^/Ed&ŽŵŵƵŶŝƚLJ ŝŐŝƚĂůŝnjĂƚŝŽŶŝŶdƌĂŶƐƉŽƌƚ ϮϬϮϬͲϬϵͲϭϬ
ϮϬϮϬ͗ϬϬϴϴϰͲhŶƌĞƐƚƌŝĐƚĞĚ
ZĞƉŽƌƚ
^ƵŵŵĂƌŝnjŝŶŐƚŚĞŵĂŝŶĨŝŶĚŝŶŐƐŽĨǁŽƌŬƉĂĐŬĂŐĞϭ͗^LJƐƚĞŵĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌD
ƵƚŚŽƌƐ WĞƚƚĞƌƌŶĞƐĞŶ dƌŽŶĚ&ŽƐƐ :ĂŶƌŝŬ,ĊŬĞŐĊƌĚ KĚĚ͘,ũĞůŬƌĞŵ ZĂŶĚŝ&ĂŐĞƌŚŽůƚ ƌŶĞ>ŝĞ ,ĂŶŶĞ^ĞƚĞƌ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϮŽĨϴϰ
ŽĐƵŵĞŶƚŚŝƐƚŽƌLJ
sZ^/KE d sZ^/KE^Z/Wd/KE
ϭ͘Ϭ ϮϬϮϬͲϬϵͲϭϬ&ŝŶĂůǀĞƌƐŝŽŶ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϯŽĨϴϰ
dĂďůĞŽĨĐŽŶƚĞŶƚƐ
ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ $YDOXHQHWZRUNIRU,76FRPPXQLFDWLRQVHUYLFHV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ ,QWURGXFWLRQ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴ 7HUPVDQGGHILQLWLRQV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ Ϯ͘ϯ dŚĞ/d^ƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ Ϯ͘ϰ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ Ϯ͘ϰ͘ϭ dŚĞƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ Ϯ͘ϰ͘Ϯ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞĨƌĂŵĞǁŽƌŬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ Ϯ͘ϱ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞĐŽŶƚĞdžƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ Ϯ͘ϲ ^ĞƌǀŝĐĞƐ͕ƌŽůĞƐĂŶĚǀĂůƵĞĨůŽǁƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ Ϯ͘ϲ͘ϭ dŚĞĞĐŽŵŵŶĞƚǁŽƌŬƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ Ϯ͘ϲ͘Ϯ dŚĞĞĐŽŵŵƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ Ϯ͘ϲ͘ϯ ĐŽŵŵŶĞƚǁŽƌŬĞƋƵŝƉŵĞŶƚƐĞƌǀŝĐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ Ϯ͘ϳ dŚĞŐĞŶĞƌŝĐǀĂůƵĞŶĞƚǁŽƌŬŵŽĚĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ Ϯ͘ϴ ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
ϯ ,LJďƌŝĚĐŽŵŵƵŶŝĐĂƚŝŽŶĨŽƌͲ/d^ĂƐĚĞƐĐƌŝďĞĚŝŶ/^KƐƚĂŶĚĂƌĚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ ϯ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ ϯ͘Ϯ DŽƚŝǀĂƚŝŽŶĨŽƌƚŚĞ>ĂŵďĚĂZŽĂĚZΘƉƌŽũĞĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ ϯ͘ϯ dŚĞĞƐƐĞŶƚŝĂůƚĞƌŵƐ/d^ƐĞƌǀŝĐĞƐ͕/d^ĂƉƉůŝĐĂƚŝŽŶĂŶĚ/d^ƐƚĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ ϯ͘ϰ ,LJďƌŝĚĐŽŵŵƵŶŝĐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ ϯ͘ϰ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ ϯ͘ϰ͘Ϯ ^ĞůĞĐƚŝŽŶŽĨƚŚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƉƌŽĨŝůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ ϯ͘ϰ͘ϯ EĞƚǁŽƌŬĂŶĚůŽĐĂůŝƐĞĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ ϯ͘ϰ͘ϰ DĞƐƐĂŐĞƐĞĐƵƌŝƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ ϯ͘ϱ ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
ϰ ^ƚĂƚĞͲŽĨͲƚŚĞͲĂƌƚŽĨƉĂƚŚůŽƐƐŵŽĚĞůůŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ ϰ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ ϰ͘Ϯ ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƉƌŽƉĂŐĂƚŝŽŶŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ ϰ͘Ϯ͘ϭ DƵůƚŝƉĂƚŚĨĂĚŝŶŐŵŽĚĞůƐǀĞƌƐƵƐƉĂƚŚůŽƐƐŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ ϰ͘Ϯ͘Ϯ EŽŶͲŐĞŽŵĞƚƌŝĐĂůĞŵƉŝƚŝĐĂůŵŽĚĞůƐǀĞƌƐƵƐŐĞŽŵĞƚƌŝĐĂůŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ ϰ͘Ϯ͘ϯ ĞƚĞƌŵŝŶŝƐƚŝĐǀĞƌƐƵƐƐƚĂƚŝƐƚŝĐĂůŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ ϰ͘Ϯ͘ϰ ůĂƐƐŝĐĂůŵŽĚĞůƐǀĞƌƐƵƐŵĂĐŚŝŶĞͲůĞĂƌŶŝŶŐďĂƐĞĚŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϱ ϰ͘ϯ EŽŶŐĞŽŵĞƚƌŝĐĂůĞŵƉŝƌŝĐĂůƉĂƚŚůŽƐƐŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϰŽĨϴϰ
ϰ͘ϯ͘ϭ ĂƐŝĐĨƌĞĞͲƐƉĂĐĞůŽƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ ϰ͘ϯ͘Ϯ KŬƵŵƵƌĂͬ,ĂƚĂ;ĂŶĚK^dͲ,ĂƚĂͲDŽĚĞůͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ ϰ͘ϯ͘ϯ ůŽŵƋƵŝƐƚΘ>ĂĚĞůů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϴ ϰ͘ϯ͘ϰ tĂůĨŝƐĐŚΘĞƌƚŽŶŝ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ ϰ͘ϯ͘ϱ K^dϮϯϭtĂůĨŝƐĐŚͲ/ŬĞŐĂŵŝŵŽĚĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ ϰ͘ϯ͘ϲ ĨĨĞĐƚŝǀĞĂŶƚĞŶŶĂŚĞŝŐŚƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ ϰ͘ϯ͘ϲ͘ϭǀĞƌĂŐŝŶŐƚĞƌƌĂŝŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ ϰ͘ϯ͘ϳ >ĞĞĞĨĨĞĐƚŝǀĞĂŶƚĞŶŶĂŚĞŝŐŚƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϮ ϰ͘ϰ 'ĞŽŵĞƚƌŝĐĂůŵŽĚĞůƐĨŽƌĚŝĨĨƌĂĐƚŝŽŶůŽƐƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ ϰ͘ϰ͘ϭ ŝĨĨƌĂĐƚŝŽŶƚŚĞŽƌLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ ϰ͘ϰ͘ϭ͘ϭ^ŵŽŽƚŚƐƉŚĞƌŝĐĂůĂƌƚŚĚŝĨĨƌĂĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϱ ϰ͘ϰ͘ϭ͘Ϯ<ŶŝĨĞͲĞĚŐĞĚŝĨĨƌĂĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϲ ϰ͘ϰ͘Ϯ ŝĨĨƌĂĐƚŝŽŶŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ ϰ͘ϰ͘Ϯ͘ϭƵůůŝŶŐƚŽŶŵŽĚĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ ϰ͘ϰ͘Ϯ͘ϭ͘ϭ ĞůƚĂͲƵůůŝŶŐƚŽŶͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺϰϵ ϰ͘ϰ͘Ϯ͘ϮĞLJŐŽƵƚŵŽĚĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϬ ϰ͘ϰ͘Ϯ͘Ϯ͘ϭ DŽĚŝĨŝĞĚĞLJŐŽƵƚǁŝƚŚĞƋƵŝǀĂůĞŶƚƵůůŝŶŐƚŽŶĞĚŐĞͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺϱϬ ϰ͘ϰ͘Ϯ͘ϯůƚĞƌŶĂƚŝǀĞŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ ϰ͘ϰ͘ϯ ŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶŐĞŽŵĞƚƌŝĐĂůĚŝĨĨƌĂĐƚŝŽŶůŽƐƐŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ ϰ͘ϰ͘ϰ /dhƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϮ ϰ͘ϰ͘ϰ͘ϭWƌŽƉĂŐĂƚŝŽŶďLJĚŝĨĨƌĂĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϮ ϰ͘ϰ͘ϰ͘ϮƉĂƚŚͲƐƉĞĐŝĨŝĐƉƌŽƉĂŐĂƚŝŽŶƉƌĞĚŝĐƚŝŽŶŵĞƚŚŽĚĨŽƌƉŽŝŶƚͲƚŽͲĂƌĞĂƚĞƌƌĞƐƚƌŝĂůƐĞƌǀŝĐĞƐ͘͘ϱϮ ϰ͘ϰ͘ϰ͘ϯDĞƚŚŽĚĨŽƌƉŽŝŶƚͲƚŽͲĂƌĞĂƉƌĞĚŝĐƚŝŽŶƐĨŽƌƚĞƌƌĞƐƚƌŝĂůƐĞƌǀŝĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϮ ϰ͘ϰ͘ϰ͘ϰŐĞŶĞƌĂůƉƵƌƉŽƐĞǁŝĚĞͲƌĂŶŐĞƚĞƌƌĞƐƚƌŝĂůƉƌŽƉĂŐĂƚŝŽŶŵŽĚĞů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ ϰ͘ϰ͘ϰ͘ϱWƌŽƉĂŐĂƚŝŽŶĚĂƚĂĂŶĚƉƌĞĚŝĐƚŝŽŶŵĞƚŚŽĚƐĨŽƌƚŚĞƉůĂŶŶŝŶŐŽĨƐŚŽƌƚͲƌĂŶŐĞŽƵƚĚŽŽƌ
ƌĂĚŝŽĐŽŵŵƵŶŝĐĂƚŝŽŶƐLJƐƚĞŵƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ ϰ͘ϰ͘ϰ͘ϲƚƚĞŶƵĂƚŝŽŶŝŶǀĞŐĞƚĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ ϰ͘ϱ DŽĚĞůƐĚĞǀĞůŽƉĞĚĨŽƌsEdƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ ϰ͘ϱ͘ϭ dƵŶŶĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ ϰ͘ϱ͘Ϯ ŽƌŶĞƌŵŽĚĞůƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ ϰ͘ϲ WĂƚŚůŽƐƐŵŽĚĞůůŝŶŐďĂƐĞĚŽŶŵĂĐŚŝŶĞͲůĞĂƌŶŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ϰ͘ϲ͘ϭ /ŵƉŽƌƚĂŶƚĂƐƉĞĐƚƐĨŽƌD>ĂůŐŽƌŝƚŚŵƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ϰ͘ϲ͘ϭ͘ϭ/ŶƉƵƚĨĞĂƚƵƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ϰ͘ϲ͘ϭ͘ϮDŽĚĞůƐĞůĞĐƚŝŽŶĂŶĚĞǀĂůƵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϴ ϰ͘ϲ͘ϭ͘ϯĂƚĂĂƵŐŵĞŶƚĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ ϰ͘ϲ͘Ϯ ƌƚŝĨŝĐŝĂůŶĞƵƌĂůŶĞƚǁŽƌŬƐ;EEƐͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ ϰ͘ϲ͘ϯ ^ƵƉƉŽƌƚǀĞĐƚŽƌŵĂĐŚŝŶĞ;^sDͿďĂƐĞĚƌĞŐƌĞƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ ϰ͘ϲ͘ϰ ZĂŶĚŽŵĨŽƌĞƐƚƌĞŐƌĞƐƐŝŽŶ;Z&ZͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϬ ϰ͘ϳ ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϭ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϱŽĨϴϰ
ϱ ŽŵŵƵŶŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĨƵƚƵƌĞƌŽĂĚƚƌĂŶƐƉŽƌƚƐLJƐƚĞŵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ ϱ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϱ ϱ͘Ϯ DĞƚŚŽĚŽůŽŐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϲ ϱ͘ϯ ZĞǀŝĞǁ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ ϱ͘ϯ͘ϭ ĂƚĂƌĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ ϱ͘ϯ͘Ϯ >ĂƚĞŶĐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϴ ϱ͘ϯ͘ϯ ǀĂŝůĂďŝůŝƚLJͬZĞůŝĂďŝůŝƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϴ ϱ͘ϯ͘ϰ ŽƚƚůĞŶĞĐŬĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌŽƉĞƌĂƚŝǀĞƚƌĂĨĨŝĐƐŝƚƵĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ ϱ͘ϰ ^ƵŵŵĂƌLJŽĨƌĞƐƵůƚƐĂŶĚĚŝƐĐƵƐƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϬ ϱ͘ϱ ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϭ
ϲ ZĞƋƵŝƌĞŵĞŶƚƐĂŶĚŶĞĞĚƐʹƉůĂŶŶŝŶŐƚŽŽů>ĂŵďĚĂZŽĂĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ ϲ͘ϭ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ ϲ͘ϭ͘ϭ WůĂŶŶŝŶŐƚŽŽůƵƐĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϯ ϲ͘ϭ͘Ϯ WůĂŶŶŝŶŐƚŽŽůƐĞƌǀŝĐĞƉƌŽǀŝƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϲ͘ϭ͘ϯ /ŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽǀŝĚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϲ͘ϭ͘ϰ ZĞŐƵůĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϲ͘ϭ͘ϱ ^ƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϲ͘Ϯ DĞƚŚŽĚŽůŽŐLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϰ ϲ͘ϯ ZŽůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϱ ϲ͘ϯ͘ϭ WůĂŶŶŝŶŐƚŽŽůƵƐĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϱ ϲ͘ϯ͘Ϯ WůĂŶŶŝŶŐƚŽŽůƐĞƌǀŝĐĞƉƌŽǀŝƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϱ ϲ͘ϯ͘ϯ /ŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽǀŝĚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϲ͘ϯ͘ϰ ZĞŐƵůĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϲ͘ϯ͘ϱ ^ƵƉƉŽƌƚƐĞƌǀŝĐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϲ͘ϰ ZĞƋƵŝƌĞŵĞŶƚƐĂŶĚŶĞĞĚĨŽƌƚŚĞƉůĂŶŶŝŶŐƚŽŽů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϲ ϲ͘ϱ &ŽƌŵƐŽĨĐŽůůĂďŽƌĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ϲ͘ϲ ^ƉĞĐŝĨŝĐƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞƉůĂŶŶŝŶŐƚŽŽů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϳ ϲ͘ϲ͘ϭ &ƵŶĐƚŝŽŶĂůŝƚLJʹĐŽŵƉƵƚĂƚŝŽŶĂůǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ ϲ͘ϲ͘Ϯ hƐĞĐĂƐĞƐʹĐŽŵƉƵƚĂƚŝŽŶĂůǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ ϲ͘ϲ͘ϯ /ŶƉƵƚĚĂƚĂʹŝŶĨŽƌŵĂƚŝŽŶǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ ϲ͘ϲ͘ϰ KƵƚƉƵƚĚĂƚĂʹŝŶĨŽƌŵĂƚŝŽŶǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϲ͘ϲ͘ϱ ĂƚĂĨŽƌŵĂƚʹŝŶĨŽƌŵĂƚŝŽŶǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϲ͘ϲ͘ϲ hƐĞƌŝŶƚĞƌĨĂĐĞͲĞŶŐŝŶĞĞƌŝŶŐǀŝĞǁƉŽŝŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϲ͘ϳ WŽƚĞŶƚŝĂůďĂƌƌŝĞƌƐĂŶĚŽƉƉŽƌƚƵŶŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϵ ϲ͘ϳ͘ϭ ůĞĐƚƌŝĐŝƚLJĂŶĚĨŝďĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ ϲ͘ϳ͘Ϯ WĞƌŵŝƐƐŝŽŶƐĨƌŽŵƚŚĞƚĞůĞĐŽŵŽƉĞƌĂƚŽƌƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ ϲ͘ϳ͘ϯ ĂƚĂƐĂĨĞƚLJĂŶĚƵƐĞŽĨĚĂƚĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ ϲ͘ϳ͘ϰ ĐŽŶŽŵLJĂŶĚĨƵŶĚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ ϲ͘ϳ͘ϱ DĂƉĚĂƚĂůŝŵŝƚĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϬ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϲŽĨϴϰ
ϲ͘ϳ͘ϲ /ŶƚĞƌŶĂƚŝŽŶĂůŵĂƌŬĞƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ ϲ͘ϳ͘ϳ ƌŽǁĚƐŽƵƌĐŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ ϲ͘ϴ ŝďůŝŽŐƌĂƉŚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϭ
ƉƉĞŶĚŝdž͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ
͘ϭ /ŶƚĞƌǀŝĞǁŐƵŝĚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϴϮ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϳŽĨϴϰ
ϭ /ŶƚƌŽĚƵĐƚŝŽŶ
Petter Arnesen
0DQ\1RUZHJLDQFLWLHVDVZHOODQGFLWLHVRQDQLQWHUQDWLRQDOVFDOHVWUXJJOHZLWKLQFUHDVLQJWUDIILF KDPSHULQJWKHGHYHORSPHQWWRZDUGVDPRUHHIILFLHQWHQYLURQPHQWDOO\IULHQGO\DQGVDIHWUDQVSRUWV\VWHP
&RRSHUDWLYHLQWHOOLJHQWWUDQVSRUWV\VWHPV&,76DUHH[SHFWHGWRSURYLGHLPSRUWDQWVROXWLRQWRZDUGV
UHDFKLQJWKHVHSROLWLFDOJRDOVDQGWRZDUGVWKHIXWXUHRIIXOO\DXWRQRPRXVYHKLFOHV7RDFKLHYHFRRSHUDELOLW\
NQRZOHGJHDQGLQYROYHPHQWIURPWKHHOHFWURQLFFRPPXQLFDWLRQVHFWRUVXFKDVWKHWHOHFRPLQGXVWU\PXVWEH FRQVLGHUHGWRHQVXUHDFRPPXQLFDWLRQLQIUDVWUXFWXUHWKDWIXOILOVWKHUHTXLUHPHQWVRIWKHIXWXUHWUDQVSRUW V\VWHP
,Q(XURSHWZRVROXWLRQWRPHHWWKHVHUHTXLUHPHQWVWKDWWUDGLWLRQDOO\KDYHEHHQORRNHGXSRQDVFRPSHWLQJ VROXWLRQVDUHWKHSUHVHQWDQGIXWXUHPRELOHQHWZRUNHJ*DQGWKH,76*VROXWLRQRIWKH2(0VRULJLQDO HTXLSPHQWPDQXIDFWXUHUV±RUYHKLFOHPDQXIDFWXUHUV,Q/DPEGD5RDGWKHVHWZRVROXWLRQVZLOOEH
FRQVLGHUHGLQDK\EULGFRPPXQLFDWLRQV\VWHPFRPELQLQJWKHVWUHQJWKDQGZHDNQHVVRIHDFKWHFKQRORJ\$
VROXWLRQDOVRVXSSRUWHGE\PDQ\QDWLRQDOURDGDXWKRULWLHV
,QSDUWLFXODU/DPEGD5RDGVHWVRXWPHHWWKHIROORZLQJWZRREMHFWLYHV
'HYHORSDPRGHOIRUPDSSLQJDQGSODQQLQJRIK\EULGFRPPXQLFDWLRQLQIUDVWUXFWXUH
'HYHORSDFROODERUDWLRQSODWIRUPIRUVWDNHKROGHUVIURPWKHFRPPXQLFDWLRQDQGWUDQVSRUWVHFWRU ߣ5RDGLVDFROODERUDWLRQSURMHFWEHWZHHQ1RUZHJLDQ3XEOLF5RDGV$GPLQLVWUDWLRQ1RUZHJLDQ
&RPPXQLFDWLRQV$XWKRULW\4)UHH7HOHQRU1718DQG6,17()DQGWKLVUHSRUWLVDFROOHFWLRQRIWKH PHPRVZULWWHQLQZRUNSDFNDJH6\VWHPDQGRUJDQL]DWLRQDOUHTXLUHPHQWVIRU&&$0&RRSHUDWLYH FRQQHFWHGDQGDXWRPDWHGPRELOLW\7KLVUHSRUWLQFOXGHVILYHPDLQDVSHFWV
$YDOXHQHWZRUNIRU,76FRPPXQLFDWLRQVHUYLFHV7KLVDFWLYLW\VHWVRXWWRGHVFULEHWKHJHQHULF YDOXHQHWZRUNPRGHOGHYHORSHGIRU,76FRPPXQLFDWLRQVHUYLFHVVXSSRUWLQJWKHSURYLVLRQRI,76 VHUYLFHV
+\EULGFRPPXQLFDWLRQIRU&,76DVGHVFULEHGLQ,62VWDQGDUGV,QWKLVSDUWZHGHVFULEHWKH FUXFLDOWHUPVLQ&,76FRPPXQLFDWLRQIRFXVLQJRQK\EULGFRPPXQLFDWLRQIRU&&$0DQGJLYH PRWLYDWLRQIRUWKHߣ5RDGSURMHFWDQGLWVWZRPDLQREMHFWLYHV
6WDWHRIWKHDUWRISDWKORVVPRGHOOLQJ,QDPRGHOIRUHOHFWURQLFFRPPXQLFDWLRQDORQJWKHURDG QHWZRUNDQLPSRUWDQWEXLOGLQJEORFNZRXOGEHZLUHOHVVVLJQDOSURSDJDWLRQEHWZHHQWUDQVPLWWHUVDQG UHFHLYHUV+HUHZHUHYLHZWKHOLWHUDWXUHRIVXFKSURSDJDWLRQPRGHOWRSUHSDUHIRUWKHWUDLQLQJDQG LPSOHPHQWDWLRQRIWKHSODQQLQJWRROLQODWHUVWDJHVRIWKHSURMHFW
&RPPXQLFDWLRQUHTXLUHPHQWVIRUWKHIXWXUHURDGWUDQVSRUWV\VWHP,WKLVSDUWZHVWXG\WKH OLWHUDWXUHWRVXPPDUL]HUHTXLUHPHQWVIRUFRPPXQLFDWLRQLQWKHIXWXUHWUDQVSRUWV\VWHPZLWKIRFXVRQ .3,VVXFKDVGDWDUDWHDQGODWHQF\
5HTXLUHPHQWVDQGQHHGV±SODQQLQJWRROࣅ5RDG/DVWO\LQGHSWKLQWHUYLHZVZHUHFRQGXFWHGLQ WKLVZRUNSDFNDJHDVDGLUHFWLQSXWWRWKHSODQQLQJWRROWREHGHYHORSHGLQߣ5RDGLQWHUPVRI UHTXLUHPHQWVDQGQHHGVRIWKHSURMHFWSDUWQHUV
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϴŽĨϴϰ
$YDOXHQHWZRUNIRU,76FRPPXQLFDWLRQVHUYLFHV
Trond Foss
,QWURGXFWLRQ
7KHPDLQREMHFWLYHVRIWKLVVHFWLRQDUH
x GHVFULEHWKHJHQHULFYDOXHQHWZRUNPRGHOGHYHORSHGIRU,76FRPPXQLFDWLRQVHUYLFHVVXSSRUWLQJWKH SURYLVLRQRI,76VHUYLFHV
x SURYLGH DQ LQSXW WR WKH GHYHORSPHQW RI D WRRO IRU DQDO\VLQJ DQG SUHGLFWLQJ ,76 FRPPXQLFDWLRQ FRYHUDJHDQGVLJQDOVWUHQJWK
x SURYLGHDQLQSXWWRWKHGHYHORSPHQWRIDFRRSHUDWLRQSODWIRUPIRUVWDNHKROGHUVLQWKHDSSOLFDWLRQRI ,76*DQG*SURWRFROVLQ,76FRPPXQLFDWLRQ
7KHEDVLVIRUWKHYDOXHQHWZRUNPRGHOLVWKHFRQFHSWXDOPRGHOIRUYDOXHQHWZRUNVGHVFULEHGE\$OOHHLQ
>@7KHYDOXHQHWZRUNLVGHILQHGDVDZHERIUHODWLRQVKLSVWKDWJHQHUDWHVHFRQRPLFYDOXHDQGRWKHU EHQHILWVWKURXJKFRPSOH[G\QDPLFH[FKDQJHVEHWZHHQWZRRUPRUHLQGLYLGXDOVJURXSVRURUJDQLVDWLRQV
$Q\RUJDQLVDWLRQRUJURXSRIRUJDQLVDWLRQVHQJDJHGLQERWKWDQJLEOHDQGLQWDQJLEOHH[FKDQJHVFDQEHYLHZHG DVDYDOXHQHWZRUNZKHWKHUSULYDWHLQGXVWU\JRYHUQPHQWRUSXEOLFVHFWRU
7KHYDOXHQHWZRUNVFRYHUPRUHWKDQMXVWWUDQVDFWLRQVDURXQGJRRGVVHUYLFHVDQGUHYHQXH>@,WDOVRFRYHUV WKHNQRZOHGJHDQGLQWDQJLEOHYDOXHRUEHQHILWV+HQFHWKHYDOXHVLQDYDOXHQHWZRUNDUHJURXSHGLQWKH IROORZLQJ>@
x Goods, services and revenuesWKDWFRYHUVH[FKDQJHVIRUVHUYLFHVRUJRRGVLQFOXGLQJDOOWUDQVDFWLRQV LQYROYLQJ FRQWUDFWV DQG LQYRLFHV UHWXUQ UHFHLSWV RI RUGHUV UHTXHVW IRU SURSRVDOV FRQILUPDWLRQV RU SD\PHQW.QRZOHGJHSURGXFWVRUVHUYLFHVWKDWJHQHUDWHUHYHQXHDUHSDUWRIWKHIORZRIJRRGVVHUYLFHV DQGUHYHQXHV
x Knowledge ZKLFK FRYHUV H[FKDQJHV RI VWUDWHJLF LQIRUPDWLRQ SODQQLQJ NQRZOHGJH SURFHVV NQRZOHGJHWHFKQLFDONQRZKRZFROODERUDWLYHGHVLJQSROLF\GHYHORSPHQWHWFZKLFKIORZDURXQG DQGVXSSRUWWKHFRUHSURGXFWDQGYDOXHFKDLQ
x Intangible benefitsWKDWFRYHUVH[FKDQJHVRIYDOXHDQGEHQHILWWKDWJREH\RQGWKHDFWXDOVHUYLFHDQG WKDWDUHQRWDFFRXQWHGIRULQWUDGLWLRQDOILQDQFLDOPHDVXUHVVXFKDVDVHQVHRIFRPPXQLW\FXVWRPHU OR\DOW\LPDJHHQKDQFHPHQWRUFREUDQGLQJRSSRUWXQLWLHV
7KLVFKDSWHUIRFXVHVRQO\RQWKHWDQJLEOHYDOXHVILUVWEXOOHWSRLQWOLNHJRRGVVHUYLFHVDQGUHYHQXHV
SD\PHQWV.QRZOHGJHDQGLQWDQJLEOHYDOXHVDUHQRWLQFOXGHGLQWKHDQDO\VLVIRUVLPSOLFLW\UHDVRQVDQGODFN RILQIRUPDWLRQ+RZHYHUWKHYDOXHIORZVRQNQRZOHGJHZLOOEHIXUWKHUVWXGLHGODWHULQWKHSURMHFW
7KLVFKDSWHUDOVRLQFOXGHVWKHFUXFLDOWHUPVDQGGHILQLWLRQVWKDWDUHXVHGLQFOXGLQJWKHSUHIHUUHG1RUZHJLDQ WHUPVDQGGHILQLWLRQV6RPHRIWKHPRVWFUXFLDOWHUPVDUHWHUPVGHILQHGLQWKH1RUZHJLDQ$FWUHODWLQJWR HOHFWURQLFFRPPXQLFDWLRQHNRPORYHQ
)LYHJHQHULFUROHVDQGWKHLUUHVSRQVLELOLWLHVDUHGHILQHGHQDEOLQJWKHJHQHULFUROHDQGUHVSRQVLELOLW\PRGHOWR EHDSSOLHGIRUDQ\FRQILJXUDWLRQRIUHDOOLIHDFWRUV
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϵŽĨϴϰ
7HUPVDQGGHILQLWLRQV
7DEOH7HUPVDQGGHILQLWLRQV
7HUP 'HILQLWLRQ 'HILQLWLRQLQ1RUZHJLDQ
actor DUHDOZRUOGHQWLW\HJDSHUVRQDFRPSDQ\RUDQ DXWKRULW\IXOILOOLQJSDUWVRUWKHZKROHRIDroleVHW RIUHVSRQVLELOLWLHV
aktør±HQYLUNHOLJHQKHWIHNVHQ SHUVRQHWVHOVNDSHOOHUHQ
P\QGLJKHWVRPRSSI\OOHUGHOHUDY HOOHUKHOHVHWWHWPHG
DQVYDUVRPUnGHUIRUHQrolle business model GHVFULSWLRQRIPHDQVDQGPHWKRGVDILUPHPSOR\V
WRHDUQWKHUHYHQXHSURMHFWHGLQLWVSODQV
%XVLQHVV'LFWLRQDU\±ZZZEXVLQHVVGLFWLRQDU\FRP0D\
forretningsmodell±HQ EHVNULYHOVHDYGHPLGOHQHRJ PHWRGHQHHWILUPDWDULEUXNIRUn RSSQnGHQSODQODJWHLQQWHNWHQ ecomm end-
user
DQ\SK\VLFDORUOHJDOSHUVRQWKDWHQWHUVLQWRDQ DJUHHPHQWJLYLQJWKHSHUVRQDFFHVVWRHFRPP QHWZRUNVRUHFRPPVHUYLFHVIRUKLVKHURZQ EHQHILWRUOHQGLQJ
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQGHILQLWLRQRQ HQGXVHU
HQKYHUI\VLVNHOOHUMXULGLVNSHUVRQ VRPLQQJnUDYWDOHRPWLOJDQJWLO HOHNWURQLVNNRPPXQLNDVMRQVQHWW HOOHUWMHQHVWHWLOHJHWEUXNHOOHU XWOnQ
ecomm network provider
DQ\SK\VLFDORUOHJDOSHUVRQWKDWSURYLGHVDFFHVV WRHFRPPQHWZRUNVWRRWKHUSK\VLFDORUOHJDO SHUVRQVHJDQHFRPPVHUYLFHSURYLGHU
HQKYHUI\VLVNHOOHUMXULGLVNSHUVRQ VRPWLOE\UDQGUHWLOJDQJWLO HOHNWURQLVNNRPPXQLNDVMRQVQHWW ecomm
provider
DQ\SK\VLFDORUOHJDOSHUVRQWKDWSURYLGHVDFFHVV WRHFRPPQHWZRUNRUHFRPPVHUYLFHVWRRWKHU SK\VLFDORUOHJDOSHUVRQV
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQGHILQLWLRQIRU SURYLGHU
HQKYHUI\VLVNHOOHUMXULGLVNSHUVRQ VRPWLOE\UDQGUHWLOJDQJWLO HOHNWURQLVNNRPPXQLNDVMRQVQHWW HOOHUWMHQHVWH
ecomm service provider
DQ\SK\VLFDORUOHJDOSHUVRQWKDWSURYLGHVHFRPP VHUYLFHVWRRWKHUSK\VLFDORUOHJDOSHUVRQVHJWR DURDGRSHUDWRUEHLQJDQ,76FRPPXQLFDWLRQXVHU
HQKYHUI\VLVNHOOHUMXULGLVNSHUVRQ VRPWLOE\UDQGUH
NRPPXQLNDVMRQVWMHQHVWHU ecomm user DQ\SK\VLFDORUOHJDOSHUVRQZKRXVHVHFRPP
QHWZRUNVRUHFRPPVHUYLFHVIRUKLVKHURZQ EHQHILWRUDVVXSSRUWIRUWKHSURGXFWLRQDQGRU SURYLVLRQRIRWKHUVHUYLFHV
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQGHILQLWLRQIRU XVHU
HQKYHUI\VLVNHOOHUMXULGLVNSHUVRQ VRPEUXNHUHOHNWURQLVN
NRPPXQLNDVMRQVQHWWHOOHU WMHQHVWHWLOHJHQEUXNHOOHUVRP LQQVDWVIDNWRUIRUSURGXNVMRQDY DQGUHWMHQHVWHU
electronic communication (ecomm)
FRPPXQLFDWLRQE\DQHOHFWURQLFFRPPXQLFDWLRQ QHWZRUN
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQ
elektronisk kommunikasjon - NRPPXQLNDVMRQYHGEUXNDYHW HOHNWURQLVNNRPPXQLNDVMRQVQHWW electronic
communication network (ecomm network)
6\VWHPIRUWUDQVIHURIVLJQDOVWKDWHQDEOHV WUDQVPLVVLRQRIVRXQGWH[WSLFWXUHVRURWKHUGDWD E\PHDQVRIHOHFWURPDJQHWLFVLJQDOVE\DLURUZLUH LQFOXGLQJUDGLRHTXLSPHQWVZLWFKHVRWKHU
FRXSOLQJRUURXWLQJHTXLSPHQWDVVRFLDWHG HTXLSPHQWDQGIXQFWLRQVDOVRLQFOXGLQJQRQ DFWLYHQHWZRUNHOHPHQWV
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQ
elektronisk kommunikasjonsnett - V\VWHPIRUVLJQDOWUDQVSRUWVRP PXOLJJM¡URYHUI¡ULQJDYO\GWHNVW ELOGHUHOOHUDQGUHGDWDYHGKMHOS DYHOHNWURPDJQHWLVNHVLJQDOHUL IULWWURPHOOHUNDEHOGHU
UDGLRXWVW\UVYLWVMHUDQQHW NRSOLQJVRJGLULJHULQJVXWVW\U WLOK¡UHQGHXWVW\UHOOHUIXQNVMRQHU LQQJnUKHUXQGHU
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϬŽĨϴϰ
7HUP 'HILQLWLRQ 'HILQLWLRQLQ1RUZHJLDQ
QHWWYHUNVHOHPHQWHUVRPLNNHHU DNWLYH
electronic communication service
(ecomm service)
6HUYLFHWKDWIXOO\RUSDUWO\FRYHUVFRPPXQLFDWLRQ RIVLJQDOVLQHOHFWURQLFFRPPXQLFDWLRQQHWZRUNV DQGWKDWXVXDOO\LVSURYLGHGIRUDUHPXQHUDWLRQ
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQ
elektronisk
kommunikasjonstjeneste - WMHQHVWH VRPKHOWHOOHULGHWYHVHQWOLJH RPIDWWHUIRUPLGOLQJDYVLJQDOHUL HOHNWURQLVNNRPPXQLNDVMRQVQHWW RJVRPQRUPDOW\WHVPRWYHGHUODJ ITS
communication service
DQHOHFWURQLFFRPPXQLFDWLRQVHUYLFHWKDWHQDEOHV DQGVXSSRUWVWKHSURYLVLRQRIDQ,76VHUYLFH
ITS kommunikasjonstjeneste – HQ HOHNWURQLVN
NRPPXQLNDVMRQVWMHQHVWHVRP PXOLJJM¡URJVW¡WWHUOHYHUDQVHQDY HQ,76WMHQHVWH
ITS service DIXQFWLRQDOLW\SURYLGHGWRXVHUVRILQWHOOLJHQW WUDQVSRUWV\VWHPVGHVLJQHGWRLQFUHDVHVDIHW\
VXVWDLQDELOLW\HIILFLHQF\DQGRUFRPIRUW
,62DQG,62
ITS-tjenesteHQIXQNVMRQDOLWHW VRPLQWHOOLJHQWHWUDQVSRUWV\VWHPHU ,76\WHUWLOHQEUXNHUDY,76 KYRUGHQQHIXQNVMRQDOLWHWHQVNDO RSSI\OOHEUXNHUHQVNUDYWLO VLNNHUKHWWU\JJKHWNRPIRUW HIIHNWLYLWHWWLOJMHQJHOLJKHW RJHOOHUPLOM¡YHUQ
Public electronic communication service
(public ecomm service)
$QHOHFWURQLFFRPPXQLFDWLRQVHUYLFHDYDLODEOHIRU WKHSXEOLFRULQWHQGHGWREHXVHGE\WKHSXEOLF
1RUZHJLDQODZRQHOHFWURQLFFRPPXQLFDWLRQ
offentlig elektronisk kommunikasjonstjeneste HOHNWURQLVN
NRPPXQLNDVMRQVWMHQHVWHVRPHU WLOJMHQJHOLJIRUDOOPHQQKHWHQHOOHU EHUHJQHWWLOEUXNIRUDOOPHQQKHWHQ role DQDEVWUDFWHQWLW\GHILQHGE\DVHWRI
UHVSRQVLELOLWLHV
rolle±HQDEVWUDNWHQKHWVRPHU GHILQHUWJMHQQRPHWVHWWDY DQVYDUVRPUnGHU
transport infrastructure
WUDIILFDUHDVWKDWDUHDYDLODEOHIRUWUDQVSRUWPHDQV SURYLGLQJWKHWUDQVSRUWVHUYLFHHJURDGVVWUHHWV DQGSDUNLQJSODFHV
Transportinfrastruktur –
WUDILNNDUHDOHUVRPHUWLOJMHQJHOLJ IRUGHWUDQVSRUWPLGOHQHVRP OHYHUHUHQWUDQVSRUWWMHQHVWHIHNV YHJHUJDWHURJSDUNHULQJVSODVVHU transport
service
WKHPRYHPHQWRISHUVRQVRUJRRGVIURP$WR%LQ RQHRUPRUHWUDQVSRUWLQIUDVWUXFWXUHVZLWKRQHRU PRUHWUDQVSRUWPHDQV
transporttjenesteIO\WWLQJDY SHUVRQHUHOOHUJRGVIUD$WLO%L HQHOOHUIOHUHWUDQVSRUW
LQIUDVWUXNWXUHURJPHGHQHOOHU IOHUHWUDQVSRUWPLGOHU
value network DZHERIUHODWLRQVKLSVWKDWJHQHUDWHVHFRQRPLF YDOXHDQGRWKHUEHQHILWVWKURXJKFRPSOH[G\QDPLF H[FKDQJHVEHWZHHQWZRRUPRUHLQGLYLGXDOV JURXSVRURUJDQLVDWLRQV
9HUQD$OOHHZZZ9HUQDDOOHH&RP
YDOXHBQHWZRUNV8QGHUVWDQGLQJB9DOXHB1HWZRUNV+WPO
verdinettverk±HWQHWWYHUNDY UHODVMRQHUVRPVNDSHU
¡NRQRPLVNHYHUGLHURJDQGUH IRUGHOHUJMHQQRPNRPSOHNVHRJ G\QDPLVNHXWYHNVOLQJHUPHOORP WRHOOHUIOHUHLQGLYLGHUJUXSSHU HOOHURUJDQLVDVMRQHU
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϭŽĨϴϰ
Ϯ͘ϯ dŚĞ/d^ƐĞƌǀŝĐĞ
7KH$5.75$16,76IUDPHZRUNIRUWUDQVSRUWVHUYLFHV>@KDVGLYLGHGWKHWUDQVSRUWGRPDLQLQ VXEGRPDLQV7KHVDPHPHWKRGRORJ\FRXOGEHDSSOLHGIRUDIUDPHZRUNIRU,76VHUYLFHVSURYLGHGWRURDG LQIUDVWUXFWXUHXVHUVUHI)LJXUH(DFKVXEGRPDLQFRYHUVUROHVWKDWDUHORJLFDOO\OHJDOO\IXQFWLRQDOO\RU FRPPHUFLDOO\OLQNHGWRJHWKHU
7KHFRUHVXEGRPDLQFDOOHGITS service demandFRYHUVUROHVWKDWUHTXHVW,76VHUYLFHV7KHPDMRUUROHKHUHLV WKHITS service userWKDWGHILQHVUHTXHVWVEHQHILWVIURPDQGHYHQWXDOO\SD\VIRUWKH,76VHUYLFHHJDGULYHU RIDQDXWRPDWHGYHKLFOHFRXOGUHTXHVWWKH,76VHUYLFHAutomated highway operationGHILQHGLQ>@VHH IRUPRUHLQIRUPDWLRQRQWKHH[DPSOH
)LJXUH,76VHUYLFHVXEGRPDLQV
7KHPDLQFRXQWHUSDUWRIWKH,76VHUYLFHGHPDQGLVWKHITS service provision7KHVXEGRPDLQLVGLYLGHGLQ WZRVXEVXEGRPDLQV7KHPDMRUUROHLQWKHITS service ManagementGRPDLQLVWKHITS service manager EHLQJWKHFRQWUDFWXDOFRXQWHUSDUWWRWKH,76VHUYLFHXVHUFRQFHUQLQJWKH,76VHUYLFHWRSURYLGHG7KHPDMRU UROHLQWKHITS service operation managementGRPDLQLVWKHITS service operatorEHLQJWKHUROHWKDWGHOLYHUV WKH,76VHUYLFHWRWKH,76VHUYLFHXVHU7KH,76VHUYLFHPDQDJHUDQGWKH,76VHUYLFHRSHUDWRUDUHLQPDQ\
FDVHVWKHVDPHOHJDOHQWLW\+RZHYHULQWKHH[DPSOHDERYH,76VHUYLFH$XWRPDWHGKLJKZD\RSHUDWLRQWKH\
DUHWZRGLIIHUHQWOHJDOHQWLWLHV7KH,76VHUYLFHPDQDJHUZLOOEHWKHHQWLW\VHOOLQJWKHYHKLFOHWRWKHRZQHURI WKHYHKLFOHLHWKHFDUGHDOHU7KH,76VHUYLFHRSHUDWRUZLOOEHWKHHQWLW\WKDWSURGXFHGWKHYHKLFOHDQG LQVWDOOHGWKH,76VHUYLFHDSSOLFDWLRQLQWKHYHKLFOHSURYLGLQJWKHUHTXHVWHG,76VHUYLFHWRWKHXVHURIWKH YHKLFOH6RLQWKLV,76VHUYLFHH[DPSOHWKH,76VHUYLFHRSHUDWRUZLOOEHWKHFDUPDQXIDFWXUHU
7KH/DPEGD5RDGSURMHFWGHDOVZLWKURDGYHKLFOHVWKDWDUHPRYLQJDURXQGLQDURDGQHWZRUN7KHVXEGRPDLQ Road Network managementFRYHUVWZRVXEVXEGRPDLQV7KHPDMRUUROHLQWKHInfrastructure management GRPDLQLVWKHRoad infrastructure managerEHLQJUHVSRQVLEOHIRUWKHSODQQLQJEXLOGLQJDQGPDLQWHQDQFHRI WKHURDGQHWZRUNDOVRLQFOXGLQJURDGVLGHHTXLSPHQW7KHPDMRUUROHLQWKHUtilisation ManagementLVWKH Road OperatorEHLQJUHVSRQVLEOHIRUWKHGDLO\RSHUDWLRQRIWKHURDGQHWZRUNHJUHJXODWLRQRIWKHYHKLFOHV EHLQJSUHVHQWLQWKHURDGQHWZRUNE\VLJQVVLJQDOVDQGLQYHKLFOHLQIRUPDWLRQZLWKWKHPDLQREMHFWLYHRI
ZĞŐƵůĂƚŝŽŶĂŶĚ ŶĨŽƌĐĞŵĞŶƚ
ZĞŐƵůĂƚŝŽŶƐ
DŽŶŝƚŽƌŝŶŐ /ŶƚĞƌǀĞŶƚŝŽŶƐ ĂŶĚ^ĂŶĐƚŝŽŶƐ /d^ƐĞƌǀŝĐĞĚĞŵĂŶĚ
/d^ƐĞƌǀŝĐĞĞŵĂŶĚDĂŶĂŐĞŵĞŶƚ
/d^^ĞƌǀŝĐĞWƌŽǀŝƐŝŽŶ /d^ƐĞƌǀŝĐĞDĂŶĂŐĞŵĞŶƚ /d^ƐĞƌǀŝĐĞKƉĞƌĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ ZŽĂĚEĞƚǁŽƌŬ
ŵĂŶĂŐĞŵĞŶƚ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŵĂŶĂŐĞŵĞŶƚ
hƚŝůŝƐĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ
^ƵƉƉŽƌƚƐĞƌǀŝĐĞƐ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϮŽĨϴϰ
RSWLPLVLQJWKHWUDIILFVDIHW\DQGQHWZRUNFDSDFLW\7KLVDOVRLQFOXGHVSULRULWLVDWLRQRIVSHFLILFJURXSVRI WUDQVSRUWPHDQVHJYHKLFOHVXVHGE\SXEOLFWUDQVSRUWRSHUDWRUV
The Regulation and Enforcement sub-domainLVGLYLGHGLQWKUHHVXEVXEGRPDLQV7KHPDMRUUROHLQWKHILUVW GRPDLQFRYHUVWKHUHVSRQVLELOLWLHVUHODWHGWRWKHSURYLVLRQRIWKHUHJXODWLRQVWKDWJRYHUQWKHDFWLYLW\LQWKH QHWZRUN)RUDURDGQHWZRUNWKLVZLOOW\SLFDOO\EHDURDGDXWKRULW\RU7UDQVSRUW0LQLVWU\0F)RUDQHFRPP QHWZRUNWKLVZRXOGW\SLFDOO\EHDQHOHFWURQLFFRPPXQLFDWLRQDXWKRULW\RU&RPPXQLFDWLRQ0LQLVWU\1F
7KHVHFRQGGRPDLQLVMonitoringZKHUHWKHUHVSRQVLELOLWLHVRIWKHPDMRUUROHFRYHUVPRQLWRULQJWKDWWKH DFWLYLWLHVLQWKHQHWZRUNDUHFRPSOLDQWZLWKWKHUHJXODWLRQV7KHUROHPD\EHIXOILOOHGE\VHYHUDODFWRUVHJ URDGDXWKRULWLHVDQGSROLFHIRUURDGQHWZRUNV
7KHWKLUGGRPDLQLVFDOOHGInterventions and SanctionsDQGFRYHUVWKHUHVSRQVLELOLWLHVUHODWHGWRKDQGOLQJRI YLRODWLRQVRIWKHUHJXODWLRQVIRUWKHQHWZRUN7\SLFDODFWRUVFRXOGEHDXWKRULWLHVSROLFHDQGODZFRXUWV
7KHSupport servicesGRPDLQFRYHUVWKHUROHVSURYLGLQJH[WHUQDOVHUYLFHVWKDWDUHQHHGHGIRUWKHSURYLVLRQRI WKH,76VHUYLFH7\SLFDOH[DPSOHVDUH3D\PHQWVHUYLFHSURYLGHUV363HFRPPQHWZRUNSURYLGHUVDQG,76 HTXLSPHQWPDQXIDFWXUHUV
Ϯ͘ϰ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞ Ϯ͘ϰ͘ϭ dŚĞƐĞƌǀŝĐĞ
7KHPDLQREMHFWLYHRIWKH,76FRPPXQLFDWLRQVHUYLFHLVWRVXSSRUWWKHSURYLVLRQRI,76VHUYLFHV7KH
/DPEGD5RDGSURMHFWIRFXVHVRQ,76VHUYLFHVIRU&RRSHUDWLYH&RQQHFWHGDQG$XWRPDWHG0RELOLW\&&$0
)LJXUHVKRZVDQRYHUYLHZRIWKH,76FRPPXQLFDWLRQVWXGLHGLQWKH/DPEGD5RDGSURMHFW7KHILJXUHVKRZV YHKLFOHVFRRSHUDWLQJXVLQJWKH9HKLFOHWR9HKLFOH99FRPPXQLFDWLRQ,WDOVRVKRZVYHKLFOHVFRQQHFWHGWR WKHH[WHUQDO,76VHUYLFHSURYLGHUVHJ5RDGDGPLQLVWUDWLRQVE\WKH9HKLFOHWR,QIUDVWUXFWXUHFRPPXQLFDWLRQ 9,DQGLQIUDVWUXFWXUHWRYHKLFOHFRPPXQLFDWLRQ,97KHPDLQIRFXVRIWKH/DPEGD5RDGSURMHFWZLOOEH RQWKH9,DQG,9FRPPXQLFDWLRQVHUYLFHVEDVHGRQ**DQG,76*DQGWKHDQDO\VLVRIWKHLUFRYHUDJH DQGVLJQDOVWUHQJWK/DWHULQFKDSWHUZHGLVFXVVZK\WKHODWWHURIWKHVHFRPPXQLFDWLRQYLD,76*LV EHWWHUGHQRWHGE\95DQG59FRPPXQLFDWLRQ7KHFRPPXQLFDWLRQVHUYLFHFRXOGEHERWKRQHZD\DQG WZRZD\([DPSOHVRQRQHZD\FRPPXQLFDWLRQFRXOGEHDURDGDXWKRULW\EURDGFDVWLQJDZDUQLQJPHVVDJH WRDOOYHKLFOHVLQDGHILQHGDUHDRUYHKLFOHVUHSRUWLQJWRWKHURDGRSHUDWRUDERXWHYHQWVUHJLVWHUHGE\WKH YHKLFOHVHQVRUV\VWHPHJEODFNLFHRQWKHURDGVXUIDFH$QH[DPSOHRQWZRZD\FRPPXQLFDWLRQFRXOGEHD YHKLFOH,76DSSOLFDWLRQUHTXHVWLQJLQIRUPDWLRQRQWUDIILFFRQGLWLRQVURDGVWDWXVDQGFRQGLWLRQDQGZHDWKHU FRQGLWLRQVIURPGLIIHUHQWLQIRUPDWLRQSURYLGHUV
(JLQ1RUZD\1RUZHJLDQ3XEOLF5RDGV$GPLQLVWUDWLRQDQG0LQLVWU\RI7UDQVSRUWDQG&RPPXQLFDWLRQ
(JLQ1RUZD\1RUZHJLDQ&RPPXQLFDWLRQV$XWKRULW\DQG0LQLVWU\RI7UDQVSRUWDQG&RPPXQLFDWLRQ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϯŽĨϴϰ
)LJXUH2YHUYLHZRIWKHVWXGLHG,76FRPPXQLFDWLRQVHUYLFH
7\SLFDO,76VHUYLFHVVXSSRUWLQJ&&$0DUH,76VHUYLFHVEHORQJLQJWRWKH,76VHUYLFHJURXS9HKLFOHVHUYLFHV LQ>@2QHH[DPSOHIURPWKH,76VHUYLFHVLQWKLVJURXSLVWKH,76VHUYLFH$XWRPDWHGKLJKZD\RSHUDWLRQ DXWRPDWHGGULYLQJVHH)LJXUHGHILQHGDV
This ITS service enables vehicles to operate without the intervention of their drivers over a dedicated
transport network or specific part(s) of the road network that are equipped for automatic highway operation.
Only suitably equipped and operating vehicles shall be allowed to access the dedicated transport network or these part(s) of the road network, the drivers of all other vehicles being required to find alternative routes.
)LJXUH$XWRPDWHG'ULYLQJ%0:*URXS/HYHO 3KRWRSUHVVEPZJURXSFRP
7KH,76FRPPXQLFDWLRQVHUYLFHVXSSRUWVWKHSURYLVLRQRIDQ,76VHUYLFHDQGVRPHH[DPSOHVRQWKH,76 FRPPXQLFDWLRQVHUYLFHDUHVKRZQLQ)LJXUH7KH,76FRPPXQLFDWLRQVHUYLFHDUFKLWHFWXUHLVGHILQHGLQ>@
DQGLVWKHFRPPXQLFDWLRQWKDWWDNHVSODFHEHWZHHQWKHIRXU,76VXEV\VWHPVGHILQHGLQ>@DQGVKRZQLQ )LJXUH
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϰŽĨϴϰ
)LJXUH7KHIRXU,76VXEV\VWHPV
7KH9HKLFOH,76HTXLSPHQWPRUHRUOHVVHTXDOVWKH,QYHKLFOHQHWZRUNLQ)LJXUHDQGWKH5RDGVLGH,76 HTXLSPHQWPRUHRUOHVVHTXDOVWKH5RDGRSHUDWRU,76*LQWKHVDPHILJXUH7KH&HQWUDO,76V\VWHPLVPRVW RIWHQRSHUDWHGE\WKH,76VHUYLFHSURYLGHU+RZHYHUWKH,76VHUYLFHSURYLGHUVDUHGHSHQGLQJRQWKH
FRPPXQLFDWLRQVHUYLFHVSURYLGHGE\WKHHFRPPRSHUDWRUV**LQ)LJXUH
Ϯ͘ϰ͘Ϯ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞĨƌĂŵĞǁŽƌŬ
7KH$5.75$16PHWKRGRORJ\DSSOLHGIRUWKH,76VHUYLFHFRXOGDOVREHDSSOLHGIRUWKH,76FRPPXQLFDWLRQ VHUYLFHGHILQLQJWKHUROHVDQGWKHLUUHVSRQVLELOLWLHVVHH)LJXUH
7KHFRUHVXEGRPDLQFDOOHG,76FRPPXQLFDWLRQVHUYLFHGHPDQGFRYHUVUROHVWKDWUHTXHVW,76
FRPPXQLFDWLRQVHUYLFHV7KHPDMRUUROHKHUHLVWKHITS communication service userWKDWGHILQHVUHTXHVWV EHQHILWVIURPDQGHYHQWXDOO\SD\VIRUWKH,76FRPPXQLFDWLRQVHUYLFH$URDGRSHUDWRUHJWKH1RUZHJLDQ 3XEOLF5RDGV$GPLQLVWUDWLRQSURYLGLQJ,76VHUYLFHVWRURDGXVHUVLVDW\SLFDOH[DPSOHRQDQ,76
FRPPXQLFDWLRQVHUYLFHXVHU7KH,76VHUYLFHFRXOGIRULQVWDQFHEHSURYLGHGWRWKH,76VHUYLFHXVHUYLD,76
*LQ,765RDGVLGHVXEV\VWHPDQG,769HKLFOH,76VXEV\VWHP
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϱŽĨϴϰ
)LJXUH7KH,76FRPPXQLFDWLRQIUDPHZRUN
7KHPDLQFRXQWHUSDUWRIWKH,76FRPPXQLFDWLRQVHUYLFHGHPDQGLVWKHITS communication service provision 7KHVXEGRPDLQLVGLYLGHGLQWZRVXEVXEGRPDLQV7KHPDMRUUROHLQWKHITS communication service
ManagementGRPDLQLVWKHITS communication service managerEHLQJWKHFRQWUDFWXDOFRXQWHUSDUWWRWKH,76 FRPPXQLFDWLRQVHUYLFHXVHUFRQFHUQLQJWKHFRPPXQLFDWLRQVHUYLFHWREHSURYLGHG7KHPDMRUUROHLQWKHITS communication service operation managementGRPDLQLVWKHITS communication service operatorEHLQJWKH UROHWKDWGHOLYHUVWKH,76FRPPXQLFDWLRQVHUYLFHWRWKH,76FRPPXQLFDWLRQVHUYLFHXVHU7KH,76
FRPPXQLFDWLRQVHUYLFHPDQDJHUDQGWKH,76FRPPXQLFDWLRQVHUYLFHRSHUDWRUDUHLQPDQ\FDVHVWKHVDPH OHJDOHQWLW\HJ7HOLDDQG7HOHQRU
7KHVXEGRPDLQCommunication infrastructure managementFRYHUVWZRVXEVXEGRPDLQV7KHWHUP
FRPPXQLFDWLRQLQIUDVWUXFWXUHHTXDOVWKHWHUPHFRPPQHWZRUNVHH&ODXVH7HUPVDQGGHILQLWLRQV7KH PDMRUUROHLQWKH,QIUDVWUXFWXUHPDQDJHPHQWGRPDLQLVWKHInfrastructure managerEHLQJUHVSRQVLEOHIRUWKH SODQQLQJEXLOGLQJDQGPDLQWHQDQFHRIWKHFRPPXQLFDWLRQLQIUDVWUXFWXUH7KHPDMRUUROHLQWKH8WLOLVDWLRQ 0DQDJHPHQWLVWKHInfrastructure OperatorEHLQJUHVSRQVLEOHIRUWKHGDLO\RSHUDWLRQRIWKHFRPPXQLFDWLRQ LQIUDVWUXFWXUHHJFRQWURORIWKHGDWDSDFNDJHVVHQWLQWKHFRPPXQLFDWLRQLQIUDVWUXFWXUHZLWKWKHPDLQ REMHFWLYHRIRSWLPLVLQJWKHLQIUDVWUXFWXUHFDSDFLW\DYRLGLQJRYHUORDGLQJDQGORVVRIGDWD7KLVDOVRLQFOXGHV SULRULWLVDWLRQRIVSHFLILFJURXSVRIGDWDSDFNDJHVHJLQIRUPDWLRQUHODWHGWRVDIHW\,76VHUYLFHV
The Regulation and Enforcement sub-domainLVGLYLGHGLQWKUHHVXEVXEGRPDLQV7KHPDMRUUROHLQWKHILUVW GRPDLQFRYHUVWKHUHVSRQVLELOLWLHVUHODWHGWRWKHSURYLVLRQRIWKHUHJXODWLRQVWKDWJRYHUQWKHDFWLYLW\LQWKH FRPPXQLFDWLRQLQIUDVWUXFWXUH)RUDQHFRPPQHWZRUNWKLVZRXOGW\SLFDOO\EHDQHOHFWURQLFFRPPXQLFDWLRQ DXWKRULW\RU&RPPXQLFDWLRQ0LQLVWU\2F
7KHVHFRQGGRPDLQLVMonitoringZKHUHWKHUHVSRQVLELOLWLHVRIWKHPDMRUUROHFRYHUVPRQLWRULQJWKDWWKH DFWLYLWLHVLQWKHFRPPXQLFDWLRQLQIUDVWUXFWXUHDUHFRPSOLDQWZLWKWKHUHJXODWLRQV
(JLQ1RUZD\1RUZHJLDQ&RPPXQLFDWLRQV$XWKRULW\1.20DQG0LQLVWU\RI7UDQVSRUWDQG&RPPXQLFDWLRQ
ZĞŐƵůĂƚŝŽŶĂŶĚ ŶĨŽƌĐĞŵĞŶƚ
ZĞŐƵůĂƚŝŽŶƐ
DŽŶŝƚŽƌŝŶŐ /ŶƚĞƌǀĞŶƚŝŽŶƐ ĂŶĚ^ĂŶĐƚŝŽŶƐ /d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞĚĞŵĂŶĚ
/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞ ĞŵĂŶĚDĂŶĂŐĞŵĞŶƚ
/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞƉƌŽǀŝƐŝŽŶ /d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞDĂŶĂŐĞŵĞŶƚ
/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞ KƉĞƌĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ ŽŵŵƵŶŝĐĂƚŝŽŶ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŵĂŶĂŐĞŵĞŶƚ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ŵĂŶĂŐĞŵĞŶƚ
hƚŝůŝƐĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚ
^ƵƉƉŽƌƚƐĞƌǀŝĐĞƐ
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϲŽĨϴϰ
7KHWKLUGGRPDLQLVFDOOHGInterventions and SanctionsDQGFRYHUVWKHUHVSRQVLELOLWLHVUHODWHGWRKDQGOLQJRI YLRODWLRQVRIWKHUHJXODWLRQVIRUWKHFRPPXQLFDWLRQLQIUDVWUXFWXUH7\SLFDODFWRUVFRXOGEHDXWKRULWLHVDQG ODZFRXUWV
7KHSupport servicesGRPDLQFRYHUVWKHUROHVSURYLGLQJH[WHUQDOVHUYLFHVWKDWDUHQHHGHGIRUWKHSURYLVLRQRI WKH,76FRPPXQLFDWLRQVHUYLFH7\SLFDOH[DPSOHVDUH3D\PHQWVHUYLFHSURYLGHUV363DQG,76DQG
FRPPXQLFDWLRQHTXLSPHQWSURYLGHUV
Ϯ͘ϱ dŚĞ/d^ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĞƌǀŝĐĞĐŽŶƚĞdžƚ
7KH,76FRPPXQLFDWLRQVHUYLFHFRQWH[WFRXOGEHGHILQHGDVDVHWRILQWHUDFWLQJVHUYLFHVZKHUHWKH,76 FRPPXQLFDWLRQVHUYLFHLVWKHFRUHVHUYLFH)LJXUHGHSLFWVWKHPDLQVHUYLFHVLQWKH,76FRPPXQLFDWLRQ VHUYLFHFRQWH[W
)LJXUH7KH,76FRPPXQLFDWLRQVHUYLFHFRQWH[W
,WVKRXOGEHQRWHGWKDWWREHFRPSOLDQWZLWKWKHWHUPVGHILQHGLQWKH1RUZHJLDQODZRQHOHFWURQLF
FRPPXQLFDWLRQVRPHRIWKHUROHQDPHVLQWURGXFHGLQWKH,76FRPPXQLFDWLRQVHUYLFHIUDPHZRUNLQ&ODXVH KDYHEHHQWUDQVIRUPHGWRWKHHFRPPODZUROHGHILQLWLRQV,Q>@WKHWHUPecomm providerKDVEHHQ GHILQHGDVDQ\SK\VLFDORUOHJDOSHUVRQWKDWSURYLGHVDFFHVVWRHFRPPQHWZRUNRUHFRPPVHUYLFHVWRRWKHU SK\VLFDORUOHJDOSHUVRQV,QWKH/DPEGD5RDGSURMHFWWKHUROHHFRPPSURYLGHUKDVEHHQVSOLWLQWRWZRUROHV
x 7KHecomm network provider EHLQJ DQ\ SK\VLFDO RU OHJDO SHUVRQ WKDW SURYLGHV DFFHVV WR HFRPP QHWZRUNV WR RWKHU SK\VLFDO RU OHJDO SHUVRQV HJ DQ HFRPP VHUYLFH SURYLGHU +HQFH WKH HFRPP QHWZRUNSURYLGHULVUHVSRQVLEOHIRUWKHSURYLVLRQRIWKHecomm network services.
x 7KHecomm service providerEHLQJDQ\SK\VLFDORUOHJDOSHUVRQWKDWSURYLGHVHFRPPVHUYLFHVWRRWKHU SK\VLFDORUOHJDOSHUVRQVHJWRDURDGRSHUDWRUEHLQJDQ,76FRPPXQLFDWLRQXVHU+HQFHWKHHFRPP VHUYLFHSURYLGHULVUHVSRQVLEOHIRUWKHSURYLVLRQRIWKHecomm services
7KH7DEOHVKRZVWKHWUDQVLWLRQRIWKHWHUPVXVHGLQWKH&ODXVHDQGLQ)LJXUHDQGWKHWHUPVXVHGLQ WKLVFODXVHDQGODWHUFODXVHVDGDSWLQJWKHWHUPLQRORJ\XVHGLQWKH1RUZHJLDQODZRQHOHFWURQLF
FRPPXQLFDWLRQ,QPRVWFDVHVWKHecomm network managerDQGWKHecomm network operatorDUHWKHVDPH OHJDOHQWLW\DQGIRUVLPSOLFLW\UHDVRQVWKH\DUHPHUJHGWRecomm network provider7HOLD7HOHQRUDQG,FH DUHW\SLFDO1RUZHJLDQH[DPSOHVRQHFRPPQHWZRUNSURYLGHUV+RZHYHUWKH1RUZHJLDQ3XEOLF5RDGV
$GPLQLVWUDWLRQ135$ZLOODOVREHDQecomm network providerLQWKRVHFDVHVZKHUHWKH135$EXLOGV
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϳŽĨϴϰ
5RDGVLGH,76VXEV\VWHPVLPSOHPHQWLQJDQGRSHUDWLQJ,76*FRPPXQLFDWLRQZLWKYHKLFOHVSDVVLQJWKH 5RDGVLGH,76VXEV\VWHP
7DEOH7UDQVLWLRQRIWHUPV
7HUPLQ&ODXVHDQGLQ)LJXUH 7HUPVXVHGLQWKLVDQGODWHUFODXVHV Infrastructure manager ecomm network manager
)RUVLPSOLFLW\UHDVRQVPHUJHGWRecomm network provider Infrastructure Operator ecomm network operator
ITS communication service manager ecomm service manager
)RUVLPSOLFLW\UHDVRQVPHUJHGWRecomm service provider ITS communication operator ecomm service operator
7KH/DPEGD5RDGUHVHDUFKSURMHFWDOVRKDVSDUWQHUVWKDWGHOLYHUVHFRPPQHWZRUNHTXLSPHQWKDUGZDUHDQG VRIWZDUH7KHLUVHUYLFHVKDYHEHHQLQFOXGHGDVHFRPPQHWZRUNHTXLSPHQWVHUYLFHVLQWKH,76
FRPPXQLFDWLRQFRQWH[W
6HUYLFHVLQWKH5HJXODWLRQDQGHQIRUFHPHQWGRPDLQDUH
x Regulation services FRYHULQJ WKH SUHSDUDWLRQ LVVXLQJ DQG PDLQWHQDQFH RI WKH OHJDO IUDPHZRUN JRYHUQLQJWKHHFRPPQHWZRUNDQGVHUYLFHGRPDLQ7KLVDOVRLQFOXGHVWKHUHVSRQVLELOLWLHVRIDQHFRPP UHJLVWUDUHJNHHSLQJUHJLVWHUVIRUXQLTXH,'VQHHGHGIRUDVHFXUHDQGHIIHFWLYHFRPPXQLFDWLRQLQ HFRPP QHWZRUNV ,W DOVR LQFOXGHV DXWKRULVDWLRQ RI DFWRUV LQ WKH HFRPP GRPDLQ W\SH DSSURYDO RI QHWZRUN HTXLSPHQW HFRPP VWDQGDUGLVDWLRQ IUHTXHQFLHV XVHG IRU GLIIHUHQW W\SHV DQG SXUSRVHV RI FRPPXQLFDWLRQDQGHFRPPVHFXULW\
x Monitoring servicesFRYHULQJWKHFRQWURORIWKDWDFWRUVLQWKHHFRPPGRPDLQDUHFRPSOLDQWZLWKWKH HFRPP ODZV UHJXODWLRQV DQG FRQFHVVLRQV ,W DOVR FRYHUV PRQLWRULQJ WKH LVVXHUV RI HOHFWURQLF FHUWLILFDWHVDQGFRQWURORIHFRPPHTXLSPHQWLQWKHPDUNHWDQGRULQHFRPPQHWZRUNV
x Interventions and sanction services FRYHULQJ DUELWUDWLRQ EHWZHHQ DFWRUV LQ WKH HFRPP GRPDLQ DQG VDQFWLRQVHJILQHVLQWKRVHFDVHVZKHUHDQDFWRULQWKHHFRPPGRPDLQGRHVQRWIXOILOLQVWUXFWLRQV JLYHQDVSDUWRIWKHPRQLWRULQJVHUYLFHV
7KHVHVHUYLFHVFRXOGEHSURYLGHGE\GLIIHUHQWHQWLWLHV+RZHYHULQWKH/DPEGD5RDGSURMHFWWKHWKUHH VHUYLFHVDUHSURYLGHGE\DUROHWKDWKDVEHHQQDPHGWKHecomm regulator,Q1RUZD\WKHHFRPPUHJXODWRULV WKH1RUZHJLDQ&RPPXQLFDWLRQ$XWKRULW\1.20
,Q>@WKHWHUPuserKDVEHHQGHILQHGDVDQ\SK\VLFDORUOHJDOSHUVRQZKRXVHVHFRPPQHWZRUNVRUHFRPP VHUYLFHVIRUKLVKHURZQEHQHILWRUDVVXSSRUWIRUWKHSURGXFWLRQDQGRUSURYLVLRQRIRWKHUVHUYLFHV7KHYHU\
VLPLODUWHUPend-useUKDVEHHQGHILQHGDVDQ\SK\VLFDORUOHJDOSHUVRQWKDWHQWHUVLQWRDQDJUHHPHQWJLYLQJ WKHSHUVRQDFFHVVWRHFRPPQHWZRUNVRUHFRPPVHUYLFHVIRUKLVKHURZQEHQHILWRUOHQGLQJ7KHPDLQ GLIIHUHQFHEHWZHHQWKHUROHVuserDQGend-userVHHPVWREHWKDWWKHuserXVHVHFRPPQHWZRUNVDQGRU HFRPPVHUYLFHVDQGWKHend-userHQWHUVLQWRDQDJUHHPHQWHQDEOLQJWKHHQGXVHUWREHQHILWIURPHFRPP QHWZRUNVDQGVHUYLFHVLHEHFRPLQJDuser,QWKH/DPEGD5RDGSURMHFWWKHVHWZRUROHVKDYHEHHQPHUJHG LQWRRQHUROHFDOOHGWKHITS communicationuserGHVFULEHGE\WKHIROORZLQJUHVSRQVLELOLWLHV
x GHILQHWKH,76FRPPXQLFDWLRQVHUYLFHWKDWWKH,76FRPPXQLFDWLRQXVHUQHHGVIRUKLVSURYLVLRQRIDQ ,76VHUYLFH
x UHTXHVWWKH,76FRPPXQLFDWLRQVHUYLFHIURPSRWHQWLDOSURYLGHUVDQGHQWHULQWRDQH[SOLFLWRULPSOLFLW FRQWUDFWZLWKWKHHFRPPVHUYLFHSURYLGHU
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϴŽĨϴϰ
x EHQHILWIURPDQGFRQWUROWKDWWKH,76FRPPXQLFDWLRQVHUYLFHLVSURYLGHGLQOLQHZLWKWKHXVHUUHTXHVW DQGSURYLGHUGHVFULSWLRQ
x SD\IRUWKH,76FRPPXQLFDWLRQVHUYLFHH[FHSWLQWKRVHFDVHVZKHUHWKHFRPPXQLFDWLRQVHUYLFHLVD SXEOLFFRPPXQLFDWLRQVHUYLFHIUHHRIFKDUJH,WPLJKWDOVREHWKHFDVHWKDWWKH,76FRPPXQLFDWLRQ XVHULVWKHVDPHOHJDOHQWLW\DVWKH,76FRPPXQLFDWLRQVHUYLFHSURYLGHUHFRPPSURYLGHUVHHWKH H[DPSOHLQWKHSDUDJUDSKMXVWEHIRUH7DEOHRQSDJH
Ϯ͘ϲ ^ĞƌǀŝĐĞƐ͕ƌŽůĞƐĂŶĚǀĂůƵĞĨůŽǁƐ Ϯ͘ϲ͘ϭ dŚĞĞĐŽŵŵŶĞƚǁŽƌŬƐĞƌǀŝĐĞ
7KHHFRPPQHWZRUNVHUYLFHFRYHUVWKHSURYLVLRQRIDQHFRPPQHWZRUNV\VWHPIRUWUDQVSRUWRIVLJQDOV HQDEOLQJHFRPPVHUYLFHSURYLGHUVWRPDQDJHRIIHUDQGSURYLGHHFRPPVHUYLFHV7KHHFRPPQHWZRUN VHUYLFHGRPDLQKDVIRXUPDMRUUROHVLQYROYHGLQWKHSURYLVLRQRIWKHVHUYLFH
HFRPPQHWZRUNSURYLGHUZKR
x EXLOGVPDQDJHVPDLQWDLQVDQGRSHUDWHVDQHFRPPQHWZRUNLQIUDVWUXFWXUHHJWKHLQIUDVWUXFWXUHIRU
**RU,76*FRPPXQLFDWLRQ
x DGDSWVWRWKHUHJXODWLRQVLVVXHGE\HFRPPUHJXODWRU
x DFFHSWVWKHWUDQVSRUWUHJXODWRUPRQLWRULQJDQGDGHSWVWRDQ\LQVWUXFWLRQVJLYHQE\WKHHFRPP UHJXODWRU
x GHILQHVDQGPDUNHWVWKHHFRPPQHWZRUNVHUYLFHVLQFOXGLQJWKHSUHUHTXLVLWHVDQGFRQVWUDLQWVUHODWHG WRWKHXVHRIWKHHFRPPQHWZRUNVHUYLFHWKDWVKDOOEHRIIHUHGDQGGHOLYHUHGWRWKHHFRPPVHUYLFH SURYLGHUHJDWHOHFRPVHUYLFHSURYLGHU
x HQWHUVLQWRDFRQWUDFWZLWKDQHFRPPVHUYLFHSURYLGHUJLYLQJWKHHFRPPVHUYLFHSURYLGHUDFFHVVWR WKHHFRPPQHWZRUN
HFRPPVHUYLFHSURYLGHUZKR
x GHILQHVPDQDJHVPDUNHWVDQGRSHUDWHVWKHHFRPPVHUYLFHVWKDWVKDOOEHRIIHUHGDQGGHOLYHUHGWRWKH ,76FRPPXQLFDWLRQXVHUV
x HQWHUVLQWRDFRQWUDFWZLWKWKH,76FRPPXQLFDWLRQXVHU
x HQWHUVLQWRDFRQWUDFWZLWKWKHHFRPPQHWZRUNSURYLGHUŐŝǀŝŶŐƚŚĞĞĐŽŵŵƐĞƌǀŝĐĞƉƌŽǀŝĚĞƌĂĐĐĞƐƐƚŽ ƚŚĞĞĐŽŵŵŶĞƚǁŽƌŬ
x SD\VIRUWKHXVHRIWKHHFRPPQHWZRUNVHUYLFH
HFRPPUHJXODWRUZKRSURYLGHVUHJXODWLRQVHUYLFHVPRQLWRULQJVHUYLFHVDQGLQWHUYHQWLRQVDQGVDQFWLRQV VHUYLFHVVHH&ODXVHIRUPRUHGHWDLOV7KHVHUYLFHVDUHSURYLGHGERWKWRWKHHFRPPQHWZRUNSURYLGHUDQG WKHHFRPPVHUYLFHSURYLGHU
HFRPPQHWZRUNHTXLSPHQWSURYLGHUVZKRSURYLGHVFDEOHVRSWLFDOILEUHVUDGLRHTXLSPHQWVZLWFKHVRWKHU FRXSOLQJRUURXWLQJHTXLSPHQWDVVRFLDWHGHTXLSPHQWDQGIXQFWLRQVDOVRLQFOXGLQJQRQDFWLYHQHWZRUN HOHPHQWV7KLVDOVRLQFOXGHVHTXLSPHQWLQVWDOOHGLQYHKLFOHVHJ2Q%RDUG(TXLSPHQWRU9HKLFOH,76VXE V\VWHPV
7KHVLPSOLILHGYDOXHQHWZRUNEHWZHHQWKHIRXUUROHVLVVKRZQLQ)LJXUH
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϭϵŽĨϴϰ
)LJXUH9DOXHIORZVUHODWHGWRWKHSURYLVLRQRIWKHHFRPPQHWZRUNVHUYLFH
)LJXUHVKRZVH[DPSOHVRQ1RUZHJLDQDFWRUVIXOILOOLQJWKHUHVSRQVLELOLWLHVRIWKHUROHVLQ)LJXUH It should be noted that the one legal entity (actor) may fulfil the responsibilities of more than one role.
)LJXUH([DPSOHVRQ1RUZHJLDQDFWRUV
7KH1RUZHJLDQ3XEOLF5RDGV$GPLQLVWUDWLRQLVLQFOXGHGLQWKHILJXUHKDYLQJLQPLQGWKDWWKH\PD\LQVWDOO RSHUDWHDQGXVH,76*QHWZRUNVLQ5RDGVLGH,76VXEV\VWHPV
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϮϬŽĨϴϰ
Ϯ͘ϲ͘Ϯ dŚĞĞĐŽŵŵƐĞƌǀŝĐĞ
7KHHFRPPVHUYLFHFRYHUVWKHSURYLVLRQRIDQHFRPPVHUYLFHVHUYLFHWKDWIXOO\RUSDUWO\FRYHUV
FRPPXQLFDWLRQRIVLJQDOVLQHOHFWURQLFFRPPXQLFDWLRQQHWZRUNVV\VWHPIRUWUDQVSRUWRIVLJQDOVHQDEOLQJ ,76FRPPXQLFDWLRQVHUYLFHXVHUVWRPDQDJHRIIHUDQGSURYLGH,76VHUYLFHV7KHHFRPPVHUYLFHGRPDLQKDV WKUHHPDMRUUROHVLQYROYHGLQWKHSURYLVLRQRIWKHVHUYLFH
HFRPPVHUYLFHSURYLGHUZKR
x GHILQHVPDQDJHVPDUNHWVDQGRSHUDWHVWKHHFRPPVHUYLFHVWKDWVKDOOEHRIIHUHGDQGGHOLYHUHGWRWKH ,76FRPPXQLFDWLRQVHUYLFHXVHUV
x HQWHUVLQWRDFRQWUDFWZLWKDQHFRPPQHWZRUNVHUYLFHSURYLGHUHJDSURYLGHURIDQRSWLFDOILEUH QHWZRUN
x HQWHUVLQWRDFRQWUDFWZLWKWKH,76FRPPXQLFDWLRQVHUYLFHXVHU x SD\VIRUWKHXVHRIWKHHFRPPQHWZRUNVHUYLFH
,76FRPPXQLFDWLRQVHUYLFHXVHUZKR
x GHILQHWKH,76FRPPXQLFDWLRQVHUYLFHWKDWWKH,76FRPPXQLFDWLRQXVHUQHHGVIRUKLVSURYLVLRQRIDQ ,76VHUYLFHHJFRPPXQLFDWLRQRI,76DSSOLFDWLRQGDWDWRDJURXSRIYHKLFOHVZLWKLQDGHILQHG]RQH x UHTXHVWWKH,76FRPPXQLFDWLRQVHUYLFHIURPSRWHQWLDOSURYLGHUVDQGHQWHULQWRDQH[SOLFLWRULPSOLFLW
FRQWUDFWZLWKRQHRUPRUHHFRPPVHUYLFHSURYLGHU
x EHQHILWIURPWKH,76FRPPXQLFDWLRQVHUYLFHDQGFRQWUROWKDWWKHVHUYLFHLVSURYLGHGLQOLQHZLWKWKH XVHUUHTXHVWDQGSURYLGHUGHVFULSWLRQ
x SD\IRUWKH,76FRPPXQLFDWLRQVHUYLFHH[FHSWLQWKRVHFDVHVZKHUHWKHFRPPXQLFDWLRQVHUYLFHLVD SXEOLFFRPPXQLFDWLRQVHUYLFHIUHHRIFKDUJH,WPLJKWDOVREHWKHFDVHWKDWWKH,76FRPPXQLFDWLRQ XVHULVWKHVDPHOHJDOHQWLW\DVWKH,76FRPPXQLFDWLRQVHUYLFHSURYLGHUHFRPPSURYLGHUVHHWKH H[DPSOHLQWKHSDUDJUDSKMXVWEHIRUH7DEOHRQSDJH
HFRPPUHJXODWRUZKRSURYLGHVUHJXODWLRQVHUYLFHVPRQLWRULQJVHUYLFHVDQGLQWHUYHQWLRQVDQGVDQFWLRQV VHUYLFHVVHH&ODXVHIRUPRUHGHWDLOVRQWKHVHUYLFHV
7KHVLPSOLILHGYDOXHQHWZRUNEHWZHHQWKHWKUHHUROHVLVVKRZQLQ)LJXUH
)LJXUH9DOXHIORZVUHODWHGWRWKHSURYLVLRQRIWKHHFRPPVHUYLFH
)LJXUHVKRZVDQH[DPSOHRQ1RUZHJLDQDFWRUVIXOILOOLQJWKHUHVSRQVLELOLWLHVRIWKHUROHVLQ)LJXUH
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϮϭŽĨϴϰ
)LJXUH$QH[DPSOHRQ1RUZHJLDQDFWRUV
Ϯ͘ϲ͘ϯ ĐŽŵŵŶĞƚǁŽƌŬĞƋƵŝƉŵĞŶƚƐĞƌǀŝĐĞ
7KLVVHUYLFHFRYHUVWKHSURYLVLRQRIQHWZRUNHTXLSPHQW([DPSOHVIURP>@DUHDLURUZLUHQHWZRUNV LQFOXGLQJUDGLRHTXLSPHQWVZLWFKHVRWKHUFRXSOLQJRUURXWLQJHTXLSPHQWDVVRFLDWHGHTXLSPHQWDQG
IXQFWLRQVDOVRLQFOXGLQJQRQDFWLYHQHWZRUNHOHPHQWV2UGLQDU\,&7HTXLSPHQWHJFRPSXWHUVVHUYHUVZL ILQHWZRUNVHWFDUHXVHGE\DOODFWRUVLQWKHHFRPPGRPDLQEXWQRWVHHQDVSDUWRIWKHHFRPPQHWZRUN VSHFLILFHTXLSPHQW
7KHHFRPPQHWZRUNHTXLSPHQWVHUYLFHGRPDLQKDVWKUHHPDMRUUROHVLQYROYHGLQWKHSURYLVLRQRIWKHVHUYLFH VHHSUHYLRXVVXEFKDSWHUVIRUDPRUHGHWDLOHGGHVFULSWLRQRIWKHUROHUHVSRQVLELOLWLHV
HFRPPQHWZRUNHTXLSPHQWSURYLGHUVZKRSURYLGHVFDEOHVRSWLFDOILEUHVUDGLRHTXLSPHQWVZLWFKHVRWKHU FRXSOLQJRUURXWLQJHTXLSPHQWDVVRFLDWHGHTXLSPHQWDQGIXQFWLRQVDOVRLQFOXGLQJQRQDFWLYHQHWZRUN HOHPHQWV7KLVDOVRLQFOXGHVHTXLSPHQWLQVWDOOHGLQYHKLFOHVHJ2Q%RDUG(TXLSPHQWRU9HKLFOH,76VXE V\VWHPV
HFRPPQHWZRUNSURYLGHUZKREXLOGVPDQDJHVDQGRSHUDWHVDQHFRPPQHWZRUNLQIUDVWUXFWXUHHJWKH LQIUDVWUXFWXUHIRU**RU,76*FRPPXQLFDWLRQ
HFRPPUHJXODWRUZKRSURYLGHVUHJXODWLRQVHUYLFHVPRQLWRULQJVHUYLFHVDQGLQWHUYHQWLRQVDQGVDQFWLRQV VHUYLFHVVHH&ODXVHIRUPRUHGHWDLOVRQWKHVHUYLFHV
7KHVLPSOLILHGYDOXHQHWZRUNEHWZHHQWKHWKUHHUROHVLVVKRZQLQ)LJXUH
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϮϮŽĨϴϰ
)LJXUH9DOXHIORZVUHODWHGWRWKHSURYLVLRQRIWKHHFRPPQHWZRUNHTXLSPHQWVHUYLFH
)LJXUHVKRZVDQH[DPSOHRQ1RUZHJLDQDFWRUVIXOILOOLQJWKHUHVSRQVLELOLWLHVRIWKHUROHVLQ)LJXUH
)LJXUH$QH[DPSOHRQ1RUZHJLDQDFWRUV
Ϯ͘ϳ dŚĞŐĞŶĞƌŝĐǀĂůƵĞŶĞƚǁŽƌŬŵŽĚĞů
7KHJHQHULFYDOXHQHWZRUNPRGHOIRUWKH,76FRPPXQLFDWLRQVHUYLFHLVVKRZQLQ)LJXUH7KHILJXUHLV VLPSOLILHGLQUHODWLRQWRWKHPRUHGHWDLOHGILJXUHVDQGGHVFULSWLRQVDERYH
7KHILJXUHVKRZVDOOWKHPDLQDFWRUVQRGHVLQWKHYDOXHQHWZRUN7KHILJXUHVKRZVDQRYHUDOOYLHZSRLQW ZLWKRXWIRFXVLQJRQDQ\VSHFLILFDFWRU
WZK:dEK͘
ϭϬϮϬϮϬϱϰϴ
ZWKZdEK͘
ϮϬϮϬ͗ϬϬϴϴϰ sZ^/KEϭ͘Ϭ ϮϯŽĨϴϰ
)LJXUH9DOXHQHWZRUNIRUWKH,76FRPPXQLFDWLRQVHUYLFH
Ϯ͘ϴ ŝďůŝŽŐƌĂƉŚLJ
>@$OOHH9Reconfiguring the Value Network-RXUQDORI%XVLQHVV6WUDWHJ\9RO1-XO\
$XJ
>@$OOHH9Understanding value networks$EULHIDUWLFOHE\9HUQD$OOHHKWWSZZZ YHUQDDOOHHFRPYDOXHBQHWZRUNV8QGHUVWDQGLQJB9DOXHB1HWZRUNVKWPO
>@$OOHH9The Future of Knowledge: Increasing Prosperity through Value Networks%XWWHUZRUWK +HLQHPDQQ
>@,62,QWHOOLJHQW7UDQVSRUW6\VWHPV±5HIHUHQFHPRGHODUFKLWHFWXUHVIRUWKH,76VHFWRU±
3DUW,76VHUYLFHGRPDLQVVHUYLFHJURXSVDQGVHUYLFHV
>@,62,QWHOOLJHQWWUDQVSRUWV\VWHPV&RPPXQLFDWLRQVDFFHVVIRUODQGPRELOHV&$/0
$UFKLWHFWXUH
>@1DWYLJ0HWDOARKTRANS The multimodal ITS framework architecture Version 6 EUDJHELEV\VQR[POXLKDQGOH
>@/RYRPHOHNWURQLVNNRPPXQLNDVMRQHNRPORYHQ/29IUD1RUZHJLDQ
$FWUHODWLQJWRHOHFWURQLFFRPPXQLFDWLRQ