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2015
1 de 21
As notas explicativas da administração são parte integrante das demonstrações financeiras.
Total do ativo
Imobilizado de uso
Investimentos (Nota 11)
Permanente
Realizável a longo prazo
Operações de crédito (Nota 9)
113.482
944
3.394
4.338
38.330
38.330
1.113
380
733
34.644
Outros créditos
Rendas a receber
Diversos (Nota 10)
32.415
Operações de crédito (Nota 9)
2.455
187
70.814
Relações interfinanceiras (Nota 8)
Títulos e valores mobiliários (Nota 7)
Disponibilidades (Nota 6)
Circulante
Ativo
Em milhares de reais
Balanço patrimonial em 31 de dezembro
Cooperativa de Crédito Rural com Interação Solidária de Erechim
2014
101.640
574
3.258
3.832
38.888
38.888
619
426
193
33.620
21.775
2.779
127
58.920
Total do passivo e do patrimônio líquido
Patrimônio líquido (Nota 16)
Capital social
Fundo de reserva
Sobras acumuladas
Exigível a longo prazo
Obrigações por empréstimos e repasses (Nota 13)
Outras obrigações
Cobrança e arrecadação de tributos e assemelhados
Sociais e estatutárias
Fiscais e previdenciárias
Diversas (Nota 14)
Obrigações por empréstimos e repasses (Nota 13)
Relações interdependências
Depósitos (Nota 12)
Depósitos à vista
Depósitos à prazo
Circulante
Passivo
2015
113.482
23.600
13.068
7.946
2.586
18.100
18.100
1.683
10
1.344
59
270
13.121
81
56.897
5.225
51.672
71.782
2014
101.640
16.940
9.490
5.398
2.052
25.261
25.261
954
4
680
43
227
12.639
120
45.726
4.705
41.021
59.439
Cooperativa de Crédito Rural com Interação Solidária de Erechim
Demonstração de sobras ou perdas
Exercícios findos em 31 de dezembro
Em milhares de reais
2015
2014
Receitas da intermediação financeira
Operações de crédito (Nota 9)
Receita de centralização financeira
Receita com títulos e valores mobiliários
14.774
11.011
3.532
231
11.352
8.859
2.102
391
Despesas de intermediação financeira
Operações de captação no mercado (Nota 12)
Operações de empréstimos e repasses (Nota 13)
Provisão para créditos de liquidação duvidosa (Nota 9)
(6.178)
(5.688)
(827)
337
(5.872)
(3.746)
(907)
(1.219)
Resultado bruto da intermediação financeira
8.596
5.480
Outras receita e despesas operacionais
Receitas de prestação de serviços (Nota 17)
Despesas de pessoal (Nota 18)
Despesas administrativas (Nota 19)
Despesas tributárias
Outras receitas operacionais (Nota 20)
Outras despesas operacionais (Nota 21)
(2.325)
1.321
(2.046)
(1.563)
(11)
427
(453)
(1.469)
1.004
(1.471)
(1.225)
(11)
766
(532)
Resultado operacional
6.271
4.011
Resultado não operacional
(349)
(15)
Resultado antes da tributação sobre lucro
5.922
3.996
(18)
(8)
(10)
(44)
(22)
(22)
5.904
3.952
Imposto de renda e contribuição social
Provisão para imposto de renda
Provisão para contribuição social
Sobras do exercício
As notas explicativas da administração são parte integrante das demonstrações financeiras.
2 de 21
Cooperativa de Crédito Rural com Interação Solidária de Erechim
Demonstração das mutações do patrimônio líquido
Em milhares de reais
Capital social
Fundo de
reserva
Sobras
acumuladas
Total
Em 1o de janeiro de 2014
Distribuição de sobras (Nota 16 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 16 (e))
Reserva Legal (Nota 16 (d))
7.557
869
1.195
(131)
-
3.236
581
-
1.450
(1.450)
3.952
12.243
1.195
(131)
3.952
-
1.581
(319)
(1.581)
(319)
-
Em 31 de dezembro de 2014
9.490
5.398
2.052
16.940
Em 1o de janeiro de 2015
Distribuição de sobras (Nota 16 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 16 (e))
Reserva Legal (Nota 16 (d))
Juros ao capital próprio (Nota 16 (c))
9.490
1.434
1.296
(232)
-
5.398
618
-
2.052
(2.052)
5.904
16.940
1.296
(232)
5.904
1.080
1.930
-
(308)
(1.930)
(1.080)
(308)
-
13.068
7.946
2.586
23.600
Em 31 de dezembro de 2015
As notas explicativas da administração são parte integrante das demonstrações financeiras.
3 de 21
Cooperativa de Crédito Rural com Interação Solidária de Erechim
Demonstração dos fluxos de caixa
Exercícios findos em 31 de dezembro
Em milhares de reais
2015
2014
5.922
3.996
421
84
337
(1.145)
74
(1.219)
(6.730)
324
(10.631)
(803)
(494)
11.171
(6.679)
(39)
421
(3.609)
1.804
(2.231)
(10.595)
228
4.981
2.194
74
(64)
(18)
(44)
Caixa líquido (aplicado nas) gerado pelas atividades operacionais
(405)
(802)
Fluxos de caixa das atividades de investimentos
Venda (aquisição) de investimentos
Aquisição de imobilizado de uso
(136)
(454)
21
(648)
Caixa líquido aplicado nas atividades de investimento
(590)
(627)
Fluxos de caixa das atividades de financiamentos
Aumento de capital
Baixas de capital
1.296
(232)
1.195
(131)
Caixa líquido gerado pelas atividades de financiamentos
1.064
1.064
69
(365)
Caixa e equivalentes de caixa no início do exercício (Nota 6)
138
503
Caixa e equivalentes de caixa no fim do exercício (Nota 6)
207
138
Fluxos de caixa das atividades operacionais
Sobras antes do imposto de renda e da contribuição social
Ajustes as sobras líquidas
Despesas de depreciação
Provisão para créditos de liquidação duvidosa
Variações patrimoniais
Títulos e valores mobiliários
Relações interfinanceiras
Operações de crédito
Outros créditos
Depósitos
Obrigações por empréstimos e repasses
Relações interdependências
Outras obrigações
Imposto de renda e contribuição social pagos
Aumento (diminuição) de caixa e equivalentes de caixa, líquidos
As notas explicativas da administração são parte integrante das demonstrações financeiras.
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MXW\OM^lkX NO \O^\ XLTO]S_X\ \XMSKS\ O K]X\ WkX MXXYO[K]S_X\& KZ^OUO\ Z^O SVYX[]KV OV XYO[KlrO\
MXV ]O[MOS[X\ WkX K\\XMSKNX\( ;V -+ NO NOaOVL[X NO ,*+/& K 8XXYO[K]S_K KY[O\OW]X^ [OMOS]K NO
F".(2-3& M^\]X NO F".(12-& ][SL^]X\ NO F" +2 O ^V [O\^U]KNX NO F" -2 [OPO[OW]O h K]X\ WkX
MXXYO[KNX\(
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\^U]KNX\ YX\S]S_X\ OV K]X\ WkX MXXYO[K]S_X\( BO\\O\ MK\X\& K Y[X_S\kX
m MXW\]S]^oNK MXV LK\O WK\ KUoZ^X]K\ _SQOW]O\& MXW\SNO[KWNX K\ KNSlrO\ O O`MU^\rO\ O K
MXVYOW\KlkX NO Y[OT^oaX\ 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\ Z^O SWMU^OV NSWROS[X OV MKS`K O NOYp\S]X\ LKWMi[SX\ NO M^[]X
Y[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+& Z^O NOPSWO K YXUo]SMK WKMSXWKU NO MXXYO[K]S_S\VX(
0 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= .J=;@AE
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!>"
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\ K
KY[XY[SK[& O K\ XYO[KlrO\ Yp\'PS`KNK\& YOUX _KUX[ Y[O\OW]O& K]^KUSaKNK\ )*( *!,! ,#&)(*%+ K]m K
NK]K NX LKUKWlX(
!?"
3JGNAKVG H8J8 ;JX<ALGK <= DAIMA<8WVG <MNA<GK8 !3,0-"
8XW\]S]^oNK OV VXW]KW]O T^UQKNX \^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\O
NK\ 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%& K
8XXYO[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^`X
NO 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\MX
Vi`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
,D8KKA>A;8WVG
3=JYG<G <= 8LJ8KG
<G ;DA=FL=
6 _OWMO[
6]m +/ NSK\
9O +/ K -* NSK\
9O -+ K 0* NSK\
9O 0+ K 3* NSK\
9O 3+ K +,* NSK\
9O +,+ K +/* NSK\
9O +/+ K +2* NSK\
G^YO[SX[ K +2* NSK\
66
6
7
8
9
;
<
=
>
6 K]^KUSaKlkX NK\ XYO[KlrO\ NO M[mNS]X _OWMSNK\ OV K]m 0* NSK\ m MXW]KLSUSaKNK OV [OMOS]K\ NO
XYO[KlrO\ NO M[mNS]X& O K YK[]S[ NX 0+X NSK& OV [OWNK\ K KY[XY[SK[( 6\ XYO[KlrO\ MUK\\SPSMKNK\ MXVX
Wo_OU !>! YO[VKWOMOV WO\\K MUK\\SPSMKlkX YX[ \OS\ VO\O\& Z^KWNX OW]kX \kX LKS`KNK\ MXW][K K
Y[X_S\kX O`S\]OW]O O MXW][XUKNK\& YX[ MSWMX KWX\& OV MXW]K\ NO MXVYOW\KlkX& WkX VKS\ PSQ^[KWNX
WX LKUKWlX YK][SVXWSKU(
1 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= .J=;@AE
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!@"
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\ Z^O 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\
?W\]KUKlrO\& Vp_OS\ O ^]OW\oUSX\ O \S\]OVK\ NO MXV^WSMKlkX& \OQ^[KWlK O ][KW\YX[]O
GS\]OVK NO Y[XMO\\KVOW]X NO NKNX\
IOoM^UX\
!A"
.# K(K(
+*# K(K(
,*# K(K(
,*# K(K(
-=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\& NON^aSNX\ NK\ MX[[O\YXWNOW]O\ Y[X_S\rO\ YK[K
YO[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_^UQKlkX 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[ Z^O X\ K]S_X\ WkX O\]OTKV [OQS\][KNX\
MXW]KLSUVOW]O YX[ ^V _KUX[ \^YO[SX[ hZ^OUO YK\\o_OU NO \O[ [OM^YO[KNX YX[ ^\X X^ YX[ _OWNK(
8K\X O`S\]KV O_SNnWMSK\ MUK[K\ NO Z^O 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 NO
Y[X_S\kX YK[K YO[NK\(
C SVXLSUSaKNX O X^][X\ K]S_X\ WkX MS[M^UKW]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 Z^O O_OW]X\ X^ KU]O[KlrO\ WK\
MS[M^W\]jWMSK\ SWNSMK[OV Z^O 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 MKUM^UKNX YK[K _O[SPSMK[ \O Ri YO[NK( E^KWNX RX^_O[ YO[NK& OUK m [OMXWROMSNK
YOUX VXW]KW]O OV Z^O X _KUX[ MXW]iLSU NX K]S_X ^U][KYK\\K \O^ _KUX[ [OM^YO[i_OU& Z^O 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]SPSMX^
O_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]K
NO OWMO[[KVOW]X NX O`O[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\]kX
MUK\\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 MXV
X\ T^[X\ SWMX[[SNX\ WX YO[oXNX O USZ^SNKlrO\ Z^O YX\\KV ]O[ XMX[[SNX(
2 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= .J=;@AE
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!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\ O
O`'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[KNX
Y[X_i_OU(
!F"
-=E8AK H8KKANGK ;AJ;MD8FL=K = FVG ;AJ;MD8FL=K
9OVXW\][KNX\ YOUX\ _KUX[O\ MXWROMSNX\ X^ MKUM^Ui_OS\& SWMU^SWNX& Z^KWNX KYUSMi_OU& X\ OWMK[QX\ O
K\ _K[SKlrO\ VXWO]i[SK\ OV LK\O )*( *!,! NSK SWMX[[SNX\& NON^aSNX\ NK\ MX[[O\YXWNOW]O\
NO\YO\K\ K KY[XY[SK[(
!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 Z^O WkX \O SWMX[YX[K KX\ \KUi[SX\ NX\ OVY[OQKNX\ O O\]i K][OUKNK h )#*$(*&!'"# NK
8XXYO[K]S_K(
6 UOQS\UKlkX NO]O[VSWK Z^O X YKQKVOW]X \OTK OPO]^KNX NO KMX[NX MXV [OQ[K\ Y[O_SKVOW]O
O\]KLOUOMSNK\ YX[ VOSX NO 6MX[NX 8XUO]S_X NO H[KLKURX RXVXUXQKNX T^W]X KX GSWNSMK]X NK
MK]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\ T^UQKVOW]X\ MXW]iLOS\ \kX MXW]SW^KVOW]O K_KUSKNX\ O LK\OSKV'\O WK
O`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\^U]KW]O\ [K[KVOW]O \O[kX SQ^KS\ KX\ [O\YOM]S_X\ [O\^U]KNX\ [OKS\( 6
Y[SWMSYKU O\]SVK]S_K O Y[OVS\\K\ Z^O KY[O\OW]KV ^V [S\MX \SQWSPSMK]S_X& MXV Y[XLKLSUSNKNO NO
MK^\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 K
Y[X_S\kX YK[K M[mNS]X\ NO USZ^SNKlkX N^_SNX\K $D8@9%& K Z^KU m MKUM^UKNK MXWPX[VO NO\M[S]X WK
BX]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
[OQ^UKVOW]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 Z^O 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(
3 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= .J=;@AE
1GL8K =OHDA;8LAN8K <8 8<EAFAKLJ8WVG TK <=EGFKLJ8W[=K
>AF8F;=AJ8K =E (& <= <=P=E9JG <= '%&*
.E EAD@8J=K <= J=8AK# =O;=LG IM8F<G AF<A;8<G <= GMLJ8 >GJE8
!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 WkX
M^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\kX
NK 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 MiUM^UX O USVS]O\ NO O`YX\SlkX NO]O[VSWKNX\ YOUX
GS\]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(
C\ \S\]OVK\& X\ VXNOUX\ O X\ Y[XMONSVOW]X\ \kX K_KUSKNX\ KW^KUVOW]O YX[ OZ^SYO\ NO K^NS]X[SK
SW]O[WK( C\ [O\^U]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\K
Y[XYX[MSXWK[& KUmV NK [OQ^UK[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\(
!<"
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