Baixe o app para aproveitar ainda mais
Prévia do material em texto
7ZHHW 3UD]RV�QR�&yGLJR�GH�3URFHVVR�&LYLO���&3& 3RU��$OEHUWR�%H]HUUD /,952�,�±�'2�352&(662�'(�&21+(&,0(172 7Ë78/2�,,�±�'$6�3$57(6�'(�'26�352&85$'25(6 $UW������FDSXW��±�3UD]R�SDUD�R�DGYRJDGR�DSUHVHQWDU�D�SURFXUDomR��TXDQGR�SRVWXODU�HP�MXt]R�VHP DSUHVHQWi�OD�FRP�D�LQLFLDO�±����GLDV��SURUURJiYHLV�SHOR�PHVPR�SUD]R $UW�������~QLFR�±�3DUD�R�DGYRJDGR�VXSULU�D�RPLVVmR�GD�SHWLomR�LQLFLDO�H�GHFODUDU�R�HQGHUHoR�SDUD UHFHELPHQWR�GH�LQWLPDo}HV�±����KRUDV $UW�����������3UD]R�FRPXP�jV�SDUWHV�H�DMXVWH�SDUD�UHWLUDGD�GRV�DXWRV $UW������LQF��,,�±�'LUHLWR�GR�DGYRJDGR�WHU�YLVWDV�GRV�DXWRV�IRUD�GR�FDUWyULR�RX�VHFUHWDULD�±���GLDV $UW�����±�&RQWLQXDomR�GR�SDWURFtQLR�GD�FDXVD�DSyV�D�UHQ~QFLD�IHLWD�SHOR�DGYRJDGR�GD�FDXVD�±��� GLDV��GHVGH�TXH�QHFHVViULR�SDUD�HYLWDU�SUHMXt]R�j�SDUWH�FRQWUDWDQWH $UW�������~QLFR�±�3DUD�TXH�R�DXWRU�SURPRYD�D�FLWDomR�GR�OLWLVFRQVRUWH�QHFHVViULR�±�IL[DGR�SHOR�MXL] $UW�����±�3UD]R�SDUD�LPSXJQDU�R�SHGLGR�GH�DVVLVWrQFLD�±���GLDV $UW������LQF��,,,�±�3DUD�R�MXL]�GHFLGLU�LQFLGHQWH�GH�LPSXJQDomR�DR�SHGLGR�GH�DVVLVWrQFLD�QR�SURFHVVR�± ��GLDV $UW�����±�3DUD�R�RSRVWR�FRQWHVWDU�RSRVLomR�±����GLDV $UW�����±�'H�VREUHVWDPHQWR�GR�IHLWR�SULQFLSDO��SDUD�MXOJDPHQWR�HP�FRQMXQWR�GH�RSRVLomR�±�Pi[LPR GH����GLDV $UW�����±�3DUD�GH�RLWLYD�GD�SDUWH�DXWRUD�DFHUFD�GD�QRPHDomR�j�DXWRULD�±���GLDV $UW����������D�H�E�±��3DUD�R�RILFLDO�GH�MXVWLoD�SURPRYHU�D�FLWDomR�QD�GHQXQFLDomR�GD�OLGH�±����GLDV� VH�R�DOLHQDQWH�UHVLGLU�QD�PHVPD�FRPDUFD�����GLDV��FDVR�R�DOLHQDQWH�UHVLGD�HP�RXWUD�FRPDUFD � 7Ë78/2�,9�±�'26�Ï5*26�-8',&,È5,26�(�'26�$8;,$5(6�'$�-867,d$ $UW������±�3DUD�R�0LQLVWpULR�3~EOLFR�PDQLIHVWDU�VH�VREUH�FRQIOLWR�GH�FRPSHWrQFLD�±���GLDV $UW����������±�3DUD�R�DUJXLGR�IDODU�HP�LQFLGHQWH�GH�VXVSHLomR�RX�LPSHGLPHQWR�±���GLDV $UW��������~QLFR�±�3DUD�R�SHULWR�RIHUHFHU�HVFXVD�HVFULWD�j�QRPHDomR�GR�HQFDUJR�±���GLDV � 7Ë78/2�9�±�'26�$726�352&(668$,6�6�3$57(6�'(�'26�352&85$'25(6 $UW�����������H�����±�7HPSR�SDUD�SUiWLFD�GRV�DWRV�SURFHVVXDLV $UW������±�([LVWLQGR�RPLVVmR�GH�SUD]RV�HP�OHL��D�UHJUD�SHUPLWH�DR�PDJLVWUDGR�IL[i�ORV��WHQGR�HP FRQWD�D�FRPSOH[LGDGH�GD�FDXVD DUW������±�2V�SUD]RV�SURFHVVXDLV�VmR�FRQWtQXRV $UW������±�6XVSHQVmR�HP�FDVR�GH�VXSHUYHQLrQFLD�GH�IpULDV $UW������±�6XVSHQVmR�GR�FXUVR�GR�SUD]R�SRU�PRWLYR�GH�REVWiFXOR�FULDGR�SHOD�SDUWH�RX�QDV�KLSyWHVHV HVWDEHOHFLGDV�QR�DUW�������LQFV��,�H�,,,��EHP�FRPR�D�UHVWLWXLomR�GR�PHVPR�SRU�LJXDO�WHPSR $UW������±�3HUPLWH�TXH�DV�SDUWHV��HP�FRQVHQVR��UHGX]DP�RX�SURUURJXHP�SUD]R�GLODWyULR DUW������H�SDUiJUDIRV�±�7UDWD�GH�H[WLQomR�GRV�SUD]RV�HP� UD]mR�GD�SUHFOXVmR� WHPSRUDO�� OyJLFD�RX FRQVXPDWLYD�H�KLSyWHVHV�GH�MXVWD�FDXVD�SDUD�R�QmR�FXPSULPHQWR DUW�������FDSXW�±�5HJUD�VREUH�D�IRUPD�GH�FRQWDJHP�GRV�SUD]RV�SURFHVVXDLV�QR�&3& DUW�����������±�1RUPD�TXH�UHJXOD�D�SURUURJDomR�OHJDO $UW������±�3RVVLELOLWD�D�UHQ~QFLD�GH�SUD]R�H[FOXVLYR�D�IDYRU�GD�SDUWH $UW������±�3HUPLWH�TXH�R�MXL]��HP�TXDOTXHU�JUDX�GH�MXULVGLomR��H[FHGD��KDYHQGR�PRWLYR�MXVWLILFDGR� SRU�LJXDO�WHPSR��RV�SUD]RV�DVVLQDODGRV�QR�&3& $UW�� ���� ±� 4XDQGR� IRU� SDUWH� D� )D]HQGD� 3~EOLFD� RX� R� 0LQLVWpULR� 3~EOLFR� ±� HP� TXiGUXSOR� SDUD FRQWHVWDU�H�HP�GREUR�SDUD�UHFRUUHU $UW�������LQF��,�±�3UD]R�SDUD�R�MXL]�GHVSDFKDU�±���GLDV $UW�������LQF��,,�±�3UD]R�SDUD�R�MXL]�GHFLGLU�±����GLDV $UW������±�3DUD�R�VHUYHQWXiULR�GD�-XVWLoD�±����YLQWH�H�TXDWUR��KRUDV��SDUD�FRQFOXVmR�GRV�DXWRV�H ���TXDUHQWD�H�RLWR��KRUDV�SDUD�H[HFXWDU�RV�DWRV�SURFHVVXDLV $UW������±�3DUD�RV�OLWLVFRQVRUWHV�FRP�DGYRJDGRV�GLVWLQWRV�UHFRUUHU��FRQWHVWDU�H�SDUD�IDODU�QRV�DXWRV ±�3UD]R�GREUDGR DUW������H�������&RPLQDomR�GH�SHQDOLGDGHV�DRV�6HUYHQWXiULRV�GD�-XVWLoD�HP�FDVR�GH�H[FHVVR�GH SUD]R�HVWDEHOHFLGRV�QR�&3& DUW������±�5HJUD�JHUDO�GH�SUD]R�SDUD�D�SDUWH�SUDWLFDU�R�DWR�SURFHVVXDO�� ,QH[LVWLQGR�SUD]R� OHJDO��D UHJUD�SUHYr�D�SRVVLELOLGDGH�GH�R�-XL]�IL[i�OR�±���GLDV $UW������±�3UD]R� GH� DQWHFHGrQFLD� PtQLPD�QRV� FDVRV� GH� LQWLPDo}HV� SDUD� FRPSDUHFLPHQWR� ±� �� KRUDV�DQWHV�GDTXHOH�IL[DGR�SDUD�R�DWR DUW������±�&RPLQDomR�GH�SHQDOLGDGH�DR�DGYRJDGR�HP�FDVR�GH�H[FHVVR�GH�SUD]R�SDUD�GHYROXomR GRV�DXWRV DUW������±�3RVVLELOLGDGH�GH�UHSUHVHQWDomR�FRQWUD�R�-XL]�TXH�H[FHGHU�RV�SUD]RV�SUHYLVWRV�HP�OHL DUW������±�3DUD�R�VHUYHQWXiULR�SURYLGHQFLDU�D�GHYROXomR�GD�FDUWD�SUHFDWyULD��URJDWyULD�RX�GH�RUGHP DR�MXt]R�RX�SDtV�GH�RULJHP�±����GLDV $UW����������±�3DUD�R�SHULWR�DSUHVHQWD�R�ODXGR�GH�VDQLGDGH�PHQWDO�GR�FLWDQGR�±���GLDV DUW�������������3UD]R�SDUD�D�SDUWH�DXWRUD�SURPRYHU�D�FLWDomR�GR�UpX�±����GLDV $UW�������LQF��,9�±�0i[LPR�H�PtQLPR�IL[DGR�SHOR�-XL]��TXDQGR�UHDOL]DGR�SRU�HGLWDO�±�HQWUH����H����GLDV DUW������H�SDUiJUDIR�~QLFR�±�,QtFLR�GD�FRQWDJHP�GR�SUD]R�GD�LQWLPDomR DUW�������LQFLVRV�,�D�9�±�,QtFLR�GD�FRQWDJHP�GR�SUD]R�DSyV�FLWDomR $UW������±�,QtFLR�GD�FRQWDJHP�GR�SUD]R�SDUD�LQWHUSRVLomR�GH�UHFXUVRV $UW������±�3DUD�R�DXWRU�SDJDU�DV�FXVWDV�LQLFLDLV�GH�GLVWULEXLomR��VRE�SHQD�GH�FDQFHODPHQWR�±����GLDV $UW�������FDSXW�±�3DUD�R�DXWRU�VH�PDQLIHVWDU�VREUH�D�LPSXJQDomR�DR�YDORU�GD�FDXVD�±���GLDV � 7Ë78/2�9,�±�'$�)250$d2��6863(162�(�(;7,1d2�'2�352&(662 $UW����������±�3DUD�D�SDUWH�FRQVWLWXLU�QRYR�SURFXUDGRU�HP�FDVR�GH�PRUWH�GR�DGYRJDGR�±����GLDV $UW����������H����±�3UD]RV�Pi[LPRV�GH�VXVSHQVmR�GR�SURFHVVR $UW�������LQF��,,,�±�([WLQomR�GR�SURFHVVR�TXDQGR�D�SDUWH�QmR�SURPRYHU�RV�DWRV�H�GLOLJrQFLDV�TXH�OKH FRPSHWLU�±����GLDV $UW����������±�([WLQomR�GR�SURFHVVR��VH�D�SDUWH�IRU� LQWLPDGD�D�VXSULU�D�IDOWD�GRV�DWRV�HOHQFDGRV QRV�LQFLVRV�,,�H�,,,�H�QmR�FXPSULU�±����KRUDV � 7Ë78/2�9,,�±�'2�352&(662�(�'2�352&(',0(172 $UW������±�3DUD�UHDOL]DomR�GD�DXGLrQFLD�FRQFLOLDWyULD��QR�SURFHGLPHQWR�VXPiULR�±����GLDV $UW������±�3DUD�R�UpX�DSUHVHQWDU�GHIHVD��QR�SURFHGLPHQWR�VXPiULR�±�(P�DXGLrQFLD $UW������±�3DUD�R�MXL]�SURIHULU�VHQWHQoD�HP�SURFHVVRV�GH�ULWR�VXPiULR�±����GLDV � 7Ë78/2�9,,,�±�'2�352&(',0(172�25',1È5,2 $UW������±�3UD]R�R�DXWRU�UHDOL]DU�R�DGLWDPHQWR�RX�HPHQGD�j�SHWLomR�LQLFLDO�±����GLDV DUW�� ����� FDSXW� ±� -Xt]R� GH� UHWUDWDomR� SHOR� PDJLVWUDGR�� HP� FDVR� GH� DSHODomR� HP� IDFH� GH LQGHIHULPHQWR�GD�SHWLomR�LQLFLDO�±����KRUDV $UW������±�3DUD�R�UpX�DSUHVHQWDU�UHVSRVWD�HVFULWD�SRU�PHLR�GH�FRQWHVWDomR��H[FHomR�H�UHFRQYHQomR ±����GLDV $UW������±�3DUD�RIHUHFHU�H[FHomR�GH�LQFRPSHWrQFLD��LPSHGLPHQWR�RX�VXVSHLomR�±����GLDV $UW������±�3DUD�R�H[FHSWR�IDODU�VREUH�D�H[FHomR�GH�LQFRPSHWrQFLD�±����GLDV $UW������±�3DUD�R�MXL]�GHFLGLU�LQFLGHQWH�GH�H[FHomR�GH�LQFRPSHWrQFLD��FDVR�QHFHVVLWH�DXGLrQFLD�SDUD RLWLYD�GH�WHVWHPXQKDV�±����GLDV $UW������±�3DUD�R�MXL]�UHVSRQGHU�HP�LQFLGHQWH�GH�H[FHomR�GH�LPSHGLPHQWR�RX�VXVSHLomR�±����GLDV $UW������±�3UD]R�SDUD�R�DXWRU�UHFRQYLQGR�FRQWHVWDU�QD�UHFRQYHQomR�±����GLDV DUW������±�0RPHQWR�SDUD�FRQWDJHP�GR�SUD]R�FRQWUD�R�UHYHO $UW������±�3UD]R�SDUD�R�MXL]�GHWHUPLQDU�DV�SURYLGrQFLDV�SUHOLPLQDUHV�±����GLDV $UW������±�3DUD�R�DXWRU�UHTXHUHU�DR�MXL]�TXH�SURILUD�VHQWHQoD�LQFLGHQWH�±����GLDV $UW������H�����±�3DUD�R�DXWRU�PDQLIHVWDU�VH�VREUH�D�GHIHVD�DSUHVHQWDGD�SHOR�UpX�±����GLDV DUW�������FDSXW�±�$XGLrQFLD�SUHOLPLQDU�±����GLDV $UW������±�3DUD�R�UHTXHULGR�UHVSRQGHU�D�SHGLGR�GH�H[LELomR�GH�GRFXPHQWR�RX�FRLVD�±���GLDV $UW������±�3DUD�R�WHUFHLUR�UHVSRQGHU�D�SHGLGR�GH�H[LELomR�GH�GRFXPHQWR�RX�FRLVD�±����GLDV $UW������±�3DUD�R�WHUFHLUR�H[LELU�GRFXPHQWR�RX�FRLVD�HP�MXt]R�±���GLDV $UW������±�3DUD�D�SDUWH�GL]HU�VH�DGPLWH�RX�QmR�D�DXWHQWLFLGDGH�GH�DVVLQDWXUD�±����GLDV $UW������±�3DUD�DUJXLomR�GH�LQFLGHQWH�GH�IDOVLGDGH�±����GLDV $UW������±�3DUD�TXH�D�SDUWH�TXH�SURGX]LX�R�GRFXPHQWR�RIHUHoD�UHVSRVWD�DR�LQFLGHQWH�GH�IDOVLGDGH ±����GLDV $UW������±�3DUD�D�SDUWH�DGYHUVD�IDODU�VREUH�D�MXQWDGD�GH�GRFXPHQWR�±���GLDV DUW����������±�([WUDLU�FHUWLG}HV�GH�SURFHVVR�DGPLQLVWUDWLYR�UHTXLVLWDGR�SHOR�MXL]�±����GLDV $UW������±�3DUD�DV�SDUWHV�DSUHVHQWDUHP� URO�GH� WHVWHPXQKDV�HP�FDUWyULR�±�$Wp����GLDV�DQWHV�GD DXGLrQFLD�GHVLJQDGD $UW�������FDSXW�±�3DUD�D�SDUWH�SDJDU�DV�GHVSHVDV�GH�WHVWHPXQKD�±���GLDV$UW����������±�3DUD�D�SDUWH�DSUHVHQWDU�TXHVLWRV�H�QRPHDU�DVVLVWHQWH�WpFQLFR�±���GLDV $UW�������FDSXW�±�3DUD�R�SHULWR�DSUHVHQWDU� R� ODXGR� HP� FDUWyULR� ±�3HOR�PHQRV� ��� KRUDV� DQWHV� GD DXGLrQFLD�GH�LQVWUXomR $UW��������~QLFR�±�3DUD�RV�DVVLVWHQWHV�WpFQLFRV�DSUHVHQWDUHP�VHXV�SDUHFHUHV�±����GLDV $UW��������~QLFR�±�3DUD�R�SHULWR�SUHVWDU�HVFODUHFLPHQWRV�HP�DXGLrQFLD�±�0tQLPR�GH���GLDV�DQWHV�GD UHDOL]DomR�GD�PHVPD $UW�������FDSXW�±�3DUD�R�DGYRJDGR�UHDOL]DU�VXVWHQWDomR�RUDO�HP�DXGLrQFLD�GH�LQVWUXomR�H�MXOJDPHQWR ±����PLQXWRV�SDUD�FDGD�SDWURQR��SURUURJiYHO�SRU�PDLV����PLQXWRV $UW������±�3UD]R�SDUD�R�MXL]�MXOJDU�R�SURFHVVR�±����GLDV��DSyV�R�GHEDWH�HP�DXGLrQFLD�GH�LQVWUXomR�H MXOJDPHQWR�RX�RIHUHFLPHQWR�GH�PHPRULDLV $UW�� ����%�� � �� ±� 3DUD� FXPSULU� GLOLJrQFLD� LQGLFDGD� SHOR� -XL]�� TXDQGR� D� HODERUDomR� GH� FiOFXORV GHSHQGDP�GH�GDGRV�HP�SRGHU�GR�GHYHGRU�RX�GH�WHUFHLURV�±����GLDV $UW������'���~QLFR�±�3DUD�D�SDUWH�IDODU�VREUH�R�ODXGR�GH�OLTXLGDomR�SRU�DUELWUDPHQWR�±����GLDV $UW�� ����-� ±�3UD]R� SDUD� TXH� R� GHYHGRU� SDJXH� D� FRQGHQDomR� HP� SHGLGR� GH� FXPSULPHQWR� GH VHQWHQoD�±����GLDV � 7Ë78/2�,;�±�'2�352&(662�126�75,%81$,6 $UW������±�3DUD�R�UpX�FRQWHVWDU�DomR�UHVFLVyULD�±�3UD]R�IL[DGR�SHOR�UHODWRU��QXQFD�LQIHULRU�D����GLDV QHP�VXSHULRU�D����GLDV $UW������±�3UD]R�FRPXP�SDUD�DV�SDUWHV�DSUHVHQWDUHP�UD]}HV�ILQDLV�HP�DomR�UHVFLVyULD�±����GLDV � 7Ë78/2�;�±�'26�5(&85626 $UW�������LQF��,�±�3DUD�R�UHFRUULGR�FRQWUD�DUUD]RDU�UHFXUVR�DGHVLYR�±�1R�SUD]R�TXH�D�SDUWH�GLVS}H SDUD�UHVSRQGHU DUW������±�3UD]RV�SDUD� UHFRUUHU�H� UHVSRQGHU�DRV� UHFXUVRV�GH�DSHODomR��HPEDUJRV� LQIULQJHQWHV� UHFXUVR�RUGLQiULR��UHFXUVR�HVSHFLDO��UHFXUVR�H[WUDRUGLQiULR�H�HPEDUJRV�GH�GLYHUJrQFLD�±����GLDV DUW������±�3DUD�R�HVFULYmR�RX�VHFUHWiULR�SURYLGHQFLDU�D�EDL[D�GRV�DXWRV�DR�MXt]R�GH�RULJHP�±���GLDV DUW������±�3DUD�LQWHUSRVLomR�GH�UHFXUVR�GH�DJUDYR�±����GLDV DUW������������2LWLYD�GR�DJUDYDGR�QR�DJUDYR�UHWLGR�±����GLDV $UW�� ���� ±�3UD]R�SDUD� R� DJUDYDQWH�DFRVWDU� DRV� DXWRV� SULQFLSDLV� FySLD� GR� UHFXUVR� GH� DJUDYR� GH LQVWUXPHQWR�H�GR�FRPSURYDQWH�GH�VXD�LQWHUSRVLomR�±���GLDV $UW�������LQF��9�±�3DUD�R�DJUDYDGR�UHVSRQGHU�DR�UHFXUVR�GH�DJUDYR�GH�LQVWUXPHQWR�±����GLDV $UW�������LQF��9,�±�3DUD�R�0LQLVWpULR�3~EOLFR�PDQLIHVWDU�VH�HP�UHFXUVR�GH�DJUDYR�GH�LQVWUXPHQWR��VH IRU�R�FDVR�±����GLDV DUW�� ���� ±� 3UD]R� SDUD� R� UHODWRU� GR� DJUDYR� GH� LQVWUXPHQWR� SHGLU� GDWD� SDUD� LQFOXt�OR� QD� SDXWD� GH MXOJDPHQWR�±����GLDV��DSyV�D�LQWLPDomR�GD�SDUWH�DJUDYDGD $UW������±�3DUD�D�LQWHUSRVLomR�GH�UHFXUVR�GH�DJUDYR�LQWHUQR�HP�GHFLVmR�SURIHULGD�HP�HPEDUJRV LQIULQJHQWHV�±���GLDV $UW������±�3DUD�R�MXL]�MXOJDU�RV�HPEDUJRV�GH�GHFODUDomR�±���GLDV $UW�� ���� ±� 3DUD� UHFRUUHU�� PHGLDQWH� LQWHUSRVLomR� GH� DJUDYR� UHJLPHQWDO� RX� DJUDYR� LQWHUQR�� GD GHFLVmR� TXH� QmR� DGPLWD� DJUDYR� GH� LQVWUXPHQWR�� QHJDU�OKH� SURYLPHQWR� RX� UHIRUPDU� R� DFyUGmR UHFRUULGR�±���GLDV $UW������������3UD]R�SDUD�H[DPH�GH�DGPLVVLELOLGDGH�GR� UHFXUVR�HVSHFLDO�RX�H[WUDRUGLQiULR�SHOR WULEXQDO�GH�RULJHP�±����GLDV $UW������±�3DUD�R�7ULEXQDO�MXOJDU�UHFXUVRV�HP�FDXVDV�GH�SURFHGLPHQWR�VXPiULR�±����GLDV $UW������±�3DUD�R�DGYRJDGR�UHDOL]DU�VXVWHQWDomR�RUDO�HP�UHFXUVRV�TXH�DVVLP�SHUPLWDP�±����PLQXWRV $UW�� ����� � �� ±� 3UD]R� SDUD� LQWHUSRU� DJUDYR� LQWHUQR� RX� UHJLPHQWDO� HP� FDVR� GH� VHU� QHJDGR VHJXLPHQWR�D�UHFXUVR�±���GLDV � /,952�,,�±�'2�352&(662�'(�(;(&8d2 7Ë78/2�,�±�'$�(;(&8d2�(0�*(5$/ $UW������±�3DUD�R�H[HFXWDGR��QDV�REULJDo}HV�DOWHUQDWLYDV��H[HUFHU�D�RSomR�GD�SUHVWDomR�±����GLDV� VH�RXWUR�QmR�OKH�LPSXVHU�D�OHL��R�FRQWUDWR�RX�D�VHQWHQoD � 7Ë78/2�,,�±�'$6�',9(56$6�(63e&,(6�'(�(;(&8d2 $UW������±�3DUD�TXH�R�FUHGRU�H[HTHQWH�HPHQGH�D�SHWLomR�LQLFLDO�GD�DomR�GH�H[HFXomR�±����GLDV $UW������±�3DUD�D�SDUWH�LPSXJQDU�QD�H[HFXomR�D�HVFROKD�IHLWD�SHOR�GHYHGRU�SDUD�HQWUHJD�GH�FRLVD LQFHUWD�±����KRUDV $UW������±�3UD]R�SDUD�R�H[HFXWDGR�RIHUHFHU�GH�HPEDUJRV�HP�DomR�GH�H[HFXomR�SDUD�HQWUHJD�GH FRLVD�FHUWD�±����GLDV $UW������±�3DUD�R�FUHGRU��HP�DomR�GH�H[HFXomR�GH�REULJDomR�GH�ID]HU�H�GH�QmR�ID]HU��UHTXHUHU�DR MXL]�DXWRUL]DomR�SDUD�FRQFOXLU�RX�UHSDUDU�D�H[HFXomR�LQFRPSOHWD�RX�GHIHLWXRVD�±����GLDV $UW��������~QLFR�±�3DUD�R�FUHGRU�H[HTHQWH�H[HUFHU�R�GLUHLWR�GH�SUHIHUrQFLD�HP�DomR�GH�H[HFXomR GH�REULJDomR�GH�ID]HU�RX�QmR�ID]HU�±���GLDV $UW�������FDSXW�±�3DUD�R�GHYHGRU�H[HFXWDGR�SDJDU�D�GtYLGD�HP�DomR�GH�H[HFXomR�SRU�TXDQWLD�FHUWD FRQWUD�GHYHGRU�VROYHQWH�±���GLDV $UW������±�3DUD�R�FUHGRU�UHTXHUHU�D�FLWDomR�SRU�HGLWDO�GR�H[HFXWDGR��HP�FDVR�GH�GH�DUUHVWR�±����GLDV $UW����������±�3DUD�R�FUHGRU�H[HTXHQWH�SHGLU�D�DOLHQDomR�MXGLFLDO�GH�GLUHLWR�SHQKRUDGR�±����GLDV $UW�� ���� ±�3DUD� TXH� R� GHYHGRU� H[HFXWDGR� GHSRVLWiULR� DSUHVHQWH� D� IRUPD� GH� DGPLQLVWUDomR� GH HVWDEHOHFLPHQWR�SHQKRUDGR�±����GLDV $UW������±�3DUD� R� DYDOLDGRU�DSUHVHQWDU� QRV� DXWRV� GD� DomR� GH� H[HFXomR� R� ODXGR� GH� DYDOLDomR� ± IL[DGR�SHOR�MXL] $UW�� ����� � ~QLFR� ±� 3DUD� RLWLYD� GR� FRQWUDWDQWH� VREUH� UHTXHULPHQWR� GR� FUHGRU� IHLWR� QD� DomR� GH H[HFXomR�GH�ID]HU�RX�QmR�ID]HU�±���GLDV $UW�� ���� ±� 3DUD� DIL[DomR� GH� HGLWDO� GHVWLQDGR� j� DOLHQDomR� MXGLFLDO� GH� EHQV� HP� KDVWD� S~EOLFD� ± $QWHFHGrQFLD�PtQLPD�GH���GLDV�DQWHV�GR�DWR $UW������±�3DUD�R�DUUHPDWDQWH�SDJDU�R�SUHoR�GR�EHP��PHGLDQWH�SUpYLD�FDXomR�±����GLDV $UW�����������LQF��,,,�±�3UD]R�SDUD�R�DUUHPDWDQWH�DQXODU�D�DUUHPDWDomR�±���GLDV $UW������±�,QWLPDomR�GD�DGMXGLFDomR�RX�DOLHQDomR�GR�EHP�H[HFXWDGR�DR�VHQKRULR�GLUHWR��DR�FUHGRU FRP�JDUDQWLD�KLSRWHFiULD�RX�FRP�SHQKRUD�DQWHULRUPHQWH�DYHUEDGD�±����GLDV�GH�DQWHFHGrQFLD $UW�������LQF��9�±�3DUD�R�OHLORHLUR�UHFHEHU�H�GHSRVLWDU�R�SURGXWR�GD�DOLHQDomR�±����KRUDV $UW�������LQF��9,�±�3DUD�R�OHLORHLUR�SUHVWDU�FRQWDV�VREUH�R�GHSyVLWR�±����KRUDV $UW������±��3DUD�D�)D]HQGD�3~EOLFD�DSUHVHQWDU�(PEDUJRV�j�([HFXomR�±����GLDV $UW�������FDSXW�±�3DUD�R�GHYHGRU�H[HFXWDGR�HP�DomR�GH�H[HFXomR�GH�DOLPHQWRV�SDJXH�D�GtYLGD UHFODPDGD�±���GLDV $UW����������±�3UD]R�Pi[LPR�SDUD�D�SULVmR�FLYLO�GR�GHYHGRU�GH�DOLPHQWRV�±�HQWUH���H���PHVHV � 7Ë78/2�,,,�±�'26�(0%$5*26�'2�'(9('25 $UW������±�3DUD�R�H[HFXWDGR�DMXL]DU�DomR�GH�HPEDUJRV�GR�GHYHGRU�RX�HPEDUJRV�j�H[HFXomR�±��� GLDV��DSyV�D�MXQWDGD�DRV�DXWRV�GR�PDQGDGR�GH�FLWDomR $UW������±�3UD]R�SDUD�R�H[HTHQWH�HPEDUJDGR�LPSXJQDU�RV�HPEDUJRV�j�H[HFXomR�±����GLDV $UW�������FDSXW�±�3DUD�R�H[HFXWDGR�RSRU�VH�PHGLDQWH�HPEDUJRV��IXQGDGRV�HP�QXOLGDGH�GD�H[HFXomR RX�SRU�PRWLYR�GH�H[WLQomR�GD�REULJDomR��HP�FDVRV�GH�DGMXGLFDomR��DOLHQDomR�RX�DUUHPDWDomR�±�� GLDV � 7Ë78/2�,9�±�'$�(;(&8d2�&2175$�'(9('25�,162/9(17( $UW������±�3DUD�R�GHYHGRU�H[HFXWDGR�RSRU�HPEDUJRV�DR�SHGLGR�GH�LQVROYrQFLD�FLYLO�±����GLDV $UW�������LQF��,,�±�'H�FRQYRFDomR�GRV�FUHGRUHV�QD�LQVROYrQFLD�FLYLO�±����GLDV��SRU�HGLWDO $UW�� ���� ±�3DUD� R� DGPLQLVWUDGRU� MXGLFLDO�DVVLQDU� WHUPR� GH� FRPSURPLVVR� HP� DomR� GH� H[HFXomR FRQWUD�GHYHGRU�LQVROYHQWH�±����KRUDV $UW������±�3UD]R�SDUD�TXH�RV�FUHGRUHV�HP�DomR�GH�LQVROYrQFLD�FLYLO�DOHJDUHP�VXDV�SUHIHUrQFLDV�±��� GLDV $UW������±�3DUD�RLWLYD�GRV� LQWHUHVVDGRV� VREUH�R�TXDGUR�JHUDO�GRV�FUHGRUHV�QD�H[HFXomR�FRQWUD GHYHGRU�LQVROYHQWH�±����GLDV $UW�� ���� ±�3DUD� RLWLYD� GRV� LQWHUHVVDGRV� VREUH� R� SHGLGR� GH� H[WLQomR� GDV� REULJDo}HV� IHLWR� SHOR GHYHGRU�QD�H[HFXomR�FRQWUD�GHYHGRU�LQVROYHQWH�±����GLDV $UW������±�3DUD�RLWLYD�GR�GHYHGRU�H[HFXWDGR� VREUH�D�H[WLQomR�GDV�REULJDo}HV��QD�H[HFXomR�GH GHYHGRU�LQVROYHQWH � /,952�,,,�±�'2�352&(662�&$87(/$5 7Ë78/2�Ò1,&2�±�'$6�0(','$6�&$87(/$5(6 $UW������±�3DUD�R�UpX�FRQWHVWDU�QR�SURFHVVR�FDXWHODU�±���GLDV $UW�������FDSXW�±�3DUD�R�MXL]�GHFLGLU�SURFHVVR�FDXWHODU�QmR�FRQWHVWDGR�±���GLDV $UW������±�3DUD�D�SDUWH�DXWRUD�SURSRU�D�DomR�SULQFLSDO��QR�FDVR�GH�REWHQomR�GH�PHGLGD�FDXWHODU�HP SURFHGLPHQWR�SUHSDUDWyULR�±����GLDV $UW������±�&HVVDomR�GD�HILFiFLD�GD�PHGLGD�FDXWHODU�±����GLDV��VH�QmR�IRU�H[HFXWDGD $UW�������LQF��,,�±�3DUD�R�DXWRU�FXPSULU�D�PHGLGD�OLPLQDU�FRQFHGLGD�±����GLDV$UW�������LQF��,,�±�3UD]R�SDUD�R�DXWRU�SURPRYHU�D�FLWDomR�GR�UpX��QR�FDVR�GH�GHIHULPHQWR�GH�PHGLGD FDXWHODU�±���GLDV DUW������±�3DUD�R�UpX�FRQWHVWDU�R�SHGLGR��DFHLWDU�RX�SUHVWDU�FDXomR�±���GLDV DUW������±�3DUD�R�LQWHUHVVDGR�PDQLIHVWDU�VH�HP�SURFHVVR�GH�MXVWLILFDomR�±����KRUDV DUW������±�(QWUHJD�GRV�DXWRV�DR�UHTXHUHQWH��DSyV�VHQWHQoD�QD�MXVWLILFDomR�±����KRUDV DUW��������~QLFR�±�2XYLU�R�LQWHUHVVDGR�HP�FDVR�GH�SURWHVWR�MXGLFLDO��FRQWUD�DOLHQDomR�GH�EHQV�±�� GLDV DUW������±�(QWUHJD�GRV�DXWRV�DR�UHTXHUHQWH��DSyV�LQWLPDomR�GR�SURWHVWR��QRWLILFDomR�RX�LQWHUSHODomR�± ���KRUDV DUW������±�3DUD�R�UpX�SDJDU�RX�DSUHVHQWDU�GHIHVD�QR�SHGLGR�GH�KRPRORJDomR�GH�SHQKRU� OHJDO�±��� KRUDV DUW������±�(QWUHJD�GRV�DXWRV�DR�UHTXHUHQWH��DSyV�KRPRORJDomR�GR�SHQKRU�OHJDO�±����KRUDV DUW������±�3DUD�R�UpX�DSUHVHQWDU�FRQWHVWDomR�QD�DomR�GH�DWHQWDGR�±���GLDV � /,952�,9,�±�'26�352&(',0(1726�(63(&,$,6 7Ë78/2�,�±�'26�352&(',0(1726�(63(&,$,6�&217(1&,2626 $UW����������±�3UD]R�SDUD�R�GHYHGRU�SURSRU�DomR�GH�FRQVLJQDomR�HP�SDJDPHQWR��FDVR�R�FUHGRU RIHUHoD�UHFXVD�SRU�HVFULWR�DR�HVWDEHOHFLPHQWR�EDQFiULR�RQGH�IRUD�IHLWR�R�GHSyVLWR�HP�GLQKHLUR�±��� GLDV $UW�� ���� ±� 3DUD� R� FUHGRU� HVFROKHU� R� REMHWR� GD� SUHVWDomR� HP� DomR� GH� FRQVLJQDomR� GH� FRLVD LQGHWHUPLQDGD�±���GLDV��VH�RXWUR�QmR�H[LVWLU�HP�OHL�RX�FRQWUDWR $UW������±�3UD]R�SDUD�R� UpX� FRQWHVWDU�DomR�GH�FRQVLJQDomR�HP�SDJDPHQWR�±�3UD]R�JHUDO�SDUD�R SURFHGLPHQWR�RUGLQiULR�SUHYLVWR�QR�&3&�GH����GLDV $UW�������FDSXW�±�3DUD�R�DXWRU�FRPSOHWDU�R�GHSyVLWR�HP�DomR�GH�FRQVLJQDomR�HP�SDJDPHQWR�±��� GLDV $UW�������FDSXW�±�3DUD�R�UpX�FRQWHVWDU�DomR�GH�GHSyVLWR�±���GLDV $UW�������FDSXW�±�3DUD�R�UpX�HQWUHJDU�D�FRLVD�GHSRVLWDGD�±����KRUDV $UW�� ���� ±�3DUD� R� UpX� DSUHVHQWDU� FRQWHVWDomR� HP� DomR� GH� DQXODomR� H� VXEVWLWXLomR� GH� WtWXOR� DR SRUWDGRU�±����GLDV $UW�������FDSXW�±�3DUD�R�UpX�DSUHVHQWDU�FRQWHVWDomR�HP�DomR�GH�SUHVWDomR�GH�FRQWDV�±���GLDV $UW����������±�3DUD�R�UpX�SUHVWDU�FRQWDV��GHSRLV�GH�FRQGHQDGR�QD�DomR�±����KRUDV $UW����������±�3DUD�DTXHOH�TXH�HVWLYHU�REULJDGR�D�SUHVWDU�FRQWDV�DFHLWDU�DTXHODV�LQGLFDGDV�SHOR DXWRU�GD�DomR�RX�FRQWHVWi�ODV�±���GLDV $UW������±�3UD]R�SDUD�TXH�VHMD�SUHVWDGD�FDXomR�QDV�Do}HV�SRVVHVVyULDV�±���GLDV $UW������±�3DUD�D�SDUWH�DXWRUD�SURPRYHU�D�FLWDomR�GR�UpX�QD�DomR�SRVVHVVyULD�±���GLDV $UW�� ���� ±�3DUD� R� WHUFHLUR� SUHMXGLFDGR� UHTXHUHU� HP� MXt]R� D� UDWLILFDomR� GR� SHGLGR� GH� HPEDUJR H[WUDMXGLFLDO�GH�REUD�QRYD�±���GLDV $UW������±�3DUD�R�UpX�FRQWHVWDU�DomR�GH�QXQFLDomR�GH�REUD�QRYD�±���GLDV $UW������±�3UD]R�SDUD�R�UpX�FRQWHVWDU�DomR�GH�GHPDUFDomR�±����GLDV $UW��������~QLFR�±�3DUD�DV�SDUWHV�IDODUHP�VREUH�R�ODXGR�GH�GHPDUFDomR�±����GLDV $UW������±�3DUD�R�UpX�FRQWHVWDU�DomR�GH�GLYLVmR�±����GLDV $UW��������~QLFR�±�3DUD�R�MXL]�MXOJDU�SHGLGR�GH�GLYLVmR�±����GLDV $UW�������FDSXW�±�3DUD�DV�SDUWHV�IDODUHP�VREUH�R�FiOFXOR�H�SODQR�GH�GLYLVmR�±����GLDV $UW������±�3UD]R�SDUD�DEHUWXUD�GR�SURFHVVR�GH�LQYHQWiULR�±����GLDV��D�FRQWDU�GR�IDOHFLPHQWR�GR DXWRU�GD�KHUDQoD $UW��������~QLFR�±�3DUD�R�LQYHQWDULDQWH�SUHVWDU�FRPSURPLVVR�±���GLDV $UW�������FDSXW�±�3UD]R�SDUD�R�LQYHQWDULDQWH�ID]HU�DV�SULPHLUDV�GHFODUDo}HV�±����GLDV��FRQWDGRV�GD GDWD�TXH�SUHVWRX�FRPSURPLVVR $UW�������FDSXW�±�3DUD�R�LQYHQWDULDQWH�IDODU�VREUH�R�SHGLGR�IHLWR�HP�LQFLGHQWH�SDUD�VXD�UHPRomR�±�� GLDV $UW����������±�$RV�LQWHUHVVDGRV�QR�LQYHQWiULR�±�HQWUH����H����GLDV $UW��������±�3DUD�DV�SDUWHV�GL]HUHP�VREUH�DV�SULPHLUDV�GHFODUDo}HV�HP�LQYHQWiULR�±����GLDV $UW��������±�3UD]R�SDUD�DV�SDUWHV�PDQLIHVWDUHP�VH�VREUH�SHGLGR�GH�DGPLVVmR�HP� LQYHQWiULR�±��� GLDV $UW��������±�3DUD�D�)D]HQGD�3~EOLFD�LPSXJQDU�R�YDORU�GRV�EHQV�HP�LQYHQWiULR�±����GLDV $UW��������±�3DUD�DV�SDUWHV�IDODUHP�VREUH�ODXGR�GH�DYDOLDomR�HP�LQYHQWiULR�±����GLDV $UW��������±�3DUD�DV�SDUWHV�PDQLIHVWDUHP�VH�VREUH�DV�~OWLPDV�GHFODUDo}HV�HP�LQYHQWiULR�±����GLDV $UW��������±�3UD]R�SDUD�R�KHUGHLUR�WUD]HU�EHP�j�FRODomR�±����GLDV $UW��������±�3DUD�DV�SDUWHV�PDQLIHVWDUHP�VH�VREUH�QHJDWLYD�GH�FRODomR�GH�EHQV�±���GLDV $UW��������±�3DUD�DV�SDUWHV�IRUPXODUHP�SHGLGR�GH�TXLQKmR�HP�LQYHQWiULR�±����GLDV $UW��������±�3DUD�DV�SDUWHV�IDODUHP�VREUH�R�HVERoR�GH�SDUWLOKD�QR�LQYHQWiULR�±���GLDV $UW���������LQF��,�±�&HVVDomR�GD�HILFiFLD�GD�PHGLGD�FDXWHODU�HP�LQYHQWiULR�±����GLDV $UW�� ������ ±� 3DUD� R� WHUFHLUR� RSRU� HPEDUJRV� ±� QR� SURFHVVR� GH� FRQKHFLPHQWR�� HQTXDQWR� QmR WUDQVLWDGD� HP� MXOJDGR� D� VHQWHQoD�� QR� SURFHVVR� GH� H[HFXomR�� DWp� �� GLDV� GHSRLV� GD� DUUHPDWDomR� DGMXGLFDomR�RX�UHPLomR��PDV�DQWHV�GD�DVVLQDWXUD�GD�FDUWD $UW��������±�3DUD�R�UpX�FRQWHVWDU�DomR�GH�HPEDUJRV�GH�WHUFHLUR�±����GLDV DUW��������±�3DUD�R�UpX�DSUHVHQWDU�FRQWHVWDomR�HP�SHGLGR�GH�KDELOLWDomR�GH�KHUGHLUR�±���GLDV DUW���������FDSXW�±�3DUD�R�UpX�FRQWHVWDU�HP�DomR�GH�UHVWDXUDomR�GH�DXWRV�±���GLDV $UW������������±�3DUD�R�UpX�FRQWHVWDU�DomR�IXQGDGD�HP�YHQGD�D�FUpGLWR�FRP�UHVHUYD�GH�GRPtQLR�±�� GLDV DUW�������F�±�3DUD�R�UpX�DSUHVHQWDU�HPEDUJRV�j�DomR�PRQLWyULD�±����GLDV � 7Ë78/2�,,�±�352&(',0(1726�(63(&,$,6�'(�-85,6',d2�92/817È5,$ $UW��������±�3DUD�DSUHVHQWDU�UHVSRVWD�HP�Do}HV�GH�SURFHGLPHQWR�GH� MXULVGLomR�YROXQWiULD�±��� GLDV $UW��������±�3DUD�R�MXL]�GHFLGLU�SURFHVVRV�GH�SURFHGLPHQWRV�HVSHFLDLV�GH�MXULVGLomR�YROXQWiULD�±��� GLDV $UW������������±�3DUD�R�0LQLVWpULR�3~EOLFR�PDQLIHVWDU�VH�VREUH�SHGLGR�GH�VHSDUDomR� MXGLFLDO�±�� GLDV $UW��������±�3DUD�R�WHVWDPHQWHLUR�DVVLQDU�R�WHUPR�GH�WHVWDPHQWiULD�±���GLDV $UW��������±�3DUD�PDQLIHVWDomR�GRV�LQWHUHVVDGRV�DFHUFD�GR�WHVWDPHQWR�SDUWLFXODU�±���GLDV $UW���������FDSXW�±�3UD]R�SDUD�KDELOLWDomR�HP�KHUDQoD�MDFHQWH�±���PHVHV ������±�3DUD�R�LQWHUGLWDQGR�LPSXJQDU�R�SHGLGR�GH�LQWHUGLomR�±���GLDV $UW��������±�,QWHUYDORV�HQWUH�DV�SXEOLFDo}HV�SRU�HGLWDO�GD�VHQWHQoD�GH�LQWHUGLomR�±����GLDV $UW���������FDSXW�±�3DUD�R�WXWRU�RX�FXUDGRU�SUHVWDU�FRPSURPLVVR�±���GLDV $UW���������FDSXW�±�3DUD�R�WXWRU�RX�FXUDGRU�UHTXHUHU�HVSHFLDOL]DomR�HP�KLSRWHFD�OHJDO�±����GLDV $UW���������FDSXW�±�3DUD�R�WXWRU�RX�FXUDGRU�H[LPLU�VH�GR�HQFDUJR�±���GLDV $UW��������±�3DUD�R�WXWRU�RX�FXUDGRU�FRQWHVWDU�SHGLGR�GH�UHPRomR�±���GLDV $UW��������±�3DUD�R�WXWRU�RX�FXUDGRU�UHTXHUHU�D�H[RQHUDomR�GR�HQFDUJR�±����GLDV $UW����������~QLFR�±�3DUD�D�PLQRULD�YHQFLGD�PDQLIHVWDU�VH�DFHUFD�GD�DOWHUDomR�GR�HVWDWXWR�±��� GLDV $UW���������FDSXW�±�3DUD�TXH�RV�LQWHUHVVDGRV�VH�PDQLIHVWHP�DFHUFD�GR�ODXGR�SDUD�HVSHFLDOL]DomR GH�KLSRWHFD�OHJDO�±���GLDV
Compartilhar