02'(/2:$1,(5

(1)

02'(/2:$1,(,1ĩ<1,(56.,( ,661;

V*OLZLFH

02'(/2:$1,(58&+8&,(&=<:.$3,/$5=(

322'(5:$1,86,ĉ3ĉ&+(5=$$=2:(2

5

208$/'

0

26'25)

7

20$6=

:

<6=.2:6.,

.DWHGUD0HFKDQLNLL,QIRUPDW\NL6WRVRZDQHM3ROLWHFKQLND%LDáRVWRFND

HPDLOUPRVGRUI#SEHGXSOZ\V]NRZVNLWRPDV]#JPDLOFRP

6WUHV]F]HQLH : SUDF\ SU]HGVWDZLRQR Z\QLNL V\PXODFML UXFKX FLHF]\

ZNDSLODU]H ] NWyUHM Z\GRVWDMą VLĊ SĊFKHU]H SRZLHWU]D 5XFK FLHF]\ RSLVDQR

QLHOLQLRZ\PLUyZQDQLDPLUXFKXRSDUW\PLQDGUXJLHM]DVDG]LHG\QDPLNL1HZWRQD

]XZ]JOĊGQLHQLHPUyZQDQLDJD]XU]HF]\ZLVWHJRVLá\QDSLĊFLDSRZLHU]FKQLRZHJR

RUD] VLá OHSNRĞFL :\QLNL V\PXODFML SRUyZQDQR ] Z\QLNDPL EDGDĔ

HNVSHU\PHQWDOQ\FKZNWyU\FKSĊFKHU]HSRZLHWU]DJHQHURZDQHE\á\]HV]NODQ\FK

G\V] XPLHV]F]RQ\FK QD GQLH ]ELRUQLND Z\SHáQLRQHJR ZRGą

8]\VNDQR GREUą LORĞFLRZą ]JRGQRĞü Z\QLNyZ V\PXODFML ] Z\QLNDPL

HNVSHU\PHQWDOQ\PL

:67ĉ3

5R]XPLHQLHG\QDPLNLRGG]LDá\ZDQLDSĊFKHU]\JD]RZ\FKPDNOXF]RZH]QDF]HQLHZZLHOX

G]LHG]LQDFKQDXNLQSZIL]\FHELRORJLLPHG\F\QLHDWDNĪHZZLHOXJDáĊ]LDFKSU]HP\VáX

VWąG QLHXVWDQQH SUyE\ Z\MDĞQLHQLD ZLHOX ]MDZLVN IL]\F]Q\FK ] QLą ]ZLą]DQ\FK :LĊNV]RĞü

WHRUHW\F]Q\FKEDGDĔLPRGHOLRJUDQLF]DVLĊGRPRGHORZDQLDZ]URVWXSRMHG\QF]HJRSĊFKHU]D

LQLH MHVW Z QLFK XZ]JOĊGQLDQH ]MDZLVNR RGG]LDá\ZDQLD SRPLĊG]\ QLPL >@ : RVWDWQLFK

ODWDFK ]DF]ĊWR FRUD] F]ĊĞFLHM SU]\ZLą]\ZDü XZDJĊ GR WZRU]HQLD PRGHOL XZ]JOĊGQLDMąF\FK

HIHNW\ RGG]LDá\ZDQLD NROHMQR RGU\ZDMąF\FK VLĊ SĊFKHU]\ > @ :VSyáF]HVQH SRGHMĞFLH

ZWZRU]HQLXPRGHOLV\PXOXMąF\FKZ]URVWSĊFKHU]\]PXV]DEDGDF]\GRXZ]JOĊGQLDQLDZLHOX

]MDZLVN WDNLFK MDN ZSá\Z QDSLĊFLD SRZLHU]FKQLRZHJR OHSNRĞü F]\ JHRPHWULD RWZRUX >

@

3U]HG]LDá F]DVX SRPLĊG]\ NROHMQR RGU\ZDMąF\PL VLĊ SĊFKHU]DPL VNáDGD VLĊ ] GZyFK

SU]HG]LDáyZ F]DVX F]DVX RF]HNLZDQLD QD SRMDZLHQLH VLĊ SĊFKHU]D RUD] ] F]DVX Z NWyU\P

SĊFKHU] Z]UDVWD =DUD]SR RGHUZDQLX VLĊ SĊFKHU]D RG Z\ORWX G\V]\ FLHF] RWDF]DMąFD Z\ORW

G\V]\ GRVWDMH VLĊ GR MHM ZQĊWU]D : F]DVLH RF]HNLZDQLD QD SRMDZLHQLH VLĊ QDVWĊSQHJR

SĊFKHU]D Z G\V]\ ] NWyUHM Z\GRVWDMą VLĊ SĊFKHU]H REVHUZRZDQ\ MHVW UXFK FLHF]\

:SU]\SDGNXJG\ZSREOLĪXUR]SDWU\ZDQHMG\V]\]QDMGXMHVLĊLQQDG\V]D]NWyUHMUyZQLHĪ

Z\GRVWDMą VLĊ SĊFKHU]H LFK UXFK PRG\ILNXMH SU]HSá\Z FLHF]\ SRQDG UR]SDWU\ZDQą G\V]ą

=PLDQ\ SUĊGNRĞFL SU]HSá\ZX FLHF]\ RWDF]DMąFHM Z\ORW G\V]\ ]PLHQLDMą ZLHONRĞü F]DVX

RF]HNLZDQLD QD QDVWĊSQ\ SĊFKHU] : SUDF\ ]DVWRVRZDQR RSUDFRZDQ\ Z >@ PRGHO UXFKX

FLHF]\ Z RWZRU]H Z Sá\FLH GR PRGHORZDQLD UXFKX FLHF]\ Z G\V]\ : PRGHOX

]PRG\ILNRZDQR ]DOHĪQRĞü RSLVXMąFą VLá\ QDSLĊFLD SRZLHU]FKQLRZHJR XZ]JOĊGQLRQR

QLHVWDFMRQDUQH ]PLDQ\ FLĞQLHQLD Z G\V]\ RUD] XZ]JOĊGQLRQR SU]HSá\Z FLHF]\ JHQHURZDQ\

(2)

5026'25)7:<6=.2:6., SU]H] VąVLHGQLH SĊFKHU]H 3DUDPHWU\ PRGHOX XVWDORQR QD SRGVWDZLH Z\QLNyZ SRPLDUyZ

HNVSHU\PHQWDOQ\FK 3U]HSURZDG]RQH V\PXODFMH SR]ZROLá\ QD RNUHĞOHQLH ZSá\ZX ]DEXU]HĔ

SU]HSá\ZXJHQHURZDQHJRSU]H]VąVLHGQLHSĊFKHU]HQDZLHONRĞüF]DVXRF]HNLZDQLD

%DGDQLD HNVSHU\PHQWDOQH SURZDG]RQR Z V]NODQ\P ]ELRUQLNX R Z\PLDUDFK

[[PPZ\SHáQLRQ\PZRGąGHVW\ORZDQą3ĊFKHU]HSRZLHWU]DJHQHURZDQHE\á\

]HV]NODQHMG\V]\RGáXJRĞFLPPLĞUHGQLF\ZHZQĊWU]QHMPP8NáDG]DVLODMąF\G\V]Ċ

ZSRZLHWU]H Z\SRVDĪRQ\ E\á Z SRPSNĊ SRZLHWU]D RUD] ]ELRUQLN Z\UyZQDZF]\ :\GDWHN

SRZLHWU]D UHJXORZDQR ]DZRUDPL L PLHU]RQR ] ]DVWRVRZDQLHP URWDPHWUX 5XFK FLHF]\

ZNDSLODU]H UHMHVWURZDQR NDPHUą &DVLR (; ); ] V]\ENRĞFLą NODWHN QD VHN

:\]QDF]RQR]PLDQ\ZF]DVLHSRáRĪHQLDFLHF]\RUD]MHMSUĊGNRĞü

1DU\VSRND]DQRSU]\NáDGRZHZ\QLNLEDGDĔHNVSHU\PHQWDOQ\FKREVHUZDFMLUXFKXFLHF]\

ZHZQąWU]UXUNL]NWyUHMRGU\ZDMąVLĊSĊFKHU]H

5\V=PLDQ\SRáRĪHQLDFLHF]\ZV]NODQHMUXUFHZF]DVLHRF]HNLZDQLDQDSRMDZLHQLH VLĊQRZHJRSĊFKHU]DSRZLHWU]DDNROHMQHNODWNLLOXVWUXMąFHID]\UXFKXFLHF]\ZV]NODQHM

UXUFHE]PLDQ\ZF]DVLHSRáRĪHQLDFLHF]\ZHZQąWU]UXUNLRUD]SUĊGNRĞFLSRZLHU]FKQL

UR]G]LDáXID]

02'(/58&+8&,(&=<:.$3,/$5=(

0RGHO]DSURSRQRZDQ\ZQLQLHMV]HMSUDF\RSDUWRQDNRQFHSFML]DZDUWHMZSXEOLNDFML>@

Z NWyUHM DQDOL]RZDQR UXFK FLHF]\ Z RWZRU]H Z Sá\FLH 6FKHPDW PRGHORZDQHJR XNáDGX

SRND]DQRQDU\V

(3)

02'(/2:$1,(58&+8&,(&=<:.$3,/$5=(32'&=$62'5<:$1,$6,ĉ3ĉ&+(5=$«

5\V6FKHPDWXNáDGX]DVLODQLDF\OLQGU\F]QHMG\V]\ZSRZLHWU]H

3U]\MĊWR ĪH ]DFKRZDQLH JD]X Z XNáDG]LH ]DVLODQLD RSLVDQH MHVW UyZQDQLHP JD]X

U]HF]\ZLVWHJRSRVWDFL

݌ ൌ ܥሺ݌ǡ ܶሻߩ_௚ܴܶ

=DNáDGDMąF ĪH Z UR]SDWU\ZDQ\P SURFHVLH &S7 MHVW VWDáH L UyĪQLF]NXMąF UyZQDQLH Z]JOĊGHPF]DVXRWU]\PDQR

^ௗ௣_ௗ௧ൌ ܥሺ݌ǡ ܶሻܴܶ^ௗఘ_ௗ௧^೒

8Z]JOĊGQLDMąFĪHߩ_௚ൌ ݉_௚ȀܸSRSU]HNV]WDáFHQLDFKRWU]\PDQR>@

^ௗ௣_ௗ௧ൌ^{஼ሺ௣ǡ்ሻఘ}_௏^೒^ோ்ቀܳ െ^ௗ௏_ௗ௧ቁ ൌ ቀ^௣_௏ቁ ቀܳ െ^ௗ௏_ௗ௧ቁ

JG]LHZ\GDWHNREMĊWRĞFLRZ\RSLVDQ\MHVW]DOHĪQRĞFLąܳ ൌ ^ௗ௠_ௗ௧^೒_௠^௏

೒

=PLDQDREMĊWRĞFLJD]XZXNáDG]LH]DVLODQLD]ZLą]DQDMHVWUXFKHPFLHF]\ZG\V]\GODWHJR

]DFKRG]L

^ௗ௏_ௗ௧ ൌ ݏ^ௗ௛_ௗ௧ ൌ ݏݒ

JG]LH ݏ ൌ ߨݎ^ଶ MHVW SROHP SU]HNURMX NDSLODU\ ]DĞ Y MHVW SUĊGNRĞFLą ĞURGND PDV\ FLHF]\

(4)

5026'25)7:<6=.2:6., 8Z]JOĊGQLDMąFUyZQDQLH]DSLVDQRZSRVWDFL>@

^ௗ௣_ௗ௧ ൌ^௣_௏ቀܳ െ ݏ^ௗ௛_ௗ௧ቁ

5XFKFLHF]\ZNDSLODU]HRSLVDQ\MHVWGUXJą]DVDGąG\QDPLNL1HZWRQD5yZQDQLH UXFKX

FLHF]\]QDMGXMąFHMVLĊZNDSLODU]HPDSRVWDü>@

_ௗ௧^ௗቀ݉_௟^ௗ௛_ௗ௧ቁ ൌ ܨ_ଵെ ܨ_ଶ

3U]\MĊWRĪHPDVDFLHF]\]PLHQLDVLĊZF]DVLHRUD]ĪHQDFLHF]G]LDáDMąGZLHVLá\6LáD) ]ZLą]DQDMHVW]UyĪQLFąFLĞQLHĔZ\VWĊSXMąFąZXNáDG]LH]DĞVLáD)]ZLą]DQDMHVW]RSRUHP

UXFKXFLHF]\ZNDSLODU]H6LáD)]ZLą]DQD]UyĪQLFąFLĞQLHĔRSLVDQDMHVWUyZQDQLHP

ܨ_ଵൌ ݏο݌ ൌ ݏሾ݌ ൅ ο݌ ൅ ο݌_ଵሺݐሻ െ ܨ_௞െ ߩ_௟݃ሺܪ ൅ ʹ݄ሻሿ

JG]LH)NRSLVXMH]PLDQ\FLĞQLHQLDZ\VWĊSXMąFHQDVNXWHN]PLDQ\NV]WDáWXPHQLVNXFLHF]\

ο݌ ൌ^ఘ௩_ଶ^೛೒^మ MHVW]PLDQąFLĞQLHQLDZ\VWĊSXMąFąQDVNXWHNSU]HSá\ZXFLHF]\SRQDGNDSLODUą

ο݌_ଵW MHVW UyĪQLFą FLĞQLHĔ Z\VWĊSXMąFą QD GáXJRĞFL NDSLODU\ ]ZLą]DQą ] SU]HSá\ZHP

JD]X Z F]DVLH Z]URVWX SĊFKHU]D 6SDGHN FLĞQLHQLD Z NDSLODU]H RV]DFRZDQR NRU]\VWDMąF

]]DOHĪQRĞFL ȟ݌ ൌ^଼ఓ^೒_௥^௛జ_మ ^೒Ǥ 3U]\ SUĊGNRĞFL JD]X YJ PV VSDGHN FLĞQLHQLD Z\QRVL

3D 3R RGHUZDQLX VLĊ SĊFKHU]D FLĞQLHQLH Z NDSLODU]H Z\UyZQXMH VLĊ Z F]DVLH Ĳ 1D

SRGVWDZLHSRUyZQDQLDZ\QLNyZV\PXODFML]Z\QLNDPLSRPLDUyZZSLHUZV]HMID]LHUXFKX

FLHF]\ Z NDSLODU]H ZLHONRĞü F]DVX Ĳ RV]DFRZDQR QDVWĊSXMąFR Ĳ V :LHONRĞü

ο݌_ଵ]DSLVDQRZSRVWDFL

ο݌_ଵሺݐሻ ൌ ൜ሺͲǤͲͲ͹ െ ݐሻ ȉ ͲǤͷ ȉ ݌݃݀ݕሺͲǤͲͲ͹ െ ݐሻ ൐ Ͳ

Ͳ݃݀ݕሺͲǤͲͲ͹ െ ݐሻ ൏ Ͳ

:VSyáF]\QQLNSRZRGXMHĪHο݌_ଵൌ ͳͻܲܽGODW

$QDOL]DNODWHNILOPXZ\NRQDQHJRNDPHUąGRV]\ENLFK]GMĊüSRND]XMHĪHNV]WDáWPHQLVNX

]PLHQLDVLĊQLH]QDF]QLHZF]DVLH1DU\VSRND]DQRVFKHPDW\F]QLH]PLDQ\NV]WDáWXPHQLVNX

Z]DOHĪQRĞFLRGNLHUXQNXUXFKXFLHF]\

5\V=PLDQDNV]WDáWXSRZLHU]FKQLUR]G]LDáXID]Z]DOHĪQRĞFLRGNLHUXQNXUXFKXFLHF]\

(5)

02'(/2:$1,(58&+8&,(&=<:.$3,/$5=(32'&=$62'5<:$1,$6,ĉ3ĉ&+(5=$«

6LáĊ)N]DSLVDQRZSRVWDFL

ܨ_௞ൌ ܥ_௞_௥^ఙ

೚

JG]LHܥ_௞ൌ ൜ ͲǤͷͷyá

ͲǤͷ͵×¸

6LáĊ)RSLVXMąFąRSyUSU]HSá\ZXFLHF]\SU]H]G\V]ĊRV]DFRZDQRQDSRGVWDZLHUyZQDQLD

+DJHQD3RLVHXLOOHCDZáDĞFLZHJRGODMHGQRNLHUXQNRZHJRXVWDORQHJRSU]HSá\ZXFLHF]\SU]H]

NDQDáRSU]HNURMXNRáRZ\P:W\PSU]\SDGNXVSDGHNFLĞQLHQLHQDGáXJRĞFLNDQDáXRSLVDQ\

MHVW]DOHĪQRĞFLą

ȟ݌ ൌ^଼ఓ௛జ_௥_మ^೗

6LáĊQLH]EĊGQąGRSRNRQDQLDUyĪQLF\FLĞQLHQLDȟ݌]DSLVDQRZSRVWDFL

ܨ_ଶൌ ܥ_௢ͺߨߤ݄^ௗ௛_ௗ௧

JG]LH &R XZ]JOĊGQLD Z]URVW RSRUX Z\QLNDMąF\ ]H ]MDZLVN Z\VWĊSXMąF\FK X Z\ORWX

UXUNL

=D >@ SU]\MĊWR ĪH PDVD FLHF]\ XF]HVWQLF]ąFD Z UXFKX Z\ZRáDQ\P ]DOHZDQLHP G\V]\

MHVW ZLĊNV]D RG PDV\ FLHF]\ ]DZDUWHM Z G\V]\ =DáRĪRQR ĪH Z UXFKX FLHF]\ XF]HVWQLF]\

UyZQLHĪFLHF]]QDMGXMąFDVLĊZSREOLĪXZ\ORWX G\V]\0DVĊFLHF]\XF]HVWQLF]ąFHMZUXFKX

RSLVDQR]DOHĪQRĞFLą

݉_௟ൌ ܣߩ_௟ݏ݄ ൅ ሺܽ െ ܾݒሻߩ_௟^ସ_ଷߨݎ_௢^ଷ

JG]LHQDSRGVWDZLHZ\QLNyZHNVSHU\PHQWDOQ\FKSU]\MĊWRD LE

6LáDOHSNRĞFLSRZRGXMHĪHZNDSLODU]HZ\VWĊSXMHSDUDEROLF]Q\UR]NáDGSUĊGNRĞFLFLHF]\

GODWHJR Z UXFKX XF]HVWQLF]\ MHG\QLH F]ĊĞü PDV\ FLHF]\ FR XZ]JOĊGQLRQR SU]\MPXMąF ĪH

$ >@/HZąVWURQĊUyZQDQLD]DSLVDQRZSRVWDFL

_ௗ௧^ௗቀ݉_௟^ௗ௛_ௗ௧ቁ ൌ ቀܣߩ_௟ݏ^ௗ௛_ௗ௧െ ܾߩ_௟^ସ_ଷߨݎ_௢^{ଷ ௗ}_ௗ௧^మ^௛_మቁ^ௗ௛_ௗ௧൅ ݉_௟^ௗ_ௗ௧^మ^௛_మ

3RSU]HNV]WDáFHQLDFKRWU]\PDQR

^ௗ_ௗ௧^మ^௛_మ ൌ_௠^ଵ

೗כቄݏ ቂ݌ ൅ ο݌ ൅ ο݌_ଵሺݐሻ െ ܥ_௞_௥^ఙ

೚െ ߩ_௟݃ሺܪ ൅ ʹ݄ሻቃ െ ܥ_௢ͺߨߤ݄^ௗ௛_ௗ௧െ ܣߩ_௟ݏ^ௗ௛_ௗ௧^ௗ௛_ௗ௧ቅ

8NáDG UyZQDĔ VNáDGDMąF\ VLĊ ] UyZQDĔ L UR]ZLą]DQR QXPHU\F]QLH

]Z\NRU]\VWDQLHP SURJUDPX 6&,/$% 1D U\V SRND]DQR SRUyZQDQLH Z\QLNyZ V\PXODFML

]Z\QLNDPLX]\VNDQ\PL]HNVSHU\PHQWX

(6)

5026'25)7:<6=.2:6.,

5\V3RUyZQDQLHZ\QLNyZHNVSHU\PHQWDOQ\FK]Z\QLNDPLV\PXODFMLOLQLDSU]HU\ZDQD

±Z\QLNLSRPLDUyZHNVSHU\PHQWDOQ\FKD]PLDQDSRáRĪHQLDJUDQLF\UR]G]LDáXID]Z

NDSLODU]HESUĊGNRĞüFLHF]\ZNDSLODU]H

1DU\VSRND]DQRSRUyZQDQLH]PLHU]RQ\FKZHNVSHU\PHQFLH]PLDQFLĞQLHQLDZXNáDG]LH

]DVLODQLD]Z\QLNDPLX]\VNDQ\PL]]DVWRVRZDQLHPPRGHOX

5\V3RUyZQDQLH]PLDQFLĞQLHQLDZXNáDG]LH]DVLODQLD]Z\QLNDPLX]\VNDQ\PL ]PRGHOX

:Sá\Z]PLDQFLĞQLHQLDZ\ZRáDQHJRSU]HSá\ZHPFLHF]\SRQDGNDSLODUąQD]PLDQĊF]DVX

RF]HNLZDQLDQDSRMDZLHQLHVLĊSĊFKHU]DSRND]DQRQDU\V

(7)

02'(/2:$1,(58&+8&,(&=<:.$3,/$5=(32'&=$62'5<:$1,$6,ĉ3ĉ&+(5=$«

5\V=PLDQ\F]DVXRF]HNLZDQLDQDQDVWĊSQ\SĊFKHU]ZIXQNFML]PLDQ\FLĞQLHQLD K\GURVWDW\F]QHJRFLĞQLHQLHZFLHF]\±FLĞQLHQLHK\GURVWDW\F]QH

32'6802:$1,(

:\QLNL V\PXODFML SR]ZDODMą QD RNUHĞOHQLH ZSá\ZX UyĪQ\FK SDUDPHWUyZ XNáDGX QD F]DV

RF]HNLZDQLDQDSĊFKHU]8VWDORQRĪH

Z]URVWREMĊWRĞFLXNáDGX]DVLODQLD]ZLĊNV]DF]DVRF]HNLZDQLD

Z]URVWQDSLĊFLDSRZLHU]FKQLRZHJR]ZLĊNV]DF]DVRF]HNLZDQLD

Z]URVWĞUHGQLF\G\V]\]PQLHMV]DF]DVRF]HNLZDQLD

Z]URVWFLĞQLHQLDK\GURVWDW\F]QHJRSRZRGXMHZ]URVWF]DVXRF]HNLZDQLD

:]DOHĪQRĞFL RG NLHUXQNX SU]HSá\ZX FLHF]\ SRQDG Z\ORWHP G\V]\ F]DV RF]HNLZDQLD QD

QDVWĊSQ\SĊFKHU]PRĪHVLĊ]ZLĊNV]DüOXE]PQLHMV]DüU\V

/,7(5$785$

/XHZLVXWWKLFKDW : 7VXWVXPL $ <RVKLGD . &KDRWLF K\GURG\QDPLFV RI FRQWLQXRXV

VLQJOHEXEEOHIORZV\VWHPV&KHPLFDO(QJLQHHULQJ6FLHQFH9RO1RS

2JX]+13URVSHUHWWL$'\QDPLFVRIEXEEOHJURZWKDQGGHWDFKPHQWIURPDQHHGOH

-RXUQDORI)OXLG0HFKDQLFV9ROS

+XJKHV55+DQGORV$((YDQV+'0D\FRFN5/7KHIRUPDWLRQRIEXEEOHVDW

VLPSOHRULILFHV&KHPLFDO(QJLQHHULQJ3URJUHVV9RO1RS

'DYLGVRQ / $PLFN ( )RUPDWLRQ RI JDV EXEEOHV DW KRUL]RQWDO RULILFHV $,&K(

-RXUQDO9ROS

6DQDGD 7 :DWDQDEH 0 )XNDQR 7 .DUL\DVDNL $ %HKDYLRU RI D VLQJOH FRKHUHQW JDV

EXEEOH FKDLQ DQG VXUURXQGLQJ OLTXLG MHW IORZ VWUXFWXUH &KHPLFDO (QJLQHHULQJ

6FLHQFH9RO1RS

=KDQJ / 6KRML 0 $SHULRGLF EXEEOH IRUPDWLRQ IURP D VXEPHUJHG RULILFH &KHPLFDO

(QJLQHHULQJ6FLHQFH9RO1RS

*HUODFK ' $OOHERUQ 1 %XZD 9 'XUVW ) 1XPHULFDO VLPXODWLRQ RI SHULRGLF EXEEOH

IRUPDWLRQ DW D VXEPHUJHG RULILFH ZLWK FRQVWDQW JDV IORZ UDWH &KHPLFDO (QJLQHHULQJ

6FLHQFH9ROS

(8)

5026'25)7:<6=.2:6.,

%DGDP 9. %XZD 9 'XUVW ) ([SHULPHQWDO LQYHVWLJDWLRQV RI UHJLPHV RI EXEEOH

IRUPDWLRQ RQ VXEPHUJHG RULILFHV XQGHU FRQVWDQW IORZ FRQGLWLRQ &DQDGLDQ -RXUQDO RI

&KHPLFDO(QJLQHHULQJ9ROS

%XZD 99 *HUODFK ' 'XUVW ) 6FKOFNHU ( 1XPHULFDO VLPXODWLRQV RI EXEEOH

IRUPDWLRQ RQ VXEPHUJHG RULILFHV 3HULRG DQG SHULRG EXEEOLQJ UHJLPHV &KHPLFDO

(QJLQHHULQJ6FLHQFH9ROS

5X]LFND0&%XQJDQLF5'UDKRV-0HQLVFXVG\QDPLFVLQEXEEOHIRUPDWLRQ3DUW,,

0RGHO&KHPLFDO(QJLQHHULQJ5HVHDUFKDQG'HVLJQ9ROS

02'(/,1*2)/,48,'029(0(17

,16,'(7+(&$3,//$5<78%(

$)7(5*$6%8%%/('(3$5785(

6XPPDU\,QWKHSDSHUWKHOLTXLGPRYHPHQWLQVLGHWKHFDSLOODU\WXEHXVHGIRU EXEEOHJHQHUDWLRQKDVEHHQQXPHULFDOO\VLPXODWHG7KHOLTXLGPRYHPHQWKDVEHHQ

GHVFULEHGE\QRQOLQHDUHTXDWLRQEDVHGRQ1HZWRQUROHZLWKFRQVLGHUDWLRQRIJDV

HTXDWLRQ VXUIDFH WHQVLRQ DQG YLVFRVLW\ IRUFH 5HVXOWV RI VLPXODWLRQ KDV EHHQ

FRPSDUHGZLWKH[SHULPHQWDOUHVXOWV,QWKHH[SHULPHQWWKHOLTXLGPRYHPHQWKDV

EHHQ UHFRUGHG XVLQJ WKH KLJK VSHHG FDPHUD LQ JODVV FDSLOODU\ WXEH *RRG

DJUHHPHQWZLWKH[SHULPHQWDOGDWDKDVEHHQREWDLQHG

3UDFD ILQDQVRZDQD Z UDPDFK JUDQWX 0LQLVWHUVWZD 1DXNL L 6]NROQLFWZD :\ĪV]HJR

11

02'(/2:$1,(5

02'(/2:$1,(58&+8&,(&=<:.$3,/$5=(

322'(5:$1,86,ĉ3ĉ&+(5=$*$=2:(*2

5

0



7

:

02'(/,1*2)/,48,'029(0(17

,16,'(7+(&$3,//$5<78%(

$)7(5*$6%8%%/('(3$5785(

322'(5:$1,86,ĉ3ĉ&+(5=$$=2:(2