQVFKVVHOFKHQ J   -K Y &KU 9V 7ULVNHOHV LQ .UDQ] PLW .UHLVHQGHQ 5V .UHLVS\UDPLGH GLH XQWHUHQ PLW 3XQNWHQ GLH REHUHQ PLWNOHLQHUHQ.UHLVHQDOV=HQWUXPGDUXQWHUXQGGDUEHU JHZ|OEWH=LFN]DFNOLQLH.HOOQHU7\S,;'HPEVNL.+0)OHVFKH ([6OJ(-+DHEHUOLQ   (OHNWURQ/HLFKWH(UGDQKDIWXQJHQNOHLQHU.UDW]HU)HLOVSXUJXWHVVV

±

32 

1RUGJUXSSH5HJHQERJHQVFKVVHOFKHQ J FDY&KU9V7ULVNHOHVPLW%ODWWNUDQ]GHVVHQ]ZHL (QGHQ MHZHLOV PLW HLQHP .UHLV JHVFKPFNW 5V 'UHL 'RSSHONUHLVH XQG IQI 3XQNWNUHLVH LQ S\UDPLGDOHU $QRUGQXQJLQHLQHPJH]DFNWHQ7RUTXHV6OJ6FK|UJKXEHU&DVWHOLQ)OHVFKH $XVGHXWVFKHP3ULYDWEHVLW]VHLWGHQHU-DKUHQ *ROG6HKUEODVVJXWHVVV

± 


.(/7(1

33

2:1



2:1

/DXIHQGHV 0lQQOHLQ 7\S 'QVEHUJ 4XLQDU J  8P    Y &KU 9V /DXIHQGHV 0lQQOHLQ PLW 6FKODQJH X 7RUTXHV Q U LP 3HUONUHLV 5V 3IHUG PLW ]XUFNJHZDQGWHP .RSI Q U LQ =DFNHQNUHLV 6FKXO]H)RUVWHU,& 'XQNOH7|QXQJY]

±

34

2:1

2:1



/DXIHQGHV 0lQQOHLQ 7\S 'QVEHUJ 4XLQDU J  8P    Y &KU 9V /DXIHQGHV 0lQQOHLQ PLW 6FKODQJH X 7RUTXHV Q U LP 3HUONUHLV 5V 3IHUG PLW ]XUFNJHZDQGWHP .RSI Q U LQ =DFNHQNUHLV 6FKXO]H)RUVWHU,& 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:

35

±

35

2:1

%g+0(181'6/2:$.(, 

%2,(5 7\S PLW /\UD2UQDPHQW 6WDWHU J  0]VW LQ GHU 1RUGVORZDNHL 9V %XFNHO PLW RYDOHU (UKHEXQJ PLW ZXUPDUWLJHP )RUWVDW] 5V 6WLOLVLHUWHU 9RJHO Q U DXV 9ROXWHQ 6WULFKHQ XQG 3XQNWHQ ( .ROQLNRYD.HOWVNHPLQFHQD6ORYHQVNX  1U)RUUHU7DI)OHVFKH *ROG55Y] ([6DPPOXQJ'U*:

±

36 2:1





2:1

7\S $WKHQD $ONLV $FKWHOVWDWHU J  9V 8QUHJHOPl‰LJHU %XFNHO 5HVWHGHV$WKHQDNRSIHV 5V.ULHJHU PLWHUKREHQHU5HFKWHUXQGLQGLH+IWHJHVWHPPWHU/LQNHUQOJHKHQGGDV%LOGIHOGLQGHU0LWWHJUDQXOLHUW8P GLH)LJXUOLHJWHLQUDGLDOHU6WUDKOHQNUDQ]3DXOVHQ7DI6OJ/DQ] *ROG5Y] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±


.(/7(1

37

2:1

2:1

125,&80 

267125,&80 7DXULVNHU 7HWUDGUDFKPH J  (QGH  -K Y &KU 9V 'UHL TXHUODXIHQGH 3HUOUHLKHQ GDUEHU VWLOLVLHUWH +DDUORFNHQ 'DUXQWHU IURQWDOHV *HVLFKW ]ZLVFKHQ YLHU 3XQNWHQ XQG VHLWOLFKHQ )OJHOQ 5V 3IHUGPLWODQJHUJHZHOOWHU0lKQHQO*|EO1RULFXP7DII7\S 9VVWJO )OHVFKH 9VVWJO  ([6DPPOXQJ'U*:/DQ]0QFKHQ$XNWLRQ/RV 56FKZDU]JUDXH3DWLQDVVY] 'HU7\SXVO|VWGDV%LOGVFKHPDGHV9RUELOGHVJlQ]OLFKDXI=ZDUVLQGYRQGHP$SROORQNRSIGHV9RUELOGHVGLH 3HUOUHLKHQGHV.UDQ]HVXQGGLHUHJHOPl‰LJHQ/RFNHQGHU.DORWWHHUKDOWHQGDV*HVLFKWVIHOGLVWMHGRFKY|OOLJ XPJHVWDOWHW6WDWWHLQHV*HVLFKWHVLP3URILOVLHKWPDQHLQHQIURQWDOHQ.RSIPLWVHLWOLFKHQ)OJHOQ%=LHJDXV HULQQHUW GLHVHU .RSI DQ GLH 'DUVWHOOXQJHQ YRQ JHN|SIWHQ )HLQGHQ GLH LQ GHU NHOWLVFKHQ .XQVW PHKUIDFK QDFKZHLVEDUVLQG )OHVFKH6 $UFKlRORJLVFKOLH‰VLFKGHU%UDXFKLP+HLOLJWXPYRQ5LEHPRQWVXU$QFUH QDFKZHLVHQ ZR DXI HLQHP KRKHQ 3RGHVW GLH JHN|SIWHQ /HLEHU YRQ UXQG  JHUVWHWHQ 0lQQHUQ DXVJHVWHOOW ZDUHQ

±

38

38 2:1 

7\S :XVFKHONRSI 7HWUDGUDFKPH J     -K Y &KU 9V .RSI PLW GUHLIDFKHP 3HUOHQGLDGHP VFKXSSHQDUWLJHQ+DDUHQXQGNOHLQHP*HVLFKWPLW$GOHUQDVHQU5V3IHUGQOGDUEHU5DGGDUXQWHU7*|EO 1RULFXP7DI 9 6OJ/DQ]I VWJO )OHVFKH 'XQNOH7|QXQJVV ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

39

2:1

2:1

0,77/(5(81'817(5('21$8 

3+,/,33 ,,  1$&+$+081*(1 +HOPVFKZHLIUHLWHU 7HWUDGUDFKPH J     -K Y &KU 9V 6WLOLVLHUWHU .RSI PLW /RUEHHUNUDQ] LP 3HUONUHLV Q U 5V 6WLOLVLHUWHV 3IHUG Q O ODXIHQG GDUDXI 5HLWHU PLW +HOPVFKZHLIYRUGHP.RSI.UHLVSXQNWGDKLQWHU$XJH*|EO27$'HPEVNL 6FK|QH7|QXQJY] ([)UHHPDQ 6HDU0DQKDWWDQ$XNWLRQ/RV

±




.(/7(1

41

40 

.XJHOZDQJH7HWUDGUDFKPH J 9V6WLOLVLHUWHU=HXVNRSIQU5V3IHUGPLW=DQJHQNRSIQOGDUEHU .UHLVSXQNW*|EO27$7DI6OJ/DQ] *UR‰HU6FKU|WOLQJOHLFKWH7|QXQJVVY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFK



$SROORNRSI'LFNVFKU|WOLQJ 7HWUDGUDFKPH J  9V )URQWDOHU .RSI PLW ODQJHQ +DDUHQ 5V 6WLOLVLHUWHU 5HLWHUPLW3HWDVRVQO*|EO27$7DIE]ZXQG7DI 9DU 6OJ/DQ] VWJO  ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV 57|QXQJVV

±

±

42

2:1 

2:1

/\VLPDFKRVNRSI 7HWUDGUDFKPH J  9V -XJHQGOLFKHU .RSI PLW ZLOGHQ /RFNHQ Q O GDYRU IORUDOHV 2UQDPHQW5V5HLWHUPLW+HOPVFKZHLIQO*|EO27$6OJ/DQ] ([6DPPOXQJ'U*: /HLFKWH7|QXQJJXW]HQWULHUWDXIEUHLWHP6FKU|WOLQJIDVWY]

±

43

2:1 

2:1

=ZHLJDUP7HWUDGUDFKPH J -KY&KU9V%lUWLJHU.RSIPLWSURQRQFLHUWHU1DVHQU5V5HLWHUPLW =ZHLJLQGHU/LQNHQQO*|EO27$ VWJO 6OJ/DQ] VWJO  Y] ([6DPPOXQJ'U*:

±

44

2:1 



2:1

.LQQORVHU7\S7HWUDGUDFKPH J -KY&KU9V6WLOLVLHUWHU=HXVNRSI5V6WLOLVLHUWHU5HLWHUQUDXI HLQHP3IHUGPLW)X‰IHVVHOQ*|EO27$6OJ/DQ] +HUUOLFKH7|QXQJVVY] ([6DPPOXQJ'U*:

±




26

27

16

36

38

42 


.(/7(1

45

2:1 

2:1

6FKQDEHOSIHUG7HWUDGUDFKPH J 5V6WLOLVLHUWHU=HXVNRSIPLW/RUEHHUNUDQ]QU5V6WLOLVLHUWHV3IHUG QO*|EO27$6OJ/DQ] 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

46 

%XFNHODYHUV7HWUDGUDFKPH J 9V'H]HQWULHUWHU%XFNHO5V6WLOLVLHUWHV3IHUGPLW3XQNWVFKQDX]HQO GDUEHUIQI3XQNWH*|EO27$6OJ/DQ]I6OJ)OHVFKH 9DU  'XQNOH7|QXQJVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

47

2:1 

2:1

=RSIUHLWHU7HWUDGUDFKPH J 9V6WLOLVLHUWHU=HXVNRSIQO5V6WLOLVLHUWHU5HLWHUPLW+HOPVFKZHLIQO XQWHQ/3XQG7ULVNHOHV*|EO27$II6OJ/DQ]II ([6DPPOXQJ'U*: 6HOWHQLQGLHVHU(UKDOWXQJ6FK|QHGXQNOH7|QXQJJXWHVVV

±

48

2:1 



2:1

3XSSHQUHLWHU PLW 7ULVNHOHV 7HWUDGUDFKPH J     -K Y &KU 9V 6WLOLVLHUWHU =HXVNRSI Q U 5V 6WLOLVLHUWHU5HLWHUQUXQWHQ7ULVNHOHVLQGHQ)HOGHUQ=HLFKHQ*|EO27$7DI 9VVWJO 6OJ/DQ] 'HPEVNL 9VVWJO  5+HUUOLFKVFKLPPHUQGH7|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±


.(/7(1

49

2:1 

2:1

3XSSHQUHLWHU PLW 7ULVNHOHV 7HWUDGUDFKPH J     -K Y &KU 9V 6WLOLVLHUWHU =HXVNRSI Q U 5V 6WLOLVLHUWHU 5HLWHU Q U XQWHQ 7ULVNHOHV LQ GHQ )HOGHUQ =HLFKHQ *|EO 27$ 7DI   6OJ /DQ]  'HPEVNL 5'XQNOH7|QXQJIDVWY] ([ +HVV'LYR $* $XNWLRQ   2NWREHU  /RV  H[ $XNWLRQ 1XPLVPDWLFD $UV &ODVVLFD $* =ULFK$/RV

±

50

2:1 

2:1

.URLVEDFKHU 7\S PLW 5HLWHUVWXPSI 7HWUDGUDFKPH J   -K Y &KU 9V %DUWORVHU .RSI PLW %R[HUQDVH X GUHLIDFKHP 3HUOHQGLDGHP Q U 5V 5HLWHU Q O *|EO 27$  6OJ /DQ]  II 6WRSIHUJ 6FKDUIDXVJHSUlJWY]VW ([6DPPOXQJ'U*:

51

2:1 



±

52

2:1

.URLVEDFKHU 7\S PLW 5HLWHUVWXPSI 7HWUDGUDFKPH J   -K Y &KU 9V %DUWORVHU .RSI PLW %R[HUQDVHXGUHLIDFKHP3HUOHQGLDGHPQU5V5HLWHUQO*|EO27$6OJ/DQ]II6WRSIHU EE 'LHVHV([HPSODU 6FK|QHGXQNOH7|QXQJY] ([*RUQ\ 0RVFK$XNWLRQ/RVH[3HXV1DFKI$XNWLRQ)UDQNIXUW/RV

±

.URLVEDFKHU 7\S PLW 5HLWHUVWXPSI 7HWUDGUDFKPH J   -K Y &KU 9V %DUWORVHU .RSI PLW %R[HUQDVH X GUHLIDFKHP 3HUOHQGLDGHP Q U 5V 5HLWHU Q O *|EO 27$  6OJ /DQ]  II 6WRSIHU FF 7|QXQJVVY] ([6DPPOXQJ'U*:

±




.(/7(1

53 

.URLVEDFKHU 7\S PLW 5HLWHUVWXPSI 7HWUDGUDFKPH J   -K Y &KU 9V %DUWORVHU .RSI PLW %R[HUQDVHXGUHLIDFKHP3HUOHQGLDGHPQU5V5HLWHUQO*|EO27$6OJ/DQ]II6WRSIHUH 6WHPSHONRPELQDWLRQQLFKWDXIJHIKUW  7|QXQJJXWHVVV ([6DPPOXQJ'U*:

±

54

3:1 

.URLVEDFKHU7\SPLW5HLWHUVWXPSI.OHLQJHOG J 9V%DUWORVHU.RSIQO5V3HJDVRVQO*|EO27$ 6OJ/DQ]&DVWHOLQ6WRSIHUE 55'XQNOH7|QXQJ5VNOHLQHU.UDW]HUVV ([6DPPOXQJ'U*:

55









3:1

56

±

57

$/(;$1'(5,,,1$&+$+081*(17HWUDGUDFKPH J 9V.RSIGHV+HUDNOHVLP/|ZHQVNDOSQ U 5V >$@/(;$1'5>@>%@$6,/>@ =HXV PLW =HSWHUVWDE X $GOHU Q O WKURQHQG GDYRU .HU\NHLRQ XQWHU GHP7KURQ/,*|EO27$II 9DU 6OJ/DQ]II 9DU 3ULFH% /HLFKWH7|QXQJY] 1DFKGHP9RUELOGGHU(PLVVLRQHQYRQ$UDGRV9LHOOHLFKWDXFKDUDELVFK" 3+,/,33 ,,,1$&+$+081*(1 7HWUDGUDFKPH J  9V +HUDNOHVNRSI PLW /|ZHQVNDOS Q U 5V 7UXJOHJHQGHWKURQHQGHU=HXVPLW$GOHUXQG=HSWHULP)HOG0RQRJUDPPH6OJ/DQ]I*|EO27$ ([6DPPOXQJ'U*: =DUWH7|QXQJKRKHV5HOLHIVVY] 7+$626,0,7$7,21(1.ODVVH,,9HUZLOGHUXQJYRQ.RSIXQG/HJHQGH7HWUDGUDFKPH J 1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ] Q U 5V >@=/(286627+5264$6,:1 +HUDNOHV PLW.HXOHX/|ZHQIHOOOLP)HOG+XQG$PSKRUH$QGHUUHFKWHQ6FKXOWHUJHULSSWHU6WDE*|EO27$7DI 9DU 6OJ/DQ]II 9DU /XNDQF 7|QXQJJXW]HQWULHUWY] 'XUFKGLH+LQ]XIJXQJHLQHU$PSKRUHGLHZRKOGHU%LOGHUZHOWGHUWKDVLVFKHQ0Q]SUlJXQJHQWQRPPHQLVW HUIlKUW GDV 0Q]ELOG HLQH LQKDOWOLFKH (UZHLWHUXQJ $XV GHP KLHUDWLVFKHQ *|WWHUELOG GHU *ULHFKHQ ZLUG HLQ HU]lKOHULVFKHV 0RWLY GDV GHQ +HOGHQ DXFK LQ VHLQHU (LJHQVFKDIW DOV 7ULQNHU FKDUDNWHULVLHUW $XI HLQLJHQ VSlWHUHQ7\SHQIKUW+HUDNOHVVRJDUGLH$PSKRUHGLUHNWDQGHQ0XQG /XNDQF HLQVFK|QHV%HLVSLHOIU GLH(U]lKOXQG/HEHQVIUHXGHGHUNHOWLVFKHQ6WHPSHOVFKQHLGHU

±

±

±


.(/7(1

59

58







.ODVVH ,, 9HUZLOGHUXQJ YRQ .RSI XQG /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRVPLW(IHXNUDQ]QU5V+1/(286627+5264/6,:1+HUDNOHVPLW.HXOHX/|ZHQIHOOOLP )HOG 0 XQG $PSKRUH $Q GHU OLQNHQ 6FKXOWHU :HGHO *|EO 27$ 7DI  9DU  6OJ /DQ]  II 9DU  /XNDQFII 9DU  7|QXQJJXW]HQWULHUWVVY]

±

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 0]VW XQEHVWLPPW 9V 6WLOLVLHUWHU .RSI GHV 'LRQ\VRV PLW (IHXNUDQ] XQG .RU\PEHQ EHU GHU 6WLUQ Q U 5V 7UXJOHJHQGH VWDUN VWLOLVLHUWHU +HUDNOHV PLW Q O JHZDQGWHP .RSI PLW JHSXQNWHWHP 1LPEXV XQG JUR‰HU JHSXQNWHWHU .HXOH Q O VWHKHQGO=*|EO27$7DI 9DU /XNDQF YJO  6FKDUIDXVJHSUlJWXQGSHUIHNW]HQWULHUWY]

±

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 0]VW XQEHVWLPPW 9V 6WLOLVLHUWHU .RSI GHV 'LRQ\VRV PLW (IHXNUDQ] XQG .RU\PEHQ EHU GHU 6WLUQ Q U 5V 7UXJOHJHQGH VWDUN VWLOLVLHUWHU+HUDNOHVPLWQOJHZDQGWHP.RSIPLWJUR‰HUJHSXQNWHWHU.HXOHQOVWHKHQGO3*|EO27$7DI  9DU /XNDQF 9VVWJO  6FKDUIDXVJHSUlJWY]

±

61







60

62

63

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V7UXJOHJHQGH+HUDNOHVPLW.HXOHX/|ZHQIHOOOLP)HOG0RQRJUDPP6HLWOLFKGHV+DOVHV OLQNVXQGUHFKWVMHHLQ3XQNW*|EO27$7DI 9DU 6OJ/DQ]II 9DU   7|QXQJJHZHOOWHU6FKU|WOLQJIDVWY]

±

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V7UXJOHJHQGH+HUDNOHVPLW.HXOHX/|ZHQIHOOOLP)HOG1*|EO27$7DI 9DU 6OJ /DQ]II 9DU  )DVWY]

±

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V7UXJOHJHQGH+HUDNOHVPLWJHSXQNWHWHU.HXOHX/|ZHQIHOOOLP)HOG0*|EO27$7DI  9DU 6OJ/DQ]II 9DU  7|QXQJIDVWY]

± 


.(/7(1

64













66

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V7UXJOHJHQGH+HUDNOHVPLWJHSXQNWHWHU.HXOHX/|ZHQIHOOOLP)HOG0*|EO27$7DI  9DU 6OJ/DQ]II 9DU  5V'RSSHOVFKODJY]

±

.ODVVH ,,, $XIO|VXQJ GHU /HJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V7UXJOHJHQGH+HUDNOHVPLW.HXOHX/|ZHQIHOOOLP)HOG0RQRJUDPPU4*|EO27$ 7DI6OJ/DQ]II 9DU  7|QXQJJHZHOOWHU6FKU|WOLQJIDVWY]

±

.ODVVH 9 3XQNWOHJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU9V6WDUNVWLOLVLHUWHU.RSIGHV'LRQ\VRV PLW (IHXNUDQ] XQG .RU\PEHQ LP +DDU Q U 5V 6WLOLVLHUWH )LJXU GHV +HUDNOHV PLW .HXOH XQG /|ZHQIHOO LQ 9RUGHUDQVLFKW]ZHLUHLKLJH3XQNWOHJHQGH*DQ]UHFKWV/HJHQGHQUHVWHQHEHQGHU.HXOHIQI3XQNWH*|EO27$ 7DI6OJ/DQ]II 9DU  7|QXQJJHERJHQHU6FKU|WOLQJ3UlJHVFKZlFKHQVRQVWY]

±

67



65

68

69

.ODVVH 9 3XQNWOHJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU9V6WDUNVWLOLVLHUWHU.RSIGHV'LRQ\VRV PLW (IHXNUDQ] XQG .RU\PEHQ LP +DDU Q U 5V 6WLOLVLHUWH )LJXU GHV +HUDNOHV PLW .HXOH XQG /|ZHQIHOO LQ 9RUGHUDQVLFKW]ZHLUHLKLJH3XQNWOHJHQGH*|EO27$7DI6OJ/DQ] 9DU /XNDQF 7|QXQJJHERJHQHU6FKU|WOLQJ3UlJHVFKZlFKHQVRQVWY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

.ODVVH 9 3XQNWOHJHQGH 7HWUDGUDFKPH J  1DFK  Y &KU9V6WDUNVWLOLVLHUWHU.RSIGHV'LRQ\VRV PLW (IHXNUDQ] XQG .RU\PEHQ LP +DDU Q U 5V 6WLOLVLHUWH )LJXU GHV +HUDNOHV PLW .HXOH XQG /|ZHQIHOO LQ 9RUGHUDQVLFKW]ZHLUHLKLJH3XQNWOHJHQGH8QWHQ]ZHL.UHLVH*|EO27$7DI6OJ/DQ]II 9DU  7|QXQJJHERJHQHU6FKU|WOLQJ3UlJHVFKZlFKHQVV

±

.ODVVH93XQNWOHJHQGH7HWUDGUDFKPH J 1DFKY&KU9V$EVWUDKLHUWHU.RSIGHV'LRQ\VRVPLW (IHXNUDQ] Q U 5V 6WLOLVLHUWH )LJXU GHV +HUDNOHV PLW .HXOH XQG /|ZHQIHOO ]ZHLUHLKLJH 3XQNWOHJHQGH 2EHQ UHFKWV3XQNWURVHWWH*|EO27$7DI6OJ/DQ]II 9DU   *HERJHQHU6FKU|WOLQJ3UlJHVFKZlFKHQVRQVWY]

±


*5,(&+(1

70 

.ODVVH 9, DEZHLFKHQGH 7\SHQ 7HWUDGUDFKPH J  9V 6HKU VWDUN VWLOLVLHUWHU .RSI GHV 'LRQ\VRV Q U 5V/LHEHVSDDUDWHUJRQU8PODXIHQG3XQNWOHJHQGHOLQNVLP)HOG3VHXGRPRQRJUDPPHREHQUHFKWV.QRVSH *|EO27$7DI6OJ/DQ]/XNDQF 557|QXQJVV

±

*5,(&+(1

72

71

,%(5,6&+(+$/%,16(/ 



&$57+$*2 129$ $( J  FD    Y &KU 0]VW .DUWKDJR RGHU &DUWKDJR 1RYD 9V -XJHQGOLFKHU.RSIPLWEHEXVFKWHP+HOPQU5V'DWWHOSDOPH61*&RS&1+6 +HUUOLFKHEUDXQH3DWLQDY] ([6DPPOXQJ'U*:H[+DUODQ%HUN&KLFDJRH[1REOH1XPLVPDWLFV$XNWLRQ6\GQH\/RV $( J -KY&KU0]VW.DUWKDJRRGHU&DUWKDJR1RYD9V-XJHQGOLFKHU.RSIPLWEHEXVFKWHP+HOPQ U5V'DWWHOSDOPH9LOODURQJD%HQDJHV&1+6 +HUUOLFKHEUDXQH3DWLQDY] ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RVH[0Q]HQ 0HGDLOOHQ/LVWH1U

73

2:1

±

±

74

2:1

(7585,(1 



3238/21,$$VVH J FDY&KU9V.RSIGHU*RUJRPLW'LDGHPLQ9RUGHUDQVLFKW5V =ZHL .HU\NHLD HLQHV DXI GHP .RSI VWHKHQG 5XWWHU +1  9HFFKL (WUXVFDQ &RLQDJH (& ,   25  *XWHVVV $XVGHU6DPPOXQJHLQHV6FKZHL]HU(WUXVNRORJHQDX‰HUKDOE,WDOLHQVYRU'H]HPEHU

±

$VVH J Y&KU9V.RSIGHV+HUDNOHVPLW/|ZHQVNDOSYRQYRUQH5V*ODWW61*$16 5XWWHU+19HFFKL(WUXVFDQ&RLQDJH GLHVHV([HPSODU   9HFFKLSODWHFRLQ)HLQJHW|QWJXWHVVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±




*5,(&+(1

75

76

2,5:1

2:1



$VVH J -KY&KU9V%lUWLJHU.RSIPLW'LDGHPQU5V%ODQN5XWWHU+19HFFKL(WUXVFDQ &RLQDJH, 2  VV $XVGHU6DPPOXQJHLQHV6FKZHL]HU(WUXVNRORJHQDX‰HUKDOE,WDOLHQVYRU'H]HPEHU



'UDFKPH J Y&KU9V%HORUEHHUWHUMXJHQGOLFKHU.RSIPLWOHLFKWHP%DFNHQEDUWQOGDKLQWHU :HUW]HLFKHQ;5V*ODWW9HFFKL(WUXVFDQ&RLQDJH GLHVHV([HPSODU  6FK|QH7|QXQJVVY] ([6DPPOXQJ53H[9LQFKRQ3DULV$XNWLRQ/RVH[$UV&ODVVLFD1DYLOOH$XNWLRQ*HQI /RV

±

±

77

.$03$1,(1 

&$38$ $( J     Y &KU 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] LP 3HUONUHLV Q U 5V$GOHU PLW JH|IIQHWHQ 6FKZLQJHQ DXI %OLW]EQGHO LP 3HUONUHLV Q U VWHKHQG GDUXQWHU LQ RVNLVFKHU 6FKULIW .$38 +1,WDO\ *UQH3DWLQDIDVWY] ([%HUWRODPL$XNWLRQ0lU]/RV

78

2:1







±

79

2:1

1($32/,6'LGUDFKPH J FDY&KU9V.RSIGHU1\PSKH3DUWKHQRSHQUGDKLQWHU:HLQ WUDXEH 5V 1($32/,7:1 1LNH EHNUlQ]W HLQHQ PHQVFKHQN|SILJHP 6WLHU 61* $16  9V VWJO  61*&RS+1,WDO\ 6FK|QHGXQNOH7|QXQJJXWHU6WLOVVY] ([6DPPOXQJ'U*:HUZRUEHQEHL&UpGLW6XLVVH0RQHWDULXP=ULFKDP

±

'LGUDFKPH J     Y &KU 9V 1\PSKHQNRSI PLW 2KUULQJHQ XQG +DOVNHWWH Q U YRQ 'HOILQHQ XPVSLHOW 5V $QGURNHSKDOHU 6WLHU Q U VFKUHLWHQG EHU LKP 1LNH IOLHJHQG GLH LKQ EHNUlQ]W ]ZLVFKHQ GHQ %HLQHQ4(61*&RS6DPERQ 6FK|QH7|QXQJPLQLPDOH.UDW]HUVVY]Y] ([6DPPOXQJ53HUZRUEHQYRUEHL$HV5XGH

±


*5,(&+(1

80 2:1

2:1

$38/,(1 

7($7( 'LRERO J  FD    Y &KU 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOPQO$XIGHP +HOPNHVVHO*UHLIQO5V+HUDNOHVULQJWVWHKHQGPLWGHPQHPHLVFKHQ/|ZHQU.HXOHXPODXIHQG>7($7@, 9ODVWR GLHVHV([HPSODU +1,WDO\ *OlQ]HQGHUVFKZDU]HU+RUQVLOEHUEHODJJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ-XQL/RVH[6DPPOXQJ9ODVWR %HL 9ODVWR LVW GLHVHU 7\S ]ZDU 7DUHQW ]XJHRUGQHW 6WHPSHOJOHLFKH 6WFNH PLW EHVVHU OHVEDUHU ,QVFKULIW ]% *RUQ\ 0RVFK$XNWLRQ/RV EHZHLVHQDEHUGDVVGLH0Q]HGHPNOHLQHUHQ7HDWH]X]XRUGQHQ LVWGDVVLFKDQGHPEHGHXWHQGHUHQ7DUHQWRULHQWLHUWH

±

81 2:1

2:1

.$/$%5,(1 

7$5(17 +HPLVWDWHU J  =HLW $OH[DQGHUV GHV 0RORVVHUV FD Y&KU9V.RSIGHU+HUDPLW 'LDGHPQU/LQNV(5V7$5$17,1:13KDODQWRVDXI'HOILQQOUHLWHQPLWHLQHP'UHL]DFNLQGHU/LQNHQ XQGHLQHP'HOILQLQGHUYRUJHVWUHFNWHQ5HFKWHQ'DUXQWHU719ODVWR VWJO )LVFKHU%RVVHUW* VWJO +1 ,WDO\ VWJO 61*&RS VWJO  *ROG55VVY] ([6DPPOXQJ'U*:HUZRUEHQEHL&UpGLW6XLVVH0RQHWDULXP=ULFKDP 'LH*ROGHPLVVLRQHQGHUJUR‰JULHFKLVFKHQ6WlGWHVLQGPHLVWLQ=HLWHQJUR‰HU0LOLWlUDXVJDEHQKHUDXVJHJHEHQ ZRUGHQ9HUPXWOLFKLVWGLH0Q]HJHSUlJWZRUGHQDOV7DUHQWPLW$OH[DQGHUGHP0RORVVHUYHUEQGHWZDU

±

82 2:1 

2:1

6WDWHU J  8QWHU 3\UUKXV FD    Y &KU 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] Q O 'DKLQWHU 0RQRJUDPP1.5V7$5$17,1:1$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQDXI%OLW]EQGHOQO'DYRU(XOH XQG6:.9ODVWR VWJO 61*$16 VWJO )LVFKHU%RVVHUW*D GLHVHV([HPSODU +1,WDO\ *ROG3DUWLHOOHU%HODJ5VNOHLQH6FKUIVSXUDP5DQGVVY] ([ 6DPPOXQJ 'U *: H[ &UpGLW 6XLVVH 0RQHWDULXP =ULFK /LVWH   1U  H[ $XFWLRQHV $* %DVHO $XNWLRQ/RV

±

83 2:1 

2:1

'LGUDFKPH J     Y &KU 9V 7DUDV UHLWHW DXI HLQHP 'HOILQ XQG KlOW HLQHQ 7LQWHQILVFK LQ GHU 5HFKWHQLP)HOG7$5$65V+LSSRNDPSQUGDUXQWHU0XVFKHOLP)HOG7$3$9ODVWR)LVFKHU%RVVHUW  95  6FK|QH7|QXQJ9VDXVHWZDVNRUURGLHUWHP6WHPSHOVVY] ([6DPPOXQJ53HUZRUEHQ

±




*5,(&+(1

84

2:1 

'LGUDFKPH J Y&KU9V1DFNWHU5HLWHUVHLQ3IHUGEHNUlQ]HQGGDUXQWHUKRFNHQGH)LJXUGLH GHQ O 9RUGHUKXI UHLQLJW GDYRU ) 5V 7DUDV DXI 'HOILQ LQ GHU 5 .DQWKDURV LQ GHU / 5XQGVFKLOG XQG 'UHL]DFN7$5$6XQWHU'HOILQ(9ODVWR61*$16)LVFKHU%RVVHUWH GLHVHV([HPSODU  ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 6FKDUIDXVJHSUlJWY]

85









2:1

86

±

88

87

'LGUDFKPH J 8PY&KU9V1DFNWHU5HLWHUVLFKVHOEVWEHNUlQ]HQGQUGDUXQWHU6$XQGLRQLVFKHV .DSLWHOO5V3KDODQWRVDXI'HOILQVHLQH5HFKWHQDFKYRUQJHVWUHFNWREHQ7$5$6XQWHQ.219ODVWRII )LVFKHU%RVVHUW*UXSSH *XWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

'LGUDFKPH J  1DFK  Y &KU 9V %HKHOPWHU 5HLWHU PLW 6FKLOG XQG 6SHHU Q U 'DUXQWHU $32/21>,26@ GDKLQWHU ', 5V 7$5$6 3KDODQWRV DXI 'HOILQ PLW JHVFKXOWHUWHP 'UHL]DFNLQGHU5HFKWHQ ZLUGYRQ1LNHEHNUlQ]W9ODVWRII61*$16II 7|QXQJVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL$XIKlXVHU 1U 

±

'LGUDFKPH J  FD    Y &KU 9V 5HLWHU PLW6SHHULQGHUHUKREHQHQ5HFKWHQQUJDORSSLHUHQG GDUXQWHU,33>2'$@5V7DUDVPLWJHVFKXOWHUWHU6SLQGHOXQG.DQWKDURVLQGHU5HFKWHQDXI'HOILQQOULP )HOG',XQG.DQQHXQWHQ7$5$69ODVWR+1,WDO\ VVY] ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±

'LGUDFKPH J Y&KU9V/8.,126QDFNWHUMXJHQGOLFKHU5HLWHUPLW3DOP]ZHLJDXIHLQHP LP6FKULWWQOJHKHQGHQ3IHUGEHUGHU.UXSSH685V7$5$63KDODQWRVDXI'HOILQQOUHLWHQGEHUGHQ .RSI'UHL]DFNVFKZLQJHQGUHFKWVLP)HOG(XOH9ODVWR61*&RS $WWUDNWLYH7|QXQJVVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ0QFKHQ/RV

±

89 2:1 



2:1

'LRERO J  FD    Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q U $XI GHP +HOPNHVVHO JHIOJHOWHU +LSSRNDPS 5V +HUDNOHV ULQJW VWHKHQG PLW GHP QHPHLVFKHQ /|ZHQ O .HXOH XQG %RJHQ XPODXIHQG>7$5$17,1:1@9ODVWR+1,WDO\ 9VZLQ]LJHU.UDW]HUJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ-XQL/RV

±


*5,(&+(1

90

2:1

2:1

/8.$1,(1 

+(5$./(,$'LGUDFKPH J FDY&KU9V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPDXIGHP +HOPNHVVHO6N\OOD'DYRU'85V+5$.//+HUDNOHVULQJWPLWGHPQHPHLVFKHQ/|ZHQO.HXOHXQWHQ (XOH61*$16+1,WDO\:RUN 5*XW]HQWULHUWDXIEUHLWHP6FKU|WOLQJIDVWY] ([6DPPOXQJ'U*:

91

±

91 2:1



0(7$3217 'LGUDFKPH J     Y &KU 9V 0(7$ .RUQlKUH U *UDVKSIHU 5V .RUQlKUH LQFXV/LQNVLP)HOGQDFKREHQVSULQJHQGHU'HOILQ 5HVWH 1RH VWJO +1,WDO\ ([$XNWLRQ1XPLVPDWLFD$UV&ODVVLFD%=ULFK/RV 7|QXQJ5V6WHPSHOIHKOHUVV

±

92 93

94



'LGUDFKPHFDY&KU9V.RSIGHV'LRQ\VRVPLW(IHXNUDQ]QU'DKLQWHU65V0(7$.RUQlKUHO (XOH1RH+1,WDO\J 6FK|QHU6WLO7|QXQJVV $XVGHU$XNWLRQ1XPLVPDWLFD$UV&ODVVLFD 6SLQN7DLVHL1XPLVPDWLFV=ULFK/RV

±



'LGUDFKPH J Y&KU9V.RSIGHV/HXNLSSRVQU'DKLQWHU:HLQWUDXEH5V.RUQlKUHPLW +DOPQUO0(7$-RKQVWRQ$ VWJO +1,WDO\ 'XQNOH7|QXQJSDUWLHOO+RUQVLOEHUEHODJY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±



'LGUDFKPH J  8P  Y &KU 9V .RSI GHU 'HPHWHU PLW 6WHSKDQH bKUHQNUDQ] 2KUJHKlQJH XQG 3HUOHQKDOVNHWWHLQ'UHLYLHUWHODQVLFKWIURQWDOOHLFKWQUJHZDQGW5V0(7$.RUQlKUHPLWVHLWOLFKHP7ULHEU GDUEHU%XNUDQLRQGDUXQWHU$4$-RKQVWRQ& VWJO +1,WDO\  +HUUOLFKHGXQNOH7|QXQJ5V3UlJHVFKZlFKHQVVY] ([6DPPOXQJ'U*:H[6DPPOXQJ0DUJDUHWH/H\/DQ]0QFKHQ$XNWLRQ/RVH[*LHVVHQHU 0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV

±




*5,(&+(1

95 2:1 

2:1

7ULRERO J  FDY&KU9V 0(7$3.RUQlKUH5V2FKVHQNRSILQFXV1RH VWJO +1 ,WDO\ 7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

96 2:1 

2:1

7ULRERO J  FD    Y &KU 9V .RUQlKUH O 0(7$ 5V 2FKVHQNRSI LQFXV 1RH  +1 ,WDO\  7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

97

2:1

2:1 

326(,'21,$'LGUDFKPH J Y&KU9V>326(,'$1@$SROORQGHQ'UHL]DFN]XP$QJULII EHU GHQ .RSI VFKZLQJHQG Q U YRU LKP 'HOILQ 5V 326(,'$1, 2SIHUVWLHU Q O KLQWHU LKP 6lXOH PLW .DSLWHOODXIGHUHLQUXQGHV*HIl‰VWHKW :HLKHJHVFKHQN" LP$EVFKQLWW)LVFK61*0QFKHQ61*$16 61*&RS (WZDVIOHFNLJH7|QXQJ9VNOHLQHU6WHPSHOULVVIDVWY] ([6DPPOXQJ53HUZRUEHQEHL$HV5XGH

±

98

2:1 



2:1

6<%$5,6'LGUDFKPH J FDY&KU9V6LFKXPZHQGHQGHU6WLHUQOGDUEHU905V6LFK XPZHQGHQGHU6WLHUQULQFXV61*$16II'HZLQJ+1,WDO\ +RKHV5HOLHIY]

±


*5,(&+(1

99 2:1

2:1 

'UDFKPH J FDY&KU9V6WLHUDXIJHSHUOWHU6WDQGOLQHQOGHQ.RSI]XUFNJHZHQGHWGDUXQWHU LP$EVFKQLWW685V'LH9RUGHUVHLWHLQFXV61*$16+1,WDO\ 5)HLQH7|QXQJY]

101

100









±

103

102

9(/,$'LGUDFKPH J Y&KU9V$WKHQDNRSIPLWUHLFKJHVFKPFNWHPDWWLVFKHQ+HOPQU EHLGHUVHLWV GHV .RSIHV $ XQG ) 5V /|ZH DXI 6WDQGOLQLH Q U GDUXQWHU 8(/+7:1 GDUEHU 'HOILQ Q U VFKZLPPHQG ]ZLVFKHQ ,) 61* $16  VWJO  61* &RS  :LOOLDPV 9HOLD  VWJO  +1 ,WDO\  6FK|QH7|QXQJVVY] ([6DPPOXQJ53HUZRUEHQYRU 'LGUDFKPH J  FD    Y &KU 9V /|ZH DXI JHSHUOWHU 6WDQGOLQLH PLW JH|IIQHWHP 0DXO Q U LP $EVFKQLWW(XOH5V.RSIGHU1\PSKH+\HOHPLW3HUOHQKDDUEDQGQUGDUXP8(/+7:161*$16 VWJO :LOOLDPV9HOLD VWJO +1,WDO\+*& *HW|QWVV 'LGUDFKPH J  FD    Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q O DXI GHP +HOPNHVVHO VSULQJHQGHU *UHLI DXI GHP 1DFNHQVFKXW] ) KLQWHU GHP 1DFNHQ 0RQRJUDPP 5V 1 U VFKUHLWHQGHU/|ZHGDUEHU.HU\NHLRQLP$EVFKQLWW8(/+7:161*&RS:LOOLDPV9HOLDII /HLFKWH7|QXQJVV ([*RUQ\ 0RVFK$XNWLRQ/RVH[*RUQ\ 0RVFK$XNWLRQ/RV 'LGUDFKPH J FDY&KU9V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPQODXIGHP+HOPNHVVHO VSULQJHQGHU *UHLI GDYRU $ GDKLQWHU 0RQRJUDPP 5V 8(/+7:1 /|ZH UHL‰W HLQHQ ]XVDPPHQEUHFKHQGHQ +LUVFK:LOOLDPV9HOLD VWJO +1,WDO\ +HUUOLFKHGXQNOH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

±

±

±

104

104 2:1 

'UDFKPH J  FD    Y &KU 9V 9RUGHUWHLO HLQHV /|ZHQ GHU HLQH %HXWH ]HUIOHLVFKW Q U 5V ,QFXVXPPLWZLQGPKOHQIOJHOI|UPLJHP.UHX]61*$16:LOOLDPV9HOLDD GLHVHV([HPSODU  +1,WDO\ 5/HLFKWH7|QXQJY] ([ 6DPPOXQJ 'U *: H[ 0Q]HQ  0HGDLOOHQ $* %DVHO $XNWLRQ   /RV  H[ /HX $* =ULFK $XNWLRQ/RVH[5DWWR1U

±




*5,(&+(1

105

105 2:1

%5877,80 

.$8/21,$'LGUDFKPH J FDY&KU9V.$9/$SROORQQUVFKUHLWHQGLQGHUHUKREHQHQ 5 =ZHLJ KDOWHQG DXI GHP DXVJHVWUHFNWHQ 8QWHUDUP OlXIW HLQH NOHLQH )LJXU PLW =ZHLJ Q U U ]X )‰HQ GHV *RWWHVVWHKHQGHU+LUVFK5V'LH9VLQFXVRKQH/HJHQGH61*$16 9VVWJO 5XWWHU+1,WDO\  )HLQJHW|QWXQGJXW]HQWULHUWY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH/LVWH0RQHWDULXP=ULFK1U

106

±

106 2:1



.52721'LGUDFKPH J FDY&KU9V'UHLIX‰PLW5LQJKHQNHOQXQG/|ZHQEHLQHQDQGHU %DVLV]ZHLVLFKDXIULFKWHQGH6FKODQJHQ5V'LH9RUGHUVHLWHLQFXV$WWLDQHVH61*$16+1,WDO\ 61*$16II$WWLDQHVH.URWRQ+1,WDO\ =DUWJHW|QWJXWHVY] $XVHLQHUHXURSlLVFKHQ3ULYDWVDPPOXQJDX‰HUKDOE,WDOLHQVYRU

±

107

2:1 



2:1

'LGUDFKPH J FDY&KU9V.527:1,$7$6.RSIGHV$SROORQPLW/RUEHHUNUDQ]QU5V +HUDNOHVDOV.OHLQNLQGDXIHLQHP)HOVHQPLW]ZHL6FKODQJHQNlPSIHQG+1,WDO\$WWLDQHVH.URWRQ I61*$16 $WWUDNWLYHGXQNOH7|QXQJIDVWY] ([ 6DPPOXQJ 'U *: H[ *HUKDUG +LUVFK 1DFKI $XNWLRQ  0QFKHQ  /RV  H[ /HX $* =ULFK $XNWLRQ/RV

±


*5,(&+(1

109

108 



/2.52, 'LGUDFKPH J  FD    Y &KU 9V 3HJDVRV Q O IOLHJHQG 5V .RSI GHU $WKHQD PLW NRULQWKLVFKHP+HOPQUGDYRU/2.GDKLQWHU$GOHUNRSI&DOFLDWL3HJDVL+1,WDO\  *HW|QW9V.UDW]HUNOHLQH$XIODJHQDXIGHU5VY] 'LGUDFKPH J Y&KU9V3HJDVRVQOIOLHJHQG5V/2.5:1.RSIGHU$WKHQDPLWNRULQWKL VFKHP+HOPQO61*0QFKHQ61*&RS 6FK|QHHWZDVIOHFNLJH7|QXQJY] ([6DPPOXQJ53HUZRUEHQEHL1XPLVPDWLFD9LVFRQWHD$VWD,,

± ±

110

2:1 

2:1

5+(*,217HWUDGUDFKPH J Y&KU9V/|ZHQPDVNHLQ9RUGHUDQVLFKW5V5+*,121 .RSIGHV$SROORQPLWHLQJHVFKODJHQHQ+DDUHQXQG/RUEHHUNUDQ]QU9RUGHP.LQQNDXPOHVEDUH5HVWHGHU ,QVFKULIW .5$7(6,332 +HU]IHOGHU  G GLHVHV ([HPSODU  61* /RFNHWW  GLHVHV ([HPSODU  +1,WDO\ +HUUOLFKH7|QXQJKRKHV5HOLHIJXWHVVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH/LVWH0RQHWDULXP=ULFK1UH[*OHQGLQLQJ/RQGRQ $XNWLRQ  /RV  6OJ /RFNHWW  H[ 1DYLOOH $XNWLRQ  *HQI  /RV  6OJ %HPHQW  H[ +LUVFK $XNWLRQ/RV 'HU 6WHPSHOVFKQHLGHU .UDWHVLSSRV LVW GHU HLQ]LJH QDPHQWOLFK EHNDQQWH 6WHPSHOVFKQHLGHU 5KHJLRQV XQG VLJQLHUW HLQLJH6WHPSHOGLHGHQ6WDQGDUGIUGLHVSlWHUHQ0Q]ELOGHUGHU6WDGWVHW]HQ%HPHUNHQVZHUWLVWGLHQFKWHUQH 6WUHQJH VHLQHV :HUNV GLH QRFK DQ GLH IUKH +RFKNODVVLN HULQQHUW $OOHUGLQJV ZHLVW GDV DQ PDQFKHQ 6WHOOHQ DXIJHO|VWH+DDUVFKRQLQGHQ5HLFKHQ6WLOLQGHPDXFKGLHDQGHUHQVLJQLHUHQGHQ6WHPSHOVFKQHLGHUWlWLJVLQG

111

±

112 1,5:1



$( J Y&KU9V)URQWDOHU/|ZHQVNDOS5V5+*,1:1.RSIGHV$SROORQPLW/RUEHHUNUDQ] UGDKLQWHU6FKZHUW61*&RSII 9DU 61*$16II 9DU +1,WDO\ /LQGJUQH3DWLQDOHLFKWH.RUURVLRQVVSXUHQJXWHVVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

6,=,/,(1 

$.5$*$6'LGUDFKPH J FDY&KU9V$.3$VWHKHQGHU$GOHUQO5V.UDEEH61* $1661*0QFKHQ:HVWHUPDUN$NUDJDV 25  GLHVHV([HPSODU   /HLFKWH7|QXQJVVY] ([ 6DPPOXQJ 'U *: H[ &UpGLW 6XLVVH 0RQHWDULXP =ULFK /LVWH   1U  H[ &UpGLW 6XLVVH 0RQHWDULXP=ULFK/LVWH1U

±




*5,(&+(1

113 2:1 

2:1

(17(//$/LWUD J Y&KU9V:HLEOLFKH*HVWDOW 3ULHVWHULQ" VWHKWQOXQGRSIHUWDXV3DWHUD EHUEUHQQHQGHP5XQGDOWDULQGHUJHVHQNWHQ/WDHQLHQJHVFKPFNWHQ7HPSHOVFKOVVHOKDOWHQG5V(17(/ DQGURNHSKDOHU6WLHUQUVWHKHQGGDUXQWHU)LVFK6WHPSHOJOHLFKPLWGHP([HPSODU,/HH7KHVLOYHUFRLQDJHRI WKH&DPSDQLDQ0HUFHQDULHVDQGWKHVLWHRIWKH)LUVW&DUWKDJLQLDQ0LQW1XP&KURQ7DI/ 61*$16+*& 6FK|QH7|QXQJJXWHVVV ([6DPPOXQJ53HUZRUEHQEHL$HV5XGH

±

114

2:1 

2:1

*(/$'LGUDFKPH J FDY&KU9V1DFNWHU5HLWHUPLWODQJHP%DUWXQG0W]HQU JDORSSLHUHQG PLW GHU HUKREHQHQ 5 HLQHQ 6SHHU VFKOHXGHUQG 5V &(/$6 9RUGHUWHLO GHV DQGURNHSKDOHQ )OXVVJRWWHV$PHQDQRVQU-HQNLQV*UXSSH,1U 25 )UDQNH+LUPHU7DI VWJO +*& =DUWH7|QXQJGHWDLOUHLFKHVFKDUIH3UlJXQJ9VNOHLQHYHUSUlJWH6WHOOHDP%DXFKGHV5HLWHUVY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO/LVWH1U

116

115 

+,0(5$ $( +HPLOLWUD J     Y &KU 9V .RSI GHU *RUJR PLW KHUDXVKlQJHQGHU =XQJH LQ 9RUGHUDQVLFKW5V6HFKV:HUWNXJHOQ+*&&16, .DVWDQLHQEUDXQH3DWLQDY] ([%RODIIL6SD$XNWLRQ/RV



.$,121 $( J  FD    Y &KU 9V 6SULQJHQGHU *UHLI Q O GDUXQWHU +HXVFKUHFNH 5V 1 O JDORSSLHUHQGHV 3IHUG GDUEHU 6WHUQ GDUXQWHU >.$,121@ &16 , 6  I (P  61* &RS  $ODLVD  +*& 'XQNHOJUQH3DWLQDVV ([6DPPOXQJ'U*:HUZRUEHQEHL&UpGLW6XLVVH0RQHWDULXP=ULFKDP 'LH 3UlJXQJ ZXUGHIUKHUGHU6WDGW$ODLVD$UFKRQLGHD]XJHVFKULHEHQ+HXWHYHUPXWHWPDQKLQWHUGHQVRQVW XQEHNDQQWHQ.DLQLHUQWKUDNLVFKH6|OGQHUGLHLQGHU0LWWHGHV-KVY&KULQ6L]LOLHQRSHULHUWHQ

117 



±

1,5:1

±

±

117

.$0$5,1$7HWUDGUDFKPH J FDY&KU9V$WKHQDHLQH4XDGULJDQOOHQNHQGGDUEHU 1LNHQULKUPLW7DHQLHHQWJHJHQIOLHJHQGLP$EVFKQLWW5HLKHUQOIOLHJHQG5V.$0$5,$,21.RSIGHV +HUDNOHVLP/|ZHQVNDOSQO5L]]R7DI VWJO :HVWHUPDUN-HQNLQV6+*&61*2[IRUG  VWJO  8QJHZ|KQOLFKH6FKU|WOLQJVIRUPY]VV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±




50

90

81 82 110

105

106




*5,(&+(1

118 2:1

2:1 

$(7HWUDV J FDY&KU9V)URQWDOHV*RUJRQHLRQ5V.$0$(XOHQUPLWIURQWDOHP.RSI 'DYRU(LGHFKVHXQG*HUVWHQNRUQLP$EVFKQLWWGUHL:HUWNXJHOQ:HVWHUPDUN.DPDULQD VWJO 61*$16 &16,,,61U+*& 'XQNHOJUQH3DWLQDVVY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RVH[6DPPOXQJ0DXULFH /DIDLOOH

±

119 

.$7$1$ 7HWUDGUDFKPH J 1DFKY&KU9V'HU)OXVVJRWW$PHQDQRVLQ*HVWDOWHLQHVElUWLJHQ PHQVFKHQN|SILJHQ6WLHUVLP.QLHODXIVFKHPDQUDXIJHSHUOWHU6WDQGOLQLHDXIVHLQHP5FNHQNQLHWHLQ6LOHQ PLW 3IHUGHVFKZHLI GHU VHLQH +lQGH EHU GHQ .RSI GHV 6WLHUHV KlOW LP $EVFKQLWW .HWRV 6HHGUDFKH  Q U VFKZLPPHQG5V.$7$1$,211LNHQOODXIHQGLQGHUYRUJHVWUHFNWHQ5HFKWHQ]ZHL7lQLHQKDOWHQG61* &RS5L]]R+*&5DQGD]]R7DI VWJO  5VVY] ([&RPHU\&ROOHFWLRQH[5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ90lU]/RV 'LH0Q]HZXUGHJHSUlJWQDFKGHP6WXU]GHU'HLQRPHQLGHQLQ6\UDNXVXQGGHU:LHGHUKHUVWHOOXQJ.DWDQHVLP -DKUY&KU VLHKHGD]X2YLG0HWDPRUSKRVHQ,3LQGDU3\WK,6WUDERQ9 'HU)OXVV$PHQDQRV HQWVSULQJWDXIGHU$NURSROLVGHU6WDGWXQGVSHLVWKHXWHQRFK]ZHL%UXQQHQGLH)RQWDQHGHOO (OHIDQWHXQGGLH )RQWDQH GHOO $PHQDQR 'LH 'DUVWHOOXQJ GHV )OXVVHV DOV ElUWLJHU PHQVFKHQN|SILJHU 6WLHU VFKHLQW YRQ IUKHQ 0Q]HQYRQ*HODDQJHUHJWZRUGHQ]XVHLQ(UZLUGDXIGLHVHU0Q]HYRQHLQHP6LOHQDOV%HL]HLFKHQEHJOHLWHW GHUGLH)UXFKWEDUNHLWGHU)OXVVHEHQHYRQ.DWDQHV\PEROLVLHUHQVROOWH $IWHU WKH W\UDQWV RI 6\UDFXVH ZHUH GULYHQ RXW LQ  %& DQG WKH UHFRYHU\ RI WKH FLW\ RI &DWDQD D VHULHV RI WHWUDGUDFKPVZDVPLQWHGILJXULQJDPDQIDFHGEXOORQWKHREYHUVHDQGDIO\LQJ1LNHRQWKHUHYHUVH

±

120 

7HWUDGUDFKPH J FDY&KU9V3IHUGHJHVSDQQQU5V.$7$1$,21.RSIGHV$SROOPLW /RUEHHUNUDQ]QU5L]]R7DI VWJO 3R]]L %RVWRQ6XSSO VWJO +*& VWJO   556FK|QHUIUKNODVVLVFKHU6WLOKHUUOLFKH7|QXQJ5VPLWIHLQHQ.UDW]HUQJXWHVVV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±

121 



7HWUDGUDFKPH J  FD  Y &KU 9V .$7$1$,21 .RSI GHV $SROO PLW /RUEHHUNUDQ] Q U 5V 3IHUGHJHVSDQQ GHVVHQ /HQNHU YRQ 1LNH EHNUlQ]W ZLUG Q U 61* $16  VWJO  61* /OR\G  VWJO  +*& VWJO  5*XWHUKRFKNODVVLVFKHU6WLOVVY] ([ 6DPPOXQJ 'U *: H[ *LHVVHQHU 0Q]KDQGOXQJ $XNWLRQ  0QFKHQ  /RV  H[ :RRGZDUG &ROOHFWLRQ1DYLOOD$UV&ODVVLFD$XNWLRQ/RV

±




119

120

121




*5,(&+(1

122

2:1

2:1 

7HWUDGUDFKPH J FDY&KU9V8PHLQH:HQGHPDUNHNXUYHQGHVYRQ1LNHEHNUlQ]WHVQO JDORSSLHUHQGHV3IHUGHJHVSDQQ'LH1LNHKlOWLQGHU5HFKWHQGHQ6LHJHVNUDQ]XQGLQGHU/LQNHQHLQ6FKLOGPLW GHU $XIVFKULIW (8$,1( JU|‰WHQWHLOV DX‰HUKDOE GHV 6FKU|WOLQJV  ,P $EVFKQLWW .UDEEH 5V .$7$1$,:1 .RSIGHV$SROOPLW/RUEHHUNUDQ]QO'DKLQWHU*DUQHOHGDYRU:ROOELQGHPLW*ORFNH)UDQNH+LUPHU VWJO  *XOEHQNLDQI VWJO +*& VWJO  6LJQLHUWHV([HPSODUGHV(XDLQHWRV7|QXQJ3UIKLHEVVY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 'HU.QVWOHU(XDLQHWRVGHUDXFKGLHEHUKPWHQV\UDNXVDQLVFKHQ'HNDGUDFKPHQJHVFKDIIHQKDWZXUGHDXFK YRQGHQ.DWDQHLHUQDOV6WHPSHOVFKQHLGHUHQJDJLHUW$XIGHP5HYHUVHUIDVVWHUHLQHQGUDPDWLVFKHQ0RPHQWGHV :DJHQUHQQHV QlPOLFK GLH 8PUXQGXQJ GHU :HQGHPDUNH HLQ 0DQ|YHU GHVVHQ JHNRQQWH $XVIKUXQJ IU GHQ 6LHJ YRQ HQWVFKHLGHQHU %HGHXWXQJ ZDU 'HU /HQNHU KlOW PLW DQJHZLQNHOWHP OLQNHQ $UP GLH LQQHUHQ 3IHUGH ]XUFN GLH VLFKPLWHPSRUJHZRUIHQHQ.|SIHQDXIElXPHQ'DJHJHQJLEWHUGHQlX‰HUHQ3IHUGHQPHKU6SLHO ZDV VLFK DXFK LQ LKUHQ YRUZlUWVVWUHEHQGHQ %HZHJXQJHQ DXVGUFNW 2IIHQEDU KDW (XDLQHWRV VRJDU HLQHQ YRQ GHQ+XIHQDXIJHZLUEHOWHQ6WHLQGDUJHVWHOOWGHQQGHUNOHLQH3XQNWXQWHUKDOEGHU3IHUGHLVWZRKONHLQ6WHPSHO IHKOHUVRQGHUQHLQEHZXVVWJHVHW]WHV0RWLYGDVDQDOOHQ$XVSUlJXQJHQDXIWULWW

±

123 2:1 

/LWUD J  FD    Y &KU 9V .RSI HLQHV ElUWLJHQ JODW]N|SILJHQ 6LOHQV Q O 5V .$7$1$,:1 JHIOJHOWHV%OLW]EQGHO]ZLVFKHQ]ZHL6FKLOGHQ%RHKULQJHU.DWDQHLVFKH3UREOHPHVLOEHUQH.OHLQVWPQ]HQ 3URFHHGLQJVRIWKHWK,QWHUQDWLRQDO1XPLVPDWLF&RQJUHVV7DI/L61*$16II+*& ([]HOOHQWH3UlJXQJDXIEUHLWHP6FKU|WOLQJ=DUWH7|QXQJVVY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

124 





2:1

±

125

.(1785,3( $( J  1DFK  Y &KU 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] Q U GDKLQWHU NOHLQHU $GOHU5V.(1725,3,1:1'JHIOJHOWHV%OLW]EQGHO61*&RS&16,,,+*&  +HUUOLFKHNDVWDQLHQEUDXQH3DWLQD9VOHLFKWH3UlJHVFKZlFKHVRQVWY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

/(217,12, 7HWUDGUDFKPH J  1DFK  Y &KU 9V $SROORQNRSI PLW /RUEHHUNUDQ] Q U 5V /(217,121 /|ZHQNRSI PLW DXIJHULVVHQHP 5DFKHQ Q O YRQ YLHU *HUVWHQN|UQHUQ XPJHEHQ %RHKULQJHU/HRQWLQRL7DI VWJO 5L]]R7DI VWJO +*& VWJO  7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV 'HU.RSI]HLJWHLQUHSUlVHQWDWLYHV:HUNGHV 6WUHQJHQ6WLOV 

±


*5,(&+(1

126

2:1 

2:1

7HWUDGUDFKPH J  FD    Y &KU 9V $SROORQNRSI PLW /RUEHHUNUDQ] Q O 5V /(217,121 /|ZHQNRSIQO]ZLVFKHQGUHL*HUVWHQN|UQHUQXHLQHP/RUEHHUEODWW%RHKULQJHU/HRQWLQRL7DI VWJO  61*$165L]]R7DI VWJO +*&  +HUUOLFKH7|QXQJ9V6WHPSHOIHKOHULP+DDUJXWDXVJHSUlJWY] ([7ULWRQ;9,,,/RVH[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

127 

1,5:1

±

127

0$0(57,12,$(3HQWRQNLRQ J 1DFKY&KU0]VW0HVVDQD9V.RSIGHVXQEHKHOPWHQ$UHV Q O GDKLQWHU SKU\JLVFKHU +HOP 5V 0$0(57,12, 3IHUGHIKUHU PLW /DQ]H Q O VWHKHQG GDYRU 3 ([ 6DPPOXQJ0DXULFH/DIDLOOHSXEOL]LHUWLQ0/DIDLOOH&KRL[GHPRQQDLHVJUHFTXHVHQEURQ]H  +*& &16,6 6FK|QHNDVWDQLHQEUDXQH3DWLQDVVY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±

128

2:1 

2:1

0(66$1$7HWUDGUDFKPH J Y&KU9V1\PSKH0HVVDQDOHQNW0DXOWLHUELJDLP6FKULWWQO XQG ZLUG YRQ Q U IOLHJHQGHU 1\PSKH EHNUlQ]W LP $EVFKQLWW ]ZHL QDFK XQWHQ VSULQJHQGH 'HOILQH 5V 0(66$1,21+DVHQUVSULQJHQGXQWHULKPNOHLQHU.RSIGHV3DQQU&DOWDELDQR VWJO +*& (['RURWKHXP$XNWLRQ1RYHPEHU/RVH[6OJ(-+DHEHUOLQ   'XQNHOJHW|QWNOHLQH.UDW]HUVV

± 


*5,(&+(1

129

2:1 

2:1

027<$'LGUDFKPH J Y&KU9V*UR‰HU+XQGQUVWHKHQG5V.RSIHLQHU1\PSKHPLW $PS\[ XQG KLQWHQ HLQJHVFKODJHQHP +DDU Q U GDYRU PWY  LQ SK|QL]LVFKHQ %XFKVWDEHQ GDKLQWHU %HL]HLFKHQ (IHXEODWW-HQNLQV3XQLF6LFLO\, 25 +*& 6FK|QH7|QXQJ9V6FKUIVSXU5V.UDW]HUVV ([6DPPOXQJ53HUZRUEHQEHL$HV5XGH 'LH NOHLQH ,QVHO 0R]LD XQPLWWHOEDU YRU GHU :HVWVSLW]H 6L]LOLHQV JHOHJHQ LVW GHQ KLVWRULVFK ,QWHUHVVLHUWHQ YRU DOOHPDOV)XQGXQG$XIEHZDKUXQJVRUWGHUZXQGHUEDUHQNODVVLVFKHQ:DJHQOHQNHUILJXUGHPVRJ-QJOLQJYRQ 0R]LDEHNDQQW,QGHU$QWLNHZDUGLH,QVHOHLQZLFKWLJHUNDUWKDJLVFKHU+DQGHOVVWW]SXQNWGHUZRKOEHUHLWVLP  -K Y &KU YRQGHQ3K|QL]LHUQJHJUQGHWZXUGH'LH0Q]SUlJXQJLPLWLHUW9RUELOGHUDXV6L]LOLHQVRZLH KLHUGLH0Q]HQYRQ6HJHVWD'DEHLZXUGHQWHLOVVRJDU6WHPSHOYRQ6HJHVWDEHUQRPPHQ

±

130

2:1 

2:1

1$;26 'UDFKPH J     Y &KU 9V .RSI GHV ElUWLJHQ 'LRQ\VRV PLW (IHXNUDQ] Q O 5V 1$;,21:HLQWUDXEH&DKQ1D[RV 95 GLHVHV([HPSODU +*&  7|QXQJOHLFKWH3UlJHVFKZlFKHQVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 'LH 6WDGW 1D[RV ZDU GLH HUVWH JULHFKLVFKH .RORQLH DXI 6L]LOLHQ %HUHLWV LP -DKU  Y &KU OLH‰HQ VLFK .RORQLVWHQDXV&KDONLVXQG(XE|DGRUWQLHGHU(VIROJWHRIIHQEDUHLQ=XVWURPZHLWHUHU.RORQLVWHQVRGDVVGLH 6WDGW VHOEVW ]XU 0XWWHUVWDGW YRQ /HRQWLQRL .DWDQDH XQG =DQNOH ZXUGH 1D[RV VHOEVW HUODQJWH DOOHUGLQJV QLH JU|‰HUHSROLWLVFKH%HGHXWXQJZXUGHHVYRQ*HODHUREHUW6SlWHU]ZDQJ+LHURQ,YRQ6\UDNXVGLH1D[LHU QDFK /HRQWLQRL XP]XVLHGHOQ ZlKUHQGHUGLH6WDGWDQGHUHQ6LHGOHUQEHUOLH‰:lKUHQGGHUYHUKlQJQLVYROOHQ VL]LOLVFKHQ([SHGLWLRQGHU$WKHQHUZlKOWHQGLH1D[LHUGLH6HLWHGHU9HUOLHUHUZDV]XUHQGJOWLJHQ=HUVW|UXQJ GHU6WDGWIKUWH'LHOHW]WHQ1D[LHUVLHGHOWHQVLFKY&KULQ7DXURPHQLRQDQ'LH*HVFKLFKWHVSLHJHOWVLFK DXFK LQ GHU 0Q]SUlJXQJ 1D[RV ZDU RIIHQEDU GLH HUVWH 6WDGW DXI 6L]LOLHQ GLH 0Q]HQ SUlJWH XQG GDUDXI 'LRQ\VRVIHLHUWHGHQ*RWWGHV:HLQHVGHUDXFKIUGHQ:RKOVWDQGGHU6WDGWYHUDQWZRUWOLFKZDU'HU*RWWWULWW KLHULQHLQHUVHUL|VHQ)HLHUOLFKNHLWDXIGLHGHUDUFKDLVFKHQ.XQVWHLJHQLVW$XFKLQGHUWHFKQLVFKHQ*HVWDOWXQJ HUZHLVHQ VLFK GLH QD[LVFKHQ 6WHPSHOVFKQHLGHU LQQRYDWLY GHQQ KLHU WULWW ]XP HUVWHQ 0DO GDV 5FNVHLWHQELOG QLFKW PHKU DOV PHKU RGHU ZHQLJHU JHVWDOWHWHV ,QFXVXP DXI VRQGHUQ DOV GHU 9RUGHUVHLWH IDVW JOHLFKZHUWLJHV (OHPHQWGDVHEHQIDOOVGLHJHVDPWH]XU9HUIJXQJVWHKHQGH)OlFKHIOOW )UDQNH+LUPHU6 

±

131 2:1 



2:1

/LWUD J Y&KU9V.RSIGHVElUWLJHQ'LRQ\VRVPLW(IHXNUDQ]QO5V1$;,21:HLQWUDXEH &DKQ1D[RV6XQG7DI, 95 +*& 'XQNOH7|QXQJVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±


*5,(&+(1

132 2:1 

2:1

3,$.26$(7ULRQNLRQ J FDY&KU9V-XJHQGOLFKHU.RSIHLQHVJHK|UQWHQ)OXVVJRWWHVPLW 6FKLOINUDQ]QOGDYRU3,$.]ZLVFKHQGUHL:HUWNXJHOQ5V*UR‰HU+XQGHLQHQQULQGLH.QLHEUHFKHQGHQ +LUVFKDQIDOOHQG&16,,,61U+*& 6FKZDU]H*ODQ]SDWLQDY]

134

133 

6(/,1817 'LGUDFKPH J  8P    Y &KU 9V (SSLFKEODWW ]ZLVFKHQ ]ZHL 3XQNWHQ 5V 4XDGUDWXPLQFXVXPPLW]HKQYHUWLHIWHQ)HOGHUQ61*$16II+*& 6FKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:



'LGUDFKPH J     Y &KU 9V  >6(/,@12>7,21@ WHLOZHLVH UHWURJUDG  QDFNWHU MXJHQGOLFKHU +HUDNOHVPLWGHPNUHWLVFKHQ6WLHUQU'HU+HURVKDWGHQ6WLHUEHLGHQ+|UQHUQJHSDFNWXQGKROWPLWGHU.HXOH ]XP W|GOLFKHQ 6FKODJ DXV 5V +8<$6 )OXVVJRWW +\SVDV PLW 3DWHUD XQG =ZHLJ YRU NOHLQHP 5XQGDOWDU PLW S\UDPLGHQI|UPLJHP $XIEDX VWHKHQG UHFKWV LP )HOG (SSLFKEODWW GDUXQWHU .UDQLFK 61* $16  61* /RFNHWW+*& 5'XQNOH7|QXQJVV ([-RURQ'HUHP+{WHO'URXRW3DULV0lU]/RV

135 





±

±

136

6<5$.86 +HUUVFKDIW GHU 'HLQRPHQLGHQ    Y &KU 7HWUDGUDFKPH J     Y &KU XQWHU+LHURQ,9V:DJHQOHQNHUIKUWHLQ9LHUJHVSDQQQUGDVYRQ1LNHEHNUlQ]WZLUG5V685$.26,21 %VWHGHU$UHWKXVDQUXPJHEHQYRQYLHU'HOILQHQ%RHKULQJHU VWJO +*& ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 6FK|QHGXQNOH7|QXQJY] +HUUVFKDIW GHU 'HLQRPHQLGHQ    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V :DJHQOHQNHU HLQH 4XDGULJD LP 6FKULWW Q U IKUHQG GDUEHU 1LNH IOLHJHQG GLH LKQ EHNUlQ]W LP $EVFKQLWW .HWRV 5V 685$.26,21 .RSI GHU 1\PSKH $UHWKXVD PLW 3HUOGLDGHP XQG +DOVNHWWH Q U GDUXP YLHU 'HOILQHVFKZLPPHQG%RHKULQJHU61*$16 VWJO +*&  6FK|QHGXQNOH7|QXQJDXIGHU5VOHLFKWH*OlWWXQJVVSXUHQVRQVWY] ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ9,,/RVXQG$XNWLRQ5RPD;/RV

137

±

1,5:1

±

±

137

 5HSXEOLN    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V :DJHQOHQNHU IKUW HLQ 9LHUJHVSDQQQQUXQGZLUGYRQ1LNHEHNUlQ]WLP$EVFKQLWW.HWRV5V685$.26,21%VWHGHU$UHWKXVD QUXPJHEHQYRQYLHU'HOILQHQ%RHKULQJHU VWJO +*&  +HUUOLFKHV%LOGQLVGHVIUKHQ6WUHQJHQ6WLOV7|QXQJY] ([6DPPOXQJ'U*:H[*LHVVHQHU0Q]KDQGOXQJ0QFKHQ/RV

±




*5,(&+(1

138

138 2:1



 5HSXEOLN    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V :DJHQOHQNHU IKUW HLQ 9LHUJHVSDQQ Q UXQGZLUGYRQ1LNHEHNUlQ]WLP$EVFKQLWW.HWRV5V 685$.26,21%VWHGHU$UHWKXVD PLW KRFKJHVWHFNWHP +DDU Q U XPJHEHQ YRQ YLHU 'HOILQHQ %RHKULQJHU  9  5 61*$16 VWJO 'HZLQJ VWJO +*& ([6DPPOXQJ'U*: 6FKDUIDXVJHSUlJWXQGIDVWVWHPSHOIULVFK/HLFKWH7|QXQJ9VPLQ6WHPSHOULVVH

±

139

139 2:1 

 5HSXEOLN    Y &KU 7HWUDGUDFKPH J     Y &KU 9V :DJHQOHQNHU IKUW HLQ 9LHUJHVSDQQ Q O XQG ZLUG YRQ 1LNH EHNUlQ]W 'DUXQWHU .UDQLFK ,P $EVFKQLWW 'HOILQ XQG %DUVFK 5V 685$.26,21%VWHGHU$UHWKXVDPLWKRFKJHVWHFNWHP+DDUQOXPJHEHQYRQYLHU'HOILQHQ'DV+DDUZLUG YRQHLQHU]ZHLIDFKXPJHZXQGHQHQEHUNUHX]WHQ7lQLHJHElQGLJW'LHVHPZLHGHUVHW]HQVLFKDOOHUGLQJVHLQLJH 6WUlKQHQGLHLQUDGLDOHQ:HOOHQOLQLHQZHJVWUHEHQXQGGHQIOLH‰HQGHQ&KDUDNWHUGHU4XHOOHLOOXVWULHUHQ7XGHHU  95 +*&)LVFKHU%RVVHUW&$7 VWJO  ([6DPPOXQJ'U*: 5%UHLWHU6FKU|WOLQJ/HLFKWH+RUQVLOEHUDXIODJHVVY]

140

±

140 2:1





 5HSXEOLN    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V :DJHQOHQNHU IKUW HLQ 9LHUJHVSDQQ Q O XQG ZLUG YRQ 1LNH EHNUlQ]W 5V 685$.26,21 %VWH GHU $UHWKXVD PLW KRFKJHVWHFNWHP +DDUQOXPJHEHQYRQYLHU'HOILQHQ'DUXQWHU(<0(12<%0&GH/X\QHV7XGHHU 95  61*$16 DOOHVWJO +*&)LVFKHU%RVVHUW&$7  0LWGHU6LJQDWXUGHV(XPHQHV6FK|QH7|QXQJ6FKU|WOLQJVIHKOHUJXWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV$

±


*5,(&+(1

141 2:1 

2:1

 5HSXEOLN    Y &KU  /LWUDH  6WDWHU  J  FD    Y &KU 9V 6<3$ .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q O 5V $HJLV PLW IURQWDOHP *RUJRQHLRQ 61* $16  I 5L]]R 7DI  +*& *ROG5VV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

142 2:1 

2:1

5HSXEOLNY&KU/LWUD J FDY&KU9V 685$.RSIGHU$UHWKXVDQU5V 7LQWHQILVFK%RHKULQJHU7DIII+*& 6FK|QHGXQNOH7|QXQJY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±

143 

5HSXEOLNY&KU$( J FDY&KU9V.RSIGHU$UHWKXVDLQ'UHLYLHUWHODQVLFKW5V 7LQWHQILVFK&16,,61U VWJO +*&  6FK|QHROLYJUQH3DWLQDPLQ.RUURVLRQVVSXUHQ 1DVH VVY] ([6DPPOXQJ'U*:H[7ULWRQ91HZ<RUN/RVH[-DFN0DOWHU$XNWLRQ/RVDXVGHU 6DPPOXQJ7RP9LU]L 'DV$YHUVELOGEDVLHUWLNRQRJUDSKLVFKDXIGHQ$UHWKXVDN|SIHQGHV.LPRQ

±

144 2:1 

2:1

5HSXEOLNY&KU$( J FDY&KU9V.RSIGHU$UHWKXVDLQ'UHLYLHUWHODQVLFKW5V 7LQWHQILVFK&16,,61U VWJO +*& 'XQNHOJUQH3DWLQDVVY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

145 2:1 

2:1

'LRQ\VLRV,Y&KU/LWUDH2NWRERO J FDY&KU9V685>$.26,:1@.RSIGHU $UHWKXVD PLW VWHUQHQJHVFKPFNWHU 6SKHQGRQH Q O 'DKLQWHU 6WHUQ 5V +HUDNOHV ULQJW PLW GHP QHPHLVFKHQ /|ZHQ+*&'H&LFFLR VWJO   *ROG58QVLJQLHUWHV:HUNGHV(XDLQHWRV5V6WHPSHOULVVKRKHV5HOLHIY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV 'HU.DPSIGHV+HUDNOHVJHJHQGHQ/|ZHQVSLHOWZRKODXIGHQ.ULHJJHJHQGLH.DUWKDJHUDQGLHY &KU]DKOUHLFKHVL]LOLVFKH6WlGWH]HUVW|UWHQHKHVLHYRQ'LRQ\VLRVJHVWRSSWZHUGHQNRQQWHQ

±




*5,(&+(1

146 2:1 

2:1

'LRQ\VLRV ,    Y &KU  /LWUDH J  FD    Y &KU 9V 685$ .RSI GHV +HUDNOHV LP /|ZHQVNDOS Q O 5V 685$ YLHUJHWHLOWHV 4XDGUDWXP LQFXVXP GDULQ UXQGHV ,QFXVXP PLW .RSI GHU $UHWKXVDQO61*$165L]]R7DI;/9,,,1U+*& *ROGVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

147 

'LRQ\VLRV ,    Y &KU 'HNDGUDFKPH YRQ (XDLQHWRV J  9V :DJHQOHQNHU HLQH 4XDGULJD LP *DORSS Q O OHQNHQG GDUEHU 1LNH GHQ /HQNHU EHNUlQ]HQG ,P $EVFKQLWW 3DQKRSOLH 3DQ]HU %HLQVFKLHQHQ 6FKLOGXQG+HOP 5V685$.26,:1.RSIGHU.RUH3HUVHSKRQHPLWbKUHQNUDQ].RSIXQG+DOVVFKPXFN Q O YRQ YLHU 'HOILQHQ XPVSLHOW 'LH 6WHPSHOVFKQHLGHUVLJQDWXU (<$,1( EHILQGHW VLFK XQWHUKDOE GHV XQWHUHQ 'HOILQVDX‰HUKDOEGHV6FKU|WOLQJV61*$16 9VVWJO 'HZLQJ VWJO *DOODWLQ&,95,,, 6LJQLHUWHU6WHPSHOGHV(XDLQHWRV ([6DPPOXQJ'U*: 6FKDUIDXVJHSUlJW9VOHLFKWH6WHPSHOXQVDXEHUNHLWHQXQG6WHPSHOULVVY]

±

148 

'LRQ\VLRV,Y&KU'HNDGUDFKPH J 6LJQLHUWHV:HUNGHV.LPRQFDY&KU9V :DJHQOHQNHU HLQ 9LHUJHVSDQQ Q O OHQNHQG GDUEHU 1LNH Q U IOLHJHQG XQG LKQ EHNUlQ]HQG LP $EVFKQLWW 7URSDLRQ DXV 3DQ]HU %HLQVFKLHQHQ 6FKLOG XQG SKU\JLVFKHP +HOP DOOHV KRUL]RQWDO DXI HLQH /DQ]H JHVWHFNW GDUXQWHU>$4/$@ 3UHLVH 5V685$.26,:1.RSIGHU$UHWKXVDYRQYLHU'HOILQHQXPVSLHOWQOEHU GHU 6WLUQ 6SKHQGRQH GDV ORFNLJH +DDU DP +LQWHUNRSI GXUFK HLQ PLW 3HUOHQ JHVFKPFNWHV 1HW] ]XVDPPHQJHKDOWHQ $XI GHP +DDUEDQG ., 5L]]R 7DI / XQG /,, *XOEHQNLDQ  VWJO  +*&  )UDQNH+LUPHU7DI VWJO -RQJNHHV 9$5D  )HLQJHW|QWJHJOlWWHWXQGHWZDVQDFKJUDYLHUWLQVEHVGHU3IHUGHIX‰YRQUHFKWVLVWQDFKDQWLNYHUlQGHUWVVY] 9HUPXWOLFK DXV GHU 6DPPOXQJ 0RULW] (LQ]LQJHU FD HU -DKUH 0LW HLQHP 8PVFKODJ GHU 0Q]KDQGOXQJ -XOLXV-HQNH0QFKHQ 'HU1DFKUXI]X-XOLXV-HQNH  LQ-1*6

±

149 



'LRQ\VLRV ,    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V :DJHQOHQNHU IKUW HLQ 9LHUJHVSDQQ Q O XQG ZLUG YRQ 1LNH EHNUlQ]W ,P $EVFKQLWW 'HOILQ Q O 5V >685$.@26,:1 %VWH GHU $UHWKXVDPLWEUHLWHP+DDUEDQGEHUGHPZHOOHQDUWLJHPSRUVFKLH‰HQGH+DDUEVFKHODXIVSULQJHQXPJHEHQYRQ YLHU'HOILQHQ,P+DOVDEVFKQLWW6LJQDWXU(8./(, DX‰HUKDOEGHV6FKU|WOLQJV 6FKHIROG0: VWJO 61* $16 VWJO 7XGHHU VWJO +*&)UDQNH+LUPHU VWJO   :HUNGHV(XNOHLGDV*XWDXVJHSUlJW9VNOHLQHU6FKU|WOLQJVIHKOHULP+DDUVRQVWY] ([ 6DPPOXQJ 'U *: H[ -XELOlXPVDXNWLRQ  GHU *LHVVHQHU 0Q]KDQGOXQJ .DWDORJ ,,   H[ *LHVVHQHU0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV 'HU 7\SXV PLW GHQ KLPPHOZlUWV ZHJZHKHQGHQ +DDUHQ LVW LQ LQVJHVDPW YLHU]HKQ YHUVFKLHGHQHQ 6WHPSHOQ JHIHUWLJWZRUGHQ$OOHUGLQJVLVWQXUHLQHUGDYRQQlPOLFKGHUXQVHUHV5HYHUVHVVLJQLHUWXQGEHUOLHIHUWVRGHQ 1DPHQGHV0HLVWHUVIUGLH1DFKZHOW

±




122 148

145

147




*5,(&+(1

151

150 

'LRQ    Y &KU $( J  9V =(86(/(84(5,26 .RSI GHV =HXV Q U 5V 685$.26,:1 %OLW]EQGHOGDQHEHQ*HUVWHQNRUQ&16,,II1U+*& 6FK|QHJUQEUDXQH3DWLQDVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±



7LPROHRQXQGGLH5HSXEOLNY&KU'LGUDFKPH J 9V3HJDVRVQO5V685$.26>,:1@.RSI GHU$WKHQDPLWNRULQWKLVFKHP+HOPQU&DOFLDWL3HJDVLI1UII+*& +HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

152 2:1 

2:1

$JDWKRNOHV    Y &KU =Z|OIWHOVWDWHU J  FD    Y &KU 9V .RSI GHU $UHWKXVD PLW 6SKHQGRQHQU5V7LQWHQILVFK61*$16-HQNLQV(OHFWUXP*URXS$ 6WHPSHOFE +*& (OHNWURQ55VV ([ 6DPPOXQJ 'U *: H[ &ODVVLFDO 1XPLVPDWLF *URXS $XNWLRQ  7KH *HRUJH  5REHUW 6HYHQVRQ &ROOHFWLRQ/RV

±

153 

$JDWKRNOHV    Y &KU 7HWUDGUDFKPH J  9V .RSI GHU .RUH PLW bKUHQNUDQ] 2KU XQG +DOVVFKPXFN Q U 5V $*$42./(,26 1LNH VWHKW Q U XQG EHIHVWLJW +HOP DQ HLQHP7URSDLRQ61*$16 II61*&RS,HUDUGL 95  VWJO +*& 6FK|QH7|QXQJVVY]Y] ([6DPPOXQJ53HUZRUEHQ

±

154

2:1 



2:1

$JDWKRNOHVY&KU7HWUDGUDFKPH J Y&KU9V.RSIGHU$UHWKXVDPLW2KUULQJ XQG+DOVNHWWHQOYRQYLHU'HOILQHQXPVSLHOW5V685$.26,:1:DJHQOHQNHULQJDORSSLHUHQGHU4XDGULJD QOLQGHUDXVJHVWUHFNWHQ5.HQWURQKDOWHQGGDUEHU7ULVNHOHV61*$16,HUDUGL VWJO +*& 6FK|QHGXQNOH7|QXQJY]

±


*5,(&+(1

155



6,.(/,27(1 0RUJDQWLQD "   /LWUDH J   Y &KU 9V .RSI GHU 3HUVHSKRQH PLW 6FKOHLHU XQG bKUHQNUDQ] Q O 5V 6,.(/,:7$1 1LNH JDORSSLHUHQGH 4XDGULJD Q U OHQNHQG GDUEHU 0RQRJUDPP 6M|TYLVW017DI9,%XUQHWW VWJO +*& /HLFKWH7|QXQJ5V3UlJHVFKZlFKHJXWHVVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

156

2:1



2:1

6,.(/2381,(5 7HWUDGUDFKPH J  FD    Y &KU 9V 3IHUGHSURWRPH Q O GLH YRQ 1LNH EHNUlQ]WZLUG/LQNVGDYRU*HUVWHQNRUQGDUXQWHU]ZHL7K\PLDWHULDXQGGLH,QVFKULIWNDUWKDJR5V3DOPHLP )HOGGLH%HLVFKULIWNDUWKDJR-HQNLQV3XQLF6LFLO\,,7DII 25 +*& ([6DPPOXQJ'U*:H[1REOH1XVPLPDWLF$XNWLRQ$6\GQH\/RV 55*XWHU6WLOJXWHVVV

±

157

2:1



2:1

7HWUDGUDFKPH J FDY&KU9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]]ZLVFKHQGUHL'HOILQHQ Q U 5V 1 U VWHKHQGHV 3IHUG YRU HLQHU 3DOPH -HQNLQV 3XQLF 6LFLO\ ,,, 7DI  < VWJO  +*& *XWHU6WLOJXWHVVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±




*5,(&+(1

158

2:1 

2:1

7HWUDGUDFKPH J 0LWWH-KY&KU0]VW(QWHOOD9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]QU'DYRU 7K\PLDWHULRQ 5V 3IHUG Q U VWHKW YRU HLQHU 3DOPH XQG ZLUG YRQ YRU LKP IOLHJHQGHU 1LNH EHNUlQ]W 'DYRU .HU\NHLRQ=ZLVFKHQGHQ3IHUGHEHLQHQKE-HQNLQV3XQLF6LFLO\,,,7DI VWJO +*& 9VPLQ6WHPSHOXQVDXEHUNHLWHQLP+DDUY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

159

2:1 

2:1

7HWUDGUDFKPH J     Y &KU 0]VW (QWHOOD 9V .RSI GHU $UHWKXVD PLW 6FKLOINUDQ] 2KU XQG +DOVVFKPXFNQUGDYRU7K\PLDWHULRQ5V3IHUGPLWDQJHKREHQHPUHFKWHQ9RUGHUKXIQOVWHKHQGGDKLQWHU 'DWWHOSDOPHGDYRU.HU\NHLRQSK|QL]LVFKH%XFKVWDEHQ%+-HQNLQV3XQLF6LFLO\,,, VWJO +*& 556FK|QH7|QXQJ9VNOHLQH'UXFNVWHOOH5VNOHLQH6FKUIVSXUY] ([6DPPOXQJ53H[$HV5XGH$XNWLRQ/RV

±

160 



7HWUDGUDFKPH J 6SlWHV-KY&KU0]VW(QWHOOD9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]2KUXQG +DOVVFKPXFN Q O YRQ YLHU 'HOILQHQ XPVSLHOW 5V 3IHUGHNRSI Q O GDKLQWHU 'DWWHOSDOPH XQWHU GHP +DOVDEVFKQLWWLQSK|QL]LVFKHU6FKULIW PPKQW  9RONGHV+HHUODJHUV

-HQNLQV3XQLF6LFLO\,,, 25  +*& %UHLWHU6FKU|WOLQJY] ([6DPPOXQJ'U*:HUZRUEHQEHL/HX$*=ULFKDP 1U  (QGH GHV  -KV XQWHUQDKP .DUWKDJR JUR‰DQJHOHJWH (UREHUXQJV]JH DXI 6L]LOLHQ DQ GHUHQ (QGH HV GHQ JU|‰WHQ7HLO:HVWVL]LOLHQVXQWHUZRUIHQKDWWHXQGYLHOH*ULHFKHQVWlGWHLQGLHVHP*HELHWYHUZVWHWZDUHQ'DPLW HLQKHUJHKHQG EHJLQQW HLQH SXQLVFKH 0Q]SUlJXQJ GLH VLFK KDQGZHUNOLFK XQG LNRQRJUDSKLVFK DQ GHQ 9RUELOGHUQ DXV JULHFKLVFKHQ :HUNVWlWWHQ RULHQWLHUW XQG VHKU ZDKUVFKHLQOLFK DXFK YRQ JULHFKLVFKHQ +DQG ZHUNHUQJHVFKDIIHQZXUGH$OV3UlJHRUWIUGLH0Q]HQIUGDV9RONGHV+HHUODJHUVQLPPWPDQMHW]W(QWHOOD DQ0DQPXVVGDQQDOOHUGLQJVDN]HSWLHUHQGDVVSDUDOOHOGD]XGLH6WDGW(QWHOODHLJHQH0Q]HQLQLKUHP1DPHQ HPLWWLHUWH 'LHVH N|QQWHQ GLH NDUWKDJLVFKHQ 3UlJXQJHQ HUJlQ]HQ ZHOFKH QXU DOV 7HWUDGUDFKPHQ KHUDXV JHJHEHQZXUGHQXQGLP:HVHQWOLFKHQZRKO]XU%H]DKOXQJGHU6|OGQHUGHU0LOLWlUNDPSDJQHQGLHQWHQXQGQLFKWIU GHQ$OOWDJVJHEUDXFKLQHLQHPHWDEOLHUWHQ*HPHLQZHVHQ/LW,/HH(QWHOOD7KH6LOYHU&RLQDJHRIWKH&DPSDQLDQ 0HUFHQDULHVDQGWKH6LWHRIWKH)LUVW&DUKDJLQLDQ0LQW%&1XP&KURQII

±




149

156

160




*5,(&+(1

161

2:1 

2:1

7HWUDGUDFKPH J 6SlWHV-KY&KU0]VW(QWHOOD9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]2KUXQG +DOVVFKPXFN Q O YRQ YLHU 'HOILQHQ XPVSLHOW 5V 3IHUGHNRSI Q O GDKLQWHU 'DWWHOSDOPH XQWHU GHP +DOVDEVFKQLWW LQ SK|QL]LVFKHU 6FKULIW PPKQW  9RON GHV +HHUODJHUV

 -HQNLQV 3XQLF 6LFLO\ ,,,  GLHVHV ([HPSODUJHOLVWHW +*& 6FK|QH7|QXQJ5VOHLFKWH.RUURVLRQVVSXUHQVVY] ([6DPPOXQJ'U*:H[.|OQHU0Q]NDELQHWW$XNWLRQ/RVH[+HVV/HX/X]HUQ$XNWLRQ /RV

±

162

2:1 

7HWUDGUDFKPH J 6SlWHV-KY&KU0]VW(QWHOOD9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]2KUXQG +DOVVFKPXFN Q O YRQ YLHU 'HOILQHQ XPVSLHOW 5V 3IHUGHNRSI Q O GDKLQWHU 'DWWHOSDOPH XQWHU GHP +DOVDEVFKQLWW LQ SK|QL]LVFKHU 6FKULIW PPKQW  9RON GHV +HHUODJHUV

 -HQNLQV 3XQLF 6LFLO\ ,,,  VWJO  +*& 6FK|QJHW|QWXQGJXW]HQWULHUWDXIEUHLWHP6FKU|WOLQJ5VIHLQH.UDW]HUVVY] $XVGHU$0$6DPPOXQJ

163 





2:1

±

164

7HWUDGUDFKPH J 6SlWHV-KY&KU0]VW(QWHOOD9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]2KUXQG +DOVVFKPXFN Q O YRQ YLHU 'HOILQHQ XPVSLHOW 5V 3IHUGHNRSI Q O GDKLQWHU 'DWWHOSDOPH XQWHU GHP +DOVDEVFKQLWW LQ SK|QL]LVFKHU 6FKULIW PPKQW  9RON GHV +HHUODJHUV

 -HQNLQV 3XQLF 6LFLO\ ,,,  VWJO  +*& 6FK|QH7|QXQJPLQLPDOJHJOlWWHWVVY] ([6DPPOXQJ53HUZRUEHQEHL$HV5XGH 7HWUDGUDFKPH J   +lOIWH  -K Y &KU 0]VW /LO\EDLRQ 9V 4XDGULJD Q U GHUHQ /HQNHU YRQ 1LNH EHNUlQ]W ZLUG ,P $EVFKQLWW UVPOTUW  5V .RSI GHU $UHWKXVD PLW 6FKLOINUDQ] Q U ]ZLVFKHQ GUHL 'HOILQHQ -HQNLQV3XQLF6LFLO\ 95  6WHPSHONRPEQLFKWDXIJHIKUW +*& 'XQNOH7|QXQJY] ([6DPPOXQJ'U*: 1DFKGHU=HUVW|UXQJ0RW\DVGXUFK'LRQ\VLRV,LP-DKUY&KUVXFKWHQGLH.DUWKDJHUQDFKHLQHPEHVVHU JHVLFKHUWHQ 2UW XQG IDQGHQ LKQ LQ /LO\EDLRQ DP EHL 0DUVDOD JHOHJHQHQ .DS %RHR 'DV .DS VWHOOW GHQ GHU WXQHVLVFKHQ.VWHDPQlFKVWHQOLHJHQGHQ3ODW]6L]LOLHQVGDU$QJHEOLFKNRQQWHPDQYRQGHQGDKLQWHUOLHJHQGHQ %HUJHQ VHKHQ ZLHYLHO 6FKLIIH YRP +DIHQ .DUWKDJRV DXVOLHIHQ 'LH 3XQLHU QDQQWHQ GHQ 3ODW] 5DV 0HONDUW 9RUJHELUJHGHV0HONDUW 'LHQHXH)HVWXQJZDUQDKH]XXQHLQQHKPEDU6LHWURW]WHQRFKGHP3\UUKRVXQGZDU DXFKXQWHUGHQ5|PHUQHLQHZLFKWLJH%DVLV

±

±


*5,(&+(1

165 

7HWUDGUDFKPH J   +lOIWH  -K Y &KU 0]VW /LO\EDLRQ 9V 4XDGULJD Q U GHUHQ /HQNHU YRQ 1LNH EHNUlQ]W ZLUG ,P $EVFKQLWW UVPOTUW  5V .RSI GHU $UHWKXVD PLW 6FKLOINUDQ] Q U ]ZLVFKHQ GUHL 'HOILQHQ -HQNLQV3XQLF6LFLO\,7DI VWJO +*& =DUWH7|QXQJY] ([*LHVVHQHU0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV

±

166

2:1 

2:1

7HWUDGUDFKPH J FDY&KU9V.RSIGHU$UHWKXVDPLW6FKLOINUDQ]]ZLVFKHQGUHL'HOILQHQ QO5V1UVFKUHLWHQGHV3IHUGYRUHLQHU3DOPH-HQNLQV3XQLF6LFLO\,,, VWJO +*& *XWHU6WLO9VZLQ]LJH*UQVSDQDXIODJHY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

167

2:1 

2:1

7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHU 7DQLW PLW SKU\JLVFKHU 0W]H Q O 5V 1 O VFKUHLWHQGHU /|ZH YRU HLQHU 'DWWHOSDOPH ,P $EVFKQLWW SXQLVFKH 6FKULIW IU GLH /HXWH GHV +HHUODJHUV )UDQNH+LUPHU VWJO /0+DQV'LH*|WWLQPLWGHU7LDUD6157DI VWJO -HQNLQV3XQLF 6LFLO\,,,7DI1U VWJO +*& VWJO  %UHLWHU6FKU|WOLQJHWZDVUDXH2EHUIOlFKHVVY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0Q]HQ 0HGDLOOHQ$*%DVHO 'LH,QWHUSUHWDWLRQGHV)UDXHQNRSIHVDXIGHP$YHUVEHUHLWHWGHU)RUVFKXQJ6FKZLHULJNHLWHQGDLNRQRJUDILVFKH 3DUDOOHOHQIHKOHQhEOLFKHUZHLVHFKDUDNWHULVLHUWGLHVRJSKU\JLVFKH0W]HGHQ2ULHQWDOHQZLUGDEHUPHLVW QXU YRQ 0lQQHUQ JHWUDJHQ 'DV 0Q]ELOG ZXUGH LP $XIWUDJ GHU SXQLVFKHQ 6WDDWVPDFKW YRQ JULHFKLVFKHQ +DQGZHUNHUQ DQJHIHUWLJW ZRGXUFK VLFK HLQH 9HUVFKUlQNXQJ GHU %LOGYRUVWHOOXQJHQ EHLGHU .XOWXUHQ HUJHEHQ KDEHQ NDQQ 8QWHU GLHVHQ 9RUDXVVHW]XQJHQ VLQG ELVKHU PHKUHUH 9RUVFKOlJH XQWHUEUHLWHW ZRUGHQ GHQHQ DOOHUGLQJV DOOHQ GLH OHW]WH %HZHLVNUDIW IHKOW 9HUEUHLWHW XQG ZDKUVFKHLQOLFK ULFKWLJ LVW GLH $QVLFKW GDVV VLFK KLQWHUGHP)UDXHQNRSIHLQH*|WWLQYHUELUJWGLHGXUFKGLH.RSIEHGHFNXQJDOVSXQLVFKH*RWWKHLWDXVJHZLHVHQ ZLUG,Q)UDJHNRPPHQHWZD7DQLWRGHU$VWDUWH7KLQLWYRP(U\[$PUHL]YROOVWHQIUGHQPRGHUQHQ%HWUDFKWHU LVWIUHLOLFKGLH9RUVWHOOXQJKLHUZlUH'LGRGLHP\WKLVFKH*UQGHULQ.DUWKDJRV]XVHKHQ9JO+DQVD2II

±




*5,(&+(1

168

168 2:1 

7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHU 7DQLW PLW SKU\JLVFKHU 0W]H XQG .RUNHQ]LHKHU ORFNHQQO5V1OVFKUHLWHQGHU/|ZHYRUHLQHU'DWWHOSDOPH,P$EVFKQLWWSXQLVFKH6FKULIWIUGLH/HXWHGHV +HHUODJHUV)UDQNH+LUPHU VWJO /0+DQV'LH*|WWLQPLWGHU7LDUD6157DI VWJO  -HQNLQV3XQLF6LFLO\,,,7DI1U VWJO +*&  *XW]HQWULHUWOHLFKWUDXH2EHUIOlFKH]DUWH7|QXQJ5V.RUURVLRQVVSXUHQVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

169

2:1



2:1

7HWUDGUDFKPH J FDY&KU0]VW(QWHOOD " 9V.RSIGHV+HUDNOHVLP/|ZHQVNDOSQU5V 3IHUGHNRSIQOGDKLQWHU3DOPEDXPPLW)UFKWHQXQWHUGHP+DOVDEVFKQLWW 0+0+17 -HQNLQV3XQLF6LFLO\  VWJO 61*$1661*&RS+*&  'XQNHOJHW|QW6SXUHQYRQ2[LGDWLRQ5VNOHLQHU.UDW]HUIDVWY] ([%HUWRODPL)LQH$UWV$&5$XFWLRQV1RYHPEHU/RV

±

170

2:1





2:1

7HWUDGUDFKPH J FDY&KU0]VW(QWHOOD " 9V.RSIGHV+HUDNOHVLP/|ZHQVNDOSQU5V 3IHUGHNRSIQOGDKLQWHU3DOPEDXPPLW)UFKWHQXQWHUGHP+DOVDEVFKQLWW 0+0+17 -HQNLQV3XQLF6LFLO\  VWJO 61*$1661*&RS+*& 6FKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±


*5,(&+(1

171

2:1

2:1

7$85,6&+(&+(5621(6 

3$17,.$3$,21 6WDWHU J  FD   Y&KU9V.RSIGHVElUWLJHQ3DQPLW(IHXNUDQ]QO5V 3$1 DXI HLQHP .RUQKDOP Q O VFKUHLWHQGHU *UHLI GHU LP 0DXO HLQHQ 6SHHU WUlJW 61* %0  61* 6WDQFRPE*XOEHQNLDQ0DF'RQDOG%RVSRUXV+*&  *ROG5*XWHU6WLO9VNOHLQH%HVWR‰XQJDQGHU1DVHXQGEHLKY] ([6DPPOXQJ'U*:H[6DPPOXQJ*HRUJH 5REHUW6WHYHQVRQ&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ /RVH[6DPPOXQJ2OJD+.QRHSNH*OHQGLQLQJ6DOH/RQGRQ'H]HPEHU/RV 3DQWLNDSDLRQ DQ VWUDWHJLVFK JQVWLJHU 6WHOOH DP .LPPHULVFKHQ %RVSRUXV JHOHJHQ ZXUGH  Y &KU YRQ .RORQLVWHQ DXV 0LOHW LQ GHU 1lKH HLQHU VN\WKLVFKHQ 6LHGOXQJ QDPHQV 3DQWLNDSD JHJUQGHW 'DV JULHFKLVFK VWlPPLJH +HUUVFKHUJHVFKOHFKW GHU $UFKDLDQDNWLGHQ ZXUGH  Y &KU YRQ GHQ WKUDNLVFKHQ 6SDUWRNLGHQ DEJHO|VW GLH IU GLH QlFKVWHQ -DKUKXQGHUWH GDV LQ]ZLVFKHQ GXUFK GHQ *HWUHLGHKDQGHO ]X :RKOVWDQG 0DFKW XQG EHWUlFKWOLFKHU JHRJUDSKLVFKHU $XVGHKQXQJ JHNRPPHQH ERVSRUDQLVFKH 5HLFK EHKHUUVFKHQ VROOWHQ 'HU 1DFKIROJHU GHV '\QDVWLHJUQGHUV 6SDUWRNRV WUXJ GHQ 1DPHQ 6DW\URV FD    Y &KU  'HVVHQ 1DFKIROJHU /HXNRQ ,    Y &KU JDEGLHHUVWHQ*ROGVWDWHUHGHU6WDGWKHUDXV$XIGHQ1DPHQGHV 6DW\URV VSLHOW ZRKO GDV 9RUGHUVHLWHQPRWLY DQ $XI GHP 5HYHUV ELOGHW GDV *HWUHLGH V\PEROKDIW GLH %DVLV GHV *UHLIHQGHVPlFKWLJHQ:lFKWHUVGHV1RUGHQVGHUHLQHQ6SHHULQVHLQHP0DXOSUlVHQWLHUWRGHUKLQIRUWWUlJW ZDV DXFK LPPHU VLFK GLH $XWRUHQ GLHVHV DQVSLHOXQJVUHLFKHQ %LOGHV GDEHL JHGDFKW KDEHQ P|JHQ 0LW HLQHP *HZLFKW YRQ FD J HQWVSUHFKHQ GLH ERVSRUDQLVFKHQ *ROGVWDWHUH GHP *ROGZHUW HLQHV (OHNWURQVWDWHUV YRQ .\]LNRV GLH ZRKO GLH +DXSWZlKUXQJ IU GHQ *HWUHLGHKDQGHO LP 6FKZDU]PHHUJHELHW GDUVWHOOWHQ XQG VROOWHQ GLHVHZRKOHUVHW]HQ

173

172

2:1

±

174

2:1



+HPLGUDFKPH J FDY&KU9V/|ZHQVNDOSLQ9RUGHUDQVLFKW5V3$17,:LGGHUNRSIQU 0DF'RQDOG%RVSRUXV+*& 55Y] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±



+HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV ElUWLJHQ 3DQ PLW (IHXNUDQ] Q O 5V 3$17, :LGGHUNRSIQO0DF'RQDOG%RVSRUXV+*& 55'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±



+HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV ElUWLJHQ 3DQ Q O 5V 3$17, Q O VFKUHLWHQGHU /|ZH0DF'RQDOG%RVSRUXV61*%0+*&FRUU 1RPLQDO  55*HW|QWVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±




*5,(&+(1

175 2:1 

2:1

+HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV 3DQ PLW (IHXNUDQ] LP 'UHLYLHUWHOSURILO Q O 5V 3$17,HLQ/|ZHUHL‰WHLQHQ+LUVFK%$$QRKLQ&RLQDJHRIWKH%RVSRUXV  7DI0DF'RQDOG %RVSRUXV61*%0+*& 556FKZDU]H3DWLQDY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

176 2:1 

2:1

+HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV MXJHQGOLFKHQ 3DQ LP 'UHLYLHUWHOSURILO Q O 5V 3$1IURQWDOHU/|ZHQVNDOS0DF'RQDOG%RVSRUXV+*& 55'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

178

177

179

2:1 







2:1

+HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV $SROO PLW /RUEHHUNUDQ] Q U 5V )URQWDOHU /|ZHQNRSIPLW6FKZHUWLP0DXO'DUXQWHU3$10DF'RQDOG%RVSRUXV+*& ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV 557|QXQJJXWHVVV

±

+HPLGUDFKPH J  0LWWH  -K Y &KU 9V /|ZHQVNDOS LQ 9RUGHUDQVLFKW 5V $32/ LQ GHQ 4XDGUDQWHQHLQHV/LQLHQNUHX]HV0DF'RQDOG%RVSRUXV)URORYD%RVSRURVII61*%0 5'XQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFK

±

+HPLGUDFKPH J    -K Y &KU 9V .RSI GHV MXJHQGOLFKHQ 3DQ LP 'UHLYLHUWHOSURILO Q O 5V 3$17, /|ZHQO]HUEHL‰WHLQHQ6SHHU61*%0 57|QXQJ5VJHJOlWWHWXQGOHLFKWQDFKJUDYLHUWJXWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

180



±

3:1

180

+HPLRERO J FDY&KU9V)URQWDOHU/|ZHQVNDOS5V9LHUJHWHLOWHV,QFXVXP0DF'RQDOG %RVSRUXV)URORYD%RVSRURV VWJO +*& 557|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±


*5,(&+(1

184

183

182

181



$( J FDY&KU9V6DW\UNRSIQU5V3$1*UHLIHQSURWRPHQOGDUXQWHU6W|U0DF 'RQDOG%RVSRUXV+*& %UDXQH7|QXQJIDVWY]



$( J FD-KY&KU9V.RSIGHVElUWLJHQ3DQPLW(IHXNUDQ]QO5V3$17,3IHLOXQG %RJHQ0DF'RQDOG%RVSRUXV61*%0+*& 6FK|QHGXQNHOEUDXQH3DWLQDY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±



$( J  FD    Y &KU 9V .RSI GHV ElUWLJHQ 3DQ PLW (IHXNUDQ] Q O 5V 3$17, 3IHLO XQG %RJHQ0DF'RQDOG%RVSRUXV61*%061*&RS+*& 'XQNHOEUDXQH3DWLQDVV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±



$( J FDY&KU9V6DW\UNRSIQU5V3$1*UHLIHQSURWRPHQOGDUXQWHU6W|U0DF 'RQDOG%RVSRUXV61*&RS+*& 6FKZDU]H3DWLQDJXW]HQWULHUWJXWHVVV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±

186

185 

±

$( J Y&KU9V.RSIGHV'LRQ\VRVPLW(IHXNUDQ]QU5V%RJHQLQ*RU\WRVODQVFKOLH‰HQG 0RQRJUDPP61*%0II61*&RS61*6WDQFRPE %UDXQH3DWLQDY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

02(6,$,1)(5,25 

,67526 'UDFKPH J   -K Y &KU 9V =ZHL MXJHQGOLFKH PlQQOLFKH .|SIH HQ IDFH GHU UHFKWH XPJHNHKUW5V,675,+$GOHUDXI'HOILQQOGDUXQWHU$361*%0I$01*,  7|QXQJ9VNOHLQHU6FKU|WOLQJVIHKOHU5VOHLFKWHU'RSSHOVFKODJY]

±

187 2:1 

2:1

$( J  FD    -K Y &KU 9V .RSI GHVVWLHUJHVWDOWLJHQ)OXVVJRWWHV'DQXELXV5V ,675,$GOHUDXI 'HOILQQO61*%0$01* 9DUNOHLQHU  5+HOOJUQH3DWLQDVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±




*5,(&+(1

188

2:1

188

7+5$.,(1 

,1&(57800LOHVLVFKHU6WDQGDUG6WDWHU J FDY&KU9V3URWRPHHLQHV:LGGHUVQU $P $EVFKOXVVOLQNV3HUOVWDE5V5HFKWHFNLJHV,QFXVXPPLWGQQHP/lQJVVWHJXQG]ZHL4XHUVWHJHQ:KLWH *ROG6XQWHQVWJO GLHVHV([HPSODUHUZlKQW  (OHNWURQ55VVY] ([6DPPOXQJ'U*:H[$XNWLRQ7ULWRQ9,1HZ<RUN/RV 'LH H[WUHP VHOWHQHQ VWHPSHOJOHLFKHQ 3DUDOOHOVWFNH GLHVHV 7\SXV LQ 7ULWRQ ;, 1HZ <RUN  /RV  =XVFKODJ  86  XQG 1$& 1XPLVPDWLFD $UV &ODVVLFD  $XNWLRQ   /RV  =XVFKODJ 6IU  'HUQXULQZHQLJHQ([HPSODUHQEHUOLHIHUWH7\SXVVFKOLH‰WVLFKGXUFKVHLQFKDUDNWHULVWLVFKHV,QFXVXPDQHLQH *UXSSHDQGLHLPPLOHVLVFKHQ6WDQGDUGJHSUlJWZXUGH=HQWUDOH3XEOLNDWLRQLVWGLHNXU]H)XQGPLWWHLOXQJYRQ 0-HVVRS3ULFH$)LHOGLQ:HVWHUQ7KUDFH &+,,II LQGHUGUHL6WFNH 1U PLW]ZDUYHUVFKLHGHQHQ $YHUVHQ DEHU IUDSSLHUHQG lKQOLFKHQ ,QFXVD DXIWUHWHQ 'HU KLVWRULVFKH .RQWH[W LVW QDFK ZLH YRU XQNODU (LQ =XVDPPHQKDQJ PLW GHQ =JHQ GHV;HU[HVGXUFK1RUGJULHFKHQODQGOLHJWDXIJUXQGGHUUHODWLYXQXPVWULWWHQHQ 'DWLHUXQJ GHU 6WFNHQDKHHVEOHLEWDEHURIIHQREGLHVH6WFNHYRQGHQSHUVLVFKHQ7UXSSHQDXV.OHLQDVLHQ PLWJHIKUW ZXUGHQ RGHU RE QRUGJULHFKLVFKH 6WlGWH GHQ =HLWSXQNW QXW]WHQ XP LKUH :lKUXQJ DQ GHQ ZHVWNOHLQDVLDWLVFKHQ :LUWVFKDIWVUDXP DQ]XSDVVHQ HLQH 0|JOLFKNHLW GLH GLH $XWRUHQ GHU 3XEOLNDWLRQ :KLWH *ROG  D WDQWDOL]LQJ K\SRWKHVLV 6   QHQQHQ ,Q GLHVHP )DOO ZDU GLH$XVSUlJXQJYRQ(OHNWURQVWDWHUHQLQ GHQ QRUGJULHFKLVFKHQ 6WlGWHQ MHGHQIDOOV QXU HLQ QXPLVPDWLVFKHV ,QWHUPH]]R $OV 0Q]VWlWWH IU GHQ YRUOLH JHQGHQ7\SZXUGHEHUHLWVEHLGHU3XEOLNDWLRQGHUHUVWHQ6WFNH0DURQHLDYRUJHVFKODJHQZDVDXVPRWLYLVFKHQ *UQGHQDXFKQDKHOLHJWGHQQlKQOLFKH:LGGHUN|SIHNRPPHQDXFKDXIIUKHQ6LOEHUSUlJXQJHQGHU6WDGWYRU =ZLQJHQGHUVFKHLQWGLHVDEHUQLFKW

189

1,5:1

190

2:1



$%'(5$2NWRGUDFKPH J FDY&KU9V*UHLIQOVLW]HQGGDYRU=$XQG3XQNWNUHLV5V 4XDGUDWXPLQFXVXP0D\+*&,, 59V3UIKLHEVV ([6DPPOXQJ'U*:H[/HX$*=ULFK$XNWLRQ:LQWHUWKXU/RV$V\XW,*&+ GLHVHV ([HPSODU 



6WDWHU J Y&KU9V$%'+5,7(:1*UHLIPLWHUKREHQHU9RUGHUWDW]HQOVLW]HQG5V (3,02/3$*25(:7lQ]HULQLQNXU]HPlUPHOORVHP&KLWRQPLWHLQHP.DODWKRVDXIGHP.RSI0D\*URXS & 5VVWJO  *XWHU6WLO6FK|QH7|QXQJIDVWY] ([$XIKlXVHU$XNWLRQ0QFKHQ/RVH[*RUQ\ 0RVFK$XNWLRQ/RV



±

±

±


*5,(&+(1

191 

7HWURERO J  FD  Y &KU 9V 6SULQJHQGHU *UHLI Q O GDUEHU $%'+ 5V 6SULQJHQGHU 'HOILQ LQ TXDGUDWLVFKHP)HOGXPODXIHQG180)$*25+60D\+*&,, 5*XWHVVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

192

±

193



$,126 7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV +HUPHV PLW 3HWDVRV U 5V $,1, =LHJHQERFNQU0D\II+*& 6SlWDUFKDLVFKHU6WLO7|QXQJVV



7HWUDGUDFKPH J FDY&KU9V.RSIGHV+HUPHVPLW3HWDVRVOHLFKWQOJHZDQGW5V $,1,21=LHJHQERFNQUGDYRU'HOILQ$01*,,0D\+*&,, 5V+RUQVLOEHUEHODJNOHLQH.UDW]HU7|QXQJVV ([ 6DPPOXQJ 'U *: H[ 6DPPOXQJ (UQVW /DQJORW] $XFWLRQHV $* %DVHO $XNWLRQ   /RV  H[ 0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV

±

±

194

2:1 

2:1

7HWUDGUDFKPH J FDY&KU9V.RSIGHV+HUPHVPLW3HWDVRVOHLFKWQOJHZDQGW5V $,1,21=LHJHQERFNQUGDYRU.UDQ]$01*,,0D\+*&,,  55V6WHPSHOIHKOHUVVY]

±

195

2:1 

2:1

7HWUDGUDFKPH J FDY&KU9V.RSIGHV+HUPHVPLW3HWDVRVOHLFKWQOJHZDQGW5V $,1,21=LHJHQERFNQUGDYRU.RSIGHV+HUPHVQU0D\+*&,,  55%UDXQH3DWLQDJXWHVVV

± 


*5,(&+(1

197

196

198



$32//21,$3217,&$'UDFKPH J FDY&KU9V$QNHULP)HOGU$O.UHEV5V )URQWDOHV*RUJRQHLRQ61*%0II61*&RS+*&,, 7|QXQJY] ([6DPPOXQJ'U*:

±



'UDFKPH J FDY&KU9V$QNHULP)HOGU$O.UHEV5V)URQWDOHV*RUJRQHLRQ61* %0II61*&RS+*&,, 7|QXQJY] ([6DPPOXQJ'U*:

±



0$521(,$ 7ULRERO J  FD    Y &KU 9V 9RUGHUWHLO HLQHV Q O VSULQJHQGHQ 3IHUGHV ]ZLVFKHQ3$5V:HLQUHEHLPYHUWLHIWHQ4XDGUDWOLP)HOG5K\WRQLQ*HVWDOWHLQHV+LUVFKYRUGHUWHLOVU0$ 6FK|QHUW*HLVV0DURQHLD+*&,, 5VOHLFKWH3UlJHVFKZlFKHVVY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±

199 2:1 

2:1

0(6(0%5,$ 2ERO J  FD    Y &KU 9V .RULQWKLVFKHU +HOP YRQ YRUQH 5V 0(7$ ]ZLVFKHQGHQYLHU6SHLFKHQHLQHV5DGHV61*%0+*&,, /HLFKWH7|QXQJY]

201

200

±

202



$( J  FD    Y &KU 9V )URQWDOHU NRULQWKLVFKHU +HOP 5V 0(7$ LQ YLHUVSHLFKLJHP 5DG XPJHEHQYRQ6WUDKOHQNUDQ]61*&RS6HDU 6FKZDU]H3DWLQDJXWHVVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±



7+5$.,6&+( &+(5621(6 +DOEVLJORV J  FD    Y &KU 9V /|ZHQSURWRPH PLW ]XUFNJHZDQGWHP .RSI Q U 5V 9LHUWHLOLJHV 4XDGUDWXP LQFXVXP LQ ]ZHL GLDJRQDO JHJHQEHUOLHJHQGHQ )HOGHUQHLQ3XQNWXQGHLQ/RUEHHUNUDQ]61*&RS%0& VVY] ([6DPPOXQJ'U*:H[*LHVVHQHU0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV

±

+DOEVLJORV J FDY&KU9V/|ZHQSURWRPHPLWJH|IIQHWHP0DXOXQG]XUFNJHZDQGWHP.RSI Q U 5V 9LHUWHLOLJHV 4XDGUDWXP LQFXVXP LQ ]ZHL GLDJRQDO JHJHQEHUOLHJHQGHQ YHUVHQNWHQ )HOGHUQ MH HLQ 3XQNW61*&RSII 7|QXQJY] ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±



203

204

7+5$.,6&+(,16(/1 





7+$626 7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ] 5V +5$./(2866:7+5264$6,:1 MXJHQGOLFKHU +HUDNOHV PLW .HXOH X /|ZHQIHOO VWHKHQG Q O GDYRU 0RQRJUDPP61*&RS%0&II+*&  'XQNOH7|QXQJDXVOHLFKWXQVDXEHUHP6WHPSHOVRQVWY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U 7HWUDGUDFKPH J FDY&KU9V.RSIGHV'LRQ\VRVPLW(IHXNUDQ]QU5V+5$./(286 627+5264$6,:1 +HUDNOHV PLW .HXOH XQG /|ZHQIHOO O LP )HOG 0RQRJUDPP 0 61* &RS  %0&+*& 9VDXVDEJHQXW]WHP6WHPSHOY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

±


*5,(&+(1

205 

7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V +5$./(286 627+5264$6,:1+HUDNOHVPLW.HXOHXQG/|ZHQIHOOOLP)HOG0RQRJUDPP0LWGLHVHP0RQRJUDPP 61*'HOHSLHUUH61*(YHOSLGLV61*&RS%0&/XNDQF7DI1U 55.UDW]HUVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 'DV0RQRJUDPPLVWLQ$,68DXIO|VEDUXQGP|JOLFKHUZHLVH]X$,68//$6]XHUJlQ]HQ'DKLQWHUN|QQWHVLFK GHU 4XlVWRU $HVLOODV XQWHU GHP GLH OHW]WH JUR‰H PDNHGRQLVFKH 7HWUDGUDFKPHQVHULH DXVJHJHEHQ ZXUGH YHUEHUJHQ :DUXP HU DXFK LQ 7KDVRV DOV 0Q]EHDPWHU DXIWULWW EOHLEW OHW]WOLFK XQNODU /LW 5 5XVL 'LG WKH URPDQ4XDHVWRU$HVLOODVVWULNH7KDVRV7\SH7HWUDGUDFKPV"LQ1XPLVPDWLFD

206

±

206 2:1



7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V +5$./(286 627+5264$6,:1+HUDNOHVPLW.HXOHXQG/|ZHQIHOOOLP)HOG0RQRJUDPPGHV$HVLOODV " 0LWGLHVHP 0RQRJUDPP61*'HOHSLHUUH61*(YHOSLGLV61*&RS%0&+*& 55VVY]

±

207

2:1 

2:1

7HWUDGUDFKPH J 4%UDHWLXV6XUD3URTXDHVWRUY&KU9V.RSIGHV'LRQ\VRVPLW(IHXNUDQ]Q U 5V +5$./(286627+5264$6,:1 +HUDNOHV PLW .HXOH XQG /|ZHQIHOO O LP )HOG 4  695$ WHLOZHLVHLQ/LJDWXU /H5LGHU+*&3URNRSRY 57|QXQJY]

± 


*5,(&+(1

208 



209

7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ]QU5V +5$./(286 627+52645$.:1+HUDNOHVPLW.HXOHXQG/|ZHQIHOOOLP)HOG0RQRJUDPPPLW$XQG7+*& 0DF'RQDOG7HWUDGUDFKPV*URXS, 25  57|QXQJY] 'LH0Q]SUlJXQJPLWGHP1DPHQGHU7KUDNHUDXIGHP5HYHUVHQWVWDQGLQQHUKDOEGHU0Q]VWlWWH7KDVRVZDV VLFK GXUFK 6WHPSHOYHUELQGXQJHQ QDFKZHLVHQ OLH‰ 9HUPXWOLFK HQWVWDQG VLH LQ GHU =HLW GHU PLWKULGDWLVFKHQ .ULHJH XQG ZXUGH YRQ GHU U|PLVFKHQ9HUZDOWXQJRGHUPLWGHUHQ(UODXEQLVYRP+HLOLJWXPGHV'LRQ\VRV]XU %H]DKOXQJ WKUDNLVFKHU 6|OGQHU KHUDXVJHJHEHQ /LW ' 0DF'RQDOG +5$./(2866:7+52645$.:1 7HWUDGUDFKPV'LH/LQNVDQG'DWLQJ´LQ6WXGLD3URNRSRYII PLWlOWHUHU/LWHUDWXU  7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 'LRQ\VRV PLW(IHXNUDQ]5V +5$./(286 6:7+5264$6,:1MXJHQGOLFKHU+HUDNOHVPLW.HXOHX/|ZHQIHOOVWHKHQGQOGDYRU0RQRJUDPP61* &RS%0&II3URNRSRY*UXSSH;,9 9&'5 +*& $WWUDNWLYHV([HPSODUY] ([.QNHU2VQDEUFN$XNWLRQ0lU]/RVHUZRUEHQLP'H]HPEHUEHLGHU0Q]KDQGOXQJ 5LWWHU'VVHOGRUI

210



±

211

2:1 

±

2:1

6WDWHU J  FD    Y &KU 9V 6SLW]ElUWLJHU LWK\SKDOOLVFKHU 6DW\U UDXEW 1\PSKH PLW IOHKHQG HUKREHQHQ$UPHQ5V9LHUWHLOLJHV4XDGUDWXP,QFXVXP61*&RSI+*&  /HLFKWH7|QXQJVFKDUIDXVJHSUlJWY] 6WDWHU J  FD    Y &KU 9V 6SLW]ElUWLJHU LWK\SKDOOLVFKHU 6DW\U UDXEW 1\PSKH PLW IOHKHQG HUKREHQHQ$UPHQ5V9LHUWHLOLJHV4XDGUDWXP,QFXVXP61*&RS+*&  'XQNOH7|QXQJ5VOHLFKWH.UDW]HUY] ([6DPPOXQJ'U*:H[6DPPOXQJ0DUJDUHWKD/H\H[/DQ]0QFKHQ$XNWLRQ/RVH[*RUQ\ 0RVFK$XNWLRQ/RV

212

±

±

212 2:1





6WDWHU J  FD    Y &KU 9V %lUWLJHU 6DW\U UDXEW 1\PSKH U LP )HOG 'HOILQ 5V 9LHUWHLOLJHV ,QFXVXP61*&RS%0&+*& 9DU%HL]HLFKHQ  +RFKNODVVLVFKHU6WLO7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±


*5,(&+(1

213 2:1 

2:1

'UDFKPH J FDY&KU9V.RSIGHVElUWLJHQ'LRQ\VRVPLW(IHXNUDQ]QO5V4$6,21 +HUDNOHVPLW/|ZHQVNDOSQUVSDQQWNQLHQGGHQ%RJHQ61*&RSII%0&II/H5LGHU+*&  56FK|QHOHLFKWH7|QXQJVVY]

214 

2:1

±

214

'LRERO J  FD    Y &KU 9V $UFKDLVFKHU 6DW\U LP .QLHODXI Q U 5V 9LHUWHLOLJHV 4XDGUDWXP LQFXVXP5RVHQ+*& YJO 7UDLWp7DI 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

215 2:1 

2:1

7ULKHPLRERO J  8P    Y &KU 9V 1 O NQLHQGHU 6DW\U KlOW .DQWKDURV 5V >4@$6>,@:>1@ .UDWHU61*&RS%0&+*& 6FK|QH7|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

216 1,5:1 

1,5:1

7ULKHPLRERO J  FD    Y &KU 9V 1 O NQLHQGHU 6DW\U KlOW .DQWKDURV 5V 4$6,:1 .UDWHU 61*&RS%0&+*&3LFDUG 6FK|QH7|QXQJVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

217

2:1

2:1

7+5$.,6&+(.g1,*(81''<1$67(1 

6HXWKHV ,,,  Y&KU$( J FDY&KU0]VW6HXWKRSROLV9V%lUWLJHU.RSIGHV =HXV RGHU GHV 6HXWKHV ,,,  PLW /RUEHHUNUDQ] U 5V 6(8428 Q U JDORSSLHUHQGHU 5HLWHU GDUXQWHU 6WHUQ 7RSDORYI+*&,, 6FK|QHJUQH3DWLQDIDVWY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±




*5,(&+(1

218

218 2:1



6HXWKHV ,,,  Y&KU$( J FDY&KU0]VW6HXWKRSROLV9V%lUWLJHU.RSIGHV .|QLJVPLW.UDQ]QU5V6(84285HLWHUQUGDUXQWHU.UDQ]61*%07RSDORY61*%DU +*&,, 9VVWJO  +HUUOLFKHGXQNHOJUQH3DWLQD5V6WHPSHOULVVJXWHVVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

219 2:1 

2:1

/\VLPDFKRVY&KU6WDWHU J FDY&KU0]VW.\]LNRV9V.RSI$OH[DQGHUVG*U PLW'LDGHPX$PPRQVKRUQQU5V%$6,/(:6/86,0$&28$WKHQDPLW1LNHQOWKURQHQGOLQNVLQQHQ ) LP $EVFKQLWW HLQ 6WLHU VLFK Q O EHXJHQG 7KRPSVRQ /\VLPDFKXV   0OOHU /\VLPDFKXV  6H\ULJ 0RQQDLHV7DI VWJO  *ROG9VOHLFKWHU'RSSHOVFKODJVWHPSHOIULVFK $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

220 2:1 

2:1

/\VLPDFKRV    Y &KU 6WDWHU J  FD    Y &KU 0]VW 7RPLV 9V .RSI $OH[DQGHU GHV *UR‰HQ PLW GHQ =JHQ YRQ 0LWKUDGDWHV 9, PLW 'LDGHP X $PPRQVKRUQ Q U 5V %$6,/(:6 /86,0$&28 $WKHQD Q O WKURQHQG DXI GHU YRUJHVWUHFNWHQ 5HFKWHQ 1LNH KDOWHQG GDUXQWHU 4(2 GHQ O (OOERJHQ DXI 6FKLOG JHVWW]W XQWHU GHP 7KURQ 72 X PLW ]ZHL 'HOILQHQ JHVFKPFNWHU 'UHL]DFN Q O 0OOHU /\VLPDFKXV'H&DOODWD\6+*&,, *ROG$XVOHLFKWYHUEUDXFKWHP6WHPSHOJXWHVVV ([6DPPOXQJ'U*:

±

221 



/\VLPDFKRVY&KU7HWUDGUDFKPH J FDY&KU0]VW/DPSVDNRV9V.RSI $OH[DQGHUVG*UR‰HQPLW'LDGHPX$PPRQVKRUQQU5V%$6,/(:6/86,0$&28WKURQHQGH$WKHQD 1LNHSKRURV PLW 6FKLOG XQG =HSWHU Q O GDYRU 0RQRJUDPP +3 XQWHQ LP )HOG 0RQGVLFKHO 7KRPSVRQ /\VLPDFKXV0OOHU/\VLPDFKXV+*&,,E +RKHV5HOLHI'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±


*5,(&+(1

223

222 



/\VLPDFKRVY&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V.RSI $OH[DQGHUVG*UR‰HQPLW'LDGHPX$PPRQVKRUQQU5V%$6,/(:6/86,0$&28WKURQHQGH$WKHQD 1LNHSKRURV PLW 6FKLOG XQG =HSWHU Q O GDYRU 0RQRJUDPP XQWHQ LP )HOG 0RQRJUDPP U LP )HOG 0RQRJUDPP7KRPSVRQ/\VLPDFKXV0OOHU/\VLPDFKXV+*&,,O 6FK|QHV3RUWUlWY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U /\VLPDFKRVY&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V.RSI $OH[DQGHUVG*UR‰HQPLW'LDGHPX$PPRQVKRUQQU5V%$6,/(:6/86,0$&28WKURQHQGH$WKHQD 1LNHSKRURV PLW 6FKLOG XQG =HSWHU Q O GDYRU 0RQRJUDPP ', XQWHQ LP )HOG 0RQRJUDPP $( 7KRPSVRQ /\VLPDFKXV0OOHU/\VLPDFKXV+*&,,O 6FK|QHV3RUWUlWY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±

226 225

224 



/\VLPDFKRVY&KU7HWUDGUDFKPH J 0]VWXQEHVWLPPWLQ7KUDNLHQ9V.RSI$OH[DQGHUVG *UR‰HQPLW'LDGHPXQG$PPRQVKRUQQU5V%$6,/(:6/86,0$&28WKURQHQGH$WKHQDPLW1LNHQO GDYRU6OLP)HOG0RQRJUDPPLQ.UDQ]GDUXQWHU6\PERO " 0OOHU/\VLPDFKXV %HVRQGHUH4XDOLWlW9VNOHLQH6WHPSHOXQVDXEHUNHLWHQY] .DYDURVFDY&KU7HWUDGUDFKPH J 0]VW.DE\OH9V.RSIGHV+HUDNOHVLP/|ZHQIHOOQ U5V%$6,/(:6.$8$52>8@=HXVPLW$GOHUDXIGHUDXVJHVWUHFNWHQ5QOWKURQHQGYRULKP6WDWXHWWH GHU $UWHPLV PLW ]ZHL )DFNHOQ ' 'UDJDQRY 7KH &RLQDJH RI &DE\OH   GLHV 0RXVKPRY 0RQQDLHV*HUDVVLPRY5DUH&RLQVRI7UDFH7DI 9VVWJO  555/HLFKWH7|QXQJY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

±

0$.('21,(1 

,1&(5780 'UDFKPH J   -K Y &KU 0]VW XQEHNDQQW 9V %LHQH LQ 6HLWHQDQVLFKW Q O 5V 9LHUJHWHLOWHV4XDGUDWXPLQFXVXP61*$16 9DU7HWURERO 61*2[I =XZHLVXQJDQ(SKHVRV  ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV 556FK|QH7|QXQJVV

227

±

227 2:1



$.$17+267HWUDGUDFKPH J FDY&KU9V/|ZHDXIHLQHQQOLQGLH.QLHEUHFKHQGHQ 6WLHUDXIVSULQJHQGXQGLKPLQGLH.UXSSHEHL‰HQGLP$EVFKQLWW$NDQWKXVEOWH'DV*DQ]HLP3HUONUHLV5V 4XDGUDWXPLQFXVXPPLWYLHUJOHLFKPl‰LJJUR‰HQ)HOGHUQ'HVQHX[II+*& ([6DPPOXQJ'U*: .UDIWYROOHUVSlWDUFKDLVFKHU6WLO5V.UDW]HUY]

± 


*5,(&+(1

228

228 2:1



7HWUDGUDFKPH J  FD    Y &KU 9V /|ZH DXI HLQHQ Q U LQ GLH .QLH EUHFKHQGHQ 6WLHU DXIVSULQJHQG XQG LKP LQ GLH .UXSSH EHL‰HQG LP $EVFKQLWW $NDQWKXVEOWH 'DV *DQ]H LP 3HUONUHLV 5V 4XDGUDWXPLQFXVXPPLWYLHUJOHLFKPl‰LJJUR‰HQ)HOGHUQ61*$16'HVQHX[+*& &KDUPDQWHDUFKDLVFKH'DUVWHOOXQJ)HLQH7|QXQJKRKHV5HOLHIVVY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U

229

±

229 2:1



7HWUDGUDFKPH J  FD    Y &KU 9V /|ZH DXI HLQHQ Q O LQ GLH .QLH EUHFKHQGHQ 6WLHU DXIVSULQJHQG XQG LKP LQ GLH .UXSSH EHL‰HQG LP $EVFKQLWW $NDQWKXVEOWH 'DV *DQ]H LP 3HUONUHLV 5V 4XDGUDWXPLQFXVXPPLWYLHUJOHLFKPl‰LJJUR‰HQ)HOGHUQ'HVQHX[ELV$V\XW1U GLHVHV([HPSODU  +*& 9DU  =DUWH7|QXQJXQG,ULV.UDIWYROOHUVSlWDUFKDLVFKHU6WLOY] ([6DPPOXQJ'U*:H[6DPPOXQJ0DUJDUHWKD/H\/DQ]0QFKHQ$XNWLRQ/RV

230

±

230 2:1





7HWUDGUDFKPH J  FD    Y &KU 9V /|ZH UHFKWVKLQ HLQHQ Q O IDOOHQGHQ 6WLHU UHL‰HQG LP $EVFKQLWW )LVFK 5V 4XDGUDWLVFKHV )HOG PLW GHU XPODXIHQGHQ ,QVFKULIW $.$14,21 XQG YLHUJHWHLOWHV )HOG 61*$16'HVQHX[+*& 9DU6WLHUPLWGHP.RSIQDFKREHQ :HEHU&ROO ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U 5/HLFKWH7|QXQJVVY]

±


*5,(&+(1

231

232

2:1

2:1 



(11($+2'2,'LGUDFKPH J FDY&KU9V1OVWHKHQGH.XKGLHVLFK]XHLQHPQUVWHKHQGHQ .DOE XPZHQGHW GDV VLH VlXJW 5V 5HFKWZLQNOLJ YLHUJHWHLOWHV ,QFXVXP 61* $16  9JO  II %RWWDLRL  6YRURQRV+HOOSULP7DI 9DU$QWKHPRXVXQG$LQHLD  5/HLFKWJHW|QWVV ([6DPPOXQJ'U*:H[/HX1XPLVPDWLFV$XNWLRQ=ULFK0DL/RV /(7( 6WDWHU J  FD    Y &KU 9V ,WK\SKDOOLVFKHU ElUWLJHU 6DW\U HUJUHLIW PLW GHU 5 HLQH ZLGHUVWUHEHQGH1\PSKHDPUHFKWHQ+DQGJHOHQNGLHQUHQWIOLHKHQZLOO,P)HOGREHQXQGUHLQH.XJHO5V 'XUFK]ZHL'LDJRQDOHQYLHUJHWHLOWHV4XDGUDWXPLQFXVXP61*$16YJO$01*,,,YJO7DI;,9 7UDLWp )HLQHUDUFKDLVFKHU6WLO7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

233



±

234

2:1

2:1



±

6WDWHU J FDY&KU9V,WK\SKDOOLVFKHU6DW\UPLW3IHUGHVFKZDQ]XQG3IHUGHRKUHQHUJUHLIWPLW GHU5HLQHZLGHUVWUHEHQGH1\PSKHDPUHFKWHQ+DQGJHOHQNGLHQUHQWIOLHKHQZLOO,P)HOGUHFKWVHLQH.XJHO 5V'XUFK]ZHL'LDJRQDOHQYLHUJHWHLOWHV4XDGUDWXPLQFXVXP61*$16$01*,,,61U 7DI;,9+*&, *HW|QWIDVWY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 6WDWHU J FDY&KU9V,WK\SKDOOLVFKHU6DW\UPLW3IHUGHVFKZDQ]XQG3IHUGHRKUHQHUJUHLIWPLW GHU5HLQHZLGHUVWUHEHQGH1\PSKHDPUHFKWHQ+DQGJHOHQNGLHQUHQWIOLHKHQZLOO,P)HOGUHFKWVHLQ.XJHO 5V'XUFK]ZHL'LDJRQDOHYLHUJHWHLOWHV4XDGUDWXPLQFXVXP61*$16YJO6YRURQRV+HOO3ULP YJO7DI$01*,,,YJO7UDLWp,YJO )HLQHUVSlWDUFKDLVFKHU6WLOGXQNOH7|QXQJIDVWY]

±

±

235 2:1 

2:1

 6WDWHU J  FD    Y &KU 9V 1DFNWHU 6DW\U Q U KRFNHQG O X U MHZHLOV HLQH .XJHO 5V 'LDJRQDOJHWHLOWHV,QFXVXP61*&RS61*$16II+*&, 7|QXQJY] ([6DPPOXQJ'U*:H[*LHVVHQHU0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV 6HLWGHP-KZXUGHGHU7\SXVGHU0Q]VWlWWH/HWH]XJHVFKULHEHQQDFKGHPDXIHLQHPHLQ]HOQHQ6WDWHUHLQH VFKZHUOHVEDUH%HLVFKULIWHQWGHFNWZRUGHQZDU,PIUKHQ-KZXUGHGDQQGHU1DPHGHUSDLRQLVFKHQ6WDGW 6LUUDL JHOHVHQ =XOHW]W ZXUGH GDUJHOHJW GDVV GLH ,QVFKULIW HLJHQWOLFK QXU GDV 5HVXOWDW YRQ $EQXW]XQJ XQG 5LVVHQ GHV 6WHPSHOV XQG GLH JHVDPWH /HWH6HULH XQHSLJUDSKLVFK VHL 6HLWGHP VLQG GLH 6WDWHUH DXFK GHQ 6WlGWHQ(LRQXQG%HUJH]XJHVFKULHEHQZRUGHQDEHUGDGLH=XVFKUHLEXQJQRFKZHLWHUXPVWULWWHQEOHLEWIKUW PDQGLH6WFNHDXV.RQYHQWLRQZHLWHUKLQXQWHU/HWH +*&,6 

±




*5,(&+(1

237

236 



0(1'( 7HWUDGUDFKPH J  FD    Y &KU 9V'LRQ\VRVPLW.DQWKDURVLQGHU5UFNOLQJVDXI HLQHPQUVWHKHQGHQ(VHOVLW]HQGGDYRU.UlKH]ZLVFKHQ=ZHLJHQ5V0(1'$,21:HLQVWRFNPLWIQI 5HEHQGDV*DQ]HLP4XDGUDWXPLQFXVXP$01*,,,61*$16 9VVWJO 1RH0HQGH+RDUG 9V  5V +*& 9DU  VV ([*RUQ\ 0RVFK$XNWLRQ/RVH[.QNHU2VQDEUFN$XNWLRQ/RVH[5DXFK :LHQ$XNWLRQ/RV

±

7HWUDGUDFKPH J FDY&KU9V'LRQ\VRVPLW.DQWKDURVLQGHU5UFNOLQJVDXIHLQHPQUVWHKHQGHQ (VHO VLW]HQG GDYRU .UlKH ]ZLVFKHQ =ZHLJHQ 5V 0(1'$,21 :HLQVWRFN PLW YLHU 5HEHQ GDV *DQ]H LP 4XDGUDWXPLQFXVXP61*$161RH0HQGH+RDUG+*&7UDLWp7DI&&&;,9 VV ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U

±

238

238

2:1 

1($32/,6 6WDWHU J  FD    Y &KU 9V *RUJRQHLRQ PLW ]XVDPPHQJHNQLIIHQHQ $XJHQ XQG JHIOHWVFKWHQ=lKQHQ5V9LHUJHWHLOWHVZLQGPKOHQI|UPLJHV4XDGUDWXPLQFXVXP61*$1661*&RS +*&, 6FK|QHGXQNOH7|QXQJKRKHV5HOLHIY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

±

239 

6(50</,$$( J 8PY&KU9V1\PSKHQNRSIQU5V6(508/$,:1XPbKUHQNUDQ]6OJ /LQGJUHQ%0&+*& 556FK|QHU6WLOVFKZDU]H3DWLQD9VGH]HQWULHUWVV

±

240

2:1 



2:1

6.,21(7HWUDGUDFKPH J FDY&KU9V.RSIGHV3URWHVLODRVQU5V6.,26FKLIIVKHFN PLW $SKODVWRQ % +HDG $ *XLGH WR WKH 3ULQFLSDO &RLQV RI WKH *UHHNV   7DI  61* 6SHQFHU&KXUFKLOO'HZLQJ+*&, 5/HLFKWH7|QXQJVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

±


*5,(&+(1

241



1,5:1

241

7+5$.20$.('21,6&+( 67b00( %LVDOWDH 2NWRGUDFKPH J  FD    Y &KU 9V &,6$/7,.:1ElUWLJHU0DQQPLW.DXVLDXQG]ZHL6SHHUHQIKUWHLQ3IHUGQUOLP)HOG0RQRJUDPP'( 5V9LHUJHWHLOWHV,QFXVXP6YRURQRV+HOO3ULP 9DU7DI;,II 61*$16$01*,,, 9DU6 1U +*& 9DU  56HOWHQHV0RQRJUDPP'XQNOH7|QXQJ3UIKLHEVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

242

1,5:1

±

242

0$.('21,6&+(.g1,*( 

$OH[DQGHU ,    Y &KU 2NWRGUDFKPH J  FD    Y &KU 0]VW $LJDL 9V 1DFNWHU -QJOLQJPLW3HWDVRVXQG]ZHL6SHHUHQIKUWHLQ3IHUGQU5V9LHUJHWHLOWHVYHUWLHIWHV)HOG6YRURQRV+HOO 3ULP7DI61*$167DI+*&, VWJO   553UDFKWH[HPSODU*XW]HQWULHUWXQGKRKHV5HOLHIY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

243



1,5:1

±

243

$OH[DQGHU,Y&KU2NWRGUDFKPH J FDY&KU9V0DNHGRQLVFKHU-lJHULQ .DXVLD X PLW ]ZHL 6SHHUHQ KLQWHU GHP 3IHUG Q U O REHQ LP )HOG 0RQGVLFKHO 5V $/(;$1'52 YLHUJHWHLOWHV,QFXVXPGDV*DQ]HLQYHUWLHIWHP)HOG61*$166YRURQRV+HOO3ULP7DI;,,,+*&,  3UIKLHE7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS7ULWRQ,,/RV

±




*5,(&+(1

244

2:1 

2:1

$P\QWDV,,,Y&KU6WDWHU J 0]VW$LJDLRGHU3HOOD9V%lUWLJHU.RSIGHV+HUDNOHVLP /|ZHQVNDOSQU5V$0817$3IHUGQUVWHKHQGLQ/LQLHQTXDGUDWXQG4XDGUDWXPLQFXVXP61*$16 II61*&RS+*&, 'XQNOH7|QXQJVV ([6DPPOXQJ'U*:H[*LHVVHQHU0Q]KDQGOXQJ$XNWLRQ0QFKHQ0lU]/RV

245

±

247

246

2:1 

3KLOLSS ,,    Y &KU 6WDWHU J     Y &KU 0]VW 3HOOD 9V $SROORQNRSI PLW /RUEHHUNUDQ]QU5V),/,3328:DJHQOHQNHUVWHXHUW%LJDQUGDUXQWHU%OLW]EQGHO/H5LGHU7DI II 5VWJO  *ROG9VNOHLQHU6WHPSHOIHKOHUNOHLQH$EODJHUXQJHQY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±



3KLOLSS ,,    Y &KU 6WDWHU J     Y &KU 0]VW 3HOOD 9V $SROORQNRSI PLW /RUEHHUNUDQ]QU5V),/,3328:DJHQOHQNHUVWHXHUW%LJDQU/H5LGHUII *ROG*XWHVY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±



3KLOLSS ,,    Y &KU 6WDWHU J  FD    Y &KU 0]VW 3HOOD ,, 9V $SROORQNRSI PLW /RUEHHUNUDQ]QU5V),/,3328:DJHQOHQNHUVWHXHUW%LJDQUGDUXQWHU%OLW]EQGHO/H5LGHUII+*& , *ROG9VNOHLQHU.UDW]HUVVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

248

2:1 



2:1

3KLOLSS,,Y&KU7HWUDGUDFKPH J Y&KU0]VW3HOOD,,,9V.RSIGHV=HXV PLW /RUEHHUNUDQ] Q O 5V ),/,3328 MXJHQGOLFKHU 5HLWHU PLW 6LHJHVSDOPH Q U ]ZLVFKHQ GHQ 9RUGHUEHLGHQGHV3IHUGHV4/H5LGHU VWJO   )HLQHU6WLO9VNOHLQH6FKU|WOLQJVIHKOHUDQGHU6WLUQ5VOHLFKWHU'RSSHOVFKODJY]VW ([6DPPOXQJ'U*:HUZRUEHQLQGHQHU-DKUHQEHL(GZDUG-:DGGHOO/WG

±


*5,(&+(1

250

249 



3KLOLSS,,Y&KU7HWUDGUDFKPH J Y&KU0]VW3HOOD,,9V.RSIGHV=HXV PLW/RUEHHUNUDQ]QU5V),/,3328MXJHQGOLFKHU5HLWHUPLW6LHJHVSDOPHQUGDUXQWHU%OLW]EQGHOXQWHQ LP)HOG1/H5LGHU7DIFJ VWJO'5  6FKUIVSXU5V.UDW]HUVVY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

3KLOLSS,,Y&KU7HWUDGUDFKPH J Y&KU0]VW3HOOD,,9V.RSIGHV=HXV PLW/RUEHHUNUDQ]QU5V),/,3328MXJHQGOLFKHU5HLWHUPLW6LHJHVSDOPHQUGDUXQWHU7UDXEH/H5LGHU  9VVWJO  )HLQHU6WLOY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RVH[/DQ]0QFKHQ$XNWLRQ /RV

±

252

251 



3KLOLSS,,Y&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V.RSI GHV =HXV PLW /RUEHHUNUDQ] Q U 5V ),/,3328 MXJHQGOLFKHU 5HLWHU PLW 6LHJHVSDOPH Q U 'DUXQWHU /RUEHHUNUDQ]]ZLVFKHQGHQ9RUGHUEHLQHQ//H5LGHU61*$16 VVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 3KLOLSS,,Y&KU7HWUDGUDFKPH J Y&KU0]VW$PSKLSROLV,,,9V.RSI GHV=HXVPLW/RUEHHUNUDQ]QU5V),/,33285HLWHUPLW=ZHLJQUGDUXQWHU0RQGVLFKHOGDYRU0RQR JUDPP/H5LGHU7DI 9VDXVXQVDXEHUHP6WHPSHO6FKU|WOLQJVIHKOHU5V]ZHL3UIKLHEHVVY]



3KLOLSS ,,    Y &KU 7HWUDGUDFKPH J  FD     Y &KU 0]VW $PSKLSROLV ,9 9V =HXVNRSI PLW /RUEHHUNUDQ] Q U 5V ),/,3328 5HLWHU PLW=ZHLJQUGDUXQWHU /XQG)DFNHO]ZLVFKHQ GHQ3IHUGHYRUGHUEHLQHQ0RQRJUDPP/H5LGHU7DI 'XQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

3KLOLSS ,,    Y &KU 7HWUDGUDFKPH J  FD     Y &KU 0]VW $PSKLSROLV ,9 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] Q U 5V ),/,3328 5HLWHU PLW =ZHLJ Q U GDUXQWHU / XQG )DFNHO ]ZLVFKHQGHQ9RUGHUEHLQHQ'/H5LGHU7DI *XWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

255 



±

254

253 

±

256 1,5:1

3KLOLSS ,,    Y &KU $( J  FD    Y &KU 9V $SROORQNRSI PLW 7DHQLH Q U 5V ),/,33285HLWHUQUGDYRU(61*$OSKD%DQN61*$16+*&, ([6DPPOXQJ'U*: 6FK|QHVFKZDU]JUQH3DWLQDIDVWY]

±

$OH[DQGHU,,,GHU*UR‰HY&KU6WDWHU J Y&KU0]VW$PSKLSROLV9V.RSIGHU $WKHQDPLWNRULQWKLVFKHP+HOPQU5V $/(;$1'5281LNHPLW6W\OLVX.UDQ]QOGDYRU%OLW]EQGHO 3ULFH0OOHU *ROGVVY]

± 


*5,(&+(1

257

258 1,5:1





$OH[DQGHU ,,, GHU *UR‰H    Y &KU 6WDWHU J     Y &KU 0]VW 6DUGHV 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOP Q U 5V $/(;$1'528 1LNH PLW .UDQ] XQG 6W\OLV Q O VWHKHQG /LQNV )DFNHOXQWHUGHPUHFKWHQ)OJHO0RQRJUDPP$3ULFH0OOHU *ROGVW ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

$OH[DQGHU ,,, GHU *UR‰H    Y &KU 6WDWHU J  FD    Y &KU 0]VW XQEHVWLPPW LQ :HVWNOHLQDVLHQ 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOP Q U 5V $/(;$1'528 1LNH PLW 6W\OLV X .UDQ]QOGDYRU/|ZHQNRSIQU3ULFH0OOHU+*&,O *ROG5Y] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

259 



$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW'DPDVNXV 9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW $GOHUWKURQWQOGDYRU:LGGHU SURWRPHQUXQWHUGHP7KURQ'$]ZLVFKHQGHQ6WUHEHQIQI3XQNWH3ULFH0OOHU 7|QXQJY] ([6DPPOXQJ'U*:

±

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW$UDGRV9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V %$6,/(:6$/(;$1'528 =HXV PLW $GOHU DXI GHU 5 Q O WKURQHQGGDYRU.HU\NHLRQXQWHUGHP7KURQ$33ULFH0OOHU 6FKDUIDXVJHSUlJWY]VW ([6DPPOXQJ'U*:

±

261









260

262

263

$OH[DQGHU ,,, GHU *UR‰H Y&KU7HWUDGUDFKPH J FDY&KU0]VW %DE\ORQ  9V.RSIGHV+HUDNOHVLP/|ZHQVNDOSQU5V%$6,/(:6$/(;$1'528=HXVPLW=HSWHUVWDEX$GOHU QOWKURQHQGDXIGHP7KURQVHLWOLFK]ZHL$GOHUGDYRU0XQWHUGHP7KURQ]ZLVFKHQGHQ6WUHEHQ/83ULFH 0OOHU 6FKDUIDXVJHSUlJWVVY] ([6DPPOXQJ'U*: $OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VWXQEHVWLPPW LQ .OHLQDVLHQ 9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW $GOHU WKURQW Q O GDYRU.XOWELOGHLQHU)UDXLP*HZDQG3ULFH0OOHU ([6DPPOXQJ'U*: 6FK|QH7|QXQJ9V6WHPSHOULVV5V6FKUIVSXUVVY] $OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VWXQEHVWLPPW 9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW $GOHU DXI GHU 5 Q O WKURQHQG GDYRU3DWHUDXQWHUGHP7KURQ*$3ULFH0OOHU 5VZLQ]LJH.UDW]HUJXWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

±

±


*5,(&+(1

264 



$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW0LOHW9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW $GOHU DXIGHU5QOWKURQHQGGDYRU 0RQRJUDPP8QWHUGHP7KURQ/DEU\V3ULFH0OOHU ([6DPPOXQJ'U*: %UHLWHU6FKU|WOLQJ5VDXVDEJHQXW]WHP6WHPSHOVV

±

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW0HVHPEULD 9V.RSIGHV+HUDNOHVPLW/|ZHQIHOOQU5V%$6,/(:6$/(;$1'528=HXVPLW$GOHUDXIGHU5QO WKURQHQGGDYRUNRULQWKLVFKHU+HOPXQG0RQRJUDPP3ULFH0OOHU ([*RUQ\ 0RVFK$XNWLRQ/RV 5VhEHUSUlJXQJVVSXUHQJXWHVVV

±

266







268

267

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW6DPRV9V .RSI GHV +HUDNOHV LP /|ZHQIHOO Q U 5V $/(;$1'528 =HXVPLW=HSWHUXQG$GOHUQOWKURQHQGGDYRU 3URUDQOX0RQRJUDPP+33ULFH0OOHU 5VV

±

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J Y&KU0]VW7HPQRVLQGHU $LROLV 9V .RSI GHV +HUDNOHV LP /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW =HSWHU XQG $GOHU Q O WKURQHQGGDYRU2LQRFKRHQUPLW:HLQUDQNHQXQWHUGHP$UP]ZHL0RQRJUDPPH3ULFH0OOHU (UZRUEHQEHL0RUX]]L *XW]HQWULHUWDXIEUHLWHP6FKU|WOLQJJXWHVVV

±

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW2GHVVRV9V .RSI GHV +HUDNOHV LP /|ZHQIHOO Q U 5V >%$6@,/(:6$/(;$1'528 =HXV PLW =HSWHU XQG $GOHU Q O WKURQHQGGDYRU4(XQWHUGHP7KURQ]ZHL0RQRJUDPPH3ULFH0OOHU ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 5VPLQLPDOHU(LQKLHE7|QXQJIDVWY]

±

269 

265

1,5:1

269

$OH[DQGHU,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW0HVHPEULD 9V.RSIGHV+HUDNOHVPLW/|ZHQIHOOQU5V%$6,/(:6$/(;$1'528=HXVPLW$GOHUDXIGHU5QO WKURQHQGGDYRUNRULQWKLVFKHU+HOPXQG0RQRJUDPPXQWHUGHP7KURQ0RQRJUDPP3ULFH0OOHU ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK *XWHVVV

± 


*5,(&+(1

270









273

272

271

$OH[DQGHU,,,GHU*UR‰HY&KU'UDFKPH J Y&KU0]VW$E\GRV9V.RSIGHV +HUDNOHV PLW /|ZHQIHOO Q U 5V $/(;$1'528 =HXV PLW $GOHU Q O WKURQHQG O 0 XQWHU GHP 7KURQ (IHXEODWW3ULFH0OOHU )DVWY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

$OH[DQGHU,,,GHU*UR‰HY&KU'UDFKPH J FDY&KU0]VW .RORSKRQ  " 9V .RSIGHV+HUDNOHVLP/|ZHQVNDOSQU5V$/(;$1'528=HXVPLW=HSWHUVWDEX$GOHUQOWKURQHQGGDYRU 6WHUQOLP)HOG0RQRJUDPP/(ULP)HOG33ULFH YJO  8QHGLHUW'XQNOH7|QXQJVVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

$OH[DQGHU,,,GHU*UR‰HY&KU'UDFKPH J FDY&KU0]VW.RORSKRQ9V .RSIGHV+HUDNOHVLP/|ZHQVNDOSQU5V$/(;$1'528=HXVPLW=HSWHUVWDEX$GOHUQOWKURQHQGGDYRU (/,XQWHUGHP7KURQ/$3ULFH0OOHU )DVWY]

±

$OH[DQGHU,,,GHU*UR‰HY&KU'UDFKPH J FDY&KU0]VW6DUGHV9V.RSI GHV +HUDNOHV LP /|ZHQVNDOS Q U 5V $/(;$1'528 =HXV PLW =HSWHUVWDE X $GOHU Q O WKURQHQG GDYRU 0RQRJUDPP(.XQWHUGHP7KURQ0RQRJUDPP+$3ULFH0OOHU>@ 7|QXQJVVY]

±

274 2:1

2:1 

3KLOLSS ,,, $UUKLGDLRV    Y &KU 6WDWHU J     Y &KU 0]VW $E\GRV 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOP Q U 5V ),/,3328 1LNH PLW 6W\OLV X .UDQ] Q O VWHKHQG GDYRU 0RQRJUDPP3HQWDJUDPPX6FKODQJH3ULFH3 9DU6FKODQJHXQWHUGHPU)OJHO 0OOHU3+*&,  *ROG55VVY]9V6W

±

276

275

2:1 





3KLOLSS ,,, $UUKLGDLRV    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 0]VW 6DUGHV 9V .RSI GHV +HUDNOHV PLW /|ZHQIHOO Q U 5V ),/,3328 =HXV PLW $GOHU WKURQW Q O GDYRU 5RVH XQWHU GHP 7KURQ0RQRJUDPP$3ULFH30OOHU 5)HLQH7|QXQJ9VSDUWLHOO+RUQVLOEHUVSXUHQY] 'HPHWULRV3ROLRUNHWHVY&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V 1LNH PLW 3RVDXQH XQG 6W\OLV DXI 6FKLIIVEXJ Q O 5V  %$6,/(:6'+0+75,28 QDFNWHU 3RVHLGRQ PLW XP GHQO$UPJHZLFNHOWHQ0DQWHOVFKOHXGHUWHLQHQ'UHL]DFNUHFKWV]ZHL0RQRJUDPPHOHLQ'UHLIX‰1HZHOO +*& I  5VW ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

±




171

188

231

242

227

228 


*5,(&+(1

277

278

2:1





'HPHWULRV3ROLRUNHWHVY&KU7HWUDGUDFKPH J FDY&KU0]VW3HOOD9V.RSI GHV.|QLJVPLW6WLHUK|UQHUQQULP+DDU'LDGHP5V%$6,/(:6'+0+75,283RVHLGRQ3HODJDLRVPLW 'UHL]DFN DXI )HOVHQ Q O VLW]HQG LQ GHU 5HFKWHQ $SKODVWRQ KDOWHQG DXI GHP )HOVHQ 0RQRJUDPPLP)HOGU 0RQRJUDPP1HZHOO+*&, +RKHV5HOLHIJXWHVVV ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U 'HPHWULRV3ROLRUNHWHVY&KU7HWUDGUDFKPH J 0]VWZRKO&KDONLV9V.RSIGHV'HPHWULRV PLW 'LDGHP X 6WLHUK|UQHUQ QU5V %$6,/(:6'+0+75,28QDFNWHU3RVHLGRQ3HODJDLRVPLW'UHL]DFNQO VWHKHQGGDVO%HLQDXIHLQHQ6WHLQJHVHW]WGLH5HFKWHDXIGHQ2EHUVFKHQNHOJHOHJWOLP)HOG'1HZHOO 9VVWJO PLW7DI;9, 61*$OSKD%DQN61*0QFKHQ 55:LQ]LJH6WHPSHOIHKOHUY]VW ([6DPPOXQJ'U*:H[7ULWRQ;1HZ<RUN/RV

279









280

±

±

281

$QWLJRQRV,,*RQDWDVY&KU7HWUDGUDFKPH J FDRGHUY&KU0]VW XQEHVWLPPW9V0DNHGRQLVFKHU6FKLOGDOV0LWWHOHPEOHP.RSIGHV3DQPLW/DJRERORQQO5V%$6,/(:6 $17,*2128 $WKHQD $ONLGHPRV PLW 6FKLOG XQG %OLW]EQGHO Q O GDYRU PDNHGRQLVFKHU +HOP GDKLQWHU 0RQRJUDPP$01*,,, 9JO7DI1U 61*&RS+*& 9JO  57|QXQJY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U $QWLJRQRV,,*RQDWDVY&KU7HWUDGUDFKPH J FDRGHUY&KU0]VW 3HOOD 9V 0DNHGRQLVFKHU 6FKLOG DOV 0LWWHOHPEOHP .RSI GHV 3DQ PLW /DJRERORQ Q O 5V  %$6,/(:6 $17,*2128 $WKHQD $ONLGHPRV PLW 6FKLOG XQG %OLW]EQGHO Q O GDYRU PDNHGRQLVFKHU +HOP GDKLQWHU 0RQRJUDPP$01*,,,61U61*&RSII+*&, 'XQNOH7|QXQJJXWHVVV $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH $QWLJRQRV,,*RQDWDVY&KU7HWUDGUDFKPH J FDRGHUY&KU0]VW 3HOOD 9V 0DNHGRQLVFKHU 6FKLOG DOV 0LWWHOHPEOHP .RSI GHV 3DQ PLW /DJRERORQ Q O 5V %$6,/(:6$17,*2128$WKHQD$ONLGHPRVPLW6FKLOGXQG%OLW]EQGHOQOGDYRUPDNHGRQLVFKHU+HOP GDKLQWHU0RQRJUDPP$01*,,,61U61*&RSII+*&, Y] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

±

±


*5,(&+(1

282 2:1 

2:1

3WROHPDLRV .HUDXQRV    Y &KU $( J  0]VW XQEHVWLPPW LQ 7KUDNLHQ 9V 9HUVFKOHLHUWHU GLDGHPLHUWHU.RSIGHU$UVLQRH,,QU5V%$6,/(:6372VWHKHQGHU$GOHUQO0$UVODQ$g]HU$+RDUG RI8QSXEOLVKHG%URQ]H&RLQVRI3WROHP\&HUDXQXV$-1II6OJ.OHLQ ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV 556FKZDU]EUDXQH3DWLQDVV $OV lOWHVWHU 6RKQ GHV '\QDVWLHJUQGHUV 3WROHPDLRV , ZDU3WROHPDLRV.HUDXQRVXUVSUQJOLFKDOV1DFKIROJHU IU GLH +HUUVFKDIW EHU bJ\SWHQ YRUJHVHKHQ 6HLQH 6WLHIPXWWHU %HUHQLNH YHUGUlQJWH LKQ DOOHUGLQJV YRQ GHU 7KURQIROJHLQVWDOOLHUWHVWDWWGHVVHQLKUHQHLJHQHQ6RKQGHQVSlWHUHQ3WROHPDLRV,,XQGVHW]WHGDPLWZHLWHUH 5lQNHLQ*DQJ.HUDXQRVIORKDQGHQ+RIGHV/\VLPDFKRVVXFKWHDEHUEDOGGDUDXIEHL6HOHXNRV8QWHUVFKOXSI 1DFKGHPGHUWKUDNLVFKH.|QLJLQGHU6FKODFKWYRQ.RXURXSHGLRQEHVLHJWZDUULHIHQLKQGHVVHQ7UXSSHQ]XP .|QLJGHU0DNHGRQHQDXV(UKHLUDWHWHGLH:LWZHGHVEHVLHJWHQ+HUUVFKHUVGLHDOOHUGLQJVEDOGIORKQDFKGHP HUEHJRQQHQKDWWHGHUHQ6|KQHDXVHUVWHU(KH]XHUPRUGHQ%DOGGDUDXIILHOHUVHOEVWHLQHP.HOWHQHLQIDOOXQWHU %ROJLXV]XP2SIHUGHULKQJHIDQJHQQDKPXQGN|SIHQOLH‰

±

283

2:1 

2:1

$QWLJRQRV,,,'RVRQY&KU7HWUDGUDFKPH J 9V.RSIGHV3RVHLGRQPLW.UDQ]QU5V %$6,/(:6$17,*2128QDFNWHU$SROORQQODXI3URUDVLW]HQGXQG%RJHQSUIHQG61*&RS6XSSO 9DU +*&, 9DU  Y] ([+LUVFK1DFKI$XNWLRQ/RV

284 



±

285

$QWLJRQRV,,,'RVRQY&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V .RSI GHV 3RVHLGRQ PLW 6FKLOINUDQ] Q U 5V %$6,/(:6$17,*2128 $SROORQ DXI Q O IDKUHQGHU 3URUD VLW]HQGXQGVHLQHQ%RJHQSUIHQGGDUXQWHU0RQRJUDPP61*&RS61*$OSKD%DQN+*&,  7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV 3KLOLSS9Y&KU7HWUDGUDFKPH J FDY&KU0]VW3HOODRGHU$PSKLSROLV 9V .RSI GHV ElUWLJHQ 3HUVHXV PLW JHVFKXOWHUWHU +DUSD XQG )OJHOKHOP Q O LQ PDNHGRQLVFKHP 6FKLOG 5V %$6,/(:6),/,3328 .HXOH XQG GUHL 0RQRJUDPPH LP (LFKHQNUDQ] OLQNV LP )HOG +DUSD 61* $OSKD %DQN0DPURWK 9DU +*&, *XWHVVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

±




*5,(&+(1

286

2:1

2:1



3KLOLSS9Y&KU'LGUDFKPH J FDY&KU0]VW3HOODRGHU$PSKLSROLV9V .RSI PLW 'LDGHP Q U 5V %$6,/(:6),/,3328 .HXOH GDUXQWHU ]ZHL 0RQRJUDPPH GDUEHU 0RQRJUDPP GHV 0Q]PHLVWHUV 'DV *DQ]H LP (LFKHQODXENUDQ] /LQNV LP )HOG 6WHUQ 61* /RFNHWW  0DPURWK61*%HUU\+*&,  $XVJH]HLFKQHWHV3RUWUlW6FKDUIDXVJHSUlJW9VSDUWLHOOGQQH+RUQVLOEHUUHVWHJXWHVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RVH[/DQ]0QFKHQ$XNWLRQ /RV

287









287

1,5:1

3HUVHXV    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 0]VW 3HOOD RGHU $PSKLSROLV 9V .RSIGHV3HUVHXVPLW'LDGHPQU5V%$6,/(:63(56(:6$GOHUDXI%OLW]EQGHOREHQ0RQRJUDPP  U 0RQRJUDPP  ]ZLVFKHQ GHQ %HLQHQ 0RQRJUDPP  GDV *DQ]H LP (LFKHQNUDQ] GDUXQWHU 3IOXJ 0DPURWK6+*& 5/HLFKWH7|QXQJ5VVFKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

288

±

±

289

3HUVHXVY&KU7HWUDGUDFKPH J 9V.RSIGHV3HUVHXVPLW'LDGHPQU5V%$6,/(:6 3(56(:6 $GOHU DXI %OLW]EQGHO REHQ 0RQRJUDPP  U 0RQRJUDPP  ]ZLVFKHQ GHQ %HLQHQ 0RQR JUDPPGDV*DQ]HLP(LFKHQNUDQ]GDUXQWHU3IOXJ0DPURWK6+*& JXWHVVV ([+LUVFK1DFKI0QFKHQ$XNWLRQ0DL/RV 3HUVHXV    Y &KU 7HWUDGUDFKPH J  9V .RSI GHV 3HUVHXV PLW 'LDGHP Q U 5V %$6,/(:63(56(:6 $GOHU DXI %OLW]EQGHO REHQ 0RQRJUDPP  U 0RQRJUDPP  ]ZLVFKHQ GHQ %HLQHQ0RQRJUDPPGDV*DQ]HLP(LFKHQNUDQ]GDUXQWHU3IOXJ0DPURWK6E+*& 5V6WHPSHOULVVJXWHVVVY]

±

±


*5,(&+(1

290 2:1

2:1 

3HUVHXVY&KU'UDFKPH J 6SlWHVIUKHV-KY&KU0]VWXQEHVWLPPW9V)URQWDOHU OHLFKW Q U JHZDQGWHU +HOLRVNRSI 5V 5RVH GDUEHU 67$6,:1 QHEHQ GHP 6WHQJHO = 1&  $VKWRQ   .UDD\0RUNKROP+*&$VKWRQ5KRGHV%0&61*.HFNPDQ YJO  556FKDUIDXVJHSUlJWVFK|QH7|QXQJY] 'LHVH 0Q]H HUZHLVW VLFK GXUFK LKUHQ 6WLO DOV ,PLWDWLRQ UKRGLVFKHU 3UlJXQJHQGLHYRUDOOHPLQ0Q]IXQGHQ 1RUGJULHFKHQODQGV XQG 7KHVVDOLHQV DXIWUHWHQ 0|JOLFKHUZHLVH ZXUGHQ GLHVH ,PLWDWLRQHQ LP $XIWUDJ GHV 3HUVHXV KHUJHVWHOOW GHU LP .ULHJ JHJHQ 5RP VHLQH  NUHWLVFKHQ 6|OGQHU LQ HLQHU :lKUXQJ EH]DKOWH GLH LKQHQYHUWUDXWZDUV5+-$VKWRQ3VHXGRUKRGLDQ'UDFKPVIURP0DLQODQG*UHHFH1&II

292

291 



±

$XWRQRPH 3UlJXQJHQ $( J  1DFK  Y &KU 0]VW $PSKLSROLV 9V .RSI GHV 3RVHLGRQ Q U5V 0$.('21:1 GD]ZLVFKHQ .HXOH XQWHQ X REHQ LP )HOG ]ZHL 0RQRJUDPPH GDV *DQ]H LP (LFKHQODXENUDQ]$01*,,,6+*&, +HOOJUQH3DWLQDJXWHVVV

±

$XWRQRPH 3UlJXQJHQ $( J  FD    Y &KU 0]VW $PSKLSROLV 9V .RSI GHV 3RVHLGRQ PLW JHVFKXOWHUWHP'UHL]DFNQU5V0$.('21:1GD]ZLVFKHQ.HXOHXQWHQLP)HOG]ZHL0RQRJUDPPHGDV *DQ]HLP(LFKHQNUDQ]$01*,,,6+*&, 6FKZDU]H3DWLQDJXWHVVV

±

293

0$.('21,(1817(5'(15g0(51 

'LHYLHU5HJLRQHQY&KU7HWUDGUDFKPH J FDY&KU0]VW$PSKLSROLV9V 0DNHGRQLVFKHU 6FKLOG PLWGHU%VWHGHU$UWHPLVLP0LWWHOPHGDLOORQ5V 0$.('21:135:7+6.HXOH GDUEHU0RQRJUDPPGDV*DQ]HLQ(LFKHQNUDQ]OLP)HOG%OLW]EQGHO61*&RS$01*,,,6 +*&,$01*,,,6II Y]

±

294

2:1

2:1

.g1,*5(,&+3$,21,(1 

/\NNHLRVY&KU7HWUDGUDFKPH J Y&KU0]VW'DPDVWLRQ9V.RSIGHV$SROORQ PLW/RUEHHUNUDQ]QO5V>/8..(,28@+HUDNOHVLP.DPSIPLWGHP1HPHLVFKHQ/|ZHQ$01*,,,6  9VVWJO 3DHRQLDQ+RDUG VWJO +*&, )HLQH7|QXQJ5V'RSSHOVFKODJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±




*5,(&+(1

296

295 



3DWUDRV    Y &KU 7HWUDGUDFKPH J  9V -XJHQGOLFKHU .RSI PLW /RUEHHUNUDQ] Q U 5V 3$75$285HLWHUQUHLQHQJHIDOOHQHQDXIGHP5FNHQOLHJHQGHQ*HJQHUPLWHLQHU/DQ]HQLHGHUVWHFKHQG 61*$16II61*&RS+*&, 5V6WHPSHOIHKOHUVV ([&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RVH[%XUJDX$XNWLRQ0lU]/RV

±

$XGROHRQY&KU7HWUDGUDFKPH J 9V.RSIGHU$WKHQDOHLFKWQUJHZDQGWPLWDWWLVFKHP +HOP5V$8':/(21726VFKUHLWHQGHV3IHUGQUGDUXQWHU0RQRJUDPP61*$16 9DU 61* &RS 9DU %DEHORQ,9II+*& 5VhEHUSUlJXQJVVSXUHQY] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

297

2:1

2:1

7+(66$/,(1 

/$5,66$6WDWHU J FDY&KU9V.RSIGHU1\PSKH/DULVVDPLW6WLUQEDQGYRQYRUQOHLFKW QOJHZDQGW5V/$5,6>$,@:13IHUGPLW=JHOQQU%0&7DI9%&'7KHVVDOLHQ 9V VWJO +*& =DUWJHW|QWHVYRU]JOLFKHV3UDFKWH[HPSODU

298

±

299 1,5:1





'UDFKPH J  FD Y&KU9V+HURVQOPLWZHKHQGHP0DQWHOXQGIOLHJHQGHP+XWEH]ZLQJW HLQHQ 6WLHU 5V /$5,6$,$ 3IHUG Q U JDORSSLHUHQG )+HUUPDQQ =I1  ,,, + 7DI  9DU  %&' 7KHVVDOLHQ,,I+*& JXWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

'UDFKPH J FDY&KU9V.RSIGHU1\PSKH/DULVVDPLW$PS\[LPRIIHQHQJHORFNWHQ+DDU LQ 9RUGHUDQVLFKW OHLFKW Q O JHZHQGHW 5V 6$,:1/$5, 3IHUG PLW )RKOHQ Q U %&' 7KHVVDOLHQ  +*& 55VNOHLQH6FKU|WOLQJVIHKOHUXQGOHLFKWHU'RSSHOVFKODJJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$

±

300 1,5:1 



1,5:1

'UDFKPH J Y&KU9V.RSIGHU1\PSKH/DULVVDLQ'UHLYLHUWHODQVLFKWQO5V/$5,6$,:1 3IHUGJUDVHQGQUGDUXQWHU3IODQ]H61*&RS 9DU %&'7KHVVDOLHQ, 56FK|QH7|QXQJY] ([+LUVFK1DFKI$XNWLRQ)HEUXDU/RVDXVED\HULVFKHP%HVLW]YRU$XJXVW

±


*5,(&+(1

301 2:1 

2:1

'UDFKPH J Y&KU9V.RSIGHU1\PSKH/DULVVDLQ'UHLYLHUWHODQVLFKWQO5V/$5,6$,:1 3IHUGJUDVHQGQU61*&RS%&'7KHVVDOLHQ,, %H]DXEHUQGHU6WLO6HKUVFK|QH7|QXQJY] (UZRUEHQEHL%DOGZLQV/RQGRQ

±

302 2:1 

2:1

'UDFKPH J FDY&KU9V.RSIGHU1\PSKH/DULVVDPLW$PS\[LP+DDULQ9RUGHUDQVLFKW OHLFKWQOJHZHQGHW5V/$5,6$,:1ZHLGHQGHV3IHUGDXI6WDQGOLQLHQUGDVUHFKWH9RUGHUEHLQELVXQWHU GLH%UXVWJH]RJHQ%&'7KHVVDOLHQ/RUEHU7DII *XWHU6WLOIDVWY]

±

303 2:1 

'UDFKPH J FDY&KU9V.RSIGHU1\PSKH/DULVVDPLW$PS\[LPRIIHQHQJHORFNWHQ+DDU LQ 9RUGHUDQVLFKW OHLFKW Q O JHZHQGHW 5V /$5,6  $,:1 ZHLGHQGHV 3IHUG Q O GHU OLQNH 9RUGHUKXI DQJHKREHQ%&'7KHVVDOLHQ+*& 57|QXQJJXWHVVV (UZRUEHQDPEHL0Q]KDQGOXQJ5LWWHU'VVHOGRUI

304 

2:1

±

305

7+(66$/,6&+(/,*$6WDWHU J 0LWWH-KY&KU9V.RSIGHV=HXVPLW/RUEHHUNUDQ]QU5V 4(66$/:1 $WKHQD 3URPDFKRV HLQHQ 6SHHU VFKOHXGHUQG Q U %HDPWHQDPHQ .()$/28>4(0,672@ %0&%&'7KHVVDO\,,+*& 'XQNOH7|QXQJY]

±

(3,586 

.RLQRQYRQ(SLUXV'UDFKPH J FDY&KU9V=HXVNRSIQUGDKLQWHU/8.2&XQWHUGHP +DOV0RQRJUDPPHGDYRU.5V$3(,5:7$1$GOHUVWHKWDXI%OLW]EQGHOQUGDV*DQ]HLQ(LFKHQNUDQ] )UDQNH(SLUXV6HULH+*&, 5'XQNOH7|QXQJJXWHVVV ([$0$&ROOHFWLRQ&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±




*5,(&+(1

306

2:1



2:1

.|QLJH YRQ (SLUXV 3\UUKXV    Y &KU7HWUDGUDFKPH J FDY&KU0]VW/RNURL (SL]HSK\ULRL 9V .RSI GHV =HXV YRQ 'RGRQD PLW (LFKHQODXENUDQ] Q O GDUXQWHU 0RQRJUDPP 5V %$6,/>(:6@385528'LRQHWKURQWOPLW=HSWHU]LHKWPLWGHU/LQNHQGHQ3HSORVEHUGLH6FKXOWHUXQWHQ LP )HOG >$@ $ )UDQFRLV GH &DOODWD\ 8Q RFWREROH GH 3\UUKXV VXUIUDSSp VXU XQ VWDWqUH GH W\SH FRULQWKLHQ 5pIOH[LRQV VXU OHV PDVVHV PRQQD\pHV SDU 3\UUKXV HQ RU HW HQ DUJHQW LQ $QQDOL    6  '5D GLHVHV([HPSODU 61*&RS%0&7VRXNDQHOLVD GLHVHV([HPSODU *XOEHQNLDQ+*&, 56FK|QH7|QXQJPLQLPDOH.UDW]HUXQG'UXFNVWHOOHQJXWHVVV ([ 6DPPOXQJ 'U *: H[ 0Q]HQ  0HGDLOOHQ $* %DVHO $XNWLRQ   /RV  DXV 6DPPOXQJ :1LJJHOHU0Q]HQ 0HGDLOOHQ$*%DQN/HX,/RVH[+HVV/X]HUQ/LVWH9 R- 1U .|QLJ3\UUKRVJDOWDOVHLQHUGHUZLFKWLJVWHQ.ULHJVKHUUHQLQGHU*HQHUDWLRQQDFK$OH[DQGHUGHP*UR‰HQ$OV PlFKWLJHU +HOIHU GHU 6WDGW 7DUHQW VWHOOWH HU VLFK PLW VHLQHP YRQ *ULHFKHQODQG EHUJHVHW]WHQ +HHU JHJHQGLH U|PLVFKH 5HSXEOLN GLH LKU 5HLFK DXI 8QWHULWDOLHQ DXVZHLWHQ ZROOWH ,P /DXIH GHV .ULHJHV PXVVWH HU WURW] VLHJUHLFKHU6FKODFKWHQVWDUNH9HUOXVWHLQ.DXIQHKPHQ6RZXUGHVHLQ6LHJLQGHU6FKODFKWEHL$VFXOXPQDFK GHUHUJHVDJWKDEHQVROOQRFKVRHLQ6LHJXQGZLUVLQGYHUORUHQ]XGHPVSULFKZ|UWOLFKHQS\UUKLVFKHQ6LHJ $XIGHQ0Q]HQVLQGGLHEHLGHQ+DXSWJ|WWHUYRQ(SLUXV=HXV1DLRVXQG'LRQHGDUJHVWHOOWZHOFKHLQGHP SDQKHOOHQLVWLVFKHQ+HLOLJWXPYRQ'RGRQD9HUHKUXQJIDQGHQ

±

307

2:1





2:1

3\UUKXVY&KU'LGUDFKPH J FDY&KU0]VW/RNURL(SL]HSK\ULRL9V.RSIGHV $FKLOOHV PLW +HOP Q O GDUXQWHU >$@ 5V %$6,/(:6>385528@ 7KHWLV PLW 6FKLOG GHV $FKLOOHV VLW]W UFNZlUWVDXIHLQHP+LSSRFDPSGHUQUVFKZLPPW+*&, VWJO %0&7KHVVDO\6 ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U 55)HLQH7|QXQJVVJXWHVVV 3\UUKRVOLH‰GLH6LOEHUPQ]HQLQ/RNULZlKUHQGGHV.ULHJHVJHJHQGLH5|PHUSUlJHQ'HU0Q]W\SGHUGLH 1\PSKH 7KHWLV XQG LKUHQ 6RKQ $FKLOOHV GDUVWHOOW XQWHUVWW]WH ZLHGHUXP GLH N|QLJOLFKH 3URSDJDQGD GLH EHKDXSWHWH3\UUKRVDXVGHP6WDPPGHU0RORVVHUVHLGHU1DFKIROJHUGHV$FKLOOHV

±


*5,(&+(1

308

$.$51$1,(1 

/(8.$66WDWHU J FDY&KU9V3HJDVRVIOLHJHQGQUGDUXQWHU/5V.RSIGHU$WKHQD PLWNRULQWKLVFKHP+HOPQOGDKLQWHU/X1LNHGLHGHQ%XFKVWDEHQPLWHLQHP/RUEHHUNUDQ]NU|QW&DOFLDWL 3HJDVL VWJO +*& YJO  3DUWLHOO+RUQVLOEHUEHODJJXWHVVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

309

±

310

%g27,(1 

7+(%(1 6WDWHU J FDY&KU9V%|RWLVFKHU6FKLOG5V)$679ROXWHQNUDWHUGDUEHU *HUVWHQNRUQ+HDG%RHRWLD6+*& +RUQVLOEHUVSXUHQJXWHVVV

±



6WDWHU J 0DJLVWUDW$SROY&KU9V%|RWLVFKHU6FKLOG5V$32/9ROXWHQNUDWHUGLH 6FKXOWHUPLW%ODWW]XQJHQ'HNRUGDUEHU:HLQEODWW61*&RS+*& 5*XWHVVV

±

312

311 

6WDWHU J  FD    Y &KU 9V %|RWLVFKHU 6FKLOG 5V $*/$ 9ROXWHQNUDWHU 61* &RS  +HDG%RHRWLD6+*& 9VDXVDEJHQXW]WHP6WHPSHOVV ([.QNHU2VQDEUFN$XNWLRQ/RVH[*RUQ\ 0RVFK$XNWLRQ/RV

±



'UDFKPH J     Y &KU 9V %|RWLVFKHU 6FKLOG 5V $PSKRUD LQ 4XDGUDWXP LQFXVXP %0& 61*&RS 55'XQNOH7|QXQJY] ([6.$$XNWLRQ=ULFK/RV

±

313

1,5:1

1,5:1

(8%g$ 

.$5<6726'LGUDFKPH J FDY&KU9V1UVWHKHQGH.XKOHFNWLKU.DOEGDVDQLKUHP (XWHU VDXJW 5V .$586 Q U VWHKHQGHU +DKQ %0& 7DI  I +*&   5RELQVRQ &DU\VWXV +RDUG $WWUDNWLYH7|QXQJVV ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U

±




*5,(&+(1

314

2:1

2:1

$77,.$ 

$7+(1 7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHU $WKHQD PLW YHU]LHUWHP EHNUlQ]WHP DWWLVFKHP+HOPQU5V$4((XOHQUVWHKHQGPLWJHVSUHL]WHQ6FKZDQ]IHGHUQ.RSILQ9RUGHUDQVLFKWLP )HOGOREHQgO]ZHLJX0RQGVLFKHOGDV*DQ]HLP4XDGUDWXPLQFXVXP6WDUU*URXS96YRURQRV7DI+*&  559VNOHLQH6WHPSHOIHKOHUY]

±

315

2:1 

2:1

7HWUDGUDFKPH J FDY&KU9V.RSIGHU$WKHQDPLWYHU]LHUWHPEHNUlQ]WHPDWWLVFKHP+HOP QU5V$4((XOHQUVWHKHQG.RSILQ9RUGHUDQVLFKWLP)HOGOREHQgO]ZHLJX0RQGVLFKHOGDV*DQ]HLP 4XDGUDWXPLQFXVXP6WDUU*URXS96YRURQRV7DII+*& 555VNOHLQH6WHPSHOULVVHY] ([6DPPOXQJ'U*:HUZRUEHQEHL$XIKlXVHUDP 1U 

316 





±

317

7HWUDGUDFKPH J 8P-KY&KU9V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPGHUYRQHLQHP/RUEHHU NUDQ]EHNU|QWZLUGQU5V$4((XOHQUVWHKHQG.RSILQ9RUGHUDQVLFKWOREHQLP)HOG/RUEHHU]ZHLJPLW )UXFKWXQG0RQGVLFKHO6YRURQRV7DI61*&RSII+*& +HUUOLFKH7|QXQJVW

±

7HWUDGUDFKPH J  FD    -K Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP GHU YRQ HLQHP /RUEHHUNUDQ] EHNU|QW ZLUG Q U 5V $4( (XOH Q U VWHKHQG .RSI LQ 9RUGHUDQVLFKW O REHQ LP )HOG /RUEHHU]ZHLJPLW)UXFKWXQG0RQGVLFKHO6YRURQRV7DI61*&RSII+*&  9ROOHU.DPP*XW]HQWULHUWKRKHV5HOLHIY]

±


*5,(&+(1

318

2:1 

2:1

7HWUDGUDFKPH J FD-KY&KU9V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPGHUYRQHLQHP/RUEHHU NUDQ]EHNU|QWZLUGQU5V$4((XOHQUVWHKHQG.RSILQ9RUGHUDQVLFKWOREHQLP)HOG/RUEHHU]ZHLJPLW )UXFKWXQG0RQGVLFKHO6YRURQRV7DI61*&RSII+*& *XW]HQWULHUWY]

320

319 



7HWUDGUDFKPH J  FD    -K Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP GHU YRQ HLQHP /RUEHHUNUDQ] EHNU|QW ZLUG Q U 5V $4( (XOH Q U VWHKHQG .RSI LQ 9RUGHUDQVLFKW O REHQ LP )HOG /RUEHHU]ZHLJPLW)UXFKWXQG0RQGVLFKHO6YRURQRV7DI61*&RSII+*&  %UHLWHU6FKU|WOLQJ9VDXVQLFKWJDQ]VDXEHUHP6WHPSHOVVY]

±

7HWUDGUDFKPH J  FD    -K Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP GHU YRQ HLQHP /RUEHHUNUDQ] EHNU|QW ZLUG Q U 5V $4( (XOH Q U VWHKHQG .RSI LQ 9RUGHUDQVLFKW O REHQ LP )HOG /RUEHHU]ZHLJPLW)UXFKWXQG0RQGVLFKHO6YRURQRV7DI61*&RSII+*& )DVWY]

±

321 



±

322

7HWUDGUDFKPH J Y&KU9V.RSIGHU$WKHQDPLWYHU]LHUWHPEHNUlQ]WHPDWWLVFKHP+HOPQ U5V$4((XOHQUVWHKHQG.RSILQ9RUGHUDQVLFKWLP)HOGOREHQgO]ZHLJX0RQGVLFKHOGDV*DQ]HLP 4XDGUDWXPLQFXVXP6YRURQRV7DI61*&RSII6HDU 'XQNOH7|QXQJJXWHVVV ([*RUQ\ 0RVFK$XNWLRQ/RV 7HWUDGUDFKPH J FDY&KU9V.RSIGHU$WKHQDPLWYHU]LHUWHPEHNUlQ]WHPDWWLVFKHP+HOP QU5V$4((XOHQUVWHKHQG.RSILQ9RUGHUDQVLFKWLP)HOGOREHQgO]ZHLJX0RQGVLFKHOGDV*DQ]HLP 4XDGUDWXPLQFXVXP6YRURQRV7DI+*&6HDU 6FK|QH7|QXQJ5V6FKU|WOLQJVIHKOHUY]

±

±

323 

7HWUDGUDFKPHGHV1HXHQ6WLOV J FDY&KU9V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPQU5V $4((XOHDXI$PSKRUD%HDPWH(80+/26.$//,):1$/(6DXIGHU$PSKRUD*GDUXQWHU$3LP )HOGU7\FKHPLW)OOKRUQ7KRPSVRQE+*& VVY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±




*5,(&+(1

324 2:1



2:1

7ULKHPLRERO J FDY&KU9V.RSIGHU$WKHQDPLWORUEHHUEHNUlQ]WHP+HOPQU5V$4( UHWURJUDG (XOHPLWDXVJHEUHLWHWHQ)OJHOQLQ9RUGHUDQVLFKWVWHKHQG6YRURQRV7DI61*&RS+*&  *HW|QWVV

326

325 

±

$( J FDY&KU9V.RSIGHU$WKHQDLPNRULQWKLVFKHQ+HOPQUDXIGHP+HOPNHVVHOGUHL gOEDXPEOlWWHU5V$4((XOHPLWRIIHQHQ6FKZLQJHQQU.RSIIURQWDOLP)HOGU$PSKRUD61*&RS +*& *UQH3DWLQDVV ([0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ/RV

±

b*,1$ 

'UDFKPH J Y&KU9V6HHVFKLOGNU|WHPLWJODWWHP5FNHQ5V)QIIDFKJHWHLOWHV,QFXVXP 'HOHSLHUUH61*&RS 5VV

±

328

327

2:1 



b*,1$ 6WDWHU J  FD    Y &KU 9V 6HHVFKLOGNU|WH PLW 3XQNWHQ DXI GHP 5FNHQ LQ 'UDXIVLFKW5V4XDGUDWXPLQFXVXPLQIQI)HOGHUXQWHUWHLOW+*&0HDGRZV*URXS,,,D ([6DPPOXQJ'U*: /HLFKWH7|QXQJ5V'RSSHOVFKODJJXWHVVV

±

6WDWHU J FDY&KU9V6HHVFKLOGNU|WHPLW3XQNWHQDXIGHP5FNHQLQ'UDXIVLFKW5V 4XDGUDWXPLQFXVXPLQIQI)HOGHUXQWHUWHLOW+*&0HDGRZV*URXS,,,D /HLFKWH7|QXQJJXWHVVV

±

329

330



6WDWHU J  FD    Y &KU 9V /DQGVFKLOGNU|WHLQ'UDXIVLFKW5V4XDGUDWXPLQFXVXPLQIQI )HOGHUXQWHUWHLOW+*&0HDGRZV*URXS,,,E 'XQNHOJHW|QWVVY] ([6DPPOXQJ'U*:

±



6WDWHU J Y&KU9V/DQGVFKLOGNU|WHLQ'UDXIVLFKW5V4XDGUDWXPLQFXVXPLQIQI)HOGHU XQWHUWHLOWGDULQ$,*,XQG'HOILQ+*& 9DU %0& VVY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±




*5,(&+(1

331

331 2:1



6WDWHU J     Y &KU 9V /DQGVFKLOGNU|WH LQ 'UDXIVLFKW 5V )QIIDFK JHWHLOWHV 4XDGUDWXP LQFXVXP%0&61*&RS0LOEDQN7DI *XWHVVV $XVHLQHU6FKZHL]HU3ULYDWVDPPOXQJH[&UpGLW6XLVVH)3/)UKMDKU1U

332

±

333

&25,17+,$ 

.25,17+6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVGDUXQWHU.RSSD5V.RSIGHU$WKHQD PLWNRULQWKLVFKHP+HOPQOGDKLQWHU7K\UVRVVWDEYRUGHP+DOVDEVFKQLWW/&DOFLDWL5DYHO Y] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV



6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVGDUXQWHU.RSSD5V.RSIGHU$WKHQDPLW NRULQWKLVFKHP+HOPQOGDUXQWHU$/GDKLQWHU$SIHO*UDQDWDSIHO " &DOFLDWL5DYHO 6FK|QH7|QXQJDXVXQVDXEHUHP6WHPSHOJXWHVVV

±

±

334

334 2:1 

6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVGDUXQWHU.RSSD5V.RSIGHU$WKHQDPLW NRULQWKLVFKHP +HOP Q O GDKLQWHU 1 UHWURJUDG  X EHKHOPWHU +HURV PLW 6FKLOG XQG /DQ]H QO&DOFLDWL 5DYHOE 6HOWHQHV%HL]HLFKHQ7|QXQJVV ([/DQ]0QFKHQ$XNWLRQ/RV

335 

2:1

±

335

6WDWHU J FDY&KU9V3HJDVRVQUIOLHJHQGGDUXQWHU.RSSD5V$UFKDLVFKH$WKHQDPLW NRULQWKLVFKHP+HOPQULQYHUWLHIWHP4XDGUDW&DOFLDWLII%&'II+*& ([6DPPOXQJ'U*: 9V6WHPSHOIHKOHUVFK|QH7|QXQJJXWHVVV

± 


*5,(&+(1

336 2:1

2:1

3(/23211(6 

$&+b,6&+( /,*$ 0HVVHQH +HPLGUDFKPH J  FD    Y &KU 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] Q U 5V 0RQRJUDPP $ LP /RUEHHUNUDQ] REHQ 0RQRJUDPP $;3 XQWHQ 0 &OHUN $FKDHDQ /HDJX%&'3HORSRQQHV+*& 7|QXQJVV (UZRUEHQEHL*LWEXG 1DXPDQQ0Q]KDQGOXQJ0QFKHQ

±

337 1,5:1



1,5:1

(/,66WDWHU J 2O\PSLDGHY&KU9V.RSIGHU+HUDPLWHLQHP'LDGHPGDUDXI)$/(,:1 QU5V$GOHUPLWDXVJHEUHLWHWHQ6FKZLQJHQQOXQG.RSIQUDXIRYDOHP2EMHNWVWHKHQGO)GDV*DQ]HLQ HLQHP2OLYHQNUDQ]6HOWPDQ2O\PSLD )+LZ %&' VWJO  Y] ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ9,,,/RVH[3*pUDUG&ROOHFWLRQ

±

338 2:1 

2:1

+HPLGUDFKPH J FDY&KU 2O\PSLDGH 9V.RSIGHU+HUDPLWYHU]LHUWHP'LDGHPQUKLQWHU GHP.RSI)>$@5V$GOHUPLWJH|IIQHWHQ6FKZLQJHQQO.RSI]XUFNJHZDQGW%0&(OLV 7DI9V VWJO %&'2O\PSLDI+*& 9VVWJO  55'XQNOH7|QXQJ5V6FKU|WOLQJVIHKOHUVVY] ([6RWKHE\ V$XNWLRQ=ULFK0DL :RRGEULGJH&ROOHFWLRQ /RV

339

340



6,.<21+HPLGUDFKPH J FDY&KU9V&KLPDLUDDXI6WDQGOLQLHQOVFKUHLWHQG]ZLVFKHQGHQ %HLQHQ6(5V7DXEHQOIOLHJHQGGDYRU,%0&6+*& *XW]HQWULHUWGXQNOH7|QXQJVV ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U



7,5<16 $( J  FD    Y &KU 9V .RSI GHV $SROO PLW /RUEHHUNUDQ] O 'DYRU ' 5V 3DOPH ]ZLVFKHQ7,/LQNV/\UDUHFKWV:HLQWUDXEH%0& 9DU 61*&RS 55%UDXQH3DWLQDVV



±

±

±


*5,(&+(1

342

341

.5(7$ 



*257<16WDWHU J FDQDFKY&KU9V(XURSDVLW]WPLWDXIJHVWW]WHP.RSILQHLQHU3ODWDQH5V 6LFKQOXPZHQGHQGHU6WLHUUHFKWVVWHKHQG6YRURQRV&UHWH7DI 9DU 61*&RS ([6DPPOXQJ'U*: $XVIODXHQ6WHPSHOQVV /<7726 'UDFKPH J  FD    Y &KU 9V $GOHU LP 3HUONUHLV Q U IOLHJHQG 5V /8772621 UHWURJUDG 4XDGUDWXPLQFXVXPGDULQ(EHUNRSILPJHSHUOWHQ/LQLHQTXDGUDWQU6YRURQRV&UqWH61*&RS  VWJO %0&7DI;,,, 9DU/HJHQGHQLFKWUHWU  $WWUDNWLYH7|QXQJXQGNUDIWYROOHU6WLOJXWHVVV $XVHLQHUHXURSlLVFKHQ6DPPOXQJLQGHQHU-DKUHQDXIJHEDXW

343

±

±

343

2:1

.<./$'(1 

3$526'UDFKPH J FDY&KU9V=LHJHQERFNDXIJHSHUOWHU6WDQGOLQLHQONQLHQGXQWHU GHQ+|UQHUQ$GOHUNRSIQO5V9LHUJHWHLOWHV4XDGUDWXPLQFXVXP6KHHG\7DI GLHVHV([HPSODU +*&  9DU5V  556FK|QH7|QXQJVV ([6DPPOXQJ'U*:H[6DPPOXQJ25DYHO/HGHUHU61$/RV GLHVHV([HPSODU ,*&+  GLHVHV([HPSODU H[/DQ]0QFKHQ$XNWLRQ/RV

344

3:1

±

344

81%(67,007(0h1=67b77(,1./(,1$6,(1 

2ERO J  8P  Y &KU 9V )URQWDOHU /|ZHQNRSI PLW IQIVWUDKOLJHU .URQH 5V 8QUHJHOPl‰LJHV ,QVXVXP.OHLQYJO 'LRERO 5RVHQYJO 'LRERO  55VV ([6DPPOXQJ'U*:H[+DXFN $XIKlXVHU0QFKHQ$XNWLRQ/RV =XU =XZHLVXQJ V 0 7KRPSVRQ 6RPH 1RWHZRUWK\ *UHHN $FFHVVLRQV LQ $1601    7DI  7HWURERO 3DUDOOHOVWFNLQ&1*(OHFWURQLF$XFWLRQ/RV

±

345

321786 

,1&(5780$(*UR‰EURQ]H J =HLWGHV0LWKUDGDWHV9,FDY&KU0]VW$PLVRV " 9V %VWH PLW /HGHUNDSSH O 'UHL *HJHQVWHPSHO PDNHGRQLVFKHU 5HLWHUKHOP *RUJRQHLRQ XQG %OLW]EQGHO LQ UHFKWHFNLJHP )HOG 5V $FKWVWUDKOLJHU 6WHUQ 61* %0  II 5HF JpQ 6XSSO061*6WDQFRPE +*& 55RWEUDXQH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ%DVHO$XNWLRQ/RV

±




*5,(&+(1

346 



347

$0,626 'UDFKPH J  6SlWHV    -K Y &KU %HDPWHU 'LDQ >@ 9V .RSI GHU +HUD PLW UHLFK YHU]LHUWHP3RORV2KUULQJXQG+DOVNHWWHQO5V',$1(XOHPLWDXVJHEUHLWHWHQ6FKZLQJHQLQ9RUGHUDQVLFKWDXI HLQHP5XQGVFKLOGPLW%XFNHOVWHKHQGODP5DQG%ODWWLP$EVFKQLWW3(,5$61*6WDQFRPE 55Y] 'UDFKPH J  %HDPWHU $ULV>@ VSlWHV    -K Y &KU 9V .RSI GHU +HUD PLW UHLFKYHU]LHUWHP 3RORV 2KUULQJX+DOVNHWWHQO5V(XOHPLWDXVJHEUHLWHWHQ6FKZLQJHQLQ9RUGHUDQVLFKWDXIHLQHP5XQGVFKLOGPLW %XFNHOVWHKHQG]ZLVFKHQ',U*HUVWHQNRUQLP$EVFKQLWW3(,5$%0& VWJO +*& ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RV +HUUOLFKJHW|QWGH]HQWULHUWY] 0LWWHGHV-KVY&KUHUKLHOW$PLVRVHLQHDWWLVFKH.OHUXFKLH$XVGLHVHP*UXQGHUVFKHLQHQDXIGHQ0Q]HQ GHU6WDGWHLQH(XOHXQGGHU1DPH 3HLUHXV 

±

±

348

2:1 

2:1

$&+b0(1,',6&+(6.g1,*7803217860LWKUDGDWHV9,(XSDWRUY&KU6WDWHU J   Y &KU 0]VW 3HUJDPRQ 9V .RSI GHV 0LWKUDGDWHV PLW .|QLJVELQGH Q U 5V %$6,/(:6 0,45$'$728(83$72526 +LUVFK Q O lVHQG LP )HOG O 0RQGVLFKHO XQG 6WHUQ LP )HOG U %  3( -DKU   GDV *DQ]H LQ HLQHP GLRQ\VLVFKHQ .UDQ] 61* $XO  9V VWJO  'H &DOODWD\ '5 XQJHOLVWHWHU 5V6WHPSHO +*&*XOEHQNLDQ 9VVWJO  *ROG5'ULWWHVEHNDQQWHV([HPSODU5VOHLFKWGH]HQWULHUWVRQVWY] ([&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ6HSWHPEHU/RV

±

349

1,5:1





1,5:1

0LWKUDGDWHV9,(XSDWRUY&KU7HWUDGUDFKPH J Y&KU9V.RSIGHV0LWKUDGDWHVPLW 'LDGHP Q U 5V %$6,/(:6  0,45$'$728  (83$72526 JUDVHQGHU +LUVFK Q O OLQNV 6WHUQ EHU 0RQGVLFKHOXQG0RQRJUDPPU-DKUHV]DKO%.6 -DKU XQG0RQRJUDPPXQWHQ0DUNH,GDV*DQ]HLP (IHXNUDQ]'H&DOODWD\6PLW7DI'' DQGHUH6WHPSHO  ([*RUQ\ 0RVFK$XNWLRQ/RV +HUUOLFKHV3RUWUlWGXQNOH7|QXQJ9VDOWH.UDW]HUY]

±


*5,(&+(1

350 

0LWKUDGDWHV9,(XSDWRUY&KU7HWUDGUDFKPH J Y&KU9V.RSIPLW'LDGHPQU 5V %$6,/(:60,45$'$728(83$72526 JUDVHQGHU +LUVFK Q O OLQNV 6WHUQ EHU 0RQGVLFKHO O -DKUHV]DKO&.6 -DKU U0RQRJUDPPLP$EVFKQLWW*'DV*DQ]HLQ(IHXNUDQ]:ROIJDQJ/HVFKKRUQ $QWLNHbUHQ  7DEHOOHQEHUVLFKW661*$XO'H&DOODWD\ 56HOWHQHV-DKU9V.UDW]HUY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

351 1,5:1

1,5:1

3$3+/$*21,(1 

$0$675,66WDWHU J FDY&KU9V-XJHQGOLFKHU.RSIPLWSKU\JLVFKHU0W]H/RUEHHUNUDQ]XQG 6WHUQQU5V$0$675,(:1WKURQHQGH$SKURGLWHZLUGYRQ1LNHEHNUlQ]WO/RWRVEOXPH%0&7DI 61*$XO61*%0 5/HLFKWH7|QXQJJXWHVVV :lKUHQG GHU %ULWLVK 0XVHXP &DWDORJXH GHQ .RSI DXI GHP $YHUV DOV 0LWKUDV EHQHQQW VLHKW HLQH EUHLWH 6WU|PXQJ LQ GHU /LWHUDWXU KLHU HLQ 3RUWUlW GHU .|QLJLQ $PDVWULV 'LH 1LFKWH GHV OHW]WHQ SHUVLVFKHQ .|QLJV 'DUHLRV ,,, ZXUGH PLW GHP 'LRQ\VLRV GHP 7\UDQQHQ YRQ +HUDNOHLD DP 3RQWRV YHUPlKOW YRQ GHP VLH GLH +HUUVFKDIW HUEWH 1DFK HLQHP YRQ GHQ ,QWULJHQ GHU $UVLQRH ,, EHHQGHWHQ ,QWHUPH]]R DOV *HPDKOLQ GHV /\VLPDFKRVJUQGHWHVLHGLH6WDGW$PDVWULV(VVFKHLQWJXWGHQNEDUGDVVGLH6WDGWGDV%LOGQLVLKUHU*UQGHULQ DXI LKUH 0Q]HQ VHW]WH DXI GHUHQ $ENXQIW DXV GHP SHUVLVFKHQ .|QLJVKDXV GLH SKU\JLVFKH 0W]H YHUZHLVHQ N|QQWH

1,5:1

352

±

352

%,7+<1,(1 

.$/&+('21'UDFKPH J FDY&KU9V.$/&QOVWHKHQGHU6WLHUDXI*HWUHLGHlKUH5V :LQGPKOHQIOJHOI|UPLJHV,QFXVXP61*%0+*& 5V3UIKLHEVFK|QH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

353 

.g1,*5(,&+ %,7+<1,(1 3UXVLDV , FD    Y &KU 7HWUDGUDFKPH J  9V .RSI PLW .|QLJVELQGH Q U 5V %$6,/(:635286,28 =HXV 6WUDWLRV PLW =HSWHU XQG +IWPDQWHO EHNUlQ]W GHQ .|QLJVQDPHQO]ZHL0RQRJUDPPH5HFJpQ6%0& VWJO  +HUUOLFKJHW|QWEUHLWHU6FKU|WOLQJY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RVH[/HX$*=ULFK$XNWLRQ /RVH[6SLQN$XNWLRQ/RV 3IXQG 

±




*5,(&+(1

354 

1LNRPHGHV,9FDY&KU7HWUDGUDFKPH J Y&KU9V.RSIPLW.|QLJVELQGHQU5V %$6,/(:6(3,)$12861,.20+'28 OLQNVKLQ VWHKHQGHU =HXV EHNUlQ]W GHQ .|QLJVQDPHQ O LP )HOG $GOHUDXIHLQHP%OLW]EQGHOGDUXQWHU0RQRJUDPPGDUXQWHU-DKUHV]DKO%,6 GHUELWK\QLVFKHQbUD 5HF JpQ,6PLW7DI'H&DOODWD\6PLW7DI'5 MHZHLOVDQGHUH6WHPSHO  ([6DPPOXQJ'U*: *XW]HQWULHUWDXIEUHLWHP6FKU|WOLQJJXWHVVV

355

±

357

356

0<6,(1 





.<=,.26 6WDWHU J     Y &KU 9V .RSI HLQHV /|ZHQ Q O GDKLQWHU 7KXQILVFK 5V 9LHUJHWHLOWHV 4XDGUDWXP LQFXVXP + Y )ULW]H 1RPLVPD  61* %1  %RVWRQ 0)$   :DUUHQ   (OHNWURQ9V'RSSHOVFKODJVV

±

6WDWHU J     Y &KU 9V =XVDPPHQJHVWHOOWH .|SIH HLQHV /|ZHQ O  XQG HLQHV :LGGHUV U  GDUXQWHU7KXQILVFKQOVFKZLPPHQG5V9LHUJHWHLOWHV4XDGUDWXPLQFXVXP+Y)ULW]H1RPLVPD,61* %1 +HNWH *UHHQZHOO (OHNWURQ5=ZHL5DQGULVVHIDVWY]

±

6WDWHU J Y&KU9V*UHLIDXI7KXQILVFKQOGLHU9RUGHUSIRWHHUKREHQ5V9LHUJHWHLOWHV 4XDGUDWXPLQFXVXP+Y)ULW]H1RPLVPD%RVWRQ0)$ :DUUHQ  (OHNWURQ5DQGULVVH5DQGSXQ]HJXWHVVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

358

±

358 3:1



+HNWH J     Y &KU 9V =ZHL $GOHU PLW JHVFKORVVHQHQ 6FKZLQJHQ DXI HLQHP GHNRULHUWHQ 2PSKDORV HLQDQGHU JHJHQEHU VLW]HQG GDUXQWHU 7KXQILVFK Q U 5V 9LHUJHWHLOWHV 4XDGUDWXP LQFXVXP + Y )ULW]H1RPLVPD, QXU6WDWHUHJHOLVWHW 61*%1 YJO6WDWHU +XUWHU/LHZDOG,, 0Q]HQ 0HGDLOOHQ$*1U  (OHNWURQ555*XWHVY] ([6DPPOXQJ35*UR‰EULWDQQLHQH[5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ;9/RV

359 



2:1

±

359

+HNWH J Y&KU9V%DFKHPLWDXIJHVWHOOWHP.DPPDXI7KXQILVFKQO5V9LHUJHWHLOWHV4XD GUDWXPLQFXVXPPLWXQUHJHOPl‰LJHQ)HOGHUQ+Y)ULW]H1RPLVPD61*%1 (OHNWURQ)DVWY] ([7UDGDUW$XNWLRQ/RV

±




297

348

327 353




*5,(&+(1

360 

7HWUDGUDFKPH J  FD    Y &KU 9V 6:7(5$ VLF  .RSI GHU .RUH 6RWHLUD GDV +DDU DP +LQWHUNRSIPLW6SKHQGRQHHLQJHEXQGHQEHUGHU6WLUQ]ZHLbKUHQ5V/|ZHQNRSIPLWJH|IIQHWHP0DXOQU GDUXQWHU7KXQILVFKQUVFKZLPPHQGGDKLQWHU*HIl‰LP)HOG.<=,+Y)ULW]H1RPLVPD61*%1 ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 7|QXQJVVY]

±

361 2:1 

2:1

'LRERO J FDY&KU9V/|ZHQNRSIPLWDXIJHULVVHQHP5DFKHQQUGDUXQWHU7KXQILVFKQO VFKZLPPHQG5V+LQWHUWHLOHLQHV/|ZHQPLWHLQJH]RJHQHP6FKZDQ]QU 555VV 9JOGD]XHLQ6WFNEHL5RPD1XPLVPDWLFV(6DOH-XOL/RV

±

362 2:1 

2:1

7ULKHPLRERO J FDY&KU9V9RUGHUWHLOHLQHV(EHUVQOGDKLQWHU7KXQILVFK5V.RSIHLQHV /|ZHQPLWJH|IIQHWHP0DXO61*&RS61*%161*$XO 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

363

2:1 



2:1

3(5*$021 3KLOHWDLURV    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 9V .RSI GHV 6HOHXNRV , PLW 'LDGHP Q U 5V ),/(7$,528 $WKHQD PLW +HOP Q O WKURQHQG XQG GHQ 6FKLOG PLW 0HGXVHQKDXSWKDOWHQGGDKLQWHU%RJHQGDYRU(IHXEODWW1HZHOO7KH3HUJDPHQH0LQWXQGHU3KLOHWDLURV$16 110 ;9,, 7DI,;6&D61*%1  5/HLFKWH7|QXQJ9VNOHLQHU6WHPSHOIHKOHUIDVWVW ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV $OV:lFKWHUGHV6FKDW]HVGHV/\VLPDFKRVDXIGHU%XUJYRQ3HUJDPRQZHFKVHOWH3KLOHWDLURVNXU]YRUGHU6FKODFKW YRQ.RXURSHGLRQGLHVHLQHP+HUUQGHQ8QWHUJDQJEUDFKWHGLH6HLWHQXQGHUNOlUWHGHP6HOHXNRVVHLQH/R\DOLWlW $OOHUGLQJV]HLJWVFKRQGLHHUVWH0Q]SUlJXQJGHV3HUJDPHQHUVHLQHQGHXWOLFKHQ$QVSUXFKDXI(LJHQVWlQGLJNHLW (USUlJW]ZDUGDV%LOGQLVGHV6HOHXNLGHQDXIGLH9RUGHUVHLWHPDFKWDEHUPLWGHU1HQQXQJGHVHLJHQHQ1DPHQV DXIGHP5HYHUVDXFKVHLQH8QDEKlQJLJNHLWGHXWOLFK'LH/R\DOLWlWGHV3KLOHWDLURVVFKHLQWHKHUDQGLH3HUVRQGHV 6HOHXNRV,JHEXQGHQJHZHVHQ]XVHLQGHVVHQ%LOGHUDXFKQDFKGHVVHQ7RGDXIVHLQH0Q]HQVHW]WXQGZHQLJHU DQGDV.|QLJVKDXVGHU6HOHXNLGHQYRQGHVVHQ(LQIOXVVHUVLFKVXN]HVVLYHO|VHQNDQQ

±


*5,(&+(1

364





(XPHQHV ,    Y &KU 7HWUDGUDFKPH J  9V .RSI GHV 3KLOHWDLURV PLW /RUEHHUNUDQ] Q U 5V ),/(7$,528$WKHQDPLW+HOPQOWKURQHQGPLW6FKLOGYRUVLFKGDKLQWHU%RJHQXQWHQ(IHXEODWWDXIGHP 7KURQ0RQRJUDPP0H\GDQFLNNDOHII:HVWHUPDUN*UXSSH,,,61*%1 7|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV (XPHQHV ,    Y &KU 7HWUDGUDFKPH J  9V .RSI GHV 3KLOHWDLURV PLW /RUEHHUNUDQ] Q U 5V ),/(7$,528$WKHQDQOVLW]HQGPLWGHUHUKREHQHQ5HFKWHQGHQ.|QLJVQDPHQEHNUlQ]HQGGHQO(OOERJHQ DXIDP6LW]OHKQHQGHQ6FKLOGJHVWW]WLKU6SHHUGLDJRQDODQGHUU6FKXOWHUOHKQHQGLP)HOGO$X(IHXEODWWU %RJHQ0H\GDQFLNNDOHII61*%1 *XW]HQWULHUWY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

366



365

±

±

367

(XPHQHV ,    Y &KU 7HWUDGUDFKPH J  9V .RSI GHV 3KLOHWDLURV PLW /RUEHHUNUDQ] Q U 5V ),/(7$,528$WKHQDQOVLW]HQGPLWGHUHUKREHQHQ5HFKWHQGHQ.|QLJVQDPHQEHNUlQ]HQGGHQO(OOERJHQ DXIDP6LW]OHKQHQGHQ6FKLOGJHVWW]WLKU6SHHUGLDJRQDODQGHUU6FKXOWHUOHKQHQGLP)HOGO$X(IHXEODWWU %RJHQ0H\GDQFLNNDOHII61*%1 *XW]HQWULHUW7|QXQJIDVWY]

±

$(2/,6 

.<0(7HWUDGUDFKPH J 1DFKY&KU9V:HLEOLFKHU.RSI5V.80$,:13IHUGPLW=JHOGDV O 9RUGHUEHLQ HUKREHQ GDUXQWHU *HIl‰ XQWHU GHU %RGHQOLQLH %HDPWHQQDPH 675$7:1 GDV *DQ]H LQ /RUEHHUNUDQ]-+2DNOH\$1601I VWJO  )HLQJHW|QWY] ([*RUQ\ 0RVFK$XNWLRQ/RV

368





±

369

7HWUDGUDFKPH J  FD    Y &KU 9V .RSI HLQHU )UDX PLW 'LDGHP Q U 5V .80$,21 LP $EVFKQLWW .$//,$6 3IHUG Q U GDYRU *HIl‰ GDV *DQ]H LP /RUEHHUNUDQ] 2DNOH\ $1601   9V6WHPSHO61*&RS61*$XO Y]

±

0<5,1$ 7HWUDGUDFKPH J  0LWWH  -K Y &KU 9V .RSI GHV $SROORQ PLW /RUEHHUNUDQ] Q U 5V 085,1$,:1  $SROOR YRQ *U\QHLRQ PLW 3DWHUD XQG /RUEHHU]ZHLJ Q U VWHKHQG YRU LKP 2PSKDORV XQG $PSKRUDDOOHVLPXQWHQJHEXQGHQHQ/RUEHHUNUDQ]OLP)HOG0RQRJUDPP%0&61*$XO  6HKUVHOWHQHV0RQRJUDPPVVY]

± 


*5,(&+(1

370

2:1

371

2:1

2:1

2:1

/(6%26 

0<7,/(1(+HNWH J Y&KU9V/|ZHQNRSIPLWDXIJHULVVHQHP0DXOQU5V+DKQHQNRSILQFXV QOGDKLQWHUXQUHJHOPl‰LJHV,QFXVXP%RGHQVWHGW%0&61*&RS+*& (OHNWURQY]



+HNWH J   Y &KU 9V /|ZHQNRSI PLW DXIJHULVVHQHP 0DXO Q U 5V ,QFXVHU .DOEVNRSI Q U %RGHQVWHGW (OHNWURQY] ([6DPPOXQJ'U*:H[6OJ0/H\H[/DQ]0QFKHQ$XNWLRQ/RVH[1XPLVPDWLF)LQH$UWV $XNWLRQ;;,,/RV

372

2:1

±

373

2:1

2:1

2:1



+HNWH J   Y &KU 9V /|ZHQNRSI PLW DXIJHULVVHQHP 0DXO Q U 5V ,QFXVHU .DOEVNRSI Q U %RGHQVWHGW (OHNWURQY]



+HNWH J Y&KU9V)URQWDOHV*RUJRQHLRQ5V,QFXVHU.RSIGHVElUWLJHQ+HUDNOHVPLW/|ZHQIHOOQ UGDUXQWHU.HXOH%RGHQVWHGW61*$XO5RVHQ (OHNWURQVVY] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

± ±

375

374

2:1

±

2:1

2:1

2:1



+HNWH J   Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q U 5V /|ZHQNRSI YRQ YRUQH %RGHQVWHGW (OHNWURQ)DVWY]

±



+HNWH J Y&KU9V0XVHQNRSIPLW6DNNRVQU5V.RSIGHU$WKHQDPLWNRULQWKLVFKHP+HOPLQ /LQLHQTXDGUDWQU%RGHQVWHGW (OHNWURQ5$XVHWZDVXQVDXEHUHP6WHPSHOJXWHVVV

±

377

376

2:1

2:1

2:1

2:1



+HNWH J FDY&KU9V.RSIHLQHV'LRVNXUPLWORUEHHUEHNUlQ]WHU0W]HOXQGU6WHUQ5V.RSI GHU3HUVHSKRQHQULP/LQLHQTXDGUDW%RGHQVWHGW(P+*& (OHNWURQVVY]



+HNWH J Y&KU9V.RSIGHVElUWLJHQ=HXVPLW/RUEHHUNUDQ]U5V6FKODQJHQSURWRPHLQ4XDGUDW QU%RGHQVWHGW (OHNWURQ)DVWY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV



± ±




306

358

363 


*5,(&+(1

378

378 3:1

,21,(1 

,1&(5780 3KRNlLVFKHU 6WDQGDUG +HNWH J  9V Q U VFKUHLWHQGHU 3DQWKHU RGHU /|ZLQ  PLW HUKREHQHUOLQNHU9RUGHUSUDQNHXQG]XUFNJHZDQGWHP.RSI5V4XDGUDWLVFKHV,QFXVXPPLWHUKDEHQHQ.HLOHQ :HLGDXHU61*.D\KDQ9LVPDUD(OHNWURQ5RVHQ/LQ]DORQH:KLWH*ROG (OHNWURQ55Y]

379 2:1 



380 2:1

2:1

 6WDWHU J   -K Y &KU 9V 6WLOLVLHUWHU /|ZHQNRSI DXI UXQGHU (UKHEXQJ YRQ YRUQ 5V 8QUHJHO Pl‰LJHV,QVXVXP5RVHQ6OJ.OHLQ%RVWRQ61*.D\KDQ (OHNWURQ5Y] ([6DPPOXQJ'U*:H[+DXFN $XIKlXVHU0QFKHQ$XNWLRQ/RV





± ±

383

382

3:1

3:1

3:1 

2:1

3KRNlLVFKHU6WDQGDUG6WDWHU J +lOIWH-KY&KU0]VW6DPRV " 9V)URQWDOHU/|ZHQVNDOS 5V8QUHJHOPl‰LJHV4XDGUDWXP,QFXVXP:HLGDXHUII61*.D\KDQ MHZHLOVPLOHVLVFKHU6WDQGDUG  (OHNWURQ5Y]

381

±

(3+(626 3KDQHV FD    Y &KU  6WDWHU J  FD    Y &KU 9V 9RUGHUWHLO HLQHV +LUVFKHVQU5V8QUHJHOPl‰LJH3XQ]H:HLGDXHUYJO +HPLKHNWH /LQ]DORQH&ROOYJO/1 ([+HULWDJH1<,1&$XNWLRQ/RV (OHNWURQ)DVWY]

±

3KDQHVFDY&KU6WDWHU J FDY&KU9V+LUVFKSURWRPHQU5V0LWVLFK NUHX]HQGHQ*UDWHQGXUFK]RJHQHV,QFXVXP:HLGDXHU7UDLWp61*$XO61*&RS%0& ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV (OHNWURQ55VVY]

±

 6WDWHU J  FD  Y &KU 9V /|ZHQWDW]H YRQ REHQ JHVHKHQ PLW IQI .Q|FKHOQ XQG ]ZHL .UDOOHQ5V4XDGUDWXP,QFXVXP.DUZLHVH6HULH,7\S (OHNWURQY] ([6DPPOXQJ'U*:

±

384

1,5:1 



1,5:1

7HWUDGUDFKPH J 0DJLVWUDW7KHVVDORVFDY&KU9V%LHQHPLWJHVSUHL]WHQ)OJHOQLQ'UDXI VLFKW]ZLVFKHQ()5V4(66$/269RUGHUWHLOHLQHVNQLHQGHQ+LUVFKHVQU.RSIQOXPJHZHQGHWGDKLQWHU 'DWWHOSDOPH7UDLWp61*$XO+HDG61*&RS%0&3K.LQQV(SKHVXV3L[RGDUXV+RDUGLQ&RLQ +RDUGV,;  61*0QFKHQ0QVWHUEHUJ6 55$WWUDNWLYHGXQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[7ULWRQ,9/RV

±


*5,(&+(1

385 

385

1,5:1

7HWUDGUDFKPH J     Y &KU 9V %LHQH ]ZLVFKHQ () 5V +LUVFKSURWRPH PLW ]XUFNJHZHQ GHWHP.RSIGDQHEHQ3DOPHUHFKWV%HDPWHQQDPH(2(/4:161*$XO+HDG6II 9DU  (UZRUEHQDXIGHU0Q]E|UVH.DUOVUXKHDPEHL*UXQRZ%HUOLQ 3UIKLHEVV

±

386

2:1 

2:1

7HWUDGUDFKPH J     Y &KU 9V %LHQH ]ZLVFKHQ () 5V +LUVFKSURWRPH PLW ]XUFNJHZHQ GHWHP.RSIGDQHEHQ3DOPHUHFKWV%HDPWHQQDPH,/(:6+HDG6II 9DUQLFKWPLWGLHVHP%HDPWHQ 3K .LQQV(SKHVXV3L[RGDUXV+RDUGLQ&RLQ+RDUGV,;  6 2  9VOHLFKWH3UlJHVFKZlFKHY] Aus der Sammlung griechischer Münzen von Paulo LeitmRHUZRUEHQYRQ3ULYDW

±

387 

'UDFKPH J     Y &KU 9V %LHQH ]ZLVFKHQ () 5V 9LHUJHWHLOWHV 4XDGUDWXP LQFXVXP 61* &RS%0& 5*HW|QWVV

±

388 2:1 

'UDFKPH J Y&KU9V%LHQH]ZLVFKHQ ()5V6WHKHQGHU+LUVFKYRUHLQHU3DOPHYRUQH %HDPWHQQDPH 0+75$6 3 .LQQV 7KH $WWLF :HLJKW 'UDFKPV RI (SKHVRV 1&  6  +HDG &ODVV ; 6  7|QXQJVV ([*RUQ\ 0RVFK$XNWLRQ/RV

389 

2:1

2:1

±

389

$( J  FD    Y &KU 9V %LHQH ]ZLVFKHQ ( X ) 5V .QLHQGHU +LUVFK Q O GDUEHU $VWUDJDO OLQNV%HDPWHQQDPH>4@(2':52661*&RS 6FKZDU]H3DWLQDY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±




*5,(&+(1

390

390

2:1 

$OV$UVLQRHLD2NWRERO J Y&KU9V.RSIGHU$UVLQRH,,PLW6FKOHLHUQU5V%RJHQXQG .|FKHU$56,UHFKWV%LHQHOLQNV%HDPWHQQDPH>@*21(86+HDG6 57|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV /\VLPDFKRVEUDFKWH(SKHVRVLP-DKUXQWHUVHLQH+HUUVFKDIW=X(KUHQVHLQHU*HPDKOLQEHQDQQWHHUGLH 6WDGW LQ LKUHQ 1DPHQ XP 'LH DQWLNHQ 4XHOOHQ EHULFKWHQ GDVV VLH VLFK DOV LKU 0DQQ LQ GHU 6FKODFKW YRQ .RXURXSHGLRQILHOLQGHU6WDGWDXIKLHOW$OVHLQIDFKH)UDXYHUNOHLGHWVFKOXJVLHVLFK]XP+DIHQGXUFK(LQH 6NODYLQ GLH VLH DQ LKUHU 6WHOOH SRVLWLRQLHUW KDWWH ZXUGH YRQ GHQ YRUGULQJHQGHQ VHOHXNLGLVFKHQ 6ROGDWHQ HUPRUGHW

±

391 2:1 

2:1

$OV$UVLQRHLD$( J Y&KU9V.RSIGHU$UVLQRH,,PLW6FKOHLHUQU5V3URWRPHHLQHV NQLHQGHQ +LUVFKHV Q U PLW ]XUFNJHZHQGHWHP .RSI LP )HOG $5,6 UHFKWV $VWUDJDO OLQNV %HDPWHQQDPH /,&>$@6%0& 9DU 61*&RS 5*UQH3DWLQDVV ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV 3DUDOOHOVVWFNLQ&ODVVLFDO1XPLVPDWLFV*URXS($XFWLRQ/RV

392

±

394

393

2:1

2:1

2:1



(5<7+5$,+HNWH J Y&KU9V.RSIGHV+HUDNOHVPLW/|ZHQVNDOSQO5V9LHUJHWHLOWHV 4XDGUDWXPLQFXVXP7UDLWp7DI61*$XO (OHNWURQ5Y] ([/+61XPLVPDWLN$XNWLRQ/RV



+HNWH J     Y &KU 9V .RSI GHV +HUDNOHV PLW /|ZHQVNDOS Q O 5V 9LHUJHWHLOWHV 4XDGUDWXP LQFXVXP7UDLWp7DI61*$XO (OHNWURQVVY]

±



+HNWH J     Y &KU 9V .RSI GHV +HUDNOHV PLW /|ZHQVNDOS Q O 5V 9LHUJHWHLOWHV 4XDGUDWXP LQFXVXP7UDLWp7DI61*$XO (OHNWURQ.OHLQH.UDW]HUVV

±

±

395 3:1 



3:1

+HPLRERO J FDY&KU9V(UKDEHQH5RVHWWH5V5RVHWWHLQYHUWLHIWHP)HOG61*$XO 6OJ.OHLQ 'XQNOH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

±


*5,(&+(1

396 

+(5$./(,$ $0 /$7026 7HWUDGUDFKPH J  FD   Y&KU9V$WKHQDNRSIPLWDWWLVFKHP +HOP U 5V .HXOH GDUEHU +5$./(:7:1 GDUXQWHU ]ZHL 0RQRJUDPPH XQG 1LNH 'DV *DQ]H LQ (LFKHQNUDQ]61*/RFNHWW61*.D\KDQ /HLFKWJHW|QWY] ([ +HLGHOEHUJHU 0Q]KDQGOXQJ $XNWLRQ   1RYHPEHU  /RV  H[ 0Q]HQ 0HGDLOOHQ)3/ $XJXVW1U



2NWRERO J Y&KU9V.RSIGHU$WKHQDPLWNRULQWKLVFKHP+HOPQU5V+5$./(:7:1 GD]ZLVFKHQ.HXOHGDV*DQ]HLP/RUEHHUNUDQ]61*$XO61*&RS61*0QFKHQ 50LQLPDONRUURGLHUWJXWHVVV ([6DPPOXQJ53H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

./$=20(1$, 'LGUDFKPH J  8P  Y &KU 9V *HIOJHOWH (EHUSURWRPH Q U 5V 9LHUJHWHLOWHV 4XDGUDWXPLQFXVXP61*&RSI5RVHQ 6FK|QHGXQNOH7|QXQJIDVWY] ([+LUVFK1DFKI$XNWLRQ/RV

±

399 

±

398

397 

396

1,5:1

399

1,5:1

/(%('26 7HWUDGUDFKPH J     Y &KU 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q U 5V /(%(',:1$32//2'2726 NOHLQH (XOH DXI HLQHU .HXOH ]ZLVFKHQ ]ZHL )OOK|UQHUQ Q U VWHKHQG GDV *DQ]HLP/RUEHHUNUDQ].LQQV Y]VW ([&RLQ*DOOHULHV$XJXVW/RV

±

400 2:1 

2:1

+HPLGUDFKPH J     Y &KU 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOP Q O 5V (XOH Q U 3URUDGDUEHU/>(@O%HDPWHQQDPH+*,$661*.D\KDQ 6FK|QH7|QXQJVV ([6DPPOXQJ53H[9HFFKL/RQGRQ$XNWLRQ/RV

±




*5,(&+(1

401

1,5:1



1,5:1

0$*1(6,$$00b$1'(57HWUDGUDFKPH J (URJQHWRV6RKQGHV=RS\ULRQFDY&KU 9V 'UDSLHUWH %VWH GHU $UWHPLV PLW JHVFKXOWHUWHP .|FKHU XQG %RJHQ Q U 5V $SROORQ DQ HLQHQ 'UHLIX‰ JHOHKQWLQGHUJHVHQNWHQ5HFKWHQ2SIHUELQGHQKDOWHQGGDUXQWHU0lDQGHUEDQG0$*1+7:1+52*1+726 =:385,:126GDV*DQ]HLP/RUEHHUNUDQ]%0&1)-RQHV$1601   VWJO   9VJXW]HQWULHUWXQGVFKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

402

2:1 

2:1

0,/(7 6WDWHU J  0LWWH  -K Y &KU  9V /|ZH PLW ]XUFNJHZDQGWHP .RSI Q O ODJHUQG LQ 'RSSHOUHFKWHFN5V'UHL,QFXVDLPPLWWOHUHQ)XFKVXQG+DQWHOPLW.XJHOOLQNVLQGHQVHLWOLFKHQ+LUVFKNRSI XQG)QISXQNWNUHX]:HLGDXHU+LOEHUW6 $;)+N  GLHVHV([HPSODU  (OHNWURQ558QJHZ|KQOLFKH6FKU|WOLQJVIRUP5VNOHLQHU.UDW]HUJXWHVVV ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

403

±

404

2:1

2:1

2:1

2:1



+HPLKHNWH J  0LWWH  -K Y &KU 9V /|ZHQSURWRPH Q U GLH UHFKWH 3UDQNH YRUJHVWUHFNW 5V )QI SXQNWNUHX]6OJ.OHLQ GLHVHV([HPSODU +LOEHUW++ $;  GLHVHV([HPSODU  (OHNWURQ5Y] ([6DPPOXQJ'U*:H[+DXFN $XIKlXVHU0QFKHQ$XNWLRQ/RVH[$XIKlXVHU0QFKHQ $XNWLRQ/RV



6WDWHU J -KY&KU9V)URQWDOHU/|ZHQNRSI5V,QFXVXP61*$XOI:HLGDXHU6OJ.OHLQ  VWJO 9LVPDUD(OHNWURQ+LOEHUW6XSSO LQ9RUEHUHLWXQJ 0 $8  (OHNWURQ5VV ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

±

±

405 2:1 



2:1

'LRERO J  8P  Y &KU 9V /|ZHQNRSI Q U 5V %OWHQRUQDPHQW LQ YHUWLHIWHP 4XDGUDW 61* $XO %0&5RVHQ Y] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

±


*5,(&+(1

406 2:1

407

408

2:1

2:1

2:1



+HPLRERO J 8PY&KU9V/|ZHQSURWRPHYRQREHQJHVHKHQ5V6NRUSLRQLQYHUWLHIWHP4XDGUDW 61*7ELQJHQ61*$XO5RVHQ 5'XQNOH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV



3+2.$,$ +HNWH J   Y &KU 9V :HLEOLFKHU .RSI PLW 6SKHQGRQp Q O 5V 8QUHJHOPl‰LJHV 4XDGUDWXPLQFXVXP%RGHQVWHGW (OHNWURQ*XW]HQWULHUWVVY]



+HNWH J   Y &KU 9V .RSI GHU $UWHPLV Q O GDUXQWHU 5REEH GDKLQWHU .|FKHU 5V 9LHUJHWHLOWHV 4XDGUDWXP,QFXVXP%RGHQVWHGW (OHNWURQVVY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

409

± ±

410

2:1

2:1 

±

7(26 7ULRERO J     Y &KU 9V *UHLI Q U VLW]HQG 5V 9LHUJHWHLOWHV 4XDGUDWXP ,QFXVXP %DOFHU6LOYHU&RLQDJHRI7HRV6150DW]NH)UKH0Q]SUlJXQJYRQ7HRV-1* ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV 6FKZDU]H7|QXQJY]

±

,16(/1925,21,(1 

&+,26 'LGUDFKPH J  FD    Y &KU 9V 6SKLQ[ VLW]W Q O YRU $PSKRUD 5V 9LHUJHWHLOWHV ,QFXVXPPLWXQUHJHOPl‰LJHQ)HOGHUQ%DOGZLQ7DIII0DYURJRUGDWR+*&  56FK|QHGXQNOH7|QXQJHWZDVSRU|VHU6FKU|WOLQJJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFK

±

411 2:1

2:1

.$5,(1 

,1&(5780'LRERO J 8PY&KU0]VW+DOLNDUQDVVRV9V*UHLIHQNRSIQO5V2UQDPHQWLHUWHV 4XDGUDWXP LQFXVXP 61* $XO  7UDLWp ,, 1U 5RVHQ  .RQXN .HWRV H $3  GLHVHV ([HPSODU  Y] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV =XU=XZHLVXQJ5$VKWRQ..RQXN7KH.HWRV&RLQVRI&DULDLQ.$5,$$5.+$,$/D&DULHGHVRULJLQHV jODSpULRGHSUpKpNDWRPQLGH  II

±

412 3:1 

3:1

7HWDUWHPRULRQ J     Y &KU 9V /|ZHQNRSI Q O 5V .RSI GHV $SROO YRQ YRUQ OHLFKW Q O JHZDQGW61*$XO61*.HFNPDQ7UR[HOO&DULDQVLQ0LQLDWXUH6& ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ/RV (OHNWURQ)HLQH7|QXQJY]

± 


*5,(&+(1

413

413 2:1 

.$5,6&+('<1$67(1+HNDWRPQRVFDY&KU7HWUDGUDFKPH J 0]VW0\ODVD9V =HXV YRQ /DEUDXQGD LQ 0DQWHO XQG &KLWRQ PLW 'RSSHOD[W Q U VWHKHQG 5V >(.$7201:@ /|ZH PLW JH|IIQHWHP0DXODXI6WDQGOLQLHVSUXQJEHUHLWQUVWHKHQG%0&61*$XO+HFDWRPQRV+RDUG&+,; $3 VWJO  'XQNOH7|QXQJVV (UZRUEHQEHL.QNHU

±

414

2:1 

2:1

+LGULHXVY&KU7HWUDGUDFKPH J 9V$SROORQNRSIOHLFKWQUJHZDQGW5V,'5(:6=HXV /DEUDXQGRVPLW=HSWHUXQG'RSSHOD[WQUVWHKHQGOLP)HOG,61*$XO7UDLWp,,3L[RGDUXV+RDUG 7DI 7|QXQJ9VHWZDVSUlJHVFKZDFK5V6FKU|WOLQJVIHKOHUIDVWY] ([6DPPOXQJ'U*: +LGULHXVZDUZLHVHLQ9RUJlQJHU0DXVVROORVXQGVHLQ1DFKIROJHU3L[RGDURVHLQ6RKQGHV+HNDWRPQRV$XFK VHLQH*HPDKOLQ$GDXQG$UWHPLVLDGLH(KHIUDXGHV0DXVVROORVZDUHQGHVVHQ.LQGHU'LHJDQ]H)DPLOLHZDU GHU JULHFKLVFKHQ .XOWXU ]XJHWDQ XQG WDW VLFKPLW]DKOUHLFKHQ%DXWHQXQG6WLIWXQJHQKHUYRU$XIGHQ0Q]HQ lX‰HUWVLFKGLHVGXUFKGHQGH]LGLHUWJULHFKLVFKHQ6WLOGHUVLFKLP(LQIOXVVEHUHLFKGHVDFKlPHQLGLVFKHQ5HLFKHV QLFKW EHUDOO GXUFKVHW]WH $XFK GLH /HJHQGHQ ZXUGHQ XQWHU GHQ +HNDWRPQLGHQ JULHFKLVFK XQG HUVHW]WHQ GLH YRULJHQNDULVFKHQ%HLVFKULIWHQ

±

415

2:1 



2:1

+LGULHXV    Y &KU 'LGUDFKPH J  9V $SROORQNRSI OHLFKW Q U JHZDQGW 5V ,'5(:6 =HXV /DEUDXQGRV PLW =HSWHU XQG 'RSSHOD[W Q U VWHKHQG ]ZLVFKHQ )X‰ X =HSWHU 0RQRJUDPP 61* $XO  61*.HFNPDQ,61*.D\KDQ Y]

±


*5,(&+(1

416

2:1 

2:1

3L[RGDURVY&KU'LGUDFKPH J 9V$SROORQNRSIOHLFKWQUJHZDQGW5V3,;:'$52>8@ =HXV/DEUDXQGRVPLW=HSWHUXQG'RSSHOD[WQUVWHKHQG61*&RS61*$XOI 7|QXQJDXVXQVDXEHUHP6WHPSHOIDVWY]

±

417

2:1

2:1 

3L[RGDURV    Y &KU 'UDFKPH J  9V $SROORQNRSI OHLFKW Q U JHZDQGW 5V 3,;:'$528 =HXV /DEUDXQGRV PLW =HSWHU XQG 'RSSHOD[W Q U VWHKHQG 61* &RS  61* $XO  61* .D\KDQ  +HUYRUUDJHQGHU6WLO/HLFKWH7|QXQJY] ([*ROGEHUJ$XNWLRQ%HYHUO\+LOOV0DL/RV

419

418 



+$/,.$51$6626 +HPLGUDFKPH J     -K Y &KU 9V %VWH GHV $SROO PLW /RUEHHUNUDQ] JHVFKXOWHUWHP.|FKHUPLW3IHLOQU5V$/,.$51$66(:1.LWKDUD8QWHQ/(2REHQ0RQRJUDPP61* $XO61*&RS /HLFKWH7|QXQJVV ([ *HQHUDWLRQHQVDPPOXQJ +LUVFK 1DFKI $XNWLRQ  0QFKHQ  /RV  H[ *LHVVHQHU 0Q]KDQGOXQJ$XNWLRQ0QFKHQ/RV

±

7ULKHPLRERO J -KY&KU9V3HJDVRVSURWRPHQO5V=LHJHQNRSI]ZLVFKHQ3XQNWHQLQYHUWLHIWHP )HOGQO61*.HFNPDQ61*$XO61*&RS%0& YJO 7UR[HOO&DULDQV61*.D\KDQYJO I 2EROHPLWGHQ0RWLYHQLQGLHDQGHUH5LFKWXQJ  'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±

420 

±

2:1

420

.,1'<$ +HPLVWDWHU J     Y &KU 9V .HWRV PLW DXIJHVWHOOWHP .DPP DXI GHP 5FNHQ Q U VFKZLPPHQG 5V *HRPHWULVFKHV 0XVWHU PLW 6WHUQ GDUEHU *HWUHLGHNRUQ .DJDQ  .ULWW 1XP&KURQ  7DI 55)DVWY] ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ;,,,0lU]/RV

±




*5,(&+(1

422

421 



0</$6$ " 6WDWHU J 8PY&KU9V/|ZHQSURWRPHPLWDXIJHULVVHQHP5DFKHQXQGGUHLIDFKHU

=RWWHOPlKQH  Q U 5V 'XUFK EUHLWHQ %DONHQ ]ZHLJHWHLOWHV 4XDGUDWXP LQFXVXP PLW XQUHJHOPl‰LJ DEJHDUEHLWHWHQ)HOGHUQ61*.HFNPDQ61*$XO61*.D\KDQ VV . .RQXN VXJJHVWHG 0\ODVD UDWKHU WKDQ .DXQRV DV PLQWLQJ SODFH RI WKLV FRLQ FI(DUO\&RLQDJHRI.DXQRV (VVD\V3ULFH$QP  (XSROHPRV    Y &KU $( J  9V 'UHL VLFK EHUODSSHQGH PDNHGRQLVFKH 5XQGVFKLOGH PLW 6SHHUVSLW]HQLP0LWWHOIHOG5V(832/(028]XEHLGHQ6HLWHQHLQHVLQGHU6FKHLGHVWHFNHQGHQ6FKZHUWHV GDUXQWHU0RQRJUDPP61*.HFNPDQX *UQH3DWLQDJXWHVVV

±

±

423

2:1

2:1

.$5,6&+(,16(/1 

.267HWUDGUDFKPH J FDY&KU9V.RSIGHV+HUDNOHVPLW/|ZHQVNDOSQO5V.UDEEHLQ YHUWLHIWHP 4XDGUDW GDUEHU .:,21 GDUXQWHU %HDPWHQQDPH 4(2'2726 XQG .HXOH 61* $XO  3L[RGDURV+RDUG7DI VWJO  *XW]HQWULHUW5VHWZDVIODX]DUWH7|QXQJY] ([*RUQ\ 0RVFK$XNWLRQ/RVH[6WDFNV%RZHUV 3RQWHULR1HZ<RUN1<,1&$XNWLRQ /RVH[2WDNLUDN&ROOHFWLRQ

±

424 

5+2'26 7HWUDGUDFKPH J  0DJLVWUDW (XNUDWHV    Y &KU 9V .RSI GHV +HOLRV LQ 9RUGHUDQVLFKWOHLFKWQUJHZHQGHW5V52',21(8.5$7+65RVHPLW7ULHEULP)HOGO%OLW]EQGHO 61*.HFNPDQ$VKWRQ5KRGRV )HLQH7|QXQJIDVWY]

±

425 



7HWUDGUDFKPH J FDY&KU9V.RSIGHV+HOLRVLQ9RUGHUDQVLFKWOHLFKWQUJHZDQGW5V >5@2',21 5RVHQEOWH O PLW 7ULHE U (IHXEODWW PLW .RU\PEH X %XFKVWDEH ) $VKWRQ 51    %HUHQG5KRGRV+HFDWRPQXV+RDUGD $3 GLHVHV6WFN  )HLQHGXQNOH7|QXQJ9V6FKU|WOLQJVIHKOHUY] ([1XPLVPDWLF)LQH$UWV$XNWLRQ;9,'H]HPEHU/RVH[7KH1XPLVPDWLF$XFWLRQ 7UDGDUW  'H]HPEHU/RV

±




417

420

425




*5,(&+(1

426 2:1 

2:1

'LGUDFKPH J  FD    Y &KU 9V .RSI GHV +HOLRV LQ 9RUGHUDQVLFKW OHLFKW Q U JHQHLJW 5V 52',:1 5RVHQEOWH PLW 7ULHE XQG .QRVSH DXI GHU UHFKWHQ 6HLWH LP )HOG O 7UDXEH EHU ( GDV *DQ]H LQ YHUWLHIWHP4XDGUDW61*.HFNPDQII%0& 6FK|QH7|QXQJJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

±

427

2:1

2:1 

'LGUDFKPH J  FD    Y &KU 9V .RSI GHV +HOLRV LQ 9RUGHUDQVLFKW OHLFKW Q U JHZHQGHW 5V 01$6,0$&26 5RVH PLW 7ULHE U EHLGHUVHLWV GHV 6WlQJHOV 3  2 O LP )HOG $WKHQD 1LNHSKRURV 61* .HFNPDQ 6FKDUIDXVJHSUlJWY]VW

429

428 



±

'LGUDFKPH J FDY&KU9V+HOLRVNRSIPLW6WUDKOHQNUDQ]IURQWDOOHLFKWQUJHZDQGW5V 01$6,0$&265RVHOXUGDYRQ52OLP)HOG$WKHQDPLW$SKODVWRQ61*.HFNPDQI61*$XO %0&+*& 9VDXVYHUEUDXFKWHP6WHPSHOVV ([/DQ]0QFKHQ$XNWLRQ 'UDFKPH J  FD  Y   Q &KU 9V .RSI GHV +HOLRV LQ 9RUGHUDQVLFKW OHLFKW Q U JHZDQGW 5V$332//:1,'$6DXIJHEOKWH5RVHLQ'UDXIVLFKW3HWDVRVX&DGXFHXVLP)HOG61*.HFNPDQ 5VhEHUSUlJXQJVVSXUHQY]

±

±

431

430 2:1 





'UDFKPH J FDY&KU9V.RSIGHV+HOLRVPLW6WUDKOHQNURQHQU5V525RVHGDUEHU $57(0:1 LP )HOG XQWHQ OLQNV ,VLVNURQH *. -HQNLQV 5KRGLDQ 3OLQWKRSKRURL LQ .UDD\0RUNROP(VVD\V  *URXS$1U61*.HFNPDQ Y] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±

+HPLGUDFKPH J FDY&KU9V.RSIGHV+HOLRVPLW6WUDKOHQNURQHIDVWIURQWDOEHUGLHUHFKWH 6FKXOWHU EOLFNHQG 5V 52 5RVH GDUEHU 7,02.5$7+ LP )HOG XQWHQ OLQNV ,VLVNURQH *. -HQNLQV 5KRGLDQ3OLQWKRSKRURLLQ.UDD\0RUNROP(VVD\V  *URXS'1U +HUUOLFKH7|QXQJY] ([*RUQ\ 0RVFK$XNWLRQ/RVGDYRU3ULYDWVDPPOXQJLQ)UDQNHQHUZRUEHQDP

±


*5,(&+(1

432

433

3:1

2,5:1

.g1,*5(,&+/<',(1 



/DWH+HNWH J 8PY&KU9V(EHUNRSIQOGDYRU7$/5V=ZHLTXDGUDWLVFKH,QFXVDPLW *UDWHQ-6SLHU1RWHVRQ(DUO\(OHFWUXP&RLQDJHDQGD'LHOLQNHG,VVXHIURP/\GLD)HVWVFKULIW3ULFH 

7DI:HLGDXHU 9DU  (OHNWURQ55VV ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ/LVWH1U 'LH YRUOLHJHQGH +HNWH JHK|UW LQ HLQH (PLVVLRQ GHUHQ 0Q]HQ DXI GHU 9RUGHUVHLWH ]ZHL JHJHQVWlQGLJH (EHUN|SIHXQGHLQHO\GLVFKH,QVFKULIWLP=HQWUXP]HLJHQ:LHEHLGHQ0Q]HQGHV9DOYHOLVWDXFKKLHULPPHU QXU PLW HLQHU 6HLWH GHV 6WHPSHOV JHSUlJW GHVVHQ YROOVWlQGLJHV ZHVHQWOLFK JU|‰HUHV %LOG QLH JDQ] DXI HLQHU 0Q]H HUVFKHLQW 7URW] GHU IRUPDOHQ XQG WHFKQLVFKHQ bKQOLFKNHLW OLH‰HQ VLFK ELVKHU NHLQH GLUHNWHQ 9HUELQGXQJHQ HWZD 6WHPSHONRPELQDWLRQHQ ]X 0Q]HQ GHV 9DOYHO ILQGHQ 'LH 0Q]HQ PLW GHQ (EHUN|SIHQ ZXUGHQ GDKHU YLHOOHLFKW LQ HLQHU DQGHUHQ 0Q]VWlWWH JHSUlJW 8QWHU %HUFNVLFKWLJXQJ DOOHU EHNDQQWHQ ([HPSODUH KDEHQ VLFK ELVKHU GLH %XFKVWDEHQ ODWH OHVHQ ODVVHQ -3 6L[ KDW DOV 3UlJHKHUUQ GHQ O\GLVFKHQ .|QLJ 6DG\DWWHV YRUJHVFKODJHQ GRFK OlVVW VLFK GLHVHU 9RUVFKODJ QLFKW YHULIL]LHUHQ /LW -3 6L[ 1&  6SLHUD2I:HLGDXHUI

8QEHVWLPPWHU.|QLJ=HLWGHV$O\DWWHVELV.URLVRV7ULWH J Y&KU9V.RSIHLQHV/|ZHQ PLWDXIJHULVVHQHP0DXOPLWPHKUVWUDKOLJHU:DU]HQU5V=ZHLXQJOHLFKHTXDGUDWLVFKH3XQ]HQ:HLGDXHUII 5RVHQ61*$XO (OHNWURQVVY] ([6DPPOXQJ'U*:H[$XIKlXVHU0QFKHQ$XNWLRQ/RV

434





±

434

2:1

.URLVRV    Y &KU RGHU IUKH $FKlPHQLGHQ 6WDWHU OHLFKWHU 6WDQGDUG  J     Y &KU 0]VW 6DUGHLV 9V 9RUGHUWHLO HLQHV /|ZHQ O XQG HLQHV 6WLHUHV U HLQDQGHU JHJHQEHU OLHJHQG 5V =ZHL XQWHUVFKLHGOLFKJUR‰HUHFKWHFNLJH3XQ]HQ61*$XO61*0QFKHQ5RVHQ (OHNWURQVVY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFK

435

±

2:1

±

435

.URLVRVY&KU6LOEHUVWDWHU J 0]VW6DUGHLV9V3URWRPHQHLQHV/|ZHQPLWDXIJHULVVHQHP 0DXOQUXHLQHV6WLHUVQOHLQDQGHUJHJHQEHU5V=ZHLTXDGUDWLVFKH,QFXVD61*$XO61*.D\KDQ  $XIEUHLWHP6FKU|WOLQJ)HLQJHW|QWVVY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±




*5,(&+(1

436 

436

2:1

.URLVRVY&KU6LJORV J 0]VW6DUGHLV9V'LH9RUGHUWHLOHHLQHV/|ZHQPLWDXIJHULVVHQHP 0DXOQOXHLQHV6WLHUVQUHLQDQGHUJHJHQEHU5V=ZHLTXDGUDWLVFKH3XQ]HQ61*$XO5RVHQ 61*&RS61*.D\KDQ $WWUDNWLYHGXQNOH7|QXQJVV (UZRUEHQEHL0Q]KDQGOXQJ)XQN0QFKHQYRU

±

437 1,5:1

1,5:1

3+5<*,(1 

$.021(,$$( J FD-KY&KU9V%VWHGHU$WKHQDPLWDWWLVFKHP+HOPQU5V$GOHUODQGHW PLWDXVJHEUHLWHWHQ6FKZLQJHQDXIHLQHP%OLW]EQGHO]ZLVFKHQ6WHUQHQ2EHQ$.021>(:1@XQWHQ%HDPWHQ QDPHQ4(2'272>6@,(52./(>6@61*&RS61*$XO  )HLQHU6WLOVFK|QHVFKZDU]JUQH3DWLQD5V3UlJHVFKZlFKHVRQVWY] ([*RUQ\ 0RVFK$XNWLRQ/RVH[&ODVVLFDO1XPLVPDWLF*URXSFRLQV

±

438

/<.,(1 

81%(67,007(5 '<1$67 6WDWHU J  FD    Y &KU 9V (EHU PLW DXIJHVWHOOWHP .DPPXQG JHVHQNWHP.RSIDXI6WDQGOLQLHQU5V/DQGVFKLOGNU|WHLQ'UDXIVLFKWLP3HUOTXDGUDWXQG4XDGUDWXPLQFXVXP 9LVPDUD/\FLD,,61*$XO61*&RS6XSSO0VHOHU7DI,, *HW|QWVV ([*RUQ\ 0RVFK$XNWLRQ/RV

±

439

2:1 



2:1

6WDWHU J FDY&KU0]VW7ORV " 9V/LQNVKLQVLW]HQGHU/|ZHPLWHUKREHQHU3UDQNHQO5V 4XDGUDWLVFKHV ,QFXVXP PLW 3HUOUDKPHQ LP )HOG 3HJDVRVSURWRPH Q U 9LVPDUD /\FLD ,,  7UDLWp  7DI ;&961*$XO61*&RS9JO6XSS0VHOHU,,, VWJO  7|QXQJY] ([6DPPOXQJ'U*:H[&1*0DLO%LG6DOH1HZ<RUN/RVH[*RUQ\ 0RVFK$XNWLRQ 0QFKHQ/RVH[.|OQHU0Q]NDELQHWW$XNWLRQ/RVH[6WHUQEHUJ=ULFK$XNWLRQ 9,,,/RV 'HUVLW]HQGH/|ZHPLWHUKREHQHU3UDQNHLVWZRKODOV(PEOHPGHU6WDGW7ORVLQ:HVWO\NLHQDQ]XVHKHQ

±


*5,(&+(1

441

440 



6WDWHU J FDY&KU9V9RUGHUWHLOHLQHV(EHUVPLWDXIJHVWHOOWHP.DPPQU$XIGHU6FKXOWHU ; 5V 4XDGUDWXP LQFXVXP PLW 7ULVNHOHV LQ 3HUOUDKPHQ 9LVPDUD /\FLD   0VHOHU   %0&  9DU 7ULVNHOHVDQGHUVKHUXP  55'XQNOH7|QXQJVV ([/+61XPLVPDWLN$XNWLRQ=ULFK/RV

±

6WDWHU J  FD    Y &KU 0]VWXQEHVWLPPW9V(EHUSURWRPHU5V8QUHJHOPl‰LJVWUXNWXULHUWHV ,QFXVXP7UDLWp61*$XO VWJO 61*&RS6XSSO0VHOHU, $WWUDNWLYHGXQNOH7|QXQJVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[3HXV1DFKI$XNWLRQ)UDQNIXUW/RV

±

443

442 

6WDWHU J FDY&KU9V9RUGHUWHLOHLQHV(EHUVPLWDXIJHVWHOOWHP.DPPQO5V4XDGUDWXP LQFXVXPPLWJUR‰HP;LP=HQWUXPDQ]ZHL6HLWHQIDVWTXDGUDWLVFKH9RUVSUQJH 3UIKLHEVV ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV



6WDWHU J FDY&KU0]VWXQEHVWLPPW9V/|ZHQNRSIQOPLWDXIJHULVVHQHP0DXO5V 4XDGUDWXPLQFXVXPPLW=LUNHOPRWLYXQG]ZHLHUKDEHQHQ3XQNWHQ0VHOHU61*.D\KDQ 7|QXQJVV ([ *HQHUDWLRQHQ6DPPOXQJ +LUVFK 1DFKI $XNWLRQ  0QFKHQ  /RV  H[ *LHVVHQHU 0Q]KDQG OXQJ$XNWLRQ0QFKHQ/RV 6RQVWXQHGLHUW"=XP6WLOXQG]XU*HVWDOWXQJGHV,QFXVXPVYJO]%61*.D\KDQI

±

±

444 3:1

3:1 

8YXJ"6WDWHU J FDY&KU0]VWXQEHVWLPPW9V(EHUNRSIPLW3HUOKDOVEDQGQU5V6WLHUNRSI PLWPHQVFKOLFKHP*HVLFKW )OXVVJRWW QOLQYHUWLHIWHP4XDGUDW6OJ3KLOLSVHQ$XNWLRQ+LUVFK0QFKHQ  1U  ,PKRRI%OXPHU *ULHFKLVFKH 0Q]HQ 1U  YJO 61* Y $XORFN  (EHUSURWRPH O  9LVPDUD/\FLD0VHOHU YJO,,I6WLHUQU  55/HLFKWH7|QXQJJXWHVVV ([.QNHU2VQDEUFN$XNWLRQ/RV 3DUDOOHOVWFNLQ3HXV1DFKI$XNWLRQ/RV

445 2:1 



±

446

7HWURERO J 8PY&KU0]VW$SHUODLRGHU=DJDED$SROORQLD9V/LQNVKLQEHUHLQHJHSHUOWH *UXQGOLQLHVSULQJHQGHU'HOILQ5V7ULVNHOHVLQTXDGUDWLVFKHP,QFXVXPPLW5DKPHQOLQLH7UDLWp0VHOHU,,,  GLHVHV([HPSODU  50VHOHUSODWHFRLQ'XQNOH7|QXQJVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[8%6$XNWLRQ/RV '<1$67(1 (NXZHPL 6WDWHU J  FDY&KU9V9RUGHUWHLOHLQHV(EHUVPLWDXIJHVWHOOWHP.DPP XQG 3HUOVFKQXU DQ GHU 6FKXOWHUOLQLH Q U 5V HNRZHLPL 4XDGUDWXP LQFXVXP PLW 7ULVNHOHV LQ 3HUOUDKPHQ 0VHOHU,,, VWJO 7UDLWp YJO  55'XQNOH7|QXQJVV

±

± 


*5,(&+(1

447 2:1 

2:1

8YXJ6WDWHU J Y&KU0]VWXQEHVWLPPW9V*HIOJHOWHDQGURNHSKDOH6WLHUSURWRPHU5V $SKURGLWHNRSI U GDKLQWHU XZXJ 9LVPDUD ,,  7UDLWp  61* $XO  0VHOHU ,9 $  GLHVHV ([HPSODU  0VHOHUSODWHFRLQ6FK|QHGXQNOH7|QXQJJXWHVVV ([3HXV1DFKI$XNWLRQ/RVH[1XPLVPDWLFD$UV&ODVVLFD$XNWLRQ.=ULFK/RV

448

±

449

2:1

2:1

2:1

2:1



.XSULOOL7HWURERO J Y&KU0]VWXQEHVWLPPW9V3URWRPHHLQHV6WLHUVQU5VN7ULVNHOHVLQ TXDGUDWLVFKHP,QFXVXPPLW3HUOUDKPHQ9LVPDUD0RUNKROP=DKOH 55'XQNOH7|QXQJVV 3DUDOOHOVWFNLQ5RPD1XPLVPDWLFV$XNWLRQ/RQGRQ/RV

±



.XSULOOL'LRERO J Y&KU0]VW.DQG\ED"9V=XP6SUXQJDQVHW]HQGHUJHIOJHOWHU/|ZHQ O'DUEHU7ULVNHOHV5VNRSUO7ULVNHOHVLQTXDGUDWLVFKHP,QFXVXPPLW3HUOUDKPHQ0VHOHU,9 GLHVHV ([HPSODU 61*$XO YJO2ERO  50VHOHUSODWHFRLQ'XQNOH7|QXQJVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±

451

450 

.KLQDNKD " 6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVDXI5XQGVFKLOGGDUXQWHU3XQNW 5V7ULVNHOHVLQUXQGHP,QFXVXPGDUXPVFKPDOHU3HUONUDQ]7UDLWp,,61*$XO 'XQNOH7|QXQJVV

±



.KLQDNKD6WDWHU J FDY&KU0]VW/LP\UD " 9V1UIOLHJHQGHU3HJDVRVDXI5XQGVFKLOG GDUXQWHU=HLFKHQGHV.KLQDNKD5V7ULVNHOHVLQUXQGHP,QFXVXP,P)HOGO\N=HLFKHQ8PODXIHQGVFKPDOHU 3HUONUHLV61*$XO0VHOHU,9 VV

±

454 452

453



.KLQDNKD " 6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVDXI5XQGVFKLOGGDUXQWHU3XQNW 5V7ULVNHOHVLQUXQGHP,QFXVXPGDUXPVFKPDOHU3HUONUDQ]7UDLWp,,61*$XO 'XQNOH7|QXQJY]

±



.KLQDNKD "  6WDWHU J  FD    Y &KU 9V 1 O IOLHJHQGHU 3HJDVRV DXI 5XQGVFKLOG GDUXQWHU 3XQNW5V7ULVNHOHVLQUXQGHP,QFXVXPGDUXPVFKPDOHU3HUONUHLV7UDLWp,,61*$XO  'XQNOH7|QXQJVV

±





.KLQDNKD " 6WDWHU J FDY&KU9V1OIOLHJHQGHU3HJDVRVDXI5XQGVFKLOGGDUXQWHU 3XQNW5V7ULVNHOHVLQUXQGHP,QFXVXPGDUXPVFKPDOHU3HUONUDQ],P)HOGNOHLQHV=HLFKHQ9LVPDUD61* $XO0VHOHU61*&RS 'XQNOH7|QXQJVV (UZRUEHQEHL0Q]KDQGOXQJ$WKHQD0QFKHQYRU

±


*5,(&+(1

455



2:1 2:1 7HWKWKLYHLEL6WDWHU J Y&KU9V9RUGHUWHLOHLQHV(EHUVPLWDXIJHVWHOOWHP.DPPQO5V 7;;()(%7HWUDVNHOHVLP4XDGUDWXPLQFXVXP9LVPDUD61*$XO 555*XWHVVV ([6DPPOXQJ$)'HXWVFKODQG

±

456 2:1 

2:1

7HWKWKLYHLEL 6WDWHU J     Y &KU 9V =ZHL JHJHQVWlQGLJH +lKQH DXI HLQHP JHZ|OEWHQ 6FKLOG 'D]ZLVFKHQ=HLFKHQ5VWHWKWKLYHLEL7HWUDVNHOHVLQYHUWLHIWHP4XDGUDW61*$XO 9DU 0VHOHU9 0RUNKROP=DKOH$$7DI,,/ 9DU  56FKDUIDXVJHSUlJWY]

±

457 

7HWKWKLYHLEL 6WDWHU J     Y &KU 9V =ZHL JHJHQVWlQGLJH +lKQH DXI HLQHP JHZ|OEWHQ 6FKLOG 'D]ZLVFKHQ=HLFKHQ5VWHWKWK7HWUDVNHOHVLQYHUWLHIWHP4XDGUDW9LVPDUD,,61*$XO5RVHQ  9DU 0VHOHU9 9VHWZDVSUlJHVFKZDFK5V6WHPSHOEUXFKVV

±

458



2:1 2:1 7HWKWKLYHLEL6WDWHU J Y&KU0]VW3KHOORV " 9V:HLEOLFKHU.RSIQO5VWHWWKLZHLEL 7HWUDVNHOHVLQYHUWLHIWHP4XDGUDW%0&0VHOHU9 559VHWZDVIODXVV ([+LUVFK1DFKI$XNWLRQ/RVH[+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±

459



2:1 2:1 7QQHPL6WDWHU J FDY&KU9V/LQNVVLW]HQGHU*UHLIPLWHUKREHQHUUHFKWHU9RUGHUWDW]HDXI HLQHP JHZ|OEWHQ 6FKLOG 5V 7QQHPL VNRUSLRQlKQOLFKHU 7ULVNHOHV 5RVHQ  7UDLWp  0RUNKROP 1HXPDQQ'LHO\NLVFKHQ0Q]OHJHQGHQ  7DI 0  5VVWJO   557|QXQJ9VDXVYHUEUDXFKWHP6WHPSHOY]

± 


*5,(&+(1

460



2:1 2:1 6SSLQWD]D 0LWWH  -K Y &KU 7HWURERO J  0]VW 3KHOORV 9V .RSI GHU $SKURGLWH Q O 5VVSSQ 7HWUDVNHOHVLQYHUWLHIWHP4XDGUDWPLW3HUOUDKPHQ7UDLWp0VHOHU9 GLHVHV([HPSODU   550VHOHUSODWHFRLQ7|QXQJVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[8%6$XNWLRQ/RV

461

462

2:1

2:1 



(UEELQD6WDWHU J FDY&KU0]VW7HOPHVVRV9V$WKHQDNRSIQUPLWDWWLVFKHP+HOPGDYRU =HLFKHQ 5V OUEEHQD ElUWLJHU +HUDNOHVNRSI LP /|ZHQIHOO Q U GDYRU .HXOH 9LVPDUD ,,  VWJO  +XUWHU 7LVVDSKHUQHV)XQG VWJO 0VHOHU9, VWJO  +HUUOLFKJHW|QW9VDXIGHU:DQJHJHJOlWWHWVVY] (UZRUEHQYRUEHL$WKHQD0QFKHQ

±

(UEELQD 6WDWHU J  FD    Y &KU 0]VW 7HOPHVVRV 9V $WKHQDNRSI Q U PLW DWWLVFKHP +HOP GDYRU =HLFKHQ 5V OUEEHQD ElUWLJHU +HUDNOHVNRSI LP /|ZHQIHOO Q U GDYRU .HXOH9LVPDUD,, VWJO  +XUWHU7LVVDSKHUQHV)XQG VWJO 0VHOHU9, VWJO  9VHWZDVIODXVV ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RVH[+LUVFK1DFKI$XNWLRQ/RV

±

463 

±

463

2:1

.KHUHL6WDWHU J FDY&KU0]VWXQEHNDQQW ;DQWKRV" 9V.RSIGHU$WKHQDPLWDWWLVFKHP +HOP PLW+HOPEXVFKQUGHU+HOPNHVVHOJHVFKPFNWPLWHLQHUNOHLQHQ(XOH]ZHL2OLYHQEOlWWHUQXQGHLQHU 6SLUDOH5V9RUGHUWHLOHLQHVPXVNXO|VHQJHIOJHOWHQ6WLHUHVPLWKlQJHQGHU:DPPHLP4XDGUDWXPLQFXVXPQ U,P)HOGNKHUH7UDLWp YJO2ERO 0VHOHU9, GLHVHV([HPSODU  ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RV 0VHOHUSODWHFRLQ9VHWZDVIODX7|QXQJVV

±

464 2:1 



2:1

.KHUHL6WDWHU J Y&KU0]VW;DQWKRV9V.RSIGHU$WKHQDPLWORUEHHUJHVFKPFNWHPDWWLVFKHQ +HOP Q O 5V NKHUHL  .RSI GHV '\QDVWHQ PLW .\UEDVLD XQG ODQJHP %DUW Q U LP 4XDGUDWXP LQFXVXP 0¡UNKROP=DNOH0VHOHU9, GLHVHV([HPSODU  0VHOHUSODWHFRLQ56FK|QH7|QXQJJXWHVVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RV FRUU H[6WHUQEHUJ$XNWLRQ=ULFK/RV

±


*5,(&+(1

465 



466

.KHUHL6WDWHU J Y&KU0]VW;DQWKRV9V.RSIGHU$WKHQDPLWORUEHHUJHVFKPFNWHPDWWLVFKHQ +HOPQU5V.RSIGHV'\QDVWHQPLW.\UEDVLDXQGODQJHP%DUWQULP4XDGUDWXPLQFXVXP5HFKWVXQGOLQNVLP )HOGO\N/HJHQGH0¡UNKROP=DNOH0VHOHU9, (WZDVVFKDUIJHUHLQLJW5V6WHPSHOEUXFKJXWHVVV ([*HQHUDWLRQHQVDPPOXQJ+LUVFK1DFKI$XNWLRQ0QFKHQ/RVH[3HXV1DFKI$XNWLRQ )UDQNIXUW/RV

±

.KHUHL 6WDWHU J     Y &KU 0]VW ;DQWKRV 9V .RSI GHU $WKHQD PLW ORUEHHUJHVFKPFNWHP DWWLVFKHQ+HOPQU5V NKHUH .RSIGHV'\QDVWHQPLW.\UEDVLDXQGODQJHP%DUWQULPYHUWLHIWHP5XQGPLW 3HUOUDKPHQ0¡UNKROP=DNOH1UII 9DU 0VHOHU9, 9DUGHU/HJHQGH  6FK|QH7|QXQJVV ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±

467 2:1 

2:1

.KHUHL  6WDWHU J  FD    Y &KU 0]VW ;DQWKRV "  9V .RSI GHU $WKHQD U PLW DWWLVFKHP +HOP5V.RSIGHVElUWLJHQ'\QDVWHQPLWSHUVLVFKHU.\UEDVLDU6+XUWHULQ)67KRPSVRQ6OJ5HXWHU 7UDLWp:LQ]HU 55'XQNOH7|QXQJ5DQGDXVEUXFKPLW6FKU|WOLQJVULVVVV ([ *HQHUDWLRQHQ6DPPOXQJ +LUVFK 1DFKI $XNWLRQ  0QFKHQ  /RV  HUZRUEHQ EHL $XIKlXVHU 

±

468

2:1 

9HNKVVHUH,,FDY&KU6WDWHU J 0]VW;DQWKRVRGHU7ORV9V.RSIGHVElUWLJHQ'\QDVWHQ PLW .\UEDVLD LP 3HUONUHLV Q U 5V .RSI GHV $SROORQ PLW /RUEHHUNUDQ] Q U GDKLQWHU 'LVNHOHV LP UXQGHQ ,QFXVXPPLW3HUONUHLV9LVPDUD ]XU5VYJO,, 0VHOHU9,, /HLFKWH7|QXQJVVY]

469





2:1

±

470

9HNKVVHUH ,, FD    Y &KU 6WDWHU J  FD    Y &KU 0]VW XQEHNDQQW ;DQWKRV"  9V /|ZHQSURWRPH PLW DXIJHULVVHQHP 0DXO XQG ]RWWLJHU 0lKQH LP 3HUONUHLV Q U OLHJHQG 5V .RSI PLW NRULQWKLVFKHP+HOPLP3HUONUHLVQU0VHOHU9,, /HLFKWJHW|QWJXW]HQWULHUWY] ([3HXV1DFKI$XNWLRQ$SULO/RV 9HNKVVHUH ,, FD    Y &KU 6WDWHU J  0]VW ;DQWKRV RGHU 7ORV 9V .RSI GHU $WKHQD PLW EHEXVFKWHP DWWLVFKHP +HOPV Q U 5V .RSI GHV +HUPHV PLW JHIOJHOWHP 3HWDVRV Q U 8PODXIHQG O\NLVFKH /HJHQGH9LVPDUD,II DQGHUH6WHPSHO 7UDLWp 9DU 0VHOHU9,, GLHVHV([HPSODU  ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RV /HLFKWH7|QXQJ6WHPSHOULVVHVV

±

± 


*5,(&+(1

471 



472

7UEEHQLPLFDY&KU 6WDWHU J -KY&KU9V/|ZHQVNDOSGDUXQWHU7ULVNHOHV5V WUHEEHQLPLXP7ULVNHOHV3RGDOLD+RDUG0VHOHU9,,, GLHVHV([HPSODU  ([3HXV1DFKI$XNWLRQ/RV 0VHOHUSODWHFRLQ3UlJHVFKZlFKHQVV 7UEEHQLPLFDY&KU6WDWHU J -KY&KU0]VW/LP\UD =HPXUH 9V]HPXKXP7ULV NHOHV5VWUHEEHXP7ULVNHOHV61*$XO0VHOHU9,,, GLHVHV([HPSODU  0VHOHUSODWHFRLQ5'XQNOH7|QXQJY] ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[*RUQ\ 0RVFK$XNWLRQ/RV

±

±

473 

0LWKUDSDWD 6WDWHU J  FD    Y &KU 9V /|ZHQSURWRPH PLW DXIJHULVVHQHP 0DXO U 5V PLWKUDSDWD3RUWUlWGHV'\QDVWHQOGDKLQWHU7ULVNHOHV2OFD\0RUNKROP VWJO  Y] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

474

2:1 

2:1

0LWKUDSDWD 6WDWHU J  FD    Y &KU 9V /|ZHQSURWRPH PLW DXIJHULVVHQHP 0DXO U 5V PLWKUDSDWD3RUWUlWGHV'\QDVWHQOGDKLQWHU7ULVNHOHV61*$XO2OFD\0RUNKROP $3VWJO  0VHOHU9,, GLHVHV([HPSODU  'XQNOH7|QXQJ3UlJHVFKZlFKHQVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[.QNHU2VQDEUFN$XNWLRQ/RV

±

475 

0LWKUDSDWD6WDWHU J Y&KU0]VWXQEHVWLPPW9V)URQWDOHU/|ZHQVNDOS5VPLWKUDG 7ULVNHOHVLQYHUWLHIWHP4XDGUDW5HFKWV'HOILQ9LVPDUD,, 9DU 0VHOHU9,, 9DU  7|QXQJVV

±

476 



3HULNOH 6WDWHU J     Y &KU 0]VW $QWLSKHOORV 9V 3RUWUlW GHV '\QDVWHQ LQ 'UHLYLHUWHODQVLFKW 5V 3HULNOH Q U NlPSIHQGHU QDFNWHU .ULHJHU PLW NRULQWKLVFKHP +HOP 6FKLOG XQG /DQ]H U LP )HOG 7ULVNHOHV12OFD\20RUNKROP7KH&RLQ+RDUGIURP3RGDOLD1& $3 9LVPDUD 7UDLWp61*$XO 9VVWJO %0& $X‰HUJHZ|KQOLFKHV3RUWUlWOHLFKWH7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±




435 461

473

476




*5,(&+(1

477 479

478



3HULNOH6WDWHU J FDY&KU9V/|ZHQVNDOSLQ9RUGHUDQVLFKW5V3HULNOHLQO\NLVFKHU 6FKULIW7ULVNHOHV7UDLWp,,61*$XOXQG0VHOHU9,,, GLHVHV([HPSODU  0VHOHUSODWHFRLQ$WWUDNWLYHGXQNOH7|QXQJJXWHVVV ([3HXV1DFKI$XNWLRQ)UDQNIXUW/RVH[.|OQHU0Q]NDELQHWW$XNWLRQ/RV

±



3HULNOH6WDWHU J FDY&KU9V/|ZHQVNDOSLQ9RUGHUDQVLFKW5V3HULNOHLQO\NLVFKHU 6FKULIW7ULVNHOHV7UDLWp,,61*$XOXQG0VHOHU9,,, VVY] ([/HX1XPLVPDWLN:HE$XNWLRQ:LQWHUWKXU/RV

±



.$1'<%$ +HPLGUDFKPH J  FD    Y &KU XQWHU '\QDVW .KHULJD  9V .RSIGHU$WKHQDPLW DWWLVFKHP+HOPQO5V.RSIGHU$WKHQDPLWDWWLVFKHP+HOPQOLPIODFKHQ4XDGUDWXPLQFXVXPGDYRULQ O\NLVFKHU6FKULIW.+(5(:.+ UHWURJUDG 0VHOHU0RUNKROP=DKOH   /HLFKWH7|QXQJVVY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

481

480 

3+$6(/,6 6WDWHU J   -K Y &KU 9V 3URUD HLQHU *DOHHUH PLW $XIEDX XQG 5DPPVSRUQ Q U 5V )$6++HFNHLQHU*DOHHUHPLW5HOLQJQU+HLSS7DPHU6HULH )DVWY]

±



6WDWHU J -KY&KU9V3URUDHLQHU*DOHHUHPLW$XIEDXXQG5DPPVSRUQQU5V)$6++HFNHLQHU *DOHHUHPLW5HOLQJQU&1*   VWJO +HLSS7DPHU6HULH )DVWY]

±

482



483

484

485

/<.,6&+(5 %81' .UDJRV +HPLGUDFKPH J  FD   Y &KU 9V $SROORQNRSI ]ZLVFKHQ /8 QU 5V.LWKDUD]ZLVFKHQ.3OLP)HOG3DOP]ZHLJ7UR[HOO 9DU 0VHOHU;, GLHVHV([HPSODU   0VHOHUSODWHFRLQ/HLFKWH7|QXQJY] ([6DPPOXQJ5HXWHU3HXV1DFKI$XNWLRQ)UDQNIXUW/RV



0DVLN\WHV +HPLGUDFKPH J  FD   Y &KU 9V $SROORQNRSI U 5V /\UD ]ZLVFKHQ 0$ U LP )HOG 'UHLIX‰7UR[HOO 9DU 0VHOHU;, GLHVHV([HPSODU  'XQNOH7|QXQJVV ([3HXV1DFKI$XNWLRQ/RVH[+HUEHUW*UQ+HLGHOEHUJHU0Q]KDQGOXQJ$XNWLRQ /RV



0DVLN\WHV+HPLGUDFKPH J FDY&KU9V$SROORQNRSIO5V/\UD]ZLVFKHQ0$ULP)HOG 'UHLIX‰O.HU\NHLRQ7UR[HOOII 'XQNOH7|QXQJY]



3LQDUD'UDFKPH J Y&KU9V.RSIGHV$SROORQPLW/RUEHHUNUDQ]QU5V/8.,:13, .LWKDUDLQ4XDGUDWXPLQFXVXP7UR[HOO (UWZDVVFKDUIJHUHLQLJWY] (UZRUEHQDXIGHU0Q]E|UVH0QFKHQYRU



±

±

± ±


*5,(&+(1

486

2:1

2:1

3$03+</,(1 

$63(1'26 6WDWHU J  0LWWH  -K Y &KU 9V 1 U DXVVFKUHLWHQGHU .ULHJHU PLW 6FKLOG XQG /DQ]H =ZLVFKHQGHQ%HLQHQ6FKLOGNU|WHQREHQ5V(67ULVNHOHVXQG/|ZHYHUVFKUlQNWGDUEHU6FKLOGNU|WH61* $XO61*%1 *XWHVVV

±

487

2:1

2:1



6WDWHU J FDY&KU9V%HKHOPWHUQDFNWHU.ULHJHUPLW5XQGVFKLOGXQG6SHHUQOODXIHQG 5V7ULVNHOHVDXVPHQVFKOLFKHQ%HLQHQGDUEHU(661*$XO 9DU  $XVHQJOLVFKHU3ULYDWVDPPOXQJ 5556HOWHQLQGLHVHU(UKDOWXQJ'XQNOH7|QXQJJXWHVY]

±

488

2:1



2:1

6WDWHU J Y&KU9V=ZHL5LQJHUJHJHQEHUGD]ZLVFKHQ(5V(67)(',ORNDOHU+HURVPLW 6WHLQVFKOHXGHUQU%HL]HLFKHQ7ULVNHOHVXQG.HXOH61*$XO61*%161*&RS *HW|QW3UlJHVFKZlFKHDXIGHU5VY]

± 


*5,(&+(1

490

489 

6WDWHU J  6SlWHV    -K Y &KU 9V =ZHL QDFNWH 5LQJHU GD]ZLVFKHQ '/ 5V (67)(',,86 6FKOHXGHUHUQUGDYRU7ULVNHOHV61*$XOII 9DU 61*%1 6FKDUIDXVJHSUlJWIDVWY]

±



6,'(6WDWHU J FDY&KU9V*UDQDWDSIHOLQXPODXIHQGHP2UQDPHQW5V$WKHQDNRSIPLW NRULQWKLVFKHP+HOPQULQYHUWLHIWHP)HOG/LQNVLP)HOGNUHLVI|UPLJH3UIPDUNH:HEHU VWJO $WODQ  g$  5VV

±

491 



492

6WDWHU J Y&KU9V$WKHQDVWHKWPLW6SHHU6FKLOGXQG1LNHGLHGLH*|WWLQEHNUlQ]WQO LP )HOG O *UDQDWDSIHO 5V $SROOR VWHKW PLW 3DWHUD XQG JUR‰HP /RUEHHU]ZHLJ Q O ]X VHLQHQ )‰HQ HQWIODPPWHU $OWDU KLQWHU LKP HLQ 5DEH 61* $XO  YJO   61* %1  YJO  II  61* &RS  YJOII  556FK|QH7|QXQJKRKHV5HOLHI'UXFNVWHOOHIDVWY] ([6DPPOXQJ53HUZRUEHQ 1RUPDOHUZHLVH KDEHQ GLHVH 3UlJXQJHQ HLQH /HJHQGH LQ VLGHWLVFKHU 6FKULIW 'DV YRUOLHJHQGH ([HPSODU LVW MHGRFKDQHSLJUDSKLVFK 7HWUDGUDFKPH J -KY&KU9V$WKHQDNRSIPLWNRULQWKLVFKHP+HOPQU5V9RQUKHUDQIOLH JHQGH1LNHPLW.UDQ]OLP)HOG*UDQDWDSIHOX%HDPWHQQDPH./(8&61*$XO%0&I 6FK|QH7|QXQJ9VPLQ6FKU|WOLQJVIHKOHUIDVWY]

±

±

493

2:1

2:1

3,6,',(1 

6(/*( 6WDWHU J     Y &KU 9V =ZHL 5LQJHU VLFK JHJHQEHUVWHKHQG XQG VLFK DQ GHQ +DQGJHOHQNHQIDVVHQG]ZLVFKHQLKQHQ$/5V6(/*(:1ORNDOHU+HURVLPNXU]HQ&KLWRQQUEHUVHLQHP .RSI6WHLQVFKOHXGHUVSDQQHQGYRULKP.HXOHGDUEHU7ULVNHOHV61*$XO61*%1:HEHU&ROO ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ,,,0lU]/RV +HUUOLFKH7|QXQJY]

±

494 2:1

2:1

.,/,.,(1 



,1&(5780 2ERO J   -K Y &KU 9V )URQWDOHU .RSI GHV +HUDNOHV PLW /|ZHQIHOO 5V $GOHU DXI +LUVFKNRSI61*/HYDQWH61*%1 'XQNOH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±


*5,(&+(1

495

3:1

3:1 

+HPLRERO J   -K Y &KU 9V %HKHOPWHU IURQWDOHU .RSI 5V )URQWDOHU ElUWLJHU .RSI U 5HVWH HLQHU DUDPlLVFKHQ " /HJHQGH7UR[HOO.DJDQ67DID HLQ([HPSODU  )HLQJHW|QWY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

497

496 



±

$'$1$ $( J   Y &KU ELV U|PLVFKH .DLVHU]HLW 9V YHUVFKOHLHUWHU .RSI GHV $SROO Q U 5V$'$1(:1 OLQNVKLQ WKURQHQGHU =HXV PLW =HSWHU XQG 9LFWRULROD Q O 8PODXIHQG /RUEHHUNUDQ] 61* /HYDQWH *XWHU6WLOVFK|QHJUQHEUDXQH3DWLQDY]

±

.(/(1'(5,66WDWHU J FDY&KU9V1DFNWHU-QJOLQJVSULQJWYRQHLQHP3IHUGGDUXQWHU 3$5V.(/(1VLFKQDFKHLQHU5DQNHXPZHQGHQGH=LHJH&0.UDD\7KH&HOHQGHULV+RDUG1& 7DI,61*$XO 9DU  VV

±

498

2:1

2:1 

6WDWHU J FDY&KU9V1DFNWHU-QJOLQJVSULQJWYRQHLQHPQUJDORSSLHUHQGHQ3IHUG5V .(/(1 VLFK XPZHQGHQGH =LHJH Q U XQWHQ LP $EVFKQLWW . 61* %1   61* /HYDQWH   61* $XO   .UDD\1&61*&RS /HLFKWH7|QXQJVVY] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

499

±

500 1,5:1





0$//26 6WDWHU J     Y &KU 9V 1 O HLOHQGH JHIOJHOWH MDQXVN|SILJH *RWWKHLW .URQRV"

KlOWHLQH6RQQHQVFKHLEHYRUGHQ.|USHUGDYRU3URWRPHHLQHVVWLHUJHVWDOWLJHQ)OXVVJRWWHVQU5V0$5/QU VWHKHQGHU6FKZDQLQYHUWLHIWHP4XDGUDW9JO&0.UDD\$UFKDLFDQG&ODVVLFDO*UHHN&RLQV  7DI 9DU 0$3  61* %1  YJO  6FKZDQ Q O  61* /HYDQWH   %0&   7UDLWp  YJO  6FKZDQQO  61*$XO61*&RS 557|QXQJ3UIKLHEVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV 7LULED]RVFDY&KU6WDWHU J Y&KU9V.RSIGHU$SKURGLWHPLW6SKHQGRQpX 2KUULQJQU5V.RSIGHV6DWUDSHQPLW.\UEDVLDXPGLHHLQ'LDGHPJHVFKOXQJHQLVWGDYRU0$/61*%1 2&DVDERQQH/D&LOLFLHjOpSRFKHDFKpPHQLGH  6HULH*UXSSH'E61*/HYDQWHI .RUURVLRQVVSXUHQVVY]

±

± 


*5,(&+(1

501 2:1 

2:1

1$*,'26$(2ERO J FDY&KU9V.RSIGHVElUWLJHQ3DQQU5V.DQWKDURVGDUEHU1 61*$XO 56FK|QHGXQNHOJUQH3DWLQDVV ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RVHUZRUEHQEHL/HX$*=ULFK

±

502 2:1 

2:1

7$5626 8QEHVWLPPWHU SHUVLVFKHU 6DWUDS 6WDWHU J  6SlWHV  -K Y &KU 9V =LQQHQEHZHKUWH 6WDGWPDXHUPLWGUHL7UPHQ5V6WLHUSURWRPHQUUHFKWVXQWHQ$QNK=HLFKHQ61*/HYDQWH61*%1 %0&&DVDERQQH 55/HLFKWH7|QXQJVV 3DUDOOHOVWFNH LQ +HULWDJH :RUOG &RLQ $XFWLRQV /RQJ %HDFK 6LJQDWXUH 6DOH   /RV  XQG 1XPLVPDWLN1DXPDQQ:LHQ$XNWLRQ/RV'LHEHL+HULWDJHYRUJHWUDJHQH=XZHLVXQJDQ7DUVRV GHU KLHU JHIROJW ZLUG EHUXKW DXI GHP $QNK=HLFKHQ GDV DXFK VRQVW LQ GHU 0Q]SUlJXQJ YRQ 7DUVRV KlXILJ DXIWULWW

±

503 2:1

2:1 

8QEHVWLPPWHU SHUVLVFKHU 6DWUDS 6WDWHU J  FD    Y &KU 9V 5HLWHU PLW .\UEDVLD XQG PHGLVFKHU 7UDFKW DXI JH]DFNWHU 6DWWHOGHFNHO LP 6FKULWW Q O KLQWHU VHLQHP .RSI $GOHU IOLHJHQG 5V %RJHQVSDQQHQGHU *UR‰N|QLJ LQ ODQJHU SHUVLVFKHU 7UDFKW PLW .LGDULV Q U GDYRU DUDPlLVFKH ,QVFKULIW 75= &DVDERQQH7DI =DUWH7|QXQJJXWHVVV

±

504 2:1 



2:1

8QEHVWLPPWHU SHUVLVFKHU 6DWUDS 6\HQQHVLV 6WDWHU J FDY&KU9V5HLWHUPLW.\UEDVLD XQG PHGLVFKHU 7UDFKW LP 6FKULWW Q O 8QWHU GHP %DXFK $QNK=HLFKHQ 5V %RJHQVSDQQHQGHU *UR‰N|QLJ LQ ODQJHUSHUVLVFKHU7UDFKWPLW.LGDULVQUGDKLQWHUDUDPlLVFKH,QVFKULIW75=XQG=HLFKHQ&DVDERQQH7DI  9DU  =DUWH7|QXQJJXWHVVV 6WHPSHOJOHLFKHV([HPSODULQ1RPRV$XNWLRQ=ULFK/RV

±


*5,(&+(1

505 2:1 

2:1

3KDUQDED]RV    Y &KU 6WDWHU J  9V 1\PSKHQNRSI LQ 'UHLYLHUWHODQVLFKW 5V .RSI GHV ElUWLJHQ$UHVPLWDWWLVFKHP+HOPQUGDYRUR70R\VH\61UDEHUV7DI 9VVWJO 61*%1  9DU 61*&RS +HUUOLFKHGXQNOH7|QXQJ9V6WHPSHOIHKOHUY]

506 



±

507

'DWDPHVY&KU6WDWHU J 9V1\PSKHQNRSILQ'UHLYLHUWHODQVLFKW5V.RSIGHVElUWLJHQ $UHV PLW DWWLVFKHP +HOP Q O GDYRU 75'0: LQ NLOLNLVFKHU 6FKULIW 0R\VH\ ,VVXH  61* %1  I 61* /HYDQWH&DVDERQQH6HULH 6WHPSHOEUXFKDXIGHU9V5V6FKU|WOLQJVIHKOHUY] 'DWDPHV    Y &KU 6WDWHU J  9V 5HFKWVKLQ VLW]HQGHU %DDOWDUV QHEHQ 7K\PLDWHULRQ LQ GHU /LQNHQ.RUQlKUHXQG:HLQUHEHLQGHU5HFKWHQ$GOHU]HSWHUXQWHUGHP7KURQVLW]HQGHU/|ZHO%/75=5V 5HFKWVKLQ WKURQHQGHU 6DWUDS PLW 3IHLO XQG %RJHQ GDUEHU )DUDYDKDU O 75'0: 61* %1  61* /HYDQWH 5)HLQJHW|QW5V'RSSHOVFKODJY] ([6DPPOXQJ'U*:

±

±

508 1,5:1 

1,5:1

0D]DLRVY&KU6WDWHU J 9V%DDOWDUVDXISHUVLVFKHP'LSKURVQOVLW]HQGLQGHU/LQNHQODQJHV =HSWHUPLWGHU5:HLQUHEHKDOWHQGGDUEHU$GOHUPLW.RUQlKUHVLW]HQGULP)HOG%DDOWDUV5V/|ZHHLQHQLQ GLH .QLH EUHFKHQGHQ 6WLHU ]X %RGHQ GUFNHQG XQG LKP LQ GHQ 1DFNHQ EHL‰HQG GDUXQWHU 0RQRJUDPP 61* /HYDQWH61*%1 7|QXQJVFKDUIDXVJHSUlJW5VZLQ]LJH.RUURVLRQVVSXUIDVWVW ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

±

509 

85$6WDWHU J 0LWWH-KY&KU9V5HFKVKLQNQLHQGH$QWLORSHPLW]XUFNJHZDQGWHP.RSI/LQNV DXIVSULQJHQGH 5DQNH 5V =LQQHQEHZHKUWH 6WDGWPDXHU PLW ]ZHL 7UPHQ 2EHQ DUDPlLVFKH ,QVFKULIW &DVDERQQH YJO6IIPLW7DI,  53UlJHVFKZlFKHQVV 3DUDOOHOVWFNHEHL5RPD1XPLVPDWLFV/RQGRQ(VDOH/RV5RPD1XPLVPDWLFV$XNWLRQ;,,/RV 1RPRV$*2ERORV/RV 'LHEHL&DVDERQQHJH]HLJWH0Q]HZHLVWGDVJOHLFKH9RUGHUVHLWHQPRWLYXQGGLHJOHLFKH/HJHQGHDXI8UDZLUG VFKRQ LQ QHREDE\ORQLVFKHQ 4XHOOHQ HUZlKQW %HUHLWV LP  -W Y&KU EHWULHE HV +DQGHO PLW 8JDULW 2IIHQEDU ZDU HV HLQ ZLFKWLJHU 6HHKDIHQ LP 6GHQ $QDWROLHQV 'LH /DJH LVW KHXWH QRFK QLFKW VLFKHU JHNOlUW 9RUJHVFKODJHQZXUGH]%6HOHXNLDDP.DO\NDGQRVRGHU.HOHQGHULV

±




*5,(&+(1

510

.$33$'2.,(1 

.$33$'2.,6&+( .g1,*( $ULDUDWKHV ,; (XVHEHV 3KLORSDWRU    Y &KU 7HWUDGUDFKPH J  0]VW (XVHEHLD 7\DQD 9V .RSI PLW %LQGH Q U 5V %$6,/(:6$5,$5$428 (86+%286 ),/23$72526 4XHOOZDVVHU WULQNHQGHU 3HJDVRV /LQNV 6WHUQ LQ 0RQGVLFKHO U 0RQRJUDPP 6LPRQHWWD 6D VWJO +*& 9VVWJO 'H&DOODWD\7DI;/,,, '5E 6G GLHVHV([HPSODU  55'XQNHO7|QXQJVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP/LVWH/RVH[1$&$XNWLRQ=ULFK /RVH[/HX$XNWLRQ=ULFK/RVH[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV H[6DPPOXQJ-DPHVRQ1UH[6DPPOXQJ5KRXVRSRXORV+LUVFK$XNWLRQ;,,,0QFKHQ &DELQHWVWFNHUVWHQ5DQJHV7UHIIOLFKHV([HPSODUYRQJU|‰WHU6HOWHQKHLW -DNRE+LUVFK  $ULDUDWKHV,;ZDUHLQ6RKQGHV0LWKUDGDWHV9,YRQ3RQWRVZDVGLH3RUWUlWlKQOLFKNHLWXQGDXFKGLHEULJH LNRQRJUDSKLVFKH9HUZDQGWVFKDIWGHU0Q]H]XGHQ*HSUlJHQGHV9DWHUVHUNOlUW'HU.QDEHZXUGHPHKUIDFK YRQVHLQHP9DWHUDOV+HUUVFKHU.DSSDGRNLHQVLQVWDOOLHUW=XHUVWLP$OWHUYRQDFKW-DKUHQXQG]XPYLHUWHQXQG OHW]WHQ 0DO QDFK $XVEUXFK GHV 0LWKULGDWLVFKHQ .ULHJHV LQ GHVVHQ 9HUODXI GHU MXJHQGOLFKH .|QLJ LQ 1RUGJULHFKHQODQGILHO

511 2:1

±

511

=<3(51 

3$3+262QDVLRLNRVY&KU6WDWHU J 9V6WLHUDXIYHU]LHUWHU6WDQGOLQLHQOVFKUHLWHQG GDUEHU)OJHOVRQQHYRULKP $QFK =HLFKHQ5V$GOHUPLWJHVFKORVVHQHQ6FKZLQJHQQOVWHKHQGYRULKP $QFK=HLFKHQGDUXP SDVLRQD LQ]\SULVFKHQ%XFKVWDEHQGDV*DQ]HLP4XDGUDWXPLQFXVXPPLWJHSHUOWHP 5DQG%0&7]LDPED]LV'HVWURRSHU*HRUJLDGHV6*XOEHQNLDQ  559V3UlJHVFKZlFKHIDVWY]

±

512 



6$/$0,6 (XHOWKRQ FD    Y &KU 6WDWHU J  9V /LHJHQGHU :LGGHU Q U PLW %HLVFKULIW HXIHOHWKXQWRVH 5V $QNK6\PERO PLW HLQJHVFKULHEHQHP =HLFKHQ ED XQG =HLFKHQ LQ GHQ =ZLFNHOQ

XVLRWH%0&7]LDPED]LV7UDLWp=DSLWL 0LFKDHOLGRX 53UlJHVFKZlFKHQVV 'LHJULHFKLVFKH'\QDVWLHYRQ6DODPLVIKUWHVLFK]XUFNDXIGHQOHJHQGlUHQ7HXNURVGHQ6RKQGHV7HODPRQGHQ .|QLJYRQ6DODPLV'HUHUVWH1DPHGHUDXI0Q]HQHUVFKHLQWLVWGHUGHV(XOHWKRQ Y&KU $XIJUXQG GHU9HUJHVHOOVFKDIWXQJGLHVHU0Q]HQLQYHUVFKLHGHQHQDUFKDLVFKHQ0Q]KRUWHQLVWDEHUNODUGDVVHLQ*UR‰WHLO ZHQQ QLFKW VRJDU DOOH VHLQHU 0Q]HQ QDFK VHLQHU 5HJLHUXQJV]HLW JHSUlJW ZRUGHQ VHLQ PVVHQ 'LH QDPHQWOLFK EHNDQQWHQ1DFKIROJHUVLQG6LURPRV&KHUVLV*RUJRVXQG2QHVLORV.HLQHUGLHVHU1DPHQWDXFKWDXIGHQ0Q]HQ GLHVHU=HLWDXI2IIHQEDUKDEHQGLH1DFKIROJHUGLH7\SRORJLHEHLEHKDOWHQXQGDXFKGHQ1DPHQZHLWHUYHUZHQGHW (UVW1LNRGDPRVLVWZLHGHUVLFKHUEHQHQQEDU+LQWHUGHUYRUOLHJHQGHQ9DULDQWHZLUG3KDXVLVYHUPXWHW9JO]%HLQ VWHPSHOJOHLFKHV([HPSODULQ+HULWDJH:RUOG&RLQ$XFWLRQV/RQJ%HDFK6LJQDWXUH6DOH/RV

±




510




*5,(&+(1

513 2:1

2:1 

(XDJRUDVFDY&KU6WDWHU J 9V+HUDNOHVNRSIQU5V/LHJHQGH=LHJHQUGDUEHU .RUQ,QGHQ)HOGHUQ.|QLJVQDPHLQ]\SULVFKHQ=HLFKHQ%0&61*&RS 5=DUWH7|QXQJY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO/LVWH1U

±

514

1g5'/,&+(/(9$17( 

6(/(8.,'(1 6HOHXNRV , 1LNDWRU    Y &KU 7HWUDGUDFKPH J  0]VW 3HUJDPRQ 9V 3IHUGHNRSIPLW+|UQHUQQU5V%$6,/(:66(/(8.28(OHIDQWQUVFKUHLWHQGREHQLP)HOG%LHQHXQWHQ LP )HOG $QNHU Q U .UDD\+LUPHU  VWJO  6&    1HZHOO :60  7DI  +*&  +RXJKWRQ 5556FK|QH7|QXQJPLQLPDOSRU|VH2EHUIOlFKHNOHLQHU.UDW]HUY] ([6DPPOXQJ'U*:H[3KRHQL[$UW0XVHXPH[2UPH/HZLV6U&ROOHFWLRQH[7ULWRQ,,1HZ<RUN /RV 'LHVHOWHQH7HWUDGUDFKPHHVVLQGZRKOZHQLJHUDOV]HKQ6WFNEHNDQQWZXUGHNXU]QDFKGHU6FKODFKWYRQ .RXURXSHGLRQ GHP HQWVFKHLGHQGHQ 6LHJ GHV 6HOHXNRV , EHU /\VLPDFKRV XQG GHU (UPRUGXQJ GHV 6HOHXNRV GXUFK3WROHPDLRV.HUDXQRVJHVFKODJHQ'DV5HYHUVIHLHUWZDKUVFKHLQOLFKGLHhEHUOHJHQKHLWGHUVHOHXNLGLVFKHQ (OHIDQWHQNDYDOOHULH GLH GHQ 6LHJ KHUEHLIKUWH 'DV JHK|UQWH 3IHUG DXI GHP $YHUV NDQQ ZRKO QXU GHQ %RXNHSKDORVGDVEHUKPWH3IHUG$OH[DQGHUVGHV*UR‰HQGDUVWHOOHQZREHLUHODWLYXQNODULVWZDUXPHVJHUDGH DXIGLHVHP7\SXV]XVHKHQLVW

±

515

2:1 



2:1

6HOHXNRV,1LNDWRUY&KU7HWUDGUDFKPH J FDY&KU0]VW6XVD9V.RSIGHV YHUJ|WWOLFKWHQ$OH[DQGHUPLWHLQHP+HOPGHUPLW/HRSDUGHQIHOOEHU]RJHQLVWXQG6WLHUK|UQHUXQGRKUHQWUlJW QU5V>%$6,/(:6@6(/(8.28QUVWHKHQGH1LNHVFKPFNWHLQ7URSDLRQLP)HOGXQWHQO0RQRJUDPP (3XQG',]ZLVFKHQ1LNHXQG7URSDLRQ6&+*& 6FK|QHLULVLHUHQGH7|QXQJVVY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

±




514




*5,(&+(1

516







518

517

6HOHXNRV,1LNDWRUY&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNLDDP7LJULV 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] Q U 5V %$6,/(:66(/(8.28 $WKHQD PLW 6FKLOG X 6SHHU HLQH (OHIDQWHQTXDGULJDQUOHQNHQGGDKLQWHU0RQRJUDPP3.GDYRU0RQRJUDPP$3GDUEHU$QNHUQU6&  1HZHOO(60*URXS(+*&D +RKHV5HOLHIJXWHVVV ([6DPPOXQJ'U*:

±

$QWLRFKRV,6RWHUY&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNHLDDP7LJULV 9V .RSI GHV .|QLJV PLW 'LDGHP Q U 5V %$6,/(:6$17,2&28 QDFNWHU $SROORQ DXI 2PSKDORV Q O VLW]HQGLQGHUDXVJHVWUHFNWHQ5%QGHOYRQ3IHLOHQKDOWHQGPLWGHU/VLFKDXIDP%RGHQVWHKHQGHQ%RJHQ VWW]HQGLP)HOGO0RQRJUDPPLP)HOGU0RQRJUDPP1HZHOO(606& D +*&J 'XQNOH7|QXQJ5VOHLFKWHU'RSSHOVFKODJJXWHVVV

±

$QWLRFKRV,6RWHUY&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNHLDDP7LJULV 9V .RSI GHV .|QLJV PLW 'LDGHP Q U 5V %$6,/(:6$17,2&28 QDFNWHU $SROORQ DXI 2PSKDORV Q O VLW]HQGLQGHUDXVJHVWUHFNWHQ5%QGHOYRQ3IHLOHQKDOWHQGPLWGHU/VLFKDXIDP%RGHQVWHKHQGHQ%RJHQ VWW]HQGLP)HOGO0RQRJUDPP$3LP)HOGU0RQRJUDPP+31HZHOO(606&  +*&J ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U 6HKUJXWHV3RUWUlWKRKHV5HOLHIY]

±

519 

$QWLRFKRV,,7KHRVY&KU6WDWHU J 0]VW.\PH9V.RSIGHV$QWLRFKRV,,PLW'LDGHPQ U5V%$6,/(:6$17,2&28$WKHQDVWHKHQGPLW3DOP]ZHLJ6FKLOGXQG1LNHDXIGHU5GLHGHQ1DPHQ NUDQ]W 'DYRU 0RQRJUDPP GDKLQWHU ]ZHL 0RQRJUDPPH O LP )HOG .HOFK 6& ,  GLHVHV ([HPSODU  +*&E 5556&3ODWH&RLQ*ROGY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RVDXVGHU6DPPOXQJ0DUJDUHWKD/H\

520

±

520 2:1





$QWLRFKRV,,7KHRVY&KU7HWUDGUDFKPH J FDY&KU0]VW.\PH9V.RSIGHV .|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28+HUDNOHVPLW/|ZHQIHOODXIHLQHP)HOVHQQOVLW]HQGGLH 5 DXI .HXOH JHVWW]W O LP )HOG .\DWKRV XQWHU GHP 1DPHQ 0RQRJUDPP $3 XQWHQ LP )HOG 6\PERO XQG 0RQRJUDPP(01HZHOO:60 9DU 6&  +*&F 56FK|QHIHLQH7|QXQJY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH=ULFK1U

±




519




*5,(&+(1

521



6HOHXNRV,,.DOOLQLNRVY&KU7HWUDGUDFKPH J FDY&KU0]VW$QWLRFKLDDP2URQWHV 9V.RSIGHV6HOHXNRVPLW'LDGHPQU5V %$6,/(:66(/(8.28$SROORQDQ'UHLIX‰JHOHKQWQO VWHKHQGLQGHU53IHLOKDOWHQGLPlX‰HUHQ)HOGO0RQRJUDPPU0RQRJUDPP6&1HZHOO:60 7DI+*&S *XWHVVV5V'RSSHOVFKODJ ([+DUODQ-%HUN&KLFDJR%X\RU%LG6DOH/RV

±

522



6HOHXNRV ,, .DOOLQLNRV    Y &KU $( J  FD    Y &KU 0]VW $SDPHD RGHU $QWLRFKLD DP 2URQWHV9V.RSIPLW'LDGHPQU5V%$6,/(:66(/(8.28.|QLJPLWHLQJHOHJWHU/DQ]HQOJDORSSLHUHQG 'DUXQWHU0RQRJUDPP1HZHOO(606&+*& 56FKZDU]H3DWLQD5V3XQ]HJXWHVVV ([ 6DPPOXQJ 'U *: H[ 6DPPOXQJ ++ *XWNQHFKW 0Q]HQ  0HGDLOOHQ $XNWLRQ   /RV  HUZRUEHQEHL/HX$*=ULFK

±

523



6HOHXNRV,,,.HUDXQRVY&KU7HWUDGUDFKPH J FDY&KU0]VW$QWLRFKLDDP 2URQWHV9V.RSIGHV.|QLJVPLW'LDGHPQU5V%$6,/(:66(/(8.28$SROORQDXI2PSKDORVQO VLW]HQGLQGHU5HFKWHQ3IHLOKDOWHQGPLWGHU/LQNHQVLFKDXIDP%RGHQVWHKHQGHQ%RJHQVWW]HQGOLP)HOG 0RQRJUDPPULP)HOG>6@:1HZHOO:606&  +*&F $WWUDNWLYH7|QXQJJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQEHL+HVV'LYR$*=ULFK

±

524





$QWLRFKRV,,,GHU*UR‰HY&KU7HWUDGUDFKPH J FDY&KU0]VW$QWLRFKLDDP 2URQWHV9V.RSIGHV.|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28QDFNWHU$SROORQDXI2PSKDORV QOVLW]HQGLQGHUDXVJHVWUHFNWHQ53IHLOSUIHQGPLWGHU/VLFKDXIDP%RGHQVWHKHQGHQ%RJHQVWW]HQGLP )HOGO]ZHL0RQRJUDPPH6&  +*&X /HLFKWH7|QXQJJXWHVVV ([+LUVFK1DFKI$XNWLRQ0QFKHQ/RV

±




503

505

511

515 


*5,(&+(1

525 

$QWLRFKRV,97KHRV(SLSKDQHVY&KU7HWUDGUDFKPH J FDY&KU0]VW$NH 3WROHPDLV 9V .RSI PLW 'LDGHP Q U 'DKLQWHU 0RQRJUDPP $% 5V %$6,/(:6$17,2&284(28 (3,)$12861,.+)2528=HXVPLW1LNHDXIGHU5QOWKURQHQGOLP)HOG3DOP]ZHLJLP$EVFKQLWWOX U0RQRJUDPPH6& D +*&F 6FK|QH7|QXQJY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$

±

526 

$QWLRFKRV ,9 7KHRV (SLSKDQHV    Y &KU $( *UR‰EURQ]H 'HQRPLQDWLRQ $$$  J  0]VW $QWLRFKLD 9V =HXVNRSI Q U 5V %$6,/(:6$17,2&284(28(3,)$1286 $GOHU DXI %OLW]EQGHO +RXJKWRQ1HZHOO60$6&+*& 6FK|QHVFKZDU]EUDXQH3DWLQDJXWHVVV ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RVH[/HX$*=ULFK$XNWLRQ/RV

528









527

±

529

$QWLRFKRV ,9 7KHRV (SLSKDQHV    Y &KU $( J  FD    Y &KU 0]VW +LHUDSROLV DP 3\UDPRV .DVWDEDOD  9V .RSI PLW 'LDGHP XQG 6WUDKOHQNURQH Q U 5V >,@(5232/,7>:1@7:13526 7:>,3@85$0:>,@$GOHUVWHKHQGQOGDUXQWHU$QNHUQO6&  +*& 556FKZDU]HXURWH3DWLQDY] ([ 6DPPOXQJ 'U *: H[ 6DPPOXQJ ++ *XWNQHFKW 0Q]HQ  0HGDLOOHQ $XNWLRQ   /RV  HUZRUEHQEHL/HX$*=ULFK

±

$QWLRFKRV9(XSDWRUY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V.RSIGHV .|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28(83$72526=HXVPLW1LNHDXIGHU5QOWKURQHQG LP$EVFKQLWW0RQRJUDPP6&  61*,VUDHO,1HZHOO60$D+*& 7|QXQJY] ([.QNHU2VQDEUFN$XNWLRQ/RV

±

'HPHWULRV , 6RWHU    Y &KU 7HWUDGUDFKPH J  FD    Y &KU 0]VW $QWLRFKLD DP 2URQWHV 9V .RSI GHV .|QLJV PLW 'LDGHP Q U 5V %$6,/(:6'+0+75,286:7+526 OLQNVKLQ WKURQHQGH 7\FKH PLW )OOKRUQ XQG NXU]HP =HSWHU LP $EVFKQLWW 0RQRJUDPP +3 6& G 1HZHOO 60$ *XWHV3RUWUlWVFK|QH7|QXQJY] ([6DPPOXQJ'U*:

±




520

525

530




*5,(&+(1

530 

$OH[DQGHU,7KHRSDWRU(XHUJHWHVY&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNLD 3LHUD9V.RSIGHV=HXVPLW/RUEHHUNUDQ]QU5V%$6,/(:6$/(;$1'528JHIOJHOWHU%OLW]LP)HOG REHQXQGXQWHQGUHL0RQRJUDPPHREHQOLQNV&;3 -DKUGHVVHOHXNLGLVFKHQ.|QLJUHLFKV GDV*DQ]HLP /RUEHHUNUDQ]*XOEHQNLDQ%0& 9DU +RXJKWRQ 5Y]VW ([6DPPOXQJ'U*:H[6WHUQEHUJ$XNWLRQ;;;,,=ULFK/RV

±

531 

7U\SKRQ    Y &KU 7HWUDGUDFKPH J  0]VW $QWLRFKLD DP 2URQWHV9V.RSIGHV.|QLJVPLW 'LDGHP Q U 5V %$6,/(:6758):126$872.5$72526 VSLW]HU PDNHGRQLVFKHU +HOP PLW :DQJHQVFKXW] XQG ,EH[+RUQ Q O GDYRU X GDUXQWHU 0RQRJUDPP 1HZHOO 60$   6&  G  +*& 55*XWHU6WLO/HLFKWH7|QXQJY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ/RV 'LH%HGHXWXQJGHVDXIGHP+HOPDSSOL]LHUWHQ+RUQHVHUVFKOLH‰WVLFKQLFKWXPJHKHQGXQGLVWGHVZHJHQXPVWULWWHQ =XOHW]WZXUGHYRUJHVFKODJHQGDV+RUQGDVDOV=HLFKHQ.UHWDVLGHQWLIL]LHUEDULVWVHLGDV(PEOHPMHQHUNUHWLVFKHQ XQGlJlLVFKHQ6|OGQHUGLHPLW'HPHWULRV,,LP-DKUY&KUQDFK6\ULHQNDPHQXQGGDQQZRKO]X7U\SKRQ EHUZHFKVHOWHQ 2IIHQEDU ELOGHWHQ GLHVH 6ROGDWHQ ]XPLQGHVW ]HLWZHLVH GHQ .HUQ YRQ 7U\SKRQV 6WUHLWPDFKW GHU GHVZHJHQDXFKGHUHQ6\PERODXIGLH0Q]HQVHW]HQOLH‰ .(KOLQJ-1*II 

±

532 2:1 

2:1

7U\SKRQY&KU$( J 0]VW$QWLRFKLDDP2URQWHV9V.RSIGHV7U\SKRQPLW'LDGHPQU 5V%$6,/(:6758):126$872.5$72526PDNHGRQLVFKHU+HOPPLW:DQJHQVFKXW]XQG,EH[+RUQQ OLP)HOGO6WHUQ6&+*& 6FK|QHVFKZDU]JUQH3DWLQDY] ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RVHUZRUEHQ

±

533 



$QWLRFKRV9,,(XHUJHWHVY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V.RSI PLW'LDGHPQU5V%$6,/(:6$17,2&28(8(5*(728$WKHQDPLW1LNHDXIGHU5QOVWHKHQGOLQNV ]ZHL0RQRJUDPPHU'1HZHOO60$+RXJKWRQ6&J  6FK|QHGXQNOH7|QXQJ9VNOHLQH6WHPSHOIHKOHU5VDXVIODXHP6WHPSHOX*UDIILWLEHL8KUJXWHVVV

±




531




*5,(&+(1

535

534 



$QWLRFKRV9,,(XHUJHWHVY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V.RSI GHV.|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28(8(5*(728EHKHOPWH$WKHQDPLW1LNHGLHQO PLWGHP.UDQ]JHZHQGHWLVWDXIGHU5QOVWHKHQGLP)HOGO]ZHL0RQRJUDPPH'DV*DQ]HLQ/RUEHHUNUDQ] 6&  +*&G /HLFKWH7|QXQJVVY] (UZRUEHQDPEHL/DQ]1XPLVPDWLN0QFKHQ $QWLRFKRV9,,(XHUJHWHVY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V.RSI GHV.|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28(8(5*(728EHKHOPWH$WKHQDPLW1LNHGLHGHQ N|QLJOLFKHQ (SLWKHWRQ NU|QW DXI GHU 5 Q U VWHKHQG OLQNV ]ZHL 0RQRJUDPPH UHFKWV ) 'DV *DQ]H LQ /RUEHHUNUDQ]6& E 1HZHOO60$+*& 6FK|QH7|QXQJ5VNOHLQHUGXQNOHU)OHFNY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$=ULFK

536







537

±

±

538

$QWLRFKRV9,,(XHUJHWHVY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V.RSI GHV.|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28(8(5*(728EHKHOPWH$WKHQDPLW1LNHGLHQO PLW GHP .UDQ] JHZHQGHW LVW DXI GHU 5 Q O VWHKHQG LP )HOG O ]ZHL 0RQRJUDPPH U ) 'DV *DQ]H LQ /RUEHHUNUDQ]6&  +*&G 6FK|QH7|QXQJVVY] (UZRUEHQEHL'LPLWU\0DUNRY86$9&RLQVDP $QWLRFKRV9,,(XHUJHWHVY&KU7HWUDGUDFKPH J Y&KU0]VW6LGRQ9V%VWHGHV .|QLJV Q U 5V %$6,/(:6$17,2&28 $GOHU PLW 3DOP]ZHLJ VWHKW DXI 6FKLIIVEXJ Q O O LP )HOG -DKUHV]DKO &25 -DKU  GHU VHOHXNLGLVFKHQ bUD  XQG 0RQRJUDPP UHFKWV 6,': XQG $SKODVWRQ 6&  D +*& 57|QXQJ5VHWZDIODXDXVJHSUlJWVRQVWY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV $QWLRFKRV 9,,,  5HJLHUXQJY&KU7HWUDGUDFKPH J 0]VW$QWLRFKLDDP2URQWHV9V .RSIGHV.|QLJVPLW'LDGHPQU5V%$6,/(:6$17,2&28(3,)$1286=HXV8UDQLRVPLW=HSWHUXQG 6WHUQQOVWHKHQGEHUVHLQHP.RSI0RQGVLFKHOLP)HOGO0RQRJUDPPH1HZHOO60$6& E  61*6SDHU )HLQH7|QXQJOHLFKWHU'RSSHOVFKODJIDVWY]

±

±

±

539 



1,5:1 1,5:1 6(/(8.(,$ 3,(5,$ $( J     Y &KU 9V .RSI GHV =HXV PLW /RUEHHUNUDQ] U 5V 6(/(8.(:1%OLW]EQGHOXQWHQ0RQRJUDPP+*&,; GLHVHV([HPSODU   +*&SODWHFRLQ6FKZDU]EUDXQH3DWLQDVV ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG/RV H[6DPPOXQJ)UHHGPDQ7ULWRQ91HZ<RUN/RV

±


*5,(&+(1

540 1,5:1

1,5:1

3+g1,=,(1 

$5$'26 'UDFKPH J   Y &KU 9V %LHQH ]ZLVFKHQ -DKUHV]DKO   XQG 0RQRJUDPP 5V $5$'$,:1UHFKWVKLQVWHKHQGHU+LUVFKYRUHLQHU3DOPH)'X\UDW$UDGRV   GLHVHV([HPSODU  +*& )HLQJHW|QWVVY] ([7NDOHF 5DXFK$*:LHQ$XNWLRQ$SULO/RV

541

±

541 2:1



%<%/26 8QEHVWLPPWHU .|QLJ 6FKHNHO J  9V *DOHHUH PLW GUHL .ULHJHUQ GDUXQWHU JHIOJHOWHU +LSSRNDPS5V*HLHUPLWDXVJHEUHLWHWHPOLQNHQ)OJHOEHUHLQHPVSULQJHQGHQ:LGGHUGHULQFXVGDUJHVWHOOW LVW+*&%HW\ORQ /HLFKWH7|QXQJHWZDVXQUHJHOPl‰LJHU6FKU|WOLQJ5VNOHLQH6FKUIVSXUVVY] ([6DPPOXQJ'U*:H[7ULWRQ$XNWLRQ,,,1HZ<RUN/RV

542





±

543

2]ED DOFDY&KU'RSSHOVFKHNHO J FDY&KU9V'UHL6ROGDWHQPLW5XQGVFKLOGHQLQ HLQHU *DOHHUH Q O IDKUHQG DP +HFN 6WHXHUUXGHU VLFKWEDU GLH 3URUD DOV /|ZHQNRSI JHVWDOWHW GDUXQWHU +LSSRNDPSQOVFKZLPPHQGGDUXQWHU0XUH[0XVFKHO5V/|ZHHLQHQ6WLHU]X%RGHQGUFNHQGXQGLQGHQ 1DFNHQEHL‰HQG61*&RS61*)LW]ZLOOLDP+*& 53UlJHVFKZlFKHQVRQVWY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL&-0DUWLQ&RLQV/WG/RQGRQ

2]ED DOFDY&KU'RSSHOVFKHNHO J FDY&KU9V'UHL6ROGDWHQPLW5XQGVFKLOGHQLQ HLQHU *DOHHUH Q O IDKUHQG DP +HFN 6WHXHUUXGHU VLFKWEDU GLH 3URUD DOV /|ZHQNRSI JHVWDOWHW GDUXQWHU +LSSRNDPSQOVFKZLPPHQGGDUXQWHU0XUH[0XVFKHO5V/|ZHHLQHQ6WLHU]X%RGHQGUFNHQGXQGLQGHQ 1DFNHQEHL‰HQG61*&RS61*)LW]ZLOOLDP+*& 59V6FKUIVSXUVVVY] ([5DXFK:LHQ$XNWLRQ/RV

±

±




*5,(&+(1

544 2:1

2:1 

6,'218QEHVWLPPWHU.|QLJ6FKHNHO J FDY&KU9V.ULHJVJDOHHUHDXI:HOOHQOLQLHQ Q O 5V *UR‰N|QLJ ERJHQVFKLH‰HQG Q U YRU HLQHU JHVFKZXQJHQHQ $XUHROH "  'HQ +LQWHUJUXQG ELOGHW HLQ ElUWLJHU .RSI GHV %HV Q O DXI GHU OLQNHQ 6HLWH XQGGDV1HJDWLYELOGHLQHV=LHJHQERFNHVQUDXIGHUUHFKWHQ 6HLWH%0&61*&RSI%HWO\RQ+*&(OD\L GLHVHV([HPSODU  550LWEHVWHU3URYHQLHQ]7|QXQJVV ([6DPPOXQJ'U*:H[8%6$XNWLRQ/RVDXVGHU6DPPOXQJ:DOWHU1LJJHOHU/HX0Q]HQ  0HGDLOOHQ $* %DVHO $XNWLRQ  /RV H[-DPHVRQ,91UH[1DYLOOH$XNWLRQ*HQI /RV 6OJ%pPHQW  'DV ZDEHUQGH *HELOGH GDV GLH )LJXU GHV .|QLJV XPJLEW N|QQWH DOV $XUHROH LQWHUSUHWLHUW ZHUGHQ GLH DOV /LFKWHUVFKHLQXQJ lKQOLFK GHP VSlWHUHQ +HLOLJHQVFKHLQ GHQ +HUUVFKHU JOHLFKVDP DXV HLQHU DQGHUHQ 6SKlUH KHUYRUWUHWHQGHUVFKHLQHQOlVVW=XP]HLWOLFKHQXQGLNRQRJUDSKLVFKHQ+LQWHUJUXQGYJO7ULWRQ;/RV

±

545 2:1

2:1 

%D DOVKLOOHP , FD    Y &KU  6FKHNHO J  9V *DOHHUH Q O YRU 6WDGWPDXHU PLW 7UPHQ GDUXQWHU ]ZHL V\PPHWULVFK DQJHRUGQHWH /|ZHQ 5V 3HUVLVFKHU *UR‰N|QLJ HUVWLFKW PLW 'ROFK Q O VWHKHQGHQ /|ZHQLQYHUWLHIWHP4XDGUDW+*& YJOPLW,QVFKULIW (OD\L GLHVHV([HPSODU  5(OD\LSODWHFRLQ7|QXQJVV ([6DPPOXQJ'U*:H[+DUODQ%HUN/LVW&KLFDJR1UH[+DUODQ%HUN/LVW&KLFDJR 1U

±

546

2:1 



2:1

%DCOVKDOOLP ,,   Y &KU 'RSSHOVFKHNHO J  9V .ULHJVJDOHHUH DXI :HOOHQOLQLHQ 'DUEHU SK|QL]LVFKHV%5V3HUVLVFKHU*UR‰N|QLJVWHKWLQHLQHUYRQHLQHP:DJHQOHQNHUJHVWHXHUWHQ%LJDGDKLQWHUGHU .|QLJYRQ6LGRQLQlJ\SWLVFKHQ*HZDQGPLW.XOW]HSWHUXQG9RWLYYDVH-:%HWO\RQ$1HZ&KURQRORJ\IRU WKH 3UH$OH[DQGULQH &RLQDJH RI 6LGRQ $16 01    1U  7DI ,,, +*&  (OD\L   GLHVHV([HPSODU  (OD\LSODWHFRLQ=DUWH7|QXQJJXWHVVV ([ 6DPPOXQJ 'U *: H[ -DFTXLHU /LVWH  .HKO )UKOLQJ  1U  H[ 3HXV 1DFKI $XNWLRQ  )UDQNIXUW/RV

±


*5,(&+(1

547 2:1 

2:1

%DCOVKDOOLP,,Y&KU6FKHNHO J 9V*DOHHUHDXI]ZHL:HOOHQOLQLHQ'DUEHU E 5V 6WHKHQGHU *UR‰N|QLJ HUVWLFKW HLQHQ VWHKHQGHQ /|ZHQ GD]ZLVFKHQ .UHLV +*&  (OD\L  GLHVHV ([HPSODU  6FK|QHGXQNOH7|QXQJY] ([6DPPOXQJ'U*:H[-DFTXLHU/LVWH.HKODP5KHLQ)UKOLQJ1UH[*LHVVHQHU0Q]KDQG OXQJ0QFKHQ/RV

548

±

548 2:1



7<526 8QEHVWLPPWHU .|QLJ 6FKHNHO J  9V 0HONDUW UHLWHW DXI +LSSRNDPS Q U GDUXQWHU :HOOHQOLQLHXQG'HOILQ5V(XOHPLW+DNHQXQG'UHVFKIOHJHO+*&(OD\LII%0&  $WWUDNWLYHGXQNOH7|QXQJ9V6FKU|WOLQJVIHKOHUJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

549 

7HWUDGUDFKPH J Y&KU9V%VWHGHV+HUDNOHV0HONDUWPLW/RUEHHUNUDQ]U5V78528,(5$6 .$,$68/28OLQNVKLQVWHKHQGHU$GOHUPLW3DOP]ZHLJDXI6FKLIIVEXJ/LQNV-DKUHV]DKO$,XQG.HXOHULP )HOG0RQRJUDPP%0&1U+*& +HUUOLFKJHW|QWXQGJXW]HQWULHUWDXIEUHLWHP6FKU|WOLQJY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

551

550

3:1 



±

3:1

3:1

3:1

 6FKHNHO J  FD    Y &KU 9V 6SULQJHQGHU 'HOILQ EHU :HOOHQ XQG HLQHU 0XUH[0XVFKHO 'DUEHU DUDPlLVFKH %XFKVWDEHQ DX‰HUKDOE GHV 6FKU|WOLQJV  5V (XOH PLW +DNHQ XQG 'UHVFKIOHJHO%0& .OHLQ GLHVHV([HPSODU 61*&RS+*&(OD\L GLHVHV([HPSODU  7|QXQJVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RVH[6DPPOXQJ.OHLQ

±

6FKHNHO J FDY&KU9V*HIOJHOWHU+LSSRNDPSEHU:HOOHQQO5V(XOHPLW+DNHQ XQG'UHVFKIOHJHO%0&.OHLQ GLHVHV([HPSODU +*& 7|QXQJVVIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RVH[6DPPOXQJ.OHLQ

±




*5,(&+(1

552

$5$%,(1 

0,1b(57HWUDGUDFKPH J FDY&KU9V6FKHPDWLVFKHU.RSIGHU$WKHQDPLW+HOPQU 5V$4((XOHQUVWHKHQG/LQNVREHQVWLOLVLHUWHU2OLYHQ]ZHLJ+XWK  6FK|QHGXQNOH7|QXQJhEHUSUlJXQJVVSXUHQVV ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV 9JODXFK0+XWK$WKHQLDQ,PLWDWLRQVIURP$UDELDLQ&&$6

±

553 2:1 

2:1

1$%$7b(5 2ERGDV ,,    Y &KU *DQ]HV 1RPLQDO 'UDFKPH J  1DFK  Y &KU 0]VW 6HOD3HWUD9V+LQWHUHLQDQGHUJHVWDIIHOWHGUDSLHUWH%VWHQGHV2ERGDVXQGVHLQHU*HPDKOLQPLW'LDGHPHQQU 5V .RSI GHV 2ERGDV DUDELVFKH /HJHQGH %'7 0/.¶ 1%7: $EGDW .|QLJ GHU 1DEDWlHU   XQG 'DWLHUXQJ 617 >"@ -DKU >"@  0HVKRUHU 1DEDWDHDQ &RLQV    YJO XQWHU 6XElKQOLFKH7\SHQ +XWKYDQ $OIHQ1U VV ([ 1XPLVPDWLFD $UV &ODVVLFD $XNWLRQ   0DL  /RV  DXV GHU 6DPPOXQJ HLQHV *HVFKLFKWV IUHXQGHV

±

554 2:1 

2ERGDV,,Y&KU'UDFKPH J 9V*HVWDIIHOWH%VWHQGHV2ERGDVXQGGHU+DJDUX " QU5V %VWH GHV 2ERGDV Q U -DKU   Y &KU  0HVKRUHU 1DEDWDHDQ &RLQV    7DI+XWK&&$ YJO %DUND\1& 5'XQNOH7|QXQJVVY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH1U

555 



2:1

1,5:1

±

555

+,0<$5,7(1$QRQ\P*DQ]HV1RPLQDO J -KY&KU9V.RSIPLWODQJHQ.RUNHQ]LHKHUORFNHQ XQG/RUEHHUNUDQ]LQ.UDQ]5V(XOHDXI$PSKRUDLP)HOG0RQRJUDPPH+XWKII  $WWUDNWLYHGXQNOH7|QXQJ3UlJHVFKZlFKHQVRQVWY] ([6DPPOXQJ'U*:HUZRUEHQDPEHL0Q]HQ 0HGDLOOHQ$*%DVHO

±


*5,(&+(1

556 



557

$PGDQ%D\DQ<XKDETELGFDQ&KU*DQ]HV1RPLQDO'UDFKPH J -KQ&KU0]VW 5DLGDQ9V.RSIULQ3HUONUHLVOLQNV6\PERO5V $PGDQED\DQ .OHLQHU.RSIUU=HLFKHQ%0&6 I0XQUR+D\$UDELD)HOL[L Y] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV %XNUDQLXP6HULH*DQ]HV1RPLQDO'UDFKPH J -KQ&KU9V.RSIPLWDUFKDLVWLVFKHU)ULVXU]ZLVFKHQ %RJHQ XQG /DQ]H LP 3HUONUHLV Q O 5V %XNUDQLRQ ]ZLVFKHQ GHQ +|UQHUQ )HGHUNURQH "  ]ZLVFKHQ 6\PERO GHV $OPDTDKXQG0RQRJUDPP0XQUR+D\)HOL[$UDELDL+XWKII +HUUOLFKHGXQNOH7|QXQJVVY]

±

±

558 559 



6$%b(5*DQ]HV1RPLQDO'UDFKPH J FD-KY&KU9V%HKHOPWHU.RSIGHU$WKHQDQUDXI GHU:DQJHVDElLVFKHV 1 5V(XOHQUVWHKHQGGDYRU$4(0XQUR+D\)HOL[$UDELD7DIII+*& +XWK VVY] ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 267$5$%,(1,PLWDWLRQHQQDFK$ELHO7RFKWHUGHV/DEDV%LOORQ7HWUDGUDFKPH J FD-KQ&KU 9V 6HKU VWLOLVLHUWHU .RSI GHV +HUDNOHV PLW /|ZHQVNDOS Q U 5V 5HJHQW Q O WKURQHQG DXI GHU 5 3IHUG KDOWHQGGDUXQWHU3DOP]ZHLJXQG+(LP0RQRJUDPPLP)HOGUDUDPlLVFKH/HJHQGH+XWK9DQ$OIHQ &&. GLHVHV([HPSODU  9DQ$OIHQSODWHFRLQ'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

560

±

±

561

2:1

2:1

.g1,*5(,&+'(5$&+b0(1,'(1 

7\S,,,D'DUHLNH J -KY&KU9V*UR‰N|QLJLP.QLHODXIVFKHPDPLW%RJHQXQG/DQ]HQUODXIHQG 5V5HFKWHFNLJHVOlQJOLFKHV,QFXVXPPLWXQUHJHOPl‰LJHU)OOXQJ6XQULVH&DUUDGLFH$EE *ROGY]

±



7\S,,,D'DUHLNH J -KY&KU9V*UR‰N|QLJLP.QLHODXIVFKHPDPLW%RJHQXQG/DQ]HQUODXIHQG 5V5HFKWHFNLJHVOlQJOLFKHV,QFXVXPPLWXQUHJHOPl‰LJHU)OOXQJ6XQULVH&DUUDGLFH$EE *ROG0LQ$XIODJHQVVY]

±

562 

2:1

562

7\S,,,D'DUHLNH J -KY&KU9V*UR‰N|QLJLP.QLHODXIVFKHPDPLW%RJHQXQG/DQ]HQUODXIHQG 5V5HFKWHFNLJHVOlQJOLFKHV,QFXVXPPLWXQUHJHOPl‰LJHU)OOXQJ6XQULVH&DUUDGLFH$EE *ROG*XWHVVV

± 


*5,(&+(1

563

564

2:1 



2:1

7\S,,,E VSlW 'DUHLNH J 9V*UR‰N|QLJLP.QLHODXIVFKHPDPLW%RJHQXQG/DQ]HQUODXIHQG5V 5HFKWHFNLJHV OlQJOLFKHV ,QFXVXP PLW XQUHJHOPl‰LJHU )OOXQJ &DUUDGLFH 7\S ,,,E ODWH YJO 7DI  %0& 6XQULVH *ROGY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ0QFKHQ/RV 7\S,,,E VSlW 'DUHLNH J 9V*UR‰N|QLJLP.QLHODXIVFKHPDPLW%RJHQXQG/DQ]HQUODXIHQG5V 5HFKWHFNLJHV OlQJOLFKHV ,QFXVXP PLW XQUHJHOPl‰LJHU )OOXQJ &DUUDGLFH 7\S ,,,E ODWH YJO 7DI  %0& 6XQULVH *ROG*XWHVVV

565



2:1

±

±

565

7\S,96LJORV J =HLWGHV$UWD[HU[HV,;HU[HV,,FDY&KU9V*UR‰N|QLJLQ.LGDULVX .DQG\V PLW 'ROFK %RJHQ X .|FKHU Q U HLOHQG $XI GHU %UXVW 5HLKH YRQ 5LQJHQ 5V ,QFXVXP &DUUDGLFH 7\SXV,9$%0&7DI[[YLL %UHLWHU6FKU|WOLQJ7|QXQJ9V]ZHL*HJHQVWHPSHO5V3XQ]HVV ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±

566

2:1 

2:1

3(56,6&+(6$75$3(16DWUDSHQSUlJXQJ7HWUDGUDFKPH J 0LWWOHUHV-KY&KU0]VWLQ,RQLHQ RGHU.DULHQ9V3HUVLVFKHU*UR‰N|QLJQUERJHQVFKLH‰HQG'DYRU%OLW]EQGHO5V5HFKWVKLQJDORSSLHUHQGHU SHUVLVFKHU5HLWHUVFKOHXGHUWHLQHQ6SHHUGDKLQWHUDUDPlLVFKH=HLFKHQ  7|QXQJ9VHWZDVSUlJHVFKZDFK5V6FKU|WOLQJVIHKOHUIDVWY] ([6DPPOXQJ'U*:H[1XPLVPDWLFD$UV&ODVVLFD=ULFK$XNWLRQ/RV

±

567 2:1 



2:1

'\QDVW*DPHUVHV/\GLHQ$( J +lOIWH-KY&KU9V3RUWUlWPLW=RSIQU5V*$0(5628=HXV OLP)HOG6WHUQ9RQ$OH[DQGHU]X.OHRSDWUD$XVVWHOOXQJ0QFKHQ61U:LQ]HU ([6DPPOXQJ'U*: *XWHV3RUWUlW6FKZDU]EUDXQH3DWLQDY]

±


*5,(&+(1

568

2:1

2:1 

0HPQRQGHU5KRGLHU " 7HWUDGUDFKPH J 0LWWH-KY&KU0]VW(SKHVRV " 9V>38@4$*25+>6@ SHUVLVFKHU*UR‰N|QLJPLW/DQ]HXQG%RJHQ5V,QFXVXP PLWGHU5HOLHINDUWHGHV+LQWHUODQGHVYRQ(SKHVRV"  %0&,RQLD7DI 9DU 7UDLWp,,7DI 9DU 0LOGHQEHUJ0Q]ZHVHQGHU$FKlPHQLGHQ7DI;,,  GLHVHV([HPSODU  55'XQNOH7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[/HX$XNWLRQ=ULFK/RVH[/HX$*=ULFK$XNWLRQ/RV 'LH YRQ -RKQVWRQ YRUJHWUDJHQH 'HXWXQJ GDV VR RVWHQWDWLY JHVWDOWHWH 5HYHUV VWHOOH HLQH /DQGNDUWH GHV +LQWHUODQGHV YRQ (SKHVRV GDU ZLUG KHXWH VNHSWLVFK JHVHKHQ 2IIHQEDU KDW GHU ZDKUVFKHLQOLFK JULHFKLVFKH 6WHPSHOVFKQHLGHU EHZXVVW HLQH DUFKDLVWLVFKH *HVWDOWXQJ JHZlKOW (V ZXUGH DQJHQRPPHQ GDVV GHUSHUVLVFKH *HQHUDO 0HPQRQ GHU $OH[DQGHU EHL VHLQHP =XJ GXUFK .OHLQDVLHQ DQIlQJOLFK HLQLJHQ :LGHUVWDQG HQWJHJHQVHW]WH $XIWUDJJHEHU GLHVHU 3UlJXQJHQ ZDU $OOHUGLQJV VSUHFKHQ QXPLVPDWLVFKH .ULWHULHQ IU HLQH IUKHUH'DWLHUXQJ'HUJHQDQQWH3\WKDJRUHVZDUMHGHQIDOOVRIIHQEDUQXUHLQ0Q]EHDPWHUGHVVHQ1DPHDXFK DXI 7HWUDGUDFKPHQ YRQ (SKHVRV DXIWULWW /LW $(0 -RKQVWRQ 7KH (DUOLHVW 3UHVHUYHG *UHHN 0DS $1HZ,RQLDQ&RLQ7\SH-+6  

±

569

569 2:1 

0HPQRQ GHU 5KRGLHU "  7HWUDGUDFKPH J   -K Y &KU 9V 3HUVLVFKHU *UR‰N|QLJ PLW /DQ]H XQG %RJHQ/LQNVDUDPlLVFKHU%XFKVWDEHPHP5V,QFXVXP PLWGHU5HOLHINDUWHGHV+LQWHUODQGHVYRQ(SKHVRV"  7UDLWp,,67DI+XUWHU3L[RGDURV 9DU  ([+HVV'LYR$XNWLRQ/RV 5'XQNOH7|QXQJ3UlJHVFKZlFKHQ9VOHLFKWHU3UKLHEVV

±

570 2:1

2:1

.g1,*5(,&+(/<0$,6 

.DPQDVNLUHV2URGHVIUKHV0LWWH-KQ&KU$('UDFKPH J 9V)URQWDOH%VWHPLW+DDUNQRWHQ EHU GHU 6WLUQ U 0RQGVLFKHO XQG $QNHU =ZLVFKHQ $QNHU XQG %VWH HLQ 3XQNW 5V 5HJHOPl‰LJ YHUWHLOWH .|UQHU$OUDPYDQ W+DDI7\SH6XEW\SH$G 'XQNHOEUDXQH3DWLQDIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±




*5,(&+(1

571

.g1,*5(,&+3(56,6 

%D\GDG %DJDGDW   -K Y &KU 7HWUDGUDFKPH J  9V 3RUWUlW GHV %DJDGDW PLW 6FKQXUUEDUW XQG NXU]HP %DFNHQEDUW Q U GHU .RSI JHVFKPFNW PLW 2KUULQJ .|QLJVGLDGHP XQG IODFKHU .\UEDVLD GHUHQ 6HLWHQODVFKHQKRFKJHNODSSWVLQG5V'HU.|QLJLQPHGLVFKHU5HLWHUWUDFKWEHWHQGYRUHLQHPJUR‰HQ)HXHUDOWDU QUVWHKHQGLP)HOGU%DQQHULP$EVFKQLWWXQGUSHUVLVFKH/HJHQGH%D\GDG6RKQGHV%D\ZDUG'\QDVWLQ )DUV$OUDP%0& 5+RKHV5HOLHIKHUYRUUDJHQGHV3RUWUlWY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

572 

2ERU]RV 9DEKDU] 7HWUDGUDFKPH J +lOIWH-KY&KU9V.RSIGHV.|QLJVPLW.\UEDVLDQU 5V.|QLJRSIHUWYRUHLQHP)HXHUDOWDUU6WDQGDUWH$OUDP6XQULVH 7|QXQJ6FKU|WOLQJVULVVIDVWY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ/LVWH1U

±

573 

9DGIUDGDG,+lOIWH-KY&KU 7HWUDGUDFKPH J 9V.RSIGHV+HUUVFKHUVPLW2EHUOLSSHQEDUW 2KUULQJXQGIODFKHU.\UEDVLDXPGLHHLQ'LDGHPJHVFKOXQJHQLVWQU5V)HXHUWHPSHOGHV$KXUD0D]GDPLW JHVFKORVVHQHQ7UHQGDUEHU+|UQHUXQG)OJHOVRQQHO*UR‰N|QLJLQPHGLVFKHU7UDFKWVWHKHQGU6WDQGDUWH UHLFKVDUDPlLVFKH/HJHQGH6XQULVH YJO  hEHUSUlJXQJHLQHU7HWUDGUDFKPH$OH[DQGHUV,,,DXV%DE\ORQ$UDPlLVFKH*UDIILWLDXIGHU9VVV ([*RUQ\ 0RVFK$XNWLRQ/RV 9RP 8QWHUJHSUlJH VLQG QRFK GLH 6LOKRXHWWH GHV +HUDNOHVNRSIHV DXI GHP $YHUV XQG /HJHQGHQUHVWH DXI GHP 5HYHUV GDUXQWHU GDV%HL]HLFKHQ%/HUKDOWHQ(VPXVVVLFKXPGHQ7\S3ULFHRGHUKDQGHOQGHU ]ZLVFKHQXQGY&KUYHUPXWOLFKLQ%DE\ORQJHSUlJWZXUGH

±

574

&+$5$&(1( 



$WWDPEHORV,6RWHU(XHUJHWHVY&KU7HWUDGUDFKPH J Y&KU9V%VWHGHV.|QLJV PLW %LQGH Q U 5V %$6,/(:>6@$77$0%+/>28@6:7+52>6@>.@$,(8(5*(7>28@ OLQNVKLQ DXI HLQHP )HOVHQ VLW]HQGHU +HUDNOHV PLW .HXOH LQ GHU HUKREHQHQ 5HFKWHQ ,P )HOG 0RQRJUDPP ,P $EVFKQLWW -DKUHV]DKO626  %0&6XQULVH1LFROHW3LHUUH7KLRQHVLV67DI,9 ([6DPPOXQJ'U*:HUZRUEHQDPEHL0RQHWDULXP6.$ 3DUWLHOO*UQVSDQDXIODJHQIDVWY]

±




571

572

573 


*5,(&+(1

575

3$57+(5 

$56$.,'(1$UVDNHV,Y&KU'UDFKPH J 0]VW+HNDWRPS\ORV9V.RSIPLW%DVKOLNQ O5V$56$.2879%RJHQVFKW]HVLW]WDXI7KURQRKQH/HKQHPLW%RJHQLQGHU+DQGQUGDYRU$6KRUH  $UVDNHV,, 6HOOZRRG $UVDNHV,, 6XQULVH&ROO )HLQH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[/HX$*=ULFK$XNWLRQ/RV

±

576 2:1 

2:1

$UWDEDQRV, $UVDNHV,, Y&KU'UDFKPH J FDY&KU0]VW5KDJDL$UVDNHLD "  9V .RSI PLW %DVKOLN Q O 5V $56$.28 %RJHQVFKW]H DXI 7KURQ VLW]HQG Q U XQWHU %RJHQ $GOHU 6KRUH $UVDNHV,, 6HOOZRRG $UVDNHV,, 6XQULVH&ROO Y]

±

577 

3KULDSWLRV ELV 0LWKUDGDWHV , FD   Y&KU 'UDFKPH J 0]VW+HNDWRPS\ORV9V%VWHPLW %DVKOLN Q O 5V %$6,/(:60(*$/28$56$.28 %RJHQVFKW]H VLW]W DXI 2PSKDORV X KlOW %RJHQ 6HOOZRRG 0LWKUDGDWHV, 6KRUH 0LWKUDGDWHV, 6XQULVH  *UR‰HUJHZ|OEWHU6FKU|WOLQJ'XQNOH7|QXQJJXWHVVV

±

578

2:1 



2:1

0LWKUDGDWHV,Y&KU7HWUDGUDFKPH J Y&KU0]VW6HOHXNLDDP7LJULV9V%lUWLJH %VWHPLW.|QLJVELQGHQU5V%$6,/(:60(*$/28$56$.28),/(//+126+HUDNOHVVWHKWPLW .DQWKDUDRV.HXOHXQG/|ZHQIHOOQOLP$EVFKQLWW'23 -DKUGHU6HOHXNLGHQlUD 6KRUH6HOOZRRG 6XQULVH 55)HLQH7|QXQJY] ([ 6OJ 'U *: H[ /DQ] 0QFKHQ $XNWLRQ   /RV  H[ 1XPLVPDWLF )LQH $UWV  %DQN /HX $* =ULFK2NWREHU/RV -:*DUUHWW&ROOHFWLRQ3DUW,, H[1DYLOOH$UV&ODVVLFD*HQI $XNWLRQ$SULO/RVDXV6OJ3R]]L

±




546

578

581 


*5,(&+(1

579





3KUDDWHV,,Y&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNLDDP7LJULV9V%VWHPLW .|QLJVELQGHQU5V%$6,/(:60(*$/28$56$.281,.+)25287\FKHPLW3RORV)OOKRUQLQGHU /LQNHQXQG1LNHLQGHU5HFKWHQVLW]WDXIHLQHP+RFNHULP$EVFKQLWW]ZHL0RQRJUDPPH6KRUH6HOOZRRG 6XQULVH 55JXWHVVV ([6DPPOXQJ'U*: 3KUDDWHV,,Y&KU7HWUDGUDFKPH J FDY&KU0]VW6HOHXNLDDP7LJULV9V%VWHPLW .|QLJVELQGHQU5V%$6,/(:60(*$/28$56$.281,.+)25287\FKHPLW3RORV)OOKRUQLQGHU /LQNHQXQG1LNHLQGHU5HFKWHQVLW]WDXIHLQHP+RFNHULP$EVFKQLWW]ZHL0RQRJUDPPH6KRUH6HOOZRRG 6XQULVH 550LWDOWHP6DPPOHUNlUWFKHQ(WZDVSRU|VH2EHUIOlFKHVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

581 







±

±

582

$UWDEDQRV,,Y&KU7HWUDGUDFKPH J 0]VW6HOHXNLDDP7LJULV9V%VWHPLW.|QLJVELQGH QU5V%$6,/(:6$56$.287\FKHPLW)OOKRUQLQGHU/LQNHQXQG1LNHLQGHU5HFKWHQVLW]WDXIHLQHP +RFNHUGHUYRQHLQHPJHIOJHOWHQZHLEOLFKHQ6HHZHVHQJHWUDJHQZLUG6KRUH6HOOZRRG ,QWHUUHJQDO ,VVXH 6XQULVH&ROO 6HKUVFK|QHU3RUWUlWVWLO7|QXQJVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV $UWDEDQRV,,,Y&KU7HWUDGUDFKPH J Y&KU0]VW6HOHXNLDDP7LJULV9V%VWHPLW .|QLJVELQGHQU5V%$6,/(:6$56$.287\FKHPLW)OOKRUQLQGHU/LQNHQXQG1LNHLQGHU5HFKWHQVLW]W DXI HLQHP +RFNHU GHU YRQ HLQHP JHIOJHOWHQ ZHLEOLFKHQ 6HHZHVHQ JHWUDJHQ ZLUG O LP )HOG 4( XQG 0RQRJUDPPLP$EVFKQLWW-DKUHV]DKO+356XQULVH6HOOZRRG6KRUH *HUHLQLJWJXWHVVV ([6DPPOXQJ'U*:H[7ULWRQ$XNWLRQ9/RV

583 

580

±

±

584

$UWDEDQRV,,,Y&KU7HWUDGUDFKPH J Y&KU0]VW6HOHXNLDDP7LJULV9V%VWHPLW .|QLJVELQGHQU5V%$6,/(:6$56$.287\FKHPLW)OOKRUQLQGHU/LQNHQXQG1LNHLQGHU5HFKWHQVLW]W DXI HLQHP +RFNHU GHU YRQ HLQHP JHIOJHOWHQ ZHLEOLFKHQ 6HHZHVHQ JHWUDJHQ ZLUG O LP )HOG 4 XQG 0RQRJUDPP LP $EVFKQLWW -DKUHV]DKO +35  -DKU  GHU 6HOHXNLGHQlUD  6KRUH   6HOOZRRG  $UWDERQRV, 6XQULVH 9DU  557|QXQJVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV 0LWKUDGDWHV,,Y&KU7HWUDGUDFKPH J Y&KU0]VW6HOHXNLDDP7LJULV9V %lUWLJH %VWH PLW .|QLJVELQGH Q O 5V %$6,/(:60(*$/28$56$.28(3,)$1286  79 %RJHQVFKW]H VLW]W DXI 2PSKDORV Q U 3DOP]ZHLJ LP UHFKWHQ lX‰HUHQ )HOG 6KRUH  6HOOZRRG  6XQULVH )HLQH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

±


*5,(&+(1

586

585 



0LWKUDGDWHV,,Y&KU'UDFKPH J Y&KU0]VW(NEDWDQD9V%lUWLJH%VWH PLW 'LDGHP Q O 5V %$6,/(:60(*$/28$56$.28(3,)$1286 %RJHQVFKW]H DXI 7KURQ VLW]HQGQUGDKLQWHU0RQRJUDPP6KRUH6HOOZRRG6XQULVH 9DU  'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH1U

±

6LQDWUXNHV    Y &KU 'UDFKPH J  0]VW 5KDJDL 9V %lUWLJH %VWH PLW 'LDGHP Q O 5V %$6,/(:60(*$/28$56$.284(23$75261,.$72526 %RJHQVFKW]H DXI 7KURQ VLW]HQG Q U6HOOZRRG6KRUH6XQULVH Y] ([6DPPOXQJ'U*:

±

587

2:1 

2:1

0LWKUDGDWHV,,,Y&KU'UDFKPH J 0]VW(NEDWDQD9V%lUWLJHGUDSLHUWH%VWHPLW7LDUD XQG 'LDGHP Q O 5V %$6,/(:60(*$/28$,6.28),/23$7(526$872.5$7(526 (3,)$1286),/(/+126$UVDNHV,QUVLW]HQGXQG%RJHQSUIHQG6KRUH 9DU 6HOOZRRG 9DU 6XQULVH VW

588 







589

0LWKUDGDWHV,,,Y&KU'UDFKPH J 0]VW(NEDWDQD9V%lUWLJHGUDSLHUWH%VWHPLW7LDUD XQG 'LDGHP Q O 5V %$6,/(:60(*$/28$,6.28),/23$7(526$872.5$7(526 (3,)$1286),/(/+126$UVDNHV,QUVLW]HQGXQG%RJHQSUIHQG6KRUH6HOOZRRG6XQULVH  VW 0LWKUDGDWHV,,,Y&KU'UDFKPH J 0]VW.DQJDYDU9V%lUWLJHGUDSLHUWH%VWHPLW7LDUD XQG 'LDGHP Q O 5V %$6,/(:60(*$/28$,6.28),/23$7(526$872.5$7(526 (3,)$1286),/(/+126 $UVDNHV , Q U VLW]HQG XQG %RJHQ SUIHQG XQWHU GHP %RJHQ 0RQRJUDPP 6KRUH0RQRJUDPP GLHVHV([HPSODU 6HOOZRRG6XQULVH 7|QXQJIDVWY] ([ 6DPPOXQJ 'U *: H[ &ODVVLFDO 1XPLVPDWLF *URXS $XNWLRQ   /RV  H[ 6DPPOXQJ )UHG % 6KRUH

590

±

±

±

591

2URGHV,Y&KU'UDFKPH J 0]VW(NEDWDQD9V%lUWLJH%VWHPLW7LDUDPLWJHVWLHOWHQ.XJHOQ Q O 'DKLQWHU $QNHUV\PERO 5V %$6,/(:60(*$/28$,6$.28(8(5*(728(3,)$1286 ),/(/+126%RJHQVFKW]HDXI7KURQVLW]HQGQU6KRUH6HOOZRRG 6LQDWUXNHV 6XQULVH 5*XWHVVV 2URGHV,Y&KU'UDFKPH J 0]VW(NEDWDQD9V%lUWLJH%VWHPLW7LDUDPLWJHVWLHOWHQ.XJHOQ Q O 'DKLQWHU $QNHUV\PERO 5V %$6,/(:60(*$/28$56$.28(8(5*(728 (3,)$1286 ),/(/+126%RJHQVFKW]HDXI7KURQVLW]HQGQU6KRUH6HOOZRRG 6LQDWUXNHV 6XQULVH VVY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±




*5,(&+(1

593

592 



1,5:1

$UVDNHV;9,FDY&KU'UDFKPH J 0]VW5KDJDL9V%lUWLJH%VWHPLW'LDGHPQO5V %$6,/(:60(*$/28$56$.284(23$7526(8(5*(728%RJHQVFKW]HDXI7KURQVLW]HQGQU 6HOOZRRG XQEHNDQQWHU.|QLJ 6KRUH 2URGHV, 6XQULVH Y] ([6DPPOXQJ'U*: 3KUDDWHV ,,,    Y &KU 'UDFKPH J  FD  Y &KU 0]VW (NEDWDQD 9V )URQWDOH %VWH PLW ZHKHQGHQ 'LDGHPHQGHQ 5V %$6,/(:60(*$/28$56$.284(23$72526(8(5*(728 (3,)$1286),/(//+126%RJHQVFKW]H $UVDNHV, VLW]WQUDXI7KURQGDYRU0RQRJUDPP6HOOZRRG  'DULXV/HJHQGH 6KRUH6XQULVH 7|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

1,5:1

594 



594

±

±

595

3KUDDWHV ,,,    Y &KU 'UDFKPH J  0]VW 6XVD 9V %lUWLJH %VWH PLW 'LDGHP Q O 5V %$6,/(:60(*$/28$56$.28),/23$7(526(8(5*(728(3,)$1286),/(/+126 %RJHQVFKW]HDXI7KURQVLW]HQGQU6KRUH6HOOZRRG VW 3KUDDWHV,9Y&KU7HWUDGUDFKPH J 0]VW6HOHXNHLDDP7LJULV9V'UDSLHUWHElUWLJH%VWH PLW'LDGHPQODXIGHU6WLUQ:DU]H5V%$6,/(:6%$6,/(:1$56$.28(8(5*(728',.$,28 (3,)$1286),/(//+126>-DKUXQG0RQDWQLFKWOHVEDU@1LNHPLW)OOKRUQUHLFKWGHPQUWKURQHQGHQ .|QLJHLQHQ.UDQ]PLW7lQLH6HOOZRRG6KRUH6XQULVH 6FKZDU]H7|QXQJVVY] ([6DPPOXQJ'U*:

±

±

596 1,5:1 



1,5:1

3KUDDWDNHVXQG0XVDY&KUQ&KU7HWUDGUDFKPH J Q&KU0]VW6HOHXNLDDP7LJULV9V %$6,/(:6%$6,/(:1%VWHGHV.|QLJVZLUGYRQ1LNHEHNUlQ]W'DKLQWHU-DKHUV]DKO',7 -DKUGHU 6HOHXNLGHQlUD 5V%$6,/,66+6>0286+65$1,$64($6@28%VWHGHU0XVDPLW7LDUDQUGDKLQWHU 0RQDWVDQJDEH286HOOZRRG6KRUH6XQULVH&ROO 9DU  7|QXQJVVY] ([6DPPOXQJ'U*:H[-DFTXLHU.DWDORJ1U 3XEOL]LHUW$9HUVWDQGLJ+LVWRLUHGHO (PSLUH3DUWKH7DI GLHVHV([HPSODU  9RQ0XVDGLHQXUGXUFKGLHU|PLVFKH*HVFKLFKWVVFKUHLEXQJEHNDQQWLVWXQGGHVZHJHQGLH3DUWKHUZDUHQGLH +DXSWIHLQGHGHU5|PHULQHLQHPQHJDWLYHP%LOGGDUJHVWHOOWZXUGHZLUGIROJHQGHVEHUOLHIHUW0XVDNDPGXUFK HLQHQ *HLVHOWDXVFK DQ GHQ +RI YRQ 3KUDDWHV ,9 'LH 5|PHU KDWWHQ HLQHQ 6RKQ YRQ 3KUDDWHV ,9 LQ *HLVHOKDIW JHQRPPHQ ,P -DKU  Y &KU ZXUGH GHU 6RKQ YRQ GHQ 5|PHUQ DQ GHQ 9DWHU ]XUFNJHJHEHQ XQG GLH 3DUWKHU OLHIHUWHQLP*HJHQ]XJHUREHUWH)HOG]HLFKHQXQGU|PLVFKH*HIDQJHQHDQGLH5|PHUDXV,P*HIROJHGHV6RKQHV EHIDQG VLFK GLH 6NODYLQ 0XVD GLH ]XU *HOLHEWHQ YRQ 3KUDDWHV ,9 ZXUGH XQG LKP GHQ 6RKQ 3KUDDWDNHV JHEDU ZRUDXIKLQ VLH ]XU *HPDKOLQ YRQ 3KUDDWHV ,9 DXIVWLHJ  Y &KU EHU]HXJWH VLH GHQ .|QLJ VHLQH lOWHUHQ YLHU 6|KQH]XU$XVELOGXQJQDFK5RP]XVFKLFNHQ,P-DKUY&KUYHUKDOIVLHLKUHPHLJHQHQ6RKQ3KUDDWDNHVDXIGHQ 7KURQLQGHPVLHVHLQHQ9DWHU3KUDDWHV,9YHUJLIWHWH,PVHOEHQ-DKUKHLUDWHWHVLHVRJDUGHQ6RKQXQGOLH‰VLFK IRUWDQ PLW LKP DXI VHLQHQ 0Q]HQ GDUVWHOOHQ 'HU SROLWLVFKH (LQIOXVV GHU EHLGHQ HQGHW LP -DKU  Q &KU 1DFK )ODYLXV-RVHSKXV -GLVFKH$OWHUWPHU;9,,, ZXUGHEHLGHQDFKGHU+HLUDWXPJHEUDFKW

±


*5,(&+(1

597 2:1 

2:1

3KUDDWDNHV XQG 0XVD  Y &KU   Q &KU 'UDFKPH J  0]VW (NEDWDQD 9V 'UDSLHUWH %VWH GHV 3KUDDWDNHV PLW 'LDGHP Q O IODQNLHUW YRQ ]ZHL NUDQ]WUDJHQGHQ 1LNHQ 5V 0286+6%$6,/,66+6 4($6283$1,$6 GUDSLHUWH %VWH GHU .|QLJLQ 0XVD PLW 'LDGHP XQG .URQH Q O XQWHU GHP .LQQ 0RQRJUDPP$6HOOZRRG6KRUH6XQULVH&ROO 57|QXQJY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

599

598

598

±

1,5:1 



9RQRQHV,Q&KU'UDFKPH J 0]VW(NEDWDQD9V%$6,/(:621:1+6ElUWLJHU.RSIPLW 'LDGHP XQG 2KUULQJ Q O 5V 2$6,/(:621:1+61(,.+6$6$57$2$121 1LNH PLW 3DOP]ZHLJ QUGDUXQWHUJUR‰HV0RQRJUDPP$6KRUH6HOOZRRG6XQULVH Y] ([6DPPOXQJ'U*:H[/HX$*=ULFK$XNWLRQ/RV *RWDU]HV ,,    Q &KU 7HWUDGUDFKPH J   Q &KU 0]VW 6HOHXNLD DP 7LJULV 9V %lUWLJH GUDSLHUWH %VWH PLW 'LDGHP Q O 5V >%@$6,/>(:6@%$6,/(:>1@>$5@6$.>28@(8(5*(72>8@ ',.$,28(3,)$>128@>),@/(//+>128@ GHU .|QLJ WKURQW Q U U YRU LKP VWHKW7\FKHPLW)OOKRUQ GLHLKQEHNUlQ]WREHQ;7 -DKUGHU6HOHXNLGHQlUD 6KRUH6HOOZRRG6XQULVH 7|QXQJ9V*UDIILWRJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

600

2:1





±

±

601

2:1

0HKHUGDWHV    Q &KU 'UDFKPH J  0]VW (NEDWDQD 9V %lUWLJH GUDSLHUWH %VWH PLW 7LDUD XQG 'LDGHP IURQWDO IODQNLHUW YRQ ]ZHL 6WHUQHQ 5V %$6,/(:6%$6,/(:1$56$.28(8(5*(728 ',.$,28(3,)$1286$UVDNHV,QUVLW]HQGXQG%RJHQSUIHQGXQWHUGHP%RJHQJUR‰HV0RQRJUDPP$ 6KRUH 9RQRQHV,, 6HOOZRRG 9RQRQHV,, 6XQULVH 7|QXQJY] ([6DPPOXQJ'U*:H[0RQHWDULXP/LVWH1U 3DNRURV,Q&KU'UDFKPH J 0]VW(NEDWDQD9V.RSIPLW'LDGHPQO5V%RJHQVFKW]H $UVDNHV, WKURQWPLW%RJHQQUXQWHUGHP%RJHQ0RQRJUDPP$GDUXPYHUZLOGHUWHJULHFKLVFKH,QVFKULIW 6HOOZRRG6KRUH6XQULVH&ROO 9DU  7|QXQJY] ([6DPPOXQJ'U*:H[7ULWRQ$XNWLRQ9,,/RV

±

±




*5,(&+(1

602



1,5:1

602

9RORJDVHV ,,,    Q &KU 7HWUDGUDFKPH J  -DQXDU  Q&KU0]VW6HOHXNLDDP7LJULV9V %VWH PLW +DNHQWLDUD Q O GDKLQWHU % 5V %$6,/(:6%$6,/(:1$56$.282/$*$628 ',.$,28(3,)$1286),/(//+1267\FKHPLW=HSWHUEHUUHLFKWGHPWKURQHQGHQ.|QLJHLQHQ.UDQ] GDUEHU -DKUHV]DKO */8  -DKU  GHU 6HOHXNLGHQlUD  GDUXQWHU 3(5,7(,28 6KRUH  9DU  6HOOZRRG 6XQULVH 9DU  7|QXQJJXWHVVV ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

603

2:1

2:1

6$6$1,'(1 

$UGDVKLU ,    Q &KU 'UDFKPH J  0]VW .WHVLSKRQ 9V %VWH PLW 0DXHUNURQH Q U 5V )HXHUDOWDU6HOOZRRG6DV7\S9*|EO6DV7DI,6167\S9D 556FKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

604

2:1 



2:1

6KDSXU,Q&KU'LQDU J FDQ&KU0]VW.WHVLSKRQ9V'UDSLHUWH%VWHPLW 'LDGHPXQG0DXHUNURQHGLHYRQHLQHP.RU\PERVEHNU|QWLVWQUHLQ3XQNWEHUGHU'LDGHPVFKOHLIH]ZHL GDUXQWHU5V+RKHUEUHQQHQGHU)HXHUDOWDUIODQNLHUWYRQ]ZHLN|QLJOLFKHQ:lFKWHUQOREHQLP)HOG6\PERO *|EO6DV7\S,6167\S,,FE6WLO3*UXSSHG 7DI 6XQULVH&ROO *ROG9RU]JOLFKHVSHUIHNW]HQWULHUWHV3UDFKWH[HPSODU9V.UDW]HU ([*RUQ\ 0RVFK$XNWLRQ/RV

±


*5,(&+(1

606

605 



6KDSXU,Q&KU'UDFKPH J 9V%VWHU PLWDENQLFNHQGHQ'LDGHPHQGHQ 5V)HXHUDOWDU PLW ]ZHL $VVLVWHQ]ILJXUHQ %HLGVHLWLJ GHU )ODPPHQ MH HLQ3XQNW*|EO6DV7DI,,6167\S,,FE YJO 6W\OH4JURXSHEXQGHII  6FKDUIDXVJHSUlJWY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

9DKUDQ ,,    Q &KU 'UDFKPH J  9V 'UDSLHUWH %VWH GHV .|QLJV PLW JHIOJHOWHU .URQH PLW *OREXVQULKPJHJHQEHU3ULQ]HQEVWHPLW:LOGVFKZHLQKDXEH5V)HXHUDOWDUIODQNLHUWYRQ]ZHLPlQQOLFKHQ )LJXUHQPLW=HSWHUVWlEHQ .|QLJXQG3ULQ]" *|EO6DV3DUXFN6167\S,,, Y] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

607 

<D]GJDUG,,,Q&KU'UDFKPH J -DKU Q&KUH 0]VW6. 6DNDVWDQ 9V%VWHU 5V)HXHUDOWDUPLW$VVLVWHQ]ILJXUHQ*|EO6DV,,3DUXFN 9DU-DKU 'H0RUJDQ6 VV ([6DPPOXQJ'U*:H[7ULWRQ9,,1HZ<RUN/RV

±

608

%$.75,(1 

)5h+(6 %$.75,(1 $WKHQ,PLWDWLRQ 7HWUDGUDFKPH J  FD    Y &KU 0]VW LQ GHU 2[XV 5HJLRQ" 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q U 'DKLQWHU 0RQRJUDPP 5V $4( (XOH Q U GDUEHU 2OLYHQVSURVV0RQGVLFKHOXQG:HLQWUDXEH+1LFROHW0$PDQGU\8QQRXYHDXWUpVRUGHPRQQDLHVGDUJHQW SVHXGRDWKpQLHQQHVYHQXG$IJKDQLVWDQ  51 9VVWJO +*& 9DU  557|QXQJVV ([6DPPOXQJ'U*:H[1XPLVPDWLN/DQ]0QFKHQ$XNWLRQ/RV

±

609 2:1 

2:1

$WKHQ,PLWDWLRQ 7HWUDGUDFKPH J  FD    Y &KU 0]VW LQ GHU 2[XV5HJLRQ" 9V .RSI GHU $WKHQD PLW DWWLVFKHP +HOP Q U 5V $GOHU Q O GDUEHU :HLQUDQNH + 1LFROHW  0 $PDQGU\ 8Q QRXYHDX WUpVRUGHPRQQDLHVGDUJHQWSVHXGRDWKpQLHQQHVYHQXG$IJKDQLVWDQ  51II+*& ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U 557|QXQJVV

± 


*5,(&+(1

610 2:1 

2:1

)5h+(6 %$.75,(1 6RSK\WHV FD    Q &KU 'LRERO QDFK EDNWULVFKHP 6WDQGDUG J  9V %HKHOPWHU .RSI GHU $WKHQD Q U 5V 6:)8728 +DKQ PLW JHVFKORVVHQHP *HILHGHU Q U VWHKHQG O KLQWHU VHLQHP.RSI.HU\NHLRQ61*$16%RSHDUDFKFKL6RSK\WHV 55)HLQHGXQNOH7|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV =ZDUEHVFKUHLEW'LRGRUXV6LFXOXVHLQHQ+HUUVFKHUJOHLFKHQ RGHUlKQOLFKHQ 1DPHQVEHLGHU6FKLOGHUXQJGHV $OH[DQGHU]XJHV QDFK ,QGLHQ %XFK   GHU MHGRFK LP 3XQMDE DQJHVLHGHOW ZDU ZlKUHQG GLH 0Q]HQ GLH GLHVHQ1DPHQDXIZHLVHQDXV%DNWULHQVWDPPHQXQGDXFKLQGLH1DFKDOH[DQGHU]HLW]XGDWLHUHQVLQG6REOHLEW GLH 3HUVRQ GHV 0Q]KHUUQ 6RSK\WHV P\VWHUL|V $QJHQRPPHQ ZLUG GDVV HV VLFK XP HLQHQ6DWUDSHQKDQGHOWH GHUMHGRFKLQGHQHUKDOWHQHQOLWHUDULVFKHQ4XHOOHQQLFKWHUZlKQWZLUG

±

611 

.g1,*5(,&+%$.75,(1'LRGRWRV,LP1DPHQ$QWLRFKRV,,YRUFDY&KU6WDWHUQDFKDWWLVFKHP 6WDQGDUG J 0]VW$EHL$L.KDQRXP9V.RSIPLW'LDGHPQU5V%$6,/(:6$17,2&28=HXV PLW%OLW]EQGHOXbJLVQO]XVHLQHQ)‰HQHLQ$GOHUOLPLQQHUHQ)HOG10LWFKLQHU7\SHD%RS 1HZHOO(606&+*&+*&6.ULWW1HZ'LVFRYHULHV7DI)UHHPDQ 6HDU 6W\OH  VWJO  *ROG5Y]VW ([&ROOHFWLRQ'U/DZUHQFH$$GDPVH[&ODVVLFDO1XPLVPDWLF*URXS,QYHQWRU\ $SULO  =X GHU 'HXWXQJ DOV $QWLRFKRV 1LNDWRU HLQHP QLFKW DQHUNDQQWHQ +HUUVFKHU EHU %DNWULHQ YRQ    Y&KUV--DNREVVRQ$QWLRFKXV1LFDWRUDWKLUGNLQJRI+HOOHQLVWLF%DFWULD"LQ1XPLVPDWLF&KURQLFOH  6=XGHU]XOHW]WZLHGHUDXIJHQRPPHQHQ=XZHLVXQJDQ'LRGRWRV,XQG'LRGRWRV,,XQGGHUHQ 8QWHUVFKHLGXQJV%.ULWW1HZ'LVFRYHULHVLQ%DFWULDQ1XPLVPDWLFV&ODVVLFDO1XPLVPDWLF6WXGLHV 

EHV6

±

612 

'LRGRWRV,LP1DPHQ$QWLRFKRV,,YRUFDY&KU6WDWHUQDFKDWWLVFKHP6WDQGDUG J 0]VW$EHL$L .KDQRXP 9V .RSI PLW 'LDGHP Q U 5V %$6,/(:6$17,2&28 =HXV PLW %OLW]EQGHO X bJLV Q O ]X VHLQHQ)‰HQHLQ$GOHUOLPLQQHUHQ)HOG10LWFKLQHU7\SHD%RS1HZHOO(606&+*& +*&6.ULWW1HZ'LVFRYHULHV7DI&1* 6W\OH VWJO  *ROG59V3UIKLHEY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV =XGHU]XOHW]WZLHGHUDXIJHQRPPHQHQ=XZHLVXQJDQ'LRGRWRV,XQG'LRGRWRV,,XQGGHUHQ8QWHUVFKHLGXQJV %.ULWW1HZ'LVFRYHULHVLQ%DFWULDQ1XPLVPDWLFV&ODVVLFDO1XPLVPDWLF6WXGLHV  EHV6

±

613 



'LRGRWRV , LP 1DPHQ $QWLRFKRV ,, YRU FD  Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW$EHL$L.KDQRXP9V.RSIPLW'LDGHPQU5V%$6,/(:6$17,2&28=HXVPLW%OLW]EQGHOX bJLV Q O ]X VHLQHQ )‰HQ HLQ $GOHU O LP LQQHUHQ )HOG .UDQ] 0LWFKLQHU 7\SH D QLFKW GLHVHV %HL]HLFKHQ %RS6HU%1HZHOO(606&+*&+*&6 6FK|QH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[%DQNKDXV$XIKlXVHU0QFKHQ$XNWLRQ/RV =XP6WLOYJO.ULWW1HZ'LVFRYHULHV7DI/DQ] 6W\OH

±




604

611

612




*5,(&+(1

614 

'LRGRWRV,,YRUFDY&KU6WDWHUQDFKDWWLVFKHP6WDQGDUG J 0]VW$EHL$L.KDQRXP9V.RSI PLW'LDGHPQU5V%$6,/(:6',2'2728=HXVPLW%OLW]EQGHOXbJLVQO]XVHLQHQ)‰HQHLQ$GOHU O LP LQQHUHQ )HOG .UDQ] 0LWFKLQHU 7\SH  %RS 6HU  $ 1U  +ROW '  +*&   .ULWW 1HZ 'LVFRYHULHV7DI' GLHVH0Q]H  6W\OH *ROG9V3UIKLHEVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

615 

'LRGRWRV,,YRUFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW% YLHOOHLFKW%DNWUD  9V.RSIPLW'LDGHPQU5V%$6,/(:6',2'2728=HXVPLW%OLW]EQGHOXbJLVQO]XVHLQHQ)‰HQ HLQ $GOHU O LP LQQHUHQ )HOG 0RQRJUDPP 0LWFKLQHU 7\SH F %RS 6HU  ) 9V VWJO PLW 7DI   +*& /HLFKWJHW|QW5VPLWUDXHU2EHUIOlFKHXQGNOHLQHQ3UlJHVFKZlFKHQY]JXWHVVV ([6DPPOXQJ'U*:H[%DQNKDXV$XIKlXVHU0QFKHQ$XNWLRQ/RV =XP6WLOYJO.ULWW1HZ'LVFRYHULHV7DI 6W\OH

±

616 

(XWK\GHPRV , FD    Y &KU 6WDWHU QDFK DWWLVFKHP 6WDQGDUG J  FD    Y &KU 0]VW %DNWUD9V.RSIPLW'LDGHPQU5V%$6,/(:6(848'+028+HUDNOHVPLW.HXOHVLW]WQODXI)HOVHQO REHQLPLQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHD%RS6HU& 7DIVWJO +*&.ULWW1HZ 'LVFRYHULHV7DI%1U VWJO  *ROG59VZLQ]LJHU.UDW]HUDXIGHP+DOVNOHLQH3UlJHVFKZlFKHY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ;;9,/RV

±

617 

(XWK\GHPRV,FDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J FDY&KU 0]VW%DNWUD9V.RSIPLW'LDGHPQU5V%$6,/(:6(848'+028+HUDNOHVPLW.HXOHVLW]WQODXI /|ZHQIHOOX)HOVHQUXQWHQLP)HOG0RQRJUDPP0LWFKLQHU7\SHD%RS6HU$+*&.ULWW 1HZ'LVFRYHULHV7DI% =DUWH7|QXQJNOHLQH.UDW]HUJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ;;9,/RV

618 



1,5:1

±

618

(XWK\GHPRV,FDY&KU$(1RPLQDO% J FDY&KU0]VW$L.KDQRXPXQG %DNWUD 9V +HUDNOHVNRSI Q U 5V %$6,/(:6(848'(028 JDORSSLHUHQGHV 3IHUG Q U %RS 6HU  0LWFKLQHU7\SH,+*& 5RWEUDXQH7|QXQJVVY] ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RV

±




614

615

616




*5,(&+(1

619 

'HPHWULRV , FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH%VWHPLW(OHIDQWHQVNDOSX'LDGHPQU5V%$6,/(:6'+0+75,28+HUDNOHVPLW/|ZHQIHOO X .HXOH EHNUlQ]W VLFK O XQWHQ LP LQQHUHQ )HOG 0RQRJUDPP 0LWFKLQHU 7\SH F %RS 6HU  ) +*& .DELQHWWVWFNY] ([6DPPOXQJ'U*:H[1XPLVPDWLN/DQ]0QFKHQ$XNWLRQ/RV

620







621

±

622

'HPHWULRV , FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH%VWHPLW(OHIDQWHQVNDOSX'LDGHPQU5V%$6,/(:6'+0+75,28+HUDNOHVPLW/|ZHQIHOO X .HXOH EHNUlQ]W VLFK O XQWHQ LP LQQHUHQ )HOG 0RQRJUDPP 0LWFKLQHU 7\SH F %RS 6HU  ) +*& :LQ]LJH.UDW]HUIDVWY] ([6DPPOXQJ'U*:HUZRUEHQLQGHQHU-DKUHQLPGHXWVFKHQ0Q]KDQGHO 'HPHWULRV , FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH%VWHPLW(OHIDQWHQVNDOSX'LDGHPQU5V%$6,/(:6'+0+75,28+HUDNOHVPLW/|ZHQIHOO X .HXOH EHNUlQ]W VLFK O XQWHQ LP LQQHUHQ )HOG 0RQRJUDPP 0LWFKLQHU 7\SH F %RS 6HU  ) +*& 6FK|QH7|QXQJ6FKU|WOLQJOHLFKWYHUERJHQ.UDW]HUVV ([6DPPOXQJ'U*:H[0RQHWDULXP6.$=ULFK/LVWH+HUEVW1U 'HPHWULRV,FDY&KU$(1RPLQDO$ J 0]VW%DNWUD9V(OHIDQWHQNRSIPLW*ORFNHQU 5V%$6,/(:6'+0+75,28.HU\NHLRQOXQWHQLPLQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHE %RS6HU(+*& 6FKZDU]JUQH3DWLQD)HOGHUHWZDVJHJOlWWHWJXWHVVV ([ 6DPPOXQJ 'U *: H[ 6DPPOXQJ ++ *XWNQHFKW 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ  /RVHUZRUEHQEHL)UDQN6WHUQEHUJ=ULFK

±

±

±

623 



(XWK\GHPRV ,, FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH%VWHPLW'LDGHPQU5V%$6,/(:6(848'+028EHNUlQ]WHU+HUDNOHVPLW.UDQ].HXOHX /|ZHQIHOOOXQWHQLPLQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHG%RS6HU&+*& =DUWH7|QXQJ9VVFKDUIDXVJHSUlJWJXWHVY] ([6DPPOXQJ'U*:H[*LHVVHQHU0Q]KDQGOXQJ0QFKHQ$XNWLRQ/RV

±




619




*5,(&+(1

624

1,5:1 

1,5:1

$JDWKRNOHV'LNDLRVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUD9V 'UDSLHUWH %VWH PLW 'LDGHP Q U 5V %$6,/(:6$*$42./(286 =HXV PLW =HSWHU DXI GHU 5HFKWHQ %LOGQLV GHU +HNDWH PLW ]ZHL )DFNHOQ O XQWHQ LP LQQHUHQ )HOG 0RQRJUDPP 0LWFKLQHU 7\SH D %RS 6HU'+*& 9VZLQ]LJH.UDW]HUY] ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ%DVHO/LVWH1U

±

625

1,5:1 

1,5:1

$JDWKRNOHV 'LNDLRV FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 0HPRULDOSUlJXQJLP1DPHQGHV$QWLRFKRV,,7KHRV9V$17,2&281,.$72526.RSIPLW'LDGHP QU EHUGHP.RSI5HVWHLQHV]ZHLWHQ3HUOUDQGHV 5V%$6,/(821726$*$42./(286',.$,28 =HXVPLW%OLW]EQGHOXbJLVQO]XVHLQHQ)‰HQHLQ$GOHUOLPLQQHUHQ)HOG.UDQ]UXQWHQLPLQQHUHQ)HOG 0RQRJUDPP0LWFKLQHU7\SH QLFKWGLHVHV0RQRJUDPP %RS6HU$+*& 53DUWLHOOHWZDVUDXH2EHUIOlFKHY] ([6DPPOXQJ'U*:H[1XPLVPDWLN/DQ]0QFKHQ$XNWLRQ/RV =X GHU 'HXWXQJ GHU 9RUGHUVHLWHQGDUVWHOOXQJ DOV$QWLRFKRV1LNDWRUHLQHPQLFKWDQHUNDQQWHQ+HUUVFKHUEHU %DNWULHQ YRQ    Y &KU V - -DNREVVRQ $QWLRFKXV 1LFDWRU D WKLUG NLQJ RI +HOOHQLVWLF %DFWULD" LQ 1XPLVPDWLF&KURQLFOH6

±

626 



$JDWKRNOHV 'LNDLRV FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 0HPRULDOSUlJXQJLP1DPHQGHV(XWK\GHPRV,9V(848'+0>28@4(28.RSIPLW'LDGHPQU5V %$6,/(821726$*$42./(286',.$,28 +HUDNOHV PLW .HXOH VLW]W Q O DXI )HOVHQ U XQWHQ LP LQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHD%RS6HU%+*&  52EHUIOlFKHHWZDVJHJOlWWHW5VNOHLQH6FKU|WOLQJVIHKOHUXSDUWLHOOH.RUURVLRQVVSXUHQIDVWY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±




624

625




*5,(&+(1

627

1,5:1



1,5:1

$JDWKRNOHV 'LNDLRV FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 0HPRULDOSUlJXQJ LP 1DPHQ GHV 'HPHWULRV , 9V '+0+75,28$1,.+728 GUDSLHUWH %VWH PLW (OHIDQWHQVNDOS X 'LDGHP Q U 5V %$6,/(821726$*$42./(286',.$,28 +HUDNOHV PLW /|ZHQIHOOX.HXOHEHNUlQ]WVLFKOXQWHQLPLQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHD%RS6HU $+*& 55%HL8KUNOHLQH.RUURVLRQVVWHOOHY] ([ 6DPPOXQJ 'U *: H[ 7ULWRQ ,,  /RV  H[ &ROOHFWLRQ 0U .' :DONKRII-RUGDQ H[ /HX $* =ULFK$XNWLRQ/RV

±

628 

$JDWKRNOHV 'LNDLRV FD    Y &KU .XSIHU1LFNHO 1RPLQDO % J  0]VW %DNWUD 9V .RSI GHV 'LRQ\VRV PLW (IHXNUDQ] X JHVFKXOWHUWHP 7K\UVRV Q U 5V %$6,/(:6$*$42./(286 3DQWKHU Q U GDYRU5HEVWRFNXQWHQ0RQRJUDPP0LWFKLQHU7\SHH%RS6HU$+*& ([6DPPOXQJ'U*:HUZRUEHQDP0lU]EHL0RQHWDULXP6.$=ULFK 7HLOZHLVHGXQNOH3DWLQDVV

±

629

1,5:1





1,5:1

$QWLPDFKRV , 7KHRV FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH %VWH PLW .DXVLD X 'LDGHP Q U 5V %$6,/(:64(28$17,0$&28 3RVHLGRQ PLW 'UHL]DFNX3DOP]ZHLJUXQWHQLPLQQHUHQ)HOG0RQRJUDPP0LWFKLQHU7\SHE%RS6HU'+*&  5V.RUURVLRQVIOHFNXQGNOHLQH3UlJHVFKZlFKHQY] ([6DPPOXQJ'U*:H[1XPLVPDWLN/DQ]0QFKHQ$XNWLRQ/RV

±




627

630




*5,(&+(1

630

1,5:1



1,5:1

$SROORGRWRV , 6RWHU FD    Y &KU 7HWUDGUDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V 'UDSLHUWH %VWH PLW .DXVLD X 'LDGHP Q U 5V %$6,/(:6 $32//2'2728$WKHQDPLW1LNHQOVLW]HQGVWW]WVLFKDXIHLQHQ6FKLOGLP$EVFKQLWW0RQRJUDPP&< 3HWLWRW%LHKOHU/HWUpVRUG $L.KDQRXP5161U 9VVWJO 0LWFKLQHU7\SH%RS6HU$ +*& 556FK|QH7|QXQJVVY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

631

1,5:1 

1,5:1

$SROORGRWRV,6RWHUFDY&KU'UDFKPH .OLSSH QDFKLQGLVFKHP6WDQGDUG J 0]VWLQGHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V %$6,/(:6$32//2'27286:7+526 (OHIDQW Q U GDUXQWHU 0RQRJUDPP 5V 0DKDUDMDVD  $SDODGDWDVD  WUDGDUDVD =HEXULQG Q U GDUXQWHU 0RQRJUDPP 0LWFKLQHU 7\SHL%RS6HU*+*& +HUUOLFKH7|QXQJ5V6WHPSHOULVVY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV

±

632 633 





$SROORGRWRV,6RWHUFDY&KU$(1RPLQDO% .OLSSH QDFKLQGLVFKHP6WDQGDUG J 0]VWLQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V %$6,/(:6$32//2'27286:7+526 $SROORQ PLW 3IHLO X %RJHQ5V0DKDUDMDVD$SDODGDWDVDWUDGDUDVD'UHLIX‰ULP)HOG0RQRJUDPP0LWFKLQHU7\SHT %RS6HU)+*& 6FK|QHGXQNOH7|QXQJY] ([ 6DPPOXQJ 'U *: H[ &ODVVLFDO 1XPLVPDWLF *URXS $XNWLRQ   /RV  H[ 86DPHULNDQLVFKH 3ULYDWVDPPOXQJ

±

(XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUD9V 'UDSLHUWH %VWH PLW 'LDGHP Q U 5V %$6,/(:6(8.5$7,'28 'LRVNXUHQ PLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGHQUUXQWHQ0RQRJUDPP0LWFKLQHU7\SHI%RS6HU%+*& =DUWH7|QXQJJXWHVY] ([6DPPOXQJ'U*:H[7ULWRQ9/RV

±


*5,(&+(1

634







635

636

(XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUDXQG LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V 'UDSLHUWH 3DQ]HUEVWH PLW 'LDGHP X E|RWLVFKHP +HOP GHU PLW +|UQHUQX2KUHQHLQHV6WLHUVYHU]LHUWLVWQU5V%$6,/(:60(*$/28(8.5$7,'28'LRVNXUHQPLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGH Q U U XQWHQ 0RQRJUDPP 0LWFKLQHU 7\SH HH %RS 6HU  ( +*& *UR‰HU6FKU|WOLQJPLWVFK|QHU7|QXQJ5VOHLFKWHU'RSSHOVFKODJJXWHVY] ([3HXV1DFKI)UDQNIXUWD0$XNWLRQ/RV (XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUDXQG LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V 'UDSLHUWH 3DQ]HUEVWH PLW 'LDGHP X E|RWLVFKHP +HOP GHU PLW +|UQHUQX2KUHQHLQHV6WLHUVYHU]LHUWLVWQU5V%$6,/(:60(*$/28(8.5$7,'28'LRVNXUHQPLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGH Q U U XQWHQ 0RQRJUDPP 0LWFKLQHU 7\SH HH %RS 6HU  ( +*& *XWHVY] ([6DPPOXQJ'U*:HUZRUEHQDP-DQXDUEHL0RQHWDULXP6.$=ULFK (XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUDXQG LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V 'UDSLHUWH 3DQ]HUEVWH PLW 'LDGHP X E|RWLVFKHP +HOP GHU PLW +|UQHUQX2KUHQHLQHV6WLHUVYHU]LHUWLVWQU5V%$6,/(:60(*$/28(8.5$7,'28'LRVNXUHQPLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGH Q U U XQWHQ 0RQRJUDPP 0LWFKLQHU 7\SH H %RS 6HU  ; +*& *UR‰HU6FKU|WOLQJPLWKHUUOLFKHU7|QXQJY] ([6DPPOXQJ'U*:H[%DQNKDXV$XIKlXVHU0QFKHQ$XNWLRQ/RV

±

±

±

637

1,5:1



1,5:1

(XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUD9V +HURLVFKH%VWHPLW'LDGHPE|RWLVFKHP+HOPGHUPLW+|UQHUQX2KUHQHLQHV6WLHUVYHU]LHUWLVWX6SHHULQ 5FNDQVLFKW Q O 5V %$6,/(:60(*$/28(8.5$7,'28 'LRVNXUHQ PLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGHQUUXQWHQ0RQRJUDPP0LWFKLQHU7\SHD%RS6HU%+*&  5=DUWH7|QXQJ9VHWZDVIODXJHSUlJWXQGPLW6FKU|WOLQJVIHKOHU9VNOHLQHU.RUURVLRQVIOHFNY] ([6DPPOXQJ'U*:H[0RQHWDULXP6.$=ULFK/LVWH+HUEVW1U

±




*5,(&+(1

638

1,5:1

1,5:1



(XNUDWLGHV,0HJDVFDY&KU7HWUDGUDFKPHQDFKDWWLVFKHP6WDQGDUG J 0]VW%DNWUD9V %$6,/(860(*$6(8.5$7,'+6GUDSLHUWH3DQ]HUEVWHGHV(XNUDWLGHVPLW'LDGHPXE|RWLVFKHP+HOPGHU PLW+|UQHUQX2KUHQHLQHV6WLHUVYHU]LHUWLVWQU5V+/,2./(286.$,/$2',.+6JHVWDIIHOWHXGUDSLHUWH %VWHQYRQ+HOLRNOHV EDUKlXSWLJ X/DRGLNH PLW'LDGHP QUOLP)HOG0RQRJUDPP0LWFKLQHU7\SHD %RS6HU$+*& 5.OHLQHU6FKU|WOLQJVULVV5VZLQ]LJH6FKU|WOLQJVIHKOHUIDVWY] ([6DPPOXQJ'U*:HUZRUEHQDP1RYHPEHUEHL0RQHWDULXP6.$=ULFK

639





±

640

(XNUDWLGHV , 0HJDV FD    Y &KU 'UDFKPH QDFK DWWLVFKHP 6WDQGDUG J  0]VW %DNWUD 9V 'UDSLHUWH %VWH PLW 'LDGHP Q U 5V %$6,/(:6(8.5$7,'28 'LRVNXUHQ PLW /DQ]HQ X 3DOP]ZHLJHQ ]X 3IHUGHQUOLP)HOG$UXQWHQ0RQRJUDPP0LWFKLQHU7\SH QLFKWPLWGLHVHP%HL]HLFKHQ %RS6HU QLFKWPLWGLHVHP%HL]HLFKHQ +*& 0LWGLHVHP0RQRJUDPP55VZLQ]LJH.UDW]HUDP5DQGY] ([6DPPOXQJ'U*:HUZRUEHQDP$XJXVWEHL6SLQN/RQGRQ 0HQDQGHU , 6RWHU FD    Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V %$6,/(:66:7+5260(1$1'528 GUDSLHUW 3DQ]HUEVWH PLW JHVFKXSSWHP E|RWLVFKHP +HOP Q U 5V 0DKDUDMDVD WUDWDUDVD  0HQDPGUDVD $WKHQD $ONLGHPRV PLW %OLW]EQGHO X 6FKLOG Q O U XQWHQ LP )HOG 0RQRJUDPP 0LWFKLQHU 7\SH D %RS 6HU  $ +*& =DUWH7|QXQJY]VVY] ([6DPPOXQJ'U*:H[1XPLVPDWLN/DQ]0QFKHQ$XNWLRQ/RV

±

±

641

2:1 



2:1

0HQDQGHU , 6RWHU FD    Y &KU 'UDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSD PLVDGDLRGHU*DQGKDUD9V%$6,/(:66:7+5260(1$1'528+HURLVFKH%VWHPLW'LDGHP$HJLVX 6SHHULQ5FNHQDQVLFKWQO5V0DKDUDMDVDWUDWDUDVD0HQDPGUDVD$WKHQD$ONLGHPRVPLW%OLW]EQGHOQUO LP)HOG0RQRJUDPP0LWFKLQHU7\SHE%RS6HU$+*& +HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:

±




637

638




*5,(&+(1

643

642 



0HQDQGHU , 6RWHU FD    Y &KU 'UDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSDPLVDGDL RGHU *DQGKDUD 9V %$6,/(:66:7+5260(1$1'528 GUDSLHUW 3DQ]HUEVWH PLW JHVFKXSSWHP E|RWLVFKHQ +HOP Q U 5V 0DKDUDMDVD WUDWDUDVD  0HQDPGUDVD $WKHQD $ONLGHPRV PLW %OLW]EQGHOX6FKLOGQOULP)HOG0RQRJUDPP0LWFKLQHU7\SHG%RS6HU&+*& 6FK|QH7|QXQJHWZDVSUlJHVFKZDFKJXWHVVV ([6DPPOXQJ'U*:H[0RQHWDULXP6.$=ULFK/LVWH)UKOLQJ1U /\VLDV$QLNHWRVFDY&KU'UDFKPHQDFKLQGLVFKHP6WDQGDUG J 0]VWLQGHU3DURSDPLVDGDL RGHU*DQGKDUD9V%$6,/(:6$1,.+728/86,28GUDSLHUWH%VWHPLW(OHIDQWHQVNDOSX'LDGHPQU 5V 0DKDUDMDVD DSDGLKDWDVD  /LVLDVD +HUDNOHV PLW /|ZHQIHOO X .HXOH EHNUlQ]W VLFK O XQWHQ LP )HOG 0RQRJUDPP0LWFKLQHU7\SHF%RS6HU&+*&  =DUWH7|QXQJ5VNOHLQH6FKU|WOLQJVIHKOHUHWZDVIODXJHSUlJWVVY] ([6DPPOXQJ'U*:HUZRUEHQDP$XJXVWEHL6SLQN/RQGRQ



±

645

644 

±

$QWLDONLGDV 1LNHSKRURV FD    Y &KU 'UDFKPH QDFK LQGLVFKHP6WDQGDUG J 0]VW.DSLVD "  9V %$6,/(:61,.+)2528$17,$/.,'28 GUDSLHUWH %VWH PLW 'LDGHP X .DXVLD Q U 5V 0DKDUDMDVDMD\DGKDUDVD$PWLDONLGDVDWKURQHQGHU=HXVPLW1LNHX=HSWHUO(OHIDQWHQSURWRPHQOULP )HOG0RQRJUDPP0LWFKLQHU7\SHD%RS6HU$+*& 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[*RUQ\ 0RVFK$XNWLRQ/RV $QWLDONLGDV 1LNHSKRURV FD    Y &KU 'UDFKPH QDFK LQGLVFKHP6WDQGDUG J 0]VW.DSLVD "  9V %$6,/(:61,.+)2528$17,$/.,'28 GUDSLHUWH %VWH PLW 'LDGHP X .DXVLD Q U 5V 0DKDUDMDVDMD\DGKDUDVD$PWLDONLGDVDWKURQHQGHU=HXVPLW1LNHX=HSWHUO(OHIDQWHQSURWRPHQOXQWHU GHP7KURQ0RQRJUDPP0LWFKLQHU7\SHG%RS6HU&+*& /HLFKWJHW|QWY] ([6DPPOXQJ'U*:

±

±

646

2:1 



2:1

3KLOR[HQRV $QLNHWRV FD    Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSDPLVDGDLRGHU*DQGKDUD9V%$6,/(:6$1,.+728),/2;(128GUDSLHUWH%VWHPLW'LDGHPQ U 5V 0DKDUDMDVD DSDGLKDWDVD  3KLODVLQDVD 3KLOR[HQRV PLW +HOP X 3DQ]HU ]X 3IHUGH Q U U XQWHQ 0RQRJUDPP0LWFKLQHU7\SHL%RS6HU-+*& 5hEHUSUlJXQJVVSXUHQY]VW ([ *RUQ\  0RVFK $XNWLRQ   /RV  H[ +HULWDJH :RUOG &RLQV &KLFDJR ,/ $XNWLRQ  $SULO /RV 1*&06RYHUVWUXFN 

±


*5,(&+(1

647 2:1 

2:1

6WUDWRQ , XQG $JDWKRNOHLD FD    Y &KU 'UDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ *DQGKDUD9V%$6,/,66+64(2752328$*$42./(,$6GUDSLHUWH%VWHGHU$JDWKRNOHLDPLW'LDGHP Q U 5V 0DKDUDMDVD WUDWDUDVD GKUDPLNDVD  6WUDWDVD 6WUDWRQ PLW /DQ]H X 6FKLOG Q U U XQWHQ LP )HOG 0RQRJUDPP0LWFKLQHU7\SHD%RS6HU$+*& GLHVH0Q]H   57|QXQJ3UlJHVFKZlFKHQ9VVFKZDFKHU(LQKLHELP3RUWUlWVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

648

2:1 

2:1

+LSSRVWUDWRV 0HJDV 6RWHU FD    Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ *DQGKDUD RGHU ZHVWOLFKHP 3XQMDE 9V %$6,/(:60(*$/286:7+526,332675$728 GUDSLHUWH %VWHPLW'LDGHPQU5V0DKDUDMDVDWUDWDUDVDPDKDWDVDMD\DPWDVD+LSXVUDWDVD.|QLJ]X3IHUGHQUU XQWHQ0RQRJUDPP0LWFKLQHU7\SHD%RS6HU.+*& 5=DUWH7|QXQJY] ([6DPPOXQJ'U*:HUZRUEHQDP$SULOEHL0RQHWDULXP6.$=ULFK

649 



±

650

+LSSRVWUDWRV 0HJDV 6RWHU FD    Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ *DQGKDUD RGHU ZHVWOLFKHP 3XQMDE 9V %$6,/(:60(*$/286:7+526,332675$728 GUDSLHUWH %VWHPLW'LDGHPQU5V0DKDUDMDVDWUDWDUDVDPDKDWDVDMD\DPWDVD+LSXVUDWDVD.|QLJ]X3IHUGHQUU XQWHQ0RQRJUDPP0LWFKLQHU7\SHD%RS6HU.+*& 59VHWZDVIODXJHSUlJWY] ([6DPPOXQJ'U*: +LSSRVWUDWRV 0HJDV 6RWHU FD    Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ *DQGKDUD RGHU ZHVWOLFKHP 3XQMDE 9V %$6,/(:60(*$/286:7+526,332675$728 GUDSLHUWH %VWHPLW'LDGHPQU5V0DKDUDMDVDWUDWDUDVDPDKDWDVDMD\DPWDVD+LSXVUDWDVD.|QLJ]X3IHUGHQUU XQWHQ0RQRJUDPP0LWFKLQHU7\SHD%RS6HU.+*& 5,QWHQVLYJHW|QWY] (UZRUEHQEHL0Q]KDQGOXQJ+HLQULFK:LFNHUW8OP

±

±




*5,(&+(1

651

652

,1'26.<7+(1 



.g1,*5(,&+,PLWDWLRQQDFK+HUPDLRV6RWHUFDY&KU7HWUDGUDFKPHQDFKLQGLVFKHP6WDQGDUG J  FD    Y &KU 9V %$6,/(:66:7+526(50$,28 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V 0DKDUDMDVD WUDWDUDVD  +HUDPD\DVD WKURQHQGHU =HXV PLW =HSWHU X HUKREHQHU 5HFKWHQ U LP )HOG 0RQR JUDPP0LWFKLQHU7\SHM%RS6HU%6HQLRU&+,67+*& 5/HLFKWJHW|QWIDVWY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RVH[6SLQN$PHULND $XNWLRQ'H]HPEHU/RV 0DXHVFDY&KU7HWUDGUDFKPHQDFKLQGLVFKHP6WDQGDUG J 0]VW7D[LOD9V%$6,/(:6 %$6,/(:10(*$/280$828=HXVLP0DQWHOPLW=HSWHUXHUKREHQHU5HFKWHQQO5V5DMDGLUDMDVD PDKDWDVD0RDVD1LNHPLW.UDQ]X3DOP]ZHLJQUUXQWHQ0RQRJUDPP0LWFKLQHU7\SHD6HQLRU,, 7+*& +HUUOLFKH7|QXQJY]VW ([6DPPOXQJ'U*:H[%DQNKDXV$XIKlXVHU0QFKHQ$XNWLRQ/RV

653 



±

654

$]LOLVHV FD    RGHU  Y &KU 7HWUDGUDFKPH QDFK LQGLVFKHP 6WDQGDUG J  0]VW LQ GHU 3DURSDPLVDGDLRGHU:HVWJDQGKDUD9V%$6,/(:6%$6,/(:10(*$/28$=,/,628.|QLJPLW/DQ]H ]X3IHUGHQUUREHQ9KUDUXQWHQ'KUD5V0DKDUDMDVDUDMDUDMDVDPDKDWDVD$\DOLVKDVD*|WWLQPLW /RWRVEOWHX3DOP]ZHLJOLP)HOG0RQRJUDPPULP)HOG6L0LWFKLQHU7\SHG6HQLRU,,7 +*& /HLFKWH7|QXQJVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV $]HV FD    Y &KU $( 1RPLQDO $ .OLSSH  QDFK LQGLVFKHP 6WDQGDUG J  0]VW LP ZHVWOLFKHQ *DQGKDUD9V%$6,/(:6%$6,/(:10(*$/28$=28.|QLJPLW$QNXVUHLWHWDXI.DPHOQU5V 0DKDUDMDVD  UDMDUDMDVD  PDKDWDVD  $\DVD =HEXULQG Q U U XQWHQ 0RQRJUDPP 0LWFKLQHU 7\SH D 6HQLRU,,+*& 'XQNHOEUDXQH3DWLQD9VIODXJHSUlJWVVY] ([6DPPOXQJ'U*:H[%DQNKDXV$XIKlXVHU0QFKHQ$XNWLRQ/RV

655

±

±

±

656

.86+$1 





9DVXGHYD,FDQ&KU'LQDU J 9V6WHKHQGHU.|QLJPLW'UHL]DFNQHEHQ$OWDU5V6KLYD PLW 'UHL]DFN XQG .UDQ] VWHKW YRU HLQHP Q U VWHKHQGHQ 6WLHU 9RU GHQ +LQWHUEHLQHQ GHV 6WLHUV GUHL 3XQNWH *|EO.XVKDQ GLHVHV([HPSODU $16I *ROG*|EOSODWHFRLQ*XWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFKH[0Q]HQ 0HGDLOOHQ /LVWH1U

±

9DVXGHYD,FDQ&KU'LQDU J 9V6WHKHQGHU.|QLJPLW'UHL]DFNQHEHQ$OWDU5V6KLYD PLW'UHL]DFNXQG.UDQ]VWHKWYRUHLQHPQOVWHKHQGHQ6WLHU5HFKWV2+32OLQNV7DPJD*|EO.XVKDQ $16II *ROG$XVYHUEUDXFKWHQ6WHPSHOQ6FKU|WOLQJVULVVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL&UpGLW6XLVVH0RQHWDULXP=ULFK

±


*5,(&+(1

659

658

657

660



.DQLVKND,,,Q&KU'LQDU J 9V6WHKHQGHU.|QLJPLW'UHL]DFNQHEHQ$OWDU5V6KLYDPLW 'UHL]DFNXQG.UDQ]VWHKWYRUHLQHP6WLHU*|EO.XVKDQ$16I *ROG0LQ$XIODJHQY]



9DVXGHYD,,Q&KU'LQDU J 9V.|QLJPLW'UHL]DFNLQ9RUGHUDQVLFKW.RSIQOJHZHQGHW RSIHUWEHU$OWDULPO)HOGZHLWHUHU'UHL]DFN5V*|WWLQ$UGRNVKRDXI7KURQLQ9RUGHUDQVLFKW*|EO.XVKDQ $16 *ROG6WHPSHOIULVFK ([*RUQ\ 0RVFK$XNWLRQ/RV





6KDNDQ&KU'LQDU J 9V.|QLJRSIHUWDQ$OWDUULP)HOG]ZHL%HL]HLFKHQ JDQ]UHFKWV %UDKPL 6KDND

5V7KURQHQGH*|WWLQ$UGRNVKRPLW)OOKRUQOREHQ7DPJD*|EO.XVKDQ 9DVXGHYD ,, *|EO'RQXP%XUQV$16 *ROGY] 6KDNDQ&KU'LQDU J 9V.|QLJRSIHUWDQ$OWDUULP)HOG]ZHL%HL]HLFKHQ JDQ]UHFKWV %UDKPL 6KDND

5V7KURQHQGH*|WWLQ$UGRNVKRPLW)OOKRUQOREHQ7DPJD*|EO.XVKDQ 9DVXGHYD ,, *|EO'RQXP%XUQV$16 *ROGY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±

±

±

±

661

.86+$16$66$1,'(1 

$QRQ\PQDFK9DVXGHYD, Q&KU 'LQDU J 9V6WHKHQGHU.|QLJPLW'UHL]DFNQHEHQ$OWDU 5V 6KLYDPLW'UHL]DFNVWHKWYRUHLQHP6WLHU*|EO.XVKDQ DQGHUH6WHPSHOXQGQLFKWDP5DQGJHZ|OEW  $16II DQGHUH6WHPSHO  *ROG%UHLWHU6FKU|WOLQJ+DOEVN\SKDW5VNOHLQHU(LQKLHEJXWHVY]

±

662

2:1 

2:1

3HUR],FDQ&KU'LQDU J 9V+HUUVFKHUPLW'UHL]DFNXQG/|ZHQNRSIKDXEHRSIHUWQHEHQ HLQHP$OWDU5V6KLYDVWHKWYRUHLQHP6WLHU*|EO.XVKDQ$16II  *ROG%HL8KU5HVWHHLQHV6FKPXFNKHQNHOVVRQVWY] ([6DPPOXQJ'U*:H[/DQ]0QFKHQ$XNWLRQ/RV

±




*5,(&+(1

663 

663

1,5:1

3HUR] , FDQ&KU 'LQDU J 0]VW%DONK " 9V+HUUVFKHUPLW+DORXQG'UHL]DFNRSIHUW QHEHQHLQHP$OWDU5HFKWVPDQGLSDWD5V6KLYDVWHKWYRUHLQHP6WLHU*|EO.XVKDQ$16 ([6DPPOXQJ'U*: *ROG*XWDXVJHSUlJWXQG]HQWULHUWOHLFKWH6FKU|WOLQJVIHKOHUY]

±

664

+811(1 

.,'$5,7(1.LGDUD.XVKDQVKDKFDQ&KU'LQDU J 9V+HUUVFKHUPLW'UHL]DFNRSIHUW QHEHQHLQHP$OWDU5V6KLYDVWHKWYRUHLQHP6WLHU$16*|EO.XVKDQ*|EO+XQQHQ(P ([6DPPOXQJ'U*:HUZRUEHQEHL/HX$*=ULFKDP *ROG*HZ|OEWHU6FKU|WOLQJY]

665

±

666



$/&+21+811(1.KLQJLOD'UDFKPH J FDQ&KU9V6+$+,-$98.$+HUUVFKHU EVWHPLW7XUPVFKlGHOQU'DKLQWHU7DPJDGDYRU.HXOH5V+HUUVFKHUEVWHLQFXV*|EO+XQQHQ *XWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±



163.9RQ*KD]QL J FDQ&KU9V%VWHPLW)OJHONURQHXQWHUHLQHP6WLHUNRSIQU5V )HXHUDOWHUPLW]ZHL$VVLVWHQ]ILJXUHQOREHQ5DG*|EO+XQQHQ(P 9HUJOHLFKVZHLVHJXWKDOWLJVVY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

667 





668

6DKL7LJLQ 6UL6KDK Q&KU'UDFKPH J 9V%VWHGHV+HUUVFKHUVPLW'LDGHPXQG.URQH QUXQG8PVFKULIW 7HJLQ.|QLJYRQ.KRUDVDQ 9V*HJHQVWHPSHOPLW.RSI YJO.0VHLWHQYHUNHKUW XQG .0 5V)HXHUDOWDUPLW$VVLVWHQ]ILJXUHQ*|EO+XQQHQ(P 6FKZDU]JUQH3DWLQDY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

6DKL 7LJLQ 6UL 6KDK     Q &KU 'UDFKPH J  FD  Q &KU 9V %VWH GHV +HUUVFKHUV PLW )OJHONURQHQU5V)HXHUDOWDU]ZLVFKHQ$VVLVWHQ]ILJXUHQ*|EO+XQQHQ(P /HLFKWH7|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±


*5,(&+(1

669

1,5:1 

1,5:1

9LOXUD\XNDUL "  'UDFKPH J  =HLW GHV 6KDKL 7LJLQ FD  Q &KU 9V %VWH GHV +HUUVFKHUV PLW )OJHONURQH Q U $XI GHU .URQH 5DXENDW]HQNRSI EHU 6WLHUNRSI %HLVFKULIW 6UL 9LOXUD\XNDUL 9DUX 5V )HXHUDOWDU]ZLVFKHQ$VVLVWHQ]ILJXUHQ*|EO6XSSOHPHQWD2ULHQWDOLD,,,(PSO,,9RQGURYHF 55/HLFKWH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV ]ZLVFKHQ]HLWOLFK JHUHLQLJW  ,Q GHU 3XEOLNDWLRQ YRQ &1* VWHKW ]X GLHVHP 6WFN 7KLV H[DPSOH LV SUREDEO\ WKH ILQHVW NQRZQ GHVSLWH WKH HQFUXVWDWLRQ 7KH UHYHUVH LV QLFHO\ VWUXFN $Q H[DPSOH LQ 1HDU 9) FRQGLWLRQ VROG IRU  LQ &ODVVLFDO 1XPLVPDWLF *URXS $XFWLRQ   $SULO   ORW  $V D W\SRORJLFDO QRWH WKH KHDG LQ WKH FURZQ LV YHU\ OLNHO\ D SDQWKHU RU WLJHU UDWKHU WKDQ D ERDU EXW LV ODEHOHG D ERDU E\ *|EO 9RQGURYHF 6  I  OLHVW GLH /HJHQGHHWZDVDQGHUVDOV VULGDPDUDVDNDUHYD ZDVYHUVXFKVZHLVHDOV6HLQH9ROONRPPHQKHLW+HUU6FKDW] GHV6DNDVEHUVHW]WZLUG$XFKKHXWHQRFKVLQGQXUZHQLJH6WFNHGLHVHV7\SVLP+DQGHO]XILQGHQ

±

670 

6HUR'UDFKPH J FDQ&KU9V%HNU|QWH%VWHU$XVGHU6FKXOWHUHUZlFKVWHLQHGUHLN|SILJH 6FKODQJH ,Q GHU .URQH UDKPHQ GXUFK HLQHQ +HUDNOHVNQRWHQ YHUEXQGHQH 6FKODQJHQ HLQH 3XQNWURVHWWH 'DYRU )OHXUGH/\V5V)HXHUDOWDUPLW]ZHL$VVLVWHQ]ILJXUHQ*|EO+XQQHQ$ ,UDQLVFK+XQQLVFKH0Q]HQ 1DFKWUDJ,UDQLFD$QWLTXD;9, 9RQGURYHF YJO6  557|QXQJVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

671 

1,5:1

±

671

/2.$/( +(556&+(5 )UVWHQWXP &KDJKDQLDQ $( J  7KRNDULVWDQ %DNWULHQ  FD    Q &KU9V=ZHLEHUODSSHQGHIURQWDOH*HVLFKWHUGDVOLQNHPLW6FKQXUUEDUW +HSKWDOLWLVFKH+HUUVFKHURGHUVRJ &KDJKDQ .KXGDK  8PODXIHQGH VRJGLVFKH ,QVFKULIW 5V 6WDPPHVV\PERO 7DPJD  (9 =HLPDO 7KH &LUFXODWLRQRI&RLQVLQ&HQWUDO$VLDGXULQJWKH(DUO\0HGLHYDO3HULRG )LIWK(LJKWK&HQWXULHV$' LQ%$,  7DI :DKUVFKHLQOLFKGDVEHVWHHUKDOWHQH([HPSODU5RWEUDXQH3DWLQDJXWHVVV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV 'DV)UVWHQWXPYRQ&KDJDQLDQLQ%DNWULHQZXUGHYRPIUKHQELV]XPVSlWHQ-KQ&KUYRQHLQHUORNDOHQ '\QDVWLHUHJLHUWGLHVLFK&KDJDQ.XGDK +HUUHQYRQ&KDJDQ QDQQWHQ'LHVHPDFKWHQVLFKLP-KQ&KU YRQGHQ+HSKWDOLWHQXQDEKlQJLJXQGNlPSIWHQVSlWHUDQGHU6HLWHGHU6DVVDQLGHQJHJHQGLH$UDEHUGHQHQVLH VLFKDEHUVFKOLH‰OLFKGRFKXQWHUZHUIHQPXVVWHQ'DVYRUOLHJHQGH6WFNLVWVLFKHUHLQHVGHUEHVWHUKDOWHQHQXQG LOOXVWULHUWDXFKGHQHQJOLVFKHQ:LNLSHGLD$UWLNHO]XGLHVHP)UVWHQWXP

±




*5,(&+(1

672

2:1

2:1

125'$)5,.$ 

.g1,*5(,&+ '(5 372/(0b(5 3WROHPDLRV , DOV 6DWUDS YRQ bJ\SWHQ    Y &KU 7HWUDGUDFKPH J FDY&KU9V.RSI$OH[DQGHUVPLW(OHIDQWHQVNDOSQU5V$/(;$1'528 JU|‰WHQWHLOVDX‰HUKDOEGHV6FKU|WOLQJV OLQNVKLQWKURQHQGHU=HXVPLW=HSWHUXQG$GOHUO%OLW]EQGHOXQWHU GHP7KURQ233ULFH&3( 5VV ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

673

2:1 

2:1

3WROHPDLRV,DOV6DWUDSYRQbJ\SWHQY&KU7HWUDGUDFKPH J FDY&KU9V .RSI $OH[DQGHUV PLW (OHIDQWHQVNDOSQU5V $/(;$1'528$WKHQDLQDUFKDLVWLVFKHP6WLOPLWHUKREHQHP 6FKLOG HLQHQ 6SHHU VFKOHXGHUQG U LP )HOG 0RQRJUDPP$GOHUXQGNRULQWKLVFKHU+HOP6YRURQRV61* &RS&3( /HLFKWH7|QXQJJXWDXVJHSUlJWLQVJHVDPWhEHUSUlJXQJVVSXUHQY] ([6DPPOXQJ'U*:

±

674

2:1 



2:1

3WROHPDLRV ,    Y &KU 7HWUDGUDFKPH J  0]VW $OH[DQGULD 9V .RSI GHV 3WROHPDLRV , PLW 'LDGHP X bJLV Q U +LQWHU GHP 2KU ' 5V 372/(0$,286:7+526 $GOHU DXI %OLW]EQGHO O LP )HOG 0RQRJUDPP6YRURQRV&3( %UHLWHU6FKU|WOLQJIDVWY] ([6DPPOXQJ'U*:

±


*5,(&+(1

675

2:1 

2:1

3WROHPDLRV,,3KLODGHOSKRVY&KU3HQWDGUDFKPH RGHU*ROG7ULFKU\VRQ  J Y &KU0]VW$OH[DQGULD9V%VWHGHV3WROHPDLRV,PLW'LDGHPQU5V372/(0$,28%$6,/(:6$GOHUVWHKW DXI%OLW]EQGHOQOOLP)HOG0RQRJUDPPXQG6FKLOG]ZLVFKHQGHQ%HLQHQ36YRURQRV&3( ([6DPPOXQJ'U*:H[0Q]HQ 0HGDLOOHQ$*%DVHO/LVWH1U *ROGY]

677

676 



±

3WROHPDLRV,,3KLODGHOSKRVY&KU7HWUDGUDFKPH J 0]VW7\URV9V.RSIGHV3WROHPDLRV, PLW 'LDGHP X bJLV Q U 5V 372/(0$,286:7+526 $GOHU DXI %OLW]EQGHO O LP )HOG + EHU .HXOH 6YRURQRV&3( $WWUDNWLYH7|QXQJEUHLWHU6FKU|WOLQJVV 3WROHPDLRV,,3KLODGHOSKRVY&KU$( J 9RUY&KU0]VWDXI6L]LOLHQ9V.RSIGHV =HXV PLW /RUEHHUNUDQ] Q U VL]LOLVFKHU 6WLO  5V %$6,/(:6372/(0$,28 $GOHU DXI %OLW]EQGHO PLW JH|IIQHWHQ6FKZLQJHQQOVLW]HQGLP)HOGORYDOHUJDOOLVFKHU6FKLOG6YRURQRV&3(% *OlQ]HQGHVFKZDU]EUDXQH3DWLQDVVY]Y] ([6DPPOXQJ'U*:H[6DPPOXQJ++*XWNQHFKW0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ /RVHUZRUEHQEHL0Q]HQ 0HGDLOOHQ$*%DVHO

±

±

678

2:1 

2:1

$UVLQRH,,JHVWY&KU7HWUDGUDFKPH J 9V9HUVFKOHLHUWHU.RSIGHU$UVLQRH,,PLW'LDGHPXQG 6WHSKDQH'DKLQWHU%5V$56,12+6),/$'(/)28$GOHUDXI%OLW]EQGHOQO=ZLVFKHQGHQ%HLQHQ; 6YRURQRV&3( 55+HUUOLFKH7|QXQJ5VNOHLQH.UDW]HUVV ([ 6DPPOXQJ 'U *: H[ &UpGLW 6XLVVH 0RQHWDULXP =ULFK /LVWH   1U  H[ /HX $* =ULFK $XNWLRQ/RV 9JOGLHXPIDQJUHLFKH6WXGLHYRQ+$7UR[HOO$UVLQRH V1RQ(UD$16017DI

±




*5,(&+(1

679

2:1 

2:1

3WROHPDLRV9(SLSKDQHVY&KU7HWUDGUDFKPH J 0]VW$OH[DQGULD9V%VWHGHV.|QLJV PLW +HUUVFKHUGLDGHP XQG bJLV Q U 5V %$6,/(:6372/(0$,28 $GOHU DXI %OLW] Q O VWHKHQG 6YRURQRV7DI;/61*&RSI +HUUOLFKH7|QXQJJXW]HQWULHUWIDVWY]

680 

1,5:1

±

680

3WROHPDLRV9(SLSKDQHVY&KU7HWUDGUDFKPH J 0]VW$OH[DQGULD9V%VWHGHV.|QLJV PLW +HUUVFKHUGLDGHP XQG bJLV Q U 5V %$6,/(:6372/(0$,28 $GOHU DXI %OLW] Q O VWHKHQG 6YRURQRV7DI;/61*&RSI )HLQJHW|QWVVY] ([1XPLVPDWLF)LQH$UWV$XNWLRQ/RV$QJHOHV/RV

±

681

2:1 



2:1

3WROHPDLRV9,,,(XHUJHWHVY&KUIU$UVLQRH,,2NWRGUDFKPH J 0]VW$OH[DQGULD9V 9HUVFKOHLHUWHU .RSI GHU $UVLQRH ,, PLW 'LDGHP X6WHSKDQHLP+LQWHUJUXQG/RWRV]HSWHUGHVVHQ6SLW]HEHU GHP .RSI HUVFKHLQW O LP )HOG . 5V $56,12+6),/$'(/)28 'RSSHOIOOKRUQ PLW .|QLJVELQGH 6YRURQRV61*&RS *ROG6WHPSHOIULVFKHV3UDFKWH[HPSODUYRQKRKHP5HOLHI ([$XNWLRQ6WDFN V%RZHUV*DOOHULHV-DQXDU\1<,1&$XFWLRQ/RVH[*RUQ\ 0RVFK$XNWLRQ /RVH['DZVRQ/RQGRQ

±


*5,(&+(1

682 

3WROHPDLRV9,,,(XHUJHWHVY&KU7HWUDGUDFKPH J Y&KU0]VW.LWLRQ9V.RSI GHV .|QLJV PLW 'LDGHP X $HJLV Q U 5V 372/(0$,28%$6,/(:6 $GOHU DXI %OLW]EQGHO O LP )HOG -DKUHV]DKO/1'  XQG.HXOHU.,3DSKRV+RDUG7DI;,,I )DVWY] ([6DPPOXQJ'U*:H[$XFWLRQHV$*%DVHO$XNWLRQ/RV

±

684

683

.<5(1$,.$ 



.<5(1(7HWUDGUDFKPH J FDY&KU9V6LOSKLRQSIODQ]H5V.RSIGHV=HXV$PPRQLP .UHLVQUGDYRU>.85$@ " 61*&RS%0&7DI  52EHUIOlFKHHWZDVNRUURGLHUW7|QXQJVVJXWHVVV ([6DPPOXQJ'U*:H[:DUUHQ&ROOHFWLRQ GLHVHV([HPSODU H[%RVWRQ GLHVHV([HPSODU H[ 0RQHWDULXP/LVWH=ULFK1U

±

5KRGLVFKH'LGUDFKPH J FDY&KU9V.RSIGHV.DUQHLRVPLW$PPRQVKRUQQO5V.<3$ 6LOSKLRQSIODQ]HULP)HOG6WHUQO0RQRJUDPP61*&RS VWJO %0&II  5VOHLFKWHU'RSSHOVFKODJVV ([6DPPOXQJ'U*:H[&UpGLW6XLVVH0RQHWDULXP=ULFK/LVWH1U

±

685

686

=(8*,7$1,$ 



.$57+$*26WDWHU J 8PY&KU9V.RSIGHU7DQLWPLWbKUHQNUDQ]XQG3HNWRUDOQO5V3IHUG DXI6WDQGOLQLHQUVWHKHQG61*&RS-HQNLQV/HZLVII DQGHUH6WHPSHO $OH[DQGURXSRXORV1U  (OHNWURQ.UDW]HUIDVWY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

6FKHNHO DWWLVFKH7ULGUDFKPH"  J 6SlWHVIUKHV-KY&KU0]VW.DUWKDJR9V.RSIGHU 7DQLW PLW bKUHQNUDQ] Q O 5V 3IHUG PLW ]XUFNJHZDQGWHP.RSIQU3XQNWEHUGHPKRFKJHKREHQHP+XI 61*&RS&13E 'XQNOH7|QXQJ5VSDUWLHOO+RUQVLOEHUDXIODJHQIDVWY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV

±

687 

$( J     Y &KU 0]VW DXI 6DUGLQLHQ 9V .RSI GHU 7DQLW Q O 5V 3IHUGHNRSI Q U GDYRU .HU\NHLRQ&13EJ 6FKZDU]EUDXQH3DWLQDJXWHVVV ([6DPPOXQJ'U*:H[$XNWLRQ$XIKlXVHU0QFKHQ/RV

±




*5,(&+(1

688 

688

1,5:1

=HLW GHV +DQQLEDO 6FKHNHO J     Y &KU 0]VW &DUWKDJR 1RYD "  9V -XJHQGOLFKHU .RSI GHV 0HONDUW RGHUGHV+DQQLEDO QO5V3IHUGYRUHLQHU3DOPHVWHKHQGQU+LQWHUGHQ9RUGHUEHLQHQ+61*&RS &13J 55VV

690

689 



±

$8)67$1' '(5 /,%<(5 *(*(1 .$57+$*2 'RSSHOVFKHNHO J     Y &KU 9V.RSI GHV=HXVPLW/RUEHHUNUDQ]QU'DKLQWHUSXQLVFKHV=HLFKHQ5V5V1UVWR‰HQGHU6WLHUGDUEHUSXQLVFKHV =HLFKHQ ]ZLVFKHQ GHQ +LQWHUEHLQHQ $ ,P $EVFKQLWW /,%8:1 (6* 5RELQVRQ $ +RDUG RI &RLQV RI WKH /LE\DQV 1XP&KURQ   1U  7DI ,,, DQGHUH 6WHPSHO  61* &RS   9LROD &13 E GLHVHV ([HPSODUJHOLVWHW  55'XQNOH7|QXQJhEHUSUlJXQJVVSXUHQYRQHLQHPSXQLVFKHQ'RSSHOVFKHNHO 7DQLW3IHUG61*&RSI NQDSSY] ([6DPPOXQJ'U*:H[$XNWLRQ7ULWRQ,,,1HZ<RUN/RVH[6DPPOXQJ0DULDQ$6LQWRQ 'LH 1LHGHUODJH .DUWKDJRV LP  3XQLVFKHQ .ULHJ IKUWH ]X HLQHU ZHLWHUHQ .ULVH GHV SXQLVFKHQ 5HLFKHV (QWIDFKWGXUFKHLQHQ6|OGQHUDXIVWDQGHUKREHQVLFKGLHXQWHUMRFKWHQOLE\VFKHQ9|ONHU'LH5HYROWHHQWZLFNHOWH VLFK VFKQHOO ]X HLQHP )OlFKHQEUDQG 'HU (LQIOXVV GHU JULHFKLVFKHQ 6|OGQHU LVW LQ GHU 0Q]SUlJXQJ GHU $XIVWlQGLVFKHQ DE]XOHVHQ 'LH PHLVW EHU NDUWKDJLVFKHQ 0Q]HQ JHSUlJWHQ 6WFNH ZHLVHQ RIW VRZRKO JULHFKLVFKHZLHDXFKSXQLVFKH,QVFKULIWHQDXI'DVDXIGHQPHLVWHQ3UlJXQJHQ]XILQGHQGHSXQLVFKHPHPLVW GDEHLDOV+LQZHLVDXIGHQ3UlJHRUWQlPOLFKDXIPDFKDQDWGDV&DPSGHU6|OGQHULQWHUSUHWLHUWZRUGHQ9JO DXFK,$&DUUDGLFH6/D1LHFH1XP&KURQII 6FKHNHO J     Y &KU 9V .RSI GHU 7DQLW PLW bKUHQNUDQ] Q O 5V 5V 1 U VWHKHQGHV 3IHUG GDUXQWHU PHP XQG$9LROD&13F 55/HLFKWH7|QXQJIDVWY] ([6DPPOXQJ'U*:H[$XNWLRQ1REOH1XPLVPDWLFV6\GQH\/RV

±

±

691

2:1 



2:1

6FKHNHO J Y&KU9V.RSIGHV+HUDNOHVPLW/|ZHQVNDOSQO5V1UVFKUHLWHQGHU/|ZH GDUEHU P ,P $EVFKQLWW /,%8:1 DX‰HUKDOE GHV 6FKU|WOLQJV  61* &RS  0OOHU ,  9LROD &13 6FK|QH7|QXQJJXW]HQWULHUWXQGVFKDUIY] ([ 6DPPOXQJ 'U *: H[ &ODVVLFDO 1XPLVPDWLF *URXS $XNWLRQ   /RV  DXV GHU 6DPPOXQJ 0DULDQ$6LQWRQ 'DV (WKQLNRQ GHU /LE\HU DXI GHP 5HYHUV EH]HLFKQHWH LQ GHU$QWLNHNHLQHQ9RONVVWDPPVRQGHUQZDUGLHYRQ GHQ bJ\SWHUQ EHUQRPPHQH %H]HLFKQXQJ IU GLH %HZRKQHU 1RUGDIULNDV 'LH WUDJHQGHQ (OHPHQWH GHV $XIVWDQGHVGHUGDVGXUFKGLH1LHGHUODJHLP3XQLVFKHQ.ULHJEHUHLWVJHVFKZlFKWH.DUWKDJRDQGHQ5DQG GHV 8QWHUJDQJV EUDFKWH ZDUHQ QLFKW QXU GLH GXUFK .ULHJVVWHXHUQ EHUODVWHWHQ KHLPLVFKHQ %DXHUQ VRQGHUQ DXFK 6|OGQHU XQG DXV GHQ /DQGJWHUQ GHU NDUWKDJLVFKHQ $ULVWRNUDWLH JHIORKHQH6NODYHQ'DVSXQLVFKH0HP GHXWHWPDQDOV=HLFKHQIU0DFKDQDW )HOGODJHU RGHUHLQHQ)HOGKHUUQQDPHQ 0DWKRV" 

±




675

683

681




*5,(&+(1

692

1,5:1

692

0$85(7$1,(1 

.g1,*5(,&+ 0$85(7$1,(1 -XED ,    Y &KU $( J  9V .RSI GHU $IULFD PLW (OHIDQWHQVNDOS Q U 5V 1HRSXQLVFKH /HJHQGH V\ZE \ KPPONW \  /|ZH Q U 61* &RS  I &13  GLHVHV([HPSODUJHOLVWHW  6FKZDU]EUDXQH3DWLQDY] ([ 6DPPOXQJ 'U *: H[ &ODVVLFDO 1XPLVPDWLF *URXS $XNWLRQ   /RV  DXV GHU 6DPPOXQJ 0DULDQ$6LQWRQ

±

693

2:1

2:1 

-XED,,YQ&KU'HQDU J 9V5(;,9%$%VWHPLW/|ZHQVNDOSXQGJHVFKXOWHUWHU.HXOHQ U5V5;;;;,&DSULFRUQPLW)OOKRUQQU61*&RS 56FK|QH7|QXQJJXWDXVJHSUlJWY]VW ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RVH[6DPPOXQJ0DULDQ$ 6LQWRQ

695

694 



±

-XED,,Y&KUQ&KU'HQDU J Q&KU9V5(;,9%$.RSIPLW.|QLJVELQGHQU5V %$&/,&&$./(23$75$,VLVNURQHPLW.RUQlKUHQQHEHQ6LVWUXP61*&RSII  )HLQH7|QXQJEHLGVHLWLJYHUSUlJWVVY] ([6DPPOXQJ'U*:H[$XIKlXVHU$XNWLRQ0QFKHQ/RV 'LH *HPDKOLQ GHV PDXUHWDQLVFKHQ .|QLJV -XED ,, HQWVSURVV GHU EHUKPWHQ WUDJLVFKHQ /LHEHVYHUELQGXQJ ]ZLVFKHQ0DUF$QWRQXQG.OHRSDWUD9,,YRQbJ\SWHQ6LHZXUGH]XHUVW.|QLJLQYRQ.\UHQHXQG/LE\HQXQG LP-DKUY&KUYRQ$XJXVWXVGHPPDXUHWDQLVFKHQ.|QLJ]XU)UDXJHJHEHQ -XED,,Y&KUQ&KU'HQDU J Y&KU9V5(;,9%$.RSIPLW'LDGHPQU5V )OOKRUQ PLW 7lQLH EHU GHQ 5DQG ]ZHL 7UDXEHQ KlQJHQG GDKLQWHU =HSWHUVWDE DOOHV LP 3HUONUHLV 61*&RS 5+HUUOLFKH7|QXQJY] ([6DPPOXQJ'U*:HUZRUEHQEHL$XIKlXVHUDP 1U 

±

±

696 1,5:1

1,5:1

$;80 



(QGXELVFDQ&KU J 9V(1'8%,6%$6,/(86 .|QLJ(QGXELV %VWHGHV.|QLJVPLW .RSIEHGHFNXQJ]ZLVFKHQ]ZHL.RUQlKUHQQU5V$;:0,7:%,&,'$;8 YRQGHQ$[XPLWHQYRQ'DNKX  lKQOLFKH%VWHZLH9V0XQUR+D\60XQUR+D\%07\S *ROG5DXH2EHUIOlFKHY] ([6DPPOXQJ'U*:

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1 6$00/81*(/7HLO,,81'$1'(5((,1/,()(5(5

698

697

699

/86,7$1,(1 

(%25$$XJXVWXVYQ&KU$($V J 1DFKY&KU9V3(50&$(6$9*30.RSIO 5V/,%(5$/,7$7,6,9/,$((%25LQ.UDQ]53& 6FK|QHVFKZDU]EUDXQH3DWLQDJXWHVVV $XVGHU3DXOR/HLWmR6DPPOXQJLEHULVFKHU0Q]HQ

±

7$55$&21(16,6 



&$(6$5$8*867$$XJXVWXVY&KUQ&KU$(6HPLV J 'XXPYLULTXLQTXHQQLDOHV&9DU 5XIXV XQG 6H[WXV ,XOLXV 3ROO 9V $9*96796 ',9, ) .RSI PLW /RUEHHUNUDQ] U 5V 3ULHVWHUJHUlWH 6LPSXOXP $VSHUJLOOXP $[W XQG $SH[  & 9$5 59) 6(; ,9/ 32// ,,9,5 4 5LSROOqV    D 9LOODURQJD%HQDJHV53& 'XQNHOJUQH3DWLQDVV $XVGHU3DXOR/HLWmR6DPPOXQJLEHULVFKHU0Q]HQ 785,$627LEHULXVQ&KU$( J 9V7,&$(6$5$9*96796.RSIPLW/RUEHHUNUDQ]Q U5V',996$9*96796091795 LDVR .RSIGHVYHUJ|WWOLFKWHQ$XJXVWXVPLW6WUDKOHQNURQHQU53& , 5*XWH3RUWUlWV9V.UDW]HUY]

700

±

±

701

02(6,$,1)(5,25 



,67526,XOLD'RPQDQ&KU$( J 9V,28/,$'201$6(%GUDSLHUWH%VWHQU5V ,675,+1:1 )OXVVJRWW PLW 6FKLOINUDQ] Q O JHODJHUWDXIGHUYRUJHVWUHFNWHQ5)LVFKKDOWHQGLPO$UP 6FKLOI]ZHLJUXQWHQDXVODXIHQGHV4XHOOJHIl‰LP)HOGOREHQ*$01*,9DUEDQRY*,&, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 'XQNHOJUQH3DWLQDY] 0$5.,$1232/,6 &RPPRGXV    Q &KU $( J  9V $8.$,/$85+.202'26 EDUKlXSWLJH GUDSLHUWH %VWH Q U 5V 0$5.,$1232/(,7:1 GLH GUHL *UD]LHQ $01* ,   53& RQOLQH,99DUEDQRY*,&, 5*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

702







703

704

&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J  9V $17:1,126$8*286726,28/,$ '201$ %VWHQ GHV &DUDFDOOD PLW /RUEHHUNUDQ] O XQG GHU ,XOLD 'RPQDUHLQDQGHUJHJHQEHUVWHKHQG5V 83.817,/,$1280$5.,$1232/,7:1 YLHUVlXOLJH 7HPSHOIURQW GDULQ .XOWVWDWXH GHV 6DUDSLV PLW 3RORVGLH5HUKREHQOYRQLKP($01*,9DUEDQRY*,& 5'XQNHOEUDXQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ &DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( *UR‰EURQ]H J  8QWHU GHP /HJDWHQ 4XLQWLOLDQXV 9V $17:1,126$8*286726,28/,$'201$ %VWHQ GHV &DUDFDOODPLW/RUEHHUNUDQ]OXQGGHU,XOLD 'RPQD U HLQDQGHU JHJHQEHU VWHKHQG 5V 83.817,/,$1280$5.,$1232/,7:1 YLHUVlXOLJH 7HPSHOIURQW GDULQ .XOWVWDWXH GHV $SROORQ 3\WKHRV PLW %RJHQ GLH 5 HUKREHQ XP HLQHQ 3IHLO DXV GHP DP 5FNHQ KlQJHQGHQ .|FKHU ]X ]LHKHQ YRU LKP %DXPVWXPSI XP GHQ VLFK GHU 3\WKRQ ZLQGHW O LP )HOG ( $01*,9DUEDQRY*,& *UQH3DWLQDVVIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 1,.232/,6&DUDFDOODQ&KU$( J 8QWHUGHP/HJDWHQ$XUHOLXV*DOOXV9V$8.0$8 $17:1,126 GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 83$$85*$//28 1,.232/,73526,675ElUWLJHU)OXVVJRWW,VWURV 'RQDX QOJHODJHUWGLH5DXIHLQ6FKLIIVKHFNJHOHJW XQGLQGHU/6FKLOIURKUKDOWHQG'HUO$UPLVWDXIHLQHQNOHLQHQ:DVVHUIDOOJHVWW]W$01*, YJO  9DUEDQRY*,&, 5'XQNOHEUDXQJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV

±

±

±

705 

&DUDFDOOD    Q &KU $( J  9V $8.0$85$17:1,1 %VWH PLW /RUEHHUNUDQ] Q U 5V 83$85*$//281,.232/,7:13526,67521 .\EHOH PLW 7\PSDQRQ XQG =HSWHU HQ IDFH DXI GHP 5FNHQHLQHVQUVSULQJHQGHQ/|ZHQVLW]HQG$01*,9DUEDQRY*,&, 5%UDXQJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV

±

706 



*HWDQ&KU$(*UR‰EURQ]H J 8QWHUGHP/HJDWHQ)ODYLXV8OSLDQXV9V$87.36( 37*(7$6 GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 8)/28/3,$11 ,.232/,73526,1LNHPLW3DOP]ZHLJQUPLWGHU5DXV3DWHUDDXINOHLQHQ$OWDURSIHUQG9DUEDQRY,  'XQNHOJUQH*ODQ]SDWLQDVFK|QHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

708

707 



3ODXWLOOD    Q &KU $( J  8QWHU GHP /HJDWHQ $XUHOLXV *DOOXV 9V )28/3/$87,//$ 6(% GUDSLHUW %VWH PLW 'LDGHP Q U 5V 83$85*$//281(,.232/,3526,6 QDFNWH $SKURGLWH QDFKGHP9RUELOGGHU.DSLWROLQLVFKHQ9HQXVLQ9RUGHUDQVLFKWVWHKHQGGLHO+DQGYRUGLH%UXVWKDOWHQGPLW GHU5LKUH6FKDPYHUEHUJHQG9DUEDQRY*,&, 5'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 2'(6626$QWRQLQXV3LXVQ&KU$(.OHLQEURQ]H J 9V$87$'5,$$17:1(,126 6(%$ .RSI PLW /RUEHHUNUDQ] Q U 5V 2'+66(,>7:1@ GHU .DLVHU LP 3DQ]HU ]X 3IHUG Q U LQ GHU HUKREHQHQ56SHHU$01*,9DUEDQRY,53&RQOLQH,9 $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ *UQH3DWLQD5VOHLFKWGH]HQWULHUWVV

709 









±

710

/XFLXV 9HUXV    Q &KU $( .OHLQEURQ]H J  9V $8./$85+28+526 GUDSLHUWH %VWH PLW/RUEHHUNUDQ]QU5V2'+66(,7:1+HUDNOHVQUVWHKHQGPLWGHU5VLFKDXIVHLQH.HXOHVWW]HQG EHUGHPO$UP/|ZHQIHOO9DUEDQRY,$01*,$QP]X1U 0DUFXV$XUHOLXV&DHVDU 53& RQOLQH 55*UQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV &RPPRGXV    Q &KU $( J  9V $87.0$85$17.202'26 JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ]QU5V2'+66(,7:17KHRV0HJDVYRQ2GHVVRVPLW6FKDOHLQGHU5HFKWHQXQG)OOKRUQ PLW7UDXEHQXQGbKUHQLPO$UPLQ9RUGHUDQVLFKWVWHKHQG$01*9DUEDQRY*,&53&RQOLQH ,9 GLHVHV([HPSODU  5*UQEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

711

±

712

±

±

713

,XOLD'RPQDQ&KU$(.OHLQEURQ]H J 9V,28/,$'201$GUDSLHUWH%VWHQU5V 2'+66(,7:1 YHUVFKOHLHUWH 'HPHWHU PLW 6WDEIDFNHO XQG )UXFKW "  XQG .RUH PLW ]ZHL bKUHQ HLQDQGHU JHJHQEHUVWHKHQG]ZLVFKHQEHLGHQNOHLQHU$OWDU$01*,9DUEDQRY, 5*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ &DUDFDOODQ&KU$( J 9V$87.0$85$17:1(,126%VWHPLW/RUEHHUNUDQ]Q U5V2'+>66@(,7:17KHRV0HJDVYRQ2GHVVRVPLW)OOKRUQXQG3DWHUDLQ9RUGHUDQVLFKWVWHKHQG.RSI QOJHZDQGW9DUEDQRY, 9DU   56HOWHQH6WHPSHOYDULQDWH'XQNHOJUQH3DWLQDVHKUFKDUDNWHULVWLVFKHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ &DUDFDOODQ&KU$(.OHLQEURQ]H J 9V0$85$17:1,126GUDSLHUWHXQGJHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 2'+66(,7:1 $SROORQ DXI HLQHP )HOVHQ Q O VLW]HQG LP O $UP /\UD KDOWHQGLQGHU5/RUEHHU]ZHLJ$01*,9DUEDQRY, *UQH3DWLQDJXWHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

715

714





6HYHUXV $OH[DQGHU    Q &KU $( J  9V 0$85$/(=$1'526 EDUKlXSWLJH GUDSLHUWH %VWH QU5V2'+66(,7:1GHU*UR‰H*RWWYRQ2GHVVRVLPODQJHQ&KLWRQXQG0DQWHOPLW)OOKRUQLQ 9RUGHUDQVLFKWVWHKHQGPLWGHU5DXVHLQHU3DWHUDDXIHLQHQNOHLQHQ$OWDURSIHUQG9DUEDQRY,$01*,  5*UQEUDXQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ0lU]/RV $TXLOLD6HYHUDQ&KU$( J 9V$.8/,$6(8+5$6(GUDSLHUWH%VWHPLW'LDGHPQU 5V 2'+66(,7:1 YHUVFKOHLHUWH 'HPHWHU PLW 6WDEIDFNHO XQG )UXFKW "  XQG .RUH PLW ]ZHL bKUHQ XQG )DFNHOHLQDQGHUJHJHQEHUVWHKHQG$01*,XQG7DI,9 VWJO 9DUEDQRY*,& 55'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

716





±

±

717

,XOLD6RDHPLDVQ&KU$( J 9V,28/,$628$,0,6GUDSLHUWH%VWHPLW'LDGHPQU 5V 2'+66(,7:1 YHUVFKOHLHUWH 'HPHWHU PLW 6WDEIDFNHO XQG )UXFKW "  XQG .RUH PLW ]ZHL bKUHQ XQG )DFNHOHLQDQGHUJHJHQEHUVWHKHQG$01*,9DUEDQRY, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 556FKZDU]JUQH3DWLQDJXWHV3RUWUlWY] *RUGLDQ,,,Q&KU$( J 9V$87.0$17*25',$126GUDSLHUWH%VWHGHV*RUGLDQ PLW/RUEHHUNUDQ]UXQGGHV7KHRV0HJDVPLW.DODWKRVOHLQDQGHUJHJHQEHU5V2'+66(,7:1=HXVPLW 3DWHUDXQG=HSWHUQOJHZDQGWVWHKHQGLP)HOGO(9DUEDQRY*,&, YJOXQGEHV$EE]X XQG  5*UQEUDXQH3DWLQDPLQLPDOGH]HQWULHUWVVY] $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 5DXFK :LHQ 6XPPHU $XFWLRQ  6HSWHPEHU /RV

±

±

719 718







*RUGLDQ ,,,    Q &KU $( J  9V $87.0$17*25',$126 GUDSLHUWH %VWH GHV *RUGLDQPLW/RUEHHUNUDQ]UXQGGHV7KHRV0HJDVPLW.DODWKRVOHLQDQGHUJHJHQEHUKLQWHUGHU6FKXOWHUGHV *RWWHV )OOKRUQ VLFKWEDU 5V 2'+>6@6(,7:1 JUR‰H 6FKODQJH *O\NRQ YRQ $ERQXWHLFKRV  VLFK LQ PHKUHUHQ:LQGXQJHQDXIULFKWHQGLP$EVFKQLWW($01*9DUEDQRY*,&, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5'XQNHOJUQH3DWLQDPLQLPDOGH]HQWULHUWVVY] 720,6 /XFLOOD    Q &KU $( .OHLQEURQ]H J  FD    Q&KU 9V 6(%$67+ /28.,//$ GUDSLHUWH %VWH Q U 5V 0+7523321728720(:6 .\EHOH Q O WKURQHQG GHQ O (OOERJHQ DXI 7\PSDQRQ JHVWW]W PLW GHU DXVJHVWUHFNWHQ 5 3DWHUD KDOWHQG LKU ]XU 6HLWH /|ZH VLW]HQG 9DUEDQRY,$01*,53&RQOLQH,9 5*UQH3DWLQDJXWHVVVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

720 



&RPPRGXV DOV $XJXVWXV    Q &KU $( J  FD    Q&KU 9V $87./$,/$85+ .202'26%VWHPLW/RUEHHUNUDQ]QU5V0+7523321728720(:61LNHPLW3DOP]ZHLJXQG.UDQ] QUODXIHQGLP)HOGU*$01*,9DUEDQRY,53&RQOLQH,9 'XQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 6HSWLPLXV 6HYHUXV    Q &KU $( J  9V$./6(36(8+5263 GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 0+752321720(:>6@ 6WDGWW\FKH PLW 0DXHUNURQH =HSWHU XQG )OOKRUQ Q U VWHKHQGO]XLKUHQ)‰HQ3RQWRVNUDXOHQGLP)HOGO'$01*,9DUEDQRY $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 6FK|QHVFKZDU]H3DWLQDVV

722









723

724

±

±

725

6HSWLPLXV 6HYHUXV    Q &KU $( J  9V $./6(376(8+5263 GUDSLHUWH XQG JHSDQ]HUWH %VWH Q U 5V 0+752321728720(:6 +HUPHV PLW .HU\NHLRQ XQG *HOGEHXWHO Q O VWHKHQG]XVHLQHQ)‰HQNOHLQHU:LGGHULP)HOGO'9DUEDQRY, 5%UDXQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

-XOLD 'RPQD    Q &KU $( J  9V ,28/,$'201$6(% GUDSLHUWH %VWH Q U 5V 0+752321720(:63RVHLGRQPLW'UHL]DFNQUDXIGHUDXVJHVWUHFNWHQ5'HOILQWUDJHQGLP)HOG* $01*,9DUEDQRY, 'XQNHOJUQHJOlQ]HQGH3DWLQDJXWHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

*HWD DOV &DHVDU    Q &KU $( J  9V 36(37,*(7$6. EDUKlXSWLJH %VWH Q U 5V >0+@752321728720(:6 PlQQOLFKH )LJXU PLW DXVJHVWUHFNWHP $UP VLW]W LQ OlVVLJHU +DOWXQJ DXI HLQHPHLQDFKVLJHQ.DUUHQGHUYRQHLQHP2FKVHQJH]RJHQZLUG'DYRUZHLEOLFKH)LJXUGLHHLQHQ6WRFNEHU GHQ6FKXOWHUQWUlJWXQG]XGHP(VHOVNDUUHQ]XUFNEOLFNWEHUGHU6]HQH'9DUEDQRY,$01*, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5*UQH3DWLQDVV *HWDDOV&DHVDUQ&KU$( J 9V36(37,*(7$6.EDUKlXSWLJHGUDSLHUWH%VWHQU 5V0+75321720(:6ERJHQVFKLH‰HQGHU$PRUQULP)HOG*$01*,9DUEDQRY, 6FK|QHGXQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

726 

721

1,5:1

±

±

726

0D[LPLQXV 7KUD[    Q &KU $( J  9V $870$;,0(,126(86(%$8* GUDSLHUWH %VWH PLW/RUEHHUNUDQ]QU5V0+7523321728720(:6*UHLIQUVLW]HQGXQGGLHOLQNH9RUGHUWDW]HDXI HLQ5DGOHJHQGLP)HOG'$01*9DUEDQRY, 6FK|QHEUDXQJUQH*ODQ]SDWHUDVVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

727





*RUGLDQ,,,Q&KU$( J 9V$87.0$17*25',$126$8*GUDSLHUWH%VWHPLW /RUEHHUNUDQ] Q U 5V 0+752321728720(:6 PlQQOLFKH )LJXU PLW DXVJHVWUHFNWHP $UP LQ OlVVLJHU +DOWXQJDXIHLQHPHLQDFKVLJHQ.DUUHQVLW]WGHUYRQHLQHP2FKVHQJH]RJHQZLUG'DYRUZHLEOLFKH)LJXUGLH HLQHQ6WRFNEHUGHQ6FKXOWHUQWUlJWXQG]XGHP(VHOVNDUUHQ]XUFNEOLFNWEHUGHU6]HQH'$01*,, 9DUEDQRY*,&, 55%UDXQHHWZDVUDXKH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 3KLOLSSXV , $UDEV XQG 2WDFLOLD    Q &KU $( J  9V $870,28/),/,3326 $8*0:7$.6(%+5$6(% %VWHQ GHV 3KLOLSSXV U PLW /RUEHHUNUDQ] XQG GHU 2WDFLOLD 6HYHUD O PLW 'LDGHP HLQDQGHU JHJHQEHU VWHKHQG 5V 0+7523321728720(:6 7\FKH PLW )OOKRUQ XQG 6WHXHUUXGHUQOJHZDQGWVWHKHQG$01*,9DUEDQRY*,&, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 6FK|QHGXQNHOJUQH3DWLQDIDVWY]

729 



728

±

730

3KLOLSSXV ,, &DHVDU    Q &KU $( J  9V 0,28/,26),/,3326.$,6$5 GUDSLHUWH %VWH GHV 3KLOLSSXV &DHVDU O XQG GHV 6DUDSLV U HLQDQGHU JHJHQEHU VWHKHQG 5V 0+752321728 720(:6$WKHQDPLW6SHHUXQG6FKLOGQOJHZDQGWVWHKHQG9DUEDQRY, 5%UDXQJUQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 3KLOLSSXV ,, &DHVDU    Q &KU $( J  9V 0$5,28/,26),/,3326.$,6$5 GUDSLHUWH %VWH GHV 3KLOLSSXV ,, &DHVDU O XQG GHV 6DUDSLV U HLQDQGHU JHJHQEHU VWHKHQG 5V 0+7321728720(:6 +\JLHLD Q O VWHKHQG XQG DXV HLQHU 3DWHUD 6FKODQJH DXI LKUHP $UP IWWHUQG 9DUEDQRY,$01*, 'XQNHOJUQH*ODQ]SDWLQDY]

731

±

±

±

732

7+5$.,(1 





.g1,*5(,&+ 7+5$.,(1 5KRLPHWDONHV , FD  Y&KUQ&KU $( J 9V%$6,/(:6 52,0+7$/.28KLQWHUHLQDQGHUJHVWDIIHOWH%VWHQGHV5KRLPHWDONHVPLW'LDGHPYRUQHXQGGHU.|QLJLQ3\WKRGRULV GDKLQWHU5V.$,6$5266(%$6728KLQWHUHLQDQGHUJHVWDIIHOWH%VWHQGHV$XJXVWXVPLW/RUEHHUNUDQ]YRUQHXQG GHU/LYLDGDKLQWHUYRULKQHQ&DSULFRUQPLW*OREXV53&, 'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ $1&+,$/26 &RPPRGXV    Q &KU $( *UR‰EURQ]H J  8QWHU GHP /HJDWHQ &DHFLOLXV 6HUYLOLDQXV9V$87.$,/$85.202'26JHSDQ]HUWHXQGGUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V +*.$86(528,/,$128$*&,$/(:1$UWHPLVLQ%LJDQULQGHUUHFKWHQ+DQG)DFNHO$01*,, 9DUEDQRY*,& YJO 53&RQOLQH 56FKZDU]H3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

734

733 



6HSWLPLXV6HYHUXVQ&KU$(*UR‰EURQ]H J 9V$8./6(376(8+526GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 28/3,$1:1$* VLF ,$/(:1 6WDGWWRU PLW ]ZHL 7UPHQ XQG HLQHP RIIHQHQ 'XUFKJDQJ EHU GHP 7RU RIIHQH *DOHULH PLW GUHL 5XQGE|JHQ GLH 7UPH PLW =LQQHQEHZHKUW$01*,,9DUEDQRY*,& 9DU  $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 6HOWHQH6WHPSHOYDULDQWH%UDXQJUQH3DWLQDJXWHVVV $8*867$ 75$,$1$ )DXVWLQD PLQRU    Q &KU$( J 9V)$867(,1$6(%$67+ GUDSLHUWH %VWH Q U 5V $8*2867+675$,$1+6 YHUVFKOHLHUWH 'HPHWHU PLW ODQJHP )DFNHOVWDE XQG bKUHQEQGHOQOVLW]HQG6FK|QHUW*HLVV$XJXVWD7UDLDQD9DUEDQRY,,53&RQOLQH,9  56FKZDU]JUQH3DWLQDKEVFKHV3RUWUlWJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[3HXV1DFKI$XNWLRQ$SULO/RV



±

736

735 

±

6HSWLPLXV 6HYHUXV    Q &KU $( *UR‰EURQ]H J  9V $87/6(37,6(8+5263( JHSDQ]HUWHXQGGUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V$8*2867+675$,$1+6+HUPHVQOVWHKHQG LP O $UP .HU\NHLRQ KDOWHQG LQ GHU DXVJHVWUHFNWHQ 5 *HOGEHXWHO ]X VHLQHQ )‰HQ NOHLQHU +DKQ 6FK|QHUW *HLVV$XJXVWD7UDLDQD6 6FKZDU]JUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[3HXV1DFKI$XNWLRQ2NWREHU/RV ,XOLD 'RPQD    Q &KU $( J  9V ,28/,$'201$6( GUDSLHUWH %VWH U 5V $8*2867+675$,$1+6 ERJHQVFKLH‰HQGH $UWHPLV PLW -DJGKXQG Q U 6FK|QHUW*HLVV $XJXVWD 7UDLDQD 9DUEDQRY,, +HUUOLFKHEUDXQH3DWLQDY]VVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

737

±

±

738

1,5:1 



&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $870$85+/$17:1(,126 %VWH PLW /RUEHHUNUDQ] Q U 5V $8*2867+675$,$1+6 6WDGWWRU PLW GUHL :HKUWUPHQ XQG JHVFKORVVHQHU 7UH 6FK|QHUW*HLVV$XJXVWD7UDLDQD9DUEDQRY*,&,, 56FK|QHEUDXQH3DWLQDJXWHV3RUWUlWVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ &DUDFDOOD    Q &KU$(*UR‰EURQ]H J 9V$870$85+$17:1,126JHSDQ]HUWH%VWH PLW /RUEHHUNUDQ] Q U 5V $8*2867+675$,$1+6 $GOHU PLW .UDQ] LP 6FKQDEHO XQG DXVJHEUHLWHWHQ 6FKZLQJHQ DXI JLUODQGHQJHVFKPFNWHP $OWDU LQ 9RUGHUDQVLFKW VWHKHQG IODQNLHUW YRQ ]ZHL )HOG]HLFKHQ 6FK|QHUW*HLVV$XJXVWD7UDLDQD 95 9DUEDQRY*,&,, 55%UDXQJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

739





3ODXWLOODQ&KU$(*UR‰EURQ]H J 8QWHUGHP/HJDWHQ4XLQWXV6LFLQQLXV&ODUXV3RQWLDQXV 9V )28/%,$3/$87,//$6(%$6 GUDSLHUWH %VWH Q U 5V +*6,.,1./$528$8*2867+6 75$,$1+66WDGWWRUPLWJHVFKORVVHQHQ7UHQXQG]ZHL]LQQHQEHZHKUWHQ5XQGWUPHQHLQGULWWHU7XUPKLQWHU GHP7RUDXIUDJHQG6FK|QHUW*HLVV9DUEDQRY,, 5'XQNHOEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ %,=<(3KLOLSS,$UDEVQ&KU$(*UR‰EURQ]H J 9V$870,28/),/,3326$8 GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW 6WUDKOHQNURQH Q U 5V %,=8+1:1 +HURV %\]RV"  ELV DXI HLQHQ 0DQWHOQDFNWVLW]WDXIHLQHP)HOVHQQO-XUXNRYD%L]\H 55*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+LUVFK1DFKI$XNWLRQ0DL/RV

741











742

±

±

743

3KLOLSS,,DOV&DHVDUQ&KU$( J 9V0,28/),/,3326.$,6EDUKlXSWLJH%VWHQU 5V %,=8+1:1 $UWHPLV LP NXU]HQ &KLWRQ PLW 3IHLO XQG %RJHQ Q U ODXIHQG ]X LKUHQ )‰HQ -DJGKXQG -XUXNRYD9DUEDQRY,, 5'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

'(8/780'LDGXPHQLDQQ&KU$( J 9V023(/$1721,196',$'&EDUKlXSWLJH GUDSLHUWHXQGJHSDQ]HUWH%VWHQU5V&2/)/3$&'(8/7$UWHPLVDOV-lJHULQPLW3IHLOXQG%RJHQQU ODXIHQG]XLKUHQ)‰HQ-DJGKXQG9DUEDQRY*,&,,, *UQH3DWLQDJXWHVVV

±

+$'5,$1232/,6 $QWRQLQXV 3LXV    Q &KU $( J  9V $87.$,7$,$'5, $17:1(,126EDUKlXSWLJH%VWHQU5V$'5,$1232/(,7GUHL4XHOO1\PSKHQLPODQJHQ&KLWRQ LQ9RUGHUDQVLFKWVWHKHQGMHGHHLQHQ.UXJKDOWHQG9DUEDQRY*,&,,53&RQOLQH,9 $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5*UQH3DWLQDVVIDVWY]

±

744 

740

745

0DUF$XUHOQ&KU$( J 9V0$85+/,2628+526.$,6$5EDUKlXSWLJHGUDSLHUWH 3DQ]HUEVWHQU5V>$'5,$1@232/(,7:1)OXVVJRWWLP+IWPDQWHOQODXIHLQHP)HOVHQVLW]HQGGLH/ DXIHLQH4XHOOXUQHJHVWW]WLQGHU5GDV0RGHOOHLQHU*DOHHUHKDOWHQG9DUEDQRY*,&53&RQOLQH YJO 9VVWHPSHOJOHLFK -XUXNRYD+DGULDQRSROLV 55'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV &RPPRGXVQ&KU$( J 9V$8./$85.202'26JHSDQ]HUWHXQGGUDSLHUWH%VWHQU 5V $'5,$1232/(,7:1 )OXVVJRWW 7RQ]RV Q O JHODJHUW PLW GHU 5 )OOKRUQ KDOWHQG GHQ O $UP DXI 4XHOOXUQHDEJHVWW]W9DUEDQRY*,&,,53&2QOLQH,9<XUXNRYD *UQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

746 1,5:1 

&RPPRGXVQ&KU$( J 9V$8.$,/$85.202'26EDUKlXSWLJHJHSDQ]HUWHXQG GUDSLHUWH %VWH Q U 5V $'5,$1232/(,7:1 QDFNWHU MXJHQGOLFKHU +HUDNOHV Q O VWHKHQG PLW GHP QHPHLVFKHQ/|ZHQULQJHQG9DUEDQRY*,&,,53&2QOLQH,9<XUXNRYD *UQH3DWLQDJXWHV3RUWUlWJXWHVVVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

747







748



±

749

&ULVSLQD    Q &KU $( J  9V .5,63,1$6(%$67+ GUDSLHUWH %VWH Q U 5V $'5,$1232/(,7:1 $UWHPLV LP NXU]HQ &KLWRQ PLW 3IHLO XQG %RJHQ Q U VWHKHQG ]X LKUHQ )‰HQ -DJGKXQGVLW]HQG-XUXNRYD9DUEDQRY,,53&RQOLQH  56FK|QHGXQNHOJUQH3DWLQDKEVFKHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV =XP$UWHPLVNXOWYRQ+DGULDQRSROLV (GLUQH YJO-1ROOp&KLURQ *RUGLDQ ,,,    Q &KU $( J  9V $87.0$17*25',$126$8* %VWH PLW 3DQ]HU 3DOXGDPHQWXQG/RUEHHUNUDQ]U5V$'5,$1232/(,7:1OLQNVKLQODJHUQGHU)OXVVJRWWPLW6FKLOG5XGHU XQG4XHOOXUQH%0&61*&RS9DUEDQRY*,&,,<RXURXNRYD+DGULDQRSROLV 'XQNHOJUQH3DWLQDVVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV *RUGLDQ,,,Q&KU$( J 9V$87.0$17*25',$126$8*GUDSLHUWHXQGJHSDQ ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $'5,$1232/(,7:1 6WDGWWRU PLW ]ZHL UXQGHQ (FNWUPHQ XQG IQIERJLJHU*DOHULHGDV7RUKDOEJH|IIQHW9DUEDQRY*,&,,<RXURXNRYD+DGULDQRSROLV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5'XQNHOJUQH3DWLQDVV

750 

1,5:1

±

±

±

751

*RUGLDQ ,,,    Q &KU $( J  9V $87.0$17*25',$126$8* GUDSLHUWH %VWH PLW /RUEHHUNUDQ]QU5V$'5,$1232/(,7>:1@+HUDNOHVQUVWHKHQGXQGGLHYLHON|SILJH+\GUDPLWGHU .HXOHEHNlPSIHQG9DUEDQRY*,&,,,, 5'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ *RUGLDQ ,,,    Q &KU $( J  9V $87.0$17*25',$126$8* GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $'5,$1232/(,7:1 +HUDNOHV Q U VWHKHQG GDV /|ZHQIHOO XP VHLQHQ .|USHU JHOHJW LQ GHU HUKREHQHQ 5 .HXOH VFKZLQJHQG PLW GHU / GHQ .HUEHURV DQ HLQHP 6HLO DXV GHU 8QWHUZHOW ]LHKHQG9DUEDQRY*,&,, 56FKZDU]JUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

753

752 



*RUGLDQ,,,Q&KU$(*UR‰EURQ]H J 9V$87.0$17*25',$126$8*GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $'5,$1232/(,7:1 GHU .DLVHU LP 3DQ]HU Q U JDORSSLHUHQGGHQU$UPPLW6SHHUHUKREHQ9DUEDQRY*,&,, 5'XQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

7UDQTXLOOLQD    Q &KU $( J  9V 6$%75$1.8//(,1$6( GUDSLHUWH %VWH U 5V $'5,$1232/(,7:16FKLIIQU9DUEDQRY,, 5'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

755

754 



0(6$0%5,$ *RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q &KU $( J  9V $87.0$17 *25',$126 $8*6(%75$1.8//,1$ GUDSLHUWH %VWHQ GHV *RUGLDQ PLW /RUEHHUNUDQ] U XQG GHU 7UDQTXLOOLQDPLW'LDGHPOHLQDQGHUJHJHQEHU5V0(6$0%5,$1:1$SROORQLPODQJHQ*HZDQGQO VWHKHQG LQ GHU DXVJHVWUHFNWHQ 5 3OHNWURQ KDOWHQG GLH / DXI /\UD JHOHJW GLH DXI HLQHU +DOEVlXOH VWHKW 9DUEDQRY*,&,, *UQH3DWLQDJXWHVVVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ *RUGLDQ,,,XQG7UDQTXLOOLQDQ&KU$( J 9V$87.0$17*25',$126$8*6(% 75$1.8//,1$GUDSLHUWH%VWHQGHV*RUGLDQPLW/RUEHHUNUDQ]UXQGGHU7UDQTXLOOLQDPLW'LDGHPOHLQDQGHU JHJHQEHU VWHKHQG 5V 0(6$0%5,$1:1 ]ZHL .RU\EDQWHQ PLW 6FKZHUWHUQ XQG EHU GHQ .RSI JHKREHQHQ 6FKLOGHQVWHKHQQHEHQHLQDQGHULQ9RUGHUDQVLFKW9DUEDQRY*,&,, 55%UDXQJUQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV 6LHKH]XGLHVHU0Q]H3:HL‰*|WWHU6WlGWHXQG*HOHKUWHLQ$VLD0LQRU6WXGLHQ  6$QP XQG$EE 5VVWHPSHOJOHLFK 

±

±

756

1,5:1





1,5:1

3$87$/,$0DUF$XUHOQ&KU$( J 9V$87.0$85+$17:1,126JHSDQ]HUWH %VWHPLW3DOXGDPHQWXPQU5V28/3,$63$87$/,$6ODJHUQGHU)OXVVJRWWPLWHLQHP6FKLOIURKULQGHU OLQNHQ $UPEHXJH XQG HLQHP =ZHLJ LQ GHU 5HFKWHQ 5X]LFND 3DXWDOLD  9DU GHU 9V/HJHQGH  9DUEDQRY *,&,,53&RQOLQH,9 GLHVHV([HPSODU  5'XQNHOJUQH3DWLQDVVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

757









758

0DUF$XUHOQ&KU$(*UR‰EURQ]H J 8QWHUGHP/HJDWHQ4XLQWXV7XOOLXV0D[LPXV9V >$87.$,0@$85$17:1,126 .RSI PLW /RUEHHUNUDQ] Q U 5V +*(072//,280$;,028 3$87$/,:7:1 1LNH PLW 3DOP]ZHLJ HLQH %LJD LP 6FKULWW Q U OHQNHQG 5X]LFND 3DXWDOLD   9DUEDQRY *,&,,53&RQOLQH,9 55%UDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ )DXVWLQDPLQRUQ&KU$(.OHLQEURQ]H J 9V)$867(,1$6(%$67+GUDSLHUWH%VWH Q U 5V 28/3,$63$87$/,$6 +\JLHLD Q O VWHKHQG XQG HLQH JUR‰H 6FKODQJH DXV 3DWHUD IWWHUQG GLH VLFKXPHLQH+DOEVlXOHZLQGHW5X]LFND3DXWDOLD9DUEDQRY*,&,,61*&RS53&RQOLQH ,9 GLHVHV([HPSODU  *UQH3DWLQDIHLQHV3RUWUlWIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[0Q]]HQWUXP5KHLQODQG6ROLQJHQ$XNWLRQ/RV )DXVWLQDPLQRUQ&KU$(.OHLQEURQ]H J 9V)$867(,1$6(%$67+GUDSLHUWH%VWHQU 5V28/3,$63$87$/,$6$WKHQDPLW6SHHUXQG1LNHDXIGHU5HFKWHQQOVLW]HQG5X]LFND3DXWDOLD 9DUEDQRY,,53&RQOLQH,9 56FK|QHJUQH3DWLQDVHKUIHLQHV3RUWUlWY]JXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ /XFLXV 9HUXV    Q &KU $( 0HGDLOORQ J 8QWHUGHP/HJDWHQ*DUJLOLXV$QWLTXXV9V $87 .$,/$85+/,2628+526 JHSDQ]HUWH %VWH PLW 3DOXGDPHQWXP Q U 5V +*(*$5$17(,.28 28/3,$63$87$/,$6 OLQNVKLQ WKURQHQGH 7\FKH PLW )OOKRUQ XQG 9LFWRULROD 5X]LFND 3DXWDOLD  9DU 53&RQOLQH,9 56FKZDU]EUDXQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

761 



760

759

±

±

±

±

762

/XFLXV9HUXVQ&KU$(0HGDLOORQ J 8QWHUGHP/HJDWHQ4XLQWXV7XOOLXV0D[LPXV  Q &KU 9V $8.$,/$85+/,2628+526 EDUKlXSWLJH JHSDQ]HUWH XQG GUDSLHUWH %VWH Q U 5V +*(0728//,280$;,0283$87$/,:7:1 =HXV Q U ODXIHQG LQ GHU HUKREHQHQ 5 %OLW]EQGHO VFKZLQJHQG DXI GHU DXVJHVWUHFNWHQ / $GOHU WUDJHQG 5X]LFND 3DXWDOLD  9DUEDQRY *,& ,,  53&RQOLQH,9 %UDXQHJUQJHIOHFNWH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ /XFLXV9HUXVQ&KU$(0HGDLOORQ J 8QWHUGHP/HJDWHQ*DUJLOLXV$QWLTXXVQ&KU 9V $8.$,/$85+/,2628+526 EDUKlXSWLJH JHSDQ]HUWH XQG GUDSLHUWH %VWH Q U 5V +*(*$5$17(,.28283,$6 VLF  3$87$/,$ $VNOHSLRV LQ +LPDWLRQ PLW QDFNWHP 2EHUN|USHU LQ 9RUGHUDQVLFKW VWHKHQG GHQ .RSI ]XP %HWUDFKWHU JHZDQGW XQG PLW GHU 5 VLFK DXI 6FKODQJHQVWDE VWW]HQG 5X]LFND 3DXWDOLD 6  XQG 7DI ,9 5V VWHPSHOJOHLFK  9DUEDQRY *,& ,,  53& RQOLQH ,9 'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

763







764

765

/XFLXV 9HUXV    Q &KU $( 0HGDLOORQ J  8QWHU GHP /HJDWHQ *DUJLOLXV $QWLTXXV 9V $8.$,/$8$85+/,2628+526 EDUKlXSWLJH %VWH Q U 5V +*$5$17(,.283$87$/, :7:1YLHUVlXOLJH7HPSHOIURQWGDULQ6WDWXH5X]LFND3DXWDOLD9DUEDQRY*,&,,53&RQOLQH $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 55+HOOJUQH3DWLQDVV /XFLOOD    Q &KU $( J  9V /28.,//$6(%$67+ GUDSLHUWH %VWH Q U 5V 28/3,$63$87$/,$6 'LNDLRV\QH PLW:DDJHXQG)OOKRUQQOVWHKHQG9DUEDQRY,,53&RQOLQH ,9 5*UQJUDXH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ &RPPRGXV    Q &KU $( J  9V $8.$,0.202'26 GUDSLHUWH MXJHQGOLFKH %VWH U 5V28/3,$63$87$/,$6+\JLHLDQUVWHKHQGIWWHUWHLQH6FKODQJHDXV3DWHUD5X]LFND3DXWDOLD 9DUEDQRY*,& 9DUGHV3RUWUlWV 53&RQOLQH 555RWEUDXQH3DWLQDY]VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

± ±

±

766 1,5:1 

&RPPRGXVQ&KU$( J 9V$8.$,0$5$85.202'26GUDSLHUWHXQGJHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 28/3,>$6@3$87$/,$6 LQ PHKUHUHQ :LQGXQJHQ DXIJHULFKWHWH 6FKODQJH *O\NRQ YRQ $ERQXWHLFKRV  ]ZLVFKHQ %DXP XQG EUHQQHQGHP $OWDU UHFKWV 5X]LFND 3DXWDOLD  9DUEDQRY*,&,,53&RQOLQH,9 5*UQEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

767 





1,5:1

±

768

&RPPRGXVQ&KU$(*UR‰EURQ]H J 8QWHUGHP/HJDWHQ6HUYLOLDQXVQ&KU9V $8.$,0$5$85.202'26 GUDSLHUWH XQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V +*(.$,6(528(,/,$12828/33$87$/,$6 $SROORQ DXI 'UHLIX‰ JHVWW]W YRU %DXP Q O VWHKHQG XQGHLQHQ=ZHLJEHUHLQHQEUHQQHQGHQ$OWDUKDOWHQG]XVHLQHQ)‰HQ5DEH5X]LFND3DXWDOLD9DUEDQRY *,&,,53&RQOLQH,9 55%UDXQJUQH3DWLQDVVIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV 6HSWLPLXV 6HYHUXV    Q &KU $( J  8QWHU GHP /HJDWHQ &DHFLOLXV /DUJXV 9V $87 ./6(36(8+5263JHSDQ]HUWHXQGGUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V+*.$,.,//$5*28 28/3,3$87$/,$6 $VNOHSLRV PLW 6FKODQJHQVWDE LQ 9RUGHUDQVLFKW VWHKHQG 5X]LFND 3DXWDOLD  II /HJHQGHQYDULDQWH  6FK|QHGXQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

769







770

771

6HSWLPLXV6HYHUXVQ&KU$( J 9V$87./6(36(8+5263JHSDQ]HUWH%VWHPLW /RUEHHUNUDQ] U 5V 28/3,$63$87$/,$6 DXIJHULFKWHWH 6FKODQJH PLW GHP .RSI Q U 5X]LFND 3DXWDOLD 8QEHUKUWHROLYJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV 6HSWLPLXV6HYHUXVQ&KU$(*UR‰EURQ]H J 8QWHUGHP/HJDWHQ&DHFLOLXV$HOLXV2QHUDWXV 9V $87./6(37,6(9+52636(%$ JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V +*(.$,/,28 21(5$7283$87$/,:1$GOHUPLWOHLFKWJH|IIQHWHQ6FKZLQJHQDXI%OLW]EQGHOLQ9RUGHUDQVLFKWVWHKHQG .RSIPLW.UDQ]LP6FKQDEHOQOJHZDQGW9DUEDQRY*,&,, 5*UQH3DWLQDVHKUJXWHV3RUWUlWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ'H]HPEHU/RV 6HSWLPLXV6HYHUXVQ&KU$(*UR‰EURQ]H J 9V$87/6(37,6(8+5263(5%VWH PLW/RUEHHUNUDQ]QU5V28/3,$63$87$/,$6$VNOHSLRVPLW6FKODQJHQVWDELPO$UPUHLWHWDXIHLQHP JHIOJHOWHQ'UDFKHQQU5X]LFND3DXWDOLD 9DU 9DUEDQRY*,&,,  56FK|QHGXQNHOJUQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±

±

772 1,5:1 

1,5:1

6HSWLPLXV 6HYHUXV XQG &ORGLXV $OELQXV    Q &KU $( J  9V $87./66(8+5263 ./:$/%,126EDUHU.RSIGHV&ORGLXV$OELQXVOXQGGHV6HSWLPLXV6HYHUXVPLW/RUEHHUNUDQ]UHLQDQGHU JHJHQEHU 5V 28/3,$63$87$/,$6 $GOHU PLW JH|IIQHWHQ 6FKZLQJHQ LQ 9RUGHUDQVLFKW VWHKHQG XQG JHJHQHLQHVLFKDXIULFKWHQGH6FKODQJHNlPSIHQGGLHHUPLWGHPU)DQJIHVWKlOW9DUEDQRY5X]LFND 55'XQNHOEUDXQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ-XQL/RV

±

773 

,XOLD 'RPQD    Q &KU $( J  9V ,28/,$'201$6(% GUDSLHUWH %VWH Q U 5V28/3,$63$87$/,$67\FKHPLW)OOKRUQQOJHZDQGWVWHKHQGPLWGHU5DXV3DWHUDEHUNOHLQHP 5XQGDOWDURSIHUQG9DUEDQRY*,&,, 6FKZDU]EUDXQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

774







775

,XOLD'RPQDQ&KU$(*UR‰EURQ]H J 9V,28/,$'201$6(%$GUDSLHUWH%VWHQU 5V28/3,$63$87$/,$6=HXVLP+LPDWLRQLQ9RUGHUDQVLFKWVWHKHQG.RSIQOLQGHUO+DQG=HSWHU LQ GHU 5 %OLW]EQGHO KDOWHQG O ]X VHLQHQ )‰HQ $GOHU VLW]HQG 5X]LFND 3DXWDOLD  9DUEDQRY *,&,, +HOOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV ,XOLD'RPQDQ&KU$(*UR‰EURQ]H J 9V,28/,$'201$6(%GUDSLHUWH%VWHQU 5V 28/3,$63$87$/,$6 JUR‰H 6FKODQJH GLH VLFK LQ YLHOHQ :LQGXQJHQ Q U DXIULFKWHWHW 5X]LFND 3DXWDOLD9DUEDQRY*,&,, 'XQNHOJUQH*ODQ]SDWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV &DUDFDOOD    Q &KU $( J  9V $17:1(,126$87.0$85+ %VWH PLW /RUEHHUNUDQ] 3DQ]HU 3DOXGDPHQWXP JHVFKXOWHUWHP 6FKLOGPLWbJLVXQG/DQ]HQVSLW]HQO5V 28/3,$63$87$/,$6 &DUDFDOODLQ0LOLWlWUDFKWVWHKWPLW/DQ]HXQG3DUD]RQLXPGHQ)X‰DXIHLQHQRULHQWDOLVFKHQ%DUEDUHQJHVHW]WQ U5X]LFND3DXWDOLD 'XQNHOJUQH*ODQ]SDWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

777

1,5:1







776

±

±

±

778

1,5:1

&DUDFDOODQ&KU$( J 9V$87.0$85+$17:1,126%VWHPLW/RUEHHUNUDQ]Q U 5V 28/3,$63$87$/,$6%HUJDQVLFKWPLWYHUVFKLHGHQHQ7HPSHOQXQG+HLOLJWPHUQLQGHU0LWWH XQWHQ6HLWHQDQVLFKWHLQHV7HPSHOVGDULQ$VNOHSLRVLQ9RUGHUDQVLFKWVWHKHQGDXIGHUOLQNHQ6HLWH]ZHLVlXOLJHU 7HPSHO DXI GHU UHFKWHQ GLH GUHL VLFK XPVFKOXQJHQ KDOWHQGHQ *UD]LHQ GDUEHU OLQNV XQG UHFKWV MH HLQ YLHUVlXOLJHU 7HPSHO KLQWHU GHP OLQNHQ HLQH *URWWH $XI GHU %HUJVSLW]H 7HPSHO LQ 6HLWHQDQVLFKW ]ZLVFKHQ %lXPHQ5X]LFND3DXWDOLD9DUEDQRY*,&,, 'XQNHOJUQH3DWLQDVV

±

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $87.0$85+$17:1,126 .RSI PLW /RUEHHUNUDQ] Q U 5V 28/3,$63$87$/,$6 %HUJDQVLFKW PLW YHUVFKLHGHQHQ 7HPSHOQ XQG +HLOLJ WPHUQLQGHU0LWWHXQWHQ6HLWHQDQVLFKWHLQHV7HPSHOVGDULQ$VNOHSLRVHQIDFHVWHKHQGDXIGHUO6HLWH7HPSHO PLW6WDWXHDXIGHUUGLHGUHLVLFKXPVFKOXQJHQKDOWHQGHQ*UD]LHQGDUEHUOXQGUMHHLQ]ZHLVlXOLJHU7HPSHO PLW 6WDWXH KLQWHU GHP O HLQH *URWWH $XI GHU %HUJVSLW]H 7HPSHO PLW .XOWELOG LQ 6HLWHQDQVLFKW ]ZLVFKHQ %lXPHQ5X]LFND3DXWDOLD9DUEDQRY*,&,,3ULFH7UHOO6$EE 5VVWHPSHOJOHLFK  $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 'XQNHOJUQH3DWLQDVV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

779 



&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $87.0$85+$17:1,126 %VWH PLW /RUEHHUNUDQ]QU5V28/3,$63$87$/,$6GLH1\PSKHGHU6WU\PRQUHJLRQXQWHU:HLQVWRFNQOJHODJHUW GLH5HFKWHDXI%HUJUFNHQXQGGLH/LQNHDXI4XHOOJHIl‰JHOHJWGHP:DVVHUHQWVWU|PW8PVLHKHUXPYLHU.QDEHQ GLH LP8KU]HLJHUVLQQ PLWGHQ%HLVFKULIWHQ %2758 :HLQ &58626 *ROG 67$&8 *HWUHLGH XQG $5*852&  6LOEHU  YHUVHKHQ  YRP %HUJUFNHQ DXV :HLQWUDXEHQ HUQWHQ LP 6LW]HQ DXV GHP GHU 8UQH HQWVWU|PHQGHQ:DVVHU*ROGZDVFKHQLQHLQHP*HWUHLGHIHOGbKUHQVFKQHLGHQXQGDXVGHP,QQHUHQGHV%HUJHVLQ HLQHP 7UDJHNRUE 6LOEHUHU] KHUDXVWUDJHQ 5X]LFND 3DXWDOLD  9DU  XQG 7DI 9, 9DUEDQRY *,& ,,  ,PKRRI%OXPHU1\PSKHQXQG&KDULWHQ61U 9DU XQG7DI; 55*UQEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV &DUDFDOODQ&KU$(*UR‰EURQ]H J 9V$8.0$86(8$17:1,126GUDSLHUWHXQG JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 28/3,$63$87$/,$6 GLHGUHL&KDULWHQQDFNWXQWHUHLQHU *LUODQGH %DOGDFKLQ"  IURQWDO VWHKHQG GLH EHLGHQ lX‰HUHQ ZHQGHQ GHU PLWWOHUHQ *HIlKUWLQ GHQ .RSI ]X XQG OHJHQLKUHLQHQ$UPXPGLH6FKXOWHUQLQGHUDQGHUHQJHVHQNWHQ+DQGKDOWHQVLHMHHLQHQ.UXJDXVGHP:DVVHU IOLH‰W 'LH PLWWOHUH 1\PSKH ZHQGHW GHQ .RSI Q U XQG OHJW LKUH $UPH GHQ *HIlKUWLQQHQ DXI GHQ 2EHUDUP 9DUEDQRY*,&,, 5)HLQHGXQNHOJUQH3DWLQD $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[0Q]HQ 0HGDLOOHQ$*%DVHO$XNWLRQ'H]HPEHU /RV

781 





±

±

782

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $87.0$85+$17:1(,126 %VWH PLW /RUEHHUNUDQ]QU5V28/3,$63$87$/,$6$UHVLP3DQ]HUPLW+HOP/DQ]HXQG6FKLOGQUVWHKHQG 9DUEDQRY*,&,, 5*UQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $87.0$85+$17:1,126 %VWH PLW /RUEHHUNUDQ]QU5V28/3,$63$87$/,$6&DUDFDOODLQGHU7RJDOXQG3ODXWLOODUVWHKHQGUHLFKHQVLFK GLH+DQG9DUEDQRY*,&,, 5'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

783 

780

784

&DUDFDOOD XQG *HWD    Q &KU $( *UR‰EURQ]H J  9V $8.+$8,:17$1,126.$,6 VLF   /6(*(7$.$,6 GUDSLHUWH %VWHQ GHV &DUDFDOOD PLW 6WUDKOHQNURQH XQG GHV EDUKlXSWLJHQ *HWD KLQWHUHLQDQGHUJHVWDIIHOWQU5V28/3,$63$87$/,$6$VNOHSLRVPLW6FKODQJHQVWDELQ9RUGHUDQVLFKW VWHKHQG.RSIQOJHZDQGW5X]LFND3DXWDOLD9DUEDQRY&,* $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 59V/HJHQGHYHUVFKULHEHQ)HLQHJUQH3DWLQDVV

±

3ODXWLOOD    Q &KU $( *UR‰EURQ]H J  8QWHU GHP /HJDWHQ 6LFLQLXV &ODUXV 9V )28/ 3/$87,//$6(%$67+GUDSLHUWH%VWHQU5V+*(6,../$52828/3$87$/,$6$VNOHSLRVPLW 6FKODQJHQVWDEQOJHZDQGWVWHKHQG5X]LFND3DXWDOLD9DUEDQRY,, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 56FKZDU]JUQHHWZDVJHIOHFNWH3DWLQDVV

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

785





3ODXWLOOD    Q &KU $( *UR‰EURQ]H J  8QWHU GHP /HJDWHQ 6LFLQLXV &ODUXV 9V )28/ 3/$87,//$6(%$GUDSLHUWH%VWHQU5V+*(6,.,./$52828/3,$63$87$/,$6)OXVVJRWWQO JHODJHUW LQ GHU 5 )OOKRUQ KDOWHQG DXV GHP HLQ %QGHO :HLQWUDXEHQ KlQJW GHU O (OOERJHQ OLHJW DXI HLQHU 4XHOOXUQH5X]LFND3DXWDOLDD9DUEDQRY,, 5*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ *HWD DOV $XJXVWXV    Q &KU $( J  9V $87.36(30,26*(7$6 VLF  %VWH PLW 3DQ]HU 3DOXGDPHQWXP XQG /RUEHHUNUDQ] U 5V 28/3,$63$87$/,$6 =HXV PLW 6FKDOH XQG =HSWHU Q O WKURQHQG5X]LFND3DXWDOLD9DUEDQRY*,&,, 55'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

787 







±

±

788

*HWD DOV $XJXVWXV    Q &KU $( *UR‰EURQ]H J  9V $8.36(*(7$6 .RSI PLW /RUEHHUNUDQ] Q U 5V 28/3,$63$87$/,$6 1LNH PLW .UDQ] XQG 3DOP]ZHLJ Q O ODXIHQG 5X]LFND 3DXWDOLD9DUEDQRY*,&,, 'XQNHOJUQH3DWLQDIDVWY]VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[5DXFK:LHQ$XNWLRQ0DL/RV 3(5,17+1HURQ&KU$(*UR‰EURQ]H J 9V1(5:1.$,6$56(%$6726%VWHPLW /RUEHHUNUDQ]QU5V3(5,14,:1QDFNWHUElUWLJHU+HUDNOHVPLW/|ZHQIHOOEHUGHPOLQNHQ$UPQU VWHKHQGGLH5DXIVHLQH.HXOHJHVWW]WXQGLQGHU/%RJHQKDOWHQG9RULKPHLQ%DXPXPGHVVHQ6WDPPVLFK HLQH6FKODQJHZLQGHW53&,6FK|QHUW3HULQWK 55VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV

789



786

±

±

790

'RPLWLDQQ&KU$(*UR‰EURQ]H J 9V$872..$,6$5'20,7,$1266(%*(5%VWHPLW /RUEHHUNUDQ]QU5V3(5,14,:1QDFNWHUElUWLJHU+HUDNOHVPLW/|ZHQIHOOEHUGHPO$UPLQ9RUGHUDQVLFKW VWHKHQG GHQ .RSI Q O JHZDQGW LQ GHU JHVHQNWHQ 5 .HXOH KDOWHQG 53& ,,  6FK|QHUW 3HULQWKRV 6  1UXQG7DI1U VWJO 9DUEDQRY,,, *XWHV3RUWUlWJUQEUDXQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ/RV 6HYHUXV $OH[DQGHU    Q &KU $( *UR‰EURQ]H J  9V $8.0$856(8$/(;1'526 $8*GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V3(5,14,:1',61(:.25:11LNHUVWHKHQGEHNUlQ]W GHQOVWHKHQGHQ.DLVHULP3DQ]HUPLW6SHHUXQG3DUD]RQLXP6FK|QHUW3HULQWK9DUEDQRY*,&,,, 56FKZDU]H3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

791

791 2:1



*DOOLHQXVQ&KU$( J 9V>$87*$//+1266(%$6@GUDSLHUWHXQGJHSDQ]HUWH%VWH PLW /RUEHHUNUDQ] Q U 5V 3(5,14,:1',61(:.25:1 ]ZHL EHU (FN VWHKHQGH 7HPSHO 6FK|QHUW 3HULQWK9DUEDQRY,,, 5+HOOJUQHHWZDVUDXKH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

792







793

±

794

3+,/,33232/,6 &ULVSLQD   Q &KU $( *UR‰EURQ]H J  9V .5,63,1$6(%$>67+@ GUDSLHUWH %VWH Q U 5V +*628(/0$5.,$128),/,33232/(,7:1 $GOHU PLW ZHLW JH|IIQHWHQ 6FKZLQJHQDXI%OLW]EQGHOVWHKHQG.RSIQOJHZDQGW9DUEDQRY&,* 5'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

6HSWLPLXV 6HYHUXV    Q &KU $( *UR‰EURQ]H J  9V $87./6(6(8+526 GUDSLHUWH %VWHPLW/RUEHHUNUDQ]QU5V),/,33232/(,7:17\FKHPLW)OOKRUQXQG6WHXHUUXGHUQOVWHKHQG 9DUEDQRY*,&,,, 5*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV

±

,XOLD 'RPQD JHVW  Q &KU $( J  9V ,28/,$'201$6(% GUDSLHUWH %VWH Q U 5V 0+752),/,33232/,6 VLF  GUDSLHUWH %VWH GHU 6WDGWJ|WWLQ PLW 0DXHUNURQH Q U 9DUEDQRY *,&,,, 556FKZDU]EUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

795 

&DUDFDOODQ&KU$(0HGDLOORQ J 3UlJXQJGHVWKUDNLVFKHQ.RLQRQV9V$87.0$85 6(8+$17:1,126 GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V .2,12145$.:1$/(=$1 '5,$(1),/,33232/,3UHLVNURQHPLWIQI.XJHOQDXIHLQHP7LVFKVWHKHQGXQWHUGHP7LVFK$PSKRUD PLW3DOP]ZHLJ9DUEDQRY*,&,,, 5*UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+LUVFK1DFKI$XNWLRQ)HEUXDU/RV

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

796 



*HWDQ&KU$( J 9V$87.36(37,0,26*(7$6%VWHGHV.DLVHUVPLW/RUEHHU NUDQ] Q U 5V 0+752),/,33232/(:6 YLHUVlXOLJH NRULQWKLVFKH 7HPSHOIURQW GDULQ 6WDWXH GHV $SROORQPLW2OLYHQ]ZHLJXQG3DWHUD9DUEDQRY,,, 56FKZDU]H3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV

±

3/27,1232/,6 &DUDFDOOD    Q &KU $( J  9V $87.0$85$17:1(,126 JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 3/:7(,1232/(,7:1 GLH GUHL &KDULWHQ QHEHQHLQDQGHU LQ 9RUGHUDQVLFKWVWHKHQG9DUEDQRY*,&,,, 5'XQNHOJUQH3DWLQDVHKUVFK|Q $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ-XQL/RV

±

798 



799

6(5',&$ &DUDFDOOD    Q &KU $( J  9V $87.0$856(8$17:1(,126 JHSDQ ]HUWH %VWH PLW /RUEHHUNUDQ] JH]FNWHU /DQ]H XQG 6FKLOG GDUDXI 1LNH PLW .UDQ] XQG 3DOP]ZHLJ LQ 9RUGHUDQVLFKWVWHKHQG QO5V28/3,$66(5',.+67\FKHPLWHQWEO|‰WHP2EHUN|USHU0DXHUNURQHXQG 3DWHUDLQGHU5LQ9RUGHUDQVLFKWVWHKHQGGHQO$UPPLW)OOKRUQDXIHLQH+DOEVlXOHJHVWW]W5X]LFND6HUGLFD YJO9DUEDQRY*,&,,, VWJO  5'XQNHOEUDXQH3DWLQDIDVWY]VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ/RV &DUDFDOODQ&KU$( J 9V$87.0$85+6(8+$17:1(,126%VWHPLW/RUEHHU NUDQ]QU5V28/3,$66(5',.+6$WKHQDQOVLW]HQGGHQO(OOERJHQDXIJUR‰HQ5XQGVFKLOGJHOHJWGHU DQLKUHP6LW]OHKQWGDUDXINOHLQH(XOH0LWLKUHU5IWWHUWVLHDXVHLQHU3DWHUDGLH6FKODQJH(ULFKWKRQLRVGLH VLFKYRULKUXPHLQHQgOEDXPZLQGHW5X]LFND6HUGLFD61U $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5*UQH3DWLQDHLQGUXFNVYROOHV3RUWUlWY]

800 

797

±

±

801

75$,$1232/,6 &DUDFDOOD DOV $XJXVWXV    Q &KU $( *UR‰EURQ]H J  9V $87.0 $85+$17:1,126%VWHPLW/RUEHHUNUDQ]QU5V75$,$1232/,7:1GHU.DLVHULP3DQ]HUQU JDORSSLHUHQG XQG GHQ 6SHHU LQ GHU HUKREHQHQ 5 JHJHQ HLQHQ Q U IOLHKHQGHQ )HLQG ]XP 6WR‰ HUKHEHQG 6FK|QHUW*HLVV$XJXVWD7UDLDQD9DUEDQRY*,&,,,  56HOWHQH6WHPSHOYDULDQWH'XQNHOEUDXQH3DWLQDFKDUDNWHULVWLVFKHV3RUWUlWIDVWYRU]JOLFK $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

0$.('21,(1 



',80 &DUDFDOOD    Q &KU $( J  9V ,03 0 $95  $1721,126 GUDSLHUWH %VWH PLW /RUEHHUNUDQ]QU5V&2/,9$9,(16,6''0LQHUYDPLW6SHHUXQG3DWHUDQOJHZDQGWVWHKHQG]X LKUHQ)‰HQOXQGUULQJHOWVLFKHLQH6FKODQJH9DUEDQRY,,, 5*UQH3DWLQDJXWHV3RUWUlWJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

803

802 

3+,/,33,'RPLWLDQQ&KU$( J Q&KU9V,03&$(6'20$9**(50&26;,,, .RSIPLW/RUEHHUNUDQ]QO5V&2/$9*,9/3+,/,33GHU.DLVHULP3DQ]HUPLWHUKREHQHU5HFKWHUXQG 3DUD]RQLXPDXI%DVLV GDUDXI',996$9* QOVWHKHQGEHNUlQ]WYRQ'LYXV-XOLXV&DHVDU53&,, ([6ROLGXV0QFKHQ3UHPLXP$XNWLRQ2NWREHU/RV 'XQNHOJUQH3DWLQDIDVWY]

±

.25,17+ 

6HSWLPLXV 6HYHUXV    Q &KU $( J  9V >@5213(57,1$;>@ JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ]XQG5XQGVFKLOGXQG6SHHUQO5V /HJHQGHXQOHVHUOLFK GHU.DLVHUPLWJHVFKZXQJHQHP6SHHU QUHLQHQ]X%RGHQJHIDOOHQHQ)HLQGEHUUHLWHQG%&'&RULQWK /DQ] 1U 56FKZDU]H3DWLQDVV

±

804 2:1

2:1

%2632586 

.g1,*5(,&+ %2632586 6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728GUDSLHUWH%VWHPLW.|QLJVELQGHQU5V'UDSLHUWH%VWHGHV&RPPRGXVPLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ38GDYRU6SHHU0DF'RQDOG *ROG5VVY]

±

805 2:1

2:1 

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V GUDSLHUWH %VWH GHV 6HSWLPLXV 6HYHUXV PLW /RUEHHUNUDQ] Q O GDUXQWHU 'DWLHUXQJ(380DF'RQDOG (OHNWURQ5Y]

±

806 2:1 

2:1

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV 6HSWLPLXV 6HYHUXV PLW /RUEHHUNUDQ] Q U GDYRU HLQ 6WHUQ GDUXQWHU'DWLHUXQJ$T90DF'RQDOG (OHNWURQ5VVY]

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

808

807 



6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU.HXOH5V.RSIGHV6HSWLPLXV6HYHUXVPLW/RUEHHUNUDQ]QUGDUXQWHU 'DWLHUXQJ*T90DF'RQDOG (OHNWURQ55V6FKU|WOLQJVIHKOHUIDVWY]

±

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV 6HSWLPLXV 6HYHUXV PLW /RUEHHUNUDQ] Q U GDYRU 'UHL]DFN GDUXQWHU'DWLHUXQJ'T90DF'RQDOG (OHNWURQ5)DVWY]

±

810

809 



6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV 6HSWLPLXV 6HYHUXV PLW /RUEHHUNUDQ] Q U GDYRU HLQ 3XQNW GDUXQWHU'DWLHUXQJ(T90DF'RQDOG (OHNWURQ5)DVWY]

±

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV 6HSWLPLXV 6HYHUXV PLW /RUEHHUNUDQ] Q U GDYRU HLQ 3XQNW GDUXQWHU'DWLHUXQJ(T90DF'RQDOG (OHNWURQ5VVY]

±

811

812

2:1





6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U GDYRU .HXOH 5V .RSI GHV 6HSWLPLXV 6HYHUXV O X GUDSLHUWH %VWH GHV &DUDFDOODUEHLGHPLW/RUEHHUNUDQ]GDUXQWHU'DWLHUXQJ(T90DF'RQDOG (OHNWURQ5VVY]

±

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW.|QLJVELQGHQUGDYRU.HXOH5V.RSIGHV6HSWLPLXV6HYHUXVOXGUDSLHUWH%VWHGHV &DUDFDOODUHLQDQGHUJHJHQEHUEHLGHPLW/RUEHHUNUDQ]GDUXQWHU'DWLHUXQJ(T90DF'RQDOG *ROG5Y]6W

±

813 





814

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW.|QLJVELQGHQU5V%HORUEHHUWH.|SIHGHV6HSWLPLXV6HYHUXVOX&DUDFDOODUHLQDQGHU JHJHQEHUGD]ZLVFKHQ3XQNWGDUXQWHU'DWLHUXQJ(T90DF'RQDOG *ROG5Y]

±

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V .RSI GHV 6HSWLPLXV 6HYHUXV O X GUDSLHUWH %VWH GHV &DUDFDOOD U HLQDQGHUJHJHQEHUEHLGHPLW/RUEHHUNUDQ]GDUXQWHU'DWLHUXQJ(T9]ZLVFKHQLKQHQ+DOEPRQG0DF'RQDOG  *ROG5Y]6W

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

815





816

6DXURPDWHV,,FDQ&KU6WDWHU J Q&KU9V%$6,/(:66$8520$728 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV6HSWLPLXV6HYHUXVOXGUDSLHUWH%VWHGHV&DUDFDOODUEHLGH PLW/RUEHHUNDQ]GD]ZLVFKHQNOHLQHU+DOEPRQGGDUXQWHU'DWLHUXQJ(T90DF'RQDOG (OHNWURQ5*XWHVVV

±

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV6HSWLPLXV6HYHUXVPLW/RUEHHUNUDQ]GDYRUHLQ3XQNWGDUXQWHU 'DWLHUXQJ=T90DF'RQDOG (OHNWURQ5Y]

±

817

2:1 

2:1

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV6HSWLPLXV6HYHUXVOXGUDSLHUWH%VWHGHV&DUDFDOODUEHLGH PLW/RUEHHUNUDQ]GDUXQWHU'DWLHUXQJ+T90DF'RQDOG (OHNWURQ5*XWHVVV

818 





819

6DXURPDWHV ,, FD    Q &KU 6WDWHU J   Q &KU 9V %$6,/(:66$8520$728 GUDSLHUWH%VWHPLW'LDGHPQU5V'UDSLHUWHXQGEHORUEHHUWH3DQ]HUEVWHQGHV6HSWLPLXV6HYHUXVOXQGGHV &DUDFDOODUHLQDQGHUJHJHQEHUVWHKHQGGDUXQWHU6SHHUXQG'DWLHUXQJ%)0DF'RQDOG (OHNWURQ55Y]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV&DUDFDOODPLW/RUEHHUNUDQ]QUGDYRU6WHUQGDUXQWHU'DWLHUXQJ 4)0DF'RQDOG (OHNWURQ5Y]

±

820 

±

821

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV&DUDFDOODPLW/RUEHHUNUDQ]QUGDYRU6WHUQGDUXQWHU'DWLHUXQJ 4)0DF'RQDOG (OHNWURQ5VV

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV &DUDFDOOD PLW /RUEHHUNUDQ] Q U GDYRU $GOHU Q U GDUXQWHU 'DWLHUXQJ,)0DF'RQDOG (OHNWURQ5Y]

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

822 



5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQU5V.RSIGHV&DUDFDOODPLW/RUEHHUNUDQ]QUGDYRU6WHUQGDUXQWHU'DWLHUXQJ $,)0DF'RQDOG (OHNWURQ5*XWHVVV

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV &DUDFDOOD PLW /RUEHHUNUDQ] Q U GDYRU 'UHL]DFN GDUXQWHU 'DWLHUXQJ$,)0DF'RQDOG (OHNWURQY]

±

824 





±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH%VWHPLW.|QLJVELQGHQU5V.RSIPLW/RUEHHUNUDQ]QUGDYRU6WHUQGDUXQWHU'DWLHUXQJ %,) 0DF'RQDOG (OHNWURQ5V6WHPSHOULVVIDVWY]

±



±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V 'UDSLHUWH %VWH GHV &DUDFDOOD PLW /RUEHHUNUDQ] Q U GDYRU 'UHL]DFN VLF GDUXQWHU'DWLHUXQJ*,)0DF'RQDOG 9DU  (OHNWURQ55*XWHVVV

±





829

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU'UHL]DFN5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUVPLW/RUEHHUNUDQ]QU GDUXQWHU'DWLHUXQJ*,)0DF'RQDOG (OHNWURQY]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU3DUD]RQLXP5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUVPLW/RUEHHUNUDQ]QU GDUXQWHU'DWLHUXQJ',)0DF'RQDOG (OHNWURQ5VNOHLQHU6FKU|WOLQJVIHKOHUY]

±

830 

827

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH%VWHPLW.|QLJVELQGHQU5V.RSIPLW/RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ%,)GDYRU6WHUQ 0DF'RQDOG (OHNWURQY]

828 

825

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V .RSI GHV &DUDFDOOD PLW /RUEHHUNUDQ] Q U GDYRU 'UHL]DFN GDUXQWHU 'DWLHUXQJ$,)0DF'RQDOG (OHNWURQ5VVY]

826 

823

831

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU3DUD]RQLXP5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUVPLW/RUEHHUNUDQ]Q UGDUXQWHU'DWLHUXQJ',)0DF'RQDOG (OHNWURQ%HLGVHLWLJ6FKU|WOLQJVIHKOHUY]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU.HXOH5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUVPLW/RUEHHUNUDQ]QU GDUXQWHU'DWLHUXQJ',)0DF'RQDOG (OHNWURQVVY]

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

832

833

2:1





5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH%VWHPLW.|QLJVELQGHQUGDYRU3DUD]RQLXP5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUV DQRQ\P PLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ(,)0DF'RQDOG (OHNWURQ5Y]VW

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU 3DUD]RQLXP 5V 'UDSLHUWH 3DQ]HUEVWH GHV (ODJDEDOV PLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ(,)0DF'RQDOG (OHNWURQ55V6FKU|WOLQJVIHKOHUJXWHVVV

±

834 



5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU 'UHL]DFN 5V 'UDSLHUWH 3DQ]HUEVWH GHV .DLVHUV DQRQ\P PLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ(,)0DF'RQDOG (OHNWURQ)DVWY]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH%VWHPLW.|QLJVELQGHQU5V'UDSLHUWH3DQ]HUEVWHGHV.DLVHUV DQRQ\P PLW/RUEHHUNUDQ]QU GDYRU6WHUQGDUXQWHU'DWLHUXQJ(,)0DF'RQDOG (OHNWURQ5V6WHPSHOULVVXQG.UDW]HUY]

±

836 





837

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.2325,'26 GUDSLHUWH%VWHPLW.|QLJVELQGHQUGDYRU'UHL]DFN5V.RSIGHV(ODJDEDOVPLW/RUEHHUNUDQ]QUGDUXQWHU 'DWLHUXQJ=,)0DF'RQDOG (OHNWURQ9VDXVOHLFKWXQVDXEHUHP6WHPSHOIDVWY]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU'UHL]DFN5V'UDSLHUWH%VWHGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ] QUGDUXQWHU'DWLHUXQJ4,)0DF'RQDOG (OHNWURQVVY]

±

838 

835

839

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U GDYRU 'UHL]DFN 5V 'UDSLHUWH 3DQ]HUEVWH GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ$.)0DF'RQDOG (OHNWURQY]

±

5KHVNRXSRULV,, ,,, Q&KU6WDWHU J Q&KU9V%$6,/(:65+6.28325,'26 GUDSLHUWH%VWHPLW'LDGHPQUGDYRU'UHL]DFN5VGUDSLHUWH%VWHGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ] QUGDYRU6WHUQGDUXQWHU'DWLHUXQJ*.)0DF'RQDOG (OHNWURQ56FK|QH7|QXQJIDVWY]

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

840 



'LYXV 5KHVNRXSRULV ,, ,,,  DE  Q &KU 6WDWHU J  *HSUlJW  Q &KU XQWHU .RW\V ,,, 9V %$6,/(:65+6.28325,'26 GUDSLHUWH %VWH PLW 'LDGHP Q U GDYRU 4( 26  5V .RSI GHV 6HYHUXV $OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU'DWLHUXQJ(.)0DF'RQDOG (OHNWURQ5V.UDW]HUXQG6FKU|WOLQJVIHKOHUIDVWY]VV

±

.RW\V,,,Q&KU6WDWHU J Q&KU9V%$6,/(:6.27286%VWHGHV.|QLJV PLW 'LDGHP Q U 5V .RSI GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ] Q U GDYRU 6WHUQ GDUXQWHU 'DWLHUXQJ '.)0DF'RQDOG (OHNWURQ9VNOHLQHU6FKU|WOLQJVIHKOHUIDVWY]

±

842 





±

.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286%VWHGHV .|QLJVPLW'LDGHPQUGDYRUHLQ3XQNW5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRUHLQ 3XQNWGDUXQWHU'DWLHUXQJ(.)0DF'RQDOG *XWHVVV

±



±

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V .RSI GHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU 'DWLHUXQJ(.)0DF'RQDOG 9VZLQ]LJHU6FKU|WOLQJVIHKOHUXQG.UDW]HUY]

±





847

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V .RSI GHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU 'DWLHUXQJ(.)0DF'RQDOG Y]

±

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V .RSI GHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU 'DWLHUXQJ(.)0DF'RQDOG $XVYHUEUDXFKWHQ6WHPSHOQ9VZLQ]LJHU6FKU|WOLQJVIHKOHUY]

±

848 

845

.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286%VWHGHV .|QLJVPLW'LDGHPQUGDYRUHLQ3XQNW5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRUHLQ 3XQNWGDUXQWHU'DWLHUXQJ(.)0DF'RQDOG )DVWY]

846 

843

.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286%VWHGHV .|QLJVPLW'LDGHPQUGDYRU*OREXV5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXV GDUXQWHU'DWLHUXQJ(.)0DF'RQDOG *XWHVVV

844 

841

849

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V .RSI GHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU 'DWLHUXQJ(.)0DF'RQDOG 6FK|QH]DUWH7|QXQJ9VZLQ]LJH.DW]HUJXWHVVV

±

.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286GUDSLHUWH %VWHPLW.|QLJVELQGHQU5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ&.) GDYRU*OREXV0DF'RQDOG *HW|QWJXWHVVV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

851

850









.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286GUDSLHUWH %VWHPLW.|QLJVELQGHQU5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ&.) GDYRU*OREXV0DF'RQDOG *XWHV3RUWUlWY]VV

±

.RW\V,,,Q&KU%LOORQ6WDWHU J Q&KU9V%$6,/(:6.27286GUDSLHUWH %VWHGHV.|QLJVPLW'LDGHPQUGDYRU'UHL]DFN5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QU GDYRUHLQ3XQNWGDUXQWHU'DWLHUXQJ6.)0DF'RQDOG Y]

±

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWHGHV.|QLJVPLW'LDGHPQUGDYRU6FKZHUWLQ6FKHLGH5V'UDSLHUWH%VWHGHV6HYHUXV$OH[DQGHUPLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ+.)0DF'RQDOG Y]

±

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWHGHV.|QLJVPLW'LDGHPQUGDYRU6FKZHUWLQ6FKHLGH5V'UDSLHUWH%VWHGHV6HYHUXV$OH[DQGHUPLW /RUEHHUNUDQ]QUGDYRUGUHL3XQNWHGDYRU'DWLHUXQJ+.)0DF'RQDOG Y]

±

854









855



856

857

.RW\V ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6.27286 GUDSLHUWH %VWHPLW.|QLJVELQGHQUGDYRU6FKZHUW5V.RSIGHV6HYHUXV$OH[DQGHUPLW/RUEHHUNUDQ]QUGDUXQWHU 'DWLHUXQJ4.)0DF'RQDOG *XWHVVV

±

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V 'UDSLHUWH %VWH GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ=.)GDYRU]ZHL*OREL0DF'RQDOG *XWHVVV

±

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU *OREXV 5V 'UDSLHUWH %VWH GHV 6HYHUXV $OH[DQGHUPLW/RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ=.)GDYRU]ZHL*OREL0DF'RQDOG *XWHVVV

±

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U GDYRU .UDQ] 5V .RSI GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDYRU]ZHL3XQNWHGDUXQWHU'DWLHUXQJ=.)0DF'RQDOG VVY]

±

858 

853

852

859

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU .UDQ] 5V .RSI GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDYRU*OREXVGDUXQWHU'DWLHUXQJ=.)0DF'RQDOG VV

±

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU .UDQ] 5V .RSI GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDYRU]ZHL*OREHQGDUXQWHU'DWLHUXQJ=.)0DF'RQDOG 7|QXQJVV

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

861

860





6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW 'LDGHP Q U 5V 'UDSLHUWH %VWH GHV 6HYHUXV $OH[DQGHU PLW /RUEHHUNUDQ]QUGDYRUGUHL3XQNWHGDUXQWHU'DWLHUXQJ=.)0DF'RQDOG JXWHVVV

±

6DXURPDWHV ,,,    Q &KU %LOORQ6WDWHU J   Q &KU 9V %$6,/(:6 6$8520$728 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U GDYRU HLQ *OREXV 5V 'UDSLHUWH %VWH GHV 6HYHUXV $OH[DQGHUPLW/RUEHHUNUDQ]QUGDUXQWHU'DWLHUXQJ=.)GDYRUGUHL*OREL0DF'RQDOG JXWHVVV

±

862

2:1

2:1

3529,1=$6,$ 

'RPLWLDQ&KU&LVWRSKRU J 8PQ&KU0]VWXQEHVWLPPWLQ.OHLQDVLHQ9V'20,7,$ $9*967$GUDSLHUWH%VWHQU5V9(196$9*9HQXVQUDQ6lXOHJHOHKQWVWHKHQGLQGHU/ODQJHQ =HSWHUVWDEKDOWHQGPLWGHUDXVJHVWUHFNWHQ5NRULQWKLVFKHQ+HOPKDOWHQG53&,, 55Y] ([.QNHU2VQDEUFN$XNWLRQ6HSWHPEHU/RV

863

±

863 2:1





1HUYD    Q &KU &LVWRSKRU J   Q &KU 0]VW XQJHVLFKHUW LQ .OHLQDVLHQ 9V ,03 1(59$ &$(6$9**(50307532733.RSIPLW/RUEHHUNUDQ]QU5V&26,,,,/HJLRQVDGOHU]ZLVFKHQ ]ZHL)HOG]HLFKHQ5,&& /HLFKWLULVLHUHQGH7|QXQJIDVWY] ([1XPLVPDWLFD$UV&ODVVLFD$XNWLRQ/RV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

864

865

321726 



$0$6(,$ 6HYHUXV $OH[DQGHU    Q &KU $( J   Q &KU 9V $87.6(28+526 $/(;$1'526 GUDSLHUWH XQG JHSDQ]HUWH %VWH GHV .DLVHUV PLW /RUEHHUNUDQ] Q U 5V $'5 &(8$/(;$0$6,$60+71 (XURSD DXI GHP 6WLHU Q U UHLWHQG LP $EVFKQLWW 321728 UHFKWV LP )HOG 'DWLHUXQJ(7&.4 -DKUGHUbUDYRQ$PDVHLD 'DODLVRQ$PDVHLDN5HFJpQ, 9DUPLW DQGHUHU9V  55'XQNHOJUQH3DWLQDVV $0$6(,$6HYHUXV$OH[DQGHUQ&KU$(*UR‰EURQ]H J Q&KU9V$87.6(8+526 $/(;$1'526 GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $'56(8$/($0$6,$60+1753 (76/' $GOHU PLW JHVSUHL]WHQ 6FKZLQJHQ DXI HLQHP 6FKHLWHUKDXIHQ VLW]HQG O GDQHEHQ %DXP GDUEHU +HOLRVLQ4XDGULJD5HFJqQ,61U *UQEUDXQH3DWLQDVV $XV VGGHXWVFKHP 3ULYDWEHVLW]6DPPOXQJ(/H[3HXV1DFKI$XNWLRQ2NWREHU/RVH[ 6DPPOXQJ0DUFHO%XUVWHLQ1HYDGD

866 



±

±

867

6(%$67232/,6+(5$./(232/,6 *DOOLHQXV    Q &KU $( J  -DKU    Q &KU 9V$87.$,32/,.*$//,+126EHORUEHHUWH%VWHPLW3DQ]HUXQG3DOXGDPHQWXPQU5V6(%$672 +5$./(7V;6QDFNWHU+HUDNOHVPLW/|ZHQIHOOQOGLHNHU\QLWLVFKH+LUVFKNXKDP*HZHLKSDFNHQGXQG QLHGHU]ZLQJHQG61*$XO VWHPSHOJOHLFK 5* +HOOHEUDXQJUQH3DWLQDY]IDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ0lU]/RV 75$3(=86 (ODJDEDO    Q &KU $( J  -DKU    Q &KU  9V $8.0$8 $17:1,126 JHSDQ]HUWH XQG GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 75$3(=2817,:1(51+ 0LWKUDVQUUHLWHQGYRULKPNOHLQHU$OWDU5*,6 5%UDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±

868

868 2:1 

=(/$&DUDFDOODQ&KU$( J 9V$87.$,0$85+$17:1,126XQElUWLJHU.RSI PLW/RUEHHUNUDQ]QU5V=+/,7:1.DLVHULQ4XDGULJDQUIDKUHQG,P$EVFKQLWW(730%61*&RS 61*$XO%0&5HFJpQ,'DODLVRQ=pOD VWJO  55'XQNOH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

870

869

3$3+/$*21,(1 



$0$675,6 &DUDFDOOD    Q &KU $( J  9V $8.0$85$17:1(,126 %VWH PLW 3DQ]HU 3DOXGDPHQWXP XQG /RUEHHUNUDQ] U 5V $0$675,$1:1 $GOHU PLW JH|IIQHWHQ 6FKZLQJHQ XQG .UDQ]LP6FKQDEHOVWHKWDXIHLQHP*OREXV5HFJpQ6OJ0LVVHUH61*/H\SROG61*$XO  5556DPWLJHKHOOJUQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV &DUDFDOOD    Q &KU $( J  9V $17:1,126$8*286726 JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $0$675,$1:1 +HUDNOHV Q U VWHKHQG LQ GHU JHVHQNWHQ 5HFKWHQ .HXOH KDOWHQG EHUGHPO$UP/|ZHQIHOO5HFJpQ61*$XO 556FK|QHGXQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV

871







872

±

±

873

*(50$1,.232/,6 6HSWLPLXV 6HYHUXV    Q &KU $( J  9V >$8@.$,/6( 6(28+526 JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] Q U 5V *(50$1,.232/(:6(67,$4 $UWHPLV PLW %RJHQ Q U HLOHQG XQG GDEHL 3IHLO DXV LKUHP .|FKHU ]LHKHQG 5HF JpQ 6  XQG 7DI ;;,, 5V VWHPSHOJOHLFK  56FK|QHVPDUDJGJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV 6,123($QWRQLQXV3LXVQ&KU$( J -DKU Q&KU 9V,037$(/,96 $1721,196EDUKlXSWLJH%VWHQU5V&,)$11&/;;;8]ZHLVlXOLJHU6FKUHLQPLW%RJHQLP,QQHUQ 6WDWXH GHU 1HPHVLV Q O LQ GHU / =HSWHU PLW GHU 5HFKWHQ GHQ $XVVFKQLWW LKUHV *HZDQGHV KDOWHQG ]X LKUHQ )‰HQ5DG5*,53&RQOLQH,9 55*UQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[0Q]HQ 0HGDLOOHQ'HXWVFKODQG$XNWLRQ1RYHPEHU /RVH[$XNWLRQ0Q]KDQGOXQJ6FKXOWHQ &R*PE+.|OQ/RV *RUGLDQXV,,,Q&KU$( J Q&KU9V,03*25',$196$9GUDSLHUWH%VWH PLW/RUEHHUNUDQ]QU5V&5,)6$1&&&9,,,%VWHGHV6DUDSLVPLW0RGLXVQO5*,6 $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 5'XQNHOEUDXQH3DWLQDY]

±

±

±

874

%,7+<1,(1 



+(5$./(,$ 3217,.$ &DUDFDOOD    Q &KU $( .OHLQEURQ]H J  9V $17:1,126 $8*286726%VWHPLW/RUEHHUNUDQ]QU5V+5$./+$6(13217:+HUPHPLWYHUVFKOHLHUWHP+DXSWLQ 9RUGHUDQVLFKWVWHKHQG5*6XQG7DI/,; VWHPSHOJOHLFK  56FKZDU]JUQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ0DL/RV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

875 



.5(7(,$)/$9,232/,6&DUDFDOODQ&KU$( J 9V$8.0$85$17:1,126 GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V.5+7,(:1)/$28$WKHQDVWHKWPLW=HSWHU3KLDOHXQG6FKLOG QOJHZDQGW5*6 5'XQNHOJUQHHWZDVIOHFNLJH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ ,XOLD 'RPQD    Q &KU $( J  9V ,28/,$'201$6(% GUDSLHUWH %VWH Q U 5V .5+7(:1)/$28,232/(,7:1YLHUVlXOLJH7HPSHOIURQWGDULQ=HXVQUWKURQHQG5HFJpQ,,6 1U 55*UQEUDXQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ'H]HPEHU/RV

877 









±

±

±

880

,XOLD 'RPQD    Q &KU $( J  9V ,28/,$6(%$67+ GUDSLHUWH %VWH Q U 5V 20212,$1,.$,(:1&RQFRUGLDPLW.DODWKRV3DWHUDXQG=HSWHUVWDEQOWKURQHQG5HFJpQ,, $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 6FKZDU]H3DWLQDVV ,XOLD'RPQDQ&KU$( J 9V,28/,$$8*2867GUDSLHUWH%VWHQO5V1,.$,(:1 /HJLRQVDGOHU]ZLVFKHQ]ZHL)HOG]HLFKHQ5HFJpQ,, 56FKZDU]H3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

881

±

878

1,.$,$1HURQ&KU$( J 9V1(5:1./$8',26.$,6$56(%$6726*(.RSIPLW 6WUDKOHQNURQHQU5V3233$,$6(%$67+3RSSDHDDOV6HFXULWDVQUVLW]HQG53&,  6HOWHQLQGLHVHU(UKDOWXQJ'XQNHOJUQH3DWLQDJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/HUZRUEHQLP-XQL &RPPRGXVDOV$XJXVWXVQ&KU$( J 9V$.0$8.2$17:1,1.RSIPLW/RU EHHUNUDQ]QU5V1,.$,(:1=HXVPLWODQJHP=HSWHUVWDEQOWKURQHQGDXIGHU51LNHPLW3DOPHDXI *OREXVKDOWHQG5HFJpQ53&RQOLQH,9 5'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

879 

876

± ±

882

&DUDFDOODQ&KU$( J 9V$17:1,126$8*286726JHSDQ]HUWHXQGUDSLHUWH%VWH PLW/RUEHHUNUDQ]QU5V1,.$,(:1&RQFRUGLDPLW.DODWKRV=HSWHUVWDEXQG3DWHUDQOWKURQHQG5HF JpQ,, 5'XQNHOJUQH3DWLQDJXWHV3RUWUlWJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

&DUDFDOODQ&KU$( J 9V.RSIPLW/RUEHHUNUDQ]QU5V6HUDSLVVWHKWPLW.DODWKRVQ OGLH5HFKWHHUKREHQEHUHLQHPEUHQQHQGHQ$OWDULQGHU/LQNHQHLQ=HSWHU615,61LFDHD D GLHVHV ([HPSODU 5HFJpQ,,67DI/;;9,, 5VVWJO  'XQNHOJUQH3DWLQDVV ([/DQ]0QFKHQ$XNWLRQ/RV

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

884

883 



&DUDFDOOD    Q &KU $( J  9V $17:1,126$8*286726 GUDSLHUWH XQG JHSDQ]HUWH %VWHPLW/RUEHHUNUDQ]QU5V1,.$,(:1.\EHOHPLW0DXHUNURQHQOVLW]HQGGHQO$UPDXI7\PSDQRQ VWW]HQG LQ GHU YRUJHVWUHFNWHQ 5 3DWHUD KDOWHQG ]X MHGHU 6HLWH YRQ HLQHP /|ZHQ IODQNLHUW 5HF JpQ ,,   %0&61*YRQ$XORFN.|OQ%LWK\QLHQ 5'XQNHOJUQH3DWLQDVV

±

6HYHUXV$OH[DQGHUDOV&DHVDUQ&KU$( J 9V0$85$/(;$1'526.GUDSLHUWH%VWHPLW EDUHP .RSI Q U 5V 1,.$,(:1 VHFKVVlXOLJH 7HPSHOIURQW PLW $NURWHUHQ LP *LHEHO 3DWHUD 53& RQOLQH  56FKZDU]H3DWLQDIDVWY]

±

885 1,5:1 

9DOHULDQ *DOOLHQXV XQG 9DOHULDQ ,XQLRU    Q &KU $( J  9V $8728$/(5,$126 *$//,+12628$/(5,$1266(%% GUDSLHUWH %VWHQ GHU +HUUVFKHU PLW 6WUDKOHQNURQHQ 5V 0(*,67:1$5,67:11,.$,(:1GUHL3UHLVNURQHQ5HFJpQ 6FKZDU]H3DWLQDVV ([*RUQ\ 0RVFK$XNWLRQ/RV

886



1,5:1

887

±

888

3586$ ,XOLD 'RPQD    Q &KU $( .OHLQEURQ]H J  9V ,28/,$'201$6(% GUDSLHUWH %VWHQU5V35286$(:1+HNDWHPLW]ZHL)DFNHOQQUODXIHQG5HFJpQ53&RQOLQH $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ 56FKZDU]JUQH3DWLQDY]

±

0<6,(1 





$77$26 &ULVSLQD    Q &KU $( J  8QWHU GHP 6WUDWHJHQ 5XIXV 9V .5,63,1$ 6(%$67+GUDSLHUWH%VWHQU5V(3,67528)28$77$,7:11LNHPLW.UDQ]QOVFKUHLWHQGLQGHU YRUJHVWUHFNWHQ5.UDQ]EHUHLQH6lXOHKDOWHQGDXIGHUHLQ$GOHUPLWJHVFKORVVHQHQ6FKZLQJHQVLW]WXQGVLFK ]XGHU1LNHXPEOLFNW61*%161*$XO 9V  5%UDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ-XQL/RV *(50( -XOLD 'RPQD    Q &KU $( J  9V ,28/,$6(%$67+ GUDSLHUWH %VWH U 5V 675*/8.:126*(50+1:1=HXVPLW3DWHUDXQG=HSWHUQOWKURQHQG%0&61*&RS 6FK|QHEUDXQH3DWLQDJXWHU6WLOIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

890

889 



+$'5,$1(,$6HSWLPLXV6HYHUXVQ&KU$(0HGDLOORQ J 8QWHUGHPHUVWHQ$UFKRQGHU 6WDGW0HQRSKDQHV6RKQGHV7LPRNUDWHV9V$87./6(376(28+5263(.RSIPLW/RUEHHUNUDQ]Q U5V(301+12)$12867,02.5$7286$5&$$'5,$1(:1QDFNWHUQOVFKUHLWHQGHU+HUPHV PLW*HOGVDFNXQG&DGXFHXVEHJOHLWHWYRQHLQHP:LGGHU61*&RS%0& 9DUGHU/HJHQGH 61*$XO  55*XWHV3RUWUlW6FK|QHVFKZDU]EUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ6WXWWJDUW1RYHPEHU /RV 6HSWLPLXV 6HYHUXV    Q &KU $( *UR‰EURQ]H J  8QWHU GHQ $UFKRQWHQ 0HQRSKDQHV XQG 7LPRNUDWHV 9V >$87.$,/@6(37,>6(28+5263@ %VWH PLW /RUEHHUNUDQ] Q U 5V (3 0+12)$1287(,02.5$5&$'5,$1(:1.\EHOHLQHLQHPYRQ]ZHLVFKUHLWHQGHQ/|ZHQJH]RJHQHP 6WXKOZDJHQQUIDKUHQG61*%1$01*,9 55'XQNHOJUQHURWIOHFNLJH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/



±

892

891 

±

+$'5,$127+(5$, &DUDFDOOD    Q &KU $( J  8QWHU GHP 6WUDWHJHQ 0RVFKLDQRV 9V $8.$,0$8$17:1(,126 JHSDQ]HUWH XQG GUDSLHUWH %VWH Q U GDYRU UXQGHU *HJHQVWHPSHO ZHLEOLFKHU .RSI ,XOLD 'RPQD"  Q U +RZJHJR   5V 675026&,$128$'5,$124+5,7:1 'LRQ\VRV PLW 7K\UVRV6WDE Q O VWHKHQG LQ GHU 5 .DQWKDURV KDOWHQG DXV GHP HU :HLQ DXI HLQHQ ]X VHLQHQ )‰HQVLW]HQGHQ3DQWKHUJLH‰W$01*,9661*%1 56FKZDU]H3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ *HWD DOV &DHVDU    Q &KU $( J  9V /6(37,*(7$6.$, GUDSLHUWH XQG JHSDQ]HUWH EDUKlXSWLJH%VWHQU5V$'5,$124+5,7:1=HXVPLW3DWHUDXQGODQJHP=HSWHUQOWKURQHQG61* &RS61*%1%0& 55*UQHHWZDVIOHFNLJH3DWLQD9VNOHLQH.UDW]HUY]VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+LUVFK1DFKI$XNWLRQ0DL/RV

±

±

894

893 1,5:1 



3$5,80 6HYHUXV $OH[DQGHU    Q &KU $( J  9V ,03 &$(6 / 6(36(9$/(;$1'(5 %XFKVWDEH6UHWURJUDG JHSDQ]HUWHXQGGUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V'(2$&69% %XFKVWDEH 6UHWURJUDG &*+,3$VNOHSLRVOVLW]HQGYRULKP5LQGGDVVHLQHQU9RUGHUKXILQGLH+DQGGHV*RWWHV OHJW53&RQOLQH 56FKZDU]H3DWLQDVVJXWHVVV &RUQHOLD6XSHUDQ&KU$( J 9V*&251693(5$%VWHU5V&*,+3$EHU/XSDURPDQD 61*%1 YJO9VVWJO 61*$XO YJO  EHNDQQWHV([HPSODU'XQNHOJUQH3DWLQDVV 'LHDQGHUHQ6WFNHLQ/DQ]$XNWLRQ/RV&1*$XNWLRQ/RV

± ±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

895

896

b2/,6 

0<5,1$2UELDQDQ&KU$( J 8QWHUGHP0DJLVWUDW)XOYLXV0HOHDJURV9V285%,$ 16(%$67+ GUDSLHUWH %VWH PLW 'LDGHP Q U 5V (3)0(/($*528085(,1$,:1 $VNOHSLRV PLW 6FKODQJHQVWDELQ9RUGHUDQVLFKWVWHKHQG.RSIQOJHZDQGW 558QHGLHUWHV8QLFXP6FKZDU]H3DWLQDVV $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ   0DL /RV =XP%HDPWHQQDPHQVLHKH/HVFKKRUQ%HDPWHQDPHQ6

±

,21,(1 

(3+(626 +DGULDQ    Q &KU &LVWRSKRU J     Q &KU 9V +$'5,$196  $9*9679633EDUHU.RSIQU5V&26,,,$VNOHSLRVPLW6FKODQJHQVWDELQ9RUGHUDQVLFKWVWHKHQG.RSI QUJHZDQGW53&,,,0HWFDOI7\S1U9DU 25  /HLFKWHhEHUSUlJXQJVVSXUHQVV

898

897 



(ODJDEDO    Q &KU $( J  9V $87.0$85$17:1(,126 JHSDQ]HUWH XQG GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V ()(6,:1'1(:.25:1 7\FKH PLW 6WHXHUUXGHU XQG )OOKRUQ Q O VWHKHQG.DUZLHVH(SKHVRV 5'XQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

6HYHUXV $OH[DQGHU    Q &KU $( .OHLQEURQ]H J  9V 0$85$/(;$1'526 EDUKlXSWLJH JHSDQ]HUWHXQGGUDSLHUWH%VWHQU5V()(6,:1'1(:.25:1+HUPHVPLW*HOGEHXWHOXQG.HU\NHLRQ QOVWHKHQG.DUZLHVH(SKHVRV 5*UQH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

900

899 



±

7UDQTXLOOLQD    Q &KU $( *UR‰EURQ]H J  9V )528 VLF 6$%(,75$1.8//(,1$ %VWH PLW 'LDGHP Q U 5V ()(6,:1$$6,$6 /HWR PLW $UWHPLV XQG $SROORQ DXI GHQ $UPHQ Q O ODXIHQG53&.DUZLHVH(SKHVRV 'XQNHOEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[3HXV1DFKI$XNWLRQ$SULO/RV

±

9DOHULDQQ&KU$( J 9V$87.32/,28$/(5,$126JHSDQ]HUWHXQGGUDSLHUWH%VWH PLW /RUEHHUNUDQ] Q U 5V ()(6,:135:7:1$6,$6 $UWHPLV PLW 3IHLO XQG %RJHQ QUVWHKHQGDXIGHP 5FNHQ.|FKHU]XLKUHQ)‰HQ+LUVFKVWHKHQG.DUZLHVH(SKHVRV 'XQNHOEUDXQH3DWLQDVVIDVWY] $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ +HOLRV 0QFKHQ $XNWLRQ   -XQL  /RV  H[ $XIKlXVHU$XNWLRQ2NWREHU/RV

±

901 



1,5:1 1,5:1 ./$=20(1$, %ULWDQQLFXV    Q &KU $( .OHLQEURQ]H J  9V %5,7$11,.26.$,6$5 EDUKlXSWLJH GUDSLHUWH %VWH Q U 5V ./$=20(1,:1 :LGGHU Q U OLHJHQG GHQ .RSI ]XUFNJHZDQGW 53&, 55'XQNHOJUQH3DWLQDVVY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

902 

0,/(71HURQ&KU$(.OHLQEURQ]H J 0DJLVWUDW7LEHULXV&ODXGLXV'DPDV9V6(%$6726 .RSIPLW/RUEHHUNUDQ]QU5V(3,7,'$0$>0,/+6,:1@.XOWVWDWXHGHU$UWHPLV3\WKLDQUVWHKHQG 3DWHUDXQG%RJHQKDOWHQGGDKLQWHU+LUVFKVWHKHQG53&, *UQH3DWLQDJXWHV3RUWUlWJXWHVVVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

903 2:1 

2:1

60<51$ 9HVSDVLDQ GHU -QJHUH FD    Q &KU $( J   Q &KU 9V 28(63$6,$126 1(:72526EDUKlXSWLJHU.RSIQU5V60851$,:11LNHPLW3DOP]ZHLJXQG.UDQ]QUVWHKHQG53&,, .ORVH7\S;/,,6HULH$*UXSSHD 95  *UQH3DWLQDVV ([.QNHU2VQDEUFN$XNWLRQ/RV 1DFKGHP 'RPLWLDQV OHLEOLFKHU 6RKQ EHUHLWV  Q &KU JHVWRUEHQ ZDU IHKOWH GHP .DLVHU ]XP (QGH VHLQHU 5HJHQWVFKDIWHLQ1DFKIROJHU'LHVHV3UREOHPO|VWHHULQGHPHUQ&KU]ZHL6|KQHVHLQHV9HWWHUV)ODYLXV &OHPHQVXQGVHLQHU1LFKWH'RPLWLOOD]XVHLQHQ1DFKIROJHUQEHVWLPPWHXQGLKQHQGLH1DPHQ9HVSDVLDQXVXQG 'RPLWLDQXVJDE'DGHU.DLVHUDEHUGHQHLJHQWOLFKHQOHJLWLPHQ1DFKIROJHU)ODYLXV&OHPHQVIUFKWHWHOLH‰HU LKQ ZHJHQ *RWWORVLJNHLW DQNODJHQ XQG ]XVDPPHQ PLW VHLQHU )UDX QDFK 3DQGDWHULD YHUEDQQHQ 'DV ZHLWHUH 6FKLFNVDOGHUEHLGHQSUlVXPSWLYHQ1DFKIROJHULVWXQEHNDQQW /DFNLQJDQKHLU KLVRZQVRQGLHGDOUHDG\LQWKH\HDU$' 'RPLWLDQXVDGRSWHGWZRRIKLVJUHDWQHSKHZV 9HVSDVLDQXVDQG'RPLWLDQXVWKHVRQVRIKLVQLHFH'RPLWLOOD3RVVLEO\IHDULQJWKHOHJLWLPDF\RIWKHULYDOKHLU 7LWXV)ODYLXV&OHPHQVDQHSKHZRIKLVIDWKHU9HVSDVLDQDQGKXVEDQGRI'RPLWLOOD'RPLWLDQFKDUJHG)ODYLXV RI DWKHLVP DQG H[LOHG KLP DORQJ ZLWK KLV ZLIH WR 3DQGDWHULD 1RWKLQJ IXUWKHU LV UHFRUGHG DERXW \RXQJ 9HVSDVLDQXVDQGKLVEURWKHU

±

904 905 

-XOLD 'RPQD     Q &KU $( J  0DJLVWUDW 0DUFXV $XUHOLXV *HPLQXV 9V 6(%$67+ '201$ GUDSLHUWH %VWH Q U 5V (6750$85*(0,12860851$,:1 GLH ]ZHL 1HPHVHLV HLQDQGHUJHJHQEHUVWHKHQGMHZHLOVGHQ*HZDQGVDXPDP+DOVDQKHEHQGGLHOKlOWHLQ=DXP]HXJGLHUHLQH (OOH5DGDQLKUHU6HLWH.ORVH6P\UQD6 VWHPSHOJOHLFK  *UDXJUQH3DWLQDY]VV $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ   0DL /RV

±

.$5,(1 

$/$%$1'$ &DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $8.0$85$17:1,126 JHSDQ]HUWH XQG GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U XQWHQ U UXQGHU *HJHQVWHPSHO +RZJHJR   5V $/$%$>1'(:1@ 7\FKH PLW 6WHXHUUXGHU XQG )OOKRUQ Q O VWHKHQG %0&  61* YRQ $XORFN  9DU 9VVWHPSHOJOHLFK 61*&RS9DU 9VVWHPSHOJOHLFK  5*XWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RV $XV*LHVVHQHU0Q]KDQGOXQJ0QFKHQ$XNWLRQ2NWREHU/RVXQGDXV/DQ]$XNWLRQ 1RYHPEHU/RV

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

906 

,XOLD'RPQDQ&KU$(*UR‰EURQ]H J 9V,28/,$>'20@1$$8*6GUDSLHUWH%VWH Q U GDYRU UXQGHU *HJHQVWHPSHO .RSI GHV *HWD +RZJHJHR L  5V $/$%$1'(:1 7\FKH PLW 3RORV )OOKRUQ XQG 6WHXHUUXGHU Q O VWHKHQG %0&  9DU *HJHQVWHPSHO  61* YRQ $XORFN  9DU  61* .HFNPDQQ 9DU 61*0QFKHQ 9DU  *UQEUDXQHHWZDVUDXKH3DWLQDIDVWY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[/DQ]0QFKHQ$XNWLRQ1RYHPEHU/RVH[ $XIKlXVHU$XNWLRQ2NWREHU/RV

907









907

1,5:1

$17,2&+,$ $' 0$($1'580 *DOOLHQXV    Q &KU $( *UR‰EURQ]H J  9V $8.3*$//,+1263DQ]HUEVWHPLW+HOP6FKLOGXQG6SHHUQO5V$17,2&(:1=HXVPLW1LNH XQG=HSWHUQOLQNVWKURQHQG9RULKP7LVFKPLW3UHLVNURQHGDUXQWHU/RVXUQH%0& 55*UQEUDXQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

908

±

±

909

$778'$ *DOOLHQXV    Q &KU $( J  9V $8.3>@*$//,+126 %VWH PLW 3DQ]HU 3DOXGDPHQWXP XQG /RUEHHUNUDQ] U 5V$7728'(:1 .\EHOH LQ 9RUGHUDQVLFKW ]ZLVFKHQ ]ZHL /|ZHQ VWHKHQG61*$XO 56FKZDU]JUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

0</$6$ &DUDFDOOD    Q &KU $( *UR‰EURQ]H J  9V $8.0$5$8$17:1,126 JHSDQ]HUWHXQGGUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V>0@8/$6(:1)OXVVJRWWQOJHODJHUWLQGHU5 .RUQlKUHQXQG0RKQKDOWHQGLPO$UP)OOKRUQ61*$XO 5'XQNHOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

910 

675$721,.(,$ &DUDFDOOD XQG *HWD    Q &KU $( 0HGDLOORQ J  8QWHU GHP 3U\WDQHQ =RVLPRVQ&KU9V$80$$85$17:1(,126/6(3*(7$6.$,6$5GLHGUDSLHUWHQXQG JHSDQ]HUWHQ %VWHQ YRQ *HWD O XQG &DUFDOOD PLW /RUEHHUNUDQ] U HLQDQGHU JHJHQEHUVWHKHQG 5V 358 =:6,028326,7728%675$721,.(:1=HXV3DQDPDURVLP3DQ]HUXQGPLWJHVFKXOWHUWHP6SHHUQU UHLWHQGYRULKPNOHLQHU5XQGDOWDU61*$XO61*&RS 2OLYJUQH3DWLQDOHLFKWJHJOlWWHWVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[FEQIU0DLO%LG6DOH-XQL/RV

±

911 

5+2'26$QWRQLQXV3LXVQ&KU$(.OHLQEURQ]H J 9V$17:1,126.$,6$5%VWH PLW/RUEHHUNUDQ]QU5V52',:1GUDSLHUWH%VWHGHV+HOLRVPLW6WUDKOHQNUDQ]QU61*&RS%0& 61*.HFNPDQ53&2QOLQH,9 *UQH3DWLQDIDVWY]

±

912

/<',(1 

$32//21,6 0DUFXV $XUHOLXV    Q &KU $( *UR‰EURQ]H J  8QWHU GHP $UFKRQWHQ +HUPRNUDWHV$LVFKULRQRV9V$8.$,0$85+/,26$17:1,126GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU 5V $,6&5,:126$5(502.5$7286$32/:1,$(:1 =HXV LP +LPDWLRQ IURQWDO VWHKHQG .RSIQOLQGHU/=HSWHUKDOWHQGDXIGHU5$GOHU53&RQOLQH,9,, GLHVHV([HPSODU   5'XQNHOJUQH3DWLQDVV $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ   0DL /RV

913 



±

914

$77$/(,$ (ODJDEDO    Q &KU $( .OHLQEURQ]H J  9V $17:1(,126 JHSDQ]HUWH XQG GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V$77$/($7:1O\GLVFKHU+HURVPLWJHVFKXOWHUWHU'RSSHOD[WQ UUHLWHQG61*/H\SROG 'XQNHOJUQH3DWLQDIDVWY]VV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[+HOLRV0QFKHQ$XNWLRQ-XQL/RV

±

%$*(,6*HWDDOV&DHVDUQ&KU$( J 9V36(37*(7$6.$,%VWHPLW3DQ]HUXQG 3DOXGDPHQWXPU5V(3,*$,28$5&.$,6$5(:1%$*+1:1$VNOHSLRVXQG+\JLHLD%0&61* &RS 6FKZDU]JUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

916

915 



*(50( *HWD &DHVDU    Q &KU $( *UR‰EURQ]H J  0DJLVWUDW *O\NRQ 9V /6(37,0 *(7$6.$EDUKlXSWLJHGUDSLHUWH%VWHQU5V675$*/8.:126*(50+1:1QDFNWHU$SROORQQU VWHKHQGGLH5EHUGHQ.RSIJHOHJWPLWGHU//\UDKDOWHQGGLHDXIHLQHU+DOEVlXOHVWHKWONOHLQHU%DXPXP GHQVLFKGHU3\WKRQULQJHOW61*%161*YRQ$XORFN *UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/ +,(52.$,6$5(,$&RPPRGXVQ&KU$( J 9V$87.$,0$85+.2002'26 GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V ,(52.$,6$5(:1 7\FKH PLW )OOKRUQ Q O VWHKHQG XQG DXV 3DWHUDDXINOHLQHQ5XQGDOWDURSIHUQG61*&RS53&2QOLQH,9 5*UQH3DWLQDVVJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±

917

2:1 

2:1

0267(1(*DOOLHQXVQ&KU$(*UR‰EURQ]H J 0DJLVWUDW$XUHOLXV=HX[LV3OXWLDGHV9V /,.,1*$//,+126 JHSDQ]HUWH XQG GUDSLHUWH %VWH Q U 5V (3,675$$85=(8;,'263/287, $'280267+1 5HLWHU PLW 6WUDKOHQNURQH &KODP\V XQG JHVFKXOWHUWHU 'RSSHOD[W DXI HLQHP 3IHUG LP 6FKULWW Q U GDV 3IHUG ZLUG YRQ +HUPHV QDFNW .HU\NHLRQ LQ GHU /LQNHQ DP =DXP]HXJ Q U JHIKUW GD]ZLVFKHQ =\SUHVVH XQWHU GHP O 9RUGHUEHLQ GHV 3IHUGHV EUHQQHQGHU 5XQGDOWDU 61* YRQ $XORFN  %0& 5)HLQHJUQH3DWLQDJXWHU6WLOY] $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ   0DL /RV

±

918 



75$//(,60DUFXV$XUHOLXVQ&KU$(0HGDLOORQ J 8QWHUGHP*UDPPDWHXV(XDUHVWRV 9V $8.$,$17:1(,126 GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 75$//,$1:1 ElUWLJHU +HUDNOHV QDFNW DXI HLQHP PLW GHP /|ZHQIHOO EHGHFNWHQ )HOVHQ Q O VLW]HQG LQ GHU JHVHQNWHQ / GLH .HXOH KDOWHQGGLH5LVWDXVJHVWUHFNW61*0QFKHQ53&RQOLQH,9 GLHVHV([HPSODU   55'XQNHOJUQH3DWLQD5VOHLFKWH9HUNUXVWXQJHQVV $XV VGGHXWVFKHP 3ULYDWEHVLW] 6DPPOXQJ (/ H[ 0Q]HQ  0HGDLOOHQ 'HXWVFKODQG $XNWLRQ   0DL /RVH[$XNWLRQ7KH1HZ<RUN6DOH,,,/RV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

919







920

921

6$5'(,6,XOLD'RPQDQ&KU$( J 9V,28/,$6(%$67+GUDSLHUWH%VWHQU5V 6$5',$1:1%1(:.25:1NLQGOLFKHU=HXVDP%RGHQVLW]HQGGLH$UPHHUKREHQEHULKP$GOHUPLWDXV JHEUHLWHWHQ6FKZLQJHQVFKZHEHQG61*$XO%0&61*0QFKHQ 5*UQH3DWLQDVV

±

675$721,.(,$+$'5,$123,/6 ,XOLD 0DPDHD    Q &KU $( J  9V ,28/,$1 0$0$,$1 GUDSLHUWH %VWH U 5V $'5,$1232/,7:1675$7:1,.(:1 1LNH PLW .UDQ] Q U 61* $XO 'XQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

7+<$7(,5$ 1HUR    Q &KU PLW 3RSSDHD $( J  9V 1(5:1./$8',26.$,6$5 6(%$6726.RSIGHV1HURPLW/RUEHHUNUDQ]QU5V3233$,$16(%$67+148$7,5+12,GUDSLHUWH %VWHGHU3RSSDHDQU53& 6FKZDU]H3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV

±

922 1,5:1 

1HURQ&KU$( J 9V1(5:1./$8',26.$,6$56(%$6726.RSIPLW/RUEHHUNUDQ] QU5V3233$,$16(%$67+148$7,5+12,GUDSLHUWH%VWHGHU3RSSDHDQU53&, ([*RUQ\ 0RVFK$XNWLRQ/RV *UQH3DWLQDOHLFKWH$XIODJHQY] 9JO GD]X DXFK +&KU YRQ 0RVFK 'LH %LOGQLVVH GHU 3RSSDHD 6DELQD LQ $ 3DQJHUO +UVJ  3RUWUlWV  -DKUHU|PLVFKH0Q]ELOGQLVVH6WDDWOLFKH0Q]VDPPOXQJ0QFKHQ6$EE GLHVHV([HPSODU 

923





1,5:1

±

924

75,32/,6*HWDDOV&DHVDUQ&KU$( J 9V/6(3*(7$6.$,6%VWHPLW3DQ]HUXQG 3DOXGDPHQWXPQU5V75,32/(,7:17\FKHPLW5XGHUXQG)OOKRUQ61*&RS61*0QFKHQ 6FK|QHGXQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[*RUQ\ 0RVFK$XNWLRQ/RV *DOOLHQXV    Q &KU $( *UR‰EURQ]H J  9V $8.3*$//,+126 JHSDQ]HUWH XQG GUD SLHUWH%VWHPLW6WUDKOHQNURQHQU5V75,32/(,7:1WHWUDVW\OHU7HPSHOPLWV\ULVFKHP*LHEHOGDULQ XQWHUHLQHP%DOGDFKLQ6WDWXHGHUIOLHKHQGHQ/HWRGLHGLH=ZLOOLQJH$UWHPLVXQG$SROORQDXILKUHQ$UPHQKlOW 61*$XO%0&61*&RS *UQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±




.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

925 2:1

2:1

3+5<*,(1 

'2.,0(,21 1HUR   Q &KU $( .OHLQEURQ]H J  FD  Q &KU 9V 1(5:1.$,6$5 EDUKlXSWLJHGUDSLHUWH%VWHQU5V'2.,0(:1.\EHOHLQ9RUGHUDQVLFKW]ZLVFKHQ]ZHL/|ZHQVWHKHQG 53&, 56FKZDU]H3DWLQDPLWSDUWLHOOHQ$XIODJHQJXWHVVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/H[5DXFK:LHQ$XNWLRQ'H]HPEHU/RV

±

926

2:1 

2:1

/$2',.(,$ 3VHXGRDXWRQRP $( .OHLQEURQ]H J  0DJLVWUDW 6HLWDONDV VSlWHV  -K Y &KU 9V 6(,7$/.$6 PlQQOLFKHU .RSI PLW 3RUWUlW]JHQ XQG (IHXNUDQ] Q U 5V '+026/$2',.(:1 MXJHQGOLFKHU.RSIGHV'HPRVPLW/RUEHHUNUDQ]QU%0&53&, 56FKZDU]H3DWLQDVV

928

927 



±

6<11$'$ 6DORQLQD "   Q &KU $( J  9V .256$/:1(,1$6(% GUDSLHUWH %VWH Q U 5V 6811$'(:1,:1:1 $PDWKHLD PLW =HSWHU XQG 3RORV Q U VWHKHQG DXI GHP O $UP GDV =HXVNLQG WUDJHQGU]XLKUHQ)‰HQ=LHJHGLHGHQ.RSI]XLKUHPSRUKHEW61*/H\SROG 6FKZDU]H3DWLQDVV 75$,$1232/,6 *RUGLDQ ,,,    Q &KU $( J  8QWHU GHP *UDPPDWHXV $OH[DQGURV 3LORWK>@ 9V $87.0$17*25',$126 JHSDQ]HUWH XQG GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V $/(;$1'),/24*5$75$,123 VLF =HXVPLW=HSWHUXQG$GOHUQOVWHKHQGYRQ$XORFN3KU\JLHQ,, 53&9,, 55'XQNHOJUQH3DWLQDY] $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

±

929

.,/,.,(1 



$1$=$5%26 7UDMDQ    Q &KU $( J  -DKU    Q &KU  9V$872.$,1(5 75$,$1266(*(5'$ %VWH PLW /RUEHHUNUDQ] Q U5V .$,6$5(35$1$=$5%:0$5.,$1+14( (7%/5GUDSLHUWH%VWHGHU0DUFLDQDQU53&,,, 2OLYJUQH3DWLQDVVJXWHVVV

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

930 1,5:1 

1,5:1

0$//26 /LYLD JHVW  Q &KU $( .OHLQEURQ]H J  9V 'UDSLHUWH %VWH GHU /LYLD Q O 5V 0$//:7:1.XOWVWDWXHGHU$WKHQD0DJDUVLVPLW6SHHUYRQ]ZHL6WHUQHQIODQNLHUW6FKODQJHQKDOWHQG53&, 61*YRQ$XORFN61*/HYDQWH 2OLYJUQH3DWLQDVVJXWHVVV ([.QNHU2VQDEUFNH/LYH$XFWLRQ'H]HPEHU/RV

±

931 

023626 6HYHUXV $OH[DQGHU    Q &KU $( *UR‰EURQ]H J  9V $87.6($/( ;$1'526GUDSLHUWHXQGJHSDQ]HUWH%VWHPLW/RUEHHUNUDQ]QU5V$'5$/(;$1'52802<($7:1 $UWHPLVOHLQHQ3IHLODXVGHP.|FKHUDXILKUHP5FNHQ]LHKHQGXQG$SROORQDQHLQH6lXOHJHOHKQWUVWHKHQ VLFKJHJHQEHU]ZLVFKHQEHLGHQNOHLQHU+LUVFK61*%161*/HYDQWH61*3I3V61*YRQ$XORFN 0RSVRV53&,9RQOLQH WHPSRUDU\  55+HOOJUQH3DWLQDVV $XVVGGHXWVFKHP3ULYDWEHVLW]6DPPOXQJ(/

±

932 2:1

2:1

.$33$'2.,(1 

.$,6$5(,$ 7UDQTXLOOLQD    Q &KU 'UDFKPH J   Q &KU 9V 6$%,1,$ 75$1.8//,11+ GUDSLHUWH %VWH PLW 'LDGHP Q U 5V 0+752.$,6%1((7( 0RGHOO GHV 0RQV $UJDLRVUQHEHQGHP*LSIHO3XQNW6\GHQKDP /HJHQGHQ9DU  5*HW|QWVV

933

±

934

6<5,(1 



$17,2&+,$ $0 25217(6 *DOED    Q &KU 7HWUDGUDFKPH J   Q &KU -DKU   9V *$/%$6.$,6$5$872.5$7:56(%$6726 .RSI PLW /RUEHHUNUDQ] Q U GDYRU 6WHUQ 5V (72861(28,(528$GOHUPLWJHVSUHL]WHP*HILHGHUDXI%OLW]EQGHOQOVWHKHQGGDYRU3DOP]ZHLJ3ULHXU 53&,, IDVWY] ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ;,,,0lU]/RV *DOED    Q &KU 7HWUDGUDFKPH J   Q &KU 9V *$/%$6>.$,6$5$872.5$7:5 6(%$6726@ .RSI PLW /RUEHHUNUDQ] Q U 5V (72861(28,(528$ $GOHU PLW KDOE JH|IIQHWHQ 6FKZLQJHQDXI%OLW]EQGHOQOVWHKHQGGDYRU3DOP]ZHLJ3ULHXU53&,0F$OOHH ([$EGR$\RXE&ROOHFWLRQ&*%H0RQQDLHV0lU]/RV *HW|QWSDUWLHOOH$XIODJHQJXWHVVV

±

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

935

2:1 

2:1

3KLOLSS ,    Q &KU 7HWUDGUDFKPH J   Q &KU 0]VW $QWLRFKLD DP 2URQWHV 9V $872..0,28/,),/,33266(% JHSDQ]HUWH %VWH PLW 6WUDKOHQNURQH XQG 5XQGVFKLOG Q O 5V '+0$5&(;286,$683$72'$17,2&,$  6 & $GOHU PLW JH|IIQHWHQ 6FKZLQJHQ XQG .UDQ] LP 6FKQDEHOQOVWHKHQG3ULHXU0F$OHH 5*HW|QWY]

±

937

936 

3KLOLSS ,    Q &KU 7HWUDGUDFKPH J   Q &KU 0]VW $QWLRFKLD DP 2URQWHV 9V $872..0,28/,),/,33266(% JHSDQ]HUWH %VWH PLW 6WUDKOHQNURQH XQG 5XQGVFKLOG Q O 5V '+0$5&(;286,$683$72'$17,2&,$  6 & $GOHU PLW JH|IIQHWHQ 6FKZLQJHQ XQG .UDQ] LP 6FKQDEHOQOVWHKHQG0F$OHH 5*HW|QWY]

±



(0(6$ 0DFULQXV    Q &KU 7HWUDGUDFKPH J     Q &KU 0]VW (PHVD 9V $87.0230$.5,1266(% .RSI PLW /RUEHHUNUDQ] Q U 5V '+0$5&(;83$72633 $GOHU PLW .UDQ]'DUXQWHUGUDSLHUWHXQGJHSDQ]HUWH%VWHGHV6KDPDVKPLW6WUDKOHQNURQHQO/LQNVGDYRU0RQGVLFKHO 3ULHXU .OHLQH5RVWIOHFNHQY]

±

939

938

2:1 





/$2',.(,$$'0$5(6HSWLPLXV6HYHUXVQ&KU7HWUDGUDFKPH J Q&KU9V $87.$,6(28+5266(GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V'+0$5&(;83$726*$GOHUPLW JHVSUHL]WHQ 6FKZLQJHQ XQG .UDQ] LP 6FKQDEHO LQ 9RUGHUDQVLFKW VWHKHQG .RSI Q O JHZHQGHW 3ULHXU  Y] 6(/(8.,$ $XJXVWXV  Y   Q &KU 7HWUDGUDFKPH J   Y &KU 9V .$,6$5266( %$6728 .RSI GHV $XJXVWXV PLW /RUEHHUNUDQ] Q U 5V (7286=.1,.+6 7\FKH YRQ $QWLRFKLD PLW 3DOPZHGHO DXI HLQHP )HOVHQ Q U VLW]HQG ]X LKUHQ )‰HQ 2URQWHV NUDXOHQG LP )HOG U 83$,%$17 53&, 6FK|QH7|QXQJVVY] ([6DPPOXQJ$:YRU

±

±


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

940

2:1

2:1

.200$*(1( 

.g1,*5(,&+ .200$*(1( $QWLRFKRV ,9    Q &KU PLW .|QLJLQ ,RWDSH $( J  9V %$6,/(:60(*$/28$17,2&28(3,)$1 GUDSLHUWH %VWH PLW .|QLJVELQGH Q U 5V %$6,/,66$ ,27$3+6(%$67+1:1,RWDSHPLW3DWHUDQOWKURQHQGXQWHUGHP6LW](52$53&, ([6ROLGXV0QFKHQ$XNWLRQ-XOL/RV 6FKZDU]H3DWLQDVV

±

941

3+g1,=,(1 

7<526 7UDMDQ    Q &KU 7HWUDGUDFKPH J     Q &KU 9V $872.5.$,61(5 75$,$1266(%*(50'$. .RSI GHV 7UDMDQ PLW /RUEHHUNUDQ] Q U GDYRU .HXOH GDUXQWHU $GOHU 5V '+0$5&(;83$7(.RSIGHV0HONDDUWPLW/RUEHHUNUDQ]XQGXPGHQ+DOVJHVFKOXQJHQHV/|ZHQIHOOQU 3ULHXU 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:

±

942

3$/b67,1$ 

+HURGLDQLVFKH '\QDVWLH $JULSSD,Q&KU $( J Q&KU0]VW&DHVDUHD0DULWLPD 9V>%$6,/(86@0(*$6$*5,33$6),/2.$,6$5GUDSLHUWH%VWHGHV$JULSSDPLW.|QLJVGLDGHPQU 5V .$,6$5,$+35267:6(%$67:/,0+1, 6WDGWW\FKH Q O VWHKHQG 6WHXHUUXGHU XQG 3DOP]ZHLJ KDOWHQGULP)HOG'DWLHUXQJ/= -DKU 53&, %UDXQH3DWLQDVV ([&ODVVLFDO1XPLVPDWLF*URXS(6DOH-DQXDU/RV

943

±

944



%$5.2&+%$$8)67$1'1&+5=X] J -DKUQ&KU9V,P.UDQ]6FKLP 5V-DKUGHU)UHLKHLW,VUDHOV.DQQHXQG3DOPH0LOGHQEHUJ Y]

±



=X] J  8QGDWLHUW -DKU    Q &KU  ]XJHVFKULHEHQ 0]VW -HUXVDOHP 9V +HEUlLVFKH /HJHQGH

6L PRQ  LP /RUEHHUNUDQ] 5V +HEUlLVFKH /HJHQGH )U GLH )UHLKHLW YRQ ,VUDHO  /\UD 0LOGHQEHUJ  25 +HQGLQ 'XQNOH7|QXQJ3UlJHVFKZlFKHQVV

± 


.$,6(5=(,7/,&+(3529,1=,$/35b*81*(1

945

0(62327$0,(1 

('(66$ &DUDFDOOD    Q &KU 7HWUDGUDFKPH J     Q &KU 9V $87.0$85 $17:1(,1266 JHSDQ]HUWH %VWH PLW /RUEHHUNUDQ] YRQ KLQWHQ JHVHKHQ DQ GHU O 6FKXOWHU JUR‰HU 5XQG VFKLOG PLW bJLV 5V '+0$5&(;83$7267' UHWU  $GOHU PLW JH|IIQHWHQ 6FKZLQJHQ LQ 9RUGHUDQVLFKW VWHKHQG.RSIQU]ZLVFKHQGHQ)lQJHQNOHLQHU6FKUHLQ3ULHXU Y]6W ([1RPRV=ULFK$XNWLRQ2NWREHU/RV

946

±

946

1,5:1

b*<37(1 

$/(;$1'5,$ +DGULDQ    Q &KU $( J  -DKU    Q &KU  9V $87.$,75$, $'5,$6(%.RSIPLW/RUEHHUNUDQ]QU5V/(GUHLWRULJHU7ULXPSKERJHQDXIGHU$WWLND.DLVHUIURQWDOLP 9LHUJHVSDQQDQGHQ6HLWHQMHZHLOVHLQH)LJXU.|OQ$OH[DQGULD53&,,, 6FK|QHJUQH3DWLQDVV ([6DPPOXQJ$:YRU

±

947 

$QWRQLQXV 3LXV    Q &KU $( 'UDFKPH J     Q &KU 9V $87.7$,/$'5 $17:1,1266(%(86.RSIPLW/RUEHHUNUDQ]QU5V/+,VLV3KDULDVWHKWUPLWJHEDXVFKWHP6HJHOXQG 6LVWUXP GDYRU 3KDURV PLW 7UHSSHQDXIJDQJ .|OQ $OH[DQGULD  'DWWDUL  9DU  53& RQOLQH ,9  %UDXQH3DWLQDVV

±

948 1,5:1 



1,5:1

6HYHUXV$OH[DQGHUQ&KU%LOORQ7HWUDGUDFKPH J Q&KU -DKU 9V$.$, 0$856(28+5$/(>;@$1'526(86(% GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V /7(7$57 0$0($6(%GUDSLHUWH%VWHPLW'LDGHPQU'DWWDUL.|OQ$OH[ 'XQNOH7|QXQJY] ([1XPLVPDWLFD$UV&ODVVLFD$XNWLRQ2NWREHU/RV

±


5g0(5

5g0(5

949

5g0,6&+(5(38%/,. 

$(6 *5$9( $QRQ\P    Y &KU $( $V J  0]VW 5RP 9V -DQXVDUWLJHU'RSSHONRSIGHU 'LRVNXUHQREHQ,5V.RSIGHV0HUNXUPLWJHIOJHOWHP3HWDVRVQOREHQ,&U6\G+DHEHUOLQ7DI 7KXUORZ9HFFKLD 5*XWHVVV ([6DPPOXQJ53HUZRUEHQEHL$HV5XGHYRU

±

950

2:1 

$121<0( 35b*81*(1     9 &+5 $QRQ\P    Y &KU 'LGUDFKPH J  0]VW XQEHVWLPPW9V-DQXVNRSIGHU'LRVNXUHQPLW/RUEHHUNUDQ]5V520$ LQFXVWUDSH]RLG -XSLWHUPLW=HSWHU X%OLW]EQGHOIlKUWLQYRQ9LNWRULDJHOHQNWHU4XDGULJDQU&U6\GE )DVWY]

951 



2:1

±

952

$QRQ\PY&KU'UDFKPH J 0]VW5RP9V-DQXVNRSIGHU'LRVNXUHQPLW/RUEHHUNUDQ]5V 520$-XSLWHUPLW=HSWHUX%OLW]EQGHOIlKUWLQYRQ9LNWRULDJHOHQNWHU4XDGULJDQO&U6\G 6HOWHQHV1RPLQDO'XQNOH7|QXQJ.RUURVLRQVVSXUHQY] ([&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RVH[(VWDWH3RLQGHVVDXOW $QRQ\PY&KU'LGUDFKPH J 0]VW5RP9V-DQXVNRSIGHU'LRVNXUHQPLW/RUEHHUNUDQ] 5V 520$ OLQHDU LQ /LQLHQUHFKWHFN PLW WUDSH]RLGHU 6FKPDOVHLWH  -XSLWHU PLW =HSWHU X %OLW]EQGHO IlKUW LQ YRQ9LNWRULDJHOHQNWHU4XDGULJDQU&U6\G%0& 7|QXQJY]

±

± 


5g0(5

953 2:1 

2:1

5g0,6&+(5(38%/,.1$&+9&+5$QRQ\PDEY&KU$VVH J FDY &KU0]VW5RP9V%lUWLJHU.RSIGHV0DUVPLW+HOPQUGDUXQWHU3IHLOX;5V$GOHUDXI%OLW]EQGHOQ UGDUXQWHU520$&U6\G *ROG5Y] ([6DPPOXQJ53HUZRUEHQ

±

954 2:1

2:1 

0%DHELXV7DPSLOXVY&KU'HQDU J 0]VW5RP9V7$03,/.RSIGHU5RPDPLW&ROOLHUQO GDYRU;5V520$0%$(%,4)$SROORQPLW3IHLOX%RJHQVRZLH=ZHLJLQ4XDGULJDQU&UD 6\G Y]

±

955 2:1 

2:1

30DHQLXV$QWLDWLFXVY&KU'HQDU J 0]VW5RP9V%HKHOPWHU.RSIGHU5RPDQUGDKLQWHU 6WHUQ 5V 3 0$( $17 LQ/LJDWXU 520$9LNWRULDPLW3DOP]ZHLJLQ4XDGULJDQUIDKUHQG&U 6\G 3UDFKWH[HPSODU.OHLQH6FKU|WOLQJVIHKOHUVW ([.QNHU2VQDEUFN$XNWLRQ/RV

956

±

958

957

2:1 

4)DELXV/DEHRY&KU'HQDU J 0]VW5RP9V520$/$%(2.RSIGHU5RPDQUUXQWHQ ;5V4)$%,-XSLWHUPLW=HSWHUXQG%OLW]LQ4XDGULJDQUGDUXQWHU5RVWUXP&U6\G Y]

±



/)ODPLQLXV&KLORRGHUY&KU'HQDU J 0]VW5RP9V520$.RSIGHU5RPDQUGDYRU ;5V/)/$0,1,&,/29LNWRULDPLW.UDQ]LQ%LJDQU&U6\G =7VFKLOOHUQGH7|QXQJIDVWY]

±



/ ,XOLXV &DHVDU  Y &KU 'HQDU J  0]VW 5RP 9V &$(6$5 EHKHOPWHU .RSI GHV 0DUV Q O GDUEHU UHWURJUDGHV 5ā 5V / ,9/, / ) 9HQXV PLW =HSWHU IlKUW LQ (URWHQ%LJD Q O GDUXQWHU /\UD GDUEHU UHWURJUDGHV5ā&U6\G 5'XQNOH7|QXQJIDVWY]

±




5g0(5

959 

/&DOSXUQLXV3LVR)UXJLY&KU'HQDU J 0]VW5RP9V.RSIGHV$SROORQPLW/RUEHHUNUDQ]Q U GDYRU 2 GDKLQWHU YLHU LP 4XDGUDW DQJHRUGQHWH 3XQNWH 5V 5HLWHU Q U PLW 3DOP]ZHLJ GDUXQWHU / 3,62 )59*,GDUXQWHU.RQWUROOPDUNH;&U6\G Y]

±

960 2:1

2:1 

3 &RUQHOLXV /HQWXOXV 6SLQWKHU  Y &KU 'HQDU J  0]VW 5RP 9V >4@ 6 & .RSI GHV ElUWLJHQ +HUDNOHV Q U 5V 3 /(17 3 ) WHLOZHLVH LQ /LJDWXU   / 1 IURQWDO WKURQHQGHU *HQLXV 3RSXOL 5RPDQL DXI FXUXOLVFKHP6WXKOPLW)OOKRUQX=HSWHU)X‰DXI*OREXVZLUGYRQ9LNWRULDEHNUlQ]W&U6\G 6FKLOOHUQGH7|QXQJY] ([/HR%HQ]&ROOHFWLRQH[/DQ]0QFKHQ$XNWLRQ/RVH[$OED/RQJD&ROOHFWLRQ 3XEOL]LHUWLQ&DWiORJR0RQRJUiILFRGHORVGHQiULRVGHOD5HSXEOLFD1U GLHVH0Q]H  'LH 'DUVWHOOXQJ GHU 5FNVHLWH EH]LHKW VLFK DXI GHQ 6LHJ EHU GHQ 5HEHOOHQ 6HUWRULXV LQ 6SDQLHQ YJO ]XU 'DWLHUXQJ+HUVK:DONHU$16017DI

±

961 2:1 

2:1

33ODXWLXV+\SVDHXVY&KU'HQDU J 0]VW5RP9V3<36$(6&MXZHOHQJHVFKPFNWH%VWH GHU/HXNRQRHQUGDKLQWHU'HOILQ5V&<36$(&2635,9&(3,7-XSLWHUPLW%OLW]EQGHOLQ4XDGULJD QO&UD6\G VW ([$XUHR &DOLFy%DUFHORQD$XNWLRQ/RVH[$OED/RQJD&ROOHFWLRQ 3XEOL]LHUWLQ))& &DWiORJR0RQRJUiILFRGHORVGHQiULRVGHOD5HSXEOLFD5RPDQD 1U GLHVH0Q]H 

±

962 2:1 

2:1

& 0HPPLXV  Y &KU 'HQDU J  0]VW 5RP 9V & 0(00, & ) .RSI GHU &HUHV Q U 5V & 0(00,96,03(5$7257URSDHXPGDYRUNQLHQGHU*HIDQJHQHU&U6\G  %UHLWHU6FKU|WOLQJZXQGHUEDUHLULVLHUHQGH7|QXQJIDVWY] ([+HVV'LYR$XNWLRQ6DPPOXQJ'H/D7RXU0DL/RV

±




5g0(5

963 



964

&0HPPLXVY&KU'HQDU J 0]VW5RP9V&0(00,&)49,5,196.RSIGHV4XLULQXVPLW /RUEHHUNUDQ] Q U 5V 0(00,96 $(' &(5,$/,$ 35(,096 )(&,7 WKURQHQGH &HUHV PLW )DFNHO X *HWUHLGHlKUHQGDYRU6FKODQJH+LUPHU7DI&U6\G Y]VW

±

0 ,XQLXV %UXWXV  Y &KU 'HQDU J  0]VW 5RP 9V /,%(57$6 .RSI GHU /LEHUWDV Q U 5V %59796/,XQLXV%UXWXV]ZLVFKHQ]ZHL/LNWRUHQGDYRU$FFHQVXV&U6\G.HQW2YHUEHFN7DI $EE )DVWY]

±

966

965 



&&RHOLXV&DOGXVY&KU'HQDU J 0]VW5RP9V&&2(/&$/'96&26.RSIGHV&&RHOLXV &DOGXV GDKLQWHU 6WDQGDUWH PLW +,6 GDYRU (EHUVWDQGDUWH5V&&$/'96,03$9;&$/'96,,,9,5 ]ZLVFKHQ]ZHL7URSDHDHLQ7LVFKDXIGHP/&$/'969,,9,5(39VWHKWGDKLQWHUHLQH)LJXUGLH6SHLVHQ DXIGHP7LVFKDQULFKWHW&UD6\G +HUUOLFKH7|QXQJZLQ]LJHU6WHPSHOIHKOHUY] ([.QNHU2VQDEUFN$XNWLRQ0lU]/RV & ,XOLXV &DHVDU    Y &KU 'HQDU J  0]VW LQ *DOOLD 1DUERQHQVLV RGHU +LVSDQLD &LWHULRU 9V &$(6$5(OHIDQWQUHLQHQ'UDFKHQQLHGHUWUDPSHOQG5V&XOXOOXV$VSHUJLOOXP$[WXQG$SH[0W]H&U 6\G:R\WHN$UPDHW1XPPL6 5V3XQ]HY]

967

±

±

968

2:1 



& ,XOLXV &DHVDU    Y &KU 'HQDU J  0]VW LQ *DOOLD 1DUERQHQVLV RGHU +LVSDQLD &LWHULRU 9V &$(6$5(OHIDQWQUHLQHQ'UDFKHQQLHGHUWUDPSHOQG5V&XOXOOXV$VSHUJLOOXP$[WXQG$SH[0W]H&U 6\G:R\WHN$UPDHW1XPPL6 'XQNOH7|QXQJVVY] /+RVWLOLXV6DVHUQDY&KU'HQDU J 0]VW5RP9V%lUWLJHU.RSIHLQHV*DOOLHUV VRJ9HUFLQJH WRUL[  Q U GDKLQWHU JDOOLVFKHU 6FKLOG 5V / +267,/,96  6$6(>51@ JDOOLVFKHU 6WUHLWZDJHQ Q U GDULQ :DJHQOHQNHU PLW 3HLWVFKH X .ULHJHU PLW 6FKLOG X 6SHHU &U D 6\G  6FKPXKO 6LHJHVPRQXPHQWH $EE Y] ([)UDQN5HLQKDUGW&ROOHFWLRQ

±

±

969 2:1 



2:1

/+RVWLOLXV6DVHUQDY&KU'HQDU J 0]VW5RP9V%lUWLJHU.RSIHLQHV*DOOLHUV VRJ9HUFLQJH WRUL[  Q U GDKLQWHU JDOOLVFKHU 6FKLOG 5V / +267,/,96  6$6(51 JDOOLVFKHU 6WUHLWZDJHQ Q U GDULQ :DJHQOHQNHU PLW 3HLWVFKH X .ULHJHU PLW 6FKLOG X 6SHHU &U D 6\G  6FKPXKO 6LHJHVPRQXPHQWH $EE 'XQNOH7|QXQJ9V3XQ]HJXWHVVV ([6DPPOXQJ'U*:HUZRUEHQDPEHL5GLJHU.DLVHU0Q]HQIDFKJHVFKlIW

±




962

960

953

965

969 


5g0(5

970 2:1

2:1 

/+RVWLOLXV6DVHUQDY&KU'HQDU J 0]VW5RP9V.RSIHLQHU*DOOLHULQQUGDKLQWHU&DUQ\[ 5V/+267,/,966$6(51$$UWHPLVPLW6SHHUX+LUVFK&U6\G 'XQNOH7|QXQJY] ([6DPPOXQJ'U*:H[&ODVVLFDO1XPLVPDWLF*URXS0DLO%LG6DOH/RV

±

971 2:1

2:1 

&,XOLXV&DHVDUY&KU'HQDU J Y&KU0]VWLQ,OO\ULHQ $SROORQLD" 9V.RSIGHU&HUHV PLW (LFKHQNUDQ] XQG 'LDGHP Q U GDKLQWHU /,, 5V &$(6$5 7URSDHXP PLW JDOOLVFKHP 2YDOVFKLOG XQG &DUQ\[U$[WPLW:ROIVNRSI&U6\G:R\WHN$UPDHW1XPPLIIXQG Y] 'LH =DKO KLQWHU GHP .RSI DXI GHU9RUGHUVHLWHGHU0Q]HGHXWHWPDQDOV$OWHUVDQJDEH&DHVDUVGHUVLFK]XU (QWVWHKXQJV]HLWGLHVHU3UlJXQJLQVHLQHP/HEHQVMDKUEHIDQG

±

972 2:1 

2:1

&,XOLXV&DHVDUY&KU'HQDU J 0]VWLQ$VLD9V.RSIGHU9HQXVPLW6WHSKDQHQU5V &$(6$5$HQHDVWUlJWVHLQHQ9DWHU$QFKLVHVXGDV3DOODGLXP:R\WHN$UPDHW1XPPL6&U 6\G Y]

±

973 2:1 



2:1

4 &DHFLOLXV 0HWHOOXV 3LXV 6FLSLR XQG (SSLXV    Y &KU 'HQDU J  0]VW LQ $IULND 9V 4 0(7(//  6&,3,2 ,03 %VWH GHU $IULND PLW (OHIDQWHQVNDOS Q U GDYRU .RUQlKUH GDUXQWHU 3IOXJ 5V (33,96  /(* ) & +HUDNOHV LP 0RWLY GHU 6WDWXH GHV +HUDNOHV )DUQHVH &U  6\G  +LOO 0RQXPHQWV6I1U Y] ([3DXOR/HLWmR&ROOHFWLRQ

±


5g0(5

974 2:1 

2:1

0 3RUFLXV &DWR    Y &KU 'HQDU J  0]VW 8WLFD 9V 0 &$72 352 35 ZHLEOLFKHU .RSI 5RPD" QU5V9,&75,; WHLOZHLVHLQ/LJDWXU 9LNWRULDVLW]WPLW3DWHUDQU&UF6\G *HW|QW5V3XQ]HVVY]

±

975 2:1

2:1 

&,XOLXV&DHVDUY&KU'HQDU J 0]VWLQ+LVSDQLDXOWHULRU9V'UDSLHUWH%VWHGHU9HQXVPLW 'LDGHPX6WHUQLP+DDUDXIGHUO6FKXOWHU&XSLGRGDKLQWHU=HSWHUGDYRU/LWXXV5V&$(6$57URSDHXP PLW /DQJVFKLOGHQ XQG &DUQ\[ GDUXQWHU O HLQ VLW]HQGHU ElUWLJHU *HIDQJHQHU X U HLQH ZHLEOLFKH *HIDQJHQH :R\WHN$UPDHW1XPPL6&U6\G )DVWY] ([&ODVVLFDO1XPLVPDWLF*URXS$XNWLRQ/RV

±

976 2:1

2:1 

&Q 3RPSHLXV 0DJQXVXQG03REOLFLXVY&KU'HQDU J 0]VW&RUGXED9V032%/,&, /(* 352  35 .RSI GHU 5RPD PLW NRULQWKLVFKHP +HOP Q U 5V &1 0$*196 ,03 ZHLEOLFKH 3HUVRQLILNDWLRQ +LVSDQLD RGHU %DHWLFD  PLW ]ZHL 6SHHUHQ X NOHLQHP 6FKLOG DXI 5FNHQUHLFKW&Q3RPSHLXV DXI3URUDHLQHQ3DOP]ZHLJ&UD6\G /HLFKWH7|QXQJJXWHVVV ([.ULFKHOGRUI6WXWWJDUW$XNWLRQ-XOL/RVH[3HXV1DFKI$XNWLRQ$SULO/RV

±

977 2:1 

2:1

3$FFROHLXV/DULVFROXVY&KU'HQDU J 0]VW5RP9V3$&&2/(,96/$5,6&2/96GUDSLHUWH %VWH GHU 'LDQD 1HPRUHQVLV Q U 5V 'UHLILJXULJHV .XOWELOG GHU 'LDQD 1HPRUHQVLV 'LDQD +HNDWH XQG 6HOHQH  GDKLQWHUIQI=\SUHVVHQ&U6\G:R\WHN$UPDHW1XPPL6 'DWLHUWLQV-DKU Y&KU  Y]

± 


5g0(5

978 2:1

2:1 

0,XQLXV%UXWXVY&KU'HQDU J 0]VWPRELOLQ/\NLHQ9V/(,%(57$6.RSIGHU/LEHUWDV QU5V&$(3,>2%59796352&26@3OHFWUXP/\UDXgOEDXP]ZHLJPLW7lQLHQ&U6\G 6HDU,PSHUDWRUV )HLQHGXQNOH7|QXQJY] ([0RUULV&ROOHFWLRQH[-RHO0DOWHU 'LHVH0Q]HGHV0DUFXV,XQLXV%UXWXVZXUGHZlKUHQGGHU.DPSDJQHGHU&DHVDU0|UGHU&DVVLXVXQG%UXWXV LQ /\NLHQ LP -DKU  Y &KU JHSUlJW 1DFK VHLQHU $GRSWLRQ GXUFK VHLQHQ 2QNHO 4XLQWXV 6HUYLOLXV &DHSLR QDQQWHVLFK0,XQLXV%UXWXVQXQZLHLQGHU/HJHQGHGHU5FNVHLWHGLHVHU0Q]H4XLQWXV&DHSLR%UXWXV $IWHU KLV DGRSWLRQ E\ DQ XQFOH 4XLQWXV 6HUYLOLXV &DHSLR KH ZDV FRPPRQO\ FDOOHG 4XLQWXV &DHSLR %UXWXV :KHQ 0DUF $QWRQ\ ORVW FRQWURO LQ 5RPH GXULQJ WKH DXWXPQ RI%&WKHVLWXDWLRQRIIHUHGDQHZFKDQFHWR %UXWXVDQG&DVVLXVZKRZHUHDEOHWRUDLVHDODUJHDUP\LQWKHHDVWZKLFKWKH\ZDQWHGWRXVHWROLEHUDWH,WDO\ IURP 2FWDYLDQ DQG WR UHVWRUH WKH 6HQDWH 'XULQJ D FDPSDLJQ LQ /\FLD WRZQV WKDW GLG QRW VLGH ZLWK WKHP LPPHGLDWHO\ZHUHVDFNHG HJ;DQWKXV 

±

979 2:1 

2:1

0 ,XQLXV %UXWXV XQG 3HGDQLXV &RVWD    Y &KU 'HQDU J  0]VW LQ .OHLQDVLHQ RGHU 1RUG JULHFKHQODQG9V/(*&267$$SROORQNRSIPLW/RUEHHUNUDQ]QU5V,03%597967URSDHXP&U 6\G $WWUDNWLYH7|QXQJ9VZLQ]LJH$XIODJHQY] ([0RUULV&ROOHFWLRQH[)UHGHULFN.QREORFK&ROOHFWLRQ 6WDFN V0DL 

±

980 2:1 

2:1

4 9RFRQLXV 9LWXOXV  Y &KU RGHU VSlWHU 'HQDU J  0]VW 5RP 9V .RSI GHV &DHVDU PLW /RUEHHUNUDQ]QU5V492&21,969,79/964'(6,*16&.DOEQO&U6\G 9V.UDW]HUJXWHVVV

±

981 2:1 



2:1

0DUFXV$QWRQLXVY&KU'HQDU J 0]VWPRELO9V$17$9*95,,,9,553&.RSIGHV0DUF $QWRQ Q U 5V ,03  7(5 7URSDHXP PLW ]ZHL REORQJHQ 6FKLOGHQ XQG ]ZHL 5XQGVFKLOGHQ DP %RGHQ &U 6\G 3UlJHVFKZlFKHQY]

±


5g0(5

982 2:1 

2:1

0DUFXV $QWRQLXV XQG 0 ,XQLXV 6LODQXV  Y &KU 'HQDU J  0]VW LP 2ULHQW $QWLRFKLD"  9V >$17@21 $9* ,03 ,,, &26 '(6 ,,, ,,, 9 5 3 & .RSI GHV 0DUF $QWRQ Q U 5V 0 6,/$196 $9*  4352&26&U6\G 3UlJHVFKZlFKHVVY]

±

983 2:1 

2:1

0DUFXV$QWRQLXVY&KU'HQDU J 0]VWPRELOLP)HOGODJHUEHL3DWUDV9V$17$9*,,, 9,553&.ULHJVJDOHHUHQU5V/(*;;,$TXLOD]ZLVFKHQ]ZHL6WDQGDUWHQ&U6\G ([5RPD1XPLVPDWLFV/RQGRQ$XNWLRQ;,,6HSWHPEHU/RV $WWUDNWLYH7|QXQJJXWHVY]

±

984 2:1 

2:1

0DUFXV $QWRQLXV XQG .OHRSDWUD  Y &KU 'HQDU J  0]VW LP )HOG 9V >$172@1, $50(17$ '(9,&7$.RSIGHV$QWRQLXVQUGDKLQWHU7LDUDGHVDUPHQLVFKHQ.|QLJV5V>&/(23$75$(@5(*,1$( 5(*90 ),/,2590 5(*90 GUDSLHUWH %VWH GHU .OHRSDWUD PLW 'LDGHP Q U GDYRU 3URUD &U  6\G *XWHVVV ([$OED/RQJD&ROOHFWLRQ 3XEOL]LHUWLQ&DWiORJR0RQRJUiILFRGHORVGHQiULRVGHOD5HSXEOLFD1U GLHVH0Q]H 

±

985 2:1 

2:1

2FWDYLDQY&KU'HQDU J 0]VWPRELO LQ,WDOLHQ" 9V&$(6$5 WHLOZHLVHLQ/LJDWXU ,,,9,553 & EHKHOPWH GUDSLHUWH %VWH GHV 0DUV PLW 6SHHU EHU GHU 6FKXOWHU Q U 5V 6  & 7URSDHXP EHU $TXLOD ]ZLVFKHQ]ZHL6WDQGDUWHQ&U6\G:R\WHN$UPDHW1XPPL6 ([+LUVFK1DFKI$XNWLRQ/RV 3DUWLHOO$XIODJHGXQNOH7|QXQJY]

± 


5g0(5

986

986 2:1

5g0,6&+(.$,6(5=(,7 

$XJXVWXVY&KUQ&KU$XUHXV J Y&KU0]VW/XJGXQXP9V$9*96796',9,) .RSIQU5V,03;6WLHUQU5,&D&%0&%1&DOLFy,  *ROG%UHLWHU6FKU|WOLQJ)HOGHUSDUWLHOOJHJOlWWHWVV ([+HVV'LYR$XNWLRQ/RVHUZRUEHQ'H]HPEHUYRQ$17,.$/\RQ

±

987 2:1 

2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW5RP9V.RSIQU5V&$(6$5',9, ) $SROO/HXNDGLRV RGHU0HUNXU PLW3HWDVRVVLW]WQUDXIHLQHP)HOVXQGVSLHOWGLH/\UD5,&& %0&%1 Y]

±

988 2:1 

2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW5RP9V%VWHGHU3D[PLW6WHSKDQHO )OOKRUQ U 2OLYHQ]ZHLJ 5V &$(6$5  ',9, ) $XJXVWXV PLW 6SHHU X DGORFXWLR*HVWH VFKUHLWHW Q U 5,&&%0&%1 6HKUIHLQHU6WLOJHW|QWY] ([0RUULV&ROOHFWLRQ

±

989 2:1 



2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW5RP9V.RSIQU5V&$(6$5',9,) 3D[PLW=ZHLJX)OOKRUQ5,&&%0&%1 Y]

±


5g0(5

990 2:1 

2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW5RP0Q]KHUU33HWURQLXV7XUSLOLDQXV 9V $9*96796 &$(6$5 .RSI Q U 5V 7953,/,$196 ,,, 9,5 ODQJKDDULJH 7DUSHLD PLW HUKREHQHQ +lQGHQ8QWHUN|USHUYRQ6FKLOGHQYHUGHFNW5,&&%0&%1.WHU6I /HLFKWH3UlJHVFKZlFKHY]

±

991 2:1 

2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW1HPDXVXV9V.RSIPLW/RUEHHUNUDQ] QU5V)2575('&$(6$9*6345DXI$OWDU5,&D&%0&D%1 (WZDVSRU|VH2EHUIOlFKH9VZLQ]LJH.UDW]HUJXWHVVV

±

992

992 2:1 

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW5RP0Q]PHLVWHU/0HVFLQLXV5XIXV 9V.RSIPLW/RUEHHUNUDQ]QU5V/0(6&,1,9659)960DUVPLW/DQ]HX3DUD]RQLXPVWHKWDXI3RGHVW GDUDXI63459355(&$(65,&&%0&%1.WHU6II Y]VV 'LH ,QVFKULIW DXI GHP 3RGHVW EHGHXWHG 6 HQDWXV  3 SRSXOXV  4 XH  5 RPDQXV   9 RWD  35 R  5( GLWX   &$(6 DULV 6LHEH]LHKWVLFKDXIGLH*DOOLHQH[SHGLWLRQGHV$XJXVWXVLP-DKUY&KU

±

993 2:1 

2:1

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW/XJGXQXP9V$9*96796',9,) .RSIQU5V,03;6WLHUQUVWR‰HQG5,&D&%0&%1 Y] ([3DXOR/HLWmR&ROOHFWLRQ

±




5g0(5









996

995

994

997

$XJXVWXVY&KUQ&KU'HQDU J Y&KU0]VW/XJGXQXP9V$9*96796',9,) .RSIQU5V,03;6WLHUQUVWR‰HQG5,&D&%0&%1  6FKU|WOLQJVULVV5V.UDW]HUIDVWY]

±

$XJXVWXV  Y &KU   Q &KU 'HQDU J  Y&KUFDQ&KU0]VW/XJGXQXP9V&$(6$5 $9*96796',9,)3$7(53$75,$(.RSIPLW/RUEHHUNUDQ]QU5V$9*967,)&26'(6,*35,1& ,99(17  & / &$(6$5(6 *DLXV X /XFLXV &DHVDU GD]ZLVFKHQ 6FKLOGH X 6SHHUH GDUEHU U /LWXXV X O 6LPSXOXP5,&YJO$XUHXV&%0&%1 /HLFKWH7|QXQJNOHLQHU6FKU|WOLQJVULVVVV

±

$XJXVWXV  Y &KU   Q &KU 'HQDU J   Y &KU   Q &KU 0]VW /XJGXQXP 9V &$(6$5 $9*96796',9,)3$7(53$75,$(.RSIPLW/RUEHHUNUDQ]QU5V$9*967,)&26'(6,*35,1& ,99(17  &/ &$(6$5(6 *DLXV XQG /XFLXV &DHVDU DOV 7RJDWL MHGHU PLW 6FKLOG XQG /DQ]H GD]ZLVFKHQ 6LPSXOXPOQUXQG/LWXXVUQO5,&&%0&%1 Y]

±

$XJXVWXV  Y &KU   Q &KU 'HQDU J   Y &KU   Q &KU 0]VW /XJGXQXP 9V &$(6$5 $9*96796>',9,)3$7(53$75,$(@.RSIPLW/RUEHHUNUDQ]QU5V$9*967,)&26'(6,*35,1& ,99(17&/&$(6$5(6*DLXVX/XFLXV&DHVDUDOV7RJDWLIURQWDOVWHKHQG]ZLVFKHQLKQHQ]ZHL6FKLOGHX 6SHHUHGDUEHUO/LWXXVQUXU6LPSXOXPQO5,&&%0&%1 Y] ([$OED/RQJD&ROOHFWLRQ 3XEOL]LHUWLQ))& &DWiORJR0RQRJUiILFRGHORVGHQiULRVGHOD5HSXEOLFD5RPDQD 1U GLHVH0Q]H 

±

998 

$XJXVWXVY&KUQ&KU$($V J Q&KU0]VW1HPDXVXV9V,03>33',9,)@ .RSIGHV$JULSSDPLW&RURQDURVWUDWDXQGGHV$XJXVWXVPLW/RUEHHUNUDQ]HLQDQGHUDEJHZDQGWQOE]ZU5V &2/  1(0 DQ 3DOPH JHNHWWHWHV .URNRGLO PLW DXIJHULVVHQHP 5DFKHQ Q U GDUEHU LP )HOG O .UDQ] PLW ZHKHQGHQ%lQGHUQ5,&&53&, 'XQNHOJUQH3DWLQDVV

±

999

2:1 



2:1

'UXVXVPDLRUY&KU'HQDU J *HSUlJWXQWHU&ODXGLXVQ&KU0]VW5RP9V1(52 &/$9',96'59696*(50$1,&96,03.RSIPLW/RUEHHUNUDQ]QO5V$UFXV&ODXGLLPLW5HLWHUVWDWXH ]ZLVFKHQ 7URSDHD X GHU $XIVFKULIW '( *(50$1,6 5,&  &  1HUR 'UXVXV  %0&  %1  /XJGXQXP %DXWHQ6+LOO0RQXPHQWV6I1U 7|QXQJJXWHVVV

±


5g0(5

1000

1000 2:1



$JULSSD    Y &KU $( $V J  *HSUlJW XQWHU &DOLJXOD    Q &KU 0]VW 5RP 9V 0 $*5,33$/)&26,,,.RSIPLWFRURQDURVWUDWDQO5V6&1HSWXQPLW'UHL]DFNX'HOILQ5,&& $JULSSD %0& 7LEHULXV %1 %UDXQHJHIOHFNWH3DWLQDY]

1001 



1002

$JULSSD    Y &KU $( $V J  *HSUlJW XQWHU &DOLJXOD    Q &KU 0]VW 5RP 9V 0 $*5,33$/)&26,,,.RSIPLWFRURQDURVWUDWDQO5V6&1HSWXQPLW'UHL]DFNX'HOILQ5,&& $JULSSD %0& 7LEHULXV %1 6FKZDU]JUQJHIOHFNWH3DWLQDY]

±

$JULSSD    Y &KU $( $V J  *HSUlJW XQWHU &DOLJXOD    Q &KU 0]VW 5RP 9V 0 $*5,33$/)&26,,,.RSIPLWFRURQDURVWUDWDQO5V6&1HSWXQPLW'UHL]DFNX'HOILQ5,&& $JULSSD %0& 7LEHULXV %1 %UDXQVFKZDU]H3DWLQDIDVWY]

±

1004

1003 



±

7LEHULXV    Q &KU 'HQDU J     Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V75327;9,,,039,,7LEHULXVPLW=ZHLJX$GOHU]HSWHULQ 4XDGULJDQU5,&&%0&%1 VV 7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU ]ZHL*UXQGOLQLHQXQYHU]LHUWH6WXKOEHLQH=HSWHU 5,&&%0&%1 Y] ([)UDQN5HLQKDUGW&ROOHFWLRQ

1005

±

±

1006 1,5:1





7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQ U HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 Y]

±

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQ U HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 Y]

± 


5g0(5

1007 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 Y]

±

1008 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 )HLQH7|QXQJY]

±

1009 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 'XQNOH7|QXQJY]

±

1010 2:1 



2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQ U HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 Y]VW

±


5g0(5

1011 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 *XWHVVV

±

1012 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU ]ZHL*UXQGOLQLHQXQYHU]LHUWH6WXKOEHLQH=HSWHU 5,&&%0&%1 Y]VW

±

1013 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 )HLQH7|QXQJY]

±

1014 2:1 

2:1

7LEHULXV    Q &KU 'HQDU J   Q &KU 0]VW /XJGXQXP 9V 7, &$(6$5 ',9, $9* ) $9*96796.RSIPLW/RUEHHUNUDQ]QU5V3217,)0$;,0/LYLDDOV,XVWLWLDVLW]WPLW=HSWHUX=ZHLJQU HLQH*UXQGOLQLHYHU]LHUWH6WXKOEHLQH6FKHPHO 5,&&%0&%1 Y]VW ([3DXOR/HLWmR&ROOHFWLRQ

±




5g0(5

1015



'UXVXVPLQRUY&KUQ&KU$(6HVWHU] J *HSUlJWXQWHU7LEHULXVQ&KU0]VW5RP 9V =ZHL JHNUHX]WH )OOK|UQHU PLW .QDEHQSRUWUlWV GHV 7LEHULXV *HPHOOXV X *HUPDQLFXV GD]ZLVFKHQ JHIOJHOWHU &DGXFHXV 5V '59696 &$(6$5 7, $9* ) ',9, $9* 1 3217 75 327 ,,  6 & .HQW  2YHUEHFN7DI5,&&%0&%1 5RWEUDXQH3DWLQDJHJOlWWHWY]

±

1016



'UXVXVPLQRUY&KUQ&KU$($V J Q&KU5HVWLWXWLRQVSUlJXQJXQWHU7LWXV0]VW 5RP9V'59696&$(6$57,$9*)',9,$9*1.RSIGHV'UXVXVQO5V,037&$(6',9,9(63 )$9*5(676&LP=HQWUXP5,&&%0&%1 *UQH3DWLQDY]

±

1017 2:1



2:1

&DOLJXODQ&KU'HQDU J Q&KU0]VW5RP9V&&$(6$5$9**(503075327 &26 .RSI Q U 5V $XJXVWXV PLW 6WUDKOHQNURQH Q U ]ZLVFKHQ ]ZHL 6WHUQHQ 5,&  &  %0&  %1  /XJGXQXP  'XQNOH7|QXQJIDVWY]

±

1018 2:1





2:1

&DOLJXODQ&KU'HQDU J Q&KU0]VW/XJGXQXP9V&&$(6$5$9**(5030 75 327 .RSI GHV &DOLJXOD PLW /RUEHHUNUDQ] Q U 5V $*5,33,1$0$7&&$(6$9**(50GUDSLHUWH %VWHGHU$JULSSLQDPDLRUQU5,& 5RP &%0& 5RP %1  3DUWLHOOVFKZDU]H$XIODJHQ5HVWHYRQ6WHPSHOJODQ]Y]

±




1015

986

1016




5g0(5

1019 

1019

1,5:1

&DOLJXODQ&KU$($V J Q&KU0]VW5RP9V&&$(6$5$9**(50$1,&96 321075327.RSIQO5V9(67$6&9HVWDFDSLWHYHODWRPLW=HSWHUXQG3DWHUDWKURQWQO5,& &%0&%1 'XQNHOJUQHXQGEUDXQH3DWLQDVVY]

±

1020 2:1 

2:1

$QWRQLDPLQRUY&KUQ&KU'HQDU J *HSUlJWXQWHU&ODXGLXVFDQ&KU0]VW5RP 9V $1721,$ $9*967$ GUDSLHUWH %VWH PLW bKUHQNUDQ] Q U 5V 6$&(5'26 ',9, $9*967, ]ZHL GXUFKHLQH*LUODQGHYHUEXQGHQH)DFNHOQ5,&&%0&%1.DHQHO7\S ([0RUULV&ROOHFWLRQ 5'XQNOH7|QXQJ.UDW]HUDXIGHU9VJXWHVVV

±

1021 2:1 

2:1

&ODXGLXVQ&KU'HQDU J Q&KU0]VW/XJGXQXP9V7,&/$9'&$(6$5$9* *(5030753.RSIPLW(LFKHQODXENUDQ]QU5V&2167$17,$($9*967,&RQVWDQWLDVLW]WQODXI &XUXOLVFKHP6WXKO5,&&%0&%1 'XQNOH7|QXQJJXWHVVV

±

1022 2:1 



2:1

&ODXGLXVQ&KU'HQDU J Q&KU0]VW/XJGXQXP9V7,&/$9'&$(6$5$9* *(5030753.RSIPLW(LFKHQODXENUDQ]QU5V&2167$17,$($9*967,&RQVWDQWLDVLW]WQODXI &XUXOLVFKHP6WXKO5,&&%0&%1 *UR‰HU6FKU|WOLQJVVY]

±


5g0(5

1023 2:1 

2:1

&ODXGLXVQ&KU'HQDU J Q&KU0]VW5RP9V7,&/$9'&$(6$5$9**(503 0753.RSIPLW(LFKHQODXENUDQ]QU5V,P(LFKHQODXENUDQ](;6&2%&,9(66(59$7265,& &%0&%1 /XJGXQXP .DHQHO6II7\S 'XQNOH7|QXQJVVY]

±

1024 2:1 

2:1

&ODXGLXVQ&KU'HQDU J Q&KU0]VW5RP9V7,&/$9'&$(6$5$9**(5030 75,%32733.RSIGHV&ODXGLXVPLW/RUEHHUNUDQ]QU5V1(52&/$9'&$(6'59696*(5035,1& ,99(17GUDSLHUWH%VWHGHV1HURQO5,&&%0&%1 /XJGXQXP  5VGH]HQWULHUWVVY]

±

1026

1025

2:1 



&ODXGLXVQ&KU$($V J Q&KU0]VW5RP9V7,&/$9',96&$(6$5$9*3 0753,03.RSIQO5V&2167$17,7$($9*967,6&EHKHOPWH&RQVWDQWLDLQ0LOLWlUWUDFKWVWHKW PLW/DQ]HXQGHUKREHQHU5HFKWHQQO5,&&%0&%1 %UDXQH3DWLQDJXWHVVV

±

&ODXGLXVQ&KU$($V J Q&KU0]VW5RP9V7,&/$9',96&$(6$5$9*3 0753,0333.RSIQO5V6&0LQHUYDPLW/DQ]HX6FKLOGVFKUHLWHWQU5,&&%0& %1 %UDXQH3DWLQDJXWHVVV

±

1027 2:1 

2:1

1HUR    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,03 1(52 &$(6$5 $9*96796 .RSIPLW/RUEHHUNUDQ]QU5V,933,7(5&96726-XSLWHUVLW]WPLW%OLW]EQGHOX=HSWHUQO5,&& %0&0DF'RZDOO1HUR%1 )DVWY]

± 


5g0(5

1029

1028 



1HURQ&KU$($V J Q&KU0]VW5RP9V1(52&$(6$5$9**(50,03.RSI PLW /RUEHHUNUDQ] Q U 5V 3$&( 3 5 9%,4 3$57$ ,$190 &/96,7 6  & -DQXVKHLOLJWXP PLW JHVFKORVVHQHU 7U U EHU GLHVHU *LUODQGH 5,&  &  %0&  0DF 'RZDOO 1HUR  %1  %DXWHQ6I1U+LOO0RQXPHQWV6I %UDXQVFKZDU]H3DWLQDY]

±

1HUR    Q &KU $( $V J   Q &KU 0]VW /XJGXQXP 9V ,03 1(52 &$(6$5 $9* 3 0 0$;75333.RSIPLW*OREXVQO5V6&9LNWRULDIOLHJWPLW6FKLOGPLWGHU$XIVFKULIW6345QO5,& &%0&0DF'RZDOO1HUR%1 %UDXQVFKZDU]H3DWLQDY]

±

1030 2:1 

2:1

%UJHUNULHJ    Q &KU 'HQDU J  FD 0lU]  Q &KU 0]VW /XJGXQXP "  9V ),'(6  (;(5&,7990GH[WUDUXPLXQFWLR5V),'(635$(725,$12590GH[WUDUXPLXQFWLR5,&& *DOED %0&%10DUWLQ 'XQNOH7|QXQJVV

±

1031 2:1 

2:1

%UJHUNULHJ    Q &KU 'HQDU J   Q &KU 0]VW LP VGOLFKHQ *DOOLHQ 9V 9(67$ 3 5 49,5,7,90 YHUVFKOHLHUWH %VWH GHU 9HVWD PLW )DFNHO Q U 5V ,20$; &$3,72/,196 -XSLWHU &DSLWROLQXV VLW]WPLW=HSWHUXQG%OLW]EQGHOQOLQHLQHPGLVW\OHQ7HPSHO5,&E&%0&%10DUWLQ ([0RUULV&ROOHFWLRQ 56XElUDW'XQNOH7|QXQJVV

±

1032 2:1 



2:1

*DOED    Q &KU 'HQDU J  $SULO  6SlWKHUEVW  Q &KU 0]VW XQEHNDQQW LQ *DOOLHQ 9V 6(5 *$/%$,03$9*.DLVHULQ0LOLWlUWUDFKWPLWHUKREHQHU/DQ]HQUUHLWHQG5V75(6*$//,$(GUHLNOHLQH ZHLEOLFKH%VWHQGHUGUHLJDOOLVFKHQ3URYLQ]HQ1DUERQHQLVLV$TXLWDQLDXQG/XJGXQHQVLVLQHLQHU5HLKHQU GD]ZLVFKHQMHZHLOV.RUQlKUH5,&&%0&%1 5'XQNOH7|QXQJ2EHUIOlFKHNRUURGLHUWVV ([0RUULV&ROOHFWLRQH[(GZDUG*DQV$XNWLRQ0DL/RV

±


5g0(5

1033 2:1 

2:1

2WKR  Q &KU 'HQDU J  0]VW 5RP 9V ,03 27+2 &$(6$5 $9* 75 3 .RSI Q U 5V 3217 0$;$HTXLWDVVWHKWPLW:DDJHXQG=HSWHUQO5,&&%0&%1 *XWHVVV

±

1034 2:1 

2:1

9LWHOOLXV  Q &KU 'HQDU J  0]VW 5RP 9V $ 9,7(//,96 *(50 ,03 $9* 75 3 .RSI PLW /RUEHHUNUDQ]QU5V&21&25',$35&RQFRUGLDPLW3DWHUDLQGHU5XQG)OOKRUQLPO$UPDXI6WXKO QOVLW]HQG5,&&%0&%1 'XQNOH7|QXQJJXWHVVV

±

1035 2:1 

2:1

9LWHOOLXVQ&KU'HQDU J $SULO'H]HPEHU0]VW5RP9V$9,7(//,96*(50$1,03753 .RSI PLW /RUEHHUNUDQ] Q U5V;99,56$&5)$&'UHLIX‰/HEHVPLW'HOILQGDUXQWHU5DEH5,&& %0&%1 6FKLPPHUQGH7|QXQJY]

±

1036 2:1 

2:1

9HVSDVLDQQ&KU'HQDU J Q&KU0]VW5RP9V,03&$(69(63$9*30.RSIPLW /RUEHHUNUDQ]QU5V$9*9575,3276LPSXOXP$VSHUJLOOXP&DSLVX/LWXXV5,&&%0& %1 Y]

±

1037 

9HVSDVLDQQ&KU'HQDU J Q&KU0]VW5RP9V,03&$(6$59(63$6,$196$9* .RSIPLW/RUEHHUNUDQ]QU5V3210$;753&269,3D[PLW=ZHLJVLW]WQO5,&&%0& %1 )DVWY]

± 


5g0(5

1038









1040

1039

7LWXVQ&KU'HQDU J Q&KU0]VW5RP9V,037,796&$(69(63$6,$1$9*30 .RSIPLW/RUEHHUNUDQ]QU5V753,;,03;9&269,,,33JHIOJHOWHV%OLW]EQGHODXI7KURQ5,& &%0&%1 6FKLPPHUQGH7|QXQJY]

±

'RPLWLDQ DOV &DHVDU    Q &KU 'HQDU J  *HSUlJW XQWHU 9HVSDVLDQ  Q &KU 0]VW 5RP 9V &$(6$5$9*)'20,7,$196&269,.RSIPLW/RUEHHUNUDQ]QU5V35,1&(36,99(1797,66DOXV PLW3DWHUDXQG6FKODQJHDQ6lXOHJHOHKQW5,&&%0&%1 Y]

±

'RPLWLDQQ&KU'HQDU J Q&KU0]VW5RP9V,03&$(6'20,7$9**(5030 753;,.RSIPLW/RUEHHUNUDQ]QU5V,03;;,&26;9,&(163330LQHUYDPLW6FKLOGVWHKWDXI3URUD XVFKOHXGHUW%OLW]EQGHO]XLKUHQ)‰HQ(XOH5,&&%0&%16FKLPPHUQGH7|QXQJY]

±

'RPLWLDQQ&KU'HQDU J Q&KU0]VW5RP9V,03&$(6'20,7$9**(503 0753;9.RSIPLW/RUEHHUNUDQ]QU5V,03;;,,&26;9,,&(163330LQHUYDVWHKWPLW6FKLOGXQG /DQ]HDXI3URUD]XLKUHQ)‰HQUHLQH(XOH5,&&%0&%1 6FKLPPHUQGH7|QXQJY]

±

1,5:1

1042 

1041

1042

1HUYDQ&KU'HQDU J Q&KU0]VW5RP9V,031(59$&$(6$9*30753&26,, 33.RSIPLW/RUEHHUNUDQ]QU5V&21&25',$(;(5&,7990GH[WUDUXPLXQFWLR5,&&%0& %1 'XQNOH7|QXQJ6FKU|WOLQJVULVVY]

±

1043 

1HUYDQ&KU$($V J Q&KU0]VW5RP9V,031(59$&$(6$9*30753&26 ,,,33.RSIPLW/RUEHHUNUDQ]QU5V&21&25',$(;(5&,79906&GH[WUDUXPLXQFWLR5,&& %0&%1 'XQNHOJUQH3DWLQDHWZQDFKJUDYLHUWVVY] ([*RUQ\ 0RVFK$XNWLRQ/RV

1044 





±

1045

'LYXV 1HUYD DE  Q &KU $QWRQLQLDQ J  *HSUlJW XQWHU 7UDLDQXV 'HFLXV    Q &KU 0]VW 0HGLRODQXP 9V ',92 1(59( .RSI GHV 1HUYD PLW 6WUDKOHQNUDQ] Q U 5V &216(&5$7,2 $OWDU 5,& E 7UDLDQXV'HFLXV & Y] 7UDMDQ    Q &KU 'HQDU J     Q &KU0]VW5RP9V,03&$(61(59$75$,$1 $9**(50.RSIPLW/RUEHHUNUDQ]QU5V30753&26,,,,339LNWRULDVLW]WPLW3DWHUDX3DOP]ZHLJ QO5,&&6WUDFN%0&%10,5E 'XQNOH7|QXQJY]VV ([.ULFKHOGRUI6WXWWJDUW$XNWLRQ;;9,,,/RV

±

±


5g0(5

1046 2:1 

2:1

7UDMDQ    Q &KU 'HQDU J  FD   Q&KU0]VW5RP9V,0375$,$12$9**(5 '$&30753&26933%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIGHUO6FKXOWHUQU5V6345237,02 35,1&,3,'DFLDVLW]WPLWDXIJHVWW]WHP.RSIQUDXI6FKLOGGDUXQWHU.UXPPVFKZHUW5,&E6WUDFN %0&0,5E 7|QXQJY]

1047 



±

1048

7UDMDQ    Q &KU 'HQDU J  FD   Q&KU0]VW5RP9V,0375$,$12$9**(5 '$&30752&26933GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V6345237,0235,1&,3, $QQRQD VWHKW PLW .RUQlKUHQ XQG )OOKRUQ YRU 0RGLXV U JLUODQGHQJHVFKPFNWHV 6FKLIIVKHFN PLW +HFN]LHU FKHQLVFXV 5,&&6WUDFN%0&%10,5I /HLFKWH7|QXQJY] ([.|OQHU0Q]NDELQHWW$XNWLRQ/RV 7UDMDQ    Q &KU 'HQDU J  FD   Q&KU0]VW5RP9V,0375$,$12$9**(5 '$&30753%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V&269336345237,02 35,1&'$199,96'DQXYLXVGLH/LQNHDXIHLQH4XHOOXUQHJHVWW]WGLH5HFKWHDXI3URUDJHOHJWOLHJWQO 5,&&6WUDFN%0&%10,5E 6FKLPPHUQGH7|QXQJY]

±

±

1049 2:1

2:1 

7UDMDQQ&KU'HQDU J Q&KU0]VW5RP9V,0375$,$12$9**(5'$&3 0753&269,33%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V6345237,0235,1&,3, 9,$75$,$1$9LD7UDLDQDDOVZHLEOLFKH3HUVRQLILNDWLRQQOJHODJHUWLP$UP=ZHLJDXIGHQ.QLHQ5DG KDOWHQG5,&&6WUDFN%0&0,5E 6HKUVFK|QH7|QXQJY] ([&RLQ*DOOHULHV0DLO%LG6DOH$XJXVW/RV $WPLOHVORQJWKH9LD7UDLDQDZDVWKHPRVWTXLFNDQGVDIHZD\WKDWFRQQHFWHG5RPHZLWK%UXQGLVLXPRQ WKHFRDVW7KHIDPRXVDUFKDW%HQHYHQWXPZKLFKLVVWLOOLQVLWXFRPPHPRUDWHVDVZHOODVWKHFRLQDJHWKDWLW KDGEHHQEXLOGXSE\WKHHPSHURU VRZQH[SHQVH

±

1050 

7UDMDQ    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,03 &$(6 1(5 75$,$12 237,02$9**(5'$&GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V30753&269,336345)257 5(' )RUWXQD PLW 5XGHU XQG )OOKRUQ Q O VLW]HQG 5,&  &  6WUDFN  %0&  %1  0,5Y /HLFKWH7|QXQJIDVWY] ([.|OQHU0Q]NDELQHWW$XNWLRQ/RV

±




5g0(5

1051







1052

1053

7UDMDQ    Q &KU $( 6HVWHU] J  FD    Q &KU 0]VW 5RP 9V ,03 &$(6 1(59$( 75$,$12$9**(5'$&30753&26933%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V63 4 5 237,02 35,1&,3,  6 & GHU .DLVHU LQ 5VWXQJ XQG PLW HUKREHQHU /DQ]H EHU HLQHQLQGLH.QLHJHEUR FKHQHQ'DNHUUHLWHQG5,&&6WUDFN%0&%10,5E *UQEUDXQH3DWLQDY]

±

7UDMDQQ&KU$($V J Q&KU0]VW5RP9V,03&$(61(59$75$,$1 $9**(5030.RSIPLW/RUEHHUNUDQ]QU5V75327&26,,,,336&9LNWRULDIOLHJWPLW6FKLOGPLW GHU$XIVFKULIW6345QO5,&&6WUDFN%0&I%10,5E *UQVFKZDU]H3DWLQDVVY]

±

7UDMDQ    Q &KU $( $V J  FD    Q &KU 0]VW 5RP 9V ,03 &$(6 1(59$( 75$,$12$9**(5'$&30753&26933%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V 6345237,0235,1&,3,6&9LNWRULDPLW3DOP]ZHLJEHNUlQ]WGHQ.DLVHUGHUHLQ%OLW]EQGHOKlOW5,& &6WUDFN%0&$%10,5E *UQEUDXQH3DWLQDY]

±

1054



'LYXV7UDLDQXVDEQ&KU$QWRQLQLDQ J *HSUlJWXQWHU7UDLDQXV'HFLXVQ&KU0]VW 0HGLRODQXP 9V ',92 75$,$12 .RSI PLW 6WUDKOHQNURQH Q U 5V &216(&5$7,2 $GOHU 5,& D & 7|QXQJY]

±

1055 2:1 



2:1

+DGULDQQ&KU$XUHXV J Q&KU0]VW5RP9V+$'5,$196$9*96796 GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V&26,,,+DGULDQ]X3IHUGHQUPLWHUKREHQHU5HFKWHQ5,& %0&6WUDFN%1&DOLFy, *ROG:LQ]LJH.UDW]HUY]

±


5g0(5

1056









1057

1058

1059

+DGULDQ    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,03 &$(6$5 75$,$1 +$'5,$196$9*.RSIPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V30753&26,,,6$/96 $9*VLW]HQGH6DOXVIWWHUWDXV3DWHUD6FKODQJHDXI$OWDU5,&&%0&6WUDFN%1 ([.|OQHU0Q]NDELQHWW$XNWLRQ/RV 7|QXQJ5V6FKU|WOLQJVULVVIDVWY] +DGULDQQ&KU'HQDU J FDQ&KU0]VW5RP9V,03&$(6$575$,$1 +$'5,$196$9*%VWHPLW/RUEHHUNUDQ]X*HZDQGDXIO6FKXOWHUQU5V30753&26,,,VWHKHQGH )RUWXQDPLW)OOKRUQXQG5XGHU%15,&&6WUDFN 7|QXQJVVY] ([.|OQHU0Q]NDELQHWW$XNWLRQ/RV

±

±

+DGULDQ    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,03 &$(6$5 75$,$1 +$'5,$196$9*3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V30753&26,,,+DGULDQLQ0LOLWlUWUDFKWPLW /DQ]HLQGHU/XQG5XGHUGDVDXIHLQHP*OREXVVWHKWLQGHU55,&%0&6WUDFN  57|QXQJVVY]

±

+DGULDQ    Q &KU 'HQDU J     Q&KU0]VW5RP9V+$'5,$196$9*96796 .RSIPLW/RUEHHUNUDQ]QU5V&26,,,&RQFRUGLDVLW]WPLW3DWHUDQUXVWW]WLKUHQ$UPDXI6WDWXHWWHGHU 6SHVDQGHU6HLWHGHV7KURQV5,&&%0&6WUDFN%1 )DVWY]

±

1060 2:1 

2:1

+DGULDQ    Q &KU 'HQDU J   Q &KU 0]VW 5RP 9V +$'5,$196 $9* &26 ,,, 3 3 .RSI PLW /RUEHHUNUDQ] Q U 5V )(/,&,7$7,  $9*967, *DOHHUH PLW 5XGHUHUQ XQG 6WHXHUPDQQ Q O 5,&&%0&6WUDFN Y] 9JO86FKDDII0Q]HQGHUU|PLVFKHQ.DLVHU]HLWPLW6FKLIIVGDUVWHOOXQJHQ  61U7DI,,

±

1062

1061 1,5:1 



+DGULDQQ&KU'HQDU J FDQ&KU0]VW5RP9V+$'5,$196$9*&26,,, 3 3 .RSI PLW /RUEHHUNUDQ] QU5V1,/961LOOLHJWPLW)OOKRUQXQG6FKLOIDXI8UQHJHVWW]WQOOHLQ 1LOSIHUGGDUXQWHUHLQ.URNRGLOXQG:HOOHQ5,&&6WUDFN  55'XQNOH7|QXQJ6FKU|WOLQJVULVVVVY]

±

+DGULDQQ&KU'HQDU J Q&KU0]VW5RP9V+$'5,$196$9*&26,,,3 3.RSIQU5V927$39%/,&$.DLVHUFDSLWHYHODWRRSIHUWDXV3DWHUDEHU'UHLIX‰%15,& &%0&6WUDFN )DVWY]

± 


5g0(5

1063 2:1

2:1 

6DELQD  "    Q &KU 'HQDU J    FD  Q &KU 0]VW 5RP 9V 6$%,1$ $9*967$ +$'5,$1, $9* 3 3 GUDSLHUWH %VWH PLW 6WHSKDQH Q U 5V 9HVWD WKURQW PLW 3DOODGLXP X =HSWHU Q O 5,&&%0&6WUDFN 'XQNOH7|QXQJY]

±

1064 2:1 

2:1

$HOLXV &DHVDU  Q &KU 'HQDU J  0]VW 5RP 9V / $(/,96 &$(6$5 .RSI Q U 5V 75 327 &26,,&21&25'&RQFRUGLDPLW3DWHUDVLW]WDXI)OOKRUQJHVWW]WQO5,&&%0&6WUDFN  9VSDUWLHOOJUQH$XIODJHIDVWY]

±

1065 2:1 

$QWRQLQXV 3LXV    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V $1721,196 $9* 3,96 3 3 75 3 &26 ,,,, .RSI PLW *HZDQG DXI O 6FKXOWHU Q U 5V ,7$/,$ OLQNVKLQ DXI HLQHP *OREXV VLW]HQGH,WDOLDPLW3RORV=HSWHUXQG)OOKRUQ5,&D& 9DU  5Y]

1066





2:1

1,5:1

±

1066

$QWRQLQXV 3LXV    Q &KU $( 6HVWHU] J     Q &KU 0]VW 5RP 9V $1721,196 $9* 3,96 3 3 75 3 &26 ,,, .RSI PLW /RUEHHUNUDQ] Q U 9V 6$/96 $9* 6&6DOXVQOVWHKHQG IWWHUW DXV 3DWHUD 6FKODQJH GLH VLFK XP 5XQGDOWDU ZLQGHW XQG KlOW PLW GHU 5HFKWHQ HLQ =HSWHU 5,& D & %UDXQH3DWLQDY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±


5g0(5

1,5:1

1067 

$QWRQLQXV 3LXV    Q &KU $( 6HVWHU] J     Q &KU 0]VW 5RP 9V $1721,196 $9* 3,96 3 3 75 3 ;9,, .RSI PLW /RUEHHUNUDQ] Q U 5V ,1'9/*(17,$ $9* &26 ,,,,  6 & ,QGXOJHQWLD PLW =HSWHU VLW]W PLW DXVJHVWUHFNWHU +DQG Q O 5,&  &  6WUDFN  %0& 6FKZDU]EUDXQH3DWLQDY] ([1XPLVPDWLFD$UV&ODVVLFD=ULFK$XNWLRQ/RVH[30/&ROOHFWLRQ

±

1068 

$QWRQLQXV3LXVQ&KU6HVWHU] J Q&KU0]VW5RP9V$1721,196$9* 3,9633753;9,,,.RSIPLW/RUEHHUNUDQ]QU5V/,%(57$6&26,,,,6&/LEHUWDVPLW3LOHXVXQG =HSWHUVWHKWQO5,&& 'XQNHOJUQH3DWLQDJXWHVVV

±

1070

1069

2:1 



'LYXV $QWRQLQXV 3LXV DE  Q &KU 'HQDU J  *HSUlJW XQWHU 0DUF $XUHO  Q &KU 0]VW 5RP 9V ',996 $1721,196 .RSI Q U 5V &216(&5$7,2 $GOHU DXI PLW *LUODQGHQ JHVFKPFNWHP $OWDU 5,&&%0&0,5 Y]

±

'LYD)DXVWLQDPDLRUDEQ&KU'HQDU J *HSUlJWXQWHU$QWRQLQXV3LXVQ&KU0]VW 5RP9V',9$)$967,1$GUDSLHUWH%VWHQU5V$(7(51,7$6-XQRVWHKWPLWHUKREHQHU5HFKWHQQ OXKlOW=HSWHU5,&& Y]VW

± 


5g0(5

1072

1071 

'LYD)DXVWLQDPDLRUDEQ&KU'HQDU J 1DFKQ&KU0]VW5RP9V',9$)$967,1$GUDSLHUWH %VWHQU5V$9*967$9HVWDPLWHUKREHQHU5HFKWHQXQGODQJHU)DFNHO5,&& )DVWY] ([.ULFKHOGRUI6WXWWJDUW$XNWLRQ;;9,,,/RV



0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V,030$95(/$1721,196 $9*.RSIQU5V&21&25'$9*753;9,&26,,,&RQFRUGLDVLW]WPLW3DWHUDQOO$UPDXI6WDWXH GHU6SHVJHVWW]WXQWHUGHP6WXKO)OOKRUQ5,&&%0&0,5 'XQNOH7|QXQJY]

±

±

1073 2:1 

2:1

0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V0$1721,196$9*$50 3$57+0$;.RSIPLW/RUEHHUNUDQ]QU5V753;;,03,,,,&26,,,3$;3D[VWHKWPLW)OOKRUQX =ZHLJQO5,& 9DU &%0&0,5 VW

1074 



1075

0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V0$1721,196$9*$50 3$57+0$;.RSIPLW/RUEHHUNUDQ]QU5V753;;,,03,,,,&26,,,3URYLGHQWLDPLW=HSWHU]HLJWPLW 6WDEDXI*OREXV5,&&%0&0,5 Y]

±

0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V0$1721,196$9*753 ;;,,,, .RSI PLW /RUEHHUNUDQ] Q U 5V 6$/97, $9* &26 ,,, 6DOXV PLW =HSWHU IWWHUW DXV 3DWHUD HLQH 6FKODQJHDXIHLQHP$OWDU5,&&%0&0,5 'XQNOH7|QXQJIDVWY]

±

1076 



±

1077

0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V0$1721,196$9*753 ;;9,.RSIPLW/RUEHHNUDQ]QU5V,039,&26,,,$HTXLWDVVWHKWPLW:DDJHX)OOKRUQQO5,&& %0&0,5 7|QXQJIDVWY]

±

0DUFXV$XUHOLXVQ&KU'HQDU J Q&KU0]VW5RP9V0$1721,196$9*753 ;;,;.RSIPLW/RUEHHNUDQ]QU5V,039,,&26,,,9LNWRULDVLW]WPLW3DOP]ZHLJX3DWHUDQO5,& &%0&0,5 Y]

±

1078 



0DUFXV$XUHOLXVQ&KU$(6HVWHU] J Q&KU0]VW5RP9V0$1721,196$9* 753;;9.RSIPLW/RUEHHUNUDQ]QU5V&26,,,6&0DUVPLW6SHHUX7URSDHXPVFKUHLWHWQU5,& &%0&0,5 6FKZDU]HELVEUDXQH3DWLQDVVY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±


5g0(5

1080

1079 



)DXVWLQD PLQRU    Q &KU 'HQDU J  9RU    Q &KU 0]VW 5RP 9V )$967,1$ $9*967$GUDSLHUWH%VWHQU5V)(&91',7$6)HFXQGLWDVVWHKWPLW=HSWHUQUXQGKlOWDXIGHU/LQNHQ HLQ.OHLQNLQG5,&&%0&0,5E 6FKLPPHUQGH7|QXQJ6FKU|WOLQJVULVVY]

±

)DXVWLQD PLQRU    Q &KU 'HQDU J  9RU    Q &KU 0]VW 5RP 9V )$967,1$ $9*967$ GUDSLHUWH %VWH PLW 'LDGHP U 5V /$(7,7,$ VWHKHQGH /DHWLWLD PLW =HSWHU XQG .UDQ] 5,& &%0&0,5E 6FKLPPHUQGH7|QXQJ6FKU|WOLQJVULVVY]

±

1081 2:1 

2:1

/XFLXV9HUXVQ&KU'HQDU J Q&KU0]VW5RP9V,03/$95(/9(596$9* .RSIQU5V3529'(25753&26,,3URYLGHQWLDVWHKWPLW*OREXVXQG)OOKRUQQO5,&& %0&0,5 'XQNOH7|QXQJ6FKU|WOLQJVULVVY]

±

1082 2:1 

/XFLXV9HUXVQ&KU'HQDU J Q&KU0]VW5RP9V/9(596$9*$503$57+ 0$;.RSIPLW/RUEHHUNUDQ]QU5V7539,,,,039&26,,,$HTXLWDVVLW]WPLW:DDJHX)OOKRUQQO 5,&&%0&0,5 'XQNOH7|QXQJY]

1083 



2:1

1,5:1

1083

±

1084

/XFLXV9HUXVQ&KU'HQDU J Q&KU0]VW5RP9V/9(596$9*$503$57+ 0$;.RSIPLW/RUEHHUNUDQ]QU5V7539,,03,,,,&26,,9LNWRULDPLW3DOP]ZHLJVWW]WHLQHQ6FKLOG PLWGHU$XIVFKULIW9,&3$55,&&%0&0,5 55'XQNOH7|QXQJY] /XFLXV 9HUXV    Q &KU $( $V J  *HSUlJWXQWHU0DUF$XUHOQ&KU0]VW5RP9V/ 9(596 $9* $50(1,$&96 .RSI PLW/RUEHHUNUDQ]QU5V753,,,,,03,,&26,,6&/XFLXV9HUXV UHLWHWLQ0LOLWlUWUDFKWEHUHLQHQDP%RGHQOLHJHQGHQ)HLQGJDORSSLHUHQGGLH5HFKWHPLW6SHHUHUKREHQ5,& 0DUFXV$XUHOLXV9DU & 9DU %0&0,5 6FK|QHVFKZDU]H3DWLQDY] $XVHLQHUSULYDWHQ]HQWUDOHXURSlLVFKHQ6DPPOXQJ

±

±




5g0(5

1085 



1086

/XFLOODQ&KU'HQDU J Q&KU0]VW5RP9V/9&,//$($9*$1721,1, $9* ) GUDSLHUWH %VWH Q U 5V &21&25',$ &RQFRUGLD VLW]W PLW 3DWHUD Q O 5,&  & %0& 0,5D 'XQNOH7|QXQJIDVWY] ([*RUQ\ 0RVFK$XNWLRQ/RV /XFLOODQ&KU'HQDU J Q&KU0]VW5RP9V/9&,//$($9*$1721,1,$9*) GUDSLHUWH%VWHQU5V,P/RUEHHUNUDQ]927$39%/,&$5,&&%0&0,5D 3DUWLHOO5RVWDXIODJHQY]

±

±

1087

2:1 

2:1

&RPPRGXVQ&KU$XUHXV J Q&KU0]VW5RP9V/$95(/&2002'96$9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q O 5V 75 3 9 ,03 ,,,, &26 ,, 3 3 9LNWRULD VLW]W PLW 3DWHUD X 3DOP]ZHLJQO5,&E&%0&0,5&DOLFy, GLHVHU9V6WHPSHO  *ROG)DVWY] ([ 1XPLVPDWLFD $UV &ODVVLFD =ULFK $XNWLRQ  $Q ,PSRUWDQW &ROOHFWLRQ RI 5RPDQ *ROG &RLQV 3DUW ,,  /RVH[/HX$*=ULFK$XNWLRQ/RV

±

1089

1088

2:1 



&RPPRGXVQ&KU'HQDU J Q&KU0]VW5RP9V/$95(/&2002'96$9* .RSIPLW/RUEHHUNUDQ]QU5V753,,,,,03,,&26336DOXVVLW]WQOXIWWHUW6FKODQJHGLHVLFKXP HLQHQ$OWDUZLQGHW5,&&%0&0,5 Y]

±

&RPPRGXVQ&KU'HQDU J Q&KU0]VW5RP9V0&2002'96$1721,196 $9*.RSIPLW/RUEHHUNUDQ]QU5V7539,,03,,,,&26,,,333D[VWHKWPLW=ZHLJX)OOKRUQQU5,& &%0&0,5 9VSDUWLHOOJUQH$XIODJHVVY]

±

1090 





1091

&RPPRGXVQ&KU'HQDU J Q&KU0]VW5RP9V/$(/$95(/&200$9*3 )(/ .RSI PLW /RUEHHUNUDQ] Q U 5V 6(5$3,', &216(59 $9* 6HUDSLV VWHKW PLW .DODWKRV HUKREHQHU 5HFKWHQXQG=HSWHUQO5,&&%0&0,5 55'XQNOH7|QXQJY]

±

&RPPRGXVQ&KU'HQDU J Q&KU0]VW5RP9V/$(/$95(/&200$9*3 )(/.RSIPLW/RUEHHUNUDQ]QU5V30753;9,,,039,,,&269,,33)RUWXQD)HOL[VWHKWQOPLWU )X‰DXI3URUDXKlOW&DGXFHXVX)OOKRUQOLP)HOGHLQ6WHUQ5,&&%0&0,5 Y]

±


5g0(5

1092



1092

2:1

&RPPRGXVQ&KU'HQDU J Q&KU0]VW5RP9V/$(/$95(/>&2@00$9*3 )(/.RSIPLW/RUEHHUNUDQ]QU5V30753;9,,,039,,,&269,,33)RUWXQD)HOL[VWHKWQOPLWU)X‰ DXI3URUDXKlOW&DGXFHXVX)OOKRUQOLP)HOGHLQ6WHUQ5,&&%0&0,5 Y]

1093

±

1093 2:1



&RPPRGXVQ&KU$($V J Q&KU0]VW5RP9V/$(/$95(/&200$9*3 )(/.RSIPLW/|ZHQVNDOSQU5V+(5&9/520$1$9*96&LQ/RUEHHUNUDQ]PLWVHQNUHFKW VWHKHQGHU.HXOH5,&&%0&0,5 9DU  'XQNHOJUQH3DWLQDIDVWY]

1094

±

1095



&ULVSLQD    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V &5,63,1$ $9* GUDSLHUWH %VWHQU5V&21&25',$GH[WUDUXPLXQFWLR5,&D&%0&0,5D 7|QXQJY]

±



&ULVSLQDQ&KU$($V J .XU]QDFKQ&KU0]VW5RP9V&5,63,1$$9*967$ GUDSLHUWH%VWHQU5V,912/9&,1$6&-XQRPLW3DWHUDX=HSWHUQO5,&&%0& 0,5 D  *UQH3DWLQDVVY]

±

1096





1097

3HUWLQD[    Q &KU 'HQDU J  0]VW 5RP 9V ,03 &$(6 3 +(/93(57,1$9*.RSIPLW /RUEHHUNUDQ]QU5V23,',9,1753&26,,2SVPLW.RUQlKUHQVLW]WQO5,&D&%0& 7|QXQJJXWHVVV

±

'LYXV3HUWLQD[DEQ&KU'HQDU J *HSUlJWXQWHU6HSWLPLXV6HYHUXVQ&KU0]VW5RP9V ',996 3(57 3,96 3$7(5 .RSI Q U 5V &216(&5$>7,2@ $GOHU DXI *OREXV 5,& D &  %0&  :DUVRIWKH6XFFHVVLRQ +LOO6HYHUXV 7|QXQJJXWHVVV

± 


5g0(5

1098 2:1

2:1 

'LGLXV ,XOLDQXV  Q &KU 'HQDU J  0]VW 5RP 9V ,03 &$(6 0 ',' ,9/,$1 $9* .RSI PLW /RUEHHUNUDQ]QU5V5(&72525%,6.DLVHUVWHKWPLW6FKULIWUROOHX*OREXVQO5,&D&%0& 57|QXQJJXWHVVV

±

1099

2:1 

2:1

3HVFHQQLXV1LJHUQ&KU'HQDU J 0]VW$QWLRFKLD9V,03&$(6&3(6&1,*>(5,967 $9*@ .RSI PLW /RUEHHUNUDQ] Q U 5V 6$(&9/>,@ )(/,&,7$6 0RQGVLFKHO XQG VLHEHQ 6WHUQH 5,& D 9DU & 9DU %0& 9DU  57HLOVVFKLPPHUQGH7|QXQJ5VhEHUSUlJXQJVVSXUHQVVY]

±

1100 2:1 

2:1

3HVFHQQLXV 1LJHU    Q &KU 'HQDU J   Q &KU 0]VW $QWLRFKLD 9V ,03 &$(6 & 3(6 >1,*(5 ,96 $9* &26 ,,@ .RSI PLW /RUEHHUNUDQ] Q U 5V %21, (9(1796 )LGHV VWHKW IURQWDO PLW )UXFKWNRUEXQG.RUQlKUHQEQGHO5,&II&%0&6 3DUWLHOOVFKZDU]H$XIODJHQJXWHVVV

±

1101 2:1 



2:1

&ORGLXV $OELQXV    Q &KU 'HQDU J   Q &KU 0]VW 5RP 9V >'@ &/2' 6(37 $/%,1 &$(6.RSIQU5V0,1(53$&,)&26,,0LQHUYDVWHKWPLWgO]ZHLJ6FKLOGXQG6SHHUQO5,&& %0&+LOO6HYHUXV 5Y]VW

±


5g0(5

1102 2:1 

2:1

6HSWLPLXV6HYHUXVQ&KU'HQDU J Q&KU0]VW5RP9V/6(376(9$9*,03;, 3$570$;.RSIPLW/RUEHHUNUDQ]QU5V$(49,7$7,$9**$HTXLWDVVWHKWPLW:DDJHX)OOKRUQQO 5,&F&%0&+LOO6HYHUXV Y]VW

±

1103 2:1 

2:1

6HSWLPLXV6HYHUXVQ&KU'HQDU J Q&KU0]VW5RP9V6(9(59>6@3,96$9* .RSIPLW/RUEHHUNUDQ]QU5V3$570$;30753;7URSDHXPPLW]ZHL*HIDQJHQHQ5,&& %0&+LOO6HYHUXV 5V(LVHQR[LGDXIODJHQY] ([.ULFKHOGRUI6WXWWJDUW$XNWLRQ;;;/RV

1105

1104 



±

,XOLD'RPQDQ&KU$QWRQLQLDQ J Q&KU0]VW5RP9V,9/,$3,$)(/,;$9* GUDSLHUWH %VWH PLW 6WHSKDQH DXI 0RQGVLFKHO Q U 5V 9(196 *(1(75,; 9HQXV VLW]W PLW YRUJHVWUHFNWHU 5HFKWHQX=HSWHUQO5,&D&%0&+LOO6HYHUXV 'XQNOH7|QXQJIDVWY]

±

,XOLD 'RPQD Q&KU'HQDU J Q&KU0]VW/DRGLNHLD9V,9/,$$9*967$ GUDSLHUWH%VWHU5V&21&25',$QOVLW]HQGH&RQFRUGLDPLW3DWHUDXQG)OOKRUQ5,&& (UZRUEHQLP$XJXVW 'XQNOH7|QXQJ5VWHLOV*UQVSDQDXIODJHY]

±

1106

1107

2:1 



,XOLD 'RPQD    Q &KU 'HQDU J   Q &KU 0]VW 5RP 9V ,9/,$ $9*967$ GUDSLHUWH %VWH Q U 5V >9@(67$ 0$7(5 .DLVHULQ RSIHUW FDSLWH YHODWR QHEHQ GHP 9HVWDWHPSHO LP ,QQHUHQ GDV .XOWELOGGHU9HVWD5,&&%0&+LOO6HYHUXV%DXWHQ61U ([7KH1HZ<RUN6DOH;,9/RV 7|QXQJ5V6FKUIVSXUDP5DQGVV

±

&DUDFDOOD    Q &KU 'HQDU J   Q &KU 0]VW 5RP 9V $1721,196 3,96 $9*%5,7 .RSIPLW/RUEHHUNUDQ]QU5V30753;9,&26,,,,33+HUNXOHVVWHKWPLW=ZHLJ.HXOHX/|ZHQIHOOQ O5,&D&%0&+LOO6HYHUXV Y]VW

± 


5g0(5

1108









1110

1109

1111

&DUDFDOODQ&KU'HQDU J Q&KU0]VW5RP9V$1721,1963,96$9**(50 .RSIPLW/RUEHHUNUDQ]QU5V30753;9,,&26,,,,33*HQLXV6HQDWXVVWHKWPLW=ZHLJX6WDEQO 5,&&%0&+LOO6HYHUXV VW &DUDFDOODQ&KU'HQDU J Q&KU0]VW5RP9V$1721,1963,96$9**(50 .RSIPLW/RUEHHUNUDQ]QU5V30753;9,,,&26,,,,33-XSLWHUVWHKWPLW=HSWHUXQG%OLW]EQGHOQU 5,&F&%0&+LOO6HYHUXV Y] (UZRUEHQDP 3ODXWLOODQ&KU'HQDU J Q&KU0]VW5RP9V3/$97,//$$9*967$GUDSLHUWH %VWHQU5V3,(7$6$9**3LHWDVPLW=HSWHUKlOWDXIGHP$UPHLQ.OHLQNLQG5,&&%0& +LOO6HYHUXV )DVWY] *HWDDOV&DHVDUQ&KU'HQDU J Q&KU0]VW5RP9V36(37*(7$&$(63217 GUDSLHUWH %VWH Q U 5V 12%,/,7$6 1RELOLWDV PLW =HSWHU X 3DOODGLXP Q U 5,& D &  +LOO 6HYHUXV 'XQNOH7|QXQJY] (UZRUEHQLP$XJXVW

±

±

±

±

1112 

*HWDDOV&DHVDUQ&KU'HQDU J Q&KU0]VW5RP9V36(37,0,96*(7$&$(6 GUDSLHUWH%VWHQU5V3529,''(25903URYLGHQWLDPLW=HSWHUKlOW6WDEEHU*OREXV5,&& +LOO6HYHUXV /HLFKWH7|QXQJ6FKU|WOLQJVULVVY] ([.ULFKHOGRUI6WXWWJDUW$XNWLRQ;;9,/RV

±

1113

1113 2:1 

*HWDQ&KU$($V J Q&KU0]VW5RP9V36(37,0,96*(7$3,96$9*%5,7 .RSIPLW/RUEHHUNUDQ]QU5V)2575('753,,,&26,,6&)RUWXQDPLW5XGHUX)OOKRUQWKURQWQO XQWHUGHP7KURQ5DG5,& D &%0&+LOO6HYHUXV 'XQNHOJUQHEUDXQH3DWLQDY]

±

1114 



0DFULQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&023(/6(90$&5,196$9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V )(/,&,7$67(032590)HOLFLWDVVWHKWPLW&DGXFHXVX =HSWHUQO5,&&%0& )DVWY]

±




1055

1067

1087




5g0(5

1115

2:1 

2:1

0DFULQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&023(/6(90$&5,196$9* 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V 6(&95,7$6 7(032590 Q O YRU $OWDU WKURQHQGH 6HFXULWDV PLW =HSWHU5,&&%0& 3DUWLHOOH$XIODJHQY] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

1116 2:1 

2:1

0DFULQXVQ&KU'HQDU J Q&KU0]VW5RP9V,03&023(/6(90$&5,196 $9*3DQ]HUEVWHPLW/RUEHHUNUDQ]QU53217,)0$;753&2633)LGHVPLW]ZHL6WDQGDUWHQVHW]W )X‰DXI+HOP5,&$&%0& VW ([/DQ]0QFKHQ$XNWLRQ-XQL/RV

±

1117 2:1 

2:1

0DFULQXV    Q &KU 'HQDU J  0]VW 5RP 9V ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U 5V )(/,&,7$6 7(032590 )HOLFLWDV PLW &DGXFHXV XQG =HSWHU Q O VWHKHQG5,&&%0&6‚ )DVWY]

±

1118 2:1 



2:1

0DFULQXV    Q &KU 'HQDU J  0]VW 5RP 9V ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V,29,&216(59$725,-XSLWHUVWHKWPLW%OLW]EQGHOXQG=HSWHUQO 5,&& YJO %0& )HLQH7|QXQJKHUYRUUDJHQGHV3RUWUlWY] ([.QNHU2VQDEUFN$XNWLRQ0lU]/RV

±


5g0(5

1119 2:1 

2:1

0DFULQXV    Q &KU 'HQDU J  0]VW 5RP 9V ,03 & 0 23(/ 6(9 0$&5,196 $9* 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V,29,&216(59$725,-XSLWHUPLW%OLW]EQGHOX=HSWHU5,& &%0& )DVWY]

±

1120 2:1 

2:1

0DFULQXV    Q &KU 'HQDU J  0]VW 5RP 9V ,03 & 0 23(/ 6(9 0$&5,196 $9* GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V,29,&216(59$725,-XSLWHUPLW%OLW]EQGHOXQG=HSWHU QOVWHKHQG5,&F&%0& )DVWY]

±

1121 2:1 

2:1

'LDGXPHQLDQDOV&DHVDUQ&KU'HQDU J 0]VW5RP9V023(/$17',$'90(1,$1 &$(6GUDSLHUWH3DQ]HUEVWHQU5V35,1&,99(1797,6'LDGXPHQLDQLQ0LOLWlUWUDFKWVWHKWPLW6WDEX =HSWHUQOUHLQH$TXLODXQGHLQH6WDQGDUWH5,&&%0&  56HKUJXWHV3RUWUlW'XQNOH7|QXQJY]

±

1122 2:1 

2:1

'LDGXPHQLDQDOV&DHVDUQ&KU'HQDU J 0]VW5RP9V023(/$17',$'90(1,$1 &$(6GUDSLHUWH3DQ]HUEVWHQU5V63(639%/,&$6SHVPLW%OXPHXQGLKU*HZDQGUDIIHQGVFKUHLWHWQO 5,&&%0& Y]

± 


5g0(5

1123







1124

1125

'LDGXPHQLDQDOV&DHVDUQ&KU'HQDU J 0]VW5RP9V023(/$17',$'90(1,$1 &$(6GUDSLHUWH3DQ]HUEVWHQU5V63(639%/,&$6SHVPLW%OXPHXQGLKU*HZDQGUDIIHQGVFKUHLWHWQO 5,&&%0& Y]

±

(ODJDEDOQ&KU'HQDU J 0]VW5RP9V,03$1721,1963,96$9*GUDSLHUWH%VWH PLW/RUEHHUNUDQ]QU5V,19,&7966$&(5'26$9*.DLVHUPLW.HXOHQOVWHKHQGRSIHUWDXV3DWHUDEHU $OWDUOLP)HOG6WHUQ5,&&%0& VW

±

(ODJDEDO    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,03 $1721,196 $9* GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V 3529,' '(2590 3URYLGHQWLD PLW )OOKRUQ OHKQW DQ 6lXOH X ]HLJWPLW6WDEDXI*OREXV5,&&%0& =7VFKLPPHUQGH7|QXQJY] (UZRUEHQDP

±

1126 2:1 

2:1

(ODJDEDOQ&KU'HQDU J Q&KU0]VW$QWLRFKLD9V,03$1721,1963,96 $9*GUDSLHUWH%VWHPLW/RUEHHUNUDQ]X+RUQQU5V,19,&7966$&(5'26$9*.DLVHUPLW.HXOHQO VWHKHQGRSIHUWDXV3DWHUDEHU$OWDUGDKLQWHUOLHJHQGHU6WLHUOLP)HOG6WHUQ5,&D&%0& 5VSDUWLHOOJUQH$XIODJHQY]

±

1127 2:1 

(ODJDEDO    Q &KU 4XLQDU J     Q &KU 0]VW 5RP 9V ,03 $1721,196 3,96 $9*GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QO5V6$&(5''(,62/,6(/$*$%.DLVHUVWHKWQUXRSIHUW PLW3DWHUDEHU$OWDULQGHU/LQNHQHLQH.HXOH " 5,&E&%0&.LQJ4XLQDULL61U 5(WZDVNRUURGLHUWWHLOZHLVHPLWGXQNOHQ$XIODJHQVV

1128 





2:1

±

1129

,XOLD 0DHVD    Q &KU 'HQDU J     Q &KU 0]VW 5RP 9V ,9/,$ 0$(6$ $9* GUDSLHUWH%VWHQU5V39',&,7,$3XGLFLWLDPLW=HSWHUWKURQWQOXOXSIWLKUHQ6FKOHLHU5,&& %0& Y] ,XOLD0DHVDQ&KU'HQDU J 0]VW5RP9V,9/,$0$(6$$9*GUDSLHUWH%VWHQU5V 39',&,7,$3XGLFLWLDPLW=HSWHUWKURQWQOXOXSIWLKUHQ6FKOHLHU5,&&%0& Y] (UZRUEHQLP$XJXVW

± ±


5g0(5

1130

1131

1132

1133



,XOLD6RDHPLDVQ&KU'HQDU J 0]VW5RP9V,9/,$62$(0,$6$9*967$GUDSLHUWH %VWHQU5V,9125(*,1$VWHKHQGH-XQRPLW=HSWHUXQG3DOODGLXP5,&&%0& Y]VW

±



,XOLD6RDHPLDVQ&KU'HQDU J 0]VW5RP9V,9/,$62$(0,$6$9*GUDSLHUWH%VWH QU5V9(196&$(/(67,69HQXVPLW=HSWHUX$SIHOVLW]WQOGDYRU.LQG5,&&%0& 7|QXQJIDVWY]

±



,XOLD 3DXOD  Q &KU 'HQDU J  0]VW 5RP 9V ,9/,$ 3$9/$ $9* GUDSLHUWH %VWH Q U 5V &21&25',$,XOLD3DXODX(ODJDEDOLQGH[WUDUXPLXQFWLR5,&&%0& Y]

±



,XOLD 3DXOD  Q &KU 'HQDU J  0]VW 5RP 9V ,9/,$ 3$9/$ $9* GUDSLHUWH %VWH Q U 5V&21&25',$&RQFRUGLDVLW]WPLW3DWHUDQOOLP)HOG6WHUQ5,&&%0& ([*RUQ\ 0RVFK$XNWLRQ/RV =DUWH7|QXQJIDVWY]

±

1134









1135

1136

1137

,XOLD $TXLOLD 6HYHUD    Q &KU 'HQDU J  0]VW 5RP 9V ,9/,$ $49,/,$ 6(9(5$ $9* GUDSLHUWH%VWHQU5V&21&25',$&RQFRUGLDPLW'RSSHOIOOKRUQRSIHUWDXV3DWHUDEHU$OWDULP)HOGO 6WHUQ5,&&%0& Y]VVY]

±

6HYHUXV $OH[DQGHU DOV &DHVDU    Q &KU 'HQDU J  0]VW 5RP 9V 0 $95 $/(;$1'(5 &$(6GUDSLHUWH%VWHQU5V3,(7$6$9*YRQOQDFKU/LWXXV0HVVHU.DQQH6LPSXOXPX:HLKZHGHO 5,&&%0& Y] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUHH[*RUQ\ 0RVFK$XNWLRQ/RV

±

6HYHUXV $OH[DQGHU    Q &KU 'HQDU J   Q &KU 0]VW 5RP 9V ,03 6(9 $/(;$1' $9* .RSI PLW /RUEHHUNUDQ] Q U 5V 9,5796 $9* 9LUWXV PLW =ZHLJ X =HSWHU VLW]W DXI 3DQ]HU Q O 5,&&%0& 7|QXQJY] (UZRUEHQLP$XJXVW

±

6HYHUXV$OH[DQGHUQ&KU'HQDU J Q&KU0]VW5RP9V,03$/(;$1'(53,96 $9*GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V0$569/7250DUVLQ5VWXQJPLW6FKLOGXQG6SHHU VFKUHLWHWQU5,&&%0&I VW

±

1138 

6HYHUXV$OH[DQGHUQ&KU'HQDU J Q&KU0]VW5RP9V,03$/(;$1'(53,96 $9*GUDSLHUWH%VWHPLW/RUEHHUNUDQ]QU5V30753;,,&26,,,336ROVFKUHLWHWPLW3HLWVFKHQO 5,&&%0& Y]

± 


5g0(5

1139 1,5:1 

6DOOXVWLD2UELDQDQ&KU'HQDU J Q&KU0]VW5RP9V6$//%$5%,$25%,$1$ $9* GUDSLHUWH %VWH PLW 'LDGHP Q U 5V &21&25',$ $9** &RQFRUGLD VLW]W PLW 'RSSHOIOOKRUQ XQG 2SIHUVFKDOHQO5,&&%0& Y]

1140





6DOOXVWLD2UELDQDQ&KU$(6HVWHU] J 0]VW5RP9V6$//%$5%,$25%,$1$$9* GUDSLHUWH%VWHPLW6WHSKDQHQU5V&21&25',$$9*96725906&6HYHUXV$OH[DQGHUDOV7RJDWXVO VWHKHQGLQGHU/LQNHQHLQH%XFKUROOHXQG2UELDQDFDSLWHYHODWRUVWHKHQGUHLFKHQVLFKGLH5HFKWH5,& & 6FK|QHJUQH3DWLQDY] ([5DXFK:LHQ$XNWLRQ/RV





±

1142

0D[LPLQXV7KUD[Q&KU'HQDU J Q&KU0]VW5RP9V0$;,0,1963,96$9* *(50 GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U 5V 9,&725,$ *(50 9LNWRULD PLW 3DOP]ZHLJ X .UDQ]]XLKUHQ)‰HQHLQ*HIHVVHOWHU5,&&%0&0,5& 7|QXQJY]

±

0D[LPLQXV7KUD[Q&KU'HQDU J Q&KU0]VW5RP9V0$;,0,1963,96$9* *(50GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V30753,,,&2633.DLVHULQ0LOLWlUWUDFKWPLW 6SHHULQGHU/LQNHQ]ZLVFKHQ]ZHL6WDQGDUWHQ5,&&%0&0,5& Y]

±

1143 

±

1140

1,5:1

1141 

1,5:1

1144

'LYD3DXOLQDDEQ&KU'HQDU J Q&KU0]VW5RP9V',9$3$9/,1$GUDSLHUWH %VWH FDSLWH YHODWR Q U 5V &216(&5$7,2 3DXOLQD PLW =HSWHU VLW]W DXI Q U IOLHJHQGHP 3IDX 5,&  0D[LPXV &%0&0,5D (PLVVLRQ  'XQNOH7|QXQJY]

±

0D[LPXVQ&KU'HQDU J Q&KU0]VW5RP9V0$;,096&$(6*(50GUDSLHUWH 3DQ]HUEVWH Q U 5V 35,1& ,99(1797,6 0D[LPXV LP PLOLWlULVFKHQ *HZDQG PLW 6WDE XQG /DQ]H Q O VWHKHQGGDKLQWHU]ZHL6WDQGDUWHQ5,&&%0&0,5& Y]

±


5g0(5

1145

2:1

2:1 

*RUGLDQ ,  Q &KU 'HQDU J  0]VW 5RP 9V ,03 0 $17 *25',$196 $)5 $9* GUDSLHUWH 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V30753&2633.DLVHUDOV7RJDWXVPLW=ZHLJX3DUD]RQLXP5,& &%0& /HLFKWH7|QXQJY] ([*RUQ\ 0RVFK$XNWLRQ/RVH[.QNHU2VQDEUFN$XNWLRQ/RV

±

1146

2:1

2:1 

*RUGLDQ ,  Q &KU 'HQDU J  0]VW 5RP 9V ,03 0 $17 *25',$196 $)5 $9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U 5V 6(&95,7$6 $9** 6HFXULWDV PLW =HSWHU VLW]W Q O 5,&  &  %0& 'XQNOH7|QXQJY] *RUGLDQ , JHE  JHVW  Q&KU  UHJLHUWH PLW VHLQHP 6RKQ *RUGLDQ ,, QXU  7DJH (U ZXUGH JHJHQ VHLQHQ:LOOHQLP$OWHUYRQ-DKUHQLQ1RUGDIULND]XP.DLVHUDXVJHUXIHQ6HLQ6RKQVWDUELP.DPSIJHJHQ &DSHOOLDQXVGHQ/HJDWHQYRQ1XPLGLHQGHUDXIGHU6HLWHYRQ0D[LPLQXV7KUD[NlPSIWH$OVHUYRP7RGGHV 6RKQHVHUIXKUEHJLQJ*RUGLDQ,6HOEVWPRUG'DUDXIKLQZXUGHQ3XSLHQXVXQG%DOELQXVDOVJOHLFKEHUHFKWLJWH .DLVHUYRP6HQDWHLQJHVHW]WXQGGHUHUVWMlKULJH(QNHOYRQ*RUGLDQ,*RUGLDQ,,,ZXUGH0LWUHJHQWXQG ]XP1DFKIROJHUGHNODULHUW

±

1147

2:1



2:1

*RUGLDQ,Q&KU'HQDU J Q&KU0]VW5RP9V,030$17*25',$196$)5$9* GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V520$($(7(51$(5RPDPLW=HSWHUX9LFWRULRODVLW]WQO DXI6FKLOG5,&&%0& 7|QXQJY]

± 


5g0(5

1148 2:1 

2:1

*RUGLDQ ,,  Q &KU 'HQDU J  0]VW 5RP 9V ,03 0 $17 *25',$196 $)5$9*GUDSLHUWH 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V9,5796$9**9LUWXVVWHKWPLW6SHHUXDXI6FKLOGJHVWW]WQO5,& &%0& 7|QXQJY]

±

1149

2:1 

2:1

%DOELQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&$(6'&$(/%$/%,196$9*GUDSLHUWH 3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V),'(60979$$9**GH[WUDUXPLXQFWLR5,&&%0& 7|QXQJ5VOHLFKWH3UlJHVFKZlFKHY]

±

1150

2:1 

2:1

%DOELQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&$(6'&$(/%$/%,196$9*GUDSLHUWH 3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V),'(60979$$9**GH[WUDUXPLXQFWLR5,&&%0&  Y]

±

1151 2:1 



2:1

%DOELQXV  Q &KU 'HQDU J  0]VW 5RP 9V ,03 & ' &$(/ %$/%,196 $9* GUDSLHUWH 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V9,&725,$$9**9LNWRULDPLW.UDQ]X3DOP]ZHLJ5,&& %0& Y]

±


5g0(5

1152

2:1 

2:1

3XSLHQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&$(6393,(10$;,096$9*GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V &$5,7$6 0979$ $9** GH[WUDUXP LXQFWLR 5,& E &  %0& Y]

±

1153

2:1 

2:1

3XSLHQXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&$(6393,(10$;,096$9*GUDSLHUWH 3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V3$75(66(1$796GH[WUDUXPLXQFWLR5,&E&%0& Y]

±

1154 2:1 

2:1

3XSLHQXV  Q &KU 'HQDU J  0]VW 5RP 9V ,03 & 0 &/2' 393,(196 $9* GUDSLHUWH 3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V&21&25',$$9**&RQFRUGLDPLW'RSSHOIOOKRUQX3DWHUDVLW]WQ O5,&&%0& Y]

±

1155 2:1 

2:1

*RUGLDQ,,,Q&KU$XUHXV J Q&KU0]VW5RP9V,03*25',$1963,96 )(/$9*GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V/$(7,7,$$9*1/DHWLWLDPLW.UDQ]X$QNHUQ OVWHKHQG5,&%ODQG&DOLFy,,D *ROG:LQ]LJH.UDW]HUIDVWY]

± 


5g0(5

1156 



*RUGLDQ,,,Q&KU$QWRQLQLDQ J Q&KU0]VW5RP9V,03&$(60$17 *25',$196$9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V,29,&216(59$725,-XSLWHUPLW %OLW]X=HSWHUO*RUGLDQ5,&& Y] *RUGLDQ,,,Q&KU'HQDU J 6RPPHUQ&KU0]VW5RP+RFK]HLWVHPLVVLRQ9V,03 *25',$196 3,96 )(/ $9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U 5V 6$/96 $9*967, 6DOXV IWWHUWDXV3DWHUD6FKODQJHDXILKUHP$UP5,&$& 7|QXQJY] (UZRUEHQLP$XJXVW

1158







±

±

1159

*RUGLDQ,,,Q&KU'HQDU J Q&KU0]VW5RP9V,03*25',$1963,96 )(/$9*GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V/$(7,7,$$9*1/DHWLWLDPLW.UDQ]X$QNHU 5,&& Y]

±

3KLOLSS,$UDEVQ&KU$QWRQLQLDQ J Q&KU0]VW5RP9V,030,9/3+,/,3396 $9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V30753,,,&2633)HOLFLWDVVWHKWPLW&DGXFHXV XQG)OOKRUQQO5,&& 5VSDUWLHOO5RVWDXIODJHQY]VW

±

1160 

1157

1161

3KLOLSS , $UDEV    Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V ,03 0 ,9/ 3+,/,3396 $9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH 5V 520$( $(7(51$( 5RPD VLW]W PLW 9LFWRULRODX=HSWHUQODQLKUHU6HLWHHLQ6FKLOG5,&E& Y]

±

3KLOLSS,$UDEVQ&KU$QWRQLQLDQ J Q&KU0]VW5RP9V,033+,/,3396 $9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V$(7(51,7$6$9**(OHIDQWPLW5HLWHUQO5,& & Y]

±

1162 1163 





3KLOLSS , $UDEV    Q &KU $QWRQLQLDQ J   Q &KU 0]VW 5RP (PLVVLRQ ]XU -DKU)HLHU 5RPV  9V ,03 3+,/,3396 $9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V 6$(&9/$5(6$9**9+LUVFKQU5,&& 'XQNOH7|QXQJY]

±

3KLOLSS , $UDEV    Q &KU $( 6HVWHU] J  0]VW 5RP 9V ,03 0 ,9/ 3+,/,3396 $9* GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V3$;$(7(51$6&3D[VWHKWPLW/RUEHHU]ZHLJX=HSWHU QO5,&D& 9RUZLHJHQGEUDXQH3DWLQDY]

±


5g0(5

1165

1164 



3KLOLSS , $UDEV    Q &KU $( 6HVWHU] J  0]VW 5RP 9V ,03 0 ,9/ 3+,/,3396 $9* GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V/$(7)91'$7$6&/DHWLWLDVWHKWPLW5XGHUXQG.UDQ] QO5,&D& *UQEUDXQH3DWLQDVVY] ([*RUQ\ 0RVFK$XNWLRQ/RV 2WDFLOLD 6HYHUD    Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V 0 27$&,/ 6(9(5$$9*GUDSLHUWH%VWHPLW6WHSKDQHDXI0RQGVLFKHOQU5V&21&25',$$9**&RQFRUGLDPLW 3DWHUDX'RSSHOIOOKRUQVLW]WQO5,&& Y]VW

1166 





1167

±

3KLOLSS ,, DOV &DHVDU    Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V 0 ,9/ 3+,/,3396&$(6GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V35,1&,3,,99(173KLOLSS,,PLW*OREXVX 6SHHUQO5,&G& VW

±

1168

1,5:1

3KLOLSS,,Q&KU$(6HVWHU] J Q&KU0]VW5RP9V,030,9/3+,/,3396 $9*GUDSLHUWH3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V/,%(5$/,7$6$9**,,,6&3KLOLSS,PLW=HSWHUX 3KLOLSS,,VLW]HQDXIVHOODFXUXOLV5,&D& +HUYRUUDJHQGHV3RUWUlW5RWEUDXQH3DWLQDY] ([ 1XPVLPDWLN /DQ] 0QFKHQ $XNWLRQ   /RV  HUZRUEHQ YRQ $( &DKQ LQ )UDQNIXUW0DLQ DP IU0DUN

1169 

±

3KLOLSS ,, DOV &DHVDU    Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V 0 ,9/ 3+,/,3396&$(6GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V35,1&,3,,99(173KLOLSS,,PLW*OREXVX /DQ]HVFKUHLWHWQU5,&F& Y]

1168 

±

±

1170

7UDLDQXV'HFLXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&0475$,$196'(&,96 $9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V3$1121,$(GLHEHLGHQ3DQQRQLDHFDSLWHYHODWRPLW 6WDQGDUWHQ5,&E& 5VSDUWLHOOJUQH$XIODJHQY]

±

7UDLDQXV'HFLXVQ&KU$QWRQLQLDQ J 0]VW5RP9V,03&0475$,$196'(&,96 $9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V $'9(1796 $9* .DLVHU PLW =HSWHU X HUKREHQHU 5HFKWHQUHLWHWQO5,&E& 9V6WHPSHOEUXFKY]

± 


5g0(5

1171



7UDLDQXV 'HFLXV    Q &KU $( 'RSSHOVHVWHU] J  0]VW 5RP 9V ,03 & 0 4 75$,$196 '(&,96$9*3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V)(/,&,7$66$(&9/,6&)HOLFLWDVPLW&DGXFHXV X)OOKRUQ5,&D& 53UDFKWH[HPSODU6FK|QHJUQH3DWLQDY] ([.QNHU2VQDEUFN$XNWLRQ/RV

1172 









1173

±

+HUHQQLXV (WUXVFXV DOV &DHVDUQ&KU $QWRQLQLDQ J 0]VW5RP9V4+(5(750(6 '(&,96 12% & GUDSLHUWH %VWH PLW 6WUDKOHQNURQH Q U 5V 3,(7$6 $9*9672590 :HGHO 6LPSXOXP &DSLV2SIHUVFKDOHX/LWXXV5,&& 9VSDUWLHOOJUQH$XIODJHQY]

±

1175

+RVWLOLDQDOV&DHVDUQ&KU$QWRQLQLDQ J 0]VW5RP9V&9$/(16+267,/0(649,1796 1&GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V35,1&,3,,99(1797,6+RVWLOLDQPLW/DQ]HX6WDQGDUWH 5,&& 3DUWLHOO(LVHQR[LGDXIODJHQY]

±

9ROXVLDQ    Q &KU $QWRQLQLDQ J  0]VW 5RP 9V ,03 &$( & 9,% 92/96,$12 $9* GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V30753,,,,&26,,9ROXVLDQDOV7RJDWXVPLW=HSWHUKlOW 3DWHUDEHU$OWDU5,&& Y]

±

1176 

±

+HUHQQLD (WUXVFLOOD    Q &KU $QWRQLQLDQ J  0]VW 5RP 9V +(5 (7596&,//$ $9* GUDSLHUWH %VWH PLW 6WHSKDQH DXI 0RQGVLFKHO Q U 5V 39',&,7,$ $9* 3XGLFLWLD PLW =HSWHU OXSIW LKUHQ 6FKOHLHU5,&E& /HLFKWH3UlJHVFKZlFKHY]

1174 

1171

1,5:1

1177

$HPLOLDQ  Q &KU $QWRQLQLDQ J  0]VW 5RP 9V,03$(0,/,$1963,96)(/$9*GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V 0$57, 35239*7 0DUV VWHKW PLW /DQ]H Q O X VWW]W VLFK DXI 6FKLOG5,&& 7|QXQJY]

±

9DOHULDQ ,    Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V ,03 & 3 /,& 9$/(5,$196$9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V$32/,1,35239*$SROOVSDQQWGHQ %RJHQ5,&&0,5G Y]

±


5g0(5

1178







±

*DOOLHQXV $OOHLQKHUUVFKDIW     Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V *$//,(196 $9* .RSI PLW 6WUDKOHQNURQH Q U 5V )(/,&,7 39%/  7 )HOLFLWDV VLW]W PLW &DGXFHXV X )OOKRUQQO5,&&0,5J *HW|QWHU6LOEHUVXGY]

±

*DOOLHQXV $OOHLQKHUUVFKDIW     Q &KU $QWRQLQLDQ J     Q &KU 0]VW 5RP 9V *$//,(196 $9* .RSI PLW 6WUDKOHQNURQH Q U 5V 9,&725,$ $(7 9LNWRULD VWHKW PLW .UDQ] X 3DOP]ZHLJQOOLP)HOG=5,&&0,5D Y]

±



1181

1,5:1

*DOOLHQXV $OOHLQKHUUVFKDIW Q&KU$(6HVWHU] J Q&KU0]VW5RP9V,03 &3*$//,(196$9*3DQ]HUEVWHPLW/RUEHHUNUDQ]QU5V9,5796$9**6&0DUVVWHKWPLW/DQ]H DXI6FKLOGJHVWW]WQO5,&&0,5GG 6FKZDU]JUQH3DWLQDY] (['U-DFRE+LUVFK0QFKHQ$XNWLRQ/RVH[6RWKHE\:LONLQVRQ +RGJH/RQGRQ$XNWLRQ  6DPPOXQJ HLQHV $VWURQRPHQ  H[ 6RWKHE\ :LONLQVRQ  +RGJH /RQGRQ $XNWLRQ  /RV  6DPPOXQJ5REHUW&DUIUDH 

1182 

1180

'LYD0DULQLDQDJHVWYRUQ&KU$QWRQLQLDQ J Q&KU0]VW9LPLQDFLXP9V',9$( 0$5,1,$1$( GUDSLHUWH %VWH FDSLWH YHODWR DXI 0RQGVLFKHO Q U 5V &216(&5$7,2 0DULQLDQD PLW =HSWHUODJHUWDXIHLQHPQUIOLHJHQGHQ3IDX5,&&0,5E 'XQNOH7|QXQJJXWHVVV

1181



1179

±

1183

'LYXV9DOHULDQ,,&DHVDUDEQ&KU$QWRQLQLDQ J Q&KU0]VW&RORQLD&ODXGLD$UD $JULSSLQHQVLXP9V',929$/(5,$12&$(6GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V&216$&5$7,2 $GOHUWUlJW9DOHULDQ,,LQGHQ+LPPHO5,&&0,5H 'XQNOH7|QXQJSDUWLHOOJUQH$XIODJHQVVY]

±

/DHOLDQXVQ&KU$QWRQLQLDQ J Q&KU0]VW&RORQLD&ODXGLD$UD$JULSSLQHQVLXP9V,03 & /$(/,$196 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V 9,&725,$ $9* 9LNWRULD VFKUHLWHWPLW.UDQ]X3DOP]ZHLJQU5,&&6OJ3LHUUH*HQGUH(OPHU 'XQNOH7|QXQJY]

± 


5g0(5

1184 1185







1186

0DULXV  Q &KU $QWRQLQLDQ J Q&KU0]VW$XJXVWD7UHYHURUXP9V,03&0$5,963) $9*GUDSLHUWH3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V&21&25',$0,/,790GH[WUDUXPLXQFWLR5,& &(OPHU6OJ3LHUUH*HQGUH=VFKXFNH VVY]

±

&ODXGLXV *RWKLFXV    Q &KU $( 0HGDLOORQ J  9V ,03 & &/$9',96 $9* %VWH PLW 6WUDKOHQNURQHX*HZDQGDXIO6FKXOWHUQU5V$(49,7$6$9*$HTXLWDVVWHKWPLW:DDJHX)OOKRUQQU 5,&&0,55,&RQOLQH 555%UDXQJUQH3DWLQDVV

±

$XUHOLDQQ&KU$QWRQLQLDQ J Q&KU0]VW6HUGLFD9V,03$95(/,$196$9* GUDSLHUWH%VWHPLW6WUDKOHQNURQHX6FKHLEHQILEHOPLWSODVWLVFKHU%VWHQU5V,29,&216(56-XSLWHU PLW =HSWHU UHLFKW .DLVHU PLW=HSWHUHLQHQ*OREXV5,&5,&RQOLQH&%10,5O FRUU %VWH  5%UDXQH3DWLQD6FKU|WOLQJVULVVJXWHVVV

±

1188

1187





$XUHOLDQQ&KU$QWRQLQLDQ J Q&KU0]VW6HUGLFD9V,03$95(/,$196$9* 3DQ]HUEVWHPLW6WUDKOHQNURQHQU5V5(67,79725%,6 .ā$ā$.DLVHUPLW=HSWHUHPSIlQJWYRQHLQHU )UDXOHLQHQ.UDQ]5,&5,&RQOLQH&%10,5I 7|QXQJ6FKU|WOLQJVULVVY]

±

7DFLWXVQ&KU$QWRQLQLDQ J Q&KU0]VW5RP9V,03&0&/7$&,796$9* %VWHPLW6WUDKOHQNURQHX*HZDQGDXIO6FKXOWHUQU5V/$(7,7,$)91';;,%/DHWLWLDPLW.UDQ]X $QNHU5,&&%15,&2QOLQH Y]

±

1189

2:1 



2:1

3UREXV    Q &KU $XUHXV J  0]VW 6HUGLFD 9V ,03 & 0$95352%963$9*EHKHOPWH 3DQ]HUEVWHPLW6FKLOGX6SHHUQO5V9,&725,$($9*9LNWRULDIlKUWLQ4XDGULJDQO5,&& $XIEDX61U&DOLFy,, GLHVHU6WHPSHO  *ROGVW ([1XPLVPDWLFD$UV&ODVVLFD=ULFK$XNWLRQ/RV

±


5g0(5

1190

2:1



2:1

3UREXV    Q &KU $QWRQLQLDQ J   Q &KU "  0]VW 6LVFLD 9V ,03 352%96 3 ) $9* .RQVXODUEVWHPLW6WUDKOHQNURQHX$GOHU]HSWHUQO5V&$//,23($9*.DOOLRSHVWHKWQUXVSLHOWGLHDXILKUHP UHFKWHQ%HLQDXIJHVWW]WH/\UD5,&&$XIEDX 55EHNDQQWHV([HPSODU'XQNOH7|QXQJVV 'DV5FNVHLWHQPRWLYPLWGHU0XVHGHU'LFKWXQJ.DOOLRSHWULWWLQGHUU|PLVFKHQ0Q]SUlJXQJQXUQRFKDXI UHSXEOLNDQLVFKHQ'HQDUHQGHV43RPSRQLXV0XVD YJO&UE DXVGHU=HLWY&KUDXI 'LH$QWRQLQLDQHYRQ3UREXVPLW.DOOLRSHDXIGHP5HYHUVYRQGHQHQELVKHUPLWXQVHUHP([HPSODUVHFKV6WFN EHNDQQWVLQGZHUGHQPLWGHU0Q]VWlWWH6LVFLDLQ9HUELQGXQJJHEUDFKW,P-DKUQ&KUQDKP3UREXV]XP HUVWHQ 0DO GDV .RQVXODW DQ 0|JOLFKHUZHLVH ZXUGHQ ]X GLHVHP $QODVV GLH 0Q]HQ PLW GHU .DOOLRSH'DUVWHOOXQJ KHUDXVJHJHEHQ'DVZUGH]XPLQGHVWLKUH6HOWHQKHLWHUNOlUHQ'DV5FNVHLWHQPRWLYZUGHVLFKGDULQEHJUQGHQGDVVGLH 9HUOHLKXQJ GHV .RQVXODWV PLW IHLHUOLFKHQ =HUHPRQLHQ XQG SDQHJ\ULVFKHQ/REUHGHQEHJDQJHQZXUGHGHUHQ9RUVLW]GLH 0XVH.DOOLRSHHLQQDKP9JO.RPPHQWDUEHL&1*7ULWRQ,;/RV

±

1191

2:1



2:1

3UREXV    Q &KU $QWRQLQLDQ J   Q &KU 0]VW 6LVFLD 9V ,03 & 0 $95 352%96 3 $9* 3DQ]HUEVWH PLW 6WUDKOHQNURQH 6FKLOG X 6SHHU Q O 5V 62/, ,19,&72  ;;,96ROPLWHUKREHQHU 5HFKWHQLQ4XDGULJDQO5,&&$XIEDX6(P *UQEUDXQH3DWLQDY]

1192





±

1193

0DJQLD 8UELFD    Q &KU $QWRQLQLDQ J  0]VW 5RP 9V 0$*1 95%,&$ $9* GUDSLHUWH %VWH PLW 6WHSKDQH DXI 0RQGVLFKHO Q U 5V ,912 5(*,1$  .$6 -XQR PLW =HSWHU X 3DWHUD U ]X LKUHQ )‰HQHLQ3IDX5,&& %UDXQH3DWLQDY]

±

1XPHULDQXVDOV&DHVDUQ&KU$QWRQLQLDQ J 0]VW$QWLRFKLD9V0$95190(5,$196 12%&GUDSLHUWH%VWHPLW6WUDKOHQNURQHQU5V9,5796$9***;;,&DUXVUHLFKW1XPHULDQXVPLW =HSWHUHLQHQ*OREXV5,&& *HW|QWHU6LOEHUVXGY]

± 


5g0(5

1194

2:1



2:1

'LRFOHWLDQQ&KU$XUHXV J Q&KU0]VW5RP9V,03&&9$/',2&/(7,$1963 ) $9* GUDSLHUWH %VWH PLW /RUEHHUNUDQ] Q U 5V ,29, &216(59$7 $9* VWHKHQGHU -XSLWHU PLW 6FKXOWHUPDQWHO=HSWHUXQG%OLW]EQGHO5,&%&'HSH\URW$&DOLFy,, ([.QNHU2VQDEUFN$XNWLRQ/RV *ROG5:LQ]LJH.UDW]HUIDVWY]

±

1195

2:1



2:1

'LRFOHWLDQQ&KU$XUHXV J Q&KU0]VW7KHVVDORQLNL9V',2&/(7,$196 3 ) $9* .RSI PLW /RUEHHUNUDQ] Q U 5V ,29, &216(59$725,  6 UHWURJUDG  7ā6ā -XSLWHU VWHKW PLW %OLW]EQGHOXQG=HSWHUQO5,&9,&DOLFy,, *ROG3UDFKWH[HPSODUVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

1196

2:1





2:1

'LRFOHWLDQ    Q &KU $XUHXV J     Q &KU 0]VW 1LNRPHGLD 9V ',2&/(7,$196 $9*96796.RSIPLW/RUEHHUNUDQ]QU5V;;',2&/(7,$1,$9*601LP/RUEHUNUDQ]5,&9, &&DOLFy,, *ROG3UDFKWH[HPSODUVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH 'LHVH$XUHLZXUGHQIUGLH9LFHQQDOLHQGDV-DKUHVQ&KUJHSUlJW

±




1189

1171

1194




5g0(5

1197

2:1

2:1 

'LRFOHWLDQQ&KU$UJHQWHXV J Q&KU0]VW7KHVVDORQLNL9V',2&/(7,$196 $9* .RSI PLW /RUEHHUNUDQ] Q U 5V 9,5796 0,/,790  76% YLHUWUPLJHV /DJHU PLW JH|IIQHWHQ 7UIOJHOQXQG6WHUQEHUGHP7RUERJHQ5,&9, Y]

±

1198 2:1 

2:1

0D[LPLDQXV +HUFXOLXV    Q &KU $UJHQWHXV J     Q &KU 0]VW 6HUGLFD 9V 0$;,0,$196$9*.RSIPLW/RUEHHUNUDQ]QU5V9,57960,/,790ā60ā6'$āGUHLWUPLJHV/DJHU PLWRIIHQHP7RU5,&9,E VW

1200

1199 



±

0D[LPLDQXV+HUFXOLXVQ&KU$()ROOLV J Q&KU0]VW$XJXVWD7UHYHURUXP 9V ,03 0$;,0,$196 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U 5V *(1,2 3239/, 520$1,$ 75*HQLXVPLW0RGLXVDXIGHP.RSIVWHKWPLW)OOKRUQX3DWHUDQO5,&9,E *HW|QWHU6LOEHUVXGY]

±

&DUDXVLXV    Q &KU $QWRQLQLDQ J     Q &KU 0]VW &DPXORGXQXP 9V ,03 & 0 &$5$96,96 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 6WUDKOHQNURQH Q U 5V 3$; $9*  6  & 3D[ PLW 2OLYHQ]ZHLJX=HSWHU5,&& 'XQNHOEUDXQH3DWLQDY]

±

1201

1202 2:1



$OOHFWXVQ&KU4XLQDU J 0]VW/RQGLQLXP9V,03&$//(&7963)$9*3DQ]HUEVWH PLW6WUDKOHQNURQHQU5V9,5796$9*4/*DOHHUHQO5,& *UQH3DWLQDVV

±



&RQVWDQWLXV , &KORUXV    Q &KU $UJHQWHXV J  0]VW 6HUGLFD 9V &2167$17,96 $9* .RSIPLW/RUEHHUNUDQ]U5V9,57960,/,790ā60ā6''GUHLWUPLJHV/DJHUPLWRIIHQHP7RU5,&9, D 55VW

±




5g0(5

1203

2:1 

2:1

*DOHULD 9DOHULD    Q &KU $XUHXV J   Q &KU 0]VW 6LVFLD 9V *$/ 9$/(5,$ $9* GUDSLHUWH%VWHPLW'LDGHPDXI0RQGVLFKHOQU5V9(1(5,9,&75,&,6,69HQXVPLW$SIHOOXSIWPLWGHU /LQNHQLKU*HZDQGXQGKlOWLQ5HFKWHUHLQHQ$SIHO5,&9,&'HSH\URW&DOLFy,, $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQLQGHQHU-DKUHQ *ROG3UDFKWH[HPSODUVW

1204 



1205

*DOHULD9DOHULDQ&KU$()ROOLV J FDQ&KU0]VW6LVFLD9V*$/9$/(5,$ $9* IURQWDOH GUDSLHUWH %VWH .RSI Q U PLW 6WHSKDQH 5V 9(1(5, 9,&75,&,  0RQGVLFKHO  *  6,6 9HQXVPLW$SIHOOXSIWLKU*HZDQG5,&9, *HW|QWHU6LOEHUVXGOHLFKWHU'RSSHOVFKODJY]

±

6HYHUXV,,DOV&DHVDUQ&KU$()ROOLV J 0]VW&DUWKDJR9V)/9$/6(9(59612% &$(6.RSIPLW/RUEHHUNUDQ]QU5V6$/9,6$9**(7&$(66)(/.$57+*.DUWKDJRKlOW)UFKWH LQEHLGHQ+lQGHQ5,&9,D 'XQNHOEUDXQH3DWLQDY]

±

1207

1206 



±

0D[HQWLXVQ&KU$()ROOLV J )UKOLQJ6RPPHUQ&KU0]VW$TXLOHLD9V,03 0$;(17,963)$9*&216,,.RQVXODUEVWHPLW/RUEHHUNUDQ]X$GOHU]HSWHUQU5V&216(5995% 69$($4*KH[DVW\OHU7HPSHOPLW.UHX]LP7\PSDQRQX6WDWXHQDOV(FNDNURWHUHGDULQ6LW]VWDWXHGHU5RPD PLW *OREXV =HSWHU X 6FKLOG 5,& 9,  'URVW 0D[HQFH  %DXWHQ 6  1U  +LOO 0RQXPHQWV 61U 'XQNHOEUDXQH3DWLQDY]

±

'LYXV 5RPXOXV DE  Q &KU $( )ROOLV J     Q &KU 0]VW 2VWLD 9V ,03 0$;(17,96 ',92 5209/2 1 9 ),/,2 .RSI Q U 5V $(7(51$ 0(025,$  02674 $GOHU DXI *UDEEDX PLW JH|IIQHWHU7U5,&9,%DXWHQ6I+LOO0RQXPHQWV6II 'XQNHOEUDXQH3DWLQDY]

±

1208 1,5:1 

1,5:1

/LFLQLXV,Q&KU$()ROOLV J 0]VW$QWLRFKLD9V''11,29,,/,&,1,,,19,&7$9* (7 &$(6 JHJHQVWlQGLJH GUDSLHUWH %VWHQ PLW /RUEHHUNUDQ] YRQ /LFLQLXV , XQG /LFLQLXV ,, GD]ZLVFKHQ 7URSDHXPPLW]ZHL6FKLOGHQ5V,20(79,5797,''11$9*(7&$(6-XSLWHUVWHKWPLW=HSWHUQO GDYRU7URSDHXPXQWHUGHP]ZHL*HIDQJHQHVLW]HQ5,&9,, 0]VW+HUDNOHD  55VV $XVHLQHUQLHGHUUKHLQLVFKHQ3ULYDWVDPPOXQJ 9JOGD]X3%DVWLHQ&RLQVZLWKD'RXEOH(IILJ\LVVXHGE\/LFLQLXVDW1LFRPHGLD&\]LFXVDQG$QWLRFKLQ1& 67DIII

±




5g0(5

1209 

&RQVWDQWLQ , GHU *UR‰H    Q &KU 6LOLTXD J     Q&KU0]VW6LVFLD9V.RSIPLW 'LDGHP X QDFKREHQJHULFKWHWHP%OLFNQU5V&2167$17,196$9*6,69LNWRULDPLW3DOP]ZHLJX .UDQ]VFKUHLWHWQO5,&9,, 7|QXQJ6FKU|WOLQJVULVV9VX5V*UDIILWL5V'UXFNVWHOOHQJXWHVVV

±

1210

2:1 

2:1

&RQVWDQWLQ,GHU*UR‰HQ&KU$()ROOLV J Q&KU0]VW.RQVWDQWLQRSHO9V &2167$17,196 0$; $9* QDFK REHQ EOLFNHQGHU .RSI PLW 5RVHWWHQGLDGHP Q U 5V &2167$17,1, $1$ '$)1(  '  &216 9LNWRULD PLW /RUEHHU X 3DOP]ZHLJ VLW]W Q O DXI $OWDU GDYRU HLQ 7URSDHXP X *HIDQJHQHU 56 6SHFN  6W0 +XVWRQ &RQVWDQWLQH V 'DIQH &RLQDJH DW &RQVWDQWLQRSOH    5,&9,, *UQEUDXQH3DWLQDY] =XU'HXWXQJGHV'DSKQHSDODVWHV&KY0RVFK$SKURGLWH6HOHQH9RQGHU$HQHDGXPJHQHWUL[]XPSUREOHPD WLVFKHQELRVGHU+HOHQD$XJXVWDLQ-1*6EHV6

1211 



±

1212

6WDGWSUlJXQJ DXV GHU =HLW &RQVWDQWLQ , 6LOLTXD J  FD  Q &KU 0]VW .RQVWDQWLQRSHO  9V $FKWVWUDKOLJHU6WHUQ5V.UDQ]]HQWUDOHLQ3XQNW5,&&YJO9,,,6 7HVVHUD %HQGDOO51  7\SH 9VZLQ]LJH.UDW]HUIDVWY] )DXVWD    Q &KU $( )ROOLV J     Q &KU 0]VW .\]LNRV 9V )/$9 0$; )$967$ $9*GUDSLHUWH%VWHQU5V63(65(,39/,&$(ā60.*ā6SHVFDSLWHYHODWRVWHKWPLW]ZHL.LQGHUQLQ GHQ$UPHQIURQWDO.RSIQO5,&9,,/5%& 5*UQH3DWLQDY] $XVGHUOHW]WHQ3UlJHVHULHYRUGHU+LQULFKWXQJYRQ)DXVWDQ&KU

±

±

1213

2:1 



2:1

&RQVWDQV ,    Q &KU 6ROLGXV J     Q &KU 0]VW 7KHVVDORQLNL 9V )/ ,9/ &2167$163)$9*GUDSLHUWH3DQ]HUEVWHPLW5RVHWWHQGLDGHPQU5V*$9',903239/,520$1, 76(LP.UDQ]927909/7;5,&9,,,&'HSH\URW  *ROG559VX5VPLQLPDOH.UDW]HU5V'UXFNVWHOOHDP.UDQ]Y] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±




1195

1196

1203




5g0(5

1214

2:1 

2:1

&RQVWDQV ,    Q &KU 6ROLGXV J     Q &KU 0]VW $TXLOHLD 9V &2167$16 $9*96796 GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHU5RVHWWHQGLDGHP Q U 5V 9,&725,$( '' 11 $9**  60$4]ZHL9LNWRULHQKDOWHQ6FKLOGPLWGHU$XIVFKULIW927;09/7;;5,&9,,,6& 'HSH\URW *ROGY]

±

1215

2:1 

2:1

&RQVWDQV , Q&KU6ROLGXV J Q&KU0]VW7UHYHULV9V&2167$16$9*96796 GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,&725,$(''11$9**75]ZHL9LNWRULHQKDOWHQ 6FKLOGGDUDXI927;09/7;;5,&9,,,&'HSH\URW *ROG5)DVWY] $XVGHXWVFKHU3ULYDWVDPPOXQJHUZRUEHQYRU

±

1216 1,5:1 

&RQVWDQV,Q&KU6LOLTXD J Q&KU0]VW7UHYHULV9V)/,9/&2167$163 )$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,&725,$('1$9*75]ZHL9LNWRULHQKDOWHQ .UDQ]PLW,QVFKULIW927;09/7;; 9DULDQWH& 5,&9,,,& Y]

1217 





1,5:1

±

1218

&RQVWDQV,Q&KU6LOLTXD J Q&KU0]VW7UHYHULV9V)/,9/&2167$163 )$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,&725,$''11$9**759LNWRULDVFKUHLWHW PLW.UDQ]X3DOP]ZHLJQO5,&9,,,& Y]

±

&RQVWDQV,Q&KU6LOLTXD J Q&KU0]VW7UHYHULV9V)/,9/&2167$163 )$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,&725,$''11$9**759LNWRULDVFKUHLWHW PLW.UDQ]X3DOP]ZHLJQO5,&9,,,& Y]

±


5g0(5

1219

2:1



2:1

&RQVWDQWLXV ,,    Q &KU 6ROLGXV J   Q &KU 0]VW 7UHYHULV 9V &2167$17,96 $9*96796 GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 9,&725,$( '' 11 $9**  75 ]ZHL 9LNWRULHQ KDOWHQ HLQHQ .UDQ] LQ GHP 927  ;;  09/7  ;;; JHVFKULHEHQ VWHKW 5,& 9,,,  &  'HSH\URW *ROGVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

1220

2:1



2:1

&RQVWDQWLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW 6LUPLXP 9V )/ ,9/ &2167$17,96 3(53 $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG5V*/25,$5(,39%/,&$(6,50 WKURQHQGH5RPDPLW+HOPX/DQ]HVRZLH&RQVWDQWLQRSROLV PLW0DXHUNURQHX=HSWHUGHQ)X‰DXI3URUDKDOWHQ6FKLOGGDUDXI927;;;909/7;;;;5,&9,,, &'HSH\URW *ROG5Y] ([*RUQ\ 0RVFK$XNWLRQ/RV

±

1221

2:1



2:1

&RQVWDQWLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW $QWLRFKLD 9V )/ ,9/ &2167$17,963(53$9*IURQWDOH3DQ]HUEVWH.RSIOHLFKWQUPLW+HOP3HUOHQGLDGHP/DQ]HX6FKLOG 5HLWHU  5V */25,$ 5(, 39%/,&$(  ā60$16ā WKURQHQGH 5RPD PLW +HOP X /DQ]H VRZLH &RQVWDQWL QRSROLVPLW0DXHUNURQHX=HSWHU)X‰DXI3URUDKDOWHQHLQHQ6FKLOGGDUDXI927;;;09/7;;;; 5,&9,,,&'HSH\URW *ROG5Y]

± 


5g0(5

1222

2:1 

2:1

&RQVWDQWLXV,,Q&KU/HLFKWHU0LOLDUHQVH J Q&KU0]VW7KHVVDORQLNL9V'1 &2167$17,963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,5796(;(5&,7967(6 9LUWXVPLW6FKLOGX/DQ]H5,&9,,,&*QHFFKL  5.RUURVLRQVVSXUHQ6FKU|WOLQJVULVVH9VIHLQH.UDW]HUY]

1223 





±

6WDGWSUlJXQJDXVGHU=HLW&RQVWDQWLQ,,&RQVWDQV,XQG&RQVWDQWLXV,,$()ROOLV J Q&KU 0]VW .RQVWDQWLQRSHO 9V 323 520$196 GUDSLHUWH %VWH GHV *HQLXV 3RSXOL 5RPDQL PLW /RUEHHUNUDQ] XQG )OOKRUQQO5V&216,DFKWVWUDKOLJHU6WHUQLP/RUEHHUNUDQ]5,&9,,, 6FKZDU]JUQH3DWLQDVVY]

±





1226

9HWUDQLR  Q &KU $( 0DLRULQD J  0]VW 6LVFLD 9V ' 1 9(75$1,2 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHUNUDQ] Q U GDKLQWHU $ 5V +2& 6,*12 9,&725 (5,6  $  ā%6,6  .DLVHU PLW /DEDUXPX=HSWHUZLUGYRQ9LNWRULDEHNUlQ]W5,&9,,,/5%& %UDXQJUQH3DWLQDY]

±

0DJQHQWLXVQ&KU$(0DLRULQD J 0]VW/XJGXQXP9V'10$*1(17,963)$9* $ GUDSLHUWH 3DQ]HUEVWH Q U 5V 9,&725,$( ''11$9*(7&$(6953/*]ZHL9LNWRULHQKDOWHQ 6FKLOGPLWGHU,QVFKULIW927909/7;GDUXQWHU6WHUQ5,&9,,,%DVWLHQ/5%& 'XQNHOEUDXQH3DWLQDY]

±

1227 

1224

&RQVWDQWLXV,,Q&KU5HGX]LHUWH6LOLTXD J Q&KU0]VW.RQVWDQWLQRSHO9V' 1 &2167$17,96 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V ,P .UDQ] 927,6  ;;;  09/7,6;;;;GDUXQWHU&ā(5,&9,,,& FRUU  Y]

1225 

±

1228

0DJQHQWLXVQ&KU$(0DLRULQD J Q&KU0]VW7UHYHULV9V'10$*1(17,963 )$9*GUDSLHUWH3DQ]HUEVWHQU5V6$/96''11$9*(7&$(6753&KULVWRJUDPP]ZLVFKHQ$XQG :5,&9,,,%DVWLHQ/5%& *UQH3DWLQDY]

±

-XOLDQ ,,    Q &KU 5HGX]LHUWH 6LOLTXD J     Q &KU 0]VW /XJGXQXP 9V )/ &/ ,9/,$19633$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V,P.UDQ]927,6909/7,6; GDUXQWHU3/9*5,&9,,,& 9VVFKLOOHUQGH7|QXQJ5VSDUWLHOO$XIODJHQ6FKU|WOLQJVULVVIDVWY]

±


5g0(5

1229 



1230

-XOLDQ,,Q&KU$('RSSHOPDLRULQD J Q&KU0]VW.RQVWDQWLQRSHO9V'1)/ &/ ,9/,$196 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 6(&95,7$6 5(, 39%  ]ZLVFKHQ=ZHLJHQ&2163$6WLHUQUGDUEHU]ZHL6WHUQH5,&9,,,/5%& 'XQNHOJUQH3DWLQDIDVWY]

±

-XOLDQ,,Q&KU$('RSSHOPDLRULQD J Q&KU " 0]VW1LNRPHGLD9V'1)/ &/,9/,$1963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V6(&95,7$65(,39%1,.% ]ZLVFKHQ]ZHL=ZHLJHQ6WLHUQUGDUEHU]ZHL6WHUQH5,&9,,,/5%& *UQVFKZDU]H3DWLQDY]

±

1231







-XOLDQ,,Q&KU$('RSSHOPDLRULQD J Q&KU0]VW.\]LNRV9V'1)/&/ ,9/,$1963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V6(&95,7$65(,39%&9=%6WLHU QUGDUEHU]ZHL6WHUQH5,&9,,,/5%& 6FKZDU]EUDXQH3DWLQDIDVWVW ([1XPLVPDWLFD$UV&ODVVLFD=ULFK$XNWLRQ/RV

±

-XOLDQ,,Q&KU$('RSSHOPDLRULQD J Q&KU0]VW$QWLRFKLD9V'1)/&/ ,9/,$196 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHPQU5V6(&95,7$65(,39%]ZLVFKHQ =ZHLJHQ$17$6WLHUQUGDUEHU]ZHL6WHUQH5,&9,,,/5%& 6FKZDU]JUQH3DWLQDY] (UZRUEHQEHL0Q]NDELQHWW)XQN1HXNHIHUORKDP

±

-RYLDQXVQ&KU$('RSSHOPDLRULQD J 0]VW7KHVVDORQLNL9V'1,29,$1963)33 $9* GUDSLHUWH 3DQ]HUEVWH PLW /RUEHHU5RVHWWHQ'LDGHP Q U 5V 9,&725,$ 520$12590  ā7(6%ā .DLVHUPLW9LFWRULRODX/DEDUXP5,&9,,,/5%& *UQVFKZDU]H3DWLQDIDVWY]

1234 



1233

1232

±

1235

9DOHQWLQLDQ ,    Q &KU 6LOLTXD J     Q &KU 0]VW $QWLRFKLD 9V ' 1 9$/(17,1,$1963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V,P.UDQ]927;09/7 ;;GDUXQWHU$175,&,;D& )DVWY]

±

9DOHQV    Q &KU 6ROLGXV J   Q &KU 0]VW 7KHVVDORQLNL 9V ' 1 9$/(16 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 9,&725,$ $9**  607(6 9DOHQWLQLDQ , X 9DOHQV OHW]WHUHUPLW0DSSDWKURQHQIURQWDOXKDOWHQ*OREXVGDUEHU9LNWRULD5,&,;E&'HSH\URW *ROG9VNOHLQHU.UDW]HUDXIGHU1DVH5VNOHLQH6FKUIVSXUDP5DQGEHL8KUY]

± 


5g0(5

1236

2:1 

2:1

9DOHQVQ&KU6ROLGXV J Q&KU0]VW1LNRPHGLD4XLQTXHQQDOLD9V'19$/(16 3)$9*.RQVXODUEVWHPLW3HUOHQGLDGHP0DSSDX=HSWHUQO5V927$39%/,&$601 LQ/LJDWXU  09DOHQWLQLDQ,X9DOHQVPLW0DSSDX=HSWHUWKURQHQIURQWDOGDUXQWHU]ZHL*HIDQJHQH5,&,;E& 'HSH\URW *ROGVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

1238

1237 



9DOHQVQ&KU6LOLTXD J Q&KU0]VW$QWLRFKLD9V'19$/(163(5)$9* GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V,P.UDQ]927;09/7;;GDUXQWHUā$17 5,&,; E& 9V.UDW]HUDXIGHU:DQJHY]

±

3URFRSLXVQ&KU$(&HQWHQLRQDOLV J 0]VW+HUDFOHD9V'1352&23,963)$9* GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQO5V5(3$5$7,2)(/7(0360+%.DLVHUPLW/DEDUXPX 6FKLOGUREHQ&KULVWRJUDPPOLP)HOG3XQNW5,&,;& 'XQNHOEUDXQH3DWLQDVVY]

±

1240

1239 



*UDWLDQQ&KU/HLFKWHU0LOLDUHQVH J Q&KU0]VW7UHYHULV9V'1*5$7,$ 1963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,5796(;(5&,7967536.DLVHUVWHKW PLW6WDQGDUWHXDXI6FKLOGJHVWW]WIURQWDO5,&,;EXQGE&  7|QXQJZLQ]LJHU6FKU|WOLQJVULVVJXWHVVV $XVGHXWVFKHU3ULYDWVDPPOXQJHUZRUEHQYRUH[3HXV1DFKI$XNWLRQ/RV 9DOHQWLQLDQXV ,,    Q &KU 6LOLTXD J     Q &KU 0]VW $TXLOHLD 9V ' 1 9$/(17,1,$196 ,91 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q O 5V95%6520$ULP )HOG   $436 5RPD WKURQW PLW 9LFWRULROD DXI *OREXV LQ GHU 5HFKWHQ XQG 6SHHU LQ GHU /LQNHQ Q O 5,&,;G& 7|QXQJ6FKU|WOLQJVULVVY]

1241 1,5:1 





±

±

±

1242

0DJQXV0D[LPXVQ&KU6LOLTXD J 0]VW7UHYHULV9V'10$*0$;,0963)$9* GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,5796520$125907536IURQWDOWKURQHQGH5RPD PLW*OREXVX6SHHU5,&,;E& Y]

±

(XJHQLXV    Q &KU 6LOLTXD J  0]VW /XJGXQXP 9V ' 1 (9*(1,96 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 95%6 520$  /9*36 5RPD VLW]W PLW 9LFWRULROD DXI *OREXV XQG 6SHHUDXI3DQ]HUQO5,&,;& 5Y]

±


5g0(5

1243 



1244

+RQRULXVQ&KU6ROLGXV J Q&KU0]VW5RP9V9V'1+2125,963) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 9,&725,$ $9***  50  &202% .DLVHU PLW /DEDUXPX9LFWRULRODVWHOOW)X‰DXI*HIDQJHQHQ5,&; $WWDOXVVW\OH &'HSH\URW *ROGY] +RQRULXVQ&KU6ROLGXV J Q&KU0]VW7KHVVDORQLNL9V'1+2125,963) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5V &21&25',$ $9**7(62%āWKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULROD)X‰DXI3URUDOLP)HOG6WHUQ5,&;  9DULDQWH$ &'HSH\URW *ROG55%UHLWHU6FKU|WOLQJIDVWY] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

1245

±

±

1246 2:1





+RQRULXVQ&KU6LOLTXD J 0]VW0HGLRODQXP9V'1+2125,963)$9*GUDSLHUWH 3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V9,5796520$125900'365RPDPLW9LFWRULRODX/DQ]HVLW]W DXI3DQ]HUQO5,&;& Y] &RQVWDQWLQ ,,,    Q &KU 6LOLTXD J     Q &KU 0]VW 7UHYHULV 9V ' 1 &2167$17,1963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V5V9,&725,$$$9*** 7506 5RPD Q O DXI VWLOLVLHUWHP 3DQ]HU VLW]HQG PLW 9LFWRULROD DXI *OREXV XQG 6SHHU 5,& ;  /DIDXULH 7|QXQJY] ([.QNHU2VQDEUFN$XNWLRQ/RV

1247







1248

±

±

1249

7KHRGRVLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW 7KHVVDORQLNL 9V ' 1 7+(2'26,96 3 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5HLWHU 5V&21&25',$$9***&202%WKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULROD)X‰DXI 3URUDOLP)HOG6WHUQ5,&;'HSH\URW *ROG55VNOHLQHU.UDW]HUVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH 9JO&1*(OHFWURQLF$XFWLRQ/RV 7KHRGRVLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW 7KHVVDORQLNL 9V ' 1 7+(2'26,96 3 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG GDUDXI5HLWHU 5V&21&25',$$9**7(62%āWKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULRODDXI *OREXV)X‰DXI3URUDOLP)HOGDFKWVWUDKOLJHU6WHUQ5,&;'HSH\URW *ROG5Y] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH 7KHRGRVLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW 7KHVVDORQLNL 9V ' 1 7+(2'26,96 3 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 9LNWRULD 5V&21&25',$$9**&202%WKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULROD)X‰ DXI3URUDOLP)HOG6WHUQ5,&;'HSH\URW *ROG559VDXVIODXHP6WHPSHOY]VW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

±

±




5g0(5

1250







1251

1252

7KHRGRVLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 7+(2'26,96 3 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5HLWHU 5V&21&25',$$9**(&212%WKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULROD)X‰DXI 3URUDOLP)HOG6WHUQ5,&;'HSH\URW *ROG)DVWY] ([*RUQ\ 0RVFK$XNWLRQ/RV 7KHRGRVLXV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 7+(2'26,96 3 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5HLWHU 5V&21&25',$$9**$&212%WKURQHQGH&RQVWDQWLQRSROLVPLW=HSWHUX9LFWRULROD)X‰DXI 3URUDOLP)HOG6WHUQ5,&;'HSH\URW *ROG9V.UDW]HUY] 7KHRGRVLXV,,Q&KU6ROLGXV J Q&KU0]VW7KHVVDORQLNL9V'17+(2'26,963 ) $9* IURQWDOH 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5HLWHU  5V 927 ;;;09/7;;;;7(62%&RQVWDQWLQRSROLVPLW=HSWHUX.UHX]JOREXVGHQO)X‰DXI3URUDWKURQWQO DP7KURQOHKQWHLQ6FKLOG ULP)HOG6WHUQ5,&;'HSH\URW *ROG5Y] $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

±

±

1253

2:1 

7KHRGRVLXV,,Q&KU/HLFKWHU0LOLDUHQVH J FDQ&KU0]VW.RQVWDQWLQRSHO9V '17+(2'26,963)$9*GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQO5V*/25,$520$12590 &21 .DLVHU PLW 1LPEXV HUKREHQHU 5HFKWHQ X *OREXV OLQNV LP )HOG 6WHUQ 5,& ;  & '2& 0,5%D56&D 7|QXQJY]

1254









2:1

±

1255 1256

$HOLD (XGRFLD    Q &KU 7UHPLVVLV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V $(/ (9'2&,$$9*GUDSLHUWH%VWHPLW3HUOHQGLDGHPQU5V&212% .UDQ]GDULQ.UHX]5,&; PLW .UDQ]ELQGH 'HSH\URW *ROG9VZLQ]LJH.UDW]HUJXWHVVV

±

9DOHQWLQLDQ ,,,    Q &KU 7UHPLVVLV J     Q &KU 0]VW 0HGLRODQXP9V'13/$ 9$/(17,1,$196 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V &202% .UHX] LP .UDQ] 5,&;'HSH\URW *ROG9V.UDW]HUY]

±

0DUFLDQQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V'10$5&,$1963) $9*IURQWDOH3DQ]HUEVWH.RSIOHLFKWQUPLW+HOP3HUOHQGLDGHP6SHHUX6FKLOG 5HLWHU 5V9,&725, $$9***4&212%9LNWRULDPLW*HPPHQNUHX]ULP)HOG 5,&;'HSH\URW *ROG9V.UDW]HUIDVWY]

±


%<=$1=

1257

2:1 

2:1

/HR,Q&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V'1/(23(53(7 $9* GUDSLHUWH EHKHOPWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP 6SHHUX6FKLOGLQ9RUGHUDQVLFKW5V9,&725,$ $9***%  &212% 9LNWRULD VWHKW PLW *HPPHQNUHX] Q O U LP )HOG 6WHUQ 5,& ;  'HSH\URW  /5&0,5%E *ROGVW

±

1258

2:1 

2:1

/HR,Q&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V'1/(23(53(7 $9* GUDSLHUWH EHKHOPWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP 6SHHU X 6FKLOG 5HLWHU  LQ 9RUGHUDQVLFKW 5V 9,&725,$ $9***'  &212% 9LNWRULD VWHKW PLW *HPPHQNUHX] Q O U LP )HOG 6WHUQ 5,& ;  'HSH\URW *ROGY]

±

%<=$1=

1259

2:1 

2:1

$QDVWDVLXV ,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 $1$67$6,96 33 $9* 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5V 9,&725,$$9***6&212%9LNWRULDPLW*HPPHQNUHX]ULP)HOG6WHUQ'2&I0,%(D6HDU 6RPPHU0%5 *ROGVW

± 


%<=$1=

1260





1261

$QDVWDVLXV ,    Q &KU 7UHPLVVLV J  FD    Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 $1$67$6,96 33 $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 9,&725,$ $9*9672590  &212% 9LNWRULD PLW .UHX]JOREXV X .UDQ] U LP )HOG 6WHUQ '2& D 0,%(  6HDU  6RPPHU 0%5  *ROGY] ,XVWLQ , 7KUD[    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 ,967,196 33 $9* 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5V 9,&725,$$9***%&212%9LNWRULDPLW6WDXURJUDPPVWDEOLP)HOG6WHUQ'2&D0,%(6HDU 6RPPHU0%5 *ROGVW (UZRUEHQLP-XQLEHLGHU0Q]KDQGOXQJ$WKHQD0QFKHQ

1262 



±

±

1263

,XVWLQ , 7KUD[    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 ,967,196 33 $9* 3DQ]HUEVWH .RSI OHLFKW Q U PLW +HOP 3HUOHQGLDGHP 6SHHU X 6FKLOG 5V 9,&725,$ $9*** ,  &212% 9LNWRULD PLW *HPPHQNUHX] X .UHX]JOREXV U LP )HOG 6WHUQ '2& L 0,%(6HDU6RPPHU0%5 *ROGY]VW

±

,XVWLQLDQ ,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 ,967,1,$196 33 $9* 3DQ]HUEVWH PLW +HOP 3HUOHQGLDGHP 6FKLOG X .UHX]JOREXV 5V 9,&725,$ $9*** %  &212% 9LNWRULD PLW *HPPHQNUHX] X .UHX]JOREXVULP)HOG6WHUQ'2&D0,%(6HDU 6RPPHU0%5 *ROG9V.UDW]HUVW

±

1264

1266

1265









,XVWLQLDQ ,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V ' 1 ,967,1,$196 33 $9* 3DQ]HUEVWH PLW +HOP 3HUOHQGLDGHP 6FKLOG X .UHX]JOREXV 5V 9,&725,$ $9***6&212%9LNWRULDPLW6WDXURJUDPPVWDEX.UHX]JOREXVULP)HOG6WHUQ'2&I0,%(6HDU 6RPPHU0%5 *ROGVW

±

,XVWLQLDQ ,    Q &KU $(  1XPPL J     Q &KU 0]VW 1LNRPHGLD 9V ' 1 ,967,1,$19633$9*3DQ]HUEVWHPLW+HOP3HUOHQGLDGHP6FKLOGX.UHX]JOREXVULP)HOG.UHX]5V *UR‰HV0GDUEHU.UHX]GDUXQWHU$O$112U;9LP$EVFKQLWW1,.2'2&D0,%(D6HDU 6RPPHU0%5 'XQNHOJUQH3DWLQDJXW]HQWULHUWY]

±

,XVWLQ,,Q&KU/HLFKWHU6ROLGXV 6LOLTXDH  J 0]VW.RQVWDQWLQRSHORGHU7KHRXSROLV9V 2 1 ,967,196 33 $9* 3DQ]HUEVWH PLW +HOP 3HUOHQGLDGHP 9LFWRULROD X 6FKLOG 5V 9,&725,$ $9*** 46  2 %    WKURQHQGH 9LNWRULD PLW /DQ]H X *OREXV '2&  7KHRXSROLV  0,%(  .RQVWDQWLQRSHO 6HDU 7KHRXSROLV 6RPPHU0%5 .RQVWDQWLQRSHO  *ROG55VNOHLQHU6WHPSHOIHKOHUVW

±


%<=$1=

1267 



0DXULFLXV7LEHULXVQ&KU6ROLGXV J Q&KU0]VW7KHRXSROLV9V21P$95& 7,E 33 $9* 3DQ]HUEVWH PLW +HOP 3HUOHQGLDGHP X .UHX]JOREXV 5V 9,&725,$ $9** (  &212% 9LNWRULD PLW 6WDXURJUDPPVWDE X .UHX]JOREXV '2& F 0,%(  .RQVWDQWLQRSHO  6HDU  6RPPHU 0%5 *ROG9V.UDW]HUNOHLQH$XIODJHQY]VW

±

0DXULFLXV7LEHULXVQ&KU6ROLGXV J Q&KU0]VW7KHRXSROLV9V21P$95& 7,E 33 $9* GUDSLHUWH 3DQ]HUEVWH PLW +HOP 3HUOHQGLDGHP X .UHX]JOREXV 5V 9,&725,$ $9** +  &212% 9LNWRULD PLW 6WDXURJUDPPVWDE X .UHX]JOREXV '2& H 0,%(  .RQVWDQWLQRSHO  6HDU  6RPPHU0%5 *ROGY]VW

±

1269



1268

1270

1271

3KRFDVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1)2&$63(53 $9* GUDSLHUWH 3DQ]HUEVWH PLW .URQH X .UHX]JOREXV 5V 9,&725,$ $9*9 6  &212% 9LNWRULD PLW 6WDXURJUDPP]HSWHUX.UHX]JOREXV'2&I0,%(6HDU6RPPHU0%5  *ROG$XVOHLFKWXQVDXEHUHQ6WHPSHOQVW

±



3KRFDVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1)2&$63(53 $9* GUDSLHUWH 3DQ]HUEVWH PLW .URQH X .UHX]JOREXV 5V 9,&725,$ $9*9 ,  &212% 9LNWRULD PLW 6WDXURJUDPP]HSWHUX.UHX]JOREXV'2&M0,%(6HDU6RPPHU0%5  *ROG$XVOHLFKWXQVDXEHUHQ6WHPSHOQVW

±



3KRFDVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1)2&$63(53 $9* GUDSLHUWH 3DQ]HUEVWH PLW .URQH X .UHX]JOREXV 5V 9,&725,$ $9*9 (  &212% 9LNWRULD PLW 6WDXURJUDPP]HSWHU X .UHX]JOREXV U LP )HOG UHWU 1 '2& D 9DU  0,%( E 6HDU  6RPPHU 0%5 *ROGVW

±

1272

1272 2:1



3KRFDVQ&KU$(1XPPL J Q&KU0]VW.RQVWDQWLQRSHO9VG1)2&$6 3(53 $9* .RQVXODUEVWH PLW .URQH 0DSSD X .UHX] GDV *DQ]H LP .UDQ] 5V *UR‰HV ;;;; GDUEHU $112 U ,,,, LP $EVFKQLWW &21 % GDV *DQ]H LP .UDQ]'2&E0,%(D6HDU6RPPHU0%5  6FKZDU]JUQH3DWLQDVVY]

± 


%<=$1=

1274

1273 



+HUDFOLXV    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V GG 11 K(5$&/,96 (7 K(5$ &2167 33 $9* YHUVFKLHGHQ JUR‰H %VWHQ YRQ +HUDFOLXV 9ROOEDUW  X +HUDFOLXV &RQVWDQWLQXV XQElUWLJ PLW.URQHQGDUEHU.UHX]5V9,&725,$$9*9$&212%6WXIHQNUHX]'2& D0,%6HDU6RPPHU0%5 *ROG5VNOHLQHU6WHPSHOIHKOHUJXWHVY] +HUDFOLXV    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V GG 11 K(5$&/,96 (7 K(5$ &2167 33 $9* YHUVFKLHGHQ JUR‰H %VWHQ YRQ +HUDFOLXV 9ROOEDUW  X +HUDFOLXV &RQVWDQWLQXV XQElUWLJ PLW.URQHQGDUEHU.UHX]5V9,&725,$$9*9,4&212%6WXIHQNUHX]'2& E0,%6HDU6RPPHU0%5 *ROG5VZLQ]LJH.UDW]HUY]VW ([1HZ<RUN6DOH;;;9,,-DQXDU/RVH[$OH[DQGHU:KLWH,,,&ROOHFWLRQ

±

±

1275

2:1 

2:1

&RQVWDQV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V G 1 &2167$17,196 33 $9 GUDSLHUWH %VWH JUR‰HU .RSI PLW 3XQNWEDUW  PLW .URQH X .UHX]JOREXV 5V 9,&725,$ $9*9 6  &212% 6WXIHQNUHX] U LP )HOG ,QGLNWLRQ ( '2& F 0,%  6HDU  6RPPHU 0%5 *ROGVW ([*RUQ\ 0RVFK$XNWLRQ/RV

1276









1277

±

1278

&RQVWDQV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V G 1 &2167$17,19633$9GUDSLHUWH%VWHPLW/DQJEDUW.URQHX.UHX]JOREXV5V9,&725,$$9*9( &212%6WXIHQNUHX]'2&H0,%6HDU6RPPHU0%5 ([6DPPOXQJ'U*: *ROG9VNOHLQH3UlJHVFKZlFKHQ5V'RSSHOVFKODJVW &RQVWDQV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSROLV 9V >G 1 &2167$1@7,196&&2167$1GUDSLHUWH%VWHQYRQ&RQVWDQV,, /DQJEDUW X&RQVWDQWLQXV,9 XQElUWLJ  EHLGH PLW .URQHQ GDUEHU .UHX] 5V 9,&725,$ $9*9 *  &212% 6WXIHQNUHX] '2& F 0,%  6HDU6RPPHU0%5 *ROG9VHWZDVGH]HQWULHUWVW ([6DPPOXQJ'U*: &RQVWDQV ,,    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V G 1 &2167$17,196 & &2167 GUDSLHUWH %VWHQ YRQ &RQVWDQV ,, /DQJEDUW  X &RQVWDQWLQXV ,9 XQElUWLJ  EHLGHPLW.URQHQGDUEHU.UHX]5V9,&725,$$9*9,&212%6WXIHQNUHX]'2&M0,%6HDU 6RPPHU0%5 *ROGVW (UZRUEHQLP$XNWLRQVKDXV+'5DXFK:LHQ

±

±

±


%<=$1=

1279 2:1 

2:1

&RQVWDQWLQXV,93RJRQDWXVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V 3&2167$19633$3DQ]HUEVWH.RSIOHLFKWQUPLW+HOP JUR‰HU+HOPEXVFK 3HUOHQGLDGHP6SHHUX 6FKLOG5V9,&725$$9*9 2IIL]LQQLFKWDXVJHSUlJW &212%6WXIHQNUHX]'2&0,%6HDU 6RPPHU0%5 *ROG9VVFK|QHV3RUWUlW5V.UDW]HUXQG3UlJHVFKZlFKHQVW

±

1280 2:1 

2:1

7LEHULXV ,,,    Q &KU 6ROLGXV J  0]VW .RQVWDQWLQRSHO 9V ' 7,E(5,96 3( $9 3DQ]HU EVWH PLW .URQH 6SHHU X 6FKLOG 5V 9,&725,$ $9*9 $  &212% 6WXIHQNUHX] '2& D 0,%  6HDU6RPPHU0%5 *ROGVW ([*RUQ\ 0RVFK$XNWLRQ/RV

±

1281 2:1 

2:1

7LEHULXV ,,,    Q &KU 6ROLGXV J  0]VW .RQVWDQWLQRSHO 9V ' 7,E(5,96 3( $9 3DQ]HU EVWH PLW .URQH 6SHHU X 6FKLOG 5V 9,&725,$ $9*9 +  &212% 6WXIHQNUHX] '2& J 0,%  6HDU6RPPHU0%5 *ROGVW ([*RUQ\ 0RVFK$XNWLRQ/RV

±

1282 2:1 

2:1

/HR,,,GHU,VDXULHUQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1' /(21 3$ 09/ ā %VWH GHV ElUWLJHQ /HR ,,, PLW .URQH .UHX]JOREXV X $NDNLD 5V G 1 &2167 $17,1960$%VWHGHVNLQGOLFKHQ&RQVWDQWLQXV9PLW.URQH.UHX]JOREXVX$NDNLD'2&D6HDU )HJ1RPLVPDWD%6RPPHU0%5 *ROG(WZDVSUlJHVFKZDFKVW

± 


%<=$1=

1283 2:1 

2:1

/HR,,,GHU,VDXULHUQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1' /(21 3$ 09/ %VWH YRQ /HR ,,, PLW .URQH .UHX]JOREXV X $NDNLD 5V G 1 &2167$17,196 0 6 %VWHGHVMXJHQGOLFKHQ&RQVWDQWLQXV9PLW.URQH.UHX]JOREXVX$NDNLD'2& QLFKWPLWGLHVHU2IIL]LQ  6HDU)HJ1RPLVPDWD*6RPPHU0%5 *ROG9V.UDW]HUVW $XVGHU6DPPOXQJHLQHV0QFKQHU$U]WHVHUZRUEHQYRQGHQHUELVLQGLHVSlWHQHU-DKUH

±

1284 2:1 

2:1

/HR,,,GHU,VDXULHUQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VG1' /(21 3$ 09/ F ā %VWH GHV ElUWLJHQ /HR ,,, PLW .URQH .UHX]JOREXV X $NDNLD 5V G 1 &2167 $17,196 0 %VWH GHV NLQGOLFKHQ &RQVWDQWLQXV 9 PLW .URQH .UHX]JOREXV X $NDNLD '2&  6HDU  )HJ1RPLVPDWD'6RPPHU0%5 9DU  *ROG5VNOHLQH3UlJHVFKZlFKHVW

±

1285 2:1 

2:1

/HR,,,GHU,VDXULHUQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VF1' /(213$09/6%VWHGHVElUWLJHQ/HR,,,PLW.URQH.UHX]JOREXVX$NDNLD5VF1&2167$17,19 4 %VWH GHV MXJHQGOLFKHQ &RQVWDQWLQXV 9 PLW .URQH .UHX]JOREXV X $NDNLD '2& G 6HDU  )HJ 1RPLVPDWD)6RPPHU0%5 *ROGY]VW

±

1286 2:1 



2:1

/HR,,,GHU,VDXULHUQ&KU6ROLGXV J Q&KU0]VW6\UDNXV9V12/(213$ 09/ GUDSLHUWH %VWH GHV /HR ,,, PLW .URQH .UHX]JOREXV X $NDNLD 5V&1&2167$17,19GUDSLHUWH %VWH GHV MXJHQGOLFKHQ &RQVWDQWLQ 9 PLW .URQH .UHX]JOREXV X $NDNLD '2&  6HDU  $QDVWDVL 6LFLOLDI GLHVH0Q]H 6RPPHU0%5  *ROG9VDXVYHUEUDXFKWHP6WHPSHO5VHWZDVVWHPSHOVFKZDFKXQGNOHLQHU.UDW]HUY]VW ([*RUQ\ 0RVFK$XNWLRQ/RV

±


%<=$1=

1287 2:1 

2:1

&RQVWDQWLQ9&RSURQ\PXVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VF /(21 3$ 09/ 4 ElUWLJH %VWH YRQ /HR ,,, JHVW  Q &KU  PLW .UHX] X $NDNLD 5V F 1 &2167$17,191& ElUWLJH %VWH YRQ &RQVWDQWLQXV 9 PLW .UHX] X $NDNLD '2& E 6HDU  )HJ 1RPLVPDWD%6RPPHU0%5 *ROG3UlJHVFKZDFK5VNOHLQH.UDW]HUY]VW

±

1288 2:1 

2:1

&RQVWDQWLQ9&RSURQ\PXVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V &2Q67$Q7,Q266/(2Q2Q(26%VWHQYRQ&RQVWDQWLQ9 PLW%DUW X/HR,9 RKQH%DUW]ZHLZHOOLJHV +DDU PLW&KODP\VX.URQHGDUEHU.UHX]GD]ZLVFKHQ3XQNW5V&/(213$09 4ElUWLJH%VWHGHV /HR,,, JHVWQ&KU PLW/RURV.URQHX.UHX]'2&F6HDU)HJ1RPLVPDWD$6RPPHU 0%5 9DU  *ROGVW

±

1289 2:1 

2:1

&RQVWDQWLQ9&RSURQ\PXVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V &2Q67$Q7,Q26 6 /(2Q 2 Q(26%VWHQYRQ&RQVWDQWLQ9 PLW%DUW X/HR,9 RKQH%DUWGUHLZHOOLJHV +DDU PLW&KODP\VX.URQHGDUEHU.UHX]GD]ZLVFKHQ3XQNW5V&/(213$09/ElUWLJH%VWHGHV/HR ,,, JHVWQ&KU PLW/RURV.URQHX.UHX]'2&G6HDU)HJ1RPLVPDWD$6RPPHU0%5  *ROGY]VW

±

1290 2:1 

2:1

&RQVWDQWLQ9&RSURQ\PXVQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V &2Q67$Q7,Q26 6 /(2Q 2 Q(26 %VWHQYRQ&RQVWDQWLQ9 PLW%DUW X/HR,9 RKQH%DUWYLHUZHOOLJHV +DDU PLW&KODP\VX.URQHGDUEHU.UHX]GD]ZLVFKHQ3XQNW5V&/(213$09/ElUWLJH%VWHGHV/HR ,,, JHVW  Q &KU  PLW /RURV .URQH X .UHX] '2& G 6HDU  )HJ 1RPLVPDWD % 6RPPHU 0%5 *ROG3UlJHVFKZlFKHQ9V6WHPSHOULVVY]VW

± 


%<=$1=

1291 2:1

2:1 

/HR ,9    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V /(2Q 3$3 6 &2Q67$Q7,Q26 3$7+5 +5 LQ /LJDWXU  ElUWLJH %VWHQ GHV /HR ,,, X &RQVWDQWLQ 9 JHVW  X  Q &KU LQ/RURVGDUEHU.UHX]5V/(2Q966(**2Q&2Q67$Q7,Q262Q(264%VWHQGHV/HR,9PLW %DUW X &RQVWDQWLQ 9, RKQH %DUW LQ &KODP\V GDUEHU .UHX] '2& E 6HDU  )HJ 1RPLVPDWD $ 6RPPHU0%5 *ROG(WZDVSUlJHVFKZDFKJXWHVY]

±

1292 2:1 

2:1

/HR ,9    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V /(2Q 3$3 6 &2Q67$Q7,Q26 3$7+5 +5 LQ /LJDWXU  ElUWLJH %VWHQ GHV /HR ,,, X &RQVWDQWLQ 9 JHVW  X  Q &KU LQ/RURVGDUEHU.UHX]5V/(2Q966(**2Q&2Q67$Q7,Q262Q(264%VWHQGHV/HR,9PLW %DUW X &RQVWDQWLQ 9, RKQH %DUW LQ &KODP\V GDUEHU .UHX] '2& E 6HDU  )HJ 1RPLVPDWD $ 6RPPHU0%5 *ROG3UlJHVFKZlFKHQY]VW

±

1293 2:1 

2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V /(2Q966(662Q&2Q67$Q7,Q262Q(26/HR,9 JHVWQ&KU X&RQVWDQWLQ9,DXI%LVHOOLXP  $XIVDW] WKURQHQGGDUEHU.UHX]5V/(2Q3$3&2Q67$Q7,Q263$7+5%VWHQGHV/HR,,, JHVWQ &KU X&RQVWDQWLQ9 JHVWQ&KU PLW/RURVGDUEHU.UHX]GD]ZLVFKHQ3XQNW'2& /HR,9 6HDU  /HR,9 )HJ1RPLVPDWD% &RQVWDQWLQ9, 6RPPHU0%5 /HR,99DU  *ROGVW

±

1294 2:1 



2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V /(2Q966(662Q&2Q67$Q7,Q262Q(2ā6ā%/HR,9 JHVWQ&KU X&RQVWDQWLQ9,DXI%LVHOOLXP $XIVlW]HWKURQHQGGDUEHU.UHX]5V/(2Q3$3&2Q67$Q7,Q263$7+5%VWHQGHV/HR,,, JHVW Q&KU X&RQVWDQWLQ9 JHVWQ&KU PLW/RURVGDUEHU.UHX]GD]ZLVFKHQ3XQNW'2& /HR,9  6HDU /HR,9 )HJ1RPLVPDWD& &RQVWDQWLQ9, 6RPPHU0%5 /HR,9  *ROG3UlJHVFKZlFKHQ5V.UDW]HUY]VW

±


%<=$1=

1295

2:1 

2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V &2Q67,Q26&&&RQVWDQWLQ9/HR,,,X/HR,9 JHVWXQ&KU WKURQHQG5V>6,5,Q, $9@*  P,7+5 %VWHQ GHV &RQVWDQWLQ 9, PLW &KODP\V X .UHX]JOREXV VRZLH GHU (LUHQH PLW /RURV .UHX]]HSWHUXJOREXV GDUEHU.UHX]GD]ZLVFKHQ3XQNW'2&6HDU)HJ1RPLVPDWD & ,U 6RPPHU0%5 *ROG.OHLQHU6FKU|WOLQJY]VW

±

1296 2:1 

2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V6 ,5,Q,>$9*297@P,75$&RQVWDQWLQ9/HR,,,X/HR,9 JHVWXQ&KU IURQWDOWKURQHQG 5V&2Q67$Q7,Q26&E'%VWHQGHV&RQVWDQWLQ9,PLW&KODP\VX.UHX]JOREXVVRZLHGHU(LUHQHPLW /RURVX.UHX]]HSWHU RKQH.UHX]JOREXV GDUEHU.UHX]GD]ZLVFKHQ3XQNW'2&D6HDU 9DU )HJ 1RPLVPDWD OU& 6RPPHU0%5 *ROG3UlJHVFKZlFKHQY]VW

±

1297 2:1 

2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9V +5+Q, $9*97+ %VWH GHU (LUHQH PLW /RURV .URQH .UHX]]HSWHU X JOREXV 5V &2Q67$Q7,Q26 E$6 %VWHGHV.RQVWDQWLQ9,PLW&KODP\V.URQH.UHX]JOREXVX$NDNLD'2&F6HDU)HJ1RPLVPDWD '6RPPHU0%5 9DU  *ROG5/HLFKWH3UlJHVFKZlFKHQY]VW

±

1298 2:1 

2:1

&RQVWDQWLQ9,XQG(LUHQHQ&KU$(1XPPL J Q&KU0]VW.RQVWDQWLQRSHO 9V %VWH GHU (LUHQH PLW .URQH /RURV .UHX]]HSWHU X JOREXV 5V %VWH GHV &RQVWDQWLQ 9, PLW .URQH &KODP\VX.UHX]JOREXVUHFKWVLP)HOG.UHX]LP$EVFKQLWWJUR‰HV0EHU$]ZLVFKHQ;1'2&6HDU 6RPPHU0%5 6FKZDU]H3DWLQDWHLOZHLVHPLW%HODJY]

± 


%<=$1=

1299 2:1 

2:1

(LUHQHQ&KU6ROLGXV J 0]VW.RQVWDQWLQRSHO9V(,5,Q+E$6,/,66+IURQWDOH%VWHLQ /RURVPLW.URQH.UHX]]HSWHUXJOREXV5Vā(,5,Q+E$6,/,66+X.UHLVPLWHLQJHVWHOOWHP.UHX]IURQWDOH %VWH LQ /RURV PLW .URQH .UHX]]HSWHU X JOREXV '2& D 6HDU  )HJ 1RPLVPDWD & 6RPPHU 0%5 *ROGVW

±

1300 2:1 

2:1

(LUHQHQ&KU6ROLGXV J 0]VW.RQVWDQWLQRSHO9Vā(,5,Q+E$6,/,66+%VWHLQ/RURV PLW .URQH .UHX]]HSWHU X JOREXV 5V ā (,5,Q+ E$6,/,66+ X JHIOOWHV 2 %VWH LQ /RURV PLW .URQH .UHX]]HSWHUXJOREXV'2&DRGHUE6HDU)HJ1RPLVPDWD$RGHU&6RPPHU0%5 *ROG3UlJHVFKZlFKHQIDVWY]

1301 







1302

1LNHSKRURV,Q&KU6ROLGXV J Q&KU0]VW.RQVWDQWLQRSHO9VāQ,&,)2526 E$6,/(6 GUDSLHUWH %VWH GHV 1LNHSKRURV , PLW .URQH .UHX] X $NDNLD 5V 67$95$&,6 G(6326 ; GUDSLHUWH%VWHGHV6WDXUDFLXVPLW.URQH.UHX]JOREXVX$NDNLD'2&F6HDU)HJ1RPLVPDWD% 6RPPHU0%5 *ROGY]

±

7KHRSKLORVQ&KU6ROLGXV J Q&KU0]VW6\UDNXV9V4(R&,/R6%VWH WHVWH WULDQJRODUL  PLW .URQH /RURV X .UHX] 5V 4(R&,/R6 %VWH WHVWH WULDQJRODUL  PLW .URQH &KODP\V X .UHX]JOREXV'2&6HDU$QDVWDVL6LFLOLD PRGXORSLODUJR 6RPPHU0%5 *ROGY]

±

1303 

±

1304

7KHRSKLORV    Q &KU 6ROLGXV J     Q &KU 0]VW .RQVWDQWLQRSHO 9V  P,;$+/ 6 &2Q67$Q7,QVGUDSLHUWH%VWHQGHV0LFKDHO,, ElUWLJJHVWQ&KU X&RQVWDQWLQ XQElUWLJJHVWQ &KU  PLW .URQHQ GD]ZLVFKHQ 3XQNW GDUEHU .UHX] 5V  4(2),/26 E$6,/( 4 GUDSLHUWH %VWH GHV 7KHRSKLORV ElUWLJ  PLW .URQH RKQH +DOENUHLV  3DWULDFKHQNUHX] X $NDNLD '2& G 6HDU  )HJ 1RPLVPDWD+\6RPPHU0%5 *ROGY] 7KHRSKLORV   Q&KU6HPLVVLVPLWQLHGULJHP*ROGJHKDOW J Q&KU0]VW6\UDNXV 9V 4(R&,/26 %VWH IDFH HPDFLDWH  PLW .URQH /RURV X .UHX]JOREXV 5V 4(R&,/26 %VWH IDFH HPDFLDWH  PLW .URQH &KODP\V X .UHX]JOREXV '2& F 6HDU  $QDVWDVL 6LFLOLD F XOWLPD HPLVVLRQH 6RPPHU0%5 *ROG.OHLQHU6FKU|WOLQJY] $XVDOWHU/RQGRQHU6DPPOXQJHUZRUEHQYRU

±

±


%<=$1=

1305

1306



1LNHSKRURV,,3KRNDVQ&KU+LVWDPHQRQ J Q&KU0]VW.RQVWDQWLQRSHO9V,K6 ;,65(;5(*1$17,Q&KULVWXVEVWH 3XQNWHLQ1LPEXV PLW.RGH[5V4(272&E+4K,&+) G(63+DOEILJXUHQ0DULHQVX1LNHSKRURV,,GLHLQGHU0LWWHHLQ3DWULDUFKHQNUHX]KDOWHQOXUYRQ0DULD04 '2&6HDU)HJ1RPLVPDWD$6RPPHU0%5 *ROG5VOHLFKWUDXH2EHUIOlFKHY]

±



$QRQ\PHU)ROOLVJHSUlJWXQWHU%DVLO,,XQG&RQVWDQWLQ9,,,$(&ODVV$ J FDQ &KU0]VWXQEHVWLPPW9V(00$129+/,&;&IURQWDOH&KULVWXVEVWH 1LPEXVPLW3XQNWHQ GLFNHU]HQWUDOHU3XQNW PLW.RGH[ ]ZHL3XQNWH 5V,K696;5,6796E$6,/(9E$6,/(GDUEHUX GDUXQWHU3XQNWX5DQNH'2&&ODVV$ 9DU 6HDU6RPPHU0%5 9DU  ([*RUQ\ 0RVFK$XNWLRQ/RV 3UDFKWH[HPSODU6FK|QHGXQNHOEUDXQH7|QXQJY]

±

1307 



1308

,VDDN , .RPQHQRV    Q &KU +LVWDPHQRQ J  0]VW .RQVWDQWLQRSHO 9V  ,+6 ;,6 5(; 5(*1$17,QPWKURQHQGHU&KULVWXVPLW.RGH[5V,&$$.,2&5$&,/(9&5:0.DLVHUPLW/DEDUXPX 3DUD]RQLXP'2&6HDU6RPPHU0%5 *ROG3UlJHVFKZlFKHQY] (UZRUEHQEHL0Q]NDELQHWW)XQN1HXNHIHUORK 0LFKDHO 9,, 'RXNDV    Q &KU +LVWDPHQRQ J  0]VW .RQVWDQWLQRSHO 9V ,&  ;& &KULVWXVEVWH 1LPEXVSXQNWHMHXP4XDGHU PLW.RGH[ IQI3XQNWHPLWYLHU6WUDKOHQ 5V0,;$+/ 5$&,/ 2 ' %VWH GHV .DLVHUV PLW .URQH /DEDUXP NHLQH 3XQNW DXI 6FKDIW YLHU 3XQNWH XP 4XDGHU  X .UHX]JOREXV'2&D6HDU6RPPHU0%5 *ROG5VNOHLQH.UDW]HUDP5DQGY] ([3DXO)UDQFLV-DFTXLHU$XNWLRQ/RV

±

±

1309 1310 



0LFKDHO9,,'RXNDVQ&KU0LOLDUHVLRQ J 0]VW.RQVWDQWLQRSHO9V0+349MHZHLOV ]ZLVFKHQ6WULFKX3XQNW%VWHGHU7KHRWRNRV1LNRSRLRV5V4.(52+4(,0,;$+/'(&327+ 7:'28.$ā'2&6HDU6RPPHU0%5 /HLFKWH7|QXQJ3UlJHVFKZlFKHQVV

±

$OH[LRV , .RPQHQRV    Q &KU +\SHUS\URQ J  3RVWUHIRUP    Q &KU 0]VW .RQVWDQWLQRSHO 96  .( 52+4(,  ,&  ;& WKURQHQGHU &KULVWXV PLW .RGH[ 5V $/(=,:  '(&327+  7:  .201+1: .DLVHU PLW /DEDUXP X .UHX]JOREXV REHQ U 0DQXV 'HL '2&F 6HDU+HQG\7DI6RPPHU0%5 *ROG$XVQHXHQ6WHPSHOQHWZDVEHVFKQLWWHQY]

±

1311 

-RKDQQHV,,.RPQHQRVQ&KU+\SHUS\URQ J FDQ&KU0]VW7KHVVDORQLNL 9V,&;&WKURQHQGHU&KULVWXVPLW.RGH[5V,:'(&327+490+3+DOEILJXUHQGHV.DLVHUVPLW $NDNLDX0DULHQVGLHLQGHU0LWWHHLQ3DWULDUFKHQNUHX]KDOWHQEHU-RKDQQHV0DQXV'HL'2&6HDU +HQG\7DI6RPPHU0%5 *ROG.OHLQH3UlJHVFKZlFKH9V*UDIILWRY]

± 


%<=$1=

1313

1312 



-RKDQQHV,,.RPQHQRVQ&KU+\SHUS\URQ J FDQ&KU0]VW7KHVVDORQLNL 9V,&;&WKURQHQGHU&KULVWXVPLW.RGH[5V,:'(&327+490+3+DOEILJXUHQGHV.DLVHUVPLW $NDNLDX0DULHQVGLHLQGHU0LWWHHLQ3DWULDUFKHQNUHX]KDOWHQEHU-RKDQQHV0DQXV'HL'2&6HDU +HQG\7DI6RPPHU0%5 *ROG9V3UlJHVFKZlFKHQY]

±

-RKDQQHV,,.RPQHQRVQ&KU+\SHUS\URQ J FDQ&KU0]VW7KHVVDORQLNL 9V.(52+4(,,&;&WKURQHQGHU&KULVWXVPLW.RGH[5V,:'(&327+0DULDVHJQHW.DLVHU GHU .UHX]JOREXV KlOW VHLWOLFK 0DULHQV 49 X 0+3 '2& D 6HDU  +HQG\ 7DI  6RPPHU 0%5  *ROG.OHLQH3UlJHVFKZlFKHQY]

±

1315

1314







0DQXHO,.RPQHQRVQ&KU+\SHUS\URQ J FDQ&KU0]VW.RQVWDQWLQRSHO 9V  .( 52+4(,  ,&  ;& &KULVWXVEVWH PLW %XFKUROOH 5V 0$129+/'(&327+  7:  323)932*(11+7: .DLVHU PLW &KODP\V .UDJHQ PLW IQI 3XQNWHQ TXDGUDWLVFKHU 3XQNW XQWHU 7DEOLRQ /DEDUXPX.UHX]JOREXV 3DWULDUFKHQNUHX] GDUEHU0DQXV'HL'2&E6HDU+HQG\7DI 6RPPHU0%5 *ROGY]

±

$QGURQLNRV,.RPQHQRVQ&KU+\SHUS\URQ J 0]VW.RQVWDQWLQRSHO9V0+349 WKURQHQGH 7KHRWRNRV 1LNRSRLRV 5V $1'321,.2& '(&327+&  ,&  ;& &KULVWXV PLW .RGH[ VHJQHW .DLVHUPLW/DEDUXPX.UHX]JOREXV'2&6HDU+HQG\7DI6RPPHU0%5 *ROG5VNOHLQH3UlJHVFKZlFKHY]

±

,VDDN ,, $QJHORV    Q &KU $VSURQ 7UDFK\ J  0]VW .RQVWDQWLQRSHO 9V 0+3  49 WKURQHQGH7KHRWRNRV1LNRSRLRVVHLWOLFKGHU7KURQOHKQHQMHHLQ6WULFKEHU]ZHL3XQNWHQ5V,&$$.,2&' 2  ;  0 (U]HQJHO 0LFKDHO PLW =HSWHU VHJQHW GHQ .DLVHU VLHEHQ 3XQNWH DXI .UDJHQ  PLW .UHX]]HSWHU X $NDNLD'2&F6HDU+HQG\7DI 9DU 6RPPHU0%5 9DU  (OHNWURQ6HOWHQHV%HL]HLFKHQ9VOHLFKWHU'RSSHOVFKODJEHVFKQLWWHQY]

±

1317 





1316

1318

$OH[LRV,,,$QJHORV.RPQHQRVQ&KU+\SHUS\URQ J Q&KU0]VW.RQVWDQWLQRSHO 9V.(52+4(,,&;&&KULVWXVPLW.RGH[DXI'DLV5V>$/(;,:'(&3@7:.:1&7$+O.RQVWDQWLQ UHLFKWGHP.DLVHUPLW$NDNLDHLQ3DWULDUFKHQNUHX]DXIGHPNDLVHUOLFKHQ*HZDQGLQ%UXVWK|KHHLQ.UHX] VLF '2& E6HDU+HQG\7DI6RPPHU0%5 *ROG%HLGVHLWLJ*UDIILWLEHVFKQLWWHQY]

±

5(,&+9211,.$,$-RKDQQHV,,,'RXNDV9DWDW]HVQ&KU+\SHUS\URQ J FD Q&KU WUDQVLWLRQDOWRODWHVW\OH 0]VW0DJQHVLD9V,&;&WKURQHQGHU&KULVWXVPLW.RGH[U EHU7KURQHLQ3XQNW5V0+3490DULDVHJQHW.DLVHUGHU/DEDUXPX$NDNLDKlOWLP)HOG,:'(ā >@āU7:3)'2&E6HDU+HQG\7DI6RPPHU0%5  *ROG%HVFKQLWWHQ5V6WHPSHOULVV3UlJHVFKZlFKHQVVY]

±




1220

1323

1299




0,6&(//$1

9g/.(5:$1'(581* 1320

1319 



9$1'$/(1*XQWKDPXQGQ&KU+DOEVLOLTXD]X'HQDULL J 0]VW.DUWKDJR9V'1 5;*917+/GUDSLHUWH3DQ]HUEVWHPLW3HUOHQGLDGHPQU5V,P.UDQ]XQWHUHLQHP6WULFK'ā1%0& 0,%0(& ,QWHQVLYH7|QXQJVVY] ([.QNHU2VQDEUFN$XNWLRQ/RV *XQWKDPXQG    Q &KU  ZDU HLQ (QNHO GHV *HLVHULFKV XQG GULWWHU .|QLJ LP QRUGDIULNDQLVFKHQ 9DQGDOHQUHLFK1DFKGHPGLH9DQGDOHQ]XYRULP:HVHQWOLFKHQ0Q]HQGHUU|PLVFKHQ.DLVHU]HLWYHUZHQGHWHQ IDQGXQWHU*XQWKDPXQGHLQH0Q]UHIRUPVWDWWZREHLYRUDOOHQ'LQJHQHLQH6LOEHUZlKUXQJ]XXQG 'HQDULL 6LOLTXD 'HQDULL HLQJHIKUWZXUGH 267*27(17KHRGHULFKQ&KU7UHPLVVLV J ,P1DPHQGHV$QDVWDVLXV,FDQ &KU 0]VW 5RP 9V ' 1 $1$67$6,96 3 ) $9* GUDSLHUWH 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 9,&725,$$9&9672590&202%9LNWRULDPLW.UHX]JOREXVX.UDQ]QUULP)HOG6WHUQ0,%,7DI 0HWOLFK0(& *ROG9VXQG5VMHHLQ.UDW]HUJXWHVVV

1321





±

±

1322

7KHRGHULFK    Q &KU 9LHUWHOVLOLTXD J  ,P 1DPHQ GHV $QDVWDVLXV ,    Q &KU 0]VW 5RP 9V ' 1 $1$67$6,96 $ 3DQ]HUEVWH PLW 3HUOHQGLDGHP Q U 5V 0RQRJUDPP GHV 7KHRGHULFK GDUEHU.UHX]DOOHVLP.UDQ]%0&0,%,7DI0(&'HPR0HWOLFKF *HW|QWVVVVY] $WKDODULFK7KHRGDKDWXQG:LWLJLVFDQ&KU6ROLGXV J ,P1DPHQGHV,XVWLQLDQ,0]VW 5DYHQQD9V'1,967,1,$1963)$9*IURQWDOH3DQ]HUEVWH.RSIOHLFKWQUPLW+HOP3HUOHQGLDGHP IODWWHUQGH%lQGHU 6SHHU ODQ]HWWI|UPLJH6SLW]H X6FKLOG5V9,&725,$$9***$&202%9LNWRULD PLW*HPPHQNUHX]OLP)HOGDFKWVWUDKOLJHU6WHUQ 6WDQGOLQLHPLWVHLWOLFKHQ'RSSHOSXQNWHQ 0,%%0& 'HPR0(&0HWOLFKD *ROG59VZLQ]LJHU.UDW]HUVVY] ([ .QNHU 2VQDEUFN $XNWLRQ   /RV  H[ 6DPPOXQJ %HUQDUG &KZDUW] $OGH 3DULV $XNWLRQ /RV

±

±

0,6&(//$1 1323

6&+08&. 



6LOEHUQH 5LQJSODWWH +HOOHQLVWLVFK    -K Y &KU  [ FP J  4XHURYDOHV 6LOEHUSOlWWFKHQ PLW HUKDEHQHP5HOLHI=HXVLQ*HVWDOWHLQHV6FKZDQHV]ZLVFKHQGHQ%HLQHQGHUDXIGHP5FNHQOLHJHQGHQ/HGD =DKOUHLFKHNOHLQH.UDW]HUVV 'LH 9HUHLQLJXQJ ]ZLVFKHQ GHU VSDUWDQLVFKHQ .|QLJVWRFKWHU /HGD PLW GHP ]X HLQHP 6FKZDQ YHUZDQGHOWHQ *|WWHUYDWHU =HXV UHJWH EHUHLWV LQ GHU $QWLNH GLH 9RUVWHOOXQJ GHU 0HQVFKHQ DQ 9RQ ZHLWUHLFKHQGHU P\WKRORJLVFKHU%HGHXWXQJLVWGLH*HVFKLFKWHGHVKDOEZHLOGLHVHU9HUELQGXQJQLFKWQXUGLH'LRVNXUHQVRQGHUQ YRU DOOHQ 'LQJHQ GLH VFK|QH +HOHQD HQWVSUDQJ GHUHQ (QWIKUXQJ GXUFK 3DULV VSlWHU GHQ $QODVV ]XP .ULHJ ]ZLVFKHQ*ULHFKHQXQG7URMDQHUJDE)UKH'DUVWHOOXQJHQZDUHQ]XQlFKVWGXUFKGLH6WDWXHGHV7LPRWKHXVDXV GHP  -K Y &KU EHHLQIOXVVW EHL GHU GLH (URWLN QRFK YHUKDOWHQ GDUJHVWHOOW ZXUGH 'RFK VFKRQ LQ KHOOHQLVWLVFKHU =HLW YHUEUHLWHWH VLFK HLQ 7\SXV GHU XQYHUKRKOHQ GHQ $NW ]ZLVFKHQ 7LHU XQG 0HQVFK ]XP *HJHQVWDQGKDWVGD]X]XP%HLVSLHOGDV6LHJHOGHV+HLQULFKYRQ6XGHUODQWPLW$EUXFNHLQHU*HPPHDXVGHP VSlWHQ -KY&KU(=ZLHUOHLQ'LHKO$QWLNH*HPPHQXQGLKU1DFKOHEHQ  6]X$EEXQG 7DIPLW$EE=XGLHVHP7\SXVGHUQHX]HLWOLFKYRQ0LFKHODQJHORDXIJHJULIIHQZXUGH YJOHLQH .RSLHGHV*HPlOGHVLQGHU1DWLRQDO*DOOHU\LQ/RQGRQ JHK|UWDXFKXQVHU6WFN

±


Münzen von Antike bis Neuzeit Gorny & Mosch • Giessener Münzhandlung

Auktion

Münzen der Neuzeit Ausgesuchte Münzen und Medaillen von Mittelalter bis Neuzeit.

März 2020

10 März 2020

269 GornyMosch-A269-Zwischenblatt.indd 3

27.01.2020 15:34:45







'(876&+(0h1=(181'0('$,//(1%,6

.$52/,1*(5

1324

1,5:1

1,5:1

.$52/,1*(5 

/XGZLJGHU)URPPH'HQDU0Q]VWlWWH6HQV.UHX]XPKHU+/9'299,&96,036(12 1(60RUULVRQ*UXQWKDOYDU GRUWRKQH3XQNWDP(QGHGHU9RUGHUVHLWHQXPVFKULIW   $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJYRU]JOLFK

±

'(876&+(0h1=(181'0('$,//(1 %,6

1325

$1+$/7'(66$8 

/HRSROG )ULHGULFK    7DOHU  $XI GLH 9HUHLQJXQJ .RSIEVWH QDFK OLQNV GDUXQWHU GDV 0Q]]HLFKHQ*HNU|QWHV:DSSHQ]ZLVFKHQ/RUEHHU]ZHLJHQ7KXQ'DY$.6-.DKQW 6HOWHQLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODU3URRIOLNH)DVW6WHPSHOJODQ]

±

1326

$1+$/7.g7+(1 

/XGZLJGHUbOWHUH7DOHU(LVOHEHQ6WHUEHWDOHU0Q]PHLVWHU+DQV3KLOLSS.REXUJHUIDFK EHKHOPWHV IHOGLJHV :DSSHQ ]X GHQ 6HLWHQ GLH JHWHLOWH -DKUHV]DKO XQWHQ GLH JHWHLOWHQ 0Q]PHLVWHULQLWLDOLHQ  ]HLOLJH6FKULIW0DQQE'DY6OJ)DOOH\6OJ0DQQJ  6HOWHQEHVRQGHUVLQGLHVHU(UKDOWXQJ6FKU|WOLQJVULVVDP5DQGOHLFKWHU'RSSHOVFKODJYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1327

$8*6%85*%LVWXP 

&OHPHQV :HQ]HVODXV YRQ 6DFKVHQ  6LOEHUPHGDLOOHXQVLJQLHUWYRQ)+DPHUDQL$XIVHLQHQ %HVXFKLQ$XJVEXUJXQGVHLQHU5FNUHLVHDXV:LHQ%UXVWELOGLQJHLVWOLFKHP2UQDWQDFKUHFKWV'HU3DSVWQDFK UHFKWVWKURQHQGQHEHQLKPGHU=HUHPRQLHQPHLVWHUDXIGHUJHJHQEHUOLHJHQGHQ6HLWHVLW]W&OHPHQV:HQ]HVODXV %LVFKRIYRQ$XJVEXUJLP+LQWHUJUXQGGHU$OWDUGHVLP-DKUKHLOLJJHVSURFKHQHQ3DSVWHV6W3LXV9PP )RUVWHU%DUWRORWWLJ )HLQH7|QXQJEOLFKHUZLQ]LJHU6WHPSHOIHKOHUYRU]JOLFK

1328

±

1328 1,5:1

$8*6%85*6WDGW 

7DOHU  0LW 7LWHO )HUGLQDQGV ,,, %HORUEHHUWHV %UXVWELOG )HUGLQDQGV ,,, QDFK UHFKWV  3\U ]ZLVFKHQ GHU -DKUHV]DKOYRUGHU6WDGWDQVLFKWREHQJHIOJHOWH(QJHOVEVWH)RUVWHU'DYJ  *HW|QWYRU]JOLFK6WHPSHOJODQ]

±

1329

%$'(1'85/$&+ 



)ULHGULFK97DOHU3IRU]KHLP0Q]ZDUGHLQ3HWHU0DU]ROI3IHLIIHUXQG0Q]PHLVWHU.DUO -XQJLQJHU *HKDUQLVFKWHV +IWELOG LP +DUQLVFK PLW .RPPDQGRVWDE QDFK UHFKWV  IHOGLJHU :DSSHQVFKLOG GDUEHUGLHJHWHLOWH-DKUHV]DKOXQWHQGDVJHWHLOWH0Q]PHLVWHU]HLFKHQ3,:LHODQGW'DYJ  5)HLQH7|QXQJNOHLQH6FKU|WOLQJVIHKOHUXQG3UlJHVFKZlFKHQVHKUVFK|QYRU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1330

1,5:1



1,5:1

.DUO)ULHGULFK7DOHU'XUODFK6WHPSHOYRQ-DNRE+DXWHU0Q]ZDUGHLQ(UQVW &KULVWRSK6WHLQKlX‰HU.RSIEVWHGHV0DUNJUDIHQQDFKUHFKWV)UVWHQKXWEHURYDOHPIHOGLJHP6FKLOGPLW 0LWWHOVFKLOG%DGHQ]ZLVFKHQ3DOPXQG/RUEHHU]ZHLJREHQGLHJHWHLOWH-DKUHV]DKO:LHODQGWJ 3UDFKWH[HPSODU)HLQH7|QXQJPLQLPDOMXVWLHUWIDVW6WHPSHOJODQ]

±

1331



/XGZLJ    .URQHQWDOHU  0LW 6LJQDWXU '2(// DP +DOVDEVFKQLWW %OR‰H .RSIEVWH QDFK UHFKWV GDUXQWHUGLH-DKUHV]DKO$OWEDGLVFKHU6FKLOGDXIJHNU|QWHP:DSSHQPDQWHO7KXQ'DY$.6 .DKQW:LHODQGWJ :LQ]LJH6FKU|WOLQJVIHKOHUYRU]JOLFK6WHPSHOJODQ]

±

1332 2:1



2:1

)ULHGULFK,'XNDW5KHLQJROGGXNDW6WHPSHOVFKQHLGHU2WKHPDU%DOEDFK.RSIPLW 6FKQXUUEDUWQDFKUHFKWVGDUXQWHUGLH6WHPSHOVFKQHLGHUVLJQDWXU*HNU|QWHUVSDQLVFKHU6FKLOGLQ2OLYHQNUDQ] GDUXQWHUGLH-DKUHV]DKO)U$.6:LHODQGW6FKOXPEJ  *ROG:LQ]LJH5DQGIHKOHUYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1333 2:1

%$<(51/DQGVKXWRGHU0QFKHQ 

(UQVWXQG:LOKHOP,,,(UQVWXQG$GROI$OEUHFKW,,,(LQVHLWLJHU +lOEOLQJR-5DXWHQVFKLOG(PPHULJ% 6HKUVFK|Q

±

1334 2:1

2:1 

$OEUHFKW,9+HOOHUR-5DXWHQVFKLOG.UHX]DQGHQ(QGHQ9HU]LHUXQJHQ+DKQ(PPHULJ .XOO%HLHUOHLQ 9RQJUR‰HU6HOWHQKHLW6HKUVFK|Q

±

1335 

0D[LPLOLDQ,7DOHU0QFKHQ0DGRQQDPLW.LQGLQGHU/LQNHQXQGUHLFKEHVWLFNWHP*HZDQGLQ )ODPPHQJORULROHYRQYRUQ0LWGHP.XUKXWEHGHFNWHVRYDOHVED\HULVFKHV:DSSHQPLWXPOLHJHQGHU9OLHVNHWWH+DKQ 'DYJ *HW|QWPLQLPDOH.RUURVLRQVVSXUHQLP5DQGEHUHLFKYRU]JOLFK6WHPSHOJODQ]

±

1336 

0D[LPLOLDQ ,, (PDQXHO       )UVW GHU 1LHGHUODQGH 7DOHU  0QFKHQ 6WHPSHOVFKQHLGHU3KLOLSS+HLQULFK0OOHU%UXVWELOGPLW$ORQJHSHUFNHQDFKUHFKWV0DGRQQDPLW.LQGLQHU /LQNHQDXI:RONHQVHLWOLFKGDYRUHLQ:DSSHQ+DKQ:LWW'DYJ  :LQ]LJH.UDW]HULP)HOGGHU9RUGHUVHLWHYRU]JOLFK

±

1337 1,5:1  

.DUO7KHRGRU.UHX]HU0QFKHQ+DKQ:LWW

1,5:1 9RU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1338 

.DUO7KHRGRU7DOHU0QFKHQ0LW6LJQDWXU+6DP$UPDEVFKQLWW+DKQ'DY 5:LQ]LJH6FKU|WOLQJVIHKOHUVHKUVFK|QYRU]JOLFK

±

1339 

.DUO 7KHRGRU    7DOHU  0QFKHQ $XI GDV 9LNDULDW 6WHPSHOVFKQHLGHU &DMHWDQ 'HVWRXFKHV 'UDSLHUWH %VWH PLW LP 1DFNHQ JHEXQGHQHQ +DDUHQ QDFK UHFKWV GDUXQWHU GLH 6WHPSHOVFKQHLGHUVLJQDWXU  'RSSHODGOHUPLWGHPSIlO]LVFKED\HULVFKHQ:DSSHQXQG5HLFKVDSIHODXIGHU%UXVW+DKQ:LWW$QP 'DYJ 0LW5DQGVFKULIW9RU]JOLFK

±

1340 1,5:1 

1,5:1

0D[LPLOLDQ,9 , -RVHI.UHX]HU0QFKHQ+DKQ$.6  :LQ]LJH)OHFNHQYRU]JOLFK

±

1341 1,5:1 

1,5:1

0D[LPLOLDQ ,9 ,  -RVHI    .UHX]HU  0QFKHQ 8PVFKULIW HQGHW XQWHU GHP %UXVWELOG +DKQYDU$.6YDU 559RU]JOLFK

±

1342 1,5:1 

1,5:1

0D[LPLOLDQ,9 , -RVHI.UHX]HU0QFKHQ+DKQ$.6

9RU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1343 

0D[LPLOLDQ ,9 ,  -RVHI    .URQHQWDOHU  %UXVWELOG QDFK UHFKWV  *HNUHX]WHV =HSWHU XQG 6FKZHUWGDUEHU.URQH7KXQ$.6'DY-.DKQWJ  :LQ]LJH'UXFNVWHOOHYRU]JOLFK6WHPSHOJODQ]

±

1344 

/XGZLJ ,    *HVFKLFKWVWDOHU  3UREHSUlJXQJ ]XP 7DOHU GHU 6WLIWXQJ GHV 7KHUHVLHQ2UGHQV 7KXQ]X'DY]X$.6.DKQW]X-]XJ  :LQ]LJH5DQGIHKOHUXQG.UDW]HUYRU]JOLFK6WHPSHOJODQ]

±

1345 

/XGZLJ,*HVFKLFKWVGRSSHOWDOHU'UHU6WDQGELOGLQ1UQEHUJHUULFKWHW0LW5DQGVFKULIW  '5(<(,1+$/%*8/'(1  9,,()07KXQ'DY$.6-.DKQWJ )HLQH3DWLQDYRU]JOLFK6WHPSHOJODQ]

±

1346 



/XGZLJ ,    *HVFKLFKWVGRSSHOWDOHU  $XI GDV ]X %D\UHXWK HUULFKWHWH 6WDQGELOG -HDQ 3DXO )ULHGULFK5LFKWHUV0LW5DQGVFKULIW  '5(<(,1+$/%*8/'(1  9,,()07KXQ'DY$.6 -.DKQWJ 3UDFKWH[HPSODU)HLQH3DWLQD(UVWDEVFKODJYRU]JOLFK6WHPSHOJODQ]

±


'(876&+(0h1=(181'0('$,//(1%,6

1347 

/XGZLJ,*HVFKLFKWVGRSSHOWDOHU+RFK]HLWYRQ3ULQ]0D[LPLOLDQXQG0DULHYRQ3UHXVVHQ .RSIEVWHQDFKUHFKWVGDUXQWHUGLH6WHPSHOVFKQHLGHUVLJQDWXU%UXVWELOGEHLGHUQHEHQHLQDQGHUQDFKUHFKWV0LW 5DQGVFKULIW   '5(<  (,1+$/% *8/'(1   9,, ( ) 7KXQ  'DY  $.6  .DKQW  -J )HLQH7|QXQJ9RU]JOLFK

±

1348 

/XGZLJ,*HVFKLFKWVGRSSHOWDOHU+RFK]HLWYRQ3ULQ]0D[LPLOLDQXQG0DULHYRQ3UHXVVHQ .RSIEVWH QDFK UHFKWV GDUXQWHU GLH 6WHPSHOVFKQHLGHUVLJQDWXU  %UXVWELOG EHLGHU QHEHQHLQDQGHU QDFK UHFKWV 0LW5DQGVFKULIW  '5(<(,1+$/%*8/'(1  9,,()07KXQ'DY$.6.DKQW -J 9RU]JOLFK

±

1349 

/XGZLJ ,    'RSSHOWDOHU  6WHPSHOVFKQHLGHU & 9RLJW .RSIEVWH QDFK UHFKWV GDUXQWHU GLH 6WHPSHOVFKQHLGHUVLJQDWXU  *HNU|QWHV .|QLJVZDSSHQ YRQ ]ZHL QDFK DXVVHQ EOLFNHQGHQ JHNU|QWHQ /|ZHQ JHKDOWHQ 0LW 5DQGVFKULIW &219(17,21  920   ,8/<   7KXQ  'DY  $.6  -  .DKQWJ )HLQH3DWLQDYRU]JOLFK

±

1350 

/XGZLJ,,6LOEHUPHGDLOOHYRQ25XSS$XIGDV'HXWVFKH%XQGHVVFKLH‰HQLQ0QFKHQ $UPEUXVW]ZLVFKHQ%D\HULVFKHPXQG0QFKQHU:DSSHQ*HNU|QWHU5HLFKVDGOHUPLW%UXVWVFKLOG+DXVHU 6OJ3HOW]HUPPJ 3UDFKWH[HPSODU(UVWDEVFKODJ6WHPSHOJODQ]

± 


'(876&+(0h1=(181'0('$,//(1%,6

1351

%5$1'(1%85*35(866(1 

)ULHGULFK:LOKHOP,,,6LOEHUPHGDLOOHYRQ):/RRV$XIGHQ%HVXFKGHVSUHX‰LVFKHQ .|QLJVSDDUHVLQGHQVFKOHVLVFKHQ%HUJZHUNHQLQ7DUQRZLW]%UXVWELOGHUGHVN|QLJOLFKHQ3DDUHVHLQDQGHUQDFK OLQNV DXI JHVFKPFNWHP 3RGHVW  *HQLXV PLW *UXEHQODPSH HQWVFKOHLHUW VLW]HQGH 6LOHVLD GLH YRQ ]ZHL /|ZHQ IODQNLHUWZLUG0VHOHU6RPPHU$)X6J )HLQH7|QXQJYRU]JOLFK

±

1352 

)ULHGULFK:LOKHOP,,,6LOEHUPHGDLOOHYRQ')/RRV$XIGHQ7RGYRQ/XLVH$XJXVWH :LOKHOPLQH $PDOLH   *HPDKOLQ )ULHGULFK :LOKHOPV ,,, .|QLJ YRQ 3UHX‰HQ %VWH GHU .|QLJLQ QDFKUHFKWVGDUEHU.URQH6WHLQEORFNPLWSUHX‰LVFKHP:DSSHQLQ/DQGVFKDIWGDUEHU:RONHQ)ODPPHXQG GHUVWUDKOHQGH1DPH-HKRYDVPP0DULHQE6RPPHU$J +HUUOLFKH3DWLQDIDVW6WHPSHOJODQ]

±

1353 

)ULHGULFK:LOKHOP,,,'RSSHOIULHGULFKVGRU$%HUOLQ.RSIEVWHQDFKUHFKWVGDUXQWHUGDV 0Q]]HLFKHQ  *HNU|QWHU $GOHU DXI .DQRQHQURKU GDUXQWHU GLH -DKUHV]DKO 2OGLQJ  -  )U  6FKOXPE *ROG6HKUVFK|QYRU]JOLFK

±

1354 



)ULHGULFK:LOKHOP,9'RSSHOWDOHU$%HUOLQ.RSIEVWHQDFKUHFKWVGDUXQWHUGDV0Q] ]HLFKHQ  *HNU|QWHV IHOGLHV :DSSHQ LQ +HUPHOLQPDQWHO GDUXQWHU GLH JHWHLOWH -DKUHV]DKO 7KXQ  'DY$.62OGLQJ-.DKQWJ 9RU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1355 

)ULHGULFK:LOKHOP,9'RSSHOWDOHU$%HUOLQ%UXVWELOGQDFKUHFKWV*HNU|QWHUQDFKOLQNV EOLFNHQGHU$GOHU7KXQ'DY$.62OGLQJ-.DKQWJ  )HLQH3DWLQDYRU]JOLFK

±

1356

%5$816&+:(,*:2/)(1%h77(/ 

(OLVDEHWK &KULVWLQH    6LOEHUPHGDLOOH  YRQ * : 9HVWQHU $XI GLH *HEXUW GHV .URQSULQ]HQ (U]KHU]RJ /HRSROG %UXVWELOG PLW XPJHOHJWHP +HUPHOLQ QDFK UHFKWV  $XI *OREXV VWHKHQGHU (QJHO PLW ]ZHL 3RVDXQHQYRQYRUQ%URFNPDQQ)LDOD%HUQKHLPHU6OJ-XOLXVPPJ :LQ]LJH.UDW]HUYRU]JOLFK

±

1357 

:LOKHOP,7DOHU%7KXQ'DY$.6-.DKQW  )HLQH7|QXQJIDVW6WHPSHOJODQ]

±

1358

%5$816&+:(,*&(//(&$/(1%(5* 

*HRUJ :LOKHOP      7DOHU  =HOOHUIHOG 0Q]PHLVWHU +HQQLQJ 6FKOWHU :LOGHU 0DQQ XPIDVVW 7DQQH PLW VHLQHU 5HFKWHQ XQG /LQNHQ +DQG  IDFK EHKHOPWHV IHOGLJHV :DSSHQ :HOWHU  'DY +EVFKH3DWLQDIDVWYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1359



(UQVW$XJXVW]X&DOHQEHUJ7DOHU&ODXVWKDO0Q]PHLVWHU+HLQULFK%RQKRUVW*HKDU QLVFKWHV%UXVWELOGQDFKUHFKWVGDUXQWHUGLH0Q]PHLVWHULQVLJQLHQ1DFKOLQNVVSULQJHQGHV3IHUGLP$EVFKQLWW GLH:HUW]DKOLQ.DUWXVFKHXQGGLH-DKUHV]DKO:HOWHU'DYJ  0LQLPDOMXVWLHUWYRU]JOLFK6WHPSHOJODQ]

±

1360

1,5:1

1,5:1



*HRUJ,/XGZLJDOV.|QLJYRQ*UR‰EULWDQQLHQ7DOHU&ODXVWKDO0Q] PHLVWHU+HLQULFK&KULVWLDQ%RQKRUVW1DFKOLQNVVSULQJHQGHV3IHUGGDUXQWHULP$EVFKQLWWGLH0Q]PHLVWHULQL WLDOLHQ9LHULQV.UHX]JHVWHOOWH:DSSHQPLWWLJ:HUWDQJDEHLQ.UHLV:HOWHU6PLWKJ 5$WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJYRU]JOLFK

1361





1,5:1

±

1361

*HRUJ ,,    DOV *HRUJ , .|QLJ YRQ *UR‰EULWDQQLHQ  7DOHU  &ODXVWKDO hEHU GUHL )HOVEURFNHQ PLW YHUGRUUWHQ %lXPFKHQ QDFK OLQNV VSULQJHQGHV 3IHUG GDUXQWHU GLH -DKUHV]DKO  *HNU|QWHV IHOGLJHV:DSSHQ'DY:HOWHU  6HKUVHOWHQHU-DKUJDQJ:LQ]LJH.UDW]HUYRU]JOLFK6WHPSHOJODQ]

±


'(876&+(0h1=(181'0('$,//(1%,6

1362 1,5:1

'21$8:g57+ 

+HLQULFK 9,  %UDNWHDW *HNU|QWH %VWH PLW 6FKZHUW XQG .UHX]VWDE QDFK UHFKWV EOLFNHQG LQ :XVWUHLIXPJHEHQYRQDFKW%RJHQGDULQDEZHFKVHOQG7XQG.XJHOQ6WHLQKLOEHU9DU  553UlJHVFKZlFKHLP5DQGEHUHLFKJHERJHQVHKUVFK|QYRU]JOLFK

±

1363 1,5:1 

+HLQULFK 9,  %UDNWHDW *HNU|QWH %VWH PLW 6FKZHUW XQG .UHX]VWDE QDFK UHFKWV EOLFNHQG LQ :XVWUHLIXPJHEHQYRQDFKW%RJHQGDULQDEZHFKVHOQG7XQG.XJHOQ6WHLQKLOEHU9DUJ 3UlJHVFKZlFKHIDVWVHKUVFK|Q

±

1364 1,5:1 

+HLQULFK9,%UDNWHDW*HNU|QWHElUWLJH%VWHPLW6FKZHUWXQG.UHX]VWDEQDFKUHFKWVEOLFNHQGLQ :XVWUHLIXPJHEHQYRQDFKW%RJHQGDULQDEZHFKVHOQG7XQG.XJHOQ6WHLQKLOEHU9DUJ 553UlJHVFKZlFKHLP5DQGEHUHLFKJHERJHQYRU]JOLFK

±

1365 1,5:1 

+HLQULFK9,%UDNWHDW*HNU|QWH%UXVWELOGHUYRQ+HLQULFKPLW6FKZHUWLQVHLQHU/LQNHQXQGVHLQHU *HPDKOLQ.RQVWDQ]HYRQ6L]LOLHQPLW/LOLHLQLKUHU5HFKWHQEHUHLQHU0DXHUEUVWXQJYRQYRUQGD]ZLVFKHQ HLQ.UHX]VWDEXQWHUHLQHPIQIVWUDKOLJHQ6WHUQ]XGHQ6HLWHQMHZHLOVHLQ5LQJHO:XOVWUHLIXPJHEHQYRQ]Z|OI %|JHQDEZHFKVHOQG5LQJHOXQG.UHX]HHLQVFKOLH‰HQGLQGHQ$X‰HQZLQNHOQ5LQJHOJ6WHLQKLOEHU *HEKDUW%HUJHU6OJ%RQKRII6OJ(JOPHLHUJ 6HKUVFK|QYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1,5:1

1366 

+HLQULFK 9,  %UDNWHDW %UXVWELOGHU +HLQULFKV XQG VHLQHU *HPDKOLQ .RQVWDQ]H YRQ 6L]LOLHQ EHU GUHL%|JHQYRQYRUQGDUXQWHUHLQH5RVHWWHUHFKWVXQGOLQNVGDYRQHLQ5LQJHO=ZLVFKHQGHP.|QLJVSDDUHLQ .UHX]VWDE/LQNVLP)HOGHLQ5LQJHO:XOVWUHLIXPJHEHQYRQ]Z|OI%|JHQMHHLQ.UHX]HLQVFKOLH‰HQGLQGHQ $X‰HQZLQNHOQ 3XQNWH  J 6WHLQKLOEHU  *HEKDUW  %HUJHU  6OJ %RQKRII  6OJ (JOPHLHU  J 9RU]JOLFK

1367 

±

1,5:1

3KLOLSS2WWR,9)ULHGULFK,,%UDNWHDW.|QLJOLFKHV%UXVWELOGPLW%JHONURQHLQGHU 5HFKWHQ .UHX]VWDE PLW KHUXQWHUKlQJHQGHQ /LOLHQEOlWWHUQ LQ GHU /LQNHQ 5HLFKVDSIHO :XOVWUHLI XPJHEHQ YRQ DFKW GXUFK 6WlEFKHQ YRQHLQDQGHU JHWUHQQWHQ %|JHQ MH HLQHQ 5LQJHO HLQVFKOLH‰HQG 6WHLQKLOEHU  6OJ (JOPHLHU*HEKJ 53DWLQDVHKUVFK|Q

±

1368

(,6/(%(16WDGW 

7DOHU$XIGLH-DKUIHLHUGHU1DXPEXUJHU.RQYHQWLRQ0Q]]HLFKHQ.OHHEODWW%UXVWELOG/XWKHUV IDVW YRQ YRUQ GDUXQWHU GLH -DKUHV]DKO  6WDGWDQVLFKW YRQ (LVOHEHQ XQWHU HLQHU /HLVWH GDV QHXHUH :DSSHQ GHU 0DQVIHOGHU*UDIHQ%UR]DWXV GRUWDOV7DOHUI|UPLJH0HGDLOOHEH]HLFKQHW 6OJ:KLWLQJ6OJ0HUV 7RUQDX,J $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJIDVWYRU]JOLFK

±

1369 1,5:1

1,5:1

)5$1.)857$00$,16WDGW 



*ROGJXOGHQ6WHKHQGHU+HLOLJHU-RKDQQHVPLWGHP*RWWHVODPP]XVHLQHQ)VVHQGDV:HLQVEHUJHU:DSSHQ 5HLFKVDSIHOLPGRSSHOWHQ'UHLSDVV)U-X)D/HYLQVRQ,J  *ROG:LQ]LJHU6FKU|WOLQJVULVVDP5DQGVHKUVFK|QYRU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1370 1,5:1 

1,5:1

*ROGJXOGHQ0Q]PHLVWHU&DVSDU$\UHU6W-RKDQQHVGHU7lXIHUVWW]WVLFKDXI)UDQNIXUWHU$GOHUVFKLOG *HNU|QWHU'RSSHODGOHU *ROG9RQJUR‰HU6HOWHQKHLW0LW7LWXODWXU.DLVHU)HUGLQDQG,,:LQ]LJH6FKU|WOLQJVIHKOHU PLQLPDOH)HLOVSXUDP5DQGVHKUVFK|QYRU]JOLFK

±

1371 

'RSSHOWDOHU  6WDGWDQVLFKW LP $EVFKQLWW ]ZHL )OOK|UQHU  :HUWDQJDEH XQG -DKUHV]DKO LQ HLQHP (LFKHQODXENUDQ]7KXQ'DY$.6-.DKQWJ )HLQH3DWLQDYRU]JOLFK

±

1372 

'RSSHOJXOGHQ  *HNU|QWHU $GOHU  :HUW XQG -DKUHV]DKO LQ (LFKHQNUDQ] 7KXQ  'DY  $.6  .DKQW-J +HUUOLFKH3DWLQDIDVW6WHPSHOJODQ]

±

1373

2:1

2:1

)5(,%85*,0%5(,6*$86WDGW 

'XNDW0Q]PHLVWHU)ULGROLQ-RVHSK:HL‰HQEDFK6WDGWDQVLFKWGHUEHIHVWLJWHQ6WDGWPLWLKUHQ.DVWHOOHQ LP$EVFKQLWWYHU]LHUWH.DUWXVFKHPLW-DKUHV]DKO*HNU|QWHU$GOHUPLW=HSWHUXQG6FKZHUWXQWHU.URQHGDYRU ]ZLVFKHQ=ZHLJHQGLHEHLGHQ:DSSHQ5DEHQNRSIXQG.UHX]%HUVWHWW5RPPHO0HLVWHU )UJ *ROG9RQJUR‰HU6HOWHQKHLW+EVFKH*ROGSDWLQDPLQLPDOJHZHOOWIDVWYRU]JOLFK

±

0LWDOWHP6DPPOHUNlUWFKHQ ([HPSODU DXV GHU $XNWLRQ .QNHU   QXPLVPDWLVFKH .RVWEDUNHLWHQ  2VQDEUFN  /RV 1U  GRUWYRQYRU]J OLFKHU(UKDOWXQJ 




'(876&+(0h1=(181'0('$,//(1%,6

1374

)5(,6,1* 

6HGLVYDNDQ]  6LOEHUPHGDLOOH  XQVLJQLHUW %UXVWELOGHU GHV +HLOLJHQ &RUELQLDQ XQG 6LJLVPXQG QHEHQHLQDQGHUDXI]ZHL3RVWDPHQWHQ0DGRQQDPLW.LQGXPJHEHQYRQGHQ:DSSHQGHV'RPNDSLWHOVXQGGHU 'RPKHUUHQPP6HOOLHU=HSHUQLFNJ  )HLQH7|QXQJNOHLQH)OHFNHQZLQ]LJHU.UDW]HUZLQ]LJH5DQGIHKOHUYRU]JOLFK

1375

±

1376

)8/'$$EWHL DE(U]ELVWXP





$GDOEHUW YRQ +DUVWDOO    7DOHU  0Q]PHLVWHU /XGZLJ YDQ +RYHQ %HKHOPWHV :DSSHQ DXI .UXPPVWDEXQG6FKZHUWGDUXQWHUGDV0Q]PHLVWHU]HLFKHQ9+352'(2(73$75,$]XGHQ6HLWHQ 3DOP XQG /RUEHHU]ZHLJ GDUXQWHU GLH )HLQJHZLFKWVDQJDEH LQ ]HLOLJHU 6FKULIW 'DY  %XFKRQLD  J )HLQHU3UlJHJODQ]6FKU|WOLQJVIHKOHUDP5DQGYRU]JOLFK6WHPSHOJODQ]

±

$GDOEHUW YRQ +DUVWDOO    7DOHU  0Q]PHLVWHU /XGZLJ YDQ +RYHQ %HKHOPWHV :DSSHQ DXI .UXPPVWDEXQG6FKZHUWGDUXQWHUGDV0Q]PHLVWHU]HLFKHQ9+352'(2(73$75,$]XGHQ6HLWHQ 3DOP XQG /RUEHHU]ZHLJ GDUXQWHU GLH )HLQJHZLFKWVDQJDEH LQ ]HLOLJHU 6FKULIW 'DY  %XFKRQLD  J $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJYRU]JOLFK

±

1377

+$0%85*6WDGW 

IDFKHU6FKDXWDOHUR-  4826'(86&21,81;,7+2021216(3$5(7$XIGLH7UDXXQJ XQG GLH +RFK]HLW ]X .DQDD &KULVWXV VHJQHW HLQ %UDXWSDDU GDV VLFK GLH +lQGH UHLFKW  ,(686 &+5,6786 0$&+(7 :$66(5 =8 :(,11 ,1 &$1 *$/ ,2+ ,, 8QWHU %DOGDFKLQ VLW]HQ &KULVWXV XQG 0DULD PLW GHP %UDXWSDDUDQHLQHP7LVFKUHFKWV.HOOHUPHLVWHU,P9RUGHUJUXQGDXIGHPUDXWHQI|UPLJHJHVWDOWHWHQ)X‰ERGHQ VWHKHQVHFKV.UJHGDUXQWHUGDV0Q]PHLVWHU]HLFKHQ+%*DHG61UYDUPPJ 5+EVFKH3DWLQDVHKUVFK|QYRU]JOLFK

'LH =XZHLVXQJ GLHVHV 6FKDXWDOHUV QDFK +DPEXUJ LVW QLFKW JHVLFKHUW 'DV KLHU YRUOLHJHQGH ([HPSODU ]HLJW ZHGHU HLQHQ 5RVHQ]ZHLJ DXI GHU 9RUGHUVHLWH QRFK HLQH +DQG PLW =DLQKDNHQ DXI GHU 5FNVHLWH DOV 0Q]PHLVWHU]HLFKHQ /HGLJOLFK HLQGHXWLJ DXVJHSUlJW LVW DXI GHU 9RUGHUVHLWH GDV 0Q]PHLVWHU]HLFKHQ +% GDV HQWZHGHU GHQ 1UQEHUJHU .QVWOHUQ +LHURQ\PXV%HFNKDXVHQ+DQV%H]ROGRGHU+DQV%XUJPD\HU]X]XVFKUHLEHQLVW



±


'(876&+(0h1=(181'0('$,//(1%,6

1378 

1378

1,5:1

7DOHU9DULDQWHPLWNOHLQHP(QJHOVN|SIFKHQ0Q]PHLVWHU-RFKLP5XVWPH\HU6WHPSHOVFKQHLGHU-RKDQQ 5HWHNH 6WDGWEXUJ LQ UHLFK YHU]LHUWHU %DURFNNDUWXVFKH REHQ HLQ (QJHOVN|SIFKHQ XQWHQ LP /lQJVRYDO GLH -DKUHV]DKO VRZLH GLH 6WHPSHOVFKQHLGHULQVLJQLHQ ,5   *HNU|QWHU 'RSSHODGOHU PLW =HSWHU XQG6FKZHUWLQGHQ )lQJHQDXIGHU%UXVWGHU5HLFKVDSIHO'DY*DHGJ  )HLQH7|QXQJPLQLPDOH.UDW]HUDXIGHU5FNVHLWHYRU]JOLFK6WHPSHOJODQ]

±

1379

1,5:1



1,5:1

6LOEHUPHGDLOOH  YRQ 5 'LOOHU $XI GHQ WLHIVWHQ ELV GDPDOV JHPHVVHQHQ :DVVHUVWDQG GHU (OEH DP  $XJXVW  (OEEUFNH PLW GUHL DXV GHP )OXVV KHUDXVUDJHQGHQ 6WHLQHQ GDUDXI 'DWXPVDQJDEH  ]HLOLJH 6FKULIWXQWHQGDV%UFNHQPlQQFKHQPLWGHU:DVVHUVWDQGVDQJDEHYRQ0HWHUQ*HEDXHU'UHVGHQ PPJ 3UDFKWYROOH7|QXQJ6WHPSHOJODQ]

±

1380

+(11(%(5**5$)6&+$)7 

*HPHLQVFKDIWOLFK PLW 6DFKVHQ    7DOHU  $XVEHXWH GHU *UXEHQ ]X ,OPHQDX 0Q]PHLVWHU 6HEDVWLDQ$OWPDQQ=ZHL:DSSHQKHOPHDXI:DSSHQPlQWHOQJHKDOWHQYRQ]ZHL%HUJOHXWHQ8QWHU)UVWHQKXW GLH:DSSHQYRQ6DFKVHQXQG+HQQHEHUJ]ZLVFKHQ3DOP]ZHLJHQ'DY6FKQHH0VHOHUE J (WZDVIOHFNLJPLQLPDOMXVWLHUWYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1381

1,5:1

1381

+(66(1.$66(/ 

)ULHGULFK,,7DOHU.DVVHO6WHUQRGHU%OXWWDOHU0Q]PHLVWHU-RKDQQ%DOWKDVDU5HLQKDUG %UXVWELOG QDFK UHFKWV  VWUDKOLJHU 2UGHQVVWHUQ PLW 'HYLVH XQG GHP /|ZHQ GDUXQWHU GLH -DKUHV]DKO XQG GDV 0Q]PHLVWHU]HLFKHQ6FKW]+RIIPHLVWHU'DYJ hEHUGXUFKVFKQLWWOLFKH(UKDOWXQJ6FKU|WOLQJVIHKOHUDP5DQGYRU]JOLFK

'HU +DXVRUGHQ YRP *ROGHQHQ /|ZHQ ZLH DXI GHP KLHU YRUOLHJHQGHQ 7DOHU DXI GHU 5FNVHLWH DEJHELOGHW ZXUGH DP  $XJXVW  GXUFK /DQGJUDI )ULHGULFK ,, YRQ +HVVHQ.DVVHO LQ HLQHU .ODVVH JHVWLIWHW $QODVV ZDU VHLQ  *HEXUWVWDJ *HZUGLJWZXUGHQ]LYLOHXQGPLOLWlULVFKH9HUGLHQVWH'LH/RVXQJGHV2UGHQVODXWHW±9LUWXWHHW)LGHOLWDWHIU7XJHQGXQG 7UHXH'LH1DPHQVJHEXQJGHVVRJHQDQQWHQ%OXWWDOHUE]Z%ORRGGROODUJHKWGDUDXI]XUFNGDLQGHQ9HUHLQLJWHQ6WDDWHQ YRQ$PHULNDPLWLKPDQJHZRUEHQH+HVVLVFKH7UXSSHQGHV%HIUHLXQJVNULHJVEH]DKOWZXUGHQ

±

1382

+(66(1'$5067$'7 

/XGZLJ ,,    .URQHQWDOHU 0Q]PHLVWHU+HNWRU5|‰OHU.RSIEVWHQDFKOLQNVGDUXQWHUGLH 6WHPSHOVFKQHLGHUVLJQDWXU  $XI JHNU|QWHP :DSSHQPDQWHO GDV EHKHOPWH :DSSHQ PLW GHP .UHX] GHV /XGZLJ2UGHQVGDUXQWHUGDVJHWHLOWH0Q]PHLVWHU]HLFKHQXQGGLHJHWHLOWH-DKUHV]DKO0LW5DQGVFKULIW7KXQ 'DY-$.6.DKQWJ 9RU]JOLFKYRU]JOLFK

0LWDOWHP%HVFKUHLEXQJVNlUWFKHQ

1383





1,5:1

±

1383

/XGZLJ,,*XOGHQ.RQ]HUWJXOGHQ=XU(ULQQHUXQJDQHLQ.RQ]HUWJHJHEHQ]X(KUHQGHV VSlWHUHQ =DUHQ $OH[DQGHU ,, YRQ 5XVVODQG 6WHPSHOVFKQHLGHU & 9RLJW .RSI QDFK OLQNV GDUXQWHU 1DPH GHV 0HGDLOOHXUV]HLOLJH6FKULIWLP/RUEHHUXQG(LFKHQNUDQ]$.6- 5DQGIHKOHUZLQ]LJHU.UD]WHUIDVW6WHPSHOJODQ]DXVSROLHUWHQ6WHPSHOQ

±


'(876&+(0h1=(181'0('$,//(1%,6

1384 (2-fach)

2:1

/g:(167(,1:(57+(,09,51(%85* 

(XFKDULXV .DVLPLU    'LFNHU 'RSSHOWDOHU  :HUWKHLP 0Q]PHLVWHU )ULHGULFK 6FKDWWDXHU 6WHPSHOYRQ3+0OOHU$XIGLH%HHQGLJXQJGHU(UEVWUHLWLJNHLWHQ*HVSDOWHQHUGUUHU%DXPLQHLQHU+lOIWH XQG IUFKWHWUDJHQGHU %DXP PLW /DQGDUEHLWHUQ LQ GHU DQGHUHQ GD]ZLVFKHQ ]ZHL 6FKULIWElQGHU 0( &21,81&7,26(59$7XQG'806&,1',785)5$1*25IDFKEHKHOPWHVIHOGLJHV:DSSHQ]XGHQ 6HLWHQGLHJHWHLOWH-DKUHV]DKOXQGGLH0Q]PHLVWHUVLJQDWXU)6:LEHO'DY%HUVW'DY :LEHO)RUVWHUJ 9RQJUR‰HU6HOWHQKHLW6HKUVFK|Q

±




'(876&+(0h1=(181'0('$,//(1%,6

1385 1,5:1

1,5:1

/h%(&.6WDGW 

'XNDW  0LW GHP $E]HLFKHQ GHV %UJHUPHLVWHUV /RUHQ] 0|OOHU 0Q]PHLVWHU +HLQULFK YRQGHU.OlKUHQ *HNU|QWHU 'RSSHODGOHU PLW GHP 6WDGWZDSSHQ DXI GHU %UXVW XQWHQ GDV $E]HLFKHQ GHV %UJHUPHLVWHUV /RUHQ] 0|OOHU ]ZLVFKHQ GHU JHWHLOWHQ -DKUHV]DKO  'HU JHNU|QWH XQG JHKDUQLVFKWH .DLVHU PLWJHVFKXOWHUWHP=HSWHULQ GHU 5HFKWHQ XQG 5HLFKVDSIHO LQ GHU /LQNHQ QDFK UHFKWV VWHKHQG LQ GHU 8PVFKULIW GDV 0Q]PHLVWHU]HLFKHQ 6RQQH%HKUHQVYDU)UJ  *ROG9RQJUR‰HU6HOWHQKHLW$WWUDNWLYHV([HPSODUPLWKEVFKHP3UlJHJODQ]YRU]JOLFK

±

1386

0$16)(/'925'(5257)5,('(%85* 

3HWHU (UQVW , &KULVWRSK ,, XQG -RKDQQ +R\HU ,,,  7DOHU  (LVOHEHQ 9DULDQWH GHU 9RUGHUVHLWHQXPVFKULIWPLW(51XQGDOV7UHQQ]HLFKHQGHU5FNVHLWHPLW,XQG‡DOV7UHQQ]HLFKHQ'HUKHLOLJH 6W *HRUJ ]X 3IHUG UHLWHW QDFK UHFKWV GHQ 'UDFKHQ W|WHQG  %HKHOPWHV :DSSHQ LQ YHU]LHUWHQ VSDQLVFKHQ 6FKLOGHQ7RUQDXID'DYJ 6HKUVFK|Q

1387

1,5:1

±

1387

0h167(5%LVWXP 



&KULVWRSK%HUQKDUGYRQ*DOHQ7DOHU&RHVIHOGHU.UHX]WDOHUIDFKEHKHOPWHV:DSSHQ -HVXV &KULVWXV DP .UHX] ]X GHQ 6HLWHQ GLH JHWHLOWH -DKUHV]DKO XPKHU GRSSHOWHU 6FKULIWNUHLV 6FKXO]H D 'DYJ )HLQH3DWLQDOHLFKWH3UlJHVFKZlFKHQYRU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1388



&KULVWRSK %HUQKDUG YRQ *DOHQ    %UHLWHU 7DOHU  $XI GLH (LQQDKPH GHU 6WDGW $XI :RONH VFKZHEHQGHU6W3DXOXVPLW6FKZHUWEHUEHIHVWLJWHU6WDGWDQVLFKWYRQ0QVWHUIDFKEHKHOPWHV:DSSHQPLW 0LWWHOVFKLOG*DOHQXQGPLWHLQJHVWHFNWHP.UXPPVWDEXQG6FKZHUW6FKXO]H'DYJ )DVWYRU]JOLFK

1,5:1

1389



±

1389

6HGLVYDNDQ]  7DOHU  0Q]PHLVWHU *RWWIULHG 6WRUS %HKHOPWHU .DSLWHOVVFKLOG PLW %UXVWELOG GHV +HLOLJHQ 3DXOXV YRQ YRUQ REHQ GLH JHWHLOWH -DKUHV]DKO   %HORUEHHUWHV %UXVWELOG GHV .DLVHUV /HRSROG LP +DUQLVFKQDFKUHFKWVDP$UPDEVFKQLWWGLH0Q]PHLVWHUVLJQDWXU6FKXO]HD=HS'DYJ 7ROOHV3RUWUDLW$WWUDNWLYHVVFKDUIDXVJHSUlJWHV([HPSODUZLQ]LJHU6FKU|WOLQJVIHKOHUDP5DQGYRU]JOLFK

±

0LWDOWHP6DPPOHUXQG/DJHUWLFNHWYRQ$GROSK(&DKQ)UDQNIXUW0DLQYRP6DPPOHUHUZRUEHQIU'0

1390



6HGLVYDNDQ]7DOHU6FKXO]HE=HS'DYJ

6HKUVFK|Q

± 


'(876&+(0h1=(181'0('$,//(1%,6

1391 

6HGLVYDNDQ]7DOHU$*30QVWHU0Q]PHLVWHU$QWRQ*RWWIULHG3RWW+HLOLJHU6W3DXOXVLQ .DSLWHOZDSSHQYRQYRUQXPKHU:DSSHQXQG6FKULIWNUHLV,Q:DSSHQXQG6FKULIWNUHLV%UXVWELOG.DUOVGHV *UR‰HQPLW6FKZHUWXQG5HLFKVDSIHO6FKXO]HYDU=HSJ  +EVFKH3DWLQDVHKUVFK|QYRU]JOLFK

±

1392 1,5:1

1,5:1

1h51%(5*5HLFKVPQ]VWlWWH 

6LJLVPXQG*ROGJXOGHQR-  6,*,619Q'91 EHLGH6UHWURJUDG 55(;*HNU|QWHV +IWELOG .|QLJ 6LJLVPXQGV YRQ YRUQ PLW JHVFKXOWHUWHP 6FKZHUW XQG 5HLFKVDSIHO   02Q(7$ Q29$ Q950%(5 $GOHU %UXVWVFKLOG PLW 'RSSHONUHX] )U  (UODQJHU  6OJ (UODQJHU  $YHUV    YDU 5HYHUV J *ROG5/HLFKWH3UlJHVFKZlFKHLP5DQGEHUHLFKVHKUVFK|QYRU]JOLFK

±

1393

1,5:1

1,5:1

1h51%(5*6WDGW 



7DOHU R-   0LW 7LWHO 5XGROIV ,, *HNU|QWHU 'RSSHODGOHU PLW +HLOLJHQVFKHLQ  9HU]LHUWHV 1UQEHUJHU 6WDGWZDSSHQ'DY.HOOQHUJ  9RQJU|‰WHU6HOWHQKHLW:LQ]LJH5DQGIHKOHUOHLFKWHU%HODJIDVWYRU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1394

1,5:1



1,5:1

7DOHU'UHLRYDOH:DSSHQVFKLOGHLQYHU]LHUWHQ.DUWXVFKHQREHQHLQ(QJHOVNRSIXQGOLQNVXQGUHFKWVMH HLQ )OOKRUQ PLW )UFKWHQ  *HNU|QWHU 5HLFKVDGOHU PLW %UXVWVFKLOG .HOOQHU  6OJ (UODQJHU 'DY J 9RQJU|‰WHU6HOWHQKHLW0LW=LFN=DFNUDQG$WWUDNWLYHV([HPSODUPLWIHLQHU3DWLQD PLQLPDOMXVWLHUWYRU]JOLFK

hEOLFKHUZHLVH NRPPW GLHVHU 7DOHU PLW 5DQGVFKULIW YRU VLHKH GD]X .HOOQHU D )U GLH 3UlJXQJ GHV YRUOLHJHQGHQ 7DOHUV ZXUGHGHU9RUGHUVHLWHQVWHPSHOYRQ.HOOQHUYHUZHQGHWXQGPLWHLQHUQHXJHVFKQLWWHQHQ5FNVHLWHNRPELQLHUW

±

1395 1,5:1 

1,5:1

'RSSHOWHU /DPPGXNDW  0Q]PHLVWHU *HRUJ )ULHGULFK 1UQEHUJHU 'UHL 6WDGWZDSSHQ  /DPP PLW )ULHGHQVIDKQHDXI(UGKDOENXJHOLQGHU8PVFKULIWGLH-DKUHV]DKODOV&KURQRJUDPPGDUXQWHUGDV0Q]PHLVWHU ]HLFKHQ*)1)U.HOOQHUJ *ROG2ULJLQDOSUlJXQJ)DVW6WHPSHOJODQ]

±

1396 

7DOHU  0Q]PHLVWHUV - 0 )|UVWHU *HNU|QWHU $GOHU PLW 6FKZHUW XQG =HSWHU LQ GHQ )lQJHQ EHU GHQ EHLGHQRYDOHQ:DSSHQVFKLOGHQYRQ1UQEHUJGDUXQWHUGLH6LJQDWXUHQGHV:DUGHLQ*00DQQ 0 XQGGHV 0Q]PHLVWHUV-RKDQQ0DUWLQ)|UVWHU )   %HORUEHHUWHV%UXVWELOG.DLVHU)UDQ],LP+DUQLVFKXQG 0DQWHOGLH.ROODQHGHV*ROGHQHQ9OLHVHVDXIGHU%UXVW.HOOQHU'DYJ 6HOWHQLQGLHVHU(UKDOWXQJ)HLQH7|QXQJYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1397

3$'(5%251 

:LOKHOP $QWRQ YRQ GHU $VVHEXUJ     .RQYHQWLRQVWDOHU  7DOHU   1HXKDXV 6FKZHGH $D:HLQJlUWQHUJ :LQ]LJMXVWLHUWDXIGHU9RUGHUVHLWHYRU]JOLFKYRU]JOLFK

±

1398

5(*(16%85*%LVWXP 

6HGLVYDNDQ]6LOEHUPHGDLOOHYRQ-/2H[OHLQ,QYHU]LHUWHU.DUWXVFKH3HWUXVLP)LVFKHUERRWPLW JHIDQJHQHP )LVFK LQ VHLQHU /LQNHQ  $QVLFKW GHV 5HJHQEXUJHU 'RPV YRQ6GZHVWHQPLWQRFKXQYROOHQGHWHQ 7UPHQ=HSHUQLFN3ODWRPPJ 9RU]JOLFK6WHPSHOJODQ]

±

1399

6$&+6(1.XUIUVWHQXQG$OEHUWLQHU 

-RKDQQ )ULHGULFK , XQG *HRUJ    7DOHU  $QQDEHUJ %UXVWELOG GHV .XUIUVWHQ PLW JHVFKXOWHUWHP6FKZHUWQDFKUHFKWV%UXVWELOGGHV+HU]RJVPLWXPJHOHJWHU.HWWHQDFKOLQNV'DY6FKQHH .HLOLW]6FKXOWHQJ )HLQH3DWLQDVHKUVFK|Q

±

1400 



-RKDQQ *HRUJ ,    7DOHU  $XI VHLQHQ 7RG 0Q]PHLVWHU &RQVWDQWLQ 5RWKH %UXVWELOG LP +HUPHOLQPDQWHO PLW JHVFKXOWHUWHP6FKZHUWQDFKKDOEUHFKWV]HLOLJH6FKULIWGDUXQWHU0Q]PHLVWHU]HLFKHQ (LFKHO6FKQHH6OJ0HUV'DY&ODXVV.DKQWJ 6HKUVFK|QYRU]JOLFK

±


'(876&+(0h1=(181'0('$,//(1%,6

1401



)ULHGULFK $XJXVW ,  GHU 6WDUNH    7DOHU  $XI GDV 9LNDULDW 0Q]PHLVWHU -RKDQQ /RUHQ] +ROODQG'HUJHKDUQLVFKWHXQGJHNU|QWH.XUIUVWQDFKUHFKWVUHLWHQG=ZHL7LVFKHPLWGHQ.U|QXQJVLQVLJQLHQ XQGZHLWHUHU7LVFKPLW]HLOLJHU6FKULIW'D‰GRUI6OJ0HUV6FKQHH'DY.DKQW J +EVFKH3DWLQD6HKUVFK|Q

±

1402



)ULHGULFK$XJXVW,,7DOHU'UHVGHQ%XFNG.DKQWJ  0LQLPDOMXVWLHUWYRU]JOLFK6WHPSHOJODQ]

±

1403



)ULHGULFK$XJXVW,,,,7DOHU'UHVGHQ6FKQHH'DY%XFNE.DKQW J 3UDFKWH[HPSODU)HLQH7|QXQJZLQ]LJHU6FKU|WOLQJVIHKOHUIDVW6WHPSHOJODQ]

±

1404



)ULHGULFK$XJXVW,,,,7DOHU6*+'UHVGHQ0Q]PHLVWHU-RKDQQ*RWWKHOI6WXGHU 0LW1DSROHRQUDQG.RSIEVWHQDFKUHFKWV*HNU|QWHVVlFKVLVFKHV:DSSHQDXIJHNUHX]WHQ3DOP]ZHLJHQ$.6 -.DKQWJ 3UDFKWH[HPSODU+HUUOLFKH7|QXQJPLQLPDOMXVWLHUWIDVW6WHPSHOJODQ]

± 


'(876&+(0h1=(181'0('$,//(1%,6

1405 

)ULHGULFK $XJXVW ,,    'RSSHOWDOHU  $XI VHLQHQ 7RG .RSIEVWH QDFK UHFKWV GDUXQWHU VHLQ 6WHUEHGDWXP'LH3HUVRQLILNDWLRQHQYRQ*HUHFKWLJNHLWXQG/LHEHHLQDQGHUJHJHQEHUVLW]HQGGD]ZLVFKHQ]ZHL JHNUHX]WH JHVHQNWH )DFNHOQ KLQWHU VlFKVLVFKHP :DSSHQ 7KXQ  'DY  $.6  -  .DKQW  J (UVWDEVFKODJ.OHLQHU.UDW]HUYRU]JOLFK6WHPSHOJODQ]

±

1406

6$&+6(1$/7(1%85* 

-RKDQQ3KLOLSSXQGVHLQH%UGHU7DOHU6DDOIHOG0Q]PHLVWHU:ROI$OEUHFKW=ZHL %UXVWELOGHUJHJHQEHULP6FKULIWNUHLV5HLFKVDSIHOXQGGUHLNOHLQH:DSSHQ=ZHL%UXVWELOGHUJHJHQEHUREHQ GLH -DKUHV]DKO    LP 6FKULIWNUHLV YLHU NOHLQH :DSSHQ XQG GDV 0Q]PHLVWHU]HLFKHQ .HUQEDFK  6OJ0HUVJ $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJVHKUVFK|QYRU]JOLFK

±

1407 

-RKDQQ 3KLOLSS XQG VHLQH %UGHU    7DOHU  6DDOIHOG 0Q]PHLVWHU :ROI $OEUHFKW *HKDUQLVFKWHV+IWELOG-RKDQQ&DVLPLUVPLW.RPPDQGRVWDEQDFKUHFKWV*HKDUQLVFKWHV+IWELOG-RKDQQ(UQVWV PLW JHVFKORVVHQHP 7XUQLHUKHOP QDFK OLQNV 6FKQHH  6OJ 0HUV  .R]LQRZVNL 2WWR5X‰  D 'DY J $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJVHKUVFK|QYRU]JOLFK

±

1408 



(UQVW ,    7DOHU  'UHVGHQ .RSIEVWH QDFK UHFKWV GDUXQWHU GDV 0Q]]HLFKHQ  +HU]RJOLFK VlFKVLVFKHU:DSSHQVFKLOGXQWHUJHNU|QWHP:DSSHQPDQWHO.DKQW$.6'DY-7KXQ J )HLQH7|QXQJPLQLPDOH.UDW]HUZLQ]LJH5DQGIHKOHUYRU]JOLFK6WHPSHOJODQ]

±


'(876&+(0h1=(181'0('$,//(1%,6

1409

6&+:b%,6&++$// 

 7DOHU  1UQEHUJ 6WHPSHO YRQ - / 2H[OHLQ 'UHL 6FKLOGH LQ .OHHEODWWVWHOOXQJ  *HKDUQLVFKWHV %UXVWELOG.DLVHU-RVHI,,PLW/RUEHHUNUDQ]XQG9OLHVRUGHQQDFKUHFKWV0LW5LIIHOUDQG5DII%LQGHU 9RU]JOLFK

±

1410

:$/'(&.81'3<50217 

*HRUJ9LNWRU9HUHLQVWDOHU$.DKQW.07KXQ'DY$.6 - )HLQH3DWLQDIDVW6WHPSHOJODQ]

±

1411

1,5:1

1,5:1

:h577(0%(5* 

)ULHGULFK,,,.UHX]HU,/:.5$.6-  6HKUVHOWHQLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODUhEOLFKH-XVWLHUVSXUHQIDVW6WHPSHOJODQ]

±

1412 

:LOKHOP,.URQHQWDOHU+DQGHOVIUHLKHLW7KXQ'DY-$.6.DKQW .OHLQ5DIIJ )HLQH7|QXQJOHLFKWMXVWLHUWYRU]JOLFK

± 


'(876&+(0h1=(181'0('$,//(1%,6

1413

:h5=%85*%,6780 

*XVWDY$GROIYRQ6FKZHGHQ7DOHU/RVXQJVWDOHU0Q]PHLVWHU0DWKlXV/DXIIHU9DULDQWH PLW NOHLQHU XQG JHWHLOWHU -DKUHV]DKO     = ]X GHQ 6HLWHQ GHU .URQH DXI GHU 5FNVHLWH +HOPVFKURWW  $$-E'DYJ (WZDVIOHFNLJVHKUVFK|Q

±

1414 

)UDQ] /XGZLJ YRQ (UWKDO    7DOHU  0Q]PHLVWHU - 1 0DUWLQHQJR XQG ) + 3UDQJKH 6WHPSHOVFKQHLGHU - 9 5LHVLQJ %UXVWELOG LQ EHVWLFNWHP 7DODUXQGEHUJHZRUIHQHP0DQWHOQDFKUHFKWV'HU +HLOLJH.LOLDQZLUGYRQGHQ+HLOLJHQ.RORQDWXQG7RWQDQIODQNLHUWGDUXQWHUGDV:U]EXUJHU:DSSHQVFKLOGPLW 0LWWHOVFKLOG+HOPVFKURWW'DY'UHVFKHU6OJ3LORW\.HOOQHUJ 0LWDOWHP%HVFKUHLEXQJVNlUWFKHQ (WZDVIOHFNLQJ9RU]JOLFK

±

1415 

6HGLVYDNDQ]6LOEHUPHGDLOOHYRQ-3:HUQHU'UHL:DSSHQVFKLOGHXPJHEHQYRQ'RPKHUUHQ ZDSSHQ  0DULD PLW .LQG EHU GHQ GUHL +HLOLJHQ .LOLDQXV &RORQDWXV XQG 7RWQDQXV LQ :RONHQ WKURQHQG XPJHEHQ YRQ  :DSSHQ GHU EULJHQ 'RPKHUUHQ +HOPVFKURWW  6OJ 3LORW\  =HSHUQLFN  6OJ (UODQJHUPPJ )HLQH7|QXQJZLQ]LJH5DQGIHKOHUYRU]JOLFK6WHPSHOJODQ]

±

1416 

*HRUJ .DUO YRQ )HFKHQEDFK    7DOHU  6WHPSHO YRQ *|W]LQJHU %UXVWELOG QDFK UHFKWV  :HUWDQJDEH XQG -DKUHV]DKO EHU XQG LP KDOERIIHQHQ /RUEHHUNUDQ] +HOPVFKURWW  'DY  6OJ 3LORW\ J )HLQH7|QXQJLP5DQGEHUHLFKMXVWLHUWHWZDV%HODJYRU]JOLFK6WHPSHOJODQ]

0LWDOWHP6DPPOHUNlUWFKHQ



±


'(876&+/$1'$%

'(876&+/$1'$%

1417

5(,&+66,/%(50h1=(1 

$1+$/7)ULHGULFK,,0DUN-

3ROLHUWH3ODWWH

±

9RU]JOLFK6WHPSHOJODQ]

±

1418



+$0%85*)UHLHXQG+DQVHVWDGW0DUN-

1419



1,5:1

1419

0(&./(1%85*675(/,7=$GROI)ULHGULFK90DUN- +DDUOLQLHQSROLHUWH3ODWWH

±

1420



2/'(1%85*1LNRODXV)ULHGULFK3HWHU0DUN- :LQ]LJHU.UDW]HUYRU]JOLFK6WHPSHOJODQ]

± 


'(876&+/$1'$%

1421



5(866-h1*(5(5/,1,(+HLQULFK;,90DUN-

9RU]JOLFK

±

6$&+6(1)ULHGULFK$XJXVW,,,0DUN-DKUIHLHUGHU8QLYHUVLWlW/HLS]LJ- 3UDFKWH[HPSODU6WHPSHOJODQ]

±

1422



1423



6$&+6(10(,1,1*(1*HRUJ,,0DUN%DUWEHUKUW3HUONUHLVQLFKW-E  3UDFKWH[HPSODU:LQ]LJH.UDW]HU6WHPSHOJODQ]

1424

 

6&+$80%85*/,33(*HRUJ0DUN-

1,5:1

±

1424

9RU]JOLFK

±


'(876&+/$1'$%

1425

5(,&+6*2/'0h1=(1 

%$'(1)ULHGULFK,0DUN-

*ROG9RU]JOLFK6WHPSHOJODQ]

±

*ROG9RU]JOLFK

±

*ROG%HVVHUHU-DKUJDQJ9RU]JOLFK6WHPSHOJODQ]

±

1426 

)ULHGULFK,0DUN*-

1427 1,5:1 

)ULHGULFK,,0DUN*-

1,5:1

1428

1,5:1 

1,5:1

%$<(51/XGZLJ,,0DUN'-

*ROG59RU]JOLFK

±

*ROG1*&069RU]JOLFK6WHPSHOJODQ]

±

*ROG9RU]JOLFK

±

1429 

%5(0(1)UHLHXQG+DQVHVWDGW0DUN--

1430 

+(66(1/XGZLJ,,,0DUN+-




'(876&+/$1'$%

1431 1,5:1 

1,5:1

/XGZLJ,,,0DUN+-

*ROG9RU]JOLFK6WHPSHOJODQ]

±

1432 1,5:1 

1,5:1

/h%(&.)UHLHXQG+DQVHVWDGW0DUN$-

*ROG3ROLHUWH3ODWWH

±

1433 1,5:1 

1,5:1

)UHLHXQG+DQVHVWDGW0DUN$-

*ROG)DVWYRU]JOLFK

±

1434 1,5:1 

1,5:1

35(866(1:LOKHOP,,0DUN-

*ROG%HUKUWSROLHUWH3ODWWH

±

1435

2:1 



2:1

5(866b/7(5(5/,1,(+HLQULFK;;,,0DUN%- *ROG6HKUVHOWHQEHVRQGHUVLQGLHVHU(UKDOWXQJ.DELQHWWVWFN3&*6063URRIOLNH6WHPSHOJODQ]

±


'(876&+/$1'$%

1436

1,5:1



1,5:1

6$&+6(1&2%85*81'*27+$$OIUHG0DUN-

*ROG)DVWYRU]JOLFK

±

1437

2:1



2:1

6$&+6(10(,1,1*(1*HRUJ,,0DUN'-  *ROG3&*6063/3URRIOLNH9RU]JOLFK6WHPSHOJODQ]

±

1438

2:1



*HRUJ,,0DUN'-

2:1

*ROG3&*6069RU]JOLFK6WHPSHOJODQ]

± 


'(876&+/$1'$%

1439

2:1

2:1



*HRUJ,,0DUN- *ROG6HKUVHOWHQLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODUYRQIHLQVWHU(UKDOWXQJ 3&*6063/ 3URRIOLNH 3ROLHUWH3ODWWH6WHPSHOJODQ]

±

1440

2:1



2:1

*HRUJ,,0DUN'-  *ROG553UDFKWH[HPSODUYRQSROLHUWHQ6WHPSHOQ)DVW6WHPSHOJODQ]

±

1441

2:1





2:1

*HRUJ,,0DUN'-J *ROG6HKUVHOWHQEHVRQGHUVLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODU 9RQSROLHUWHQ6WHPSHOQ)DVW6WHPSHOJODQ]

±


'(876&+/$1'$%

1442

2:1



2:1

6&+:$5=%85*621'(56+$86(1.DUO*QWKHU0DUN-  *ROG3UDFKWH[HPSODU1*&3)8/75$&$0(23ROLHUWH3ODWWH

±

1443 1,5:1

1,5:1

:(/7.5,(*81',1)/$7,21 

3IHQQLJ2KQH0Q]]HLFKHQ-=

3UDFKWH[HPSODU9RU]JOLFK6WHPSHOJODQ]

±

1444 1,5:1 

1,5:1

3IHQQLJ2KQH0Q]]HLFKHQ-=

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

9RU]JOLFK6WHPSHOJODQ]

±

1445 1,5:1 

3IHQQLJ'-

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

1,5:1 56HKUVFK|Q

±




'(876&+/$1'$%

1446 1,5:1

1,5:1

:(,0$5(55(38%/,. 

5HLFKVSIHQQLJ$-

56HKUVFK|QYRU]JOLFK

±

3UDFKWH[HPSODU3ROLHUWH3ODWWH

±

3UDFKWH[HPSODU3ROLHUWH3ODWWH

±

3UDFKWH[HPSODU3ROLHUWH3ODWWH

±

3UDFKWH[HPSODU3ROLHUWH3ODWWH

±

1447 

5HLFKVPDUN$-DKUH3KLOLSSV8QLYHUVLWlW0DUEXUJ-

1448 

5HLFKVPDUN$-DKUH%UHPHUKDYHQ-

1449 

5HLFKVPDUN*7RGHVWDJ*RWWKROG/HVVLQJ-

1450  

5HLFKVPDUN*-lKULJHV-XELOlXPGHU:HLPDUHU5HSXEOLN-


'(876&+/$1'$%

1451



5HLFKVPDUN$9HUHLQLJXQJ:DOGHFNVPLW3UHXVVHQ-

1452



3UDFKWH[HPSODU3ROLHUWH3ODWWH

1,5:1

5HLFKVPDUN0HLVVHQ-

±

1452

3ROLHUWH3ODWWH

±

5HLFKVPDUN*7RGHVWDJYRQ-RKDQQ:ROIJDQJYRQ*RHWKH-  3UDFKWH[HPSODU3ROLHUWH3ODWWH

±

1453



1454



1,5:1

5HLFKVPDUN$7RGHVWDJYRQ-RKDQQ:ROIJDQJYRQ*RHWKH-

1454

9RU]JOLFK

± 


'(876&+/$1'$%

1455 1,5:1

1,5:1

'5,77(65(,&+ 

352%(15HLFKVSIHQQLJ'(LVHQPLW.XSIHUSODWWLHUW*ODWWHU5DQG=ZLWWHUSUlJXQJGHU9RUGHUVHLWH :HUW ]X-XQGGHU5FNVHLWH +HXJDUEH ]X- :HLPDUHU5HSXEOLN 6FKDDI6OJ%HFNHQEDXHU J 559RU]JOLFK

±

1456 1,5:1

1,5:1

$//,,(57(%(6(7=81* 

352%(1  5HLFKVSIHQQLJ  ' (LVHQ PLW 1LFNHO SODWWLHUW *HULIIHOWHU 5DQG 6FKDDI 0  6OJ %HFNHQEDXHU-]XJ 3UDFKWH[HPSODU6WHPSHOJODQ]

±

1457 1,5:1 

1,5:1

5HLFKVSIHQQLJ'$OXPLQLXP*ODWWHU5DQG6FKDDI06OJ%HFNHQEDXHU-]XJ :LQ]LJHU2[\GDWLRQVIOHFNIDVW6WHPSHOJODQ]

±

1458

%5' 

'0:lKUXQJELV0DUN)$XIODJHLQ33QXU6WFNH-

/HLFKWEHUKUWSROLHUWH3ODWWH

±

3ROLHUWH3ODWWH

±

1459  

'0:lKUXQJELV0DUN--


'(876&+/$1'$%

1460 

'0:lKUXQJELV0DUN)0D[3ODQFN$XIODJHLQ33QXU6WFNH-

3ROLHUWH3ODWWH

±

556WDUNH.RUURVLRQVVSXUHQVHKUVFK|Q

±

1461 1,5:1

1,5:1

*(3/$17(6.g1,*5(,&+32/(1 

)HQLJ)-J

$XVGHP%UDQGVFKXWWGHU6WXWWJDUWHU0Q]H'HU-DKUJDQJ)NDPQLFKWLQGHQ=DKOXQJVYHUNHKU

1462 2:1 

2:1

)HQLJ)1HXVLOEHUDEVFKODJ*ODWWHU5DQG-$QP6FKDDI6OJ%HFNHQEDXHUJ =DSRQLHUWSROLHUWH3ODWWH

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

±

1463

2:1 

2:1

)HQLJRZ)1HXVLOEHUDEVFKODJ*ODWWHU5DQG-]X6FKDDI6OJ%HFNHQEDXHUJ ([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U =DSRQLHUWSROLHUWH3ODWWH

±

1464

'(876&+(.2/21,(1 

'(876&+1(8*8,1($0DUN-

6HKUVFK|Q

± 


'(876&+/$1'$%

1465

1,5:1

1,5:1

'$1=,* 

*XOGHQ-'

*ROG1*&06)DVW6WHPSHOJODQ]

±

 0LOOLRQHQ 0DUN  )UHLKHUU YRQ 6WHLQ 7RPEDN YHUJROGHW 9DULDQWH PLW :HUWDQJDEH LQ GUHL =HLOHQ -1)XQFN%J )DVW6WHPSHOJODQ]

±

1466

:(67)$/(1 

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

1467

1270h1=(1 

%UDXEDFK +HVVHQ (LVHQ3IHQQLJR-.OHLQJHOGHUVDW]PDUNHGHV9RUVFKX‰9HUHLQV)UHQ]HO0HQ]HO J 9RU]JOLFK

±

1468 1,5:1 

1,5:1

%UHPHQ9HUUHFKQXQJV0DUNR-$OXPLQLXPPLW(LVHQNHUQXQGJUR‰HU:HUW]DKOLQYHUWLHIWHP,QQHQIHOG 0LW5LIIHOUDQG-1$QPJ 9RQJUR‰HU6HOWHQKHLW9RU]JOLFK

%HL GHP KLHU YRUOLHJHQGHQ ([HPSODU KDQGHOW HV VLFK XP GLH VRJHQDQQWH HUVWH $XVIKUXQJ PLW XQVFK|QHU :HUWVHLWH GDUDXIKLQLVWHLQQHXHU]ZHLWHU6WHPSHOJHIHUWLJWZRUGHQ



±


'(876&+/$1'$%

1469 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJVR-)UHQ]HO-1$QPJ  bX‰HUVWVHOWHQ)DVW6WHPSHOJODQ]

±

1470 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJVR-)UHQ]HO-1$QPJ  bX‰HUVWVHOWHQ)DVW6WHPSHOJODQ]

±

1471 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)XQFN$QP)UHQ]HO GRUWQXULQ%URQ]H  J )HLQH.UDW]HULP9RUGHUVHLWHQIHOGYRU]JOLFK6WHPSHOJODQ] ([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

±

1472 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJ0HQ]HO)UHQ]HO$J )DVW6WHPSHOJODQ]

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

±

1473 1,5:1 

'DQ]LJ3IHQQLJ0LWJUR‰HU:HUW]DKO-'E

1,5:1 56HKUVFK|QYRU]JOLFK

± 


'(876&+/$1'$%

1474 1,5:1 

1,5:1

/LSSVWDGW 6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV  )UHQ]HO  0HQ]HO  0LW )HLQJHKDOWVSXQ]HDXIGHU5FNVHLWHJ 9RU]JOLFK

±

1475 1,5:1

1,5:1 

1HXHQEUJ :UWWHPEHUJ 6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HO J 6WHPSHOJODQ]

±

1476 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HOJ

6WHPSHOJODQ]

±

2EHUQGRUI :UWWHPEHUJ  6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV  )UHQ]HO  $QP 0HQ]HOJ 6WHPSHOJODQ]

±

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

1477 1,5:1 

1,5:1

1478 1,5:1 



1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$QP0HQ]HOJ 6WHPSHOJODQ]

±


'(876&+/$1'$%

1479 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HOJ

6WHPSHOJODQ]

±

3HLQH6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJVR-)UHQ]HO0HQ]HO0LW)HLQJHKDOWV SXQ]HLP5DQGJ 6WHPSHOJODQ]

±

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

1480 1,5:1 

1,5:1

1481 1,5:1 

1,5:1

6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV R- )UHQ]HO  0HQ]HO  0LW )HLQJHKDOWVSXQ]H LP5DQGJ 6WHPSHOJODQ]

±

1482 1,5:1 

1,5:1

3LOODX 6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV  )XQFN $ )HQ]HO $ 0LW )HLQJHKDOWVSXQ]HLP)HOGGHU5FNVHLWHJ 6WHPSHOJODQ] ([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

±

1483 1,5:1 

1,5:1

6WUDOVXQG6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HO0LW )HLQJHKDOWVSXQ]HLP5DQGJ 9RU]JOLFK6WHPSHOJODQ]

± 


'(876&+/$1'$%

1484 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HOJ  )HLQH3DWLQD6WHPSHOJODQ]

±

1485

1,5:1



1,5:1

6WUHKOHQ 6FKOHVLHQ 3IHQQLJ)UHQ]HO0HQ]HOJ

56HKUVFK|Q

±

1486

1,5:1

1,5:1



7KDOH DP +DU] 6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV  )UHQ]HO $  0HQ]HO  0LW)HLQJHKDOWVSXQ]HLP5DQGJ 9RU]JOLFK

±

1487 1,5:1 



1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HOJ 9RU]JOLFK6WHPSHOJODQ]

±


'(876&+/$1'$%

1488

1,5:1

1,5:1



6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  0DUN6WFNV  )UHQ]HO  0LW )HLQJHKDOWVSXQ]H  LP 5DQGJ )HLQH3DWLQD9RU]JOLFK6WHPSHOJODQ]

±

1489

1,5:1 

1,5:1

6LOEHUDEVFKODJ YRQ GHQ 6WHPSHOQ GHV  3IHQQLJV  )UHQ]HO $  0HQ]HO  0LW )HLQJHKDOWV SXQ]HLP5DQGJ :LQ]LJHU5DQGIHKOHUYRU]JOLFK

([HPSODUDXVXQVHUHU$XNWLRQ0QFKHQ/RV1U

±

1490 1,5:1 

1,5:1

6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV3IHQQLJV)UHQ]HO$0HQ]HOJ

9RU]JOLFK

±

7KDQQ (OVD‰ $FKWHFNLJHU6LOEHUDEVFKODJYRQGHQ6WHPSHOQGHV&HQWV)UHQ]HOJ  9RU]JOLFK6WHPSHOJODQ]

±

1491

1,5:1



1,5:1




'(876&+/$1'$%

1492 1,5:1





8PIDQJUHLFKH 6DPPOXQJ GHXWVFKHU 6WDGWQRWJHOGPQ]HQ YRQ $ ELV = XQG HLQLJHQ KXQGHUW YHUVFKLHGHQHQ 6WlGWHQ'D]XHWZDV%HVDW]XQJVJHOGXQGHLQLJHDXVOlQGLVFKH1RWPQ]HQ$OOHOLHEHYROOVRUWLHUWXQGHLQ]HOQLQ 3DSLHUWWFKHQEHVFKULIWHW  +RFKLQWHUHVVDQWHV2EMHNWPLWHLQLJHQ6HOWHQKHLWHQ&D6WFNVFK|QELV6WHPSHOJODQ]

±


7+(0$7,6&+(0('$,//(1

7+(0$7,6&+(0('$,//(1

1493

-8'$,&$ 

%URQ]HPHGDLOOHYRQ&DUO5DGQLW]N\:HUWKHLPHU-RVHSK  |VWHUUHLFKLVFKHU6FKULIWVWHOOHUXQG 9RUVWDQG GHU LVUDHOLWLVFKHQ .XOWXVJHPHLQGH LQ :LHQ $XI VHLQ $XVVFKHLGHQ DOV 9RUVWDQGVSUlVHV GHU .XOWXVJHPHLQGH%VWHQDFKOLQNV+HEUlLVFKH6FKULIWLQ(LFKHQNUDQ]PP:XU]EJ 59RU]JOLFK6WHPSHOJODQ]

1494

1,5:1

±

1494

5(/,*,2181'63,5,78$/,7b7 

.5(8=9(5(+581*  3$66,216)5g00,*.(,7 'LFNH 6LOEHUPHGDLOOH  XQVLJQLHUW %UXVWELOG -HVXV QDFK UHFKWV LQ 6WUDKOHQNUDQ]  (5 ,67 90 916(5 6,1' :,//1 *(6&+/$*1 .UHX] XQG 'RUQHQNURQH]XGHQ6HLWHQGLHJHWHLOWH-DKUHV]DKO'XUFKPHVVHUPP'LFNHPP6FKQHOO +DELFK*3+J *HSUlJWHV6WFN.OHLQH5DQGIHKOHUZLQ]LJH.UDW]HUVHKUVFK|Q

±

'LHVH KRFKLQWHUHVVDQWH 3UlJXQJ GLHVHV 'LFNVWFNV WKHPDWLVLHUW .HUQSXQNWH FKULVWOLFKHQ %HNHQQWQLVVHV XP GLH LQ GHQ UHIRUPLHUWHQ/lQGHUQXQG*HPHLQGHQPLWJUR‰HU(QHUJLHXQG3ROHPLNJHUXQJHQZXUGH,QHLQHUEHZHJWHQ=HLWOHJWVLFKGLHVH 0HGDLOOH LQ ]ZHL FKULVWRORJLVFKHQ .HUQDXVVDJHQ IHVW YLHOOHLFKW EHVWDQG HLQ =XVDPPHQKDQJ ]X GHU  LQ 'HXWVFKODQG SXEOL]LHUWHQ&RQVHQVXV7LJXULQXV =ULFKHU.RQVHQV 

1495



(5=*(%,5*( 6LOEHUPHGDLOOH R-  -KGW  XQVLJQLHUW 6]HQH 9HUWUHLEXQJ DXV GHP 3DUDGLHV  6]HQH 9HUNQGLJXQJXQG*ROJRWKDPP.DW]YJO(LQOHLWXQJXQGJ  *HSUlJWHV6WFN0HKUHUHNOHLQH5DQGIHKOHUVHKUVFK|Q

± 


7+(0$7,6&+(0('$,//(1g67(55(,&+81*$51

1,5:1

1496

1496

5(1$,66$1&(81'%$52&. 

'(876&+/$1'6LOEHUPHGDLOOHR-  $XI.LOLDQ6DQHU9HUZDOWHUYRQ6W$QQD:LHQ%UXVWELOGIDVW YRQYRUQLQGHU8PVFKULIWZLUGVHLQ$OWHUPLWDQJHJHEHQ%HKHOPWHU:DSSHQVFKLOGPP+DELFKYJO 'RPDQLJYJOJ )UKHU*XVVYRU]JOLFK

±

'LH2ULJLQDOPHGDLOOHLVWPLWGDWLHUWXQGZLUG-RDFKLP'HVFKOHU1UQEHUJ]XJHVFKULHEHQ

g67(55(,&+81*$51

1497

1,5:1

1,5:1

+$%6%85*(5 

0DWWKLDV    'XNDW  .UHPQLW] 'HU JHKDUQLVFKWH .DLVHU QDFK UHFKWV VWHKHQG PLW .URQH XQG XPJHOHJWHP0DQWHOPLWGHU5HFKWHQGDV=HSWHULQGHU/LQNHQ5HLFKVDSIHO]XGHQ6HLWHQ.%7KURQHQGH 0DGRQQDPLW&KULVWXVNLQGDXIHLQHU0RQGVLFKHOLQ)ODPPHQJORULROHGDUXQWHUGHU%LQGHQVFKLOG+XV]iU 5GRUWDOV*ROGJXOGHQEH]HLFKQHW )UJ  *ROG55:LQ]LJH3UlJHVFKZlFKHYRU]JOLFK6WHPSHOJODQ]

±

1498 



0DWWKLDV    6LOEHUDEVFKODJ YRP 'RSSHOGXNDWHQ $XVZXUIPQ]H   $XI VHLQH .U|QXQJ ]XP .DLVHULQ)UDQNIXUWDP0DLQ*HKDUQLVFKWHVEHORUEHHUWHV%UXVWELOGPLW0KOVWHLQNUDJHQQDFKUHFKWV.OHLQH .URQH6OJ0RQWYJO-X))|UVFKQHUJ 5+HQNHOVSXUVHKUVFK|Q

±


g67(55(,&+81*$51

1499 

0DWWKLDV    6LOEHUDEVFKODJ YRP 'RSSHOGXNDWHQ $XVZXUIPQ]H   $XI VHLQH .U|QXQJ ]XP .DLVHU LQ )UDQNIXUW DP 0DLQ *HKDUQLVFKWHV EHORUEHHUWHV %UXVWELOG PLW 0KOVWHLQNUDJHQ QDFKUHFKWV*UR‰H .URQH6OJ0RQW-X)E)|UVFKQHUJ +HQNHOVSXUVHKUVFK|Q

±

1500 1,5:1 

1,5:1

0DWWKLDV    'XNDW  .UHPQLW] 'HU JHKDUQLVFKWH .DLVHU QDFK UHFKWV VWHKHQG PLW .URQH XQG XPJHOHJWHP0DQWHOPLWGHU5HFKWHQGDV=HSWHUVFKXOWHUQGLQGHU/LQNHQ5HLFKVDSIHO]XGHQ6HLWHQ.% 0DGRQQDPLW.LQGDXI0RQGVLFKHO+XV]iU 5GRUWDOV*ROGJXOGHQEH]HLFKQHW )UJ *ROG550LQLPDOJHZHOOWYRU]JOLFK

±

1501 1,5:1 

1,5:1

0DWWKLDV    'XNDW  .UHPQLW] 'HU JHKDUQLVFKWH .DLVHU QDFK UHFKWV VWHKHQG PLW .URQH XQG XPJHOHJWHP0DQWHOPLWGHU5HFKWHQGDV=HSWHUVFKXOWHUQGLQGHU/LQNHQ5HLFKVDSIHO]XGHQ6HLWHQ.% 0DGRQQDPLW.LQGDXI0RQGVLFKHO+XV]iU 5GRUWDOV*ROGJXOGHQEH]HLFKQHW )UJ *ROG553UDFKWH[HPSODU9RU]JOLFK6WHPSHOJODQ]

±

1502 

0D[LPLOLDQ,,,(U]KHU]RJ'RSSHOWDOHU+DOO6WHKHQGHUJHKDUQLVFKWHU+RFKPHLVWHUDXIGDV 6FKZHUW JHVWW]W ]ZLVFKHQ 6FKLOG XQG +HOP DXI JHWlIHOWHP %RGHQ  7XUQLHUULWWHU ]X 5R‰ QDFK UHFKWV EHU +RFKPHLVWHUVFKLOGLQHLQHP:DSSHQNUHLV'DY&3URNLVFK07'XGLN1HXPDQQ J 6HKUVFK|QYRU]JOLFK

± 


g67(55(,&+81*$51

1503 

)HUGLQDQG ,,      $FKWHFNLJH VLOEHUQH *HGHQNOLSSH  +DOO $XI GLH 5HJHOXQJ GHU (UEIROJHLQ7LURO)(5',1$1',,'*52,06$*+%5(;'6*HKDUQLVFKWHV+IWELOGGHV.DLVHUVPLW JHVFKXOWHUWHP =HSWHU QDFK UHFKWV GDUXQWHU   /(23'*$'$'%)$(3&$5/'*$'$$0 JHJHQVWlQGLJH +IWELOGHU VHLQHU %UGHU /HRSROG 9 XQG .DUO GDUXQWHU GHUHQ EHLGHQ :DSSHQ  [  PP RKQH+HQNHO 079RJOKJ 552ULJLQDOH7UDJH|VH6HKUVFK|Q

±

1504 

)HUGLQDQG,,7DOHU6W3|OWHQ+HULQHN'DY9RJOK,,,J (WZDVJHUHLQLJW)XQGEHODJNOHLQHV=DLQHQGHVHKUVFK|Q

±

1505 1,5:1 

1,5:1

0DULD 7KHUHVLD  6LOEHUMHWRQ  $XI GHQ %HVXFK -RVHSKV ,, XQG VHLQHP %UXGHU (U]KHU]RJ /HRSROGV LQ GHQ XQJDULVFKHQ %HUJZHUNHQ %UXVWELOGHU EHLGHU HLQDQGHU JHJHQEHU  ]HLOLJH 6FKULIW  PP 0VHOHUD+RUVN\6OJ0RQWHQXRYR9RJHOVDQJJ 7|QXQJYRU]JOLFK

±

1506 1,5:1 



1,5:1

/HRSROG,,/LUD0DLODQG)U0DQWXD+HULQHN-DHJHU-DHFNHOJ  3UDFKWH[HPSODU)DVW6WHPSHOJODQ]

±


g67(55(,&+81*$51

1507



)UDQ] ,,  ,  .URQHQWDOHU  0 0DLODQG %HORUEHHUWHV %UXVWELOG QDFK UHFKWV GDUXQWHU GDV 0Q]VWlWWHQ]HLFKHQ%XUJXQGHUNUHX]LQGHQ:LQNHOQGUHL.URQHQXQGGDV*ROGHQH9OLHV+HULQHN'DY -E&1,0,5J  6HKUVHOWHQLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODU)HLQH3DWLQD9RU]JOLFK6WHPSHOJODQ]

±

1508 1,5:1



1,5:1

)UDQ],,,6RYUDQR00DLODQG+HULQHN)UF-6FKOXPEJ  *ROG9RU]JOLFK

±

1509

1,5:1



1,5:1

)UDQ]-RVHI.URQHQ:LHQ%DUKlXSWLJHU.RSIQDFKUHFKWV*HNU|QWHU'RSSHODGOHUPLW %UXVWVFKLOG]XGHQ6HLWHQ&25XQWHQGLH-DKUHV]DKO+HULQHN-)U6FKOXPE J *ROG:LQ]LJHU5DQGIHKOHUZLQ]LJHU.UDW]HUYRU]JOLFK6WHPSHOJODQ]

± 


g67(55(,&+81*$51

1510

*(,67/,&+.(,7 

6$/=%85*(5=%,6780*XLGREDOGYRQ7KXQXQG+RKHQVWHLQ7DOHU3UREV]W =|WWO'DYJ 9RU]JOLFK

±

1511 

-RKDQQ (UQVW YRQ 7KXQ XQG +RKHQVWHLQ   'XNDW  8QWHU /HJDWHQKXW RYDOHV :DSSHQ GDUXQWHUGLH:HUW]DKOLP2YDO7KURQHQGHU+HLOLJHU5XSHUWYRQYRUQPLW.UXPPVWDE%53UREV]W =|WWO)U *ROG0LQLPDOJHZHOOWYRU]JOLFK

±

1512 

+LHURQ\PXVYRQ&ROORUHGR7DOHU6WHPSHOVFKQHLGHU)UDQ]0DW]HQNRSI%UXVWELOGLP7DODU QDFK UHFKWV  :DSSHQ XQWHU .DUGLQDOVKXW DXI JHNU|QWHP :DSSHQPDQWHO XQWHQ GLH -DKUHV]DKO 3UREV]W  =|WWO'DYJ 9RU]JOLFK

±

1513

1(8)h567(1 

(**(1%(5* )h567(1 -RKDQQ &KULVWRSK  XQG -RKDQQ 6H\IULHG  7DOHU  .UXPPDX 'LH JHKDUQLVFKWHQ %UXVWELOGHU GHU EHLGHQ %UGHU HLQDQGHU JHJHQEHU GDUXQWHU GLH -DKUHV]DKO LQ 9HU]LHUXQJ  2YDOHV :DSSHQ DXI PLW )UVWHQKXW JHNU|QWHU :DSSHQNDUWXVFKH 'DY  +RO]PDLU  6OJ 'RQHE0D\HUJ 6HKUVFK|QYRU]JOLFK 0LW%HVFKUHLEXQJVNlUWFKHQ



±


g67(55(,&+81*$51

1514



6&+:$5=(1%(5* )HUGLQDQG :LOKHOP (XVHE    7DOHU:LHQ$XIVHLQH+RFK]HLWPLW 0DULD $QQD (UELQ GHU /DQGJUDIVFKDIW 6XO] .OHWWJDX  0Q]PHLVWHU 0DUWLQ -RVHI 0D\HUO 6WHPSHOVFKQHLGHU 0LFKDHO +RIPDQQ %UXVWELOG )HUGLQDQGV XQG VHLQHU *DWWLQ 0DULD $QQD *UlILQ YRQ 6XO] (UELQ GHU /DQGJUDIVFKDIW .OHWWJDX   LQ %DMRLUH  'LH :DSSHQ YRQ 6FKZDU]HQEHUJ XQG 6XO]  .OHWWJDX DXI GRSSHOW EHNU|QWHP:DSSHQPDQWHOGDUXQWHULQ.DUWXVFKHGDV0Q]PHLVWHU]HLFKHQ00'DY7DQQLFK(EQHU 6OJ:XUVWHUJ $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJZLQ]LJH5HVWHHLQHU7XVFKH]LIIHU YRU]JOLFKYRU]JOLFK6WHPSHOJODQ]

±

1515



)HUGLQDQG :LOKHOP (XVHE    7DOHU  :LHQ $XI VHLQH +RFK]HLW PLW 0DULD $QQD (UELQ GHU /DQGJUDIVFKDIW 6XO] .OHWWJDX  0Q]PHLVWHU 0DUWLQ -RVHI 0D\HUO 6WHPSHOVFKQHLGHU 0LFKDHO +RIPDQQ %UXVWELOG)HUGLQDQGVXQGVHLQHU*DWWLQ0DULD$QQD*UlILQYRQ6XO] (UELQGHU/DQGJUDIVFKDIW.OHWWJDX

LQ %DMRLUH  'LH :DSSHQ YRQ 6FKZDU]HQEHUJ XQG 6XO]  .OHWWJDX DXI GRSSHOW EHNU|QWHP :DSSHQPDQWHO GDUXQWHU LQ .DUWXVFKH GDV 0Q]PHLVWHU]HLFKHQ 00 'DY  7DQQLFK  (EQHU  6OJ 'RQHE  J $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJYRU]JOLFK

±

0LW%HVFKUHLEXQJVNlUWFKHQ

1516

6,(%(1%h5*(1 

6LJLVPXQG %DWKRUL    7DOHU  1DJ\EDQ\D 'LH 6SLW]H GHV 6WUHLWNROEHQV ]HLJW DXI 9 3XQNW URVHWWH  6,*,6091'96 %$7+25,*HKDUQLVFKWHV+IWELOGPLWJHVFKXOWHUWHP6WUHLWNROEHQQDFKUHFKWVGLH /LQNHDP6lEHOJULII 3XQNWURVHWWH 35,1&(3675$166</9$1,$(=5HVFK'DYJ =DLQHQGHNOHLQHU5DQGKLHEVHKUVFK|Q

± 


g67(55(,&+81*$51

1517

2:1

67b'7(,1g67(55(,&+81*$51 

:,(1 *ROGPHGDLOOH ]X  'XNDWHQ R-     XQVLJQLHUW 6$/9$725091','LH%VWH&KULVWL QDFKOLQNVXPKHUHLQ/RUEHHUNUDQ]=ZHL6WDGWZDSSHQOLQNVGHUJHNU|QWHGRSSHON|SILJH5HLFKVDGOHUPLWGHP :LHQHU 6WDGWZDSSHQ DXI GHU %UXVW UHFKWV GHU :LHQHU 6WDGWVFKLOG PLW GHP %DONHQNUHX] GDUEHU 091>YV@5>HL@3>XEOLFDH@GDUXQWHU9,(11XPKHUHLQ/RUEHHUNUDQ]PPJ *ROG9RQJUR‰HU6HOWHQKHLW6HKUDWWUDNWLYHV([HPSODUPLWIHLQHU*ROGSDWLQDYRU]JOLFK6WHPSHOJODQ] 'LHVH 0HGDLOOHQ ZXUGHQ DQ :HLKQDFKWHQ LQ *ROG XQG 6LOEHU DOV $XV]HLFKQXQJ XQG *HVFKHQN DQ KRFKVWHKHQGH %UJHU YHUOLHKHQ(VZXUGHQ*ROGPHGDLOOHQLP*HZLFKW]XXQG'XNDWHQJHSUlJW



±


(8523b,6&+(0h1=(181'0('$,//(1

(8523b,6&+(0h1=(181' 0('$,//(1

1518

1,5:1

1,5:1

'b1(0$5. 

&KULVWLDQ ,9   6NLOOLQJ  .RSHQKDJHQ 0Q]PHLVWHU +HLQULFK .|KOHU 0LW  9$1'  *2725LQGHU5FNVHLWHQXPVFKULIW+HGHJ +EVFKH3DWLQDVHKUVFK|QYRU]JOLFK

±

1519 

&KULVWLDQ,90DUN.RSHQKDJHQ0Q]PHLVWHU+HLQULFK.|KOHU*HNU|QWHV0RQRJUDP ,86786,8'(;GD]ZLVFKHQ*RWWHVQDPHDXI+HEUlLVFK+HGH.0J :LQ]LJHU5DQGIHKOHUVHKUVFK|Q

±

1520 

&KULVWLDQ,90DUN.RSHQKDJHQ0Q]PHLVWHU+HLQULFK.|KOHU*HNU|QWHV0RQRJUDPP ,86786,8'(;GD]ZLVFKHQ*RWWHVQDPHDXI+HEUlLVFK.0+HGHJ 6HKUVFK|Q

±

1521 

&KULVWLDQ,90DUN&KULVWLDQLD*HNU|QWHV0RQRJUDPP,86786,8'(;GD]ZLVFKHQ*RWWHV QDPHDXI+HEUlLVFK+HGH.0J :LQ]LJH6FKU|WOLQJVIHKOHUNOHLQHV*UDIILWRVHKUVFK|Q

± 


(8523b,6&+(0h1=(181'0('$,//(1

1522

)5$1.5(,&+ 

.DUO 9,,,    (FX G RU DX VROHLO R-   7RXUV ƒpPLVVLRQ &RXURQQHOOHLQLWLDOH *HNU|QWHV 6FKLOG YRQ )UDQNUHLFK GDUEHU HLQH 6RQQH  /LOLHQNUHX] PLW 4XDWUHIRLO LP +HU]HQ 'XSOHVV\  )U  J *ROG0LQLPDOJHZHOOWYRU]JOLFK

±

1523 

/XGZLJ;,,(FXG RUDXVROHLOR-  0]VW3RLWLHUV8PVFKULIWGHU9RUGHUVHLWHHQGHWPLW 5(,DQVWDWWPLW5(;'XSOHVV\YDU)UYDUJ  *ROG/HLFKWH3UlJHVFKZlFKHVHKUVFK|Q9RU]JOLFK

±

1524

1,5:1

1,5:1 

5HSXEOLN)UDQFV$3DULV*DG)U6FKOXPEJ  *ROG551XU([HPSODUHJHSUlJW)DVWYRU]JOLFK

±

1525

*5266%5,7$11,(1 



9(5(,1,*7(6.g1,*5(,&+*HRUJ,,6LOEHUPHGDLOOHYRQ5<HR$XIGLH6FKODFKW EHL &XOORGHQ  LQ 6FKRWWODQG  JHJHQ &KDUOHV (GZDUG 6WXDUW *HKDUQLVFKWHV %UXVWELOG :LOKHOP $XJXVWV PLW XPJHOHJWHP0DQWHOQDFKUHFKWV'HU+HU]RJDOV+HUNXOHVVWHKWIDVWYRQYRUQXQGKLOIWGHUQDFKOLQNVVLW]HQGHQ %ULWDQQLD DXI PLW GHP UHFKWHQ )X‰ WULWW HU GLH SHUVRQLIL]LHUWH =ZLHWUDFKW ]X %RGHQ  PP (LPHU  J +HUUOLFKH7|QXQJ5DQGIHKOHUPLQLPDOH.UDW]HUYRU]JOLFK

±


(8523b,6&+(0h1=(181'0('$,//(1

1526 1,5:1

1,5:1

,7$/,(1 

.g1,*5(,&+9LNWRU(PDQXHO,,,/LUH55RP.RSIEVWHQDFKOLQNV*HNU|QWHU $GOHU PLW LWDOLHQLVFKHP %UXVWVFKLOG GDUXQWHU :HUWDQJDEH -DKUHV]DKO XQG 0Q]VWlWWHQDQJDEH 3DJDQL  )U6FKOXPE *ROG/HLFKWH%HODJUHVWHYRU]JOLFK

±

1527 

*(18$ 5HSXEOLN 'RJL %LHQQDOL    /LUH  *HQXD *HNU|QWHV :DSSHQ ]ZLVFKHQ ]ZHL *UHLIHQ6WHKHQGHU-RKDQQHVGHU7lXIHU'DY/XQDUGL&1,0,5J  +EVFKH3DWLQDOHLFKWMXVWLHUWPLQLPDOH6WHPSHOIHKOHUYRU]JOLFK

±

1528

1,5:1



1,5:1

726&$1$(7585,(1.DUO/XGZLJYRQ%RXUERQXQWHU9RUPXQGVFKDIWGHU0DULH/XLVH 5XVSRQH =HFFKLQL )ORUHQ]*UR‰HVWLOLVLHUWHIORUHQ]HU/LOLH'HU+HLOLJH-RKDQQHVVLW]WDXIHLQHP)HOVHQ QDFK OLQNV VHLQHQ .RSI QDFK UHFKWV JHGUHKW LQ GHU 5HFKWHQ HLQ ODQJHV .UHX] KDOWHQG )U  3DJDQL  I 0RQW6FKOXPEJ *ROG$WWUDNWLYHV([HPSODUPLWIHLQHP3UlJHJODQ]YRU]JOLFK

±

1529 

9$7,.$1.,5&+(167$$7*UHJRU;9,6FXGL55RP.RSIEVWH*UHJRUVQDFK OLQNV-DKUHV]DKOXQG:HUWLQ(LFKHQNUDQ])U3DJDQL%HUPDQ6FKOXPEJ  *ROG:LQ]LJH)DVVXQJVVSXUHQVHKUVFK|Q

± 


(8523b,6&+(0h1=(181'0('$,//(1

1530



1530

1,5:1

*UHJRU ;9,     6FXGL  5 5RP .RSIEVWH *UHJRUV QDFK OLQNV  -DKUHV]DKO XQG :HUW LQ (LFKHQNUDQ])U3DJDQLF%HUPDQ6FKOXPEJ *ROG)HLQH*ROGSDWLQDYRU]JOLFK

±

1531 

3LXV;,/LUH5RP)U3DJDQL6FKOXPEJ  *ROG+EVFKH*ROGSDWLQDYRU]JOLFK

±

1532 

3LXV;,/LUH5RP)U3DJDQL6FKOXPEJ  *ROG9RU]JOLFK

±

1533 

3LXV;,/LUH5RP)U3DJDQL6FKOXPEJ  *ROG9RU]JOLFK6WHPSHOJODQ]

1534 



1,5:1

±

1534

9(1(',* )UDQFHVFR /RUHGDQR    =HFFKLQR R- 9HQHGLJ 'HU VWHKHQGH 0DUNXV EHUJLEW GHP JHNQLFNWHP 'RJHQ GDV YRQ HLQHP .UHX] EHUUDJWH %DQQHU GHU 6WDGW GHP ([HUJR  6WHKHQGHU &KULVWXV LQ 0DQGRUOD3DRO0RQWHQHJUR 'RJL )U*DPEJ *ROG9RU]JOLFK

±


(8523b,6&+(0h1=(181'0('$,//(1

1535

1535

1,5:1

0$/7$0$/7(6(525'(1 

-HDQGH/D9DOHWWH7DUtR-9DULDQWHPLW+,(59LQGHU9RUGHUVHLWHQXPVFKULIW.RSI-RKDQQLV GHV7lXIHUVLQRYDOHU6FKDOHJHWHLOWHV:DSSHQ5HVWHOOL7DIHO9,,,J  .OHLQHU6FKU|WOLQJVULVVIDVWYRU]JOLFK

1536

1,5:1

±

1536

1,('(5/$1'( 

+2//$1'3URYLQ]'XNDW6WHKHQGHU5LWWHUPLWJHVFKXOWHUWHP6FKZHUWLQGHU5HFKWHQXQG3IHLOEQGHO LQGHU/LQNHQ]HLOLJH6FKULIWLQ.DUWXVFKH)U'HOPJ  *ROG3UDFKWH[HPSODU+HUUOLFKH*ROGSDWLQDZLQ]LJHU.UDW]HUIDVW6WHPSHOJODQ]

±

1537

1,5:1

1,5:1

125:(*(1 

.DUO ;,9 -RKDQQ  6SHFLHGDOHU  .RQJVEHUJ $XVEHXWH DXV QRUZHJLVFKHP 6LOEHU %UXVWELOG PLW XPJHOHJWHP 0DQWHO QDFK UHFKWV  *HNU|QWHV :DSSHQ ]X GHQ 6HLWHQ XQG GDUXQWHU GLH :HUWDQJDEH XQWHQ (LVHQXQG6FKOlJHOJHNUHX]W'DY$KOVWU|PJ  $WWUDNWLYHV([HPSODUPLWIHLQHU7|QXQJZLQ]LJH6FKU|WOLQJVIHKOHUYRU]JOLFK

± 


(8523b,6&+(0h1=(181'0('$,//(1

1538

1538 1,5:1

32/(1 

6LJLVPXQG ,,,    7DOHU  %URPEHUJ 0Q]PHLVWHU -DFRE -DFREVRQ YRQ (PEGHQ *HNU|QWHV +IWELOG PLW 5HLFKVDSIHO LQ GHU /LQNHQ XQG 6FKZHUW LQ GHU 5HFKWHQ  *HNU|QWHV :DSSHQ ]X GHQ 6HLWHQ GLH 0Q]PHLVWHULQLWLDOHQXQG-DKUHV]DKO.RSLFNLYDU 5 *XP'DYJ 6HOWHQLQGLHVHU(UKDOWXQJ)HLQH3DWLQDYRU]JOLFK

±

1539

32578*$/ 

-RKDQQ 9,     3HoD  5pLV   /LVVDERQ %HORUEHHUWHV %UXVWELOG QDFK UHFKWV GDUXQWHU -DKUHV]DKO  *HNU|QWHV :DSSHQ GHV YHUHLQLJWHQ .|QLJUHLFKV YRQ 3RUWXJDO XQG %UDVLOLHQ )U  *RPHVDJ *ROG)DVWYRU]JOLFK

±

1540

5866/$1' 



.,(: .LHZHU 5XV 6LOEHUEDUUHQ *ULYQD  R-  -DKUKXQGHUW  6HFKVHFNLJHU 6LOEHUEDUUHQ GHXWOLFKH *X‰VSXUHQ DXI GHU 2EHUVHLWH 5LW]XQJ LQ )RUP HLQHV OLJLHUWHQ /; FD  [  [  PP 6SDVVNL YJO 6  J 55*XVVVSXUHQXQG0DUNLHUXQJHQ

±


(8523b,6&+(0h1=(181'0('$,//(1

1541



026.$8  *5266)h567(1780 $QRQ\P 6LOEHUEDUUHQ R- IUKHV  -DKUKXQGHUW  3ROWLQD VWDEI|UPLJHU6LOEHUEDUUHQ GXUFK6FKQLWWJHWHLOW PLWUXVVLVFKHP*HJHQVWHPSHO*HVLFKWYRQYRUQHLP.UHLV 3URNRSRY1US=DMFHYJ 55*HJHQVWHPSHOVHKUVFK|Q

±

1542



:DVVLOL 'PLWULMHZLWVFK    6LOEHUEDUUHQ R- IUKHV  -DKUKXQGHUW  3ROWLQD VWDEI|UPLJHU 6LOEHUEDUUHQ GXUFK 6FKQLWW JHWHLOW  PLW ]ZHL UXVVLVFKHQ *HJHQVWHPSHOQ DXI GHU 2EHUVHLWH *HJHQVWHPSHO *HVLFKWPLWODQJHQ+DDUHQGDUXP'UHLYLHUWHONUHLVDXVJUR‰HQ3XQNWHQ3URNRSRY1US=DMFHY 1USDXIGHU6FKQLWWNDQWH*HJHQVWHPSHOWDUWDUWZLVW3URNRSRY1U7S=DMFHY 1UYDUSJ 55*HJHQVWHPSHOVHKUVFK|Q

±

1543



/,7$8(1 0Q]ORVH 3HULRGH    -K 6LOEHUEDUUHQ R-  -DKUKXQGHUW  *ULYQD ZHVWUXVVLVFKHU OLWDXLVFKHU  7\S VWDEI|UPLJHU 6LOEHUEDUUHQ PLW IDVW GUHLHFNLJHP 4XHUVFKQLWW VLHEHQ WLHIH (LQNHUEXQJHQ XQG NHUEHQI|UPLJHP*X‰IHKOHU&DPP6SDVVNLVLHKH6J 55*HERJHQPLW(LQNHUEXQJHQ

±

1544



0Q]ORVH3HULRGH-K6LOEHUEDUUHQR- -DKUKXQGHUW *ULYQDZHVWUXVVLVFKHU OLWDXVFKHU 7\S VWDEI|UPLJHU6LOEHUEDUUHQPLW'I|UPLJHP4XHUVFKQLWW]ZHLWLHIH(LQNHUEXQJHQDQGHQ(QGHQDEJHUXQGHWFD PP6SDVVNLVLHKH6HLWHJ 0DUNLHUXQJHQ

± 


(8523b,6&+(0h1=(181'0('$,//(1

1545 

0Q]ORVH3HULRGH-K6LOEHUEDUUHQR- -DKUKXQGHUW *ULYQDZHVWUXVVLVFKHU OLWDXLVFKHU 7\S VWDEI|UPLJHU6LOEHUEDUUHQPLW'I|UPLJHP4XHUVFKQLWWGUHLWLHIH(LQNHUEXQJHQ&DPP6SDVVNLVLHKH6 J 5(LQNHUEXQJHQ

±

1546 

12:*252' 0Q]ORVH 3HULRGH    -K 6LOEHUEDUUHQ R-  -DKUKXQGHUW  *ULYQD VWDEI|UPLJHU 6LOEHUEDUUHQ PLW 'I|UPLJHP 4XHUVFKQLWW DQ HLQHP (QGH 6FKQLWWVSXU GDKHU OHLFKW XQWHUJHZLFKWLJ  PHKUHUH 5LW]PDUNHQ DXI GHU 2EHUVHLWH GHXWOLFKH *X‰VSXUHQ DQ GHQ )ODQNHQ FD  PP .DLP SDJ  YJO 6SDVVNL VLHKH6IIJ *XVVVSXUHQXQG0DUNLHUXQJHQ

±

1547



0Q]ORVH 3HULRGH    -K 6LOEHUEDUUHQ R-  -DKUKXQGHUW  3ROWLQD VWDEI|UPLJHU 6LOEHUEDUUHQ PLW 'I|UPLJHP4XHUVFKQLWWGXUFK+LHEKDOELHUWDQGHQ)ODQNHQGHXWOLFKH*X‰VSXUHQPHKUHUHWHLOVSIHLOI|UPLJH 5LW]PDUNHQ 7HLZD]5XQH KHUVWHOOXQJVEHGLQJWOHLFKWJHERJHQFDPP.DLPSDJYJO6SDVVNLVLHKH6 IIJ *XVVVSXUHQXQG0DUNLHUXQJHQ

±

1548 

*5266)8(567(1780  .$,6(55(,&+ 1LNRODXV ,     .RSHNHQ  6W 3HWHUVEXUJ %LWNLQJ )HLQH3DWLQDYRU]JOLFK

±

1549 



1LNRODXV ,     .RSHNHQ  6W 3HWHUVEXUJ 1RYRGHO GHU 3UREHSUlJXQJ 0LW JODWWHP 5DQG %LWNLQ+ 5 J 3UDFKWH[HPSODU:LQ]LJHU)OHFN6WHPSHOJODQ]

±


(8523b,6&+(0h1=(181'0('$,//(1

1550 

$OH[DQGHU ,,,    6LOEHUPHGDLOOH R- XQVLJQLHUW 9LOQLXV DXI GLH *HVHOOVFKDIW IU 3IHUGHUHQQHQ 5HLWHUDXI3IHUGQDFKOLQNVGDUXQWHU+XIHLVHQPLWJHNUHX]WHQ5HLWJHUWHQ/DQGZLUWVFKDIWOLFKHV*HUlW]ZLVFKHQ /RUEHHUXQG(LFKHQ]ZHLJGDUEHU6WHUQPP'LDNRYYDU GRUWPP J  55DQGGHOOHQNOHLQH.UDW]HULQGHQ)HOGHUQLQGHQ)HOGHUQJHJOlWWHWYRU]JOLFK

±

1551

1,5:1



1,5:1

$OH[DQGHU ,,,    *ROGPHGDLOOH R- YRQ $ *ULOLFKHV 6WHPSHO YRQ /LDOLQ 3UHLVPHGDLOOH GHU 0RVNDXHU+DQGHOVDNDGHPLH%VWHQDFKUHFKWV*HIOJHOWHU0HUNXUVWDEPLW(LFKHQNUDQ]JHVFKPFNWPP 'LDNRY 5 J  *ROG9RQJUR‰HU6HOWHQKHLW$Q2ULJLQDO|VH5DQGIHKOHUNOHLQH.UDW]HUXQGEHULHEHQ LQGHQ)HOGHUQDQVRQVWHQVHKUVFK|QYRU]JOLFK

±

1552 1,5:1 

1,5:1

$OH[DQGHU,,,.RSHNHQ6W3HWHUVEXUJ%LWNLQ 5 J  51XU([HPSODUHJHSUlJW:LQ]LJH.UDW]HUZLQ]LJH5DQGIHKOHUYRU]JOLFK

± 


(8523b,6&+(0h1=(181'0('$,//(1

1553 

1LNRODXV ,,    6LOEHUPHGDLOOH  YRQ $ *ULOLFKHV MU 6W 3HWHUVEXUJ $XI GDV -lKULJH %HVWHKHQ GHV ,QQHQPLQLVWHUXPV 'LH .|SIH GHU =DUHQ 1LNRODXV ,, $OH[DQGHU ,,, $OH[DQGHU ,, 1LNRODXV , XQG $OH[DQGHU , QHEHQHLQDQGHU QDFK UHFKWV XPKHU /RUEHHU XQG (LFKHQ]ZHLJ  *HNU|QWHU 'RSSHODGOHU PLW =HSWHUXQG5HLFKVDSIHOLQGHQ)lQJHQDXIGHU%UXVW6W*HRUJVVFKLOGXPKHUGLH.HWWHGHV6W$QGUHDVRUGHQV DXIGHQ)OJHOQMHYLHU:DSSHQVFKLOGHPP'LDNRY 5 J 5DQGIHKOHUDXIGHU5FNVHLWHHWZDVEHULHEHQVHKUVFK|Q

±

1554

63$1,(1 

.g1,*5(,&+ 3KLOLSS ,,,     5HDOHV  6HJRYLD *HNU|QWHV :DSSHQ ]ZLVFKHQ 0Q]]HLFKHQ $TXlGXNW XQG .UHX] EHU $ VRZLH GHU U|PLVFKHQ :HU]LIIHU DFKW  *HNU|QWHV $OOLDQ]ZDSSHQ .DVWLOLHQ XQG /HRQ LP 9LHUSD‰ GDUEHU GLH JHWHLOWH -DKUHV]DKO &&7    &D\yQ    'DYJ (WZDV%HODJLP5DQGEHUHLFKVHKUVFK|QYRU]JOLFK

±

1555

1,5:1





1,5:1

$OIRQV;,,,3HVHWDV0DGULG&D\RQ)U6VFKOXPE  *ROG51XU([HPSODUHJHSUlJW9RU]JOLFK

±


(8523b,6&+(0h1=(181'0('$,//(1

1556 1,5:1

1,5:1

76&+(&+26/2:$.(, 

(UVWH5HSXEOLN'XNDW.UHPQLW]+HLOLJHU6W:HQ]HOVWHKHQGYRQYRUQPLW6WXUPIDKQH 6WDDWVZDSSHQ6FKOXPE)U *ROG([HPSODUHJHSUlJW9RU]JOLFK

±

1557 1,5:1 

1,5:1

(UVWH 5HSXEOLN    'XNDW  .UHPQLW] $XI GHQ  *HEXUWVWDJ GHV *UQGHU GHU 6RNRO %HZHJXQJ'U0LURVODY7\UV  .RSIEVWHYRQ0LURVODY7\UVQDFKOLQNV)DONHPLWDXVJHEUHLWHWHQ )OJHOQXQWHU]HLOLJHU,QVFKULIW6FKOXPE)UJ  *ROG1XU([HPSODUHJHSUlJW9RU]JOLFK6WHPSHOJODQ]

±

1558 1,5:1 

1,5:1

(UVWH5HSXEOLN'XNDW.UHPQLW]+HLOLJHU6W:HQ]HOVWHKHQGYRQYRUQPLW6WXUPIDKQH 6WDDWVZDSSHQ)U6FKOXPE *ROG([HPSODUHJHSUlJW9RU]JOLFK6WHPSHOJODQ]

±

1559 1,5:1 

1,5:1

(UVWH5HSXEOLN'XNDWHQ.UHPQLW]+HLOLJHU6W:HQ]HOVWHKHQGYRQYRUQPLW6WXUP IDKQH6WDDWVZDSSHQ)U6FKOXPEJ *ROG51XU([HPSODUHJHSUlJW)DVW6WHPSHOJODQ]

±

1560

81*$51 

8QJDULVFKH 0DONRQWHQWHQ XQWHU )UDQ] 5iNyF]L   7DOHU *XOGHQ   .% .UHPQLW] *HNU|QWHV:DSSHQ0DGRQQDPLW.LQGWKURQWDXI0RQGVLFKHO+HULQHN+XV]iUJ  )HLQH3DWLQDYRU]JOLFK

± 


$0(5,.$$6,(1

$0(5,.$

1561

%5$6,/,(1 

-RKDQQ9,5HLV00LQDV*HUDLV5XVVR)UJ  *ROG-XVWLHUVSXUHQVHKUVFK|QYRU]JOLFK

1562

0(;,.2 

±

(UVWH5HSXEOLN5HDOHV6DQ/XLV3RWRVL9DULDQWHPLW5V.0.0 3UDFKWYROOH7|QXQJYRU]JOLFK

±

1563 

5HSXEOLN3HVR0H[LNR6WDGW.0  3UDFKWH[HPSODU3URRIOLNH)HLQH7|QXQJ)DVW6WHPSHOJODQ]

±

$6,(1

1564 1,5:1

1,5:1

&+,1$  

+21*.21*9LFWRULD&HQWV.0J

6HOWHQHU-DKUJDQJ1*&$8)DVWYRU]JOLFK

±


$6,(1

1565

,1',(1 

08*+$/5(,&+ -DODO DG'LQ $NEDU    0RKXU  $+   4XDGUDWLVFKHU 6FKU|WOLQJ )UFJ *ROG9RU]JOLFK

±

1566



-DODODG'LQ$NEDU0RKXU$+  $KPDGDEDG)UDJ  *ROG9RU]JOLFK

±

1,5:1

1567

,5$1 

4$-$5 )DWK $OL  +      7RPDQV  +   7DEULV DOVXOWDQ LEQ DOVXOWDQ IDWHK DOL VKDK TDMDU LQ ]HLOLJHU 6FKULIW DXI %OXPHQIHOG DOOH LQQHUKDOE GHU YHU]LHUWHQ NUHLVI|UPLJHQ %OXPHQJUHQ]H  ]DUE GDU DOVXOWDQDW WDEDW VDQDW  LQ ]HLOLJHU 6FKULIW DXI %OXPHQIHOG DOOH LQQHUKDOE GHU YHU]LHUWHQNUHLVI|UPLJHQ%OXPHQJUHQ]H)U.0$OEXP7J *ROG6HKUVHOWHQEHVRQGHUVLQGLHVHU(UKDOWXQJ3UDFKWH[HPSODU 1*&066DXEHUDXVJHSUlJWHV([HPSODUPLWIHLQHP3UlJHJODQ]YRU]JOLFK6WHPSHOJODQ]

± 


Erhaltungsgrade Grades of Preservation États de conservation Stati di conservatione Степень сохранности

Abkürzungen Abbreviations Abréviations Abbreviationi Сокращения

PP St pfr. vz ss s ge

Polierte Platte / proof / flan bruni / fondo specchio / пруф Stempelglanz / brilliant uncirculated / fleur de coin / fior di conio / превосходное prägefrisch / mint state / flambant neuf / mai circolato / абсолютно новая vorzüglich / extremely fine / superbe / splendido / отличное sehr schön / very fine / très beau / bellissimo / очень хорошее schön / fine / beau / molto bello / удовлетворительное gering erhalten / very good / très bien conservé / bello / удовлетворительное

Anm. Anmerkung / note / note / nota / примечания ber. Berieben / impaired / frotté / sfregato / небольшие повреждения Feilspur / trace of file / trace de limer / traccia de limare / след опиловки H. nach der Hedschra / after Hedschra / après L’Hégire / dall’ Hegira / по хиджре Hksp. Henkelspur / mount mark / trace de monture / traccia d’ansa / след от ушка Kr. Kratzer / scratch / égratignure / graffiatura / царапины l. links / left / à gauche / a sinistra / слева Mzm. Münzmeister / mint director / maitre monetaire / maestro di zecca / начальник монетного двора Mzst. Münzstätte / mint / atelier monétaire / zecca / монетный двор Mzz. Münzzeichen / mintmark / marque de l’atelier / segno di zecca / монетный знак o.J. ohne Jahr / no date / sans date / senza data / без указания года pol. Poliert / polished / bruni / brunito / отшлифованный r. rechts / right / à droite / a destra / справа RF Randfehler / edge defect / defaut de bord / difetto del bordo / повреждение гурта Rs. Rückseite / reverse / revers / rovescio / реверс SF Schrötlingsfehler/ flan defect /defaut de flan / difetto del tondello / брак на заготовке Slg. Sammlung / collection / collection / collezione / коллекция StF Stempelfehler / diedefect / defaut de coin / difetto di conio / дефекты штемпеля Vs. Vorderseite / obverse / avers / diritto / аверс • Ware in Vorübergehender Verwendung / temporary admission / Régime d’admission temporaire / utilizzo provisorio / Временный ввоз + Vollbesteuerte Ware / taxation in full / régime d’imposition intégrale / tassazione piena / Полное налогообложение Metalle / metalls / métaux / metalli / металлы Ag Silber / Silver / argent / argento / серебро Aluminium / aluminium / aluminium / alluminio / алюминий Al Au Gold / gold / or / oro / золото Br Bronze / bronze / bronze / bronzo / бронза Cu Kupfer / copper / cuivre / rame / медь Cu-Ni Kupfer-Nickel / copper-nickel / cuivre-nickel / rame-nichel / медно-никелевый сплав El Elektron / electrum / électron / электрум Fe Eisen / iron / fer / ferro / железо Me Messing / brass / laito / ottone / латунь Mg Magnesium / magnesium / magnésium / magnesio / магний Ni Nickel / nickel / nickel / nichel / никель Pb Blei / lead / plomb / piombo / свинец Pt Platin / platin / platin / platin / платина Sn Zinn / tin / étain / latta / олово Münzen ohne Angabe des Metalls sind aus Silber. Coins without denomination of the metal are made of silver.

Les monnaies sans indication de métal sont en argent. Monete senza indicazione del metallo sono d’argento.

Если металл не указан, значит монета изготовлена из серебра.


2.000,00 Euro  5.000,00 Euro  10.000,00 Euro  20.000,00 Euro  50.000,00 Euro  100.000,00 Euro  500.000,00 Euro 

Versteigerungsbedingungen I. 1.

2.

3.

Beteiligte Versteigerer  Wir versteigern im eigenen Namen für Rechnung der Einlieferer  als Kommissionär nach Handelsgesetzbuch.  Einlieferer  Unsere Rechtsbeziehung zu diesen gestaltet sich nach dem mit  diesen geschlossenen Verkaufskommissionsvertrag nebst  Anlagen. Die Einlieferer bleiben unbenannt; es sei denn,  Behörden, Gerichte oder Erwerber machen von ihrem  Offenlegungsrecht nach dem Kulturgutschutzgesetz (KGSG)  Gebrauch.  Erwerber  Wir sind nach dem KGSG verpflichtet, die Identität der  Erwerber festzuhalten. Wenn der Erwerber für Dritte bietet,  muss er seine Vertreterstellung vor Beginn der Versteigerung  offenlegen und uns die Daten des von ihm Vertretenen zur  Verfügung stellen. 

2.

3.

4.

II. 1. 2.

Regeln der Versteigerung  Die Versteigerung regelt sich nach den nachfolgenden  Bedingungen.  Mit der Teilnahme an der Versteigerung erkennt der Erwerber  diese Versteigerungsbedingungen an. Von unseren  Versteigerungsbedingungen abweichende Allgemeine  Geschäftsbedingungen des Erwerbers erkennen wir nicht an  und widersprechen diesen hiermit ausdrücklich. 

5.

III. Vertragsschluss 1.

Erwerber a. Erwerber ist sowohl der Verbraucher als auch der  Unternehmer oder Kaufmann. Sofern aus  Vereinfachungsgründen vom Erwerber in männlicher Form die  Rede ist, ist hiermit auch die weibliche Erwerberin gemeint.  a.1. Verbraucher  Verbraucher ist jede natürliche Person, die ein Rechtsgeschäft  zu einem Zwecke abschließt, der weder ihrer gewerblichen  noch ihrer selbständigen beruflichen Tätigkeit zugerechnet  werden kann (§ 13 BGB).  a.2. Unternehmer  Wenn der Erwerber in unseren Bedingungen als Unternehmer  oder Kaufmann bezeichnet wird, gilt dies nur für den Fall, dass  er bei Abschluss des Vertrages mit uns in Ausübung seiner  gewerblichen oder selbständigen beruflichen Tätigkeit handelt  (§ 14 BGB).  a.3. Kaufmann  Kaufmann ist, wer ein Handelsgewerbe betreibt, also einen  Gewerbebetrieb, der nach Art und Umfang einen in  kaufmännischer Weise eingerichteten Geschäftsbetrieb  erfordert (§ 1 HGB) oder dessen Firma im Handelsregister  eingetragen ist (§§ 2, 19 HGB).  b. Als Erwerber können Sie Ihr Gebot im Versteigerungssaal,  schriftlich, telefonisch oder im Internet abgeben.  2.     Gebot  a. Jedes Gebot des Erwerbers stellt ein verbindliches Angebot  zum Abschluss eines Kaufvertrages dar und ist wirksam bis zur  Abgabe eines höheren Gebotes (Übergebot).  b. Der Zuschlag erfolgt nach dreimaligem Ausruf des höchsten  Gebotes und verpflichtet zur Abnahme und Bezahlung.  c. Bei Zweifeln, ob oder an wen ein Zuschlag erfolgt ist, ob ein  Übergebot übersehen worden ist, sowie bei sonstigen unklaren  Fällen wird die Versteigerungsnummer nochmals ausgerufen.  Bei mehreren gleich hohen Angeboten mehrerer Bieter  entscheiden wir nach freiem Ermessen. Bei ausschließlichen  Internetgeboten erfolgt der Zuschlag virtuell.  d. Der Zuschlagspreis bildet die Berechnungsgrundlage für das  vom Erwerber zu zahlende Aufgeld.    IV. Gebote  1. Die Mindest‐Steigerungsstufen betragen gerundete 5 % des  Ausrufes bzw. des letzten Gebotes, d. h. bis    100,00 Euro  5,00 Euro  200,00 Euro  10,00 Euro  500,00 Euro  25,00 Euro  1.000,00 Euro  50,00 Euro 

6. 7.

100,00 Euro  200,00 Euro  500,00 Euro  1.000,00 Euro  2.000,00 Euro  5.000,00 Euro  10.000,00 Euro 

Schriftliche Aufträge führen wir ohne zusätzliche  Auftragsprovision durch. Im Bedarfsfalle erklären Sie sich damit  einverstanden, dass wir die Limits der eingesandten Gebote bis  zu 5 % überziehen. Schriftliche Gebote müssen bis 24 Stunden  vor Auktionsbeginn bei uns vorliegen. Bei schriftlichen Geboten  erhält unter mehreren gleich hohen Geboten das zuerst  eingegangene den Vorzug.  Telefonische Bieter können wir nur berücksichtigen, wenn sie  sich spätestens zwei Werktage vor der Auktion bei uns  angemeldet haben.  Für die Teilnahme an der Auktion über Internet benötigen Sie  einen Zugang zu unserem Internetportal, in dem Sie sich als  Neukunde rechtzeitig zu registrieren haben.  Mit der Registrierung erkennen sie an, die  „Versteigerungsbedingungen“, die „Datenschutzerklärung“ und  die „Wichtigen Informationen“ zur Kenntnis genommen zu  haben und damit einverstanden zu sein. Als Verbraucher  bestätigen Sie mit der Registrierung zusätzlich, die  Widerrufsbelehrung und das Widerrufsformular sowie das  Impressum mit dem Hinweis auf die Online‐Streitbeilegung  eingesehen zu haben.  Gebote von uns unbekannten Bietern können wir nur  ausführen, wenn rechtzeitig ein Depot hinterlegt und diese  Hinterlegung bestätigt oder über nachprüfbare Referenzen  eine Bonitätsprüfung erfolgreich durchgeführt und  rückbestätigt wurde.  Aufträge, die unter 80 % des Schätzpreises liegen, werden nicht  ausgeführt.  Saalbieter kaufen „wie besehen“. Schriftliche‐, telefonische‐  oder Internet‐Erwerber haben die Möglichkeit, sich über den  Zustand des Versteigerungsstückes während der  Besichtigungstage vor der Versteigerung persönlich oder durch  einen Vertreter in unseren Geschäftsräumen zu informieren;  deren Missverständnisse zu Katalogangaben gehen infolge  dessen zu deren Lasten. Bei Telefon‐ und Internet‐Bietern  übernehmen wir keine Haftung für die Risiken, die in der  Nutzung elektronischer Kommunikationsmittel für die  Gebotsabgabe des Erwerbers begründet sind, etwa für das  Zustandekommen des Leitungsaufbaus,  Leitungszusammenbrüche, Übermittlungsfehler, Ausfall‐ und  Verzögerungszeiten und andere mit diesen  Kommunikationswegen verbundene, typische, derartige Risiken  mehr, die nicht in unserem Einflussbereich liegen; allerdings  nur für den Fall, dass uns hieran der Vorwurf grober  Fahrlässigkeit oder des Vorsatzes nicht trifft. 

V. Preis und Nebenkosten  1.  

2.

3.

a. Der Erwerber hat den Zuschlagspreis zu zahlen.  b. Das Versteigerungsgut wird differenzbesteuert verkauft, es  sei denn, einzelne Versteigerungsgüter unterliegen der  Vollversteuerung oder befinden sich in der vorübergehenden  Verwendung; diese sind sodann auf einer Liste im gedruckten  Katalog speziell gekennzeichnet. Bei differenzbesteuerter Ware  wird keine Umsatzsteuer ausgewiesen.  a. Wir berechnen dem Erwerber zusätzlich bei Auslandsschecks  und ‐überweisungen bis 24.999 € Geldtransferkosten in Höhe  von 15,00 € und ab 25.000 € Geldtransferkosten in Höhe von  50,00. Wir bieten für Verbraucher, Unternehmer und  Kaufmänner als kostenlose Zahlungsart Mitnahme gegen  Barzahlung und im Inland Banküberweisung auch ohne  Vorkasse gegen rückbestätigte Referenzen an.  b. Eigene Kosten seines eigenen Zahlungs‐Providers (Bank,  Kreditkartenunternehmen u.s.w.) hat der Erwerber  gegebenenfalls selbst zu tragen.  a. Wenn wir auf Wunsch des Erwerbers versenden, hat der  Erwerber auch die Nebenkosten des Versandes zu tragen. Es  handelt sich hierbei um Versandkosten, Verpackungskosten,  gegebenenfalls Versicherungskosten, gegebenenfalls Export ‐ Lizenzkosten. Diese sind erst nach Zuschlag bezifferbar, da sie  individuell vom jeweiligen Versteigerungsgut abhängen. 


b. Handelt es sich bei dem Erwerber um einen Verbraucher und  hat er an der Versteigerung per Brief, Telefon oder Internet  teilgenommen, erhält er mit der vorläufigen Rechnung über  den Zuschlagspreis auch die Nebenkosten des Versandes  mitgeteilt. Diese sind wegen der unterschiedlichen  Versteigerungsgüter, der jeweils angemessenen Verpackungs‐/  Versandart und des Zielortes nur im Einzelfall und nicht  generell im Vorfeld bestimmbar. Der Erwerber als Verbraucher  hat die Möglichkeit, bei Nichtakzeptanz der Nebenkosten des  Versandes, von dem Versteigerungsvertrag binnen zehn Tagen  nach Zugang der vorläufigen Rechnung, mit Eingang bei uns,  schriftlich zurückzutreten, ohne dass Kosten für ihn anfallen.  Sein Widerrufsrecht wird davon nicht berührt.  Bei der Ausfuhr des Versteigerungsgutes aus der  Bundesrepublik Deutschland entstehen dem Erwerber  gegebenenfalls weitere Kosten für Steuern und Zölle sowie  behördliche Aus‐/Einfuhrgenehmigungen. Diese sind ebenfalls  vom Erwerber zu tragen und im Preis nicht enthalten.  Der Erwerber kann seine Zahlung bar gegen Mitnahme  erbringen oder durch Überweisung auf eines unserer  nachstehenden Konten: Postbank BIC (SWIFT) : PBNKDEFF /  IBAN : DE 28700100800150384802  Commerzbank München: BIC (SWIFT) : COBADEFFXXX / IBAN :  DE 73700400410666711700 HypoVereinsbank München: BIC  (SWIFT) : HYVEDEMMXXX / IBAN : DE 36700202700002860120  Die Zahlung hat in der Währung € zu erfolgen.  Auslandserwerber sind für die Einhaltung der geltenden  Devisen‐ und Einfuhrbestimmungen allein verantwortlich. 

4.

5.

6.

eine gültige Umsatzsteuer‐Identifikationsnummer vor dem  Erwerb vorgelegt wurde und wir die Gelangensbestätigung  erhalten, keine Umsatzsteuer.   

VIII. Zahlung durch den Erwerber  1.

2.

IX. Lieferung 1.

2.

VI. Aufgeld und Umsatzsteuern  Der Erwerber hat zu dem Zuschlagspreis ein aus diesem  berechnetes Aufgeld zu zahlen.  2. Das Aufgeld beträgt bei Erwerbern aus EU‐Mitgliedstaaten:  a. bei differenzbesteuerter Ware  aa. bei Münzauktionen: 25 %  ab. bei Auktionen Kunst der Antike: 25 %  b. bei vollbesteuerter Ware  b.a. bei Münzauktionen: 20 %  b.b. bei Auktionen Kunst der Antike: 20 %  jeweils zuzüglich der jeweils geltenden gesetzlichen  Umsatzsteuer auf die Summe aus Zuschlag, Aufgeld und  Nebenkosten (Geldtransferkosten und Nebenkosten des  Versandes).  c. bei Ware in der vorübergehenden Verwendung  c.a. bei Münzauktionen: 20 %  c.b. bei Auktionen Kunst der Antike: 20 %  jeweils zuzüglich Einfuhrumsatzsteuer auf den Gesamtbetrag  von Zuschlag und Aufgeld auf einer separaten Rechnung. Die  Nebenkosten (Geldtransferkosten und Nebenkosten des  Versandes) zuzüglich jeweils geltender gesetzlicher  Umsatzsteuer werden separat in Rechnung gestellt.  3.     Erwerber mit Wohnsitz außerhalb der EU:  Das Aufgeld beträgt  a.a. bei Münzauktionen: 20 %  b.b. bei Auktionen Kunst der Antike: 20 %  Die jeweilige Umsatzsteuer ist geregelt in Ziffer VII. 1.  4.     Bei umsatzsteuerbefreiten Goldmünzen gilt generell ein            Aufgeld von 15 %.    VII. Umsatzsteuerliche Sonderbehandlungen  1. Bei Erwerbern mit Wohnsitz in Drittländern, außerhalb der EU‐ Mitgliedsstaaten, wird auf den Zuschlagspreis, die  Nebenkosten und das Aufgeld die gesetzliche Umsatzsteuer  berechnet, jedoch bei Vorlage der gesetzlich geforderten  Ausfuhrnachweise in der gesetzlich zulässigen Höhe erstattet.  Sofern wir diese Ware für die Erwerber in diese Drittländer  ausführen, wird die Rechnung umsatzsteuerfrei gestellt. Im  Drittland anfallende Importsteuern oder Zölle trägt in jedem  Fall der Erwerber.  2. Gewerbliche Erwerber mit Eintragung in einem EU‐ Mitgliedsstaat, mit gültiger Umsatzsteuer‐ Identifikationsnummer, können sich die Umsatzsteuer  erstatten lassen; wir benötigen hierfür die gesetzlich  erforderlichen Dokumente. Letztere bestehen aus der  Umsatzsteuer‐Identifikationsnummer und der  Gelangensbestätigung des EU‐Mitgliedsstaates, in dem die  Umsatzsteueridentifikationsnummer erteilt wurde. Auch hier  berechnen wir für den Fall, dass wir die Ware ausführen, und 

1.

Bei in der Versteigerung persönlich anwesenden Erwerbern  (Saalauktion) ist der Kaufpreis zuzüglich des Aufgeldes und  eventuell anfallender Nebenkosten sofort fällig.  Bei schriftlichen Erwerbern, telefonischen Erwerbern oder  Internet Erwerbern versenden wir eine  Vertragsbestätigung/Vorläufige Rechnung, bei Verbrauchern  nebst Versteigerungsbedingungen und Widerrufsbelehrung  nebst Widerrufsformular, sowie eine Rechnung. Diese  Rechnung ist fällig zehn Tage nach Erhalt. 

3.

4. 5.

6.

Die Lieferung an Saalerwerber setzt sofortige Zahlung voraus  und erfolgt an schriftliche, telefonische oder Internetkunden in  der Regel gegen Vorkasse. Es sei denn, es wurde ein  ausreichendes, angefordertes, Deposit hinterlegt oder die  Bonität durch Referenz rückbestätigt.  Bei Münzauktionen mit Inlandslieferung:  a. Verbraucher  Wir liefern bei Verbrauchern das Versteigerungsgut – in der  Regel – gegen Vorkasse; mit den kostenlosen  Zahlungsmöglichkeiten nach Ziffer V,2.a.,Satz2 dieser  Versteigerungsbedingungen. Nach Mitteilung des  Zahlungsauftrages durch Sie an Ihre Bank werden wir die  Versteigerungsobjekte spätestens innerhalb von 14  Arbeitstagen (ohne Samstage, Sonn‐ und Feiertage) an Sie  übersenden. Im Falle der Kreditkartenzahlung oder PayPal‐ Zahlung erfolgt die Lieferung der Versteigerungsobjekte  spätestens innerhalb von 14 Arbeitstagen (ohne Samstage,  Sonn‐ und Feiertage) an Sie nach Auslösung des  Zahlungsvorganges.  b. Unternehmer und Kaufmann  Wir liefern bei Unternehmern und Kaufmännern die  Versteigerungsobjekte – in der Regel – gegen Vorkasse. Die  Lieferung der Versteigerungsobjekte erfolgt spätestens  innerhalb von 14 Arbeitstagen nach Zahlungseingang.  Bei Münzauktionen mit Auslandslieferung und bei Auktionen  Kunst der Antike:  Die Lieferfrist bestimmt sich nach der nach dem individuellen  Versteigerungsgut erforderlichen speziell angefertigten  Verpackung, der speziell erforderlichen Versandart und der  behördlichen Dauer zur Erstellung etwaig erforderlicher  Exportlizenzen/ Genehmigungen. Wir leiten die erforderlichen  Maßnahmen unverzüglich in die Wege und führen die  Lieferung unverzüglich nach Erstellung der Verpackung,  Annahmebestätigung des Speditionsvertrages und Vorlage der  behördlichen Urkunden durch.   Teillieferungen sind zulässig, soweit es für den Erwerber  zumutbar ist.  Das Wiedereintreffen der Versteigerungsobjekte bei uns  aufgrund Unzustellbarkeit oder verweigerter Annahme werten  wir bei Unternehmern und Kaufmännern als Rücktritt und bei  Verbrauchern als Widerruf.  Bei Rücksendungen muss aus versicherungstechnischen  Gründen der Versand vorab mit uns abgestimmt werden. 

X.

Eigentumsvorbehalt Wir behalten uns, soweit wir Kommissionär sind für den  Einlieferer, bis zur vollständigen Zahlung des Kaufpreises nebst  Nebenkosten, Aufgeld und Steuern durch den Erwerber, das  Eigentum an den Versteigerungsobjekten vor.  Solange der Kaufpreis noch nicht vollständig bezahlt ist, ist der  Erwerber, aufgrund dieses Eigentumsvorbehaltes, ohne dass  dadurch, soweit er Verbraucher ist, seine Rechte auf Prüfung  der Objekte nach dem Widerrufsrecht eingeschränkt werden,  verpflichtet, insbesondere Münzen, nicht zu reinigen und diese  sowie wie andere Objekte nicht mit chemischen Mitteln oder  anderen Gegenständen zu behandeln, nicht zu restaurieren,  Slabs nicht aufzubrechen und den Zugriff Dritter auf die  Objekte, etwa im Falle einer Pfändung oder einem  Besitzwechsel der Objekte, sowie den eigenen  Wohnsitzwechsel, uns unverzüglich anzuzeigen.  Der Erwerber tritt uns bereits jetzt alle Forderungen in Höhe  des Rechnungsbetrages ab, die ihm durch die 


Weiterveräußerung gegen einen Dritten erwachsen. Wir  nehmen, soweit wir Kommissionär sind für den Einlieferer, die  Abtretung bereits jetzt an. Nach der Abtretung behalten wir  uns vor, gegebenenfalls für den Einlieferer, die Forderung  selbst, gegebenenfalls als Kommissionär, einzuziehen, sofern  und soweit der Erwerber in Zahlungsverzug ist.   

XI. Gefahrübergang 1.

2.

3.

4.

Verbraucher Ist der Erwerber privathandelnder Verbraucher, geht die  Gefahr des zufälligen Untergangs und der zufälligen  Verschlechterung des Versteigerungsobjektes erst mit  Übergabe des Versteigerungsobjektes an den Erwerber auf den  Erwerber über.  Unternehmer und Kaufmann  Ist der Erwerber Unternehmer oder Kaufmann, geht mit der  Auslieferung des Versteigerungsobjektes an das mit der  Übersendung beauftragte Transportunternehmen, die Gefahr  des zufälligen Untergangs oder zufälligen Verschlechterung des  Versteigerungsobjektes auf den Erwerber über.  Annahmeverzug  Im Falle des Annahmeverzuges des Erwerbers geht die Gefahr  mit dem Annahmeverzug auf den Erwerber über.  Sofern wir haften und der Schaden durch eine vom Erwerber  oder für den Erwerber abgeschlossene Versicherung gedeckt  ist, hat der Erwerber diese außergerichtlich bevorzugt in  Anspruch zu nehmen. Soweit erforderlich, treten wir bereits an  dieser Stelle entsprechende Schadensersatzforderungen gegen  Dritte an den Erwerber ab. Soweit der Erwerber hierbei  Zahlungen erlangt, bleibt unsere Haftung nur für etwaig damit  verbundene Nachteile, wie Prämienrückstufungen oder  Zinsverluste, bestehen; andernfalls bleibt eine bestehende  Haftung von uns unberührt.  6.

XII. Mängelhaftung 1.

2.

3.

4.

5.

Der Erwerber hat die Möglichkeit, sich vom Erhaltungszustand  des Versteigerungsgutes, dessen Qualität und dessen  Eigenschaften durch Vorbesichtigung persönlich zu  überzeugen.  Beschreibungen und Erhaltungsangaben im Katalog und auf  unseren Internetseiten zur Versteigerung sind persönliche  Einschätzungen unserer qualifizierten Mitarbeiter, die mit  Sorgfalt und nach bestem Wissen und Gewissen nach  branchenüblichen Maßstäben durchgeführt und formuliert  werden. Sie dienen allerdings nur der Erläuterung und  Einordnung, ebenso wie die beigefügten Abbildungen. Dies  stellt keine Beschaffenheitsvereinbarung im Sinne des § 434  BGB und auch nicht die Übernahme einer Garantie im  Rechtssinne dar.  Die Echtheit der Stücke wird gewährleistet, allerdings ohne  Übernahme einer Garantie. Bei einer, ohne grob fahrlässige  oder vorsätzliche Pflichtverletzung durch uns, nachträglich  erkannten, Fälschung beschränken wir unsere Gewährleistung  der Höhe nach auf den Zuschlagspreis einschließlich der  Nebenkosten (Nebenkosten des Versandes,  Geldtransferkosten) sowie das Aufgeld und gegebenenfalls  Steuer.  Wir übernehmen keine Verantwortung dafür, dass die durch  uns versteigerte Ware von den sogenannten Grading‐ Unternehmen angenommen oder die Erhaltungsqualität in  einer ähnlichen Form eingeschätzt wird, wie durch uns.  Reklamationen, die daraus resultieren, dass ein Grading‐ Unternehmen zu einer abweichenden Qualitätsbewertung  gekommen ist, berechtigen nicht zu einer Rückabwicklung des  Kaufes. Bei Stücken, die von uns in den sogenannten „Slabs“,  (Münzen sind eingeschweißt in Plastikholder, ausgegeben von  den Grading‐Unternehmen) verkauft werden, entfällt die oben  genannte Gewährleistung der Echtheit. Auch für versteckte  Mängel, z. B. Randfehler, Henkelspuren, Schleifspuren, etc., die  durch den Plastikholder verdeckt werden, übernehmen wir  keine Mängelhaftung.  Wir übernehmen als Kommissionäre die uns obliegenden  Verpflichtungen nach dem Kulturgutschutzgesetz (KGSG). Wir  sind hier verpflichtet, bei archäologischen Kulturgütern älter als  100 Jahre und mit einem Wert ab null Euro und bei sonstigen  Kulturgütern, also Münzen, ab einem Wert von 2.500,00 Euro  unseren besonderen Sorgfaltspflichten nachzukommen. Dazu  sind wir allerdings nur verpflichtet im Rahmen des 

7.

8.

9.

Zumutbaren, insbesondere einer wirtschaftlichen  Zumutbarkeit. Wir erfüllen dies durch Prüfung des  Versteigerungsgutes durch unsere in der Regel akademisch  archäologisch qualifizierten Mitarbeiter. Die Angaben der  Einlieferer zu Provenienz, Herkunft, Rechtmäßigkeit und  Echtheit der Urkunden lassen wir uns von diesen bestätigen  und prüfen dies gegen in den öffentlichen Verzeichnissen und  Datenbanken (Interpol‐Datei of stolen works of art und ICOM  Red Lists, Art‐Loss‐ Register, Internetportal des BKM nach § 4  KGSG). Darüber hinausgehende Garantien, Gewährleistungen,  Zusicherungen oder Verantwortlichkeiten können wir nicht  übernehmen, insbesondere auch nicht bei Rückgabeersuchen  fremder Staaten oder behördlichen oder gerichtlichen  Maßnahmen.  Nach dem Hintergrundpapier Münzsammler, der Beauftragten  der Bundesregierung für Kultur und Medien (BKM) vom Juli  2016, wird bei Münzen und anderen Kulturgütern eine  lückenlose Provenienz durch das neue Kulturgutschutzgesetz  nicht gefordert. Es gelten insbesondere Münzen, wenn es sie in  großer Stückzahl gibt, diese für die Archäologie keinen  relevanten Erkenntniswert haben und nicht von einem EU‐ Mitgliedstaat als individualisierbare Einzelobjekte unter Schutz  gestellt sind, als keine archäologischen Gegenstände. Dabei  können, nach einer Entscheidung des Bundesfinanzhofes, nur  Münzen, die keine Massenware sind, von archäologischem  Interesse sein. Münzen fallen deshalb als archäologisches  Massenprodukt im Regelfall nicht unter die Regelungen des  Kulturgutschutzgesetzes (Bayerisches Kunstministerium,  Ministerialrat von Urff, BSZ, 15.07.2016). Wir gehen bei der  Erfüllung unserer (Sorgfalts‐) Verpflichtungen nach dem  Kulturgutschutzgesetz von diesen eigenen Einschätzungen des  Gesetzgebers und der zuständigen Obersten Bayerischen  Landesbehörde aus.  Bei Lots und Serien kauft der Erwerber eine nicht näher  beschriebene Gesamteinheit einfachen Zuschnitts. Es handelt  sich hier bei den Angaben nur um Etwa‐Angaben, wobei  irrtümliche Zuschreibungen im Rahmen des Möglichen liegen.  Versteigerungsstücke in Form von Lots sind nach erfolgtem  Zuschlag daher von der Gewährleistung in branchenüblicher  Weise ausgeschlossen, es sei denn, wir hätten bei der  Beschreibung, der Zuordnung oder der Versteigerung arglistig  gehandelt.  Als Kaufmann hat der Erwerber uns etwaige Mängel  unverzüglich anzuzeigen. Ansonsten verliert er seine  Gewährleistungsrechte.  Bei einem Sachmangel hat der Erwerber uns zunächst  angemessene Gelegenheit zur Reparatur oder Ersatzlieferung,  nach unserer Wahl, zu geben. Soweit uns dies nicht gelingt,  stehen dem Erwerber die weitergehenden Rechte nach dem  Gesetz zu.  Die Ansprüche der Erwerber wegen Sachmängeln an unseren  gebrauchten Versteigerungsgütern verjähren in einem Jahr ab  Erhalt des Versteigerungsgutes. Die besondere Klassifikation  unserer Versteigerungsgüter in Form von alten  numismatischen und antiken Gütern erfordert aber im  Interesse des Erwerbers eine unverzügliche Klärung von  Abweichungsrügen zur Sicherung des Übergabezustandes  binnen sieben Tagen. 

XIII. Haftung auf Schadensersatz neben der Gewährleistung  1.

2.

3.

Maßstab Wir haften für die Verletzung von Vertragspflichten und aus  Delikt nur bei Vorsatz oder grober Fahrlässigkeit. Diese  Einschränkung gilt nicht bei der Verletzung von Leben, Körper  und Gesundheit oder bei der Verletzung von Hauptpflichten.  Hier haften wir für jedes Verschulden.  Betroffene  Soweit diese Haftungseinschränkung reicht, gilt sie auch für  unsere Erfüllungsgehilfen und die persönliche Haftung unserer  Angestellten.  Weitere Beschränkungen gegenüber Unternehmern und  Kaufmännern  Sofern der Erwerber beim Zuschlag als Unternehmer und/oder  als Kaufmann für sein Unternehmen gehandelt hat,  beschränken wir unsere Haftung darüber hinaus auf den  vorhersehbaren und typischerweise eintretenden Schaden.  Diese weitergehende Haftungsbeschränkung gilt wiederum  dann nicht, wenn wir arglistig gehandelt haben sowie für 


Ansprüche nach dem Produkthaftungsgesetz und für Schäden  aus der Verletzung von Leben, Körper und Gesundheit. 

2.

XIV. Widerrufsrecht für Verbraucher  Verbrauchern steht ein Widerrufsrecht nach der folgenden  Maßgabe zu. Verbraucher ist jede natürliche Person, die ein  Rechtsgeschäft zu einem Zweck abschließt, der weder ihrer  gewerblichen noch ihrer selbstständigen beruflichen Tätigkeit  zugerechnet werden kann (§ 13 BGB).  Beginn der Widerrufsbelehrung:  Widerrufsrecht  Als Verbraucher haben Sie das Recht, binnen vierzehn Tagen  ohne Angabe von Gründen diesen Vertrag zu widerrufen.  Die Widerrufsfrist beträgt vierzehn Tage ab dem Tag, an dem  Sie oder ein von Ihnen benannter Dritter, der nicht Beförderer  ist, die Ware (oder die letzte Ware, letzte Teilsendung oder das  letzte Stück im Fall eines Vertrages über mehrere Waren mit  einer einheitlichen Bestellung oder die Lieferung einer Ware in  mehreren Teilsendungen oder –stücken) in Besitz genommen  haben bzw. hat.  Um Ihr Widerrufsrecht auszuüben, müssen Sie uns  

Gorny & Mosch  Giessener Münzhandlung GmbH  Maximiliansplatz 20  D‐80333 München  Telefon: +49 89 2422643‐0  Telefax: +49 89 2285513  E‐Mail: info@gmcoinart.de    mittels einer eindeutigen Erklärung (zum Beispiel ein mit der  Post versandter Brief, Telefax oder E‐Mail) über Ihren  Entschluss, diesen Vertrag zu widerrufen, informieren. Sie  können dafür das beigefügte Widerrufsformular verwenden,  das jedoch nicht vorgeschrieben ist.  Zur Wahrung der Widerrufsfrist reicht es aus, dass Sie die  Mitteilung über die Ausübung des Widerrufsrechts vor Ablauf  der Widerrufsfrist absetzen.     

Folgen des Widerrufs  Wenn Sie diesen Vertrag widerrufen, haben wir Ihnen alle  Zahlungen, die wir von Ihnen erhalten haben, einschließlich der  Lieferkosten (mit Ausnahme der zusätzlichen Kosten, die sich  daraus ergeben, da Sie eine andere Art der Lieferung als die  von uns angebotene günstige Standard‐Lieferung gewählt  haben), unverzüglich und spätestens binnen vierzehn Tagen ab  dem Tag zurückzuzahlen, an dem die Mitteilung über Ihren  Widerruf dieses Vertrages bei uns eingegangen ist. Für diese  Rückzahlung verwenden wird dasselbe Zahlungsmittel, das Sie  bei der ursprünglichen Transaktion eingesetzt haben, es sei  denn, mit Ihnen wurde ausdrücklich etwas anderes vereinbart;  in keinem Fall werden Ihnen wegen dieser Rückzahlung  Entgelte berechnet.  Wir können die Rückzahlung verweigern, bis wir die Waren  wieder zurückerhalten haben oder bis Sie den Nachweis  erbracht haben, dass Sie die Waren zurückgesandt haben, je  nachdem, welches der frühere Zeitpunkt ist.  Sie haben die Waren unverzüglich und in jedem Fall spätestens  binnen vierzehn Tagen ab dem Tag, an dem Sie uns über den  Widerruf dieses Vertrages unterrichten, an uns zurückzusenden  oder zu übergeben. Die Frist ist gewahrt, wenn Sie die Waren  vor Ablauf der Frist von vierzehn Tagen absenden. Sie tragen  die Kosten der unmittelbaren Rücksendung der Waren.  Sie müssen für einen etwaigen Wertverlust der Waren nur  aufkommen, wenn dieser Wertverlust auf einen zur Prüfung  der Beschaffenheit, Eigenschaften und Funktionsweise der  Waren nicht notwendigen Umgang mit Ihnen zurückzuführen  ist.  Ende der Widerrufsbelehrung.  Das Widerrufsformular halten wir auf unserer Web‐Site für die  Erwerber als Verbraucher bereit. 

XV. Verweigerung von Zahlung und Abnahme  1.

Bei nicht fristgerechter Zahlung der Rechnung verliert der  Erwerber bei Belehrung hierüber in der Rechnung seine Rechte  aus dem Zuschlag und das Versteigerungsgut kann auf seine  Kosten erneut versteigert oder, nach unserem freien Ermessen,  freihändig verkauft werden. In diesem Fall haftet der Erwerber 

3.

für den Mindererlös.  Als Erwerber haben Sie zusätzlich einen pauschalierten  Schadenersatz in Höhe von 15 % des ersten Zuschlagspreises zu  bezahlen. Ihnen bleibt jedoch das Recht vorbehalten, den  Eintritt eines geringeren oder das Fehlen eines Schadens  nachzuweisen. In diesem Fall schulden Sie geringeren oder  keinen Schadenersatz. Uns bleibt die Geltendmachung eines  höheren Schadens ausdrücklich vorbehalten.  Bei Verzug des Erwerbers mit der Zahlung der Rechnung  schuldet dieser auch Zinsen. 

XVI. Aufrechnung Eine Aufrechnung gegen unsere Forderungen ist  ausgeschlossen, es sei denn, die Forderung ist unbestritten  oder rechtskräftig festgestellt.   

XVII. Schlussbestimmungen 1.

2.

3.

Salvatorische Klausel  Sollte eine Bestimmung der Versteigerungsbedingungen ganz  oder teilweise unwirksam sein oder ihre Rechtswirksamkeit  später verlieren, so soll hierdurch die Gültigkeit der übrigen  Bestimmungen nicht berührt werden. Anstelle der  unwirksamen Bestimmung gilt die gesetzliche Vorschrift.  Gerichtsstand bei Kaufmann als Erwerber  Ist der Erwerber Kaufmann, juristische Person des öffentlichen  Rechts oder öffentlich‐rechtlichen Sondervermögens, ist  ausschließlicher Gerichtsstand für alle Streitigkeiten aus diesem  Vertrag der Geschäftssitz der Gorny & Mosch Giessener  Münzhandlung GmbH, also München. Dasselbe gilt, wenn der  Erwerber keinen allgemeinen Gerichtsstand in der  Bundesrepublik Deutschland hat oder Wohnsitz oder  gewöhnlicher Aufenthalt im Zeitpunkt der Klageerhebung nicht  bekannt ist.  Grenzüberschreitende Versteigerung  Wenn wir grenzüberschreitend versteigern, bedeutet das keine  entsprechende Geschäftsausrichtung. Es gelten deutsches  Recht und deutsche Gerichtsbarkeit. Die Geltung der CISG wird  ausgeschlossen. Ist der Erwerber Verbraucher, gelten für ihn  auch die verbraucherschützenden Vorschriften seines  Wohnsitzstaates; er hat bei Rechtsstreitigkeiten darüber hinaus  die Wahl des Gerichtsstandes unseres Firmensitzes oder seines  Wohnsitzes. Wir müssen ihn stets an seinem Wohnsitz  verklagen.    Wenn Sie unsere Kataloge künftig nicht mehr erhalten  möchten, können Sie der Verwendung Ihrer Daten für den  Versand jederzeit widersprechen. 

    Gorny & Mosch  Giessener Münzhandlung GmbH  Auktionatoren: Dieter Gorny, Dr. Hans‐Christoph von Mosch  Geschäftsführer: Dieter Gorny, Dr. Hans‐Christoph von Mosch  Handelsregister München HRB Nr. 75528  Sitz der Gesellschaft: München        Konten Bank Accounts    Postbank  BLZ 70010080  Kto.‐Nr. 150384‐802  BIC (SWIFT): PBNKDEFF  IBAN: DE 28 700 100 80 01503 848 02    Commerzbank München  BLZ 70040041  Kto.‐Nr. 6667117 00  BIC (SWIFT): COBADEFF XXX  IBAN: DE 73 700 400 41 06667 117 00    HypoVereinsbank München  BLZ 70020270  Kto.‐Nr. 00 2860120  BIC (SWIFT): HYVEDEMM XXX  IBAN: DE 36 700 202 70 00028 601 20 


Terminvorschau

Impressum Herausgeber GORNY & MOSCH Giessener Münzhandlung GmbH München Bearbeitung Antike Dr. Georg Morawietz Dr. Martin Schulz Irene Rulka, M. A. Dr. Margret Nollé Maria Borshchevska

Auktion 271

24. Juni 2020 Kunst der Antike Die Sammlung Dr. G. W.: Antiken, Asiatika, Afrika etc. Einlieferungsschluss: 3. April 2020

Auktion 272

12./13. Oktober 2020 Münzen der Antike Einlieferungsschluss: 31. Juli 2020

Auktion 273

14. Oktober 2020 Mittelalter, Neuzeit und Russland Einlieferungsschluss: 31. Juli 2020

E-Auktion 274

15./16. Oktober 2020 Münzen aus Antike und Neuzeit Einlieferungsschluss: 31. Juli 2020

Auktion 275

Dezember 2020 Kunst der Antike Einlieferungsschluss: September 2020

Auktion 276-277 8.-10. März 2021 Münzen aus Antike und Neuzeit E-Auktion 278

11./12. März 2021

Neuzeit Marc Raffler Sascha Praisler Gestaltung und Fotografie GORNY & MOSCH Druckdatenerzeugung danner pc gesteuerte systeme Druck Meister-Druck, Kassel Alle Rechte vorbehalten, insbesondere die der Übersetzung und der foto­ mechanischen Wiedergabe. Nachdruck, auch auszugsweise, nur mit schriftlicher Genehmigung des Herausgebers. Printed in Germany

Gorny & Mosch Giessener Münzhandlung GmbH Maximiliansplatz 20, D-80333 München Tel. +49-(0)89/24 22 64 30, Fax +49-(0)89/2 28 55 13 E-mail: info@gmcoinart.de www.gmcoinart.de Amtsgericht München HRB Nr. 75528 Geschäftsführer: Dieter Gorny, Dr. Hans-Christoph von Mosch


Münzen von Antike bis Neuzeit Gorny & Mosch • Giessener Münzhandlung

Auktion

Münzen von Antike bis Neuzeit

GornyMosch-A269-U1U4-RS16-06.indd Alle Seiten

269

GORNY & MOSCH Giessener Münzhandlung GmbH Maximiliansplatz 20, D-80333 München Tel. +49-(0)89/24 22 64 30, Fax +49-(0)89/2 28 55 13 E-mail: info@gmcoinart.de www.gmcoinart.de

März 2020

Bedeutende Slg. griechischer Münzen (Dr. G. W.), „Greek Imperials“ der Slg. E. L. Teil II, Münzen der Römischen Kaiserzeit der Slg. H. I. Teil II, Münchner Sammlung lykischer Münzen, Spezialsammlung Königreich Bosporus aus deutschem Privatbesitz. Ausgesuchte Münzen und Medaillen von Mittelalter bis Neuzeit.

9./10 März 2020

269 30.01.2020 10:15:17

Profile for Gorny & Mosch Giessener Münzhandlung GmbH

Gorny & Mosch Auktionskatalog 269: Münzen von Antike bis Neuzeit  

Katalog zur Auktion 269 am 09. und 10. März 2020 bei Gorny & Mosch Giessener Münzhandlung GmbH, Maximiliansplatz 20, 80333 München Münzen vo...

Gorny & Mosch Auktionskatalog 269: Münzen von Antike bis Neuzeit  

Katalog zur Auktion 269 am 09. und 10. März 2020 bei Gorny & Mosch Giessener Münzhandlung GmbH, Maximiliansplatz 20, 80333 München Münzen vo...