Baixe o app para aproveitar ainda mais
Prévia do material em texto
nYA̵ØkÌkÄÎØcAÌÄÌ«ÀYkÄÄÄÌkÎAÄÌÄkÎkÎÄ`Ì«kÄAkÎÄ`ÌÀAéN®ÌkÌÌY«ÀÎAkÎÌØA° «ÀÎAkÎ��UHVXOWDGR�GH�SURFHVVRV�PHQWDLV�LQWHUQRV��8PD�DPSOD�HVFDOD�GH�DWLYLGDGHV�� � $WLYLGDGHV�PRWRUDV � $WLYLGDGHV�FRJQLWLYDV � $WLYLGDGHV�HPRFLRQDLV ,PSRUWQFLD�GD�3VLFRORJLD�SDUD�R�(QIHUPHLUR� )DYRUHFH�FRPSUHHQVmR�GRV�FRPSRUWDPHQWRV�� 3HUPLWH�XP�ROKDU�DPSOR�� )DFLOLWD�R�DXWRFRQKHFLPHQWR�� $X[LOLD�R�SURILVVLRQDO�QR�HTXLOtEULR�HPRFLRQDO�� 3URSRUFLRQD�PDLRU�HQWHQGLPHQWR�VREUH�D�UHODomR�HQWUH�FRUSR��PHQWH�H�HVStULWR�� 'HVHQYROYLPHQWR�+LVW«ULFR� 6yFUDWHV� D�UD]mR�GLIHUHQFLDYD�R�KRPHP�GRV�GHPDLV�DQLPDLV�ͻ $ULVWyWHOHV� R�FRUSR�H�D�PHQWH�VH�LQWHJUDYDP�ͻ 3ODWmR� FRQFOXLX�TXH�R�OXJDU�GD�UD]mR�HUD�QD�FDEHoD��VHSDUDYD�R�FRUSR�GD�PHQWH��ͻ ,GDGH�0pGLD� SUHGRPLQkQFLD�GH�YDORUHV�UHOLJLRVRV�H�SRXFR�LQWHUHVVH�SHOR�HVWXGR�GRV�IHQ{PHQRV� QDWXUDLV�HQYROYHQGR�R�VHU�KXPDQR� ͻ 5HQH�'HVFDUWHV� 7HRULD�GR�'XDOLVPR�3VLFRItVLFR�ͻ � PDWHULDO � LPDWHULDO $Wp�PHDGRV�GR�VpF��;,;� 3VLFRORJLD�VH�FRQIXQGH�FRP�D�)LORVRILD�ͻ ����� :LOKHOP�:XQGW�� SULPHLUR�ODERUDWyULRͻ � (VWUXWXUDOLVPR 0RYLPHQWRV�(VFRODV�HP�3VLFRORJLD� (VWUXWXUDOLVPR��:LOKHOP�:XQGW�ͻ � EXVFDYD�HVWXGDU�DV�HVWUXWXUDV�GD�PHQWH� )XQFLRQDOLVPR��:OOLDP�-DPHV�ͻ � 2SRVLomR�DR�HVWUXWXUDOLVPR��3UHRFXSDomR�FRP�DV�IXQo}HV�GD�PHQWH�H�FRPR�HOD�RSHUD� %HKDYLRULVPR��-RKQ�:DWVRQ �DPHULFDQR�ͻ � QRYR�REMHWR�GH�HVWXGR�SDUD�3VLFRORJLD��R�FRPSRUWDPHQWR��EHKDYLRU�� � GHVFDUWRX�GRV�HVWXGRV�RV�IHQ{PHQRV�PHQWDLV��VHQVDo}HV��HWF� � IRQWH�GH�GDGRV��R�ID]HU�H�R�GL]HU�GDV�SHVVRDV� *HVWDOWLVPR��0D[�:HUWKHLPHU��:ROIJDQJ�.RKOHU��.XUW�.RIIND�H�.XUW�/HZLQ�ͻ � PRYLPHQWR�GH�RULJHP�DOHPm��PDV�TXH�VH�GHVHQYROYHX�QRV�(8$��1DVFHX�FRPR�RSRVLomR�jV� RXWUDV�FRUUHQWHV�SVLFROyJLFDV� � R�WRGR��D�HVWUXWXUD��D�RUJDQL]DomR� 3VLFDQiOLVH��6LJPXQG�)UHXG�ͻ � LQYHVWLJDYD�RULJHQV�PHQWDLV�GR�FRPSRUWDPHQWR� � GLYXOJRX�D�QRomR�GH�PRWLYDomR�LQVFRQVFLHQWH�SDUD�R�FRPSRUWDPHQWR� � HQIRFRX�D�LPSRUWkQFLD�GD�SULPHLUD�LQIkQFLD�QD�IRUPDomR�GD�SHUVRQDOLGDGH� +XPDQLVPR��$EUDKDP�0DVORZ��5ROOR�0D\��&DUO�5RJHUV�ͻ � HQIDWL]D�D�QHFHVVLGDGH�GH�HVWXGDU�R�KRPHP�H�LQGLYtGXRV�QRUPDLV�SVLFRORJLFDPHQWH��DR�LQYpV�GH� SHVVRDV�SHUWXEDGDV� &DPSRV�GH�$WXDR�GD�3VLFRORJLD� 3VLFRORJLD�*HUDOͻ 3VLFRORJLD�([SHULPHQWDOͻ 3VLFRORJLD�&OtQLFDͻ 3VLFRORJLD�+RVSLWDODUͻ 3VLFRORJLD�2UJDQL]DFLRQDOͻ 3VLFRORJLD�6RFLDO�H�&RPXQLWiULDͻ 3VLFRORJLD� 3VLFRORJLD�(VFRODUͻ 3VLFRORJLD�$SOLFDGDͻ 3VLFRPHWULDͻ 7HRULDV�GD�3VLFRORJLD� 1kÀAÌcAÌ�kÀAÀµØAÌcAÄÌ"kYkÄÄcAckÄ_ͻ 3LUkPLGH�GH�0DVORZ�� $EUDKDP�0DVORZ 2�VHU�KXPDQR�WHP�XPD�WHQGrQFLD�QDWXUDO�SDUD�D�UHDOL]DomR�SHVVRDO�� (VWD�UHDOL]DomR�p�DWLQJLGD�VH�DV�VXDV�QHFHVVLGDGHV�SULPiULDV�HVWLYHUHP�VDWLVIHLWDV� &DGD�SHVVRD�WHP�XP�FRQMXQWR�GH�QHFHVVLGDGHV�KLHUDUTXL]DGDV�H�D�VXD�SHUVRQDOLGDGH�UHIOHWLUi�DV� GLIHUHQWHV�IRUPDV�FRPR��DR�ORQJR�GD�VXD�YLGD��HOD�YDL�SURFXUDQGR�VDWLVID]HU�HVVDV�QHFHVVLGDGHV� � $V�QHFHVVLGDGHV�FRQVLGHUDGDV�GH�QtYHO�PDLV�EDL[R�GHYHP�VHU�VDWLVIHLWDV�DQWHV�GDV�QHFHVVLGDGHV� GH�QtYHO�PDLV�DOWR� � &DGD�LQGLYtGXR�WHP�GH�UHDOL]DU�XPD��HVFDODGD��KLHUiUTXLFD�GH�QHFHVVLGDGHV�SDUD�DWLQJLU�VXD�SOHQD� DXWR�UHDOL]DomR� � 1kÀAÌcAÌ�«ÀkcéAkÌ ÎßA/YA_ͻ %HKDYLRULVWD�� $OEHUW�%DQGXUD 2�VXMHLWR�p�DJHQWH�GR�SUySULR�GHVHQYROYLPHQWR�� $�QRVVD�SHUVRQDOLGDGH�UHVXOWD�GD�LQWHULRUL]DomR�GH�GLYHUVDV�DSUHQGL]DJHQV��SRGHQGR�VHU�GH�IRUPD� GLUHWD�RX�SRU�PRGHODomR� � 3DGU}HV�TXH�JHUDP�UHVXOWDGRV�SRVLWLYRV�VmR�UHIRUoDGRV�H�DTXHOHV�LQVDWLVIDWyULRV�VmR� HQIUDTXHFLGRV� � 3HUVSHFWLYD�GD�DJrQFLD�SDUD�R�DXWRGHVHQYROYLPHQWR��DGDSWDomR�H�PXGDQoD��6HU�DJHQWH�VLJQLILFD� LQIOXHQFLDU�R�SUySULR�IXQFLRQDPHQWR�H�DV�FLUFXQVWkQFLDV�GH�YLGD�GH�PRGR�LQWHQFLRQDO� � 1kÀAÌ�kkYAÌØÌ�ØAÄÎAÌckÌ.kÀÄ_ͻ &DUO�5RJHUV 4XDQGR�VH�YHULILFD�XPD�KDUPRQLD�HQWUH�R��HX��H�DV�H[SHULrQFLDV�GR�LQGLYtGXR��HVWH�VH�PDQWpP� FRQJUXHQWH��FRQGL]HQWH���3RUpP��VH�Ki�GLVFUHSkQFLD��R�LQGLYtGXR�ILFD�QXP�HVWDGR�GH�LQFRQJUXrQFLD� R�TXDO�RFDVLRQD�WHQVmR�H�GHVDMXVWH� � ,QIkQFLD�FRPR�XP�SHUtRGR�FUXFLDO�SDUD�R�GHVHQYROYLPHQWR�GD�SHUVRQDOLGDGH��HIHLWRV�GDV�SULPHLUDV� UHODo}HV�VRFLDLV� � (PERUD�FRQVLGHUDVVH�TXH�D�KHUHGLWDULHGDGH�H�R�DPELHQWH�PRGHODP�D�SHUVRQDOLGDGH��HOH�IRFDOL]DYD� RV�OLPLWHV�DXWR�LPSRVWRV� � 5RJHUV�GHILQLX�R�VHOI��DXWRFRQFHLWR��FRPR�XP�SDGUmR�RUJDQL]DGR�GH�SHUFHSo}HV��VHQWLPHQWRV�� YDORUHV�H�DWLWXGHV�TXH�R�LQGLYtGXR�DFUHGLWD�VHU�H[FOXVLYDPHQWH�VHX� � &RPR�R�DXWRFRQKHFLPHQWR�VH�GHVHQYROYH"� $VVLP�FRPR�DV�FULDQoDV�REVHUYDP�RV�RXWURV��HODV�VH�DXWRREVHUYDP��HODV�FRPHoDP�D�DWULEXLU� FHUWRV�WUDoRV�D�VL�SUySULRV� � /LJDP�YDORUHV�DRV�VHXV�WUDoRV�� $�PHGLGD�TXH�VH�DFXPXODP�H[SHULrQFLDV��DOJXQV�DVSHFWRV�GR�VHX�DQWLJR�DXWRFRQFHLWR�VmR� UHIRUoDGRV�HQTXDQWR�RXWURV�GHVDSDUHFHP��VmR�VXEVWLWXtGRV�� � 2��HX���VHOI��p�R�HOHPHQWR�FHQWUDO�GD�WHRULD�� 2�FRQFHLWR�GH��HX�LGHDO��WDPEpP�p�LPSRUWDQWH��VLJQLILFD�D�SHVVRD�WDO�FRPR�HOD�JRVWDULD�GH�VHU�� 2�DXWRFRQFHLWR�LQIOXHQFLD�D�PDQHLUD�SHOD�TXDO�DV�SHVVRDV�DJHP�� $V�Do}HV�DQXODP�RV�DXWRFRQFHLWRV�� ,QWHUHVVH�PDLRU��R�TXH�DV�SHVVRDV�GL]HP�VREUH�FRPR�VH�VHQWHP��SHQVDP�H�SHUFHEHP�� 1kÀAÌcÌ�kÄkßßkÎÌ,ÄYÄÄYA_ͻ (ULN�(ULNVRQ��SVLFDQDOLVWD� 2�FUHVFLPHQWR�SVLFROyJLFR�RFRUUH�DWUDYpV�GH�HVWiJLRV�H�IDVHV��QmR�RFRUUH�DR�DFDVR�H�GHSHQGH�GD� LQWHUDomR�GD�SHVVRD�FRP�R�PHLR�TXH�D�URGHLD� � 7UDoD�R�GHVHQYROYLPHQWR�GXUDQWH�WRGR�FLFOR�GH�YLGD�� � $�SHUVRQDOLGDGH�IRUPD�VH�j�PHGLGD�TXH�DV�SHVVRDV�SDVVDP�SHODV�VXDV�IDVHV�SVLFRVVRFLDLV���� HVWiJLRV�� � (P�FDGD�IDVH�Ki�XP�FRQIOLWR�D�HQIUHQWDU�H�UHVROYHU��GH�XPD�IRUPD�SRVLWLYD��VD~GH�PHQWDO��H� QHJDWLYD��GHVDMXVWDPHQWR�� 35,0(,52�(67È*,2��&RQILDQoD�H�GHVFRQILDQoD� 2FRUUH�GXUDQWH�R�SULPHLUR�DQR�GH�YLGD�� 2UDO�VHQVRULDO $�FULDQoD�DGTXLUH�RX�QmR�VHJXUDQoD�H�FRQILDQoD�HP�UHODomR�j�VL�SUySULR�H�HP�UHODomR�DR�PXQGR� TXH�D�URGHLD��DWUDYpV�GD�UHODomR�TXH�WHP�FRP�D�PmH� 9LUWXGH�VRFLDO�GHVHYROYLGD��HVSHUDQoD� 6(*81'2�(67È*,2��$XWRQRPLD�G~YLGD�H�YHUJRQKD� 2FRUUH�HQWUH�RV����PHVHV�H�RV���DQRV�� 0XVFXODU�DQDO e�FDUDFWHUL]DGR�SRU�XPD�FRQWUDGLomR�HQWUH�D�YRQWDGH�SUySULD��RV LPSXOVRV��H�DV QRUPDV H�UHJUDV� VRFLDLV�TXH�D�FULDQoD�WHP�TXH�FRPHoDU�D�LQWHJUDU� 9LUWXGH�VRFLDO�GHVHQYROYLGD��GHVHMR� 7(5&(,52�(67È*,2��,QLFLDWLYD�FXOSD� 2FRUUH�DSUR[LPDGDPHQWH�HQWUH�RV���H���DQRV�� /RFRPRWRU�IiOLFR e�D�IDVH�DQWHULRU�Vy�TXH�GH�IRUPD�PDLV�DPDGXUHFLGD��$�FULDQoD�Mi�SRGH�GLVWLQJXLU�R�TXH�SRGH�H�R� TXH�QmR�SRGH�ID]HU��7RPDU�LQLFLWDWLYDV�VHP�TXH�VH�DGTXLUD�R�VHQWLPHQWR�GH�FXOSD��&RQVFLrQFLD�GH� LQGLYLGXDOLGDGH���3UHRFXSDomR�FRP�D�DFHLWDELOLGDGH�GRV�VHXV�FRPSRUWDPHQWRV��GHVHQYROYH� FDSDFLGDGHV�PRWRUDV��GH�OLQJXDJHP��SHQVDPHQWR��LPDJLQDomR�H�FXULRVLGDGH��4XHVWmR�FKDYH��VHUHL� ERP�RX�PDX" 9LUWXGH�VRFLDO�GHVHQYROYLGD��SURSyVLWR� 48$572�(67È*,2��,QG~VWULD��SURGXWLYLGDGH��LQIHULRULGDGH� 2FRUUH�QD�LGDGH�HVFRODU��DQWHV�GD�DGROHVFrQFLD�������DQRV��� /DWrQFLD $�FULDQoD�SHUFHEH�VH�FRPR�SHVVRD�WUDEDOKDGRUD��FDSD]�GH�SURGX]LU��VHQWH�VH�FRPSHWHQWH�� 4XHVWmR�FKDYH��VHUHL�FRPSHWHQWH�RX�LQFRPSHWHQWH" 9LUWXGH�VRFLDO�GHVHQYROYLGD��FRPSHWrQFLD 48,172�(67È*,2��,GHQWLGDGH�FRQIXVmR�GH�LGHQWLGDGH� 0DUFD�R�SHUtRGR�GD�SXEHUGDGH�H�DGROHVFrQFLD��$GTXLUH�XPD�LGHQWLGDGH�SVLFRVVRFLDO��R� DGROHVFHQWH�SUHFLVD�HQWHQGHU�VHX�SDSHO�QR�PXQGR�H�WHP�D�FRQVFLrQFLD�GD�VXD�VLQJXODULGDGH�� 'LILFXOGDGH�HP�OLGDU�FRP�PXGDQoDV��4XHVWmR�FKDYH��4XHP�VRX�HX" 9LUWXGH�VRFLDO�GHVHQYROYLGD��ILGHOLGDGH�OHDOGDGH 6(;72�(67È*,2��,QWLPLGDGH�LVRODPHQWR� 2FRUUH�HQWUH�RV����H�RV����DQRV��$GXOWR�-RYHP� (VWDEHOHFLPHQWR�GH�UHODo}HV�tQWLPDV�GXUiYHLV�FRP�RXWUD�SHVVRD� 4XHVWmR�FKDYH��'HYHUHL�SDUWLOKDU�D�PLQKD�YLGD�RX�YLYHUHL�VR]LQKR" 9LUWXGH�VRFLDO�GHVHQYROYLGD��DPRU 6e7,02�(67È*,2��*HQHUDWLYLGDGH�HVWDJQDomR� 2FRUUH�HQWUH�RV����H����DQRV��$GXOWR� &DUDFWHUL]DGR�SHOD�QHFHVVLGDGH�GH�RULHQWDU�D�JHUDomR�VHJXLQWH��HP�LQYHVWLU�QD�VRFLHGDGH�HP�TXH� HVWi�LQVHULGR��)DVH�GH�DILUPDomR�SHVVRDO�QR�PXQGR�GR�WUDEDOKR�H�GD�IDPtOLD� 3UHRFXSDomR�FRP�DV�JHUDo}HV�IXWXUDV� 9LUWXGH�VRFLDO�GHVHQYROYLGD��FXLGDGR�GR�RXWUR� 2,7$92�(67È*,2��,QWHJULGDGH�GHVHVSHUR�2FRUUH�D�SDUWLU�GRV����DQRV��0DWXULGDGH� 3RVVtYHO�LQWHJUDomR�H�FRPSUHHQVmR�GR�SDVVDGR�YLYLGR��+RUD�GR�EDODQoR��GD�DYDOLDomR�GR�TXH�IH]� QD�YLGD� ,QWHJULGDGH��%DODQoR�SRVLWLYR�GR�VHX�SHUFXUVR�YLWDO�� 'HVHVSHUR��6HQWLPHQWR�QXWULGR�SRU�DTXHOHV�TXH�FRQVLGHUDP�D�VXD�YLGD�PDO�VXFHGLGD��SRXFR� SURGXWLYD� 4XHVWmR�FKDYH��9DOHX�D�SHQD�WHU�YLYLGR" 9LUWXGH�VRFLDO�GHVHQYROYLGD��VDEHGRULD� (ULN�(LNVRQ�FRQVLGHUD�DV�TXDWUR�SULPHLUDV�IDVHV�IUHXGLDQDV�SVLFRVVRFLDLV��RUDO��DQDO��IiOLFD�H�ODWrQFLD��H� DFUHVFHQWD�PDLV����FRPSOHWDQGR�R�FLOFR�GR�GHVHQYROYLPHQWR�KXPDQR� 7HRULD�3VLFDQDO¥WLFD�GH�)UHXG� 3URFXUD�GHVFUHYHU�D�HWLRORJLD�GRV�WUDQVWRUQRV�PHQWDLV��R�GHVHQYROYLPHQWR�GR�KRPHP�H�GH�VXD� SHUVRQDOLGDGH��DOpP�GH�H[SOLFDU�D�PRWLYDomR�KXPDQD� 2V�1¥YHLV�GH�&RQVFL¢QFLD�ͻ ÄYkÎk_Ì7RGRV�RV�IHQ{PHQRV�TXH�HP�GHWHUPLQDGR�PRPHQWR�SRGHP�VHU�SHUFHELGRV�GH� PDQHLUD�FRQVFLHQWH�SHOR�LQGLYtGXR��3DUWH�TXH�SHQVD� ,ÀmYÄYkÎk_Ì)HQ{PHQRV�TXH�QmR�HVWmR�QR�FRQVFLHQWH��PDV�SRGHP�WRUQDU�VH��VH�R�LQGLYtGXR� GHVHMDU�VH�RFXSDU�FRP�HOHV��6mR�DV�PHPyULDV�GH�IiFLO�DFHVVR� �YÄYkÎk_Ì)HQ{PHQRV�H�FRQWH~GRV�TXH�QmR�VmR�FRQVFLHQWHV�H�VRPHQWH�VRE�FLUFXQVWkQFLDV� PXLWR�HVSHFLDLV�SRGHP�WRUQDU�VH��2V�VRQKRV�VmR�YLVWRV�FRPR�H[SUHVVmR�VLPEyOLFD�GRV�FRQWH~GRV� LQFRQVFLHQWHV��5HVSRQViYHO�SHORV�VHQWLPHQWRV�GDV�SHVVRDV� (VWUXWXUDV�GD�3HUVRQDOLGDGH�ͻ ��_ � /tELGR� � )RQWH�GD�HQHUJLD�SVtTXLFD� � )RUPDGR�SHODV�SXOV}HV��LQVWLQWRV��LPSXOVRV�RUJkQLFRV�H�GHVHMRV�LQFRQVFLHQWHV� � )XQFLRQD�VHJXQGR�R�SULQFtSLR�GR�SUD]HU� � 1mR�ID]�SODQRV��QmR�HVSHUD��EXVFD�XPD�VROXomR�LPHGLDWD�SDUD�DV�WHQV}HV� � e�FRPSOHWDPHQWH�LQFRQVFLHQWH� �$_ � 6H�GHVHQYROYH�D�SDUWLU�GR�,'� � 3ULQFtSLR�GD�UHDOLGDGH� � ,QWURGX]�D�UD]mR��R�SODQHMDPHQWR�H�D�HVSHUD��DR�FRPSRUWDPHQWR�KXPDQR� � %XVFD�XPD�KDUPRQLD�HQWUH�R�,'�H�R�683(5(*2� /3, . �$_ � $�SDUWH�PRUDO�GD�PHQWH�KXPDQD��UHSUHVHQWD�RV�YDORUHV�GD�VRFLHGDGH� � 2EMHWLYRV�GR�VXSHUHJR� ���5HSULPLU�DWUDYpV�GD�SXQLomR�RX�VHQWLPHQWR�GH�FXOSD� ���)RUoDU�R�HJR�D�VH�FRPSRUWDU�GH�PDQHLUD�PRUDO� ���&RQGX]LU�R�LQGLYtGXR�j�SHUIHLomR��HP�JHVWRV��SHQVDPHQWRV�H�SDODYUDV� � 3HQVDPHQWR�GXDOLVWD��WXGR�RX�QDGD��FHUWR�RX�HUUDGR� 0HFDQLVPRV�GH�'HIHVD�GR�(*2��ͻ 2�HJR�HVWi�FRQVWDQWHPHQWH�VRE�WHQVmR��QDV�VXDV�WHQWDWLYDV�GH�KDUPRQL]DU�RV�LPSXOVRV�GR�,'�H�D� UHSUHVVmR�GR�683(5(*2��4XDQGR�HVVD�WHQVmR�VH�WRUQD�JUDQGH�GHPDLV��DPHDoD�D�HVWDELOLGDGH� GR�HJR��TXH�SRGH�ID]HU�XVR�GRV�VHXV�PHFDQLVPRV�GH�GHIHVD��6mR�HVWUDWpJLDV�GR�HJR�SDUD�GLPLQXLU� R�PHGR�DWUDYpV�GH�XPD�GHIRUPDomR�GD�UHDOLGDGH��GHVVD�IRUPD�R�HJR�H[FOXL�GD�FRQVFLrQFLD� FRQWH~GRV�LQGHVHMDGRV��2V�PHFDQLVPRV�GH�GHIHVD�VDWLVID]HP�RV�GHVHMRV�GR�,'�DSHQDV� SDUFLDOPHQWH��PDV�SDUD�HVWH��XPD�VDWLVIDomR�SDUFLDO�p�PHOKRU�GR�TXH�QHQKXPD� .k«ÀkÄÄN_ 6H�DIDVWDP�GD�FRQVFLrQFLD�FRQIOLWRV�H�IUXVWUDo}HV�GHPDVLDGDPHQWH�GRORURVRV�SDUD�VHUHP� H[SHULPHQWDGRV�RX�OHPEUDGRV��UHSULPLQGR�RV�H�UHFDOFDQGR�RV�SDUD�R�LQFRQVFLHQWH��H�DVVLP� HVTXHFLGRV� �ÀA[NÌ.kAÎßA_ ([WHUQDU�VHQWLPHQWRV�RSRVWRV�DRV�LPSXOVRV�YHUGDGHLURV��9RQWDGH�GH�ID]HU�RX�GL]HU�DOJR��PDV�ID]�R� RSRVWR� ,Àk[N_ $WULEXLU�D�RXWURV�DV�LGHLDV�H�WHQGrQFLDV�TXH�R�VXMHLWR�QmR�SRGH�DGPLWLU�FRPR�VXDV��3HUFHEHU�XP� SHQVDPHQWR�GHVDJUDGiYHO��VHQWLPHQWR�RX�TXDOLGDGH�FRPR�SHUWHQFHQWHV�D�RXWUD�SHVVRD��HP�YH]�GH� D�VL�PHVPR��D�ILP�GH�WHU�D�FDUJD�HPRFLRQDO�UHWLUDGD�GH�VL� .kÀkÄÄN_ &RQVLVWH�HP�D�SHVVRD�UHWRPDU�D�FRPSRUWDPHQWRV�LPDWXURV��FDUDFWHUtVWLFRV�GH�IDVH�GH� GHVHQYROYLPHQWR�TXH�D�SHVVRD�Mi�SDVVRX� �äA[N_ &RQJHODPHQWR�QR�GHVHQYROYLPHQWR��TXH�p�LPSHGLGR�GH�FRQWLQXDU��$�SHVVRD�QmR�SURJULGH�GH� PDQHLUD�QRUPDO��SDUDQGR�HP�XPD�IDVH�GH�GHVHQYROYLPHQWR� "kA[N_ 5HFXVD�GD�DFHLWDomR�GD�UHDOLGDGH�LQF{PRGD�DR�(*2� �kÄYAkÎ_Ì &RQVLVWH�QD�WUDVQIHUrQFLD�GH�XP�LPSXOVR�SDUD�RXWUR�DOYR�FRQVLGHUDGR�PHQRV�DPHDoDGRU� .AYAéA[N_ 3URFHVVR�SHOR�TXDO�D�SHVVRD�HODERUD�GHVFXOSDV�RX�UD]}HV�OyJLFDV�SDUD�WHQWDU�MXVWLILFDU� FRPSRUWDPHQWRV��SHQVDPHQWRV�RX�VHQWLPHQWRV�LQDFHLWiYHLV� «kÄA[N_ (QFREULU�XPD�IUDTXH]D�DWUDYpV�GD�DWULEXLomR�GH�rQIDVH�j�RXWUD�FDUDFWHUtVWLFD�PDLV�GHVHMDGD�RX� DFHLWD� �ÄAkÎ_ 6HSDUDU�XP�SHQVDPHQWR��UHFRUGDomR�RX�DIHWR�GH�RXWURV�DVVRFLDGRV�HP�GHWHUPLQDGR�HYHQWR�IDWR�� GH�PRGR�D�ID]HU�FRP�TXH�QHQKXPD�UHDomR�HPRFLRQDO�RFRUUD� �ØA[N_ %XVFD�FDQFHODU�RX�GHVID]HU�XPD�DomR�VHQWLPHQWR�LQGHVHMDGR�GH�IRUPD��VLPEyOLFD���DWUDYpV�GH� RXWUD� �ÎÀk[N_ 0HFDQLVPR�UHVSRQViYHO�SRU�LQWHJUDU�HOHPHQWRV�GH�RXWUR�LQGLYtGXR�D�HVWUXWXUD�GR�(*2� /ØOA[N_ 'LUHFLRQDU�D�HQHUJLD�GH�XP�LPSXOVR�SDUD�RXWUD�DWLYLGDGH�VRFLDOPHQWH�PDLV�DFHLWiYHO�RX�GHVHMiYHO� /Ø«ÀkÄÄN_ e�R�EORTXHLR�FRQVFLHQWH�H�YROXQWiULR�GH�VHQWLPHQWRV�H�SHQVDPHQWRV� �ckÎyYA[N_ $XPHQWDU�R�YDORU�GR�HJR�DDWUDYpV�GD�DTXLVLomR�GH�FDUDFWHUtVWLFDV�GH�XP�VXMHLWR�UHIHUrQFLD� �DGPLUDGR�� (VWDGRV�$OWHUDGRV�GH�&RQVFL¢QFLD�ͻ 6RQKR� 3URFHVVRV�SVtTXLFRV�YLWDLV��H[SHULrQFLDV�VXEMHWLYDV��FULDGRV�DWUDYpV�GD�UHODomR�GR�QRVVR� PXQGR�LQWHULRU�FRP�R�H[WHULRU��6mR�FRQVWUXo}HV�GD�QRVVD�SVLTXH�FRP�IXQomR�GH�UHJXODU�H�TXLOLEUDU� D�QRVVD�YLGD��e�XPD�IRUPD�GH�FRPXQLFDomR�FRP�R�QRVVR�LQFRQVFLHQWH� 0HGLWDomR��3UiWLFD�RQGH�R�LQGLYtGXR�XWLOL]D�WpFQLFDV�SDUD�IRFDU�VXD�PHQWH�QXP�REMHWR��SHQVDPHQWR� RX�DWLYLGDGH�HP�SDUWLFXODU��YLVDQGR�DOFDQoDU�XP�HVWDGR�GH�FODUH]D�PHQWDO�H�HPRFLRQDO� +LSQRVH��(VWDGR�GH�FRQVFLrQFLD�TXH�HQYROYH�DWHQomR�IRFDGD�H�FRQVFLrQFLD�SHULIpULFD�UHGX]LGD�� FDUDFWHUL]DGR�SRU�XPD�PDLRU�FDSDFLGDGH�GH�UHVSRVWD�j�VXJHVWmR��e�XP�HVWDGR�PHQWDO�RX�XP�WLSR� GH�FRPSRUWDPHQWR�YLVXDOPHQWH�LQGX]LGR�SRU�XP�SURFHGLPHQWR�FRQKHFLGR�FRPR�LQGXomR�KLSQyWLFD�� R�TXDO�p�FRPSRVWR�GH�XPD�VpULH�GH�LQVWUXo}HV�SUHOLPLQDUHV�H�VXJHVW}HV� 'URJDV�3VLFRDWLYDV��6XEVWkQFLD�TXtPLFD�TXH�DJH�SULQFLSDOPHQWH�QR�VLVWHPD�QHUYRVR�FHQWUDO�� RQGH�DOWHUD�D�IXQomR�FHUHEUDO�H�WHPSRUDULDPHQWH�PXGD�D�SHUFHSomR��R�KXPRU��R�FRPSRUWDPHQWR�H� D�FRQVFLrQFLD� $V�)DVHV�GR�'HVHQYROYLPHQWR�3VLFRVVH[XDO�ͻ )UHXG�GHVFUHYH�TXDWUR�IDVHV�GLVWLQWDV��SHODV�TXDLV�D�FULDQoD�SDVVD�HP�VHX�GHVHQYROYLPHQWR��&DGD� XPD�GHVVDV�IDVHV�p�GHILQLGD�SHOD�UHJLmR�GR�FRUSR�D�TXH�DV�SXOV}HV�VH�GLUHFLRQDP��(P�FDGD�IDVH� VXUJHP�QRYDV�QHFHVVLGDGHV�TXH�H[LJHP�VDWLVIDomR�� $�PDQHLUD�FRPR�HVVDV�QHFHVVLGDGHV�VmR�VDWLVIHLWDV�GHWHUPLQD�FRPR�D�FULDQoD�VH�UHODFLRQD�FRP� RXWUDV�SHVVRDV�H�TXDLV�VHQWLPHQWRV�HOD�WHP�SDUD�FRQVLJR�PHVPD� $�WUDQVLomR�GH�XPD�IDVH�SDUD�RXWUD�p�ELRORJLFDPHQWH�GHWHUPLQDGD��GH�WDO�IRUPD�TXH�XPD�IDVH�SRGH� LQLFLDU�VHP�TXH�RV�SURFHVVRV�GD�IDVH�DQWHULRU�WHQKDP�VH�FRPSOHWDGR� �AÄkÌ$ÀA_ 'R�QDVFLPHQWR�DWp�DSUR[LPDGDPHQWH���DQRV�GH�YLGD� � 3UD]HU�H�GRU�DWUDYpV�GD�VDWLVIDomR��RX�IUXVWUDomR��GH�SXOV}HV�RUDLV��SHOD�ERFD�� � 6XJDU��PDVWLJDU��FRPHU��PRUGHU��FXVSLU��HWF��WHP�XPD�IXQomR�OLJDGD�DR�SUD]HU��DOpP�GH�VHUYLUHP� j�DOLPHQWDomR� � $�IDVH�RUDO�VH�GLYLGH�HP�GXDV�IDVHV�PHQRUHV��GHILQLGDV�SHOR�QDVFLPHQWR�GRV�GHQWHV��3DVVLYD� UHFHSWLYD��TXH�VH�Gi�DQWHV�GR�QDVFLPHQWR�GRV�GHQWHV�H�6iGLFD�DWLYD��GHSRLV�GR�QDVFLPHQWR�GRV� GHQWHV� �AÄkÌ�A_Ì9DL�GR���DR���DQR�GH�YLGD� � $�VDWLVIDomR�GDV�SXOV}HV�VH�GLULJH�DR�kQXV��DR�FRQWUROH�GD�WHQVmR�LQWHVWLQDO� �AÄkÌ�BYA_ 'RV���DRV���DQRV�GH�YLGD� � 3UD]HU�H�GHVSUD]HU�FHQWUDGRV�QD�UHJLmR�JHQLWDO� � 6H�FDUDFWHUL]D�SHOD�LPSRUWkQFLD�GD�SUHVHQoD��QDV�PHQLQDV��D�DXVrQFLD��GR�IDOR�RX�SrQLV� � $V�GLILFXOGDGHV�GHVVD�IDVH�HVWmR�OLJDGDV�DR�GLUHFLRQDPHQWR�GD�SXOVmR�VH[XDO�RX�OLELGLQRVD�DR� JHQLWRU�GR�VH[R�RSRVWR�H�DRV�SUREOHPDV�UHVXOWDQWHV� � &RPSOH[R�GH�eGLSR�&RPSOH[R�GH�(OHFWUD� ,kÀcÌckÌ�AÎnYA_Ì'HSRLV�GRV�SULPHLURV�DQRV�GH�YLGD�DWp�D�SXEHUGDGH� � $�OtELGR�p�GHVLQYHVWLGD�GDV�IDQWDVLDV�H�GD�VH[XDOLGDGH��WRUQDQGR�DV�VHFXQGiULDV��PDV� UHLQYHVWLGDV�HP�RXWURV�PHLRV�FRPR�R�GHVHQYROYLPHQWR�FRJQLWLYR��DSUHQGL]DGR��D�DVVLPLODomR�GH� YDORUHV�H�QRUPDV�VRFLDLV��FRQWLQXDQGR�R�GHVHQYROYLPHQWR�GR�HJR�H�GR�VXSHUHJR� �AÄkÌ�kÎA_Ì'XUDQWH�D�DGROHVFrQFLD��ÒOWLPD�IDVH�GR�GHVHQYROYLPHQWR�SVLFRVVH[XDO� � $V�SXOV}HV�VH[XDLV�GHVSHUWDP�QRYDPHQWH��GLULJLQGR�VH�D�XPD�SHVVRD�GR�VH[R�RSRVWR� 7UDQVWRUQRV�0HQWDLV�ͻ 'LVWXUELR��'HILFLrQFLD�SVLFROyJLFD�FRP�UHSHUFXVVmR�QD�iUHD�HPRFLRQDO�H�LQWHUSHVVRDO� &ODVVLILFDP�VH�RV�GLVWXUELRV�PHQWDLV�HP���JUDQGHV�WLSRV�EiVLFRV�,ÀkÀÌΫ_Ì1(8526(6� � ([LVWrQFLD�GH�WHQVmR�H[FHVVLYD�H�SURORQJDGD��GH�FRQIOLWR�SHUVLVWHQWH�RX�GH�XPD�QHFHVVLGDGH� SURORQJDGDPHQWH�IUXVWUDGD� � $�QHXURVH�GHWHUPLQD�XPD�PRGLILFDomR��PDV�QmR�XPD�GHVHVWUXWXUDomR�GD�SHUVRQDOLGDGH�H�PXLWR� PHQRV�GH�SHUGD�GH�YDORUHV�GD�UHDOLGDGH� � &RVWXPD�VH�FDWDORJDU�RV�VLQWRPDV�QHXUyWLFRV�HP�FHUWDV�FDWHJRULDV� ���+LVWHULD� 4XDQGR�XP�FRQIOLWR�SVtTXLFR�HQFRQWUD�VDtGD�DWUDYpV�GH�FRQYHUV}HV� $�LGHLD�FRQIOLWLYD�FRP�R�HJR�p�FRQYHUWLGD�H�VLQWRPDV�ItVLFRV�FRPR�FHJXHLUD��PXWLVPR� SDUDOLVLDV��HWF���TXH�QmR�WHP�RULJHQV�RUJkQLFDV� ���$QVLHGDGH��DQJ~VWLD�� $�SHVVRD�p�WRPDGD�SRU�VHQWLPHQWR�JHQHUDOL]DGR�H�SHUVLVWHQWH�GH�LQWHQVD�DQJ~VWLD VHP�FDXVD�REMHWLYD� $OJXQV�VLQWRPDV�VmR��SDOSLWDo}HV��WUHPRUHV��IDOWD�GH�DU��VXRU��QiXVHDV��([DJHUDGD�H DQVLRVD�SUHRFXSDomR�SRU�VL�PHVPR� ���)RELDV� 5HVSRVWDV�DR�PHGR�H�DQVLHGDGH� 6H�DSUHVHQWD�HQYROWD�HP�PXLWD�WHQVmR��SUHRFXSDomR��H[FLWDomR�H�GHVRUJDQL]DomR�GR FRPSRUWDPHQWR� *HUDOPHQWH�YHULILFD�VH�D�DVVRFLDomR�GR�PHGR�D�FHUWRV�REMHWRV��DQLPDLV�RX�VLWXDo}HV� ���2EVVHVVLYD�&RPSXOVLYD� 2EVHVVmR p�XP�WHUPR�TXH�VH�UHIHUH�D�LGHLDV�TXH�VH�LPS}HV�UHSHWLGDPHQWH�j FRQVFLrQFLD��6mR�GLILFLOPHQWH�FRQWUROiYHLV� &RPSXOVmR VH�UHIHUH�j�LPSXOVRV�TXH�OHYDP�j�DomR� 'HVRUGHP�SVLFROyJLFD�FKDPDGD�WUDQVWRUQR�REVVHVVLYR�FRPSXOVLYR� /kØcÌΫ_Ì36,&26(6� � 2�SVLFyWLFR�SRGH�HQFRQWUDU�VH�RUD�HP�HVWDGR�GH�GHSUHVVmR��RUD�HP�HVWDGR�GH�H[WUHPD�HXIyULD�H� DJLWDomR��(P�GDGR�PRPHQWR�DJH�GH�XP�PRGR�H�HP�RXWUR�VH�FRPSRUWD�GH�PDQHLUD�WRWDOPHQWH� GLIHUHQWH� � 'HVHVWUXWXUDomR�GD�SHUVRQDOLGDGH� � 'DGR�FOtQLFR��$OWHUDomR�GRV�MXt]RV�GD�UHDOLGDGH�� 2�SVLFyWLFR�SHUFHEH�D�UHDOLGDGH�GH�PDQHLUD� GLIHUHQWH��PDV�HP�VXD�SHUFHSomR�p�D�PDQHLUD�UHDO� � $OXFLQDo}HV��GHOtULRV� � $V�SVLFRVHV�VH�PDQLIHVWDP�FRPR� ���(VTXL]RIUHQLD� $SDWLD�HPRFLRQDO��FDUrQFLD�GH�DPELo}HV��GHVRUJDQL]DomR�JHUDO�GD�SHUVRQDOLGDGH�� SHUGD�GH�LQWHUHVVH�SHOD�YLGD�QDV�UHDOL]Do}HV�SHVVRDLV�H�VRFLDLV��3HQVDPHQWR GHVRUJDQL]DGR��DIHWR�VXSHUILFLDO�H�LQDSURSULDGR��5LVR�LQVyOLWR��ERELFH��LQIDQWLOLGDGH� KLSRFRQGULD��GHOtULR�H�DOXFLQDo}HV�WUDQVLWyULDV� ���0DQtDFD�'HSUHVVLYD� 3HUWXUEDo}HV�SVtTXLFDV�GXUDGRXUDV�H�LQWHQVDV��GHFRUUHQWHV�GH�XPD�SHUGD�RX�GH VLWXDo}HV�H[WHUQDV�WUDXPiWLFDV��3RGH�VHU�OHYH�RX�DJXGD��&RPSRUWDPHQWR H[DFHUEDGR��KLSHUVVH[XDOLGDGH� 2V�PDQtDFRV VmR�FKHLRV�GH�HQHUJLD��LQTXLHWRV��EDUXOKHQWRV��IDODP�DOWR�H�WHP�LGHLDV EL]DUUDV�� 2�HVWDGR�GHSUHVVLYR FDUDFWHUL]D�VH�SRU�LQDWLYLGDGH�H�GHVDOHQWR��$SDWLD��SHVDU� WULVWH]D��GHVkQLPR��FULVHV�GH�FKRUR��SHUGD�GH�LQWHUHVVH� ���3DUDQRLD� ,OXV}HV�IL[DV��e�XP�VLVWHPD�GHOLUDQWH��'HVFRQILDGR��DJUHVVLYR��HJRFrQWULFR�H GHVWUXLGRU��,QFDSD]�GH�VROLFLWDU�FDULQKR� ���3VLFRVH�$OFRyOLFD� 9LROHQWD�LQWUDQTXLOLGDGH��DOXFLQDo}HV�GH�QDWXUH]D�DWHUUDGRUD� /kØcÌΫ_Ì36,&23$7$6� � )DOKD�QD�FRQVWUXomR�GD�SHUVRQDOLGDGH� � 'LPLQXLomR�RX�DXVrQFLD�GD�FRQVFLrQFLD�PRUDO��683(5(*2���R�FHUWR�H�R�HUUDGR� � 'LVVLPXODU��VLPXODU��HQJDQDU��URXEDU��PDWDU��DVVDOWDU��HVVDV�FRLVDV�QmR�FDXVDP�VHQWLPHQWR�GH� UHSXOVD� � $XVrQFLD�GH�HPSDWLD� � ,QH[LVWrQFLD�GH�DOXFLQDo}HV� � $XVrQFLD�GH�PDQLIHVWDo}HV�QHXUyWLFDV� � )DOWD�GH�FRQILDQoD� BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Compartilhar