Notater
Birger Strøm
MSG-6
Utslippsmodellens lignings- struktur
Teknisk dokumentasjon
Forskningsavdelingen/Seksjon for makroøkonomi
Innhold
,QQOHGQLQJ
%HUHJQLQJDYNRPPXQDOHDYIDOOVPHQJGHU 8WVOLSSDYNOLPDJDVVHUVRPRPIDWWHVDY.\RWRSURWRNROOHQ 8QQWDNIUDKRYHGUHJHOHQ 8WVOLSSDYNDUERQGLRNVLG 8WVOLSSDYPHWDQHNVNOXVLYHXWVOLSSNQ\WWHWWLODYIDOOVGHSRQHULQJ 8WVOLSSDYO\VWJDVV 8WVOLSSDYK\GURIOXRUNDUERQHU 8WVOLSSDYSHUIOXRUNDUERQHU 8WVOLSSDYVYRYHOKH[DIOXRURLGHU 8WVOLSSDYPHWDQNQ\WWHWWLODYIDOOVGHSRQHULQJ 2SSVXPPHULQJDYNOLPDJDVVHURPIDWWHWDY.\RWRSURWRNROOHQ
YULJHXWVOLSSVNRPSRQHQWHU 8WVOLSSWLONQ\WWHWDYIDOOVEHKDQGOLQJ 8WVOLSSDYVYRYHOGLRNVLG 8WVOLSSDYQLWURJHQRNVLGHU 8WVOLSSDYDPPRQLDNN 8WVOLSSDYIO\NWLJHRUJDQLVNHIRUELQGHOVHUXWHQRPPHWDQ 8WVOLSSDYNDUERQPRQRNVLG 8WVOLSSDYVYHYHVW¡Y 9DULDEHOOLVWHRJDJJUHJHULQJVQLYn 9DULDEHOOLVWHRJYDULDEHONODVVLILNDVMRQ /LVWHULGRNXPHQWHW 5HIHUDQVHU 'HVLVWXWJLWWHSXEOLNDVMRQHQHLVHULHQ1RWDWHU
1 Innledning
6LGHQKDU6WDWLVWLVNVHQWUDOE\UnPHGMHYQHPHOORPURPSUHVHQWHUWIUDPVNULYQLQJHUDYXWVOLSSWLOOXIW IRUHQUHNNHIRUXUHQVQLQJVNRPSRQHQWHU%HUHJQLQJHQHHUI¡UVWRJIUHPVWXWI¡UWYHGKMHOSDYXOLNH
YDULDQWHUDYGHQJHQHUHOOHOLNHYHNWVPRGHOOHQ06*%HUHJQLQJVPHWRGHQHHUQnHQGUHWLIRUKROGWLOHQ WLGOLJHUHYHUVMRQDYXWVOLSSVPRGHOOHQVRPHUGRNXPHQWHUWL%UHQGHPRHQ+DQVHQRJ/DUVHQ (WWHUGHWLQWHUQDVMRQDOHNOLPDP¡WHL.\RWRL-DSDQLKDUPDQRJVnXWYLGHWDQWDOO
IRUXUHQVQLQJVNRPSRQHQWHULPRGHOOHQYHGnLQQDUEHLGHDOOHNOLPDJDVVHQHRPWDOWL.\RWRSURWRNROOHQ 'HWWHQRWDWHWJLUHQWHNQLVNEHVNULYHOVHDYKYRUGDQIUDPVNULYQLQJHQDYXWVOLSSVRJDYIDOOVPHQJGHUQn HULPSOHPHQWHUWLGHQJHQHUHOOHOLNHYHNWVPRGHOOHQ06*%HVNULYHOVHQEDVHUHUVHJSnPHWRGHU XWDUEHLGHWDY7RUVWHLQ$UQH%\HRJ.DULQ,EHQKROWYHGVHNVMRQIRUUHVVXUVRJPLOM¡¡NRQRPLL6WDWLVWLVN VHQWUDOE\Un)RUHQQ UPHUHEHVNULYHOVHDYGDWDRJWHRUHWLVNJUXQQODJYLVHVWLO%\H+DQVHQRJ6WU¡P ,EHQKROWVDPW%UXYROORJ,EHQKROW
6WDWLVWLNNHQVRPIUDPVNULYQLQJHQHEDVHUHVSnSURGXVHUHVKRYHGVDNHOLJL6WDWLVWLVNVHQWUDOE\UnYHG VHNVMRQIRUPLOM¡VWDWLVWLNN0HWRGHURJGDWDJUXQQODJHUEHVNUHYHWL)OXJVUXG*MHUDOG+DDNRQVHQ +ROWVNRJ+¡LH5\SGDO7RUQVM¡RJ:HLGHPDQQ(QEHVNULYHOVHDYXOLNHW\SHUIRU
DYIDOOVJHQHUHULQJHUJLWWL6NRJHVDO6NXOOHUXGRJ9LQMX0RQD,UHQH+DQVHQ.HWLO )OXJVUXGRJ.DULQ,EHQKROWKDUWLOUHWWHODJWVWDWLVWLNNHQIRUEUXNL06*PRGHOOHQ
8WVOLSSVPRGHOOHQHUXWDUEHLGHWVRPHQHJHQPRGXOVRPPDQYHGQRHQHQNOHJUHSNDQLPSOHPHQWHUHL 06*PRGHOOHQGHUVRPPDQ¡QVNHUnIRNXVHUHSnPLOM¡PHVVLJHSUREOHPVWLOOLQJHU)RUNOLPDJDVVHQH QHGIHOWL.\RWRSURWRNROOHQHUGHWLQQDUEHLGHWPXOLJKHWHUIRUnDYJLIWVEHOHJJHXWVOLSSHQHL06*
PRGHOOHQVRPEHVNUHYHWL6WU¡P0DQNDQVLPXOHUHXWVOLSSVPRGHOOHQVRPHQLQWHJUHUWGHODY 06*PRGHOOHQRJHQGRJHQLVHUHDYJLIWVVDWVHUNQ\WWHWWLOXWVOLSSDYNOLPDJDVVHURJVDPWLGLJOHJJH UHVWULNVMRQHUSnQLYnHWIRUWRWDOHXWVOLSSDYNOLPDJDVVHU'HWHUHWWHU¡QVNHIUDHNVWHUQHEUXNHUHODJWLQQ HWWEUHGWVSHNWHUDYPRGHOOHNVRJHQHSDUDPHWHUHVRPJM¡UGHWPXOLJnRYHUVW\UHVLPXOHULQJVUHVXOWDWHQH 06*PRGHOOHQVPRGHOOJUXQQODJKHQWHVIUDGHWnUOLJHQDVMRQDOUHJQVNDSHW0RGHOOJUXQQODJHWIRU XWVOLSSWLOOXIWEDVHUHUVHJLVWRUJUDGSnHQHUJLUHJQVNDSHWVWDOOIRUEUXNHQDYIRVVLOHHQHUJLE UHUH 0RGHOOHQVKRYHGUHJHOHUDWDOOHXWVOLSSNQ\WWHVWLOXWYLNOLQJHQLHQ¡NRQRPLVNYDULDEHOEHVNUHYHWPHG QDVMRQDOUHJQVNDSHWVWDOOYHGHQXWVOLSSVNRHIILVLHQW0HWRGHQDQWDULPSOLVLWWDWQDVMRQDOUHJQVNDSHWVWDOO JMHQVSHLOHUHQHUJLUHJQVNDSHW8QQWDNHQHIUDKRYHGUHJHOHQHUVSHVLILVHUWLQRWDWHW
,PRGHOOHQKDUYDULDEOHQHQRWDVMRQHQQnUGHHUPnOWLVLQEDVLVnUVYHUGL
2 Beregning av kommunale avfallsmengder
'HWWHNDSLWWHOHWJLUHQWHNQLVNEHVNULYHOVHDYKYRUGDQNRPPXQDOHDYIDOOVPHQJGHUJHQHUHUHVL06*
(QQ UPHUHEHVNULYHOVHDYPHWRGHURJGDWDNLOGHUHUJLWWL,EHQKROWVDPWL%\HHWDO .RPPXQDOH$YIDOOVPHQJGHUJHQHUHUHVYLDYROXPXWYLNOLQJHQL06*PRGHOOHQV¡NRQRPLVNHYDULDEOH IRU%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9RJ+XVKROGQLQJHUV.RQVXP&
:$6;M =6:$6*(1; ¼6:$6;Ma:$6M; ;M M³36
Ê
³
=
36
M :$6;M
:$6;
:$69M =6:$6*(19¼6:$69Ma:$6M9 9M M³369
:$696=:$69&+:$698
Ê
³
=
36
M :$69M
:$69
:$66M =:$6;M +:$69M M³36
:$6&M =6:$6*(1&¼6:$6&Ma:$6M& &M -&.M M³&3 :$6&= M
Ê
³&3:$6&M:$6=:$6; +:$69 +:$6&
6\PEROHU
&M +XVKROGQLQJHQHV.RQVXPLNRQVXPVHNWRUMLIDVWHNM¡SHUSULVHU
&.M +XVKROGQLQJHQHVNM¡SDYEUXNWUHDONDSLWDOLNRQVXPVHNWRUMLIDVWHSULVHU 6:$6&M 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO+XVKROGQLQJHQHV.RQVXPL
NRQVXPVHNWRUM
6:$6*(1& 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO+XVKROGQLQJHQHV
.RQVXP
6:$6*(19 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO9DUHLQQVDWVHOOHUV 6:$6*(1; 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO3URGXNVMRQVSURVHVVHU 6:$69M 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO9DUHLQQVDWVHOOHUVL
SURGXNVMRQVVHNWRUM
6:$6;M 7HNQRORJLSDUDPHWHUIRU$YIDOOVPHQJGHUNQ\WWHWWLO%UXWWRSURGXNVMRQL SURGXNVMRQVVHNWRUM
9M 9DUHLQQVDWVHOOHUVLSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU :$6 7RWDO.RPPXQDO$YIDOOPHQJGHPnOWLDQWDOOWRQQ
:$6& 7RWDO.RPPXQDO$YIDOOVPHQJGHJHQHUHUWIUD+XVKROGQLQJHQHV.RQVXPPnOWL DQWDOOWRQQ
:$6&M $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD+XVKROGQLQJHQHV.RQVXPL NRQVXPVHNWRUM
:$66M 7RWDO.RPPXQDO$YIDOOVPHQJGHJHQHUHUWIUDSURGXNVMRQVVHNWRUMPnOWLDQWDOO :$69 WRQQ 7RWDO.RPPXQDO$YIDOOVPHQJGHJHQHUHUWIUD9DUHLQQVDWVHOOHUVPnOWLDQWDOO :$69M WRQQ $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD9DUHLQQVDWVHOOHUVL
SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWM
:$6; 7RWDO.RPPXQDO$YIDOOVPHQJGHJHQHUHUWIUD3URGXNVMRQVSURVHVVHU :$6;M $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD3URGXNVMRQVSURVHVVHQL
SURGXNVMRQVVHNWRUM
;M %UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUMLIDVWHVHOJHUSULVHU
&
a:$6M )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORP$YIDOOVPHQJGHLDQWDOOWRQQRJ +XVKROGQLQJHQHV.RQVXPLPLOOLRQHUNURQHUNRHIILVLHQW
:$6M9
a )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORP$YIDOOVPHQJGHLDQWDOOWRQQ RJ9DUHLQQVDWVHOOHUVLPLOOLRQHUNURQHUNRHIILVLHQW
:$6M;
a )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORP$YIDOOVPHQJGHLDQWDOOWRQQ RJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHUNRHIILVLHQW
3 Utslipp av klimagasser som omfattes av Kyotoprotokollen
$YVQLWWHWEHVNULYHULPSOHPHQWHULQJHQDYNOLPDJDVVHQH06*NRGHULSDUHQWHV.DUERQGLRNVLG&2 0HWDQ&+/\VWJDVV12+\GURIOXRUNDUERQHU+)&3HUIOXRUNDUERQHU3)&RJ6YRYHO
+H[DIOXRURLGHU6)'LVVHNOLPDJDVVHQHPnOHVLPRGHOOHQLDQWDOOWRQQ&2HNYLYDOHQWHU9LVNLOOHU XWPHWDQNQ\WWHWWLODYIDOOVGHSRQHULQJVRPHJHQNDWHJRUL&+$.DWHJRULHQ&+GHNNHUGDDOOHDQGUH PHWDQXWVOLSS,PRGHOOHQNQ\WWHVXWVOLSSHQHWLOGHUHVUHOHYDQWH¡NRQRPLVNHYDULDEOHPHGXQQWDNDY PHWDQXWVOLSSIUDDYIDOOVGHSRQHULQJVRPDYOHGHVIUDGHEHUHJQHGHDYIDOOVPHQJGHU
8QQWDNIUDKRYHGUHJHOHQ
,XWJDQJVSXQNWHWHUDOOHXWVOLSSDYNOLPDJDVVHULHQUHVSHNWLYVHNWRUNQ\WWHWWLOXWYLNOLQJHQLHQDY VHNWRUHQV¡NRQRPLVNHYDULDEOH,%\HHWDOVSHVLILVHUHVGHWDOOLNHYHOQRHQWLOIHOOHUVRPDYYLNHU IUDGHQQHKRYHGUHJHOHQ,GLVVHWLOIHOOHQHHUQRHQXWVOLSSHQWHQJLWWVRPHWHNVRJHQWWLOOHJJWLOVHNWRUHQV
¡YULJHXWVOLSSHOOHUGHI¡OJHUXWYLNOLQJHQLYDULDEOHVRPLNNHGLUHNWHNDQNQ\WWHWWLOVHNWRUHQ+HUI¡OJHU PRGHOOHULQJHQDYXQQWDNHQHKYRUXWVOLSSLHQVHNWRUVRPHUWLONQ\WWHWDOWHUQDWLYHYDULDEOH
3URVHVVXWVOLSSDY.DUERQGLRNVLGLYHLWUDQVSRUWRJYDUHKDQGHOIUDPVNULYHVPHGWRWDOWWUDQVSRUWROMH IRUEUXN'HWWHHUIRUGDPSQLQJVXWVOLSSIUDODJULQJDYEHQVLQRJWDQNLQJSnEHQVLQVWDVMRQHU
3URVHVVXWVOLSSDY.DUERQGLRNVLGLWUDGLVMRQHOWILVNHVWDPPHUIUDNDONLQJDYYDVVGUDJRJI¡OJHU XWYLNOLQJHQLWRWDOHXWVOLSSDY6YRYHOGLRNVLG
75$162/=2/+ +2/&+2/$+ +2/$&
M M M &2 (;M
75$162/
75$162/
(;
6&2 6*(1
*(1 6&2 (;
&2 = ¼ ¼ M³^`
&2 (;
62 (; 62 6&2 6*(1
*(1 6&2 (;
&2 = ¼ ¼
6\PEROHU
&2(;M $QGUHXWVOLSSDY.DUERQGLRNVLGNQ\WWHWWLOSURGXNVMRQVVHNWRUMPnOWLDQWDOO 2OMN WRQQ )RUEUXNDY%HQVLQL RJ7UDQVSRUWROMHUL $VRPKHQKROGVYLV
9DUHLQQVDWVN +HOOHU+XVKROGQLQJHUV.RQVXPN &PnOWLWRQQ 6&2(;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLODQGUHXWVOLSSDY.DUERQGLRNVLGL
SURGXNVMRQVVHNWRUM
6&2*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY.DUERQGLRNVLG 6*(1M 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY.OLPDJDVVHU
RPIDWWHWDY.\RWRWSURWRNROOHQIRUSURGXNVMRQVVHNWRUM 62 7RWDOHXWVOLSSDY6YRYHOGLRNVLGPnOWLDQWDOOWRQQ 75$162/ )RUEUXNDY%HQVLQRJ7UDQVSRUWROMHUDQWDOOWRQQ
8WVOLSSNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDYDYIDOOHNVNOXVLYHPHWDQNQ\WWHWWLODYIDOOVGHSRQHULQJ I¡OJHUXWYLNOLQJHQLWRWDOHDYIDOOVPHQJGHURJI¡UHVWLOSURGXNVMRQVVHNWRUVRPLQNOXGHUHU
UHQRYDVMRQVWMHQHVWHU$QGUHXWVOLSSDY.DUERQGLRNVLGLVHNWRUEHVWnUDYWRNRPSRQHQWHULXWVOLSS VRPI¡OJHDYIRUEUHQQLQJRJGHSRQHULQJDYDYIDOORJLLXWVOLSSVRPI¡OJHUIUDNDONLQJDYLQGXVWULDYIDOO
&2 (;$
:$6 (; :$6 6&2 6*(1
*(1 6&2
$ (;
&2 = ¼ ¼
&2(; =&2(;$+&2(;.
&+ (;
:$6 (; :$6 6&+
6*(1
*(1 6&+
(;
&+ = ¼ ¼
1 2(;
:$6 2(; :$6 61 6*(1 2*(1
61 2(;
1 = ¼ ¼
1\HV\PEROHU
&+(;M $QGUHXWVOLSSDY0HWDQNQ\WWHWWLOSURGXNVMRQVVHNWRUMPnOWLDQWDOOWRQQ
&2HNYLYDOHQWHU
&2(;$ 8WVOLSSDY.DUERQGLRNVLGNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDY$YIDOOPnOWL DQWDOOWRQQ
&2(;. 8WVOLSSDY.DUERQGLRNVLGNQ\WWHWWLONDONLQJDY,QGXVWULDYIDOOPnOWLDQWDOOWRQQ 12(; 8WVOLSSDY/\VWJDVVNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDY$YIDOOPnOWL
DQWDOOWRQQ&2HNYLYDOHQWHU
6&+(;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLODQGUHXWVOLSSDY0HWDQL SURGXNVMRQVVHNWRUM
6&+*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY0HWDQ 612(;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLODQGUHXWVOLSSDY/\VWJDVVL
SURGXNVMRQVVHNWRUM
612*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY/\VWJDVV :$6 7RWDO.RPPXQDO$YIDOOVPHQJGHLDQWDOOWRQQ
8WVOLSSDYNDUERQGLRNVLG
8WVOLSSDY.DUERQGLRNVLGIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ +XVKROGQLQJHUV.RQVXP&
&2;M =6&2*(1¼6*(1M ¼6&2;M ¼k&2; M;M +&2(;M M³36?^`
*:+;
; )(
6&2
*(1 6&2
;
&2 = ¼ ¼g&2*:+ ¼
&2; = M
Ê
³36&2;M&2KM =6&2*(1¼6*(1M ¼6&2KM ¼k&2K MKM M³369K³^9)2)7`³3)
&2K6 =&2K&+&2K8 K³^9)2)7`³3)
Ê
³
=
36 M &2 KM
K
&2 K³^9)2)7`³3)
Ê
³
³
+
=
3) )7 )2 9
K M
M
M &2 ; &2 K 6
&2
`
^
M³36
&2&M =6&2*(1¼6&2&M¼k&2& M&M -&.M M³&3
&2&= M
Ê
³&3&2&M&2 &2 ; &2 K &2 &
3) )7 )2 9 K
`
^
+ +
=
Ê
³
³
1\HV\PEROHU
&M +XVKROGQLQJHQHV.RQVXPLNRQVXPVHNWRUMLIDVWHNM¡SHUSULVHU
&.M +XVKROGQLQJHQHVNM¡SDYEUXNWUHDONDSLWDOLNRQVXPVHNWRUMLIDVWHSULVHU
&2 $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGLDOW
&2& $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW+XVKROGQLQJHUV.RQVXP
&2&M $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW+XVKROGQLQJHUV.RQVXPL NRQVXPVHNWRUM
&2K $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW9DUHLQQVDWVDYIDNWRUK K³^9)2)7`³3)
&2KM $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW9DUHLQQVDWVDYIDNWRUKL SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
&26M $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHWSURGXNVMRQVVHNWRUM
&2; 7RWDOWDQWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW3URGXNVMRQVSURVHVVHU
&2;M $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW3URGXNVMRQVSURVHVVHQL SURGXNVMRQVVHNWRUM
)( (QHUJLXWQ\WWHOVHVJUDGYHGSURGXNVMRQDY*DVVNUDIW
)2M )RUEUXNDY)\ULQJVROMHUPYLSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU )7M )RUEUXNDY7UDQVSRUWROMHULSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU
*:+; 3URGXNVMRQDY*DVVNUDIWPnOWLDQWDOO*ZK
6&2&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY.DUERQGLRNVLGIUD+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
6&2KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW9DUHLQQVDWV DYIDNWRUKLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
6&2;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY.DUERQGLRNVLGWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
6&2; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY.DUERQGLRNVLGYHG SURGXNVMRQDY*DVVNUDIW
9M 9DUHLQQVDWVHOOHUVLSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU
;M %UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUMLIDVWHVHOJHUSULVHU
&2*:+
g $QWDOOWRQQXWVOLSSDY.DUERQGLRNVLGSHUSURGXVHUW*ZK*DVVNUDIWNRHIILVLHQW
&
M
&2
k )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY.DUERQGLRNVLGL DQWDOOWRQQRJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHUNRHIILVLHQW
K M
&2
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY.DUERQGLRNVLGL DQWDOOWRQQRJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHUNRHIILVLHQW
K³^9)2)7`³3)
; M
&2
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY.DUERQGLRNVLGL DQWDOOWRQQRJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHUNRHIILVLHQW
/HGGHW&2(;MEHVNULYHUXWVOLSSVRPLNNHNQ\WWHVRSSPRWHQDYVHNWRUHQV¡NRQRPLVNHYDULDEOH
%HKDQGOLQJHQDYOHGGHWIRUM³^`HUEHVNUHYHWLDYVQLWW)RU¡YULJLQQJnUOHGGHWL OLJQLQJHQHIRUM³^`3URVHVVXWVOLSSDY&2IUDPHWDQROIDEULNNHQJLVVRPHWHNVRJHQWWLOOHJJL
&2(;8WVOLSSDY&2IUDROMHRJJDVVXWYLQQLQJI¡OJHUHQSURJQRVHJLWWDY2('3URJQRVHQNDQRP PDQ¡QVNHUOHJJHVLQQHNVRJHQWL&2(;RJ&2(;VDPWLGLJVRPVHNWRUHQHVUHVSHNWLYH
WHNQRORJLSDUDPHWHUHQXOOVWLOOHVIRUnKLQGUHGREEHOWWHOOLQJ
8WVOLSSDYPHWDQHNVNOXVLYHXWVOLSSNQ\WWHWWLODYIDOOVGHSRQHULQJ
8WVOLSSDY0HWDQHNVNOXVLYHXWVOLSSNQ\WWHWWLO$YIDOOVGHSRQHULQJIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH
¡NRQRPLVNHYDULDEOHQHIRU%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)2 7UDQVSRUWROMHU)7RJ+XVKROGQLQJHUV.RQVXP&
&+;M =6&+*(1¼6*(1M¼6&+;M ¼k&+; M;M +&+(;M M³36?^`
*:+;
; )(
6&+
*(1 6&+
;
&+ = ¼ ¼g&+*:+ ¼
&+; = M
Ê
³36&+;M&+KM =6&+*(1¼6*(1M ¼6&+KM¼k&+K MKM M³369K³^9)2)7`³3)
&+K6=&+K&+&+K8 K³^9)2)7`³3)
Ê
³
=
36 M &+ KM
K
&+ K³^9)2)7`³3)
&+6M =&+;M +K³^9)2
Ê
)7&+`³3)KM M³36&+&M =6&+*(1¼6&+&M ¼k&+& M&M -&.M M³&3
Ê
³
=
&3 M &+ &M
&
&+
&+ &+ ; &+ K &+ &
3) )7 )2 9 K
`
^
+ +
= ³
Ê
³1\HV\PEROHU
&+ $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHULDOW
&+& $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW+XVKROGQLQJHUV .RQVXP
&+&M $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
&+K $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW9DUHLQQVDWVDYIDNWRU KK³^9)2)7`³3)
&+KM $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW9DUHLQQVDWVDYIDNWRU KLSURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
&+6M $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHWSURGXNVMRQVVHNWRUM
&+; 7RWDOWDQWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHU
&+;M $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
6&+&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY0HWDQIUD+XVKROGQLQJHUV.RQVXPL NRQVXPVHNWRUM
6&+KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY0HWDQWLONQ\WWHW9DUHLQQVDWVDYIDNWRU KLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
6&+;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY0HWDQWLONQ\WWHW%UXWWRSURGXNVMRQL SURGXNVMRQVVHNWRUM
6&+; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY0HWDQYHGSURGXNVMRQDY*DVVNUDIW
&+ *:+
g $QWDOOWRQQXWVOLSSDY0HWDQL&2HNYLYDOHQWHUSHUSURGXVHUW*ZK*DVVNUDIW NRHIILVLHQW
&
M
&+
k )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY0HWDQL
DQWDOOWRQQ&2HNYLYDOHQWHURJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHU NRHIILVLHQW
K M
&+
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY0HWDQL
DQWDOOWRQQ&2HNYLYDOHQWHURJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHU NRHIILVLHQWK³^9)2)7`³3)
; M
&+
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY0HWDQL DQWDOOWRQQ&2HNYLYDOHQWHURJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHU
NRHIILVLHQW
/HGGHW&+(;MEHVNULYHUXWVOLSSVRPLNNHNQ\WWHVRSSPRWHQDYVHNWRUHQV¡NRQRPLVNHYDULDEOH
%HKDQGOLQJHQDYOHGGHWIRUM³^`HUEHVNUHYHWLDYVQLWWRJRPKDQGOHUXWVOLSSNQ\WWHWWLODYIDOO)RU
¡YULJLQQJnUOHGGHWLOLJQLQJHQHIRUM³^`3URVHVVXWVOLSSDY&+HUNQ\WWHWWLOOHNNDVMHUIUD NXOOJUXYHUSn6YDOEDUGRJOHJJHVLQQHNVRJHQWL&+(;8WVOLSSDY&+IUDROMHRJJDVVXWYLQQLQJ I¡OJHUHQSURJQRVHJLWWDY6)73URJQRVHQNDQRPPDQ¡QVNHUOHJJHVLQQHNVRJHQWL&+(;RJ
&+(;VDPWLGLJVRPVHNWRUHQHVUHVSHNWLYHWHNQRORJLSDUDPHWHUHQXOOVWLOOHVIRUnKLQGUHGREEHOWWHOOLQJ
8WVOLSSDYO\VWJDVV
8WVOLSSDY/\VWJDVVIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU%UXWWRSURGXNVMRQ
;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ+XVKROGQLQJHUV.RQVXP&
12;M =612*(1¼6*(1M ¼612;M ¼k1;2M;M +12(;M M³36?^`
*:+;
2; )(
61 2*(1 61
2;
1 = ¼ ¼g*:+1 2 ¼
Ê
³
=
36
M 1 2;M
2;
1
12KM =612*(1¼6*(1M¼612KM ¼k1K2MKM M³369 K³^9)2)7`³3)
12K6 =12K&+12K8 K³^9)2)7`³3)
12K= M
Ê
³3612KM K³^9)2)7`³3)
Ê
³
³
+
=
3) )7 )2 9
K M
M
M 1 2; 1 2K
26 1
`
^
M³36
12&M =612*(1¼612&M¼k1&2M&M -&.M M³&3
Ê
³
=
&3
M 1 2&M
2&
1
1 2 1 2; 1 2K 1 2&
3) )7 )2 9 K
`
^
+ +
= ³
Ê
³1\HV\PEROHU
12 $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHULDOW
12& $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW+XVKROGQLQJHUV .RQVXP
12&M $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
12K $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW9DUHLQQVDWVDY IDNWRUKK³^9)2)7`³3)
12KM $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW9DUHLQQVDWVDY IDNWRUKLSURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
126M $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHWSURGXNVMRQVVHNWRU 12; M 7RWDOWDQWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW
3URGXNVMRQVSURVHVVHU
12;M $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
612&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY/\VWJDVVIUD+XVKROGQLQJHUV.RQVXP LNRQVXPVHNWRUM
612KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY/\VWJDVVWLONQ\WWHW9DUHLQQVDWVDY IDNWRUKLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
612;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY/\VWJDVVWLONQ\WWHW%UXWWRSURGXNVMRQL SURGXNVMRQVVHNWRUM
612; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY/\VWJDVVYHGSURGXNVMRQDY
*DVVNUDIW
*:+2
1
g $QWDOOWRQQXWVOLSSDY/\VWJDVVL&2HNYLYDOHQWHUSHUSURGXVHUW*ZK
*DVVNUDIWNRHIILVLHQW
&
2M
k1 )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY/\VWJDVVL
DQWDOOWRQQ&2HNYLYDOHQWHURJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHU NRHIILVLHQW
K 2M
k1 )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY/\VWJDVVL DQWDOOWRQQ&2HNYLYDOHQWHURJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHU
NRHIILVLHQWK³^9)2)7`³3)
; 2M
k1 )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY/\VWJDVVL DQWDOOWRQQ&2HNYLYDOHQWHURJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHU
NRHIILVLHQW
/HGGHW12(;MHUNXQODJWLQQIRUM³^`RJRPKDQGOHUXWVOLSSNQ\WWHWWLODYIDOOVRPEHVNUHYHWL DYVQLWW
8WVOLSSDYK\GURIOXRUNDUERQHU
8WVOLSSDY+\GURIOXRUNDUERQHUIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;RJ+XVKROGQLQJHUV.RQVXP&
+)&;M =6+)&*(1¼6*(1M ¼6+)&;M¼k+)&M; ;M M³36
+)&; = M
Ê
³36+)&;M+)&6M =+)&;M M³36
+)&&M =6+)&*(1¼6+)&&M ¼k&+)&M&M -&.M M³&3
+)&&= M
Ê
³&3+)&&M +)&=+)&; ++)&&1\HV\PEROHU
+)& $QWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHULDOW +)&& $QWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW
+XVKROGQLQJHUV.RQVXP
+)&&M $QWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW +XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUM
+)&6M $QWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW SURGXNVMRQVVHNWRUM
+)&; 7RWDOWDQWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHU
+)&;M $QWDOOWRQQXWVOLSSDY+\GURIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
6+)&&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY+\GURIOXRUNDUERQHUIUD +XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUM
6+)&*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY +\GURIOXRUNDUERQHU
6+)&;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY+\GURIOXRUNDUERQHUWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
&
+)&M
k )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY+\GURIOXRUNDUERQHUL DQWDOOWRQQ&2HNYLYDOHQWHURJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHU NRHIILVLHQW
+)&M;
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY
+\GURIOXRUNDUERQHULDQWDOOWRQQ&2HNYLYDOHQWHURJ%UXWWRSURGXNVMRQL PLOOLRQHUNURQHUNRHIILVLHQW
8WVOLSSDYSHUIOXRUNDUERQHU
8WVOLSSDY3HUIOXRUNDUERQHUIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;
3)&;M =63)&*(1¼6*(1M ¼63)&;M ¼k3)&M; ;M M³36
3)&; = M
Ê
³363)&;M3)&6M =3)&;M M³36
3)&=3)&;
1\HV\PEROHU
3)& $QWDOOWRQQXWVOLSSDY3HUIOXRUNDUERQHUL&2HNYLYDOHQWHULDOW 3)&6M $QWDOOWRQQXWVOLSSDY3HUIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW
SURGXNVMRQVVHNWRUM
3)&; 7RWDOWDQWDOOWRQQXWVOLSSDY3HUIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHU
3)&;M $QWDOOWRQQXWVOLSSDY3HUIOXRUNDUERQHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
63)&*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY 3HUIOXRUNDUERQHU
63)&;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY3HUIOXRUNDUERQHUWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
3)&M;
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY
3HUIOXRUNDUERQHULDQWDOOWRQQ&2HNYLYDOHQWHURJ%UXWWRSURGXNVMRQL PLOOLRQHUNURQHUNRHIILVLHQW
8WVOLSSDYVYRYHOKH[DIOXRURLGHU
8WVOLSSDY6YRYHO+H[DIOXRURLGHUIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;
6);M =66)*(1¼6*(1M¼66);M¼k6);M;M M³36?^`
6); =66)*(1¼6*(1¼66);¼g6)*:+¼*:+;33 +*:+; +*:+;
Ê
³
=
36
M 6) ;M
;
6)
6)6M =6);M +K³^9)2
Ê
)76)`³3)KM M³366)=6);
1\HV\PEROHU
*:+;33 *MHQQRPVQLWWOLJSURGXNVMRQVNDSDVLWHWIRUSURGXNVMRQDY9DQQNUDIWPnOWLDQWDOO
*:+; *ZK 3URGXNVMRQDY2YHUI¡ULQJVWMHQHVWHUPnOWLDQWDOO*ZK
*:+; 3URGXNVMRQDY'LVWUXELVMRQVWMHQHVWHUPnOWLDQWDOO*ZK
6) $QWDOOWRQQXWVOLSSDY6YRYHO+H[DIOXRURLGHUL&2HNYLYDOHQWHULDOW 6)6M $QWDOOWRQQXWVOLSSDY6YRYHO+H[DIOXRURLGHUL&2HNYLYDOHQWHUWLONQ\WWHW
SURGXNVMRQVVHNWRUM
6); 7RWDOWDQWDOOWRQQXWVOLSSDY6YRYHO+H[DIOXRURLGHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHU
6);M $QWDOOWRQQXWVOLSSDY6YRYHO+H[DIOXRURLGHUL&2HNYLYDOHQWHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
66)*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY6YRYHO +H[DIOXRURLGHU
66);M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YRYHO+H[DIOXRURLGHUWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
*:+6)
g )RUKROGHWLEDVLVnUHWLVHNWRUIRU(OHNWULVLWHWVSURGXNVMRQPHOORPXWVOLSSDY 6YRYHO+H[DIOXRURLGHULDQWDOOWRQQ&2HNYLYDOHQWHURJSURGXNVMRQDY NUDIWPnOWLDQWDOO*ZKLEDVLVnUHWNRHIILVLHQW
; M
k6) )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY
6YRYHO+H[DIOXRURLGHULDQWDOOWRQQ&2HNYLYDOHQWHURJ%UXWWRSURGXNVMRQL PLOOLRQHUNURQHUNRHIILVLHQW
8WVOLSSDYPHWDQNQ\WWHWWLODYIDOOVGHSRQHULQJ
8WVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJXWOHGHVYLDXWYLNOLQJHQL.RPPXQDOH$YIDOOVPHQJGHU VRPEHVNUHYHWLNDSLWWHO0HWRGHQHUKHQWHWIUD,EHQKROWVRPE\JJHUSn1RUFRQVXOW(Q KDUYDOJWnPRGHOOHUHXWVOLSSHQHNQ\WWHWWLOGHQUHVSHNWLYHDYIDOOVJHQHUHUHQGH¡NRQRPLVNHDNWLYLWHW 'HWWHHUJMRUWPHGWDQNHSnnDYJLIWVEHOHJJHXWVOLSSHQHDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJVRPHQ HPEDOODVMHDYJLIWL06*PRGHOOHQVSULVRJDGIHUGVOLJQLQJHUIRUGHUHVSHNWLYH¡NRQRPLVNHYDULDEOH .RPPXQDOH$YIDOOVPHQJGHUJHQHUHUHVIUDYROXPXWYLNOLQJHQLPRGHOOHQV¡NRQRPLVNHYDULDEOHIRU
%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9RJ+XVKROGQLQJHUV.RQVXP&
,GHI¡UVWHIHPOLNQLQJHQHXWOHGHVLQQKROGHWDY0HWDQLDYIDOOVPHQJGHQH)DNWRUHQHUGHWUHODWLYH YHNWIRUKROGHWPHOORPHW&+PROHN\ORJHW&DWRPIDNWRUHQNRUULJHUHUIRUQDWXUOLJRNVLGDVMRQRJ IDNWRUHQHUWLOOHJJIRULQGXVWULDYIDOOVRPGHSRQHUHVXWHQRPGHNRPPXQDOHDQOHJJHQH
¼¼
¼
¼
¼
=:+&) :+'2& :+'2&) 5$7&+
$/3+$:+
¼¼
¼
¼
¼
=:1&) :1'2& :1'2&) 5$7&+
$/3+$:1
$/3+$:&=5$7:+¼-:+)&+¼$/3+$:+
$/3+$:9 =5$7:1¼-:1)&+¼$/3+$:1+¼$/3+$:+
$/3+$:; =5$7:1¼-:1)&+¼$/3+$:1+¼$/3+$:+
&+$;M =6&+$*(1;¼&(4&+¼$/3+$:; ¼:$6;M M³36
Ê
³
=
36
M &+ $;M
$;
&+
&+$9M =6&+$*(19¼&(4&+¼$/3+$:9¼:$69M M³369 &+$96 =&+$9&+&+$98
&+$9 = M
Ê
³36&+$9M&+$6M =&+$;M +&+$9M M³36
&+$&M =6&+$*(1&¼&(4&+¼$/3+$:&¼:$6&M M³&3
Ê
³
=
&3
M &+ $&M
$&
&+
&+$=&+$; +&+$9 +&+$&
1\HV\PEROHU
$/3+$:& 5HDOLVHUWXWVOLSSDY0HWDQJDVVSHUWRQQ$YIDOOJHQHUHUWL+XVKROGQLQJHQH
$/3+$:+ *HQHUHUW0HWDQJDVVSHUWRQQ$YIDOOJHQHUHUWL+XVKROGQLQJHQH
$/3+$:1 *HQHUHUW0HWDQJDVVSHUWRQQ$YIDOOJHQHUHUWL1 ULQJVOLYHW
$/3+$:9 5HDOLVHUWXWVOLSSDY0HWDQJDVVSHUWRQQ$YIDOOJHQHUHUWIUDYDUHLQQVDWVL 1 ULQJVOLYHW
$/3+$:; 5HDOLVHUWXWVOLSSDY0HWDQJDVVSHUWRQQ$YIDOOJHQHUHUWIUD SURGXNVMRQVSURVHVVHQL1 ULQJVOLYHW
&(4&+ )DNWRUIRURPUHJQLQJDY0HWDQWLO&2HNYLYDOHQWHUNRHIILVLHQW
&+$ $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHUL
&+$& DOW $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHW+XVKROGQLQJHUV.RQVXP
&+$&M $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHW+XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUM
&+$6M $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHWSURGXNVMRQVVHNWRUM
&+$9 $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHW9DUHLQQVDWVHOOHUV
&+$9M $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHW9DUHLQQVDWVHOOHUVLSURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWM
&+$; 7RWDOWDQWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2 HNYLYDOHQWHUWLONQ\WWHW3URGXNVMRQVSURVHVVHU
&+$;M $QWDOOWRQQXWVOLSSDY0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJL&2HNYLYDOHQWHU WLONQ\WWHW3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
5$7&+ $QGHOHQDY0HWDQJDVVLGHSRQLJDVV 5$7:+ $QGHOHQ+XVKROGQLQJVDYIDOOWLOGHSRQL 5$7:1 $QGHOHQ1 ULQJVOLYVDYIDOOWLOGHSRQL
6&+$*(1& 7HNQRORJLRJNDOLEUHULQJVSDUDPHWHUNQ\WWHWWLO+XVKROGQLQJHUV.RQVXPIRU SURSRUVMRQDONRUULJHULQJDY0HWDQXWVOLSSNQ\WWHWWLO$YIDOOVGHSRQHULQJ 6&+$*(19 7HNQRORJLRJNDOLEUHULQJVSDUDPHWHUNQ\WWHWWLO9DUHLQQVDWVHOOHUVIRU
SURSRUVMRQDONRUULJHULQJDY0HWDQXWVOLSSNQ\WWHWWLO$YIDOOVGHSRQHULQJ 6&+$*(1; 7HNQRORJLRJNDOLEUHULQJVSDUDPHWHUNQ\WWHWWLO3URGXNVMRQVSURVHVVHUIRU
SURSRUVMRQDONRUULJHULQJDY0HWDQXWVOLSSNQ\WWHWWLO$YIDOOVGHSRQHULQJ :$6&M $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD+XVKROGQLQJHQHV.RQVXPL
NRQVXPVHNWRUM
:$69M $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD9DUHLQQVDWVHOOHUVL SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWM
:$6;M $QWDOOWRQQ.RPPXQDOW$YIDOOJHQHUHUWIUD3URGXNVMRQVSURVHVVHQL SURGXNVMRQVVHNWRUM
:+&) .RUUHNVMRQVIDNWRUIRU0HWDQJDVVIUD+XVKROGQLQJVDYIDOONRUULJHUHUIRU GULIWVIRUKROGSnDYIDOOVI\OOLQJHQH
:+'2& $QGHOQHGEU\WEDURUJDQLVNPDWHULDOHL+XVKROGQLQJVDYIDOO :+'2&) $QGHOQHGEU\WEDURUJDQLVNPDWHULDOHL+XVKROGQLQJVDYIDOOVRP
RPGDQQHVWLOGHSRQLJDVV
:+)&+ 8WWDNVDQGHODY0HWDQJHQHUHUWIUD+XVKROGQLQJVDYIDOOLGHSRQLDQOHJJ :1&) .RUUHNVMRQVIDNWRUIRU0HWDQJDVVIUD1 ULQJVOLYVDYIDOONRUULJHUHUIRU
GULIWVIRUKROGSnDYIDOOVI\OOLQJHQH
:1'2& $QGHOQHGEU\WEDURUJDQLVNPDWHULDOHL1 ULQJVOLYVDYIDOO
:1'2&) $QGHOQHGEU\WEDURUJDQLVNPDWHULDOHL1 ULQJVOLYVDYIDOOVRPRPGDQQHVWLO GHSRQLJDVV
:+)&+ 8WWDNVDQGHODY0HWDQJHQHUHUWIUD1 ULQJVOLYVDYIDOOLGHSRQLDQOHJJ
2SSVXPPHULQJDYNOLPDJDVVHURPIDWWHWDY.\RWRSURWRNROOHQ
'HUVRPXWVOLSSVPRGHOOHQVLPXOHUHVVRPHQLQWHJUHUWGHODY06*PRGHOOHQNDQPDQHNVRJHQLVHUH YDULDEHOHQ&2(4RJGHUPHGOHJJHUHVWULNVMRQHUSnQLYnHWIRUWRWDOHXWVOLSSDYNOLPDJDVVHU)RUn RSSI\OOHNUDYHWWLODQWDOOIULKHWVJUDGHUPnPDQVDPWLGLJHQGRJHQLVHUHHQDYJLIWVVDWVNQ\WWHWWLOXWVOLSSDY NOLPDJDVVHU
&2(46M =&26M +&+6M +126M ++)&6M +3)&6M +6)6M +&+$6MM³36 &2(4&M =&2&M +&+&M +12&M ++)&&M +&+$&MM³&3
Ê Ê
³
³
+
=
&3
M M
36
M &2 (46M &2 (4&
(4
&2
1\HV\PEROHU
&2(4 8WVOLSSLDOWDY.OLPDJDVVHURPIDWWHWDY.\RWRSURWRNROOHQPnOWL&2 HNYLYDOHQWHU
&2(4&&M 8WVOLSSDY.OLPDJDVVHURPIDWWHWDY.\RWRSURWRNROOHQVRPHUWLONQ\WWHW +XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUMPnOWL&2HNYLYDOHQWHU
&2(4&6M 8WVOLSSDY.OLPDJDVVHURPIDWWHWDY.\RWRSURWRNROOHQVRPHUWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUMPnOWL&2HNYLYDOHQWHU
4 Øvrige utslippskomponenter
,WLOOHJJWLOXWVOLSSDYNOLPDJDVVHUVRPRPIDWWHVDY.\RWRSURWRNROOHQHUI¡OJHQGHXWVOLSSVNRPSRQHQWHU LQQDUEHLGHWLPRGHOOHQ06*NRGHULSDUHQWHV6YRYHOGLRNVLG621LWURJHQRNVLGHU12;
$PPRQLDNN1+)O\NWLJHRUJDQLVNHIRUELQGHOVHUXWHQRPPHWDQ92&.DUERQPRQRNVLG&2RJ 6YHYHVW¡Y30
8WVOLSSWLONQ\WWHWDYIDOOVEHKDQGOLQJ
8WVOLSSNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDYDYIDOOHNVNOXVLYH0HWDQNQ\WWHWWLO$YIDOOVGHSRQHULQJ I¡OJHUXWYLNOLQJHQLWRWDOHDYIDOOVPHQJGHURJI¡UHVWLOSURGXNVMRQVVHNWRUVRPLQNOXGHUHU
UHQRYDVMRQVWMHQHVWHU
62 (;
:$6 (; :$6 662
*(1 662 (;
62 = ¼
12;(;
:$6 612;(; :$6 612;*(1
12;(; = ¼
92&(;
:$6 692&(; :$6 692&*(1
92&(; = ¼
&2(;
:$6 6&2(; :$6 6&2*(1
&2(; = ¼
30(;
:$6 630(; :$6 630*(1
30(; = ¼
6\PEROHU
&2(; 8WVOLSSDY.DUERQPRQRNVLGNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDY$YIDOO PnOWLDQWDOOWRQQ
12;(;M $QGUHXWVOLSSDY1LWURJHQRNVLGHUNQ\WWHWWLOSURGXNVMRQVVHNWRUMPnOWLDQWDOO 30(; WRQQ 8WVOLSSDY6YHYHVW¡YNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDY$YIDOOPnOWL
DQWDOOWRQQ
6&2(; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY.DUERQPRQRNVLGYHGIRUEUHQQLQJRJ GHSRQHULQJDY$YIDOO
6&2*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY .DUERQPRQRNVLG
612;(; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY1LWURJHQRNVLGHUYHGIRUEUHQQLQJRJ GHSRQHULQJDY$YIDOO
612;*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY 1LWURJHQRNVLGHU
62(; 8WVOLSSDY6YRYHOGLRNVLGNQ\WWHWWLOIRUEUHQQLQJRJGHSRQHULQJDY$YIDOOPnOWL DQWDOOWRQQ
630(; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YHYHVW¡YYHGIRUEUHQQLQJRJ GHSRQHULQJDY$YIDOO
630*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY6YHYHVW¡Y 662(; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YRYHOGLRNVLGYHGIRUEUHQQLQJRJ
GHSRQHULQJDY$YIDOO
662*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY6YRYHOGLRNVLG 692&(; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU
8WHQRP0HWDQYHGIRUEUHQQLQJRJGHSRQHULQJDY$YIDOO
692&*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY)O\NWLJH 2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQ
92&(;M $QGUHXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQNQ\WWHWWLO SURGXNVMRQVVHNWRUMPnOWLDQWDOOWRQQ
:$6 7RWDO.RPPXQDO$YIDOOVPHQJGHLDQWDOOWRQQ
8WVOLSSDYVYRYHOGLRNVLG
8WVOLSSDY6YRYHOGLRNVLGIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ +XVKROGQLQJHUV.RQVXP&
62;M =662*(1¼662;M ¼k62; M;M +62(;M M³36
Ê
³
=
36
M 62 ;M
;
62
62KM =662*(1¼662KM¼k62K MKM M³369 K³^9)2)7`³3)
62K6=62K&+62K8 K³^9)2)7`³3)
Ê
³
=
36 M 62 KM
K
62 K³^9)2)7`³3)
Ê
³
³
+
=
3) )7 )2 9
K M
M
M 62 ; 62 K
6 62
`
^
M³36
62&M =662*(1¼662&M ¼k62& M&M -&.M M³&3
Ê
³
=
&3 M 62 &M
&
62
62 62 ; 62 K 62 &
3) )7 )2 9 K
`
^
+ +
= ³
Ê
³1\HV\PEROHU
&M +XVKROGQLQJHQHV.RQVXPLNRQVXPVHNWRUMLIDVWHNM¡SHUSULVHU
&.M +XVKROGQLQJHQHVNM¡SDYEUXNWUHDONDSLWDOLNRQVXPVHNWRUMLIDVWHSULVHU )2M )RUEUXNDY)\ULQJVROMHUPYLSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU )7M )RUEUXNDY7UDQVSRUWROMHULSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU 62 $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGLDOW
62& $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW+XVKROGQLQJHUV.RQVXP 62&M $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW+XVKROGQLQJHUV.RQVXPL
NRQVXPVHNWRUM
62K $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW9DUHLQQVDWVDYIDNWRUK K³^9)2)7`³3)
62KM $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW9DUHLQQVDWVDYIDNWRUKL SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
626M $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHWSURGXNVMRQVVHNWRUM
62; 7RWDOWDQWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW3URGXNVMRQVSURVHVVHU 62;M $QWDOOWRQQXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW3URGXNVMRQVSURVHVVHQL
SURGXNVMRQVVHNWRUM
662&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YRYHOGLRNVLGIUD+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
662KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW9DUHLQQVDWV DYIDNWRUKLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
662;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY6YRYHOGLRNVLGWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
;M %UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUMLIDVWHVHOJHUSULVHU 9M 9DUHLQQVDWVHOOHUVLSURGXNVMRQVVHNWRUMLIDVWHQHWWRNM¡SHUSULVHU
&
M
k62 )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY6YRYHOGLRNVLGL DQWDOOWRQQRJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHUNRHIILVLHQW
K M
k62 )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY6YRYHOGLRNVLGL DQWDOOWRQQRJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHUNRHIILVLHQW
K³^9)2)7`³3)
; M
k62 )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY6YRYHOGLRNVLGL DQWDOOWRQQRJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHUNRHIILVLHQW
/HGGHW62(;MHUNXQODJWLQQIRUM³^`RJRPKDQGOHUXWVOLSSNQ\WWHWWLODYIDOOVRPEHVNUHYHWL DYVQLWW
8WVOLSSDYQLWURJHQRNVLGHU
8WVOLSSDY1LWURJHQRNVLGHUIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ +XVKROGQLQJHUV.RQVXP&
12;;M =612;*(1¼612;;M ¼k12;M; ;M +12;(;M M³36?^`
*:+;
612;; )(
612;*(1
12;; = ¼ ¼g*:+12; ¼
Ê
³
=
36
M 12;;M
12;;
12;KM =612;*(1¼612;KM ¼k12;MK KMM³369K³^9)2)7`³3) 12;K6 =12;K&+12;K8 K³^9)2)7`³3)
Ê
³
=
36
M 12;KM
12;K K³^9)2)7`³3)
Ê
³
³
+
=
3) )7 )2 9
K M
M
M 12;; 12;K
12;6
`
^
M³36
12;&M =612;*(1¼612;&M ¼k12;M& &M -&.M M³&3 12;&= M
Ê
³&312;&M12; 12;; 12;K 12;&
3) )7 )2 9 K
+ +
=
Ê
³
³^ `
1\HV\PEROHU
12; $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHULDOW
12;& $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW+XVKROGQLQJHUV.RQVXP 12;&M $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW+XVKROGQLQJHUV.RQVXPL
NRQVXPVHNWRUM
12;K $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW9DUHLQQVDWVDYIDNWRUK K³^9)2)7`³3)
12;KM $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW9DUHLQQVDWVDYIDNWRUKL SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
12;6M $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHWSURGXNVMRQVVHNWRUM
12;; 7RWDOWDQWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW3URGXNVMRQVSURVHVVHU 12;;M $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW3URGXNVMRQVSURVHVVHQL
SURGXNVMRQVVHNWRUM
)( (QHUJLXWQ\WWHOVHVJUDGYHGSURGXNVMRQDY*DVVNUDIW
*:+; 3URGXNVMRQDY*DVVNUDIWPnOWLDQWDOO*ZK
612;&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY1LWURJHQRNVLGHUIUD+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
612;KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW9DUHLQQVDWV DYIDNWRUKLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
612;;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY1LWURJHQRNVLGHUWLONQ\WWHW
%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
612;; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY1LWURJHQRNVLGHUYHGSURGXNVMRQDY
*DVVNUDIW
*:+12;
g $QWDOOWRQQXWVOLSSDY1LWURJHQRNVLGHUSHUSURGXVHUWHQKHW*ZK
*DVVNUDIWNRHIILVLHQW
&
k12;M )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY1LWURJHQRNVLGHUL DQWDOOWRQQRJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHUNRHIILVLHQW
12;MK
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY1LWURJHQRNVLGHUL DQWDOOWRQQRJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHUNRHIILVLHQW
K³^9)2)7`³3)
12;M;
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY1LWURJHQRNVLGHUL DQWDOOWRQQRJ%UXWWRSURGXNVMRQLPLOOLRQHUNURQHUNRHIILVLHQW
/HGGHW12;(;MEHVNULYHUXWVOLSSVRPLNNHNQ\WWHVRSSPRWHQDYVHNWRUHQV¡NRQRPLVNHYDULDEOH
%HKDQGOLQJHQDYOHGGHWIRUM³^`HUEHVNUHYHWLDYVQLWWRJRPKDQGOHUXWVOLSSNQ\WWHWWLODYIDOO)RU
¡YULJLQQJnUOHGGHWLOLJQLQJHQHIRUM³^`8WVOLSSDY12[IUDROMHRJJDVVXWYLQQLQJI¡OJHUHQ SURJQRVHJLWWDY2('3URJQRVHQNDQRPPDQ¡QVNHUOHJJHVLQQHNVRJHQWL12;(;RJ12;(;
VDPWLGLJVRPVHNWRUHQHVUHVSHNWLYHWHNQRORJLSDUDPHWHUHQXOOVWLOOHVIRUnKLQGUHGREEHOWWHOOLQJ
8WVOLSSDYDPPRQLDNN
8WVOLSSDY$PPRQLDNNIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU9DUHLQQVDWV HOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ+XVKROGQLQJHUV.RQVXP&
1+KM =61+*(1¼61+KM ¼kK1+MKM M³369 K³^9)2)7`³3) 1+K6 =1+K&+1+K8 K³^9)2)7`³3)
1+K= M
Ê
³361+KM K³^9)2)7`³3)
Ê
³
³
=
3) )7 )2 9
K M
M 1+ K
6 1+
`
^
M³36
1+&M =61+*(1¼61+&M ¼k&1+M&M -&.M M³&3 1+&= M
Ê
³&31+&M1+ 1+ K 1+ &
3) )7 )2 9 K
`
^
+
=
Ê
³
³
1\HV\PEROHU
1+ $QWDOOWRQQXWVOLSSDY$PPRQLDNNLDOW
1+& $QWDOOWRQQXWVOLSSDY$PPRQLDNNWLONQ\WWHW+XVKROGQLQJHUV.RQVXP 1+&M $QWDOOWRQQXWVOLSSDY$PPRQLDNNWLONQ\WWHW+XVKROGQLQJHUV.RQVXPL
NRQVXPVHNWRUM
1+K $QWDOOWRQQXWVOLSSDY$PPRQLDNNWLONQ\WWHW9DUHLQQVDWVDYIDNWRUK K³^9)2)7`³3)
1+KM $QWDOOWRQQXWVOLSSDY$PPRQLDNNWLONQ\WWHW9DUHLQQVDWVDYIDNWRUKL SURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWMK³^9)2)7`³3)
1+6M $QWDOOWRQQXWVOLSSDY$PPRQLDNNWLONQ\WWHWSURGXNVMRQVVHNWRUM
61+&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY$PPRQLDNNIUD+XVKROGQLQJHUV .RQVXPLNRQVXPVHNWRUM
61+*(1 7HNQRORJLSDUDPHWHUVRPYLUNHUSURSRUVMRQDOWSnDOOHXWVOLSSDY$PPRQLDNN 61+KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY$PPRQLDNNWLONQ\WWHW9DUHLQQVDWV
DYIDNWRUKLSURGXNVMRQVVHNWRUMK³^9)2)7`³3)
&
M
k1+ )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY$PPRQLDNNL DQWDOOWRQQRJ+XVKROGQLQJHUV.RQVXPLPLOOLRQHUNURQHUNRHIILVLHQW
K M
k1+ )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY$PPRQLDNNL DQWDOOWRQQRJ9DUHLQQVDWVDYIDNWRUKLPLOOLRQHUNURQHUNRHIILVLHQW
K³^9)2)7`³3)
8WVOLSSDYIO\NWLJHRUJDQLVNHIRUELQGHOVHUXWHQRPPHWDQ
8WVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH
¡NRQRPLVNHYDULDEOHQHIRU%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)2 7UDQVSRUWROMHU)7RJ+XVKROGQLQJHUV.RQVXP&
92&;M =692&*(1¼692&;M¼k92&M; ;M +92&(;M M³36?^`
*:+;
692&; )(
692&*(1
92&; = ¼ ¼g92&*:+ ¼
92&; = M
Ê
³3692&;M92&KM =692&*(1¼692&KM ¼k92&MK KMM³369 K³^9)2)7`³3)
92&K6=92&K&+92&K8 K³^9)2)7`³3)
Ê
³
=
36 M 92&KM
92&K K³^9)2)7`³3)
Ê
³
³
+
=
3) )7 )2 9
K M
M
M 92&; 92&K
92&6
`
^
M³36
92&&M =692&*(1¼692&&M ¼k92&M& &M -&.M M³&3
Ê
³
=
&3 M 92&&M
92&&
92& 92&; 92&K 92&&
3) )7 )2 9 K
+ +
= ³^
Ê
`³1\HV\PEROHU
92& $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQLDOW 92&& $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW
+XVKROGQLQJHUV.RQVXP
92&&M $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW +XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUM
92&K $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW 9DUHLQQVDWVDYIDNWRUKK³^9)2)7`³3)
92&KM $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW 9DUHLQQVDWVDYIDNWRUKLSURGXNVMRQVVHNWRUYDUHLQQVDWVDNWLYLWHWM
K³^9)2)7`³3)
92&6M $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW SURGXNVMRQVVHNWRUM
92&; 7RWDOWDQWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQ WLONQ\WWHW3URGXNVMRQVSURVHVVHU
92&;M $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQWLONQ\WWHW 3URGXNVMRQVSURVHVVHQLSURGXNVMRQVVHNWRUM
692&&M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU 8WHQRP0HWDQIUD+XVKROGQLQJHUV.RQVXPLNRQVXPVHNWRUM
692&KM 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU 8WHQRP0HWDQWLONQ\WWHW9DUHLQQVDWVDYIDNWRUKLSURGXNVMRQVVHNWRUM K³^9)2)7`³3)
692&;M 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU 8WHQRP0HWDQWLONQ\WWHW%UXWWRSURGXNVMRQLSURGXNVMRQVVHNWRUM
692&; 7HNQRORJLSDUDPHWHUNQ\WWHWWLOXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU 8WHQRP0HWDQYHGSURGXNVMRQDY*DVVNUDIW
92&*:+
g $QWDOOWRQQXWVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQSHU SURGXVHUWHQKHW*ZK*DVVNUDIWNRHIILVLHQW
&
92&M
k )RUKROGHWLEDVLVnUHWLNRQVXPVHNWRUMPHOORPXWVOLSSDY)O\NWLJH2UJDQLVNH )RUELQGHOVHU8WHQRP0HWDQLDQWDOOWRQQRJ+XVKROGQLQJHUV.RQVXPL PLOOLRQHUNURQHUNRHIILVLHQW
92&MK
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY)O\NWLJH
2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQLDQWDOOWRQQRJ9DUHLQQVDWVDYIDNWRUK LPLOOLRQHUNURQHUNRHIILVLHQWK³^9)2)7`³3)
92&M;
k )RUKROGHWLEDVLVnUHWLSURGXNVMRQVVHNWRUMPHOORPXWVOLSSDY)O\NWLJH 2UJDQLVNH)RUELQGHOVHU8WHQRP0HWDQLDQWDOOWRQQRJ%UXWWRSURGXNVMRQL PLOOLRQHUNURQHUNRHIILVLHQW
/HGGHW92&(;MEHVNULYHUXWVOLSSVRPLNNHNQ\WWHVRSSPRWHQDYVHNWRUHQV¡NRQRPLVNHYDULDEOH
%HKDQGOLQJHQDYOHGGHWIRUM³^`HUEHVNUHYHWLDYVQLWWRJRPKDQGOHUXWVOLSSNQ\WWHWWLODYIDOO)RU
¡YULJLQQJnUOHGGHWLOLJQLQJHQHIRUM³^`8WVOLSSDY)O\NWLJH2UJDQLVNH)RUELQGHOVHU8WHQRP 0HWDQIUDROMHRJJDVVXWYLQQLQJI¡OJHUHQSURJQRVHJLWWDY2('3URJQRVHQNDQRPPDQ¡QVNHUOHJJHV LQQHNVRJHQWL92&(;RJ92&(;VDPWLGLJVRPVHNWRUHQHVUHVSHNWLYHWHNQRORJLSDUDPHWHUH
QXOOVWLOOHVIRUnKLQGUHGREEHOWWHOOLQJ
8WVOLSSDYNDUERQPRQRNVLG
8WVOLSSDY.DUERQPRQRNVLGIUDPVNULYHVIUDYROXPXWYLNOLQJHQLGH¡NRQRPLVNHYDULDEOHQHIRU
%UXWWRSURGXNVMRQ;9DUHLQQVDWVHOOHUV9)\ULQJVROMHU)27UDQVSRUWROMHU)7RJ +XVKROGQLQJHUV.RQVXP&
&2;M =6&2*(1¼6&2;M ¼k&2M; ;M +&2(;M M³36?^`
*:+;
6&2; )(
6&2*(1
&2; = ¼ ¼g&2*:+ ¼