Ch 22 Credit Derivatives
012345677
065894 569 249 5
0658948569 249 5 89 62 5 54456 6589477 46 8 49
! ""! # $ # % $ # "&'" &"! "( )*+ "$,--. "/00/1 $ ) $ " % "2#& "$ 3"4 5603 !! "# "$" #5/17003 !! "#*8 $ ) "43! # ( "& 9 * ("# ( ' ( )& "$"# ("4# ' 9 " #" *8 9 !!"2( ) "3 '' & "$!" # # 3"# # '! ( # && # $ ) *8 ' &" $ #( 3 "# ( ' 1 ( #%1" & 4! 4 *: ) " 1 9( #3 "# # ; !"# 3 " $3 # "$ " # 4$ # 1 4( ( ;! #) #" *
< ( "#//*,' # "# ! &" ( *< ( "#//*/ ( 3 ( & 4! 2 ' 1 " ! 4 # 2 ' 1( ' &" 2 # "' "#("# ( 1 2 !! ( ;! #) #" *< ( "#//*7 #' " 3 & # " 4( "# " ' ( #% # % #%"&( *+ # !!91< ( "#//*6 (4 ' " # ("# "&( *
% "2# "=4 ()!93 ( 4 9' " # &>( # $ ( # $ " ?( #% ( )*@ ! $" #3 #) #% 34 ! "# # 3! #" "# '" &"! ""&!" # ! )9 # #%! "# 13 #) !! # "3 ""("#( # #% "% ' (" # 4 ! ( " *8 3 ( 4 ("$' # % A ! "# '3 #) #%1B 2 ( 4 4 !!9! $ " (! # ! 3 #) )#"23 *<"& 1 3 # &>(4! "! 9"&& ( ?'" 4 1 "#!9 ! $ $ ) &" ("# 9!" # *C # "#13" "2 $ 9#" ! ) " 3 #) !! #% !" # " #" ' 91 #&" >( "# "# *
C #& ( 1( #" " !!9# 2* ("# ( 3 ;
2 # 3"# 4 # %4 # " D
3 #)" #
4 E "' " "# !' 9;
$ # "4! 4 & ! "$ ) &4!! # $ !9' 9$ # *F
6-,
01223415674891 24 891 64 5 74 5
5 45 0 4067 5 !15
" # 4 3 74 5$47 %15 %4
&'()(*+,,-.(-(*/+01)0234,(1(.5,*++0(+63)41()+.760'84+6,1)35().9),43+:(380*3+70-83&(+30*7;<6,3
*90)10)(+,-0*473*2082,7(*01+30*0*+6,)37/=:),,3*+,),7+)(+,(7>,88(7+6,9),43+71),(4?+63737&,*,)(88.*0+90*734,),4(
9),43+4,)32(+32,@60>,2,);A *4,,4+6,-0))0>,)9(*(8709(88-(9/+6,-0*4760'843+7
9),43+)(+3*&351)02,;B6(+37*,>37+6,+)(*71(),*9.(*4+)(43*&5(4,10773-8,-.
9),43+4,)32(+32,7;
C ),43+4,)32(+32,79(*(870-,:0'*40*0)&(*3
D ,4,
E 96(*&,7;<6,2(8',0:
F '=)04088():'+'),7374)32,*-.760)+=+,)5)(+,718'7(9),43+71),(4;
G ,*9,(<),(7').=F ')04088()
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`ab W c W d ^b ^c Y e f g h g i f h j X f k l b h g h m n o p h g q r s s l t `n i s g q^q f u f s g v v v n w i n x u Y y n z g q n o j {f g mi o n q f u Y y nn w n o i f k ni s g q f u f s g k Y y n x h {s |||z g i u f s g !"#$$%&'()*+,-)(+./,+.)012 23)4)(5)6,/7)89 8,/:;8,+86/:0 5()*+,*)9/<:,0=/33()% >+<>3/2>)6,586,+67)6,3/2>)6, ?@A B C #$$%&'()*+,-)9/<:,D =/3 $$E $E &'()*+,-)9/<:,D =/30 F G H I J K L M N O J P N J Q RR H I J K L M S P M T S Q N J U HQ S M T R H Q M T V J L T Q N M U K WH Q M N X Y S O H Z H U X [H V J K N HJR H \I J K L M N O J PU H ]K T U H N P U H WT K W P J ^WH Q M N S Q L ^K Q M T L J M U T __H U T Q _R H I J K L M H Z H Q M S V V K U N `a ^P H b H U V H Q M c U H R T M R H I J K L M N O J P N d e f g ^Q M Y H M T V N H V K U T M T h J M T S Q i i f c U H R T M \L T Q j H RQ S M H N e f a S M J L U H M K U QN O J P N F f c U H R T M N P U H J RS P M T S Q N F f a S M J L F k k f l QJ V S Q M U J V M X JP U S M H V M T S Q[K ^H U m N J ^n o P J ^N JP U H WT K W M SM Y H P U S M H V M T S QN H L L H U m N J ^p o X T QH q V Y J Q _HI S U P J ^WH Q M T I JV U H R T M H Z H Q M S V V K U N `a Y H V J Q[H J L K WPN K W S U P H U T S R T V `a Y H T N M U T __H U H R [^J V U H R T M H Z H Q M m c r o S QM Y H K Q R H U L ^T Q _V U H R T M `a Y H N M U K V M K U H S I M Y T N N O J PT N R H N V U T [H R T Qs T _K U H i i \F ` a Y H N H V S Q M U J V M N U H P U H N H Q M M Y H P K U H N M I S U W S I V U H R T M R H U T Z J M T Z H N X J N M Y H ^J U H Q S M J I \I H V M H R [^t K V M K J M T S Q N T Q WJ U j H M Z J L K H N J N L S Q _J N M Y H V U H R T M H Z H Q M R S H N Q S M S V V K U `l Q M Y H Q H q M V Y J P M H U X O H O T L L R H u Q H M Y T N J P P U S J V Y J N v R H I J K L M WS R H w WJ U j T Q _\M S \WJ U j H M m x a x o `n L N S X M Y H N H V S Q M U J V M N J U H U H J L L ^R H I J K L M S P M T S Q N X Q S M N O J P N `a Y H WJ T Q R T I I H U H Q V H I U S W J U H _K L J U S P M T S QT N M Y J M M Y H V S N M S I M Y H S P M T S QT N P J T RT QT Q N M J L L WH Q M N T Q N M H J RS I K PI U S Q M ` yY H QM Y H P U H WT K W T N P J T RK PI U S Q M X M Y H N H V S Q M U J V M N J U H V J L L H R ` z {e g S K U V H |m s H [U K J U ^i k k e o `F }~ } ~ 0123456789 9 9 9 9 9 9 9 8 9 9 !"#$789 9 9 % $789 9 89$ 89 9& & 89 9 % 89 9 9 9 $' 8 899 89 9 ( !"# 9 8 8 8 9 ) 9 89 $789 9 89 8 * $+ 8 8 89 9 9 , 9 9 & 9 9 9 $ -9 99 9 9 . /+ ,9 & 0 1 9 9 ,92 93 , 9 ,9 & 0 99 9 & 9 9 $ ' 9 8 89 0 9 4 9 9 9 $789 0 99 9 4%$5 & 89 0 89 93 , 9 & 89 0 99 4% 9 & 9 9 8 % $789 89 9 4 $+ 89 9 89. 9 89 9$ + 9 69 8 9 9 & 9 9 9 9 9 09 9 $+ 9 89 9 9 9 9 9 97 9 89 9 9 9 9 9 9 9 9 97 9 9 9 $7 99 9 ,9 89 98 9 9 9 99 89 9 0 89 9 & 9 89 9 $ 7 988 8 9 899 9 89 9 89 & 89(-'$+ 89 9 9 99 89(-' 9 8 555 9 8 9 4) $789 9 9 9 89 9 0 89 9 9 89 9 8 89 9 9 9 9 9 $+ 89 9 89 9 8 555 & 89 9 9 $9 9 9 9 9 ,9 89(-' 8 :) $ ( 9 9,9 9 ;9 9 9 9. $(8 9 4 , 9 8 89+'- < = 9 >9 & & 99 9 $+ 9 89 9 8 9 9 89 9 9 9 9,9 $? 89 9 9 9 , ,9 9 9 9& 0 $ 789 9 9 9@9 89 898 9 89 9 9 9 9 9 89 89 9 9,9 $-9. 9 8 9 9 $+ 09 9 $ )4) A B C DE F G H C I J E DC E K LM B N B O I M I N D P Q R S R T Q S U C Q V W M S R S X Y Z [S R \]^^W _K Y T ^R \I \Q `Q ^R Z Y a Y Z Y R T Y T Z Y \Q `S V V Y `b 0123455657899 8 7 6 2 222 7 ! " # 6 $ 4% 5565&' (4% )***6666+ )55,7 # --./0012345/6./7641083049.01:54;3456< ======>>> ?@?A B C A B C A B C A B C ?@D A B A A B ?A E B A E F ?@C A E G A E H A E A A G H ?@F A E D A G E A G A A H B ?@E A G G A G A A H G A I C J /03839K1641L 7324/4M 1N 405O 1K567N4M 1801P 35256 / Q 4M 1:1Q 37241:/R 25<345/6561S T M 36<1Q /03U S 1:839K164@=J /03U S 1:3K/764R 3N 1:/6N /K1801V 3<011:01T /P 1090341@W /056V N 436T 1J 5Q 4M 1.X/T T 70N J 4M 101T /P 10903415N N 1434C ?Y J 213:56<4/3839K164/Q F ?Y/Q 4M 16/45/632@ Z M 1839/Q Q /63T 01:54:1Q 3724N [385N \39K164]/45/632^.X _^D DA _[M 1014M 156:5T 34/0Q 76T 45/6^.X _5N/615Q 4M 1T 01:541P 164M 3N/T T 7001:36:`10/ /4M 10[5N 1@ Z M 1N 1:1Q 3724N [38N M 3P 1N 1P 1032P 305364N @W /056N 436T 1J 4M 1< 5P 1N 4M 180/41T 45/6R 79104M 105 [522R 1K/011S 816N 5P 14M 363N 56<21T 01:54N [38J O 11856<32212N 11L 732@Z M 1805T 1/Q 80/41T 45/632N /:1816:N/64M 1T /0012345/6R 14[116T 01:541P 164N @Z M 12/[104M 1T /0012345/6J 4M 1K/011S 816N 5P 14M 1N [38@ D D V D @=8/04Q /25/K363<10M /2:N 3:1Q 3724N [384/M 1:<136==T /08/0341R /6:8/N 545/6@b Q 4M 1T /7641083049/Q 4M 1:1Q 3724N [385N 3T L 7501:R 94M 1R /6:5N N 710J 4M 164M 1:1Q 3724N [38c 3_b 6T 013N 1N 56P 3271 R _d 1T 013N 1N 56P 3271 T _d 1T 013N 1N 56P 3271/6295Q 4M 1T /08/0341R /6:5N :/[6<03:1: :_b N 76T M 36<1:56P 3271C B H e /70T 1c =:3841:Q 0/K f 722g @36:hM 541=@^D ??A _@i 32756 l m n o p q rs s t l r q u v pu q r v w n p v w q x y z {|{}z |~r z |{| m |{ x } { q z z { { |{ {~ { {|~ u z | z !"#$%&&'()*+, !"&---''''./%01234(5678%921+20: ;31!$8%1/840 *=>?+ &&'&;31!$+%1/84@ &&A &A &;31!$+%1/84@ B B C D E FG H I J K H L M HN H O P M P J P H K H O Q R L H O S T U V W WXM L L M H OY P P Q J Y O ZY Z Q K Y [L J G I H J Q N J M H ON H O J I Y N J H OJ \M P Y P P Q J E ]\Q G I H ^Y ^M L M J _H K Z Q K Y [L J H `Q I J \Q O Q a J _Q Y I M P V W bK H I J \Q Y P P Q J Y O ZB W bK H I J \Q N H [O J Q I G Y I J _J \Y J c I H J Q J \Q Z Q K Y [L J G I H J Q N J M H O E ]\Q d H M O J G I H ^Y ^M L M J _H K Z Q K Y [L J K H I J \Q Y P P Q J Y O ZJ \Q N H O J I Y N J N H [O J Q I G Y I J _M P D b E e P J M XY J Q J \Q Q a G Q N J Q ZL H P P H OJ \M P G H I J K H L M HZ [Q J HN I Q Z M J Z Q K Y [L J P H `Q I J \Q O Q a J _Q Y I Y P P [XM O S f W bI Q N H `Q I _I Y J Q H OJ \Q Y P P Q J Y O ZW bI Q N H `Q I _I Y J Q K H I J \Q N H O J I Y N J N H [O J Q I G Y I J _E Y T U D E WXM L L M H O ^T U B E BXM L L M H O N T U V E gXM L L M H O Z T h H O Q H K J \Q Y ^H `Q R ]i j T Y I Q N H O J I Y N J P c \Q I Q H O Q G Y I J _k N Y L L Q ZJ \Q G I H J Q N J M H O^[_Q I k XY l Q P YP Q I M Q P H K G Y _XQ O J P L M O l Q ZJ HJ \Q J H J Y L I Q J [I OH OYI Q K Q I Q O N Q Y P P Q J E ]\Q _Y I Q Y L P HN Y L L Q Z E Q a N \Y O S Q k J \Q G I H J Q N J M H OP Q L L Q I XY l Q P YP Q I M Q P H K G Y _XQ O J P J M Q ZJ HY I Q K Q I Q O N Q I Y J Q k P [N \Y P J \Q _M Q L ZH OY OQ m [M `Y L Q O J ]I Q Y P [I _M P P [Q R H I n o p q i T G L [PYP G I Q Y Z E o K J \QG I M N QH K J \QY P P Q J S H Q PZ H c O k J \QG I H J Q N J M H O^[_Q I I Q N Q M `Q PY G Y _XQ O J K I H X J \QN H [O J Q I G Y I J _r M K J \QG I M N QS H Q P [G k YG Y _XQ O J M P Z [QM OJ \QH J \Q I Z M I Q N J M H O E ]\Q P J I [N J [I Q H K J \M P P c Y GM P Z Q P N I M ^Q ZM Os M S [I Q B B C B E ]\M P J _G QH K P c Y GM P J M Q ZJ HN \Y O S Q P M OJ \QXY I l Q J `Y L [QH K J \Q[O Z Q I L _M O SY P P Q J Y O ZG I H `M Z Q PG I H J Q N J M H OY S Y M O P J N I Q Z M J I M P lM OY Ot ]t K I Y XQ c H I l E ]\Q]i j\Y PJ \Q Q K K Q N J H K I Q XH `M O SY L L J \QQ N H O H XM NI M P lH K J \Q[O Z Q I L _M O SY P P Q J c M J \H [J P Q L L M O SM J E u O L M l Q Y v w j k \H c Q `Q I k J \Q P c Y G\Y P Y OQ L Q XQ O J H K XY I l Q J I M P l ^Q N Y [P Q H O Q L Q S H K J \Q G Y _XQ O J M P Y x a Q ZI Y J Q E f y z {|}~ } ~} | | ~ } ?¢£¤¥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`ab b c [a `d e _d `a e f ]_e f `g h i j k j l i k m a i n o p k j k q r s \k j t u v v o w g r l v j t`t i x i v j y z y z y z {z z z {{{z j r x ||||}~|}~ ~ } | } }~} | #$%&'()*'+,%&+-(%./0123455)6#$%&'()7'+,%&8-(% 55959:#$%&'()7'+,%&8-(%. 4;<=>*% ?@A B C D C E F G B C H D C I C J K C I F H D C L I M N B C H O D P B L F C D Q R G B C Q H G E Q K F S O T F P D C I E G H D Q G C P G E Q K U Q D G B C D E V B G G QH O G G B C S Q K IG QG B C F C W W C D E R E G R L W W F E KX L W O C M N B C H L T Q O G R Q D YO W L P Q O W I L W F QS C C Z H D C F F C II E D C P G W T E KG C D YF Q R H D E P C F U L F E K[\O L G E Q K]^^M _`M aP D C I E G F H D C L IQ H G E Q KB L F L K Q G E Q K L W Q R b c d d YE W W E Q KA E G BL YL G O D E G T Q R Q K C T C L D M N B C O K I C D W T E K V F C P O D E G T E F L Ke fc d g T C L D S Q K IE F F O C IS T G B C P Q D H Q D L G E Q Kh i j M N B C P O D D C K G F H D C L IE F c k d S HL V L E K F G c d g T C L D N D C L F O D E C F M N B C Q H G E Q KE F [O D Q H C L KG T H C A E G BL F G D E l C Q R c m d S H M a F F O YC G B L G U L G C Z H E D L G E Q K U N D C L F O D TT E C W I F B L X C YQ X C IR D Q Y m M k fG Qm fL K IG B C P D C I E G F H D C L IB L F A E I C K C IG Qc e d S H M N B CH D E P CQ R L Ke fP Q O H Q K U n g T C L D F C YE L K K O L W S Q K II E F P Q O K G C IL G m ce oe fE F b c d c M ^o m M N B C H D E P C Q R G B C F L YC S Q K I I E F P Q O K G C IL G m cm om fE Fb c d ^M k o p M q F E K VG B CK Q G E Q K L W L YQ O K G U G B C H L T Q O G E F ]c d ^k o p c d c^o m `c d d b c d dd d dd d d b c^n o^_o M L D C K Q G F G L K I g L W Q K C I C D E X L G E X C F P Q K G D L P G F S O G E K F G C L IP Q YS E K C L D C V O W L D P Q O H Q K g H L T E K VK Q G CA E G BF Q YCP D C I E G D E F lR C L G O D C M N B CV Q L W E FV C K C D L W W TG Q E K P D C L F CG B CT E C W IH L E IG QG B CE K X C F G Q D E KC Z P B L K V CR Q D G L l E K VF Q YCP D C I E G D E F l M N B C F E YH W C F G R Q D Y E F L P Q D H Q D L G C U Q D P D C I E G g F C K F E G E X C U S Q K I M a V C K C D L W C Z L YH W CE FH D Q X E I C IE Kr E V O D C^^g _M N B CE K X C F G Q DYL l C FL KO H g R D Q K G H L T YC K G G B L G D C H D C F C K G F G B C H L D X L W O C Q R G B C P D C I E G g W E K l C IK Q G C M aG D O F G C C G B C K E K X C F G F G B C R O K I F E K L G Q H g D L G C I E K X C F G YC K G L K I G L l C F L F B Q D G H Q F E G E Q K E K L P D C I E G I C R L O W G F A L H M N B CE K X C F G YC K G P Q O W IS CL Ka a a g D L G C Ir L K K E Cs L CL V C K P TK Q G C U R Q D E K F G L K P C U G B L G p n e t u v w xy z {|w }~y xw y v v } } x w }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`a a b Z `_c d ^c _`d e \^d e _f g h i j i k h j l `h m n o j i j p q r [j i s t u u n v f q k u i s_s h w h u i x x yu m w j l z j {m | }|} O P P R S T UV W X Y T Z[V UT V\]^S_S`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j r e j s q .6G)',5%05$:',$+%'* 96<+%.0)'%/)$*1.2* ;6G)',5%*2)'.,+2%5+$* ,6G.00.90'H+.%5$A).%'$+%'* 0123456778 0123 8888 6 9 6 I"G+=2.$87.$,G+=2.$8E'$%')5$%+.%).,'.A)''='$%5$1&5;& G+=2.$8715002')5+,5;.0082.8.00;.*&H+1*.$,;.25%.0A.5$*.)5*5$A-)+= E+$,J%+G+=2.$8E"K$%&'*.=',.%'*G+=2.$8E15002.8G+=2.$87L#E K M NO P9220/*.$8,';)'.*'5$%&'=.):'%4.0/'+-E+$,J"@&.%%82'+-%).,'5* %&5*B .67%+%.0)'%/)$*1.2 967(Q',5$;+='05$:',*1.2 ;67$5$4')*'H+.%') ,67$5$%')'*%).%'*1.2 a b c d c e b d f T b g h^d c d i j k l d c m n o o h p\j e o c mZ m b q b o c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``a Y _^b c ]b ^_c d []c d ^e f g h i h j g i k _g l m n i h i o p q Z i h r s t t m u e p j t h r^r g v g t h w Y t xy k p z {|l p v }p ~i k |i v g t h t q x|k i g v }y q g j p l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`a V b V c ]a ]b X d e f g f h e g i W e j k a g f g l m n o g f p q r r k s _m h r f p]p e t e r f u v u w w v w w v g h t x g n e g i g y y n r g h z {g e n q r f ph n m p e t j y n m g p j m |x e t }y n e h m j ~~ ~ ~ 012345567894 1 091 9 212 3 4 894 6 941 4 9 4 4 !"#!$%&'%($%& !"!) !"!)*+, -./!"0*123112141215 12166211+121712311218 12156211,112611297 12176211-11162116211:;!<)#)=/>)#?#"!)$@A 1B C !<))D E )=!)(=/@!@"#)C ;/#!<)F #@!?)"#C 6B G 6A 1B H "%(66I B G 6A 1B H $%!<)@)=/%(?)"#2:&%/#$%&($@=/J %!$%&C !<)">)#"&)"%%J "0=/@!$@ *%%J "0,/@!K 61111111L 6B 66I B M5G 6A 1B H K I 591 1.<$@"E E #/"=<"@@J N)@!<"!!<)=#)($!#"!$%&$@"E E #/E #$"!)"%(!<"!!<)!#"%@$!$/%E #/O "O $0$!$)@"%(#)=/>)#?#"!)@"#)"==J #"!)0?N)"@J #)(2 P )#)C Q )=/NE "#)!<)?$)0(/%!<)R S TO /%(Q $!)!<)@"N)!)#N "@!<)N"!J #$!?/;!<)/E !$/%2.<)"%%J "0=/@!/;E #/!)=!$/%$@!<)% *%%J "0,/@!K 61111111L AA 1B A11B M K A 1111 .<$@$@<$&<)#!<"%!<)=/@!;#/N !<)"=!J "#$"0"E E #/"=<2.<)($;;)#)%=)="%O )"@=#$O )(!/"#$@XE #)N$J NC ;/#$%@!"%=)O )="J @)=#)($!#$@X$@=/##)0"!)(Q $!)0/;)=/%/N$="=!$>$!?2.<$@"E E #/"=<"0@/"@@J N)@!<"!"00/;!<)?$)0(@E #)"(($;;)#)%=)$@(J )!/=#)($!#$@X C Q <)%$!=/J 0(O )"0@/"!!#$O J !)(!//!<)#;"=!/#@C @J =<"@0$W J $($!?/#!"D );;)=!@2 ./<)(&)C !<)E #/!)=!$/%@)00)#Q /J 0(&/@#!!<)=/#E /#"!)O /%("%(0/%&!<))W J $>"0)%!.#)"@J #?2*%?0/@@/%!<)();"J 0!@Q "EO )="J @)/;"=#)($!)>)%!Q /J 0(O )/;;@)!O ?"&"$%/%!<)<)(&)2:;!<)=/NE "%?();"J 0!@C !<)E #/!)=!$/%O J ?)#=/J 0( ()0$>)#!<)O /%(!/!<)E #/!)=!$/%@)00)#Q =/J 0(!<)%$%!J #%()0$>)#!<)O /%(!/=0/@)/J !!<)@#!@"0)2 .<$@N)!($@N/#)$%>/0>)(2Y)#)W J $#)"N)"@J #)/;!<)@!/=X N"#X )!="E $!"0$Z "!$/%/;R S T C /;!<)!/!"0>"0J )/;0$"O $0$!$)@C "%(/;!<)>/0"!$0$!?/;)W J $!?E #$=)@2 [@$%&!<)%/!"!$/%@/;!<)=<"E !)#/%!<)\)#!/%N/()0C !<);"$#>"0J )/;!<)E J !$@ ]J !G L M H G L M H L 557 M 718 ^65_`a b c d ef f g _e d h i ch d e i j a c i j d k l m n o n p m o q e m r s t o n o u v w `o n x y z z s {k v p z n xd x m |m z n }~}}}}~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`a b c ^d e `_^`f gh ]i ]j d h d i _ k l m n m o l n p ^l q r h n m n s t u v n m w x y y r z f t o y m wd w l {l y m |||}} ~ ~ ~ } } } } }