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Program compilation can be formally defined as a sequence of equivalence-preserving transformations, or refinements, from high-level language programs to assembler code. Recent models also incorporate timing properties, but the resulting formalisms are intimidatingly complex. Here we take advantage of a new, simple model of real-time refinement, based on predicate transformer semantics, to present a straightforward compilation formalism that incorporates real-time constraints. [Copyright &y& Elsevier]