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2015
Outros valores e bens (Nota 11)
70
1 de 21
As notas explicativas da administração são parte integrante das demonstrações financeiras.
23.211
849
Imobilizado de uso
Total do ativo
1.701
852
5.529
5.529
Permanente
Investimentos (Nota 12)
Realizável a longo prazo
Operações de crédito (Nota 9)
645
98
547
8.639
Outros créditos
Rendas a receber
Diversos (Nota 10)
5.847
Operações de crédito (Nota 9)
660
Relações interfinanceiras (Nota 8)
120
Títulos e valores mobiliários (Nota 7)
15.981
Disponibilidades (Nota 6)
Circulante
Ativo
Em milhares de reais
Balanço patrimonial em 31 de dezembro
2014
22.146
383
1.920
1.537
5.962
5.962
-
243
119
124
9.509
4.131
351
30
14.264
Cooperativa de Crédito Rural com Interação Solidária de Curitibanos
Total do passivo e do patrimônio líquido
Patrimônio líquido (Nota 17)
Capital social
Fundo de reserva
Sobras acumuladas
Exigível a longo prazo
Obrigações por empréstimos e repasses (Nota 14)
Outras obrigações
Cobrança e arrecadação de tributos e assemelhados
Sociais e estatutárias
Fiscais e previdenciárias
Diversas (Nota 15)
Obrigações por empréstimos e repasses (Nota 14)
Relações interdependências
Depósitos (Nota 13)
Depósitos à vista
Depósitos à prazo
Circulante
Passivo
2015
23.211
6.154
5.260
487
407
3.366
3.366
624
3
270
121
230
2.741
74
10.252
1.923
8.329
13.691
2014
22.146
5.460
3.905
439
1.116
4.416
4.416
387
2
199
112
74
4.397
105
7.381
1.508
5.873
12.270
Cooperativa de Crédito Rural com Interação Solidária de Curitibanos
Demonstração de sobras ou perdas
Exercícios findos em 31 de dezembro
Em milhares de reais
2015
2014
3.688
2.864
780
44
3.046
2.502
510
34
(1.964)
(919)
(209)
(836)
(1.200)
(587)
(216)
(397)
Resultado bruto da intermediação financeira
1.724
1.846
Outras receita e despesas operacionais
Receitas de prestação de serviços (Nota 18)
Despesas de pessoal (Nota 19)
Despesas administrativas (Nota 20)
Despesas tributárias
Outras receitas operacionais (Nota 21)
Outras despesas operacionais (Nota 22)
(1.238)
437
(838)
(715)
(4)
151
(269)
(535)
346
(587)
(467)
(3)
368
(192)
486
1.311
5
21
491
1.332
(4)
(2)
(2)
(4)
(2)
(2)
487
1.328
Receitas da intermediação financeira
Operações de crédito (Nota 9)
Receita de centralização financeira
Receita com títulos e valores mobiliários
Despesas de intermediação financeira
Operações de captação no mercado (Nota 13)
Operações de empréstimos e repasses (Nota 14)
Provisão para créditos de liquidação duvidosa (Nota 9)
Resultado operacional
Resultado não operacional
Resultado antes da tributação sobre lucro
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 Curitibanos
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 17 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 17 (e))
Reserva Legal (Nota 17 (d))
3.075
543
436
(149)
-
306
-
543
(543)
1.328
3.924
436
(149)
1.328
-
133
(79)
(133)
(79)
-
Em 31 de dezembro de 2014
3.905
439
1.116
5.460
Em 1o de janeiro de 2015
Distribuição de sobras (Nota 17 (f))
Integralizações de capital
Baixas de capital
Sobras do exercício
Destinações legais e estatutárias
FATES (Nota 17 (e))
Reserva Legal (Nota 17 (d))
3.905
1.116
390
(151)
-
439
-
1.116
(1.116)
487
5.460
390
(151)
487
-
48
(32)
(48)
(32)
-
Em 31 de dezembro de 2015
5.260
487
407
6.154
As notas explicativas da administração são parte integrante das demonstrações financeiras.
3 de 21
Cooperativa de Crédito Rural com Interação Solidária de Curitibanos
Demonstração dos fluxos de caixa
Exercícios findos em 31 de dezembro
Em milhares de reais
2015
2014
Sobras antes do imposto de renda e da contribuição social
491
1.332
Ajustes as sobras líquidas
Despesas de depreciação
Provisão para créditos de liquidação duvidosa
895
59
836
442
45
397
(1.690)
(309)
(1.715)
467
(402)
(70)
2.871
(2.706)
(31)
205
(1.136)
(21)
889
(2.494)
96
155
199
47
(7)
(4)
(4)
Caixa líquido gerado pelas atividades operacionais
(308)
634
Fluxos de caixa das atividades de investimentos
Venda (aquisição) de investimentos
Aquisição de imobilizado de uso
685
(525)
(502)
(428)
160
(930)
390
(151)
436
(149)
239
287
Aumento (diminuição) de caixa e equivalentes de caixa, líquidos
91
(9)
Caixa e equivalentes de caixa no início do exercício (Nota 6)
33
42
124
33
Fluxos de caixa das atividades operacionais
Variações patrimoniais
Títulos e valores mobiliários
Relações interfinanceiras
Operações de crédito
Outros créditos
Outros valores e bens
Depósitos
Obrigações por empréstimos e repasses
Relações interdependências
Outras obrigações
Imposto de renda e contribuição social pagos
Caixa líquido (aplicado nas) gerado pelas atividades de investimento
Fluxos de caixa das atividades de financiamentos
Aumento de capital
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Caixa líquido (aplicado nas) gerado pelas atividades de financiamentos
Caixa e equivalentes de caixa no fim do exercício (Nota 6)
As notas explicativas da administração são parte integrante das demonstrações financeiras.
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F" /*0& M^\]X NO F".3-& ][SL^]X\ NO F" . O [O\^U]KNX NO F" 3 [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 <= ,MJALA98FGK
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
3=JYG<G <= 8LJ8KG
,D8KKA>A;8WVG
<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(
!@"
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\
1 NO ,+
.# K(K(
+*# K(K(
,*# K(K(
,*# K(K(
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= ,MJALA98FGK
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
!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\& 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(
!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[(
2 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= ,MJALA98FGK
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
!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(
!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(
3 NO ,+
,GGH=J8LAN8 <= ,JX<ALG 4MJ8D ;GE /FL=J8WVG 5GDA<UJA8 <= ,MJALA98FGK
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
!;"
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\(
!<"
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 NX
MKYS]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\ Z^O K\ OW]SNKNO\ NX GS\]OVK
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