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Cooperativa de Crédito Rural com Interação Solidária de Pouso Redondo

Demonstração de sobras ou perdasExercícios findos em 31 de dezembroEm milhares de reais

As notas explicativas da administração são parte integrante das demonstrações financeiras.

2 de 20

2015 2014

Receitas da intermediação financeira 2.835 2.285Operações de crédito (Nota 9) 2.361 1.961Receita de centralização financeira 450 304Receita com títulos e valores mobiliários 24 20

Despesas de intermediação financeira (1.468) (1.191)Operações de captação no mercado (Nota 13) (973) (601)Operações de empréstimos e repasses (Nota 14) (135) (179)Provisão para créditos de liquidação duvidosa (Nota 9) (360) (411)

Resultado bruto da intermediação financeira 1.367 1.094

Outras receita e despesas operacionais (1.192) (875)Receitas de prestação de serviços (Nota 18) 133 132Despesas de pessoal (Nota 19) (611) (444)Despesas administrativas (Nota 20) (561) (457)Despesas tributárias (4) (4)Outras receitas operacionais (Nota 21) 76 55Outras despesas operacionais (Nota 22) (225) (157)

Resultado operacional 175 219

Resultado não operacional (1) (2)

Resultado antes da tributação sobre lucro 174 217

Imposto de renda e contribuição social (2) (2)Provisão para imposto de renda (1) (1)Provisão para contribuição social (1) (1)

Sobras do exercício 172 215


Demonstração das mutações do patrimônio líquidoEm milhares de reais


3 de 20

Capital socialFundo de

reservaSobras

acumuladas Total

Em 1o de janeiro de 2014 1.597 144 166 1.907Distribuição de sobras (Nota 17 (f)) 100 56 (166) (10)Integralizações de capital 695 - - 695Baixas de capital (85) - - (85)Sobras do exercício - - 215 215Destinações legais e estatutárias

FATES (Nota 17 (e)) - - (13) (13)Reserva Legal (Nota 17 (d)) - 43 (43) -

Em 31 de dezembro de 2014 2.307 243 159 2.709

Em 1o de janeiro de 2015 2.307 243 159 2.709Distribuição de sobras (Nota 17 (f)) 99 45 (159) (15)Integralizações de capital 446 - - 446Baixas de capital (172) - - (172)Sobras do exercício - - 172 172Destinações legais e estatutárias

FATES (Nota 17 (e)) - - (9) (9)Reserva Legal (Nota 17 (d)) - 34 (34)

Em 31 de dezembro de 2015 2.680 322 129 3.131


Demonstração dos fluxos de caixaExercícios findos em 31 de dezembroEm milhares de reais

. NO ,*

2015 2014

Fluxos de caixa das atividades operacionais

Sobras antes do imposto de renda e da contribuição social 174 217

Ajustes as sobras líquidas 421 461Despesas de depreciação 61 50Provisão para créditos de liquidação duvidosa 360 411

Variações patrimoniais (907) (1.285)Títulos e valores mobiliários 136 64Relações interfinanceiras (816) (1.263)Operações de crédito (1.631) (1.447)Outros créditos (122) 66Outros valores e bens (41) -Depósitos 1.995 1.965Obrigações por empréstimos e repasses (540) (694)Relações interdependências 23 47Outras obrigações 89 (23)

Imposto de renda e contribuição social pagos (2) (2)

Caixa líquido aplicado nas atividades operacionais (314) (609)

Fluxos de caixa das atividades de investimentosVenda (aquisição) de investimentos 53 (31)Aquisição de imobilizado de uso (2) (362)

Caixa líquido (aplicado nas) gerado pelas atividades de investimento 51 (393)

Fluxos de caixa das atividades de financiamentosAumento de capital 446 695Baixas de capital (172) (85)Distribuição de sobras acumuladas (15) (10)

Caixa líquido gerado pelas atividades de financiamentos 259 600

Diminuição de caixa e equivalentes de caixa, líquidos (4) (402)

Caixa e equivalentes de caixa no início do exercício (Nota 6) 11 413

Caixa e equivalentes de caixa no fim do exercício (Nota 6) 7 11


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6\ MXXYO[K]S_K\ O\]kX \^TOS]K\ h ][SL^]KlkX YOUX ?VYX\]X NO FOWNK $?F% O 8XW][SL^SlkX GXMSKU$8G@@% Z^KWNX K^PO[S[OV [O\Û]KNX\ YX\S]S_X\ OV K]X\ WkX MXXYO[K]S_X\( BO\\O\ MK\X\& K Y[X_S\kXm MXW\]S]ôNK MXV LK\O WK\ KUoZ^X]K\ _SQOW]O\& MXW\SNO[KWNX K\ KNSlrO\ O O`MU^\rO\ O KMXVYOW\KlkX NO Y[OTôaX\ PS\MKS\ O NO LK\O WOQK]S_K NO 8G@@ USVS]KNX\ K -*# NX U^M[X ][SL^]i_OU(

!9" ,8AO8 = =IMAN8D=FL=K <= ;8AO8

FOPO[OV'\O K NS\YXWSLSUSNKNO\ ZÔ SWMUÔV NSWROS[X OV MKS`K O NOYp\S]X\ LKWMi[SX\ NO M^[]XY[KaX NO KU]K USZ^SNOa O MXV [S\MX SW\SQWSPSMKW]O NO V^NKWlK NO _KUX[(

!;" 6YLMDGK = N8DGJ=K EG9ADAUJAGK

FOPO[O'\O K KYUSMKlkX OV Z^X]K\ NO P^WNX\ NO [OWNK PS`K& K\ Z^KS\ \kX [OQS\][KNK\ YOUX \O^ _KUX[T^\]X WK NK]K NO POMRKVOW]X(

!<" -=E8AK AFKLJME=FLGK >AF8F;=AJGK

6 8XXYO[K]S_K WkX YX\\^S SW\][^VOW]X\ PSWKWMOS[X\ NO[S_K]S_X\ OV -+ NO NOaOVL[X NO ,*+/ O NO,*+.(

!=" 4=D8W[=K AFL=J>AF8F;=AJ8K $ ;=FLJ8DAP8WVG >AF8F;=AJ8

C\ [OM^[\X\ MKY]KNX\ YOUK 8XXYO[K]S_K WkX SW_O\]SNX\ OV \^K\ K]S_SNKNO\ \kX MOW][KUSaKNX\K][K_m\ NO [OYK\\O SW]O[PSWKWMOS[X YK[K K 8OW][KU 8[O\XU GSMXYO[& X\ Z^KS\ \kX YX[ OUK ^]SUSaKNX\YK[K KYUSMKlrO\ PSWKWMOS[K\ NO LKS`X [S\MX( ;\\K\ XYO[KlrO\ \kX MK[KM]O[SaKNK\ MXVX K]X\MXXYO[K]S_X\ YOUK @OS WX /(10.)1+& ZÔ NOPSWO K YXUo]SMK WKMSXWKU NO MXXYO[K]S_S\VX(



1 NO ,*

!>" 2H=J8W[=K <= ;JX<ALG

6\ XYO[KlrO\ Y[OPS`KNK\ PX[KV [OQS\][KNK\ YOUX _KUX[ P^]^[X& [O]SPSMKNK\ YOUK MXW]K NO [OWNK\ KKY[XY[SK[& O K\ XYO[KlrO\ Yp\'PS`KNK\& YOUX _KUX[ Y[O\OW]O& K]^KUSaKNK\ )*( *!,! ,#&)(*%+ K]m KNK]K NX LKUKWlX(

!?" 3JGNAKVG H8J8 ;JX<ALGK <= DAIMA<8WVG <MNA<GK8 !3,0-"

8XW\]S]ôNK OV VXW]KW]O TÛQKNX \^PSMSOW]O YOUK KNVSWS\][KlkX YK[K MXL[S[ O_OW]^KS\ YO[NK\ WK[OKUSaKlkX NO M[mNS]X\ K [OMOLO[& UO_K OV MXW\SNO[KlkX K KWiUS\O NK\ XYO[KlrO\ OV KLO[]X& NK\QK[KW]SK\ O`S\]OW]O\ O NX\ [S\MX\ O\YOMoPSMX\ KY[O\OW]KNX\ WK MK[]OS[K& O P^WNKVOW]KNK WK KWiUS\ONK\ XYO[KlrO\& MXW\SNO[KWNX K MXWT^W]^[K OMXWqVSMK& K O`YO[SnWMSK YK\\KNK& X\ [S\MX\ O\YOMoPSMX\O QUXLKS\ NK\ MK[]OS[K\(

;V MXWPX[VSNKNO MXV K FO\XU^lkX WX ,(02,)33 NX 8XW\OURX AXWO]i[SX BKMSXWKU $8AB%& K8XXYO[K]S_K MUK\\SPSMX^ K\ XYO[KlrO\ NO M[mNS]X MXW\SNO[KWNX X [S\MX SWNS_SN^KU NO MKNK NO_ONX[(6 MUK\\SPSMKlkX MXW\SNO[X^ K Z^KUSNKNO NX NO_ONX[ O NK XYO[KlkX& SWMU^SWNX K\YOM]X\ MXVX4 PU^`XNO MKS`K& \S]^KlkX OMXWqVSMX'PSWKWMOS[K NX NO_ONX[ O \O]X[& Q[K^ NO OWNS_SNKVOW]X&KNVSWS\][KlkX& RS\]p[SMX NX NO_ONX[& QK[KW]SK\& O_OW]^KS\ K][K\X\& OW][O X^][X\(

6 KNVSWS\][KlkX MUK\\SPSMK X\ NO_ONX[O\ OV WX_O Wo_OS\& \OWNX !66! X [S\MX VoWSVX O !>! X [S\MXVi`SVX( 6NSMSXWKUVOW]O& ]KVLmV \kX MXW\SNO[KNX\ X\ YO[oXNX\ NO K][K\X O\]KLOUOMSNX\ YOUK[OPO[SNK FO\XU^lkX YK[K K][SL^SlkX NX\ Wo_OS\ NO MUK\\SPSMKlkX NX\ MUSOW]O\& NK \OQ^SW]O PX[VK4

3=JYG<G <= 8LJ8KG,D8KKA>A;8WVG<G ;DA=FL=

6 _OWMO[ 666]m +/ NSK\ 69O +/ K -* NSK\ 79O -+ K 0* NSK\ 89O 0+ K 3* NSK\ 99O 3+ K +,* NSK\ ;9O +,+ K +/* NSK\ <9O +/+ K +2* NSK\ =G^YO[SX[ K +2* NSK\ >

6 K]^KUSaKlkX NK\ XYO[KlrO\ NO M[mNS]X _OWMSNK\ OV K]m 0* NSK\ m MXW]KLSUSaKNK OV [OMOS]K\ NOXYO[KlrO\ NO M[mNS]X& O K YK[]S[ NX 0+X NSK& OV [OWNK\ K KY[XY[SK[( 6\ XYO[KlrO\ MUK\\SPSMKNK\ MXVXWo_OU !>! YO[VKWOMOV WO\\K MUK\\SPSMKlkX YX[ \OS\ VO\O\& Z^KWNX OW]kX \kX LKS`KNK\ MXW][K KY[X_S\kX O`S\]OW]O O MXW][XUKNK\& YX[ MSWMX KWX\& OV MXW]K\ NO MXVYOW\KlkX& WkX VKS\ PSQ^[KWNXWX LKUKWlX YK][SVXWSKU(

!@" 3=JE8F=FL=

C\ SW_O\]SVOW]X\ O\]kX NOVXW\][KNX\ KX M^\]X NO KZ^S\SlkX(

C SVXLSUSaKNX NO ^\X O\]i NOVXW\][KNX KX M^\]X NO KZ^S\SlkX( 6 NOY[OMSKlkX NX SVXLSUSaKNX NO^\X m MXVY^]KNK YOUX Vm]XNX USWOK[& MXV LK\O WK\ ]K`K\ KW^KS\ ZÔ UO_KV OV MXW\SNO[KlkX K_SNK s]SU'OMXWqVSMK NX\ LOW\( C\ YO[MOW]^KS\ NO NOY[OMSKlkX O\]kX KLKS`X US\]KNX\4

;NSPSMKlrO\ .# K(K(?W\]KUKlrO\& Vp_OS\ O ^]OW\oUSX\ O \S\]OVK\ NO MXV^WSMKlkX& \OQ^[KWlK O ][KW\YX[]O +*# K(K(GS\]OVK NO Y[XMO\\KVOW]X NO NKNX\ ,*# K(K(IOoMÛX\ ,*# K(K(



2 NO ,*

!A" -=E8AK 8LANGK ;AJ;MD8FL=K = FVG ;AJ;MD8FL=K

9OVXW\][KNX\ YOUX\ _KUX[O\ NO [OKUSaKlkX& SWMU^SWNX& Z^KWNX KYUSMi_OU& X\ [OWNSVOW]X\ O K\_K[SKlrO\ VXWO]i[SK\ )*( *!,! NSK SWMX[[SNX\& NONâSNX\ NK\ MX[[O\YXWNOW]O\ Y[X_S\rO\ YK[KYO[NK\ X^ KT^\]O KX _KUX[ NO VO[MKNX O [OWNK\ K KY[XY[SK[(

!B" 4=<MWVG 8G N8DGJ J=;MH=JUN=D <= 8LANG

C 8XW\OURX AXWO]i[SX BKMSXWKU& YX[ VOSX NK FO\XU^lkX WX -(/00 NO ,3 NO VKSX NO ,**2&NO]O[VSWX^ K KNXlkX NX D[XW^WMSKVOW]X HmMWSMX 8D8 *+& NX 8XVS]n NO D[XW^WMSKVOW]X\8XW]iLOS\& [OPO[OW]O KX [OMXWROMSVOW]X& VOW\^[KlkX O NS_ÛQKlkX NO [ON^lkX KX _KUX[[OM^YO[i_OU NO K]S_X\ WkX PSWKWMOS[X\( C [OPO[SNX Y[XW^WMSKVOW]X SW\]S]^S X ]O\]O NO[OM^YO[KLSUSNKNO NO K]S_X\& M^TX XLTO]S_X m K\\OQ^[K[ ZÔ X\ K]S_X\ WkX O\]OTKV [OQS\][KNX\MXW]KLSUVOW]O YX[ ^V _KUX[ \^YO[SX[ hZÔUO YK\\o_OU NO \O[ [OM^YO[KNX YX[ ^\X X^ YX[ _OWNK(8K\X O`S\]KV O_SNnWMSK\ MUK[K\ NO ZÔ K]S_X\ O\]kX K_KUSKNX\ YX[ _KUX[ WkX [OM^YO[i_OU WX P^]^[X&K OW]SNKNO NO_O[i SVONSK]KVOW]O [OMXWROMO[ K NO\_KUX[SaKlkX YX[ VOSX NK MXW\]S]^SlkX NOY[X_S\kX YK[K YO[NK\(

C SVXLSUSaKNX O X^][X\ K]S_X\ WkX MS[MÛKW]O\& \kX [O_S\]X\ KW^KUVOW]O YK[K \O SNOW]SPSMK[O_SNnWMSK\ NO YO[NK\ WkX [OM^YO[i_OS\& X^ KSWNK& \OVY[O ZÔ O_OW]X\ X^ KU]O[KlrO\ WK\MS[M^W\]jWMSK\ SWNSMK[OV ZÔ X _KUX[ MXW]iLSU YXNO WkX \O[ [OM^YO[i_OU( E^KWNX O\]O PX[ X MK\X& X_KUX[ [OM^YO[i_OU m MKUMÛKNX YK[K _O[SPSMK[ \O Ri YO[NK( E^KWNX RX^_O[ YO[NK& OUK m [OMXWROMSNKYOUX VXW]KW]O OV ZÔ X _KUX[ MXW]iLSU NX K]S_X Û][KYK\\K \O^ _KUX[ [OM^YO[i_OU& ZÔ m X VKSX[OW][O X Y[OlX UoZ^SNX NO _OWNK O X _KUX[ OV ^\X NO ^V K]S_X( 6 KNVSWS\][KlkX WkX SNOW]SPSMXÔ_SNnWMSK\ NO YO[NK\ WkX [OM^YO[i_OS\ OV -+ NO NOaOVL[X NO ,*+/(

!C" -=HZKALGK

C _KUX[ KY[O\OW]KNX WK\ NOVXW\][KlrO\ PSWKWMOS[K\ O\]i KM[O\MSNX NX\ T^[X\ SWMX[[SNX\ K]m K NK]KNO OWMO[[KVOW]X NX OÒ[MoMSX& K][K_m\ NK KYUSMKlkX VOW\KU NK\ ]K`K\ MXW][K]KNK\ YK[K K\XYO[KlrO\(

GkX NOVXW\][KNX\ YOUX\ _KUX[O\ NK\ O`SQSLSUSNKNO\ O MXW\SNO[KV& Z^KWNX KYUSMi_OU& X\ OWMK[QX\O`SQo_OS\ K]m K NK]K NX LKUKWlX& [OMXWROMSNX\ OV LK\O )*( *!,! NSK( C\ NOYp\S]X\ K Y[KaX O\]kXMUK\\SPSMKNX\ WX LKUKWlX YK][SVXWSKU MXW\SNO[KWNX \^K O`SQSLSUSNKNO(

!D" 29JA?8W[=K HGJ =EHJXKLAEGK = J=H8KK=K

FOQS\][KNK\ NO KMX[NX MXV X\ [OM^[\X\ ]XVKNX\& \OWNX K]^KUSaKNX\ VOW\KUVOW]O NO KMX[NX MXVX\ T^[X\ SWMX[[SNX\ WX YO[oXNX O USZ^SNKlrO\ ZÔ YX\\KV ]O[ XMX[[SNX(

!E" 3JGNAKVG H8J8 ;8MK8K BM<A;A8AK

8XVYX\]X LK\SMKVOW]O YX[ Y[XMO\\X\ T^NSMSKS\ O KNVSWS\][K]S_X\& VX_SNX\ YX[ ]O[MOS[X\ OO`'MXUKLX[KNX[O\& OV KlrO\ Mo_OS\ O ][KLKURS\]K\( ;\\K\ MK^\K\ T^NSMSKS\ \kX K_KUSKNK\VOW\KUVOW]O YX[ K\\O\\X[O\ UOQKS\ O Y[X_S\SXWKNK\ Z^KWNX X [S\MX NO YO[NK m MXW\SNO[KNXY[X_i_OU(

!F" -=E8AK H8KKANGK ;AJ;MD8FL=K = FVG ;AJ;MD8FL=K

9OVXW\][KNX\ YOUX\ _KUX[O\ MXWROMSNX\ X^ MKUMÛi_OS\& SWMU^SWNX& Z^KWNX KYUSMi_OU& X\ OWMK[QX\ OK\ _K[SKlrO\ VXWO]i[SK\ OV LK\O )*( *!,! NSK SWMX[[SNX\& NONâSNX\ NK\ MX[[O\YXWNOW]O\NO\YO\K\ K KY[XY[SK[(



3 NO ,*

!G" 3JGNAKVG H8J8 H8JLA;AH8WVG FGK J=KMDL8<GK $ 304

6 D@F m ^VK VXNKUSNKNO NO [OV^WO[KlkX& LK\OKNK WK @OS WX +*(+*+& NO +3 NO NOaOVL[X NO ,***&_K[Si_OU ZÔ WkX \O SWMX[YX[K KX\ \KUi[SX\ NX\ OVY[OQKNX\ O O\]i K][OUKNK h )#*$(*&!'"# NK8XXYO[K]S_K(

6 UOQS\UKlkX NO]O[VSWK ZÔ X YKQKVOW]X \OTK OPO]^KNX NO KMX[NX MXV [OQ[K\ Y[O_SKVOW]OO\]KLOUOMSNK\ YX[ VOSX NO 6MX[NX 8XUO]S_X NO H[KLKURX RXVXUXQKNX T^W]X KX GSWNSMK]X NKMK]OQX[SK O NO_SNKVOW]O [OQS\][KNX WX ASWS\]m[SX NX H[KLKURX(

) .KLAE8LAN8K = BMD?8E=FLGK ;GFLU9=AK ;JYLA;GK

6\ O\]SVK]S_K\ O X\ TÛQKVOW]X\ MXW]iLOS\ \kX MXW]SW^KVOW]O K_KUSKNX\ O LK\OSKV'\O WKO`YO[SnWMSK RS\]p[SMK O OV X^][X\ PK]X[O\& SWMU^SWNX O`YOM]K]S_K\ NO O_OW]X\ P^]^[X\& MXW\SNO[KNK\[KaXi_OS\ YK[K K\ MS[M^W\]jWMSK\(

8XV LK\O OV Y[OVS\\K\& K 8XXYO[K]S_K PKa O\]SVK]S_K\ MXV [OUKlkX KX P^]^[X( DX[ NOPSWSlkX& K\O\]SVK]S_K\ MXW]iLOS\ [O\Û]KW]O\ [K[KVOW]O \O[kX SQ^KS\ KX\ [O\YOM]S_X\ [O\Û]KNX\ [OKS\( 6Y[SWMSYKU O\]SVK]S_K O Y[OVS\\K\ ZÔ KY[O\OW]KV ^V [S\MX \SQWSPSMK]S_X& MXV Y[XLKLSUSNKNO NOMK^\K[ ^V KT^\]O [OUO_KW]O WX\ _KUX[O\ MXW]iLOS\ NO K]S_X\ O YK\\S_X\ YK[K X Y[p`SVX YO[oXNX& m KY[X_S\kX YK[K M[mNS]X\ NO USZ^SNKlkX N^_SNX\K $D8@9%& K Z^KU m MKUMÛKNK MXWPX[VO NO\M[S]X WKBX]K - $Q%(

* .KLJMLMJ8 <= ?=J=F;A8E=FLG <= JAK;GK

6 8XXYO[K]S_K QO[OWMSK X\ [S\MX\ O SWMO[]OaK\ NX\ \O^\ WOQpMSX\ MXV LK\O OV NS[O][SaO\ O[OQÛKVOW]KlrO\ UXMKS\(

C Y[SWMSYKU XLTO]S_X NK QO\]kX NO [S\MX\ m K SNOW]SPSMKlkX O VXWS]X[KVOW]X NO KVOKlK\ K ZÔ X\WOQpMSX\ O\]kX \^TOS]X\& Y[SWMSYKUVOW]O OV YO[oXNX\ X^ \S]^KlrO\ NO\PK_X[i_OS\(

DK[K K KNVSWS\][KlkX& QO[S[ [S\MX\ m K PX[VK VKS\ OPSMSOW]O YK[K K VKW^]OWlkX NO ^VK[OW]KLSUSNKNO \^\]OW]KNK O YX\S]S_K(

!8" 4AK;G <= ;JX<ALG

C QO[OWMSKVOW]X NX [S\MX NO M[mNS]X NK 8XXYO[K]S_K m [OKUSaKNX YX[ ^VK O\][^]^[K M^TK K]^KlkX_S\K MXW][XUK[ O Y[O_OWS[ K O`YX\SlkX NK\ XYO[KlrO\ NK 8XXYO[K]S_K KX\ [S\MX\ Y[X_OWSOW]O\ NX WkXM^VY[SVOW]X NO XL[SQKlrO\ MXW][K]KNK\ YOUX ]XVKNX[ NO M[mNS]X $SWKNSVYUnWMSK%(

!9" 4AK;G <= E=J;8<G = JAK;G <= DAIMA<=P

6 O\][^]^[K NO QO[OWMSKVOW]X NO [S\MX\ NO VO[MKNX O USZ^SNOa m MXVYK]o_OU MXV K WK]^[OaK NK\XYO[KlrO\& MXV K MXVYUO`SNKNO NX\ Y[XN^]X\ O \O[_SlX\ XPO[OMSNX\ O m Y[XYX[MSXWKU h NSVOW\kXNK O`YX\SlkX KX\ [S\MX\( HKVLmV m [O\YXW\i_OU YOUX MXW][XUO NO ]XNX X Y[XMO\\X NO K_KUSKlkX NK\PU^]^KlrO\ NK\ MXWNSlrO\ NO VO[MKNX O YX[ VXWS]X[K[ X OZ^SUoL[SX OW][O YKQKVOW]X\ $YK\\S_X\% O[OMOLSVOW]X\ $K]S_X\%& K][K_m\ NO M[S]m[SX\ NO MiUMÛX O USVS]O\ NO O`YX\SlkX NO]O[VSWKNX\ YOUXGS\]OVK 8[O\XU& NO PX[VK K QK[KW]S[ K MKYKMSNKNO NO YKQKVOW]X NK 8XXYO[K]S_K( C\ M[S]m[SX\UO_KV OV MXW\SNO[KlkX K\ NSPO[OW]O\ VXONK\& oWNSMO\ O Y[KaX\ NO USZ^SNKlkX(



+* NO ,*

C\ \S\]OVK\& X\ VXNOUX\ O X\ Y[XMONSVOW]X\ \kX K_KUSKNX\ KW^KUVOW]O YX[ OZ^SYO\ NO K^NS]X[SKSW]O[WK( C\ [O\Û]KNX\ KY[O\OW]KNX\ WX\ [OUK]p[SX\ NO K^NS]X[SK \kX ^]SUSaKNX\ YK[K MX[[SQS[&KNKY]K[ O Y[XVX_O[ VOURX[SK\ WX QO[OWMSKVOW]X NX\ [S\MX\ NO VO[MKNX O USZ^SNOa(

!;" 4AK;G GH=J8;AGF8D

C Y[XMO\\X NO QO[OWMSKVOW]X NO [S\MX\ XYO[KMSXWKS\ MXW\S\]O WK K_KUSKlkX Z^KUS]K]S_K NX\ [S\MX\&YX[ VOSX NK\ O]KYK\ NO SNOW]SPSMKlkX& K_KUSKlkX O ][K]KVOW]X( 6 O\][^]^[K NO [S\MX XYO[KMSXWKU _S\KY[XYX[MSXWK[& KUmV NK [OQÛK[SNKNO MXV [OZ^S\S]X\ UOQKS\& ^V KUSWRKVOW]X Y[XMO\\^KU MXV K\NS[O][SaO\ NO MXW][XUO\ SW]O[WX\ NX GS\]OVK 8[O\XU( ;\\K O\][^]^[K MXX[NOWK O K^`SUSK K QO\]kX NK\KlrO\ NO KWiUS\O& SNOW]SPSMKlkX O K_KUSKlkX NO MXW][XUO\ O Y[XMO\\X\& YUKWOTKWNX KlrO\ MX[[O]S_K\O)X^ Y[O_OW]S_K\ YK[K VS]SQK[ X\ [S\MX\(

!<" 4AK;G <= ;8HAL8D

C QO[OWMSKVOW]X NO MKYS]KU MOW][KUSaKNX MXW\S\]O OV ^V Y[XMO\\X MXW]oW^X NO VXWS]X[KVOW]X NXMKYS]KU& O m [OKUSaKNX YOUK\ OW]SNKNO\ NX GS\]OVK 8[O\XU MXV XLTO]S_X NO4

" 6_KUSK[ K WOMO\\SNKNO NO MKYS]KU YK[K PKaO[ PKMO KX\ [S\MX\ ZÔ K\ OW]SNKNO\ NX GS\]OVK8[O\XU O\]kX \^TOS]K\5

" DUKWOTK[ VO]K\ O WOMO\\SNKNO\ NO MKYS]KU& MXW\SNO[KWNX X\ XLTO]S_X\ O\][K]mQSMX\ NK\OW]SNKNO\ NX GS\]OVK 8[O\XU5

" 6NX]K[ YX\]^[K Y[X\YOM]S_K& KW]OMSYKWNX K WOMO\\SNKNO NO MKYS]KU NOMX[[OW]O NO YX\\o_OS\V^NKWlK\ WK\ MXWNSlrO\ NO VO[MKNX5

6NSMSXWKUVOW]O& \kX [OKUSaKNK\ ]KVLmV \SVÛKlrO\ NO O_OW]X\ \O_O[X\ OV MXWNSlrO\ O`][OVK\ NOVO[MKNX& MXV K MXW\OZÔW]O K_KUSKlkX NO \O^\ SVYKM]X\ WX MKYS]KU NK\ OW]SNKNO\ NX GS\]OVK8[O\XU(

/IIJ@L<NDP< ?@ /L\?DNI 7OL<F >IG 2HN@L<[ZI 8IFD?YLD< ?@ 6IOMI 7@?IH?I

4IN<M @QJFD><NDP<M ?< <?GDHDMNL<[ZI XM ?@GIHMNL<[`@MADH<H>@DL<M @G (& ?@ ?@R@G=LI ?@ '%&*1G GDFC<L@M ?@ L@<DM# @Q>@NI KO<H?I DH?D><?I ?@ IONL< AILG<

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+ 0DMJIHD=DFD?<?@M

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