Tải bản đầy đủ (.pdf) (108 trang)

Quản lý rủi ro tín dụng từ góc độ kiểm toán nội bộ tại ngân hàng thương mại cổ phần Á Châu

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (779.49 KB, 108 trang )




 !
∀#∃%&∋()
∗+
,−.+
/01234256742/46
 89:;;<
∃ =>?
>≅#
 !∀#∃%&#∃#






 ! ∀# ∃∃∃%&
  ! ∀#∃ %&!∋( )∗  )∋+)∋!,∋(+−.!,  !
∋/!∗/!+000000000000000000000001
23454600000000000000000000001
7%896:4546000000000000000000000001
7 ;+∋!!. <.000000000000000000000=
723+!<00000000000000000000=
77>?≅Α?Β>Χ∆:+!<0000007
7Ε!ΦΓ6:Φ5+!<000000000000000Ε
7Η%Ιϑ∆2∆Κ3+!<000000000000000Η
Ε#/ +)Λ∗/ ;+∋!!. <.−Μ #Ν # ∀ΟΠΘ!Ρ)∗ )∋
+Σ!!,+)∋!,!+00000000000000000000Τ
ΕΟ9Υ4546ΧςΚΩ9Υ4546ΙΞ2∆Γ000Τ


Ε7Ο))+ΧΩ4Ψ5Ο))+466:Φ!+0Ζ
ΕΕ#4[5+!<∴]3Ο))ΧΟ))+000000007Η
Η !!, ∀ΟΠΘ!Ρ)∗ )∋+Σ!!,+( !⊥Ν+)_!
+, Ν 00000000000000000000000000007α
Η35+4Ο∴00000000000000007α
Η735!β<000000000000000007χ
ΗΕ35δ0000000000000000000071

∋(∀)∗# 
 ! ∀!∃∃∃∃∃∃∃∃∃∃∃∃∃∃∃%%%∃∃%%+,
7, Ν + ∀ΠΠ!,#ε/<#∃</!+!<+( /<0000000ΕΗ
7
7φϑ9ΙΞΩ24γγΧΧ∆245/<0000000ΕΗ
77+ΧηΧβ0000000000000000000ΕΗ
7Ε,]3ιϕ≅Χ6:Φ5<+!<:/<0000Εα
77+κ+)(!,#ε+Σ!!,#∃)∗ )∋+Σ!!,+( /<00Η=
77+Κ4:ηΓ:/<λΑ7==χΑ7==Ζ000000Η=
777−224546ηΓ:/<000000000000000ΗΗ
7Ε+κ+)(!,ΟΠΘ!Ρ)∗ )∋+Σ!!, ∀!!/µ+( /<0Ηα
7Ε+Κ3ν2ΩΒο5∆2∆9βι6:ΦηΓ00Ηα
7Ε7+ΑΙπ4?2θ23ρ∆ΧΩΒοΦΦ000Ηχ
7ΕΕσ8ΒΓΚ3∴τ∆:ηΓΦΦ∆υΞ∆0000000Η1
7ΕΗ/<Κ3ηθ2Ο))+3Ω0000000000ΗΖ
7ΕΤ+Κ32ΩΒο6πθ624546Χ6Χ6:Φη
Γ000000000000000000000000000000Τ
7Εα∆Γ23∆2∆ϖΞΒ000000000000Τ
7Εχ%824546466Β0000000000000000Τ
7Ε1+Κ3∴3ςοπ2ΧΧπΑ4Ξ0000Τ7
7ΕΖ/<ωηθ2ηΓΙϑ∴Ξ∆9ΥΧΓΒ4γ2π6ΓΚ
∆[∴∆ω]4546000000000000000000000Τ7

7Ε=σξτψΗιπ3ϑ00000000000000000Τα
7Η−!, #/ +)Λ?∋(+−.!,∗/ζ!,++!<+( /<
+)∋!,# ∀!{! ∀!#∃Ο))+000000000000000Τα
7Η⊥5+!<463βΓ3ΧΟ))+:/<Τα
7Η7!ΙΞ5+!<463βΓ3ΧΟ))+:/<α=
7Τ!|!,+}!+( +)∋!,∋(+−.!,+Σ!!,#∃ΟΠΘ!Ρ)∗ 
)∋+Σ!!,+( /<αΕ
7α!|!,!,Πµ_!!&!−⊥/−!+}!+( αΗ
7α)546ηΓΓ6Β>86Χπ2ΩαΤ
7α7)546ηΓΓ6Β>8λπ2ΧΒαΖ
7αΕ)546ηΓΓ6Β>8λ∆η8Χ6Βχ=
Ε

+−−)∗# 
!∀!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%./
Ε−∼!⊥Ν!,∗/!,&!∃!,!∃!⊥Ν−!!7==χΤ
Ε−οΙ]∆243∴2θ28ΧχΤ
Ε7−οΙ]∆242++Α7==χα
ΕΕ−οΙ]6Χ33∴∆2∆9βιι3Χ6:Φ8
ΧΑ7==χχ
Ε7+ _Π−∼!⊥Ν!,∋(+−.!,∗//<−!!7==χχ
Ε7>?οΙ]?9ΙΞ6:Φ5/<Α7==χχ
Ε77>?οΙ]6:ΦηΓ5/<Α7==1=
ΕΕ+ _Π−∼!⊥Ν!,∋(+−.!,∗/</!+!<+( /<−!
!7==1α
ΕΗ!|!,, Θ %%!&!,/∋ ∀ΠΟΠΘ∋(+−.!,Ο))+#∃
!&!,/∋#/ +)Λ∗/</!+!<+( /<1α
ΕΗ,∆2∆∴]/<1α
ΕΗ7,∆2∆∴]!!!000000000000000000Ζχ
ΕΗΕ,∆2∆∴]2ϑΩπ200000000000000=


9β
+Χ93π6
Η
0
/< !8Χ8
+,− +ϕ,2∴
−Ο+ ΦϖΩ4ο
+!< 62ΦΦ
!!! !8Χ!ΧΙ]
++ +ϕ≅ηΓ
!+% !8ΧΙϑ:ϕ∆
!+ !8ΧΙϑ:
!++ 3
+φ<− +Χθ6
<φΟ+ <ηθ2ΧΟ9ΥηΓ
! 2ΧΓ63∆
! 2Χ28
%% >∆8∆∴
# ∴#βΧ
!Ο !ΞΩ2:
Ο)) Ο9Υ4546
Ο))+ Ο9Υ4546ηΓ
φ!< θ62ΦΦ
+φ!< 4πθ62ΦΦ
Τ
!!
12  
<7 %896:ΓΙΞλ7==χ7==Ζξ696:γ6Β
<77 %896:ΓΙΞλ7==χ7==Ζξ6ωΞ

<7Ε %896:ΓΙΞλ7==χ7==Ζξ6π:6Β
<7Η %896:ΓΙΞλ7==χ7==Ζξ696:ι3
<7Τ %896:ΓΙΞλ7==χ7==Ζξ6πΚο9Υ
<7α %896:ΓΙΞλ7==χ7==Ζξ6Χ∆π
<7χ %896:ΓΙΞλ7==χ7==Ζξ6ΧιπΓ6
<71 +93ΞΩ2:ϕΓΙΞ6Βλ7==χ7==Ζ
<7Ζ +93ΞτρϕΓΙΞ6Βλ7==χ7==Ζ
<7= 3θ∴4546ηΓλ7==χ7==Ζ
α
34#5
% 6789:;<8=><9?≅ΑΒ<Χ=
!+9ΧΦΓ63∆3?6:Φ469ΚπΓ6ι
36:Φ5!+ο2Φ5ιΒ∴Ι4Ι?
η4ο?σΦ?2ϑ?ηθ2Ω9Υ?ιΧΧ#Χ
Β∴4>9:9ωθΚΒϕ∆υΞ∆]τΙ]∆24π?
39Χ466:Φβ∆πΩ∴Ι3ΒφΚΒϕωΦ
:64ιϑΦ66:Φ5!+46Ι]?π29Χ
Α4546466:Φ?39Χ4546ηΓ9ΙΞ69Χ∴Β
9]ργ6:ΦηΓ94Ψ4ρ9]468
∴Χθ528Χ6βΒ?4546ηΓ9ωΦ2Φ4ρ9]
γγ6:Φ58Χ?βη9Χ68Χο∆2θ<>
:ω?4546ηΓωη98Β9466ΧΦ3∴8Χ?ω
ΓβΩπω9Ι∴]6ΧΦιπτΦ+ξ6∴
π>5<θξ9?4546ηΓ9ΧΒ>88Β4χ=9528
Χ4>]
ηγβΒ?2!+∆ωΦ3ωΩ9Υ
Χπθ62296:4546ηΓ3ω?ϖΑ3∆2θ
4546ηΓ]+Κ32π62ΦΦ3Ω9Χ
∆2∆∴Ιη9ΙΞΧρ∆46ιπ33Β+Β>?
Κ6:Φπ62ΦΦ:8Χ]ΙΞιβ∆Χ2∆Γ46

ΧΑ8ΒΧΩ24γΚ3[ι9νν?π3ι
9Υ9β9Κ6ω?π62ΦΦ:2!+ιΙΙΞ
Ω8ν≅∆2Β2Γ463Ω9Υ4546ηΓ
σρ∆2λΒ>Κω?Χ89Χ2Φ9Χ3:<
62ΦΦ/<?βρΒωΦ>≅ιριΩ9Υ4546ηΓ
χ
λωΦπ62ΦΦω∆∆Ω4Ψ46366Χ
6:Φ5/<3Β?ΨιΧ

∋% ∆9<=ΕΦ7Γ8=Ε79ΗΦ
 !>≅Χ3∴ω9Υ9βϑι4546ηΓΧπ
62ΦΦ466:Φ5!+ξ6Ω3:
 %8η?22Κ4:4546ηΓ?∆Ιϑ∆2∆Ω9Υ4546η
ΓΧ6:Φπ625<+!<∴]3∆ηΓ:
/<
 −Ι4∆2∆π∆ϖ:Χ863Ω462
Ω9Υ4546ηΓλωΦ562ΦΦ
+% #Ι=<ϑΚ7ΓΛΧ;8ΜΝΛ=7Γ8=Ε79ΗΦ
 !>≅ρι9Υ9β54546ηΓΧπ62ΦΦ
 !>≅Κ4:Ω9Υ4546ηΓ5/<
,% −8ϑΟ7Γ;8Π;7Γ8=Ε79ΗΦ
6ηρ5ιΧΓΚΧ6Γ93ωΩ2π≅5/<?πΞ∆]
θΚΩθ2Β∴?Β>8Γ4546ηΓ46λ4Ι
Ξ∆Κ?Χ∆8ηΧ4ν4∆2∆863Ω6:
ΦΩ9Υ4546ηΓ6/<
#γβΒ?3>≅ιΧθθΓ∆Ιϑ∆2∆θ
 %Ιϑ∆2∆ϕΞ∆?Ψ9Ψϖλ2:∆η?θ2ΧΧ93
Β>Χ0
 %Ιϑ∆2∆β∆θ∴93λ2626ϕπ6:Φ58Χ
 %Ιϑ∆2∆∆8η∴π>Χθ6θ2θΚΦ5ΓΒθ∴Ω2

Α
1

 ! ∀# 
  ! ∀#∃ %&!∋( )∗  )∋+)∋!,∋(+−.!,  !
∋/!∗/!+
%%%8Π=7=ΘΝΡ?=ΡΣ
• !∀9ΧΦθΚπΒΦγ4:ρϕ+Β>π
∆θΚπΧ69Χ4546ωγ4:π
Χ6ωΙ]62ΙΞτ2θρτΒ4]ΙΞτξ9Χ4546!
γ4:πΧ6ΙλτΒ4ΧπΙ]62ΙΞ
τ2θρτΒ4ΙΞτξ9ΧθΚρ4≅π∆4546
)546ληηΚλη>Κ4546ω
66Ιϕρ?ρ2?ΒΙω
ϑΦ?ϑ!ηΚ>≅?βΓ:?69Ι4546?ν
ωγ4ΙΞ3∆2∆∆[λ?:>ΚΧ
∆2ΒΙΞϑΦηΚ9:λ4546
• !#∃%∃&∃∋∀−ω9Χ∴π6ΞΧ
πτΒ4θΓϕριΧθ58Χ?θν9Ξ
βΚθ6]ΓΚπ6∆4>Φπ6∆ηω
6ΧΧΙΞΦ3∆Χηρο
%%∋%−8Τ7ΥΣΜ=Ρ?=ΡΣ
()()∗)()!
)546ηΓ9Χ96:4546∆2θ46Ω24γρ∆ηΓ58
Χ?34>ΚΩ3π2Χπ[πΑ46
4Ξπν:ΙΥ4466:Φ8Χ?Κ33∆
6Βγω]9ΧΦ6ΓοΙ6ΧΧ,6ΓοηΓ
ΙΞτξ9Χ6ΧΧπΧ68ΧϖιΙΞπ66Β∴
Χ9+Β>πΚ36ΓοηΓ8ΧπΙΞ
Ζ

6Γοωω6ΧΧΒπ6ω4546ηΓ3πΑ
Βτ2θρ6ΧΧ6ΓοηΓω
!ΙβΒ?4546ηΓωτρ3462∴Ω3Χ46ω
8Χ9Χ5Ξ?Χπ2Ξ9:πΚ36π5πΑΚ
34Ξπ:!ωΓ446Ω24γ6Β?πρ
ΒΙΞΧρΒω2?6>Χη?69?6
6258Χ−8Β[ΙΞΨ9Χ4546ρπΑ4Χ4546θ
?9Χ96:45469>Ωρ9ΙΞ6:ΦηΓ58Χ
()()∗)∗)!∃%∃#∃
−8Β9Χ96:4546τρ3π8ΧπΑ4?π
Βϕπο∆296:Χθ4ι6πωπΑΒΙΞ2∆
≅52Ξ∆ϖ62
Φ463Ω4Ψ5ρπ8ΧΧ69Χ6
πΑπ6Β5!9Χ28Χωθ9ΙΞ∴πΓ
46Β6ω∆βΓΓΧ2ϖ∴ΒΙΞ>6Χ]
∆ηΞ∆9ΥΧν9ν?6ωω2]Φθ∴Χθ
≅222∆≅πο∆∴66:ΦπΓ6
!ΧΒΒ2Ω4οπ64>Ω4Ψϑ4Ι]8Β4ρ
ι<γΦ8Χωοωπ2∆≅5
π6?Γυιπδβ?ωωπΑ4Ξϑ?Α9Κ
Ω4οπ69ΧΙ]6Ω4Ψιη3Ωϕ:ΙΞ
>ΓΧ:58Χ
()()∗)+)!,∃−
)54629Χ4546∆2θΓ6θΚΦ2ξ6ιΙ]ρ9Ξ
68Χ?9ΧΙ24οπΨ46Ιϑ9)5462ω
∆2θ46ι6:Φπ258Χ!Ιγ
ρ≅6:ΦΧ6Χ89Ι∆2θΦ96:ϖι46π
89Ι∆2θΦ96:ϖιπ2ι≅ΚΒϑ4546
2
=

()()∗).)!/01
)5469θρ9Χ96:4546∆2θΓ6θΚΦ59θρο4Ι
65Β∴ω9>Ω9θρΓϕριΧθ69Χ
β∆58Χ6:4546ΧΒ∆2θ46Ω3ηΓ5
++Χξ6ω++ωπ6Β66Βξ69θρϕ
!8ΧΒξ69θρϕ?π9θρο4ΙΑπ∆η
58ΧΑξ6ΧΙΞ9:)5469θρ3Ω4Ψπ8
ΧΒΦ∴Ω∆2Χ42∆6ΙΧηπ29]Χ
ξ69θρο4Ι
()()∗)2)!∃345∃6
)54623∆τΒ4Γ6Β>86ωΙπ3Ω
52ΩΒ4γΦΦ?6Ι63∴?6τΒ4Γ62θΚπ3>
6Χ?  8Β  ϕ  ρ  6  8  Χ    8  Χ  υΒ  Φ  Χ6    >
Ο))5γΧωτ8ΒΓΚο4>ι454623∆46
8Χγ
()()∗)7)!∃89:
−8Β9Χ96:4546ϕρΧθ?τΒ4πωθΚΒϕ52ιπ3
ο4ΙΒΦ5ο4Ι9ΧΙ9θρ?2
6:∴?2≅π62Χ8ΧΙ
%∋ !
%∋%%8Π=7=ΘΝ!
%6∀9ΧΩ24γβ∆Χ22≅ι
ΙΞπ4τ2οΧ2626ι≅Φ∆υΞ∆ω]
2ςΚΙΞ9β∆Ο24γπ62∆ΙΞΚ32
π62>ω5Α9ΚΧΦ9β∆
6;3∃−<=>∀9Χβ∆Ξ∆2ϑ?ηθ2?ΩΒ4γ?ΩΒοΦ
Φ?ϑρϕ≅5++ΙΞ9β∆4>ϑθ∆υΞ∆]ΩΒο∆2∆
9β3ΧΧΙΞϕ≅Κ36∆[λ?∆23?τ
9Υπο∆24546Χ:ΙΞ2>Χ++4


6<>9Χ6:Φπ4?4Χθ62?22Φ2Φ9β∆?π2Ω
∴]3∴π4?πθ62ΦΦ?22Φ9β∆ιηηΞ∆ΧθΚ
852ηθ2?5ΩΒ4γΙΞ9β∆46++?Ω
ωϑοΚ3+!<Ι42πο?Ιρ8639Κ?
3Ω6:Φ523∴?2ΩΒ4γ?ΩΒο?ω∆∆6
++6:Φ6Χ?3Ω?ν∆2∆9β
<Φ∆β+!<9ΧϑοΒ>42Κ36:Φ+!<5++
2+!<Γ68>5η++Κ3?ωΚ3
∆Ιϑ∆2∆π629Χπ626:Φ?π6285Χπ62
2626Χη?]:9Χπ626:Φ−ω6:Φ
3?Φ∆β+!<ΙΞϕ≅Φ9β∆]Φ∆βΙΞπ62
+Β>?Γ6π62>ΦΦ9Χ8>5++>πΩ+!<
ω24ο∴]++ΧΙπ:θΚβΒ5!!!62∴
2π2ω
6?∃9≅4∃4#∀
• 9Χ4γπ4Χ22ιθΚ3Χη
3Ω5Φ6:Φιτρ∆Ιϑ28ΒθΚ39Χ
≅Φ6ΧΧ3Β>?[η3Ω9ΧθΚθ6θ2
πΩ:ΙΞΧϖ9ΚθΓ
−∴ΙΞ596:γΧΒ4ρΓ:?ω6ϖ
 43ΒΦ?∆8∆∴?θΓΦ2π3Χω3Ω
2ϖ9Κ89Κ?βΙ?Χ62?Χθ?ι∴05ϑο
 4η3Ω56:Φθτρ?πΓ6∆8∆∴Χθ
Γβ∆πΩ66ΧΧ∆24∴
 4Χ22η3Ω6:Φ52Φ∆β≅Α
463Κ32>πΓ65ϑο
6ηΓ:5π626:Φ?>ΙπΙ4ς
Κ22?ΧςΚθΙΞτ2ουΒξ6λ∴ΙΞ
5Φπ62Χξ6β≅5π62>#γβΒ?2ς
7

Κπ62πΙΞτ2οΦ244ΧΧ?3π4Χ
Ι4Υπω∆ΦΧ65Ω5π62>
• 9Χ3π422≅Φρ∆ΧΦΩΒ
οΧ6ωηΓΙΑ∆2∆9β?ΑΒΩΒο5ϑοΙΞ
π62
−∴ΙΞ596:ΧΒω6ϖ
 4η859β∆2∆?ηθ2?ΦΧηπ62?Φ
Ω9ΥΧΙ]Χγγρ∆Χ2ηθ2?οΩΒ?ΩΒ
οΒΩΒ5−Ο+?<2∴
 4η852ΩΒοιΒ>?ΩΒ4γ3∆?5
Ω9Υ56ΧΦΙ5λπ835λΦ∆β
463∴θ62ΦΦ
 4θΚρ∆Χ2Β>?2ηθ2?2ςΚπ62
λπ89β∆≅λ?βΓ3∴Χπ6?θϕπ62?ϕΞ∆
Χ4γΧΒ2626Χη?2626π62Ω4ο9Ι4
Χ93π62ςΚΓυ229ΧΑ9>ΩΙ
β?2Α∆2∆ΩΒ?2ΦΩΒ?2Ξ∆ϖ0
• 9ΧθΚπ4Χ4γΧΒΥπβτψι26
26Χη5Φϑο62626ΧηΦ∆9β∆ξ62
ςΚπ62ΧΦπ623Χ?>ςΚΧΦπ
62ΙΞθΓ9ΧΙ]646π622626Χη
622626ΧηΙΙΞΚ32π62>Φ
9β∆?ΧπΩπ62∆6ϑο?!ΧΙ]Χ>≅?46ω
5Β9Χ6ΧΙ?8Χ?Χρ∆Χ2ϕ0
%896:ξ65π62ϖω+!<?π625!ΧΙ]Χ
π62Φ9β∆+46∆:>≅5ιΧ?9βΑβ∆45
Βι+!<
%∋%∋%∆9<=ΕΦς98Η97Ω7Γς7ΓΦΞΕ7<Ψ9ΛΧ;8ΜΝΛ=!
• >≅Αϑ5+!<6ϖ
Ε

 −22Φ9β∆ιηηΞ∆ΧθΚ852ηθ2?5ΩΒ
4γΙΞ9β∆46++
 4?4Χθ62?22≅ΦΒ5?η39ΚΧ3Ω53
∴π4?πθ62ΦΦ?Χ6Χ33∴π
4?πθ62ΦΦ!Κ3>ΧΒ?ϑοΚ3+!<
ΙΞπΒπηΚ36:ΦΙρ?Χ6Ω24γτ8Β
ΓΚ?Χ6Χ33∴π4?πθ62ΦΦ]ιπ3
πΙΞ∆:Β>Φ9β∆?π2Ω
• 2Β>ϑ5+!<
 +ηΦ9β∆Φ∆β+!<Φ9β∆]2ϑο?2Φ∆βιΧ?
23∆5++6:Φ+!<Φ9β∆]26:ΦιΧ?
23∆5++
 +ηπ2ΩΦ∆β+!<?π62>ΦΦ∆6η
π2Ω?4Κ??ποππΚ33
+!<
 +ηΒ>3∆π62>ΦΦ∆9ΧΙωπ≅?4γ
ΦΧπδΑ+!<?ππ>32Ιϑο?2
3Β>π25++
• %:+!<
 62ρ26:Φ?2ΩΒ4γ3∆Χ2ϑο?Φ
∆β5++
 623ΧΙρξ6Β>5−Ο+?<θ62
%∋%+%Ζ=[Φ7Γ8ΣΜ<ΑΖ7Γ9?≅!
!ΦΓη56:Φ+!<9Χπ4?22ηΒ5?39Κ
Χ3Ω53∴π4?πθ62ΦΦ+υΒξ6ΩΒ?≅Φ45
46ΙΒ>5λ++?+!<ω4Χθ62?22
ΦΓθ
• ≅ΦΒ5?η39ΚΧ3Ω53∴+φ!<
• #32∆Γ?η39Κ?3Ω52ΩΒ4γβΓ:?∆Ιϑ∆2∆
Η

69ΙΧΟ))?∆Ιϑ∆2∆22∴
• 3∴Ω9ΥΧ3∴Χη?6ϖ3∴
3ΧΓο8Χ3
• +ηΒ5?πο∆?4ΚΧ≅Φητ253∴:62π
62Χ22626Χη
• ϑ6θΚ852ΩΒο5∆2∆9β?ΩΒοι293
66Χ466:Φ5++?2ΩΒοΦΦ?2ΩΒ4γ?
ΩΒ23∆?ΩΒ:6≅ι3∆
• ϑ?ΩΒο?ΩΒ4γΩ4ο?ιΧ?23∆5++
• −22ηπΧ3Ω226:Φ?ηπΧ3Ω5
3θΓ2ϖ9Κ?Ωωτ2ο≅Φ∆υΞ∆πΩ6:
Φ:ΙΞΧ>6:Φι4
• 23∆2∆66ΧΧθ
• +Κ32ΦΓπ2ω9>Ω≅Α?35+!<?
ξ6Β>5−Ο+Χ<φ62
%∋%,%−8ϑΟ7Γ;8Π;<8∴98=Θ7!
• %Ιϑ∆2∆Κ3+!<9Χ∆Ιϑ∆2∆π62οΙ]ξ645
46?Ι>β∆4ϖ9Κπ622ϑο?Φ∆β?ΩΒ4γ
ΙΞ22ω≅Φ45466
• +!<∆τ2ο?∆8η?224546Χτ8ΒΓΚϖθϑ4546
6λ6:Φ5++ϖθϑ45466ϖ6ΧΦ24546ι
Χ?2Φωω524546ω∴]6:Φ5++Χπ
ΑτΒ44546ωΚ4>22ι2Φ?πΑτΒ45
24546λ4546ΙΞ∆896:Χ45466?4γ6ρ∆
#322?∆896:4546∆ΙΞΚ3ηρΦΑΦ9
• Ω224546θ9ΧΑ≅+4Ι+!<9Χ3]<
θ62?+,−Χ−Ο+46Ω24γ9β∆π6:+!<ΧΑ24546
θΙΞτ∆:ξ6≅Κλ6ρ∆?46ω6:ΦΙΞ
69Χω45466θΙΞΙ>β∆4ιϖ9Κ?ϑ
Τ

π62?ΙΞπ624Ι]ΧΙΞπ62ΙτΒ>ϑ26:
Φω4546ρ∆ϑ
• 6:+!<∆ΙΞτ8ΒΓΚΓΚ4>πΩ224546Χ∆
ΙΞβ∆β?Βϕ?ι∆υΞ∆]2Γ?Βϕ46
6:Φ5++ΧθΚΒϕ524546πξ6
%+%] ! #2⊥_

%+%%Φ7ΥαΡ?=ΡΣΛΧ98Φβ7Ν∴9χΦ7ΥαΡ?=ΡΣΑ≅7ΓΑϑΚ9Π;[∆7Γ
()+)()()
+ξ6ηθ2Ο))5∗Β<θξ9γΟ))9ΧΦΩ24γ9>
ΙΞΚ3Ψρ∆Φ5Φϕ≅ΧηΧ9ΧΒ>Φ
2ϕ≅Χηω:ΙΞ2>ι4ΧΓΒ4γπΑϖ
:ΧθΚ:ιΧη
Οπ264Ω9ΥρΨ96:454658ΧΦ
26ΧΓ3Ο))9ΧΩ24γ∆β4546Φ2π6Ψ?6ΧΓ3Χ
ω3∴βΓ:?πθ62?∆[λΧϕρ?
ρ2?Ιρ9Ξ54546Ο))6ϖ2Ι]βΓ:
4546?∆8η4546?69Ι4546?πθ62?∆[λ4546ΧΧ4Ξ45
462Ι]5Ο))
• !∀∀9ΧΩ24γτ2ο9>Χω3∴26:Φ
πΓ658Χ?6ϖ23ξ6Γ?τξτψ?>
≅4Ι6:ΦΧ6ΧΦΨ6:Φ58Χ∴
π>ΙΞρ24546?π96:4546ΧτΒ4?Χ[
ΓΚ26ΙΞΓ:4546]ωτρ3∴]8Χ?4>ϑ
θωιτρ∆2∆πθ62ΧΧ4Ξ4546ηΞ∆
• −βΓ:4546?ΧΩ4ο∆9β∆ΙΞ93π>ρ2Γ:45
46?Χθωτρ3∴]8Χ2∆Ιϑ∆2∆θ
9β∆8>≅ι4546ΧΧι4?∆8η226
26Χη?∆Ιϑ∆2∆9Ιϖ?434Ι?∆8η2Ξ∆
α

ϖ?9Χ3]2ϑΩ!ΧΙ]?2?Χω9>Ω
• #∀∀9Χ∆τ2οΙΞΒ>88Β44546
γ43∆2∆3∆[λ45464>ϑθγ4Β>
8?2Φ2Β>89ΧΒϕν?λωθ∆[λ
4546Φ23ϑ
• ∃%∀∀ϖβ∆θ∴93?∆8η?224>ϑθω9β∆
4β69Ι4546−22≅ΦΩ4Ψ54546Ι22
>ηθρτρ354546Χ>Φ54546?46ω>
η≅ω4[ΩΒο
• &∋()∗+∀∀9Χ34Ψ852Ω4ο−ω
9Χ3θΓ23∆2∆?πδβ??9ΙΞ?2Ιϑ4γ
6:ΦΑλ?ψ42?6ϕρ?
Ιπ6ΞωτΒ4]8Χω23∆2∆πθ62
4546Ιψ424546?Αλϕρ?ϕρ?Β6
4546?Γ:4546?Ω4ο0
• ,∀−∀∀ π4546τΒ4?4Ι]ξ6Γ?τ2οητ2
ϕριΧθ?ιϖ89Κ?ι24ο∆2∆9Υφωω
3∆2∆Χ4Ξ4546ηΞ∆23∆2∆ΧΒΙΞΧ7
ωΚπ∆4546ΧΒ64546
!6Χ4?3Ω4ο4546ΓΚ4>ΖΒ>ϑθρ∆
β4546?7ιΧ45466∆ψ∆?ΕΩ9ΥΦ9β∆245464>3?
ΗθΚ∆υΞ∆≅Φ45466∆ψ∆Χ≅Φβ∆?ΤθΚ∆υΞ∆
≅Φ45466∆ψ∆ΧπΑΧη?α3Ωπ?χΞ∆9Υ
ι?1∆υΞ∆]9ΙΞ58Χ?ΖΒςΒ2
96:4546π6∆ψ∆
Α≅Χ6ΖΒ>4>?8Χτ8ΒΓΚ6γΦη
θ2Ω4ο45464>3?∆τ8ΒΓΚΙΞΦ3∴∆[∴λτ?
Ι4ΙΞ∆2∆ι22ΦτργγΧη5
8Χ
χ

()+)()∗)∃ΑΒΧ%9∆4
!ΑΖ11?∗Β<<θξ9ι2θ28Χ+ξ<θξ96ξξ
6<πφ∆ξ4θ6Χ3∴69Ι∴+ξ<θξ9∆9
/64Γϖ7ΤΒ>ϑι2θ28Χ<θξ9 +Β>?θ
Φ2∆Γ?2Β><θξ9 3Φθ∴ΙΞ
9Χρ∆ΦΙ]6ΓΒρι4546∴628Χ
6:Φ4>ΩΒΩ∴Ω>∴Κω4>Χθωι
ξ64546/)1Χπτξτψηρ4546π25
8Χ?52π66ΒΧ5ιΒ∴π2−ϖ3
2∆Γ<θξ9 Ιν∆2Ι]Απ56Χηι
3
∗Β<θξ9Χπ69Ι4546<θξ9 Χ62=Α
7==Χω39ΚΧ6∴Α7==α?Β3∆Ι]<θξ9 <θξ9 ϖΦ
96:2ςΚ2θ26Χ32πδβΩ4ο4546ΧΙΞ
ρ4νξ6Ερ∆ΦΒ>93∴∴∴]4546ηΓΧ4546
6:Φ?Ι42Ι]Γ9>ΩΩ24γ2θ2?Β>
28Χρ∆ϑ9>Ω∴?45466
πΒπη2Β>5ο4Ι
3∆Ι]<θξ9 ρ:∆Ιϑ∆2∆πθ62?22ΦΦ
4688Χ?ΩΒ4γ2θ2ΧΩΒο4ΙΑΙ
θΚ96:463Ο))Χν4ΨϑΦ:Β45463∆Ι]
4π23Ι269Ι296:4546Ι4546η
Γ?4546ο4Ι?45466:Φ
∗Β<θξ9πΒπη8Χ∆τ8ΒΓΚΦΩΒ4γ
ξ6Γ?Ο))23∆ΧΧξ6ΓΙτΒ>
Ψ6:Φ?Ψτη46Ω24γ6ΓοΙ422626
26ιππΒ?θω6θθω46Ψηθ2π
Γ6?ΩΒ4γ23∆468Χ
+Β3∆βςΚ5<θξ9 [πδβ∆≅:∆?
1

46π3∴8Χ#3![6:∆24?
Ι<θξ9 ΙΒ>ιΟ))52!+#3
!!!!#3!3ΧιΩΒολΙ]Ι]]
>ς69Ι4546?2θ28Χξ62ςΚ5<θξ9
!ΦΓ52ΩΒοΧΒΒ>2++2∆Γ24Ψθ∴4546
5Χθ?Γ222Β∴οηπς4Ιϑτ8Β
ΓΚ3∴τ∆:ηΓΦΦΓΚ∆[ΙΞΧΓΚ∆[
ΧΓΚ∆[<6ϖ2ΩΒοΟΒοΗΤχ7==ΤΟ−!!!
ΧΒΖ=Η7==ΤΟΒοι29366Χ466:Φ5
++ΟΒο=Ε7==χΟ−!!!ΧΒΖ==χθϕϕθΦ
θ∴ι5ΩΒοΗΤχΟΒοΗΖΕ7==ΤΟ−!!!ΧΒ77=Η7==Τ
ΟΒοι∆896:Ξ?4η9β∆ΧθΓΓΚ∆[τ9Υ454646
6:  Φ  8  Χ  5  ++    ΟΒ  ο  17==χΟ−!!!  ΧΒ
7Τ=Η7==χθϕ?ϕθΦθ∴ι5Ο−ΗΖΕ
#]τΦβ∆ΧΚΓ6ω6:Φ8Χ]ι96:γΓο
]?2∆Γ<θξ9 9ΧΒ>ρ∆ΧΦ∴]Ψ!+?4>
ϑθωθΑΙΑ9Κ6:ΦΧ4546528Χ
3:3∴!+#3!2∆Γξ6∆Ιϑ∆2∆224546
ηΓΓΚ4>3∆Ι]<θξ9 ?Χ]Κ3ΙΞΦ∆<θξ9 
6:Φ4?2θ25!!!>θβΓΒ52
ΩΒ2θ25<θξ9 4Ι]Α7==6ω?2!+#3!∆
ΦΙϑ∴ΓΧωβΓ∆Ιϑ∆2∆69Ι4546
5<θξ9 Χ66:Φ2θ24546
%+%∋%ΛΧ<δΝχΦ≅7<Ρε7Γ9?≅<ΡΣ7Γ8ΣΜ<ΑΖ7Γ
()+)∗)()=ΒΕ∃Φ%Γ!!<Η
23Ο))+9Χ3∆2∆?2≅Χ8Χ4ο
6γ9Χθ6λΑ4ΙηΓΙΞ9Ξβ6
∴?λπι4546≅ΦΧ8ΧωπΑοΚΙΞ
Ο))+999Χ∴Ω8Χ52!+Β∴]
Ζ

ιπ∆24ϕοΧ9Χιπ3υ6θΚΧ
98ΓΧ58Χ]9ΥΓ6θ
+.!+∀/012!+34∋5 
65∀∀
+46ιπο4Ι?2ΩΒ9βπυΙΩΒ9β24ο?
ΩΒ9β?ΩΒ9β:4ΧΒΧ∆2Β2Γ−3
466:Φβ∆πΩ∴?454646θτρ?πΓ6
5ιπο4Ι4Κ∆Β2∆2Φ3ΩπΓ6
52!+
2!+≅Ιω∴ΧΙ∴?Κ3≅Α
ΒΦ∴Χ6Β−8Β9Χ9Κ6:ΦπΓ65Β5
ρπΦ8ΧΧ6+466:ΦηΓ?6Γυ3θ∴6Χ∴ω
:]1ξ6>ςΩ∴γθ6]Χθω?∴958
8Χυψ6:ΦπΓ658Χγ6
ϖ4ρι96:45466ω?8Χ22ϑΦπΓ6ΓΚ4>
∴Ω34546€9Ξηγ49Ξητ≅2]≅4546Χ
8Χ2ο9ΧΞ∆9ΥΧπθ62ΙΞ≅π∴4546
.74892!++ 7,:(;<∀∀
+466:ΦπΓ68ΧωιΒ∴π2ΩΧ5
Ω9:4546?ιΒ∴ρππ2>π42π4546η
γβΒ?ΧΑ2!+ΙΞ∆ψ∆Χ∆4η9β∆Ωδυ∆4546:
62Χ6∆ηΟΒΩδυ∆4546Α≅Χ6≅ΦΧπΑ4546
!4546ρ∆γ3ΩπθΑΧΙΞ9:!ΙβΒ?3Ωπ
Γ65!+93ο]≅Φ45465Γ63∆
.=>??,≅Α5248+∀Β+Χ−
2!++ 7,:
+46Ω4ο!+?Ο))+9ΧΦΦΓΩ4ΨΧ2ρ∆9
:6?Ω9Υ?ιΧ3Ω8#γβΒ?ΧΩ4ο!+
ΙΞ4ο2π≅ιΟ))+?ρ∆β∆β?ωΦ
7=

89ΚΒ>3∆?Φ2Βπ4πθ623Ω9Χιπ3
∆[λ?:4546?863ΩπΓ66ω?Ο))+
ΙΞτξ9ΧΦ3∆5:6?9ΧΙ]6Α9Κ5!+
#3Ο))+ωΙ4ρ9]θΚΧΒρ:5Φ
8Χ28Χ4>]?Β>85Β52
ϕϒ9>Ω4Κ∆392>ςρ∆ηΓ]π2
ΧΒ?2>∴2?3Ω4οΓπψ3Ω?6
Ω8Βϕ54Ιπ#3!λτΒ4
ιϕϒ3∴8ΧΧΒ>85ΒλΟ))+Β
πψΙ′∆6€%?!8Χ#36Ο))+γ9
ΙΞ69Χ6:Φ485Ψ8Χ
()+)∗)∗)>∃Ι≅%Γ!!<Η>;<ϑ
+.∆Ε;Φ+=>??
>5Ο))9Χ∴ωβ∆4>ϑθ≅Φ4546
6ϕρηΓ≅8Χ69ΧΞ∆9Υ?ΙΞπθ62Χ46
∆:ϖ9ΚΧη58Χ
−Κ3>Ο))+?3Ω4Ψ>9Χ9Χ<
Ω4ο454658Χ∆τ2ο:≅45466λ6Γο>?
λθ∆ς?λΦ∆β!>ΧΒ9Χ>ς6
9ΙθΚ6ΧΧ352Φ∆β3∆Ι69ΙθΚ
Χ5Ιϑ4γΧ:6ι626:ΦΟ))+
.∃∀∀!;
Χρ6:Φ9>Ω3βΓ3?∆8ηΧ69Ι
4546ηΓ#3224546∆τ2οΙΞ45469>Ω
2θ∆ς?ΓοΒ26:Φ9>Ω3ρ∆ηΓ58
Χ
• !4∀∀!;<Ι]>ωΦΙϑ4γΩ4ο4546
ηΓ3Ω9Χ∆βΧτ2οΙΞ296:4546ηΓΧ
++ω∆∆Ω3∆8ηπ2Χ?4Ιπ
7

Γ6?υ2θ∆ς?ΓοΧΩΒ4γ3∆ηΓΦ46
2∆8η4546ϑ9Χ∆8ηλΒ>8ϕρξ6
4546]ΤτηΙθ∴Βϑ€≤4Ι4546€≤φΚ
Ιϑ2∴ΒϑΧΒ∴4Ι€≤Ω4Κ∆€≤β
Ω98ΓΧ#3∆8ηξ64546θ:6ιπ362ΧΩ4ο
∆242∆Ιϑ∆2∆πθ624546ΧπΩτΒ4ΙΧ6
ω∆Ιϑ∆2∆πθ62∆υΞ∆
• ∃%∀∀!;#369Ι4546?22πΑΧ24οϕ
ρξ6θ∴ΧΚϕρΟ24γ69Ιωγ≅2
2ρ9ΙΞ622θ∴9ΙΞ3Β4>ΚωΕ∆Ιϑ∆2∆
ο9ΙΞϑ9Χ
 %Ιϑ∆2∆∴π><ρ5∆Ιϑ∆2∆ΧΒ9ΧΓΚ4>3η
62τ2θρτΒ43∴]3∆ηΓΙΞ>
≅
 %Ιϑ∆2∆π3%Ιϑ∆2∆ΧΒΚϑγΧ4>π
352Β>#Χητ2ϑ2ΧΩ4ο8Χ
ωπΞ∆∆Ιϑ∆2∆∴π>Χ∆Ιϑ∆2∆π3]
%Ιϑ∆2∆ΧΒΙΙΞ28Χ2∆Γ
 %Ιϑ∆2∆η62€∆8η%Ιϑ∆2∆ΧΒΓΚ4>3τ8ΒΓΚ
Ι6τ2θρ3:Χ224546ηΓ8ΧΓΚ4>
θΚ>5ϖο62≅Γ∆Ιϑ∆2∆6:θΒ+Β
>?3224546ηΓ4>ϑθ62ι9ΥΒΙ6Χ
3#γβΒ∆Ιϑ∆2∆ΧΒ4>Κ3ΒΙΙΞ2∆Γ4Φ
4
.&∀∀!;
Χ6:Φβ∆4Χ63ψ42?Α?]?
πγ9Χπθ624546ηΓ∆ω2∴π
4462ΩΒ4γ3∆ηΓ3∴πθ62ΦΦπι
4546ηΓ46:≅6∆ψ∆?ϖω3∆2∆ξ6Γ2
77

4ΙΞ∆ΙΞ:≅4546ΩΒο∆η625πθ626
ω4546∴Ι3Ω9:ρ∆?ΙΞ9:∆η625
πθ62ρ∆ωξ9:9Ξβ6Ι4546ω6<ι
Χ∆γ4θΚ8∴Ι∆η625πθ62Χ9Ξη
ξ9:λ25ω?λω9ΚΨ25πθ624546∆υΞ∆2
∆Ιϑ∆2∆πθ624546ϖω
• Γ∀∀∀9Χψ426:Φ?6Ι?Χθ9Χ∆2θ
ϕρωωπλβωΒλ696:Β>
8Γ]ϕρΙΞλβ<3∆2∆>9Χ5Φψ42
4Ι]π4546τΒ4Χ3∆2∆≅9Χ96:Β>88Β4
4546+Β>?ψ424546Ω396:Β>88Β
44546π6Χ6Χ∆ϕΙ5Φψ424Ι]π4546τΒ4
• Η∗+ΙΧβ∆4Χ63]θ∴9ΙΞϕρτΒ4
θρΒ≅3:πϕρτΒ426:ΦΑλ
4546γ23∆Χ6τη>545469ΧθΚΒ
?4Ι4546?θΙΙϑ2∴ΒΧ4Ι
• ϑ9∀∀6:ΦΧΒ3∆Χ6τη≅Ε54546
6Χτη≅ΗΧ≅ΤΙϑθΚ2Φ
Ω9:∴ΨΧ4Ι?πΩΧβΩ!9Κ
ϕρωβ∆4Χ6τη≅ΕπΧ3∆2∆
ϕρ3∆Ιϕρ9:πωΓ4τη
≅ΗΧΤΙΞιτΙ]θπϕρτρ3ΧΧΩ4ο4546∆
∴ωπΩΧβΩ5ω
• ∃+!Κ+9Χ9Κ58Χ∴∆8ϕ4546η
Γ58ΧΧιΓ:π2ΧβΓθΚπ23
ΓυΒ54546ΧΒυ∆ϕρ64546π2ΩΓ
ΙηΓΞ∆9Υ2Β>8ΧΙ4Γ:
ω9Χ3∆2∆3Ωρπθ624546ηΓρπΦ!+
Χ6


)5465Γ6ΒΙΞ69ΙΦ93ςβ∆
ΚΧβ∆πΨ5Γ−Φ93ς5ΓΙΞ
τ2οξ6≅
 
⁄∆∞ƒƒ♣♦♣π⁄♦π7
♦∞π∞
46ω
9Χϕθ∴2π6ρ∆ηΓπ246ΓηΓ
♣♦9Χ4Ψ5π6ρ∆ηΓ♦46ϕΓΙΞ
♣π9Χ4Ψ5π6ρ∆ηΓπ46ϕΓΙΞ
⁄♦π9Χϖ∆Ιϑθ9Ξβ5π6ρ∆ηΓ♦Χπ
!ϖ,φ+φ>#Α+Ι7==Τ?Ο4ο!+
#3Γ:ωΓ6Β58Χθ9Χ∴4546
Γ62π6Βω≅Φ4546π2ξ6Α9Κ?ΩΒπ2Χ
ξ6ΧΧ?ξ6γ≅θ#ηΓ#3!?6:Φ5Χ
3∆ωΦρϕ6ϑ2Χπ263∆ωΒ>93
Χ6β∆πςοιΦΧΓ9ϑ2Γ63∆ω
ϖΒ>938Χ646Ι]2Γ63∆ΙΑΦ?
η≅]Βϕ54ΙπΓ6ϑ2Γ63∆ω
ΩΒ9]
2ΓΚ26ΒΓΧ:ωι4546ϑ2ωΒ:?6Β
6:3θ2>45462>:4546ηΓ4:26:3
58Χπ8∴2π6Β9]ϑω∆ηΩ9Υ4♥ϑ
Ι4546ϑ2π6Βηγ?28Χ∆Γ:ω
Γ6Β5γ?π>6ΒΦ?ΧΧ6ΦΧ
Γ63∆9]#3Γ:ω∆Κ3∴]2Χ∆
π?96:θ∆ς?:6ΒΧ∆∆υΞ∆]ϑρϖ∴5
8Χ
!.,∀−∀∀!;
!6:ΦΧ4Ξ4546ηΓρ∆∆Ιϑ3ιυ


ϕρτΒ4?8ΒΩδ6Ιϑ4γπ2]ρ4Χ4546?
ΒΑπΩηΚ#3Χ4Ξ6ϕρηΓω
6ϖ3∆2∆♠:Ι662π66
Β?4η9β∆ΩδΓΚ∆[4546
Λ.=9Μ∀1
ΟΒιΟ4ο4546ηΓ2=Ζ7===5∗Β<θξ9ΩΒο
∴]−Ο+58Χ9Χ∆ω423∆>ΓΒ3Χοπτξτψ
9:9ΙΞ4546ηΓΧηθ2ηΓΩ4Ψ58
Χ<2∴ω423Κ39ΙΞ4546ηΓΧτ8Β
ΓΚ2ηθ2ΧΩΒ4γτ2ο?69Ιξ6ΓΧπθ624546
ηΓ∴]6ΧΦθ∆ςΧ6:Φ58Χ
µ∴Ω9ΥΙϑ4γ4546ηΓ9β∆>5Χ
ΨΦΧΧΒ5≅ΑΩ4ο4546ηΓ∆8ξ6
#ηΓ5662π6ιΒΒ3ρο2
Ι]Κ35ΩΒ4γ6Βι46Ω9ΥΙϑ4γ+ρ
6:ΦΧΒ662Ο))+νΙ]?Κ
3ν>ι4
%+%+%≅=<Ρφ9?≅!ΑΙ=Λγ=Λ=Θ9ΛΧ
629ΧΦ46≅Α52ρ∆Ω4οΧιΧ6:
Φ5!+#39β∆ΧΓΒ4γΦ3∴+!<∴:6πΑ
2Χ9:6−Ο+?<ιΧωϑθβΒ4Ψ6:Φπ
Γ6?Ψ54Ιϑ?93ΦΩΒο4ΙΞπθ62η2Χ
η4546?2>ο−ϖ?ων∆Χ9
:6Κ3ϕ∆βιρ∆62ϕΒ2∴2
ΧηπΦ2βΒΧΞ∆9Υ?∆υΞ∆]2ΩΒο3Χ
φΚ52π62[3ριΧ2ρ∆
Ω9Υ8ΧΩ8ππΦϑρ+!<ω3Ω?6ϖ
ρ∆ϑθθ∴932βΒ<63Χθθϕθ2!86
η3Ω52ιΧΒπηθΚω]2Φ

×