7DULI $PEXODQW3/86 $OOJHPHLQH9HUVLFKHUXQJVEHGLQJXQJHQ7HLO,,, 'HU7DULI$PEXODQW3/86JLOWLQ9HUELQGXQJPLW7HLO,XQG7HLO,,GHU $OOJHPHLQHQ9HUVLFKHUXQJVEHGLQJXQJHQ$9%IUGLH.UDQNKHLWVNR VWHQXQG.UDQNHQKDXVWDJHJHOGYHUVLFKHUXQJ 7HLO,0XVWHUEHGLQJXQJHQ0%.. 7HLO,,6,*1$/7DULIEHGLQJXQJHQ $ $OOJHPHLQH%HVWLPPXQJHQ]X,KUHP9HUWUDJ 9HUVLFKHUXQJVIlKLJNHLW]X7HLO,XQG,, 'HU7DULI$PEXODQW3/86NDQQQXU]XVlW]OLFK]XHLQHU9HUVLFKHUXQJ EHLGHUGHXWVFKHQJHVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJ*.9RGHU]X HLQHPYHUJOHLFKEDUHQ$QVSUXFKDXI)UVRUJHE]Z+HLOIUVRUJHOHL VWXQJHQGHV$UEHLWJHEHUVE]Z'LHQVWKHUUQEHVWHKHQ(QGHWGLH GHXWVFKH*.9XQGEHVWHKWDXFKNHLQ$QVSUXFKDXI)UVRUJHE]Z +HLOIUVRUJHOHLVWXQJHQVRHQGHWJOHLFK]HLWLJGLH9HUVLFKHUXQJQDFK GHP7DULI$PEXODQW3/86 :DUWH]HLWHQ]X7HLO,XQG,, 'LH:DUWH]HLWHQHQWIDOOHQ % /HLVWXQJHQGHU6,*1$/.UDQNHQYHUVLFKHUXQJD* ]XXQG7HLO,XQG,, 6HKKLOIHQ 'LHWDULIOLFKHQ/HLVWXQJHQIU%ULOOHQ*HVWHOOXQG*OlVHUXQG.RQ WDNWOLQVHQZHUGHQ]X HUEUDFKWXQGYHUPLQGHUQVLFKXPHLQH HYWO9RUOHLVWXQJGHU*.9XP)UVRUJHE]Z+HLOIUVRUJHOHLVWXQJHQ GHV$UEHLWJHEHUVE]Z'LHQVWKHUUQXQGXP9RUOHLVWXQJHQDQGHUHU /HLVWXQJVWUlJHU 'LH(UVWDWWXQJHQVLQGEHJUHQ]WDXILQVJHVDPW(85LQQHUKDOE YRQ]ZHLDXIHLQDQGHUIROJHQGHQ.DOHQGHUMDKUHQ 2SHUDWLRQHQ]XU6HKVFKlUIHQNRUUHNWXU 1DFK$EODXIYRQGUHL.DOHQGHUMDKUHQVHLW9HUVLFKHUXQJVEHJLQQGLH VHV7DULIHV7DULIEHJLQQHQWVWHKWHLQ$QVSUXFKDXI(UVWDWWXQJGHU DPEXODQWHQ.RVWHQIUEUHFKNUDIWYHUlQGHUQGH$XJHQODVHUNRUUHNWX UHQ/$6,./$6(.]X ELV]X(85LQVJHVDPWIUEHLGH $XJHQHLQ$QVSUXFKDXIGLHVH/HLVWXQJEHVWHKWQXU]ZHLPDOZlK UHQGGHUJHVDPWHQ9HUWUDJVODXI]HLW 'LHWDULIOLFKH/HLVWXQJYHUPLQGHUWVLFKXPHLQHHYWO9RUOHLVWXQJGHU *.9XP)UVRUJHE]Z+HLOIUVRUJHOHLVWXQJHQGHV$UEHLWJHEHUV E]Z'LHQVWKHUUQXQGXP9RUOHLVWXQJHQDQGHUHU/HLVWXQJVWUl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lQGHUQGH $XJHQODVHUNRUUHNWXUJDQ]RGHUWHLOZHLVHEHDQVSUXFKWGDQQEHVWHKW LPHQWVSUHFKHQGHQ.DOHQGHUMDKUGHU2SHUDWLRQXQGLQGHQGUHLGD UDXIIROJHQGHQ.DOHQGHUMDKUHQNHLQ$QVSUXFKDXI(UVWDWWXQJYRQ 6HKKLOIHQJHPl$EVFKQLWW% +LOIVPLWWHO 'LH/HLVWXQJHQIU+LOIVPLWWHODXHU6HKKLOIHQZHUGHQ]X HUEUDFKWXQGYHUPLQGHUQVLFKXPHLQHHYWO9RUOHLVWXQJGHU*.9XP )UVRUJHE]Z+HLOIUVRUJHOHLVWXQJHQGHV$UEHLWJHEHUVE]Z 'LHQVWKHUUQXQGXP9RUOHLVWXQJHQDQGHUHU/HLVWXQJVWUlJHUVRZLH XPGLHJHVHW]OLFKH=X]DKOXQJVLHKH$EVFKQLWW% 'LH(UVWDWWXQ JHQVLQGEHJUHQ]WDXILQVJHVDPW(85SUR.DOHQGHUMDKU 9RUVRUJHPDQDKPHQXQG5HLVHVFKXW]LPSIXQJHQ (UVWDWWXQJVIlKLJVLQGELV]XGHQ+|FKVWVlW]HQGHUJHOWHQGHQ*HEK UHQRUGQXQJIUbU]WH*2bGLH.RVWHQIUJH]LHOWHPHGL]LQLVFKH 9RUVRUJHXQWHUVXFKXQJHQXQG.RVWHQIUUHLVHPHGL]LQLVFKH,PSIEH UDWXQJXQG,PSIXQJLQNOXVLYHGHU,PSIVWRIINRVWHQ=XGHQ9RUVRUJH XQWHUVXFKXQJHQ]lKOHQ]% 9RUVRUJHXQG)UKHUNHQQXQJVXQWHUVXFKXQJHQIU.LQGHUXQG -XJHQGOLFKHZLH]%$XGLRFKHFN6FKLHOYRUVRUJH.LQGHU,QWHUYDOO &KHFNHUZHLWHUWH.LQGHUXQG-XJHQGYRUVRUJH 6FKZDQJHUVFKDIWVYRUVRUJHZLH]%7ULSOH7HVW]XU5LVLNRDEVFKlW ]XQJGHV'RZQ6\QGURPV9LWDOLWlWVXQWHUVXFKXQJHQPLWWHOV6RQR JUDSKLH .UHEVIUKHUNHQQXQJVXQWHUVXFKXQJHQZLH]%6RQRJUDSKLH 8QWHUVXFKXQJHQ]XU)UKHUNHQQXQJYRQ+DXWXQG3URVWDWDNUHEV HLQVFKOLHOLFK36$7HVWXQJHDFKWHWGHU(UIOOXQJHWZDLJHU0LQGHVW DOWHUDQIRUGHUXQJHQ $OOJHPHLQH9RUVRUJHZLH]%+LUQOHLVWXQJVFKHFN+,97HVW 6FKODJDQIDOOYRUVRUJH*ODXNRPYRUVRUJH2VWHRSRURVHYRUVRUJHXQG 8OWUDVFKDOOXQWHUVXFKXQJHQGHU6FKLOGGUVH 'LHWDULIOLFKHQ/HLVWXQJHQIUVlPWOLFKH9RUVRUJHPDQDKPHQXQG 5HLVHVFKXW]LPSIXQJHQZHUGHQ]X HUEUDFKWXQGYHUPLQGHUQ VLFKXPHLQHHYWO9RUOHLVWXQJGHU*.9XP)UVRUJHE]Z+HLOIU VRUJHOHLVWXQJHQGHV$UEHLWJHEHUVE]Z'LHQVWKHUUQXQGXP9RUOHL VWXQJHQDQGHUHU/HLVWXQJVWUlJHU'LH(UVWDWWXQJHQVLQGEHJUHQ]WDXI LQVJHVDPW(85LQQHUKDOEYRQ]ZHLDXIHLQDQGHUIROJHQGHQ.DOHQ GHUMDKUHQ %HKDQGOXQJGXUFK+HLOSUDNWLNHUXQGQDWXUKHLONXQGOLFKH/HLVWXQJHQ (UVWDWWXQJVIlKLJVLQGGLH.RVWHQIU +HLOSUDNWLNHUOHLVWXQJHQLP5DKPHQGHVJHOWHQGHQ*HEKUHQYHU ]HLFKQLVVHVIU+HLOSUDNWLNHU*HE+ YRQ+HLOSUDNWLNHUQRGHUbU]WHQLP+XIHODQG/HLVWXQJVYHU]HLFKQLV DXIJHIKUWH7KHUDSLHIRUPHQGHU1DWXUKHLONXQGH QDWXUKHLONXQGOLFKH/HLVWXQJHQYRQbU]WHQELV]XGHQ+|FKVWVlW]HQ GHU*2b (UVWDWWXQJVIlKLJVLQGDXFKZLVVHQVFKDIWOLFKQLFKWDQHUNDQQWH+HLO PHWKRGHQ(UVWDWWHWZHUGHQ]%GLH6FKPHU]DNXSXQNWXU+RP|RSD WKLH3K\WRWKHUDSLH1HXUDOWKHUDSLH(LJHQEOXWWKHUDSLHDQWKURSRVR SKLVFKH0HGL]LQ$WHPWKHUDSLH&KLURSUDNWLNRVWHRSDWKLVFKH %HKDQGOXQJ6FKU|SIWKHUDSLHXQGSK\VLNDOLVFKH9HUIDKUHQ%HZH JXQJVWKHUDSLH0DVVDJHQ(OHNWURWKHUDSLH+\GURWKHUDSLH7KHUPR WKHUDSLH 'LHRJHUVWDWWXQJVIlKLJHQ$XIZHQGXQJHQYHUPLQGHUQVLFKXPHLQH HYWO9RUOHLVWXQJGHU*.9XP)UVRUJHE]Z+HLOIUVRUJHOHLVWXQJHQ GHV$UEHLWJHEHUVE]Z'LHQVWKHUUQXQGXP9RUOHLVWXQJHQDQGHUHU /HLVWXQJVWUlJHU'LHQDFK$E]XJGHU9RUOHLVWXQJYHUEOHLEHQGHQ HUVWDWWXQJVIlKLJHQ$XIZHQGXQJHQZHUGHQ]X HUVWDWWHW'LH (UVWDWWXQJHQIUGLH%HKDQGOXQJGXUFK+HLOSUDNWLNHUVRZLHIUQDWXU KHLONXQGOLFKH/HLVWXQJHQVLQG]XVDPPHQPLWGHQ/HLVWXQJHQJHPl $EVFKQLWW% LQVJHVDPWEHJUHQ]WDXI(85SUR.DOHQGHUMDKU +HLOSUDNWLNHULP6LQQHYRQ$EV7HLO,VLQGQLFKW3HUVRQHQ GHUHQ(UODXEQLVQDFKGHP+HLOSUDNWLNHUJHVHW]VLFKOHGLJOLFKDXIHLQ EHVWLPPWHV%HKDQGOXQJVJHELHWEHVFKUlQNW $U]QHLPLWWHO (UVWDWWXQJVIlKLJVLQGQLFKWYHUVFKUHLEXQJVSIOLFKWLJH$U]QHLPLWWHO ZHOFKHYRP$U]WRGHU+HLOSUDNWLNHUYHURUGQHWXQGLQGHU$SRWKHNH EH]RJHQZXUGHQ9RUDXVVHW]XQJLVWDXFKGDVVGLH$U]QHLPLWWHOZLV VHQVFKDIWOLFKDQHUNDQQWVLQGRGHUVLFKLQGHU3UD[LVDOV(UIROJYHU VSUHFKHQGEHZlKUWKDEHQRGHUDQJHZHQGHWZHUGHQZHLONHLQH VFKXOPHGL]LQLVFKHQ$U]QHLPLWWHO]XU9HUIJXQJVWHKHQ (UVWDWWXQJVIlKLJVLQGDXFKQDWXUKHLONXQGOLFKH$U]QHLPLWWHOZHOFKH LP=XVDPPHQKDQJPLWGHQQDWXUKHLONXQGOLFKHQ+HLOPHWKRGHQJHPl $EVFKQLWW% YRP$U]WRGHU+HLOSUDNWLNHUYHURUGQHWXQGLQGHU$SR WKHNHEH]RJHQZXUGHQGLHVH$U]QHLPLWWHOVLQGDXFKHUVWDWWXQJVIl KLJZHQQVLHQLFKWZLVVHQVFKDIWOLFKDQHUNDQQWVLQG 'LHRJHUVWDWWXQJVIlKLJHQ$XIZHQGXQJHQYHUPLQGHUQVLFKXPHLQH HYWO9RUOHLVWXQJGHU*.9XP)UVRUJHE]Z+HLOIUVRUJHOHLVWXQJHQ GHV$UEHLWJHEHUVE]Z'LHQVWKHUUQXQGXP9RUOHLVWXQJHQDQGHUHU /HLVWXQJVWUlJHUVRZLHXPGLHJHVHW]OLFKH=X]DKOXQJVLHKH $EVFKQLWW% 'LHQDFK$E]XJGHU9RUOHLVWXQJYHUEOHLEHQGHQ HUVWDWWXQJVIlKLJHQ$XIZHQGXQJHQZHUGHQ]X HUVWDWWHW'LH (UVWDWWXQJHQIU$U]QHLPLWWHOVLQG]XVDPPHQPLWGHQ/HLVWXQJHQ JHPl$EVFKQLWW% LQVJHVDPWEHJUHQ]WDXI(85SUR.DOHQGHU MDKU 1LFKWHUVWDWWXQJVIlKLJVLQGGLH.RVWHQIU1lKUXQG6WlUNXQJVPLW WHODOOJHPHLQJHEUlXFKOLFKH9RUEHXJXQJVPLWWHO$EPDJHUXQJV 6FKODIXQG$EIKUPLWWHONRVPHWLVFKH0LWWHO0LQHUDOZlVVHU%DGH ]XVlW]H'HVLQIHNWLRQVPLWWHOSRWHQ]I|UGHUQGH0LWWHOXQG0LWWHO]XU (PSIlQJQLVYHUKWXQJ *HVHW]OLFKH=X]DKOXQJHQ (UVWDWWHWZHUGHQ]X GLHJHVHW]OLFKYRUJHVFKULHEHQHQ=X]DK OXQJHQ6*%9IU +HLOPLWWHOHLQVFKOLHOLFK9HURUGQXQJVJHEKU$EV6*%9 +LOIVPLWWHO$EV6*%9 $U]QHLXQG9HUEDQGPLWWHO$EV6*%9 +DXVKDOWVKLOIHQ$EV6*%9 'LH(UVWDWWXQJHQIUVlPWOLFKHYRUJHQDQQWHQ=X]DKOXQJHQVLQGLQV JHVDPWEHJUHQ]WDXI(85SUR.DOHQGHUMDKU 23 +HLOEHKDQGOXQJLP$XVODQG %HUFNVLFKWLJXQJVIlKLJVLQGLP$XVODQGZlKUHQG5HLVHQELV]XDFKW :RFKHQ'DXHUGLHQDFKZHLVOLFKDXIHLQHQQDFK7DULIEHJLQQLP$XV ODQGHLQJHWUHWHQHQ8QIDOORGHUHLQHLP$XVODQGDNXWDXIJHWUHWHQH (UNUDQNXQJE]ZDXIHLQHXQYRUKHUVHKEDUHDNXWH9HUVFKOHFKWHUXQJ HLQHVEHVWHKHQGHQ/HLGHQV]XUFN]XIKUHQGHQHUVWDWWXQJVIlKLJHQ .RVWHQIUDPEXODQWHXQGVWDWLRQlUH+HLOEHKDQGOXQJ+LHU]XJHK| UHQ $U]WXQG)DFKDU]W :HJHJHEKUHQGHVQlFKVWHUUHLFKEDUHQ$U]WHVZHQQDP2UWNHLQ $U]WYRUKDQGHQLVWRGHUDOWHUQDWLYQRWZHQGLJH7UDQVSRUWHLQGDV QlFKVWJHOHJHQH.UDQNHQKDXVE]Z]XPQlFKVWHUUHLFKEDUHQ1RWIDOO DU]WGXUFKDQHUNDQQWH5HWWXQJVGLHQVWH 5|QWJHQGLDJQRVWLNXQG6WUDKOHQWKHUDSLH $U]QHLXQG9HUEDQGPLWWHO lU]WOLFKYHURUGQHWH*HKKLOIHQVRZLH6FKLHQHQXQG6WW]DSSDUDWH ]XU$NXWYHUVRUJXQJ HOHNWULVFKHXQGSK\VLNDOLVFKH+HLOEHKDQGOXQJ =DKQEHKDQGOXQJXQG]ZDUQXUIUVFKPHU]VWLOOHQGH%HKDQGOXQJ QRWZHQGLJH)OOXQJHQLQHLQIDFKHU$XVIKUXQJVRZLHQRWZHQGLJH 5HSDUDWXUHQYRQ=DKQSURWKHVHQ VWDWLRQlUH%HKDQGOXQJLP.UDQNHQKDXV .RVWHQHLQHVPHGL]LQLVFKVLQQYROOHQXQGYHUWUHWEDUHQ.UDQNHQ WUDQVSRUWHVDXVGHP$XVODQGDQGHQ2UWGHVVWlQGLJHQ:RKQVLW ]HVRGHULQGDVYRQGRUWQlFKVWHUUHLFKEDUHJHHLJQHWH.UDQNHQ KDXV %HL7RGGHV9HUVLFKHUWHQZlKUHQGHLQHU$XVODQGVUHLVHVLQGGLH .RVWHQGHUhEHUIKUXQJGHV9HUVWRUEHQHQLQGHQ+HLPDWRUWRGHU GLH%HVWDWWXQJDP6WHUEHRUWLP$XVODQGMHELV]X(85HUVWDW WXQJVIlKLJ(QWVWDQGHQH$XIZHQGXQJHQIUGLHhEHUIKUXQJHLQHV 9HUVWRUEHQHQDXVGHP$XVODQGE]ZIUGLH%HVWDWWXQJDP6WHU EHRUWLP$XVODQGVLQGGXUFKHQWVSUHFKHQGH.RVWHQEHOHJHQDFK]X ZHLVHQ$XHUGHPLVWHLQHDPWOLFKH6WHUEHXUNXQGHYRU]XOHJHQ $OV$XVODQGJHOWHQDOOH/lQGHUGHU(UGHPLW$XVQDKPHGHU%XQGHV UHSXEOLN'HXWVFKODQGVRZLHGHVMHZHLOLJHQ6WDDWVJHELHWHVLQGHP GLHYHUVLFKHUWH3HUVRQHLQHQVWlQGLJHQ:RKQVLW]KDW & $QSDVVXQJVYRUVFKULIWHQ %HLWUDJVDQSDVVXQJ]XE7HLO,XQG,, $OVWDULIOLFKHU9RPKXQGHUWVDW]LP6LQQHYRQE$EV7HLO,IU GLH9HUVLFKHUXQJVOHLVWXQJHQJLOW ,P)DOOHHLQHU$QSDVVXQJQDFKE7HLO,SUIWGLH6,*1$/.UDQ NHQYHUVLFKHUXQJD*REJOHLFK]HLWLJGLHLQ$EVFKQLWW% JHQDQQWHQ (XUR%HWUlJH]XHUK|KHQVLQG'LHVH(XUR%HWUlJHN|QQHQXQWHU GHQ9RUDXVVHW]XQJHQGHV7HLO,PLW:LUNXQJIUEHVWHKHQGH 9HUVLFKHUXQJVYHUKlOWQLVVHDXFKIUGHQQRFKQLFKWDEJHODXIHQHQ 7HLOGHV9HUVLFKHUXQJVMDKUHVGHQYHUlQGHUWHQ9HUKlOWQLVVHQDQJH SDVVWZHUGHQ ' 6RQVWLJH%HVWLPPXQJHQ $OV.RVWHQQDFKZHLVIUGLHJHVHW]OLFKHQ=X]DKOXQJHQLVWHLQH .RSLHGHUlU]WOLFKHQ9HURUGQXQJPLWGHP4XLWWXQJVYHUPHUNGHV /HLVWXQJVHUEULQJHUVYRU]XOHJHQ SGI-DQ6HLWH YRQ =XVWHKHQGH/HLVWXQJVDQVSUFKHJHJHQEHUGHU*.9RGHUGHV $UEHLWJHEHUVE]Z'LHQVWKHUUQVLQG]XEHDQVSUXFKHQXQGGUIHQ QLFKWDXIJHJHEHQZHUGHQ6LQG/HLVWXQJHQGHU*.9RGHUGHV$UEHLW JHEHUVE]Z'LHQVWKHUUQIUGLHLP7DULI$PEXODQW3/86JHQDQQWHQ /HLVWXQJHQQLFKWLQ$QVSUXFKJHQRPPHQZRUGHQVRZHUGHQDXV GHP7DULI$PEXODQW3/86IUGLHVH/HLVWXQJHQHEHQIDOOVNHLQH (UVWDWWXQJHQYRUJHQRPPHQ 'LH+|KHGHU9RUOHLVWXQJHQLVWGXUFKHLQHQHQWVSUHFKHQGHQ/HLV WXQJVYHUPHUNGHU MHZHLOLJHQ/HLVWXQJVWUlJHUDXIGHQ5HFKQXQJVEH OHJHQQDFK]XZHLVHQ%HVWHKWNHLQ/HLVWXQJVDQVSUXFKJHJHQEHUGHU *.9RGHUGHP$UEHLWJHEHUE]Z'LHQVWKHUUQLVWGLHVGXUFKHLQH %HVFKHLQLJXQJGHU*.9RGHUGHV$UEHLWJHEHUVE]Z'LHQVWKHUUQ]X EHVWlWLJHQ ( 6RQGHUEHGLQJXQJHQQDFK7DULI$PEXODQW3/86 $PEXODQW3/86SXU (UJlQ]HQG]XGHQ7DULIEHVWLPPXQJHQJHPl$EVFKQLWW$%& XQG 'JHOWHQQRFKIROJHQGH6RQGHUEHGLQJXQJHQ'LH6RQGHUEHGLQJXQJHQ HUP|JOLFKHQGHQ9HUVLFKHUXQJVVFKXW]QDFK7DULI$PEXODQW3/86 DXFKRKQH$OWHUXQJVUFNVWHOOXQJHQ]XIKUHQ 7DULIEH]HLFKQXQJ 6RODQJHGLH6RQGHUEHGLQJXQJHQJHOWHQZLUGGLH7DULIEH]HLFKQXQJ GXUFKSXUHUJlQ]W$PEXODQW3/86SXU 24 $QQDKPHIlKLJNHLW $QQDKPHIlKLJQDFKGLHVHQ6RQGHUEHGLQJXQJHQVLQG3HUVRQHQDE *HEXUWELV]XHLQHP(LQWULWWVDOWHUYRQ-DKUHQ (QGHGHU9HUVLFKHUXQJVIlKLJNHLW 'LH9HUVLFKHUXQJVIlKLJNHLWQDFKGHQ6RQGHUEHGLQJXQJHQHUOLVFKW YRP%HJLQQGHV.DOHQGHUMDKUHVLQGHPGLHYHUVLFKHUWH3HUVRQGDV /HEHQVMDKUYROOHQGHW 2EOLJDWRULVFKHU(QWIDOOGHU6RQGHUEHGLQJXQJHQDE$OWHU 1DFK)RUWIDOOGHU9HUVLFKHUXQJVIlKLJNHLWQDFKGHQ6RQGHUEHGLQJXQ JHQ$PEXODQW3/86SXUHUIROJWGLHREOLJDWRULVFKH)RUWIKUXQJGHU 9HUVLFKHUXQJRKQH6RQGHUEHGLQJXQJHQQDFKGHP7DULI$PEXODQW 3/86EHLJOHLFKHP/HLVWXQJVXPIDQJXQGXQWHU%LOGXQJYRQ$OWH UXQJVUFNVWHOOXQJHQ)UGLH+|KHGHU%HLWUlJHLVWGDV]XGLHVHP =HLWSXQNWHUUHLFKWH$OWHUPDJHEHQG'LH)RUWIKUXQJHUIROJWRKQH HUQHXWH*HVXQGKHLWVSUIXQJD$EV7HLO,EOHLEWMHGRFKXQEH UKUWGKYHUHLQEDUWH5LVLNR]XVFKOlJHN|QQHQHQWVSUHFKHQGJHlQ GHUWZHUGHQ :LOOGHU9HUVLFKHUXQJVQHKPHUGLH9HUVLFKHUXQJQLFKWZHLWHUIKUHQ NDQQHUGHQ9HUWUDJLQQHUKDOEHLQHV=HLWUDXPVYRQ]ZHL0RQDWHQ QDFKGHUREOLJDWRULVFKHQ)RUWIKUXQJGXUFKVFKULIWOLFKH0LWWHLOXQJ ]XP=HLWSXQNWGHU%HLWUDJVHUK|KXQJLQIROJHGHUREOLJDWRULVFKHQ )RUWIKUXQJEHHQGHQ (QWIDOOGHU6RQGHUEHGLQJXQJHQYRUGHP$OWHUDXI$QWUDJ (UJl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lFKVWK|KHUHQ $OWHUVJUXSSH]X]DKOHQ 'LHVH%HLWUDJVHUK|KXQJDXIJUXQGGHVbOWHUZHUGHQVJLOWQLFKWDOV %HLWUDJVHUK|KXQJLP6LQQHYRQD$EV7HLO,
© Copyright 2025 ExpyDoc