Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)

!"#$%%&'(%)"$%**(%)"+,-.,/%0&0'%

It#is-!""#1%$%&'(%)*+,-,p-!""#1%$%&'(%.*/#

!0""1,234,%$'%.74

2783

!""#$%&&'()*(+,&-.*/0122&)3$$+*45)--*6127

This%work%is%licensed%under%an%Attribution-ShareAlike%4.0%International%(CC%BY-SA%4.0)

Does%Social%Capital%Affect%SME’s%Performance?,

"23,456783,42595:;5231<,!;5,=7635:>32<,=7?7@,13?5:>A3,

56"7"-869%37:%;<987,99%=36<#>?(%@78+,/98>39%;/3A8B3?3(%C7:"7,9831,2%

5-38#1%D3#<D8E<.$36$8:%

BCDEA2;?,

FG"H1FIH,

!"#$%&!'()*+&,*-).*+%&/012'13*4(0&

!"#$%&5#6&,+*$$)2)(*.)'47,

The$ performance$ of$ SMEs$ is$ a$ major$ concern$ for$ strengthening$

businesses$ to$ survive$ in$ dynamic$ market$ conditions.$ Often,$ these$

enterprises$cannot$fund$risky$assets$due$to$limited$support$sources.$

Tangible$ and$ intangible$ resources$ can$ undoubtedly$ enhance$ the$

profitability$ of$ SME$ businesses.$ Encouraging$ SMEs$ to$ recognize$

alternative$opportunities$is$crucial$for$their$survival$in$the$market.$

This$ study$ contributes$ theoretically$ by$ examining$ the$ role$ of$

intangible$ (non-financial)$ resources,$ such$ as$ social$ capital,$ given$

the$ unique$ typology$ of$ SMEs.$ Despite$ receiving$ relatively$ little$

attention,$ this$ aspect$ can$ provide$ a$ competitive$ advantage.$ The$

study$ utilized$ qualitative$ methods,$ with$ a$ systematic$ literature$

review$ (SLR)$ chosen$ to$ address$ the$ research$ questions.$ The$ study$

results$indicate$ that$ social$ capital$ plays$ a$ significant$ role$ in$

business$ success.$ Businesses$ with$ strong$ social$ capital,$ including$

networks,$ norms,$ and$ trust,$ exhibit$ resilience$ and$ can$ be$ passed$

down$from$generation$ to$ generation,$supporting$ the$ performance$

of$ SMEs.$ Evaluating$ the$ performance$ of$ SMEs$ solely$ in$ terms$ of$

financial$ capital$ is$ not$ appropriate,$ as$ these$ businesses$ typically$

operate$ on$ a$ minimal$ scale,$ limiting$ the$ availability$ of$ financial$

reports.$

INTRODUCTION)

F-3##% 37:% -,:8<-G98H,:% ,7>,/D/89,9% IFJ59K% 3/,% 9>/3>,486% 9,6>"/9% 87% >L,% 73>8"73#% ,6"7"-?%

AL86L%637%3.9"/.%L84L%#3."</%#,+,#9%37:%/,:<6,%D"+,/>?$%C7%3::8>8"7(%8>%89%<9,:%39%3%9>37:3/:%"M%#8+874%

37:%8-D/"+874%>L,% N<3#8>?%"M%A,#M3/,% 87%:,+,#"D874%6"<7>/8,9$% O,+,#"D874%6"<7>/8,9%9<6L%39% !8,>73-%

37:%C7:"7,983% 3/,%M"<7:%87% >L,% FJ5%9,6>"/%I:"-8737>K% .,63<9,%>L,?% 637%,-D#"?%3>%#,39>%PQR%"M%>L,%

A"/SM"/6,%IT"/#:%;37S(%0&*UK$%J"/,%37:%-"/,%FJ59%3DD,3/%>"%9>/,74>L,7%>L,%,6"7"-?%.,63<9,%#"63#%

/,9"</6,9% 37:% M87376874% 637% .,% "D>8-3##?% 3.9"/.,:(% 9"% >L,?% :,9,/+,%>"% .,% 9<DD"/>,:% .?% >L,%

4"+,/7-,7>$% V84L% 37:% ,MM868,7>% D/":<6>8+8>?% 637% 876/,39,% 73>8"73#% "<>D<>%4/"A>L$% WL,% 6L3##,74,% >"%

/,-387% "D,/3>8"73#% 37:% 9<9>3873.#,% 89% 7,,:,:% >"% 9>3?% 3M#"3>% 87% >L,% -3/S,>%:<,%>"%876/,39874#?%L84L%

6"-D,>8>8+,7,99$%X.9>36#,9%-<9>%.,%-"/,%N<86S#?%"+,/6"-,%>"% -3S,% 8>% ,398,/%M"/% >L,-% 87% >L,% M<></,$%

5//"/9% 87% /,9"</6,% 3##"63>8"7% 3-"74% FJ59% "66</(% ,9D,683##?% 87% >L,%6"7>,Y>% "M% :,+,#"D874% 6"<7>/8,9%

I)4<?,7% Z% )4<?,7(% 0&*PK$% 5MM"/>9% M"/% FJ59% >"% 9</+8+,% 37:%36L8,+,% 6"-D,>8>8+,% 3:+37>34,% L3+,%

.,6"-,% 3% 98478M8637>% 6"76,/7% 87% >L,% ,6"7"-86% :,+,#"D-,7>% "M%6"<7>/8,9%A"/#:A8:,$% C7%:,+,#"D874%

6"<7>/8,9(%FJ59%L3+,%.,,7%366,D>,:%39%3%D8##3/%"M%,6"7"-86%4/"A>L$%

[,9"</6,9%3/,%,99,7>83#$% V"A,+,/(% 3% D/":<6>8+,%,7>,/D/89,%:,D,7:9%"7%L"A%/,9"</6,9%3/,%

:,D#"?,:$%WL/,,%"M%M8+,%.<987,99,9%M38#%87%>L,%M8/9>%>L/,,%?,3/9%"M%"D,/3>8"7%IJ."4"(%0&**K$%\"-D3/,:%>"%

#3/4,%6"-D378,9(%FJ59%3/,%6"798:,/,:%6"-D378,9%A8>L%#8-8>,:%/,9"</6,9(%9"%>L,?%3/,%#,99%#8S,#?%>"%>3S,%

3:+37>34,%"M%"DD"/><78>8,9%87%M"/,847%-3/S,>9%I87>,/73>8"73#%-3/S,>9K%I]<%Z%;,3-89L(%0&&*%87%539-"7%

,>%3#$(%I0&*PK$%C7%3::8>8"7(%:"-,9>86%D/,99</,%"7%87>,/G6"-D37?%.<987,99%6"-D,>8>8+,7,99%6L3##,74,9%>L,%

FJ59%9,6>"/$%WL,/,M"/,(%>L,%D/".#,-%"M%/,9"</6,9%89%3%98478M8637>%3/,3%>L3>%7,,:9%>"%.,%.,>>,/%+89<3#89,:%

M"/%>L,%FJ59%9,6>"/$%WL,%D,/M"/-376,%"M%FJ59%>L,7%.,6"-,9% 3% -,39</,% "M% >L,% 9<66,99% "M% >L,%

.<987,99% .,874% /<7$% ]"A% D,/M"/-376,% 89% 3% /,9<#>% "M% 6"79>/387>9% "7%M87376,(%-3/S,>9(%3DD/"D/83>,%

!:2C2:5>3A:56,0A72:56,A@,"AJ356,"C2K3JC,5:;,1C?C52JL%% L>>D91^^8B99/$/8:A37879>8><>,$6"$8:^%

!0""1,234,%2784%

>,6L7"#"4?(%/,4<#3>8"79(%A,3S%879>8><>8"79(%-3734,-,7>(%37:%87M"/-3>8"7%9S8##9%IO<% ,>% 3#$(% 0&*Q_%

="/7"78% ,>% 3#$(% 0&*0_% V"74?<7% ,>% 3#$(% 0&*P_% !3#,7>873% `:#,a8b% Z% F#3+,6(% 0&*0K$%J37?% 3/,% M"<7:% 87%

87:<9>/83#%,7+8/"7-,7>9%>L3>%"D,/3>,%87,MM868,7>#?$%5MM868,76?%637%.,%/,#3>,:%>"%M8737683#%39D,6>9%"/%>L,%

<>8#893>8"7%"M%DL?9863#%399,>9%I>3748.#,K(% AL86L%98478M8637>#?%3MM,6>%>L,%6"-D37?c9%D,/M"/-376,%

IV39937SL378%O"#3>3.3:8%Z%;<:879S3(%0&0*K$%

WL,% /84L>% /,9"</6,9% 637% .,% <>8#89,:%>"% 36L8,+,% 3% 6"-D,>8>8+,% 37:% 9<9>3873.#,% 3:+37>34,%37:%

6#3998M8,:%87>"%>3748.#,%37:%87>3748.#,%/,9"</6,9$%W3748.#,%399,>9%3/,%37%"/437893>8"7d9%#8N<8:%37:%M8Y,:%

399,>9% 37:% 3/,% #"74G>,/-% 87% 73></,(% 9<6L% 39% D#37>(% ,N<8D-,7>(% #37:(% :3>3.39,9(% 37:%M87376,$% !3#<3.#,%

/,9"</6,9(%/,D<>3>8"7(%877"+3>8"7(%6/,3>8+8>?(%37:%878-8>3.8#8>?%637%63D></,%>L,%+3#<,%>L3>%A8##%9<9>387%3%

6"-D,>8>8+,%3:+37>34,%I\3"%,>%3#$(%0&*e_%O,99%,>%3#$(%0&*eK$%WL89%876#<:,9%87>3748.#,%399,>9$%J,37AL8#,(%

9"683#%63D8>3#%89%,99,7>83#%>"%876/,39,%>L,%6"-D37?c9%/,></7%37:%6"-D,>8>8+,%3:+37>34,$% F"683#% >8,9% 37:%

/,#3>8"79L8D9%.,>A,,7%6"-D378,9%3/,%3%+8>3#%D3/>%"M%9"683#%63D8>3#$%FJ59%637%<9,%9"683#%63D8>3#%>"%".>387%

7,,:,:%"/%3::8>8"73#%M<7:9%IM<7:874K$%F"683#%63D8>3#%9L"<#:%7">%.,%/<#,:%"<>(%,9D,683##?%8M%>L,%6"<7>/?%89%

6#"9,#?%/,#3>,:%>"%6<#></,%37:%6<9>"-9$%

WL,% #8>,/3></,% 34/,,9%>L3>% >L,% -387% D/".#,-% 3MM,6>874% FJ59c% .<987,99% "D,/3>8"79% 89%>L,%

<>8#893>8"7%37:% 3##"63>8"7% "M% /,9"</6,9% 37:% >L,% .<987,99% "A7,/c9% .<987,99% 3.8#8>?$% C7% >L,8/% /,9,3/6L(%

f</783>8% ,>% 3#% I0&*PK(% .<987,99% 963#,(% -3/S,>% 366,99(% 37:% M87376,% 3MM,6>% >L,% 6"-D,>8>8+,7,99% "M%.3>8S%

FJ59%87%C7:"7,983$%`#8%,>%3#$c9%/,9,3/6L%I0&*gK%/,+,3#9%>L3>%,7>/,D/,7,</83#%S7"A#,:4,%"M%366"<7>874(%

639L%-3734,-,7>%37:%.<:4,>874%9S8##9%637%L,#D%.<987,99,9%9</+8+,%87%>L,%-3/S,>$%WL,%D"98>8+,%,MM,6>%89%

>L3>% M8737683#% /,9"</6,9% 637%:/8+,% 877"+3>8"7% D,/M"/-376,% 876/,-,7>3##?% 87%FJ59%IT"96LS,% ,>% 3#$(%

0&*hK$%WL,%">L,/%98:,%>L3>%:896<99,9%87>3748.#,%/,9"</6,9%89%/,#3>8+,#?%9-3##$%WL,%7,,:%M"/%-"/,%3>>,7>8"7%

>"%87>3748.#,%/,9"</6,9%L39%D/"-D>,:%/,9,3/6L,/9%>"%/,3#89,%>L,8/%8-D"/>376,$%C>%89%D/"+,7%>L3>%

87>3748.#,%/,9"</6,9%6"7>/8.<>,%>"%6"-D37?%D,/M"/-376,%6"-D3/,:%>"%>3748.#,%/,9"</6,9%IO,#%i8<:86,%

,>%3#$(%0&*h_%i"-,9%,>%3#$(%0&*'K$%`#>L"<4L%>L,/,%3/,%-37?%.,7,M8>9%M/"-%>L,%9"683#%>8,9%>L3>%,Y89>%3>%>L,%

6"/D"/3>,%#,+,#(%8>%L39%#8>>#,%,MM,6>%"7%.<987,99%/,9<#>9$%[":/84<,H%,>%3#$%I0&*QK%D/"+,%>L3>%>L,%.,7,M8>9%"M%

9"683#%7,>A"/S%/,9"</6,9%8-D36>%>L,%6"-D37?c9%93#,9%D,/M"/-376,$%F"683#%63D8>3#%89%6#"9,#?%/,#3>,:%>"%

9"683#%7,>A"/S9(%9"%8>%637%.,%<9,:%39%3%/,M,/,76,%>"%8-D/"+,%FJ5%.<987,99%D,/M"/-376,$%WL,%-3Y8-<-%

<>8#893>8"7%"M%9"683#%63D8>3#%7,,:9%>"%D3?%3>>,7>8"7%>"%>L,%6"-D37?c9%34,(%87:<9>/?(%37:%>L,%879>8><>8"73#%

6"7>,Y>%87%AL86L%8>%"D,/3>,9%IF>3-%,>%3#$(%0&*eK$%

\<//,7>#?(% >L,% #8>,/3></,% 9><:?% :896<99,9%>L,% 39D,6>9% "M% 87>3748.#,% /,9"</6,9%/3>L,/% >L37%

>3748.#,% /,9"</6,9$% WL,% D,/9D,6>8+,% >L3>% D/":<6>8"7% M36>"/9% 3/,% 4"":9% 89%"M>,7% <9,:% >"% -,39</,%>L,%

6"-D37?c9%9<66,99$%J"/,"+,/(%>L,%36L8,+,-,7>9%"M% 3% 9-3##%6"-D378,9%9<6L%39%FJ59%3/,%"M>,7%

:"6<-,7>,:%A8>L%>3748.#,%399,>9$%C7%3::8>8"7(%>L,% ,39,%"M%M<7:874%M/"-%M8737683#%879>8><>8"79%M"/%

,YD3798"7% "/% .<987,99% :,+,#"D-,7>% M"/% FJ59% 89%-"/,% 4<3/37>,,:% .?% >3748.#,% 399,>9$% C7%>L,%D/"6,99(%

D,/M"/-376,%8-D/"+,-,7>%89%9<DD"/>,:% .?% >3748.#,% /,9"</6,9(% 37:%87>3748.#,% /,9"</6,9% 9<DD"/>%

9<9>3873.8#8>?$% WL89% 9><:?% 38-9%>"% ,Y3-87,% 87>3748.#,% /,9"</6,9(%,9D,683##?% 9"683#% 63D8>3#(% "7%

D,/M"/-376,% 87% >L,% FJ59% 9,6>"/$% WL,/,M"/,(% >L89% /,9,3/6L% 89% ,99,7>83#%>"%8:,7>8M?% 7">% "7#?% "7,% "M% >L,%

M8737683#% /,9"</6,9% I>3748.#,K% .<>% 3#9"% 7"7GM8737683#% I87>3748.#,K%39D,6>9(% 9<6L%39% 9"683#%63D8>3#(% >"%

876/,39,%363:,-86%37:%87:<9>/83#%S7"A#,:4,$%

FJ59% .,#"74% >"% 3% L,>,/"4,7,"<9% .<987,99(% M/"-% L"-,% 3/>89379%>"% L84LG>,6L% 9"M>A3/,%

6"-D378,9$% T8>L87% >L,% 6"-D37?c9% 87>,/73#% 96"D,(% "7,% "/% >A"% D,"D#,% -3S,%6/8>863#%-3734,-,7>%

:,6898"79%9<6L%39%M87376,(%D</6L39874(%D/":<6>8"7(%-387>,7376,(%37:%-3/S,>874$%C>%89%,398,/%>"%

<7:,/9>37:%FJ59%87% 3% N<37>8>3>8+,%9,79,$%WL,%7<-.,/%"M%,-D#"?,,9(%>L,%98H,%"M%>L,%6"-D37?%A8>L%3%

6"-.873>8"7%"M%377<3#%></7"+,/(%37:%4/"99%399,>9%,Y6#<:874%M8Y,:%D/"D,/>?%3/,%4,7,/3##?%<9,:%>"%:,M87,%

FJ59%I`."/%Z%j<3/>,?(%0&*&_%J3">"(%0&*P_%F,7%Z%\"A#,?(%0&*'K$%WL,%-3734,-,7>c9%D,/9D,6>8+,%9L"A9%

>L3>% >L,% 7,,:% M"/% -"/,%>/387,:% 9>3MM% 37:% 63D8>3#% 89% 3% >,6L7863#% D/".#,-% 3MM,6>874% >L,% 96"D,% "M% >L,8/%

"D,/3>8"79$% j<3#8>3>8+,#?(% >L,% 87>,/D/,>3>8"7% "M% FJ59% .39,:% "7% >L,8/% "D,/3>8"79%37:% "/437893>8"73#%

9>/<6></,%89%3#-"9>%7"7,Y89>,7>%A"/#:A8:,$%`#>L"<4L%>L,?%"M>,7%63//?%"<>%9,+,/3#%>39S9(%>L,%3:B<9>-,7>%

>"%>L,%:,+,#"D-,7>%"M%899<,9%87%>L,% -3/S,>%/,-3879%#"A$%;39,:%"7%>L,8/%98H,(%FJ59%3/,%7">%D3/>%"M% 3%

!:>C2:5>3A:56,0A72:56,A@,F?35:,M;7J5>3A:(%%

F/8%23#<D8%2/3.37:3/81(%C:3%k<#837>82(%k<9<M%[8937>"3%

!0""1,234,%2785%

#3/4,%6"-D37?%>L3>%89%-878-8H,:%.?%6"798:,/874%>L3>%>L,/,%3/,%:8MM,/,76,9%87%-">8+3>8"7(%.3//8,/9(%37:%

<76,/>387>?$%

FJ59%:8MM,/%M/"-%>L,8/%D,,/9%87%-37?%/,9D,6>9%37:%>,7:%>"%L3+,%-"/,%:"-8737>%#8-8>3>8"79$%X7%

>L,%">L,/%L37:(%FJ59%L3+,% 6#"9,/%D/"M,998"73#%/,#3>8"79L8D9%A8>L%9>3S,L"#:,/9%I\"#"+86%,>%3#$(%0&*PK$%

WL89%89%.,63<9,%>L,%,7+8/"7-,7>%87%AL86L%>L,?%"D,/3>,%L39% 3% >84L>,/%9"683#%7,>A"/S(%<7#8S,%#3/4,%

6"-D378,9(% AL86L% "M>,7% 847"/,% >L,% #"63#% 6"--<78>?% 3/"<7:% >L,-$% !898.8#8>?% 637% 9L3D,% >L,% .<987,99%

.,L3+8"</%"M% FJ59(% AL86L%/,#?% L,3+8#?% "7% >L,% M,A% 6<9>"-,/9% 87% >L,8/% #"63#% 6"--<78>?$% WL,%

-3734,-,7>%:,9847%"M%FJ59%89%/,#3>8+,#?%98-D#,(%37:%>L,%L8,/3/6L863#%#,+,#%89%#8-8>,:(%9"%:,6898"79%3/,%

,398#?%87M#<,76,:%.?%>L,%"A7,/d9%+3#<,9% 37:%87><8>8"7%/3>L,/%>L37%>L,%/3>8"73#8>?%"M%#"74G>,/-%63/,M<#%

D#377874$% WL,/,M"/,(% FJ59% :"% 7">% S7"A% -<6L% 3."<>% 9>/3>,486% D#377874$% V"A,+,/(% 3%98-D#,%

"/437893>8"7%L39%>L,%3:+37>34,%"M%.,874%M#,Y8.#,%37:%7">%4"874%>L/"<4L%6"-D#863>,:%3:-8789>/3>8+,%

D/"6,99,9(%-3S874%8>%-"/,%/,9D"798+,%>"%>L,%:?73-869%"M%>L,%.<987,99%,7+8/"7-,7>$%

J,39</874%>L,%D,/M"/-376,%"M%FJ59%637%<9,%M8737683#%37:%7"7GM8737683#%87:863>"/9$%WL,%-"/,%

A8:,#?%<9,:%37:%<78+,/93##?%366,D>,:%-,39</,%89%.39,:%"7%>L,%399,>%98H,$%J,39</874%D,/M"/-376,%87%

#3/4,%,7>,/D/89,9%:",9%7">%3DD#?%>"%FJ59$%WL,%63D3.8#8>8,9%37:%6"79>/387>9%-3S,%FJ59c%.<987,99,9%-"/,%

<79>3.#,$%!,/?%M,A% FJ59% L3+,%6"7989>,7>% M8737683#% /,D"/>9(% "/%7"7,% 3>%3##$%`% 6"-.873>8"7% "M%M8737683#%

37:% 7"7GM8737683#% -,39</,9% -<9>% -,39</,%FJ59c% D,/M"/-376,$% [,9,3/6L% .?% ;""L,7,% ,>% 3#$%I0&0&K%

FJ59% D,/M"/-376,% 89% -,39</,:% .?% -3/S,>% 9L3/,(% 93#,9%4/"A>L(%:,#8+,/?%9D,,:%37:%D/":<6>%N<3#8>?$%

`7">L,/%9><:?%/,+,3#,:%>L3>%877"+3>8"7(%877"+3>8+,%-3/S,>874(%37:% M39>% #,3/7874% D/"6,99,9% 9<DD"/>% >L,%

D,/M"/-376,%"M%FJ59$%WL,/,M"/,(%9><:8,9%"7%>L,%D,/M"/-376,%"M%FJ59%6377">%.,%6"-D3/,:%A8>L%">L,/%

#3/4,%6"-D378,9$%

C7>,/D/,>3>8"79% "M% 9"683#% 63D8>3#% -3?% +3/?% 87% 363:,-86% :896<998"79% :,9D8>,% >L,% 6"7989>,7>%

4,7,/3#%399<-D>8"7%>L3>%>L,/,%3/,%D"98>8+,%.,7,M8>9%M/"-%:,+,#"D,:%#,+,#9%"M%9"683#%63D8>3#$%C>%89%D3/>%"M%

3% 9D,68M86%>?D,% "M% /,9"</6,% >L3>% 637% D/"+8:,% 36><3#% "/% D">,7>83#% .,7,M8>9$% F"683#% 63D8>3#% /,M,/9%>"%

/,#3>8"79L8D9% .,>A,,7% 87:8+8:<3#9(% 9"683#% 7,>A"/S9(% 7"/-9(%37:% 3% 9,79,% "M% >/<9>% 2<>73-(%0&&&%87%

I`/34l7%,>%3#$(%0&*UK$%WL,%6"76,D>%"M%9"683#%63D8>3#%637%.,%<9,:%87%<7:,/9>37:874%>L,%DL,7"-,7"7%"M%

FJ59% .,63<9,% >L,% 9>/<6></3#(% 9"683#(%37:% M<76>8"73#% 6L3/36>,/89>869% 3/,% :8MM,/,7>% M/"-%>L"9,% "M% #3/4,%

6"-D378,9% IFD,76,% Z% F6L-8:D,>,/(% 0&&'K$% WL,% 9>/,74>L% "M% 9"683#% 63D8>3#% 6"-,9% M/"-% 3% D"98>8+,%

/,9D"79,% >"% 9"683#893>8"7%37:% D#36874% 8>% 87% >L,% M/3-,A"/S% "M% 7"7GM8737683#% 63D8>3#$% WL,% 63D8>3#% 87%

N<,9>8"7% 89% 9L"A7% M/"-% >L,% D/":<6>8+,% /,9<#>9% "M% >L,% 7,>A"/S% 7"/-9%37:% /,68D/"68>?% #87S,:%>"%

4,7,/3>874%D/"M8>9$%FJ59% 637% <9,% 9"683#% 63D8>3#%39%37%3#>,/73>8+,%AL,7%>L,?% L3+,%

#8-8>,:%/,9"</6,9(%,YD,/8,76,(%37:%#"A%6/,:8.8#8>?%I[":/84<,9%Z%\L8#:(%0&*0K$%WL<9(%>L,%87+"#+,-,7>%"M%

6<#></3#%M36>"/9(%D/"M,998"73#89-% 37:%9"683#%.,L3+8"/% 87%+3/8"<9%6"--<78>?%4/"<D9% 89%876#<:,:%87% >L,%

,#3."/3>8"7%"M%9"683#%63D8>3#$%V"A,+,/(%87%>L,%6"7>,Y>%"M%>L,%9>3>,(%8>%9L"<#:%.,%6"798:,/,:%.,63<9,%>L,%

399<-D>8"79%"M% 9"68,>3#% 7"/-9% 37:% +3#<,9% 39% >L,% D/8-3/?%6"76,/7% L3+,% :8MM,/,7>% 8-D#,-,7>3>8"79$%

F"683#%63D8>3#%A8##%.,%/,6"798:,/,:%8M%8>%87+"#+,9%L84L,/%6"9>9(%9"%6"-D378,9%>,7:%>"%L"#:%.36S%I\#3/S,%,>%3#$(%

0&*UK$%

WL,% 9"#8:%D">,7>83#% /"#,% "M% 9"683#% 63D8>3#% 89% <9,:% 39% 37% 399,>% 87% >L,% D/"6,99% "M% 6/,3>874% 7,A%

.<987,99,9% 37:% >L"9,% >L3>% L3+,% .,,7% ,-.,::,:% 87% 6"--<78>?% 7,>A"/S9$% WL,% :86L">"-?% "M% 9"683#%

63D8>3#%637%.,%87%>L,%M"/-%"M%-,37874%39%3%D">,7>83#%/,9"</6,%>L3>%D#3?9%3%/"#,%87%36L8,+874%87:8+8:<3#%"/%

"/437893>8"73#%4"3#9%37:%">L,/9%<7:,/9>"":%.?%>L,%<78N<,%6L3/36>,/89>869%"M%>L,%9>/<6></,%"M%9"683#%

/,#3>8"79$%WL,%:?73-869%37:%4"":%87>,7>8"79%.,6"-,%D"98>8+,%M,,:.36S%M"/%-,-.,/9(%37:%9376>8"79%3/,%

38-,:%3>%M38#874%>"%8-D#,-,7>%>L,-%I;8443/>%Z%O,#./8:4,(%0&&eK$%=/"-%3%/3>8"73#%D"87>%"M%+8,A(%9"683#%

63D8>3#% 637% D/"+8:,% ./"3:% 6"77,6>8+8>?% M"/% 6"-D378,9(% AL86L% 89% +8>3#%M"/% >L,% FJ5%9,6>"/%>"%>3S,%

3:+37>34,%"M%8M%>L,?%A37>%>"%D3/>868D3>,%87%87>,/73>8"73#%-3/S,>9$%

F"683#% 63D8>3#% 9<DD"/>9%D/":<6>8"7% 87D<>9% >L/"<4L%87M"/-3>8"7(% /,9"</6,% 366,99(% 9S8##9(% 37:%

>,6L7"#"4863#%S7"A#,:4,$%C>%M"6<9,9%"7%9"683#%/,#3>8"79L8D9%>L3>%3MM,6>%.<987,99%N<3#8>?%37:%9<9>3873.#,%

8-D/"+,-,7>$%F"683#%63D8>3#%89%4/"<D,:%87>"%87>,/73#%37:%,Y>,/73#%If8-%Z% \377,##3%m/(% 0&&gK$%C7>,/73#%

!:2C2:5>3A:56,0A72:56,A@,"AJ356,"C2K3JC,5:;,1C?C52JL%% L>>D91^^8B99/$/8:A37879>8><>,$6"$8:^%

!0""1,234,%2786%

9"683#%63D8>3#%M"6<9,9%"7%D#,3937>%/,#3>8"79L8D9%9<6L%39%M3-8#?%"/%M/8,7:9%A8>L87%>L,%93-,%6"-D37?$%`>%

>L,%93-,%>8-,(%,Y>,/73#%9"683#%63D8>3#%89%-"/,%3."<>%9#86S%6""D,/3>8"7%A8>L%"<>98:,%D3/>8,9(%876#<:874%

87+,9>"/9(%6<9>"-,/9(%9<DD#8,/9(%37:% D"#8>868379(%39%A,##%39%.,>A,,7%">L,/%6"-D378,9$% ;">L% L3+,% 37%

,99,7>83#%87M#<,76,%37:%D/"+8:,%>L,%8-D,><9%M"/%>L,%6"--"7%4"3#%"M%.<987,99%9<66,99$%

\"-D378,9%3/,%48+,7%>L,%6L"86,%>"%87+"#+,%"/%7">%<9,% 9"683#%63D8>3#%39%9<DD"/>%>"%8-D/"+,%

D,/M"/-376,$%WL,%D"98>8+,%,MM,6>9%"M%9"683#%63D8>3#%3/,%/,#3>,:%>"%6"-D,>8>8+,%3:+37>34,%37:%876/,39,:%

D/"M8>3.8#8>?$%WL,%6"7>/8.<>8"7%"M%9"683#%63D8>3#%7,>A"/S9%L,#D9%FJ59%>"%366,99%87M"/-3>8"7%37:%

/,9"</6,9%>L3>(%87%>L,%#"74%>,/-(%#,3:%>"%9<9>3873.8#8>?%I\L"8%,>%3#$(%0&*g_%F376L,HG=3-"9"%,>%3#$(%0&0&K$%

FJ59% 7,,:% >"%>3S,% M<##% 3:+37>34,% "M% >L,% 9"683#% 63D8>3#% 39D,6>% .,63<9,% :8/,6>% 366,99% >"% D">,7>83#%

6<9>"-,/9%-3?%.,%9-3##$%=/"-%>L89%D,/9D,6>8+,(%/,#,+37>%36>"/9%37:%7,>A"/S9%M"/%FJ59%876#<:,%34,7>9(%

:89>/8.<>"/9(%9<DD#8,/9(%37:%6<9>"-,/9$%2/8-3/8#?(%9"683#%63D8>3#%89%M"/-,:%>L/"<4L%>/<9>%37:%/,68D/"68>?%

I[":/84<,9% Z% \L8#:(% 0&*0K$% i#".3#893>8"7%37:% >,6L7"#"4863#% :,+,#"D-,7>9% ,76"</34,% >L,% 6"79>37>%

9,3/6L% M"/% 878>83>8+,9% >"% /,4<#3>,% -3/S,>% D,/M"/-376,% 37:% 9</+8+3#$% WL,?% 3/,% #,+,/34874%"D>8"79% "/%

6"-.87874% /,9"</6,9% 87>"% 3% 9>/3>,4?% M"/% FJ59$% ="/% 9-3##% .<987,99,9(% -387>387874% 3% 7,>A"/S% 89% 3%

D/,/,N<898>,%M"/%9</+8+3#%I`/34l7%,>%3#$(%0&*UK$%W3748.#,%/,9"</6,9%I#37:(%-3>,/83#9(%63D8>3#(%>,6L7"#"4?(%

,>6$K%37:%87>3748.#,%IS7"A#,:4,(%[ZO(%/,D<>3>8"7(%,>6$K%,76"</34,%>L,-%>"%8:,7>8M?%3#>,/73>8+,%

"DD"/><78>8,9%>"%/,-387%6"7989>,7>%87%>L,8/%.<987,99$%

;<8#:874% 9"683#% 63D8>3#% /,N<8/,9%3% #,74>L?%D/"6,99(% ,+,7% M"/% ,YD,/8,76,:%36>"/9$% @>8#89874%

/,9"</6,9%37:%>L,7%.<8#:874%>L,-%4/3:<3##?%>L/"<4L%:8MM,/,7>%DL39,9%-<9>%.,%63//8,:%"<>%.?%FJ59$%WL,%

9>,D9%>L3>%-<9>%.,%D</9<,:%>"%36L8,+,%4/"A>L(%87>,/73>8"73#893>8"7%37:%6"-D,>8>8+,7,99% 3/,% 63//8,:%

"<>%>L/"<4L%878>83>8"7(%:,+,#"D-,7>(%37:%-3></8>?$%=84</,%*%8##<9>/3>,9%>L,%.,7,M8>9%"M%9"683#%63D8>3#%M"/%

FJ59% >"% 8-D/"+,% "+,/3##% D,/M"/-376,$% WL,% 9>/<6></3#%:8-,798"7% 6"7989>9% "M% 6"##,6>8+,% 36>8"7% 37:%

7,>A"/S9$% \"-D378,9% /,#?% "7% 9>/<6></3#% 63D8>3#% >"%876/,39,%,MM868,76?%37:%D/":<6>8+8>?(% -387#?%.?%

6"7M84</874%,-D#"?,,%D/":<6>8+8>?%I;"7>89% ,>% 3#$(% 0&*Q_% J"7:3#% Z% iL"9L(% 0&*0_% F"/8?3% Z% )3/A3#(%

0&*QK$%WL,%,MM,6>%"M%>L,%6"478>8+,%:8-,798"7%89%87%>L,%M"/-%"M%.<8#>%>/<9>%37:%3%9,>%"M%+3#<3.#,%/,9"</6,9$%

WL,%/,#3>8"73#%:8-,798"7%"M%9"683#%63D8>3#%89%.<8#>%M/"-%<>8#89874%9"683#%3>>36L-,7>9%37:%87M"/-3>8"7$%

FJ59%-<9>%4"%>L/"<4L%9,+,/3#%9>34,9%87%.<8#:874%9"683#%63D8>3#$%WL,%878>83>8"7%DL39,%89%63//8,:%

"<>%.?%<>8#89874%/,9"</6,9%M/"-%9"683#%63D8>3#$%`>%>L89%9>34,(%>L,?%>/?%>"%"+,/6"-,%6"-D#,Y%

,7+8/"7-,7>3#% 98><3>8"79% >L/"<4L% 87>,/73#% "/437893>8"79%"/% 9,,S% >L,% L,#D% "M% >/<9>,:% D3/>7,/9$% WL,/,%

3/,% >L/,,% -":,9% 87% >L,% 878>83>8"7% DL39,1% 366,99874% 3+38#3.#,% 9"</6,9% "M% 9"683#% 63D8>3#(% >/379M,//874%

9<9>3873.#,% 9"683#% 63D8>3#% M/"-% >L,% D/,+8"<9% .<987,99(% 37:% 6/,3>874% 7,A%/,#3>8"79L8D9$% WL,7(% >L,%

:,+,#"D-,7>%DL39,%D/"6,,:9% A8>L%-"/,%>/83#% 37:%,//"/%>"%.,% <9,:%>"%,+3#<3>,%M</>L,/%#,3/7874$%WL89%

9>34,% 89% 6/<683#% AL,7% >L,% ,7+8/"7-,7>3#% 6"7:8>8"79(%6L3/36>,/89>869%37:%D,/M"/-376,%"M%FJ59%:8MM,/%

M/"-%>L"9,%"M%,9>3.#89L,:%6"-D378,9$%C>%/,N<8/,9%L84L%6"--8>-,7>%37:%6"7989>,76?%.,63<9,%-37?%"M%>L,%

L84L#84L>,:%639,9%>,7:%>"%M38#$%=873##?(%>L,%-3></8>?%DL39,%9L"A9%>L,%D/"4/,99%"M%9"683#%63D8>3#%3>%3%9>3.#,(%

L,3#>L?(%37:%A,##G,9>3.#89L,:%#,+,#$%C7%>L89%DL39,(%FJ59%3#/,3:?%L3+,%L84L%>/<9>%37:%637%.,%/,399</874%

M"/%>L,8/%.<987,99%D3/>7,/9$%`%M</>L,/%87:863>"/%89%>L3>%.<987,99%D3/>7,/9%637%/,#?%"7%"/%38:%87%>8-,9%"M%

6/8989%87%>L,%96"D,%"M%>L,8/%.<987,99%>/37936>8"79$%@#>8-3>,#?(%>L,%,YD,6>,:%"<>6"-,9%/,D/,9,7>%>L,%.,9>%

.<987,99% /,9<#>9%/,#3>,:% >"% "+,/3##% D,/M"/-376,(% 3-"74% ">L,/9(% M"/% 4/"A>L(% 87>,/73>8"73#893>8"7(% 37:%

6"-D,>8>8+,7,99$%WL89%36L8,+,-,7>%89%3%9<66,99%6"798:,/874%>L,%73></,%"M%9-3##%.<987,99%"A7,/9(%37:%

>L,%>?D,%"M%D/"M8>%".>387,:%89%-"/,%6"-D#863>,:$%

METHODS)

WL89% 9><:?% D/"+8:,9% 3% 6"-D/,L,798+,% 9><:?% "M% >L,% ,Y89>874% #8>,/3></,% "7% :896<99874%JFJ59$%

j<3#8>3>8+,% -,>L":9% A,/,% 6L"9,7% >"% 379A,/% >L,% /,9,3/6L% ".B,6>8+,9$% `% 9?9>,-3>86%#8>,/3></,%/,+8,A%

IF][K% 89% <9,:% >"% 876/,39,% S7"A#,:4,% /,#3>,:% >"% >L,% >"D869% 373#?9,:%87% >L,% 363:,-86% M8,#:(%,9D,683##?%

/,43/:874% FJ59$% `% 9?9>,-3>86% #8>,/3></,% /,+8,A% IF][K% 89% 3% A3?% >"% 379A,/% N<,9>8"79% /389,:%M/"-%

DL,7"-,73% .?% 8:,7>8M?874(% ,+3#<3>874(%37:% 87>,/D/,>874% 3##% /,9,3/6L% IV39937SL378% ,>% 3#$(% 0&0*K$%WL,%

/,9,3/6L%".B,6>8+,9%37:%>L,%6"##,6>8"7%"M%/,#3>,:%S7"A#,:4,%3."<>%>L,%/,9,3/6L%9<.B,6>%3/,%6"+,/,:%87%3%

!:>C2:5>3A:56,0A72:56,A@,F?35:,M;7J5>3A:(%%

F/8%23#<D8%2/3.37:3/81(%C:3%k<#837>82(%k<9<M%[8937>"3%

!0""1,234,%2787%

SMEs

•Commercial

•Social

Social Capital

Personal variable

SMEs Performance

9?9>,-3>86% #8>,/3></,% /,+8,A% IF][K$% F?9>,-3>86% #8>,/3></,% /,+8,A% 89% 6/8>863#%.,63<9,% 8>%A37>9% >"% 9><:?%

-"/,% :,,D#?% >"% 9>/,74>L,7% >L,"/?% 37:% D/"+8:,% <D:3>,:% S7"A#,:4,% .39,:% "7% 3/>86#,9%>L3>% 9<DD"/>% 8>%

IO,H8% ,>% 3#$(% 0&*gK$% `% ./"3:% 37:% :,96/8D>8+,% D86></,% "M% JFJ5% D/".#,-9% 637% <9,% 3% -,>3G9?7>L,>86%

3DD/"36L%IW/37M8,#:%,>%3#$(%0&&'%87%V"99387%Z%f3</37,7(%0&*UK$%536L%3/>86#,%89%373#?9,:%>"%M87:%/,9,3/6L%

43D9%37:%6L,6S%>L,%<D:3>,:7,99%"M%>L,%/,+8,A$%

WL,% 9,3/6L% 9>/3>,4?% A39% :,+,#"D,:% >"% 9<DD"/>% >L,% D/8-3/?%/,9,3/6L% -3>,/83#% :,/8+,:% M/"-%

/,#,+37>%/,M,/,76,9$%WL,/,%3/,%9>34,9%87%6"7:<6>874%3%9?9>,-3>86%#8>,/3></,%/,+8,A%>"%379A,/%/,9,3/6L%

N<,9>8"79$%O,7?,/% Z% W/37M8,#:(%0&&'%87%i"7H3#,9Gi,-8"%,>%3#$%I0&0&K%:8+8:,:%87>"%M"</%9>34,9$%=8/9>(%

M"/-<#3>,%N<,9>8"79%>"%:896<99%87%9?9>,-3>86%#8>,/3></,%/,+8,A%IF][K%/,9,3/6L$%WL,?%A,/,%9,6"7:(%M87:874%

37:%9,#,6>874%3/>86#,9%37:%">L,/%/,M,/,76,9%/,#3>,:%>"%>L,%,+3#<3>8"7%6/8>,/83$%WL8/:(%373#?9,%37:%9?7>L,989,%>L,%

-,>L":9% 9,#,6>,:% 87% >L,% /,9,3/6L$% ="</>L(% ,YD#387% >L,% 6"76,D><3#%M/3-,A"/S% D/"D"9,:% M/"-%>L,%

/,9,3/6L%/,9<#>9$%`%9><:?%:896<99874%>L,%6"7>87<"<9%D,/M"/-376,%"M%FJ59%7,,:9%>"%.,%:"7,%.,63<9,%>L,%

,6"7"-86%6"7:8>8"79%3/,%9"% :?73-86$% WL89% /,9,3/6L% M"6<9,9% "7% ".>387874%3% 9?9>,-3>86%:,96/8D>8"7%"M%

FJ59%87%363:,-86%D<.#863>8"79$%V,#D874%FJ59%9</+8+,%87%>L,%.<987,99%A"/#:%37:%.,%9<9>3873.#,%-<9>%

6/,3>,%#"74G>,/-%/,68D/"63#%/,#3>8"79L8D9%37:%8-D/"+,%>L,8/%D,/M"/-376,$%

RESULTS)

"NM?,5:;,?AJ356,J583>56O,HLC,97?3:C??,63:P5QC,3:?>27RC:>,

F"683#%63D8>3#%89%3%-,379%>"%".>387%87M"/-3>8"7(%/,9"</6,9(%37:%S7"A#,:4,%,99,7>83#%M"/%FJ59%>"%

6/,3>,% #"74G>,/-% 6"-D,>8>8+,% 3:+37>34,$% !3#<,9%,-.,::,:% 87% 87:8+8:<3#% 37:% 6"##,6>8+,%/,#3>8"79L8D9%

3/,% /,D/,9,7>,:% 87% 9"683#% 63D8>3#% I23?7,% ,>% 3#$(% 0&**K$% ="/% 6"-D378,9(% 9"683#% 63D8>3#% 637%6/,3>,% 4"":%

+3#<,% M"/% >L,% ,7+8/"7-,7>% 87% AL86L% >L,% 6"-D37?% "D,/3>,9% 87% 3% 9"683#% 6"7>,Y>$% [,6"4789,%>L,% >L/,,%

:8-,798"79%"M%9"683#%63D8>3#1%9>/<6></3#(%/,#3>8"73#(%37:%6"478>8+,%I=84</,%*K$%WL,%6"76,D>%6"+,/9%-"/,%

6"-D/,L,798+,% 9"683#% DL,7"-,73% IM3-8#?% 87>,/36>8"7(% ,6"7"-?(%6"-D37?% D,/M"/-376,(% D/":<6>%

7"+,#>?(%S7"A#,:4,(%,>6$K$%;<987,99,9%/<7%.?%FJ59%L3+,%3%6"/,%+3#<,%"M%>/<9>874%/,#3>8"79L8D9%.,>A,,7%

6"-D378,9$%5Y>,798+,%87>,/D,/9"73#%/,#3>8"79L8D9%#,3:%<9%>"%.,#8,+,%>L3>%FJ59%3/,%6"--,/683#%37:%

9"683#%,7>,/D/89,9%I=84</,%0K$%\"--,/683##?(%9-3##%6"-D378,9%,79</,% >L3>% ,36L% D/":<6>8"7% L39% 3::,:%

+3#<,%>"%>L,%"<>D<>%D/":<6,:%37:(%87%>L,%D/"6,99(%9>/8+,%>"%36L8,+,%-3Y8-<-%6"9>%,MM868,76?$%@7:,/%>L,%

9"683#%-8998"7(%FJ59%6"7>/8.<>,%,MM,6>8+,#?%>"%,-D#"?-,7>(%876/,39,%A,#M3/,(%M368#8>3>,%>L,%,Y6L374,%"M%

/,9"</6,9%.,>A,,7%<78>9%37:%D/":<6>9(%37:%3/,%6"-D3>8.#,%A8>L%7,A%.<987,99%<78>9%>L3>%3/,%M/8,7:#?%87%

>L,8/%,7+8/"7-,7>$%WL,%9"683#%.<987,99%/<7%89%3%-,/,%<>8#8>?%+3#<,%37:%37%87>/87986%+3#<,$%WL,?%>/?%>"%D3?%

3>>,7>8"7%>"%>L,%9"683#%37:%,7+8/"7-,7>3#%98:,%37:%87>,/73#89,%8>%87>"%>L,%.<987,99$%WL,/,M"/,(%>L,%FJ5%

9,6>"/%89%<9,:%39%3%D/"M8>%-3Y8-893>8"7%M8,#:%I6"--,/683#K%37:%>/8,9%>"%/<#,%"<>%,Y>,/73#8>8,9%87%.<987,99%

>L3>%637%.,%/<7%98:,%.?%98:,$%

S3Q72C,+T,"NMU?,PCD,97?3:C??,3:?>27RC:>?,

8(9+:;%7I\83-.">>8%Z%23#3HH8(%0&*Q_%5/9,#637%,>%3#$(%0&&PK7

WL,% /,9"</6,G.39,:% D,/9D,6>8+,% "M% 6"-D,>8>8+,% 3:+37>34,% 89% :,/8+,:% M/"-% #,+,/34874% <78N<,%

I7"7G:<D#863>,:K%37:%8//,D#36,3.#,%63D3.8#8>8,9$%F"683#%63D8>3#%37:%9?7,/489874%A8>L%87>,##,6><3#%63D8>3#%

>L3>%D/"+8:,9%/,68D/"63#%87M#<,76,%A8##%D/"-">,%+3#<,%6/,3>8"7$%WL/"<4L%9"683#%63D8>3#(%FJ59%637%,73.#,%

366,99% >"% N<3#8>?(% ,39?(% 37:% M39>% 9"</6,9% "M% 87M"/-3>8"7% >"%9<DD"/>% >L,% 36L8,+,-,7>% "M% D"98>8+,%

D,/M"/-376,$%`#>L"<4L%M8737683#%399,>9%I>3748.#,K%3MM,6>%>L,%6"-D37?c9%D,/M"/-376,(%8>%89%9"683#%63D8>3#%

!:2C2:5>3A:56,0A72:56,A@,"AJ356,"C2K3JC,5:;,1C?C52JL%% L>>D91^^8B99/$/8:A37879>8><>,$6"$8:^%

!0""1,234,%2788%

>L3>%9<DD"/>9%6"-D,>8>8+,%37:%9<9>3873.#,%3:+37>34,9$%X7,%,398#?% :"6<-,7>,:% M36>"/%89%>L,%

9"683#%,7+8/"7-,7>%AL,/,%>L,%.<987,99%89%+,/?%6#"9,%>"%>L,%6"--<78>?$%

C7%6"7>/39>%>"%#3/4,%6"-D378,9(%>L,%,7+8/"7-,7>%"M>,7%:",9%7">%.,6"-,%"7,%"M%>L,%

6"798:,/3>8"79%M"/%.<987,99%9<66,99$%FJ59%:,D,7:%"7%>L,%,7+8/"7-,7>%37:%7,>A"/S9%.,>A,,7%">L,/%

9-3##%6"-D378,9%37:%-3S,%>L,-%3%D/8"/8>?$%57>/,D/,7,</9%-<9>%36>%3DD/"D/83>,#?%87%8:,7>8M?874%9"683#%

63D8>3#%87%>L,8/%,7+8/"7-,7>% .,63<9,%>L,%-">8+,9%3/,%.39,:%"7%9>/3>,486%3:+37>34,9%M"/%>L,%6"-D37?$%

=84</,%0%9L"A9%>L,%+3#<,%6/,3>8"7%D/"6,99%>L3>% #,3:9% >"% >L,% D,/M"/-376,% "M% FJ59% >L/"<4L% >L,% 9"683#%

6"7>,Y>%.39,:%"7%>L,%6"798:,/3>8"7%>L3>%9"683#%63D8>3#%6"7>/8.<>,9%-"/,%8M%>L,%6"-D37?%,7+8/"7-,7>%89%

6#"9,#?%/,#3>,:%>"%>L,%6"--<78>?c9%7"/-9(%+3#<,9(%37:%6<#></,$%O,+,#"D874%>L,%>L/,,%:8-,798"79%>L,7%

4",9%>L/"<4L%DL39,9%I=84</,%*K(%9>/,74>L,7874%37:%D/"-">874%.,>>,/%FJ59$%

WL,% 87+,9>-,7>% 878>83>,:% 87% >L,% ,7:% 89% >"% /,3#89,%37:% -387>387% "D>8-3#% D,/M"/-376,$%

=</>L,/-"/,(%36L8,+874%4"":%D,/M"/-376,%/,#8,9%"7%3%6,7>/3#%36>"/%39%3%7,>A"/S%#8389"7%>"%4387%D"A,/%

37:% 63D368>?% >"% 87M#<,76,% >L,% .,L3+8"</%"M% ">L,/% 36>"/9$% ;<8#:874%9"683#% 63D8>3#% /,N<8/,9%98478M8637>%

87+,9>-,7>(% ,9D,683##?% >"% -387>387% 9>/"74% >8,9$% F"683#% 63D8>3#% 87+,9>-,7>%/,N<8/,9% -"7,?(%>8-,%37:%

6"7>87<"<9%,MM"/>%>"%.<8#:%9"683#%63D8>3#%399,>9$%F-"">L%"/%7">%:,D,7:9%"7%>L,%:,6898"7%"M%>L,%#,3:874%

D/"-">,/%"M%FJ5%"/437893>8"79%>L3>%637%9<DD"/>%>L,%6"-D37?c9%9>/3>,486%3:+37>34,9%I\83-.">>8%Z%23#3HH8(%

0&*QK$% WL89% 89% :<,% >"% >L,% 98-D#,% "/437893>8"73#%9>/<6></,% "M% FJ59$% 2,/9"73#% +3/83.#,9% 3/,% 3%9<66,99%

M36>"/% 87% 87+,9>874% 87% 9"683#% 63D8>3#% .,63<9,% >L,?% ./8:4,% +3#<,% 6/,3>8"7%>L/"<4L% ,Y6L374874% 37:%

6"-.87874%/,9"</6,9$%C>%89%7">%8-D"998.#,%M"/%>L,%6,7>/3#%36>"/%7">%>"%>3S,%3:+37>34,%"M% 9"683#% 63D8>3#(%

6"798:,/874%>L3>%D,/9"73#%+3/83.#,9%/<7%>L,%,>L863#%M/3-,A"/S%A,##$%57>/,D/,7,</9%87%>L,%FJ59%9,6>"/%

B"87>#?% 8-D#,-,7>% ,>L869% 87% 9"683#% 36>8+8>8,9% 37:% D/"M8>% D/":<6>8"7$% [<>L,/M"/:%I0&&eK% 8:,7>8M8,:% M"</%

,>L863#% M/3-,A"/S9(% 73-,#?% D/"M8>% -3Y8-893>8"7(% D/8"/8>8,9%M"/% 9</+8+3#(% D/8"/8>8,9% M"/% 6"--"7%

87>,/,9>9(% 37:% 9"683#% D/8"/8>8,9$% WL,% M8/9>% ,>L863#% M/3-,A"/S% ID/"M8>%"/8,7>3>8"7K% 87% >L,% 9L"/>G>,/-%

D,/9D,6>8+,%89%>L,%D/8-3/?%".B,6>8+,%"M%-,,>874%>L,%9>3S,L"#:,/9%IM8737683#(%9<DD#8,/9(%87+,9>"/9(%,>6$K$%

C7% >L89% 639,(% 9"683#% D/".#,-9% 3/,% 7">% 876#<:,:% 87% >L,% 6"-D37?c9%D/8"/8>8,9% .,63<9,% 9"683#% 4"3#9% 3/,%

6"7>/3/?% >"% D/"M8>% 4"3#9(% 9"% >L,?% 6377">% .,% 63//8,:% "<>% 98:,% .?% 98:,$%WL,%9,6"7:%,>L863#%M/3-,A"/S%

I9<.989>,76,%D/8"/8>?K%89%6L3/36>,/89,:%.?%#"74G>,/-%.<987,99%9<9>3873.8#8>?%39%3%9>37:3/:%"M%#8+874%M"/%

,7>/,D/,7,</9% 37:% >L,8/% M3-8#8,9$% WL,% M"##"A874%,>L863#% M/3-,A"/S%89%>L3>%6"-D378,9%L,#D%9"683#%

D/".#,-9%.,63<9,%>L,?%/,3#89,%>L3>%D"98>8+,%87M#<,76,%637%D"98>8+,#?% 3MM,6>%>L,8/% .<987,99$% =873##?(% >L,%

6"-D37?%87>,4/3>,9%39D,6>9%"M%9"683#%D/".#,-9%37:%>L,7%-3S,9%8>%3%.<987,99%9>/3>,4?(%6"798:,/874%>L3>%

>L,9,%87>,/,9>9%"<>A,84L%L84L%M8737683#%/,A3/:9$%WL<9(%FJ59%A8##%.,%-"/,%6"798:,/3>,%"M%9"683#%63D8>3#%

/,9"</6,9$%

S72>LC2<,MV86A3>,"AJ356,I583>56,@A2,M:L5:J3:Q,"R566,S32R,W2AE>L,

WL,%D"98>8+,%,MM,6>%"M%9"683#%63D8>3#%L39%.,,7%9,,7%M"/%9-3##%6"-D378,9$%WL,%7,>A"/S%.<8#>%48+,9%

>L,-%3%6"-D,>8>8+,%3:+37>34,%87%>L,%-3/S,>$%J"9>%"M%>L,9,%7,>A"/S9%3/,%.39,:%"7%>/<9>%37:%>8,9$%F"683#%

63D8>3#% M"/-9% 637%:,+,#"D% .,63<9,% "M% 4"":% /,68D/"63#% /,#3>8"79L8D9% .,>A,,7% 4/"<D%-,-.,/9$%WL89%

/,68D/"63#%/,#3>8"79L8D%89%6"7>87<"<9#?%-387>387,:%37:%A8##%M"/-%-<><3#%>/<9>(%37:%9"683#%7,>A"/S9%A8##%

,-,/4,$% WL89% 8-D#8,9% >L3>% ,7>/,D/,7,</9% 9,,S% >"% 366<-<#3>,% 9"683#% 63D8>3#% "+,/% >8-,$%V"A,+,/(%3##%

M"/-9%"M%9"683#% 63D8>3#%:"%7">%#39>%#"74%8M%>L,?% 3/,% 7">%.39,:%"7%9"683#%7"/-9%D/,+38#874%87%>L,8/%

,7+8/"7-,7>$%F-3##%6"-D378,9%7,,:% L,#D% M87:874%6"79<#>37>9%"/%,Y>,/73#%M84</,9%>"%L,#D%>L,8/%

6"-D378,9%.,63<9,%"M%#8-8>3>8"79%I,7+8/"7-,7>(%#"63>8"7(%M87376,(%,>6$K%`#>L"<4L%>L,%FJ5%9,6>"/%

/,N<8/,9% /,9"</6,9% 37:% /,#8,9% "7% 877"+3>8"7% >"% /,-387% 6"-D,>8>8+,$% C7% 3::8>8"7(% >L,% FJ59% 9,6>"/%

/,N<8/,9% .<987,99% 6"7>87<8>?% .,63<9,% -37?% 36>"/9% -3S,%8>% 3% 9>37:3/:% "M% #8+874% >"% M<#M8#%>L,8/%:38#?%

7,,:9$%`#>L"<4L%>L,%#8-8>3>8"79%3/,%A8:,#?%:896<99,:(%>L89%M3-8#?%.<987,99%89%87%4/,3>%:,-37:$%

WL,% 9>/"74% 87M#<,76,% "M% 9"683#% 63D8>3#% "7%9-3##% 6"-D378,9% 3#9"% L39% 37% 8-D36>% "7% 366,99% >"%

87M"/-3#%M87376,$%WL,%#8-8>,:%M8737683#%6"7:8>8"7% 37:%366,99%>"%M8737683#% 879>8><>8"79%3/,%"M>,7%

:896<99,:% 87% 9><:8,9% "7% FJ59$% WL,%87M"/-3#% 9,6>"/% 89% -"/,% 3>>/36>8+,% >"% ,7>/,D/,7,</9% :<,% >"%

/,B,6>,:%M"/-3#%6/,:8>%3DD#863>8"79$%C7%3::8>8"7(%FJ59c%6"798:,/3>8"79%/,43/:874%M"/-3#%#"379%>,7:%>"%

L3+,%L84L%>/37936>8"7% 6"9>9(% 87M"/-3>8"7% 39?--,>/?(% 37:% /,#848"<9% 3>>8><:,9% >"A3/:9% M8737683#%

!:>C2:5>3A:56,0A72:56,A@,F?35:,M;7J5>3A:(%%

F/8%23#<D8%2/3.37:3/81(%C:3%k<#837>82(%k<9<M%[8937>"3%

!0""1,234,%2789%

879>8><>8"79$%WL,%,Y>/3"/:873/?%/"#,%"M%9"683#%63D8>3#%637%.,%M</>L,/%9,,7%>L/"<4L%8>9%3.8#8>?%>"%876/,39,%

M8737683#%63D368>?(%AL86L% 89% <#>8-3>,#?% L,#DM<#%M"/% >L,% 6"-D37?c9% 9</+8+3#$% WL/"<4L% 9"683#% 63D8>3#(% >L,%

FJ59% 9,6>"/%-<9>% -3Y8-89,%8>9% D">,7>83#% .?% <9874% M"</G:8-,798"73#%+3/83.#,9% 9<6L% 39% 87+"#+,-,7>(%

9>3><9(%9"683#% /,#3>8"79(% 37:% D,/9"73#% /,#3>8"79L8D9(% AL86L% 637% .,% 8-D#,-,7>,:% 98-<#>37,"<9#?% 87%

6"/D"/3>,%M87376,%IO3/%Z%J89L/3(%0&0&K$%\"-D378,9%>L3>%M38#%>"%".>387%#"379%M/"-%>L,8/%M"/-3#%9,6>"/%

-<9>%<9,%9"683#%63D8>3#%87%>L,%87M"/-3#%9,6>"/%I@##3L%,>%3#$(%0&0*K$%

WL,%87M"/-3#%M87376874%".>387,:%876/,39,9%>L,%D/"M8>3.8#8>?%37:%D,/M"/-376,%"M%>L,%6"-D37?$%C7%

>L89% 639,(% 9"683#% 63D8>3#% 89% <9,:% 39% 37% 399,>% M"/% 366,99% >"% #"379%"7%>L,% 87M"/-3#% 98:,$% WL89% D/36>86,% 89%

6"--"7% 87% :,+,#"D874% 6"<7>/8,9$% C7% >L,% 93-,% 4/"<D% "M% .<987,99,9(% ,+,/?"7,% >,7:9% >"% .,#8,+,% 87%

/,D<>3>8"7$% [,D<>3>8"7% 89% 63D></,:% >L/"<4L% :38#?% .<987,99% 36>8+8>8,9$% C7% 3::8>8"7(% /,D<>3>8"7% 637% .,%

<9,:% 39% 3% 6"7>/"#% M"/% #,7:,/9% AL,7% M<7:874% 89% 7,,:,:$% WL89% -,379% >L3>% 9"683#% 63D8>3#% 637% 9"#+,% >L,%

D/".#,-%"M%39?--,>/86%87M"/-3>8"7(%3%98478M8637>%D/".#,-%87%M8737683#%-3/S,>9%AL,7%."//"A,/9%:"%7">%

<7:,/9>37:% #"37% 3DD#863>8"7% D/"6,:</,9% IJA3748% Z% X<-3(% 0&*0K$% ="/% ,Y3-D#,(% ,7>/,D/,7,</9%A8>L%

9>/"74%9"683#%7,>A"/S9%A8>L%A,3#>L?%D,"D#,%A8##%N<86S#?%876/,39,%87M"/-3#%9"</6,9%"M%M87376874%37:%637%

".>387% 6/,:8>% M/"-% >L,-% IV,8SS8#n% ,>% 3#$(% 0&*UK$% WL,% 3/4<-,7>% >L3>% 637% ,YD#387% >L89% 89% >L3>% 9"#8:%

7,>A"/S9% A8>L% 87M"/-3#% #,7:,/9% 637% ,76"</34,% 6"-D378,9% >"% D/,M,/% >L,% 87M"/-3#% 6/,:8>% -3/S,>% 37:%

>3S,%3:+37>34,%"M%>L,8/%/,#3>8"79L8D9%>"%L3+,%87>,/,9>GM/,,%:,.>%M/"-%/,#3>8+,9%37:%M/8,7:9$%WL,/,M"/,(%

9"683#% 63D8>3#% D/"+8:,9% >L,% D"A,/% >"% M368#8>3>,% 87M"/-3#% M87376874$% WL,% 4/,3>,/% >L,% ."7:% "/% 7,>A"/S%

M"/-,:% M/"-% 9"683#% 63D8>3#(% >L,% .,>>,/% >L,% 9>"6S% "M% 9"683#% 63D8>3#$% J"/,"+,/(% 8>% 637% L,#D% >"% :,3#% A8>L%

>,6L7"#"4863#%3:+376,9%37:%>L,%:,-37:9%"M%37%876/,39874#?%L84L%,/3$%

WL,%,Y89>,76,% "M%9"683#%63D8>3#% 89%-"/,% /".<9>%87% >/3:8>8"73#% 9"68,>8,9%6"-D3/,:%>"% :,+,#"D,:%

6"<7>/8,9(%9"%6/,:8>%6"7>/36>9%3/,%8-D#,-,7>,:%,MM868,7>#?%87%>L3>%,7+8/"7-,7>$%`66,99%>"%#"379%637%.,%

8-D#,-,7>,:%87%4/"<D9%A8>L%L84L% #,+,#9%"M%9"683#%63D8>3#$% `66,99%>"% 6L,3D%#"379% 89%,99,7>83#%M"/%9-3##%

6"-D378,9% 9<6L% 39% FJ59(%48+,7%>L,%#8-8>,:%3.8#8>?%>"%D/"+8:,%6/,:8>%4<3/37>,,9$%`9%-<6L%39% D"998.#,(%

>L,?%>/?%>"%/,:<6,%6"9>9%37:%3##"63>,%>L,-%>"%D">,7>83#%/,9"</6,9%>"%9<DD"/>%.<987,99%36>8+8>8,9$%V84L%

9"683#%."7:9%3-"74%4/"<D%-,-.,/9%/,9<#>%87%>/<9>%>L3>%,+,/?"7,%A8##%/,D3?%>L,8/%#"379% %I[3>L"/,(%

0&*QK$%;"//"A874%.,>A,,7%4/"<D%-,-.,/9%37:%87:8+8:<3#9%>"%D,,/%87:8+8:<3#9%637%/,:<6,%D/".#,-9%

9<6L%39% 87>,/,9>% /3>,9% 37:%87M"/-3>8"7%39?--,>/?% <9<3##?% ,76"<7>,/,:% 87%>L,%.37S874% ,7+8/"7-,7>$%

WL<9(%>L,%4/"<D%M"/-,:%D/"+8:,9%6"-D#,>,%37:%,MM868,7>%87M"/-3>8"7$%F"683#%63D8>3#%.87:9%3%4/"<D%37:%

L,#D9%/,3#89,%9"683#%4/"<D%:,+,#"D-,7>%36>8+8>8,9%IC7M37>,(%0&*hK$%%

X7% >L,% ">L,/% L37:(% 9>/"74% 9"683#% >8,9% 637% 4,7,/3>,% -"/,% 98478M8637>%9"683#% D,73#>8,9$%F"683#%

9376>8"79% 8-D36>%9"683#% 63D8>3#c9% 873.8#8>?% >"% 6"-D#,>,%#3A% ,7M"/6,-,7>$% WL,%D"87>%"M%>L,%98><3>8"7%

9L"A9%>L3>%9"683#%63D8>3#%"7#?%M368#8>3>,9%87M"/-3>8"7%.,>A,,7%."//"A,/9$%

GCDA:;,?AJ356,J583>56O,XC>,3>,QA,A2,6C>,3>,Q2AEY,

5+,/?%9-3##G%37:%#3/4,G963#,%.<987,99%L39%+3/8"<9%/,9"</6,9(%876#<:874%>3748.#,%37:%87>3748.#,$%

J"9>%9-3##%6"-D378,9(%9<6L% 39% FJ59(%3/,%-878-3#%87%/,9"</6,9$%F"683#%63D8>3#%637%6"7>/8.<>,%-"/,%>"%

9-3##% 6"-D378,9(% 9<6L% 39% FJ59% A8>L% #8-8>,:% >3748.#,% 399,>9%.<>% .<987,99% 36>8+8>8,9% 3/,% 9>8##%/<77874$%

WL,/,%89%3%L84L,/%6L376,%"M%,YD#"/874%9"683#%63D8>3#%>"%L,#D%>L,%6"-D37?c9%D,/M"/-376,$%="/%,Y3-D#,(%

>3S874%3:+37>34,%"M%">L,/%6"-D378,9%37:%,9>3.#89L874%4"":%/,#3>8"79L8D9%A8>L%>L,-%637%.,%3%.3989%M"/%

/<77874%3%9-3##G963#,%.<987,99%9"%>L3>%8>%:",9%7">%/,N<8/,%98478M8637>%/,9"</6,9$%WL89%-,379%>L3>%>L,%

6"-D37?c9%D/":<6>8"7%D/"6,99%637%.,%63//8,:%"<>%.?%7,4">83>874%A8>L%">L,/%6"-D378,9%37:%-3/S,>874%

>L,%-":8M8,:%<78N<,%D/":<6>9%>"%D">,7>83#%-3/S,>9$%],+,/34874%.<987,99%7,>A"/S9%37:%>8,9%637%/,:<6,%

,YD,79,9%/,#3>,:%>"%3%6"-D37?c9%D/":<6>8"7$%

@9874%>L,%+3#<,%"M%9"683#%63D8>3#(%8>%89%6#38-,:%>L3>%8>%6377">%.,%".>387,:%.?%37%,39?%D/"6,99%37:%

89%8-8>3>,:%.?%6"-D,>8>"/9$%WL,/,%89%7"%4<3/37>,,%>L3>%6"-D,>8>"/9%637%36L8,+,%98-8#3/%.,7,M8>9%.,63<9,%

9"683##?% 6"-D#,Y% /,9"</6,9% 7,,:% >"%6"-D#?% A8>L% 9>37:3/:9% "/% :8/,6>% -3734,-,7>% I;3/7,?(% *PP*% 87%

f3-393S(%0&*UK$%`%6"-D37?c9%/,D<>3>8"7%M"/%36L8,+874%9"683#%63D8>3#%6/,3>,9%+3#<,%M"/%D39>%36>8"79%37:%

D,/M"/-376,% >L3>% 637% .,% D399,:% :"A7% >"% >L,% 7,Y>% 4,7,/3>8"7$% C>9% 6"-D#,Y% 37:% <78N<,% 73></,% 89%

!:2C2:5>3A:56,0A72:56,A@,"AJ356,"C2K3JC,5:;,1C?C52JL%% L>>D91^^8B99/$/8:A37879>8><>,$6"$8:^%

!0""1,234,%2790%

399"683>,:%A8>L%>L,%6"-D37?c9%D,/M"/-376,%37:%637%L,#D%.<987,99%9<9>3873.8#8>?%87%>L,%-3/S,>$%X7%>L,%

">L,/%L37:(%3%6/8>8N<,%"M%9"683#%63D8>3#%89%>L3>%8>%89%7">%,39?%>"%-387>387$%X7,%89%>L3>%>L,%6L374,%"M%36>"/9%

I.<987,99%"A7,/9K%A8##%/,9<#>%87%:8MM,/,7>%D,/M"/-376,9$% C>%89% 3% 6"79,N<,76,%"M%9"683##?%6"-D#,Y%

/,9"</6,9$% V"A,+,/(% 9"683#% 63D8>3#% "MM,/9% L84L,/% ,6"7"-86% .,7,M8>9% >"% >L,% 6"-D37?c9% 9<66,99%>L37%

>3748.#,%/,9"</6,9$%

F"683#% 63D8>3#% 7">% "7#?% 6"7>/8.<>,9% >"% ,6"7"-86% 4/"A>L% .<>% 3#9"% 9"683#% ,-D"A,/-,7>% 37:%

D/"9D,/8>?% "7% 3% 4#".3#% 963#,$% WL,% :,+,#"D-,7>% "M% 37% 876/,39874#?% 3:+376,:% ,/3% 37:% 39989>,:% .?%

>,6L7"#"4?%-3S,9%366,99%-"/,%366,998.#,%37:%M39>,/%37:%637%,+,7%6"77,6>%>"%">L,/%D3/>9%"M%>L,%A"/#:$%

WL,%9L3/874% ,6"7"-?% M368#8>3>,9% 9"683#% 63D8>3#(% #87S874% >L,% .,7,M8>9% "M% 9"683#% 63D8>3#$% WL/"<4L% >L,%

9L3/874%,6"7"-?(% 9"683#% 63D8>3#% 39989>,:% .?% >,6L7"#"4?% 637% #3>,/% 6"77,6>% M"/,847,/9% AL"% L3+,% 7,+,/%

-,>%.,M"/,$%C7%>L,%87M"/-3#%M/3-,A"/S(%9"683#%63D8>3#%L39% 3% D"98>8+,%,MM,6>%,+,7%>L"<4L%>L,%/89S%"M%

<76,/>387>?%/,-3879$% X+,/%>8-,(%87:8+8:<3#9%<9,% 37:%D/8"/8>89,% 8>%87%36>8"7%.,63<9,% 8>%637%./8:4,% 8>%>"%

">L,/%7,>A"/S9$%FL3/874%,6"7"-?%D#3>M"/-9%,-.":?%/,#3>8"79L8D9%A8>L%M"/,847,/9(%AL8#,%9"683#%63D8>3#%

./8:4,9% >L,9,% 36>8"79% I=,//3/8(% 0&*UK$% WL<9(% 87>,/36>8"79% >L3>% "66</% A8>L% ,36L% ">L,/% "7%>L,% D#3>M"/-%

A8##% ,YD37:%>L,% 7,>A"/S% .,>A,,7% >L,-$% C7%3::8>8"7(%9D,68M86%/,9"</6,9%37:% 9,/+86,9% "7%>L,%D#3>M"/-%

3/,%-"/,%366,998.#,% >"%6"79<-,/9$%V"A,+,/(% <9874%>L,%D#3>M"/-%6377">%D/"+8:,%"DD"/><78>8,9% M"/%3##%

<9,/9% .,63<9,% >L,/,% 3/,% 9,/+86,% #8-8>3>8"79% .39,:% "7% 4,7:,/(% 34,(% ,>6$(% 9"% 8>%9,,-9% >"% M"/-% 4/"<D%

,Y6#<98+8>?$% V"A,+,/(% >L89% 89% /,39"73.#,% 6"798:,/874% >L3>% /,#3>8"79L8D9% A8>L%9>/374,/9% 3/,%/89S?(% 37:%

-37?% "DD"/><789>86% <9,/9% 3/,% ,Y6#<:,:% M/"-% >L,% D#3>M"/-$% V"A,+,/(% 9"683#% 63D8>3#% D#3?9% 3% /"#,% 87%

,7M"/6874%7"7G6"-D#8376,%/<#,9%87%>L89%639,$%

WL,%+3#<,%"M%9"683#%63D8>3#%89%7">%"7#?%#8-8>,:%>"%,Y6L374874%4"":9%37:%9,/+86,9%.<>%637%/,36L%3%

./"3:,/%/374,% A8>L% >L,% 87>,/36>8"7% .,>A,,7% 87:8+8:<3#9% 87+"#+,:$% @9874% >L,% 9L3/874% ,6"7"-?% 89%

,YD,6>,:%>"%.,%M,,:.36S%"7%>L,%.,7,M8>9%>L3>%A,##G,9>3.#89L,:%6"--<78>?%-,-.,/9%"A7$%C7%>L89%639,(%8>%

8-D#8,9%3%D,/9D,6>8+,%7">%#8-8>,:%>"%"A7,/9L8D%.<>%>L,%,Y>,7>%>"%AL86L%366,99%>"%>L,%"<>98:,%A"/#:%89%

<9,:%>"%4,>%.,>>,/%"DD"/><78>8,9%"/%:,3#9$%WL<9(%9"683#%63D8>3#%89%7,,:,:%37:%7,,:9%>"%.,%<>8#89,:%48+,7%

>L,%-37?%<76,/>387>8,9%AL,7%366,99%89%48+,7%>"%>L,%9L3/874%,6"7"-?%D#3>M"/-$%

Z3?J7??3A:,

F"683#%63D8>3#%6/,3>,9%+3#<,%M"/%9-3##%6"-D378,9%,+,7%>L"<4L%,7>/,D/,7,</9%-<9>%:,+">,%

9<.9>37>83#%/,9"</6,9%>"%4/"A874%>L,8/%7,>A"/S9$%536L%:8-,798"7%"M%9"683#%63D8>3#%-3?%87>,/36>%

:8MM,/,7>#?%A8>L%:8MM,/,7>%-":,/3>874%9>8-<#8% .,63<9,%9-3##% M8/-9%-3?%6L374,%"+,/%>8-,%IF>3-%,>%3#$(%

0&*eK$% XD>8-89874%>L,% .,7,M8>9% "M% 9"683#% 63D8>3#% /,N<8/,9% 3% .3#376,:% 3DD/"36L% A8>L% 3##% 36>"/9% 87% >L,%

,7+8/"7-,7>$%)">%"7#?%6"77,6>8"79%>"%M"/-3#%.<>%3#9"%87M"/-3#%7,>A"/S9%7,,:%>"%.,%9>/,74>L,7,:$%C7%

3::8>8"7(%>"%8-D/"+,%>L,8/%6"-D37?c9%D,/M"/-376,(%>L,?%-<9>%-387>387%4"":%/,#3>8"79%A8>L%6<9>"-,/9(%

9<DD#8,/9(%6"-D,>8>"/9(%M3-8#?(%M/8,7:9%37:%">L,/%9"68"G,6"7"-86%879>8><>8"79$%

`##% :8-,798"79% "M% 9"683#% 63D8>3#% 9L"A% >L,% 3.8#8>?% 39% 3% M368#8>3>"/% "M% 366,99% >"% /,9"</6,9% 37:%

M87376,% 7,,:,:% >"% 8-D/"+,% >L,% D,/M"/-376,% "M% FJ59$% X/437893>8"73#%9>/<6></,9% >L3>% :"% 7">% 7,,:%

6"-D#863>,:%3:-8789>/3>8"7(%9<6L%39%FJ59(%,76"</34,%D,/9"73#%+3/83.#,9%>"%.,%-"/,%876#87,:%>"%3DD#?%

9"683#%63D8>3#%9<DD"/>,:%.?%>L,%,7+8/"7-,7>%3/"<7:%>L,-$%F<DD"/>,:%.?%D,/9"73#%,>L869(%>L,%+3/83.#,%

D/,M,/9%>L,%9"683#%39D,6>$%\,7>/3#%36>"/9%M,,#%>L3>%>L,%N<3#8>?%37:%+3#<,%"M%9"683#%63D8>3#%,Y6,,:%>L,8/%

,YD,6>3>8"79(% 9"%>L,/,%89%37%87>,/,9>%87%:,+,#"D874%8>%M</>L,/%I[":/84<,9% Z% \L8#:(% 0&*0K$% J"9>%

8-D"/>37>#?(%366,99%>"%M87376,%89%3%M"##"AG<D%>"%>L,%.,7,M8>9%"M%9"683#%63D8>3#%37:%".>387874%/,9"</6,9$%

WL3>% 89%>L,% :,6898"7% >"% 6"798:,/% >L,% :8-,798"79% "M% 9"683#% 63D8>3#%I=84</,% *K% 637% .,% 938:% >L3>%

,7>/,D/,7,</9%4,>%3%6"-D#,>,%D36S34,%>"%36L8,+,%.,>>,/%D,/M"/-376,$%F"683#%63D8>3#%L39%3%./"3:%96"D,(%

9<6L% 39% :"-,9>86% 37:% M"/,847% 7,>A"/S9$% F"683#% 63D8>3#% 3#9"% 36>9% 39% 3%./8:4,%M"/%,7>/,D/,7,</9%AL,7%

366,99%>"%/,9"</6,9%"7%3%4#".3#%963#,%89%L84L%/89S$%V,#D%/,:<6,%<76,/>387>?%A8>L%>L,%M8#>,/9%D/"+8:,:%.?%

>L,% 9L3/874% ,6"7"-?% D#3>M"/-$% WL,/,M"/,(% 8>% 89% <9,M<#% AL,7%FJ59%9>3/>%"D,/3>874%87% 3% M"/,847%

,7+8/"7-,7>$%

!:>C2:5>3A:56,0A72:56,A@,F?35:,M;7J5>3A:(%%

F/8%23#<D8%2/3.37:3/81(%C:3%k<#837>82(%k<9<M%[8937>"3%

!0""1,234,%2791%

CONCLUSION)

WL,% /,9,3/6L% M"6<9,9% "7% 399,99874% 9"683#% 63D8>3#% 37:% FJ5% D,/M"/-376,(% ,-DL3989874%>L,%

98478M86376,% "M% 9"683#% 7,>A"/S9% 37:% ,>L863#% M/3-,A"/S9$% F"683#% 9"#8:%63D8>3#% D"98>8+,#?% 8-D36>9%

D,/M"/-376,(% 4/"A>L(% 37:% 87>,/73>8"73#893>8"7(% /,:<6874% <76,/>387>?% 37:% M368#8>3>874% 366,99% >"%

87M"/-3#%M87376,$%WL,9,%M87:8749%L3+,%>L,"/,>863#%37:%D/36>863#%8-D#863>8"79%M"/%FJ59%37:%637%.,%<9,:%

>"%:,+,#"D%7,>A"/S% 37:%9>/<6></3#%9>/3>,48,9$%WL,% /,9,3/6Lc9%#8-8>3>8"7%89% 8>9%,-DL3989%"7% >/"<.#,:%

6"-D378,9(% 37:% M<></,% 9><:8,9% 9L"<#:% 8:,7>8M?% >L,% >?D,9% "M% /,9"</6,9% <9,:% 37:% ,76"</34,% M</>L,/%

N<3#8>3>8+,%/,9,3/6L%M"/%3%:,,D,/%<7:,/9>37:874$%

REFERENCES)

`."/(% m$(% Z% j<3/>,?(% 2$% I0&*&K$% C99<,9% 87% FJ5% :,+,#"D-,7>% 87% iL373% 37:% F"<>L% `M/863$% 84.014*.)'4*+&

90$0*1(:&5';14*+&'2&<)4*4(0&*4=&#('4'3)($(%>?IUK(%0*Qo00g$!

`#8(%V$(%X-3/(%5$%)$(%)398/(%V$%`$(%Z%X9-37(%J$%[$%I0&*gK$%=8737683#%#8>,/36?%"M%,7>/,D/,7,</9%87%>L,%9-3##%

37:% -,:8<-% ,7>,/D/89,9$% /1'(00=)4@$& '2& .:0& A4=& B=C*4(0$& )4& D;$)40$$& 90$0*1(:& 84.014*.)'4*+&

,'420104(0E&BD98,AFGH(%'*o'g$%

`/34l7(% \$(% )3/+38H3(% ]$(% Z% `#><73(% J$% I0&*UK$% TL?% 37:% L"A% :",9% 9"683#% /,9D"798.8#8>?% :8MM,/% 3-"74%

FJ59p%`%9"683#%63D8>3#%9?9>,-86%3DD/"36L$%5';14*+&'2&D;$)40$$&#.:)($(%G>I(%'UQo'ge$%

;8443/>(% )$% T$(% Z% O,#./8:4,(% [$% I0&&eK$% F?9>,-9% "M% ,Y6L374,$% B(*=03J& '2& "*4*@0304.& 90C)0K(% A?I*K(%

0goeP$%

;"7>89(% )$(% m37"a,+8q(% F$(% Z% Or,7"D"#B36(% !$% I0&*QK$% C7>,##,6><3#% 63D8>3#% 87% F,/.83d9% L">,#% 87:<9>/?$%

84.014*.)'4*+&5';14*+&'2&,'4.03-'1*1J&L'$-).*+).J&"*4*@0304.(%AMIUK(%*'UQo*'ge$%

;""L,7,(%[$(%i?8-3L(%[$%`$(%Z%X9,8(%J$%;$%I0&0&K$%F"683#%63D8>3#%37:%FJ5%D,/M"/-376,1%>L,%-":,/3>874%

/"#,%"M%,-">8"73#%87>,##84,76,$%5';14*+&'2&#4.10-1040;1$:)-&)4&#301@)4@&#('4'3)0$(%GAI*K(%hPo

PP$%

\3"(%O$(%;,/S,#,?(%)$(%Z%=87#3?(%O$%I0&*eK$%J,39</874%9<9>387,:%6"-D,>8>8+,%3:+37>34,%M/"-%/,9"</6,G

.39,:%+8,A1%3%9</+,?%"M%\L87,9,%6#">L874%87:<9>/?$%5';14*+&'2&!;$.*)4*N+0&O0C0+'-304.(%MI0K(%gP$%

\L"8(%m$%V$(%f8-(%F$(%Z%k374(%O$GV$%I0&*gK$%F-3##%37:%-,:8<-%,7>,/D/89,9%37:%>L,%/,#3>8"7%.,>A,,7%9"683#%

D,/M"/-376,%37:%M8737683#%D,/M"/-376,1%5-D8/863#%,+8:,76,%M/"-%f"/,3$%!;$.*)4*N)+).J(%GFIUK(%

*g*U$%

\83-.">>8(% J$(% Z% 23#3HH8(% =$% I0&*QK$% F"683#% 63D8>3#% 37:% FJ591% `7% ,YD#"/3>"/?% 639,% 9><:?$% 5';14*+& '2&

84.014*.)'4*+&D;$)40$$&*4=&#('4'3)($(%GPI0K(%Q'oUe$%

\#3/S,(%[$(%\L37:/3(%[$(%Z%J36L3:"(%J$%I0&*UK$%FJ59%37:%9"683#%63D8>3#1%,YD#"/874%>L,%;/3H8#837%6"7>,Y>$%

#;1'-0*4&D;$)40$$&90C)0K(%AII*K(%0o0&$%

\"#"+86(%`$(%V,77,/"7(%F$(%V<,>>874,/(%J$(%Z%f3H#3<9S38>,(%[$%I0&*PK$%\"/D"/3>,%9"683#%/,9D"798.8#8>?%37:%

FJ591%5+8:,76,%M/"-%3%>/3798>8"7%37:%3%:,+,#"D,:%,6"7"-?$%#;1'-0*4&D;$)40$$&90C)0K(%>GIQK(%

hgQog*&$%

O3/(%C$%`$(%Z%J89L/3(%J$%I0&0&K$%O8-,798"73#%8-D36>%"M%9"683#%63D8>3#%"7%M8737683#%D,/M"/-376,%"M%FJ59$%

Q:0&5';14*+&'2&#4.10-1040;1$:)-(%A?I*K(%'goQ0$%

O,#%i8<:86,(%J$(%`/9#37(%`$(%F6<">>"(%!$(%Z%\3D<>"(%=$%I0&*hK$%C7M#<,76,9%"M%6"478>8+,%:8-,798"79%"7%>L,%

6"##3."/3>8+,% ,7>/?% -":,% 6L"86,% "M% 9-3##G37:% -,:8<-G98H,:% ,7>,/D/89,9$% 84.014*.)'4*+&

"*1R0.)4@&90C)0K(%>SIQK(%UQ0oUh'$%

O,99(%i$%i$(%]<-DS87(%i$%W$(%5897,/(%`$%;$(%Z%J6)3-3/3(%i$%I0&*eK$%!.1*.0@)(&3*4*@0304.E&Q0T.&*4=&(*$0$$%

J6i/3AGV8##$%

O,H8(% ]$(% ;3>>89>8(% 5$(% =,//3/89(% `$(% Z% 23D3(% `$% I0&*gK$% WL,% #87S% .,>A,,7% -,/4,/9% 37:% 36N<898>8"79% 37:%

877"+3>8"71%`%9?9>,-3>86%#8>,/3></,%/,+8,A$%"*4*@0304.&90$0*1(:&90C)0K(%SGIUK(%h*UohQ0$%

O<(%m$(%i<3/84#83(%`$(%Z%),A-37(%`$%I0&*QK$%O"%9"683#%63D8>3#%.<8#:874%9>/3>,48,9%87M#<,76,%>L,%M87376874%

.,L3+8"/% "M% \L87,9,% D/8+3>,% 9-3##% 37:% -,:8<-o98H,:% ,7>,/D/89,9p% #4.10-1040;1$:)-& Q:0'1J&

*4=&/1*(.)(0(%>?I'K(%U&*oU'*$%

!:2C2:5>3A:56,0A72:56,A@,"AJ356,"C2K3JC,5:;,1C?C52JL%% L>>D91^^8B99/$/8:A37879>8><>,$6"$8:^%

!0""1,234,%2792%

539-"7(% [$% ;$(% f39>7,/(% `$% )$% `$(% ;#37S9"7(% \$(% Z% J3L-"<:(% J$% `$% I0&*PK$% F"683#% 63D8>3#% 37:% ,YD"/>%

D,/M"/-376,%"M%FJ59%87%iL3731%WL,%/"#,%"M%M8/-%63D3.8#8>8,9$%B21)(*4&5';14*+&'2&#('4'3)(&*4=&

"*4*@0304.&!.;=)0$(%GFI'K(%0U0o0gQ$%

5/9,#637(%=$(%f<>#3/(%`$(%5/:,-(%5$(%Z%O"437"4#<(%=$%I0&&PK$%F"683#%63D8>3#%37:%,6"7"-86%D,/M"/-376,%"M%

FJ5d91% `% 639,% 9><:?% M/"-% W</S,?$% /1'(00=)4@$& '2& .:0& #;1'-0*4& ,'420104(0& '4& 84.0++0(.;*+&

,*-).*+%&84&L'++*4=&U4)C01$).J&'2&B--+)0=&!()04(0$%&L**1+03%&Q:0&V0.:01+*4=$(%0go0P$%

=,//3/8(% J$% s$% I0&*UK$% ;,?"7:% <76,/>387>8,9% 87% >L,% 9L3/874% ,6"7"-?1% XDD"/><78>8,9% M"/% 9"683#% 63D8>3#$%

#;1'-0*4&5';14*+&'2&9)$R&90@;+*.)'4(%MIeK(%UUeoUhe$%

="/7"78(%J$(%`//8.39(%C$(%Z%!8#3(%m$%5$%I0&*0K$%`7%,7>/,D/,7,</d9%9"683#%63D8>3#%37:%D,/M"/-376,1%WL,%/"#,%

"M% 366,99% >"% 87M"/-3>8"7% 87% >L,% `/4,7>87,37% 639,$% 5';14*+& '2& W1@*4)X*.)'4*+& ,:*4@0&

"*4*@0304.(%APIQK(%Ug0oUPg$%

i"-,9(% 5$(% `74A87(% O$% )$(% T,.,/(% k$(% Z% k,:8:83% W3/.3(% F$% I0&*'K$% \/8>863#% 9<66,99% M36>"/9% >L/"<4L% >L,%

-,/4,/9% 37:% 36N<898>8"79% D/"6,991% /,+,3#874% D/,G37:% D"9>GJZ`% 6"77,6>8"79% M"/% 8-D/"+,:%

D,/M"/-376,$%Q:;4=01N)1=&84.014*.)'4*+&D;$)40$$&90C)0K(%PPI*K(%*'o'Q$%

i"7H3#,9Gi,-8"(% \$(% \/<HG\tH3/,9(% \$(% Z% 23/-,7>8,/(% J$% m$% I0&0&K$% [,9D"798.#,% 877"+3>8"7% 87% 9-,91% `%

9?9>,-3>86%#8>,/3></,%/,+8,A%M"/%3%6"76,D><3#%-":,#$%!;$.*)4*N)+).J(%GAI0eK(%*&0'0$%

V39937SL378%O"#3>3.3:8(%F$(%Z%;<:879S3(%C$%I0&0*K$%F?9>,-3>86%#8>,/3></,%/,+8,A%D/,:86>8+,%-387>,7376,%

9"#<>8"79%M"/%FJ59%M/"-%>L,%#39>%:,63:,$%"*(:)40$(%?IPK(%*P*$%

V,8SS8#n(% `$(% f3#-8(% 2$(% Z% [<<9S37,7(% X$G2$% I0&*UK$% F"683#% 63D8>3#% 37:% 366,99% >"% 6/,:8>1% 5+8:,76,% M/"-%

@437:3$%Q:0&5';14*+&'2&O0C0+'-304.&!.;=)0$(%PAIPK(%*0h'o*0gg$%

V"74?<7(% W$(% f37S3-(% T$% `$(% `DD83LGWA<-(% =$(% Z%`S"#4"(% C$% i$% I0&*PK$% 5MM,6>% "M% 9"683#% 63D8>3#% "7%M8/-%

D,/M"/-376,1% WL,% /"#,% "M% ,7>/,D/,7,</83#% "/8,7>3>8"7% 37:% :?73-86% 63D3.8#8>?$% 84.014*.)'4*+&

90C)0K&'2&"*4*@0304.&*4=&"*1R0.)4@(%?IeK(%U'$%

V"99387(%J$(%Z%f3</37,7(%C$%I0&*UK$%XD,7%877"+3>8"7%87%FJ591%3%9?9>,-3>86%#8>,/3></,%/,+8,A$%5';14*+&'2&

!.1*.0@J&*4=&"*4*@0304.(%?I*K(%Qgoh'$%

C7M37>,(%=$%I0&*hK$%WL,%/"#,%"M%9"683#%63D8>3#%37:%#3."</%,Y6L374,%87%>L,%9"8#9%"M%J,:8>,//37,37%\L8#,$%

9;1*+&!'()0.J(%AHI0K(%*&ho*0e$%

f3-393S(%[$%I0&*UK$%#;1'-0*4&5';14*+&'2&"*4*@0304.&*4=&D;$)40$$&#('4'3)($$%

f8-(%k$(%Z%\377,##3%m/(%`$%`$%I0&&gK$%F"683#%63D8>3#%3-"74%6"/D"/3>,%<DD,/%,6L,#"79%37:%8>9%8-D36>9%"7%

,Y,6<>8+,%D/"-">8"7%87%f"/,3$%5';14*+&'2&Y'1+=&D;$)40$$(%S>I*K(%gQoPU$%

J3">"(% J$% f$% I0&*PK$% \"-D,>,76,(% ),>A"/S874% 37:% C77"+3>8"7% 39% f,?% =36>"/9% >"% 57L376,% F-,9%

2,/M"/-376,1%`%F?9>,-3>86%[,+8,A%"M%]8>,/3></,$%B(*=03J&'2&#4.10-1040;1$:)-&5';14*+(%APIeK(%

*o*0$%

J."4"(%J$%I0&**K$%C7M#<,76,% "M%J3734,/83#% `66"<7>874%FS8##9% "7%FJ5d9%"7% >L,%F<66,99%37:%i/"A>L%"M%

F-3##%37:%J,:8<-%57>,/D/89,9%87%f,7?3$%5';14*+&'2&6*4@;*@0%&Q0(:4'+'@J&Z&#4.10-1040;1$:)-&

)4&B21)(*(%>I*K(%*&Po*'0$%

J"7:3#(% `$(% Z% iL"9L(% F$% f$% I0&*0K$% C7>,##,6><3#% 63D8>3#% 37:% M8737683#% D,/M"/-376,% "M% C7:837% .37S9$%

5';14*+&'2&84.0++0(.;*+&,*-).*+(%G>IeK(%Q*QoQ'&$%

JA3748(%C$%T$(%Z%X<-3(%F$%`$%I0&*0K$%F"683#%63D8>3#%37:%366,99%>"%6/,:8>%87%f,7?3$%B301)(*4&5';14*+&'2&

!'()*+&*4=&"*4*@0304.&!()04(0$(%>I*K(%go*U$%

)4<?,7(%2$%W$(%Z%)4<?,7(%J$%f$%I0&*PK$%[,9"</6,%-893##"63>8"7% "M%FJ59%87%!8,>73-,9,%-37<M36></874%

9,6>"/$%5';14*+&'2&!3*++&D;$)40$$&*4=&#4.01-1)$0&O0C0+'-304.(%AHI'K(%0P&o'&'$%

23?7,(%i$%W$(%J""/,(%\$%;$(%i/8MM89(%F$%5$(%Z%`<>/?(%\$%T$%I0&**K$%J<#>8#,+,#%6L3##,74,9%37:%"DD"/><78>8,9%87%

9"683#%63D8>3#%/,9,3/6L$%5';14*+&'2&"*4*@0304.(%>MI0K(%eP*oQ0&$%

[3>L"/,(%;$%F$%I0&*QK$%F"683#%63D8>3#1%:",9%8>%-3>>,/%87%3%-86/"M87376,%6"7>/36>p%84.014*.)'4*+&5';14*+&'2&

!'()*+&#('4'3)($(%SAI**K(%*&'Qo*&eU$%

[":/84<,9(% F$% ;$(% Z% \L8#:(% m$% I0&*0K$% ;<8#:874% 9"683#% 63D8>3#% M"/% 87>,/73>8"73#8H3>8"7$% 90C)$.*& =0&

B=3)4)$.1*[\'&,'4.03-'1]40*(%GH(%0'o'g$%

[":/84<,H(%J$(%2,>,/9"7(%[$%J$(%Z%`BB37(%V$%I0&*QK$%\[J^9"683#%-,:83%>,6L7"#"4?1%8-D36>%"7%6<9>"-,/%

!:>C2:5>3A:56,0A72:56,A@,F?35:,M;7J5>3A:(%%

F/8%23#<D8%2/3.37:3/81(%C:3%k<#837>82(%k<9<M%[8937>"3%

!0""1,234,%2793%

"/8,7>3>8"7%D/"6,99%37:%"/4378H3>8"73#%93#,9%D,/M"/-376,$%8=0*$&)4&"*1R0.)4@E&<)4=)4@&.:0&V0K&

*4=& /'+)$:)4@& .:0& W+=E& /1'(00=)4@$& '2& .:0& AFG>& B(*=03J& '2& "*1R0.)4@& !()04(0& ^B"!_& B44;*+&

,'420104(0(%U'UoU'g$%

F376L,HG=3-"9"(% !$(% J,B83GJ"/,#"9(% m$GV$(% Z% \897,/"9(% ]$% I0&0&K$% ),A% 87984L>9% 87>"% 7"7G#89>,:% M3-8#?%

FJ59% 87% FD3871% ;"3/:% 9"683#% 63D8>3#(% ."3/:% ,MM,6>8+,7,99(% 37:% 9<9>3873.#,% D,/M"/-376,$%

!;$.*)4*N)+).J(%GAI'K(%g*e$%

F,7(%F$(%Z%\"A#,?(%m$%I0&*'K$%WL,%/,#,+376,%"M%9>3S,L"#:,/%>L,"/?%37:%9"683#%63D8>3#%>L,"/?%87%>L,%6"7>,Y>%

"M%\F[%87%FJ591%`7%`<9>/3#837%D,/9D,6>8+,$%5';14*+&'2&D;$)40$$&#.:)($(%GGI(%e*'oe0h$%

F"/8?3(% F$(% Z% )3/A3#(% f$% 2$% I0&*QK$% C7>,##,6><3#% 63D8>3#% D,/M"/-376,% 87% C7:837% .37S91% 3% D37,#% :3>3%

373#?989$%84.014*.)'4*+&5';14*+&'2&60*14)4@&*4=&84.0++0(.;*+&,*-).*+(%GAI0K(%*&'o*0*$%

FD,76,(%]$%m$(%Z%F6L-8:D,>,/(%[$%I0&&'K$%FJ59(%9"683#%63D8>3#%37:%>L,%6"--"7%4"":$%5';14*+&'2&D;$)40$$&

#.:)($(%SP(%P'o*&g$%

F>3-(% T$(% `/H#37837(% F$(% Z% 5#M/874(% W$% I0&*eK$% F"683#% 63D8>3#% "M% ,7>/,D/,7,</9% 37:% 9-3##% M8/-%

D,/M"/-376,1% `% -,>3G373#?989% "M% >,-D"/3#% 37:% 6"7>,Y><3#% 6"7>874,768,9$% 5';14*+& '2& D;$)40$$&

`04.;1)4@(%A?I*K(%*Q0o*h'$%

@##3L(%F$(%J3B,,:(%J$%W$(%Z%`/8M(%;$%T$%I0&0*K$%F"683#%63D8>3#%37:%M8/-9d%6L"86,%"M%M87376874%<7:,/%6/,:8>%

6"79>/387>91%-86/",6"7"-86%,+8:,76,%M/"-%23S89>37$%O0()$)'4(%SI(%'o*'$%

!3#,7>873%`:#,a8b(%[$(%Z%F#3+,6(%`$%I0&*0K$%F"683#%63D8>3#%37:%.<987,99%876<.3>"/9%D,/M"/-376,1%>,9>874%

>L,%9>/<6></3#%-":,#$%#('4'3)(&*4=&D;$)40$$&90C)0K(%GSI'K(%0$%

T"96LS,(% W$(% V339,(% V$(% Z% f/3>H,/(% m$% I0&*hK$% [,9"</6,% 963/68>?% 87% FJ591% ,MM,6>9% "7% 876/,-,7>3#% 37:%

/3:863#%877"+3>8"79$%"*4*@0304.&90$0*1(:&90C)0K(%SFI0K(%*PQo0*h$%

IA8D23QL>,LA6;C2O,

F/8%23#<D8%2/3.37:3/8(%C:3%k<#837>8(%k<9<M%[8937>"%I0&0'K%

S32?>,87963J5>3A:,23QL>?O,

C7>,/73>8"73#%m"</73#%"M%F"683#%F,/+86,%37:%[,9,3/6L%ICmFF[K%

HL3?,52>3J6C,3?,63JC:?C;,7:;C2O,