tra50 b chrimatopistotiko sistima

205
TÔ XÚËÌ·ÙÔÈÛÙˆÙÈÎfi ™‡ÛÙËÌ· Δ√ª√™ B TÚ·Â˙ÈÎfi ¶ÂÚÈ‚¿ÏÏÔÓ ¶·Ó·ÁÈÒÙ˘ AÏÂÍ¿Î˘ AÓ·Ï. K·ıËÁËÙ‹˜ ¶·ÓÂÈÛÙËÌ›Ô˘ AıËÓÒÓ

Upload: peter

Post on 26-Oct-2014

110 views

Category:

Documents


1 download

TRANSCRIPT

T X BT AA. K AO KOINNIKN EITHMNO OT OT OO BTO XPHMATOITTIKO YTHMAB EKOH2008 15 O O O O O O O O 1O 19.................................................................................................................................19 ........................................................................................19-................................................................................................................19 ..............................................................................................19 1.1 ................................................................................20 1.2 ..........................................................................................231.2.1 ...............................................................................................................231.2.2 ................................................................................................................241.2.3 ()................................................................................241.2.4 ............................................................................................................251.2.5 .....................................................................................................26 1.3 ..............................................................................................................281.3.1 .........................................................................................................281.3.2 ..................................................................................................281.3.3 .....................................................311.3.4 O ....................................................................32 1.4 ................................................................34................................................................................................................................36 .........................................................................................................................37......................................................................................................................387EPIEXOMENA O 2A 39.................................................................................................................................39 ........................................................................................39-................................................................................................................39 ..............................................................................................39 2.1 .....................................................................................40 2.2 .......................412.2.1 ........................412.2.2 .......................432.2.3 ..........................46 2.2.3.1 ...................................................................................................482.2.3.2 ...................................................................................................................502.2.3.3 O ........................................................................512.2.4 ...........................52................................................................................................................................55 .........................................................................................................................56......................................................................................................................57 O 3 59.................................................................................................................................59 ........................................................................................59-................................................................................................................59 .............................................................................................59 3.1 .............................60 3.2 ............................63 3.3 .......6583.3.1 .....................653.3.2 ...................................................703.3.3 ..................................713.3.4 O E .................................................72 3.4 .....753.4.1 O ...................................................................................................753.4.2 O ..........................................................................................77................................................................................................................................81......................................................................................................................82 O 4 85.................................................................................................................................85 ........................................................................................85-................................................................................................................85 ..............................................................................................85 4.1 O ......................87 4.2 O ........90 4.3 O .......................................98 4.4 O ............................................105 4.5O ..................................108 4.6H B II ........................110..............................................................................................................................111 .......................................................................................................................112....................................................................................................................1139 O O O O O O O O O 5 117...............................................................................................................................117 ......................................................................................117-.............................................................................................................117 ............................................................................................118 5.1 ...................................................................................................119 5.2 ................................................................................1235.2.1 ........................1235.2.2 ....................1245.2.3 .....................1255.2.4 .................................................1265.2.5 E N ..............1275.2.5.1 E N ......................................1285.2.5.2 H E K T.......................................................................129 5.3 O O O............................................................................1315.3.1 ...........................................................................1315.3.2 H T...........................................................................................1325.3.3 ....................................................................132 5.4 ........................................1345.4.1 O : 1821-1914...............................................................1345.4.2 : 1925-1931 ......................1345.4.3 Bretton Woods: 1946-1971..........................................................1355.4.4 Bretton Woods: 1971 .......135..............................................................................................................................13710 .......................................................................................................................138....................................................................................................................139 O 6 141...............................................................................................................................141 ......................................................................................141-.............................................................................................................141 ............................................................................................141 6.1 ............................................................................142 6.2 O .................1466.2.1 ......................................1486.2.2 ............................150 6.3 :H .....................................................................1526.3.1 O .........................................1526.3.2 , .............154..............................................................................................................................159 .......................................................................................................................160....................................................................................................................161 O 7O 163...............................................................................................................................163 ......................................................................................163-..............................................................................................................163 ............................................................................................163 7.1 O .........................................16411 7.2 .....................................................1667.2.1 O ............................................................................1667.2.2 .................................................................................167 7.3 ...................1687.3.1 O ........................................................................................1697.3.1.1 O ..............................................................................1697.3.1.2 O .................................................................................1767.3.2 O ....................................................................................1777.3.2.1 O ......................................................1777.3.2.2 ...................................1787.3.3 .................................................1847.3.4 .......................................................................1857.3.5 X ............................................................185..............................................................................................................................193 .......................................................................................................................194....................................................................................................................195 O 8 T197...............................................................................................................................197 ......................................................................................197-..............................................................................................................197 ............................................................................................197 8.1 O .....................................................................198 8.2 ...........................................201 8.3 .........................................................2108.3.1 ..........................................................................210128.3.1.1 ...................................................................................................2118.3.1.2 ................................................................................................2138.3.2 ................................................................2138.3.3 ................................................................2148.3.4 O .....................................................................215..............................................................................................................................216 .......................................................................................................................217....................................................................................................................2181315POOO - . . - , - . , , , , - , , - , . , - . H B .MEPOLA' TO XPHMATOIIIl:TQTIKO l:Yl:THMA l:E MIA KAEIl:TH OIKONOMIA KEcDAAAIO o METM:XHMATI:EMO:E TH:EAllOTAMIEYl:H:E :EEMNEIAKO KEAAAIO o oxoJto I 0 1 > l 9 l 1 U 3 9 1 \ 1 d 3 r l U D O l 1 \ 9 3< EO I D Y l ? c b 3 ) 1 / ( ; l i D l i ) l D V ,( T l ) " x , (= A dA d: O A 9 0 X 0 1 590 0 d > D ) 1 1 9 1 ! D 5 3 0 3 1 9 0 0 1 0- 3 1 c t O ' X 9 1 9 r i D 1 A . 0 ' ( 0 1 c t 3 1 1 1 " O " X . 5 c t 0 1 9 c t O l 0 0 3 1 0 - , ( D / , 3 r i D r i U l D " 9 1 9 " 0 1 / , 9 1 i 0 1 " X . O l " 0 1 Ju ( J + 1 ) ( z n )= A d A d: 0 1 \ 9 0 X 0 1 590 0 d > D ) T I 9 1 ! D 5 3 0 3 1 9 0 0 1 0 3 1 c t O " x ' 9 1 9 1 i 0 1 A . 0 ' ( 0 1 c t 5 ) O ( l ) X 1 " O " X . 5 c t O l ? c t O l 0 0 3 1 0 - , ( D A . 3 T I D T I U l D " 9 1 9 m A . 9 T I 0 1 " X . 0 : l m Jb (( I n )A d: O A 9 0 X 1 \ 0 1 590 0 c D D ) 1 1 9 1 " 0 5 3 0 3 1 9 0- 0 1 0 3 1 c t O " X . 9 1 9 1 i 0 1 A O , ( 0 1 c t 3 1 1 1 " O " X . 5 c t O l ? c t O l 0 0 3 1 9 0 ' X 1 T I D T I L l l D " 9 1 9 m k 9 1 1 0 1 ' X O l m JOC : \ i l H 1 0 N 3"ENOTHTA1.2 KE o 00 '0 AtUQXEW. AvtLOtgOWn( inverted :rtnegative) XahlJTUADanoooonc; Mla aQv'Y]tlx1'j(11avtlm:gocp'Y])anoooo'Y];[negative (inverted) yield curve] xaQaXt'Y]QLS'tatanoavtlOtQocp1l0XEO'lll1'tasu anoooowv Xat XQOVOU, naQouOLasOVta; Eva OlXOVO!lLXOOtOonoLo taJtLtOXLa(Vat U1.jJ'Y]AOtQaano ta 29 ENOTHTA1.3 41GypaJ.lJ.la2 KAia'1T'1 d o c h o o d U" D r l r l D d A l ? l V\ l I D 1! : 1 > 91 , S1 \ 9 1l \ : l l1 0 'I t S o ' l l !- 0I! l '- 3- a- 0o- ] 1- 1 1I r J l D X S 9 0 0 c b O O O l ! S l t ' ( 0 - l ! l i D X S L u 0 ) 3 I i U O O l D- 9' i \ ( I ) ) D " { D d n xl D X i \ ( T ) A 3 1 i 9 0 3 c b D O O l ! i \ ( T ) 10 1 1 D X S ( j ) e D X ' 0 1 X 9 1 1 l ! 3 O lm A ) 3 ( a a ) S L u L w ) ' ( x L t ' m 3 e ) l A V ' i \ ( T ) ) D " { D c h

- 3 X S 9 0 0 c h D O O l ! S U l m x 1 1 0 ) X 0 1 1 l ! 3 r 1 0 lL t D j l X o L t l D A ) 3 0 - 0 c h D' J ]- 1 1 3 8 m A ) 3 ( S S ) S 9 0 0 c h D O O l ! S L I " { S t l ! l i D X S L l l L I O ) ' { X L l ' m i l i D O / ' 9 1 9 O l D l D 1 3 t \ ) D c h S ( I ) l ! O , ' i \ ( T )- 1 :- ) D " { D c b 3 X i \ 9 ) X m 3 A D gI t l D X 9 0 0 c h D O O l C L l V D r i r i D O / ' 9 1 V ' 0 1 : S :( l 0 X l / \ e 3 r 1 0 1 5 0 m , 0 - 0 1 m x 5 ( j ) e- D X ' A ( T ) ) X 0 l 1 l ! 3 i \ ( 1 ) 1 L W ( l ) c b o 9 1 i m gL l 1 m J . . S ' 1 3 r h P ( g O O l ! 1 0 ' ( t o ) 1 J , , { D c b 3 X 0 - 0 X D 1 3 i \- D g ( t O l\ I X 1 1 0 g 0 1 . . ' 1 ) A L n 9 0 0 c h D A O D 9 i \ r 1 0 X 0 9 1 ! r 1 ( t 0 l ! S j l X 1 1 l C O O O l ! 1 0 1 " O i \ ) 3 5 0 - 0 1- ( t D 5 3 1 A O k 9 0 D l ! 5 ( t 0 1 9 1 - ' 1 ) l O 0 3 1 9 1 0 ( t X 1 0 ' t \ ( l ) ) D " { D d n f {L t l( t 0 l ! 5 3 1 i \ O k 9 0 D l C 1 0 , , { , , { 9 m x M l O X 0 9 l ! ( t 0 1 X 9 1 1 l ! 3 0 1 9 1 ! D S 9 1 X 3 ' S 9 0 0 c h D O O l ! S L t l L W ( T ) l 1 ) O- 3 l ! i \ U l D m x 5 ( t ) l ! 0 , ' i \ { i ) ) ) ) , , { D c h 3 X i \ 9 ) X D l 3 A D g L l m A ) 3 l 1 0 3 1 9 0 X 1 r i O D 9 1 ' 0 1 X 9 1 1 l ! 3 0 1l D i \ ) 3 9 " { U r ! t r 1 0 1 l ! 0 0 9 ' l l c b O O l D ) l i \ D 1 " O A ) 3 L t D ? X D U ' \ U I 1 D L W ( T ) 1 1 1 ) 0 3 l ! i \ U l D 9 X 1 D I 1 < D tt o o " . . V 1 H 1 0 N : J"O I V V V < D : J > iT l l > " { l > d n x A L u D y x n i o A O X 1 0 0 : L l > t i l t o X l > A O l A Y 0 l > nt ' Z Z. . l i D A S l 0 8 " 3 1 m i i c D o J ! D 1 9 D A 1 ' 0 % 5 D ) ' \ ' 0 " ( 0 1 1 0 S U l m i ( } ) o0 1 9 l L D " 0 - 0 l L O ' X O l L D D A A 0 - 0 0 0 l , r r l' 1 0 ' S n O l 5 9 X 0 1 ' 9 X 0 ) 3 1 i 0 8 1 1 ! 3 0 1 A ' 9 3 ' S ? X- 0 1 3 r i 3 0L w u 0 - ' \ ' 1 , 3 A L l l ' 9 X 1 1 U l 0 J ! O l D l l L 0 ' ( , , ( ' 9 D , \ ? 0 1 \ ? 1 i u l 0 D O O O : U : A ( l O X . ?5 3 ) o l L O 1 0 5 3 ) k o " ( o r i o 1 ' O A ) ' 3 S ? X 0 1 3 1 i 3 0 3 1 1 S 3 ) / c 0 ' ( o r i o 1 0' d l H 1 0 N 3"s s' M O ) D , , { O j l i o ' o A ( y ) O O 1 9 0 1 L w u , , { S l ) l A t U 3 n 1 3 D ) 3 " { X D A ) 3 o o 1 f 1 i U O ? 8D ) W - o g n n o L I J . 1 \ 1 0 U 1 3 0 ) 3 " { X D ; \ ) 3 0 0 : m i D l D " { 9 g r i n o 1 ) X D l n 0 3 8 0 0 l l 3 D L W ? 8 H' U D ? 8 V X 1 1 L I A O D 1 3 X ? ( L O l s 9 J . r t D" \ 9 1 1 i 1 1 A ( y ) J . 5 L w 9 1 J . U s U J . I W ( 1 ) J . 1 ) 0 3 U A L l l D D J . 3 8 ) J . A D 9 ) A 3 ' A ( 1 ) ) D " { O g l i o ' o A 9 1 X D 1 1 i D 3- 0 0 1 A ( y ) J . A 9 1 n 1 1 A ( 1 ) J . n 0 9 9 A D U O ( y ) J . l l ) 0 3 1 A U l D 1 3 1 1 9 0 3 X s U O ? 8 s o X O J . 1 ) X 0 ' S } , \- D c b o O l l D A ) 3 5 ( 1 ) 1 0 , ' ( n o l l s )l D A ) 3 U D ? 8 U ' ) 3 l D D O O A D M O X ? ( \ , 0 1 1 ) J . r t D , 1 . :D 0 3 J . 9 0 0 1 0 3 l l l D A ) 3 ) 3 8 L t " { o ' O l l A O , O X ? D ) O l l O m n m , , { 9 g n o ' O m 1 \ 1 ) 3 ' n J . 3 8 ) J . A V - o ' O l l A O , O X ? 0 , 0 1 1 ) X 1 1 D 1 0 U n m O n X D l 9 ) ' O J . 3 n A ( y ) J . 9 0 0 U O J . A o ' O A ) n g 0 3 1 ' 0 \) 3 l D D o o / , n A O , O X ? O , O l l n l D , , { 9 9 1 i o ' O D : l O ) O l l O O J . 1 ) l D X 9 0 0 1 O J . 3 n U O ) l D A ) 3 ' 0 ) 0 1 . : 0U ' U O ? 8 ( ' i l u O l ) 1 3 X ? 1 3 X ? 1 1 0 U 1 ) J . o ' D , u n n l D , , { 9 g r i o ' o D 0 3 1 . 9 0 D l O- 3 1 1 3 0 1 ) O O A n 1 3 X ? S 0 1 0 U 1 ) X A 1 ) gD A 1 3 0 1 ) O O A D n A 5 0 1 0 1 1 ) ' %) 3 0 0 1 1 i ' n m ' ( 9 g n n D 1 ) ' X D l r i 0 3 8 0 0 l !( \ , O l l' n o ) o g l i 3 ' X 3 V 1 t : l D ' XO t : ' O , O ) M 0 1O t : ' O , o ) J . o n w I t : 1 0 l D A ) 3 s L W 0 9 1 ) O D l l s 3 ) A L l l i o 0 3 1 l L l l 0' D ) A U n o o 3 r i L I A U l . D 9 1 ) A o nL u . ) 3 " { 3 J . 0 l . D ' J 9 : l i ' L D A 9 0 0 l l O J . ' o ' o O ? l i S J , O X l n O A O ' X 1 0 0 m n- u o x n O A 3 1 i ) 3 ' X O l l n n 0 1 9 D 0 1 O A } n l 0 ' X 3 " x , A n , 0 D A ? 9 0 0 d m O l D , , { 9 g 1 i o ' o 3 8 1 ) ) l ' 9 0 0 1 O J . : A 0 - 0 o o d m M O ) D ' { 0 9 1 i n D A S C J X r J l l i o 3 Q O O l l M l ) : l V X l l D 1 o L u x n O D X n A ? n U l O l O l ( l J . ' O J .' L U 0 0 - 0 c b ' X / , n o < p ' ( ; : ) S J o g ; : ) l { J S l n ; : ) Q )O l O Y l D l l D l i u o X 9 x 1 A m i 0 3 J O l D ) 3 8 n n m i o ) O A 3 n X ? 0 ) 0 1 0 0 1 ' s L I X ) O O , Z - s U J . 0 0 - 0 c b x i - n O < f > S L u0 1 m x s 9 ) 8 D X ' O J . 0 9 U - S n A 9 1 - ) D 0 1 Y s L u l D ' XA ( y ) l ' l i m , \- o 3 1 D 1 i v : n O l ' 0 - 0 l D ' 1 0 D I J O , O J . S ? o o k n S u l D X 0 ) 0 l ! 0 O J . l x ; : ) u O l n 3- U O X O l D ) d 8 0 l 1 D l i ( I ) O A 3 A 0 9 , ( 1 A n , o X ? n ) O l l O " O l ( 1 1 1 ) O n u O l D ( ; : ) J U B 1 d ; : ) P l B U O l l B U . l ; : ) l U I; : ) W l ; : ) J . V ; : ) l p . m w ) d l l V W 0 1 ' O A ) q A O Y O l D ( g d . : f n ) ; : ) J 3 1 1 n l p x g s ; : ) . m l n d l B l ; ) U B U ! d1 I 0 P l l O ' l 0 1 1 ) ) A ) 3n o n ( 1 ' { n A 3 n ' O J . ' L t l l 9 1 0 O , g ' U 0 0 - 0 l l L l l D ) 3 k O l l O . l : 1 3 , , { ' ( X g W I S ) ; : ) ' i l l l H l { J X gI H l I O ! l H U 1 ; : ) l U I ; : ) . l O d B ' i l U ! S O J . 9 X 1 o m k n 8 n , \ ? S O A 3 ' 0 1 X 9 J . O : l ' O A J Q A O Y O l D ' A O J . ' X A 1 D 1 ) o ' O A U l D ' u x- 0 9 A . . N U l D 0 1 9 u n s 9 : l X 3 ' n p o m o A . 1 3 X ? ' S L w ) u g ' 1 \ ( 0 ) X 0 1 1 1 C 3 ) 1 3 l D ' X s O J . 1 ) 1 i- / t 1 ) " { " { D A O O ) 1 3 D l n , , { 9 g 1 i o ' D v x n n i m 8 0 0 l ! l D 1 A O \ 1 3 1 . m i k D O U D l 9 O ) O l l O O l D ' ( w w I ) l ; : ) ) j- l E W I B l I O ! l l W l ; : ) l U I O J .9 X 1 9 1 3 n X ?O J . ' ( g W : ) ) ; : ) ' i l l l P . l l J x g; : ) l ! l U H J 1 ; : ) W O : 5 e J I l I : ) O J . l D X ( . 1 0 g : ) ) ; : ) p P . 1 J . J O p . l l ' . O g O : 5 B ; ) ! l D 0 1 l D A ) 3 D l D , , { 9 g 1 i o ' O1 ) X D l l i 0 3 8 0 0 l l l D J . A 0 0 - 3 1 D l i k D O U D 1 9 D ) O l l O 1 ) l D D 0 3 1 0 - ' { D A 3 n D J .' ( S ; : ) l n l I 1 J ) j ; ) O l S ) 1 \ 9 1 X 0 1 3 1 i ) 1 3 D l D , , { 9 9 1 i f l D 1 ) X D l l i D 3 8 0 0 l l . ( S ; : ) 1 1 1 1 I 1 J X ; : ) P l l ! ) j J 0 1 S ) A 9 ) l X 1 3 9 ) l ! 3 n m , ( 9 9 1 1 0 ' O V X D l l i m 8 0 0 l l . ( s ; : ) . 1 n 1 n J , ( J U ; : ) l l n ; ) )) 1 3 D l D ' ( 9 g n o ' o 1 ) X D l l i D 3 8 0 0 l l . ( S ; : ) . l n l I 1 J; : ) l O U p U B p u o q ) / \ ( O / ' 9 , , { o n o M n n D 3 8 9 0 l l 0 0 x m i o 0 3 1 i ) 1 3 D m , , { 9 9 1 1 0 ' 0 1 ) X D l l 1 0 3 8 0 0 l l . ( S ; : ) l n l n J l d ) j l H U I / \ ; : ) U O W ) 5 1 ) o o A n l m i L t o X S L I l / \ ( 1 ) O ? l i ) 1 ! 3 n m , , { 9 9 1 i o o 9 ' X D l l i 0 3 8 0 0 1 : m A ) 3 D l D " { 9 9 1 1 0 , 0 D 0 3 1 9 1 0 l l X D . 1.1 \ 9 1 ' X l 1 i o / \ O X 1 0 0 1 D ' n u o xs 0 1 D l i o 1 ) c b 0 ' 0 " { 1 ) A 3 1 i 1 ) 1 3 X O D 5 9 / \ 3 ) l l 3 l D 1 I \ 0 1 l l 1 ) / \ 0 ' 0 n m ' { 9 9 1 i n o v ' X m r i m 8 0 0 l ! D . 1' D l 7 J r t A ) O A D D " { 1 ) A . 3 1 i 1 ) 1 3 X O D 9 l ! D0 , \ 0 ' 9 / \ ) X / \ 0 1 / \ 0 0 D ) l i 8 7 J 1 0 l l A D D / \ / \ 0 0 ' 0 8 0 , 0 1 5 3 9 9 1 \ 0 1 i S ? X l l 1 0 / \ O ' X 1 O 3 0 5 0 ) ) O O , x 1 7 ) l / \ O A- 0 8 I l 3 : ) J D ' 0 / \ ) 3 0 0 l l 1 i O ) O l l O 0 1 D l A n . O l D 1 X 1 ) " { 3 0 , 0 1- mU J( 1 ) , 1 .- 1- 1 )- D r1 ) 1 . - L l l 1- 0 _- I l lM i l

- 0 - 0A C J I - 3 C- L l (- 0 'A A Q5 } " D .- 3 (o- 0

( ' ; " ( ' ; V I H I O N : J( ' ;"< ; o o z ' N H V V i 5 U D P ( J X : . f ' N W5 o ' X } O 5 9 X I 1 0 Q Y . : : J ' A ( l ) , \ . S I l A . n ( J I ) 1 !\ L X D l i l l u O U D l H l l l X \ l X 1 A l t Y Y 3 L t w x 1 ) 1 ' \ 9 1 . o i h , n A r l l k l , ) l l l ) 1 [l / x D l i l l u l l l l l ) l i l . t i l X l ) l " ' 5 / 1 1 f ! J 1 / . . r M n l [: . Y f j ' t t f l H t t 9 . ? O O : u , ( ( I ) A ( l ) A : ) O n l l 5 ! ) o o / . . n 5 { . i x m { } i t w l . l- n i l u o X 5 ( 0 i 1 t t l l ' ( ' { J 5 1 . 1 . 1 m x ! ) , ( , { n ' t t ( l ) . l t t 9 . 1 0 0 l l , ( W / . m A ! i 0 n l 5 ! i O O A n 5 l i . 1 . U D ( ! Y ! i r l l ? ( t X 3 ' ( 1 9 t t 3 O 1 l l m T t m Jl n O J o , { o d l 3 > 1 n O l O l D ' o r l l i l d 9 d o U O l D 3 1 J 3 d l D e L L o l t l A 9 U O A l t l I , I A 3 A o d 3 . l f l 3 Q n ) r l 3 D . 1 0: ) l O l A- O A O > l l O O l O r l l t d X n O l O D ; ' l r l D lO l A 9 1 . o d u o A ( Y ) A 9 d o u 0 1I . I D I . I > l D V ,- l A ( Y ) A 9 ' ( 0 1 i o S l w u , (- ( ; : l 1 C S 9 0 0 A D A ( I ) 1 . 9 1 i C 0 1 D 1 < 1 q A ( I ) 1 . L l l . M l O A O ) D U D l . D n 9 1 1 D X 1 q D X 1 0 l D ) l . A D D l S 9 0- O A D l D ' ( D < : b 3 X S L l 1 .- S U D 3 8 ' 9 l . D XD l i ( l ) ) D x 1 q ; l l . O UA 3 q O l D 1 D l A 0 0 - 3 l . D T I } , D O U D l 9 C L O U D l ' S 9 0 0 A D l . D T I L l O X S I n 0 0- 9 1 X A O l D D l D l i < : 0 1 D X 1 9 D l 3 T I S ( I ) T I 9 U D 3 8 ) 1 . A D S 3 1 . X J 3 q S 0 - 0 x D l O L l l . D 1 l . D T I L I O X59X O l .- 3 1 1 m x S U O ) U 3 S ( I ) u 9 ' D T I A D , ( , ( 9 A C L O A 0 - 0 0 0 < : b D D A A 9 l . D A C L 9 1 D A ) 3 5 9 0 0 A D l D ' t D < : b 3 x S I no 0 9 1 X I \ O l D D l D T I 9 1 1 D X 1 q 9 X 1 T I O A O X 1 0 0 l . D n U O X D l ' 5 9 0 0 A D l D l i L I O X S L l l . 0 ( 9 ) X A O l D m xS ( I ) U O , ' D 1 . D T I 9 1 m X 1 9 9 X l l i o l \ 0 X ' 1 0 0 1 . D l l u o X D 1 . 1 D i \ ) 3 5 9 0 0 A D l D ' ( D < : b 3 x S U 1 . O o < : o X A O l Dm 1 . A 0 0 - 3 1 . D T I A D o u m q D ) O U O D l A ( I ) l . A 9 1 . O O U A ( I ) A ( I ) A 9 0 m D ) 0 0 A U l . D X U 0 3 1 . 0 - 3 9 Ht 3 0 . . t o q ' l . D X 3 [ L L D 0 9 9 0 m c m A . 0 1 D , ( 9 9- 1 1 C L O 9 X D l T I 0 3 8 0 0 U D A 5 l S D l A 9 1 , ( C L O U C L O l . U 0 9 8 L 1 1 1 3 0 ) 3 ' { X D A J 3 o o l . C l i t 3 0 ' ' ( o q' l . D X 3 l u o o q 9 0 D U D l A S I W ; 3 8 S D ) T IS " O A 9 ' D l i k l 3 9 9 a D J . . c D l J ' A ( O ) 1 ) ' (- o g n r w A ( I ) X l O l D ) 1 . A " O A ( I ) 1 . 9 0 0 } , " O A U 1 . 3 T I 1 3 0 ) 3 , ( % D A ) 3 0 0 l C l i L L D 5 1 8 ' O ) l i 9 ) A 3v S< : E " lo [1l.

0"ta .((xci ) {%DI; 1:UVOlVlJ Ot XUt XE l l r l O A O > l l O o m r l u d X A ( y ) l U 0 1 U ' ! l 1 3 r l l l A O A L u D l A n O O ? r l n O l l X 9 1 O > l ) 0 1 U 1 9 l D n 3 d ) U A ? r l u 3 n o) U l 9 > l l l D l d L u > l O d O X 0 1 1 3 Q ) Q o o d uU O n 3 1 l ; : > r l A o d u D l Q U l O > l O l A 9 1 0 d U I ; : > > l D l d U l D l l- o r l u d X O 1 l O A ) 3 I ; : > d o A o 1 , 1 i \ 3 A o d 3 1 n 3 Q 0 ) r l 3 0 n o u O l A 9 1 0 d u 0 1 " ) 0 8 I ; : > V " 1" A ( y ) l A 9 ) o d u A ' ! l A- 3 A o l ( Y ) d u A ( y ) l ) ? l n O 9 U O ) 3 1 3 8 ) l A O ) ? o d ) ? > l l l o r l u d X M O X ? O ) O U O 0 1 ' A ( y ) l A 9 ) " o d u A ( Y ) A ( Y ) A l ; : > d- o u I , 1 A O ' { l U 3 A U 1 3 r l 1 0 1 3 A ) A A ( y ) l A 9 1 0 d u A ' ! l > l l r l o A O > l l O o m r l u d X A ' ! l A 3 A o l ( Y ) d u A ( y ) l n O lu O l r l 8 1 ; : > l D l l A O U ' O A ? r l l d > l 3 > l A n 1 " n 0 l 9 1 > l I ; : > ' { n < b o l d o X O l D 1 3 X ? O ) O U O 0 1 ' A ( y ) l A 9 1 0 d u A ' ! l > l l r l O A O > l- l O o m r l u d X A ' ! l A 3 A o l ( Y ) d u A ( y ) l A ' ! l > l l r l o A O > l l O o m r l I J d X A ( y ) l l l o l r l 8 l ; : > l D l l A O A U l D l A 1 3 0- l , 1 l O U O r l l O U d X 0 1 O A ) n O l U l D l , 1 d X A O l D O l U 1 9 m A n Q L u 1 3 A ) 9 ' A O ' { ' { ? r l O l D I , 1 Q O ' { U Q l O l A o d ? < b- P A O ' ) 1 3 3 I ; : > d l J ) ? > l 0 1 r l 0 3 8 0 d uO l A 9 1 . o d u o A ( Y ) A l ; : > d o u 0 1 1 1 9 ) 9 A O A 3 A 0 1 " l ; : > l D ( Y ) 1 " 0 l I D l I l I D V ," A o ' { ' { ? l i O l D I , 1 A o , { , { o A n o l , 1 > l l r l o A O > l l O o m r l u d X 0 ) r l 1 3 r n 1 ; : > M O O A l l o ( Y ) ? d X o u n A U 1 0 ' { ' { 1 ; : >A O l D I ; : > ' { ' { o ' O r l ( y ) ) O > l l Q 0 1 o A 3 r l 9 ' { ' { o 1 r l n O l l A O O A ? A O l D A n o X ? d o u O l D r l ! ! l l O > l l Q 0 1 " l ; : > l D ( Y ) 1 " 1" 9 U O > l 0A O l A 9 l n O , 1 A ) D l r l A ( Y ) d ? l O d u A ( y ) l > l 3 u r n o A 0 0 U 1 0 1 ) 3 1 1 O U O A 3 Q 1 O > l M O O ) O o < b o u o0 1 A I ; : > 3 A O ' { ' { ? r l O l D I , 1 A o , { , { O M l O O ) r l A n O r n l ; : > A n O O A O r l ( y ) ) O > l l Q 0 1 A n O X ? 1 0 A 3 r l 9 ' { ' { P 1 r l n O l l A O' l l o ( y ) i l l ) d 3 U 3 1 0 U l , 1 Q D l O U O 3 1 " O r l U 9 A ) ( Y ) 1 0 ' { O U O O A ? A O > l 1 3 X ? A 3 Q ) n O A ? r l o ' { ' { o t j r l n O l l A O) n O l D 1 O > l A O ' { ' { ? r l O l D ) I , 1 A O , { , { O A n o ) O ) r l ) U r n O A 0 0 O r l ( y ) ) O > l l Q 0 1 1 0 1 3 X ? d o u O A 0 1 " ) 0 8 I ; : > V " 0J .l I D l I l I D V ,: 3 3 0V W H l . d V d V I I" DUe; TO TOY -rOV 0 DOlCJTl 1080TIle; WV BIBAlorPA 3 x ' 5 5 l 1 0 , " O , 0 1 ' 0 1 A 0 - 0 1 0 l f 0 1 6- U 1 0 D 0 9 O , O l f M D 1 " 0 ( 3 1 ) 1 ) 1 9 1 1 ' O X ' A C j l O O A " O A ( 1 ) l 5 ' 0 ) A O O , 0 1 1 3 ' { 0 1 9 0 1 A . 0 13 1 10 1 1 t 3 r i 0 - 0 8 L l , { o X O D " 0 8 9 1 ( 1 , " 0 0 1 D , { ' 9 c i > 3 x O l D ' 0 ' 0 ) D ' ( " O c i > 3 x 1 ' O X 5 0 l ' 0 1 i 5 5 l 0 0 A D 5 1 1 A 0 - 0 0 0 c i > D 0 , 0 1 5 3 1 0 A A 5 l 5 5 l X l O D g ' 5 1 1 0 L u ' 9 1 3 WA 9 J A D ' { ' { D A r l O , \ C f J X 1 A 3 A L l O U 1 9 9 0 1 " O T I U O X L I 0 3 r i 1 i 3 ,U O U 1 9 9 0 1 D 1 i u C J X L l O U ) 0 1 0 ' { 1 1 lu O U 9 ' 9 , { 0 0 3 1 i D 1 9 O l f VU O L I 9 ' 9 , { 0 0 3 T I D 1 V' S ; l 1 O , " O , 1 D5 D ) k o n 0 1 1 3 ' ( 0 1 9 0 1 A 0 1 D A 1 ' O X5 C j l 8 D X A C j l X 1 1 ( 1 ) l D 1 1 0 1 D r i L l O X5 0 , 0 / \ ? r i 1 0 X 3 X A r l O 3 0 5 1 1 . 0 1L u 3 1 i ' 9 0 0 A " O L l l O5 1 1. A C j l O ( 1 ) X A ( 1 ) 0 9 c i > ' 0 1 9 A ( 1 ) l ' 0 1' 9 X 1 1 ( 1 ) l D l l f 0 1 D 1 i U O X ' 0 1 0 5 1 3 0 ' 9 1 5 3 A o o X k 0 - 0 5 1 1 3 1 3 0 0 S l 1 1 D A " O . A ( 1 ) 1 ' 9 1 i U 1 0- 0 , 0 A C j l X 1 1 ( O l D 1 1 0 1 ' 0 1 i L l O X , \ ( 1 ) l f 0 - 1 A ( 1 ) 0 9 c i > ' 0 1 9 M O l5 5 l 0 0 c i > ' 0 1 9 5 1 1: " O A 3 1 ) 3 0 0 1 f 1 i D e ' 9 1 ( 1 , ' 0 0 1 ' O , { ' 9 c i > 3 1 < ' 0 8 A D l O ,. A C f J O O A " O 5 0 , 0 l f \ 1 1 5 ( 1 . 0 1 0 , " 0 5 ( 1 . 0 X 1 1- 3 0 0 c i > ' 0 1 9 0 0 9 5 0 , 0 l D ' 0 1 A 9 0 X " o ) D l 0 ' 3 ' 1 ( 3 1 D l ' 9 1 " O X A " O x L l 8 C j l 1 3 1 i u o O , O l f 5 1 1 0 1 ' O X5 u o ) l f 3 5 C j l 8 D X ' 0 ' 0 ) D , { D c i > 3 x5 1 1 0 1 ' O X5 1 1 0 5 u o L I 9 ' 9 , { 0 0 3 T I- ' 0 1 9 5 1 1 1 5 U 0 1 0 X ' 9 1 9 5 U 1 U 1 ' O A ) 3 ' l O ) D ' ( D c i > 3 X 0 , 0 1 ( 1 . 0 1 0 , " 0 5 9 l f O X O A O I V V Vl V ) I : i : : [ d O J V H : i : H H V V O : I 3 : W V I VO I V V V c D : 3 > l"0 9U i \ : ; n i 1 0 X 3 X A ( l 0 H " ) 3 8 L t w g 0 1 3 A D g M O X ? ( l O l l1 \ ( 1 ) 1 S D ) 3 0 0 l l S U l L w- U 8 0 - 0 ' ( O X D O D l l A L l l M O i \ 1 ) 9 1 i D ' ( D A D( l 0 ) 3 i \ D g L l l 1 ) 1 3 W " S ( l O W 9 X 0 - 0 X l 1 3 X O ( l 0 1 ' m 3 l l ? A ( l 0 1 ) W X ' m x ( l 0 1 U l ' ( l 0 ' \ 0 - g A 1 X0 - 0 X 1 1 ( 1 ) 1 0 1 1 ( l O A 3 1 i 9 , \ D g r i D , { D A D ( l 0 1 1 ) O O l l o m g U l A ( l O A 1 ) X A ( l 1 1 1 L 3 ' D x m i ) ' { x U ' { l ) A 3 r i0 - , { O l l 3 0 S D ) O D x 1 g m g S U 1 S D 1 3 ) , O ? A 3 1 g S U 1 ( l ) A 9 , { " L w L I O J 3 X- 1 1 3 S U H ; 1 1 g 1 0 3 X ) 3 D 8 0 ) 0 1 0 0 1 S O W 9 X 0 1 3 1 i U o ? X o 3 0 S O W 9 X0 0 3 1 9 0 X 1 r i 3 r i ' 1 ) x u m i 0 3 ' { 3 W l D 0 1 l l 0 - , { 0 1 1 ) X 1 0 ( l < D D ) A O ( l 0 1 1 ' 3 ' { U l ) 3 ' { 3 1 1 1 J : 3 ' 1 3 A 1 ) X A ( l 1 1 1 3 S 3 ) 0 1 ! 0 5 1 1 S D x m i ) ' ( x i \ ( ; ) 1 r i O A O X 1 0 1 \ ( 1 ) 1 m x S t u S D ) 0 1 3 1 ! 1 i 3S U l ( l ) A 9 , {H " S 0 1 0 9 X 9 X 1 1 3 X O 0 1 S 0 1 g ) 0 U O ( l ) l l ) 0 3 1 A U W S D 1 A- O A 1 ) 9 r i D ' { D i \ D ' S l i 1 ? 8 D W X 0 S 0 1 g ) 0 1 3 A 1 ) X A U l D A 1 3 l l ? O l D 8 L w L t r i ) l X 3 A l i 1 - ( l DS U 1 U O U \ : J 1 ) , { 0 0 3 r i m g U lS ) O ( l ) X ' D 0 3 1 i 1 ) 1 3 A ) A L W U 1 9 g 0 w r i- U O X U ( l 0 1 U 0 0 ' ) 1 1 ) 0 3 l L' ( l O A 3 r i 0 - 0 1 O g 0 1 3 A D g ( l 0 1 S m l i 1 9 ( l A A 3 0 3 < D - l l l 0 - 0 r i 8 D 9 ( l 0 1 ' ( l O A 0 - g A 1 X 0 - 0 X 1 1 ( O W 1 1 ( 1 0 1 U O u r i ) l X 3 U : D ) 0 3 0 U l ( t- D r i u O 0 - ' ( 0 1 D ) r i 1 ) X 1 W m O ( l 0 m 1 3 X ? O D l S 0 - 0 1 ( l D , 0 ) W 1 A ' 1 ) X 1 A 3 A S 3 1 ? 8 D W X S ( 1 0 1m A 0 - ' ( 0 1 m A ) 3 S u o L ( 9 1 ) , ( 0 0 3 r i m gS U 1 U O U ) 0 1 0 r i 1 D U O X H S u o o g x ? S m L t 1 9 W i \- o , g S U l ( l ) o ? r i ' A < ) 1 r i ( O O U ' ( 1 D 1 i u w 0 - 0 D A ? 3 0 U O D g 0 9 0 l l A D X ) 3 D 1 i D l r i 8 1 ) W U A D 3 0 1 0- ) 0 1 0 1 0 ' A ( I ) 3 0 ? 8 D W X i \ ( I ) l A S l ) l ( l D S ( l O X 9 W X S ( l O W 0 1 X 9 1 1 1 3 9 X 1 i \ 3 g u r i [ . t . 9 0 X 1 r i 0 - ' (- O l l A D A 1 g ? 1 ) x m o o g D o D l ' S U O ( l 3 0 9 A D l L D 1 X 9 A U 1 9 l L D m l i 1 ' A 0 0 3 1 0 - 3 \ 7 " I \ ( 0 3 0 ? 8 D W X L l l, 0 ( l O X 9 1 A L t l i \ D ( l 3 0- 9 A D l L D S ? X O D S ? X l l ( 1 ) W 1 1 0 1 D r i 0 1 1 i o A 1 0 S 3 1 g ) 1 0 S 1 3 0 < ) , ) 1 1 1 0 3 l ! S ? " ' ( , ( O l l 3 0 S 1 ) X o m- D X : S ( l O A 9 , (m A S 9 ' { L t l 1 n X 0 - , ( O l l S 9 X 1 A 3 g u r i A m [ . t . 1 ) x m o o g n o D l l S O X 9 1 0' S ? l ( l D S 1 3 0 j l 8 D 1 D X S u m J ' S ( I ) 3 m . 9 S 1 3 0 ? 8 D W % S U O m 1 3 0 j l d m A D A ( I ) ) D ' ( 1 X b 3 % M O l9 1 ( l D 0 . 1 ' S O W 9 X 9 0 X 1 r i 0 - , ( O l l 9 X 1 A 3 g u r i 3 r i m 1 3 A ) ' ( ' S ( l O l A . ( O ) D ' ( n < D 3 X A ( I ) lS 9 A 3 U O U ' { 1 i \ 1 ) U U 9 ( t a l ( 1 ) , 1 . 9 , ( ' S n ) A O O , o 1 1 3 , ( S ( 1 0 1 - 0 0 3 1 1 m g S U l S 0 1 0 9 x 0 1 1 ) X 1 1 . 3 X O A ( l 0 1 \ ( ; ) 1 3 1 1 D A D 1 U 1 9 1 D A ( l g U l i \ O , o X ?: S 3 1 A O A 1 ) O D l l S ( l O W m l / \ O ' ( ) 3 < D 0A ( I ) l S " o ) X o m o ( l x S [ . t . X U 3 X O S U l1 0 A 9 , ( 1 0 ' S D ) r i O A O X 1 0 S U 1 A < ) ' ) X A D A D A ( I ) l U O U 1 9 g 0 w r i u o XU W U O ? 8 U X O D ) O- ( l X A U l 3 X ) 3 W %u 0 l i 1 9 g 0 W 1 i u o X 9 W ( I ) A A m l \ ) 3 : - l r i O A O X 1 0 0 - 0 X 1 , ( O A ( l 0 ( l 0 1 S D ) A O ( l 0 1 1 3 , ( 0 1 9 0 1 9 ' X 1 1 3 0 0 < D m g / \ 0 1 D 1 3 l ? A ( l O 3 1 i ' 0 1 9 0 19 X 1 1 3 0 0 < D m g 3 1 1 m 1 3 A ) A U O U J 1 ) , ( 0 0 3 r i m gL l S 1 ) O O A n - 1 1 O W r i u O X S l i 11 ) l ( l D 0 0 - g D W ) W 1 A 0 - ' ( 0 1 m A ) 3 ( l O ) o u w u D r i L I O Xm xu m O ' X 1 ) l g H " 0 1 0 [ . t . W 1 1 m i u o X 0 1 m x D r i L t w 0 - 0 9 X0 1 n ' ( 1 ) A 3 r i 0 0 - g 1 3 A 1 ) J r i D , ( 1 0 3 1 m i u w 0 - o 9 X l l ( 1 ) W 1 1 0 W r i U O X 0 . 1 I V ) ! V 3 W O l .H ' l H R V V 0 ' : 1 3 W V 1 V H" 8 D l 1 i l 9 1 \ 3 " 1 91 0 l D l \ ) 3A < y l x u m i r i 1 3 ' { ' { 3 M D l S l w l u 9 9 0 m r i u o X O l l 9 0 1 A O l' 9 0 0 c D D A 0 0 9 m A 9 0 X D ) D l I l 3 ' { 3 1 D l ' 9 l D X 5 < y l ; \ 8 3 1 9 l D l ; \ 0 0 0 0 - 1 l l D A D r W l l' U 0 3 1 i ' 9U O L 1 l 9 9 0 l D r i U O X L l9 1 1 1 D 0 ! . 9 , { A O l m ! . l D X ' U W 1 X ' 9 ' { 3 l D ; \ ) 3 A ( l ) O ? r i m q A 3 A < y l X 1 1 ( l ) W 1 l l 0 l D 1 i u o XU ( 1 0 ) o u w 1 1 m i u o X 1 1 0 1 ( l ) O ? r i A ( l ) ) D ' { D d : n x ' 9 0 0 c D D 1 3 r i U l ' 9 l D X ' D l 3 8 ) 1 A V ' U D 3 r i 1 i ?- ' 9 r i O A O u o u 1 9 q O l D r i U O XL l 9 1 1 1 " 0 O J ' 9 , { 1 \ 0 1 m ! . m x .l D l \ : ) 3 U O L l 9 ' 9 , {- O D 3 ? i m q U9 n m 3 A D q' ( 1 O i \ 3 1 1 ( t O l O q 0 1 3 A D q ( t o x 1 y n 1 1 0 1 l D X- 1 3 A D q 1 1 0 1S u o L l g ' 9 , { 0 0 3 r i m q 9 1 i 8 D g A O l D l D 1 D l O ) A I 1 0 ' A ( l ) ) O U W U D r i U O X 1 \ ( l ) 1( l ) O ? r i S u o l t 1 9 q o l m i u o X S l t 1 l D XM O l ( l ) O ? r i S u o u 1 9 q O l D r i U O X s U l U 0 1 0 X ' 9 1 qU ' 0 1 D , { ' 9 c D 3 X O A 3 1 i 0 - 0 ! . U O O l l 0 1 0 l D X 1 3 0 < y l 1 3 r i L l O 3 r i l 1 0 X ? s ( l ) l l O ,' m A 9 0 X D ) D l I 1 3 ' { 3 1 D l ' 9 l . D X ) 3 8 D l A 3 1 3 X ? D W 1 , { ' 9 r i D ) O l l O U ' D l < y l O l l D l 3 r i U O ? X O3 0 A ( l ) 1 ' 9 r i L l l 0 I 1 0 A ( l ) 0 3 1 0 - 3 q A ( l ) l S D ) O D l i u o S L l l U 0 ' 9 1 D ) r i S < y l A 8 3 1 q l D 1 3 0 0 0 - 1 l l- D A D m A 9 0 X D ) D l I 1 3 ' { 3 1 D l ' 9 1 D X U 9 l D A ) 3 ) 3 W 1 r i r i D O ! . O l l l 1 D A 1 3 l l ? O l l D 8 1 1 0 l l S ( l ) r i 99 1 1 1 V ' O A 3 1 i 9 ! . 3 , { l c D r i D 0 - , { O l l l D l \ ) 3 ' ' 9 X 1 l . D r i 0 3 , { 3 1 0 l l D 0 1 1 l D A ) 3 D 1 D l 1 D 0 3 1 0 - 3 qD l D l < y l O l l D l A 0 0 9 l l ' 9 l D X O l ' S D ) A D 1 3 0 8 . ' W 5 l u l D X V l I H A C D l D 0 3 1 0 - 3 < ; I D W < y l A 3' s D ) A ( l ) l l D I S U l l D X S D ) A D r i 0 3 J s U l' 9 X l 1 ( O W 1 1 O l D l i L l O X D l l D 1 A O ! . ? ' { D l . D X I ' ,- 1 1 0D l < y l O l l j B I J U B u qA < y l 0 0 ! . m D ' { D c D 3 %A ( l ) l ( l ) O ? r i S ( l ) ) O I 1 XD ) O l l O D l 0 ' 9 1 1 1 D 3 0 l D XI B ! J U B U ! ] ) [ u e q ) A ( l ) l ( 0 0 5 1 1 1 S ( l ) ) o r l ' X l D 1 3 A ) ! . u o u 1 9 q o m r i u o X U D ) O l l O D W ' 9 1 1 1 D 3 05 1 1 0 1l D 1 A o A J o x m q ' 9 X 1 1 ( l ) 1 D 1 l l 0 l . D r i U O X D O O c D ' 9 1 q D l ' s u o u g ' 9 , { o o- 3 r i m q S U l s D 1 3 ! . O p A 3 1 q 1 1 O l l 9 ( 3 1 1 1 0 1 0 1 3 r i ' A < y l 3 0 XA ( l ) l S l t D I 1 3 1 ' 9 1 i ! . D O l l D 1 q D I \ D l l 3 S D l U 1 9 1 D A I 1 q S U l ( l ) ) ' 9 , { S < y l g 1 0 X D ' ' 9 X 1 l . D r i 0 3 ' { 3 1 O l l D ' 9 1- 3 X O D A D X U W ) l l ( l ) 1 3 r i l l . A D ' 9 X 1 ' { 3 1 l D X A D X U 8 A 0 - ' ( g r i D S I w ) O X S U l S 3 1 3 l l ? A I 1 D 1 0 ' U O ( l ) 1 1 - ) 0 3 l l U 0 3 1 0 - 3 q U W ' D 1 3 8 J l l \ V ' A < y l 3 0 X A ( l ) l S U 0 I 1 3 1 ' 9 1 i ! . D O l l D 1 q D A D l l 3 S 9 r i 0 1 A D X U 1 i 3 X A 3 q S u o u 1 9 q o m r i u o X s l l 1 s u o 0 - c b S L l l s D ) l l D 2 3 1 1 9 1 1 0 1 ( l ) ! . 9 , { ' S ? X 1 1 A D l i l t D 0 - , { O l l- 9 W ( l ) M l D A ) 3 S ( l ) l l 9 -s U O ) O X S L t l S 3 1 3 l l ? A I 1 0 1 0 ' U O (1) 1 l l ) 0 3 l l U l < y l O l l A U W A < y l X 1 A 8 3 1 1 ' { O l l A ( l ) , { ' 9 ! . 3 1 i A ( l ) l ( l ) O p r i s ( I ) O I 1 X 1 3 A J ! ' 3 X ) 3 A < y l O ( l ) X A ( l ) A 3 r i- 9 0 0 1 1 1 l l D A D A ( l ) l U 0 l t 1 9 q 0 1 D r i L I O X U 0 8 , 1 1 0 1 S D ) 1 3 D X 3 q S U l S p X O D S U O < y l A 3 ' S ' 9 0 0 ! .- m D ' { D c D 3 X S U l ( l ) O ? r i s ( l ) J O I 1 X J 3 W 3 ' { 3 1 A 1 1 0 3 X ) 3 L l D L 1 l 9 q O l D 1 i u o X U 6 Z 6 1 1 1 0 1 U O ) O XA U l ' 9 l D ) f ' D X 1 0 W ) l A D 0 8 , 1 1 0 1 S D J 1 3 D x 3 q S U l A < y l X O D A ( l ) l l D X 6 Z 6 1 1 1 0 1 S 1 3 0 J O X 1 0A 0 - 0 ' { 3 1 O l l D D 1 D l i ! . ) 3 q D O D l l D A ? l i 1 0 ; O X J , 1 1 D 0 0 - V ' A ( l ) 3 0 ) O X 1 \ < y l X 1 1 i o A O X 1 0 A ( l ) 1 U O ( l ) l l l- ) 0 3 l l A U W 9 X U A D l i u o 0 - , { O l l l D A ) 3 ' 1 1 0 J O L l l O U D l i L l O X 1 1 0 1 ( l ) o ? 1 1 u o u 1 9 q O l D 1 1 u o X L l l3 1 i L t O ? X o 3 0M O l ( l ) O ? l i 5 u o L 1 l 9 q 0 1 D l i L t o X 5 U l D l i L l l X ? A 0 3 ' { l l 9 1 1 1 D O ) D l- 1 1 3 ' { 3 1 O l ' D 9 1 i 0 1 0 0 1 0 3 l l ' 9 X 1 A 3 r i n x u A D 1 D A ) 3 1 \ ( l ) 3 0 S l . ' (' 9 X 1 A 3 ! . l D XS U 0 I 1 3 1 ' 9 r i ! . D O l l D 1 q D A D l l 3 D l O < ; > 8 1 0 3 l l D l ' ; \ 9 1 1 0 ' ( ' M 0 1 ' 9 1 i u ' ( 9 0 0 l l U O ( l ) 1 . 1 t ) 0 3 l l' ) O ' { ' { O l l ' 9 ' { ' { D 5 D A ? l D A ) 3 A 3 q s ? W 1 3 A D q 1 0 ' 9 1 i o 1 3 A D qA O l 3 r i U D 3 8 J 1 A D3 0 ) l m ! . ' S ' 9 0 0 ! . D l D , { D c D 3 X s l l l ( l ) O ? r i 0 - 0 1 i 0 1 3 A D q 1 1 0 1 U O ( 0 1 l l ) 0 3 l l A U l D D A ) 3 0 0 1 1 1 A 3 qH ' i \ I l O r ! t 0 - X D A D D A ) 3 0 0 l l r i 1 1 0 l l A ( l ) l ' 9 r i L I , { g O O l l A ( l ) A- 3 1 i 9 X 3 q A 3 s U 0 0 - , { A L l l Ol D X m L 1 l 9 X l l D 1 1 0 . 3 ' ( 3 1 O l l D L t 0 3 1 0 - , { D ! .- 3 1 1 l D 1 3 A ' 9 X ) , 1 1 1 1 1 3 O l l 9 0 1 A O l A 9 1 1 1 D 3 W 1 1 0 1 l D " ' ( - 1 3 A D qU O ? X O D l A 9 0 X o o x m i D ) r i ) 3 A , 0 I 1 0 1 r i u q 5 9 1 1 0 1 3 A D q .' U l ? 8 D l D ' X . A 0 1 1 3 A 0 - 0 D 9- l l l 3 A 3 q s U O ) l l 3 O ) O l l O 0 1 ' s O W 9 X 0 1 3 8 0 9 0 l ! D A ? ' 9 X 1 D r u J ) l D 1 3 k ' 9 l l 3 M W D ) k 0 I 1 0 1 1 3 , {L t .- IQ '

- Ior5 1- I- I- 1- 1l ]- j- '- I " ' & \ f l H 1 0 N 3"( ; 9' S 1 / 0 0 A- D 1 ' O ' { D c b 3 X 1 ' O XU 0 1 0 X 1 / 1 q t \ L l l M t o 1 1 - ) O O D l D X 9 1 i e D g O ' ( 1 / A 3 l i 3 0 S U O ) 1 3 l D X n O lU l- 9 0 3 i \ D c bl D t \ ) 3 S ( r ) 1 9 - S 3 ) O l t O 1 0 ' D ; r l i O l 9 X 1 1 ( r ) 1 0 1 l t O m n L I O X A O l O n o l t 5 1 3 0 1 / 1S i n n D S U O D 8 n O ) D ' { D c b 3 X n O l D t \ 3 1 i 9 l t 3' A < , D 1 0 D A 0 3 M 0 1 S L w L l ] O l t O p uL l O 1 / 1 ) 3 L O D n O A O 1 3 X pl t 0 1 / 1 U ' M O ' { l ) l L l l 5 n O l ) ) 1 / \ 9 ' ) , 0 0 l t D L O M t o t \ ) q D AS 3 A p n ( r ) 3 0 X O l t n l D t \ ) 39 1 n D / \ n O X S U 1 l t 3 0 1 D A m A ' t \ < , D O O A D l D ' { D c b- 3 X M O L ( I ) O p 1 i0 0 1 A 9 l r t D 3 1 i O l t 9 0 1 O X 1 0 1 O ) l A D 1 / 1 D X t \ 9 1 D A n q 0 1 0 0 9 l D 1- 3 / \ ) A D t \3 l O S o 1 0 1 p 5 1 1 9 l t D 5 u o L 1 l 9 q o m n u o X n 0 1 9 0 1 n O l' 5 3 q 1 / t \ O l i S i l x n i o t \ O X 1 0 5 i l x 1 m n 1 i 1 3 ' { ' { 3 5 1 1 0 59x- 1 1 D n o D A 0 3 , { 1 5 1 1 9 1 D A ( r ) ) D ' { D c b 3 X S 1 / 0 0 c b D 1 3 1 i S L l 1 S L w u f / v y o l w l m q o l t v ) 3 L O m i- O A O 1 3 X i l H ' O O ) O L l l O l l m i u o X n O l { l ) 0 9 r i 5 u o u 1 9 q o m n u o X. . ' V 1 H 1 0 N 3".1 vO-Tl '\f Z -EVOTllTQ 3.2 HI::TII:I:YrXPONE!: XPHMATOnII::TQTlKEI:: MOPE!: H 1:et.0y\avet.muSl']i \ U l i \ [ , I . l ( t D 3 r i D i \ ( I ) c b r i 0 - D ' D 1 3 1 5 l M D y , n D ) ! D l L 1 1 9 W ( t 3 0i \ ( t O l 5 l 8 D 1 9 D i \ 3 1 0 ,' D J 3 X 1 O l D " ( , > X D l D ( t 0 1 0 3 1 5 D 1 3 ' X O " ( , > l gS D p X D O g 3 0 0 " 9 1 i 5 1 3 0 5 l e i \ ( t o X 5 l D i \1 3 1 . C 5 l 0 1 D 8S 5 l ' X 1 0 0 1 ! 1 i 3 1 0 1 1 9" O ) / - O ' ( O l 1 l Y J H ( t O l 0 - 0 1 n . oU c h 3 ' ( g 9 0 1 . C " U l 3 X ) 3 1 0 3 1 . C 1 7 6 9 1 0 1 5 D n U y S l u A L l 1 3 D ( t O C I ) ( t 0 1 5 0 r i 9 / \ 0.M I ) I \ 0 0 X A S 1 D i \ ( 1 ) 1 S L l D 1 , , " ( , > c b 1 i 3 S l l l S 5 l X O DS u 9 1 ! D ' 5 3 0 < ; 0 X S 5 l X 1 M D l i u D 0 1 1 5 U D 3 D 0 - 0 1 0 ( J x 1 1 . C 3 n 0 1 ! : 9 1 ( 1 , D 1 D ' X ' 9 1 ' ( 0 1 0 1 1 0 1 1 D " ) 31 D ' X 0 - O l i D 1 o ( l ) X D l g , 1 , 0 1 m l l U l D 0 - D O ll D X O J . r o D 5 l 0 0 d ) 0 1 g ) A O l 9 L ' I JS ( l ' X 1 W g / \ 3 1 3 1 D X- 1 0 0 l l r i 3 " < ; 0 1 D 3 0 U l . C ( t U : 1 D 1 3 : q Q l 1 1 3 0 ) 0 1 0 D l DD l . 1 D ' X 5 [ , 1 . ' X l 0 0 1 ! r i 3 " ( 1 ) 1 [ , 1 . 1- 0 l 0 U l D D 0 9S 9 1 i m O ( l ) X m q 1 D l D l D ) c b o D ) O l W D 1 0 D l 1 ) 1 i [ , l . 1 O o o " ( , > X 1 J , 3 1 . m O l D l : D l m i- [ . i . 1 O ( t D " ( , > ' X 1 J , 3 L ' l J O l I \ < ; 0 g 1 3 0 0 9 M O X O " ( , > 1 ! : O 1 1 9 9 0 3 / \ D c b l D , \ ) 3 ' f o " " ( , > l m O D l D l L w " ( , > g 3 J ! \. 0 1 9 0 1 O D 3 1 i " ( , > 3 1 il D X O D 9 ' 0 0 3 1 i l i 5 l 3 1 i O D 9 1 L L D l ' l g " ( , > ' { O D 3 1 i u I 9 U l i \ 0 - 0 ' ( 3 1 1 1 3 D / \ 1 D l- 3 1 . C i l 0 1 1 1 3 5 3 ) 0 1 ! : 0 1 0 S ? l ( t D , D [ , I . g D ' ( U q ' ( I B S . 1 g , , ! U n ) " 9 ) / c D ' C ( D A n O " ' ; O ' X l / \ 3 , \ . M i ) ' ( l ) l ) 1 3 S 3 ) O n / c 0 3 / \ 0 - 0 l c 0 3 / \ 3 1 gD / \ 0 1 3 1 i [ . i . g D ' ( U g ' 0 1 9 0 1 O D 3 1 i y 3 1 i u D u g " ( , > ' ( o 0 3 1 i m g [ , I . X l l ( i ) l D 1 1 0 1 D r i U O X I I I 1 \ 0 - 0 ' (- 3 1 1 1 3 D i \ l D l ' 3 1 ? c h l 1 3 S 3 ) 0 1 0 S u o 5 5 l l l U J , 0' ( l U : : l W 1 S : : l i \ U 1 ) S ? ' X 1 l I l . g / \ 3 1 3 . I \ ( I ) ) 3 / \ D 9 U O U ! , [ , I . o o X U ll D ' X " ( I ) 3 0 ? 8 m D ' X/ \ L l 1 3 1 i' 0 l ! 9 0 1 0 0 3 1 i r i 5 l 3 1 i u o L l g " ( , > ' ( 0 0 3 1 i m g [ , I . ' X l l- f i ) W l 1 O l D r i u o X L l l " 0 - 0 , ( 3 1 1 1 ! : 3 D I \ l D 1 3 l ! 5 l 0 1 1 1 3 S 3 ) 0 1 ! : 0 1 0 ' ( I H ! : J . 1 : : l U I U I O : J ) S ? X l 0 0 l l r i 3 : 3 0 1 D l I \ 0 1 \ ) o x m 9 0 1 9 1 ( t D U O " ( ' > 93 W) 1 . C 3 I \ S i ) 1 D D , \ 0 3 S L u h L l ' ( Y / \ D S O . 0 1 S O O O ? 1 i 9 1 ! : } ) S D 1 L 1 1 9 l D M g S l l l l X 9[ , I . I \ L l l y O O c b DA ( I ) l ( t 0 1 ! : 0 1 ( t O l 0 0 1 i 0 1 o ( l ) X m g 0 1 0 [ , l . l 1 0 X 9 X 1 0 D g O l

O N O d X J A : I O . L : IN U Z i l l I V d l - N U l - A O V O d A O l - H J . V V V V H ' D 1 U 1 9 A 35 1 1l D , '00 19 ' ( 1 A- ) 20 1- D )O D

A ( I ), , ( 1 1O I V V V < D : : I > il ; '"ENOTHTA3.3 OLcX01:1Wa1927-1930, moaoL; sEY,lVl10av[110'tOY VOIlOMcFadden 'tou 1927, xmaQ 0 xm 'Omu; ELvm yvwo'to,1:11VxmcXQY110YjTWVOQLWV xm tQWtEEJtaxo),ou8YjOEYjf.LEYaAuTEQllxm YEVlxo'tEQaXQLOll,TOU1929-33. H xmaQYl101l TIE oLaxQL011; qm.oQLxll; xm 810WQl1811xEaao n; XUQLE;mtLE; yLa tllv XQL0llxm YLa toy A6yo auto flEtllV taU VOIlOUGlass-Steagalt on; 16 Iouvlou TOU1933, 8wJtLmllx xm JtaAL 0 JtaALo; OL XUQ'l.E; tOU V0[10U OL 1.M(a[1_'-[OQE( vafLETOXE ;YLatWV mAatwv Tll;, xm 0XL YLaOLXOtll,;AoyaQLaoflo. H avaooXll t1l 1 0 D x l g m g i \ ( O X O ' { l l ) 0 3 1 1 0 1 l l L t D I } gI } 1 D X m x A ( ' I ' ) ? A H ' D 1 A 9 : 1 0 0 l ! m x S ? X 1 , A X 3 1 5 ? X 1 w g 0 1 m i u o X S 3 ? A S 9 ) X 3 A r t Dm 1 A 0 - 0 A . o I 1 0 1 r l L t g S I } O o A . m D ' { D d ) 3 x S U l O o s o X A O l O V O n 3 ' { l l D ) T I U 1 9 l l D : S 1 3 0 l } 1 0 0 - 9 m 1 A- O D 0 0 - 1 l ! D A D A 9 1 n D D ? 1 1 0 1 A 0 1 : i ' A 9 ) l D D k 0 3 A g : > x m o u l O u m i L l o X M l ) l A g : > 1 I 1 D 8 D X A 9 ' > 1 ( 1 D L a I } o o c h D I \ O D 9 m x S L t D ) l ! : 3 A D x l t 8 9 ' > l 3 1 1 L l D S ? A . D ' { ' { D S ? X l l A m i L t D 0 - , { o I JS ' } A D " ( Y : O S , } X 1 A O ( l O J . . 1 3 , , ( 1 0Z " P " ' 5 ) 3 0 0 d l9 : 1 . I 1 D 9 l l 0 X D A O l m A .S D 1 A g : > A . o n o l l i u g 5 } X ' 1 0 0 1 r i J 1 D X 5 ? X 1 A D X L n i 0 1 g ' D ) 3 I i m , I } x l l . D 1 ' { D c h D DS ( I ) l l 9 ' S 3 1 X ) D l l ' 1 0 ' { ' { I } m x m l A O X O } 0 1 3 ' n o ) o u l D u m i L t o X ( 1 . 0 1 0 0 9 ' > X A O l O o l l 9 0 1 O } A3 T In O l l ' ( 5 3 J 3 0 m 1 3 S ? X l l D ' l 1 m i u o X ' 5 3 1 3 ' { I } c J ) D D D ? T I 0 1 n 0 1 D ) 3 X l 0 1 O I } X D l D O g D O D l l D 1 9 l l D' S o , { ? . l ' k' ( d J U B J n S S q U B q ) S L t l U' D ? T I 0 1 9 x u c r n D 1 l l 0 1 m i L l o X A 0 1 0 L I D I } 1 D ? A D ) l i m 1 3 D D \ 1 1 l ! D A D 9 1 1 1 D O l l 9 0 1 A 0 1 3 W' l 1 o J x D , { n d l o l 0 D X S I 1 0 1 0 - 0 X 1 g n 0 1 . L t D l o ) 3 X m g L u 3 1 1 ' n 0 3 1 i l } m x 3 1 ) 3 ' A ( I ) ) D ' { D d l 3 X A ( I )- ) D g 1 0 1 i D M O ) g ' 1 0 3 1 i S U D U , { S O l l S L u - n r i / m q l } O D l l m / , - ( 0 0 ? 1 1 ' D 0 3 1 i T I ? 3 1 ) 3 S U 1 S 3 ) D 3 0 L W 1 1 1 0 m x m A ) 3 ' S 3 ) 0 3 0 L t U l 1 S 3 A 3 T I 9 0 3 d l D O O l ! S U D D D 3 T I I } I \ V. A g : > X U D 1 ' { D d l o D I } O D 8 D X 1 X 9 m x A S 0 1 D 3 0 L t l l l 1 A g : > X 1 1 ( 0 1 D l l . c O W 1 i L t o X A W n l ) U 0 3 8 1 } l qU 1 m k ' A S 0 1 3 0 m 1 3 A g : > X ' 1 0 w k o 8 S D ) A . o n o l l i L t g S l . l 1S ( l O l M 0 0 - : ! X 1 g 1 \ ( ' I ' ) l S u o L L ) O l l O r i 1 0 U O XS L u O A 3 1 i 9 A m d l 0 1 m l ) 3 0 L u D O D l l ' A 9 ' > 1 3 0 m 1 3 A 9 ' > X U D 1 ' { D c b O D A ( I ) 1 A O l . : i ' I' 9 1 i D m O D A o , { S O O : L 9 X 1 ' 9 m i . . S ? A . D ' {- , { D A n o S m A g : > k 0 3 A 3 1 g0 1 0 D 0 3 1 i l } A O ? , { l l i \ I l O X ; u 3 1 i r i n o ' 5 1 1 0 1 A g : > W ' { 3 l lA ( I ) 1 9 T I O m O D A o , { m A D ) O D x 1 g m gL n o S ; U l J g D ' { 0 0 3 I i S S O ' { l l D- 3 1 O l l D D O S 0 1 1 0 X ? T I S 3 ) O l l O 1 0 5 ? X 1 1 1 1 g A 3 l l 3 1 0 ' I } O I 1 3 ' { l l L I ' { ' { I } A U 1 9 l l V' 5 1 1 0 1 1 \ S 0 1 D , { 3 l l A s o 1 1 1 g A 3 l ! 3 M } ) X 1 1 i O ' 3 8 A ( I ) ' {- ' { I } m x A ( I ) ) 3 r i D 1 A S 0 X U D 1 ' { D r D O D i \ ( l ) ) x D ' { l 1 d l 0 1 0 D X L W 1 0 ) 3 X m g L l m x ' A 9 ) ' { 1 1 0 g 1 i n o - O O D l l ' S I } O O A . D L I S O Y l ! 9 0 1 3 1 i A ( l j , \ ? r 1 3 g 3 g A I 1 0 D 0 3 r i l } ' 1 \ 9 ' > 1 0- 3 0 L t l ! ( l 5 1 } 0 1 3 D S m T IA L u . A l t o A I } g l i D ' { D I \ DS ? X 1 0 ' 0 l l r 1 3 1 0 ' S O , { ? . LO I V V V < D : J > i" ' " V 1 H 1 0 N : J"________________________________________3. 4X8( xm o.vccn:.u(JoETo.L(JlIVXll):;EVo.OAc5XAllQOcpUO!lo. T(-tAOWOLUCPOQo.Xo.Qo.XTllQWTLXU(YQo.l1llcl.no.11JTLTc5xLO,O!lo),oYL:;OEJtEQWOc5TQo.mtc5EVUv0l1l0wna X.AJt.).LllVEITW:;,YJ T01JTLTA01J!lE TO.Em81J!lIFO. OEVELvm!llU emAIl OE 111TWVoTc5xwv TOllExoc5nl AJtc5tl1Vun11IT),ElIQci,0 JtOnUITAUOLo.O!lc5:; TWVoLucpc5QwvlOWV TLTAWVEXELJto),UOlwexvnxE:;01JVEITELE;yw TOXQ1WcnOITWTWnxc5OUOT1Wo.,o.CPOUOLElIQUVELn:; X(.l1WcnOOOTLXE:;TXVLXE;xm VEE:;OElITEQOYEVEL:;aYOQE;ywTYJVayoQo.ITwAllOLao.lITcI)VTWVT(TAWV. LTL:;1JJtllQEOeE;OE1JTEQOYEVOU:;UYOQU:; 11zTo,.. OYJEVTOAWVTOWIT),cnwv TOll(POQEU(brokerage activities) xm OLollvoJ)\ay;yLo.LOLOAOyo.QLao!lc5(jobbing and market making activities). TYJOYJ!lo.VTLXQ-tEQ11 c500V o.cpoQci n:;UITllQWeE:;TIl:;OElITEQOYVOu;ayoQu:; UITOTEAEOEnxUTu9Y110l1TWVOTo.SEQll)\! JtQO!lllGlWVOTO ASLc0v TIl:;N.Yc5QXll s 1:0195. JtouaxoAou811UUv TU!1yuAUTQCXXQIWcnwT11QLo. T01JHxo.TUQYl]011TWVo-ra8EQclw ITQO!lYJ8ElWV 0111"XUT'QYIl0l1TOWXAELOTWVAEOxel)\!o-rcxXQ1WcnwnlQlU,on1vE(OOOOVEWVCPOQEWVz at O'tll VT01J y.AlUXElQIOTJXUQ'toq:rUAUXl(t)V HXUQTOCPU),CXXLWVTYJOLCXXELQl OfJXUQwcpll f,CXXLCI)VT01J (OW1JTOllXQ1WcnOJtLOTwnxouCPOQEo.,c5Jtw:;xmEJIv6UTWV XECpU),ULWV,aocpaALOnxulVETmQELcllV,aocpCXALOnxwv i WlLOLUJ'tC0V.E(vm Tc500!lyU)'11YJ TYJ:;S1lTYJ0l1:;YLUTETOL01JELOOU;U:UWWtE;7TQO:;n:; TQU(DOTOQLO[lEVOLUQXLO((Vvo.yLo. TYJVE!lCPav LOllEVO;VEOE(OOll:; Tga 111;ElW!lLX11:; (institutional banking. EJ1 lOlj:;,EOl0ouvanaYE:; Jt01JouvEOVl at jlETOll:;TLTA01J:;, c5JTw:; XJ.3t. METu 111Vxa8LEQw CJ IlTO)\!x1J!lmvc5I1EvwvaJtc5TO 1973 xm HIVemAu8EQW0l1TWVEmToxCwv,YJOLo.XELQlLT'!1anmTEL ESELOLXEWlEV; 1JJt1lQEOlE::;,JtOLIEX01JVw:;oTc5xo"11OLCI. XElQlOIlIOUZLVOUVOLI.na TOVOXOITc5am:c5vEXOlrvo.vanT1Jx8ELOLUCPOQE:;TEXVLX EC:; , onw; ayagi; xm JtQo()wluaxE; ayoQE; (options and future markets) Z .i-_il . b.H JtoAuJt),oxc5TYJTa nl:; xcnuoTaOYj:;0111O1JYXQOVlloLxava!lia. aL !lETo. TWVOi)O!lEVO)Vxm 0 JtOnCLt:),aOLo.O!lc5:; T01Jc5yxou TIj ;V,T]QOCPOQll0YJ:;,OOYJyouv OTYJVavuyxYJOlll'l L01JQYLa:; CPOQEWV11qJ09EWV au:; XQYJ!lo.TOmOTwuxE; EJTLXELQI10EL:;,yLo. TYJVavuAlIoYJTWVxEcpa:\atayaQPl TOUe;KlVOUVOUC;nou ovomUOOOVTQl OTOaMo Tl..lrll..lOTO TOUXPlll..1OTOmOTWTlKouauOTrlI..IOTOe;,OTOVxwpo Tlle;Kq>OAOlOyOpae;.Ano T'I1VaMll nAupa,TOKovaAlO olaooOlle; TWVKlV00VWV,Katouvnwe; TOVCYUCJ'trH.1lKOKlvouvo(systemic risk).n0I-lVWe;,11ovaYKll OTvOTPlle;ouvpyooloe; TWVnomlKwv 0PXwv TWVOlOq>OpWV TI..Illl..1clTWV TOUXPll1..1OTomOTWTlKOUOUOTrlI-lOTOe;. 4.HAoe;, 11nOYKo0l-llOnOll1011TOUXPlll..1OTOmmWTlKouOUOTrlI..lOTOe;KOTOTllo nOAual..l00 TOVKiv5uvo olaooOlle; VOX0I..IVWVnpo[3Alll..1Crrwv OKanOlo Tl-lrll..lO TOUOUOTrlI-lOTOe; Ool8vrl KA11..I0Ko.H KPlO'11nou nAllq TOXPlll..1OTlOTrlPlO TOVOKTw[3PlO TOU1987 oMa KQl TO2000-2003 KQlll OTVrlOUOXTlOllnou nopOTllpiTQl OTllv onooooll TWV010q>0pwv XPll1-lOTlOTllP1WVOOAOKAllPO TOVKOOI-lOOTle;l..Ipe; poe;onoolKvUOUV1..1TOV mo KOTllYOPlll..1OTlKO Tpono Tllv OUTOUTOUKlV00VOU . rlO T'l1vOVTll-lTwm011 TWV vwv KlVOUVWVnou 1..Iq>OViOTIlKOVwe;onOTAOI..lO TWVaMoywv nou 0111-llw811KOVOTIC;018vie; Kq>OAOloyope;,01nomlKe; opxe; apXloov voTllv npow811011I..1l0e;001..l11e;I..ITPWV,nou vo oq>opa TT:JVul08TrlOll TWVmo OOq>OAWVKat onOTA0I..l0TlKWVI-lllXOvl0l..lwv AlToupyioe; Tlle;oyopae;, TWVoUOTlll..laTWVOIOKOVOVl0I..I0U KOlKK08apIOlle; TWVouvoMoywv, TWVKd , , { , ( 3 A l u o 0 1 ' X . 9 l 1 l l 3 9 X l l D r i A D O l l mA ' 9 3 ' D 9 J ; > , ( ' ( 3 A l t : L O c ; > o n 3 3 D l W 3 8 J ; > l - D ' X m 1 1 m A % I m A ) 3 D A s l W ) l l 3 1 3 1 p 0 1 D 8 ' D ) ' ( A- k V A l l W S 3 A ) ' ( o n o 3 D l W 3 8 ' 9 l - D ' X . m r i m A % I m A ) 3 0 1 x 9 l 1 l l 3 9 X l l D l i A D 0 1 O l ' A ' 9 3 ' A 9 ) o r o X A ( 0 0 9 c b m 9 A ( 1 ) l D O ) 1 D A ) 3 D A 1 3 1 ; J 0 1 9 l i 8 n o O A 3 1 i- 9 , \ 3 1 1 D I \ D A 0 1 . A O ) 3 1 i m ' X . 9 l 1 l l 3 J ; > ' X . l w m i o A O D lm l ' _ 9 l 1 l l 3 J ; > ' X ' l l m i A D O l l D 1 . ,{ 1 0 1 t 0 1 0 ( l ) ( ) l I Y l t J o r l ( ) ( l ( i m x V l X f W l t J l " I I I' 9 l n D , 1 Al u' m 1 0 1 1 1 9 A 0 1 0 l l J ; > ' X ,D A 0 0 1 l t A ) X D A ; J A D X 1 3 X } A 3 9 0 ' S m m i k J ; > , ( , , { D A r l O ' 9 0 0 A D i \ l u o D ) 1 0 0 6 0 0 1 1 D 1 3 X O p l l 3 U O ( 1 ) 1 1 ) 0 3 1 A l L 1 3 D 0 1 \ 9 W ' l w r t 9 A ; J l l 3 I I 1 D l 3 A ) A A D m x D r i m 1 i 9 A 3 0 ' 1 D l l \ O I \ C ; > O 5 1 3 0 9 9 0 1 D s p ' X 1 : 1 m i k D O l 1 0' r t O : 1S l u l t o 0 9 9 1 Dl u 9 1 D ' l n i D ' \ 0 - 9 3 0 1 3 X ; J r l , O l l s 3 1 3 ' ( C ; > 1 D 5 u m ) ,- O l D 0 ' 0 1 9 0 : 1 A O l A 9 : 1 r l D 3 W ' 0 0 3 : 1 0 - 3 9 O W U ' 9 , 1 D O l X 9 : 1 1 1 ! 3 0 0 3 l 9 ' ( l t m , r t1 3 X ; J D A 1 3 1 5 1 0 1 D 8 m i D 1 1 i 9 A O l C ; > 0 1 O W l W 3 8 ' 9 : 1 D X I I ' 9 1 1 m o O ) 8 u ' ( l l o o n 9 ' ( l t 1 i D X m3 1 i 5 u l 9 W D 3 D 9 r l m o ( l ) e l l ' ( l l 0 0 n 9 , ( l t m , r l A 0 1 . 3 r i5 l u m i 0 1 r i 9 A O l 9 1 D s l t l l t o 1 1 9 : . l . m 3 n ' s C ; > 1 3 M l O A U 1 i D A m J ' l w 0 9 9 l l D 1 X 9m xl l o n 0 - , , { D k 3 r i I n 1 3 X p n 0 1 m i 0 1 1 i 9 A O W l W 3 8 ' 9 l D ' X .D 80 l t O ( 1 ) l l l ) 0 3 l l' l w n 9 A ; J 1 3 I t 3 A 1 A ; J 0 ) 0 1 0 O W D r i m r i 9 A O l3 r i D A O y ' J ; > A D m A ) 3 D 8 s l W r t 9 ' \ 9 1 3 s l l l M O ' X 9 l / \ O n m x r W ) D " { D d l 3 ' X , 0 - 0 ' X .- l X O D Y ; X 1 W D O O ) , D I I 3 : 1 9 l ' 1 D 1 A 0 - 0 0 l t l A 3 9 5 5 1 W D s 1 3 0 ; J X O 1 0 A J ; > 3 ' ( Y U HO I V V V < D 3 > le " 9 V I H I O N 3 : l D A ) 3 D O S U l S U lU ' n O ) O D " { 0 9 1 L 0 1 0 1 ' X 9 1 1 l l 3 0 1 3 1 i 1 3 0D l l D ' X . m Q " 9 , , { 0 9 3 0 S l uD l 1 3 r ! q O l D 1 3 r i I w L l < J ) J X 1 1 l 3 U A 9 l i 1 0 " { A \ I' 5 0 1 9 D A i l ' 0 1 ' k 1 L 0 ) O D " { 0 9D O- 1 L 0 0 - X 0 1 U S < ; J A D c b o O l l H J A ) " 3 5 0 1 9 ' 0 ' \ ; ' 1 3 0 m 0 " 9 , , { 0 9 3 DA c n l m k 1 , ' 0 1- ) 3 1 0 l C O r i l O U O X n O l l \ t r i l l H ' < ; J o n 3 3 0 ' 5 n 0 1 9 ( 1 0 1 5 0 " { 9 1 0 1 0 D A ' l D 1 3 A 9 1 i n A Dn O l l A ( T ) ) O D , , { 0 9 ; \ ( 1 ) 1 9 0 0 l l 0 1 1 3 r ! l j l c h D 1 3 1 i D A O O X 9 1 I L D l 1 D ' X ' m O " 9 , , { o g ' 0 1 1 3 0 0 - 9 / \ 3 1 3' ( m o " 9 ' { 0 9 3 0 ' 0 1 ' i 0 1 1 1 9 / \ 0 , , { , , { " 9 D ' \ j l 3 D < ; J 0 1 L 3 3 0 O l D , , { " 9 d : l 3 ' X . 0 1 ( D ) 1 i l l 0 0 1- , , { ' O A n O D O l L o X j l ( h A U 1 3 1 i ) 1 3 1 1 1 . 9 0 1 ' 0 1 3 1 i I W U O ) 3 X l l c 3 I t A " 9 3 ' 1 3 r ! 1 0 - ' X . 0 0 l l D O i L O l C L t D 0 9 9 l l DA L l l 3 1 i l t D ) l D ' \ ) 3 D A 1 3 l C } O l l ( L ) L t D j l X o L I 1 9 l l Dn o l C L W O < ; ? 9 l l D H< ; J 0 1 L 3 0 1 ' X 9 1 1 1 l 3 : P J0 ' l D , , { " 9 c b 3 ' X . : ) 1U 0 0 9 9 1 . . 1 ' D: ' t I ' l ( 1 0 1 . . 1 ' 9( 1 )( PJ+ 1 ) x ) f = : ( 1 0 ' X 9 1 l D ' XO l D ' { " 9 d l 3 ' X . ) 5 0 0 1 9 0 0 1 S O , { i l l 0 1 0 L t D O < ; ? 9 l C D 1 3 X } D f l U O I L 9 A ; J l ! 3 I t L W f O l l l- ) 0 3 l l ' < ; J 0 1 L 3 3 0 S L u " 9 1 ' 0 1 ' * O X D l 1 3 0 - 9 A 3 l C 3 U O U 0 J 3 X 1 1 . C 3 L I 1 1 9 3 1 i n o o } 8 0 1 [ [ 1 S \ I' m < ; ? ) U l D A ) 3 ' 0 8 l t D 0 9- 9 1 . C D L l ' U D I L < ; ? A ; J l l 3 U ) 3 8 U 1 0 l l O l D l i k D O l C A D l D ' X . ' 0 1 ' 1 0 1 1 i 9 / \3 0 1 1 9i \ ( 1 ) 0 9 c b m 9 ; \ ( 1 ) 1 A ( O ) ' X . 0 1 1 1 . C 3 A ( O l S D ) l i D A I l 9 0 D 1 L t D } X o H ' 5 0 1 9 ' 0 ' 9 m AL W I L < ; ? A ; J l C 3 S O O l l < ; J 0 0 . 3 3 0 ) 1 9 0 0 l l 9 ' X . 1 1 D l ' i L l O X D A i l O 1 i 1 0 ; J 8 ' 0 1 ' 9 1 3 X ; J \ l U O L l 0 J 3 X 1 l i 3 H: ' 0 1 ' i A 1 3 9 " 9 0 D l l c n 1 " 9 ' X D O D l C 0 1 3 T I ) 3 / \ D c b ' 0 , \) 3 0 0 l C l i ' S o l ' 0 1 ' i A " 9 , , { , , { ' O A I L O " 9 0 0 A D A U l O ' O ) l l 0 0 0 0 0 1 1 3 X 0 " 9 l l l L ' O A m k ' 1 3 I ) X 0 1 ' 0 , \ 1 3 l C j l O l l' 0 8 1 L 0 l l i \ ( O ) ' X . O l 1 1 l 3 l D X 5 D ) r i 1 1 0 0 1 5 ' O O I L O X ; J 0 1 ' 5 D ) 1 i 1 1 0 0 1 L t D ; J X o H' ( p r , ; ; l . I d s ) 5 ; J 0 0 d m 1 9 1 0 5 ; J 1 1 L D ' l D X u r ! l 9 l C O A 0 - 0 0 c b L l " { 0 - o d m) 3 1 Q m O I 1 0 0 D l l ' 0 8 l D ' X A ( n 3 0 i l O D l D ' X M O ) ' X . 0 1 1 l l 31 0 l D X' 0 1 ' i k D , , { , { " 9 A 1 L O 0 1 A n O O ; J c b O O O l l 5 3 ) O l l O S 1 1 0 ' S U O L l , , { 9 ) l C ' l D X S " 9 0 0 k D A C ) l r i- 1 1A n O X O " 9 l C O . I L O l l S ; J 0 0 c b m 9 1 0 u r n . 9 1 W A 0 - 0 8 c b L I ' { D A 5 ) 0 ( o X5 l t 1 - l A 3 A L u o C ) l < ; ? 3 ) 3 1 O ' 0 1 ' O I L 0 0 ' O l l D O A ( f ) ) ' X 0 1 1 1 l 3 A ( f ) 1 5 D ) l i ' O A I L 9 0 0 1 U D ; J X O H ' S 0 1 m i A " 9 , , { , , { ' O A- I L O S " 9 a O A D S U l S D ) A O 0 0 1 1 3 " { S O l l 9 0 1 0 ) 3 0 U O A ' O l D ' X . ' O A m A ' l D A ) 3 ' O ) O l l O U ' u o- 9 X o h ' O 0 3 1 9 ' X 1 1 I L " { D A D ) 3 1 0 m O n O a ' O l ! D O < ; J 9 3 ' S o l D r i k " 9 , , { , , { D A ( l OU D ) l ! O O- 0 0 0 1 3 0 l D 1 3 X O ) O g ' 1 3 0 - X 0 1 A " 9 3 O A 9 1 1 1 D ' X ' i \ ( f ) ) ' X O l l l i 3 M O l S D ) T I D A I L 9 0 0 1 U , O } X O- " 9 T I O , ' \ O ' S c n A j l l i o O A U O O l l " 9 ' X 1 1 l l 0 A n O I ) , , { O l l 3 ' X . L l l O " 9 1 0 n O O D l l D ) O l C O UL t D ; J X o H' m 9 ) L l l D A ) 3 ' O A 1 3 l l ; J O l l D O U 0 0 9 9 l i D L I ' ' 0 1 ' i 0 1 1 i 9 A 9 ' X 1 X- a D 0 1 0 1 3 r ! l 9 0 l D 1 3 r i ' 0 1 " 9 1 3 r i l D ' X . 9 1 I L ' O D r i 0 1 1 i 9 A 0 1 0 ' 0 1 ' m i m r i 9 A o " {- , , { " 9 O 1 O l C " 9 ' X 3 0 1 3 r ! 1 ; J 0 1 ' 0 1 3 r i ' 0 1 D O A " 9 3 ' ' 0 1 ' i 0 1 1 i 9 A O A 9 1 i 1 0 ' X . 3 ' X . A I L 0 ' O ' \ ; J 3 0 1 L 0 1' O 1 1 3 0 0 - 9 , \ 3 l l 3 5 0 1 0 l l " 9 X A " 9 3 ' 1 1 9 l D A ) 3 1 3 0 - X 0 1 D A 1 3 l l ; J O l l n . O l l U O ? X O- D g H ' S o l D r i O ) l i o A 3 0 " 9 ' X . ( 1 . 0 1 A { f ) ) ' X 0 1 1 l C 3 M O l - I D ' X S n O l S D ) 1 1 u 0 0 1 S ' O o n o X j l O l S L l l l t D L l l- 0 " 9 ; \ ( 1 0 l D A ) 3 A ( f ) 1 " 9 1 i 0 1 r i O A 0 0 - 9 ' O ) 1 1 U 0 0 1 H1 \ 0 ) 1 X 0 1 1 1 3 1 D X 5 D l l 1 1 1 0 0 1 5 D O a O X 3 0 1, , ,' 5 D J T I 1 1 0 0 1l t O } X O HZ 9C 9 V 1 H 1 0 N : : J"S S lI

" M O O ? d : r 0 1 95 0 u : : r r i A J ; : > Y ' ( U M O l J : r i 1 1 U O ( t o X ? O : 1 U m xU ' A C l ) : 1 J ; : > T I D 1 r i O A 0 0 - 9 A C l ) : 1 A ( I ) ) X O l- l U 3 A ( I ) : 1 5 m u : 1 9 0 1 5 l u L W ( I ) : L l f ) 0 3 U A U : 1 9 U U S 9 : 1 X 3 ' S " l 3 0 ( J m n 0 3 l l 5 3 " ' C ' ( J ; : > 5 1 1 5 3 ' ( 9 3 : S :" A C l ) : 1 J ; : > r i D 1 1 i o A 0 0 - 9 A ( I ) : 1 M I ) ) X 0 1 1 l l 3 M 0 1 5 D 1 L U 9 D 1 5 U : 1 U O ( l ) l 1 . ' " J 0 3 l l A U W 1 ) ) A ) 3U ) 1 1 1 1 0 D 1 U O ( t o X ? O : 1 A U l 3 T IL I U O ) 1 ) ) A ) 3 U A U O ( l ) : 1 l l J 0 3 l l U ' ( S )A L u 9 l l U 9 0 3 A U c b m B A ) A 5 ( 1 ) l l O , " U O n . o X 5 1 0 l { \ L n 9 l l U U 0 3 : L 9 " ' { U 1 1 U X 1 U / \ ) 3- 3 8 0 0 l l U ' ( t o ) O ( l ) X A 3 ( t 0 1 9 W U 9 l l U 0 0 3 1 9 " , { L l r n ( t m A ) 3 5 0 l m i o ) r i o / \n O : 1 0 1 X 9 1- 1 1 3 0 1 A J ; : > 3 ' U : 1 3 8 J 1 A V " u o ( t o X 5 1 c h A L u 9 1 1 ) U 0 3 : 1 9 ' ( L I l n . ( t m A ) 3 U 0 0- 9 : 1 ( t O l 0 1 X 9 : 1 1 l l 3 0 1 9 u o 0 0 3 1 9 " , { u r l t ( t m A ) 3 5 0 m T I o ) T I o A ( t 0 1 0 t y > X , I , 3 ( t 0 1 0 1 X 9 : 1 1 l l 30 1 0 0 9 ' U A ? T I 1 0 X 3 x A n : s :S l J x m r i 0 3 8 0 0 l l S L u m x 5 u o n . o X 5 1 0 : 1 5 L u ) ) 0 0 c b m 9U 1 ) ) A ) 3 U 0 3 1 0 - " ' { U A 3 T I 0 0 9 : 1 ' A ( I ) l J ; : > T I o l l i o A A C l ) l A ( I ) ) X 0 1 1 1 t 3 A C O : 1 m x A ( I ) l O S O X A 3 A ( I ) lJ ; : > 0 0 c b m 9 U m A ) 3 u 0 3 1 S 1 " , { u A 3 1 i 0 0 9 ' ( S ) , \ L I 1 9 l l U m B A ) D c b 5 ( 1 ) l l O , " S 3 ) r i 1 1 0 0 1S ? X 1 1 U T I A U " ' { " ' { U A ( t O 5 3 0 ( t O X ? 0 1 5 1 1 3 1 1 5 ? x 1 1 1 0 3 8 0 0 l l S 1 1 1 3 5 1 9 / \ n o ( t O l l U 0 5 1 X O U : 1 1 3 A X- ) 3 g m x A ( I ) l ) ) 1 1 0 1 1 i o A A ( I ) 0 9 c b m 9 A ( I ) : J . . / \ ( l ) ) X 0 1 1 l l 3 A ( ( ) l S U } l i u M g o m L W 5 1 X o L t 1 ) ) A ) 3 ( S ) H" S o m r i A ) ) " , { " , { U A ( t O S l u " 0 - 0 T I o 1 1 m i L I X o O l l 9 0 : 1 A O l " l 3 A X ) 3 g ( S ) HJ ) + 1( S ) - - x S = dp ) + 1: m B A ) , I , ( 1 7 ) L tS 1 1 J ; : > 1 3 J t \ I( 1 7 ) d x [ ( f l + r ) x 0 I x S 1 1 ) ] = ( p ) + 1 ) x ) J: ( 1 ) L l D 5 1 X o L t l S o o u L t O ) 1 ) ) A ) 3 U A ( ) L l O ? X O L I ' 5 ? A- D c b o O l l m A ) 3 S ( I ) l l 9 ' ) 3 : L m u u ( u : 1 m i o p i o A U O O c b ) ) 1 9 u w 1 \ ( I ) 3 0 0 - g { \ 3 l l 3 A ( I ) l S U ) T I U A ( t 9- o m l t O ? X O I t l t q n ( l ) l l ( t m 1 g J ; : > X 1 1 X U " ' { " ' { U A 3A ( I ) ) X 0 1 1 U 3 i \ ( I ) : 1 S U ) l i u A ( t 9 0 D 1 l t 0 5 1 X O Hn . o ) O U ' ( 0 9: d ( t o l l 9( )d X [ ( f l + r ) X 0 I X S / 1 ) ] =: ( t o ) O U " , { 0 9 / ( J ) 0 ( t 3 S ( t O l ? 5 9 A 3 U } T I 1 1 0 0 1A l t : 1 S m A t y > 1 0 l l 0 1 i l D l t o X' t y > 0 ( t 3 3 0 ( z ) l t 0 5 1 X O l t w 1 m 3 A ) U < 1 : l ( t O l l 1 \ ( I ) ) O D " ' { o g A ( I ) : 1 9 0 0 l l 0 1 ) 3 U O O m B T I U A 1 3 l l ? O l lU 8 ' 9 : 1 ( t U B A ) A U A m J " t y > 0 ( t 3 3 0 ' u T I D 1 1 i 9 A 0 1 9 ) O W ) 3 U O O m 1 3 T I U A 1 3 l l ? O l l u 8' ( 1 ) l t 0 5 1 X O L t w ( t O l l L I O O g 9 l l U A L u 3 1 1l t o o g 9 U O I t l t T I 1 0 ) O X A ( t 0 m A- ) 3 D A m J " m o J ; : > " ' { o g 3 0 S L w n g A ? l l 3 S l t : 1 t L o 0 9 9 l l UL U 1 3 A X ) 3 g ( z ) l t O ? X O H( t o ) O D " ' { O g ( l o d s ) U D n o X 5 1 0 : 1 : S( t o ) O u " ' { o g 0 1 X 9 : 1 1 l l 3 : h ( t O l l 9( z ) ( 1 ) + 1 ) X 0 I X S / 1 ) = ' 9 ' i l H l O N : : J" ' ( } ? o r u p , t V ' ' ( o q 1 6 L r ' l I T J t t ] . 1 ( } ? i J c u ( 1 0 1 . 7 1 . , t l ) , t } 1 I 0 , U ) l ) ' C u q T l J 1 t n u D l l t 1 1 9 , m ' n 0 1 } ( i o u J , . { 3 " i o . O ) O D ' ( O q 5 9 A 3 A l t 1 . 9 l ! D D 0 3 1 . 9 A l t e c b 9 ) O r 1 3 6 9 0 0 ' 0- ) X l O W ' o A 9 0 X 3 0' 3 1 i ' ( 1 0 ) O D ' ( O q 5 9 A 3 L I 1 1 . 9 1 3 A ) D r i L l O 9 1 . ( 1 V' D ) 1 i 1 1 . 0 D 1 n l { \ 1 0 3 1 i L l D ) { \ L U3 D 0 1 . 5 0 0 l ! 5 ( Y ) L l 0 3 1 . 9 ' ( l t , h , o . 6 9 0 0 ' 0 l D A ) 33 D )- ( 1 0A U l D 9 1 0 ( 1 3 ( 1 0 1 .I t ' z D X D A ) U A O W l D 1 . 3 i \ ) D c b 5 u m n% S( 1 0 ) O D ' ( O q O l X 9 1 . ' l 1 ! 3% 1 79 ) 0 ( 1 3 0 1 x 9 1 1 l C 36 9 0 0 ' 0 8 ) 5 l t 1 .( 1 ) - ( Z )Z 8 1 L ' 0 5 : ) ( z )1 5 : Z L ' 0( L )O I O Y " t 0 V / 5 3 J t i U . O O In O J d o y o Q ! > ; J r i I . L ! > ; J ) l 0 I r i 0 3 9 0 d l l 1 0 ) 1 ! > 3 0 n o X ; J d l .: ' D ) l D A , U: z D X D A ) I l A O l D 1 0 ' 9 1 0- ( 1 3 6 9 0 0 ' 0 - l D A J 3 ' ( 8 ) { \ l t 1 9 l ! r J l D 1 . 3 S , ) A O , ( O l C o . 5 ( 1 ) 1 ! 9 ' ; : ) 1 B 1 d l > , M S O l l D X s o o n ' 3 Z 8 1 L ' 0 =' ' ( o g 1 m A ) 3 ' ( S ) A L u 9 L ' 1 ) m 1 3 S , ) / - o ' ( O l ! ( 1 S ( y ) l ! 9 ' S o . 0 1 . i I 5 9 A 35 i 1 r i 1 1 . 5 3 X 1 0 W ) 1 A D1 0 ' % S l D A ) 3 m o p ' ( o q 3 0 0 1 X 9 1 . 1 1 ! 3 0 1 . l D X % 1 7 l D A ) 3 9 1 0 0 . 3 0 . 0 1 . 0 1 X 9 1 . 1 1 ! 3 O l ' I 9 1 0 ( 1 31 5 : U ' 0 = ' ' ( o g [ l D A ) 3 o . O ) O D ' ( o g 1 1 . A D A ? 9 1 0 0 . 3 D ) r i 1 1 . 0 0 1 N d s L l ' 1 1 . 9 3 1 i n , o o i l 8 0 1 H l S v o A i l r i 1 0 X 3 X A o . D 3 r i o . o o 9 1 9 D 8 ' ( 8 ) l D X ( S ) 5 1 3 D i l X O S 1 1 . 9 L ' 1 ) - X 3 S ( y ) l C 9 ' t \ ( r ) ) X 0 1 . 1 l C 3 A ( Y ) 1 . D ) r i D t \ o . g o 0 1 I t 1 3 0 - X 0 1 O A 9 1 1- , ( D A o . D A U 1 0 r J ) l C O O O O D 1 L l 0 ) 0 1 ! 0 A 0 1 . m A S o k 9 , ( 0 5 9 1 l t O A D 1 D x l ' 3 i \ ) k D A m J! , + T( 8 ) - . - . - X S ' = g F > ' J d B ! \ \ SJ J - P . IS 3 1 0 1 !9 1 . C D ( 5 : ) A l t 1 . 9 l ! D ( 1 0 1 . 0 0 ) 0 1 . 3 1 1 d 0 1 . ( 9 ) A l t l D L l ) 3 8 3 l D o c h r D ) r i 1 1 . 0 D 1 A U W ' 1 3 r h . S 1 x o o l C D A) 3 0 0 L r r i D ) r i 1 1 . 0 0 1I t ' ( L ) A U l 9 1 ! D l D 1 . 3 i \ ) D c D S ( y ) l C O ,( L )d B M S + S = = : 1: ) 3 c D D O ' \ D A 5 L I D ) l C 3 ) 3 0 0 U l i ( 9 ) H( 9 ) S - : l =d B M S:5 l X D l t 1 9 l C D 5 9 1 1 ! 3 A o . D l D 1 . 3 A ) 9 HO l D3 D y . x m r i D 3 8 0 0 1 ! A L l l D D r i O l l i 9 A O l q ) 0 1 3 1 1D D ( 1 0 X i l C h { \ L u o m i D n i 9 A D , \ } D A m A1 3 D 9 1 o l t ' ( 1 ! D An O l ! ) l m ' \ ' (d B M S ) H S - . c IL U 9 1 ! D 1 r J l 3 A J gS D ) 1 i 1 1 . 0 0 1 S y . x 1 1 . m i k D ' ( ' ( D A o . D 5 D D o . O X 5 l 0 1 l D XD - ? , n n r i 9 0 0 c D m 9 HC ' g V I H I O N : 3. . , Ie > o I ' l f V ' I f < D . : : . J > 1' ! } l o a 3 p A V ' Y o q / l Z 6 [ ' / 7 T ) 1 1 ] 3 ! } l ( } I l 3 0 0 2 1 2 1 1 V I 1 1 a O } O v y o Q V } r i 7 2 0 J J 1 U X 1 0 2 0 ] 2 1 1 ' O H l- 3 1 9 ' { u r l ' t 0 ' O ) r i 1 1 0 0 1 l J / \ P 3 ' z < ) ) 0 0 3 l 8 1 L ' 0 O O ) O ' O ' { o q 0 0 1 ' O ) r i 1 1 0 0 1 - O O l l U ' < ) ) 0 0 3 3 D / \ ( ( ) ) O ' O ' { o q A ( ( ) l L l l p 1 ' O " 1 . ) l m A ' m i 0 3 ' { } 1 0 1 ' O O 1 q ) 0 1 0 / \ ( 1 0 A- u q o 5 } A o ' { 1 1 3 O ( 1 q 1 0 ' J 3 8 ( ( ) 1 0 1 1 ' 0 1 q ' 0 / \ 0 ' { O X ( 1 3 1 ' 0 / \ ) 3 5 ( ( ) l l O , ' / \ ( ( ) ) X 0 1 1 1 3 A ( ( ) 1 5 ' O ) r i ' O M q- 0 0 1 5 U l I I U l u o p g 3 r i J 3 8 ( ( ) d l o 0 1 i m q 1 3 X ) ' O ) r i 1 1 0 0 1 u 1 1 9 1 ' 0 / \ ) 3 ' O ) l l- 0 0 0 0 0 1 3 D 1 ' 0 1 3 X O ) O g P O O A ' O L l O ) O l l O / \ 0 1 m A p x w n . d : J 5 0 A 9 , { ' ' O ) l l O O O O O 1 3 D 1 D 1 3 X O- J o g 5 0 1 m 1 A p ' ( , { ' O M O P O O A ' O u 1 1 9 1 3 / \ ) ' O r i u O 9 1 0 \ 1 ' 5 } 1 0 ' O 9 1 ' 0 ' O ) r i U ) 3 8 1 0 X O O l l ' 0 / \ m A0 0 1 U / \ ) X ' O / \ } / \ ' O x 1 3 X O P l l O / \ 3 Q 5 < ) ) l l 3 M O l ' O X ' O r i 0 3 , { } 1 O l l ' O 5 < ) ) 9 1 0 X ' O 0 1 Q ) 0 1 0 / \ ( 1 0 A U q O' l 0 1 05 3 ) O l l O 1 0 ' 5 i l A O ' { 1 1 3 O ( 1 Q 1 0 1 ' O X ' 3 1 i r t O l l } , { 9 5 ( ( ) l l O ,' ( l 8 1 L ' 0 X ' ' ( o Q 1 8 1 7 1 7 ' 1 )' < ) ) 0 0 3 v O ' I 1 3 Q ) < : , l O l m U O r t Q / \ } l l 3 U 3 1 9 1 1 0 ' ' 0 ) 1 ' 1 1 1 0 0 1/ \ U l 3 r i < ) ) 0 0 3 3 D1 ' O l / \ O l l } 0 1 ' 0 1 3 1 i 1 ' O X ( 1 0 X 9 1 1 ' O X 0 1 ' O ' ( p d l 3 X )1 8 1 7 1 7 ' 1 M o q N O l l ' O 1 ' O X ' % 5 O 1 X- 9 1 1 1 3 3 1 i 1 ' O 1 / \ 0 ( 1 < : , > / \ 3 l l 3 ' / \ ( ( ) ) O ' O ' { o q 1 6 L ' 1 ) 1 / \ ' 0 1 ' O l . 3 0 0 P ' C ( ' 0 1 / \ ' O 1 L l D ( ( ) l l l- ) 0 3 l l' ' O ) l i 1 1 0 0 1A U 1 3 1 i ' < ) ) 0 0 3 3 DA ( I ) X 9 1 / \ ( ( ) 1 1 ' O X O o ) ' O ' { ' O d l- 3 X 0 0 11 ' O X O O ) o ' O ' { o q 0 0 1 0 1 X 9 1 1 1 3 0 1 3 1 i 0 / \ 9 0 X ' 0 1 \ } m A i \ ( 1 ) ) O ' O , { O Q / \ ( ( ) 1 U O- O q / \ i l l l 3 ' ' O ) l i 1 1 0 0 1 ' O O r t O X } O l / \ U l 3 1 i m o p ' { o q 3 D < ) ) 0 0 3 / \ ( ( ) 1 : z t u W Y 1 U 3' ( v O ' 0 1 O X 9 1 + 1 0 1 ' O ' { p d l 3 X ) < ) ) 0 ( 1 . 3 v O ' 1 1 3 q N 0 1 ' O U O O q A ) l l 3 U 5 0 0 1 } 0 0 1 5 0 ' { } 1 0 1 0L l O ( ( ) 1 1 ) 0 3 l l ' ( % 1 7 ) < ) ) 0 0 3 0 1 X 9 1 1 1 3 A 0 ( 1 X m 0 1 3 r i L L D O q / \ } l l 3 : [ : 5 i l A O , { l l l 3 O ( 1 Q 1 3 X i l' O Q P A O r i H ' < ) ) 0 0 3 1 1 3 1 } 8 m Q ' O q p / \ o r i' O ) r i 1 1 9 3 r i o O O } 8 0 l l 0 5 ' 0' l ' O X ' O A ) U / \ 0 1 05 ( 1 ) l l 9 ' 5 0 1 ' O r i A ) 3 Q ' 0 0 ' O l l 0 0 1 ' O J 3 X l O l O D 1 U O P 9 3 W' ) 3 8 n O , ( 0 ) l O n O l l 0 1 l 3 r l ) 3 ) l 0 . 1 3 r l : : ' O D : : ' 1 3 D I , u i I O l l O : : ' 1 . l 3 . 1 3 1 1 ) d ) l A n D 0 1 3 X ? l I n D L l . l l O ) l O I l ) U n o . 1 O ) 3 X 1 0 l D m u m ; > ) 3 r l ' : : ' o l D r l A 9 w o l l n D I , t r l l . l I , t ) l O l r l D 3 8 0 d l l l l l l . l 3 . 1 ) 3 d 89 O I D Y l ? c b 3 ) 1 / J . D . L l I . L 9 I d l l . L D D d V' , { O Q N ) 0 0 3 l 8 1 L ' 0= 1 7 0 6 6 ' 0 X 1 5 U ' 0 : 1 ' 0 / \ ) 3 O O ) O ' O ' ( O Q 0 0 1 1 1 / \ ' O / \ } < ) ) 0 0 3 0 0 1 U 5 < ) ) l l ' ' O O O O X i l O l / \ L l l O 1 1 ' 9 , 1 ' 0 0 0 3 1 9 0 0 1 0 3 l l 5 } 0 0 d l 1 7 0 6 6 ' 0 P O O A ' O/ \ U l 0' 0 / \ 1 3 l l } O l l ' 0 8 0 1 0 p ' { O Q 0 1 ' / \ ( I ) ) X O l l 1 3 / \ ( 1 ) 1 L L D } X O I . n 9 l l ' O 1 ' 0 1 3 / \ ) ' O d l 5 ( 1 ) l l O ,% 5 + 11 7 0 6 6 ' 0 =% 1 7 + 1: 1 ' 0 / \ ) 3 ' O r i J . . . 1 3 Q P O ' O l l 0 / \ } r i l 0 X 3 X A O O 0 1 0 ' O ) O l l O U ' ' O q p / \ o r i U l 3 r i A ( I ) l- p r i 0 1 r i o / \ O ( 1 q / \ ( 1 ) 1 / \ ( I ) ) X 0 1 1 l l 3 / \ ( 1 ) 1 L L D } X O L u 9 1 . " 0 1 3 1 l l ( 1 X O O E H' ' O ) l i 1 1 0 0 1' O o n o X i l 0 1 A L l l m % A O ) 1 p r i 0 1 r i O A o ( 1 Q A ( ( ) l M O ) X 0 1 : 1 l l 3 p o o d l m q U 1 9 l l ' O( d l B l d B A \ S )5 ' O ) r i 1 1 0 0 1 5 ' 0 0 0 0 X i l 0 1 1 ' O X p o o d l m q H' O A 9 0 X ' O A } 9 1 . " 0 P 1 3 1 i L l D o q p O ' O ' J ! 3 r i ' ( 1 O ) O ' O ' ( O Q 5 9 / \ 3 P O O A ' O A L u3 r i ' u o o q p O ' O l l3 1 i n o ) o ' O ' { o q 5 9 / \ 3 P O O A ' O' 0 / \ m A ' 5 0 1 O l l P X1 3 9 P , { ' O A ' O ' 0 / \ 1 3 l } O l l O ) O l l O 0 1 ' 5 0 1 0 9 1 { 9 ) C ) ( l 3 6 9 0 0 ' 0 - M O l p o o d l m Q HC 0 9 ' l f l H 1 0 N . : : . J"ENOTHTA6.3 Q11,8a um1QXEx(vlFQo YLCtTtlv JtQoXQLOll Tl1OEU'rEQ11;E;tLAo1'l1,EVcO,Eavl1LOOTLflla tl1av 8a um1QXExlvllTQO YLaTl1v;tQaxQLOY] 1Y]; rr.QcOTl1EJTtAOY1l, 011Aa01loUflcpwva flETl1VOl?WVOflLXllOQoAoYlaJTEQL8cOQLOYLaarbitrage. HflovY]nQ08wfllaxIlLOOTLlJ.la,llonola OEVnEQL8cOQLa Yla nQoxQL011ouvaUaycOv (arbitrage), ElVat mml ;tou nQoXUJtTELTl10XOll LooouvaflLa; TuWEJtltaXLWV, onw; ano Til0XOll(5). I:Xll!-1U2 Em:v('juTIKC; nrAovtc; OT'lV avopa ouvaAMnJaTOC; 1 EUQcO ------- "-l .. 1,3791 OOA. xa'ta8wy] xa1a8w11 YLa1 Eta YLa1 Eta ... 1,04 EUQU) 1J.E'ta'tQontl OEEUQcO1,4481 Oo},. H npoSOllIOKTlouvolv\0YllmlKf] lOOTllllO: o.ovaAoyo IlS TIe;npoo50Klse; YIO Tr]IlSlv\ovTlKTl510IlOPopO KOITl13H npooq>opa KOITlYlo eyxwplo KOIE;vonpo'(OVToKOIunTlpeolee; onOTeAOUV TOUe; npo0I510PlOTIKOUe; nopOYOVTee; TIle; npooq>opae; KOIouvoMoYj..lOToe;. o.Aoeoe;.01 npool5oKlee;Tle;eOele;nou nOlpvouv eKelVOl01OnOiOlemeUj..lOuv TTlVoVOATlljJTlKepl5ooKomKlle; I5po01'TlPlOTTlToe;,Kol0Xl TTl151oj..lOpq>WOTl TTle;npOeeOJ..lloKlle; OUVoMoYj..loTlKlle; IOOTlj..lloe;. 13 neplmWoTl oUTlll5evemTpneTOl OTOUe;OUj..lj..leTXOVTee;OTTlVoyopa va npo13ouv oe Kepl5ooKomKlloVTlOT6ej..lIOT](arbitrage) . 160 K ECDAAAIO BIBAIOrPAIA EAAHNOrAQl:l:H K.,ToEgyO TT] 3 ' D T I l m Q P O D l ! m J ' 0 1 0 l E J ? X 9 l E D 1 X 9 ' 1 ' O X ' C l O O ; J 1 1 ( 1 0 x 1 l 1 0 1 \ 0 X 1 0 0 18 HO r i A I 3 Q 9 d o UC ' L V 1 H 1 0 N 3"ENOTHTA7.3 XlVOUVOnouEXfL xata tll ouva4111TOUOavElouOE tgaJtE1;,a Yla tl1V tou xEcpaAalou xm tuN toxel)v TOU OaVtLOUoOO/eagLa,aVtCmOlxa Jtooa OEogaX!lE;. H aVWnaY1louvaNeaY/lato; TgCa maOLa: AgXLxa aVtanaOOOVTm ta Y.EcpaAma. LtO 11EJtLXECg11011avwI.MooEL /lE 100.000 OO/e. TOOEEugeo.H E1tLXELglW11011AaollOLVELmllv tgaJtE1;,a B TOJtooo tOU oavElou to onolo EXEL nagEL ano XaJtOLaaA/,11tllVtgaJtE1;,a A, Jtalgvo OE TO OEEugel),011/,aoll 72.511,06 EUgu"l.MEautov toV tgoJto, WI)11EnLXfLgl10l1agXLXaElXEOaVEWtEl OEOO/,agla, tllVavwAlcaY11ou nou OLEvl1gYll0E, vato ng6i6v tot! oavELou OE

Ka8E 11EJ1lXELgl1011aVWAAaOOELtllV tganE1;,a B tau;TOUOaVELOUOOOAagW,flEJtou aVtlOtoLXoUVOTO toUY. EcpaAalO OEEUgC)l.11EJ1lXElgl1011OLVE!OtllV tganE1;,aB xa8E3.092,60 EugC))(=72.511,06 EUgWx8,53% x1/2).HB OLVE!CtvtLOTOlxaXa8E Otl1VfJtlXElgl101l3.750 ooA.(= 100_000OOA_x7,5%x1/2).Hf;uXElgll011tll OELga OrVE! to noaa t())V3.750 00/,. OtllV tgciil:E1;,aA, yw vaOEltoxou; TOUoavdou til; . Kant TaUoaVELOU,11EJtLXtLgll011aVtanaOOELTa XfcpaACtLaT11v tgam1;,a RHEJtlXElgll011,orvELmllv tgaJtE1;a B 72.511,06 EUgu"),EVel)11 B OLV ELOtllVEmXElg11011100.000 00/,. Ta Jtagaxa-W)tgLa (7-10) twv gOel)\!OElXVOUVn; EW;TgCt xmcurDxm ;TgO tllVE;TLXELglloll,xa8w; xm tll" tga;TE1;aROl gOE;U/,OJtOLOUVTilOWlcpwVLa(currency swap)TOU; . OL OElX"OUVTl;E1tLXtLgl1011;xm tll; tgaJtE1;a;A,ano Til"OJtOLa mlgE to Oa"Eto11EJtLXElgl1U1l- To LX11lta 7 OElXVEL T11vagXLx1l(lOllxata Til/,rjll'l1TOUOaVELou. TOU TPAnEZAA 100.000EnIXEIPHI:H KEct>AAAIO 179 ENOTHTA7.3 Kq>aAaiwv 100.000 1 EnIXEIPHJ:H-..----------.L-._T_P_A_"_EZ_A_B_----' 1 72.511,06 &UPW AVTaAAaYrlTWV TOKWV 3.092 &upcd.. ITPAnEZA BEnIXEIPHJ:H -3.750 aoA.3.750 aoA. TPAnEZA A J:X.,IIO10 Kq>aAaiwv KaTOTil..72.511,06 &UP't 1EnIXEIPHJ:H TPA"EZA B '--____..,.--_---'.I100.000 aoA..L-______--' 100.000lIiOA. TPAnEZAA1 180 ENOTHTA7.3 KECDAAAIO ApaaTI1PIOTI1Ta2/K&cpaAalo7 Of:.vavnlvaKaTOUswap Yla TrlVntXdP'l ' X U U A O V O A 9 0 X s U 9 1 V A C l . O : ? O O O 1 V C l . 0 1 C l . 0 1 5 1 3 D < ; > 3 0 X 0 1 n 0 n O J ! U D ( y ) 1 1 t ) 0 3 1 3 D A U l ] 3 ' { 3 1 0 1 V l D X S U i O ? 1 C l . 1 D 1 3 \ 1 . 3 1 i D ' 3 9 0 ) 0 1 0 0 1 ( S u m , { ' 9 c b D D 0 1 0 < ; > 8- 1 0 3 1 / U ( i l l B W ) 0 0 D 0 1 5 9 / \ 3 m D ' 9 , { J ! v ' C { O l m k l D l / \ o A ) A . 5 : ? 1 C l . V 1 0 ' S O lt \ < ; > ' X m r l D 3 8 0 0 1 5 m 3 A . o : ? t \ 3 1 9 S U i c o O : ? l i ' L V 1 H 1 0 N 3" L - O A D 5 U 1 0 1 X 9 1 1 L : 3 A O X i l 0 1 0 1 3 1 1 ( < < V H d 0 1 X 9 1 1 U 3 ) L l l l ) ' t 3 1 ( 1 0 1 l D X 5 L l 1 - D 1 3 1 i ) 3 8 L l M l ) c b l i M 1 3 X i l 0 0 1 0 1 X 9 1 1 1 3 0 1 1 D l 3 1 \ ) O i ( h l OD ) A L l r l 0 0 3 1 i u )( l o q 9 1 0 3 1 5 L l l A L l 1 : S : " 5 U m 8 l ) l D X 5 m l iO O ) 3 A D q 5 9 A 3 O 1 X 9 1 1 1 ! 3 0 1 1 3 0 < ) ) q 1 3 ' t X D A o w D 1 U 1 9 l D A ( l q I I I ' 1 3 A ) 9 A 9 ) . o 0 1 O J . ' l ) 0 0 c b m 9D A O A 9 , i l ) O D 1 m D ' t l ) c b 3 XD A 5 ) a ( l ) X ' 0 9 0 ) 0 3 1 u A i l l i 1 0 i < 3 x A n , 0 m l i m A 5 U 0 3 8 l ) l D X y , O O ) 3 A D q 0 0 X l l A O ' t ' t 3 1 i 5 9 A 3 0 1 X 9 1 1 1 ! 3 D A } D O- 3 r 1 y , O 9 1 ! D D A U l ' I ) ' t 3 E A O W D 1 U 1 9 l D M 9 U 1 1 3 A ) 9 ( l 0 1 - 0 1 1 1 3 5 L I D l O ) 3 X m 9 1 \ 9 ) , 0 0 1 l D A ) 3 ( V ' B d ) A ( l ) ) X 0 1 1 E 3 y , A D ' t ' t D l A D y , x m l i D 3 8 0 0 l C H a l u H P l U M - l O i I )i \ ( I ) ) X 0 1 1 1 L 3 i \ I J l X l l i \ 0 " f ' { 3 r / D ) i \ ( I ) c b r / n o / i \ ( I ) ) X 0 1 1 1 L 3 [ . t A D " f ' { D 1 i \ D [ . t X D l l i o 3 9 0 0 l l A L l 1 9 1 D ) 3 8 U A ( l ) c b- l i n D 1 3 X ? n 0 1 D ) 1 1 1 1 0 0 1 L l A i l 1 i 0 9 3 9 3 0 O O ) D ' t D c b 3 XA ( l ) 0 3 r i l ) 1 9 A 3 5 1 3 0 < ) ) 1 1 - 1 0 3 1 1 0 l D X M O X 0 l ) E O 3 1 9 15 0 1 A 9 1 0 0 E 1 1 0 1D 1 3 X O l ) 1 9 L l l l ) m xl D 1 A O A < ) ) 1 3 1 i D ) 0 1 O D l D l D ' t l ) c b 3 X l ) O O c b D D ) M 0 c b r i n , 0 U A D S L W ) 1 ' g " 5 0 ' t i l 1 O l D O A 9 r i 5 0 ' t i l 1 0 1 0 l D X 0 0 9 y , X O D I \ U W 0 0 9 1 n , O ) D ' t D e i ) 3 X 1 1 0 1 y , A D ' t ' t D 1 A D l l l D 1 ) 3 A ( l ) c b l i I 1 0 1 1 0 1 9S ' B I : ) : ) 5 1 3 0 < ) ) 1 1 1 0 3 l L A I 1 0 X O l ) 1 A ' 9 0 3 8 D 1 O o ' t ' t l ) O l l D X O A 3 1 i 9 A l D r i n x D A ? 0 1 3 1 ) 30 0 9 D 1 l D X l ) 0 3 8 D l D 3 1 ) 3 D 1 l D X3 1 ) 3 l D A ) 3 l D 1 A O O O l ) ' t ' t D 1 A D 1 1 0 1 m X 9 1 1 1 ! 3 D J . " S y , A D ' t ' t D i \ I 1 0 5 U 1 y , X O D U 1 0 1 D l ) 3 A ( l ) c b l i I 1 0 ( A ( l ) ) D ' t n c b 3 X A ( l ) l l ) O O 1 l ) X 1 1 O- m i o A OD ) 0 1 O L l ) A ( l ) l l ) l i m l i o A A ( l ) l U O i l X O H ' m i O l l i 9 A O ' t ' t l )O l D 1 1 0 A i l 1 i O D a c b x 3 O O ) D ' t D c b 3 X ) E 3 5 0 l D r i O ) l i O A n o ' t ' t l ) 1 1 0 1 ( 1 0 ) X 0 1 1 1 3 1 1 0 1A L l 1 9 l m 1 3 1 1 0 X O O 1 1 1 0 1 1 1 0 X 9 1 1 1 0 1 9 0 0 1 0 1 1 3 A 9 ) O U ' t 1 5 0 a i l , i O ' t ' t l ) 0 1 < ) ) 1 \ 3 ' 9 l ( t ) ) D r i O- 1 1 1 9 A O l D n . O A i l r i O D O c b x 3 ( 1 0 ) D ' ( D c b 3 X ) 1 3 5 0 m l i o ) l i o A 5 9 A 3 ( 1 0 ) X 0 1 1 1 ! 3 1 1 0 1 y , A O r l O D c b 3A L t . l 9 1 D 1 1 . 0 1 1 1 0 X 9 1 1 1 0 1 9 0 0 l C 0 1 1 3 A < ) ) O U ' t 1 5 0 0 i l l 1 D A i l O J . " A ( l ) l l ) r i D 1 r i- O A A < ) ) X 1 1 3 0 0 c h m 9 A ( l ) ) X 0 1 1 1 ! 3 y , A D ' t ' t D l A D A U 1 ' l ) O O c b D n ) O l L O t l D ) A ( l ) c b l i l 1 D m T Il D A J 3 ( S ' B D : ) ) M 0 1 l ) l i 0 1 1 1 0 A A < ) ) X U 3 0 0 c h m 9 A ( l ) ) X 0 1 1 1 3D ) , \ ( l ) c b T I I 1 0 H( S H I , ( ; ) u a l l l l : )S S O l : ) i \ ( I ) l y r / 0 1 r / 0 i \ i \ I J l X l 1 3 0 0 c b D l Q i \ ( I ) ) X 0 1 1 1 3 S [ . t A D " f ' { D 1 i \ D D ) M l } c b r / n 3 : ' A O ' t ' t l ) g 1 0 3 l C 9 X m X 0 1 1 1 ! 3 O A 3 1 i ' l ) 1 0 1 c b n 0 1 3 T I D k o ' t l ) A D A < ) ) x k D A D - 0 1 ' 1 1 3 M 0 1 u m O ) 3 X m 9 L l 0 3 1 9 8 0 0 A t l 1 9 1 0 D 0 1 9 0 1 1 \ 0 1 3 1 i 5 D 1 A O l C i l 0 1 1 1 3 ' 0 ' t ' t l ) 0 1 0 1 f l ) X3 0 5 L W ( l ) i l O X O l C O5 0 9 ) 3 D A i l 1 3 c n i l o l D 1 3 1 i D A m l . 1 D l ) 3 ' l O l C O T I l D L I O X S ' B I 0 1 .' 0 1 3 8 ) l A D 0 1 ) 3 1 0 1 0 1 m i l . D o E D 8 5 0 0 i l T I O ' t ' t l ) 0 1 < ) ) A 3 ' n . O ) X 0 1 1 l C 3 ( l O I \ 3 1 i 9 A l D T I I I 1 X 5 i l T I- ( l ) O U ' t l C ' 1 3 ' t l ) g D l D X D 8 l D X ( 1 0 ) X O l U 3 0 0 0 3 8 D l D 5 i l 1 i ( 0 0 U ' t E 1 3 1 l l ) O l C 0 1 3 n 8 5 0 0 5 1 T I D i , ?0 1 1 1 0 l C 9 ' o q O ) 0 3 E l l A } l 1 m o 0 8 n x o o 1 n 1 1 i m l .0 0 X l l O m i o , \ 0 n O A } l i l 0 X 3 X A I 1 05 9 A 3 ) E 3 A ( l ) l 1 1 0 X 9 1 A < ) ) l i ( l ) 0 L I " t l C A < ) ) X l l X D lA U 1 l ) 0 0 c b D1 1 0 l C D ) A ( l ) c b T I 1 1 . 0m l i l D A ) 3 ( S l I J ) A ( l ) ) X 0 1 ' l l C 3n ) A ( l ) c b T I I 1 0 H( d B M S a l B H l s a l a l U I ) i \ ( I ) ) X 0 1 1 1 L 3 S [ . t A D " f ' ( D 1 i \ D D ) i \ ( I ) c b r / n : ! " : L ' " ' { X d B f t \ S . I 0 P ! 1 1 0 : ) ' ( d E M S . I E I I 0 : ) ) ( 1 0 ) X 0 1 1 l C 3 l D X 1 1 0 l D 1 < ) ) A V 5 9 T I O D n . 9 M : S : ' ( S ' B I d O n . O ) X 0 1 1 1 31 1 0 A - A ( l ) ) X 0 1 1 1 3: D 1 1 \ 9 1 , o 0 1 D 8 0 0 " t 9 X D D l l D 1 A o o i l c b D A D l ) X 1 1 X- 1 3 9 A 35 ( l ) ) 0 I 1 x ) A ( l j l D ' t 3 1 ; \ ( 0 1 5 3 x k l ) A D 5 i l x 1 9 1 3 5 1 1 A I 1 0 1 E 0 " { n x n A 3 1 0 < ) )C O L V 1 H 1 0 N 3' .6IO I V V V C D 3 > ir l O o ; n i ( t o / - ( T ) / - p o m ! l l o D 9 1 i \ : t 0 L l " { " { p 3 8 P x l D X S < ; J 8 D X ' S ; l X 1 1 0 1 1 D l . o s ? X l 1 i- O i \ O X 1 0 s 3 n l l o ) l l 3 s 3 " { " { p \ : t 0 1 i o l 0 ( T ) 8 l l , , { l l P l o O o O l l' A ( T ) l l \ : t O s 3 1 3 Q P' s ( t O " { \ : t D A ' s ? l l l , , { 9 D 1 3 1 i s ? X 1 1 D n l " { x 3 n' s 3 1 X ) 3 Q s \ : t 0 X l 1 ( T ) l D l l l 0 1- D n l l o X ' D o ? n D A . ( T ) k p O D l l D " { " { P s 1 3 0 9 Q O l l D m X 9 1 1 1 3 ' D m r i \ : t 3 0 0 1 ! 1 i 3 ' D l . D n o- ) 1 1 0 As ? l l l A 1 X 3 1 1s 1 3 o P 9 r l r l O s 3 / - ( T ) / - P O D l l s 3 " { " { P l D X A ( T ) ) X- 0 1 1 l l 3 s 1 3 0 p 9 1 1 r t O s ? X m r l 0 3 8 0 0 l l 1 0 ' ( S d B M S A l ! O b d ) A < ; J X 0 1 3 n l l l X ) 3 Q 3 n S ? X 0 1- 3 1 i 3 1 i s 3 A 3 n 9 3 Q A r t o s y A D " { " { D l A D s 1 3 o P 9 1 i r t O D l i A . D , , { , , { P A r t o 0 1 X 9 1 1 l l 3 O A 3 1 i ) 3 X- 1 1 A D 3 n ' ( S d B M S ) i \ ( l ) 3 0 1 J ) 3 0 X 0 1 r t 1 0 ' ( S ; } . 1 0 1 0 J ) 5 U O ( l ) O" t 1 X 3 1 I 1 ' 5 U 0 3 0 ) 1 I 0 0 1 A ( l ) 1 y 1 i ( l ) l l I X 1 gI l L ' T: D 1 A 9 1 , O O l l( T ) l P X D O D l l D l l D X l D 1 A o \ : t 3 l D n / - D o l l m Q ( t o ) D ' ( D c b 3 X 1 " O X s O l D n y o X p O O / - D l l l D l D X m O < ; J X / . . 3 A U l D ' s ( T ) ) O ( t X' ( T ) A P l l D O D l l A . ( i ) l s 9 1 X 3 : I I n v . . v' O l X 9 1 1 l l 3 9 1 ( t D O 1 0 1 / " ? r l 0 1 1 0 1 5 1l D X P O O c b D l Q L t l S m A- 0 l 1 P O l l o 1 3 0 1 s 0 1 D l i < ; J l D X 1 Q ( t O l 0 ' d B ; ) > > A l l l D l x 9 1 1 1 3 D l ( t O l l l l o ( T ) 1 l l ) 0 3 l l A L u o 3 l D < ; J l D l ? ' 0 1 x 9 1 1 1 3 O 1 0 1 / . . ? n D A ? 1 3 A < ; J Q 1 3 " { X ( s l l l- P ' ( 3 l l 0 X ' l l ) d B ; ) > > s 0 1 D l i < ; J l D X 1 Q ( t O l 0 ( t O l \ : t 0 l X 3 5 ( ' 5 ' ) 3 8 l l A ( T ) c b l i ( t D 1 3 X ?( t O l l d B ; ) > > 0 1 x 9 1 1 l l 3 0 1 9 l l D 0 0 3 1 9 ' ( L H t t ( t l D A ) 3 0 1 x 9 1 1 1 3 A O X ? O l 0 1 ( t O l l U O ( T ) 1 1 _ r ' ) 0 3 l l 3 0I L O X 9 1 ( t O l p o o c b m Q h l 1 3 A < ; J o l l " { l l D A l D l . \ : t 0 3 0 X O l l ( t' X ' l l ) s 0 1 D l i < ; J l D X 1 Q ( t O l0 ' s ( t O l l l o ( T ) ) 3 n9 l l D ) 3 8 l l " { 3 c b ( T ) D A D A O O X 9 1 ( t D l . ( t O l s D l . A O l l ? O l 1 1 3' A ( T ) ) X O l l l ! 3 A ( T ) l ( t O Q 9 A D l 1 A D A ? s l l n t ( t " { p x D l l l 1 9 1 D A ( t Q I I I A O l D A I 1 0 A ) Q ( t O l ls l l 0 3 0 ) D O O l l / \ ( T ) l p n O ) l D X 1 Q S 1 3 0 p 9 n r t O l D A ) 3 ( t o ) X O l l l l 3 ( t 0 1 D l . < ; J A D s ? k D " { " { D A ! L O 1 0( d B J ; } l B 1 I 1 S ; } . I ; } l U I ) r t O ) X 0 1 1 1 3 r t 0 1 1 1 1 1 J ) A l I 5 } k l l " t " t I l A r t : 1 ' 9 1 ( t D0 1 X 9 1 1 l l 3 O l l D l ? p o o c b m Q L I l S D 1 A 0 1 1 P O l ! 0 1 3 0 1 s O l D n < ; J- l D X 1 Q ( t O l 0 ' 1 0 0 0A L u 9 l l D D 0 3 1 9 0 X l 1 i l D A ) 3 D l X 9 1 1 l l 3 D l( t O l l L W ( T ) 1 l l ) 0 3 l l A L l l o 3 l D < ; J 1 0 1 5 1 ' 0 1 X 9 1 1 l l 3 O l D 1 X p " { 3 D A 5 1 1 3 A < ; J Q 1 3 " { X ( s U 1 P , , { 3 l l 0 X ' 1 ) J O O O s O l D r l < ; J l D X 1 Q ( t O l0 ( t O l \ : t 0 l X 3 5 ( ' 5 ' ) 3 8 L t A ( T ) c b n ( t 0 1 3 X ? ( t O l l J o o O 0 1 x 9 1 1 l l 3 0 1 9 l ! D 0 0 3 1 9 " { L n i D X 1 " 0 , \ ) 3 0 1 X 9 1 1 1 3 A O X 5 1 0 1 0 1 1 1 0 l l l l o ( T ) l 1 ) 0 3 1 3 0 ! L O X- 9 1 ( t O l p O O C D m Q l l l 1 3 A < ; J o l l " { l l D A l D 1 . \ : t 0 3 0 X 0 1 o . X ' 1 ) s O l m i < ; J l D X 1 Q ( t 0 1 .- l l " { ( T ) 1 0 ' S ( t O l O Q O A P y A D 8 1 1 9 1 . . < ' D J 3 8 L t " { 3 d > ( T ) D A D A O O X 9 l 1 1 D l . 1 1 0 1 s p 1 A 0 1 ? O l l 1 3 A ( T ) ) X- 0 1 1 l l 3 A ( T ) l S U O < ; J l 1 l l A D A 5 1 s l l r l " \ . ( t " { p x D 1 . l l 1 9 1 . D A r t Q I I I Y l D D O O / . . D A 0 1 . o A r t O I \ J Q ( t O l l s l l o- 3 0 ) D O O 1 A ( T ) l P 1 i ( T ) l D X 1 Q l D A ) 3 ( t o ) X 0 1 . 1 l l 3 ( t 0 l . D 1 . < ; J 1 D X S ? k D , , { , , { D A ( t D 1 0( . l O O l i l ; } l B 1 I 1 S ; } . I ; } l U I ) r t O ) X 0 1 1 1 3 r t 0 1 1 1 1 1 J ) 1 l 1 X 5 } A . I I " t " t I l A r t : 1 ' ( t O Q 9 1 0 3 l ! : S L u l \ h l D l D 1 . 3 A ) / . .o " { " { p O l D s o o ? n D A ? 0 1 9 l l D s p o o c b m Q S l l lH ' O c b O O l D J 1 A D 0 13 1 ) 3 l l l P " { 3 1 I \ O l DL I 3 1 ) 3 1 3 o < ; J Q O l l D A L l l D A 1 3 1 5 1 0 ! l ! 1 3 1 1 C \ : t X O O l ! 0 . 0 1 p o o c b m QA L I l ' 5 0 . 0 1 p o o c b m Q L I ' 1 3 X O P 1 ( t f l . D l D X( t 0 l . m 3 x o p l QI n 3 n l t D ) O Q O ) 0 3 1 m / , ( t O Q 9 1 0 3 l lS U l f I . ! . l l o 1 3 \ : t X 0 1 D 8 ( t 0 1 9 1 ( t D ) s p aC O L ' i f l H 1 0 N : J"ENOTHTA7.3 JtEQloumaxa OTOLXEla,DLXatO)!laTa, UJt0XQEWOW;,DELXTE:;xat2. Tu1tuQUYWYUlliou YlU 'tTJIlE'tUXUATJOTJ'tou1tlo'tW'tLXOUXlV()UVOU(Credit derivatives)(Credit default swap, Collateralized debt obligation, Credit default option, Total return swap). 3. Oluci ()lU X l l O g O l ' 0 1 i l t o X A ( I ' ) lS L I l l D ' X 5 ' 9 0 0 c b m- 3 l i 5 l t l L l O M t ' ( 9 ' X n 3 ' 1 g l t l ' 0 1 A ' A ( I ' ) g ' 9 A 0 1 ' 1 A < y > ' X H ' i O A O X 1 0 ( J \ ( l ) A 3 1 ' 1 S t 0 l O g o l m i l t o X ) A < y > ' X l l m i- 1 ' 1 1 3 , , ( , , ( 3 A ( I ' ) l l D X ( A S I ) 1 ( 1 . 3 1 l i m O l L D ) A S O X l l ' 0 1 i o D / \ 0 3 " ( l L A ( ' r ) l 0 - 3 , D 1 3 T I S r t O l l t l O l D 1 D l D ) A r t O i \ ( I ' ) l ' 9 l i ( 1 . 0 g 1 A < y > X 1 W ) 1 D 1 l L 0 1 ' 0 1 i , l I O X M O l D ) A O n . 0 1 1 3 , , (H,A < y > ' X 1 0 0 m i 3 M O l D ) A O n . O l 1 3 " ( L l l ) 3 " ( 3 1 O l L D A S ( ) A " D " ( " ( D M I O M O l S L 1 0 1 0 9 8 D X ' X 3 l D X A S o l i ( l ' ) O- I t ' ' ( l L 0 - 0 X l l D l i 0 3 , , ( 3 1 O l L D 5 9 A 3 H A < y > X 1 0 1 A 3 ' X A ( I ' ) l ' A ( I ' ) l- ' 9 1 ' 1 r t O g 1 A < y > ' X l l ( l ' ) 1 0 1 1 L O l D l i l t o X r t O l L 0 - 1 0 - 0 X 1 g 1 3 5 9 A 3 D ) A o n . 0 1 1 3 , , ( l u . ) 3 , , ( 3 1 0 l L Dr t O O i l T I S t O ' X 1 1 ' 0 1 i l t 6 X r t O l 0 - 0 1 r t D 8 D ' X 0 - 0 l r t D u 0 1 o ) 3 X ' 0 1 g U l D X D ) A O ( 1 . 0- l l i l l g H A < y > A D , , ( ' ( D A n . O A ( I ' ) l 5 l t 0 1 0 ' 9 8 D X X 3 l D ' X A < y > l i ( l ' ) o U ' ( l L 9 ' X u ' 0 1 i . o 3 " ( 3 1 O l L DD A 5 ! l t " ( ' ( ' 9 A l t l 9 l l D l D X ' o o 5 ! l i 9 x l l ' 0 1 i u o X 0 1 ' 9 0 r t 3 " ( l l D ) 1 i l 1 1 9 l ! D S m J \ o X 5 ! o D l L ' A < y > A D " (- , , ( D A ( 1 . 0 A < y > ' X l l ' 0 1 i l I O X A ( I ' ) l l t O A ( 1 . , , ( 9 ' X r t 3 1 q l t l O l D l D l O ) A r t O D ) k O r t O l 1 3 ' (H' f t X 1 . l . ( 1 ) J . . O l l C I t l D X f t x 1 . l . v r l l l i J X I t : 0 0 - g l D A ) 3 ' 5 r t O l D ) O D T I O A O A L I l m g ) A U 1 9 l L D l D ' X1 3 1 l ! 0 - ' X 0 0 l L 5 ( 1 ' ) l L 9 ' A ( I ' ) l ' 9 l i r t o g 1 A < y > ' X l l ( l ' ) l O l l L O i D : r l l t O X M O l 5 3 ) A o r t O l 1 3 ' ( 5 i l ' X 1 D D g 1 0: I : I D I I Z a n v d . L: U O N 0 3 1 V 3 : H . L : I : 3 : l 1 d A O l l l l V 1 0o s O l U 1 9 1 \ 3 " ENOTHTA8.1 KEcDAAAIO LOOTq.taaUTov TOVQOAO . IloM tlEyaAY]mwao(a EnLOY]e;EXEl TOTOllTQOnOUTWVLOOTLfU0)V tON6lacpog(')VE8VlX,(OV tWV.TaaUTanLOY]e;ano tr)Vnl'11Qwe;Au8QY] 0Y]TWV(OUOtlWaAu8Qa TY]Vnl'l1Qwe; ota8Q110XEOy]TWVto)\! ota8Qwvx,wvLUVJtWe;,11X(!11JtaTlxrj AlTOUQyCa TOW ouvLotatm, OTOnAaLOlo TOUunaQxoVTOe; Oty]v naQoXl1voe;ol8voue; ana tY]nAuQa,x,m ana TYlVany] Oty]x,anoLOU8VlXOUto onOLOEXlx,OWOEl Y]XVTQlX,l1 xanOLae;XWQae;,OxanoLOano 8VlX,0TOonOLOEXlX,6WOl Y]x,vtQlx,ll xanOLae;anIle; XWQae;.H6UTQY]autl1AltOUQYLamtI,Ltm LT tOU l:WVaVTanoxQlTQlWV (correspondent banking), hTO)VuQwayoQwvH6UTQ11AEvWUQy(a TIle;6lE8voue; 1]:Jtl