• No results found

MOVE, nationaal model voor de vegetatie, versie 3. De kans op voorkomen van ca. 900 plantensoorten als functie van 7 omgevingsvariabelen | RIVM

N/A
N/A
Protected

Academic year: 2021

Share "MOVE, nationaal model voor de vegetatie, versie 3. De kans op voorkomen van ca. 900 plantensoorten als functie van 7 omgevingsvariabelen | RIVM"

Copied!
63
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+$1'7+((19,5210(17. 5,90UDSSRUW 029(QDWLRQDDO0RGHOYRRUGH9HJHWDWLH YHUVLH'HNDQVRSYRRUNRPHQYDQFD SODQWHQVRRUWHQDOVIXQFWLHYDQ RPJHYLQJVYDULDEHOHQ 0GH+HHU5$ONHPDGH0%DNNHQHV 0Y(VEURHN$Y+LQVEHUJ'GH=ZDUW QRYHPEHU. 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQGHGLUHFWLHYDQKHW5,90LQKHW NDGHUYDQSURMHFW0LOLHX 1DWXXUQU6. 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[.

(2) SDJYDQ. 5,90UDSSRUW.

(3) 5,90UDSSRUW. SDJYDQ. $EVWUDFW $VDSDUWRIWKHGHFLVLRQVXSSRUWV\VWHPµ'H1DWXXUSODQQHU¶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

(4) SDJYDQ. 5,90UDSSRUW.

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pHHWDO,QLVHHQWZHHGHYHUVLHJHPDDNWRSEDVLVYDQFD RSQDPHQ'LWUDSSRUWJDDWRYHUGHGHUGHYHUVLH029(GLHJHEDVHHUGLVRSFD RSQDPHQHQZDDUELMKHWDDQWDOPLOLHXYDULDEHOHQERYHQGLHQLVXLWJHEUHLG'DDUGRRULV KHWPRJHOLMNEHKDOYHYHU]XULQJYHUPHVWLQJHQYHUGURJLQJRRNHIIHFWHQYDQ]RXWHQ]ZDUH PHWDOHQWHEHVFKRXZHQHQZRUGWHHQHHUVWHDDQ]HWJHJHYHQWRWKHWPRGHOOHUHQYDQGHHIIHFWHQ YDQEHKHHU'HGDWDJDYHQUHVXOWDWHQYRRUFDYDQGHWRWDDOFD1HGHUODQGVH VRRUWHQ9RRUFDDQGHUHUHOHYDQWHVRRUWHQ]DOYROJHQVHHQDQGHUHPHWKRGHHHQ HFRORJLVFKUHVSRQVJHGUDJEHVFKUHYHQZRUGHQLQHHQDSDUWHUDSSRUWDJH 9DQ+LQVEHUJLQ SUHS

(6)  'HUHVXOWDWHQYDQ029(]XOOHQLQJHERXZGZRUGHQLQGH1DWXXUSODQQHU7HYHQV]XOOHQ GH]HYHUGHU]REHZHUNWZRUGHQGDWHHQYHUJHOLMNLQJPRJHOLMNZRUGWPHWGHHFRORJLVFKH VRRUWHQJURHSLQGHOLQJYDQKHW&0/HFRWRSHQV\VWHHP9RRUGH&0/LQGHOLQJLVQXQDPHOLMN KHW]HOIGHRSQDPHQEHVWDQGJHEUXLNW'H]HYHUJHOLMNLQJWXVVHQ029(HQGH&0/LQGHOLQJLV HHQVWDSLQGHULFKWLQJYDQDIVWHPPLQJHQHYHQWXHHOLQWHJUDWLHYDQGHPRGHOOHQ029(HQ '(01$7 'HRSQDPHQVHOHFWLHHQEHUHNHQLQJYDQJHPLGGHOGHLQGLFDWLHJHWDOOHQLVJHEHXUGGRRUGUV 60+HQQHNHQV $OWHUUD

(7) +HWRQGHUGHHOPHWEHWUHNNLQJWRWGH&0/LQGHOLQJZRUGW XLWJHYRHUGGRRUGU+5XQKDDU $OWHUUD

(8) 029(LVRQWZLNNHOGGRRUPHGHZHUNHUVYDQKHW 5,90LQKHWNDGHUYDQKHWSURMHFWµ0LOLHX 1DWXXU¶DOVRQGHUGHHOYDQGHPLMOSDDOµ3ODQ YRRULQWHJUDWLH60$57029(HQ'(01$7¶ 2YHUGHQLHXZHLQGHOLQJYDQ&0/VRRUWHQJURHSHQHQGHYHUJHOLMNLQJWXVVHQGLHHQGH 029(UHVXOWDWHQ]DOHHQDSDUWHUDSSRUWDJHYHUVFKLMQHQ -:LHUW] GHHOSURMHFWOHLGHU(FRORJLVFKH0RGHOOHQSURMHFW0LOLHX 1DWXXU

(9).

(10) SDJYDQ. 5,90UDSSRUW.

(11) 5,90UDSSRUW. ,QKRXG 6DPHQYDWWLQJ . ,QOHLGLQJ. . *HJHYHQV. . . . . 2SQDPHQEHVWDQG. . 2PJHYLQJVYDULDEHOHQ. 5HJUHVVLHDQDO\VH . 0RGHO. . %HRRUGHOLQJ. 5HVXOWDWHQ . 2SQDPHQHQ2PJHYLQJVYDULDEHOHQ. . 5HJUHVVLHPRGHOOHQHQ%HRRUGHOLQJ. &RQFOXVLHHQ'LVFXVVLH. /LWHUDWXXU %LMODJH. 9HU]HQGOLMVW. %LMODJH. &RGHULQJIDFWRUHQ. %LMODJH. 7RHWVLQJVJURRWKHGHQSHUVRRUW. %LMODJH. 9RRUEHHOGSDUDPHWHUEHVWDQGHQ. SDJYDQ.

(12) SDJYDQ. 5,90UDSSRUW.

(13) 5,90UDSSRUW. SDJYDQ. 6DPHQYDWWLQJ +HWYHJHWDWLHPRGHO029(PDDNWRQGHUGHHOXLWYDQKHWGHFLVLRQVXSSRUWV\VWHP³'H 1DWXXUSODQQHU´HQZRUGWLQJH]HWYRRUGHQDWLRQDOH0LOLHXHQ1DWXXUYHUNHQQLQJHQHQ± %DODQVHQ029(LVHHQVWDWLVWLVFKPRGHOGDWPHWEHKXOSYDQORJLVWLVFKHUHJUHVVLHGHNDQVRS YRRUNRPHQYDQSODQWHQVRRUWHQYRRUVSHOWDOVIXQFWLHYDQGHRPJHYLQJVYDULDEHOHQ'RRUKHW JHEUXLNYDQPXOWLSHOHUHJUHVVLHNXQQHQGHHIIHFWHQYDQDOOHEHODQJULMNHVWUHVVRUHQRS REMHFWLHYHZLM]HLQVDPHQKDQJZRUGHQEHNHNHQ029(PRGHOOHHUWFDSODQWHQVRRUWHQ 9RRUGHRYHULJHUHOHYDQWHVRRUWHQ FD

(14) ZRUGWPHWHHQDQGHUHPHWKRGHGHUHVSRQVLH JHVFKDW 'HUHVSRQVLHPRGHOOHQYDQ029(EHYDWWHQYHUPHVWLQJYHU]XULQJHQYHUGURJLQJDOV YHUNODUHQGHIDFWRUHQ'H]HIDFWRUHQ]LMQLQJHYXOGDOV(OOHQEHUJLQGLFDWLHJHWDOOHQYRRUUHVS VWLNVWRI]XXUJUDDGHQYRFKW QUI

(15) 'H]HVWXGLHEUHLGWKHWPRGHOXLWPHW RPJHYLQJVYDULDEHOHQRSKHWJHELHGYDQYHJHWDWLHVWUXFWXXU]ZDUHPHWDOHQVDOLQLWHLWHQUHJLR YHUVFKLOOHQ(U]LMQYLHUYDULDEHOHQJHEUXLNWRPGH]HIDFWRUHQLQGHPRGHOOHULQJPHHWH QHPHQYHJHWDWLHVWUXFWXXU YHJ

(16) GH(OOHQEHUJLQGLFDWLHZDDUGHYRRUVDOLQLWHLW V

(17) GHSRWHQWLHHO DDQJHWDVWHIUDFWLHSODQWHQVRRUWHQGRRU]ZDUHPHWDOHQ FRPELSDI

(18) HQI\VLVFKJHRJUDILVFKH UHJLR¶V IJU

(19) +LHUPHHNRPW029(WRWVWDQG 'HLQ]HWYDQGHYDULDEHOHYHJHWDWLHVWUXFWXXUPRHWJH]LHQZRUGHQDOVHHQHHUVWHVWDSRSZHJ QDDUKHWPRGHOOHUHQYDQGHHIIHFWHQYDQVWUXFWXXUYRUPHQGHSURFHVVHQ EHKHHUHQVXFFHVVLH

(20) RSGHYHJHWDWLH=RGUDKHWVXFFHVVLHPRGHOµ6802¶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

(21) 6WDWLVWLVFKHWRHWVLQJ]RUJWHUYRRUGDWRQEHWURXZEDUHNDQVIXQFWLHV ZRUGHQXLWJHVORWHQYDQJHEUXLNLQGH1DWXXUSODQQHU$OPHWDOJHHIW029(WHQRS]LFKWH YDQ029(HHQEHWURXZEDDUGHUHQSUHFLH]HUHYRRUVSHOOLQJHQWHYHQVHHQJURWHUH IXQFWLRQDOLWHLW RDEHKHHUVDVSHFWHQ]RXWHQ]ZDUHPHWDOHQ

(22)  1DGHURQGHU]RHNWHUYHUEHWHULQJYDQ GHWRHSDVVLQJYDQ

(23) 029(]RX]LFKNXQQHQULFKWHQRS HHQYHUILMQLQJYDQGHPRGHOOHULQJYDQEHKHHUGHEHVFKLNEDDUKHLGYDQHQDDQVOXLWLQJRS H[WHUQHLQYRHU 6802]RXWNDDUW

(24) HQHHQQDGHUHDQDO\VHYDQKHWUHODWLHYHEHODQJYDQGH YHUVFKLOOHQGHPLOLHXYDULDEHOHQ PD[.

(25) SDJYDQ. 5,90UDSSRUW.

(26) 5,90UDSSRUW. . SDJYDQ. ,QOHLGLQJ. +HWYHJHWDWLHPRGHO029(PDDNWRQGHUGHHOXLWYDQKHWGHFLVLRQVXSSRUWV\VWHPµ'H 1DWXXUSODQQHU¶ /DWRXUHWDO:LHUW]HWDOLQSUHS

(27) ,QFRPELQDWLHPHWKHW ERGHPPRGHO60$57 .URV

(28) HQKHWK\GURORJLVFKPRGHO/*0 3DVWRRUV

(29) YRRUVSHOWKHWGHNDQVRSYRRUNRPHQYDQHHQJURRWDDQWDOSODQWHQVRRUWHQDOVIXQFWLHYDQ PLOLHXFRQGLWLHV029(EHKRRUWWRWKHWNHUQLQVWUXPHQWDULXPYDQKHW0LOLHXHQ 1DWXXUSODQEXUHDXHQZRUGWDOV]RGDQLJLQJH]HWYRRUGHQDWLRQDOH0LOLHXHQ 1DWXXUYHUNHQQLQJHQHQ±%DODQVHQ 9DQ+LQVEHUJHWDO9DQGHU+RHNHWDO

(30)  2RNYLQGWKHW]LMQWRHSDVVLQJLQJHELHGVJHULFKWHVWXGLHV $ONHPDGHHWDO'H+HHUHW DO

(31)  029(LVHHQVWDWLVWLVFKPRGHOGDWPHWEHKXOSYDQNDQVIXQFWLHVGHUHODWLHOHJWWXVVHQSODQWHQ HQKXQRPJHYLQJ$ONHPDGHHWDO LQSUHS

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

(33) EHVWDDQGLHSURFHVVHQYRRUDOXLWPHQVHOLMNLQJULMSHQLQGHYRUPYDQQDWXXUEHKHHU %HODQJULMNHDFWLYLWHLWHQ]LMQGDQPDDLHQNDSSHQEHJUD]HQSODJJHQHWF%LMQDJHQRHJHQ EHJHOHLGQDWXXUOLMNHQDWXXU QDWXXUGRHOW\SHKRRIGJURHSHQ

(34) ]LMQQDWXXUOLMNHVXFFHVVLHHQ JURRWVFKDOLJHJHEHXUWHQLVVHQ]RDOVRYHUVWURPLQJHQHQEUDQGHQYDQJURWHLQYORHGRSGH VWUXFWXXU %DOHWDO

(35) $QDORRJDDQGHPHWKRGHYDQ029(NDQYRRUGHPRGHOOHULQJ YDQGHHIIHFWHQYDQVXFFHVVLHHQEHKHHUJHEUXLNJHPDDNWZRUGHQYDQ(OOHQEHUJ LQGLFDWLHZDDUGHQ9RRUGLWGRHOOLJWKHWJHEUXLNYDQGHPDDLHQOLFKWJHWDOOHQYRRUGHKDQG 2RVWHUEHHNHWDO

(36) 9RRUSUDNWLVFKHWRHSDVVLQJYDQ029(GLHQWGDQEHVFKLNWWH NXQQHQZRUGHQRYHUHHQPRGHOGDWEHKHHUHQVXFFHVVLHYHUWDDOWLQGH]HLQYRHUYDULDEHOHQYDQ 029(+LHUWRHZHUNW$OWHUUDPRPHQWHHODDQHHQRSHUDWLRQHOHYHUVLHYDQHHQ VXFFHVVLHPRGHOYRRUGHYHJHWDWLH6802 :DPHOLQNHWDO

(37) %RYHQGLHQLVHHQNDDUW QRGLJYDQGHGRRUWHUUHLQEHKHHUGHUVJHKDQWHHUGHEHKHHUVUHJLPHV2PGDWRSGLWPRPHQW HFKWHUQRJJHHQRSHUDWLRQHOHYHUVLHEHVFKLNEDDULVYDQ6802HQHHQGHUJHOLMNHEHKHHUVNDDUW YRRU]LHWGH]HVWXGLHLQHHQYRRUORSLJHDOWHUQDWLHYHRSORVVLQJ'H]HEHVWDDWHUXLWGDW029( JHEUXLNPDDNWYDQGH DFWXHOHRISRWHQWLHOH

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

(39) 'HWR[LVFKHGUXNGLHRSGH SODQWHQJHPHHQVFKDSZRUGWXLWJHRHIHQGGRRU]ZDUHPHWDOHQLQGHERGHPZRUGWLQ029( PHHJHQRPHQGRRUWRHYRHJLQJYDQGH]JQFRPEL3$)DOVHHQYDQGHYHUNODUHQGHIDFWRUHQ 'HKLHUYRRUJHEUXLNWHFRPEL3$)YRRUSODQWHQLVJHEDVHHUGRSGHFRQFHQWUDWLHVUHDFWLHI NRSHU]LQNHQFDGPLXP'HJURRWKHLGµ3$)¶VWDDWYRRUGHµ3RWHQWLHHO$DQJHWDVWH)UDFWLHYDQ.

(40) SDJYDQ. 5,90UDSSRUW. GHVRRUWHQ¶RIZHOGHIUDFWLHYDQGHSODQWHQVRRUWHQGLH]LMQEORRWJHVWHOGDDQUHDFWLHI PHWDDOFRQFHQWUDWLHVERYHQGH]JQ12(& 1R2EVHUYHG(IIHFW&RQFHQWUDWLRQ

(41) %LM WRHSDVVLQJYDQKHW029(PRGHOLQGH1DWXXUSODQQHUNDQKHWPRGHO62$&$6 7LNWDNHW DO

(42) GHEHQRGLJGHJHJHYHQVOHYHUHQYRRUGHFRQFHQWUDWLHVYDQ]ZDUHPHWDOHQ'H]H ZRUGHQYHUYROJHQVPHWGHFRPEL3$)PHWKRGHRPJHUHNHQGQDDUGHJHFRPELQHHUGHWR[LVFKH GUXNYRRUSODQWHQZDDUELMJHEUXLNZRUGWJHPDDNWYDQXLWGHOLWHUDWXXUYHUNUHJHQVWDQGDDUG WR[LFLWHLWVJHJHYHQVYDQGHPHWDOHQYRRUYHUVFKLOOHQGHSODQWHQVRRUWHQ 7HQVORWWHQHHPWGH]HVWXGLHWZHHQLHXZHYDULDEHOHQPHHGLHJHHQKXPDDQEHwQYORHGH PLOLHXVWUHVVRUHQ]LMQPDDUQDWXXUOLMNHUDQGYRRUZDDUGHQ+HWPHHQHPHQYDQGH]HYDULDEHOHQ NDQGHYRRUVSHOOLQJYDQKHWYRRUNRPHQYDQSODQWHQVRRUWHQDDQ]LHQOLMNYHUEHWHUHQ+HWJDDW KLHURPGHYDULDEHOHQVDOLQLWHLWHQI\VLVFKJHRJUDILVFKHUHJLR'RRUGHYDULDEHOHI\VLVFK JHRJUDILVFKHUHJLRZRUGHQJURRWVFKDOLJHYHUVFKLOOHQLQERGHPK\GURORJLHHQ YHUVSUHLGLQJVDUHDDO ELMYGRRUNOLPDDW

(43) PHHJHQRPHQ 1LHWDOOHHQJHEUXLNW029(WHQRS]LFKWHYDQ029(HHQJURWHUDDQWDOYHUNODUHQGH YDULDEHOHQPDDURRNLVKHWDDQWDOSURHIYODNNHQZDDURSGHNDQVIXQFWLHV]LMQJHEDVHHUGVWHUN WRHJHQRPHQ+HWDDQWDOEHGUDDJWQXELMQD'H]HYHJHWDWLHRSQDPHQ]LMQDINRPVWLJ XLWKHWSURMHFWµ3ODQWHQJHPHHQVFKDSSHQ¶YDQ$OWHUUD 6FKDPLQpHHWDO

(44)  0HWGH]HXLWEUHLGLQJHQHYROXHHUW029(YHUGHUYDQVLQJOHVWUHVVPRGHOLQEHJLQMDUHQ :LHUW]HWDO

(45) QDDUHHQXLWJHEUHLGHIIHFWPRGHOZDDUPHHGHHIIHFWHQYDQDOOH EHODQJULMNHVWUHVVRUHQRSREMHFWLHYHZLM]HLQVDPHQKDQJNXQQHQZRUGHQEHNHNHQ029( PRGHOOHHUWFDSODQWHQVRRUWHQ+HWPRGHOLVGDDUELMJHEDVHHUGRSHHQJURRWDDQWDO HPSLULVFKHJHJHYHQV6WDWLVWLVFKHWRHWVLQJ]RUJWHUYRRUGDWRQEHWURXZEDUHNDQVIXQFWLHV ZRUGHQXLWJHVORWHQYDQJHEUXLNLQGH1DWXXUSODQQHU 5HFHQW]LMQPHWYHUJHOLMNEDUHPHWKRGHQDOVLQ029(PRGHOOHQWRWVWDQGJHEUDFKWRSKHW JHELHGYDQYOLQGHUVHQZDWHUIORUDHQIDXQD+HWYOLQGHUPRGHOEHWUHIWGHµ9OLQGHU0RYH¶HHQ PRGHOZDWKHWYRRUNRPHQYDQYOLQGHUVYRRUVSHOWPHWEHKXOSYDQGHWKHPD¶VYHUPHVWLQJ YHU]XULQJYHUGURJLQJHQYHJHWDWLHVWUXFWXXU 2RVWHUPHLMHU 9DQ6ZDDLM

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

(47) HQGHZLM]H ZDDURSGHRPJHYLQJVYDULDEHOHQLQEHLGHPRGHOOHQ]LMQRSJHQRPHQ+RRIGVWXNEHVFKULMIW HHUVWGHUHVXOWDWHQYDQGHEHZHUNLQJHQRSGHGDWDVHWHQJHHIWHHQRYHU]LFKWYDQGHUHVXOWDWHQ YDQGHEHUHNHQLQJYDQGHRPJHYLQJVYDULDEHOHQ'HWZHHGHKHOIWYDQGLWKRRIGVWXNJHHIWGH UHVXOWDWHQYDQGHUHJUHVVLHDQDO\VHVHQHHQEHRRUGHOLQJGDDUYDQ&RQFOXVLHVHQHHQNRUWH GLVFXVVLHYROJHQLQ+RRIGVWXN 'H]HUDSSRUWDJHLVKHWYLHUGHGHHOXLWHHQVHULHZDDULQDOOH029(VWXGLHVYHUVFKLMQHQ œ 'HHOEHKDQGHOWGHWRWVWDQGNRPLQJYDQ029( :LHUW]HWDO

(48) .

(49) 5,90UDSSRUW. SDJYDQ. œ 'HHOJDDWLQRSGHNDOLEUDWLHYDQ(OOHQEHUJVPLOLHXLQGLFDWLHJHWDOOHQDDQZHUNHOLMN JHPHWHQERGHPIDFWRUHQ $ONHPDGHHWDO

(50)  œ 'HHOEHVFKULMIWGHWRWVWDQGNRPLQJYDQ029('LWGHHOJHHIWWHYHQVHHQ YHUDQWZRRUGLQJYDQHHQDDQWDOVWDWLVWLVFKHNHX]HVGLHWHQJURQGVODJOLJJHQDDQ029( $ONHPDGHHWDOLQSUHS

(51)  œ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

(52) SDJYDQ. . *HJHYHQV. . 2SQDPHQEHVWDQG. 5,90UDSSRUW. 'H]HVWXGLHPDDNWJHEUXLNYDQGHGDWDEDVHYDQKHW$OWHUUDSURMHFWµ3ODQWHQJHPHHQVFKDSSHQ¶ 6FKDPLQpHHWDO

(53) +HWJHOHYHUGHEHVWDQGEHYDWLQWRWDDOFDYHJHWDWLHRSQDPHQ XLWGHSHULRGHWRW 5XQKDDUHWDOLQSUHS

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

(55)  +HWRSQDPHEHVWDQGLVWRWVWDQGJHNRPHQGRRUHHQEHPRQVWHULQJGLHQLHWDVHOHFWLV=RLV EHNHQGGDWHUVSUDNHLVYDQHHQUHODWLHYHRYHUYHUWHJHQZRRUGLJLQJYDQRSQDPHQRSSOHNNHQ PHWHHQUHODWLHIKRJHQDWXXUZDDUGHWHQNRVWHYDQPHHUJHZRQHSOHNNHQ ]LHRRN:LHUW]HWDO 

(56) %LMXQLYDULDWHPRGHOOHULQJYDQUHVSRQVIXQFWLHVNDQHHQGHUJHOLMNHEHPRQVWHULQJ YHUVFKXLYLQJHQLQGHUHVSRQVFXUYHVWRWJHYROJKHEEHQ 5XQKDDUHWDO

(57) *HWUDFKWLVRP DFKWHUDIWHFRUULJHUHQYRRUKHWQLHWDVHOHFW]LMQYDQGHGDWD 5XQKDDUHWDOLQSUHS

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ppQRIPHHUPLOLHXIDFWRUHQDI]RQGHUOLMNRQGHUVFKHLGHQZRUGHQ9HUVFKXLYLQJHQGLH YRRUKHHQRQWVWRQGHQGRRUPHQJHOLQJYDQLQIRUPDWLHRYHUGH]HPLOLHXVNXQQHQQXQLHWPHHU SODDWVYLQGHQ2PGH]HUHGHQHQLVLQGH]HVWXGLHJHHQVHOHFWLHXLWJHYRHUGRPGH RQHYHQZLFKWLJHYHUGHOLQJWHFRUULJHUHQ:HO]LMQRSQDPHQGLHSHUGHILQLWLHEHWUHNNLQJ KHEEHQRSKHWHURJHQHPLOLHXV RHYHUVHQDQGHUHOLMQYRUPLJHHOHPHQWHQ

(59) XLWJHVORWHQ. . 2PJHYLQJVYDULDEHOHQ. 029(PDDNWHJHEUXLNYDQGHYROJHQGHYHUNODUHQGHYDULDEHOHQ (OOHQEHUJJHWDOOHQ

(60)  VWLNVWRIJHWDO Q

(61) YRFKWJHWDO I

(62) HQ]XXUJHWDO U

(63) 'H]HVWXGLHYRHJWQLHXZH RPJHYLQJVYDULDEHOHQWRHRSKHWJHELHGYDQYHJHWDWLHVWUXFWXXU]ZDUHPHWDOHQVDOLQLWHLWHQ UHJLRYHUVFKLOOHQ+HWEHWUHIWGHYDULDEHOHQYHJHWDWLHVWUXFWXXU YHJ

(64) SRWHQWLHHODDQJHWDVWH IUDFWLHSODQWHQVRRUWHQGRRU]ZDUHPHWDOHQ FRPELSDI

(65) ]RXWJHWDO V

(66) HQI\VLVFKJHRJUDILVFKH UHJLR IJU

(67) 7DEJHHIWHHQRYHU]LFKWYDQDOOHYDULDEHOHQ+HWYHUYROJYDQGH]HSDUDJUDDI JDDWLQRSGHEHUHNHQLQJYDQGHYDULDEHOHQ.

(68) SDJYDQ. 5,90UDSSRUW. 7DEHO2PJHYLQJVYDULDEHOHQYDQ029( QU YDULDEHOH DINRUWLQJ  VWLNVWRIJHWDO Q  YRFKWJHWDO I  ]XXUJHWDO U  YHJHWDWLHVWUXFWXXU YHJ  SRWHQWLHHODDQJHWDVWHIUDFWLH FRPELSDI GRRU]ZDUHPHWDOHQ  ]RXWJHWDO V  I\VLVFKJHRJUDILVFKHUHJLR IJU. W\SH FRQWLQXH FRQWLQXH FRQWLQXH GLVFUHHW FRQWLQXH. UDQJH ± ± ± NODVVHQ ±. FRQWLQXH GLVFUHHW. ±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

(70)  +HWYHUYROJYDQGH]HSDUDJUDDIJDDWQDGHULQRSGHEHWHNHQLVHQGHEHSDOLQJYDQGH DI]RQGHUOLMNHYDULDEHOHQ 2SGH]HOIGHZLM]HDOV029(JHEUXLNW029(GH(OOHQEHUJLQGLFDWLHZDDUGHQQIHQU YRRUUHVSYRHGVHOULMNGRPYRFKWWRHVWDQGHQ]XXUJUDDG'HLQGLFDWLHJHWDOOHQYRRUVWLNVWRI KHEEHQHHQUDQJHYDQYRHGVHODUP 

(71) QDDUYRHGVHOULMN 

(72) 9RRU]XXUJUDDGORRSWGHVFKDDO RRNYDQWRWYDQ]XXUQDDUEDVLVFK'HYRFKWJHWDOOHQKHEEHQHHQVFKDDOYDQWRWYDQ GURRJWHWROHUDQWHVRRUWHQQDDUDTXDWLVFKHVRRUWHQ 3ODQWHQFRQFXUUHUHQPHWHONDDURPQXWULsQWHQHQOLFKW%HKHHUEHwQYORHGWGHEHVFKLNEDDUKHLG KLHUYDQ0DDLHQHQJUD]HQ]RUJHQYRRUDIYRHUYDQQXWULsQWHQXLWKHWV\VWHHP'RRU YHUZLMGHULQJYDQGHERYHQJURQGVHELRPDVVDYHUDQGHUWRRNKHWOLFKWNOLPDDW%RYHQGLHQKHHIW EHKHHUHHQGLUHFWHLQYORHGRSSODQWHQ'HJURHLYRUPHQKHWUHJHQHUDWLHYHUPRJHQYDQHHQ VRRUWEHSDOHQGHJHYRHOLJKHLGYRRUEHKHHUVVFKDGH 2RVWHUEHHNHWDO

(73) 'H]HUHODWLHV JHYHQKHWEHODQJDDQYDQKHWPHHQHPHQYDQEHKHHUVYDULDEHOHQLQ029( %HKHHUNDQLQSULQFLSHLQGHPRGHOOHULQJZRUGHQPHHJHQRPHQGRRUJHEUXLNWHPDNHQYDQ LQGLFDWLHZDDUGHQYRRUPDDLHQ %ULHPOH (OOHQEHUJDDQJHYXOGHQDDQJHSDVWGRRU :DPHOLQNHWDO

(74) HQOLFKW (OOHQEHUJ

(75) +HWPDDLJHWDOLVPHWQDPHYDQEHODQJYRRU GHGLUHFWHHIIHFWHQYDQKHWEHKHHU+HWOLFKWJHWDOLVQHWDOVKHWVWLNVWRIJHWDORYHULJHQVPHHU LQGLUHFWJHUHODWHHUGDDQGHPHQVHOLMNHLQJUHSHQ(FKWHU]RDOVUHHGVLQGHLQOHLGLQJYDQGLW UDSSRUWJHPRWLYHHUGZRUGWLQGH]HYHUVLHYDQ029(JHHQJHEUXLNJHPDDNWYDQGH LQGLFDWLHJHWDOOHQPDDUYDQGHYHJHWDWLHVWUXFWXXU'HYDULDEHOHµYHJHWDWLHVWUXFWXXU¶ YHJ

(76).

(77) SDJYDQ. 5,90UDSSRUW. JHHIWHHQJOREDOHUHDDQGXLGLQJYDQKHWEHKHHU+LHULQNRPHQ]RZHOGLUHFWHDOVLQGLUHFWH HIIHFWHQYDQEHKHHUWRWXLWLQJDOVPHGHGHHIIHFWHQYDQDQGHUHIDFWRUHQZDDURQGHUQDWXXUOLMNH VXFFHVVLH'LWLVHHQSUDJPDWLVFKDOWHUQDWLHI]RODQJYRRUPRGHOWRHSDVVLQJHQJHHQ LQYRHUNDDUWHQEHVFKLNEDDU]LMQYRRUPDDLEHKHHUHQOLFKWNOLPDDW 'HYDULDEHOHµYHJHWDWLHVWUXFWXXU¶KHHIWNODVVHQJUDVODQG GZ]ODJHNUXLGLJHYHJHWDWLH

(78)  KHLGHORRIERVGHQQHERVHQVSDUUHERV'H]HNODVVHQVWHPPHQRYHUHHQPHWGH YHJHWDWLHNODVVHQ]RDOVKHWERGHPPRGHO60$57GLHKDQWHHUW .URV

(79) 'HNODVVHQ]LMQ WRHJHNHQGRSEDVLVYDQGHLQGHRSQDPHYRRUNRPHQGHVRRUWHQ=LH%LMODJHYRRUGH FRGHULQJYDQGHNODVVHQ =ZDUHPHWDOHQZRUGHQUHHGVODQJJHUHNHQGWRWVWRIIHQGLHDDQOHLGLQJNXQQHQJHYHQWRW HUQVWLJHPLOLHXSUREOHPHQ+RHZHOVRPPLJH]ZDUHPHWDOHQ ELMYNRSHUHQ]LQN

(80) EHKRUHQWRW GHHOHPHQWHQGLHHVVHQWLHHO]LMQYRRUHQ]\PDWLVFKHSURFHVVHQLQOHYHQGHRUJDQLVPHQ]LMQ]H DOOHUHHGVELMUHODWLHIODJHFRQFHQWUDWLHVJLIWLJ9HUVFKLOOHQGH JURHSHQ

(81) RUJDQLVPHQYHUWRQHQ HHQGXLGHOLMNRQGHUVFKHLGLQKXQJHYRHOLJKHLGYRRUGHWR[LVFKHZHUNLQJYDQGH]HVWRIIHQ 'H]HYHUVFKLOOHQZRUGHQYRRUQDPHOLMNYHURRU]DDNWGRRUYHUVFKLOOHQLQEORRWVWHOOLQJVURXWHHQ YHUVFKLOOHQLQELRFKHPLVFKERXZSODQ XLWVFKHLGLQJFRQMXJDWLHHWF

(82) 'HYHUVFKLOOHQLQ VRRUWVSHFLILHNHJHYRHOLJKHLGZRUGHQELMQDVSUHHNZRRUGHOLMNJHwOOXVWUHHUGGRRUKHWXLWHUVW UHJLRQDDOYRRUNRPHQYDQHHQVRRUWDOVKHW]LQNYLRROWMH ,QGH]HVWXGLH]LMQELMKHWEHUHNHQHQYDQGHWR[LVFKHGUXNYDQ]ZDUHPHWDOHQVOHFKWVGH PHWDOHQFDGPLXPNRSHUHQ]LQNLQGHEHVFKRXZLQJEHWURNNHQ'H]HEHSHUNWHVHOHFWLHLV LQJHJHYHQGRRUKHWIHLWGDWGHYHUVSUHLGLQJYDQGH]HPHWDOHQYLDGHOXFKW]LFKUHGHOLMNODDW PRGHOOHUHQ 62$&$67LNWDNHWDO

(83) /RRGZRUGWQLHWPHHJHQRPHQRPGDWYDQGLW PHWDDOPLQGHUWR[LFLWHLWVJHJHYHQVEHVFKLNEDDU]LMQHQKHWJHHQEHODQJULMNHWR[LVFKHVWUHVV YRRUSODQWHQRS]RXOHYHUHQ 'HWR[LVFKHGUXNZRUGWLQGH]HVWXGLHPHHJHQRPHQLQGHYRUPYDQGHYDULDEHOHFRPELSDI GHSRWHQWLHHODDQJHWDVWHIUDFWLHSODQWHQVRRUWHQGRRU]ZDUHPHWDOHQ)LJVFKHPDWLVHHUWGH EHUHNHQLQJYDQPHWDDOFRQFHQWUDWLHVLQGHERGHPQDDUSDIZDDUGH. WRWDDO FRQFHQWUDWLH ]ZDUHPHWDOHQ &G=Q&X

(84) LQ ERGHP. FRQFHQWUDWLH UHDFWLHYHPHWDOHQ. SRWHQWLHHO DDQJHWDVWHIUDFWLH SODQWHQVRRUWHQ SHULQGLYLGXHHO PHWDDO. SRWHQWLHHO DDQJHWDVWHIUDFWLH SODQWHQVRRUWHQ YRRU&G=Q&X FRPEL

(85) SDI. )LJXXU%HUHNLQJVVFKHPDFRPELSDI %HVFKLNWZRUGWRYHUGHJHPHWHQDFWXHOHFRQFHQWUDWLHV]ZDUHPHWDOHQLQGHERGHP0HW EHKXOSYDQHHQXLW62$&$6DINRPVWLJHUHJUHVVLHIRUPXOH 7LNWDN

(86) ]LMQGH WRWDDOJHKDOWHQYDQGHPHWDOHQRSEDVLVYDQKHWOXWXPJHKDOWHLQGHERGHP LQSURFHQWHQYDQ KHWERGHPGURRJJHZLFKW

(87) RPJHUHNHQGQDDUFRQFHQWUDWLHVUHDFWLHIPHWDDO LQ)LJYDQ QDDU

(88) 'H UHDFWLHYH

(89) FRQFHQWUDWLHV]ZDUHPHWDOHQNXQQHQQLHWFRQVWDQWYHURQGHUVWHOG ZRUGHQLQGHWLMG2PRRNDDQGHRXGHUHYHJHWDWLHRSQDPHQSDIZDDUGHQWHNXQQHQ NRSSHOHQGLHQHQGHUKDOYHKLVWRULVFKHFRQFHQWUDWLHVYDQGHPHWDOHQEHUHNHQGWHZRUGHQ 'DDUWRHZRUGWKHWUXLPWHOLMNHEHHOGYDQGHDFWXHOHFRQFHQWUDWLHVJHFRPELQHHUGPHWGHWUHQG LQGHWLMG]RDOVEHUHNHQGGRRUKHWPRGHO62$&$6 7DE

(90) +LHUELMZRUGWHUYDQXLWJHJDDQ GDWGHWLMGVDIKDQNHOLMNKHLGYDQGHDFFXPXODWLHRSDOOHSODDWVHQJHOLMNLV=RZRUGHQYRRUHONH FRPELQDWLHYDQORNDWLHHQWLMGVWLSEHKRUHQGHELMHHQYHJHWDWLHRSQDPHGHPHWDDOFRQFHQWUDWLHV.

(91) 5,90UDSSRUW. SDJYDQ. EHUHNHQG9DQZHJHKHWRQWEUHNHQYDQPHWDDOJHJHYHQVYDQGHSHULRGHYyyULVGLWQLHW PRJHOLMNYRRURSQDPHQRXGHUGDQ 7DEHO*HwQGH[HHUGUHDFWLHIPHWDDOJHKDOWHLQGHERGHP]RDOVEHUHNHQGPEY62$&$6  

(92) 0HWDDO &G =Q &X                                     2PGHPHWDDOFRQFHQWUDWLHVYHUYROJHQVWHNXQQHQRPUHNHQHQQDDUHHQ3$)ZDDUGH )LJ YDQQDDU

(93) LVJHEUXLNJHPDDNWYDQRQGHU]RHNQDDUGHFKURQLVFKHWR[LFLWHLWYDQGH EHWURNNHQPHWDOHQYRRU]RYHHOPRJHOLMNSODQWHQVRRUWHQ+LHUWRHLVJHEUXLNJHPDDNWYDQ YHUVFKLOOHQGHGDWDVHWVYDQKHW&HQWUXPYRRU6WRIIHQHQ5LVLFR¶V &655,90

(94) 'Hµ1R 2EVHUYHG(IIHFW&RQFHQWUDWLHV¶ 12(&¶V

(95) XLWGH]HEHVWDQGHQ]LMQRPJHUHNHQGQDDUGH UHDFWLHIPHWDDOFRQFHQWUDWLHV2SGHDOGXVYHUNUHJHQHIIHFWLHYHHLQGSXQWFRQFHQWUDWLHVYRRU YHUVFKLOOHQGHSODQWHQVRRUWHQZRUGWHHQORJORJLVWLVFKHJHYRHOLJKHLGVYHUGHOLQJRYHUHHQ JHQHULHNHYHU]DPHOLQJSODQWHQVRRUWHQJHILW'H]HILWOHYHUWYRRUDOOHPHWDOHQHHQZDDUGHRS YRRUGH HQGH YDQGHJHYRHOLJKHLGVYHUGHOLQJ 7DE

(96) 0HWEHKXOSYDQ9JO]LMQGH UHDFWLHIPHWDDONDDUWHQRPJH]HWQDDU3$)NDDUWHQYRRUGHLQGLYLGXHOHPHWDOHQ 7DEHO'HEHUHNHQGH HQ YDQGHJHYRHOLJKHLGVYHUGHOLQJYDQSODQWHQVRRUWHQYRRUGH YHUVFKLOOHQGHPHWDOHQ &G. &X. =Q.      . 3$)0 =.  -. [- a. + H b [=  ORJ>0UHDFWLHI @. 9JO. &RPEL3$)+0 =  -  - 3$)&G

(97)  - 3$)&X

(98)  - 3$)=Q

(99). 1DGDWELMDOOHYHJHWDWLHRSQDPHQGHELMEHKRUHQGH3$)ZDDUGHQYRRUGHLQGLYLGXHOHPHWDOHQ ]LMQEHUHNHQGZRUGWHHQFRPEL3$)ZDDUGH GHYDULDEHOHFRPELSDI

(100) XLWJHUHNHQG 9JO .OHSSHU 9DQGH0HHQW

(101) 2PQLHWVLJQLILFDQWHYHUVFKLOOHQLQGHWR[LVFKHGUXNWH YHUPLMGHQ]LMQGHEHUHNHQGHFRPEL3$)ZDDUGHQDIJHURQGRS 

(102) +LHUPHHLVGH ODDWVWHVWDSXLW)LJJHUHHG.

(103) SDJYDQ. 5,90UDSSRUW. +HW]RXWJHKDOWHYDQGHERGHPLVHHQEHODQJULMNHIDFWRUYRRUKHWYRRUNRPHQYDQSODQWHQ 029(PDDNWGDDURPJHEUXLNYDQGH(OOHQEHUJLQGLFDWLHZDDUGHQYRRU]RXW V

(104) 'H WLHQGHOLJHVFKDDOORRSWYDQ]RXWLQWROHUDQW 

(105) QDDUVWHUN]RXWEHKRHYHQG 

(106)  3ODQWHQVRRUWHQ]LMQWHQVORWWHLQKXQYHUVSUHLGLQJEHSHUNWGRRUJURRWVFKDOLJHUXLPWHOLMNH YHUVFKLOOHQLQJURQGZDWHUV\VWHPHQERGHPV\VWHPHQHQYHUVSUHLGLQJVDUHDOHQ029(QHHPW GLWPHHGRRUJHEUXLNWHPDNHQYDQGHLQGHOLQJYDQ1HGHUODQGLQI\VLVFKJHRJUDILVFKHUHJLR¶V 'HI\VLVFKJHRJUDILVFKHUHJLR IJU

(107) YDQGHRSQDPHQZRUGWEHSDDOGRSEDVLVYDQGHIJUNDDUW YDQ$OWHUUD'H]HNDDUWJHHIWHHQQDXZNHXULJHFODVVLILFDWLHQDDUIJURSEDVLVYDQGH ERGHPNDDUW2RUVSURQNHOLMNNHQWGHNDDUWIJU¶V VWHGHOLMNJHELHG

(108) YRRUGH]HVWXGLH]LMQ GHKRJHUH]DQGJURQGHQQRJRSJHVSOLWVWLQHHQQRRUGHOLMNHQHHQ]XLGHOLMNGHHO]RGDW XLWHLQGHOLMNIJU¶VRQGHUVFKHLGHQZRUGHQ %LMODJH

(109)  2PGHIJUYDQHHQRSQDPHYROGRHQGHQDXZNHXULJWHNXQQHQYDVWVWHOOHQJHOGWDOVPLQLPXP HLVGDWGHORNDWLHYDQGHRSQDPHWHQPLQVWHQDXZNHXULJHUGDQRSXXUKRNQLYHDX  NP

(110) EHNHQGPRHW]LMQ2SQDPHQZDDUELMGLWQLHWKHWJHYDOLVZRUGHQXLWGHGDWDVHWYHUZLMGHUG 1DEHUHNHQLQJYDQGHERYHQVWDDQGHYDULDEHOHQZRUGWHHQFRUUHODWLHDQDO\VHXLWJHYRHUGRP HHQHHUVWHLQGUXNWHNULMJHQKRHGH]HYDULDEHOHQPHWHONDDUVDPHQKDQJHQ,Q YHUYROJRQGHU]RHN]DOHHQQDGHUHDQDO\VHZRUGHQJHPDDNWYDQGHRQGHUOLQJHVDPHQKDQJHQ KHWEHODQJYDQGH]HYDULDEHOHQYRRUGHPRGHOOHULQJRSJURQGYDQVWDWLVWLVFKHDQDO\VH =RZHOGHELRWLVFKHDOVGHDELRWLVFKHGDWD]LMQRSJHVODJHQLQHHQ0LFURVRIW$FFHVVGDWDEDVH.

(111) SDJYDQ. 5,90UDSSRUW. . 5HJUHVVLHDQDO\VH. . 0RGHO. +HWPRGHO029(EHVFKULMIWGHUHODWLHWXVVHQKHWYRRUNRPHQYDQSODQWHQVRRUWHQHQ RPJHYLQJVYDULDEHOHQPHWEHKXOSYDQPXOWLSHOHORJLVWLVFKHUHJUHVVLHDQDO\VH +RVPHU /HPHVKRZ0F&XOODJK 1HOGHU

(112) +HWUHJUHVVLHPRGHOJHHIWGDDUELMGHNDQVRS YRRUNRPHQYDQHHQSODQWHQVRRUWDOVIXQFWLHYDQGHRPJHYLQJVYDULDEHOHQ$OOHYHUNODUHQGH YDULDEHOHQZRUGHQWHJHOLMNLQppQPXOWLSHOPRGHOPHHJHQRPHQ'LWKHHIWKHWEHODQJULMNH YRRUGHHOGDWKHWPRGHOKXQJH]DPHOLMNHIIHFWRSGHUHVSRQVYDULDEHOHEHUHNHQW ,QJHJHQHUDOLVHHUGHYRUP]LHWKHWORJLVWLVFKUHJUHVVLHPRGHOHUDOVYROJWXLW S \

(113)  H[S OLQHDLUHSUHGLFWRU

(114)  H[S OLQHDLUHSUHGLFWRU

(115)

(116) . 9JO. 'HOLQHDLUHSUHGLFWRUYDQKHWPRGHOLVGDDUELMYDQGHYRUP LQPDWUL[QRWDWLH

(117)  OLQHDLUHSUHGLFWRU ;E. 9JO. /RJLVWLVFKHUHJUHVVLHLVHHQYRUPYDQUHJUHVVLHDQDO\VHGLHWRHSDVEDDULVYRRUELQDLUH UHVSRQVYDULDEHOHQ,QGLWJHYDOLVGDWGHDDQRIDIZH]LJKHLGYDQSODQWHQVRRUWHQLQHHQ RSQDPH+RHZHOLQGHPHHVWHRSQDPHQRRNDEXQGDQWLHJHJHYHQVEHVFKLNEDDU]LMQZRUGW KLHUYDQJHHQJHEUXLNJHPDDNW'HHOYDQGH029(VHULHJDDWGLHSHULQRSGH WRHSDVEDDUKHLGYDQORJLVWLVFKHUHJUHVVLHLQKHWOLFKWYDQGHEHVFKLNEDUHGDWDGHHLVHQDDQGH PRGHOOHULQJHQGHDIZHJLQJWHJHQDQGHUHYRUPHQYDQPRGHOOHULQJ $ONHPDGHHWDOLQ SUHS

(118)  9JOJHHIWGHLQYXOOLQJYDQGHOLQHDLUHSUHGLFWRUYDQKHWPRGHO+HWYHUYROJYDQGH]H SDUDJUDDIEHVFKULMIWGHZLM]HZDDURSGHYDULDEHOHQLQGHPRGHOOHQZRUGHQPHHJHQRPHQ OLQSUHG E E QE Q E IE I E UE U E V E IJUE FSDIE YHJE UQE UIE QI . . . . . . . . . . . . . . . . . 9JO. . 6WDQGDDUGZRUGHQYRRUGHYDULDEHOHQQIHQUNORNYRUPLJHXQLPRGDOHPRGHOOHQJHPDDNW 'LWJHEHXUWGRRUKHWRSQHPHQYDQHHQNZDGUDWLVFKHWHUPLQGHUHJUHVVLHYHUJHOLMNLQJ,QHHQ DDQWDOJHYDOOHQOLJWKHWPD[LPXP µRSWLPXP¶

(119) YDQGHUHVSRQVLHFXUYHEXLWHQGHDELRWLVFKH UDQJHYDQGHGDWDVHWHQLVHURJHQVFKLMQOLMNVSUDNHYDQHHQVLJPRwG (HQDDQWDOVRRUWHQ]DOYRRUHHQRIPHHUYDQGHYDULDEHOHQQIHQUHHQPLQLPXPYHUWRQHQ 'LWNDQYHURRU]DDNWZRUGHQGRRUGDW]LMLQKHWPLGGHQYDQGHUDQJHYDQHHQRIPHHUGHUH PLOLHXIDFWRUHQZRUGHQZHJJHFRQFXUUHHUGGRRUDQGHUHVRRUWHQ,QGHPHHVWHJHYDOOHQLVKHW HFKWHUKHWJHYROJYDQGHRYHUERGLJHRSQDPHYDQNZDGUDWLVFKHWHUPHQLQKHWPRGHO,QGH]H.

(120) SDJYDQ. 5,90UDSSRUW. JHYDOOHQEHVFKULMIWHHQVLJPRwGHFXUYHGHNDQVRSYRRUNRPHQZDDUVFKLMQOLMNEHWHUGDQHHQ RSWLPXPFXUYH'HVRRUWHQGLHHHQPLQLPXPYHUWRQHQZRUGHQGDDURPXLWJHVHOHFWHHUGRS EDVLVYDQKXQSRVLWLHYHSDUDPHWHUZDDUGHQLQGHHHUVWHUHJUHVVLHURQGH9RRUGH]HVRRUWHQ ZRUGHQLQHHQWZHHGHUHJUHVVLHURQGHSHUVRRUWQLHXZHPRGHOOHQJHVFKDWPHWWHONHQVDQGHUH FRPELQDWLHVYDQOLQHDLUHHQNZDGUDWLVFKHWHUPHQYRRUGHYDULDEHOHQQIHQU 7DE

(121) +HW LVQRGLJRPDOOHFRPELQDWLHVQDWHJDDQRPGDWYHUDQGHULQJHQLQGHRUGHYDQGHYDULDEHOHQ HONDDUZHGHU]LMGVNXQQHQEHwQYORHGHQLQKHWWHNHQYDQGHSDUDPHWHUV,QHHQDDQWDOJHYDOOHQ EOLMNHQHUPHHUGHUHFRPELQDWLHVWH]LMQZDDUELM]LFKJHHQPLQLPDPHHUYRRUGRHQ,QGLH JHYDOOHQZRUGWKHWXLWHLQGHOLMNHPRGHOJHVHOHFWHHUGRSEDVLVYDQKHWKRRJVWHSHUFHQWDJH YHUNODDUGHGHYLDQWLH ]LH+

(122)  7DEHO2SQDPHYDQNZDGUDWLVFKHWHUPHQLQGHWZHHGHUHJUHVVLHURQGH(HQ[JHHIWDDQGDW GHWHUPLQKHWPRGHOLVRSJHQRPHQ Q I U   [  [  [  [ [  [ [  [ [ . . . 9RRUGHYDULDEHOHVZRUGHQVWDQGDDUGVLJPRwGHQJHPRGHOOHHUG,QYHUUHZHJGHPHHVWH JHYDOOHQLPPHUVJHYHQGH(OOHQEHUJ]RXWJHWDOOHQJHHQRSWLPDDDQPDDUYHHOHHUGHJUHQ]HQ YDQGHWROHUDQWLH6RRUWHQPHWHHQJHULQJH]RXWWROHUDQWLH]XOOHQGHUKDOYHJRHGEHVFKUHYHQ ZRUGHQPHWHHQVLJPRwGHGDOHQGHFXUYH+HW]RXWJHWDOJHHIWYRRUGH]HVRRUWHQHLJHQOLMNQLHW KHWRSWLPXPPDDUYHHOHHUGHUHFKWHUJUHQVYDQGHHFRORJLVFKHDPSOLWXGHDDQ6RRUWHQPHW HHQKRJH]RXWSUHIHUHQWLH]XOOHQJRHGZRUGHQEHVFKUHYHQPHWHHQVWLMJHQGHVLJPRwGH+HW ]RXWJHWDOVWDDWKLHUYRRUKHWOLQNHUEHUHLNYDQGHDPSOLWXGH 2RNYRRUGHYDULDEHOHFRPELSDIZRUGHQXLWVOXLWHQGVLJPRwGHQJHILW2RNKLHULVQLHW]R]HHU VSUDNHYDQRSWLPDDOVZHOYDQWROHUDQWLHJUHQ]HQGLHDDQJHJHYHQZRUGHQGRRUGH]HYDULDEHOH (HQDDQWDOYDULDEHOHQ]DOZDDUVFKLMQOLMNLQWHUDFWLHYHUWRQHQ'HNDQVRSYRRUNRPHQYDQHHQ VRRUWELMHHQEHSDDOGHZDDUGHYDQHHQYDULDEHOHLVGDQDIKDQNHOLMNYDQGHZDDUGHYDQHHQ DQGHUHYDULDEHOH2RVWHUEHHNHWDO 

(123) YLQGHQLQHHQWHVWPHWVRRUWHQHHQ]LMKHW JHULQJHWRHQDPHYDQGHYHUNODDUGHGHYLDQWLHGRRUKHWWRHYRHJHQYDQLQWHUDFWLHWHUPHQDDQ KHWPRGHO2YHULJHQVLVYRRUGH]HVRRUWHQGHPD[LPDOHNDQVRSYRRUNRPHQ S ]LH +

(124) QLHWDOWLMGJURWHU (UZRUGHQLQWHUDFWLHWHUPHQWXVVHQGHYDULDEHOHQLQEHVFKRXZLQJJHQRPHQ ]XXUJHWDO VWLNVWRIJHWDO  U Q

(125) ]XXUJHWDO YRFKWJHWDO  U I

(126) VWLNVWRIJHWDO YRFKWJHWDO  Q I

(127) PD[. 9DQGHJHEUXLNWHYDULDEHOHQ]LMQHUWZHHGLVFUHHWIJUHQYHJ'HRYHULJHYDULDEHOHQ]LMQ FRQWLQXH 7DE

(128) 'HGLVFUHWHYDULDEHOHQZRUGHQDOVIDFWRUYDULDEHOHQLQKHWPRGHO PHHJHQRPHQ'HIDFWRUHQZRUGHQRQWERQGHQDOV+HOPHUWFRQWUDVWHQ 0DWKVRIW

(129) +HW JHEUXLNYDQIDFWRUHQLPSOLFHHUWGDWYRRUGHDI]RQGHUOLMNHI\VLVFKJHRJUDILVFKHUHJLR¶VHQ YHJHWDWLHVWUXFWXUHQFXUYHVPHWGH]HOIGHYRUPHQSODDWVYDQGHRSWLPDRSGHDELRWLVFKHUDQJH ZRUGHQJHILWZDDUELMDOOHHQKHWQLYHDXYDQGHFXUYHSHUUHJLRHQYHJHWDWLHVWUXFWXXUYHUVFKLOW.

(130) 5,90UDSSRUW. SDJYDQ. 6RRUWHQPHWPLQGHUGDQSRVLWLHYHZDDUQHPLQJHQZRUGHQRSYRRUKDQGXLWGHGDWDVHW YHUZLMGHUG'LWYRRUNRPWODQJHLWHUDWLHVWLMGHQVGHPRGHOOHULQJGLHGRRUHHQJHEUHNDDQ LQIRUPDWLHLQYHHOJHYDOOHQWRFKQLHW]XOOHQOHLGHQWRWUHDOLVWLVFKHSDUDPHWHUVFKDWWLQJHQ 'HUHJUHVVLHVZRUGHQLQEDWFKXLWJHYRHUGPHWKHWVWDWLVWLVFKSDNNHW6SOXV YHUVLH 0DWKVRIW

(131) RQGHU:LQGRZV17'HJHEUXLNWHSFKHHIWHHQJHKHXJHQYDQ0% HQNHOHKRQGHUGHQ0%YULMHKDUGHVFKLMIHQHHQSDJHILOHYDQ0%. . %HRRUGHOLQJ. (ONPRGHOZRUGWEHRRUGHHOGPHWEHKXOSYDQHHQDDQWDOVWDWLVWLVFKHJURRWKHGHQ0RGHOOHQGLH QLHWYROGRHQDDQGHPLQLPXPHLVHQWHQDDQ]LHQYDQGH]HJURRWKHGHQZRUGHQQLHWJHEUXLNWLQ GH1DWXXUSODQQHU'HEHRRUGHOLQJJHEHXUWRSEDVLVYDQGHVWDWLVWLVFKHVLJQLILFDQWLHKHW SHUFHQWDJHYHUNODDUGHGHYLDQWLHGHJRRGQHVVRIILWGHPD[LPDOHNDQVRSYRRUNRPHQ S

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

(133) YLQGWHHQ]RJHQDDPGH%RQIHURQLFRUUHFWLHSODDWV 6QHGHFRU &RFKUDQ

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

(135) HQGHRPYDQJYDQGHGDWDVHWZDDURSKHWPRGHOLVJHEDVHHUG %LR

(136) 'H]H VWDWLVWLFLVGHUKDOYHYRRUDOJHVFKLNWRPSHUVRRUWPRGHOOHQWHYHUJHOLMNHQGLHYHUVFKLOOHQLQ FRPSOH[LWHLW PDDUZHOJHEDVHHUG]LMQRSGH]HOIGHGDWD

(137)  +HWLVQLHWJRHGPRJHOLMNHHQREMHFWLHYHRQGHUJUHQVWHVWHOOHQDDQKHWSHUFHQWDJH%RYHQGLHQ LVELMWRHSDVVLQJGH JHPLGGHOGH

(138) YRRUVSHOOHQGHZDDUGHYRRUGHWRWDOHVRRUWHQVHWWHQPLQVWH]R EHODQJULMNDOVGLHYRRUGHDI]RQGHUOLMNHVRRUWHQ'DDURPVWHOWGH]HVWXGLHJHHQPLQLPXPHLV DDQKHWSHUFHQWDJHYHUNODDUGHGHYLDQWLH 'HJRRGQHVVRIILWJURRWKHLGEHRRUGHHOWGHSUHVWDWLHYDQGHPRGHOOHQGRRUGH PRGHOYRRUVSHOOLQJHQWHYHUJHOLMNHQPHWGHJHREVHUYHHUGHZDDUGHQXLWGHGDWDVHW'HSUHVWDWLH LVEHWHUQDDUPDWHHUHHQJURWHUHRYHUHHQNRPVWLVWXVVHQSRVLWLHYHYRRUVSHOOLQJHQHQSRVLWLHYH ZDDUQHPLQJHQHQRPJHNHHUGWXVVHQQHJDWLHYHYRRUVSHOOLQJHQHQQHJDWLHYHZDDUQHPLQJHQ (ULVJHEUXLNJHPDDNWYDQGHJRRGQHVVRIILWWHVW]RDOVJHJHYHQGRRU+RVPHU /HPHVKRZ 

(139) PHWHHQNODVVHLQGHOLQJQDDUHHQJHOLMNDDQWDOYHUZDFKWHSRVLWLHYHZDDUQHPLQJHQ,Q YHUJHOLMNLQJPHWDQGHUHNODVVHLQGHOLQJHQEOLMNWGH]HLQGHOLQJJRHGWHYROGRHQDDQGH.

(140) SDJYDQ. 5,90UDSSRUW. UDQGYRRUZDDUGHQYRRUGHWHVW FKLNZDGUDDWYHUGHHOGHQWDPHOLMNRQDIKDQNHOLMNYDQDQGHUH HLJHQVFKDSSHQYDQGHIXQFWLH

(141) HQKHWDFFHQWWHOHJJHQRSGHMXLVWHYRRUVSHOOLQJYDQ]HOG]DPH VRRUWHQ %LR

(142)  'HQXOK\SRWKHVHYRRUWRHWVLQJYDQGHJRRGQHVVRIILWJURRWKHLGVWHOWGDWGHYRRUVSHOGH ZDDUGHQJHOLMN]LMQDDQGHJHREVHUYHHUGHZDDUGHQ*URWHRYHUVFKULMGLQJVNDQVHQ + ZRUGW QLHWYHUZRUSHQ

(143) ZLM]HQGXVRSHHQJRHGHYRRUVSHOOLQJ . 'HS JHHIWGHYROJHQVKHWPRGHOPD[LPDOHNDQVRSYRRUNRPHQYDQHHQVRRUWS LVGH PD[LPDDOYRRUVSHOGHZDDUGHELQQHQGHGDWDVHW'LWLVQLHWYDQ]HOIVSUHNHQGJHOLMNDDQKHW WKHRUHWLVFKPD[LPXP,QKHWDOJHPHHQJHOGWGDWKRHKRJHUGHS GHVWHEHWHUGHJHEUXLNWH YDULDEHOHQLQVWDDW]LMQKHWYRRUNRPHQYDQGHVRRUWWHEHVFKULMYHQ(HQYHUKRJLQJYDQS EHWHNHQWLQKHWDOJHPHHQGXVHHQYHUEHWHULQJYDQKHWPRGHO(UJHOGWJHHQDEVROXWH RQGHUJUHQVYRRUS  PD[. PD[. PD[. PD[. PD[. %LMKHWXLWYRHUHQYDQGHUHJUHVVLHVZRUGWHHQ VXEMHFWLHYH

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

(145) SDJYDQ. 5,90UDSSRUW. . 5HVXOWDWHQ. . 2SQDPHQHQ2PJHYLQJVYDULDEHOHQ. 'HGDWDVHWEHYDWUXLPRSQDPHQZDDUYDQpp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

(146) QLHWLQGH UHJUHVVLHV]LMQEHWURNNHQ'RRUGH]RRQWVWDQHPLVVLQJYDOXHVNRPWKHWXLWHLQGHOLMNHDDQWDOLQ GHUHJUHVVLHVJHEUXLNWHUHFRUGVRS'HKLHUQDYROJHQGHRYHU]LFKWHQYDQGH RPJHYLQJVYDULDEHOHQKHEEHQEHWUHNNLQJRSGH]HRSQDPHVHW 7DEJHHIWYDQHONHFRQWLQXHYHUNODUHQGHYDULDEHOHKHWUHNHQNXQGLJJHPLGGHOGHKHW PLQLPXPHQKHWPD[LPXP'HKLVWRJUDPPHQJHYHQHHQJHGHWDLOOHHUGHUEHHOGYDQGH YHUGHOLQJYDQGHYDULDEHOHQ )LJDWPJ

(147)  7DEHO2YHU]LFKWYDQGHFRQWLQXHRPJHYLQJVYDULDEHOHQ YDULDEHOH JHP PLQ PD[ Q    I    U    FRPELSDI    V   . VWLNVWRIJHWDO  Q H. . P D Q S  R  O D W  Q D D .  . . . . . . . LQGLFDWLH Z D D UGH Q. )LJXXUD9HUGHOLQJYDQLQGLFDWLHZDDUGHYRRUVWLNVWRI. .

(148) SDJYDQ. 5,90UDSSRUW. YRFKWJHWDO  Q  H P D  Q S R   O D W Q D D.   . . . . . . . . . . . . . LQGLFDWLH Z D D UGH Q. ]XXUJHWDO   Q  H P D Q  S R   O D  W Q D  D.   . . . . . . . . LQGLFDWLH Z D D UGH Q. ]RXWJHWDO   Q H  P D  Q S  R  O D  W Q D  D.   . . . . . LQGLFDWLH Z D D UGH Q. )LJXXUEG9HUGHOLQJYDQLQGLFDWLHZDDUGHYRRUYRFKW]XXUJUDDGHQVDOLQLWHLW.

(149) SDJYDQ. 5,90UDSSRUW. FRPELSDI   Q  H P D Q R   O D W Q D D. .  .          FSD I. I\VLVFKJHRJUDILVFKHUHJLR.        . G G G G LH LH Q LH E E E H OOD H H H J J J Y Q N Q X H OLM H U H H H K LH G Y Y WH UL V. L H NO H H ]. Q G H Q LH H E UP H LQ D J X H G Q H H ] MG Q WL WH H J OR V H IJ D. H H ] UG R R Q. UG R R Q ] K. LG X ] ] K. YHJHWDWLHVWUXFWXXU          ORRIERV. JUDVODQG. KHLGH. GHQQHERV. VSDUUHERV. )LJXXUHJ9HUGHOLQJYDQFRPELSDIIJUHQYHJHWDWLHVWUXFWXXU.

(150) SDJYDQ. 5,90UDSSRUW. 0HWXLW]RQGHULQJYDQGHH[WUHPHQYDQGHDELRWLVFKHUDQJHKHEEHQGHFRQWLQXHYDULDEHOHQQI HQULQDOOHNODVVHQYDQKXQKLVWRJUDPUXLPHDDQWDOOHQRSQDPHQ !

(151) 9RRUGHYDULDEHOHI LVKHWDDQWDORSQDPHQLQGHNODVVHHQEHSHUNW UHVSHQRSQDPHQ

(152) 'LWEHWHNHQW GDW]HHUGURJHSODDWVHQHQLJV]LQVRQGHUYHUWHJHQZRRUGLJG]LMQLQGHGDWDVHW$DQGHDQGHUH NDQWYDQGHUDQJH]LMQHUPLQGHURSQDPHQRS]HHUVWLNVWRIULMNHHQ]HHUEDVLVFKHJURQGHQ NODVVH

(153) 'HYDULDEHOHQQHQUKHEEHQLQGLHNODVVHUHVSHQRSQDPHQ :DWEHWUHIWGHVDOLQLWHLWODDWKHWKLVWRJUDP]LHQGDWVOHFKWVHHQEHSHUNWGHHOYDQGHRSQDPHQ DINRPVWLJLVYDQEUDNNHHQ]RXWHVWDQGSODDWVHQ RSQDPHQPHWV!

(154) 'HYDULDEHOH FRPELSDIKHHIWLQKHWPHUHQGHHOYDQGHRSQDPHQGHZDDUGH,QRSQDPHQLVGH ZDDUGH! 'HYHUGHOLQJYDQGHFDWHJRULVFKHYDULDEHOHIJUODDW]LHQGDWDOOH]RHWHUHJLR¶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

(155) PHW PLQGHUGDQSRVLWLHYHZDDUQHPLQJHQUHVXOWHHUWLQHHQGDWDVHWPHWVRRUWHQ9DQGH]H VRRUWHQ]LMQHUQRJHHQVFDGLHLQGHJHEUXLNWHGDWDVHWPLQLPDDOSRVLWLHYH ZDDUQHPLQJHQKHEEHQHQGDDUPHHLQDDQPHUNLQJNRPHQYRRUHHQDOWHUQDWLHYHDDQSDN]RDOV EHVFKUHYHQGRRU9DQ+LQVEHUJ LQSUHS

(156)  9RRUGHVHWYDQVRRUWHQ]LMQGHUHJUHVVLHPRGHOOHQJHILW9RRUVRRUWHQ]LMQYRRUppQRI WZHHYDQGHYDULDEHOHQVLJPRwGHFXUYHVJHILWRPELPRGDOHFXUYHVWHFRUULJHUHQ6RRUWHQPHW GULHELPRGDOHYDULDEHOHQNRPHQQLHWYRRU $OOHPRGHOOHQ]LMQVLJQLILFDQWELMHHQRQEHWURXZEDDUKHLGVGUHPSHOYDQ  LQFO%RQIHURQLFRUUHFWLH

(157) ([WUHPHSDUDPHWHUZDDUGHQNRPHQQLHWYRRU%LMODJHJHHIWHHQ LQGUXNYDQGHSDUDPHWHUEHVWDQGHQ'HYROOHGLJHSDUDPHWHUEHVWDQGHQ]LMQGLJLWDDO YHUNULMJEDDUELMKHW5,90 7DEJHHIWGHJHPLGGHOGHZDDUGHQYDQKHWSHUFHQWDJHYHUNODDUGHGHYLDQWLHKHWDDQWDOHQ SHUFHQWDJHVRRUWHQPHWRYHUVFKULMGLQJVNDQVYDQGHJRRGQHVVRIILWVWDWLVWLF!GH PD[LPDOHNDQVRSYRRUNRPHQ S

(158) HQKHWDDQWDOSRVLWLHYHZDDUQHPLQJHQ)LJWP JHYHQHHQJHGHWDLOOHHUGHUEHHOGYDQGHYHUGHOLQJYDQGH]HJURRWKHGHQ%LMODJHJHHIWGH ZDDUGHQYDQGHWRHWVLQJVJURRWKHGHQSHUVRRUW PD[.

(159) SDJYDQ. 5,90UDSSRUW. 7DEHO%HNQRSWRYHU]LFKWYDQWRHWVLQJVJURRWKHGHQ JHP DDQWDOHQVRRUWHQPHW JHPS YHUNODDUGH RYHUVFKULMGLQJVNDQVJRRGQHVV GHYLDQWLH RIILWVWDWLVWLF!   

(160) . PD[. JHPDDQWDO SRVLWLHYH ZDDUQHPLQJHQ . +HWJHPLGGHOGHSHUFHQWDJHYHUNODDUGHGHYLDQWLHOLJWQHWERYHQGH,QHQNHOHJHYDOOHQ ZRUGHQZDDUGHQYDQEHUHLNW(HQDDQWDOVRRUWHQEOLMIWEHQHGHQGH %LMHHQRQEHWURXZEDDUKHLGVGUHPSHOYDQYHUVFKLOWYRRUVRRUWHQGHJRRGQHVVRIILW VWDWLVWLFQLHW VLJQLILFDQW

(161) YDQQXO%LMHHQRQEHWURXZEDDUKHLGYDQQHHPWGLWWRHWRWFD VRRUWHQ+HWJURRWVWHGHHOYDQGHVRRUWHQKHHIWGXVHHQJURWHPDWFKLQYRRUVSHOGHHQ JHREVHUYHHUGHZDDUGH2PJHNHHUG]LMQHURRNVRRUWHQZDDUELMREVHUYDWLHVHQYRRUVSHOOLQJHQ QLHWJHKHHORYHUHHQNRPHQ KHWYHUVFKLOLVVLJQLILFDQWRQJHOLMNDDQQXO

(162)  'HPD[LPDOHNDQVRSYRRUNRPHQ S PD[LPDOHNDQVERYHQGH. PD[.

(163) LVJHPLGGHOG%LMFDYDQGHVRRUWHQOLJWGH. +HWJURRWVWHGHHOYDQGHVRRUWHQKHHIWPHHUGDQSRVLWLHYHZDDUQHPLQJHQUXLPHHQGHUGH ]HOIVPHHUGDQ+RHZHORSYRRUKDQGVRRUWHQPHWPLQGHUGDQSRVLWLHYH ZDDUQHPLQJHQXLWGHGDWDVHW]LMQYHUZLMGHUGEOLMNWLQHQNHOHJHYDOOHQKHWDDQWDOSRVLWLHYH ZDDUQHPLQJHQWRFKODJHUWH]LMQGDQ'LWZRUGWYHURRU]DDNWGRRUKHWXLWYDOOHQYDQ RSQDPHQPHWPLVVLQJYDOXHVYRRUHHQDELRWLVFKHSDUDPHWHU9RRU]RYHUGLWJHHQ RYHUVFKULMGLQJYDQGHRQEHWURXZEDDUKHLGVGUHPSHORIH[WUHPHSDUDPHWHUZDDUGHQYHURRU]DDNW ]RDOVKLHUERYHQJHWRHWVW

(164) LVKHWODJHDDQWDOSRVLWLHYHZDDUQHPLQJHQLQSULQFLSHJHHQ EH]ZDDU.   Q H W U R R V  H J D W Q H F U H S.       . . . . . . . YH UNOD D UGH GH YLD QWLH. )LJXXU3HUFHQWDJHYHUNODDUGHGHYLDQWLH. . . .

(165) SDJYDQ. 5,90UDSSRUW.   Q H W U R R V  H J D W Q H F U H S.         . . . . . . RYH UVFKULMGLQJVND QV. )LJXXU2YHUVFKULMGLQJVNDQVYDQGHJRRGQHVVRIILWVWDWLVWLF. . Q H  W U R R V  H  J D W Q H F U  H S.  . . . . . . . . . . . . . . . . . . . PD [ LPDOH SUH GLFWLH. )LJXXU0D[LPDOHSUHGLFWLH SPD[

(166).    Q  H W U  R R V   O D W  Q D  D    . . . . !. D D QWD OSRVLWLH YH Z D D UQH PLQJH Q. )LJXXU3RVZDDUQHPLQJHQSHUVRRUWLQGHYRRUKHWPRGHOJHEUXLNWHGDWDVHW.

(167) 5,90UDSSRUW. . SDJYDQ. &RQFOXVLHHQ'LVFXVVLH. 0HWGH]HVWXGLHLVGHGHUGHYHUVLHYDQ029(JHUHHGJHNRPHQ+HWPRGHOLVXLWJHEUHLGPHW QLHXZHRPJHYLQJVYDULDEHOHQRSKHWJHELHGYDQYHJHWDWLHVWUXFWXXUVDOLQLWHLW]ZDUHPHWDOHQ HQUHJLRYHUVFKLOOHQ'HYROJHQGHYDULDEHOHQ]LMQJHEUXLNWRPGH]HIDFWRUHQLQGH PRGHOOHULQJPHHWHQHPHQYHJHWDWLHVWUXFWXXU YHJ

(168) (OOHQEHUJLQGLFDWLHZDDUGHQYRRU VDOLQLWHLW V

(169) GHSRWHQWLHHODDQJHWDVWHIUDFWLHSODQWHQVRRUWHQGRRU]ZDUHPHWDOHQ FRPELSDI

(170) HQI\VLVFKJHRJUDILVFKHUHJLR¶V IJU

(171) 'DDUQDDVW]LMQGHUHVSRQVLHFXUYHVWHQRS]LFKWHYDQ 029(JHEDVHHUGRSHHQDDQ]LHQOLMNJURWHUHHPSLULVFKHEDVLVYDQUXLPYHJHWDWLH RSQDPHQ'LWGUDDJWHUWRHELMGDWYRRUDOOHUXLPVRRUWHQVWDWLVWLVFKVLJQLILFDQWHPRGHOOHQ NRQGHQZRUGHQJHILWPHWHHQUHODWLHIJURRWSHUFHQWDJHYHUNODDUGHYDULDQWLHHHQKRJH YRRUVSHOOHQGHZDDUGHHQHHQKRJHYRRUVSHOGHPD[LPDOHNDQVRSYRRUNRPHQ S

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¶VPDDLHQOLFKWJHWDOOHQZRUGHQYHUNHQGDQDORRJDDQGHZLM]HZDDURS PRPHQWHHOUHHGVQIUHQVZRUGHQLQJH]HW ,QDDQVOXLWLQJRS60$57LVGHYDULDEHOHYHJLQJURYHNODVVHQYHUGHHOG(HQYHUILMQLQJYDQ GHNODVVHQOLMNWYRRUGHKDQGWHOLJJHQPDDU]RXKHWQDGHHOKHEEHQGDWGHLQGHOLQJQLHWGLUHFW PHHUDDQVOXLWRSGHYHJHWDWLHVWUXFWXXUW\SRORJLHYDQ60$572SYRRUKDQGLVPRHLOLMNLQWH VFKDWWHQZDWKHWHIIHFWYDQHHQGHUJHOLMNHGHWDLOOHULQJ]RX]LMQRSGHPRGHOSUHVWDWLHV 2YHULJHQV]DORRNKHWJHEUXLNYDQGH(OOHQEHUJJHWDOOHQQRJQLHWYDQ]HOIEHWHNHQHQGDWDOOH EHKHHUVYRUPHQRSWLPDDOLQKHWPRGHO]LWWHQ2RVWHUEHHNHWDO 

(173) FRQFOXGHUHQUHHGVGDW GHPDDL HQOLFKW

(174) JHWDOOHQQLHW]R]HHUGHEHKHHUVYRUPDOVZHOGHEHKHHUVLQWHQVLWHLW ZHHUVSLHJHOHQ%RYHQGLHQEHYDWKXQGDWDVHWJHHQRQGHUVFKHLGQDDUPDDLHQHQJUD]HQHQ ZRUGWGXVQLHWGXLGHOLMNKRHGH]HYHUVFKLOOHQGHPDDLHQOLFKWJHWDOOHQEHwQYORHGHQ,QLHGHU JHYDOLVKHWPDDLJHWDOQLHW]RQGHUPHHUJHOLMNDDQHHQJUDDVJHWDO:DPHOLQNHWDO 

(175) ]HJJHQKLHURYHUµ'HJHVFKDWWHPDDLJHWDOOHQ]RXGHQHHQEDVLVNXQQHQ]LMQRPRSJHOLMNH ZLM]HQDDUEHJUD]LQJWHNLMNHQ%HJUD]LQJ]RXGDQNXQQHQZRUGHQEHVFKRXZGDOVHHQ FRPELQDWLHYDQPDDLHQHQEHWUHGHQ ZDDUELMJLIWLJKHLGHQYRRUNHXUHQYDQJUD]HUVLQDFKW PRHWHQZRUGHQJHQRPHQ

(176) ¶ 'HFRPELSDIZDDUGHQYRRU029(]LMQEHUHNHQGRSEDVLVYDQUHDFWLHIPHWDDO(ULVHHQ DOWHUQDWLHYHPHWKRGHGHQNEDDUGLHXLWJDDWYDQ]ZDDUPHWDDOLQRSORVVLQJ(FKWHUELMGH JHEUXLNWHPHWKRGH]LMQYHHOPHHUWR[LFLWHLWVJHJHYHQV 12(&V

(177) EHVFKLNEDDU'HRQ]HNHUKHLG LQGHWR[LFLWHLWVSDUDPHWHUVaHQbLVGDDUGRRUODJHUZDDUGRRUGH]HPHWKRGHGHYRRUNHXU YHUGLHQW:HOOLFKWZRUGWHUHFKWHUQDXZNHXULJKHLGLQJHOHYHUGELMGHEHVFKLNEDDUKHLGYDQGH PHWDOHQYRRUGHSODQWHQ 029(JDDWXLWYDQHHQOLQHDLUHUHODWLHWXVVHQKHWYRRUNRPHQYDQGHSODQWHQHQGH (OOHQEHUJVDOLQLWHLW9RRUHHQEHSHUNWGHHOYDQGHVRRUWHQPDJHFKWHUYHUZDFKWZRUGHQGDW ]LMZHOGHJHOLMNHHQRSWLPXPRSGH]RXWUDQJHNHQQHQ,QGHVRRUWHQVHWYDQ029( EHYLQGHQ]LFKVRRUWHQPHW(OOHQEHUJJHWDOOHQ V 9RRUGH]HVRRUWHQNDQHHQOLFKWH.

(178) SDJYDQ. 5,90UDSSRUW. YHUEHWHULQJYDQGHPRGHOOHULQJYHUZDFKWZRUGHQGRRUKHWPHHQHPHQYDQHHQNZDGUDWLVFKH WHUPYRRU]RXWLQGHUHJUHVVLHV 'HQLHXZHYDULDEHOHQLQ029(YHUHLVHQELMWRHSDVVLQJLQGH1DWXXUSODQQHUGDWKLHUYRRU RRNLQYRHUEHVFKLNEDDULVZDDUPHHVFHQDULRVWXGLHVNXQQHQZRUGHQXLWJHYRHUG9RRUIJULV GDWJHHQSUREOHHPYRRUYHJYHUHLVWKHWGHEHVFKLNEDDUKHLGYDQYHJHWDWLHVWUXFWXXUNDDUWHQ 9RRUVLVHHQ]RXWNDDUWQRGLJGHQXEHVFKLNEDUHNDDUW %LRHWDO

(179) YUDDJWQRJRP YHUEHWHULQJ9RRUFRPELSDILVHHQLQYRHUNDDUWYRRUGHDFWXHOHVLWXDWLHEHVFKLNEDDU'LWLV GH]HOIGHNDDUWZDDUXLWGHSDIZDDUGHQGLHJHNRSSHOG]LMQDDQGHYHJHWDWLHRSQDPHQ]LMQ DIJHOHLG=RDOVUHHGVLQGHLQOHLGLQJLVRSJHPHUNWOLMNWKHWPRJHOLMNRPPHWEHKXOSYDQKHW PRGHO62$&$6 7LNWDNHWDO

(180) VFHQDULRVWXGLHVXLWWHYRHUHQQDDUGHWRHNRPVWLJH RQWZLNNHOLQJYDQGHERGHPJHKDOWHQDDQ]ZDUHPHWDOHQ(HQHQDQGHUZRUGWXLWJH]RFKWLQKHW MDDU$DQVOXLWLQJRSH[WHUQHLQYRHUYUDDJWYRRUGHYDULDEHOHVZDDUVFKLMQOLMNWHYHQV FDOLEUDWLHYDQGHGRRU029(JHEUXLNWH(OOHQEHUJLQGLFDWLHZDDUGHQDDQGHH[WHUQH JURRWKHGHQ$DQ]HWWHQKLHUWRHZRUGHQUHHGVJHJHYHQLQ(UWVHQ 

(181)  7HQRS]LFKWHYDQ029(WUHHGWLQ029(HHQIOLQNHYHUEHWHULQJRSYDQKHWJHPLGGHOGH SHUFHQWDJHYHUNODDUGHYDULDQWLH YDQQDDU

(182) HQGHJHPLGGHOGHPD[LPDOHNDQVRS YRRUNRPHQ YDQQDDU

(183) +HWLVQLHWRQPLGGHOLMNGXLGHOLMNRIGLWNRPWGRRUYHUJURWLQJ YDQGHGDWDVHWRIKHWWRHYRHJHQYDQYHUNODUHQGHYDULDEHOHQ2RVWHUEHHNHWDO 

(184) FRQFOXGHUHQHFKWHUGDWHHQDQDO\VHPHWZDDUQHPLQJHQYHUJHOLMNEDUHUHVXOWDWHQ RSOHYHUWDOVHHQDQDO\VHPHWZDDUQHPLQJHQ ]RODQJKHWDDQWDOSRVLWLHYH ZDDUQHPLQJHQKRRJJHQRHJLV

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

(186) GHRRU]DDN]RXNXQQHQ]LMQ'LW]RXHYHQWXHHONXQQHQ OHLGHQWRWHHQYHUEHWHULQJYDQGHPRGHOOHQ %LMJHEUXLNLQGH1DWXXUSODQQHUELMYYRRUKHWEHUHNHQHQYDQGHZDDUGHYDQGH QDWXXUEHKRXGVJUDDGPHWHUV 5,907HQ%ULQNHWDO

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

(188) 5,90UDSSRUW. SDJYDQ. YHUGHHOGLQNODVVHQ

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

(190) SDJYDQ. 5,90UDSSRUW.

(191) 5,90UDSSRUW. SDJYDQ. /LWHUDWXXU GHPHWHHQ JHPHUNWHUHIHUHQWLHVPDNHQGHHOXLWYDQGH029(VHULH ]LHRRN,QOHLGLQJ

(192) $ONHPDGH-50-:LHUW] -%/DWRXU.DOLEUDWLHYDQ(OOHQEHUJVPLOLHX LQGLFDWLHJHWDOOHQDDQZHUNHOLMNJHPHWHQERGHPIDFWRUHQ5,90UDSSRUW5,90 %LOWKRYHQ $ONHPDGH-50-:LHUW] -%/DWRXULQSUHS029(YHJHWDWLHPRGHOYHUVLH'H NDQVRSYRRUNRPHQYDQFDSODQWHQVRRUWHQDOVIXQFWLHYDQYRFKWS+HQQXWULHQWHQ 5,90UDSSRUW5,90%LOWKRYHQ $ONHPDGH-500%DNNHQHV/-0%RXPDQV0GH+HHU5WH0ROGHU+:.|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lJOLFKNHLWYRQ*UQSIODQ]HQ0|JOLFKNHLWHQ GHUSUDFWLVFKHQ$QZHQGXQJYRQ=HLJHUZHUWHQ1DWXUXQG/DQGVFKDIW-J+HIW  %ULQN%WHQ$YDQ6WULHQ$YDQ+LQVEHUJ55HLMQHQ-:LHUW]5$ONHPDGH+YDQ 'REEHQ%+LJOHU%.RROVWUD:/LJWYRHW0YDQGHU3HLMO66HPPHNURW 1DWXXUZDDUGHJUDDGPHWHUVYDQXLWGHEHKRXGRSWLHN5,90UDSSRUW5,90 %LOWKRYHQ &%6%RWDQLVFKEDVLVUHJLVWHU&%69RRUEXUJ+HHUOHQ (OOHQEHUJ++(:HEHU5'XOO9:LUWK::HUQHU '3DXOLVVHQ HGV

(193)  =HLJHUZHUWHYRQ3IODQ]HQLQ0LWWHOHXURSD(ULFK*ROW]H*RWWLQJ (UWVHQ$&'.DOLEUDWLHYDQ(OOHQEHUJVPLOLHXLQGLFDWLHJHWDOOHQLQ60$57029( DDQYXOOHQGHNDOLEUDWLHPHWJHJHYHQVXLWKHW,7256EHVWDQG8QLYHUVLWHLW8WUHFKW +HHU0GH-50$ONHPDGH0%DNNHQHV)%HNKXLV$%OHHNHU-*XGGHQ-+RHNVWUD 53DVWRRUV05LMNHQ+-5HLW 5-YDQGH9HOGH1DWXXUHQPLOLHXLQGH $FKWHUKRHN7RHWVLQJYDQKHWGHFLVLRQVXSSRUWV\VWHPµGH1DWXXUSODQQHU¶RSUHJLRQDOH VFKDDOHHQSURHISURMHFW3URY*HOGHUODQG$UQKHP.

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µW=HOIGHLQSUHS $IVWHPPLQJELRWLVFKHUHVSRQVPRGXOHV+RRIGUDSSRUW 5XQKDDU+):LWWH 5-RQJPDQ(OOHQEHUJLQGLFDWLHZDDUGHQYHUEHWHULQJPHW UHFLSURFDODYHUDJLQJ"/DQGVFKDS 6FKDPLQpH-+-$+)6WRUWHOGHU9:HVWKRII--%DUNPDQ+'RLQJ /YDQ'XXUHQ ,QOHLGLQJWRWGHSODQWHQVRFLRORJLH*URQGVODJHQPHWKRGHQHQWRHSDVVLQJHQ2SXOXV 3UHVV8SSVDOD.

(196) 5,90UDSSRUW. SDJYDQ. 6QHGHFRU*: :*&RFKUDQ6WDWLVWLFDOPHWKRGV$PHV,RZD6WDWH8QLYHUVLW\ 3UHVV 7LNWDN$-50$ONHPDGH--0YDQ*ULQVYHQ *%0DNDVNH0RGHOOLQJ FDGPLXPDFFXPXODWLRQDWDUHJLRQDOVFDOHLQWKH1HWKHUODQGV1XWULHQWF\FOLQJLQ $JURHFRV\VWHPV :DPHOLQN*::+)YDQ'REEHQ-50$ONHPDGH -:LHUW] 0DDLJHYRHOLJKHLGYDQGHQHGHUODQGVHIORUDDDQYXOOLQJYDQGHGRRU%ULHPOH (OOHQEHUJ 

(197) JHVFKDWWHLQGLFDWLHJHWDOOHQ,%1'/2:DJHQLQJHQ :DPHOLQN*::-30RO'LMNVWUD+)YDQ'REEHQ-.URV )%HUHQGVH (HUVWHIDVHYDQGHRQWZLNNHOLQJYDQKHW68FFHVVLH02GHO68029HUEHWHULQJYDQGH YHJHWDWLHPRGHOOHULQJLQGH1DWXXUSODQQHU$OWHUUD:DJHQLQJHQ :LHUW]--YDQ'LMN -%/DWRXU029(YHJHWDWLHPRGXOHGHNDQVRS YRRUNRPHQYDQFDSODQWHQVRRUWHQDOVIXQFWLHYDQYRFKWS+QXWULHQWHQHQ]RXW5,1 UDSSRUW5,90UDSSRUW:DJHQLQJHQ%LOWKRYHQ :LHUW]--50$ONHPDGH%-(WHQ%ULQN :/LJWYRHWLQSUHS2QWZHUSYRRUGH QDWXXUSODQQHU'HFLVLRQ6XSSRUW6\VWHHPYRRUQDWXXUHQPLOLHX5,90%LOWKRYHQ.

(198) SDJYDQ. 5,90UDSSRUW.

(199) 5,90UDSSRUW. %LMODJH. 9HU]HQGOLMVW.  GU+)YDQ'REEHQ $OWHUUD

(200)  LU::DPHOLQN $OWHUUD

(201)  GU-6FKDPLQpH $OWHUUD

(202)  GUV60+HQQHNHQV $OWHUUD

(203)  GU32SGDP $OWHUUD

(204)  LU-.URV $OWHUUD

(205)  GULU:GH9ULHV $OWHUUD

(206)  GUV:%+DUPV $OWHUUD

(207)  GU-5XQKDDU $OWHUUD

(208) GU$YG=DQGH $OWHUUD

(209) 'YDQ=DDQH '/2&HQWUDDO

(210) GU&-)WHU%UDDN &352'/2

(211) GUV5YDQ(N 5,=$

(212) GUV50HLMHUV (&/19

(213) GU+6PLW (&/19

(214) GULU-30:LWWH /8:YDNJURHS:DWHUKXLVKRXGLQJ

(215) SURIGU)%HUHQGVH /8:YDNJURHS721

(216) GU$6FKDIIHUV /8:YDNJURHS721

(217) LU+YDQ2HQH /8:YDNJURHS721

(218) SURIGU.96\NRUD /8:YDNJURHS721

(219) GU+2OII /8:YDNJURHS721

(220) GU5-RQJPDQ /8:

(221) GU$%DUHQGUHJW 88YDNJURHS0LOLHXNXQGH

(222) GU0:DVVHQ 88YDNJURHS0LOLHXNXQGH

(223) GU5YDQ'LJJHOHQ 588

(224) SURIGU-0YDQ*URHQHQGDHO .81

(225) SURIGU-YDQ$QGHO 58*

(226) GUV)%HNKXLV SURY*HOGHUODQG

(227) GUV05LMNHQ SURY*HOGHUODQG

(228) GUV/-DOLQN SURY=XLG+ROODQG

(229) GU$-0-DQVVHQ .,:$

(230) GU$0HXOHPDQ .,:$

(231) GU'(UWVHQ ,:$&2

(232) GU1-0*UHPPHQ 'DWD$QDO\VH(FRORJLH

(233) GU2)5YDQ7RQJHUHQ 'DWD$QDO\VH(FRORJLH

(234) GU0YDQGHU3HLMO (60

(235) GU5YDQGHU0HLMGHQ 5LMNVKHUEDULXP

(236) GU&/**URHQ )/2521

(237) GU..DQWHUV &0/

(238). SDJYDQ.

(239) SDJYDQ. GU(GH+XOOX 6%%

(240) GU%)YDQ7RRUHQ 10

(241) 'HSRW1HGHUODQGVH3XEOLNDWLHVHQ1HGHUODQGVH%LEOLRJUDILH SURILU1'YDQ(JPRQG LU)/DQJHZHJ GU/&%UDDW LQJ+%UHGHQRRUG GU-1RWHQERRP GUV5YDQ2RVWHQEUXJJH GU'9HUNDDU GU0-605HLMQHQ $OWHUUD

(242) %.RROVWUD $OWHUUD

(243) LU7%UHVVHU GUV$YDQGHU*LHVVHQ GUV5:RUWHOERHU GUV:/LJWYRHW LU-YDQ'DP GULU:$-YDQ3XO GU$/0'HNNHUV LU09RQN LU5YDQGHQ%HUJ LQJ*3%HXJHOLQN GUV$%LR GUV%-(WHQ%ULQN GULU--0YDQ*ULQVYHQ GUV$+HQGULNV LU'&-YDQGHU+RHN LU2.QRO GU$7LNWDN GUV-:LHUW] 6%'9RRUOLFKWLQJ 3XEOLF5HODWLRQV %XUHDX5DSSRUWHQUHJLVWUDWLH %LEOLRWKHHN5,90 73.%LEOLRWKHHN$OWHUUD 74-79. Auteurs 80-94. Bureau Rapportenbeheer 95-120. Reserve exemplaren. 5,90UDSSRUW.

Referenties

GERELATEERDE DOCUMENTEN

De kosten in verband met het gebruik bestonden voor 75% uit belastingen en die in verband met het bezit voor 50%. De overheid overwoog om per 1 januari 2001 de belastingen in

[r]

Daarnaast werd ook nog een aantal kleinere clusters gevonden, waaronder één bestaande uit voornamelijk homo- en biseksuele mannen en personen met een onbekende transmissieroute,

22 Bredeney Thompson Manchester Infantis Anatum Hadar Newport Paratyphi B var Java Indiana Typhimurium. 23 Bredeney Thompson Manchester Infantis Anatum Hadar Newport Paratyphi B

Deze eenheid bestaat overwegend uit grove, soms grindhoudende zanden met plaatselijk klei- en veenlagen. De zanden zijn in het algemeen sterk bont. Kenmerkend is de rossige tint

De in i960 genomen proeven met precisiezaai bij de gewassen, radijs, sla, spinazie, stamslaboon witlof en wortel hebben aangetoond, dat deze gewassen met goed resultaat door een

NTM is eenvoudig voor te stellen als een kubus waarbij langs de assen de factoren vocht, zuurgraad en voedselrijkdom staan, en aan elke combinatie van deze drie factoren

Bij een doorgaand gebruik van strooizout mag verwacht worden dat in de toekomst het zoutgehalte in de bodem zo hoog oploopt dat naast de f a- kultatief halofyten ook obligate