• No results found

Fysieke productieontwikkelingen in de industrie. Het gebruik van STREAM bij verkenningen | RIVM

N/A
N/A
Protected

Academic year: 2021

Share "Fysieke productieontwikkelingen in de industrie. Het gebruik van STREAM bij verkenningen | RIVM"

Copied!
86
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)UHVHDUFKIRU PDQDQGHQYLURQPHQW. 5,-.6,167,7887922592/.6*(=21'+(,'(10,/,(8 1$7,21$/,167,787(2)38%/,&+($/7+$1'7+((19,5210(17. 5,90UDSSRUW )\VLHNHSURGXFWLHRQWZLNNHOLQJHQLQGH,QGXVWULH +HWJHEUXLNYDQ675($0ELMYHUNHQQLQJHQ. +( (O]HQJD 93&) +HU]EHUJ +-%0 0DQQDHUWV 00XOGHU57KRPDVHQ/*:HVVHOLQN MXOL. 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[.

(2) YDQ. 9RRUZRRUG 0HWGLW UDSSRUWLV KHW RQWZLNNHOWUDMHFW YDQ KHW PRGHO 675($0 YULMZHO DIJHURQG +HW SURMHFW LV LQ GRRUKHW5,90HQKHW&3%JHVWDUW'HDDQOHLGLQJGDDUYRRUZDVKHWRQWEUHNHQYDQHHQPRGHO RP VFHQDULRDQDO\VHV WH NXQQHQ PDNHQ YDQ GH WRHNRPVWLJH RQWZLNNHOLQJ YDQ GH SURGXFWLH LQ NLORJUDPPHQ

(3) YDQPDWHULDOHQLQGHEDVLVLQGXVWULH'HUJHOLMNHDQDO\VHV]LMQYDQJURRWEHODQJYDQZHJH GH JURWH PLOLHXGUXN GLH JHNRSSHOG LV DDQ GH]H SURGXFWLH HQ YRUPHQ HHQ EHODQJULMNH VFKDNHO WXVVHQ ODQJHWHUPLMQYHUNHQQLQJHQYDQGHHFRQRPLHHQYDQKHWPLOLHX 5HVXOWDWHQ YDQ GLW SURMHFW ]LMQ GH DIJHORSHQ MDUHQ UHHGV JHEUXLNW ELM GH ODQJH WHUPLMQYHUNHQQLQJHQ +HW PRGHO LV LQ  GRRU 0DQQDHUWV EHVFKUHYHQ LQ HHQ &3% 5HVHDUFK 0HPRUDQGXP 0DQQDHUWVD

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

(6) LQFRRSHUDWLRQZLWKWKH 5,90 WR GHVLJQ WKH 675($0 PRGHO 675($0 ZLOO DOORZ WKHVH LQVWLWXWHV WR GLVFRYHU KRZ DW QDWLRQDO (XURSHDQ DQG JOREDO OHYHOV GHYHORSPHQWV LQ WKH HFRQRP\ DQG HQYLURQPHQWDO SROLF\ LQIOXHQFH WKH SK\VLFDO YROXPH ORFDWLRQ DQG LQSXW HIILFLHQF\ ODERXU FDSLWDO DQG HQHUJ\

(7)  LQ WKH SURGXFWLRQ RI PDWHULDOV 675($0 FRPSULVHV WKH PDWHULDOV VWHHO DOXPLQLXP SDSHU SHWURFKHPLFDO SURGXFWV PRQRPHUVSRO\PHUVDQGVROYHQWV

(8) DQGDUWLILFLDOIHUWLOL]HUV,WPRGHOVGHYHORSPHQWVLQERWK SURGXFWLRQZLWKSULPDU\UDZPDWHULDOVDQGSURGXFWLRQZLWKUHF\FOHGPDWHULDOV 675($0FRQVLVWV RI PDQ\ PRGHO SDUDPHWHUV GHWHUPLQHG IURP RU FDOLEUDWHG RQ PRQLWRULQJ GDWDRYHUWKHSHULRGWR)URPDJHQHUDOXQFHUWDLQW\DQGVHQVLWLYLW\DQDO\VLVZHFRQFOXGHG WKDWWKHPRVWLPSRUWDQWXQFHUWDLQWLHVDQGVHQVLWLYLWLHVRIWKH'XWFKµEORFN¶LQWKHPRGHOZHUHWREH IRXQGLQWKHFXUUHQWLPSRUWDQGH[SRUWHODVWLFLWLHV7KHVHLQGLFDWHIRUH[DPSOHWKDWDULVHLQWKHFRVW SULFHRILQWKH1HWKHUODQGVZLWKUHVSHFWWRDEURDGZRXOGUHVXOWLQDQH[SRUWGURSRI,QYLHZ RIWKHXQFHUWDLQWLHVDERXWWKHSUHFLVHOHYHORIWKHHIIHFWVWKHPRGHOUHVXOWVJLYHPRVWO\LQGLFDWLYH±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¶LQGXVWULDOVHFWRUDPRXQWLQJWRRI WKH WRWDO SURGXFWLRQ FRVWV DUH QRW GHPRQVWUDEO\ KLJKHU WKDQ LQ WKH VXUURXQGLQJ FRPSHWLWLYH

(9) FRXQWULHV 7KH IXWXUH FRVWV LQGLFDWHG LQ WKH HQYLURQPHQWDO SROLF\ QRZ VHW GRZQ HLWKHU GR QRW RU EDUHO\VHHPWRDIIHFWWKHLQGXVWU\¶VFRPSHWLWLYHSRVLWLRQ7KLVSROLF\ZLOOOHDGWRD IXUWKHU

(10) GURSLQ LQGXVWULDOHPLVVLRQVH[FHSWIRU&2 KRZHYHUHPLVVLRQWDUJHWVIRUUHPDLQODUJHO\XQDWWDLQDEOH &DOFXODWLRQ YDULDQWV ZLWK D VWULFWHU HQYLURQPHQWDO SROLF\ IXUWKHU LOOXVWUDWH WKH µWHQVLRQ¶ EHWZHHQ HQYLURQPHQWDOSROLF\RQWKHRQHKDQGDQGORVVRIWKHFRPSHWLWLYHSRZHURQWKHRWKHU . .

(11) YDQ. ,QKRXG . ,1/(,',1*(19(5$17:225',1*  . . 0,/,(8(1,1'8675,É/(352'8&7,(     . . '(,1'8675,(,11('(5/$1'   0,/,(87+(0$¶6(1'(+8,',*(%,-'5$*(9$1'(,1'8675,(   $1$/<6(9$1,1'8675,É/((0,66,(6   122'=$$.9$19(5.(11,1*(1(102'(/.(8=(  . '(:(5.,1*9$1675($0    ,1/(,',1*    +22)'6758&78859$1+(702'(/    $OJHPHHQ    +RH675($0UHNHQW   '(95$$*1$$50$7(5,$/(1    '(.26735,-6(1+(7$$1%2'9$10$7(5,$/(1    ,17(51$7,21$/(0$7(5,$$/0$5.7(1(1+$1'(/667520(1   0DUNWHYHQZLFKWHQSULMVYRUPLQJGHSUDNWLMN    +DQGHOVVWURPHQLQ675($0    9(5%(7(502*(/,-.+('(19$1675($0  . . *(%58,.9$1675($0%,-0,/,(89(5.(11,1*(1    ,1/(,',1*    9$1(&2120,6&+(217:,..(/,1*(11$$5)<6,(.(352'8&7,(    0DWHULDDOVWURPHQZHUHOGZLMGLQHHQEDVLVVFHQDULR    6WDDORQWZLNNHOLQJHQLQ1HGHUODQGLQWZHHVFHQDULR¶V    3URGXFWLHRQWZLNNHOLQJHQLQ1HGHUODQGPLGGHOODQJHWHUPLMQVFHQDULR¶V   9$1)<6,(.(352'8&7,(1$$50,/,(8'58.  . . 1('(5/$1'6(0,/,(8%(/(,'6,167580(17(1,1675($0    ,1/(,',1*    1,(768%67,78((5%$5(0,/,(8.267(1,11('(5/$1'    9,(5µ(1(5*,(*(5(/$7((5'(¶%(/(,'6,167580(17(1    (QHUJLHKHIILQJ    7DDNVWHOOLQJYRRUHQHUJLHHIILFLHQF\    %HQFKPDUNLQJHQHUJLHHIILFLHQF\    12[(PLVVLHKDQGHO (+

(12)  . . 6<17+(6(    675($05(68/7$7(1    675($0$$1'$&+763817(192259(5'(521'(5=2(.    %LQQHQKHWGRPHLQYDQKHWKXLGLJH675($0    EXLWHQKHWGRPHLQYDQKHWKXLGLJH675($0  . 5()(5(17,(6  %,-/$*(9$1675($09(56,(1$$5   %,-/$*(2873879$1675($0   %,-/$*(675($00$77(5(1',0,75,  9(5=(1'/,-67  .

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

(14) EHOHLGGRRUZHUNHQLQGHI\VLHNH RPYDQJ GH ORFDWLH HQ GH LQSXWHIILFLHQF\ DUEHLG NDSLWDDO HQ HQHUJLH

(15)  YDQ GH PDWHULDOHQSURGXFWLH 675($0 EHYDW GH PDWHULDOHQ VWDDO DOXPLQLXP SDSLHU SHWURFKHPLVFKH SURGXFWLH PRQRPHUHQ SRO\PHUHQ RSORVPLGGHOHQ

(16)  HQ NXQVWPHVW HQ PRGHOOHHUW ]RZHO GH SURGXFWLHRQWZLNNHOLQJHQ YDQ PDWHULDOHQ REY SULPDLUH ¶PDDJGHOLMNH¶

(17)  JURQGVWRIIHQ DOV GH SURGXFWLH REY JHUHF\FOHGH PDWHULDOHQ 675($0 EHYDW YHHO PRGHOSDUDPHWHUV GLH ]LMQ EHSDDOG XLW RI JHNDOLEUHHUG ]LMQ RS PRQLWRULQJVJHJHYHQV RYHU GH SHULRGH  8LW HHQ JOREDOH RQ]HNHUKHLGV HQ JHYRHOLJKHLGVDQDO\VH FRQFOXGHUHQ ZH GDW GH EHODQJULMNVWH RQ]HNHUKHGHQ HQ JHYRHOLJKHLG YDQ KHW 1HGHUODQGVH µEORN¶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sOH HQHUJLHJHEUXLN HQ GH GDDUPHH VDPHQKDQJHQGH &2 HPLVVLHVQHPHQGDDURPLQGLWVFHQDULRWRH  7RW RS KHGHQ ]LMQ GH PLOLHXNRVWHQ LQ GH 1HGHUODQGVH LQGXVWULH  YDQ GH WRWDOH SURGXFWLHNRVWHQ HQ QLHW DDQWRRQEDDU KRJHU GDQ LQ RPULQJHQGH FRQFXUUHUHQGH

(18)  ODQGHQ 'H WRHNRPVWLJH NRVWHQ ELM KHW QX YDVWJHVWHOGH PLOLHXEHOHLG OLMNHQ GH FRQFXUUHQWLHSRVLWLH RRN QLHW RI EHSHUNWDDQWHWDVWHQ'LWEHOHLGGRHWLQGXVWULsOHHPLVVLHVLQ1HGHUODQG YHUGHU

(19) GDOHQXLWJH]RQGHUG &2  PDDU HPLVVLHGRHOHQ YRRU  EOLMYHQ YHHODO EXLWHQ EHUHLN 5HNHQYDULDQWHQ ZDDULQ KHW PLOLHXEHOHLGZRUGWDDQJHVFKHUSWJHYHQHHQYHUGHUHLOOXVWUDWLHYDQGHµVSDQQLQJ¶WXVVHQPLOLHXEHOHLG HQHU]LMGVHQYHUOLHVDDQFRQFXUUHQWLHNUDFKWDQGHU]LMGV . .

(20) YDQ.

(21) YDQ. . ,QOHLGLQJHQYHUDQWZRRUGLQJ. $FKWHUJURQGHQYDQGLWUDSSRUW 'RRU KHW 5,90 HQ KHW &3% ZRUGHQ ±LQ VDPHQZHUNLQJ PHW YHOH DQGHUH LQVWLWXWHQ UHJHOPDWLJ YHUNHQQLQJHQ RSJHVWHOG +LHULQ ZRUGHQ EHVFKULMYLQJHQ HQ DQDO\VHV JHJHYHQ YDQ GH WRHNRPVWLJH HFRQRPLVFKHRQWZLNNHOLQJHQGHPLOLHXNZDOLWHLWHQGHUHODWLHGDDUWXVVHQ'H]HYHUNHQQLQJHQKHEEHQ PHHVWDOEHWUHNNLQJRSGHPLGGHOODQJH FDWRWMDDU

(22) RIGHODQJHWHUPLMQ FDWRWMDDU

(23) 2P GHUJHOLMNH YHUNHQQLQJHQ WH NXQQHQ XLWYRHUHQ PDNHQ 5,90 HQ &3% QDDVW LQIRUPDWLH RYHU KHW YHUOHGHQ HQ KHW KHGHQ YHHO JHEUXLN YDQ UHNHQ

(24) PRGHOOHQ (HQ YRRUGHHO KLHUYDQ LV GDW KHW GDDUPHH PRJHOLMNLVRPRSFRQVLVWHQWHHQNZDQWLWDWLHYHZLM]HWHEHVFKULMYHQKRHGHWRHNRPVWµHUXLWNDQJDDQ ]LHQ¶(pQYDQGH]HPRGHOOHQLV675($0675($0LVHHQDFURQLHPYRRU³6XEVWDQFH7KURXJKSXW 5HODWHGWR(FRQRP\$FWLYLW\0RGHO´'LWPRGHOLVRQWZLNNHOGGRRUKHW&3%LQVDPHQZHUNLQJPHW KHW5,90HQZRUGWGRRUEHLGHLQVWLWXWHQJHEUXLNW :DDURP675($0 675($0 EHVFKULMIW SURGXFWLH HQ KHUJHEUXLN YDQ GH PDWHULDOHQ VWDDO DOXPLQLXP SDSLHU SHWURFKHPLVFKHSURGXFWLH PRQRPHUHQSRO\PHUHQRSORVPLGGHOHQ

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

(26) 'LWLVPHW QDPHGHHPLVVLHYDQ&2 DOVJHYROJYDQKHWJHEUXLNYDQIRVVLHOHHQHUJLH,Q1HGHUODQGZRUGWFLUFD YDQGHEUDQGVWRIIHQGRRURIWHQEHKRHYHYDQGH EDVLV

(27) LQGXVWULHLQJH]HW+RHZHORRNLQGHDIYDO HQUHF\FOLQJIDVHYDQPDWHULDOHQHQHUJLHZRUGWJHEUXLNWHQHPLVVLHVSODDWVYLQGHQYDOWGDDULQEHJLQVHO YHHOPLOLHXZLQVWPHHWHKDOHQGHSURGXFWLHYDQPDWHULDOHQXLWJHUHF\FOHGHJURQGVWRIIHQLVQDPHOLMN YHHOHQHUJLHH[WHQVLHYHUGDQGHSURGXFWLHXLWPDDJGHOLMNHJURQGVWRIIHQ . :DWµVWXXUW¶GHPDWHULDDOVWURPHQ" 9UDDJHQDDQERGYDQPDWHULDOHQµRQWPRHWHQ¶HONDDURSGHZHUHOGPDUNW(U LV HHQOHYHQGLJH KDQGHO RYHU GH 1HGHUODQGVH JUHQV GH 1HGHUODQGVH EDVLVLQGXVWULH SURGXFHHUW JURWHQGHHOV YRRU GH H[SRUW

(28)  PDDU RRN RYHU GH :HVW(XURSHVH JUHQ]HQ 5HJLRQDOH YUDDJRQWZLNNHOLQJHQ HQ NRVWSULMV RQWZLNNHOLQJHQ VWXUHQ GH]H KDQGHOVVWURPHQ ,Q GH HFRQRPLVFKH ZHUHOG ]RHNW GH YUDJHU GH JRHGNRRSVWH DDQELHGHU ]HNHU ZDDU KHW JDDW RP EXONJRHGHUHQ GLH ]LFK QDXZHOLMNV NXQQHQ RQGHUVFKHLGHQ REY NZDOLWHLWVYHUVFKLOOHQ %HSDOHQG YRRU GH NRVWSULMVRQWZLNNHOLQJ YDQ PDWHULDOHQ ]LMQ GH SULM]HQ YDQ ]RJHQRHPGH µLQSXWV¶ DUEHLG NDSLWDDO HQHUJLH HQ JURQGVWRIIHQ HQ GH PRJHOLMNKHGHQ YRRU HIILFLHQF\YHUEHWHULQJHQ LQ GH]H LQSXWV ELMYRRUEHHOG HQHUJLHEHVSDULQJ 0LOLHX

(29) EHOHLGLVPHGHEHSDOHQGYRRUGH]HNRVWSULMVRQWZLNNHOLQJHQ6DPHQJHYDWEHSDOHQJHQRHPGH PHFKDQLVPHQ ZDDU HQ PHW ZHONH HIILFLHQF\ GH SURGXFWLH YDQ PDWHULDOHQ SODDWVYLQGW 'H]H PHFKDQLVPHQYRUPHQGHNHUQYDQ675($0.

(30) YDQ. 'RHOYDQGLWUDSSRUW (HQZHWHQVFKDSSHOLMNHYHUDQWZRRUGLQJYDQKHWPRGHO675($0ZRUGWJHJHYHQLQKHW&3%5HVHDUFK 0HPRUDQGXPQU 0DQQDHUWVD

(31) ,QKHWYRRUOLJJHQGHUDSSRUW ZRUGW QDGHU LQJHJDDQ RS GH PRGHOPHFKDQLVPHQ HQ WRHSDVVLQJHQ HQ ZRUGW GH SRVLWLH YDQ KHW PRGHO LQ GH µUHNHQNHWHQ¶ YDQ HFRQRPLVFKHQDDUPLOLHXYHUNHQQLQJLQ]LFKWHOLMNJHPDDNW6DPHQJHYDWKHHIWGLWUDSSRUWWRWGRHORP HHQ LHGHU GLH JHwQWHUHVVHHUG LV LQ PDWHULDDOVWURPHQ HQ GH GDDUDDQ JHUHODWHHUGH PLOLHXGUXN WH ODWHQ ]LHQKRHLQGHYHUNHQQLQJHQYDQKHW5,90HQKHW&3%KHWPRGHO675($0ZRUGWJHEUXLNW 7RHOLFKWLQJRSHQWRHSDVVLQJYDQKHW PRGHO 675($0 VWDDQFHQWUDDOLQ GLWUDSSRUW $DQ GH WRWDOH PLOLHXGUXN GLH LV JHNRSSHOG DDQ GH PHW 675($0 EHUHNHQGH RQWZLNNHOLQJHQ LQ PDWHULDOHQSURGXFWLH ZRUGW DOOHHQ RS KRRIGOLMQHQ DDQGDFKW EHVWHHG +LHUYRRU ]LMQ DQGHUH PHHU JHGHWDLOOHHUGHPRGHOOHQHQUDSSRUWDJHVEHVFKLNEDDU 5,90D

(32)  2SERXZYDQGLWUDSSRUW ,Q KRRIGVWXN  ZRUGW DOV LQOHLGLQJ GH EHVFKULMYLQJ YDQ 675($0 LQ KHW NRUW EHVFKUHYHQ KRH GH PLOLHXGUXN GRRU GH 1HGHUODQGVHLQGXVWULH ]LFKLQ GHDIJHORSHQ MDDU KHHIW RQWZLNNHOG HQ KRH GLH ]LFK QDDU YHUZDFKWLQJ YHUGHU ]DO RQWZLNNHOHQ RQGHU LQYORHG YDQ HFRQRPLVFKH HQ WHFKQRORJLVFKH RQWZLNNHOLQJHQ HQ PLOLHXEHOHLG ,Q KRRIGVWXN  ZRUGW RS KRRIGOLMQHQ GH ZHUNLQJ YDQ KHW PRGHO 675($0EHVFKUHYHQ'HQDGUXNOLJWKLHUELMRSKHWVWDSVJHZLMVEHVFKULMYHQYDQGHPHFKDQLVPHQHQ YDULDEHOHQ LQ 675($0 JHwOOXVWUHHUG DDQ GH KDQG YDQ YRRUEHHOGHQ 'H XLWNRPVWHQ YDQ 675($0 KDQJHQ DI YDQ GH LQ KHW PRGHO RSJHQRPHQ YHURQGHUVWHOOLQJHQ RYHU GH HFRQRPLVFKH ³RPJHYLQJ´ 'H]HJHYRHOLJKHLGZRUGWLQKRRIGVWXNWRHJHOLFKW9HUYROJHQVZRUGWLQKRRIGVWXNJHwOOXVWUHHUGLQ ZHONH PDWH HQ YLD ZHONH HFRQRPLVFKH PHFKDQLVPHQ LQ 675($0 1HGHUODQGV PLOLHXEHOHLG HIIHFW NDQ KHEEHQ RS GH RPYDQJ HQ GH HQHUJLHHIILFLHQF\ YDQ SURGXFWLH LQ 1HGHUODQG $FKWHUHHQYROJHQV ZRUGHQ EHVSURNHQ KHW HIIHFW YDQ PLOLHXNRVWHQ HQ KHW HIIHFW YDQ GH LQ]HW YDQ YLHU DFWXHOH PLOLHX EHOHLGLQVWUXPHQWHQ WH ZHWHQ (QHUJLHKHIILQJ (QHUJLHHIILFLHQF\ 7DDNVWHOOLQJ %HQFKPDUNLQJ HQ 12[HPLVVLHKDQGHO+HWUDSSRUWVOXLWDIPHWHHQV\QWKHVHYDQGHEHYLQGLQJHQPHW675($0.

(33) YDQ. . 0LOLHXHQLQGXVWULsOHSURGXFWLH. ,QGLWKRRIVWXNZRUGWLQKHWNRUWEHVFKUHYHQLQZHONHPDWHGH1HGHUODQGVHLQGXVWULHELMGUDDJWDDQGH PLOLHXEHODVWLQJ LQ 1HGHUODQG  HQ KRH GLW ]LFK WRW RS KHGHQ KHHIW RQWZLNNHOG +LHUELM ZRUGW RRN LQJHJDDQRSGHUROYDQKHWEHOHLG*HJHYHQVXLWGLWKRRIGVWXN]LMQDINRPVWLJXLWGH0LOLHXEDODQV 5,90E

(34) HQGHH0LOLHXYHUNHQQLQJ 5,90D

(35)  . . 'HLQGXVWULHLQ1HGHUODQG. 'H1HGHUODQGVHLQGXVWULHKHHIWWHQRS]LFKWHYDQKHWEXLWHQODQGYHHOµ]ZDUH¶RIEDVLVLQGXVWULHHQLV GDDUGRRU UHODWLHI HQHUJLHLQWHQVLHI 9RRUEHHOGHQ YDQ HQHUJLHLQWHQVLHYH SURGXFWLHSURFHVVHQ ]LMQ GH DDUGROLHUDIILQDJH SURGXFWLH YDQ JURQGVWRIIHQ YRRU

(36)  NXQVWVWRIIHQ RSORVPLGGHOHQ NXQVWPHVW FKORRU LQGHEDVLVFKHPLHHQGHSURGXFWLHYDQLM]HUVWDDODOXPLQLXPSDSLHUHQERXZPDWHULDOHQ'LWJURWH DDQGHHO EDVLVLQGXVWULH LV RQGHUPHHU KHW JHYROJ YDQ GH JHRJUDILVFKH OLJJLQJ YDQ 1HGHUODQG *URQGVWRIIHQ ZRUGHQ YHHODO RYHU ]HH DDQJHYRHUG LQ HQ URQG GH KDYHQJHELHGHQ YHUZHUNW WRW EDVLVSURGXFWHQHQYHUYROJHQVRYHURDGHJURWHULYLHUHQQDDU(XURSDJHGLVWULEXHHUG2QJHYHHU YDQGHSURGXFWLHYDQGH1HGHUODQGVHEDVLVLQGXVWULH LQJXOGHQV

(37) LVGDQRRNEHVWHPGYRRUGHH[SRUW HQFLUFDYDQKHW1HGHUODQGVHHQHUJLHJHEUXLNZRUGWJHEUXLNWYRRUSURGXFWLHYDQEDVLVPDWHULDOHQ WHQEHKRHYHYDQGHH[SRUW ]LH)LJXXU

(38) . )LJXXU(HQJURRWGHHOYDQKHWHQHUJLHJHEUXLNLQ1HGHUODQGLVYLDGHSURGXFWLHYDQEDVLVPDWHULDOHQEHVWHPG YRRUKHWEXLWHQODQG 5,90D

(39). 4XDHQHUJLHHIILFLHQF\EHKRRUWHHQDDQWDO1HGHUODQGVHEDVLVLQGXVWULHsQWRWGHZHUHOGWRSWHUZLMOHHQ DDQWDO DQGHUH WRW GH PLGGHQPRRW EHKRRUW  'HVRQGDQNV LV GH PLOLHXEHODVWLQJ LQ 1HGHUODQG  GRRU LQGXVWULsOHSURGXFWLHDDQ]LHQOLMN ]LHSDUDJUDDI

(40)  . .  . 'LWKRRIGVWXNQHHPWGHWRWDOH1HGHUODQGVHLQGXVWULHLQEHVFKRXZLQJHQGXVQLHWDOOHHQGH675($0VHFWRUHQ'H]HVHFWRUHQKHEEHQ ZHO. HHQJURRWDDQGHHOLQGHPLOLHXGUXNGRRUGHLQGXVWULH  . 7RSEDVLVPHWDDO SULPDLUHDOXPLQLXPHQVWDDOSURGXFWLH

(41) PLGGHQPRRWNUDNHUVLQGHEDVLVFKHPLH 3K\OLSVHQ 

(42)  'HLQGLUHFWHPLOLHXEHODVWLQJWJYSURGXFWLHELMYGRRUZLQQLQJYDQJURQGVWRIIHQHQWUDQVSRUWZRUGWQLHWEHVFKRXZG.

(43) YDQ. . 0LOLHXWKHPD¶VHQGHKXLGLJHELMGUDJHYDQGHLQGXVWULH. 'H ELMGUDJH YDQ GH LQGXVWULH LQFOXVLHI UDIILQDGHULMHQ

(44)  DDQ GH YHUVFKLOOHQGH PLOLHXWKHPD¶V LV JURRW 7DEHO

(45) 9RRUYHHOVWRIIHQ±]RDOV62 12 30 HQ926LVHUVSUDNHYDQHHQGDOHQGHWUHQG YDQ GH HPLVVLH ]HNHU DOV GH]H ZRUGW DIJH]HW WHJHQ GH VWLMJLQJ YDQ GH EUXWR WRHJHYRHJGH ZDDUGH )LJXXU

(46) (HQXLW]RQGHULQJKLHURSLVGHHPLVVLHYDQ&2 GH]HLVGHODDWVWHMDDUVWDELHO . . [. . . 7DEHO  (PLVVLHV QDDU OXFKW LQ 1HGHUODQG HQ GH ELMGUDJH YDQ GH LQGXVWULH LQFO UDIILQDGHULMHQ

(47)  KLHUDDQ LQ  5,90E

(48) 0,/,(87+(0$672). (0,66,(,1. %,-'5$*(. ,1'8675,(. 

(49). %URHLNDVHIIHFW. POG&2HT. . . &2. POGNJ. . . 1 2. POQNJ. . . 9HU]XULQJ. POG=HT. . . 12[. POQNJ. . . 62. POQNJ. . . 1+. POQNJ. . . 926. POQNJ. . . 30. POQNJ. . . . *URRWVFKDOLJHOXFKWYHURQWUHLQLJLQJ. . :DQQHHURRNGH&2GLHYULMNRPWELMGHHOHNWULFLWHLWZDUPWHRSZHNNLQJWEYGHLQGXVWULHDDQGHLQGXVWULH ZRUGWWRHJHUHNHQGLVGLWDDQGHHOFLUFD. . . . EUXWRWRHJHY RHJGHZDDUGH.           [ H G Q ,. &2. . 12 62 12[. . ILMQVWRI DIYDO YVO

(50) 926. . . .  . . . . MDDU. )LJXXU  2QWZLNNHOLQJ YDQ GH PLOLHXEHODVWLQJ HQ GH ELMGUDJH DDQ KHW %%3 GRRU GH LQGXVWULH LQ GH SHULRGH  5,90E

(51). 2S LQWHU

(52) QDWLRQDOH VFKDDO LV GH HPLVVLH YDQ YHHO VWRIIHQ LQ GH DIJHORSHQ GHFHQQLD VWHUN JHGDDOG ZDDUGRRU RYHUVFKULMGLQJ YDQ OXFKWNZDOLWHLWQRUPHQ LV YHUPLQGHUG 8LW PLOLHXYHUNHQQLQJHQ EOLMNW HFKWHUGDWHHQDDQWDOPLOLHXSUREOHPHQHUJODVWLJLVRSWHORVVHQGDWZLO]HJJHQGDWKHWHUJPRHLOLMNLV.  . 30VWDDWYRRU3DUWLFXODWH0DWWHUPHWHHQGHHOWMHVJURRWWH. mPYDDNDDQJHGXLGDOVILMQVWRI.

(53) YDQ. RP GH PLOLHXGUXN GXVGDQLJ WH YHUPLQGHUHQ GDW GH JHVWHOGH PLOLHXNZDOLWHLWVGRHOHQ JHKDDOG ZRUGHQ 'HPHHVWKDUGQHNNLJHPLOLHXSUREOHPHQ]LMQ 5,90D

(54) NOLPDDWYHUDQGHULQJDOVJHYROJYDQKHW EURHLNDVJDVHIIHFWYHU]XULQJHQYHUPHVWLQJOXFKWYHURQWUHLQLJLQJ R]RQHQILMQVWRI

(55) YHUPLQGHULQJYDQ ELRGLYHUVLWHLWHQGHEHVFKLNEDDUKHLGYDQQDWXXUOLMNHKXOSEURQQHQ]RDOVYLVHQZDWHU 'H 1HGHUODQGVH EDVLVLQGXVWULH OHYHUW DDQ KHW EURHLNDVHIIHFW HPLVVLH &2  1 2 HQ DQGHUH EURHLNDVJDVVHQ

(56) YHU]XULQJ HPLVVLHYDQ62 HQ12

(57) HQOXFKWYHURQWUHLQLJLQJ HPLVVLHYDQ30  HQ 926

(58) HHQVLJQLILFDQWHELMGUDJH 7DEHO

(59) ,QSDUDJUDDIZRUGWHHQEHNQRSWHDQDO\VHJHJHYHQYDQ GH RQWZLNNHOLQJ YDQ GH HPLVVLH YDQ &2  1 2 IOXRUKRXGHQGH NRROZDWHUVWRIIHQ +).3).6)

(60)  12 62 926HQ30 GRRUGHLQGXVWULHLQ1HGHUODQGLQGHDIJHORSHQMDDU . . . [. . . . [. . . . . $QDO\VHYDQLQGXVWULsOHHPLVVLHV. &2 'H HPLVVLH YDQ &2  GRRU GHLQGXVWULHLV YRRUKHW JURRWVWH GHHO KHW JHYROJ YDQ GH YHUEUDQGLQJ YDQ IRVVLHOH NRROVWRIKRXGHQGH

(61) EUDQGVWRIIHQ]RDOVDDUGJDVVWRRNROLHHQVWHHQNRROYRRUGHRSZHNNLQJ YDQHQHUJLH'HNRROVWRIZRUGWKLHUELMRPJH]HWLQ&2  +LHUQDDVWNRPW&2 YULMELMGHSURGXFWLHYDQ RDERXZPDWHULDOHQ ]RDOVFHPHQWHQEDNVWHQHQ

(62) ZDWHUVWRIHQDPPRQLDN'H]H&2 LVLQKHWJHYDO YDQERXZPDWHULDOHQDINRPVWLJXLWGHJURQGVWRIIHQ PHUJHONOHL

(63) 2PGH]H&2 WHRQGHUVFKHLGHQYDQ GH &2  GLH YULMNRPW ELM HQHUJLHRSZHNNLQJ ZRUGW GH]H DDQJHGXLG DOV SURFHVHPLVVLH 'H &2  GLH YULMNRPW ELM GH SURGXFWLH YDQ ZDWHUVWRI HQ DPPRQLDN LV DINRPVWLJ YDQ KHW DDUGJDV GDW GDDU DOV JURQGVWRIHQQLHWDOVHQHUJLHGUDJHUZRUGWJHEUXLNWGH]HHPLVVLHZRUGWIHHGVWRFNHPLVVLHJHQRHPG'H SURFHVHPLVVLH ELM GH EDVLVPHWDDOLQGXVWULH LV YRRU KHW JURRWVWH GHHO GH &2  GLH YULMNRPW ELM GH SURGXFWLH YDQ UXZ LM]HU XLW LM]HUHUWV NRROVWRI LQ FRNHV

(64)  ZRUGW KLHU WRHJHSDVW DOV UHGXFWLHPLGGHO GZ]KHWELQGWGH]XXUVWRILQLM]HUHUWVHQNRPWYULMDOV&2 ,Q7DEHOLVDDQJHJHYHQKRHLQ GH&2 HPLVVLHGRRUGHLQGXVWULHZDVRSJHERXZG . . . . . . . . . . . 7DEHO(PLVVLHYDQ&2 POGNJ

(65) GRRUGHLQGXVWULHLQ1HGHUODQGLQ%URQ'DWDEDVH(PLVVLHUHJLVWUDWLH 6(&725. (1(5*,(. 352&(6. %$6,60(7$$/,1'8675,(. . . %$6,6&+(0,(. . )(('672&.. 727$$/. . . .  . . 5$)),1$'(5,-(1. . .81670(67,1'8675,(. . . . 29(5,*(&+(0,6&+(,1'8675,(. . . . %28:0$7(5,$/(1,1'8675,(. . . . . 92(',1*(1*(1270,''(/(1,1'8675,(. . . . . 29(5,*(,1'8675,(. . . . . 727$$/. . . . . (6(&7257%9,1'8675,(. . . . . 'RRUGHJURHLYDQKHWHQHUJLHJHEUXLNQHHPWGHHPLVVLHYDQ&2 WRHPDDUGHHPLVVLHLVGHDIJHORSHQ GHFHQQLDPLQGHUVWHUNJHJURHLGGDQRSEDVLVYDQGH HFRQRPLVFKH

(66) SURGXFWLH]RX ZRUGHQ YHUZDFKW )LJXXU 

(67)  'H]H UHODWLHYH RQWNRSSHOLQJ LV KHW JHYROJ YDQ PDDWUHJHOHQ GLH ]LMQ JHQRPHQ RP KHW JHEUXLN YDQ HQHUJLH WH YHUPLQGHUHQ HQHUJLHEHVSDULQJ

(68)  HQ GRRU EUDQGVWRIIHQ WH JHEUXLNHQ PHW HHQ ODJHUJHKDOWHDDQNRROVWRI EYDDUGJDVLSYVWHHQNRRO

(69)  'HHQHUJLHEHVSDULQJVPDDWUHJHOHQ]LMQLKDJHQRPHQRPGDW]HHFRQRPLVFKJH]LHQ UHQGDEHO ZDUHQPDDU]H]LMQYRRUHHQGHHORRNJHWURIIHQDJYKHWJHYRHUGH PLOLHX

(70) EHOHLG 5,90E

(71)  'LWEHOHLGYRRUGHLQGXVWULHZDVYRRUDOJHULFKWRSKHWEHYRUGHUHQYDQHQHUJLHEHVSDULQJRDGRRUKHW .

(72) YDQ. DIVOXLWHQ YDQ 0-$¶V 0HHU-DUHQ$IVSUDNHQ HQHUJLHEHVSDULQJ

(73)  PHW GLYHUVH EHGULMIVWDNNHQ HQ KHW VWLPXOHUHQ YDQ ZDUPWHNUDFKWNRSSHOLQJ 'LW ZHUG RQGHUVWHXQG GRRU ILVFDOH VWLPXOHULQJVUHJHOLQJHQ ]RDOV GH HQHUJLHLQYHVWHULQJVDIWUHN (,$

(74)  HQ GH UHJHOLQJ 9ULMH $IVFKULMYLQJ 0LOLHXLQYHVWHULQJHQ 9$0,/

(75)  8LW )LJXXU  EOLMNW GDW ]RQGHU GHPDWHULDOLVDWLH  HQHUJLHEHVSDULQJ HQ YHUVFKXLYLQJ LQ GH EUDQGVWRIPL[ GH HPLVVLHLQ UXLP  KRJHU ]RX ]LMQ JHZHHVW GDQ LQ ZHUNHOLMNKHLG KHW JHYDO ZDV ,Q GH ODDWVWH 1DWLRQDOH 0LOLHXYHUNHQQLQJ 5,90 D

(76)  ZRUGW JHUDDPG GDW ELM KHW KXLGLJH YDVWJHVWHOGH EHOHLG GH HPLVVLH YDQ &2  GRRU GH LQGXVWULH LQ GH SHULRGH PHW  ]DO JDDQWRHQHPHQ . . &2WJYLQGXVWULHOHDFWLYLWHLWHQ. . 'HPDWHULDOLVDWLH.  2 &  Q R W 0. . (QHUJLHEHVSDULQJ %UDQGVWRIPL[. .  . . . . . )LJXXU&2HPLVVLHLQ1HGHUODQGDOVJHYROJYDQLQGXVWULsOHSURGXFWLH. 12 'HHPLVVLHYDQ1 2GRRUGHLQGXVWULHLVYRRUDOKHWJHYROJYDQGHSURGXFWLHYDQVDOSHWHU]XXUGRRUGH FKHPLVFKHLQGXVWULH+HW1 2LVHHQ RQJHZHQVW

(77) ELMSURGXFWELMGHRP]HWWLQJYDQDPPRQLDN 1+

(78) LQ VDOSHWHU]XXU +12

(79)  %LMGH RSZHNNLQJ YDQ HQHUJLH NRPW QDJHQRHJ JHHQ 1 2 YULM ,Q 7DEHO  LV DDQJHJHYHQKRHJURRWGHHPLVVLHYDQ1 2GRRUGH1HGHUODQGVHLQGXVWULHLQZDV . . . . . . 7DEHO(PLVVLHYDQ12GRRUGH1HGHUODQGVHLQGXVWULHLQ POQNJ

(80) %URQ'DWDEDVH(PLVVLHUHJLVWUDWLH 6(&725. (1(5*,(. 352&(6. .81670(67,1'8675,(. . . 727$$/ . %$6,6&+(0,(. . . . 29(5,*(,1'8675,(. . . . 727$$/. . . . 'H1 2 SURFHV

(81) HPLVVLHNDQZRUGHQYHUPLQGHUGGRRUKHWSURGXFWLHSURFHVDDQWHSDVVHQRIGRRUKHW 1 2PEYNDWDO\VDWRUHQRPWH]HWWHQLQVWLNVWRI 1

(82) ,Q1HGHUODQGZRUGWGLWDOELMHQNHOHLQVWDOODWLHV WRHJHSDVW+HWPLOLHXEHOHLGPEWGHHPLVVLHYDQ1 2GRRUGHLQGXVWULHKHHIW]LFKWRWQXWRHEHSHUNW WRWKHWVWLPXOHUHQYDQRQGHU]RHNQDDUGHRQWZLNNHOLQJYDQNDWDO\VDWRUHQZDDUPHHGHHPLVVLHDJY GHSURGXFWLHYDQVDOSHWHU]XXU VWHUN

(83) NDQZRUGHQYHUPLQGHUG:DQQHHUGLWOXNW]DOZDDUVFKLMQOLMNYLD YHUJXQQLQJHQ RI FRQYHQDQWHQ ZRUGHQ EHZHUNVWHOOLJG GDW GH]H NDWDO\VDWRUHQ ELM GH SURGXFWLH LQVWDOODWLHVZRUGHQDDQJHEUDFKW . . . .  . 1DDVWGH]HGLUHFWHHPLVVLHYLQGWHURRNHHQVXEVWDQWLsOHLQGLUHFWHHPLVVLHYDQ&2SODDWVDJYGHSURGXFWLHYDQHOHNWULFLWHLWGRRUGH. HQHUJLHVHFWRUWEYGHLQGXVWULH  . +LHURQGHUZRUGWYHUVWDDQGHRQWNRSSHOLQJYDQILQDQFLsOHHQI\VLHNHSURGXFWLHYDQHHQLQGXVWULsOHVHFWRU ,QFOXVLHIGH&2GLHYULMNRPWELMHQHUJLHRP]HWWLQJLQGHHVHFWRUWEYGHLQGXVWULH ]LH7DEHO

(84) .

(85) YDQ. +).¶V3).¶V6) 1DDVW&2 HQ1 2OHYHUWGH1HGHUODQGVHLQGXVWULHRRNHHQDDQ]LHQOLMNHELMGUDJHDDQGHHPLVVLHYDQ GH EURHLNDVJDVVHQ +). 3). HQ 6)  5,90 E

(86)  ,Q GH SHULRGH  ± VWHHJ GH HPLVVLH JHOHLGHOLMNYDQUXLPWRWUXLP0WRQ&2 HTXLYDOHQWHQ  7DEHO

(87)  . . . . . 7DEHO*HUHDOLVHHUGHHPLVVLHV+). V3). V6)GRHOJURHSLQGXVWULH 0WRQ&2HT

(88)  :HVVHOLQNHWDO

(89) 672) +). V 3). V 6) 727$$/.     . .     .     .     .     . 'HVWLMJLQJYDQGHLQGXVWULsOHHPLVVLHLVPHWQDPHKHWJHYROJYDQGHWRHQDPHYDQGH+).HPLVVLH 7RWLVGH]HVWLMJLQJYHURRU]DDNWGRRUGHWRHQDPHYDQGH+&).SURGXFWLHZDDUELMRQGHUPHHU +). YULMNRPW HQ GDDUQD GRRU KHW JHEUXLN YDQ +). V DOV YHUYDQJLQJ YDQ +

(90) &). V LQ GLYHUVH WRHSDVVLQJHQ NRHOLQVWDOODWLHV VFKXLPHQ YDQ NXQVWVWRI

(91)  9HUZDFKW ZRUGW GDW GH HPLVVLH DJY KHW KXLGLJH HQ YDVWJHVWHOGH PLOLHXEHOHLG ]DO JDDQ GDOHQ )LJXXU 

(92)  5,90 D

(93)  'DDUQD ]DO GH HPLVVLHV]RQGHUDDQYXOOHQGEHOHLGZHHUJDDQVWLMJHQ (PLVVLHV+). V3). V6)GRHOJURHS,QGXVWULH YROJHQV*&VFHQDULR. .  5HDOLVDWLH. T H    2 & . 5HIHUHQWLHQLHXZ 09

(94). Q R  W. 1DYDVWJHVWHOGEHOHLG. 0. QLHXZ 09

(95) . .                      . )LJXXU(PLVVLH+). V3). V6)GRRUGHLQGXVWULHLQGHSHULRGH :HVVHOLQNHWDO

(96) . 12[ (YHQDOV &2  NRPW 12  VWLNVWRIR[LGH

(97)  YULM ELM ]RZHO HQHUJLHRSZHNNLQJ DOV ELM SURGXFWLHSURFHVVHQ %LMHQHUJLHRSZHNNLQJZRUGW12 JHYRUPGGRRUGDWELMGHGDDURSWUHGHQGHKRJHWHPSHUDWXXUVWLNVWRI 1

(98)  XLW GH OXFKW ZRUGW JHR[LGHHUG WRW 12  'H KRHYHHOKHLG HPLVVLH LV YRRUDO DIKDQNHOLMN YDQ GH KRRJWHYDQGHYHUEUDQGLQJVWHPSHUDWXXUKRHKRJHUGHWHPSHUDWXXUGHVWHJURWHUGHHPLVVLHYDQ12  2RN GH KRHYHHOKHLG VWLNVWRI HQ ]XXUVWRI LQ GH YODP]RQH ]LMQ YDQ LQYORHG 'DDUQDDVW LV GH HPLVVLH HQLJV]LQV DIKDQNHOLMN YDQ KHWVRRUW EUDQGVWRI 'HHPLVVLHLVLKD KHW ODDJVW ELM GH YHUEUDQGLQJ YDQ DDUG

(99) JDVHQKHWKRRJVWYRRUVWHHQNRRO3URFHV12 NRPWRDYULMELMGHSURGXFWLHYDQVDOSHWHU]XXU ,Q7DEHOLVDDQJHJHYHQKRHGH12 HPLVVLHGRRUGHLQGXVWULHLQZDVRSJHERXZG . [. [. . [. [. [. [.

(100) YDQ. 7DEHO(PLVVLHYDQ12[GRRUGHLQGXVWULHLQ1HGHUODQG POQNJ

(101) LQ%URQ'DWDEDVH(PLVVLHUHJLVWUDWLH 6(&725. (1(5*,(. 352&(6. %$6,60(7$$/,1'8675,(. . . 727$$/ . .81670(67,1'8675,(. . . . %$6,6&+(0,(. . . . 29(5,*(&+(0,6&+(,1'8675,(. . . . 5$)),1$'(5,-(1. . . . %28:0$7(5,$/(1,1'8675,(. . . . 92(',1*(1*(1270,''(/(1,1'8675,(. . . . 29(5,*(,1'8675,(. . . . 727$$/. . . . 'RRU GH VWLMJLQJ YDQ KHW HQHUJLHJHEUXLN HQ GH SURGXFWLH YDQ VDOSHWHU]XXU ]RX GH HPLVVLH YDQ 12 GRRU GH LQGXVWULH LQ GH DIJHORSHQ  MDDU ]LMQ JHVWHJHQ 8LW )LJXXU  EOLMNW GDW QLHW KHW JHYDO LV JHZHHVW 'H HPLVVLHLV DDQ KHW GDOHQ GRRUGDW HU GRRU GH LQGXVWULH PDDWUHJHOHQ ]LMQ JHWURIIHQ 'H]H PDDWUHJHOHQ ]LMQ YRRU KHW JURRWVWH GHHO JHWURIIHQ GRRUGDW HU PLOLHXEHOHLG LV JHYRHUG RD $0Y% 6DOSHWHU]XXUIDEULHNHQ %HVOXLW (PLVVLH (LVHQ 6WRRNLQVWDOODWLHV &RQYHQDQWHQ

(102)  'H]H PDDWUHJHOHQ ZDUHQ YRRUDO JHULFKW RS KHW YRRUNyPHQ GDW 12  ZRUGW JHYRUPG %LM JURWH

(103)  HQHUJLH RSZHNNLQJVLQVWDOODWLHV KHHIW ODJH12[YHUEUDQGLQJ YRRUDO GPY DQGHUH EUDQGHUV

(104)  WRW HHQ DDQ]LHQOLMNH UHGXFWLH JHOHLG %LM PQ VDOSHWHU]XXUIDEULHNHQ ]LMQ HU PDDWUHJHOHQ NDWDO\VDWRUHQ YHUEHWHUGH DEVRUSWLH

(105)  JHWURIIHQ JHULFKW RS KHW YHUZLMGHUHQ YDQ 12  XLW GH SURFHVJDVVHQ 7HQVORWWH KHEEHQHQHUJLHEHVSDULQJHQKHWJHEUXLNYDQDQGHUHHQHUJLHGUDJHUVRRNELMJHGUDJHQDDQYHUPLQGHULQJ YDQ GH 12 HPLVVLH 8LW )LJXXU  EOLMNW LQ ZHONH PDWH GH HPLVVLH LQ GH SHULRGH  GRRU ERYHQJHQRHPGHLQYORHGHQLVYHUPLQGHUGWRYGH K\SRWKHWLVFKH

(106) VLWXDWLHGDWHULQGLHSHULRGHJHHQ YHUDQGHULQJHQ]RXGHQ]LMQRSJHWUHGHQ ,Q 1HGHUODQG ZRUGHQ QX RS JURWH VFKDDO YHUEUDQGLQJVLQVWDOODWLHV JHEUXLNW ZDDULQ GRRU KHW JHEUXLNYDQEYODJH12 EUDQGHUVGHHPLVVLH YDQ 12  SHU HHQKHLGRSJHZHNWH HQHUJLH DDQ]LHQOLMN ODJHULVGDQMDDUJHOHGHQ'RRU EHVWDDQG HQ QLHXZ EHOHLG ]RDOV 12  (PLVVLHKDQGHO ]DO ]LFK GH]HRQWZLNNHOLQJYRRUW]HWWHQHQ]XOOHQLQWRHQHPHQGHPDWH6HOHFWLHYH.DWDO\WLVFKH5HGXFWLH 6&5

(107) LQVWDOODWLHVZRUGHQWRHJHSDVW+LHULQZRUGW12 PEYHHQNDWDO\VDWRUHQHHQUHGXFWLHPLGGHO PHHVWDO 1+

(108) RPJH]HWLQ1  VWLNVWRI

(109) 'RRUGH]HPDDWUHJHOHQ]DOGHHPLVVLHWRWYHUGHUGDOHQ 5,90 D

(110)  1DDU YHUZDFKWLQJ ]XOOHQ YRRU KHW EHUHLNHQ YDQ GXXU]DPH GHSRVLWLHQLYHDXV RS GH ODQJH WHUPLMQLQ1HGHUODQGRRNQDYHUGHUHUHGXFWLHVGRRUGHLQGXVWULHQRGLJ]LMQ [. [. [. [. [. [. [. [. . .  'HRPUHNHQLQJYDQNJ+).3).HQ6). . QDDU³NJ´&2YLQGWSODDWVPEY*:3IDFWRUHQGH]HZHHUVSLHJHOHQLQKRHYHUUHGLHVWRIIHQ. SHUNJ

(111) PHHURIPLQGHUELMGUDJHQDDQKHWEURHLNDVHIIHFWGDQ&2  *:3*OREDO:DUPLQJ3RWHQWLDO

(112) .

(113) YDQ. 1 2 [  H P LV V LH V  H OH N W U LF LW H LW V F H Q W U D OH V   LQ G X V W U LH  H Q  U D I I LQ D G H U LMH Q. . H Q H UJ L H E H V S D UL Q J. . E UD Q G V WR IP L [ J D V FH Q WUD OH V NR OH Q FH Q WUD OH V.  S UR FH V H P L V V LH V. Q R WN. V WR R NLQ V WD OO D WLH V. . .  . . . . . . . . . . )LJXXU2QWZLNNHOLQJYDQGH12[HPLVVLH POQNJ

(114) GRRUHOHNWULFLWHLWVFHQWUDOHVLQGXVWULHHQUDIILQDGHULMHQLQ 1HGHUODQGLQGHSHULRGH 5,90E

(115). 62 'H HPLVVLH YDQ 62  NDQ HYHQDOV ELM &2  HQ 12  RQGHUVFKHLGHQ ZRUGHQ LQ HPLVVLH DJY HQHUJLHRSZHNNLQJ HQ DJY LQGXVWULsOH SURGXFWLHSURFHVVHQ 7DEHO 

(116)  'H HPLVVLH ELM HQHUJLHRSZHNNLQJLVKHWJHYROJYDQGHR[LGDWLHYDQGHLQEUDQGVWRIIHQDDQZH]LJH]ZDYHO 6

(117) WRW62  3URFHV62 NRPWRDYULMELMGHSURGXFWLHYDQ]ZDYHO]XXU]ZDYHOHQERXZPDWHULDOHQ]RDOVJODV+HW 62 LVRRNLQGLHJHYDOOHQDINRPVWLJYDQ]ZDYHOGDWLQGHJURQGVWRIIHQDDQZH]LJLV'HSURFHVHPLVVLH ELMGHEDVLVPHWDDOLQGXVWULHLVKHWJHYROJYDQGHSURGXFWLHYDQFRNHV . . [. . . . 7DEHO(PLVVLHYDQ62 POQNJ

(118) GRRUGHLQGXVWULHLQ1HGHUODQGLQ%URQ'DWDEDVH(PLVVLHUHJLVWUDWLH 6(&725. (1(5*,(. 352&(6. %$6,60(7$$/,1'8675,(. . . 727$$/ . .81670(67,1'8675,(. . . . %$6,6&+(0,(. . . . 29(5,*(&+(0,6&+(,1'8675,(. . . . 5$)),1$'(5,-(1. . . . %28:0$7(5,$/(1,1'8675,(. . . . 29(5,*(,1'8675,(. . . . 727$$/. . . . 2RN ELM 62  LV GH HPLVVLH LQ GH DIJHORSHQ  MDDU ODJHU GDQ RS JURQG YDQ GH HFRQRPLVFKH RQWZLNNHOLQJHQKHWHQHUJLHJHEUXLNGRRUGHLQGXVWULH]RXZRUGHQYHUZDFKW ILJXXU

(119) 'HHPLVVLHLV YHUPLQGHUGGRRUDQGHUH ODDJ]ZDYHOLJH

(120) EUDQGVWRIIHQWHJHEUXLNHQGRRUHQHUJLHEHVSDULQJ GRRU KHW YHUZLMGHUHQ YDQ 62  XLW SURFHVJDVVHQ HQ GRRU SURFHVDDQSDVVLQJ EY GXEEHOH DEVRUSWLH ELM GH SURGXFWLHYDQ]ZDYHO]XXU

(121) 'H]HUHGXFWLHLVYRRUKHWJURRWVWHGHHOKHWJHYROJYDQPLOLHXEHOHLG]RDOV UHJHOJHYLQJ PEW KHW 6JHKDOWH YDQ EUDQGVWRIIHQ HQ YHUJXQQLQJVHLVHQ WDY GH HPLVVLH YDQ RD ]ZDYHO]XXUIDEULHNHQHQUDIILQDGHULMHQ ,Q )LJXXU  LV WH ]LHQ LQ ZHONH PDWH ERYHQJHQRHPGH PDDWUHJHOHQ LQ 1HGHUODQG LQ KHW YHUOHGHQ ]LMQ WRHJHSDVW 9HUZDFKW ZRUGW GDW GRRU KHW YDVWJHVWHOGH EHOHLG GH HPLVVLH YHUGHU ]DO DIQHPHQ 5,90 D

(122)  'H]H GDOLQJ LV HFKWHU WRFK QRJ QLHW YROGRHQGH RP KHW HPLVVLHGRHO YRRU  POQNJLQGXVWULHHQUDIILQDGHULMHQ±103

(123) WHKDOHQ . .

(124) YDQ.   E U D Q G V WR IP L [  H Q H UJ LH E H V S D ULQ J.   . Y H U OD J L Q J 6 . S UR F H V D D Q S D V . . V LQ J H Q. 5 2 ,.   . . . . . )LJXXU2QWZLNNHOLQJYDQGH62HPLVVLH POQNJ

(125) GRRUGHLQGXVWULHLQ1HGHUODQGLQGHSHULRGH 52,5RRNJDVRQW]ZDYHOLQJVLQVWDOODWLH

(126)  :HVVHOLQNHWDO

(127). 926 'HHPLVVLHYDQ926 YOXFKWLJHRUJDQLVFKHVWRIIHQ

(128) GRRUGHLQGXVWULHLVKHWJHYROJYDQGHEHZHUNLQJ RI SURGXFWLH YDQ YOXFKWLJH RUJDQLVFKH VWRIIHQ DOV DDUGROLH FKHPLFDOLsQ HQ RSORVPLGGHOHQ ELM RP UDIILQDGHULMHQ HQ FKHPLH

(129)  KHW RS HQ RYHUVODDQ KLHUYDQ GRRU RP RS HQ RYHUVODJEHGULMYHQ UDIILQDGHULMHQ HQ FKHPLH

(130)  HQ KHW JHEUXLNHQ YDQ 926KRXGHQGH SURGXFWHQ ]RDOV YHUI LQNW HQ VFKRRQPDDNPLGGHOHQ RPELMGHPHWDDOHNWURLQGXVWULHHQGHJUDILVFKHLQGXVWULH

(131) 'HELMGUDJHYDQGH EDVLVLQGXVWULH DDQ GH WRWDOH 926HPLVVLH GRRU GH LQGXVWULH LV UHODWLHI NOHLQ LQ YHUJHOLMNLQJ PHW GH KLHUYRRUJHQRHPGHVWRIIHQ 7DEHO

(132)  'HHPLVVLHYDQ926GRRUGHLQGXVWULHLVGHDIJHORSHQMDDUJHGDDOG'H]HGDOLQJLVYRRU HHQ EHODQJULMN GHHO KHW JHYROJ JHZHHVW YDQ PLOLHXEHOHLG .:6 FRQYHQDQWHQ YHUJXQQLQJHQ

(133)  +LHUGRRU ]LMQ PDDWUHJHOHQ JHQRPHQ JHULFKW RS KHW YRRUNyPHQ YDQ OHNNDJH HQ YHUOLH]HQ ELMRS HQ RYHUVODJ GRRU KHW ]XLYHUHQ YDQ 926KRXGHQGH SURFHVJDVVHQ EY GRRU GH 926 WH YHUEUDQGHQ

(134)  RI GRRUKHWJHEUXLNHQYDQSURGXFWHQGLHPLQGHURIJHHQ926EHYDWWHQ2LYKHWYDVWJHVWHOGHEHOHLG]DO GH HPLVVLH GH NRPHQGH GHFHQQLD YHUGHU GDOHQ 5,90 D

(135)  'H GDOLQJ LV QLHW YROGRHQGH RP GH GRHOVWHOOLQJYRRUGHHPLVVLHYDQ926LQ POQNJLQGXVWULHUDIILQDGHULMHQ±103

(136) WH KDOHQ 7DEHO(PLVVLHYDQ926 POQNJ

(137) GRRUGHLQGXVWULHLQ1HGHUODQGLQ%URQ'DWDEDVH(PLVVLHUHJLVWUDWLH 6(&725. (1(5*,(. 352&(6. %$6,60(7$$/,1'8675,(. . . 727$$/ . %$6,6&+(0,(. . . . 5$)),1$'(5,-(1. . . . 0(7$/(/(&752,1'8675,(. . . . 29(5,*(&+(0,6&+(,1'8675,(. . . . *5$),6&+(,1'8675,(. . . . 92(',1*(1*(1270,''(/(1,1'8675,(. . . . +2870(8%(/,1'8675,(. . . . 58%%(5.8167672)9(5:(5.(1'(,1'. . . . 29(5,*(,1'8675,(. . . . 727$$/. . . .

(138) YDQ. 30 'HSURFHVHPLVVLHYDQ30 GRRUGH1HGHUODQGVHLQGXVWULHLVYRRUDOKHWJHYROJYDQGHSURGXFWLHYDQ LM]HUHQ VWDDO EDVLVPHWDDOLQGXVWULH

(139) HQ YRHGLQJVPLGGHOHQ 7DEHO 

(140)  'RRU GH UDIILQDGHULMHQ ZRUGW KLHUQDDVWUHODWLHIYHHO30 JHsPLWWHHUGDJYHQHUJLHRSZHNNLQJPHW]ZDUHVWRRNROLH2RNGHHPLVVLH YDQ 30  LV DO JHUXLPH WLMG DDQ KHW GDOHQ GRRUGDW SURFHVJDVVHQ ZRUGHQ JH]XLYHUG HQ GRRU KHW RYHUJDDQRSOLFKWHUHEUDQGVWRIIHQ]RDOVDDUGJDVHQUDIILQDGHULMJDV ,Q)LJXXULVWH]LHQLQZHONH PDWH GH LQGXVWULH LQ 1HGHUODQG LQ KHW YHUOHGHQ PDDWUHJHOHQ KHHIW JHWURIIHQ 'H]H PDDWUHJHOHQ ]LMQ YRRUHHQJURRWGHHOJHQRPHQDOVJHYROJYDQPLOLHXEHOHLG YHUJXQQLQJHQ%((6HQ1(5

(141) 9HUZDFKW ZRUGW 5,90

(142) GDWGH]HGDOLQJ]LFKLQGHNRPHQGHMDDUVOHFKWVLQEHSHUNWHPDWHYRRUW]HW . . . . 7DEHO(PLVVLHYDQ30 POQNJ

(143) GRRUGHLQGXVWULHLQ1HGHUODQGLQ%URQ'DWDEDVH(PLVVLHUHJLVWUDWLH (1(5*,(. 352&(6. %$6,60(7$$/,1'8675,(. . . 727$$/ . .81670(67,1'8675,(. . . . %$6,6&+(0,(. . . . 29(5,*(&+(0,6&+(,1'8675,(. . . . 5$)),1$'(5,-(1. . . . %28:0$7(5,$/(1,1'8675,(. . . . 92(',1*(1*(1270,''(/(1,1'8675,(. . . . 29(5,*(,1'8675,(. . . . 727$$/. . . . )LMQVWRIHPLVVLHVLQGXVWULH.  . EDVLVPHWDDO.  . FKHPLH RDNXVWPHVW

(144). Q R NW  . RYHULJHLQG 9 *ERXZPDW

(145). . UDIILQDGHULMHQ.   . . . . . )LJXXU2QWZLNNHOLQJYDQGH30HPLVVLH POQ NJ

(146)  GRRU GH LQGXVWULH LQ 1HGHUODQG LQ GHSHULRGH   :HVVHOLQNHWDO

(147) .  . 30VWDDWYRRU³SDUWLFXODWHPDWWHU´PHWHHQGHHOWMHVJURRWWHXPYDDNDDQJHGXLGDOVILMQVWRI 'RRUHHQYHUDQGHUGHPHWKRGLHNYDQUHJLVWUDWLHYDQILMQVWRIHPLVVLHVELMEHGULMYHQ]LMQGHPRQLWRULQJVJHJHYHQVYDQDILQWRH QHPHQGH. . PDWHRQ]HNHU 5,90

(148) .

(149) YDQ. . 1RRG]DDNYDQYHUNHQQLQJHQHQPRGHONHX]H. 1RRG]DDNYDQYHUNHQQLQJHQ *H]LHQ GH KRRJWH YDQ GH KXLGLJH ELMGUDJH YDQ GH 1HGHUODQGVH LQGXVWULH DDQ GH PLOLHXGUXN HQ GH KLHUYRRU JHVFKHWVWH NQHOSXQWHQ WDY GH YHUZDFKWH RQWZLNNHOLQJ KLHUYDQ LV KHW QRRG]DNHOLMN RP WH EOLMYHQYHUNHQQHQKRHGHPLOLHXGUXNGRRUGHLQGXVWULHHQGDDUELQQHQGHHQHUJLHLQWHQVLHYHLQGXVWULH ]LFK]DORQWZLNNHOHQ (YHQDOVQX]DOGHWRHNRPVWLJHPLOLHXEHODVWLQJGRRUGHLQGXVWULHLQ1HGHUODQGPDDURRNLQGH RQVRPULQJHQGHODQGHQLQEHODQJULMNHPDWHVDPHQKDQJHQPHWGHI\VLHNHSURGXFWLHKRHYHHOKHGHQYDQ EDVLV

(150) PDWHULDOHQHQPHWGHHIIHFWLYLWHLWYDQ QLHXZH

(151) EHOHLGVLQVWUXPHQWHQWDYGHYHUPLQGHULQJYDQ GHPLOLHXEHODVWLQJ'HSURGXFWLHLQ1HGHUODQGLVRSKDDUEHXUWSULPDLUJHNRSSHOGDDQGHRQWZLNNHOLQJ YDQ GH HFRQRPLH LQ 1HGHUODQG HQ (XURSD PDDU RRN PRQGLDDO 'DDUQDDVW ZRUGW GH SURGXFWLH EHwQYORHGGRRURQWZLNNHOLQJHQRSKHWJHELHGYDQPDWHULDDOYHUEUXLNGRRUGHDIQHPHUVGHPDWHYDQ UHF\FOLQJ YDQ PDWHULDOHQ GH RPYDQJ YDQ HQHUJLH HQ JURQGVWRIEHVSDULQJ HQ GRRU GH LQWHUQDWLRQDOH SURGXFWLHYDQHQKDQGHOLQGH]HPDWHULDOHQ 0RGHONHX]H 2PGDWKHWHUJODVWLJLVRPELMKHWPDNHQYDQYHUNHQQLQJHQPHWDOGH]H±HONDDUYDDNEHwQYORHGHQGH IDFWRUHQRSHHQFRQVLVWHQWHZLM]HUHNHQLQJWHKRXGHQLVKHWJHEUXLNYDQUHNHQPRGHOOHQQRRG]DNHOLMN (U ]LMQ HFKWHU PHHUGHUH PRGHOEHQDGHULQJHQ PRJHOLMN %LMODJH  VFKHWVW GULH UHFHQW RQWZLNNHOGH PRGHOOHQZDDUPHHGHG\QDPLHNYDQGHDDQPDWHULDDOVWURPHQJHNRSSHOGHPLOLHXGUXNEHVFKUHYHQNDQ ZRUGHQ +HW PRGHO 0$77(5 D 0DUNDO PDWHULDOV DQG HQHUJ\ V\VWHPV PRGHO *LHOHQ 

(152)  ',0,75, '\QDPLF ,QSXW2XWSXW PRGHO WR VWXG\ WKH LPSDFW RI 7HFKQRORJ\ 5HODWHG ,QQRYDWLRQV :LOWLQJHWDO

(153) HQKHWPRGHO675($0 0DQQDHUWVD

(154) GDWLQGLWUDSSRUWEHVFKUHYHQZRUGW 'H HHUVWH WZHH PRGHOOHQ NXQQHQ JHNDUDNWHULVHHUG ZRUGHQ DOV ERWWRPXS PRGHOOHQ GLH LQ GHWDLO GH HFRQRPLVFKHVWUXFWXXUYDQPDWHULDDOYUDJHUVHQ±DDQELHGHUVEHVFKULMYHQHQZDDULQ GH LQYORHG RSGH PLOLHXGUXN YDQ QLHXZH WHFKQRORJLHsQ DQGHUH PDWHULDDONHX]HV LQ SURGXFWHQ HQ YHUDQGHULQJHQ LQ GH PDDWVFKDSSHOLMNH VWUXFWXXU H[SOLFLHW ]LFKWEDDU JHPDDNW ZRUGHQ 'H]H PRGHOOHQ ]LMQ YHUHHQYRXGLJG JHVWHOG VWHUN LQ KHW GRRUUHNHQHQ YDQ PLOLHXVFHQDULR¶V (FRQRPLVFKH DIZHJLQJHQ YDQ PDWHULDDO SURGXFHQWHQ]LMQQLHWRILQPLQGHUHPDWHRSJHQRPHQLQGH]HPRGHOOHQ 7DEHOYHUJHOLMNLQJ675($00$77(5HQ',0,75, ]LHELMODJH

(155) %HUHNHQWYUDDJHQSURGXFWLHYDQPDWHULDOHQ" 'HWDLOQLYHDXYUDDJYHUJHOLMNLQJ 9UDDJWUHQG (FRQRPLVFKHPHFKDQLVPHQ 7HFKQRORJLVFKHRQWZLNNHOLQJHQ RSWLHV

(156) $OORFDWLHYDQSURGXFWLHRYHUUHJLR¶V DDQWDO

(157) %HVFKRXZWVXEVWLWXWLHWXVVHQPDWHULDOHQ %HVFKRXZWKHUJHEUXLNYDQPDWHULDDO -DDUJDQJHQPRGHO. 675($0 -D I\VLHN

(158) *OREDDO ([RJHHQ *HGHWDLOOHHUG *OREDDO -D 

(159) 1HH -D -D. 0$77(5 -D I\VLHN

(160) 'HWDLO ([RJHHQ *OREDDO 'HWDLO 1HH -D -D -D. ',0,75, -D PRQHWDLU

(161) 'HWDLO ([RJHHQ *OREDDO 'HWDLO -D 

(162) 1HH 1HH -D. 2SWLPDOLVDWLHPRGHO. -D. -D. 1HH. 

(163). 

(164). 

(165) . ZRUGWW]WZHODOVWHFKQRORJLVFKHRSWLHRSJHQRPHQ. 

(166) . KHUJHEUXLNLVQLHWH[SOLFLHW]LFKWEDDUPDDULPSOLFLHWZHORPGDWDOOHILQDQFLsOHVWURPHQGXVELMYRRUEHHOGRRNGLHYDQGHVFKUR RWKDQGHO QDDUGHDOXPLQLXPLQGXVWULH]LMQRSJHQRPHQ.

(167) YDQ. 675($0 LV YHHO PHHU HHQ WRSGRZQ PRGHO GDW JHERXZG LV RS KHW GRRUUHNHQHQ YDQ HFRQRPLVFKH PHFKDQLVPHQ 675($0 EHUHNHQW KRH HFRQRPLVFKH RQWZLNNHOLQJHQ LQFOXVLHI PLOLHXEHOHLG

(168)  GRRU ZHUNHQRSKHWLQYHVWHULQJVJHGUDJYDQSURGXFHQWHQYDQEDVLVPDWHULDOHQHQZHONHI\VLHNHSURGXFWLH QLYHDXV GDDUXLW UHVXOWHUHQ 7HFKQRORJLVFKH RQWZLNNHOLQJHQ ZRUGHQ RS JHDJJUHJHHUGH ZLM]H PHH JHQRPHQ QLHW µKHUNHQEDDU¶ DOV LQGLYLGXHOH WHFKQLHN PDDU DOV WUHQGPDWLJH HIILFLHQF\YHUEHWHULQJ 675($0 LV YHUHHQYRXGLJG JHVWHOG VWHUN LQ KHW GRRUUHNHQHQ YDQ GH µI\VLHNH¶ HIIHFWHQ YDQ HFRQRPLVFKHVFHQDULR¶VHQYRUPWGHUKDOYHHHQEHODQJULMNHVFKDNHOWXVVHQHFRQRPLVFKHYHUNHQQLQJHQ HQPLOLHXYHUNHQQLQJHQ.

(169) YDQ.

(170) YDQ. . 'HZHUNLQJYDQ675($0. . ,QOHLGLQJ. ,Q GLW KRRIGVWXN ZRUGW VWDSVJHZLMV EHVFKUHYHQ KRH 675($0 ZHUNW $DQ GH RUGH NRPHQ GLH PHFKDQLVPHQHQSDUDPHWHUVGLHYDQEHODQJ]LMQYRRUKHWEHJULSYDQKHWPRGHOJHGUDJRSKRRIGOLMQHQ 9RRU HHQ YROOHGLJH EHVFKULMYLQJ YDQ GH PRGHOPHFKDQLVPHQ HQ ±SDUDPHWHUV ZRUGW YHUZH]HQ QDDU 0DQQDHUWV D

(171)  ,Q GLW KRRIGVWXN ZRUGW HHUVW GH JOREDOH PRGHOVWUXFWXXU EHVFKUHYHQ 

(172)  YHUYROJHQV ZRUGW LQ PHHU GHWDLO LQJHJDDQ RS GH PRGHOOHULQJ YDQ PDWHULDDOYUDDJ HQ ±DDQERG HQ GH YHUGHOLQJYDQSURGXFWLHRYHUGHRQGHUVFKHLGHQUHJLR¶V WP

(173) +HWKRRIGVWXNZRUGWDIJHVORWHQ PHWHHQRYHU]LFKWYDQGHYHUEHWHUPRJHOLMNKHGHQLQGHPHFKDQLVPHQHQGHGDWDLQ675($0 

(174) . . +RRIGVWUXFWXXUYDQKHWPRGHO.  $OJHPHHQ 675($0LVHHQPRGHOGDWLVRSJHERXZGXLWHPSLULVFKHHFRQRPLVFKHUHODWLHVZDDUPHHYHUNHQGNDQ ZRUGHQ KRH KHW JHEUXLN HQ GH I\VLHNH SURGXFWLH LQ NLORJUDPPHQ YDQ EDVLVPDWHULDOHQ ]LFK ]XOOHQ RQWZLNNHOHQ675($0EHUHNHQWKRHPDWHULDDOYUDDJHQ±DDQERGLQHYHQZLFKWZRUGHQJHEUDFKWGRRU DDQSDVVLQJYDQGHPDWHULDDOSULMVHQKDQWHHUWGDDUELMGULHVFKDDOQLYHDXVGHZHUHOG:HVW(XURSDHQ 1HGHUODQG  675($0 RPYDW YLMI PRGXOHV YRRU UHVSHFWLHYHOLMN GH PDWHULDOHQ VWDDO DOXPLQLXP SDSLHU SHWURFKHPLVFKH SURGXFWHQ HQ NXQVWPHVW %LQQHQ GH SHWURFKHPLH PRGXOH ZRUGHQ PRQRPHUHQ RRN ZHO EXLOGLQJ EORFNV  JHQRHPG ]RDOV HWKHHQ

(175)  SRO\PHUHQ ]RDOV SRO\HWKHHQ RRN ZHO SODVWLFV RI NXQVWVWRIIHQ JHQRHPG

(176)  HQ RSORVPLGGHOHQ RQGHUVFKHLGHQ LQ GH NXQVWPHVW PRGXOH LV HU HHQ RQGHUYHUGHOLQJ QDDU VWLNVWRI IRVIDDW HQ NDOLXP 9RRU VWDDO DOXPLQLXP SDSLHU PRQRPHUHQ HQ SRO\PHUHQ ZRUGW RQGHUVFKHLG JHPDDNW QDDU SULPDLUH HQ VHFXQGDLUH SURGXFWLH 3ULPDLU EHWHNHQW SURGXFWLH RS EDVLV YDQ UXZH µPDDJGHOLMNH¶

(177)  JURQGVWRIIHQ ]RDOV LM]HUHUWV DOXPLQLXPR[LGH HQ KRXWSXOS 6HFXQGDLU EHWHNHQW SURGXFWLH RS EDVLV YDQ JHUHF\FOHGH DIYDOVWRIIHQ ]RDOV LM]HU HQ DOXPLQLXPVFKURRWSODVWLFVHQRXGSDSLHU 'H YLMI 675($0 PRGXOHV ]LMQ QLHW JHNRSSHOG 'LW EHWHNHQW GDW PHW 675($0 GXV QLHW H[SOLFLHWEHUHNHQGNDQZRUGHQyIHQZHONHVXEVWLWXWLHHUSODDWVYLQGWWXVVHQPDWHULDOHQ EYNXQVWVWRI YRRUPHWDDO

(178)  675($0 LV HHQ MDDUJDQJHQPRGHO GZ] GDW GH SURGXFWLHFDSDFLWHLW LV RSJHVSOLWVW QDDU OHHIWLMG ZDDUGRRU HON MDDU HHQ GHHO YDQ GH SURGXFWLHFDSDFLWHLW FLUFD  i 

(179)  XLW EHGULMI ZRUGW JHQRPHQHQZRUGWYHUYDQJHQGRRUQLHXZHFDSDFLWHLW'H]HQLHXZHFDSDFLWHLWSURGXFHHUWHIILFLsQWHU TXD HQHUJLH JURQGVWRIIHQ HQ DUEHLG 'H]H µYHUYDQJLQJ¶ GRRU QLHXZH MDDUJDQJHQ PRHW QLHW DO WH µI\VLHN¶ YRRUJHVWHOG ZRUGHQ HHQ QLHXZH MDDUJDQJ EHWHNHQW QLHW SHU VH HHQ QLHXZH LQVWDOODWLH PDDU KHHIWEHWUHNNLQJRSGDWGHHOYDQKHWSDUNZDDURSHIILFLHQF\YHUEHWHULQJHQZRUGHQWRHJHSDVW NDQRRN HHQUHWURILWGZ]HHQQDJHVFKDNHOGHWHFKQLHN]LMQRIUHYLVLHYDQHHQEHVWDDQGHLQVWDOODWLH

(180)  675($0 EHVFKULMIW RQWZLNNHOLQJHQ RYHU HHQ SHULRGH YDQ FLUFD  MDDU +HW PRGHO LV JHNDOLEUHHUG RS JHJHYHQV XLW UXZZHJ GH SHULRGH  HQ RS EDVLV KLHUYDQ ZRUGHQ YRRU HHQ HYHQODQJHSHULRGH WRWj

(181) YHUNHQQLQJHQJHGDDQ.

(182) YDQ. 675($0 EHVFKULMIW HFRQRPLVFKH UHODWLHV RS PDFUR HQ PHVR VHFWRU

(183)  QLYHDX GLH YRRU HHQ JURHSEHGULMYHQLQHHQUHJLRJHOGHQ9RRU]LFKWLJKHLGLVGHUKDOYHJHERGHQELMWRHSDVVHQYDQPHWQDPH GH1HGHUODQGVHVWDDOPRGXOHZDDUVOHFKWVppQSURGXFHQWYDQSULPDLUVWDDOGHSURGXFWLHGRPLQHHUW.  +RH675($0UHNHQW 675($0 EHYDW GULH µEORNNHQ¶ GLW ]LMQ GH GULH VFKDDOQLYHDXV ZHUHOG :HVW(XURSD HQ 1HGHUODQG 'H]HVFKDDOQLYHDXVZRUGHQYROJRUGHOLMNGRRUJHUHNHQG  . :HUHOGVFKDDO 'H ZHUHOGZLMGH PDWHULDDOYUDDJ ZRUGW RS JHDJJUHJHHUGH ZLM]H JHPRGHOOHHUG PHW DOV EHODQJULMNH SDUDPHWHU KHW EUXWR ELQQHQODQGV SURGXFW YDQ WZHH RQGHUVFKHLGHQ ZHUHOGUHJLR¶V GH RQWZLNNHOGH HQ PLQGHURQWZLNNHOGHODQGHQ$DQGHDDQERG]LMGH]LMQHULQIHLWHYLHUDDQELHGHUV LQ HON YDQ GH WZHH UHJLR¶V ZRUGW SULPDLU HQ VHFXQGDLU PDWHULDDO JHSURGXFHHUG +HW WRWDDO YDQ GLW DDQERG ZRUGW JHFRQIURQWHHUGPHWGHPDWHULDDOYUDDJ 9UDDJ. ZHUHOG GFOGF

(184) .  3

(185)  $DQERG. ZHUHOG GFOGF

(186).  3

(187). PHWGFLVµGHYHORSHGFRXQWULHV¶UHJLRHQOGFLVµOHVVGHYHORSHGFRXQWULHV¶UHJLR 8LW KHW HYHQZLFKW YDQ YUDDJ HQ DDQERG YROJW GH ZHUHOGPDUNWSULMV 3  'LW LV GH PDUNWSULMV ppQ ZHUHOGSULMVYRRUppQPDWHULDDO 'H:HVW(XURSHVHVFKDDO 'HZHUHOGPDUNWSULMV3 YRRUHHQPDWHULDDOLV YDVWJHVWHOG 'H ZHUHOGZLMGH PDWHULDDOYUDDJ ZRUGW QX YHUILMQG QDDU KHW :HVW (XURSHVH DDQGHHO GDDULQ 9HUYROJHQV ZRUGW EHUHNHQG KRH GH ELMEHKRUHQGH SURGXFWLH ]LFK YHUGHHOW RYHU :HVW (XURSD HQ GH UHVW YDQ GH ZHUHOG DOV IXQFWLH YDQ GH EHVWDDQGH SURGXFWLHYHUGHOLQJNRVWSULMVYHUVFKLOOHQWXVVHQDDQELHGHUV :HVW(XURSDYHUVXVGHUHVWYDQGHZHUHOG SULPDLUHYHUVXVVHFXQGDLUHSURGXFWLH

(188) HQGLYHUVHHODVWLFLWHLWHQ 675($0 ODDW NRVWSULMVYHUVFKLOOHQ WXVVHQ UHJLR¶V HQ WXVVHQ SURGXFHQWHQ YDQ SULPDLU HQ VHFXQGDLU PDWHULDDO WRH (U NDQ GXV ERYHQ RI RQGHU GH ZHUHOGPDUNWSULMV JHSURGXFHHUG ZRUGHQ 'H]H NRVWSULMVYHUVFKLOOHQ ]LMQ GH µGULYLQJ IRUFH¶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

(189) LVZHUHOGZLMGJHOLMN GZ]RSHON VFKDDOQLYHDXLQ675($0ZRUGWGH]HOIGHSULMVJHKDQWHHUG

(190) GHSULMVYDQJHUHF\FOHGHJURQGVWRIIHQNDQ.  . 'HZHUHOGHQ:HVW(XURSHVHVFKDDOQLYHDXZRUGWLQGH]RJHQRHPGH:HVW(XURSHVHPRGXOH :(

(191) GRRUJHUHNHQGKHW1HGHUODQGVH. VFKDDOQLYHDXLQGH1/PRGXOH.

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

(193) HQGLYHUVHHODVWLFLWHLWHQ ,QRQGHUVWDDQGHILJXXUZRUGWGHZHUNLQJYDQ675($0VFKHPDWLVFKDDQJHJHYHQ. PDWHULDDOYUDDJ. 3. SURG. SURG. SURG. NRVW. NRVW. NRVW. SURG NRVW. 5HJLR$. 7. 5HJLR%. 5HJLR$. 5HJLR%. 7. )LJXXU  VFKHPDWLVFKH ZHHUJDYH YDQ GH ZHUNLQJ YDQ 675($0 'H PDWHULDDOYUDDJ JHNRSSHOG DDQ GH HFRQRPLVFKHRQWZLNNHOLQJVWXXUWGHSURGXFWLHYDQPDWHULDOHQ'HSURGXFWLHZRUGWYHUGHHOGRYHUUHJLR¶VHQRYHU SULPDLUH HQ VHFXQGDLUH SURGXFWLH QLHW JHWRRQG

(194)  675($0 ODDW NRVWSULMVYHUVFKLOOHQ WXVVHQ UHJLR¶V HQ WXVVHQ SURGXFHQWHQ YDQ SULPDLU HQ VHFXQGDLU PDWHULDDO WRH (U NDQ ERYHQ RI RQGHU GH ZHUHOGPDUNWSULMV 3

(195) JHSURGXFHHUG ZRUGHQ .RVWSULMVYHUVFKLOOHQ ]LMQ GH µGULYLQJ IRUFH¶ YRRU DOOHUOHL SURGXFWLHYHUVFKXLYLQJHQ YDQ SULPDLUHQDDUVHFXQGDLUHSURGXFWLHYDQUHJLR$QDDUUHJLR%HQYDQSULPDLUHQDDUVHFXQGDLUHSURGXFWLH QLHW JHWRRQG

(196) +HWWHPSRGDDUYDQZRUGWEHSDDOGGRRUGLYHUVH]RJHQRHPGHHODVWLFLWHLWHQ'HILJXXULOOXVWUHHUWKRH HHQ JRHGNRRS SURGXFHUHQGH UHJLR $ LQ GH ORRS YDQ GH WLMG GH SURGXFWLH RYHUQHHPW YDQ UHJLR % 'RRU HHQ JURHLHQGHPDWHULDDOYUDDJHQµWUDDJKHLG¶YDQKHWV\VWHHPEOLMIWHUWRFKSURGXFWLHFDSDFLWHLWJHKDQGKDDIGLQUHJLR %.

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

(199)  675($0 EHUHNHQW RRN JHHQHPLVVLHVRINRVWHQYDQHPLVVLHEHSHUNHQGHPDDWUHJHOHQ'LWJHEHXUWPHWDQGHUHPRGHOOHQREY 675($0RXWSXW . . 9ROXPHVSULM]HQ. 0LOLHXNRVWHQ. 0LOLHXGUXN. :RUOG6FDQ &3%

(200). 675($0. )\VLHNHJURHL. 5,90PRGHOOHQ. 9ROXPHVSULM]HQ. 9ROXPHVSULM]HQ. )\VLHNHJURHL (QHUJLH. 1HPR &3%

(201). $WKHQD &3%

(202). 6(/3( (&1

(203). 6$9( (&1

(204) 0(, 5,90

(205). (QHUJLH. 9ROXPHVSULM]HQ. )LJXXU'HSODDWVYDQ675($0WRYDQGHUHPRGHOOHQ. ,Q KRRIGVWXN  WP  ZRUGHQ GH 675($0 PHFKDQLVPHQ LQ PHHU GHWDLO XLWJHZHUNW $FKWHU HHQYROJHQVZRUGWLQJHJDDQRSGHPRGHOOHULQJYDQYUDDJDDQERGHQKDQGHOVVWURPHQYDQPDWHULDOHQ. . &3%DIGHOLQJ/DQGERXZHQYRHGLQJVPLGGHOHQLQGXVWULH.  . :HVW(XURSDEHVWDDWLQ675($0XLWGH2(&'ODQGHQLQ:HVW(XURSD.

(206) YDQ. 'HYUDDJQDDUPDWHULDOHQ. . 675($0JHEUXLNWGHYROJHQGHJHDJJUHJHHUGHEDVLVYHUJHOLMNLQJRPGHYUDDJQDDUPDWHULDOHQ>'@ RS ZHUHOG(XURSHVHHQ1HGHUODQGVHVFKDDO

(207) WHEHVFKULMYHQ ' '  < b a  ,<l >3H3\@h >33\@f. .  . W

(208). >@. . ZDDUELM' GHPDWHULDDOYUDDJLQKHWVWDUWMDDU< GHPDFURHFRQRPLVFKHSURGXFWLH KHW%UXWR%LQQHQODQGV 3URGXFW%%3

(209) RIYRRUNXQVWPHVW GHJUDDQSURGXFWLH LQNJ

(210) ,< GHPDFURLQYHVWHULQJVTXRWH LQFRQVWDQWH SULM]HQ

(211) GLWLVKHWYROXPHYDQLQYHVWHULQJHQRSQDWLRQDDOQLYHDXJHGHHOGGRRUKHWUHsHO%%33H3\ GHUHsOH HQHUJLHSULMVHQ33\ GHUHsOHPDWHULDDOSULMV UHsHOKRXGWLQJHFRUULJHHUGYRRULQIODWLH

(212) labhHQf]LMQ FRsIILFLsQWHQ ,Q675($0LVGH1HGHUODQGVHYUDDJQDDUVWDDODOXPLQLXPNXQVWVWRIHQSDSLHURYHULJHQVQLHWJHNRSSHOG DDQ GH RQWZLNNHOLQJ YDQ KHW %%3 PDDU DDQ GH HFRQRPLVFKH JURHL YDQ GH PDWHULDDOYUDJHQGH SURGXFWLH

(213) VHFWRUHQ ]RDOV EHUHNHQG PHW $WKHQD 'H JURHL YDQ GH VHFWRUHQ ZRUGW KLHUELM JHZRJHQ +HW JHZLFKWYDQHHQYUDDJVHFWRUKDQJWDIYDQGHPDWHZDDULQGH]HKHWEHWUHIIHQGHPDWHULDDODIQHHPW 7DEHO 

(214) (HQGHUJHOLMNHJHGHWDLOOHHUGHEHQDGHULQJZRUGWYRRUGH(XURSHVHHQZHUHOGZLMGHPDWHULDDOYUDDJ QLHW WRHJHSDVW RP GH HHQYRXGLJH UHGHQ GDW HU JHHQ SURJQRVH PRGHOOHQ EHVFKLNEDDU ]LMQ GLH GH]H VHFWRUVWUXFWXXURQWZLNNHOLQJRS(XURSHVHHQZHUHOGVFKDDOWHEHVFKULMYHQ 7DEHO'H1HGHUODQGVHYUDDJQDDUVWDDODOXPLQLXPNXQVWVWRIHQ XLW$WKHQDPRGHO

(215) 6(&725 9RHGLQJVPLGGHOHQLQGXVWULH 3DSLHUSURGXFWHQLQGXVWULH &KHPLVFKHSURGXFWHQLQGXVWULH %RXZPDWHULDOHQLQGXVWULH 0HWDDOSURGXFWHQLQGXVWULH (OHNWURWHFKQLVFKHSURGXFWHQLQGXVWULH 7UDQVSRUWPLGGHOHQLQGXVWULH %RXZQLMYHUKHLG +DQGHOHQWUDQVSRUW 'LHQVWHQ. $$1'((/,1217:,..(/,1*9'95$$* VWDDO DOXPLQLXP NXQVWVWRI SDSLHU                                      . 'H1HGHUODQGVHYUDDJQDDUNXQVWPHVWLVyyNQLHWJHNRSSHOGDDQGHRQWZLNNHOLQJYDQKHW%%3PDDUDDQ GHRQWZLNNHOLQJYDQGHJUDDQSURGXFWLH '  T T

(216) b a T >@ . DJ. DUH. . W

(217). DUH. ZDDUELMTDUHKHWDUHDDOLVHQTDJGHJUDDQSURGXFWLH 'HUHGHQKLHUYRRULVGDWGHLQWHQVLWHLWYDQGHODQGERXZLQ1HGHUODQGHHQEHODQJULMNHUROVSHHOWLQGH 1HGHUODQGVHYUDDJQDDUNXQVWPHVW.  . 'LWKRRIGVWXNULFKW]LFKWPHWQDPHRSGH(XURSHVH HQ1HGHUODQGVHPDWHULDDOYUDDJ

(218) GLWRPGDWGH(XURSHVHSURGXFWLH]LFKYRRUDO ULFKWRS. GH(XURSHVHYUDDJQDDUPDWHULDOHQ HULVVSUDNHYDQHHQUHODWLHIJHVORWHQPDUNW

(219)  . ]LHELMYRRUEHHOG2(&'+LVWRULFDO6WDWLVWLFV3DULMV.

(220) YDQ. 'H YHUJHOLMNLQJ EHVFKULMIW GH GLUHFWH YUDDJ QDDU PDWHULDOHQ 'LW LV GH YUDDJ QDDU GH EHODQJULMNVWH KDOIIDEULNDWHQGLHJHPDDNW]LMQYDQHHQVSHFLILHNPDWHULDDO+LHURQGHUZRUGHQGHODDWVWHYLHUWHUPHQ YDQYHUJHOLMNLQJ>@EHVSURNHQ. (FRQRPLVFKHJURHL &HQWUDDO LQ GH YUDDJYHUJHOLMNLQJ >@ VWDDW HHQ µDXWRQRPH¶ RQW

(221) NRSSHOLQJ WXVVHQ PDWHULDDOYUDDJ HQ HFRQRPLVFKH SURGXFWLH '   < b a  RRN ZHO GHPDWHULDOLVDWLH JHQRHPG 'H]H UHODWLH EHVFKULMIW HHQ WUHQGPDWLJH YHUDQGHULQJ LQ GH HFRQRPLVFKH VWUXFWXXU ZDDUGRRU PDWHULDDOYUDDJ HQ HFRQRPLVFKH SURGXFWLHLQGHWLMGUHODWLHIRQWNRSSHOG]LMQ'HRQGHUOLJJHQGHSURFHVVHQYRRUGH]HRQWNRSSHOLQJ]LMQ LQ675($0QLHWH[SOLFLHWJHPDDNWPDDU]LMQJHEDVHHUGRSHPSLULVFKRQGHU]RHN9RRUUHIHUHQWLHV]LH 0DQQDHUWV D

(222)  ,Q RQGHUVWDDQGH ILJXUHQ LV GH]H GHPDWHULDOLVDWLH WUHQG JHYLVXDOLVHHUG GH ZDDUGHQ YDQ GH FRsIILFLsQWHQ a HQ b VWDDQ LQ 7DEHO  'H LQWHQVLWHLW YDQ KHW JHEUXLN YDQ HHQ PDWHULDDO YHUORRSW YROJHQV HHQ ]RJHQDDPGH RPJHNHHUGH 8FXUYH RRN ZHO .X]QHWVFXUYH JHQRHPG

(223)  'H LQWHQVLWHLW QHHPWHHUVWWRH LQQRYDWLHIDVHYHHOQLHXZHWRHSDVVLQJHQGDOHQGHSULM]HQ

(224) VWDELOLVHHUW JHHQQLHXZH WRHSDVVLQJHQ YHU]DGLJLQJ YDQ GH PDUNW

(225)  HQ QHHPW GDDUQD DI YHU]DGLJLQJ YHUKRJLQJ YDQ GH PDWHULDDOHIILFLHQF\ DOWHUQDWLHYH PDWHULDOHQ

(226)  'H SRVLWLH RS GH PDWHULDDOLQWHQVLWHLWVFXUYHV EHSDDOW VWHUNKRHGHPDWHULDDOYUDDJ '

(227) UHDJHHUWRSHHQYHUDQGHULQJLQGHPDFURHFRQRPLVFKHJURHL <

(228) . . W

(229). 2QWZLNNHOLQJPDWHULDDOLQWHQVLWHLW :(8. SDSLHU. DOXPLQLXP. . 1NXQVWPHVW. VWDDO. . SODVWLFV. 3NXQVWPHVW.  . . . . . )LJXXU   9HUORRS YDQGH PDWHULDDOLQWHQVLWHLW LQ :HVW (XURSD YROJHQV YHUJHOLMNLQJ >@ 'H LQWHQVLWHLW LV GH PDWHULDDOYUDDJWHQRS]LFKWHYDQGHPDFURHFRQRPLVFKHJURHL %%3

(230) HQZRUGWXLWJHGUXNWLQNJPDWHULDDOJXOGHQ PDFURHFRQRPLVFKHSURGXFWLH <

(231) 'HPD[LPDYDQGHFXUYHV]LMQJHVFKDDOGRSHHQZDDUGHYDQGLWPD[LPXP JHHIWKHW YHU]DGLJLQJVSXQW DDQZDDUELMGHPDWHULDDOYUDDJSHUHHQKHLG%%3QLHWYHUGHUJURHLW'HFXUYHV]LMQ JHFRQVWUXHHUG RS EDVLV YDQ GH YROJHQGH YHURQGHUVWHOOLQJHQ VWDUWMDDU  HHQ FRQVWDQWH MDDUOLMNVH HFRQRPLVFKH JURHL YDQ  JUDDQSURGXFWLHJURHL YDQ \U PDWHULDDOSULMVGDOLQJ YDQ \U HQ LQYHVWHULQJVJURHLYDQ\U3DUDPHWHUVXLW7DEHO. 'H HQ SDUDPHWHUVLQ675($0 7DEHO

(232) YRRUGHGULHJHKDQWHHUGHVFKDDOQLYHDXV]LMQEHSDDOGRS EDVLVYDQWLMGUHHNVHQRYHUGHWLMGVSHULRGH'H]HWLMGVSHULRGHZRUGWYROGRHQGHJHDFKWRP GHPDWHULDDOYUDDJYHUJHOLMNLQJRRNWRHWHSDVVHQYRRUSURJQRVHVRYHUHHQHYHQODQJHSHULRGH.

(233) YDQ. ,Q ILJXXU  LV GH PDWHULDDOLQWHQVLWHLWVRQWZLNNHOLQJ YHUWDDOG QDDU GH DEVROXWH RQWZLNNHOLQJ YDQ GH PDWHULDDOYUDDJ 'H YUDDJRQWZLNNHOLQJ ]RDOV JHVFKHWVW LQ GH]H ILJXXU LV VWHUN EHSDOHQG YRRU GH PHW 675($0EHUHNHQGHSURGXFWLHRQWZLNNHOLQJHQ. 2QWZLNNHOLQJPDWHULDDOYUDDJ DEVROXXW

(234)  :(8. 3NXQVWPHVW. . VWDDO. . 1NXQVWPHVW. SDSLHU. DOXPLQXP SODVWLFV.  . . . . . )LJXXU  9HUORRS YDQ GH PDWHULDDOYUDDJ LQ NJ

(235)  LQ :HVW (XURSD YROJHQV YHUJHOLMNLQJ >@ 9RRU GH OHHVEDDUKHLG]LMQGHPD[LPDYDQGHFXUYHQJHVFKDDOGRSHHQZDDUGHYDQ YRRUSODVWLFVEXLWHQKHWEHUHLNYDQ GH [DV

(236)  'H FXUYHV ]LMQ JHFRQVWUXHHUG RS EDVLV YDQ GH YROJHQGH YHURQGHUVWHOOLQJHQ VWDUWMDDU  HHQ FRQVWDQWH MDDUOLMNVH HFRQRPLVFKH JURHL YDQ  JUDDQSURGXFWLHJURHL YDQ \U PDWHULDDOSULMVGDOLQJ YDQ \UHQLQYHVWHULQJVJURHLYDQ\U3DUDPHWHUVXLW7DEHO. )LJXXUODDW]LHQGDWWXVVHQQXHQGHPDWHULDDOYUDDJYDQ:HVW(XURSDQRJVWHHGVWRHQHHPW PDDUDIKDQNHOLMNYDQKHWPDWHULDDOLQVWHUNYHUVFKLOOHQGHWHPSR¶V 9RRUEHHOGGH(XURSHVHHFRQRPLHJURHLWPHWGLWLVUXZZHJGHJURHLWXVVHQHQ ELMHHQJURHLWHPSRYDQSHUMDDU8LWILJXXUHQYROJWGDWGHPDWHULDDOYUDDJ WRHQHHPWLQGHYROJRUGHSRO\PHUHQ !

(237) !HFRQRPLVFKHJURHL 

(238) !DOXPLQLXP! SDSLHU!VWDDO!NXQVWPHVW 

(239) 7DEHO3DUDPHWHUVLQGHPDWHULDDOYUDDJYHUJHOLMNLQJ>@ ]LHYHUGHU0DQQDHUWVD

(240). 6WDDO. 1('(5/$1'. :(67(8523$. :(5(/''&. a. b. a. b. a. b. :(5(/'/'&. a. b. . . . . . . .  . $OXPLQLXP. . . . . . . . 0RQRPHUHQ3RO\PHUHQ. . . . . . . . 2SORVPLGGHOHQ. . . . . . . . 3DSLHU. . 1NXQVWPHVW.  . . . . . . . . . . . . . . . . . 3NXQVWPHVW. . . . . . . . . .NXQVWPHVW. . . . . . . . . YRRUSDSLHU]LMQJHPLGGHOGH. aZDDUGHQJHJHYHQ,QKHWPRGHOZRUGWYRRUGHSHULRGHWPHHQZDDUGHYDQ JHKDQWHHUG7XVVHQ aZDDUGH

Referenties

GERELATEERDE DOCUMENTEN

YHQ LQ KRRIGVWXN  ZHUG ELM  YDQ GH SDWLsQWHQ PHW. HHQ3&amp;0=/HHQDVVRFLDWLHPHWHHQBorrelia burgdorferi LQIHFWLH JHYRQGHQ 5HFHQW ]LMQ ELM

Natrium Er is geen bewijs dat de hoeveelheid natrium voor mensen met diabetes afwijkend moet zijn van het advies voor de algemene populatie. Een lagere inname dan 6 gram

Management decisions that will need to be made are: market of choice, target segments, marketing mix, distribution method, dealers and a channel support program.. A timeline

28 TA Dowson, PV Tobias and JD Lewis-Williams, “The mystery of the blue ostriches: clues to the origin and authorship of a supposed rock painting” in African Studies, 53(1),

JHYRQGHQ DVVRFLDWLH KHW UHVXOWDDW ZDV YDQ HHQ RQWVWHNLQJVUHDFWLH GLH GRRU GH WURPERVH. ]HOIZDVWHZHHJJHEUDFKW0HWRQ]HSURVSHFWLHYHRS]HW

De urgentie van een solide landschapsbeleid is groot, de provincies hebben daarbij een centrale rol en ook de waterschappen zijn van belang. Er komt immers veel op het landschap

In hoofdstuk 3 ZHUG RQGHU]RFKW RI GH DFWLYLWHLW YDQ ,++ GLH LQ FHQWUDOH. FKRQGURVDUFRPHQ DDQZH]LJ EOHHN WH ]LMQ DOV

sou dit deur die Sustentasie-Kommissie van die sinode oor- geneem en bele word, 11 desgewens met raadpleging van die kommissie deur die Kerkraad van Steynsburg