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Cooperativa de Crédito Rural com Interação Solidária de Pajeú

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 19

2015 2014

Receitas da intermediação financeira 104 102Operações de crédito (Nota 9) 96 99Receitas de centralização financeira 1 -Receita com títulos e valores mobiliários 7 3

Despesas de intermediação financeira (43) (24)Operações de captação no mercado (Nota 11) (22) (20)Operações de empréstimos e repasses (Nota 12) (2) -Provisão para créditos de liquidação duvidosa (Nota 9) (19) (4)

Resultado bruto da intermediação financeira 61 78

Outras receita e despesas operacionais (114) (69)Receitas de prestação de serviços (Nota 16) 11 2Despesas de pessoal (Nota 17) (78) (68)Despesas administrativas (Nota 18) (61) (49)Outras receitas operacionais (Nota 19) 39 47Outras despesas operacionais (Nota 20) (25) (1)

Resultado operacional (53) 9

Resultado antes da tributação sobre lucro (53) 9

Imposto de renda e contribuição social - -Provisão para imposto de renda - -Provisão para contribuição social - -

Sobras (perdas) do exercício (53) 9


Demonstração das mutações do patrimônio líquidoEm milhares de reais


3 de 19

Capital socialFundo de

reservaSobras (Perdas)

acumuladas Total

Em 1o de janeiro de 2014 188 24 (74) 138Absorção de perdas (Nota 15 (f)) - (24) 24 -Integralizações de capital 10 - - 10Baixas de capital (8) - - (8)Sobras do exercício - - 9 9Destinações legais e estatutárias

FATES (Nota 15 (e)) - - (1) (1)Reserva Legal (Nota 15(d)) - 3 (3) -

Em 31 de dezembro de 2014 190 3 (45) 148

Em 1o de janeiro de 2015 190 3 (45) 148Absorção de perdas - - - -Integralizações de capital 12 - - 12Baixas de capital (7) - - (7)Perdas do exercício - - (53) (53)

Em 31 de dezembro de 2015 195 3 (98) 100


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

- MN *2

2015 2014

Fluxos de caixa das atividades operacionais

Sobras (Perdas) antes do imposto de renda e da contribuição social (53) 9

Ajustes as sobras/perdas líquidas 21 6Despesas de depreciação 2 2Provisão para créditos de liquidação duvidosa 19 4

Variações patrimoniais 18 (71)Títulos e valores mobiliários 1 (75)Relações interfinanceiras (7) -Operações de crédito (36) (32)Outros créditos 10Depósitos 14 35Obrigações por empréstimos e repasses 47 -Outras obrigações (1) (9)

Imposto de renda e contribuição social pagos -

Caixa líquido aplicado nas atividades operacionais (14) (56)

Fluxos de caixa das atividades de investimentosAquisição de investimentos (1)Aquisição de imobilizado de uso (2) (6)

Caixa líquido aplicado nas atividades de investimento (3) (6)

Fluxos de caixa das atividades de financiamentosAumento de capital 12 10Baixas de capital (7) (8)

Caixa líquido gerado pelas atividades de financiamentos 5 2

Diminuição líquida de caixa e equivalentes de caixa (12) (60)

Caixa e equivalentes de caixa no início do exercício (Nota 6) 31 91

Caixa e equivalentes de caixa no fim do exercício (Nota 6) 19 31


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

5 7WWXNZJ\R^J VjW XW[[]R RV[\Z]UNV\W[ ORVJVLNRZW[ MNZR^J\R^W[ NU ,* MN MN`NUKZW MN +)*. N MN+)*-'

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

B[ ZNL]Z[W[ LJX\JMW[ XNTJ 7WWXNZJ\R^J VjW RV^N[\RMW[ NU []J[ J\R^RMJMN[ [jW LNV\ZJTR`JMW[J\ZJ^l[ MN ZNXJ[[N RV\NZORVJVLNRZW XJZJ J 7NV\ZJT 7ZN[WT FRLWXNZ% W[ Y]JR[ [jW XWZ NTJ ]\RTR`JMW[XJZJ JXTRLJkqN[ ORVJVLNRZJ[ MN KJR_W ZR[LW' 9[[J[ WXNZJkqN[ [jW LJZJL\NZR`JMJ[ LWUW J\W[LWWXNZJ\R^W[ XNTJ ?NR VW .'0/-(0*% Y]N MNORVN J XWTn\RLJ VJLRWVJT MN LWWXNZJ\R^R[UW'



0 MN *2

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

5[ WXNZJkqN[ XZNOR_JMJ[ OWZJU ZNPR[\ZJMJ[ XNTW ^JTWZ O]\]ZW% ZN\RORLJMJ[ XNTJ LWV\J MN ZNVMJ[ JJXZWXZRJZ% N J[ WXNZJkqN[ Xo[&OR_JMJ[% XNTW ^JTWZ XZN[NV\N% J\]JTR`JMJ[ )*( *!,! ,#&)(*%+ J\l JMJ\J MW KJTJVkW'

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

7WV[\R\]nMJ NU UWV\JV\N S]TPJMW []ORLRNV\N XNTJ JMURVR[\ZJkjW XJZJ LWKZRZ N^NV\]JR[ XNZMJ[ VJZNJTR`JkjW MN LZlMR\W[ J ZNLNKNZ% TN^J NU LWV[RMNZJkjW J JVhTR[N MJ[ WXNZJkqN[ NU JKNZ\W% MJ[PJZJV\RJ[ N_R[\NV\N[ N MW[ ZR[LW[ N[XNLnORLW[ JXZN[NV\JMW[ VJ LJZ\NRZJ% N O]VMJUNV\JMJ VJ JVhTR[NMJ[ WXNZJkqN[% LWV[RMNZJVMW J LWVS]V\]ZJ NLWVpURLJ% J N_XNZRmVLRJ XJ[[JMJ% W[ ZR[LW[ N[XNLnORLW[N PTWKJR[ MJ[ LJZ\NRZJ['

9U LWVOWZURMJMN LWU J EN[WT]kjW VW +'/1+(22 MW 7WV[NTQW @WVN\hZRW AJLRWVJT #7@A$% J7WWXNZJ\R^J LTJ[[RORLW] J[ WXNZJkqN[ MN LZlMR\W LWV[RMNZJVMW W ZR[LW RVMR^RM]JT MN LJMJ MN^NMWZ'5 LTJ[[RORLJkjW LWV[RMNZW] J Y]JTRMJMN MW MN^NMWZ N MJ WXNZJkjW% RVLT]RVMW J[XNL\W[ LWUW3 OT]_WMN LJR_J% [R\]JkjW NLWVpURLW&ORVJVLNRZJ MW MN^NMWZ N [N\WZ% PZJ] MN NVMR^RMJUNV\W%JMURVR[\ZJkjW% QR[\oZRLW MW MN^NMWZ% PJZJV\RJ[% N^NV\]JR[ J\ZJ[W[% NV\ZN W]\ZW['

5 JMURVR[\ZJkjW LTJ[[RORLJ W[ MN^NMWZN[ NU VW^N Vn^NR[% [NVMW !55! W ZR[LW UnVRUW N !=! W ZR[LWUh_RUW' 5MRLRWVJTUNV\N% \JUKlU [jW LWV[RMNZJMW[ W[ XNZnWMW[ MN J\ZJ[W N[\JKNTNLRMW[ XNTJZNONZRMJ EN[WT]kjW XJZJ J\ZRK]RkjW MW[ Vn^NR[ MN LTJ[[RORLJkjW MW[ LTRNV\N[% MJ [NP]RV\N OWZUJ3

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

5 ^NVLNZ 555\l *. MRJ[ 58N *. J ,) MRJ[ 68N ,* J /) MRJ[ 78N /* J 2) MRJ[ 88N 2* J *+) MRJ[ 98N *+* J *.) MRJ[ ;8N *.* J *1) MRJ[ <F]XNZRWZ J *1) MRJ[ =

5 J\]JTR`JkjW MJ[ WXNZJkqN[ MN LZlMR\W ^NVLRMJ[ NU J\l /) MRJ[ l LWV\JKRTR`JMJ NU ZNLNR\J[ MNWXNZJkqN[ MN LZlMR\W% N J XJZ\RZ MW /*W MRJ% NU ZNVMJ[ J JXZWXZRJZ' 5[ WXNZJkqN[ LTJ[[RORLJMJ[ LWUWVn^NT !=! XNZUJVNLNU VN[[J LTJ[[RORLJkjW XWZ [NR[ UN[N[% Y]JVMW NV\jW [jW KJR_JMJ[ LWV\ZJ JXZW^R[jW N_R[\NV\N N LWV\ZWTJMJ[% XWZ LRVLW JVW[% NU LWV\J[ MN LWUXNV[JkjW% VjW UJR[ ORP]ZJVMWVW KJTJVkW XJ\ZRUWVRJT'

!@" 3=JE8F=FL=

B[ RV^N[\RUNV\W[ N[\jW MNUWV[\ZJMW[ JW L][\W MN JY]R[RkjW'

B RUWKRTR`JMW MN ][W N[\h MNUWV[\ZJMW JW L][\W MN JY]R[RkjW' 5 MNXZNLRJkjW MW RUWKRTR`JMW MN][W l LWUX]\JMJ XNTW Ul\WMW TRVNJZ% LWU KJ[N VJ[ \J_J[ JV]JR[ Y]N TN^JU NU LWV[RMNZJkjW J^RMJ r\RT&NLWVpURLJ MW[ KNV[' B[ XNZLNV\]JR[ MN MNXZNLRJkjW N[\jW JKJR_W TR[\JMW[3

9MRORLJkqN[ -" J'J'>V[\JTJkqN[% Uo^NR[ N ]\NV[nTRW[ N [R[\NUJ[ MN LWU]VRLJkjW% [NP]ZJVkJ N \ZJV[XWZ\N *)" J'J'FR[\NUJ MN XZWLN[[JUNV\W MN MJMW[ +)" J'J'HNnL]TW[ +)" J'J'



1 MN *2

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

8NUWV[\ZJMW[ XNTW[ ^JTWZN[ MN ZNJTR`JkjW% RVLT]RVMW% Y]JVMW JXTRLh^NT% W[ ZNVMRUNV\W[ N J[^JZRJkqN[ UWVN\hZRJ[ )*( *!,! MRJ RVLWZZRMW[% MNM]`RMW[ MJ[ LWZZN[XWVMNV\N[ XZW^R[qN[ XJZJXNZMJ[ W] JS][\N JW ^JTWZ MN UNZLJMW N ZNVMJ[ J JXZWXZRJZ'

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

B 7WV[NTQW @WVN\hZRW AJLRWVJT% XWZ UNRW MJ EN[WT]kjW VW ,'.// MN +2 MN UJRW MN +))1%MN\NZURVW] J JMWkjW MW CZWV]VLRJUNV\W GlLVRLW 7C7 )*% MW 7WUR\m MN CZWV]VLRJUNV\W[7WV\hKNR[% ZNONZNV\N JW ZNLWVQNLRUNV\W% UNV[]ZJkjW N MR^]TPJkjW MN ZNM]kjW JW ^JTWZZNL]XNZh^NT MN J\R^W[ VjW ORVJVLNRZW[' B ZNONZRMW XZWV]VLRJUNV\W RV[\R\]R W \N[\N MNZNL]XNZJKRTRMJMN MN J\R^W[% L]SW WKSN\R^W l J[[NP]ZJZ Y]N W[ J\R^W[ VjW N[\NSJU ZNPR[\ZJMW[LWV\JKRTUNV\N XWZ ]U ^JTWZ []XNZRWZ gY]NTN XJ[[n^NT MN [NZ ZNL]XNZJMW XWZ ][W W] XWZ ^NVMJ'7J[W N_R[\JU N^RMmVLRJ[ LTJZJ[ MN Y]N J\R^W[ N[\jW J^JTRJMW[ XWZ ^JTWZ VjW ZNL]XNZh^NT VW O]\]ZW%J NV\RMJMN MN^NZh RUNMRJ\JUNV\N ZNLWVQNLNZ J MN[^JTWZR`JkjW XWZ UNRW MJ LWV[\R\]RkjW MNXZW^R[jW XJZJ XNZMJ['

B RUWKRTR`JMW N W]\ZW[ J\R^W[ VjW LRZL]TJV\N[% [jW ZN^R[\W[ JV]JTUNV\N XJZJ [N RMNV\RORLJZN^RMmVLRJ[ MN XNZMJ[ VjW ZNL]XNZh^NR[% W] JRVMJ% [NUXZN Y]N N^NV\W[ W] JT\NZJkqN[ VJ[LRZL]V[\iVLRJ[ RVMRLJZNU Y]N W ^JTWZ LWV\hKRT XWMN VjW [NZ ZNL]XNZh^NT' D]JVMW N[\N OWZ W LJ[W% W^JTWZ ZNL]XNZh^NT l LJTL]TJMW XJZJ ^NZRORLJZ [N Qh XNZMJ' D]JVMW QW]^NZ XNZMJ% NTJ l ZNLWVQNLRMJXNTW UWV\JV\N NU Y]N W ^JTWZ LWV\hKRT MW J\R^W ]T\ZJXJ[[J [N] ^JTWZ ZNL]XNZh^NT% Y]N l W UJRWZNV\ZN W XZNkW TnY]RMW MN ^NVMJ N W ^JTWZ NU ][W MN ]U J\R^W' 5 JMURVR[\ZJkjW VjW RMNV\RORLW]N^RMmVLRJ[ MN XNZMJ[ VjW ZNL]XNZh^NR[ NU ,* MN MN`NUKZW MN +)*.'

!C" -=HZKALGK

B ^JTWZ JXZN[NV\JMW VJ[ MNUWV[\ZJkqN[ ORVJVLNRZJ[ N[\h JLZN[LRMW MW[ S]ZW[ RVLWZZRMW[ J\l J MJ\JMN NVLNZZJUNV\W MW N_NZLnLRW% J\ZJ^l[ MJ JXTRLJkjW UNV[JT MJ[ \J_J[ LWV\ZJ\JMJ[ XJZJ J[WXNZJkqN['

FjW MNUWV[\ZJMW[ XNTW[ ^JTWZN[ MJ[ N_RPRKRTRMJMN[ N LWV[RMNZJU% Y]JVMW JXTRLh^NT% W[ NVLJZPW[N_RPn^NR[ J\l J MJ\J MW KJTJVkW% ZNLWVQNLRMW[ NU KJ[N )*( *!,! MRJ' B[ MNXo[R\W[ J XZJ`W N[\jWLTJ[[RORLJMW[ VW KJTJVkW XJ\ZRUWVRJT LWV[RMNZJVMW []J N_RPRKRTRMJMN'

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

ENPR[\ZJMJ[ MN JLWZMW LWU W[ ZNL]Z[W[ \WUJMW[% [NVMW J\]JTR`JMW[ UNV[JTUNV\N MN JLWZMW LWUW[ S]ZW[ RVLWZZRMW[ VW XNZnWMW N TRY]RMJkqN[ Y]N XW[[JU \NZ WLWZZRMW'

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

7WUXW[\W KJ[RLJUNV\N XWZ XZWLN[[W[ S]MRLRJR[ N JMURVR[\ZJ\R^W[% UW^RMW[ XWZ \NZLNRZW[ NN_&LWTJKWZJMWZN[% NU JkqN[ Ln^NR[ N \ZJKJTQR[\J[' 9[[J[ LJ][J[ S]MRLRJR[ [jW J^JTRJMJ[UNV[JTUNV\N XWZ J[[N[[WZN[ TNPJR[ N XZW^R[RWVJMJ[ Y]JVMW W ZR[LW MN XNZMJ l LWV[RMNZJMWXZW^h^NT'

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

8NUWV[\ZJMW[ XNTW[ ^JTWZN[ LWVQNLRMW[ W] LJTL]Th^NR[% RVLT]RVMW% Y]JVMW JXTRLh^NT% W[ NVLJZPW[ NJ[ ^JZRJkqN[ UWVN\hZRJ[ NU KJ[N )*( *!,! MRJ RVLWZZRMW[% MNM]`RMW[ MJ[ LWZZN[XWVMNV\N[MN[XN[J[ J JXZWXZRJZ'



2 MN *2

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

5 C?E l ]UJ UWMJTRMJMN MN ZNU]VNZJkjW% KJ[NJMJ VJ ?NR VW *)'*)*% MN *2 MN MN`NUKZW MN +)))%^JZRh^NT Y]N VjW [N RVLWZXWZJ JW[ [JThZRW[ MW[ NUXZNPJMW[ N N[\h J\ZNTJMJ g )#*$(*&!'"# MJ7WWXNZJ\R^J'

5 TNPR[TJkjW MN\NZURVJ Y]N W XJPJUNV\W [NSJ NON\]JMW MN JLWZMW LWU ZNPZJ[ XZN^RJUNV\NN[\JKNTNLRMJ[ XWZ UNRW MN 5LWZMW 7WTN\R^W MN GZJKJTQW QWUWTWPJMW S]V\W JW FRVMRLJ\W MJLJ\NPWZRJ N MN^RMJUNV\N ZNPR[\ZJMW VW @RVR[\lZRW MW GZJKJTQW'

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

5[ N[\RUJ\R^J[ N W[ S]TPJUNV\W[ LWV\hKNR[ [jW LWV\RV]JUNV\N J^JTRJMW[ N KJ[NRJU&[N VJN_XNZRmVLRJ QR[\oZRLJ N NU W]\ZW[ OJ\WZN[% RVLT]RVMW N_XNL\J\R^J[ MN N^NV\W[ O]\]ZW[% LWV[RMNZJMJ[ZJ`Wh^NR[ XJZJ J[ LRZL]V[\iVLRJ['

7WU KJ[N NU XZNUR[[J[% J 7WWXNZJ\R^J OJ` N[\RUJ\R^J[ LWU ZNTJkjW JW O]\]ZW' CWZ MNORVRkjW% J[N[\RUJ\R^J[ LWV\hKNR[ ZN[]T\JV\N[ ZJZJUNV\N [NZjW RP]JR[ JW[ ZN[XNL\R^W[ ZN[]T\JMW[ ZNJR[' 5XZRVLRXJT N[\RUJ\R^J N XZNUR[[J[ Y]N JXZN[NV\JU ]U ZR[LW [RPVRORLJ\R^W% LWU XZWKJKRTRMJMN MNLJ][JZ ]U JS][\N ZNTN^JV\N VW[ ^JTWZN[ LWV\hKNR[ MN J\R^W[ N XJ[[R^W[ XJZJ W XZo_RUW XNZnWMW% l JXZW^R[jW XJZJ LZlMR\W[ MN TRY]RMJkjW M]^RMW[J #C7?8$% J Y]JT l LJTL]TJMJ LWVOWZUN MN[LZR\W VJAW\J , #P$'

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

5 7WWXNZJ\R^J PNZNVLRJ W[ ZR[LW[ N RVLNZ\N`J[ MW[ [N][ VNPoLRW[ LWU KJ[N NU MRZN\ZR`N[ NZNP]TJUNV\JkqN[ TWLJR['

B XZRVLRXJT WKSN\R^W MJ PN[\jW MN ZR[LW[ l J RMNV\RORLJkjW N UWVR\WZJUNV\W MN JUNJkJ[ J Y]N W[VNPoLRW[ N[\jW []SNR\W[% XZRVLRXJTUNV\N NU XNZnWMW[ W] [R\]JkqN[ MN[OJ^WZh^NR['

CJZJ J JMURVR[\ZJkjW% PNZRZ ZR[LW[ l J OWZUJ UJR[ NORLRNV\N XJZJ J UJV]\NVkjW MN ]UJZNV\JKRTRMJMN [][\NV\JMJ N XW[R\R^J'

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

B PNZNVLRJUNV\W MW ZR[LW MN LZlMR\W MJ 7WWXNZJ\R^J l ZNJTR`JMW XWZ ]UJ N[\Z]\]ZJ L]SJ J\]JkjW^R[J LWV\ZWTJZ N XZN^NVRZ J N_XW[RkjW MJ[ WXNZJkqN[ MJ 7WWXNZJ\R^J JW[ ZR[LW[ XZW^NVRNV\N[ MW VjWL]UXZRUNV\W MN WKZRPJkqN[ LWV\ZJ\JMJ[ XNTW \WUJMWZ MN LZlMR\W #RVJMRUXTmVLRJ$'

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

5 N[\Z]\]ZJ MN PNZNVLRJUNV\W MN ZR[LW[ MN UNZLJMW N TRY]RMN` l LWUXJ\n^NT LWU J VJ\]ZN`J MJ[WXNZJkqN[% LWU J LWUXTN_RMJMN MW[ XZWM]\W[ N [NZ^RkW[ WONZNLRMW[ N l XZWXWZLRWVJT g MRUNV[jWMJ N_XW[RkjW JW[ ZR[LW[' GJUKlU l ZN[XWV[h^NT XNTW LWV\ZWTN MN \WMW W XZWLN[[W MN J^JTRJkjW MJ[OT]\]JkqN[ MJ[ LWVMRkqN[ MN UNZLJMW N XWZ UWVR\WZJZ W NY]RTnKZRW NV\ZN XJPJUNV\W[ #XJ[[R^W[$ NZNLNKRUNV\W[ #J\R^W[$% J\ZJ^l[ MN LZR\lZRW[ MN LhTL]TW N TRUR\N[ MN N_XW[RkjW MN\NZURVJMW[ XNTWFR[\NUJ 7ZN[WT% MN OWZUJ J PJZJV\RZ J LJXJLRMJMN MN XJPJUNV\W MJ 7WWXNZJ\R^J' B[ LZR\lZRW[TN^JU NU LWV[RMNZJkjW J[ MRONZNV\N[ UWNMJ[% nVMRLN[ N XZJ`W[ MN TRY]RMJkjW'

B[ [R[\NUJ[% W[ UWMNTW[ N W[ XZWLNMRUNV\W[ [jW J^JTRJMW[ JV]JTUNV\N XWZ NY]RXN[ MN J]MR\WZRJRV\NZVJ' B[ ZN[]T\JMW[ JXZN[NV\JMW[ VW[ ZNTJ\oZRW[ MN J]MR\WZRJ [jW ]\RTR`JMW[ XJZJ LWZZRPRZ%JMJX\JZ N XZWUW^NZ UNTQWZRJ[ VW PNZNVLRJUNV\W MW[ ZR[LW[ MN UNZLJMW N TRY]RMN`'



*) MN *2

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

B XZWLN[[W MN PNZNVLRJUNV\W MN ZR[LW[ WXNZJLRWVJR[ LWV[R[\N VJ J^JTRJkjW Y]JTR\J\R^J MW[ ZR[LW[%XWZ UNRW MJ[ N\JXJ[ MN RMNV\RORLJkjW% J^JTRJkjW N \ZJ\JUNV\W' 5 N[\Z]\]ZJ MN ZR[LW WXNZJLRWVJT ^R[JXZWXWZLRWVJZ% JTlU MJ ZNP]TJZRMJMN LWU ZNY]R[R\W[ TNPJR[% ]U JTRVQJUNV\W XZWLN[[]JT LWU J[MRZN\ZR`N[ MN LWV\ZWTN[ RV\NZVW[ MW FR[\NUJ 7ZN[WT' 9[[J N[\Z]\]ZJ LWWZMNVJ N J]_RTRJ J PN[\jW MJ[JkqN[ MN JVhTR[N% RMNV\RORLJkjW N J^JTRJkjW MN LWV\ZWTN[ N XZWLN[[W[% XTJVNSJVMW JkqN[ LWZZN\R^J[N(W] XZN^NV\R^J[ XJZJ UR\RPJZ W[ ZR[LW['

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

B PNZNVLRJUNV\W MN LJXR\JT LNV\ZJTR`JMW LWV[R[\N NU ]U XZWLN[[W LWV\nV]W MN UWVR\WZJUNV\W MWLJXR\JT% N l ZNJTR`JMW XNTJ[ NV\RMJMN[ MW FR[\NUJ 7ZN[WT LWU WKSN\R^W MN3

" 5^JTRJZ J VNLN[[RMJMN MN LJXR\JT XJZJ OJ`NZ OJLN JW[ ZR[LW[ Y]N J[ NV\RMJMN[ MW FR[\NUJ7ZN[WT N[\jW []SNR\J[4

" CTJVNSJZ UN\J[ N VNLN[[RMJMN[ MN LJXR\JT% LWV[RMNZJVMW W[ WKSN\R^W[ N[\ZJ\lPRLW[ MJ[NV\RMJMN[ MW FR[\NUJ 7ZN[WT4

" 5MW\JZ XW[\]ZJ XZW[XNL\R^J% JV\NLRXJVMW J VNLN[[RMJMN MN LJXR\JT MNLWZZNV\N MN XW[[n^NR[U]MJVkJ[ VJ[ LWVMRkqN[ MN UNZLJMW4

5MRLRWVJTUNV\N% [jW ZNJTR`JMJ[ \JUKlU [RU]TJkqN[ MN N^NV\W[ [N^NZW[ NU LWVMRkqN[ N_\ZNUJ[ MNUNZLJMW% LWU J LWV[NY]NV\N J^JTRJkjW MN [N][ RUXJL\W[ VW LJXR\JT MJ[ NV\RMJMN[ MW FR[\NUJ7ZN[WT'

.HHI?K;MCO; >? .KZ>CMH 6NK;E =HF 1GM?K;YXH 7HEC>WKC; >? 5;D?_

3HM;L ?PIEC=;MCO;L >; ;>FCGCLMK;YXH VL >?FHGLMK;Y^?L@CG;G=?CK;L ?F '% >? >?Q?F<KH >? &$%)0F FCEB;K?L >? K?;CL

** KL *2

* /CLIHGC<CEC>;>?L&$%) &$%(

6HP]H L JUTZH JUXXLTZL LS IHTJUY *2 ,*

*2 ,*

@H KLZLXSPTHgfU KH JUSVUYPgfU KUY PZLTY KL JHP]H L LW[P\HRLTZLY KL JHP]H MUXHS JUTYPKLXHKUY UYYLN[PTZLY JXPZhXPUY VHXH JRHYYPMPJHgfU KUY HZP\UY3

#H$ FLX JUSU MPTHRPKHKL HZLTKLX H JUSVXUSPYYUY KL J[XZU VXH^U'#I$ BUYY[PX JUT\LXYPIPRPKHKL PSLKPHZH LS [S SUTZHTZL JUTOLJPKU KL JHP]H'#J$ 8YZHX L]VUYZU H XLK[^PKU XPYJU KL S[KHTgH KL \HRUX'#K$ FLX VXH^U KL \LTJPSLTZU PN[HR U[ PTMLXPUX H 2) KPHY TH KHZH KH HW[PYPgfU'

+ 8[MNEHL ? O;EHK?L FH<CECWKCHL&$%) &$%(

C[UZHY KL M[TKUY KL PT\LYZPSLTZU *+2 *,)

*+2 *,)

DLMLXL&YL H HVRPJHgfU LS W[UZHY KL M[TKUY KL XLTKH MP]H% HY W[HPY YfU XLNPYZXHKHY VLRU YL[ \HRUX Q[YZU THKHZH KL MLJOHSLTZU'

, 6?E;Y^?L CGM?K@CG;G=?CK;L

&$%) &$%(

6LTZXHRP^HgfU MPTHTJLPXH LS 6UUVLXHZP\H 6LTZXHR . &A[ZXHY #P$ + &

0 &

#P$ A YHRKU KL _A[ZXHY` XLMLXL&YL e KLVjYPZUY IRUW[LHKUY L JOLW[LY KL\UR\PKUY LS JUTZH JUXXLTZL KUHYYUJPHKU'

4 XLS[TLXHgfU ShKPH KH 6LTZXHRP^HgfU 9PTHTJLPXH TU L]LXJiJPU MPTKU LS ,* KL KL^LSIXU KL +)*. MUP KL2." KU 67= #+)*- a 2)"$' @U L]LXJiJPU MPTKU LS ,* KL KL^LSIXU KL +)*.% H XLJLPZH HVXLYLTZHKH MUP KL D!* #+)*- & D! &$ XLNPYZXHKH TH X[IXPJH _DLJLPZHY KL JLTZXHRP^HgfU MPTHTJLPXH` TH KLSUTYZXHgfU KL YUIXHY U[VLXKHY'



*+ KL *2

- 4I?K;Y^?L >? =KZ>CMH

!;" .HFIHLCYXH >; =;KM?CK; >? =KZ>CMHLIHK MCIH >? HI?K;YXH !E[JNC>H >? 5.2/"

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