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0HWDV1DFLRQDLVGR3RGHU-XGLFLiULR

*ORVViULRH(VFODUHFLPHQWRV±767H757V

9HUVmR±0DUoR

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0HWDGH±(VWLPXODUD&RQFLOLDomR

$XPHQWDURtQGLFHGHFRQFLOLDomRHPSRQWRSHUFHQWXDOHPUHODomRjPpGLD

GRELrQLRRXDOFDQoDUQRPtQLPRGHFRQFLOLDomR

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&ULWpULRGH&XPSULPHQWR

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$PHWDHVWDUiFXPSULGDTXDQGRRJUDXGHFXPSULPHQWRIRULJXDORXVXSHULRUD

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)yUPXODGHFiOFXOR

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x 3HUFHQWXDOGHFXPSULPHQWR ቀ

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ூ஼௔ା଴ǡ଴଴ହ

ቁ כ ͳͲͲ

x 6Hቀ

ூ஼

ூ஼௔ା଴ǡ଴଴ହ

ቁ כ ͳͲͲ ൏ ͳͲͲΨHܫܥ ൒ ͵ͺΨSHUFHQWXDOGHFXPSULPHQWRGDPHWD 

2QGH

x ,& ËQGLFHGH&RQFLOLDomRGH

x ,&D ËQGLFHGH&RQFLOLDomRGRELrQLR

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2QGH,& FRQFVHQWQF

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&ODVVHV

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3DUD D 0HWD  DV FODVVHV  $OYDUi -XGLFLDO  /HL    +DEHDV 'DWD &tYHO 

+DEHDV &RUSXV &tYHO  0DQGDGR GH 6HJXUDQoD &tYHO  0DQGDGR GH 6HJXUDQoD

&ROHWLYR3URGXomR$QWHFLSDGDGD3URYD1RWLILFDomR,QWHUSHODomRH

3URWHVWRQmRVmRFRQVLGHUDGDVSDUDRFiOFXORGR,&

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'LFLRQiULR

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ZĞŐƌĂŐĞƌĂů͗ƉĂƌĂƚŽĚŽƐŽƐŝŶĚŝĐĂĚŽƌĞƐ;ĞǆĐĞƚŽĚĞĐŝƐƁĞƐ͕ůŝŵŝŶĂƌĞƐ͕ĂƵĚŝġŶĐŝĂƐĞĚĞƐƉĂĐŚŽͿĚĞǀĞƉĞŐĂƌŽƐĚĂĚŽƐ͗

ĐŽŶŚĞĐŝŵĞŶƚŽͲŝĚͺĨĂƐĞƉƌŽĐĞƐƐƵĂůϭĞŝĚͺƚŝƉŽͺƉƌŽĐĞĚŝŵĞŶƚŽϭ͕ϱŽƵϳ

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ŽŶŚĞĐŝŵĞŶƚŽ͗WƌŽĐĞƐƐŽƐƋƵĞƐĞũĂŵĚĂŝĚͺĨĂƐĞƉƌŽĐĞƐƐƵĂůϭ;ĐŽŶŚĞĐŝŵĞŶƚŽͿĞŝĚͺƚŝƉŽͺƉƌŽĐĞĚŝŵĞŶƚŽϭ;ĐŽŶŚĞĐŝŵĞŶƚŽͿ^ĆŽŽƐƉƌŽĐĞƐƐŽƐĚĂƐĐůĂƐƐĞƐůŝƐƚĂĚĂƐŶŽŐƌƵƉŽĚĞƉƌŽĐĞĚŝŵĞŶƚŽ

ŽŶŚĞĐŝŵĞŶƚŽŶŽĂŶĞǆŽĚĂƉĂƌĂŵĞƚƌŝǌĂĕĆŽĚĞĐůĂƐƐĞƐ͘ůĠŵĚŝƐƐŽ͕ŽƐƉƌŽĐĞƐƐŽƐĚŽŝĚͺƚŝƉŽͺƉƌŽĐĞĚŝŵĞŶƚŽϱ;ƉƌŽĐĞĚŝŵĞŶƚŽŝŶǀĞƐƚŝŐĂƚſƌŝŽͿĞŝĚͺƚŝƉŽͺƉƌŽĐĞĚŝŵĞŶƚŽϳ;ŽƵƚƌŽƐͿƋƵĞ

ƌĞĐĞďĞƌĞŵĂƐŝƚƵĂĕĆŽĞŶƷŶĐŝĂͬƋƵĞŝǆĂƌĞĐĞďŝĚĂ;ϵͿƚĂŵďĠŵƐĞƌĆŽĐŽŶƐŝĚĞƌĂĚŽƐƉƌŽĐĞƐƐŽƐĚĞĐŽŶŚĞĐŝŵĞŶƚŽ͘

sĂƌŝĄǀĞů

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EŽŵĞ ^ŝƚƵĂĕĆŽ EŽŵĞĚĂƐŝƚƵĂĕĆŽ ĞƐĐƌŝĕĆŽĚŽƐŝŶĚŝĐĂĚŽƌĞƐ

ĐŽŶĐ

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ŽŶĐŝůŝĂĕƁĞƐDĞƚĂϯ

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Ϯϵ

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:ƵůŐĂŵĞŶƚŽŚŽŵŽůŽŐĂƚſƌŝŽƉƌŽĨĞƌŝĚŽ;ϮϵͿ

ƐŽŵĂĚĞƉƌŽĐĞƐƐŽƐĚĂ

ƐŝƚƵĂĕĆŽ:ƵůŐĂŵĞŶƚŽŚŽŵŽůŽŐĂƚſƌŝŽƉƌŽĨĞƌŝĚŽ;ϮϵͿ͘

ƐĞŶƚŶĐ

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^ĞŶƚĞŶĕĂƐ ŶĆŽ ĐƌŝŵŝŶĂŝƐ

DĞƚĂϯ

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dŽĚĂƐĂƐ

ƐŝƚƵĂĕƁĞƐ

ĐŽŶƚŝĚĂƐŶĂƐ

ŚŝĞƌĂƌƋƵŝĂƐĚĂƐ

ƐŝƚƵĂĕƁĞƐϲϮ͕

Ϯϳ͕Ϯϴ͕Ϯ͕ϭϬ͕

Ϯϯ͕ϰϭĞϭϰϬ͘

:ƵůŐĂŵĞŶƚŽ;ϲϮͿ͕

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:ƵůŐĂŵĞŶƚŽ ĐŽŵƌĞƐŽůƵĕĆŽ ĚĞŵĠƌŝƚŽ;ϮϳͿ͕

ĞĐƌĞƚĂĚĂ Ă ĨĂůġŶĐŝĂ ;ϭϴͿ͕

:ƵůŐĂŵĞŶƚŽ ŚŽŵŽůŽŐĂƚſƌŝŽ ƉƌŽĨĞƌŝĚŽ ;ϮϵͿ͕

ŽŶĐĞĚŝĚĂ Ă ƌĞĐƵƉĞƌĂĕĆŽ ũƵĚŝĐŝĂů ;ϵϬͿ

dƌĂŶƐĂĕĆŽ ƉĞŶĂů ĐƵŵƉƌŝĚĂ ;ϭϮϵͿ͕

:ƵůŐĂŵĞŶƚŽ ƐĞŵ ƌĞƐŽůƵĕĆŽ ĚĞ ŵĠƌŝƚŽ ;ϮϴͿ͕

WƌŽŶƵŶĐŝĂĚŽ ;ϳϮͿ͕

ƌƋƵŝǀĂĚŽ ĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞ ;ϮͿ͕

ĂŝǆĂĚŽ ĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞ ;ϭϬͿ͕

/ƐƚƌŝďƵŝĕĆŽ ĐĂŶĐĞůĂĚĂ ;ϮϯͿ͕

ZĞŵĞƚŝĚŽ ;ϰϭͿ͕

WĞŶĚĞŶƚĞ ;ϴϴͿ͕

ǆĞĐƵĕĆŽ ŶĆŽ ĐƌŝŵŝŶĂů ;ϮϲͿ͕

&ĂƐĞ ƉƌŽĐĞƐƐƵĂů ŝŶŝĐŝĂĚĂ ;ϲϱͿ͕

>ŝƋƵŝĚĂĕĆŽ /ŶŝĐŝĂĚĂ ;ϵϭͿ Ğ

WƌŽĐĞĚŝŵĞŶƚŽ ŝŶĐŝĚĞŶƚĂů ŽƵ ĐĂƵƚĞůĂƌ

ƌĞƐŽůǀŝĚŽ;ϭϰϬͿ͘

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 ƐŽŵĂ ĚĞ ƉƌŽĐĞƐƐŽƐ ĚĂ ĨĂƐĞ ĚĞ ĐŽŶŚĞĐŝŵĞŶƚŽ ĚĂƐ ƐŝƚƵĂĕƁĞƐ ĐŽŶƚŝĚĂƐ ŶĂƐ

ŚŝĞƌĂƌƋƵŝĂƐĚĂƐƐŝƚƵĂĕƁĞƐ͗:ƵůŐĂŵĞŶƚŽĐŽŵƌĞƐŽůƵĕĆŽĚĞŵĠƌŝƚŽ;ϲϮͿ͕:ƵůŐĂŵĞŶƚŽ

ƐĞŵ ƌĞƐŽůƵĕĆŽ ĚĞ ŵĠƌŝƚŽ ;ϮϳͿ͕ :ƵůŐĂŵĞŶƚŽ ƐĞŵ ĞƐƉĞĐŝĨŝĐĂĕĆŽ ;ϮϴͿ͕ ƌƋƵŝǀĂĚŽ

ĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞ ;ϮͿ͕ ĂŝǆĂĚŽ ĚĞĨŝŶŝƚŝǀĂŵĞŶƚĞ ;ϭϬͿ͕ ŝƐƚƌŝďƵŝĕĆŽ ĐĂŶĐĞůĂĚĂ ;ϮϯͿ͕

ZĞŵĞƚŝĚŽ;ϰϭͿŽƵWƌŽĐĞĚŝŵĞŶƚŽŝŶĐŝĚĞŶƚĂůŽƵĐĂƵƚĞůĂƌƌĞƐŽůǀŝĚŽ;ϭϰϬͿĂďĞƌƚĂƐŶŽ

ŵġƐ ĚĞ ƌĞĨĞƌġŶĐŝĂ͕ ŵĂŝƐ Ă ƐŽŵĂ ĚŽƐ ƉƌŽĐĞƐƐŽƐ ĐŽŵ Ă ƐŝƚƵĂĕĆŽ WĞŶĚĞŶƚĞ ;ϴϴͿ

ĨŝŶĂůŝǌĂĚĂ ƉĞůĂƐ ƐŝƚƵĂĕƁĞƐ ǆĞĐƵĕĆŽ ŶĆŽ ĐƌŝŵŝŶĂů ;ϮϲͿ͕ >ŝƋƵŝĚĂĕĆŽ /ŶŝĐŝĂĚĂ ;ϵϭͿĞ

&ĂƐĞ ƉƌŽĐĞƐƐƵĂů ŝŶŝĐŝĂĚĂ ;ϲϱͿ͕ Ž ƋƵĞ ŽĐŽƌƌĞƌ ƉƌŝŵĞŝƌŽ͘ ^ŽŵĞŶƚĞ ĐŽŶƐŝĚĞƌĂĚĂƐ ĂƐ

ƐĞŶƚĞŶĕĂƐŶĆŽĐƌŝŵŝŶĂŝƐ͘

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