Een indicatorsysteem voor natuurlijke zuivering van oppervlaktewater. Achtergrondrapport | RIVM

Hele tekst

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

(2) SDJYDQ. 5,90UDSSRUW. 9RRUZRRUG ,QGLWUDSSRUW]LMQHHQDDQWDOOLWHUDWXXUVWXGLHVZHHUJHJHYHQGLHDOVDFKWHUJURQGJHGLHQG KHEEHQELMKHWYRRUVWHOYDQHHQJUDDGPHWHUYRRUGHUHJXODWLHIXQFWLH OLIHVXSSRUWIXQFWLH

(3) ³]HOIUHLQLJHQGYHUPRJHQYDQRSSHUYODNWHZDWHU´+HWYRRUVWHOYRRUGH]HLQGLFDWRULV ZHHUJHJHYHQLQ,HWVZDDUWHQ%UHXUH.

(4) 5,90UDSSRUW. SDJYDQ. ,QKRXG ,QOHLGLQJ . )XQFWLRQHOHELRGLYHUVLWHLWLQOLMQYRUPLJHZDWHUHQ ,QOHLGLQJ %HVFKULMYLQJYDQOLMQYRUPLJHZDWHUHQ 6ORWHQ %HNHQ 'LYHUVLWHLWYDQVRRUWHQLQOLMQYRUPLJHZDWHUHQ 7UDQVSRUWURXWHVHQYHUZLMGHULQJVSURFHVVHQYDQYHUYXLOHQGHVWRIIHQ 7UDQVSRUWURXWHVYDQYHUYXLOHQGHVWRIIHQ 9HUZLMGHULQJVSURFHVVHQYRRUQXWULsQWHQ 9HUZLMGHULQJVSURFHVVHQYRRUSHVWLFLGHQ 9HUZLMGHULQJVSURFHVVHQYRRU3$. 9HUZLMGHULQJVSURFHVVHQYRRU]ZDUHPHWDOHQ 1DWXXUOLMNH]XLYHULQJLQGHKXLGLJHVLWXDWLH 1DWXXUOLMMNH]XLYHULQJLQKHWDTXDWLVFKHFRPSDUWLPHQW ,QYORHGYDQVFKRQLQJVEHKHHURSQDWXXUOLMNH]XLYHULQJVSURFHVVHQ 'LYHUVLWHLWYDQSURFHVVHQLQOLMQYRUPLJHZDWHUHQ &ULWLFDOORDGV YDQYHUYXLOHQGHVWRIIHQYRRUOLMQYRUPLJHZDWHUHQ %XIIHUVWURNHQODQJVOLMQYRUPLJHZDWHUHQ 1XWULsQWHQLQEXIIHUVWURNHQODQJVVORWHQ 3HVWLFLGHQLQEXIIHUVWURNHQODQJVVORWHQ 1XWULsQWHQLQEXIIHUVWURNHQODQJVEHNHQ 6XJJHVWLHVYRRULQGLFDWRUHQYRRUQDWXXUOLMNH]XLYHULQJVSURFHVVHQLQOLMQYRUPLJHZDWHUHQ 2YHU]LFKWYDQNHQQLVRPWUHQWQDWXXUOLMNH]XLYHULQJLQOLMQYRUPLJHZDWHUHQ $DQEHYHOLQJHQYRRUYHUGHURQGHU]RHN &RQFOXVLHV. 'HUHODWLHWXVVHQELRGLYHUVLWHLWHQKHWQDWXXUOLMN]XLYHUHQGYHUPRJHQYDQ RSSHUYODNWHZDWHUV\VWHPHQPHUHQHQSODVVHQ ,QOHLGLQJ %LR

(5) GLYHUVLWHLWHQ]XLYHUHQGYHUPRJHQYDQPHUHQHQSODVVHQ $OJHPHHQ )\VLVFKHFKHPLVFKHGLYHUVLWHLW %LRWLVFKHGLYHUVLWHLW 3HODJLDOH]RQH /LWWRUDOH]RQH 6HGLPHQW (IIHFWHQYDQGLYHUVLWHLWRSKHWQDWXXUOLMN]XLYHUHQGYHUPRJHQSHUVWRIVRRUW 1XWULsQWHQ 2UJDQLVFKHPLFURYHURQWUHLQLJLQJHQ =ZDUHPHWDOHQ 6OHXWHOSURFHVVHQLQGLFDWRUHQ 9HUZLMGHULQJVURXWHV ,QGLFDWRUHQVOHXWHOVRRUWHQ ,QGLFDWLHYRRUGHYHUZLMGHULQJYDQVWRIVRRUHQLQPHUHQ 'LVFXVVLH &RQFOXVLH 'DQNZRRUG %LMODJH0RGHOOHQ.

(6) SDJYDQ . 5,90UDSSRUW. 5LYLHUHQ ,QOHLGLQJ 5LYLHUDOV'V\VWHHP %LRGLYHUVLWHLW 1DWXXUOLMNH]XLYHULQJ =HOIUHLQLJLQJHQELRGLYHUVLWHLWYHUDQGHULQJHQLQ5LMQHQ0DDV 1DWXXUOLMNH]XLYHULQJVSURFHVVHQLQGLFDWLHHQPRQLWRULQJ %HSDOLQJYDQKHW]XLYHULQJVUHQGHPHQW %HSDOLQJYDQGHPLFURELsOHRP]HWWLQJVFDSDFLWHLW %HVFKULMYLQJYDQGHPLFURELsOHGLYHUVLWHLW 6\VWHHPUHDFWLHV =HOIUHLQLJLQJHQELRGLYHUVLWHLWHQNHOHRYHUZHJLQJHQ. . )XQFWLRQHOHELRGLYHUVLWHLWLQHVWXDULD ,QOHLGLQJ 6WDQGYDQNHQQLVRYHUQDWXXUOLMNH]XLYHULQJVSURFHVVHQLQHVWXDULDHQNXVWZDWHUHQ 9HUGXQQLQJ 9DVWOHJJLQJLQVHGLPHQW &KHPLVFKHYDVWOHJJLQJ $GVRUSWLH 2P]HWWLQJYDQRQJHZHQVWHVWRIIHQQDDUPLQGHUVFKDGHOLMNHVWRIIHQ 6WLNVWRIRP]HWWLQJ 1DWXXUOLMNHRUJDQLVFKHVWRIIHQ =ZDYHO 2UJDQLVFKHYHURQWUHLQLJLQJHQ 1DWXXUOLMNHVWRIIHQ 0HFKDQLVFKHYHUZLMGHULQJ :DWHUSODQWHQ 'LDWRPHHsQVFKDDOWMHV &RQFOXVLHV 9HUEDQGVRRUWHQULMNGRPHQYHUZLMGHULQJVYHUPRJHQ .ZHOGHUV 2SVODJHQDIEUDDNYDQQXWULsQWHQHQPLFURYHURQWUHLQLJLQJHQLQGHNZHOGHU &RQFOXVLH. . 6RXUFHVVLQNVDQGSDWKZD\VRIFRQWDPLQDQWVLQHVWXDULHV ,QWURGXFWLRQ 6RXUFHV 1XWULHQWV +HDY\PHWDOV 3RO\F\FOLFDURPDWLFK\GURFDUERQV 3RO\FKORULQDWHGELSKHQ\OV 6LQNV 1XWULHQWV +HDY\PHWDOV 8SWDNHRIKHDY\PHWDOVE\PDULQHRUJDQLVPV 3RO\F\FOLFDURPDWLFK\GURFDUERQV 3RO\FKORULQDWHGELSKHQ\OV %LRWR[LFLW\ +HDY\PHWDOV 3RO\F\FOLFDURPDWLFK\GURFDUERQV 3RO\FKORULQDWHGELSKHQ\OV %LRWRSHV 0XVVHOEHGV 0\WLOXVHGXOLV

(7) 7KH,PSDFWRIPXVVHOEHGVRQQXWULHQWF\FOLQJ 7KHLPSRUWDQFHRI0HGXOLVLQWUDQVIHURIFRQWDPLQDQWVIURPWKHZDWHUFROXPQWRWKHVHGLPHQW (IIHFWRIPXVVHOEHGVRQEHQWKLFIDXQD 6DOWPDUVKHV 5HFHQWGHYHORSPHQWVLQELRGLYHUVLW\.

(8) 5,90UDSSRUW /LWHUDWXXU %LMODJH9HU]HQGOLMVW. SDJYDQ.

(9) SDJYDQ. 5,90UDSSRUW.

(10) 5,90UDSSRUW. SDJYDQ. ,QOHLGLQJ 'HGLUHFWLH6WRIIHQ9HLOLJKHLGHQ6WUDOLQJYDQKHW0LQLVWHULHYDQ9520HQKHW5,90 KHEEHQRSGUDFKWJHJHYHQRPHHQLQGLFDWRUWHRQWZLNNHOHQYRRUGHUHJXODWLHIXQFWLH OLIH VXSSRUWIXQFWLH/6)

(11) ³QDWXXUOLMNH]XLYHULQJYDQRSSHUYODNWHZDWHU´'HEHGRHOLQJYDQGH LQGLFDWRULVRPDDQGHKDQGYDQHFRV\VWHHPNHQPHUNHQHQVRRUWHQVDPHQVWHOOLQJLQ]LFKWWH JHYHQLQKHWIXQFWLRQHUHQYDQKHWUHLQLJLQJVSURFHVLQRSSHUYODNWHZDWHU +HW5,90KHHIWDDQGHVNXQGLJHQYDQXQLYHUVLWHLWHQHQDQGHUHLQVWLWXWHQRSGUDFKWJHJHYHQ RPYRRUGHYLHUEHODQJULMNVWHZDWHUV\VWHHPW\SHQLQ1HGHUODQGGHVWDQGYDQNHQQLVRYHUGH UHODWLHHFRV\VWHHPNHQPHUNHQ±UHLQLJHQGYHUPRJHQGHVWDQGYDQGHNHQQLVVDPHQWHYDWWHQ 'HJHNR]HQZDWHUV\VWHHPW\SHQ]LMQOLMQYRUPLJHZDWHUHQPHUHQHQSODVVHQJURWHULYLHUHQHQ HVWXDULD'H]HHFRV\VWHPHQYHUVFKLOOHQRQGHUOLQJ]RVWHUNLQPRUIRORJLHK\GURORJLHHQ DQWURSRJHQHEHwQYORHGLQJGDWHHQDI]RQGHUOLMNHEHKDQGHOLQJKHWPHHVWJHs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

(12) .

(13) SDJYDQ. 5,90UDSSRUW.

(14) 5,90UDSSRUW. . SDJYDQ. )XQFWLRQHOHELRGLYHUVLWHLWLQOLMQYRUPLJHZDWHUHQ. /LHVEHWK+HUVEDFKHQ-RV7$9HUKRHYHQ 9DNJURHS%RWDQLVFKH2HFRORJLHHQ(YROXWLHELRORJLH883RVWEXV7%8WUHFKW.

(15) SDJYDQ. . 5,90UDSSRUW. ,QOHLGLQJ. /LMQYRUPLJHZDWHUHQNRPHQLQ1HGHUODQG]HHUDOJHPHHQYRRUHQZRUGHQVWHUNEHw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

(16) /LMQYRUPLJHZDWHUHQ]LMQDTXDWLVFKHHFRV\VWHPHQ,QKHWRQGLHSHZDWHUNXQQHQ RQGHUJHGRNHQGULMYHQGHRIHPHUJHQWHSODQWHQYRRUNRPHQHQODQJVGHNDQWHQLVHURRN PRJHOLMNKHLGYRRURHYHUYHJHWDWLH'HYHJHWDWLHHQERGHPELHGHQQLFKHVYRRUPDFURIDXQD YLVVHQHQPLFURRUJDQLVPHQ'HGLYHUVLWHLWYDQOLMQYRUPLJHDTXDWLVFKHHFRV\VWHPHQYHHODO XLWJHGUXNWDOVKHWDDQWDOVRRUWHQIORUDHQIDXQDGDWHUYRRUNRPWNDQJURRW]LMQ]HOIVLQGH VWHUNGRRUEHKHHUVPDDWUHJHOHQEHwQYORHGH1HGHUODQGVHEHNHQHQVORWHQ,QJHELHGHQPHWHHQ YHUVOHFKWHUGHPLOLHXNZDOLWHLW EYHXWURILsULQJ

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

(18) SURFHVVHQ+LHUELM]DOXLWJHJDDQZRUGHQYDQEHVWDDQGHNHQQLVHQ]XOOHQ RRNNHQQLVODFXQHVHQGLVFXVVLHSXQWHQZRUGHQDDQJHGUDJHQ 'H]HVWXGLH]DO]LFKULFKWHQRS]XLYHULQJPEWQXWULs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

(19) 5,90UDSSRUW. SDJYDQ. PDDLHQHQYHU]DPHOHQYDQGHYHJHWDWLHHQJHEUXLNDOVUXZYRHU 7ZLVNHWDOD

(20) 9RRU VORWHQLVHUGXVQDXZHOLMNVVSUDNHYDQHHQRYHUJDQJV]RQHWXVVHQKHWODQGERXZSHUFHHOHQKHW RSSHUYODNWHZDWHU'HODDWVWHMDUHQHFKWHULVHUYHHOEHODQJVWHOOLQJRPLQDJUDULVFKHJHELHGHQ EXIIHUVWURNHQLQWHULFKWHQ 2UOHDQVHWDO5HXVHWDO$UWVHWDO

(21) 6ORWHQZRUGHQKHHOLQWHQVLHIEHKHHUGRPKHWZDWHUYRHUHQGYHUPRJHQWHZDDUERUJHQ 9DQ 6WULHQ

(22) 'RRUQDWXXUOLMNHSURFHVVHQ]RXGHQVORWHQYHUODQGHQHQXLWHLQGHOLMNYHUGZLMQHQ 2PGLHUHGHQLVHUUHJHOPDWLJRQGHUKRXGQRGLJ+HWVORRWEHKHHULQODQGERXZJHELHGHQLV YDVWJHOHJGLQGH NHXU +LHULQVWDDWDDQZHONHHLVHQVORWHQPRHWHQYROGRHQTXDEUHHGWH GLHSWHVFKRQLQJVIUHTXHQWLHHQWLMGVWLS 2UOHDQVHWDO

(23) %LMKHWVORRWVFKRQHQZRUGHQGH ZDWHUSODQWHQORVJHPDDNWHQVDPHQPHWZDWEDJJHURSGHNDQWJHWURNNHQHQGDDU JHGHSRQHHUG'HRHYHUVGLHGRRUKHWYHH]LMQYHUWUDSWELMKHWGULQNHQZRUGHQDIJHVWRNHQHQ RRNRSJHKDDOG 9DQ6WULHQ

(24) ,QYHHQZHLGHJHELHGHQZRUGHQGHVORWHQPHHVWDOMDDUOLMNV LQQRYHPEHUJHVFKRRQG'DDUQDDVWPRHWHQVORWHQHHQVLQGHYLMIjWLHQMDDUXLWJHEDJJHUG ZRUGHQ'HEDJJHUZRUGWRYHUKHWDOJHPHHQYHUVSUHLGRSKHWDDQJUHQ]HQGHSHUFHHO 2UOHDQV HWDO7ZLVNHWDOD

(25) =RDOVHHUGHUYHUPHOGVWURRPWKHWZDWHULQVORWHQQLHWRIQDXZHOLMNVHQNDQGHVWURRPULFKWLQJ YDULsUHQ+HWRSSHUYODNWHZDWHUZRUGWRYHUKHWDOJHPHHQQLHWEHVFKDGXZGGRRURSGHRHYHU JURHLHQGHERPHQ+LHUGRRUNXQQHQZDWHUSODQWHQ]LFKYHVWLJHQLQGHZDWHUJDQJHQ,QHHQGHHO YDQGHVORWHQLVGHYHJHWDWLHJHYDULHHUGHQEHVWDDWXLWRQGHUJHGRNHQGULMYHQGHHQHPHUJHQWH ZDWHUSODQWHQ,QVORWHQZDDUGHQXWULsQWHQJHKDOWHVYDQKHWZDWHUHFKWHUKRRJ]LMQNDQGH YHJWHWDWLHHHQ]LMGLJZRUGHQHQJHGRPLQHHUGZRUGHQGRRUHHQGHNYDQHHQGHQNURRV'H GLYHUVLWHLWDDQIORUDHQIDXQD]DOVWHUNJHUHGXFHHUGZRUGHQ'RRUGDWHUZHLQLJ]RQQHVWUDOLQJ PHHUGRRUGULQJWLQGHZDWHUNRORPNULMJHQRQGHUJHGRNHQZDWHUSODQWHQJHHQNDQVPHHU9HOH QLFKHVYRRUPDFURIDXQDHQLFKWK\RIDXQDNXQQHQKLHUPHHYHUORUHQJDDQ. %HNHQ. %HNHQVWURPHQYDQQDWXUHYULMGRRUKHWODQGVFKDSHQKHEEHQHHQPHDQGHUHQGNDUDNWHU'H UHOLsISDWURQHQHURVLHHQVHGLPHQWDWLHSURFHVVHQGLHKLHUPHHJHSDDUGJDDQELHGHQHHQJURWH UXLPWHOLMNHYDULDWLHZDDUOHYHQVJHPHHQVFKDSSHQYDQYLVVHQHQEHQWKLVFKHGLHUVRRUWHQYDQ DIKDQNHOLMN]LMQ :ROIHUW

(26) +HWVWURRPJHELHGYDQHHQEHHNNDQZRUGHQRQGHUYHUGHHOG LQGULHHFRWRSLVFKHHHQKHGHQGHEHHN]HOIKHWEHHNGDOGHRQPLGGHOOLMNHDELRWLVFKHHQ ELRWLVFKHRPJHYLQJYDQGHEHHNHQGHEHHNIODQNGHZLMGHUHRPJHYLQJ,QKHWVWURRPJHELHG NXQQHQYHUVFKLOOHQGH]RQHVRQGHUVFKHLGHQZRUGHQDDQGHKDQGYDQKHWEHODQJULMNVWH NHQPHUNDIVWURPHQGZDWHULQppQULFKWLQJ9DQGHEURQWRWGHPRQGLQJ]LMQGLWKHW EURQJHELHGGHERYHQORRSGHPLGGHQORRSHQGHEHQHGHQORRS 9HUGRQVFKRW

(27) 2RUVSURQNHOLMNZHUGHQEHNHQEHJHOHLGGRRURHYHUERVVHQ(HQRSJDDQGHEHJURHLLQJYDQ ERPHQHQVWUXLNHQODQJVGHZDWHUORSHQKHHIWHHQJURWHVFKDGXZZHUNLQJRSGHEHNHQ 0HG /DQGLQULFKWLQJVGLHQVW

(28) 'RRUGHEHSHUNWHLQVWUDOLQJGLHKHWZDWHUEHUHLNWLVHULQGH]H VWURPHQQDXZHOLMNVPRJHOLMNKHLGYRRUIRWRDXWRWURIHRUJDQLVPHQRP]LFKWHKDQGKDYHQ +HW 5LYHU&RQWLQXXP&RQFHSW 9DQQRWH

(29) EHVFKULMIWKHWQDWXXUOLMNULYLHUV\VWHHPDOVHHQ FRQWLQXP'HODJHRUGHVWURPHQLQGHERYHQORRS RUGHWRW

(30) ]LMQ]RVPDOGDW]HLQGH QDWXXUOLMNHVLWXDWLHZRUGHQRYHUVFKDGXZGGRRUKHWJHVORWHQERRPNURQHQGDN+LHUGRRUNDQ LQVWUDOLQJGHZDWHUNRORPQDXZHOLMNVEHUHLNHQHQ]DOGHSURGXNWLHYDQDXWRFKWRRQPDWHULDDO EHSHUNWZRUGHQ0HHUGDQGULHNZDUWYDQGHHQHUJLHEURQYDQODJHRUGHVWURPHQEHVWDDWXLWGH LQSXWYDQDOORFKWRRQPDWHULDDOWHUUHVWULVFKJHSURGXFHHUGRUJDQLVFKPDWHULDDO]RDOVEODGHUHQ WDNNHQQDDOGHQHG ILJXXU

(31) $XWRWURIHSURFHVVHQQHPHQJHOHLGHOLMNWRHLQGH PLGGHQORRSRUGHQWRWZDDUGHLQVWUDOLQJGHZDWHUNRORPNDQEHUHLNHQ+HWDDQGHHOYDQ DOORFKWRRQPDWHULDDODDQGHHQHUJLHLQSXWQHHPWDIHQZRUGWRYHUJHQRPHQGRRUGHSURGXNWLH YDQDXWRFKWRRQPDWHULDDOGRRUZDWHUSODQWHQ.

(32) SDJYDQ. 5,90UDSSRUW. )LJXXU9HUVFKXLYLQJYDQYRHGVHOEURQQHQHQIXQFWLRQHOHYRHGLQJVJURHSHQJDDQGHYDQEURQQDDUPRQGLQJ QDDUEHHNRUGH

(33) LQHHQEHVFKDGXZGHHQHHQRQEHVFKDGXZGHEHHN 9HUGRQVFKRW

(34) . ,Q1HGHUODQG]LMQEHNHQLQDJUDULVFKHJHELHGHQJURWHQGHHOVJHQRUPDOLVHHUGGHORRSLV UHFKWJHWURNNHQHQKHWGZDUVSURILHOYHUJURRWHQXQLIRUPJHPDDNWRPGHEHKHHUVLQJYDQGH ZDWHUKXLVKRXGLQJWHEHYRUGHUHQ :ROIHUW

(35) %RYHQGLHQ]LMQGHZDWHUORSHQRQWGDDQYDQ EHSODQWLQJHQYRRU]LHQYDQRQGHUKRXGVSDGHQRPKHWPHFKDQLVFKRQGHUKRXGYDQGHEHNHQWH YHUJHPDNNHOLMNHQ 0HG/DQGLQULFKWLQJVGLHQVW

(36) +LHUGRRUYHUGZLMQWKHWNDUDNWHULVWLHNH SDWURRQYDQEHVFKDGXZGHODDJVWHRUGHVWURPHQ]RDOVKLHUERYHQEHVFKUHYHQLV,QVWUDOLQJNDQ GHZDWHUNRORPRRNLQGLWGHHOYDQKHWVWURRPJHELHGEHUHLNHQZDDUGRRUZDWHUYHJHWDWLH]LFK NDQRQWZLNNHOHQHQGHLQSXWYDQDOORFKWRRQPDWHULDDOVWHUNZRUGWJHUHGXFHHUG ILJXXU

(37) +LHUGRRUWUHHGWRRNHHQYHUOLHVYDQHHQDDQWDOIXQFWLRQHOHJURHSHQRUJDQLVPHQRS'H DDQZH]LJKHLGYDQPDFURIDXQDJURHSHQDOVNQLSSHUVHQYHU]DPHODDUV]DOVWHUNGDOHQDOVEHNHQ QLHWODQJHUZRUGHQEHVFKDGXZG9DQDIGHRRUVSURQJ]XOOHQHULQGHEHHNYRRUQDPHOLMNJUD]HUV HQERGHPEHZRQHQGHILOWUHHUGHUVYRRUNRPHQHHQYHUJHOLMNEDUHVLWXDWLHDOVLQEHVFKDGXZGH EHNHQYDQDIGHYLHUGHRUGH ILJXXU9HUGRQVFKRW

(38) 'HJHFXOWLYHHUGHEHNHQOLMNHQ PHHURSVORWHQGDQRSKHWRRUVSURQNHOLMNHV\VWHHPHQKHWVFKRQLQJVEHKHHU]RDOVEHVFKUHYHQ YRRUVORWHQ]DOYDDNRRNRSGH]HEHNHQWRHJHSDVWZRUGHQ+HWJURWHYHUVFKLOLVHFKWHUGDW EHNHQVWURPHQGZDWHULQppQULFKWLQJYRHUHQHQGDWVORWHQQDJHQRHJVWLOVWDDQGZDWHUPHW YDULDEHOHVWURRPULFKWLQJEHYDWWHQ. . 'LYHUVLWHLWYDQVRRUWHQLQOLMQYRUPLJHZDWHUHQ. 'HGLYHUVLWHLWYDQGHYHJHWDWLHLQOLMQYRUPLJHZDWHUHQYRUPWHHQEHODQJULMNRQGHUGHHOYDQGH DOJHKHOHGLYHUVLWHLWLQ1HGHUODQGVHHFRV\VWHPHQ=RZHORSGHRHYHUDOVLQKHWZDWHUNXQQHQ YHOHIORUDHQIDXQDVRRUWHQYRRUNRPHQDIKDQNHOLMNYDQGHRPVWDQGLJKHGHQLQGH ZDWHUJDQJHQ ,QQLHWJHsXWURILHHUGHVORWHQNDQ]LFKHHQGLYHUVHYHJHWDWLHYDQRQGHUJHGRNHQZDWHUSODQWHQ HQRHYHUSODQWHQRQWZLNNHOHQ:HONHSODQWHQVRRUWHQGDW]LMQLVHUJDIKDQNHOLMNYDQGH JURQGVRRUWYDQGHZDWHUJDQJ0HWKHWRRJRSGHDOJHKHOHGLYHUVLWHLWLVKHWYDQEHODQJQLHW.

(39) 5,90UDSSRUW. SDJYDQ. JHsXWURILHHUGHZDWHUJDQJHQLQDOOHYHUVFKLOOHQGHJURQGVRRUWHQWHKDQGKDYHQ,Q JHsXWURILHHUGHZDWHUJDQJHQZRUGHQGHYHUVFKLOOHQWXVVHQGHGLYHUVHJURQGVRRUWHQRYHUVWHPG GRRUGHQXWULsQWHQVWDWXVYDQKHWZDWHUHQGHERGHPHQZRUGHQGHZDWHUJDQJHQPHHUXQLIRUP TXDYHJHWDWLH(U]DO]LFKHHQVRRUWHQDUPHYHJHWDWLHRQWZLNNHOHQJHGRPLQHHUGGRRUHHQ NURRVGHN'HVDPHQVWHOOLQJYDQGHIDXQDLQVORWHQZRUGWEHwQYORHGGRRUGHVDPHQVWHOOLQJYDQ GHYHJHWDWLHRPGDWGHIORUDQLFKHVYRRUIDXQDFUHsHUW%HOWPDQ

(40) RQGHU]RFKWKHW YRRUNRPHQYDQPDFURIDXQDLQVORWHQHQYRQGGDWHULQYHJHWDWLHVPHWHHQJHULQJ VRRUWHQDDQWDOPLQGHUVRRUWHQPDFURIDXQDYRRUNZDPHQGDQLQVORWHQPHWYHOHSODQWHQVRRUWHQ 'RRUGHEHGHNNLQJYDQHHQGHQNURRVRINURRVYDUHQZRUGWGHLQVWUDOLQJHQGHGLIIXVLHYDQ ]XXUVWRIQDDUKHWRQGHUVWDDQGHZDWHUEHOHPPHUG +HVHQ

(41) 'DDUQDDVWOHLGWGHKRJH WXUQRYHUVQHOKHLGYDQNURRVWRWJURWH]XXUVWRIYUDDJZDWGH]XXUVWRIJHKDOWHQLQKHWZDWHUQRJ YHUGHUUHGXFHHUW 0HXOHPDQ

(42) 0HWQDPHLQZDWHUHQPHWVWLOVWDDQGRIODQJ]DDP VWURPHQGZDWHUNDQGLWOHLGHQWRWVOHFKWHZDWHUNZDOLWHLWHQDIQDPHYDQGHVRRUWHQULMNGRPYDQ DTXDWLVFKHOHYHQVJHPHHQVFKDSSHQ +HVHQ

(43) 0HWEHKXOSYDQHXWURILsULQJVPRGHOOHQ ZRUGWGHNURRVEHGHNNLQJLQZDWHUJDQJHQJHVLPXOHHUGRPKHWZHORIQLHWDDQZH]LJ]LMQYDQ RQGHUJHGRNHQZDWHUSODQWHQWHYRRUVSHOOHQ+HWPRGHO3&'LWFKKHHIWWRWGRHOWHRQGHU]RHNHQ ELMZHONHQXWULsQWHQEHODVWLQJHHQRPVODJRSWUHHGWYDQZDWHUYHJHWDWLHJHGRPLQHHUGGRRU RQGHUJHGRNHQZDWHUSODQWHQQDDUHHQJHVORWHQGHNYDQNURRV'HUHVXOWDWHQYDQGH]H VLPXODWLHVEOLMNHQLQJURWHPDWHRYHUHHQWHNRPHQPHWGHZDDUQHPLQJHQLQKHWYHOG -DQVH 9DQ3XLMHQEURHN

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

(45) YRQGELMYHUJHOLMNLQJYDQWZHHVORRWVFKRQLQJVPHWKRGHQ YHUVFKLOOHQLQGHDDQZH]LJKHLGYDQYHJHWDWLHW\SHQ=RZHUGHQELMVORRWVFKRQLQJPHWEHKXOS YDQHHQPDDLNRUIGHGULMYHQGHSODQWHQEHYRRUGHHOGWHUZLMOELMJHEUXLNYDQHHQVORRWEDNGH RQGHUJHGRNHQZDWHUSODQWHQLQKHWYRRUGHHOZDUHQ'HVRRUWHQDDQWDOOHQYHUVFKLOGHQQLHW VLJQLILFDQW'RRUGHYHUDQGHULQJLQGHYHJHWDWLHZRUGHQRRNGHIDXQDJHPHHQVFKDSSHQGRRU KHWVFKRQLQJVEHKHHUEHwQYORHG'HRYHUEOLMYHQGHZDWHUSODQWHQNXQQHQGLHQHQDOVUHIXJLD YRRUIDXQDQLHWDOOHVRRUWHQ]XOOHQ]LFKHFKWHUQDVORRWVFKRQLQJNXQQHQKDQGKDYHQ%HOWPDQ

(46) YRQGHHQGDOLQJYDQQDDUVRRUWHQPDFURIDXQDYyyUUHVSHFWLHYHOLMNQD VORRWVFKRQLQJ 'RRUKHWYHUODQGLQJVSURFHVDOVJHYROJYDQPLQGHUGDQHHQNHHUSHUMDDUVORRWVFKRQHQNDQHU YHUDQGHULQJYDQGHYHJHWDWLHVDPHQVWHOOLQJRSWUHGHQ2QGHUJHGRNHQZDWHUSODQWHQZRUGHQ YHUYDQJHQGRRUSODQWHQDDQJHSDVWDDQSODVGUDVVLWXDWLHV'LWNDQOHLGHQWRWHHQYHUODJLQJYDQ GHGLYHUVLWHLWDOVGHSODVGUDVUDQGJHGRPLQHHUGZRUGWGRRUSODQWHQGLHUHODWLHIJURWH KRHYHHOKHGHQQXWULsQWHQNXQQHQRSQHPHQHQHHQGLFKWHYHJHWDWLHVWUXFWXXUKHEEHQ'DDUGRRU ]LMQGLWVRRUWSODQWHQHUJVWHUNLQGHFRPSHWLWLHRPOLFKWHQQXWULsQWHQ'LWLVEHNHQGYDQ5LHW 3KUDJPLWHVDXWUDOLV

(47) HQ*URWH/LVGRGGH 7\SKDODWLIROLD

(48) 'HPDFURIDXQDRSHQLQGHERGHPYDQOLMQYRUPLJHZDWHUHQZRUGWYDDNLQJHGHHOGLQ IXQFWLRQHOHJURHSHQ,QZDWHUERGHPVVSHOHQGHELRWXUEDWRUHQ µELRWXUEDWRUV¶

(49) NQLSSHUV µVKUHGGHUV¶

(50) HQDIEUHNHUV µGHFRPSRVHUV¶

(51) HHQEHODQJULMNHURO%LRWXUEDWRUHQPL[HQHQ UHGLVWULEXHUHQRUJDQLVFKPDWHULDDOSDUWLNHOVHQPLFURRUJDQLVPHQGHGLHSWHLQ.QLSSHUV.

(52) SDJYDQ. 5,90UDSSRUW. YHUNOHLQHQRUJDQLVFKPDWHULDDO]RGDWKHWPDNNHOLMNHUDIEUHHNEDDUZRUGWYRRUDQGHUH RUJDQLVPHQ$IEUHNHUV]RUJHQYRRUGHGHFRPSRVLWLHYDQRUJDQLVFKPDWHULDDOZDDUELMNRROVWRI HQHVVHQWLsOHQXWULsQWHQZHHUYULMNRPHQYRRUSULPDLUHSURGXNWLH )UHFNPDQHWDO

(53) ,Q GHERGHP]HOINXQQHQRRNPLFURRUJDQLVPHQYRRUNRPHQ+HWYRRUNRPHQYDQGH]HVRRUWHQ RUJDQLVPHQLVNOHLQHQEHSHUNWWRWGHERYHQVWHODDJYDQKHWVHGLPHQW+HWYRRUNRPHQYDQ VRRUWHQZRUGWEHwQYORHGGRRUGHEHVFKLNEDDUKHLGYDQOLFKWHQKHW]XXUVWRIJHKDOWHLQYDQGH ERGHP 3DOPHUHWDO

(54) 'HGLYHUVLWHLWYDQPLFURRUJDQLVPHQLQGHERGHPLVQRJ QDXZHOLMNVRQGHU]RFKWLQHFRV\VWHPHQ+HWPHUHQGHHOYDQGHVRRUWHQLVQRJQLHWEHVFKUHYHQ )UHFNPDQHWDO

(55) +HW]RXNXQQHQGDWHULQHONFRPSDUWLPHQWYDQHHQRHFRV\VWHHP DQGHUHVRRUWHQPLFURRUJDQLVPHQDFWLHI]LMQ9RRUGHEHVFKULMYLQJYDQGHGLYHUVLWHLWYDQ ERGHPOHYHQZRUGHQPLFURRUJDQLVPHQLQJHGHHOGLQIXQFWLRQHOHJURHSHQRSEDVLVYDQ JURRWWHNODVVHQHQERGHPKDELWDW(HQYHUILMQGHYHUGHOLQJNDQYROJHQJHEDVHHUGRSOLIHKLVWRU\ I\VLRORJLHYRHGVHOYRRUNHXUHQPLFURKDELWDW %UXVVDDUGHWDO

(56) . 7UDQVSRUWURXWHVHQYHUZLMGHULQJVSURFHVVHQYDQ YHUYXLOHQGHVWRIIHQ 7UDQVSRUWURXWHVYDQYHUYXLOHQGHVWRIIHQ. (U]LMQYHUVFKLOOHQGHWUDQVSRUWZHJHQWHRQGHUVFKHLGHQZDDUODQJVYHUYXLOHQGHVWRIIHQ YHUYRHUGNXQQHQZRUGHQYDQKHWODQGERXZSHUFHHOQDDUKHWRSSHUYODNWHZDWHU'LWWUDQVSRUW NDQYHUORSHQYLDZDWHURIYLDOXFKW,QZDWHUNXQQHQVWRIIHQZRUGHQYHUYRHUGGRRU

(57) DIVSRHOLQJRYHUKHWERGHPRSSHUYODN VXUIDFHUXQRII

(58)

(59) ODWHUDOHZDWHUVWURPLQJGRRUGH RQYHU]DGLJGH]RQHHQKHWERYHQVWHJURQGZDWHU VXEVXUIDFHUXQRII

(60) HQ

(61) GLHSODWHUDDO JURQGZDWHUWUDQVSRUW ILJXXU+HQGULNV 7HU.HXUV

(62) $IVSRHOLQJ 0DDLYHOG ,QWHUIORZ *URQGZDWHUVSLHJHO. 2SSHUYODNWHZDWHU. 2QGLHSODWHUDDOJURQGZDWHU W. 'LHSODWHUDDOJURQGZDWHUWUDQVSRUW. )LJXXU 7UDQVSRUWZHJHQ YDQ ZDWHU HQ HYHQWXHHO GDDULQ RSJHORVWH VWRIIHQ QDDU KHW RSSHUYODNWHZDWHU +HQGULNV 7HU.HXUV

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

(64) %RYHQGLHQNRPWKHWZDWHURSEHSDDOGHSXQWHQGHZDWHUJDQJHQELQQHQHQ QLHWPHHUGLIIXXV]RDOVLQGHRQJHGUDLQHHUGHVLWXDWLH'HYHUYXLOHQGHVWRIIHQEHUHLNHQKHW.

(65) 5,90UDSSRUW. SDJYDQ. ZDWHUDOVKHWZDUHGRRUSXQWEURQQHQHQNXQQHQGDDUSDVGRRUQDWXXUOLMNHSURFHVVHQ YHUZLMGHUGZRUGHQ+LHUGRRUYLQGWHUDFFXPXODWLHYDQGHYHUYXLOHQGHVWRIIHQLQGH ZDWHUJDQJHQSODDWVGLHKHWHURJHHQLQGHUXLPWHYHUGHHOGLV (U]LMQYHUVFKLOOHQGHEURQQHQWHRQGHUVFKHLGHQGLHELMGUDJHQDDQGHYHUKRRJGHDQWKURSRJHQH DDQYRHUYDQQXWULsQWHQQDDUKHWRSSHUYODNWHZDWHU'HKRHYHHOKHLGQXWULsQWHQGLHOLMQYRUPLJH ZDWHUHQNXQQHQEHUHLNHQKDQJWDIYDQGHKRHYHHOKHLGPHVWGLHLVDDQJHZHQGRSKHW QDDVWJHOHJHQODQGERXZSHUFHHOYDQGHKRHYHHOKHLGQXWULsQWHQGLHGRRUQDWWHHQRIGURJH DWPRVIHULVFKHGHSRVLWLHRSGHERGHPWHUHFKWNRPWLQILOWUDWLHYDQRSSHUYODNWHZDWHUDINRPVWLJ YDQYHUYXLOGHULYLHUHQHQGRRUDDQYRHUYDQQXWULsQWHQGRRUNZHOZDWHU'HDDQYRHUYDQ YHUYXLOGULYLHUZDWHUKHHIWHHQJHULQJHELMGUDJHNZHOZDWHULVRRNJHHQJURWHLQSXWYDQVWLNVWRI PDDUNDQZHOKHHOEHODQJULMNHELMGUDJHYRRUIRVIDDW]LMQ 9HUKRHYHQHWDO

(66) 'H QXWULsQWHQNXQQHQRSJHORVWLQZDWHURIJHERQGHQDDQGHHOWMHVPHHJHYRHUGZRUGHQGRRU ZDWHUWUDQVSRUWQDDUKHWRSSHUYODNWHZDWHU 2UOHDQVHWDO

(67) =DQGJURQGHQ]LMQJRHG GRRUOXFKWHQEHYDWWHQZHLQLJRUJDQLVFKHVWRIZDDUGRRUGHDGVRUSWLHFDSDFLWHLWJHULQJLV'H QXWULsQWHQVSRHOHQGDDURPUHODWLHIPDNNHOLMNXLWQDDUGLHSHUHERGHPODJHQ.OHLJURQGHQ KHEEHQHHQJURRWEXIIHUHQGYHUPRJHQYRRUPHVWVWRIIHQ'HDGVRUSWLHFDSDFLWHLWZRUGW JHOHYHUGGRRUNOHLPLQHUDOHQHQRUJDQLVFKHVWRILQGHERGHP2SYHHQJURQGHQYLQGWHUYRRU HHQJURRWGHHORSVODJYDQDIJHVWRUYHQSODQWHQELRPDVVDSODDWVPDDUHUNDQRRNPLQHUDOLVDWLH YDQRUJDQLVFKHVWRIRSWUHGHQ %HUHQGVHHWDO

(68) 'HYULMJHNRPHQQXWULsQWHQNXQQHQ RSQLHXZRSJHQRPHQZRUGHQGRRUYHJHWDWLHHQPLFURRUJDQLVPHQRIJHERQGHQZRUGHQDDQGH RUJDQLVFKHVWRILQGHERGHP:DWUHVWNDQXLWRIDIVSRHOHQQDDUKHWRSSHUYODNWHZDWHU 'HDIYRHUYDQVWLNVWRIHQIRVIDDWQDDUKHWRSSHUYODNWHZDWHULQODQGERXZJURQGHQZHUGGRRU .URHVHWDO

(69) EHUHNHQGYRRUYHUVFKLOOHQGHEHPHVWLQJVVFHQDULR V+LHULQZRUGWUHNHQLQJ JHKRXGHQPHWGH:HW%RGHPEHVFKHUPLQJHQPHWHPLVVLHUHGXFHUHQGHPDDWUHJHOHQYRRU DPPRQLDN'HEHUHNHQLQJHQYRRUGHSHULRGHODWHQ]LHQGDWGHVWLNVWRIDDQYRHU QDDUKHWRSSHUYODNWHZDWHUKHWKRRJVWLVRS]DQGJURQG NJKD

(70) HQKHWODDJVWRSYHHQJURQG NJKD

(71) HQGDDUWXVVHQLQYRRUNOHLJURQG NJKD

(72) HQGDWKHWYRRUIRVIDDWSUHFLHV DQGHUVRPKHWJHYDOLVRSYHHQJURQGNJKDRS]DQGJURQGNJKDHQRSNOHLJURQG NJKD'H]HJHJHYHQVZHUGHQDIJHOH]HQYRRUKHWMDDUWDO ILJXXULQ.URHVHWDO

(73) 'HEHODQJULMNVWHEURQYDQGHWRHYRHUYDQEHVWULMGLQJVPLGGHOHQQDDUKHWRSSHUYODNWHZDWHULV DWPRVIHULVFKHGHSRVLWLHGLHRQJHYHHUEHGUDDJW9DQGHRYHULJHEHUHLNWGHKHOIWYDQ GHEHVWULMGLQJVPLGGHOHQKHWRSSHUYODNWHZDWHUGRRUXLWVSRHOLQJ'HUHVWHUHQGHWRHYRHUZRUGW YHURRU]DDNWGRRUGUXSSHOGULIWKHWYHUZDDLHQYDQEHVWULMGLQJVPLGGHOHQ+LHULQLVRRN PHHJHQRPHQKHWGLUHFWPHHVSXLWHQYDQKHWWDOXGHQGHVORRWPHW JHZDVEHVFKHUPLQJVPLGGHOHQ 2RPHV

(74) %HVWULMGLQJVPLGGHOHQZRUGHQQDXZHOLMNV JHEUXLNWRSJUDVODQGHQHQYRUPHQRPGLHUHGHQLQYHHQZHLGHJHELHGHQHHQPLQGHUJURRW SUREOHHPGDQRS]DQGHQNOHLJURQGHQ 5HXVHWDO

(75) 3HVWLFLGHQNXQQHQJHWUDQVSRUWHHUG ZRUGHQYDQKHWODQGERXZSHUFHHOQDDUKHWRSSHUYODNWHZDWHUGRRUDIVSRHOLQJ RSJHORVWRI JHERQGHQDDQVHGLPHQWGHHOWMHV

(76) RIVXEVXUIDFHUXQRII$IVSRHOLQJLVHHQWUDQVSRUWZHJ YRRUQDPHOLMNYRRUVWRIIHQGLHHHQNOHLQDGVRUSWLHYHUPRJHQKHEEHQHQ]DORSWUHGHQDOVGH ERGHPZDWHUYHU]DGLJGLVHQUHJHQZDWHURYHUGHERGHPQDDUGHVORRWVSRHOW 5HXVHWDO

(77) 6WHUNDGVRUEHUHQGHVWRIIHQ]XOOHQDFFXPXOHUHQLQGHERYHQVWHERGHPODDJ +DUULV )RUVWHU

(78) 3$.EHUHLNHQOLMQYRUPLJHZDWHUHQYRRUQDPHOLMNGRRUDWPRVIHULVFKHGHSRVLWLH'H EHODQJULMNVWHEURQYDQ3$.LVGHLQGXVWULH=ZDUHPHWDOHQ]LMQDINRPVWLJYDQGLIIXVH EURQQHQHQNXQQHQJHWUDQVSRUWHHUGZRUGHQLQRSJHORVWHYRUPRIJHERQGHQDDQ VHGLPHQWGHHOWMHVYLDGHOXFKWRIYLDKHWZDWHU.

(79) SDJYDQ. . 5,90UDSSRUW. 9HUZLMGHULQJVSURFHVVHQYRRUQXWULsQWHQ. 1XWULsQWHQDOVVWLNVWRIHQIRVIDDW]LMQV\VWHHPHLJHQVWRIIHQHQNXQQHQZRUGHQJHUHF\FOHG 3ODQWHQNXQQHQGHYRHGLQJVVWRIIHQRSQHPHQXLWGHERGHPHQJHEUXLNHQYRRUGHSURGXNWLH YDQELRPDVVD'H]HELRPDVVDNRPWQDDIVWHUYHQDOVGHWULWXVRSGHERGHPWHUHFKWHQNDQ ZRUGHQDIJHEURNHQGRRUPLFURRUJDQLVPHQ'HYRHGLQJVVWRIIHQZRUGHQJHEUXLNWELMGH SURGXNWLHYDQPLFURELsOHELRPDVVDRINRPHQZHHUYULMLQKHWZRUWHOPLOLHXDOZDDU]HNXQQHQ ZRUGHQRSJHQRPHQGRRUSODQWHQ'HNULQJORRSLVQLHWKHOHPDDOJHVORWHQ1XWULsQWHQNXQQHQ YRRUKHWV\VWHHPYHUORUHQJDDQGRRUFKHPLVFKHRP]HWWLQJLQJDVYRUPLJHIDVHLUUHYHUVLEHOH ELQGLQJRIWUDQVSRUWYLDZDWHURIELRPDVVDQDDUEXLWHQKHWV\VWHHP 'HSURFHVVHQGLHHHQURONXQQHQVSHOHQELMGHQDWXXUOLMNH]XLYHULQJYDQQXWULsQWHQXLWZDWHU ]LMQYRRUVWLNVWRIHQIRVIDDWGHHOVJHOLMN WDEHO

(80) 'HQXWULsQWHQNXQQHQZRUGHQRSJHQRPHQ GRRUGHZDWHUHQRHYHUYHJHWDWLHPHWQDPHWLMGHQVKHWJURHLVHL]RHQ$OJHQNXQQHQRRN QXWULsQWHQRSQHPHQXLWGHZDWHUNRORP+HWJURHLVHL]RHQYRRUGLWSHULI\WRQEHJLQWDOLQ IHEUXDULPDDUWRPGDWGHDOJHQEHWHUEHVWDQG]LMQWHJHQNRXGHGDQPDFURI\WHQ,QHHQ DDQJHOHJGVORWHQV\VWHHPRS7H[HOYRRUGHQD]XLYHULQJYDQHIIOXHQWZHUGGHELRPDVVDYDQ HSLI\WLVFKHHQEHQWKLVFKHDOJHQJHPHWHQLQKHWYRRUMDDUHQGH]RPHU(UZHUGHHQSLHN JHYRQGHQLQGHELRPDVVDYDQGH]HDOJHQLQDSULOHQPHL'LWZLMVWHURSGDWGHRSQDPHYDQ QXWULsQWHQGRRUDOJHQYRRUDOYDQEHODQJLVLQGHSHULRGHYRRUGDWGHPDFURI\WHQYHJHWDWLH YRORSJURHLWHQGHDOJHQVWHHGVPHHUJDDWRYHUVFKDGXZHQ +HUVEDFK

(81) 'HQXWULsQWHQGLH GRRUGHDOJHQLQELRPDVVDJHwQFRUSRUHHUGZRUGHQNXQQHQYHUGHULQGHYRHGVHONHWHQ RSJHQRPHQZRUGHQDOVDOJHQGRRU]R|SODQNWRQZRUGHQJHJHWHQ=R|SODQNWRQRS]LMQEHXUW NDQZRUGHQJHQXWWLJGGRRUYLVVHQ1DKHWDIVWHUYHQYDQGLHUOLMNRISODQWDDUGLJPDWHULDDONRPW GHRUJDQLVFKHVWRIRSGHERGHPWHUHFKWZDDUWLMGHQVGHDIEUDDNQXWULsQWHQHHUVWLQPLFURELsOH ELRPDVVDJHwPPRELOLVHHUGZRUGHQHQYHUYROJHQVGRRUPLQHUDOLVDWLHZHHULQDQRUJDQLVFKH YRUPEHVFKLNEDDUNRPHQ2QGHUDsUREHRPVWDQGLJKHGHQYHUORRSWGLWSURFHVRQJHYHHU WZHHPDDO]RVQHODOVRQGHUDQDsUREHFRQGLWLHV2SQDPHYDQQXWULsQWHQLQGHYHJHWDWLHHQLQ PLFURRUJDQLVPHQOHLGHQVOHFKWVYRRUNRUWHWLMGWRWRSVODJYDQQXWULsQWHQ'LWLQWHJHQVWHOOLQJ WRWGHELQGLQJDDQERGHPGHHOWMHVRIDFFXPXODWLHLQYHHQYRUPLQJGLHQXWULsQWHQYRRUODQJHUH WHUPLMQDDQGHNULQJORRSRQWWUHNNHQ 5LFKDUGVRQHWDO

(82) 1XWULsQWHQNXQQHQRRNJHDGVRUEHHUGZRUGHQDDQERGHPGHHOWMHV$GVRUSWLHLVHFKWHUHHQ UHYHUVLEHOSURFHVHQYRHGLQJVVWRIIHQNXQQHQGRRUGHVRUSWLHZHHUELRORJLVFKEHVFKLNEDDU ZRUGHQ$GVRUSWLHLVPHWQDPHYRRUIRVIDDWHQDPPRQLXPYDQEHODQJ'HDGVRUSWLHFDSDFLWHLW LVDIKDQNHOLMNYDQGHJURQGVRRUWHQNHQWHHQYHU]DGLJLQJVQLYHDX 2UOHDQVHWDO

(83) )RVIDDWELQGLQJLVDIKDQNHOLMNYDQKHWJHKDOWHLM]HUDOXPLQLXPHQFDOFLXPLQGHERGHP2QGHU ]XUHFRQGLWLHV S+

(84) ZRUGWIRVIDDWYRRUDODDQDOXPLQLXPHQDDQ JHR[LGHHUGGULHZDDUGLJ

(85) LM]HUJHERQGHQELMKRJHS+

(86) DDQFDOFLXP2QGHUDQDsUREHRPVWDQGLJKHGHQ]DO QDOHYHULQJYDQIRVIDDWRSWUHGHQ $UWVHWDO

(87) 'HELQGLQJYDQIRVIDDWHQDPPRQLXPLV RPGH]HUHGHQHQVWHUNHULQNOHLHQYHHQERGHPVGDQLQ]DQGERGHPV 6WLNVWRINDQYHUZLMGHUGZRUGHQXLWKHWHFRV\VWHHPGRRUGHQLWULILFDWLH'HQLWULILFHUHQGH EDFWHULsQ]HWWHQRQGHUDQDsUREHRPVWDQGLJKHGHQQLWUDDWRPLQDWPRVIHULVFKVWLNVWRI1 2UOHDQVHWDO

(88) 9RRUGH]HRP]HWWLQJ]LMQQDDVWKHW]XXUVWRIJHKDOWHYDQGHERGHPGH DDQZH]LJKHLGYDQHHQGLUHFWEHVFKLNEDUHNRROVWRIEURQHQYDQYROGRHQGHQLWUDDWYDQJURRW EHODQJ $UWVHWDO

(89) 1LWUDDWZRUGWJHYRUPGGRRUQLWULILFDWLHGHEDFWHULsOHR[LGDWLHYDQ 1+ GLHXLWVOXLWHQGRQGHUDsUREHFRQGLWLHVNDQSODDWVYLQGHQ $UWVHWDO

(90) 1LWUDDWNDQRRNZRUGHQRPJH]HWLQDPPRQLDNGRRUPLGGHOYDQGHGLVVLPLODWLHYH QLWUDDWUHGXFWLH'LWZHUGJHYRQGHQGRRU0HXOHPDQ

(91) LQKHWULHWLQILOWUDWLHYHOG /DXZHUVRRJ'LWPLFURELsOHSURFHVYLQGWSODDWVRQGHUDQDsUREHRPVWDQGLJKHGHQHQWUHHGWPHW QDPHRSELMGHDDQZH]LJKHLGYDQJURWHKRHYHHOKHGHQPDNNHOLMNDIEUHHNEDDURUJDQLVFK PDWHULDDO'LVVLPLODWLHYHQLWUDDWUHGXFWLHKHHIWRQGHUGH]HRPVWDQGLJKHGHQZDDUVFKLMQOLMNGH . . .

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sUREHRPVWDQGLJKHGHQQRGLJWHUZLMO RQGHUGHUJHOLMNHRPVWDQGLJKHGHQIRVIDDWQDJHOHYHUG]DOZRUGHQ 1DDVWGHUHHGVJHQRHPGHYHUZLMGHULQJVSURFHVVHQLQGHERGHP]LMQHUGULHI\VLVFKHSURFHVVHQ LQKHWZDWHUDDQKHWERGHPRSSHUYODNGLHELMGUDJHQWRWGH]XLYHULQJYDQKHWGRRUVWURPHQGH ZDWHU'LW]LMQKHWILOWHUHQYDQSDUWLNHOVXLWSDVVHUHQGZDWHUKHWYHUODJHQYDQGH VHGLPHQWGUDJHQGHFDSDFLWHLWGRRUDIQDPHYDQGHVWURRPVQHOKHLGHQGHLQILOWUDWLHYDQZDWHUHQ GHGDDULQRSJHORVWHQXWULsQWHQLQGHERGHP $UWVHWDO

(93) 'HYHUZLMGHULQJVSURFHVVHQYRRUQXWULs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sURELH9DVWOHJJLQJYDQVWLNVWRIHQIRVIRULQRUJDQLVFK PDWHULDDO]DOYRRUQDPHOLMNRSWUHGHQRSYHHQERGHPVHQPLQGHURSNOHLHQ]DQGJURQG 'HQLWULILFDWLH]DOPHHURSWUHGHQLQRHYHUERGHPVGDQLQZDWHUERGHPVRPGDWKHWSURFHV YRRUDOGRRUGHVQHOKHLGYDQQLWULILFDWLHZRUGWEHSDDOG,QGHRHYHU]LMQPHHUJHR[LGHHUGH PLFURVLWHVDDQZH]LJZDDUQLWULILFDWLHRSWUHHGW%RYHQGLHQLVHUDDQYRHUYDQQLWUDDWYDQXLW DDQJUHQ]HQGHODQGERXZSHUFHOHQ 'HEHVFKUHYHQYHUZLMGHULQJVSURFHVVHQYRRUQXWULsQWHQ]XOOHQQDXZHOLMNVYHUVFKLOOHQYRRU QDWXXUOLMNHEHNHQHQHU]LMGVHQVORWHQHQJHFXOWLYHHUGHEHNHQDQGHU]LMGV+HWJURRWVWHYHUVFKLO LVGHDIZH]LJKHLGYDQZDWHUYHJHWDWLHLQQDWXXUOLMNHEHNHQZDDUGRRURSQDPHHQDFFXPXODWLH YDQDIJHVWRUYHQSODQWHQPDWHULDDOJHHQYHUZLMGHULQJVSURFHV]DO]LMQLQGH]HEHNHQ.

(94) 5,90UDSSRUW. 6WLNVWRI. 1+. $QDsURELH/DJH UHGR[SRWHQWLDDO. 5HGXFHUHQG. 'LVVLPLODWLHY H QLWUDDWUHGXFWL H. 'HWULWXV. 1DOHYHUHQG. 5HGXFHUHQG. 0LQHUDOLVDWLH. 1LWULILFDWLH. $sURELH. ,QRSJHORVWHYRUP. +RRJRUJDQLVFKVWRI JHKDOWH. 2SQDPHGRRU 5HGXFHUHQG YHJHWDWLH. ,PPRELOLVDWLH 5HGXFHUHQG. $sURELH. 1DOHYHUHQG. 1LWULILFDWLH. . $QDsURELH. 5HGXFHUHQG. 'HQLWULILFDWLH +RRJRUJDQLVFKVWRI JHKDOWH. ,QRSJHORVWHYRUP. 2SQDPHGRRU 5HGXFHUHQG YHJHWDWLH. 9RRUZDDUGH. 12. 5HGXFHUHQGRI QDOHYHUHQG. 3URFHV. 9RUP. 1LWULILFHUHQGH EDFWHULsQ. %DFWHULsQ. +RJHUHSODQWHQ. %DFWHULsQ. %DFWHULsQ. 1LWULILFHUHQGH EDFWHULsQ. 'HQLWULILFHUHQGH EDFWHULs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

(95) . SDJYDQ.

(96) 3$.. 3HVWLFLG HQ. )RVIDDW. 5HGXFHUHQG. 5HGXFHUHQG. ,UUHYHUVLEHOH ELQGLQJ. 5HGXFHUHQG. 5HGXFHUHQG. $IEUDDN PLFUR RUJDQLVPHQ. 1DOHYHUHQG. 'HVRUSWLH. 5HGXFHUHQG. 5HGXFHUHQG. $GVRUSWLH. $GVRUSWLH. 5HGXFHUHQG. 1HHUVODJ YDQ]RXWHQ. 32 2SQDPH 5HGXFHUHQG GRRUYHJHWDWLH. $GVRUSWLH. 'LVVPLODWLHYH 1DOHYHUHQG QLWUDDWUHGXFWL H. 6HGLPHQWDWLH. 5,90UDSSRUW. +XPXVGHHOWMHV. +RRJERGHPYRFKW JHKDOWHHQ WHPSHUDWXXU. .OHLPLQHUDOHQRI RUJDQLVFKHVWRI. $QDsURELH. . . . . . . . . . . . . . $sURELH. . . . . . +HWHURWURIH HQIHUPHQWHUHQGH EDFWHULsQ. +RJHUHSODQWHQ. %DFWHULsQ. . .OHLPLQHUDOHQRI RUJDQLVFKHVWRI. 0HWDDO K\GU

(97) R[LGHQ. .OHLPLQHUDOHQ. +RRJRUJDQLVFKVWRI JHKDOWH. $QDsURELH/DJH UHGR[SRWHQWLDDO. 3DUWLNHOVLQ ZDWHUNRORP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SDJYDQ.

(98) =ZDUH PHWDOHQ. 5HGXFHUHQG. 5HGXFHUHQG. )RWRR[LGDWLH. $IEUDDN PLFUR RUJDQLVPHQ. +J. 3EHQ &X. &GHQ =Q. 5HGXFHUHQG. 1DOHYHUHQG. 'HVRUSWLH. $GVRUSWLH. 5HGXFHUHQG. 1DOHYHUHQG. 5HGXFHUHQG. $GVRUSWLH. 'HVRUSWLH. $GVRUSWLH. $OJHP 2SQDPHGRRU 5HGXFHUHQG HHQ YHJHWDWLH. SDJYDQ. .OHLPLQHUDOHQRI RUJDQLVFKHVWRI. S+. S+!.OHLPL QHUDOHQRIRUJD QLVFKHVWRI. S+. S+! .OHLPLQHUDOHQRI RUJDQLVFKHVWRI. .RROVWRIEURQYDQ SODQWHQ$sURELH. =RQOLFKW KRJHWHPSHUDWXXUHQ DsURELH. +RJHUHSODQWHQ. $sUREHKHWHURWURIH EDFWHULsQ. :RUWHOHQGHSODQWHQ ELRWXUEDWRUHQILOWHU IHHGHUV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,90UDSSRUW.

(99) 5,90UDSSRUW. . SDJYDQ. 9HUZLMGHULQJVSURFHVVHQYRRUSHVWLFLGHQ. 'HPHHVWYRRUNRPHQGHRUJDQLVFKHPLFURYHURQWUHLQLJLQJHQLQOLMQYRUPLJHZDWHUHQ]LMQ EHVWULMGLQJVPLGGHOHQ,Q1HGHUODQGZRUGHQHULQYHUJHOLMNLQJWRWRPULQJHQGHODQGHQYHHO SHVWLFLGHQJHEUXLNWRQJHYHHUNJZHUN]DPHVWRISHUKHFWDUHSHUMDDURSODQGERXZJURQG 'H6QRR

(100) (U]LMQYLHUKRRIGJURHSHQEHVWULMGLQJVPLGGHOHQWHRQGHUVFKHLGHQ LQVHFWLFLGHQDFDULFLGHQ PLMWHQ

(101) HQPROOXVFLFLGHQ VODNNHQ

(102) YDQKHWWRWDOHJHEUXLNYDQ EHVWULMGLQJVPLGGHOHQ

(103) KHUELFLGHQHQJURHLUHJXODWRUHQ

(104) IXQJLFLGHQ VFKLPPHOVHQ EDFWHULsQ

(105)

(106) QHPDWLFLGHQRIJURQGRQWVPHWWHUV DDOWMHV

(107)

(108) 'HWR[LFLWHLWYDQGH VWRIIHQZRUGWQLHWDOOHHQEHSDDOGGRRUGHVWRI]HOIPDDURRNGRRURP]HWWLQJVSURGXNWHQ 2RPHV

(109) 'HKXLGLJHEHVWULMGLQJVPLGGHOHQKHEEHQHHQYHHONRUWHUHKDOIZDDUGHWLMGGDQ GHRXGHUHPLGGHOHQ=HOIVRQGHUVOHFKWHDIEUDDNFRQGLWLHVZHUGQRJHHQKDOIZDDUGHWLMG JHYRQGHQUXLPEHQHGHQGHGDJHQ 'RPVFK

(110) 2YHU D

(111) ELRWLVFKHSURFHVVHQGLHEHVWULMGLQJVPLGGHOHQ]RXGHQNXQQHQYHUZLMGHUHQLVQRJQLHW YHHOEHNHQG'HVWRIIHQNXQQHQDIJHEURNHQZRUGHQGRRUERGHPPLFURRUJDQLVPHQ'LWSURFHV ZRUGWEHwQYORHGGRRUKHWERGHPYRFKWJHKDOWHHQGHWHPSHUDWXXUHQZHOOLFKWRRNGRRUGHS+ WDEHO

(112) +DUULV )RUVWHU

(113) 'H]HQDWXXUOLMNHYHUZLMGHULQJVSURFHVVHQYRRUSHVWLFLGHQ ]XOOHQRRNLQOLMQYRUPLJHZDWHUHQRSNXQQHQWUHGHQ$GVRUSWLHDDQNOHLPLQHUDOHQRI RUJDQLVFKHVWRI]DOYRRUDONXQQHQSODDWVYLQGHQLQNOHLHQYHHQJURQGHQZRUGW]RYHUEHNHQG QLHWEHw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

(114) LVHHQDQGHUHJURHSRUJDQLVFKH PLFURYHURQWUHLQLJLQJHQZDDUPHHOLMQYRUPLJHZDWHUHQEHODVWNXQQHQZRUGHQ'H]HVWRIIHQ ]LMQQLHWV\VWHHPHLJHQHQNXQQHQWR[LVFK]LMQYRRURUJDQLVPHQLQKHWV\VWHHP3$.NRPHQ RQGHUDQGHUHYULMELMGHSHWUROHXPLQGXVWULH 5HLOO\HWDO

(115) HQEHUHLNHQKHW RSSHUYODNWHZDWHUYDQVORWHQODQJVZHJHQGRRUDIVSRHOLQJYDQZHJZDWHU 'H*UDDIHWDO

(116) 3$.KHEEHQPHHUGHUHULQJHQYDQRUJDQLVFKHRRUVSURQJHQZRUGHQJHNDUDNWHULVHHUG GRRUKXQWR[LFLWHLWHQPRHLOLMNHDIEUHHNEDDUKHLG 6FKQRRUHWDO

(117) +HWLVHHQJURHSYDQ QLHWSRODULVFKHK\GURIREHHQQHXWUDOHPROHNXOHQ 5HLOO\HWDO

(118) 'RRUGH]H HLJHQVFKDSSHQ]XOOHQ3$.LQKHWVHGLPHQWZDWHUV\VWHHPYRRUDOYRRUNRPHQLQKHWVHGLPHQW HQVOHFKWVHHQNOHLQGHHO]DOYULMYRRUNRPHQLQKHWZDWHU'HYHUKRXGLQJWXVVHQVRUSWLHDDQ VHGLPHQWHQKHWYRRUNRPHQLQZDWHUZRUGWZHHUJHJHYHQLQGH.RFGLWLVGHYHUGHOLQJYDQGH VWRIRYHUZDWHUHQGHRUJDQLVFKHFRPSRQHQWYDQGHERGHP+HWLVHHQEHODQJULMNH PLOLHXSDUDPHWHURPGDWKHWGHI\VLVFKHEHZHJLQJYDQ3$.EHwQYORHGWHQGDDUPHHGH FKHPLVFKHHQELRORJLVFKHGHJUDGDWLH'H]HZDDUGHLVHFKWHUVWHUNDIKDQNHOLMNYDQKHW ERGHPW\SH2PGLHUHGHQZRUGWYDNHUJHEUXLNJHPDDNWYDQGH.RZGLWLVGHYHUGHOLQJYDQ GHVWRIWXVVHQRFWDQROHQZDWHUHQJHHIWHHQLQGLFDWLHYDQGHYHUGHOLQJYDQ3$.WXVVHQZDWHU HQVHGLPHQW 'H*UDDIHWDO

(119) 3$.NXQQHQELQGHQDDQRUJDQLVFKHGHHOWMHVPDDURRNDDQRSJHORVWRUJDQLVFKNRROVWRI,QGH ODDWVWHYRUP]XOOHQ3$.PRHLOLMNHUEH]LQNHQ'HS+KHHIWQDXZHOLMNVLQYORHGRSGHELQGLQJ YDQ3$.DDQGHERGHP%HODQJULMNHULVµDJLQJ¶GLWKRXGWLQGDWGHGHVRUSWLHYDQ3$. DIQHHPWDOVKHWVHGLPHQWODQJHUEORRWJHVWHOGZRUGWDDQYHUYXLOLQJ 'H*UDDIHWDO

(120) 3$.NXQQHQYHUZLMGHUGZRUGHQGRRU]RZHODELRWLVFKHDOVELRORJLVFKHSURFHVVHQ WDEHO

(121) 'HDELRWLVFKHYHUZLMGHULQJYDQ3$.NDQEHVWDDQXLWYHUYOXFKWLJLQJHQXLWVSRHOLQJ 5HLOO\HW.

(122) SDJYDQ. 5,90UDSSRUW. DO

(123) IRWRR[LGDWLHHQLUUHYHUVLEHOHELQGLQJ,UUHYHUVLEHOHELQGLQJDDQKXPXVGHHOWMHV EOLMNWKHWEHODQJULMNVWHDELRWLVFKHYHUZLMGHULQJVSURFHV'HELRORJLVFKHYHUZLMGHULQJNDQ EHVWDDQXLWRSQDPHGRRUSODQWHQHQDIEUDDNGRRUPLFURRUJDQLVPHQ$OOHHQ3$.PHWHHQ JHPLGGHOGHK\GURIRELWHLWNXQQHQPHWGHWUDQVSLUDWLHVWURRPJHWUDQVSRUWHHUGZRUGHQGLWKRXGW LQHHQORJ.RZWXVVHQQXOHQGULH+HWEHODQJULMNVWHELRORJLVFKHYHUZLMGHULQJVSURFHVLVHFKWHU GHDIEDDNYDQ3$.GRRUPLFURRUJDQLVPHQLQGHUKL]RVIHHUKHWUDDNYODNYDQZRUWHOHQ ERGHPZDDUYHUKRRJGHPLFURELsOHDFWLYLWHLWRSWUHHGW 5HLOO\HWDO

(124) 'HPLFUR RUJDQLVPHQNXQQHQGHH[XGDWHQHQPXFLJHOGLHGRRUSODQWHQZRUWHOVZRUGHQXLWJHVFKHLGHQHQ DIJHVWRWHQHSLGHUPLVFHOOHQJHEUXLNHQDOVHQHUJLHRINRROVWRIEURQELMGHFRPHWDEROLWLVFKH DIEUDDNYDQYHUYXLOHQGHVWRIIHQ $QGHUVRQHWDO

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s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

(127) .RSHUHQ]LQN NRPHQYRRULQPHVWRPGDWGH]HVWRIIHQJHYRHUGZRUGHQDDQGLHUHQ *RUUHHHWDO

(128) +LHUGRRUNXQQHQGHDFKWHUJURQGJHKDOWHQYDQ]ZDUHPHWDOHQLQGHERGHPVWHUN YHUKRRJGZRUGHQ'HELRORJLVFKHEHVFKLNEDDUKHLGYDQ]ZDUHPHWDOHQLQGHERGHPZRUGW EHVFKRXZGDOVGHFRQFHQWUDWLHDDQ]ZDUHPHWDOHQLQKHWSRULHZDWHUYDQGHERGHP$OV]ZDUH PHWDOHQLQKRJHFRQFHQWUDWLHVELRORJLVFKEHVFKLNEDDU]LMQLQGHERGHPNXQQHQ]HHHQ WR[LVFKHZHUNLQJKHEEHQRSRUJDQLVPHQLQKHWV\VWHHP 9DQGHQ%HUJHWDO

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

(130) EOLMNHQQLHWYDQ LQYORHGRSKHWUHODWLHYHDDQGHHOYDQ]ZDUHPHWDOHQLQGHYHUVFKLOOHQGHYHUVFKLMQLQJVYRUPHQ &KORSHFND

(131) .

(132) 5,90UDSSRUW. SDJYDQ. 9RRUGHYLMIKLHUEHKDQGHOGH]ZDUHPHWDOHQNRSHU &X

(133) FDGPLXP &G

(134) ORRG 3E

(135) ]LQN =Q

(136) HQNZLN +J

(137) LVGHPDWHZDDULQGHPHWDOHQRSORVEDDU]LMQLQYHUVFKLOOHQGHPDWHDIKDQNHOLMN YDQGHS+ WDEHOHQILJXXU

(138) 2YHUKHWDOJHPHHQJHOGWGDWPHWDOHQPHHUELRORJLVFK EHVFKLNEDDUZRUGHQQDDUPDWHGHS+YDQGHERGHPGDDOW&DGPLXPHQ]LQNOLMNHQRSHONDDU LQKXQUHDFWLHRSGHERGHPS+%LMHHQYHUODJLQJYDQGHS+YDQHHQZDDUGHURQGWRWHHQ ZDDUGHURQGLVHUHHQUHFKWOLMQLQJYHUEDQGWXVVHQGHS+HQGHELQGLQJDDQKXPXV]XUHQ %LM]XXUJUDGHQODJHUGDQLVGHVRUSWLHYDQGH]HWZHHPHWDOHQODDJHQEOLMIWYULMZHO FRQVWDQW/RRGHQNRSHUGDDUHQWHJHQJDDQYHUVQHOGLQRSORVVLQJELMS+ZDDUGHQODJHUGDQ HQ]LMQERYHQGH]HS+ZDDUGHQRJYRRUKHWPHUHQGHHOJHERQGHQ.ZLNZRUGWQDXZHOLMNV EHwQYORHGGRRUGHS+YRRUZDWEHWUHIWGHELQGLQJDDQKXPXV]XUHQ. )LJXXU (IIHFW YDQ GH S+ RS GH VRUSWLH YDQ ]ZDUH PHWDOHQ DDQ KXPXV]XUHQ 6RUSWLH LV XLWJHGUXNW DOV SHUFHQWDJHYDQGHLQLWLsOHFRQFHQWUDWLHVYDQPHWDOHQ[PROYDQHONPHWDDOSHUPO *DPEOH LQ.DEDWD3HQGLDV

(139) . &KXDQHWDO

(140) YDULHHUGHQGHUHGR[SRWHQWLDDOYDQGHERGHPHQGLWEOHHNHHQYHHO JHULQJHUHLQYORHGWHKHEEHQRSGHRSORVEDDUEDDUKHLGYDQPHWDOHQGDQGHS+%LMHHQ YHUODJLQJYDQGHSRWHQWLDDOZHUGGHRSORVEDDUKHLGYDQ]ZDUHPHWDOHQLHWVYHUKRRJG'LW ODDWVWHZHUGYHUNODDUGGRRUKHWIHLWGDWGHPHWDOHQYRRUDOJHERQGHQZDUHQDDQ)H0Q R[\K\GUR[LGHQ$OVPHWDOHQYRRUDOELQGHQDDQVXOILGHQ]DOGHUHGR[SRWHQWLDDOHHQ WHJHQJHVWHOGHIIHFWKHEEHQ %LRORJLVFKHYHUZLMGHULQJVSURFHVVHQ]LMQGHRSQDPHHQDFFXPXODWLHGRRUYHJHWDWLHHQRI PLFURRUJDQLVPHQ WDEHO

(141) 3ODQWHQNXQQHQJURWHKRHYHHOKHGHQ]ZDUHPHWDOHQRSQHPHQHQ DFFXPXOHUHQ 'H*UDDIHWDO

(142) 2QGXLGHOLMNLVPHWZHONHPHFKDQLVPHQGLWSUHFLHV JHEHXUWHQZDWGHIXQFWLHYDQGHPHWDOHQLQSODQWHQLV*HGDFKWZRUGWDDQHHQUROLQGH GHIHQVLHWHJHQKHUELYRUHQ3ODQWHQNXQQHQDDQZH]LJHPHWDOHQLQGHERGHPEHWHUEHVFKLNEDDU PDNHQGRRUGHXLWVFKHLGLQJYDQPHWDDOFKHOHUHQGHPROHNXOHQSURWRQHQRIGRRUGHLQGH SODVPDPHPEUDDQDDQZH]LJHUHGXFWDVHV 'H*UDDIHWDO

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

(145) PDDNWHQHHQVWLNVWRIEDODQVYRRUVORRWNDQWHQLQYHHQZHLGHJHELHGHQPHWEHKXOSYDQPHWLQJHQ HQVLPXODWLHPRGHOOHQ=LMEHUHNHQGHQGHRSQDPHYDQVWLNVWRIGRRUGHRHYHUYHJHWDWLH DDQJHYRHUGGRRUQDWXXUOLMNHEURQQHQEHPHVWLQJRSKHWODQGERXZSHUFHHOHQKHWGHSRQHUHQ YDQVORRWVFKRQLQJVPDWHULDDORSGHRHYHU9DQKHWVORRWVFKRQLQJVPDWHULDDOZHUGDOOHHQKHW SODQWDDUGLJHGHHODOVEHPHVWHQGEHVFKRXZG'LWZHUGJHVFKDWRSNJGURJHVWRISHUPHWHU VORRWNDQWSHUMDDUJHGHSRQHHUGRSHHQVWURRNYDQPHWHUEUHHG+HWPRGGHULJHGHHOZHUG QLHWDOVEHPHVWHQGEHVFKRXZGPDDUDOOHHQDOVYHUSODDWVLQJYDQPDWHULDDO+HWZRUGWGRRU DINDOYLQJHQYHUWUDSSLQJGRRUYHHYDQGHRHYHUZHHUQDDUKHWZDWHUJHWUDQVSRUWHHUG'H ERYHQJURQGVHEUXWRSURGXNWLHYDQGHYHJHWDWLHZHUGXLWJHUHNHQGYRRUKHWODQGERXZSHUFHHO ]HOIHQWZHHW\SHQVORRWNDQWHQODQJVGLWSHUHHOHHQVWHLOWDOXGRIHHQWHUUDVWDOXGHHQYHUODDJG WDOXGZDDUGRRUHHQGUDVVLJHVLWXDWLHRQWVWDDW(UZHUGHQYLHUEHPHVWLQJVUHJLPHV GRRUJHUHNHQG

(146) JHHQEHPHVWLQJ

(147) EHPHVWLQJPHWNXQVWPHVWNJ1KDMDDU

(148) EHPHVWLQJPHWGULMIPHVWNJ1KDMDDUHQ

(149) GHSRVLWLHYDQVORRWVFKRQLQJVPDWHULDDORSGH RHYHUNJ1KDMDDU 7DEHO $DQYRHU HQ RSQDPH YDQ VWLNVWRI NJKDMDDU

(150) LQ HHQ RQEHPHVW V\VWHHP HQ PHW H[WUD DDQYRHU GRRU EHPHVWLQJ PHW GULMI RI NXQVWPHVW HQ RSQDPH YDQ VWLNVWRI GRRU GH YHJHWDWLH 'H DEVROXWH KRHYHHOKHGHQ ]LMQ ZHHUJHJHYHQJHYROJGGRRU WXVVHQKDDNMHV

(151) ZHONHIUDFWLHGLWLVWRYGHWRWDOHDDQYRHU 0HOPDQHWDO

(152) 7HUUDVWDOXG. 6WHLOWDOXG. 3HUFHHO. 0LQHUDOLVDWLH. . . . ,QILOWUDWLH. . . . ,QVWURPLQJ. . . . 1HHUVODJ. . . . 2SQDPHEDVLVDDQYRHU.

(153).

(154).

(155). .XQVWPHVW. . . . 'ULMIPHVW. . . . 6ORRWVFKRQLQJVPDWHULDDO. . . QYW. .XQVWPHVW.

(156).

(157).

(158). 'ULMIPHVW.

(159).

(160).

(161). 6ORRWVFKRQLQJVPDWHULDDO.

(162).

(163). QYW. %DVLVDDQYRHU. ([WUDDDQYRHU. 2SQDPHH[WUDDDQYRHU.

(164) 5,90UDSSRUW. SDJYDQ. 2SYDOOHQGLVLQWDEHOGDWGHPLQHUDOLVDWLHYHHOODJHULVLQGHWHUUDVWDOXGVYHUJHOHNHQPHW SHUFHOHQHQVWHLOHWDOXGV'LWNDQYHUNODDUGZRUGHQGRRUGHKRJHUHERGHPYRFKWLJKHLGLQGH WHUUDVWDOXGVZDDUGRRUGHPLQHUDOLVDWLHYDQYHHQJURQGJHUHPGZRUGWHQGHGHQLWULILFDWLH JHVWLPXOHHUGZRUGW 0HOPDQ 9DQ6WULHQ

(165) +HWGHSRQHUHQYDQ VORRWVFKRQLQJVPDWHULDDORSGHRHYHUEOLMNWHHQKRHYHHOKHLGVWLNVWRIDDQWHYRHUHQ YHUJHOLMNEDDUPHWHHQEHPHVWLQJPHWHHQYDQEHLGHPHVWVRRUWHQHQRRNGHRSQDPHGRRUGH YHJHWDWLHLVYHUJHOLMNEDDU'HODJHUHRSQDPHYDQ1GRRUGHRHYHUYHJHWDWLHLQGHWHUUDVWDOXGV NDQYHUNODDUGZRUGHQGRRUGHDDQ]LHQOLMNKRJHUHGHQLWULILFDWLHLQGH]HERGHPYHUJHOHNHQPHW RSKHWODQGERXZSHUFHHOHQGHVWHLOHWDOXGV 'HUHVXOWDWHQYDQGLWRQGHU]RHNWRQHQDDQGDWGHRHYHUYHJHWDWLHHHQEHODQJULMNHUROVSHHOWELM KHWYRRUNRPHQGDWQXWULsQWHQYDQKHWODQGERXZSHUFHHOKHWRSSHUYODNWHZDWHUEHUHLNHQ2IGDW RRNKHWJHYDOLVYRRUSHVWLFLGHQ3$.HQ]ZDUHPHWDOHQLVQLHWEHNHQG. . 1DWXXUOLMMNH]XLYHULQJLQKHWDTXDWLVFKHFRPSDUWLPHQW. 0HXOHPDQ

(166) GHGHQRQGHU]RHNQDDUGHUROYDQGHZDWHUYHJHWDWLHLQGHYHUZLMGHULQJYDQ QXWULsQWHQXLWLQJHODWHQULYLHUZDWHU'HRSQDPHYDQIRVIDDWHQVWLNVWRIGRRUZDWHUYHJHWDWLH EOHHNYRRUUHVSHFWLHYHOLMNYDQGHYHUZLMGHULQJYDQGHQXWULsQWHQLQSXW YHUDQWZRRUGHOLMN2PGDWRRNKLHUGHVORRWMDDUOLMNVZHUGJHVFKRRQGNZDPHQGHRSJHQRPHQ QXWULsQWHQJURWHQGHHOVLQKHWQDMDDURSGHNDQWWHUHFKW'H]XLYHUHQGHZHUNLQJYDQGH ZDWHUYHJHWDWLHKDGDOVJHYROJGDWGHQXWULsQWHQFRQFHQWUDWLHVLQKHWVORRWZDWHUGDDOGHQWXVVHQ KHWLQODDWSXQWYDQKHWYHUYXLOGHULYLHUZDWHUHQKHWQDWXXUJHELHG ILJXXU

(167) . )LJXXU +HW HIIHFW YDQ GH ZDWHUYHJHWDWLH RS GH JHPLGGHOGH QXWULsQWHQFRQFHQWUDWLHV LQ HHQ VORWHQV\VWHHP JHYRHG PHW YHUYXLOG ULYLHUZDWHU JHPHWHQ RS PHHWVWDWLRQV LQ KHW VORWHQV\VWHHP YDQ QDWXXUUHVHUYDDW 'H 0HLMH WLMGHQVGH]RPHUVYDQHQYDQGLFKWELMKHWSXQWYDQULYLHUZDWHULQODDWWRWUXLPNPYHUGHURS Q

(168) 0HXOHPDQ

(169) .

(170) SDJYDQ. 5,90UDSSRUW. 'HZDWHUYHJHWDWLHEOLMNWHHQJURWHUROWHVSHOHQELMGHQDWXXUOLMNH]XLYHULQJYDQQXWULsQWHQLQ OLMQYRUPLJHZDWHUHQ,QGHVWXGLHYDQ0HXOHPDQ

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sQWHQYHUZLMGHUHQGRRUHHQKRJHSODQWRSQDPH=HEHVWULMNHQ HFKWHUVOHFKWVHHQEHSHUNWGHHOYDQGHZDWHUNRORPDOOHHQKHWZDWHURSSHUYODNHQGH WXUQRYHUVQHOKHLGLVKRRJ+LHUGRRULVGHQXWULsQWHQRSVODJLQNURRVVRRUWHQEHSHUNWHQVOHFKWV YDQWLMGHOLMNHDDUG 0HXOHPDQ

(172) . ,QYORHGYDQVFKRQLQJVEHKHHURSQDWXXUOLMNH ]XLYHULQJVSURFHVVHQ 'HQDWXXUOLMNH]XLYHULQJVSURFHVVHQLQGH1HGHUODQGVHOLMQYRUPLJHZDWHUHQZRUGHQVWHUN EHwQYORHGGRRUGHGUDVWLVFKHYHUVWRULQJGLHKHWMDDUOLMNVVFKRQHQLQKHWV\VWHHPWHZHHJEUHQJW *HGXUHQGHKHWMDDUJHDFFXPXOHHUGRUJDQLVFKPDWHULDDOZRUGWYHUSODDWVWYDQGHZDWHUERGHP HQGHZDWHUIDVHQDDUGHRHYHU'HVLWXDWLHYRRUGHZDWHUERGHPZRUGWGXVMDDUOLMNVWHUXJJH]HW QDDUGHEHJLQVLWXDWLHHQGHRHYHUZRUGWMDDUOLMNVYHUULMNWPHWRUJDQLVFKPDWHULDDO'RRUGH]H YHUSODDWVLQJLVKHWPRHLOLMNHHQRQGHUVFKHLGWHPDNHQWXVVHQGHZDWHUERGHPHQGHRHYHUYRRU ZDWEHWUHIWQDWXXUOLMNH]XLYHULQJVSURFHVVHQ +HWHIIHFWYDQKHWMDDUOLMNVYHUZLMGHUHQYDQGHYHJHWDWLHHQKHW PLQGHUIUHTXHQWH

(173) XLWEDJJHUHQYDQVORWHQHQJHFXOWLYHHUGHEHNHQLVGHYHUSODDWVLQJYDQQXWULsQWHQYDQGH VORRWERGHPQDDUGHNDQWHQYHUVWLNNLQJYDQGHYHJHWDWLHRSGHRHYHUWDOXGZDDUKHW VFKRQLQJVPDWHULDDOJHGHSRQHHUGZRUGW%RYHQGLHQZRUGWMDDUOLMNVGHYHJHWDWLH]RZHOLQGH VORRWDOVRSGHNDQWVWHUNYHUVWRRUG]RGDWGHYHJHWDWLHRQWZLNNHOLQJQRRLWYHUGHUNDQNRPHQ GDQHHQVWDGLXPJHGRPLQHHUGGRRUSLRQLHUVHQRSSRUWXQLVWHQYDQJURWH QXWULsQWHQEHVFKLNEDDUKHLGYDDNGHPHHUDOJHPHQHUHSODQWHQVRRUWHQ 7ZLVNHWDOD

(174) 'H ODDWVWHMDUHQLVHUWRHQHPHQGHLQWHUHVVHRPRRNRSVORRWNDQWHQQDWXXUYDQHHQJURWHUH NZDOLWHLWWHEHZHUNVWHOOLJHQ0HWQDPHLQGHYHHQZHLGHJHELHGHQLQ=XLG+ROODQGHQ8WUHFKW ]LMQYHUVFKLOOHQGHRQGHU]RHNHQYHUULFKWQDDUKHWHIIHFWYDQHHQODJHUH VORRWVFKRQLQJVIUHTXHQWLHRSGHVRRUWHQULMNGRPHQQDWXXUZDDUGHYDQGHVORRWNDQWYHJHWDWLH 7ZLVNHWDOD9DQ6WULHQ9DQ6WULHQHWDO

(175) 9DQ6WULHQ

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

(177) RQGHU]RFKWKHWHIIHFWYDQPHFKDQLVFKVORRWVFKRQHQRSGHRHYHUHQ ZDWHUYHJHWDWLHRS]DQGHQYHHQJURQGLQ=XLG+ROODQGHQ1RRUG+ROODQG(UZHUGppQWZHH RIGULHPDDOSHUMDDUJHVFKRRQGLQGHVORWHQ6OHFKWVYDQKHWWRWDDODDQWDOVRRUWHQ.

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

(179) RQGHU]RFKWHQLQGHHHUGHUJHQRHPGHVWXGLHQDDUGHHIIHFWHQYDQPLQGHU YDDNVORRWVFKRQHQRRNGHFRQFHQWUDWLHVYDQVWLNVWRIHQIRVIDDWLQGHERYHQVWHEDJJHUODDJ 9HUZDFKWZHUGGDWYDQZHJHGHDFFXPXODWLHYDQDIJHVWRUYHQSODQWHQRSGHERGHPGH QXWULsQWHQFRQFHQWUDWLHVKRJHUZRUGHQDOV]HQLHWMDDUOLMNVYHUZLMGHUGZRUGHQGRRU VORRWVFKRQHQ8LWGHPHWLQJHQEOHHNHFKWHUGDWHUJHHQYHUKRRJGHFRQFHQWUDWLHVYDQ QXWULsQWHQJHYRQGHQZHUGHQLQVORRWERGHPVGLHPLQGHUGDQHHQVSHUMDDUJHVFKRRQGZRUGHQ 'HFRQFHQWUDWLHVZHUGHQJHPHWHQLQPJJGURJHVWRI'RRUGHDIJHVWRUYHQZDWHUSODQWHQ QHHPWHFKWHUGHWRWDOHELRPDVVDWRHHQNDQGHDEVROXWHKRHYHHOKHLGQXWULs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

(180) 6ORRWVFKRQHQKHHIWWRWJHYROJGDWQXWULsQWHQYHUSODDWVWZRUGHQYDQGHZDWHUERGHPHQGH ZDWHUIDVHQDDUGHNDQWYDQDQDsUREHQDDUPHHUDsUREHRPVWDQGLJKHGHQ'H]HYHUSODDWVLQJ ]DOHHQVWLPXOHUHQGHLQYORHGKHEEHQRSGHQLWULILFDWLHHQELQGLQJYDQIRVIDDWHQHHQ UHPPHQGHZHUNLQJRSGHGHQLWULILFDWLH%LMGHDIEUDDNYDQKHWSODQWHQPDWHULDDOGDWERYHQRS KHWWDOXGZRUGWJHGHSRQHHUG]DOKHWYULMJHNRPHQIRVIDDWJHERQGHQNXQQHQZRUGHQDDQ ERGHPGHHOWMHVWHUZLMOKHWDPPRQLXPGRRUQLWULILFDWLHRPJH]HWNDQZRUGHQLQQLWUDDW+HW QLWUDDWNDQDIRIXLWVSRHOHQQDDUKHWRSSHUYODNWHZDWHUHQGDDULQGHDQDsUREHVORRWERGHP GRRUGHQLWULILFDWLHRPJH]HWZRUGHQLQDWPRVIHULVFKVWLNVWRIHQGXVDOVQRJKHWV\VWHHP GHILQLWLHIYHUODWHQ'HNDQVHFKWHUGDWHHQGHHOYDQGHVWLNVWRIXLWVSRHOWQDDUGLHSHUH ERGHPODJHQHQ]RKHWJURQGZDWHUEHUHLNWLVDDQZH]LJ'LWWUDQVSRUW]DOYHUVFKLOOHQSHU ERGHPW\SH]RDOVHHUGHUEHVSURNHQLV'HYHUSODDWVLQJYDQSHVWLFLGHQHQ3$.YDQGH.

(181) SDJYDQ. 5,90UDSSRUW. VORRWERGHPQDDUGHNDQW]RXNXQQHQUHVXOWHUHQLQHHQORNDOHDFFXPXODWLHYDQGHVWRIIHQLQGH ERGHP'LW]RXVFKDGHOLMNHJHYROJHQNXQQHQKHEEHQYRRUGHYHJHWDWLHHQGHPLFURELs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sUREHHQDQDsUREHPLFURVLWHVLQGH ERGHPHONDDUDIZLVVHOHQ 0HOPDQHWDO

(182) 'LWELHGW]RZHOYRRUQLWULILFDWLHDOV GHQLWULILFDWLHJRHGHRPVWDQGLJKHGHQ]RGDWGHGHQLWULILFDWLHQLHWEHOHPPHUG]DOZRUGHQGRRU JHEUHNDDQQLWUDDW2PGH]HUHGHQNDQHHQJURWHUHYHUZLMGHULQJYDQVWLNVWRIYHUZDFKWZRUGHQ LQPLQGHUGDQHHQVSHUMDDUJHVFKRRQGHVORWHQYHUJHOHNHQPHWMDDUOLMNVJHVFKRRQGHVORWHQ 9RRUIRVIDDW]DOGHRSQDPHGRRUGHYHJHWDWLHJURWHU]LMQLQGHYHUODQGLQJVVWURRNWHQRS]LFKWH YDQGHYRHWYDQKHWWDOXGLQHHQJHVFKRRQGHVORRW%RYHQGLHQ]DOGHQDOHYHULQJPLQGHU]LMQLQ GHYHUODQGLQJVVWURRNRPGDWHURRNDs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sQWHQLVHUZHOHHQJRHGEHHOGYDQGHPRJHOLMNH]XLYHULQJVSURFHVVHQ PDDUYRRUSHVWLFLGHQ]ZDUHPHWDOHQHQ3$.LVGLWQRJJHHQV]LQVKHWJHYDO.ZDQWLWDWLHYHHQ NZDOLWDWLHYHGDWDRQWEUHNHQHYHQHHQVQRJYRRUGH1HGHUODQGVHVLWXDWLH'LWJHOGW]RZHOYRRU VORWHQHQJHFXOWLYHHUGHEHNHQDOVYRRUQDWXXUOLMNHEHNHQ 'HUHODWLHWXVVHQQDWXXUOLMNH]XLYHULQJVSURFHVVHQHQHU]LMGVHQGHVRRUWVGLYHUVLWHLWYDQ ZDWHUJDQJHQDQGHU]LMGVLVQRJQLHWRQGHU]RFKW+HWOLMNWHUHFKWHURSGDWGHQDWXXUOLMNH ]XLYHULQJLQGRRUNURRVJHGRPLQHHUGHZDWHUJDQJHQPLQGHULVGDQLQZDWHUJDQJHQPHWHHQ JRHGRQWZLNNHOGHRQGHUJHGRNHQZDWHUSODQWHQYHJHWDWLHRPGDWLQKHWHHUVWHJHYDOGH ZDWHUNZDOLWHLWDDQ]LHQOLMNVOHFKWHULV'LW]RXYHUNODDUGNXQQHQZRUGHQGRRUGHKRJH WXUQRYHUVQHOKHLGYDQNURRVHQKHWEHSHUNWHFRQWDFWPHWGHZDWHUNRORP'HGLYHUVLWHLWYDQ VRRUWHQLVLQNURRVJHGRPLQHHUGHZDWHUJDQJHQYHHOODJHUGDQLQZDWHUJDQJHQPHW RQGHUJHGRNHQZDWHUSODQWHQYHJHWDWLH2IGLWLQYHUEDQGVWDDWPHWGHHYHQHHQVPLQGHUJURWH QDWXXUOLMNH]XLYHULQJLQZDWHUJDQJHQPHWHHQNURRVGHNLVQLHWEHNHQG$QGHUVRPOLMNWGH JURWHUHGLYHUVLWHLWYDQPDFURI\WHQLQQLHWJHsWURILHHUGHZDWHUJDQJHQHHQSRVLWLHYHLQYORHGWH KHEEHQRSGHQXWULsQWHQYHUZLMGHULQJ+HWLVHFKWHUQLHWEHNHQGRIGLWKHWJHYROJLVYDQHHQ.

(183) 5,90UDSSRUW. SDJYDQ. KRJHUHDFWLYLWHLWYDQGH]HOIGHSURFHVVHQRIGDWHUVSUDNHLVYDQPHHUSURFHVVHQGLHELMGUDJHQ DDQGHQDWXXUOLMNH]XLYHULQJYDQQXWULsQWHQ ,QZDWHUJDQJHQGLHDOVJHYROJYDQPLQGHUYDDNVFKRQHQHHQSODVGUDVUDQGRQWZLNNHOHQODQJV GHRHYHUNXQQHQSODQWHQ]LFKYHVWLJHQGLHEHNHQGVWDDQDOVK\SHUDFFXPXODWRUHQ]RDOV5LHW 3KUDJPLWHVDXVWUDOLV

(184) HQ*URWH/LVGRGGH 7\SKDODWLIROLD

(185) 'LWVRRUWSODQWHQNDQUHODWLHI JURWHKRHYHHOKHGHQQXWULsQWHQYHUZLMGHUHQGRRURSQDPHHQYDVWOHJJLQJ 'H*UDDIHWDO

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µFULWLFDOORDGV¶YDQ1HQ3WHEHUHNHQHQZDDUERYHQGH]HRPVODJ]RX SODDWVYLQGHQ(HQDQGHUYRRUEHHOGYDQHHQYDVWJHVWHOGHµFULWLFDOORDG¶YRRUIRVIDDWLVGH]J µRQHJUDPUXOH¶GLHLVYRRUJHVWHOGGRRU5LFKDUGVRQHWDO

No results found