Karol Strzeliński – Problem procykliczności bazylejskich regulacji bankowych i próby jego rozwiązania − przegląd literatury

3UREOHPSURF\NOLF]QRĂFLED]\OHMVNLFKUHJXODFML

EDQNRZ\FKLSUöE\MHJRUR]ZLÈ]DQLD

ŘSU]HJOÈGOLWHUDWXU\

.DURO6WU]HOLñVNL

1DGHVïDQ\SDěG]LHUQLNDU=DDNFHSWRZDQ\F]HUZFDU

6WUHV]F]HQLH

: DUW\NXOH SRUXV]RQR NZHVWLÚ SURF\NOLF]QRĂFL UHJXODFML EDQNRZ\FK RERZLÈ]XMÈF\FK Z ZLHOX NUDMDFKQDĂZLHFLHļW]Z%D]\OHL,,-HVWWRMHGQR]W\FKUR]ZLÈ]DñUHJXODF\MQ\FKNWöUHSRZVWDMÈ SR NDĝG\FK SRZDĝQLHMV]\FK ]DZLURZDQLDFK Z EDQNRZRĂFL :Sï\ZDMÈ RQH QD VSRïHF]HñVWZR LJRVSRGDUNÚMHGQDNQLH]DSRELHJDMÈNROHMQ\PWDNLPZ\GDU]HQLRP=GDQLHPDXWRUDSURF\NOLF]QRĂÊ QLHMHVWFHFKÈVDPHJRZ\PRJXNDSLWDïRZHJRNWöU\]PLHQLDVLÚSURF\NOLF]QLHZVWRVXQNXGR3.% DOHUDF]HM]DZRGQRĂFLUHĝLPX%D]\OHL,,MDNRFDïRĂFL'ODWHJRDQDOL]ÈREMÚWRZV]\VWNLHWU]\ILODU\ 1RZHM8PRZ\.DSLWDïRZHM:DUW\NXOHGRNRQDQRSU]HJOÈGXSUDFSRĂZLÚFRQ\FKSURF\NOLF]QRĂFL ED]\OHMVNLFKUHJXODFMLEDQNRZ\FK:V]F]HJöOQRĂFLSRUXV]RQRNZHVWLH]DOHWLZDGREHFQ\FKRUD] SODQRZDQ\FK UHJXODFML EDQNRZ\FK QDG]RUX PDNURRVWURĝQRĂFLRZHJR QDG LQVW\WXFMDPL ILQDQ-VRZ\PL $XWRU RGQLöVï VLÚ UöZQLHĝ GR SURMHNWRZDQ\FK SU]H] UHJXODWRUöZ U\QNöZ ILQDQVRZ\FK UR]ZLÈ]DñDQW\F\NOLF]Q\FK

6ïRZDNOXF]RZHZ\PöJNDSLWDïRZ\%D]\OHD,,QDG]öUPDNURRVWURĝQRĂFLRZ\&5',9EXIRU

DQW\F\NOLF]Q\

-(/((**

8QLZHUV\WHW :DUV]DZVNL :\G]LDï 1DXN (NRQRPLF]Q\FK .DWHGUD 0DNURHNRQRPLL L 7HRULL +DQGOX =DJUDQLF]QHJR HPDLONVWU]HOLQVNL#ZQHXZHGXSO

:VWÚS

2VWDWQLNU\]\VILQDQVRZ\VSUDZLïĝHUHJXODWRU]\U\QNöZILQDQVRZ\FKQDĂZLHFLHLUöĝQHRUJDQL- ]DFMH]DMPXMÈFHVLÚVWDELOQRĂFLÈPLÚG]\QDURGRZHJRU\QNXILQDQVRZHJRSRZDĝQLHM]DF]Úï\WUDNWR- ZDÊ]DJURĝHQLHSURF\NOLF]QRĂFLÈUHJXODFMLGRW\F]ÈF\FKDGHNZDWQRĂFLNDSLWDïRZHM=MDZLVNRWRE\- ZDX]QDZDQH]DMHGQÈ]SU]\F]\QRVWDWQLHJRNU\]\VXILQDQVRZHJRQSZ.RZDOLN5HSXO-OR6DXULQD7UXFKDUWHOXEF]\QQLNNWöU\VSRWÚJRZDïVNXWNLWHJRNU\]\VXQSGH/DURVLÒUH 0LPRĝHSUREOHPSURF\NOLF]QRĂFLMHVW]QDQ\FRQDMPQLHMRGNLONXQDVWXODWQLHPDMHV]F]H VNXWHF]QHJRĂURGND]DUDGF]HJR&HOHPQLQLHMV]HJRDUW\NXïXMHVWSU]HGVWDZLHQLHGRW\FKF]DVRZ\FK RVLÈJQLÚÊHNRQRPLVWöZLUHJXODWRUöZEDQNRZ\FK]ZLÈ]DQ\FK]W\P]DJDGQLHQLHP:V]F]HJöOQR-ĂFLSU]HDQDOL]RZDQRFDïÈRSDUWÈQDWU]HFKILODUDFK1RZÈ8PRZÚ.DSLWDïRZÈ_{$XWRUQLH]DMPXMH} VLÚPHFKDQL]PHPZVSRPQLDQHJRNU\]\VXDQLVWZRU]HQLHPNRPSOHNVRZHJRUR]ZLÈ]DQLDDQW\NU\- ]\VRZHJRZJRVSRGDUFHDMHG\QLHDQDOL]XMHMHGHQ]ZLHOXF]\QQLNöZNWöUHG]LDïDMÈFZRNUHĂOR- Q\PPRPHQFLHZ\ZRïDï\REHFQÈNDWDVWURIÚ1LHPQLHMMHGQDNVWDQRZLWRSXQNWZ\MĂFLDGR]QDOH-]LHQLDUR]ZLÈ]DQLDRVWURĝQRĂFLRZHJRGODEDQNöZQLZHOXMÈFHJRSURF\NOLF]QRĂÊGRW\FKF]DVRZHJR UHĝLPXUHJXODF\MQHJR

=GDQLD QD WHPDW SURF\NOLF]QRĂFL VÈ SRG]LHORQH ]DUöZQR ZĂUöG EDQNöZ MDN L LQVW\WXFML MH QDG]RUXMÈF\FK=RSLQLLSU]HND]\ZDQ\FK.RPLVML(XURSHMVNLHMZODWDFKŘZWRNXNRQ-VXOWDFMLVSRïHF]Q\FKGRW\F]ÈF\FK]PLDQZ\PRJöZNDSLWDïRZ\FKEDQNöZ3DUODPHQW(XURSHMVNL D Z\QLNDĝHQLHNWöU]\SU]HGVWDZLFLHOHVHNWRUDEDQNRZHJRXZDĝDMÈLĝSUREOHPF\NOLF]QR-ĂFLZG]LDïDOQRĂFLEDQNRZHMLSURF\NOLF]QRĂFLMHMUHJXODFMLSUDZQ\FKMHVWNROHMQ\PXWUXGQLHQLHP IXQNFMRQRZDQLD LQVW\WXFML ILQDQVRZ\FK D SURSRQRZDQH UR]ZLÈ]DQLD ]ZLÚNV]È NRV]W\ ILQDQVR-ZDQLDGODNOLHQWöZEDQNöZ'ODWHJRWHĝOREEXMÈQDU]HF]]DFKRZDQLDstatus quoOXEMDNQDMGïXĝ- V]\FKRNUHVöZSU]HMĂFLRZ\FKWïXPDF]ÈFWRNRQLHF]QRĂFLÈ]PLDQ\VWUDWHJLLEL]QHVRZHMF]\]JUR-PDG]HQLDQLH]EÚGQHJRNDSLWDïX=NROHLQLHNWöU]\QDG]RUF\XZDĝDMÈĝHSUREOHPSURF\NOLF]QRĂFL QLHGRW\F]\LFKU\QNX]HZ]JOÚGXQDMHJRPDï\UR]PLDUVWRSLHñUR]ZRMX]QLNRPH]DDQJDĝRZD- QLHZ]DDZDQVRZDQHRSHUDFMHILQDQVRZHF]\IDNWĝHZZ\QLNXRVWDWQLHJRNU\]\VXĝDGHQ]QDG-]RURZDQ\FKSU]H]QLFKSRGPLRWöZQLHPXVLDïE\ÊSRGGDQ\SRVWÚSRZDQLXQDSUDZF]HPX :LÚN-V]RĂÊMHGQDN]JDG]DVLÚĝHSUREOHPMHVWSRZDĝQ\F]HJRZ\UD]HPVÈLQIRUPDFMHRSXEOLNRZDQHZ UöĝQ\FKUDSRUWDFKPLQZUDSRUFLH*UXS\GH/DURVLÒUHijD_{G]LDïDMÈFHMSU]\.RPLVML(XURSHMVNLHM} GH/DURVLÒUHF]\UDSRUFLH.RPLVML6WLJOLW]DSUDFXMÈFHMSU]\21=813U]HGHZV]\VW-_{ 6WUXNWXUDUHJXODFML%D]\OHL,,RSLHUDVLÚQDWU]HFKğODUDFKSLHUZV]\PğODU]HļPLQLPDOQ\FKZ\PRJDFKNDSLWDïRZ\FK}

GUXJLPğODU]HVNïDGDMÈF\PVLÚ]RFHQ\DGHNZDWQRĂFLNDSLWDïXZHZQÚWU]QHJRinternal capital adequacy assessment

process RUD] EDGDQLD L RFHQ\ QDG]RUF]HM supervisory review and evaluation process RUD] WU]HFLHJR ğODUD Ř

RERZLÈ]NRZHJRXMDZQLDQLDLQIRUPDFML]]DNUHVXDGHNZDWQRĂFLNDSLWDïRZHM

_

2SLQLHWHVÈGRVWÚSQHZVHUZLVLH,QWHUQHWRZ\P.RPLVML(XURSHMVNLHMļ&,5&$%&GRNXPHQW\]DZLHUDMÈFHNRQVXOWRZ-DQH]DJDGQLHQLDWR(&DE

_{ 3U]\NïDGRZR &]HVNL %DQN 1DURGRZ\ (& E Z\UDĝD SU]HNRQDQLH ĝH ]H Z]JOÚGX QD WUZDMÈFÈ GHNRQLXQNWXUÚ}

LEUDNRGSRZLHGQLFKGDQ\FKSR]ZDODMÈF\FKMHGQR]QDF]QLHSRWZLHUG]LÊLVWQLHQLHSUREOHPXSURF\NOLF]QRĂFLZ\PRJöZ NDSLWDïRZ\FKMHVW]E\WZF]HĂQLHQDZSURZDG]DQLHGRSRU]ÈGNXSUDZQHJRDQW\F\NOLF]Q\FKEXIRUöZNDSLWDïRZ\FK D ]JURPDG]HQLH SU]H] EDQNL Z\PDJDQHJR NDSLWDïX ]DMPLH ZLHOH ODW &]HFK 1DWLRQDO %DQN  5öZQLHĝ 8U]ÈG .RPLVML1DG]RUX)LQDQVRZHJRMHVWVFHSW\F]Q\ZNZHVWLLSURSRQRZDQ\FKZ(&EUR]ZLÈ]DñDQW\F\NOLF]Q\FK 8.1)E

_

*UXSDZ\VRNLHJRV]F]HEODGVQDG]RUXğQDQVRZHJRZ8QLL(XURSHMVNLHMļQLH]DOHĝQDJUXSDHNVSHUWöZSRGSU]HZRG-QLFWZHP -DFTXHVijD GH /DURVLÒUHijD SRZRïDQD SU]H] SU]HZRGQLF]ÈFHJR .RPLVML (XURSHMVNLHM -RVÓ 0DQXHOD %DUURVR NWöUHM]DGDQLHPE\ïRSU]\JRWRZDQLH]DOHFHñMDNXVSUDZQLÊV\VWHPQDG]RUXğQDQVRZHJRZ8QLL(XURSHMVNLHMG]LDïDïD RGOLVWRSDGDGROXWHJRUZLÚFHMKWWSHXURSDHXUDSLGSUHVV5HOHDVHV$FWLRQGR"UHIHUHQFH ,3

NLPMHGQDNSUDFH%D]\OHMVNLHJR.RPLWHWXGV1DG]RUX%DQNRZHJRQDGW]Z%D]\OHÈ,,,%&%6 LDQW\F\NOLF]Q\PEXIRUHPNDSLWDïRZ\PPLQ%&%6F'UHKPDQQLLQ%&%6DND- ĝÈXZDĝQLHSU]\MU]HÊVLÚRPDZLDQHPX]MDZLVNXLUR]ZDĝ\ÊF]\UR]ZLÈ]DQLDDQW\F\NOLF]QHVÈSR-WU]HEQHF]\LFKZSURZDG]HQLHQLHREFLÈĝ\QLHSRWU]HEQLHNOLHQWöZEDQNöZLQLHVSRZRGXMHXWUDW\ GREURE\WXVSRïHF]QHJR 7HUPLQSURF\NOLF]QRĂÊDQJprocyclicality]QDF]QLHF]ÚĂFLHMSRMDZLDMÈF\VLÚZNRQWHNĂFLHSR-OLW\NLILVNDOQHMF]\PRQHWDUQHMQS%DUUR$OHVLQD&DPSDQWH7DEHOOLQL/XFDV R]QDF]DV\WXDFMÚZNWöUHMLQWHUDNFMHSRPLÚG]\VIHUÈUHDOQÈDVIHUÈILQDQVRZÈJRVSRGDUNLZ]PDF-QLDMÈ VLÚ ]ZLÚNV]DMÈF ZDKDQLD F\NOL JRVSRGDUF]\FK L QLHVWDELOQRĂÊ ILQDQVRZÈ %,6  V  3RGVWDZÈWHJR]MDZLVNDMHVWĂFLVï\]ZLÈ]HNPLÚG]\LVWQLHQLHPUR]ZLQLÚWHJRU\QNXILQDQVRZHJR LGRVWÚSQRĂFLÈNUHG\WXDZ]URVWHPJRVSRGDUF]\P1DNRUHODFMÚZVND]XMÈPLQ/HYLQHL=HUYRV .RLYX'HPHWULDGHV+XVVHLQRUD]&DO]D*DUWQHUL6RXVD-DNRSU]\NïDG DQDOL]RZDQHJRSURF\NOLF]QHJRPHFKDQL]PXSRGDMHVLÚRVWDWQLNU\]\VILQDQVRZ\ZWUDNFLHNWöUH-JRZLHOHLQVW\WXFMLILQDQVRZ\FKZW\PEDQNLPDWUXGQRĂFL]RGWZRU]HQLHPIXQGXV]\ZïDVQ\FK LXWU]\PDQLHPZ\PDJDQHJRZVSöïF]\QQLNDDGHNZDWQRĂFLNDSLWDïRZHM5_{SU]H]FRPXV]ÈRJUDQLF]\Ê} DNFMHNUHG\WRZÈL]PQLHMV]\ÊZLHONRĂÊDNW\ZöZZDĝRQ\FKU\]\NLHP=NROHL]PQLHMV]HQLHGRVWÚS-QRĂFLNUHG\WXSURZDG]LGRREQLĝHQLDDNW\ZQRĂFLSU]HGVLÚELRUVWZLGDOV]HJRVSDGNXNRQLXQNWXU\ :WHQVSRVöERVïDELRQHSRGF]DVVSRZROQLHQLDJRVSRGDUF]HJRV\VWHP\ILQDQVRZHQLHVÈZVWDQLH ]DDEVRUERZDÊGDOV]\FKVWUDWQLHSRZRGXMÈFVLOQHMUHGXNFMLILQDQVRZDQLDSU]H]FRV\VWHPZ]PDF- QLDV]RNL]DPLDVWMHDEVRUERZDÊ:RNUHVLHGREUHMNRQLXQNWXU\PDP\GRF]\QLHQLD]GXĝ\PZ]UR-VWHPZROXPHQXNUHG\WöZLFHQ\DNW\ZöZRUD]QDG]Z\F]DMGïXJRXWU]\PXMÈF\PLVLÚQLH]Z\NOH QLVNLPLSUHPLDPL]DU\]\NR5RVQÈGRFKRG\LDSHW\WQDU\]\NRDïDWZ\GRVWÚSGRILQDQVRZDQLD ]HZQÚWU]QHJRGRGDWNRZRSU]\F]\QLDVLÚGRSRQRV]HQLDQDGPLHUQHJRU\]\ND%,6V=MD-ZLVNRWRGREU]HRSLVXMHKLSRWH]DQLHVWDELOQRĂFLILQDQVRZHMDQJfinancial instability hypothesis 0LQVN\ijHJR6IRUPXïRZDïRQKLSRWH]ÚĝHSRGVWDZRZÈFHFKÈFKDUDNWHU\VW\F]QÈJRVSRGDUNL MHVWWRLĝV\VWHPILQDQVRZ\ZDKDVLÚSRPLÚG]\VWDELOQRĂFLÈDQLHVWDELOQRĂFLÈLZDKDQLDWHVÈ]D- VDGQLF]\PHOHPHQWHPSURFHVXJHQHUXMÈFHJRF\NOHNRQLXQNWXUDOQH6WZLHUG]LïUöZQLHĝĝHZRNUH- VLHSU]HGïXĝDMÈFHMVLÚGREUHMNRQLXQNWXU\JRVSRGDUNDSU]HFKRG]L]UHODFMLILQDQVRZ\FKVSUDZLDMÈ-F\FKĝHMHVWVWDELOQ\QDUHODFMHILQDQVRZHGHVWDELOL]XMÈFHV\VWHP0LQVN\6WZLHUG]HQLHWR GREU]HRGGDMH]MDZLVNRSURF\NOLF]QRĂFLLV\WXDFMÚPDMÈFÈPLHMVFHZRNUHVLHHNVSDQVMLJRVSRGDUNL JG\ SRSUDZLH NRQLXQNWXU\ L ]ZLÚNV]HQLX RSW\PL]PX EDQNöZ WRZDU]\V]\ ïDJRG]HQLH NU\WHULöZ XG]LHODQLDNUHG\WöZFRW\ONRSRZLÚNV]DU\]\NRSRGHMPRZDQHSU]H]EDQNLLLFKNOLHQWöZZLÚ-FHM0LQVN\=GUXJLHMVWURQ\QDGPLHUQLHSRQRV]RQHPXU\]\NXQLHWRZDU]\V]\JURPDG]HQLH ZV\VWHPLHZ\VWDUF]DMÈFHMLORĂFLNDSLWDïXLEXIRUöZSï\QQRĂFLNWöUHPRJï\E\]RVWDÊZ\NRU]\VWDQH ZRNUHVLHGHNRQLXQNWXU\PLPRĝHLFKVWZRU]HQLHMHVWWDñV]HQLĝZRNUHVLHVSRZROQLHQLD :GDOV]HMF]ÚĂFLDUW\NXïX]DJDGQLHQLDWH]DSUH]HQWRZDQREDUG]LHMV]F]HJöïRZR:UR]G]LDOH GUXJLPSU]HGVWDZLRQRJHQH]ÚSRZV]HFKQ\FKUHJXODFMLRVWURĝQRĂFLRZ\FKZEDQNRZRĂFL%D]\OHL,, 5_{ 3RZV]HFKQLHRERZLÈ]XMÈFHQDĂZLHFLHUHJXODFMHEDQNöZZ]DNUHVLHDGHNZDWQRĂFLNDSLWDïRZHMW]Z1RZD8PRZD}

.DSLWDïRZD OXE %D]\OHD ,, Z\PDJDMÈ XWU]\P\ZDQLD ZVSöïF]\QQLND DGHNZDWQRĂFL NDSLWDïRZHM WM UHODFML NDSLWDïX RRNUHĂORQHMMDNRĂFLGRZ\PRJöZNDSLWDïRZ\FKQDSRGVWDZRZHURG]DMHU\]\NDQDSR]LRPLHQLHQLĝV]\PQLĝ SU]\F]\PZZ\QLNXEDGDQLDLRFHQ\QDG]RUF]HMDQJsupervisory review and evaluation processUHJXODWRU]\PRJÈ QDND]DÊ XWU]\P\ZDÊ ZVSöïF]\QQLN QD Z\ĝV]\P SR]LRPLH : 3ROVFH NDSLWDï VWDQRZLÈ JïöZQLH IXQGXV]H ZïDVQH ZW\PIXQGXV]HSRGVWDZRZHLX]XSHïQLDMÈFHZNZRFLHQLHSU]HZ\ĝV]DMÈFHMIXQGXV]\SRGVWDZRZ\FKDQDIXQGXV]H SRGVWDZRZHVNïDGDMÈVLÚPLQIXQGXV]H]DVDGQLF]HWMIXQGXV]HVWDWXWRZHNDSLWDï]DNïDGRZ\IXQGXV]UH]HUZRZ\ NDSLWDï\UH]HUZRZHIXQGXV]XG]LDïRZ\RUD]SR]\FMHGRGDWNRZH

LFKZDG\Z\ZRïXMÈFHSURF\NOLF]QRĂÊRUD]RNROLF]QRĂFLZNWöU\FKSRUD]SLHUZV]\GRVWU]HĝRQR ]DJURĝHQLHW\P]MDZLVNLHP5HIRUP\UHJXODFMLSURSRQRZDQHSU]H]SU]HGVWDZLFLHOLVHNWRUDEDQNR-ZHJR L ĂURGRZLVN DNDGHPLFNLFK RUD] VDP\FK UHJXODWRUöZ ]DSUH]HQWRZDQR Z UR]G]LDOH WU]HFLP L F]ZDUW\P : UR]G]LDOH F]ZDUW\P RPöZLRQR WHĝ NRPHQWDU]H GR SURSR]\FML NWöUH RG VW\F]QLD UPDMÈRERZLÈ]\ZDÊZNUDMDFK8QLL(XURSHMVNLHM5R]G]LDïSLÈW\SRĂZLÚFRQRSURSR]\FMRP SU]\V]ï\FKEDGDñZW\PEDGDQLXHIHNW\ZQRĂFLEXIRUDDQW\F\NOLF]QHJRLMHJRPRĝOLZ\FKXVSUDZ- QLHñ:]DNRñF]HQLXSRGVXPRZDQRQDMZDĝQLHMV]HNZHVWLHGRW\F]ÈFHSURF\NOLF]QRĂFLRUD]VIRU-PXïRZDQRNLONDS\WDñQDNWöUHQDOHĝDïRE\RGSRZLHG]LHÊSU]HGJïÚEV]ÈDQDOL]ÈSUREOHPXLSUöEÈ MHJRUR]ZLÈ]DQLD

*HQH]DSUREOHPXSURF\NOLF]QRĂFLED]\OHMVNLFKUHJXODFMLEDQNRZ\FK

:RGSRZLHG]LQDZ\GDU]HQLD]ZLÈ]DQH]XSDGNLHPQLHPLHFNLHJREDQNX+HUVWDWW_{ZUJUXSD} SDñVWZ*XWZRU]\ïDSRGDXVSLFMDPL%DQNX5R]UDFKXQNöZ0LÚG]\QDURGRZ\FKVWDï\NRPLWHW NWöUHJRFHOHPMHVWOLNZLGDFMDOXNZV\VWHPLHQDG]RUXEDQNRZHJRRUD]SURSDJRZDQLHPLÚG]\QD- URGRZ\FKVWDQGDUGöZ]DU]ÈG]DQLDU\]\NLHPZEDQNDFKļ%D]\OHMVNL.RPLWHWGV5HJXODFML%DQ-NRZRĂFLL3URFHGXU1DG]RUF]\FKNWöU\]F]DVHP]RVWDïSU]HPLDQRZDQ\QD%D]\OHMVNL.RPLWHWGV 1DG]RUX%DQNRZHJR:USRZVWDïRSLHUZV]HSRUR]XPLHQLHZ]DNUHVLHPLQLPDOQ\FKZ\PR- JöZNDSLWDïRZ\FKGODEDQNöZW]Z%D]\OHD,$GUHVRZDQDE\ïDJïöZQLHGRLQVW\WXFMLG]LDïDMÈ- F\FKPLÚG]\QDURGRZRLVWDQRZLïDMHG\QLH]ELöUZ\W\F]Q\FKSR]EDZLRQ\PRF\SUDZQHM1LHSU]H-V]NRG]LïRWRMHGQDNZLFKHJ]HNZRZDQLXJG\ĝ]RVWDï\ZïÈF]RQHGRRERZLÈ]XMÈFHJRSUDZDSU]H] ZLÚNV]RĂÊNUDMöZQDĂZLHFLHRGSRZLHGQLRGODGDQHJRV\VWHPXEDQNRZHJRLSUDZQHJRQSZ3RO-VFH.1%5HJXODFMHWH]DOHFDï\XWU]\P\ZDQLHSU]H]EDQNRGSRZLHGQLHMPLQLPDOQHMUHODFML NDSLWDïX JïöZQLH IXQGXV]\ ZïDVQ\FK GR DNW\ZöZ ZDĝRQ\FK U\]\NLHP NUHG\WRZ\P DQJ risk

weighted assets5DODFMHWH]DOHĝDï\RGURG]DMXHNVSR]\FMLLSU]\QDOHĝQRĂFLGïXĝQLNDGRRNUHĂORQHM

NODV\SRGPLRWöZZW\PRGWHJRF]\GïXĝQLNSRFKRG]Lï]NUDMXQDOHĝÈFHJRGR2(&' RUD]]DEH]-SLHF]HñWHMHNVSR]\FML0LQLPDOQÈUHODFMÚNDSLWDïXGRDNW\ZöZZDĝRQ\FKU\]\NLHPXVWDORQRQD SR]LRPLH%&%63RNLONXODWDFKRERZLÈ]\ZDQLDW\FKZ\PRJöZGRVWU]HĝRQRHZROXFMÚ EDQNRZRĂFLļ]ZLÚNV]HQLH]DDQJDĝRZDQLDVLÚEDQNöZNRPHUF\MQ\FKZG]LDïDOQRĂÊKDQGORZÈQD ZïDVQ\UDFKXQHNŘLSRVWDQRZLRQRX]XSHïQLÊUHJXï\ED]\OHMVNLHRU\]\NRU\QNRZH-RULRQ V.ROHMQH]PLDQ\SU]\QLöVïXSDGHNDQJLHOVNLHJREDQNX%DUULQJV%DQNQDVNXWHNQLHDXWRU\]R-ZDQ\FKWUDQVDNFMLMHGQHJR]SUDFRZQLNöZ.RPLWHW%D]\OHMVNL]GDïVRELHZWHG\VSUDZÚ]SRWU]HE\ ZïÈF]HQLDGRZ\PRJöZNDSLWDïRZ\FKUöZQLHĝU\]\NDRSHUDF\MQHJR%\ïWRLPSXOVGRFDïNRZLWH-JRSU]HEXGRZDQLDRERZLÈ]XMÈF\FKVWDQGDUGöZRUD]Z\SUDFRZDQLDNRPSOHNVRZHJRUR]ZLÈ]DQLD Z]DNUHVLHVWDQGDUGöZNDSLWDïRZ\FKL]DU]ÈG]DQLDU\]\NLHPZEDQNDFKļVWZRU]HQLD1RZHM8PR-Z\.DSLWDïRZHM]ZDQHM%D]\OHÈ,,%&%61RZHVWDQGDUG\RSDUWRQDWU]HFKILODUDFK)LODU, GRW\F]\V]DFRZDQLDPLQLPDOQHJRZ\PRJXNDSLWDïRZHJR]ZDQHJRWHĝUHJXODF\MQ\P 1DILODUGUX-

JLVNïDGDVLÚRFHQDNDSLWDïXZHZQÚWU]QHJR]ZDQHJRWDNĝHHNRQRPLF]Q\P)LODUWU]HFL]RERZLÈ]X-_{ %DQN +HUVWDWW SURZDG]Lï QLHRVWURĝQH WUDQVDNFMH Z\PLDQ\ ZDOXW PDUNL QLHPLHFNLHM L GRODUöZ DPHU\NDñVNLFK}

R FKDUDNWHU]H VSHNXODF\MQ\P .LHG\ Z SLHUZV]HM SRïRZLH  U HNVSR]\FMD QD U\]\NR ZDOXWRZH WU]\NURWQLH SU]HNURF]\ïD ZDUWRĂÊ SRVLDGDQHJR SU]H] EDQN NDSLWDïX EDQNRZL RGHEUDQR OLFHQFMÚ : W\P F]DVLH ZDUWRĂÊ MHJR ]RERZLÈ]DñSU]HV]ïRGZXNURWQLHSU]HZ\ĝV]DïDZDUWRĂÊSRVLDGDQ\FKDNW\ZöZ%&%6

MHEDQNLGREDGDQLDLRFHQ\QDG]RUF]HMRUD]G\VF\SOLQ\U\QNRZHM_{PDMÈFHMQLZHORZDÊDV\PHWULÚ} LQIRUPDFMLSRPLÚG]\XF]HVWQLNDPLU\QNX0LQLPDOQ\Z\PöJNDSLWDïRZ\VWDQRZLVXPDZ\PR- JöZNDSLWDïRZ\FKRGQRV]ÈF\FKVLÚGRZV]\VWNLFKWU]HFKILODUöZ'RGDWNRZR]PLHQLRQRGRW\FK- F]DVRZHPHWRG\Z\]QDF]DQLDZ\PRJXNDSLWDïRZHJRZSU]\SDGNXU\]\NDNUHG\WRZHJRWDNE\OH-SLHMRG]ZLHUFLHGODïU]HF]\ZLĂFLHSRQRV]RQHU\]\NR8GRVNRQDORQRPHWRGÚRSDUWÈQDRGSRZLHGQLHM NODV\ILNDFMLHNVSR]\FMLNWöU\PSU]\SLV\ZDQHE\ï\VWDïHZDJLU\]\NDW]ZPHWRGÚVWDQGDUGRZÈ X]DOHĝQLDMÈFZDJLU\]\NDRGSRVLDGDQ\FKSU]H]GïXĝQLNöZUDWLQJöZ]HZQÚWU]Q\FK'RSXV]F]RQR UöZQLHĝPRĝOLZRĂÊVWRVRZDQLDSRXSU]HGQLPX]\VNDQLX]JRG\ZïDĂFLZHJRQDG]RUF\W]ZPHWRG\ ZHZQÚWU]Q\FKUDWLQJöZDQJinternal ratings-based approach,5%RSDUWHMJïöZQLHQDZHZQÚWU]-Q\P RV]DFRZDQLX HNVSR]\FML NUHG\WRZ\FK ļ SUDZGRSRGRELHñVWZD QLHXUHJXORZDQLD ]RERZLÈ]D-QLDDQJprobability of default3'ZDUWRĂFLHNVSR]\FMLZPRPHQFLHQLHZ\NRQDQLD]RERZLÈ]D-QLDDQJexposure at defaultSURFHQWRZHJRXG]LDïXVWUDW\ZZLHONRĂFLHNVSR]\FMLDQJloss given

default /*' 0RG\ILNDFMH WH VSUDZLï\ ĝH Z\PöJ NDSLWDïRZ\ ]DF]Èï GXĝR GRNïDGQLHM

RG]ZLHU- FLHGODÊSRQRV]RQHU\]\NR8PRĝOLZLïRWROHSV]\SRPLDUZ]DU]ÈG]DQLXU\]\NLHPMHGQDNQLHEH]-SLHF]QLHX]DOHĝQLïRWHQZ\PöJRGV\WXDFMLPDNURHNRQRPLF]QHMQDGDQ\PU\QNX

=DJDGQLHQLH F\NOLF]QRĂFL PLDU U\]\ND NUHG\WRZHJR E\ïR ]QDQH ]DQLP SRZVWDïD %D]\OHD ,, MHGQDNZWHG\QLHZLÈ]DQRJR]PRĝOLZRĂFLÈZ\VWÈSLHQLDJOREDOQHJRNU\]\VX'RSLHURSRNU\]\-VLHD]MDW\FNLPZU]DF]ÚWRMHLQWHQV\ZQLHMDQDOL]RZDÊL]DSURSRQRZDQRSHZQHUR]ZLÈ]DQLD DQW\F\NOLF]QHQS6WLJOLW]2FDPSR%RULR)XUILQH/RZH&DWDULQHX5DEHOO -DFNVRQ7VRPRFRV6WLJOLW]L2FDPSRXZDĝDOLĝHJOREDOQDUHIRUPDV\VWHPXEDQNRZHJRSR- ZLQQDRSLHUDÊVLÚQDRGSRZLHGQLPNV]WDïWRZDQLXGHF\]MLZLQVW\WXFMDFKILQDQVRZ\FKWMZSUR-ZDG]HQLX RJUDQLF]Hñ ]PLHQLDMÈF\FK VLÚ Z F]DVLH L GRSDVRZDQ\FK GR VWDQX JRVSRGDUNL GDQHJR NUDMX ]DZLHUDMÈF\FK RSUöF] ZUDĝOLZHJR QD U\]\NR Z\PRJX NDSLWDïRZHJR WDNĝH DGPLQLVWUDF\M-QLHXVWDODQHOLPLW\GRW\F]ÈFHQLHNWöU\FKURG]DMöZG]LDïDOQRĂFLQSZ\NRU]\VWDQLDLQVWUXPHQWöZ SRFKRGQ\FKGRSXV]F]DOQHMZLHONRĂFLGěZLJQLILQDQVRZHMF]\Z\VRNRĂFLRSURFHQWRZDQLDNUHG\- WöZLGHSR]\WöZ=NROHL%RULR)XUILQHL/RZH]DMPRZDOLVLÚPLQF\NOLF]Q\PL]PLDQDPLSRUW-IHOLNUHG\WRZ\FKRFHQU\]\NDZDUWRĂFLDNW\ZöZLDQDOL]RZDQLHP]ZLÈ]NXSROLW\NLPRQHWDUQHM ] W\PL ]PLDQDPL &DWDULQHX5DEHOO -DFNVRQ L 7VRPRFRV SU]HDQDOL]RZDOL QDWRPLDVW SURSR]\FMH Z]DNUHVLHDGHNZDWQRĂFLNDSLWDïRZHMNWöUHSRMDZLï\VLÚZW\PF]DVLHZGRNXPHQWDFKNRQVXOWDF\M-Q\FK.RPLWHWX%D]\OHMVNLHJRZW\PNZHVWLÚZ\ERUXSU]H]EDQNLSDUDPHWUöZV]DFRZDQHJRU\]\ND NUHG\WRZHJR=ZUöFLOLXZDJÚQDNRQLHF]QRĂÊ]DZDUFLDZSURMHNWRZDQ\FKUHJXODFMDFK]DFKÚWGOD EDQNöZ]DPLHU]DMÈF\FKZ\NRU]\VW\ZDÊPHWRGÚ,5%GRVWRVRZDQLDEDUG]LHMVWDELOQ\FKZF]DVLH RV]DFRZDñSRGREQHRSLQLHZ\UD]LOL$OWPDQ5HVWLL6LURQL:3ROVFHWHPDW\NÈSURF\NOLF]-QRĂFLUHJXODFMLZ]DNUHVLHDGHNZDWQRĂFLNDSLWDïRZHM]DMPRZDOLVLÚPLQ%DQFDUHZLF]RUD] ,ZDQLF]'UR]GRZVNDb,ZDQLF]'UR]GRZVND]ZUDFDïDXZDJÚQDNZHVWLÚSURF\NOLF]QRĂFLZ\-PRJöZ NDSLWDïRZ\FK %D]\OHL ,, Z NRQWHNĂFLH ILQDQVRZDQLD LQVW\WXFML JZDUDQWXMÈF\FK GHSR]\W\ LPRĝOLZHDQW\F\NOLF]QHNV]WDïWRZDQLHVLÚVNïDGNLQDIXQGXV]JZDUDQF\MQ\%DQFDUHZLF]]QDF]-QLHV]HU]HMDQDOL]RZDïD]DJDGQLHQLHSURF\NOLF]QRĂFL3RUXV]DïDPLQNZHVWLÚZ\ERUXSU]H]EDQNL SRGHMĂFLDGRV]DFRZDQLDSDUDPHWUöZU\]\NDNUHG\WRZHJRDOHWDNĝHPRĝOLZRĂÊZ\VWÈSLHQLDSUR- F\NOLF]QRĂFLZPHWRG]LHVWDQGDUGRZHMZZ\QLNXSURF\NOLF]Q\FKRFHQDJHQFMLUDWLQJRZ\FK]ZUD-FDOLQDWRXZDJÚUöZQLHĝ$PDWRL)XUILQHRUD]']LHNRñVNL

_{ : SROVNLFK SU]HSLVDFK MHVW PRZD R RJïDV]DQLX SU]H] EDQNL LQIRUPDFML R FKDUDNWHU]H MDNRĂFLRZ\P L LORĂFLRZ\P}

:LÚNV]H ]DLQWHUHVRZDQLH ]DJDGQLHQLHP SURF\NOLF]QRĂFL SRMDZLïR VLÚ MXĝ SR ZGURĝHQLX UH-JXï%D]\OHL,,NWöUHZ8QLL(XURSHMVNLHMSU]\MÚï\SRVWDÊG\UHNW\Z\&5'3DUODPHQW(XURSHMVNL DEWMQDNUöWNRSU]HGRVWDWQLPNU\]\VHPILQDQVRZ\P:W\PF]DVLHW\ONR+LV]SD- QLDZSURZDG]LïDSHZQHUR]ZLÈ]DQLDĂFLĂOHDQW\F\NOLF]QHļG\QDPLF]QHWZRU]HQLHUH]HUZVWDW\-VW\F]Q\FK SRUQSZ'H/LV3DJÓV6DXULQD6WDUQRZVNL']LÚNLWHPXPLDï\SRZVWD-ZDÊEXIRU\NDSLWDïRZHFRPLDïRRJUDQLF]DÊQDGPLHUQHXG]LHODQLHNUHG\WöZ2LFKVNXWHF]QRĂFL SU]HNRQXMÈPLQ'H/LV3DJÓVL6DXULQDDQDOL]XMÈF\]MDZLVNRF\NOLF]QRĂFLNUHG\WöZVWUDW NUHG\WRZ\FKLUH]HUZQDWHVWUDW\Z+LV]SDQLL=LFKREVHUZDFMLZ\QLNDĝHQDVNXWHNVLOQHMNRQ-NXUHQFMLLUHODW\ZQLHPDïHMOLF]E\NUHG\WöZQLHVSïDFDQ\FKZWHUPLQLHEDQNLZRNUHVLHSURVSHULW\ ïDJRG]ÈZDUXQNLNUHG\WRZDQLD0RĝHWRGRSURZDG]LÊGRXG]LHOHQLD]E\WGXĝHMOLF]E\NUHG\WöZ LGRSLHURZRNUHVLHGHNRQLXQNWXU\]ZHU\ILNRZDQD]RVWDMHMDNRĂÊW\FKSRĝ\F]HNFRZ\ZRïXMHSUR- F\NOLF]QHZDKDQLDZELODQVDFKEDQNöZ'DïRVLÚWR]DXZDĝ\ÊSU]\RND]MLRVWDWQLHJRNU\]\VXIL- QDQVRZHJR:WHG\WHĝGLDPHWUDOQLH]PLHQLïRVLÚSRGHMĂFLHGRSUREOHPXSURF\NOLF]QRĂFL:F]D-VLHNLHG\Z86$EDQNUXWRZDï\ZLHONLHEDQNLSU]\.RPLVML(XURSHMVNLHMSUDFRZDïMXĝ]HVSöïSRG NLHURZQLFWZHP -DFTXHVD GH /DURVLÒUHijD :\QLNLHP LFK SUDF MHVW UDSRUW GH /DURVLÒUH  ]DOH- FDMÈF\SU]HJOÈGUHJXï%D]\OHL,,ZW\PSRGNÈWHPZ]PRFQLHQLDQDG]RUXPDNURRVWURĝQRĂFLRZH-JR_{]DRVWU]HQLDSU]HSLVöZZRGQLHVLHQLXGRSR]\FMLSR]DELODQVRZ\FKVWRSQLRZHJR]ZLÚNV]DQLD} QLHNWöU\FK Z\PRJöZ NDSLWDïRZ\FK RUD] UHGXNFML SURF\NOLF]QRĂFL : W\P RVWDWQLP SU]\SDG-NX]DOHFDQRPLQ]PLHQQHEXIRU\NDSLWDïRZHDZLÚFUR]ZLÈ]DQLHQDZLÈ]XMÈFHGRVWRVRZDQHJR Z+LV]SDQLL:W\PVDP\PF]DVLHSRGDXVSLFMDPL2UJDQL]DFML1DURGöZ=MHGQRF]RQ\FKSUDFRZD- ïD.RPLVMD(NVSHUWöZGV5HIRUP0LÚG]\QDURGRZHJR6\VWHPX0RQHWDUQHJRL)LQDQVRZHJRRGQD-]ZLVNDSU]HZRGQLF]ÈFHJRQD]\ZDQDNRPLVMÈ6WLJOLW]D:UDSRUFLH]MHMSUDF81ZF]ÚĂFL GRW\F]ÈFHMVHNWRUDEDQNRZHJRZVND]DQRQDSRWU]HEÚZ]PRFQLHQLDQDG]RUXQDSR]LRPLHPDNUR L PLNURRVWURĝQRĂFLRZ\P : W\P FHOX ]DOHFRQR PLQ RJUDQLF]HQLH GěZLJQL ILQDQVRZHM L G\QD- PLF]QHGRVWRVRZ\ZDQLHZLHONRĂFLZ\PRJXNDSLWDïRZHJRZ]DOHĝQRĂFLRGWHJRF]\PDP\GRF]\- QLHQLD]RNUHVHPSURVSHULW\F]\VSRZROQLHQLDWDNE\WZRU]RQHE\ï\RGSRZLHGQLHEXIRU\NDSLWD-ïRZH3RGNUHĂORQRSU]\W\PZSï\ZZ\PRJöZNDSLWDïRZ\FKLZDJU\]\NDQDVNïRQQRĂÊEDQNöZ GRSRQRV]HQLDU\]\ND]DVWU]HJDMÈFĝHVDPR]ZLÚNV]DQLHREFLÈĝHñZ\PRJLHPNDSLWDïRZ\PPRĝH SU]\QLHĂÊVNXWNLRGZURWQHGR]DïRĝRQ\FKQDFR]ZUDFDïXZDJÚ6WLJOLW]3U]HNRQ\ZDïRQ ĝHSROHJDQLHZ\ïÈF]QLHQDPLQLPDOQ\PZ\PRJXNDSLWDïRZ\PLMHJR]ZLÚNV]DQLHPRĝHVNïRQLÊ EDQNLGRDQJDĝRZDQLDVLÚZU\]\NRZQLHMV]HWUDQVDNFMHSRQLHZDĝEÚGÈSUöERZDï\]UHNRPSHQVR- ZDÊZ\ĝV]HNRV]W\XWUDFRQ\FKNRU]\ĂFLZ\ĝV]\PLSU]\FKRGDPL]WDNLFK]DDQJDĝRZDñ&RZLÚ- FHMXZDĝDïĝHU\QNLILQDQVRZHPRĝQD]UHIRUPRZDÊZïDĂQLHSU]H]RGSRZLHGQLH]DFKÚW\LRJUD-QLF]HQLDNWöUHZSï\QÈQDVWUXNWXUÚHNVSR]\FMLQDU\]\NR1LHVWHW\UHJXï\%D]\OHL,,QLHGRNRñFD VSHïQLDMÈSRVWXODW\6WLJOLW]D0LPR]ZLÚNV]HQLDRJöOQHMZUDĝOLZRĂFLQDU\]\NRPLQLPDOQ\Z\PöJ NDSLWDïRZ\ GDOHM RGJU\ZD QDGU]ÚGQÈ UROÚ L MHVW MHV]F]H EDUG]LHM SURF\NOLF]Q\ QLĝ Z SU]\SDGNX %D]\OHL,-RNLYXROOH.LHPDL9HVDODSRUöZQDOLZSï\ZZ\PRJöZNDSLWDïRZ\FK]%D]\OHL,

L%D]\OHL,,=ZUöFLOLXZDJÚĝHZSUDZG]LHZQRZ\FKXUHJXORZDQLDFK]ZLÚNV]RQRZUDĝOLZRĂÊZ\-_{ 5H]HUZ\VWDW\VW\F]QHVWDQRZLÈX]XSHïQLHQLHUH]HUZFHORZ\FK0DMÈQDFHOXSRNU\FLHSU]\V]ï\FKSU]HZLG\ZDQ\FK}

VWUDW]SRUWIHODNUHG\WRZHJREDQNXLVÈSRGREQHGRUH]HUZWHFKQLF]Q\FKZ\VWÚSXMÈF\FKZSU]\SDGNXğUPXEH]SLH F]HQLRZ\FK

_{ : SU]HFLZLHñVWZLH GR QDG]RUX PLNURRVWURĝQRĂFLRZHJR NWöU\ NRQFHQWUXMH VLÚ QD EH]SLHF]HñVWZLH}

SRMHG\Q-F]HJR EDQNX QDG]öU PDNURRVWURĝQRĂFLRZ\ SRZLQLHQ VLÚ NRQFHQWURZDÊ QD EH]SLHF]HñVWZLH VHNWRUD MDNR FDïRĂFL LXZ]JOÚGQLDÊZV]\VWNLHZ\VWÚSXMÈFHZQLPSRZLÈ]DQLDL]DOHĝQRĂFL

PRJXNDSLWDïRZHJRQDU\]\NRG]LÚNLZ\RGUÚEQLHQLXQRZ\FKURG]DMöZU\]\NDDSU]HGHZV]\VW- NLPG]LÚNL]DVWRVRZDQLXQRZ\FKEDUG]LHMSUHF\]\MQ\FKPHWRGSRPLDUXU\]\NDMHGQDNSUDNW\F]-QLH]PDUJLQDOL]RZDQR]ZLÈ]DQÈ]QLPLNZHVWLÚSURF\NOLF]QRĂFL*RRGKDUW+RIPDQQL6HJRYLDQR UöZQLHĝVNU\W\NRZDOLPLQLPDOQHZ\PRJLNDSLWDïRZHNWöUHLFK]GDQLHPVÈ]QDWXU\SUR-F\NOLF]QH L ]ZLÚNV]DMÈ ZDKDQLD ZVNDěQLNöZ PDNURHNRQRPLF]Q\FK 3UöERZDOL WHJR GRZLHĂÊ Z EDGDQLX Z NWöU\P DQDOL]RZDOL GZD SRGVWDZRZH VSRVRE\ REOLF]DQLD Z\PRJX NDSLWDïRZHJR ]W\WXïXU\]\NDNUHG\WRZHJRļPHWRGÚVWDQGDUGRZÈNWöUDLFK]GDQLHPQLHZLHOHUöĝQLVLÚRG%D]\-OHL,LPHWRGÚUDWLQJöZZHZQÚWU]Q\FKEÚGÈFÈGRFHORZÈPHWRGÈZ\]QDF]DQLDZ\PRJXQDU\]\NR NUHG\WRZHZ%D]\OHL,,%DGDOLMDNHNVSR]\FMHSU]HFKRG]ÈPLÚG]\NODVDPLMDNRĂFLMDN]PLHQLD VLÚZDUWRĂÊ]DEH]SLHF]HñDWDNĝHLFKZSï\ZQDSR]LRP]\VNöZLVWUDWEDQNXRUD]SR]LRPZ\PR-JXNDSLWDïRZHJRZREXUHĝLPDFK8]\VNDQHSU]H]QLFKZ\QLNLSRND]XMÈĝHLPEDUG]LHMZUDĝOLZH QDU\]\NRVÈUHJXï\WZRU]HQLDZ\PRJXNDSLWDïRZHJRW\PEDUG]LHMVÈSURF\NOLF]QH%D]\OHD,, DZV]F]HJöOQRĂFLPHWRGDUDWLQJöZZHZQÚWU]Q\FKMHVW]DWHPEDUG]LHMSURF\NOLF]QDQLĝ%D]\OHD, :SU]\SDGNX,5%Z]URVWU\]\NDNUHG\WöZZSRUWIHOXSRZRGXMH]ZLÚNV]HQLHZ\PRJXNDSLWDïR- ZHJRSU]H]FRNRQLHF]QHMHVW]ZLÚNV]HQLHIXQGXV]\ZïDVQ\FKEDQNXQLH]Z\NOHWUXGQHZRNUH-VLHGHNRQLXQNWXU\DOERRJUDQLF]HQLHXG]LHODQLDQRZ\FKNUHG\WöZOXEZZ\MÈWNRZ\FKV\WXDFMDFK Z\PXV]HQLHSU]HGWHUPLQRZHMVSïDW\MXĝXG]LHORQ\FKNUHG\WöZ :W\PNRQWHNĂFLHF\NOLF]QRĂÊZ\PRJöZNDSLWDïRZ\FKZ\QLNDMÈFD]PLDU]JRGQ\FK]%D]\-OHÈ,,QLHSRZLQQDG]LZLÊJG\ĝMHGQ\P]JïöZQ\FKFHOöZVWDZLDQ\FKZWUDNFLHSUDFQDG1RZÈ 8PRZÈ.DSLWDïRZÈE\ïRVNRQVWUXRZDQLHZ\PRJöZNDSLWDïRZ\FKEDUG]LHMZUDĝOLZ\FKQDF]\Q-QLNL U\]\ND 2EHFQH UHJXï\ ]DZLHUDMÈ SHZQH UR]ZLÈ]DQLD NWöU\FK ]DGDQLHP MHVW ]PQLHMV]DQLH ZDKDñZ\PRJöZNDSLWDïRZ\FKWDNLHMDNGREöUSDUDPHWUöZU\]\NDQDSRGVWDZLHĂUHGQLFKGïX-JRRNUHVRZ\FK F]\ XZ]JOÚGQLDQLH REFLÈĝHQLD QLHNRU]\VWQ\PL ZDUXQNDPL DQJ downturn bias SU]H]FRX]\VNDQHZDUWRĂFLSDUDPHWUöZPDMÈE\ÊEDUG]LHMVWDELOQH5R]ZLÈ]DQLDWHQLHVÈMHGQDN Z\VWDUF]DMÈFHSRQLHZDĝ]]DïRĝHQLDQLHVÈDQW\F\NOLF]QHDEDQNLPDMÈGXĝÈVZRERGÚLFKZGUD- ĝDQLD3U]\NïDGRZREDQNLVWRVXMÈFHPHWRGÚZHZQÚWU]Q\FKUDWLQJöZZRGQLHVLHQLXGRU\]\NDNUH-G\WRZHJRPRJÈV]DFRZDÊSUDZGRSRGRELHñVWZRQLHZ\ZLÈ]DQLDVLÚNUHG\WRELRUF\]H]RERZLÈ]DQLD ZGDQ\PPRPHQFLHDQJpoint in timeOXESU]H]FDï\F\NODQJthrough the cycle6]DFRZDQLHWR RGE\ZDVLÚQDSRGVWDZLHDNWXDOQ\FKXZDUXQNRZDñU\QNRZ\FKRUD]GDQ\FKKLVWRU\F]Q\FKWD-NLFKMDNZVNDěQLNLQLHZ\NRQDQLD]RERZLÈ]DQLD LPDRGSRZLHG]LHÊQDS\WDQLHMDNGXĝHU\]\-NRF]HNDEDQNZSU]\V]ïRĂFL:SLHUZV]\PSRGHMĂFLXMDNSLV]È$OWPDQL5LMNHQVEDQN NRQFHQWUXMHVLÚQDELHĝÈF\PU\]\NXQLHZ\NRQDQLD]RERZLÈ]DQLD:SRGHMĂFLXķSU]H]FDï\F\NOĵ SUöEXMHVNZDQW\ILNRZDÊU\]\NRQLHZ\SïDFDOQRĂFLNOLHQWDZFLÈJXFDïHJRF\NOXQDU\QNXNUHG\WR-Z\P:\PDJDWRXVWDOHQLDSU]HELHJX]PLHQQRĂFLZVNDěQLNDQLHZ\NRQDQLD]RERZLÈ]DQLDZW\P MHGQR]QDF]QHJRXVWDOHQLDPLQLPöZLPDNVLPöZ1LHEH]]QDF]HQLDMHVWWXGïXJRĂÊSRVLDGDQ\FK ZLDU\JRGQ\FKV]HUHJöZF]DVRZ\FKRUD]WRF]\REHMPXMÈSHïHQF\NONRQLXQNWXUDOQ\,VWRWQHPRJÈ E\ÊUöZQLHĝLQIRUPDFMHMDNZW\PF]DVLHZSU]\SDGNXGDQHJRSRUWIHODNV]WDïWRZDïDVLÚSROLW\ND NUHG\WRZDLMDNLWRPLDïRZSï\ZQDSURILOU\]\NDNOLHQWöZ*RU]NLHZLF]:F]DVLHGREUHMNR-QLXQNWXU\V]DFRZDQLH3'ZGDQ\PPRPHQFLHSRZRGXMHĝHZ\PöJNDSLWDïRZ\MHVWPQLHMV]\QLĝ ZSU]\SDGNXV]DFRZDQLDSU]H]FDï\F\NODOHEDUG]LHM]PLHQQ\]SRZRGXZLÚNV]HMZUDĝOLZRĂFL _{ :VNDěQLNQLHZ\NRQDQLD]RERZLÈ]DQLDMHVWWRLORUD]SU]\SDGNöZQLHZ\NRQDQLD]RERZLÈ]DQLDZGDQ\PSRUWIHOXOXE} NODVLHHNVSR]\FMLNUHG\WRZHMZRNUHĂORQHMMHGQRVWFHF]DVXGRXG]LHORQ\FK]RERZLÈ]DñZGDQ\PSRUWIHOXOXENODVLH HNVSR]\FMLNUHG\WRZHM

QDVWDQJRVSRGDUNL=NROHLZF]DVLHVSRZROQLHQLDJRVSRGDUF]HJRZ\PöJNDSLWDïRZ\MHVWZ\ĝV]\ DSRGHMĂFLHWRPRĝQDZ\NRU]\VW\ZDÊZELHĝÈF\P]DU]ÈG]DQLXSRUWIHOHPNUHG\WRZ\P=SRZ\ĝ-V]HJRZ\QLNDĝHV]DFRZDQLHSUDZGRSRGRELHñVWZDQLHZ\SïDFDOQRĂFLNOLHQWDQDGDQ\PRPHQWMHVW ]SHZQRĂFLÈEDUG]LHMSURF\NOLF]QH3RWZLHUG]LïWR7XUQHUSU]HZRGQLF]ÈF\EU\W\MVNLHJR)LQDQFLDO 6HUYLFHV$XWKRULW\7XUQHU.ZHVWLÚZ\ERUXVSRVREXV]DFRZDQLDSUDZGRSRGRELHñVWZDQLH- Z\SïDFDOQRĂFLDQDOL]RZDOLWDNĝH&DWDULQHX5DEHOO-DFNVRQL7VRPRFRV3RVïXJXMÈFVLÚPR-GHOHPUöZQRZDJLRJöOQHMV\VWHPXILQDQVRZHJRZ\ND]DOLĝHEDQNLEÚGÈSUHIHURZDï\V]DFRZDQLH ķQDGDQ\PRPHQWĵ%ÚG]LHLPWRGDZDïRZ\ĝV]H]\VNLQLĝV]DFRZDQLHSU]H]FDï\F\NODHZHQWX- DOQHNRV]W\UHFHVML]RVWDQÈSU]HU]XFRQHQDSR]RVWDïHVHNWRU\JRVSRGDUNL7DNVDPRXZDĝD%DQFD-UHZLF]$OOHQL6DXQGHUVUöZQLHĝSRĂZLÚFLOLXZDJÚREHFQLHVWRVRZDQ\PPHWRGRP SRPLDUX U\]\ND 3U]HSURZDG]LOL DQNLHWRZH EDGDQLH GRW\F]ÈFH PRGHOL SRPLDUX U\]\ND NUHG\WR-ZHJRZ\NRU]\VW\ZDQ\FKNRPHUF\MQLHLSU]H]ĂURGRZLVNDDNDGHPLFNLHDE\XVWDOLÊMDNVÈZQLFK XZ]JOÚGQLDQH]PLDQ\NRQLXQNWXUDOQH:\QLNLSRND]Dï\ĝHW\ONRZQLHOLF]Q\FKPRGHODFKGRVWR- VRZ\ZDQRVWRS\VWUDWWDNE\RG]ZLHUFLHGODï\HIHNW\F\NOLF]QH2]QDF]DWRĝHSU]\SDGHNV\VWH-PDW\F]QHMNRUHODFMLSRPLÚG]\SDUDPHWUDPL3'L/*' ZREHFQLHZ\NRU]\VW\ZDQ\FKPRGHODFK]D-]Z\F]DMQLHMHVWEUDQ\SRGXZDJÚ 0RĝHVLÚZLÚFZ\GDZDÊĝHUR]ZLÈ]DQLHSUREOHPXSURF\NOLF]QRĂFLVSURZDG]DVLÚGRZ\EUDQLD ZïDĂFLZHMPHWRG\Z\]QDF]DQLDZ\PRJXNDSLWDïRZHJR]W\WXïXU\]\NDNUHG\WRZHJR7DNMHGQDN QLHMHVWERěUöGïHPSURF\NOLF]QRĂFLMHVWUöZQLHĝNVLÚJDKDQGORZDLZ\PRJLNDSLWDïRZHGODU\]\ND U\QNRZHJRPLQGH/DURVLÒUH%&%6D7XUQHU-DNPRĝQD]DXZDĝ\ÊZUDSRUFLHGH /DURVLÒUHijDVGRW\FKF]DVVWRVRZDQHSU]H]EDQNLPRGHOHVWDW\VW\F]QHZDUWRĂFL]DJURĝRQHM DQJvalue at risk, 9D5LVWRVRZDQH]DVDG\UDFKXQNRZRĂFL]DQLĝDï\U]HF]\ZLVWHSRWU]HE\NDSLWDïR-ZHZVWRVXQNXGRSRQRV]RQHJRU\]\ND6WDïRVLÚWRRF]\ZLVWHZV\WXDFMLJG\GXĝDF]ÚĂÊEDQNöZ RSLHUDïDVZRMÈSï\QQRĂÊQD]E\ZDOQ\FKLQVWUXPHQWDFKILQDQVRZ\FKDSï\QQRĂÊ]QLNQÚïDLQLHE\- ïRPRĝOLZRĂFLVSU]HGDQLDLQVWUXPHQWöZ3U]\F]\QÈWHJRE\ï\PRGHOHZNWöU\FKF]ÚVWRXZ]JOÚG-QLDQR RNUHV REHMPXMÈF\ QLH SHïHQ F\NO L ZV]\VWNLH ]PLDQ\ FHQ U\QNRZ\FK DOH SU]\SDGNL JG\ ZGDQ\PURNX]PQLHMV]\ïDVLÚ]PLHQQRĂÊFHQ:F]DVLHSURVSHULW\PLDU\U\]\NDU\QNRZHJRF]ÚVWR VSDGDï\]HZ]JOÚGXQDURVQÈFÈFHQÚDNW\ZöZSU]\QLVNLHM]PLHQQRĂFLFRVNïDQLDïRGRSRQRV]H- QLDGRGDWNRZHJRU\]\ND.LHG\RVLÈJQLÚW\]RVWDïV]F]\WF\NOXVSDGDMÈFDFHQDDNW\ZöZ]ZLÚNV]\-ïD]PLHQQRĂÊFHQ\LVSRZRGRZDïDZ]URVW9D5FRREQLĝ\ïRDSHW\WQDU\]\NRLOHZDURZDQLH-RLQW )6)&*)6:RUNLQJ*URXSV 3RGVWDZRZ\SUREOHPQLHSROHJDMHGQDNQDW\PĝHZ\NRU]\VW\ZDQHPLDU\U\]\NDVÈQLHGR- VNRQDïHOHF]QDW\PLĝZUD]]SR]RVWDï\PLHOHPHQWDPLUHJXODFMLRVWURĝQRĂFLRZ\FKQLHRJUDQLF]D- MÈQDGPLHUQHJRU\]\NDZRNUHVDFKSURVSHULW\LQLH]DSRELHJDMÈEUDNRPNDSLWDïXZRNUHVDFKVSR-ZROQLHQLD2SUöF]Z\PRJXNDSLWDïRZHJRNROHMQ\PHOHPHQWHP%D]\OHL,,MHVWG\VF\SOLQDU\QNRZD :UDPDFKWU]HFLHJRILODUDbEDQNLVÈ]RERZLÈ]DQHGRUHJXODUQHJRSXEOLNRZDQLDRNUHĂORQ\FKLQIRU-PDFMLRDGHNZDWQRĂFLNDSLWDïRZHMRUD]QLHNWöU\FKGDQ\FKGRW\F]ÈF\FK]DU]ÈG]DQLDU\]\NLHP0D MHWR]DFKÚFDÊGRGREUHJR]DU]ÈG]DQLDU\]\NLHPLMHVWRGSRZLHGQLRZ\FHQLDQHSU]H]U\QHNMHG- QDNQLHRJUDQLF]DSRQRV]HQLDSU]H]QLHQDGPLHUQHJRU\]\ND3UREOHP]G\VF\SOLQÈU\QNRZÈSROH-JDQDW\PĝHDV\PHWULDLQIRUPDFMLMHVW]E\WGXĝDZVWRVXQNXGRZ\PDJDñQDG]RUFöZZ]DNUHVLH XMDZQLHñ:SRïÈF]HQLX]VLOQÈNRQNXUHQFMÈU\QNRZÈSUREOHPVWDMHVLÚSRZDĝQ\'\VF\SOLQDU\Q-NRZDQLHZ\PXV]DVDPRUHJXODFMLLZEUHZORJLFHVNïDQLDEDQNLGRSRQRV]HQLDMHV]F]HZLÚNV]HJR

U\]\ND3U]\NïDGHPWHJRPRĝHE\ÊG]LDïDQLHEDQNX$,%Z,UODQGLLNWöU\]DRVWU]DMÈFNRQNXUHQ-FMÚQDU\QNXW]ZZRMQ\GHSR]\WRZH_LNUHG\WRZH_{Z\ZRïDïZHZV]\VWNLFKEDQNDFKSUREOHP\} ]QLHGRSDVRZDQLHPVWUXNWXU\ILQDQVRZDQLDGïXJRWHUPLQRZHNUHG\W\KLSRWHF]QH]FRUD]QLĝV]\-PL PDUĝD]QLHGRSDVRZDQLHPVWUXNWXU\ILQDQVRZDQLDGïXJRWHUPLQRZHNUHG\W\KLSRWHF]QH]FRUD]QLĝV]\-PL ILQDQVRZDQH E\ï\ NUöWNRWHUPLQRZ\]QLHGRSDVRZDQLHPVWUXNWXU\ILQDQVRZDQLDGïXJRWHUPLQRZHNUHG\W\KLSRWHF]QH]FRUD]QLĝV]\-PL GHSR]\WD]QLHGRSDVRZDQLHPVWUXNWXU\ILQDQVRZDQLDGïXJRWHUPLQRZHNUHG\W\KLSRWHF]QH]FRUD]QLĝV]\-PL ] FRUD] ZLÚNV]\]QLHGRSDVRZDQLHPVWUXNWXU\ILQDQVRZDQLDGïXJRWHUPLQRZHNUHG\W\KLSRWHF]QH]FRUD]QLĝV]\-PL RGVHWNDPL 2WDNLFKVDP\FKSUREOHPDFK]ZLÈ]DQ\FK]G\VF\SOLQÈU\QNRZÈSLV]H6WHSKDQRX3RVïX-JXMÈFVLÚGDQ\PL]U\QNXDPHU\NDñVNLHJRZ\MDĂQLDGODF]HJRWHQPHFKDQL]P]DZLöGïZF]DVLH RVWDWQLHJRNU\]\VXDLQVW\WXFMHILQDQVRZHSRGHMPRZDï\GHF\]MHQDSRGVWDZLHQLHRGSRZLHGQLFK V\JQDïöZ]RWRF]HQLD $QLZ\PöJNDSLWDïRZ\DQLG\VF\SOLQDU\QNRZDQLHRJUDQLF]DMÈQDGPLHUQHJRU\]\NDDGRWH-JRGUXJLILODUZSRVWDFLNDSLWDïXZHZQÚWU]QHJRWHĝQLH]DSHZQLDGRVWDWHF]QHMLORĂFLNDSLWDïXNWöU\ PöJïE\]RVWDÊZ\NRU]\VWDQ\ZF]DVLHUHFHVML1LHNWöU]\SUöERZDOLGRZRG]LÊĝHGRW\FKF]DVRZHUH-JXODFMHVÈZ\VWDUF]DMÈFHLPRJÈ]OLNZLGRZDÊSURF\NOLF]QRĂÊ3U]\NïDGRZR+HLGSRVïXJXMÈF VLÚPRGHOHPPDNURHNRQRPLF]Q\PXZ]JOÚGQLDMÈF\PUHJXï\%D]\OHL,,EDGDïZ\PöJNDSLWDïRZ\ ] SHUVSHNW\Z\ PQLHM ZUDĝOLZHM QD U\]\NR %D]\OHL , 6SUöERZDï ]ZHU\ILNRZDÊ F]\ EDUG]LHM ZUDĝOLZH QD U\]\NR UHJXï\ %D]\OHL ,, SRZRGXMÈ ZLÚNV]È ]PLHQQRĂÊ NDSLWDïX EDQNöZ FR PR- ĝH]ZLÚNV]\ÊDPSOLWXGÚZDKDñZJRVSRGDUFHZW\PSRJïÚELÊUHFHVMH-HJR]GDQLHPMHĂOLW\O-NREDQNLEÚGÈPLDï\RGSRZLHGQLEXIRUNDSLWDïRZ\ļQDGZ\ĝNÚSRQDGPLQLPDOQ\Z\PDJDQ\ SR]LRPNDSLWDïX]SLHUZV]HJRILODUDļWRSUREOHP]PLHQQRĂFLGRVWÚSQHJRNDSLWDïXLSURF\NOLF]- QRĂFLPLQLPDOQHJRZ\PRJXNDSLWDïRZHJRQLHEÚG]LHLVWRWQ\&RZLÚFHMZVND]XMHĝHW\PGR-GDWNRZ\PEXIRUHPSRZLQLHQE\ÊNDSLWDïZ\QLNDMÈF\]GUXJLHJRILODUD1LHRGSRZLDGDMHGQDN MDNVNïRQLÊEDQNLGRXWU]\P\ZDQLDNDSLWDïXZHZQÚWU]QHJRQDZ\ĝV]\PSR]LRPLHQLĝNDSLWDï UHJXODF\MQ\JG\EDQNLGÈĝÈGR]PQLHMV]HQLDJRGRSR]LRPXSRUöZQ\ZDOQHJR]NDSLWDïHPUH-JXODF\MQ\PDQLMDNLHWRPRĝHPLHÊVNXWNL3RGREQ\VSRVöEUDG]HQLDVRELH]SURF\NOLF]QRĂFLÈ ZVND]\ZDï.RPLWHW%D]\OHMVNL $QDOL]XMÈFGODF]HJRSRV]F]HJöOQHHOHPHQW\%D]\OHL,,VÈSURF\NOLF]QHLQLHRJUDQLF]DMÈZRG-SRZLHGQLPPRPHQFLHQDGPLHUQHJRU\]\ND3HUVDXG]ZUöFLïXZDJÚQDMHV]F]HLQQÈNZHVWLÚ ļGRW\FKF]DVRZHSRGHMĂFLHGRUHJXODFMLLG]LDïDQLDQDG]RUFöZVÈ]E\WPLNURRVWURĝQRĂFLRZH&HQ- WUDOQ\PHOHPHQWHP%D]\OHLb,,MHVWPLQLPDOQ\Z\PöJNDSLWDïRZ\NWöUHJRFHOHPMHVW]LQWHUQDOL]R-ZDQLHNRV]WX]HZQÚWU]QHJRMDNLPPRĝHE\ÊNU\]\VZ\ZRïDQ\SU]H]UHJXORZDQHLQVW\WXFMH-DN PRJOLĂP\VLÚQLHGDZQRSU]HNRQDÊELHĝÈFHSRGHMĂFLHGRDGHNZDWQRĂFLNDSLWDïRZHMMHVWQLHZ\VWDU- F]DMÈFHERRSLHUDVLÚQD]DïRĝHQLXĝHFDï\V\VWHPEÚG]LHEH]SLHF]QLHMV]\MHĝHOL]DGEDVLÚREH]SLH- F]HñVWZRNDĝGHMSRMHG\QF]HMLQVW\WXFML-HGQDNZF]DVLHNU\]\VXWHSRMHG\QF]HEDQNLLLQQHSRG-PLRW\U\QNXILQDQVRZHJRFKFÈFVLÚ]DEH]SLHF]\ÊG]LDïDï\ïÈF]QLHZWDNLVSRVöENWöU\]DJUR]Lï FDïHPXV\VWHPRZL-HĂOLQSEDQNVSU]HGDVNïDGQLNDNW\ZöZSRVWU]HJDQ\MDNRU\]\NRZQ\WR]JRG-QLH]ELHĝÈF\PLUHJXODFMDPLGODQLHJREÚG]LHWRG]LDïDQLHSR]\W\ZQHDOHMHĝHOLWDNÈVDPÈGHF\]MÚ SRGHMPÈLQQHSRGPLRW\WRFHQDDNW\ZöZVSDGQLHQDNUÚFDMÈFVSLUDOÚSU]HFHQNRñF]ÈFÈVLÚXWUDWÈ _{ :HZU]HĂQLXUZ3ROVFHSRGREQLHMDNZLQQ\FKNUDMDFKRGQRWRZDQRVNRNRZ\VSDGHNDNW\ZQRĂFLEDQNöZ} QDU\QNXPLÚG]\EDQNRZ\P=GROQRĂÊGRSR]\VNDQLDğQDQVRZDQLDQDU\QNXPLÚG]\EDQNRZ\P]RVWDïD]QDF]QLH RJUDQLF]RQD]Z\MÈWNLHPQLHZLHONLFKNZRWQDNUöWNLHRNUHV\Z]ZLÈ]NX]F]\PZSRV]XNLZDQLXSï\QQRĂFLEDQNL RIHURZDï\SRVLDGDF]RPĂURGNöZZW\PGHSRQHQWRPGHWDOLF]Q\PFRUD]Z\ĝV]HVWDZNL]DORNDW\7R]DRVWU]HQLH NRQNXUHQFMLSRPLÚG]\NUDMRZ\PLEDQNDPLNWöUHSU]\F]\QLïRVLÚGRLVWRWQHJR]ZLÚNV]HQLDNRV]WöZSR]\VNLZDQLD GHSR]\WöZ]RVWDïR]DSDPLÚWDQHMDNRķZRMQDGHSR]\WRZDĵ8.1)DV _

:UFLÈJOHMHV]F]HGREUDV\WXDFMDJRVSRGDUF]DQLĝV]HEH]URERFLHLZ\ĝV]HZ\QDJURG]HQLD]ZLÚNV]\ï\RS-W\PL]P NRQVXPHQWöZ L SU]\F]\QLï\ VLÚ GR Z]URVWX SRS\WX QD NUHG\W\ JïöZQLH NRQVXPSF\MQH L KLSRWHF]QH %DQNLFKFÈFZ\NRU]\VWDÊ]ZLÚNV]RQ\SRS\WQDNUHG\WGODNOLHQWöZLQG\ZLGXDOQ\FKOLEHUDOL]RZDï\VZRMÈRIHUWÚ L XSUDV]F]Dï\ SURFHGXU\ XG]LHODQLD NUHG\WöZ D WDNĝH NRQNXURZDï\ PLÚG]\ VREÈ FHQÈ WHJR ğQDQVRZDQLD 7R ]D-RVWU]HQLHVLÚNRQNXUHQFMLQDU\QNXNUHG\WXRNUHĂODVLÚQLHNLHG\MDNRķZRMQÚNUHG\WRZÈĵ

Sï\QQRĂFL:LQQDMHVWWHPXZ\FHQDZHGïXJZDUWRĂFLU\QNRZHMDQJmark-to-marketVWRVRZDQD GRZ\FHQ\SR]\FMLZELODQVLHEDQNöZ=NROHL*RRGKDUWRSLVXMHSRGREQÈ]DOHĝQRĂÊGRW\-F]ÈFÈXG]LHODQLDNUHG\WöZZRNUHVLHSURVSHULW\-HĝHOLEDQNSURZDG]LEDUG]LHMDJUHV\ZQÈSROLW\NÚ VSU]HGDĝ\NUHG\WöZLZ\PDJDPQLHMV]\FK]DEH]SLHF]HñWRNOLHQFLVÈZVWDQLH]DFLÈJQÈÊZLÚFHM NUHG\WöZD]ZLÚNV]RQ\SRS\WZSï\ZDQDZ]URVWLFKFHQ\-HĝHOLEDQNQDEÚG]LHEDUG]LHMU\]\NRZ-QHDNW\ZDWRVSDGQLHZLHONRĂÊVSUHDGöZ_{LLFK]PLHQQRĂÊSU]H]FRWDNLHDNW\ZDVWDQÈVLÚPQLHM} U\]\NRZQH0LNURRVWURĝQRĂFLRZ\FKDUDNWHUUHJXODFMLZVHNWRU]HEDQNRZ\PR]QDF]DĝHDQDOL]X-MHVLÚW\ONRSRGDWQRĂÊSRMHG\QF]HJREDQNXQDHJ]RJHQLF]QHU\]\NRLJQRUXMÈFSRZLÈ]DQLD]UHV]WÈ V\VWHPXILQDQVRZHJR'RSLHURRVWDWQLNU\]\VILQDQVRZ\]ZUöFLïXZDJÚQDEUDNRGSRZLHGQLFKUH-JXODFMLPDNURRVWURĝQRĂFLRZ\FKXZ]JOÚGQLDMÈF\FKVWDELOQRĂÊFDïHJRV\VWHPX %LRUÈFSRGXZDJÚZV]\VWNLHZ\PLHQLRQHZDG\UHJXODFMLED]\OHMVNLFKSURZDG]ÈFHGRSURF\- NOLF]QRĂFLPRĝQDVLÚ]DVWDQDZLDÊF]\]RVWDï\RQHSUDZLGïRZR]DSURMHNWRZDQHQDHWDSLHX]JDG- QLDQLD1RZHM8PRZ\.DSLWDïRZHM1LHNWöU]\GRV]XNXMÈVLÚSU]\F]\QSUREOHPXZHZROXFMLV\VWH-PXEDQNRZHJR3U]\NïDGRZR%RULRSU]HDQDOL]RZDï]PLDQ\ZVHNWRU]HILQDQVRZ\PZFLÈJX RVWDWQLFKNLONXG]LHVLÚFLXODWLZ\UöĝQLïLQQRZDFMHNWöUHSU]\F]\QLï\VLÚGRMHJRQDMZLÚNV]HJRUR]-ZRMXDOHMHGQRF]HĂQLHVWDï\VLÚQDMZLÚNV]\P]DJURĝHQLHP=QDOD]ïRVLÚZĂUöGQLFKZ\RGUÚEQLHQLH VLÚG]LDïDOQRĂFLKDQGORZHM_{1DOHĝÈGRQLFKUöZQLHĝLQVWUXPHQW\SRFKRGQHNWöU\FKG]LDïDQLH} QLH]DZV]HMHVWMDVQHGODZV]\VWNLFKVWURQNRQWUDNWXRUD]VHNXU\W\]DFMD:\UöĝQLïUöZQLHĝNUHG\W MDNRSURGXNWPDVRZ\XG]LHODQ\]PQLHMV]ÈVWDUDQQRĂFLÈF]ÚVWRSU]H]SRĂUHGQLNöZILQDQVRZ\FK =ZUöFLïWDNĝHXZDJÚQD]QDF]Q\WUDQVIHUU\]\ND]VHNWRUDJRVSRGDUVWZGRPRZ\FKGRF]HJRSU]\- F]\QLï\VLÚPLQSURJUDP\U]ÈGRZH]PLHU]DMÈFHGR]ZLÚNV]HQLDSRVLDGDQLDQLHUXFKRPRĂFLPLHV]-NDOQ\FKSU]H]RE\ZDWHOL:DUWRĂÊ]DEH]SLHF]HñNUHG\WöZKLSRWHF]Q\FKZUDĝOLZDQDZDKDQLDFHQ QLHUXFKRPRĂFLķSU]HQLRVïDĵWHZDKDQLDGRELODQVöZEDQNöZ1DMHV]F]HLQQH]PLDQ\ZVHNWRU]H ILQDQVRZ\PNWöUH]ZLÚNV]\ï\SURF\NOLF]QRĂÊZVND]XMÈ*RRGKDUW+RIPDQQL6HJRYLDQR 2GSRZLHG]LDOQRĂFLÈ ]D SRQRV]HQLH ZLÚNV]HJR U\]\ND L ]ZLÚNV]HQLH GěZLJQL ILQDQVRZHM Z EDQ-NDFKFR]ZLÚNV]\ïRSURF\NOLF]QRĂÊREDUF]DMÈSRVWÚSXMÈFÈRGODWXELHJïHJRZLHNXGHUHJXODFMÚ VHNWRUDILQDQVRZHJR3RGREQHZQLRVNLZVWRVXQNXGRURVQÈFHMOLEHUDOL]DFMLG]LDïDOQRĂFLEDQNRZHM VIRUPXïRZDïD&DUOHWWL-HM]GDQLHPMHVWWRMHGHQ]F]\QQLNöZNWöU\]DRVWU]\ïNRQNXUHQFMÚ ZVHNWRU]HEDQNRZ\PLSU]\F]\QLïVLÚGRQRZHMIDOLQLHVWDELOQRĂFL=DRVWU]RQDZQDVWÚSVWZLHGH- UHJXODFMLNRQNXUHQFMDQDU\QNXSRZRGXMH]PQLHMV]HQLHPDUĝFR]DRVWU]DSUREOHPDJHQFMLSRPLÚ- G]\EDQNLHUDPLDGHSRQHQWDPLLZUH]XOWDFLHEDQNLSRGHMPXMÈMHV]F]HZLÚNV]HU\]\NR1LH]DOHĝ-QLHMHGQDNRGWHJRF]\SURF\NOLF]QRĂÊREHFQ\FKUHJXODFMLZ]DNUHVLHDGHNZDWQRĂFLNDSLWDïRZHM Z\QLND]EïÚGöZSRSHïQLRQ\FKSU]H]LFKWZöUFöZF]\VÈRQHZ\QLNLHP]PLDQGRNWöU\FKGRV]ïR ZRVWDWQLFKODWDFKZVHNWRU]HILQDQVRZ\PQDOHĝ\NRPSOHNVRZRSRGHMĂÊGRSURMHNWX]PLDQUHJX-ODFMLPDMÈF\FKUR]ZLÈ]DÊWHQSUREOHP _{ 7XWDMUöĝQLFDSRPLÚG]\NRV]WHPGHSR]\WöZDSU]\FKRGHP]NUHG\WöZ}

_{ 3U]H] G]LDïDOQRĂÊ KDQGORZÈ QDOHĝ\ UR]XPLHÊ Z\NRQ\ZDQLH SU]H] EDQN QD ZïDVQ\ UDFKXQHN RSHUDFML Z FHODFK}

KDQGORZ\FKWM]]DPLDUHPX]\VNDQLDNRU]\ĂFLğQDQVRZ\FKZNUöWNLFKRNUHVDFK]U]HF]\ZLVW\FKOXERF]HNLZD-Q\FKUöĝQLFPLÚG]\U\QNRZ\PLFHQDPL]DNXSXLVSU]HGDĝ\OXE]LQQ\FKRGFK\OHñFHQOXESDUDPHWUöZFHQRZ\FK ZV]F]HJöOQRĂFLVWöSSURFHQWRZ\FKNXUVöZZDOXWRZ\FKLQGHNVöZJLHïGRZ\FK.1)

3URSR]\FMHVHNWRUDLĂURGRZLVNDNDGHPLFNLFKZ]DNUHVLHUHIRUP

GRW\FKF]DVRZ\FKUHJXODFMLED]\OHMVNLFK

¥URGRZLVNDDNDGHPLFNLHZVZRLFKSURSR]\FMDFKUHIRUPUHJXODFMLZVHNWRU]HEDQNRZ\P]ZUDFDMÈ XZDJÚQDSU]HFLZG]LDïDQLHQDGXĝ\ZDQLXVLï\PRQRSROLVW\F]QHMRFKURQÚNOLHQWöZSU]HGDV\PH-WULÈLQIRUPDFMLF]\ïDJRG]HQLHQHJDW\ZQ\FKVNXWNöZF]\QQLNöZ]HZQÚWU]Q\FK:UR]ZDĝDQLDFK QDWHPDWSURF\NOLF]QRĂFLUHJXODFMLED]\OHMVNLFKVNXSLP\VLÚQDGZöFKRVWDWQLFK]DJDGQLHQLDFK =DV\PHWULÈLQIRUPDFMLVSRW\NDP\VLÚZUHODFMDFKEDQNöZ]NOLHQWDPLGHSRQHQWDPLQDE\Z-FDPL SURGXNWöZ ILQDQVRZ\FK Z W\P NUHG\WRELRUFDPL DNFMRQDULXV]DPL UöZQLHĝ SRWHQFMDOQ\- PLL]LQQ\PLEDQNDPLZW\PEDQNDPLQDG]RUFDPL:NDĝGHM]W\FKUHODFMLQDSRW\NDVLÚSUR-EOHPDJHQFMLL]ZLÈ]DQÈ]W\PSRNXVÚQDGXĝ\FLD3U]\NïDGRZRSRQLHZDĝEDQNRZF\QLHSRQRV]È EH]SRĂUHGQLRRGSRZLHG]LDOQRĂFL]DVNXWNLVZRLFKGHF\]MLQLHU\]\NXMÈZïDVQ\FKĂURGNöZF]ÚVWR SRGHMPXMÈ]E\WGXĝHU\]\NR]SXQNWXZLG]HQLDGHSRQHQWöZF]\LQZHVWRUöZ'HSRQHQFL]NROHL PDMÈRJUDQLF]RQHLQIRUPDFMH]MDNLPU\]\NLHPZLÈĝHVLÚSRZLHU]HQLHĂURGNöZGDQHMLQVW\WXFML MDNLHU\]\NRSRGHMPXMÈRVRE\ZQLHM]DWUXGQLRQHLQLHZ\FRIXMÈVZRLFKĂURGNöZ]GDQHJREDQ-NX.ZHVWLÚDV\PHWULLLQIRUPDFMLSRPLÚG]\EDQNLHPDNOLHQWHPSRUXV]\ïPLQ*RRGKDUW -HJR]GDQLHPNOLHQFLEDQNöZRGSRF]ÈWNXVÈZJRUV]\PSRïRĝHQLX%DQNPRĝHQDGXĝ\ZDÊVZR-MHMSU]HZDJLLQIRUPDF\MQHMNOLHQFLVÈERZLHPSU]HĂZLDGF]HQLĝHEDQNRZF\VÈSURIHVMRQDOLVWDPL L PDMÈ ZLÚNV]È ZLHG]Ú NWöUHM ]GRE\FLH NRV]WXMH L MHVW F]DVRFKïRQQH 2ERZLÈ]HN XMDZQLDQLD LQ-IRUPDFML]]DNUHVXDGHNZDWQRĂFLNDSLWDïRZHMW\ONRF]ÚĂFLRZRUR]ZLÈ]XMHWHQSUREOHPSRQLHZDĝ NOLHQFLSRWU]HEXMÈF]DVXLRGSRZLHGQLHMZLHG]\ĝHE\RGSRZLHGQLRMH]LQWHUSUHWRZDÊ:HIHNFLH DV\PHWULD LQIRUPDFML XPRĝOLZLD EDQNRP SRGHMPRZDQLH QDGPLHUQHJR U\]\ND 6WHSKDQRX  UR]ZDĝDPRĝOLZHXVSUDZQLHQLDZW\P]DNUHVLH6WZLHUG]DĝHFKRFLDĝG\VF\SOLQDU\QNRZDZUH- JXODFMDFKLQDG]RU]HPDNURRVWURĝQRĂFLRZ\PRGJU\ZDGRĂÊRJUDQLF]RQÈUROÚWRQDSR]LRPLHPL- NURRVWURĝQRĂFLRZ\PQDOHĝ\F]ÚĂFLHM]QLHMNRU]\VWDÊWDNE\U\QHNRWU]\P\ZDïMHV]F]HZLÚFHMLQ-IRUPDFMLGRSUDZLGïRZHMZ\FHQ\U\]\ND

.ROHMQ\P FHOHP LQJHURZDQLD Z G]LDïDQLH VHNWRUD ILQDQVRZHJR MHVW ïDJRG]HQLH QHJDW\ZQHJR ZSï\ZXF]\QQLNöZ]HZQÚWU]Q\FK3U]\NïDGRZRXSDGHNMHGQHJREDQNXQLHMHVWZLHONLPSUREOH-PHPMHĂOLSRZRGRZDQHW\PVWUDW\GRWNQÈW\ONRMHJRNOLHQWöZ1DMF]ÚĂFLHMMHGQDNPDWRSRZDĝQH VNXWNLGODFDïHJRVHNWRUDDF]ÚVWRWDNĝHGODJRVSRGDUNL3RGREQHJR]GDQLDMHVW*RRGKDUW 8ZDĝDRQĝHGRSöNLQHJDW\ZQHVNXWNLQLHSRZRG]HñEDQNöZSR]RVWDMÈLFKZHZQÚWU]QÈVSUDZÈ RUD]LFKSURIHVMRQDOQ\FKLQZHVWRUöZDNFMRQDULXV]\LWSGRSöW\UHJXODWRUQLHSRZLQLHQXVWDODÊ MDNZLHONLHU\]\NREDQNMHVWZVWDQLHSRGMÈÊDOERMDNSRZLQQRVLÚWRU\]\NRNZDQW\ILNRZDÊ7\P VDP\PZVND]XMHĝHSRWU]HEDUHJXODFMLLVWQLHMHW\ONRZRGQLHVLHQLXGRQHJDW\ZQ\FKHIHNWöZ]H-ZQÚWU]Q\FKLRFKURQ\QLHSURIHVMRQDOQ\FKNOLHQWöZ 'RSURF\NOLF]QRĂFLSU]\F]\QLDVLÚWDNĝHPLNURRVWURĝQRĂFLRZ\FKDUDNWHUUHJXODFMLZVHNWRU]H ILQDQVRZ\PLQDG]öUQDGQLP3LV]HRW\PPLQ*RRGKDUWb6WZLHUG]DĝHZSURZDG]DQRMH ZFHOXSRSUDZ\]DU]ÈG]DQLDSRMHG\QF]\PLLQVW\WXFMDPLLSUDZLH]DZV]HZ]ZLÈ]NX]Z\GDU]H-QLDPLNU\]\VRZ\PLDE\XQLNQÈÊLFKZSU]\V]ïRĂFL'RXVWDODQLDW\FKUHJXïF]ÚVWRGRFKRG]LïRZ GURG]HNRPSURPLVXRG]ZLHUFLHGODMÈFHJRLQWHUHV\QDG]RUFöZ]UöĝQ\FKNUDMöZLSU]HGVWDZLFLHOL VHNWRUDEDQNRZHJRZ%D]\OHMVNLP.RPLWHFLHGV1DG]RUX%DQNRZHJR7\PF]DVHPUHJXODFMHVHN-WRUDILQDQVRZHJRSRZLQQ\E\ÊEDUG]LHMPDNURRVWURĝQRĂFLRZHLXZ]JOÚGQLDÊUHDNFMHZV]\VWNLFK

SRGPLRWöZQDU\QNXDUHJXODWRU]\SRZLQQLVLÚVNXSLÊQDSU]HFLZG]LDïDQLXU\]\NXV\VWHPRZH-PX3RZLQQLSU]HFLZG]LDïDÊV\WXDFMLJG\QDVNXWHNïDJRG]HQLDZ\PDJDñSU]H]EDQNLQDGPLHUQLH URĂQLHSRGDĝNUHG\WXFRSRZRGXMHZ]URVWFHQ\DNW\ZöZVWDQRZLÈF\FKMHJR]DEH]SLHF]HQLH6NXWNL WDNLFKG]LDïDñEDQNöZVDPHZVRELHQLHVWDQRZLÈMHV]F]HQHJDW\ZQHJRF]\QQLND]HZQÚWU]QHJRNWö- U\PQDG]RUFDSRZLQLHQVLÚLQWHUHVRZDÊGRSöNLQLHGRFKRG]LGREDQNUXFWZLOLNZLGDFML1LHVWHW\VSR- ïHF]Q\NRV]WWDNLHJREDQNUXFWZD]UHJXï\MHVWEDUG]RGRWNOLZ\ZSU]\SDGNXGXĝ\FKEDQNöZPDMÈ-F\FKZLHOXSRĂUHGQLNöZILQDQVRZ\FKMDNQS/HKPDQ%URWKHUV:W\PSU]\SDGNXRZ\VRNRĂFLWHJR NRV]WXPRĝHP\ZQLRVNRZDÊQDSRGVWDZLHXFKZDORQHJRSöěQLHMDPHU\NDñVNLHJRSURJUDPXUDWRZDQLD KROGLQJöZILQDQVRZ\FKTraubled Asset Relief Program3URJUDPWHQPDUöZQLHĝ]ZLÈ]HN]SU]HNR-QDQLHPZLHOXU]ÈG]ÈF\FKĝHVÈQDU\QNXLQVW\WXFMHķ]E\WGXĝHE\SR]ZROLÊLPXSDĂÊĵDQJtoo big to fail1LHVWHW\VDPDĂZLDGRPRĂÊLQVW\WXFMLĝHMHVWWDNSRVWU]HJDQDSRZRGXMHSRNXVÚQDGXĝ\FLD 'RQHJDW\ZQ\FKF]\QQLNöZ]HZQÚWU]Q\FKQDOHĝ\UöZQLHĝVDPDSURF\NOLF]QRĂÊZ\PRJXND- SLWDïRZHJRNWöU\PDRJUDQLF]DÊQDGPLHUQHU\]\NRLFKURQLÊEDQNSU]HGQLHZ\SïDFDOQRĂFLÈMHG-QDNZVNDOLFDïHJRVHNWRUDPRĝHGRSURZDG]LÊGRNU\]\VXNUHG\WRZHJRDQJcredit crunchGUD-VW\F]QLHRJUDQLF]DMÈFHJRGRVWÚSGRILQDQVRZDQLDNUHG\WHPEDQNRZ\PLSRGQRV]ÈFHJRMHJRNRV]W :VNUDMQ\PSU]\SDGNXSURF\NOLF]QRĂÊPRĝHGRSURZDG]LÊGRQLHZ\SïDFDOQRĂFLDOERXSDGNXEDQ-NXFRSRFLÈJQLH]DVREÈZLHOHNRV]WöZWDNLFKMDNNRV]WSRPRF\SRV]NRGRZDQ\PNOLHQWRPNRV]W DNFMLUDWXQNRZHMGODLQVW\WXFMLPDMÈFHMWUXGQRĂFLGRNWöUHMXSDGNXQLHFKFHVLÚGRSXĂFLÊF]\NRV]W DOWHUQDW\ZQ\XWUDW\]DXIDQLDZVHNWRU]HILQDQVRZ\P *RRGKDUWVWZLHUG]LïĝHZSUDZG]LHSURF\NOLF]QRĂFLVSU]\MDU\QNRZDZ\FHQDDNW\ZöZ mark-to-marketMHGQDN]PLDQDPHWRG\Z\FHQ\ZFDOHQLHXVXQLHSUREOHPXLQDOHĝ\ZSURZDG]LÊ UR]ZLÈ]DQLDDQW\F\NOLF]QHGRUHJXODFMLPDNURRVWURĝQRĂFLRZ\FK7HJRVDPHJR]GDQLDVÈ*ULIILWK--RQHV2FDPSRL2UWL]3RQLHZDĝREHFQHUHJXODFMHVÈ]QDWXU\SURF\NOLF]QHQRZHSRZLQQ\ RSLHUDÊVLÚWUHQGRZLDQJleans against the windW]QZLHONRĂÊPLQLPDOQHJRZ\PRJXNDSLWDïRZH- JRSRZLQQDVLÚ]PLHQLDÊZ]DOHĝQRĂFLRGID]\F\NOXNRQLXQNWXUDOQHJRŘURVQÈÊZRNUHVDFKSUR-VSHULW\LPDOHÊZF]DVLHGHNRQLXQNWXU\'RSRGREQ\FKZQLRVNöZGRV]OL-RNLYXROOH.LHPDL9HVDOD QDSRGVWDZLHSRUöZQDQLDZ\PRJöZNDSLWDïRZ\FKZ%D]\OHL,L%D]\OHL,,

:QRZ\FKSURSR]\FMDFKED]\OHMVNLFK]QDOD]ïVLÚPHFKDQL]PWZRU]HQLDDQW\F\NOLF]QHJREXIRUD NDSLWDïRZHJRSRGREQ\GRVWRVRZDQHJRZ+LV]SDQLLPHFKDQL]PXG\QDPLF]QHJRWZRU]HQLDUH]HUZ DQJ dynamic provisioning 5R]ZLÈ]DQLH VWRVRZDQH Z +LV]SDQLL RSLHUD VLÚ MHGQDN QD LQIRUPD- FMDFKRVWUDWDFKNUHG\WRZ\FK]SRSU]HGQLFKRNUHVöZDWRQLHJZDUDQWXMHĝH]JURPDG]RQHUH]HU- Z\SRNU\MÈZV]\VWNLHVWUDW\NUHG\WRZHZF]DVLHGHNRQLXQNWXU\0HFKDQL]PWHQQLHXVWU]HJï+LV]-SDQLLSU]HGQDGPLHUQ\PZ]URVWHPNUHG\WöZ1DVNXWHNERRPXQDU\QNXQLHUXFKRPRĂFLZDUWRĂÊ ]DEH]SLHF]HñNUHG\WöZZ]URVïDSU]H]FRNRU]\ĂÊ]XG]LHOHQLDNUHG\WXSU]HZ\ĝV]\ïDNRV]WILQDQ- VRZDQLD]ZLÚNV]RQ\SU]H]PHFKDQL]PG\QDPLF]QLHWZRU]RQ\FKUH]HUZ'ODWHJR]GDQLHP*ULIILWK--RQHV2FDPSRL2UWL]DV\VWHPKLV]SDñVNLSRZLQLHQ]RVWDÊX]XSHïQLRQ\RJUDQLF]HQLDPL UHODFMLZLHONRĂFLSRĝ\F]NLGRZDUWRĂFL]DEH]SLHF]HQLDDQJloan to valueLUHJXïDPLGRVWRVRZ\-ZDQLDWHMZDUWRĂFL]DEH]SLHF]HQLDWDNĝHE\RG]ZLHUFLHGODïDGïXJRWHUPLQRZ\WUHQGU\QNRZ\DQLH ]DOHĝDïDRGID]\F\NOXZ\FHQLDQDmark-to-market-HGQDNQDZHWWDNLHUR]ZLÈ]DQLHQLHUR]ZLÈ]X-MHSUREOHPXSURF\NOLF]QRĂFLZ\QLNDMÈFHM]G]LDïDOQRĂFLKDQGORZHMSURZDG]RQHMSU]H]ZLÚNV]RĂÊ EDQNöZ$XWRU]\FLXZDĝDMÈĝHGODU\]\NDPDMÈFHJRVZHěUöGïDZNVLÚG]HKDQGORZHMQDOHĝDïRE\ VWZRU]\ÊRGUÚEQHUR]ZLÈ]DQLHDQW\F\NOLF]QH*ULIILWK-RQHV2FDPSRL2UWL]WZLHUG]ÈĝHQLHZ\-VWDUF]\]UHGXNRZDÊSURF\NOLF]QRĂÊREHFQ\FKUHJXODFMLEDQNRZ\FKDOHWU]HEDVWZRU]\ÊVSHFMDOQH DQW\F\NOLF]QHPHFKDQL]P\ZJRVSRGDUFHNWöUHSU]HFLZG]LDïDï\E\SURF\NOLF]QRĂFLQLH]DOHĝQLHRG

MHMěUöGïD3RVWXODWWHQPRJïDE\VSHïQLÊSURSR]\FMD.HQWDL'ij$UF\ijHJR1DSRGVWDZLHDQDOL]\ F\NOLNUHG\WRZ\FKZ$XVWUDOLLZFLÈJXSRQDGODWZ\ND]DOLĝH]DFKRZDQLHLQVW\WXFML]DOHĝ\RG MHMSHUFHSFMLU\]\NDDRNUHVQDGPLHUQHJRRSW\PL]PXPRĝHGRSURZDG]LÊGRSRJïÚELHQLDF\NOXNR-QLXQNWXUDOQHJR:]DU]ÈG]DQLXSRUWIHOHPNUHG\WöZPRĝQD]G\ZHUV\ILNRZDÊU\]\NRZ\QLNDMÈFH ]bQLHUHJXORZDQLD]RERZLÈ]DQLDSU]H]SRMHG\QF]HJRNUHG\WRELRUFÚMHGQDNV\VWHPILQDQVRZ\MDNR FDïRĂÊQLHMHVWZVWDQLHXQLNQÈÊU\]\NDZVNXWHNGHNRQLXQNWXU\ZJRVSRGDUFH'ODWHJRDXWRU]\FL SURSRQXMÈPRG\ILNDFMÚRVWURĝQRĂFLRZ\FKPLDUU\]\NDWDNE\XZ]JOÚGQLDï\DNWXDOQÈID]ÚF\NOX JRVSRGDUF]HJR5\]\NRĝHEDQNSRQLHVLHGXĝHVWUDW\NUHG\WRZHQDUDVWDZID]LHHNVSDQVMLNLHG\ VWRSDQLHVSïDFDQ\FKSRĝ\F]HNMHVWQLVNDD]\VNLZ\VRNLHLEDQNSRGFKRG]LGRU\]\ND]E\WRSW\-PLVW\F]QLH.LHG\JRVSRGDUNDSU]HMG]LHGRID]\GHNRQLXQNWXU\U\]\NRWR]DF]\QDVLÚUHDOL]RZDÊļ URĂQLHVWRSDQLHVSïDFDQ\FKNUHG\WöZ]ZLÚNV]DMÈVLÚUH]HUZ\LVSDGDMÈ]\VNLDEDQNSRGFKRG]LGR U\]\NDQDGPLHUQLHSHV\PLVW\F]QLH3URSR]\FMD.HQWDL'ij$UF\ijHJRSROHJDQDW\PĝHE\EDQNLNLH- UXMÈFVLÚZVZRLFKGHF\]MDFKEL]QHVRZ\FKVWRSÈ]ZURWX]NDSLWDïXVNRU\JRZDQÈRU\]\NRVWRVRZD-ï\]DPLDVWDNWXDOQHJRSR]LRPXU\]\NDZLHONRĂFL]ZDQHMSU]H]QLFKķU\]\NLHPUHDOL]RZDQ\PĵWM RGSRZLDGDMÈFHMRNUHVRZLUHFHVMLZJRVSRGDUFH0DWRSR]ZROLÊQDXQLNQLÚFLHQDGPLHUQHMDNXPX-ODFMLU\]\NDZV\VWHPLHILQDQVRZ\P3URSR]\FMDWDMHGQDNQLH]\VNDïDZLHOX]ZROHQQLNöZ&]ÚĂÊ SU]HGVWDZLFLHOL VHNWRUD EDQNRZHJR SRU $OIRQVL  WZLHUG]LïD ĝH PRG\ILNDFMH PLDU U\]\ND ZW\PDQW\F\NOLF]QH]PLDQ\SDUDPHWUöZPRGHOLXQLHPRĝOLZLÈNRU]\VWDQLH]QLFKZFRG]LHQQ\P ]DU]ÈG]DQLXU\]\NLHP

0RĝOLZHZDG\QRZ\FKSURSR]\FMLZ]DNUHVLHDGHNZDWQRĂFLNDSLWDïRZHM

-HGQH]SLHUZV]\FKGRNXPHQWöZNRQVXOWDF\MQ\FKGRW\F]ÈF\FK]PLDQZ1RZHM8PRZLH.DSLWD-ïRZHMRNUHĂORQ\FKPLDQHP%D]\OHD,,,OXE%DVHO,,,.RPLWHW%D]\OHMVNLRSXEOLNRZDïZJUXGQLX U%&%6EF5RNSöěQLHMSRNRQVXOWDFMDFKVSRïHF]Q\FKRUD]]DWZLHUG]HQLXNLHUXQ-NX]PLDQSU]H]SDñVWZD*RSXEOLNRZDQRWHNVWQRZ\FKUHJXODFML%&%6E_{5öZQROHJOH} Z8QLL(XURSHMVNLHMWUZDï\SUDFHQDGUHJXODFMDPLRNUHĂODQ\PLMDNR&5',,,L&5',92EHFQLHIL- QDOL]RZDQHVÈSUDFHQDG&5',9ZFHOXZ]PRFQLHQLDEH]SLHF]HñVWZDV\VWHPXILQDQVRZHJR]D-UöZQRQDSR]LRPLHFDïHJRV\VWHPXMDNLSRV]F]HJöOQ\FKSRGPLRWöZ1RZHUR]ZLÈ]DQLDZ&5' ZGXĝHMF]ÚĂFLVWDQRZLÈSU]HQLHVLHQLHQRZ\FKUHJXïED]\OHMVNLFKGRSUDZDXQLMQHJR6NïDGDMÈVLÚ QDQLHSURMHNW\GZöFKDNWöZSUDZQ\FK3DUODPHQWX(XURSHMVNLHJRL5DG\WMG\UHNW\Z\(XURSHDQ &RPPLVVLRQDQRZHOL]XMÈFHMLïÈF]ÈFHMZVRELHHOHPHQW\GRW\FKF]DVRZ\FKG\UHNW\ZVWDQR-ZLÈF\FK&5'3DUODPHQW(XURSHMVNLDERUD]UR]SRU]ÈG]HQLD(XURSHDQ&RPPLVVLRQ E]DZLHUDMÈFHJRZV]\VWNLHV]F]HJöïRZHSU]HSLV\NWöUHPDMÈE\ÊVWRVRZDQHZ8QLLZW\P SU]HSLV\ WHFKQLF]QH ] SRSU]HGQLFK G\UHNW\Z &5' 5R]SRU]ÈG]HQLH EÚG]LH EH]SRĂUHGQLR VWRVR- ZDQHZNUDMDFK8QLLFRPDVïXĝ\ÊXMHGQROLFHQLXSU]HSLVöZZHZV]\VWNLFKSDñVWZDFKF]ïRQNRZ-VNLFKVÈWHĝOLVW\UR]ZLÈ]DñQDURGRZ\FKRUD]]DSRELHFDUELWUDĝRZLUHJXODF\MQHPX0DNV\PDOQD KDUPRQL]DFMDPRĝHUöZQLHĝSRPöFZNRRUG\QDFMLG]LDïDñ]DSRELHJDMÈF\FKNU\]\VRZL:ĂUöGQR- Z\FKXUHJXORZDñZSURMHNFLH]QDOD]ï\VLÚPLQSU]HSLV\GRW\F]ÈFHPRĝOLZ\FKVDQNFMLRUD]EXIR-UD]DEH]SLHF]DMÈFHJRDQJcapital conservation bufferEXIRUDDQW\F\NOLF]QHJRDQJcountercyclical

_{-HV]F]HZF]HĂQLHMUR]SRF]ÚWRRSUDFRZ\ZDQLH]PLDQZ]DNUHVLHZ\PRJöZNDSLWDïRZ\FKGODU\]\NDU\QNRZHJRSRU}

cufferMDNUöZQLHĝGRSXV]F]DOQHMZLHONRĂFLGěZLJQLILQDQVRZHMDQJleverage ratioF]\OLWHVDPH UR]ZLÈ]DQLDFRZ%D]\OHLb,,,%&%6

-DN ZVSRPQLHOLĂP\ SUDNW\F]QLH MHG\Q\P UR]ZLÈ]DQLHP ĂFLĂOH DQW\F\NOLF]Q\P Xĝ\ZDQ\P ZF]DVLHRVWDWQLFK]DZLURZDñZVHNWRU]HEDQNRZ\PE\ïRZSURZDG]RQHZbUZ+LV]SDQLLG\-QDPLF]QHWZRU]HQLHUH]HUZVWDW\VW\F]Q\FKDQJdynamic provisioningZZ\QLNXNWöUHJRSRZVWDï SHZLHQEXIRUNDSLWDïRZ\SRU6DXULQD3RGREQHUR]ZLÈ]DQLH]QDOD]ïRVLÚZbUZĂUöG SURSR]\FML'UHKPDQQLLQ5R]ZLÈ]DQLHWDNLHSU]\MÈïGRGDOV]\FKSUDF.RPLWHW%D]\OHMVNL SRU%&%6D=DUöZQRZ%D]\OHL,,,MDNLZSURMHNFLH&5',9]QDOD]ïVLÚEXIRU]DEH]SLHF]DMÈF\ LEXIRUDQW\F\NOLF]Q\%XIRU]DEH]SLHF]DMÈF\VNïDGDVLÚ]F]ÚĂFLNDSLWDïXRNUHĂODQHJRMDNR&RPPRQ (TXLW\7LHU&(7F]\OLNDSLWDïXQDMZ\ĝV]HMMDNRĂFLLPDVïXĝ\ÊXPRFQLHQLXNDSLWDïRZHPXLQ-VW\WXFMLILQDQVRZHM-HJRZLHONRĂÊSRGREQLHMDNEXIRUDDQW\F\NOLF]QHJRRNUHĂODUHODFMDGRVWÚSQHJR NDSLWDïX&(7GRDNW\ZöZZDĝRQ\FKU\]\NLHPDMHMPLQLPDOQDGRSXV]F]DOQDZDUWRĂÊWR_ :LHONRĂÊEXIRUDDQW\F\NOLF]QHJRPRĝHVLÚZDKDÊRGGRïÈF]QLH]EXIRUHP]DEH]SLHF]D-MÈF\PPRĝHZ\QLHĂÊDZZ\MÈWNRZ\FKV\WXDFMDFKQDZQLRVHN(XURSHMVNLHM5DG\GVb5\]\ND 6\VWHPRZHJRQDZHWZLÚFHM']LÚNLWHPXZRNUHVDFKVSRZROQLHQLDEDQNLQLHEÚGÈPXVLDï\RJUD- QLF]DÊDNFMLNUHG\WRZHMFRZ\ZRïDïRE\VSLUDOÚEDQNUXFWZLGDOV]\VSDGHNNRQLXQNWXU\DZRNUH-VDFKSURVSHULW\EÚG]LHWRRJUDQLF]DÊQDGPLHUQHXG]LHODQLHNUHG\WöZV]HU]HMQDWHPDWEXIRUöZZ (XURSHDQ&RPPLVVLRQDVŘ6SRVREHPQD]ZLÚNV]HQLHSU]H]EDQNLRPDZLDQHMUHODFML NDSLWDïXGRDNW\ZöZPRĝHE\Ê]DWU]\PDQLH]\VNöZRUD]GRNDSLWDOL]RZDQLHOXE]PQLHMV]HQLHDN- W\ZöZZDĝRQ\FKU\]\NLHP:W\PRVWDWQLPSU]\SDGNXFKRG]LZLVWRFLHR]PQLHMV]HQLHSRQRV]R-QHJRU\]\NDNUHG\WRZHJR=JRGQLH]UHJXïDPLED]\OHMVNLPLLPEDUG]LHMU\]\NRZQDMHVWHNVSR]\FMD NUHG\WRZDW\PZ\ĝV]ÈZDJÚU\]\NDRWU]\PXMHMHMZDUWRĂÊELODQVRZDDOERHNZLZDOHQWELODQVRZ\ Z SU]\SDGNX ]RERZLÈ]Dñ SR]DELODQVRZ\FK Z NRQVHNZHQFML GOD WDNLHM VDPHM ZDUWRĂFL HNVSR- ]\FMLRWU]\PXMHP\Z\ĝV]ÈZDUWRĂÊDNW\ZöZZDĝRQ\FKU\]\NLHP&KFÈFREQLĝ\ÊZLHONRĂÊDNW\-ZöZZDĝRQ\FKU\]\NLHPEDQNPXVLDïE\XG]LHODÊNUHG\WöZRMDNQDMPQLHMV]HMZDG]HU\]\NDQS ZSU]\SDGNXNUHG\WöZGODU]ÈGöZLEDQNöZFHQWUDOQ\FKZ\QRVLRQDQDZHWOXEZ\SRZLDGDÊ QLHNWöUHXPRZ\NUHG\WRZHSRGZDUXQNLHPĝHNUHG\W\WH]RVWDQÈZFDïRĂFLVSïDFRQHZWHUPLQLH XVWDORQ\PZZ\SRZLHG]HQLX1DĝÈGDQLHZïDĂFLZ\FKZïDG]NDSLWDï&(7PRĝHE\ÊUöZQLHĝ]D-VLORQ\ĂURGNDPLX]\VNDQ\PLZZ\QLNXZVWU]\PDQLDZ\SïDWSUHPLLGODF]ïRQNöZNLHURZQLFWZD GHF\GXMÈF\FKRSRGHMPRZDQLXU\]\ND7DNLHUR]ZLÈ]DQLHMHVW]JRGQH]HVSHF\ILF]Q\PLUHJXODFMD-PL&5',,,UHPXQHUDWLRQSROLF\UHJXODWLRQ_ -HGQ\P]SRGVWDZRZ\FKF]\QQLNöZNWöUHPDMÈE\ÊEUDQHSRGXZDJÚSU]\WZRU]HQLXEXIRUD DQW\F\NOLF]QHJRMHVWW]ZRGFK\OHQLHUHODFMLNUHG\WXGR3.%credit to GDP gap1DOHĝ\SU]H]WR UR]XPLHÊRGFK\OHQLHUHODFMLZLHONRĂFLNUHG\WöZGODQLHILQDQVRZHJRVHNWRUDSU\ZDWQHJRZGDQ\P NZDUWDOHGR3.%ZGDQ\PNZDUWDOHRGMHMGïXJRRNUHVRZHJRWUHQGXX]\VNDQHJR]DSRPRFÈILOWUD +RGULFNDL3UHVFRWWDILOWU+3,PVLOQLHMV]HRGFK\OHQLHRGWUHQGXW\PZLÚNV]\MHVWEXIRUDĝGR RVLÈJQLÚFLDXVWDORQHJRPDNVLPXP.LHG\ZLHONRĂÊRGFK\OHQLDUHODFMLNUHG\WXGR3.%SRZUöFLGR SR]LRPXQLHSU]HNUDF]DMÈFHJRGïXJRRNUHVRZHJRWUHQGXOXEGRSXV]F]DOQHMGROQHMJUDQLF\RGFK\OH-QLDĂURGNL]EXIRUDPDMÈ]RVWDÊXZROQLRQHV]HU]HMZ%&%6F

_{ &(7  PXVL Z SLHUZV]HM NROHMQRĂFL SRNU\Ê GRW\FKF]DVRZH PLQLPDOQH Z\PRJL NDSLWDïRZH PLQ XWU]\PDÊ}

ZVSöïF]\QQLNDGHNZDWQRĂFLNDSLWDïRZHMQDSR]LRPLHLGRSLHURQDGZ\ĝNDSRQDGWHQSR]LRPPRĝHSRVïXĝ\ÊGR WZRU]HQLDEXIRUD]DEH]SLHF]DMÈFHJR

_

0HFKDQL]PUöĝQLFRZDQLDZLHONRĂFLZ\PRJXNDSLWDïRZHJRZ]DOHĝQRĂFLRGNRQLXQNWXU\E\ZD WHĝNU\W\NRZDQ\.DVK\DS5DMDQL6WHLQXZDĝDMÈĝHSU]\MÚFLHWDNLHJRUR]ZLÈ]DQLDEÚG]LH NïRSRWOLZHERXWU]\P\ZDQLHZLÚNV]HMLORĂFLNDSLWDïXZQRUPDOQHMV\WXDFML]NWöUÈPDP\GRF]\-QLHQLDF]ÚĂFLHMQLĝ]UHFHVMÈ]ZLÚNV]DRF]HNLZDQ\NRV]WILQDQVRZDQLDFRPDQHJDW\ZQ\ZSï\Z QDRJöOQ\SR]LRPDNW\ZQRĂFLEDQNöZXG]LHODQLHNUHG\WöZLJHQHUDOQLHDNW\ZQRĂÊJRVSRGDUF]È 8ZDĝDMÈWHĝĝHQLHUR]ZLÈ]XMHWRSUREOHPXSU\QF\SDïļDJHQW]NWöU\PPDP\GRF]\QLHQLDZUHOD- FMDFKPLÚG]\]DU]ÈG]DMÈF\PLEDQNDPLDLQZHVWRUDPL,QZHVWRU]\GDOHMEÚGÈĝÈGDÊZ\VRNLFKSUH-PLL]DNDSLWDïNWöUHJRGRVWDUF]DMÈEDQNRZLVWDOHREDZLDMÈFVLÚNRQVHNZHQFML]ïHJR]DU]ÈG]DQLD =GDQLHPZVSRPQLDQ\FKDXWRUöZOHSV]\PUR]ZLÈ]DQLHPMHVWXWZRU]HQLHZNUDMXRGUÚEQHJRIXQ- GXV]XZIRUPLHXEH]SLHF]HQLDQDUDWRZDQLHEDQNöZLSR]RVWDZLHQLHLPZ\ERUXF]\ZROÈNRU]\-VWDÊ]SRGQLHVLRQHJRZ\PRJXNDSLWDïRZHJR]DOHĝQHJRRGVWDQXNRQLXQNWXU\F]\]XEH]SLHF]HQLD :UR]ZLÈ]DQLXDQW\F\NOLF]Q\P%D]\OHL,,,L&5',9NU\W\NRZDQDMHVWUöZQLHĝVNXWHF]QRĂÊ VWRVRZDQLDZVNDěQLNDRGFK\OHQLDUHODFMLNUHG\WXGR3.%1LHSUDZLGïRZHZ\]QDF]HQLHZLHONRĂFL EXIRUDLPRPHQWXMHJRUR]ZLÈ]DQLDPRĝHVSRZRGRZDÊDOERVWUDWÚHNRQRPLF]QÈQLHSUDFXMÈF\ND-SLWDïDOERWRĝHEXIRUEÚG]LH]E\WPDï\1DNZHVWLÚRSW\PDOQRĂFL]DVWRVRZDQLDILOWUD+3]ZUöFLOL XZDJÚZWUDNFLHNRQVXOWDFMLWDNĝHQLHNWöU]\UHJXODWRU]\RUD]SU]HGVWDZLFLHOHVHNWRUDEDQNRZHJR 1DMZLÚFHMZÈWSOLZRĂFLEXG]LïRMHGQDNQLHVDPRQDU]ÚG]LHDOHZLHONRĂÊSDUDPHWUXZ\JïDG]DQLD ODPEGD3U]\NïDGRZR$OIRQVL]ZUöFLïXZDJÚQDZLHOHSUREOHPöZ]ZLÈ]DQ\FK]HZVNDěQL- NLHPVWRVRZDQ\PSU]\WZRU]HQLXEXIRUDZW\PSRGDïSU]\NïDG]ZLÈ]DQ\SRSUDZQRĂFLÈSDUDPH- WU\]DFMLILOWUDGODZ\EUDQHJRV]HUHJXF]DVRZHJRLUöĝQ\PLVNXWNDPLGODEXIRUDNDSLWDïRZHJR3U]H-DQDOL]RZDïNV]WDïWRZDQLHVLÚZVNDěQLNDRGFK\OHQLDUHODFMLNUHG\WXGR3.%ZSU]\SDGNX:ïRFK REOLF]RQHJRQDSRGVWDZLHGDQ\FKNZDUWDOQ\FK]ODWODWļ]DSRPRFÈILOWUD+3]SDUDPH-WUHPZ\JïDG]DMÈF\P_ƪ b]DF]HUSQLÚW\P]GRNXPHQWXNRQVXOWDF\MQHJR%DVHO&RPPLWWHH RQ%DQNLQJ6XSHUYLVLRQDLGODWHJRVDPHJRV]HUHJX]ƪ b6\JQDïGRUR]ZLÈ]DQLDEX-IRUDRND]DïVLÚEïÚGQ\-HJR]GDQLHPPHFKDQL]PSRZLQLHQE\ÊVNDOLEURZDQ\RGUÚEQLHGODNDĝGHJR NUDMXSRGRNLHPHNVSHUWöZDE\XQLNQÈÊJURPDG]HQLDOXEXZROQLHQLDĂURGNöZZQLHZïDĂFLZ\P PRPHQFLH5DG]LUöZQLHĝSRïÈF]HQLHWHJRZVNDěQLND]LQQ\PLQS]ZLHONRĂFLÈVSUHDGöZQDU\Q-NX-HV]F]HEDUG]LHMNU\W\F]QLHQDWHPDWPHWRG\WZRU]HQLDEXIRUDDQW\F\NOLF]QHJRZ\SRZLDGDMÈ VLÚ5HSXOORL6DXULQD'RZRG]ÈĝHSRVïXJLZDQLHVLÚZVNDěQLNLHPRGFK\OHQLDUHODFMLNUHG\-WXGR3.%ZSU]\SDGNXQLHNWöU\FKNUDMöZMHVWQLHZïDĂFLZHJG\ĝMHVWRQXMHPQLHVNRUHORZDQ\]H Z]URVWHP3.%:\QLNWDNLMHVWVSU]HF]Q\]FHOHPWZRU]HQLDEXIRUDDQW\F\NOLF]QHJRWMJURPDG]H- QLHPNDSLWDïXZF]DVDFKGREUHMNRQLXQNWXU\NWöU\PöJïE\]RVWDÊZ\NRU]\VWDQ\JG\ZDUXQNLJR-VSRGDUF]HVLÚSRJRUV]È=DPLDVWZVNDěQLNDRGFK\OHQLDUHODFMLNUHG\WXGR3.%SURSRQXMÈZVNDěQLN RSDUW\QDZ]URĂFLHNUHG\WX

1DOHĝ\ WDNĝH UR]ZDĝ\Ê F]\ WZRU]HQLH DQW\F\NOLF]QHJR EXIRUD NDSLWDïRZHJR SRZLQQR ]DOH- ĝHÊRGRNUHĂORQ\FKZLHONRĂFLHNRQRPLF]Q\FKF]\RGGHF\]MLMDNLHJRĂRUJDQXSDñVWZDOXELQVW\-WXFMLPLÚG]\QDURGRZHMQS.RPLVML(XURSHMVNLHM=GDQLHP*ULIILWK-RQHV2FDPSRL2UWL]D ZSU]\SDGNXGUXJLHJRUR]ZLÈ]DQLDUHJXODWRUEÚG]LHPXVLDïRNUHĂOLÊRSW\PDOQ\SR]LRPNDSLWDïX GODV\WXDFMLPDNURHNRQRPLF]QHMNUDMXL]SXQNWXZLG]HQLDPDNURRVWURĝQRĂFLRZHJR1LHE\ï\E\ SRWU]HEQHĝDGQH]PLDQ\OHJLVODF\MQHSRQLHZDĝ]JRGQLH]%D]\OHÈ,,ZGUXJLPILODU]HZ\PöJND-SLWDïRZ\PRĝHE\ÊZ\ĝV]\QLĝZ\QLNDMÈF\]SLHUZV]HJRILODUD&RZLÚFHMQDWDNLVSRVöEZDONL ] SURF\NOLF]QRĂFLÈ ZVND]\ZDï .RPLWHW (XURSHMVNLFK 1DG]RUFöZ %DQNRZ\FK &(%6  -HG-

QDNQDMLVWRWQLHMV]\MHVWSUREOHPQLH]DOHĝQRĂFLRFHQUHJXODWRUD3U]\NïDGRZR$OIRQVLZ\UD-ĝDREDZ\F]\GHF\GHQFLIDNW\F]QLHXZROQLÈĂURGNL]EXIRUDZRNUHVLHVSRZROQLHQLD:DG\WHMQLH PDSRGHMĂFLHZNWöU\PRWZRU]HQLXEXIRUDGHF\GXMHRNUHĂORQDUHJXïDSRGREQLHMDNZSU]\SDG-NXZSURZDG]RQHJRZ+LV]SDQLLPHFKDQL]PXG\QDPLF]QLHWZRU]RQ\FKUH]HUZ:REXV\WXDFMDFK QDMZLÚNV]\PZ\]ZDQLHPMHVWMHGQDNZ\EöUZVNDěQLNöZSRND]XMÈF\FKNLHG\PDE\ÊWZRU]RQ\ EXIRUDNLHG\ĂURGNL]WHJREXIRUDPRĝQDZ\NRU]\VWDÊ

%DUG]R ZDĝQÈ NZHVWLÈ MHVW REMÚFLH UHJXïDPL MDN QDMZLÚNV]HJR REV]DUX U\QNX ILQDQVRZHJR *ULIILWK-RQHV2FDPSRL2UWL]VÈ]GDQLDĝHGODXQLNQLÚFLDDUELWUDĝXUHJXODF\MQHJRUHJXOD- FMHDQW\F\NOLF]QHSRZLQQ\GRW\F]\ÊZV]\VWNLFKLQVW\WXFMLILQDQVRZ\FKEDQNöZIXQGXV]\KHG-JLQJRZ\FKLWSLQVWUXPHQWöZILQDQVRZ\FKNUHG\WRZ\FKDNFMLLQVWUXPHQWöZSRFKRGQ\FKLWS RUD]U\QNöZŘNUDMRZ\FKLPLÚG]\QDURGRZ\FK8ZDĝDMÈWDNĝHĝHUHJXODFMHDQW\F\NOLF]QHSRZLQ- Q\E\ÊZGUDĝDQHQDSR]LRPLHGDQHJRNUDMXLGRSDVRZDQHGRSU]HELHJXMHJRF\NOXNRQLXQNWXUDO-QHJR3RZLQQ\E\ÊMHGQDNVNRRUG\QRZDQHZVNDOLJOREDOQHM]HZ]JOÚGXQDPHFKDQL]P]DUDĝDQLD SU]H]NWöU\WUXGQRĂFLJRVSRGDUF]HPRJÈRGF]XÊQDZHWWHNUDMHZNWöU\FKQLHQDJURPDG]LïRVLÚ GXĝRU\]\NDV\VWHPRZHJR:SRZV]HFKQ\PLQWHUHVLHOHĝ\]DWHPE\LQQHNUDMHWDNĝHXQLNDï\QDG-PLHUQHMSURF\NOLF]QRĂFL*RRGKDUWbSU]HZLGXMHĝHQDG]RUF\]SRV]F]HJöOQ\FKNUDMöZPRJÈ VLÚZ]EUDQLDÊSU]HGZSURZDG]DQLHPQRZ\FKUHJXODFML]REDZ\LĝRVïDELÈRQHNRQNXUHQF\MQRĂÊ SRGPLRWöZ %D]\OHMVNDSURSR]\FMDDQW\F\NOLF]QDMDNNROZLHNVïXV]QDLPRĝOLZDGRZSURZDG]HQLDZRFH-QLHDXWRUDPRĝHZFDOHQLHUR]ZLÈ]DÊSUREOHPX]DPSOLILNRZDQ\FKF\NOLF]Q\FKZDKDñVWUXPLHQLD NUHG\WRZHJRF]\OLURVQÈF\FKEDQLHNQDU\QNXNUHG\WXZRNUHVLHSURVSHULW\RUD]ķVXV]\NUHG\WR-ZHMĵZRNUHVLHVSRZROQLHQLDDQJcredit draught lub credit crunch-DNERZLHPSRND]XMÈGRĂZLDG- F]HQLD]HVWRVRZDQLHPUHJXODFML%D]\OHL,DWDNĝH%D]\OHL,,Z\PöJNDSLWDïRZ\ZFDOHQLHRJUDQL-F]DSRQRV]RQHJRU\]\ND:\ĝV]HZ\PRJLVNïDQLDMÈERZLHPEDQNLGRV]XNDQLDPHWRGNRPSHQVDFML XWUDFRQ\FK]\VNöZLSU]H]WRVNïDQLDMÈMHGRSRQRV]HQLDMHV]F]HZLÚNV]HJRU\]\ND*G\RERZLÈ]\- ZDï\UHJXODFMH%D]\OHL,EDQNLSU]HQLRVï\]QDF]QÈF]HĂÊVZRMHMG]LDïDOQRĂFLSR]DELODQV:SU]\-SDGNX1RZHM8PRZ\.DSLWDïRZHMQDZLÚNV]ÈVNDOÚ]DDQJDĝRZDï\VLÚZVNRPSOLNRZDQHWUDQVDNFMH ]Z\NRU]\VWDQLHPLQVWUXPHQWöZSRFKRGQ\FKLF]ÚĂFLHMNRU]\VWDMÈ]VHNXU\W\]DFML5öZQLHĝDQW\- F\NOLF]QHUöĝQLFRZDQLHREFLÈĝHQLDNDSLWDïRZHJRZSRVWDFLG\QDPLF]QLHWZRU]RQ\FKUH]HUZVWDW\-VW\F]Q\FKQLH]DKDPRZDïRQDGPLHUQHJRZ]URVWXNUHG\WRZDQLDLQLHSRZVWU]\PDïRSöěQLHMV]\FK SUREOHPöZVHNWRUDEDQNRZHJRZ+LV]SDQLL3RND]XMHWRĝHSRMHG\QF]HUR]ZLÈ]DQLHDQW\F\NOLF]QH Z\ïÈF]QLHGODZ\PRJXNDSLWDïRZHJR]W\WXïXU\]\NDNUHG\WRZHJRQLH]DSRELHJQLHSURF\NOLF]QR- ĂFL1DOHĝ\ZSURZDG]LÊUR]ZLÈ]DQLDRJUDQLF]DMÈFHSURF\NOLF]QRĂÊUöZQLHĝZSR]RVWDï\FKREV]D-UDFKG]LDïDOQRĂFLEDQNRZHM +LV]SDñVNLHQDU]ÚG]LHDQW\F\NOLF]QHNRQFHQWURZDïRVLÚJïöZQLHQDU\]\NXNUHG\WRZ\PGODWH-JRGRNDONXODFMLZ\PRJX]W\WXïXU\]\NDU\QNRZHJRWMGODSR]\FMLQDOHĝÈF\FKGRNVLÚJLKDQGORZHM UHJXODWRU]\ZSURZDG]LOLRGUÚEQHUR]ZLÈ]DQLH'RW\FKF]DVRZÈPHWRG\NÚ9D5X]XSHïQLRQRRW]Z stressed 9D5F]\OLZDUWRĂÊ]DJURĝRQÈGODRNUHVXVSRZROQLHQLDZDUXQNLVNUDMQH8WU]\P\ZDQLH Z\PRJXNDSLWDïRZHJRRGSRZLDGDMÈFHJRZ\ĝV]HM]GZöFKZDUWRĂFL]DJURĝRQ\FKļ9D5OXEstressed 9D5ŘPDXPRĝOLZLÊSRNU\FLHQDZHWHNVWUHPDOQ\FKVWUDWNWöU\FKZĝDGHQVSRVöEQLHSRNU\ZDï\ ZDUWRĂFL9D5ZF]DVLHRVWDWQLHJRNU\]\VX&RZDĝQLHMV]HSRPRĝHWRUöZQLHĝRJUDQLF]\ÊSURF\NOLF]-QRĂÊPLQLPDOQHJRZ\PRJXNDSLWDïRZHJRGODU\]\NDU\QNRZHJR%&%6DV 3URSR]\FMHPRG\ILNDFMLUHJXïED]\OHMVNLFKGRW\F]ÈUöZQLHĝGRSXV]F]DOQHMZLHONRĂFLGěZLJQL ILQDQVRZHM(&E$UWLFOH:86$RJUDQLF]DQLHGěZLJQLILQDQVRZHMF]\OLUHODW\ZQHJR

]DGïXĝHQLDPDGïXJÈKLVWRULÚMHGQDNRGQRVLïRVLÚZ]DVDG]LHGRSR]\FMLZELODQVDFKEDQNöZNWö-re MHGQDNSU]HQRVLï\]QDF]QÈF]ÚĂÊU\]\NRZQ\FKWUDQVDNFMLSR]DELODQV0LPRWRZLHOXVSHFMDOL-VWöZZVND]\ZDïRQDNRQLHF]QRĂÊZSURZDG]HQLDWDNLHJRUR]ZLÈ]DQLDQLH]ZLÈ]DQHJR]U\]\NLHP VDP\FK DNW\ZöZ Z FHOX SUDZLGïRZHJR G]LDïDQLD Z\PRJX NDSLWDïRZHJR 1DOHĝ\ GR QLFK PLQ %OXPNWöU\EDGDïF]\RSUöF]Z\PRJXNDSLWDïRZHJR]%D]\OHL,,QLHSRZLQQR]RVWDÊZSUR-ZDG]RQHMDNRUR]ZLÈ]DQLHRVWURĝQRĂFLRZHWDNĝHRJUDQLF]HQLHGěZLJQLILQDQVRZHM:W\PFHOX SRVïXĝ\ïVLÚPRGHOHPZNWöU\PZ\VWÚSXMÈGZLHJUXS\EDQNöZEH]SLHF]QHR]QDQ\P]ZURFLH ]G]LDïDOQRĂFLLU\]\NRZQH]ORVRZ\P]ZURWHP]G]LDïDOQRĂFL3RQLHZDĝNRQVHNZHQFMHXSDGïRĂFL EDQNXSRQRVLFDïHVSRïHF]HñVWZRUHJXODWRUXVWDODZ\PöJNDSLWDïRZ\X]DOHĝQLRQ\RG]DGHNODUR-ZDQHJRSU]H]EDQNSR]LRPXU\]\ND-HGQDNex anteQLHMHVWZVWDQLHRNUHĂOLÊNWöU\EDQNMHVWU\]\-NRZQ\DNWöU\EH]SLHF]Q\LW\ONRF]DVDPLPRĝHWRXVWDOLÊex post=NROHLEDQNLVÈ]DLQWHUHVRZDQH XWU]\P\ZDQLHPZ\PRJXNDSLWDïRZHJRQDMDNQDMQLĝV]\PSR]LRPLHSRQLHZDĝMHJRILQDQVRZDQLH MHVWGURĝV]HRGNRV]WXGHSR]\WX3RREOLF]HQLXRF]HNLZDQHJR]\VNXGDQHJRURG]DMXEDQNXDXWRU Z\ND]DïĝHMHĂOLQDG]RUF\PDMÈRJUDQLF]RQHPRĝOLZRĂFLLGHQW\ILNRZDQLDLNDUDQLDEDQNöZXNU\-ZDMÈF\FKSUDZG]LZ\SR]LRPU\]\NDL]DQLĝDMÈF\FKZ\PöJNDSLWDïRZ\WRGRGDWNRZHRJUDQLF]HQLH ZSRVWDFLPDNV\PDOQHJRZVNDěQLNDGěZLJQLILQDQVRZHMPRĝHMHVNïRQLÊGRSUDZLGïRZHJRVSUD-ZR]GDZDQLDLXWU]\P\ZDQLDZ\PRJXNDSLWDïRZHJRQDZïDĂFLZ\PSR]LRPLH'RGDWNRZ\ZQLRVHN Sï\QÈF\]SRZ\ĝV]HMDQDOL]\MHVWWHĝWDNLĝHMHĂOLZLHONRĂÊZ\PRJXNDSLWDïRZHJR]RVWDQLHXVWDORQD QD]E\WZ\VRNLPSR]LRPLHWRGODEDQNöZRSïDFDOQHEÚG]LHRV]XNLZDQLHQDG]RUF\

3RWZLHUG]D WR NRQLHF]QRĂÊ ]DVWRVRZDQLD QDU]ÚG]L DQW\F\NOLF]Q\FK RGQRV]ÈF\FK VLÚ GR UöĝQ\FK DVSHNWöZG]LDïDOQRĂFLEDQNXDOHSRND]XMHWDNĝHĝHPXV]ÈRQH]RVWDÊRV]DFRZDQHïÈF]QLH7\ONRG]LÚNL WHPXPRĝOLZHEÚG]LHVWZRU]HQLHVSöMQHJRSDNLHWXUHJXODFMLRVWURĝQRĂFLRZ\FK]DZLHUDMÈFHJRUR]ZLÈ]D- QLDRJUDQLF]DMÈFHSURF\NOLF]QRĂÊQLHSRZRGXMÈFHJRSU]HQRV]HQLDU\]\ND]MHGQHJRREV]DUXG]LDïDOQR-ĂFLEDQNXGRLQQHJR0XVLP\UöZQLHĝSDPLÚWDÊRUöĝQRURGQ\FKSRZLÈ]DQLDFKLQVW\WXFMLWZRU]ÈF\FK VHNWRUILQDQVRZ\¿HE\RWU]\PDÊGRVWDWHF]QLHPDNURRVWURĝQRĂFLRZ\SDNLHWUHJXODFMLQDOHĝ\GRNRQDÊ ïÈF]QHJR RV]DFRZDQLD GOD FDïHJR VHNWRUD 3RMDZLD VLÚ ZÈWSOLZRĂÊ F]\ REHFQLH ZSURZDG]DQH UR]ZLÈ-]DQLD GRVWDWHF]QLH VSHïQLDMÈ NU\WHULD PDNURRVWURĝQRĂFLRZHJR SRGHMĂFLD GR QDG]RUX : 8QLL (XURSHM-VNLHMSUDFÚQDGPDNURQDG]RUHPUR]SRF]ÚWRRGSU]HNV]WDïFHQLDNRPLWHWöZQDG]RUFöZSRV]F]HJöOQ\FK VHNWRUöZILQDQVRZ\FKZIRUPDOQHRUJDQ\QDG]RUXSDQHXURSHMVNLHJRQS.RPLWHW(XURSHMVNLFK1DG-]RUFöZ %DQNRZ\FK SU]HNV]WDïFRQR Z (XURSHMVNL 8U]ÈG 1DG]RUX %DQNRZHJR 8WZRU]RQR UöZQLHĝ (XURSHMVNÈ 5DGÚ GVb 5\]\ND 6\VWHPRZHJR NWöUHM ]DGDQLHP MHVW ]DSRELHJDQLH U\]\NX V\VWHPRZHPX .ROHMQ\PNURNLHPMHVWXMHGQROLFDQLHSU]HSLVöZZFDïHM8QLLW]Zsingle rule book&KRFLDĝPDWR]D-SHZQLÊ OHSV]È NRRUG\QDFMÚ G]LDïDñ QDG]RUF]\FK V]F]HJöOQLH Z V\WXDFML NU\]\VRZHM LVWQLHMÈ REDZ\ ĝHXïDWZLSURZDG]HQLHG]LDïDOQRĂFLSU]H]PLÚG]\QDURGRZHJUXS\EDQNRZHLXWUXGQLVWRVRZDQLHSHZ-Q\FK SUDNW\N SU]H] QDG]RUFöZ :\GDMH VLÚ ĝH PLPR EDGDQLD ZSï\ZX SURMHNWRZDĝHXïDWZLSURZDG]HQLHG]LDïDOQRĂFLSU]H]PLÚG]\QDURGRZHJUXS\EDQNRZHLXWUXGQLVWRVRZDQLHSHZ-Q\FK UHJXODFML LFK WZöUF\QDGDOSRPLMDMÈPRĝOLZÈUHDNFMÚU\QNXMDNRFDïRĂFL:SUDZG]LHZQRZ\FKUHJXODFMDFK]QDOD-]ï\ VLÚ SHZQH UR]ZLÈ]DQLD DQW\F\NOLF]QH_{ MHGQDN ïÈF]QD NDOLEUDFMD W\FK ZV]\VWNLFK UR]ZLÈ]Dñ} SR-]RVWDZLD ZLHOH GR ĝ\F]HQLD 2VWDWHF]Q\ NV]WDïW QRZ\FK UHJXODFML RVLÈJDQ\ MHVW Z GURG]H NRPSURPL-VöZ RG]ZLHUFLHGODMÈF\FK LQWHUHV\ QDG]RUFöZ ] UöĝQ\FK NUDMöZ L SU]HGVWDZLFLHOL VHNWRUD EDQNRZHJR Z%D]\OHMVNLP.RPLWHFLHGV1DG]RUX%DQNRZHJRDZSU]\SDGNX&5',9Ř]SDñVWZ8QLL(XURSHMVNLHM

_{ 1S ]DFKÚW\ GR SU]HSURZDG]DQLD WUDQVDNFML 27& ]D SRĂUHGQLFWZHP FHQWUDOQHJR NRQWUDKHQWD DQJ FHQWUDO}

FRXQ- WHUSDUW\UHJXODFMDZ\QDJURG]HñGRSXV]F]DOQ\ZVNDěQLNOHZDURZDQLDZ\UöĝQLHQLHLQVW\WXFMLZDĝQ\FKV\VWHP-RZRGODNWöU\FKSU]HZLG]LDQRZLHOHGRGDWNRZ\FKZ\PDJDñPDMÈF\FK]DSHZQLÊLFKEH]SLHF]HñVWZRDSU]H]WR VWDELOQRĂÊQDU\QNX

3URSR]\FMHUR]V]HU]HQLDGRW\FKF]DVRZ\FKEDGDñQDGSURF\NOLF]QRĂFLÈ

3RPLPRVWDOHURVQÈFHMOLF]E\SXEOLNDFMLQDWHPDWRVWDWQLHJRNU\]\VXILQDQVRZHJRLSURF\NOLF]QR-ĂFLEUDNXMHPRQRJUDILLREHMPXMÈFHMZV]\VWNLHLQWHUHVXMÈFHDVSHNW\.RPLWHW%D]\OHMVNLGV1DG]RUX %DQNRZHJRSURSRQXMHPHWRGÚWZRU]HQLDEXIRUöZNDSLWDïRZ\FKZNWöUHMGHF\]MHRLFKWZRU]HQLX LZLHONRĂFLSRGHMPRZDï\E\XSUDZQLRQHRUJDQ\NUDMRZHQDSRGVWDZLH]HVWDZXZVNDěQLNöZPD- NURHNRQRPLF]Q\FKWDNLFKMDNRGFK\OHQLHUHODFMLNUHG\WXGR3.%F]\QLHNWöUHPLDU\]DJUHJRZD-Q\FKVWUDWNUHG\WRZ\FKSRU%&%6F'UHKPDQQLLQ3RGHMĂFLHWDNLHEÚG]LHSRGREQH MDNZSU]\SDGNXSROLW\NLSLHQLÚĝQHMJG]LHJUHPLXP]DMPXMÈFHVLÚWÈSROLW\NÈQDSRGVWDZLHUöĝ- Q\FKV\JQDïöZ]RWRF]HQLDSRGHMPXMHGHF\]MÚRZ\VRNRĂFLVWöSSURFHQWRZ\FKZSï\ZDMÈFQDJR-VSRGDUNÚSU]H]NDQDïNUHG\WRZ\*G\E\QDG]RUFDE\ïQLH]DOHĝQ\RGEDQNXFHQWUDOQHJRWRMHV]F]H VLOQLHMRGG]LDï\ZDïE\QDNDQDïNUHG\WRZ\QLH]DOHĝQLHRGZ\VRNRĂFLVWöSSURFHQWRZ\FK2]QDF]DÊ WREÚG]LH]ZLÚNV]HQLHZSï\ZXQDG]RUXEDQNRZHJRQDSROLW\NÚPRQHWDUQÈGDQHJRNUDMX1LH]EÚG- QDZWDNLPSU]\SDGNXZ\GDMHVLÚLQWHJUDFMDG]LDïDñWDNLHJRQDG]RUXEDQNRZHJRLZïDG]PRQH-WDUQ\FK3RGREQLHQDNZHVWLÚZVSöï]DOHĝQRĂFLPLÚG]\SROLW\NÈUHJXODF\MQÈLPRQHWDUQÈVSRMU]HOL %RULRL=KX3U]HDQDOL]RZDOLPHFKDQL]PWUDQVPLVMLPRQHWDUQHMLMHJRLQWHUDNFMH]UHJXOD-FMDPLGRW\F]ÈF\PLZ\PRJXNDSLWDïRZHJRZUD]]F\NODPLNRQLXQNWXUDOQ\PL,FK]GDQLHPGRWHM SRU\]E\WPDïRXZDJLSRĂZLÚFDQRZSï\ZRZLSROLW\NLPRQHWDUQHMQDSRVWU]HJDQLHLZ\FHQÚU\]\- NDSU]H]SRGPLRW\QDU\QNXILQDQVRZ\P8ZDĝDMÈRQLUöZQLHĝĝH]PLDQ\]DFKRG]ÈFHQDU\Q-NDFKILQDQVRZ\FKLUHJXODFMHRVWURĝQRĂFLRZHZREHFQ\PNV]WDïFLHPRJÈ]ZLÚNV]\ÊWHQZSï\Z DPRGHOHZ\NRU]\VW\ZDQHSU]H]ZïDG]HPRQHWDUQHEÚGÈMHV]F]HPQLHMHIHNW\ZQH:]ZLÈ]NX] SRZ\ĝV]\PDE\G]LDïDQLDRUJDQöZSURZDG]ÈF\FKSROLW\NÚPRQHWDUQÈLRGSRZLHG]LDOQ\FK]DUH-JXODFMHRVWURĝQRĂFLRZHPRJï\E\ÊVNRRUG\QRZDQHLRSW\PDOQH]SXQNWXZLG]HQLDZ]URVWX3.% EH]SLHF]HñVWZDVHNWRUDEDQNRZHJRLNOLHQWöZEDQNöZQDOHĝ\VWZRU]\ÊPRGHOUöZQRZDJLRJöO- QHMGODJRVSRGDUNLXZ]JOÚGQLDMÈF\]MDZLVND]VHNWRUDEDQNRZHJR1DOHĝDïRE\ZQLPSU]HDQDOL]R-ZDÊïÈF]Q\ZSï\ZUöĝQ\FKUR]ZLÈ]DñDQW\F\NOLF]Q\FKZUHJXODFMDFKEDQNRZ\FKQD]DFKRZDQLD EDQNöZLb]DSURSRQRZDÊUR]ZLÈ]DQLHNWöUHXZ]JOÚGQLPRĝOLZÈUHDNFMÚJRVSRGDUNL8PRĝOLZLïRE\ WRRSUDFRZDQLHSDNLHWXUHJXODFMLRVWURĝQRĂFLRZ\FKZVSRVöERJUDQLF]DMÈF\SURF\NOLF]QRĂÊ3R-]ZROLïRE\UöZQLHĝ]EDGDÊMDNQRZHREFLÈĝHQLD]RVWDQÈSU]HQLHVLRQHQDNOLHQWöZEDQNöZLMDNWR ZSï\QLHQDRVWDWHF]Q\SR]LRPGREURE\WX6WDQRZLïRE\WRSUDZG]LZHPDNURRVWURĝQRĂFLRZHSRGHM- ĂFLHGRUHJXODFML:EDGDQLXWDNLPPöJïE\]RVWDÊZ\NRU]\VWDQ\G\QDPLF]Q\VWRFKDVW\F]Q\PR- GHOUöZQRZDJLRJöOQHM'6*(ïÈF]ÈF\VHNWRUILQDQVRZ\]VHNWRUHPJRVSRGDUNLUHDOQHMXZ]JOÚG-QLDMÈF\UöZQRZDJÚRJöOQÈU\QNXNUHG\WRZHJRLRVWURĝQRĂFLRZHUHJXODFMHEDQNRZH'RW\FKF]DV VSRW\NDQH Z OLWHUDWXU]H PRGHOH '6*( XZ]JOÚGQLDMÈFH Z\VWÚSRZDQLH UHJXODFML Z ]DNUHVLH DGH-NZDWQRĂFLNDSLWDïRZHMVÈF]ÚVWR]E\WXSURV]F]RQHLQLHREHMPXMÈZV]\VWNLFK]DOHĝQRĂFLZDĝQ\FK ]SXQNWXZLG]HQLDDQW\F\NOLF]Q\FKUR]ZLÈ]DñUHJXODF\MQ\FK3U]\NïDGRZR&RYDVL)XMLWD SRVïXJXMÈFVLÚPRGHOHP'6*(GR]EDGDQLD]DOHĝQRĂFLSRPLÚG]\ZLHONRĂFLÈZ\PRJXNDSLWDïRZHJR DF\NOHPNRQLXQNWXUDOQ\PVNXSLOLVLÚQDSUREOHPLHDJHQFMLZILQDQVRZDQLXSURGXNFMLNUHG\WHP EDQNRZ\Pļ]MHGQHMVWURQ\Z\VWÚSXMHSRNXVDQDGXĝ\FLDXSU]HGVLÚELRUF\D]GUXJLHMŘSRWU]H- ED]DSHZQLHQLDSï\QQRĂFLSU]H]EDQN3RGREQLHSRVWÈSLOL+ROPVWURPL7LUROHMHGQDNZ\-NRU]\VWDOLWDNĝHRJUDQLF]HQLHZSRVWDFLX]DOHĝQLHQLDZ\PRJXNDSLWDïRZHJRRGVWDQXJRVSRGDUNL ]PQLHMV]RQ\Z\PöJZVWDQLHUHFHVML]ZLÚNV]RQ\ZVWDQLHQLHUHFHVMLVWDQRZLÈFHSRWHQFMDOQHPD-NURRVWURĝQRĂFLRZHUR]ZLÈ]DQLHDQW\F\NOLF]QH3RUöZQDQLHLFKSRGHMĂFLD]PRGHOHPUöZQRZDJL