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



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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wPSOHPHQWHHUGELQQHQKDDURUJDQLVDWLHZDDULQGH SURFHGXUHVHQLQVWUXFWLHVYDVWJHOHJG]LMQPHWEHWUHNNLQJWRWELM]RQGHUHHQRQJHZRQH YRRUYDOOHQ(QNHOHYRRUEHHOGHQKLHUYDQELMOHNNDJHRIPRUVLQJYDQHHQERGHPEHGUHLJHQGH

VWRIZRUGWGLUHFWRSJHUXLPGFRQIRUPKHWLQFLGHQWHQPDQDJHPHQWELMEUDQGRIH[SORVLHLVPHW QDPHYDQEHODQJGDWKHW YHURQWUHLQLJG EOXVZDWHUNDQZRUGHQRSJHYDQJHQRSKHWWHUUHLQ +LHUWRHZRUGWGHWHUUHLQDIYRHUQDDUGHULROHULQJGLUHFWDIJHGLFKW    UXLPWHOLMNHRQGHUERXZLQJ  %HVWHPPLQJVSODQ =RDOVUHHGVDDQJHJHYHQLQSDUDJUDDILV'H7ULS%9WHEHVFKRXZHQDOVHHQEHGULMIPHW PLOLHXFDWHJRULH2SJURQGYDQGHYRRUORSLJHXLWVSUDDNLVRSGH]HORFDWLHGHYHVWLJLQJ YDQPD[LPDDOFDWHJRULHPRJHOLMN,QKHWEHVWHPPLQJVSODQLVLQDUWLNHORSJHQRPHQ GDWjPLOLHXFDWHJRULHsQKRJHUNDQZRUGHQWRHJHVWDDQDOVZRUGWDDQJHWRRQGGDW³KHW EHGULMIQDDUDDUGHQLQYORHGRSGHRPJHYLQJ «DOVPHGHJHWRHWVWDDQGHDDQJHJHYHQ PDDWJHYHQGHPLOLHXDVSHFWHQ JHDFKWNDQZRUGHQJHOLMNWH]LMQDDQGHLQOLGJHQRHPGH FDWHJRULHsQYDQGH/LMVWPHWEHGULMIVDFWLYLWHLWHQ³7HYHQVLVLQGLWDUWLNHORSJHQRPHQGDW KHW]HOIGHJHOGWYRRUEHGULMYHQGLHQLHWLQGH/LMVWYDQEHGULMIVDFWLYLWHLWHQ]LMQJHQRHPGPDDU ZHOQDDUDDUGHQLQYORHGRSRPJHYLQJYHUJHOLMNEDDU]LMQPHWZHORSJHQRPHQEHGULMYHQ  ,QGH91*SXEOLFDWLHµ%HGULMYHQHQPLOLHX]RQHULQJ¶XLWLVDDQJHJHYHQZHONHDIVWDQGHQ DDQJHKRXGHQPRHWHQZRUGHQWRWHHQPLOLHXFDWHJRULHHQEHGULMI,QSDUDJUDDIYDQ KHWEHVWHPPLQJVSODQLVGH]HSXEOLFDWLHRRNJHKDQWHHUG$DQJHJHYHQLVGDWGHDVSHFWHQ

JHXUJHOXLGVWRIHQJHYDDUPDDWJHYHQG]LMQYRRUGHPLOLHXLPSDFWRSGHRPJHYLQJHQGH DDQWHKRXGHQDIVWDQGWRWJHYRHOLJHEHVWHPPLQJHQPHWQDPHZRQLQJHQ9RRUHHQ PLOLHXFDWHJRULHEHGULMIEHGUDDJWGHPLQLPDDODDQWHKRXGHQDIVWDQGWRWZRQLQJHQ PHWHU9RRUHHQEHGULMILVGH]HDIVWDQGP$OVNDQZRUGHQDDQJHWRRQGGDWGH ZHUNHOLMNHDIVWDQGYDQHHQEHGULMIYRRUGH]HDVSHFWHQPHWHUEHGUDDJWLVYROGDDQDDQ GHYRRUZDDUGHXLWDUWLNHOYDQKHWEHVWHPPLQJVSODQ  8LWYRRUJDDQGHSDUDJUDIHQHQRQGHUOLJJHQGHRQGHU]RHNHQEOLMNWKHWYROJHQGH   

YRRU]LWWHUYDQGH$IGHOLQJ%HVWXXUVUHFKWVSUDDNYDQGH$IGHOLQJYDQGH5DDGYDQ6WDWHPHW]DDNQXPPHU 5GGIHEUXDUL

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

  6WRIGHVWRIHPLVVLHYDQZHJH'H7ULSLVEHSHUNWHQZRUGWYHUGHUEHSHUNWGRRUGHLQ SDUDJUDDIDDQJHJHYHQ%%7PDDWUHJHOHQ'HVWRIHPLVVLHV]XOOHQGDDUGRRUQLHW EXLWHQGHWHUUHLQJUHQ]HQRSWUHGHQ'DDUQDDVW]LMQLQKHW$FWLYLWHLWHQEHVOXLWVWUHQJH YRRUVFKULIWHQRSJHQRPHQYRRUVWRIHPLVVLHELMGHRSHQRYHUVODJYDQLQHUWH JRHGHUHQ2RNKLHUPHHZRUGWVWRIRYHUODVWEXLWHQGHWHUUHLQJUHQ]HQYRRUNRPHQ - *HOXLGLQKHWDNRHVWLVFKRQGHU]RHNLVDDQJHWRRQGGDW o GHDDQJHYUDDJGHLQULFKWLQJLQSDVEDDULVLQGHJHOXLGV]RQHGLHLVRSJHQRPHQ LQKHWEHVWHPPLQJVSODQDDQJH]LHQGHELMGUDJHODJHURIJHOLMNLVDDQKHW EXGJHWZDWYRRUGLWSHUFHHOEHVFKLNEDDULV HQHUZRUGWYROGDDQDDQGH JHOXLGVYRRUVFKULIWHQXLWGHYLJHUHQGHYHUJXQQLQJ  o RSPHWHUDIVWDQGPD[LPDDOG% $ LQUHVSHFWLHYHOLMNGHGDJ DYRQGHQQDFKWSHULRGHZRUGWJHSURGXFHHUG'LWNRPWRYHUHHQPHWGH QRUPULFKWDIVWDQGYRRUHHQFDWHJRULHEHGULMI +LHUPHHLVDDQJHWRRQGGDWGHLQULFKWLQJLQSDVEDDULVLQKHWEHVWHPPLQJVSODQHQ YHUJHOLMNEDDULVPHWGHJHOXLGLPSDFWYDQHHQPLOLHXFDWHJRULHEHGULMI -

-

*HXULQKHWJHXURQGHU]RHNLVLQJHJDDQRSGHHLVHQGLHLQKHWEHVWHPPLQJVSODQ]LMQ   JHIRUPXOHHUG'HGRRUJHPHHQWH8WUHFKWJHKDQWHHUGHJHXUQRUPLVRX(P  (ULV DDQJHWRRQGGDWKLHUDDQZRUGWYROGDDQLQELMODJHILJXXUYDQKHWJHXURQGHU]RHN

*HYDDUHUYLQGWDOOHHQEHSHUNWHRSVODJYDQQLHWEUDQGEDDUJHYDDUOLMNDIYDOSODDWVHQ RSVODJYDQPD[LPDDOOLWHUGLHVHOROLHLQYLMIYHUVFKLOOHQGH,%&¶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





EULHIYDQJHPHHQWH8WUHFKWDDQ$IGHOLQJ%HVWXXUVUHFKWVSUDDNYDQIHEUXDULPHWNHQPHUN SDJLQDYDQ

 7UL8WU:DER0LO



PHL

 EHVFKULMYLQJDFWLYLWHLWHQHQPLOLHXJHYROJHQDDQYUDDJ:DER'H7ULS%9WH8WUHFKW

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

 7UL8WU:DER0LO



PHL

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW



  %LMODJH

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW



   %LMODJH

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW



  %LMODJH

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW



  %LMODJH 

 

        352&('85($&&(37$7,((19(5:(5.,1* $ 9  (1$'0,1,675$7,(9(25*$1,6$7,((1,17(51(&21752/( $2,&   WHQEHKRHYHYDQ'H7ULS%9  YRRUGHLQULFKWLQJJHOHJHQDDQGH6RSKLDODDQWH8WUHFKW  PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 ,QKRXGVRSJDYH   









,QOHLGLQJ



  

  

DOJHPHHQ JHJHYHQVYHUJXQQLQJKRXGHU JHJHYHQVLQULFKWLQJ

$FFHSWDWLHEHOHLG



  

  

DOJHPHHQ YRRUDFFHSWDWLHIDVH DFFHSWDWLHIDVHHQIHLWHOLMNHDFFHSWDWLH

5HJLVWUDWLH



 

 

DOJHPHHQ DIYDOVWURPHQUHJLVWHU

9HUZHUNLQJ



   

   

YHUZHUNLQJVNHX]H EHYHUZHUNLQJVURXWHV DIYRHUYDQUHVWVWRIIHQ PRQVWHUQDPHHQDQDO\VH

$GPLQLVWUDWLHYHRUJDQLVDWLHHQLQWHUQHFRQWUROH $2,& 



    

    

LQOHLGLQJ EHVFKULMYLQJULVLFR¶V EHVFKULMYLQJPHHWHQUHJLVWUDWLHSXQWHQ EHVFKULMYLQJDGPLQLVWUDWLH LQWHUQHFRQWUROH

%LMODJHRYHU]LFKWLQWHQHPHQDIYDOVWRIIHQ



%LMODJHYRRUDFFHSWDWLHDIYDOVWRIIHQ



%LMODJHDFFHSWDWLHIDVHHQIHLWHOLMNHDFFHSWDWLH



%LMODJHEHVFKULMYLQJYLVXHOHFRQWUROHHQXLWJHEUHLGHFRQWUROH



   

7UL8WU:DER$9





PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

  ,QOHLGLQJ   DOJHPHHQ  ,QGLWGRFXPHQW]LMQGHSURFHGXUHVYRRUGHDFFHSWDWLHHQYHUZHUNLQJ $ 9 DOVPHGHYRRUGH DGPLQLVWUDWLHYHRUJDQLVDWLHHQFRQWUROH $2,& YDVWJHOHJGYRRU'H7ULS%9WH8WUHFKW  +HWYRRUOLJJHQGHGRFXPHQWLVRSJHVWHOGRSEDVLVYDQUHVSHFWLHYHOLMNGHOHLGUDDG$9 GG QRYHPEHU HQGHOHLGUDDG$2,& GGQRYHPEHU ]LMQGHDFKWHUJURQGGRFXPHQWHQ ELMKHW/DQGHOLMNDIYDOEHKHHUSODQ /$3 PDDUQLHWDOV]RGDQLJRQGHUGHHO XLWPDNHQYDQKHW/$3  'DDUQDDVWLVELMKHWRSVWHOOHQJHEUXLNJHPDDNWYDQGHEHQRGLJGHLQIRUPDWLHYDQGH /DQGHOLMNHUHGDFWLHVWDQGDDUGWHNVWHQRPJHYLQJVYHUJXQQLQJ /562   'HSURFHGXUHVPHWEHWUHNNLQJWRWGHDFFHSWDWLHHQYHUZHUNLQJYDQDIYDOVWRIIHQGLH RSJHQRPHQ]LMQLQGLWGRFXPHQWpQGHELMODJHQELMGLWGRFXPHQW]LMQG\QDPLVFKYDQDDUG RPGDWGH]HSURFHGXUHVDDQJHSDVWGLHQHQWHNXQQHQZRUGHQELMZLM]LJLQJHQLQGH EHGULMIVYRHULQJZHWHQUHJHOJHYLQJZLM]LJLQJHQLQ%5/VHQRIPDUNWZHQVHQ  ,QGLHQ]LFKZLM]LJLQJHQYRRUGRHQ]RDOVKLHUYRRUJHQRHPGHQGLHPRJHOLMNYDQLQYORHGNXQQHQ ]LMQRSGHSURFHGXUHV$ 9HQ$2,&GDQZRUGWGLWSHUJHYDOEHRRUGHHOGHQJHsYDOXHHUG 0RFKWGHZLM]LJLQJOHLGHQWRWDDQSDVVLQJYDQGHYRRUOLJJHQGHSURFHGXUHV$ 9HQ$2,& GDQZRUGHQGHDDQJHSDVWHFTJHDFWXDOLVHHUGH RQGHUGHOHQYDQGH SURFHGXUHVDDQKHW EHYRHJGJH]DJWHUJRHGNHXULQJYRRUJHOHJG 

,QGLWGRFXPHQW]LMQGHSURFHGXUHVYRRUGHDFFHSWDWLHHQYHUZHUNLQJ $ 9 DOVPHGHGH SURFHGXUHVLQ]DNHGHDGPLQLVWUDWLHYHRUJDQLVDWLHHQLQWHUQHFRQWUROH $2,& YDVWJHOHJG YRRUGHLQULFKWLQJYDQ'H7ULS%9JHOHJHQDDQGH6RSKLDODDQWH8WUHFKW9RRUQDPHOLMN ZRUGHQDIYDOVWRIIHQLQJHQRPHQYDQSURMHFWHQYDQ-RV6FKROPDQ+ROGLQJ%9HQGHGDDUELM EHKRUHQGHGRFKWHUPDDWVFKDSSLMHQ'HHLJHQDDUYDQ-RV6FKROPDQ+ROGLQJ%9LVWHYHQV HLJHQDDUYDQ'H7ULS%9ZDDUGRRUGH JH]DPHQOLMNH DFWLYLWHLWHQZRUGHQYHUVWHUNW,QGLW NDGHUZRUGWGDQRRNJHVSURNHQYDQLQQDPHYDQDIYDOXLWHLJHQZHUNHQ'DDUQDDVWNXQQHQ RRNDIYDOVWRIIHQYDQGHUGHQ RQWGRHQHUV ZRUGHQLQJHQRPHQ,QELMODJHYDQGLWGRFXPHQW LVDDQJHJHYHQZHONHSDUWLMHQDIYDOVWRIIHQZRUGHQLQJHQRPHQ  %LQQHQGHLQULFKWLQJYDQ'H7ULS%9ZRUGHQHFKWHURRNHHQDDQWDOSURGXFWHQPDWHULDOHQ LQJHQRPHQZDDURSGH XLWJHEUHLGH SURFHGXUHV$ 9HQ$2,&YRRUDIYDOVWRIIHQ]RDOVGH]H EHVFKUHYHQ]LMQQLHWYDQWRHSDVVLQJ]LMQQDPHOLMN  %XONJRHGHUHQQLHW]LMQGHDIYDOVWRIIHQGLHELMGHUGHQLQJHNRFKWZRUGHQWHQEHKRHYHYDQ GHDFWLYLWHLWHQYDQ'H7ULS%90HWGHEXONJRHGHUHQZRUGHQRQGHUPHHUEHGRHOG SULPDLUH GHOI VWRIIHQ]RDOV]DQGJURQGJULQGFHPHQWHG JHHQDIYDOVWRIIHQ]LMQGH   +RXWDFKWLJJURHQDIYDOFTELRPDVVDDINRPVWLJXLWGHODQGHQRIERVERXZRI

YHUJHOLMNEDUHKHUNRPVWGLHQDHYHQWXHOHEHZHUNLQJELQQHQGHLQULFKWLQJDIJHYRHUGZRUGW DOVEUDQGVWRIYRRUHQHUJLHRSZHNNLQJ'LWKRXWDFKWLJPDWHULDDOFTELRPDVVDLVYULMJHVWHOG YDQGHHLVHQYHUSOLFKWLQJHQYRRUDIYDOVWRIIHQYDQKRRIGVWXN:HWPLOLHXEHKHHURS EDVLVYDQDUWLNHODYDQGH:HWPLOLHXEHKHHU>@   





]LHYRRUJHVWHOGHYRRUZDDUGHQHLVHQRSKWWSZZZUZVOHHIRPJHYLQJQORQGHUZHUSHQDIYDOJURHQDIYDOHQ KWWSZZZUZVOHHIRPJHYLQJQORQGHUZHUSHQDIYDOJURHQDIYDOVQRHLKRXW

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 'HWRHWVLQJNDQGULHDQWZRRUGHQRSOHYHUHQQDPHOLMN L DDQJHERGHQDIYDOVWRIYDOWEXLWHQGHVFRSHYDQGHYHUJXQQLQJ,QGDWJHYDOZRUGW YRRUDFFHSWDWLHIDVHQLHWYHUGHUGRRUJH]HWHQZRUGWGHDDQYUDDJYDQGHRQWGRHQHU QLHWYHUGHULQEHKDQGHOLQJJHQRPHQ LL DDQJHERGHQDIYDOVWRIYDOWELQQHQGHVFRSHYDQGHYHUJXQQLQJHQPDJDOV]RGDQLJ LQJHQRPHQZRUGHQ'LWLVKHWJHYDOELMYLVXHHOKHUNHQEDUHDIYDOVWRIIHQHQQLHWYLVXHHO KHUNHQEDUHDIYDOVWRIIHQZDDUYRRUJHHQDQDO\WLVFKHYRRUDFFHSWDWLHJHOGW LLL DDQJHERGHQDIYDOVWRIYDOWELQQHQGHVFRSHYDQGHYHUJXQQLQJHFKWHUXLWDQDO\WLVFKH JHJHYHQVPRHWEOLMNHQRIGHDIYDOVWRIDOV]RGDQLJLQJHQRPHQPDJZRUGHQ'LWLVKHW JHYDOELMQLHWYLVXHHOKHUNHQEDUHDIYDOVWRIIHQZDDUYRRUHHQDQDO\WLVFKH YRRUDFFHSWDWLHJHOGW GHQNDDQJURQGHQERXZVWRIIHQH[FOXVLHIGH XLW]RQGHULQJVJHYDOOHQLQKHWNDGHUYDQKHW%HVOXLWERGHPNZDOLWHLW %EN   ,QGLHQHHQDQDO\WLVFKHYRRUDFFHSWDWLHRSGHDDQJHERGHQDIYDOVWRIYHUHLVWLVGDQGLHQWGH RQWGRHQHUHHUVWDQDO\VHJHJHYHQVPEWGHDIYDOVWRIWHRYHUOHJJHQYRRU]RYHUGDWQRJQLHW KHHIWSODDWVJHYRQGHQYRRUGDWKHWYRRUDFFHSWDWLHSURFHVYRRUWJH]HWZRUGW'HYRRUZDDUGHQ PHWEHWUHNNLQJWRWGHDQDO\WLVFKHJHJHYHQVGLHYDQWRHSDVVLQJ]LMQELMGHYRRUDFFHSWDWLHYDQ DIYDOVWRIIHQGLHGRRU'H7ULS%9JHDFFHSWHHUGPRJHQZRUGHQ]LMQYHUGHURSLQSDUDJUDDI WRHJHOLFKW 

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pQEOLMIWHUYRRUDDQVSUDNHOLMNGDWGH DDQJHOHYHUGHHQLQKHWV\VWHHPRSJHQRPHQJHJHYHQVRYHUGHDIYDOVWRIIHQWHQEHKRHYHYDQ GHYRRUDFFHSWDWLHYROOHGLJHQMXLVW]LMQ'HRQWGRHQHUEOLMIWLQGLWJHYDOGXV HLQGYHUDQWZRRUGHOLMN

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

  $G VLWXDWLH 9RRUVLWXDWLHJHOGWKHWVWDSSHQSODQ³9RRUDFFHSWDWLHYDQDIYDOVWRIIHQ´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³NRIIHUEDNUHJHOLQJ´(ULVVSUDNHYDQGH]RJHQDDPGH³NRIIHUEDNUHJHOLQJ´DOV WHQPLQVWHYROGDDQZRUGWDDQppQYDQGHYRRUZDDUGHQGLHYDVWJHOHJG]LMQLQGHYLJHUHQGH ZHWHQUHJHOJHYLQJ>@WHZHWHQ  * YHUYRHUYDQEHGULMIVDIYDOVWRIIHQRIJHYDDUOLMNHDIYDOVWRIIHQLQHHQPRWRUULMWXLJYDQGH ULMEHZLMVFDWHJRULH% * YHUYRHUYDQEHGULMIVDIYDOVWRIIHQLQHHQKRHYHHOKHLGYDQQLHWPHHUGDQNLORJUDPRS HHQDQGHUHZLM]HGDQLQHHQPRWRUULMWXLJYDQGHULMEHZLMVFDWHJRULH%  ,QGLHQPHQDOVRQWGRHQHU SDUWLFXOLHU YROGRHWDDQGHERYHQJHQRHPGHYRRUZDDUGHQGDQ PRJHQGHDDQJHERGHQDIYDOVWRIIHQ]RQGHUYRRUDDQPHOGLQJFTYRRUDFFHSWDWLHRSGH EHZHUNLQJVLQULFKWLQJDDQJHOHYHUGZRUGHQ0HHUVSHFLILHNEHWHNHQWGLWGDW'H7ULS%9JHHQ  * RYHUHHQNRPVWFRQWUDFW

ELMYRRUEHHOGRPVFKULMYLQJVIRUPXOLHUDIYDOVWRIIHQ PHWGH RQWGRHQHU SDUWLFXOLHU GLHQWDIWHVOXLWHQ * DIYDOVWURRPQXPPHUYRRUGHDDQJHERGHQDIYDOVWRIIHQKRHIWDDQWHPDNHQHQDDQKRHIWWH YUDJHQ * EHJHOHLGLQJVEULHIRQWYDQJWZDQQHHUGHDIYDOVWRIIHQZRUGHQDDQJHERGHQ GHSDUWLFXOLHU KHHIWJHHQEHJHOHLGLQJVEULHIZDQQHHUKLM]LMDIYDOVWRIIHQYHUYRHUW  



>@ ³%HVOXLWPHOGHQEHGU MIVDIYDOVWRIIHQHQJHYDDUO MNHDIYDOVWRIIHQ´RNWREHUODDWVWJHZ M]LJGPDDUW 6WDDWVEODG QU 

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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sQ  D  HHQ(XUDOFRGH]RQGHUDVWHULVNHQ]RQGHUYHUZLM]LQJHQQDDUHHQDQGHUH(XUDOFRGH ZRUGWEHVFKRXZGDOVQLHWJHYDDUOLMNHQQLHWFRPSOHPHQWDLU E  HHQ(XUDOFRGH]RQGHUDVWHULVNPDDUPHWYHUZLM]LQJHQQDDUDQGHUH(XUDOFRGH V  ZRUGWEHVFKRXZGDOVHHQFRPSOHPHQWDLUHDIYDOVWRIHQZRUGWDDQJHPHUNWDOVHHQ JHYDDUOLMNHDIYDOVWRILQGLHQGHDIYDOVWRIppQRIPHHUHLJHQVFKDSSHQDOVEHGRHOGLQ DUWLNHOYDQGH5HJHOLQJ(XUDOKHHIW F  HHQ(XUDOFRGHPHWHHQDVWHULVNZRUGWDOWLMGEHVFKRXZGDOVHHQJHYDDUOLMNHDIYDOVWRI FRQIRUPDUWLNHOOLGDYDQGH5HJHOLQJ(XUDO  ,QGLHQGHDDQJHERGHQDIYDOVWRINDQZRUGHQJHVFKDDUGRQGHUHHQFRPSOHPHQWDLUHDIYDOVWRI GLHQWLQEHJLQVHOQDJHJDDQWHZRUGHQRIKHWZHOQLHWHHQJHYDDUOLMNHDIYDOVWRIEHWUHIW'LWRP

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sQVWDDQDOWLMGELMHONDDU 

,QGLHQGHEHRRUGHOLQJJHVFKLHGWGRRUHHQRQGHU]RHNVLQVWDQWLHGLHYRRUGHPRQVWHUQHPLQJ GHYRRUEHKDQGHOLQJHQKHWPHWHQHQEHUHNHQHQLVHUNHQGGRRUGH6WLFKWLQJYRRUGH (UNHQQLQJYDQ/DERUDWRULD 6WHUODE RIGRRUHHQDQGHUHDFFUHGLWDWLHLQVWHOOLQJRSEDVLVYDQ 1(1(1,62 XLWJDYH LVGLWHHQEHODQJULMNHLQGLFDWLHGDWGHYHUSOLFKWLQJHQLQ UHODWLHWRWGH³FRPSOHPHQWDLUHDIYDOVWRIIHQ´RSHHQJRHGHHQ]RUJYXOGLJHZLM]H]LMQ XLWJHYRHUG  2SJURQGYDQGHRYHUOHJGHDQDO\VHZRUGWQDJHJDDQRIYRRUGHDIYDOVWRIJHYDDUOLMNH VWRIHLJHQVFKDSSHQ+3WP+3 GLHZHHU]LMQRQGHUYHUGHHOGLQGLYHUVHFRGHVYRRU JHYDDUDDQGXLGLQJHQ+;;; JHOGHQ+LHUDDQJHNRSSHOG]LMQFRQFHQWUDWLHJUHQ]HQ 9HUYROJHQVNDQZRUGHQEHSDDOGRIVSUDNHLVYDQHHQJHYDDUOLMNHDIYDOVWRIRIQLHW  

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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³YDVW´JHJHYHQLQKHWDIYDOVWRIIHQUHJLVWUDWLHV\VWHHPJHYRHUG 'HWZHHGHZHJLQJYDQKHWYRHUWXLJZRUGWGRRU'H7ULS%9LQGDWJHYDOVOHFKWVLQFLGHQWHHOHQ VWHHNSURHIVJHZLMVXLWJHYRHUGGLWWHUFRQWUROHYHULILFDWLHYDQKHWOHJHJHZLFKWGDWDOV³YDVW´ JHJHYHQLQKHWDIYDOVWRIIHQUHJLVWUDWLHV\VWHHPLVLQJHYRHUG  'H ZHHJ JHJHYHQVPHWEHWUHNNLQJWRWGHDDQJHYRHUGHHQDIJHYRHUGHDIYDOVWRIIHQZRUGHQ JHUHJLVWUHHUGLQHHQJHDXWRPDWLVHHUGHQJHFHUWLILFHHUGDIYDOUHJLVWUDWLHSURJUDPPD 

,QGLWJHDXWRPDWLVHHUGHDIYDOUHJLVWUDWLHSURJUDPPDZRUGHQGHGLYHUVHDGPLQLVWUDWLHYH JHJHYHQVPHWEHWUHNNLQJWRWGH YRRU DFFHSWDWLHUHJLVWUDWLHHQDGPLQLVWUDWLHYDVWJHOHJGGLH QRGLJ]LMQFRQIRUPKHW%HVOXLWPHOGHQEHGULMIVDIYDOVWRIIHQHQJHYDDUOLMNHDIYDOVWRIIHQ'LW ZRUGWSHUDIYDOVWURRPQXPPHUYDVWJHOHJG+HWDIYDOUHJLVWUDWLHSURJUDPPDLVWHYHQV JHNRSSHOGDDQGHILQDQFLs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

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 'HUHVWVWRIIHQGLHRQWVWDDQWLMGHQVGHEHGULMIVYRHULQJZRUGHQDIJHYRHUGQDDUHHQGDDUWRH JHs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

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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sOHDGPLQLVWUDWLHEHVWDDWRQGHUDQGHUHXLWGHFRQWUROHYDQGHWHIDFWXUHUHQJHJHYHQV GH LQWHUQH ERHNKRXGLQJHQKHWYHU]RUJHQYDQGHIDFWXUDWLHQDDUNODQWHQ  &RQIRUPGHOHLGUDDG$2,&]RDOVGLHDOVDFKWHUJURQGLQIRUPDWLHLVRSJHQRPHQLQKHW/$3 GLHQHQHHQYLHUWDOEHVFKULMYLQJHQXLWJHZHUNWWHZRUGHQWHZHWHQ  %HVFKULMYLQJYDQGHULVLFR¶VDDQKDQGYDQGHNULWLVFKHPRPHQWHQELMGHDFFHSWDWLH

EHRIYHUZHUNLQJHQGHZLM]HZDDURSGH]HULVLFR¶VZRUGHQEHKHHUVW+HWEHWUHIWKLHU ]RZHOPLOLHXK\JLsQLVFKHULVLFR¶VDOVLQIRUPDWLHWHFKQLVFKHULVLFR¶V  %HVFKULMYLQJYDQDOOHDDQZH]LJHPHHWHQUHJLVWUDWLHSXQWHQWHQEHKRHYHYDQGH SURFHVEHKHHUVLQJHQWUDQVSDUDQWLHYDQKHWSURFHV8LWGHEHVFKULMYLQJGLHQWWHYHQV GXLGHOLMNWHZRUGHQZLHYHUDQWZRRUGHOLMNLVYRRUHHQMXLVWHZHUNLQJYDQGH]HSXQWHQ KRHHHQMXLVWHZHUNLQJZRUGWJHJDUDQGHHUGZLH RIKRH ZDWUHJLVWUHHUWHQZLH FRQWUROHKDQGHOLQJHQXLWYRHUWRSGHYDVWJHOHJGHJHJHYHQV7HYHQVPRHWGXLGHOLMN]LMQ ZHONHVWURPHQEDODQVHQZRUGHQJHPDDNW  %HVFKULMYLQJYDQGHILQDQFLs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

WDNHQHQEHYRHJGKHGHQVOHXWHOIXQFWLRQDULVVHQHQLQGLHQUHOHYDQWHHQ DDQWRRQEDUHIXQFWLHVFKHLGLQJ  DDQZH]LJKHLGYDQZHUNLQVWUXFWLHV  KRH]LMQFRPSXWHUV\VWHPHQEHYHLOLJGWHJHQRQJHDXWRULVHHUGJHEUXLNHQWHJHQ YHUOLHVJHJHYHQV  EHVFKUHYHQGLHQWWHZRUGHQRIRSEDVLVYDQGHILQDQFLsOHDGPLQLVWUDWLHSHU GHHOSURFHV NULWLVFKHDFWLYLWHLWHQ HHQVWURPHQEDODQVZRUGWRSJHVWHOGHQ]RMD GHZLM]HZDDURSPHWZHONHIUHTXHQWLHHQZHONHQDXZNHXULJKHLGDFFHSWDEHO LV  ZHONHPDDWUHJHOHQJHWURIIHQ]LMQRPHHQMXLVWHHQYROOHGLJHYHUDQWZRRUGLQJLQ GHILQDQFLsOHDGPLQLVWUDWLHWRWVWDQGWHEUHQJHQ  KRHZRUGHQGHZHUNSURFHVVHQJHFRQWUROHHUGKRHYDDNHQZDDUZRUGHQ FRUUHFWLHYHDFWLHVYDVWJHOHJG

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

  %RYHQVWDDQGHEHVFKULMYLQJHQZRUGHQHONDSDUWLQGHYROJHQGHSDUDJUDIHQQDGHUWRHJHOLFKW    EHVFKULMYLQJULVLFR¶V  ,QYRRUOLJJHQGGRFXPHQWLVJHHQH[SOLFLHWHEHVFKULMYLQJYDQGHPLOLHXK\JLsQLVFKHULVLFR¶V RSJHQRPHQ'LWYDQZHJHGHUHGHQGDWGH]HULVLFR¶VUHHGVYROGRHQGHEHVFKUHYHQ]LMQLQ   GHUHYLVLHYHUJXQQLQJDDQYUDDJLQJHYROJHGH:DERLQFOXVLHIELMODJHQZDDUGH]H SURFHGXUHVRQORVPDNHOLMNGHHOYDQXLWPDNHQ  GHEHVFKULMYLQJWRHOLFKWLQJPEWGHULVLFR¶VDDQJDDQGHGHYRRUDFFHSWDWLHGH DFFHSWDWLHIDVHHQGHIHLWHOLMNHDFFHSWDWLHLQFOXVLHIGHUHJLVWUDWLHV]RDOVRSJHQRPHQLQ GHYRRUJDDQGHKRRIGVWXNNHQ  GHVWURRPVFKHPD¶VGLHELMJHYRHJG]LMQPHWEHWUHNNLQJWRWGHYRRUDFFHSWDWLH ]LH ELMODJH GHULVLFRLQGHOLQJ ]LHELMODJH GHDFFHSWDWLHIDVHHQIHLWHOLMNHDFFHSWDWLH ]LHELMODJH   'HLQIRUPDWLHWHFKQLVFKHULVLFR V]LMQQLHWJHKHHOXLWWHVOXLWHQELQQHQGHLQULFKWLQJ(FKWHUKHW ULVLFRRSKHWPDNHQYDQIRXWHQDOVJHYROJYDQPHQVHOLMNKDQGHOHQDOVJHYROJYDQ KDQGPDWLJHLQYRHUYDQJHJHYHQVZRUGWELM'H7ULS%9WRWHHQPLQLPXPEHSHUNWGRRUGDW GH]HKDQGHOLQJHQQDJHQRHJKHOHPDDOJHDXWRPDWLVHHUGSODDWVYLQGHQ NRSSHOLQJZHHJEUXJ PHWDIYDOVWRIIHQUHJLVWUDWLHV\VWHHPHQERHNKRXGV\VWHHP  'DDUQDDVWZRUGWKHWPDNHQYDQIRXWHQ]RYHHOPRJHOLMNXLWJHVORWHQGRRUGHLQ]HWYDQHUYDUHQ

HQJHGUHYHQSHUVRQHHOGLH]LFKEHZXVW]LMQYDQGHWDNHQHQYHUDQWZRRUGHOLMNKHGHQ    EHVFKULMYLQJPHHWHQUHJLVWUDWLHSXQWHQ  ,QELMODJHYDQGHDDQYUDDJ]LMQGLYHUVHDGPLQLVWUDWLHYHSURFHVVHQEHQRHPGHQDOVPHGHGH YHUDQWZRRUGHOLMNHIXQFWLRQDULVVHQ  'HYROJHQGHHUNHQQLQJHQ]LMQJHwQWHJUHHUGRSJHQRPHQ]LMQQDPHOLMN   9DNGLSORPD¶VDIYDOVWRIIHQ 6WLFKWLQJ([DPHQEXUHDX%HURHSVYHUYRHU   ³2IILFLsOHLQ]DPHODDU9,+%´  %5/YDQGHJHQHGLHKHWSXLQEUHHNW  %5/³1DWLRQDOHEHRRUGHOLQJVULFKWOLMQYRRUZDWEHWUHIWSURWRFRO ³0LOLHXK\JLsQLVFKHNHXULQJYDQLQGLYLGXHOHSDUWLMHQJURQGLQKHWNDGHUYDQKHW%HVOXLW ERGHPNZDOLWHLW´  ,QKHWEHGULMIVV\VWHHPYDQ'H7ULS%9]LMQWHYHQVGHIXQFWLHRPVFKULMYLQJHQRSJHQRPHQYDQ GHGLYHUVHIXQFWLRQDULVVHQGLHZHUN]DDP]LMQELQQHQGHRUJDQLVDWLHYDQ'H7ULS%9,QGH IXQFWLHRPVFKULMYLQJLVWHYHQVHHQRYHU]LFKWYDQGH DOJHPHQH WDNHQYHUDQWZRRUGHOLMNKHGHQ RSJHQRPHQ    EHVFKULMYLQJDGPLQLVWUDWLH  &RQIRUPGHOHLGUDDG$2,&GLHQWHHQILQDQFLsOHHQHHQRSHUDWLRQHOHDGPLQLVWUDWLH VWRIIHQ HQSURFHVDGPLQLVWUDWLH RSJHVWHOGWHZRUGHQZDDUELMWHYHQVGHUHODWLHVWXVVHQGHRQGHUOLQJH DGPLQLVWUDWLHVZRUGWEHVFKUHYHQ 

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

  ILQDQFLsOHDGPLQLVWUDWLH %LQQHQGHILQDQFLsOHDGPLQLVWUDWLHZRUGW]RZHOGHIDFWXUDWLHDOVGHERHNKRXGLQJ JHDXWRPDWLVHHUGXLWJHYRHUGHQELMJHKRXGHQ,QGHJHEUXLNWHJHJHYHQVEHVWDQGHQZHONHYDQ JURRWEHODQJ]LMQYRRUGH ILQDQFLs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sOHWUDQVDFWLHVHQHYHQWXHOHPXWDWLHVKLHULQ  'HRSEUHQJVWSHUDIYDOVWRI LQUHNHQLQJJHEUDFKWHEHGUDJHQDDQGHUGHQHQEHWDDOGH EHGUDJHQ ZRUGWUHFKWVWUHHNVJHUHJLVWUHHUGLQGHILQDQFLsOHDGPLQLVWUDWLH'HJHJHYHQVXLW KHWDIYDOVWRIIHQUHJLVWUDWLHV\VWHHPZRUGHQLPPHUVppQRSppQQDDUKHWERHNKRXGV\VWHHP RYHUJH]HWGRRUGHNRSSHOLQJGLHKLHUWXVVHQDDQZH]LJLV

 ,QGHILQDQFLsOHDGPLQLVWUDWLHZRUGHQJHHQ UHFHQWH YRRUUDGHQELMJHKRXGHQYDQDIYDOVWRIIHQ SURGXFWHQJURQGHQKXOSVWRIIHQHQGHUJHOLMNH,QYHUEDQGPHWGHILQDQFLsOHMDDUDIVOXLWLQJ ZRUGWRSGHODDWVWHZHUNGDJYDQKHWMDDUHFKWHUHHQYRRUUDDGEHSDOLQJXLWJHYRHUGYDQGH QRJDDQZH]LJHDIYDOVWRIIHQSURGXFWHQHQGHUJHOLMNHELQQHQGHEHZHUNLQJVLQULFKWLQJ2S EDVLVYDQGH]HYRRUUDDGEHSDOLQJYLQGWHHQLQGLFDWLHSODDWVYDQGHILQDQFLsOHZDDUGHYDQGH DDQZH]LJHYRRUUDDG'LWLQYHUEDQGPHWKHWRSVWHOOHQYDQHHQILQDQFLHHOMDDUYHUVODJYRRU'H 7ULS%9  %LQQHQGHILQDQFLsOHDGPLQLVWUDWLHZRUGWJHHQVHSDUDWH³ERHNKRXGLQJ´ELMJHKRXGHQYDQGH RP]HWGHNRVWSULMVDOVPHGHGHEUXWRZLQVWPDUJHYRRUKHWEHZHUNHQYDQGHGLYHUVH DIYDOVWRIIHQXLWJHVSOLWVWQDDUGHGLYHUVH³YHUZHUNLQJVVWDWHQ´'HJHKDQWHHUGHWDULHYHQ ZRUGHQUHJXOLHULQWHUQJHsYDOXHHUGWXVVHQGHDDQGHHOKRXGHQGHSDUWLMHQHQDDQGHKDQG KLHUYDQHYHQWXHHOELMJHVWHOG  +HWWLMGVWLSGDWGHDIYDOVWRILQJHQRPHQFTJHDFFHSWHHUGZRUGWELQQHQGHEHZHUNLQJV LQULFKWLQJLVUHFKWVWUHHNVWHDFKWHUKDOHQYLDKHWGLJLWDOHDIYDOVWRIIHQUHJLVWUDWLHV\VWHHPHQGH ZHHJERQQHQ  'HVWURPHQJRHGHUHQEDODQVNDQQLHWRSJHVWHOGZRUGHQDDQGHKDQGYDQGHJHJHYHQVXLW GHILQDQFLsOHDGPLQLVWUDWLHFTKHWERHNKRXGV\VWHHP+HWRSVWHOOHQYDQHHQUHSUHVHQWDWLHYH

PDVVDFTVWURPHQEDODQVLVZHOPRJHOLMNYLDGHJHJHYHQVGLHJHUHJLVWUHHUG]LMQLQKHW DIYDOVWRIIHQUHJLVWUDWLHV\VWHHP  )LQDQFLsOHJHJHYHQVNXQQHQYLDGHILQDQFLsOHDGPLQLVWUDWLHHQRIYLDGHDFFRXQWDQWZRUGHQ JHYHULILHHUG  8LWGHELMODJHQHQEOLMNWRRNKRHKHWILQDQFLsOHSURFHVPHWEHWUHNNLQJWRWGHDIYDOVWRIIHQ YHUORRSWHQZHONHLQWHUQHFRQWUROHVSODDWVYLQGHQWLMGHQVGHIDFWXUDWLHDOVPHGHLQGH ILQDQFLsOHDGPLQLVWUDWLH+LHUPHHZRUGWHHQMXLVWHWLMGLJHHQYROOHGLJHYHUDQWZRRUGLQJLQGH ILQDQFLsOHDGPLQLVWUDWLHEHZHUNVWHOOLJG 

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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³GHEURQ´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

RSJHVODJHQ]LMQHQGHUKDOYHRRNGHDQDO\VHVFRQIRUPGH0HVWVWRIIHQZHWDSDUWJHUHJLVWUHHUG ]LMQ  9DQGHLQNRPHQGHHQXLWJDDQGHYUDFKWHQZRUGHQGHYROJHQGHJHJHYHQVJHUHJLVWUHHUGFT YDVWJHOHJG   ZHHJERQQXPPHU  GDWXPHQWLMGVWLSDDQOHYHULQJDIYRHU  UHJLVWUDWLHQXPPHU  VRRUWYUDFKW LQJDDQGXLWJDDQG   WUDQVSRUWHXUGHELWHXUQXPPHU  RSGUDFKWQXPPHUDIYDOVWURRPQXPPHU  VRRUWDIYDOVWRI  RQWGRHQHUGHELWHXUQXPPHU  JHZLFKWKRHYHHOKHLG  %LMZHLJHULQJYDQHHQSDUWLMDIYDOVWRIIHQZRUGHQLQLHGHUJHYDOGHQDYROJHQGHJHJHYHQV JHUHJLVWUHHUG   RQWGRHQHU 1$:JHJHYHQV   WUDQVSRUWHXU 1$:JHJHYHQV   ORFDWLHYDQKHUNRPVW  GDWXPRQWYDQJVW  KRHYHHOKHLG WRQQHQ   RPVFKULMYLQJDDUGHQVDPHQVWHOOLQJ  DIYDOVWRIIHQFRGH  UHGHQYDQZHLJHULQJ  JHDGUHVVHHUGH 1$:JHJHYHQV 

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

  %LQQHQGH'H7ULS%9PDDNWPHQJHEUXLNYDQHHQDDQWDOJHDXWRPDWLVHHUGHV\VWHPHQ'LW EHWUHIWHHQDDQWDOVWDQGDDUGVRIWZDUHSURJUDPPD V :RUG([FHOHQGHUJHOLMNH HHQ JHFHUWLILFHHUGVRIWZDUHSURJUDPPDYRRUGHDIYDOUHJLVWUDWLHZHUN]DDPKHGHQHQ ERHNKRXGLQJVRIWZDUH   UHODWLHWXVVHQGHDGPLQLVWUDWLHV 7XVVHQGHJRHGHUHQDGPLQLVWUDWLH DIYDOVWRIIHQSURGXFWHQ HQGHILQDQFLsOHDGPLQLVWUDWLH IDFWXUDWLH EHVWDDWLQEHJLQVHOHHQVOXLWHQGYHUEDQG,QGHSUDNWLMNWUHGHQKLHUWXVVHQHFKWHU YHUNODDUEDUHYHUVFKLOOHQRSDDQJH]LHQHUYHUVFKLOOHQDDQZLMVEDDU]LMQWXVVHQGH KRHYHHOKHGHQDDQJHYRHUGHHQDIJHYRHUGHDIYDOVWRIIHQHQSURGXFWHQWHZHWHQ   JHZLFKWVUHGXFWLHDIYDOVWRIIHQDOVJHYROJYDQGHEHYHUZHUNLQJVSURFHVVHQGLH DIYDOVWRIIHQGRRUORSHQ GHQNDDQRQWZDWHULQJ   DIYDOVWRIIHQ]LMQQDGRRUORSHQYDQEHYHUZHUNLQJVSURFHVDOVSURGXFWWHEHVFKRXZHQ GHQNDDQVDPHQJHVWHOGHSURGXFWHQ   DIQDPHRIWRHQDPHJHZLFKWDIYDOVWRIIHQDOVJHYROJYDQZHHUVLQYORHGHQLQJHYDOYDQ YRFKWJHYRHOLJHDIYDOVWRIIHQSURGXFWHQ RDDGVRUSWLHYHUGDPSLQJSURGXFWYRFKW   +LHUGRRU]DOHULQGDWJHYDOJppQVOXLWHQGYHUEDQGDDQZH]LJ]LMQLQGHJRHGHUHQHQ ILQDQFLsOHDGPLQLVWUDWLH    LQWHUQHFRQWUROH  %LQQHQGHLQULFKWLQJYLQGHQHHQDDQWDOLQWHUQHFRQWUROHPHFKDQLVPHQSODDWV,QGH]H SDUDJUDDILVGHLQWHUQHFRQWUROHEHVFKUHYHQDDQGHKDQGYDQGHOHLGUDDG$2,&  

WDNHQHQEHYRHJGKHGHQVOHXWHOIXQFWLRQDULVVHQHQLQGLHQUHOHYDQWHHQ DDQWRRQEDUHIXQFWLHVFKHLGLQJ 'HDFTXLVLWLHZRUGWYRRUQDPHOLMNXLWJHYRHUGGRRUGHGLUHFWHXUHQGHEHGULMIVOHLGHUYDQ'H 7ULS%9'HSULMVDIVSUDNHQPHWDDQELHGHUVHQRIDIQHPHUVYDQDIYDOVWRIIHQSURGXFWHQ ZRUGHQYDVWJHOHJGLQHHQRIIHUWH2RNZRUGWJHZHUNWPHWODQJORSHQGHFRQWUDFWHQPHW DDQELHGHUV,QJHYDOYDQSDUWLFXOLHUHQNDQRRN³DDQGHSRRUW´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

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 'HILQDQFLHHODGPLQLVWUDWLHIPHGHZHUNHUFRQWUROHHUWHQYHUVWXXUWGHIDFWXUHQHQKRXGWGH ILQDQFLsOHDGPLQLVWUDWLHERHNKRXGLQJELM'HLQWHUQHERHNKRXGLQJZRUGWUHJXOLHU SHU NZDUWDDO JHFRQWUROHHUGGRRUHHQH[WHUQHDFFRXQWDQW  8LWERYHQVWDDQGHEHVFKULMYLQJEOLMNWGDWGHSHUVRQHQGLH]LFKEH]LJKRXGHQPHWGHFRQWUROH YDQGHILQDQFLs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

RUGHUVDDQOHJJHQRIZLM]LJHQ(HQZHHJEUXJPHGHZHUNHUPDJDOOHHQZHJLQJHQXLWYRHUHQHQ NDQGHUKDOYHJppQRUGHUVDDQOHJJHQRIPXWHUHQ2QJHDXWRULVHHUGJHEUXLNZRUGWYRRUNRPHQ GRRUJHEUXLNWHPDNHQYDQZDFKWZRRUGHQJHNRSSHOGDDQGHLQORJQDDP  YHUOLHVJHJHYHQV 5HJXOLHUZRUGHQEDFNXSVJHPDDNWYDQDOOHGDWDEHVWDQGHQYDQGHJHEUXLNWHVRIWZDUHHQ GDWDV\VWHPHQ'H]HEDFNXSVZRUGHQH[WHUQEHZDDUGRSWHQPLQVWHYHUVFKLOOHQGH ORFDWLHV   EHVFKUHYHQGLHQWWHZRUGHQRIRSEDVLVYDQGHILQDQFLsOHDGPLQLVWUDWLHSHU GHHOSURFHV NULWLVFKHDFWLYLWHLWHQ HHQVWURPHQEDODQVZRUGWRSJHVWHOGHQ]RMDGH ZLM]HZDDURSPHWZHONHIUHTXHQWLHHQZHONHQDXZNHXULJKHLGDFFHSWDEHOLV 'HVWURPHQEDODQVNDQQLHWRSJHVWHOGZRUGHQDDQGHKDQGYDQGHJHJHYHQVXLWGHILQDQFLsOH DGPLQLVWUDWLH'LWLVHFKWHUZHOPRJHOLMNYLDGHJHJHYHQVXLWKHWORJERHNHQKHWGLJLWDOH DIYDOVWURPHQUHJLVWHUELQQHQGHLQULFKWLQJ2SEDVLVKLHUYDQNDQPHQHHQUHSUHVHQWDWLHYH PDVVDFTVWURPHQEDODQVRSVWHOOHQ  

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 ZHONHPDDWUHJHOHQJHWURIIHQ]LMQRPHHQMXLVWHHQYROOHGLJHYHUDQWZRRUGLQJLQGH ILQDQFLs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sOHFRQWUROHYDQGHJHUHJLVWUHHUGHJHJHYHQVPHWEHWUHNNLQJWRWGH DDQYRHUYDQDIYDOVWRIIHQLQYHUEDQGPHWGHIDFWXUDWLHYDQGHJHUHJLVWUHHUGH JHJHYHQVQDDUGHGLYHUVHUHODWLHV  (HQWLMGLJHHQYROOHGLJHPHOGLQJYDQGHRQWYDQJHQHQDIJHJHYHQDIYDOVWRIIHQZRUGW JHZDDUERUJGPLGGHOV   FRQWLQXHFRQWUROHYDQGHMXLVWKHLGYDQGHZHJLQJHQHQGHUHJLVWUDWLHYDQGHZHJLQJHQ

ZRUGWJHFRQWUROHHUGHQJHZDDUERUJGGRRUGHUHJXOLHUHLMNLQJYDQGHZHHJEUXJGRRU HHQKLHUYRRUJHFHUWLILFHHUGEHGULMI  GLJLWDOHPHOGLQJJHJHQHUHHUGEHVWHPGYRRUKHWEHYRHJGJH]DJRIHHQKLHUGRRU DDQJHZH]HQLQVWDQWLH%LMKHWDDQPDNHQYDQGH]HPHOGLQJZRUGHQDOOH JHUHJLVWUHHUGHJHJHYHQVDXWRPDWLVFKJHFRQWUROHHUGRSYROOHGLJKHLG  'RRUGHYRRUQRHPGHLQWHUQHFRQWUROHVLVHHQMXLVWHUHJLVWUDWLHYDQDIYDOVWRIIHQYROGRHQGH JHZDDUERUJG  KRHZRUGHQGHZHUNSURFHVVHQJHFRQWUROHHUGKRHYDDNHQZDDUZRUGHQ FRUUHFWLHYHDFWLHVYDVWJHOHJG 'HFRQWUROHYDQGHMXLVWKHLGYDQPHWLQJHQHQGHUHJLVWUDWLHYDQPHWLQJHQZRUGW JHFRQWUROHHUGHQJHZDDUERUJGGRRUGHUHJXOLHUH KHU LMNLQJYDQGHZHHJEUXJWHUSODDWVH GRRUHHQKLHUYRRUJHFHUWLILFHHUGEHGULMI'HELQQHQGHLQULFKWLQJEHVFKLNEDUHPHHWDSSDUDWXXU ZRUGWFRQIRUPGHJHOGHQGHHLVHQJHNDOLEUHHUG  

7UL8WU:DER$9



PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

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sQLVFKHRYHUODVWGZ]JHHQVWRIRYHUODVWRIJHXUKLQGHU ,QGLHQGHPHGHZHUNHUELM]RQGHUKHGHQFRQVWDWHHUWJDDWKLMWHUVWRQGQDDUKHWDDQOHYHUHQGH YRHUWXLJHQJHHIWGHFKDXIIHXUDDQZLM]LQJHQGDWKLMXLWPRHWVWDSSHQHQGHLQULFKWLQJQRJQLHW PDJYHUODWHQ  %HVFKULMYLQJXLWJHEUHLGHFRQWUROH (HQXLWJHEUHLGHFRQWUROHYLQGWSODDWVLQGHYROJHQGHJHYDOOHQQDPHOLMNLQGLHQHU  DIZLMNLQJHQ]LMQJHFRQVWDWHHUGWLMGHQVGHYLVXHOHFRQWUROH]RDOVJHYDDUOLMNDIYDO DVEHVWKRXGHQGDIYDOHQELMKHUEUXLNEDUHDIYDOVWRIIHQDQGHUHFRPSRQHQWHQ 

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sQLVFKH  RYHUODVWYHURRU]DNHQ  VSHFLILHNHEHYHUZHUNLQJVHLVHQYHUPHOGWLQGHDDQOHYHULQJVYRRUZDDUGHQYDQGH  EHYHUZHUNHU ,QGLHQJHHQDIZLMNLQJHQZRUGHQJHFRQVWDWHHUGZRUGWGHYUDFKWGRRUGHODDGVFKRSRINUDDQ ZHJJHVFKRYHQ,QGLHQDIZLMNLQJHQZRUGHQJHFRQVWDWHHUGHQGHYUDFKWQLHWYHUGHUELQQHQGH

LQULFKWLQJEHYHUZHUNWNDQZRUGHQGDQGLHQWGHRQWGRHQHUGHYUDFKWPHHUHWRXUWHQHPHQ  

ELMVWHHQDFKWLJDIYDOLVGLWRRNQRJWHHUKRXGHQGDVIDOWGDNDIYDOKXLVKRXGHOLMNDIYDOJLSVJURQG URHWHQKRXWLQGLHPDWHGDWGHNZDOLWHLWYDQKHWUHF\FOLQJJUDQXODDWLQJHYDDUNDQNRPHQ

7UL8WU:DER$9





PHL

 3URFHGXUHV$FFHSWDWLHHQ9HUZHUNLQJ:DER'H7ULS%9WH8WUHFKW

 HQRINDQGHRQWGRHQHUGHYUDFKWODWHQDIYRHUHQZDDUELMGHNRVWHQLQUHNHQLQJJHEUDFKW ZRUGHQELMGHRQWGRHQHU   $G $DQJHERGHQDIYDOVWRIIHQZHONHEHVWDDQXLWEXONVWRIIHQ]RDOVJURHQDIYDOJURQG]DQG ERXZVWRIIHQDIYDOKRXWZRUGHQEHRRUGHHOGEHPRQVWHUGFRQIRUPGHGDDUWRHUHHGV EHVFKUHYHQFULWHULD$OOHUHHUVWGLHQWPHQLQDFKWWHQHPHQGDWDOOHHQSDUWLMHQZRUGHQ JHDFFHSWHHUG(HQYUDFKWLVGDQRRNHHQGHHOYDQHHQSDUWLM:LOPHQPRQVWHUQDPHPHW DQDO\VHVODWHQSODDWVYLQGHQGDQNDQGLWLQGHUHJHODOOHHQLQGLHQGHWRWDOHSDUWLMLV DDQJHYRHUG'LWNDQSUDNWLVFKDOOHHQLQGLHJHYDOOHQLQGLHQGHSDUWLMWXVVHQWLMGVZRUGW RSJHVODJHQRIHHQGHILQLWLHYHRSVODJNULMJW]RQGHUYHUPHQJLQJPHWDQGHUH DIYDO VWRIIHQ  'HYUDFKWRISDUWLMGLHQWJHwVROHHUGWHZRUGHQ]RGDWKHWEHRIYHUZHUNLQJVSURFHVQLHWZRUGW JHIUXVWUHHUGFTEHOHPPHUG'DDUWRHNDQKHWDIYDOLQHHQDSDUWRSVODJGHSRWZRUGHQ JHVFKRYHQHHQDSDUWFRQWUROHYDNRILQHHQVFKRQHFRQWDLQHUZRUGHQJHODGHQ'HFRQWDLQHU ZRUGWYHU]HJHOGGXLGHOLMNJHPHUNWHQQLHWELMGHDQGHUHFRQWDLQHUVJH]HW RPPLVYHUVWDQGHQ WHYRRUNRPHQ   'RHOYDQGHPRQVWHUQDPHHQDQDO\VHLVHHQLQJDQJVFRQWUROHYDQGHWHDFFHSWHUHQYUDFKWHQ YDQHHQSDUWLM0HWEHKXOSYDQDQDO\VHUHVXOWDWHQYDQppQYUDFKWNDQQRJJHHQSDUWLMZRUGHQ JHZHLJHUG:HOGLHQWWHZRUGHQDFKWHUKDDOGRIGDWGLWHHQLQFLGHQWHOHYHUKRJLQJZDVRIHHQ

VWUXFWXUHOHDIZLMNLQJ2SEDVLVYDQGLWRQGHU]RHNNDQHHQZHLJHULQJYRRUGHJHFRQWUDFWHHUGH EHRIYHUZHUNLQJSODDWVYLQGHQ

7UL8WU:DER$9





PHL

$DQYUDDJ:DER'H7ULS%96RSKLDODDQWH8WUHFKW



  %LMODJH






,QOHLGLQJ




9RRURQGHU]RHN






+LVWRULHHQDFWXHOHVLWXDWLH %RGHPRSERXZ





2S]HWHQLQYXOOLQJYDQKHWRQGHU]RHN











2QGHU]RHNVWUDWHJLH 9HOGZHUNRQGHU]RHN =LQWXLJOLMNHZDDUQHPLQJHQFKHPLVFKRQGHU]RHN


$QDO\VHWRHWVLQJHQLQWHUSUHWDWLH 




$QDO\VHUHVXOWDWHQJURQG $QDO\VHUHVXOWDWHQJURQGZDWHU





&RQFOXVLHHQDDQEHYHOLQJHQ






&RQFOXVLHV %HWURXZEDDUKHLG

 

%LMODJHQ ELMODJH$$OJHPHQHWRHOLFKWLQJERGHPRQGHU]RHN ELMODJH%$QDO\VHUHVXOWDWHQ ELMODJH&%RRUVWDWHQ ELMODJH'.DGDVWHUNDDUWKLVWRULVFKHJHJHYHQV ELMODJH'*HJHYHQVHHUGHURQGHU]RHN ELMODJH(6LWXDWLHVFKHWV     

 

 

 ERGHPRQGHU]RHN6RSKLDODDQ8WUHFKWDSULO






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sQLVFKERGHPRQGHU]RHNLVJHFHUWLILFHHUG  ,QKRRIGVWXN]LMQGHUHVXOWDWHQYDQKHWYRRURQGHU]RHNJHJHYHQGDWYRRUDILVJHJDDQDDQKHWYHOG ZHUN(UZRUGWGDDUELMHHQNRUWHVDPHQYDWWLQJJHJHYHQYDQGHKXLGLJHVLWXDWLH+RRIGVWXNEHKDQGHOW GHRS]HWHQXLWYRHULQJYDQKHWRQGHU]RHN,QKRRIGVWXNHQWHQVORWWHZRUGHQGHUHVXOWDWHQJHWRHWVW HQZRUGHQFRQFOXVLHVDDQGHUHVXOWDWHQYHUERQGHQ



 9RRURQGHU]RHN  



+LVWRULHHQDFWXHOHVLWXDWLH  'HRQGHU]RHNVORFDWLHEHWUHIWKHWEHGULMIVWHUUHLQDDQGH6RSKLDODDQLQ8WUHFKWSRVWFRGH$5 .DGDVWUDDOLVKHWSHUFHHOEHNHQGELMGHJHPHHQWH&DWKDULMQHRQGHUVHFWLH(QXPPHUVHQ (HQNDGDVWUDOHNDDUWLVRSJHQRPHQLQELMODJH(9RRUKHWKLVWRULVFKRQGHU]RHNLVRQGHUDQGHUH LQIRUPDWLHJHEUXLNWYDQGH*HPHHQWH8WUHFKWHQLVJHEUXLNJHPDDNWYDQRXGHNDDUWHQHQOXFKWIRWR V'H KLVWRULVFKHJHJHYHQVLQFOXVLHIGHUHVXOWDWHQYDQHHUGHURQGHU]RHN]LMQRSJHQRPHQLQELMODJH'   !"!!#  ,QKHWYHUOHGHQZDVRQGHUDQGHUH+RHN2SVODJ 9HUKXXU%9RSGHORFDWLHJHYHVWLJG9HUGHUKHHIWKHW YHUKXLVEHGULMI7($0$OOLHG%9JHEUXLNJHPDDNWYDQKHWWHUUHLQ'HEHGULMIVJHERXZHQKHEEHQHHQ RSSHUYODNYDQSOXVPðWRWDDOPð,QGHORRGVHQOLJJHQVWHOFRQSODWHQHQHHQEHWRQ YORHU  +HWEXLWHQWHUUHLQLVJURWHQGHHOVYHUKDUGPHWDVIDOWGHHOVPHWNOLQNHUVHQVWHOFRQSODWHQ2SKHWWHUUHLQ ]LMQFRQWDLQHUVHQ YUDFKW ZDJHQJHSDUNHHUGJHZHHVW2SKHWPRPHQWYDQKHWRQGHU]RHNVWRQGHQGH RSVWDOOHQOHHJ)RWR VYDQGHORFDWLH]LMQWHYLQGHQLQELMODJH'  2SKHWEHGULMIVWHUUHLQQXPPHUEHYLQGHQ]LFKGHYROJHQGHYHUGDFKWHORFDWLHV


$DQGHYRRU]LMGHYDQKHWWHUUHLQEHYLQGW]LFKHHQROLHZDWHUVFKHLGHU+HWV\VWHHPEHVWDDWXLWHHQ RQGHUJURQGVHEHWRQQHQEDNPHWHHQDIYRHUQDDUKHWULRROODQJVGH6RSKLDODDQ



2SKHWPLGGHQYDQKHWWHUUHLQLVHHQERYHQJURQGVHEUDQGVWRIWDQNPHWDIOHYHUSXQWLQJHEUXLN JHZHHVW'H]HKDGHHQYROXPHYDQOLWHUHQWXVVHQHQYHUZLMGHUG'HORFDWLHLV HQZDVYHUKDUGPHWVWHOFRQSODWHQ

  $OJHPHQHKLVWRULHYDQKHWJHELHG +HWEHGULMYHQWHUUHLQ/DJH:HLGHLVEHJLQMDUHQ HQ RQWZLNNHOG*URWHGHOHQYDQGHVWURRNODQJV KHW$PVWHUGDP5LMQNDQDDO]LMQRSJHVSRWHQ%LMKHWYHOGZHUNYRRURQGHUKDYLJRQGHU]RHNLV YRRUQDPHOLMN]DQGDDQJHWURIIHQSODDWVHOLMNRYHUJDDQGLQNOHLRSi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