3a. 30 mei 2016 Aanvraag omgevingsvergunning (bijlagen bij aanvraag) De Trip (deel 1 van 2).pdf

,QKRXGVRSJDYHELMODJHQ'H7ULS

 %HVFKULMYLQJDFWLYLWHLWHQHQPLOLHXDVSHFWHQ  0DFKWLJLQJ .9.XLWWUHNVHO  2YHU]LFKW DIYDO VWRIIHQKXOSHQWRHVODJVWRIIHQHQSURGXFWHQ  0LQLPXPVWDQGDDUGDIYDOVWRIIHQFRQIRUP/$3  $ 9EHOHLG  5DSSRUWDJHVERGHPRQGHU]RHN  5DSSRUWDJHOXFKWNZDOLWHLWVRQGHU]RHN  5DSSRUWDJHJHXURQGHU]RHNGGPDDUW  5DSSRUWDJHDNRHVWLVFKRQGHU]RHNGGDSULO  15%DQDO\VH  :DUPHVWUDOLQJVEHUHNHQLQJ  5,(%%7WRHWV  7HNHQLQJ0LOLHX  5XLPWHOLMNHRQGHUERXZLQJ  0HOGLQJ$FWLYLWHLWHQEHVOXLW FRPSOHHW   0HOGLQJ3$6 VWLNVWRIGHSRVLWLHEHUHNHQLQJHQ   0HUEHRRUGHOLQJ

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW





  %LMODJH 



   



 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  ,QKRXGVRSJDYH   







,QOHLGLQJHQQLHWWHFKQLVFKHVDPHQYDWWLQJ



 

 

QLHWWHFKQLVFKHVDPHQYDWWLQJ OHHVZLM]HU

$OJHPHQHJHJHYHQV

 JHJHYHQVYHUJXQQLQJKRXGHU  JHJHYHQVLQULFKWLQJ  YLJHUHQGHVLWXDWLH  $DQWHYUDJHQVLWXDWLH  OR]LQJV YHUJXQQLQJ WHFKQLVFKHVLWXDWLH  SODQRORJLVFKHVLWXDWLH  YHUJXQQLQJERXZDFWLYLWHLWHQRYHULJHYHUJXQQLQJHQRQWKHIILQJHQ  LQGHOLQJLQ%RUFDWHJRULHsQ  0(5 EHRRUGHOLQJV SOLFKW  5,(%%73575  HQHUJLHHQGXXU]DDPKHLG  WRHNRPVWLJHRQWZLNNHOLQJHQ  ILQDQFLHHOYDNEHNZDDPKHLGRUJDQLVDWLHVWUXFWXXU  DFFHSWDWLHHQYHUZHUNLQJVEHOHLG $ 9 

             

$FWLYLWHLWHQDDQJHYUDDJGHVLWXDWLH



  

  

LQQDPHRSVODDQHQRYHUVODDQ EHZHUNHQYDQDIYDOVWRIIHQHQJURQGHQKXOSVWRIIHQ RYHULJHDFWLYLWHLWHQ

%HVWDDQGHWRHVWDQGHQJHYROJHQYRRUKHWPLOLHX



 ,QOHLGLQJ  OXFKW  JHOXLGHQWULOOLQJHQ  OLFKWKLQGHU  ERGHPHQJURQGZDWHU  DIYDOZDWHU  DIYDOVWRIIHQ  RQJHGLHUWH  H[WHUQHYHLOLJKHLG  PLOLHXEHVFKHUPGHJHELHGHQHQVWLNVWRIGHSRVLWLH  ELM]RQGHUHHQRQJHZRQHYRRUYDOOHQ  UXLPWHOLMNHRQGHUERXZLQJ

           

  



 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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

'HYRRUOLJJHQGHRPJHYLQJVYHUJXQQLQJDDQYUDDJLVWHYHQVHHQPHOGLQJRSJURQGYDQ DUWYDQKHW$FWLYLWHLWHQEHVOXLWYRRUGHGDDURQGHUYDOOHQDFWLYLWHLWHQDOVKHWRSVODDQYDQ EXONJRHGHUHQHQGHHYHQWXHOHZLM]LJLQJHQGDDULQWHQRS]LFKWHYDQGHHHUGHUHPHOGLQJ  ,QILJXXUDLVGHORFDWLHDDQJHJHYHQYDQGHLQULFKWLQJYDQ'H7ULS%92SJHPHUNWZRUGWGDW EHWUHIIHQGHOXFKWIRWRHHQYHURXGHUGHZHHUJDYHLVQDPHOLMNYDQYRRUGHYHVWLJLQJYDQ'H 7ULS 

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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wQYHQWDULVHHUGYRRURQGHUPHHUGHPLOLHXDVSHFWHQOXFKWERGHPJHOXLGDIYDOVWRIIHQHQ UHVLGXHQZDWHUHQGHEHGULMIVHQH[WHUQHYHLOLJKHLG'HUHVXOWDWHQYDQGHLQYHQWDULVDWLHYDQ

GHPLOLHXJHYROJHQ]LMQEHVFKUHYHQLQKRRIGVWXNYDQGHYRRUOLJJHQGHWRHOLFKWLQJRSGH YHUJXQQLQJDDQYUDDJ:DDUQRGLJ]LMQDGHTXDWHYRRU]LHQLQJHQHQRIPDDWUHJHOHQ JHUHDOLVHHUGFTRSJHQRPHQRPGHQDGHOLJHJHYROJHQYRRUKHWPLOLHXWHUHGXFHUHQWRWGH KLHUYRRUJHOGHQGHQRUPHQ'HPLOLHXJHYROJHQGLHLQGLWNDGHUKHWPHHVWEHw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

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

    SODQRORJLVFKHVLWXDWLH   'HLQULFKWLQJYDQ'H7ULS%9LVJHOHJHQRSKHWEHGULMYHQWHUUHLQ/DJH:HLGH+HW EHVWHPPLQJVSODQLVYDVWJHVWHOGRSMXOL NHQPHUN1/,052%3/$*(:(,'( 9$   'HIXQFWLHDDQGXLGLQJYRRUGH]HORFDWLHLVµEHGULMIWRWHQPHWFDWHJRULH¶,QJHYROJHDUWLNHO OLGDNDQjFDWHJRULHsQKRJHUZRUGHQWRHJHVWDDQDOVZRUGWDDQJHWRRQGGDW³KHW EHGULMIQDDUDDUGHQLQYORHGRSGHRPJHYLQJ «DOVPHGHJHWRHWVWDDQGHDDQJHJHYHQ PDDWJHYHQGHPLOLHXDVSHFWHQ JHDFKWNDQZRUGHQJHOLMNWH]LMQDDQGHLQOLGJHQRHPGH FDWHJRULHsQYDQGH/LMVWPHWEHGULMIVDFWLYLWHLWHQ³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³PD[LPDDOPLOLHXFDWHJRULH´  %LMGH]HDDQYUDDJZRUGHQH[WUDDFWLYLWHLWHQDDQJHYUDDJGZDDUELMHHQSXLQEUHNHU FDSDFLWHLW

PLQGHUGDQWRQMDDU ZRUGWWRHJHYRHJGHQZDDUELMLQQDPHRSHQRYHUVODJHQ EHZHUNLQJYDQJURWHUHHQPHHUDIYDOVWURPHQ RRNYDQGHUGHQHQRRNJHYDDUOLMNDIYDO ZRUGW DDQJHYUDDJG'RRUGH]HEHLGHDVSHFWHQNDQLQGHDDQJHYUDDJGHVLWXDWLHVSUDNHYDQ]LMQ YDQPLOLHXFDWHJRULH,QGHXLWVSUDDNYDQGHYRRU]LWWHUYDQGH$IGHOLQJ %HVWXXUVUHFKWVSUDDNYDQGH$IGHOLQJYDQGH5DDGYDQ6WDWHPHW]DDNQXPPHU 5GGIHEUXDULLVEHSDDOWELMZLM]HYDQYRRUORSLJHYRRU]LHQLQJGDW YRRUKHWSODQGHHOPHWGHEHVWHPPLQJ 

³%HGULMYHQWHUUHLQHQGHDDQGXLGLQJEHGULMIWRWHQPHWFDWHJRULHEHWUHIIHQGH6RSKLDODDQ LQDIZLMNLQJYDQDUWLNHOOLGDDQKHIHQRQGHUDHQDUWLNHOOLGRQGHUYDQ GHSODQUHJHOVJHOGWGDWWHUSODDWVHEHGULMYHQXLWGHLQGHELMODJH/LMVWYDQEHGULMIVDFWLYLWHLWHQ JHQRHPGHPLOLHXFDWHJRULHsQWRWHQPHW]LMQWRHJHVWDDQ 

'LWEHWHNHQWGDWHHQELQQHQSODQVHDIZLMNLQJYDQKHWEHVWHPPLQJVSODQPRHWZRUGHQ DDQJHYUDDJGZDDUELMPRHWZRUGHQDDQJHWRRQGGDWGHLQYORHGRSGHRPJHYLQJJHOLMNLVDDQ HHQFDWHJRULHEHGULMI'H]HRQGHUERXZLQJLVRSJHQRPHQLQSDUDJUDDI³5XLPWHOLMNH RQGHUERXZLQJ´LQKRRIGVWXN,QGH/LMVWPHWEHGULMIVDFWLYLWHLWHQYDQKHWYLJHUHQGH EHVWHPPLQJSODQ]LMQWRHJHVWDQH6%,FRGH¶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



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  KHWLQGXVWULHWHUUHLQPRHWDDQWRQHQGDWKLHUDDQZRUGWYROGDDQ'H]RQHWRHWVHQKHW ELMEHKRUHQGHDNRHVWLVFKRQGHU]RHNZRUGHQEHKDQGHOGLQSDUDJUDDI  (ULVLQHQRPKHWJHELHGUHHGVVSUDNHYDQJHXUKLQGHUGRRUDDQZH]LJHEHGULMYHQ 8LWJDQJVSXQWLQKHWEHVWHPPLQJVSODQLVGDDURPQLHXZHJHXUKLQGHUWHYRRUNRPHQ9RRU QLHXZHYHVWLJLQJ]LMQKLHUYRRUGHYROJHQGHXLWJDQJVSXQWHQYDVWJHOHJG   %HGULMYHQZDDUELMLQGHOLMVWYDQEHGULMIVDFWLYLWHLWHQHHQJHXUDIVWDQGODJHUGDQPLV DDQJHJHYHQ]LMQWRHJHODWHQ DUWLNHORQGHUE 9RRU'H7ULSJHOGW o 6%,    JHXUDIVWDQGLVPHWHU o 6%,   & YXLORYHUVODJVWDWLRQJHXUDIVWDQGLVPHWHU o 6%,   $ 3XLQEUHNHUYFWRQMDDUJHXUDIVWDQG PHWHU  $DQJH]LHQGHJHXUDIVWDQGYRRUGHDFWLYLWHLWYXLORYHUVODJVWDWLRQJURWHULVGDQ PHWHULVGLWOLGQLHWYDQWRHSDVVLQJ  $QGHUHEHGULMYHQ]LMQDOOHHQWRHJHODWHQDOV]HYROGRHQDDQDUWLNHOGDWZLO ]HJJHQGDWGHWRWDOHJHXUEHODVWLQJRSZRQLQJHQQLHWWRHQHHPW,QGHSODQWRHOLFKWLQJ ELMODJH HQSDUDJUDDILVGLWQDGHUXLWJHZHUNW ,QSDUDJUDDILVGHJHXUEHODVWLQJEHSDDOGHQJHWRHWVW+LHUXLWEOLMNWGDWDDQYRRUZDDUGH YDQDUWLNHOZRUGWYROGDDQ  7HYHQVLVVSUDNHYDQHHQ:DWHUVWDDW:DWHUNHULQJRSJURQGYDQDUWLNHOZDDUGRRU

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s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

ORFDWLHRRNGHSXLQEUHHNDFWLYLWHLWHQHQDFWLYLWHLWHQPHWSRWHQWLHHOJHXUJHYRHOLJHDIYDOVWRIIHQ WRHWHVWDDQ  'H]HDDQYUDDJLVGDDURPWHYHQVWHEHVFKRXZHQDOVHHQDDQYUDDJYRRU RPJHYLQJVYHUJXQQLQJFRQIRUPDUWLNHOHQYDQKHWEHVWHPPLQJVSODQRPDIWH ZLMNHQYDQJHEUXLNVUHJHOVXLWDUWLNHOHQRQGHUE    YHUJXQQLQJERXZDFWLYLWHLWHQRYHULJHYHUJXQQLQJHQRQWKHIILQJHQ  0HWGHUHYLVLHYHUJXQQLQJ]LMQJHHQQLHXZHERXZDFWLYLWHLWHQYRRU]LHQ'H RPJHYLQJVYHUJXQQLQJERXZYRRUGHNHHUZDGHQLVRSDXJXVWXVUHHGVLQJHGLHQGGH  7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  DDQKHWEHYRHJGJH]DJ%LMEULHIYDQPHLPHWQXPPHU&EHRRUGHHOGKHW EHYRHJGJH]DJGDWYRRUGHEHWUHIIHQGHDFWLYLWHLWHQJHHQPHURSJHVWHOGGLHQWWHZRUGHQ    5,(%%73575  3HUMDQXDULLVGH5LFKWOLMQ,QGXVWULsOHHPLVVLHV (8 JHwPSOHPHQWHHUGLQGH 1HGHUODQGVHZHWJHYLQJ'H]HULFKWOLMQLQWHJUHHUWGH,33&ULFKWOLMQ (* GH5LFKWOLMQ *URWH6WRRNLQVWDOODWLHVHQHHQDDQWDODQGHUHULFKWOLMQHQ%HWUHIIHQGHEHSDOLQJHQ]LMQYHUSOLFKW YRRULQVWDOODWLHVGLHGDDURQGHUYDOOHQHQZDDUERUJHQKHWJHEUXLNYDQ%HVW%HVFKLNEDUH 7HFKQLHN %%7   'HGRRU'H7ULS%9DDQJHYUDDJGHDFWLYLWHLWHQYDOOHQRQGHUWZHHFDWHJRULHs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¶VRSJHQRPHQLVDOVPHGHHHQWRHWVLQJYDQGH%%7PDDWUHJHOHQHQ

±WHFKQLHNHQGLHKLHUXLWYRRUWYORHLHQ2SGHLQULFKWLQJ]LMQGH%5()$IYDOEHKDQGHOLQJ%5() 2SHQRYHUVODJHQGH%5()(QHUJLHHIILFLsQWLHYDQWRHSDVVLQJ  ,QULFKWLQJHQZDDUWRHHHQ,33&LQVWDOODWLHEHKRRUW]LMQYHUJXQQLQJSOLFKWLJ*HGHSXWHHUGH 6WDWHQ]LMQEHYRHJGJH]DJYRRU]RQLQULFKWLQJ  +HW,QWHJUDDO3575YHUVODJLVDDQGHRUGHYRRUGHLQULFKWLQJYDQ'H7ULS%9RPGDWHU DFWLYLWHLWHQZRUGHQYHUULFKWPHWDIYDOVWRIIHQGLHZRUGHQJHQRHPGLQ%LMODJH,ELMGH(* YHURUGHQLQJ3575HQZDDUYDQGHFDSDFLWHLWVGUHPSHOZRUGWRYHUVFKUHGHQ(HQLQULFKWLQJGLH RQGHUGHUHLNZLMGWHYDOWPRHWMDDUOLMNV]LMQHPLVVLHVHQDIYDOUHJLVWUHUHQLQGLHQGHKLHUYRRU JHOGHQGHGUHPSHOZDDUGHZRUGWRYHUVFKUHGHQHQGH]HJHJHYHQVYyyUDSULOLQKHWMDDU YROJHQGRSKHWYHUVODJMDDUYLDKHWHOHNWURQLVFKHPLOLHXMDDUYHUVODJ H0-9 YHU]HQGHQ    HQHUJLHHQGXXU]DDPKHLG  ,QKHWNDGHUYDQKHWWHYHUZDFKWHHQHUJLHYHUEUXLNJHOGWGDWKLHUYDQRSEDVLVYDQKHWIHLWGDW VSUDNHLVYDQHHQJHKHHOQLHXZHVLWXDWLHJHHQEHWURXZEDUHLQVFKDWWLQJNDQZRUGHQ JHPDDNW+HWLVHFKWHU±QDDVWKHWDOJHPHQHPLOLHXEHODQJHQGHYHUSOLFKWLQJHQKLHUWRHRS EDVLVYDQGH5,(±RRNLQKHWILQDQFLsOHEHODQJYDQ'H7ULS%9RPXLWWHJDDQYDQGHPHHVW HIILFLsQWHWHFKQLHNHQYRRU]RYHUGLWSDVWELQQHQGHUHJXOLHUHDIVFKULMYLQJVWHUPLMQHQ 

$QDORRJDDQGHEHSDOLQJHQGLHLQKHW$FWLYLWHLWHQEHVOXLW]LMQRSJHQRPHQYRRUW\SH$HQ% LQULFKWLQJHQZRUGWQLHWYHUZDFKWGDWGHLQULFKWLQJYRRUZDWEHWUHIWKHWHQHUJLHYHUEUXLNGH YROJHQGHGUHPSHOZDDUGHQRYHUVFKULMGW  - HHQMDDUOLMNVYHUEUXLNJURWHUGDQP DDUGJDVHTXLYDOHQWHQDDQEUDQGVWRIIHQ - HHQMDDUOLMNVHOHNWULFLWHLWVYHUEUXLNJURWHUGDQN:K    

]LHELMODJHEHKRUHQGHELMGH]HDDQYUDDJ 3575VWDDWYRRU3ROOXWDQW5HOHDVHDQG7UDQVIHU5HJLVWHU

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

   DFFHSWDWLHHQYHUZHUNLQJVEHOHLG $ 9   'HSURFHGXUHVPHWEHWUHNNLQJWRWGHDFFHSWDWLHHQYHUZHUNLQJYDQDIYDOVWRIIHQGLH RSJHQRPHQ]LMQLQGLWGRFXPHQWHQGHELMODJHQELMGLWGRFXPHQW]LMQG\QDPLVFKYDQDDUG'LW RPGDWGH]HSURFHGXUHVDDQJHSDVWGLHQHQWHNXQQHQZRUGHQELMZLM]LJLQJHQLQZHWHQ UHJHOJHYLQJHQRIPDUNWZHQVHQ9RRUKHWKLHUEHGRHOGH$ 9EHOHLGZRUGWYHUZH]HQQDDU ELMODJH³$ 9EHOHLG´+HWELMGH]HDDQYUDDJJHYRHJGH$ 9EHOHLGLVRQWOHHQGDDQKHW /DQGHOLMNDIYDOEHKHHUVSODQ /$3 2QGHUKRRIGVWXNµ$VSHFWHQYRRU YHUJXQQLQJYHUOHQLQJ LVRSJHQRPHQGDWELMYHUJXQQLQJYHUOHQLQJDDQGDFKWPRHW]LMQYRRU DFFHSWDWLHHQYHUZHUNLQJVEHOHLG $ 9EHOHLG HQKHWEHOHLGYRRUDGPLQLVWUDWLHYHRUJDQLVDWLH HQLQWHUQHFRQWUROH $2,&EHOHLG   ,QGHELMODJH$ 9EHOHLGLVHHQWDEHORSJHQRPHQZDDUXLWEOLMNWZHONHYHUZHUNLQJHQELQQHQGH LQULFKWLQJSODDWVYLQGHQ 

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

   $FWLYLWHLWHQDDQJHYUDDJGHVLWXDWLH   LQQDPHRSVODDQHQRYHUVODDQ  $OOHXLWHLJHQZHUNHQRQWVWDQHRIYDQGHUGHQLQJHQRPHQDIYDOVWRIIHQHQJURQGHQ KXOSVWRIIHQZRUGHQELQQHQGHLQULFKWLQJYDQ'H7ULS%9RSHQRYHUJHVODJHQ+HWDDQHQ DIYRHUHQYDQGHPDWHULDOHQYLQGWSODDWVPLGGHOVYUDFKWZDJHQVHQVFKHSHQ9RRUKHWODGHQ HQORVVHQYDQGHVFKHSHQLVHHQNUDDQLQJHEUXLN  %LMGHDDQHQDIYRHUYDQDIYDOVWRIIHQZRUGWJHEUXLNJHPDDNWYDQHHQJHLMNWHHOHNWURQLVFKH ZHHJEUXJ]RGDWHHQEHHOGRQWVWDDWYDQGHKRHYHHOKHGHQLQNRPHQGHHQXLWJDDQGHSDUWLMHQ +LHUPHHZRUGWYROGDDQDDQGHYHUSOLFKWLQJHQRSJURQGYDQGHDUWLNHOHHUVWHOLGYDQKHW %HVOXLWRPJHYLQJVUHFKWHQDUWLNHOHHUVWHOLGYDQGH:HWPLOLHXEHKHHUDOVPHGH DUWLNHOGHUGHOLGYDQGH%HVOXLWPHOGHQEHGULMIVDIYDOVWRIIHQHQJHYDDUOLMNHDIYDOVWRIIHQ9RRU GHLQQDPHYDQDIYDOVWRIIHQJHOGHQYRRUWVLQWHUQHUHJHOVGLH]LMQJHEDVHHUGRSKHWHHUGHU EHVFKUHYHQ$ 9EHOHLG ]LHELMODJH   9RRUHHQRYHU]LFKWYDQGHDIYDOVWRIIHQHQJURQGHQKXOSVWRIIHQZRUGWLQGLWNDGHUYHUZH]HQ QDDUELMODJH´2YHU]LFKWDIYDOJURQGHQKXOSVWRIIHQ´GLHELMJHYRHJGLVELMGH RPJHYLQJVYHUJXQQLQJDDQYUDDJ+LHURQGHUYROJWHHQEHVFKULMYLQJYDQGHUHOHYDQWH DFWLYLWHLWHQ    JHVFKHLGHQRSVODJ 2SVODJYDQDIYDOVWRIIHQHQJURQGHQKXOSVWRIIHQYLQGWJHVFKHLGHQYDQHONDDUSODDWVPHWDOV

GRHORQJHZHQVWHPHQJLQJHQYHURQWUHLQLJLQJYDQRQYHUHQLJEDUHVWURPHQWHYRRUNRPHQ *HVFKHLGHQRSVODJZRUGWJHUHDOLVHHUGHHQYDQGHYROJHQGHPDQLHUHQ   WXVVHQDI]RQGHUOLMNHRSVODJHQGLHYLVXHHOYDQHONDDUWHRQGHUVFKHLGHQ]LMQZRUGWHHQ YULMHUXLPWHYDQWHQPLQVWHPHWHURSHQJHODWHQ  WXVVHQRSVODJHQ]LMQ YHUSODDWVEDUH NHHUZDQGHQVFKHLGLQJVZDQGHQRIVRRUWJHOLMNH YRRU]LHQLQJHQDDQZH]LJ  RSVODJYLQGWDI]RQGHUOLMNSODDWVLQFRQWDLQHUVLQWHUPHGLDWHEXONFRQWDLQHUV ,%&¶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wPSOHPHQWHHUG'H YROJHQGHRSVODJWHUPLMQHQZRUGHQKLHULQJHQRHPG   YRRURSVODJYDQDIYDOVWRIIHQYRRUDIJDDQGDDQYHUZLMGHULQJJHOGWHHQPD[LPDOH WHUPLMQMDDU 

YRRURSVODJYDQDIYDOVWRIIHQYRRUDIJDDQGDDQQXWWLJHWRHSDVVLQJJHOGWHHQPD[LPDOH WHUPLMQYDQMDDU  'HRSVODJGXXUYDQGHDIYDOVWRIIHQYROGRHWDDQERYHQVWDDQGHHLVHQ   7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  



$DQKHWLQKHWHHUVWHOLGJHVWHOGHLVELMRSVODJYDQKRXWDQGHUVGDQLQHHQJHERXZ YROGDDQLQGLHQ DGHRSVODJELMEUDQGJHGXUHQGHHHQSHULRGHYDQWHQPLQVWHPLQXWHQJHUHNHQG YDQDIKHWRQWVWDDQYDQGHEUDQGJHHQJURWHUHVWUDOLQJVEHODVWLQJYHURRU]DDNWGDQ N:P EGHEHUHLNEDDUKHLGYDQGHRSVODJYDQDIWZHHWHJHQRYHUHONDDUOLJJHQGH]LMGHQLV JHZDDUERUJGZDDUELMLQHHQGHUGH]LMGHRRNHHQWRHJDQJVPRJHOLMNKHLGDDQZH]LJ LVLQGLHQGLH]LMGHODQJHULVGDQPHQ FELMGHRSVODJHHQEOXVZDWHUYRRU]LHQLQJPHWJHGXUHQGHWHQPLQVWHYLHUXUHQHHQ WRHYRHUFDSDFLWHLWYDQWHQPLQVWHPñSHUXXUDDQZH]LJLV 'HLQKHWWZHHGHOLGEHGRHOGHVWUDOLQJVEHODVWLQJZRUGWJHPHWHQRS DGHSHUFHHOVJUHQVLQGLHQKHWDDQJUHQ]HQGSHUFHHOHHQNDPSHHUWHUUHLQHHQ VSHHOWXLQRIHHQRSVODJYDQEUDQGJHYDDUOLMNHVWRIIHQLVHQ EHQLJSXQWYDQGHXLWZHQGLJHVFKHLGLQJVFRQVWUXFWLH

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ppQHQ GH]HOIGHDIQHPHUZRUGHQDIJH]HW  VFKHLGHQ EY]HYHQKDQGSLFNLQJIHUURVFKHLGLQJ   7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

    

RQWZDWHUHQ RQWZDWHUHQYDQVOLE  YHUNOHLQHQYDQKRXWHQKRXWDFKWLJJURHQDIYDO KHWEUHNHQYDQSXLQ

 'HKLHUERYHQJHQRHPGHDFWLYLWHLWHQKHEEHQDOVGRHOGHDDQJHERGHQDIYDOVWRIIHQJHVFKLNWWH PDNHQYRRUQXWWLJHWRHSDVVLQJLQGHYRUPYDQPDWHULDDOKHUJHEUXLN    RSEXONHQVDPHQYRHJHQYDQDIYDOVWRIIHQHQJURQGHQKXOSVWRIIHQ  RSEXONHQVDPHQYRHJHQYDQJHOLMNVRRUWLJHgrond- en hulpstoffen +LHUZRUGHQEHGRHOGKHWRSEXONHQVDPHQYRHJHQYDQVWRIIHQGLHQLHWNXQQHQZRUGHQ DDQJHPHUNWDOVHHQDIYDOVWRILQKHWNDGHUYDQGH.DGHUULFKWOLMQDIYDOVWRIIHQ (*  +HWPHQJHQVDPHQYRHJHQYDQHQNHOHQDOOHHQJURQGHQKXOSVWRIIHQ]RDOVELMYRRUEHHOG ]DQGJURQGJULQGHQQLHXZLQJHNRFKWHERXZVWRIIHQHQGHUJHOLMNHLVQLHWJHERQGHQDDQ UHVWULFWLHV]RDOVGH]HYDVWJHOHJG]LMQLQKRRIGVWXNYDQKHWEHOHLGVNDGHUYDQKHWYLJHUHQGH /$3  RSEXONHQVDPHQYRHJHQYDQSDUWLMHQgelijksoortige afvalstoffen +LHUELMPRHWZRUGHQJHGDFKWDDQSDUWLMHQ   WRHSDVEDUHJURQGERXZVWRIIHQHG  EXON JRHGHUHQ]RDOVERXZPDWHULDOHQ  $KRXW  %KRXW  RYHULJHVWURPHQRQJHYDDUOLMNDIYDO JODVSDSLHUPHWDOHQHWF   QLHWWRHSDVEDUHJURQG  FDODPLWHLWHQSDUWLMHQ  RYHULJHVWURPHQJHYDDUOLMNHDIYDOVWRIIHQ WHHUKRXGHQGDVIDOW&KRXWDVEHVWHWF   3DUWLMHQQLHWWRHSDVEDUHJURQGFDODPLWHLWHQSDUWLMHQHQ RYHULJ JHYDDUOLMNDIYDOZRUGHQEXLWHQ GHLQULFKWLQJYHUZHUNWGRRUYHUJXQQLQJKRXGHUVPHWHHQWRHUHLNHQGHYHUJXQQLQJ 

9RRUKHWRSEXONHQVDPHQYRHJHQYDQSDUWLMHQDIYDOVWRIIHQZRUGHQGHXLWJDQJVSXQWHQPHW EHWUHNNLQJWRWKHWPHQJHQ]RDOVRSJHQRPHQLQSDUDJUDDIYDQKHW/$3LQDFKW JHQRPHQ'LWKRXGWLQGDWELMKHWRSEXONHQVDPHQYRHJHQYDQGHSDUWLMHQDIYDOVWRIIHQ UHNHQLQJJHKRXGHQZRUGWPHWGHYROJHQGHDVSHFWHQ   KHWPHQJHQYDQDIYDOVWRIIHQPDJJHHQQDGHOLJHFRQVHTXHQWLHVKHEEHQYRRUKHW PLOLHXHQGHYRONVJH]RQGKHLG]RZHOLQDOJHPHQH]LQDOVRSLQULFKWLQJVQLYHDX  HUPRHWZRUGHQYRRUNRPHQGDWPHQJHQHUWRHOHLGWGDWppQYDQGHWHPHQJHQ DIYDOVWRIIHQQLHWFRQIRUPGHPLQLPXPVWDQGDDUGYRRUGLHDIYDOVWURRPZRUGW YHUZHUNW  HUPRHWZRUGHQYRRUNRPHQGDWKHWPHQJHQYDQDIYDOVWRIIHQOHLGWWRWEHODVWLQJ YDQKHWPLOLHXGRRUGLIIXVHYHUVSUHLGLQJYDQVSHFLILHNHPLOLHXJHYDDUOLMNHVWRIIHQ ZDDUYRRURSJURQGYDQLQWHUQDWLRQDOHUHJHOJHYLQJ YHUJDDQGH EHSHUNLQJHQ JHOGHQ  GHPHQJKDQGHOLQJWHQDDQ]LHQYDQDIYDOVWRIIHQGLHQWXLWJHYRHUGWHZRUGHQ YROJHQVGHEHVWEHVFKLNEDUHWHFKQLHNHQZDDUELMGHDDQGDFKWXLWGLHQWWHJDDQ QDDUGHLQYORHGRSGHHPLVVLHVYDQXLWGHLQULFKWLQJ  HUPRHWYRRUNRPHQZRUGHQGDWKHWPHQJHQYDQDIYDOVWRIIHQDQGHUVRRUWLJH ULVLFR¶VPHW]LFKPHHEUHQJWYRRUGHPHQVHQ]LMQRPJHYLQJZDDUELMGHQDGUXNOLJW RSVSHFLILHNHYHLOLJKHLGHQDUERJHUHODWHHUGH]DNHQ   7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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³0LOLHXK\JLsQLVFKHNHXULQJYDQLQGLYLGXHOHSDUWLMHQJURQGLQ

KHWNDGHUYDQKHW%HVOXLWERGHPNZDOLWHLW´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³PHQJHQHQKRPRJHQLVHUHQ´+HW³HLQGSURGXFW´ZRUGW YHUYROJHQVEXLWHQGHLQULFKWLQJQXWWLJWRHJHSDVWRIYHUZHUNWGRRUHHQYHUJXQQLQJKRXGHUPHW HHQWRHUHLNHQGHYHUJXQQLQJ    7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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

YHUNOHLQGPHWDOVGRHOKHWKRXWDFKWLJJURHQDIYDOJHVFKLNWWHPDNHQYRRUQXWWLJHWRHSDVVLQJ LQGHYRUPYDQPDWHULDDOKHUJHEUXLN$IKDQNHOLMNYDQGHPDUNWVLWXDWLHNDQKHWKRXWDFKWLJH JURHQDIYDOEHZHUNWZRUGHQWRWELRPDVVDELRILOWHUPDWHULDDOVORRWGHPSLQJVPDWHULDDO VWUXFWXXUPDWHULDDOYRRUFRPSRVWHULQJPDWHULDDOYRRUODQGVFKDSSHOLMNHGRHOHLQGHQHG+HW YHUNOHLQHQHQVFKHLGHQYLQGWSODDWVPHWHHQPRELHOHLQVWDOODWLHGLHWXVVHQGHNHHUZDQGHQ]DO ZRUGHQRSJHVWHOGWHQ]XLGZHVWHQYDQGH]RXWORRGV  7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

   $HQ%KRXWNXQQHQELQQHQGHLQULFKWLQJRSHHQYHUJHOLMNEDUHZLM]HZRUGHQEHZHUNWWRW VQLSSHUDFKWLJPDWHULDDO$KRXWNDQQDEHZHUNLQJZRUGHQDIJH]HWDOVJURQGVWRIYRRUGH VSDDQSODDWLQGXVWULHRIDOVELRPDVVD EUDQGVWRI %KRXWZRUGWQDEHZHUNLQJDIJHYRHUGQDDU HHQJHs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

JHORVWJHODGHQPLGGHOVHHQVKRYHOKHIWUXFN   =RXWRSVODJ  ,QGH]RXWORRGVZRUGWYRRUDO]RXWFTSHNHORSJHVODJHQ*H]LHQGHPRJHOLMNKHLGWRWXLWORJLQJ LVKHWEHWUHIIHQGHPDWHULDDOLQSDQGLJRSJHVODJHQRSHHQYORHLVWRINHUHQGHYORHUHQWHJHQ  

6WFUWYDQIHEUXDUL

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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±ULVLFR¶V'HSURHIQHPLQJHQKHEEHQWHDOOHQWLMGHHHQ WLMGHOLMNNDUDNWHU   

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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

YRRUKHHQ1H5 'HLQGH LQULFKWLQJDDQZH]LJHVWXLIJHYRHOLJH DIYDO VWRIIHQ]LMQLQKRRIGOLMQHQJURQG]DQGJURHQDIYDO JHEURNHQSXLQ VWURRL ]RXW(HQGHHOKLHUYDQLVLQHUW(HQDQGHUGHHOLVQLHWLQHUWRI XLWORRJEDDU ELMYRRUEHHOGYHUYXLOGHJURQGHQVWURRL]RXW 'LWODDWVWHEHWHNHQWGDWRSGH LQULFKWLQJQDDVWKHW$FWLYLWHLWHQEHVOXLWRRNGHKDQGOHLGLQJOXFKWHPLVVLHVELMEHGULMYHQYDQ PDDUWYDQWRHSDVVLQJLV  (HUGHULVDOYDVWJHVWHOGGDWGH5,(YDQWRHSDVVLQJLVHQVSUDNHLVYDQHHQ,33&LQVWDOODWLH 'DDUPHHLVYHUYROJHQVRRNGH³%5()RSHQRYHUVODJ´HQGH´%5()$IYDOEHKDQGHOLQJ´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

JHWURIIHQFTLQDFKWJHQRPHQWHZRUGHQ  ,QGHLQELMODJH³2YHU]LFKW DIYDO VWRIIHQKXOSHQWRHVODJVWRIIHQHQSURGXFWHQ´ELMGH]H DDQYUDDJLVGHVWXLINODVVHSHU DIYDO VWRIYHUPHOG   7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  +HWEHYRHJGJH]DJWRHWVWHHQDDQYUDDJYRRUHHQRPJHYLQJVYHUJXQQLQJYDQHHQLQULFKWLQJ RSHHQJH]RQHHUGLQGXVWULHWHUUHLQDDQGHJUHQVZDDUGHQXLWGH:HWJHOXLGKLQGHU DUWLNHO OLGVXEFRQGHUƒ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± KHW$PVWHUGDP5LMQNDQDDO±DDQZH]LJLV DIVWDQGFDPHWHU 2YHULJHJHYRHOLJH REMHFWHQ]LMQRSHHQJURWHUHDIVWDQGGDQPHWHUYDQGHLQULFKWLQJYHUZLMGHUG  +HWYUDFKWYHUNHHURSKHWWHUUHLQULMGWRYHUHHQHJDOHYHUKDUGLQJZDDUELMPHWHHQODJH VQHOKHLGZRUGWJHUHGHQZDDUGRRUWULOOLQJHQYHURRU]DDNWGRRUKHWULMGHQWRWHHQPLQLPXP ZRUGHQEHSHUNW'HVQHOKHLGYDQGHYUDFKWZDJHQVRSKHWLQULFKWLQJVWHUUHLQLVEHSHUNWWRW FLUFDNPX'DDUQDDVWZRUGWKHWYUDFKWYHUNHHUQLHWJHKLQGHUGGRRUHQLJHYRUPYDQ REVWDNHOV*H]LHQKHWIHLWGDWYUDFKWZDJHQVQLHWODQJVZRQLQJHQ]XOOHQULMGHQNDQYHUGHU

ZRUGHQJHVWHOGGDWRRNWHQJHYROJHYDQPRELHOHEURQQHQJHHQWULOOLQJVKLQGHU]DORSWUHGHQ  OLFKWKLQGHU  +HWWHUUHLQLV¶VDYRQGHQ¶VQDFKWVEHSHUNWYHUOLFKWYHUJHOLMNEDDUPHWGHKXLGLJHVLWXDWLH $OOHHQLQKHWJHYDOYDQZHUN]DDPKHGHQZRUGWHUJHULFKWYHUOLFKW'LWJHOGWPHWQDPHYRRUGH ZHUN]DDPKHGHQDDQGHODDGHQORVNDGH,QGLHQHUJHHQVFKHSHQZRUGHQEHODGHQRIJHORVW LVGHYHUOLFKWLQJXLWJHVFKDNHOG$OOHHQELMKHWGDDGZHUNHOLMNEHODGHQRIORVVHQYHQDDQVFKLS LVYHUOLFKWLQJDDQZH]LJ'H]HYHUOLFKWLQJLV]RGDQLJDIJHVWHOGGDWGLUHFWHOLFKWLQYDOELM ZRQLQJHQLQDDQGHRYHU]LMGHZRUGWYRRUNRPHQ    7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

    ERGHPHQJURQGZDWHU   ERGHPNZDOLWHLW  %LQQHQGHLQULFKWLQJLVGHHOVVSUDNHYDQ SRWHQWLHHO ERGHPEHGUHLJHQGHDFWLYLWHLWHQ,QKHW $FWLYLWHLWHQEHVOXLWRQGHUGHZHUNLQJVVIHHUEHSDOLQJDUWDRYHUERGHPVWDDWHHQ XLW]RQGHULQJVEHSDOLQJPEWDUWOLGYRRULQULFKWLQJHQZDDUWRHHHQ,33&LQVWDOODWLH EHKRRUW9ROJHQVGH5LFKWOLMQ,QGXVWULsOH(PLVVLHVPRHWHHQERGHPRQGHU]RHNVUDSSRUW ZRUGHQRYHUOHJGYRRUGHVWDUWYDQGHDFWLYLWHLWHQ'DDURPLVLQGHPLQLVWHULs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

%RGHPEHVFKHUPLQJEHGULMIVPDWLJHDFWLYLWHLWHQRIWHZHOGH15%9RRUGHRQGHUKDYLJH LQULFKWLQJLVHHQERGHPULVLFRDQDO\VH 15%DQDO\VH RSJHVWHOGGLHVHSDUDDWDOVELMODJH ELMGHDDQYUDDJLVJHYRHJG  ,QGH15%DQDO\VH]LMQDDQGHKDQGYDQERGHPULVLFRFKHFNOLVWXLWGH15%HHQDDQWDO WRHWVLQJVVFKHPD¶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¶VJHQRHPGRSKHWJHELHG YDQZDWHUYHUEUXLN %$7HHQ   'DDUQDDVWLVGHEHGULMIVYRHULQJYDQ'H7ULS%9PHGHJHOHWRSGHLQDUWLNHOOLGVXEG YDQKHW$FWLYLWHLWHQEHVOXLWQHHUJHOHJGH]RUJSOLFKW]RGDQLJLQJHULFKWGDWHU]RYHHOPRJHOLMN 

7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  ZDWHULQWHUQKHUJHEUXLNWZRUGWHQGDWOR]LQJHQDOGDQQLHWRSRSSHUYODNWHZDWHU]RYHHO PRJHOLMNEHSHUNWEOLMYHQ  6FKRRQKHPHOZDWHUEHVSURHLLQJVZDWHUYDQGDNHQHQVFKRQHWHUUHLQGHOHQ]RDOVGH RSVODJORFDWLHVYDQLQHUWHVWRIIHQHQZHJHQZRUGWUHFKWVWUHHNVRSKHWRSSHUYODNWHZDWHU JHORRVG$IYDOZDWHUYDQERGHPEHVFKHUPHQGHYRRU]LHQLQJHQZRUGWYLDKHWEHGULMIVULRRO RSJHYDQJHQHQGRRUHHQ]XLYHULQJVWHFKQLVFKHYRRU]LHQLQJ 1(1 JHOHLGYRRUGDWGLW ZRUGWJHWUDQVSRUWHHUGQDDUKHWJHPHHQWHULRRO'LWEHWUHIWXLWVOXLWHQGZDWHUYDQKHW RQWZDWHUHQYDQ5.*VOLEHQYHHJYXLO+HWWRWDDODDQJHERGHQJHZLFKWYDQGH]HVWURPHQLV HFKWHUVWHUNDIKDQNHOLMNYDQKHWGURJHVWRIJHKDOWHYDQKHWDDQJHYRHUGHPDWHULDDO'LWYDULHHUW SHUODGLQJHQOLJWWXVVHQGHHQ:RUVWFDVHZRUGWHUYDQXLWJHJDDQGDWJHPLGGHOG HHQGURJHVWRIJHKDOWHYDQLVHQGDWQDKHWEH]LQNHQKHWGURJHVWRIJHKDOWHQDDU YHUZDFKWLQJFLUFDEHGUDDJW3HUMDDUZRUGWPD[LPDDOWRQRQWZDWHUG  %LQQHQGHLQULFKWLQJNRPHQMDDUOLMNVGHYROJHQGHKRHYHHOKHGHQYULM JHVFKDW   - KXLVKRXGHOLMNDIYDOZDWHU   P - DIYDOZDWHUYDQRQWZDWHULQJ YLDEHGULMIVULROHULQJ   P - KHPHOZDWHUYDQGDNHQ  P - KHPHOZDWHUVSURHLZDWHUYDQEXLWHQWHUUHLQ  P  ,QWRWDDOZRUGWMDDUOLMNVPDIYDOZDWHUJHORRVG*HPLGGHOGHQUHNHQLQJKRXGHQGHPHW

KHWDDQWDOGDJHQQHHUVODJSHUMDDUZRUGWPSHUHWPDDOJHORRVGHQUHNHQLQJKRXGHQGH PHW]ZDUHQHHUVODJNDQGHPD[LPDOHQHHUVODJPXXUEHGUDJHQ   DIYDOVWRIIHQ  'HYULMNRPHQGHDIYDOVWRIIHQHQUHVLGXHQGLHELQQHQGHLQULFKWLQJRQWVWDDQDOVJHYROJYDQKHW XLWYRHUHQYDQGHDDQJHYUDDJGHDFWLYLWHLWHQ]LMQJHWRHWVWDDQGHLQGH%5() $IYDOEHKDQGHOLQJJHQRHPGH%%7¶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

ELMEHKRUHQGHSURGXFWLQIRUPDWLHEODGHQ0RFKWHURQYHUKRRSWWRFKKLQGHUHQRIRYHUODVWYDQ RQJHGLHUWHRSWUHGHQGDQ]DOKLHUYRRUHHQJHVSHFLDOLVHHUGRQJHGLHUWHEHVWULMGLQJVEHGULMI LQJHKXXUGZRUGHQ    

KWWSZZZFRPSHQGLXPYRRUGHOHHIRPJHYLQJQOLQGLFDWRUHQQO0HWHRURORJLVFKHJHJHYHQVLQ 1HGHUODQGKWPO"L    KWWSVZZZNQPLQONHQQLVHQGDWDFHQWUXPXLWOHJ]ZDUHQHHUVODJRSSHUYODNWHP PPXXU

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

   H[WHUQHYHLOLJKHLG  ,QGLWKRRIGVWXNZRUGWEHRRUGHHOGZHONHYDQGHKLHUQDJHQRHPGHWRHWVLQJVNDGHUVDDQZHW HQUHJHOJHYLQJYDQWRHSDVVLQJ]LMQRSGHDFWLYLWHLWHQGLHGRRU'H7ULS%9EHRRJG]LMQ$OV WRHWVLQJVNDGHUVZRUGHQDDQJHPHUNW  - %HVOXLW5LVLFR V=ZDUH2QJHYDOOHQ %5=2  - %HVOXLWH[WHUQHYHLOLJKHLGLQULFKWLQJHQ %HYL  - 3XEOLFDWLHUHHNV*HYDDUOLMNH6WRIIHQ 3*6  

(QNHOH DIYDO VWRIIHQ]LMQRSJHQRPHQLQELMODJH,YDQKHW%5=2PDDUGHPD[LPDOH KRHYHHOKHGHQDDQVWRIIHQGLHELM'H7ULS%9DDQZH]LJNXQQHQ]LMQOLJJHQEHGXLGHQGODJHU GDQGHGUHPSHOZDDUGHQGLHYROJHQVKHW%5=2YDQWRHSDVVLQJ]LMQ'HUKDOYHLVKHW%5=2 QLHWYDQWRHSDVVLQJLQJHYDOYDQGHLQULFKWLQJYDQ'H7ULS%9  %LQQHQGHLQULFKWLQJJHHQDFWLYLWHLWHQSODDWVGLHH[SOLFLHWYDOOHQRQGHUGHFDWHJRULHsQYDQ LQULFKWLQJHQ]RDOVRSJHQRPHQLQKHW%HYLRIKHWELMEHKRUHQGH5HYL 5HJHOLQJH[WHUQH YHLOLJKHLGLQULFKWLQJHQ   'H3XEOLFDWLHUHHNV*HYDDUOLMNH6WRIIHQ 3*6 EHYDWULFKWOLMQHQPHWEHWUHNNLQJWRWRSHQ RYHUVODJHQKDQGHOLQJHQPHWJHYDDUOLMNHVWRIIHQ,QJHYDOYDQ'H7ULS%9ZRUGHQHHQDDQWDO KDQGHOLQJHQPHWJHYDDUOLMNHVWRIIHQXLWJHYRHUGZDDUYRRUUHJHOV]LMQRSJHQRPHQLQGH KLHURQGHUZHHUJHJHYHQ3*6ULFKWOLMQHQWHZHWHQ  - 3*6³2SVODJYDQYHUSDNWHJHYDDUOLMNHVWRIIHQ´ - 3*6³9ORHLEDUHEUDQGVWRIIHQERYHQJURQGVHWDQNLQVWDOODWLHVHQDIOHYHULQVWDOODWLHV  8LWERYHQVWDDQGHEOLMNWGDWHULQJHYDOYDQ'H7ULS%9JHHQVSUDNHLVYDQHHQ%5=2HQRI %HYLLQULFKWLQJ:HOZRUGWJHZHUNWFRQIRUPGHUHOHYDQWHHLVHQFRQIRUP3*6HQ    PLOLHXEHVFKHUPGHJHELHGHQHQVWLNVWRIGHSRVLWLH  'HOLJJLQJYDQGHLQULFKWLQJYDQ'H7ULS%9WHQRS]LFKWHYDQGHPLOLHXUHOHYDQWHJHELHGHQ 1DWXUDJHELHGHQHG

LVQDGHURQGHU]RFKW,QGHRPJHYLQJYDQ'H7ULS%9]LMQHQNHOH QDWXXUJHELHGHQJHOHJHQ%LQQHQHHQVWUDDOYDQNLORPHWHUEHYLQGW]LFKHHQRQGHUGHHOYDQ KHW1DWXUDJHELHGWHZHWHQGH³2RVWHOLMNH9HFKWSODVVHQ´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

'HVWLNVWRIGHSRVLWLHYDQZHJHGHGLYHUVHDFWLYLWHLWHQLVEHUHNHQGPHWKHWSURJUDPPD$HULXV 'HEHUHNHQLQJHQ]LMQDOVELMODJHELMGH]HDDQYUDDJJHYRHJG8LWGHXLWJHYRHUGH EHUHNHQLQJHQEOLMNWGDWGHWRWDOHELMGUDJHYDQGHLQULFKWLQJRSGHLQGHUXLPHRPJHYLQJ  7UL8WU:DER0LO