*5,(&+(1
225 2:1
2:1
3KLOLSS ,,, $UUKLGDLRV Y &KU 6WDWHU J Y &KU 0]VW $E\GRV " 9V .RSI GHU $WKHQD PLW NRULQWKLVFKHP +HOP PLW 6FKODQJH DXI GHP +HOPNHVVHO Q U 5V $/(;$1'528 1LNH PLW .UDQ] XQG 6W\OLV VWHKHQG Q O GDYRU 0RQRJUDPP XQG 3HQWDJUDPP XQWHU GHP U )O JHO ) OOKRUQ 3ULFH 3 D VWJO
0 OOHU *ROG 6WHPSHOJODQ] *XWHV VV $XV GHU 6DPPOXQJ HLQHV 0 QFKQHU $U]WHV HUZRUEHQ YRQ GHQ HU ELV LQ GLH VSlWHQ HU -DKUH
±
226 227
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
3KLOLSS 9 Y &KU 7HWURERO J FD Y &KU 0]VW $PSKLSROLV 9V 0DNHGRQLVFKHU 6FKLOG GDUDXI .HXOH ]ZLVFKHQ 0$ .( 5V 0DNHGRQLVFKHU +HOP LQ 6HLWHQDQVLFKW O ]ZHL 0RQRJUDPPH U HLQ 0RQRJUDPP X HLQ 'UHL]DFN $01* ,,, V *XWHV VV $XWRQRPH 3UlJXQJHQ XQWHU 3KLOLSS 9 XQG 3HUVHXV Y &KU 7HWURERO J 9V 1\PSKHQNRSI QDFK UHFKWV 5V 0$.( '21:1 6FKLIIVEXJ 61* &RS II Y]
230
±
229
228
±
1,5:1
± ±
230
0$.('21,(1 817(5 '(1 5g0(51
'LH YLHU 5HJLRQHQ Y &KU 7HWUDGUDFKPH J 9V 0DNHGRQLVFKHU 6FKLOG PLW GHU GUDSLHUWHQ % VWH GHU $UWHPLV PLW .|FKHU Q U 5V 0$.('21:1 3527+6 GD]ZLVFKHQ .HXOH REHQ HLQ 0RQRJUDPP XQWHQ ]ZHL 0RQRJUDPPH DOOHV LP (LFKHQODXENUDQ] O %OLW]E QGHO 61* &RS 9DU $01* ,,, 6 1U +*& 5 =DUWH 7|QXQJ SDUWLHOO GXQNOH $XIODJHQ IDVW Y]
±