{"id":6390,"date":"2022-04-04T12:23:22","date_gmt":"2022-04-04T10:23:22","guid":{"rendered":"https:\/\/sattlerundpartner.de\/?p=6390"},"modified":"2026-04-23T15:39:24","modified_gmt":"2026-04-23T13:39:24","slug":"ausblick-2022","status":"publish","type":"post","link":"https:\/\/sattlerundpartner.de\/de\/ausblick-2022\/","title":{"rendered":"Ausblick auf den M&#038;A-Markt 2022"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6390\" class=\"elementor elementor-6390\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e733713 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e733713\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8c4acd2\" data-id=\"8c4acd2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5be7f86 elementor-widget elementor-widget-text-editor\" data-id=\"5be7f86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Seit dem 24.02.2022 ist die Welt eine andere. Es herrscht Krieg in der Ukraine.<\/p><p>Neben dem unvorstellbaren Leid, das dieser f\u00fcr das Land und seine Bev\u00f6lkerung mit sich bringt, sind in einer global vernetzten Welt die Auswirkungen auch f\u00fcr die nicht direkt am Krieg beteiligten Wirtschaftspartner deutlich sp\u00fcrbar.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ed877e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ed877e6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-24005e64\" data-id=\"24005e64\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6226cccf elementor-widget elementor-widget-heading\" data-id=\"6226cccf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Inhalt<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a0a883f elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2a0a883f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Block1\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Markt und Konjunkur aktuell<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Block2\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Due Diligence mit zus\u00e4tzlichem Fokus<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Block3\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Abgeschw\u00e4chtes Bewertungsniveau <\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Block4\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Zunahme Earn-out-Klauseln \/ MAC-Klauseln<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"#Block5\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-chevron-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Fazit<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-eccc3ff elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eccc3ff\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-97bd910\" data-id=\"97bd910\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7780aaa6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7780aaa6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d1f0074\" data-id=\"1d1f0074\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a2df2b4 elementor-widget elementor-widget-menu-anchor\" data-id=\"2a2df2b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Block1\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-656d76b4 elementor-widget elementor-widget-heading\" data-id=\"656d76b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\"><p><span lang=\"DE\">Markt und Konjunktur aktuell<\/span><span style=\"color: var( --e-global-color-primary );font-family: inherit;font-size: 29px\"><\/span><\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b36e68e elementor-widget elementor-widget-text-editor\" data-id=\"b36e68e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Die EU, die USA sowie weitere L\u00e4nder haben Ma\u00dfnahmen ergriffen und u. a. eine Reihe von umfangreichen Sanktionen gg\u00fc. Russland verh\u00e4ngt, zahlreiche westliche Unternehmen haben sich aus dem Land zur\u00fcckgezogen bzw. ihre Gesch\u00e4ftst\u00e4tigkeit eingestellt.<br \/>Diese Ma\u00dfnahmen isolieren Russland und schr\u00e4nken die Gesch\u00e4ftsaktivit\u00e4ten mit und in Russland ein. Die bereits durch die Corona-Pandemie angeschlagene heimische Wirtschaft bekommt die Folgen des Kriegs eindr\u00fccklich und nachhaltig zu sp\u00fcren.<\/p><p>Seit ca. 4 Wochen hat sich die Unsicherheit in der Wirtschaft deutlich erh\u00f6ht. Die ZEW-Konjunkturerwartungen f\u00fcr Deutschland sind in der aktuellen Umfrage vom M\u00e4rz 2022 so stark wie noch nie zuvor gefallen. Der R\u00fcckgang betr\u00e4gt 93,6 Punkte, der neue Wert der ZEW-Konjunkturerwartungen liegt bei &#8211; 39,3 Punkten.<\/p><p>Im Vergleich: Zu Beginn der Corona-Pandemie im M\u00e4rz 2020 fiel der Indikator um 58,2 Punkte.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-78d26aec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78d26aec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c520923\" data-id=\"6c520923\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div 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number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of authorities\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"macro\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toa heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"10\" QFormat=\"true\" Name=\"Title\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Closing\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Signature\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Default Paragraph Font\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Message Header\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"11\" QFormat=\"true\" Name=\"Subtitle\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Salutation\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Date\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Note Heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Block Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"FollowedHyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"22\" QFormat=\"true\" Name=\"Strong\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"20\" QFormat=\"true\" Name=\"Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Document Map\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Plain Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"E-mail Signature\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Top of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Bottom of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal (Web)\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Acronym\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Cite\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Code\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Definition\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Keyboard\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Preformatted\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Sample\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Typewriter\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Variable\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Table\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation subject\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"No List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Contemporary\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Elegant\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Professional\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Balloon Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" Name=\"Table Grid\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Theme\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Placeholder Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" QFormat=\"true\" Name=\"No Spacing\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\" Name=\"List Paragraph\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\" Name=\"Intense Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\" Name=\"Subtle Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\" Name=\"Intense Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\" Name=\"Subtle Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\" Name=\"Intense Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"33\" QFormat=\"true\" Name=\"Book Title\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"37\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Bibliography\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"41\" Name=\"Plain Table 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"42\" Name=\"Plain Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"43\" Name=\"Plain Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"44\" Name=\"Plain Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"45\" Name=\"Plain Table 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"40\" Name=\"Grid Table Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Mention\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hashtag\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Unresolved Mention\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Link\"\/><br \/> <\/w:LatentStyles><br \/><\/xml><![endif]--><!-- [if gte mso 10]><\/p>\n<style>\n \/* Style Definitions *\/<br \/> table.MsoNormalTable<br \/>\t{mso-style-name:\"Normale Tabelle\";<br \/>\tmso-tstyle-rowband-size:0;<br \/>\tmso-tstyle-colband-size:0;<br \/>\tmso-style-noshow:yes;<br \/>\tmso-style-priority:99;<br \/>\tmso-style-parent:\"\";<br \/>\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;<br \/>\tmso-para-margin-top:0cm;<br \/>\tmso-para-margin-right:0cm;<br \/>\tmso-para-margin-bottom:8.0pt;<br \/>\tmso-para-margin-left:0cm;<br \/>\tline-height:107%;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:11.0pt;<br \/>\tfont-family:\"Calibri\",sans-serif;<br \/>\tmso-ascii-font-family:Calibri;<br \/>\tmso-ascii-theme-font:minor-latin;<br \/>\tmso-hansi-font-family:Calibri;<br \/>\tmso-hansi-theme-font:minor-latin;<br \/>\tmso-bidi-font-family:Arial;<br \/>\tmso-bidi-theme-font:minor-bidi;<br \/>\tmso-ansi-language:EN-GB;<br \/>\tmso-fareast-language:EN-US;}<br \/><\/style>\n<p><![endif]--><\/p><p>Quelle: ZEW Finanzmarktreport, Jahrgang 29, April 2022<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6daefb elementor-widget elementor-widget-text-editor\" data-id=\"f6daefb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><!-- [if gte mso 9]><xml><br \/> <o:OfficeDocumentSettings><br \/>  <o:RelyOnVML\/><br \/>  <o:AllowPNG\/><br \/> <\/o:OfficeDocumentSettings><br \/><\/xml><![endif]--><!-- [if gte mso 9]><xml><br \/> <w:WordDocument><br \/>  <w:View>Normal<\/w:View><br \/>  <w:Zoom>0<\/w:Zoom><br \/>  <w:TrackMoves\/><br \/>  <w:TrackFormatting\/><br \/>  <w:HyphenationZone>21<\/w:HyphenationZone><br \/>  <w:PunctuationKerning\/><br \/>  <w:ValidateAgainstSchemas\/><br \/>  <w:SaveIfXMLInvalid>false<\/w:SaveIfXMLInvalid><br \/>  <w:IgnoreMixedContent>false<\/w:IgnoreMixedContent><br \/>  <w:AlwaysShowPlaceholderText>false<\/w:AlwaysShowPlaceholderText><br \/>  <w:DoNotPromoteQF\/><br \/>  <w:LidThemeOther>DE<\/w:LidThemeOther><br \/>  <w:LidThemeAsian>EN-GB<\/w:LidThemeAsian><br \/>  <w:LidThemeComplexScript>AR-SA<\/w:LidThemeComplexScript><br \/>  <w:Compatibility><br \/>   <w:BreakWrappedTables\/><br \/>   <w:SnapToGridInCell\/><br \/>   <w:WrapTextWithPunct\/><br \/>   <w:UseAsianBreakRules\/><br \/>   <w:DontGrowAutofit\/><br \/>   <w:SplitPgBreakAndParaMark\/><br \/>   <w:EnableOpenTypeKerning\/><br \/>   <w:DontFlipMirrorIndents\/><br \/>   <w:OverrideTableStyleHps\/><br \/>  <\/w:Compatibility><br \/>  <m:mathPr><br \/>   <m:mathFont m:val=\"Cambria Math\"\/><br \/>   <m:brkBin m:val=\"before\"\/><br \/>   <m:brkBinSub m:val=\"--\"\/><br \/>   <m:smallFrac m:val=\"off\"\/><br \/>   <m:dispDef\/><br \/>   <m:lMargin m:val=\"0\"\/><br \/>   <m:rMargin m:val=\"0\"\/><br \/>   <m:defJc m:val=\"centerGroup\"\/><br \/>   <m:wrapIndent m:val=\"1440\"\/><br \/>   <m:intLim m:val=\"subSup\"\/><br \/>   <m:naryLim m:val=\"undOvr\"\/><br \/>  <\/m:mathPr><\/w:WordDocument><br \/><\/xml><![endif]--><!-- [if gte mso 9]><xml><br \/> <w:LatentStyles DefLockedState=\"false\" DefUnhideWhenUsed=\"false\" DefSemiHidden=\"false\" DefQFormat=\"false\" DefPriority=\"99\" LatentStyleCount=\"376\"><br \/>  <w:LsdException Locked=\"false\" Priority=\"0\" QFormat=\"true\" Name=\"Normal\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" QFormat=\"true\" Name=\"heading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 7\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 8\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"9\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"heading 9\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index 9\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 7\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 8\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toc 9\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footnote text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"header\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footer\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"index heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"35\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"caption\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of figures\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"envelope address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"envelope return\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"footnote reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"line number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"page number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote reference\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"endnote text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"table of authorities\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"macro\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"toa heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Bullet 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Number 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"10\" QFormat=\"true\" Name=\"Title\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Closing\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Signature\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Default Paragraph Font\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"List Continue 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Message Header\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"11\" QFormat=\"true\" Name=\"Subtitle\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Salutation\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Date\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text First Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Note Heading\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Body Text Indent 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Block Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"FollowedHyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"22\" QFormat=\"true\" Name=\"Strong\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"20\" QFormat=\"true\" Name=\"Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Document Map\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Plain Text\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"E-mail Signature\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Top of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Bottom of Form\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal (Web)\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Acronym\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Address\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Cite\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Code\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Definition\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Keyboard\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Preformatted\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Sample\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Typewriter\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"HTML Variable\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Normal Table\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"annotation subject\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"No List\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Outline List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Simple 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Classic 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Colorful 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Columns 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 4\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 5\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 7\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 8\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Contemporary\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Elegant\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Professional\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Subtle 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 2\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Web 3\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Balloon Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" Name=\"Table Grid\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Theme\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Placeholder Text\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"1\" QFormat=\"true\" Name=\"No Spacing\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\" Name=\"List Paragraph\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\" Name=\"Intense Quote\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\" Name=\"Subtle Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\" Name=\"Intense Emphasis\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\" Name=\"Subtle Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\" Name=\"Intense Reference\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"33\" QFormat=\"true\" Name=\"Book Title\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"37\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Bibliography\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"41\" Name=\"Plain Table 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"42\" Name=\"Plain Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"43\" Name=\"Plain Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"44\" Name=\"Plain Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"45\" Name=\"Plain Table 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"40\" Name=\"Grid Table Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 5\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 1\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List Table 5 Dark Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 2\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"List Table 1 Light Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"List Table 2 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"List Table 3 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"List Table 4 Accent 3\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"List 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Table 5 Dark Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"List Table 6 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"List Table 7 Colorful Accent 6\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Mention\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Hyperlink\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hashtag\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Unresolved Mention\"\/><br \/>  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Link\"\/><br \/> <\/w:LatentStyles><br \/><\/xml><![endif]--><!-- [if gte mso 10]><\/p>\n<style>\n \/* Style Definitions *\/<br \/> table.MsoNormalTable<br \/>\t{mso-style-name:\"Normale Tabelle\";<br \/>\tmso-tstyle-rowband-size:0;<br \/>\tmso-tstyle-colband-size:0;<br \/>\tmso-style-noshow:yes;<br \/>\tmso-style-priority:99;<br \/>\tmso-style-parent:\"\";<br \/>\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;<br \/>\tmso-para-margin-top:0cm;<br \/>\tmso-para-margin-right:0cm;<br \/>\tmso-para-margin-bottom:8.0pt;<br \/>\tmso-para-margin-left:0cm;<br \/>\tline-height:107%;<br \/>\tmso-pagination:widow-orphan;<br \/>\tfont-size:11.0pt;<br \/>\tfont-family:\"Calibri\",sans-serif;<br \/>\tmso-ascii-font-family:Calibri;<br \/>\tmso-ascii-theme-font:minor-latin;<br \/>\tmso-hansi-font-family:Calibri;<br \/>\tmso-hansi-theme-font:minor-latin;<br \/>\tmso-bidi-font-family:Arial;<br \/>\tmso-bidi-theme-font:minor-bidi;<br \/>\tmso-ansi-language:EN-GB;<br \/>\tmso-fareast-language:EN-US;}<br \/><\/style>\n<p><![endif]--><\/p><p>\u00a0<\/p><p>Unterbrochene Lieferketten, fehlende Mitarbeiter, explodierende Rohstoff- und Energiepreise und eine erh\u00f6hte Inflation belasten die Gewinne der Unternehmen. Die Unsicherheit \u00fcber die Dauer und den Umfang des Kriegs machen Planungen fast unm\u00f6glich.<br \/>Wie hoch sind die Chancen im derzeitigen wirtschaftlichen Umfeld eine Unternehmenstransaktion erfolgreich abzuschlie\u00dfen? Was erwartet die Verk\u00e4ufer?<\/p><p>Vielleicht haben Sie noch die positiven R\u00fcckschauen auf den M&amp;A-Markt im Vorjahr im Ohr und die u. a. daraus abgeleiteten optimistischen Aussichten f\u00fcr das Jahr 2022. Gute Voraussetzungen f\u00fcr diese optimistische Sicht bot u. a. die hohe Menge an nicht investiertem Kapital in den Private Equity-Funds.<\/p><p>Die aktuellen geopolitischen Risiken und das unsichere wirtschaftliche Umfeld schr\u00e4nken den positiven Einfluss dieses sog. Dry-Powder auf den M&amp;A-Markt allerdings ein.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ba9be76 elementor-widget elementor-widget-menu-anchor\" data-id=\"2ba9be76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Block6\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-390dee38 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"390dee38\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5d52b134\" data-id=\"5d52b134\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36d0f254 elementor-widget elementor-widget-menu-anchor\" data-id=\"36d0f254\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Block3\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67db4fee elementor-widget elementor-widget-heading\" data-id=\"67db4fee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-large\"><p><span lang=\"DE\">Due Diligence mit zus\u00e4tzlichem Fokus<\/span><span style=\"color: var( --e-global-color-primary );font-family: inherit\"><\/span><\/p><\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbbb0ba elementor-widget elementor-widget-text-editor\" data-id=\"bbbb0ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Abh\u00e4ngig von der Branche und dem Gesch\u00e4ftsumfeld des zu ver\u00e4u\u00dfernden Unternehmens wird die Due Diligence ausf\u00fchrlicher ausfallen bzw. andere Schwerpunkt haben: <br \/>Bestehen Gesch\u00e4ftsbeziehungen nach Russland oder die Ukraine? Haben Zulieferer in diesen L\u00e4ndern ihren Sitz? Sind Russland oder die Ukraine wichtige Absatzm\u00e4rkte? Sind Produkte von Exportbeschr\u00e4nkungen oder Sanktionen betroffen?<br \/>Die Due Diligence wird in diesen F\u00e4llen intensiver und ggf auch von l\u00e4ngerer Dauer sein, damit eine ausreichende Risikoeinsch\u00e4tzung des K\u00e4ufers vorgenommen werden kann. Treffen mehrere der genannten Punkte auf ein Unternehmen zu, ist davon auszugehen, dass die Erfolgswahrscheinlichkeit der Transaktion sinkt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1461cfac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1461cfac\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b5499c3\" data-id=\"7b5499c3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-93e2ed4 elementor-widget elementor-widget-menu-anchor\" data-id=\"93e2ed4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Block4\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76818074 elementor-widget elementor-widget-heading\" data-id=\"76818074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-large\"><p><span lang=\"DE\">Abgeschw\u00e4chtes Bewertungsniveau<\/span><\/p><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-776817a elementor-widget elementor-widget-text-editor\" data-id=\"776817a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Auch die Bewertung von Unternehmen wird im derzeitigen volatilen und unsicheren Marktumfeld schwieriger. Es ist davon auszugehen, dass das Bewertungsniveau im Vergleich zu dem sehr hohen Niveau der Vorjahre leicht sinken wird.<\/p><p>Dies ist u. a. auf die zu erwartenden niedrigeren Gewinne in Folge des angespannten wirtschaftlichen Umfelds zur\u00fcckzuf\u00fchren. Aber auch auf die nur schwer absch\u00e4tzbare wirtschaftliche Entwicklung in der Zukunft. Die Bewertung kleinerer Unternehmen reagiert dabei sensibler auf Krisen als die von gro\u00dfen Konzernen, da die erstgenannten exogene Krisen eher schwerer verarbeiten k\u00f6nnen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6265cc1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6265cc1d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f29c0e3\" data-id=\"2f29c0e3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5714efdf elementor-widget elementor-widget-menu-anchor\" data-id=\"5714efdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Block5\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69c3b809 elementor-widget elementor-widget-heading\" data-id=\"69c3b809\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-large\">Zunahme Earn-out-Klauseln \/ MAC-Klauseln<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17062f8 elementor-widget elementor-widget-text-editor\" data-id=\"17062f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In Zeiten von Unsicherheit erleben Preisanpassungsklauseln \/&nbsp;<a href=\"https:\/\/sattlerundpartner.de\/de\/earn-out\/\" target=\"_blank\">Earn-out<\/a>&nbsp;Vereinbarungen, eine Renaissance. Bei einer Earn-out-Klausel wird ein Teil des Kaufpreises von der zuk\u00fcnftigen Erreichung bestimmter Erfolgsparameter (z. B. dem operativen Ergebnis) abh\u00e4ngig gemacht. So lassen sich unterschiedliche Vorstellungen des Verk\u00e4ufers und des K\u00e4ufers \u00fcberbr\u00fccken.<\/p>\n<p>Seit der Corona-Pandemie werden auch verst\u00e4rkt MAC-Klausel in Unternehmenskaufvertr\u00e4gen vereinbart (Material Adverse Changes). Sie berechtigt den K\u00e4ufer dazu, unter bestimmten Voraussetzungen von der Transaktion zur\u00fcckzutreten. Verk\u00e4ufer und K\u00e4ufer m\u00fcssen diese \u201ewesentlichen nachteiligen Ver\u00e4nderungen\u201c im Zusammenhang mit dem Unternehmen oder der Konjunktur im Vertrag genau definieren. Neben einem R\u00fccktritt vom Vertrag kann z. B. auch eine Kaufpreisanpassung o. \u00e4. als Folge vereinbart werden.<\/p>\n<p>Die Ausgestaltung einer Earn-out- oder MAC-Klausel birgt Fallstricke, die durch professionelle Beratung umgangen werden k\u00f6nnen.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bdc2bcb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bdc2bcb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a017956\" data-id=\"a017956\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-256f207 elementor-widget elementor-widget-heading\" data-id=\"256f207\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-large\">Fazit: leichte Eintr\u00fcbung des M&amp;A-Marktes nach jahrelangem H\u00f6henflug<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fef539 elementor-widget elementor-widget-text-editor\" data-id=\"4fef539\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<!--[if gte mso 9]><xml>\n <o:OfficeDocumentSettings>\n  <o:RelyOnVML\/>\n  <o:AllowPNG\/>\n <\/o:OfficeDocumentSettings>\n<\/xml><![endif]--><!--[if gte mso 9]><xml>\n <w:WordDocument>\n  <w:View>Normal<\/w:View>\n  <w:Zoom>0<\/w:Zoom>\n  <w:TrackMoves\/>\n  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UnhideWhenUsed=\"true\"\n   Name=\"Table Grid 4\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Grid 5\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Grid 6\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Grid 7\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Grid 8\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 1\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 2\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 3\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 4\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 5\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 6\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 7\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table List 8\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table 3D effects 1\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table 3D effects 2\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table 3D effects 3\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Contemporary\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Table Elegant\"\/>\n  <w:LsdException Locked=\"false\" 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Priority=\"71\" Name=\"Colorful Shading\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\"\n   Name=\"List Paragraph\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\"\n   Name=\"Intense Quote\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"\/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid 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Name=\"List Table 7 Colorful Accent 6\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Mention\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Smart Hyperlink\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Hashtag\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Unresolved Mention\"\/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\"\n   Name=\"Smart Link\"\/>\n <\/w:LatentStyles>\n<\/xml><![endif]--><!--[if gte mso 10]>\n<style>\n \/* Style Definitions *\/\n table.MsoNormalTable\n\t{mso-style-name:\"Normale Tabelle\";\n\tmso-tstyle-rowband-size:0;\n\tmso-tstyle-colband-size:0;\n\tmso-style-noshow:yes;\n\tmso-style-priority:99;\n\tmso-style-parent:\"\";\n\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;\n\tmso-para-margin-top:0cm;\n\tmso-para-margin-right:0cm;\n\tmso-para-margin-bottom:8.0pt;\n\tmso-para-margin-left:0cm;\n\tline-height:107%;\n\tmso-pagination:widow-orphan;\n\tfont-size:11.0pt;\n\tfont-family:\"Calibri\",sans-serif;\n\tmso-ascii-font-family:Calibri;\n\tmso-ascii-theme-font:minor-latin;\n\tmso-hansi-font-family:Calibri;\n\tmso-hansi-theme-font:minor-latin;\n\tmso-bidi-font-family:Arial;\n\tmso-bidi-theme-font:minor-bidi;\n\tmso-ansi-language:EN-GB;\n\tmso-fareast-language:EN-US;}\n<\/style>\n<![endif]-->\n\n<p class=\"MsoNormal\"><span style=\"font-size:12.0pt;line-height:107%;mso-bidi-font-family:\nCalibri;mso-bidi-theme-font:minor-latin;mso-ansi-language:DE\">Unsicherheit ist\nimmer Teil einer Unternehmenstransaktion und der Kaufpreisfindung. Wurde w\u00e4hrend\nder Corona-Pandemie bei der Due Diligence verst\u00e4rkt auf m\u00f6gliche kurzfristige\nKosteneinsparungen geschaut oder ob ein starkes Wachstum gemanaged werden kann,\nliegt der Fokus jetzt auf sicheren Lieferketten, Materialverf\u00fcgbarkeit bzw.\nRohstoffen und den Absatzm\u00e4rkten. <\/span><\/p>\n\n<p class=\"MsoNormal\"><span style=\"font-size:12.0pt;line-height:107%;mso-bidi-font-family:\nCalibri;mso-bidi-theme-font:minor-latin;mso-ansi-language:DE\">Der Krieg gegen\ndie Ukraine h\u00e4lt die vorherrschende Markttransformation u. a. in den Bereichen\nNachhaltigkeit, Digitalisierung, Altersstruktur der Gesellschaft nicht auf. <br>\nUnternehmen, die sich in diesen Branchen bewegen, z. B. Technologieunternehmen,\nHealthcare u. a. sind weiterhin attraktive Targets f\u00fcr (strategische)\nInvestoren.<\/span><\/p>\n\n<p class=\"MsoNormal\"><span style=\"font-size:12.0pt;line-height:107%;mso-bidi-font-family:\nCalibri;mso-bidi-theme-font:minor-latin;mso-ansi-language:DE\">Ein weiterer Treiber\nder M&amp;A-Aktivit\u00e4t bleibt die kontinuierlich hohe Geldmenge, die von Private\nEquity-Investoren verwaltet wird. Auch (strategische) Investoren k\u00f6nnten das\njetzige Marktumfeld nutzen, um einen Einstieg in ein Unternehmen zu erhalten.<\/span><\/p>\n\n<p class=\"MsoNormal\"><span style=\"font-size:12.0pt;line-height:107%;mso-bidi-font-family:\nCalibri;mso-bidi-theme-font:minor-latin;mso-ansi-language:DE\">Verk\u00e4ufer und\nK\u00e4ufer m\u00fcssen in einer Transaktion mit den gegebenen wirtschaftlichen\nUnsicherheiten umgehen und gemeinsam Instrumente finden, damit beide Seiten\nausreichende Risikoabdeckung haben.<\/span><\/p>\n\n<p class=\"MsoNormal\"><span style=\"font-size:12.0pt;line-height:107%;mso-bidi-font-family:\nCalibri;mso-bidi-theme-font:minor-latin;mso-ansi-language:DE\">Wie sich das\nM&amp;A-Jahr 2022 entwickeln wird, h\u00e4ngt entscheidend von der Entwicklung der geopolitischen\nLage ab. Die genannten positiven Impulse lassen einen vorsichtig optimistischen\nAusblick zu, stets unter der Voraussetzung, dass der Krieg gegen die Ukraine bald\nbeendet wird.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Seit dem 24.02.2022 ist die Welt eine andere. Es herrscht Krieg in der Ukraine. Neben dem unvorstellbaren Leid, das dieser f\u00fcr das Land und seine Bev\u00f6lkerung mit sich bringt, sind in einer global vernetzten Welt die Auswirkungen auch f\u00fcr die nicht direkt am Krieg beteiligten Wirtschaftspartner deutlich sp\u00fcrbar. Inhalt Markt und Konjunkur aktuell Due Diligence [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[37],"tags":[],"class_list":["post-6390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-m-a-beratung"],"acf":[],"contentshake_article_id":"","_links":{"self":[{"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/posts\/6390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/comments?post=6390"}],"version-history":[{"count":9,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/posts\/6390\/revisions"}],"predecessor-version":[{"id":9226,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/posts\/6390\/revisions\/9226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/media\/6187"}],"wp:attachment":[{"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/media?parent=6390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/categories?post=6390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sattlerundpartner.de\/de\/wp-json\/wp\/v2\/tags?post=6390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}