352-(&7%(6/8,7
Hele tekst
(2) YDQWRHSDVVLQJ . 2SRQ]HGLHQVWYHUOHQLQJ]LMQGH$OJHPHQH9RRUZDDUGHQYDQWRHSDVVLQJ]RDOVGH]H]LMQJHGHSRQHHUGELMGH.Y. '/9%RXZ0LOLHXHQ7HFKQLHN%9'/95XQGYHH$GYLHV%9'/90DNHODDUGLM%9HQ'/9,QWHQVLHI$GYLHV%9]LMQGRFKWHURQGHUQHPLQJHQYDQ'/9'LHU*URHS%9. .
(3) ,QLWLDWLHIQHPHU 0WV9HUZRHUW /LQLHVWUDDW %12FKWHQ . . $GYLVHXU '/9%RXZ0LOLHXHQ7HFKQLHN%9 $QQHYDQ5RVVXP 3URMHFWOHLGHU . . . +DQGWHNHQLQJRSGUDFKWJHYHU «««««««««««««««««. 'DWXP «««««««««««««««««. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(4) . 72(/,&+7,1* %HKRUHQGHELMKHW3URMHFWEHVOXLW %XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ *HPHHQWH%XUHQ 6WDWXV 2QWZHUS ,052LGQ 1/,052%8,3%RQ . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(6) %,-/$*( %,-/$*( %,-/$*( %,-/$*(. $5&+(2/2*,6&+21'(5=2(. %2'(021'(5=2(. $.2(67,6&+21'(5=2(. %(5(.(1,1*/(,: $*(1,1*(1 85
(7) . ,,9(5%((/',1* ,,,3/$15(*(/6 ,1/(,'(1'(%(*5,33(1 %(67(00,1*65(*(/6 $/*(0(1(5(*(/6 29(5*$1*6(16/275(*(/6 . . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(8) . ,1/(,',1* . $DQOHLGLQJ +HWYRRUOLJJHQGHSODQEHWUHIWHHQSURMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´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
(9) PHWHHQWRWDOHRSSHUYODNWHYDQKHFWDUH'H]HSHUFHOHQZRUGHQJHEUXLNW YRRUGHWHHOWYDQIUXLWPHWLQKRRIG]DDNSHUHQ0HWGHYHVWLJLQJRSGHEHRRJGHORFDWLHDDQ GH3URYLQFLDOHZHJHQGDDUPHHGHDDQVOXLWLQJRSGHUHHGVLQHLJHQGRP]LMQGHSHUFHOHQ URQGRPGH]HORFDWLHLVKHWJURRWVWHGHHOYDQGHJURQGHQRSGHORFDWLHJHFRQFHQWUHHUG . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(10) . )LJXXU7RSRJUDILVFKHNDDUW ORFDWLHDDQJHJHYHQPHWSLMO
(11) %URQ7'.DGDVWHU. . +8,',*((1*(:(167(6,78$7,( . +XLGLJHVLWXDWLH 0DDWVFKDS9HUZRHUWH[SORLWHHUWPRPHQWHHOHHQIUXLWWHHOWEHGULMI2PGDWKHWEHGULMIRSGH KXLGLJHORFDWLHQLHWPHHUNDQXLWEUHLGHQLVHHQEHGULMIVYHUSODDWVLQJQRRG]DNHOLMN'H LQLWLDWLHIQHPHULVYRRUQHPHQVKHWEHVWDDQGHIUXLWWHHOWEHGULMIWHYHUSODDWVHQQDDUHHQRQODQJV DDQJHNRFKWSHUFHHODDQGH3URYLQFLDOHZHJWH/LHQGHQ 2SGLWSHUFHHOLVHHQDJUDULVFKHORFDWLHYULMJHNRPHQYDQYRRUPDOLJIUXLWWHHOWEHGULMI µ9RRUEHHOGEHGULMI=DFKWIUXLW¶'HEHERXZLQJRSGH]HORFDWLHEHVWDDWXLWWXQQHONDVVHQYDQ RQJHYHHUPHQHHQVFKXXUYDQRQJHYHHUP'H]HWXQQHONDVVHQHQVFKXXU]LMQ DDQYHUYDQJLQJWRHHQ]XOOHQGDDURPZRUGHQJHVORRSWHQYHUYDQJHQ,QILJXXU]LMQGH]H WXQQHONDVVHQZHHUJHJHYHQ9HUGHUEHVWDDWKHWSHUFHHOXLWJURQGZHONHLQJHEUXLNLVWHQ EHKRHYHYDQGHIUXLWWHHOW 7HYHQVLVRSKHWSHUFHHORQJHYHHUPDDQHUIYHUKDUGLQJJHUHDOLVHHUGZDDUELMYRRU RQWVOXLWLQJ]RYHHOPRJHOLMNZRUGWDDQJHVORWHQ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(12) ,QGHKXLGLJHVLWXDWLHEHGUDDJWKHWYHUKDUGRSSHUYODN .DVVHQWXQQHOV P 6FKXXU P (UIYHUKDUGLQJ P 7RWDDO P . )LJXXU+XLGLJHEHERXZLQJDDQGH3URYLQFLDOHZHJWH/LHQGHQ. ,QGHRPJHYLQJYDQKHWEHGULMI]LMQHHQDQGHUIUXLWWHHOWEHGULMIHQHHQGLHUHQNOLQLHNJHOHJHQ 'HRPOLJJHQGHJURQGHQ]LMQYRRUQDPHOLMNLQJHEUXLNDOVJURQGWHQEHKRHYHYDQGHIUXLWWHHOW HQDOVJUDVODQGPHWEHSODQWLQJ +HWEHGULMILVJHOHJHQLQKHWEXLWHQJHELHGYDQJHPHHQWH%XUHQHQKHHIWGHEHVWHPPLQJ ³$JUDULVFK´ 7HQWLMGHYDQGHDDQYUDDJZDVKHWYLJHUHQGEHVWHPPLQJVSODQ³%XLWHQJHELHG/LHQGHQ +HU]LHQLQJ´YDQGHJHPHHQWH%XUHQ'HEHRRJGHEHGULMIVYHUSODDWVLQJZDVLQVWULMGPHW GHUHJHOVYDQGDWSODQ 2SVHSWHPEHULVGRRUGHJHPHHQWHUDDGYDQJHPHHQWH%XUHQKHWEHVWHPPLQJVSODQ ³%XLWHQJHELHG%XUHQ´YDVWJHVWHOG'DWSODQLVLQPLGGHOVLQZHUNLQJJHWUHGHQ'H EHRRJGHEHGULMIVYHUSODDWVLQJHQKHULQGHOLQJYDQKHWSHUFHHOLVHYHQHHQVLQVWULMGPHWGLW SODQ 2PGHYRRUJHQRPHQRQWZLNNHOLQJDOVQRJPRJHOLMNWHPDNHQLVELMGHJHPHHQWH%XUHQKHW YHU]RHNLQJHGLHQGWRWKHWQHPHQYDQHHQSURMHFWEHVOXLW]RDOVJHVWHOGLQDUWLNHOYDQGH :HWUXLPWHOLMNHRUGHQLQJ :UR
(13) +LHUWRHLVKHWFRQFHSWEHVWHPPLQJVSODQ³%XLWHQJHELHG 3URYLQFLDOHZHJ/LHQGHQ´RSJHVWHOGDOVUXLPWHOLMNHRQGHUERXZLQJ'HUHJHOVHQSODQNDDUW EHKRUHQGHELMGLWFRQFHSWEHVWHPPLQJVSODQGLHQHQWHZRUGHQEHVFKRXZGDOVYRRUVFKULIWHQ EHKRUHQGHELMGLWSURMHFWEHVOXLW '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(14) . )LJXXU8LWVQHGHEHVWHPPLQJVSODQNDDUW³%XLWHQJHELHG%XUHQ´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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(15) :HQVHOLMNLVRPGHNDVVHQDDQGHDFKWHU]LMGHYDQKHWERXZYODNWHSODDWVHQ]RGDWJHHQ YHUVWRULQJYDQKHWVWUDDWEHHOGDDQGH3URYLQFLDOHZHJSODDWVYLQGW2PHYHQWXHOH OLFKWYHURQWUHLQLJLQJWHYRRUNRPHQ]XOOHQGHNDVVHQ]RQGHUDVVLPLODWLHYHUOLFKWLQJZRUGHQ RSJHULFKW+HWLVQLHWZHQVHOLMNYHUZDUPLQJVOHLGLQJHQLQGHNDVDDQWHOHJJHQ7RFK]DOGH NDVYRUVWYULMJHKRXGHQPRHWHQZRUGHQ+LHUYRRU]XOOHQHQNHOH]RJHQDDPGHµKHDWHUV¶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
(16) 5HDOLVDWLHYDQNDVVHQZRUGWXLWVOXLWHQGWRHJHVWDDQ RSHHQGHHOYDQKHWERXZSHUFHHOPHWGHEHVWHPPLQJJW ,QGHUHJHOVYDQGLWSODQYRRUKHWERXZSHUFHHO]DOZRUGHQRSJHQRPHQGDWPD[LPDDO PDDQNDVVHQZRUGWWRHJHVWDDQ ,QGHILJXXULVGHJHZHQVWHVLWXDWLHPHWGHQLHXZWHERXZHQEHGULMIVJHERXZHQHQ EHGULMIVZRQLQJZHHUJHJHYHQ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(17) . )LJXXU6LWXDWLHVFKHWVQLHXZHVLWXDWLH %URQ'/9%RXZ0LOLHXHQ7HFKQLHN%9 '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(18) . %(/(,'6$63(&7(1 . 5LMNVEHOHLG (ULVJHHQVSUDNHYDQHHQJHELHGYDQQDWLRQDDOEHODQJ+HWYRRUOLJJHQGEHVWHPPLQJVSODQ OLJWWHQJURQGVODJDDQKHWYHU]RHNWRWKHWQHPHQYDQHHQSURMHFWEHVOXLWGRRUGHJHPHHQWH %XUHQRPGHYRRUJHQRPHQRQWZLNNHOLQJPRJHOLMNWHPDNHQFRQIRUPDUWLNHOYDQGH:HW UXLPWHOLMNHRUGHQLQJ :UR
(19) . 3URYLQFLDDOEHOHLG 'HXLWJDQJVSXQWHQXLW³6WUHHNSODQ*HOGHUODQG´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wVROHHUGJHOHJHQEHGULMYHQ QLHWJHZHQVW:HO]LMQEXLWHQGHFRQFHQWUDWLHJHELHGHQNOHLQHFOXVWHUVYDQ JODVWXLQERXZEHGULMYHQWRHWHVWDDQ +HWEHOHLGWHQDDQ]LHQYDQJODVWXLQERXZEHVWDDWXLWGHYROJHQGHKRRIGSXQWHQ . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(20) . . . . . . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(21) . . . %URQ3URYLQFLH*HOGHUODQG. 'HORFDWLHLVQLHWELQQHQHHQFRQFHQWUDWLHJHELHGRIFOXVWHUJHOHJHQ 7HQWLMGHYDQGH]HDDQYUDDJJROGKHWEHVWHPPLQJVSODQ³%XLWHQJHELHG/LHQGHQ+HU]LHQLQJ ´+LHUELQQHQZDVPDDQJODVHQRINXQVWVWRIWXQQHOVWRHJHVWDDQRSKHW ERXZSHUFHHO+HWVWUHHNSODQ*HOGHUODQGVWDDWEXLWHQJODVWXLQERXZJHELHGHQHHQ HHQPDOLJHXLWEUHLGLQJWRHYDQYDQKHWWRHJHVWDQHRSSHUYODNDDQJODVHQRINXQVWVWRI WXQQHOV2SEDVLVKLHUYDQLVHHQPD[LPDOHRSSHUYODNWHYDQPWRHJHVWDDQHQ RSJHQRPHQLQYRRUOLJJHQGSURMHFWEHVOXLW 'HEHGHNWHWHHOWZRUGWXLWJHYRHUGDOVQHYHQWDNELMKHWIUXLWWHHOWEHGULMI YDQGH WHHOWRSSHUYODNWH
(22) . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(24) . *HPHHQWHOLMNEHOHLG 9LJHUHQGEHVWHPPLQJVSODQ 7HQWLMGHYDQGHDDQYUDDJZDVKHWYLJHUHQGHEHVWHPPLQJVSODQ³%XLWHQJHELHG/LHQGHQ +HU]LHQLQJ´8LWEUHLGLQJHQZLM]LJLQJYDQKHWERXZSHUFHHOZDVLQVWULMGPHWGHUHJHOV YDQGDWSODQ ,QPLGGHOVLVKHWEHVWHPPLQJVSODQ³%XLWHQJHELHG%XUHQ´LQZHUNLQJJHWUHGHQ'H YRRUJHQRPHQXLWEUHLGLQJLVHYHQHHQVLQVWULMGPHWGHJHOGHQGHUHJHOVXLWGLWSODQ ,QLWLDWLHIQHPHUZHQVWYRRUGHXLWEUHLGLQJYDQKHWEHGULMIHHQERXZYODNYDQP+HW KXLGLJHERXZYODNLVP+LHUYRRU]DOKHWERXZSHUFHHOPRHWHQZRUGHQYHUJURRW2PGLW PRJHOLMNWHPDNHQLVLQKHWNDGHUYDQDUWLNHOYDQGH:HWUXLPWHOLMNHRUGHQLQJ :UR
(25) ELM GHJHPHHQWH%XUHQHHQYHU]RHNWRWKHWQHPHQYDQHHQSURMHFWEHVOXLWLQJHGLHQG+HW YRRUOLJJHQGEHVWHPPLQJVSODQOLJWDDQGLWYHU]RHNWHQJURQGVODJ +HWLVQLHWZHQVHOLMNNDVVHQDDQGH3URYLQFLDOHZHJWHSODDWVHQRPYHUVWRULQJYDQKHW VWUDDWEHHOGWHYRRUNRPHQ2PGLWPRJHOLMNWHPDNHQ]XOOHQRSKHWERXZSHUFHHOJHHQNDVVHQ HQRISODVWLFWXQQHOVZRUGHQWRHJHVWDDQXLWJH]RQGHUGWHUSODDWVHYDQGHDDQGXLGLQJµJW JODVWXLQERXZ±¶'H]HDDQGXLGLQJ]DORYHUKHWDFKWHUVWHJHGHHOWHYDQKHWERXZSHUFHHO ZRUGHQJHOHJG ,QGHUHJHOVYDQGLWSODQYRRUKHWERXZSHUFHHO]DOZRUGHQRSJHQRPHQGDWPD[LPDDO PDDQNDVVHQZRUGWWRHJHVWDDQ %LMGH6WLFKWLQJ$GYLVHULQJ$JUDULVFKH%RXZSODQQHQ 6$$%
(26) LVDGYLHVLQJHZRQQHQ EHWUHIIHQGHGHYRRUJHQRPHQRQWZLNNHOLQJHQ'H6$$%VWDDWSRVLWLHIWHQRS]LFKWHYDQGH JHZHQVWHEHGULMIVYHUSODDWVLQJ 6WUXFWXXUYLVLH 0HWGHLQYRHUYDQGH:HWUXLPWHOLMNHRUGHQLQJRSMXOL]LMQJHPHHQWHQYHUSOLFKWJHVWHOG YRRUKHWKHOHJURQGJHELHGppQRIPHHUGHUHVWUXFWXXUYLVLHVRSWHVWHOOHQ(HQVWUXFWXXUYLVLHLV KHWVWUDWHJLVFKGRFXPHQWLQKHWNDGHUYDQGHUXLPWHOLMNHRQWZLNNHOLQJHQYRUPWHHQOHLGUDDG YRRUGHEHRRUGHOLQJYDQQLHXZHSODQQHQHQLQLWLDWLHYHQPDDURRNYRRUQLHXZRSWHVWHOOHQ EHVWHPPLQJVSODQQHQHQSURMHFWEHVOXLWHQ'H]HGLHQHQQDPHOLMNDDQGHVWUXFWXXUYLVLHWH ZRUGHQJHWRHWVW (HQVWUXFWXXUYLVLHKHHIWJHHQGLUHFWELQGHQGHZHUNLQJYRRUEXUJHUVRPGDWRSEDVLVYDQGH VWUXFWXXUYLVLHQRJJHHQRQWZLNNHOLQJHQGDDGZHUNHOLMNPRJHOLMNZRUGHQJHPDDNW:HOELHGW HHQVWUXFWXXUYLVLHHHQUXLPWHOLMNNDGHUYRRUGHXLWZHUNLQJYDQFRQFUHWHSODQQHQHQSURMHFWHQ 'HXLWZHUNLQJYDQHHQVWUXFWXXUYLVLHYLQGWQDPHOLMNSODDWVGRRUKHWYDVWVWHOOHQYDQ EHVWHPPLQJVSODQQHQYRRUGHGLYHUVHRQWZLNNHOLQJVORFDWLHVZHONHYRRUGHEXUJHUZHOHHQ GLUHFWELQGHQGHZHUNLQJKHEEHQ (HQVWUXFWXXUYLVLHEHYDWGHKRRIGOLMQHQYDQGHYRRUJHQRPHQRQWZLNNHOLQJHQYDQHHQ JHPHHQWHDOVPHGHGHKRRIGOLMQHQYDQKHWGRRUHHQJHPHHQWHWHYRHUHQUXLPWHOLMNEHOHLG '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(27) 7HYHQVZRUGWLQHHQVWUXFWXXUYLVLHRSJHQRPHQKRHGHJHPHHQWHUDDGYDQGHEHWUHIIHQGH JHPHHQWHYDQSODQLVGHYRRUJHQRPHQRQWZLNNHOLQJHQWHGRHQYHUZH]HQOLMNHQ *HPHHQWH%XUHQKHHIWHHQVWUXFWXXUYLVLHRSJHVWHOGPHWKHWEHRRJGHUXLPWHOLMNEHOHLGWRW +LHULQLVYRRUQDPHOLMNDDQJHVORWHQELMKHWEHOHLGYDQGHYRRUKHHQJHOGHQGH VWUXFWXXUYLVLH³%XUHQLQ%ORHL´'H]HLVJHDFWXDOLVHHUGHQYRRU]LHQYDQHHQ XLWYRHULQJVSDUDJUDDI =RDOVWH]LHQLQGHRQGHUVWDDQGHILJXXULVGHEHRRJGHORFDWLHJHOHJHQLQKHWODQGVFKDSVW\SH ³RHYHUZDOOHQ´ . )LJXXU6WUXFWXXUYLVLHNDDUWJHPHHQWH%XUHQ ORFDWLHPHWSLMODDQJHJHYHQ
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³YHUVSUHLGHEHERXZLQJLQKHWODQGHOLMNJHELHG´ . )LJXXU'HHOJHELHGHQ:HOVWDQGVQRWD ORFDWLHPHWSLMODDQJHJHYHQ
(30) %URQ*HPHHQWH%XUHQ. . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(31) +HWLQGHZHOVWDQGVQRWDDOV³YHUVSUHLGHEHERXZLQJLQKHWEXLWHQJHELHG´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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(33) 7HQDDQ]LHQYDQKHWJHELHG³YHUVSUHLGHEHERXZLQJLQKHWEXLWHQJHELHG´ZDDULQGHEHRRJGH ORFDWLHLVJHOHJHQKHHIWGHJHPHHQWH%XUHQGHYROJHQGHVSHFLILHNHZHOVWDQGVFULWHULD . . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(34) . . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(36) . 20*(9,1*6(10,/,(8$63(&7(1 . 1DWXXU 1DWXXUJHELHGHQ (+6 'H(FRORJLVFKH+RRIGVWUXFWXXU (+6
(37) LVHHQQHWZHUNYDQJURWHHQNOHLQHQDWXXUJHELHGHQ ZDDULQGHQDWXXU SODQWHQGLHU
(38) YRRUUDQJKHHIWHQZRUGWEHVFKHUPG'DDUPHHZRUGW YRRUNRPHQGDWQDWXXUJHELHGHQJHwVROHHUGNRPHQWHOLJJHQHQSODQWHQHQGLHUHQXLWVWHUYHQ ZDDUGRRUQDWXXUJHELHGHQKXQZDDUGH]RXGHQYHUOLH]HQ'H(+6ZRUGWJH]LHQDOVGH UXJJHQJUDDWYDQGHQDWXXU 'H(+6EHVWDDWXLW x %HVWDDQGHQDWXXUJHELHGHQUHVHUYDWHQQDWXXURQWZLNNHOLQJVJHELHGHQHQ YHUELQGLQJV]RQHVKLHUWXVVHQ x /DQGERXZJHELHGHQPHWPRJHOLMNKHGHQYRRUDJUDULVFKQDWXXUEHKHHU EHKHHUVJHELHGHQ
(39) x *URWHZDWHUHQ ]RDOVGHNXVW]RQHYDQGH1RRUG]HHKHW,-VVHOPHHUHQGH :DGGHQ]HH
(40) (FRORJLVFKHYHUELQGLQJV]RQHV (HQHFRORJLVFKHYHUELQGLQJV]RQHLVHHQYHUELQGLQJWXVVHQQDWXXUJHELHGHQ PHWQLHXZHRI KHUVWHOGHQDWXXU
(41) (FRORJLVFKHYHUELQGLQJV]RQHVZRUGHQDDQJHOHJGRPPLJUDWLHYDQGLHUHQ HQSODQWHQWXVVHQYHUVFKLOOHQGHQDWXXUJHELHGHQPRJHOLMNWHPDNHQ =RDOVWH]LHQLQRQGHUVWDDQGHILJXXULVGHRQGHUKDYLJHORFDWLHQLHWLQGH(+6RILQHHQ HFRORJLVFKHYHUELQGLQJV]RQHJHOHJHQ 'RRUGDWGHORFDWLHQLHWLQRIQDELMHHQQDWXXUJHELHGLVJHOHJHQOHYHUWGLWDVSHFWJHHQ EHOHPPHULQJHQRS. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(42) . . )LJXXU1DWXXUJHELHGHQ ORFDWLHDDQJHJHYHQPHWSLMO
(43) %URQ3URYLQFLH*HOGHUODQG0LQLVWHULHYDQ/19. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(44) 1DWXXUEHVFKHUPLQJVZHW 'H1DWXXUEHVFKHUPLQJVZHWELHGWGHMXULGLVFKHEDVLVYRRUKHW1DWXXUEHOHLGVSODQGH DDQZLM]LQJYDQWHEHVFKHUPHQJHELHGHQHQODQGVFKDSVJH]LFKWHQYHUJXQQLQJYHUOHQLQJ VFKDGHYHUJRHGLQJWRH]LFKWHQEHURHS,QWHUQDWLRQDOHYHUSOLFKWLQJHQXLWGH9RJHOULFKWOLMQHQ +DELWDWULFKWOLMQPDDURRNYHUGUDJHQDOVELMYRRUEHHOGKHW9HUGUDJYDQ5DPVDU :HWODQGV
(45) ]LMQ KLHUPHHLQQDWLRQDOHUHJHOJHYLQJYHUDQNHUG 'H1DWXXUEHVFKHUPLQJVZHWNHQWGULHW\SHQJHELHGHQ 1DWXUDJHELHGHQ %HVFKHUPGHQDWXXUPRQXPHQWHQ *HELHGHQGLHGH0LQLVWHUYDQ/19DDQZLMVWWHUXLWYRHULQJYDQYHUGUDJHQRIDQGHUH LQWHUQDWLRQDOHYHUSOLFKWLQJHQ PHWXLW]RQGHULQJYDQYHUSOLFKWLQJHQRSJURQGYDQGH 9RJHOULFKWOLMQHQ+DELWDWULFKWOLMQ
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(47) . . )LJXXU1DWXUDJHELHGHQ ORFDWLHDDQJHJHYHQPHWSLMO
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(49) %HVFKHUPGHQDWXXUPRQXPHQWHQ =RDOVWH]LHQLQRQGHUVWDDQGHILJXXU]LMQQDELMGHORFDWLHJHHQEHVFKHUPGH QDWXXUPRQXPHQWHQJHOHJHQ+HWGLFKWVWELM]LMQGHEHVFKHUPGHQDWXXUPRQXPHQW %LQQHQNDPVH0HHQWLVRSHHQDIVWDQGYDQRQJHYHHUNLORPHWHUYDQGHORFDWLHJHOHJHQ 9HUGHULVRSRQJHYHHUNLORPHWHUYDQGHORFDWLHKHWEHVFKHUPGQDWXXUPRQXPHQW.LOYDQ +XUZHQHQJHOHJHQ . . )LJXXU%HVFKHUPGH1DWXXUPRQXPHQWHQ ORFDWLHDDQJHJHYHQPHWSLMO
(50) %URQ0LQLVWHULHYDQ/19. 'HORFDWLHLVRSYROGRHQGHDIVWDQGYDQKHWGLFKWVWELM]LMQGHEHVFKHUPGHQDWXXUPRQXPHQW JHOHJHQ+LHUPHHOHYHUWGLWDVSHFWJHHQEHSHUNLQJHQRS '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(51) :HWODQGV =RDOVWH]LHQLQRQGHUVWDDQGHILJXXU]LMQQDELMGHORFDWLHJHHQZHWODQGVJHOHJHQ+HW GLFKWVWELM]LMQGHEHVFKHUPGHZHWODQG:HOGHUZLMVHQ1XOGHUQDXZLVRSHHQDIVWDQGYDQ RQJHYHHUNLORPHWHUYDQGHORFDWLHJHOHJHQ9HUGHULVRSRQJHYHHUNLORPHWHUYDQ GHORFDWLHKHWZHWODQG9HOXZHPHHUJHOHJHQ . . )LJXXU:HWODQGV ORFDWLHDDQJHJHYHQPHWSLMO
(52) %URQ0LQLVWHULHYDQ/19. 'HORFDWLHLVRSYROGRHQGHDIVWDQGYDQKHWGLFKWVWELM]LMQGHZHWODQGJHOHJHQ+LHUPHHOHYHUW GLWDVSHFWJHHQEHSHUNLQJHQRS '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(53) )ORUDHQ)DXQD ,Q1HGHUODQGLVGHEHVFKHUPLQJYDQGHQDWXXUYHUDQNHUGLQGH1DWXXUEHVFKHUPLQJVZHW ZDDULQYRRUDOGHJHELHGVEHVFKHUPLQJLVJHUHJHOGHQLQGH)ORUDHQ)DXQDZHWZDDULQYRRUDO GHVRRUWEHVFKHUPLQJLVJHUHJHOG 2SIHEUXDULLVHHQDOJHPHQHPDDWUHJHOYDQEHVWXXU $0Y%
(54) LQZHUNLQJJHWUHGHQGLH YRRU]LHWLQHHQZLM]LJLQJYDQ³KHWEHVOXLWEHVFKHUPGHGLHUHQHQSODQWVRRUWHQ´9RRU DOJHPHQHVRRUWHQJHOGWHHQDOJHPHQHYULMVWHOOLQJ'DDUGRRUKRHIWLQYHHOJHYDOOHQJHHQ RQWKHIILQJWHZRUGHQDDQJHYUDDJG9DQEHODQJLVRIHUELQQHQRIYODNELMGLWJHELHGGLHUHQRI SODQWHQDDQZH]LJ]LMQGLHQLHWRQGHUGLHDOJHPHQHYULMVWHOOLQJYDOOHQHQZDDUYRRUDOVJHYROJ YDQGHLQJUHHSGHJXQVWLJHVWDDWYDQLQVWDQGKRXGLQJ]RXZRUGHQDDQJHWDVW 'HRQGHUKDYLJHORFDWLHOLJWLQGHNLORPHWHUEORNNHQPHWKHW[FR|UGLQDDWHQGH\ FR|UGLQDWHQHQ8LWGHJHJHYHQVEOLMNWGDWKHWJHELHGVOHFKWVYRRUHQNHOH VRRUWJURHSHQJRHGLVRQGHU]RFKW,QGH]HNLORPHWHUEORNNHQ]LMQYROJHQVGHEHVWDDQGH LQYHQWDULVDWLHJHJHYHQVYDQKHWQDWXXUORNHW]RDOVZHHUJHJHYHQLQKHWUDSSRUWLQILJXXU VRRUWHQEURHGYRJHOV]LMQDDQJHWURIIHQGLH]LMQRSJHQRPHQLQGHYRJHOULFKWOLMQYDQGH )ORUDHQ)DXQDZHWVRRUWHQEURHGYRJHOV]LMQDDQJHWURIIHQGLH]LMQRSJHQRPHQRSGH5RGH /LMVWYDQKHW0LQLVWHULHYDQ/19VRRUWHQYDDWSODQWHQ]LMQDDQJHWURIIHQGLH]LMQRSJHQRPHQ LQOLMVWYDQGH)ORUDHQ)DXQDZHWVRRUWHQYDDWSODQWHQ]LMQDDQJHWURIIHQGLH]LMQ RSJHQRPHQRSGH5RGH/LMVWYDQKHW0LQLVWHULHYDQ/19VRRUWHQDPILELHsQ]LMQ DDQJHWURIIHQGLH]LMQRSJHQRPHQLQOLMVWYDQGH)ORUDHQ)DXQDZHWHQVRRUWDQGHUH RQJHZHUYHOGHQ]LMQDDQJHWURIIHQGLH]LMQRSJHQRPHQLQGH+DELWDWULFKWOLMQ 'HORFDWLHZDDUGHQLHXZERXZLVJHSODQGLVPRPHQWHHOLQJHEUXLNDOVWHHOWJURQG'DDUGRRU LVGHERYHQODDJUHJHOPDWLJLQEHURHULQJ0HWVWHOOLJH]HNHUKHLGNDQZRUGHQDDQJHQRPHQGDW GHDDQJHWURIIHQSODQWHQGH]HORFDWLHMXLVWQLHWNLH]HQDOVOHHIRPJHYLQJ $OOHYRJHOV]LMQEHVFKHUPGLQKHWNDGHUYDQGHYRJHOULFKWOLMQ:HUN]DDPKHGHQLQHQLQGH RPJHYLQJYDQKHWSODQJHELHGWLMGHQVGHEURHLWLMG PDDUWMXOL
(55) ]XOOHQVWHUNHQHJDWLHYH HIIHFWHQKHEEHQRSGHPHHVWHYRJHOVRRUWHQGRRUYHUQLHWLJLQJYDQEURHGSODDWVHQHQ YHUVWRULQJYDQUHSURGXFWLH:HUN]DDPKHGHQLQGH]HSHULRGH]LMQGDQRRNQLHWWRHJHVWDDQ ,QGLHQEURHGYRJHOVELQQHQKHWEURHGVHL]RHQZRUGHQYHUVWRRUGZRUGWZHWWHOLMNJH]LHQJHHQ RQWKHIILQJYHUOHHQG%XLWHQKHWEURHGVHL]RHQNDQZHORQWKHIILQJZRUGHQYHUOHHQG :HUN]DDPKHGHQGLHQHQKLHUGRRUEXLWHQKHWEURHGVHL]RHQXLWJHYRHUGWHZRUGHQ $PILELHsQNLH]HQYDDNHHQOHHIRPJHYLQJPHWYRHGVHOULMNRSSHUYODNWHZDWHU'HJURQGHQYDQ GHEHRRJGHORFDWLH]LMQLQJHEUXLNDOVWHHOWJURQGWHQEHKRHYHYDQGHIUXLWWHHOW+LHUELM]LMQ JHHQRSSHUYODNWHZDWHUHQDDQJHWURIIHQZDDUGRRUGHNDQV]HHUNOHLQZRUGWJHDFKWGDW DPILELHsQGHORFDWLHDOVOHHIRPJHYLQJNLH]HQ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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sOHEURHGJHOHJHQKHGHQ YRRU ZHLGH
(57) YRJHOVYHUORUHQJDDQ'LWLVHFKWHUJHHQEHOHPPHULQJRPGDWYROGRHQGH DOWHUQDWLHILQGHRPJHYLQJZRUGWJHERGHQ:HOPRHWKHWSODQWRWXLWYRHULQJNRPHQEXLWHQKHW EURHGJHELHGSODDWVYLQGHQ9RRUKHWJHKHOHHFRORJLVFKRQGHU]RHNZRUGWYHUZH]HQQDDU ELMODJH 'HERXZZHUN]DDPKHGHQGLHKHWEURHGHQNXQQHQYHUVWRUHQ]XOOHQEXLWHQKHWEURHGVHL]RHQ PHHVWDOYDQKDOIPDDUWWRWKDOIMXOL
(58) ZRUGHQXLWJHYRHUG+LHUPHH]LMQRSGLWDVSHFWJHHQ EHOHPPHULQJHQ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(59) . )LJXXU5DSSRUW1DWXXUORNHW ORFDWLHDDQJHJHYHQPHWSLMO
(60) %URQ1DWXXUORNHW. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(61) . 0LOLHX 'LUHFWHDPPRQLDNVFKDGH $PPRQLDNGHSRVLWLHNDQRSVRPPLJHJHZDVVHQOHLGHQWRWGLUHFWHDPPRQLDNVFKDGH8LW RQGHU]RHNYDQ$%'/2 WKDQVµ3ODQW5HVHDUFK,QWHUQDWLRQDO¶
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
(63) WXVVHQHQ XLWJH]RQGHUGODGHQHQORVVHQ
(64) G% $
(65) WXVVHQHQ HQG% $
(66) WXVVHQHQ'HJHOXLGEHODVWLQJRSGHRPJHYLQJ]DOLQ RQGHUKDYLJHVLWXDWLHGHJHVWHOGHQRUPHQQLHWRYHUVFKULMGHQ 9HUGHUGLHQHQWHQDDQ]LHQYDQZRQLQJHQDIVWDQGHQYDQPHWHUELQQHQGHEHERXZGHNRP HQEXLWHQGHEHERXZGHNRPDDQJHKRXGHQWHZRUGHQ*H]LHQGHGLFKWVWELM]LMQGH EXUJHUZRQLQJRSHHQDIVWDQGYDQPHWHUYDQKHWERXZSHUFHHOLVJHOHJHQZRUGWDDQGH]H HLVYROGDDQ +LHUPHHOHYHUWGLWDVSHFWJHHQEHOHPPHULQJHQRS /XFKWNZDOLWHLW 5HJHOJHYLQJ 'H(HUVWH.DPHULVRSRNWREHUDNNRRUGJHJDDQPHWKHWZHWVYRRUVWHORYHU OXFKWNZDOLWHLWVHLVHQ3URMHFWHQGLHµQLHWLQEHWHNHQHQGHPDWHELMGUDJHQ¶ 1,%0
(67) DDQGH OXFKWYHURQWUHLQLJLQJKRHYHQYROJHQVKHWZHWVYRRUVWHOQLHWPHHUDI]RQGHUOLMNJHWRHWVWWH ZRUGHQDDQGHJUHQVZDDUGHQYRRUGHEXLWHQOXFKW+HW%HVOXLW1,%0RPVFKULMIWKHWEHJULS QDGHUHHQSURMHFWGDWPLQGHUGDQYDQGHJUHQVZDDUGHQELMGUDDJWLV1,%0'LWNRPW RYHUHHQPHWPLFURJUDPP JP
(68) YRRUILMQVWRIHQ12 . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(69) 0LQLVWHULsOHUHJHOLQJ1,%0 ,QHHQPLQLVWHULs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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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
(71) %URQ3URYLQFLH*HOGHUODQG. *H]LHQGHORFDWLHYHUJHQRHJYDQHHQDDUGNXQGLJZDDUGHYROJHELHGLVJHOHJHQOHYHUWGLW DVSHFWJHHQEHOHPPHULQJHQRS . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(72) $UFKHRORJLH 2SRILQGHGLUHFWHRPJHYLQJYDQGHEHGRHOGHORFDWLH]LMQJHHQDUFKHRORJLVFKHYLQGSODDWVHQ RIPRQXPHQWHQEHNHQG2SGH.DDUW,QGLFDWLHYH$UFKHRORJLVFKH:DDUGHQ ,.$:
(73) OLJWGH SURMHFWORFDWLHHHQ]RQHPHWHHQPLGGHOKRJHYHUZDFKWLQJVZDDUGH . )LJXXU,.$: ORFDWLHDDQJHJHYHQPHWSLMO
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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wQYORHGZRUGHQ . )LJXXU&XOWXXUKLVWRULVFKH$WODV*HOGHUODQG ORFDWLHDDQJHJHYHQPHWSLMO
(76) %URQ3URYLQFLH*HOGHUODQG. 9HUGHU]LMQQDELMGHORFDWLHJHHQFXOWXXUKLVWRULVFKHZDDUGHQJHOHJHQ+LHUPHHOHYHUWGLW DVSHFWJHHQEHOHPPHULQJHQRS . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(77) %RGHP 'HJURQGHQZDDURSGHQLHXZERXZLVJHSODQG]LMQPRPHQWHHOLQJHEUXLNDOVWXLQERXZJURQG WHQEHKRHYHYDQGHIUXLWWHHOWJHOHJHQRSNOHLJURQGPHWHHQ]ZDUHWXVVHQODDJRIRQGHUJURQG 8LWGHYRRUJDDQGHEHKDQGHOGHODQGVFKDSSHOLMNHDVSHFWHQLVJHEOHNHQGDWWHUSODDWVHJHHQ VSUDNHLVYDQHHQZDDUGHYRODDUGNXQGLJJHELHG%RYHQGLHQ]LMQODQGERXZJURQGHQ]REOLMNW XLWHUYDULQJQDJHQRHJQRRLWYHURQWUHLQLJG'XVGHORFDWLHLV]HHUZDDUVFKLMQOLMNVFKRRQ LJXXU8LWVQHGH&+: ORFDWLHDDQJHJHYHQPHWSLMO
(78) %URQ3URYLQFLHQDDPSURYLQFLH )LJXXU8LWVQHGH&+: ORFDWLHDDQJHJHYHQPHWSLMO
(79) . )LJXXU%RGHPNDDUW ORFDWLHDDQJHJHYHQPHWSLMO
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³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(81) /DQGVFKDSSHOLMNHLQSDVVLQJ ,QKHWNDGHUYDQUXLPWHOLMNEHOHLGLVKHWQRRG]DNHOLMNGDWRQGHUKDYLJSURMHFWDDQVOXLWELMGH RPJHYLQJ2PGLWDDQWHWRQHQLVGRRUHHQODQGVFKDSVGHVNXQGLJHHHQWHNHQLQJJHPDDNW ZDDURSVWDDWDDQJHJHYHQKRHGHQLHXZHEHERXZLQJLQGHRPJHYLQJZRUGWLQJHNOHHG . . . )LJXXU6FKHWVHQODQGVFKDSSHOLMNHLQSDVVLQJ. . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(82) 'HHHUVWHVFKHWVJHHIWGHVLWXDWLHZHHUGLHWRHJHVWDDQZDVYROJHQVKHWYLJHUHQGH EHVWHPPLQJVSODQRSKHWPRPHQWYDQGHDDQYUDDJZDDULQHHQDDQYUDDJORRSWYRRUHHQNDV DDQGHYRRU]LMGHYDQKHWSHUFHHO'HWZHHGHVFKHWVJHHIWHHQLQGUXNYDQGHORFDWLHQD UHDOLVDWLHYDQKHWSURMHFWYDQGHLQLWLDWLHIQHPHU 0DDWVFKDS9HUZRHUWLVQDDVWXLWEUHLGLQJYRRUQHPHQVWHPRGHUQLVHUHQ'DDURP]DOLQKHW NDGHUYDQEHWHUHSURGXFWLHRPVWDQGLJKHGHQEHWHUHOLFKWRSEUHQJVWPRJHOLMNKHGHQYRRU EHWHUHEHOXFKWLQJGRRUQRNEHOXFKWLQJHQDXWRPDWLVHULQJLQSODDWVYDQNXQVWVWRINDVVHQ JHNR]HQZRUGHQYRRUJOD]HQNDVVHQ$OOHHQGRRUGHEHQRGLJGHPRGHUQLVHULQJLVHHQ UHQGDEHOHYRRUW]HWWLQJYDQGHEHVFKHUPGHWHHOWYDQNOHLQIUXLWLQGHWRHNRPVWPRJHOLMN 'RRUGHOLJJLQJYDQGHEHRRJGHORFDWLHWXVVHQWZHHEHGULMYHQZRUGWGHRSHQKHLGYDQKHW JHELHGQLHWRQHYHQUHGLJYHUVWRRUG'RRUGHUHGHOLMNJURWHRPYDQJYDQNDVFRPSOH[HQQHHPW GHOLFKWYHUYXLOLQJLQGHRPJHYLQJELMRSULFKWLQJYDQHHQNDVGRRUJDDQVWRHGRRUKHWRSULFKWHQ YDQDVVLPLODWLHYHUOLFKWLQJ9RRUKHWGRHOZDDUYRRUGHLQLWLDWLHIQHPHUGHNDVVHQZLORSULFKWHQ LVJHHQDVVLPLODWLHYHUOLFKWLQJQRRG]DNHOLMNHQ]DORRNQLHWZRUGHQWRHJHSDVW,QGHSODQUHJHOV ZRUGWRRNHHQEHSHUNLQJRSJHQRPHQZDDUELMJHHQDVVLPLODWLHYHUOLFKWLQJLQGHNDVVHQLV WRHJHVWDDQ+LHUPHHLVJHHQVSUDNHYDQWRHQDPHDDQOLFKWYHUYXLOLQJLQGHRPJHYLQJ ,QGHKXLGLJHVLWXDWLH]LMQRSGHEHRRJGHORFDWLHVWHQHQEHERXZLQJHQNXQVWVWRI WXQQHONDVVHQDDQZH]LJ ]LHILJXXU
(83) 'HDDQZH]LJHEHERXZLQJLVYHUYDOOHQHQDDQ YHUYDQJLQJWRH$OVRSEDVLVYDQKHWWHQWLMGHYDQGHDDQYUDDJJHOGHQGHEHVWHPPLQJVSODQ HHQJOD]HQNDVDDQGHZHJ]LMGH]RXZRUGHQDDQJHYUDDJG]RDOVZHHUJHJHYHQLQGHHHUVWH VFKHWVGDQ]RXGHODQGVFKDSSHOLMNHZDDUGHQHJDWLHIZRUGHQEHwQYORHG 'RRUUHDOLVDWLHYDQKHWSURMHFWYDQ0DDWVFKDS9HUZRHUWZDDUELMKHW]LFKWRSGHJOD]HQ NDVVHQELMKHWEHGULMIZRUGWEHSHUNWZRUGWGH]HODQGVFKDSSHOLMNHZDDUGHQLHWQHJDWLHI EHwQYORHG*HVWHOGNDQGXVZRUGHQGDWWHQRS]LFKWHYDQHHQDDQYUDDJYRRUHHQJOD]HQNDV DDQGHZHJ]LMGHZHONHYROJHQVKHWWRHQJHOGHQGHEHVWHPPLQJVSODQWRWGHPRJHOLMNKHGHQ EHKRRUGHHUVSUDNHLVYDQHHQNZDOLWHLWVYHUEHWHULQJ . )LJXXU+XLGLJHEHERXZLQJDDQGH3URYLQFLDOHZHJWH/LHQGHQ. . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³*HZHQVWHVLWXDWLH´. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(85) . 2PJHYLQJ *HOXLG 'HDJUDULVFKHJURQGDDQGH3URYLQFLDOHZHJEHKRXGWQDGHEHVWHPPLQJVSODQZLM]LJLQJGH EHVWHPPLQJ³$JUDULVFK´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
(86) LV:HWWHOLMNJH]LHQJHOGW HHQYRRUNHXUVZDDUGHYDQG% $
(87) *H]LHQGHZDDUGHRSGHJHYHOG% $
(88) EHWUHIWLVGLW HHQRYHUVFKULMGLQJYDQG% $
(89) +HWLVPRJHOLMNGRRUPLGGHOYDQKHWWRHNHQQHQYDQHHQ KRJHUHJUHQVZDDUGHGHJUHQVZDDUGHWHYHUOHJJHQ9RRUZRQLQJHQJHOGWHHQPD[LPDOH YHUKRJLQJQDDUG% $
(90) %LMDJUDULVFKHEHGULMIVZRQLQJHQOLJWGHYHUKRRJGHJUHQVZDDUGH HFKWHURSG% $
(91) 'HEHODVWLQJYDQG% $
(92) YROGRHWDDQGH]HPD[LPDOHJUHQVZDDUGH +HWRQWZHUSEHVOXLWWRWKHWWRHNHQQHQYDQHHQYHUKRRJGHJUHQVZDDUGHORRSWVDPHQPHWKHW RQWZHUSSURMHFWEHVOXLW 9RRUKHWJHKHOHDNRHVWLVFKRQGHU]RHNPHWGDDULQGHYHUNHHUVLQWHQVLWHLWHQYDQGH 3URYLQFLDOHZHJZRUGWYHUZH]HQQDDUELMODJH ([WHUQHYHLOLJKHLG +HW%HYLLVJHULFKWDDQKHWEHYRHJGJH]DJLQ]DNHGH:HWPLOLHXEHKHHUHQGH:HWUXLPWHOLMNH RUGHQLQJHQKHHIWRQGHUPHHUWRWGRHORPELMQLHXZHVLWXDWLHVWRHWVLQJDDQGHULVLFRQRUPHQ WHZDDUERUJHQ,QGH5HJHOLQJH[WHUQHYHLOLJKHLGLQULFKWLQJHQ 5HYL
(93) ]LMQVWDQGDDUGDIVWDQGHQ RSJHQRPHQZDDUELMZRUGWYROGDDQDDQGHJUHQVZDDUGHQYDQKHWSODDWVJHERQGHQULVLFR +HW%HYLLVYDQWRHSDVVLQJRSYHUJXQQLQJVSOLFKWLJHULVLFRYROOHEHGULMYHQHQGHQDELMJHOHJHQ DOGDQQLHWJHSURMHFWHHUGH EHSHUNW
(94) NZHWVEDUHREMHFWHQ,QDUWLNHOOLGYDQKHW%HYLLV RSJHVRPGZDWZRUGWYHUVWDDQRQGHUULVLFRYROOHEHGULMYHQ9RRUGHWRHSDVVLQJYDQKHW%HYL ZRUGWHHQQLHXZUXLPWHOLMNEHVOXLWJH]LHQDOVHHQQLHXZHVLWXDWLH . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(95) ([WHUQHYHLOLJKHLGLVYRRUHHQDJUDULVFKEHGULMIYDDNQLHW]RYDQEHODQJ(HQDJUDULVFKEHGULMI YHURRU]DDNW]HOIQDPHOLMNJHHQULVLFR¶VYRRUGHRPJHYLQJLQKHWNDGHUYDQGHH[WHUQH YHLOLJKHLGPLWVJHHQVSUDNHLVYDQEHGULMYHQPHWHHQLQVWDOODWLHGLHDOVULVLFREURQNDQZRUGHQ DDQJHPHUNW DOVELMYRRUEHHOGWDQNVYRRUSURSDDQJDVRINRHOLQVWDOODWLHV
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
(97) %URQ3URYLQFLH*HOGHUODQG. 'HGLFKWVWELM]LMQGHULVLFR¶VYRRUGHZRRQHQOHHIRPJHYLQJ]LMQHHQJDVOHLGLQJHQGH5LMNVZHJ $'HDIVWDQGHQYDQGHORFDWLHWRWGH]HULVLFREURQQHQEHGUDJHQRQJHYHHUHQ NLORPHWHU 9RRUUXLPWHOLMNHSODQQHQ]LMQVSRRUZHJHQYDDUZHJHQHQDXWRZHJHQULVLFRUHOHYDQWDOVHU ELQQHQHHQ]RQHYDQPHWHUYDQDIGHWUDQVSRUWDVHHQRQWZLNNHOLQJJHSODQGZRUGW %HRRUGHOLQJYDQGHULVLFR¶VYHURRU]DDNWGRRUKHWGRRUJDDQGYHUNHHU RRNEXLVOHLGLQJHQ
(98) GLHQW SODDWVWHYLQGHQDDQGHKDQGYDQGHFLUFXODLUH³5LVLFRQRUPHULQJYHUYRHUJHYDDUOLMNHVWRIIHQ PLQLVWHULHVYDQ9520%=.HQ9HQ:
(99) ´XLWHQGHZLM]LJLQJGDDURSYDQDXJXVWXV ZDDULQJUHQVHQULFKWZDDUGHQYRRUKHWSODDWVJHERQGHQULVLFRHQULFKWOLMQHQYRRUGH WRHSDVVLQJYDQGHUHNHQPHWKRGLHNHQGHYHUDQWZRRUGLQJYDQKHWJURHSVULVLFR]LMQ RSJHQRPHQ9RRUEXLVOHLGLQJHQZRUGWLQSULQFLSHYHUZH]HQQDDUGHFLUFXODLUHXLW . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(100) 'DDUQDDVWNHQWGHFLUFXODLUHGHYHUDQWZRRUGLQJVSOLFKWYDQKHWJURHSVULVLFR,QGLHQELQQHQ KHWLQYORHGVJHELHG ELQQHQPHWHUYDQDIGHDVYDQGHWUDQVSRUWURXWH
(101) QLHXZH RQWZLNNHOLQJHQ]LMQYRRU]LHQHQHUHHQRYHUVFKULMGLQJYDQGHRULsQWHUHQGHZDDUGHYDQKHW JURHSVULVLFRRIHHQVLJQLILFDQWHVWLMJLQJYDQKHWJURHSVULVLFRRSWUHHGWGLHQWELMGHYDVWVWHOOLQJ YDQKHW52EHVOXLWKHWJURHSVULVLFRWHZRUGHQYHUDQWZRRUG 'HORFDWLHLVJHOHJHQRSPHHUGDQPHWHUYDQGH]HWUDQVSRUWDVVHQ+LHUPHHOHYHUWGLW DVSHFWJHHQEHOHPPHULQJHQRS 'HEHRRJGHORFDWLHLVJHOHJHQLQHHQRYHUVWURPLQJVJHELHGPHWHHQRYHUVWURPLQJVGLHSWHYDQ WRWPHWHU+LHUELMLVKHWYROJHQGHRPVFKUHYHQ . %URQ3URYLQFLH*HOGHUODQG. +HWQLHXZERXZSODQJHHIWJHHQYHUVOHFKWHULQJWDYHYDFXDWLHLUWRYHUVWURPLQJVULVLFR¶V . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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³ZDWHUKXLVKRXGLQJ´EUHHGRSJHYDW$DQJHVORWHQZRUGWELMGH GHILQLWLH]RDOVGLHLVRSJHQRPHQLQGH:HWZDWHUKXLVKRXGLQJ DUW:ZK
(103) =RZHOKHW RSSHUYODNWHZDWHUDOVKHWJURQGZDWHUYDOWRQGHUGH]RUJYRRUGHZDWHUKXLVKRXGLQJ%LMGH YRRUEHUHLGLQJYDQHHQZDWHUSDUDJUDDIGLHQHQDOOHYDQEHODQJ]LMQGHZDWHUKXLVKRXGNXQGLJH DVSHFWHQEHRRUGHHOGWHZRUGHQ1DDVWYHLOLJKHLGHQZDWHURYHUODVW ZDWHUNZDQWLWHLW
(104) ]XOOHQ RRNGHJHYROJHQYDQKHWUXLPWHOLMNSODQYRRUGHZDWHUNZDOLWHLWHQYHUGURJLQJEH]LHQZRUGHQ 'HORFDWLHYDOWELQQHQZDWHUVFKDS5LYLHUHQODQG 8LWRQGHUVWDDQGHSODQNDDUWEOLMNWGDWRQGHUKDYLJHORFDWLHQLHWLVDDQJHZH]HQDOV DDQGDFKWVJHELHGYRRUVRRUWHQDDQGDFKWVJHELHGHQ ELMYRRUEHHOGJURQGZDWHURQWWUHNNLQJYRRU GHGULQNZDWHUYRRU]LHQLQJ]RHNJHELHGEHHNKHUVWHOJHELHGUHVHUYHULQJVUXLPWHYRRU ULYLHUEHHNZLMVWJHELHG
(105) *HFRQFOXGHHUGNDQZRUGHQGDWGHORFDWLHQLHWLQHHQJHELHGOLJWZDDUSUREOHPDWLHNVSHHOW URQGRPZDWHU . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(106) . )LJXXU$DQGDFKWVJHELHGHQZDWHU ORFDWLHDDQJHJHYHQPHWSLMO
(107) %URQ3URYLQFLH*HOGHUODQG. . 5HIHUHQWLHVLWXDWLH +HWSODQJHELHGEHYLQGW]LFKDDQGH3URYLQFLDOHZHJWH/LHQGHQ(ULVKLHUVSUDNHYDQHHQ EHGULMIVYHUSODDWVLQJ'HEHVWHPGHODQGJHEUXLNIXQFWLHLQKHWYLJHUHQGHEHVWHPPLQJVSODQLV ³$JUDULVFK´,QRQGHUKDYLJHVLWXDWLHLVVSUDNHYDQHHQEHGULMIVYHUSODDWVLQJQDDUHHQORFDWLH GLHUHHGVLQJHEUXLNLVDOVJURQGWHQEHKRHYHYRRUGHIUXLWWHHOW,QGHUHIHUHQWLHVLWXDWLHZRUGW XLWJHJDDQYDQGHYROJHQGHRSSHUYODNWHDDQEHERXZLQJ .DVVHQWXQQHOV P 6FKXXU P (UIYHUKDUGLQJ P 7RWDDO P . 9RRUJHQRPHQDFWLYLWHLW 'LWSURMHFWUHDOLVHHUWQLHXZHEHGULMIVEHERXZLQJDDQGH3URYLQFLDOHZHJWH/LHQGHQ ,QGHYRRUJHQRPHQDFWLYLWHLWZRUGHQWZHHVRRUWHQXLWEUHLGLQJHQJHUHDOLVHHUGQDPHOLMNHHQ GHHOVWHQHQEHGULMIVEHERXZLQJHQHHQQHYHQWDNJODVWXLQERXZ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
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
(109) 'HEHQRGLJGHUXLPWHYRRUFRPSHQVHUHQGHZDWHUEHUJLQJZRUGWEHUHNHQGRSEDVLVYDQ PDDWJHYHQGHUHJHQEXLHQGHWRHQDPHDDQYHUKDUGRSSHUYODNHQGHPD[LPDDOWRHODDWEDUH SHLOVWLMJLQJ %LMGHNHX]HYDQKHWVRRUWEHUJLQJVYRRU]LHQLQJKDQWHHUWKHWZDWHUVFKDSGHWULWVYDVWKRXGHQ EHUJHQDIYRHUHQXLWKHW1%:,QDDQVOXLWLQJKLHURSKDQWHHUWKHWZDWHUVFKDSGHYROJHQGH YRRUNHXUVYROJRUGHQ +HPHOZDWHUYDVWKRXGHQGRRUKHUJHEUXLNRILQILOWUDWLH +HPHOZDWHUEHUJHQLQRSHQZDWHU +HPHOZDWHUEUHQJHQQDDUNXQVWPDWLJHEHUJLQJVYRRU]LHQLQJHQ ZDGL¶VEDVVLQV NUDWWHQHQNHOGHUV
(110) ,QGHQLHXZHVLWXDWLH]DOZRUGHQYROGDDQDDQGHYROJHQGHHLVHQ K\GURORJLVFKQHXWUDDOERXZHQ DIYRHUYDQXLWKHWJHELHGQHHPWQLHWWRH PD[LPDOHWRHJHVWDQHDIYRHURSEDVLVYDQGH ODQGHOLMNHDIYRHUYDQOVKD YROGRHWDDQGHQRUPHQELMHHQUHJHQEXLYDQ7 HQ7 YROJHQVGH UHJHQGXXUOLMQHQYDQ%XLVKDQGHQ9HOGV %LMKHPHOZDWHUOR]LQJYDQHHQYHUKDUGRSSHUYODNJURWHUGDQPðUHVSHFWLHYHOLMNPð PRHWGHDDQYUDJHUYRRU]LHQLQJHQWUHIIHQRPGHODQGHOLMNDIYRHUWHUHDOLVHUHQGRRUPLGGHO YDQ KHWFUHsUHQYDQH[WUDZDWHUEHUJLQJRSKHWHLJHQWHUUHLQGRRUPLGGHOYDQKHWJUDYHQRI YHUJURWHQYDQRSSHUYODNWHZDWHUHQRI '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(111) . KHWFUHs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
(112) %URQ3URYLQFLH*HOGHUODQG. 'HEHQRGLJGHUXLPWHYRRUFRPSHQVHUHQGHZDWHUEHUJLQJZRUGWEHUHNHQGRSEDVLVYDQ PDDWJHYHQGHUHJHQEXLHQGHWRHQDPHDDQYHUKDUGRSSHUYODNHQGHPD[LPDDOWRHODDWEDUH SHLOVWLMJLQJ 9RRUKHWEHUHNHQHQYDQGHEHQRGLJGHEHUJLQJVFDSDFLWHLWELMRQWZLNNHOLQJHQZDDUELMPHHU GDQPDDQYHUKDUGRSSHUYODNZRUGWRSJHULFKWKDQWHHUWKHWZDWHUVFKDSGHYROJHQGH QRUPHQWHUSODDWVHYDQKHWSURMHFW . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(113) 6WHQHQEHERXZLQJ PSHUKHFWDUH .DVVHQJODVWXLQERXZ PSHUKHFWDUH 0D[LPDOHSHLOVWLMJLQJRSSHUYODNWHZDWHU PHWHU 0D[LPDOHEHUJLQJLQEDVVLQ ,QGHRQGHUVWDDQGHWDEHOLVGHEHUHNHQLQJRSJHQRPHQZDDUPHHZRUGWEHSDDOGKRHYHHO EHUJLQJVFDSDFLWHLWQRGLJLVELMGHYRRUJHQRPHQRQWZLNNHOLQJ . '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
(114) %HUHNHQLQJFRPSHQVHUHQGHZDWHUEHUJLQJ YHUKDUG RSSHUYODN P
(115) +XLGLJHVLWXDWLH .DVVHQWXQQHOV 6FKXXU 7HUUHLQYHUKDUGLQJ 7RWDDO 7RHNRPVWLJHVLWXDWLH 9RRUVWHGHHO %HGULMIVZRQLQJ %HGULMIVJHERXZ .DVVFKXXU 7HUUHLQYHUKDUGLQJ 7RWDDOYHUKDUG RSSHUYODNYRRU WRHQDPHYHUKDUG RSSHUYODN 7RWDDOWHUHDOLVHUHQ YRRU $FKWHUVWHGHHO .DVVHQ 7RHQDPHYHUKDUG RSSHUYODNDFKWHU 1HWWRYRRUHQDFKWHU PLQXVYULMVWHOOLQJ WRWDDORSSHUYODNWH YRRUEHUHNHQLQJ FRPSHQVDWLH %HQRGLJGHFRPSHQVDWLH LQKRXG
(116) %HQRGLJGHFRPSHQVDWLH RSSHUYODNWHRSHQZDWHU
(117). EHUJLQJ WRWDDO P
(118). EHUJLQJ LQRSHQ ZDWHU P
(119). EHUJLQJ LQ EDVVLQ P
(120). 2SPHUNLQJHQ. . QRUPPKD . . . QYW. EHUJLQJLQRSHQZDWHU. . . PPLQXVPYRRUWHUUHLQ. . . JODVWXLQERXZEHOHLGPKD PD[LPDDO PLQLPDDO FPSHLOVWLMJLQJ . 8LWGHEHUHNHQLQJLQERYHQVWDDQGHWDEHOEOLMNWGDWQDDVWHHQEDVVLQGDWPNDQEHUJHQ HYHQHHQVPDDQEHUJLQJVYRRU]LHQLQJHQQRGLJ]LMQ 8LWYRHULQJYDQKHWEDVVLQ]DOPRHWHQSODDWVYLQGHQYROJHQVGHULFKWOLMQHQYDQ:DWHUVFKDS 5LYLHUHQODQG'HRSERXZYDQKHWEDVVLQYROJHQVSULQFLSHWHNHQLQJQUYDQKHW :DWHUVFKDSGG]LHRQGHUVWDDQGHWHNHQLQJ. '/9%RXZ0LOLHXHQ7HFKQLHN%93URMHFWEHVOXLW³%XLWHQJHELHG3URYLQFLDOHZHJ/LHQGHQ´ 1/,052%8,3%RQ. . .
Outline
GERELATEERDE DOCUMENTEN
Het college van Burgemeester en Wethouders van de gemeente Waterland heeft de bevoegdheid om hogere waarden vast te stellen op grond van artikel 110a van de
Beslissing van burgemeester en wethouders van Epe, gelet op artikel 110a eerste lid van de Wet geluidhinder, inzake het verzoek tot vaststelling van hogere waarden voor de ten
In de toekomstige situatie (met scherm langs de N209 van 4.50 meter hoog en 520 meter lang) beschikt alleen de woning met bouwnummer 8 niet over een geluidluwe eerste en
Dit is voor het college aanleiding om, rekening houdend met aspecten als mogelijke bron- en overdrachtsmaatregelen, overeenkomstig artikel 83 van de Wet geluidhinder, hoofdstuk
Gelet op het feit dat bron- en overdrachtsmaatregelen onvoldoende doeltreffend zijn is het reëel en verdedigbaar voor de onderhavige ontwikkeling een hogere waarde Wet
3.17 Gelet op het bovenstaande zullen hogere waarden moeten worden vastgesteld voordat de herziening van het bestemmingsplan wordt vastgesteld. 3.18 De maximaal
3.1.3 Het reconstructiegebied wordt bepaald door het gebied dat wordt heringericht mét de bijbehorende geluidzones (200 m zijdelings en 67 m bij de uiteinden) als
de Wet geluidhinder (art. 83) een hogere waarde worden vastgesteld voor de ten hoogste toelaatbare geluidbelasting op de gevel van een woning gelegen in stedelijk gebied, met